3
+)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
(SRXI\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
FSXLJVSQXLI*6328ERH7-()WLSYPH%0;%=7FI
[SVRF]XLISTIVEXSVERHSXLIVWMRXLI[SVOEVIE
[LIRPSEHMRKSTIVEXMRKSVWIVZMGMRKXLMWXSSP)]I
TVSXIGXMSRMWVIUYMVIHXSKYEVHEKEMRWXJP]MRKJEWXIRIVW
ERHHIFVMW[LMGLGSYPHGEYWIWIZIVII]IMRNYV]
8LIIQTPS]IVERHSVYWIVQYWXIRWYVIXLEXTVSTIV
I]ITVSXIGXMSRMW[SVR;IVIGSQQIRHE;MHI:MWMSR
7EJIX]1EWOJSVYWISZIVI]IKPEWWIWSVWXERHEVHWEJIX]
KPEWWIWXLEXTVSZMHITVSXIGXMSREKEMRWXJP]MRKTEVXMGPIW
FSXLJVSQXLIJVSRXERHWMHI%P[E]WYWII]ITVSXIGXMSR
[LMGLMWQEVOIHXSGSQTP][MXL%27->
%HHMXMSREPWEJIX]TVSXIGXMSR[MPPFIVIUYMVIHMRWSQI
IRZMVSRQIRXW*SVI\EQTPIXLI[SVOMRKEVIEQE]
MRGPYHII\TSWYVIXSERSMWIPIZIP[LMGLGERPIEHXS
LIEVMRKHEQEKI8LIIQTPS]IVERHYWIVQYWXIRWYVI
XLEXER]RIGIWWEV]LIEVMRKTVSXIGXMSRMWTVSZMHIHERH
YWIHF]XLISTIVEXSVERHSXLIVWMRXLI[SVOEVIE
7SQIIRZMVSRQIRXW[MPPVIUYMVIXLIYWISJLIEHTVSXIG
XMSRIUYMTQIRX;LIRVIUYMVIHXLIIQTPS]IVERHYWIV
QYWXIRWYVIXLEXLIEHTVSXIGXMSRQEVOIHXSGSQTP]
[MXL%27->MWYWIH
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
QE]EJJIGXXLIXSSPWSTIVEXMSR-JHEQEKIHLEZI
XLIXSSPWIVZMGIHFIJSVIYWMRK1ER]EGGMHIRXWEVI
GEYWIHF]TSSVP]QEMRXEMRIHXSSPW