Date post: | 04-Dec-2014 |
Category: |
Technology |
Upload: | textguardd |
View: | 328 times |
Download: | 1 times |
!
!!
!
!"#$%&'("))*+$,-.$"+'!"+$."/$+0'1'(")2%$-+,&'!!!
!!!
!!!
!!!
!!
!
3/"4$+0'(5-%%&+0&'"6'!"#$%&'!"+$."/$+07'(")2%$-+,&'1'!-+-0&)&+.'
!!
8'95$.&':-2&/'
82/$%';<=='
"#$%&'!(#))*+%,-.%#+!"#+%.#/%+0!1!(#)2&%-+,'!
!
("+.&+.>'
34'!"#$%&'!5#/67#/,'88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888889
(-2.*/'!-+:!;/,4%<'!#7!"#$%&'!(#))*+%,-.%#+=!%+!>%+-+,%-&!?'/<%,'=!@+:*=./A 88888888888888888888888888888888888888888B
"'==-0'!(-2.*/'!-+:!;/,4%<'!%+!C.4'/!@+:*=./%'= 888888888888888888888888888888888888888888888888888888888888888888888888888888888888888D
E#&%,A!<=8!E/%<-,A8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888F
G&')'+.=!#7!-+!@:'-&!?#&*.%#+88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888F
H-+:&'=!;&&!"'==-0'!3A2'=88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888I J'<%,'!E&-.7#/)!;0+#=.%,!!!(&%'+.!K-=':!?#&*.%#+8888888888888888888888888888888888888888888888888888888888888888888888888888888888I (#+<'/=-.%#+!34/'-:!L'$*%&:%+0 88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888I G-=%&A!?'-/,4-$&'!;/,4%<' 8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888I "#+%.#/%+0888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888M K&#,6%+0!-+:!>%&.'/%+0 8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888M >&-00%+0!-+:!;&'/.%+0 88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888M N=-$%&%.A 8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888M O#!@)2-,.!.#!G+:!N='/888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888P E/%<-,A!>'-.*/'= 888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888P N+%+=.-&&-.%#+!E/#.',.%#+88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888P @+.'0/-.%#+!Q%.4!GR%=.%+0!;/,4%<%+0!?#&*.%#+= 8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888P G+,/A2.%#+!S!?',*/%.A 88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888T
34'!@:'-&!?#&*.%#+!GR%=.=!!!3'R.U*-/: 88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888T
!!
"#$%&'!(#))*+%,-.%#+!"#+%.#/%+0!1!(#)2&%-+,'!
!"#$%&'()*+(,-(."$'(/! ! 9!
34'!"#$%&'!5#/67#/,'34'!"#$%&'!5#/67#/,' !!
O#!&#+0'/!-/'!V*=.!'R',*.%<'=W!=-&'=2'#2&'!#/!7%'&:!='/<%,'!.',4+%,%-+=!/'&A%+0!#+!=)-/.24#+'=!.#!4'&2!
%+,/'-='!.4'%/!2/#:*,.%<%.A!-+:!6''2!.4')!%+!.#*,4!Q%.4!,*=.#)'/=X!+'':=8!!L'Y*'=.=!-/'!,#)%+0!7/#)!-&&!
'+:=!#7!#/0-+%Z-.%#+=!.#!-,,'==!,#)2-+A!')-%&W!,-&'+:-/=!-+:!(L"!-22&%,-.%#+=8!!;=!-!/'=*&.W!.4'!*='!#7!
=)-/.24#+'=!%+!.4'!Q#/62&-,'!%=!%+,/'-=%+0!'R2#+'+.%-&&A8!!@7!A#*!-/'!/'-:%+0!.4%=W!A#*!-/'!2/#$-$&A!Q'&&!
-Q-/'!#7!4#Q!)-+A!,#)2-+A[%==*':!=)-/.24#+'=!A#*!,*//'+.&A!4-<'!%+!='/<%,'8!!\#*!-/'!-&=#!2/#$-$&A!
-Q-/'!.4-.!)#/'!-+:!)#/'!')2&#A''=!-/'!-=6%+0!.#!-,,'==!A#*/!,#/2#/-.'!+'.Q#/6!7/#)!.4'%/!2'/=#+-&!
=)-/.24#+'=8!!;,,#/:%+0!.#!>#//'=.'/!L'='-/,4W!-!&'-:%+0!.',4+#�A!-+:!)-/6'.%+0!/'='-/,4!,#)2-+AW!
4-&7!#7!.4'!=)-/.24#+'=!%+!*='!%+!N8?8!-+:!(-+-:%-+!$*=%+'=='=!-/'!+#.!,#)2-+A!-=='.=8!!!
34'!%))'+='!0/#Q.4!#<'/!.4'!+'R.!='<'/-&!A'-/=!#7!=)-/.24#+'=!-+:!#.4'/!)#$%&'!:'<%,'=!=*,4!-=!
.-$&'.=!%=!*+%<'/=-&&A!2/':%,.':]!!>#//'=.'/!2/':%,.=!.4-.W!$A!B^9_W!=)-/.24#+'!*=-0'!-)#+0!N8?8!
%+7#/)-.%#+!Q#/6'/=!Q%&&!./%2&'81!!U-/.+'/!4-=!2/#V',.':!.4-.!0&#$-&!*+%.!=-&'=!#7!=)-/.24#+'=!Q%&&!'R,'':!
E(=!$A!)%:[B^99W!-+:!$A!=#)'!-,,#*+.=W!.4%=!4-=!-&/'-:A!4-22'+':8!!;.!-!/','+.!2/'='+.-.%#+!-.!@>;!%+!
K'/&%+W!G/%,!?,4)%:.!+#.':!.4-.!.4'!)#$%&'!5'$!%=!0/#Q%+0!'%04.!.%)'=!7-=.'/!.4-+!.4'!'Y*%<-&'+.!:'=6.#2!
5'$!)#:'&!#7!.'+!A'-/=!-0#W!-+:!.4-.!=)-/.24#+'!=-&'=!Q%&&!=##+!=*/2-==!E(!=-&'=8!!;+:!"-/A!"''6'/!
4-=!2/':%,.':!.4-.!)#/'!2'#2&'!Q%&&!-,,'==!.4'!%+.'/+'.!<%-!)#$%&'!:'<%,'=!.4-+!<%-!:'=6.#2=!$A!B^9D82!!
@+!-::%.%#+W!.4'!*='!#7!'<'+!$-=%,!.'R.!='/<%,'=!#+!)#$%&'!:'<%,'=!4-=!%+,/'-=':!:/-)-.%,-&&A!#<'/!.4'!
2-=.!7'Q!A'-/=8!!@+:'':W!-=!#7!`-+*-/A!B^99W!,#)?,#/'!Q-=!/'2#/.%+0!.4-.!IP89a!#7!N?!)#$%&'!
=*$=,/%$'/=!*=':!.'R.!)'==-0%+0!#+!.4'%/!)#$%&'!:'<%,'W!*2!+'-/&A!_a!<'/=*=!.4'!.4/''!)#+.4!2'/%#:!
'+:%+0!;2/%&!B^9^83!!C.4'/=!4-<'!2*.!N?!.'R.!)'==-0%+0!
2'+'./-.%#+!-=!4%04!-=!MBa84!
@+'<%.-$&AW!.4%=!:/-)-.%,!%+,/'-='!%+!)#$%&'!:'<%,'!*=-0'!
Q%&&!2*=4!%+.#!.4'!Q#/62&-,'8!34%=!Q%&&!$'!:/%<'+!$A!$#.4!
')2&#A''=!$/%+0%+0!.4'%/!2'/=#+-&!)#$%&'!:'<%,'=!%+.#!
.4'!Q#/62&-,'!b#7.'+.%)'=!$'%+0!/'%)$*/=':!$A!.4'%/!
')2&#A'/=cW!-+:!$A!,*=.#)'/=!-+:!,&%'+.=!Q-+.%+0!.#!
%+.'/-,.!Q%.4!.4'%/!='/<%,'!2/#<%:'/=!-+:!<'+:#/=!Q4%&'!#+!
.4'!0#8!!;,,#/:%+0!.#!-!/','+.!=*/<'A!#7!BW^^^!@3!
2/#7'==%#+-&=!%+!PM!,#*+./%'=W!@K"!7#*+:!.4-.!)#/'!.4-+!
4-&7!$'&%'<'!.4-.!Q%.4%+!.4'!+'R.!7%<'!A'-/=W!)#/'!
:'<''/=!Q%&&!$'!Q#/6%+0!#+!)#$%&'!-22&%,-.%#+=!-+:!,&#*:[$-=':!-/,4%.',.*/'!.4-+!./-:%.%#+-&!
,#)2*.%+0!2&-.7#/)=!7#/!.4'!'+.'/2/%='85!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1 http://www.forrester.com/rb/research 2 “Internet Trends” presentation, Morgan Stanley, April 12, 2010. 3 “comScore Reports January 2011 US Mobile Subscriber Market Share,” comScore press release, March 7, 2011. 4 “Cell Phones and American Adults,” Pew Internet, a project of the Pew Research Center, Sept. 2, 2010, page 2.
d@+!-&&!-/'-=!#7!=#7.Q-/'!:'<')'+.W!)#$%&'!,#)2*.%+0!%=!=''+!-=!.4'!+*)$'/[#+'!4#..'=.!@3!#22#/.*+%.A!+'R.!A'-/We!=-%:!`%)!(#/0'&W!-+!@K"!0'+'/-&!)-+-0'/!#7!%+:'2'+:'+.!=#7.Q-/'!<'+:#/=!-+:!:'<''/!/'&-.%#+=8!!dO#.!#+&A!Q%&&!)#$%&'!=2%6'!.#!.4'!7#/'7/#+.W!$*.!$A!B^9FW!/'=2#+:'+.=!=-%:!%.!Q%&&!:#)%+-.'!'<'/A.4%+08!!34'!,'&&!24#+'!%=!+#!&#+0'/!-!0-:0'.!f!%.X=!Q4-.!@3!%=!0#%+0!.#!$',#)'8e!
"#$%&'!(#))*+%,-.%#+!"#+%.#/%+0!1!(#)2&%-+,'!
!
!"#$%&'()*+(,-(."$'(/! ! B!
;=!,#)2-+%'=!&%6'!"%,/#=#7.W!L'='-/,4!%+!"#.%#+W!;22&'W!-+:!U##0&'!-&&!,#+.%+*'!.#!)-6'!,#++',.%+0!
')2&#A''[#Q+':!=)-/.24#+'=!.#!.4'!'+.'/2/%='!'-=%'/W!.4'!+'':!7#/!%+,/'-=':!:-.-!=',*/%.A!-+:!
,#)2&%-+,'!$',#)'=!,/%.%,-&8!!34%=!+'':!%=!-)2&%7%':!%7!A#*/!%+:*=./A!%=!/'0*&-.':W!&%6'!7%+-+,%-&!='/<%,'=!#/!
24-/)-,'*.%,-&=W!Q4'/'!.4'!-/,4%<%+0!#7!$*=%+'==!,#))*+%,-.%#+=!%=!,#)2*&=#/A8!!54'/'!:#!.'R.!
)'==-0'=!b%+!.4'!?"?!#/!E@O!7#/)-.cW!@"X=!b%+=.-+.!)'==-0'=!#/!K&-,6K'//A!)'==-0'=cW!-+:!#.4'/!7#/)=!
#7!,#))*+%,-.%#+!='+.!-+:!/','%<':!$A!=)-/.24#+'=!,#)'!%+.#!2&-A!Q4'+!:%=,*==%+0!,#)2&%-+,'g!
(-2.*/'!-+:!;/,4%<'!#7!"#$%&'!(#))*+%,-.%#+=! %+!>%+-+,%-& !?'/<%,'=!(-2.*/'!-+:!;/,4%<'!#7!"#$%&'!(#))*+%,-.%#+=! %+!>%+-+,%-& !?'/<%,'=!
@+:*=./A@+:*=./A !!
34%=!Y*#.'!%=!7/#)!B^^PW!$*.!+#.!-!&#.!4-=!,4-+0':!=%+,'!.4'+8!!J*/%+0!.4%=!.%)'W!='<'/-&!)#$%&'!,-//%'/=!
%+!.4'!N?!4-<'!%+=.%.*.':!?"?!-/,4%<%+0!7#/!=4#/.!2'/%#:=!
#7!.%)'8!!H#Q'<'/W!=2',%-&!/'Y*'=.=!4-<'!.#!$'!)-:'!.#!
.4'!,-//%'/W!.4'/'!-/'!+#!0*-/-+.''=!.4-.!.4'!)'==-0'=!
Q%&&!$'!-<-%&-$&'!-+:!Q4'+!/','%<':W!.4'!)'==-0'=!-/'!%+!
$*&6!%+:%<%:*-&!7#/)!-+:!-/'!4-/:&A!*=-$&'W!-=!
,#+<'/=-.%#+!.4/'-:=!-/'!+#.!/'$*%&.8!!?#7.Q-/'!4-=!-&=#!
$''+!:'<'':!.4-.!,-+!/',#<'/!:'&'.':!.'R.=!7/#)!-!
=)-/.24#+'X=!?@"!,-/:8!!H#Q'<'/W!.4%=!#+&A!Q#/6=!7#/!
U?"!:'<%,'=!-+:!,-+!'-=%&A!$'!)-+%2*&-.':!#/!:%=,-/:':!
$A!.4'!:'<%,'!*='/8!!!
34'!+'':!.#!-/,4%<'!)#$%&'!)'==-0%+0!,#))*+%,-.%#+=!
%=!)#=.!,&'-/!%+!.4'!7%+-+,%-&!='/<%,'=!%+:*=./A!%+!.4'!N8?8!
?G(!L*&'!9M-[D!Q4%,4!)-+:-.'=!.4-.!=',*/%.%'=!$/#6'/=W!:'-&'/=!-+:!)')$'/=!#7!+-.%#+-&!=',*/%.%'=!
'R,4-+0'=!)-%+.-%+!/',#/:=!#7!.4'%/!./-+=-,.%#+=!-+:!$*=%+'==!:'-&%+0=!-+:!.4-.!.4#='!/',#/:=!$'!
2/'='/<':!7#/!-!)%+%)*)!#7!=%R!A'-/=W!.4'!7%/=.!.Q#!A'-/=!%+!-+!d'-=%&A!-,,'==%$&'!2&-,'8e!!34'!-77',.':!
/',#/:=!-/'!$/#-:!-+:!'+,#)2-==!,#))*+%,-.%#+=!0'+'/-.':!-+:!/','%<':!$A!%+:%<%:*-&=!Q%.4%+!
7%+-+,%-&!%+=.%.*.%#+=W!%+,&*:%+0!%+.'/[#77%,'!)')#/-+:-!-+:!%+.'/+-&!-*:%.!Q#/6%+0!2-2'/=W!-=!Q'&&!-=!
-*.#)-.':!)'==-0'=!='+.!.#!-&&!,*=.#)'/=!=*,4!-=!')-%&!$&-=.=8!!@+:'':W!%+!-!/','+.!-:)%+%=./-.%<'!
-,.%#+W!.4'!?G(!7#*+:!.4-.!-+!%+<'=.)'+.!7%/)!Q%&&7*&&A!<%#&-.':!L*&'!9M-[D!$',-*='!d%.!7-%&':!.#!2/'='/<'!
7#/!.4/''!A'-/=!,'/.-%+!,#))*+%,-.%#+=!/'&-.':!.#!%.=!$*=%+'==!-=!=*,4W!%+,&*:%+0!.'R.!)'==-0'=!-+:!
%+=.-+.!)'==-0'=8e6!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!5 “IBM Survey Says Mobile Apps Will Dominate Enterprise,” The Wall Street Journal (WSJ Blogs, Venture Capital Dispatch), October 7, 2010. 6 “In the Matter of Evergreen Investment Management Company, LLC and Evergreen Investment Services, Inc.”, SEC Administrative Proceeding File No. 3-13507, June 8, 2009, page 13.
!"#$%&'$&()**&+,-.)&('**$&'/)&.-%&/)(-/0)01&.)2%,)/&'/)&%)3%&4)$$'5)$6&&7)5#*'/&%)3%&4)$$'5)$&$).%&%,/-#5,&/)5#*'/&()**&+,-.)$&'/)&.-%&8)+%&2.&'.9&().%/'*&/)+-$2%-/96&&:,).&9-#&;'+&%,)4&</-4&9-#/&+,-.)&%,)9&'/)1&2.&'*4-$%&'**&2.$%'.()$1&<-/)=)/&;'++)06&&>,)/)&2$&.-&<)0)/'*&*'?&/)@#2/2.5&%,'%&%,)9&A)&$%-/)0&-/&8)+%&A9&%,)&()**&+,-.)&+/-=20)/6B!!f!!"%6'!5'+:&-+:W!J'./#%.!>/''!E/'==!3',4+#�A!(#&*)+%=.!
"#$%&'!(#))*+%,-.%#+!"#+%.#/%+0!1!(#)2&%-+,'!
!
!"#$%&'()*+(,-(."$'(/! ! _!
>@OL;!7*/.4'/!/'Y*%/'=!.4-.!%.=!)')$'/=!%)2&')'+.!=*2'/<%=#/A!/'<%'Q!2/#,':*/'=!7#/!-&&!
,#//'=2#+:'+,'!#7!.4'%/!/'0%=.'/':!/'2/'='+.-.%<'=!2'/.-%+%+0!.#!.4'!=#&%,%.-.%#+!-+:!'R',*.%#+!#7!-&&!
=',*/%.%'=!./-+=-,.%#+=W!Q4%,4!%+,&*:'=!')-%&!-+:!#.4'/!7#/)=!#7!'&',./#+%,!,#))*+%,-.%#+=8!@+!/','+.!
0*%:-+,'!/'0-/:%+0!.4'!=*2'/<%=%#+!#7!'&',./#+%,!,#))*+%,-.%#+=W!>@OL;!,&-/%7%':!.4-.!.4'!.'/)!
d'&',./#+%,!,#))*+%,-.%#+=e!%+,&*:'!d=*,4!7#/)=!#7!'&',./#+%,!,#))*+%,-.%#+=!-=!%+=.-+.!)'==-0%+0!
-+:!.'R.!)'==-0%+08e7!!3#!.4'!'R.'+.!.4-.!')2&#A''=!#7!.4'='!/'0*&-.':!7%/)=!*='!)#$%&'!)'==-0%+0!7#/!
./-:%+0!#/!#.4'/!$*=%+'==!2*/2#='=W!=*,4!,#))*+%,-.%#+=!+'':!.#!$'!,-2.*/':!-+:!-/,4%<':8!
3#!:-.'W!)-+A!7%+-+,%-&!%+=.%.*.%#+=!4-<'!'%.4'/!%+=.%.*.':!-!2#&%,A!7#/$%::%+0!.4'!*='!#7!.'R.!)'==-0%+0!
b'R,'2.!7#/!%+.'/+-&!%+=.-+.!)'==-0%+0!=A=.')=c!-+:S#/!4-<'!:%=-$&':!)'==-0%+0!#+!.4'%/!,#)2-+A!
24#+'=8!!34%=!%=!,'/.-%+&A!-!<%-$&'!#2.%#+!f!-=!&#+0!-=!=*,4!,#))*+%,-.%#+=!)'.4#:=!-/'+X.!$'%+0!*=':!
7#/!$*=%+'==!2*/2#='=W!.4'+!7%+-+,%-&!%+=.%.*.%#+=!,-+!=.-A!%+!,#)2&%-+,'8!!34'!Y*'=.%#+W!4#Q'<'/W!%=!
Q4'.4'/!.4%=!)#:'&!%=!=*=.-%+-$&'8!!"#/'!-+:!)#/'!')2&#A''=!Q-+.!.#!*='!.4'='!.A2'=!#7!
,#))*+%,-.%#+!)'.4#:=!$',-*='!.4'A!4-<'!$',#)'!,#))#+2&-,'!-+:!$',-*='!.4'A!Q-+.!)#/'!
7&'R%$%&%.A!-/#*+:!.4'%/!Q#/6!=,4':*&'=!-+:!4-$%.=8!!C+'!&-/0'!7%+-+,%-&!%+=.%.*.%#+!%+!.4'!N?W!7#/!'R-)2&'W!
/'%)$*/='=!)#$%&'!24#+'!'R2'+='=!7#/!+'-/&A!9MW^^^!/'0%=.'/':!/'2/'='+.-.%<'=W!$*.!4-=!%)2&')'+.':!
.',4+#�A!.#!:%=-$&'!.'R.!)'==-0%+0!$',-*='!.4'!:'<%,'=!-/'!*=':!7#/!$*=%+'==!2*/2#='=8!!H#Q'<'/W!
$',-*='!.4'='!-/'!24#+'=!.4-.!-/'!#Q+':!$A!.4'!/'0%=.'/':!/'2=W!.4'!/'0%=.'/':!/'2=!4-<'!$''+!
,#)2&-%+%+0!-+:!.4'!7%+-+,%-&!%+=.%.*.%#+!7''&=!.4'!+'':!.#!7%+:!-!=#&*.%#+!.#!.4%=!2/#$&')8!!
G<'+!)#/'!%)2#/.-+.&AW!4#Q'<'/W!,*=.#)'/=!-+:!2/#=2',.=!Q-+.!.#!,#))*+%,-.'!Q%.4!.4'%/!$/#6'/=!-+:!
%+<'=.)'+.!2/#7'==%#+-&=!<%-!.4'='!.A2'=!#7!)'==-0%+0!)'.4#:=8!!C+'!=)-&&!%+<'=.)'+.!-:<%=#/A!7%/)!
$-=':!%+!.4'!"%:Q'=.!/'&-A':!-!=.#/A!#7!#+'!#7!%.=!)#=.!%)2#/.-+.!,&%'+.=!KK"%+0!#+'!#7!.4'!7%/)X=!
='+%#/!./-:'/=!7/#)!4%=!A-,4.!#+!h-6'!"%,4%0-+8!!C7!,#*/='W!.4'!./-:'/!,#*&:!+#.!/'=2#+:!$',-*='!.4'!
,#))*+%,-.%#+!Q-=!+#.!$'%+0!,-2.*/':8!!34'!:'<%,'!Q-=!+#.!%+!<#%,'!,-&&!/-+0'!-+:!=#!.4'!
,#))*+%,-.%#+!4-:!.#!Q-%.!*+.%&!.4'!A-,4.!/'.*/+':!.#!=4#/'!&-.'/!.4-.!:-A8!@=!%.!/'-&&A!2/*:'+.!-+:S#/!
=*=.-%+-$&'!.#!&%)%.!-+!')2&#A''X=!%+.'/-,.%#+=!Q%.4!.4'%/!)#=.!%)2#/.-+.!,#+=.%.*'+.=g!!;+:!Q4'+!Q'!
4-<'!-=6':!.4'='!7%+-+,%-&!%+=.%.*.%#+=!Q4A!)'==-0%+0!4-=!$''+!:%=-$&':!b#/!%=!#.4'/Q%='!*+=*22#/.':cW!
.4'A!=-A!=%)2&A!d$',-*='!Q'!,-+X.!./-,6!%.8e!!!
h-=.!>-&&W!.4'!>?;W!b>%+-+,%-&!?'/<%,'=!;*.4#/%.AcW!#77%,%-&&A!'R.'+:':!d.4'!.-2%+0!/*&'=e!bE?^PS9W!E?9^S9M]!
3-2%+0!#7!"#$%&'!E4#+'=!f!>'':$-,6!#+!(E9^SM!-+:!7%+-&!/*&'=c!.#!/'Y*%/'!/',#/:%+0!-+:!-/,4%<%+0!#7!-&&!
<#%,'!-+:!'&',./#+%,!,#))*+%,-.%#+=!:'-&%+0!Q%.4!#/:'/=W!+'0#.%-.%#+!#/!-//-+0')'+.!#7!./-+=-,.%#+=!%+!
.4'!7%+-+,%-&!='/<%,'=!%+:*=./A8!!3#:-AW!'+.'/2/%='!)#$%&%.A!-+:!7&'R%$&'!Q#/6%+0!%=!-!/'-&%.A!-=!)#/'!-+:!
)#/'W!')2&#A''=!-/'!,#+:*,.%+0!$*=%+'==!#*.=%:'!#7!.4'!#77%,'8!!L',#/:%+0!)#$%&'!,#+<'/=-.%#+=!+#Q!
Q%&&!+#.!#+&A!$'!)-+:-.#/A!%+!7%+-+,%-&!='/<%,'=!7%/)=!$*.!-&=#!:')#+=./-.'=!0##:!0#<'/+-+,'!
2-/.%,*&-/&A!%+!-/'-=!Q4'/'!,&%'+.!./-+=-,.%#+=!-/'!,#+:*,.':!$A!24#+'8!!O#QW!-&&!,-&&=!,-+!$'!Y*%,6&A!
/'./%'<':!-+:!/'2&-A':!.#!2/#.',.!$*=%+'==!#2'/-.%#+=!7/#)!.4'!2#.'+.%-&!#7!)%=*+:'/=.-+:%+0=!#/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!7 “Supervision of Electronic Communications”, FINRA Regulatory Notice 07-59, December 2007.
"#$%&'!(#))*+%,-.%#+!"#+%.#/%+0!1!(#)2&%-+,'!
!
!"#$%&'()*+(,-(."$'(/! ! D!
)%=/'2/'='+.-.%#+=!&-.'/!:#Q+!.4'!/#-:8!!(#/2#/-.'!)#$%&'!24#+'!,#=.=!#7.'+!%+,&*:'!-!4%04!2'/,'+.-0'!
#7!2'/=#+-&!*=-0'!$A!')2&#A''=8!!L',#/:%+0!')2&#A''!,-&&=!'+=*/'=!$'..'/!-:4'/'+,'!.#!,#)2-+A!2#&%,A!
/'0-/:%+0!2'/=#+-&!*=-0'!#7!,#)2-+A!)#$%&'!24#+'=8!
"'==-0'!(-"'==-0'!(-2.*/'!-+:!;/,4%<'! %+!C.4'/!@+:*=./%'=2.*/'!-+:!;/,4%<'! %+!C.4'/!@+:*=./%'= !!
C.4'/!/'0*&-.':!%+:*=./%'=!%+,&*:'!24-/)-,'*.%,-&=8!!E4-/)-!7%/)=!-/'!/'0*&-.':!$A!.4'!>J;!-+:!#.4'/!
='&7[/'0*&-.%+0!%+:*=./A!#/0-+%Z-.%#+=!.4-.!4-<'!0*%:'&%+'=!.#!4'&2!-==*/'!.4-.!2/#)#.%#+-&!)-.'/%-&=!
*=':!$A!=*,4!7%/)=W!-=!Q'&&!-=!,#))*+%,-.%#+=!$'.Q''+!/'2/'='+.-.%<'=!#7!=*,4!7%/)=!-+:!:#,.#/=!1!
4'-&.4,-/'!2/#7'==%#+-&=W!-/'!-,,*/-.'W!7-%/&A!$-&-+,':W!-+:!&%)%.':!.#!%+7#/)-.%#+!.4-.!4-=!$''+!
-22/#<':!$A!.4'!>J;!-=!Q'&&!-=!#.4'/!=.-+:-/:=8!!"-+A!24-/)-,'*.%,-&!7%/)=!Q-+.!.#!'+-$&'!.4'%/!7%'&:!
=-&'=!7#/,'!.#!*='!?"?!-+:!KK"!Q%.4!:#,.#/=!-+:!#.4'/!,*=.#)'/=W!$*.!7''&!.4'!+'':!.#!)#+%.#/!=*,4!
)'==-0%+0!.#!'+=*/'!.4'A!-/'!=.-A%+0!%+!,#)2&%-+,'!Q%.4!'R%=.%+0!/'0*&-.%#+=8!!!
;+#.4'/!-/'-!Q4'/'!)#$%&'!,#)2&%-+,'!%=!$',#)%+0!'<'/!)#/'!
%)2#/.-+.!%=!%+!,#&&'0%-.'!-.4&'.%,=8!!34'!O(;;!4-=!=./%,.!/*&'=!-$#*.!.4'!
7/'Y*'+,A!Q%.4!Q4%,4!,#&&'0'!,#-,4'=!,-+!,#+.-,.!/',/*%.=!-+:!.4'%/!
7-)%&%'=8!!5%.4!)#$%&'!,#)2&%-+,'!=#&*.%#+=W!,#&&'0'!,#-,4'=!,-+!)#/'!
'-=%&A!/'2#/.!.4'%/!-,.%<%.%'=!%+!,#)2&%-+,'!Q%.4!.4'!O(;;!/'2#/.%+0!
/'Y*%/')'+.=W!-+:!,#&&'0'!-.4&'.%,!:'2-/.)'+.=!,-+!/'=.!'-=%'/!
6+#Q%+0!.4-.!.4'A!Q%&&!$'!-&'/.':!%7!-+A#+'!=.'2=!#*.!#7!,#)2&%-+,'8!
K*.!/'0*&-.':!%+:*=./%'=!-/'!#+&A!.4'!$'0%++%+0!f!,#)2-+%'=!7/#)!-&&!
6%+:=!#7!*+/'0*&-.':!%+:*=./%'=!-/'!%+.'/'=.':!%+!)'==-0'!,-2.*/'!-+:!
-/,4%<'!7#/!-!<-/%'.A!#7!/'-=#+=8!!G<'/!=%+,'!.4'!J''2Q-.'/!H#/%Z#+!
$&#Q#*.W!,#)2-+%'=!%+!.4'!#%&!1!0-=!%+:*=./A!4-<'!$''+!&'-/+%+0!4#Q!
.#!,-2.*/'!-+:!-/,4%<'!)#$%&'!)'==-0%+0!-+:!)#$%&'!<#%,'!,-&&=!7/#)!
.4'%/!')2&#A''=!-+:!=*$,#+./-,.#/=!#+!#%&!:/%&&%+0!=%.'=!.#!'+=*/'!.4'A!4-<'!,#)2&'.'!/',#/:=!#7!-&&!
,#))*+%,-.%#+=!$'.Q''+!/'&'<-+.!2-/.%'=!0#%+0!7#/Q-/:8!!(#+=./*,.%#+!'+0%+''/%+0!7%/)=!.4-.!4-<'!4-:!
#+[=%.'!:%=2*.'=!$'.Q''+!,#+./-,.#/=!-+:!=*$,#+./-,.#/=!-$#*.!,4-+0%+0!=2',%7%,-.%#+=!-.!-!
,#+=./*,.%#+!=%.'!4-<'!$''+!%+Y*%/%+0!-$#*.!=*,4!-!='/<%,'8!(#))'/,%-&!/'-&!'=.-.'!7%/)=!Q-+.!.#!./-,6!
.4'!,#))*+%,-.%#+=!#7!.4'%/!2/#2'/.A!)-+-0')'+.W!)-/6'.%+0W!&'-=%+0!-+:!:'<')'+.!2/#7'==%#+-&=!
%+!.4'!7%'&:8!!(#+=*)'/!2/#:*,.=!,#)2-+%'=!Q-+.!.#!6''2!./-,6!#7!.4'%/!=-&'=!/'2=!%+!.4'!7%'&:8!!34'!&%=.!
0#'=!#+8!
@+!-!=*/<'A!#7!#<'/!9^^!.',4+#�A!-+:!=./-.'0A!:',%=%#+[)-6'/=!/'=2#+=%$&'!7#/!)'==-0%+0!-/,4%<%+0!
,#+:*,.':!%+!B^9^W!>#//'=.'/!7#*+:!.4-.!D^a!#7!)'==-0%+0!-/,4%<%+0!=.-6'4#&:'/=!2&-++':!.#!/#&&!#*.!#/!
'R2-+:!=#&*.%#+=!%+!B^9^8!!;+:!Q4%&'!@3!#2'/-.%#+-&!#$V',.%<'=!=*,4!-=!&#Q'/%+0!=.#/-0'!,#=.=W!%)2/#<%+0!
$-,6*2!-+:!/',#<'/A!-+:!$##=.%+0!)'==-0'!-22&%,-.%#+!2'/7#/)-+,'!:'7%+%.'&A!/')-%+!%)2#/.-+.W!&'0-&!
/%=6!)%.%0-.%#+!+'':=!4-<'!$',#)'!2-/-)#*+.8!!;)#+0!=.-6'4#&:'/=!2&-++%+0!.#!'R2-+:!#/!/#&&!#*.!
"#$%&'!(#))*+%,-.%#+!"#+%.#/%+0!1!(#)2&%-+,'!
!
!"#$%&'()*+(,-(."$'(/! ! F!
)'==-0%+0!-/,4%<%+0!%+!B^9^W!.4'!.#2!:/%<'/=!-/'!)''.%+0!/'0*&-.#/A!/'Y*%/')'+.=!bPFac!-+:!'-=%+0!
'J%=,#<'/A!$*/:'+=!bMM8Fac88!
E#& %,A!<=8 !E/%<-,AE#&%,A!<=8 !E/%<-,A !!
;+A!.A2'!#7!=*/<'%&&-+,'!.##&W!4#Q'<'/W!=4#*&:!$'!./'-.':!,-/'7*&&A!$A!,#)2-+%'=!.4-.!=''6!.#!:'2&#A!%.8!!
>%/=.!-+:!7#/')#=.W!,#)2-+%'=!=4#*&:!$'!*27/#+.!Q%.4!.4'%/!')2&#A''=!-+:!2*.!.4')!#+!+#.%,'!.4-.!
.4'%/!)'==-0%+0!%=!$'%+0!-/,4%<':!7#/!,#/2#/-.'!2*/2#='=8!
@+:'':W!%+!-!`*+'!B^9^!:',%=%#+W!(%.A!#7!C+.-/%#!<8!i*#+W!.4'!N?!?*2/')'!(#*/.!*+-+%)#*=&A!*24'&:!.4'!
='-/,4!#7!-!2#&%,'!#77%,'/j=!2'/=#+-&!)'==-0'=!#+!-!0#<'/+)'+.[#Q+':!2-0'/W!=-A%+0!%.!:%:!+#.!<%#&-.'!
4%=!,#+=.%.*.%#+-&!/%04.=8!!34'!Q-//-+.&'==!='-/,4!Q-=!+#.!-+!*+/'-=#+-$&'!<%#&-.%#+!#7!.4'!#77%,'/X=!D.4!
;)'+:)'+.!/%04.=!$',-*='!%.!Q-=!)#.%<-.':!$A!&'0%.%)-.'!Q#/6[/'&-.':!2*/2#='=8!!34'!,%.A!Q-=!./A%+0!.#!
:'.'/)%+'!Q4'.4'/!%.!+'':':!.#!)#:%7A!%.=!Q%/'&'==!,#+./-,.W!Q4%,4!%)2#=':!7''=!-7.'/!')2&#A''=!
'R,'':':!,4-/-,.'/!&%)%.=!#+!.'R.!)'==-0'=8!
54%&'!.4'!2/%<-,A!%==*'!%+!(%.A!#7!C+.-/%#!<8!i*#+!%+<#&<':!-!0#<'/+)'+.!%+./*=%#+!%+.#!2'/=#+-&!
,#))*+%,-.%#+=W!.4-.!%=W!Q4'.4'/!#/!+#.!.4'!D.4!;)'+:)'+.!-22&%':!.#!.4'!'&',./#+%,!,#))*+%,-.%#+=!
#7!2*$&%,!')2&#A''=W!.4'!:',%=%#+!Q%&&!&%6'&A!4-<'!-+!%)2-,.!#+!7*.*/'!,#*/.!:',%=%#+=!%+<#&<%+0!2/%<-.'!
')2&#A'/=8!!@.!%=!,&'-/!7/#)!.4'!(#*/.X=!:',%=%#+!.4-.W!-&.4#*04!,#)2-+%'=!,'/.-%+&A!=4#*&:!$'!-=!'R2&%,%.!
-=!2#==%$&'W!-+!')2&#A'/X=!2#&%,A!/'0-/:%+0!)#+%.#/%+0!+'':!+#.!=2',%7A!'<'/A!)'-+=!#7!,#))*+%,-.%#+!
=*$V',.!.#!.4'!2#&%,A8!!34'!%)2&%,-.%#+!%=!.4-.!')2&#A''=!=4#*&:!-==*)'!.4-.!-+A!'&',./#+%,!:'<%,'!
2/#<%:':!$A!-+!')2&#A'/!)-A!$'!=*$V',.!.#!)#+%.#/%+0W!Q4'.4'/!#/!+#.!=*,4!-!:'<%,'!%=!=2',%7%,-&&A!
)'+.%#+':!%+!-!Q/%..'+!2#&%,A8!
G &')'+.=!#7!-+!@:'-& !?#&*.%#+G&')'+.=!#7!-+!@:'-& !?#&*.%#+ !!
;+A!=#&*.%#+!.#!.4'!2/#$&')!#7!)#$%&'!,#))*+%,-.%#+!,-2.*/'!-+:!-/,4%<%+0!)*=.!$'!,#)2/'4'+=%<'8!!
34'!=#&*.%#+!)*=.!$'!-$&'!.#!)#+%.#/W!�W!-/,4%<'W!#/!$&#,6!)#$%&'!,#))*+%,-.%#+=W!-+:!)*=.!$'!-$&'!
.#!/',/'-.'!.4'!'+.%/'!)'==-0'!,#+<'/=-.%#+!V*=.!&%6'!-+!')-%&!,4-%+8!!@+!-::%.%#+W!.4'!=#&*.%#+!)*=.!$'!
-$&'!.#!./-,6!.4'!)#<')'+.!#7!)#$%&'!,#))*+%,-.%#+!:'<%,'=!-+:!'+=*/'!.4-.!')2&#A''=!,-++#.!0'.!
-/#*+:!.4'!2#&%,A8!!>%+-&&AW!%.!)*=.!$'!'-=A!7#/!A#*/!,#)2&%-+,'!.'-)!.#!-,,'==!.4'!%+7#/)-.%#+!
+','==-/A!.#!2/#2'/&A!-::/'==!=',*/%.A!$/'-,4'=!#/!<%#&-.%#+=!#7!,#)2-+A!0*%:'&%+'=8!
>'-.*/'=!#7!.4'!=#&*.%#+!-=%:'W!%.!)*=.!#77'/!)-+A!,4-/-,.'/%=.%,=!.4-.!-&&#Q!%.!.#!$'!%)2&')'+.':!'-=%&A!
-+:!%+.'0/-.':!='-)&'==&A!%+.#!A#*/!,#)2-+AX=!+'.Q#/68!!?,-&-$%&%.AW!*20/-:'=W!-+:!:-.-!$-,6*2!)*=.!
-&=#!$'!6'A!7-,.#/=8!!h'.X=!=.-/.!$/'-6%+0!:#Q+!.4'!%:'-&!)#$%&'!,#))*+%,-.%#+!)#+%.#/%+0W!,-2.*/'!-+:!
-/,4%<%+0!=#&*.%#+!%+!.'/)=!#7!%.=!4-+:&%+0!#7!<-/%#*=!7'-.*/'=!-+:!7*+,.%#+-&%.A8!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8 “Regulatory and eDiscovery Demands Drive a Growing Messaging Archiving Market”, Forrester, March 17, 2010, pages 4-5.
"#$%&'!(#))*+%,-.%#+!"#+%.#/%+0!1!(#)2&%-+,'!
!
!"#$%&'()*+(,-(."$'(/! ! I!
0'1)2"3*422*5"33'6"*!/-"3*
34'!%:'-&!=#&*.%#+!,-2.*/'=!-!)*&.%.*:'!#7!2#2*&-/!)#$%&'!)'==-0%+0!.A2'=W!=*,4!-=!?"?W!KK"W!E@O[.#[
E@O!)'==-0%+0W!-+:!=#)'!#7!.4'!2*$&%,!)#$%&'!%+=.-+.!)'==-0%+0!='/<%,'=!=*,4!-=!;@"!-+:!U##0&'3-&68!!
;&&!#7!.4'='!)'==-0'!.A2'=!=4#*&:!$'!,-2.*/':!.4/#*04!-!=%+0&'!-22&%,-.%#+!-+:!'-,4!)'==-0'!.A2'!
=4#*&:!$'!-$&'!.#!$'!%:'+.%7%':!-=!=*,48!!34'!%:'-&!=#&*.%#+!#77'/=!:-.-!=.#/-0'!%+!.4'!5CL"!b5/%.'!
C+,'W!L'-:!"-+Ac!7#/)-.!)-6%+0!,4-+0'=!-+:!:'&'.%#+=!%)2#==%$&'8!
7"8.9"*+2'$:,(;*461,3$.9*! *<2."1$*='3")*>,2&$.,1*
34'!%:'-&!=#&*.%#+!=4#*&:!-&=#!,-2.*/'!)'==-0'=!7/#)!-+A!:'<%,'8!!?#)'!=#&*.%#+=!-/'!,'+.'/':!-/#*+:!
.4'!K&-,6K'//A!G+.'/2/%='!?'/<'/X=!)'==-0%+0!�%+0!,-2-$%&%.%'=W!$*.!.4-.!&'-<'=!-!&-/0'!2#/.%#+!#7!
=)-/.24#+'=!Q%.4#*.!,#<'/-0'8!!34'!$'=.!Q-A!.#!'+=*/'!,#<'/-0'!#+!-&&!)-V#/!=)-/.24#+'!:'<%,'!
2&-.7#/)=!%=!.#!4-<'!-!,&%'+.[$-=':!=#&*.%#+W!)'-+%+0!=#7.Q-/'!-22&%,-.%#+=!.4-.!
-/'!:#Q+&#-:':!.#!.4'!:'<%,'!-+:!.4'+!d&%=.'+!.#e!#/!dQ-.,4e!)'==-0%+0!
-,.%<%.A!#,,*//%+0!#+!.4'!:'<%,'!%+!/'-&!.%)'8!!
?'<'/-&!-+,%&&-/A!7'-.*/'=!.4'+!-,,#)2-+A!-!,&%'+.[$-=':!=#&*.%#+8!!>%/=.W!.4'!
,&%'+.!-22&%,-.%#+!=4#*&:!/'0*&-/&A!/'2#/.!.#!.4'!$-,6'+:!='/<'/!.4-.!%.!%=!
/*++%+0!2/#2'/&A8!!?',#+:W!#.4'/!7'-.*/'=!=*,4!-=!)'==-0'!$&#,6%+0!b:'=,/%$':!
&-.'/c!)*=.!$'!-$&'!.#!$'!2/#<%=%#+':!7/#)!.4'!Q'$W!2/#<%:%+0!-!/')#.'!,#+./#&!
7*+,.%#+!#<'/!.4'!,&%'+.!-22&%,-.%#+8!!>%+-&&AW!/'0*&-/!*2:-.'=!-+:!*20/-:'=!.#!
.4'!=#7.Q-/'!-22&%,-.%#+!)*=.!$'!-*.#)-.':!-+:!2*=4':!#<'/[.4'[-%/!bdC3;ec!
.#!)#$%&'!:'<%,'=!%+!='/<%,'8!
<,18"(3'$.,1*!?("')*@"A&.2).16*
K',-*='!)*,4!)#$%&'!)'==-0%+0!,#+=%=.=!#7!=4#/.W!=#)'.%)'=!,/A2.%,!.'R.W!%.!%=!
'<'/!)#/'!,/%.%,-&!7#/!-+!-/,4%<%+0!=#&*.%#+!.#!$'!-$&'!.#!/'$*%&:!.4'!)'==-0'!
,#+<'/=-.%#+!.4/'-:!=#!.4-.!)'==-0'=!,-+!$'!<%'Q':!%+!,#+.'R.8!!34'!
,#+<'/=-.%#+!.4/'-:%+0!2-/-)'.'/=!=4#*&:!$'!,#+7%0*/-$&'!$A!.4'!'+.'/2/%='!-=!Q'&&!=#!.4-.!.4'A!,-+!
,4-+0'!.4'!d&'+0.4e!#7!.4'!,#+<'/=-.%#+!-=!+'':':!.#!=''!.4'!'+.%/'!,#+.'R.!#7!.4'!,#+<'/=-.%#+8!
B'3.2/*>"'(9?'A2"*4(9?.8"*
@+!/'0*&-.':!%+:*=./%'=W!'[,#))*+%,-.%#+!-/,4%<%+0!%=!,#)2*&=#/A8!!K*.!.4'!)'==-0'=!+'':!.#!$'!
-,,'==':!'-=%&A!%+!#/:'/!.#!4-<'!-+A!<-&*'!.#!-!,#)2-+A8!!@7!'-,4!.%)'!=#)'#+'!Q-+.=!.#!=''!-!)'==-0'!
'R,4-+0'!7/#)!&-=.!A'-/W!4*+:/':=!#7!:%77'/'+.!#77&%+'!7%&'=!+'':!.#!$'!='-/,4':W!%.!2*.=!-!4*0'!,4%&&%+0!
'77',.!#+!2'#2&'!-,.*-&&A!='-/,4%+0!7#/!.4'!/'&'<-+.!,#))*+%,-.%#+=!-+:!%+!-+A!'<'+.!Q%&&!.-6'!-+!
%+#/:%+-.'!-)#*+.!#7!.%)'8!!54-.!%=!+'':':!%=!-!=%+0&'!-/,4%<'!.4-.!,#+.-%+=!-&&!#7!.4'!/'&'<-+.!)'==-0'=W!
='-/,4-$&'!$A!:-.'W!+-)'W!6'AQ#/:W!#.4'/!2'/=#+!%+!.4'!,#+<'/=-.%#+W!-+:!)'==-0'!.A2'8!
"#$%&'!(#))*+%,-.%#+!"#+%.#/%+0!1!(#)2&%-+,'!
!
!"#$%&'()*+(,-(."$'(/! ! M!
5,1.$,(.16*
34'!-$%&%.A!.#!)#+%.#/!)#$%&'!,#))*+%,-.%#+=!='+.!-+:!/','%<':!%=!2-/-)#*+.8!!34'!)#+%.#/%+0!7*+,.%#+!
0%<'=!A#*/!,#)2&%-+,'!#77%,'/!.4'!-$%&%.A!.#!%:'+.%7A!2#.'+.%-&&A!:-+0'/#*=!)'==-0'=!-+:!.-6'!/'-&[.%)'!
-,.%#+!.#!'+7#/,'!,#)2-+A!2#&%,%'=!-+:!&%)%.!A#*/!'R2#=*/'8!!34'!=#&*.%#+!)*=.!-&&#Q!A#*!.#!)#+%.#/!*='!
#7!,'/.-%+!6'AQ#/:=!#/!24/-='=!#/!,'/.-%+!+*)$'/!2-..'/+=W!=*,4!-=!,/':%.!,-/:!+*)$'/=!#/!=#,%-&!
=',*/%.A!+*)$'/=W!%+!#/:'/!.#!'+=*/'!')2&#A''!-:4'/'+,'!.#!,#)2-+A!2#&%,%'=8!
=2,9C.16*'1)*D.2$"(.16*
('/.-%+!.A2'=!#7!,#))*+%,-.%#+=!:#!+#.!$'&#+0!#+!A#*/!,#)2-+AX=!=)-/.24#+'=!#/!Q%.4%+!.4'!
%+7/-=./*,.*/'!.4-.!=*22#/.=!.4')8!!K'%+0!-$&'!.#!,#+7%0*/'!.4'!=#&*.%#+!.#!7%&.'/!#/!$&#,6!%+,#)%+0!-+:!
#*.0#%+0!.'R.=!#/!#.4'/!)#$%&'!)'==-0'=!6''2=!
%+-22/#2/%-.'!-+:!2#.'+.%-&&A!4-/)7*&!,#+.'+.!-+:S#/!
,#))*+%,-.%#+=!7/#)!,#)%+0!%+.#!.4'!#/0-+%Z-.%#+!#/!
0#%+0!#*.!#7!%.!%=!,/%.%,-&8!!;+!'=2',%-&&A!%)2#/.-+.!'&')'+.!
#7!$&#,6%+0!%=!$'%+0!-$&'!.#!'-=%&A!'+-$&'!%.!$A!6'AQ#/:W!
:#)-%+!#/!='+:'/8!!!
D2'66.16*'1)*42"($.16*
54'+!-!2/#.#,#&!4-=!$''+!$/'-,4':!#/!Q4'+!-!:'<%,'!#/!
:'<%,'!-22&%,-.%#+!4-=!$''+!,#)2/#)%=':W!A#*/!
,#)2&%-+,'!-+:!=',*/%.A!=.-77=!+'':!.#!6+#Q!/%04.!-Q-A!=#!
.4'A!,-+!:'.'/)%+'!.4'!=#*/,'!-+:!:',%:'!#+!.4'!
-22/#2/%-.'!/'=2#+='8!!34'!%:'-&!=#&*.%#+!%+,&*:'=!-:<-+,':!/'2#/.%+0!,-2-$%&%.%'=!.4-.!='+:!-&'/.=!.#!.4'!
/%04.!2'#2&'!#+,'!-+A!)#$%&'!,#))*+%,-.%#+!2/#.#,#&!4-=!$''+!<%#&-.':8!!54'+!,#)$%+':!Q%.4!/#$*=.!
�%+0!,-2-$%&%.%'=W!.4'!%:'-&!=#&*.%#+!,-+!7&-0!-+!%+-22/#2/%-.'!,#))*+%,-.%#+!-+:!,/'-.'!-+!-*:%.!�!
7%&'!-*.#)-.%,-&&A8!
E3'A.2.$/*
34'!%:'-&!=#&*.%#+!-&=#!+'':=!.#!4-<'!-+!%+.*%.%<'!*='/!%+.'/7-,'!.4-.!2*.=!.4'!2#Q'/!#7!%.=!,-2-$%&%.%'=!-.!
.4'!7%+0'/.%2=!#7!-+!-*.4#/%Z':!*='/W!*=*-&&A!-+!@3!=',*/%.A!#/!&'0-&!,#)2&%-+,'!#77%,'/8!!>#&&#Q%+0!-!=',*/'!
�%+W!.4'!*='/!=4#*&:!$'!-$&'!.#!:#!.4'!7#&&#Q%+0]!
• @+=.-&&!.4'!=#&*.%#+!#+!-!=)-/.24#+'!#/!#.4'/!)#$%&'!,#))*+%,-.%#+!:'<%,'!-.!.4'!:'<%,'X=!
6'A$#-/:!#/!d#<'/!.4'!-%/e!
• J%/',.&A!-,,'==!.4'!)#$%&'!,#))*+%,-.%#+!-/,4%<'!.#!='-/,4!7#/!)'==-0'=!!
• L'<%'Q!-+:!-++#.-.'!,#+<'/=-.%#+=!.#!'+=*/'!2#&%,A!,#)2&%-+,'!
• ;,,'==!-!<-/%'.A!#7!/'2#/.=!-+:!,/'-.'!-:[4#,!:-.-!Y*'/%'=W!.4'+!'R2#/.!/'=*&.=!.#!)*&.%2&'!7%&'!
.A2'=!
"#$%&'!(#))*+%,-.%#+!"#+%.#/%+0!1!(#)2&%-+,'!
!
!"#$%&'()*+(,-(."$'(/! ! P!
• ?'.!*2!-!<-/%'.A!#7!7&-0=!-+:!-&'/.=!.#!$'!='+.!#*.!*+:'/!<-/%#*=!,%/,*)=.-+,'=!!
!
F,*G;-'9$*$,*B1)*E3"(*
;+A!,&%'+.!-22&%,-.%#+!/'=%:%+0!#+!-!)#$%&'!:'<%,'!=4#*&:!$'!*&./-[&%04.Q'%04.!-+:!=4#*&:!+#.!%)2-,.!
:'<%,'!7*+,.%#+-&%.A!#/W!#7!,#*/='W!Q#/6'/!2'/7#/)-+,'8!!34%=!)'-+=!.4-.!.4'!,&%'+.!-22&%,-.%#+!=4#*&:!$'!
#2.%)%Z':!.#!&%)%.!2/#,'==%+0!#+!.4'!:'<%,'!-+:!.#!&%)%.!$-..'/A!*=-0'8!!;+!%:'-&!,&%'+.!-22&%,-.%#+!=4#*&:!
+#.!$'!+#.%,'-$&'!.#!.4'!'+:!*='/W!)'-+%+0!-+!'+:!*='/!=4#*&:!+#.!+#.%,'!-+A!:%77'/'+,'!%+!:'<%,'!
7*+,.%#+-&%.A!#/!$-..'/A!&%7'!#+,'!%.!%=!&#-:':!#+.#!.4'!:'<%,'8!
+(.8'9/*D"'$&("3*
KA!.4'%/!+-.*/'W!)#+%.#/%+0!-+:!-/,4%<%+0!=#&*.%#+=!2/#<%:'!,#)2-+A!@3!-+:!,#)2&%-+,'!:'2-/.)'+.=!
%+7#/)-.%#+!.4-.!*='/=!)%04.!+#.!Q-+.!.#!=4-/'8!!;=!=*,4W!%.!%=!,/%.%,-&!.4-.!,#)2-+%'=!%+7#/)!.4'%/!
')2&#A''=!.4-.!=*,4!-22&%,-.%#+=!-/'!$'%+0!*=':!$A!.4'!,#)2-+A8!!@+!-::%.%#+W!4#Q'<'/W!.4'!,&%'+.!
-22&%,-.%#+=!.4')='&<'=!=4#*&:!2/#<%:'!=*$.&'!+#.%,'=!#/!/')%+:'/=!.#!')2&#A''=!.4-.!-!)'==-0'!
,-2.*/'!-22&%,-.%#+!%=!/'=%:'+.!#+!.4'%/!:'<%,'8!
@+!-::%.%#+W!4#Q'<'/W!)'==-0'!,-2.*/'!=#&*.%#+=!,-+!-&=#!2/#-,.%<'&A!&%)%.!)'==-0'=!,-2.*/':!.#!.4#='!
*=':!7#/!$*=%+'==!2*/2#='=8!!@+!.4%=!/'0-/:W!Q#/&:!,&-==!)'==-0'!,-2.*/'!=#&*.%#+=!=4#*&:!4-<'!.%)'[#7[
:-A!2-/-)'.'/=!.4-.!,-2.*/'!#+&A!)'==-0'=!='+.!#/!/','%<':!$A!-!*='/!$'.Q''+W!7#/!'R-)2&'W!P!;"!.#!P!
E"!#+!Q''6:-A=8!!34%=!Q#*&:!0%<'!*='/=!2'-,'!#7!)%+:!.4-.!.4'%/!2'/=#+-&!)'==-0'=!#,,*//%+0!-7.'/!
4#*/=!#/!#+!Q''6'+:=!-/'!+#.!$'%+0!,-2.*/':8!!@+!-::%.%#+W!Q4%.'&%=.!1!$&-,6&%=.!7'-.*/'=!,-+!$'!
%)2&')'+.':!.#!'%.4'/!,-2.*/'!-&&!)'==-0'=!'R,'2.!)'==-0'=!.#S7/#)!,'/.-%+!=2',%7%,!2'/=#+-&!,#+.-,.=!
#/!+#.!.#!,-2.*/'!-+A!)'==-0'=!'R,'2.!)'==-0'=!.#S7/#)!,'/.-%+!$*=%+'==!,#+.-,.=8'
E1.13$'22'$.,1*+(,$"9$.,1*
C+!.4'!7&%2!=%:'W!,#)2-+%'=!Q%&&!+#.!$'!-$&'!.#!/'&A!#+!-!)'==-0'!,-2.*/'!=#&*.%#+!#+!-!:'<%,'!*+&'==!
.4'/'!%=!=#24%=.%,-.':!2/#.',.%#+!7/#)!*='/=!*+%+=.-&&%+0!.4'!-22&%,-.%#+8!!G+:!*='/=!=4#*&:!+#.!$'!-$&'!.#!
/')#<'!.4'!,&%'+.!-22&%,-.%#+!Q%.4#*.!-!2-==Q#/:8!!;::%.%#+-&&AW!%+!#/:'/!.#!'+=*/'!+#.4%+0!4-=!
4-22'+':!-.!.4'!#2'/-.%+0!=A=.')!&'<'&W!.4'!,&%'+.!-22&%,-.%#+!=4#*&:!'=.-$&%=4!/'0*&-/!,#))*+%,-.%#+!
Q%.4!.4'!='/<'/W!Q%.4!-&'/.=!$'%+0!='+.!#*.!%7!.4'='!,#))*+%,-.%#+=!,'-='8!
G1$"6('$.,1*H.$?*B#.3$.16*4(9?.8.16*>,2&$.,13*
34'!%:'-&!=#&*.%#+!Q%&&!%+.'0/-.'!Q%.4!.4'!,#)2-+AX=!,*//'+.!')-%&!#/!#.4'/!:#,*)'+.!-/,4%<%+0!=#&*.%#+!
#/!:-.-!<-*&.8!!34%=!,/'-.'=!'-='!#7!*='!-+:!%=!-!)#/'!'77%,%'+.!*.%&%Z-.%#+!#7!-!,#)2-+AX=!:-.-!=.#/-0'!
/'=#*/,'=8!
"#$%&'!(#))*+%,-.%#+!"#+%.#/%+0!1!(#)2&%-+,'!
!
!"#$%&'()*+(,-(."$'(/! ! T!
B19(/-$.,1*I*>"9&(.$/*
34'!%:'-&!=#&*.%#+!)*=.!%+=*/'!.4-.!-&&!)#$%&'!,#))*+%,-.%#+=!-/'!=',*/':!$A!*=%+0W!-.!.4'!)%+%)*)W!
??h!'+,/A2.%#+!.',4+#�A8!!?',#+:&AW!:-.-!$-,6*2=!)*=.!$'!=',*/'&A!'+,/A2.':W!'=2',%-&&A!%7!)%//#/!
%)-0'!/',#/:=!-/'!.#!$'!,/'-.':!7#/!Q'$!*='8!!>%+-&&AW!:-.-!-/,4%<'=!)*=.!$'!=',*/'!-+:!*+-&.'/-$&'!
.4/#*04!.4'!*='!#7!'+,/A2.%#+!-+:!5CL"8!
34'!@:'-&!?#&*.%#+!GR%=.=34'!@:'-&!?#&*.%#+!GR%=.= !!!! !3'R.U*-/:!3'R.U*-/: !!
34%=!Q4%.'!2-2'/!4-=!:%=,*==':!.4'!'&')'+.=!#7!-+!%:'-&!=#&*.%#+!7#/!)#$%&'!,#))*+%,-.%#+!=',*/%.A!%+!
0/'-.!:'.-%&8!!?#!V*=.!4#Q!:#'=!3'R.U*-/:!)'-=*/'!*2g!
3'R.U*-/:!)''.=!-&&!#7!.4'!,/%.'/%-!='.!7#/.4!-$#<'!-+:!%.=!&%=.!#7!7'-.*/'=W!,-2-$%&%.%'=W!-+:!-:<-+.-0'=!
-/'!=*$=.-+.%-&8!!3'R.U*-/:!-&=#!#77'/=!-!BDSM!=*22#/.!2#/.-&!Q%.4!-!,#)2/'4'+=%<'!6+#Q&':0'$-='W!
*2:-.'=!-+:!+'Q!/'&'-='=W!+'Q!*='/!='.*2W!-+:!=*22#/.!.%,6'.!4-+:&%+08!!@+!-::%.%#+W!.4'!=#&*.%#+!,-+!$'!
,*=.#)%Z':!.#!A#*/!,#)2-+AX=!=2',%7%,!+'':=!-+:!/'Y*%/')'+.=8!!N2.%)'!-+:!2'/7#/)-+,'!?h;X=!-/'!
A#*/!0*-/-+.''!.4-.!3'R.U*-/:!Q%&&!2'/7#/)!Q4'+!%.!)-..'/=!)#=.8!!>%+-&&AW!'<'/A!-/,4%<':!)'==-0'!%=!
,#+.%+*#*=&A!-,,'==%$&'!Q%.4!-$=#&*.'&A!+#!.%)'!&%)%.8!!\#*!)-A!='.!.4'!&'+0.4!#7!.%)'!)'==-0'=!-/'!6'2.!
$-=':!#+!.4'!=2',%7%,!/'0*&-.#/A!-+:!,#)2&%-+,'!0*%:'&%+'=!#7!A#*/!%+:*=./A8!
3'R.U*-/:!Q-=!:'=%0+':!$A!<'.'/-+=!%+!.4'!(#)2&%-+,'W!J-.-!?',*/%.A!-+:!@+7#/)-.%#+!3',4+#�A!
%+:*=./%'=!.#!$'!.4'!2/')%'/!%+7#/)-.%#+!)#+%.#/%+0W!,-2.*/'!-+:!-/,4%<'!=#&*.%#+!7#/!)#$%&'!
,#))*+%,-.%#+8!!;7.'/!-!.4#/#*04!.',4+%,-&W!)-/6'.!-+:!7'-=%$%&%.A!-+-&A=%=W!3#::!"8!(#4-+!7#*+:':!
3'R.U*-/:!.#!=*,,'':!%+!-!<#&-.%&'!-+:!'<'/[,4-+0%+0!@3!)-/6'.2&-,'!$A!$'%+0!-!.#.-&!)#$%&'!
,#))*+%,-.%#+!=#&*.%#+!Q%.4!/#$*=.!7'-.*/'=W!BDSM!=*22#/.W!-+:!.4'!%++#<-.%#+!+','==-/A!.#!$',#)'!
-+:!/')-%+!.4'!$'+,4)-/6!%+!.4'!%+:*=./A8!!3'R.U*-/:!#77'/=!)-+A!:%77'/'+.!=#&*.%#+=!7#/!)#$%&'!
-/,4%<%+0!-+:!-&&#Q=!7%/)=!.#!*.%&%Z'!#+'!<'+:#/!7#/!.4'%/!)#$%&'!,#)2&%-+,'!=#&*.%#+=8!!3'R.U*-/:!#77'/=!
=#&*.%#+=!7#/!.'R.!)'==-0'=W!%+=.-+.!)'==-0%+0W!-=!Q'&&!-=!.4'%/!2/#:*,.!k#%,'U*-/:!.#!/',#/:!-+:!
-/,4%<'!)#$%&'!<#%,'!,-&&=!-=!Q'&&8!
5'!4#2'!.4%=!Q4%.'!2-2'/!4-=!=4':!&%04.!#+!4#Q!)#$%&'!,#))*+%,-.%#+=!,-+!$'!)#+%.#/':W!,-2.*/':!
-+:!-/,4%<':!-+:!.4'!*+Q-+.':!,#+='Y*'+,'=!.4-.!,-+!/'=*&.!7/#)!7-%&*/'!.#!:#!=#8!34'/'!,-+!$'!$*.!
#+'!,#+,&*=%#+!:/-Q+!7/#)!.4'!%+7#/)-.%#+!2/'='+.':!4'/'8!!3'R.U*-/:!%=!.4'!%:'-&!=#&*.%#+!7#/!,/'-.%+0!
-+!#<'/-&&!'+.'/2/%='[Q%:'!)#$%&'!)'==-0%+0!-/,4%<%+0!/'0%)'+!7#/!'<'/A!=)-/.24#+'!%+!*='!#+!A#*/!
,#)2-+AX=!+'.Q#/68!!>#/!)#/'!%+7#/)-.%#+W!<%=%.!4..2]SSQQQ8.'R.0*-/:8,#)8!!
!?&@.3*-/A'B+,C'9_MF!K/#-:Q-AW!!?*%.'!99^^!
O'Q!\#/6W!O\!9^^9P!IDI8F_I8FFFT!
4..2]SSQQQ83'R.U*-/:8,#)!%+7#/)-.%#+l3'R.U*-/:8,#)'