+)2)6%07%*)8=690)7
;%62-2+
6IEHERHYRHIVWXERHEPPMRWXVYGXMSRW*EMPYVIXSJSP PS[EPPMRWXVYGXMSRWPMWXIHFIPS[QE]VIWYPXMRIPIGXVMG WLSGOJMVIERHSVWIVMSYWTIVWSREPMRNYV]
7%:)8,)7)-27869'8-327
;36/%6)%
/IIT]SYV[SVOEVIEGPIERERH[IPPPMX'PYXXIVIH FIRGLIWERHHEVOEVIEWMRZMXIEGGMHIRXW*PSSVQYWX RSXFIWPMTTIV]JVSQ[E\SVHYWX
(SRSXSTIVEXITS[IVXSSPWMRI\TPSWMZIEXQS WTLIVIWWYGLEWMRXLITVIWIRGISJJPEQQEFPIPMU YMHWKEWIWSVHYWX4S[IVXSSPWGVIEXIWTEVOW[LMGL QE]MKRMXIXLIHYWXSVJYQIW
/IITF]WXERHIVWGLMPHVIRERHZMWMXSVWE[E][LMPI STIVEXMRKXSSPW(MWXVEGXMSRWGERGEYWI]SYXSPSWI
GSRXVSP
3TIVEXIEMVGSQTVIWWSVMRERSTIREVIEEXPIEWX MRE[E]JVSQER][EPPSVSFNIGXXLEXGSYPHVI
WXVMGXXLIJPS[SJJVIWLEMVXSZIRXMPEXMSRSTIRMRKW
)0)'86-'%07%*)8=
%ZSMHFSH]GSRXEGX[MXLKVSYRHIHWYVJEGIWWYGLEW TMTIWVEHMEXSVWVERKIWERHVIJVMKIVEXSVW8LIVIMWER MRGVIEWIHVMWOSJIPIGXVMGWLSGOMJ]SYVFSH]MWKVSYRHIH
(SR XI\TSWITS[IVXSSPWXSVEMRSV[IXGSRHMXMSRW ;EXIVIRXIVMRKETS[IVXSSP[MPPMRGVIEWIXLIVMWOSJ
IPIGXVMGWLSGO
(SRSXEFYWIXLIGSVH2IZIVYWIXLIGSVHXSGEVV] XLIXSSPSVTYPPXLITPYKJVSQERSYXPIX/IITGSVH E[E]JVSQLIEXSMPWLEVTIHKIWSVQSZMRKTEVXW 6ITPEGIHEQEKIHGSVHWMQQIHMEXIP](EQEKIH
GSVHWMRGVIEWIXLIVMWOSJIPIGXVMGWLSGO
;LIRSTIVEXMRKETS[IVXSSPSYXWMHIYWIERSYXHSSV I\XIRWMSRGSVHQEVOIHl;%zSVl;z8LIWIGSVHW
EVIVEXIHJSVSYXHSSVYWIERHVIHYGIXLIVMWOSJIPIGXVMG WLSGO
4)6732%07%*)8=
)]ITVSXIGXMSR[LMGLGSRJSVQWXS%27-WTIGMJMGE
XMSRWERHTVSZMHIWTVSXIGXMSREKEMRWXJP]MRKTEVXMGPIW
TVSXIGXMSRMWVIUYMVIHXSKYEVHEKEMRWXJP]MRKJEWXIRIVW ERHHIFVMW[LMGLGSYPHGEYWIWIZIVII]IMRNYV]
8LIIQTPS]IVERHSVYWIVQYWXIRWYVIXLEXTVSTIV I]ITVSXIGXMSRMW[SVR;IVIGSQQIRHE;MHI:MWMSR 7EJIX]1EWOJSVYWISZIVI]IKPEWWIWSVWXERHEVHWEJIX]
KPEWWIWXLEXTVSZMHITVSXIGXMSREKEMRWXJP]MRKTEVXMGPIW FSXLJVSQXLIJVSRXERHWMHI%P[E]WYWII]ITVSXIGXMSR
%HHMXMSREPWEJIX]TVSXIGXMSR[MPPFIVIUYMVIHMRWSQI IRZMVSRQIRXW*SVI\EQTPIXLI[SVOMRKEVIEQE] MRGPYHII\TSWYVIXSERSMWIPIZIP[LMGLGERPIEHXS LIEVMRKHEQEKI8LIIQTPS]IVERHYWIVQYWXIRWYVI
XLEXER]RIGIWWEV]LIEVMRKTVSXIGXMSRMWTVSZMHIHERH YWIHF]XLISTIVEXSVERHSXLIVWMRXLI[SVOEVIE 7SQIIRZMVSRQIRXW[MPPVIUYMVIXLIYWISJLIEHTVSXIG XMSRIUYMTQIRX;LIRVIUYMVIHXLIIQTPS]IVERHYWIV
QYWXIRWYVIXLEXLIEHTVSXIGXMSRQEVOIHXSGSQTP]
7XE]EPIVX[EXGL[LEX]SYEVIHSMRKERHYWIGSQ QSRWIRWI[LIRSTIVEXMRKETS[IVXSSP(SRSX YWIXSSP[LMPIXMVIHSVYRHIVXLIMRJPYIRGISJHVYKW EPGSLSPSVQIHMGEXMSR%QSQIRXSJMREXXIRXMSR[LMPI
STIVEXMRKTS[IVXSSPWQE]VIWYPXMRWIVMSYWTIVWSREP MRNYV]
(VIWWTVSTIVP](SRSX[IEVPSSWIGPSXLMRKSV NI[IPV]'SRXEMRPSRKLEMV/IIT]SYVLEMVGPSXLMRK ERHKPSZIWE[E]JVSQQSZMRKTEVXW0SSWIGPSXLIW NI[IPV]SVPSRKLEMVGERFIGEYKLXMRQSZMRKTEVXW
(SRSXSZIVVIEGL/IITTVSTIVJSSXMRKERHFEPERGI EXEPPXMQIW4VSTIVJSSXMRKERHFEPERGIIREFPIWFIXXIV
GSRXVSPSJXLIXSSPMRYRI\TIGXIHWMXYEXMSRW
9WIWEJIX]IUYMTQIRX%P[E]W[IEVI]ITVSXIGXMSR (YWXQEWORSRWOMHWEJIX]WLSIWLEVHLEXSVLIEVMRK
TVSXIGXMSRQYWXFIYWIHJSVETTVSTVMEXIGSRHMXMSRW
(SRSXYWISREPEHHIVSVYRWXEFPIWYTTSVX7XEFPI
JSSXMRKSREWSPMHWYVJEGIIREFPIWFIXXIVGSRXVSPSJXLI XSSPMRYRI\TIGXIHWMXYEXMSRW
833097)%2('%6)
(SRSXI\GIIHXLITVIWWYVIVEXMRKSJER]GSQTS RIRXMRXLIW]WXIQ
4VSXIGXQEXIVMEPPMRIWERHEMVPMRIWJVSQHEQEKISV TYRGXYVI/IITLSWIERHTS[IVGSVHE[E]JVSQWLEVT SFNIGXWGLIQMGEPWTMPPWSMPWSPZIRXWERH[IXJPSSVW
'LIGOLSWIWJSV[IEOSV[SVRGSRHMXMSRFIJSVI
IEGLYWIQEOMRKGIVXEMREPPGSRRIGXMSRWEVIWI GYVI(SRSXYWIMJHIJIGXMWJSYRH4YVGLEWIERI[ LSWISVRSXMJ]EREYXLSVM^IHWIVZMGIGIRXIVJSVI\EQM
REXMSRSVVITEMV
6IPIEWIEPPTVIWWYVIW[MXLMRXLIW]WXIQWPS[P](YWX ERHHIFVMWQE]FILEVQJYP
7XSVIMHPIXSSPWSYXSJXLIVIEGLSJGLMPHVIRERH SXLIVYRXVEMRIHTIVWSRW8SSPWEVIHERKIVSYWMRXLI
LERHWSJYRXVEMRIHYWIVW
1EMRXEMRXSSPW[MXLGEVI*SPPS[QEMRXIRERGIMRWXVYG XMSRW4VSTIVP]QEMRXEMRIHXSSPWEVIIEWMIVXSGSRXVSP
'LIGOJSVQMWEPMKRQIRXSVFMRHMRKSJQSZMRKTEVXW FVIEOEKISJTEVXWERHER]SXLIVGSRHMXMSRXLEX
3
