You are on page 1of 31

.+0'#470%172.'&.7/2'&'.

'/'065
.KPGCTWPEQWRNGFNWORGFGNGOGPVUCTGTGUKUVCPEGU4UGNHKPFWEVCPEGU.CPFECRCEKVCPEGU%6JG[WUWCNN[
CRRGCTCURCTVUQHGSWKXCNGPVEKTEWKVUYJKEJOC[TGRTGUGPVIGPGTCVQTUVTCPUHQTOGTUUJQTVUGEVKQPUQHVTCPUOKUUKQP
NKPGUQTQVJGTEQORQPGPVUQHCPGNGEVTKERQYGTU[UVGOQTVJG[OC[TGRTGUGPVCEQORQPGPVD[KVUGNH
4GUKUVCPEG4
4GUKUVCPEGGNGOGPVUCTGWUGFVQTGRTGUGPVCOQPIQVJGTVJKPIU

ENQUKPICPFQRGPKPITGUKUVQTUKPEKTEWKVDTGCMGTU

VQYGTHQQVKPITGUKUVCPEG
CUCETWFGCRRTQZKOCVKQP=?QHCEQORNKECVGFHTGSWGPE[FGRGPFGPV
ITQWPFKPIKORGFCPEG 

TGUKUVCPEGITQWPFKPIQHVTCPUHQTOGTCPFIGPGTCVQTPGWVTCNU

OGVGTKPITGUKUVCPEGKPRNCEGUYJGTGEWTTGPVUQHDTCPEJXQNVCIGUECPPQVDGQDVCKPGFKPQVJGT
YC[UD[VJG'/62

CURCTVUQHGSWKXCNGPVPGVYQTMUGIKPRCTCNNGNYKVJKPFWEVCPEGUVQRTQFWEGRTQRGTHTGSWGPE[
FGRGPFGPVFCORKPI
UGG5GEVKQP 

HQTVJGTGRTGUGPVCVKQPQHNQPINKPGUKPNKIJVPKPIUWTIGUVWFKGUKHPQTGHNGEVKQPEQOGUDCEMHTQOVJG
TGOQVGGPFFWTKPIVJGFWTCVKQPVOCZQHVJGUVWF[

'ZCORNG
H KUGCUKN[FGTKXGFHTQO'S
D KHKVKUCUUWOGFVJCVVJGKPKVKCNEQPFKVKQPUQPVJGNKPGCTG\GTQ+PVJCV
ECUGJKUV
VJ HQTVJUKPEGKVVCMGUVKOGJHQTCP[PQP\GTQEQPFKVKQPQEEWTTKPIKPPQFGCHVGTV$VQ
UJQYWRKPPQFG+HPQVJKPIKUEQPPGEVGFVQPQFG
QRGPGPFGFNKPG VJGP+YQWNFTGOCKP\GTQHQTVJ
6JG'/62TGEQIPK\GUVJKUUKORNKHKECVKQPKH

J

\GTQKPKVKCNEQPFKVKQPU

VOCZCPF

+HDQVJEQPFKVKQPU
 CPF
 CTGOGVVJGPVJG'/62TGRTGUGPVUVJGNKPGUKORN[CUVYQUJWPVTGUKUVCPEGU
(KI 
6JKU UKORNKHKECVKQP UCXGU PQV QPN[
EQORWVGT VKOG DWV UVQTCIG URCEG CU
YGNNDGECWUGPQJKUVQT[VGTOUJCXG
VQDGUVQTGFHQTVJGNKPG6JKUNQPI
NKPGOQFGNKUOQUVN[WUGFKPNKIJVPKPI
UWTIGUVWFKGUCPF

(KI'SWKXCNGPVEKTEWKVQH
NQPINKPGKHPQTGHNGEVKQPUEQOG
DCEMHTQOQVJGTGPF

+VKURQUUKDNGVQOQFKH[VJKUUKORNKHKECVKQPHQTECUGUUVCTVKPIHTQONKPGCTCEUVGCF[UVCVGEQPFKVKQPUCUYGNNKP
VJCVECUGPQFGUCPFKP(KIYQWNFJCXGCEUVGCF[UVCVGEWTTGPVUQWTEGUEQPPGEVGFVQVJGO
7PHQTVWPCVGN[VJG'/62FQGUPQV[GVEQPVCKPVJKUOQFKHKECVKQP


KPVTCPUKGPVTGEQXGT[XQNVCIGUVWFKGUYJGTGVJGWPHCWNVGFNKPGUNGCXKPIVJGUWDUVCVKQPWPFGTUVWF[CTGRTGHGTCDN[
OQFGNNGFVJKUYC[
6JGGSWCVKQPQHCNWORGFTGUKUVCPEG4DGVYGGPPQFGUMCPFO
KMO
V '


X
V & XO
V
4 M



KUUQNXGFCEEWTCVGN[D[VJG'/62CUNQPICUVJGXCNWGQH4KUPQVWPTGCUQPCDN[UOCNN
'TTQT#PCN[UKU
8GT[NCTIGXCNWGUQH4CTGCEEGRVCDNGCPFFQPQVFGITCFGVJGUQNWVKQPQHVJGEQORNGVGPGVYQTM+PVJG
NKOKVKPIECUG44KVUTGEKRTQECNXCNWG4UKORN[IGVUNQUVKP=)?QH'S
 VJCVKUKVYKNNPQVJCXGCP[
KPHNWGPEGQPVJGPGVYQTMUQNWVKQPCUKVUJQWNFDG#RTCEVKECNNKOKVHQTXGT[NCTIGTGUKUVCPEGUKUVJGCRRTQZKOCVG
USWCTGTQQVQHVJGNCTIGUVTGCNPWODGTYJKEJVJGEQORWVGTECPJCPFNG
GI4KHVJGEQORWVGTCEEGRVU
PWODGTUWRVQ 6JKUKUDGECWUGKPVGTOGFKCVGGZRTGUUKQPUQHVJGHQTO4  :CTGEQORWVGFKPVJGUVGCF[UVCVG
UQNWVKQPKPVJGEQPXGTUKQPHTQOKORGFCPEGUVQCFOKVVCPEGU'ZVTGOGN[NCTIGXCNWGUQH4JCXGDGGPWUGFKPVJGRCUV
VQQDVCKPXQNVCIGFKHHGTGPEGUDGVYGGPPQFGUYKVJUWEJOGVGTKPITGUKUVCPEGDTCPEJGUKPPGYGT'/62XGTUKQPU
XQNVCIGFKHHGTGPEGUECPDGQDVCKPGFFKTGEVN[
8GT[NCTIGTGUKUVCPEGUECPDGWUGFVQTGRNCEGVJGUGTKGU4.GNGOGPVUKPU[OOGVTKEOWNVKRJCUGBEKTEWKVU
KHQPGKUQPN[KPVGTGUVGFKPVJGECRCEKVKXGEQWRNKPICOQPIVJGRJCUGUCUGZRNCKPGFKP(KI6JKUVTKEMTGFWEGU
VJGPWODGTQHPQFGUDWVOQTGKORQTVCPVN[KVCXQKFUCEEWTCE[RTQDNGOUYJKEJOC[QEECUKQPCNN[UJQYWRKHVJGB
EKTEWKVTGRTGUGPVUCXGT[UJQTVNKPGUGEVKQP+PVJGUVGCF[UVCVGUQNWVKQPQH'S
 VJGXCNWGQHVJGUGTKGU

+VOC[DGYQTVJCFFKPICFKCIPQUVKERTKPVQWVKPVJG'/62KHVJGCFOKVVCPEGUQHVJGUGTKGUCPFUJWPVGNGOGPVU
CTGVQQHCTCRCTVKPQTFGTUQHOCIPKVWFG6JKUYQWNFTGSWKTGCEQORCTKUQPQHT.CPFT%KPVJGUVGCF[UVCVG
UQNWVKQPCPFQH)V.CPF%)VKPVJGVTCPUKGPVUQNWVKQP


(KI%QPXGTUKQPQHPQOKPCNBEKTEWKVHQTUJQTVNKPGKPVQBEKTEWKVYKVJECRCEKVKXGEQWRNKPIQPN[

GNGOGPVKUGPVGTGFCU=< ?KPVQ=;?YJGTG=< ?KUVJGKORGFCPEGRGTWPKVNGPIVJCPFVJGNGPIVJQHVJGUJQTV


UGEVKQP(QTCUJQTVNGPIVJKUUOCNNCPF=< ?CEEQTFKPIN[TGNCVKXGN[NCTIG#VVJGUCOGVKOGVJGUJWPV
UWUEGRVCPEGU LT=% ?GPVGTGFKPVQ=;?DGEQOGTGNCVKXGN[UOCNN#UKUFGETGCUGFVJGECRCEKVKXGEQWRNKPIGHHGEV
YKNNGXGPVWCNN[IGVNQUVKPVJGUQNWVKQP+PCRTCEVKECNECUGQHECRCEKVKXGEQWRNKPIDGVYGGPM8EKTEWKVUCV*\
VJKUCEEWTCE[RTQDNGOUJQYGFWRYKVJVJGUJQTVGUVNKPGUGEVKQPDGKPIMOKVYCUFKUEQXGTGFCEEKFGPVCNN[DGECWUG
VJGUKPINGRTGEKUKQPUQNWVKQP
CEEWTCE[CRRTQZFGEKOCNFKIKVU QPCP+$/FKHHGTGFWPGZRGEVGFN[D[HTQO
VJGFQWDNGRTGEKUKQPUQNWVKQP
CEEWTCE[
CRRTQZFGEKOCNFKIKVU (QTTGCUQPCDNGUVGRUK\GUQH)VVJGRTQDNGOKUNGUUUGXGTGKPVJGVTCPUKGPVECNEWNCVKQP
CUECPGCUKN[DGUGGPKHLTKP'S
 KUTGRNCEGFD[)VKP'S
 +PVJKUGZCORNGYKVJ)VzUVJG
XCNWGQHVJGUGTKGUGNGOGPVYQWNFDGUOCNNGTD[CHCEVQTQHYJKNGVJGXCNWGQHVJGUJWPVGNGOGPVYQWNFDGNCTIGT
D[CHCEVQTQH1TKPQVJGTYQTFUCUKOKNCTCEEWTCE[RTQDNGOYQWNFCRRGCTFWTKPIVJGVTCPUKGPVUKOWNCVKQPKH
VJGNKPGYGTGUJQTVGPGFD[CHCEVQTQH
OKPUVGCFQHMO 
8GT[UOCNNXCNWGUQH4FQETGCVGCEEWTCE[RTQDNGOUHQTVJGUCOGTGCUQPCUFKUEWUUGFKPVJGRTGEGFKPI
RCTCITCRJ 8GT[ UOCNN XCNWGU QH 4 ETGCVG XGT[ NCTIG EQPFWEVCPEG XCNWGU 4 KP VJG OCVTKZ =;? QH UVGCF[UVCVG
UQNWVKQPUCPFKPVJGOCVTKZ=)?QHVTCPUKGPVUQNWVKQPUYJKEJECPUYCORQWVVJGGHHGEVUQHQVJGTGNGOGPVUEQPPGEVGF
VQVJCVTGUKUVCPEG8GT[UOCNNXCNWGUQH4JCXGDGGPWUGFKPVJGRCUVRTKOCTKN[VQUGRCTCVGUYKVEJGUUKPEGGCTNKGT
'/62XGTUKQPUCNNQYGFQPN[QPGUYKVEJVQDGEQPPGEVGFVQCPQFGYKVJWPMPQYPXQNVCIG+PPGYGTXGTUKQPUVJKU
NKOKVCVKQPQPVJGNQECVKQPQHUYKVEJGUPQNQPIGTGZKUVUCPFVJGPGGFHQTWUKPIXGT[UOCNNXCNWGUQH4UJQWNFVJGTGHQTG
PQNQPIGTGZKUVKPVJGUGNCVGTXGTUKQPU
*KPVUCDQWVVJGWUGQHUOCNNTGUKUVCPEGUCTGIKXGPKP=?RRDE



'ZCORNGHQT0GVYQTMYKVJ4GUKUVCPEGU
2TCEVKECNGZCORNGUHQTRWTGN[TGUKUVKXGPGVYQTMUCTGTCVJGTNKOKVGF#UKORNGECUGKUUJQYPKP(KI
#UUWOGCFEXQNVCIGUQWTEGYKVJPGINKIKDNGUQWTEGKORGFCPEGKUEQPPGEVGFVQCNKPGVJTQWIJCEKTEWKVDTGCMGTYKVJ
CENQUKPITGUKUVQTQHXCNWG4ENQUG+HYGCTGKPVGTGUVGFKPYJCVJCRRGPUCHVGTENQUKPIQHEQPVCEV+KPVJGHKTUVUJQTVVKOG
RGTKQFFWTKPIYJKEJTGHNGEVKQPUJCXGPQV[GVEQOGDCEMHTQOVJGTGOQVGGPFVJGPVJKUECUGECPDGUVWFKGFYKVJVJG
EKTEWKVQH(KI
D +HYGEJQQUG4ENQUG<YGUGGVJCVVJGXQNVCIGCVVJGUGPFKPIGPFYKNNDGRWYJKEJ
YKNNFQWDNGVQRWCVVJGQRGPTGEGKXKPIGPF6JGTGHQTGPQQXGTXQNVCIGYKNNCRRGCTCUNQPICUEQPVCEV++KUUVKNN
QRGP#TGCNECUGKUQDXKQWUN[OQTGEQORNKECVGFDGECWUG

C PGVYQTM

D GSWKXCNGPVEKTEWKV

(KI'PGTIK\CVKQPQHCXGT[NQPINKPG
<UWTIG
KORGFCPEGJVTCXGNVKOG

!EQPVCEV++YKNNENQUG
V[RKECNN[VQOUNCVGT CUYGNN
!VJGU[UVGOKUVJTGGRJCUG
!VJGNKPGKUPQVNQUUNGUU
!OWNVKRNGTGHNGEVKQPUYKNNQEEWTCUYGUVWF[CNQPIGTVKOGRGTKQF
!ENQUKPIQHEQPVCEV+FQGUPQVPGEGUUCTKN[QEEWTCVOCZKOWOXQNVCIG
CRRTQZKOCVGFCUCFEUQWTEGKP(KI
 DWVOC[QEEWTCP[YJGTGQPVJGUKPGYCXG
!VJGUQWTEGKORGFCPEGKUPQV\GTQ
!VJGVJTGGRQNGUKPCVJTGGRJCUGU[UVGOFQPQVENQUGUKOWNVCPGQWUN[CPFDGECWUGQHOCP[QVJGTHCEVQTU
+PCV[RKECNU[UVGOOCZKOWOUYKVEJKPIUWTIGQXGTXQNVCIGUOC[DGVQRWYKVJQWVENQUKPITGUKUVQTU

XGTUWURWKP(KI YJKEJYQWNFV[RKECNN[DGTGFWEGFVQVQRWYKVJENQUKPITGUKUVQTU
XGTUWU
RWKP(KI =?
5GNH+PFWEVCPEG.
/CIPGVKECNN[EQWRNGFEKTEWKVUCTGUQRTGXCNGPVKPRQYGTU[UVGOUUVCTVKPIHTQOVJGIGPGTCVQTVJTQWIJVJG
VTCPUHQTOGTVQVJGOCIPGVKECNN[EQWRNGFRJCUGEQPFWEVQTUQHCVJTGGRJCUGNKPGVJCVKPFWEVCPEGUWUWCNN[CRRGCTCU
EQWRNGF KPFWEVCPEGU  6JGTG CTG ECUGU JQYGXGT QH WPEQWRNGF UGNH KPFWEVCPEGU  #OQPI QVJGT VJKPIU UGNH


KPFWEVCPEGUCTGWUGFVQTGRTGUGPV

C PQTOCNVJTGG
RJCUGEQPPGEVKQP

D HQWTTGCEVQT
EQORGPUCVKQP
UEJGOG

(KI5JWPVTGCEVQTEQPPGEVKQPU


C

UKPINGRJCUGUJWPVTGCEVQTUCPFPGWVTCNTGCEVQTUKPUJWPVEQORGPUCVKQPUEJGOGU
(KI 

RCTVQHFKUEJCTIGEKTEWKVUKPUGTKGUECRCEKVQTUVCVKQPU

GSWKROGPVKP*8&%EQPXGTVGTUVCVKQPUUWEJCUUOQQVJKPITGCEVQTUCPQFGTGCEVQTURCTVUQHHKNVGTU
QPVJGCECPFFEUKFG

KPFWEVKXGRCTVQHUQWTEGKORGFCPEGUKP6JGXGPKPGSWKXCNGPVEKTEWKVUHQTVJGTGUVQHVJGU[UVGO
YJGPRQUKVKXGCPF\GTQUGSWGPEGRCTCOGVGTUCTGKFGPVKECN
(KI 

KPFWEVKXGRCTVQHUKPINGRJCUGPQOKPCNBEKTEWKVUKPVJGUKPINGRJCUGTGRTGUGPVCVKQPQHDCNCPEGF

RQUKVKXGQTPGICVKXGUGSWGPEG QRGTCVKQPQTQH\GTQUGSWGPEGQRGTCVKQP
(KI 

RCTVQHGSWKXCNGPVEKTEWKVHQTNQCFU
(KI GXGPVJQWIJNQCFOQFGNNKPICVJKIJGTHTGSWGPEKGUKU
CXGT[EQORNKECVGFVQRKE=?CPFNQCFUCTGVJGTGHQTGQTHQTQVJGTTGCUQPUQHVGPKIPQTGF

(KI6JGXGPKPGSWKXCNGPVEKTEWKV
YKVJ<RQU<PGI<\GTQ



(KI6[RKECNRQUKVKXGUGSWGPEGPGVYQTMTGRTGUGPVCVKQP

(KI.QCFOQFGNHQTJCTOQPKEUUVWFKGU=?

RCTVQHUWTIGCTTGUVGTOQFGNUVQUKOWNCVGVJGF[PCOKEEJCTCEVGTKUVKEUQHVJGCTTGUVGT=?

RCTVUQHGNGEVTQPKEEKTEWKVU

%JQMGEQKNUWUGFHQTRQYGTNKPGECTTKGTEQOOWPKECVKQPUCTGPQTOCNN[KIPQTGFKPUYKVEJKPIUWTIGUVWFKGU
DWVOC[JCXGVQDGOQFGNNGFKPUVWFKGUKPXQNXKPIJKIJGTHTGSWGPEKGU%WTTGPVVTCPUHQTOGTUCTGWUWCNN[KIPQTGF
WPNGUUVJGEWTTGPVVTCPUHQTOGTKVUGNHKURCTVQHVJGKPXGUVKICVKQP
GIKPUVWF[KPIVJGFKUVQTVKQPQHVJGUGEQPFCT[
EWTTGPVVJTQWIJUCVWTCVKQPGHHGEVU 
6JGGSWCVKQPQHCUGNHKPFWEVCPEG.DGVYGGPPQFGUMCPFOKUUQNXGFCEEWTCVGN[KPVJGCEUVGCF[UVCVG
UQNWVKQPYKVJ'S
 6JGQPN[RTGECWVKQPVQQDUGTXGKUVJCVT.MOUJQWNFPQVDGGZVTGOGN[UOCNNHQTVJGUCOG
TGCUQPUCUGZRNCKPGFKP5GEVKQPHQTVJGECUGQHUOCNNTGUKUVCPEGXCNWGU
(QTVJGVTCPUKGPVUKOWNCVKQPVJGGZCEVFKHHGTGPVKCNGSWCVKQP
FK
XM & XO ' . MO
FV



KUTGRNCEGFD[VJGCRRTQZKOCVGEGPVTCNFKHHGTGPEGGSWCVKQP
XM
V & XO
V % XM
V&)V & XO
V&)V


K
V & KMO
V&)V
' . MO
)V



6JGUCOGFKHHGTGPEGGSWCVKQPKUQDVCKPGFKHVJGVTCRG\QKFCNTWNGQHKPVGITCVKQPKUCRRNKGFVQVJGKPVGITCNKP
 V
KMO
V ' KMO
V&)V %
X
W & XO
W FW
. mV&)V M
IKXKPI




)V
KMO
V ' KMO
V&)V %
]X
V &XO
V %XM
V&)V &XO
V&)V _
. M



'S
 CPF
 ECPDGTGYTKVVGPKPVQVJGFGUKTGFDTCPEJGSWCVKQP
KMO
V '

)V
X
V &XO
V % JKUVMO
V&)V
. M



YKVJVJGJKUVQT[VGTOJKUVMO
V)V MPQYPHTQOVJGUQNWVKQPCVVJGRTGEGFKPIVKOGUVGR
)V
X
V&)V & XO
V&)V
JKUVMO
V&)V ' KMO
V&)V %
. M



'S
 ECPEQPXGPKGPVN[DGTGRTGUGPVGFCUCPGSWKXCNGPVTGUKUVCPEG4GSWKX.)VKPRCTCNNGNYKVJCMPQYPEWTTGPV
UQWTEGJKUVMO
V)V CUUJQYPKP(KI1PEGCNNVJGPQFGXQNVCIGUJCXGDGGPHQWPFCVCRCTVKEWNCTVKOGUVGRCV
KPUVCPVVVJGJKUVQT[VGTOQH'S
 OWUVDGWRFCVGFHQT

(KI'SWKXCNGPVTGUKUVKXGEKTEWKV
HQTVTCPUKGPVUQNWVKQPQHNWORGFKPFWE
VCPEG

GCEJKPFWEVKXGDTCPEJHQTWUGKPVJGPGZVVKOGUVGRCVV )V6QFQVJKUVJGDTCPEJEWTTGPVOWUVHKTUVDGHQWPFHTQO
'S
 QTCNVGTPCVKXGN[KHDQVJGSWCVKQPUCTGEQODKPGFVJGTGEWTUKXGWRFCVKPIHQTOWNC
JKUVMO
V '

)V
X
V & XO
V % JKUVMO
V&)V
. MO



ECPDGWUGF+HDTCPEJEWTTGPVQWVRWVKUTGSWGUVGFVJGP'S
 KUWUGF
'TTQT#PCN[UKU
5KPEGVJGFKHHGTGPVKCNGSWCVKQP
 KUUQNXGFCRRTQZKOCVGN[KVKUKORQTVCPVVQJCXGUQOGWPFGTUVCPFKPI
CDQWVVJGGTTQTUECWUGFD[VJGCRRNKECVKQPQHVJGVTCRG\QKFCNTWNGQHKPVGITCVKQP#UGZRNCKPGFKP5GEVKQP+QH
#RRGPFKZ+VJGVTCRG\QKFCNTWNGKUPWOGTKECNN[UVCDNGCPFVJGUQNWVKQPFQGUVJGTGHQTGPQVTWPCYC[
UGG(KI+
KP#RRGPFKZ+ (QTVWPCVGN[VJGTGKUCNUQCRJ[UKECNKPVGTRTGVCVKQPQHVJGGTTQTDGECWUG'S
 TGUWNVKPIHTQOVJG


VTCRG\QKFCNTWNGKUKFGPVKECNYKVJVJGGZCEVUQNWVKQPQHVJGUJQTVEKTEWKVGFNQUUNGUUNKPGKPVJGCTTCPIGOGPVQH(KI
6JKU YCU HKTUV RQKPVGF QWV VQ VJG YTKVGT D[ * /CKGT 6GEJPKECN 7PKXGTUKV[ 5VWVVICTV )GTOCP[ KP C RGTUQPCN
EQOOWPKECVKQPKPHQTVJGECUGQHCUJWPVKPFWEVCPEG(TQOCRCRGTD[2$,QJPU=?KVDGECOGQDXKQWU
VJCVVJKUKFGPVKV[KUXCNKFHQTCP[EQPPGEVKQPQHVJGKPFWEVCPEG6QFGTKXGVJGRCTCOGVGTUQHUWEJCUVWDNKPG
TGRTGUGPVCVKQPKVKUTGCUQPCDNGVQUVCTVYKVJVJGTGSWKTGOGPVVJCVVJGFKUVTKDWVGFKPFWEVCPEG. OWNVKRNKGFD[VJGUVWD
NKPGNGPIVJUJQWNFDGGSWCNVQVJGXCNWGQHVJGNWORGFKPFWEVCPEG
. ) ' .



(KI.WORGFKPFWEVCPEGTGRNCEGFD[UJQTVEKTEWKVGFUVWDNKPGYKVJ<
.)VCPFJ)V

9KVJ. MPQYPVJGPGZVRCTCOGVGTVQDGFGVGTOKPGFKUVJGVTCXGNVKOGJQHVJGUVWDNKPG5KPEG
J '
. )
% )



VJGUJQTVGTVJGVTCXGNVKOGVJGUOCNNGTYKNNDGVJGXCNWGQHVJGRCTCUKVKEDWVWPCXQKFCDNGECRCEKVCPEG% 6JG
UJQTVGUVRQUUKDNGVTCXGNVKOGHQTCVTCPUKGPVUKOWNCVKQPYKVJUVGRUK\G)VKU
J '

)V




9KVJVJKUXCNWGEQPFKVKQPUCVVGTOKPCNCVV)VCTTKXGCVVJGUJQTVGFGPFCVV)VCPFIGVTGHNGEVGFDCEMVQ
VGTOKPCNCVV6JGTGHQTGVJGDGUVRQUUKDNGUVWDNKPGTGRTGUGPVCVKQPJCU
< '

.

)V

J '

)V




#UUWOGVJCVVJGUOQQVJKPITGCEVQTQPCFENKPGJCU.*CPFVJCVVJGUVGRUK\GKUzU6JGP<
SCPFVJGWPCXQKFCDNGVQVCNECRCEKVCPEG% DGEQOGUP(YJKEJCRRGCTUVQDGPGINKIKDNGCVNGCUVKHVJGTGCEVQT
JCUCUJWPVECRCEKVQTQHz(EQPPGEVGFVQKVCP[JQYCUKPVJGECUGQHVJG*8&%2CEKHKE+PVGTVKG=?0QYKV
TGOCKPUVQDGUJQYPVJCVVJGGZCEVUQNWVKQPHQTVJGNQUUNGUUUVWDNKPGYKVJRCTCOGVGTUHTQO'S
 KUKFGPVKECNYKVJ
'S
 #UGZRNCKPGFKP5GEVKQPVJGGZRTGUUKQP
X <K CNQPICNQUUNGUUNKPGHQTCHKEVKVKQWUQDUGTXGTTKFKPI


QPVJGNKPGYKVJYCXGURGGFTGOCKPUEQPUVCPVQTIQKPIHTQOVQKP(KI
X
V & )V % <K
V & )V ' <K V &

)V


CPFVTCXGNNKPIDCEMCICKPHTQOVQ
& <K V &

)V


' X
V & <K
V

YJKEJEQODKPGF[KGNFU
K
V '



X
V %
X
V&)V % K
V&)V
<
< 



YJKEJKUKPFGGFKFGPVKECNYKVJ'S
 6JKUKFGPVKV[GZRNCKPUVJGPWOGTKECNUVCDKNKV[QHVJGUQNWVKQPRTQEGUU6JG
EJQUGPUVGRUK\GOC[DGVQQNCTIGCPFVJGTGD[ETGCVGCHCKTN[KPCEEWTCVGUVWDNKPGYKVJVQQOWEJRCTCUKVKEECRCEKVCPEG
% ) '

)V 
.



HTQO 'S
  DWV UKPEG VJG YCXG GSWCVKQP KU UVKNN UQNXGF CEEWTCVGN[ VJG UQNWVKQP YKNN PQV TWP CYC[  6JG
OCVJGOCVKECNQUEKNNCVKQPUUQOGVKOGUUGGPQPXQNVCIGUCETQUUKPFWEVCPEGUCPFHWTVJGTGZRNCKPGFKP5GEVKQP
CTGWPFCORGFYCXGQUEKNNCVKQPUVTCXGNNKPIDCEMCPFHQTVJDGVYGGPVGTOKPCNUCPF
(KI 
6JGKFGPVKV[QHVJGVTCRG\QKFCNTWNGUQNWVKQPYKVJVJGGZCEVUVWDNKPGUQNWVKQPOCMGUKVGCU[VQCUUGUUVJGGTTQT
CUCHWPEVKQPQHHTGSWGPE[=?#UUWOGVJCVCPKPFWEVCPEG.KUEQPPGEVGFVQCXQNVCIGUQWTEGQHCPIWNCTHTGSWGPE[
TVJTQWIJUQOGTGUKUVCPEG4HQTFCORKPIRWTRQUGU6JGVTCPUKGPVUKOWNCVKQPQHVJKUECUGYKNNGXGPVWCNN[NGCFVQ
VJGEQTTGEVUVGCF[UVCVGUQNWVKQPQHVJGUVWDNKPG
QTPQVFTKHVCYC[HTQOVJGUVGCF[UVCVGCPUYGTKHVJGUKOWNCVKQPUVCTVU
HTQOEQTTGEVUVGCF[UVCVGKPKVKCNEQPFKVKQPU 6JKUUVGCF[UVCVGUQNWVKQPCVCP[CPIWNCTHTGSWGPE[TKUMPQYPHTQO
VJGGZCEVGSWKXCNGPVBEKTEWKVQH(KI$[UJQTVEKTEWKVKPIVGTOKPCNVJGKPRWVKORGFCPEGDGEQOGU
<KPRWV '


;UGTKGU %


;
 UJWPV



QTYKVJ'S
 

'ZEGRVHQTTQWPFQHHGTTQTUECWUGFD[VJGHKPKVGPGUUQHVJGYQTFNGPIVJKPFKIKVCNEQORWVGTUYJKEJCTG
PQTOCNN[PGINKIKDNG6JGTGKUPQKPVGTRQNCVKQPGTTQTYJKEJQEEWTUKPVJGUKOWNCVKQPQHTGCNVTCPUOKUUKQPNKPGU
YJGPGXGTJKUPQVCPKPVGIGTOWNVKRNGQH)V
UGG5GEVKQP 


)V

)V
T


VCP T
<KPRWV ' LT. @



6JGTGHQTG VJG TCVKQ DGVYGGP VJG CRRCTGPV KPFWEVCPEG TGUWNVKPI HTQO VJG UVWDNKPG TGRTGUGPVCVKQP QT HTQO VJG
VTCRG\QKFCNTWNGUQNWVKQPCPFVJGGZCEVKPFWEVCPEGDGEQOGU
.VTCRG\QKFCN
.

)V

)V
T


VCP T
'



6JGRJCUGGTTQTKU\GTQQXGTVJGGPVKTGHTGSWGPE[TCPIG5KPEGRQYGTU[UVGOUCTGDCUKECNN[QRGTCVGFCUEQPUVCPV
XQNVCIGPGVYQTMUKVOCMGUUGPUGKPOCP[ECUGUVQCUUWOGVJCVVJGXQNVCIG8.
LT CETQUUVJGKPFWEVCPEGKUOQTGQT
NGUUHKZGFCPFVJCVVJGEWTTGPV+.
LT HQNNQYUHTQOKV+HYGEQORCTGVJKUEWTTGPVQHVJGUVWDNKPGTGRTGUGPVCVKQPQT
VTCRG\QKFCN TWNG UQNWVKQP YKVJ VJG EWTTGPV QH VJG GZCEV UQNWVKQP HQT VJG NWORGF KPFWEVCPEG VJGP YG QDVCKP VJG
HTGSWGPE[TGURQPUGQH(KIYJGTGVJGTCVKQ
VJGTGEKRTQECNQH'S
 KUUJQYPCUCHWPEVKQPQHVJG0[SWKUV
HTGSWGPE[
H0[SWKUV '


)V



(KI#ORNKVWFGTCVKQ+VTCRG\QKFCN+GZCEVVJTQWIJCPKPFWEVCPEGCUC
HWPEVKQPQHHTGSWGPE[


6JKUHTGSWGPE[KUVJGVJGQTGVKECNN[JKIJGUVHTGSWGPE[QHKPVGTGUVHQTCUVGRUK\G)VCOQWPVKPIVQUCORNGUE[ENG
(TQOCRTCEVKECNUVCPFRQKPVCVNGCUVVQUCORNGUE[ENGCTGPGGFGFVQTGRTQFWEGCRCTVKEWNCTHTGSWGPE[GXGP
ETWFGN[(TQO(KIQTHTQO'S
 KVECPDGUGGPVJCVVJGGTTQTKPVJGEWTTGPVYKNNDGCVCETWFG
UCORNKPITCVGQHUCORNGUE[ENGQTCVCOQTGTGCUQPCDNGUCORNKPITCVGQHUCORNGUE[ENG(WTVJGTOQTG
(KICNUQUJQYUVJCVVJGVTCRG\QKFCNTWNGHKNVGTUQWVVJGJKIJGTHTGSWGPE[EWTTGPVUUKPEGVJGEWTXGIQGUFQYP
CUVJGHTGSWGPE[KPETGCUGUCURQKPVGFQWVD[49*COOKPI=?
$GECWUGQHVJGGTTQTKP'S
 VJGTGKUCUOCNNFKUETGRCPE[DGVYGGPVJGKPKVKCNEQPFKVKQPUHQWPFYKVJ
'S
 CPFVJGTGURQPUGVQRQYGTHTGSWGPE[KPVJGVKOGUVGRNQQR(QT*\VJKUGTTQTYQWNFDGYKVJ
)VzUQTYKVJ)VOU+VKUFGDCVCDNGYJGVJGT'S
 UJQWNFDGWUGFHQTVJGUVGCF[UVCVG
UQNWVKQPKPUVGCFQH'S
 VQOCVEJDQVJUQNWVKQPURGTHGEVN[6JKUKUUWGCRRGCTUYKVJQVJGTPGVYQTMGNGOGPVU
CUYGNN+HCRGTHGEVOCVEJKUFGUKTGFVJGPKVOC[DGDGUVVQJCXGVYQQRVKQPUHQTUVGCF[UVCVGUQNWVKQPUQPGKPVGPFGF
HQTKPKVKCNK\CVKQP
WUKPI'S
 KPVJKUGZCORNG CPFVJGQVJGTQPGKPVGPFGFHQTUVGCF[UVCVGCPUYGTUCVQPGQT
OQTGHTGSWGPEKGU
WUKPI'S
 KPVJKUGZCORNG 
8GT[NCTIGXCNWGUQH.CTGCEEGRVCDNGCUNQPICU
T. QT.)VKUPQVNCTIGTVJCPVJGNCTIGUVHNQCVKPIRQKPV
PWODGTYJKEJVJGEQORWVGTECPJCPFNG6QQDVCKPHNWZIXFVCETQUUCDTCPEJCNCTIGKPFWEVCPEGECPDGCFFGF
KPRCTCNNGNCPFEWTTGPVQWVRWVDGTGSWGUVGF6JGPGGFHQTVJKUOC[CTKUGKHCHNWZEWTTGPVRNQVKUTGSWKTGFHQTC
PQPNKPGCTKPFWEVCPEG9KVJ.*VKOGUVJGEWTTGPVYQWNFDGVJGHNWZ
8GT[UOCNNXCNWGUQHT.QTQH.)VFQETGCVGCEEWTCE[RTQDNGOUVJGUCOGYC[CUUOCNNTGUKUVCPEGU
UGG
5GEVKQP 
&CORKPIQH0WOGTKECN1UEKNNCVKQPUYKVJ2CTCNNGN4GUKUVCPEG
9JKNGVJGVTCRG\QKFCNTWNGHKNVGTUQWVJKIJHTGSWGPE[EWTTGPVUKPKPFWEVCPEGUEQPPGEVGFVQXQNVCIGUQWTEGU
KVWPHQTVWPCVGN[CNUQCORNKHKGUJKIJHTGSWGPE[XQNVCIGUCETQUUKPFWEVCPEGUKPUKVWCVKQPUYJGTGEWTTGPVUCTGHQTEGFKPVQ
VJGO+PVJGHKTUVECUGVJGVTCRG\QKFCNTWNGYQTMUCUCPKPVGITCVQTHQTYJKEJKURGTHQTOUYGNNYJGTGCUKPVJGUGEQPF
ECUGKVYQTMUCUCFKHHGTGPVKCVQTHQTYJKEJKURGTHQTOUDCFN[6JGRTQDNGOUJQYUWRCUPWOGTKECNQUEKNNCVKQPUKP
ECUGUYJGTGVJGFGTKXCVKXGQHVJGEWTTGPVEJCPIGUCDTWRVN[GIYJGPCEWTTGPVKUKPVGTTWRVGFKPCEKTEWKVDTGCMGT

(KI 6JGGZCEVUQNWVKQPHQTX.KUUJQYPCUCUQNKFNKPGYKVJCUWFFGPLWORVQ\GTQCVVJG



(KI8QNVCIGCHVGTEWTTGPVKPVGTTWRVKQP
KPUVCPVQHEWTTGPVKPVGTTWRVKQPYJGTGCUVJG'/62UQNWVKQPKUUJQYPCUCFQVVGFNKPG5KPEG
X.
V '

.
K
V & K
V&)V & X.
V&)V
)V



CPFCUUWOKPIVJCVVJGXQNVCIGUQNWVKQPYCUEQTTGEVRTKQTVQEWTTGPVKPVGTTWRVKQPKVHQNNQYUVJCVX.
V X.
V)V KP
RQKPVUCUUQQPCUVJGEWTTGPVUCVV)VCPFVDQVJDGEQOG\GTQVJGTGHQTGVJGUQNWVKQPHQTX.YKNNQUEKNNCVG
CTQWPF\GTQYKVJVJGCORNKVWFGQHVJGRTGKPVGTTWRVKQPXCNWG
6JGTGCTGECUGUYJGTGVJGUWFFGPLWORYQWNFDGCPWPCEEGRVCDNGCPUYGTCP[JQYCPFYQWNFKPFKECVG
KORTQRGTOQFGNNKPIQHVJGTGCNU[UVGO#PGZCORNGYQWNFDGVJGECNEWNCVKQPQHVTCPUKGPVTGEQXGT[XQNVCIGUUKPEG
CP[EKTEWKVDTGCMGTYQWNFTGKIPKVGKHVJGXQNVCIGYGTGVQTKUGYKVJCPKPHKPKVGTCVGQHTKUGKOOGFKCVGN[CHVGTEWTTGPV
KPVGTTWRVKQP(QTCVTCPUKGPVTGEQXGT[XQNVCIGECNEWNCVKQPVJGEWTGYQWNFDGVQKPENWFGVJGRTQRGTUVTC[ECRCEKVCPEG
HTQOPQFGVQITQWPF
CPFRQUUKDN[CNUQHTQOVQCPFHTQOVQITQWPF 
1PVJGQVJGTJCPFVJGTGCTGECUGUYJGTGVJGWUGTKUPQVKPVGTGUVGFKPVJGFGVCKNUQHVJGTCRKFXQNVCIGEJCPIG
CPFYQWNFDGJCRR[VQCEEGRVCPUYGTUYKVJCUWFFGPLWOR#V[RKECNGZCORNGYQWNFDGUWFFGPXQNVCIGEJCPIGU
ECWUGFD[VTCPUHQTOGTUCVWTCVKQPYKVJVYQUNQRGKPFWEVCPEGOQFGNUHQTVJGPQPNKPGCTKV[CUKPFKECVGFKP



(KI8QNVCIGLWORUECWUGFD[VTCPUHQTOGTUCVWTCVKQP
(KI+VUJQWNFDGRQKPVGFQWVVJCVVJGUGPWOGTKECNQUEKNNCVKQPUCNYC[UQUEKNNCVGCTQWPFVJGEQTTGEVCPUYGT

CTQWPF \GTQ KP (KI   CPF RNQVU RTQFWEGF YKVJ C UOQQVJKPI QRVKQP YQWNF RTQFWEG VJG EQTTGEV EWTXGU
0QPGVJGNGUUKVYQWNFDGPKEGVQIGVTKFQHVJGOGURGEKCNN[UKPEGVJG[ECPECWUGPWOGTKECNRTQDNGOUKPQVJGTRCTVU
QHVJGPGVYQTMCUJCUJCRRGPGFQEECUKQPCNN[KPVWTDKPGIGPGTCVQTOQFGNU=R?
6JGVGZVDQQMCPUYGTYQWNFDGTGKPKVKCNK\CVKQPQHXCTKCDNGUCVVJGKPUVCPVQHVJGLWOR6JKUYQWNFDG
HCKTN[GCU[KHVJGGSWCVKQPUYGTGYTKVVGPKPUVCVGXCTKCDNGHQTO=FZFV?=#?=Z?9KVJPQFCNGSWCVKQPUCUWUGFKP
VJG'/62TGKPKVKCNK\CVKQPYCUVJQWIJVVQDGXGT[VTKEM[WPVKN$-WNKEMGUJQYGFJQYVQFQKV=?*KUOGVJQF
KUUWOOCTK\GFKP#RRGPFKZ++9JGVJGTTGKPKVKCNK\CVKQPUJQWNFDGKORNGOGPVGFKUFGDCVCDNGUKPEGVJGFCORKPI
OGVJQFFGUETKDGFPGZVUGGOUVQEWTGVJKURTQDNGOCPFCNUQUGGOUVQJCXGCRJ[UKECNDCUKUCUUJQYPKP5GEVKQP
8$TCPFYCLP=?CPF(#NXCTCFQ=?DQVJFGUETKDGCOGVJQFHQTFCORKPIVJGUGPWOGTKECNQUEKNNCVKQPU
YKVJRCTCNNGNFCORKPITGUKUVCPEGU
(KI (QTCIKXGPEWTTGPVKPLGEVKQPVJGVTCRG\QKFCNTWNGUQNWVKQPQHVJG
RCTCNNGNEKTEWKVQH(KIDGEQOGU
.
)V

X
V&)V
X
V '
6K
V & K
V&)V > &
)V 
.
%
4R %
)V
. 4R
4R &

+HCEWTTGPVKORWNUGKUKPLGEVGFKPVQVJKUEKTEWKV
KPCHQTOYJKEJVJG'/62ECPJCPFNGGICU

(KI2CTCNNGNFCORKPI




CJCVYKVJKTKUKPINKPGCTN[VQ+OCZDGVYGGPCPF)VFTQRRKPINKPGCTN[DCEMVQ\GTQDGVYGGP)VCPF)VCPF
UVC[KPI CV \GTQ VJGTGCHVGT  VJGP CHVGT VJG KORWNUG JCU FTQRRGF DCEM VQ \GTQ VJG HKTUV VGTO KP 'S
  YKNN
FKUCRRGCTCPFYGCTGNGHVYKVJVJGUGEQPFVGTOYJKEJECWUGUVJGPWOGTKECNQUEKNNCVKQPU
X
V ' & " @ X
V&)V
YKVJ
.
)V
" '
.
4R %
)V
4R &



DGKPIVJGTGEKRTQECNQHVJGFCORKPIHCEVQT6JKUQUEKNNCVKPIVGTOYKNNDGFCORGFKH"KVKUUJQYPKP(KI
HQT4R .)VQT"CPFHQT4R.)VQT"6JGQUEKNNCVKQPYQWNFFKUCRRGCTKPQPGVKOG
UVGRHQT4R.)VQT"
ETKVKECNN[FCORGFECUG +H4RKUVQQNCTIGVJGPVJGFCORKPIGHHGEVKUVQQUOCNN1P
VJGQVJGTJCPFKH4RKUTGFWEGFWPVKNKVCRRTQCEJGUVJGXCNWG.)V
KFGCNXCNWGHQTFCORKPI VJGPVQQOWEJQHCP
GTTQT KU KPVTQFWEGF KPVQ VJG KPFWEVCPEG TGRTGUGPVCVKQP  (KI  UJQYU VJG OCIPKVWFG CPF RJCUG GTTQT QH VJG
KORGFCPEGHQT4R.)VCPF4R.)VCUYGNNCUVJGOCIPKVWFGGTTQTHTQO'S
 YJKEJCNTGCF[GZKUVU
HQTVJGKPFWEVCPEGCNQPGYKVJVJGVTCRG\QKFCNTWNG+VKUKPVGTGUVKPIVJCVVJGOCIPKVWFGGTTQTYKVJCRCTCNNGNTGUKUVCPEG
KUCEVWCNN[UNKIJVN[UOCNNGTVJCPVJGGTTQTYJKEJCNTGCF[GZKUVUHQTVJGKPFWEVCPEGCNQPGDGECWUGQHVJGVTCRG\QKFCNTWNG
6JGTGHQTGVJGRCTCNNGNTGUKUVCPEGJCUPQFGVTKOGPVCNGHHGEVQPVJGOCIPKVWFGHTGSWGPE[TGURQPUG+VFQGUKPVTQFWEG
NQUUGUJQYGXGTCUGZRTGUUGFD[VJGRJCUGGTTQT#UUJQYPKPVJGPGZVUGEVKQPVJGUGNQUUGUCTGQHVGPPQVHCTQHH
HTQOVJQUGYJKEJCEVWCNN[QEEWTKPGSWKROGPVOQFGNNGFYKVJKPFWEVCPEGU(TQOCRWTGN[PWOGTKECNUVCPFRQKPVC
IQQFEQORTQOKUGDGVYGGPTGCUQPCDNGFCORKPI

(KI1UEKNNCVKPIVGTO=?4GRTKPVGFD[RGTOKUUKQPQH(#NXCTCFQ

6JGETKVKECNN[FCORGFVTCRG\QKFCNTWNGYKVJ4R.)VKUKFGPVKECNYKVJVJGDCEMYCTF'WNGTOGVJQFCU
GZRNCKPGFKP#RRGPFKZ+


(KI2JCUGCPFOCIPKVWFGGTTQTYKVJRCTCNNGNTGUKUVCPEG=?

4RCUNQYCURQUUKDNG CPFCEEGRVCDNGRJCUGGTTQT
4RCUJKIJCURQUUKDNG NGCFUVQXCNWGUQH


.
.
# 4R # 
)V
)V

CEEQTFKPI VQ $TCPFYCIP =?

QT





4R '

 .
@
)V


CEEQTFKPI VQ #NXCTCFQ =?



YKVJ$TCPFYCLP UNQYGTNKOKVFGVGTOKPGFD[URGEKHKGFCEEGRVCDNGRJCUGGTTQTCVRQYGTHTGSWGPE[
6JGGTTQTUKPVTQFWEGFKPVQVJGRCTCNNGNEQPPGEVKQPQH(KIVJTQWIJVJGVTCRG\QKFCNTWNGCTGUGGPKP(KI
 KP YJKEJ 4UGTKGU L:UGTKGU  4 R
L: 
4 R  L:  KU UJQYP HQT VJG GZCEV UQNWVKQP YKVJ :  T. CPF HQT VJG
VTCRG\QKFCNTWNGUQNWVKQPYKVJT.VTCRG\QKFCNHTQO'S
 



(KI#RRCTGPVUGTKGUTGUKUVCPEGCPFUGTKGUKPFWEVCPEGHQTVJGRCTCNNGNEQPPGEVKQPQH(KI
YKVJ4R
 !
.)V 6JGTGIKQPVQVJGTKIJVQHHH0[SWKUVKUQHNKVVNGRTCEVKECN
KPVGTGUVDGECWUGVJGUCORNKPITCVGYQWNFDGVQQNQYVQUJQYVJGUGHTGSWGPEKGUCFGSWCVGN[
9JGVJGTVJG'/62YKNNDGEJCPIGFVQKPENWFGRCTCNNGNTGUKUVCPEGUCWVQOCVKECNN[TGOCKPUVQDGUGGP+VKU
KPVGTGUVKPIVQPQVGVJCVVJGGNGEVTQPKECPCN[UKURTQITCO5;5%#2QH4QEMYGNN+PVGTPCVKQPCN%QTRYJKEJUGGOUVQ
WUGVGEJPKSWGUXGT[UKOKNCTVQVJG'/62JCU4RCPF4UQH(KIDWKNVKPVQVJGKPFWEVQTOQFGNYKVJFGHCWNV
XCNWGUQH4USCPF4RS=R?6JGRQUUKDKNKV[QHPWOGTKECNQUEKNNCVKQPUKUOGPVKQPGFCUYGNN
KPECUGUYJGTGVJGVKOGEQPUVCPVUQHVJGKPFWEVQTOQFGNQH(KICTGUOCNNEQORCTGFYKVJ)V=R?

(KI.4TCVKQQHVJGUJQTVEKTEWKVKORGFCPEGQHV[RKECN
VTCPUHQTOGTU=?4GRTKPVGFD[RGTOKUUKQPQH%+)4'



(KI'SWKXCNGPVEKTEWKVHQTVJGUJQTV
EKTEWKVKORGFCPEGQHCVTCPUHQTOGT

2J[UKECN4GCUQPUHQT2CTCNNGN4GUKUVCPEG
6JGTGCTGOCP[UKVWCVKQPUKPYJKEJKPFWEVCPEGUUJQWNFJCXGRCTCNNGNTGUKUVCPEGUHQTRJ[UKECNTGCUQPU+P
UQOGECUGUVJGXCNWGUQHVJGUGTGUKUVCPEGUYKNNDGNQYGTVJCPVJQUGQH'S
 QT
 YJKEJYKNNOCMGVJG
FCORKPIQHVJGPWOGTKECNPQKUGGXGPDGVVGT6[RKECNCRRNKECVKQPUQHFCORKPITGUKUVCPEGUCTGFGUETKDGFPGZV6JGUG
GZCORNGUOC[PQVEQXGTCNNCRRNKECVKQPUDWVUJQWNFCVNGCUVDGTGRTGUGPVCVKXG

5JQTVEKTEWKVKORGFCPEGQHVTCPUHQTOGTU
6JGUJQTVEKTEWKVKORGFCPEGQHVTCPUHQTOGTUFQGUPQVJCXGCEQPUVCPV.4TCVKQKPUVGCFVJG.4TCVKQ
FGETGCUGUYKVJCPKPETGCUGKPHTGSWGPE[CUUJQYPKP(KIVCMGPHTQO=?+HYGWUGVJGEWTXGHQT
VJG/8#VTCPUHQTOGTCPFCUUWOG.*
QTO*QTRW CUYGNNCU)VzUVJGPCXCNWGQH
4RS
QTOSQTRW YKNNRTQFWEGVJGRTQRGT.4TCVKQCVM*\6JKUXCNWGNKGUPKEGN[KP
DGVYGGPVJGNKOKVUQHSCPFSTGEQOOGPFGFKP'S
 #UGTKGUTGUKUVCPEGQH4U
S
QTOSQTRW ECPVJGPDGCFFGFVQQDVCKPVJGEQTTGEV.4TCVKQCV*\YJKEJNGCFUVQVJG
GSWKXCNGPVEKTEWKVQH(KIHQTVJGUJQTVEKTEWKVKORGFCPEGQHVJGVTCPUHQTOGT9KVJ<KPRWVHTQO'S

 VJG.VTCRG\QKFCN4TCVKQQHVJKUGSWKXCNGPVEKTEWKVKUUJQYPCUCFQVVGFNKPGKP(KIYJKEJKUC
TGCUQPCDN[IQQFOCVEJHQTVJGGZRGTKOGPVCNEWTXG
UQNKFNKPG CPFOWEJDGVVGTVJCPCEQPUVCPV.4TCVKQ
YKVJQWV4R+VKUKPVGTGUVKPIVJCVC%+)4'9QTMKPI)TQWRQP+PVGTHGTGPEG2TQDNGOUTGEQOOGPFUVJGUCOG
GSWKXCNGPVEKTEWKVQH(KIHQTVJGCPCN[UKUQHJCTOQPKEU=?YKVJ
 

50 4R
8 0

 



 



CPF
 

8 0
50 4U

+PVJG'/62VJG.4TCVKQYKVJQWV4RYQWNFCEVWCNN[KPETGCUGYKVJHTGSWGPE[UKPEG.VTCRG\QKFCNQH'S

KPETGCUGUYKVJHTGSWGPE[


(KI.4TCVKQQHVJGUJQTVEKTEWKVKORGFCPEGQHC/8#
VTCPUHQTOGT
FQVVGFNKPGHTQOGSWKXCNGPVEKTEWKVQH(KIYKVJ.DGKPI
UQNXGFD[VTCRG\QKFCNTWNGUQNKFNKPGHTQO=? 4GRTKPVGFD[
RGTOKUUKQPQH%+)4'
YJGTG50KUVJGTCVGFRQYGTCPF80 VJGTCVGFXQNVCIGQHVJGVTCPUHQTOGT+HYGCUUWOG:UJQTVEKTEWKV VQRW
CV*\
=?VCNMUCDQWV*\ VJGP'S
 DGEQOGUYKVJT.
VQ  8050

VQ  .4R
VQ  .



QTYKVJCV[RKECNUVGRUK\GQH)VzU

VQ .)V4R
VQ .)V
YKVJVJGJKIJGTPWODGTUHQTVJGNQYGTUJQTVEKTEWKVTGCEVCPEGQHRW#ICKPVJGXCNWGQH4RNKGUKPVJG
UCOGTCPIGCU'S
 'S
 KORNKGUCP.4TCVKQCV*\QHVQHQTCRWUJQTV
EKTEWKVTGCEVCPEGQTQHVQHQTCRWUJQTVEKTEWKVTGCEVCPEGYJKEJKUNQYGTVJCPVJGXCNWGU
CV*\KP(KI

/CIPGVK\KPIKORGFCPEGQHVTCPUHQTOGTUCPFKTQPEQTGTGCEVQTU
#UFKUEWUUGFKPOQTGFGVCKNKP5GEVKQPRCTCNNGNTGUKUVCPEGUCTGCFFGFVQVJGOCIPGVK\KPIKPFWEVCPEGQH
VTCPUHQTOGTUHQTCETWFGCRRTQZKOCVKQPQHVJGJ[UVGTGUKUCPFGFF[EWTTGPVNQUUGU5KOKNCTN[VJGGSWKXCNGPV
EKTEWKVQH(KIKUTGEQOOGPFGFHQTKTQPEQTGTGCEVQTU=?YKVJ4UTGRTGUGPVKPI+4NQUUGUKPVJG
YKPFKPICPF4RTGRTGUGPVKPIKTQPEQTGNQUUGU

5[PEJTQPQWUIGPGTCVQTU


#%+)4'9QTMKPI)TQWRQP+PVGTHGTGPEG2TQDNGOUTGEQOOGPFUCTGUKUVCPEGKPRCTCNNGNYKVJVJGPGICVKXG
UGSWGPEG KPFWEVCPEG
YJKEJ KU RTCEVKECNN[ KFGPVKECN VQ
.F  .S   DWV HGGNU VJCV KU KV RTGOCVWTG VQ
RTQRQUGCRTQDCDNGQTFGTQHOCIPKVWFG=?#V[RKECNEWTXGHQT.F4TCVKQUQHIGPGTCVQTUUKOKNCTVQ(KI
JCUDGGPRWDNKUJGFKP=?CPFEQWNFDGWUGFVQHKPFTGCUQPCDNGXCNWGUQH4R

0QOKPCNBEKTEWKVU
%CUECFGEQPPGEVKQPUQHPQOKPCNBEKTEWKVUCTGWUGFVQTGRTGUGPVVTCPUOKUUKQPNKPGUQPVTCPUKGPVPGVYQTM
CPCN[\GTU6QUWRRTGUUVJGURWTKQWUQUEKNNCVKQPUYJKEJCTGECWUGFD[VJGNWOR[CRRTQZKOCVKQPQHFKUVTKDWVGF
RCTCOGVGTUKVKUEWUVQOCT[VQCFFRCTCNNGNTGUKUVCPEGU
(KI 6[RKECNXCNWGUCRRGCTVQDG4R
<UWTIGYJKEJYQWNFNGCFVQCXCNWGQH4R.)VKPVJGUVWDNKPGTGRTGUGPVCVKQPQHVJGKPFWEVCPEGKP(KI
4GCUQPCDNGXCNWGUQH4RHQTECUECFGEQPPGEVKQPUCTGFKUEWUUGFKP=?

(KI&CORKPITGUKUVCPEGKP
PQOKPCNBEKTEWKV

5QWTEGKORGFCPEGU
6JG6JGXGPKPGSWKXCNGPVEKTEWKVQH(KIKUQDXKQWUN[CETWFGCRRTQZKOCVKQPHQTVJGTGUVQHVJGU[UVGO
CVHTGSWGPEKGUFKHHGTGPVHTQOVJGRQYGTHTGSWGPE[6QOCMGVJGHTGSWGPE[TGURQPUGQHVJKUEKTEWKVOQTG
TGCNKUVKEFCORKPITGUKUVCPEGUCTGQHVGPEQPPGEVGFKPRCTCNNGNYKVJVJG4.DTCPEJ

'ZCORNGHQT0GVYQTMYKVJ+PFWEVCPEGU
#UKORNG[GVTGCNKUVKEGZCORNGQHCP4.EKTEWKVCTKUGUHTQOUJQTVEKTEWKVECNEWNCVKQPU#UUWOGVJCVCVJTGG
RJCUGU[UVGOJCUDGGPTGFWEGFVQCUVGCF[UVCVG6JGXGPKPGSWKXCNGPVEKTEWKVUGGPHTQOVJGHCWNVNQECVKQPUKOKNCTVQ
VJCVQH(KIYKVJVJGUGSWGPEGKORGFCPEGU<RQU<PGI4RQU L:RQUCPF<\GTQ4\GTQ L:\GTQVJGPMPQYP
#UUJQYPD['S
 VJGUGUGSWGPEGRCTCOGVGTUECPDGEQPXGTVGFVQUGNHCPFOWVWCNKORGFCPEGU#UKPINGRJCUG
VQITQWPFHCWNVECPVJGPDGUKOWNCVGFYKVJCUYKVEJENQUWTGKPVJGEKTEWKVQH(KI
C YJGTGKVKUCUUWOGFVJCV
VJGUGNHKORGFCPEG<UEQPUKUVUQHCTGUKUVCPEG4UKPUGTKGUYKVJCPKPFWEVCPEG.U (KI
D UJQYUVJGHCWNVEWTTGPV
6JKUKUQPGQHVJGHGYGZCORNGUYKVJRGTWPKVSWCPVKVKGUUKORN[VQUJQYVJCVVJG[ECPDGWUGF6JGYTKVGT
RTGHGTUCEVWCNXCNWGUHQTTGCUQPUGZRNCKPGFKP#RRGPFKZ+8
6JKUCUUWORVKQPKUQDXKQWUN[QPN[EQTTGEVCVRQYGTHTGSWGPE[DWVUGGOUVQDGTGCUQPCDNGQXGTCYKFGT
HTGSWGPE[TCPIGKPOCP[ECUGU+VYQWNFIKXGYTQPICPUYGTUKHVJGU[UVGOYGTGVQEQPUKUVQHCRQYGT
RNCPVVTCPUOKUUKQPNKPGUGTKGUECRCEKVQTEQPPGEVKQPUKPEGVJKUTGSWKTGUCP4.%TGRTGUGPVCVKQPRQUUKDN[YKVJC
ECRCEKVQTRTQVGEVKQPEKTEWKVUKOKNCTVQ(KI
UGG5GEVKQPCUYGNN #FGVCKNGFHCWNVECNEWNCVKQPYKVJVJG


QDVCKPGFYKVJVJG'/62HQT4URWCPF.URW+H4U:UCVRQYGTHTGSWGPE[YJKEJKUPQV
SWKVGVTWGJGTGVJGPVJGTGKUCOKPKOWOQHHUGV
U[OOGVTKECNHCWNVEWTTGPV KHVJGHCWNVQEEWTUYJGPVJGXQNVCIGKU
CVKVURGCMXCNWGCPFCOCZKOWOQHHUGV
CU[OOGVTKECNHCWNVEWTTGPV KHVJGHCWNVQEEWTUCV\GTQETQUUKPIQHVJG
XQNVCIG6JGKPHNWGPEGQH)VQPVJGTGUWNVUCUYGNNCUVJGGZCEVUQNWVKQP

K
V '

8OCZ

6 UKP
TV%&n & UKP
&n G

&V4U. U

>

4U %
T.U 


YKVJ
n ' VCP&
T.U  4U
CTGUJQYPKP(KI
E 6JG'/62TGUWNVUYKVJ)V#zUCTGKPFKUVKPIWKUJCDNGHTQOVJGGZCEVUQNWVKQP

'/62YJKEJUJQYUVTCXGNNKPIYCXGGHHGEVUCPFEQORCTGUTGUWNVUYKVJHKGNFVGUVUKPVJG*[FTQ3WGDGE5[UVGO
KUFGUETKDGFKP=?


(KI5KPINGRJCUGVQITQWPFHCWNV

C 'SWKXCNGPVEKTEWKV

D (CWNVEWTTGPVUHQT4U:UH*\)V#zUHQTFKHHGTGPVENQUKPIVKOGU

E +PHNWGPEGQH)V



%CRCEKVCPEG%
%CRCEKVCPEGGNGOGPVUCTGWUGFVQTGRTGUGPVCOQPIQVJGTVJKPIU

UGTKGUCPFUJWPVECRCEKVQTU

UJWPVECRCEKVCPEGUKPPQOKPCNBEKTEWKVTGRTGUGPVCVKQPUQHVTCPUOKUUKQPNKPGU

GSWKROGPVKP*8&%EQPXGTVGTUVCVKQPUUWEJCURCTVUQHUPWDDGTEKTEWKVUCPFHKNVGTUCPFUWTIGECRCEKVQTU

UVTC[ECRCEKVCPEGUQHVTCPUHQTOGTUIGPGTCVQTUGVEGURGEKCNN[KPVTCPUKGPVTGEQXGT[XQNVCIGCPFNKIJVPKPI
UWTIGUVWFKGUYJGTGKORGFCPEGUT.DGEQOGUQJKIJCVJKIJGTHTGSWGPEKGUVJCVVJGRCTCNNGNKORGFCPEGUQH
UVTC[ECRCEKVCPEGUT%DGEQOGFQOKPCPV

ECRCEKVKXGRQVGPVKCNVTCPUHQTOGTUCPFECRCEKVKXGXQNVCIGFKXKFGTU

RCTVUQHUWTIGIGPGTCVQTU
6JGGSWCVKQPQHCNWORGFECRCEKVCPEG%DGVYGGPPQFGUMCPFOKUUQNXGFCEEWTCVGN[KPVJGCEUVGCF[UVCVG

UQNWVKQPYKVJ'S
 6JGQPN[RTGECWVKQPVQQDUGTXGKUVJCVT%UJQWNFPQVDGGZVTGOGN[NCTIGYJKEJKUWPNKMGN[
VQQEEWTKPRTCEVKEGCP[JQYHQTVJGUCOGTGCUQPUCUGZRNCKPGFHQTUOCNNTGUKUVCPEGUKP5GEVKQP
(QTVJGVTCPUKGPVUKOWNCVKQPVJGGZCEVFKHHGTGPVKCNGSWCVKQP
KMO ' %

F
XM&XO



FV

KUTGRNCEGFD[VJGCRRTQZKOCVGEGPVTCNFKHHGTGPEGGSWCVKQP
KMO
V %KMO
V&)V


6X
V &XO
V > & 6XM
V&)V &XO
V&)V >
' % M
)V



YJKEJIKXGUVJGFGUKTGFDTCPEJGSWCVKQP
KMO
V '

%
6X
V &XO
V > % JKUVMO
V&)V
)V M



YKVJVJGJKUVQT[VGTOJKUVMO
V)V MPQYPHTQOVJGUQNWVKQPCVRTGEGFKPIVKOGUVGR
%
6X
V&)V & XO
V&)V >
JKUVMO
V&)V ' & KMO
V&)V &
)V M



#ICKPCPCNQIQWUVQKPFWEVCPEGKFGPVKECNTGUWNVUYQWNFDGQDVCKPGFHTQOCPKPVGITCVKQPQH'S
 YKVJVJG
VTCRG\QKFCNTWNG'S
 ECPDGTGRTGUGPVGFCUCPGSWKXCNGPVTGUKUVCPEG4GSWKX)V%KPRCTCNNGNYKVJCMPQYP
EWTTGPVUQWTEGJKUVMO
V)V CUUJQYPKP(KI1PEGCNN



(KI'SWKXCNGPVTGUKUVKXGEKTEWKV
HQTVTCPUKGPVUQNWVKQPQHNWORGF
ECRCEKVCPEG
VJGPQFGXQNVCIGUJCXGDGGPHQWPFCVCRCTVKEWNCTVKOGUVGRCVKPUVCPVVVJGJKUVQT[VGTOQH'S
 OWUVDGWRFCVGF
HQTGCEJECRCEKVKXGDTCPEJHQTWUGKPVJGPGZVVKOGUVGRCVV )V6QFQVJKUQPGOWUVHKTUVHKPFVJGEWTTGPVHTQO
'S
 #NVGTPCVKXGN[VJGTGEWTUKXGWRFCVKPIHQTOWNC
JKUVMO
V ' &

%
6X
V &XO
V > & JKUVMO
V&)V
)V M



ECPDGWUGFYJKEJKUVJGUCOGCU'S
 HQTVJGKPFWEVCPEGKHHQNNQYGFD[CUKIPTGXGTUCN

(KI.WORGFECRCEKVCPEGTGRNCEGFD[UVWDNKPGYKVJ<
)V%CPFJ)V

'TTQT#PCN[UKU
0QVUWTRTKUKPIN[VJGGTTQTCPCN[UKUKUCPCNQIQWUVQVJCVQHVJGKPFWEVCPEG(QTCRJ[UKECNKPVGTRTGVCVKQPQH
VJGGTTQTUVJGUVWDNKPGTGRTGUGPVCVKQPQH(KIKUWUGFKPYJKEJVJGNWORGFECRCEKVCPEGKUTGRNCEGFD[CPQRGP
GPFGFNQUUNGUUNKPG6QQDVCKPVJGRCTCOGVGTUKVKUTGCUQPCDNGVQOCMGVJGVQVCNFKUVTKDWVGFECRCEKVCPEGGSWCNVQVJG
NWORGFECRCEKVCPEG
% ) ' %



9KVJ% MPQYPVJGPGZVRCTCOGVGTVQDGFGVGTOKPGFKUVTCXGNVKOGJ'S
 UJQYUVJCVVJGUJQTVGTVJGVTCXGN
VKOGVJGUOCNNGTYKNNDGVJGXCNWGQHVJGRCTCUKVKEDWVWPCXQKFCDNGKPFWEVCPEG. (QTCUVGRUK\G)VVJGUJQTVGUV
RQUUKDNGVTCXGNVKOGKU



J '

)V




9KVJ'S
 CPF
 VJGUWTIGKORGFCPEGDGEQOGU<)V%
9KVJQWVIQKPIVJTQWIJVJGFGVCKNUNGVKVUKORN[NGVKVDGUCKFVJCVVJGGZCEVUQNWVKQPHQTVJGUVWDNKPGQH(KI
KUKFGPVKECNYKVJVJGVTCRG\QKFCNTWNGUQNWVKQPQH'S
 CPF
 6JKUKFGPVKV[YKNNCICKPDGWUGFVQCUUGUU
VJGGTTQTCUCHWPEVKQPQHHTGSWGPE[#UUWOGVJCVCECRCEKVCPEG%KUEQPPGEVGFVQCUQWTEGYKVJCPIWNCTHTGSWGPE[
TVJTQWIJUQOGPGVYQTMYKVJFCORKPI6JGVTCPUKGPVUKOWNCVKQPYKNNVJGPUGVVNGFQYPVQVJGEQTTGEVUVGCF[UVCVG
UQNWVKQPQHVJGUVWDNKPGQH(KIQTPQVFTKHVCYC[HTQOKVKHVJGUKOWNCVKQPYCUUVCTVGFHTQOEQTTGEVUVGCF[UVCVG
KPKVKCNEQPFKVKQPU6JKUUVGCF[UVCVGUQNWVKQPKUMPQYPHTQOVJGGZCEVGSWKXCNGPVBEKTEWKVQH(KIYKVJVGTOKPCN
DGKPIQRGPGPFGF

;KPRWV '
;UGTKGU % ;UJWPV &


;UGTKGU


;UGTKGU %


;
 UJWPV



QTCHVGTUQOGOCPKRWNCVKQPUYKVJ'S
 
)V

)V
T


VCP T
;KPRWV ' LT% @



6JKUKUCPCNQIQWUYKVJ'S
 HQTVJGKPFWEVCPEGGZEGRVVJCVVJGCPCNQIQWUGTTQTPQYCRRNKGUVQVJGECRCEKVCPEG
%TCVJGTVJCPVQVJGKPFWEVCPEG.QT
%VTCRG\QKFCN
%

)V

)V
T


VCP T
'



#ICKPVJGRJCUGGTTQTKU\GTQQXGTVJGGPVKTGHTGSWGPE[TCPIG+HYGHQTEGCEWTTGPV+E
LT KPVQVJGECRCEKVCPEGVJGP
VJGXQNVCIGCETQUUVJGUVWDNKPGEQORCTGFYKVJVJGGZCEVUQNWVKQPYKNNJCXGVJGHTGSWGPE[TGURQPUGQH(KI
YJKEJKUKFGPVKECNYKVJ(KIKHVJGEWTTGPVTCVKQKUTGRNCEGFD[VJGXQNVCIGTCVKQ6JGVTCRG\QKFCNTWNGHKNVGTUQWV
VJGJKIJGTHTGSWGPE[XQNVCIGU



(KI#ORNKVWFGTCVKQ8VTCRG\QKFCN8GZCEVQHCECRCEKVCPEGCUC
HWPEVKQPQHHTGSWGPE[
#ICKPVJGTGKUCUOCNNFKUETGRCPE[DGVYGGPVJGKPKVKCNEQPFKVKQPUHQWPFYKVJ'S
 CPFVJGTGURQPUGVQRQYGT
HTGSWGPE[HTQO'S
 KPVJGVKOGUVGRNQQR
CV*\GTTQTYKVJ)VzUQTYKVJ)V
OU 9JGVJGTKVUJQWNFDGGNKOKPCVGFJCUCNTGCF[DGGPFKUEWUUGFKPVJGUGEQPFNCUVRCTCITCRJQH5GEVKQP
8GT[UOCNNXCNWGUQH%CTGCEEGRVCDNGCUNQPICU
T% QT)V%KUPQVNCTIGTVJCPVJGNCTIGUVHNQCVKPIRQKPV
PWODGTYJKEJVJGEQORWVGTECPJCPFNG8GT[NCTIGXCNWGUQH%FQETGCVGCEEWTCE[RTQDNGOUVJGUCOGYC[CUUOCNN
TGUKUVCPEGU
UGG5GEVKQP DWVVJG[CTGWPNKMGN[VQQEEWTKPRTCEVKEG
&CORKPIQH0WOGTKECN1UEKNNCVKQPUYKVJ5GTKGU4GUKUVCPEG
9JKNG VJG VTCRG\QKFCN TWNG HKNVGTU QWV JKIJHTGSWGPE[ XQNVCIGU CETQUU ECRCEKVCPEGU HQT IKXGP EWTTGPV
KPLGEVKQPUKVCNUQCORNKHKGUJKIJHTGSWGPE[EWTTGPVUHQTIKXGPXQNVCIGUCETQUU%6JGPWOGTKECNQUEKNNCVKQPUFKUEWUUGF
HQTVJGKPFWEVCPEGKP5GEVKQPYQWNFCRRGCTKPECRCEKVCPEGEWTTGPVUKHVJGTGKUCPCDTWRVEJCPIGKPFXEFV(QT
UQOGTGCUQPPWOGTKECNQUEKNNCVKQPUJCXGUGNFQODGGPCRTQDNGOKPECRCEKVCPEGUGKVJGTDGECWUGVJGTGCTGXGT[HGY
UKVWCVKQPUYJGTGVJG[YQWNFCRRGCTQTUKORN[DGECWUGEWTTGPVUVJTQWIJECRCEKVCPEGUCTGUGNFQOKPENWFGFKPVJG
QWVRWV#PCNQIQWUVQVJGKPFWEVCPEGVJGUGPWOGTKECNQUEKNNCVKQPUEQWNFDGFCORGFYKVJUGTKGUTGUKUVCPEGU4U
(KI
 7UKPI#NXCTCFQ UCTIWOGPVU=?VJGVTCRG\QKFCNTWNGUQNWVKQPHQTCXQNVCIGKORWNUGCRRNKGFVQVJGEKTEWKV
QH(KIYQWNFDG
)V
&4
% U

K
V '
6X
V &X
V&)V > &
K
V&)V
)V
)V
%4
%4
% U
% U





(KI5GTKGUFCORKPITGUKUVCPEG
#HVGTVJGXQNVCIGKORWNUGXJCUFTQRRGFDCEMVQ\GTQYGCTGNGHVYKVJVJGUGEQPFVGTOYJKEJECWUGUVJGPWOGTKECN
QUEKNNCVKQPU
K
V ' & " @ K
V&)V

YKVJ

)V
& 4U
%
" '
)V
% 4U
%



+PCPCNQI[VQ'S
 CTGCUQPCDNGXCNWGHQTVJGFCORKPITGUKUVCPEGYQWNFDG
4U ' 

)V
%



2J[UKECN4GCUQPUHQT5GTKGU4GUKUVCPEG
0QPGCTGMPQYPVQVJGYTKVGTCVVJKUVKOGYJKEJYQWNFLWUVKH[CUGTKGUTGUKUVCPEGCUJKIJCUVJCVQH'S

 )9#&WOOGT=?UWIIGUVUVJGGSWKXCNGPVEKTEWKVQH(KICPFUC[UVJCV4UKUFQOKPCPVCVXGT[JKIJ
HTGSWGPEKGUYJKNG4RKUFQOKPCPVCVXGT[NQYHTGSWGPEKGUDWV

(KI'SWKXCNGPVEKTEWKVHQT
ECRCEKVQTYKVJNQUUGU

JKUEQOOGPVUTGHGTVQECRCEKVQTUWUGFKPGNGEVTQPKEU6JGV[RKECNVGZVDQQMEKTEWKVJCUPQUGTKGUTGUKUVCPEGYJKEJ
YQWNFKORN[VJCVVJGNQUUHCEVQTFGETGCUGUKPXGTUGN[RTQRQTVKQPCNYKVJHTGSWGPE[6JKUEQPVTCFKEVUVJGEWTXGKP(KI
IKXGPD[#4QVJHQTJKIJXQNVCIGECRCEKVQTU=?#UUWOKPI%z(CPF)VzUCPFWUKPI%VTCRG\QKFCN
KPUVGCFQH%VQFWRNKECVGVJG'/62DGJCXKQTCXCNWGQH4US
KIPQTKPI4R YQWNFOQTGQTNGUUOCVEJVCP*
CVM*\CUUJQYPKP(KI0QVGVJCVVJKUXCNWGQH4UKUQPGQTFGTQHOCIPKVWFGNQYGTVJCPVJGTGEQOOGPFGF
FCORKPITGUKUVCPEGQH'S
 5;5%#2CPGNGEVTQPKECPCN[UKURTQITCOYKVJUQNWVKQPVGEJPKSWGUUKOKNCTVQVJG
'/62JCU4RCPF4UQH(KIDWKNVKPVQVJGECRCEKVQTOQFGNYKVJFGHCWNVXCNWGUQH4U SCPF4R 
S=R?


(KI.QUUHCEVQT=?4GRTKPVGFD[RGTOKUUKQPQH5RTKPIGT8GTNCICPF#9
4QVJ
0QVGVJCVECRCEKVQTUYJKEJOC[DGUWDLGEVGFVQUJQTVEKTEWKVUQHVGPJCXGUGTKGUTGUKUVQTUDWKNVKP5KOKNCTN[VJG
QXGTXQNVCIGRTQVGEVKQPQHUGTKGUECRCEKVQTUYKVJURCTMICRU
(KI KPENWFGUEWTTGPVNKOKVKPI4.GNGOGPVUKPVJG
FKUEJCTIGEKTEWKVYKVJCV[RKECNTKPIKPIHTGSWGPE[QH*\FWTKPIFKUEJCTIG

(KI5RCTMICRRTQVGEVKQPQH
UGTKGUECRCEKVQT

'ZCORNGHQT0GVYQTMYKVJ%CRCEKVCPEGU
.GVWUOQFKH[VJGHCWNVEWTTGPVUVWF[QH5GEVKQPHQTCECUGKPYJKEJVJGVTCPUOKUUKQPNKPGKUUGTKGU
EQORGPUCVGFYKVJECRCEKVQTU
(KI .GVWUHWTVJGTCUUWOGVJCV.UKP5GEVKQPTGRTGUGPVGFVJGPGVTGCEVCPEG
:PGVT.T%CV*\VQOCMGDQVJTGUWNVUFKTGEVN[EQORCTCDNG9KVJ4URW:URWT%
RWCPF)VzUVJGHCWNVEWTTGPVQH(KIKUQDVCKPGF
FCVCVCMGPHTQO=?YKVJEQPPGEVKQPHTQO
HCWNVNQECVKQPVQKPHKPKVGDWUNGHVQHH (QTEQORCTKUQPRWTRQUGUVJGHCWNVEWTTGPVYKVJVJGPGVTGCEVCPEGTGRTGUGPVGF
D[.UCUFQPGKP5GEVKQPKUUJQYPCUYGNNKVFKHHGTUCRRTGEKCDN[HTQOVJGOQTGCEEWTCVGUQNWVKQPYKVJVJG
EKTEWKVOQFGNQH(KI6JKUFKHHGTGPEGJCUEQPUGSWGPEGUHQTVJGCEEWTCE[QHUVCDKNKV[UKOWNCVKQPUUKPEGPGV
TGCEVCPEGUCTGRTCEVKECNN[CNYC[UWUGFKPUVCDKNKV[UVWFKGU(KIEQORCTGUVJGUYKPIEWTXGUQDVCKPGFYKVJCPGV
TGCEVCPEGCPFCP.%TGRTGUGPVCVKQPHQTCECUGUKOKNCTVQVJG+'''DGPEJOCTMOQFGNHQTUWDU[PEJTQPQWUTGUQPCPEG
UVWFKGU=?



(KI5KPINGRJCUGVQITQWPFHCWNVKPCU[UVGO
YKVJCUGTKGUECRCEKVQT

(KI(CWNVEWTTGPVKPUGTKGUEQORGPUCVGFPGVYQTMQH(KI
NKPGYKVJQWVU[ODQNU (QTEQORCTKUQP
TGUWNVUHTQO(KIYKVJPGVTGCEVCPEGCTGUJQYPCUYGNN
NKPGYKVJU[ODQNU

(KI5YKPIEWTXGUYKVJ4.CPF4.%TGRTGUGPVCVKQPU


5GTKGU%QPPGEVKQPQH4.%
+HNWORGFGNGOGPVU4.%HTGSWGPVN[QEEWTKPRCKTUCUUGTKGUEQPPGEVKQPUQH4.4%QT.%QTCUC
UGTKGUEQPPGEVKQPQHCNNVJTGGGNGOGPVU4.%VJGPKVDGEQOGUOQTGGHHKEKGPVVQVTGCVVJGUGTKGUEQPPGEVKQPCUCUKPING
DTCPEJVJGTGD[TGFWEKPIVJGPWODGTQHPQFGUCPFPQFCNGSWCVKQPU6JKUJCUDGGPKORNGOGPVGFKPVJG'/62HQT
VJGUGTKGUEQPPGEVKQPQH4.%
(KI (QTVJGUVGCF[UVCVGUQNWVKQPVJGDTCPEJGSWCVKQPKUUKORN[
+MO '

8 &8
4%L
T.&T% M O

(KI5GTKGUEQPPGEVKQPQH4.%
6QFGTKXGVJGDTCPEJGSWCVKQPHQTVJGVTCPUKGPVUKOWNCVKQPCFFVJGVJTGGXQNVCIGFTQRUCETQUU4.CPF%
XM & XO ' X4 % X. % XE
YKVJVJGXQNVCIGFTQRUGZRTGUUGFCUCHWPEVKQPQHVJGEWTTGPVYKVJ'S
 
 CPF
 
XM
V & XO
V ' 4 %

. )V
.
)V
%
JKUV.
V&)V &
K
V &
JKUV%
V&)V
)V % MO
)V
%



#HVGTTGRNCEKPIVJGJKUVQT[VGTOUJKUV.CPFJKUV%YKVJVJGGZRTGUUKQPUQH'S
 CPF
 VJKUNGCFUVQVJGDTCPEJ
GSWCVKQP
KMO
V ' )UGTKGU 6XM
V & XO
V > % JKUVUGTKGU
V&)V

C

YKVJ
)UGTKGU '


.
)V
%
4 %
)V
%

D

CPFVJGEQODKPGFJKUVQT[VGTO
JKUVUGTKGU
V&)V ')UGTKGU

.
)V
&4&
K
V&)V %XM
V&)V &XO
V&)V &X%
V&)V 
)V
%



(QTWRFCVKPIVJKUJKUVQT[VGTOVJGPGYEWTTGPVKUHKTUVECNEWNCVGFHTQO'S
C CPFVJGPGYECRCEKVQTXQNVCIG
X%HTQO
X%
V ' X%
V&)V %

)V
6K
V % K
V&)V >
%



'S
 KUPQVVJGQPN[YC[QHGZRTGUUKPIVJGEQODKPGFJKUVQT[VGTODWVKVKUVJGQPGDGKPIWUGFKPVJG'/62

5KPING2JCUG0QOKPCNB%KTEWKV
6JKUKUCURGEKCNECUGQHVJG/RJCUGPQOKPCNBEKTEWKVFKUEWUUGFKP5GEVKQP'CTNKGT'/62XGTUKQPU
TGEQIPK\GVJGURGEKCNECUGQH/CPFWUGUECNCTGSWCVKQPUKPRNCEGQHOCVTKZGSWCVKQPUYJGTGCUPGYGT'/62
XGTUKQPUIQVJTQWIJVJGOCVTKZOCPKRWNCVKQPUYKVJ/5KPEGUKPINGRJCUGBEKTEWKVUCTGUGNFQOWUGFKVKU
TGCUQPCDNGVQGNKOKPCVGVJGURGEKCNEQFGHQTVJGUECNCTECUG