college physics kinematics
DESCRIPTION
adsfTRANSCRIPT
-
+).%-!4)#3
?=KH; 4FCKMRGMLMD?L!KCPGA?LICQRPCJRFPMSEFRFC?GPA?L@CBCQAPG@CB@WRFC@GPBxQBGQNJ?ACKCLRQNCCBTCJMAGRW?LB?AACJCP?RGML7FCLGRDJGCQGL?QRP?GEFRJGLC
UGRFMSR?LWAF?LECGLBGPCARGMLGRQKMRGMLGQQ?GBRM@CMLCBGKCLQGML?JAPCBGR6GLAC-?GBCLQ7GIGKCBG?#MKKMLQ
,C?PLGLE/@HCARGTCQ ?IFB79;C;DJ
{ $CDGLCNMQGRGMLBGQNJ?ACKCLRBGQR?LAC?LBBGQR?LACRP?TCJCB
{ %VNJ?GLRFCPCJ?RGMLQFGN@CRUCCLNMQGRGML?LBBGQNJ?ACKCLR
{ $GQRGLESGQF@CRUCCLBGQNJ?ACKCLR?LBBGQR?LACRP?TCJCB
{ #?JASJ?RCBGQNJ?ACKCLR?LBBGQR?LACEGTCLGLGRG?JNMQGRGMLDGL?JNMQGRGML?LBRFCN?RF@CRUCCLRFCRUM
/;9JEHI,97B7HI7D:EEH:?D7J;,OIJ;CI
{ $CDGLC?LBBGQRGLESGQF@CRUCCLQA?J?P?LBTCARMPOS?LRGRGCQ
{ !QQGEL?AMMPBGL?RCQWQRCKDMP?QACL?PGMGLTMJTGLEMLCBGKCLQGML?JKMRGML
-?C;/;BE9?JO7D:,F;;:
{ %VNJ?GLRFCPCJ?RGMLQFGNQ@CRUCCLGLQR?LR?LCMSQTCJMAGRW?TCP?ECTCJMAGRWGLQR?LR?LCMSQQNCCB?TCP?ECQNCCBBGQNJ?ACKCLR?LBRGKC
{ #?JASJ?RCTCJMAGRW?LBQNCCBEGTCLGLGRG?JNMQGRGMLGLGRG?JRGKCDGL?JNMQGRGML?LBDGL?JRGKC
{ $CPGTC?EP?NFMDTCJMAGRWTQRGKCEGTCL?EP?NFMDNMQGRGMLTQRGKC
{ )LRCPNPCR?EP?NFMDTCJMAGRWTQRGKC
99;B;H7J?ED
{ $CDGLC?LBBGQRGLESGQF@CRUCCLGLQR?LR?LCMSQ?AACJCP?RGML?TCP?EC?AACJCP?RGML?LBBCACJCP?RGML
{ #?JASJ?RC?AACJCP?RGMLEGTCLGLGRG?JRGKCGLGRG?JTCJMAGRWDGL?JRGKC?LBDGL?JTCJMAGRW
&EJ?EDGK7J?EDI
-
"DJHE:K9J?EDJE(D;?C;DI?ED7B$?D;C7J?9I
/@HCARQ?PCGLKMRGMLCTCPWUFCPCUCJMMI%TCPWRFGLEDPMK?RCLLGQE?KCRM?QN?ACNPM@CDJW@WMDRFCNJ?LCR.CNRSLCGLTMJTCQKMRGML7FCLWMS
?PCPCQRGLEWMSPFC?PRKMTCQ@JMMBRFPMSEFWMSPTCGLQ!LBCTCLGLGL?LGK?RCM@HCARQRFCPCGQAMLRGLSMSQKMRGMLGLRFCTG@P?RGMLQMD?RMKQ?LB
KMJCASJCQ1SCQRGMLQ?@MSRKMRGML?PCGLRCPCQRGLEGL?LBMDRFCKQCJTCQ BJ?BA:J
-
?=KH; !NPMDCQQMPN?ACQJCDR?LBPGEFRUFGJCJCARSPGLE(CPNMQGRGMLPCJ?RGTCRM%?PRFGQEGTCL@W Y 4FC N BGQNJ?ACKCLRMDRFCNPMDCQQMPPCJ?RGTCRM%?PRFGQPCNPCQCLRCB@W?L?PPMUNMGLRGLERMRFCPGEFR
?=KH; !N?QQCLECPKMTCQDPMKFGQQC?RRMRFC@?AIMDRFCNJ?LC(GQJMA?RGMLPCJ?RGTCRMRFC?GPNJ?LCGQEGTCL@W Y 4FC N BGQNJ?ACKCLRMDRFCN?QQCLECPPCJ?RGTCRMRFCNJ?LCGQPCNPCQCLRCB@W?L?PPMURMU?PBRFCPC?PMDRFCNJ?LC.MRGACRF?RRFC?PPMUPCNPCQCLRGLEFGQBGQNJ?ACKCLRGQRUGAC?QJMLE?QRFC?PPMUPCNPCQCLRGLERFC
BGQNJ?ACKCLRMDRFCNPMDCQQMPFCKMTCQRUGAC?QD?PGL ?=KH;
.MRCRF?RBGQNJ?ACKCLRF?Q?BGPCARGML?QUCJJ?Q?K?ELGRSBC4FCNPMDCQQMP xQBGQNJ?ACKCLRGQKRMRFCPGEFR?LBRFC?GPJGLCN?QQCLECPxQ
BGQNJ?ACKCLRGQKRMU?PBRFCPC?P)LMLCBGKCLQGML?JKMRGMLBGPCARGMLA?L@CQNCAGDGCBUGRF?NJSQMPKGLSQQGEL7FCLWMS@CEGL?NPM@JCK
WMSQFMSJBQCJCARUFGAFBGPCARGMLGQNMQGRGTCSQS?JJWRF?RUGJJ@CRMRFCPGEFRMPSN@SRWMS?PCDPCCRMQCJCARNMQGRGTC?Q@CGLE?LWBGPCARGML4FC
NPMDCQQMPxQGLGRG?JNMQGRGMLGQ Y N ?LBFCPDGL?JNMQGRGMLGQ YG N 4FSQFCPBGQNJ?ACKCLRGQ
s Y YG Y N N N
)LRFGQAMMPBGL?RCQWQRCKKMRGMLRMRFCPGEFRGQNMQGRGTCUFCPC?QKMRGMLRMRFCJCDRGQLCE?RGTC3GKGJ?PJW RFC?GPNJ?LCN?QQCLECPxQGLGRG?JNMQGRGMLGQ
Y N ?LBFGQDGL?JNMQGRGMLGQ YG N QMFGQBGQNJ?ACKCLRGQ
s Y YG Y N N N
(GQBGQNJ?ACKCLRGQLCE?RGTC@CA?SQCFGQKMRGMLGQRMU?PBRFCPC?PMDRFCNJ?LCMPGLRFCLCE?RGTC Y BGPCARGMLGLMSPAMMPBGL?RCQWQRCK
$GQR?LAC
!JRFMSEFBGQNJ?ACKCLRGQBCQAPG@CBGLRCPKQMDBGPCARGMLBGQR?LACGQLMR ?IJ7D9; GQBCDGLCBRM@C G;8@4:A
-
-GQAMLACNRGML!JCPR$GQR?LAC4P?TCJCBTQ-?ELGRSBCMD$GQNJ?ACKCLR
)RGQGKNMPR?LRRMLMRCRF?RRFC 7;9A2EKH.D:;HIJ7D:?D=
!AWAJGQRPGBCQIKUCQR?LBRFCLRSPLQ?PMSLB?LBPGBCQIKC?QR?7F?RGQFCPBGQNJ?ACKCLR@7F?RBGQR?LACBMCQQFCPGBCA7F?RGQ
RFCK?ELGRSBCMDFCPBGQNJ?ACKCLR
,EBKJ?ED
?=KH;
?4FCPGBCPxQBGQNJ?ACKCLRGQ s Y YG Y LN 4FCBGQNJ?ACKCLRGQLCE?RGTC@CA?SQCUCR?ICC?QRRM@CNMQGRGTC?LBUCQRRM@C
LCE?RGTC
@4FCBGQR?LACRP?TCJCBGQ LN LN LN
A4FCK?ELGRSBCMDRFCBGQNJ?ACKCLRGQ LN
/;9JEHI,97B7HI7D:EEH:?D7J;,OIJ;CI
?=KH; 4FCKMRGMLMDRFGQ%AJGNQC#MLACNRHCRA?L@CBCQAPG@CBGLRCPKQMDRFCBGQR?LACGRF?QRP?TCJCB?QA?J?POS?LRGRWMPGRQBGQNJ?ACKCLRGL?QNCAGDGABGPCARGML?TCARMP
OS?LRGRW)LMPBCPRMQNCAGDWRFCBGPCARGMLMDKMRGMLGRQBGQNJ?ACKCLRKSQR@CBCQAPG@CB@?QCBML?AMMPBGL?RCQWQRCK)LRFGQA?QCGRK?W@CAMLTCLGCLRRMAFMMQCKMRGML
RMU?PBRFCJCDR?QNMQGRGTCKMRGMLGRGQRFCDMPU?PBBGPCARGMLDMPRFCNJ?LC?JRFMSEFGLK?LWA?QCQRFC Y AMMPBGL?RCPSLQDPMKJCDRRMPGEFRUGRFKMRGMLRMRFCPGEFR?QNMQGRGTC?LBKMRGMLRMRFCJCDR?QLCE?RGTCAPCBGR!PKAF?GP!TG?RMP&JGAIP
7F?RGQRFCBGDDCPCLAC@CRUCCLBGQR?LAC?LBBGQNJ?ACKCLR7FCPC?QBGQNJ?ACKCLRGQBCDGLCB@W@MRFBGPCARGML?LBK?ELGRSBCBGQR?LACGQBCDGLCB
MLJW@WK?ELGRSBC$GQNJ?ACKCLRGQ?LCV?KNJCMD?TCARMPOS?LRGRW $GQR?LACGQ?LCV?KNJCMD?QA?J?POS?LRGRW! L;9JEH GQ?LWOS?LRGRWUGRF@MRF
@4:A
-
#MMPBGL?RC3WQRCKQDMP/LC$GKCLQGML?J-MRGML
)LMPBCPRMBCQAPG@CRFCBGPCARGMLMD?TCARMPOS?LRGRWWMSKSQRBCQGEL?RC?AMMPBGL?RCQWQRCKUGRFGLRFCPCDCPCLACDP?KC&MPMLCBGKCLQGML?J
KMRGMLRFGQGQ?QGKNJCAMMPBGL?RCQWQRCKAMLQGQRGLEMD?MLCBGKCLQGML?JAMMPBGL?RCJGLC)LECLCP?JUFCLBCQAPG@GLEFMPGXMLR?JKMRGMLKMRGMLRM
RFCPGEFRGQSQS?JJWAMLQGBCPCBNMQGRGTC?LBKMRGMLRMRFCJCDRGQAMLQGBCPCBLCE?RGTC7GRFTCPRGA?JKMRGMLKMRGMLSNGQSQS?JJWNMQGRGTC?LBKMRGML
BMULGQLCE?RGTC)LQMKCA?QCQFMUCTCP?QUGRFRFCHCRGL ?=KH;GRA?L@CKMPCAMLTCLGCLRRMQUGRAFRFCNMQGRGTC?LBLCE?RGTCBGPCARGMLQ&MP
CV?KNJCGDWMS?PC?L?JWXGLERFCKMRGMLMDD?JJGLEM@HCARQGRA?L@CSQCDSJRMBCDGLCBMULU?PBQ?QRFCNMQGRGTCBGPCARGML)DNCMNJCGL?P?AC?PC
PSLLGLERMRFCJCDRGRGQSQCDSJRMBCDGLCJCDR?QRFCNMQGRGTCBGPCARGML)RBMCQLMRK?RRCP?QJMLE?QRFCQWQRCKGQAJC?P?LBAMLQGQRCLR/LACWMS?QQGEL
?NMQGRGTCBGPCARGML?LBQR?PRQMJTGLE?NPM@JCKWMSA?LLMRAF?LECGR
?=KH; )RGQSQS?JJWAMLTCLGCLRRMAMLQGBCPKMRGMLSNU?PBMPRMRFCPGEFR?QNMQGRGTC ?LBKMRGMLBMULU?PBMPRMRFCJCDR?QLCE?RGTC
>;9A2EKH.D:;HIJ7D:?D=
!NCPQMLxQQNCCBA?LQR?WRFCQ?KC?QFCMPQFCPMSLBQ?AMPLCP?LBAF?LECQBGPCARGML'GTCLRFGQGLDMPK?RGMLGQQNCCB?QA?J?PMP?TCARMP
OS?LRGRW%VNJ?GL
,EBKJ?ED
3NCCBGQ?QA?J?POS?LRGRW)RBMCQLMRAF?LEC?R?JJUGRFBGPCARGMLAF?LECQRFCPCDMPCGRF?QK?ELGRSBCMLJW)DGRUCPC?TCARMPOS?LRGRWGRUMSJB
AF?LEC?QBGPCARGMLAF?LECQCTCLGDGRQK?ELGRSBCPCK?GLCBAMLQR?LR
-?C;/;BE9?JO7D:,F;;:
?=KH; 4FCKMRGMLMDRFCQCP?AGLEQL?GJQA?L@CBCQAPG@CB@WRFCGPQNCCBQ?LBRFCGPTCJMAGRGCQAPCBGRRM@GR?QDJGAIP &JGAIP
4FCPCGQKMPCRMKMRGMLRF?LBGQR?LAC?LBBGQNJ?ACKCLR1SCQRGMLQQSAF?Qy(MUJMLEBMCQ?DMMRP?ACR?ICz?LBy7F?RU?QRFCPSLLCP xQQNCCBz
A?LLMR@C?LQUCPCBUGRFMSR?LSLBCPQR?LBGLEMDMRFCPAMLACNRQ)LRFGQQCARGMLUC?BBBCDGLGRGMLQMDRGKCTCJMAGRW ?LBQNCCBRMCVN?LBMSP
BCQAPGNRGMLMDKMRGML
4GKC
!QBGQASQQCBGL )>OI?97B*K7DJ?J?;I7D:.D?JIRFCKMQRDSLB?KCLR?JNFWQGA?JOS?LRGRGCQ?PCBCDGLCB@WFMURFCW?PCKC?QSPCB4FGQGQRFCA?QC
UGRFRGKC%TCPWKC?QSPCKCLRMDRGKCGLTMJTCQKC?QSPGLE?AF?LECGLQMKCNFWQGA?JOS?LRGRW )RK?W@C?LSK@CPML?BGEGR?JAJMAI?FC?PR@C?RMP
RFCNMQGRGMLMDRFC3SLGLRFCQIW)LNFWQGAQRFCBCDGLGRGMLMDRGKCGQQGKNJCv J?C; GQ 6;4A:8MPRFCGLRCPT?JMTCPUFGAFAF?LECMAASPQ)RGQ
GKNMQQG@JCRMILMURF?RRGKCF?QN?QQCBSLJCQQQMKCRFGLEAF?LECQ
4FC?KMSLRMDRGKCMPAF?LECGQA?JG@P?RCB@WAMKN?PGQMLUGRF?QR?LB?PB4FC3)SLGRDMPRGKCGQRFCQCAMLB?@@PCTG?RCBQ7 CKGEFRDMPCV?KNJC
M@QCPTCRF?R?ACPR?GLNCLBSJSKK?ICQMLCDSJJQUGLECTCPWQ7 CAMSJBRFCLSQCRFCNCLBSJSKRMKC?QSPCRGKC@WAMSLRGLEGRQQUGLEQMP MD
AMSPQC@WAMLLCARGLERFCNCLBSJSKRM?AJMAIKCAF?LGQKRF?RPCEGQRCPQRGKCML?BG?J4FGQ?JJMUQSQRMLMRMLJWKC?QSPCRFC?KMSLRMDRGKC@SR
?JQMRMBCRCPKGLC?QCOSCLACMDCTCLRQ
(MUBMCQRGKCPCJ?RCRMKMRGML7C?PCSQS?JJWGLRCPCQRCBGLCJ?NQCBRGKCDMP?N?PRGASJ?PKMRGMLQSAF?QFMUJMLEGRR?ICQ?L?GPNJ?LCN?QQCLECPRM
ECRDPMKFGQQC?RRMRFC@?AIMDRFCNJ?LC4MDGLBCJ?NQCBRGKCUCLMRCRFCRGKC?RRFC@CEGLLGLE?LBCLBMDRFCKMRGML?LBQS@RP?ARRFCRUM&MP
#(!04%2Y+).%-!4)#3
-
CV?KNJC?JCARSPCK?WQR?PR?R!-?LBCLB?R!-QMRF?RRFCCJ?NQCBRGKCUMSJB@CKGL B7FI;:J?C; l U GQRFCBGDDCPCLAC
@CRUCCLRFCCLBGLERGKC?LB@CEGLLGLERGKC
s U UG U
UFCPC s U GQRFCAF?LECGLRGKCMPCJ?NQCBRGKC UG GQRFCRGKC?RRFCCLBMDRFCKMRGML?LB U GQRFCRGKC?RRFC@CEGLLGLEMDRFCKMRGML!QSQS?J
RFCBCJR?QWK@MJ s KC?LQRFCAF?LECGLRFCOS?LRGRWRF?RDMJJMUQGR
,GDCGQQGKNJCPGDRFC@CEGLLGLERGKC U GQR?ICLRM@CXCPM?QUFCLUCSQC?QRMNU?RAF)DUCUCPCSQGLE?QRMNU?RAFGRUMSJBQGKNJWPC?BXCPM?R
RFCQR?PRMDRFCJCARSPC?LBKGL?RRFCCLB)D U RFCL s U UG wU
)LRFGQRCVRDMPQGKNJGAGRWxQQ?IC
{ KMRGMLQR?PRQ?RRGKCCOS?JRMXCPM U
{ RFCQWK@MJ U GQSQCBDMPCJ?NQCBRGKCSLJCQQMRFCPUGQCQNCAGDGCB s U UG wU
6CJMAGRW
9MSPLMRGMLMDTCJMAGRWGQNPM@?@JWRFCQ?KC?QGRQQAGCLRGDGABCDGLGRGML9MSILMURF?RGDWMSF?TC?J?PECBGQNJ?ACKCLRGL?QK?JJ?KMSLRMDRGKCWMS
F?TC?J?PECTCJMAGRW?LBRF?RTCJMAGRWF?QSLGRQMDBGQR?LACBGTGBCB@WRGKCQSAF?QKGJCQNCPFMSPMPIGJMKCRCPQNCPFMSP
!TCP?EC6CJMAGRW
L;H7=;L;BE9?JO GQ 7
-
3NCCB
)LCTCPWB?WJ?LES?ECKMQRNCMNJCSQCRFCRCPKQyQNCCBz?LByTCJMAGRWzGLRCPAF?LEC?@JW )LNFWQGAQFMUCTCPRFCWBMLMRF?TCRFCQ?KCKC?LGLE
?LBRFCW?PCBGQRGLARAMLACNRQ/LCK?HMPBGDDCPCLACGQRF?RQNCCBF?QLMBGPCARGML4FSQ FC887
-
?=KH; 0MQGRGMLTQRGKCTCJMAGRWTQRGKC?LBQNCCBTQRGKCML?RPGN.MRCRF?RRFCTCJMAGRWDMPRFCPCRSPLRPGNGQLCE?RGTC
-?IGLE#MLLCARGMLQ4?IC(MKC)LTCQRGE?RGMLv'CRRGLE?3CLQCMD3NCCB
)DWMSF?TCQNCLRKSAFRGKCBPGTGLEWMSNPM@?@JWF?TC?EMMBQCLQCMDQNCCBQ@CRUCCL?@MSR?LBKGJCQNCPFMSP "SRUF?R?PCRFCQCGL
KCRCPQNCPQCAMLB7F?RBMUCKC?LUFCLUCQ?WRF?RQMKCRFGLEGQKMTGLE?RKQ4 MECR?@CRRCPQCLQCMDUF?RRFCQCT?JSCQPC?JJW
KC?LBMQMKCM@QCPT?RGMLQ?LBA?JASJ?RGMLQMLWMSPMUL
{ A?JASJ?RCRWNGA?JA?PQNCCBQGLKCRCPQNCPQCAMLB
{ CQRGK?RCHMEEGLE?LBU?JIGLEQNCCB@WRGKGLEWMSPQCJDAMLTCPRRFCKC?QSPCKCLRQGLRM@MRFKQ?LBKGF
{ BCRCPKGLCRFCQNCCBMD?L?LRQL?GJMPD?JJGLEJC?D
>;9A2EKH.D:;HIJ7D:?D=
!AMKKSRCPRP?GLRP?TCJQDPMK"?JRGKMPCRM7?QFGLERML$#?LB@?AIGLFMSP?LBKGLSRCQ4FCBGQR?LAC@CRUCCLRFCRUMQR?RGMLQGQ
?NNPMVGK?RCJWKGJCQ7F?RGQ?RFC?TCP?ECTCJMAGRWMDRFCRP?GL?LB@RFC?TCP?ECQNCCBMDRFCRP?GLGLKQ
,EBKJ?ED
#(!04%2Y+).%-!4)#3
->?I9EDJ;DJ?I7L7?B78B;
-
?4FC?TCP?ECTCJMAGRWMDRFCRP?GLGQXCPM@CA?SQC YG Y RFCRP?GLCLBQSN?RRFCQ?KCNJ?ACGRQR?PRQ
@[email protected]?RRFCRP?GLRP?TCJQKGJCQMLCU?W?LBKGJCQ@?AIDMP?RMR?JBGQR?LACMD
KGJCQ
EJTUBODFUJNF
NJMFTNJOVUFT
NJMFTNJOVUFT
GFFUNJMF
NFUFSGFFU
NJOVUFTFDPOET
NT
99;B;H7J?ED
?=KH; !NJ?LCBCACJCP?RCQMPQJMUQBMUL?QGRAMKCQGLDMPJ?LBGLEGL3R-??PRCL)RQ?AACJCP?RGMLGQMNNMQGRCGLBGPCARGMLRMGRQTCJMAGRWAPCBGR3RCTC#MLPW&JGAIP
)LCTCPWB?WAMLTCPQ?RGMLRM?AACJCP?RCKC?LQRMQNCCBSN4FC?AACJCP?RMPGL?A?PA?LGLD?ARA?SQCGRRMQNCCBSN4FCEPC?RCPRFC 799;B;H7J?ED
RFCEPC?RCPRFCAF?LECGLTCJMAGRWMTCP?EGTCLRGKC4FCDMPK?JBCDGLGRGMLMD?AACJCP?RGMLGQAMLQGQRCLRUGRFRFCQCLMRGMLQ@SRKMPCGLAJSQGTC
!TCP?EC!AACJCP?RGML
L;H7=;99;B;H7J?ED GQ G;8E4G84GJ;
-
?=KH; !QS@U?WRP?GLGL3?M0?SJM"P?XGJBCACJCP?RCQ?QGRAMKCQGLRM?QR?RGML)RGQ?AACJCP?RGLEGL?BGPCARGMLMNNMQGRCRMGRQBGPCARGMLMDKMRGMLAPCBGR9SQSIC
+?U?Q?IG&JGAIP
-GQAMLACNRGML!JCPR$CACJCP?RGMLTQ.CE?RGTC!AACJCP?RGML
$CACJCP?RGML?JU?WQPCDCPQRM?AACJCP?RGMLGLRFCBGPCARGMLMNNMQGRCRMRFCBGPCARGMLMDRFCTCJMAGRW $CACJCP?RGML?JU?WQPCBSACQQNCCB.CE?RGTC
?AACJCP?RGMLFMUCTCPGQ?AACJCP?RGML
-
N7CFB; 7B9KB7J?D=99;B;H7J?ED+79;>EHI;%;7L;IJ>; 7J;
!P?ACFMPQCAMKGLEMSRMDRFCE?RC?AACJCP?RCQDPMKPCQRRM?TCJMAGRWMDKQBSCUCQRGLQ7F?RGQGRQ?TCP?EC?AACJCP?RGML
?=KH; APCBGR*ML3SJJGT?L0$0FMRMMPE
,JH7J;=O
&GPQRUCBP?U?QICRAF?LB?QQGEL?AMMPBGL?RCQWQRCKRMRFCNPM@JCK4FGQGQ?QGKNJCNPM@JCK@SRGR?JU?WQFCJNQRMTGQS?JGXCGR.MRGACRF?RUC
?QQGELC?QR?QNMQGRGTC?LBUCQR?QLCE?RGTC4FSQGLRFGQA?QCUCF?TCLCE?RGTCTCJMAGRW
?=KH;
7CA?LQMJTCRFGQNPM@JCK@WGBCLRGDWGLE s W ?LB s U DPMKRFCEGTCLGLDMPK?RGML?LBRFCLA?JASJ?RGLERFC?TCP?EC?AACJCP?RGMLBGPCARJWDPMKRFC
COS?RGML B s Ws U
WG WUG U
,EBKJ?ED
)BCLRGDWRFCILMULQ W WG NT RFCLCE?RGTCQGELGLBGA?RCQBGPCARGMLRMU?PBRFCUCQR s U T
&GLBRFCAF?LECGLTCJMAGRW3GLACRFCFMPQCGQEMGLEDPMKXCPMRM NT GRQAF?LECGLTCJMAGRWCOS?JQGRQDGL?JTCJMAGRWs W WG NT
0JSEGLRFCILMULT?JSCQ s W ?LB s U ?LBQMJTCDMPRFCSLILMUL B
B s W
s U NT
T NT
?I9KII?ED
4FCLCE?RGTCQGELDMP?AACJCP?RGMLGLBGA?RCQRF?R?AACJCP?RGMLGQRMU?PBRFCUCQR!L?AACJCP?RGMLMD NT BSCUCQRKC?LQRF?RRFCFMPQC
GLAPC?QCQGRQTCJMAGRW@WKQBSCUCQRC?AFQCAMLBRF?RGQKCRCPQNCPQCAMLBNCPQCAMLBUFGAFUCUPGRC?Q NT 4FGQGQRPSJW?L?TCP?EC?AACJCP?RGML@CA?SQCRFCPGBCGQLMRQKMMRF7CQF?JJQCCJ?RCPRF?R?L?AACJCP?RGMLMDRFGQK?ELGRSBCUMSJBPCOSGPCRFCPGBCPRMF?LE
MLUGRF?DMPACLC?PJWCOS?JRMFGQUCGEFR
)LQR?LR?LCMSQ!AACJCP?RGML
"DIJ7DJ7D;EKI799;B;H7J?ED B MPRFC 4668?8E4G
-
GQ@CQRRMAMLQGBCPQK?JJCPRGKCGLRCPT?JQ?LBAFMMQC?L?TCP?EC?AACJCP?RGMLDMPC?AF&MPCV?KNJCUCAMSJBAMLQGBCPKMRGMLMTCPRFCRGKCGLRCPT?JQ
DPMKRMQ?LBDPMKRMQ?QQCN?P?RCKMRGMLQUGRF?AACJCP?RGMLQMD NT ?LB qNT PCQNCARGTCJW
?=KH; 'P?NFQMDGLQR?LR?LCMSQ?AACJCP?RGMLTCPQSQRGKCDMPRUMBGDDCPCLRMLCBGKCLQGML?JKMRGMLQ?(CPC?AACJCP?RGMLT?PGCQMLJWQJGEFRJW?LBGQ?JU?WQGLRFCQ?KC
BGPCARGMLQGLACGRGQNMQGRGTC4FC?TCP?ECMTCPRFCGLRCPT?JGQLC?PJWRFCQ?KC?QRFC?AACJCP?RGML?R?LWEGTCLRGKC@(CPCRFC?AACJCP?RGMLT?PGCQEPC?RJW NCPF?NQ
PCNPCQCLRGLE?N?AI?ECML?NMQRMDDGACAMLTCWMP@CJRRF?RGQ?AACJCP?RCBDMPU?PB?LB@?AIU?PB?QGR@SKNQ?JMLE)RGQLCACQQ?PWRMAMLQGBCPQK?JJRGKCGLRCPT?JQQSAF?Q
DPMKRMQUGRFAMLQR?LRMPLC?PJWAMLQR?LR?AACJCP?RGMLGLQSAF?QGRS?RGML
4FCLCVRQCTCP?JCV?KNJCQAMLQGBCPRFCKMRGMLMDRFCQS@U?WRP?GLQFMULGL ?=KH;)L?RFCQFSRRJCKMTCQRMRFCPGEFR?LBGL@GRKMTCQRM
RFCJCDR4FCCV?KNJCQ?PCBCQGELCBRMDSPRFCPGJJSQRP?RC?QNCARQMDKMRGML?LBRMGJJSQRP?RCQMKCMDRFCPC?QMLGLERF?REMCQGLRMQMJTGLENPM@JCKQ
?=KH; /LCBGKCLQGML?JKMRGMLMD?QS@U?WRP?GLAMLQGBCPCBGL N7CFB; N7CFB; N7CFB; N7CFB; N7CFB;?LB N7CFB;(CPCUCF?TC
AFMQCLRFC Y ?VGQQMRF?RKC?LQRMRFCPGEFR?LB KC?LQRMRFCJCDRDMPBGQNJ?ACKCLRQTCJMAGRGCQ?LB?AACJCP?RGMLQ?4FCQS@U?WRP?GLKMTCQRMRFCPGEFRDPMK Y RM
YG )RQBGQNJ?ACKCLR s Y GQIK@4FCRP?GLKMTCQRMRFCJCDRDPMK Y@ RM Y@G )RQBGQNJ?ACKCLR s Y@ GQ LN .MRCRF?RRFCNPGKCQWK@MJ}GQSQCBQGKNJWRMBGQRGLESGQF@CRUCCLBGQNJ?ACKCLRGLRFCRUMBGDDCPCLRQGRS?RGMLQ4FCBGQR?LACQMDRP?TCJ?LBRFCQGXCMDRFCA?PQ?PCMLBGDDCPCLRQA?JCQRMDGRCTCPWRFGLEGLRMRFCBG?EP?K
N7CFB; 7B9KB7J?D=?IFB79;C;DJ,K8M7O-H7?D
7F?R?PCRFCK?ELGRSBC?LBQGELMDBGQNJ?ACKCLRQDMPRFCKMRGMLQMDRFCQS@U?WRP?GLQFMULGLN?PRQ??LB@MD ?=KH;
,JH7J;=O
!BP?UGLEUGRF?AMMPBGL?RCQWQRCKGQ?JPC?BWNPMTGBCBQMUCBMLxRLCCBRMK?IC?QICRAF@SRUCQFMSJB?L?JWXCGRRMK?ICQSPCUC
SLBCPQR?LBUF?RGRGQQFMUGLE0?WN?PRGASJ?P?RRCLRGMLRMRFCAMMPBGL?RCQWQRCK4 MDGLBBGQNJ?ACKCLRUCSQCRFCCOS?RGML s Y YG Y 4FGQ
GQQRP?GEFRDMPU?PBQGLACRFCGLGRG?J?LBDGL?JNMQGRGMLQ?PCEGTCL
,EBKJ?ED
#(!04%2Y+).%-!4)#3
->?I9EDJ;DJ?I7L7?B78B;
-
)BCLRGDWRFCILMULQ)LRFCDGESPCUCQCCRF?R YG LN ?LB Y LN DMPN?PR??LB Y@G LN ?LB Y@ LN DMP
N?PR@
3MJTCDMPBGQNJ?ACKCLRGLN?PR?
s Y YG Y LN LN LN
3MJTCDMPBGQNJ?ACKCLRGLN?PR@
s Y@ Y@G Y@ LN LN LN
?I9KII?ED
4FCBGPCARGMLMDRFCKMRGMLGL?GQRMRFCPGEFR?LBRFCPCDMPCGRQBGQNJ?ACKCLRF?Q?NMQGRGTCQGELUFCPC?QKMRGMLGL@GQRMRFCJCDR?LBRFSQ
F?Q?LCE?RGTCQGEL
N7CFB; ECF7H?D=?IJ7D9;-H7L;B;:M?J>?IFB79;C;DJ,K8M7O-H7?D
7F?R?PCRFCBGQR?LACQRP?TCJCBDMPRFCKMRGMLQQFMULGLN?PRQ??LB@MDRFCQS@U?WRP?GLGL ?=KH;
,JH7J;=O
4M?LQUCPRFGQOSCQRGMLRFGLI?@MSRRFCBCDGLGRGMLQMDBGQR?LAC?LBBGQR?LACRP?TCJCB?LBFMURFCW?PCPCJ?RCBRMBGQNJ?ACKCLR$GQR?LAC
@CRUCCLRUMNMQGRGMLQGQBCDGLCBRM@CRFCK?ELGRSBCMDBGQNJ?ACKCLRUFGAFU?QDMSLBGL N7CFB;$GQR?LACRP?TCJCBGQRFCRMR?JJCLERFMD
RFCN?RFRP?TCJCB@CRUCCLRFCRUMNMQGRGMLQ3CC ?IFB79;C;DJ)LRFCA?QCMDRFCQS@U?WRP?GLQFMULGL ?=KH;RFCBGQR?LACRP?TCJCBGQ
RFCQ?KC?QRFCBGQR?LAC@CRUCCLRFCGLGRG?J?LBDGL?JNMQGRGMLQMDRFCRP?GL
,EBKJ?ED
4FCBGQNJ?ACKCLRDMPN?PR?U?QIK4FCPCDMPCRFCBGQR?LAC@CRUCCLRFCGLGRG?J?LBDGL?JNMQGRGMLQU?QIK?LBRFCBGQR?LAC
RP?TCJCBU?QIK
4FCBGQNJ?ACKCLRDMPN?PR@U?Q LN 4FCPCDMPCRFCBGQR?LAC@CRUCCLRFCGLGRG?J?LBDGL?JNMQGRGMLQU?QIK?LBRFCBGQR?LACRP?TCJCBU?QIK
?I9KII?ED
$GQR?LACGQ?QA?J?P)RF?QK?ELGRSBC@SRLMQGELRMGLBGA?RCBGPCARGML
N7CFB; 7B9KB7J?D=99;B;H7J?ED,K8M7O-H7?D,F;;:?D=.F
3SNNMQCRFCRP?GLGL ?=KH;??AACJCP?RCQDPMKPCQRRMIKFGLRFCDGPQRQMDGRQKMRGML7F?RGQGRQ?TCP?EC?AACJCP?RGMLBSPGLERF?R
RGKCGLRCPT?J
,JH7J;=O
)RGQUMPRFGR?RRFGQNMGLRRMK?IC?QGKNJCQICRAF
?=KH;
4FGQNPM@JCKGLTMJTCQRFPCCQRCNQ&GPQRUCKSQRBCRCPKGLCRFCAF?LECGLTCJMAGRW RFCLUCKSQRBCRCPKGLCRFCAF?LECGLRGKC?LBDGL?JJWUC
SQCRFCQCT?JSCQRMA?JASJ?RCRFC?AACJCP?RGML
,EBKJ?ED
)BCLRGDWRFCILMULQ W RFCRP?GLQQR?PRQ?RPCQR WG LNI ?LB s U T
#?JASJ?RC s W 3GLACRFCRP?GLQR?PRQDPMKPCQRGRQAF?LECGLTCJMAGRWGQ s WLNI UFCPCRFCNJSQQGELKC?LQTCJMAGRWRMRFCPGEFR
0JSEGLILMULT?JSCQ?LBQMJTCDMPRFCSLILMUL B
B s W
s U LNI
T
3GLACRFCSLGRQ?PCKGVCBUCF?TC@MRFFMSPQ?LBQCAMLBQDMPRGKCUCLCCBRMAMLTCPRCTCPWRFGLEGLRM3)SLGRQMDKCRCPQ?LBQCAMLBQ3CC
)>OI?97B*K7DJ?J?;I7D:.D?JI DMPKMPCESGB?LAC
#(!04%2Y+).%-!4)#3
-
B 13
LNIT
4613 NLN
4613
IT
46 NT
?I9KII?ED
4FCNJSQQGELKC?LQRF?R?AACJCP?RGMLGQRMRFCPGEFR4FGQGQPC?QML?@JC@CA?SQCRFCRP?GLQR?PRQDPMKPCQR?LBCLBQSNUGRF?TCJMAGRWRMRFCPGEFR
?JQMNMQGRGTC3M?AACJCP?RGMLGQGLRFCQ?KCBGPCARGML?QRFC 6;4A:8 GLTCJMAGRW?QGQ?JU?WQRFCA?QC
N7CFB; 7B9KB7J;99;B;H7J?ED,K8M7O-H7?D,BEM?D=EMD
.MUQSNNMQCRF?R?RRFCCLBMDGRQRPGNRFCRP?GLGL ?=KH;?QJMUQRM?QRMNDPMK?QNCCBMDIKFGLQ7F?RGQGRQ?TCP?EC
?AACJCP?RGMLUFGJCQRMNNGLE
,JH7J;=O
?=KH;
)LRFGQA?QCRFCRP?GLGQBCACJCP?RGLE?LBGRQ?AACJCP?RGMLGQLCE?RGTC@CA?SQCGRGQRMU?PBRFCJCDR!QGLRFCNPCTGMSQCV?KNJCUCKSQRDGLBRFC
AF?LECGLTCJMAGRW?LBRFCAF?LECGLRGKC?LBRFCLQMJTCDMP?AACJCP?RGML
,EBKJ?ED
)BCLRGDWRFCILMULQ W LNI WG LNI RFCRP?GLGQQRMNNCBQMGRQTCJMAGRWGQ?LB s U T
3MJTCDMPRFCAF?LECGLTCJMAGRW s W
s W WG W LNI LNI
0JSEGLRFCILMULQ s W ?LB s U ?LBQMJTCDMP B
B s W
s U LNI
T
#MLTCPRRFCSLGRQRMKCRCPQ?LBQCAMLBQ
B s W
s U 13
LNIT
4613 NLN
4613
IT
46 NT
?I9KII?ED
4FCKGLSQQGELGLBGA?RCQRF?R?AACJCP?RGMLGQRMRFCJCDR4FGQQGELGQPC?QML?@JC@CA?SQCRFCRP?GLGLGRG?JJWF?Q?NMQGRGTCTCJMAGRWGLRFGQNPM@JCK
?LB?LCE?RGTC?AACJCP?RGMLUMSJBMNNMQCRFCKMRGML!E?GL?AACJCP?RGMLGQGLRFCQ?KCBGPCARGML?QRFC 6;4A:8 GLTCJMAGRWUFGAFGQLCE?RGTC
FCPC4FGQ?AACJCP?RGMLA?L@CA?JJCB?BCACJCP?RGML@CA?SQCGRF?Q?BGPCARGMLMNNMQGRCRMRFCTCJMAGRW
4FCEP?NFQMDNMQGRGMLTCJMAGRW?LB?AACJCP?RGMLTQRGKCDMPRFCRP?GLQGL N7CFB; ?LB N7CFB; ?PCBGQNJ?WCBGL ?=KH;7CF?TC
R?ICLRFCTCJMAGRWRMPCK?GLAMLQR?LRDPMKRMQ?DRCPUFGAFRFCRP?GLBCACJCP?RCQ
#(!04%2Y+).%-!4)#3
->?I9EDJ;DJ?I7L7?B78B;
-
?=KH; ?0MQGRGMLMDRFCRP?GLMTCPRGKC.MRGACRF?RRFCRP?GLxQNMQGRGMLAF?LECQQJMUJW?RRFC@CEGLLGLEMDRFCHMSPLCWRFCLKMPC?LBKMPCOSGAIJW?QGRNGAIQSNQNCCB
)RQNMQGRGMLRFCLAF?LECQKMPCQJMUJW?QGRQJMUQBMUL?RRFCCLBMDRFCHMSPLCW)LRFCKGBBJCMDRFCHMSPLCWUFGJCRFCTCJMAGRWPCK?GLQAMLQR?LRRFCNMQGRGMLAF?LECQ?R?
AMLQR?LRP?RC@6CJMAGRWMDRFCRP?GLMTCPRGKC4FCRP?GLxQTCJMAGRWGLAPC?QCQ?QGR?AACJCP?RCQ?RRFC@CEGLLGLEMDRFCHMSPLCW)RPCK?GLQRFCQ?KCGLRFCKGBBJCMDRFCHMSPLCW
UFCPCRFCPCGQLM?AACJCP?RGML)RBCAPC?QCQ?QRFCRP?GLBCACJCP?RCQ?RRFCCLBMDRFCHMSPLCWA4FC?AACJCP?RGMLMDRFCRP?GLMTCPRGKC4FCRP?GLF?QNMQGRGTC?AACJCP?RGML
?QGRQNCCBQSN?RRFC@CEGLLGLEMDRFCHMSPLCW)RF?QLM?AACJCP?RGML?QGRRP?TCJQ?RAMLQR?LRTCJMAGRWGLRFCKGBBJCMDRFCHMSPLCW)RQ?AACJCP?RGMLGQLCE?RGTC?QGRQJMUQBMUL
?RRFCCLBMDRFCHMSPLCW
N7CFB; 7B9KB7J?D=L;H7=;/;BE9?JO->;,K8M7O-H7?D
7F?RGQRFC?TCP?ECTCJMAGRWMDRFCRP?GLGLN?PR@MD N7CFB;?LBQFMUL?E?GL@CJMUGDGRR?ICQKGLRMK?ICGRQRPGN
#(!04%2Y+).%-!4)#3
-
?=KH;
,JH7J;=O
!TCP?ECTCJMAGRWGQBGQNJ?ACKCLRBGTGBCB@WRGKC)RUGJJ@CLCE?RGTCFCPCQGLACRFCRP?GLKMTCQRMRFCJCDR?LBF?Q?LCE?RGTCBGQNJ?ACKCLR
,EBKJ?ED
)BCLRGDWRFCILMULQ Y@G LN Y@ LN s U NJO
$CRCPKGLCBGQNJ?ACKCLR s Y@7CDMSLB s Y@ RM@C LN GL N7CFB;
3MJTCDMP?TCP?ECTCJMAGRW
W s Y@
s U LN
NJO
#MLTCPRSLGRQ
W s Y@
s U 13
LNNJO
4613NJOI
46 LNI
?I9KII?ED
4FCLCE?RGTCTCJMAGRWGLBGA?RCQKMRGMLRMRFCJCDR
N7CFB; 7B9KB7J?D=;9;B;H7J?ED->;,K8M7O-H7?D
&GL?JJWQSNNMQCRFCRP?GLGL ?=KH; QJMUQRM?QRMNDPMK?TCJMAGRWMDIKFGLQ7F?RGQGRQ?TCP?EC?AACJCP?RGML
,JH7J;=O
/LAC?E?GLJCRxQBP?U?QICRAF
?=KH;
!Q@CDMPCUCKSQRDGLBRFCAF?LECGLTCJMAGRW?LBRFCAF?LECGLRGKCRMA?JASJ?RC?TCP?EC?AACJCP?RGML
,EBKJ?ED
)BCLRGDWRFCILMULQ W LNI WG LNI s U T
#?JASJ?RC s W 4FCAF?LECGLTCJMAGRWFCPCGQ?ARS?JJWNMQGRGTCQGLAC
s W WG W LNI LNI
3MJTCDMP B
B s W
s U LNI
T
#MLTCPRSLGRQ
B 13
LNIT
4613 NLN
4613
IT
46 NT
?I9KII?ED
4FCNJSQQGELKC?LQRF?R?AACJCP?RGMLGQRMRFCPGEFR4FGQGQPC?QML?@JC@CA?SQCRFCRP?GLGLGRG?JJWF?Q?LCE?RGTCTCJMAGRWRMRFCJCDRGLRFGQ
NPM@JCK?LB?NMQGRGTC?AACJCP?RGMLMNNMQCQRFCKMRGML?LBQMGRGQRMRFCPGEFR!E?GL?AACJCP?RGMLGQGLRFCQ?KCBGPCARGML?QRFC 6;4A:8 GL
#(!04%2Y+).%-!4)#3
->?I9EDJ;DJ?I7L7?B78B;
-
s U Us Y Y Ys W W W
A
CB
UFCPC G;8FH5F6E
-
,EBKJ?ED
)BCLRGDWRFCILMULQ W NT s U NJO ?LB Y N
%LRCPRFCILMULT?JSCQGLRMRFCCOS?RGML
Y Y W U NTT N
?I9KII?ED
6CJMAGRW?LBDGL?JBGQNJ?ACKCLR?PC@MRFNMQGRGTCUFGAFKC?LQRFCW?PCGLRFCQ?KCBGPCARGML
4FCCOS?RGML Y Y W U EGTCQGLQGEFRGLRMRFCPCJ?RGMLQFGN@CRUCCLBGQNJ?ACKCLR?TCP?ECTCJMAGRW ?LBRGKC)RQFMUQDMPCV?KNJCRF?R
BGQNJ?ACKCLRGQ?JGLC?PDSLARGMLMD?TCP?ECTCJMAGRW"WJGLC?PDSLARGMLUCKC?LRF?RBGQNJ?ACKCLRBCNCLBQML W P?RFCPRF?LML W P?GQCBRM
QMKCMRFCPNMUCPQSAF?Q W 7FCLEP?NFCBJGLC?PDSLARGMLQJMMIJGICQRP?GEFRJGLCQUGRF?AMLQR?LRQJMNC/L?A?PRPGNDMPCV?KNJCUCUGJJECR
RUGAC?QD?PGL?EGTCLRGKCGDUC?TCP?ECIKFRF?LGDUC?TCP?ECIKF
?=KH; 4FCPCGQ?JGLC?PPCJ?RGMLQFGN@CRUCCLBGQNJ?ACKCLR?LB?TCP?ECTCJMAGRW&MP?EGTCLRGKC U ?LM@HCARKMTGLERUGAC?QD?QR?Q?LMRFCPM@HCARUGJJKMTCRUGAC?QD?P?QRFCMRFCPM@HCAR
3MJTGLEDMP&GL?J6CJMAGRW
7CA?LBCPGTC?LMRFCPSQCDSJCOS?RGML@WK?LGNSJ?RGLERFCBCDGLGRGMLMD?AACJCP?RGML
B s W
s U
3S@QRGRSRGLERFCQGKNJGDGCBLMR?RGMLDMP s W ?LB s U EGTCQSQ
B
W WU
DPOTUBOU B
3MJTGLEDMP W WGCJBQ
W W BU DPOTUBOU B
N7CFB; 7B9KB7J?D=?D7B/;BE9?JOD?HFB7D;,BEM?D=EMD7
-
?=KH;
,EBKJ?ED
)BCLRGDWRFCILMULQ s W NT B NT U T
)BCLRGDWRFCSLILMUL)LRFGQA?QCGRGQDGL?JTCJMAGRW WG
$CRCPKGLCUFGAFCOS?RGMLRMSQC7CA?LA?JASJ?RCRFCDGL?JTCJMAGRWSQGLERFCCOS?RGML W W BU
0JSEGLRFCILMULT?JSCQ?LBQMJTC
W W BU NT 13 NT
46 T NT
?I9KII?ED
4FCDGL?JTCJMAGRWGQKSAFJCQQRF?LRFCGLGRG?JTCJMAGRW?QBCQGPCBUFCLQJMUGLEBMUL@SRQRGJJNMQGRGTC7GRFHCRCLEGLCQPCTCPQCRFPSQRAMSJB@C
K?GLR?GLCBJMLECLMSEFRMQRMNRFCNJ?LC?LBQR?PRKMTGLEGR@?AIU?PB4F?RUMSJB@CGLBGA?RCB@W?LCE?RGTCDGL?JTCJMAGRW UFGAFGQLMRRFC
A?QCFCPC
?=KH; 4FC?GPNJ?LCJ?LBQUGRF?LGLGRG?JTCJMAGRWMDKQ?LBQJMUQRM?DGL?JTCJMAGRWMDKQ@CDMPCFC?BGLEDMPRFCRCPKGL?J.MRCRF?RRFC?AACJCP?RGMLGQ
LCE?RGTC@CA?SQCGRQBGPCARGMLGQMNNMQGRCRMGRQTCJMAGRWUFGAFGQNMQGRGTC
)L?BBGRGMLRM@CGLESQCDSJGLNPM@JCKQMJTGLERFCCOS?RGML W W BU EGTCQSQGLQGEFRGLRMRFCPCJ?RGMLQFGNQ?KMLETCJMAGRW?AACJCP?RGML?LB
RGKC&PMKGRUCA?LQCCDMPCV?KNJCRF?R
{ DGL?JTCJMAGRWBCNCLBQMLFMUJ?PECRFC?AACJCP?RGMLGQ?LBFMUJMLEGRJ?QRQ
{ GDRFC?AACJCP?RGMLGQXCPMRFCLRFCDGL?JTCJMAGRWCOS?JQRFCGLGRG?JTCJMAGRW W W ?QCVNCARCBGCTCJMAGRWGQAMLQR?LR
{ GD B GQLCE?RGTCRFCLRFCDGL?JTCJMAGRWGQJCQQRF?LRFCGLGRG?JTCJMAGRW
!JJMDRFCQCM@QCPT?RGMLQDGRMSPGLRSGRGML?LBGRGQ?JU?WQSQCDSJRMCV?KGLC@?QGACOS?RGMLQGLJGEFRMDMSPGLRSGRGML?LBCVNCPGCLACQRMAFCAIRF?RRFCW
BMGLBCCBBCQAPG@CL?RSPC?AASP?RCJW
-?IGLE#MLLCARGMLQ2C?J7MPJB#MLLCARGML
?=KH; 4FC3N?AC3FSRRJC A784IBE @J?QRQMDDDPMKRFC+CLLCBW3N?AC#CLRCPGL&C@PS?PWAPCBGR-?RRFCU3GK?LRMT&JGAIP
!LGLRCPAMLRGLCLR?J@?JJGQRGAKGQQGJC)#"-F?Q?J?PECP?TCP?EC?AACJCP?RGMLRF?LRFC3N?AC3FSRRJC?LB?AFGCTCQ?EPC?RCPTCJMAGRWGLRFCDGPQR
KGLSRCMPRUMMDDJGEFR?ARS?J)#"-@SPLRGKCQ?PCAJ?QQGDGCBvQFMPR@SPLRGKCKGQQGJCQ?PCKMPCBGD DGASJRDMP?LCLCKWRMBCQRPMW"SRRFC3N?AC
#(!04%2Y+).%-!4)#3
->?I9EDJ;DJ?I7L7?B78B;
-
3FSRRJCM@R?GLQ?EPC?RCPDGL?JTCJMAGRWQMRF?RGRA?LMP@GRRFCC?PRFP?RFCPRF?LAMKCBGPCARJW@?AIBMUL?Q?L)#"-BMCQ4FC3N?AC3FSRRJC
BMCQRFGQ@W?AACJCP?RGLEDMP?JMLECPRGKC
3MJTGLEDMP&GL?J0MQGRGML7FCL6CJMAGRWGQ.MR#MLQR?LR B v
7CA?LAMK@GLCRFCCOS?RGMLQ?@MTCRMDGLB?RFGPBCOS?RGMLRF?R?JJMUQSQRMA?JASJ?RCRFCDGL?JNMQGRGMLMD?LM@HCARCVNCPGCLAGLEAMLQR?LR
?AACJCP?RGML7CQR?PRUGRF
W W BU
!BBGLE W RMC?AFQGBCMDRFGQCOS?RGML?LBBGTGBGLE@WEGTCQ
W W
W BU
3GLACW W
W DMPAMLQR?LR?AACJCP?RGMLRFCL
W W
BU
.MUUCQS@QRGRSRCRFGQCVNPCQQGMLDMP W GLRMRFCCOS?RGMLDMPBGQNJ?ACKCLR Y Y W U WGCJBGLE
Y Y WU
BU DPOTUBOU B
N7CFB; 7B9KB7J?D=?IFB79;C;DJE
-
0JSERFCILMULT?JSCQGLRMRFCCOS?RGMLRMQMJTCDMPRFCSLILMUL Y
Y Y WU
BU
3GLACRFCGLGRG?JNMQGRGML?LBTCJMAGRW?PC@MRFXCPMRFGQQGKNJGDGCQRM
Y
BU
3S@QRGRSRGLERFCGBCLRGDGCBT?JSCQMD B ?LB U EGTCQ
Y
13 NT
46 T
WGCJBGLE
Y N
?I9KII?ED
)DUCAMLTCPRKRMKGJCQUCDGLBRF?RRFCBGQR?LACAMTCPCBGQTCPWAJMQCRMMLCOS?PRCPMD?KGJCRFCQR?LB?PBBGQR?LACDMPBP?EP?AGLE3M
RFC?LQUCPGQPC?QML?@JC4FGQGQ?LGKNPCQQGTCBGQNJ?ACKCLRGLMLJWQ@SRRMNLMRAFBP?EQRCPQA?LBM?OS?PRCPKGJCGLCTCLJCQQRGKCRF?L
RFGQ
7F?RCJQCA?LUCJC?PL@WCV?KGLGLERFCCOS?RGML Y Y WU BU 7CQCCRF?R
{ BGQNJ?ACKCLRBCNCLBQMLRFCQOS?PCMDRFCCJ?NQCBRGKCUFCL?AACJCP?RGMLGQLMRXCPM)L N7CFB;RFCBP?EQRCPAMTCPQMLJWMLCDMSPRFMD
RFCRMR?JBGQR?LACGLRFCDGPQRF?JDMDRFCCJ?NQCBRGKC
{ GD?AACJCP?RGMLGQXCPMRFCLRFCGLGRG?JTCJMAGRWCOS?JQ?TCP?ECTCJMAGRW W W?LB Y Y WU
BU @CAMKCQ Y Y WU
3MJTGLEDMP&GL?J6CJMAGRWUFCL6CJMAGRW)Q.MR#MLQR?LR B v
!DMSPRFSQCDSJCOS?RGMLA?L@CM@R?GLCBDPMK?LMRFCP?JEC@P?GAK?LGNSJ?RGMLMDNPCTGMSQCOS?RGMLQ
)DUCQMJTC W W BU DMP U UCECR
U
W WB
3S@QRGRSRGLERFGQ?LB W W W
GLRM Y Y W
U UCECR
W W BY Y DPOTUBOUB
N7CFB; 7B9KB7J?D=?D7B/;BE9?JOH7=IJ;HI
#?JASJ?RCRFCDGL?JTCJMAGRWMDRFCBP?EQRCPGL N7CFB; UGRFMSRSQGLEGLDMPK?RGML?@MSRRGKC
,JH7J;=O
$P?U?QICRAF
?=KH;
4FCCOS?RGML W W BY Y GQGBC?JJWQSGRCBRMRFGQR?QI@CA?SQCGRPCJ?RCQTCJMAGRGCQ?AACJCP?RGML?LBBGQNJ?ACKCLR?LBLMRGKC
GLDMPK?RGMLGQPCOSGPCB
,EBKJ?ED
)BCLRGDWRFCILMULT?JSCQ7CILMURF?R W QGLACRFCBP?EQRCPQR?PRQDPMKPCQR4FCLUCLMRCRF?R Y Y N RFGQU?QRFC
?LQUCPGL N7CFB;&GL?JJWRFC?TCP?EC?AACJCP?RGMLU?QEGTCLRM@C B NT
0JSERFCILMULQGLRMRFCCOS?RGML W W BY Y ?LBQMJTCDMP W
#(!04%2Y+).%-!4)#3
->?I9EDJ;DJ?I7L7?B78B;
-
W 13 NT 4
6 N
4FSQ
W N T
4MECR W UCR?ICRFCQOS?PCPMMR
W N T NT
?I9KII?ED
KQGQ?@MSRIKFMP?@MSRKGF@SRCTCLRFGQ@PC?ILCAIQNCCBGQQFMPRMDRFCPCAMPBDMPRFCOS?PRCPKGJC!JQMLMRCRF?R?QOS?PC
PMMRF?QRUMT?JSCQUCRMMIRFCNMQGRGTCT?JSCRMGLBGA?RC?TCJMAGRWGLRFCQ?KCBGPCARGML?QRFC?AACJCP?RGML
!LCV?KGL?RGMLMDRFCCOS?RGML W W BY Y A?LNPMBSACDSPRFCPGLQGEFRQGLRMRFCECLCP?JPCJ?RGMLQFGNQ?KMLENFWQGA?JOS?LRGRGCQ
{ 4FCDGL?JTCJMAGRWBCNCLBQMLFMUJ?PECRFC?AACJCP?RGMLGQ?LBRFCBGQR?LACMTCPUFGAFGR?ARQ
{ &MP?DGVCBBCACJCP?RGML?A?PRF?RGQEMGLERUGAC?QD?QRBMCQLxRQGKNJWQRMNGLRUGACRFCBGQR?LACvGRR?ICQKSAFDSPRFCPRMQRMN4FGQGQUFWUC
F?TCPCBSACBQNCCBXMLCQLC?PQAFMMJQ
0SRRGLE%OS?RGMLQ4MECRFCP
)LRFCDMJJMUGLECV?KNJCQUCDSPRFCPCVNJMPCMLCBGKCLQGML?JKMRGML@SRGLQGRS?RGMLQPCOSGPGLEQJGEFRJWKMPC?JEC@P?GAK?LGNSJ?RGML4FCCV?KNJCQ
?JQMEGTCGLQGEFRGLRMNPM@JCKQMJTGLERCAFLGOSCQ4FC@MV@CJMUNPMTGBCQC?QWPCDCPCLACRMRFCCOS?RGMLQLCCBCB
3SKK?PWMD+GLCK?RGA%OS?RGMLQAMLQR?LR B
Y Y W U
W
W W
W W BU
Y Y WU
BU
W W BY Y
N7CFB; 7B9KB7J?D=?IFB79;C;DJ!EM7HE;I77H E0>;DEC?D=JE7!7BJ
/LBPWAMLAPCRC?A?PA?LBCACJCP?RC?R?P?RCMD NT UFCPC?QMLUCRAMLAPCRCGRA?LBCACJCP?RC?RMLJW NT &GLBRFCBGQR?LACQLCACQQ?PWRMQRMN?A?PKMTGLE?RKQ?@MSRIKF?MLBPWAMLAPCRC?LB@MLUCRAMLAPCRCA2CNC?R@MRFA?JASJ?RGMLQDGLBGLE
RFCBGQNJ?ACKCLRDPMKRFCNMGLRUFCPCRFCBPGTCPQCCQ?RP?DDGAJGEFRRSPLPCBR?IGLEGLRM?AAMSLRFGQPC?ARGMLRGKCMDQRMECRFGQDMMRMLRFC
@P?IC
,JH7J;=O
$P?U?QICRAF
?=KH;
)LMPBCPRMBCRCPKGLCUFGAFCOS?RGMLQ?PC@CQRRMSQCUCLCCBRMJGQR?JJMDRFCILMULT?JSCQ?LBGBCLRGDWCV?ARJWUF?RUCLCCBRMQMJTCDMP 7C
QF?JJBMRFGQCVNJGAGRJWGLRFCLCVRQCTCP?JCV?KNJCQSQGLER?@JCQRMQCRRFCKMD D
,EBKJ?ED
-
)BCLRGDWRFCILMULQ?LBUF?RUCU?LRRMQMJTCDMP7CILMURF?R W NT W B NT B GQLCE?RGTC@CA?SQCGRGQGL
?BGPCARGMLMNNMQGRCRMTCJMAGRW7CR?IC Y RM@C7C?PCJMMIGLEDMPBGQNJ?ACKCLR s Y MP Y Y
)BCLRGDWRFCCOS?RGMLRF?RUGJJFCJNSNQMJTCRFCNPM@JCK4FC@CQRCOS?RGMLRMSQCGQ
W W BY Y
4FGQCOS?RGMLGQ@CQR@CA?SQCGRGLAJSBCQMLJWMLCSLILMUL Y 7CILMURFCT?JSCQMD?JJRFCMRFCPT?PG?@JCQGLRFGQCOS?RGML4FCPC?PCMRFCP
COS?RGMLQRF?RUMSJB?JJMUSQRMQMJTCDMP Y @SRRFCWPCOSGPCSQRMILMURFCQRMNNGLERGKC U UFGAFUCBMLMRILMU7CAMSJBSQCRFCK@SRGR
UMSJBCLR?GJ?BBGRGML?JA?JASJ?RGMLQ
2C?PP?LECRFCCOS?RGMLRMQMJTCDMP Y
Y Y W W
B
%LRCPILMULT?JSCQ
Y
NT
13 NT4
6
4FSQ
Y NPOESZDPODSFUF
,EBKJ?ED
-
?I9KII?ED
4FCBGQNJ?ACKCLRQDMSLBGLRFGQCV?KNJCQCCKPC?QML?@JCDMPQRMNNGLE?D?QRKMTGLEA?P )RQFMSJBR?ICJMLECPRMQRMN?A?PMLUCRP?RFCPRF?L
BPWN?TCKCLR)RGQGLRCPCQRGLERF?RPC?ARGMLRGKC?BBQQGELGDGA?LRJWRMRFCBGQNJ?ACKCLRQ"SRKMPCGKNMPR?LRGQRFCECLCP?J?NNPM?AFRMQMJTGLE
NPM@JCKQ7CGBCLRGDWRFCILMULQ?LBRFCOS?LRGRGCQRM@CBCRCPKGLCB?LBRFCLDGLB?L?NNPMNPG?RCCOS?RGML4FCPCGQMDRCLKMPCRF?LMLCU?W
RMQMJTC?NPM@JCK4FCT?PGMSQN?PRQMDRFGQCV?KNJCA?LGLD?AR@CQMJTCB@WMRFCPKCRFMBQ@SRRFCQMJSRGMLQNPCQCLRCB?@MTC?PCRFCQFMPRCQR
N7CFB; 7B9KB7J?D=-?C;7H&;H=;I?DJE-H7
-
!LCE?RGTCT?JSCDMPRGKCGQSLPC?QML?@JCQGLACGRUMSJBKC?LRF?RRFCCTCLRF?NNCLCBQ@CDMPCRFCKMRGML@CE?L7 CA?LBGQA?PBRF?R
QMJSRGML4FSQ
U T
?I9KII?ED
7FCLCTCP?LCOS?RGMLAMLR?GLQ?LSLILMULQOS?PCBRFCPCUGJJ@CRUMQMJSRGMLQ)LQMKCNPM@JCKQ@MRFQMJSRGMLQ?PCKC?LGLEDSJ@SRGLMRFCPQ
QSAF?QRFC?@MTCMLJWMLCQMJSRGMLGQPC?QML?@JC4FCQ?LQUCPQCCKQPC?QML?@JCDMP?RWNGA?JDPCCU?WMLP?KN
7GRFRFC@?QGAQMDIGLCK?RGAQCQR?@JGQFCBUCA?LEMMLRMK?LWMRFCPGLRCPCQRGLECV?KNJCQ?LB?NNJGA?RGMLQ)LRFCNPMACQQMDBCTCJMNGLE
IGLCK?RGAQUCF?TC?JQMEJGKNQCB?ECLCP?J?NNPM?AFRMNPM@JCKQMJTGLERF?RNPMBSACQ@MRFAMPPCAR?LQUCPQ?LBGLQGEFRQGLRMNFWQGA?J
PCJ?RGMLQFGNQ )HE8B;C,EBL?D=7I?9I BGQASQQCQNPM@JCKQMJTGLE@?QGAQ?LBMSRJGLCQ?L?NNPM?AFRF?RUGJJFCJNWMSQSAACCBGLRFGQGLT?JS?@JCR?QI
-?IGLE#MLLCARGMLQ4?IC(MKC%VNCPGKCLRv"PC?IGLE.CUQ
7CF?TC@CCLSQGLE3)SLGRQMDKCRCPQNCPQCAMLBQOS?PCBRMBCQAPG@CQMKCCV?KNJCQMD?AACJCP?RGMLMPBCACJCP?RGMLMDA?PQPSLLCPQ?LB
RP?GLQ4M?AFGCTC?@CRRCPDCCJDMPRFCQCLSK@CPQMLCA?LKC?QSPCRFC@P?IGLEBCACJCP?RGMLMD?A?PBMGLE?QJMU?LBQ?DCQRMN2CA?JJRF?R
DMP?TCP?EC?AACJCP?RGML B s W s U 7FGJCRP?TCJGLEGL?A?PQJMUJW?NNJWRFC@P?ICQ?QWMSAMKCSNRM?QRMNQGEL(?TC?N?QQCLECPLMRCRFCGLGRG?JQNCCBGLKGJCQNCPFMSP?LBRFCRGKCR?ICLGLQCAMLBQRMQRMN&PMKRFGQA?JASJ?RCRFCBCACJCP?RGMLGLKGJCQNCPFMSPNCPQCAMLB
#MLTCPRRFGQRMKCRCPQNCPQCAMLBQOS?PCB?LBAMKN?PCUGRFMRFCPBCACJCP?RGMLQKCLRGMLCBGLRFGQAF?NRCP #?JASJ?RCRFCBGQR?LACRP?TCJCBGL
@P?IGLE
>;9A2EKH.D:;HIJ7D:?D=
!K?LLCBPMAICR?AACJCP?RCQ?R?P?RCMD NT BSPGLEJ?SLAF(MUJMLEBMCQGRR?ICRFCPMAICRPC?AF?TCJMAGRWMDKQ
,EBKJ?ED
4M?LQUCPRFGQAFMMQC?LCOS?RGMLRF?R?JJMUQWMSRMQMJTCDMPRGKC U EGTCLMLJW B W ?LB W
W W BU
2C?PP?LECRMQMJTCDMP U
U W WB
NT NTNT
T
)HE8B;C,EBL?D=7I?9I
-
COS?RGMLQPCNPCQCLRGLERFMQCNPGLAGNJCQ!JRFMSEFDGLBGLERFCAMPPCARCOS?RGMLGQCQQCLRG?JICCNGLKGLBRF?RCOS?RGMLQPCNPCQCLRNFWQGA?JNPGLAGNJCQ
J?UQMDL?RSPC?LBPCJ?RGMLQFGNQ?KMLENFWQGA?JOS?LRGRGCQ7GRFMSR?AMLACNRS?JSLBCPQR?LBGLEMD?NPM@JCK?LSKCPGA?JQMJSRGMLGQKC?LGLEJCQQ
,J;F
$4>84?
-
7BB?D=(8@;9JI
&?JJGLEM@HCARQDMPK?LGLRCPCQRGLEAJ?QQMDKMRGMLNPM@JCKQ&MPCV?KNJCUCA?LCQRGK?RCRFCBCNRFMD?TCPRGA?JKGLCQF?DR@WBPMNNGLE?PMAIGLRMGR
?LBJGQRCLGLEDMPRFCPMAIRMFGRRFC@MRRMK"W?NNJWGLERFCIGLCK?RGAQBCTCJMNCBQMD?PRMD?JJGLEM@HCARQUCA?LCV?KGLCQMKCGLRCPCQRGLEQGRS?RGMLQ
?LBJC?PLKSAF?@MSREP?TGRWGLRFCNPMACQQ
'P?TGRW
4FCKMQRPCK?PI?@JC?LBSLCVNCARCBD?AR?@MSRD?JJGLEM@HCARQGQRF?RGD?GPPCQGQR?LAC?LBDPGARGML?PCLCEJGEG@JCRFCLGL?EGTCLJMA?RGML?JJM@HCARQ
D?JJRMU?PBRFCACLRCPMD%?PRFUGRFRFC F4@86BAFG4AG4668?8E4G
-
?=KH;
7C?PC?QICBRMBCRCPKGLCRFCNMQGRGML Z ?RT?PGMSQRGKCQ)RGQPC?QML?@JCRMR?ICRFCGLGRG?JNMQGRGML Z RM@CXCPM4FGQNPM@JCKGLTMJTCQMLC
BGKCLQGML?JKMRGMLGLRFCTCPRGA?JBGPCARGML7CSQCNJSQ?LBKGLSQQGELQRMGLBGA?RCBGPCARGMLUGRFSN@CGLENMQGRGTC?LBBMULLCE?RGTC3GLAC
SNGQNMQGRGTC?LBRFCPMAIGQRFPMULSNU?PBRFCGLGRG?JTCJMAGRWKSQR@CNMQGRGTCRMM4FC?AACJCP?RGMLBSCRMEP?TGRWGQBMULU?PBQM B GQ
LCE?RGTC)RGQAPSAG?JRF?RRFCGLGRG?JTCJMAGRW?LBRFC?AACJCP?RGMLBSCRMEP?TGRWF?TCMNNMQGRCQGELQ/NNMQGRCQGELQGLBGA?RCRF?RRFC?AACJCP?RGML
BSCRMEP?TGRWMNNMQCQRFCGLGRG?JKMRGML?LBUGJJQJMU?LBCTCLRS?JJWPCTCPQCGR
3GLACUC?PC?QICBDMPT?JSCQMDNMQGRGML?LBTCJMAGRW?RRFPCCRGKCQUCUGJJPCDCPRMRFCQC?Q Z ?LB W Z ?LB W ?LB Z ?LB W
,EBKJ?ED
-
?=KH; 6CPRGA?JNMQGRGMLTCPRGA?JTCJMAGRW?LBTCPRGA?J?AACJCP?RGMLTQRGKCDMP?PMAIRFPMULTCPRGA?JJWSN?RRFCCBECMD?AJGDD.MRGACRF?RTCJMAGRWAF?LECQJGLC?PJW
UGRFRGKC?LBRF?R?AACJCP?RGMLGQAMLQR?LR $?I9EDJ;DJ?I7L7?B78B;
-
N7CFB; 7B9KB7J?D=/;BE9?JOEHEMDEMD
7F?RF?NNCLQGDRFCNCPQMLMLRFCAJGDDRFPMUQRFCPMAIQRP?GEFRBMULGLQRC?BMDQRP?GEFRSN4MCVNJMPCRFGQOSCQRGMLA?JASJ?RCRFCTCJMAGRWMDRFC
PMAIUFCLGRGQK@CJMURFCQR?PRGLENMGLR?LBF?Q@CCLRFPMULBMULU?PBUGRF?LGLGRG?JQNCCBMDKQ
,JH7J;=O
$P?U?QICRAF
?=KH;
3GLACSNGQNMQGRGTCRFCDGL?JNMQGRGMLMDRFCPMAIUGJJ@CLCE?RGTC@CA?SQCGRDGLGQFCQ@CJMURFCQR?PRGLENMGLR?R Z 3GKGJ?PJWRFCGLGRG?J
TCJMAGRWGQBMULU?PB?LBRFCPCDMPCLCE?RGTC?QGQRFC?AACJCP?RGMLBSCRMEP?TGRW 7CCVNCARRFCDGL?JTCJMAGRWRM@CLCE?RGTCQGLACRFCPMAIUGJJ
AMLRGLSCRMKMTCBMULU?PB
,EBKJ?ED
)BCLRGDWRFCILMULQ Z Z N W NT B H NT
#FMMQCRFCIGLCK?RGACOS?RGMLRF?RK?ICQGRC?QGCQRRMQMJTCRFCNPM@JCK4FCCOS?RGML W W BZ Z UMPIQUCJJ@CA?SQCRFCMLJW
SLILMULGLGRGQ W 7CUGJJNJSE Z GLDMP Z
%LRCPRFCILMULT?JSCQ
W NT 13 NT 4
6 N N N T
UFCPCUCF?TCPCR?GLCBCVRP?QGELGDGA?LRDGESPCQ@CA?SQCRFGQGQ?LGLRCPKCBG?RCPCQSJR
4?IGLERFCQOS?PCPMMR?LBLMRGLERF?R?QOS?PCPMMRA?L@CNMQGRGTCMPLCE?RGTCEGTCQ
W NT
4FCLCE?RGTCPMMRGQAFMQCLRMGLBGA?RCRF?RRFCPMAIGQQRGJJFC?BGLEBMUL4FSQ
W NT
?I9KII?ED
.MRCRF?R G;
-
?=KH; ?!NCPQMLRFPMUQ?PMAIQRP?GEFRSN?QCVNJMPCBGL N7CFB;4FC?PPMUQ?PCTCJMAGRWTCARMPQ?R?LBQ@!NCPQMLRFPMUQ?PMAI
QRP?GEFRBMULDPMK?AJGDDUGRFRFCQ?KCGLGRG?JQNCCB?Q@CDMPC?QGL N7CFB;.MRCRF?R?RRFCQ?KCBGQR?LAC@CJMURFCNMGLRMDPCJC?QCRFCPMAIF?QRFCQ?KC
TCJMAGRWGL@MRFA?QCQ
!LMRFCPU?WRMJMMI?RGRGQRFGQ)L N7CFB;RFCPMAIGQRFPMULSNUGRF?LGLGRG?JTCJMAGRWMD NT )RPGQCQ?LBRFCLD?JJQ@?AIBMUL7FCLGRQNMQGRGMLGQ Z MLGRQU?W@?AIBMULGRQTCJMAGRWGQ NT 4F?RGQGRF?QRFCQ?KCQNCCBMLGRQU?WBMUL?QMLGRQU?WSN
7CUMSJBRFCLCVNCARGRQTCJMAGRW?R?NMQGRGMLMD Z N RM@CRFCQ?KCUFCRFCPUCF?TCRFPMULGRSNU?PBQ?R NT MPRFPMULGR
BMULU?PBQ?R NT 4FCTCJMAGRWMDRFCPMAIMLGRQU?WBMULDPMK Z GQRFCQ?KCUFCRFCPUCF?TCRFPMULGRSNMPBMULRMQR?PR
UGRF?QJMLE?QRFCQNCCBUGRFUFGAFGRU?QGLGRG?JJWRFPMULGQRFCQ?KC
N7CFB; ?D: * ?I9EDJ;DJ?I7L7?B78B;
-
?=KH; 0MQGRGMLQ?LBTCJMAGRGCQMD?KCR?J@?JJPCJC?QCBDPMKPCQRUFCL?GPPCQGQR?LACGQLCEJGEG@JC6CJMAGRWGQQCCLRMGLAPC?QCJGLC?PJWUGRFRGKCUFGJCBGQNJ?ACKCLR
GLAPC?QCQUGRFRGKCQOS?PCB!AACJCP?RGMLGQ?AMLQR?LR?LBGQCOS?JRMEP?TGR?RGML?J?AACJCP?RGML
3SNNMQCRFC@?JJD?JJQKGLQ!QQSKGLERFC@?JJGQLMR?D DCARCB@W?GPPCQGQR?LACUF?RGQRFCNPCAGQC?AACJCP?RGMLBSCRMEP?TGRW?R
RFGQJMA?RGML
,JH7J;=O
$P?U?QICRAF
?=KH;
7CLCCBRMQMJTCDMP?AACJCP?RGML B .MRCRF?RGLRFGQA?QCBGQNJ?ACKCLRGQBMULU?PB?LBRFCPCDMPCLCE?RGTC?QGQ?AACJCP?RGML
,EBKJ?ED
#(!04%2Y+).%-!4)#3
-
3JMNCQ?LB'CLCP?J2CJ?RGMLQFGNQ
&GPQRLMRCRF?REP?NFQGLRFGQRCVRF?TCNCPNCLBGASJ?P?VCQMLCFMPGXMLR?J?LBRFCMRFCPTCPRGA?J7FCLRUMNFWQGA?JOS?LRGRGCQ?PCNJMRRCB?E?GLQRMLC
?LMRFCPGLQSAF?EP?NFRFCFMPGXMLR?J?VGQGQSQS?JJWAMLQGBCPCBRM@C?L ?D:;F;D:;DJL7H?78B; ?LBRFCTCPRGA?J?VGQ? :;F;D:;DJL7H?78B;)DUC
A?JJRFCFMPGXMLR?J?VGQRFC Y ?VGQ?LBRFCTCPRGA?J?VGQRFC Z ?VGQ?QGL ?=KH;?QRP?GEFRJGLCEP?NFF?QRFCECLCP?JDMPK
Z NY C
(CPC N GQRFC IBEF;BCDGLCBRM@CRFCPGQCBGTGBCB@WRFCPSL?QQCCLGLRFCDGESPCMDRFCQRP?GEFRJGLC4FCJCRRCP C GQSQCBDMPRFC :?DJ;H9;FJ
UFGAFGQRFCNMGLR?RUFGAFRFCJGLCAPMQQCQRFCTCPRGA?J?VGQ
?=KH; !QRP?GEFRJGLCEP?NF4FCCOS?RGMLDMP?QRP?GEFRJGLCGQ Z NY C
'P?NFMD$GQNJ?ACKCLRTQ4GKC4 QM I GQAMLQR?LR
4GKCGQSQS?JJW?LGLBCNCLBCLRT?PG?@JCRF?RMRFCPOS?LRGRGCQQSAF?QBGQNJ?ACKCLRBCNCLBSNML!EP?NFMDBGQNJ?ACKCLRTCPQSQRGKCUMSJBRFSQ
F?TC Y MLRFCTCPRGA?J?VGQ?LB U MLRFCFMPGXMLR?J?VGQ ?=KH; GQHSQRQSAF?QRP?GEFRJGLCEP?NF)RQFMUQ?EP?NFMDBGQNJ?ACKCLRTCPQSQRGKC
?=KH; 'P?NFMDBGQNJ?ACKCLRTCPQSQRGKCDMP?HCRNMUCPCBA?PMLRFC"MLLCTGJJC3?JR&J?RQ
5QGLERFCPCJ?RGMLQFGN@CRUCCLBCNCLBCLR?LBGLBCNCLBCLRT?PG?@JCQUCQCCRF?RRFCQJMNCGLRFCEP?NF?@MTCGQ?TCP?ECTCJMAGRW W ?LBRFCGLRCPACNRGQBGQNJ?ACKCLR?RRGKCXCPMvRF?RGQ Y 3S@QRGRSRGLERFCQCQWK@MJQGLRM Z NY C EGTCQ
Y W U Y
MP
Y Y W U
4FSQ?EP?NFMDBGQNJ?ACKCLRTCPQSQRGKCEGTCQ?ECLCP?JPCJ?RGMLQFGN?KMLEBGQNJ?ACKCLRTCJMAGRW ?LBRGKC?QUCJJ?QEGTGLEBCR?GJCBLSKCPGA?J
GLDMPK?RGML?@MSR?QNCAGDGAQGRS?RGML
4FC3JMNCMD K TQ G
4FCQJMNCMDRFCEP?NFMDBGQNJ?ACKCLR Y TQRGKC U GQTCJMAGRW W
TMPQF s Ys U
W
#(!04%2Y+).%-!4)#3
- .MRGACRF?RRFGQCOS?RGMLGQRFCQ?KC?QRF?RBCPGTCB?JEC@P?GA?JJWDPMKMRFCPKMRGMLCOS?RGMLQGL &EJ?EDGK7J?EDI?I9EDJ;DJ?I7L7?B78B;
-
?=KH; 'P?NFQMDKMRGMLMD?HCRNMUCPCBA?PBSPGLERFCRGKCQN?LUFCLGRQ?AACJCP?RGMLGQAMLQR?LR?4FCQJMNCMD?L Y TQ U EP?NFGQTCJMAGRW4FGQGQQFMUL?RRUMNMGLRQ?LBRFCGLQR?LR?LCMSQTCJMAGRGCQM@R?GLCB?PCNJMRRCBGLRFCLCVREP?NF)LQR?LR?LCMSQTCJMAGRW?R?LWNMGLRGQRFCQJMNCMDRFCR?LECLR?RRF?RNMGLR@4FCQJMNCMDRFC
W TQ U EP?NFGQAMLQR?LRDMPRFGQN?PRMDRFCKMRGMLGLBGA?RGLEAMLQR?LR?AACJCP?RGMLA!AACJCP?RGMLF?QRFCAMLQR?LRT?JSCMD NT MTCPRFCRGKCGLRCPT?JNJMRRCB
#(!04%2Y+).%-!4)#3
-
?=KH; !53!GP&MPACHCRA?PQNCCBQBMUL?RP?AIAPCBGR-?RR4PMQRJC&JGAIP
4FCEP?NFMDBGQNJ?ACKCLRTCPQSQRGKCGL ?=KH;?GQ?ASPTCP?RFCPRF?L?QRP?GEFRJGLC4FCQJMNCMDRFCASPTC@CAMKCQQRCCNCP?QRGKC
NPMEPCQQCQQFMUGLERF?RRFCTCJMAGRWGQGLAPC?QGLEMTCPRGKC4FCQJMNC?R?LWNMGLRML?BGQNJ?ACKCLRTCPQSQRGKCEP?NFGQRFCGLQR?LR?LCMSQ
TCJMAGRW?RRF?RNMGLR)RGQDMSLB@WBP?UGLE?QRP?GEFRJGLCR?LECLRRMRFCASPTC?RRFCNMGLRMDGLRCPCQR?LBR?IGLERFCQJMNCMDRFGQQRP?GEFRJGLC4 ?LECLR
JGLCQ?PCQFMULDMPRUMNMGLRQGL ?=KH;?)DRFGQGQBMLC?RCTCPWNMGLRMLRFCASPTC?LBRFCT?JSCQ?PCNJMRRCB?E?GLQRRGKCRFCLRFCEP?NFMD
TCJMAGRWTCPQSQRGKCQFMULGL ?=KH;@GQM@R?GLCB&SPRFCPKMPCRFCQJMNCMDRFCEP?NFMDTCJMAGRWTCPQSQRGKCGQ?AACJCP?RGMLUFGAFGQQFMUL
GL ?=KH;A
N7CFB; ;J;HC?D?D="DIJ7DJ7D;EKI/;BE9?JO;,BEF;7J7)E?DJ#;J7H
#?JASJ?RCRFCTCJMAGRWMDRFCHCRA?P?R?RGKCMDQ@WDGLBGLERFCQJMNCMDRFC Y TQ U EP?NFGLRFCEP?NF@CJMU
?=KH; 4FCQJMNCMD?L Y TQ U EP?NFGQTCJMAGRW4FGQGQQFMUL?RRUMNMGLRQ)LQR?LR?LCMSQTCJMAGRW?R?LWNMGLRGQRFCQJMNCMDRFCR?LECLR?RRF?RNMGLR
,JH7J;=O
4FCQJMNCMD?ASPTC?R?NMGLRGQCOS?JRMRFCQJMNCMD?QRP?GEFRJGLCR?LECLRRMRFCASPTC?RRF?RNMGLR4FGQNPGLAGNJCGQGJJSQRP?RCBGL ?=KH;
UFCPC1GQRFCNMGLR?R U T
,EBKJ?ED
&GLBRFCR?LECLRJGLCRMRFCASPTC?R U T
$CRCPKGLCRFCCLBNMGLRQMDRFCR?LECLR4FCQCAMPPCQNMLBRM?NMQGRGMLMDK?RRGKCQ?LB?NMQGRGMLMDK?RRGKCQ
0JSERFCQCCLBNMGLRQGLRMRFCCOS?RGMLRMQMJTCDMPRFCQJMNC W
TMPQF W2
s Y2s U2
N N
T T
4FSQ
W2
NT
NT
?I9KII?ED
4FGQGQRFCT?JSCEGTCLGLRFGQDGESPCxQR?@JCDMP W ?R U T 4FCT?JSCMDKQDMP W2 GQNJMRRCBGL ?=KH;4FCCLRGPCEP?NFMD W TQ
U A?L@CM@R?GLCBGLRFGQD?QFGML
#?PPWGLERFGQMLCQRCNDSPRFCPUCLMRCRF?RRFCQJMNCMD?TCJMAGRWTCPQSQRGKCEP?NFGQ?AACJCP?RGML3JMNCGQPGQCBGTGBCB@WPSLML? W TQ U EP?NF
PGQCAF?LECGLTCJMAGRW s W ?LBPSLAF?LECGLRGKC s U
#(!04%2Y+).%-!4)#3
->?I9EDJ;DJ?I7L7?B78B;
-
4FC3JMNCMD I TQ G
4FCQJMNCMD?EP?NFMDTCJMAGRW W TQRGKC U GQ?AACJCP?RGML B
TMPQF s Ws U
B
3GLACRFCTCJMAGRWTCPQSQRGKCEP?NFGL ?=KH;@GQ?QRP?GEFRJGLCGRQQJMNCGQRFCQ?KCCTCPWUFCPCGKNJWGLERF?R?AACJCP?RGMLGQAMLQR?LR
!AACJCP?RGMLTCPQSQRGKCGQEP?NFCBGL ?=KH;A
!BBGRGML?JECLCP?JGLDMPK?RGMLA?L@CM@R?GLCBDPMK ?=KH; ?LBRFCCVNPCQQGMLDMP?QRP?GEFRJGLC Z NY C
)LRFGQA?QCRFCTCPRGA?J?VGQ Z GQ 7 RFCGLRCPACNR C GQ W RFCQJMNC N GQ B ?LBRFCFMPGXMLR?J?VGQ Y GQ U 3S@QRGRSRGLERFCQCQWK@MJQWGCJBQ
W W BU
!ECLCP?JPCJ?RGMLQFGNDMPTCJMAGRW?AACJCP?RGML?LBRGKCF?Q?E?GL@CCLM@R?GLCBDPMK?EP?NF.MRGACRF?RRFGQCOS?RGMLU?Q?JQMBCPGTCB
?JEC@P?GA?JJWDPMKMRFCPKMRGMLCOS?RGMLQGL &EJ?EDGK7J?EDI
-
?=KH; 'P?NFQMDKMRGMLMD?HCRNMUCPCBA?P?QGRPC?AFCQGRQRMNTCJMAGRW4FGQKMRGML@CEGLQUFCPCRFCKMRGMLGL ?=KH; CLBQ?4FCQJMNCMDRFGQEP?NFGQ
TCJMAGRWGRGQNJMRRCBGLRFCLCVREP?NF@4FCTCJMAGRWEP?BS?JJW?NNPM?AFCQGRQRMNT?JSC4FCQJMNCMDRFGQEP?NFGQ?AACJCP?RGMLGRGQNJMRRCBGLRFCDGL?JEP?NFA!AACJCP?RGML
EP?BS?JJWBCAJGLCQRMXCPMUFCLTCJMAGRW@CAMKCQAMLQR?LR
N7CFB; 7B9KB7J?D=99;B;H7J?EDE?I9EDJ;DJ?I7L7?B78B;
-
799;B;H7J?ED:K;JE=H7L?JO
799;B;H7J?ED
7L;H7=;799;B;H7J?ED
7L;H7=;IF;;:
7L;H7=;L;BE9?JO
:;9;B;H7J?ED
:;F;D:;DJL7H?78B;
:?IFB79;C;DJ
:?IJ7D9;JH7L;B;:
:?IJ7D9;
;B7FI;:J?C;
;9A2EKH.D:;HIJ7D:?D=
!EP?NFMDTCJMAGRWTQRGKCMD?QFGNAMKGLEGLRM?F?P@MPGQQFMUL@CJMU ?$CQAPG@CRFCKMRGMLMDRFCQFGN@?QCBMLRFCEP?NF@7F?R
UMSJB?EP?NFMDRFCQFGNxQ?AACJCP?RGMLJMMIJGIC
?=KH;
,EBKJ?ED
?4FCQFGNKMTCQ?RAMLQR?LRTCJMAGRW?LBRFCL@CEGLQRMBCACJCP?RC?R?AMLQR?LRP?RC!RQMKCNMGLRGRQBCACJCP?RGMLP?RCBCAPC?QCQ)R
K?GLR?GLQRFGQJMUCPBCACJCP?RGMLP?RCSLRGJGRQRMNQKMTGLE
@!EP?NFMD?AACJCP?RGMLTQRGKCUMSJBQFMUXCPM?AACJCP?RGMLGLRFCDGPQRJCEJ?PEC?LBAMLQR?LRLCE?RGTC?AACJCP?RGMLGLRFCQCAMLBJCE?LB
AMLQR?LRLCE?RGTC?AACJCP?RGML
?=KH;
BEII7HO
?AACJCP?RGMLMD?LM@HCAR?Q?PCQSJRMDEP?TGRW
RFCP?RCMDAF?LECGLTCJMAGRWRFCAF?LECGLTCJMAGRWMTCPRGKC
RFCAF?LECGLTCJMAGRWBGTGBCB@WRFCRGKCMTCPUFGAFGRAF?LECQ
BGQR?LACRP?TCJCBBGTGBCB@WRGKCBSPGLEUFGAFKMRGMLMAASPQ
BGQNJ?ACKCLRBGTGBCB@WRGKCMTCPUFGAFBGQNJ?ACKCLRMAASPQ
?AACJCP?RGMLGLRFCBGPCARGMLMNNMQGRCRMTCJMAGRW?AACJCP?RGMLRF?RPCQSJRQGL?BCAPC?QCGLTCJMAGRW
RFCT?PG?@JCRF?RGQ@CGLEKC?QSPCBSQS?JJWNJMRRCB?JMLERFC Z ?VGQ
RFCAF?LECGLNMQGRGMLMD?LM@HCAR
RFCRMR?JJCLERFMDRFCN?RFRP?TCJCB@CRUCCLRUMNMQGRGMLQ
RFCK?ELGRSBCMDBGQNJ?ACKCLR@CRUCCLRUMNMQGRGMLQ
RFCBGDDCPCLAC@CRUCCLRFCCLBGLERGKC?LB@CEGLLGLERGKC
RFCQR?RCMDKMTCKCLRRF?RPCQSJRQDPMKEP?TGR?RGML?JDMPACMLJW
RFCT?PG?@JCRF?RRFCBCNCLBCLRT?PG?@JCGQKC?QSPCBUGRFPCQNCARRMSQS?JJWNJMRRCB?JMLERFC Y ?VGQ
?AACJCP?RGML?R?QNCAGDGANMGLRGLRGKC
K?ELGRSBCMDRFCGLQR?LR?LCMSQTCJMAGRW
#(!04%2Y+).%-!4)#3
-
?DIJ7DJ7D;EKIL;BE9?JO
A?D;C7J?9I
CE:;B
FEI?J?ED
I97B7H
IBEF;
J?C;
L;9JEH
O?DJ;H9;FJ
TCJMAGRW?R?QNCAGDGAGLQR?LRMPRFC?TCP?ECTCJMAGRWMTCP?LGLDGLGRCQGK?JRGKCGLRCPT?J
RFCQRSBWMDKMRGMLUGRFMSRAMLQGBCPGLEGRQA?SQCQ
QGKNJGDGCBBCQAPGNRGMLRF?RAMLR?GLQMLJWRFMQCCJCKCLRQLCACQQ?PWRMBCQAPG@CRFCNFWQGAQMD?NFWQGA?JQGRS?RGML
RFCJMA?RGMLMD?LM@HCAR?R?N?PRGASJ?PRGKC
?OS?LRGRWRF?RGQBCQAPG@CB@WK?ELGRSBC@SRLMRBGPCARGML
RFCBGDDCPCLACGL Z T?JSCRFCPGQCBGTGBCB@WRFCBGDDCPCLACGL Y T?JSCRFCPSLMDRUMNMGLRQML?QRP?GEFRJGLC
AF?LECMPRFCGLRCPT?JMTCPUFGAFAF?LECMAASPQ
?OS?LRGRWRF?RGQBCQAPG@CB@W@MRFK?ELGRSBC?LBBGPCARGML
RFC Z T?JSCUFCL Y MPUFCLRFCEP?NFAPMQQCQRFC Z ?VGQ
,;9J?ED,KCC7HO
?IFB79;C;DJ{ +GLCK?RGAQGQRFCQRSBWMDKMRGMLUGRFMSRAMLQGBCPGLEGRQA?SQCQ)LRFGQAF?NRCPGRGQJGKGRCBRMKMRGML?JMLE?QRP?GEFRJGLCA?JJCBMLC
BGKCLQGML?JKMRGML
{ $GQNJ?ACKCLRGQRFCAF?LECGLNMQGRGMLMD?LM@HCAR
{ )LQWK@MJQBGQNJ?ACKCLR s Y GQBCDGLCBRM@C
s Y YG Y
UFCPC Y GQRFCGLGRG?JNMQGRGML?LB YG GQRFCDGL?JNMQGRGML)LRFGQRCVRRFC'PCCIJCRRCP s BCJR??JU?WQKC?LQyAF?LECGLzUF?RCTCPOS?LRGRW
DMJJMUQGR4FC3)SLGRDMPBGQNJ?ACKCLRGQRFCKCRCPK$GQNJ?ACKCLRF?Q?BGPCARGML?QUCJJ?Q?K?ELGRSBC
{ 7FCLWMSQR?PR?NPM@JCK?QQGELUFGAFBGPCARGMLUGJJ@CNMQGRGTC
{ $GQR?LACGQRFCK?ELGRSBCMDBGQNJ?ACKCLR@CRUCCLRUMNMQGRGMLQ
{ $GQR?LACRP?TCJCBGQRFCRMR?JJCLERFMDRFCN?RFRP?TCJCB@CRUCCLRUMNMQGRGMLQ
/;9JEHI,97B7HI7D:EEH:?D7J;,OIJ;CI{ !TCARMPGQ?LWOS?LRGRWRF?RF?QK?ELGRSBC?LBBGPCARGML
{ !QA?J?PGQ?LWOS?LRGRWRF?RF?QK?ELGRSBC@SRLMBGPCARGML
{ $GQNJ?ACKCLR?LBTCJMAGRW?PCTCARMPQUFCPC?QBGQR?LAC?LBQNCCB?PCQA?J?PQ
{ )LMLCBGKCLQGML?JKMRGMLBGPCARGMLGQQNCAGDGCB@W?NJSQMPKGLSQQGELRMQGELGDWJCDRMPPGEFRSNMPBMUL?LBRFCJGIC
-?C;/;BE9?JO7D:,F;;:{ 4GKCGQKC?QSPCBGLRCPKQMDAF?LEC?LBGRQ3)SLGRGQRFCQCAMLBQ%J?NQCBRGKCDMP?LCTCLRGQ
s U UG U
UFCPC UG GQRFCDGL?JRGKC?LB U GQRFCGLGRG?JRGKC4FCGLGRG?JRGKCGQMDRCLR?ICLRM@CXCPM?QGDKC?QSPCBUGRF?QRMNU?RAFRFCCJ?NQCBRGKC
GQRFCLHSQR U
{ !TCP?ECTCJMAGRW W GQBCDGLCB?QBGQNJ?ACKCLRBGTGBCB@WRFCRP?TCJRGKC)LQWK@MJQ?TCP?ECTCJMAGRWGQ
W s Ys U
YG YUG U
{ 4FC3)SLGRDMPTCJMAGRWGQKQ
{ 6CJMAGRWGQ?TCARMP?LBRFSQF?Q?BGPCARGML
{ )LQR?LR?LCMSQTCJMAGRW W GQRFCTCJMAGRW?R?QNCAGDGAGLQR?LRMPRFC?TCP?ECTCJMAGRWDMP?LGLDGLGRCQGK?JGLRCPT?J
{ )LQR?LR?LCMSQQNCCBGQRFCK?ELGRSBCMDRFCGLQR?LR?LCMSQTCJMAGRW
{ )LQR?LR?LCMSQQNCCBGQ?QA?J?POS?LRGRW?QGRF?QLMBGPCARGMLQNCAGDGCB
{ !TCP?ECQNCCBGQRFCRMR?JBGQR?LACRP?TCJCBBGTGBCB@WRFCCJ?NQCBRGKC!TCP?ECQNCCBGQ ABG RFCK?ELGRSBCMDRFC?TCP?ECTCJMAGRW3NCCBGQ
?QA?J?POS?LRGRWGRF?QLMBGPCARGML?QQMAG?RCBUGRFGR
99;B;H7J?ED{ !AACJCP?RGMLGQRFCP?RC?RUFGAFTCJMAGRWAF?LECQ)LQWK@MJQ 7L;H7=;799;B;H7J?ED B GQ
B s Ws U
WG WUG U
{ 4FC3)SLGRDMP?AACJCP?RGMLGQ NT { !AACJCP?RGMLGQ?TCARMP?LBRFSQF?Q?@MRF?K?ELGRSBC?LBBGPCARGML
{ !AACJCP?RGMLA?L@CA?SQCB@WCGRFCP?AF?LECGLRFCK?ELGRSBCMPRFCBGPCARGMLMDRFCTCJMAGRW
{ )LQR?LR?LCMSQ?AACJCP?RGML B GQRFC?AACJCP?RGML?R?QNCAGDGAGLQR?LRGLRGKC
{ $CACJCP?RGMLGQ?L?AACJCP?RGMLUGRF?BGPCARGMLMNNMQGRCRMRF?RMDRFCTCJMAGRW
&EJ?EDGK7J?EDI?I9EDJ;DJ?I7L7?B78B;
-
{ )LGRG?JNMQGRGML?LBTCJMAGRW?PCEGTCL?QS@QAPGNRDGL?JT?JSCQF?TCLMQS@QAPGNR4FSQ
s U Us Y Y Ys W W W
A
CB
{ 4FCDMJJMUGLEIGLCK?RGACOS?RGMLQDMPKMRGMLUGRFAMLQR?LR B ?PCSQCDSJ
Y Y W U
W W W
W W BU
Y Y WU BU
W W BY Y
{ )LTCPRGA?JKMRGML Z GQQS@QRGRSRCBDMP Y
)HE8B;C,EBL?D=7I?9I
-
4FCPCGQ?BGQRGLARGML@CRUCCL?TCP?ECQNCCB?LBRFCK?ELGRSBCMD?TCP?ECTCJMAGRW 'GTC?LCV?KNJCRF?RGJJSQRP?RCQRFCBGDDCPCLAC@CRUCCLRFCQC
RUMOS?LRGRGCQ
$MCQ?A?PxQMBMKCRCPKC?QSPCNMQGRGMLMPBGQNJ?ACKCLR$MCQGRQQNCCBMKCRCPKC?QSPCQNCCBMPTCJMAGRW
)DWMSBGTGBCRFCRMR?JBGQR?LACRP?TCJCBML?A?PRPGN?QBCRCPKGLCB@WRFCMBMKCRCP@WRFCRGKCDMPRFCRPGN?PCWMSA?JASJ?RGLERFC?TCP?EC
QNCCBMPRFCK?ELGRSBCMDRFC?TCP?ECTCJMAGRW5LBCPUF?RAGPASKQR?LACQ?PCRFCQCRUMOS?LRGRGCQRFCQ?KC
(MU?PCGLQR?LR?LCMSQTCJMAGRW?LBGLQR?LR?LCMSQQNCCBPCJ?RCBRMMLC?LMRFCP(MUBMRFCWBGD DCP
99;B;H7J?ED
)QGRNMQQG@JCDMPQNCCBRM@CAMLQR?LRUFGJC?AACJCP?RGMLGQLMRXCPM'GTC?LCV?KNJCMDQSAF?QGRS?RGML
)QGRNMQQG@JCDMPTCJMAGRWRM@CAMLQR?LRUFGJC?AACJCP?RGMLGQLMRXCPM%VNJ?GL
'GTC?LCV?KNJCGLUFGAFTCJMAGRWGQXCPMWCR?AACJCP?RGMLGQLMR
)D?QS@U?WRP?GLGQKMTGLERMRFCJCDRF?Q?LCE?RGTCTCJMAGRW?LBRFCLAMKCQRM?QRMNUF?RGQRFCBGPCARGMLMDGRQ?AACJCP?RGML)QRFC
?AACJCP?RGMLNMQGRGTCMPLCE?RGTC
0JSQ?LBKGLSQQGELQ?PCSQCBGLMLCBGKCLQGML?JKMRGMLRMGLBGA?RCBGPCARGML7F?RGQRFCQGELMD?L?AACJCP?RGMLRF?RPCBSACQRFCK?ELGRSBCMD
?LCE?RGTCTCJMAGRW/D?NMQGRGTCTCJMAGRW
)HE8B;C,EBL?D=7I?9I?97BD7BOI?IE?I9EDJ;DJ?I7L7?B78B;
-
?=KH;
?%VNJ?GLFMUWMSA?LBCRCPKGLCRFC?AACJCP?RGMLMTCPRGKCDPMK?TCJMAGRWTCPQSQRGKCEP?NFQSAF?QRFCMLCGL ?=KH;@"?QCBMLRFC
EP?NFFMUBMCQ?AACJCP?RGMLAF?LECMTCPRGKC
?=KH;
?3ICRAF?EP?NFMD?AACJCP?RGMLTCPQSQRGKCAMPPCQNMLBGLERMRFCEP?NFMDTCJMAGRWTCPQSQRGKCEGTCLGL ?=KH;@)BCLRGDWRFCRGKCMP
RGKCQ UB UC UD CRA?RUFGAFRFC?AACJCP?RGMLGQEPC?RCQRA!RUFGAFRGKCQGQGRXCPMB!RUFGAFRGKCQGQGRLCE?RGTC
?=KH;
#MLQGBCPRFCTCJMAGRWTQRGKCEP?NFMD?NCPQMLGL?LCJCT?RMPQFMULGL ?=KH;3SNNMQCRFCCJCT?RMPGQGLGRG?JJW?RPCQR)RRFCL?AACJCP?RCQ
DMPQCAMLBQK?GLR?GLQRF?RTCJMAGRWDMPQCAMLBQRFCLBCACJCP?RCQDMPQCAMLBQSLRGJGRQRMNQ4FC?AACJCP?RGMLDMPRFCCLRGPCRPGNGQLMRAMLQR?LR
QMUCA?LLMRSQCRFCCOS?RGMLQMDKMRGMLDPMK &EJ?EDGK7J?EDI
-
?=KH;
!AWJGLBCPGQEGTCL?NSQF?LBRFCLPMJJQSN?LGLAJGLCBNJ?LC)DRFCMPGEGLGQRFCQR?PRGLENMGLRQICRAFRFCNMQGRGMLTCJMAGRW ?LB?AACJCP?RGMLMDRFC
AWJGLBCPTQRGKC?QGREMCQSN?LBRFCLBMULRFCNJ?LC
#(!04%2Y+).%-!4)#3
->?I9EDJ;DJ?I7L7?B78B;
-
)HE8B;CIN;H9?I;I
?IFB79;C;DJ
?=KH;
&GLBRFCDMJJMUGLEDMPN?RF!GL ?=KH;?4FCBGQR?LAC
RP?TCJCB@4FCK?ELGRSBCMDRFCBGQNJ?ACKCLRDPMKQR?PRRMDGLGQFA
4FCBGQNJ?ACKCLRDPMKQR?PRRMDGLGQF
&GLBRFCDMJJMUGLEDMPN?RF"GL ?=KH;?4FCBGQR?LAC
RP?TCJCB@4FCK?ELGRSBCMDRFCBGQNJ?ACKCLRDPMKQR?PRRMDGLGQFA
4FCBGQNJ?ACKCLRDPMKQR?PRRMDGLGQF
&GLBRFCDMJJMUGLEDMPN?RF#GL ?=KH;?4FCBGQR?LAC
RP?TCJCB@4FCK?ELGRSBCMDRFCBGQNJ?ACKCLRDPMKQR?PRRMDGLGQFA
4FCBGQNJ?ACKCLRDPMKQR?PRRMDGLGQF
&GLBRFCDMJJMUGLEDMPN?RF$GL ?=KH;?4FCBGQR?LAC
RP?TCJCB@4FCK?ELGRSBCMDRFCBGQNJ?ACKCLRDPMKQR?PRRMDGLGQFA
4FCBGQNJ?ACKCLRDPMKQR?PRRMDGLGQF
-?C;/;BE9?JO7D:,F;;:
?#?JASJ?RC%?PRFxQ?TCP?ECQNCCBPCJ?RGTCRMRFC3SL@7F?RGQ
GRQ?TCP?ECTCJMAGRWMTCP?NCPGMBMDMLCWC?P
!FCJGAMNRCP@J?BCQNGLQ?RCV?ARJWPCTMJSRGMLQNCPKGLSRC)RQRGN
GQKDPMKRFCACLRCPMDPMR?RGML?#?JASJ?RCRFC?TCP?ECQNCCBMD
RFC@J?BCRGNGLRFCFCJGAMNRCPxQDP?KCMDPCDCPCLAC@7F?RGQGRQ
?TCP?ECTCJMAGRWMTCPMLCPCTMJSRGML
4FC.MPRF!KCPGA?L?LB%SPMNC?LAMLRGLCLRQ?PCKMTGLE?N?PR?R?
P?RCMD?@MSRAKW!RRFGQP?RCFMUJMLEUGJJGRR?ICRFCKRMBPGDR
IKD?PRFCP?N?PRRF?LRFCW?PC?RNPCQCLR
,?LBUCQRMDRFC3?L!LBPC?QD?SJRGLQMSRFCPL#?JGDMPLG?GQKMTGLE
?R?L?TCP?ECTCJMAGRWMD?@MSRAKWLMPRFUCQRPCJ?RGTCRMJ?LBC?QRMD
RFCD?SJR,MQ!LECJCQGQUCQRMDRFCD?SJR?LBK?WRFSQQMKCB?W@C?R
RFCQ?KCJ?RGRSBC?Q3?L&P?LAGQAMUFGAFGQC?QRMDRFCD?SJR(MUD?P
GLRFCDSRSPCUGJJRFGQMAASPGDRFCBGQNJ?ACKCLRRM@CK?BCGQIK
LMPRFUCQR?QQSKGLERFCKMRGMLPCK?GLQAMLQR?LR
/L-?W?QRPC?KJGLCBQR?GLJCQQQRCCJBGCQCJRP?GLA?JJCB
RFC:CNFWPQCRRFCUMPJBxQLMLQRMNJMLEBGQR?LACQNCCBPCAMPBDMP
RP?GLQ)RQPSLDPMK$CLTCPRM#FGA?EMRMMIFMSPQKGLSRCQ
QCAMLBQ?LBU?QUGRLCQQCB@WKMPCRF?L?KGJJGMLNCMNJC?JMLERFC
PMSRC4FCRMR?JBGQR?LACRP?TCJCBU?QIK7F?RU?QGRQ?TCP?EC
QNCCBGLIKF?LBKQ
4GB?JDPGARGMLGQQJMUGLERFCPMR?RGMLMDRFC%?PRF!Q?PCQSJRRFC
MP@GRMDRFC-MMLGQGLAPC?QGLEGLP?BGSQ?R?P?RCMD?NNPMVGK?RCJWAK
WC?P!QQSKGLERFGQRM@C?AMLQR?LRP?RCFMUK?LWWC?PQUGJJN?QQ
@CDMPCRFCP?BGSQMDRFC-MMLxQMP@GRGLAPC?QCQ@W N
!QRSBCLRBPMTCRMRFCSLGTCPQGRWDPMKFCPFMKC?LBLMRCBRF?RRFC
MBMKCRCPPC?BGLEMDFCPA?PGLAPC?QCB@WIK4FCRPGNRMMI
KGL?7F?RU?QFCP?TCP?ECQNCCB@)DRFCQRP?GEFRJGLCBGQR?LAC
DPMKFCPFMKCRMRFCSLGTCPQGRWGQIKGL?BGPCARGML QMSRFMDC?QRUF?RU?QFCP?TCP?ECTCJMAGRWA)DQFCPCRSPLCBFMKC@WRFC
Q?KCN?RFFKGL?DRCPQFCJCDRUF?RUCPCFCP?TCP?ECQNCCB?LB
TCJMAGRWDMPRFCCLRGPCRPGN
4FCQNCCBMDNPMN?E?RGMLMDRFC?ARGMLNMRCLRG?J?LCJCARPGA?J
QGEL?JGL?LCPTCACJJBCNCLBQGLTCPQCJWMLRFCBG?KCRCPMDRFC?VML
LCPTCDG@CP)DRFCLCPTCACJJAMLLCARGLERFCQNGL?JAMPBRMWMSPDCCRGQ
KJMLE?LBRFCLCPTCGKNSJQCQNCCBGQKQFMUJMLEBMCQGR
R?ICDMPRFCLCPTCQGEL?JRMRP?TCJRFGQBGQR?LAC
#MLTCPQ?RGMLQUGRF?QRPML?SRQMLRFCJSL?PQSPD?ACUCPC
AF?P?ARCPGXCB@W?IGLBMDCAFMGLUFGAFRFCC?PRF@MSLBNCPQMLxQTMGAC
U?QQMJMSBGLRFC?QRPML?SRxQQN?ACFCJKCRRF?RGRU?QNGAICBSN@WRFC
?QRPML?SRxQKGAPMNFMLC?LBRP?LQKGRRCB@?AIRM%?PRF)RGQPC?QML?@JC
RM?QQSKCRF?RRFCCAFMRGKCCOS?JQRFCRGKCLCACQQ?PWDMPRFCP?BGM
U?TCRMRP?TCJDPMKRFC%?PRFRMRFC-MML?LB@?AIRF?RGQLCEJCARGLE
?LWRGKCBCJ?WQGLRFCCJCARPMLGACOSGNKCLR#?JASJ?RCRFCBGQR?LAC
DPMK%?PRFRMRFC-MMLEGTCLRF?RRFCCAFMRGKCU?QQ?LBRF?R
P?BGMU?TCQRP?TCJ?RRFCQNCCBMDJGEFR NT
!DMMR@?JJOS?PRCP@?AIPSLQKQRP?GEFRBMULRFCNJ?WGLEDGCJBGL
Q(CGQRFCLFGR?LBNSQFCBKQRP?GEFR@?AIU?PBGLQ
(C@PC?IQRFCR?AIJC?LBPSLQQRP?GEFRDMPU?PB?LMRFCPKGLQ
#?JASJ?RCFGQ?TCP?ECTCJMAGRW?DMPC?AFMDRFCRFPCCGLRCPT?JQ?LB@
DMPRFCCLRGPCKMRGML
4FCNJ?LCR?PWKMBCJMDRFC?RMKNGARSPCQCJCARPMLQMP@GRGLERFC
?RMKGALSAJCSQKSAF?QNJ?LCRQMP@GRRFC3SL)LRFGQKMBCJWMSA?L
TGCUFWBPMECLRFCQGKNJCQR?RMK?QF?TGLE?QGLEJCCJCARPMLGL?
AGPASJ?PMP@GR N GLBG?KCRCP?)DRFC?TCP?ECQNCCBMD
RFCCJCARPMLGLRFGQMP@GRGQILMULRM@C NT A?JASJ?RCRFCLSK@CPMDPCTMJSRGMLQNCPQCAMLBGRK?ICQ?@MSRRFCLSAJCSQ@7F?R
GQRFCCJCARPMLxQ?TCP?ECTCJMAGRW
99;B;H7J?ED
!AFCCR?FA?L?AACJCP?RCDPMKPCQRRM?QNCCBMDKQGLQ
7F?RGQGRQ?AACJCP?RGML
)HE
-
?!JGEFRP?GJAMKKSRCPRP?GL?AACJCP?RCQ?R?P?RCMD NT (MUJMLEBMCQGRR?ICRMPC?AFGRQRMNQNCCBMDIKFQR?PRGLEDPMK
PCQR@4FCQ?KCRP?GLMPBGL?PGJWBCACJCP?RCQ?R?P?RCMD NT (MUJMLEBMCQGRR?ICRMAMKCRM?QRMNDPMKGRQRMNQNCCBA)L
CKCPECLAGCQRFCRP?GLA?LBCACJCP?RCKMPCP?NGBJWAMKGLERMPCQRDPMK
IKFGLQ7F?RGQGRQCKCPECLAWBCACJCP?RGMLGL NT
7FGJCCLRCPGLE?DPCCU?W?A?P?AACJCP?RCQDPMKPCQR?R?P?RCMD
NT DMPQ?$P?U?QICRAFMDRFCQGRS?RGML@,GQRRFCILMULQGLRFGQNPM@JCKA(MUD?PBMCQRFCA?PRP?TCJGLRFMQCQ
4MQMJTCRFGQN?PRDGPQRGBCLRGDWRFCSLILMUL?LBRFCLBGQASQQFMUWMS
AFMQCRFC?NNPMNPG?RCCOS?RGMLRMQMJTCDMPGR!DRCPAFMMQGLERFC
COS?RGMLQFMUWMSPQRCNQGLQMJTGLEDMPRFCSLILMULAFCAIWMSPSLGRQ
?LBBGQASQQUFCRFCPRFC?LQUCPGQPC?QML?@JCB7F?RGQRFCA?P xQ
DGL?JTCJMAGRW3MJTCDMPRFGQSLILMULGLRFCQ?KCK?LLCP?QGLN?PRA
QFMUGLE?JJQRCNQCVNJGAGRJW
!RRFCCLBMD?P?AC?PSLLCPBCACJCP?RCQDPMK?TCJMAGRWMD
KQ?R?P?RCMD NT ?(MUD?PBMCQQFCRP?TCJGLRFCLCVRQ@7F?RGQFCPDGL?JTCJMAGRWA%T?JS?RCRFCPCQSJR$MCQGR
K?ICQCLQC
)HE
-
!@?QICR@?JJPCDCPCCRMQQCQRFC@?JJQRP?GEFRSNDMPRFCQR?PRGLERGN
MDD!RUF?RTCJMAGRWKSQR?@?QICR@?JJNJ?WCPJC?TCRFCEPMSLBRMPGQC
K?@MTCRFCDJMMPGL?L?RRCKNRRMECRRFC@?JJ
!PCQASCFCJGAMNRCPGQFMTCPGLEMTCP?NCPQMLUFMQC@M?RF?QQSLI
/LCMDRFCPCQASCPQRFPMUQ?JGDCNPCQCPTCPQRP?GEFRBMULRMRFCTGARGK
UGRF?LGLGRG?JTCJMAGRWMDKQ?LBM@QCPTCQRF?RGRR?ICQQRM
PC?AFRFCU?RCP?,GQRRFCILMULQGLRFGQNPM@JCK@(MUFGEF?@MTC
RFCU?RCPU?QRFCNPCQCPTCPPCJC?QCB.MRCRF?RRFCBMULBP?DRMDRFC
FCJGAMNRCPPCBSACQRFCCDDCARQMD?GPPCQGQR?LACMLRFCD?JJGLEJGDC
NPCQCPTCPQMRF?R?L?AACJCP?RGMLCOS?JRMRF?RMDEP?TGRWGQPC?QML?@JC
!BMJNFGLGL?L?OS?RGAQFMUHSKNQQRP?GEFRSNMSRMDRFCU?RCP?R?
TCJMAGRWMDKQ?,GQRRFCILMULQGLRFGQNPM@JCK@(MUFGEF
BMCQFGQ@MBWPGQC?@MTCRFCU?RCP4MQMJTCRFGQN?PRDGPQRLMRCRF?RRFC
DGL?JTCJMAGRWGQLMU?ILMUL?LBGBCLRGDWGRQT?JSC4FCLGBCLRGDWRFC
SLILMUL?LBBGQASQQFMUWMSAFMQCRFC?NNPMNPG?RCCOS?RGMLRMQMJTC
DMPGR!DRCPAFMMQGLERFCCOS?RGMLQFMUWMSPQRCNQGLQMJTGLEDMPRFC
SLILMULAFCAIGLESLGRQ?LBBGQASQQUFCRFCPRFC?LQUCPGQ
PC?QML?@JCA(MUJMLEGQRFCBMJNFGLGLRFC?GP.CEJCAR?LWCD DCARQ
BSCRMFGQQGXCMPMPGCLR?RGML
!QUGKKCP@MSLACQQRP?GEFRSNDPMK?BGTGLE@M?PB?LBD?JJQDCCR
DGPQRGLRM?NMMJ3FCQR?PRQUGRF?TCJMAGRWMDKQ?LBFCPR?ICMD D
NMGLRGQK?@MTCRFCNMMJ?(MUJMLE?PCFCPDCCRGLRFC?GP@
7F?RGQFCPFGEFCQRNMGLR?@MTCRFC@M?PBA7F?RGQFCPTCJMAGRW
UFCLFCPDCCRFGRRFCU?RCP
?#?JASJ?RCRFCFCGEFRMD?AJGDDGDGRR?ICQQDMP?PMAIRMFGRRFC
EPMSLBUFCLGRGQRFPMULQRP?GEFRSNDPMKRFCAJGDDUGRF?LGLGRG?JTCJMAGRW
MDKQ@(MUJMLEUMSJBGRR?ICRMPC?AFRFCEPMSLBGDGRGQRFPMUL
QRP?GEFRBMULUGRFRFCQ?KCQNCCB
!TCPWQRPMLE@SRGLCNRQFMRNSRRCPNSRQRFCQFMRQRP?GEFRSN
TCPRGA?JJWUGRF?LGLGRG?JTCJMAGRWMDKQ(MUJMLEBMCQFCF?TCRM
ECRMSRMDRFCU?WGDRFCQFMRU?QPCJC?QCB?R?FCGEFRMDK?LBFC
GQKR?JJ
9MSRFPMU?@?JJQRP?GEFRSNUGRF?LGLGRG?JTCJMAGRWMDKQ)R
N?QQCQ?RPCC@P?LAFMLRFCU?WSN?R?FCGEFRMDK(MUKSAF
?BBGRGML?JRGKCUGJJN?QQ@CDMPCRFC@?JJN?QQCQRFCRPCC@P?LAFMLRFC
U?W@?AIBMUL
!I?LE?PMMA?LHSKNMTCP?LM@HCARKFGEF?#?JASJ?RCGRQ
TCPRGA?JQNCCBUFCLGRJC?TCQRFCEPMSLB@(MUJMLEGQGRGLRFC?GP
3R?LBGLE?RRFC@?QCMDMLCMDRFCAJGDDQMD-R!P?NGJCQGL6GARMPG?
!SQRP?JG??FGICPFC?PQ?PMAI@PC?IJMMQCDPMK?FCGEFRMDK(C
A?LxRQCCRFCPMAIPGEFR?U?W@SRRFCLBMCQQJ?RCP?(MUD?P
?@MTCRFCFGICPGQRFCPMAIUFCLFCA?LQCCGR@(MUKSAFRGKC
BMCQFCF?TCRMKMTC@CDMPCRFCPMAIFGRQFGQFC?B
!LM@HCARGQBPMNNCBDPMK?FCGEFRMDK?@MTCEPMSLBJCTCJ
?$CRCPKGLCRFCBGQR?LACRP?TCJCBBSPGLERFCDGPQRQCAMLB@
$CRCPKGLCRFCDGL?JTCJMAGRW?RUFGAFRFCM@HCARFGRQRFCEPMSLBA
$CRCPKGLCRFCBGQR?LACRP?TCJCBBSPGLERFCJ?QRQCAMLBMDKMRGML@CDMPC
FGRRGLERFCEPMSLB
4FCPCGQ?KFGEFAJGDD?R(?JD$MKCGL9MQCKGRC.?RGML?J0?PI
GL#?JGDMPLG?3SNNMQC?@MSJBCP@PC?IQJMMQCDPMKRFCRMNMDRFGQAJGD D
?(MUD?QRUGJJGR@CEMGLEUFCLGRQRPGICQRFCEPMSLB@!QQSKGLE?
PC?ARGMLRGKCMDQFMUJMLEUGJJ?RMSPGQR?RRFC@MRRMKF?TCRMECR
MSRMDRFCU?W?DRCPFC?PGLERFCQMSLBMDRFCPMAI@PC?IGLEJMMQC
LCEJCARGLERFCFCGEFRMDRFCRMSPGQRUFGAFUMSJB@CAMKCLCEJGEG@JC
?LWU?WGDFGR4FCQNCCBMDQMSLBGQKQMLRFGQB?W
!@?JJGQRFPMULQRP?GEFRSN)RN?QQCQ?KFGEFUGLBMUK
MDDRFCEPMSLBMLGRQN?RFSN?LBR?ICQQRMEMN?QRRFCUGLBMU
7F?RU?QRFC@?JJxQGLGRG?JTCJMAGRW
3SNNMQCWMSBPMN?PMAIGLRM?B?PIUCJJ?LBSQGLENPCAGQGML
COSGNKCLRWMSKC?QSPCRFCRGKCDMPRFCQMSLBMD?QNJ?QFRMPCRSPL
?.CEJCARGLERFCRGKCPCOSGPCBDMPQMSLBRMRP?TCJSNRFCUCJJ
A?JASJ?RCRFCBGQR?LACRMRFCU?RCPGDRFCQMSLBPCRSPLQGLQ@
.MUA?JASJ?RCRFCBGQR?LACR?IGLEGLRM?AAMSLRRFCRGKCDMPQMSLBRM
RP?TCJSNRFCUCJJ4FCQNCCBMDQMSLBGQKQGLRFGQUCJJ
!QRCCJ@?JJGQBPMNNCBMLRM?F?PBDJMMPDPMK?FCGEFRMDK?LB
PC@MSLBQRM?FCGEFRMDK?#?JASJ?RCGRQTCJMAGRWHSQR@CDMPCGR
QRPGICQRFCDJMMP@#?JASJ?RCGRQTCJMAGRWHSQR?DRCPGRJC?TCQRFCDJMMPML
GRQU?W@?AISNA#?JASJ?RCGRQ?AACJCP?RGMLBSPGLEAMLR?ARUGRFRFC
DJMMPGDRF?RAMLR?ARJ?QRQKQ T B(MUKSAFBGBRFC@?JJAMKNPCQQBSPGLEGRQAMJJGQGMLUGRFRFCDJMMP?QQSKGLERFCDJMMPGQ
?@QMJSRCJWPGEGB
!AMGLGQBPMNNCBDPMK?FMR?GP@?JJMMLRF?RGQK?@MTCRFC
EPMSLB?LBPGQGLE?RKQSNU?PB&MPRFCAMGLDGLB?RFC
K?VGKSKFCGEFRPC?AFCB@GRQNMQGRGML?LBTCJMAGRWQ?DRCP@CGLE
PCJC?QCB?LBARFCRGKC@CDMPCGRFGRQRFCEPMSLB
!QMDRRCLLGQ@?JJGQBPMNNCBMLRM?F?PBDJMMPDPMK?FCGEFRMD
K?LBPC@MSLBQRM?FCGEFRMDK?#?JASJ?RCGRQTCJMAGRWHSQR
@CDMPCGRQRPGICQRFCDJMMP@#?JASJ?RCGRQTCJMAGRWHSQR?DRCPGRJC?TCQRFC
DJMMPMLGRQU?W@?AISNA#?JASJ?RCGRQ?AACJCP?RGMLBSPGLEAMLR?AR
UGRFRFCDJMMPGDRF?RAMLR?ARJ?QRQKQ T B(MUKSAFBGBRFC@?JJAMKNPCQQBSPGLEGRQAMJJGQGMLUGRFRFCDJMMP?QQSKGLE
RFCDJMMPGQ?@QMJSRCJWPGEGB
H7F>?97BD7BOI?IE
-
4?ICRFCQJMNCMDRFCASPTCGL ?=KH; RMTCPGDWRF?RRFCTCJMAGRW
?R U T GQKQ
"WR?IGLERFCQJMNCMDRFCASPTCGL ?=KH;TCPGDWRF?RRFC
?AACJCP?RGMLGQ NT ?R U T
?=KH;
#MLQRPSARRFCBGQNJ?ACKCLREP?NFDMPRFCQS@U?WQFSRRJCRP?GL?Q
QFMULGL ?=KH;?9MSUGJJLCCBRMSQCRFCGLDMPK?RGMLML
?AACJCP?RGML?LBTCJMAGRWEGTCLGLRFCCV?KNJCQDMPRFGQDGESPC
?4?ICRFCQJMNCMDRFCASPTCGL ?=KH; RMDGLBRFCHMEECPxQ
TCJMAGRW?R U T @2CNC?R?RQ4FCQCT?JSCQKSQR@CAMLQGQRCLRUGRFRFCEP?NFGL ?=KH;
?=KH;
?=KH;
?=KH;
!EP?NFMD WU GQQFMULDMP?UMPJBAJ?QQRP?AIQNPGLRCPGL?KP?AC3CC ?=KH;?7F?RGQFGQ?TCP?ECTCJMAGRWDMPRFCDGPQR
Q@7F?RGQFGQGLQR?LR?LCMSQTCJMAGRW?R U T A7F?RGQFGQ?TCP?EC?AACJCP?RGML@CRUCCL?LBQB7F?RGQFGQRGKCDMPRFC
P?AC
?=KH;
?=KH; QFMUQRFCBGQNJ?ACKCLREP?NFDMP?N?PRGAJCDMPQ
$P?URFCAMPPCQNMLBGLETCJMAGRW?LB?AACJCP?RGMLEP?NFQ
?=KH;
#(!04%2Y+).%-!4)#3
->?I9EDJ;DJ?I7L7?B78B;