Site Loader

FISCAL 2017
ANNUAL REPORT

4

Dear Fellow Shareholders:

In many ways, fiscal 2017 was another positive and exciting milestone for Best Buy. I
would like to share and discuss four reasons that support this.

1. We delivered a strong financial performance.

Fiscal 2017 was the third year in a row that the company grew its Domestic
comparable sales and non-GAAP operating income*. We delivered the topline
performance we outlined at the beginning of the year – with materially better earnings
growth than originally expected.

At the Enterprise level, on revenue of $39.4 billion, we increased our non-GAAP
operating income rate from 4% in fiscal 2016 to 4.5%* in fiscal 2017 and grew our
non-GAAP earnings per share by 28% from $2.78 in fiscal 2016 to $3.56* in fiscal
2017. We did all of this while continuing to invest in our future and returning $1.2
billion to our shareholders through dividends and share repurchases.

2. We executed on the three priorities we outlined at the beginning of the year.

During fiscal 2017, we executed against the three priorities we shared at the
beginning of the year: (1) build on our strong industry position and multichannel
capabilities to drive the existing business; (2) drive cost reduction and efficiencies;
and (3) advance key initiatives to drive future growth and differentiation.

The successful execution against these priorities drove our positive results. Here are
some highlights:
(1.7%)(0.4%)1.0%
0.5%
0.3%
FY 13 FY 14 FY 15 FY 16 FY 17
DOMESTIC COMPARABLE SALES
GROWTH*
3.4%
2.9%3.7%4.0%4.5%
FY 13 FY 14 FY 15 FY 16 FY 17
ENTERPRISE NON-GAAP OPERATING
INCOME RATE*
A MESSAGE FROM
HUBERT JOLY, CHAIRMAN & CEO

• We continued to gain share in home theater, appliances, computing and
nearly all of the major product categories. We believe the total market for our
product categories was down low-single digits in calendar 2016, so clearly our
market share gains helped us offset the market decline.
• We increased our Net Promoter Score by more than 350 basis points.
• We grew Domestic comparable online revenue 21%.
• The successful Canadian transformation was the primary driver of more than
$100 million in International operating income growth over last year.
• We have now achieved $350 million of our three-year target to reduce costs
and optimize gross profit by $400 million, enabling us to invest in customer
experience improvements while maintaining near-flat SG&A.
• Fiscal 2017 was a year of exploration and experimentation. We have been
testing several concepts around the country that have the potential to be
compelling customer experiences. We began to roll out a number of these
experiences this year.

3. We successfully completed our Renew Blue efforts and decided that this phase
of our work was officially over.

As you may recall, in November 2012, we introduced our transformation strategy
called Renew Blue. Since then we have stabilized comparable sales, increased our
non-GAAP operating income rate 110 basis points from 3.4% in fiscal 2013 to 4.5%*
in fiscal 2017 and grew our non-GAAP EPS from $2.54 in fiscal 2013 to $3.56* in fiscal
2017, at an average rate of 9% per year. In addition, we increased our non-GAAP
return on invested capital (ROIC) 810 basis points from 10.8% to 18.9%* and planted
many of the essential seeds for our next chapter.

A little more than four years later, we felt it was time to call Renew Blue officially over
and enter the next phase of our journey.
3.4%4.5%
En terprise Non-GAAP
Operating Income*
10.8%18.9%
ROIC*
$2.54 $3.56
Non-GAAP Diluted EPS*
FY 13FY 13FY 13FY 17FY 17FY 17

4. We launched the next phase of our journey, Best Buy 2020:
Building the New Blue.

On March 1 this year, we unveiled the strategy for this next phase,
Best Buy 2020:
Building the New Blue
.

In this next phase, we go from focusing on turnaround and early-stage growth
initiatives to shaping our future and creating a company that customers and
employees love and that generates superior returns for our shareholders.

At the core of
Best Buy 2020 is, of course, the customer. Customers are looking at a
technology space that is more and more exciting, with new capabilities that are
opening up an increasing range of possibilities. But that same technology is also
more complex, and many customers need help with it. We believe we are well
positioned to help our customers in a meaningful way with our combination of unique
assets, including our online, store and in-home capabilities.

As we look ahead, our purpose is to help customers pursue their passions and enrich
their lives with the help of technology. We want to play two roles for them: be their
trusted adviser and solution provider; and be their source for technology services for
their home. We summarize this in our customer value proposition: To be the leading
technology expert who makes it easy for customers to learn about and confidently
enjoy the best technology.

This means that we can and should go beyond selling products. We want to focus on
their underlying needs, such as entertainment, communications, security, energy
management and health. We believe this approach will better meet customers’ needs
and build a stronger relationship with them. This will also allow us to expand our
addressable market.

Financially, the equation
Best Buy 2020 seeks to solve is to gradually increase our rate
of topline growth, pursue material ongoing cost savings necessary to both offset
inflationary pressures and fund investments, and build a more predictable set of
revenue streams built on more recurring revenues and stickier customer relationships.

More specifically, with
Best Buy 2020, there are three growth pillars we will pursue:

1) Maximize the multichannel retail business;
2) Provide services and solutions that solve real customer needs and help us
build deeper customer relationships; and
3) Accelerate growth in Canada and Mexico.

Help customers pursue their passions and enrich their lives with
the help of technology.
ROLES
Trusted Advisor and Solution Provider
America’s Source for Home Services
VALUE PROPOSITION
Best Buy is the leading technology expert who makes it easy to
learn about and confidently enjoy the best technology.
PURPOSE

Regarding the first pillar,
Maximize the multichannel retail business, we plan to
continue to enhance the customer experience and increase revenue by growing both
existing and new channels, by growing certain key product categories, as well as by
developing broader, stickier customer relationships.

As for the second pillar,
Provide services and solutions that solve real customer
needs
, we plan to meet the significant technical support needs of customers across
their homes, without regard to where they may have purchased their technology
products. We also plan to offer more complete solutions to our customers that meet
their underlying needs. For example, instead of just selling security cameras, we are
beginning to sell a security monitoring and home automation service in certain
markets across the country.

Our third pillar concerns our transformation efforts in
Canada and Mexico. In both
cases, the multichannel improvements we have made, along with the services-related
experimentation we have undertaken in Canada, give us reasons to believe that a key
part of
Best Buy 2020 will be derived from the opportunity to accelerate our growth in
both markets.

As I hope to be conveying, we are quite excited about the range of opportunities we
have in each of these areas. We also know we have work to do to capture them and
meaningfully impact our results. As with Renew Blue, we will regularly update you on
our progress in our journey to Build the New Blue.

In this context, we see fiscal 2018 as a step toward our
Best Buy 2020 vision of
Building the New Blue. This year, we are executing against the following four
priorities:
Maximize the
multichannel
retail businessProvide services
and solutions that
solve real customer
needsAccelerate our
growth in Canada
and Mexico
GROWTH PILLARS
Maximize the
multichannel
retail businessProvide services
and solutions that
solve real customer
needsAccelerate our
growth in Canada
and Mexico

1) We will explore and pursue growth opportunities around the growth pillars I
just discussed. To that end, we will:

• Continue to innovate our digital capabilities to effectively help our
customers in their shopping journey;

• Pursue growth around key product categories, including areas like smart
home and appliances, where we believe we can continue to grow share
and revenue;
• Expand our in-home advisor program to more markets;
• Expand a new home security and automation service;
• Create growth in our International business by continuing to invest in our e-
commerce channel, continuing to roll out the successful store remodels in
Canada, and opening nine new stores in Mexico over the next two years.

2) We will improve our execution in key areas. We believe we continue to have
significant opportunities, from improving our sales effectiveness and
proficiency, to strengthening our supply chain processes, and to enhancing
our services fulfillment capabilities.

3) We will continue to reduce costs and drive efficiencies through the business.
We are working on identifying and attacking the next phase of cost savings
beyond the $1.35 billion we have delivered since the beginning of Renew
Blue.

4) We will build the capabilities necessary to deliver on the first three priorities.
This will involve making investments in people and systems to drive growth,
execution and efficiencies.

As we work to strengthen and grow the business, we remain committed to our
previously articulated capital allocation strategy, which is to first fund operations and
growth investments, including potential partnerships and acquisitions, and then to
return the remaining excess free cash flow to our shareholders over time with
dividends and share repurchases, while maintaining investment grade credit metrics.

We continue to believe it is important to reward our shareholders by being a
premium dividend payer and increasing our earnings per share through ongoing
share repurchases. With this in mind, we announced on March 1 of this year that our
board approved a 21% increase in our quarterly dividend to $0.34 per share, or $1.36
per year.

The board also approved our plan to spend $3 billion on share repurchases over the
next two years. Last year, we announced our plan to spend $1 billion over two years,
and we spent $750 million in the first year. So, with this new plan, we intend to
accelerate share repurchases over the next two years.

* * *

In summary, we are proud of the results we delivered in fiscal 2017, and we are
excited about our opportunities and the strategy we are pursuing.

I want to again thank all of our associates for what they do every day and for their
passion to Build the New Blue.

And I want to thank you, our shareholders, for your support of, and confidence in, our
transformation efforts.

Respectfully,

Hubert Joly, Chairman and CEO
Best Buy Co., Inc.

* For “GAAP to non-GAAP” and “non-GAAP Return on Invested Capital” definitions and reconciliations, please refer to the
schedules on the last two pages of the company’s 2017 Annual Report. Additionally, Domestic comparable sales equal the
As Reported figures for the respective years presented which include the benefit from installment billing.

6/*5&%45″5&4
4&$63*5*&4″/%&9$)”/(&$0..*44*0/
8BTIJOHUPO
%[email protected]@@@@@@@@@@@@
’03.,
.BSL0OF

Z”//6″-3&103516346″/5504&$5*0/03 E
0’5)&4&$63*5*&4&9$)”/(&”$50′
‘PSUIFGJTDBMZFBSFOEFE+BOVBSZ
03
Q53″/4*5*0/3&103516346″/5504&$5*0/03 E
0’5)&4&$63*5*&4&9$)”/(&”$50’

$PNNJTTJPOGJMFOVNCFS
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
#&45#6:$0
*/$

.JOOFTPUB
4UBUFPSPUIFSKVSJTEJDUJPOPG
JODPSQPSBUJPOPSPSHBOJBUJPO *34;NQMPZFS
*EFOUJGJDBUJPO/P

1FOO”WFOVF4PVUI
3JDIGJFME
.JOOFTPUB
;JQ$PEF

“EESFTTPGQSJODJQBMFYFDVUJWFPGGJDFT

3FHJTUSBOUTUFMFQIPOFOVNCFS
JODMVEJOHBSFBDPEF
“DU
5JUMFPGFBDIDMBTT /BNFPGFBDIFYDIBOHFPOXIJDISFHJTUFSFE
$PNNPO4UPDL
QBSWBMVFQFSTIBSF /FX:PSL4UPDL&YDIBOHF
“DU/POF
@@@@@@@@@@@@@
FEJTTVFS
BTEFGJOFEJO3VMFPGUIF4FDVSJUJFT”DUZ:FTQ/P
“DUQ:FTZ/P
VSJUJFT;YDIBOHF”DUPG
CFFOTVCKFDUUPTVDIGJMJOH
SFRVJSFNFOUTGPSUIFQBTUEBZTZ:FTQ/P

FWFSZ*OUFSBDUJWF%BUB’JMFSFRVJSFE
5PSGPSTVDITIPSUFSQFSJPE
Z:FTQ/P
TOPUDPOUBJOFEIFSFJO
BOE
GFSFODFJO1BSU***PGUIJT
‘PSN,PSBOZBNFOENFOUUPUIJT’PSN,Z
HFBDDFMFSBUFEGJMFS
BOBDDFMFSBUFEGJMFS
BOPOBDDFMFSBUFEGJMFS
PSBTNBMMFSSFQPSUJOHDPNQBOZ4FF
UIFEFGJOJUJPOTPGMBSHFBDDFMFSBUFEGJMFS
BDDFMFSBUFEGJMFF”DU $IFDLPOF

-BSHFBDDFMFSBUFEGJMFSZ”DDFMFSBUFEGJMFSQ/POBDDFMFSBUFEGJMFSQ4NBMMFSSFQPSUJOHDPNQBOZQ
Z BTEFGJOFEJO3VMFCPGUIF”DU
Q:FTZ/P
FRVJUZIFMECZOPOBGGJMJBUFTPGUIFSFHJTUSBOUBTPG+VMZ

XBTBQQSPYJNBUFMZ
MZ

BTSFQPSUFEPO
UIF/FX:PGGJDFSTBSFEFFNFE
BGGJMJBUFTPGUIFSFHJTUSBOU

“TPG.BSDI

UIFSFHJTUSBOUIBE

TIBSFTPGJUT$PNNPO4UPDLJTTVFEBOEPVUTUBOEJOH

%0$6.&/54*/$03103″5;%#:3;’&3&/$&

BSF
JODPSQPSBUFECZSFGFSFODFJOUP1BSU***5IF1SPYZ4UBUFNFOUXJUIJO
UFT
$”65*0/”3:45″5&.&/516346″/5505)&
13*7″5&4&$63*5*&4-*5*(“5*0/3&’03.”$50’
4FDUJPO”PGUIF4FDVSJUJFT”DUPG
BTBNFOEFE 4FDVSJUJFT”DU

BOE4FDUJPO;PGUIF4FDVSJUJFT;YDIBOHF”DUPG
BT
BNFOEFE &YDIBOHF”DU

QSPWJEFBTBGFIBSCPSGPSGPSXBSEM
JOGPSNBUJPOBCPVUUIFJSDPNQBOJFT8JUIUIFFYDFQUJPOPGIJTUPSJDBMJOGPSNBUJPO
UIFNBUUFSTEJTDVTTFEJOUIJT”OOVBM3FQPSUPO’PSN,
FYQFDU
VSSFOUWJFX
VODFSUBJOUJFTBOEBTTVNQUJPOT”WBSJFUZPGGBDUPSTDPVMEDBVTFPVSGVUVSF
SFTVMUTUPEJGGFSNBUFSJBMMZGSPNUIFBOUJDJQBUFESFTVMUTFYQSF*UFN”
3JTL
‘BDUPST
PGUIJTGFSNBUFSJBMMZ
JOUIJTOUT
MPPLJOH
TUBUFNFOUT

#&45#6:’*4$”-’03.,
5″#-&0’$0/5;/54
1″35*

*UFN
#VTJOFTT

*UFN”
3JTL’BDUPST

*UFN#
6OSFTPMWFE4UBGG$PNNFOUT

*UFN
1SPQFSUJFT

*UFN
-FHBM1SPDFFEJOHT

*UFN
.JOF4BGFUZ%JTDMPTVSFT

&YFDVUJWF0GGJDFST

1″35**

*UFN
.BSLFUGPS3FHJTUSBOUT$PNNPO&RVJUZ
3FMBUFE4UPDLIPMEFS.BUUFSTBOE*TTVFS1VSDIBTFTPG&RVJUZ
4FDVSJUJFT

*UFN
4FMFDUFE’JOBODJBM%BUB

*UFN
.BOBHFNFOUT%JTDVTTJPOBOE”OBMZTJTPG’JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOT

*UFN”
2VBOUJUBUJWFBOE2VBMJUBUJWF%JTDMPTVSFT”CPVU.BSLFU3JTL

*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB

*UFN
$IBOHFTJOBOE%JTBHSFFNFOUT8JUI”DDPVOUBOUTPO”DDPVOUJOHBOE’JOBODJBM%JTDMPTVSF

*UFN”
$POUSPMTBOE1SPDFEVSFT

*UFN#
0UIFS*OGPSNBUJPO

1″35***

*UFN
%JSFDUPST
&YFDVUJWF0GGJDFSTBOE$PSQPSBUF(PWFSOBODF

*UFN
&YFDVUJWF$PNQFOTBUJPO

*UFN BHFNFOUBOE3FMBUFE4UPDLIPMEFS.BUUFST

*UFN
$FSUBJO3FMBUJPOTIJQTBOE3FMBUFE5SBOTBDUJPOT
BOE%JSFDUPS*OEFQFOEFODF

*UFN
1SJODJQBM”DDPVOUJOH’FFTBOE4FSWJDFT

1″35*7

*UFN
&YIJCJUT
‘JOBODJBM4UBUFNFOU4DIFEVMFT

*UFN
‘PSN,4VNNBSZ

4JHOBUVSFT

4DIFEVMF**

1″35*
*UFN#VTJOFTT

VTBOEPVSJOUIJT”OOVBM3FQPSUPO’PSN,SFGFSTUP
BSJFTF
XFCTJUFT
%FTDSJQUJPOPG#VTJOFTT
85PEBZ
TPMVUJPOT8FPGGFSUIFTFQSPEVDUTBOETFSWJDFTUPDVTUPNFSTXI
XFCTJUFTPSNPCJMFBQQMJDBUJPOT8FIBWFPQFSBUJPOTJOUIF64
$BOBEBBOE.FYJDP
*OGPSNBUJPO”CPVU0VS4FHNFOUTBOE(FPHSBQIJD”SFBT
85I
BOEOBNFTJODMVEJOH#FTU#VZ
CFTUCVZDPN
#FTU#VZ.PCJMF
#FTU
5IFBUFSBOE1BDJGJD,JUDIFOBOE)PNF
BEBBOE.FYJDPVOEFSUIFCSBOEOBNFT#FTU#VZ
CFTUCVZDPNDB
CFTUCVZDPNNY
#FTU#VZ;YQSFTT
#FTU#VZ.PCJMFBOE(FFL4RVBE

.BOBHFNFOUT%JTDVTTJPOBOE”OBMZTJTPG’JOBODJBM$POEJUJPO
BOE3FTVMUTPG0QFSBUJPOT
BOE/PUF
3FTUSVDUVSJOH$IBSHFTO
*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,
TJODMVEFEJO*UFN
.BOBHFNFOUT%JTDVTTJPOBOE”OBMZTJT
PG’JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOT
BOE/PUF
4FHNFOUBOE(FPHSBQIJD*OGPSNBUJPO
PGUIF/PUFTUP
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSU
PO’PSN,
0QFSBUJPOT

STUIFBCJMJUZUPTIPQXIFOBOEXIFSFUIFZXBOU
%PNFTUJD4FHNFOU
%FWFMPQNFOUPGNFSDIBOEJTFBOETFSWJDFTPGGFSJOHT
QSJDJOHBOE

8FBMTP

O
QSPEVDUTBMFTBOETFSWJDFT
TUBGGUSBJOJOHBOENFSDIBOEJTF
EJTQMBZUIBUBSFMBSHFMZTUBOEBSEJFEXJUIJOFBDITUPSFCSBOE

*OUFSOBUJPOBM4FHNFOU
PVS%PNFTUJDTFHNFOU
.FSDIBOEJTFBOE4FSWJDFT
0VS%PNFTUJDBOE*OUFSOBUJPOBMTFHNFOUTIBWFPGGFSJOHTJOTJYS
.PCJMF1IPOFT
;OUFSUBJONFOU
“QQMJBODFT
4FSWJDFTBOE0UIFS5

a$POTVNFS&MFDUSPOJDTIPNFUIFBUFS
IPNFBVUPNBUJPO
EJHJUBMJNBHJOH
IFBMUIBOEGJUOFTTBOEQPSUBCMFBVEJP
a$PNQVUJOHBOE.PCJMF1IPOFTT JODMVEJOHSFMBUFE
XBUDIFT
BOEFSFBEFST
a&OUFSUBJONFOUBOEPUIFSTPGUXBSF
a”QQMJBODFTWFOT
MBVOESZ
FUD
BOETNBMMBQQMJBODFT GPS
FYBNQMF
DPGGFFNBLFST
CMFOEFST
FUD

a4FSWJDFTDPOTVMUBUJPO
EFTJHO
EFMJWFSZ
JOTUBMMBUJPO
TFUVQ
QSPUFDUJPOQMBOT
SFQBJS
UFDIOJDBMTVQQPSUBOEFEVDBUJPOBM
DMBTTFTBOE
a0UIFSTOBDLT
CFWFSBHFTBOEPUIFSTVOESZJUFNT
%JTUSJCVUJPO
%PNFTUJD4FHNFOU
ST
GSPNBEJTUSJCVUJPODFOUFSPSSFUBJMTUPSF5IFTIJQGSPNTUPSFFSZ

*OUFSOBUJPOBM4FHNFOU
TUJDTFHNFOUNPEFM
4VQQMJFSTBOE*OWFOUPSZ
HFTU
QVSDIBTFE
XJUIGJWFTVQQMJFSTb”QQMF
4BNTVOH
4POZ
ZPGUPUBMNFSDIBOEJTFQVSDIBTFE8FHFOFSBMMZEPOPU

BOZPGUIFLFZUFSNTPGPVSBSSBOHFNFOUT
8GP

QSJWJMFHFTGPSDFSUBJOQSPEVDUT
8
4UPSF%FWFMPQNFOU
8FIBEBQQSPYJNBUFMZ
MBSHFGPSNBUBOETNBMMGPSNBUTU

T

PQFSBUJPOT

CSBOE
3FGFSUP*UFN
.BOBHFNFOUT%JTDVTTJPOBOE”OBMZTJTPG’JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOT
GPSUBCMFT
BUUIFFOEPGFBDIPGUIFMBTUUISFFGJTDBMZFBST

*OUFMMFDUVBM1SPQFSUZ
8U
OPUMJNJUFEUP
#FTU#VZB
.PEBM
.Z#FTU#VZ
1BDJGJD4BMFT
3PDLFUGJTI
1MBUJOVNBOEPVS:FMMPX5BHMPHP
8FNBSLSFHJTUSBUJPOTGPSNBOZPGPVSCSBOET8FIBWFBMTP
TFDVSFEQBUFOUTGPSNBOZPGPVSJOWFOUJPOT8FCFMJFWFPVSJOUFUPS
JOUIFNBSLFUJOHPGPVSDPNQBOZ
PVSTUPSFT
PVSQSPEVDUTBOEPVSXFCTJUFT
4FBTPOBMJUZ
“IJHIFTDBM
GPVSUIRVBSUFS
XIJDIJODMVEFTUIFNBKPSJUZPGUIFIPMJEBZTIPQQJOHTFBTPOJOUIF64
$BOBEBBOE.FYJDP
8PSLJOH$BQJUBM
8
M

IBTFJOWFOUPSZJOBEWBODFPGFYQFDUFETBMFT
$PNQFUJUJPO
PSF
8F
DFPGGFSTVTBLFZDPNQFUJUJWFBEWBOUBHF4PNFPGPVS
JOF
OTUBUFT8BT
MFWFMT8FDBSFGVMMZNPOJUPSQSJDJOHPGGFSFECZPUIFSSFUBJMFST
BOE
IBU
GFSFECZDF
XF
BSFGPDVTFEPONBJOUBJOJOHFGGJDJFOUPQFSBUJPOTBOEMFWFSBHJOHS
QBSUOFSTIJQT8FCFMJFWFPVSEFEJDBUFEBOELOPXMFEHFBCMFQFPQMF
SUPGT
EWBOUBHF
&OWJSPONFOUBM.BUUFST
OEPVSDPNNVOJUJFT8FCFMJFWFUIBUFGGFDUJWFMZNBOBHJOHPVS
OHFOFSHZFGGJDJFOUDPOTVNFSTPMVUJPOTDSFBUFMPOHUFSNWBMVF
GPSBMMPGPVSTUBLFIPMEFST

8FBSFDPOUJOVPVTMZMPPLJOHGPSDPTUFGGFDUJWFTPMVUJPOTUPNJO

SFEVDUJPOTBOESFOFXBCMFTPVSDJOH

/VNCFSPG&NQMPZFFT

$BOBEB
.FYJDPBOEPVSTPVSDJOHPGGJDFJO$IJOB8FDPOTJEFSPVSFNQMPZFFSFMBUJPOTUPCFHPPE8FPGGFSPVSFNQMPZFFTB

FMBUJWFUPPUIFSTJOPVSJOEVTUSZ

“WBJMBCMF*OGPSNBUJPO
8&YDIBOHF”DUPG UIF&YDIBOHF”DU
BOEJUTSVMFTBOE
SFHVMBUJPOT5IF&YDIBOHF”DUSFRVJSFTVTUPGJMFSFQPSUT
QSPY
&YDIBOHF$PNNJTTJPO 4&$
8FNBLFBWBJMBCMF
GSFFPGDIBSHFPOPVSXFCTJUF
PVS”OOVBM3FQPSUTPO’PSN,

4FDUJPO B
PS E
PGUIF;YDIBOHF”DU
BTTPPOBTSFBTPOBCI
PSGVSOJTIUIFNUP
UIF4&$5IFTFEPDVNFOUTBSFQPTUFEPOPVSXFCTJUFBUXXXJOWFTUPSTCFTUCVZDPN*OBEEJUJPO
UIFQVCMJD
cT1VCMJD3FGFSFODF3PPNBU’4USFFU
/&
8BTIJOHUPO
%$
4&$
UIF4&$BUXXXTFDHPW
8FBMTPNBLFBWBJMBCMF
GSFFPGDIBSHFPOPVSXFCTJUF
PVS”NFOEFEBOE3FTUBUFE”SUJDMFTPG*ODPSQPSBUJPO
“NFOEFEBOE

SETDPNNJUUFFT”VEJU$PNNJUUFF$PNQFOTBUJPOBOE)VNBO

$PNNJUUFF5IFTFEPDVNFOUTBSFQPTUFEPOPVSXFCTJUFBUXXXJOWFTUPSTCFTUCVZDPN
EFBWBJMBCMF
GSFFPGDIBSHF
VQPOXSJUUFOSFRVFTUUP#FTU#VZ
“WFOVF4PVUI
3JDIGJFME
./
*UFN”3JTL’BDUPST
CVTJOFTTBOEUIFJOEVTUSZJOXIJDIXFPQFSBUF:PVTIPVME
DUJPOXJUIPUIFSJOGPSNBUJPOQSPWJEFEJOUIJT”OOVBM3FQPSUPO
‘PSN,BOEJOPVSPUIFSQVCMJDEJTDMPTVSFT5IFSJTLTEFTDSJ
DJSDVNTUBODFTUIBUDPVMEBEWFSTFMZBGGFDUPVSCVTJOFTT
GJOBODJDDFTT
UPTPVSDFTPGGJOBODJOHBOE
DPOTFRVFOUMZ
UIFNBSLFUWBMVFPGPVSDPNNPOTUPDLBOEEFCUJOTUSVNFOUT5IFTFSJTLTDPVMEDBVTF
PVSGVUVSFSFTVMUTUPEJGGFSNBUFSJBMMZGSPNIJTUPSJDBMSFTVMUT
GVUVSFGJOBODJBMQFSGPSNBODF5IFSJTLTEFTDSJCFECFMPXBSFOPUBOFYIBVTUJWFMJTUPGBMMUIFSJTLTXFGBDF5IFSFNBZCFPUIFST
SJBM
CFIBMGBSFRVBMJGJFECZUIFSJTLTEFTDSJCFECFMPX
8FGBDFTUSPOHDPNQFUJUJPOGSPNNVMUJDIBOOFMSFUBJMFST
FDPNNFSDFCVTJOFTTFT
UFDIOPMPHZTFSWJDFQSPWJEFST
USBEJUJPOBMTUPSFCBTFESFUBJMFSTBOEWFOEPSTBOENPCJMFOFUXPSLDBSSJFSTUIBUPGGFSUIFJSQSPEVDUTBOETFSWJDFTEJSFDUMZ
UPDVTUPNFST
XIJDIEJSFDUMZBGGFDUTPVSSFWFOVFBOEQSPGJUBCJMJUZ

GEJHJUBMUFDIOPMPHZ5IFBCJMJUZPGDPOTVNFSTUPDPNQBSFQSJDFTPO
NQFUJUJWFQSJDFT8FDPNQFUFXJUINBOZPUIFSMPDBM
SFHJPOBM

DBSSJFSTUIBUPGGFSQSPEVDUTEJSFDUMZUPDPOTVNFST4PNFPGPVSF
BCMFUPPGNFBO

VMUJ

UIFTFGBDUPSTBOEPGGFSDPNQFUJUJWFEFMJWFSZPQUJPOTDPVMEOFHB
NBSHJOT#FDBVTFPVSCVTJOFTTTUSBUFHZJTCBTFEPOPGGFSJOHTVQP
DPNQMFNFOUUIFQSPEVDUTXFPGGFS
PVSDPTUTUSVDUVSFJTIJHIFS
DF
USBOTQBSFODZ
QVUTQSFTTVSFPOPVSNBSHJOT

.BOZPGUIFQSPEVDUTXFTFMMBSFIJHIMZTVTDFQUJCMFUPUFDIOPMPHJDBMBEWBODFNFOU
QSPEVDUMJGFDZDMFGMVDUVBUJPOTBOE
DIBOHFTJODPOTVNFSQSFGFSFODFT

5IJTJTMBS

UPUIFVOQSFEJDUBCJMJUZPGPVSCVTJOFTT5IFTFGBDUPSTBGGFDUVTJOBOVNCFSPGXBZT
GPSFYBNQMF
a UIFFNFSUVBMSFBMJUZ

a PSFYBNQMF
UBCMFUT

a DBOOJCBMJBUJPOPGDBUFHPSJFT GPSFYBNQMF
UIFFGGFDUPGTNBSUQIPOFTPOEFNBOEGPS(14
NPCJMFBVEJP
EJHJUBM
JNBHJOHEFWJDFT
FUD

a FYBNQMF
TNBSUQIPOFNPEFMVQEBUFT
XIJDI
OPGUFOMFBEUPTIPSUBHFTPGNFSDIBOEJTF
a HBEPQUJPOSBUFTPG%BOE6MUSB)%UFMFWJTJPOT

a
a MJOFTUSFBNJOHTFSWJDFT
TQPSUJOHFWFOUTPSPUIFS
CSPBEDBTUQSPHSBNNJOH

5IFFG

FGGFDUJWFNBOOFS
UIFDPOTFRVFODFTDBOJODMVEF
a OPUPG
a IBWJOHFYDFTTJOWFOUPSZ
XIJDINBZSFRVJSFIFBWZEJTDPVOUJOHPSMJRVJEBUJPO
a POTVNFSEFNBOEFYDFFETTVQQMZ
a ODBQBCJMJUJFTUPBDDPNNPEBUFDIBOHFTJOQSPEVDU
USFOETBOE
a EBNBHFUPPVSCSBOEBOESFQVUBUJPO
NQBDUPOPVSSFWFOVFTBOEQSPGJUBCJMJUZ
0VSS
BGGFDUPVSSFWFOVFBOEQSPGJUBCJMJUZ
8HFTU
“QQMF
4BNTVOH
4POZ
)FXMFUU1BDLBSE
BOE-(&MFDUSPOJDTbSFQSFTFOUJ
JOGJTDBM
8FHFOFSBMMZEPOPUIBWFMPOHUFSNXSJUUFODPO
TFDVSJOHBDDFQUBCMFUFSNTXJUIPVSWFOEPSTGPS
BNPOHPUIFS

UTPGQSPEVDUT
PQFSBUJPOPGWFOEPSGPDVTFETIPQQJOH
DUPSZXBSSBOUJFT5PWBSZJOHEFHSFFT
PVSWFOEPSTNBZCFBCMF

5IFQPUFOUJBM
FT

PVSBCJ
EJG
QSPGJUBCJMJUZGSPNTVDIWFOEPSSFMBUJPOTIJQT
8SSJFSTUPBMMPXVTUPPGGFSNPCJMFEFWJDFTXJUIDBSSJFS
DPOOFDUJPOT5IFDPNQFUJUJWFTUSBUFHJFTVUJMJFECZNPCJMFOFUX

CFSFEVDFE
BEWFSTFMZBGGFDUJOHPVSSFWFOVFTBOEQSPGJUBCJMJUZJS

DFBTFBMMPXJOHVTUPPGGFSUIFJSDPOUSBDUTPSDFSUBJODBUFHPSJFTPGUIFJSDPOUSBDUT
GPDVTUIFJSNBSLFUJOHFGGPSUTPOBMUFSOBUJWF

BEWFSTFJNQBDUPOPVSSFWFOVFBOEQSPGJUBCJMJUZ
8
QSPEVDUTJOBUJNFMZBOEFGGJDJFOUNBOOFSUIBUNFFUPVSTUBOEBSETPGRVBMJUZBOETBGFUZDBOCFEJGGJDVMU
FTQFDJBMMZXJUISFTQFDU

OTUBCJMJUZ
DSPTTCPSEFSUSBEFSFTUSJDUJPOTPSUBSJGGT
XPSLTUPQQBHFT
QPS
OHUP
GPSFJHOUSBEFBSFCFZPOEPVSDPOUSPM5IFTFBOEPUIFSSFMBUFEJTTVFTDPVMENBUFSJBMMZBEWFSTFMZBGGFDUPVSGJOBODJBMSFTVMUT
1STFJNQBDUPOPVSSFWFOVFBOEQSPGJUBCJMJUZ

XF
P

GJDVMUZJO
TPVSDJOHTVGIBWFBNBUFSJBMBEWFSTFJNQBDUPOPVSSFWFOVFBOE
QSPGJUBCJMJUZ
0VS
SFWFOVFBOEQSPGJUBCJMJUZBTXFMMBTPVSSFQVUBUJPO
8FPGGGFSJOHT
JODMVEJOHDPOTVMUBUJPO
EFTJHO
EFMJWFSZ
JOTUBMMBUJPO
TFUVQ
QSPUFDUJPOQMBOT
SFQBJS
UFDIOJDBMTVQQPSUBOEFEVDBUJJT
TVCKFDUUPJODSFNFOUBMSJTLT5IFTFSJTLTJODMVEF
GPSFYBNQMF
a INBZCFIJHIFSUIBOUIFSFMBUFESFWFOVF
a
a MPDBUJPOTBOEFNQMPZFFTCFJOHQSFTFOUJODVTUPNFS
IPNFT
XIJDINBZJODSFBTFPVSTDPQFPGMJBCJMJUZ
a BHFETFSWJDFTPGGFSJOHT
a PSNBUJPOIFMEPOUIPTFEFWJDFT
XIJDINBZJODSFBTF
UBUIFZIPMEBOE
a DPOTUSVDUJPOBOEJOTUBMMBUJPOBOEUIFQPUFOUJBM
ICVJMEJOHDPEFTBOESFMBUFESFHVMBUJPOT
NPSF
EJGPGPVSTFSWJDFPGGFSJOHT
XIJDIDBOMFBEUPBMPXFSSFWFOVFNJYPG
HOBOENBSLFUTFSWJDFTFGGFDUJWFMZUPPVSDVTUPNFSTPSGBJMUPNFFU

BGGFDUFE
.BDSPFDPOPNJDQSFTTVSFTJOUIFNBSLFUTJOXIJDIXFPQFSBUFDPVMEBEWFSTFMZBGGFDUDPOTVNFSTQFOEJOHBOEPVS
GJOBODJBMSFTVMUT
5
TQFOEJOH”TBSFTVMU
DPOTVNFSTNBZCFBGGFDUFEJONBOZEJGGFSFOUXBZT
JODMVEJOH
GPSFYBNQMF
a XIFUIFSPSOPUUIFZNBLFBQVSDIBTF
a UIFJSDIPJDFPGCSBOE
NPEFMPSQSJDFQPJOU
a
a UJPOQMBOT

NBDSPFDPOPNJDUSFOETDBOBEWFSTFMZBGGFDUDPOTVNFSTEFNBOEGPSUIFQSPEVDUTBOETFSWJDFTUIBUXFPGGFS0VSGVUVSFSFTVMUT

*OUFSSVQUJPOTBOEPUIFSGBDUPSTBGGFDUJOHPVSTVQQMZDIBJO
JODMVEJOHJOCPVOEEFMJWFSJFTGSPNPVSWFOEPST
NBZ
BEWFSTFMZBGGFDUPVSCVTJOFTT
TIJQ
IBTJOHPOMJOF8FEFQFOEPOPVSWFOEPSTBCJMJUZUPEFMJWFS

IURVBOUJUJFT8FBMTPEFQFOEPOUIJSEQBSUJFTGPSUIFPQFSBUJPOPG
DFSUBJOBTQFDUTPGPVSTVQQMZDIBJOOFUXPSL5IFGBDUPSTUIBUDBOBEWFSTFMZBGGFDUUIFTFBTQFDUTPGPVSPQFSBUJPOTJODMVEF
a JOUFSSVQUJPOTUPPVSEFMJWFSZDBQBCJMJUJFT
a
a
a MJNJUBUJPOTJODBQBDJUZ
a JTUSJCVUJPOTFDUPST
a UPGPVSTVQQMZDIBJO
a EBNBHFTPSPUIFSMPTTUPQSPEVDUTBOE
a DPTUTUIBUBSFFYDFTTJWF
FMZ
ZPVSCVTJOFTT5IFDPOUJOVJOHHSPXUIPGFDPNNFSDFJODSFBTFT
GGFDUJWFMZS
SFQVUBUJPO
SFWFOVFBOEQSPGJUBCJMJUZ
*GXFGBJMUPBUUSBDU
SFUBJOBOEFOHBHFBQQSPQSJBUFMZRVBMJGJF
PQFSBUJPOTBOEQSPGJUBCJMJUZNBZCFIBSNFE$IBOHFTJONBSLFUDPNQFOTBUJPOSBUFTNBZBEWFSTFMZBGGFDUPVS
QSPGJUBCJMJUZ

GJDFT0VSTUSBUFHZPGPGGFSJOHIJHIRVBMJUZTFSWJDFTBOEBTTJTUBODFGPS
E
DUPSTUIBUBGGFDUPVSBCJMJUZUPNBJOUBJOTVGGJDJFOUOVNCFSTPG

GFSBQQSPQSJBUFDPNQFOTBUJPOQBDLBHFT8FPQFSBUFJOBDPNQFUJUJWF
OTBUJPODPVMEIBWFBNBUFSJBMBEWFSTFFGGFDUPOPVSQSPGJUBCJMJUZ
NBZJNQBJSPVSFGGJDJFODZBOEFGGFDUJWFOFTTBOEPVSBCJMJUZUP

%FNBOEGPSUIFQSPEVDUTBOETFSWJDFTXFTFMMDPVMEEFDMJOFJGXFGBJMUPNBJOUBJOQPTJUJWFCSBOEQFSDFQUJPOBOE
SFDPHOJUJPO
8TFSWJDFBOEJOOPWBUJPO8FCFMJFWFUIBUSFDPHOJUJPOBOEUIF
SFQVUBUJPOPGPVSCSBOETBSFLFZUPPVSTVDDFTT5IFVCJRVJUZP

G
XIJDIDPVMENBUFSJBMMZBGGFDUPVSSFWFOVFBOEQSPGJUBCJMJUZ
0VSPQSJBUFCVTJOFTTTUSBUFHJFT
8FPQFSBUFJOBIJHIMZDPNQFUJUJWFBOEFWFSDIBOHJOHDPNNFSDJBM
JEFOUJGZTU

ZCFJOFGGFDUJWFBOEUIBUXFNBZOFFEUPNBLFTVCTUBOUJBM
FVT
BGFT
CFNBUFSJBMMZBEWFSTFMZBGGFDUFEJGJOWFTUPSTBSFVODFSUBJO
YFDVUFUIFN
3FGFSUP*UFN
.BOBHFNFOUT%JTDVTTJPOBOE”OBMZTJTPG’JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOT
GPSGVSUIFS
JOGPSNBUJPOSFHBSEJOHPVSTUSBUFHJFT
‘BJMVSFUPFGGFDUJWFMZNBOBHFPVSSFBMFTUBUFQPSUGPMJPNBZOFHBUJWFMZJNQBDUPVSPQFSBUJOHSFTVMUT

&GPPVSNVMUJDIBOOFMTUSBUFHZ.PTUPGPVSQSPQFSUJFTBSFTVCKFDUUP
MPOHUFSNMFBTFT”TTVDI
JUJTFTTFOUJBMUIBUXFFGGFDUJWFMZVS
MPOHUFSNSFBMFTUBUFTUSBUFHZ4VDIGBDUPSTJODMVEF
GPSFYBNQMF
a
QBSUJDVMBSMZJOMJHIUPGBOFWPMWJOHPNOJDIBOOFM
FOWJSPONFOU
a UIFBQQSPQSJBUFOVNCFSPGTUPSFTJOPVSQPSUGPMJP
a UIFGPSNBUTBOETJFTPGPVSTUPSFT
a UIFMPDBUJPOTPGPVSTUPSFT
a UIFJOUFSJPSMBZPVUTPGPVSTUPSFT
a UPSFT
a
a UIFQSJNBSZUFSNMFBTFDPNNJUNFOUGPSFBDITUPSF
a
a
a PVSTVQQMZDIBJOOFUXPSLTUSBUFHZBOE
a PVSPOHPJOHOFUXPSLPGTFSWJDFMPDBUJPOT
*GXFGBJMUPFGGFDUJWFMZFWBMVBUFUIFTFGBDUPSTPSOFHPUJBUFBFT
DPVMEJODMVEF
GPSFYBNQMF
a FUBJOJOHUIFGJOBODJBMDPNNJUNFOUTPGUIFMFBTFT
a
a SNFFUUIFOFFETPGPVSCVTJOFTTBOE
a CFBSJOHFYDFTTJWFMFBTFFYQFOTFT
SQSPGJUBCJMJUZ
DBTIGMPXTBOEMJRVJEJUZ
‘PSMFBTFEQSPQFSUZ
UIFGJOBODJBMJNQBDUPGFYJUJOHBMPDBUJPOPG
EGPSUIFTQFDJGJDQSPQFSUZ
PVSSFMBUJPOTIJQXJUIUIFMBOEMPSEBOE
GJDVMYJUJOHB
FB
NBJOUFOBODFDIBSHFTGPSWBDBOUQSPQFSUJFTVOUJMUIFMFBTFDPNNJUNFOUFYQJSFTPSJTUFSNJOBUFE4JNJMBSMZ
XIFOXFFOUFSJOUPB
DPOUSBDUXJUIBUFOBOUUPTVCMFBTFQSPQFSUZ
XFVTVBMMZSFUBJOPVSPCMJHBUJPOTBTUIFNBTUFSMFTTPS5IJTMFBWFTVTBUSJTLGPSBOZ
OBOU
‘BJMVSFUPFGGFDUJWFMZNBOBHFPVSDPTUTDPVMEIBWFBNBUFSJBMBEWFSTFFGGFDUPOPVSQSPGJUBCJMJUZ
O
PVSDPNQFUJUPST
CFDBVTFPG
GPSFYBNQMF
PVSEJGGFSFOUJBMTFSWJDFPGGFSJOHTPSMFWFMTPGDVTUPNFSTFSWJDF”TEJTDVTTFEBCPWF

“DDPSEJOHMZ
PVSPOHPJOHESJWFUPSFEVDFDPTUBOEJODSFBTFFGGJMZ

DSJUJDBMJOJUJBUJWFT
0VSUTJOUIFDBQJUBMNBSLFUTPSPVSWFOEPSDSFEJUUFSNT
8FOFFETVG
GJOBODFCVTJOFTTPQQPSUVOJUJFT8JUIPVUTVGGJDJFOUMJRVJEJUZ
XCMF
UPQVSTVFCVTJOFTTPQQPSUVOJUJFT5IFQSJODJQBMTPVSDFTPGPVSCMF

JOH

BOEPVSSFQVUBUJPOXJUIQPUFOUJBMMFOEFST5IFTFGBDUPSTDPVME
NBUFSJBMMZBEWFSTFMZBGGFDUPVSDPTUTPGCPSSPXJOHBOEPVSBCJMUP
NFFUPVSPCMJHBUJPOTBTUIFZCFDPNFEVF
$IBOHFTJOPVSDSFEJUSBUJOHTNBZMJNJUPVSBDDFTTUPDBQJUBMBOENBUFSJBMMZJODSFBTFPVSCPSSPXJOHDPTUT

FECFMPX
BCMFPVUMPPL.PPEZT*OWFTUPST4FSWJDF
*ODBGGJSNFEJUT
I3BUJOHT-JNJUFEBGGJSNFEJUTMPOHUFSNDSFEJUSBUJOHPG###
XJUIB4UBCMFPVUMPPL
3BUJOH”HFODZ3BUJOH 0VUMPPL
4UBOEBSE1PPST ### 4UBCMF
.PPEZT#BB 4UBCMF
‘JUDI### 4UBCMF

BDUJDFTBOENFUIPEPMPHJFT
8FBSFOFSBUFEVSJOHPVSGPVSUIGJTDBMRVBSUFS
XIJDI

GPVSUIGJTDBMRVBSUFS
XIJDIJODMVEFTUIFNBKPSJUZPGUIFIPMJE

GJDVMUUPGPSFDBTUBOESFBDUUPUIFTFGBDUPSTRVJDLMZ6OFYQFDUFEFWFOUT

TJHOJGJDBOUMZEJTSVQUPVSPQFSBUJPOT”TBSFTVMUPGUIFTFGBDUDPVME
CFBEWFSTFMZBGGFDUFE
‘BJMVSFUPFGGFDUJWFMZNBOBHFTUSBUFHJDWFOUVSFT
BMMJBODFTPSBDRVJTJUJPOTDPVMEIBWFBOFHBUJWFJNQBDUPOPVSCVTJOFTT
8
OFX
WFOUVSFT
X
WFOUVSFTDBOCFBEWFSTFMZBGGFDUFECZNBOZGBDUPST
JODMVEJOH
GPSFYBNQMF
a EJG
a F
a VODFSUBJOUZPGGPSFDBTUJOHGJOBODJBMQFSGPSNBODF
a JOHCVTJOFTT
TVDIBTOFXQSPEVDUPSTFSWJDFPGGFSJOHTPS
JOGPSNBUJPOUFDIOPMPHZTZTUFNT
a MSFQPSUJOH
a GBJMVSFUPHFOFSBUFFYQFDUFETZOFSHJFTTVDIBTDPTUSFEVDUJPOT
a VSF
a EJTQVUFTPSTUSBUFHJDEJGGFSFODFTXJUIPUIFSUIJSEQBSUZQBSUJDJQBOUTJOUIFOFXWFOUVSFBOE
a
UZDPVMECFNBUFSJBMMZBEWFSTFMZBGGFDUFE
BOEXFNBZCFSFRVJSFE

TJOFTT
‘BJMVSFUPQSPUFDUPSFGGFDUJWFMZSFTQPOEUPCSFBDIPGUIFJOUFHSJUZ
TFDVSJUZBOEDPOGJEFOUJBMJUZPGPVSFNQMPZFFBOE
DVTUPNFSZEBNBHFPVSTUBOEJOHXJUIPVSFNQMPZFFTPSDVTUPNFST
UUIF
TUBUF
GFEFSBMBOEJOUFSOBUJPOBMMFWFMT8FBSFBMTPDPOUSBDUVBOH
SNBUJPOTFDVSJUZ
TVDIBTJODSFBTFEJOWFTUNFOUJOUFDIOPMPHZ
BOERVBMJGJFETUBGG
UIFDPTUTPGDPNQMJBODFBOEDPTUTSFTVMUJOUP
TVGGFSNBUFSJBMMZ”EEJUJPOBMMZ
UIFTVDDFTTPGPVSPOMJOFPQFSFS

FPGDBTIMFTTQBZNFOUT8IJMFXFUBLFTJHOJGJDBOUTUFQTUP
UIJSE
QBSUJFTPSGBJMVSFUPFGGFDUJWFMZSFTQPOEUPTVDIDPNQSPNJTFT
NBZVOEFSNJOFPVSTFDVSJUZNFBTVSFT”TBSFTVMU
VOBVUIPSJFE
FFNQMPZFF
DVTUPNFSBOEPUIFSDPOGJEFOUJBMEBUB”EWBODFTJO

QSPNQUMZJNQMFNFOUQSFWFOUBUJWFNFBTVSFT”OZTVDIDPNQSPNJTFP
BEWFSTFFG

SJTL
$BUBTUSPQIJDFWFOUTDPVMEBEWFSTFMZBGGFDUPVSPQFSBUJOHSFTVMUT
VMENBUFSJBMMZBEWFSTFMZBGGFDUPVSGJOBODJBMQFSGPSNBODF4VDI
FWFOUTNBZCFDBVTFECZ
GPSFYBNQMF
a OBUVSBMEJTBTUFSTPSFYUSFNFXFBUIFSFWFOUT
a EJTFBTFTPSFQJEFNJDTUIBUNBZBGGFDUPVSFNQMPZFFT
DVTUPNFSTPSQBSUOFST
a GMPPET
GJSFPSPUIFSDBUBTUSPQIFTBGGFDUJOHPVSQSPQFSUJFTPS
a UFSSPSJTN
DJWJMVOSFTUPSPUIFSDPOGMJDUT
4VDIFWFOUTDBOBEWFSTFMZBGGFDUPVSXPSLGPSDFBOEQSFWFOUFNQ
USJCVUJPOOFUXPSL”TBDPOTFRVFODFPGUIFTFPSPUIFS
OTPSMPTTFTPGQSPQFSUZ
FRVJQNFOUPSJOWFOUPSZ
XIJDIXPVME
BEWFSTFMZBGGFDUPVSSFWFOVFBOEQSPGJUBCJMJUZ
0VSFYDMVTJWFCSBOETQSPEVDUTBSFTVCKFDUUPTFWFSBMBEEJUJPOBMQS
PVSPQFSBUJOHSFTVMUT

SFQSFTFOUBOJNQPSUBOUDPNQPOFOUPGPVSQSPEVDUPGGFSJOHTBOEPVSSFWFOVFBOEQSPGJUBCJMJUZ.PTUPGUIFTFQSPEVDUTBSF
“TJB
GFDUPVSPQFSBUJOHSFTVMUT
a BSSBOUZSFQMBDFNFOUTBOESFQBJSTBTBSFTVMUPG
BOVGBDUVSFSTGPSTVDIXBSSBOUZMJBCJMJUJFTNBZCF
MJNJUFEJOGPSFJHOKVSJTEJDUJPOT
a JMJUZDMBJNTSFMBUJOHUPQFSTPOBMJOKVSZ
EFBUIPS

QSPEVDUSFDBMMT
a
SFSTPSVOGPSFTFFOOBUVSBMEJTBTUFST
a
JOHNBOVGBDUVSFS
a SPONFOUBMMBXTGPSUIFNBOVGBDUVSFPGQSPEVDUTJO
PSJOUFSQSFUBUJPOTJOBUJNFMZNBOOFS
a

a
QSPEVDUTPSNBOVGBDUVSJOHQSPDFTTFTBOE
a SFHVMBUJPOTSFHBSEJOHEJTDMPTVSFPGFGGPSUTUPJEFOUJGZUIFDP

JORVJSZ
DPVMEIBWFBOBEWFSTFFGGFDUPOPVSSFQVUBUJPO
.BJOUBJOJOHDPOTJTUFOURVBMJUZ
BWBJMBCJMJUZBOEDPNQFUJUJWFQS
NBJOUBJODVTUPNFSMPZBMUZ
HFOFSBUFSFWFOVFBOEBDIJFWFBDDFQUBCMFNBS

8FBSFTVCKFDUUPDFSUBJOTUBUVUPSZ
SFHVMBUPSZBOEMFHBMEFWFM
PVSCVTJOFTT
0VSTUBUVUPSZ
SFHVMBUPSZBOEMFHBMFOWJSPONFOUTFYQPTFVTUPD
BEWFSTFMZBGPNQMJBODFBOEMJUJHBUJPOSJTLTXFGBDFBSF
a UIFEJG
KVSJTEJDUJPOT
a
BHSFFNFOUTBGGFDUJOHFOFSHZ
DBSCPOFNJTTJPOT
FMFDUSPOJDTSFDZDMJOHBOEXBUFSPSQSPEVDUNBUFSJBMT
a ESFHVMBUJPOTXJUISFTQFDUUPCPUIUIFQSPEVDUTXF
SFMBUFEUPQSPEVDUTBGFUZBOEQSPEVDUUSBOTQPSU
a JUZ
XIFUIFSJNQPTFEBTBSFTVMUPGJODSFBTFEDZCFS
TFDVSJUZSJTLTPSPUIFSXJTF
a

BTZFUVOLOPXOMFHJTMBUJPO
UIBUDPVMEBGGFDUIPXXFPQFSBUFBO
TUSVDUVSF
a
BOETFSWJDFTPSQSPDVSFQSPEVDUT
a

PGUIFDPVOUSZBOE
a
FNQMPZNFOUNBUUFST
BUJOH
DPTUTBTTPDJBUFEXJUIDPNQMJBODF”EEJUJPOBMMZ
EFGFOEJOHBHBJO
IFSNBUUFST
$IBOHFTUPMBCPSPSFNQMPZNFOUMBXTPSSFHVMBUJPOTDPVMEIBWFBOBEWFSTFJNQBDUPOPVSDPTUTBOEJNQBJSUIFWJBCJMJUZ
PGPVSPQFSBUJOHNPEFM
HFOVNCFSPGEJGP

a VOJPOJBUJPOBOESFMBUFESFHVMBUJPOTUIBUBGGFDUUIFOBUVSFPGMBCPSSFMBUJPOT
UIFPSHBOJBUJPOPGVOJPOTBOEVOJPO

CBSHBJOJOHBHSFFNFOUT
a QFOEFOUDPOUSBDUPSTBOE
a
FBSFBCMFUPQSPWJEF
S
QSPGJUBCJMJUZ
;DPOPNJD
SFHVMBUPSZBOEPUIFSEFWFMPQNFOUTDPVMEBEWFSTFMZBGGFDUPVSBCJMJUZUPPGGFSBUUSBDUJWFQSPNPUJPOBM
GJOBODJOHUPPVSDVTUPNFSTBOEBEWFSTFMZBGGFDUUIFQSPGJUTXFHFOFSBUFGSPNUIFTFQSPHSBNT

8FPG

PORVBMJGZJOHQVSDIBTFT8FCFMJFWFPVSGJOBODJOHQSPHSBNTHFOF

PSNBODFPGUIFQSPHSBNT5IFJODPNFXFFBSOJOUIJTSFHBSEJT
GFST
CBEEFCU

OUBOEFYQFOTFTPGPQFSBUJOHUIFQSPHSBN”EWFSTFDIBOHFTUP
GFSUIFTFQSUZ

8FSFMZIFBWJMZPOPVSJOGPSNBUJPOUFDIOPMPHZTZTUFNTGPSPVSLFZCVTJOFTTQSPDFTTFT”OZGBJMVSFPSJOUFSSVQUJPOJO
CVTJOFTT

5IFFGGFDUJWFBOEFGGJDJFOUPQFSBUJPOPGPVSCVTJOFTTJTEFQFOEFOUPOPVSNBOBHFNFOUJOGPSNBUJPOTZTUFNT8FSFMZIFBWJMZPO

GJMMNFOU
TUBGGQMBOOJOHBOEEFQMPZNFOU
XFCTJUFPGGFSJOHT
HDSJUJDBMBOETFOTJUJWFJOGPSNBUJPO5IFGBJMVSFPGPVS

UJPO
8
TFSWJDFT
TVDIBTUIPTFDBVTFECZVOGPSFTFFOUSBGGJDMFWFMT
NBMJDJPVTBUUBDLTPSPUIFSUFDIOJDBMEJGGJDVMUJFT
DPVMEDBVTFVTUP
GPSGFDUPVSSFQVUBUJPOXJUIDPOTVNFST

8FVUJMJFUIJSEQBSUZWFOEPSTGPSDFSUBJOBTQFDUTPGPVSCVTJOFTTPQFSBUJPOT

8
JOGPSNBUJPOUFDIOPMPHZ
XFCIPTUJOHBOEDMPVECBTFETFSWJDFT
I
BSET
DVTUPNFSXBSSBOUZ
UFDIOJDBMTVQQPSU
USBOTQPSUBUJPOBOE
JOTVSBODFQSPHSBNT”OZNBUFSJBMEJTSVQUJPOJOPVSSFMBUJPOTIJQF

FOVFQFSJPET
0VSJOUFSOBUJPOBMBDUJWJUJFTBSFTVCKFDUUPNBOZPGUIFTBNFSJ
UIFMFHJTMBUJWF
KVEJDJBM
SFHVMBUPSZ
QPMJUJDBMBOEFDPOPNJDGBDUPSTTQFDJGJDUPUIFDPVOUSJFTPSSFHJPOTJOXIJDIXF
PQFSBUF

8

)POH,POH
-VYFNCPVSH
UIF3FQVCMJDPG.BVSJUJVT
5VSLTBOE

MTP
MF
a QPMJUJDBMDPOEJUJPOT
a EUBYSVMFT
a MFHBMBOESFHVMBUPSZFOWJSPONFOUT
a SBEFQPMJDJFTPSUSBEFBHSFFNFOUTBOEPXOFSTIJQPG
GPSFJHOFOUJUJFT
a
a DVMUVSBMEJGGFSFODFTUIBUXFNBZCFVOBCMFUPBOUJDJQBUFPSSFTQPOEUPBQQSPQSJBUFMZ
a EJG
a EJGFSTJHIUUPPQFSBUJPOTJOSFNPUFMPDBUJPOT

SBUJPOTBOEIBWFBNBUFSJBMBEWFSTFFGGFDUPOPVSSFWFOVFBOE
UTBOEPUIFSFYJUDPTUT
‘BJMVSFUPNFFUUIFGJOBODJBMQFSGPSNBODFHVJEBODFPSPUIFSGPSXBSEMPPLJOHTUBUFNFOUTXFIBWFQSPWJEFEUPUIFQVCMJD
DPVMESFTVMUJOBEFDMJOFJOPVSTUPDLQSJDF

8

SJPE

U
QSJDFPGPVSDPNNPOTUPDLNBZEFDMJOF
*UFN#6OSFTPMWFE4UBGG$PNNFOUT
/PUBQQMJDBCMF

*UFN1SPQFSUJFT
4UPSJMJUJFT
%PNFTUJD4FHNFOU

64
#FTU#VZ
4UPSFT64#FTU#VZ
.PCJMF4UBOE
“MPOF4UPSFT1BDJGJD4BMFT
4UPSFT
“MBCBNBf”MBTLBff”SJPOBf”SLBOTBTf$BMJGPSOJB$PMPSBEPf$POOFDUJDVUf%FMBXBSFf%JTUSJDUPG$PMVNCJBff’MPSJEBf(FPSHJBf)BXBJJff*EBIPf*MMJOPJTf*OEJBOBf*PXBf,BOTBTf,FOUVDLZf-PVJTJBOBf.BJOFff.BSZMBOEf.BTTBDIVTFUUTf.JDIJHBOf.JOOFTPUBf.JTTJTTJQQJf.JTTPVSJf.POUBOBff/FCSBTLBf/FWBEBf/FX)BNQTIJSFf/FX+FSTFZf/FX.FYJDPf/FX:PSLf/PSUI$BSPMJOBf/PSUI%BLPUBf0IJPf0LMBIPNBf0SFHPOf1FOOTZMWBOJBf1VFSUP3JDPff3IPEF*TMBOEff4PVUI$BSPMJOBf4PVUI%BLPUBf5FOOFTTFFf5FYBTf6UBIff7FSNPOUff7JSHJOJBf8BTIJOHUPOf8FTU7JSHJOJBff8JTDPOTJOf8ZPNJOHf5PUBM
4RVBSFGPPUBHF JOUIPVTBOET

“WFSBHFTRVBSFGFFUQFSTUPSF JOUIPVTBOET

64
#FTU#VZ
4UPSFT64#FTU#VZ
.PCJMF4UBOE
“MPOF4UPSFT1BDJGJD4BMFT
4UPSFT
0XOFETUPSFMPDBUJPOT f f
0XOFECVJMEJOHTBOEMFBTFEMBOE f f
-FBTFETUPSFMPDBUJPOT

DFOUFST
TFSWJDFDFOUFSTBOEDPSQPSBUFPGGJDFTPGPVS%PNFTUJDTFHNFOUBUUIFFOEPGGJTDBM
4RVBSF’PPUBHF JOUIPVTBOET

-PDBUJPO -FBTFE 0XOFE
%JTUSJCVUJPODFOUFST MPDBUJPOTJO64TUBUFT

(FFL4RVBETFSWJDFDFOUFST

-PVJTWJMMF
,FOUVDLZ f
1SJODJQBMDPSQPSBUFIFBERVBSUFST
3JDIGJFME
.JOOFTPUB f
5FSSJUPSZGJFMEPGGJDFT MPDBUJPOTUISPVHIPVUUIF64 f
1BDJGJD4BMFTDPSQPSBUFPGGJDFTQBDF 5PSSBODF
$BMJGPSOJB f

UZPGDPSQPSBUFTFSWJDFT
8FBMPVOBGGJMJBUFEUIJSEQBSUJFT
*OUFSOBUJPOBM4FHNFOU

#FTU#VZ
4UPSFT#FTU#VZ
.PCJMF
4UPSFT#FTU#VZ
;YQSFTT
4UPSFT
$BOBEB
“MCFSUB f
#SJUJTI$PMVNCJB f
.BOJUPCBff
/FX#SVOTXJDL f f
/FXGPVOEMBOE f f
/PWB4DPUJB f
0OUBSJP f
1SJODF&EXBSE*TMBOE f f
2VFCFD f
4BTLBUDIFXBO f f
4RVBSFGPPUBHF JOUIPVTBOET

f
“WFSBHFTRVBSFGFFUQFSTUPSF JOUIPVTBOET
f
.FYJDP
$PBIVJMBff
;TUBEPEF.FYJDP f f
%JTUSJUP’FEFSBM f
(VBOBKVBUPff
+BMJTDPff
/VFWP-FPO f
.JDIPBDBOff
7FSBDSVf
f
4BO-VJT1PUPTJ f f
4RVBSFGPPUBHF JOUIPVTBOET
f
“WFSBHFTRVBSFGFFUQFSTUPSF JOUIPVTBOET
f
5PUBMTUPSFDPVOU

$BOBEB .FYJDP
#FTU#VZ
4UPSFT
#FTU#VZ
.PCJMF
4UPSFT#FTU#VZ
4UPSFT#FTU#VZ&YQSFTT
4UPSFT
0XOFETUPSFMPDBUJPOTfff
-FBTFETUPSFMPDBUJPOT

DPSQPSBUFPGTDBM
4RVBSF’PPUBHF
JOUIPVTBOET
4RVBSF’PPUBHF
JOUIPVTBOET

%JTUSJCVUJPO$FOUFST -FBTFE 0XOFE 1SJODJQBM$PSQPSBUF0GGJDFT -FBTFE 0XOFE
$BOBEB #SBNQUPO
0OUBSJP
f #VSOBCZ
#SJUJTI$PMVNCJB f
7BODPVWFS
#SJUJTI$PMVNCJB f
.FYJDP &TUBEPEF.FYJDP
.FYJDP f %JTUSJUP’FEFSBM
.FYJDP f
;YDMVTJWF#SBOET
8FMFBTFBQQSPYJNBUFMZ
TRVBSFGFFUPGPGGJDFTQBDFJO$IJOBUPTVQQPSUPVSFYDMVTJWFCSBOETPQFSBUJPOT
0QFSBUJOH-FBTFT
JMJUJFTBSFMFBTFE”EEJUJPOBMJOGPSNBUJPOSFHBSEJOHPVSPQFSBUJOH
MFBTFTJTBWBJMBCMFJO/PUF
4VNNBSZPG4JHOJGJDBOU”DDPVOUJOH1PMJDJFT
BOE/PUF
-FBTFT
PGUIF/PUFTUP$POTPMJEBUFE
‘JOBODJBM4UBUFNFOUT
JODMVEFEJO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,
*UFN-FHBM1SPDFFEJOHT
$POUJOHFODJFTBOE$PNNJUNFOUT
PGUIF/PUFTUP$POTPMJEBUFE
‘JOBODJBM4UBUFNFOUT
JODMVEFEJO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,
*UFN.JOF4BGFUZ%JTDMPTVSFT
/PUBQQMJDBCMF

&YFDVUJWF0GGJDFSTPGUIF3FHJTUSBOU
“TPG.BSDI

/BNF “HF 1PTJUJPO8JUIUIF$PNQBOZ:FBST
8JUIUIF
$PNQBOZ
)VCFSU+PMZ $IBJSNBOBOE$IJFG&YFDVUJWF0GGJDFS
$PSJF#BSSZ $IJFG’JOBODJBM0GGJDFS
1BVMB’#BLFS $IJFG)VNBO3FTPVSDFT0GGJDFS
4IBSJ-#BMMBSE 1SFTJEFOU
.VMUJDIBOOFM3FUBJMBOE0QFSBUJPOT
3.JDIBFM .JLF
.PIBO $IJFG.FSDIBOEJTJOHBOE.BSLFUJOH0GGJDFS
,FJUI+/FMTFO (FOFSBM$PVOTFMBOE4FDSFUBSZ
“TIFFTI4BLTFOB $IJFG4USBUFHJD(SPXUI0GGJDFS
5SJTI8BMLFS 1SFTJEFOU
4FSWJDFT
.BUIFX38BUTPO $IJFG”DDPVOUJOH0GGJDFS
)VCFSU+PMZJTPVS$IBJSNBOBOE$IJFG&YFDVUJWF0GGJDFS)FXBTBQQPJOUFEBT1SFTJEFOUBOE$IJFG&YFDVUJWF0GGJDFSBOEB
+PGJDFS

#VZ1SJPSUPCFDPNJOH$IJFG&YFDVUJWF0GGJDFSPG$BSMTPO
.S+PMZXBT1SFTJEFOUBOE$IJFG&YFDVUJWF0GGJDFSPG$BSMTPO
8BHPOMJU5SBWFM
BCVTJOFTTUSBWFMNBOBHFNFOUDPNQBOZ
GSPN
7OTDPNQBOZ
GSPNUP1SJPSUPUIBUUJNF
.S+PMZ

.D,JOTFZ$PNQBOZ
*ODGSPNUP.S+PMZJTDVSSFOU

%JSFDUPSTGPSUIF3FUBJM*OEVTUSZ-FBEFST”TTPDJBUJPO
UIF&YFD
UIF#PBSEPG5SVTUFFTPGUIF.JOOFBQPMJT*OTUJUVUFPG”SUTBOEUIF.JOOFTPUB0SDIFTUSB.S+PMZQSFWJPVTMZTFSWFEBTB

$BSMTPO8BHPOMJU5SBWFM$IBJSPGUIF5SBWFM’BDJMJUBUJPO4VC$PNNJUUFFPGUIF64%FQBSUNFOUPG$PNNFSDF5SBWFMBOE
5PVSJTN”EWJTPSZ#PBSEPOUIFFYFDVUJWFDPNNJUUFFPGUIF8PSME5SBWFMBOE5PVSJTN$PVODJMBOEPOUIFCPBSEPGPWFSTFFST
PGUIF$BSMTPO4DIPPMPG.BOBHFNFOU
$PSJF#BSSZXBTBQQPJOUFEPVS$IJFG’JOBODJBM0GGJDFSJO+VOF*OUIJT

JOGPSNBUJPOTFDVSJUZZ
PQFSBUJPOBMSPMFTXJUIJOUIFPSHBOJBUJPO
CPUIJOUIFGJFMEBOEBU
(SPXUI0G
0STFSWFEBT4FOJPS7JDF1SFTJEFOUPG%PNFTUJD’JOBODFGSPN
VOUJM7JDF1SFTJEFOU
$IJFG’JOBODJBM0GGJDFSBOECVTJOFT
BOE7QGSPNVOUJM1SJPSUP#FTU#VZ
.T#BSSZ
XPSLFEBU%FMPJUUF5PVDIF–1
1BVMB’#BLFSXBTBQQPJOUFEPVS$IJFG)VNBO3FTPVSDFT0GGJDFSJO.BSDI*OIFSSPMF
.T#BLFSPWFSTFFTUBMFOU

TIFTFSWFEBT7JDF1SFTJEFOU
5FSSJUPSZ(FOFSBM.BOBHFSGPSUIF
U
.T#BLFSXBTB5FSSJUPSZ)VNBO3FTPVSDFT%JSFDUPSGSPN

HF
SFUBJMHPMGTVQFSTUPSF
BOE4U”OESFXT(PMG$PNQBOZ
BQSFNJFSHPMGDMVCNBOVGBDUVSFSBOESFUBJMFS
JOSFUBJMMFBEFSTIJQ

)PTQJUBMPG.JOOFTPUB
4IBSJ-#BMMBSEOBNFE1SFTJEFOU
643FUBJMBOE$IJFG
)VNBO3FTPVSDFT0GGJDFSJOBOEJO.BSDIUSBOTJUJPOFE

T
3FTPVSDFT0GGJDFSGSPNUP;YFDVUJWF7JDF1SFTJEFOUB7JDF

1SFTJEFOU
1SFTJEFOU”NFSJDBTGSPN.BSDIVOUJM&YFDVUJWF7JDF1SFTJEFOU3FUBJM$IBOOFM.BOBHFNFOUGSPN
UPBOE&YFDVUJWF7JDF1SFTJEFOU)VNBO3FTPVSDFTBO
BOEIBTTFSWFEBT4FOJPS7JDF1SFTJEFOU
7JDF1SFTJEFOU
BOE(FOFSBMBOE”TTJTUBOU4UPSF.BOBHFS.T#BMMBSETFSWFTPOUIF

(SPVQ
B#FMHJBOCBTFEJOUFSOBUJPOBMGPPESFUBJMFS
3.JDIBFM .JLF
.PIBOJTPVS$IJFG.FSDIBOEJTJOHBOE.BSLFUJOH0GGJDFS)FXBTBQQPJOUFEPVS$IJFG.FSDIBOEJTJOH
0GGPSPVSNBSLFUJOHPSHBOJBUJPO*OUIJTSPMF
IFNBOBHFTUIF

NFSDIBOEJTFBTTPSUNFOUBOENBSLFUJOHTUSBUFHZ
CSBOEJOHBOE
FYFDVUJPO1SFWJPVTMZ
.S.PIBOTFSWFEBT1SFTJEFOU
)PNFTJODF+VOFVOUJMIJTDVSSFOUBQQPJOUNFOU4FOJPS7JDF
UP+VOF4FOJPS7JDF1SFTJEFOU
)PNF5IFBUFSGSPN
UPBOE7JDF1SFTJEFOU
)PNF;OUFSUBJONFOUGSPNUP1SJPSUPKPJOJOH#FTU#VZJOBT7JDF1SFTJEFOU
%JHJUBM*NBHJOH
.S.PIBOXBT7JDF1SFTJEFOUBOE(FOFSBM.FSDI
SFUBJMFSJOUIFXFTUFSO6OJUFE4UBUFT.S.PIBOBMTPQSFWJPVTM
PVSBDRVJTJUJPOPGUIFDPNQBOZ
XIFSFIFTFSWFEJOWBSJPVTNFSDIBOEJTJOHSPMFT.S.PIBOTFSWFTBTBUSVTUFFGPSUIF#PZT
(JSMT$MVCTPG”NFSJDB
,FJUI+/FMTFO*OUIJTSPMF
IFNBOBHFTPVSFOUFSQSJTFMFHBMBOE
#PBSEPG%JSFDUPST1SFWJPVTMZ
JOBEEJUJPOUPIJTDVSSFOUSPMF
IF
BMTPTFSWFEBT$IJFG3JTL0GGJDFSGSPNUP)FXBTBQQPJOUFE&YFDVUJWF7JDF1SFTJEFOU
(FOFSBM$PVOTFMJO.BZ
BOE4FDSFUBSZPGUIF$PNQBOZJO+VOFBOETFSWFEBT4FOJPS7
/FMTFOKPJOFE#FTU#VZJOBT7JDF1SFTJEFOU
0QFSBUJPOTBOE
U%BOLB#VTJOFTT4ZTUFNT1-$
BOPGGJDFQSPEVDUTTVQQMJFS
BENJOJTUSBUJPOPGGJDFSBOEHFOFSBMDPVOTFM1SJPSUPIJTUJNFBU
%BOLB
.S/FMTFOIFMEUIFSPMFPG7JDF1SFTJEFOU
-FHBMGSPNUPBU/PSEJD5SBDL
*OD
BQSPWJEFSPGMFJTVSF
FRVJQNFOUQSPEVDUT.S/FMTFOCFHBOIJTDBSFFSJOBTBQSBDUJDJOHBUUPSOFZXJUI#FTUBOE’MBOBHBO
–1
BMBXGJSN
MPDBUFEJO.JOOFBQPMJT
.JOOFTPUB.S/FMTFOJTBNFNCFSPGUI

(SFFOXBZ-FBEUIF8BZ’PVOEBUJPO
“TIFFTI4BLTFOBXBTBQQPJOUFEPVS$IJFG4USBUFHJD(SPXUI0GGJDFSJO+VOF*OUIJTSPMF
IFMFBETPVSFGGPSUTUPSFGJOF
BOEJNQMFNFOUPVSHSPXUITUSBUFHZ.S4BLTFOBJTBIJHIMZTUSB

IFTFSWFEGSPNUPBTUIF;YFDVUJWF7JDF1SFTJEFOUPG

UPUIBU
IFXBTUIF%FQVUZ$IJFG4USBUFHZ0GGJDFSGPS5JNF8BSOFS$BCMFGSPNUP)FIBTBMTPIFMEMFBEFSTIJQSPMFT
BU”DDFOUVSFBOE5BUB(SPVQ
5SJTI8BMLFSXBTBQQPJOUFEPVS1SFTJEFOUPG4FSWJDFTJO”QSJM*OUIJTSPMF
TIFPWFSTFFTPVS(FFL4RVBETFSWJDFTJO

.T8BMLFSTQFOUZFBSTBU”DDFOUVSF
NPTUSFDFOUMZTFSWJOH
BT4FOJPS.BOBHJOH%JSFDUPSMFBEJOHUIF/PSUI”NFSJDBSFUBJMQSBJM
“DDFOUVSFcTBOE
DIBOHFNBOBHFNFOU.T8BMLFSBMTPTFSWFTPOUIFBEWJTPSZCPBSE
.BUIFX38BUTPOIBTTFSWFEBTPVS7JDF1SFTJEFOU
$POUSPMMFSBOE$IJFG”DDPVOUJOH0GGJDFSTJODF”QSJM.S8BUTPOJT
JPOT.S8BUTPOIBTTFSWFEJOUIFSPMFPG7JDF1SFTJEFOU
‘JOBODF
7JDF1SFTJE8BUTPO
XBTBMTP4FOJPS%JSFDUPS
&YUFSOBM3FQPSUJOHBOE$PSQPSBUF”DDPVOUJOHGSPNUPBOE%JSFDUPS
;YUFSOBM3FQPSUJOH
BOE$PSQPSBUF”DDPVOUJOHCFHJOOJOHJO1SJPSUPKPJOJOHVTJO
.S8BUTPOXPSLFEBU,1.(
BQSPGFTTJPOBMBVEJU
EPGEJSFDUPSTPG”DIJFWF.QMT

1″35**
*UFN.BSLFUGPS3FHJTUSBOUT$PNNPO&RVJUZ
3FMBUFE4UPDLIPMEFS.BUUFSTBOE*TTVFS1VSDIBTFTPG&RVJUZ
4FDVSJUJFT
.BSLFU*OGPSNBUJPOBOE%JWJEFOET
0VSDPNNPOTUPDLJTUSBEFEPOUIF/FX:PSL4UPDL&YDIBOHFVOEFSUIFUJDLFSTZNCPM##:*OGJTDBM
PVS#PBSEJOJUJBUFE
PTIBSFTPGPVSDPNNPOTUPDL”RVBSUFSMZDBTIEJWJEFOEIBT
CFFOQBJEJOFBDITVCTFRVFOURVBSUFS*OBEEJUJPO
PVS#PBSEBQTU

5IFUBCMFC
TUPDLBTSFQPSUFEPOUIF/FX:PSL4UPDL;YDIBOHFb$PNQPTJUF*O
JOEJDBUFE
4BMFT1SJDF %JWJEFOET%FDMBSFEBOE1BJE
‘JTDBM ‘JTDBM ‘JTDBM:FBS
)JHI -PX )JHI -PX
‘JSTU2VBSUFS

4FDPOE2VBSUFS
5IJSE2VBSUFS
‘PVSUI2VBSUFS

)PMEFST
DPNNPOTUPDL
1VSDIBTFTPG&RVJUZ4FDVSJUJFTCZUIF*TTVFSBOE”GGJMJBUFE1VSDIBTFST
*O+VOFSFQVSDIBTFT
XIJDICFDBNFFGGFDUJWFPO+VOF
5IFSFJT
DIBTFTIBSFTVOEFSUIF+VOFQSPHSBN%VSJOHGJTDBM
CJMMJPOCJMMJPO
XBTB
XIJDITVQFSTFEFEUIFBVUIPSJBUJPOGSPN0O.BSDI
TPWFSUIFOFYUUXPZFBST

BQQMJDBCMFGJTDBMQFSJPE
QVSTVBOUUPPVS+VOFCJMMJPOTIBSFSFQVSDIBTFQSPHSBN
‘JTDBM1FSJPE5PUBM/VNCFSPG
4IBSFT1VSDIBTFE”WFSBHF1SJDF1BJE
QFS4IBSF5PUBM/VNCFSPG
4IBSFT1VSDIBTFEBT
1BSUPG1VCMJDMZ
“OOPVODFE1SPHSBN”QQSPYJNBUF%PMMBS
7BMVFPG4IBSFTUIBU
.BZ:FU#F1VSDIBTFE
6OEFSUIF1SPHSBN

0DU
UISPVHI/PW

/PW
UISPVHI%FD

+BO
UISPVHI+BO

5PUBM’JTDBM’PVSUI2VBSUFS

FCJMMJPOTIBSF
SFQVSDIBTFQSPHSBN5IF”QQSPYJNBUF%PMMBS7BMVFPG4IBSFTUIBU.BZ:MJPOXFQVSDIBTFEJO
BEEJUJPOBMJOGPSNBUJPO
TFF/PUF
4IBSFIPMEFST;RVJUZ
PGUIF/PUFTUPUIF$POTPMJEBUFE
OE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,

#FTU#VZ4UPDL$PNQBSBUJWF1FSGPSNBODF(SBQI
SGPSNBODF(SBQITFDUJPOTIBMMOPUCFEFFNFEUPCF
FGFSFODFJOGVUVS
4FDUJPOPGUIF&YDIBOHF”DU
FYDFQUUPUIFFYUFOUUIBUXFTQFDJGJDBMMZJODPSQPSBUFJUCZSFGFSFODFJOUPBEPDVNFOUGJMFEVOEFS
UIF4FDVSJUJFT”DUPSUIF&YDIBOHF”DU

1PPST3FUBJMJOH(SPVQ*OEVTUSZ*OEFY 413FUBJMJOH(SPVQ

PGXIJDIXFBSFBMTPBDPNQPOFOU5IF413FUBJMJOH(SPVQ

DPNNPOTUPDL
UIF41BOEUIF413FUBJMJOH(SPVQ
$0.1″3*40/0’:&”3$6.6-“5*7&505”-3;563/
“NPOH#FTU#VZ$P
*OD
UIF41BOEUIF413FUBJMJOH(SPVQ
‘JTDBM:FBS
#FTU#VZ$P
*OD

41
413FUBJMJOH(SPVQ

4PVSDF3FTFBSDI%BUB(SPVQ
*OD

*UFN4FMFDUFE’JOBODJBM%BUB
5IFUBCMFTIPVMECFSFBEJODPOKVODUJPOXJUI*UFN
.BOBHFNFOUT
%JTDVTTJPOBOE”OBMZTJTPG’JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOT
BOE*UFN
‘JOBODJBM4UBUFNFOUTBOE
4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,
‘JWF:FBS’JOBODJBM)JHIMJHIUT
JONJMMJPOT
FYDFQUQFSTIBSFBNPVOUT
.POUI .POUI
‘JTDBM:FBS

$POTPMJEBUFE4UBUFNFOUTPG&BSOJOHT%BUB
3FWFOVF

0QFSBUJOHJODPNF

/FUFBSOJOHT MPTT
GSPNDPOUJOVJOHPQFSBUJPOT

(BJO MPTT
GSPNEJTDPOUJOVFEPQFSBUJPOT

TIBSFIPMEFST

1FS4IBSF%BUB
/FUFBSOJOHT MPTT
GSPNDPOUJOVJOHPQFSBUJPOT

/FUHBJO MPTT
GSPNEJTDPOUJOVFEPQFSBUJPOT

/FUFBSOJOHT MPTT

$BTIEJWJEFOETEFDMBSFEBOEQBJE
$PNNPOTUPDLQSJDF
)JHI
-PX
0QFSBUJOH4UBUJTUJDT
$PNQBSBCMFTBMFTHBJO EFDMJOF

(SPTTQSPGJUSBUF

4FMMJOH
HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFTSBUF

0QFSBUJOHJODPNFSBUF

:FBS&OE%BUB
$VSSFOUSBUJP

5PUBMBTTFUT

%FCU
JODMVEJOHDVSSFOUQPSUJPO

5PUBMFRVJUZ

/VNCFSPGTUPSFT
%PNFTUJD

*OUFSOBUJPOBM
5PUBM

3FUBJMTRVBSFGPPUBHF T

%PNFTUJD

*OUFSOBUJPOBM

5PUBM

IBSFIPMEFSTGPSGJTDBM
FSBZUVCF $35
BOE-$%MJUJHBUJPOTFUUMFNFOUTSFBDIFE
OFUPGSFMBUFEMFHBMGFFTBOE
PSGJTDBMZFBST3FGFSUP/PUF
$POUJOHFODJFTBOE$PNNJUNFOUT
JOUIF/PUFTUPUIF
4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,

JMMJPOOFUPGUBYFT
PG
SFTUSVDUVSJOHDIBSHFTGSPNDPOUJOVJOHPQFSBUJPOTSFDPSEFEJOGJTT/FUFBSOJOHT MPTT

JODMVEFTSFTUSVDUVSJOHDIBSHFT OFUPGUBYBOEOPODPOUSPMMJOHJOUFSFTU
GSPNDPOUJOVJOH
PQFSBUJPOT3FGFSUP/PUF
3FTUSVDUVSJOH$IBSHFTEJO*UFN
‘JOBODJBM4UBUFNFOUTBOE
4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,

IBSFIPMEFSTGPSGJTDBM
HBOJJOHDFSUBJO&VSPQFBOMFHBMFOUJUJFT

MMJPOOFUPGUBYFT
PG
SFTUSVDUVSJOHDIBSHFTGSPNDPOUJOVJOHPQFSBUJPOTSFDPSEFEJOGJTT/FUFBSOJOHT MPTT

JODMVEFTSFTUSVDUVSJOHDIBSHFT OFUPGUBYBOEOPODPOUSPMMJOHJOUFSFTU
GSPNDPOUJOVJOH
PQFSBUJPOT

‘JTDBM NPOUI
JODMVEFEXFFLT”MMPUIFSQFSJPETQSFTFOUFEJODMVEFEXFFLT

GSPNDPOUJOVJOHPQFSBUJPOTGPSGJTDBM NPOUI
JTNJMMJPO NJMMJPOOFUPG
UBYFT
PGSFTUSVDUVSJOHDIBSHFTGSPNDPOUJOVJOHPQFSBUJPOTSFDPSEFEJOGJTDBM NPOUI
SFMBUFEUPNFBTVSFTXFUPPLUPSFTUSVDUVSFPVSCVTJOFTT
GPSGJTDBM NPOUI
JTNJMMJPO OFUPGUBYFT
PGHPPEXJMMJNQBJSNFOUDIBSHFT
TUSVDUVSJOHDIBSHFTQSJNBSJMZ
PPEXJMMJNQBJSNFOUDIBSHFTSFMBUFEUP’JWF4UBS/FUFBSOJOHT MPTT
BUUSJCVUBCMFUP#FTU
#VZ$P
*ODTIBSFIPMEFSTGPSGJTDBM NPOUI
JODMVEFTSFTUSVDUVSJOHDIBSHFT OFUPGUBYBOEOPODPOUSPMMJOHJOUFSFTU
GSPNDPOUJOVJOHPQFSBUJPOT
BOEUIFOFUPGUBYHPPEXJMMJNQBJSNFOU

UIT
BTXFMMBTSFWFOVFSFMBUFE
JPEUPUIFDPSSFTQPOEJOHQFSJPEJOUIFQSJPSZFBS3FMPDBUFETUPSFT
BTXFMMBTSFNPEFMFE
VMMNPOUITBGUFS
SFPQFOJOHJSTUBOOJWFSTBSZPGUIFEBUFPG
UIFBDRVJTJUJPO5IF$BOBEJBOCSBOEDPOTPMJEBUJPO
XIJDIJODMVEPOPG’VUVSF4IPQ
QXFCTJUF
IBEBNBUFSJBMJNQBDUPOBZFBSPWFSZFBSCBTJTPOUIFSFNBJOJOH$BOBEJBOSFUBJM
TUPSFTBOEUIFXFCTJUF”TTVDI
GSPNUIFGJSTURVBSUFSPGGJTDTUPSFBOEXFCTJUFSFWFOVFXBT
HNFOUOPMPOHFSIBEBDPNQBSBCMFNFUSJD5IFSFGPSF
$POTPMJEBUFEDPNQBSBCMFTBMFT
OBMDPNQBSBCMFTBMFTBT
DFBHBJOFRVBMUPUIF

TFUTCZUPUBMDVSSFOUMJBCJMJUJFT
*UFN.BOBHFNFOUT%JTDVTTJPOBOE”OBMZTJTPG’JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOT
.BOBHFNFOUT%JTDVTTJPOBOE”OBMZTJTPG’JOBODJBM$POEJUJPOBOE

GE

NBHOJUVEF0VS.%”JTQSFTFOUFEJOUIFGPMMPXJOHTFDUJPOT
a 0WFSWJFX
a #VTJOFTT4USBUFHZ
a #FTU#VZ#VJMEJOHUIF/FX#MVF
a 3FTVMUTPG0QFSBUJPOT
a -JRVJEJUZBOE$BQJUBM3FTPVSDFT
a $SJUJDBM”DDPVOUJOH;TUJNBUFT
a /FX”DDPVOUJOH1SPOPVODFNFOUT
0VS.%”
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,
0WFSWJFX
8TPMVUJPOT8FPGGFSUIFTFQSPEVDUTBOETFSWJDFTUPDVTUPNFST
XFCTJUFTPSNPCJMFBQQMJDBUJPOT8FIBWFPQFSBUJPOTJOUIF
64
$BOBEBBOE.FYJDP8FPQFSBUFUXPSFQPSUBCMFTFHNFOUT%PNFTUJDBOE*OUFSOBUJPOBM5IF%PNFTUJDTFHNFOUJT
OEUFSSJUPSJFT5IF*OUFSOBUJPOBMTFHNFOUJTDPNQSJTFEPGBMM
PQFSBUJPOTPVUTJEFUIF64BOEJUTUFSSJUPSJFT

JODMVEFEJOUIFGPVSUIRVBSUFS0VSCVTJOFTT
MJLFUIBUPGNBOZ

SFUBJMFST
JTTFBTPOBM”IJHIFSQSPQPSUJPOPGPVSSFWFOVFBOEFBSOJOHTJTHFOFSBUFEJOUIFGJTDBMGPVSUIRVBSUFS
XIJDIJODMVEFT
BOE.FYJDP )PMJEBZ

UIFQSJPSZFBS3FMPDBUFETUPSFT
BTXFMMBTSFNPEFMFE
FYQBOEFE
T
BGUFSSFPQFOJOH”DRVJTJUJPOTBSFJODMVEFEJOUIFDPNQBSBCMFTBUIF
GJSTUBOOJWFSTBSZPGUIFEBUFPGUIFBDRVJTJUJPO5IFDBMDVMBUJ
EJTDPOUJOVFEPQFSBUJPOTBOEUIFFGGFDUPGGMVDUVBUJPOTJOGPSFJ
TFHNFOUPOMZ
5IF$BOBEJBOCSBOEDPOTPMJEBUJPO
XIJDIJODMVEFE

POBZFBSPWFSZFBSCBTJTPOUIFSFNBJOJOH$BOBEJBOSFUBJMTUPSFTBOEUIFXFCTJUF”TTVDI
GSPNUIFGJSTURVBSUFSPGGJTDBM

FTUJDBOE*OUFSOBUJPOBMDPNQBSBCMFTBMFT)PXFWFS
XFIBWF

FSJPETXIFOVTFEGPSDPNQBSJTPOQVSQPTFT5IFNFUIPEPG
U
CFUIFTBNFBTPUIFSSFUBJMFSTNFUIPET
/PO(“”1’JOBODJBM.FBTVSFT
5IJT.%”
GJOBODJBMNFBTVSFTTVDIBTDPOTUBOUDVSSFODZ
OPO(“”1PQFSBUJOH
JODPNF
OPO(“”1FGGFDUJWFUBYSBUF
OPO(“”1OFUFBSOJOHTGSPNDPOUJOVJOHPQFSBUJPOT
OPO(“”1EJMVUFEFBSOJOHTQFS
EFCUUPF
BNPSUJBUJPOBOESFOU ;#*5%”3
SBUJP8FCFMJFWFUIBUOPO(“”1
(“”1
BOBHFNFOUSFQPSUJOHBMTPJODMVEFTOPO(“”1NFBTVSFT
(FOFSBMMZ
PVSOPO(“”1NFBTVSFTJODMVEFBEKVTUNFOUTGPSJUFNTTVDIBTSFTUSVDUVSJOHDIBSHFT
HPPEXJMMJNQBJSNFOUT
OPO

(“”1MBSJUZUPNBOBHFNFOUBOEPVSJOWFTUPST5IFTFOPO(“”1
TVQFSJPSUPPSBTBTVCTUJUVUFGPS
(“”1GJOBODJBMNFBTVSFT8F
BOE
NFBTVSFT
NFBTVSFTVTFECZPUIFSDPNQBOJFT

BSFSFGFSFODFTUPUIFEJGGFSFODFTCFUXFFOUIFGPSFJHODVSSFODZ
FQPSUJOHQVSQPTFT8FBMTPVTFUIFUFSNDPOTUBOUDVSSFODZ
NQBDUT8FDBMDVMBUFUIPTFJNQBDUTBTUIFEJGGFSFODFCFUXFFOUIF

DVSSFODZFYDIBOHFSBUFT8FCFMJFWFUIFEJTDMPTVSFPGSFWFOVFD
BMFT
$BOBEJBOCSBOEDPOTPMJEBUJPO
3FGFSUPUIF/PO(“”1’JOBODJBM.FBTVSFTQBDUFEUIFOPO(“”1
PQFSBUJOHJODPNF
OPO(“”1FGGFDUJWFUBYSBUF
OPO(“”1OFUFBS
OJOHTGSPNDPOUJOVJOHPQFSBUJPOTBOEOPO(“”1EJMVUFE

3FGFSUPUIF0UIFS’JOBODJBM.FBTVSFTQBDUFEUIFOPO(“”1EFCU

UIBUPVSOPO(“”1EFCUUP&#*5%”3SBUJPJTJNQPSUBOUGPSVOEFST
UI
8FBMTPCFMJFWFPVSOPO(“”1EFCUUP;#*5%”3SBUJPJTSFMFWBOU

PG
PVSGJOBODJBMMJRVJEJUZ
PVSDBQJUBMTUSVDUVSF
PVSEFTJSFUPPBTFUIF
UPPVSTIBSFIPMEFST
#VTJOFTT4USBUFHZ
TIBSFEBUUIFCFHJOOJOHPGUIFZFBS
JMJUJFTUPESJWFUIFFYJTUJOHCVTJOFTT
%SJWFDPTUSFEVDUJPOBOEFGGJDJFODJFTBOE
GFSFOUJBUJPO

a 8PEVDUDBUFHPSJFT8FCFMJFWFUIFUPUBMNBSLFUGPSPVS
BOEUIBUPVSNBSLFUTIBSFHBJOTIFMQFEVTPGGTFUUIF
NBSLFUEFDMJOF
a 8
a 8MFTPGJOGJTDBM
a JWFSPGPQFSBUJOHJODPNFPGNJMMJPOJOPVS
NJMMJPOJOGJTDBM
a 8FDPOUJOVFEUPQSPHSFTTBHBJOTUPVSUISFFZFBSUBSHFUUPSFEV
UIFTFTBWJOHTFOBCMFVTUPJOWFTUJODVTUPNFS

a “TGPSUIFUIJSEQSJPSJUZ
GJTDBMXBTBZFBSPGFYQMPSBUJ

MBVODITPNFPGUIFTFDPODFQUTJOGJTDBM
#FTU#VZ#VJMEJOHUIF/FX#MVF
MFE3FOFX#MVF4JODFUIFOXFIBWFTUBCJMJFEDPNQBSBCMF
TBMFTBOEJODSFBTFEPVSQSPGJUBCJMJUZ”MJUUMFNPSFUIBOGPVSZFBSTMBUFS
XFIBWFOPXDPNQMFUFE3FOFX#MVFBOEVOWFJMFEB

0VSDVTUPNFSTBSFBUUIFDPSFPG#FTU#VZ5FDIOPMPHZDPOU

8F
PS

BCPVUBOEDPOGJEFOUMZFOKPZUIFCFTUUFDIOPMPHZ
GTFU

SFWFOVFTBOETUJDLJFSDVTUPNFSSFMBUJPOTIJQT5IFSFBSFUISFFH

JFSDVTUPNFSSFMBUJPOTIJQT

MBTUIFBTTPDJBUFEQSPEVDUTBOE
TPG$BOBEBBOE.FYJDP
8OEUIFGPMMPXJOHGPVSQSJPSJUJFT

a 8GFD

a 8FNFSHJOHQSPEVDUDBUFHPSJFTMJLFDPOOFDUFEIPNF
NPCJMFXIFSFXFIBWFUIFPQQPSUVOJUZUPSFUVSOUP
ST
a 8NBSLFUT8JUIPVS*)”QSPHSBN
DVTUPNFSTSFDFJWF
TPSXIPDBOJEFOUJGZUIFJSOFFET
EFTJHO

a 8IBWFUIFQPUFOUJBMUPCFDPNQFMMJOHDVTUPNFS
FYQFSJFODFT8FIBWFBQJQFMJOFPGPQQPSUVOJUJFT
TPNFPGXIJDI
a 8
JOFOFXTUPSFTJO.FYJDPPWFSUIFOFYUUXPZFBST
8
GSPNJNQSPWJOHPVSTBMFTFGGFDUJWFOFTTBOEQSPGJDJFODZ
PVSTVQQMZDIBJOGPSMBSHFQSPEVDUGVMGJMMNFOUBOETNBMMQBDLBHF

GGJDJFODJFTUISPVHIUIFCVTJOFTT”TTUBUFEQSFWJPVTMZ
XFIBWF
OUBSHFU8FBSFXPSLJOHPOUIFOFYUQIBTFPGDPTU
FUFPVSDVSSFOUQSPHSBN
OH
EFGGJDJFODJFT
3FTVMUTPG0QFSBUJPOT
VMUT

QSFTFOUFEJOPVS.%”SFMBUJWFUPUIFTFPQFSBUJPOTJTBMTPQSFT
GFDUPVGJFE
GPSUIFQFSJPETQSFTFOUFE
5IFSFTVMUTPG+JBOHTV’JWF4UBS”QQMJBODF$P
-JNJUFE ‘JWF
O
SFGFSUPDPOUJOVJOHPQFSBUJPOT

$POTPMJEBUFE3FTVMUT
QUQFS
TIBSFBNPVOUT

$POTPMJEBUFE1FSGPSNBODF4VNNBSZ
3FWFOVF

3FWFOVFEFDMJOF

$PNQBSBCMFTBMFTHBJO

G
JOTUBMMNFOUCJMMJOH

OB

f

3FTUSVDUVSJOHDIBSHFTDPTUPGHPPETTPME
f

f
(SPTTQSPGJU

(SPTTQSPGJUBTBPGSFWFOVF

4(”

4(“BTBPGSFWFOVF

3FTUSVDUVSJOHDIBSHFT

0QFSBUJOHJODPNF

0QFSBUJOHJODPNFBTBPGSFWFOVF

/FUFBSOJOHTGSPNDPOUJOVJOHPQFSBUJPOT

(BJO MPTT
GSPNEJTDPOUJOVFEPQFSBUJPOT

%JMVUFEFBSOJOHTQFSTIBSF

PWFSZFBSCBTJTPOUIF$BOBEJBO
SFUBJMTUPSFTBOEXFCTJUF”TTVDI
CFHJOOJOHJOUIFGJSTURVBSMTUPSFBOEXFCTJUFSFWFOVFXBT
IBTOPUCFFO
QSPWJEFETFHNFOUGPSUIFGVMMZFBS

BOEDTFHNFOUDPNQBSBCMF
TBMFT

MJOHJOTUBMMNFOUCJMMJOHQMBOT
PGPSFUSBEJUJPOBMUXPZFBSQMBOT8IJMFUIFUXPUZQFTPGDPOUSBDUTIBWFCSPBEMZTJNJMBS
DPTUPGTBMFTEVFUPMPXFS
EFWJDFTVCTJEJFT”TXFJODSFBTFEPVSNJYPGJOTUBMMNFOUCJMMJOPPETTPMEBOEBEFDSFBTFJO
GFDUFE5IJTDIBOHFJOQMBOPGGFSEJEOPUJNQBDUPVS*OUFSOBUJPOBMTFHNFOU#FHJOOJOHJOGJTDBM
JOTUBMMNFOUCJMMJOHQMBOT
CFDBNFDPNQBSBCMFPOBZFBSPWFSZFBSCBTJT

PTTQSPGJUSBUFBOE4(”
PTUPGHPPETTPMEBOE4(”
SFGFSUP/PUF
4VNNBSZPG4JHOJGJDBOU”DDPVOUJOH1PMJDJFTO*UFN
‘JOBODJBM4UBUFNFOUT
BOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,

USPMMJOHJOUFSFTUT

PG

NJMMJPOJOUIFBHHSFHBUF

‘JTDBM3FTVMUT$PNQBSFE8JUI’JTDBM
DPNQBSFEUPGJTDBM5IFDPNQPOFOUTPGUIF
SFWFOVFEFDSFBTFJOGJTDBMXFSFBTGPMMPXT

/PODPNQBSBCMFTBMFT

$PNQBSBCMFTBMFTJNQBDU

5PUBMSFWFOVFEFDSFBTF

TDBM
OFUTUPSFPQFOJOHBOE
DMPTJOHBDUJWJUZ
BTXFMMBT
UIFJNQBDUPGSFWFOVFTUSFBNTOPUJUTIBSFSFWFOVF
DFSUBJODSFEJU
PMFTBMFSTBOEEFBMFST
BTBQQMJDBCMF

TFF4FHNFOU1FSGPSNBODF4VNNBSZ
CFMPX
5IF4(“SBUFSFNBJOFEGMBUPOBZFBSPWFSZFBSCBTJTXJUICPUI
ZFBSPWFSZFBS4(“BTBQFSDFOUBHFPGSFWFOVF’PSGVSUIFSEJTDVTTJPOPGFBDITFHNFOUT4(“SBUFDIBOHFT
TFF4FHNFOU
1FSGPSNBODF4VNNBSZ
CFMPX
4(“SFTUSVDUVSJOHDIBSHFTEFDSFBTFEGSPNNJMMJPOJOGJTDBMUPNJMMJPOJOGJTDBM5IFGJTDBMBDUJWJUZ

EJTDVTTJPOPGFBDITFHNFOUT4(“SFTUSVDUVSJOHDIBSHFT
TFF4FHNFOU1FSGPSNBODF4VNNBSZ
CFMPX

JOGJTDBM5IFJODSFBTFJOPVSPQFSBUJOHJODPNFXBT
SFBTFJOPVSSFTUSVDUVSJOHBDUJWJUZ
‘JTDBM3FTVMUT$PNQBSFE8JUI’JTDBM
BTGPMMPXT

/PODPNQBSBCMFTBMFT

$PNQBSBCMFTBMFTJNQBDU

5PUBMSFWFOVFEFDSFBTF

BTXFMMBT
UIFJNQBDUPGSFWFOVF
DBSECSFBLBHFBOETBMFTPG

DIBOHFT
TFF4FHNFOU1FSGPSNBODF4VNNBSZ
CFMPX
5IF4(”
PSGVSUIFSEJTDVTTJPOPGFBDITFHNFOUT4(“SBUFDIBOHFT
TFF4FHNFOU1FSGPSNBODF4VNNBSZ
CFMPX
4(“SFTUSVDUVSJOHDIBSHFTJODSFBTFEGSPNNJMMJPOJOGJTDBM
(“SFTUSVDUVSJOHDIBSHFT
TFF4FHNFOU1FSGPSNBODF4VNNBSZ
CFMPX

GJTDBM5IFEFDSFBTFJOPVSPQFSBUJOHJODPNFXBT
QSJNBSJMZEVFUPBOJODSFBTFJOSFTUSVDUVSJOHDIBSHFTQBSUJBMMZPGGTFUCZOFU$35-$%MFHBMTFUUMFNFOUQSPDFFETSFDFJWFEJO
GJTDBM

4FHNFOU1FSGPSNBODF4VNNBSZ

%PNFTUJD4FHNFOU

NJMMJPOT

%PNFTUJD4FHNFOU1FSGPSNBODF4VNNBSZ
3FWFOVF

3FWFOVFHBJO EFDMJOF

$PNQBSBCMFTBMFTHBJO

DUPG
JOTUBMMNFOUCJMMJOH

OB

(SPTTQSPGJU

(SPTTQSPGJUBTPGSFWFOVF

4(”

4(“BTPGSFWFOVF

3FTUSVDUVSJOHDIBSHFT

0QFSBUJOHJODPNF

0QFSBUJOHJODPNFBTPGSFWFOVF

4FMFDUFE0OMJOF3FWFOVF%BUB
0OMJOFSFWFOVFBTBPGUPUBMTFHNFOUSFWFOVF

$PNQBSBCMFPOMJOFTBMFTHBJO

BCMFTBMFTHBJO EFDMJOF

MMJOHJOTUBMMNFOUCJMMJOHQMBOT
PGPSFUSBEJUJPOBMUXPZFBSQMBOT8IJMFUIFUXPUZQFTPGDPOUSBDUTIBWFCSPBEMZTJNJMBS
DPTUPGTBMFTEVFUPMPXFS
EFWJDFTVCTJEJFT”TXFJODSFBTFEPVSNJYPGJOTUBMMNFOUCJMMJOPPETTPMEBOEBEFDSFBTFJO
GFDTBMFT
FYDMVEJOHUIFFTUJNBUFE
NFOUCJMMJOHQMBOTCFDBNFDPNQBSBCMFPOBZFBSPWFSZFBSCBTJT

‘JTDBM ‘JTDBM ‘JTDBM
5PUBM4UPSFT
BU&OEPG
‘JTDBM:FBS4UPSFT
0QFOFE4UPSFT
$MPTFE5PUBM4UPSFT
BU;OEPG
‘JTDBM:FBS4UPSFT
0QFOFE4UPSFT
$MPTFE5PUBM4UPSFT
BU&OEPG
‘JTDBM:FBS
#FTU#VZ
f

f

#FTU#VZ.PCJMFTUBOEBMPOF f
f

1BDJGJD4BMFT f
f f
.BHOPMJB”VEJP7JEFP f
f f f f
5PUBM%PNFTUJDTFHNFOUTUPSFT
f

f

8FDPOUJOVPVTMZNPOJUPSTUPSFQFSGPSNBODF”TXFBQQSPBDIUIFF
BJOPQFO
‘JTDBM3FTVMUT$PNQBSFE8JUI’JTDBM
TFEDPNQBSFEUPUIFQSJPSZFBS5IFDPNQPOFOUTPGUIF
SFBTGPMMPXT
$PNQBSBCMFTBMFTJNQBDU

/PODPNQBSBCMFTBMFT

5PUBMSFWFOVFEFDSFBTF

HBOEDMPTJOHBDUJWJUZ
BTXFMMBTUIFJNQBDUPGSFWFOVFTUSFBNTOPUJODMVEFEXJUIJOPVS
TPGNFSDIBOEJTFUP
XIPMFTBMFSTBOEEFBMFST

TNBMMGPSNBU#FTU#VZ.PCJMFTUBOEBMPOFTUPSFT5IFDMPTJOHPG
DVTDPNQBSFEUPPVSMBSHFGPSNBUTUPSFT

NBOBHFECZBUIJSEQBSUZVOEFSXSJUFS8FNBZCFFMJHJCMFUPSFD
UIFQPSUGPMJP8IFOQFSGPSNBODFPGUIFQPSUGPMJPJTTUSPOHBOE
DPHOJFEBM
FSFDPHOJFENJMMJPO5IFGJTDBMQSPGJUTIBSFSFWFOVF
IBUXFQBZUPUIFUIJSEQBSUZVOEFSXSJUFS*OMJHIUPGUIF

DPOWFSTJPOSBUFTBOEJODSFBTFEUSBGGJD”TBQFSDFOUBHFPGUPUBP
WFSTVTMBTUZFBS

SFWFOVFDBUFHPSZJOGJTDBMBOE
3FWFOVF.JY4VNNBSZ $PNQBSBCMF4BMFT4VNNBSZ
:FBS&OEFE :FBS&OEFE
+BOVBSZ
+BOVBSZ
+BOVBSZ
+BOVBSZ
$POTVNFS&MFDUSPOJDT

$PNQVUJOHBOE.PCJMF1IPOFT

&OUFSUBJONFOU

“QQMJBODFT

4FSWJDFT

0UIFS f

OB OB
5PUBM

a$POTVNFS;MFDUSPOJDTSFBTFJOUIFTBMFTPG
DPOOFDUFEIPNFQSPEVDUT
TUSFBNJOHEFWJDFTBOEMBSHFTDSFFOUFMFWJTJPOT
a$PNQVUJOHBOE.PCJMF1IPOFTFEJOEVTUSZ
FGGFDU
MPXFSTBMFTPGNPCJMFQIPOFT5IJTEFDMJOFXBT
QBSUJBMMZPGGTFUCZBOJODSFBTFJOUIFTBMFPGDPNQVUFST
a;OUFSUBJONFOUHBNJOH
NVTJDBOENPWJFTEVFUP
DPOUJOVFEJOEVTUSZEFDMJOFT
a”QQMJBODFTIJOCPUIMBSHFBOETNBMMBQQMJBODFTBMFT
a4FSWJDFTFJNCVSTFNFOUSFWFOVFGSPNPVSUIJSEQBSUZ
VOEFSXSJUFSPOFYUFOEFEQSPUFDUJPOQMBODMBJNT5IJTUSFOE
XIJ

PQFSBUJPOTBOEJOEVTUSZUSFOET

5IJTSBUF
HIBSEXBSF
BOE
BOJODSFBTFJO$35MFHBMTFUUMFNFOUT
QBSUJBMMZPGGTFUCZ
MPXFSNBSHJOTGSPNNPCJMFQIPOFTEVFUPJU
TIBSFSFWFOVFBTEFTDSJCFEBCPWF
0VS%PNFTUJDTFHNFOU4(“SBUFTMJHIUMZEFDSFBTFEUPPGS
QSJPSZFBSGTFUCZ
JOWFTUNFOUTJOHSPXUIJOJUJBUJWFT

DIBSHFTJOGJTDBM5IFSFTUSVDUVSJOHDIBSHFTJOGJTDBMSFMBUFEUPUIF3FOFX#MVF1IBTFQMBOUIBUCFHBOJOUIFGJSTU
RVBSUFSPGGJTDBM3FGFSUP/PUF
3FTUSVDUVSJOH$IBSHFTO
*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJTPVUPVS
SFTUSVDUVSJOHBDUJWJUJFT

DPNQBSFEUPPGSFWFOVFJOUIFQSJPSZFBS5IFJODSFBTF
SBUFJNQSPWFNFOUTEFTDSJCFEBCPWF

‘JTDBM3FTVMUT$PNQBSFE8JUI’JTDBM
TFEDPNQBSFEUPUIFQSJPSZFBS5IJTJODSFBTFXBT

O
QPSUGPMJP
U

SBOEGVMGJMMNFOUPQFSBUJPOTBOEJOEVTUSZUSFOET5IFTFUSFOET
IBMGPGUIFJOTVSFST
BTEJTDVTTFEGVSUIFSCFMPX

SBUFTBOEJODSFBTFEUSBGGJD”TBQFSDFOUBHFPGUPUBM%PNFTUJD
WFSTVTJOGJTDBM
NFOUJOGJTDBMXFSFBTGPMMPXT
$PNQBSBCMFTBMFTJNQBDU

/PODPNQBSBCMFTBMFT

5PUBMSFWFOVFJODSFBTF

SFEJUDBSESFWFOVF
HJGUDBSE
FSTBOEEFBMFST
F
TUBOEBMPOFTUPSFT5IFDMPTJOHPGTNBMMGPSNBU#FTU#VZ
HF
GPSNBUTUPSFT

SFWFOVFDBUFHPSZJOGJTDBMBOE
3FWFOVF.JY4VNNBSZ $PNQBSBCMF4BMFT4VNNBSZ
:FBS&OEFE :FBS&OEFE
+BOVBSZ
+BOVBSZ
+BOVBSZ
+BOVBSZ
$POTVNFS&MFDUSPOJDT

$PNQVUJOHBOE.PCJMF1IPOFT

&OUFSUBJONFOU

“QQMJBODFT

4FSWJDFT

0UIFS

OB OB
5PUBM

a$POTVNFS&MFDUSPOJDTSFBTFJOUIFTBMFTPGMBSHF
SFTXJUIJOBTUPSF
BOEFYQBOEFEBTTPSUNFOUPG
TUSFBNJOHEFWJDFT5IJTJODSFBTFXBTQBSUJBMMZPGGTFUCZJOEVTU
TNBMMBOENJETJFUFMFWJTJPOT
a$PNQVUJOHBOE.PCJMF1IPOFTFEJOEVTUSZ
JMFQIPOFT
a&OUFSUBJONFOUVTJDBOENPWJFTEVFUPDPOUJOVFE

a”QQMJBODFTUIJONBKPSBQQMJBODFTTBMFTBTXFMMBT

a4FSWJDFT5IFSFQBJSSFWFOVFGSPNFYUFOEFEQSPUFDUJPO
QMBODMBJNT5IJTUSFOE
XIJDIQSJNBSJMZSFMBUFEUPNPCJMFQIPO
MMNFOUPQFSBUJPOTBOEJOEVTUSZUSFOET

&YDMVEJOHUIFNJMMJPOPG$35-$%MJUJHBUJPOTFUUMFNFOUQSPD
$POUJOHFODJFTBOE$PNNJUNFOUT
JOUIF/PUFTUPUIF$POTPMJEBUFE
‘JOBODJBM4UBUFNFOUT
JODMVEFEJO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,
GPSBEEJUJPOBMJOGPSNBUJPO5IJTSBUFJODSFBTFXBTQSJNBSJMZEV

NBSHJOVF
SBUF
BOJODSFBTFENJYPGIJHIFSNBSHJOMBSHFTDSFFO
EJUDBSEQPSUGPMJP5IFTFJODSFBTFTXFSFQBSUJBMMZPGGTFUCZ

MPXFSSBUFTSFMBUFEUPMBSHFBQQMJBODFT
BMPXFSSBUFJOUIPOJD
BMPXFSHSPTTQSPGJUSBUF
EFDSFBTFJONBSHJOGPSQPSUBCMF
BVEJPQSPEVDUT
BEFDSFBTFENJYPGIJHIFSNBSHJOEJHJUBMJNBHJOHQSPEVDUT
BOJODSFBTFENJYPGMPXFSNBSHJOXFBSBCMF

0VS%PNFTUJDTFHNFOUT4(“JODSFBTFENJMMJPO
PS
JO
4(“WFOVFJOUIFQSJPSZFBS5IFJODSFBTFTJO4(“BOE4(”

PGGTFUUPDPTUPGHPPETTPMESBUIFSUIBO4(“BOEIJHIFSJODFOUJWFDPNQFOTBUJPO5IJTJODSFBTFXBTQBSUJBMMZPGGTFUCZUIF
JNQMFNFOUBUJPOPG3FOFX#MVF1IBTFDPTUSFEVDUJPOT

H
DIBSHFTJOGJTDBM5IFSFTUSVDUVSJOHDIBSHFTIBEBOJNNBUF
GJTDBM3FGFSUP/PUF
3FTUSVDUVSJOH$IBSHFTO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJTPVUPVS
SFTUSVDUVSJOHBDUJWJUJFT

DPNQBSFEUPPGSFWFOVFJOUIFQSJPSZFBS5IFJODSFBTF
XBTESJWFOCZIJHIFSSFWFOVFBOENBSHJOBOENJMMJPOJOOFU$3

QBSUJBMMZPGGTFUCZUIFJODSFBTFJO4(“BTEFTDSJCFEBCPWF
*OUFSOBUJPOBM4FHNFOU

#FTU#VZCSBOE5IJTSFTVMUFEJOUIFQFSNBOFOUDMPTVSFPG’V
4IPQTUPSFTUPUIF#FTU#VZCSBOE5IFDPTUTPGJNQMFNFOUJOHUI
F
BUJPOCFOFGJUTBOEJOWFOUPSZXSJUFEPXOT

JO
NJMMJPOT

*OUFSOBUJPOBM4FHNFOU1FSGPSNBODF4VNNBSZ
3FWFOVF

3FWFOVFEFDMJOF

$PNQBSBCMFTBMFTEFDMJOF

OB OB

3FTUSVDUVSJOHDIBSHFTDPTUPGHPPETTPME
f

f
(SPTTQSPGJU

(SPTTQSPGJUBTPGSFWFOVF

4(”

4(“BTPGSFWFOVF

3FTUSVDUVSJOHDIBSHFT

0QFSBUJOHJODPNF MPTT

0QFSBUJOHJODPNF MPTT
BTPGSFWFOVF

ZFBSPWFSJUF”TTVDI
CFHJOOJOHJOUIF
BSBCMFTBMFTCBTF
BOEBO
BUJPOBMDPNQBSBCMFTBMFT
GPSUIFGPVSUIRVBSUFSPGGJTDBMXBT

‘JTDBM ‘JTDBM ‘JTDBM
5PUBM4UPSFT
BU;OEPG
‘JTDBM:FBS4UPSFT
0QFOFE4UPSFT
$MPTFE4UPSFT
$POWFSUFE5PUBM4UPSFT
BU&OEPG
‘JTDBM:FBS4UPSFT
0QFOFE4UPSFT
$MPTFE5PUBM4UPSFT
BU;OEPG
‘JTDBM:FBS
$BOBEB
‘VUVSF4IPQ f

fff f
#FTU#VZ

f

#FTU#VZ.PCJMF fff

.FYJDP
#FTU#VZ f f f
;YQSFTT f f f

5PUBM*OUFSOBUJPOBMTFHNFOU
TUPSFT

f

‘JTDBM3FTVMUT$PNQBSFE8JUI’JTDBM
DSFBTFEDPNQBSFEUPUIFQSJPSZFBS5IFDPNQPOFOUTPGUIF
XFSFBTGPMMPXT
/PODPNQBSBCMFTBMFT

$PNQBSBCMFTBMFTJNQBDU

5PUBMSFWFOVFEFDSFBTF

HBOEDMPTJOHBDUJWJUZ
JODMVEJOHUIF$BOBEJBOCSBOEDPOTPMJEBUJPOBDUJWJUZJOUIFGJSTUUISFF
TDFSUBJODSFEJUDBSESFWFOVF
EFBMFST
BTBQQMJDBCMF

3FWFOVF.JY4VNNBSZ
:FBS;OEFE
+BOVBSZ
+BOVBSZ
$POTVNFS;MFDUSPOJDT

$PNQVUJOHBOE.PCJMF1IPOFT

;OUFSUBJONFOU

“QQMJBODFT

4FSWJDFT

0UIFS

5PUBM

UPUIF$BOBEJBOCSBOEDPOTPMJEBUJPO”TTVDI
JUJTBMTPJNQSBD
)PXFWFSBOHFETJHOJGJDBOUMZGSPNGJTDBM
GNJMMJPO
PS
JOGJTDBMDPNQBSFEUPGJTDBM
5IFHSPTT
FOVFJOGJTDBM5IJTJODSFBTFXBTQSJNBSJMZEVFUPUIF
TFS
FYUFOUSBUFHSPXUIJODPNQVUJOHBOEIPNFUIFBUFS
0VS*OUFSOBUJPOBMTFHNFOUT4(“EFDSFBTFENJMMJPO
PS
JOGJTDBMDPNQBSFEUPUIFQSJPSZFBS&YDMVEJOHUIF
FBTFJO4(“XBTNJMMJPO5IF4(“SBUFEFDSFBTFEUP
5IFEFDSFBTFJO4(“SBUFXBTESJWFOCZZFBSPWFSZFBSTBMFT
MFWFSBHF
DIBSOH
DIBSHFTJOGJTDBM5IFGJTDBMSFTUSVDUVSJOHDIBSHFTSOHBT
3FOFX#MVFQMBO5IFBEKVTUNFOUTXFSFEVFUPDIBOHFTJOFTUJNBUFT
SFMBUFEUPTVCMFBTFJODPNF5IFGJTDBMSFTUSVDUVSJOHDIBSH

CFOFGJUT3FGFSUP/PUF
3FTUSVDUVSJOH$IBSHFTO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJTPVUPVS
SFTUSVDUVSJOHBDUJWJUJFT
ZFBS
QFSJPE
SBUFJNQSPWFNFOUT
‘JTDBM3FTVMUT$PNQBSFE8JUI’JTDBM

DTJOEVTUSZ
SFBTFJOGJTDBMXFSFBTGPMMPXT

/PODPNQBSBCMFTBMFT

5PUBMSFWFOVFEFDSFBTF

HBOEDMPTJOHBDUJWJUZ
JODMVEJOHUIF$BOBEJBOCSBOEDPOTPMJEBUJPOBDUJWJUZ
BTXFMMBTUIF
CSFBLBHFBOETBMFTPG

3FWFOVF.JY4VNNBSZ
:FBS&OEFE
+BOVBSZ
+BOVBSZ
$POTVNFS&MFDUSPOJDT

$PNQVUJOHBOE.PCJMF1IPOFT

&OUFSUBJONFOU

“QQMJBODFT

4FSWJDFT

0UIFS

5PUBM

$BOBEJBOCSBOEDPOTPMJEBUJPO”TTVDI
JUJTBMTPJNQSBDUJDBMU
)PXFWFSBOHFETJHOJGJDBOUMZGSPNGJTDBM

5IFHSPTT
PGSFWFOVFJOGJTDBM5IJTEFDMJOFXBTQSJNBSJMZEVFUP
EJODSFBTFEQSPNPUJPOBMBDUJWJUZJO$BOBEB
0VS*OUFSOBUJPOBMTFHNFOUT4(“EFDSFBTFENJMMJPO
PS
JOGJTDBMDPNQBSFEUPUIFQSJPSZFBS&YDMVEJOHUIF
FBTFJO4(“XBTNJMMJPO)PXFWFS
UIF4(“FYQFOTF
SFWFOVFJOGJTDBM5IFEFDSFBTFJO4(“FYQFOTFXBT
PSFTBTQBSUPGUIF$BOBEJBOCSBOEDPOTPMJEBUJPO5IFJODSFBTFJO
UIF4(“SBUFXBTESJWFOCZZFBSPWFSZFBSTBMFTEFMFWFSBHF
HDIBSOH
DIBSHFTJOGJTDBM5IFGJTDBMSFTUSVDUVSJOHDIBSHFTQ

CFOFGJUT5IFSFTUSVDUVSJOHDIBSHFTJOGJTDBMIBEBOJNNBU
3FTUSVDUVSJOH$IBSHFTO*UFN
‘JOBODJBM4UBUFNFOUTBOE
4VQQMFNFOUBSZ%BUB
PGUIJTPVUPVSSFTUSVDUVSJOHBDUJWJUJFT
ZFBS
QFSJPE
DIBSHFT
QBSUJBMMZPGGTFUCZMPXFS4(“FYQFOTFTBTEFTDSJCFEBCPWF
“EEJUJPOBM$POTPMJEBUFE3FTVMUT
0UIFS*ODPNF ;YQFOTF

M

SFTQFDUJWFMZ5IFTFHBJOTXFSFEVFUPUIFTBMFPGDPTUCBTFEJOWFTUNFOUT

DPNQBSFEUPNJMMJPOJOGJTDBM5IFJODSFBTFJOGJTDBM

DPNQBSFEUPNJMMJPOJOGJTDBM5IFEFDSFBTFJOGJTDBMF

XFSUIBOPVSGJYFESBUF3FGFSUP/PUF
%FSJWBUJWF*OTUSVNFOUT
PG
N
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT

*ODPNF5BY&YQFOTF

BOJODSFBTFJOQSFUBYFBSOJOHT
QBSUJBMMZPGGTFUCZBIJHIFSNPG
DFSUBJOUBYNBUUFSTJOUIFDVSSFOUZFBS0VSFGGFDUJWFJODPNFUG
JOGJTDBM5IFEFDSFBTFJOUIF&53XBTQSJNBSJMZEVF

SMMBT
BM
QBSUJBMMZPGGTFUCZBEFDSFBTFJOQSFUBYFBSOJOHTJOGJTDBM
JOGJTDBM&YDMVEJOHUIFJNQBDUPGSFPSHBOJJOH
JOGJTDBM3FGFSUP/PUF
*ODPNF5BYFT
PGUIF/PUFTUP
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSU
PO’PSN,GPSBEEJUJPOBMJOGPSNBUJPO

F
GPSFJHOKVSJTEJDUJPOTJNQBDUPVSDPOTPMJEBUFEFGGFDUJWFSBUF0VS

%JTDPOUJOVFE0QFSBUJPOT

FME

HBJOSFDPHOJFEPOUIFTBMFPG’JWF4UBS-PTTGSPNEJTDPOUJOVFEPQFSBUJPOTPGNJMMJPOJOGJTDBMXBTESJWFOCZPUIFS
DIBSHFTSFMBUFEUP’JWF4UBS

/PO(“”1’JOBODJBM.FBTVSFT
GFDUJWFUBY
GJOBODJBMNFBTVSFT
GPSUIFQFSJPETQSFTFOUFEUPOPO(“”1PQFSBUJOH
JODPNF
OPO(“”1FGGFDUJWFUBYSBUF
OPO(“”1OFUFBSOJOHTGSPNDPOUJOVJOHPQFSBUJPOTBOEOPO(“”1EJMVUFEFBSOJOHTQFS
TIBSFGSPNDPOUJOVJOHPQFSBUJPOT OPO(“”1GJOBODJBMNFBTVSFT

BNPVOUT

‘JTDBM:FBS

0QFSBUJOHJODPNF

/FU$35-$%TFUUMFNFOUT

f
3FTUSVDUVSJOHDIBSHFT$0(4

ff
0UIFS$BOBEBCSBOEDPOTPMJEBUJPODIBSHFT4(”

f
/POSFTUSVDUVSJOHBTTFUJNQBJSNFOUT4(”

3FTUSVDUVSJOHDIBSHFT

/PO(“”1PQFSBUJOHJODPNF

*ODPNFUBYFYQFOTF

&GGFDUJWFUBYSBUF

*ODPNFUBYJNQBDUPG&VSPQFMFHBMFOUJUZSFPSHBOJBUJPO

f f
*ODPNFUBYJNQBDUPG/PO(“”1BEKVTUNFOUT

/PO(“”1JODPNFUBYFYQFOTF

/PO(“”1FGGFDUJWFUBYSBUF

/FUFBSOJOHTGSPNDPOUJOVJOHPQFSBUJPOT

/FU$35-$%TFUUMFNFOUT

f
3FTUSVDUVSJOHDIBSHFT$0(4

ff
0UIFS$BOBEBCSBOEDPOTPMJEBUJPODIBSHFT4(”

f
/POSFTUSVDUVSJOHBTTFUJNQBJSNFOUT4(”

3FTUSVDUVSJOHDIBSHFT

(BJO
MPTTPOTBMFPGJOWFTUNFOUT

*ODPNFUBYJNQBDUPG&VSPQFMFHBMFOUJUZSFPSHBOJBUJPO

f f

*ODPNFUBYJNQBDUPG/PO(“”1BEKVTUNFOUT

/PO(“”1OFUFBSOJOHTGSPNDPOUJOVJOHPQFSBUJPOT

1FSTIBSFJNQBDUPGOFU$35-$%TFUUMFNFOUT

f
1FSTIBSFJNQBDUPGSFTUSVDUVSJOHDIBSHFT$0(4

f f
HFT4(”

f

1FSTIBSFJNQBDUPGSFTUSVDUVSJOHDIBSHFT

1FSTIBSFJODPNFUBYFGGFDUPG&VSPQFMFHBMFOUJUZSFPSHBOJBUJPO

f f

1FSTIBSFJODPNFUBYJNQBDUPG/PO(“”1BEKVTUNFOUT

/PO(“”1

3FQSFTFOUTDBUIPEFSBZUVCF $35
BOE-$%MJUJHBUJPOTFUUMTSFMBUFEUPQSPEVDUTQVSDIBTFE
UIFGJTDBMZFBSFOEFE+BOVBSZ
POSFMBUFEUP$BOBEB3FGFSUP/PUF
$POUJOHFODJFTBOE$PNNJUNFOUT
JOUIF/PUFTUP
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,GPSGVSUIFS
JOGPSNBUJPO

3FGFSUP/PUF
3FTUSVDUVSJOH$IBSHFTO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ
%BUB
PGUIJTSFHBSEJOHUIFOBUVSFPGUIFTFDIBSHFT’PSUIFGJTDBMZFBSFOEFE+BOVBSZ

JPOSFMBUFEUPUIF6OJUFE
BOENJMMJPOSFMBUFEUP
$BOBEB

3FQSFTFOUTDIBSHFTSFMBUFEUPUIF$BOBEJBOCSBOEDPOTPMJEBUJUPSFUFOUJPOCPOVTFTBOEPUIFS
JPOCVUEJEOPURVBMJGZBTSFTUSVDUVSJOHDIBSHFT

3FGFSUP/PUF
‘BJS7BMVF.FBTVSFNFOUTO*UFN
‘JOBODJBM4UBUFNFOUTBOE
4VQQMFNFOUBSZ%BUB
PGUIJTSFHBSEJOHUIFOBUVSFPGUIFTFDIBSHFT’PSUIFGJTDBMZFBSFOEFE

SFMBUFEUPUIF
4UBUFTBOENJMMJPO
SFMBUFEUP$BOBEB

NJMMJPOBTBSFTVMUPGSFPSHBOJJOHDFSUBJO;VSPQFBOMFHBMFOUJUJFTUPTJNQMJGZPVSPWFSBMM
TUSVDUVSFJOUIFGJSTURVBSUFSPGGJTDBM

*ODPNFUBYJNQBDUPGOPO(“”1BEKVTUNFOUTJTUIFTVNNBUJPOPGUIFDBMDVMBUFEJODPNFUBYDIBSHFSFMBUFEUPFBDIOPO(“”1OPOJODPNFUBY
BEKVTUNFOU5IFOPO(“”1BEKVTUNFOUTSFMBUFQSJNBSJMZUPBEKVTUNFOUTJOUIF6OJUFE4UBUFTBOE$BOBEB”TTVDI
UIFJODPNFUBYDIBSHFJTDBMDVMBUFE
GPS$BOBEB
BQQMJFEUPUIF/PO(“”1BEKVTUNFOUTPGFBDIDPVOUSZ
/PO(“”1ODPNQBSFEUPGJTDBM
BOEOPO(“”1PQFSBUJOH
JODPNFBTBQFSDFOUPGSFWFOVFJODSFBTFEUP5IFJODSFBTF
DPOUJOVFE4(“DPTUSFEVDUJPOTJOCPUITFHNFOUTQSJNBSJMZEVFUPUIFSFBMJBUJPOPGPVS3FOFX#MVF1IBTFDPTUSFEVDUJPO
JOJUJBUJWFTBOEUJHIUFSFYQFOTFNBOBHFNFOU5IFJODSFBTFJOOPO(“”1PQFSBUJOHJODPNFSFTVMUFEJOBZFBSPWFSZFBSJODSFBTF
JOOPO(“”11
GJTDBMDPNQBSFEUPGJTDBM
/PO(“”1DPNQBSFEUPGJTDBM5IFJODSFBTFXBTESJWFOCZ
FEHSPTTQSPGJUSBUFBOEDPOUJOVFE4(“DPTUSFEVDUJPOTJO
3FOFX#MVF
NBOBHFNFOU5IFJODSFBTFJOOPO(“”1PQFSBUJOHJODPNFSFTVMUFEJOBZFBSPWFSZFBSJODSFBTFJOOPO(“”1OFUFBSOJOHT
GSPNDPOUJOVJOHPQFSBUJPOTBOEOPO(“”1EJMVUFEFBSOJOHTQFSTI
GJTDBM
-JRVJEJUZBOE$BQJUBM3FTPVSDFT
4VNNBSZ
8
JUJFT

I
UPBMBSHFFYUFOU
XFDBOBEKVTUJOSFTQPOTFUPFDPOPNJD
BOEPUIFSDIBOHFTJOPVSCVTJOFTTFOWJSPONFOU8FIBWFBEJTDJQ
U#VZ#VJMEJOHUIF/FX#MVFTUSBUFHJFT

JONJMMJPOT

+BOVBSZ
+BOVBSZ
$BTIBOEDBTIFRVJWBMFOUT

4IPSUUFSNJOWFTUNFOUT

5

TXFMMBTDBTIHFOFSBUFEGSPNPQFSBUJPOTXFSFTVGGJDJFOUUP

$BTI’MPXT

GJTDBMZFBST JONJMMJPOT

5PUBMDBTIQSPWJEFECZ VTFEJO

0QFSBUJOHBDUJWJUJFT

*OWFTUJOHBDUJWJUJFT

‘JOBODJOHBDUJWJUJFT

&GGFDUPGFYDIBOHFSBUFDIBOHFTPODBTI

*ODSFBTF EFDSFBTF
JODBTIBOEDBTIFRVJWBMFOUT

0QFSBUJOH”DUJWJUJFT
G

)PMJEBZTFBTPOUIBOJOUIFQSJPSZFBS
EJTDVTTFECFMPX
QPTJUJWFMZJNQBDUJOHPQFSBUJOHDBTIGMPXT5IJTXBTQBSUJBMMZPGGTFUCZ
UIFUJNJOHPGDPMMFDUJPOPGSFDFJWBCMFT
G

SFMBUFEUPUIBUJOWFOUPSZQSJPSUPZFBSFOE*OBEEJUJPO
XFQBPG
XIFOQBZNFOUTXFSFNBEF
*OWFTUJOH”DUJWJUJFT
IF

PG
TIPSUUFSNJOWFTUNFOUTQBSUJBMMZPGGTFUCZDBQJUBMFYQFOEJUVSFT TFF$BQJUBM&YQFOEJUVSFTCFMPX

‘JOBODJOH”DUJWJUJFT

GTFUCZ
EVF.BSDI
T
OPGDPNNPOTUPDLBTQBSUPGPVS+VOFTIBSFSFQVSDIBTF
UPBOEQBJEBTQFDJBMEJWJEFOEJO
4PVSDFTPG-JRVJEJUZ
OE
VJEJUZ8FCFMJFWFPVSTPVSDFTPGMJRVJEJUZXJMMCFTVGGJDJFOUUP

JOUIF
FWFOUPVSMJRVJEJUZJTJOTVGGJDJFOU
XFNBZCFSFRVJSFEUPMJNJUPVSTQFOEJOH5IFSFDBOCFOPBTTVSBODFUIBUXFXJMMDPOUJOVFUP
FEJU

POGBWPSBCMFUFSNT
FBS’BDJMJUZ
“HSFFNFOU
XJUIBTZOEJDBUFPGCBOLT5IF’JWF:FBS’BDJMJUZ”
PO
+VOF
5IF’JWF:FBS’BDJMJUZ”HSFFNFOUQFSNJUTCPSSPXJOHTVQUPCJMMJPOBOEFYQJSFTJO+VOF”U+BOVBSZ

HVOEFSUIF’JWF:FBS’BDJMJUZ”HSFFNFOUOPSJUTQSFEFDFTTPS
UIF1SFWJPVT’BDJMJUZ3FGFSUP/PUF
%FCUO*UFN
‘JOBODJBM
4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJTPVUPVSDSFEJUGBDJMJUJFT
JWF:FBS’BDJMJUZ”HSFFNFOUJTTVCKFDUUPPVSDPNQMJBODFXJUIUIF
UFSNTBOEDPOEJUJPOTPGUIFGBDJMJUZ
JODMVEJOHGJOBODJBMDPWFOBOUT
GJOBODJBMSBUJPT”U+BOVBSZ

XFXFSFJODPNQMJBODFXJ

JOHTCFGPSFGJYFEDIBSHFT JOUFSFTUFYQFOTFBOEUIFJOUFSFTUQPSUJPO
PGSFOUFYQFOTF
UPGJYFEDIBSHFT0VSJOUFSFTUDPWFSBHFSBUJP
“OOVBM3FQPSU
SFTQFDUJWFMZ

FECFMPX
BCMFPVUMPPL.PPEZT*OWFTUPST4FSWJDF
*ODBGGJSNFEJUT
I3BUJOHT-JNJUFEBGGJSNFEJUTMPOHUFSNDSFEJUSBUJOHPG###
XJUIB4UBCMFPVUMPPL
3BUJOH”HFODZ3BUJOH 0VUMPPL
4UBOEBSE1PPST ### 4UBCMF
.PPEZT#BB 4UBCMF
‘JUDI### 4UBCMF

F
TVCKFDUUPSFWJTJPOBUBOZUJNF”DDPSEJOHMZ
XFBSFOPUBCMFU
EJTDMPTFEBCPWF’BDUPSTUIBUDBOBGGFDUPVSDSFEJUSBUJOHTJOD

TUSBUFHZSSUBJO

MFBTJOHDPTUT

3FTUSJDUFE$BTI

0VSMJRVJEJUZJTBMTPBGGFDUFECZSFTUSJDUFEDBTICBMBODFTUIBUCJMJUZ

+BOVBSZ

SFTQFDUJWFMZ

$BQJUBM;YQFOEJUVSFT

BCJMJUJFTBOETUPSFSFMBUFEQSPKFDUT

PGUIFQBTUUISFFGJTDBMZFBST JONJMMJPOT

/FXTUPSFT

4UPSFSFMBUFEQSPKFDUT

;DPNNFSDFBOEJOGPSNBUJPOUFDIOPMPHZ
0UIFSf
5PUBMDBQJUBMFYQFOEJUVSFT

5
GJTDBMBOE
SFTQFDUJWFMZUJODMVEFEJOBDDPVOUT
QBZBCMF

%FCUBOE$BQJUBM

DBTISFTPVSDFT”TPG+BOVBSZ

XFIBWFNJMMJPOQSJODJQBMBNPVOUPGOPUFTEVF”VHVTU
UIF/PUFT

UIF/PUFT
PVUTUBOEJOH3FGFSUP/PUF
%FCU
JOUIF
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM
T
/PUFTBOE/PUFT
4IBSF3FQVSDIBTFTBOE%JWJEFOET
8
JNF
BJOUBJOJOHJOWFTUNFOUHSBEFDSFEJUNFUSJDT

UIPSJBUJPOJO’FCSVBSZ5IJTTIBSFSFQVSDIBTFQSPHSBN

UFBVUIPSJFECVUVOJTTVFETIBSFT
SF
BNPVOUT

5PUBMDPTUPGTIBSFTSFQVSDIBTFE

f
“WFSBHFQSJDFQFSTIBSF

f
f
/VNCFSPGTIBSFTSFQVSDIBTFE f

SFQVSDIBTFDPOUSBDU3FGFSUP/PUF
4IBSFIPMEFST&RVJUZ
PGUIF/PUFTUP$POTPMJEBUFE
‘JOBODJBM4UBUFNFOUT
JODMVEFEJO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT
BSUFSMZDBTIEJWJEFOEPODPNNPOTUPDL”RVBSUFSMZDBTI
EJWJEFOEIBTCFFOQBJEJOFBDITVCTFRVFOURVBSUFS5IFQBZNFOU
SFTUSJDUJPOT5IFGPMMPXJOHUBCMFQSFTFOUTPVSEJWJEFOEBDUJWJUQFS
TIBSFBNPVOUT

3FHVMBSRVBSUFSMZDBTIEJWJEFOETQFSTIBSF

4QFDJBMDBTIEJWJEFOETQFSTIBSF

f
5PUBMDBTIEJWJEFOETQFSTIBSF

$BTIEJWJEFOETEFDMBSFEBOEQBJE

SFMBUFEUPUIFOFUBGUFSUBY
UBYQSPDFFETGSPN-$%SFMBUFE
MFHBMTFUUMFNFOUT

PG

RVBSUFSMZEJWJEFOEUPQFSTIBSF

0UIFS’JOBODJBM.FBTVSFT
BU
UIFFOEPGGJTDBM5IFIJHIFSDVSSFOUSBUJPJOGJTDBM

QBSUJBMMZPGUIFUJNJOHPGPVSJOWFOUPSZQVSDIBTFT
IF
PVS/PUFT0VSOPO(“”1EFCUUP&#*5%”3SBUJP
XIJDI

SFTQFDUJWFMZ5IFEFDSFBTFJOUIFSBUJPXBTEVFUPBEFDSFBTFJBTF
JOFBSOJOHT

JODMVEFEJOPVSOPO(“”1EFCUDBMDVMBUJPO%VFUPDIBOHFTJOUI
FYQFOTFUPGJWFUJNFTBOOVBMSFOUFYQFOTF5IFNVMUJQMFPGGJWF
PG
DPNQBOJFTXJUIJOUIFSFUBJMTFDUPS1SJPSQFSJPETQSFTFOUFEIBWFCFFOBEKVTUFEUPVTFUIJTOFXNVMUJQMF
0VSOPO(“”1EFCUUP&#*5%”3SBUJPJTDBMDVMBUFEBTGPMMPXT
/PO(“”1EFCUUP&#*5%”3/PO(“”1EFCU
/PO(“”1&#*5%”3

5IFNPTUEJSFDUMZDPNQBSBCMF(“”1GJOBODJBMNFBTVSFUPPVSOPO(“”1EFCUUP&#*5%”3SBUJPJTPVSEFCUUPOFUFBSOJOHT
U

UFBSOJOHTSBUJPUPPVSOPO(“”1EFCUUP&#*5%”3SBUJPGPS
DPOUJOVJOHPQFSBUJPOT JONJMMJPOT

%FCU JODMVEJOHDVSSFOUQPSUJPO

/PO(“”1EFCU

/FUFBSOJOHTGSPNDPOUJOVJOHPQFSBUJPOT

*ODPNFUBYFYQFOTF
%FQSFDJBUJPOBOEBNPSUJBUJPOFYQFOTF
3FOUBMFYQFOTF
3FTUSVDUVSJOHDIBSHFTBOEPUIFS

/PO(“”1&#*5%”3

%FCUUPOFUFBSOJOHTSBUJP
/PO(“”1EFCUUP&#*5%”3SBUJP

FSDPNQPOFOUTPGOPO(“”1
BOE+BOVBSZ

VMUJQMFVTFEGPSUIFSFUBJMTFDUPS
JBUFNVMUJQMFGPSPVSMFBTF
QPSUGPMJP)JTUPSJDBMMZ
XFVTFEBDBQJUBMJFEMFBTFNVMUJQMFPGFJHIUUJNFTBOOVBMSFOUFYQFOTFIPXFWFS
EVFUPDIBOHFTJOUIFBWFSBHFSFNBJOJOHMFBTF
JWFIFVTFPGUIFDIBOHFT

*ODMVEFTUIFJNQBDUPGSFTUSVDUVSJOHDIBSHFTBOEOPOSFTUSVDUVSJOHBTTFUJNQBJSNFOUT3FGFSUP/PUF
‘BJS7BMVF.FBTVSFNFOUT
BOE/PUF
3FTUSVDUVSJOH$IBSHFTO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT
UIFOBUVSFPGUIFTFDIBSHFT

0GG#BMBODF4IFFU”SSBOHFNFOUTBOE$POUSBDUVBM0CMJHBUJPOT
0UIFSUIBOPQFSBUJOHMFBTFT
XFEPOPUIBWFBOZPGGCBMBODFTIFFUGJOBODJOH”TVNNBSZPGPVSPQFSBUJOHMFBTFPCMJHBUJPOTCZ
CFMPX
BWBJMBCMFJO*UFN
1SPQFSUJFT
BOE/PUF
-FBTFTO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,

QFSJPE JONJMMJPOT

1BZNFOUT%VFCZ1FSJPE
$POUSBDUVBM0CMJHBUJPOT 5PUBM-FTT5IBO
:FBS :FBST :FBST.PSF5IBO
:FBST
-POHUFSNEFCUPCMJHBUJPOT

f

f
$BQJUBMMFBTFPCMJHBUJPOT
‘JOBODJOHMFBTFPCMJHBUJPOT
*OUFSFTUQBZNFOUT

f
0QFSBUJOHMFBTFPCMJHBUJPOT

1VSDIBTFPCMJHBUJPOT

f
6OSFDPHOJFEUBYCFOFGJUT

%FGFSSFEDPNQFOTBUJPO

5PUBM

/PUF’PSBEEJUJPOBMJOGPSNBUJPOSFGFSUP/PUF
%FCU/PUF
-FBTFT/PUF
*ODPNF5BYFTBOE/PUF
$POUJOHFODJFTBOE$PNNJUNFOUT
PGUIF/PUFTUP
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,

TXBQWBMVBUJPOBEKVTUNFOUT

QBDUFECZPVSJOUFSFTUSBUF
FGFSUP/PUF
%FSJWBUJWF
*OTUSVNFOUTO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSU
PO’PSN,

5IFTFDIBSHFT
JGJODMVEFE
OBU+BOVBSZ

BMMTJHOJGJDBOUUFSNT
PGUIFUSBOTBDUJPO
CMFXJUIPVUQFOBMUZ”EEJUJPOBMMZ
BMUIPVHIUIFZBSFOPUMFHBMMZCJOEJOHBHSFFNFOUT
XF

ZNFOUTPSUIFBNPVOUCZXIJDI
TFDUJPOPGUIFUBCMF

FGFSSFEDPNQFOTBUJPO”TUIF
T%VFCZ1FSJPETFDUJPO
PGUIFUBCMF
“EEJUJPOBMMZ
F4IFFUT
$SJUJDBM”DDPVOUJOH&TUJNBUFT
FXJUI(“”15IFQSFQBSBUJPOPGPVSGJOBODJBMTUBUFNFOUT
UTBOEBQQMZKVEHNFOUTUIBUBGGFDUUIFSFQPSUFEBNPVOUTPG
SFT8FCBTFPVSBTTVNQUJPOT
FTUJNBUFTBOEKVEHNFOUTPO

EJOBDDPSEBODFXJUI(“”1)PXFWFS
CFDBVTFGVUVSFFWFOUTBOE
UIFJSFGGFDUTDBOOPUCFEFUFSNJOFEXJUIDFSUBJOUZ
BDUVBMSFTVMUTDPVMEEJGGFSGSPNPVSBTTVNQUJPOTBOEFTUJNBUFT
BOETVDI
EJGGFSFODFTDPVMECFNBUFSJBM

4VNNBSZPG4JHOJGJDBOU”DDPVOUJOH1PMJDJFT
PGUIF/PUFTUP
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSU
PO’PSN,8FCFMJFWFUIBUUIFGPMMPXJOHBDDPVOUJOHFTUJNBUF
FWBMVBUJOHPVSSFQPSUFEGJOBODJBMSFTVMUT5IFTFFTUJNBUFTSFRVJSFPVSNPTUEJGGJDVMU
TVCKFDUJWFPSDPNQMFYKVEHNFOUT
CFDBVTF
8FIBWFSVSFT
XJUIUIF”VEJU$PNNJUUFFPGPVS#PBSE

*OWFOUPSZ
8

BM

PMPHJDBMPCTPMFTDFODF
8XF
VTFUPDBMDVMBUFPVSNBSLEPXOBEKVTUNFOUT)PXFWFS
JGBDUVBMPVUDPNFTBSFEJGGFSFOUUIBOXFBOUJDJQBUFE
XFNBZCFFYQPTFE
UPMPTTFTPSHBJOTUIBUDPVMECFNBUFSJBM”DIBOHFJOPVSGFDUFE

7FOEPS”MMPXBODFT
8QSPHSBNTBOEBSSBOHFNFOUT8FUSFBUBTVCTUBOUJBMNBKPSJUZPG
UIFTFBMMPXBODFTBTBOPGGTFUUPUIFDPTUPGUIFQSPEVDUPSTFS
TU
JM
JOWFOUPSZJTTPME5IFFTUJNBUJPOPGUIFEFGFSSBMGPSUIFTFUZQPST
MMPXBODFQSPHSBNT
8UP
DBMDVMBUFPVSWFOEPSGVOEJOHEFGFSSBM”EJGGFSFODFJOPVS
BG
8UBSHFUT5IFTFWFOEPSBMMPXBODFTBSFBDDSVFEBTFBSOFEPWFS

BEKVTUNFOUJGBDUVBMQVSDIBTFPSTBMFTWPMVNFTEJGGFSGSPNQSPK
8FC

MZUPBDBMFOEBSZFBSPSPVSGJTDBMZFBS
UIFBNPVOUPG

1SPQFSUZBOE;RVJQNFOU*NQBJSNFOUT

DBSSZJOHWBMVFNBZOPUCFSFDPWFSBCMF

BTI
FBOJNQBJSNFOUMPTT5IFJNQBJSNFOUMPTTDBMDVMBUJPODPNQBSFT
T
8
IF
UIBUBTTFU

JEFOUJGJBCMFDBTIGMPXTBSFMBSHFMZJOEFQFOEFOUPGUIFDBTIGMPF

FM

BTTFUXPVME
FE
BTTFUT

SF

DPVMECFNBUFSJBM8FEPOPUCFMJFWFUIFSFJTBSFBTPOBCMFMJLF
QBJSNFOUMPTTFT
(PPEXJMM

BCMF
8

SUJOH
JU

MPTT

DPNCJOBUJPO5IFO
UIFJNQMJFEGBJSWBMVFPGUIFSFQPSUJOHVOJU*G

OHWBMVF

BSSZJOHWBMVFXBTTVCTUBOUJBM8FEPOPUCFMJFWFUIFSFJTB
U
MPTTFTPOHPPEXJMM)PXFWFS
JGBDUVBMSFTVMUTBSFOPUDPOTJTUF
JNQBJSNFOUDIBSHFUIBUDPVMECFNBUFSJBM
5BY$POUJOHFODJFT
5IFTF

“UBOZUJ

FYQPTVSFT”UFS
GPSXIJDIXFIBWFFTUBCMJTIFEBMJBCJMJUZ
JTBVEJUFEBOE
GVMMZSFTPMWFEPSDMBSJGJFE8FBEKVTUPVSMJBCJMJUZGPSVOSFDP
XIJDIBOVODFSUBJOUBYQPTJUJPOJTFGGFDUJWFMZTFUUMFE
UIFTUBP
BCMF

SJPVTGJMJOHQPTJUJPOT
0VSFGGFDUJWFJODPNFUBYSBUFJTBMTPBGGFDUFECZDIBOHFTJOUBYMBXUIF
MFWFMPGFBSOJOHTBOEUIFSFTVMUTPGUBYBVEJUT
IFSFJOBSFSFBTPOBCMF
BDUVBMSFTVMUTDPVMEEJGGFS
BOEXFNBZ

5S
FTUBCMJTIFEMJBCJMJUZ
PVSFGGFDUJWFJODPNFUBYSBUFJOBHJWFOGJOBODJBMTUBUFNFOUQFSJPEDPVMECFNBUFSJBMMZBGGFDUFE”O
BTIBOENBZSFTVMUJOBOJODSFBTFJOPVSFGGFDUJWFJODPNFUBY

SBUFJOUIFQFSJPEPGSFTPMVUJPO”GBWPSBCMFUBYTFUUMFNFOUNBZSFEVDFPVSFGGFDUJWFJODPNFUBYSBUFBOEXPVMECFSFDPHOJFEJO
UIFQFSJPEPGSFTPMVUJPO
3FWFOVF3FDPHOJUJPO

GFDUTPGGVUVSFFWFOUT
3FUVSOT`8JWFTPSBMMPXBODFT
BUUIFUJNFUIFDVTUPNFSUBLFT
QPTTFTTJPOPGNFSDIBOEJTFPSSFDFJWFTTFSWJDFT8FFTUJNBUFUIF
8FCF
FTUJNBUFEHSPTTNBSHJOJNQBDUPGSFUVSOT
JTBSFBTPOBCMFSFGMF
JGPVS

“EJGVMEIBWFBGGFDUFEOFUFBSOJOHTCZBQQSPYJNBUFMZNJMMJPOJO
GJTDBM
(JGU$BSE#SFBLBHF`8VSXFCTJUFTBOEUISPVHITFMFDUUIJSEQBSUJFT
“DBSEXIFOTPME8FSFDPHOJFSFWFOVFGSPNHJGUDBSETXIFOUIFDBSEJT
SFEFFNFECZUIFDVTUPNFS’PSVOSFEFFNFEHJGUDBSET
XFSFDPHOJ

VOSFEFFNFEHJGUDBSETUPBSFMFWBOUKVSJTEJDUJPO8FEFUFSNJOF
8FEPB
PSFDPSECSFBLBHF)PXFWFS
JGBDUVBMSFTVMUTBSFOPUDPOTJTUFOU
HFUIBUDPVMECFNBUFSJBM
$VTUPNFS-PZBMUZ1SPHSBNT`8QPJOUTGPSFBDIQVSDIBTF

SFEFFNFEPOGVUVSFQVSDIBTFT5IFWBMVFPGQPJOUTFBSOFECZPVS


EJG
XPVMEIBWFBGGFDUFEOFUFBSOJOHTCZBQQSPYJNBUFMZ
NJMMJPOJOGJTDBM
8PG

NBUFSJBM
/FX”DDPVOUJOH1SPOPVODFNFOUT
TFF/PUF
4VNNBSZPG4JHOJGJDBOU”DDPVOUJOH1PMJDJFT
PG
N
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT
“OOVBM3FQPSUPO’PSN,

*UFN”2VBOUJUBUJWFBOE2VBMJUBUJWF%JTDMPTVSFT”CPVU.BSLFU3JTL
PTFEUPDFSUBJONBSLFUSJTLT
*OUFSFTU3BUF3JTL
8

BSZ
XJUITIPSUUFSNJOUFSFTUSBUFT3FGFSUP/PUF
%FCU
BOE/PUF
%FSJWBUJWF*OTUSVNFOUT
PGUIF/PUFTUP$POTPMJEBUFE’JOBODJBM
4UBUFNFOUT
JODMVEFEJO*UFN
‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,GPSGVSUIFS
JOGPSNBUJPOSFHBSEJOHPVSJOUFSFTUSBUFTXBQT

UPGMPBUJOHSBUF5IFSFGPSF
XFIBEOFUDBTIBOETIPSUUFSNJOW
JOUFSFTUSBUFDIBOHFT”TPG+BOVBSZ

BCBTJTQPJOUFE
EUP

‘PSFJHO$VSSFODZ;YDIBOHF3BUF3JTL
8

BUFE

3FGFSUP/PUF
%FSJWBUJWF*OTUSVNFOUTO*UFN
‘JOBODJBM
4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJTHBSEJOHPVSUIFTF
JOTUSVNFOUT
BOE.FYJDBOQFTPDPNQBSFEUPUIFQSJPSZFBSQFSJPEIBEB
TMBUFEJOUPGFXFS64EPMMBST8FFTUJNBUFUIBUGPSFJHODVSSFODZ

U

TUBUFNFOUTBOEUIFSFMBUFEGJOBODJBMJOGPSNBUJPO5IFDPOTPMJEB
(“”1
“OO

EJUFECZ%FMPJUUF5PVDIF–1
BOJOEFQFOEFOUSFHJTUFSFE
FXJUIUIFTUBOEBSETPGUIF1VCMJD$PNQBOZ”DDPVOUJOH
0WFSTJHIU#PBSE 6OJUFE4UBUFT
5IFJOEFQFOEFOUSFHJTUFSFEQVCT
Z
PQFSBUJPOTBOEDBTIGMPXTJOBDDPSEBODFXJUI(“”1
.BOBHFNFOUT3FQPSUPO*OUFSOBM$POUSPM0WFS’JOBODJBM3FQPSUJOH

JO3VMFB G
VOEFSUIF;YDIBOHF”DU
0VSJOUFSOBMDPOUSPM
PVSQSJODJQBMFYFDVUJWFPGGJDFSBOEQSJODJQBMGJOBODJBMPGGJDFS
BOEFG

FYUFSOBMQVSQPTFTJOBDDPSEBODFXJUI(“”1
BOEJODMVEFTUIPTFQPMJDJFTBOEQSPDFEVSFTUIBU

EJTQPTJUJPOTPGPVSBTTFUT

TUBUFNFOUTJOBDDPSEBODFXJUI(“”1BOEUIBUPVSSFDFJQUTBOEFYQFOEJUVSFTBSFCFJOHNBEFPOMZJOBDDPSEBODFXJUI
BVUIPSJBUJPOTPGPVSNBOBHFNFOUBOE#PBSEBOE

PGPVSBTTFUTUIBUDPVMEIBWFBNBUFSJBMFGGFDUPOPVSGJOBODJBMTUBUFNFOUT
5IFSFGPSF
FWFOUIPTFTZTUFNTEFUFSNJOFEUPCFFGGFDUJWFDBOQSPWJEFPOMZ
QSFQBSBUJPOBOEQSFTFOUBUJPO
FOU
JODMVEJOHPVSQSJODJQBMFYFDVUJWFPGGJDFSBOEQSJODJQBM
GJOBODJBMPGGJDFS
XFBTTFTTFEUIFFGGFDUJWFOFTTPGPVSJOUFSOBHUIF
HBOJBUJPOTPGUIF5SFBEXBZ$PNNJTTJPO $040
JO*OUFSOBM$POUSPMa
*OUFHSBUFE’SBNFXPSL
POUSPMPWFSGJOBODJBMSFQPSUJOH
XBTFG
DPOUSPMPWFSGJOBODJBMSFQPSUJOH%FMPJUUF5PVDIF–1
UIFJO

JODMVEFEJO*UFN
‘JOBODJBM4UBUFNFOUTBOE
4VQQMFNFOUBSZ%BUB
PGUIJTBUUFTUBUJPOSFQPSUPOPVSJOUFSOBMDPOUSPM
PWFSGJOBODJBMSFQPSUJOHBTPG+BOVBSZ
)VCFSU+PMZ
$IBJSNBOBOE$IJFG&YFDVUJWF0GGJDFS
EVMZBVUIPSJFEBOEQSJODJQBMFYFDVUJWFPGGJDFS
$PSJF#BSSZ
$IJFG’JOBODJBM0GGJDFS
EVMZBVUIPSJFEBOEQSJODJQBMGJOBODJBMPGGJDFS

3&10350’*/%&1&/%&/53&(*45&3&%16#-*$”$$06/5*/(‘*3.
5PUIF#PBSEPG%JSFDUPSTBOE4IBSFIPMEFSTPG
#FTU#VZ$P
*OD
3JDIGJFME
.JOOFTPUB
8

TIBSFIPMEFSTcFRVJUZ
BOEDBTIGMPXTGPSFBDIPGUIFUISFFZFBSE
SF

GJOBODJBMTUBUFNFOUTDIFEVMFCBTFEPOPVSBVEJUT
81VCMJD$PNQBOZ”DDPVOUJOH0WFSTJHIU#PBSE 6OJUFE4UBUFT

TUBUFNFOUTBSFGSFFPGNBUFSJBMNJTTUBUFNFOU”OBVEJUJODMVEFTE
EJTDMPTVSFTJOUIFGJOBODJBMTUBUFNFOUT”OBVEJUBMTPJODMVEFTBUFT
TUBUFNFOUQSFTFOUBUJPO8FCFMJFWFUIBUPVSBVEJUTQSPWJEFB
SFBTPOBCMFCBTJTGPSPVSPQJOJPO
GBJSMZU

BDDFQUFEJOUIF6OJUFE4UBUFTPG”NFSJDB”MTP
JOPVSPQJOJPO

QSFTFOUGBJSMZ
JOBMMNBUFSJBMSFTQFDUT
UIFJOGPSNBUJPOTFUGPSUI
UIFSFJO
8VCMJD$PNQBOZ”DDPVOUJOH0WFSTJHIU#PBSE 6OJUFE4UBUFT

*OUFSOBM
$POUSPM*OUFHSBUFE’SBNFXPSL
JTTVFECZUIF$PNNJUUFFPG4QPOTPSJOH0SHBOJBUJPOTPGUIF5SFBEXBZ$PNNJTTJPOBOE

.JOOFBQPMJT
.JOOFTPUB
.BSDI

3;10350’*/%&1&/%&/53&(*45&3&%16#-*$”$$06/5*/(‘*3.
5PUIF#PBSEPG%JSFDUPSTBOE4IBSFIPMEFSTPG
#FTU#VZ$P
*OD
3JDIGJFME
.JOOFTPUB
8
*OUFSOBM$POUSPM*OUFHSBUFE’SBNFXPSL
JTTVFECZUIF$PNNJUUFFPG
4QPOTPSJOH0SHBOJBUJPOTPGUIF5SFBEXBZ$PNNJTTJPO5IF$PNQBOZcTNBOBHFNFOUJTSFTQPOTJCMFGPSNBJOUBJOJOHFGGFDUJWF
UPGUIFFGUJOH
JODMVEFEJOUIFBDDPNQBOZJOH.BOBHFNFOUbT3FQPSUPO*OUFSOBM$POUSPM0WFS’JOBODJBM3FQPSUJOH0VSSFTQPOTJCJMJUZJTUP
DJBMSFQPSUJOHCBTFEPOPVSBVEJU
81VCMJD$PNQBOZ”DDPVOUJOH0WFSTJHIU#PBSE 6OJUFE4UBUFT

CUBJOSFBTPOBCMFBTTVSBODFBCPVUXIFUIFSFGGFDUJWFJOUFSOBM

HOBOE
PQFSBUJOHFG
OFDFTTBSZJOUIFDJSDVNTUBODFT8FCFMJFWFUIBUPVSBVEJUQSPWJEFTBSFBTPOBCMFCBTJTGPSPVSPQJOJPO
“FTTEFTJHOFECZ
PSVOEFSUIFTVQFSWJTJPOPG
UIFDPNQBOZcT
QSJODJQBMFYFDVUJWFBOEQSJODJQBMGJOBODJBMPGGJDFST
PSQFSTPOTQFSGPSNJOHTJNJMBSGVODUJPOT
BOEFGGFDUFECZUIFDPNQBOZcT

QSJODJQMFT”DPNQBOZcTJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJIF
UTPG

BU
DPVMEIBWFBNBUFSJBMFGGFDUPOUIFGJOBODJBMTUBUFNFOUT

UJNFMZCBTJT”MTP
QSPKFDUJPOTPGBOZFWBMVBUJPOPGUIFFGGFDUVSF
G

T
FG
*OUFSOBM$POUSPM*OUFHSBUFE’SBNFXPSL
JTTVFECZUIF$PNNJUUFF
PG4QPOTPSJOH0SHBOJBUJPOTPGUIF5SFBEXBZ$PNNJTTJPO
8VCMJD$PNQBOZ”DDPVOUJOH0WFSTJHIU#PBSE 6OJUFE4UBUFT

TUBUFNFOUTDIFEVMF
.JOOFBQPMJT
.JOOFTPUB
.BSDI

$POTPMJEBUFE#BMBODF4IFFUT
JONJMMJPOT
FYDFQUQFSTIBSFBOETIBSFBNPVOUT
+BOVBSZ
+BOVBSZ
“TTFUT
$VSSFOU”TTFUT
$BTIBOEDBTIFRVJWBMFOUT

4IPSUUFSNJOWFTUNFOUT

3FDFJWBCMFT
OFU

.FSDIBOEJTFJOWFOUPSJFT

0UIFSDVSSFOUBTTFUT
5PUBMDVSSFOUBTTFUT

1SPQFSUZBOE&RVJQNFOU
-BOEBOECVJMEJOHT
-FBTFIPMEJNQSPWFNFOUT

‘JYUVSFTBOEFRVJQNFOU

1SPQFSUZVOEFSDBQJUBMBOEGJOBODJOHMFBTFT

-FTTBDDVNVMBUFEEFQSFDJBUJPO

/FUQSPQFSUZBOEFRVJQNFOU

(PPEXJMM

0UIFS”TTFUT

/PODVSSFOUBTTFUTIFMEGPSTBMF
f
5PUBM”TTFUT

-JBCJMJUJFTBOE;RVJUZ
$VSSFOU-JBCJMJUJFT
“DDPVOUTQBZBCMF

6OSFEFFNFEHJGUDBSEMJBCJMJUJFT
%FGFSSFESFWFOVF
“DDSVFEDPNQFOTBUJPOBOESFMBUFEFYQFOTFT
“DDSVFEMJBCJMJUJFT
“DDSVFEJODPNFUBYFT
$VSSFOUQPSUJPOPGMPOHUFSNEFCU
5PUBMDVSSFOUMJBCJMJUJFT

-POH5FSN-JBCJMJUJFT

-POH5FSN%FCU

$POUJOHFODJFTBOE$PNNJUNFOUT /PUF

;RVJUZ
#FTU#VZ$P
*OD4IBSFIPMEFST;RVJUZ
1SFGFSSFETUPDL
QBSWBMVF”VUIPSJFEf
TIBSFT*TTVFEBOEPVUTUBOEJOHfOPOF f f
$PNNPOTUPDL
QBSWBMVF”VUIPSJFEfCJMMJPOTIBSFT*TTVFEBOEPVUTUBOEJOHf

BOE

TIBSFT
SFTQFDUJWFMZ
1SFQBJETIBSFSFQVSDIBTFf

“EEJUJPOBMQBJEJODBQJUBMff
3FUBJOFEFBSOJOHT

“DDVNVMBUFEPUIFSDPNQSFIFOTJWFJODPNF
5PUBMFRVJUZ

5PUBM-JBCJMJUJFTBOE;RVJUZ

4FF/PUFTUP$POTPMJEBUFE’JOBODJBM4UBUFNFOUT

$POTPMJEBUFE4UBUFNFOUTPG&BSOJOHT
BOETIBSFTJONJMMJPOT
FYDFQUQFSTIBSFBNPVOUT
‘JTDBM:FBST;OEFE+BOVBSZ
+BOVBSZ
+BOVBSZ

3FWFOVF

$PTUPGHPPETTPME

3FTUSVDUVSJOHDIBSHFTfDPTUPGHPPETTPME f f
(SPTTQSPGJU

4FMMJOH
HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFT

3FTUSVDUVSJOHDIBSHFT
0QFSBUJOHJODPNF

0UIFSJODPNF FYQFOTF

(BJOPOTBMFPGJOWFTUNFOUT
*OWFTUNFOUJODPNFBOEPUIFS
*OUFSFTUFYQFOTF

*ODPNFUBYFYQFOTF
/FUFBSOJOHTGSPNDPOUJOVJOHPQFSBUJPOT

YQFOTFPG
BOE

/FUFBSOJOHTJODMVEJOHOPODPOUSPMMJOHJOUFSFTUT

OUSPMMJOH
JOUFSFTUTff

ODTIBSFIPMEFST
$POUJOVJOHPQFSBUJPOT

%JTDPOUJOVFEPQFSBUJPOT

#BTJDFBSOJOHTQFSTIBSF

*ODTIBSFIPMEFST
$POUJOVJOHPQFSBUJPOT

%JTDPOUJOVFEPQFSBUJPOT

%JMVUFEFBSOJOHTQFSTIBSF

8FJHIUFEBWFSBHFDPNNPOTIBSFTPVUTUBOEJOH
#BTJD
%JMVUFE
4FF/PUFTUP$POTPMJEBUFE’JOBODJBM4UBUFNFOUT

$POTPMJEBUFE4UBUFNFOUTPG$PNQSFIFOTJWF*ODPNF
JONJMMJPOT
‘JTDBM:FBST;OEFE+BOVBSZ
+BOVBSZ
+BOVBSZ

/FUFBSOJOHTJODMVEJOHOPODPOUSPMMJOHJOUFSFTUT

‘PSFJHODVSSFODZUSBOTMBUJPOBEKVTUNFOUT

6OSFBMJFEMPTTPOBWBJMBCMFGPSTBMFJOWFTUNFOUT f f

OUPFBSOJOHTEVFUP
TBMFPGCVTJOFTT

f
3FDMBTTJGJDBUJPOPGHBJOTPOBWBJMBCMFGPSTBMFJOWFTUNFOUTJOUPFBSOJOHT f f

f f

MEFST

4FF/PUFTUP$POTPMJEBUFE’JOBODJBM4UBUFNFOUT

$POTPMJEBUFE4UBUFNFOUTPG$BTI’MPXT
JONJMMJPOT
‘JTDBM:FBST;OEFE+BOVBSZ
+BOVBSZ
+BOVBSZ

0QFSBUJOH”DUJWJUJFT
/FUFBSOJOHTJODMVEJOHOPODPOUSPMMJOHJOUFSFTUT

PQFSBUJOH
BDUJWJUJFT
%FQSFDJBUJPO
3FTUSVDUVSJOHDIBSHFT
(BJOPOTBMFPGCVTJOFTTf

4UPDLCBTFEDPNQFOTBUJPO
%FGFSSFEJODPNFUBYFT

0UIFS
OFU

$IBOHFTJOPQFSBUJOHBTTFUTBOEMJBCJMJUJFT
3FDFJWBCMFT

.FSDIBOEJTFJOWFOUPSJFT

0UIFSBTTFUT
“DDPVOUTQBZBCMF

0UIFSMJBCJMJUJFT

*ODPNFUBYFT

5PUBMDBTIQSPWJEFECZPQFSBUJOHBDUJWJUJFT

*OWFTUJOH”DUJWJUJFT
OPO
DBTIDBQJUBMFYQFOEJUVSFT

1VSDIBTFTPGJOWFTUNFOUT

4BMFTPGJOWFTUNFOUT

f
1SPDFFETGSPNQSPQFSUZEJTQPTJUJPOff
$IBOHFJOSFTUSJDUFEBTTFUT

0UIFS
OFU
5PUBMDBTIVTFEJOJOWFTUJOHBDUJWJUJFT

‘JOBODJOH”DUJWJUJFT
3FQVSDIBTFPGDPNNPOTUPDL

f
1SFQBZNFOUPGBDDFMFSBUFETIBSFSFQVSDIBTFf
f
*TTVBODFPGDPNNPOTUPDL
%JWJEFOETQBJE

3FQBZNFOUTPGEFCU

0UIFS
OFU
5PUBMDBTIVTFEJOGJOBODJOHBDUJWJUJFT

;GGFDUPG;YDIBOHF3BUF$IBOHFTPO$BTI

*ODSFBTF %FDSFBTF
JO$BTIBOE$BTI;RVJWBMFOUT

EGPS
TBMF

TBMF
ff
$BTIBOE$BTI;RVJWBMFOUTBU;OEPG1FSJPE

TBMFff

TBMF

4VQQMFNFOUBM%JTDMPTVSFPG$BTI’MPX*OGPSNBUJPO
*ODPNFUBYFTQBJE
*OUFSFTUQBJE
4FF/PUFTUP$POTPMJEBUFE’JOBODJBM4UBUFNFOUT

$POTPMJEBUFE4UBUFNFOUTPG$IBOHFTJO4IBSFIPMEFST;RVJUZ
BOETIBSFTJONJMMJPOT
FYDFQUQFSTIBSFBNPVOUT
$PNNPO
4IBSFT$PNNPO
4UPDL1SFQBJE
4IBSF
3FQVSDIBTF”EEJUJPOBM
1BJE*O
$BQJUBM3FUBJOFE
&BSOJOHT”DDVNVMBUFE
0UIFS
$PNQSFIFOTJWF
*ODPNF -PTT
5PUBM#FTU
#VZ$P
*OD
4IBSFIPMEFST
;RVJUZ/PO
DPOUSPMMJOH
*OUFSFTUT5PUBM
;RVJUZ
#BMBODFTBU’FCSVBSZ
`

/FUFBSOJOHT f f f f
f

0UIFSDPNQSFIFOTJWFMPTT
OFUPGUBY
‘PSFJHODVSSFODZUSBOTMBUJPOBEKVTUNFOUT f f f f f

f

6OSFBMJFEMPTTFTPOBWBJMBCMFGPSTBMF
JOWFTUNFOUT f f f f f

f

3FDMBTTJGJDBUJPOPGHBJOTPOBWBJMBCMFGPS
TBMFJOWFTUNFOUTJOUPFBSOJOHT f f f f f

f

*TTVBODFPGDPNNPOTUPDLVOEFSFNQMPZFF
TUPDLQVSDIBTFQMBOff f f f f
4UPDLCBTFEDPNQFOTBUJPO f f f f f f
3FTUSJDUFETUPDLWFTUFEBOETUPDLPQUJPOT
FYFSDJTFE f f f f f
$PNNPOTUPDLEJWJEFOET
QFSTIBSF f f f f
f
f

#BMBODFTBU+BOVBSZ
`

/FUFBSOJOHT f f f f f f
0UIFSDPNQSFIFOTJWFMPTT
OFUPGUBY
‘PSFJHODVSSFODZUSBOTMBUJPOBEKVTUNFOUT f f f f f

f

3FDMBTTJGJDBUJPOPGGPSFJHODVSSFODZ
USBOTMBUJPOBEKVTUNFOUTJOUPFBSOJOHTf f f f f

f

4BMFPGOPODPOUSPMMJOHJOUFSFTU f f f f f f f

1SFQBJESFQVSDIBTFPGDPNNPOTUPDL

f
`f

f

*TTVBODFPGDPNNPOTUPDLVOEFSFNQMPZFF
TUPDLQVSDIBTFQMBOff f f f f
4UPDLCBTFEDPNQFOTBUJPO f f f f f f
3FTUSJDUFETUPDLWFTUFEBOETUPDLPQUJPOT
FYFSDJTFE f f f f f
5BYCFOFGJUTGSPNTUPDLPQUJPOTFYFSDJTFE
SFTUSJDUFETUPDLWFTUJOHBOEFNQMPZFF
TUPDLQVSDIBTFQMBO f f f f f f
$PNNPOTUPDLEJWJEFOET
QFSTIBSF f f f

f

f

3FQVSDIBTFPGDPNNPOTUPDL

f

f

f

#BMBODFTBU+BOVBSZ

`

`
/FUFBSOJOHT f f f f
f
f
0UIFSDPNQSFIFOTJWFJODPNF MPTT

OFUPG
UBY
‘PSFJHODVSSFODZUSBOTMBUJPOBEKVTUNFOUT f f f f f f
3FDMBTTJGJDBUJPOPGGPSFJHODVSSFODZ
USBOTMBUJPOBEKVTUNFOUTJOUPFBSOJOHT f f f f f

f

4FUUMFNFOUPGBDDFMFSBUFETIBSFSFQVSDIBTF f f f f f f
*TTVBODFPGDPNNPOTUPDLVOEFSFNQMPZFF
TUPDLQVSDIBTFQMBO
“f
`ff
4UPDLCBTFEDPNQFOTBUJPO f f f f f f
3FTUSJDUFETUPDLWFTUFEBOETUPDLPQUJPOT
FYFSDJTFE f f f f
5BYCFOFGJUTGSPNTUPDLPQUJPOTFYFSDJTFE
SFTUSJDUFETUPDLWFTUJOHBOEFNQMPZFFTUPDL
QVSDIBTFQMBO f f f f f f
$PNNPOTUPDLEJWJEFOET
QFSTIBSF f f f f

f

f

3FQVSDIBTFPGDPNNPOTUPDL

f

f

f

#BMBODFTBU+BOVBSZ

`
`

`

4FF/PUFTUP$POTPMJEBUFE’JOBODJBM4UBUFNFOUT

/PUFTUP$POTPMJEBUFE’JOBODJBM4UBUFNFOUT
4VNNBSZPG4JHOJGJDBOU”DDPVOUJOH1PMJDJFT
TU#VZ
DBCMF
JUTDPOTPMJEBUFETVCTJEJBSJFT
%FTDSJQUJPOPG#VTJOFTT
8TPMVUJPOT8FPGGFSUIFTFQSPEVDUTBOETFSWJDFTUPUIFDVTUPNFST
XFCTJUFTPSNPCJMFBQQMJDBUJPOT8FIBWFPQFSBUJPOTJOUIF
64
$BOBEBBOE.FYJDP8FIBWFUXPSFQPSUBCMFTFHNFOUT%PNFTUJDBOE*OUFSOBUJPOBM5IF%PNFTUJDTFHNFOUJTDPNQSJTFE

CFTUCVZDPN
.BHOPMJB)PNF5IFBUFSBOE1BDJGJD,JUDIFOBOE)PNF
BEBBOE.FYJDPVOEFSUIFCSBOEOBNFT#FTU#VZ
CFTUCVZDPNDB
CFTUCVZDPNNY
#FTU#VZ&YQSFTT
#FTU#VZ.PCJMFBOE(FFL4RVBE
#BTJTPG1SFTFOUBUJPO
“MM
PMJEBUJPO
VMUT
DDFMFSBUFSFDPSEJOHUIFFGGFDUPGFWFOUTPDDVSSJOHJOUIFMBH
QFSJPEUIBUTJHOJGJDBOUMZBGGFDUPVSDPOTPMJEBUFEGJOBODJBMTUB
PQFSBUJPOTUIBUXPVMEIBWFNBUFSJBMMZBGGFDUFEPVSGJOBODJBMDPJU
CFFOSFDPSEFEEVSJOHGJTDBM
PS

EFTDSJCFEJO/PUF
4IBSFIPMEFST;RVJUZ
OPTVDIFWFOUTXFSFJEFOUJGJFEGPSUIJTQFSJPE
%JTDPOUJOVFE0QFSBUJPOT
0O’FCSVBSZ

XFTPME+JBOHTV’JWF4UBS”QQMJBODF$P
-JNJUFE ‘JWF4UBS
5IFSFTVMUTPG’JWF4UBSBSFQSFTFOUFEBT
%JTDPOUJOVFE0QFSBUJPOT
GPSGVSUIFSJOGPSNBUJPO
6TFPG&TUJNBUFTJOUIF1SFQBSBUJPOPG’JOBODJBM4UBUFNFOUT

SFRVJSFTVTUPNBLFFTUJNBUFTBOEBTTVNQUJPOT5IFTFFTUJNBUFTBOEBTTVNQUJPOTBGGFDUUIFSFQPSUFEBNPVOUTJOUIF
GFDUFEJG
BDUVBMSFTVMUTXFSFUPEJGGFSGSPNUIFTFFTUJNBUFTBOEBTTVNQUJPOT
‘JTDBM:FBS

/FX”DDPVOUJOH1SPOPVODFNFOUT
*O.BZ
UIF’JOBODJBM”DDPVOUJOH4UBOEBSET#PBSE ‘”4#
JTTVFE”DDPVOUJOH4UBOEBSET6QEBUF “46

3FWFOVFGSPN$POUSBDUTXJUI$VTUPNFSTFOUJUJFTUPVTFJO

JOUFSJNGJOBODJBMTUBUFNFOUT8FCFMJFWFUIBUUIFJNQBDUXJMMC

8
NFUIPE
XFXJMMSFDPHOJFUIFDVNVMBUJWFFGGFDUPGUIFDIBOHFTBUF
QSJPSQFSJPET
*O+VMZ
UIF'”4#JTTVFE”46
*OWFOUPSZ4JNQMJGZJOHUIF.FBTVSFNFOUPG*OWFOUPSZ5IFOFXHVJEBODFSFQMBDFT

POUIFFGSEJOUIFGJSTURVBSUFSPGPVSGJTDBM8FEPOPUFYQFDUB
NBUFSJBMJNQBDUUPPVSGJOBODJBMTUBUFNFOUT
*O’FCSVBSZ
UIF'”4#JTTVFE”46
-FBTFT

SFRVJSFNFOUT#BTFEPOUIFFGGFDUJWFEBUFT
XFFYQFDUUPBEPQU
NPEJGJFESFUSPTQFDUJWFNFUIPE8IJMFXFFYQFDUBEPQUJPOUPMFBEPO
OPVSGJOBODJBMTUBUFNFOUT
*O.BSDI
UIF'”4#JTTVFE”46
$PNQFOTBUJPO4UPDL$PNQFOTBUJPO*NQSPWFNFOUTUP&NQMPZFF4IBSF#BTFE
1BZNFOU”DDPVOUJOHSFCBTFEQBZNFOUTJODMVEJOHBDDPVOUJOH
FOUPGDBTIGMPXT8FQMBOUPBEPQUUIJTTUBOEBSEJOUIFGJSTURVBSUFS
“TBMMPXFECZ”46
XFQMBOUPDIBOHFPVSBDDPVOUJOHGPS
IFZ
PDDVS5IJTXJMMSFRVJSFBDVNVMBUJWFFGGFDUBEKVTUNFOUUPFRVJUZBTPGUIFCFHJOOJOHPGGJTDBM8FEPOPUFYQFDUUIJT
“46

*O”VHVTU
UIF'”4#JTTVFE”46
UTBOE$BTI
1BZNFOUT
BOEJO/PWFNCFS
UIF'”4#JTTVFE”46
4UBUFNFOUPG$BTI’MPXT3FTUSJDUFE$BTI”46
XJUIJOUIFTUBUFNFOUPGDBTIGMPXT
XIJMF”46SFRVJSFT
8FQMBOUP
5IFBEPQUJPO

3FTUSJDUFE”TTFUTUIFDBTICBMBODFTXJUIJOPVSTUBUFNFOUPGDBTI
GMPXTUPUIFCBMBODFTIFFUT8FEPOPUFYQFDUBOZPUIFSNBUFSJBMJNQBDUTUPPVSGJOBODJBMTUBUFNFOUT
$BTIBOE$BTI&RVJWBMFOUT

NPOUITPSMFTTXIFOQVSDIBTFE5IFBNPVOUTPGDBTI
NJMMJPOBOE
NJMMJPO
SFTQFDUJWFMZ
BOEUIFXFJHIUFE

3FDFJWBCMFT

STGPSWBSJPVTWFOEPSGVOEJOHQSPHSBNT
8IJTUPSJDBMDPMMFDUJPOUSFOETBOEXSJUFPGGIJTUPSZ0VSBMMPXBODFT

.FSDIBOEJTF*OWFOUPSJFT
SPN
JOWFOUPSJFT”MTPJODMVEFEJOUIFDPTUPGJOWFOUPSZBSFDFSUBJO

JODVSSFEBOEJODMVEFEJODPTUPGHPPETTPME

UIF
MBTUQIZTJDBMJOWFOUPSZ1IZTJDBMJOWFOUPSZDPVOUTBSFUBLFOPO

VMUJNBUFTBMFPSPUIFSEJTQPTBMPGUIFJOWFOUPSZ.BSLEPXOTFTUBCMJTIBOFXDPTUCBTJTGPSPVSJOWFOUPSZ4VCTFRVFOUDIBOHFTJO

DPTUCBTJT
3FTUSJDUFE”TTFUT
Z

BOE+BOVBSZ

SFTQFDUJWFMZ
BOEJTJODMVEFE
OFSBM

1SPQFSUZBOE&RVJQNFOU
1SPQFSUZBOEFRVJQNFOUBSFSFDPSEFEBUDPTU8FDPNQVUFEFQSFDJ
N

SFBTPOBCMZBTTVSFE”DDFMFSBUFEEFQSFDJBUJPONFUIPETBSFHFOFSBMMZVTFEGPSJODPNFUBYQVSQPTFT

VS$POTPMJEBUFE4UBUFNFOUTPG&BSOJOHT
3FQBJSTBOENBJOUFOBODFDPTUTBSFDIBSHFEEJSFDUMZUPFYQFOTFB
UFE

FOZFBST”TVCTFRVFOUBEEJUJPO
NPEJGJDBUJPOPSVQHSBEFUP

JODVSSFE
MEJOHTBOEFRVJQNFOUVTFEJOPVSPQFSBUJPOT5IFTFBTTFUTBSF
FBTTFUPSUIFUFSNPGUIFMFBTF5IFDBSSZJOHWBMVFPGQSPQFSUZVOEFS

OFUPG
FDUJWFMZ

“TTFU-JGF
JOZFBST

#VJMEJOHT
-FBTFIPMEJNQSPWFNFOUT
‘JYUVSFTBOEFRVJQNFOU
1SPQFSUZVOEFSDBQJUBMBOEGJOBODJOHMFBTFT
F
E
ODJBM4UBUFNFOUT5IFJNQBDUPGUIJTBEKVTUNFOUPOBNPVOUT
PMJEBUFE’JOBODJBM4UBUFNFOUT
*NQBJSNFOUPG-POH-JWFE”TTFUTBOE$PTUT”TTPDJBUFE8JUI&YJU”DUJWJUJFT

MJNJUFEUP
TJHOJGJDBOUVOEFSQFSGPSNBODFSFMBUJWFUPIJTUPSJDBFSPG
SCVTJOFTTTUSBUFHJFT”OJNQBJSNFOUMPTTJTSFDPHOJFEXIFOUIF

PGUIFBTTFU
JGBOZ
BSFMFTTUIBOUIFDBSSZJOHWBMVFPGUIFBTTFUOFUPGPUIFSMJBCJMJUJFT8IFOBOJNQBJSNFOUMPTTJTSFDPHOJFE
X
BOBMZTJT
WFM
GPSXIJDIJEFOUJGJBCMFDBTIGMPXTBSFMBSHFMZJOEFQFOEFOUPGUI
IF
PX
P
P
/PUF
‘BJS7BMVF.FBTVSFNFOUTJNQBJSNFOUT
JODMVEJOH
WBMVBUJPOUFDIOJRVFTVTFE
JNQBJSNFOUDIBSHFTJODVSSFEBOESFNBJOJOHDBSSZJOHWBMVFT
SF
DIBSHFEUPFBSOJOHTXIFOXFDFBTFVTJOHUIFQSPQFSUZ8FBDDFMF

SFTQFDUJWFMZ
BOEUIFPCMJHBUJPOBTTPDJBUFEXJUIWBDBOU

3FTUSVDUVSJOH$IBSHFT
-FBTFT
8OTGSPNMFBTFEMPDBUJPOT5IFMFBTFTHFOFSBMMZSFRVJSFQBZNFOUPG
EJUJPOUPSFOU5IFUFSNTPGPVSOFXMFBTFBHSFFNFOUTGPSMBSHF
T
HFGP
FPS
UIFDPOTVNFSQSJDFJOEFY

QFSUZUPUIFFOEPGUIFJOJUJBMMFBTFUFSN8FSFDPSEBOZEJGGFSFODF
S
MPOHUFSNMJBCJMJUJFT
BTBQQSPQSJBUF
JOF
8FSFDPSE

BQQSPQSJBUF
T
NJMMJPOBOENJMMJPO
SFTQFDUJWFMZ
BOEEFGFSSFESFOUJOFUT
XBTNJMMJPOBOENJMMJPO
SFTQFDUJWFMZ

BDDPVOUJOHHVJEBODF8FSFDPSEUIFDPTUPGUIFCVJMEJOHJOQSPQ

SFDPSEFEJOBDDSVFEMJBCJMJUJFTBOEUIFMPOHFSUFSNMJBCJMJUZSFDPSEFEJOMPOHUFSNEFCU”U+BOVBSZ

BOE+BOVBSZ

PVUTU
-FBTFT
GPSNBUVSJUZEFUBJMT
TF

(PPEXJMMBOE*OUBOHJCMF”TTFUT
(PPEXJMM
8F
UFTUHPPEXJMMGPSJNQBJSNFOUBOOVBMMZ
BTPGUIFGJSTUEBZPGUIFGJTDBMGPVSUIRVBSUFS
PSXIFOJOEJDBUJPOTPGQPUFOUJBM
JNQBJSNFOUFYJTU8FNPOJUPSUIFFYJTUFODFPGQPUFOUJBMJNQBJSNFOUJOEJDBUPSTUISPVHIPVUUIFGJTDBMZFBS8FUFTUGPSHPPEXJMM

H
PGGJTDBMXBTPVS%PNFTUJDTFHNFOU

BOEJT

OE
E
5IFO
MVFPG

UJD

JNQBJSNFOUXBTSFDPSEFEJOGJTDBM
5SBEFOBNFT
8
PUIFSBTTFUTJOPVS$POTPMJEBUFE#BMBODF4IFFUT”TPGUIFFOE
PVS*OUFSOBUJPOBMTFHNFOU
G
JSWBMVF8FEPOPUBNPSUJFPVSJOEFGJOJUFMJWFEUSBEFOBNFT
CVUUFTUGPSJNQBJSNFOUBOOVBMMZ
PSXIFOJOEJDBUJPOTPGQPUFOUJBMJNQBJSNFOUFYJTU8FVUJMJFUIFSFMJFGGSPNSPZBMUZNFUIPEUP
FBO

PQUSBEFOBNF3FGFSUP/PUF
3FTUSVDUVSJOH$IBSHFT
GPS
SJOHGJTDBM

BOE JONJMMJPOT

(PPEXJMM *OEFGJOJUF-JWFE5SBEFOBNFT
%PNFTUJD %PNFTUJD *OUFSOBUJPOBM 5PUBM
#BMBODFTBU’FCSVBSZ

4BMFPGCVTJOFTT

f f

*NQBJSNFOUT f

f

$IBOHFTJOGPSFJHODVSSFODZFYDIBOHFSBUFT f f

#BMBODFTBU+BOVBSZ

$BOBEBCSBOESFTUSVDUVSJOH

f f

$IBOHFTJOGPSFJHODVSSFODZFYDIBOHFSBUFT f f
#BMBODFTBU+BOVBSZ
f
#BMBODFTBU+BOVBSZ

f

4FF/PUF
3FTUSVDUVSJOH
$IBSHFT
GPSGVSUIFSEJTDVTTJPO

+BOVBSZ
+BOVBSZ
(SPTT$BSSZJOH
“NPVOU$VNVMBUJWF
*NQBJSNFOU(SPTT$BSSZJOH
“NPVOU$VNVMBUJWF
*NQBJSNFOU
(PPEXJMM

*OTVSBODF

8
XFPCUBJO
B
XIPMMZPXOFEJOTVSBODFDBQUJWF8FFTUJNBUFPVSTFMGJOTVSFEMJT

JO
NJMMJPOT

+BOVBSZ
+BOVBSZ
“DDSVFEMJBCJMJUJFT

-POHUFSNMJBCJMJUJFT
5PUBM

*ODPNF5BYFT
8
MFUPEJGGFSFODFTCFUXFFOUIFGJOBODJBMTUBUFNFOUDBSSZJOH
8F
FUT
XJMMOPUCFSFBMJFE
FG
EJGYSBUFT5IFFGGFDUJWFJODPNFUBYSBUFBMTPSFGMFDUTPVS
BTTFTTNFOUPGUIFVMUJNBUFPVUDPNFPGUBYBVEJUT8FBEKVTUPVSBOOVBMFG

QFSJPEJOXIJDIUIFZPDDVS

TUBUFBOEMPDBMBOEGPSFJHOUBYBVUIPSJUJFT”UBOZPOFUJNF
JPVT
F
MJLFMZUIBOOPUUPCFSFBMJFE”OVNCFSPGZFBSTNBZFMBQTFCFGPSFBQBSUJDVMBSNBUUFS
GPSXIJDIXFIBWFFTUBCMJTIFEBMJBCJMJUZ
JTBVEJUFEBOEFGGFDUJWFMZTFUUMFE8FBEKVTUPVSMJBCJMJUZGPSUIF
JTTVFJTFGFYBNJOF
8F

“DDSVFE-JBCJMJUJFT

SBODF
SFTFSWFT
-POH5FSN-JBCJMJUJFT

BOEEFGFSSFEDPNQFOTBUJPOQMBOMJBCJMJUJFT

‘PSFJHO$VSSFODZ
GFDUBUPVS
OFNPOUIMBH
XFVTFUIFFYDIBOHFSBUFTJOFGGFDUPOFNPOUI

SBUFTUISPVHIPVUUIFQFSJPE5IFFGGFDUPGFYDIBOHFSBUFGMVDUVBTB

DBOUJOBOZPGUIFQFSJPETQSFTFOUFE
3FWFOVF3FDPHOJUJPO
8
FE
FE

FTUJNBUFEHSPTTNBSHJOJNQBDUPGSFUVSOT
XBTNJMMJPOBOE
SFTQFDUJWFMZ
5IF

UBJMQSJDF

BOE+BOVBSZ

SFTQFDUJWFMZ”U+BOVBSZ

BOE+B
BOENJMMJPO
SFTQFDUJWFMZ
.FSDIBOEJTFSFWFOVF

TUPSFCVUTVCTFRVFOUMZEFMJWFSFEUPUIFDVTUPNFS
SFWFOVFJTSFDPHOJFEPODFEFMJWFSZIBTCFFODPNQMFUFE
PS

TEFMJWFSFEEJSFDUMZUPUIFDVTUPNFS
XFSFDPHOJFSFWFOVF
XIFOEFMJWFSZIBTCFFODPNQMFUFE”OZGFFTDIBSHFEUPDVTUPNFST
DPNQMFUFE
4FSWJDFT
JT
DPNQMFUF8

8F
HFEUPUI

PMJP8
GJDJFOU

SFTQFDUJWFMZ5IFTFQFSDFOUBHFTJODMVEFNJMMJPO
SFTQFDUJWFMZ
PGQSPGJUTIBSFSFWFOVF
UFE
OUSBDUT
PS
JGTVGGJDJFOUIJTUPSZJTBWBJMBCMF
POBDPOTVNQUJPOCBTJT
$SFEJUDBSESFWFOVF

8FPG
DVTUPNFSTBCMFHFOFSBUFEVOEFSUIFQSPHSBNBOEBDDPSEJOHMZ
XFEPOPU
8FBSF
CBTFEPOUIFQFSGPSNBODFPGUIFQSPHSBNT8FSFDPSETVDIQSPGJU
JTDPNQMFUF
BOEXFIBWFTVGGJDJFOUFWJEFODFUPFTUJNBUFUIFBNPVOU
(JGUDBSET
8FBOEUISPVHITFMFDUUIJSEQBSUJFT8FEPOPUDIBSHFBENJOJTUSBUJWF
JSBUJPOEBUF8FSFDPHOJFSFWFOVFGSPNHJGUDBSETXIFO J
UIF
F
JGU
DBSECSFBLBHF
8FEFUFSNJOFPVSHJGUDBSECSFBLBHFSBUFCBTFE
FE

SFTQFDUJWFMZ
4BMFT*ODFOUJWFT
8FGSFRVFOUMZPGGFSTBMFTJODFOUJWFTUIBUFOUJUMFPVSDVTUPNFSTIF
FUD

MVFPGUIFJODFOUJWFFYQFDUFEUPCFSFEFFNFE
$VTUPNFS-PZBMUZ1SPHSBNT
8

EBUFPGJTTVBODF5IFSFUBJMWBMVFPGQPJOUTFBSOFECZPVSMPZB
CF
SFEFFNFE
8PGB
SFBLBHF
😯
IJTUPSJDBMSFEFNQUJPOQBUUFSOT

$PTUPG(PPET4PMEBOE4FMMJOH
(FOFSBMBOE”ENJOJTUSBUJWF;YQFOTFT
FBDINBKPSFYQFOTFDBUFHPSZ
$PTUPG(PPET4PME
a 5PUBMDPTUPGQSPEVDUTTPMEJODMVEJOH
f TGSPNPVSWFOEPSTUPPVSEJTUSJCVUJPODFOUFST
f 7DSFNFOUBMBOEJEFOUJGJBCMFDPTUTBOE
f $BTIEJTDPVOUTPOQBZNFOUTUPNFSDIBOEJTFWFOEPST
a $PTUPGTFSWJDFTQSPWJEFEJODMVEJOH
f
f
a 1IZTJDBMJOWFOUPSZMPTTFT
a .BSLEPXOT
a $VTUPNFSTIJQQJOHBOEIBOEMJOHFYQFOTFT
a
EFQSFDJBUJPOBOE
a

4(”
a
a BUFGBDJMJUJFT
a DPSQPSBUFBTTFUT
a “EWFSUJTJOHDPTUT
a
7OUBMBOEJEFOUJGJBCMFDPTUTUPQSPNPUFBWFOEPST
QSPEVDUT
a 5FOEFSDPTUT
JODMVEJOHCBOLDIBSHFTBOEDPTUTBTTPDJBUFEXJUIDSFEJUBOEEFCJUDBSEJOUFSDIBOHFGFFT
a $IBSJUBCMFDPOUSJCVUJPOT
a 0VUTJEFBOEPVUTPVSDFETFSWJDFGFFT
a -POHMJWFEBTTFUJNQBJSNFOUDIBSHFTBOE
a OH
7FOEPS”MMPXBODFT

8QSPHSBNTBOEBSSBOHFNFOUTJOUFOEFEUPPGGTFUPVSDPTUTPG
QSPNPUJOHBOETFMMJOHNFSDIBOEJTFJOWFOUPSJFT7FOEPSBMMPXBODF

PME7
BCPSPSUSBJOJOHDPTUT
BSFJODMVEFEJO4(“BTBOFYQFOTF
SFEVDUJPOXIFOUIFDPTUJTJODVSSFE

“EWFSUJTJOH$PTUT

OUIFBEWFSUJTFNFOUSVOT”EWFSUJTJOHDPTUTDPOTJTUQSJNBSJMZ
NPUJPOBMFWFOUT”EWFSUJTJOHFYQFOTFTXFSFNJMMJPO
NJMMJPOBOENJMMJPOJOGJTDBM
BOE
SFTQFDUJWFMZ

4UPDL#BTFE$PNQFOTBUJPO

8

HSBEFEBUUSJCVUJPOCBTJT

%JTDPOUJOVFE0QFSBUJPOT
4UBS”QQMJBODF$P
-JNJUFE ‘JWF4UBS
XJUIJOPVS

CVTJOFTTUP:JOHUBO$JUZ9JBOHZVBO*OWFTUNFOU-JNJUFE1BSUOFSTI

XF
4IBOHIBJ
$IJOB5IFBTTFUTPGUIJTQSPQFSUZXFSFDMBTTJGJFEBTIFME

NJMMJPOS
PG$BTI’MPXT

3FWFOVF
f

3FTUSVDUVSJOHDIBSHFT

f
OTF

*ODPNFUBYFYQFOTF

f
(BJOPOTBMFPGEJTDPOUJOVFEPQFSBUJPOT f
POUSPMMJOHJOUFSFTUT

OUSPMMJOHJOUFSFTUT f f

P#FTU#VZ$P
*OD
TIBSFIPMEFST

4FF/PUF
3FTUSVDUVSJOH$IBSHFT
GPSGVSUIFSEJTDVTTJPOPGUIFSFTUSVDUVSJOHDIBSHFTBTTPDJBUFEXJUIEJTDPOUJOVFEPQFSBUJPOT
‘BJS7BMVF.FBTVSFNFOUT
BMPSNPTU
5P
FEVQPOPCTFSWBCMFBOEOPOPCTFSWBCMFJOQVUT
-FWFM
EBUF
-FWFM
FJUIFSEJSFDUMZPSJOEJSFDUMZ
JODMVEJOH
a FUT
a SLFUT
a TFUPSMJBCJMJUZBOE
a IFSPCTFSWBCMFNBSLFUEBUB
-FWFMCZPCTFSWBCMFNBSLFUEBUBBOESFGMFDUUIFVTFPG
TJHOJGJDBOUNBOBHFNFOUKVEHNFOU5IFTFWBMVFTBSFHFOFSBMMZEFU
T
“TTFUTBOE-JBCJMJUJFTUIBUBSF.FBTVSFEBU’BJS7BMVFPOB3FDVSSJOH#BTJT

NFBTVSFGBJSWBMVFGBMMJOUPEJGGFSFOUMFWFMTPGUIFGBJSWBMVFIJFSBSDIZEPO
BTVSFNFOUJOJUTFOUJSFUZ0VSBTTFTTNFOUPGUIFTJHOJGJDBODFPGB
DUP
UIFBTTFUPSMJBCJMJUZ

JFSBSDIZUFEGPS

EFUFSNJOFUIFJSGBJSWBMVFT JONJMMJPOT

‘BJS7BMVFBU
‘BJS7BMVF
)JFSBSDIZ +BOVBSZ
+BOVBSZ
“TTFUT
$BTIBOEDBTIFRVJWBMFOUT
.POFZNBSLFUGVOET -FWFM

$PNNFSDJBMQBQFS -FWFM f
5JNFEFQPTJUT -FWFM
4IPSUUFSNJOWFTUNFOUT
$PSQPSBUFCPOET -FWFM f
$PNNFSDJBMQBQFS -FWFM
5JNFEFQPTJUT -FWFM

0UIFSDVSSFOUBTTFUT
.POFZNBSLFUGVOET -FWFM f
$PNNFSDJBMQBQFS -FWFM f
‘PSFJHODVSSFODZEFSJWBUJWFJOTUSVNFOUT -FWFM
5JNFEFQPTJUT -FWFM
0UIFSBTTFUT
*OUFSFTUSBUFTXBQEFSJWBUJWFJOTUSVNFOUT -FWFM
“VDUJPOSBUFTFDVSJUJFT -FWFM f
-FWFM
-JBCJMJUJFT
“DDSVFE-JBCJMJUJFT
‘PSFJHODVSSFODZEFSJWBUJWFJOTUSVNFOUT -FWFM

SBUFTFDVSJUJFT “34
XFSFDBMMFEBUQBS
XIJDISFTVMUFEJOQ”TPG+BOVBSZ

-FWFM

GBJSWBMVFPGFBDIDMBTTPGGJOBODJBMJOTUSVNFOU

.POFZ.BSLFU’VOETBTUIFZUSBEFJOBOBDUJWFNBSLFU
WFM
$PNNFSDJBM1BQFSCBTFEVQPORVPUFEQSJDFTGPSTJNJMBS
T-FWFM
5JNF%FQPTJUTIBUDBOOPUCFXJUIESBXOGPSTQFDJGJFEUFSNT
XJUIPVUBQFOBMUZ5JNFEFQPTJUTBSFIFMEBUGBDFWBMVFQMVTBD
DMBTTJGJFEBT-FWFM
$PSQPSBUF#POETHRVPUFENBSLFUQSJDFT5IFZXFSF
XIJDICPOEQSJDFTBSFSFBEJMZBWBJMBCMF

‘PSFJHO$VSSFODZ%FSJWBUJWF*OTUSVNFOUTPSFJHODVSSFODZ

DVTUPN
PWFSUIFDPVOUFSDPOUSBDUTXJUIWBSJPVTCBOL

*OUFSFTU3BUF4XBQ%FSJWBUJWF*OTUSVNFOUTJOHSFBEJMZ

BTUIFTFJOTUSVNFOUTBSFDVTUPN
PWFSUIFDPVOUFSDPOUSBDUTXJU
NBSLFU

“VDUJPO3BUF4FDVSJUJFTJFEBT-FWFMBTRVPUFEQSJDFT

BOFTUJNBUFPGGBJSWBMVF5IFBTTVNQUJPOTXFVTFEJOQSFQBSJOH

MJRVJEJUZSJTLBTTPDJBUFEXJUI”34

.BSLFUBCMF4FDVSJUJFTUIBU’VOE%FGFSSFE$PNQFOTBUJPO
JOWFTUNFOUTJONVUVBMGVOET5IFTFJOWFTUNFOUTXFSFDMBTTJGJFE
TVGJOGPSNBUJPOPOBOPOHPJOHCBTJT

“TTFUTBOE-JBCJMJUJFTUIBUBSF.FBTVSFEBU’BJS7BMVFPOB/POSFDVSSJOH#BTJT

PG
JNQBJSNFOU
EJGUFE4UBUFNFOUTPG&BSOJOHT

5IFGPMMPXJOHUBCMFTVNNBSJFTUIFGBJSWBMVF

*NQBJSNFOUT3FNBJOJOH/FU
$BSSZJOH7BMVF

*NQBJSNFOUT3FNBJOJOH/FU
$BSSZJOH7BMVF

1SPQFSUZBOEFRVJQNFOU OPOSFTUSVDUVSJOH

f

3FTUSVDUVSJOHBDUJWJUJFT

1SPQFSUZBOEFRVJQNFOU f f
5SBEFOBNF f f f
5PUBM

f

EBUGBJSWBMVFPOBSFDVSSJOH
SSFQSFTFOUUIFGBJSWBMVFTBU
+BOVBSZ

BOE+BOVBSZ

4FF/PUF
3FTUSVDUVSJOH$IBSHFT
GPSBEEJUJPOBMJOGPSNBUJPO
E
JT
FYQFDUFEUPHFOFSBUF5IFLFZJOQVUTUPUIF%$’NPEFMHFOFSBMMZ
TFPG
UT

‘BJS7BMVFPG’JOBODJBM*OTUSVNFOUT

5IFGBJSW

-FWFMJOUIFGBJSWBMVFIJFSBSDIZ’BJSWBMVFTGPSPUIFS

GBJSWBMVF4FF/PUF
%FCU
3FTUSVDUVSJOH$IBSHFT

4VNNBSZ

3FTUSVDUVSJOHDIBSHFTJODVSSFEJOGJTDBM
BOEXFSFBTGPMMPXT JONJMMJPOT

$POUJOVJOHPQFSBUJPOT
3FOFX#MVF1IBTF

f
f
$BOBEJBOCSBOEDPOTPMJEBUJPO f
3FOFX#MVF

0UIFSSFTUSVDUVSJOHBDUJWJUJFT

5PUBMDPOUJOVJOHPQFSBUJPOT
%JTDPOUJOVFEPQFSBUJPOT
3FOFX#MVF

ff
5PUBM

POBMTFHNFOU
GPSPVS3FOFX#MVF
DBM$POUJOVJOHPQFSBUJPOTDIBSHFTSFMBUFEUPUIF%PNFTUJDTFHNFOUXFSFNJMMJPO
CFOFGJU
CFOFGJUPGNJMMJPOBOE
“MMEJTDPOUJOVFEPQFSBUJPOTDIBSHFTSFMBUFEUPUIF*OUFSOBUJPOBMTFHNFOU”TPG+BOVBSZ

UIF
WBDBOUTQBDFMJBCJMJUZXBTNJMMJPO8FNBZDPOUJOVFUPJODVSJNNBUFSJBMBEKVTUNFOUTUPUIF
WBDBOUTQBDFMJBCJMJUZGPSDIBSHFTJOTVCMFBTFBTTVNQUJPOTPSQTUPSFTXJMMDPOUJOVFVOUJMMFBTFT
FYQJSFPSBSFUFSNJOBUFE
JBCJMJUZGPS64MBSHFGPSNBUTUPSFDMPTVSFTJOGJTDBM8FNBZDPOUJOVFUPJODVSJNNBUFSJBM
BDBUFETUPSFTXJMMDPOUJOVFVOUJM
MFBTFTFYQJSFPSBSFUFSNJOBUFE5IFSFNBJOJOHWBDBOUTQBDFMJBCJMJUZXBTNJMMJPOBU+BOVBSZ
3FOFX#MVF1IBTF

FE
NJMMJPOPGSFTUSVDUVSJOHDIBSHFTSFMBUFEUPJNQMFNFOUJOHUI
CFOFGJUTBOEQSPQFSUZBOEFRVJQNFOUJNQBJSNFOUT”MMSFTUSVDUVSJOHDIBS
BOEBSFQSFTFOUFEJOSFTUSVDUVSJOHDIBSHFTJOPVS$POTPMJEBUFE4UBUFNFOUPG&BSOJOHT
5IFDPNQPTJUJPOPGUIFSFTUSVDUVSJOHDIBSHFTXFJODVSSFEEVSJOH
NJMMJPOT

%PNFTUJD

1SPQFSUZBOEFRVJQNFOUJNQBJSNFOUT

5FSNJOBUJPOCFOFGJUT
5PUBM3FOFX#MVF1IBTFSFTUSVDUVSJOHDIBSHFT

MU
PG3FOFX#MVF1IBTF JONJMMJPOT

5FSNJOBUJPO
#FOFGJUT
#BMBODFTBU+BOVBSZ
f
$IBSHFT
$BTIQBZNFOUT

“EKVTUNFOUT

#BMBODFTBU+BOVBSZ
f
$BOBEJBO#SBOE$POTPMJEBUJPO

#VZCSBOE
MMJPOPGSFTUSVDUVSJOHDIBSHFTSFMBUFEUPMFBTFFYJUDPTUT%VSJOH
HFT
BUJPOCFOFGJUTBOEJOWFOUPSZXSJUFEPXOT5IFJOWFOUPSZ
TFOUFEJOSFTUSVDUVSJOHDIBSHFTbDPTUPGHPPETTPMEJOPVS
FTUSVDUVSJOHDIBSHFTBSFQSFTFOUFEJOSFTUSVDUVSJOHDIBSHFTJO
PVS$POTPMJEBUFE4UBUFNFOUTPG&BSOJOHT
5IFDPNQPTJUJPOPGUIFSFTUSVDUVSJOHDIBSHFTXFJODVSSFEGPSUI
JONJMMJPOT

*OUFSOBUJPOBM
$VNVMBUJWF
“NPVOU
$POUJOVJOHPQFSBUJPOT
*OWFOUPSZXSJUFEPXOT
f

1SPQFSUZBOEFRVJQNFOUJNQBJSNFOUT f
5SBEFOBNFJNQBJSNFOU f
5FSNJOBUJPOCFOFGJUT f
‘BDJMJUZDMPTVSFBOEPUIFSDPTUT
5PUBMDPOUJOVJOHPQFSBUJPOT

BOBEJBOCSBOEDPOTPMJEBUJPO JONJMMJPOT

5FSNJOBUJPO
#FOFGJUT’BDJMJUZ
$MPTVSFBOE
0UIFS$PTUT5PUBM
#BMBODFTBU+BOVBSZ
f f f
$IBSHFT
$BTIQBZNFOUT

“EKVTUNFOUT

$IBOHFTJOGPSFJHODVSSFODZFYDIBOHFSBUFT f

#BMBODFTBU+BOVBSZ

$IBSHFT f
$BTIQBZNFOUT

“EKVTUNFOUT

f
$IBOHFTJOGPSFJHODVSSFODZFYDIBOHFSBUFT f
#BMBODFTBU+BOVBSZ
f

JHIFSUIBOFYQFDUFEFNQMPZFFSFUFOUJPO”EKVTUNFOUTUPGBDJMJUZDMPTVSFBOEPUIFSDPTUTSFQSFTFOU
DIBOHFTJOTVCMFBTFBTTVNQUJPOT

%FCU

4IPSU5FSN%FCU
643FWPMWJOH$SFEJU’BDJMJUJFT
FBS
‘BDJMJUZ”HSFFNFOU
XJUIBTZOEJDBUFPGCBOLT5IF’JWF:FBS’BDJMJUZ
JSF
JO+VOF
CVUXBTUFSNJOBUFEPO+VOF
5IFJOUFSFTUSBUFVOEFSUIF’JWF:FBS’BDJMJUZ”HSFFNFOUJTWBSF
HSFBUFTUPG
+1.PSHBO$IBTF#BOL
/”TQSJNFSBUF

UIFOH
FSCBOL0G
QMVT
BOE C
BWBSJBCMFNBSHJOSBUF UIFd”#3.BSHJOe
PS JJ
UIF-*#03QMVTBWBSJBCMFNBSHJOSBUF UIFd-*#03
.BSNFOUBNPVOU5IF”#3.BSHJO
-*#03.BSHJOBOEUIFGBDJMJUZ
EFSUIF’JWF:FBS’BDJMJUZ”HSFFNFOU
UIF”#3.BSHJOSBOHFT
GSPNUP
UIF-*#03.BSHJOSBOHFTGSPNUP”U
TPVUTUBOEJOH”TPG+BOVBSZ

CJMMJPOXBT
BWBJMBCMFVOEFSUIF’JWF:FBS’BDJMJUZ”HSFFNFOU

5IF’JWF:FBS’BDJMJUZ”HSFFNFOUJTHVBSBOUFFECZDFSUBJOPGPVSTVCTJEJBSJFTBOEDPOUBJOTDVTUPNBSZBGGJSNBUJWFBOEOFHBUJWF
“NPS
JO

FFNFOUT
PSFOHBHFJODFSUBJOUSBOTBDUJPOTXJUIBGGJMJBUFT5IF’JWF
:FBS’BDJMJUZ”HSFFNFOUBMTPDPOUBJOTDPWFOBOUTUIBUSFRVJSFVT
RVBSUFSMZGPSUIFQSFWJPVTNPOUIT
5IF’JWF:FBS’BDJMJUZ
UP
DPNQMZXJUIDPWFOBOUT
-POH5FSN%FCU

+BOVBSZ
+BOVBSZ
/PUFT
f

/PUFT
/PUFT
*OUFSFTUSBUFTXBQWBMVBUJPOBEKVTUNFOUT
4VCUPUBM

%FCUEJTDPVOUTBOEJTTVBODFDPTUT

‘JOBODJOHMFBTFPCMJHBUJPOT
$BQJUBMMFBTFPCMJHBUJPOT
5PUBMMPOHUFSNEFCU

-FTTDVSSFOUQPSUJPO

5PUBMMPOHUFSNEFCU
MFTTDVSSFOUQPSUJPO

/PUFT

BMBNPVOUPGOPUFTEVF”VHVTU
UIFd/PUFTe
5IF

QBZBCMFTFNJBOOVBMMZPO’FCSVBSZBOE”VHVTUPGFBDIZFBS

EJTDPVOUTUPUBMJOHNJMMJPO

8

5GFSUP

JOUFSFTUUPUIFQVSDIBTFEBUF

SBOLFRVBMMZXJUIBMMPGPVSPUIFSVOTFDVSFEBOE
VOTVCPSEJOBUFEEFCU5IF/PUFTDPOUBJODPWFOBOUTUIBU
BNP
BOEMFBTFCBDLUSBOTBDUJPOT

BOE/PUFT

*O.BSDI

5
ZFBS
.BSDIBOE4FQUFNCFSPGFBDIZFBS
CFHJOOJOHPO4FQUFNCFS
5IF/PUFTXFSFJTTVFEBUBTMJHIUEJTDPVOUUP
QBS
NJMMJPO

8M

GFSU
SFTUUPUIFQVSDIBTFEBUF
SBOLFRVBMMZXJUIBMMPGPVSPUIFSVOTFDVSFEBOE
VOTVCPSEJOBUFEEFCU5IF/PUFTDPOUBJODPWFOBOUTUIBU
BNPOT
PSUPFOUFSJOUPTBMFBOEMFBTFCBDLUSBOTBDUJPOT

‘BJS7BMVFBOE’VUVSF.BUVSJUJFT

BOE+BOVBSZ

SFTQFDUJWFMZ
CBTFEQSJNBSJMZPO
NJMMJPOBOE
NJMMJPO
SFTQFDUJWFMZ*GPVSMPOHUFSNEFCU
OUIFGBJSWBMVFIJFSBSDIZ

DBQJUBMMFBTFPCMJHBUJPOT TFF/PUF
-FBTFTGPMMPXJOH JO
NJMMJPOT

‘JTDBM:FBS

f

f
f

5IFSFBGUFSf
5PUBMMPOHUFSNEFCU

%FSJWBUJWF*OTUSVNFOUT
8
BTTFU

TBOEJOUFSFTUSBUFT8FEPOPUIPMEEFSJWBUJWFJOTUSVNFOUTGPS
USBEJOHPSTQFDVMBUJWFQVSQPTFT8FIBWFOPEFSJWBUJWFTUIBUIB
NFOUHSBEFDSFEJUSBUJOHTBTPVSDPVOUFSQBSUJFT
8F4IFFUBUGBJSWBMVFBOEFWBMVBUFIFEHFFGGFDUJWFOFTT
BDDPVOUJOH8FGPSNBMMZEPDVNFOUBMMIFEHJOHSFMBUJPOTBU

/FU*OWFTUNFOU)FEHFT
8FG
5IFD

DPNQSFIFOTJWFJODPNFUPPGGTFUBQPSUJPOPGUIFDIBOHFJOUSBOT
JOWFTUNFOUJTTPMEPSMJRVJEBUFE8FMJNJUSFDPHOJUJPOJOOFUF

PQFSBUJPO8FSFQPSUUIFJOFGGFDUJWFQPSUJPOPGUIFHBJOPSMPTT
JGBOZ
JOOFUFBSOJOHT
*OUFSFTU3BUF4XBQT
8BQTUPNJUJHBUFUIFFGGFDUPGJOUFSFTUSBUFGMVDUVBUJPOTPOBQPSUJPO
E

GTFUUJOH
DIBOHFUPUIFDBSSZJOHWBMVFPGUIFEFCU”DDPSEJOHMZ
UIFSFJT
GBJSWBMVFPGUIFEFSJWBUJWFT
%FSJWBUJWFT/PU%FTJHOBUFEBT)FEHJOH*OTUSVNFOUT
8
VODUJPOBMDVSSFODJFT5IFDPOUSBDUTHFOFSBMMZIBWFUFSNTPG
VQUPNPOUIT5IFTFEFSJWBUJWFJOTUSVNFOUTBSFOPUEFTJHOBUF

4VNNBSZPG%FSJWBUJWF#BMBODFT
BU
+BOVBSZ

BOE+BOVBSZ
+BOVBSZ
+BOVBSZ
$POUSBDU5ZQF “TTFUT -JBCJMJUJFT “TTFUT -JBCJMJUJFT
%FSJWBUJWFTEFTJHOBUFEBTOFUJOWFTUNFOUIFEHFT

%FSJWBUJWFTEFTJHOBUFEBTJOUFSFTUSBUFTXBQT

f f

f f
5PUBM

FEMJBCJMJUJFT

CJMJUJFT

5IFGPMMPXJOHUBCMFQSFTFOUTUIFFGGFDUTPGEFSJWBUJWFJOTUSVNF
BOE

$POUSBDU5ZQF1SFUBY(BJO
-PTT
3FDPHOJFE
JO0$*(BJO -PTT

3FDMBTTJGJFEGSPN
“DDVNVMBUFE0$*
UP&BSOJOHT
&GGFDUJWF1PSUJPO
1SFUBY(BJO
-PTT
3FDPHOJFE
JO0$*(BJO -PTT

3FDMBTTJGJFEGSPN
“DDVNVMBUFE0$*
UP&BSOJOHT
&GGFDUJWF1PSUJPO

%FSJWBUJWFTEFTJHOBUFEBTOFUJOWFTUNFOUIFEHFT

f

f
5IFGPMMPXJOHUBCMFQSFTFOUTUIFFGGFDUTPGEFSJWBUJWFTPOPVSBOE
(BJO -PTT
3FDPHOJFEXJUIJO4(”
$POUSBDU5ZQF

5IFGPMMPXJOHUBCMFQSFTFOUTUIFFGGFDUTPGJOUFSFTUSBUFEFSJW
BOE
(BJO -PTT
3FDPHOJFEXJUIJO*OUFSFTU
&YQFOTF
$POUSBDU5ZQF
*OUFSFTUSBUFTXBQHBJO MPTT

“EKVTUNFOUTUPDBSSZJOHWBMVFPGMPOHUFSNEFCU

/FUJNQBDUPODPOTPMJEBUFETUBUFNFOUPGFBSOJOHT
f
f
UJWFJOTUSVNFOUTBU+BOVBSZ

BOE+BOVBSZ
/PUJPOBM”NPVOU
$POUSBDU5ZQF+BOVBSZ
+BOVBSZ
%FSJWBUJWFTEFTJHOBUFEBTOFUJOWFTUNFOUIFEHFT

%FSJWBUJWFTEFTJHOBUFEBTJOUFSFTUSBUFTXBQT

5PUBM

4IBSFIPMEFST&RVJUZ
4UPDL$PNQFOTBUJPO1MBOT

NJMMJPOTIBSFT8FIBWFOPUHSBOUFEJODFOUJWFTUPDLPQUJPOTVOE
BXBSETNBZCFHSBOUFEUPPVSFNQMPZFFT
PGGJDFST
BEWJTFST
DPOTVMUBOUTBOEEJSFDUPST”XBSETJTTVFEVOEFSUIF0NOJCVT1MBO


“U+B
GPSGVUVSFHSBOUTVOEFSUIF0NOJCVT1MBO

)PXFWFS
FYQJSFBUUIFFOEPGUIFJSPSJHJOBMUFSN

543PGDPNQBOJFTUIBUDPNQSJTF4UBOEBSE1PPST*OEFY

HPBMT QFSGPSNBODFCBTFE
8FIBWFUJNFCBTFETIBSF

U
WFTUPOFZFBSGSPNUIFHSBOUEBUF

JTOPODPNQFOTBUPSZ&NQMPZFFTBSFSFRVJSFEUPIPMEUIF

SFTQFDUJWFMZFQMBOT”U+BOVBSZ

BOE+BOVBSZ

QMBO
JWFMZ
BOE JONJMMJPOT

4UPDLPQUJPOT

4IBSFBXBSET
.BSLFUCBTFE
1FSGPSNBODFCBTFE f f
5JNFCBTFE
5PUBM

4UPDL0QUJPOT

4UPDL
0QUJPOT8FJHIUFE”WFSBHF
&YFSDJTF1SJDFQFS
4IBSF8FJHIUFE”WFSBHF
3FNBJOJOH
$POUSBDUVBM5FSN
JOZFBST
“HHSFHBUF
*OUSJOTJD7BMVF
JONJMMJPOT

0VUTUBOEJOHBU+BOVBSZ

(SBOUFE

&YFSDJTFE

‘PSGFJUFE$BODFMFE

0VUTUBOEJOHBU+BOVBSZ

7FTUFEPSFYQFDUFEUPWFTUBU+BOVBSZ

;YFSDJTBCMFBU+BOVBSZ

BOE

SFTQFDUJWFMZ
QFSTIBSF5IFBHHSFHBUFJOUSJOTJDWBMVFPF

NJMMJPO
NJMMJPOBOENJMMJPO
SFTQFDUJWFMZ”U+BOVBSZ
FEPWFSBXFJHIUFEBWFSBHFQFSJPEPGZFBST

SFTQFDUJWFMZ

BOE
SFTQFDUJWFMZ

PXJOHBTTVNQUJPOT
7BMVBUJPO”TTVNQUJPOT

3JTLGSFFJOUFSFTUSBUF
b b b
;YQFDUFEEJWJEFOEZJFME

;YQFDUFETUPDLQSJDFWPMBUJMJUZ

;YQFDUFEMJGFPGTUPDLPQUJPOT JOZFBST

PKFDUFEFNQMPZFFUVSOPWFS

#BTFEPOUIF645SFBTVSZDPOTUBOUNBUVSJUZJOUFSFTUSBUFXJPOT

*OQSPKFDUJOHFYQFDUFETUPDLQSJDFWPMBUJMJUZ
XFDPOTJEFSCMJFEWPMBUJMJUJFTGSPNFYDIBOHF
USBEFEPQUJPOTPOPVSTUPDL

8TUPSJDBMFYQFSJFODF
.BSLFU#BTFE4IBSF”XBSET
.POUF$BSMPTJNVMBUJPO”TVNNBSZPGUIFTUBUVTPGPVS
BOHFTEVSJOHGJTDBM
JTBTGPMMPXT
.BSLFU#BTFE4IBSF”XBSET4IBSFT8FJHIUFE”WFSBHF
‘BJS7BMVFQFS
4IBSF
0VUTUBOEJOHBU+BOVBSZ

(SBOUFE

7FTUFE

‘PSGFJUFE$BODFMFE

0VUTUBOEJOHBU+BOVBSZ

PEPGZFBST
5JNF#BTFE4IBSF”XBSET

EJWJEFOET

GPMMPXT
5JNF#BTFE4IBSF”XBSET4IBSFT8FJHIUFE”WFSBHF
‘BJS7BMVFQFS
4IBSF
0VUTUBOEJOHBU+BOVBSZ

(SBOUFE

7FTUFE

‘PSGFJUFE$BODFMFE

0VUTUBOEJOHBU+BOVBSZ

PEPGZFBST

1FSGPSNBODF#BTFE4IBSF”XBSET

HSBOU
EJWJEFOET

JTBTGPMMPXT
1FSGPSNBODF#BTFE4IBSF”XBSET4IBSFT8FJHIUFE”WFSBHF
‘BJS7BMVFQFS
4IBSF
0VUTUBOEJOHBU+BOVBSZ
f
f
(SBOUFE

‘PSGFJUFE$BODFMFE

0VUTUBOEJOHBU+BOVBSZ

FQFSJPEPGZFBST
;BSOJOHTQFS4IBSF
8

QFSJPET

NJMMJPOT

;YFSDJTBCMF 6OFYFSDJTBCMF 5PUBM
4IBSFT 8FJHIUFE
“WFSBHF1SJDF
QFS4IBSF4IBSFT 8FJHIUFE
“WFSBHF1SJDF
QFS4IBSF4IBSFT 8FJHIUFE
“WFSBHF1SJDF
QFS4IBSF
*OUIFNPOFZ

0VUPGUIFNPOFZ

5PUBM

SJDFPGPVSDPNNPOTIBSFTBOE
UIFSFGPSF
UIFFGGFDUXPVMECF
IFSFBSOJOHTQFSTIBSF

TIBSFBNPVOUT

/VNFSBUPS JONJMMJPOT

Z$P
*OD
TIBSFIPMEFST

%FOPNJOBUPS JONJMMJPOT

8FJHIUFEBWFSBHFDPNNPOTIBSFTPVUTUBOEJOH
&GGFDUPGQPUFOUJBMMZEJMVUJWFTFDVSJUJFT
4UPDLPQUJPOTBOEPUIFS
8
/FUFBSOJOHTQFSTIBSFGSPNDPOUJOVJOHPQFSBUJPOTBUUSJCVUBCMFUP
#FTU#VZ$P
*ODTIBSFIPMEFST
#BTJD

%JMVUFE

3FQVSDIBTFPG$PNNPO4UPDL

*O+VOFTIBSFSFQVSDIBTFQSPHSBN5IFSFJTOPFYQJSBUJPOEBUF
UIF+VOFTIBSFSFQVSDIBTFQSPHSBN
SBUFETIBSFSFQVSDIBTFBHSFFNFOU +BOVBSZ”43
XJUI

8PTUPDLIPMEFSTFRVJUZ”TPG+BOVBSZ

UIFSFNBJOJOH

4IFFUT5IF+BOVBSZ”43XBTTFUUMFEPO’FCSVBSZ

GPSBGJOBMOPUJPOBMBNPVOUPGNJMMJPO”DDPSEJOHMZ
JMMJPODBTIQBZNFOUGSPNPVSDPVOUFSQBSUZFRVBMUPUIF
EJGOBMOPUJPOBMBNPVOU5IFDBTISFDFJWFEXBTJODMVEFEBT
PUIFSFNFOUTPG$BTI’MPX5IFGJOBMOPUJPOBMBNPVOUXBT

“43BHSFFNFOU5IFOVNCFSPGTIBSFTEFMJWFSFEXBTCBTFEVQPOUI
U
MFTTBOBHSFFEVQPOEJTDPVOU

SFTJONJMMJPOT
FYDFQUQFSTIBSFBNPVOUT

5PUBMDPTUPGTIBSFTSFQVSDIBTFE
0QFONBSLFU

+BOVBSZ”43
5PUBM

“WFSBHFQSJDFQFSTIBSF
0QFONBSLFU

+BOVBSZ”43

“WFSBHF

/VNCFSPGTIBSFTSFQVSDIBTFEBOESFUJSFE
0QFONBSLFU

+BOVBSZ”43
5PUBM

OUSBEFTSFNBJOFEVOTFUUMFE5IFMJBCJMJUZGPSVOTFUUMFEUSBEFTJTJODMVEFEJOBDDSVFEMJBCJMJUJFT
JOUIF$POTPMJEBUFE#BMBODF4IFFUT

POBMQVSDIBTFTVOEFSUIF+VOFTIBSFSFQVSDIBTFQSPHSBN

TIBSFSFQVSDIBTFQSPHSBN5IFSFJTOPFYQJSBUJPOEBUFHPWF

TIBSFT

$PNQSFIFOTJWF*ODPNF -PTT

FRVJUZ
UBY
POBWBJMBCMFGPSTBMFNBSLFUBCMFFRVJUZTFDVSJUJFT’PSFJHO

BOE
SFTQFDUJWFMZ JONJMMJPOT

‘PSFJHO$VSSFODZ
5SBOTMBUJPO”WBJMBCMF’PS4BMF
*OWFTUNFOUT
5PUBM
#BMBODFTBU’FCSVBSZ

‘PSFJHODVSSFODZUSBOTMBUJPOBEKVTUNFOUT

f

6OSFBMJFEHBJOTPOBWBJMBCMFGPSTBMFJOWFTUNFOUT f

3FDMBTTJGJDBUJPOPGMPTTFTPOBWBJMBCMFGPSTBMFJOWFTUNFOUTJOUP
FBSOJOHT f

#BMBODFTBU+BOVBSZ
f
‘PSFJHODVSSFODZUSBOTMBUJPOBEKVTUNFOUT

f

UP
FBSOJOHTEVFUPTBMFPGCVTJOFTT

f

#BMBODFTBU+BOVBSZ
f
‘PSFJHODVSSFODZUSBOTMBUJPOBEKVTUNFOUT f
UP
FBSOJOHT

f

#BMBODFTBU+BOVBSZ

f

JMBCMFGPSTBMFJOWFTUNFOUTJOUIFQFSJPETQSFTFOUFE
-FBTFT

GJTDBM
BOE JONJMMJPOT

.JOJNVNSFOUBMT

$POUJOHFOUSFOUBMT
5PUBMSFOUFYQFOTF
-FTTTVCMFBTFJODPNF

/FUSFOUFYQFOTF

‘JTDBM:FBS$BQJUBM
-FBTFT’JOBODJOH
-FBTFT0QFSBUJOH
-FBTFT

5IFSFBGUFS
5PUBMNJOJNVNMFBTFQBZNFOUT

-FTTBNPVOUSFQSFTFOUJOHJOUFSFTU

1SFTFOUWBMVFPGNJOJNVNMFBTFQBZNFOUT
-FTTDVSSFOUNBUVSJUJFT

T

5IFTFDIBSHFT
JGJODMVEFE
OBU+BOVBSZ

5
VOEFSGVUVSFOPODBODFMBCMFTVCMFBTFT
#FOFGJU1MBOT
8

TVCKFDUUP*OUFSOBM3FWFOVF4FSWJDFMJNJUBUJPOT8FNBUDI

JNNFEJBUFMZ5IFUPUBMFNQMPZFSDPOUSJCVUJPOTXFSFNJMMJPO
SFTQFDUJWFMZ
8
PG%JSFDUPST”NPVOUTDPOUSJCVUFEBOEEFGFSSFEVOEFSPVSEFGFSSFEDPNQFOTBUJPOQMBOBSFDSFEJUFEPSDIBSHFEXJUIUIF
QFSGPSNBODFPGJOWFTUNFOUPQUJPOTPGGFSFEVOEFSUIFQMBOBOEFM
UIFBTTFUT
JUPSTBT

SFTQFDUJWFMZ
BOEJTJODMVEFEJOMPOHUFSNMJBCJMJUJFT8F
FS
UIFQMBOXJUIJOWFTUNFOUWFIJDMFTUIBUPGGTFUBTVCTUBOUJBMQPSUJPOPGPVSFYQPTVSF5IFGBJSWBMVFPGUIFJOWFTUNFOUWFIJDMFT

SFTQFDUJWFMZ
BOEJTJODMVEFEJOPUIFSBTTFUT
*ODPNF5BYFT

JONJMMJPOT

‘FEFSBMJODPNFUBYBUUIFTUBUVUPSZSBUF

4UBUFJODPNFUBYFT
OFUPGGFEFSBMCFOFGJU
#FOFGJU
FYQFOTFGSPNGPSFJHOPQFSBUJPOT

0UIFS

-FHBMFOUJUZSFPSHBOJBUJPO f f

*ODPNFUBYFYQFOTF

&GGFDUJWFJODPNFUBYSBUF

-FHBM&OUJUZ3FPSHBOJBUJPO
8BS
5IF.PCJMFC
MZ
UPBOJOUBOHJCMFBTTFU5IF.PCJMFCVZPVUEJEOPU
IPXFWFS
PS
6,UBYQVSQPTFT

XIJDI
“DDPVOUJOH4UBOEBSET$PEJGJDBUJPO “4$

*ODPNF5BYFT
PGUIFJOUBOHJCMFBTTFU”4$BMTPQSFDMVEFTUIF
GFSFODFPGUIF6,TVCTJEJBSZ”TBSFTVMU
UIFBNPSUJBUJPOPGUIF64
cT
JODPNF
JGBOZ
UIBUXPVMEPUIFSXJTFIBWFCFFOTVCKFDUUP64JODPNFUBYFT

5IJTUBY
PVS
PVUTJEFCBTJTEJGGFSFODFJOUIF6,TVCTJEJBSZ”EEJUJPOBMMZ
U BOE

DIBOHFJOUBYTUBUVTBTQSPWJEFEJO”4$

JONJMMJPOT

6OJUFE4UBUFT

0VUTJEFUIF6OJUFE4UBUFT f

BOE JONJMMJPOT

$VSSFOU
‘FEFSBM

4UBUF
‘PSFJHO

%FGFSSFE
‘FEFSBM

4UBUF

‘PSFJHO

*ODPNFUBYFYQFOTF

%FGFSSFEUBYFTBSFUIFSFTVMUPGEJGGFSFODFTCFUXFFOUIFCBTFTY
UIFGPMMPXJOH JONJMMJPOT

+BOVBSZ
+BOVBSZ
“DDSVFEQSPQFSUZFYQFOTFT

0UIFSBDDSVFEFYQFOTFT
%FGFSSFESFWFOVF
$PNQFOTBUJPOBOECFOFGJUT
4UPDLCBTFEDPNQFOTBUJPO
(PPEXJMMBOEJOUBOHJCMFT
-PTTBOEDSFEJUDBSSZGPSXBSET
0UIFS
5PUBMEFGFSSFEUBYBTTFUT
7BMVBUJPOBMMPXBODF

5PUBMEFGFSSFEUBYBTTFUTBGUFSWBMVBUJPOBMMPXBODF
1SPQFSUZBOEFRVJQNFOU

*OWFOUPSZ

0UIFS

5PUBMEFGFSSFEUBYMJBCJMJUJFT

/FUEFGFSSFEUBYBTTFUT

OJOHBNPVOUTIBWFOPFYQJSBUJPO”EEJUJPOBMMZ
XFIBEBDRVJSFE

JPO

JPOBM
FEUBYBTTFUT5IFNJMMJPOEFDSFBTFGSPN+BOVBSZ

JT

DBSSZGPSXBSET
8
SFJOWFTUFEJOEFGJOJUFMZ5IFTFFBSOJOHTSFMBUFUPPOHPJOHPQFSB

NJMMJPOT

#BMBODFBUCFHJOOJOHPGQFSJPE

4FUUMFNFOUTXJUIUBYJOHBVUIPSJUJFT

-BQTFPGTUBUVUFPGMJNJUBUJPOT

#BMBODFBUFOEPGQFSJPE

+BOVBSZ

SFTQFDUJWFMZ
XPVMEGBWPSBCMZJNQBDUPVSFGGFDUJWFJODPNFUBYSBUFJGSFDPHOJFE
8

NJMMJPO
SFTQFDUJWFMZ
BMPOHXJUIBDDSVFEQFOBMUJFTPGNJMMJ

BOE+BOVBSZ

SFTQFDUJWFMZ
8OT
8
BVUIPSJUJFTGPSZFBSTCFGPSFGJTDBM
FYU

NBEFBUUIJTUJNF)PXFWFS
XFEPOPUFYQFDUUIFDIBOHF
JGBOZ
UPIBWFBNBUFSJBMFGGFDUPOPVSDPOTPMJEBUFEGJOBODJBM
NPOUIT
4FHNFOUBOE(FPHSBQIJD*OGPSNBUJPO

4FHNFOU*OGPSNBUJPO

JWF0GGJDFS0VSCVTJOFTTJTPSHBOJFEJOUPUXPSFQPSUBCMF

SFTPVSDFBMMPDBUJPOGPS
BOENPOJUPSTQFSGPSNBODFPG
UIF
POBMTFHNFOU5IF%PNFTUJDTFHNFOUNBOBHFSTBOE

M

8
5IF
EFTDSJCFEJO/PUF
4VNNBSZPG4JHOJGJDBOU”DDPVOUJOH1PMJDJFT

OGJTDBM
BOE JONJMMJPOT

3FWFOVF
%PNFTUJD

*OUFSOBUJPOBM

5PUBMSFWFOVF

1FSDFOUBHFPGSFWFOVF
CZSFWFOVFDBUFHPSZ
%PNFTUJD
$POTVNFS&MFDUSPOJDT

$PNQVUJOHBOE.PCJMF1IPOFT

&OUFSUBJONFOU

“QQMJBODFT

4FSWJDFT

0UIFS f

5PUBM

*OUFSOBUJPOBM
$POTVNFS&MFDUSPOJDT

$PNQVUJOHBOE.PCJMF1IPOFT

&OUFSUBJONFOU

“QQMJBODFT

4FSWJDFT

0UIFS

5PUBM

0QFSBUJOHJODPNF MPTT

%PNFTUJD

*OUFSOBUJPOBM

5PUBMPQFSBUJOHJODPNF

0UIFSJODPNF FYQFOTF

(BJOPOTBMFPGJOWFTUNFOUT
*OWFTUNFOUJODPNFBOEPUIFS
*OUFSFTUFYQFOTF

“TTFUT

%PNFTUJD

*OUFSOBUJPOBM

5PUBMBTTFUT

$BQJUBMFYQFOEJUVSFT

%PNFTUJD

*OUFSOBUJPOBM
5PUBMDBQJUBMFYQFOEJUVSFT

%FQSFDJBUJPO

%PNFTUJD

*OUFSOBUJPOBM
5PUBMEFQSFDJBUJPO

JMZSFMBUFUPTPVSDJOHQSPEVDUT
JOUPUIF64

‘JWF4UBS
(FPHSBQIJD*OGPSNBUJPO
BM
BOE JONJMMJPOT

/FUTBMFTUPDVTUPNFST
6OJUFE4UBUFT

$BOBEB

0UIFS
5PUBMSFWFOVF

-POHMJWFEBTTFUT
6OJUFE4UBUFT

$BOBEB
0UIFS
5PUBMMPOHMJWFEBTTFUT

$POUJOHFODJFTBOE$PNNJUNFOUT
$POUJOHFODJFT
8FBSFJOWPMWFEJOBOVNCFSPGMFHBMQSPDFFEJOHT8IFSFBQQSPQS
PXFWFS
IBWFOPUCFFONBEF8FQSPWJEFEJTDMPTVSFPGNBUUFSTXIFSF
UPPVS$POTPMJEBUFE’JOBODJBM4UBUFNFOUT
4FDVSJUJFT”DUJPOT

*O’FCSVBSZ
BQVSQPSUFEDMBTTBDUJPOMBXTVJUDBQUJPOFE
PUIFSTTJNJMBSMZTJUVBUFEW#FTU#VZ$P
*OD
FUBMGJDFSTJOUIF64
%JTUSJDU$PVSUGPSUIF%JTUSJDUPG.JOOFTPUB5IJTGFEFSBMDPVSGJDFST
PGUIF;YDIBOHF”DUBOE3VMFCVOEFSUIF&YDIBOHF”DUJO
PVSGJTDBMFBSOJOHTHVJEBODFUIBUIBECFFONBEFBWBJMBCMF
UPUIFQVCMJD”EEJUJPOBMMZ
JO.BSDI
BTJNJMBSQVSQPSUFEDMBTTBDUJPOXBTGJMFECZBTJOHMFTIBSFIPMEFS
3FOF-F#MBOD
BHBJOTUVTBOEDFSUBJOPGPVSFYFDVUJWFPGGJDFSTJOUIFTBNFDPVSU*O+VMZ
BGUFSDPOTPMJEBUJPOPGUIF*#&8-PDBM
DBQUJPOFE
*#&8-PDBM1FOTJPO’VOEW#FTU#VZ$P
*OD
FUBM
XBTGJMFEBOETFSWFE8FGJMFEBNPUJPOUPEJTNJTTUIFDPOTPMJEBUFEDPNQMBJOUJO4FQUFNCFS
BOEJO.BSDI
EFDJTJPOEJTNJTTJOHUIFBDUJPOXJUIQSFKVEJDF*O”QSJM
UIF
QMBJOUJG
QMBJOUJGH
QMBJOUJGGEJEJO0DUPCFS8FGJMFEBNPUJPOUPEJTNJTTUIFBNFOEFE
MFEJO%FDFNCFS”IFBSJOHXBTIFMEPO”QSJM
0O

“DU1MBJOUJGGTNPWFEUPDFSUJGZUIFQVSQPSUFEDMBTT#Z0SEFSGJMFE
&%5PO4FQUFNCFS

BOE%FDFNCFS

BOE
XIPXFSFEBNBHFECZUIFBMMFHFEWJPMBUJPOTPGMBX5IFUI$JSDVJU$PVSUPG”QQFBMTHSBOUFEPVSSFRVFTUGPSJOUFSMPDVUPSZ
BQQFBM0O
*#;8QFUJUJPOFEUIFUI$JSDVJUGPSBSFIFBSJOHFOCBODBEWJTFE

XF
SJBMDPVSU8FDPOUJOVFUPCFMJFWFUIBUUIFTFBMMFHBUJPOTBSFXJUIPVU
S

*O+VOFFE
4BMWBUPSF.5BMMVUP
%FSJWBUJWFMZBOEPO#FIBMGPG#FTU#VZ
$P
*ODW3JDIBSE.4DIVMF
FUBMTGJMFEBHBJOTUCPUI
SJOHUIFSFMFWBOUQFSJPETJOGJTDBMBOEVTBTBOPNJOBM
JS
GJEVDJBSZEVUZ
BNPOHPUIFSDMBJNT
JODMVEJOHWJPMBUJPOPG4FDUJPO C
PGUIF;YDIBOHF”DUBOE3VMFCUIFSFVOEFS
JO
BUFNFOUTBOEPSPNJTTJPOTSFHBSEJOHPVSGJTDBMFBSOJOHT
“EEJUJPOBMMZ
JO+VMZJOHMFTIBSFIPMEFS
%BOJFM)JNNFM
BHBJOTUVTBOEDFSUBJOPGPVS
FYFDVUJWFPGGJDFSTJOUIFTBNFDPVSU*O/PWFNCFS
UIFSFTQFDUJWFMBXTVJUTPG4BMWBUPSF.5BMMVUPBOE%BOJFM)JNNFM
XFSFDPOTPMJEBUFEJOUPBOFXBDUJPODBQUJPOFE
*O3F#FTU#VZ$P
*OD4IBSFIPMEFS%FSJWBUJWF-JUJHBUJPO
BOEBTUBZPSEFSFE
*#;8-PDBM1FOTJPO’VOEW#FTU#VZ$P
*OD
FUBMDBTF”EEJUJPOBMMZ
JOHMFTIBSFIPMEFS
,IVPOH5SBO
EFSJWBUJWFMZPOCFIBMGPG#FTU
GJDFSTBOEEJSFDUPSTJOUIFTBNFDPVSU5IF,IVPOH5SBOMBXTVJUIBTBMTP
CFFOTUBZFEQFOEJOHUIFDMPTFPGEJTDPWFSZJO*#&8
5IFQMBJOUJGUT
BOEFYQFOTFTUIFZJODVSSFEJOUIFMBXTVJUT”TTUBUFEBCPWF
XF

TJCMFMPTTFT
JGBOZ
DBOOPUCFFTUJNBUFE
$BUIPEF3BZ5VCF”DUJPO
0O/PWFNCFS

XFGJMFEBMBXTVJUDBQUJPOFE*OSF$BUIPEF3BZ5VCF”OUJUSVTU-JUJHBUJPOJOUIF6OJUFE4UBUFT%JTUSJDU
$PVSUGPSUIF/PSUIFSO%JTUSJDUPG$BMJGPSOJB8FBMMFHFEUIBUU

E

BTTPDJBUFEMFHBMFYQFOTFTSFDPSEFEJO4(“5IJTNBUUFSJTOPXSFTPMWFE
0UIFS-FHBM1SPDFFEJOHT

8

NBOZPGUIFTFQSPDFFEJOHT
UIFEJGGJDVMUZJOBTDFSUBJOJOHUIFBBCMF
JG
BOZSFBTPOBCMZQPTTJCMFBEEJUJPOBMMPTTFT)PXFWFS
CBTFEVQPO
JTOPUFYQFDUFEUPIBWFBNBUFSJBMFGGFDUPOPVSDPOTPMJEBUFE

$PNNJUNFOUT
8VFPGNJMMJPOBU+BOVBSZ

2VBSUFSMZ’JOBODJBM*OGPSNBUJPO 6OBVEJUFE

JONJMMJPOT

2VBSUFS .POUI
TU OE SE UI
3FWFOVF

$PNQBSBCMFTBMFTDIBOHF

(SPTTQSPGJU

0QFSBUJOHJODPNF

/FUFBSOJOHTGSPNDPOUJOVJOHPQFSBUJPOT
(BJOGSPNEJTDPOUJOVFEPQFSBUJPOT
OFUPGUBY f
/FUFBSOJOHTBUUSJCVUBCMFUP#FTU#VZ$P
*OD
TIBSFIPMEFST
%JMVUFEFBSOJOHTQFSTIBSF

$POUJOVJOHPQFSBUJPOT

%JTDPOUJOVFEPQFSBUJPOT f
%JMVUFEFBSOJOHTQFSTIBSF

2VBSUFS .POUI
TU OE SE UI
3FWFOVF

$PNQBSBCMFTBMFTDIBOHF

(SPTTQSPGJU

0QFSBUJOHJODPNF

/FUFBSOJOHTGSPNDPOUJOVJOHPQFSBUJPOT
f

/FUFBSOJOHTBUUSJCVUBCMFUP#FTU#VZ$P
*OD
TIBSFIPMEFST
%JMVUFEFBSOJOHT MPTT
QFSTIBSF

$POUJOVJOHPQFSBUJPOT

%JTDPOUJOVFEPQFSBUJPOT f

%JMVUFEFBSOJOHTQFSTIBSF

UIT
BTXFMMBTSFWFOVFSFMBUFE
JPEUPUIFDPSSFTQPOEJOHQFSJPEJOUIFQSJPSZFBS3FMPDBUFETUPSFT
BTXFMMBTSFNPEFMFE
VMMNPOUITBGUFS
SFPQFOJOHJSTUBOOJWFSTBSZPGUIFEBUFPG
UIFBDRVJTJUJPO5IF$BOBEJBOCSBOEDPOTPMJEBUJPO
XIJDIJODMVEPOPG’VUVSF4IPQ
QXFCTJUF
IBEBNBUFSJBMJNQBDUPOBZFBSPWFSZFBSCBTJTPOUIFSFNBJOJOH$BOBEJBOSFUBJM
TUPSFTBOEUIFXFCTJUF”TTVDI
GSPNUIFGJSTURVBSUFSPGGJTDTUPSFBOEXFCTJUFSFWFOVFXBT
HNFOUOPMPOHFSIBEBDPNQBSBCMFNFUSJD5IFSFGPSF
$POTPMJEBUFEDPNQBSBCMFTBMFT
OBMDPNQBSBCMFTBMFTBT
DFBHBJOFRVBMUPUIF

*ODMVEFTNJMMJPOPGDBUIPEFSBZUVCF $35
MJUJHBUJPOOENJMMJPOGPSUIF
ETPMEJOQSJPSGJTDBMZFBST

PGSFTUSVDUVSJOHDIBSHFTSFDPSEFEJOUIFGJTDBMGJSTU
TFDPOE
UIJSEBOEGPVSUIRVBSUFST
SFTQFDUJWFMZTFT”MTP
JODMVEFT
BOEJOUIFNPOUITFOEFE+BOVBSZ
MZFBST

GFSFODFTJORVBSUFSMZBOEBOOVBM
XFJHIUFEBWFSBHFTIBSFTPVUTUBOEJOH

PG$35UIFGJTDBMGJSTU
TFDPOE
UIJSE
BOEGPVSUIRVBSUFSTSFTQFDUJWFMZ
BOENJMMJPOGPSUIFNPTPMEJOQSJPSGJTDBMZFBST

JPOPGSFTUSVDUVSJOHDIBSHFTSFDPSEFEJOUIFGJTDBMGJSTU
TFDPOE
UIJSEBOEGPVSUIRVBSUFST
SFTQFDUJWFMZTTFT”MTP
JODMVEFT
5BOE-$%MPSEFEJOUIFGJTDBMGJSTU
TFDPOE
UIJSEBOEGPVSUIRVBSUFSTSFTQFDUJWFMZ
BOENJMMJPOQVSDIBTFEBOETPMEJOQSJPS
GJTDBMZFBST

*UFN$IBOHFTJOBOE%JTBHSFFNFOUT8JUI”DDPVOUBOUTPO”DDPVOUJOHBOE’JOBODJBM%JTDMPTVSF
/POF
*UFN”$POUSPMTBOE1SPDFEVSFT
%JTDMPTVSF$POUSPMTBOE1SPDFEVSFT
8
UIFSFQPSUTXFGJMFPSTVCNJUVOEFSUIF&YDIBOHF”DUJTSFDPSEF

JODMVEJOHPVS$IJFG;YFDVUJWF0GGJDFS QSJODJQBMFYFDVUJWFPGGJDFS
BOE$IJFG’JOBODJBM0GGJDFS QSJODJQBMGJOBODJBMPGGJDFS

UP
8FIBWFF

OFDFTTBSZ
0VSNBOBHFNFOU
JODMVEJOHPVS$IJFG&YFDVUJWF0GGJDFSBOE$IJFG’JOBODJBM0GGJDFS
FWBMVBUFEUIFFGGFDUJWFOFTTPGPVS
F
BOEE F
QSPNVMHBUFEVOEFSUIF;YDIBOHF”DU

BTPG
0GGJDFSBOE$IJFG’JOBODJBM0GGJDFSDPODMVEFEUIBU
BTPG
GGFDUJWF
.BOBHFNFOUT3FQPSUPO*OUFSOBM$POUSPM0WFS’JOBODJBM3FQPSUJOH
SUJOHJTJODMVEFEJO*UFN
‘JOBODJBM4UBUFNFOUTBOE
4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM3FQPSUPO’PSN,
“UUFTUBUJPO3FQPSUPGUIF*OEFQFOEFOU3FHJTUFSFE1VCMJD”DDPVOUJOH’JSN
5IFBUUFTUBUJPOSFQPSUPG%FMPJUUF5PVDIF–1
PVSJOEFQFOEFOUSFHJTUFSFEQVCMJDBDDPVOUJOHGJSN
POUIFFGGFDUJWFOFTTPGPVS

‘JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
PGUIJT”OOVBM
3FQPSUPO’PSN,
$IBOHFTJO*OUFSOBM$POUSPM0WFS’JOBODJBM3FQPSUJOH
BU
IBWFNBUFSJBMMZBGGFDUFE
PSBSFSFBTPOBCMZMJLFMZUPNBUFSJBMMZBG
*UFN#0UIFS*OGPSNBUJPO

DPWFSFECZUIJT”OOVBM3FQPSUPO’PSN,UIBUXBTOPUSFQPSUFE

1″35***
*UFN%JSFDUPST
&YFDVUJWF0GGJDFSTBOE$PSQPSBUF(PWFSOBODF
%JSFDUPST

&YFDVUJWF0GGJDFST
*OGPSNBUJPOSFHBSEJOHPVSFYFDVUJWFPGGJDFSTJTGVSOJTIFEJOBTFQBSBUFJUFNDBQUJPOFE&YFDVUJWF0GGJDFSTPGUIF3FHJTUSBOU
JODMVEFEJO1BSU*PGUIJT”OOVBM3FQPSUPO’PSN,
$FSUBJO3FMBUJPOTIJQTBOE3FMBUFE1BSUZ5SBOTBDUJPOT
POTCFUXFFOBOZEJSFDUPS
FYFDVUJWFPGGJDFSPSQFSTPOOPNJOBUFEUP
FTBOE$FSUBJO3FMBUJPOTIJQTBOE3FMBUFE1BSUZ5SBOTBDUJPOT

“VEJU$PNNJUUFF
PSUJOUIF1SPYZ4UBUFNFOU
SFHBSEJOHUIF”VEJU$PNNJUUFF
GJOBODJBMFYQFSUTBOEUIFJEFOUJGJDBUJPOPGUIF”VEJU$PNNJUUFFNFNCFST
JTJODPSQPSBUFEIFSFJOCZSFGFSFODF
%JSFDUPS/PNJOBUJPO1SPDFTT

SFGFSFODF
#PBSE
$PNQMJBODFXJUI4FDUJPO B
PGUIF&YDIBOHF”DU
JDJBM0XOFSTIJQ3FQPSUJOH$PNQMJBODFJOUIF1SPYZ
4UBUFNFOUJTJODPSQPSBUFEIFSFJOCZSFGFSFODF
$PEFPG&UIJDT
8
PGGJDFS
PVSQSJODJQBMGJOBODJBMPGGJDFSBOEPVSQSJODJQBMBDDPVOUJOHPGGJDFS0VS$PEFPG#VTJOFTT&UIJDTJTBWBJMBCMFPOPVS
XFCTJUF
XXXJOWFTUPSTCFTUCVZDPN
“IPVUDIBSHF
VQPOXSJUUFOSFRVFTUUP#FTU#VZ$P
*OD
*OWFTUPS3FMBUJPOT%FQBSUNFOUBU1FOO”WFOVF4PVUI
3JDIGJFME
./
8
JODJQBMFYFDVUJWFPGGJDFS
QSJODJQBMGJOBODJBMPGGJDFSPSQSJODJQBM
BDDPVOUJOHPGGJDFSCZQPTUJOHTVDIJOGPSNBUJPOXJUIJOUXPCVTJO
XXXJOWFTUPSTCFTUCVZDPN
*UFN&YFDVUJWF$PNQFOTBUJPO

IFSFJOCZSFGFSFODF

BOBHFNFOUBOE3FMBUFE4UPDLIPMEFS.BUUFST
4FDVSJUJFT”VUIPSJFEGPS*TTVBODF6OEFS&RVJUZ$PNQFOTBUJPO1MBOT

PG+BOVBSZ
1MBO$BUFHPSZ
4FDVSJUJFTUP#F
*TTVFE6QPO&YFSDJTF
PG0VUTUBOEJOH
0QUJPOTBOE3JHIUT

B
8FJHIUFE”WFSBHF
&YFSDJTF1SJDFQFS
4IBSFPG0VUTUBOEJOH
0QUJPOTBOE3JHIUT

C
4FDVSJUJFT”WBJMBCMFGPS
‘VUVSF*TTVBODF6OEFS
;RVJUZ$PNQFOTBUJPO
1MBOT ;YDMVEJOH
4FDVSJUJFT3FGMFDUFEJO
$PMVNO B

D

XBSEFEVOEFSPVS
CVT*ODFOUJWF1MBO

LPQUJPOTPOMZ

1VSDIBTF1MBOT

4UBUFNFOUJTJODPSQPSBUFEIFSFJOCZSFGFSFODF
*UFN$FSUBJO3FMBUJPOTIJQTBOE3FMBUFE5SBOTBDUJPOT
BOE%JSFDUPS*OEFQFOEFODF

3FMBUFE1BSUZ5SBOTBDUJPOTJOUIF1SPYZ4UBUFNFOUJTJODPSQPSBUFEIFSFJOCZSFGFSFODF
*UFN1SJODJQBM”DDPVOUBOU’FFTBOE4FSWJDFT
“QQPJOUNFOUPGPVS*OEFQFOEFOU3FHJTUFSFE1VCMJD”DDPVOUJOH
‘JSNf1SJODJQBM”DDPVOUBOU4FSWJDFTBOE’FFTJOUIF1SPYZ4UBUFNFOUJTJODPSQPSBUFEIFSFJOCZSFGFSFODF

1″35*7
*UFN&YIJCJUT
‘JOBODJBM4UBUFNFOU4DIFEVMFT
B

‘JOBODJBM4UBUFNFOUT
SU
4VQQMFNFOUBSZ’JOBODJBM4UBUFNFOU4DIFEVMFT
4DIFEVMF**f7BMVBUJPOBOE2VBMJGZJOH”DDPVOUT
T
SFQPSU
&YIJCJUT
&YIJCJU*ODPSQPSBUFECZ3FGFSFODF ‘JMFE
/P &YIJCJU%FTDSJQUJPO ‘PSN &YIJCJU ‘JMJOH%BUF )FSFXJUI
*NQMFNFOUBUJPO”HSFFNFOU
EBUFE”QSJM

CZBOEBNPOH
#FTU#VZ$P
*OD
#FTU#VZ6,)PMEJOHT-1
#FTU#VZ

8BSFIPVTF(SPVQ
QMD,
“NFOEFEBOE3FTUBUFE”SUJDMFTPG*ODPSQPSBUJPO %&'” OB
“NFOEFEBOE3FTUBUFE#Z-BXT ,
‘PSNPG*OEFOUVSF
UPCFEBUFEBTPG.BSDI

CFUXFFO
#FTU#VZ$P
*ODBOE64#BOL/BUJPOBM”TTPDJBUJPO
BT
TVDDFTTPSUSVTUFF4″43

.BSDI

CFUXFFO#FTU#VZ$P
*ODBOE64#BOL
/BUJPOBM”TTPDJBUJPO
BTTVDDFTTPSUSVTUFF,
IF
*OEFOUVSFEBUFEBTPG.BSDI

CFUXFFO#FTU#VZ$P
*ODBOE64#BOL/BUJPOBM”TTPDJBUJPO
BTTVDDFTTPSUSVTUFF,
‘JWF:FBS$SFEJU”HSFFNFOUEBUFEBTPG+VOF

BNPOH

+1.PSHBO$IBTF#BOL
/”
BTBENJOJTUSBUJWFBHFOU,
BT
BNFOEFE4
#FTU#VZ$P
*OD4IPSU5FSN*ODFOUJWF1MBO
BTBQQSPWFECZUIF
#PBSEPG%JSFDUPST%&'” OB
-POH5FSN*ODFOUJWF1SPHSBN”XBSE”HSFFNFOU
BT
BQQSPWFECZUIF#PBSEPG%JSFDUPST,
‘PSNPG-POH5FSN*ODFOUJWF1SPHSBN#VZ0VU”XBSE

#FTU#VZ$P
*OD2
&NQMPZNFOU”HSFFNFOU
EBUFE/PWFNCFS

CFUXFFO
4IBSPO.D$PMMBNBOE#FTU#VZ$P
*OD,
&NQMPZNFOU”HSFFNFOU
EBUFE”VHVTU

CFUXFFO)VCFSU
+PMZBOE#FTU#VZ$P
*OD,
-FUUFSP
*ODBOE3JDIBSE.4DIVMF,

&YIJCJU*ODPSQPSBUFECZ3FGFSFODF ‘JMFE
/P ;YIJCJU%FTDSJQUJPO ‘PSN &YIJCJU ‘JMJOH%BUF )FSFXJUI
#FTU#VZ.PCJMF1FSGPSNBODF”XBSE5FSNJOBUJPO”HSFFNFOU ,
‘PSNPG#FTU#VZ$P
*OD-POH5FSN*ODFOUJWF1SPHSBN”XBSE ,
“XBSE
“HSFFNFOU,
‘PSNPG%JSFDUPS3FTUSJDUFE4UPDL6OJU”XBSE”HSFFNFOUGPS
/PO64%JSFDUPST,
‘PSNPG#FTU#VZ$P
*OD-POH5FSN*ODFOUJWF1SPHSBN”XBSE
“HSFFNFOU
2
#FTU#VZ$P
*OD0NOJCVT*ODFOUJWF1MBO 4
“XBSE
“HSFFNFOU
2
‘PSNPG%JSFDUPS3FTUSJDUFE4UPDL6OJU”XBSE”HSFFNFOUGPS
/PO64%JSFDUPST
2
#FTU#VZ4JYUI”NFOEFEBOE3FTUBUFE%FGFSSFE$PNQFOTBUJPO
1MBO,
‘PSNPG#FTU#VZ$P
*OD-POH5FSN*ODFOUJWF1SPHSBN”XBSE
“HSFFNFOUGPS%JSFDUPST
2
‘PSNPG#FTU#VZ$P
*OD-POH5FSN*ODFOUJWF1SPHSBN”XBSE
“HSFFNFOUGPS/PO64%JSFDUPST
2
‘PSNPG#FTU#VZ$P
*OD-POH5FSN*ODFOUJWF1SPHSBN”XBSE
“HSFFNFOU
2
‘PSNPG#FTU#VZ$P
*OD-POH5FSN*ODFOUJWF1SPHSBN”XBSE
“HSFFNFOUGPS%JSFDUPST
2
‘PSNPG#FTU#VZ$P
*OD-POH5FSN*ODFOUJWF1SPHSBN”XBSE
“HSFFNFOUGPS/PO64%JSFDUPST
2
4UBUFNFOUTSF$PNQVUBUJPOPG3BUJPT 9
4VCTJEJBSJFTPGUIF3FHJTUSBOU9
$POTFOUPG%FMPJUUF5PVDIF–19
$FSUJGJDBUJPOPGUIF$IJFG&YFDVUJWF0GGJDFSQVSTVBOUUP

4BSCBOFT0YMFZ”DUPG9
$FSUJGJDBUJPOPGUIF$IJFG’JOBODJBM0GGJDFSQVSTVBOUUP

4BSCBOFT0YMFZ”DUPG9
$FSUJGJDBUJPOPGUIF$IJFG&YFDVUJWF0GGJDFSQVSTVBOUUP

4BSCBOFT0YMFZ”DUPG9
$FSUJGJDBUJPOPGUIF$IJFG’JOBODJBM0GGJDFSQVSTVBOUUP64$

4BSCBOFT0YMFZ”DUPG9
5IFGPMMPXJOHGJOBODJBMJOGPSNBUJPOGSPNPVS”OOVBM3FQPSUPO

FE

,

VSJUJFTT
FYIJCJUTUPUIJT”OOVBM3FQPSUPO’PSN,DFSUBJOJOTUSVNFOUT
GUIFSFHJTUSBOU5IFSFHJTUSBOUIFSFCZBHSFFTUPGVSOJTIDPQJFTPG
BMMTVDIJOTUSVNFOUTUPUIF4&$VQPOSFRVFTU

UIFNGPSUIBUQVSQPTF*OQBSUJDVMBS
BOZSFQSFTFOUBUJPOTBOEX

BG
*UFN’PSN,4VNNBSZ
/POF
4*(/”563;4
SJUJFT;YDIBOHF”DUPG
UIFSFHJTUSBOUIBTEVMZDBVTFEUIJT
EVMZBVUIPSJFE
#FTU#VZ$P
*OD
3FHJTUSBOU

#Z
T)VCFSU+PMZ
)VCFSU+PMZ
$IBJSNBOBOE$IJFG&YFDVUJWF0GGJDFS
.BSDI
“DUPG
OUIFEBUFTJOEJDBUFE

4JHOBUVSF5JUMF%BUF
T)VCFSU+PMZ $IBJSNBOBOE$IJFG;YFDVUJWF0GGJDFS.BSDI
)VCFSU+PMZ
QSJODJQBMFYFDVUJWFPGGJDFS

T$PSJF#BSSZ $IJFG’JOBODJBM0GGJDFS.BSDI
$PSJF#BSSZ
QSJODJQBMGJOBODJBMPGGJDFS

T.BUIFX38BUTPO 7JDF1SFTJEFOU
‘JOBODF$POUSPMMFSBOE$IJFG”DDPVOUJOH0GGJDFS.BSDI
.BUIFX38BUTPO
QSJODJQBMBDDPVOUJOHPGGJDFS

T-JTB.$BQVUP %JSFDUPS.BSDI
-JTB.$BQVUP
T+1BUSJDL%PZMF %JSFDUPS.BSDI
+1BUSJDL%PZMF
T3VTTFMM1’SBEJO %JSFDUPS.BSDI
3VTTFMM1’SBEJO
T,BUIZ+)JHHJOT7JDUPS %JSFDUPS.BSDI
,BUIZ+)JHHJOT7JDUPS
T%BWJE8,FOOZ %JSFDUPS.BSDI
%BWJE8,FOOZ
T,BSFO.D-PVHIMJO %JSFDUPS.BSDI
,BSFO.D-PVHIMJO
T5IPNBT-.JMMOFS %JSFDUPS.BSDI
5IPNBT-.JMMOFS
T$MBVEJB’.VODF %JSFDUPS.BSDI
$MBVEJB’.VODF
T(gSBSE7JUUFDPR %JSFDUPS.BSDI
(gSBSE7JUUFDPR

4DIFEVMF**
7BMVBUJPOBOE2VBMJGZJOH”DDPVOUT
JONJMMJPOT

#BMBODFBU
#FHJOOJOH
PG1FSJPE$IBSHFEUP
;YQFOTFTPS
0UIFS”DDPVOUT0UIFS

#BMBODFBU
&OEPG
1FSJPE
:FBSFOEFE+BOVBSZ
“MMPXBODFGPSEPVCUGVMBDDPVOUT

:FBSFOEFE+BOVBSZ
“MMPXBODFGPSEPVCUGVMBDDPVOUT

:FBSFOEFE+BOVBSZ
“MMPXBODFGPSEPVCUGVMBDDPVOUT

*ODMVEFTCBEEFCUXSJUFPGGTBOESFDPWFSJFT
BDRVJTJUJPOTBOEUIFFGGFDUPGGPSFJHODVSSFODZGMVDUVBUJPOT

Best Buy Co., Inc.
7601 Penn Avenue S.
Rich?eld, MN 55423
www.bestbuy.com
(866) 758-1457
©2017 Best Buy. All rights reserved.

Post Author: admin