'NC%QUOC V 24'5#5à5'#5%à(+4'81.7-+# ¡064#05+.8#0+#.#  5•%*5+5%*'24'55'70&4'81.

76+10 +05+'$'0$¯4)'0 

  

   2âTKP/KNQTOGK#PVQP)K#PC EWVQCVâFTCIQUVGC   /GKPGP'NVGTP#PVQPWPF#PC KP.KGDG    

'.#%15/# 
       

24'5#5à5'#5%à(+4'81.7-+# ¡064#05+.8#0+#.#  5•%*5+5%*'24'55'70&4'81.76+10 +05+'$'0$¯4)'0 
 6TCFWEGTGCVGZVGNQTFG'NC%QUOC ¯DGTUGV\WPIXQP'NC%QUOC           

2TGUC7PKXGTUKVCTâ%NWLGCPâ  #TDGKVUMTGKUH×T5KGDGPD×TIKUEJG .CPFGUMWPFG*GKFGNDGTI    

   l'NC%QUOC6QCVGFTGRVWTKNGTG\GTXCVG#NNG4GEJVGXQTDGJCNVGP  +OCIKPGC FG RG EQRGTVâ TGRTQFWEG NKVQITCHKC ÉP EWNQTK 6¸TI ÉP 6TCPUKNXCPKC
5KDKW 0GWJCWUGT.CP\GFGNN[ 7OUEJNCICDDKNFWPI,CJTOCTMVKP5KGDGPD×TIGP
*GTOCPPUVCFV 0GWJCW UGT.CP\GFGNN[(CTD.KVQITCRJKG  &KG&GWVUEJG$KDNKQVJGML%+2'KPJGKVUCWHPCJOG  %QUOC'NC 2TGUC UâUGCUEâ )K TGXQNW/KC ÉP 6TCPUKNXCPKC NC   5¼EJUKUEJG 2TGUUGWPF4GXQNWVKQPKP5KGDGPD×TIGP'NC%QUOC=#WU FGO 4WO¼P ×DGTVT XQP FGT #WVQTKP? 2TGUC 7PKXGTUKVCTâ %NWLGCPâ #TDGKVUMTGKU H×T 5KGDGPD×TIKUEJG .CPFGUMWPFG *GKFGNDGTI L %NWL 0CRQEC 2TGUC 7PKXGTUKVCTâ %NWLGCPâ )WPFGNUJGKO0GEMCT #TDGKVU MTGKUH×T5KGDGPD×TIKUEJG.CPFGUMWPFG*GKFGNDGTI  +5$0 +5$0  #TDGKVUMTGKU H×T 5KGDGPD×TIKUEJG 7PKXGTUKVCVGCQ$CDG)$QN[CKR .CPFGUMWPFGG8*GKFGNDGTI 2TGUC7PKXGTUKVCTâ%NWLGCPâ 5EJNQUU*QTPGEM &KTGEVQT*QTKC%QUOC )WPFGNUJGKO0GEMCT 5VT4GRWDNKEKKPT &'765%*.#0& %NWL0CRQEC 6GN  41/‘0+# (CZ  6GN  'OCKN (CZ  KPHQ"UKGDGPDWGTIGPKPUVKVWVFG 'OCKN  RTGUCAWPKXGTUKVCTC"GOCKNTQ    +5$0 +5$0    

%WRTKPU 

   %WX¸PVÉPCKPVG
*CTCNF4QVJ   +¡PCKPVGFG 2TGUCIGTOCPâ)KEGP\WTCÉP+ORGTKWNJCDUDWTIKE ,WTPCNWNRTGUGKUâUG)VKFKP6TCPUKNXCPKC
<KCTGTGFCE/KKVKTCLG   ++#PKKTGXQNW/KGK  %TQPKECRTGUGKUKDKGPG
Q5KGDGPD×TIGT $QVGR Q6TCPUUKNXCPKCR Q5KGDGPD×TIKUEJGT 8QNMUHTGWPFRQ7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR)C  %TQPKECRTGUGKDTC)QXGPG
,QJCPP )ÑVV )K Q5KGDGPD×TIGT 9QEJGPDNCVVR Q5CVGNNKVR Q$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGR)C   +++2QNKVKEâ)KKFGQNQIKGÉPRTGUCUâUGCUEâ  2GPVTWWPKWPGUCWÉORQVTKXCWPKWPKK! #UCNVWN4âUâTKVWNWK)KKOCIKPGCTW)KNQT  .KDGTCNKUOXGTUWUEQPUGTXCVQTKUO  2TGUCECK\XQTFQEWOGPVCT#PGZG  2TQITCOWNWPKQPK)VKNQTUC)K
2TQITCOWNRQNKVKECNNWK,QUGRJ/CTNKPCRTKNKG  2TQITCOWNCPVKWPKQPK)VKNQTUC)K
6JGQFQT(CDKPK0WWPKWPKKOCK  0GEC\WTKEWEGP\WTC
$GPKIPKXQP/KNFGPDGTIEâVTGRTG\KFKWN%QOCPFCOGPVWNWK OKNKVCTIGPGTCNKWPKG  &GURTGTGNC/KCRGTUQPCNâCNWK/GVVGTPKEJEW4WUKC 
KWNKG  2Q\K/KC7PKXGTUKVâ/KKPC/KQPCNGUâUG)VK 
KWPKGKWNKG    

4GHQTOGCNGPC/KWPKKUâUG)VK
%GFQTKO)KRTGVKPFGO!QEVQODTKG  1OâTVWTKGFGETGFKP/âCGFKVQTWNWK,QJCPP)ÑVV 
OCTVKG  2TKOCGVCVK\CTGCCXGTKK7PKXGTUKVâ/KKPC/KQPCNGUâUG)VK
&GETGVWNNWK%U¶P[CRTKNKG  1ETWEKCFâÉORQVTKXCTW)KNQTQRâI¸PKR
4CRQTVWNEQPUKNKWNWKWPICTFGOKPK)VTKEâVTG-QUUWVJOCK   ¡P)VKKP/CTG
(TCP\XQP&QTUPGTKWNKG  &KURQ\K/KG
(TCP\XQP&QTUPGTKWNKG   2GTUQPCNWN HQTWTKNQT QHKEKCNG VTCPUKNXCPG )K CN 7PKXGTUKVâ/KK PC/KQPCNGUâUG)VK
KCPWCTKG     

+PJCNVUXGT\GKEJPKU 

   8QTDGOGTMWPI
*CTCNF4QVJ   +&GT8QTO¼T\ &GWVUEJG2TGUUGWPF<GPUWTKPFGT*CDUDWTIGTOQPCTEJKG ,QWTPCNTGXWGFGTU¼EJUKUEJGP2TGUUG5KGDGPD×TIGPU
<GKVWPIGP 4GFCMVKQPGP#WHNCIGP   ++4GXQNWVKQPKO¯DGTDNKEM  %JTQPKMFGT*GTOCPPUV¼FVGT2TGUUG
Q5KGDGPD×TIGT $QVGR Q6TCPUUKNXCPKCR Q5KGDGPD×TIKUEJGT 8QNMUHTGWPFRQ7PVGTJCNVWPIGPCWUFGT)GIGPYCTVRWC  %JTQPKMFGT-TQPUV¼FVGT2TGUUG
,QJCPP )ÑVV WPF FCU Q5KGDGPD×TIGT 9QEJGPDNCVVR Q5CVGNNKVRQ$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGR WC   +++2QNKVKMWPF+FGQNQIKGKPFGTU¼EJUKEJGP2TGUUG (×TFKG7PKQPQFGTIGIGPFKG7PKQP!  &GT&TCPIXQP1UVGPWPFFCU4WUUGPDKNF .KDGTCNKUOWUWPF-QPUGTXCVKUOWU'KP9GVVUVTGKV   &KG2TGUUGCNU3WGNNG#PJCPI  &CU2TQITCOOFGTU¼EJUKUEJGP7PKQPKUVGP
,QUGRJ/CTNKPU2QNKVKUEJGU2TQITCOO#RTKN  &CU2TQITCOOFGTU¼EJUKUEJGP7PKQPUIGIPGT
6JGQFQT(CDKPK-GKPG7PKQP/CK  2NCIGPOKVFGT<GPUWT
$GPKIPK XQP /KNFGPDGTI CP FCU *GTOCPPUV¼FVGT )GPGTCN MQOOCPFQ2T¼UKFKWO,WPK  <WO2TKXCVXGTJ¼NVPKU/GVVGTPKEJU\W4W²NCPF 
,WNK    

&GT5VCPFRWPMVFGT5¼EJUKUEJGP7PKXGTUKV¼V 
,WPK,WNK  4GHQTOGPFGTU¼EJUKUEJGP0CVKQP
9CUY×PUEJGPWPFXGTNCPIGPYKT!1MVQDGT  'KP)NCWDGPUDGMGPPVPKUFGU8GTNGIGTU,QJCPP)ÑVV 
/¼T\   &KG GTUVG 8GTUVCCVNKEJWPI FGU 8GTOÑIGPU FGT 0CVKQPU WPKXGTUKV¼V
%U¶P[KU&GMTGV#RTKN  'KP-TGW\\WIIGIGPFKGQJCKFPKUEJGPR4WUUGP
4GHGTCV FGU WPICTKUEJGP /KPKUVGTKWOU CP -QUUWVJ  /CK   $GMCPPVOCEJWPI
(TCP\XQP&QTUPGT,WNK  8GTQTFPWPI
(TCP\XQP&QTUPGT,WNK   &GT 2GTUQPCNUVCPF FGT UKGDGPD×TIKUEJGP .CPFGUVGNNGP WPF FGTU¼EJUKUEJGP0CVKQPUWPKXGTUKV¼V
,CPWCT      

8QTDGOGTMWPI 

   &KG 4GXQNWVKQP XQP  KUV H×T FKG .CPFGUIGUEJKEJVG  5KGDGPD×TIGPUGKPCW²GTIGYÑJPNKEJGTJKUVQTKUEJGT9GPFGRWPMV$KU \W LGPGO <GKVRWPMV DGUVCPF IGYK² PQEJ FKG 1RVKQP FGT 5EJCHHWPI GKPGT Q5EJYGK\GT .ÑUWPIR KO ¼W²GTUVGP 5×FQUVGP /KVVGNGWTQRCU CNUQGKPGU)GOGKPYGUGPUKPFGOGUWOFKG)GUCOVJGKVFGU.CPFGU WPF UGKPGT +PVGTGUUGP IKPI ,GFGPHCNNU Y¼TG KO 8QTO¼T\ DGK YGUGPVNKEJGP 6GKNGP FGT 'NKVGP PQEJ GKPG VJGQTGVKUEJG )TWPFNCIG FCH×TXQTJCPFGPIGYGUGP0GDGPGKPKIGP'TTWPIGPUEJCHVGPYKGFGT PQOKPGNNGP #WHJGDWPI FGT .GKDGKIGPUEJCHV QFGT FGT #DUEJCHHWPI OCPEJGT ×DGTJQNVGT 2TKXKNGIKGP KUV OKV FGO GKPUEJPGKFGPFGP 'TGKIPKU FGT 4GXQNWVKQP XQT CNNGO GKP 2TQ\G² NCPIHTKUVKI HGUVIGNGIV YQTFGP FKG \WPGJOGPFG 'PVHTGOFWPI FGT 8ÑNMGTUEJCHVGP 5KGDGP D×TIGPU )GIGPUGKVKIG #DITGP\WPI WPF $T×UMKGTWPI #DPGKIWPI WPF*C²H×TFKGLGYGKNUCPFGTG)TWRRGYCTGPPQEJPKGUQITQ²YKG  WPF UQNNVGP CWEJ UR¼VGT PWT UEJYGT YGPP ×DGTJCWRV CDIGDCWV YGTFGP MÑPPGP #WEJ FKG CPUCV\YGKUG #PP¼JGTWPI \YKUEJGP 4WO¼PGP WPF 5CEJUGP FKG UKEJ CWU FGT IGOGKPUCOGP )GIPGTUEJCHV\WTWPICTKUEJGP4GXQNWVKQPGTICDDQVPWTUEJYCEJGU RQNKVKUEJGU(WPFCOGPV  +P FGT XQTNKGIGPFGP 5VWFKG YKTF FKG 9CJTPGJOWPI FGU 4GXQNWVKQPUIGUEJGJGPU CWU FGO $NKEMYKPMGN GKPGT DGUVKOOVGP )TWRRG FGT 5CEJUGP KO 5RKGIGN KJTGU FCOCNU GKPGP GPQTOGP #WHUEJYWPI XGT\GKEJPGPFG /CUUGPOGFKWOU 2TGUUG CMTKDKUEJ CPCN[UKGTV WPF PCEJXQNN\QIGP &CDGK YGTFGP FCU 8GTJ¼NVPKU \YKUEJGP FGP 8ÑNMGTUEJCHVGP \W 5VCCV WPF *GTTUEJGTJCWU \W FGP CWUY¼TVKIGP $GVGKNKIVGP (TCIGP FGT 5VCPFQTV WPF +FGPVKV¼VU DGUVKOOWPI IGPCWUQ DGJCPFGNV YKG FCU CNNIGOGKPG OKVVGN GWTQR¼KUEJG 4GXQNWVKQPUIGUEJGJGP WPF FKG 2TGUUGIGUEJKEJVG &KG MTKVKUEJGCWUFGO)GUCOVIGUEJGJGPJGTCWUGTHQNIGPFG$GNGWEJVWPI FGT FCOCNKIGP U¼EJUKUEJGP 9CJTPGJOWPI  FKG KJTGTUGKVU PKEJV GKPJGKVNKEJ YCT YGKN UKEJ GKP\GNPG 5V¼FVG FWTEJCWU MQPVT¼T XGTJKGNVGP  YGKVGV FGP $NKEM ×DGT FKG KP FGT *KUVQTKQITCRJKG 

5KGDGPD×TIGPU UQPUV OGKUV ×DNKEJG +PPGPCPUKEJV GKPGT GKP\GNPGP Q0CVKQPR WPF YGKUV CWEJ CWH FKG *GTCWUDKNFWPI DG\KGJWPIUYGKUG 4QNNGXQP'KIGPWPF(TGOFDKNFGTPKOJKUVQTKUEJGP)GUEJGJGPJKP *KGT\W VT¼IV CWEJ FKG 2WDNKMCVKQP KP \YGK FGT .CPFGUURTCEJGP DGK YQOKVJQHHGPVNKEJGKP$GKVTCI\WTKPVGPUKXKGTVGP&KUMWUUKQP×DGTFKG IGOGKPUCOG)GUEJKEJVGIGNGKUVGVYKTF+EJY×PUEJGFGOXQTNKGIGP FGP$WEJKO5KPPGFGUPWTYGPKIG,CJTGXQTLGPGT4GXQNWVKQPPQEJ IGUCOVUKGDGPD×TIKUEJ MQP\KRKGTVGP Q8GTGKPU H×T UKGDGPD×TIKUEJG .CPFGUMWPFGRGKPGDTGKVG.GUGTUEJCHV   )WPFGNUJGKOKO,WPK *CTCNF4QVJ  

%WX¸PVÉPCKPVG 
    4GXQNW/KCFGNCCÉPUGOPCVWPRWPEVHWPFCOGPVCN FGVWTPWTâÉPKUVQTKC6TCPUKNXCPKGK2¸PâNCCEGNOQOGPVOCKEKTEWNC ÉPEâ QR/KWPGC ETGâTKK WPGK QUQNW/KK GNXG/KGPGR ÉP GZVTGOWN UWFGUV GWTQRGCPCFKEâCWPGKUVTWEVWTKEQOWPGHQPFCVGRGKPVGITKVCVGC/âTKK )KCKPVGTGUGNQTUCNG¡PVQVEC\WNÉPRGTKQCFCRTGRC)QRVKUVâCWGZKUVCV RTGOKUG VGQTGVKEG ÉP HCXQCTGC CEGUVGK UQNW/KK EGN RW/KP ÉP U¸PWN WPGK ÉPUGOPCVG RâT/K C GNKVGNQT #NâVWTK FG E¸VGXC K\D¸P\K RTGEWO FGUHKKP/CTGC PQOKPCNâ C KQDâIKGK )K CDQNKTGC WPQT RTKXKNGIKK CPCETQPKEG HGPQOGPWN TCFKECN CN TGXQNW/KGK C IGPGTCV OCK EW UGCOâ WP RTQEGU FG NWPIâ FWTCVâ ÉPUVTâKPCTGC VTGRVCVâ C RQRQCTGNQT 6TCPUKNXCPKGK &GNKOKVCTGC )K DTWUECTGC CXGTUKWPGC )K WTC HC/â FG EGNGNCNVG ITWRâTK PW CVKPUGUGTâ PKEKQFCVâ EQVGNG FKP CPKK  ECTG WNVGTKQT PCW RWVWV HK FGRâ)KVG PKEK W)QT PKEK RG FGRNKP %JKCT VGPFKP/GNG FG CRTQRKGTG FKPVTG TQO¸PK )K UC)K KXKVG FKP QRQ\K/KC EQOWPâ HC/â FG TGXQNW/KC WPICTâ PCW EQPUVKVWKV FGE¸V WP NCDKN HWPFCOGPVRQNKVKE  5VWFKWN FG HC/â FGUETKG )K CPCNK\GC\â EW CETKDKG RGTEGR/KC FGUHâ)WTâTKK TGXQNW/KGK FKP RWPEVWN FG XGFGTG CN  WPGK CPWOKVG ITWRâTK EGC C UC)KNQT ÉP QINKPFC RTGUGK NQT  ECTG NC XTGOGC CEGGC EQPUGOPC WP CX¸PV WTKC) 5WPV VTCVCVG TGNC/KKNG FKPVTG RQRWNC/KKNG VTCPUKNXCPG EGNG EW UVCVWN )K %CUC FQOPKVQCTG EGNG XK\CXK FG RCTVKEKRCP/KK GZVGTPK UWPV FG\DâVWVG FG CUGOGPGC CURGEVG CNG FGHKPKTKK RQ\K/KGK )K KFGPVKVâ/KK RTQRTKK CNG FGTWNâTKK RTQEGUWNWK TGXQNW/KQPCT ÉP IGPGTCN ÉP 'WTQRC %GPVTCNâ CNG KUVQTKGK RTGUGK  &KP CPUCODNWN GXGPKOGPVGNQT C TG\WNVCV Q CDQTFCTG ETKVKEâ C RGTEGR/KGK UâUG)VK  ECTG PKEK GC NC T¸PFWN GK PW C HQUV WPKVCTâ FCVQTKVâ EQORQTVCOGPVWNWK FKXGTIGPV CN WPQT QTC)G ÉP RCTVG  CDQTFCTG EG NâTIG)VG RGTURGEVKXC FKPEQNQ FG EQPEGR/KC EGN OCK CFGUGC KPVGTPâ RTQOQXCVâFGFKHGTKVGNGQPC/KWPKR)KVTKOKVGNCHQTOCTGCTGURGEVKXNC TQNWN KOCIKPKK FG UKPG )K C KOCIKPKK EGNQTNCN/K KORNKEC/K ÉP CE/KWPGC RQNKVKEâ .C CEGCUVC EQPVTKDWKG )K RWDNKECTGC DKNKPIXâ ÉP FQWâ FKP NKODKNGNQEWNWKEGGCEGURGTâOEâXCFWEGNCKPVGPUKHKECTGCFG\DCVGTKK  

KUVQTKGK EQOWPG ¡K FQTGUE CEGUVGK EâT/K WP EGTE NCTI FG EKVKVQTK ÉP UGPUWN RCPVTCPUKNXCP FGHKPKV FG Q#UQEKC/KC RGPVTW EWNVWTâ VTCPUKNXCPâR
Q8GTGKPH×TUKGDGPD×TIKUEJG.CPFGUMWPFGR EQPEGRW VâEWRW/KPKCPKÉPCKPVGFGCEGGC)KTGXQNW/KG   )WPFGNUJGKOKWPKG *CTCNF4QVJ 

+¡0#+06'&' 

          

    2TKOGNG\KCTGIGTOCPGFKP+ORGTKWNJCDUDWTIKECWHQUVQ0GYG <G[VWPIGPRHQKXQNCPVGEQP/KP¸PFTGNCVâTKFGURTGTâ\DQCKGNGÉORQVTKXC VWTEKNQT5CWRâUVTCVE¸VGXCGZGORNCTGÉPNKODCIGTOCPâEWRTKXKTGNC DâVâNKC FG NC /QJ¶EU  
'NG RTQXKP ÉP OCLQTKVCVG FG NC VKRCTPK/C KVKPGTCPVâ C NWK ,QJCPPGU /CPNKW
/CPGN /¼PPGN  7PWN FKP EGNG OCK XGEJKGZGORNCTGGUVGQ0GYG<G[VWPIFKP7PICTKCRFG'FWCTF2ÑEMJN  
VKRâTKVNC/QP[QTÎMÃTGM¡PVTG)K/CTVKP5\GPVKX¶P[KC VKRâTKVDTQ)WTKÉPNCVKPâ  8KGPC 2TKOWN )K EGN OCK NQPIGXKX \KCT FKP +ORGTKW C  HQUV QHKEKQUWN Q9KGPGT <GKVWPIR 
  2TKOWN PWOâT CX¸PF VKVNWNFGQ9KGPGTKUEJGU&KCTKWORCXâ\WVNWOKPCVKRCTWNWKNCCWIWUV  HKKPF GFKVCV FG ,QJCPP $CRVKUV 5EJÑPYGVVGT ¡P  RTKXKNGIKWN KORGTKCNCEQTFCV\KCTWNWKCHQUVVTCPUHGTCVCUWRTCNWK,QJCPP2GVGTXCP )JGNGP +PGFKV GUV HCRVWN Eâ CEGUVC FGRWUG Q RN¸PIGTG ÉORQVTKXC XKGPG\KNQTECTGEKVGCW\KCTWNÉPECHGPGCÉPNQEUâÉNEWORGTG.CXTGOGC CEGGC HQCKC CRâTGC FG FQWâ QTK RG UâRVâO¸Pâ KCT FKP  FG VTGK QTK UâRVâO¸PCN6KVNWNFGQ9KGPGT<GKVWPIRCHQUVCFQRVCVÉP¡PQ RCTVGC\KCTWNWKCFGXGPKVQ(QCKGQHKEKCNâR)KQTICPQHKEKCNCNIWXGTPWNWK (QTOCVWNUCOâTKVÉP&KPQEVQODTKGQ9KGPGT<GKVWPIRUG VTCPUHQTOâÉPEQVKFKCP<KCTWNUWRTCXKG/WKTGXQNW/KGKFGNC
EW Q UEWTVâ ÉPVTGTWRGTG ÉPCKPVG FG  PQKGODTKG   1HKEKQUWN CVKPUG ÉP WPVKTCLFGGZGORNCTG  &GC NWPIWN UGEQNWNWK CN :8+++NGC 8KGPC FG/KPW OQPQRQNWN RTQFWUGNQT FG RTGUâ &QCT Q2TG²DWTIGT <GKVWPIR FKP $TCVKUNCXC RWVW /KPG RKGRV RTGUKWPKK GZGTEKVCVG FG \KCTGNG XKGPG\G 8KGPC FGXGPK QCVQVUVâR¸PKVQCTG RG VâT¸O URKTKVWCN )K )VKKP/KHKE UKPIWTC KPVGTOGFKCTâ URKTKVWCNâ C 1EEKFGPVWNWKR  2¸Pâ NC UH¸T)KVWN UGEQNWNWK CN :8+++NGC
/KEJCGN -TQPGT +PVTQFWEGTG ÉP XQN &KG <GKV KP FGT <GKVWPI %NWL  R  *GKPTKEJ 4Ã\ &GWVUEJG <GKVWPIGP WPF <GKVUEJTKHVGP KP 7PICTP XQP $GIKPP DKU  8GTNCIH×T*QEJUEJWNMWPFG/×PEJGPR  -WTV 2CWRKÃ *CPFDWEJ FGT ÑUVGTTGKEJKUEJGP 2TGUUGIGUEJKEJVG  XQN + 8KGPC R *4Ã\QREKVR 

2TGUCIGTOCPâ)KEGP\WTC ÉP+ORGTKWNJCDUDWTIKE 

\KCTGNG É)K RTGNWCW )VKTKNG CRTQCRG GZENWUKX FKP 8KGPC EGGC EG GZRNKEâ GHGOGTCNQTGZKUVGP/â  %WVKORWNUGFG\XQNVCTâ)KÉPQTC)GNGFGRTQXKPEKGÉPVTGRTKPFGTK FGGFKVCTGC\KCTGNQT  $WFCRGUVC 2TKOC VKRQITCHKG FKP $WFC ÉPVGOGKCVâ ÉP  ÉK CRCT/KPW IGTOCPWNWK ,QJCPP 5GDCUVKCP .CPFGTGT #KEK UG GFKVâ Q/GTEWTKWUR  
EWFQWâPWOGTGUâRVâO¸PCN7TOâVQTWN\KCT IGTOCP CRâTW CDKC RCVTW FGEGPKK OCK V¸T\KW NC 2GUVC  
RQCVG HK XQTDCFGQEQPVKPWCTGCNWKQ/GTEWTKWUR  Q2GUVGT +PVGNNKIGP\DNCVV KP (TCI WPF #P\GKEJGPR
(QCKC KPVGNKIGP/GK FKP 2GUVC ÉP ÉPVTGDâTK )K UGOPG  CRâTW ÉPVTG  XâFKPFQECNKVCVGUWRGTKQCTâHC/âFGQ/GTEWTKWUR  ¡PCPKKNCKUGEQNWNWKCN:8+++NGCHWTâGFKVCVGRTKOGNGTGXKUVG )VKKP/KHKEGNC$WFC)K2GUVC1TC)WNPWTGRTG\GPVCÉPEâWPEGPVTWNKVGTCT EJKCTHQTWTKNGCFOKPKUVTCVKXGÉ)KCXWTâUGFKWNNC$TCVKUNCXCR¸PâÉP Q/QPCVNKEJG (T×EJVG GKPGT IGNGJTVGP)GUGNNUEJCHVKP*WPICTPR
4QCFG NWPCTG CNG WPGK UQEKGVâ/K FG ÉPXC/â/K FKP *WPICTKC  VKRâTKVG NC 2GUVC  
FG EâVTG ,CMQD ,QUGRJ 9KPVGTN PW FGRâ)KTâ RTKOWN PWOâT FGQCTGEGÉPEâPWGZKUVCWEQPFK/KKNGRTQRKEGÉPVGOGKGTKKWPGKCECFGOKKFG )VKKP/G (K TGXKUVC NWK /CTVKP )GQTI -QXCEJKEJ Q/GTMWT XQP 7PICTPR EWPQUEWFQCTQUEWTVâGZKUVGP/â
2GUVC   &GURTG Q1HPGT 5VCFV\GKVWPIR
<KCTWN QTâ)GPGUE FKP $WFC  EWPQUEWV)KUWDPWOGNGFGQ5V¼FVKUEJG1HPGT<GKVWPIRPWUGEWPQC)VG OCTGNWETWÉPCHCTCCPKNQTFGCRCTK/KG  Q7PICTKUEJG 5VCCVU WPF )GNGJTVGPPCEJTKEJVGPR
+PHQTOC/KK WPIWTG)VKFGURTGUVCV)KÉPXâ/C/K CRâTWTâWPVKOREGXCOCKNWPIFKP KCPWCTKGR¸PâÉPKWPKG#EGCUVâHQCKGRTGNWC)VKTKNGGZVGTPG OCK CNGU FKP Q9KGPGT <GKVWPIR &CEâ QHKEKQUWN XKGPG\ PW UQUGC UG OGP/KQPCECFGRKNFâÉPPWOâTWN
FKPPQKGODTKG Q2Q)VCFG NC $TCVKUNCXC )K 8KGPC PW PGC RCTXGPKV ÉPEâ ÉP CEGCUVâ NWPâR <KCTWN HâEGCTGHGTKTK)KNCCNVGIC\GVGIGTOCPGRTGEWOQ$GTNKPGT/QPCVUEJTKHVR Q/CKP\GT /QPCVUEJTKHVR Q*CODWTIGT %QTTGURQPFGPVR Q.GODGTIGT <GKVWPIR Q)T¼\GT <GKVWPIR Q'TNCPIGT <GKVWPIR Q2TG²DWTIGT <GKVWPIRQ$C[TGWVJGT<GKVWPIRQ2TCIGT<GKVWPIRQ$T×PPGT<GKVWPIR )C ¡P UWRNKOGPVWN PWOâTWNWK  UG CPWP/C CRCTK/KC \KCTWNWK UKDKCP Q-TKGIUDQVGR FKP ECTG ÉP VKORWN ECORCPKGK CPVKVWTEG)VK HWTâ EQRKQU RTGNWCVG )VKTK FG Tâ\DQK ÉPVTWE¸V FCVQTKVâ RQ\K/KGK UCNG HCXQTCDKNG 
&GURTGRTGUCFKP$WFC)K2GUVC*4Ã\QREKVR +DKFGOR 

Q-TKGIUDQVGRCXGCEQTGURQPFGP/GFGOPGFGÉPETGFGTG<KCTWNOCIJKCT CHQUVEQPVKPWCVRTQDCDKNFGQ1HPGT<GKVWPIRECTGCRâTWR¸PâÉP  *KGTQP[OWU/QNNGFKVâNC2GUVCÉPCPWNQ1HPGTWPF2GUVGT (TCI WPF -WPFUEJCHVUDNCVV QFGT 5COONWPI XQP P×V\NKEJGP &KPIGP WPF0CEJTKEJVGPR
(QCKCFGÉPVTGDâTK)KCPWP/WTKFKP$WFC)K2GUVCUCW EWNGIGTG FG NWETWTK )K KPHQTOC/KK WVKNG  ¡PVQXâTâ)KPFWUG EW /CVVJKCU 6TCVVPGTGNUEQCUGÉPCEGNC)KCPÉPEâWP\KCTNC2GUVCQ&GTPGWG-WTKT CWU 7PICTP XQP -TKGIU WPF 5VCCVUUCEJGPR
EW VKVNW W)QT OQFKHKECV ÉP Q0GWGT-WTKTCWU7PICTPXQP-TKGIUWPF5VCCVUWPF)GNGJTVGP 5CEJGPR0QWNEWTKGTFKP7PICTKCFGURTGEJGUVKWPKFGTâ\DQKFGUVCV)K CNGÉPXâ/C/KNQT   &KP  KCPWCTKG R¸Pâ NC  CRTKNKG  ,CMQD 5EJKEMOCP[GT GFKVâ  FG PWOGTG CNG \KCTWNWK Q1HPGT WPF 2GUVGT <GKVWPIR 7NVGTKQT CEGGC)KHQCKGCRâTWEC)KQ8GTGKPKIVG1HPGTWPF2GUVGT<GKVWPIRCNEâTGK TGFCEVQT)GH TâOCUG , 5EJKEMOCP[GT R¸Pâ NC OQCTVG  
2GTOKUKWPGCFGGFKVCTGHWCEQTFCVâFG(TCP\+HKKEGKGFKVQTWNWK,QUGRJC 5EJKEMOCP[GT KCT ÉPEGR¸PF EW PWOâTWN  FKP  NWK ,QUGH ,CPKUEJ #UVHGNQ8GTGKPKIVG1HPGTWPF2GUVGT<GKVWPIRCRâTWR¸PâÉPHKKPF WPCFKPEGNGOCKTâUR¸PFKVGIC\GVGÉPNKODCIGTOCPâFKP7PICTKC&KP  CRâTW XTGOG FG  FG CPK )K UWRNKOGPVWN UâW Q)GOGKPP×V\KIG $N¼VVGTR
(QKFGKPVGTGUQD)VGUE ¡PKUGCUQEKGÉPEâWPUWRNKOGPV Q+PVGNNKIGP\DNCVVREGÉ)KEQPVKPWâCRCTK/KCR¸PâÉPQ1FCVâEWCEGUV \KCT C FKURâTWV WP TGRTG\GPVCPV NQPIGXKX )K GZVTGO FG TâUR¸PFKV CN RTGUGKIGTOCPGFKP7PICTKCECTGEWGZEGR/KCNWKN2TG²DWTIGT<GKVWPIO PWCCXWVGICNR¸PâÉP
ÉPHKKP/CTGCNWKN2GUVGT.NQ[FO 7PGQTK\KCTWN CKPVGTXGPKVJQVâT¸VÉPHCXQCTGCKPVGTGUGNQTIGTOCPKNQTFCTPKEKQFCVâPW UC OCPKHGUVCV LKIPKVQT NC CFTGUC OCIJKCTKNQT OâTIKPKPFWUG FQCT Uâ UWDNKPKG\GEWHGTOKVCVGRTQRTKWNRWPEVFGXGFGTGR  4GXKUVCNKVGTCTâCEQPVGNWK-CTN(GUVGVKEUQ2CPPQPKCR 
CRTKNKG    FGEGODTKG   C KPCWIWTCV RGTKQCFC OCZKOGK ÉPHNQTKTK C TGXKUVGNQT #W EQNCDQTCV CKEK EWPQUEW/K UETKKVQTK CWUVTKGEK
,. &GKPJCTFVUVGKP ( )T¼HHGT (: 5EJNGEJVC  RTGEWO )K EGK OCK DWPK UETKKVQTKCKIGTOCPKNQTFKP7PICTKC
4)4WO[,/GN\GT,%UNCRQXKEU )C  &WRâ FGUEJKFGTGC QHGTKVâ FG Q2CPPQPKCR TGXKUVC Q+TKUR 
KWNKG    FGEGODTKG   EQPFWUâ FG -CTN 5VKGNN[ DGPGHKEKG FG EQNCDQTCTGCWPWKPWOâT)KOCKOCTGFGUETKKVQTKCWUVTKGEK*#FCOK4 $CNFCOWU ' $CWGTPHGNF # )T×P .1 *GPPGV ( %CUVGNNK )C Q5RKGIGNR
1INKPFC TKXCNCTGXKUVGKQ+TKURÉ)KWTOâPGÉPVTGTWRVGZKUVGP/C FKPR¸PâNCFGEGODTKGHKKPFUKPIWTCTGXKUVâFGDGNGVTKUVKEâ 
+DKFGOR 

FKP $WFCRGUVC EG TGW)K Uâ FGRâ)GCUEâ CPWN  %QPFWEGTGC TGXKUVGK HQTOCVâ FKP (TCP\ 9KGUGP 5COWGN 4QUGPVJCN )K 5KIOWPF 5CRJKT KPENWUGÉPUVTWEVWTCTGXKUVGKÉPCHCTâFGEQP/KPWVWNRTGRQPFGTGPVNKVGTCT )K PWOGTQCUG ETQPKEK FTCOCVKEG )K FG OQFâ #EGCUVâ TGXKUVâ GXTGKCUEâ EQPVTKDWK FKP RNKP NC TâUR¸PFKTGC ÉP 7PICTKC C VGPFKP/GNQT NKVGTCTG RTQOQXCVG FG OK)ECTGC Q6KPGTGK )GTOCPKKR CUKIWT¸PFW)K ÉP CEGNC)K VKOR EQNCDQTCVQTK XCNQTQ)K RTGEWO * *GKPG 9 #NGZKU (QWSWÃ ( )GTUV¼EMGT(XF*CIGP#/GK²PGT#%9KGUPGT)C  2TGUCGXTGKCUEâFGNKODâIGTOCPâFKP7PICTKCGUVGFGOPâFG CVGP/KG 2TKOWN EQVKFKCP GFKVCV FG GXTGK HW Q2GUVJGT 6CIGDNCVVR 
KCPWCTKG    OCTVKG   WPFG TGFCEVQTWN)GH 5KGIOWPF 5CRJKT CPICLâWPPWOâTOCTGFGUETKKVQTKGXTGKFKP#WUVTKC)K$QGOKC
.GQRQNF -QORGTV #FQNH 0GWUVCFV /QTKV\ /CJNGT +UKFQT *GNNGT )C  # 0GWUVCFVEQPFWEGC)KTGFCE/KKNGNWKQ2TG²DWTIGT<GKVWPIR)KQ2CPPQPKCR  
ÉORTGWPâ EW UWRNKOGPVWN NKVGTCT CN CEGUVGKC FKP WTOâ 1 CPWOKVâ XCNQCTG NKVGTCTâ CXGC )K EQVKFKCPWN Q&GT 7PICTR
7PIWTWN  GFKVCV FG *GTOCPP -NGKP FKP  KCPWCTKG  R¸Pâ NC  UGRVGODTKG   &KPCRâTWNC$WFCRGUVCQ#NNIGOGKPG*CPFNWPIU\GKVWPIR
<KCTWNIGPGTCNFGCE/KWPG GFKVCVUWDFKXGTUGVKVNWTKR¸PâÉP  $TCVKUNCXC &KP KPK/KCVKXC RTKOCTWNWK FKP $TCVKUNCXC -CTN )QVVNKGD 9KPFKUEJ  
NC  KWNKG  CRâTW NC VKRQITCHKC NWK ,QJCPP /KEJCGN .CPFGTGT RTKOWN PWOâT CN Q2TG²DWTIGT <GKVWPIR
<KCTWN FKP $TCVKUNCXC  'XQNW/KC VKOR FG  FG CPK C CEGUVWK \KCT RQRWNCTNCÉPEGRWVEWCRCTK/KGDKUâRVâO¸PCNâCRQKEQVKFKCPâUGÉPEJGKG ÉP#HQUVUKPIWTWN\KCTECTGÉPUGEQNWNCN:8+++NGCUCRWVWVQRWPG RTGUKWPKKGZGTEKVCVGFGRTGUCXKGPG\â  ¡P VQCOPC CPWNWK  VQV 9KPFKUEJ UEQCUG NC #PVQP .ÑYG Q TGXKUVâ )VKKP/KHKEâ Q7PITKUEJGU /CIC\KPR
/CIC\KP WPIWTGUE  Q EQPVKPWCTG C NWK Q#P\GKIGPR UKUVCVâ EW EKPEK CPK ÉPCKPVG Q/CIC\KPWNR  
RTQOQXC VQCVG FQOGPKKNG )VKKP/GK ÉPFGQUGDK ÉPUâ KUVQTKC )K IGQITCHKC#HQUVQEGCOCKKORQTVCPVâTGXKUVâIGTOCPâFKP7PICTKCRNC HKPGNG CEGNWK UGEQN &WRâ UWRTKOCTGC CRCTK/KGK UCNG 9KPFKUEJ ÉPEGTEâ GFKVCTGCWPWKQ0GWGU7PITKUEJGU/CIC\KPR
0QWOCIC\KPWPIWTGUE    ¡P  CRâTW VQV NC $TCVKUNCXC Q-WPFUEJCHVUDNCVVR
(QCKG FG KPHQTOCTG EWPQUEWVâFQCTFWRâPWOG¡PUGCVGUVâÉPVTWPUKPIWT ECKGVQ5VCCVUCP\GKIGPXQPFGPMM5VCCVGPR
+PFKEKKFGURTGUVCVGNGEE  
&GURTGRTGUCFKP$TCVKUNCXC*4Ã\QREKVR +DKFGOR  

%C)QXKC&WRâQUEWTVâÉPEGTECTGÉPÉPCPKKNCKUGEQNWNWK CN :+:NGC ÉP %C)QXKC Xâ\WTâ NWOKPC VKRCTWNWK Q&GT $QVG XQP WPF H×T 7PICTPR
%WTKGTWN RGPVTW )K FGURTG 7PICTKC  )K Q&CU -CUEJCWGT -WPFUEJCHVUDNCVVR
(QCKCFGKPHQTOCTGFKP%C)QXKC   )[ÑT ¡PVTG  CKEK HW GFKVCVâ TGXKUVC DGNGVTKUVKEâ Q&CU 8CVGTNCPFR
2CVTKC   6KOK)QCTC (QCKC VKOK)QTGCPâ Q+PVGNNKIGP\DNCVVR CRâTW EC UâRVâO¸PCN FKP NCVKRQITCHKCNWK/CVVJ¼WU,QUGH*GKOGTN0WUC RâUVTCV PKEK WP UKPIWT PWOâT %GP\WTC \KCTWNWK HW ÉPETGFKP/CVâ FKTGEVQTWNWK IKOPC\KWNWK KG\WKV FKP NQECNKVCVG 2TKP ÉPHKKP/CTGC CEGUVWK UâRVâO¸PCNIGTOCPKKEQNQPK\C/KÉP$CPCVÉPUGEQNWNCN:8+++NGCRTGNWCTâ ÉPV¸KGVCVGC GFKVQTKCNâ HC/â FG OCK XGEJKK EQNQPK)VK IGTOCPK FKP 6TCPUKNXCPKC  
)K<KRU  
¡P  CRâTW CN FQKNGC UâRVâO¸PCN Q6GOGUYCTGT <GKVWPIR
<KCTWN FG 6KOK)QCTC  CX¸PFWN EC GFKVQT RG ,QJCPP6JQOCU6TCVVPGT2TQRTKGVCTWNFGVKRQITCHKG,QUGH'KPUGPH×JTGT UEQCUGNCCNVTGKNGCUâRVâO¸PCNQ6GOGUYCTGT/GTMWTR¡PEGTEâTKNQT PGÉPEWPWPCVGFGUWEEGUFKPCPKKNGWTOâQ6GOGUYCTGT 9QEJGPDNCVVR
5âRVâO¸PCNWN VKOK)QTGCP   ECTG FGXGPK EWT¸PF WP \KCT GZVTGO FG RWVGTPKE ¡P  GZKUVC ÉP 6KOK)QCTC )K Q Q$CPCVGT<GKVUEJTKHVH×T.CPFYKTVUEJCHV*CPFGN-×PUVGWPF)GYGTDGR
4GXKUVCDâPâ/GCPâFGCITKEWNVWTâEQOGT/CTVG)KOG)VG)WIWTK   #ITKC ¡P  CEGNC)K 6TCVVPGT GFKVâ )K RTKOWN \KCT FKP #ITKC Q-TQCVKUEJGT-QTTGURQPFGPVRECTGUGRâUVTGC\âÉPFGPWOGTG 7P TQNKORQTVCPVLWEâQ#ITCOGT<GKVWPIR
<KCTWNFKP#ITKC EW CRCTK/KG OCK ÉPV¸K UâRVâO¸PCNâ CRQK EQVKFKCPâ <KCTWN CXW OCK OWNVG UWRNKOGPVGÉPVTGECTGEGNOCKÉPUGOPCVFKPRWPEVFGXGFGTGNKVGTCTGUVG Q.WPCR  
Q2GCVWPEKKPHNWGP/CIGTOCPâÉP%TQC/KCGTCCV¸VFG RWVGTPKEâ ÉPE¸V EJKCT EQPFWEâVQTKK KNKTKUOWNWK UG HQNQUGCW CFGUGC FG NKODC IGTOCPâ KCT UETKKVQTKK IGTOCPK GFKVCTâ NC #ITCO Q TGXKUVâ OGPUWCNâN%TQCVKCO  
ÉPECTGRTG\GPVCTâEWGPVW\KCUOECW\C PC/KQPCNâCETQC/KNQTR 

+DKFGOR &GURTGRTGUCFKP6KOK)QCTC0KMQNCWU$GTYCPIGT'TUVGFGWVUEJG<GKVWPIFGU$CPCVU GTUVG <GKVWPI CWH FGO )GDKGVG FGU JGWVKIGP 4WO¼PKGPU ÉP &KG <GKV KP FGT <GKVWPI $GKVT¼IG\WTTWO¼PKGPFGWVUEJGP2WDNK\KUVKM%NWLR*4Ã\QREKVR  *4Ã\QREKVR&GURTGRTGUCFKP#ITKC)KNCR +DKFGOR  

-CTNUVCFV 4âUR¸PFKVâ )K ÉPFTâIKVâ GTC TGXKUVC FG DGNGVTKUVKEâ Q&GT2KNIGTR
2GNGTKPWN ÉPECTGUGRWDNKECTâ)KVTCFWEGTKFKP NKODCETQCVâ  5KDKW .C  PQKGODTKG  /CTVKP *QEJOGKUVGT FKP 5KDKW RWDNKEâ Q#PWP/WN RTKOWNWK \KCT VTCPUKNXCPR Q5KGDGPD×TIGT <GKVWPIR
<KCTWN VTCPUKNXCP  CRâTW EW ÉPEGRGTG FKP  KCPWCTKG  'N HW EQPVKPWCV FKP  FG Q-TKGIUDQVGR
%WTKGTWN FG Tâ\DQK  KCT ÉP  VKVNWNUâWHWOQFKHKECVÉPQ5KGDGPD×TIGT$QVGR
%WTKGTWNVTCPUKNXCP .C UH¸T)KVWNUGEQNWNWKCN:8+++NGCQ5KGDGPD×TIGT$QVGRCRâTGCÉPVKTCLOKE CX¸PFFQCTFGCDQPC/K¡PRGTKQCFCRTGOGTIâVQCTGTGXQNW/KGKFGNC  HWTâ GFKVCVG EC UWRNKOGPVG CNG NWK Q5KGDGPD×TIGT $QVGR Q5KGDGPD×TIKUEJGU $×TIGTDNCVVR
(QCKC EGVâ/GPGCUEâ VTCPUKNXCPâ    Q6TCPUUKNXCPKCR  
Q#OVU WPF +PVGNNKIGP\DNCVV \WO 5KGDGPD×TIGT $QVGPR  
Q#PJCPI \WT 6TCPUUKNXCPKC H×T .CPFYKTVUEJCHV WPF )GYGTDGR
#PGZC NC 6TCPUUKNXCPKC RGPVTW CITKEWNVWTâ )K OG)VG)WIWTK   Q&GWVUEJGU 8QNMUDNCVV H×T .CPFYKTVUEJCHV WPF )GYGTDG KP 5KGDGPD×TIGPR
(QCKC RQRWNCTâ IGTOCPâRGPVTWCITKEWNVWTâ)KOG)VG)WIWTKÉP6TCPUKNXCPKC  ¡P 5KDKW OCK CRâTGCW Q7PVGTJCNVWPIUDNCVV CWU FGT )GUEJKEJVG 5KGDGPD×TIGPUR
(QKNGVQP FG  KUVQTKC 6TCPUKNXCPKGK   Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR
%QPXGTUC/KK FKP RTG\GPV   Q#TEJKXH×TFKG-GPPVPKUXQP5KGDGPD×TIGPU8QT\GKVWPF)GIGPYCTVR
#TJKXC RGPVTW EWPQC)VGTGC RTGKUVQTKGK )K RTG\GPVWNWK 6TCPUKNXCPKGK   Q5KGDGPD×TIKUEJGT 8QNMUHTGWPFR
#OKEWN VTCPUKNXCP    %GN OCK ÉPUGOPCV QTICP )VKKP/KHKE GTC Q#TEJKX FGU 8GTGKPU H×T UKGDGPD×TIKUEJG .CPFGUMWPFGR
#TJKXC #UQEKC/KGK RGPVTW EWNVWTC VTCPUKNXCPâ  .C EWORâPC UGEQNGNQT VQV NC *QEJOGKUVGT UG GFKVCTâ FQWâ TGXKUVG EQPUKUVGPVG FGFKECVG KUVQTKGK )K KUVQTKGK EWNVWTKK UC)KNQT VTCPUKNXâPGPK Q5KGDGPD×TIKUEJG 3WCTVCNUEJTKHVR 
 XQNWOG )KQ5KGDGPD×TIKUEJG2TQXKP\KCNDN¼VVGTR 
XQNWOG   $TC)QX (QCKC FG )VKTK Q5KGDGPD×TIKUEJGU 9QEJGPDNCVVR
5âRVâO¸PCNWNVTCPUKNXCP GFKVCVâFGVKRQITCHWN,QJCPP)ÑVV GTC EQORNGVCVâ EW OCK OWNVG UWRNKOGPVG EWNVWTCNG NKVGTCTG )VKKP/KHKEG 
+DKFGOR 

/KEJCGN -TQPGT 'KP -KPF FGT #WHMN¼TWPI &KG #PH¼PIG FGT UKGDGPD×TIKUEJGP WPF U¼EJUKUEJGP 2WDNK\KUVKM ÉP &KG <GKV KP FGT <GKVWPI R  * 4Ã\ QR EKV R   KPFKEâITG)KVCPWOKVGVKVNWTK)KCPKFGCRCTK/KG  /KEJCGN -TQPGT Q5RTGEJUCCN FGU 8QNMUYKNNGPUR &KG UKGDGPD×TIKUEJU¼EJUKUEJG 2TGUUG Y¼JTGPFFGU8QTO¼T\WPFKPFGTD×TIGTNKEJFGOQMTCVKUEJGP4GXQNWVKQPXQPÉP <GKVKPFGT<GKVWPIR 

Q7PVGTJCNVWPIUDNCVVH×T)GKUV)GO×VJWPF2WDNK\KV¼VR
(QKNGVQPRGPVTW OKPVG KPKOâ )K RWDNKEKVCVG   EQPVKPWCV UWD VKVNWN FG Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR
(QK RGPVTW OKPVG KPKOâ )K EWNVWTC RCVTKGK  CRQKQ/KOQUGPCWUFGO)GDKGV FGT &TCOCVWTIKGR
/KOQ\G FG RG VâT¸OWN FTCOCVWTIKGK   Q+PVGNNKIGP\DNCVVR  
Q5CVGNNKVR 
  Q5VWPFGPDNWOGPFGT)GIGPYCTVR
(NQTKGHGOGTGCNGRTG\GPVWNWK    RTGEWO )K Q/CIC\KP H×T )GUEJKEJVG .KVGTCVWT WPF CNNG &GPMWPF/GTMY×TFKIMGKVGP5KGDGPD×TIGPUR
/CIC\KPRGPVTWKUVQTKC NKVGTCVWTC)KVQCVGEKWFâ/GPKKNG6TCPUKNXCPKGK    +ORCEVWN)KKPHNWGP/CEQX¸T)KVQCTGCRTGUGKHWTâTGEWPQUEWVGFG NCÉPEGRWV%WTVGCFKP8KGPCGTCEQP)VKGPVâFGCEGCUVâHQT/âCVWPEKE¸PF ÉP  GOKVGC WTOâVQCTGC ÉPCNVâ FKURQ\K/KG Q0W CT HK TâW FGNQE FCEâ CV¸VUETKKVQTKKFGIC\GVGE¸V)KÉPXâ/C/KKFKP/âTKNGFGEQTQCPâ)KFKPCHCTC NQT CT HK UVKOWNC/K RG UWD O¸Pâ RTKP CUKIWTCTGC WPQT TGEQORGPUG EWXKKPEKQCUGUâRTG\KPVGEWCDKNKVCVG)KÉPEWNQTKXKKPGHCUVGNGEQPUGEKP/G CNG TGXQNW/KGK HTCPEG\G RG ECTG Uâ NG ÉPXG)O¸PVG\G ÉPVTQ OCPKGTâ RQRWNCTâW)QTFGRTKEGRWVFGEâVTGQTKEKPGR  2TKOC HQTOâ C 4CVKQ 'FWECVKQPKU  
CVTKDWKC EKVKVWNWK \KCTGNQT Q OCTG ÉPUGOPâVCVG RTCEVKEâ %QPHQTO h  UG KPVTQFWEGC ÉP RTQITCOC)EQNCTâEWQTGUâRVâO¸PCNECOCVGTKGGZVTCQTFKPCTâEKVKVWN \KCTGNQT
Q%QNNGIKWO PQXQTWO RWDNKEQTWOR  4CVKQ 'FWECVKQPKU FKP CGNKOKPCVCEGCUVâOCVGTKGÉPVTWE¸VPWCTHKTâURWPUC)VGRVâTKNQT  &CVQTKVâQGRQECNGKRQTFQPCP/GTGHGTKVQCTGNCEGP\WTâGOKUâFG +QUKH ++ NC  KWNKG  NKVGTCVWTC KNWOKPKUVâ EWPQUEW Q OCK NKDGTâ TâUR¸PFKTG %QOKUKC FG EGP\WTâ HW UWURGPFCVâ FQCT QHKEKKNG FG TGXK\KWPGCEâT/KNQTWTOCWUâTâO¸PâÉPHWPE/KGECHQTWTKUWDQTFQPCVG ¡ORâTCVWNFGENCTCÉPURKTKVNKDGTCNKUVQ0WVTGDWKGKPVGT\KUGETKVKEKNGECTG PW UWPV UETKGTK FG JWNâ 'NG RQV HK ÉPFTGRVCVG ÉORQVTKXC QTKEWK FG NC RTKPEKRGR¸PâNCUWRWUÉPURGEKCNFCEâCWVQTWNNQTÉ)KUGOPGC\âPWOGNG CTâV¸PFCUVHGNEâFGRWPGEJG\â)KGRGPVTWCFGXâTR  2TGUCÉPCPUCODNWEWPQUEWQÉPHNQTKTG¡PCPKKOCKUGEQNWNWKCN :8+++NGC CRâTWTâ TGXKUVG EW ECTCEVGT )VKKP/KHKE ÉP QTC)GNG IGTOCPG OCK 
+DKFGOR 

%KVCV FWRâ * 4Ã\ QR EKV R  8KGPC 5VCCVUCTEJKX FGU +PPGTP WPF FGT ,WUVK\  %KVCV FKP #WHMN¼TWPI 5EJTKHVVWO FGT 5KGDGPD×TIGT 5CEJUGP WPF $CPCVGT 5EJYCDGP GF

2QNK\GKJQHUVGNNG

%CTN)ÑNNPGT)K*GKP\5VâPGUEW$WEWTG)VKRÉPKPVTQFWEGTGCUGOPCVâFG% )ÑNNPGT 

OCTK FKP TâUâTKVWN  KORGTKWNWK $WFC )K 2GUVC $TCVKUNCXC 5KDKW 6KOK)QCTC)K#ITCO  &WRâOQCTVGCNWK+QUKH++\KCTGNQTNKUGKPVGT\KUGFKPPQWCEEGUWN NCRQNKVKEâEGGCEGNGRTKXâFGQEQPFK/KGXKVCNâCGZKUVGP/GKNQT&GETGVWN CWNKEFKPFGEGODTKGKPVGT\KEGCEQORNGVQVQCVGUETKGTKNGECTGETKVKEâ )KOWUVTâNGIK)KFKURQ\K/KKQHKEKCNGRTKPEKCTGFGQCTGEGRTKPTâUR¸PFKTGC WPQT CUVHGN FG UETKGTK UG CFWE RTGLWFKEKK CUEWNVâTKK UWRW)KNQT )K ÉPFGRNKPKTKK RQTWPEKNQT RTKPEKCTGR ¡P HKGECTG NWPâ UG RWDNKECW VKVNWTKNG EâT/KNQT KPVGT\KUG KCT \KCTGNG HWTâ ÉPFGRâTVCVG FKP ECHGPGNG 5KPIWTWN NWETWECTGNGOCKTâO¸PGCFGHâEWV\KCTGNQTGTCUâRTGKCEQRKQUEGGCEG VKRâTKUG FGLC QHKEKQUWN Q9KGPGT <GKVWPIR 'TC UWHKEKGPV E¸VG WP UKPIWT \KCTFG)VKTKÉPHKGECTGQTC)IGTOCPOCKÉPUGOPCV
Q2TG²DWTIGT<GKVWPIR FKP  Q1HPGT WPF 2GUVGT <GKVWPIR FKP  )K  TGURGEVKX WPKHKECVGFKPQ5KGDGPD×TIGT<GKVWPIRNC5KDKWFKP   2TGCÉPCNVCUETKUQCTGFKPKWNKGÉKCFTGUCEQPVGNWK/CLN¶VJ ÉPFGOPWNFGCCEQTFCQCVGP/KGURGEKCNâ\KCTGNQT)KUETKGTKNQTVKRâTKVGÉP 7PICTKC %WTVGC FG NC 8KGPC GTC CV¸V FG RTGQEWRCVâ FG EQPVTQNWN GZGTEKVCVCUWRTC\KCTGNQTÉPE¸VTG\QNXCGCÉPUâ)K)KEGNGOCKOKEKFGVCNKK ¡ORâTCVWN UG KPVGTGUâ RGTUQPCN FG RCVTW QTK FG UQCTVC FGNCRKFCVQTWNWK -CTN5EJÑPVJCNECTGRGPVTWFGVWTPCTGFGHQPFWTKHWUGUGÉPFGRâTVCVFG ,CMQD 5EJKEMOCP[GT FG NC \KCTWN UâW %W VQCVG Eâ NC 8KGPC CLWPUGUG TCRQTVWN NWK 5EJKEMOCP[GT 5EJÑPVJCN OCK ÉPECUâ ÉPEâ  FG FWEC/K RGPVTWWPFGPWP/UGETGV%GTGTGCNWK,CMQD5EJKEMOCP[GTFGWPKHKECTGC \KCTWNWK FKP $WFC EW EGN FKP 2GUVC HW CRTQDCVâ FKP WTOâVQTWN OQVKX Q/âECTXCHKEWWP\KCTOCKRW/KPEâEK)KC)CPWFWEGONKRUâFG\KCTGÉP 7PICTKCR  ¡P VKORWN PGIQEKGTKNQT FG NC -CTNUDCFGP  
\KCTGNG )K DTQ)WTKNG ECW\CTâ OWNVG PGRNâEGTK Q0GÉPHT¸PCVC RTGUâ CECRCTGC\â OKP/KNG )K KPKOKNG FKUVTWIG RTKPEKRKWN CWVQTKVâ/KK )K ÉK VTCPUHQTOâ RG QCOGPKÉPPK)VGGZCNVC/KR  0CRQNGQP PW G\KVâ Uâ UVTGEQCTG CTVKEQNG ÉP \KCTG RGPVTW C E¸)VKICQRKPKCRWDNKEâFGRCTVGCUC+CTE¸PF/GVVGTPKEJXâ\WEâPWOCK EGP\WTCPWKRWVGCCFWEGÉPFGCLWPUHQNQURWUGO¸PCRGEGNOCKOCTG \KCT CWUVTKCE Q©UVGTTGKEJKUEJGT $GQDCEJVGTR C EâTWK TGFCE/KG Q RTGNWâ )GPV\ QOWN UâW FG ÉPETGFGTG ¡P OGOQTKKNG UCNG RQUVWOG UWPV 
'TPUV9GKUGPHGNF&KG)GUEJKEJVGFGTRQNKVKUEJGP2WDNK\KUVKMDGKFGP5KGDGPD×TIGT5CEJUGP (TCPMHWTVCO/CKPR /KEJCGN-TQPGT'KP-KPFFGT#WHMN¼TWPIQREKVR *4Ã\QREKVR +DKFGOR 

HTCIOGPVGÉPECTG/GVVGTPKEJTGEWPQC)VGKORCEVWNFGEKUKX)KGFWECVKXCN RTGUGK  ¡PRTKOGNGFGEGPKKCNGUGEQNWNWKCN:+:NGCUGEQPUGOPGC\âWP TGEWN ÉP GXQNW/KC RTGUGK RGTKQFKEG %W RTGEâFGTG UGFG\XQNVCWTGXKUVGNG DGNGVTKUVKEG FCVQTKVâ KPVGTFKE/KGK FG C CDQTFC UWDKGEVGNG RQNKVKEG &WRâ /CTKC6JGTGUC)KEWGZEGR/KCNWK+QUKH++VQ/KÉORâTC/KKCWHQUVEQPXKP)K FG PGEGUKVCVGC WPWK UVTKEV EQPVTQN GZGTEKVCV RTKP KPVGTOGFKWN EGP\WTKK #EGCUVâUVCTGFGNWETWTKUGOGP/KPWR¸PâNCCDQNKTGCEGP\WTKKNCÉP #WUVTKCTGURGEVKXNCÉP7PICTKC  1RQXCTâCRâUâVQCTGQEQPUVKVWKCWVCZGNGFGVKODTWRNâVKVGFG EâVTG \KCTG EG HWTâ KPVTQFWUG ÉPEâ ÉP UGEQNWN CN :8+++NGC 1TFQPCP/C GOKUâ NC  UGRVGODTKG  EW RTKXKTG NC EGP\WTâ HW KPVTQFWUâ )K ÉP 7PICTKCE¸PF2CTNCOGPVWNFKPCFQRVâJQVâT¸TGCECEGP\WTC Uâ WTOG\G CEGNGC)K RTKPEKRKK )K ÉP #WUVTKC )K ÉP 7PICTKC %GP\QTKK FG/KPGCWQCPWOKVâRWVGTGFGECTGVTGDWKCWUâHCEâW\2WVGTGCEGCOCK OCTGQCXGCRQNK/KCUGETGVâFKP8KGPC  .C  KWPKG  CRâTW Q PQWâ QTFQPCP/â TGNCVKXâ NC EGP\WTâ ECTG ÉP GUGP/â PW CFWEGC PKEK Q ÉPPQKTG UG KPVGT\KUG ÉPUâ KORQTVWN IC\GVGNQT UVTâKPG FG DGNGVTKUVKEâ 2TKP RTGXGFGTKNG GK K\QNC/KQPKUVG QTFQPCP/C PW TâOCUG HâTâ WTOâTK RGPVTW Eâ VâKG QTKEG EQPVCEV ÉPVTG /âTKNGOQPCTJKGK)KTGUVWNEQPVKPGPVWNWK¡P7PICTKCUGTKFKECTâCPWOKVG XQEK ÉP HCXQCTGC EGP\WTKK 2TQVGUVCP/KK W\CW FG FTGRVWN NQT FG EGP\WTâ %JKCTWPKKNKDGTCNKRTGEWO2CWN0CI[XQP(GNUÑD×M)KRTKGVGPKKUâKUG TKFKECTâÉP2CTNCOGPVWNFKPÉORQVTKXCWPGKRTGUGOCKNKDGTG VGO¸PFWUG Eâ CEGCUVC NGCT RWVGC CHGEVC RTKXKNGIKKNG FG 5VCTG <KCTGNG ECTG CRâTGCW ÉP 7PICTKC VTGDWKCW Uâ TGURGEVG OCK XGEJGC FKURQ\K/KG EQPHQTO EâTGKC CXGCW XQKG Uâ RTGKC PWOCK EGGC EG Q9KGPGT <GKVWPIR VKRâTKUGCPVGTKQT  1TFQPCP/C FKP  OCK  TGHGTKVQCTG NC EGP\WTâ KPFKEC COâPWP/KV VQCVG EJGUVKWPKNG FGURTG ECTG PW UG RWVGC UETKG KPFKEC FG CUGOGPGCVQPWNÉPECTGVTGDWKCUETKU¡PCEGUVGEKTEWOUVCP/GCRâUâVQCTG PWGUVGFGOKTCTGEâPCRWVWVCXGCNQEQÉPHNQTKTGCRTGUGK¡PEQPVKPWCTG TG\KUVCWFQCTHQKK\QNCVGNC$TCVKUNCXC$WFC2GUVC)K5KDKW  %GXC OCK DN¸PFâ GTC UKVWC/KC TGXKUVGNQT ECTG FWRâ  EWPQUEWTâ WP CX¸PV RTQITGUKX 'UVG FG EQPUGOPCV EQPNWETCTGC LWTPCNK)VKNQT CWUVTKGEK )K IGTOCPK EC )K EQNCDQTCTGC WPQT UETKKVQTK CWUVTKGEKNC\KCTGFGNKODâIGTOCPâFKP7PICTKC%GP\WTCGTCEGXCOCK RW/KPUGXGTâÉP7PICTKCFGE¸VÉP#WUVTKCOQVKXRGPVTWECTGE¸/KXCRQG/K 
+DKFGOR +DKFGOR 

CWUVTKGEK )K IGTOCPK É)K VKRâTKTâ CEQNQ QRGTGNG %JKCT FCEâ GZKUVCW ITGWVâ/KÉPECNGCFKHW\âTKKTGXKUVGNQTWPICTGÉPCHCTC7PICTKGKEQP/KPWVWN NQT PW GTC PKEK RG FG RCTVG CV¸V FG UVTKEV UWRTCXGIJGCV #)C FG RKNFâ RQG\KC NWK )TKNNRCT\GT Q4WKPGNG FG NC %CORQ $CEEKPQ FKP 4QOCR PW RWVWUâCRCTâNC8KGPCFCTHWVKRâTKVâNC2GUVCÉPPWOâTWNFKPCWIWUV CNTGXKUVGKQ2CPPQPKCR  .COCTVKGHWGOKUâQRTGUETKR/KGRTQXK\QTKGEGRQCVGHK EQPUKFGTCVâ FTGRV RTKOC NGIG CWUVTKCEâ C RTGUGK #V¸VC FQCT Eâ GC PC KPVTCVPKEKQFCVâÉPXKIQCTGHKKPFCTUâFGUVWFGP/KÉP#WNâ)KTGVTCUâFG IWXGTP FGLC C FQWC \K .C UEWTV VKOR FWRâ CEGGC NC  OCK CRâTWTâ FQWâ QTFQPCP/G NKDGTCNG EQP/KP¸PF TGINGOGPVâTK RTKXKVQCTG NC RTGUâ &G)K PW FQD¸PFKTâ UCPE/KWPGC KORGTKCNâ QTFQPCP/GNG KPCWIWTCTâ GTC NKDGTVâ/KKCDUQNWVGCRTGUGK  Q¡P HWTVWPQUWN CP  ÉP CPWN NKDGTVâ/KK RTGUGK PQKNG \KCTG IGTOCPGUGKXKTâECEKWRGTEKNGFCTVQVCV¸VFGTGRGFGFKURâTWTâ2G CVWPEK QCOGPKK PW )VKCW EG Uâ HCEâ EW NKDGTVCVGC DTWUE FQD¸PFKVâ  4âUâTKQOWN/KOGFGHQKPGÉPUGOPCVGRWUGRGE¸TVGCNâECTGCFGUGCPW VTGEWTâ FKPEQNQ FG RTKOWN PWOâTR 0WOâTWN \KCTGNQT IGTOCPG FKP 7PICTKC ETGUEW FG NC  NC  RGPVTW C UEâFGC ÉP  FKP PQW NC  <KCTGNG RC)QRVKUVG FKP 8KGPC )K FKP 7PICTKC CDQTFCW CEGNC)K VQP DC WPGQTK CXGCW EJKCT CEGNGC)K VKVNWTK Q&GT 2CVTKQVR
2CVTKQVWN  Q&GT 4QVJOCPVGNR
/CPVCWC TQ)KG  Q&KG 1RRQUKVKQPR
1RQ\K/KC  Q&KG 8QNMUVTKDWPGR
6TKDWPCRQRQTWNWK Q&KG)GIGPYCTVR
2TG\GPVWN Q&GT 8QNMUHTGWPFR
#OKEWN RQRQTWNWK  Q&GT (TGKO×VKIGR
.KDGTCNWN  Q&KG 4GHQTOR
4GHQTOC  Q8QTY¼TVUR
¡PCKPVG  Q&GT 4CFKMCNGR
4CFKECNWN  Q&GT.CPFDQVGR
%WTKGTWNRQRWNCT GVEQ<KCTGNGFKPPW)KRWVWTâ RTGNWPIK GZKUVGP/C HKG )K PWOCK RGPVTW HCRVWN Eâ CXGCW WP GXKFGPV ECTCEVGTRQNKVKER0WOCKÉP8KGPCCRâTWTâRGUVGFGRGTKQFKEGÉPVTG ECTG  FG EQVKFKGPG FQCT RW/KPG FKP GNG UWRTCXKG/WKTâ VQCOPGK NWK   ¡P VQCOPC V¸T\KG C CEGNWKC)K CP 9KPFKUEJIT¼V\ UWURGPFâ RG RGTKQCFCUVâTKKFGCUGFKWC8KGPGKVQCVG\KCTGNGEWGZEGR/KCNWKQ9KGPGT <GKVWPIR#UVHGNNCQEVQODTKGVQCVG\KCTGNGÉ)KÉPEGVCTâCRCTK/KC &GETGVWN /KPKUVGTWNWK FG +PVGTPG FKP  FGEGODTKG  TGKPVTQFWUG EQNRQTVCLWN)KEGP\WTCRTGXGPVKXâ&WRâRWDNKECTGCEQPUVKVW/KGKQEVTQKCVG 
OCTVKG CRâTWTâFQWâRCVGPVGÉORQVTKXCCDW\WTKNQTFGRTGUâ)K 
+DKFGOR 

-WTV2CWRKÃQREKVR *4Ã\QREKVR -2CWRKÃQREKVR*4Ã\QREKVR 

FGURTGRTQEGFWTCLWTKFKEâÉPRTQDNGOGFGRTGUâ2TGXGFGTKNGTGHGTKVQCTG NCQDNKIC/KCECW/KWPKKGZGORNCTGNGNGICNGNCKPVGTFKE/KCEQNRQTVCLWNWKNC UVTKEVC TâURWPFGTG NC RQUKDKNKVCVGC UWURGPFâTKK EQPVTCXGPGCW PQ/KWPKK CHNCVGÉPEâÉPW\FGQRTGUâNKDGTâR2GFWTCVCUVâTKKFGTâ\DQKRCVGPVGNG TâOCUGTâHâTâÉPUGOPâVCVG  (K FWRâ  CRâTWTâ WPGNG EQVKFKGPG FCT ÉP IGPGTCN RTGUC ÉPTGIKUVTâQKPXQNW/KG6CZCRGKPUGTCVGHWKPVTQFWUâNCPQKGODTKG %QPHQTO QTFQPCP/GNQT TGHGTKVQCTG NC RTGUâ FKP  KWNKG 
FGURTG KPVTQFWEGTGCUKUVGOWNWKFGCXGTVKUOGPV )KOCK
EQFWNRGPCN)K KPVTQFWEGTGC UKUVGOWNWK RTGXGPVKX  )K EGP\WTC KPVTâ ÉP CVTKDW/KKNG CWVQTKVâ/KK OKNKVCTG &TGRV WTOCTG R¸Pâ ÉP  FQCT E¸VGXC \KCTG FKPCHCTC8KGPGKRWVWTâUWRTCXKG/WK  %GNGOCKKORQTVCPVG\KCTGXKGPG\GECTGHWTâGFKVCVGCV¸VÉPCKPVG FG TGXQNW/KG E¸V )K FWRâ GTCW Q9KGPGT <GKVWPIR Q&KG 2TGUUGR
2TGUC FKPKWNKGR¸PâNCQEVQODTKGCRQKFKPPQKGODTKG R¸Pâ NC  FGEGODTKG  FKP  FGEGODTKG  R¸Pâ ÉP  \KCTWN CRâTW EW ÉPVTGTWRGTK NC $T×PP GFKVQT )K VKRQITCH HKKPF #WIWUV <CPI  Q#NNIGOGKPG ©UVGTTGKEJKUEJG <GKVWPIR
<KCTWN CWUVTKCE IGPGTCN HQUVWN Q©UVGTTGKEJKUEJGT$GQDCEJVGTR1DUGTXCVQTCWUVTKCEECTGNCOCTVKG RTGNWCUGVKVNWNFGQ©UVGTTGKEJKUEJG<GKVWPIR<KCTWNCWUVTKCEKCT FKP  CRTKNKG CEGNC)K CP CRâTW ÉP HQTOCV OâTKV UWD VKVNWN FGHKPKVKX OGP/KQPCV CPVGTKQT  EQPFWU FG 'TPUV XQP 5EJYCT\GT R,QWTPCN FGU ÑUVGTTGKEJKUEJGP .NQ[FR
ÉPVGOGKCV ÉP  FWRâ GXGPKOGPVGNG FKP QEVQODTKG  TGCRâTW FKP FCVC FG  PQKGODTKG FG E¸VG )CUG QTK RG UâRVâO¸PâFKPPQKGODTKGTGFCE/KCHWRTGNWCVâ)KEQPFWUâNCWP ÉPCNVPKXGNFG'FWCTF9CTTGPU )KÉPURGEKCNQ1UVFGWVUEJG2QUVR
2Q)VC GUVIGTOCPâCRâTWFKPQEVQODTKGCRQKFKPPQWFKPPQKGODTKG  'FKVQTWNNWKQ1UVFGWVUEJG2QUVRGTC+IPC\-WTCPFCECTGÉPCKPVG FGTGXQNW/KGGFKVCUGÉORTGWPâEW,CMQD-CWHOCPPTGXKUVCQ)TGP\DQVGR
%WTKGTWNFGITCPK/â KPVGT\KUâFCTHQCTVGRQRWNCTâ)KEKVKVâ ÉP #WUVTKC #KFQOC NWK <CPI )K -WTCPFC VTGEWUG RTKP )EQCNC RTGUGK HTCPEG\G OQFGNWN UâW HKKPF Q,QWTPCN FGU FÃDCVUR KCT EQPEGR/KC UC NKDGTCNâ #NVG \KCTG XKGPG\G GTCW Q©UVGTTGKEJKUEJG 4GKEJU\GKVWPIR
<KCTWNKORGTKCNCWUVTKCEFKPPQKGODTKGR¸PâÉP ECTGCXGC WP ECTCEVGT QHKEKCN )K TGRTG\GPVC RQNKVKEC NWK 5EJYCT\GPDGTI Q(TGOFGPDNCVVR
(QCKC UVTâKPKNQTFKPKCPWCTKGEWQÉPVTGTWRGTG ÉPCKPVG FG  PQKGODTKG   Q&GT ÑUVGTTGKEJKUEJG 8QNMUHTGWPFR
#OKEWN CWUVTKCE CN RQRQTWNWK FKP  KCPWCTKG   RTKPEKRCNWN QTICP 
/KEJCGN -TQPGT Q-TQPUV¼FVGT <GKVWPIR WPF Q5KGDGPD×TIKUEJ&GWVUEJGU 6CIGDNCVVR ÉP

<GKVKPFGT<GKVWPIR-2CWRKÃQREKVR 

ECVQNKE CN OQPCTJKGK R¸Pâ NC ÉPHKKP/CTGC \KCTWNWK Q8CVGTNCPFR
2CVTKC  Q9KGPGT-KTEJGP\GKVWPIR
<KCTWNDKUGTKEGUEXKGPG\FKPCRTKNKG    ¡P 2GUVC UWPV FG OGP/KQPCV Q2GUVGT1HPGT .QECNDNCVVR
(QCKC NQECNâFKP2GUVC)K$WFC Q2GUVGT1HPGT<GKVWPIR
<KCTWNFKP 2GUVC )K $WFC   Q7PICTKUEJG 2QUVR
2Q)VC WPICTâ   )K OCK EW UGCOâ Q2GUVGT .NQ[FR
FKP  KWNKG   ¡P $CVUEJMC CRâTWTâ RTKOGNG\KCTGIGTOCPG
Q<KRUGT#P\GKIGT .C6KOK)QCTCECRKVCNC /âTKKCWVQPQOGFGEQTQCPâC8QKGXQFCVWNWKU¸TDGUE)K$CPCVWNWKVKOK)CP ÉPVTGHWTâGFKVCVGQ.CPFGUIGUGV\DNCVVR
(QCKCLWTKFKEâC/âTKK  )K WP EQVKFKCP QHKEKCN Q6GOGUEJGT <GKVWPIR
FKP  KCPWCTKG   7NVKOWN\KCTCOKPVKVCLWPUGNCWPVKTCLFGGZGORNCTGHKKPFR¸PâNC  Q ÉPVTGRTKPFGTG FG UVCV CUVHGN Eâ \KCTGNG RTKXCVG PW ÉK RWVGCWHCEG EQPEWTGP/â¡P5KDKWUGEQPVKPWâGFKVCTGCNWKQ5KGDGPD×TIGT$QVGRECTG FKP  HW ÉPEQTRQTCV \KCTWNWKQ*GTOCPPUV¼FVGT <GKVWPIR .C $TC)QX Q-TQPUV¼FVGT<GKVWPIR
FKP TG\KUVâFGCNWPIWNÉPVTGIWNWKUGEQNCN :+:NGC 2TQOK/âVQCTGC TGXKUVâ Q5KGDGPD×TIKUEJG 3WCTVCNUEJTKHVR PW CRâTWFGE¸VWPCP  
  6Q/KCWVQTKKUWPVFGCEQTFCUWRTCOCTKKÉPUGOPâVâ/KCRTGUGK' UWHKEKGPVUâCOKPVKOQRKPKCWPWKCFKPVTGKUVQTKEKKLWTPCNKUOWNWK4QDGTV 2TWV\ Q,WTPCNKUOWN PG CFWEG NC NWOKPâ QRKPKC RWDNKEâ C UGEQNGNQT VTGEWVGR 2TGUC C HQUV PW FQCT Q TGHNGEVCTG C QRKPKGK RWDNKEG EK RTKP TâUR¸PFKTGC GK C FGXGPKV VTGRVCV Q HQTOCVQCTG C QRKPKGK RWDNKEG (K Q,WTPCNKUOWN GUVG WP OQPQNQI RG ECTG VKORWN ÉN RQCTVâ EW UKPG ÉPUW)K 'UVG EQVKFKCPC CWVQETKVKEâ EâTGKC VKORWN ÉK UWRWPG EQP/KPWVWN UâW GUVG VQVQFCVâLWTPCNWNÉPECTGVKORWNUEJK/GC\âPQVK/GHWICTGKOGFKCVGCUWRTC KUVQTKGKUCNGEWTGPVGR#EGUVGKFGKGPWP/CVGNCÉPCLWPWNTGXQNW/KGK GZRTKOâNKORGFGEQP)VKKP/CRWVGTKKFG/KPWVGFGRTGUâ  (K5VGRJCP.WFYKI4QVJTGEWPQ)VGCHCRVWNEâCNâVWTKFGCTOCVâ )K DCPK RTGUC TGRTG\KPVâ Q HQT/â OQPFKCNâ Q%KPG UG RTKEGRG Uâ UG UNWLGCUEâ FG WPWN FKP CEGUVG GNGOGPVG GZGTEKVâ Q FQOKPC/KG CUWRTC QCOGPKNQT 2TGUC ÉPXKPIG RTKP EQPXKPIGTG HQT/C OKNKVCTâ RTKP URCKOâ 

- 2CWRKÃ QR EKV R 
Q9KGPGT -KTEJGP\GKVWPIR  
Q&GT ÑUVGTTGKEJKUEJG 8QNMUHTGWPFR 
Q(TGOFGPDNCVVR 
Q,QWTPCNFGUÑUVGTTGKEJKUEJGP.NQ[FR 
Q©UVGTTGKEJKUEJG4GKEJU\GKVWPIR 
Q&KG2TGUUGR 
Q1UVFGWVUEJG2QUVR 
Q#NNIGOGKPGÑUVGTTGKEJKUEJG<GKVWPIR  *4Ã\QREKVR 4QDGTV2TWV\)GUEJKEJVGFGUFGWVUEJGP,QWTPCNKUOWU*CPQXTCR +DKFGOÉPEWX¸PVWNÉPCKPVG 

KCTDCPKKRTKPNKRUCFGOQTCNKVCVG5âHKKÉPHT¸PVEWCLWVQTWNDCPKNQTGUVGQ TW)KPG EGNWK EG VG ÉPXKPIG RTKP HQT/â VTGDWKG Uâ K VG UWRWK FCT Uâ HKK ÉPHT¸PVRTKPRWVGTGCEQPXKPIGTKKGUVGQINQTKGR   

5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG GF 1VVQ (QNDGTVJ XQN 8 5KDKWR  

    .C  UC)KK VTCPUKNXâPGPK CXGCW  QTICPG FG RTGUâ C EâTQT CRCTK/KG NC 5KDKW )K $TC)QX RQNCTK\C RTKPEKRKK )K OQFCNKVâ/K FG CE/KWPG QRWUG 2WTVâVQCTGNG FG EWX¸PV CNG EGNQT FQWâ VCDGTG GTCW 5KGDGPD×TIGT $QVG )K 5KGDGPD×TIGT 9QEJGPDNCVV 5KGDGPD×TIGT $QVG  
FKP 5KDKW GTC RTKOWN \KCT VTCPUKNXCP )K UKPIWTWN FKPVTG \KCTGNG FG NKODâ IGTOCPâ ECTG UWRTCXKG/WKUG RGTKQCFGK RTGRC)QRVKUVG
8QTO¼T\  .C $TC)QX CRâTW ÉPVTG  )K  5KGDGPD×TIGT 9QEJGPDNCVV ECTG
FKP  OCTVKG   É)K EQPVKPWâ GZKUVGP/CR¸PâÉPUWDPWOGNGFG-TQPUV¼FVGT<GKVWPI  #NVG RWDNKEC/KK UâUG)VK CNG CPKNQT  GTCW UWRNKOGPVGNG \KCTWNWK $QVG 6TCPUUKNXCPKC 
!  )K #OVU WPF

,WTPCNWNRTGUGKUâUG)VKFKP6TCPUKNXCPKC
<KCTGTGFCE/KKVKTCLG   

&CVGNG DKDNKQITCHKEG CNG RGTKQFKEGNQT IGTOCPG UWPV RTGNWCVG FKP 'OKN 5KIGTWU &KG FGWVUEJG RGTKQFKUEJG .KVGTCVWT 5KGDGPD×TIGPU  GFKVWTC CWVQTWNWK VKRCT -TCHHV WPF&TQVNGHH#)5KDKW
GZVTCUFKP1UVNCPFCPWNECKGVPT #OKPFKECV NQEWTKNGWPFGKPHQTOC/KKNGNWK5KIGTWUPWEQTGURWPFEWRGTKQFKEGNGEGTEGVCVGFGPQK  5KIGTWURQ&GT5KGDGPD×TIGT$QVGR5KDKWGF)KVKRCT/CTVKP *QEJOGKUVGT
(KWN  CRQK /CTVKP *QEJOGKUVGTU 'TDGP KCT FKP  6JGQFQT 5VGKPJCW²GP  9CNVGT &CWIUEJ &KG 0CVKQPCNKV¼VGP 5KGDGPD×TIGPU KO 5RKGIGN FGWVUEJURTCEJKIGT 5KGDGPD×TIGT <GKVWPIGP WPF <GKVUEJTKHVGP FGU 8QTO¼T\ ÉP XQN <GKVUEJTKHVGP WPF <GKVWPIGPFGUWPF,CJTJWPFGTVUKP/KVVGNWPF1UVGWTQRCGF+UVX¶P(TKGF *CPU.GODGTI)K'FKVJ4QUGPUVTCWEJ-ÑPKIUDGTI8GTNCI7NTKEJ%COGP$GTNKP R  5KIGTWU R  Q5KGDGPD×TIKUEJGU 9QEJGPDNCVVR $TC)QX GFKVWTâ )K VKRCT ,QJCPP )ÑVV )K 9KNJGNO 0GOGVJ 6KVNWN EQTGEV GUVG Q5KGDGPD×TIGT 9QEJGPDNCVVR <KCTWN É)K ÉPEGVGC\â CRCTK/KC QFCVâ EW PT   OCTVKG8G\KPTNC #TJKXGNGFG5VCV5KDKWEQVâ++)KPTNC$KDNKQVGEC%GPVTCNâ7PKXGTUKVCTâ%NWL EQVâ*  
OCTVKG Q-TQPUV¼FVGT<GKVWPIR$TC)QXGF)KVKRCT,QJCPP )ÑVVCRQK,QJCPP)ÑVVHKWN 5KIGTWURQ6TCPUU[NXCPKC$GKDNCVV\WO5KGDGPD×TIGT$QVGPR5KDKW GF )K VKRCT /CTVKP *QEJOGKUVGTU 'TDGP 6KVNW EQTGEV Q6TCPUUKNXCPKC $GKDNCVVR .C $KDNKQVGEC$TWMGPVJCNEQVâ+8UGIâUGUEPTCPWNPT)K UGTKCKPEQORNGVâCCPKNQT 

+PVGNNKIGP\DNCVV 
!  6QV NC 5KDKW CRâTGCW 5KGDGPD×TIKUEJGT 8QNMUHTGWPF  
)K CN UâW #P\GKIGDNCVV \WO 5KGDGPD×TIKUEJGP 8QNMUHTGWPF  
 RTGEWO )K 7PVGTJCNVWPIGPCWUFGT)GIGPYCTV 
OCKQEVQODTKG #KEK UG GFKVC )K ECNGPFCTWN CNOCPCJ 5KGDGPD×TIKUEJGT 8QNMUMCNGPFGT  
 .C $TC)QX GFKVQTWN NWK 5KGDGPD×TIGT 9QEJGPDNCVV ,QJCPP )ÑVV UEQVGC )K UWRNKOGPVGNG CEGUVWKC $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG  
)K 5CVGNNKV FGU 5KGDGPD×TIGT 9QEJGPDNCVVU  
 &G PWOGNG NWK )ÑVV UG NGCIâ CRCTK/KC RTKOGNQT RGTKQFKEG TQO¸PG)VKFKP#TFGCN.C)JGQTIJG$CTK/KWÉ)KVKRâTGC)C\GVCFG 6TCPUKNXCPKC 
  )K (QCKC RGPVTW /KPVG +PKOâ )K .KVGTCVWTâ 
  NC GFKVWTC NWK )ÑVV 6QV CKEK Xâ\W 
5KIGTWU R     Q#OVU WPF +PVGNNKIGP\DNCVV \WO 5KGDGPD×TIGT $QVGPR

5KDKW GF )K VKRCT 6JGQFQT 5VGKPJCW²GP $KDNKQVGEC $TWMGPVJCN RâUVTGC\â CPKK  EQVâ280COIâUKVÉPPKEKQCTJKXâGZGORNCTGFKPCPKK 5KIGTWURKWPKGQ&GT5KGDGPD×TIGT8QNMUHTGWPF'KP9QEJGPDNCVV H×T FGP )GYGTDU WPF .CPFOCPPR 5KDKW GF )K VKRCT 5COWGN (KNVUEJ %QTGEV Q&GT 5KGDGPD×TIKUEJG 8QNMUHTGWPF 'KP 9QEJGPDNCVV H×T FGP )GYGTDU WPF .CPFOCPP \WT $GNGJTWPI WPF 7PVGTJCNVWPIR ÉP CPWN    Q&GT 5KGDGPD×TIKUEJG 8QNMUHTGWPF'KP9QEJGPDNCVVH×T5VCFVWPF.CPFRÉPCPWNXG\K$%7%NWL EQVâ* 5KIGTWURQ#P\GKIGDNCVV\WO5KGDGPD×TIGT8QNMUHTGWPFR5KDKWGF )KVKRCT5COWGN(KNVUEJ0KEKFKPCEGUVUWRNKOGPVPWCOIâUKVPKEKWPPWOâTRGPVTW CPKKTGXQNW/KGK  5KIGTWU R   OCK   QEVQODTKG  Q7PVGTJCNVWPIUDNCVV CWU FGT )GIGPYCTV 2GTKQFKUEJG 5EJTKHV KP \YCPINQUGP *GHVGPR 5KDKW GF 4QDGTV -TCDU TGF *GTOCPP 5EJOKFV  ECKGVG 6KVNW EQTGEV Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTV 2GTKQFKUEJG 5EJTKHVRECKGVG$KDN$TWMGPVJCNEQVâ2++ Q5KGDGPD×TIKUEJGT8QNMUMCNGPFGTH×TR5KDKWGFNKDTâTKGK/CTVKP*QEJOGKUVGT R$KDNKQVGEC#ECFGOKGK4QO¸PG$WEWTG)VKEQVC2+  5KIGTWU R     Q7PVGTJCNVWPIUDNCVV H×T )GKUV )GO×V WPF 2WDNK\KV¼V $GKNCIG\WO5KGDGPD×TIGT9QEJGPDNCVVR$TC)QXGF)KVKRCT,QJCPP)ÑVV)K9KNJGNO 0GOGVJ#RQKCRCTGEWVKVNWOQFKHKECV  )K)KQ$N¼VVGTH×T)GKUV)GO×VWPF8CVGTNCPFUMWPFG $GKDNCVV FGU 5KGDGPD×TIKUEJGP 9QEJGPDNCVVUR $TC)QX GF )K VKRCT ,QJCPP )ÑVV .C $KDN$TWMGPVJCNEQVâ2++UGCHNâUGTKCKPEQORNGVâCCPKNQTECQ$GKNCIG \WT-TQPUV¼FVGT<GKVWPIR  5KIGTWU R    Q5CVGNNKV FGU 5KGDGPD×TIGT 9QEJGPDNCVVUR $TC)QXGF)KVKRCT,QJCPP)ÑVV 2TKOGNGRGTKQFKEGTQO¸PG)VKKCPWCTKGKWPKGQ(QKNG&WOKPGEKKRTGFFGQ UQ/KGVCVGFGÉPXâ/C/KGF)KVKRCT,QJCPP)ÑVVKWNKGPQQ(ÎKCUGRVâO¸PGKR 

NWOKPC VKRCTWNWK 'URCVTKCVWN
OCTVKG  KWPKG   IC\GVC TGXQNW/KQPCTWNWKK\IQPKVFKP/WPVGPKC%GUCT$QNNKCE  .C $NCL 6KOQVGK %KRCTKW RWDNKEC 1TICPWN NWOKPâTKK
KCPWCTKG OCK TGDQVG\CV1TICPWNPC/KQPCN
OCKUGRVGODTKG  )K¡PXâ/âVQTWNRQRQTWNWK
OCKQEVQODTKG   /CK OWNVG \KCTG OCIJKCTG CRâTGCW NC %NWL  ÉPCKPVG FG TGXQNW/KG'TFÃN[K*KTCFÎ  
/ÕNVÃULGNGP  
)K ÉPVKORWNTGXQNW/KGK'NNGPÑT
OCKPQKGODTKG   1 UWOCTâ RTKXKTG EQORCTCVKXâ CTCVâ NKORGFG Eâ NC  RTGUC UâUGCUEâ FG/KPGC ECPVKVCVKX CRTQZKOCVKX LWOâVCVG FKP PWOâTWN VQVCN CN CRCTK/KKNQT GFKVQTKCNG FKP 6TCPUKNXCPKC ¡P OQF RCTCFQZCN XQNWOWNOCTGCNRTQFWE/KGKFGRTGUâRTQXGPGCFKPT¸PFWN)KUGCFTGUC
TGF ) $CTK/KW GF ,QJCPP )ÑVV 8G\K *GTOCPP 6QPVUEJ &KG *QPVGTWURTGUUG KP  ,CJTGP(GUVUEJTKHVFGT$WEJFTWEMGTGK,QJCPP)ÑVV5QJP-TQPUVCFVR  OCTVKGQ)C\GVCFG6TCPUKNXCPKCRTGF)$CTK/KWCRQK+CEQD /WTG)CPW #WTGN /WTG)CPW )C GF R¸Pâ ÉP  NC , )ÑVV &KP  Q)C\GVC 6TCPUKNXCPKGKR&GNCPTCPWNR¸PâÉPCPWNCCRâTWVÉORTGWPâ EWQ(QCKCRGPVTW/KPVG+PKOâ)K.KVGTCVWTâR 
X*6QPVUEJR$%7%NWLEQVâ 2+    KCPWCTKG  KWNKG Q(QCKCNKVGTCTâR&KPKWNKGECUWRNKOGPVCN Q)C\GVGK FG 6TCPUKNXCPKCR C CRâTWV UWD VKVNWN Q(QCKG RGPVTW /KPVG +PKOâ )K .KVGTCVWTâR$TC)QXTGF)$CTK/KWVKRCT,)ÑVV
X*6QPVUEJR #RCTGR¸PâÉP WNVKOKKVTGKCPKCRCTGÉORTGWPâEWQ)C\GVCFG6TCPUKNXCPKCR
$%7%NWLEQVâ    * 6QPVUEJ R  PT CRTKNKG  KWPKG  Q'URCVTKCVWNR $TC)QX TGF % $QNNKCEVKRCT,)ÑVV  8CUKNG0GVGC2TGUCTQO¸PâÉPVKORWNTGXQNW/KGKFGNCÉPXQN4GXQNW/KC FGNCÉP/âTKNGTQO¸PG%WNGIGTGFGUVWFKKTGF0#FâPKNQCKG&$GTKPFGK'F #ECFGOKGK 454 $WEWTG)VK  R  KPFKEâ CRCTK/KC PT  NC  OCTVKG  FWRâEWEGTKTGC$TC)QXWNWKFGEâVTG$GO.KRUKVFGUWEEGU)KGEQW\KCTWN)KCÉPEGVCV CRCTK/KC FWRâ  PWOGTG $QNNKCE RNGEâ NC 2GUVC NC  KWPKG  WPFG EQPVKPWâ GFKVCTGC \KCTWNWK UWD PWOGNG FG Q#OKEWN RQRQTWNWKR ¡PVTG  OCTVKG    FGEGODTKGQ)C\GVCR)KQ(QCKCR)KCWÉPEGVCVCRCTK/KC 80GVGCRKCPWCTKGOCKQ1TICPWNNWOKPâTKKR$NCL TGF6%KRCTKW   OCK    UGRVGODTKG  Q1TICPWN PC/KQPCNR $NCL TGF 6 %KRCTKW)K #TQP2WOPWN   OCKQEVQODTKGQ¡PXâ/âVQTWNRQRQTWNWKR$NCLTGF6%KRCTKW Q'TFÃN[K*KTCFÎR%NWLGF2GVJG(GTGPE\CRQK/ÃJGU5COWGN)K1EUXCK (GTGPE\
$%7%NWLEQVâ*  CRTKNKGQ/ÕNVÃULGNGP*KUVQTKCKÃURQNKVKMCKGTFÃN[KJKTNCRR%NWLTGF 5\KN¶I[K(GTGPE\
$%7%NWLEQVâ2++  OCKPQKGODTKGQ'NNGPÑT2QNKVKMCKNCRR%NWLTGF-ÑX¶TK.¶U\NÎ&Q\UC &¶PKGN
$%7%NWLEQVâ*  

ÉPFGQUGDK EGNGK OCK OKEK FKPVTG PC/KWPKNG CTFGNGPG PC/KWPKK UâUG)VK
FG  FG QCOGPK  .WETWNCEGUVCPWVTGDWKGUâWKOGCUEâCHN¸PFWUG ÉP EQTGNC/KG FKTGEVâ EW ÉPEGRWVWTKNG RTGUGK ÉP 6TCPUKNXCPKC )K EW ÉPFGNWPICVCGZRGTKGP/âUâUGCUEâÉPFQOGPKW   2TKOWN\KCTRQNKVKECNOCTGNWKRTKPEKRCV5KGDGPD×TIGT<GKVWPI  
C HQUV GFKVCV NC 5KDKW FG EâVTG /CTVKP *QEJOGKUVGT 
 ÉPVGOGKGVQTWNFGHCRVCNRTGUGKCTFGNGPG)VK)KRTQRTKGVCTWNRTKOGK NKDTâTKK RGTOCPGPVG FKP #TFGCN  ¡PVTG  )K  \KCTWN É)K UEJKODâ VKVNWN ÉP -TKGIUDQVG RTGNW¸PF CRQK PWOGNG FG 5KGDGPD×TIGT $QVG PWOG UWD ECTG CRâTW VKOR FG  FG CPK FKP  R¸Pâ ÉP  .WK /CTVKP*QEJOGKUVGTÉKWTOCTâECGFKVQTKCK\KCTWNWK/CTVKP*QEJOGKUVGT (KWN  
CRQK
FKP 6JGQFQT5VGKPJCW²GP  /CTVKP *QEJOGKUVGT (KWN HQPFâ RTKOWN \KCT OCIJKCT FKP #TFGCN 'TFÃN[K /CI[CT *KT8KXÑ  
'N FGUEJKUG NC %NWL Q HKNKCNâRGECTGQX¸PFWÉPIKOPC\KWNWKECVQNKEFKPNQECNKVCVG  6KORFGQLWOâVCVGFGUGEQNGFKVWTC*QEJOGKUVGTHWEGCOCK ÉPUGOPCVâ KPUVKVW/KG FG RTGUâ FKP /CTâ 'C NWâ PC)VGTG ÉP XTGOGC TGHQTOGNQT KQUGHKPKEG FCT ÉK UWRTCXKG/WK )K TGIKOWNWK NWK /GVVGTPKEJ  
ÉPRQHKFCCURTGKUCNGEGP\WTK)KCOâUWTKNQTFGEGPVTCNK\CTG  2TKOC IGPGTC/KG FG LWTPCNK)VK CTFGNGPK FG NC 5KGDGPD×TIGT <GKVWPI CRCT/KPGC EGTEWNWK FG ÉPXâ/C/K FKP LWTWN NWK 5COWGN XQP 
.CRQRWNC/KCVQVCNâCOCTGNWKRTKPEKRCV6TCPUKNXCPKC
KPENWUKX2CTVKWO GTCFG 

NQEWKVQTK FKP ECTG  TQO¸PK  OCIJKCTK  IGTOCPK /KICPKCTOGPKGXTGK%H%CTN)ÑNNPGT&KG5KGDGPD×TIGT5CEJUGPKP FGP,CJTGP$WEWTG)VK'F#ECFGOKGK454RECTGRTGKCFCVGNGFKP ,5ÑNNPGT5VCVKUVKMFGU)TQ²H×TUVGPVWOU5KGDGPD×TIGP5KDKW  5KIGTWU R   Q5KGDGPD×TIGT <GKVWPIR 5KDKW GF )K VKRCT /CTVKP *QEJOGKUVGT¡PVTG\KCTWNCRâTWEC)KQ-TKGIUDQVGRCRQKÉPVTGEC )KQ5KGDGPD×TIGT$QVGRKCTÉPVTGECQ*GTOCPPUV¼FVGT<GKVWPIRTGWPKHKECV EWQ5KGDGPD×TIGT$QVGR  &GURTG VKRQITCHKC NWK /CTVKP *QEJOGKUVGT UETKG *CPU /GUEJGPFÑTHGT &CU 8GTNCIUYGUGP FGT 5KGDGPD×TIGT 5CEJUGP 'KP ¯DGTDNKEM 8GTNCI FGU 5×FQUVFGWVUEJGP -WNVWTYGTMU/×PEJGPR  5KIGTWU R   Q&GT 5KGDGPD×TIGT $QVGR 5KDKW GF )K VKRCT /CTVKP *QEJOGKUVGT
(KWN  CRQK /CTVKP *QEJOGKUVGTU 'TDGP KCT FKP  6JGQFQT 5VGKPJCW²GP 4GFCEVQTK)GHK  ,QUGRJ $GPKIPK XQP /KNFGPDGTI  EQ TGFCEVQT)GH ,CMQD 4CPPKEJGT  ,QJCPP *KPV\  CWIWUV   CWIWUV  *GKPTKEJ5EJOKFVCWIWUVUGRVGODTKG-CTN(CDTKVKWU#NQKU5GPV\   Q'TFÃN[K /CI[CT *KT8KXÑR 5KDKW TGF (¶DK¶P &¶PKGN )K %UGTGK 'NGM VKRCT/CTVKP*QEJOGKUVGT
$%7%NWLFG/KPGPTEQVâ*  9&CWIUEJQREKVR 

$TWMGPVJCN ,QJCPP (KNVUEJ /KEJCGN .GDTGEJV ,CMQD #WTGNKWU /×NNGT ,QUGRJ-CTN'FGT&CPKGN)T¼UGT,QJCPP5GKXGTV<KCTWNGTCÉPEâFGRG CVWPEKRWTVâVQTCNKFGKKUVCVCNGC/CTKK#WUVTKKKPVT¸PFCFGUGCÉPEQPHNKEV EW CWVQTKVâ/KNG FKP RTKEKPC WPQT GZRTKOâTK ETKVKEG &GC NWPIWN ÉPVTGIWNWKUGEQNCNNGC\KCTWNRâUVTâCEGNC)KURKTKVCNNQKCNKVâ/KKHC/âFG #WUVTKC  0QWCIGPGTC/KGFGRWDNKEK)VKECTGVTâKPGOKLNQEKVCPKKTGXQNW/KGK PW GTC WPKVCTâ ¡P T¸PFWTKNG GK UG CHNCW ,QUGRJ $GFGWU XQP 5EJCTDGTI .WFYKI XQP 4QUGPHGNF )K 'WIGP XQP (TKGFGPHGNU QCOGPK FG OCTG EWNVWTâ)KFGUEGPFGP/KCKWPQTXGEJKHCOKNKKRCVTKEKCNGUKDKGPG&GQCTGEG QEWRCW EQPEQOKVGPV )K UNWLDG FG ÉPCN/K HWPE/KQPCTK UG ÉP/GNGIG Eâ GTCW RTQOQVQTKK UVCVWU SWQWNWK  1 HKIWTâ RTQGOKPGPVâ GTC ,QUGRJ $GPKIPK XQP /KNFGPDGTI EGP\QT )K TGFCEVQT NC $QVG RTQHGUQT CN #ECFGOKGK IGTOCPG FG FTGRV FKP 5KDKW 2TKGVGPWN UâW ,QJCPP -CTN 5EJWNNGT RTQHGUQT FG IKOPC\KW )K GN TGFCEVQT CN CEGNWKC)K \KCT GTC EQPEQOKVGPV EGP\QT NC 6TCPUUKNXCPKC %QPUKNKGTWN KPVKO $GFGWU XQP 5EJCTDGTI EQNCDQTCVQT CN FKXGTUGNQT RGTKQFKEG CRâTWVG NC *QEJOGKUVGT VTKOKVGC TCRQCTVGUGETGVGEâVTG5GFNPKV\M[)GHWNRQNK/KGKNWK/GVVGTPKEJÉPECTGÉK FGPWP/C RG ,QJCPP )ÑVV #PVQP -WT\ )K CN/K LWTPCNK)VK CK RTGUGK DTC)QXGPG4GFCE/KCOCKEWRTKPFGCE¸/KXCOGODTKVKPGTKPGCRCT/KPâVQTK CK CTKUVQETC/KGK HWPE/KQPâTG)VK )K TGHQTOK)VK OQFGTC/K ,QUGRJ #PFTGCU <KOOGTOCPP ,CMQD 4CPPKEJGT *GKPTKEJ 5EJOKFV #RTQCRG VQ/K EQNCDQTCVQTKKHQKNQTUKDKGPGGTCWLWTK)VKÉPCN/KHWPE/KQPCTKCKUVCVWNWKUCW RTQHGUQTK CK #ECFGOKGK FG FTGRV 5C CHKTOCV Eâ #ECFGOKC UKDKCPâ FG FTGRVCQHGTKVRQRQTWNWKUâUGUEEGKOCKHKPK)KOCKGNGICP/KLWTPCNK)VK  'FWEC/KC )K RQ\K/KC TGFCEVQTKNQT FG NC 5KGDGPD×TIGT $QVG GZRNKEâCVKVWFKPGCNQT&GKFGKTGXQNW/KQPCTGRGRNCPUQEKCNUGUKO/GCW CVTC)KPWOCKÉPOâUWTCÉPECTGCEGUVGCGTCWKORWUGFGURKTKVWNVKORWNWK 
*/GUEJGPFÑTHGTQREKVR 

R
2TGUUGWPF2WDNK\KUVKM  1UMCT 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT XKGT\KIGT ,CJTG ÉP XQN *WPFGTV ,CJTG U¼EJUKUEJGT-¼ORHG<GJP8QTVT¼IGCWUFGT)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPKO NGV\VGP ,CJTJWPFGTV GF )K VKRCT 9 -TCHHV 5KDKW  R  FGURTG .WFYKI XQP 4QUGPHGNF 'WIGP XQP (TKGFGPHGNU ,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVT¼IG \WT <GKVIGUEJKEJVG5KGDGPD×TIGPUKO,JXQN+8KGPCXQN++ 8KGPC9&CWIUEJQREKVR &GURTG,QUGRJ$GPKIPKX'X(TKGFGPHGNUQREKVXQN++R19KVVUVQEM QREKVR 9&CWIUEJQREKVR 19KVVUVQEMQREKVR  

5KGDGPD×TIGT 5CEJUGP .GZKMQP TGF 9CNVGT /[² -TCHV 8GTNCI 6JCWT DGK +PPUDTWEM 

2G RNCP RQNKVKE TGURKPIGCW QTKEG OQFKHKEâTK CNG TCRQTVWTKNQT FG HQT/G +UVQTKQITCHKC
(TKGFTKEJ 6GWVUEJ %CTN )ÑNNPGT  KC GVKEJGVCV FTGRV EQPUGTXCVQTK ¡P HCRV C)CPWOKVWN NQT EQPUGTXCVQTKUO PW ÉPUGOPC CNVEGXC FGE¸V UVCV CWUVTKCE WPKVCT )K CPVKWPKQPKUO HC/â FG 7PICTKC RTQOQXCTGC PC/KWPKNQT ETGFKPEKQCUG ÉORâTCVWNWK  CFKEâ OGP/KPGTGC FTGRVWTKNQTUC)KNQT)KGICNCÉPFTGRVâ/KTGCTQO¸PKNQT  6QVNC*QEJOGKUVGTUGVKRâTGC6TCPUUKNXCPKCNCECTGEQNCDQTCW EGK OCK OWN/K FKPVTG TGFCEVQTKK NWK $QVG &CPKGN 4QVJ FKP  TGFCEVQT)GHCNIC\GVGKFGENCTCNCRTGNWCTGCHWPE/KGKUCNGEâGTCRGPVTW TGHQTOGFCTÉPECFTWNEQPUVKVW/KGKPQCUVTGÉPFGNWPIRTQDCVG)KRGVGTGP KUVQTKE.CÉ)KNâTIKRWPEVWNFGXGFGTG2GPVTWCÉORKGFKECWPKWPGC 6TCPUKNXCPKGK EW 7PICTKC )K COGPKP/âVQCTGC OCIJKCTK\CTG C UC)KNQT GN RTQRWUG ÉPHKKP/CTGC WPGK OQPCTJKK FCEQTQOCPKEG UWD UVâR¸PKTG CWUVTKCEâ EG WTOC Uâ KPENWFâ #TFGCNWN )K EGNG FQWâ RTKPEKRCVG FWPâTGPG  .WK5COWGN(KNVUEJHKWNRTGQVWNWKQTC)WNWK5KDKWÉKCRCT/KPGCQ CNVâGFKVWTâETGCVâÉP(QTOCVNC)GTQNFÉP8KGPC)K$TQEMJCWUFKP .GKR\KIGNÉ)KHQNQUKRTKEGRGTGCNCVKRâTKTGCFGOCPWCNG)EQNCTG)KTGXKUVG #KEK CRâTGC 5KGDGPD×TIKUEJGT 8QNMUHTGWPF C EâTWK CRCTK/KG HWUGUG UVKOWNCVâ FG 5V. 4QVJ 4GFCEVQT)GH GTC ,QJCPP /KEJCGNKU KCT RTKPVTG EQNCDQTCVQTK UG PWOâTC V¸PâTWN )GQTI &CPKGN 6GWVUEJ XKKVQTWN OCTG KUVQTKQITCH UCU 5KGDGPD×TIKUEJGT 8QNMUHTGWPF PW TG\KUVâ ÉPUâ VWOWNVQCUGKRTKOâXGTKCNWKECTGÉKCFWUGUH¸T)KVWN    ¡P EQPEWTGP/â EW \KCTGNG UKDKGPG UG CHNC RTGUC DTC)QXGCPâ%VKVQTWNCEGUVGKCGTC,QJCPP)ÑVV  
 ,QJCPP )ÑVV UG PâUEW NC  FGEGODTKG  NC 9GJTJGKO KO 6CWPWU RTKPEKRCVWN 0CUUCW .C (TCPMHWTV ÉPXâ/â CTVC VKRQITCHKGK ¡P  RQTPK ÉP QDNKICVQTKC FTWOG/KG C WEGPKEKNQT UVTâDâV¸PF QTC)GNG $GTNKP$TGUNCW$T×PP8KGPC)TC\.CKDCEJ6TKGUVG2GUVC)K$WEWTG)VK ¡P  UG UVCDKNK NC $TC)QX#KEKIâUKFGNWETWNCVKRCTPK/CÉPHKKP/CVâÉP 
5COWGN(KNVUEJGTCHKWNNWK,QJCPP(KNVUEJRTGQVCNQTC)WNWK5KDKWÉPVTGO 

.C    RTGQV QTâ)GPGUE GTC ,QJCPP ,QUGRJ 4QVJ  
%H'OKN 5KIGTWU %JTQPKM FGT 5VCFV *GTOCPPUVCFV  /KV  #DD WPF  5VCFVRN¼PGP CWU XGTUEJKGFGPGP ,CJTJWPFGTVGP *QPVGTWU $WEJFTWEMGTGK WPF 8GTNCIUCPUVCNV FGT GXCPIGNKUEJGP.CPFGUMKTEJG#$KP4WO¼PKGP5KDKW  6KRCTPK/C NWK 5COWGN (KNVUEJ TGXGPK WNVGTKQT
FWRâ   IKPGTGNWK UâW ,QJCPP9KNJGNO-TCHHV  
ECTGÉPXâ/CUGOGUGTKCNC)ÑVVÉP$TC)QXVQEOCKÉP CPKK TGXQNW/KGK &WRâ RTKOWN Tâ\DQK OQPFKCN -TCHHV UG CUQEKG EW ,QUGH &TQVNGHH EG ÉPHKKP/CUGNCQGFKVWTâ-TCHHV&TQVNGHHFGXGPKEGCOCKOCTGGFKVWTâIGTOCPâ)K ÉPVTGRTKPFGTGITCHKEâC5WFGUVWNWK*/GUEJGPFÑTHGTQREKVR 

UGEQNWNCNNGCFG,QJCPPGU*QPVGTWUECTGÉKCRCT/KPWUGNWK(TCP\XQP 5EJQDGNP
OQTV ÉP   .C ÉPEGRWVWN CPWNWK  )ÑVV K\DWVK Uâ EWORGTGVKRCTPK/CEQPVTCUWOGKFGVCNGTK¡PQD/KPWEGVâ/GPKC ¡PVGOGKG  
\KCTWN 5KGDGPD×TIGT 9QEJGPDNCVV ECTG FWRâ  FGXGPK-TQPUV¼FVGT<GKVWPI.CHWKPXGUVKVECXCNGTCN1TFKPWNWK (TCP\,QUGRJ¡PUGRGPUKQPâFCTFWRâOQCTVGCRTGOCVWTâCHKWNWK )K CUQEKCVWNWK UâW *GKPTKEJ )ÑVV  
TGXGPK NC EQPFWEGTGC HKTOGK ,QJCPP)ÑVVOWTKNCNâU¸PFVKRQITCHKCÉPITKLCHKWNWKUâW(TKV\ECTG QOQFGTPK\â%¸PFCEGUVCOWTKÉP)VCHGVCHWRTGNWCVâFG(TKV\)ÑVV HKWN 6KRQITCHKC HW EQPHKUECVâ ÉP  )K FGURTQRTKGVâTKVâ HâTâ TâUEWORâTCTG&TGRVWTOCTG-TQPUV¼FVGT<GKVWPIECTGPWÉPEGVCUGC HKGFKVCVÉPVQVCEGUVTâUVKORÉ)KUKUVâCRCTK/KC(TKV\)ÑVVHKWNHWPE/KQPâEC CXQECVCNDKUGTKEKKFGEKTEWOUETKR/KGFKP$TC)QXR¸PâNCGOKITCTGCUCÉP   ¡PUGOPâVCVGC EW VQVWN CRCTVG C NWK )ÑVV ÉP KUVQTKC EWNVWTKK VTCPUKNXCPG RTQXKPG FKP CEVKXKVCVGC UC GFKVQTKCNâ ¡PVGOGKGVQT CN RTGUGK UâUG)VK DTC)QXGPG GFKVQT CN RTKOGNQT \KCTG TQO¸PG)VK FKP #TFGCN )K CN WPWK PWOâT KORTGUKQPCPV FG EâT/K OCPWCNG TGXKUVG ÉP IGTOCPâ TQO¸Pâ)KOCIJKCTâ)ÑVVCHQECNK\CVCVGP/KCKUVQTKEKNQT
UC)KÉPFGQUGDK  RTKPT¸XPCFGFGEGPKKÉPUNWLDCEWX¸PVWNWKUETKU&CEâÉPVTQRGTKQCFâ FG  FG CPK  
CRâTWTâ ÉP 6TCPUKNXCPKC  FG RWDNKEC/KK RGTKQFKEG IGTOCPG GFKVCVG CRTQCRG GZENWUKX FG UC)KK CTFGNGPK
'OKN 5KIGTWU  RTGUC UâUGCUEâ NWâ WP CX¸PV OCUKX FWRâ  RGTKQCFâ EG EQKPEKFG EW ÉPEGRWVWTKNG ÉPVTGRTKPFGTKK NWK )ÑVV &KP EGNG  FG RWDNKEC/KKUâUG)VKVKRQITCHKGKNWK)ÑVVÉKTGXKPGOGTKVWNGFKVâTKKCRGUVGQ )GUKOG FKP CEGUVGC 7VKNK\¸PF RTG/KQCUC DKDNKQITCHKG TGCNK\CVâ FG * 6QPVUEJ XQO EQPVWTC Q KOCIKPG C RGTKQFKEGNQT FKP $TC)QX ÉP NKODC IGTOCPâUEQCUGFGGFKVWTCNWK)ÑVV  OCKOCTVKG5KGDGPD×TIGT9QEJGPDNCVVVKRCT )K GFKVWTâ , )ÑVV )K 9 0GOGVJ #NâVWTK FG 5KGDGPD×TIGT $QVG FKP 5KDKW 9QEJGPDNCVV GTC NC  UKPIWTWN \KCT RGTKQFKE %VKVQTWN )K RTQRTKGVCTWN\KCTWNWK)ÑVVEQPFWEGC)KTGFCE/KCUCKCTFKPCRTKNKG ÉPEGRW Uâ UGOPG\G  OCVGTKCNG TGFCE/KQPCNG %QGFKVQTWN 9KNJGNO 0GOGVJGTCNKDTCT2TKOWNPWOâTCRâTWOKGTEWTKOCKECHQCKG FG RTQDâ
CX¸PF QPQTCVC ÉPEWXKKP/CTG  #N FQKNGC PWOâT KG)K NC  KWPKG  &G CVWPEK ÉPCKPVG CRâTW TGIWNCV ÉP HKGECTG XKPGTK KCT FKP  

5KGDGPD×TIGT5CEJUGP.GZKMQPR9&CWIUEJQREKVR '5KIGTWUQREKVR *6QPVUEJQREKVR 

KCPWCTKGFGFQWâQTKUâRVâO¸PCN
NWPGC)KLQKC ¡PCVKPUGEKHTC TGEQTFÉP6TCPUKNXCPKCFGFGCDQPC/K    7PVGTJCNVWPIUDNCVV H×T )GKUV )GO×VJ WPF 2WDNK\KV¼V5WRNKOGPVNC5KGDGPD×TIGT9QEJGPDNCVV6KRCT)KGFKVWTâ, )ÑVV90GOGVJ   
CPWN    
CPWN   $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG 5WRNKOGPV NC 5KGDGPD×TIGT 9QEJGPDNCVV EQPVKPWCTG NC 7PVGTJCNVWPIUDNCVV 6KRCT )K GFKVWTâ , )ÑVV   PQKGODTKG    /KOQUGP CWU FGO )GDKGV FGT &TCOCVWTIKG
/KOQ\G FG RG VâT¸OWN FTCOCVWTIKGK  5WRNKOGPV GZVTCQTFKPCTNC5D9QEJGPDNCVV&KPKPVTâÉPEWRTKPUWN\KCTWNWK   +PVGNNKIGP\DNCVV 5WRNKOGPV NC 5D 9QEJGPDNCVV EQP/KP¸PFÉP)VKKP/âTKKPHQTOC/KKTGENCOG¡PCRâTWFGFGQTKÉP FGFGQTK(WEQPVKPWCV  
FG$GKYCIGP  KCPWCTKG5CVGNNKV5WRNKOGPVNC5D 9QEJGPDNCVV 6KRCT )K GFKVWTâ , )ÑVV &KP  #PVQP -WT\ FGXGPK EQNCDQTCVQT RGTOCPGPV CN HQKNQT NWK )ÑVV &TGRV WTOCTG 5CVGNNKV UG CFâWIâ NC RWDNKEC/KKNG FGLC GZKUVGPVG &CVQTKVâ ETG)VGTKK KORQ\KVGNQT RG RTQFWE/KKNGFGRTGUâÉPCPWN)ÑVVHWPGXQKVUâUKUVG\GNCKCPWCTKG CNGCEGUVWKCPCRCTK/KCNWK5CVGNNKV)KC$N¼VVGTH×T)GKUV)GO×VJWPF 8CVGTNCPFUMWPFG EC UWRNKOGPVG FG UKPGUVâVâVQCTG CNG \KCTWNWK UâW RTKPEKRCN 
-TQPUV¼FVGT<GKVWPI ÉPUEJKODCEGUVCCRâTWFGCEWOFG QTKRGUâRVâO¸Pâ  5VWPFGPDNWOGPFGT)GIGPYCTV1EWNGIGTG FGCVTâIâVQCTGPWXGNG)KRQXGUVKTKFWRâIWUVWNVKORWNWK5WRNKOGPVNC 5D 9QEJGPDNCVV .WPCT CRâTGC WP ECKGV VTGK ECKGVG HQTOCW WP XQNWOC) ¡P  UG TGPWP/â NC CRCTK/KC CEGUVQT HQK ÉPVTWE¸V PW OCK EQTGURWPFGCW EGTKP/GNQT VKORWNWK 
5D 9QEJGPDNCVV PT  R       PQKGODTKG  $GKYCIGP \WO 5KGDGPD×TIGT 9QEJGPDNCVV  $GKNCIG\WO5KGDGPD×TIGT9QEJGPDNCVV  /CIC\KPH×T)GUEJKEJVG.KVGTCVWT WPF CNNG &GPM WPF /GTMY×TFKIMGKVGP 5KGDGPD×TIGPU 'FKVCV FG #PVQP -WT\ ÉP EQNCDQTCTG EW E¸/KXC RTKGVGPK CK RCVTKGK ¡PVTG  )K  CRâTWTâ QRV ECKGVG ÉP FQWâ XQNWOG ÉP  CN VTGKNGC XQNWO FKP ECTGRTKOWNECKGVGTCGFKVCVFG,QUGRJ6TCWUEJ/CIC\KP GFKVCVFG&T'WIGPXQP6TCWUEJGPHGNUÉPFQWâXQNWOG/CIC\KPWNC EâTWK CRCTK/KG HW KORWNUKQPCVâ )K UWU/KPWVâ EW PWOGTQCUG CTVKEQNG FG 

EQPVGNG -GOÃP[ ,Q\UGH OGODTW CN #ECFGOKGK WPICTG GTC Q TGXKUVâ )VKKP/KHKEâ FGUVKPCVâ KUVQTKGK )K VWVWTQT NWETWTKNQT OGOQTCDKNG )K KG)KVG FKPEQOWPFKP6TCPUKNXCPKC  'ZVTCDGKNCIG\WO5KGDGPD×TIGT9QEJGPDNCVV   OCTVKG    -TQPUV¼FVGT <GKVWPI %QPVKPWC 5KGDGPD×TIGT9QEJGPDNCVV6KRCT)KGFKVWTâ,QJCPP)ÑVVFKPCRTKNKG  ,QJCPP )ÑVV )K HKWN *GKPTKEJ FKP  KCPWCTKG  HKWN NWK ,QJCPP )ÑVV
(TKV\ FKPKCPWCTKGGFKVWTC<GKVWPIU#MVKGP)GUGNNUEJCHV  .C ÉPEGRWV CRâTGC FG FQWâ QTK RG UâRVâO¸Pâ NWPGC )KLQKCFKP CRâTGC)KOCT/GC4GFCE/KCCHQUVÉPETGFKP/CVâFGNCOCTVKGR¸PâNC KWPKGUETKKVQTWNWK/CZ/QNVMGCRQKFKPKWPKGR¸PâNCHKPGNG CPWNWKHWRTGNWCVâFG,QJCPP)ÑVV   #TEJKX FGU8GTGKPUH×T5KGDGPD×TIKUEJG.CPFGUMWPFG 2¸Pâ NC  CRâTW NC 5KDKW VKRCT 6J 5VGKPJCW²GP  6KRCT ,QJCPP)ÑVV$TC)QX#RQKR¸PâÉPHWRWDNKECVâFKPPQWNC5KDKWFG /CTVKP*QEJOGKUVGTU'TDGP)KFWRâCEGGCFG9-TCHHV   5EJWN WPF -KTEJGP\GKVWPI H×T FKG GXCPIGNKUEJGP )NCWDGPUIGPQUUGP 5KGDGPD×TIGPU
<KCT )EQNCT )K DKUGTKEGUE RGPVTW CFGR/KK EQPHGUKWPKK GXCPIJGNKEG FKP 6TCPUKNXCPKC  6KRCT )K GFKVWTâ , )ÑVV 4GFCEVQT)GH , (T )GNVUEJ TGFCEVQTK ,QJ /KEJCGNKU ) )KGUGN 5COWGN 5EJKGN
2NCPWN CEGUVGK HQK HWUGUG GNCDQTCV FG 5V . 4QVJ &CT E¸PF4QVJUQNKEKVâNC)WDGTPKWOÉPÉPEWXKKP/CTGCRGPVTWGFKVCTGC GK HW TGURKPU UWD OQVKXWN Eâ RTKP CTVKEQNGNG UCNG FGENCP)CUG KOKITCTGC EQNQPK)VKNQTUWCDKRTQXQE¸PFCUVHGNTWKPCTGCCEGUVQTC <KCTWNVTGDWKUâ )KÉPEGVG\GEWT¸PFCRCTK/KCHKKPFEâPWFG/KPGCECW/KWPGCEGTWVâFGNGIKNG RTGUGKFGCVWPEK  &GWVUEJG(WPFITWDGH×TFKG)GUEJKEJVG5KGDGPD×TIGPU PQWCGFK/KG6KRCT)KGFKVWTâ,)ÑVV  6WTPGTINQEMG5WRNKOGPVNC-TQPUV¼FVGT<GKVWPI 6KRCT )K GFKVWTâ , )ÑVV 4GF *GKPTKEJ 0GWIGDQTGP ¡P  KG)KTâ  PWOGTGÉPFQCT  &KG1UVITGP\G'FKVWTâ,)ÑVV)KHKWN*GKPTKEJ4GF9 XQP(GJTGPVGKN     $N¼VVGT H×T *CPFGN WPF )GYGTDG KP 5KGDGPD×TIGP6KRCT)KGFKVWTâFG,)ÑVV)KHKWN*GKPTKEJ4GF,QJCPP *KPV\ 
+DKFGO R  '5KIGTWUQREKVRPQVC)CUGRWDNKEC/KKCRâTWVGNC)ÑVV
Q#TEJKX FGU 8GTGKPUR Q5EJWN WPF -KTEJGP\GKVWPIR Q&GWVUEJG (WPFITWDGR Q6WTPGTINQEMGR Q&KG 1UVITGP\GR Q$N¼VVGT H×T *CPFGN WPF )GYGTDG KP  

.CCEGGC)KGFKVWTâHWTâRWDNKECVG)KWTOâVQCTGNG\KCTG)KTGXKUVG TQO¸PG)VK   (QKNG &WOKPGEKK URTG ÉPOWN/KTGC EGK FG QD)VG HQNQUKVÎTG EWPQ)VKP/G#NEâVWKVGFGQUQ/KGVCVGFGÉPXâ/C/K+PVÎVâ5¸ODâVCKXKVG1 LWOâVCVGFGCPCUETKRVWTKPWOGTKFGNC+CPWCTKGR¸PâNCUH¸T)KVWNNWK +WPKG  %W EJGNVWKCNC F 4WFQNH 1TIJKFCP $TC)QX 5 CW VKRâTKV ÉP VKRQITCHKC C NWK ,QCPP )âVV .KVGTG EJKTKNKEG #N FQKNGC XQNWO CXGC  RCIKPK ¡PVTW Q LWOâVCVG FG CP FGNC +C KWPKG RâPâ NC UH¸T)KVWN NWPKK FGEGOXTKG6âNOâEKVGUCWVTCFWUGFWRâNKODCPGO/GCUEâFG+QCPP $CTCE
O   6TCPUNCVQT CN $TC)QXWNWK %W EJGNVWKCNC C F 4WFQNH 1TIJKFCP5 CWVKRâTKVÉPVKRQITCHKCCNWK+QCPP)GVV  +WNKG  (ÎKC UGRVâO¸PGK 4GF )GQTIG $CTK/KW 6KR +ÎP )ÑVV #RâTGC Q FCVâ RG UâRVâO¸Pâ FCT FWRâ RTKOGNG FQWâ PWOGTG VTGDWKUâ)KÉPEGVG\GCRCTK/KCFCVQTKVâKPVGTFKE/KGKEGP\WTKK     
)C\GVC FG 6TCPUKNXCPKC 4GF )GQTIG $CTK/KW 'FKV +ÎP )ÑVV 2¸Pâ NC  C HQUV ÉP RTQRTKGVCVGC HCOKNKGK /WTG)KCPW &KP  OCTVKG  R¸Pâ ÉP  CRâTW Q FCVâ RG UâRVâO¸PâFKPR¸PâÉPFGFQWâQTKFKPR¸PâÉPFG VTGKQTKCRQK\KNPKE&KPUGPWOK)C\GVC6TCPUKNXCPKGK.CÉPEGRWV HW UGOKEJKTKNKEâ FKP  CRâTW EW NKVGTG NCVKPG  TGFCEVQT +CEQD /WTâ)KCPW CRQK &T #WTGNKW /WTâ)KCPW 2¸Pâ ÉP  CRâTW NC ,QJCPP)ÑVV  KCPWCTKG(ÎKC.KVGTCTâ&KPKWNKGCRâTWEC UWRNKOGPV CN )C\GVGK FG 6TCPUKNXCPKC UWD PQWN VKVNW (ÎKC RGPVTW /KPVG+PKOâ)K.KVGTCVWTâTGF)$CTK/KWVKR,)ÑVV+G)GCQFCVâRG UâRVâO¸Pâ+CEQD/WTG)KCPWCHQUVTGFCEVQT)GHÉPVTGNWPCOCTVKG)K   #RTKNKGKWPKG'URCVTKCVWNTGF%GUCT$QNNKCEVKR,)ÑVV PWOGTG  .CGFKVWTCNWK,QJCPP)ÑVVCRâTWÉPVTG)K)K\KCTWNÉP NKODC OCIJKCTâ 'TFÃN[K *KTNCR FCT EQNCDQTCTGC GFKVQTWNWK EW RWDNKEK)VKKTQO¸PKHWOWNVOCKHTWEVWQCUâ   
5KGDGPD×TIGPR  RG ECTG COâPWP/KVC DKDNKQITCHKG GZRNKECVKXâ C NWK * 6QPVUEJ NG QOKUGUG *6QPVUEJQREKVR&CVGNGNWK6QPVUEJFGXKC\âHC/âFGEGNGCNGNWK8CUKNG 0GVGCXG\KPQVC 9&CWIUEJQREKVR  

5KGDGPD×TIGT 9QEJGPDNCVV FKP $TC)QX FGUEJKUG ÉP RTGUC RQNKVKEâ UâUGCUEâ WP EWTGPV PQW 6Q/K CWVQTKK CW TGNGXCV ECTCEVGTWN OQFGTP FKPCOKE CN OCVGTKCNGNQT RWDNKECVG CKEK ECTG FG)VGRVCTâ KPVGTGUWNEKVKVQTKNQTCUVHGNGZRNKE¸PFWUG)KPWOâTWNTKFKECVCNCDQPC/KNQT <KCTWN CXW FG NC ÉPEGRWV WP UWEEGU HWNOKPCPV CVKPI¸PF NC  WP PWOâT  PGOCKÉPV¸NPKV R¸Pâ CVWPEK  FG  FG CDQPC/K /GTKVWN RTKPEKRCNCNRWDNKEKUVKEKKDTC)QXGPGEQPUVâÉPOQFWNHâTâQEQNK)WTKÉPECTG CFWEGCRTQDNGOGNGXKG/KKUâUG)VKÉPHC/CRWDNKEKVâ/KKEQPVTKDWKPFCUVHGNNC FGRâ)KTGCVKOKFKVâ/KKRCTCNK\CPVGHC/âFGCEGCUVC'UVGEC)KEWOCO EKVK ÉPVTWPWN FKP PWOGTGNG FG ÉPEGRWV CNG NKVGTCVWTKK \KNGK  
#KEK EC )K CEQNQ UG XQTDG)VG FGURTG DâVâNKC NKODKK 
5RTCEJMCORH  IGTOCPKVCVG URKTKV EQOWPKVCT EQOCUCTG )EQCNâ EKXKEâ GOCPEKRCTGC GXTGKNQT UKUVGOWN ECUGTKKNQT HKNKCNK\CTGC EQOWPKVâ/KNQT GXCPIJGNKEG UGRCTCTGCUGTXKEKWNWKTGNKIKQUFG)EQCNâ)CUETKC#5EJWNNGTNC  2TKP CFQRVCTGC WPWK VQP OCK TCFKECN \KCTWN É)K CVTCUG EQNCDQTCTGCWPGKIâT\KFGVKPGTGVCNGPVG)&6GWVUEJ5V.4QVJ'NKCU 4QVJ 2GVGT .CPIG /CTVKP 5EJPGNN -CTN /CCIGT #6 .CWTKCP
EW CTVKEQNG ÉP NKODC IGTOCPâ  )GQTI &CPKGN 6GWVUEJ  
ÉPCKPVG FG TGXQNW/KG FCUEâN CRQK
FWRâ   TGEVQTWN IKOPC\KWNWK FKP 5KIJK)QCTC GUVG CWVQTWN C PWOGTQCUG CTVKEQNG ÉP HQKNG NWK )ÑVV 5RKTKVWN UâWRTQITCOCVKE)KECNKVâ/KNGFGDWPQTICPK\CVQTCXGCWUâNÉPUQ/GCUEâ)K ÉPCEVKXKVCVGCUCWNVGTKQCTâECGRKUEQRCNDKUGTKEKKGXCPIJGNKEGUâUG)VKFKP 6TCPUKNXCPKC  
5V.4QVJECTCEVGTK\CVFG))×PFKUEJFTGRV TGHQTOKUV EQPUGTXCVQT FKP  RTGQV ÉP /Q)PC PWOKV NC HKPGNG NWK  OGODTW CN %QOKVGVWNWK FG RCEKHKECTG ÉPEGTEâ RTKPVTQ CVKVWFKPG OQFGTCVâ Uâ /KPâ ÉP HT¸W XKQNGP/GNG RG ECTG NG \âOKUNK TGXQNW/KC &KP QTFKPWNNWK%U¶P[.CFKUNCWHWCTGUVCVKCTVTKDWPCNWNOCT/KCNFKP%NWLÉN EQPFCOPâ NC OQCTVG RTKP ÉORW)ECTG 
OCK   2GVGT 6 .CPIG 
#5EJWNNGT0GWGU.GDGPÉPXQN*WPFGTV,CJTGU¼EJUKUEJGT-¼ORHGRR 

(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPH×TFCUU¼EJUKUEJG8QNM8GTNCI 9-TCHHV5KDKWXQN+++R*6QPVUEJQREKVRGVE #5EJWNNGTQREKVR2TKOCRCTVGCEKVCVWNWKGUVGRTGNWCVâCRTQCRGNKVGTCNHâTâ IJKNKOGNG  
FG%CTN)ÑNNPGT&KG5KGDGPD×TIGT5CEJUGPKPFGP4GXQNWVKQPULCJTGP 'F#ECFGOKGK454$WEWTG)VKR  $KQITCHKC NWK ) & 6GWVUEJ C HQUV TGCNK\CVâ FG HKWN UâW (TKGFTKEJ 6GWVUEJ )GQTI &CPKGN6GWVUEJ)GUEJKEJVGUGKPGU.GDGPU&TWEMWPF8GTNCIXQP9-TCHHV5KDKW  )WUVCX )×PFKUEJ &GWVUEJGU 8QNMUYGTFGP KP 5KGDGPD×TIGP  
 -TCHHV  &TQVNGHH5KDKWR1RGTCRTGEWO)KXKC/C)KHCRVGNGNWK5V.4QVJ 
PQKGODTKG    OCK   UWPV EGN OCK DKPG FQEWOGPVCVG ÉP EGNG  XQNWOG 5V . 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG  ÉPITKLKVG FG 1VVQ (QNDGTVJ 7NVKOWN XQNWO ECTG EWRTKPFGCPKKCCRâTWVNCGFKVWTC9CNVGTFG)TW[VGT%Q$GTNKP 

EQPFWEGCRTKOCECUâFGGEQPQOKKFKP6TCPUKNXCPKCÉPVGOGKCVâFGGNNC  ECTG É)K RTQRWPGC PW  ÉPOWN/KTGC CXGTKNQT EK RTQOQXCTGC TQUVWTKNQTWOCPG)KCDWPâUVâTKKRWDNKEG
(T6GWVUEJ #XQECVWN'NKCU 4QVJ GTC EQPUKNKGT CN /CIKUVTCVWNWK DTC)QXGCP HKKPF WPWN FKP EGK FQK FGRWVC/KUC)KFKPNQECNKVCVGÉP&KGVCFKP%NWLECTGXQVâWPKWPGCNCOCK 'WIGPXQP(TKGFGPHGNUÉKCVTKDWKCNGIâVWTKEW-QUUWVJRTG\GPV)KÉP 2CTNCOGPVWN FG NC 2GUVC 'NKCU 4QVJ CT HK LWECV TQNWN FG QKPHQTOCVQT )K CIGPVRCNNWK-QUUWVJWTO¸PFWNRGCEGUVCNC&GDTGEGPWPFGOWTKFG JQNGTâ 0GIWUVQTWN -CTN /CCIGT GTC CFOKPKUVTCVQT CN EQOWPKVâ/KK QTC)WNWK$TC)QXÉPHWWPWNFKPEGKFGNGIC/KDTC)QXGPKVTKOK)KNC CFWPCTGC PC/KQPCNâ GZVTCQTFKPCTâ C 7PKXGTUKVâ/KK UâUG)VK FKP  KWPKG 6GQNQIK RTQHGUQTK FG IKOPC\KW EJKCT EQOGTEKCP/K )K E¸/KXC OG)VG)WICTK
%CTN )ÑNNPGT  GK UG XGFGCW GZENW)K FG NC Q ECTKGTâ HWPE/KQPâTGCUEâ)KXâFGCWWPKPVGTGUFGQUGDKVHC/âFGTGHQTOGNKDGTCNG  .QT NK UG CUQEKCTâ ÉP EWT¸PF FQK QCOGPK FG NKVGTG .GQRQNF /CZKOKNKCP/QNVMG)K#PVQP-WT\ECTGPWRTQXGPGCWFKP#TFGCN/CK RW/KP VTKDWVCTK OGPVCNKVâ/KK NQECNG URKTKVWN NQT OQFGTPKUV E¸)VKIâ KPHNWGP/â)KEQPVTKDWKNCFKTGE/KCCFQRVCVâFGRTGUCDTC)QXGCPâ/QNVMG NWETCNC)ÑVVFKP)KFGXGPKWPWNFKPEQNCDQTCVQTKKNWKFGDC\â¡PVTG OCTVKG)KKWPKGRTGNWâTGFCE/KCNWK-TQPUV¼FVGT<GKVWPI'UVG CWVQTWNXGTUWTKNQT5KGDGPD×TIGP.CPFFGU5GIGPU
6TCPUKNXCPKG/CTâ CDKPGEWX¸PVâTKK VTCPURWUGOGNQFKEFG,.*GFYKIWPWNFKPEGNGOCK RQRWNCTGE¸PVGEGUâUG)VKUKODQNK\¸PFKOPWNPC/KQPCN  #PVQP -WT\ CLWPUG ÉP #TFGCN NC  EC UGETGVCT CN EQPVGNWK -GOÃP[ RTKP KPVGTOGFKWN EâTWKC HâEW EWPQ)VKP/â EW )ÑVV &KP  RWDNKEâKPVGPUÉP$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFG)KÉP 5CVGNNKV ¡PVTWE¸V CTVKEQNGNG KUVQTKEG GTCW RTGC PWOGTQCUG RGPVTW EWRTKPUWN UWRNKOGPVGNQT NWK 9QEJGPDNCVV -WT\ UG FGEKUG Uâ UEQCVâ Q TGXKUVâKUVQTKEâEWURTKLKPWNNWK)ÑVV)GQTIG$CTK/KW)K6KOQVGK%KRCTKW UGCTâVCTâFKURW)KUâEQNCDQTG\GNCCEGCUVC¡PUâ#NDWOH×T)GUEJKEJVG .KVGTCVWT WPF CPFGTG &GPMY×TFKIMGKVGP 5KGDGPD×TIGPU
#NDWO FG 
(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPXQN+++R 'WIGPXQP(TKGFGPHGNUQREKVXQN++R&GUGOPCTGCNWK'NKCU4QVJECFGRWVCV

DTC)QXGCPNC&KGVCFKP%NWLCRCTGÉPFQEFKPOCKRWDNKECVÉP&QEWOGPVG RTKXKPF TGXQNW/KC FG NC  ÉP /âTKNG TQO¸PG % 6TCPUKNXCPKC XQN +8  OCK 'F #ECFGOKGK454R -CTN/CCIGTGUVGOGP/KQPCVFGRKNFâÉPFQWâFQEWOGPVGFKP$TC)QXFCVCVGNC KWPKG  1TKIKPCNG #TJ 0C/ $TC)QX (QPF /CIKUVTCV PT FQE  HQVQ
#TJKXC+PUV+UVQTKG%NWL PTFQEHQVQ %CTN)ÑNNPGTQREKVR &GURTG/CZ/QNVMGX5KGDGPD×TIGT5CEJUGP.GZKMQPR 

KUVQTKG NKVGTCVWTâ )K CNVG HCRVG OGOQTCDKNG FKP 6TCPUKNXCPKC  PW CRâTW EâEK EGP\WTC KPVGT\KUG CRCTK/KC TGXKUVGK -WT\ UEJKODâ VKVNWN )K FGENCTâ QHKEKCNEâXCGFKVCQECTVGÉPOCKOWNVGCRCTK/KKCPWOG/CIC\KPH×T )GUEJKEJVG .KVGTCVWT WPF CNNG &GPM WPF /GTMY×TFKIMGKVGP 5KGDGPD×TIGPU -WT\ CPWP/C EQP/KPWVWN TGXKUVGK ÉP 9QEJGPDNCVV WP CFGXâTCV RTQITCO NKDGTCN ÉP EJGUVKWPGC PC/KQPCNâ #FGXâTCVWN EGVâ/GCPECTGPWFQTGCUâXGIGVG\G)KUâTâO¸PâHTCIOGPVWNOQTVCN WPWK ÉPVTGI XKW RWVGC Uâ UG KPHQTOG\G CKEK FGURTG TGNC/KKNG UVCVWNWK 2TKPRWDNKECTGCEGTEGVâTKNQTKUVQTKEGTGXKUVCXQKCUâETGG\GQRWPVGÉPVTG EKVKVQTK )K VTGEWVWN RQRQTWNWK KCT KUVQTKC GTC ÉP/GNGCUâ EC )EQCNâ C OQTCNKVâ/KKFTGRVâ/KKNKDGTVâ/KK2TKPRTQOQXCTGCEQP)VKKP/GKPC/KQPCNGC FKHGTKVGNQTRQRQCTGVTCPUKNXCPG/CIC\KPUGFQTGCCHKWPGNGOGPVFG NGIâVWTâÉPVTGPC/KQPCNKVâ/K5âUHâT¸OâOWT¸VCDCTKGTâFKPVTGPC/KWPK)K FKHGTGP/GNG FG NKODâ )K CEQNQ WPFG ÉORâEKWKVQCTGC )VKKP/â )KC FGUEJKU ECNGC URTG RTQOQXCTGC UEQRWTKNQT PC/KQPCNG EQOWPG Uâ HKG DKPGXGPK/K EGKECTGUGKPVGTGUGC\âFGKUVQTKGNQEWKVQTKK/QNFQXGK8CNCJKGK7PICTKGK )K)GTOCPKGK.CTGCNK\CTGCCEGUVWKUEQRCNâVWTKFG-WT\NWETCTâ)KCN/K VTCPUKNXâPGPK )K ÉP URGEKCN EQPVGNG -GOÃP[ EW OWNVG CTVKEQNG KPENWUKX FGURTG KUVQTKC TQO¸PKNQT %QPEGRVWN EQNCDQTâTKK UWRTCPC/KQPCNG UG K\DK ÉPUâ FG TG\KUVGP/â ÉP VCDâTC PC/KQPCNK)VKNQT OCIJKCTK UG CFâWICTâ HTKE/KWPKNGEWEGP\WTC)KÉPURGEKCNRTQDNGOGHKPCPEKCTG#)CUGHCEGEâ /CIC\KPCRâTWFQCTÉPVTG-WT\TâOCUGWPRTKGVGPUKPEGT CN TGXQNW/KGK OCIJKCTG ¡PHQECVWN UâW RCTVK\CPCV RGPVTW ECW\C WPKWPKK 6TCPUKNXCPKGK EW 7PICTKC ÉK CVTCUG FKP RCTVGC UC)KNQT OCK UEGRVKEK DâPWKCNC Eâ CT HK WP GOKUCT RNâVKV CN NWK -QUUWVJ %QPUGEXGPV EW UKPG ÉPUW)K OWTK ÉP NWRVC FG NC #NDG)VK  5KIJK)QCTC 
KWNKG   EC CFLWVCPVCNNWK$GO  &CEâ 9QEJGPDNCVV GTC Q VTKDWPâ FG NC ECTG UG EQOGPVCW UVTKPIGPVGNG CEVWCNKVâ/K CNG XKG/KK RQNKVKEG UWRNKOGPVGNG UCNG VTCPUITGUCW GXGPKOGPVWNEQVKFKCPRTKPPWOGTQCUGTGHGTKTKEWNVWTCNGKUVQTKEGUQEKCNG )K KPHQTOCVKXOQPFGPG +UVQTKEWN #FQNRJ /CTKGPDWTI VTCVC EW RTGFKNGE/KG VGOG FKP RGTKQCFC XQKGXQFCVWNWK VTCPUKNXCP %QNCDQTCVQTKK OCIJKCTKCKHQKNQTNWK)ÑVVRTGEWOEQPVGNG-GOÃP[UCWDCTQPWN,QUKMC /KMNQU RTG\GPVCW UGEXGP/G FKP XKC/C PQDKNKOKK #N FQKNGC RTQDCDKN EGN OCKDWPUETKKVQTOCIJKCTFKP6TCPUKNXCPKCVKORWNWKRWDNKEâÉPIC\GVGNG UâUG)VKRâT/KFKPTQOCPGNGUCNGHTGUEGFKPKUVQTKCCTKUVQETC/KGKWPICTG 

&GURTG#PVQP-WT\X9&CWIUEJQREKVR)KOCKCNGU%CTN)ÑNNPGT# 9&CWIUEJQREKVR

-WT\.GDGPWPF9GTMÉP(QTUEJWPIGP5KDKW:PTR  

&CEâ UVCFKWN KPEKRKGPV CN RTGUGK HWUGUG FGRâ)KV NC  KCT ÉPUGOPâVCVGCGKECCOXQPCNVKORWNWK
5V.4QVJ HWUGUGTGEWPQUEWVâ NC  )K ÉP URGEKCN FWRâ FGUHKKP/CTGC FG KWTG C EGP\WTKK FG\DCVGTGC FGUEJKUâ C RTQDNGOGNQT RWDNKEG NWâ CORNQCTG )ÑNNPGT IâUG)VG OGTKVWN RTKPEKRCN CN RGTKQFKEGNQT FKP $TC)QX ÉP OQFWN  NQT FGICLCV FG C VTCVC EJGUVKWPKNGUQEKCNGGEQPQOKEG)KRQNKVKEGCNGEQPVGORQTCPGKVâ/KKEGGCEG CTHKEQPVTKDWKVGUGP/KCNOGPVGNCFGRâ)KTGCVKOKFKVâ/KKÉPCDQTFCTGCNQT 2QRQTWNWK UâUGUE KCT HK TGXGPKV WP XKKVQT OâTG/ FCEâ CT HK HQNQUKV OKLNQCEGNGGRQEKKKCTRTGUCGTCWPWNFKPVTGOKLNQCEGNGGRQEKKRGPVTWC RTQITGUC CNGTV ÉP CITKEWNVWTâ OG)VG)WIWTK ÉPXâ/âO¸PV ÉP NKDGTC FG\XQNVCTGPC/KQPCNâRTKPVTCPUHQTOCTGCCFOKPKUVTC/KGK)KRâVTWPFGTGC WPWK URKTKV OCK NKDGT ÉP EQVNQCPGNG RTâHWKVG CNG XGEJKK DKTQETC/KK
(T 6GWVUEJ    +CVâ E¸VGXC FCVG FGURTG HTGEXGP/C TGIWNCTKVCVGC )K XQNWOWN LWTPCNGNQTUâUG)VK  .C 5KDKW 5KGDGPD×TIGT $QVG CRâTGC ÉP RCVTW HQK FG HQTOCV OCTG UVTWEVWTCVG RG RTQDNGOG EG CEQRGTGCW UWDVKVNWN UâW <KCT FG KPVGTGUG RCVTKQVKEG KUVQTKG )K EWNVWTâ ETQPKEâ OQPFKCNâ 2TKOC RCIKPâ EQP/KPGC WP CTVKEQN FG HQPF ECTG EKTEWOUETKC NC ÉPEGRWVWN HKGEâTWK CP RTQITCOWNTGFCE/KGKKCTFGQDKEGKGTCWPGUGWCUWRTCCXCTKKEJGUVKWPK XK\¸PF OWPKEKRCNKVCVGC UCW EGTEWTK EGVâ/GPG)VK OCK NCTIK ¡P EWTUWN Tâ\DQKWNWKFGNCRCIKPCFKPHC/âÉPUâHWQEWRCVâCRTQCRGGZENWUKX FGEQOWPKECVGQTFQPCP/GRTQENCOC/KKHKGCWUVTKGEGHKGOCIJKCTGEG UWIGTCW HKFGN CVOQUHGTC EC\QPâ ¡P RCIKPKNG FKP OKLNQE WTOCW Q RCTVG CFOKPKUVTCVKXâEW)VKTKFKP&KGVCVTCPUKNXCPâ)KFKP2CTNCOGPVWNWPICTQ VTGEGTG ÉP TGXKUVâ C RTKPEKRCNGNQT GXGPKOGPVG KPVGTPG CTFGNGPG)VK FKP KORGTKW)KFKP7PICTKCCRQKXG)VKRQNKVKEGFKPNWOGCNCTIâRTKPEKRCVGNG FWPâTGPG2TWUKC/CTGC$TKVCPKG(TCP/CUCW#OGTKECFG0QTF7NVKOC RCIKPâ GTC TG\GTXCVâ KPHQTOC/KKNQT HKGTDKP/K FG WNVKOâ QTâ FCT )K TGENCOGNQT)KCPWP/WTKNQT  2GTURGEVKXC RQNKVKEâ OQFKHKEâ ÉP EKVKVQTK RGTEGR/KC )K QTK\QPVWN CEVWCNKVâ/KK .C ÉPEGRWVWN CPWNWK  FG RKNFâ TGXQNW/KC HTCPEG\â UG FG\XQNVâ RTQITGUKX R¸Pâ NC FKOGPUKWPKNG WPWK TQOCP HQKNGVQP %¸PF UEWTV VKOR OCK V¸T\KW TGXQNW/KC EWEGTK 'UVWN ÉP RC)K FG OCT) RTGUC )K NGEVQTKK UâK ÉP/GNGUGTâ Eâ RQNKVKEC GZVGTPâ ÉPUGOPC EGXC OCK OWNV FGE¸V NKVGTCVWTâFGFKXGTVKUOGPVGTCGZVTGOFGCEWVâ)KRTG\GPVâÉPEQVKFKCP #VKVWFKPGCQFKPKQCTâFGVC)CVâUGVTCPUHQTOâÉPKORNKECTG 
%CTN)ÑNNPGTQREKVR  

¡PNWPCOCTVKG\KCTWNCRâTGCFGVTGKQTKRGUâRVâO¸PâCRQK FGRCVTWQTK&WRâEGCFGCFQWCDâVâNKGFGNC5KDKWFKPOCTVKG E¸PFQTC)WNHWQEWRCVFGCTOCVCNWK$GOK\DWVKUâCRCTâFQCTFGFQWâ QTK UâRVâO¸PCN FCVQTKVâ EWTUWNWK PGTGIWNCV CN RQ)VGK 5G OGP/KPW HQTOCVWNKPQEVCXQ  6TCPUUKNXCPKCEWPWOGTGRG)KÉPEâPWOGTGR¸Pâ NCOCTVKGCDQTFC)KGCGXGPKOGPVGNGRQNKVKEGÉPPQVGKPHQTOCVKXG )KGUGWTK  5KGDGPD×TIKUEJGT 8QNMUHTGWPF CWVQECTCEVGTK\CV FTGRV WP 5âRVâO¸PCNRGPVTWQTâ)GPK)KUâVGPKKG)GCXKPGTGCKCTFWRâPTFKP  OCTVKG  OCT/GC )K XKPGTGC 2TG/WN UGOKCPWCN RGPVTW RTKOC LWOâVCVGCNWKGTCFGHNQTKPOEKCTEWGZRGFKGTGRQ)VCNâRGPVTW CDQPC/KFGHNQTKP)KETâK/CTK%QP/KPGCRGUGE/KWPKKPHQTOC/KK+WVKNG ++ CITKEQNG +++ FKUVTCEVKXG +8 FKXGTUG PQWVâ/K KPVGTPG )K GZVGTPG 5WD WNVKOC TWDTKEâ UG RWDNKECW )K TGENCOG 
FG IGPWN #PWP/ EâVTG IQURQFCTKK ECTG XQT Uâ RTQFWEâ CPWN CEGUVC UHGENâ RGPVTW HCDTKEC FG \CJâTFKPNQECNKVCVG   7PVGTJCNVWPIGP CWU FGT )GIGPYCTV CXGC WP RTQHKN EWNVWTCN RQNKVKERTG\GPVCVÉPECKGVGCRâTWVGÉPVTGNWPKNGOCKQEVQODTKG EWCRTQZKOCVKXRCIKPKHQTOCVOKEHKGECTG  ¡PNC$TC)QX9QEJGPDNCVVCRâTWÉPPWOGTGEWWP VQVCNFGRCIKPKHQTOCVOCTG#V¸V5KGDGPD×TIGT9QEJGPDNCVVE¸V)K 5CVGNNKVXGPGCWEWFQWâCRCTK/KKUâRVâO¸PCNGHTGEXGP/âRâUVTCVâ)KÉP NCWPEQP/KPWVECPVKVCVKXCRTQCRGFWDNCV¡PCEGUVCP9QEJGPDNCVV KG)GC NWPGC )K OCT/GC KCT 5CVGNNKV OKGTEWTGC )K U¸ODâVC $N¼VVGT H×T )GKUV)GO×VJWPF8CVGTNCPFUMWPFGUGGFKVCTâÉPPWOGTGÉPCPWN EWWPVQVCNFGRCIKPK      

.C$KDNKQVGEC$TWMGPVJCN
EQVC2+++ UGCHNâEQNGE/KCEQORNGVâCNWK5CVGNNKVPT  KCPWCTKG   FGEGODTKG  5KGDGPD×TIGT 9QEJGPDNCVV UG IâUG)VG NC CEGGC)KDKDNKQVGEâ
CEGGC)KEQVâ )KNC$KDNKQVGEC%GPVTCNâ7PKXGTUKVCTâFKP%NWL
EQVC*  <KCTWNÉ)KÉPEGVGC\âCRCTK/KCNCPTFKPOCTVKG8G\KPTNC #TJKXGNG0C/KQPCNG5KDKW
EQVC++ )KPTNC$%7%NWL$N¼VVGTH×T)GKUV )GO×VJWPF8CVGTNCPFUMWPFGGZKUVâNC$KDNKQVGEC$TWMGPVJCN
EQVC2++  

5KGDGPD×TIKUEJGT8QNMUHTGWPFPTHGDTWCTKG 

++#0++4'81.7-+'+ 

         

    &GDWVWNCPWNWKPWUGFGQUGDGCEWPKOKEFGEGNGFKPCPKK CPVGTKQTK 4GFCE/KC \KCTWNWK Q5KGDGPD×TIGT $QVGR NG CFTGUC EKVKVQTKNQT VTCFK/KQPCNWN UCNWV %W RTKXKTG NC ÉPFGNWPICVC UC CEVKXKVCVG $QVG TGOCTECKTQPKE  2GPVTWCCQCTâ5KGDGPD×TIGT$QVGÉPEGRGCPWN)KÉPEâPW UKOVG UNCXâ &QOPWNWK PKEK WP UGOP FG TCOQNGCNâ)KOCTCUOWUUGPKNKU QDUGTXCVGNCGNFGCPWOKVGUWHNGVGECTKVCDKNG)KEQNCDQTCVQTKCKQIQTWNWK LWTPCNKUVKE)KFKPECTGCEG)VKCCTXQKUâKRTQHG/GCUEâCRTQRKCVCTâRQUCTG UWHNGVGCUEâ%QPEQOKVGPV\KCTWNÉ)KCHKTOCETGFQWN#)CURGTâGNÉPVTQ NCTIâCWFKGP/â)KÉ)KEQPVKPWâECNGCHKFGNXGEJKKUCNGNQ\KPEK6QVWNRGPVTW RTKPEKRGRCVTKGCFGXâT)KKORCT/KCNKVCVG  .C LWOâVCVGC NWK KCPWCTKG  $QVG )K Q8QNMUHTGWPFR VTCVCW PQWCNGIGFGTGETWVCTGGZGEWVCVâÉPOCPKGTâOGFKGXCNâNC6¸TIW/WTG) )K(âIâTC)  ¡P HGDTWCTKG 5KGDGPD×TIKUEJGT 8QNMUHTGWPF TâURWPFGC NC ÉPVTGDCTGC%GRQV)KVTGDWKGUâHCEâÉPXâ/âVQTKKRQRQTWNWKUâUGUERGPVTW CFG)VGRVCÉPKPKOKNGVKPGTKNQTFTCIQUVGCFGRCVTKG! 6TCPUUKNXCPKCÉP EQPVTCFKE/KG EW QTKGPVCTGC UC WNVGTKQCTâ FGFKEC WP URC/KW NCTI WPWK CTVKEQN
RTGNWCVFKPQ/WNVÃULGNGPR FGURTGTGWPKHKECTGC2CTVGUWNWK)K FQTKP/C WPKWPKK 6TCPUKNXCPKGK EW 7PICTKC #WVQTWN WP QO FG UVCV EW RQ\K/KG ÉPCNVâ WVKNK\CUG ÉPEâ ÉP &KGVGNG FKP  CEGCUVâ RTG\GPVCTG EG EWRTKPFGC ÉP FQWâ RâT/K RN¸PIGTKNG 5VâTKNQT TGICVWNWK 
Q5KGDGPD×TIGT$QVGRPTKCPWCTKGR(KRCIKPCFGVKVNWEQPHKTOâEâ GTCCNNGCCPFGCRCTK/KG2TKPWTOCTGCPWN+CTHKHQUV¡PQ$QVGRKPFKEC CPWNFGCRCTK/KGFGEKCPWN+CTHKHQUV5KIGTWUQREKVRUETKGQ5D$QVGC CRâTWVFKPR  
2¸PâCEWOPWCOIâUKVRTKOWNCPFGCRCTK/KGC\KCTWNWK'NPWUG RâUVTGC\âNC$KDNKQVGEC$TWMGPVJCNQTKNC#TJKXGNGFKP5KDKWPKEKNC$%7%NWLPKEKNC $KDNKQVGEC#ECFGOKGK$WEWTG)VK  Q5D $QVGR PT   KCPWCTKG  R  PT   HGDTWCTKG  R  Q5D 8QNMUHTGWPFRPTKCPWCTKGR 5D8QNMUHTGWPFPTHGDTWCTKGR 

 %TQPKECRTGUGKUKDKGPG
Q5KGDGPD×TIGT$QVGRQ6TCPUUKNXCPKCR Q5KGDGPD×TIKUEJGT8QNMUHTGWPFR Q7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR)C  

WPICT OQVKXGNG FKP ECTG UG EGTGC ÉPCRQKGTGCKOGFKCVCCC)CPWOKVGNQT 2CTVGU TGCRRNKECVCG RTGEWO )K FQTKP/C FG WPKTG C 6TCPUKNXCPKGK EW 7PICTKC)KCPWOGÉPTCRQTVWNGZKUVGPVÉPCKPVGFG  6TCPUUKNXCPKC RWDNKEC Q UWEEGUKWPG FG TGRNKEK CFTGUCVG NWK 5CVGNNKV<KCTWNDTC)QXGCPCEW\CUGEQOWPKVCVGCQTC)WNWK5KDKWEâPW UG KORNKEC ÉP CE/KWPK FGUVKPCVG DKPGNWK QD)VGUE 5RKTKVWN EQPEWTGP/KCN)K CPKOQ\KVCVGC GZKUVGPVâ ÉPVTG EGNG FQWâ EGVâ/K NG RNCUC NC K\DWEPKTGC TGXQNW/KGKFKPUVCTVRGRQ\K/KKQRWUG  &KPOCTVKGGXGPKOGPVGNGUGRTGEKRKVCTâ  &CEâ \KCTGNG DTC)QXGPG CPWP/CTâ FGENCP)CTGC TGXQNW/KGK HTCPEG\G )K FGUETKUGTâ \KNGNG FG  HGDTWCTKG NC 2CTKU ÉP UEJKOD Q8QNMUHTGWPFR VTCPUOKVGC TGNCVCTGC CWUVTKCEWNWK %CUVGNNK FGURTG ÉPV¸ORNâTKNG FKP 8KGPC CFâWI¸PFWUG RWDNKECTGC RCVGPVWNWK KORGTKCN FGNCLWOâVCVGCNWPKKOCTVKG%KVKVQTKKCHNCTâEâNCOCTVKG/CKGUVCVGC 5CCRQUVQNKEâEEFGEKUGUGTKFKECTGCEGP\WTKK)KKOGFKCVCRWDNKECTGCWPGK NGIKCRTGUGK.KDGTâGUVGRTGUC5VTKIâVWNFGDWEWTKGFGRGRCIKPCFG VKVNWRâTGCUâXGUVGCUEâVKORWTKPQK  ¡P CEGNC)K VKOR FKP 2GUVK JKTNCR HW RTGNWCV Q EQTGURQPFGP/â ECTGFGUETKCCVOQUHGTCFKP2GUVCNCOCTVKG)KTGFCEGNGRWPEVGCNG /CPKHGUVWNWK EâVTG PC/KWPGC WPICTâ .C HGN EC )K 5KGDGPD×TIGT 9QEJGPDNCVV$QVGKPHQTOCCUWRTCGEQWNWKGXGPKOGPVGNQTFKP2GUVCNC %NWL 
OCTVKG (KNCCEGUVGCTGCE/KCUKDKGPKNQT  RTKOWNUGPVKOGPVVTâKVUKPEGT)KKPVKOFGHKGECTGRTKGVGPUCU CN RCVTKGK HW CEGNC CN UVTâXGEJKK NQKCNKVâ/K HC/â FG OâTGC/C PQCUVTâ ECUâ KORGTKCNâ.COCTVKGHWÉPO¸PCVâQRGVK/KGITCHWNWKPC/KWPKKRGPVTW GZRGFKGTGCWPGKFGENCTC/KKFGETGFKP/âEâVTGÉORâTCV  &CEâ CT HK Uâ ECTCEVGTK\âO RQNKVKEC NWK 5KGDGPD×TIGT $QVG ÉP RGTKQCFCOCTVKGHKPGNGNWKKWPKGÉPFQWâEWXKPVGCEGUVGCCTHK(âTâ WPKWPG 
6TCPUUKNXCPKCCTVKEQNWN5KGDGPD×TIKUEJGU8QVWO×DGTFKG9KGFGTXGTGKPKIWPIFGT

2CTVGUWPFFKG8GTGKPKIWPI5KGDGPD×TIGPUOKV7PICTPPTHGDTWCTKGR PTHGDTWCTKGRPTHGDTWCTKGRPT HGDTWCTKGRPTOCTVKGRPTOCTVKGR +FGOPTHGDTWCTKGPTOCTVKGRPTOCTVKG R 5D8QNMUHTGWPFPTOCTVKGR Q5D$QVGRPTOCTVKGR +FGOPTOCTVKGR#EGNC)KCTVKEQNFKPQ2GUVKJKTNCRRCHQUVTGFCV)KFG Q5KGDGPD×TIGT9QEJGPDNCVVRPTOCTVKGR  Q5D $QVGR PT   OCTVKG  R  &GURTG %NWL NC  OCTVKG )K ÉP Q5D 9QEJGPDNCVVRPTOCTVKGR  

¡P XTGOG EG 5KGDGPD×TIGT 9QEJGPDNCVV FKP $TC)QX FG)VGRVC KORTGUKC Eâ ÉPVTGCIC EQOWPKVCVG QTâ)GPGCUEâ CITGC KFGGC WPKWPKK TGXGPFKECVG ÉP FGENCTC/KC OCIJKCTâ $QVG HâEGC ÉPVTQ FG\DCVGTG FG RTKPEKRKW C WPKWPKK WTOâVQCTGC CHKTOC/KG 5C)KK CW HQUV PGÉPFQKGNPKE ÉPVQVFGCWPCÉORQVTKXâ(WCVCECV\KCTWNDTC)QXGCP5CVGNNKVPTECTG EJGOCUGNCWPKWPG  $QVG FG\XâNWKC RTGVGP/KC ÉORQVTKXC NGIKK )K C TC/KWPKK EâEK RTKP WPKWPG PW UCT WTOâTK CNVEGXC FGE¸V VQVCNC ÉPGECTG C RCVTKGK )K C PC/KWPKKPQCUVTGÉPWNVTCOCIJKCTKUOÉPEGNOCKETCUUGRCTCVKUOWPICT &KURQ\K/KKNG OKPKUVGTWNWK WPICT CT HK Q CFGXâTCVâ UWDLWICTG EâEK QCTG EWO CNVHGN UCT RWVGC KPVGTRTGVC E¸PF XGFGO ÉPEJGKCVG VQCVG RTGRCTCVKXGNG RGPVTW C HQT/C WPKWPGC EC JQVâT¸TG C &KGVGK RTKP VGTQTKUOWNICNGTKKNQT)KCNWPGKOCUGRQRWNCTGHCPCVK\CVGRTKPCVTCIGTGC WPWKE¸TFFGLWTC/KDWFCRGUVCPK  1XQEGFKP8KGPCCVTâIGCCVGP/KCÉORQVTKXCWPKWPKK5GCPCNK\â RQ\K/KC )WXGTPWNWK )K C 7PKXGTUKVâ/KK PC/KQPCNG UâUG)VK ÉP RTKXKP/C WPKWPKK $QVG UG UQNKFCTK\C EW CE/KWPKNG XCNCJKNQT FKP LWTWN NWK $âTPW/KW )K C GRKUEQRWNWK (CIWPC &CVQTKVâ PWOâTWNWK NQT TQO¸PKK FGXGPKTâCNKC/KFQTK/KCKUC)KNQTUKDKGPKÉPEJGUVKWPGCTGURKPIGTKKWPKWPKK ¡P CRTQRKGTG FG 1Tâ)VKG Q EQORCPKG ITâPKEGTGCUEâ UGEWKCUEâ XTW Uâ KPUVCNG\G WPKWPGC EW HQT/C TG\WNVCVWN HWTâ  TQO¸PK OQT/K )K  ITGW TâPK/K %QOGPVCTKWN XGJGOGPV CN NWK 5KGDGPD×TIGT $QVG FGURTG %Q)NCTKW)K/KJCN/ÉPEKPUGURKTKVGNG4GFCEVQTWN)GHCN\KCTWNWKÉORTGWPâ EWEGKNCN/KTGFCEVQTKECTGUETKUGUGTâFGURTG/KJCN/HWCOGPKP/CVFG FG VKPGTK NGIC/K RTKP LWTâO¸PV FKP T¸PFWN TGXQNW/KQPCTKNQT OCIJKCTK UâKC)G\GECRWNÉPCKPVGCRKEKQCTGNQTEGGCEGUGCFGXGTKPQWâNWPKOCK V¸T\KW.CCOGPKP/âTKUGTâURWPUGRTKPVTWPPQWCTVKEQNFGURTG/KJCN/  .C HGN Q5KGDGPD×TIKUEJGT 8QNMUHTGWPFR OCPKHGUVâ Q CVKVWFKPG PGVCPVKWPKQPKUVâEGTâ\DâVGCCV¸VFKPKPVGTRTGVCTGCFCVâGXGPKOGPVGNQT TGNCVCVGE¸V)KFKPFG\DCVGTKNGVGQTGVKEGRWDNKECVGÉPRCIKPKNGUCNG8K\KVC 
&G GZGORNW Q5D 9QEJGPDNCVVR PT   CRTKNKG  R  FGURTG CVOQUHGTC

RTQWPKQPKUVâFKP$TC)QXPTOCKRCTVKEQNWNNWK2GUVCNQ\\KFGURTG WPKWPGC 6TCPUKNXCPKGK EW 6CTC WPIWTGCUEâ PT   OCK  R   CRTGEKGTK PGICVKXGFGURTG%GCTGFGURGTCV#TFGCNWNFGNCQWPKWPGEW#WUVTKC Q5D$QVGRPTCRTKNKGR +FGOPTOCKR +FGOPTOCKR
CPQPKOWNFKP8KGPC PTOCKR 
RQ\K/KC)WXGTPWNWK PTKWPKGR
RQ\K/KC7PKXGTUKVâ/KKUâUG)VK PT OCKR
CNKCP/CEWTQO¸PKK PTKWPKGR
/KJCN/ PQ KWPKGRPTKWPKGR
COGPKP/CTGCNWK$GPKIPK PT KWPKGR
PQWCTVKEQNFGURTG/KJCN/  

IWXGTPCVQTWNWK 6GNGMK NC 5KDKW 
OCK  RTKNGLWK Q CFWPCTG CFJQE C UC)KNQTRCTVK\CPKCK%CUGKFG#WUVTKCECTGUVT¸P)KNCVGCVTWNQTâ)GPGUE QXC/KQPCTâUVGCIWNPGITWICNDGP,CMQD4CPPKEJGTTGFCEVQTCN\KCTWNWK Q$QVGR /KPW Q EWX¸PVCTG KPEGPFKCTâ ÉP HC/C OWN/KOKK 6QV Q8QNMUHTGWPFR Iâ\FWKC WP CORNW GUGW ÉP ECTG RTG\GPVC OCK ÉPV¸K CTIWOGPVGNG RTKGVGPKNQT WPKWPKK RGPVTW C ÉP)KTC CRQK OQVKXGNG HGTOGK TGURKPIGTKCCEGUVGKC  .WPCOCKCFWUG)KQEQVKVWTâHWPFCOGPVCNâÉPGXQNW/KC\KCTWNWK UKDKCP 6TCPUUKNXCPKC#EGUVCFâFWUGÉPCRTKNKGQCFG\KWPGNCRCTVKFWN NKDGTCNOCIJKCT)KEQPEQOKVGPVRWDNKECUGWPCRGNRGPVTWVTCPUHQTOCTGC PWOGNWK7PKXGTUKVâ/KKPC/KQPCNGUâUG)VKÉPEGNFG7PKXGTUKVCVGPC/KQPCNâ IGTOCPâVTCPUKNXCPâ#RQKHâEWUGRTQRCICPFâNCWPKWPGCEW7PICTKC RTQUNâXKPFQ RTKP RQG\KG RTQPQUVKE¸PF CUWRTC CEEGRVâTKK WPKWPKK ÉP XKKVQCTGC &KGVâ &WRâ  OCK E¸PF TGFCEVQTWN (TKGFTKEJ *CPP RâTâUK IC\GVCKPVT¸PFRTKPRQ\K/KCUCRTQOCIJKCTâÉPEQPHNKEVEWOCLQTKVCVGC PC/KWPKK
19KVVUVQEM QTKGPVCTGCUGKPXGTUâ6TCPUUKNXCPKCUGTCNKGNC CVKVWFKPGC CPVKWPKQPKUVâ RTQOQXCVâ FG $QVG )K 8QNMUHTGWPF 0WOâTWN  FGETGVC /QPCTJKG EQPUVKVW/KQPCNâ FG PGFGURâT/KV )K TGHW\C WPKWPGC  RTKPVTQ OCK UVT¸PUâ CVC)CTG FG #WUVTKC <KCTWN UG RTGQEWRCFGQRKPKCTQO¸PKNQTÉPEJGUVKWPGCWPKWPKKCTâV¸PFEâUC)KKPW RWVGCW HK UKNK/K UQ CEEGRVG ÉORQVTKXC XQKP/GK NQT 5G EQODâVGCW ECNQOPKKNGLWTPCNGNQTWPIWTG)VK<KCTGNGOCIJKCTâXCTUâHKGTG)KQVTCXâ ÉORQVTKXC PQCUVTâ C UC)KNQT )K OKPV EW Q PGTW)KPCTG HâTâ OCTIKPK EWO Eâ  DKTQETC/KC FKP 5KDKW CT EQPURKTC Q KPVTKIâ FKCXQNGCUEâ ÉORQVTKXCWPKWPKK

1 

6TCPUUKNXCPKC PT   CRTKNKG  R 
VTCPUHQTOCTGC PWOGNWK 7PKXGTUKVâ/KK PC/KQPCNG  PT   CRTKNKG  R PTCRTKNKGR PTCRTKNKGRPTOCKR  1 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT XKGT\KIGT ,CJTG ÉP XQN *WPFGTV ,CJTG U¼EJUKUEJGT -¼ORHG 5KDKW  R % )ÑNNPGT &KG 5KGDGPD×TIGT 5CEJUGP KP FGP 4GXQNWVKQPULCJTGP$WEWTG)VKRRTGQEWRCVFGFGUEGPFGP/CUQEKCNâC RTQVCIQPK)VKNQTUC)KCKTGXQNW/KGKUETKG2QRWNC/KC5KDKWNWKPWGTCCNEâVWKVâPWOCKFKP RCVTKEKGPK)KÉPCN/KHWPE/KQPCTKEK)KFKPKPVGNGEVWCNKRTQITGUK)VK)KOG)VG)WICTKECTGUG CFWPCTâR¸PâNCOCKÉPLWTWN 6TCPUUKNXCPKGK )KTGENCOCTâTGHQTOGÉPUGPUWNEGTWVFG NKVGTC/KK  DTC)QXGPK #DKC FWRâ  OCK E¸PF (TKGFTKEJ *CPP UG TGVTCUG FKP TGFCE/KC 6TCPUUKNXCPKGK QRQ\K/KCUKDKCPâÉ)KRKGTFWQTICPWNRWDNKEKUVKE 6TCPUUKNXCPKCPTOCKRPTOCKRPT OCKRPTOCKRPTOCKR 

R5D$QVGRPTKWPKGR  

5D8QNMUHTGWPFCTVKEQNWN5EJYCT\WPF)GNDPTOCKR  

6QV ÉP OCK É)K ÉPEGRGCW CRCTK/KC 7PVGTJCNVWPIGP CWU FGT )GIGPYCTV
&KUEW/KK FKP RTG\GPV  ¡P RTKOWN ECKGV RWDNKEC/KC É)K EKTEWOUETKCUHGTCFGKPVGTGU¡PRTG\GPVNWOGCOCKGZKUVâ¡PRTG\GPV)K 'WTQRCOCKGZKUVâFG)KWPGNGRWVGTKCUKCVKEGGOKVRTGVGP/KCWPQTVGTKDKNG RQHVG FG ÉPEQTRQTCTG C WPQT /âTK )K RQT/KWPK FKP CEGUV EQPVKPGPV ¡P RTG\GPVOCKGZKUVâ )KOQPCTJKCCWUVTKCEâEâEK)K2TCIOCVKEC5CPE/KWPG OCKGZKUVâKCTWPIWTKKUWPVWPRQRQTETGFKPEKQU)KNQKCN¡PRTG\GPV UGXQTDG)VG)KUGCE/KQPGC\âHQCTVGOWNVRGPVTWWPKWPGCEW7PICTKC¡P RTG\GPVUWPVWPKKECTGXQTDGUE)KCE/KQPGC\â)KÉORQVTKXCWPKWPKK6QVW)K RTQCURâVWN RGTKQFKE É)K RTQRWPGC Uâ \KFGCUEâ EâTâOK\K NC VGORNWN WPKWPKK #N FQKNGC ECKGV VQV FKP OCK CFWEGC Q %TQPKEâ UKDKCPâ EG FGUETKCGXGPKOGPVGNGFKPOCK
XK\KVCIWXGTPCVQTWNWK 7PGKETQPKEKÉK CRCT/KP)KFKURQ\K/KKNGUWHNGVG)VK!&WRâCPQCUVTâRâTGTGEWEGTVKVWFKPG 'NGPGHCEUâRTKEGRGOEQPVGZVWNECW\CNCNGXGPKOGPVGNQTTGNCVCTGCNQT RTGEGFG OWPEKK KUVQTKEWNWK RTCIOCVKE 1 FCVâ EW ECKGVWN PT  FKP  OCK )K 7PVGTJCNVWPIGP UG ÉPFTGRVâ JQVâT¸V URTG CPVKWPKQPKUO 7P CTVKEQNFKP2GUVKJKTNCREWCRTGEKGTKFGIGPWN%QPEGVâ/GPKKPQ)VTKFG NKODâUVTâKPâVTGDWKGECCEQNQWPFGKPVTâÉPCVKPIGTGEWUVCVWNUâFGXKPâ WPIWTK KUEâ TGCE/KC EQPVTCTâ C \KCTWNWK UâUGUE &KP CEGUVGC PQK UC)KK RWVGOXGFGCEâFCEâPQKPGWPKOFGDWPâXQKG2GUVKJKTNCRPGXC NâWFCNCHGNFGEQPFGUEGPFGPVEWOCHâEWVQEW<KRUGTPPIGTOCPKK FKP$WEQXKPCFGCEâTQTQTDKTGRTQXGTDKCNâUâUGÉPFWTG&QOPWNEâ WPIWTKKCWPGXQKGFGWPGNGOGPVEGVâ/GPGUEEWTCV%WRTKXKTGNCRQ\K/KC XCNCJKNQT PQK TGFCE/KC TâO¸PGO NC RWPEVWN PQUVTW FG XGFGTG Q 6TCPUKNXCPKGKPFGRGPFGPVâNKDGTâFG7PICTKC¡PVTQCUVHGNFG/CTâXQTHKVQ/K NKDGTK)KXCNCJKK(KNKDGTKPWPWOCKÉPUGPUOCIJKCTEC)KEQPEGVâ/GPK WPIWTK EK NKDGTK EC )K XCNCJK 5â NK UG RQCVâ CNâVWTC EC EGC FGC RCVTC PC/KWPGEGNQTVTGKPC/KWPKNKDGTG)KKPFGRGPFGPVGFKP#TFGCN  1 PQVâ JC\NKG Q CFWUG RWDNKECTGC WPWK
C)C\KU  UEJKOD FG UETKUQTKFKPVTGQFQOPK)QCTâFKP2GUVC)KHTCVGNGGKFKP5KDKW&QOK)QCTC (TCVGKORGTKCNPGITWICNDGP%WEWTCLFCT)KEWTGXQNVâRWPO¸PCRG VQE&KURTG/)KTW)KPGXQWâVWVWTQTUKDKGPKNQT#EGCUVCÉPNQEFGUCNWV %WO XCRWVWVVTGEGRTKPOKPVGKFGGCNKRUKVâFGDWPIWUVFGCRNCPVC UVGCIWTK )K EQECTFG PGITWICNDGPG!  .C Q RCTVG EW VQCVG ÉPPQKTKNG .âUC/KNKCTâ)KRG/GVVGTPKEJUâUGKPUVCNG\G'WUWPVTGRWDNKECPâÉPEGN OCK UVTKEV UGPU CN EWX¸PVWNWK  &QCTâ PW RQT/K )K VW Q CUGOGPGC EQECTFâ! ¡P EC\WN CEGUVC PW XTGCW Uâ Oâ OCK PWOGUE UQTC VC 
7PVGTJCNVWPIGPCWUFGT)GIGPYCTVECKGVWNHF
OCK RECKGVHF 
OCK R ECKGVOCKRECKGVOCKR 

4âURWPUWN RTKGVGPWNWK HTCVGNWK  &QOPK/C OGC URGT EC TGXQNVC FWOKVCNG Uâ UG OCK RQVQNGCUEâ E¸PF XQT HK UGTXKVG VQCVG HTWEVGNG KPFGRGPFGP/GK )K NKDGTVâ/KK WPIWTG)VK URGT Uâ TâO¸K UQTC HTCVGNWK FWOKVCNGEâEKFQCTâNKDGTVCVGCOCIJKCTâPQUâUGVTCPUHQTOGÉPWTâFG HCOKNKG  ¡PVTQ VTGEGTG ÉP TGXKUVâ C RTGUGK 7PVGTJCNVWPIGP FKP 5KDKW CRTGEKC,WTPCNGNGUGÉORCTVÉPCEGNGCECTGCWQCPWOKVâEWNQCTG)KPW RTGKCWPKOKEFKPEGGCEGPWUGRQVTKXG)VGEWCEGCUVC)KÉPCNVGNGECTGUG XQT C HK Q VTKDWPâ C VWVWTQT QRKPKKNQT Iâ\FWKPF FWRâ ECRCEKVCVG VQVWN HâTâFGQUGDKTG,WTPCNGFGRTKOWNHGNUWPVECOVQCVGHQKNGOCIJKCTGPQK UC)KK CO CXWV TGEGPV RGPVTW UEWTV VKOR Q UKPIWTâ CUVHGN FG HQCKG %C VTKDWPâ C VWVWTQT RâTGTKNQT UWPV DKPGEWPQUEWVG HQKNG IGTOCPG FKP $TC)QX5WPVEQPXKPUUKIWTEâTGFCE/KCCFKEâGFKVQTWNPWUGUECNFâ ÉP CWT WPIWTGUE GUVG NC HGN FG UKIWT ÉPUâ Eâ HQKNG DTC)QXGPG CFWE PGPWOâTCVGUGTXKEKKOCIJKCTKOKKRGUQEQVGCNCUC)KNQT  <KCTGNGCFWEGCWCRGNWTKURTGEQPUVKVWKTGCIâT\KNQTPC/KQPCNG5G KPUKUVC CUWRTC PGEGUKVâ/KK ÉPCTOâTKK RG 2âO¸PVWN 5âUGUE ECTG VTGDWKC ÉP/GNGCUâECQTICPK\CTGCWPGKOKNKVCTK\âTKHQTOCNGCÉPVTGIKKPC/KWPK  .C  OCTVKG  CFWPCTGC PC/KQPCNâ UâUGCUEâ CFQRVCUG FGEK\KC FG C RWPG RG RKEKQCTG ICTFC EGVâ/GPGCUEâ ,WTâO¸PVWN FG CFGTCTG EQP/KPGC GZRTGUFGENCTC/KCFGHKFGNKVCVGHC/âFG#WUVTKC6TCPUUKNXCPKCRWDNKEC)K GCÉPFGOPWTKGZRNKE¸PFÉPUGOPâVCVGC)KURKTKVWNIâT\KKPC/KQPCNG  5RGTCP/GNG TGHQTOKUVG CNG RTKOâXGTKK NWK  XK\CW CFOKPKUVTC/KC OG)VG)WIWTKNG UKUVGOWN FG ÉPXâ/âO¸PV 1 EQOKUKG PWOKVâFG7PKXGTUKVCVGCUâUGCUEâRTQRWUG4GXK\WKTGCHWPFCOGPVCNâC EQPUVKVW/KGKOWPKEKRCNGCIGTOCPKNQTFKP#TFGCN 
OCK   5VWFGP/KK #ECFGOKGK FG FTGRV FKP 5KDKW RTG\GPVCW UGPCVWNWK WPKXGTUKVCTQRGVK/KGÉPECTGUGUQNKEKVCWWTOâVQCTGNGÉPHKKP/CTGCWPGK ECVGFTGFGHKNQUQHKGNKDGTVCVGCRTGFâTKK)KCÉPXâ/âTKKFQEGP/KKRTKXC/K )KRTQHGUQTKKQTFKPCTKUâ)KUVCDKNGCUEâUKPIWTKQDKGEVGNGFGÉPXâ/âO¸PV UâUGFGUHKKP/G\GRGPVTWVQVFGCWPCTGRGVGP/KKNG)KTGXQEâTKNGUVWFGP/KNQT WPGZCOGPFGCFOKVGTGGZKIGPVGZCOGPWNFGUVCVUâCKDâNQEFWRâ OKPKOWO FQK CPK FG UVWFKW  GZCOGPG URGEKCNG RGPVTW UVWFGP/KK NC HKNQUQHKG  QTKEG RTQHGUQT QTFKPCT Uâ HKG FGENCTCV GNKIKDKN ÉP HWPE/KKNG 
+FGOECKGVOCKR 

5CVGNNKV$TC)QXPTCRTKNKGR 6TCPUUKNXCPKCPTCRTKNKGR 5D8QNMUHTGWPFPTCRTKNKGR 5CVGNNKVPTOCKR 

6TCPUUKNXCPKCPTCRTKNKGRPTCRTKNKGR 

CFOKPKUVTCVKXG  NC QEWRCTGC RQUVWTKNQT FG RTQHGUQT Uâ NK UG CEQTFG FQEGP/KNQTRTKXC/KWPTGIKORTGHGTGP/KCNCECFGOKEKK 
UVWFGP/KK UâUG DWEWTG FG RWDNKEKVCVG )K  Uâ RQCVâ GHGEVWC UGTXKEKK FG UGETGVCTKCV  ÉP QTKEG KPUVKVWV QHKEKCN PC/KQPCN  Q FQVCTG OCK DQICVâ C DKDNKQVGEKK CECFGOKEGOCK)VTKKFGNWRVâCKCECFGOKEKNQT
UVWFGP/KNQT UâHCEâ)K KPUVTWE/KGOKNKVCTâVKPGTGVWNCECFGOKEUâHQTOG\GNC5KDKWWPEQTR RGTOCPGPV FG UKIWTCP/â  NC CFOKPKUVTCTGC DKDNKQVGEKK Uâ RCTVKEKRG E¸VG FQK UVWFGP/K  NC QTKEG RN¸PIGTG )K CPEJGVCTG C WPWK EGVâ/GCP CECFGOKEUâUGCEEGRVGRTKOKTGCÉPUGPCV)KXQVWNCFQKCECFGOKEKCNG)K FKPVTG UVWFGP/K  Uâ UG CFQRVG Q HQTOWNCTG PQWâ C RTGUETKR/KKNQT FKUEKRNKPCTG CFCRVCVâ NC URKTKVWN VTCPUHQTOâTKNQT FKP U¸PWN #ECFGOKGK 
OCK   7NVKOGNG FQWâ RWPEVG UWIGTCW Eâ CEW\âTKNG UVWFGP/KNQT RTQDCDKN ÉPVG/KVG FWRâ FGENCP)CTGC OK)EâTKNQT TGXQNW/KQPCTG GTCW HTGEXGPVG )K PGEGUKVCW OâUWTK FG RTQVGLCTG &GCNVHGN RTGUC CVGP/KQPC )K CUWRTC KPHKNVTâTKK ÉP T¸PFWN UVWFGP/KNQT FG NC CEGGC)K #ECFGOKG C WPQT URKQPKCKRQNK/KGKPWOK/K2QNK\GKURKV\GNUCW0CFGTGT,/5EJNGKEJGTV TGNCVCFGURTGECRVWTCTGCNCOCKCVTGKCUVHGNFGCIGP/K  Q5KGDGPD×TIKUEJGT8QNMUHTGWPFRURGEWNCCUWRTCPQKKQTFKPKC OG)VG)WIWTKNQTFGURTGNKDGTVCVGCEGWTOCUâFGUHKKP/G\GTGUVTKE/KKNGFG DTGCUNâ  &CEâ 5CVGNNKV FKP $TC)QX RWDNKECUG ÉPEâ ÉP  OCK  )VKTK FGURTGÉPVTWPKTGCPC/KQPCNâCTQO¸PKNQTCDKCNCKWPKG6TCPUUKNXCPKC VTCPUOKVGCCTVKEQNWNUGOPCVFG2GUVCNQ\\KFGURTG#FWPCTGCRQRWNCTâC TQO¸PKNQTNC$NCLÉPOCK  ¡P EGTEWTKNG UâUG)VK UG UV¸TPKTâ ÉP CRTKNKG  RTKOGNG \XQPWTK ÉPITKLQTâVQCTGEWRTKXKTGNCXGPKTGCTW)KNQT)KÉPCEGUVEC\NCQEQNCDQTCTG EWTW)KKCTQO¸PKNQTECWPKKEGGTCWÉPTWFK/KÉPVTWTGNKIKG5KGDGPD×TIGT 8QNMUHTGWPF HâEGC RNGFQCTKG RTQ FQOQ CTâV¸PF Eâ XCNCJKK GICNK ÉP FTGRVWTK RG 2âO¸PVWN 5âUGUE PW CT TGPWP/C DGPGXQN NC NKDGTVCVGC NQT RGPVTWCQÉPNQEWKEWUENCXKCTWUGCUEâ  .C Q RTKXKTG CTWPECVâ FKPEQNQ FG ITCPK/GNG CRWUGPG 7PVGTJCNVWPIGPCWUFGT)GIGPYCTVFGHKPGCVGPFKP/GNGWPQTRQRQCTG FKPCOKEG)GTOCPKKXQTUâÉPVGOGKG\GQ)GTOCPKGRWVGTPKEâ7PIWTKK WPK/K EW 6TCPUKNXCPKC XQT Uâ HQPFG\G Q 7PICTKG RWVGTPKEâ 5NCXKK FKP 
+FGOPTOCKR6TCPUUKNXCPKCPTOCKR 

$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG $TC)QX PT   OCK  R 5D8QNMUHTGWPFPTCRTKNKGR Q6TCPUUKNXCPKCRPTKWPKGR 5D8QNMUHTGWPFPTCRTKNKGR  

#WUVTKC )K FG CKWTGC XQT Uâ ÉPVGOGKG\G WP RWVGTPKE KORGTKW UNCX (K UVCVWN KORGTKCN CWUVTKCE! 7PIWTKK TGURKPI CEW\C/KC Eâ CT FQTK Uâ UG FGURTKPFâFG#WUVTKCÉPUâÉKUHâVWKGUERGDWPKKCWUVTKGEKUâUGNKRGCUEâ QTDG)VGFG)GTOCPKC)KCVWPEKPGO/KKÉPWPKTGEWWPIWTKKÉKXQTÉPHT¸PIG RGUNCXK  2G OQOGPV ÉPUâ FG\DCVGTKNG FG RGTURGEVKXâ UG UKUVCTâ 'XGPKOGPVWNOCLQTEGFQOKPâUEGPCRQNKVKEâHWÉPVTWPKTGC&KGVGKNC%NWL NC  OCK  ¡PVTQ CVOQUHGTâ C VGTQTKK FGRWVC/KK FKGVCNK UC)K É)K FGRWUGTâ XQVWTKNG ÉP RTQDNGOC WPKWPKK ¡P NQE FG  FG VTKOK)K UC)K NC %NWLGTCWRTG\GP/KFQCTFKPVTGECTGPWOCKCXWTâEWTCLWNUâ)KTKFKEG XQEGC ÉORQVTKXC WPKWPKK ¡PVTG CEG)VKC FKP WTOâ UG CHNCW FQK FGRWVC/K UKDKGPK -QPTCF 5EJOKFV )K ,QUGH 5EJPGKFGT ¡PVTWE¸V ÉP EC\WN FGRWVC/KNQT PC/KQPCNK UC)K NC Q FKXGTIGP/â FG QRKPKK OKPQTKVCVGC FGRWVC/KNQTVTGDWKCUâUGUWRWPâOCLQTKVâ/KKUC)KKEQPVCTâECWPUKPIWT XQVECTGCEEGRVCUGWPKWPGC  ¡PCKPVG FG ÉPEJGKGTGC FG\DCVGTKNQT FKGVCNG -QPTCF 5EJOKFV TGXGPKCECUâRGPVTWCFCUGCOâRGTUQPCNFGÉPEâNECTGCKPUVTWE/KWPKNQT ¡PETGFGTGC CNGIâVQTKNQT UâK ÉPUâ Q RKGTFWUG HW CEW\CV FG VTâFCTG )K UâRVâO¸PKÉP)KTVTGDWKUâGXKVG5KDKWNÉPHC/CO¸PKGKEQPEGVâ/GPKNQTUâK  %JKCTFCEâ&KGVCVTCPUKNXCPâGPWP/CUGHQTOCNWPKWPGC\KCTGNG UKDKGPG 5KGDGPD×TIGT $QVG Q6TCPUUKNXCPKCR )K Q5KGDGPD×TIKUEJGT 8QNMUHTGWPFR É)K GZRTKOCTâ PGOWN/WOKTGC RTQXQECVâ FG ÉPEâNECTGC KPUVTWE/KWPKNQT FGRWVC/KNQT FKGVCNK UC)K LWFGE¸PF EQORQTVCOGPVWN CEGUVQTC)KFG\CXW¸PFWPKWPGC.CRGVK/KCVTKOK)KNQTPC/KWPKKTQOCPG )K C WPQT RGVK/KQPCTK UC)K ÉORâTCVWN TâURWPUG RTKPVTQ QTFQPCP/â 4G\QNW/KC TGICNâ NC EGC FGC FQWC RGVK/KG C FGRWVC/KGK TQO¸PG)VK HW FG CUGOGPGC RWDNKECVâ (TCP\ 5CNOGPEQOGUWNUC)KNQTUGOPâNCKWPKG WPRTQVGUVÉORQVTKXCWPKWPKKRGECTGÉNCFTGUâOKPKUVGTWNWKOCIJKCTFG +PVGTPG 

7PVGTJCNVWPIGPECKGVOCKR 

+PUVTWE/KWPKNG HWTâ RWDNKECVG FG GZGORNWÉP5D9QEJGPDNCVV$TC)QXPT OCKR&GURTG-QPTCF5EJOKFVUETKG(TKGFTKEJ6GWVUEJ&KG5CEJUGPKO,CJTG ÉPQREKVR &GGZGORNW6TCPUUKNXCPKCPTKWPKGRPTKWPKGR PTKWPKGR Q5D$QVGRPTKWPKGR
QTFQPCP/CKORGTKCNâ PTKWPKGR 
TG\QNW/KC TGICNâ NC C FQWC RGVK/KG TQO¸PGCUEâ  PT   KWNKG  R 
RTQVGUVWNNWK(TCP\5CNOGP  

5D$QVGPTKWPKGRPTKWPKGR  

6TCPUUKNXCPKC OKNKVC RGPVTW TGUVCDKNKTGC ÉP/GNGIGTKK ÉPVTG \KCTGNGUKDKGPG)KEGNGDTC)QXGPG,QJCPP)ÑVVÉPUEJKODCFTGUC%¸VGXC EWXKPVG QRQPGP/KNQT OGK CPWOK/K FQOPK FKP 5KDKW ECTG ÉN KPUWNVCW TGRTQ)¸PFWKRTKGVGPKCEWOCIJKCTKK$N¼VVGTH×T)GKUV)GO×VJWPF 8CVGTNCPFUMWPFGUGCRâTCFGTGRTQ)WTKNGNWK$QVGEWOEâ$TC)QXWN CT WOC EC FG QDKEGK Q RQNKVKEâ RTQRTKG UGRCTCVKUVâ )K CPVKPC/KQPCNâ UWDNKPKKPFTG\KUVGP/CQRWUâNCVGPFKP/GJGIGOQPKUVG  ¡ORâTCVWN UCPE/KQPâ WPKWPGC  NC  KWPKG  Q$QVGR NWâ ÉP FG\DCVGTGEQPFK/KKNGWPKWPKK  (KRGPVTWPQKUC)KKUVCDKNKTGCEQPK/KKNQTWPKWPKKGUVGFGEGCOCK OCTGÉPUGOPâVCVG'UVGUCTEKPC&KGVGKWPICTGECRTKPGICNCUVKOCTG )K ÉPFTGRVâ/KTGC C VWVWTQT PGCOWTKNQT RTKP FG\CXWCTGC FGUEJKUâ C VWVWTQT OâUWTKNQT XKQNGPVG  Uâ OGP/KPâ NKPK)VGC QTFKPGC )K NGICNKVCVGC  &WRâ ÉPEGTEâTKNG G)WCVG FG C ÉORKGFGEC WPKWPGC HKG RTKP CTVKEQNG ÉP RTGUâ ECTG VTGDWKCW Uâ NWOKPG\G QRKPKC RWDNKEâ HKG RTKP RTQVGUVGTGURGEVKXOGOQTKKCPVKWPKQPKUOWNUâUGUEUGTGVTCUGQXTGOGÉP RNCP ÉPFGRâTVCV &CT $QVG TGNCVâ FGURTG PGNKPK)VKNG FKP 5KDKW 
CWIWUV  NC CTGUVCTGC WPQT EâRGVGPKK XCNCJG FG EâVTG EQOKUCTWN IWDGTPKCN $ÃNFK (GTGPE\ %CO  FG TQO¸PK COGPKP/CTâ QTC)WN FKPURTG#RQNFWN/CTGFKPECTGECW\âHWEQPXQECVâECXCNGTKCCHNCVâÉP CRTQRKGTGC QTC)WNWK .C  CWIWUV CTGUVC/KK .CWTKCP )K $âNâ)GUEW HWTâ GNKDGTC/K  ¡P VKOR EG DCTQPWN 9GUUÃNGP[ /KMNQU /KPGC ÉPVTQ )GFKP/â C 2CTNCOGPVWNWK OCIJKCT 
CWIWUV  Q EWX¸PVCTG FGURTG PQKNG FTGRVWTK CNG UC)KNQT )K TQO¸PKNQT NC 5KDKW TGETW/KK VTGDWKCW Uâ FGRWPâ PQWC HQTOWNâFGLWTâO¸PVRGKPFGRGPFGP/C7PICTKGK  0QKNGNGIKWPICTGNGRTQXQECTâUC)KNQTÉPITKLQTCTG.GIGCCUWRTC )EQNKNQTGNGOGPVCTGRTGXGFGCQDNKICVKXKVCVGC)KITCVWKVCVGCCEGUVQTCFCT )KKPVTQFWEGTGCNKODKKOCIJKCTGECQDKGEVTGIWNCVFGÉPXâ/âO¸PV.CHGN EQPUETKR/KCOKNKVCTâUV¸TPKPGNKPK)VGÉPT¸PFWNXCNCJKNQTHâIâTâ)GPK 
6TCPUUKNXCPKCPTKWPKGR 5CVGNNKVPTKWPKGR $N¼VVGTPTKWPKGR 5D$QVGPTKWNKGR  +FGO PT   CWIWUV  R 
CTGUVCTGC EQPFWEâVQTKNQT TQO¸PK  PT  

CWIWUVR
EQPXQECTGCECXCNGTKGK PTCWIWUVR
GNKDGTCTGC NWK#6.CWTKCP)K$âNâ)GUEW   +FGO PT   UGRVGODTKG  R 
EWX¸PVCTGC NWK 9GUUGNÃP[  PT   UGRVGODTKGR
PQWCHQTOWNâFGLWTâO¸PV  +FGOPTUGRVGODTKGR  

5RTG FGQUGDKTG FG OKPQTC COKPVKTG ÉP $QVG FGURTG RTKOC CFWPCTG C XCNCJKNQT FG NC $NCL EGC FGC FQWC CFWPCTG FG NC $NCL 
UGRVGODTKG  )K RGVK/KC EGNQT CRTQZKOCVKX  FG TQO¸PK ÉPCTOC/K HW TGNCVCVâRGNCTI2GVK/KCTGENCOCTKFKECTGCTGETWVâTKKKNGICNGHâTâ)VKKP/C)K QTFKPWN /CKGUVâ/KK 5CNG Q CFWPCTG PC/KQPCNâ NC $NCL )K GNKDGTCTGC RTK\QPKGTKNQTFGUVCVCTGUVC/KHâTâXKPâCKPVGNKIJGP/KGKPC/KWPKKTQOCPG 2TKP RTQVQEQNWN FG NC  UGRVGODTKG ITâPKEGTKK TQO¸PK FG NC 0âUâWF TGHW\CTâ Uâ OCK TGEWPQCUEâ )WXGTPWN WPICT )K RTQVGUVCW ÉORQVTKXC WPKWPKK  6QCVG \KCTGNG UKDKGPG FGUETKUGTâ TGVTCIGTGC FKP 2CTNCOGOVWN WPICTCEGNQT)CUGFGRWVC/KUC)KNCUGRVGODTKG#FWPCTGCEGTEWCNâFG NC5KDKWFGEKUGUâCEQTFGNCWFâRWDNKEâEGNQTFQKFGRWVC/KUKDKGPKTGVTC)K *GTOCPP 5EJOKFV )K ,QUGRJ 4QUGPHGNF FG CUGOGPGC UG JQVâTC Eâ CFWPCTGCEGTEWCNâPWXQKCUâ)VKGCDUQNWVPKOKEFGURTGXTGQWPKWPG EW7PICTKC)KEâPWTGEWPQ)VGC)WXGTPWNWPICT  Q5KGDGPD×TIKUEJGT 8QNMUHTGWPFR TGNCVC FGUHâ)WTCVGC CFWPâTKK EGVâ/GPG)VK ÉPVTWPKVG NC 5KDKW NC  QEVQODTKG  2TQITCOWN ÉP  RWPEVGRTQRWUFGCFWPCTGKPVKVWNCVQ%GFQTKO)KEGTGOPQKRUWU/KPGCQ HGFGTCNK\CTGC#TFGCNWNWKRTKPTGEWPQC)VGTGCWPGKNKDGTVâ/KGICNGRGPVTW VQCVGRQRQCTGNG/âTKKHâTâ)VKTDKTGCRWVGTKKOQPCTJKGKÉPCPUCODNWNGK  +PEKFGPVG U¸PIGTQCUG ÉP 7PICTKC EQPFWUGTâ NC RTQOWNICTGC WPWK TGUETKRV KORGTKCN ÉP ECTG UG FGENCTC FGUEJKU Tâ\DQKWN ÉORQVTKXC TGDGNKNQT OCIJKCTK 6TCPUKNXCPKC KPVTâ UWD KPEKFGP/C NGIKK FG Tâ\DQK 4QO¸PKKFKP5KDKW1Tâ)VKG*C/GI)KFKP/WP/KK#RWUGPKUGÉPCTOCTâ $QVGRWDNKEâTGNCVâTKQTKRKNCPVGFGURTGETW\KOGCJQCTFGNQTV¸NJâTG)VK )KETKOKPCNGFGUGEWK  .C  QEVQODTKG IGPGTCNWN 2WEJPGT FâFW Q RTQENCOC/KG EâVTG CWVQTKVâ/K)KEâVTGRQRWNC/KGÉPECTGNKUGEGTGCUâUGRWPâUWDCUEWNVCTG ÉORâTâVGCUEâ .C #KWF CXW NQE RTKOC EQPHTWPVCTG U¸PIGTQCUâ ÉPVTG CTOCVCCWUVTKCEâ)KEGCOCIJKCTâ.CQEVQODTKGTQO¸PKKHQT/CTâRTKP 
&GURTG RTKOC CFWPCTG FG NC $NCL ÉP Q5D $QVGR PT   OCK  R  +FGOPTUGRVGODTKGRPTUGRVGODTKGR
3

FGURTGEGCFGCFQWCCFWPCTGFGNC$NCLÉPPTUGRVGODTKGR 

5D 8QNMUHTGWPF PT   QEVQODTKG  R  RTQITCOWN 9CU Y×PUEJGPWPFXGTNCPIGPYKTRTGNWCV)KFG5CVGNNKVPTQEVQODTKGR   &WRâ CDFKECTGC RCNCVKPWNWK )K PWOKTGC NWK .GODGTI ÉP HWPE/KC FG EQOKUCT EE EW RWVGTK PGNKOKVCVG )K ÉP EGC FG EQOCPFCPV IGPGTCN CN VWVWTQT VTWRGNQT CWUVTKGEG NC  UGRVGODTKGQ\KOCKV¸T\KW.GODGTIHWCUCUKPCVÉP7PICTKCQ5D$QVGRPT  QEVQODTKG  R  PT   QEVQODTKG  R  PT   QEVQODTKG R 

U¸PIGRTGFCTGC<NCVPGK+CVâFGUETKGTGCGXGPKOGPVWNWKÉP8QNMUHTGWPF &WRâEGTQO¸PKKEGTWUGTâCFOKPKUVTCVQTWNWK)KHWPE/KQPCTKNQTNQECNPKEK ÉP TGRGVCVG T¸PFWTK EQDQT¸TGC UVGOGK WPIWTG)VK )K CTDQTCTGC RCLWTGK KORGTKCNG ÉP COKPVKVC \K GK UG KXKTâ FGQFCVâ )K ÉPF¸TLK/K FG EQPVTC CRâTCTGFâT¸OCTâVQVEGNGKG)KÉPECNG5GRCTGEâCWOWTKVHGOGK)K EQRKK )K VQ/K HWPE/KQPCTKK EW GZEGR/KC C EKPEK UCW )CUG ECTG K\DWVKTâ Uâ HWIâNC#NDC+WNKC%GPWHCEGQOWNNCFWTGTG&KPRâECVGGOWNVRTGC CFGXâTCV Eâ TQO¸PKK CW HQUV VTCVC/K TâW )K UV¸TPK/K FG WPIWTK ÉP OWNVG HGNWTKFCTHâTâC/KPGUGCOCFGCEGUVGCPGUKO/KOFCVQTKUâKÉPFGOPâO RG EQPFWEâVQTKK TQO¸PKNQT RGPVTW UH¸PVC ECW\â C EGNQT ETGFKPEKQ)K ÉORâTCVWNWK )K ÉP PWOGNG ETG)VKPKUOWNWK )K CN QOGPKGK Uâ)K HQNQUGCUEâ ÉPVTGIWN RTGUVKIKW RGPVTW C QRTK CUGOGPGC HCRVG FG ETW\KOG %GN XKPQXCV Uâ HKG RGFGRUKV FCT PKOGPK Uâ PW NQXGCUEâ RG EGN PGXKPQXCV &GCUWRTCPQCUVTâCVWVWTQTUVâ&WOPG\GWEGNECTGPGLWFGEâ  'EQWTKCNGWPQTRNCPWTKTGHQTOKUVGOCKRGTUKUVCW7PCPWOG9 *WHPCIGN RWDNKEC PK)VG 2TQRWPGTK FG FGUHKKP/CTG C E¸VQTXC VTCFK/KK )K NGIKPGHQNQUKVQCTGCNGDTGUNGNQTRGECTGNGEQPUKFGTCCPCETQPKEG#UVHGN GTCW ÉP/GNGUG FKHGTKVGNG OQFCNKVâ/K FG GHGEVWCTG C CPKNQT FG WEGPKEKG ÉP FGRâTVCTG 
9CPFGTUEJCHV EâNâVQTKG  HKKPFEâ GZKUVâ FQXG\K Eâ GNG PW UWPV GZCOGPG FG ECRCEKVCVG EK UWPV W\KVCVG OCK OWNV EC RKGFKEK )K OGVQFG FG ÉPURâKO¸PVCTG .C HGN EGTGC Uâ UG CPWNG\G RTGXGFGTGC EQPHQTOEâTGKCEGNKDCVCTKKPWRWVCWHKRTKOK/KÉPDTGCUNâKCTHKKK)KHKKEGNG FGOG)VGTKUâPWOCKDGPGHKEKG\GFGWPTGIKORTGHGTGP/KCN  6QV 8QNMUHTGWPF CPWP/C Eâ NC  QEVQODTKG  FG UQNFC/KTW)KEQPFW)KFGIGPGTCNWN.×FGTUECORCUGTâNC$WEWTG)VKWPCNV EQTRFGCTOCVâFGTW)KÉPFTGRV¸PFWUGURTG6¸TIQXK)VG¡PECRKVCNC OWPVGCPâOCKUVC/KQPCW)KFGVWTEKECTGNCÉPEGRWVRTQFWUGUGTâ FG\QTFKPGFCTCEWOGTCWXCLPKE/KPW/KÉPHT¸W/CIJKGTWCTHKFK\QNXCV ÉPUGOPCVCOCUâFGTQO¸PK)KCTHKRQTPKVURTG6TCPUKNXCPKC  .C ÉPEGRWVWN NWK PQKGODTKG  CRâTW ÉP RCIKPKNG NWK 5KGDGPD×TIGT $QVG Q PQWâ TWDTKEâ KPVKVWNCVâ (VKTK FG RG E¸ORWN FG NWRVâ 2TCEVKE ÉPUâ VQCVG \KCTGNG EQP/KPGCW )VKTK U¸PIGTQCUG 8QNMUHTGWPF UETKC FGURTG ETW\KOKNG UGEWKNQT %G UG CWFG FGURTG LWRWKTGC FG XKW  UH¸TVGECTGC EQRKKNQT  TW)KPCTGC HGOGKNQT R¸Pâ NC WEKFGTGC NQT  ÉPITQ\G)VG KPKOC QTKEâTWK QO UKO/KVQT ¡P RQHKFC NQT PW XTGOUâTâ\DWPâOETW\KOGCRTKPETW\KOG0KEKTQO¸PKKPWUGNâUCUGTâ OCK RTGLQU RTKP KPEGPFKGTGC <NCVPGK WPFG  QCOGPK )KCT HK 
5D$QVGPTPQKGODTKGR5CVGNNKVPTPQKGODTKGR CRCTGRTKOCQCTâTWDTKEC0CEJTKEJVGPXQO-TKGIUUEJCWRNCV\ Q5D8QNMUHTGWPFRPTQEVQODTKGR 

RKGTFWV XKC/C EQPHQTO CEGNWKC)K \KCT 6TCPUUKNXCPKC XQTDGC FGURTG JQCTFC FG ECPKDCNK UGEWK ECTG C VTCPUHQTOCV 4GIJKPWN NC  PQKGODTKG ÉPVTWPOQTOCPFGFâT¸OâVWTK  (K FGUETKGTGC \IWFWKVQTWNWK GXGPKOGPV FGXGPKV RKNFWKVQT )K UKODQNKE RGPVTW UC)K VQV ÉP 8QNMUHTGWPF (TWOQUWN )K DQICVWN QTC) 4GIJKPWN 5âUGUE GUVG Q ITâOCFâ FG EGPW)â .C  PQKGODTKG  FGUGEWKUCWÉPFTGRVCVURTGQTC)WNÉPECTGUGCHNCWNQEQVGPGPVWN EQNQPGN 7TDCP )K CXCPICTFC UC %¸PF Xâ\W Eâ PW GTC UWHKEKGPV FG RWVGTPKEÉPHC/CTGDGNKNQTEQNQPGNWNÉKUHâVWKRGTGIJKPGPKUâUGRTGFGC <KU )K HâEWV )K UGEWKK KPVTCTâ ÉP QTC) &CT RTGC EWT¸PF )K ÉP EKWFC ECRKVWNâTKKÉPEGRWTâUâQOQCTGE¸VUGRQCVGFGETWFUâRTCFGUâFGCHQE QTC)WNWKFKPVQCVGRâT/KNG)KUâKÉORW)VGRGEGKECTGÉPEGTECWUâUVKPIâ KPEGPFKWN%JKCTDQNPCXKKFKPURKVCNWNOKNKVCTHWTâQTDK/KECPKDCNKE)KCRQK LCNPKE WEK)K %KPG PW RWVW Uâ HWIâ HW UR¸P\WTCV UCW CTU 2CIWDC UG GUVKOGC\â NC  OKNKQCPG FG IWNFGPK 0WOâTWN GZCEV CN OQT/KNQT PW UC EQOWPKECV ÉPEâ FCT FWRâ TGVTCIGTGC V¸NJCTKNQT CW HQUV IâUKVG FGLC RG UVTâ\K)KUWDFâT¸OâVWTKFGECFCXTG&KPPGHGTKEKTGOQT/KKPWOCKRQV ÉPXKCUâURGTâOÉPUâEâWPIWTKK)KUGEWKKXQTVTGDWKUâCEQRGTGRCIWDGNG #EGCUVâHCRVâOWTFCTâÉKÉPHKGTGC\âRGOCIJKCTKEWQRTQDTKWNXG)PKE  .CFGEGODTKG(GTFKPCPF+CDFKEâRGVTQPWTEâWTOC)WNUâW (TCP\ ,QUGRJ + .C  FGEGODTKG PQWN ÉORâTCV VTKOKUG WP UCNWV %TGFKPEKQUWNWKRQRQTUâUGUE5GRWDNKEâWPOGFCNKQP(TCP\,QUGRJ  ¡PVTWPTGUETKRVKORGTKCN-QUUWVJ)KVQXCTâ)KKUâKHWTâFGENCTC/K XKPQXC/K FG ÉPCNVâ VTâFCTG FG /CTâ ¡PENG)VCTGC FKPVTG HQT/GNG TGXQNW/KQPCTG )K EGNG KORGTKCNG FâFW PC)VGTG WPGK FG\DCVGTK KFGQNQIKEG ÉP6TCPUUKNXCPKCEGVTCVC/CIJKCTKUOWNXGTUWUIGTOCPKUOWNWK  5G FGPWP/C KCTâ)K RTQZKOKVCVGC TW)KNQT %G XQT TW)KK ÉP RTKPEKRCVGNG FWPâTGPG! 8QT FQCT Uâ ÉPHT¸PIâWNVKOCVWNDWTCTG!2GPVTW CEGCUVCFGQCOGPKUWPVOWNVRTGCOWN/K8QTUâCLWVG#WUVTKCÉP EC\WNÉPECTGCEGCUVCPWUCTRWVGCFGUEWTECUKPIWTâEWTGDGNKK!2QUKDKN FCT EGNOCKRTQDCDKNGUVGEâFGÉPFCVâEGÉORTGLWTâTKNGQXQTRGTOKVG 

5D8QNMUHTGWPFPTPQKGODTKGRFGURTGUGEWK)K<NCVPC 6TCPUUKNXCPKCPTPQKGODTKGR 5D8QNMUHTGWPFPTPQKGODTKGR 

5D9QEJGPDNCVVPTFGEGODTKGRUS6TCPUUKNXCPKCPT 5D$QVGPTFGEGODTKGR

FGEGODTKGR  

6TCPUUKNXCPKCPTFGEGODTKGRPTFGEGODTKGR  

4WUKCXTGCUâUOWNIâ2QT/KKCEGUVGRTKPEKRCVG)KUâNGRâUVTG\GRGPVTW UKPG  .C HKPGNG CPWNWK  UKVWC/KC RQNKVKEâ GTC KPFGEKUâ 8QNMUHTGWPFQHGTGCQUWOCTâUVCVKUVKEâC#TFGCNWNWKFCTPWUGNCPUC ÉPPKEKQRTGXK\KWPGRGPVTWXKKVQT6TCPUKNXCPKCUGÉPVKPFGCRGOKNG RâVTCVG
CX¸PFEWOKNGRâVTCVGOCKOWNVFGE¸V$QGOKCEGCOCKOCTG RTQXKPEKGIGTOCPâC#WUVTKGK )KFG/KPGCOKNKQCPGNQEWKVQTKFKPECTG EKTEC  OCIJKCTK )K UGEWK RGUVG  OKNKQP FG XCNCJK )K  FG UC)K 2QRWNC/KC XCNCJâ GUVG RCT/KCN TâUR¸PFKVâ CUWRTC ÉPVTGIWNWK VGTKVQTKW)KR¸PâCEWOFG)KEGCOCKPWOGTQCUâPWCHQTOCVQPC/KWPG GICNÉPFTGRVâ/KVâ  &GQECOFCVâ EW I¸PFWN NC CDQPCOGPVGNG CPWNWK WTOâVQT CEGNC)K\KCTÉ)KHâEGCRWDNKEKVCVG%GEWRTKPFG8QNMUHTGWPF!%QP/KPG 6QVEGUGÉPV¸ORNâKORQTVCPVÉPNWOGÉPURGEKCNEGUGRGVTGEGÉPRCVTKG  2TQRWPGTK )K QDUGTXC/KK WVKNG )K VQV HGNWN FG ÉPXâ/âVWTK  #TVKEQNG FGURTGEQOGT/OG)VG)WIWTK)KCITKEWNVWTâ&KXGTVKUOGPVG¡PRNWUUG RTGKCWCPWP/WTKFGQTKEGHGNEQPVTCWPGKUWOGOQFGUVG  &GENCTC/KC FG #PWN 0QW C TGFCE/KGK CPWP/C QDKGEVKXGNG NWK 5KGDGPD×TIGT$QVGRGCNGIGTGCRTKGVGPKNQT)KFW)OCPKNQTUâK  ¡P VQKWN HQEWNWK CN ETKOGK )K RTâFâTKK ÉPEQPLWTC/K FG KPCOKEK KPVGTPK)KGZVGTPKCWUVCV)KUVCWÉPEâDTCXKKPQ)VTKTâ\DQKPKEKÉORTGWPâ EWUC)KK)KTQO¸PKKFGRCTVGCFTGRVâ/KKCRTGCKWDKVWNWKNQTRTKPEKRG)KC ÉPVTGIWNWKUVCVKORGTKCN&WTâGUVGNWRVCFCTPWNKRUKVâFGURGTCP/â0QK NWRVâORGPVTWFTGRVWNÉPEWXKKP/CVFG&WOPG\GWFW)OCPKKPQ)VTKFWE NWRVC FKURGTâTKK RGPVTW Q ECW\â TGC &G CEGGC TG\KUVC/K EW XKVGLKG EâEK FTGRVWN VTGDWKG Uâ ÉPXKPIâ ÉP 7PICTKC)K 6TCPUKNXCPKC EWOCÉPXKPUÉP +VCNKC)CNK/KC)K8KGPC)TGNGUCETKHKEKKXQTHKHâEWVGÉPUâGNGXQTHKCFWUG RGPVTWEGGCEGCTGQOWNOCKUH¸PV)KWPXKKVQTRC)PKEXCXKPFGECTâPKNG FGUEJKUG  5KGDGPD×TIGT $QVG É)K XC EQPVKPWC EW ÉPVKPGTKVâ XKIQCTG QDK)PWKVWNUâWEWTUHKFGNXGEJKKUCNGNQ\KPEK  6QVWNRGPVTWRTKPEKRGRCVTKGCFGXâT)KKORCT/KCNKVCVG  %¸PFXC NC ÉPEGRWVWN CPWNWK C CRâTWV Q5KGDGPD×TIKUEJGT 8QNMUMCNGPFGT H×T R
%CNGPFCTWN RQRWNCT CTFGNGCP RG   
5D8QNMUHTGWPFPTFGEGODTKGR 

+FGOPTFGEGODTKGRCTVKEQNWN5KGDGPD×TIGPWPF7PICTP

PT   FGEGODTKG  R  PT   FGEGODTKG  R  RWDNKEKVCVGÉPPTFGEGODTKGR 5D$QVGPTKCPWCTKGR 5KGDGPD×TIGT8QNMUMCNGPFGT5KDKWR 

2WDNKECV NC GFKVWTC NKDTâTKGK /CTVKP *QEJOGKUVGT FKP 5KDKW Q8QNMUMCNGPFGTR EWRTKPFGC ÉP Q UWVâ FG RCIKPK Q CIGPFâ C EGNQT OCK WVKNGKPHQTOC/KKFGGRQEâ$TQ)WTCGTCUVTWEVWTCVâCUVHGN  $KPGÉP/GNGU EWRTKPFGC ECNGPFCTWN RTQRTKW\KU CN CPWNWK  (KGECTG TWDTKEâ NWPCTâ KPFKEC UHKP/KK ECVQNKEK RTQVGUVCP/K )K ITGEG)VK URGEKHKEK HKGEâTGK \KNG C CPWNWK RTGEWO )K QDUGTXC/KK IGPGTCNG RTKXKPF XTGOGC ÉP NWPC TGURGEVKXâ +PVGTGUCPV FG TGCOKPVKV GUVG EQGZKUVGP/C ECNEWNâTKK\KNGNQTCV¸VÉPECNGPFCTWNRGUVKNXGEJKE¸V)KÉPEGNRGUVKNPQW  0QCRVGCFGTGXGNKQPGTCEGNGDTCVâFGEâVTGECVQNKEK)KRTQVGUVCP/K ÉPVTQ FWOKPKEâ URTG NWPK KCT \KWC FG  KCPWCTKG  EâFGC NWPGC ÉP CEGGC)K \K QTVQFQE)KK )K ITGEQECVQNKEKK TQO¸PK EQPHQTO ECNGPFCTWNWK ITGEGUEUâTDâVQTGCW+IPCVWN
VâKGTGCRQTEWNWK EWFCVCFGFGEGODTKG #PWN0QWEâ\¸PFRGPVTWCEG)VKCFQWâUâRVâO¸PKOCKV¸T\KW  %C )K EWTKQ\KVCVG TGFâO UâTDâVQTKNG OQDKNG FWOKPKEC UGRVWCIGUKOGK 
FG \KNG ÉPCKPVGC 2C)VKNQT  GTC NC  HGDTWCTKG #UEJGTOKVVYQEJ 
/KGTEWTGC EGPW)KK ÉPEJGKGTGCECTPCXCNWNWKECTG EQKPEKFGC EW KPVTCTGC ÉP RQUVWN 2C)VGNWK  NC  HGDTWCTKG FWOKPKEC 2C)VKNQT
NCTGHQTOC/K)KECVQNKEK NCCRTKNKG
2C)VGNGITGEGUEQTVQFQZ)K WPKVEâFGCFWOKPKEâCRTKNKGUVKNPQWCRTKNKGUVKNXGEJK ¡PâN/CTGCNC EGT NC  OCK 4WUCNKKNG NC  OCK FWOKPKEC 5HKPVGK 6TGKOK NC  KWPKG (TQJPNGKEJPCO
,QKC8GTFGUâTDâVQCTGCECVQNKEâCVTWRWNWKFQOPWNWK  NCKWPKGRTKOCFWOKPKEâCCFXGPVWNWK
FKPEGNGRCVTW NCFGEGODTKG &WTCVC(CUEJKPIWNWK
ECTPCXCNWNFGRTKOâXCTâ GTCFGUâRVâO¸PK)K \KNG 
(KKPFWPEKENWFGUâTDâVQTKURGEKHKEUC)KNQTE¸VGXCCOâPWPVGEGEQPVWTGC\âOQFWN

FG EGNGDTCTG C CEGUVWK (CUEJKPI RQV RTG\GPVC KPVGTGU %QPHQTO NWK %CTN )ÑNNPGT +O -TGKUNCWH FGU ,CJTGU 'F -TKVGTKQP $WEWTG)VK  R  ECTPCXCNWN ÉPEGRGC ÉP KCPWCTKG ÉP NWPGC FG FWRâ \KWC EGNQT 6TGK /CIK C)CPWOKVC .WPGC EQPLWTCVâ 
)GUEJYQTGPGT /QPVCI FG MNKP (WGUPKEJV ÉP UâUG)VG  FKG MNGKPG (CUVPCEJV  OKEC PQCRVG C RQUVWNWK  E¸PF HWPE/KQPCTKK UC)K RTQCURâV CNG)K NC ÉPEGRWV FG CP FGRWPGCW LWTâO¸PVWN %CTPCXCNWN FWTC R¸Pâ NC #UEJGTOKVVYQEJ
VTCF NKV /KGTEWTGC EGPW)KK WNVKOC \K FG ECTPCXCN RTGEGFCVâ FG Q PQCRVG FG RQOKPâ EG OCTEC CRQIGWN )K HKPCNWN ECTPCXCNWNWK FKG ITQ²G (CUVPCEJV  OCTGC PQCRVG C RQUVWNWK ¡PCEGUVKPVGTXCNRGUVTâ\KNGQTC)GNQTUâUG)VKVTCPUKNXCPGTâUWPCWOW\KEK)K FCPUWTK )K VTGEGCW RTQEGUKWPK FG Oâ)VK DTGUNGNG É)K UâTDâVQTGCW QDKEGKWTKNG XGEKPâVâ/KNG 
0CEJDCTUEJCHVGP  FGUHâ)WTCW \KNGNG NQT FG LWFGECVâ 
4KEJVVCIG  ¡P  /CIKUVTCVWN UKDKCP )KC ÉPEGVCV CEVKXKVCVGC ÉP VKORWN (CUEJKPIWNWK EJKCT )K PC)VGTKNG )K FGEGUGNG CW HQUV EQPUGOPCVG FWRâ /KGTEWTGC EGPW)KK &KP RTKEKPC PGPWOâTCVGNQTDCNWTKNCECTGNâUCWIQCNGUâNKNGFGURGEVCEQNFKTGEVQTWNVGCVTWNWK UKDKCP PQVC ÉPITKLQTCV 6QCVG QTC)GNG OQPCTJKGK EE KPENWUKX ECRKVCNC 8KGPC UG FKUVTGC\âÉPFQWâ\KNGQHKEKCNGNC TGFWVG 
4GFQWVGPUCCN UCNC ¡ORâTCVWNWKTQOCP  P%)ÑNNPGT PWOCK5KDKWNUKPIWTPWGOWN/WOKVEWCV¸VC&QCTCEGUVQTC)FWDNGC\â  

Q8QNMUMCNGPFGTR KPFKEC FG CUGOGPGC \KNGNG FG RQUV EGNG  \QFKKCNGJQTQUEQRWNWKCPWNWKHC\GNGUQNCTGNWPCTG)KRNCPGVCTGRTGEWO )KE¸VGXCFCVGFGURTGEGNGRCVTWCPQVKORWTK#PWP/CRGPVTWFQWâ GENKRUG FG UQCTG KPXK\KDKNG NC PQK )K FQWâ GENKRUG FG NWPâ FKPVTG ECTG RTKOCGTCXK\KDKNâNCOCTVKG
FGNCQTGNGR¸PâNC   %CNGPFCTWN EQPVKPWC EQORGPFKWN ETQPQNQIKE FG KUVQTKC 6TCPUKNXCPKGK C EâTWK RWDNKECTG ÉPEGRWUG ÉP CPKK CPVGTKQTK VTCV¸PF RGTKQCFC2WDNKECWP4GIKUVTWIGPGCNQIKECN%CUGKKORGTKCNG FQOPKVQCTG FG #WUVTKC #RQK TGFC OCK OWNVG NGIGPFG VTCPUKNXCPG 
2GCVTC &TCMWNWK /KTGCUC FG  FG CPK )¶DTKGN $¶VJQTK NC 5KDKW  UCWFKPCNVG\QPG 
5âTDâVQCTGCEâNW/KNQTFGNGOPFKP%TCEQXKC   2GPVTW RGTUQCPGNG KPVGTGUCVG FG OGTUWN GEQPQOKGK WTOCW E¸VGXCCTVKEQNGFGURTGFCVQTKKNGFGUVCVFGURTGCE/KWPKNGEQORCPKKNQTFG XCUGEWCDWTK)KEGNGCNGEâKNQTHGTCVGQUECNâQHKEKCNâCEWTUWNWKDKNGVGNQT DCPECTGRGPVTWCPKK5GGZRNKECTQUVWNDCPEPQVGNQTFGJ¸TVKG EWWPOKEFKE/KQPCTFGGZRTGUKKVGJPKEGXGJKEWNCVGÉPEQOGT/WNEWJ¸TVKG UGKPFKECWKPUVKVW/KKNGEGW)WTCWO¸PWKTGCDCPKNQT5WD TWDTKEC 5VGNG Eâ\âVQCTG RQNKVKEG UG ITWRCW INWOG )K RQCPVG .C 8KGPC UC FGUEJKU UG\QPWN OW\KECN FCT PW UG CWF \XQPWTK FGURTG UQUKTGC OWNVQT EGNGDTKVâ/KUWPVC)VGRVCVGFQCT XKGWZVGORU %GGUVG JQNGTC !#PCTJKG FGUWU)KFGLQU  7P KPFKEG EQPUKUVGPV FG FQWâ\GEK FG RCIKPK UG TGHGTGC NC 2GTUQPCNWNÉPCNVGNQTHQTWTK)KCWVQTKVâ/KVTCPUKNXCPGCNGQPQTCVGKPC/KWPK UâUG)VKECTGKPENWFGC%QOCPFCOGPVWNOKNKVCTIGPGTCNEE
IGPGTCNWN EQOCPFCPV )GHK FG FKXK\KK )K FG DTKIâ\K FGRCTVCOGPVWN OKNKVCT EGN
VKORWNECTPCXCNWNWK)KRGVTGEGNC TGFWVG FGRCVTWQTKRGUâRVâO¸Pâ&GCDKCRTKEGRK EWO Q CUGOGPGC HWTKG C FCPUWNWK C RWVWV EWRTKPFG Q PC/KWPG CV¸V FG C)G\CVâ NWOKPCVâ )K GEQPQCOâ  &CPUWN &GWVUEJGT *QRUGT EQVKNNQPWN )K OGPWGVWN GTCW FCPUCVG EW GPVW\KCUO FG QHKEKCNKVâ/KNG QTC)WNWK FCT TC\CPVWN .CPICWU ÉK KPFKIPC RG EQPUKNKGTKK/CIKUVTCVWNWK5KDKWNWK  
&WRâEGCONWCVNCEWPQ)VKP/âEâOCKOWNVG RGTUQCPG UCW ÉODQNPâXKV DTWUE FG DQNK RGTKEWNQCUG C EâTQT ECW\â VTGDWKG EâWVCVâ PWOCK ÉP C)CPWOKVWN .CPICWU )K ÉPVTWE¸V /CIKUVTCVWNWK PWK RQCVG HK KPFKHGTGPVâ UVCTGC UâPâVâ/KK NQEWKVQTKNQT FG CKEK UC FGEKU KPVGT\KEGTGC CEGUVWK FCPU GZVTGO FG FâWPâVQTUâPâVâ/KK0KEKEWXKPVGNGTGRTQDCVKXGCNGFQEVQTWNWK#PFTGCU9QNHH&GURTG DQCNC (CUEJKPIWNWK PW RWVGCW UVâXKNK RTCEVKECTGC VGORGTCOGPVCNWNWK .CPICWU ÉP 5KDKW.CÉPEGRWVWNUGEQNWNWKCN:+:NGCEJGHWNFGFKUVTCE/KGCURQTKV)KOCKOWNV¡P 5KDKW UG CPWP/CW CRTQCRG UGCTâ FG UGCTâ DCNWTK NC ¡ORâTCVWN TQOCP (K NC $TC)QX  
PWOGTQ)KFCPUCVQTKHTGEXGPVCWPQDKNGNGDCNWTKOCUECVGÉP5CNCTGFWVGNQT.C ÉPFGEWTUWNWPGKNWPK
FKPKCPWCTKGR¸PâÉPHGDTWCTKG UCWCPWP/CVPWOCK RW/KPFGFGDCNWTKFKPVTGECTGOWNVGFGOâ)VK'OKN5KIGTWUPQVC-KP¸PFEQPVFG PWOGTQ)KK TQO¸PK ECTG UVWFKCW NC IKOPC\KWN GXCPIJGNKE UWRGTKQT NC DCNWTKNG UVWFGP/G)VKUGLWECNCÉPEGRWV)KNCUH¸T)KVE¸VGQ 4QOCPC  

RQNKVKE EGN GEQPQOKE EGN FG ÉPVTG/KPGTG EGN FG LWUVK/KG %CPEGNCTKC FG Tâ\DQK,WFKEKWOFGNGICVWOOKNKVCTG%QOKUCTKCVWNFGTâ\DQKECUCFG Tâ\DQK EQOCPFCOGPVWN NQECN FKTGE/KWPGC HQTVKHKEC/KKNQT FKUVTKEVWCNG   6G\CWTCTKCVWNTGICNVTCPUKNXCPEWUGFKWNNC5KDKW%QPVCDKNKVCVGCTGICNâ ECOGTCNâ%QPVCDKNKVCVGCOQPVCPâTGICNâ%CUKGTKCECOGTCNâTGICNâ %CUCDCPEPQVGNQTDCPECTG)KFGTâUEWORâTCTG&KTGE/KWPGCUCNKPGNQT TGICNG1HKEKWNEGPVTCNUKNXKETGICN.QVGTKCTGICNâ#FOKPKUVTC/KC IGPGTCNâ TGICNâ C RQ)VGK  'ZRGFK/KC FKNKIGP/GNQT RQ)VCNG  +PURGEVQTCVWN TGICN CN VTKEGUKOGK  1HKEKWN EGPVTCN TGICN CN VTKEGUKOGK 1HKEKWNTGICNCNFKLOGKFKPUECWPGNG5KDKW)K0QETKEJRGTUQPCNWN 7PKXGTUKVâ/KKPC/KQPCNGUâUG)VKHWPE/KQPCTKKUWRGTKQTKCKUECWPGNQT)K FKUVTKEVGNQT UâUG)VK  /CIKUVTCVWN QTC)WNWK NKDGT TGICN )K CN UECWPWNWK 5KDKWEQOWPKVCVGCQTC)WNWK5KDKW
#PGZâFQEPT   ¡P HKPG UG RWDNKEC )K EQORQPGP/C  %QOKVGVWNWK TQO¸P FG RCEKHKECTGEGÉKCXGCECOGODTKRG0KEQNCG$âNâ)GUEW5KOGQP$âTPW/KW #6TGD.CWTKCP6KOQVGK%KRCTKW(NQTKCP/KEC)+QCP$TCPW  ¡P CPGZâ UG GPWOGTCW RTKPEKRCNGNG V¸TIWTK CPWCNG FKP TGICVWN 7PICTKGK &G CUGOGPGC UG PQVC UQUKTGC )K RNGECTGC FKNKIGP/GNQT RQ)VCNG FGNCQHKEKWNRQ)VCNEGPVTCNTGICNFKP5KDKW  4GXGPKPF NC CEVWCNKVCVGC RQNKVKEâ KOGFKCV FWRâ UâTDâVQTK \KCTGNG UâUG)VK EQPUGOPCTâ WP PQW XCN FG RTQVGUVG ¡ORQVTKXC )WXGTPWNWK WPICT )K C RTG\KFKWNWK CEGUVWKC EQPFWU FG EQPVGNG /KMÎ +OTG UG RTQPWP/CTâ /CIKUVTCVWN FKP 5KDKW RTKPVTQ CFTGUâ EâVTG 7PKXGTUKVCVGCPC/KQPCNâFCT)K7PKXGTUKVCVGCUâUGCUEâÉPUâ)K)K%QOKVGVWN TQO¸PÉPPWOGNGPC/KWPKKUCNGRTKPRN¸PIGTKCFTGUCVGÉORâTCVWNWK  6TCPUUKNXCPKC GFKVC WP 2TQKGEV FG RTKPEKRKK RGPVTW CEVWCNK\CTGC EQPUVKVW/KGK UâUG)VK TGFCEVCV FG FGRWVC/KK 2GVGT .CPIG UGPCVQT)K*CPPRTQHGUQT%CRKVQNGNGRTQKGEVWNWKFG\DâVGCW+RTGXGFGTK IGPGTCNG ++ EQPFWEGTGC +++ FTGRVWTKNG IGPGTCNG CNG EGVâ/GPKNQT OWPKEKRCNK +8 HWPE/KQPCTKK OWPKEKRCNK 8 EQOKVGVGNG EGVâ/GPG)VK 8+ EQOWPKVâ/KNGEGTEWCNG  ¡PCEGUVVKOR)VKTKNGFGRGE¸ORWNFGNWRVâEWTIGCWPGÉPVTGTWRV )GPGTCNWN $GO ECTG NC  FGEGODTKG RTGNWCUG EQOCPFC UWRTGOâ C CTOCVGK TGXQNW/KQPCTG OCIJKCTG KPVTC NC  KCPWCTKG ÉP 6¸TIW /WTG) %QOCPFCPVWN UWRTGO KORGTKCN 2WEJPGT HWIK NC 5KDKW .C  KCPWCTKG TâUR¸PFKPFQRCPKEâIGPGTCNâ2WEJPGTQTFQPâGXCEWCTGCCTJKXGK 

6TCPUUKNXCPKCPTKCPWCTKGRPTKCPWCTKGRPT +FGOPTKCPWCTKGR

KCPWCTKGR 

)KCECUGNQTCGTCTGÉP/WPVGPKC/WN/KTGHWIKC/KÉNWTOCTâURTGOKC\â\K RGPVTWCUEâRCFGUQCTVCTGIJKPGPKNQT  .C  KCPWCTKG  UG FGUHâ)WTâ RTKOC DâVâNKG FG NC 5KDKW 2WEJPGTÉPVâTKXCNWTKNGLQCUGFGRâO¸PVFGNCOCTIKPGCQTC)WNWK&GCKEK KORGTKCNKKFGENCP)CTâWPRWVGTPKEHQEFGCTVKNGTKGECTGÉNQDNKIâRG$GO FWRâ WP EQPVTCCVCE NKRUKV FG UWEEGU Uâ UG TGVTCIâ NC 5NKOPKE #EQNQ RTGIâVKWPPQWCUCNVCUWRTCQTC)WNWK  7P QTFKP FG \K CN EQOCPFCPVWNWK IGPGTCN CN IâT\KK EKXKNG FKP 5KDKW5$TWMGPVJCNNKPK)VGCRQRWNC/KCPWVTGDWKGUâUGVGCOâFGQCTGEG GZKUVâ VWPWTK .C UH¸T)KVWN NWK KCPWCTKG $TWMGPVJCN RWDNKEâ Q PQWâ RTQENCOC/KGCPWP/¸PFEâQTC)WNGTCFKPPQWÉPRGTKEQN  .C  HGDTWCTKG  IGPGTCNKK /CTK)VK 5MCTKCVKP )K 'PIGNJCTF RâVTWPUGTâ ÉP #TFGCN EW CRTQCRG  FG QCOGPK %W TW)KK ÉP URCVG 2WEJPGT RWVW Uâ VTGCEâ NC CVCE NC  HGDTWCTKG ¡N DâVW RG $GO NC 1EPC 5KDKWNWK +PVTCTGC TW)KNQT ÉP 5KDKW ÉK RTKNGLWK NWK 5KGDGPD×TIGT $QVG Q TGVTQURGEVKXâCVTCIKEGKUVâTKFGTâ\DQK  4WKPGNG HWOGI¸PFG FG NC 4GIJKP (GNFKQCTC *âTOCP 5¸PRGVTW #TEJKVC *QIJKNCIRCT/KCN5NKOPKE(WTC/CTG)K5GDG)EC)K CNG EGNQT RGUVG  FG UCVG TQO¸PG)VK FGXCUVCVG )K CTUG FG WPIWTK )K UGEWK FCT PW OCK RW/KP )K KPEGPFKGTGC <NCVPGK )K #KWFWNWK FG EâVTG TQO¸PKUWPVVTKUVGNGUGOPGCNGRTG\GPVWNWKÉPU¸PIGTCVÉPECTGCWEâ\WV LGTVHâÉP/CTCPQCUVTâOCKOWNVFGFGQCOGPK)KÉPECTGEWITGWUG RQCVGUVCDKNKECTGFKPVTGRâT/KTQO¸PKKUCWWPIWTKK)KUGEWKKUCFGFCVNC EGNGOCKOCTKETW\KOK  6TCPUUKNXCPKC ÉODTâ/K)C ÉP HGDTWCTKG Q NCTIâ RCNGVâ FG RTQDNGOG +PHQTOC FGURTG KPEGPFKGTGC #KWFWNWK FG EâVTG CTOCVC TGXQNW/KQPCTâ FG\DâVGC EJGUVKWPGC TQO¸PQUâUGCUEâ RTQVGUVC ÉORQVTKXC WPGK NKDGTVâ/K PGEQPFK/KQPCVG C OG)VG)WIWTKNQT UG ÉPVTGDC CUWRTCUQCTVGK7PICTKGKRGXKKVQT)KHâEGCRTQRWPGTKRGPVTWWPXQNWO GXQECVKXCNGEGNQTOCKUVTCPKKÉPV¸ORNâTKFKP6TCPUKNXCPKCCEGNQT\KNG  8QNMUHTGWPF XGPGC EW WP CTVKEQN CN WPWK CPWOG ÉPXâ/âVQT 5EJWDGTV &GURTG ECTCEVGTWN PC/KQPCN TWUGUE ÉP VQP EW PQWC RTKGVGPKG CWUVTKCEQTWUâ#TVKEQNWNGTCRTGEGFCVFGQPQVâNâOWTKVQCTGFKPRCTVGC 
%CTN)ÑNNPGTQREKVR Q5D$QVGRPTKCPWCTKGRPTKCPWCTKGR  6TCPUUKNXCPKC PT   HGDTWCTKG  R 
KPEGPFKGTGC #KWFWNWK  PT   HGDTWCTKGR
EJGUVKWPGCTQO¸PQUCUGCUEâ PTHGDTWCTKGR
RTQVGUV ÉORQVTKXC NKDGTVâ/KK OG)VG)WIWTKNQT  PT   HGDTWCTKG  R 
FGURTG UQCTVC 7PICTKGK  PT   HGDTWCTKG  R 
ÉPV¸ORNâTK UVTCPKK FKP 6TCPUKNXCPKC  +FGOPTHGDTWCTKGR 

TGFCE/KGK ÉP ECTG EKVKVQTKK GTCW CUKIWTC/K Eâ PW GTC XQTDC FG PKEK Q NKPIW)GCNâ  
VQEOCK CEWO E¸PF ÉK CXGO RG TW)K EC RTKGVGPK )K CRâTâVQTK ÉP OKLNQEWN PQUVTW #WVQTWN EQPUKFGTC/KKNQT RUKJQNQIK\CPVG FGETGVC(KGECTGPC/KWPGEC)KHKGECTGQOCHQUVÉP\GUVTCVâFGNCPCVWTâ EWWPVGORGTCOGPVFQOKPCPVEWQOCTGKPHNWGP/âCUWRTCECTCEVGTWNWK UâWOQTCNECTGPWUGNCUâPKEKE¸PFCPWNCVRTKPGFWEC/KG&CEâNQEWKVQTKK -âTKNQTFG,QUUWPVHNGIOCVKEKGPING\KK)KIGTOCPKKEQNGTKEK  
URCPKQNKK OGNCPEQNKEK  
ÉPUEJKODHTCPEG\KK)KTW)KKCWWPVGORGTCOGPVUCPIXKP #EGUVWKCEGNWKOCKHGTKEKVFKPVTGVGORGTCOGPVGTWUWNÉKFCVQTGC\âOCK OWNVG ECNKVâ/K ECTG PW RQV HK UQEQVKVG FG HCRV ÉP T¸PFWN VTâUâVWTKNQT OQTCNG RTQRTKW\KUG ÉPFGO¸PCTGC UC XQKQ)KC UC RGTOCPGPVâ UQEKCDKNKVCVGC)KNQEXCEKVCVGCIWUVWNUâWRGPVTWFKUEW/KKW)QCTG)KLQEWTK PGXKPQXCVGPGÉPHTKECTGCNWKUCWOCKFGITCDâNKRUCNWKFGITKLK%GNOCK PGÉPUGOPCVFKPVTGTW)KCTGFGNCPCVWTâWPOGTUJQVâT¸V)KVQVW)KRCUWN NKPCTGOK)EâTKGZRTGUKXGXQTDG)VGEWUWXGTCPWNUâWHâTâCUKO/KEGCOCK OKEâUV¸PLGPGCNâ)KVTCXGTUGC\âRTâRCUVKKNGHâTâUâCOG/GCUEâ0KEK GXNCXKC TW)KNQT PW GUVG UWODTâ QTK RNKEVKUKVQCTG DKUGTKEKNG NQT CW Q ÉPHâ/K)CTGXGUGNâ)KEGNGOCKRNâEWVGCTQOGÉNÉPV¸ORKPâRGETGFKPEKQU #TVKEQNWN EQPVKPWâ GPWOGT¸PF KPVGNKIGP/C PCVKXâ C TWUWNWK EWTCLWN KPKOC NCTIâ KWDKTGC NWK RGPVTW EQRKK ÉPENKPC/KC URTG OW\KEC RQRWNCTâ RTGEWO )K W)WTKP/C EW ECTG ÉPXC/â NKODK UVTâKPG  W)WTKP/â GZRNKECVâ VQEOCKRTKPECTCEVGTWNFKHKEKNCNRTQRTKGKUCNGNKODK&QOPWN5EJWDGTVUG OKPWPC RG DWPâ FTGRVCVG RTQDCDKN FG HCEKNKVCVGC EW ECTG TWUWN ÉPXC/â QTKEG OWPEâ )K UG RTKEGRG NC QTKEG 4GETWVWN ÉPEâ ETWF NC E¸VGXC UâRVâO¸PK FWRâ KPVTCTGC NWK ÉP TGIKOGPV FWRâ EG UG HCEG RNâEWV UWRGTKQTWNWK UâW FGXKPG WP DWP UQNFCV ETQKVQT UCW QDQKUV 5VTâKPWN TâO¸PGWKOKVÉPHC/COKLNQCEGNQTUKORNGEWECTGTGRCTâQTQCVâUVTKECVâ UCWRTKPECTGTKFKEâITGWVâ/KKOGPUGHâTâOC)KPKCTVKHKEKCNG  6TCPUUKNXCPKC GZRWPGC ÉPVTWP CTVKEQN FG HQPF RTKPEKRKWN GICNGKÉPFTGRVâ/KTKCPC/KQPCNKVâ/KNQTÉPCEGNC)KPWOâTRWDNKE¸PFWPCEV GOKUFG)WXGTPWNWPICTFGURTGWPKWPGCFKPVTG7PICTKC)KEGNGNCNVG/âTK CNG #WUVTKGK %W CEGUV PWOâT  FKP  OCTVKG RWDNKECV EW FQWâ \KNG ÉPCKPVG FG EWEGTKTGC OCIJKCTâ C 5KDKWNWK 6TCPUUKNXCPKC É)K ÉPEGVC CRCTK/KC  .COCTVKGCXWNQECFQWCDâVâNKGFGNC5KDKWÉPWTOC EâTGKC TW)KK ÉPHT¸P/K VTGDWKTâ Uâ RâTâUGCUEâ QTC)WN $QVG HâEW RWDNKEG 

5D8QNMUHTGWPFPTOCTVKGR 6TCPUUKNXCPKCPTOCTVKGR 

OCK OWNVG RTQENCOC/KK CNG NWK $GO EâVTG NQEWKVQTKK QTC)WNWK 
  OCTVKG   $GO RTQOKUG COPKUVKG IGPGTCNâ 7P CTVKEQN FKP $QVG 
OCTVKG QRKPCEâQEWRCTGCOCIJKCTâC5KDKWNWKÉPHâRVWKVâNCOCTVKG PWGTCCV¸VFGTGCRTGEWOUGVGOWUG#DKCNCOCTVKG5KGDGPD×TIGT $QVGTGFâFGUHâ)WTCTGCDâVâNKGK  $GORNGEâFKP5KDKWNCOCTVKG1TFKPWNWKNWK-QUUWVJFGC HCEG5KDKWNWPCEWRâO¸PVWNPWKCEQTFâPKEKEGCOCKOKEâCVGP/KG¡K GZRNKEâEQNQPGNWNWK-KUU'WCOEWEGTKVWPQTC))KXTGCWUâEQPFWEWP QTC) PW WP OQTOCP FG EGPW)â )K FâT¸OâVWTK %QOKUCTWN IWXGTPCOGPVCN %U¶P[K ECTG RTKOKUG FG NC -QUUWVJ FKURQ\K/KK CUGOâPâVQCTG FGUEKPUG NC 5KDKW #KEK QTFQPâ TKFKECTGC C FQWâ\GEK FG OGODTK UC)K CK /CIKUVTCVWNWK QTâ)GPGUE )K ÉPEJKFGTGC NQT ÉP EC\CTOC OKNKVCTâ %U¶P[K FGENCTâ UVCTGC FG CUGFKW )K KPK/KG VTKDWPCNG OKNKVCTG NC 5KDKW 5KIJK)QCTC $TC)QX $KUVTK/C (âTâ EC COPKUVKC NWK $GO Uâ HKG CPWNCVâGZRNKEKVVTKDWPCNGNGFGU¸PIGÉ)KÉPEGRWTâCEVKXKVCVGC.COCK  RG FGCNWN %GVâ/WKK FKP %NWL HW ÉORW)ECV 5V. 4QVJ  FG UC)K  FG TQO¸PK )K  FG WPIWTK É)K RKGTFWTâ XKC/C R¸Pâ NC UH¸T)KVWN Tâ\DQKWNWK 
9KGPGT<GKVWPI   .CLWOâVCVGNWKOCTVKGHWWEKU,QUGH$GPKIPKHQUVTGFCEVQT)GHNC 5KGDGPD×TIGT $QVG $GPKIPK VQEOCK UG RTGIâVGC Uâ UG CNâVWTG EQPXQKWNWK FG TGHWIKC/K URTG /WPVGPKC E¸PF OCK OWN/K JWUCTK MQUUWVJKGPKÉNVTCUGTâEWHQT/CFKPVTâUWTCUCFGEâNâVQTKGÉNV¸T¸TâR¸Pâ NCNQEWKP/CUCWPFGÉNÉORW)ECTâ  1FCVâEWPTFKPOCTVKG\KCTWNHWRTGNWCVFGEâVTG,QJCPP *KPV\4GFCE/KCÉPFTâ\PGCUâTGEWPQCUEâRNKPâFGEWTCL  0QK ÉPUâ EQPUKFGTâO FG FCVQTKC PQCUVTâ Uâ PW RTG\GPVâO PKEKQFCVâ GXGPKOGPVGNG FKPVTQ ÉPHâ/K)CTG WPKNCVGTCNâ  1 HQCKG FKP RTQXKPEKG ÉP QRKPKC PQCUVTâ VTGDWKG Uâ HKG GZRTGUKC HKFGNâ C XKG/KK RQNKVKEGC)CEWOUGFGUHâ)QCTâGCÉPRTQXKPEKG0WQTKEGQTâ)GNRQCVGHK 2CTKU4QUVWNNWK$QVGPWGUVGCEGNCCNWPGKHQKOKPKUVGTKCNGFKP.QPFTC 2CTKU8KGPCUCW&GDTG/KP8TGOUâURWPGORTKPCEGCUVCEâNWK$QVGPW ÉK GUVG RGTOKU Uâ HKG WPC FKPVTG CEGNG HQK FG RCTVKF EW ECTG UG RTCEVKEâ CIKVC/KQPKUO RQNKVKE EâTGKC PWOGNG WPGK PQVCDKNKVâ/K RQNKVKEG ÉK UGTXG)VG 
Q5D$QVGRPTOCTVKGR %)ÑNNPGTQREKVR 

+FGOPTOCTVKGRPTOCTVKGR Q5D$QVGRPTOCTVKGR 

Q9KGPGT<GKVWPIRHGDTWCTKGEKVCVFG%)ÑNNPGTR 

'WIGPXQP(TKGFGPHGNU,QUGRJ$GFGWUXQP5EJCTDGTI8KGPCXQN++R 

FTGRVCEQRGTKTGECTGGUETKUâC)C)KPWCNVHGNPWOCK)KPWOCKFKPECW\C WPQTUEQRWTKFGRCTVKF0W$QVGCTGHKTG)VGKPVGP/KKNGUCNGRQNKVKEGNGCNG )K FGUEJKUG FCT UG UVTâFWKG)VG RTKPVTQ LWFGECVâ ECNOâ RTKP EQNGE/KQPCTGCPGRCTVKPKEâFGOCVGTKCNGUâCLWPIâNCQÉP/GNGIGTGEQTGEVâ CNWETWTKNQT   <KCTWN RCTEWTIGC Q RGTKQCFâ FG OCTG NKRUâ C KPHQTOC/KGK &G UâRVâO¸PKFG\KNGPGXQKCTâO¸PGRGPVTWTGFCE/KCCEGUVQTHQKCEGGC)K.C 5KDKWRQ)VCPWOCKCFWEGCCNVG\KCTGÉPCHCTâFG-Ñ\NÑP[FKP&GDTG/KP )K FG *QPXÃF FKP %NWL )K RG CEGUVGC EW ÉPV¸T\KGTG <KCTGNG COKPVKVG TGNCVGC\â RCT/KCN FGURTG GXGPKOGPVGNG KPVGTPG &CT FWRâ EWO DKPG UG EWPQC)VG CO¸PFQWâ RTKXGUE EW WPWN )K CEGNC)K QEJK RCTVKPKE &KORQVTKXâPQKCXGOUCTEKPCFGCPWRTG\GPVCPKEKQFCVâGXGPKOGPVGNG UWDQKOCIKPGWPKNCVGTCNâ/CKEWUGCOâÉPVKORWTKCV¸VFGCIKVCVGEC EGNGVTâKVGCEWOE¸PFTGHNGEVCTGC)KTGRTG\GPVâTKNGNWETWTKNQTVTGEWVGUWPV CV¸V FG FKHGTGP/KCVG CEWO ETGFGO PQK CXGO FWDNC FCVQTKG FG C EQPHTWPVCQCHKTOC/KGEWCNVâCHKTOC/KG)KFGCNâUCFGEK\KCEQTGEVKVWFKPKK EKVKVQTWNWK)KVKORWNWKECTGNGWPKHQTOK\GC\âRGVQCVG  (CRVGNG )K UETKGTKNG NWK ,QJCPP *KPV\ VQVW)K CW HQUV LWFGECVG CUVHGN
#PVQP -WT\CNâVWTKFG,*KPV\ECTGCTGFCEVCVHKNQMQUUWVJKCP 5KGDGPD×TIGT $QVG ÉP VKORWN QEWRC/KGK 5KDKWNWK GUVG UKPIWTWN FKPVTG NKVGTC/KK PQ)VTK FG QFKPKQCTâ ECTG )KC RWU RGPK/C ÉP UNWLDC IWXGTPCVQTWNWK7PICTKGK   %GVâ/GPKK 5KDKWNWK FGENCTCTâ Eâ UG UWRWPGCW FKURQ\K/KKNQT NWK $GO )K Eâ RTQVGUVCW HQTOCN )K UQNGOP ÉORQVTKXC QTKEâTGK KPVGTXGP/KK C RWVGTKKTWUG)VK  2TQENCOC/KCNWK%U¶P[KEâVTGUC)KKFGRG2âO¸PVWN%TâKGUECHNCV UWD UVCTG FG CUGFKW HâEGC EWPQUEWVâ ÉP NWPC CRTKNKG  TKFKECTGC FG VTKDWPCNG FG RGFGCRUâ #XGTKNG UKDKGPKNQT ECTG PW UG CHNCW CECUâ
TGHWIKC/KK GTCWUGEJGUVTCVG/CIKUVTCVWN5KDKWNWKKUGCFTGUCNWK%U¶P[K )K FWRâ EG NâWFC IGPGTQ\KVCVGC ÉPHNâEâTCVâ C GTQKEWNWK ÉPXKPIâVQT RTQVGUVCÉORQVTKXCUGEJGUVTâTKKDWPWTKNQTEGNQTCDUGP/K  %C  WTOCTG C KPFKEC/KGK NWK -QUUWVJ WP QTFKP CN NWK %U¶P[K UVCDKNGC GVCVK\CTGC CXGTKK 7PKXGTUKVâ/KK PC/KQPCNG UâUG)VK /âUWTC HWUGUG NWCVâ EC CXGTGC PC/KQPCNâ UâUGCUEâ  ÉORQVTKXC FGUVKPC/KGK UCNG )K OCK CNGU ÉP FGHCXQCTGC ÉPUâ)K PC/KWPKK UâUG)VK RTKP KPFKXK\K EW RQTPKTK FW)OâPQCUGUâPWOCKHKGHQNQUKVâNCCIKVC/KK)KHCRVGTGNG)KCUVHGNUâPW OCK HKG UWUVTCUâ TQUVWNWK UâW GHGEVKX 2GPVTW NKPK)VKTGC PC/KWPKK UâUG)VK FGENCT Eâ CEGCUVâ RQTWPEâ C OGCPWCTGCNVâKPVGP/KGFGE¸VCEGGCFGC 
Q5D$QVGRPTOCTVKGR 19KVVUVQEMQREKVR 

TGFCC)G\âOKPVGNG)KRTQRTKGVCVGCPC/KQPCNâUEQRWNWKFGUVKPC/KKNQTNQT)K FG C HCEG KORQUKDKNâ WVKNK\CTGC DWPWTKNQT EQOWPG NC ÉPHâRVWKTGC WPQT RNCPWTKVTâFâVQCTGFG/CTâ  (K ÉP NWPKNG CRTKNKGCWIWUV  QTFQPCP/GNG NWK %U¶P[K UG UWEEGFCTâ EW TCRKFKVCVG 6CZGNG FG Tâ\DQK VTGDWKCW RNâVKVG 2CVTKC CXGC PGXQKG FG UQNFC/K FG CEGGC CXW NQE Q TGETWVCTG IGPGTCNâ C VWVWTQT DâTDC/KNQTÉPVTG)KFGCPK%U¶P[KÉKÉPFGOPCRG/âTCPK)KCTGPFC)K Uâ)K ÉPFGRNKPGCUEâ ÉPFCVQTKTKNG HC/â FG RTQRTKGVCTKK FG RâO¸PV %U¶P[K ETGâNC%NWLWPQHKEKWRQNK/KGPGUEEQPFWUFG&QDQMCK,Q\UGHEWUCTEKPC FGCCTGUVC)KCFWEGÉPHC/CVTKDWPCNWNWKRGVQ/KURGTLWTKK  /QUGU $GTFG EQOKUCT IWXGTPCOGPVCN NC 5KDKW QTFQPâ RTGFCTGC VWVWTQT CTOGNQT CHNCVG ÉP RQUGUKC EKXKNKNQT &GENCTC/KC FG KPFGRGPFGP/â C PC/KWPKK WPICTG 
CRTKNKG   HW RWDNKECVâ FG EâVTG $QVG(VKTKNGFGTâ\DQKUWPCWCEWO<KWCFGKGTKCHQUVÉPEWPWPCVâFG INQTKG RGPVTW VTWRGNG PQCUVTG  RTKP CEGCUVC UG ÉP/GNGIGCW VTWRGNG NWK $GO  2¸Pâ CEWO 5KGDGPD×TIGT $QVG TGFCUG GZENWUKX QRKPKK UâUG)VK ¡P OCK  UG RWVGCW EKVK EQOGPVCTKK CNG EQNCDQTCVQTKNQT OCIJKCTK CK \KCTWNWK7PCPWOG6QVJUETKCFGURTGQRQUKDKNâTGRWDNKEâEGVTGDWKCUâ RâUVTG\G)KUâTGURGEVGNGIGCFTGRVCVGCRTQRTKGVCVGCUVTâKPâ)KVTCFK/KKNG $CTEUC[ .¶U\NÎ OKNKVC RGPVTW Q EQNCDQTCTG IGTOCPQWPICTâ )K GTC FG RâTGTGEâXKKVQCTGCHQTOâFGIWXGTPâO¸PVCUVCVWNWKWPICTFGRKPFGCFG ÉORTGLWTâTKNGFQOKPCPVG  .CUH¸T)KVWNNWKOCKVTWRGNGWPICTGEWEGTKTâ$WFC.CHKPGNGNWK KWPKG ÉPUâ EQTRWTKNG FG CTOCVâ /CTKUVG )K CWUVTKGEG KPVTCTâ FKP PQW ÉP $KUVTK/C)K$TC)QX5C)KKUKDKGPKUGRTGIâVKTâUâKÉPV¸ORKPGRGKORGTKCNK  ¡P NWPC KWNKG IGPGTCNWN TWU .×FGTU QEWRâ UWFWN /âTKK 7PIWTKK RâTâUKTâ5KDKWNNCKWNKG.CKWNKG.×FGTUKPVTâÉPQTC)6QCVGQTFKPGNG GOKUG FG EQPFWEGTGC TGXQNW/KQPCTâ HWTâ FGENCTCVG PWNG )K PGCXGPKVG

FGURTG TKFKECTGC VTKDWPCNGNQT FG RGFGCRUâ ÉP PT   CRTKNKG  R  FGURTG UGEJGUVTCTGCCXGTKNQTÉPPTCRTKNKGRQTFKPWNFGGVCVK\CTG)KRTQVGUVWN /CIKUVTCVWNWKQTC)WNWKÉPPTCRTKNKGR &GURTGTGETWVCTGCIGPGTCNâÉPQ5D$QVGRPTCRTKNKGREJGOCTGC CFTGUCVâFG%U¶P[/âTCPKNQTÉPPWOGTGNGFKPCRTKNKGCRTKNKGCRTKNKG  FGURTG ETGCTGC DKTQWNWK RQNK/KGPGUE EQPFWU FG &QDQMCK , ÉP PT   CRTKNKG REQOWPKECVWNNWK/QUGU$GTFGÉPPTCRTKNKGRFGENCTC/KC FGKPFGRGPFGP/âCPC/KWPKKWPICTGÉPPTOCKR)VKTKFGTâ\DQKÉP PTOCKR 

2TQVGUVWNÉORQVTKXCKPVGTXGP/KGKTWUG)VKÉPQ5D$QVGRPTOCTVKGR 

6TCPUKNXCPKC TGFGXGPKVâ OCTG RTKPEKRCV TâO¸PGC UWD NGIGC FG Tâ\DQK R¸PâNCRCEKHKECTGCEQORNGVâ  %QOKUCTWN EE EQNQPGNWN (TCP\ XQP &QTUPGT QTFQPC  PGXCNCDKNKVCVGC RTQENCOC/KKNQT EQPFWEGTKK TGDGNG  FGOQDKNK\CTG IGPGTCNâ  DCPEPQVGNG WPICTG GTCW CPWNCVG  VQCVG NGIKNG ECTG UG ÉPVGOGKCWRGUWRTGOC/KCNKODKKOCIJKCTGGTCWFGUHKKP/CVGÉPFKUVTKEVGNG EW RQRWNC/KG OKZVâ  IWXGTPWN EE OGP/KPGC TKFKECTGC UCTEKPKNQT WTDCTKCNG  %¸VGXC OKK FG TGHWIKC/K FKP /WPVGPKC TGXGPKTâ CECUâ 'K CFTGUCTâOWN/WOKTKCWVQTKVâ/KNQTOWPVGPG  1FCVâ EW TGKPUVCWTCTGC RWVGTKK CWUVTKGEG NC 5KDKW CXW NQE )K UEJKODCTGC TGFCE/KGK NC 5KGDGPD×TIGT $QVG *GKPTKEJ 5EJOKFV RTQCURâVWNTGFCEVQT)GHCNNWK$QVGUETKC  #V¸VCVKORE¸VÉNXQKEQPFWEGGW5KGDGPD×TIGT$QVGXCNWRVC UâHKGWPQTICPCNKPVGTGUGNQTPC/KQPCNGUâUG)VK/CKÉPV¸KFGVQCVGFCVQTKC NWK 5KGDGPD×TIGT $QVG GUVG FG C TâUR¸PFK Q TGCNâ EQP)VKKP/â EKXKEâ FG UVCV CWUVTKCEâEâEK#WUVTKCGUVGUKPIWTWNNQEÉPECTGXKC/CPC/KQPCNâUâUGCUEâ RQCVG ÉPHNQTK ÉP VQCVâ ÉPUGOPâVCVGC GK RGPVTW EKXKNK\C/KG )K URKTKVWN EQOWPKVCTNKDGT  ¡PVTG VKOR $GO RKGTFW DâVâNKKNG FG NC 5KIJK)QCTC )K #NDG)VK &WRâWPTCKFHWNIGTâVQTRTKP6¸TIW/WTG))K/GFKC)JQPXG\KKEWEGTKTâ TGÉPPQKV2KC/C/CTGCIQTC5KDKWNWK  .C  CWIWUV  UG FGUHâ)WTâ C VTGKC )K WNVKOC DâVâNKG FG NC 5KDKW 7PKVâ/KNG Eâ\âEG)VK TWUG)VK ÉK CLWPUGTâ FKP WTOâ RG OCIJKCTK ÉK CNWPICTâ)KNC(WTC/CTG$GOHWCVCECVEQPEQOKVGPVFGFQWâEQTRWTKFG CTOCVâTWUG)VK5WHGTKQÉPHT¸PIGTG\FTQDKVQCTG)KHWIKNC6KOK)QCTC  $QVG CDKC COKPVK NWRVC ¡)K CRâTâ FQCT EQPEGVâ/GPKK UC)KK UKDKGPKPWNGFâFWUGTâOCIJKCTKNQTPKEKWPCLWVQT)KPWÉORW)ECUGTâPKEK WPTWU 

CTVKEQNWN NWK $CTEUC[  UC)KK ÉK C)VGCRVâ RG CWUVTKGEK  PT   KWNKG  R  CPWNCTGCQTFKPGNQTEQPFWEGTKKTGDGNGÉPPTKWNKGR Q5D$QVGRPTKWNKGR.CKWPKG9GUUGNGP[CRTQRWU&KGVGK VTCPUKNXCPG NGIGC WTDCTKCNâ ¡P CEGGC)K \K C HQUV CEEGRVCVâ NGIGC EG EQPUHKP/GC FGUHKKP/CTGC UCTEKPKNQT WTDCTKCNG )K C KQDâIKGK ¡P FCVC FG  KWPKG  NGIGC C HQUV RWUâÉPCRNKECTG1TFQPCP/CKORGTKCNâFKPKWNKGEQPHKTOCNGIGCFKPKWPKG  &GURTG TGXGPKTGC TGHWIKC/KNQT ÉP PT   KWNKG  R  PT   CWIWUV  R  8 )K UVWFKWN 'NC %QUOC 4GHWIKC/KK VTCPUKNXâPGPK ÉP /WPVGPKC NC  ÉP XQN+UVQTKCECGZRGTKGP/âKPVGNGEVWCNâ1TCFGCR Q5D$QVGRPTCWIWUVR 

Q5D$QVGRPTOCKR
CTVKEQNWNNWK6QVJ PTOCKR  

#XGO ÉPCNVC ÉORWVGTPKEKTG FG CK CUKIWTC RG RTG/KQ)KK PQ)VTK EQPEGVâ/GPKEâQHK/GTKKKORGTKCNKTW)KUWPVEQPXKP)KR¸PâNCEGNOCKÉPCNV PKXGNEâÉPVKORWNETKOKPCNGKNWRVGFGUVTCFâFKPCWIWUVPKEKWPUCU UKDKCPPCVTCUCUWRTCVTWRGNQTETWUG)VK  .C  CWIWUV %QOCPFCOGPVWN UWRTGO KORGTKCN QTFQPâ TKFKECTGC C  FG TGETW/K 5ECWPWN 5KDKWNWK VTGDWKC Uâ RWPâ NC FKURQ\K/KG  FG QCOGPK EW X¸TUVC ÉPVTG  )K  FG CPK 2¸Pâ NC  UGRVGODTKGTGETWVCTGCVTGDWKCÉPEJGKCVâ  #FOKPKUVTC/KCRTQXK\QTKGÉORâT/K/CTCÉP)CUGFKUVTKEVGOKNKVCTG 5KDKW #NDC +WNKC %NWL 4GVGCI 1FQTJGK )K (âIâTC) %QOGUWN PC/KWPKK UâUG)VK GTC EQPEQOKVGPV RTG)GFKPVGNG LWTKFKE )K EQOKUCT IGPGTCN FKUVTKEVWCNCNFKUVTKEVWNWK5KDKWNWKFGECTGCRCT/KPGCW)KFKUVTKEVGNGHKNKCNG $KUVTK/C)K$TC)QX&KUVTKEVGNGUGUWDFKXK\CWÉPEKTEWOUETKR/KKKCTCEGUVGC ÉPUWDEKTEWOUETKR/KK
KPURGEVQTCVG ÉPECTGCFOKPKUVTC/KCEKXKNâTGXGPGC EQOKUCTKNQTFGEKTEWOUETKR/KG)KKPURGEVQTCV  .CÉPEGRWVWNNWKPQKGODTKGTW)KKRâTâUKTâ5KDKWN  $QVGRWDNKEâ
CDKCCEWO EQPUVKVW/KCKORGTKCNâC#WUVTKGKFKP OCTVKG  2CEGC/âTKKHWUGUGTGUVCDKNKVâ   ¡PEWTUWNCPKNQT5KGDGPD×TIGT$QVGRâUVTâEQPUVCPV WPCOGUVGEFGRCVTKQVKUONQECNGVPKE)KNQKCNKVCVGHC/âFG%CUCKORGTKCNâ JCDUDWTIKEâ5WDQEWRC/KCWPICTâC5KDKWNWK 
OCTVKGKWNKG  EWVQCVGRKGTFGTKNGRTQXQECVGFGCEGCUVCFGRQUGFCTGCTGHWIKC/KNQT)KC CXGTKK 7PKXGTUKVâ/KK PC/KQPCNG FK\QNXCTGC KPUVKVW/KKNQT )K HWPE/KKNQT VTCFK/KQPCNG UâUG)VK CTGUVâTKNG )K EQPFCOPâTKNG NC OQCTVG  UC)KK CEEGRVCTâCEGNHCKVCEEQORNKG)KÉPEGTECTâHâTâGNCPFGQUGDKVFCT)KHâTâ QOCTGTG\KUVGP/âUâUGCFCRVG\GNCUVCTGCFGNWETWTK  &KPRGTURGEVKXCOCPKGTGKÉPECTGUGUETKWLWTPCNGNGCUVâ\K\KCTWN UKDKCPKORTGUKQPGC\âRTKPTGURKPIGTGCRCVKOKK)KCXKQNGP/GKÉPEWX¸PV)K HCRVâ ¡P URKTKVWN OQFGTC/KGK )K CN ÉORâEâTKK EWO ÉPUW)K $QVG É)K RTQRWUGUGEGNOCKCFGUGCK\DWVKUâ)K/KPâRCPCÉPHT¸W#TIWOGPVCTGC UCEWTIGCHâTâITCDâGTCÉPVQVFGCWPCUWHKEKGPVVKOR)KURC/KWRGPVTWC TGNWC KUVQTKC CD QTKIKPG 7PFG PW OCK HQNQUGCW CTIWOGPVGNG E¸PF 
%)ÑNNPGTQREKVRQ5D$QVGRPTCWIWUVR 

Q5D$QVGRPTCWIWUVR
FGURTGUQNFC/KKRGECTGVTGDWKCUâKTKFKEG

UECWPWN 5KDKW  PT   UGRVGODTKG  R 
CTVKEQNWN CPQPKO  PT   UGRVGODTKGR
PQWCÉORâT/KTGCFOKPKUVTCVKXâ PTPQKGODTKGR 
TW)KK RâTâUGUE 5KDKWN PT   PQKGODTKG  R 
EQPUVKVW/KC QEVTQKCVâ  

UQT/KKGTCWPGHCXQTCDKNKPWOCKCTCTGQTK5KGDGPD×TIGT$QVGUCEQDQT¸V FKPGZEGUFG\GNNCNKPIW)KTGCQEC\KQPCNWNWKÉPXKPIâVQT  Q6TCPUUKNXCPKCR UWRNKOGPV CN NWK Q5KGDGPD×TIGT $QVGR NC UGEQPFCVRGCEGUVCÉPCVKVWFKPGC)KQRKPKKNGUCNGPW)KÉPNQPIGXKVCVGCUC %W Q CRCTK/KG TGIWNCVâ ÉP EWTUWN CPWNWK  FKP OQVKXG PGRTGEK\CVG Q6TCPUUKNXCPKCR )KC UKUVCV CDTWRV GFKVCTGC NC  OCTVKG  ÉPCKPVG FG EWEGTKTGCOCIJKCTâC5KDKWNWK  Q5KGDGPD×TIKUEJGT 8QNMUHTGWPFR EW CRCTK/KG UâRVâO¸PCNâ ÉP RTKOC RCTVGCNWKCRQKDKUâRVâO¸PCNâURTGHKPCNWNCEGNWKC)KCPC UWU/KPWV Q FGUVWN FG EQPUGEXGPVâ CVKVWFKPG CPVKWPKQPKUVâ DKPG CTIWOGPVCVâVGQTGVKE)KRTCEVKE&KPVTG\KCTGNGUKDKGPGQ8QNMUHTGWPFRC HQUVEGNOCKFKURWUUâIâ\FWKCUEâ)KFG\DCVâRTQDNGOG)KTGHQTOGUQEKCNG ÉPRCIKPKNGUCNG  Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR EW WP RTQPWP/CV ECTCEVGT NKVGTCT )K GUGKUVKE TGRTG\KPVâ Q EWNOG C VCNGPVWNWK KPXGUVKV ÉP RTGUCUKDKCPâUâUGCUEâ¡PEKWFCCRCTK/KGKNQTGRKUQFKEG
FKPOCKR¸PâÉP QEVQODTKG   HT¸PCVG ÉP RTCIWN K\DWEPKTKK Tâ\DQKWNWK EKXKN EGNG  ECKGVGCNGCEGUVGKHQKEQP/KPEWEGTVKVWFKPGWPGNGRKGUGCPVQNQIKEG     

    ¡PEGRWVWN CPWNWK  PW RTGXGUVGC GXGPKOGPVGNG EG CXGCW Uâ \IWFWKG NWOGC .C LWOâVCVGC NWK KCPWCTKG \KCTGNG DTC)QXGPG VTCVCW PQWC NGIG FG TGETWVCTG 5CVGNNKV RTGNWC Q EQTGURQPFGP/â FKP 'TFÃN[K *KTCFÎEGCPWP/CEâQEQOKUKGXCTGETWVCOKKFGDâTDC/KÉPVTG)K FGCPKEWGZENWFGTGCPQDKNKNQT,WTPCNWNOCIJKCTCRTGEKCEâTGETWVCTGC UGXCHCEGÉPVTQOCPKGTâOCKWOCPâ)KQCOGPKKPWXQTOCKHKRTKP)K EWNCP/WTK)KE¸TNKIGEC)KCPKOCNGNG7PPWOâTWNVGTKQTCNNWK5CVGNNKV FGUETKCFGUHâ)WTCTGCTGETWVâTKKÉPUECWPWN5KDKW  ¡P$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGCRâTGCWP EKENW FG CTVKEQNG FGURTG /CIJKCTKK EKCPIâK FKP /QNFQXC VQV CKEK UG TGFC FKP CEGNC)K 'TFÃN[K *KTCFÎ Q TGEGP\KG NC NWETCTGC NWK -ÑX¶T[ 5VCVKUVKEC 6TCPUKNXCPKGK   
%QPUKFGTC/KK FGURTG ÉORTGLWTâTKNG GZVGTPG NC ÉPEGRWVWN CPWNWK  GTCW RTGNWCVG FG 5CVGNNKV FKP 1DGTRQUVCOVU<GKVWPI  &CEâ UC)KK VTCPUKNXâPGPK GTCW Xâ\W/K ÉP 5CVGNNKV EC EGN OCK ÉPCKPVCV CXCPRQUV CN PC/KQPCNKVâ/KK IGTOCPG ÉP UWFGUVWN 'WTQRGK EQPHQTO CTVKEQNWNWK NWK *GTOCPP 6JGQFQT )NCV\ FKP .GKR\KIGT +NNWUVTKGTVG<GKVWPICEGNC)K\KCTUâUGUERTQOQXCQKOCIKPGRTKGVGPQCUâ C TQO¸PKNQT RTKP RWDNKECTGC UETKUQTKK WPWK XCNCJ WPKV 5WD OQVVQWN 3WKVCEGVEQPUGPVKTGXKFGVWT#WFKCVWTGVCNVGTCRCTUCWVQTWNCPQPKO UETKC5âPGI¸PFKONCXTGOWTKNGE¸PFUGETGFGCEâGUVGEWOWNVOCK UKIWTDCEJKCT)KOCKRNâEWVUâ/KKÉPHT¸WWPRQRQTDTWVKIPQTCPVFGE¸V UâNC)KUâKPVTG)KEGNGOCKOKEKTC\GFGNWOKPâÉPUVT¸OVCHGTGUVTWKEâC 
Q5CVGNNKVRPTKCPWCTKGRPTKCPWCTKGRPT Q$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGRPTKCPWCTKGRPT 

%TQPKECRTGUGKDTC)QXGPG
,QJCPP)ÑVV)KQ5KGDGPD×TIGT9QEJGPDNCVVRQ5CVGNNKVR Q$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGR)C 

HGDTWCTKGR 

KCPWCTKGRPTKCPWCTKGRPTKCPWCTKGR PTHGDTWCTKGRPTHGDTWCTKGR +DKFGOPTKCPWCTKGRPTOCTVKGRPTOCTVKG R 5CVGNNKVPTKCPWCTKGR +DKFGOPTHGDTWCTKGR 

EQNKDGNQT FG NC /CTâ CEQNQ WPFG CRTQCRG ÉPVQVFGCWPC UWPV PGUQEQVKVG FKURQ\K/KKNG )EQNCTG CNG EQPFWEGTKK  ECTG EW UKIWTCP/â PWVTG)VG Q CVKVWFKPGRâTKPVGCUEâHC/âFGTQO¸PKFGXTGOGEGE¸PFXCNKUGTGRTQ)CUG DNâLGPKNQTEâ
NCFGRCTQJKK)KFGHKNKCNGEWVQVEW)EQNKCEQNQWPFG GZKUVâ GKCTCXGCWPÉPXâ/âO¸PVEWRGUVGFGGNGXKHNâO¸P\K5âPG I¸PFKOPGRâTVKPKVQT)KEGXCOCKEQP)VKGP/KNCVQCVGCEGUVGC)KCRQKUâK OCKDNCOâORGXCNCJKRGPVTWECTCEVGTWNNQTDTWVFCEâOCKRWVGO&G FCVCCEGCUVCPKEKPWPGÉPFTGRVâORTKXKTGCURTGUVCTGCEWVQVWNLCNPKEâC ENGTWNWKPGWPKV2GPVTWCRâTCTGCCFGXâTWNWK)KQOCKDWPâÉP/GNGIGTGÉP XKKVQT ÉPVTG UC)K )K XCNCJK Xâ TQCIâ Uâ NG RTKOK/K CEGUVGC ÉP RTG/WKVGNG FXQCUVTâ RCIKPK WP XCNCJ WPKV 4GFCE/KC TGEWPQ)VGC Eâ R¸Pâ CEWO CEGUV\KCTCUETKUOCKCFGUÉORQVTKXC)KOCKTCTÉPHCXQCTGCXCNCJKNQT 6QEOCKFGCEGGCÉPHQKNGPQCUVTGGDKPGXGPKVâQTKE¸PFQCUVHGNFGFCTG FG UGCOâ CV¸V FG ECNOâ )K URTKLKPKVâ FG CTIWOGPVG GZRNKECVKXG Q NWOKPCTGCUVâTKKFGNWETWTKTQO¸PG)VK/âTVWTKUKTGCRWDNKEâCRâECVGNQT CTG FTGRVWN NC RQEâKP/â RWDNKEâ %GNG FQWâ PC/KWPK UG RQV CRTQRKC RTKGVGPG)VGWPCFGEGCNCNVâPWOCKFCEâÉ)KFG\XâNWKGTGEKRTQEEGCWRG KPKOâ)KECWVâUâNKORG\GCUEâRC)PKEHâTâCNVâKPVGTXGP/KGRTKNGLWTKNGFG \¸\CPKG  6TCPUUKNXCPKC FKP 5KDKW RWDNKEC Q UWEEGUKWPG FG TGRNKEK CFTGUCVG NWK 5CVGNNKV <KCTWN DTC)QXGCP CEW\CUG EQOWPKVCVGC QTC)WNWK 5KDKWEâPWUGKORNKECÉPCE/KWPKFGUVKPCVGDKPGNWKQD)VGUE#PKOQ\KVCVGC )KC)CGZKUVGPVâÉPVTGQTC)GNG$TC)QX)K5KDKWCXGCUâUGCORNKHKEGQFCVâ EWTGXQNW/KCE¸PFCVKVWFKPGCHC/âFGWPKWPGC6TCPUKNXCPKGKEW7PICTKC FGXGPKUWDKGEVWNFKXGTIGP/GKOCLQTG  ¡POCTVKG9QEJGPDNCVV)K5CVGNNKVCPWP/CTâFGENCP)CTGC TGXQNW/KGK HTCPEG\G )K FGUETKUGTâ \KNGNG FG  HGDTWCTKG NC 2CTKU /CKGUVCVGC UC ÉORâTCVWN (GTFKPCPF + CN #WUVTKGK FâFGC Q FGENCTC/KG FGURTG GXGPKOGPVGNG FKP (TCP/C 9QEJGPDNCVV TGFC ÉPEGRWVWN TGXQNW/KGKÉP7PICTKC)KOCPKHGUVWNÉPRWPEVGFGNC2GUVC 
OCTVKG   ECTG EWRTKPFGC EGTGTGC WPKWPKK 6TCPUKNXCPKGK EW 7PICTKC 2TGUC DTC)QXGCPâLWDKNâNCCHNCTGCXG)VKKEâÉP#WUVTKC/GVVGTPKEJHWUGUGUKNKVUâ FGOKUKQPG\G UG RTQENCOCUG NKDGTVCVGC RTGUGK )K UG EGTGC Q PQWâ 
6TCPUUKNXCPKC5KDKWPTHGDTWCTKGPTOCTVKGRPT OCTVKGR  5D 9QEJGPDNCVV PT   OCTVKG  R  CTVKEQNWN (VKTK FGURTG TGXQNW/KC HTCPEG\â 5CVGNNKV PT   OCTVKG  R  CTVKEQNWN &GURTG K\DWEPKTGC TGXQNW/KGKHTCPEG\GÉPHGDTWCTKG 5D9QEJGPDNCVVPTOCTVKGR +DKFGOPTOCTVKGR +DKFGOPTHGDTWCTKGR 

EQPUVKVW/KG RGPVTW OQPCTJKG $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG RTGNWCW FKP 9KGPGT 5QPPVCIUDN¼VVGT WP CTVKEQN CN FT.(TCPMNFGURTG%GNGVTGK\KNGCNGTGXQNW/KGKFKP8KGPCFGUETKUGFG OCTVQTK QEWNCTK )K RCTVKEKRCP/K #TVKEQNWN EQP/KPGC OCK OWNVG ECRKVQNG 2TKOCUE¸PVGKGCHQEWNWKFKPOCTVKG&WOKPKECÉPCWNâ.CCFWPCTGC 5VâTKNQT NWPK FG NC QTC  R¸Pâ NC  5GFKP/C 5VâTKNQT &GNGIC/KC WPKXGTUKVâ/KK 5QNFC/KK )K CWNC 5RTG CTUGPCN 5WDWTDKG )K QTC) 0W GTCW WKVCVG PKEK OCPKHGUVâTKNG RTQWPKQPKUVG FKP %NWL FG NC  OCTVKG #VOQUHGTC FKP $TC)QX CNâVWTCTGC GPVW\KCUVâ NC TGHQTOGNG RTGEQPK\CVG FGTGXQNW/KQPCTKKOCIJKCTKÉ)KCHNCWGEQWÉPCRGNWNRTGQVWNWKGXCPIJGNKE FKP NQECNKVCVG )GQTI *KPV\ ECTG RWDNKEC ÉP 5CVGNNKV Q %JGOCTG EâVTG UEWORWN OGW RQRQT UâUGUE )K EâVTG EQOWPKVâ/KNG TGRTG\GPVCVKXG CNG CEGUVWKC FG C RTQOQXC )K ÉPHâRVWK )K FG RCTVGC UâUGCUEâ WPKWPGC 6TCPUKNXCPKGKEW7PICTKC  <KCTGNG DTC)QXGPG CNG NWK )ÑVV TGHNGEVCW HKFGN CVKVWFKPGC RTQWPKQPKUVâ$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGRWDNKEC NC  CRTKNKG WP CORNW CTVKEQN RTQITCOCVKE UGOPCV FG 6)
)GQTI 6GWVUEJ FGURTG%GCTGFGHâEWV6TCPUKNXCPKCÉPRTG\GPV!  2TQHGUQTWN FG IKOPC\KW -CTN -TCHV /KPW ÉP HC/C OGODTKNQT CUQEKC/KGK OG)VG)WICTKNQT FKP $TC)QX Q EWX¸PVCTG EW QEC\KC \KNGK FG PC)VGTGCÉORâTCVWNWK(GTFKPCPF#OKPVKEâÉPFGEK\KCGKFKPCRTKNKG QPQTCVC PQCUVTâ 7PKXGTUKVCVG PC/KQPCNâ F¸PF EWTU FQTKP/GK EGVâ/GPKNQT PQ)VTK C FGENCTCV UQNGOP RTKOKTGC ETGFKPEKQ)KNQT FG EQPHGUKWPG ITGEGCUEâ EW FTGRVWTK GICNG ÉP WPKWPGC EGVâ/GPGCUEâ C RQRQTWNWK UâUGUE 2TQDNGOC EGC OCK OCTG NC QTC TGURGEVKXâ GTC WPKWPGC 6TCPUKNXCPKGK EW 7PICTKC -TCHV CTâVC Eâ 1TKE¸V CT HK FG ÉORâT/KVG RâTGTKNGÉPCEGUVFQOGPKWVQVW)KEGKOCKOWN/KUWPVFGCEQTFEâWPKWPGC RQCVG HK CEEGRVCVâ HâTâ )QXâKCNâ FCEâ PC/KWPGC WPICTâ É)K GZRTKOâ FQTKP/C FG C OGP/KPG PGCVKPUâ EQPUVKVW/KC EGVâ/GPKNQT FG RG 2âO¸PVWN %TâKGUE NC HGN EWO C CUKIWTCVQ UNCXKNQT FKP TGICVWN WPICT
!  $N¼VVGT ÉP ECTG CRâTGC CEGCUVâ EWX¸PVCTG RWDNKEC )K %¸PVGEWN XQNWPVCTKNQT2QG\KCÉKCRCT/KPGCNWK/CZ/QNVMG)KÉPEGRGCCUVHGN(TC/K 
+DKFGOPTOCTVKGR5CVGNNKVPT)KOCTVKGR  $N¼VVGTPT)KCRTKNKGRPTCRTKNKGR PTCRTKNKGRPTOCKR 5D9QEJGPDNCVVPTOCTVKGR +DKFGOPTCRTKNKGR 5CVGNNKVPTOCTVKGR $N¼VVGTPTCRTKNKGR 

IGTOCPK TKFKEC/KXâ NWC/K CTOGNG FG RG RGTGVG ' VKORWN Uâ PG ÉPCTOâORGPVTWCTG\KUVCGTQKE  7P EQTGURQPFGPV WPKQPKUV FKP 5KDKW DCUVKQPWN CPVKWPKQPKUOWNWKUâUGUEUETKC(TC/KUC)K6TKOKVEâVTGXQKEJGOCTGCUâ HK/K RGPVTW WPKWPGC 6TCPUKNXCPKGK EW 7PICTKC ¡PUâ)K TGPC)VGTGC 7PICTKGK RQRWNCTG ÉPFGOPC NC WPKTG 2G FG Q RCTVG ÉP EWORâPâ CV¸TPCW VQCVG CXCPVCLGNG RQUKDKNG CNG NKDGTVâ/KK RG FG CNVâ RCTVG ÉPUâ RTGECW/KC ÉPFGOPC NC WTOâVQCTGC LWFGECVâ 0W PQK PW XTGO Uâ PG FKUVTWIGOUKPIWTKQPGWPKTGEW7PICTKCÉPUGOP¸PFCPWNCTGCUC)KNQT WP RQRQT OKE DN¸PF )K ÉORTâ)VKCV ÉP VGTKVQTKW FG  QCOGPK 7PKWPGCCTHKCUKIWTCVVQVW)KKPFKXKFWCNKVCVGCPC/KQPCNâ0WGUVGWPXKU CEGNC Eâ WP UVCV OWNVKNKPIXKUVKE RQCVG GZKUVC HâTâ EC Q PC/KQPCNKVCVG UQ ÉPIJKVâ RG CNVC FCEâ CEGGC PW OQCTG FG DâVT¸PG/G %C GZGORNW UG QHGTGCUKVWC/KCFKP#OGTKECFG0QTF  .C OCK5KDKWNRTQENCOCUGETGFQWNPGFG\NKRKTKKFGOQPCTJKC EQPUVKVW/KQPCNâ $N¼VVGT CRTGEKC Eâ OCPKHGUVâTKNG FG NQKCNKVCVG PW TG\QNXCW RTQDNGOC WPKWPKK KCT ÉP CEVWCNGNG ÉORTGLWTâTK 2TQXKPEKC %KDKPGPUKU GUVG Q JKOGTâ #EGNC)K PWOâTHâEGCTGENCOâNCWPQRWUEWN FG RTGUETKR/KK RGPVTW GZGTEK/KKNG IâT\KK PC/KQPCNG FKP $TC)QX  <KCTWN CFWEGC E¸VGXC %WXKPVG FG RCEG CNG NWK $GVJNGP ,¶PQU UGPKQT )K ,QUKMC /KMNQU KCT RQGVWN /CTNKP RWDNKEC VQV CKEK XGTUWTKNG OKNKVCPVG KPVKVWNCVG #RâTâVQTWN  &KP CTVKEQNGNG CRâTWVG ÉP 5CVGNNKV TGKG)GC NKORGFG ETGFKP/C Eâ TGHQTOGNG UQEKCNG RâTGCW KPGXKVCDKN NGICVG FG WPKWPG 1 FGNGIC/KG FG EGVâ/GPK CK QTC)WNWK VTKOKUGTâ Q CFTGUâ /CIKUVTCVWNWK FKP $TC)QX 
OCTVKG ÉPECTGUGEQPUKFGTCWECKORGTKQUPGEGUCTGWTOâVQCTGNG TGHQTOC QTICPK\âTKK EQOWPKVâ/KNQT EWC CNGIGTGCOGODTKNQTNQTFKPVTG VQ/K )K RTKP VQ/K EGVâ/GPKK CWVQTK\C/K D  CNGIGTGC Uâ PW HKG RG XKC/â  RWVKP/C QTKEâTWK EGVâ/GCP ECNKHKECV FG C HK CNGU FGNGICV ÉP CFWPCTGC PC/KQPCNâUCWÉP&KGVâFGUHKKP/CTGCECPFKFCVWTKKNCCNGIGTKNGFGQTKEG HGN  FCTG FG UGCOC RWDNKEâ FGURTG UKVWC/KC ECUKGTKKNQT  ECTCEVGTWN RWDNKE CN ÉPVTWPKTKNQT EQOWPKVâ/KNQT /CIKUVTCVWNWK )K 7PKXGTUKVâ/KK PC/KQPCNG  RWDNKEKVCVGC )K QTCNKVCVGC 
©HHGPVNKEJMGKV WPF /×PFNKEJMGKV FG\DCVGTKNQTLWTKFKEGKPENWFGTGCXCNCJKNQTEWFTGRVWTK GICNG ÉP CUQEKC/KC EGVâ/GPKNQT FG RG 2âO¸PVWN 5âUGUE  KPUVKVWKTGC VTKDWPCNGNQTFGLWTC/KRGPVTWCRâTCTGC)KTGINGOGPVCTGCRTGUGKNKDGTG 
+DKFGOPTCRTKNKGR +DKFGOPTOCKR 5CVGNNKVPTCRTKNKGR +DKFGOPTOCKRPTOCKR  

5CVGNNKV KPUKUVC CUWRTC PGEGUKVâ/KK ÉPCTOâTKK RG 2âO¸PVWN 5âUGUEECTGVTGDWKCÉP/GNGCUâECQTICPK\CTGCWPGKOKNKVCTK\âTKHQTOCNGC ÉPVTGIKKPC/KWPK 5GTâURWPFGCNCÉPVTGDCTGC%WOUGGZGTUGC\âQICTFâ PC/KQPCNâ!  ¡P EGTEWTKNG UâUG)VK UG UV¸TPKTâ ÉP CRTKNKG  RTKOGNG \XQPWTK ÉPITKLQTâVQCTGFGURTGXGPKTGCTW)KNQT)KÉPCEGCUVâGXGPVWCNKVCVGFGURTG EQNCDQTCTGC EW TW)KK C TQO¸PKNQT EC WPKK EG GTCW ÉPTWFK/K RTKP TGNKIKG 5CVGNNKV FG\OKP/GC KPHQTOC/KC RWDNKECVâ ÉPVTWP PWOâT CPVGTKQT EQPHQTOEâTGKCTQO¸PKKFKP(CRVG5CVGCTHKPWVTKVI¸PFWNÉPCKPVâTKKWPGK RGVK/KK EâVTG /CT RGPVTW C QEWRC TGIKWPGC ¡P PWOGNG UâVGPKNQT RTQVQRQRWNXCNCJ)KRTGQVWNFKP*QV\HCNW#NGTKWU$GT\CCTâVCHCNUKVCVGC \XQPWNWK 4QO¸PKK FKP (CRVG 5CVG GTCW ETGUEâVQTK FG XKVG )K QKGTK %W VWTOGNGNQTUVTâDâVGCW/QNFQXC8CNCJKC$CUCTCDKC$WNICTKC#UVHGNÉK EWPQUEWUGTâÉPFGCRTQCRG)KRGTW)KRTGEWO)KCNNQTUKUVGOCNDKEKWNWK
FGURQVKUO  &CEâ XCNCJKK PQ)VTK UG CFTGUGC\â ÉP NKODC NQT OCVGTPâ NQEWKVQTKNQT $CUCTCDKGK ECTG ÉP OCLQTKVCVG UWPV FG QTKIKPG XCNCJâ RTKOKPFÉPUEJKODTâURWPUWNÉPTWUG)VGCVWPEKOâÉPVTGDRGPVTWCEGNC ECTG EQPUKFGTâ NKODC )K PC/KQPCNKVCVGC  EC HKKPF EGNG OCK ÉPCNVG )K OCK RTG/KQCUG IKWXCGTWTK CNG QOWNWK RQCVG QCTG GZKUVC Q FWTGTG OCK UH¸)KGVQCTGCKPKOKK)KCUWHNGVWNWK!  7PEQTGURQPFGPVFGNC&WPâTGCFG,QUÉKÉPEWTCLCRGUC)KUâÉ)K FGCCEQTFWNÉPRTKXKP/CWPKWPKKUHâVWKPFWKÉPUâUâTGURGEVGRTKPEKRKWN IGTOCPKVâ/KK (TCP\ 5EJWUGNMC \KCTKUV NC 9KGPGT <GKVWPI ECTG HWUGUG FGUGOPCV EGVâ/GCP FG QPQCTG CN $TC)QXWNWK RGPVTW OGTKVGNG UCNG ÉP UGTXKEKWN PC/KWPKK UâUG)VK UGOPC WP CTVKEQN ÉP ECTG TGRTQFWEGC )K EQOGPVC /CPKHGUVWN /CTWNWK 0KEQNCG EâVTG TW)K 
OCTVKG   5EJWUGNMC CRTGEKC Eâ RQRQCTGNG VTGDWKCW Uâ UG TKFKEG ÉORQVTKXC RGTKEQNWNWK TWU RGPVTW NKDGTVCVG )K QPQCTG .C 8KGPC EC )K ÉP ÉPVTGCIC 'WTQRâEWNVâOCPKHGUVWN/CTWNWKUV¸TPKUGKPFKIPCTG5CVGNNKVÉNEQORNGVC RG 5EJWUGNMC 0W UG RQCVG PGIC HCRVWN Eâ ÉORâTCVWN 4WUKGK GUVG RTKP GZEGNGP/âVKRWNVKTCPWNWK%TGFKP/â/CTRCVTKGUWPVNQ\KPEKNGUCNGHâTâC ÉP/GNGIG RTKP CEGUVGC CNVEGXC FGE¸V RTQRTKC UC RGTUQCPâ EC FQOP CN DKEKWNWK  ,QJCPP )ÑVV ÉPUW)K UGOPC NC  OCK  CTVKEQNWN %G CTG FG HâEWV ÉP RTG\GPV PC/KWPGC UâUGCUEâ! 'FKVQTWN CTâVC Eâ /CTC VTGDWKC CRâTCVâ FG KPCOKEKK FKP CHCTâ KCT QTFKPGC )K NKPK)VGC OGP/KPWVâ &G CUGOGPGC ÉPFGOPC NC WP GHQTV UWU/KPWV FG ÉPUWHNG/KTG EQPVKPWâ C WPKWPKK VTCPUKNXCPG )K C FKHGTKVGNQT PC/KWPK RTGEQPK\CVâ RTKP WPKWPG 
+DKFGOPTCRTKNKGRPTCRTKNKGR +DKFGOPTCRTKNKGR  

5CVGNNKV RWDNKEC OCK OWNVG XQEK ÉP EJGUVKWPGC WPKWPKK UCW TGRNKEK NC CFTGUCCPVKWPKQPK)VKNQT  6QEOCK 5CVGNNKV GUVG \KCTWN ECTG RWDNKEâ FQWâ OCPKHGUVG ITâKVQCTG CNG UVâTKK FG URKTKV C RQRQTWNWK UâUGUE 7PWN FKPVTG CEGUVGC 2TQITCOWN RQNKVKE RGPVTW UC)KK CTFGNGPK FG /CTNKP GTC Q CFGTCTG ÉPHQECVâ NC ECW\C WPKWPKK EGNâNCNV CN NWK 6JGQFQT (CDKPK KPVKVWNCV 0W WPKWPKK
-GKPG 7PKQP  TGRTG\GPVC VQEOCK CVKVWFKPGC QRWUâ &G)K IC\GVCOCPKHGUVCPGQEQNKVUGPVKOGPVGRTQWPKQPKUVGEQNQCPGNGUCNGGTCW FGUEJKUGVWVWTQT
#PGZGFQEPT)K   5RGTCP/GNG TGHQTOKUVG CNG RTKOâXGTKK NWK  XK\CW CFOKPKUVTC/KCOG)VG)WIWTKNGUKUVGOWNFGÉPXâ/âO¸PV5CVGNNKVRWDNKEC RTQRWPGTGCHâEWVâFGEâVTGQEQOKUKGC7PKXGTUKVâ/KKPC/KQPCNGUâUG)VKFG 4GXK\WKTG HWPFCOGPVCNâ C EQPUVKVW/KGK OWPKEKRCNG &G CUGOGPGC UG RWDNKEC RGVK/KC UVWFGP/KNQT #ECFGOKGK FG FTGRV FKP 5KDKW CFTGUCVâ UGPCVWNWKCECFGOKERTKPECTGUGUQNKEKVCOQFGTPK\CTGCKPUVKVW/KGK  5CVGNNKVVTCPUOKVGC)VKTKFGURTGCFWPCTGCPC/KQPCNâXCNCJâFG NC $NCL FKP   )K  OCK  EâTGKC WPKK ÉK CEQTFâ Q KORQTVCP/â OCLQTâKCTCN/KKPWOCKECTCEVGTWNWPWKOGGVKPI(CRVGUVGEâIWXGTPWN RTKPRTG\GP/CNWK)KRTKPVTKOKVGTGCCFQKEQOKUCTKÉPRGTUQCPCFQOPKNQT 5\CDÎ .CLQU EQPUKNKGT IWDGTPKCN )K $¶PPHK /KMNQU LWFG UWRTGO KC EQPHGTKVECTCEVGTWNWPGKCFWPâTKPC/KQPCNG)KCTGEWPQUEWVQECCVCTG&G CEGGC PW VTGDWKG Uâ PG WKOGCUEâ HCRVWN Eâ XCNCJKK ÉP CFWPCTGC NQT EQPUV¸PFFKPFGUWHNGVGUCWFGENCTCV)KUCWRTQENCOCVEJKCTÉP RTKOC)GFKP/âFKPOCKPC/KWPGFGUKPGUVâVâVQCTG)KRCTVGKPVGITCPVâC 6TCPUKNXCPKGK#TVKEQNWNUGOPCVFGWPOCTVQTQEWNCT
RTQDCDKN5V. 4QVJ  WTOâTGC FGUHâ)WTCTGC RG \KNG C OCPKHGUVâTKNQT UWDNKPKKPF ÉP ÉPEJGKGTG¡POCKNCQTGNGXGPKTâEQOKUCTKK)KÉPEJKUGTâ)GFKP/CÉP WTCNGNGECTGPWOCKXQKCWUâEQPVGPGCUEâ1QTâ)KLWOâVCVGOCKV¸T\KW VQVRQRQTWNFKP$NCLFKURâTWUGHâTâUâHKUâX¸T)KVPKEKEGNOCKOKEGZEGU  .C  OCK UG TGNCVC FKP %NWL FGURTG TGHW\WN TQDQVGNQT FG EâVTG XCNCJKK NQECNPKEK )K FGURTG ECW\C CEGUVWKC 5G CTâVC Eâ FG OCK OWNVâ XTGOG GZKUVC VGOGTGC WPGK TâUEQCNG C /âTCPKNQT XCNCJK CVTKDWKPFWNKUG EJKCT EGNG OCK TâWXQKVQCTG VGPFKP/G EQOWPKUVG +\DWEPKTGC GTC C)VGRVCVâ FG 2C)VK EC Q C FQWC PQCRVG C 5H $CTVQNQOGW #EGUVG OKPEKWPK OQPUVTWQCUG ÉPUâ UG PâUEWUGTâ FQCT ÉP OKPVGC WPQTC CRâUC/K FG EQP)VKK/â FKP RTKEKPC UWRW)KNQT NQT 5CVWN &TCI  HW RTKOWN 
+DKFGOPTCRTKNKGRRPTOCKR PTCRTKNKGRPTOCKR +DKFGOPTOCKRPTOCKR +DKFGOPTOCKR 

ECTG TGHW\â ÉP HGDTWCTKG ÉPFGRNKPKTGC UCTEKPKNQT WTDCTKCNG )WDGTPKWN VTKOKUGQEQOKUKGFGCPEJGVâVQVW)KHâTâCKCEQTFCKPUVTWE/KWPKGZCEVG FCEâUâVTGCEâUCWPWNCQDNKICTGC/âTCPKNQTFGC)KTGNWCUCTEKPKNG#RQK VTKOKUG WP RNWVQP FG ECXCNGTKG 
Tâ\DQKPKEK  5CVWNWK &TCI ECTG PWOâTC  FG /âTCPK K UG CNâVWTCTâ )K CNVG UCVG TQO¸PG)VK &GQCTGEG /âTCPKK PW UG ÉPURâKO¸PVCTâ ÉPEâ FQWâ RNWVQCPG HWTâ VTKOKUG (W TâUR¸PFKVâ )K EKVKVâ ÉP DKUGTKEK Q RTQENCOC/KG VKRâTKVâ ÉP NKODC TQO¸Pâ XGPKVâEJKRWTKNGFKPRCTVGCÉORâTCVWNWK/Q)KGTWNFKP&TCIUGITâDKUâ NG RTQOKVâ /âTCPKNQT GNKDGTCTGC FKP KQDâIKG FG 5¸PIGQTIKW NC HKPGNG NWK CRTKNKG #T HK HâEWVQ EJKCT CVWPEK
ÉP HGDTWCTKG  FCEâ KCT HK RGTOKUQ XGEKPKK UâK OQ)KGTK .C ÉPEGRWVWN NWK OCK FGUKIWT UKVWC/KC GTC PGUEJKODCVâ FQCT UVCTGC FG URKTKV C /âTCPKNQT OWNV OCK ÉPHKGTD¸PVCVâ FGXTGOG EG CWVQTWN CTVKEQNWNWK EQOGPVC 2TKP WTOCTG PW G PKEK Q OKPWPGEâ/âTCPWNXCNCJCEâTWKKPVGNKIGP/âUGCHNâRGQVTGCRVâHQCTVG LQCUâ UG UKO/GC ÉP)GNCV )K PW OCK CXGC ÉPETGFGTG +IPQTCP/C /âTCPKNQT XCNCJK OGTIG CV¸V FG FGRCTVG ÉPE¸V PW RTKEGR ÉPEQTRQTCTGC EGNQT  EQOKVCVGVTCPUKNXCPG%TCUPC5QNPQE)K<CTCPFÉPECTGHTC/KKNQTFGCEQNQ CW HQUV GNKDGTC/K ÉPE¸V PW)K RQV ÉPEJKRWK FKXGTUKVCVGC NGIKNQT ÉP /âTK FKHGTKVG DC OCK OWNV ÉP WPGNG NQEWTK RTGEWO 'TFÃN[K -GTGU\VWT
%TKUVWTWN #TFGNGPGUE!  )KCW EWORâTCV COKPVKVC RTQENCOC/KG EC ICTCP/KG C NKDGTVâ/KK NQT EW  HNQTKPKFGNCGUETQEKKVKPGTCP/KRTKP)KÉPVTG VKOR  1 CVKVWFKPG GZVTGO FG GEJKVCDKNâ XâFGC 2GUVCNQ\\K ÉP CTVKEQNWN KPVKVWNCV7PKWPGC)KTQO¸PKK+CVâFGEGEWIGVGWPWVTGDWKGUâHQT/âO WPKWPGCECTGÉPUKPGPWGUVGCV¸VFGWOCPâEC)KEQPUVKVW/KC#WUVTKGK5â PWPGITâDKOUâPWHCEGOCEGUVRCUHâTâCOGFKVC)KUâPWNHCEGOHâTâ TQO¸PK5âC)VGRVâOR¸PâEGXQORTKOKRGVK/KCNQTRTQKPHQTOCVKQPG%GU CTRWVGCQOGPG)VGTGRTQ)CCEGUVGKCRCVTC5VâTK!%¸PFUGXQTC)G\CRG EGNFGCNRCVTWNGCUECWPUâUGÉPVTWPGCUEâCFWPCTGCHTâ/KGKFCTPWOCK FGXTGOG#VWPEKUâHKGWPKWPGUCWUâPWHKG  %WQFK\GTVC/KG)VKKP/KHKEâEGPWXK\CRTG\GPVWNKOGFKCV5VGRJCP .WFYKI 4QVJ QHGTGC ÉP $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG Q KRQVG\â FG GZRNKECTG C PWOGNQT IGTOCPG EG FGUGOPCW 6TCPUKNXCPKC )K 5KDKWN #WVQTWN FGTKXC 5KGDGPD×TIGP
6TCPUKNXCPKC  FKP 5KGDGPDWTI <KDKPUDWTI 2TQXKPEKC 5EKDKPKGPUKU+RQVG\CRTQRWUâFGGNGTCEâTCTKKPQOC\KOCIJKCTK)KNC HGN FG TCTKK PQOC\K XCNCJK ECTG Râ)WPCW CKEK )K ÉP TGIKWPKNG CRTQRKCVG HâTâ C CXGC WP UGFKW UVCDKN FGPWOKUGTâ FGLC T¸WTKNG )K CNVG FGCNWTK )K 
#EGNC)KPWOâTR +DKFGOPTKWPKGR 

TGIKWPK OCK OCTK )K OCK KG)KVG FKP EQOWP C)C EWO DQVG\CUGTâ )K %KDKPWN
<KDKP 0WOGNGFG*GTOCPPUVCFV
5KDKW CTHKRTQXGPKVFGNC *GGTOCPP
EâRKVCP ÉPUGPUWNFG5CEJUGPITCHEQOKVGCNUC)KNQTEC)K EQOCPFCPVFGQCUVGCNÉPVTGIWNWKRQRQTUâUGUE  ¡P EQPVKPWCTGC CTVKEQNWNWK NWK 4QVJ ÉP RCIKPKNG NWK $N¼VVGT CRâTGCW FQTKP/GNG WPWK EQNCDQTCVQT RTQRWUG FG\DCVGTKK XKKVQCTGK CFWPâTKPC/KQPCNGUâUG)VK(KCPWOGUGQDUGTXCEâÉPEKWFCHCRVWNWK Eâ FKP QDK)PWKP/â UG HQNQUGC PWOGNG FG UC)K CEGUVC GTC UKPQPKO FKP RWPEV FG XGFGTG KUVQTKE EW EGN FG IGTOCPK #EGUV NWETW VTGDWKG NâOWTKV OCK CNGU /âTCPKNQT PQ)VTK UC)K ECTG ÉK OCK PWOGUE ÉPEâ RG IGTOCPKEWQCPWOKVâPGÉPETGFGTG /WGUGT EGGCEGCTRWVGCHKEQTGEVCV EW W)WTKP/â  5G OCK CTâVC Eâ EGNG FQWâ DKUGTKEK XCNCJG FâT¸OCUGTâ \KFWTKNG FGURâT/KVQCTG FKPVTG GNG RGPVTW C NWETC ÉORTGWPâ ÉP UNWLDC EQP)VKKP/GK PC/KQPCNG KCT ÉP )GTOCPKC )K NC 8KGPC UG ETQKC WP RNCP FG WPKTG C VWVWTQT IGTOCPKNQT ÉPVTQ UKPIWTâ DKUGTKEâ &G CEGGC )K UC)KK VTGDWKCW Uâ UG WPKHKEG TGNKIKQU  &WRâ FGUHKKP/CTGC \GEKWKGNKK ECTG CUKIWTCUGR¸PâNCTGOWPGTC/KCRTGQ/KNQTUC)KCWVQTWNRTQRWPGCEC ENGTWNUâHKGRNâVKVEWDCPKNKEJK\K)KEWOQ)KK5CNCTK\CTGCRTQHGUQTKNQT CECFGOKEK )K PGCECFGOKEK
IKOPC\KCNK  UCT RWVGC ÉODWPâVâ/K RTKP TGWPKTGC OQ)KKNQT C FQVC/KWPKNQT ENGTWNWK )K C )EQNKNQT ÉPVTWP HQPF EQOWP  ¡P CEGC CUQEKC/KG C DKUGTKEKNQT )K )EQNKNQT Uâ HKG KPENW)K VQ/K IGTOCPKKCTFGNGPKPWPWOCKEGKCHNâVQTKRG2âO¸PVWN%TâKGUE5âUG FGUHKKP/G\GVQCVGFâTKNGEâVTGDKUGTKEâ)K)EQCNâKCTENGTWN)KÉPXâ/âVQTKKUâ HKGTGOWPGTC/KFKPECUKGTKKNGRWDNKEG  .C  OCK  &KGVC FKP %NWL XQVâ WPKWPGC 6TCPUKNXCPKGK EW 7PICTKC KCT NC  KWPKG ÉORâTCVWN UCPE/KQPâ WPKWPGC .C  OCK 9QEJGPDNCVV RWDNKECUG KPUVTWE/KWPKNG /CIKUVTCVWNWK QTC)WNWK EâVTG FGRWVC/KK RWDNKEWNWK DTC)QXGCP NC &KGVC VTCPUKNXCPâ 'NKCU 4QVJ )K .WFYKI$TGPPGPDGTI&GRWVC/KKWTOCWUâCE/KQPG\GRGPVTWTGURGEVCTGC RTQRWPGTKNQTKORGTKCNGÉPVKORWNFG\DCVGTKNQTUâPWUGQRWPâCNGIGTKK ECPEGNCTWNWKCWNKE)KCRTG)GFKPVGNWK6CDNGKTGIG)VKFGLWFGECVâUâEGCTâ NâOWTKTK ÉP RTQDNGOC WPKWPKK )K Uâ Q XQVG\G EW EQPFK/KC OGP/KPGTKK 6TCPUKNXCPKGK ÉP ECFTWN OQPCTJKGK )K C CUKIWTâTKK XGEJKNQT FTGRVWTK CNG UC)KNQT ÉP UEJKOD Uâ UG QRWPâ WPGK WPKWPK HâTâ EQPFK/KK Uâ UWU/KPâ FGUHKKP/CTGC TGNC/KKNQT HGWFCNG EW FGURâIWDKTGC RTQRTKGVCTKNQT FG OQ)KK NCHGNUâUWU/KPâRWTVCTGCEQOWPâCUCTEKPKNQTRWDNKEGUâOKNKVG\GRGPVTW CEQTFCTGCFGEâVTGOCIJKCTK)KUGEWKCCEGNQTC)KFTGRVWTKRGPVTWTQO¸PK RG ECTG NG QHGTKUGTâ UC)KK RG 2âO¸PVWN %TâKGUE Uâ QRVG\G RGPVTW 
$N¼VVGTPTKWPKGR 

FGUHKKP/CTGCEGP\WTKK)KNKDGTVCVGCRTGUGKUâÉPCKPVG\GWPTCRQTVFGVCNKCV FGURTG&KGVâFWRâÉPEJGKGTGCNWETâTKNQTGK  5CVGNNKVUWU/KPGCEâRGPVTW7PKXGTUKVCVGCPC/KQPCNâÉPEâPWGTC RTGCV¸T\KWUâUVCDKNGCUEâÉPVTWPOGOQTKWEQPFK/KKNGGZENWUKXRGDC\C EâTQTC PC/KWPGC UâUGCUEâ WTOC Uâ TGEWPQCUEâ WPKWPGC /GOQTKWN FGRWVC/KNQT UC)K ÉPCKPVCV &KGVGK NC  KWPKG  HW TGFCEVCV FG )GQTI &CPKGN6GWVUEJ/GOQTKWNUQNKEKVCURTKLKPWNEGNQTFQWâPC/KWPKFG5VCTG OCIJKCTKK )K UGEWKK ÉP XGFGTGC ICTCPVâTKK )K CRNKEâTKK OCK OWNVQT EGTGTK CNGPC/KWPKKUâUG)VK&GCUGOGPGCR5CVGNNKVRTGNCVCFGUHâ)WTCTGCCFWPâTKK GZVTCQTFKPCTG C 7PKXGTUKVâ/KK PC/KQPCNG UâUG)VK FKP  KWPKG   KWNKG
#PGZGFQEPT   %W WP TCRQTV FGUVWN FG V¸T\KW XGPGC 9QEJGPDNCVV FGUETKKPF WNVKOC&KGVâVTCPUKNXCPâ  )C\GVC RTQWPKQPKUVâ $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG CFWEGC WP CRGN EâVTG UC)K ÉP ECTG UG KPUKUVC CUWRTC KFGKKEâUC)KKPWVTGDWKCWUâUGVGCOâRGPVTWHKKP/CNQTPC/KQPCNâÉPVTWE¸V CT HK HQUV Q OKPEKWPâ Eâ OCIJKCTKK XQT Uâ NG TâRGCUEâ FTGRVWN HQNQUKTKK NKODKK NQT OCVGTPG  &KP #NNIGOGKPG 1GUVGTTGKEJKUEJG <GKVWPI UG RTGNWCWPCTVKEQNKPVKVWNCV)GTOCPKCRGPVTWUCWÉORQVTKXC7PICTKGK! %¸Vâ XTGOG )GTOCPKC UKORCVK\C EW OK)ECTGC TGXQNW/KQPCTâ OCIJKCTâ #WUVTKC RTKP CPUCODNWN RTGUGK UCNG CTWPECUG CPCVGOC ÉORQVTKXC 7PICTKGK )K CEGCUVC FKP FQWâ OQVKXG RGPVTW Eâ 7PICTKC É)K TGEJGOC UQNFC/KKFGRGHTQPVWNFKP+VCNKC)KRGPVTWEâ7PICTKCTGHW\CUâRTGKCQ RCTVG FKP FCVQTKKNG FG UVCV CWUVTKGEG  7P CNV CTVKEQN FGURTG 7PKWPGC RTQPWP/CVâ RTKP HQT/â C 6TCPUKNXCPKGK EW 7PICTKC CRâTWV KPK/KCN ÉP 9KGPGT <GKVWPI GTC UGOPCV FG WP FGRWVCV CN TQO¸PKNQT VTCPUKNXCPK /QNFQXCP  6QV ÉP $N¼VVGT 5VGRJCP #FQNRJ 9KNJGNOK UG CFTGUC EQPEGVâ/GPKNQT UâK IGTOCPK FKP 6TCPUKNXCPKC UGOPCN¸PF CRTQRKGTGC RGTKEQNWNWK TWU CEGUV EWPQUEWV FW)OCP CN FG\XQNVâTKK RQRWNCTG )K C NKDGTVâ/KK LWTKFKEG C RQRQCTGNQT #OGPKP/CTGC TWUâ EG R¸PFGC RTKPEKRCVGNGFWPâTGPGGTCTGCNâ5C)KKCXGCWFCVQTKCCQRTKEWHQT/CQTKEG  

5D 9QEJGPDNCVV PT   OCK  R  #TVKEQNWN C HQUV RWDNKECV ÉP &QEWOGPVG RTKXKPF TGXQNW/KC FG NC  ÉP /âTKNG TQO¸PG % 6TCPUKNXCPKC XQN +8  OCK'F#ECFGOKGK454$WEWTG)VKR Q5CVGNNKVRPTKWPKGR/GOQTKWNFKPKWPKGCHQUVRWDNKECVFG (T 6GWVUEJ )GQTI &CPKGN 6GWVUEJ R  )K GUVG ÉP EWTU FG RWDNKECTG ÉP &QEWOGPVG RTKXKPF TGXQNW/KC FG NC  ÉP /âTKNG TQO¸PG % 6TCPUKNXCPKCXQN 8++  KWPKG%NWL 5D9QEJGPDNCVVPTKWNKGR +PVGTXGP/KKNGGZRWUGÉPCEGUVRCTCITCHCWCRâTWVÉP$N¼VVGTPTKWPKG R 

QEWRC/KGTWUâCRTKPEKRCVGNQT%QPEGVâ/GPK0KEKRKEKQTFGTWUUâPWCKDâ XQKG Uâ Râ)GCUEâ ÉP RTKPEKRCVGNG ECTG UWPV UVTâDâVWVG FG WP HNWXKW IGTOCP  6TCFK/KQPCNC PGÉP/GNGIGTG FKPVTG HQKNG UKDKGPG)KEGNGDTC)QXGPG É)KEQPVKPWCEWTUWN,QJCPP)ÑVVCFTGUCNCKWPKG%¸VGXCEWXKPVG QRQPGP/KNQT OGK CPWOKVQT FQOPK FKP 5KDKW ECTG ÉN KPUWNVCW TGRTQ)¸PFWK RTKGVGPKC EW OCIJKCTKK )ÑVV OâTVWTKUGC ÉP TGRNKEâ ¡P KPVGTGUWN EQPC/KQPCNKNQT OGK ÉP ECNKVCVG FG DâTDCV IGTOCP CO TGHW\CV GPGTIKE)KEWTCLQUQHGTVCFGCFGXGPKCIGPVUGETGV  
HâEWVâOKGNC8KGPC ÉP CPWN  GZRWP¸PFWOâ CUVHGN EGNQT OCK OCTK RGTUGEW/KK .C CHKTOC/KKNGNWK5KGDGPD×TIGT$QVGFKP5KDKWEWOEâ$TC)QXWNCTWTOC ECFGQDKEGKQRQNKVKEâRTQRTKGUGRCTCVKUVâ)KCPVKPC/KQPCNâ$N¼VVGTNWC CVKVWFKPGÉPVTGD¸PFWUGTGVQTKEFCEâPWEWOXCUGRCTCVKUOWNDTC)QXGCP ÉPUGOPCTG\KUVGP/CNCVGPFKP/GNGJGIGOQPKUVGRTQOQXCVGFGUKDKGPK!  )WXGTPCVQTWN 6GNGM[ CFWEGC NC EWPQ)VKP/C RWDNKEWNWK FGEK\KC &KGVGK 
KWPKG EGCPWP/CÉPEGVCTGCVWVWTQTUCTEKPKNQTWTDCTKCNGC VCZGNQT )K C FKLOGK EW ÉPEGRGTG FKP FCVC FG  KWPKG 5CVGNNKV UG CWVQOâIWNGCEWCRTGEKGTGCEâ&KPVTGVQCVGEQOWPKVâ/KNGUâUG)VKEGCC $TC)QXWNWK C HQUV RTKOC ECTG C UWU/KPWV GOCPEKRCTGC XCNCJKNQT ÉPEâ ÉPCKPVG FG GXGPKOGPVGNG FKP HGDTWCTKG )K ECTG C HâEWV ÉP CEGUV UGPU RTQRWPGTK 7PKXGTUKVâ/KK PC/KQPCNG  7P EQPEGVâ/GCP XCNCJ UGOPC ÉP CEGNC)K\KCT1DUGTXC/KKNCRGVK/KCXCNCJâEGHWUGUGÉPCKPVCVâ5VâTKNQTNC  OCK #WVQTWN CRâTC )K UWU/KPGC ECW\C TQO¸PKNQT EâEK URWPGC GN CVKVWFKPGC NWK 5KGDGPD×TIGT 9QEJGPDNCVV HWUGUG HQCTVG KPFKIPCVâ HC/â FGCEGUVOGOQTKW  8âFKPFRTGQEWRCTGHC/âFGXGEKPâVCVGCTWUGCUEâCTVKEQNWNUETKU NC  KWNKG FGURTG /WPVGPKC EGC NKDGTâ )K NKRUC FG HTKEâ ÉP HC/C TW)KNQT XGUVGCEWDWEWTKG)KW)WTCTG/WPVGPKCGUVGNKDGTâ)KUâURGTâOEâXC TâO¸PG C)C +PHNWGP/C TWUGCUEâ ÉP /WPVGPKC C FGXGPKV KORQUKDKNâ %TGFGOEâTW)KKPWXQTOCKÉPFTâ\PKUâKPVTGEWKPVGP/KKFW)OâPQCUGÉP RTKPEKRCVFGQCTGEGRTKPVGPFKP/GNGNKDGTCNGOCPKHGUVCVGÉPRTQITCOWNNQT EQPUVKVW/KG TQO¸PKK )KCW E¸)VKICV UKORCVKC NKDGTVâ/KK FKP 'WTQRC )K FG FKPEQNQ FG 1EGCP ECTGK XC KORTGUKQPC RG TW)K RQCVG OCK OWNV FGE¸V CTOCVC/âTâPGCUEâFGFGQCOGPKFKP/WPVGPKC4GFCE/KCRTKOGC FKP$WEWTG)VKFQWâUETKUQTKVTKOKUGNCKWPKGEGEQP/KPGCWQ FGUETKGTGCGXGPKOGPVGNQTFKPKWPKGRTG\GPV¸PFKPENWUKXRTQENCOC/KC 
$N¼VVGTPTKWPKGR 5CVGNNKVPTKWPKGR 5CVGNNKVPTKWPKGR $N¼VVGTPTKWPKGR 

ÉP EGNG  FG RWPEVG CNG UCNG RTGEWO )K KPUVKVWKTGC PQWNWK IWXGTP 2TKPEKRCVWNOWPVGCPUGC)G\CUWDCWVQTKVCVGCPQKKEQPUVKVW/KK  5CVGNNKV HâEGC CRGN NC WP EQOGT/ GNKDGTCV FG UGRCTCVKUOGNG XCOCNGEGCVKPIGCWÉPFGQUGDKTGNC/KKNGEQOGTEKCNGEWRTKPEKRCVGNGFGNC &WPâTG XKVCNG RGPVTW PGIWUVQTKK DTC)QXGPK &G CUGOPGC EJGOC VKPGTGVWNUâUGUENCQCFWPCTGNC/GFKC)ÉP\KNGNGFG)KCWIWUV %QOKVGVWNRTGIâVKVQTCPWP/CCFWPCTGC)KCFTGUCVKPGTGVWNWKWPPQWCRGN NC  CWIWUV #FWPCTGC HW FGUETKUâ EW OWNV GPVW\KCUO FG RGTKQFKEGNG UâUG)VK 4GFCE/KC NWK 5CVGNNKV RWDNKEâ 5ETKUQTK FKP /GFKC) )K FGURTG /GFKC) 5G EQPUVKVWK 7PKWPGC VKPGTGVWNWK UâUGUE FKP 6TCPUKNXCPKC
5KGDGPD×TIKUEJFGWVUEJGT ,WIGPFXGTDCPF  CX¸PF EC RTG)GFKPVG RG 5VGRJCP.WFYKI4QVJ)KECUGETGVCTRG6JGQFQT(CDKPK  ¡PVTQ )GFKP/â C 2CTNCOGPVWNWK OCIJKCT DCTQPWN 9GUUGNÃP[ /KMNQU/KPWQEWX¸PVCTGFGURTGPQKNGFTGRVWTKCNGUC)KNQT)KTQO¸PKNQT 2TGFKECVQTWN%JTKUVQRJ$ÑOEJGUHâEGCQHKEKKNGFGKPCWIWTCTGCUVGCIWNWK VTWRGK FG XQNWPVCTK DTC)QXGPK 
KWNKG   8K\CXK FG GOKUKWPGC FG DCPEPQVG RTQOWNICVâ NC KPK/KCVKXC NWK -QUUWVJ $N¼VVGT RTGNWC FKP (KI[GNOG\Ñ WTOâVQCTGC )CTCFâ %WO UG GZRNKEâ HCRVWN Eâ ÉP VQCVG CTVKEQNGNG)KEWX¸PVâTKNGUCNG-QUUWVJCOKPVG)VGCV¸VFGHTGEXGPVKCFWNFG RCTEâ CT  CXGC Q ÉPENKPC/KG FGQUGDKVâ RGPVTW CEGUVC! *O GN GUVG FQCT OKPKUVTWN NWOKK FG LQU 2NWVQ \GWN KCFWNWK HWUGUG )K GN OKPKUVTW FG HKPCP/G¡PVTG2NWVQ)K-QUUWVJGZKUVâÉPUâFKHGTGP/CEâFG)KCO¸PFQKHCE TQUVFGDCPKFKPKCF2NWVQHâEGCFKPGKCWTRGE¸PF-QUUWVJPWXCTGW)K UâHCEâCNVEGXCFGE¸VJ¸TVKG  5G RWDNKEC PQWC NGIG WPICTâ CUWRTC )EQNKNQT GNGOGPVCTG QDNKICVQTKK )K ITCVWKVG #TVKEQNWN  RTGXGFGC EC NKODC OCIJKCTâ Uâ FGXKPâRTGVWVKPFGPKQDKGEVTGIWNCVFGÉPXâ/âO¸PVCTVKEQNWNURGEKHKEC  'NGXKNQTECTGPWÉP/GNGINKODCOCIJKCTâNKUGXCQHGTKWPÉPXâ/âO¸PV GNGOGPVCT ÉP NKODC OCVGTPâ %W VQCVG CEGUVGC PQWC NGIG C ÉPXâ/âO¸PVWNWKNGRTQXQEâUC)KNQTÉPITKLQTCTG2GFGCNVâRCTVGWPCTVKEQN PGUGOPCV FKP 5CVGNNKV KPVKVWNCV %GNG  NKODK QHKEKCNG %GXC FG IGPWN XCT\âCETâÉPEâN\KVâEW)PK/GNUGGZRTKOCKTQPKE)KFKURTG/WKVQTNCCFTGUC GHQTVWTKNQTFGCTGEWPQC)VG)KTQO¸PCECNKODâC/âTKK 
+DKFGOPTKWPKGRCTVKEQNWN6TCPUUKNXCPKGKFKP5KDKW)KEGNQTECTG I¸PFGUENCHGNEC)KCEGCUVCPTKWPKGRPTKWNKGR PTKWPKGRPTKWNKGRPT KWNKGRPTCWIWUVRPTCWIWUVR  $N¼VVGTPTCWIWUVRKDKFGORPTCWIWUV RPTCWIWUVR 5CVGNNKVPTCWIWUVR  

<KCTWN $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG RWDNKECCFTGUCFGNGIC/KGKUâUG)VKEâVTG#FWPCTGCPC/KQPCNâIGTOCPâFKP (TCPMHWTV  (âTâ EQOGPVCTKK TâO¸PGC RWDNKECTGC 0QVGK TWUG)VK CUWRTC KPVGTXGP/KGK ÉP RTKPEKRCVGNG FWPâTGPG UGOPCVâ FG /CT NC  KWNKG )K CFTGUCVâVTKOK)KNQTTW)KFKPUVTâKPâVCVG  2CTNCOGPVWN OCIJKCT ÉP PWOâT KPEQORNGV XQVâ NC RTQRWPGTGC NWK -QUUWVJ PQWC TGETWVCTG C  FG QCOGPK )K TKFKECTGC C  OKNKQCPG FG IWNFGPK 4GETW/KK FGRWPGCW PQWN LWTâO¸PVFGETGFKP/âRG KPFGRGPFGP/C 7PICTKGK ¡P UGRVGODTKG ÉP DC\C NKDGTVâ/KK RTGUGK 5CVGNNKVÉ)KRGTOKVGCETKVKEKNCCFTGUCNGIKKTGETWVâTKK#EGCUVCRTGXGFGC GHGEVWCTGC FG EâVTG HKGECTG EGVâ/GCP C  CPK FG UGTXKEKW OKNKVCT )K EQPXQECTGCEWRTGEâFGTGCVKPGTKNQTFGCPK
NCWPPWOâTKPUWHKEKGPVUG TKFKECW )K EGK FG  )K  CPK  <KCTWN QDKGEVC Eâ NGIGC CVGPVC NC FGOPKVCVGCWOCPâGTCÉORQVTKXCPCVWTKKQOGPG)VKCFTGRVâ/KK)KC KPVGNKIGP/GKUVCVWNWK  .C  UGRVGODTKG )CUG FGRWVC/K UC)K UG TGVTCUGTâ FKP 2CTNCOGPVWNWPICTECTGCE/KGNCRTGXGFGTGCCEGUVWKCECFGCEWOÉPCKPVG TGRTG\GPVCP/KKUC)KUâHKGPWOK/KFGEâVTG)WXGTPWNOCIJKCT#FWPCTGC EGTEWCNâFGNC5KDKWFKPUGRVGODTKGCHKTOâEâPWXQKCUâ)VKGCDUQNWV PKOKE FGURTG XTGQ WPKWPG EW 7PICTKC )K Eâ PW TGEWPQ)VGC )WXGTPWN WPICT 4GCE/KC FGUEJKUâ FG HTQPFâ HW OWNV EQOGPVCVâ ÉP RTGUâ ÉP WTOâVQCTGNG UâRVâO¸PK .C VTGK NWPK FWRâ WPKWPG EJKCT WPKQPK)VKK DTC)QXGPK VTGDWKCW Uâ TGEWPQCUEâ VGOGTKNG RCTVKFGK CPVKWPKQPKUVG RCT VQVW)KUâFGXKPâTGCNKVCVG  5KPQFWN ENGTWNWKGXCPIJGNKEUâUGUEFKP6TCPUKNXCPKCCNEâVWKWP OGOQTKWCUWRTC%GTGTKKUCNGLWTKFKEÉPVGOGKCVGFGFGURâIWDKTGRGPVTW FKLOâ5GCTâVCCKEKEâÉPWTOâEW)CRVGUWVGFGCPKIGTOCPKKUC)KUG C)G\CUGTâ ÉP #TFGCN ÉP DC\C FTGRVWNWK IGTOCP
KWU HNCPFTGPUG  EG RTGXGFGCCWVQPQOKGRTQRTKGVCVGCCUWRTCRâO¸PVWNWKNKDGTCCNGIGTGC HWPE/KQPCTKNQTFCTEQP/KPGC)KNGIGCCEQTFCVâNCFG#PFTGKCN++NGC FG CUKIWTCTG C XGPKVWNWK RTGQ/KNQT RTKP FKLOâ +PUVKVW/KC \GEKWKGNKK TGURGEVKX QDNKIC/KC UC)KNQT FG C FC C \GEGC RCTVG FKP TQCFGNG E¸ORWNWK 
$N¼VVGTPTUGRVGODTKGRKDKFGOR 

7PVGTJCNVWPIGP CWU FGT )GIGPYCTV 5KDKW ECKGV   UGRVGODTKG  R  5CVGNNKVPTUGRVGODTKGR  

5KGDGPD×TIGT$QVG5KDKWPTUGRVGODTKGR 

5KGDGPD×TIGT $QVG 5KDKW PT   UGRVGODTKG  R  PT   UGRVGODTKGR 5CVGNNKVPTUGRVGODTKGR 

RGPVTW RNCVC ENGTKEKNQT ÉK RGTOKUGUG FG RKNFâ QTKEâTWK V¸PâT FQTPKE Uâ FGXKPâ RTGQV Uâ RQCVâ UVWFKC CV¸V NC 5KDKW E¸V )K NC WPKXGTUKVâ/K UVTâKPG VKOR FG EGN RW/KP FQK CPK 5VCVWN PW UWRQTVCUG PKEKQFCVâ EJGNVWKGNKNG RGPVTWUVWFKWNCEGUVQTVKPGTK6Q/KNQEWKVQTKK2âO¸PVWNWK%TâKGUEKPENWUKX TQO¸PKKHWUGUGTâQDNKIC/KUâRNâVGCUEâ\GEKWKCNC#EGCUVCGTCEQPUKFGTCVâ RTQRTKGVCVGCRTKXCVâCHKGEâTWKRTGQVGXCPIJGNKE.CKWPKG&KGVC FGUHKKP/CUG FKLOC NâU¸PF CUVHGN RG RTGQ/KK UC)K )K HCOKNKKNG NQT HâTâ OKLNQCEG FG UWD\KUVGP/â )K KPUVTWKTG &G CEGGC 5KPQFWN UG CFTGUC )WXGTPWNWKWPICT)K2CTNCOGPVWNWKEGT¸PFQFGURâIWDKTGFKPECUCFG UVCVUWDHQTOCWPGKTGPVGCPWCNG  5CVGNNKV TGNCVâ FGURTG CFWPCTGC UGEWKNQT FKP 1FQTJGK 
UGRVGODTKG   .CUGRVGODTKGUGFGUHâ)WTâNC1TNCVCFWPCTGCTGIKOGPVWNWK TQO¸PGUEFGITCPK/âPT2TGUCEQPUGOPâCRTQCRGECRGQEKWFâ/GPKG PWOGTQCUGNG EGTGTK UETKUG  FGRWUG FG NQECNKVâ/KNG ITâPKEGTG)VK $TGC\C .WFK)QT .W/C 8QKNC &TKFKH 8QKXQFGPKK /CTK )K /KEK *QTG\ $GTKXQKK /CTK)K/KEK2QTWODCEWNFG5WU)KFG,QU7EGCFG5WU8K)VGC&TâIW) 5¸ODâVC FG 5WU )K FG ,QU (GNFKQCTC )C  CRQK EGTGTKNG XGTDCNG GZRTKOCVGFGCNVGFGNQECNKVâ/KFGCNKUGCEQTFCUGTXKEKWITâPKEGTGUE 5CVGNNKV UWDNKPKC Eâ ÉPCKPVG XTGOG HWUGUG PGXQKG FG OâUWTK FG HQT/â RGPVTWKPUVKVWKTGCTGIKOGPVGNQTITâPKEGTG)VK&CEâ/âTCPWNUWRWUHWUGUG UENCX CEWO GTCNKDGT)KVQVW)KCEG)VKQCOGPKNKDGTKRTGHGTCWUâFGXKPâ ITâPKEGTK #UEWNVC/K )K OKPWPC/KXâ #EGUV QO NKDGT XTGC Uâ UEJKODG UVCTGC NWK FG NKDGTVCVG EW EGC OCK RW/KP NKDGTâ )K OCK CPGXQKQCUâ C ITâPKEGTWNWK (K FG EG! 5VâR¸PKTGC OCIJKCTâ RTGEQPK\CVâ ÉP /CTâ RQCVG TâURWPFGNCÉPVTGDCTGEGNOCKNGUPG2GPVTWEâHKTG)VGITâPKEGTKKTQO¸PK PWUGUWRWPCEGUVGKUVâR¸PKTK  0GQHKVOKVTQRQNKVWN7PITQXNCJKGKCFTGUâRQRQTWNWKTQO¸PKNQT WP OCPKHGUV RWDNKECV FG $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG 4GIWNCOGPVWN QTICPKE )K CTJQPFQNQIKC ECTVGC FG CWT C /WPVGPKGK PW OCK UWPV 2QRQTWN UWXGTCP NGC PKOKEKV CUVâ\K ÉP EWTVGC OKVTQRQNKGK RTKPVTWP CWVQFCHÃ UQNGOP $WEWTG)VK  UGRVGODTKG  ¡PUâ NC HKPGNG CEGNGKC)K NWPK 
UGRVGODTKG   FWRâ EWO )K \KCTGNG VTCPUOKVGCW VWTEKK KPVTCTâ ÉP ECRKVCNC OWPVGCPâ   

$N¼VVGTPTUGRVGODTKGR $N¼VVGTPTUGRVGODTKGR 5CVGNNKVPTQEVQODTKGR 

5CVGNNKVPTUGRVGODTKGRPTUGRVGODTKGR  

.C  QEVQODTKG UG ÉPVTWPK NC 5KDKW Q CFWPCTG EGVâ/GPGCUEâ EG GZRTKOâÉPRWPEVGFQTKP/GNG)KEGTGTKNGUC)KNQTÉPRGTKQCFCWTOâVQCTG 2TQITCOWN RTQRWU KPVKVWNCV %G FQTKO )K RTGVKPFGO! XK\C PKEK OCK OWNVPKEKOCKRW/KPFGE¸VQHGFGTCNK\CTGC#TFGCNWNWK  1FCVâEWNWPCQEVQODTKGUGTGOCTEâQXK\KDKNâUEJKODCTG FG CVKVWFKPG C \KCTWNWK $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG # HQUV RTKOC FKPVTG HQKNG DTC)QXGPG ECTG UEJKODâ FGUEJKU )K TCFKECN VCDâTC RQNKVKEâ #TVKEQNWN FKP  QEVQODTKG KPVKVWNCV 7PKWPGC)KURKTKVWNRQRWNCTUâUGUECTâVC2GUEWTVWPKWPGC)KVQVEGUG NGCIâFGGC)KUGCHNâÉPURCVGNGGKCWRTQXQECVJCQUÉP/CTâ)KOCKCNGU RGTKEQNGRGPVTWRQRQTWNPQUVTW5C)KKPCTHKCITGCVPKEKQFCVâQWPKWPG PGEQPFK/KQPCVâ #EEGRVCTGC WPKWPKK UG LWUVKHKEC RTKP URGTCP/GNG FG FG\CPEJKNQ\CTG C DKTQETC/KGK FG FGUHKKP/CTG C UCTEKPKNQT WTDCTKCNG FG GICNKVCVG EGVâ/GPGCUEâ ÉP FTGRVWTK #EGUVG OQVKXG EW ITGW CT RWVGC HK EQPUKFGTCVG FG\QPQTCPVG RGPVTW UVCTGC FG URKTKV C CEGNQTC ECTG UG UKO/GCWTGRTG\GPVC/KRTKPGNG  #EGNC)K \KCT ÉK OCK ÉPFGOPC RG NQEWKVQTKK FKP -CTC $¸TUGK NC UWU/KPGTGC KPVGP/KGK NWK 5V. 4QVJ FG GFKVCTG C WPWK \KCT CN )EQNKNQT )K DKUGTKEKK UKPIWTGNG EQNQCPG CNG URKTKVWNWK RQRWNCT  +PVGTGUCPVâ GTC )K FG\DCVGTGC FKJQVQOKGK FKPVTG KUVQTKG )K EQPUGTXCVQTK +UVQTKC GFWEâ RG E¸PF EQPUGTXCVQTKK HT¸PGC\â OGTUWN NWETWTKNQT .KDGTVCVGC GUVG CGTWN PGEGUCT XKG/KK RQRQCTGNQT )K FG CEGGC RQRQCTGNG PW UG RQV NKRUK FG NKDGTVCVG WP VKOR ÉPFGNWPICV HâTâ C UWEQODC #EGUV NWETW PWN RTKEGR EQPUGTXCVQTKK )K TGCE/KQPCTKK ÉP KWDKTGC NQT FG OWOKK (âTâ C HCEG VTKOKVGTK FKTGEVG FCT EW CNW\KG NC UKDKGPK CTVKEQNWN ÉPHKGTC EQPUGTXCVQTKUOWN)KTGCE/KWPGCEGOGTIO¸PâÉPO¸Pâ  ¡P OQOGPVWN TGÉPVQCTEGTKK ÉP RCVTKG ÉP PWOGNG GOKITCP/KNQT OWPVGPKRTKP/WN%CTQN)T)JKMC
UGEQPFCVFG'OCPWGN$âNâPGCPW&T /G[GT + )QNGUEW 0 )QWV\Q  )W/W + 5NâVKPGCPW )K + 1DGFGCPW  VTKOKVGC CWVQTKVâ/KNQT DTC)QXGPG  /CIKUVTCVWNWK IâT\KK PC/KQPCNG )K EGVâ/GPKNQT  Q CFTGUâ FG OWN/WOKTG RGPVTW QURKVCNKVCVGC QHGTKVâ ÉP VKORWN TGHWIKWNWK 
QEVQODTKG   &QOPKVQTWN CHNCV ÉP GZKN FKP RTKEKPCKPUVKVWKTKKIWXGTPWNWKTGXQNW/KQPCTÉP/WPVGPKCCXGCEWPQ)VKP/â FG QEWRCTGC /âTKK FG EâVTG VTWRGNG TWUG)VK )K QVQOCPG 8QNMUHTGWPF CPWP/C)KGNEâNCQEVQODTKGFGUQNFC/KTW)KEQPFW)KFG IGPGTCNWN .×FGTU ECORCUGTâ NC $WEWTG)VK WP CNV EQTR FG CTOCVâ FG 
!  TW)K ÉPFTGRV¸PFWUG URTG 6¸TIQXK)VG ¡P ECRKVCNC OWPVGCPâ 
+DKFGOPTQEVQODTKGR 5CVGNNKVPTQEVQODTKGR $N¼VVGTPTQEVQODTKGRPTQEVQODTKGR 

OCKUVC/KQPCW)KFGVWTEKECTGNCÉPEGRWVRTQFWUGUGTâFG\QTFKPG FCTCEWOGTCWXCLPKE/KPW/KÉPHT¸W/CIJKGTWCTHKFK\QNXCVÉPUGOPCVC OCUâFGTQO¸PK)KCTHKRQTPKVURTG6TCPUKNXCPKC  .CQEVQODTKG2WEJPGTFâFWQRTQENCOC/KGEâVTGCWVQTKVâ/K)K RQRWNC/KGÉPECTGNGEGTGCUâUGRWPâUWDCUEWNVCTGÉORâTâVGCUEâ&QWâ \KNG OCK V¸T\KW CXW NQE NC #KWF RTKOC EQPHTWPVCTG U¸PIGTQCUâ ÉPVTG CTOCVC CWUVTKCEâ )K EGC OCIJKCTâ .C  QEVQODTKG TQO¸PKK HQT/CTâ RTGFCTGC <NCVPGK  .C  PQKGODTKG  TGXQNW/KQPCTKK OCIJKCTK VTCPUHQTOCTâ4GIJKPWNÉPVTQITâOCFâFGEGPW)âEGGCEGURQTKITQC\C UC)KNQTÉPHC/CWPIWTKNQT  .C ÉPEGRWVWN NWK PQKGODTKG  ÉP RCIKPKNG OCK OWNVQT \KCTG 
5D $QVG 5CVGNNKV  CRâTW Q PQWâ TWDTKEâ FGPWOKVâ (VKTK FG RG E¸ORWN FG NWRVâ 2TCEVKE ÉPUâ VQCVG \KCTGNG EQP/KPGCW TGNCVâTK U¸PIGTQCUG  4GIKPC 0GOGVJ ÉPFGOPC VQCVG IQURQFKPGNG FKP $TC)QX Uâ FQPG\G CNDKVWTK )K QDKGEVG FG ÉODTâEâOKPVG RGPVTW HCOKNKKNG FKP 4GIJKP %QOKVGVWN TQO¸P FG RCEKHKECTG EJGOC PC/KWPKNG OCIJKCTâ )K UGEWKCUEâNCRCEGÉP/GNGIGTGNCGXKVCTGCKPWVKNâCETW\KOKNQT#RGNWNGTC UGOPCVFG6%KRCTKW(N/KEC)+$TCPW#6.CWTKCP5$âTPW/KW0 $âNâ)GUEW  7PKXGTUKVCVGCPC/KQPCNâEWCEQTFWN%QOCPFCOGPVWNWKIGPGTCN CWUVTKCE FKP 5KDKW JQVâT¸UG NC  QEVQODTKG ETGCTGC WPWK DCVCNKQP FG X¸PâVQTKFGE¸OR)KFQVCTGCNWKRTKPOKLNQCEGPC/KQPCNG.CPQKGODTKG UGRWDNKECWPCRGNRGPVTWEQPUVKVWKTGCRTKPEQNGEVâRWDNKEâCWPWKHQPF FGFGHNQTKPKRGPVTWGEJKRCTGCDCVCNKQPWNWK  ¡P CEGUV ECFTW FGNQE NKPK)VKVQT 5CVGNNKV GOKVGC QRKPKK KUVQTKUVG CUWRTC#XCPVCLWNWKCFWUFG\KCTGNGPQCUVTG(QKNGXTGOKKEWRTKPFEW VKORWNQOWN/KOGFGOCVGTKCNGRGPVTWXKKVQTWNKUVQTKQITCH)KFCEâGNXC )VKUâNGEKVGCUEâRTKPVTGT¸PFWTKOKEKCOâPWPVGÉKXQTTGXGNCVKORWTKNG VTGEWVG  2TGQVWN GXCPIJGNKE FKP (âIâTC) # 9GNNOCPP CFTGUC Q 
5D8QNMUHTGWPF5KDKWPTQEVQODTKGR 5CVGNNKVPTQEVQODTKGR (TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPXQN+++R 

5D$QVGFKP5KDKWPTPQKGODTKGR5CVGNNKVPTPQKGODTKG 5CVGNNKVPTPQKGODTKGRFGURTG%QOKVGVWNFGRCEKHKECTGPT 

RCRCTGRTKOCQCTâTWDTKEC0CEJTKEJVGPXQO-TKGIUUEJCWRNCV\ 

PQKGODTKGRCRGNWN4GIKPGK0ÃOGVJ  5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG  CWU FGO 0CEJNC² JGTCWUIGIGDGP XQP 1VVQ (QNDGTVJ XQN  &CU 5EJKEMUCN &QMWOGPVG CWU FGP ,CJTGP  0CEJVT¼IG CWU FGP ,CJTGP  /×PFNKEJG ¯DGTNKGHGTWPIGP #PGMFQVGP .GIGPFG$KQITCRJKUEJG<GKVVCHGN8GTNCI9CNVGTFG)TW[VGT%Q$GTNKPR 

UETKUQCTGFGUEJKUâ)C\GVGKFG6TCPUKNXCPKCCNWK$CTK/KWTGRTQ)¸PFWK Eâ RWDNKECUG Q 2CTCNGNâ ÉPVTG RQRWNC/KC TQO¸Pâ )K EGC UâUGCUEâ EG RTQFWUGUGQTWRVWTâÉPVTGEGNGFQWâPC/KWPK  .C  QEVQODTKG (TCP\ 5OQNMC RTG)GFKPVGNG #FWPâTKK EQPUVKVWCPVG FKP 8KGPC CFTGUC WP OCPKHGUV RQRQCTGNQT #WUVTKGK ECTG GTCWEJGOCVGUâUVT¸PIâT¸PFWTKNGÉPLWTWN%CUGKFQOPKVQCTG  (GTFKPCPF GOKVGC FKP 1NO×V\ NC  PQKGODTKG WP OCPKHGUV %âVTG RQRQCTGNG 7PICTKGK %TQC/KGK 5NCXQPKGK 6TCPUKNXCPKGK )K CNG ITCPK/GK OKNKVCTG 9KPFKUEJIT¼V\ EQOCPFCPVWN UWRTGO CN VTWRGNQT KORGTKCNG EJGOC NC UWRWPGTG NQEWKVQTKK 7PICTKGK )K 6TCPUKNXCPKGK 9QEJGPDNCVV TGNCVC FGURTG FGUHâ)WTCTGC NWRVGNQT ÉP -CTC $¸TUGK NC ITCPK/CUGEWKCUEâ  7NVKOWN PWOâT FKP $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGKG)GCFGUWDVKRCTNCPQKGODTKG  .C  FGEGODTKG  ÉORâTCVWN (GTFKPCPF + CDFKEâ RG VTQP WTEâWTOC)WNUâW(TCP\,QUGRJ+.CFGEGODTKGPQWNÉORâTCVVTKOKUG WP UCNWV %TGFKPEKQUWNWK RQRQT UâUGUE .C PWOCTWN  FKP  FGEGODTKG EG EWRTKPFGC FGENCTC/KC FG CDFKECTG C ÉORâTCVWNWK (GTFKPCPF9QEJGPDNCVVÉ)KÉPEJGKCCRCTK/KCRGCPWN   .C ÉPEGRWVWN CPWNWK  UKVWC/KC RQNKVKEâ GTC KPFGEKUâ ¡P FGENCTC/KCTGFCE/KGKFG#PWNPQW5KGDGPD×TIGT9QEJGPDNCVVUGCFTGUC QPQTC/KNQTUâKEKVKVQTK  #PWN ECTG UG CHNâ ÉP WTOC PQCUVTâ XC HCEG GRQEâ ÉP KUVQTKC NWOKKFCTÉPEâPW)VKOÉPEQVTQUGXCÉPFTGRVCOGTUWNKUVQTKGKRQRQCTGNQT GWTQRGPG %W UKIWTCP/â CPWN NC ÉPEGRWVWN EâTWKC UWPVGO CEWO XC CFWEG EW UKPG FGEK\KK DQICVG ÉP EQPUGEKP/G 6KORWN \âOKUNG)VG ÉP EWVTGOWTâVQCTG FWTGTK CNG HCEGTKK )K RCTG C CFWEG RG NWOG NWETWTK OâTG/G%G)KEWOXCHKQ)VKGFQCTCEGNCEGEQPFWEGOGTUWNNWOKK#)C EWOCHQUVÉP'WTQRCÉPWTOâEWPWOCKFQWâURTG\GEGNWPKPWXCOCKHK )KPWRQCVGUâOCKHKG&GCEGGC)K\KCTGNGEGEQOWPKEâTGNCVâTKEQVKFKGPG FGURTGOK)EâTKNGRTQITGUKUVGFQD¸PFGUEQXCNQCTGEJKCTOCKÉPCNVâFGE¸V OCKFGOWNV0WOCKQOWNNKRUKVFGITKLK)KUCTRWVGCURWPGPâV¸PIWN RQNKVKE PW É)K ÉPFTGCRVâ CVGP/KC CUWRTC NQT 'UGP/KCN GUVG EC TGNCVâTKNG EQVKFKGPGUâCRCTâE¸VOCKTGRGFG)KUâHKGE¸VOCKXGTKFKEGRQUKDKN 
5CVGNNKVPTQEVQODTKGRPTPQKGODTKGRPT 5D9QEJGPDNCVVPTFGEGODTKGRPTFGEGODTKGR $N¼VVGTPTPQKGODTKGRUSPTFGEGODTKGRUS 

PQKGODTKGRPTFGEGODTKGR   

<KCTWN CFQRVC E¸VGXC OQFKHKEâTK É)K OâTGC HQTOCVWN RGPVTW C /KPG RCUWN EW CHNWZWN FG KPHQTOC/KG .WPGC )K OCT/GC GTCW \KNGNG FG CRCTK/KGCNGNWK9QEJGPDNCVVKCTOKGTEWTGC)KU¸ODâVCCRâTGC5CVGNNKV CODGNGEWWPEQP/KPWVCRTQCRGFWDNW2TG/WNCDQPCOGPVWNWKRGNWPK GTC FG  HNQTKPK CFâWI¸PFWUG ÉPEâ  ETâK/CTK RGPVTW VTKOKVGTGC RTKP RQ)Vâ  4GFCE/KC GZRNKEC OQVKXGNG UKUVâTKK CRCTK/KGK NWK $N¼VVGT ÉP RTKOWN UGOGUVTW CN CPWNWK  ¡PVTWE¸V ÉP \KNGNG CEGNGC KPVGTGUWN IGPGTCNUGÉPFTGRVCURTGRQNKVKEâRTQHKNWNEWNVWTCNCNHQKNQTPWOCKRWVGC HKTGURGEVCV  .Q\KPEC UWD ECTG CRâTGC 9QEJGPDNCVV GTC WTOâVQCTGC 4GFCE/KCXCHCEGVQVWNRGPVTWCNRWVGCOWN/WOKRGQPQTCVWNEKVKVQT)K PW É)K XC RTGEWRG/K PKEK QUVGPGCNC PKEK EJGNVWKCNC RGPVTW C CFWEG 5KGDGPD×TIGT9QEJGPDNCVVRGQRQ\K/KGFGOPâÉPVTGEGNGNCNVGLWTPCNGCNG OQPCTJKGK CWUVTKGEG ÉP URGEKCN RTKP CFGXâTWN HKFGNKVCVGC )K NKDGTCNKUOWN UâW  ,QJCPP )ÑVV CFTGUC Q UETKUQCTG FGUEJKUâ 2TKGVGPKNQT OGK FKP 5KDKW
(K FW)OCPKK OGK RQV UQ EKVGCUEâ )K Uâ KC UGCOC  0K)VG MQUUWVJKGPK)KÑPMÃPVGUXQNWPVCTKFKPVTQNQECNKVCVGUâUGCUEâFGRG1NV FKP FKUVTKEVWN $TC)QXWNWK OKCW VTCPUOKU CNCNVâKGTK Eâ )K FCEâ UCT HCEG RCEGEWRTKOCQEC\KGVQVOCTUR¸P\WTCECRGEGNOCKOCTGFW)OCP)K QRQPGPV CN NQT 2G FG CNVâ RCTVG CHNW FKP UETKUQTK )K FKP EQOWPKEâTK XGTDCNG Eâ ÉP 5KDKW UCT HK TâUR¸PFKV XGUVGC Eâ C) HK HQUV CTGUVCV CKEK HKKPFEâ UCT HK FQXGFKV ÉP/GNGIGTGC OGC EW UGEWKK ÉP FGVTKOGPVWN $TC)QXWNWK%WFWTGTGPGUH¸T)KVâECTGTâUEQNG)VGÉPVTGCICOGCHKKP/âC VTGDWKV Uâ TGCNK\G\ Eâ RTKGVGPKK OGK UKPEGTK UG ÉPFQKCW FG UKO/KTGC OGC IGTOCPâ )K UCW NâUCV KPFW)K ÉP GTQCTG ETG\¸PFWOâ ECRCDKN FG Q VTâFâVQCTG LQUPKEKG RG OKPG EC IGTOCP ECTG C) HCEG VQVWN EC Uâ CFWE RâO¸PVWN UC)KNQT FKP 6TCPUKNXCPKC ÉP EWNOGC INQTKGK )K HGTKEKTKK 4W)KPQUWN\XQPCHQUVÉORTâ)VKCVFGRQVTKXPKEKRGECTGOKKRQVKOCIKPC RGPVTW C)K CVKPIG UEQRWTKNG QTFKPCTG )K GIQKUVG  (KG EC RG XKKVQT RTKGVGPKKOGKUâPWOCKCEQTFGETGFKVWPQTCVCTK\XQPWTK)KUâRTKOGCUEâ CUKIWTCTGCOGCEâPKEKÉPUEJKODWNEQTQCPGKÉORâTâVG)VKIGTOCPGPC)FQTK UâHKWWPVTâFâVQTCNRQRQTWNWKOGW)KCNQTC)WNWK$TC)QXWPFGVTâKGUEUQ/KC )KEGK)CUGEQRKKCKOGKRTGEWO)KOKKFGRTKGVGPKETGFKPEKQ)K)KWPFGC) FQTKUâOKÉPEJGKEWEKPUVG\KNGNG$TC)QXNCKCPWCTKG  2TGHGEVWN TQO¸P &KQPKUKG 2QRQXKEK HW FGUVKVWKV FKP HWPE/KG FG EâVTG %QOCPFCOGPVWN IGPGTCN CWUVTKCE FGQCTGEG EGTWUG OCIJKCTKNQT 
5KGDGPD×TIGT9QEJGPDNCVVPTKCPWCTKGR 

FKP1Tâ)VKGUWOCFGHNQTKPKÉPUEJKODWNXKG/KKNQTÉPECU¸PF HNQTKPK  ¡P CEGUV VKOR )VKTKNG FG RG E¸ORWN FG NWRVâ EWTIGCW PGÉPVTGTWRV <KCTGNG UâUG)VK FGHKPGCW EQPHNKEVWN CTOCV RTKP UKPVCIOC Tâ\DQK EKXKN 9QEJGPDNCVV CHKTOC Eâ ÉP -CTC $¸TUGK UGEWKK ÉK GZVGTOKPCW RG TQO¸PK )K CTâVC Eâ IGPGTCNWN $GO HWUGUG PWOKV EQOCPFCPVUWRTGOCNVTWRGNQTTGDGNGWPICTGFKP6TCPUKNXCPKC.C KCPWCTKGCXWNQEQRTKOâDâVâNKGNC5KDKWÉPVTGVTWRGNGKORGTKCNG)K EGNG TGXQNW/KQPCTG 7P EQPUKNKW FG Tâ\DQK /KPWV NC 5KDKW NC  HGDTWCTKG FGEKUGUâUQNKEKVGCLWVQTOKNKVCTTWUGUE2TKPRCUWN6WTPW4Q)WIGPGTCNWN 5MCTKCVKP KPVTâ ÉP 5KDKW .C  HGDTWCTKG IGPGTCNWN 'PIGNJCTF RâVTWPUG FKPURTG /WPVGPKC ÉP $TC)QX EW  UQNFC/K RGFG)VTK  WNCPK  EC\CEKEâNâTK)KVWPWTK 9QEJGPDNCVV HâEGC RWDNKEG UGOPCNOGPVGNG ECRKNQT TGXQNW/KGK OCIJKCTG ,QUGRJ $GO 5\GOGTG $GTVCNCP 2GTE\GN /QTKV\ $CVV[CP[ -CUKOKT 6¶PEUKEU /KJ¶N[ 2GVÑHK 5¶PFQT RGPVTW TGEWPQC)VGTGC )K ECRVWTCTGCNQTFGEâVTGRQRWNC/KGÉPUEJKODWNWPGKTGEQORGPUGDâPG)VK 5RTG KNWUVTCTG TGFâO &GUETKGTGC RGTUQPCNâ C IGPGTCNWNWK ,QUGRJ $GO PWOKV)KGTQWNFGNC1UVTQNGPMC8¸TUVâECONCFGCPK.QEWNPC)VGTKK PGEWPQUEWV 5VCTG EKXKNâ PGEâUâVQTKV4GNKIKGECVQNKEâ.KODKRQNQPG\â HTCPEG\âIGTOCPâÉPFKCNGEVOCKGNGXCVFG)KQCTGEWOUVTKECV1EWRC/KG )K ECTCEVGT ÉPCKPVG QHK/GT EG\CTQETâKGUE CEWO EQOCPFCPV CN EQTRWNWK WPICT TGDGN FKP 6TCPUKNXCPKC 5VCVWTâ FGUVWN FG ÉPCNV UNCD (C/â NWPIWKC/â EW RQOG/K RTQGOKPGP/K 6GP IâNDWK )K ÉODâVT¸PKV (TWPVG ÉPIWUVâ2âTUWT1EJKEGPW)KK5RT¸PEGPGRQVTKXKVEQPVWTCVG0CURNCV )WTCNCVâEWQC)CPWOKVâDW\âFGKGRWTG&KP/KEGKFGUWUUâPâVQ)KEGK FG LQUHQCTVGUVTKEC/K$âTDKGNCVâ$CTDâNCVâ)KUEWTVâ5GOPGURGEKCNG RGQDTC\WNUV¸PICTGQEKECVTKEGFQD¸PFKVâÉPWTOCWPGKÉORW)EâVWTKNC 2GUVC (EJKQRâVGC\â RW/KP NC RKEKQTWN FTGRV EC WTOCTG C WPGK TâPK XKGPG\G'UVGÉPUQ/KVFGQTFQPCP/CUC(TCP\0PâUEWVNC1GFGPDWTI CPK FG UVCVWTâ OGFKG EW HC/â TQVWPFâ CX¸PF Q EWNQCTG UâPâVQCUâ XQTDKPF DKPG PGO/G)VG )K WPIWTG)VG  &GUETKGTGC RGTUQPCNâ C NWK #NGZCPFTW2GVÑHK8¸TUVâCPK.QEWNPC)VGTKK6TCPUKNXCPKC5VCTGEKXKNâ EâUâVQTKV 4GNKIKG TGHQTOCVâ .KODK IGTOCPâ OCIJKCTâ )K XCNCJâ 1EWRC/KG )K ECTCEVGT CPVGTKQT RQGV 5VCVWTâ OKE UNCD (C/C VTCUâ %WNQCTGC HG/GK UOGCFâ (TWPVG ÉPCNVâ2âTPGITWTKFKECVÉPUWU1EJK 
+DKFGOPTKCPWCTKGRPTKCPWCTKGRPTKCPWCTKG )GQTIG$CTK/KW2âT/KCNGUGFKP+UVQTKC6TCPUKNXCPKGK2GFQWâUWVGFGCPKÉPWTOâXQN++ 

RPTKCPWCTKGR

VKRQITCHKC9-TCHHV5KDKWR 

PGITK 5RT¸PEGPG PGITG 0CU NCV )WTC RTQRQT/KQPCVâ &KP/K DWPK $âTDKC W)QT CUEW/KVâ $CTDâ OWUVC/â 5GOPG URGEKCNG QDK)PWKG)VG Uâ WODNG EW I¸VWN IQN ¡ODTâEâOKPVG FWRâ OQFC IGTOCPâ  &GUETKGTGC RGTUQPCNâ C NWK /KJCKN 6¶PEUKEU 8¸TUVâ RGUVG  CPK .QEWN PC)VGTKK PGEWPQUEWV 5VCTG EKXKNâ EâUâVQTKV 4GNKIKG ECVQNKEâ .KODK OCIJKCTâ NCVKPâ1EWRC/KG)KECTCEVGTFGRWVCVFG5KMNQUÉPWNVKOC&KGVâ)KTGFCEVQT CNWPGKHQKWPICTGFGNWOKPCTGCEQORCVTKQ/KNQT5VCVWTâUEWPFâ(C/â NWPIWKC/â UNCDâ 6GP OCTQPKW (TWPVG NCVâ 2âT UWT 1EJK OCTK 5RT¸PEGPG NCVG 0CU CUEW/KV )WTâ RTQRQT/KQPCVâ &KP/KK ÉPEâ DWPK $âTDKG NWPIWKC/â $CTDâ )K OWUVC/â NWPIâ )K NCVâ 5GOPG URGEKCNG XQTDG)VG GZCNVCV OGTIG EW RC)K TGRG\K É)K /KPG ECRWN QCTGEWO TKFKECV E¸PF XQTDG)VG IGUVKEWNGC\â OGTGW EW O¸PC )K RQCTVâ RâTWN NWPI ¡ODTâEâOKPVG PW RQCVG HK KPFKECVâ GZCEV FG QDKEGK RWTVC WP RCNVQP OCTQFGKCTPâ  5KGDGPD×TIGT 9QEJGPDNCVV FGFKECUG RCIKPK ÉPVTGIK FG EQOGPVCTKK NC CFTGUC PQKNQT CNKC/K FKP HGDTWCTKG TW)KK +PVTCTGC VTWRGNQT TWUG)VK ÉP 6TCPUKNXCPKC NC ÉPEGRWVWN NWK HGDTWCTKG HWUGUG TGEGRVCVâ ÉP VGTOGPK OQFGTC/K ÉP VQCVG \KCTGNG KPVGTPG )K GZVGTPG 9QEJGPDNCVV UG ÉPITKLQTCFGQRKPKCIGTOCPKNQTXK\CXKFGCEGUVHCRVFCTPQVC5GRCTGEâ ÉP )GTOCPKC UC ÉP/GNGU VQVW)K Eâ ÉP CEGUV EJKR UC RWVWV UCNXC FG NC FKUVTWIGTGEQORNGVâQRCTVGC2âO¸PVWNWK5âUGUEETGFKPEKQUÉORâTCVWNWK )KQRCTVGCNQEWKVQTKNQTUâK<KCTWNTGFCWPCTVKEQNFKPQHKEKQUWNXKGPG\ FKPHGDTWCTKGÉPECTGCTIWOGPVWNEGPVTCNCNEJGOâTKKTW)KNQTGTC CRâTCTGC QTC)GNQT IGTOCPG FKP UWFWN #TFGCNWNWK 8GTUKWPGC QHKEKCNâ CWUVTKCEâQHGTGCQTGEQPUVKVWKTGW)QTFKHGTKVâFGTGCNKVCVGCGXGPKOGPVGNQT OKNKVCTG FKP NWPKNG CPVGTKQCTG .C  KCPWCTKG 2WEJPGT TGRWTVCUG Q XKEVQTKGU¸PIGTQCUâÉORQVTKXCWPWKFW)OCPFGVTGKQTKOCKRWVGTPKE 6QVW)K NGIâVWTCFKPVTG$CPCV)K#NDC+WNKCHWUGUGÉPVTGTWRVâ1FCVâEW NKRUWTKNG KXKVG FG RCTVGC PQCUVTâ RN¸PIGTKNG ÉPHNQTKVQCTGNQT ECRKVCNG CNG ETGFKPEKQUWNWK 2âO¸PV 5âUGUE $TC)QXWN )K 5KDKWN CW FGXGPKV VQV OCK RWVGTPKEG)KOCKKPUKUVGPVG¡PEâFGOCKFGOWNVCOGPKP/CVGFGJQCTFGNG V¸NJâTG)VK )K PGETGFKPEKQCUG FG UGEWK ÉP UVT¸OVQCTGC ÉP ECTG UG CHNCW CEGUVGCCFTGUCUGTâQEGTGTGFGGXGPVWCNCLWVQTIGPGTCNWNWKEQOCPFCPVCN HQT/GNQTTWUG)VKFKP/WPVGPKCXQP.×FGTU%¸PFFKURâTWQTKEGNGIâVWTâ EWCTOCVCKORGTKCNâFKP7PICTKCHGNFOCTG)CNWNXQP2WEJPGTHWCUCNVCV FKP VQCVG RâT/KNG EW TWIâOKP/K FG C EJGOC URTKLKPWN TWUGUE EC EGC OCK ÉPUVâTKVâRCTVGC2âO¸PVWNWK5âUGUEUâPWECFâRTCFâPKOKEKTKK)KQCTDGK HWTKKFKUVTWIâVQCTGCJQCTFGNQTFGV¸NJCTKÉPUGVC/KFGU¸PIG2âVTWPUFG PGEGUKVCVGCCRâTâTKK2âO¸PVWNWK5âUGUEFGRWUVKKTKNGUGEWKNQT(/.XQP 
5D9QEJGPDNCVVPTHGDTWCTKGR 

2WEJPGTFâFWCUEWNVCTGINCUWNWKWOCPKVâ/KK)KTWIâOKP/KNQTTGWPKVGCNG PC/KWPKKTQOCPG)KUâUG)VKFGEJGOCTGCCLWVQTWNWKTWUEWVQCVGEâGNPW GTCÉORWVGTPKEKVNCCEGCUVCFGEâVTGIWXGTPWNEG\CTQETâKGUE&GCEGGC NCHGDTWCTKG2WEJPGTEQPXQEâWPEQPUKNKWFGTâ\DQK5RTGUH¸T)KVWN CFWPâTKKWPEWTKGTFKP$TC)QXCFWUG)VKTGCEâFGUGEWKCTHKVTGEWV ITCPK/C /âTKK NQT )K COGPKP/CW QTC)WN #EGCUVâ ÉORTGLWTCTG FGVGTOKPâ FGEK\KC EQPUKNKWNWK FG Tâ\DQK FG CK EJGOC RG TW)K Uâ CRGTG 5KDKWN )K $TC)QXWN%CWTOCTGCEGTGTKKNWK2WEJPGTÉP$TC)QXKPVTCTâFGTW)K NCHGDTWCTKGKCTNC5KDKWÉPHGDTWCTKGFGQCOGPK2WEJPGT)KCTHK OQVKXCV KPK/KCVKXC ÉPHâRVWKVâ HâTâ ÉORWVGTPKEKTGC IWXGTPWNWK CWUVTKCE RTKP CEGGC Eâ CLWVQTWN QHGTKV FG VTWRGNG TWUG)VK UG TGHGTâ PWOCK NC CRâTCTGCOQOGPVCPâCQTC)GNQTUâUG)VK)KEâPKEKPWRQCVGHKXQTDCFGQ RCTVKEKRCTGCEVKXâCCEGUVQTCNCNWRVCWNVGTKQCTCÉORQVTKXCTGDGNKWPKK  9QEJGPDNCVVÉPUW)KÉ)KGZRTKOCGPVW\KCUOWNFGRGQRQ\K/KG UKOKNCTâEWEGCC\KCTWNWKQHKEKCNFKP8KGPC&WRâRCVTWEKPEKUâRVâO¸PK FGC)VGRVCTGÉPHTKIWTCVâTW)KKXGPKTâÉPUH¸T)KV5NCXâ&QOPWNWK'TC)K VKORWN OCK CNGU NC FX ÉP $TC)QX %GK OCK ÉPXGT)WPC/K RQVTKXPKEK CK EJGOâTKK TW)KNQT TGEWPQUE Eâ $TC)QXWN PW CT HK RWVWV /KPG RKGRV EGNQT   
UGEWK)KPKEK5KDKWNFCEâWPEQTRUGEWKGUEKUCTHKCNâVWTCVNWK $GO)KEâCHQUVEQTGEVTC/KQPCOGPVWNOCLQTKVâ/KKEQPEGVâ/GPKNQTPQ)VTK ECTG CW ÉP/GNGU FG NC ÉPEGRWV Eâ CLWVQTWN VTWRGNQT CRCT/KPâVQCTG WPGK RWVGTK UVTâKPG CHNCVG ÉP XGEKPâVCVG QHGTKV ÉORQVTKXC FW)OCPWNWK PQUVTW EQOWPEGPGCOGPKP/âEWOQCTVGCRTCFC)KPKOKEKTGCCLWVQTCEQTFCV NC EGTGTGC PQCUVTâ )K RG EJGNVWKCNC PQCUVTâ PW RQCVG HK RTKXKV EC Q RTQDNGOâ FG KPVGTXGP/KG &CT TWUQHQDKC TGRWDNKECPKNQT OQFGTPK ÉK ÉORKPIGUâXCFâÉPQTKEGCRCTK/KGCTW)KNQTQCOGPKP/CTG5C)KKPWCTHK WTOâTKVPKEKQKPVGP/KGRQNKVKEâCVWPEKE¸PFKCWEJGOCVRGTW)K%âEK CHNC/K FCTâ PQK PW CO CXWV PGXQKG FG TW)K )K PW KCO EJGOCV EC GK Uâ KORWPâKPVGP/KKNGRQNKVKEGCNGPQCUVTGUCWCNGRCTVKFGKPQCUVTG)KPKEKEC UâEQPVTKDWKGNCÉPEJGKGTGCXKEVQTKQCUâRGPVTWCEGCUVâRCTVKFâ)KRGPVTW VTQP C VTKUVWNWK Tâ\DQK EKXKN 0W EâEK RGPVTW CODGNG UEQRWTK CLWVQTWN UVTâKP PC HQUV )K PW GUVG PGEGUCT +PVGP/KKNG PQCUVTG RQNKVKEG UWPV EGNG TGEWPQUEWVG FG RTKPEKRG )K EGNG PWVTKVG FG OCLQTKVCVGC EGVâ/GPKNQT UVCVWNWK ¡P 6TCPUKNXCPKC URTG TW)KPGC CTFGNGPKNQT PW UG RWTVC WP Tâ\DQKRGRTKPEKRKWNUWRTGOC/KGKOKNKVCTG%KPC/KWPKNGECTGÉ)KUVCWHC/â ÉP HC/â CW WTOâTKV RTKP Tâ\DQK GZRNKEKV UV¸TRKTGC TGEKRTQEâ &KPVTQ FGRNQTCDKNâTâVâEKTGCT¸XPGKHC/âFGRTQRTKWNRQRQTCWOWTKVDâVT¸PK HGOGK)KEQRKKPGXKPQXC/K.CKPVGTXGP/KKNGÉORâEKWKVQCTGCNGOKPKUVGTWNWK EE PKEK TQO¸PKK PKEK OCIJKCTKK PW )KCW RNGECV WTGEJGC 5C)KK CHNC/K NC OKLNQE ÉPEQPLWTC/K FG HCPCVKUO )K RTâFâEKWPK CPKOCNKEG É)K C)VGRVCW 

EGCUWNFKPWTOâ+OCIKPGCEGVâ/KKUWTQTK4GIJKPNGRNWVGCÉPHC/CQEJKNQT 5âPGURWPâEKPGXCEGCXCPVCL)KEGQPQCTGCOHKFQD¸PFKVFCEâCOHK ÉPV¸ORKPCV QTDK CEGNC)K FGUVKP 4W)KK PW UG COGUVGECW ÉP NWRVGNG FKP CHCTCEGNQTFQWâQTC)G)KWTOCWUâRâTâUGCUEâ\QPCÉPFCVâEGCPKOCNWN UâNDCVKEGTCTâRWUKCTV¸NJCTWNCFWUÉPHC/CLWFGEâVQTWNWKUâW  #VKVWFKPGC TWUQHKNâ )K RTQCWUVTKCEâ C NWK 9QEJGPDNCVV UG ENâFGC RG Q RQ\K/KG PGV CPVKOCIJKCTâ 9QEJGPDNCVV UG CHNC CEWO NC CPVKRQFWNRTQRTKKNQTUCNGCHKTOC/KKFKPRTKOâXCTCNWK.COCTVKG 5KDKWNHWEWEGTKVFG$GONCOCTVKGNC$TC)QXUGOCKUETKCCUVHGN%W CFGXâTCVUGEWKKUWPVWPRQRQTWT¸V0QKKCOEWPQUEWV9QEJGPDNCVV FGUETKC DCVCNKQCPGNG NWK $GO /CK ÉPV¸K FG VQCVG GNG CXGCW WP ECTCEVGT OWNVKPC/KQPCNHKKPFEQORWUGÉPOCTGRCTVGFKPWPIWTKCRQKFKPXCNCJK FKP\QPC1TCFGKFKPKPHCPVGTK)VKKVCNKGPKUNQXCEK1HK/GTKKGTCWOCKCNGU OCIPC/K KCT URWOC NQT UWPV OKNKVCTK IGTOCPK CVTC)K FG Q CXCPUCTG TCRKFâ &KPVTG CEG)VKC EGK OCK JQVâT¸/K GTCW JWUCTKK MQUUWVJKGPK ÉPVQVFGCWPCRTKOKKNCCVCE<KCTWNQRKPCEâÉPURGEKCNUGEWKKCE/KQPCUGTâ EC Q ITâOCFâ FG V¸NJCTK )K PKEK Q RGFGCRUâ PCT HK HQUV UWHKEKGPV FG CURTâRGPVTWGK7PTGDGNURGTLWTVTGDWKGFTGUCVÉPC)CHGNÉPE¸VHKWNUâW UâOQ)VGPGCUEâFGNCVCVâITQC\C)KUâUGRWPâECRâVURKTKVWNWKRQRWNCT JWPKE #NVHGN PG XQO VTG\K ÉP HKGECTG FGEGPKW EW E¸VG Q TâUEQCNâ )K Q PâXCNâCUGEWKNQT  6QV  CEGNC)K \KCT RWDNKEC Q CFTGUâ C EQOWPKVâ/KK QTâ)GPG)VK FKP 5GDG)EâVTGEQOGUWNPC/KWPKKÉPECTGUC)KKUGFKUEWNRCWFGÉPXKPQXâ/KTGC Eâ KCT HK C/¸/CV RG TQO¸PK ÉORQVTKXC WPIWTKNQT 9QNHICPI -GOÃP[ EQOCPFCPVWN VTWRGNQT OCIJKCTG CHNCVG ÉP VTGEGTG RTKP 5GDG) KCT HK CEW\CV RG UC)K Eâ KCW RNâVKV RG XCNCJK EC CEG)VKC UâK FKUVTWIâ RG WPIWTK %GK FKP 5GDG) EQPENW\KQPCW 0QK CO UWHGTKV OWNV FKP RCTVGC RCTVKFGKWPICTG)KCV¸VCVKORE¸VPGOGP/KPGORGCEGGC)KFKTGE/KGXQO TâO¸PGFW)OCPKKGKENCTK&CTCTVTGDWKUâPGTW)KPâOKPHKPKVFCEâUCT CFGXGTKOâECTQRâTVKEKEâCCEGUVWKTGRTQ)KPUWNVâVQTECTGPGCVTKDWKGÉP CEGNC)KVKORNC)KVCVG)KLQUPKEKG5GDG)HGDTWCTKG<KCTWNNâWFC CEGC PQWâ FQXCFâ C QPGUVKVâ/KK RQRQTWNWK UâUGUE C UKO/WNWK UâW FG NQKCNKVCVG )K WOCPKUO (K URGTC Eâ )K PC/KWPGC TQO¸Pâ CUWRTC EâTGKC ÉPXKPWKTGCCRâUCNCHGNFGWOKNKVQTXCIâUKRTKNGLWNFGCFG\CXWCRWDNKE ECNQOPKKNG /CIJKCTKK CW ÉPEGTECV Uâ EQTWRâ ÉP URGEKCN RGTUQCPG FKP U¸PWN PC/KWPKK TQO¸PG RGPVTW C NG CDCVG FG NC ECNGC LWUVK/KGK )K C ETGFKP/GK FCT EW RW/KPG GZEGR/KK CEGUV NWETW PW NGC TGW)KV #ODGNG PC/KWPKEGCUâUGCUEâ)KEGCTQO¸PâRâ)GUEFGEKU)KPGCDâVWVRGFTWOWN ETGFKP/GK )K CN FTGRVâ/KK )K CEGCUVC NG WPG)VG GHQTVWTKNG )TG)GNKNG )K GZEGUGNG WPQTC PW RQV HK RWUG RG UGCOC ÉPVTGIWNWK RQRQT GNG UWPV 

VTKUVGNGWTOâTKCNGUGPVKOGPVWNWKPC/KQPCNTâUEQNKVRTKPETW\KOKTGEKRTQEG )KRTKPFG\NâP/WKTGCDTWVCNKVâ/KKRQRQTWNWKFGT¸PF  .CQUâRVâO¸PâFWRâCTVKEQNGNGFGOCKUWUUKVWC/KCUGUEJKODâ TCFKECN)KNC$TC)QX.COCTVKGQTC)WNUGRTGFâFGDWPâXQKGÉP O¸KPKNG NWK $GO ¡P WNVKOWN UâW PWOâT ÉPCKPVGC ÉPEGVâTKK CRCTK/KGK 
OCTVKG  9QEJGPDNCVV RWDNKEC RTQENCOC/KC NWK $GO &WRâ CV¸VGC PGEC\WTK C UQUKV ÉP UH¸T)KV OCTGC )K PQTQEQCUC \K ÉP ECTG EW DWEWTKG CFGXâTCVâ Xâ XGUVGUE Eâ FW)OCPWN EQOWPCTOCVCTWUâ)KCWUVTKCEâC HQUVÉPHT¸PV)KCHWIKVÉP8CNCJKCEâRCEGCCHQUVEWEGTKVâÉPVQCVâ/CTC  9QEJGPDNCVV TGNCVC HWIC CTOCVGK TWUQCWUVTKGEG RGUVG RCUWN 6KOK) ÉP /WPVGPKC /KNKVCTKNQT NK UG CNâVWTCTâ NQEWKVQTK CK $TC)QXWNWK FQWâ EQORCPKK CNG ICTFGK PC/KQPCNG FKP 5KDKW )K Q WPKVCVG C ICTFGK PC/KQPCNG FKP 5KIJK)QCTC #TOCVC GNKDGTCVQCTG C XKVGC\WNWK IGPGTCN UWRTGO$GOCKPVTCVECRTKGVGPâÉPQTC)OCT/KNCCOKC\âFWRâEGEWQ \KÉPCKPVGÉPHTWPVCUGEWUWEEGUNC%QFNGCQCTOCVâCWUVTKCEâ1FGNGIC/KG FKP RCTVGC /CIKUVTCVWNWK )K C EQOWPKVâ/KK QTâ)GPG)VK KC KG)KV ÉP ÉPV¸ORKPCTG FQOPWNWK IGPGTCN UWRGTKQT EW WP UVGCI CND )K KC RTGFCV QTC)WN#EWOKGUGENCTNCUWRTCHC/âE¸VFGVCTGCHQUV/KPWVÉPÉPVWPGTKE RQRQTWNFGURTGDTCXGNGVTWRGOCIJKCTG)KEâC/¸/CTGCFKPVTGRQRQCTGC HQUVRNâPWKVâRTGOGFKVCVRGPVTWCURTKLKPKFGURQVKUOWN+GTKCCXWVNQENC 6KOK)QNWRVâÉPECTGQVTWRâ$KCPEJK)KE¸/KXCTW)KCWEâ\WVÉPO¸KPKNG VTWRGNQTPQCUVTGOCIJKCTG  
 %G UG ÉPV¸ORNC EW ,QJCPP )ÑVV ÉP CEGUV TâUVKOR! *GTOCPP 6QPVUEJ C FGUETKU CUVHGN TGRGTEWUKWPKNG RGTKQCFGK QEWRC/KGK OCIJKCTG C $TC)QXWNWK 
OCTVKG   KWNKG   CUWRTC XKG/KK RGTUQPCNG C GFKVQTWNWK &CEâ )ÑVV GTC FKP ECRWN NQEWNWK WP CTJCPIJGN URKTKVWCN CN PQKNQTVKORWTKÉPECFTGNGNGICNKVâ/KKOQFWNWKUâUGUEFGCHKHWQNQXKVWTâ ITGC RGPVTW HQKNG )K RGTUQCPC UC E¸PF ÉP HWTVWPQ)KK CPK  $TC)QXWNEâ\WXTGOGNPKEÉPUVâR¸PKTGCOCIJKCTKNQT'NHWUCNXCVFGHWTKC TGXQNW/KQPCTKNQT PWOCK RTKP  KPVGTXGP/KC  EQOCPFCPVWNWK UWRTGO PQDKNWN$GOECTGÉNÉPUâTEKPâRGEQNQPGNWN-KUUUâXGIJG\GCUWRTCXKG/KK NWK )ÑVV ¡P EKWFC CEGUVWK HCRV )ÑVV UWHGTK FG VTGK QTK CVCEWTK ÉP EWTUWN PQR/KKRGPVTWCHKTKFKECV)KFWUUâHKGGZGEWVCVNC5H¸PVWN)JGQTIJG &G FQWâ QTK ÉN UEâRâ RTQRTKC UC RTG\GP/â FG URKTKV FKP O¸KPKNG WTOâTKVQTKNQTUâKCVTGKCQCTâÉKUCNXâXKC/CEQOCPFCPVWN56QVJ 

+DKFGOPTOCTVKGRPTOCTVKGRRR +DKFGOPTOCTVKGR *GTOCPP6QPVUEJ&KG*QPVGTWURTGUUGKP,CJTGP(GUVUEJTKHVFGT$WEJFTWEGTGK,QJCPP

)ÑVVU5QJP$TC)QXR  

2TG\GP/CFGURKTKVCGFKVQTWNWK,QJCPP)ÑVVGTCÉPUâFGQUGDKVFG CEWVâ EWO TG\WNVâ )K FKP EGNG FG OCK LQU ¡P OKLNQEWN PQWNWK FGEQT OKNKVCT,QJCPP)ÑVVUEJKODCVKVNWN\KCTWNWK5KGDGPD×TIGT9QEJGPDNCVV ÉP -TQPUV¼FVGT <GKVWPI 0WOâTWN KPCWIWTCN FKP  OCTVKG  GTC FGQUGDKV FG VTCP)CPV )K TCFKECN CV¸V RTKP FGENCTC/KKNG FG RTKPEKRKW CNG TGFCE/KGKE¸V)KRTKPRTQENCOC/KKNGRTQCURG/KNQTUVâR¸PKCKQTC)WNWK¡PCN UâW %WX¸PV KPVTQFWEVKX GFKVQTWN CRTGEKC Eâ ÉP VKORWN TGIKOWNWK /GVVGTPKEJ 9QEJGPDNCVV HWUGUG WP \KCT NKDGTCN EJKCT EGN OCK NKDGTCN \KCT FKP OQPCTJKC CWUVTKCEâ R )ÑVV ECTCEVGTK\C ÉPUâ FGUEJKFGTKNG QHGTKVG FG \KCT FTGRV PCKXNKDGTCNG PW NKDGTCNG RTQRTKW\KU CFâWI¸PF RTGEK\CTGC Eâ HâTâ CVKPIGTGC KWDKVGNQT UCNG RTKPEKRKK EâNâW\KVQCTG 5KGDGPD×TIGT 9QEJGPDNCVV GTC Q RQTVCXQEG RGPVTW VQCVG RCTVKFGNG #EGCUVâ VCEVKEâ GTC FGOPâ FG NCWFâ ÉP ÉORTGLWTâTKNG FCVG &QCT Eâ TGFCE/KCNWK9QEJGPDNCVVCEQOKUITG)GCNCFGCRâUVTCCEGCUVâVCEVKEâ)K FWRâ TGCNK\âTKNG FKP OCTVKG ÉP NQE Uâ VTGCEâ JQVâT¸Vâ FG RCTVGC WPWK UKPIWT RCTVKF  GC C EQPVKPWCV Uâ URTKLKPG VQCVG RCTVKFGNG )K EJKCT FCEâ PW NG UNWLGC Uâ UG HCEâ RNâEWVâ NQT %QPHQTO RâTGTKK GFKVQTWNWK EQPUGEKP/C CEGUVWK HCRV HW EQPHNKEVWN EW RTKGVGPKK FCT )K EW FW)OCPKK \KCTWN KPVT¸PF ÉP EQPVTCFKE/KG EW UKPG ÉPUW)K HKKPF UOWNU )K V¸T¸V FG GXGPKOGPVG 2¸Pâ ÉP ENKRC RTG\GPVâ E¸PF PQFWN IQTFKCP HW VâKCV 9QEJGPDNCVV EC QTICP LWTPCNKUVKE É)K RKGTFWUG FGOWNV QTKEG ETGFKV UWRTCXKG/WKPFW)K UKG)K  KCT GFKVQTWN IâUK EW ECNG Uâ ÉN CDCPFQPG\G ÉP NQEWN UâW UEQ/¸PF -TQPUV¼FVGT <GKVWPI )ÑVV ÉK VTGEGC EQPFWEGTGC TGFCE/KGK EWPQUEWVWNWK UETKKVQT NKDGTEWIGVâVQT /CZ/QNVMGRGPVTWEC CEGUVC Uâ FGFKEG KPUKUVGPV )K GZENWUKX CEVKXKVCVGC RTGUGK UCNG WPKWPKK UVCVCNG FKPVTG7PICTKC)K6TCPUKNXCPKCHQTOGKFGOQETCVKEGFGIWXGTPâO¸PVNKDGTVâ/KK )K GICNKVâ/KK ÉP FTGRVWTK C VWVWTQT RQRQCTGNQT NQEWKVQCTG CNG CEGUVQT /âTK KPFKHGTGPV FG EWTUWN RG ECTG ÉN XQT NWC NWETWTKNG  <KCTWN WTOC Uâ CRCTâ DKUâRVâO¸PCNNWPGC)KLQKCHKKPFGZRGFKCVRTKPCDQPCOGPVEKVKVQTKNQTFG FGRCTVG EGK FKP FKUVTKEVWN $TC)QX UG RWVGCW CRTQXK\KQPC ÉP EQPVKPWCTG FGNCNKDTâTKC0GOGVJ2TG/WNCDQPCOGPVWNWKRGWPUHGTVFGCP
R¸PâNC HKPGNGNWKKWPKG GTCÉPKPVGTKQTWNFKUVTKEVWNWKFGHNQTKPETâK/CTKOE)K ÉPCHCTâFGHNETOE%WX¸PVWNKPVTQFWEVKXGTCUGOPCVÉP$TC)QX NCFCVCFGOCTVKGFG,QJCPP)ÑVVVKRQITCH)KGFKVQT  %WO Uâ ÉP/GNGIGO UEJKODCTGC FG CVKVWFKPG C GFKVQTWNWK COKPVKPFWPGEâPWOCKEWE¸VGXC\KNGÉPCKPVGFGQEWRCTGCOCIJKCTâC $TC)QXWNWKHQCKCUCFGENCOCUGFGRGRQ\K/KKEQORNGVQRWUG)ÑVVÉPUW)K CRâT¸PFWUG FG ÉPXKPWKTKNG EG K UG CFWEGCW FG C HK HKNQOCIJKCT! 4GOGOQT¸PF FG CUGOGPGC Eâ NC 5KDKW 6TCPUUKNXCPKC É)K ÉPEGVCUG 
-TQPUV¼FVGT<GKVWPIPTOCTVKGR 

CRCTK/KC RG E¸PF 5KGDGPD×TIGT $QVG ÉODTâ/K)CUG PQWC TGCNKVCVG ÉPEGTE¸PF VQVW)K Uâ UG RâUVTG\G ÉP NKOKVGNG WPGK RQUKDKNG QDKGEVKXKVâ/K K CO RWVGC CVTKDWK NWK )ÑVV ÉPUW)K Q OCTLâ FG QRQTVWPKUO 1TKECTG CT HK GZRNKEC/KC CVKVWFKPKK UCNG GUVG FG QDUGTXCV RTGIPCPVC UC CTIWOGPVCTG VGQTGVKEâ  KNWUVTCVâ )K ÉP PWOGTGNG WNVGTKQCTG CNG NWK -TQPUV¼FVGT <GKVWPI  <KCTWN FGUETKC CVOQUHGTC FKP QTC) ¡P FKOKPGC/C \KNGK FG  OCTVKGCXWNQEUGTDCTGCÉPâN/âTKKVTKEQNQTWNWKFGFKECVâEGNWKFGCNFQKNGC DCVCNKQPCNTGIKOGPVWNWKUGEWKGUEPT/COCEQOCPFCPVWNWKIGPGTCNCN 6TCPUKNXCPKGKPWOKVFGTGXQNW/KQPCTKXQP%\GE\CUKUVâNCKPCWIWTCTGÉP ECNKVCVG FG OCOC UVGCIWNWK
(CJPGPOWVVGT  ¡P CEGGC)K \K $GO TâUR¸PFK Q EJGOCTG CFTGUCVâ VWVWTQT EGVâ/GPKNQT EW FTGRV FG XQV FKP $TC)QX FG C UG CFWPC NC RTKOâTKG RGPVTW CNGIGTGC PQKNQT HWPE/KQPCTK %¸VGXCQTGOCKV¸T\KWEQOWPKVCVGCUGÉPV¸NPKNCRTKOâTKG)KXQVâGZENWUKX FKP T¸PFWTKNG UCNG ÉP RQHKFC CDUGP/GK C  FKP EGK  FG OGODTK CK EQOWPKVâ/KK )K ÉP RQHKFC WPQT RTQVGUVG ECTG EGTGCW GZVKPFGTGC GNKIKDKNVâ/KKHWPE/KQPCTKNQT)KCUWRTCRGTUQCPGNQTECTGPWHâEGCWRCTVGFKP EQOWPKVCVGC QTâ)GPGCUEâ 5QT/KK CNGIGTKK Eâ\WTâ CUWRTC C  UGPCVQTK
FKPVTG ECTG  HWPE/KQPCTK UWRGTKQTK  XQP #NDTKEJUHGNF )T¼H .CUUGN 6TCWUEJ2GVGT.CPIGXQP5EJQDGNP/[²XQP%NQUKWUXQP&KNNOQPV 5EJOKFV2CPE\GN(CDTKVKWU#NGIGTGCHWEQPUKFGTCVâRTQXK\QTKG  %QNQPGNWN-KUUEQOCPFCPVWNOCIJKCTCN$TC)QXWNWKCPWP/âEâ VQCVGRW)VKNGCTOGNG)KOWPK/KCGVEVTGDWKCWRTGFCVGNCEQOCPFCOGPVWN OKNKVCT ¡PEâNECTGC QTFKPWNWK UG RGFGRUGC EW Q COGPFâ FG  HN OE UCW EW WP CP FG CTGUV .C  OCTVKG ÉP VQCVG DKUGTKEKNG ECVQNKEG )K GXCPIJGNKEGFKPQTC)UGUNWLKWP6GFGWORGPVTWTGUVCDKNKTGCRâEKK/âTKK RTKPCTOCVCWPICTâXKEVQTKQCUâ  'ZVTGO FG FWTâ GTC RTQENCOC/KC CFTGUCVâ RQRQCTGNQT FKP #TFGCNFG.CFKUNCW%U¶P[KKPXGUVKVEQOKUCTRNGPKRQVGP/KCTCN7PICTKGK WPKVG EW 6TCPUKNXCPKC 4GFâO E¸VGXC HTCIOGPVG 8CNCJK 8QK XCNCJK PGPQTQEK/K CFGOGPK/K FG HWPE/KQPCTKK CWUVTKGEK )K FG KPVTKIKNG NQT  0W GZKUVâPKEKWPUGOPÉPOGOQTKCQOGPKTKKPKEKQWTOâÉPRCIKPKNGKUVQTKGK FGURTGCWVQPQOKCXQCUVTâPC/KQPCNâ#/KHQUVUENCXKCKTQOCPKNQTUENCXK CKRQRQCTGNQTOKITCVQCTG)KUENCXKÉPWNVKOWNOKNGPKW0WOCKWPIWTWNC HâEWV Uâ TâUCTâ )K RGPVTW XQK ÉP CPWN VTGEWV \QTKK NKDGTVâ/KK WPIWTWN C UHâT¸OCV NCP/WTKNG UENCXKGK XQCUVTG XC TKFKECV ÉP T¸PFWN EGVâ/GPKNQT NKDGTKXCFâTWKVFTGRVWTKNGUCNG)KRâO¸PVNKDGTFQCTGNKCHâEWVGICNKÉP FTGRVWTKNG WOCPG RG UâTCE )K RG DQICV (K XQK ECTG XC/K CTâVCV ETGFKPEKQ)KÉPLWIWNUENCXKGK)KHâTâEQPVTKDW/KCXQCUVTâXC/KVTG\KVNKDGTK ÉP NQE Uâ FQXGFK/K TGEWPQ)VKP/â )K CVC)COGPV CVCEC/K )K KPEGPFKC/K UCVG 

WPIWTG)VKNKRUKVGFGCRâTCTGPâXâNK/KPQCRVGCCUWRTCNQEWKVQTKNQTNKRUK/K FGITKLK)KÉKWEKFG/K8QKC/KCXWV\CFCTPKECKPVGP/KGFGCFKUVTWIGPGCOWN ECTGCÉORâT/KVFGUGEQNGEWXQKHTâ/G)VG)KDWEWTKC)KUWHGTKP/C  ¡P PWOGTGNG  )K  FKP -TQPUV¼FVGT <GKVWPI TGFCE/KC )K RTQDCDKN ÉP PWOGNG GK PQWN TGFCEVQT)GH .GQRQNF /CZKOKNKCP /QNVMG UGOPC WP CTVKEQN HNWXKW KPVKVWNCV 1 OâTVWTKUKTG RQNKVKEâ FG ETGFKP/â #XGOFGCHCEGEWQVGQTKGRQNKVQNQIKEâÉPVQCVâTGIWNC  ¡PEGR¸PF EW PWOâTWN  -TQPUV¼FVGT <GKVWPI RWDNKEC GXGPKOGPVGNGRQNKVKEGRTKQTKVCTGITWRCVGÉPTWDTKECEQOWPâ7PICTKC)K 6TCPUKNXCPKC )C\GVC TGNCVC RG \KNG FGUHâ)WTCTGC EGNQT OCK ÉPUGOPCVG GXGPKOGPVG CFWEGC DWNGVKPG FG Tâ\DQK )K KPHQTOC/KK FG CEVWCNKVCVG KPVGTPâ)KGZVGTPâITWRCVGRG/âTK)KQTC)G  ¡P OCK  \KCTWN TGFC FGENCTC/KC FG KPFGRGPFGP/C C PC/KWPKK WPICTG  .CUH¸T)KVWNNWKOCKVTWRGNGWPICTGEWEGTKTâ$WFC¡POCK /CTWN0KEQNCG)KÉORâTCVWN(TCP\,QUGRJEQPXGPKTâCUWRTCEQPFK/KKNQTFG CEQTFCTGCCLWVQTWNWKTWUGUERGPVTWÉPGECTGCTGXQNW/KGKOCIJKCTG  %QOCPFCOGPVWN OKNKVCT CN $TC)QXWNWK RTKP RGTUQCPC EQNQPGNWNWK -KUU ÉK NKPK)VGC RG EGVâ/GPK RTKP PQVG FCVG RWDNKEKVâ/KK FG\CXW¸PFXGUVGCTGXGPKTKKTW)KNQT)KCCWUVTKGEKNQT¡PUâNCUEWTVVKOR -TQPUV¼FVGT <GKVWPI RWDNKEC 
OCK  WP TCRQTV CN EQPUKNKWNWK OKPKUVGTKCN EâVTG IWXGTPCVQTWN KORGTKCN -QUUWVJ $CTVQNQOGW 5\GOGTG OKPKUVTWN FG KPVGTPG CPWP/C RGTKEQNWN WPGK PQK KPXC\KK TWUG)VK
#PGZG FQEPT   %GVâ/GPKK DTC)QXGPK RTQVGUVCW UQNGOP ÉORQVTKXC QTKEâTGK KPVGTXGP/KK UVTâKPG FGEK )K ÉORQVTKXC KPVGTXGP/KGK TWUG)VK /CIKUVTCVWN $TC)QXWNWK )K EQOWPKVCVGC É)K TGCHKTOCW ETGFKP/C )K NQKCNKVCVGC HC/â FG QPQTCVC EQPFWEGTG OCIJKCTâ K\XQT¸VG FKPVTQ EWTCVâ )K KPVKOâ EQPXKPIGTG  .C  KWPKG -TQPUV¼FVGT <GKVWPI CFWEGC NC EWPQ)VKP/C EKVKVQTKNQT&GRG)CEKTEWNCTâCIWXGTPWNWKTWUEâVTGTGRTG\GPVCP/KKUâKFKP UVTâKPâVCVG FCVCVâ NC  CRTKNKG  &GRG)C OQVKXC CE/KWPGC TW)KNQT RTKP RTGÉPV¸ORKPCTGC GZVKPFGTKK TâUEQCNGK ÉP VGTKVQTKKNG RQNQPG\G 4GXQNW/KC FKP 6TCPUKNXCPKC FâWPC NKPK)VKK RTKPEKRCVGNQT FWPâTGPG RG ECTG4WUKCÉPCEQTFEW6WTEKCUGUVTâFWKCUâQÉPVâTGCUEâ 
+DKFGOPTOCTVKGR 

+DKFGOPTOCTVKGRPTOCTVKGRPTOCTVKGR (T6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPXQN+++R 

PTCRTKNKGRPTOCKRPTKWPKGR 

-TQPUV¼FVGT<GKVWPIPTOCKRPTOCKR  

&WRâ WP EQOGPVCTKW KTQPKE NC CFTGUC EKTEWNCTGK /CTKUVG \KCTWN ÉPFGOPC NC TWIâEKWPGC RTGUETKUâ FG IWXGTPWN OCIJKCT EG ÉPEGRGC CUVHGN &WOPG\GWNG RWVGTPKEG &WOPG\GW CN RQRQCTGNQT .C  KWPKG -TQPUV¼FVGT <GKVWPI RTGNWC FKP QHKEKQUWN FG NC 2GVGTUDWTI WP CNV OCPKHGUVCN/CTWNWKÉPECTG0KEQNCG+XGUVGCQTFKPWNFCVCTOCVGNQTUCNG FGÉPCKPVCTGÉP6TCPUKNXCPKC  1HGPUKXC TWUâ ÉP 6TCPUKNXCPKC HW FGENCP)CVâ NC ÉPEGRWVWN NWK KWPKG  &KPURTG /WPVGPKC RâVTWPFGC IGPGTCNWN .×FGTU EW WP UVCV GHGEVKXFGFGUQNFC/K.CKWPKG.×FGTUQEWRC$TC)QXWN)K-CTC $¸TUGKÉPCKPV¸PFCRQKÉPUGEWKOGHâTâCQEWEGTKVQVCN1RCTVGFKPTW)K UGÉPFTGRVCTâURTG5KDKWCNVâRCTVGRTKP4WRGCURTG5KIJK)QCTC  .×FGTU KPVTâ ÉP $TC)QX WPFG RTQENCOâ CPWNCTGC VWVWTQT OâUWTKNQT KORWUG FG IWXGTPWN WPICT -TQPUV¼FVGT <GKVWPI TGFC )K RTQENCOC/KC RTKOWNWK OKPKUVTW CWUVTKCE XQP 5EJYCT\GPDGTI EâVTG NQEWKVQTKK7PICTKGK6TGEGTGCFGEGCNCNVâRCTVGCDCTKECFGKGTCUWDNKPKCVâ )K RTKP RWDNKECTGC EWTUWNWK OQPGFGNQT TWUG)VK UVCDKNKV FG /CIKUVTCVWN QTC)WNWKTWDNâTWUGCUEâFGGOKUKWPGPQWâXCNQTGC\âRKC)VTKC RCTCNGUCWFQWâ\GEKOKFGCTIKPV)KETâK/CTKOE  .CKWNKGWPIWTKKRâTâUGCW5KDKWN.×FGTUÉNQEWRâNCKWNKG 6QCVGQTFKPGNGGOKUGFGEQPFWEGTGCTGXQNW/KQPCTâHWTâFGENCTCVGPWNG)K PGCXGPKVG 6TCPUKNXCPKC FGXGPKVâ FKP PQW OCTG RTKPEKRCV EQPVKPWC Uâ TâO¸PâUWDNGIGCFGTâ\DQKR¸PâNCRCEKHKECTGCEQORNGVâC/âTKK  .C  KWNKG ÉP -TQPUV¼FVGT <GKVWPI ,QJCPP )ÑVV  UG LWUVKHKEC HC/âFGQPQTC/KKEKVKVQTK5WDUGOPCVWNEGTGKPFWNIGP/âRGPVTWHCRVWNEâ \KCTWNCRCTGFKPPQWCDKCCUVâ\K2TKEKPCÉPVTGTWRGTKKXCHKHâEWVâRWDNKEâ NC VKORWN RQVTKXKV 2¸Pâ CVWPEK UWDUGOPCVWN TQCIâ Uâ PW HKG LWFGECV FGQCTGEGFKPFCVCFGOCTVKGCEGFKVQTWNCEGUVWK\KCTGUVGÉPOâUWTâ UâFGOQPUVTG\GEâPKEKWPOQOGPVPWCVTâFCVECW\CEGCFTGCRVâQTKE¸V CTRâTGCFGRQVTKXPKEGCRCTGP/GNG  .C  KWNKG IGPGTCNWNNQEQVGPGPV XQP *CUHQTF EQOCPFCPVWN VTWRGNQTTWUGFKP$TC)QXNGRTQOKVGCNQEWKVQTKNQTRC)PKEKCK#TFGCNWNWK 

+DKFGOPTKWPKGRPTKWPKGR 

)$CTK/KWQREKVR(T6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPXQN+++ -TQPUV¼FVGT<GKVWPIPTKWPKGR -TQPUV¼FVGT<GKVWPIPTKWNKGR

R 

5D$QVGPTKWNKGRPTKWNKGR 

VQCVâRTQVGE/KCUCÉPUEJKODKPVTKICP/KK)KFKUVTWIâVQTKKNKPK)VKKCXGCWCUG VGOGFGVTKDWPCNG¡PCEGGC)K\KTW)KKQEWRCW4WRGC  .CKWNKG$GOÉNCVCEâRGPGC)VGRVCVGRG.×FGTUNC5KIJK)QCTC .WRVCUGFGUHâ)WTâÉPVTG5KIJK)QCTC)K#NDG)VK$GOHWÉPHT¸PV  .C ÉPEGRWVWN NWK PQKGODTKG VTWRGNG /CTKUVG RâTâUGCW 6TCPUKNXCPKC 1 )VKTG FKP  PQKGODTKG CTâVCEâ OCLQTKVCVGC IGPGTCNKNQT TW)K ECTG RCTVKEKRCUGTâ NC ECORCPKC FKP 7PICTKC UG ÉPFTGRVCW URTG 8CT)QXKCRGPVTWCUGÉPHâ/K)CRTKPEKRGNWKTGIGPV   ¡PVTQ TGXKUVâ C RTGUGK 
,QWTPCNTGXWG  IC\GVC UKDKCPâ C NWK 4 -TCDU7PVGTJCNVWPIGPCWUFGT)GIGPYCTVHâEGCNCHKPGNGNWKOCK WTOâVQCTGNGCRTGEKGTK,WTPCNGNGRQVHKÉORâT/KVGÉPCEGNGCECTGUWPVFGQ CPWOKVâ EWNQCTG )K PW RTGKCW PKOKE FKP EGGC EG PW UG RQVTKXG)VG EW CEGCUVC )K LWTPCNG ECTG UG RTQENCOâ RG UKPG EC HQTWO 
5RTGEJUCCN  CN VWVWTQT QRKPKKNQT )K FWRâ ECRCEKVCVGC NQT FG EWRTKPFGTG KPENWF VQVWN HâTâFKUETKOKPCTG)C\GVGFGRTKOWNHGNUWPVECOVQCVGHQKNGWPICTGPQK UC)KKCOCXWVTGEGPV)KFQCTRGPVTWWPHQCTVGUEWTVVKORWPCUGOGPGC \KCT%CHQTWOCNVWVWTQTQRKPKKNQTNCPQKUWPVEWPQUEWVGFGOCKFGOWNV HQKNGIGTOCPGDTC)QXGPG5WPVEQPXKPUEâTGFCE/KCNQT)KOâTGHGTNC GFKVQT  PW UG UECNFâ ÉP CWT WPIWTGUE 'UVG ÉPUâ NC HGN FG UKIWT Eâ RG URG\GNG UC)KNQT HQKNG DTC)QXGPG CFWE OCIJKCTKOKK UGTXKEKK PGRTG/WKVG #O TGFCV EKVCVWN RGPVTW Eâ UKPVGVK\GC\â ECTCEVGTKUVKEKNG HWPFCOGPVCNG CNG RTGUGK UâUG)VK GFKVCVG FG ,QJCPP )ÑVV URKTKVWN NKDGTCN )K FGUEJKU RWDNKEKVâ/KKECHQTWOCNVWVWTQTQRKPKKNQT)KVGPFKP/GNGUCNGHKNQOCIJKCTG  )ÑVV RTQXGPKPF FKPVTQ )GTOCPKG EG UKORCVK\C EW ECW\C WPICTâ )K GTC QUVKNâ EQPUGTXCVQTKUOWNWK DKTQETCVKE ÉPECTPCV FG #WUVTKC CLWPU ÉP #TFGCN CRNKEâ CKEK WP OQF FG XKC/â OGPVCNKVCVGC OQFGTPâ )K URKTKVWN FG ÉPVTGRTKPFGTG FGRTKPUG CECUâ 7TKC)GNG UCNG TGCNK\âTK GFKVQTKCNGCWHQUVGZRWUGOCKUWU)KÉPCEGUVFQOGPKWOGTKVGNGUCNGUWPV KPEQPVGUVCDKNG &KP PGHGTKEKTG PW CV¸V UKORCVKKNG UCNG RQNKVKEG FCW FG I¸PFKVQDUGTXCVQTWNWKCVGPVCNUETKUWNWKUâWE¸VECTCEVGTWNFWRNKEKVCTFG ECTG C FCV FQXCFâ ÉP CPKK TGXQNW/KGK 7)WTKP/C EW ECTG C UEJKODCV VCDGTGNG RQCVG HK GZRNKECVâ RTKP FQTKP/C FG C PCXKIC ÉP UKIWTCP/â RTKP CRGNG VWNDWTK CNG EGP\WTKK )K CRQK CNG Tâ\DQKWNWK EKXKN (W EQPVGUVCV ÉP GICNâ OâUWTâ FG UC)KK UKDKGPK ECTG ÉN CEW\CW FG TGNC/KK UVT¸PUG EW OCIJKCTKK )K UGEWKK )K FG UQNFC/KK MQUUWVJKGPK ECTG ÉK COGPKP/CTâ XKC/C &CEâ C)C EWO ÉPUW)K OâTVWTKUGC ÉP  CWUVTKGEKK ÉK RTQRWUGUGTâ Uâ 
Q5D$QVGRPTKWNKGR Q-T<GKVWPIRPTPQKGODTKGR 

7PVGTJCNVWPIGPCWUFGT)GIGPYCTV5KDKWECKGVOCKR 

FGXKPâURKQPKCTGNTGHW\CUG
! UGRCTGEâNCT¸PFWNUâWPWCHQUVHGTKV FG FGPWP/WTK ,QUGRJ $GFGWU XQP 5EJCTDGTI EQNCDQTCVQT CN HQKNQT UKDKGPG)KÉPCNVHWPE/KQPCTFGUVCVÉKVTKOKVGCNWK5GFNPKV\M[)GHWNRQNK/KGK UGETGVG C NWK /GVVGTPKEJ TCRQCTVG EG ÉK FGPWP/CW RG )ÑVV -WT\ )K CN/K TGFCEVQTK DTC)QXGPK ¡P RQHKFC TGCE/KKNQT GEJKXQEG )K C RTQRTKKNQT UCNG LWUVKHKEâTK )K RTQOKUKWPK HC/â FG EKVKVQTK )ÑVV PW ÉPEGVâ PKEK Q ENKRâ Uâ GFKVG\G  <KCTWN UâW RTKPEKRCN 5KGDGPD×TIGT 9QEJGPDNCVV HQPFCV ÉP  )K FGXGPKV -TQPUV¼FVGT <GKVWPI ÉP  TG\KUVâ RTGUKWPKNQT VKORWNWKR¸PâNCOQCTVGCNWK)ÑVV  
)KRTGNWCVFGHKWN)KPGRQVWN UâWÉ)KEQPVKPWâCRCTK/KCVKORFGWPUGEQN
R¸PâÉP   ¡P LWFGECTGC RTGUGK UâUG)VK FKP $TC)QX NC  RGPVTW C ÉP/GNGIGHNWEVWC/KKNGKFGQNQIKEGCNGCEGUVGKCRTQHKNWNGFKVQTWNWKGKVTGEGÉP RTKO RNCP &CT )K EQNCDQTCVQTKK )K TGFCEVQTKK NWK )ÑVV CW HQUV ÉP GRQEâ RGTUQPCLG FG RTKOâ O¸Pâ CNG EWNVWTKK UâUG)VK 2TGUC DTC)QXGCPâ C DGPGHKEKCV FG VCNGPVWN WPQT PWOG TâUWPâVQCTG ÉP NKVGTCVWTC )K KUVQTKC UC)KNQT
)& 6GWVUEJ 5V. 4QVJ ,QUGH /CTNKP #PVQP -WT\ /CZ /QNVMG  X¸THWTK ECTG CW NKRUKV RTGUGK UKDKGPG %QP/KPWVWN RTQITCOCVKE EJKCT XK\KQPCT QR/KWPGC RGPVTW PQW RTQITGU TGHQTOâ FGHKPGUE NKDGTCNKUOWNHQKNQTNWK)ÑVVURTGFGQUGDKTGFGEQPUGTXCVQTKUOWNOQFGTCV RTQOQXCV FG RTGUC UKDKCPâ 5GTKQ\KVCVGC )K VGOGKPKEKC RWUâ ÉP UNWLDC TGNCVâTKKE¸VOCKHKFGNG)KOCKEQORNGVGCGXGPKOGPVGNQTEQPVGORQTCPG HCEFKPIC\GVGNGDTC)QXGPGUâUG)VKPK)VGXGTKVCDKNGXQEKCNGVKORWNWKEG PW RQV HK QOKUG FG EGN EG UG CRNGCEâ CUWRTC GRQEKK 'PVW\KCUOWN )K VGPUKWPGCECTCEVGTWNRCUKQPCVCNFG\DCVGTKNQTQHGTâÉPRNWUEKVKVQTWNWKQ NGEVWTâ RCNRKVCPVâ EC Q OâTVWTKG EG ÉPHT¸PIG VKORWN C OâKGUVTKGK LWTPCNK)VKNQTRC)QRVK)VKUC)K 

9 &CWIUEJ &KG 0CVKQPCNKV¼VGP 5KGDGPD×TIGPU KO 5RKGIGN FGWVUEJURTCEJKIGT 5KGDGPD×TIGT <GKVWPIGP WPF <GKVUEJTKHVGP FGU 8QTO¼T\ ÉP XQN <GKVUEJTKHVGP WPF <GKVWPIGPFGUWPF,CJTJWPFGTVUKP/KVVGNWPF1UVGWTQRC$GTNKPR   

¡024'5#5à5'#5%à

+++21.+6+%à (++&'1.1)+' 

         

   

2GPVTWWPKWPGUCWÉORQVTKXCWPKWPKK! 

2GPVTWPC/KQPCNKVâ/KNGVTCPUKNXCPGRKCVTCWPIJKWNCTâCTGXQNW/KGK FGNCCHQUVRTQDNGOCWPKWPKK6TCPUKNXCPKGKEW7PICTKC/CKOWNV FGE¸V QQ EJGUVKWPG FG ETGFKP/âR
GKPG 5CEJG FGU )NCWDGPU  EWO Q FGHKPGC (T 6GWVUEJ GC C FGXGPKV Q QR/KWPG QDNKICVQTKG 2GPVTW UCW ÉORQVTKXCWPKWPKK!¡PVâXâNWIWNGXGPKOGPVGNQTFKPQDKGEVCNFKURWVGNQT RQNKVKEKGPKNQT GC C EQDQT¸V FKTGEV ÉP CTGPC XKG/KK EQVKFKGPG %CRGVG ÉPHKGTD¸PVCVG UCW OKP/K ECNEWN¸PF NC TGEG RGTUQCPG FKPCOKEG PGOWN/WOK/K UCW NGPG)K RCUKXK CWVQUWHKEKGP/K %W VQ/KK CW VTGDWKV Uâ QRVG\GCEVKX)KTCFKECNFCUCWPW7PIWTKKUGEWKKTQO¸PKKUC)KKCWQRVCV EC)KEQTRWTKPC/KQPCNGÉPHWPE/KGFGKPVGTGUGNGRTQRTKK¡PU¸PWNHKGEâTGK PC/KQPCNKVâ/KÉPUâQR/KWPKNGPWCWHQUVOCKRW/KPFTCOCVKEGUH¸)KGVQCTG 2UKJQNQIKCOWN/KOKNQT)KCEQPHKTOCVNGIKNGÉPOCTKNGCFWPâTKPC/KQPCNG &GUVKPGNG KPFKXKFWCNG CNG RGTUQPCNKVâ/KNQT CEGUVQT OQOGPVG FG OCTG ETK\â CW EWPQUEWV GTQKUO NQKCNKVCVG R¸Pâ NC OCTVKTKW PQPXKQNGP/â ETG)VKPâ R¸Pâ NC CWVQUCETKHKEKW CW IGPGTCV CE/KWPK K\XQT¸VG FKP EQPXKPIGTG)KCE/KWPKKUECVGFKPQRQTVWPKUONGRâFâTK)KNC)KVCVGXKQNGP/â )K ETW\KOK &KP CEGCUVâ RGTURGEVKXâ FWDNâ PC/KQPCNâ )K KPFKXKFWCNâ FGXKPGFGOPâFGKPVGTGUCVKVWFKPGCOCPKHGUVCVâFGUC)KHC/âFGWPKWPG   &WRâEGTGIGNG(VGHCPEGN5H¸PVNCÉPHT¸PVRG)[WNCXQKGXQFWN EGFQOPGCÉPRâT/KCNG6TCPUKNXCPKGKCEGCUVâ/CTâCHQUVUWRWUâEQTQCPGK WPICTG)KCTâOCUUWDUWRWPGTGCTGIKNQT7PICTKGKR¸PâNCÉPHT¸PIGTGC FGNC/QJ¶EU  
¡PFGEWTUWNEGNQTEKPEKUGEQNG6TCPUKNXCPKCCUWHGTKV OCK FGITCDâ Q WPKWPG EW 7PICTKC FGE¸V Q ÉPEQTRQTCTG ÉP TGICVWN CEGUVGKCCEQTF¸PFWKUGNKDGTVâ/KURGEKCNG)KRTKXKNGIKKCRCTVG  &WRâ ÉORâT/KTGC 7PICTKGK  
VKOR FG ÉPEâ WP UGEQN )K LWOâVCVG 6TCPUKNXCPKC C UVCV UWD UEGRVTWN WPQT RTKPEKRK RTQXGPK/K FKP T¸PFWN CTKUVQETC/KGK OCIJKCTG EQORNGV KPFGRGPFGP/K HC/â FG TGIKK 7PICTKGK .C HKPGNG UGEQNWNWK CN NGC ÉP WTOC WPQT PGIQEKGTK FGUHâ)WTCVGRGRCTEWTUWNCEKPEKCPKEW%CUCFQOPKVQCTGCWUVTKCEâUC CLWPU NC UWRWPGTGC DGPGXQNâ EQPVTCEVWCNâ C /âTKK HC/â FG RWVGTGC KORGTKCNâ&KRNQOCNWK.GQRQNF+FKPFGEGODTKGEQPUHKP/GCPQWN UVCVWVCNRTKPEKRCVWNWKCWVQPQO6TCPUKNXCPKC  

¡PEâ FKP  %CUC FQOPKVQCTG JCDUDWTIKEâ FG/KPGC )K TCPIWN GTGFKVCTFGTGIGCN7PICTKGK0KEKCEGCUVâÉORTGLWTCTGPWCCVTCUFWRâ UKPGQÉPEQTRQTCTGC6TCPUKNXCPKGKNCTGICVWN7PICTKGKPKEKQCDFKECTGNC CWVQPQOKCUVCVCNâCRTKPEKRCVWNWK  2TCIOCVKEC5CPE/KWPG  
CFGHKPKVNGIKUNCVKX)KCFOKPKUVTCVKX EQPFK/KKNGFGÉPHâRVWKTGCWPKWPKK/âTKNQT)KRTQXKPEKKNQTCHNCVGUWD%CUC FG *CDUDWTI RG Q DC\â EG RTGUWRWPGC QDNKIC/KC CRâTâTKK TGEKRTQEG )K OGP/KPGTGC EQPEQOKVGPVâ C KPFGRGPFGP/GK )K KPVGITKVâ/KK C CEGUVQT VGTKVQTKK  #DKCFWRâOQCTVGCNWK+QUKHCN++NGCÉP2CTNCOGPVWNWPICTFKP QUCWTKFKECVRTKOGNGXCNWTKCNGEQP)VKKP/GKFGUKPGPC/KQPCNG OCIJKCTG C EâTGK GZRTGUKG C HQUV KPVGP/KC FGRNKPGK ÉPEQTRQTâTK C 6TCPUKNXCPKGKR  5VâTKNGVTCPUKNXCPGÉPVTWPKVGÉP&KGVC/âTKKECHQTCNCWVQPQOKGK NQT UCW QRWU CEGUVGK KPVGP/KK .C  OCTVKG  GNG CW ÉPCKPVCV CV¸V ÉORâTCVWNWK E¸V )K 2CTNCOGPVWNWK WPICT Q GZRWPGTG ÉP ECTG É)K TGCHKTOCWFGRNKPCCWVQPQOKGUVCVCNâ&WRâEGRTKPÉPEQTRQTCTGCCEGNQT Q2CTVGUTGCRRNKECVCGRTGICVWN7PICTKGKCTGKVGTCVVGPFKP/GNGCPGZKQPKUVG 5VâTKNG VTCPUKNXCPG )KCW OGP/KPWV TGHW\WN RTKP TGRTG\GPVCP/C FKP  OCTVKG  #TIWOGPVC/KC OGOQTKKNQT FKP  )K  UG DC\C RG XGEJKNG NGIK )K CEQTFWTKNG FG UVCV FG NC 1TCFGC 5RGKLGT )K 2TCIC 
   RG NGIGC VTCPUKNXCPâ FKP  RG CEQTFWN EW IGPGTCNWN %CTCHHC  
)K RG 2TCIOCVKEC 5CPE/KWPG  
CTâV¸PFWUG Eâ QUKPIWTC WPKWPG RQUKDKNâ FKPVTG RTKPEKRCVWN 6TCPUKNXCPKGK )K TGICVWN 7PICTKGK UVCDKNKVâ ÉP EQPFK/KKNG OGP/KPGTKK NGIKNQT OWPKEKRCNG C FTGRVWTKNQT)KRTKXKNGIKKNQTVTCPUKNXCPGCHQUVFGLCFGOWNVÉPHâRVWKVâFG CEGGC5VâTKNGPWPWVTGUEPKEKEGCOCKOKEâFQTKP/âFGCCEEGRVCQPQWâ WPKWPG ECTG PW CT ÉPUGOPC CNVEGXC FGE¸V Q TGÉPEQTRQTCTG ECTG CT RGTKENKVC NGIKNG FTGRVWTKNG )K RTKXKNGIKKNG 5VâTKNQTR 5G URGEKHKEC NKORGFG RWPEVWNFGXGFGTGCNGZKUVGP/GKKPFGRGPFGPVGCEGNQTFQWâTGICVG
FWQ 4GIPC   ¡P CPKK  UC OCPKHGUVCV RTKOC QCTâ Q HTCE/KWPG C PQDKNKOKK OCIJKCTG NKDGTCNG ECTG C TâOCU OKPQTKVCTâ ÉP &KGVâ EG UWU/KPGC KFGGC WPKWPKK 6TCPUKNXCPKGK EW 7PICTKC 6QVW)K KFGGC CXGC CEEGPVG OCK RW/KP TCFKECNG FGE¸V ÉP 7PICTKC FGQCTGEG EQPHTWPVC/K EW UWRGTKQTKVCVGC PWOGTKEâ C TQO¸PKNQT NKDGTCNKK OCIJKCTK CTFGNGPK GTCW ÉPENKPC/KURTGWPEQORTQOKUECTGUâCUKIWTGRTKXKNGIKKNGECUVGKPQDKNKCTG 
'WIGP XQP (TKGFGPHGNU ,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVT¼IG \WT <GKVIGUEJKEJVG 5KGDGPD×TIGPUKO,CJTJWPFGTV2CTVGCCFQWC
XQN++ 8KGPCR +DKFGOR  

¡P &KGVC FKP  UCW RWU RG VCRGV FKP PQW VGPFKP/GNG OCIJKCTG4GCE/KC5VâTKNQTVTCPUKNXCPGCHQUVTGRTG\GPVCP/CFKPOCTVKG  EG UWU/KPGC RG CEGGC)K DC\â KFGGC 6TCPUKNXCPKGK EC RTKPEKRCV KPFGRGPFGPV HC/â FG 7PICTKC EGNG FQWâ TGEWPQUE¸PF CEGNC)K RTKPEKRG FQOPKVQTFCTCX¸PFNGIKRTQRTKK  1 WNVKOâ TGRTG\GPVCP/â GOKUâ FG 5VâTKNG /âTKK 
PQKGODTKG   NC UEWTV VKOR ÉPCKPVG FG ÉPEJGKGTGC NWETâTKNQT WNVKOGK &KGVG FGUHâ)WTCVGÉPEQPFK/KKRC)PKEGCRâTCQRQ\K/KGKFGPVKEâ  %CNGC VTCFK/KQPCNâ C HQUV DTWUE CDCPFQPCVâ FGRâ)KVâ FG X¸NVQCTGCGXGPKOGPVGNQTTGXQNW/KQPCTG   +\DWEPKTGC TGXQNW/KGK NC 2GUVC )K CPWP/CTGC RTQITCOWNWK ÉP  RWPEVG CN PC/KWPKK OCIJKCTG CW FWU NC RTGEK\CTGC RQ\K/KGK UC)KNQT CTFGNGPK /CPKHGUVWN RGUVCP GZRTKOC GZRNKEKV FQTKP/C TGXQNW/KQPCTKNQT OCIJKCTKFGTGCNK\CTGCWPKWPKKFKPVTG6TCPUKNXCPKC)K7PICTKC%GKOCK RW/KPFGFGUC)KVTâKVQTKÉPOCLQTKVCVGRG2âO¸PVWN%TâKGUECW HQUVFGNCÉPEGRWVEQP)VKGP/KFGKPHGTKQTKVCVGCPWOGTKEâÉPECTGUGCHNCW RTGEWO)KFGHCRVWNEâFGCVKVWFKPGCNQTFGRKPFGCCV¸VUWRTCXKG/WKTGC E¸V)KICTCPVCTGCFTGRVWTKNQTNQTKUVQTKEG  /CK ÉPV¸K ECTG GTCW FTGRVWTKNG NQT KUVQTKEG! 2âO¸PVWN 5âUGUE EWRTKPFGC XGEJGC RTQXKPEKG C 5KDKWNWK CFKEâ EGNG )CRVG UECWPG CRCT/KPâVQCTG UECWPWNWK 5KDKW 1Tâ)VKG 5GDG) /KGTEWTGC 5KDKWNWK 0QETKEJ%KPEW4WRGC5KIJK)QCTC)KFKUVTKEVGNG$TC)QX)K$KUVTK/C6QCVG ÉORTGWPâ HQTOCW OWPKEKRKWN UâUGUE C EâTWK QTICPK\CTG KPVGTPâ UG ÉPVGOGKC RG 2WPEVGNG TGIWNCVKXG FKP  (QTWN TGRTG\GPVCVKX CN 2âO¸PVWNWK %TâKGUE )K EQPEQOKVGPV EGC OCK ÉPCNVâ KPUVCP/â CFOKPKUVTCVKXâ)KLWTKFKEâGTC7PKXGTUKVCVGCPC/KQPCNâUâUGCUEâEQPFWUâ FG EQOKVGNG UC)KNQT #WVQPQOKC UâUGCUEâ GTC ICTCPVCVâ VQEOCK RTKP GZKUVGP/COWPKEKRKWNWKKCT7PKXGTUKVCVGCGTCCRâTâVQCTGCOWPKEKRCNKVâ/KK UâUG)VK &G CEGGC QTKEG CVGPVCV NC HWPE/KQPCTGC 7PKXGTUKVâ/KK GTC WP RGTKEQN NC CFTGUC CPUCODNWNWK XKG/KK UâUG)VK CWVQPQOG (K KPXGTU QTKEG RTQDNGOâ FG ÉPUGOPâVCVG PC/KQPCNâ GTC FG\DâVWVâ ÉP CFWPâTKNG 7PKXGTUKVâ/KK C)CPWOKVGNG EQPHNWZG PC/KQPCNG 7PKXGTUKVCVGC HKKPF WP HCEVQT FG GEJKNKDTW )K WPKVCVG C QRKPKKNQT UâUG)VK  5WD TCRQTV RQNKVKE FGRWVC/KKUECWPGNQT)KFKUVTKEVGNQTUâUG)VKTGRTG\GPVCWPC/KWPGCUâUGCUEâ ÉP&KGVCVTCPUKNXCPâECTGÉ)KFGHâ)WTCNWETâTKNGRGUGE/KWPK
FGRWVC/KKUC)K CX¸PFRTQRTKKNGNQTCFWPâTKPC/KQPCNG )KÉPRNGP
EWRCTVKEKRCTGCEGNQT VTGK5VâTK   #EGUVG W\CP/G HWUGUGTâ R¸Pâ CEWO PGEGUCTG )K UWHKEKGPVG RGPVTW CUKIWTCTGC RG ECNG NGICNâ C RTKXKNGIKKNQT UâUG)VK ¡P OCTVKG  

ÉPUâQTFKPGCFGFTGRVUGENâVKPCKCTQTFKPGCFGHCRVCRWECUGRGWPHâIC) KORTGXK\KDKN %QOKVGNG UC)KNQT 7PKXGTUKVCVGC HWPE/KQPCTKK )K FGRWVC/KK FKGVCNKUC)KEQPUVKVWKCWGKUKPIWTKQRKPKCPC/KWPKK!2GPVTWRTKOCQCTâ XQEGC QRKPKGK RWDNKEG UâUG)VK UC GZRTKOCV ÉP RTGUâ <KCTGNG UâUG)VK CW CFWU NC EWPQ)VKP/â )K CW EGPVTCNK\CV CVKVWFKPK RGTUQPCNG FCT ÉP CEGNC)K VKORCWEQPUVKVWKVHCEVQTWNEJGKGRGPVTWETKUVCNK\CTGCWPGKPQKKFGQNQIKK  ¡P RTKOâXCTC CPWNWK  RâTGTKNG UC)KNQT EW RTKXKTG NC QRQTVWPKVCVGC WPKWPKK GTCW ÉORâT/KVG &KP CRTKNKG R¸Pâ ÉP KWPKG  PQFWN IQTFKCP CN FKXGTIGP/GNQT EGNQT FQWâ VCDGTG CNG RTGUGK UâUG)VK ÉN EQPUVKVWKCFGTCTGCUCWTGURKPIGTGCWPKWPKK6TCPUKNXCPKGKEW7PICTKC  1RQPGP/KK WPKWPKK ÉP HTWPVG EW 5KDKWN XGFGCW ÉP CEGCUVC WP RGTKEQN RGPVTW FâKPWKTGC UC)KNQT 5KGDGPD×TIGT $QVG TGNWC Q EQTGURQPFGP/â FKP 2GUVK JKTNCR CUWRTC CVOQUHGTGK FKP 2GUVC NC  OCTVKG)KKPHQTOCCUWRTCGEQWNWKTGUKO/KVÉP%NWL 
OCTVKG E¸PFCV¸V RCTVKFC EQPUGTXCVQCTG OCIJKCTâ E¸V )K QRQ\K/KC NKDGTCNâ É)K GZRTKOCTâ KPVGP/KCFGCOKNKVCÉORTGWPâRGPVTWRTQOQXCTGCWPKWPKK6TCPUKNXCPKGK EW7PICTKC'UVGEWPQUEWVâTGCE/KCUKDKGPKNQTFGGZRTKOCTGCNQKCNKVâ/KK HC/â FG ECUC KORGTKCNâ .C  OCTVKG HW ÉPO¸PCVâ Q RGVK/KG EQOKVGNWK PC/KWPKK KCT 7PKXGTUKVCVGC PC/KQPCNâ UâUGCUEâ CNG EâTGK NWETâTK GTCW ÉP EWTU FG FGUHâ)WTCTG HW ÉPUâTEKPCVâ EW GZRGFKGTGC WPGK FGENCTC/KK FG ETGFKP/âEâVTGÉORâTCV  7PKXGTUKVCVGC PC/KQPCNâ UâUGCUEâ CFQRVâ KOGFKCV Q RQ\K/KG HGTOâ ¡P CFTGUC UC EâVTG ÉORâTCV 
OCTVKG   7PKXGTUKVCVGC É)K GZRTKOCFQTKP/CRâUVTâTKKWPKVâ/KKUVCVWNWKKORGTKCNCN#WUVTKGK/CTKEW OGP/KPGTGC NGIKNQT VTCPUKNXCPG FG DC\â CNG 2TCIOCVKEGK 5CPE/KWPK ECTG UVCVWCWCWVQPQOKCUâUGCUEâ  5VTKIâVWN 7PKWPG UCW OQCTVG É)K IâUK GEQWN ÉP 'TFÃN[K *KTCFÎ
PT  FKP  OCTVKG   #EGNC)K \KCT FKP %NWL RWDNKEâ OCPKHGUVGXKQNGPVGRTGEWOGTCEGNECTGÉPHKGTC¡PITQ\KVQCTGCEQPLWTC/KG C7PKXGTUKVâ/KKPC/KQPCNG  ¡P \QTKK \KNGK FG  OCK  IWXGTPCVQTWN 6TCPUKNXCPKGK XK\KVâ 5KDKWN RG ECTG ÉN )K RâTâUK FGLC NC QTGNG  CNG FKOKPG/KK 5G RCTG Eâ ÉP EWTUWNCEGUVGKXK\KVGGNCTHKTQUVKVEWXKPVGNGOQPCTJKGWPICTâ#EGUVG FQWâ EWXKPVG FGEKUGTâ  EGGC EG CXGCW FG HâEWV UC)KK ETGFKPEKQ)K RTKP/WNWK NQT TGNCVâ 5KGDGPD×TIGT 8QNMUHTGWPF 1TC)WN UG ÉORQFQDK EW RCPINKEK PGITWICNDGPG 5GCTC NWOGC UG CFWPâ NC VGCVTW #KEK UG 

5D$QVGPTOCTVKGR 

+DKFGO PT   OCTVKG  R  &GURTG %NWL NC  OCTVKG )K ÉP 5D 9QEJGPDNCVVPTOCTVKGR 

TKFKEâUVGCIWNCWUVTKCEUGE¸PVâKOPWNEWOCTGGPVW\KCUOKCTEGVâ/GCPWN 4CPPKEJGT
GNÉPUW)KLWTPCNKUV XQTDKÉPHC/COWN/KOKK  0KEKQCNVâWPKWPGFGE¸VEGCCEGNQTRCVTWPC/KWPKVTCPUKNXCPG 0KEKQCNVâWPKWPGÉPCHCTâFGCEGGCCVWVWTQTRQRQCTGNQTCRCT/KPâVQCTG UVCVWNWKCWUVTKCE0KEKQCNVâWPKWPGFGE¸VEGCCHNCVâUWDRCLWTCDKEGHCNâC #WUVTKGK # ÉPEJGKC Q WPKWPG CRCTVG ÉPVTG FQWâ /âTK EG /KP FG UVCVWN CWUVTKCEÉPUGCOPâÉPCNVâVTâFCTG  #VKVWFKPGC CPVKWPKQPKUVâ HW GZRTKOCVâ ÉPVTWP GUGW FG OCTG CPXGTIWTâ RWDNKECV ÉP 8QNMUHTGWPF /CK ÉPV¸K UG RTG\GPVCW CTIWOGPVGNG RTKGVGPKNQT WPKWPKK + EQPUVKVW/KC NKDGTCNâ C 7PICTKGK FGUHKKP/CTGCTQDQVGNQT)KCFKLOGKUCTEKPKGICNGRGPVTWVQ/KEGVâ/GPKK/âTKK NKDGTVCVGC RTGUGK ++ 7PICTKC CT HK CUKIWTCV OGP/KPGTGC EQPUVKVW/KGK OWPKEKRCNG)KCCWVQFGVGTOKPâTKKUâUG)VK+++6TCPUKNXCPKCCTHKCRCT/KPWV ÉPHCRV7PICTKGK)KQFGURTKPFGTGPWCTHKHQUVRGTOKUâ+8QRTKPEKRGNG ÉPUW)K C UCPE/KQPCV WPKWPGCR PP HCNU 8 EJKCT FCEâ UC)KK UCT HK TKFKECV ÉORQVTKXC WPKWPKK CT HK HQUV UVTKXK/K )K FGUHKKP/C/K &CT WPKQPK)VKK PW XGFGCW FGE¸V CXCPVCLGNG PW )K RGTKEQNWN COGPKP/âVQT CUEWPU UWD HNQTK#RQKUGÉP)KTCWOQVKXGNGTGURKPIGTKKHGTOGCWPKWPKK+#TFGCNWN UKPIWTHâTâCTGPWP/CNCKPFGRGPFGP/CUCRWVGCCFQRVCQEQPUVKVW/KG NKDGTâEâEKUGEQNGNCT¸PF6TCPUKNXCPKCCUVCVRGRTQRTKKNGGKRKEKQCTG %WQUWRTCHC/âFGFGOKNGRâVTCVGDQICVâÉPOGVCNG)KUCTGEWWP RâO¸PVOâPQU)KOKNKQCPGFGNQEWKVQTK6TCPUKNXCPKCPCTCXGCCUVHGN FGÉPFWTCVUKUVGOWNEGPVTCNKUVFGNC$WFCRGUVC++)CTCP/KKNGURGTCVGFKP RCTVGC7PICTKGKUGFGUVTâOCW#THKEWCFGXâTCVPGFGOPFGPQKUâPG DC\âO RG OâTKPKOKC CNVQTC %W CV¸V OCK RW/KPâ OâTKPKOKG VTGDWKC C)VGRVCVâFKPRCTVGC7PICTKGK+++#HKTOC/KCEâ6TCPUKNXCPKCCTCRCT/KPG 7PICTKGK GUVG CFGXâTCVâ PWOCK ÉP OâUWTC ÉP ECTG CEGCUVC UG CHNâ UWD TGIKK 7PICTKGK ¡P TGUV 6TCPUKNXCPKC GUVG Q /CTâ EQORNGV KPFGRGPFGPVâ WPKVâEW#WUVTKCRTKPEQPVTCEVGRTQRTKK+8/CKGUVCVGCUCXCEQPHKTOC NGIGC RTKXKPF WPKWPGC 7PICTKGK EW 6TCPUKNXCPKC PWOCK FCEâ 5VâTKNG 6TCPUKNXCPKGK É)K XQT FC CEQTFWN 8 5âN CUEWNVâO RG /CTNKP ECTG FG CNVHGNGUVGWPRTKGVGPGZEGUKXCNWPKWPKKFGUETKKPFUVCTGCFGNWETWTKFKP 7PICTKC   ¡P $TCVKUNCXC GXTGKK UWPV QOQT¸/K ÉP DâVCKG NC 2ÃEU UWPV CNWPIC/K NC 2GUVC UWPV ÉPFGRâTVC/K FKP ICTFC PC/KQPCNâ )K  NWOGC VWTDGC\â ÉORQVTKXC GOCPEKRâTKK NQT .WOKPâ NWOKPâ  ¡P PQTFWN 7PICTKGK UNQXCEKK XQT Uâ)K RTQENCOG NKODC EC NKODâ FKRNQOCVKEâ ÉP %TQC/KCÉKRC)VGNGIGCOCT/KCNâRGVQ/KEGKECTGUKOVWPIWTG)VGÉP#TCF 
 5D 8QNMUHTGWPF CTVKEQNWN 5EJYCT\ WPF )GND
0GITW)K ICNDGP  PT   OCK 

R 

NKDGTCNKK UWPV ÉPâDW)K/K ÉP U¸PIG EGK FKP 0QXKUCF XQT Uâ UG WPGCUEâ EW 5KTOKC NC 6KOK)QCTC U¸TDKK UVTKIâ <UKXKQ ÉP %CTC) XCNCJKK TKFKEâ VTKDWPCNGTGXQNW/KQPCTGÉP5âVOCT)K$ÃMGUOKECPQDKNKOG)K/âTCPKKHCE TGXQNW/KGÉORKP)KFGKFGKEQOWPKUVGHKKPFEâPWXQTUâOCKTGURGEVGPKEK Q RTQRTKGVCVG .C $WFCRGUVC UG HQTOGC\â ENWDWTK UGETGVG UCW Hâ/K)G FG VQCVGUQKWTKNG   (KÉPCEGUVJCQUÉPCEGUVEWRVQTFGVQRKVFKPECTGRQCVGE¸PFXC RGUVGCPKXCKG)KOGVCNPQDKNPQKUâPGCTWPEâOEWECRWNÉPCKPVG!%KPG É)KKOCIKPGC\âCEGCUVCFGURTGPQKGUVGWPPâVâTâWFCTCTVTGDWKUâHKO EGTVC/KPGDWPG)VGFCEâCOWTOCCEGCUVâEQPFWKVâ  &CEâ7PICTKCXCFGXGPKÉPVTCFGXâTRCTCFKUWNXKUCVFGRTKGVGPKK WPKWPKKGKDKPGGCPWUGXCOWVCFKPNQE)KPGXCFGUEJKFGRQT/KNGUCNG )K OCK ÉPEQNQ &GQECOFCVâ ÉPUâ RTGHGTâO Uâ TâO¸PGO ÉP CHCTC RCTCFKUWNWK )K Uâ PG NKRKO UVT¸PU FG #WUVTKC NKDGTâ C EâTGK HQT/â PG CUKIWTâFâKPWKTGC8+2TKPWTOCTGUC)KKPWCXGCWCUGVGOGFGCPWHK UVTKXK/K(KKPFEâWPIWTKKVTGDWKGUâ)KRQCTVGFGITKLâUâPWHKGGKÉP)K)K ÉPGEC/KFGHWTVWPCPC/KWPKNQTRGECTGCWFGENCP)CVQ  &KP NWPC OCK )K \KCTGNG UKDKGPG Q6TCPUUKNXCPKCR )K Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR UG TCNKCTâ CPVKWPKQPKUOWNWK OKNKV¸PFRGPVTWQ6TCPUKNXCPKGKPFGRGPFGPVâ)KQ#WUVTKGKPFKXK\KDKNâ  7PKQPK)VKKÉPUEJKODURGTCWQD/KPGTGCWPQTNKDGTVâ/KOCKOCTK FKP RCTVGC IWXGTPâTKK NKDGTCNG OCIJKCTG FGE¸V FKP RCTVGC #WUVTKGK ¡P $TC)QX/CIKUVTCVWN)KEQOWPKVCVGCÉODTâ/K)CTâKFGGCWPKWPKK,WTPCNK)VKK NKDGTCNK DTC)QXGPK GTCW EQPXKP)K Eâ TGHQTOGNG UQEKCNG GTCW KPFWDKVCDKN NGICVG FG WPKWPG (K ÉP 1Tâ)VKG CVOQUHGTC GTC RTQWPKQPKUVâ .C 5KIJK)QCTCRTKOCTWN5VGTPJGKO)KHTCE/KWPGCEQPFWUâFGGNUGVGOGCFG WPHKPKU#WUVTKCGÉPXTGOGEGV¸PâTCIGPGTC/KGEQPFWUâFG%CTN)QQ² )K)&6GWVUEJGTCQGPVW\KCUVâRCTVK\CPâCWPKWPKK6GWVUEJRWDNKEâÉP $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG WP CTVKEQN RTQITCOCVKEFGURTG%GGCEGCTGFGHâEWV6TCPUKNXCPKCÉPRTG\GPV!ÉP ECTG KPUKUVC CUWRTC PGEGUKVâ/KK ÉPCTOâTKK RQRWNCTG )K C TGHQTOâTKK FKP VGOGNKK C XKG/KK LWTKFKEG UQEKCNG )K EWNVWTCNGCTFGNGPG2TKPQTICPK\CTGC IâT\KKPC/KQPCNG6GWVUEJFGXGPKEâRKVCPCNCEGUVGKC.C5KDKWUGINWOGC RG UGCOC EQPEGR/KKNQT NWK TCFKECNG URWPÉPFWUG Eâ NCT HK FGVTQPCV RG 
5D8QNMUHTGWPFCTVKEQNWN0WWPKWPKKEW7PICTKCPTOCKR  

PTOCKR &KG 5KGDGPD×TIGT 5CEJUGP KP FGP ,CJTGP  UWD TGFCE/KC NWK %CTN )ÑNNPGT $ÑJNCW8GTNCI-ÑNP9KGPR $N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFG$TC)QXPTCRTKNKGR #TVKEQNWNGTCUGOPCVEWKPK/KCNGNGQ6)R 

5VGTPJGKO RWP¸PFWUG ÉP NQEWN NWK )K RTQENCO¸PF TGRWDNKEC NC 5KIJK)QCTC  5CVGNNKV HâEGC RWDNKEâ Q EJGOCTG C RTGQVWNWK GXCPIJGNKE DTC)QXGCP )GQTI *KPV\ FG RTQOQXCTG C WPKWPKK FG EâVTG EQOWPKVâ/KNG UEâWPCNGUâUG)VK5KGDGPD×TIGT9QEJGPDNCVVFG)VGRVCKORTGUKCEâVQ/K EGVâ/GPKK $TC)QXWNWK CITGCW KFGGC WPKWPKK TGXGPFKECVG ÉP FGENCTC/KC OCIJKCTâ 2GUVCNQ\\K  )K 9GUUGNÃP[ /KMNÎU UGOPCW CTVKEQNG FGURTG DKPGHCEGTKNGWPKWPKKEW-CTC7PIWTGCUEâ5GGOKVGCWCRTGEKGTKPGICVKXG EW RTKXKTG NC EGGC %G CTG FG URGTCV #TFGCNWN FG NC Q WPKWPG EW #WUVTKC  $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG RWDNKEC WP CORNWN CTVKEQN RTQITCOCVKE COKPVKV OCK UWU %G CTG FG HâEWV 6TCPUKNXCPKC ÉP RTG\GPV! .C 2CTKU UG FGENCP)CUG TGXQNW/KC RGPVTW FTGRVWTK DWTIJG\G 8CNWTKNG GK CVKPUGUGTâ #TFGCNWN 5G EJGOC NC ÉPCTOCTGRQRWNCTâ%CUCTEKPKXKKVQCTGUGUVCDKNGCW#NGIGTGCWPGKPQK TGRTG\GPVCP/G C /âTKK DC\CVâ RG WPKWPGC EW 7PICTKC )K RG CPUCODNWN RQRWNC/KGK 5â PW OCK GZKUVG TGICNK)VK EK FQCT FGRWVC/K NKDGT CNG)K  4GEWPQC)VGTGEQORNGVâCGICNKVâ/KKVWVWTQTENCUGNQTRQRWNCTGUâPWOCK HKG KOWPKVâ/K )K RTKXKNGIKK PQDKNKCTG 5â UG FGUHKKP/G\G WTDCTKWN KCT UCTEKPKNG RWDNKEG Uâ HKG RWTVCVG GICN FG VQ/K  8QVCTGC WPGK PQK NGIK C KORQ\KVGNQT RG DC\C XGPKVWNWK  /KE)QTCTGC GHGEVKXGNQT CTOCVGK )K ÉPHKKP/CTGC IâT\KNQT PC/KQPCNG  1 CFOKPKUVTCTG TGURQPUCDKNâ C CXW/KGK PC/KQPCNGEWFGURâT/KTGCECUGNQTFQOGUVKECNGFGECUC/âTKK.KDGTVCVGC RTGUGK  &GURâT/KTGC LWUVK/KGK FG CFOKPKUVTC/KG TGEWPQC)VGTGC EQPUVKVW/KGKOWPKEKRCNGPC/KQPCNGUâUG)VK'NCDQTCTGCWPWKEQFRGPCN KPVTQFWEGTGC VTKDWPCNGNQT FG LWTC/K TGIWNCTK\CTGC RQNK/KGK #TVKEQNWN GTC UGOPCV EW KPK/KCNGNG Q6)R
)GQTI 6GWVUEJ  7PKWPGC QHGTGC FGEK RTG\WOVKXECFTWNNGICNFGCRNKECTGCEGNQTOCKXCTKKTGHQTOGQD)VG)VK  %WO ÉP/GNGIGCW ÉPUâ EQPETGV UC)KK CEGC WPKWPG! 0C/KWPGC UâUGCUEâ VTGDWKC Uâ KC RQ\K/KG HGTOâ Uâ CEEGRVG WPKWPGC PWOCK FCEâ #PFTGCPWO É)K RâUVTC XCNCDKNKVCVGC 0GOQ GQU LWFKEGV PKUK 0QU GV %QOGU %KDKPGPUKU
0KOGPK Uâ PWK LWFGEG RG UC)K ÉP CHCTâ FG 0QK TGIG)KFG%QOGUWNFKP5KDKW &GEKWPKTGCUâCKDâNQERTKPPGENKPVKTGC 
(TKGFTKEJ6GWVUEJ)GQTI&CPKGN6GWVUEJ)GUEJKEJVGUGKPGU.GDGPU&TWEMWPF8GTNCI 5CVGNNKVPTOCTVKGR +DKFGOPTOCKR

XQP9-TCHHV5KDKWR 

5D9QEJGPDNCVVPTCRTKNKGR $N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGPTCRTKNKGR 5D9QEJGPDNCVVPTOCKR $N¼VVGTPTCRTKNKGR 

UVCVWUSWQWNWK EW OGP/KPGTGC )K TGEWPQC)VGTGC )K ÉP EQPVKPWCTG  C CWVQPQOKGK OWPKEKRCNG  C 7PKXGTUKVâ/KK PC/KQPCNG  C FTGIâVQTKKNQT UEâWPCNG )K NQECNG C HWPE/KGK EQOGUWNWK  C UECWPGNQT FG LWFGECVâ UâUG)VK  FKUEWVCTGC RTQDNGOGNQT IGPGTCNG CNG /âTKK ÉP &KGVC WPICTâ  WPKWPGCUC)KNQTEWEGNGNCNVGPC/KWPKFG5VCTGFKP6TCPUKNXCPKCCTVTGDWK Uâ UG OGP/KPâ )K RG XKKVQT RG DC\C CRâTâTKK LWTKFKEG TGEKRTQEG )K C RâUVTâTKKFTGRVWTKNQT)KNKDGTVâ/KNQTNQT  %JGUVKWPGCRTKPEKRCNâTâO¸PGCWPKWPGC%¸VCTHKFGÉORâT/KVG RâTGTKNGÉPCEGCUVâRTKXKP/âEGKOCKOWN/KUWPVFGCEQTFEâGCRQCVGHK ÉORNKPKVâ FCEâ PC/KWPGC WPICTâ É)K Fâ UKNKP/C Uâ CUKIWTG HâTâ PKEK Q NG\CTG EQPUVKVW/KC EGVâ/GPKNQT FG RG 2âO¸PVWN 5âUGUE NC HGN EWO C CUKIWTCVQUNCXKNQTFKPTGICVWNWPICT
!   4GPC)VGTGC7PICTKGKRQRWNCTGEJGOCNCWPKWPG2GFGQRCTVG ÉP EWORâPâ CV¸TPCW VQCVG CXCPVCLGNG RQUKDKNG CNG NKDGTVâ/KK FG CNVâ RCTVGÉPUâRTGECW/KCÉPFGOPCNCWTOâVQCTGCLWFGECVâ0WPQKPWXTGO Uâ PG FKUVTWIGO UKPIWTK Q PGWPKTG EW 7PICTKC ÉPUGOP¸PF CPWNCTGC UC)KNQT WP RQRQT OKE DN¸PF )K ÉORTâ)VKCV ÉP VGTKVQTKW FG  QCOGPK 7PKWPGC CT HK CUKIWTCV VQVW)K KPFKXKFWCNKVCVGC PC/KQPCNâ 0W GUVG WP XKU CEGNC Eâ WP UVCV OWNVKNKPIXKUVKE RQCVG GZKUVC HâTâ EC Q PC/KQPCNKVCVGUQÉPIJKVâRGCNVCFCEâCEGGCPWOQCTGFGDâVT¸PG/G%C GZGORNWUGQHGTGCUKVWC/KCFKP#OGTKECFG0QTF  2TGUCUâUGCUEâRWDNKEâOCPKHGUVGNGEGNQTFQWâVGPFKP/G  7PWNFKPCEGUVGCQ2TQITCOWNRQNKVKERGPVTWUC)KKCTFGNGPKRFG /CTNKPGTCQCFGTCTGÉPHQECVâNCECW\CWPKWPKK 2QGVWN )K ICTFKUVWN /CTNKPRWDNKEKUVNC)ÑVVCFCVÉPVTGCICGZRTGUKGCVGORGTCOGPVWNWKUâW GZCNVCV RTKP CEGUV RTQITCO 'N RTGEQPK\C ÉP  RWPEVG Q UVTCVGIKG TCFKECNâFGXKKVQTRGPVTWRQRQTWNUâUGUEGZENWUKXÉPECFTWNWPKWPKKEW 7PICTKC4GFCE/KC\KCTWNWK5CVGNNKV)KGCRTQWPKQPKUVâEQOGPVCÉPVTQ PQVâ (VKO Uâ EKPUVKO )K Uâ RTGNWâO EW TGEWPQ)VKP/â HQEWN UH¸PV CN CEGUVWK HKW CN RCVTKGK ECTG ÉK ÉPUWHNG/G)VG EJGOCTGC &KP UVTâHWPFWN UWHNGVGNQTPQCUVTG)KPQKUWPVGORGPVTWQ#WUVTKGRWVGTPKEâWPKVâFCT OCK ÉPV¸K FG VQCVG CRCT/KPGO FG 7PICTKC )K CO CRCT/KPWV FG GC ÉPEâ ÉPCKPVGFGCKPVTCÉPWPKWPGCOQPCTJKGKCWUVTKGEG1#WUVTKGRWVGTPKEâ RTKPEGCOCKKPVKOâCNKRKTGNCTGICVWN7PICTKGKWPKVG  2NGE¸PF FG NC EGNG  RWPEVG RGUVCPG /CTNKP NG RTQRWPGC UC)KNQT 7PKWPGEW7PICTKCNKDGTVCVGHTCVGTPKVCVGNKDGTVCVG 
+DKFGOPTCRTKNKGR +DKFGOPTCRTKNKGR +DKFGOPTOCKR  

#NKPKGTGCUECWPGNQT)KFKUVTKEVGNQTUâUG)VKUWDCUEWNVCTGCWPQTKPUVKVW/KK RQRWNCTGFCTUNWLKVQCTGCNGTGHQTOGK )CTCP/KKLWTKFKEGRGPVTWCUQEKC/KCPC/KQPCNâ)KRQNKVKEâCUC)KNQTEC)K RGPVTWKPXKQNCDKNKVCVGCVGTKVQTKWNWKNQT  )CTCP/KG LWTKFKEâ RGPVTW W\WN NKODKK IGTOCPG ÉP CHCEGTKNG KPVGTPG EQPEQOKVGPVEWHQNQUKTGCNKODKKOCIJKCTGEC)KNKODâFKRNQOCVKEâ 6TKOKVGTGCFGFGRWVC/KUC)KNC2CTNCOGPVWNFKP$WFCRGUVC %QPHNWZGNGCPWCNGUâUG)VKUâFG\DCVâTCRQTVWTKNGKPVGTPG)KGZVGTPGCNG UC)KNQTFCTUâHKGUWRWUGIWXGTPWNWKWPICT  %QOGUWN PC/KWPKK Uâ HKG RTG)GFKPVG CN EQPHNWZWNWK )K EQOCPFCPV CN IâT\KNQTRQRWNCTGUâUG)VK 4GHQTOCTGCKPUVKVW/KKNQTUâUG)VKUâRQTPGCUEâPWOCKFKPURTGCFWPCTGC PC/KQPCNâ .QEWKVQTKKFGRG2âO¸PVWN5âUGUEXQTDKVQTKFGNKODâXCNCJâVTGDWKGUâ HKGGOCPEKRC/KRQNKVKE)KEQPHGUKQPCN)KUâNKUGRGTOKVâCEEGUWNNCVQCVG HWPE/KKNGTCPIWTKNG)KOG)VG)WIWTKNG (KGECTGNQECNKVCVGXCNCJâFGRG2âO¸PVWN5âUGUEUâQD/KPâQ)EQCNâ IGTOCPâ  &GUHKKP/CTGC FKLOGK FGUHKKP/CTGC RTGQ/KNQT RTQVGUVCP/K ÉP UCVGNG XCNCJGUCNCTK\CTGCENGTWNWKFWRâXGEJKOGFGEâVTGPC/KWPGKORQ\KVCTGC VWVWTQTDWPWTKNQTDKUGTKEG)VK ¡PCRQKGTGCEâVTGPC/KWPGCUHGTVWTKNQTFGFKLOâ (KGQTGHQTOCTGVGOGKPKEâHKGFK\QNXCTGCDTGUNGNQT  %CTCEVGT RWDNKE )K QTCN FâTK FG UGCOâ CNG HWPE/KQPCTKNQT UC)K RWTKHKECTGC/CIKUVTCVGNQT5âECFâNWOKPâCUWRTCRâECVGNQTDKTQETC/KGK PQCUVTGEâTGKCÉPRTKOWNT¸PF)KCRQKÉPXâ/âVQTKNQTPQ)VTKVTGDWKGUâNG OWN/WOKORGPVTWOK\GTKCÉPECTGUGCHNâPC/KWPGC  +PVTCTGC VWVWTQT EQOWPGNQT UWRWUG PC/KWPKK ÉP T¸PFWN EQOWPGNQT NKDGTGEWCWVQCFOKPKUVTC/KG 4GHQTOC)KNKDGTVCVGCÉPXâ/âO¸VWNWKNCHCEWNVCVGCFGFTGRVFKP5KDKW  4GHQTOC VGOGKPKEâ C IKOPC\KKNQT C  UKORNKHKECTGC UVWFKKNQT D  FGUHKKP/CTGC NKODKK NCVKPG ÉP )EQNKNG KPHGTKQCTG E  ECVGFTâ FG NKODC OCIJKCTâ F  ECVGFTG FG )VKKP/G PCVWTCNG G  FGUHKKP/CTGC UVWFKKNQT WOCPKUVG EG ÉPUQ/GUE EWTUWTKNG FG VGQNQIKG H  UGOKPCTKK RGFCIQIKEG I  FGUHKKP/CTGCRTQHGUQTKNQT)KCQTGNQTRTKXCVGJ ECVGFTGRTQHGUQTCNGHKZGK  EJGOCTGC FG DâTDC/K ECTG Uâ ÉPXG/G VKPGTGVWN PW FQCT FG NC #NGRJ NC )KOGNEK)KUâ)VKGUâKXQTDGCUEâFGURTGGRQECEQPVGORQTCPâ)KFGURTG RCVTKG  &WOPG\GWN NKDGTVâ/KK )K CN FTCIQUVGK Uâ PG CLWVG Uâ FWEGO NC ÉORNKPKTGVQCVGCEGUVGC  

6¸PâTWN/CTNKPUETKCCEGUVRTQITCOÉP2GUVC4GFCE/KCEGXCOCK VGORGTCVâRWDNKECÉPEJKRFGTGRNKEâ7PTâURWPUNCRTQITCOWNRQNKVKE EâVTG UC)KK CTFGNGPK UGOPCV NC 5GDG) FG /CTNKP
UGPKQT  EâRKVCP ÉP ICTFCPC/KQPCNâ(KWNOGW0WCOFGHGNFGI¸PFUâVGFQLGPGUERGPVTW GPVW\KCUOWN VâW ÉPVTQ ECW\â EG C HâEWV ÉP NWOG UGP\C/KG RTKP OâTG/KC GK 'N VCVâN CRâTC FQCT XKTVW/KNG UC)KNQT EG CW HQUV OKPKOCNK\CVG FG PGICVKXKUOWNHKWNWKÉPGNCPWNNWKFGÉPPQKTG)KTWRVWTâHC/âFGVQVEGGUVG XGEJK (K KCTâ)K RTQDNGOC WPKWPKK FKP ÉP/GNGREKWPGC IGPGTC/KGK OCK X¸TUVPKEG (TC/K WPIWTK PQK Xâ ÉPVKPFGO ÉPETG\âVQTK Q O¸Pâ ETGFKPEKQCUâFGHTCVGFCTXâEGTGOUâXC/KPG/KLWTâO¸PVWNWPKWPKKHâEWV PQWâ%JGUVKWPGCUâUGÉPEJGKGÉP&KGVâC)CEWO)KÉORâTCVWNQFQTG)VG ÉPNKPK)VG)KHâTâNKOKVCTGCFTGRVWNWKFGXQV
#PGZGFQEPT   %GNFGCNFQKNGCCTVKEQNGUVGECRWNFGUGTKGCNCPVKWPKQPKUOWNWK 6JGQFQT(CDKPKUETKC(VK/KEGÉPUGCOPâCEGUVGNKVGTG7PKQP
WPKWPG ! ¡PUGCOPâPKEKOCKOWNVPKEKOCKRW/KPEâDC\¸PFWXâRGGNGRQRQTWN UâUGUE UG NCUâ ÉP XQKC OKNGK UCW C PGÉPFWTâTKK WPIWTKNQT 
FCU 5CEJUGPXQNMGTIKDVUKEJXGTOÑIGFGTUGNDGPCWH)PCFGWPF7PIPCFGCP FKG7PICTP )KCPWOGHâTâQUKPIWTâNQXKVWTâFGUCDKGEâC)VGCRVâEC OâTKPKOKCWPIWTGCUEâUâKFGCVQVEGCFG/KPWVFGCNWPIWNUGEQNGNQTVQV EGGC EG FG/KPG C\K FG HCRV )K FG FTGRV VQV EGGC EG XC FG/KPG RG DWPâ FTGRVCVG RG XGEKG EG PWK RQCVG NWC EW HQT/C PKEK WP WPIWT )K PKEK WP XCNCJFCEâPQKÉP)KPGPWTKFKEâOO¸PCRGPVTWCPGUKPWEKFG%KPGC WTOâTKVEWTUWNGXGPKOGPVGNQTFKP7PICTKCCIJKEKVÉPEQVTQUGÉPFTGCRVâ UVTâFCPKKNG)KEWEGTKTKNGHWTVWPQ)KNQTIWXGTPRTQRTKWFQTKP/CFGQUGDKVâ FG C CXGC WP OKPKUVGT RTQRTKW FG HKPCP/G )K FG Tâ\DQK GNKOKPCTGC OKNKVCTKNQTPGOCIJKCTK)COF6JGQFQT(CDKPKUCKORNKECVWNVGTKQTÉP QTICPK\CTGC DCVCNKQPWNWK FG VKPGTK UC)K NWRVâVQTK ÉORQVTKXC CTOCVGK OCIJKCTG)KCOWTKVÉPCVCEWNFGNC1Tâ)VKGNCHGDTWCTKG
#PGZG FQEPT   2TGEWO UG )VKG &CPKGN 4QVJ HâEGC WPGNG RTGXK\KWPK CUWRTC XKKVQTWNWKCRTQRKCVÉPDTQ)WTCUC&GURTGWPKWPG)KCNâVWTCVWPEWX¸PV FGURTG Q RQUKDKNâ OQPCTJKG FCEQTQOCPKEâ UWD EQTQCPC #WUVTKGK %QODâV¸PF KFGKNG NWK &CPKGN 4QVJ $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG RTG\GPVCW EKVKVQTKNQT FQWâ CFTGUG FKP )GTOCPKC 2TKOCUGÉPFTGRVCEâVTGOCIJKCTKÉPFGOP¸PFWKUâÉKVTCVG\GECHTC/KRG 
/CTNKP2QNKVKUEJGU2TQITCOOCPFKGUKGDGPD×TIGT5CEJUGPÉP5CVGNNKVPTCRTKNKG R 6JGQFQT(CDKPK-GKPG7PKQPÉP5CVGNNKVPTOCKR  (TKGFTKEJ 6GWVUEJ &KG 5CEJUGP KO ,CJTG   ÉP Q*WPFGTV ,CJTG U¼EJUKUEJGT -¼ORHGR5KDKWR 

IGTOCPKK FKP #TFGCN HKKPFEâ CEG)VKC XQT Uâ TâO¸Pâ IGTOCPK # FQWC CFTGUâÉKUHâVWKCRGUC)KUâÉ)KCRGTGVTGEWVWN)KOCKCNGUIGTOCPKVCVGC ¡PVTWE¸V KPVGTGUGNG )K CNKCP/GNG )GTOCPKGK )K CNG #WUVTKGK PW EQKPEKFGCW ÉPVQVFGCWPC UWDNKPKGTGC IGTOCPKVâ/KK UC)KNQT CTFGNGPK C HQUV HQNQUKVâ RGPVTW RTKOC QCTâ EW WP UEQR RQNKVKE NC  2G FG QRCTVGUC)KKGTCW EGVâ/GPK NQKCNK CK UVCVWNWK CWUVTKCE RG FG CNVâ RCTVG RTKP RTQENCOCTGC IGTOCPKVâ/KK NQT UG CVC)CW NC EQNCDQTCTGC IGTOCPQOCIJKCTâ EG FGXGPGCRG\KEGVTGEGCVQVOCKHâ/K)CPVKCWUVTKCEâ  &KGVCFKP%NWLEQPXQECVâNCOCKÉKEQPHTWPVâRGUC)KEW Q UKVWC/KG PQWâ 5RTG FGQUGDKTG FG WNVKOGNG &KGVG ÉP ECTG WPKVCVGC XGFGTKNQT UâUG)VK HWUGUG WP HCRV FG NC UKPG ÉP/GNGU CEWO VQEOCK EJGUVKWPGC RTKPEKRCNâ CHNCVâ RG VCRGV RTQXQEâ FG\DKPCTGC NQT 5KDKWN )K OCLQTKVCVGCLWTKUFKE/KKNQTUâUG)VKUGFGENCTCWÉORQVTKXCWPKWPKK$TC)QXWN 5KIJK)QCTC )K 4WRGC FâFWUGTâ KPUVTWE/KWPK FGRWVC/KNQT NQT FG C XQVC WPKWPGCEW7PICTKCFCTEWOGP/KWPGCGZRTGUâCTGURGEVâTKKEQPFK/KKNQT UâUG)VK  ¡PITKLQTâTKNGEGNQTECTGUGVGOWUGTâEâFG\DCVGTGCWPKWPKKPWUG XCHCEGRTKPEQPUHâVWKTGNKDGTâ)KRTKPTGURGEVCTGCRTGUETKR/KKNQTNGICNGUG CFGXGTKTâ ¡PEâ FKP FKOKPGC/C RTKOGK )GFKP/G ÉP RNGP UâTKPF RGUVG RTKOGNGFQWâRWPEVGCNGQTFKPKKFG\K5VâTKNGNWCTâÉPFG\DCVGTGEGNFGCN VTGKNGCRWPEVTGHGTKVQTNCWPKWPG%QPHQTOFGENCTC/KGKFGRWVC/KNQTUKDKGPK ÉPECFTWNCFWPâTKKPC/KQPCNGFGUHâ)WTCVGÉPCEGGC)KUGCTâQRTGCOCTGNG KORCEV GZGTEKVCV ÉP WNVKOGNG \KNG )K QTG FG FGOQPUVTC/KWPKNG EGNQTNCNVG 5VâTK CUWRTC EWIGVGNQT EGNQT RTG\GP/KR QRTGUKWPGC VGTQTKUOWNWK FQOKPCPVR KCW EQPFWU RG FGRWVC/KK UC)K NC EQPENW\KC Eâ PW UG RWVGCW UWUVTCIGCEEGRVâTKKWPKWPKKURGT¸PFEâCUVHGNXQTRWVGCOâECTKORWPG TGEWPQC)VGTGC EQPFK/KKNQT UâUG)VK  'XKFGPV FWRâ XQVWN NQT CEQTFCV ÉP HCXQCTGCWPKWPKK)KFWRâRTQENCOCTGCWPKWPKKÉPRNGPWN&KGVGKÉPFCVC FGOCKPKEKPWUGOCKRWUGRTQDNGOCFKUEWVâTKKEQPFK/KKNQTÉPECW\â %QPVTCT W\CP/GK CTVKEQNWN TGURGEVKX HW TGFCEVCV ÉP FWDNW GZGORNCT )K ÉPCKPVCVURTGEQPHKTOCTG  'XGPKOGPVWN RGVTGEWV NC %NWL UV¸TPK TGCE/KC XGJGOGPVâ C EGTEWTKNQT UâUG)VK /CK OWNVG LWTKUFKE/KK NG CEQTFCTâ WP XQV FG PGÉPETGFGTGFGRWVC/KNQTNQTFKGVCNKECTGÉ)KÉPEâNECUGTâKPUVTWE/KWPKNGCNVG EGTEWTK
5KDKWN 0QETKEJ  É)K TGEJGOCTâ FGRWVC/KK  EW VQCVG Eâ CEG)VKC EQPUGOPCUGTâ QRKPKC NQT UGRCTCVâ ÉP RTQVQEQNWNCFWPâTKKPC/KQPCNGFKP OCK)KNGTGVTCUGTâOCPFCVGNGVTâI¸PFWKNCTâURWPFGTG  $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG RTG\GPVC EKVKVQTKNQT FQWâ CEVG 7PWN RTQXGPGC FG NC CFWPCTGC EGVâ/GPGCUEâ FKP 
Q$N¼VVGTRPTOCKR 

5KDKW 
KWPKG   5G CTâVC CKEK Eâ CFWPCTGC EGVâ/GPGCUEâ UKDKCPâ CE/KQP¸PFÉPEQPUGPUEWHTC/KKUKIJK)QTGPKÉKKORNQTCRGDTC)QXGPKUâNK UG CNâVWTG NC UGOPCTGC WPGK RGVK/KK CFTGUCVG 7PKXGTUKVâ/KK PC/KQPCNG #N FQKNGC CEV TGFC EQP/KPWVWN CEGUVGK RGVK/KK RTKP ECTG 7PKXGTUKVCVGC GTC TWICVâ Uâ FGVGTOKPG VQCVG EGTEWTKNG UâUG)VK Uâ EQPFCOPG EQORQTVCOGPVWNFGRWVC/KNQTRGPVTWCQD/KPGKCTâ)KWPKVCVGCFGCE/KWPG ÉPU¸PWNRQRQTWNWKUâUGUE2GVK/KCGTCUWU/KPWVâFGUGOPâVWTK'WIGP XQP(TKGFGPHGNUUWU/KPGEâCFWPCTGCEGVâ/GPKNQTFKP5KDKW)KÉORTGLWTKOK FGEKUGUG C UG CFTGUC ÉORâTCVWNWK FG C PW EQPHKTOC NGIGC WPKWPKK GPWP/CVâ ÉP &KGVâ ÉP WTOC XQVWTKNQT UOWNUG FGRWVC/KNQT UC)K #EGNC)K CWVQTCHKTOâEâFQCTÉPE¸VGXC\KNGEâEKRTQDNGOCGTCRTGUCPVâHWUGUGTâ UVT¸PUG CRTQCRG  FG UGOPâVWTK  
QUGOPâVWTK CFGXâTCVG PW UGOPG FG ETWEG UKOWNCVG UCW KPUGTCVGR KCT FQEWOGPVWN HW VTKOKU NC +PPUDTWEMFGNGIC/KGKPC/KQPCNGUâUG)VKURTGCHKÉPO¸PCVOQPCTJWNWK  %W VQCVG Eâ &KGVC VTCPUKNXCPâ GPWP/CUG HQTOCN WPKWPGC 5KGDGPD×TIGT $QVG É)K EQPVKPWâ CVKVWFKPGC CPVKWPKQPKUVâ NC HGN 6TCPUUKNXCPKC 8QNMUHTGWPF <KCTGNG É)K GZRTKOCTâ RTQHWPFC PGOWN/WOKTGRTQXQECVâFGEQORQTVCOGPVWNFGRWVC/KNQTUC)KRWDNKE¸PF )KTCRQCTVGNGCEGUVQTCCUWRTCFGUHâ)WTâTKKTGURGEVKXGK)GFKP/GFKGVCNG  ¡PVTGVKORÉORâTCVWNUCPE/KQPCUGWPKWPGC 
KWPKG CV¸V FGNGIC/KC UâUGCUEâ E¸V )K EGC TQO¸Pâ HWTâ ÉORKGFKECVG FG C KPVTC ÉP CWFKGP/â NC ÉORâTCV R¸Pâ FWRâ OQOGPVWN UCPE/KQPâTKK #TVKEQNWN FG NGIG TGXGPK ÉP 6TCPUKNXCPKC HW CFWU NC EWPQ)VKP/C 5VâTKNQT ÉP C C )GFKP/âFKGVCNâFKPFCVCFGKWPKGRTQVQPQVCTKKHKKPFÉPUâTEKPC/K EWFKURQ\K/KKNGPGEGUCTGRGPVTWRWPGTGCGKHQTOCNâÉPCRNKECTG  5G CFWEGC NC EWPQ)VKP/C RWDNKEWNWK EQP/KPWVWN OGOQTKWNWK CFTGUCVFGEâVTGFGRWVC/KKUC)K&KGVGKVTCPUKNXCPG 
KWPKG ÉPECTG UG FGENCTC Eâ ÉPEâ PW GTC RTGC V¸T\KW RGPVTW GZRTKOCTGC EQPFK/KKNQT WPKWPKK0C/KWPGCUâUGCUEâUGEQPUKFGTCQDNKICVâRTKPVTWPCPICLCOGPV HC/âFGWPKTGCEW7PICTKCPWOCKFWRâCEEGRVCTGCEQPFK/KKNQTUCNG.C OGOQTKWN UâUGUE RTGEWO )K NC RGVK/KC PC/KWPKK TQO¸PG ÉORâTCVWN TâURWPUGRTKPVTQQTFQPCP/â 

Q$N¼VVGTRPTKWPKGR'WIGPXQP(TKGFGPHGNUQREKVXQN++R 6TCPUUKNXCPKCPTKWPKGRPTKWPKGRPT  

KWPKGR$N¼VVGTPTKWPKGR 5CVGNNKVPTKWPKGR 5D$QVGPTKWNKGR  

5GFKUEWVCTâEQPFK/KKNGWPKWPKK(TCP\5CNOGPEQOGUWNUC)KNQT CFTGUâ WPRTQVGUVÉORQVTKXCWPKWPKKOKPKUVGTWNWKOCIJKCTFG+PVGTPG 5GFG\XâNWKCW2âECVGNG)WXGTPWNWKOCIJKCT 5KDKWNFGXGPKUG/KPVCFG CVCE C RTGUGK WPICTG ECTG UG UVTâFWKC Uâ CHNG RTKEKPKNG FKP ECTG CKEK UG TGURKPIGCWPKWPGC  ¡PVTGKWPKG)KKWNKGUGFGUHâ)WTâCFWPCTGCGZVTCQTFKPCTâC 7PKXGTUKVâ/KK PC/KQPCNG ¡P )GFKP/C FKP  KWPKG CFWPCTGC JQVâTÉ WTOâVQCTGNGEQPFK/KKFGCEEGRVCTGCWPKWPKKFGEâVTGPC/KWPGCUâUGCUEâ  OGP/KPGTGC PGUEJKODCVâ C VGTKVQTKWNWK UâUGUE  DC\C CUQEKGTKK PC/KQPCNG UâUG)VK Q XC EQPUVKVWK )K OCK FGRCTVG7PKXGTUKVCVGCPC/KQPCNâ UWD EQPFWEGTGC EQOGUWNWK PC/KWPKK )K EW XKIQCTG ÉP FQOGPKKNG C  LWUVK/KGK
7PKXGTUKVCVGCPC/KQPCNâECKPUVCP/âFGCRGN D CFOKPKUVTC/KGK CXGTKKPC/KQPCNGE CFQRVâTKKFGUVCVWVGICTCPVCTGCWPGKCFOKPKUVTâTK EQOWPCNG NKDGTG  NKODC IGTOCPâ EC NKODâ FG CHCEGTK 
)GUEJ¼HVUURTCEJG   NKDGTVCVGC )K KPFGRGPFGP/C DKUGTKEKNQT )K C )EQNKNQTRâUVTCTGCCWVQPQOKGK)KCNGIKNQTOWPKEKRCNGUâUG)VK
#PGZG FQEPT   2G FCVC FG  KWNKG HW EQPXQECV NC 2GUVC 2CTNCOGPVWN WPICT ÉP ECTG)KLWTKUFKE/KKNGVTCPUKNXCPGGTCWEJGOCVGUâ)KVTKOKVâTGRTG\GPVCP/K 7PKXGTUKVCVGC PC/KQPCNâ UâUGCUEâ CO¸Pâ R¸Pâ ÉP WNVKOC ENKRâ CNGIGTGC FGRWVC/KNQT RGPVTW 2CTNCOGPVWN WPICT ÉPVTWE¸V ÉPV¸T\KC Uâ UQUGCUEâ UCPE/KQPCTGCCEGUVWKCTVKEQNFGEâVTGÉPCNVGNGHQTWTK4GUETKRVWNKORGTKCN FKP FCVC FG  KWNKG  EQPHKTOC UCPE/KQPCTGC WPKWPKK KCT TGUETKRVWN WNVGTKQT UWURGPFâ NWETâTKNG &KGVGK VTCPUKNXCPG EW ÉPEGRGTG FKP  KWNKG ¡PCEGGC)K\KCTJKFWEGNGRCNCVKP(VGHCPEQPHKTOâ)KGNNGIGCWPKWPKK ÉP CN EâTGK h  UG GPWOGTCW OGODTKK %QOKUKGK WPKWPKK CNG)K FG EâVTG &KGVâ 7TOâVQTKK OGODTKK WTOCW Uâ EQPUVKVWKG FGNGIC/KC EG CXGC Uâ UG FGRNCUG\GNC2GUVCRGPVTWCPGIQEKCWPKWPGCECRTG)GFKPVGCN%QOKUKGK GTCPQOKPCNK\CVIWXGTPCVQTWNEQPVGNG6GNGMK,Q\UGHCNEâTWKNQE/KKVQTGTC RTG)GFKPVGNG &KGVGK DCTQPWN -GOÃP[ (GTGPE CRQK EQOKVGNG UWRTGO EQPVGNG6JQTQE\MCK/KMNQULWFGNGUWRTGOTGICN$CN¶UK,Q\UGHGRKUEQRWN ITGEQECVQNKE +QCP .GOGPK TGICNK)VKK EQPVGNG $GVJNGP ,¶PQU EGN $âVT¸P DCTQPWN ,ÎUKMC /KMNQU DCTQPWN -GOÃP[ &QOQMQU EQPVGNG 6GNGMK &QOQMQU *QTX¶VJ +UVX¶P FGRWVC/KK DCTQPWN -GOÃP[ &G\UÑ ,QUGRJ <G[M 9QNHICPI 9ÃÃT EQPVGNG $GVJNGP ,¶PQU EGN 6¸PâT 2¶NHH[ ,¶PQU /KMÎ /KEJCGN /QUGU $GTFG -QPTCF 5EJOKFV %CTN )QQUU 'NKCU 4QVJ 
+DKFGOPTKWNKGR  

7PVGTJCNVWPIGP ECKGV   KWNKG  R  5×PFGP FGU WPICTKUEJGP /KPKUVGTKWOUECKGVKWNKGR*GTOCPPUVCFVCNU<KGNUEJGKDG 5CVGNNKVPTKWNKGR 

9KNJGNO .QGY )[GTI[CK (GTGPE DCTQPWN 9GUUGNÃP[K /KMNQU 5\¶U\ -¶TQN[EQPVGNG6GNGMK.CLQU&GOGVGT,Q\UGH&CPKGN*CPMÎ#NGZCPFTW $QJâ/GNEQPUKNKGTWNVG\CWTCTKCN&GDTGE\GPK/¶TVKP)KGRKUEQRWNQTVQFQZ #PFTGK(CIWPC  2TKP WTOCTG EGTEWTKNG UâUG)VK É)K VTKOKUGTâ FGRWVC/KK NC 2GUVC 2CTNCOGPVWN FG NC 2GUVC GTC NC OQOGPVWN CEGNC UKPIWTC EQPUGEKP/â C RTQENCOCVGKWPKWPKC6TCPUKNXCPKGKEW7PICTKC%âEKÉP#TFGCNUKVWC/KCC TâOCU PGUEJKODCVâ
)WDGTPKWN OWPKEKRKKNG )C  EW GZEGR/KC UWURGPFâTKK&KGVGK)KC%CPEGNCTKGKCWNKEGQ0WGUVGPKEKQÉPFQKCNâEâNC XTGOGC CEGGC PW C CXWV NQE PKEK Q RWPGTG ÉP CRNKECTG RTQRTKW\KUâ HCRVKEâCWPKWPKKR
'WIGPXQP(TKGFGPHGNU   #DKC NC  UGRVGODTKG FGRWVC/KC TGIPKEQNCTâ VTCPUKNXCPâ EQPFWUâ FG IWXGTPCVQTWN 6GNGMK ÉPCKPVâ %COGTGK WPICTG C FGRWVC/KNQT RTQKGEVGNG FG NGIG XK\¸PF VTCPURWPGTGC ÉP RTCEVKEâ C WPKWPKK %JKCT VKVNWTKNG EGNQT  FG RTQKGEVG FG NGIG KPFKEâ HCRVWN Eâ R¸Pâ CVWPEK PW HWUGUGXQTDCFGCRNKECTGCWPKWPKK  #TV&GURTGWPKWPGC7PICTKGKEW6TCPUKNXCPKCCTV&GURTG TGEWPQC)VGTGC FGRWVC/KNQT VTCPUKNXCPK CTV  &GURTG KPCTVKEWNCTGC NGIKK VTCPUKNXCPG FGLC EQPHKTOCVG TGHGTKVQCTG NC FGUHKKP/CTGC UCTEKPKNQT WTDCTKCNGCTV&GURTGVTCPUHQTOCTGCUCTEKPKNQTWTDCTKCNGFGUHKKP/CVGÉP 6TCPUKNXCPKC ÉP FCVQTKG FG UVCV CTV  &GURTG FGUHKKP/CTGC \GEKWKGNKK EQTRQTC/KKNQT CTV  &GURTG QDNKIC/KC EQOWPâ FG KORQ\KVCTG ÉP 6TCPUKNXCPKCCTV&GURTGUGRCTCTGCECUGNQTRTQXKPEKCNG)KFQOGUVKECNG VTCPUKNXCPGCTV&GURTGGZVKPFGTGCNGIKKRTGUGK)KÉP6TCPUKNXCPKCCTV  &GURTG GICNC ÉPFTGRVâ/KTG C TGNKIKKNQT TGEGRVG FKP 6TCPUKNXCPKC
ÉPVTG ECTG GTC EWRTKPUâ )K EGC ITGEQECVQNKEâ  CTV  &GURTG QTICPK\CTGC CFOKPKUVTC/KGK RWDNKEG CTV&GURTGLWUVK/KCFKP6TCPUKNXCPKCCTV &GURTG XKKVQCTGC QEWRCTG C RQUVWTKNQT FG HWPE/KQPCTK UWRGTKQTK ÉP UECWPGNG UGEWKG)VK )K UâUG)VK CTV  &GURTG WVKNK\CTGC HWPE/KQPCTKNQT VTCPUKNXCPK FG R¸Pâ CEWO CTV  &GURTG CRTQDCTGC HWPE/KQPâTKK VGORQTCTG C CFWPâTKNQT EGTEWCNG ÉP 6TCPUKNXCPKC CTV  &GURTG CNGIGTGC HWPE/KQPCTKNQT FKP EGTEWTKNG 6TCPUKNXCPKGK CTV  &GURTG QTC)GNG VTCPUKNXCPG )K EQOWPGNG EW /CIKUVTCV CTV  &GURTG EQPUVKVWKTGCIâT\KKPC/KQPCNGÉP6TCPUKNXCPKCCTV&GURTGGZVKPFGTGC )KÉP6TCPUKNXCPKCCNGIKNQTWPICTG+:)K:FKPTGHGTKVQCTGNCRQNK/KC FGECORCPKGRTGEWO)KNCFTGRVWTKNGCUWRTCCRGNQT)KECPCNGNQTCTV &GURTG RTG/WN UâTKK ÉP 6TCPUKNXCPKC CTV  &GURTG ITCPK/C OKNKVCTâ VTCPUKNXCPâ 
'WIGPXQP(TKGFGPHGNUQREKVR  

#DKC CEGUVG RTQKGEVG FG NGIK VKPFGCW Uâ EQPETGVK\G\G WPKWPGC /QFKHKEâTKNG RTGEQPK\CVG XK\CW FG RKNFâ ÉP CTVKEQNWN  FGUHKKP/CTGC )WDGTPKWNWK VTCPUKNXCP )K UWDQTFQPCTGC LWTKUFKE/KKNQT PGOKLNQEKV )WXGTPWNWK WPICT FGUHKKP/CTGC 6G\CWTCTKCVWNWK VTCPUKNXCP )K VTCPUHGTCTGCCHCEGTKNQTUCNGÉPUGCOC/KPKUVGTWNWKWPICTCN(KPCP/GNQT)K %QOGT/WNWK UWDQTFQPCTGC EQPHGUKWPKNQT DKUGTKEKNQT )K ÉPXâ/âO¸PVWNWK FKP6TCPUKNXCPKC/KPKUVGTWNWKWPICTCN%WNVGNQT)K¡PXâ/âO¸PVWNWK  ¡P )GFKP/C FKP  UGRVGODTKG PQCRVGC CEGUVG RTQKGEVG FG NGIG HWTâ EKVKVG ÉP %COGTC TGRTG\GPVCP/KNQT )K CFQRVCVG ÉP DNQE ÉP RTG\GP/C FGNGIC/KNQT UC)K KPECRCDKNK FG C TGCE/KQPC  0WOâTWN NQT PW OCK GTC EQORNGVEâEKNCUGRVGODTKG)CUGFGRWVC/KUC)KUGTGVTCUGTâFKP&KGVC WPICTâ EC TGCE/KG NC RTGXGFGTGC 2CTNCOGPVWNWK EC FG CEWO ÉPCKPVG TGRTG\GPVCP/KKUC)KUâHKGPWOK/KFGEâVTG)WXGTPWNOCIJKCT  #OKPVKVGNG RTQKGEVG FG NGIG PW CLWPUGTâ Uâ HKG FG\DâVWVG )K ÉP %COGTC OCIPC/KNQT %W CV¸V OCK RW/KP GNG PW CW HQUV PKEKQFCVâ UCPE/KQPCVG FG ÉORâTCV PKEK RWDNKECVG PKEK PW CW KPVTCV XTGQFCVâ ÉP XKIQCTG  )K CEGCUVC FKP RTKEKPC FG\NâP/WKTKK GXGPKOGPVGNQT U¸PIGTQCUG ECTGCWFWUNCTWRVWTCFKPVTG#WUVTKC)K7PICTKC  #FWPCTGC EGTEWCNâ FG NC 5KDKW FKP  UGRVGODTKG FGEKUG Uâ CEQTFG NCWFâ RWDNKEâ EGNQT FQK FGRWVC/K UKDKGPK TGVTC)K *GTOCPP 5EJOKFV )K ,QUGRJ 4QUGPHGNF &G CUGOGPGC UG JQVâTC Eâ CFWPCTGC EGTEWCNâPWXQKCUâ)VKGCDUQNWVPKOKEFGURTGXTGQWPKWPGEW7PICTKC )K Eâ PW TGEWPQ)VGC )WXGTPWN WPICT 4GCE/KC FGUEJKUâ FG HTQPFâ HW OWNVEQOGPVCVâÉPRTGUâÉPWTOâVQCTGNGUâRVâO¸PK.CVTGKNWPKFWRâ WPKWPG EJKCT WPKQPK)VKK DTC)QXGPK VTGDWKCW Uâ TGEWPQCUEâ VGOGTKNG RCTVKFGKCPVKWPKQPKUVGRCTVQVW)KUâFGXKPâTGCNKVCVG  .C  QEVQODTKG UG ÉPVTWPK NC 5KDKW Q CFWPCTG EGVâ/GPGCUEâ EG GZRTKOâÉPRWPEVGFQTKP/GNG)KEGTGTKNGUC)KNQTÉPRGTKQCFCWTOâVQCTG 2TQITCOWN RTQRWU XK\C PKEK OCK OWNV PKEK OCK RW/KP FGE¸V Q HGFGTCNK\CTG C #TFGCNWNWK 5G EGTGCW + OGP/KPGTGC CFGXâTCVGK NKDGTVâ/K EGVâ/GPG)VKGICNKVCVGÉPFTGRVWTKFGUHKKP/CTGCVWVWTQTUCTEKPKNQTHGWFCNG )KC\GEKWKGNKK++6TCPUKNXCPKCUâHKGFGENCTCVâTGICVFGUKPGUVâVâVQT+++ TGICVWN6TCPUKNXCPKGKUâHKGRCTVGKPVGITCPVâCOQPCTJKGKCWUVTKGEG+8EC DC\â C WPGK EQPUVKVW/KK URGEKCNG Uâ UNWLGCUEâ WP UKUVGO HGFGTCVKX TGURGEVKXQTGCNâWPKWPGRQNKVKEâIGPGTCNâPWÉPUGPUWNITG)KVHQNQUKVCN 
+DKFGOR 

5D$QVGPTUGRVGODTKGRPTUGRVGODTKGR 7PVGTJCNVWPIGP ECKGV   QEVQODTKG  R  6TCPUUKNXCPKC PT   QEVQODTKGR 5CVGNNKVPTUGRVGODTKGR 

EWX¸PVWNWK Q EQPVQRKTG C VWVWTQT RQRQCTGNQT FKP /CTâR 8 FGQCTGEG PWOCK WPIWTKK UGEWKK )K UC)KK CXGCW WP VGTKVQTKW FGNKOKVCV Uâ NK UG CFLWFGEG )K TQO¸PKNQT WP VGTKVQTKW RQNKVKE CRCTVG 8+ CEGCUVâ ÉORâT/KTG VGTKVQTKCNâUâUGFGEKFâNW¸PFÉPEQPUKFGTCTGUKVWC/KCIGQITCHKEâEQPHQTO RTKPEKRKKNQT LWTKFKEG 8++ Uâ ÉPEGVG\G QTKEG RTKXKNGIKGTG C XTGWPGK EQPHGUKWPK ETG)VKPG 8+++ Uâ UG EQPXQCEG Q PQWâ &KGVâ C EGNQT RCVTW RQRQCTGÉPECTGUâHKGCFOKUGEGNGRCVTWNKODK+:EQPFWEGTGC/âTKKUâ HKG HQTOCVâ FKPVTWP PWOâT GICN FG OGODTK FKP T¸PFWN RQRQCTGNQT HGFGTCVKXG )K Uâ VTCVG\G EW HKGECTG RQRQT ÉP NKODC UC : CWVQTKVCVGC UWRTGOâÉP6TCPUKNXCPKCUâHKGVTCUâNCTâURWPFGTGFGEQTRWNNGIKUNCVKX :+ÉORâTCVWN)KTGIGNGGTCTWICVUâEQPXQCEGQCFWPCTGEQPUVKVWCPVâC EGNQTRCVTWRQRQCTGECTGUâNWETG\GNCQEQPUVKVW/KGURGEKCNâC/âTKK:++ UâKUGRGTOKVâHKGEâTWKRQRQTUâTGCNK\G\GTGHQTOGÉPU¸PWNUâW2GDC\C EGNQTRWPEVGUGFQTGCTGEWPQC)VGTGCWPGKNKDGTVâ/KGICNGRGPVTWVQCVG RQRQCTGNG/âTKKHâTâ)VKTDKTGCRWVGTKKOQPCTJKGKÉPCPUCODNWNGK
#PGZG FQEPT   .GICVFGCEGUVRTQITCO5VGRJCP.WFYKI4QVJUETKCEâVTGDWKG Uâ CRCTâ ÉP VQCVG NKODKNG /âTKK )C\GVC FG 6TCPUKNXCPKC )K 1TICPWN PC/KQPCN  CT RTGNWC EGK FTGRV CTVKEQNWN  NWETW RG ECTG PW NCT HCEG PKEKQHQCKGOCIJKCTâUCWFCEâNCTHCEGCTCFâWICEGNGOCKTW)KPQCUG QDUGTXC/KK ECTG CT UNâDK RTKOC KORTGUKG $C OCK OWNV TQO¸PKK
4QOCKPGP CTVTGDWKÉPFGOPC/KUâVTKOKVâGZGORNCTGÉPVQCVGRCTQJKKNG NQTC)CEWOUCÉPV¸ORNCV)KR¸PâCEWOÉPVKORWNFKPWTOâ%GXKPGFKP RCTVGCNQTGUVGRTKOKV  2GTKQFKEGNGVKRâTKUGTâ%QRKCFGURTGNGIâVWTCFGWPKTGGZKUVGPVâ ÉPVTG7PICTKC)KEGNGNCNVG/âTKCNG#WUVTKGK.CUGRVGODTKGÉORâTCVWN CFTGUC OCPKHGUVG RQRQCTGNQT )K VTWRGNQT UCNG FKP 7PICTKC +PEKFGPVG U¸PIGTQCUGÉP7PICTKC 
UGRVGODTKG EQPFWUGTâNCRTQOWNICTGCWPWK TGUETKRV KORGTKCN 
QEVQODTKG  RTKP ECTG 6TCPUKNXCPKC KPVTC UWD KPEKFGP/C NGIKK FG Tâ\DQK #FCO 4GEUGK FG 4GEUG HW PWOKV FG ÉORâTCV
WPFXGTNCPIGPYKTRTGNWCV)KFG5CVGNNKVPTQEVQODTKGR 5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG  CWU FGO 0CEJNC² JGTCWUIGIGDGP XQP 1VVQ (QNDGTVJ XQN  &CU 5EJKEMUCN &QMWOGPVG CWU FGP ,CJTGP  0CEJVT¼IG CWU FGP ,CJTGP  /×PFNKEJG ¯DGTNKGHGTWPIGP #PGMFQVGP .GIGPFG$KQITCRJKUEJG<GKVVCHGN8GTNCI9CNVGTFG)TW[VGT%Q$GTNKPR 5ETKUQCTGC NWK 5V. 4QVJ EâVTG 5VGRJCP #FQNRJ $GTINGKVGT FKP 5KDKW  QEVQODTKG  $N¼VVGTPTUGRVGODTKGRPTQEVQODTKGR PTQEVQODTKGR 5CVGNNKVPT)KQEVQODTKGR 
5D8QNMUHTGWPFPTQEVQODTKGRRTQITCOWN9CUY×PUEJGP 

RTKOOKPKUVTW WPICT ¡ORâTCVWN OCK FGETGVC FGUHKKP/CTGC 2CTNCOGPVWNWK WPICT UWDQTFQPCTGC VTWRGNQT FKP 7PICTKC )K 6TCPUKNXCPKC DCPWNWK %TQC/KGK ,GNCEJKEJ EâTWKC K UG ÉPETGFKP/CW RWVGTK PGNKOKVCVG 8QNMUHTGWPF ECTG RWDNKEC TGUETKRVWN FGUETKC )K TGCE/KC NWK -QUUWVJ ECTG ÉP WTCNGNG 2CTNCOGPVWNWK FGENCTC TGUETKRVWN Q EQOGFKG TW)KPQCUâUCWQV¸NJâTGCUEâNQXKVWTâFGHQT/âCECOCTKNGK)KCFKPCUVKGK ECTG PWOCK RTKP OKNC NWK &WOPG\GW PC HQUV ÉPEâ UKNKVâ Uâ CDFKEG .C CRTQRKGTGC NWK ,GNCEJKEJ -QUUWVJ CHKTOC TâURKECV Eâ ÉK XC QRWPG EW W)WTKP/âQCTOCVâFGFGQCOGPK  &WRâ K\DWEPKTGC Tâ\DQKWNWK EKXKN ÉP VQCOPC CPWNWK  CV¸V 7PKXGTUKVCVGC PC/KQPCNâ E¸V )K OCTGC OCLQTKVCVG C RQRWNC/KGK UâUG)VK UG CNâVWTCTâ PGEQPFK/KQPCV VCDGTGK KORGTKCNKNQT )K KORNKEKV VCDGTGK TQO¸PKNQT 5VCTGC FG URKTKV )K TC/KQPCOGPVWN OQOGPVWNWK CW HQUV DKPG UWTRTKPUGÉPEGNGDTGNGEWXKPVGCNGCEGNWKC)K5VGRJCP.WFYKI4QVJ¡PVTQ UETKUQCTGFKPQEVQODTKGCFTGUCVâGFKVQTWNWKDTC)QXGCP,QJCPP )ÑVV 4QVJ UETKC 2QNKVK\CTGC ÉP \KCTG C CLWPU ÉP \KNGNG PQCUVTG CRTQCRG UWRGTHNWâ EâEK RQNKVKEC C RâVTWPU ÉP XKC/â &GLC UG RQNKVK\GC\â EW VWPWTKNG5ETKUQCTGCUWTRTKPFGCFKHKEKNWNOQOGPVRQNKVKEÉPECTGUC)KKUG CHNCWÉPHC/CWPGKFGEK\KKOCLQTG¡P6TCPUKNXCPKCGNGOGPVWNOCIJKCTUC FGEKU FG NC ÉPEGRWV RGPVTW VTKEQNQT (QCTVG PCVWTCN +CT TQO¸PKK RGPVTW PQWNPGITWICNDGP(KPQKUC)KKVTGDWKGUâPGFGEKFGO0GWVTCNKVCVGCPW GUVGXCNCDKNâ0QKUWPVGOEGKOCKUNCDKFCTFGRCTVGCEGNQTFGECTGPG CRTQRKGOÉPENKPâODCNCP/C0WVTGDWKGUâWKVâOPKEKE¸PFEâUWPVGOEGK OCK UNCDK FCT Uâ /KPGO EQPV Eâ FKP UVCTV PQWN PGITWICNDGP GUVG OCK DWPFGE¸VVTKEQNQTWN  %GNG FQWâ CNVGTPCVKXG UWPV  &CEâ PG RWPGO FG RCTVGC OCIJKCTKNQT CVWPEK GQ KRUQ  UWPVGO ÉORQVTKXC XCNCJKNQT )K COQPCTJKGK ÉPVTGIK&CEâPGRWPGOFGRCTVGCXCNCJKNQTCVWPEKUWPVGOÉORQVTKXC OCIJKCTKNQT)KRGPVTWOQPCTJKG  /CIJKCTKK )K TQO¸PKK UWPV EC\WTK CEEKFGPVCNG 'UGP/KCN GUVG RTKPEKRKWN KPVGITKVâ/KK OQPCTJKGK HKKPFEâ CEGCUVâ KFGG TGRTG\KPVâ ICTCP/KCRTQENCOCVGKEQPUVKVW/KKC#WUVTKGK6QCVGPC/KWPKNGNWRVâRGPVTW RTKPEKRKWN GICNGK ÉPFTGRVâ/KTK EGJKK ÉP $QGOKC UNQXCEKK ÉP 7PICTKC XCNCJKK ÉP 7PICTKC )K 6TCPUKNXCPKC UGTDKK ÉP 7PICTKC KVCNKGPKK )COF %C IGTOCPK KPKOC PG VTCIG OGTGW URTG IGTOCPK &CT FCEâ #WUVTKC PG GUVGFW)OCPâ)GTOCPKCG)KOCKÉPFGRâTVCVâ'WEC)KENGTKECOLWTCV Uâ HKW RTKGVGP CN RTKGVGPKNQT ÉORâTCVWNWK )K FW)OCP CN FW)OCPKNQT NWK 4GXQNW/KCOCIJKCTâPWOâFG\NGCIâFGLWTâO¸PVPKEKEJKCTÉPUKVWC/KC 
5D$QVGPTQEVQODTKGRPTQEVQODTKGR5D

8QNMUHTGWPFPTQEVQODTKGR 

ÉPECTGVQCVGEQPFK/KKNGPQCUVTGCTHKCEEGRVCVG¡PUâRGPVTWEâPWGFGNQE EC\WN FGEK\KC FGXKPG EW CV¸V OCK W)QCTâ )K FGQCTGEG EQPUVKVW/KC CWUVTKCEâGUVGOCKNKDGTCNâGCGUVGEWCV¸VOCKQPQTCDKNâ  8GEJGCPQCUVTâEQPUVKVW/KGUâUGCUEâCHQUVRQUKDKNâE¸VVKORCO NQEWKVRGRâO¸PVWNPQUVTWEWTC/K)KPGCOGUVGEC/K&CTCEWOVTGDWKGUâ PG ÉPFTGRVâ/KO EQPNQEWKVQTKK &CEâ ÉP EG PG RTKXG)VG PG RNCEGEWX¸PVWN GICNKVCVG VTGDWKG Uâ PG I¸PFKOEâ)KTQO¸PKNQTNGRNCEGNCHGNFGOWNV &CEâUWPVGOCNâVWTKVTGDWKGUâVTâKOÉORTGWPâFGXQKGUCWFGPGXQKG #EGCUVCGUVGPGEGUKVCVGCEGPWRQCVGHKPGICVâPKEKCPWNCVâ1OGPKC)K ETG)VKPKUOWNEGTCEGNC)KNWETW  1FCVâEWNWPCQEVQODTKGUGTGOCTEâQXK\KDKNâUEJKODCTG FG CVKVWFKPG C \KCTWNWK $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG#HQUVRTKOCFKPVTGHQKNGDTC)QXGPGECTGCUEJKODCV FGUEJKU )K TCFKECN VCDâTC RQNKVKEâ #TVKEQNWN FKP  QEVQODTKG KPVKVWNCV 7PKWPGC)KURKTKVWNRQRWNCTUâUGUECTâVC2GUEWTVWPKWPGC)KVQVEGUG NGCIâFGGC)KUGCHNâÉPURCVGNGGKCWRTQXQECVJCQUÉP/CTâ)KOCKCNGU RGTKEQNGRGPVTWRQRQTWNPQUVTW5C)KKPCTHKCITGCVPKEKQFCVâQWPKWPG PGEQPFK/KQPCVâ #EEGRVCTGC WPKWPKK UG LWUVKHKEC RTKP URGTCP/GNG FG FG\CPEJKNQ\CTG C DKTQETC/KGK FG FGUHKKP/CTG C UCTEKPKNQT WTDCTKCNG FG GICNKVCVG EGVâ/GPGCUEâ ÉP FTGRVWTK #EGUVG OQVKXG EW ITGW CT RWVGC HK EQPUKFGTCVG FG\QPQTCPVG RGPVTW UVCTGC FG URKTKV C CEGNQTC ECTG UG UKO/GCWTGRTG\GPVC/KRTKPGNG  7PKXGTUKVCVGCPC/KQPCNâEWCEQTFWN%QOCPFCOGPVWNWKIGPGTCN CWUVTKCE FKP 5KDKW JQVâT¸UG NC  QEVQODTKG ETGCTGC WPWK DCVCNKQP FG X¸PâVQTK FG E¸OR )K FQVCTGC NWK RTKP OKLNQCEG PC/KQPCNG #EGUVC UG CTWPEâ ÉP NWRVâ ÉORQVTKXC VTWRGNQT TGXQNW/KQPCTG CNG IGPGTCNWNWK $GO CX¸PFÉPT¸PFWTKNGUCNGPWOGEGNGDTGRTGEWO)&6GWVUEJ)K6JGQFQT (CDKPK  .CFGEGODTKGÉORâTCVWN(GTFKPCPF+CN#WUVTKGKCDFKEâ 2GVTQPWTEâWTOC)WNUCW(TCP\,QUGRJ+ECTGCXGCUâEQPFWEâFGUVKPGNG OQPCTJKGKR¸PâÉP.CFGEGODTKGPQWNÉORâTCVÉPX¸TUVâ FGCPKVTKOKUGWPUCNWVQ%TGFKPEKQUWNWKOGWRQRQTUâUGUER  #TOCVC TGXQNW/KQPCTâ OCIJKCTâ C EâTGK EQPFWEGTG Q RTGNWCUG FKP  FGEGODTKG  IGPGTCNWN $GO FGUHâ)WTâ NWRVG XKEVQTKQCUG ÉP 6TCPUKNXCPKC .C  HGDTWCTKG  WP EQPUKNKW FG Tâ\DQK EQPXQECV FG 
5V. 4QVJ )GUCOOGNVG 5EJTKHVGP XQN  R  5ETKUQCTGC NWK 5V. 4QVJ EâVTG

,QJCPP)ÑVVFCVCVâNC/Q)PCQEVQODTKG7PHTCIOGPVFKPCEGCUVâUETKUQCTG GUVGTGRTQFWU)KÉP-WT\G)GUEJKEJVG5KGDGPD×TIGPU#MCFÃOKCK-KCFÎ$WFCRGUVC R $N¼VVGTPTQEVQODTKGR 

%QOCPFCOGPVWN OKNKVCT KORGTKCN JQVâTÉ UâUQNKEKVGCLWVQTCTOCVTWUGUE RGPVTWCRâTCTGCQTC)GNQT5KDKW)K$TC)QX.CÉPEGRWVWNNWKHGDTWCTKGCXW NQE RTKOC KPVTCTG C VTWRGNQT /CTKUVG RTKP VTGEâVQTKNG FKP UWFWN /âTKK ¡P OCTVKGÉPUâCTOCVCTGXQNW/KQPCTâK\DWVKUâKUKNGCUEâRGTW)K)KCWUVTKGEK UâDCVâÉPTGVTCIGTGEWEGTKPFEGCOCKOCTGRCTVGC#TFGCNWNWK  6TCPUUKNXCPKC GZRWPGC ÉPVTWP CTVKEQN FG HQPF RTKPEKRKWN GICNGK ÉPFTGRVâ/KTK C PC/KQPCNKVâ/KNQT )K ÉP CEGNC)K PWOâT RWDNKEC WP FQEWOGPV QHKEKCN FGURTG NGIâVWTC FG WPKWPG GZKUVGPVâ ÉPVTG 7PICTKC )K EGNGNCNVG /âTK CNG #WUVTKGK%WCEGUVPWOâTFKPOCTVKGRWDNKECVEW FQWâ \KNG ÉPCKPVG FG EWEGTKTGC OCIJKCTâ C 5KDKWNWK 6TCPUUKNXCPKC É)K ÉPEGVCCRCTK/KC  2TQENCOC/KC NWK $GO EâVTG UKDKGPK FKP  OCTVKG UWPC CUVHGN .QEWKVQTKCK5KDKWNWK#TOCVCOCIJKCTâCXGPKVUâXâCTCVGEâUWPVG/KQ OKPIG ÉP O¸KPKNG OKPEKWPKK )K ÉP)GNâEKWPKK 2WTVâVQTGNG FG EWX¸PV CNG OK)EâTKK XQCUVTG TW)KPQCUGNG XQCUVTG \KCTG PWOGUE CTOCVC WPICTâ Q CFWPâVWTâTGDGNâFGXCICDQP\KECTGPW)VKGCNVEGXCFGE¸VUâRTCFGUâ FGCHQE)KUâQOQCTG/GTGWQHGTâFTGRVGZGORNW4GIJKPWN5âUGUEFCT 4GIJKPWNPWCHQUVKPEGPFKCV)KRTâFCVFGCTOCVCOCIJKCTâ#EGNGQTC)G UâUG)VKECTGPCWQRWUTG\KUVGP/âÉPHC/CCTOCVGKWPICTGCWHQUVETW/CVG C)C$KUVTK/C/GFKC)5KIJK)QCTC)K1Tâ)VKG#RQK$GORTG\GPVCEGGCEG ÉPUGOPC CTOCVC OCIJKCTâ RGPVTW EG NWRVC )K ÉORQVTKXC EWK $GO NG COKPVGC UKDKGPKNQT 8QK C/K EGTWV CLWVQTWN TWUGUE #UVC Xâ ÉPHKGTGC\â ÉP QEJKKÉPVTGIKK'WTQRG)KRWPGCUWRTCECW\GKPQCUVTGRGEGVGCNGICNKVâ/KK' KORQUKDKNECCEGCUVCUâHKHQUVFQTKP/CVWVWTQTUC)KNQTCTFGNGPKECTGOCK GTCW FGWPâ\K CV¸V FG TWUQHQDK 8â RWVG/K RWTKHKEC PWOCK RTKPVTQ TGPGICTG RWDNKEâ 5KPIWTC XQCUVTâ UEâRCTG GUVG TGEWPQC)VGTGC )K ÉPHâRVWKTGC WPKWPKK EW 7PICTKC #NGIGTGC XQCUVTâ PW RQCVG HK ITGW FG HâEWV ÉPVTG NKDGTVCVG EGVâ/GPGCUEâ )K DKEK EâEK EGGC EG XQKG)VG RTQVGE/KC TWUâ C/K CHNCV FGLC (K RGUGOPG Eâ )VK/K FGLC EG DKPG C/K CLWPIG FCEâ PC/KQPCNKVCVGC)KGZKUVGP/CXQCUVTâRQNKVKEâUCTEQPVQRKEWEGCXCNCJâÉP NQE FG EGC WPICTâ EW ECTG XCW URGTKCV 0WOCK Eâ GW C)C EWO CO CEQTFCVCOPKUVKCRTQENCOCVâFGOKPGEJKCTXCNCJKNQTXCPFCNKXQCEQTF )K XQWâ FCEâ Xâ XGPK/K ÉP UH¸T)KV ÉP OKP/K )K Xâ FG\KEG/K FG KPHNWGP/C OKNKVCTâ ECTG Xâ UGCEâ )K FG KPVGTXGP/KC TWUâ ECTG EC IGTOCPK Xâ FG\QPQTGC\â (K XQK TQO¸PK XGPK/KXâ ÉP HKTG #NWPIC/K RG EGK EG Xâ CFGOGPGUE CNâVWTC/KXâ UVT¸PU )WXGTPWNWK WPICT EW RTKPEKRKKNG NWK NKDGTCNGIWXGTPECTGXCFâTWKVFGLCNKDGTVCVG)KRTQRTKGVCVGOCKOWNV 

6TCPUUKNXCPKCPTOCTVKGR 

FGE¸V CV¸V PW RWVG/K EGTG PKOâPWK ÉP UEJKOD RWVG/K RKGTFG VQVWN EJKCT ÉPUâ)KXKC/CXQCUVTâ  .C  OCTVKG  ,QJCPP )ÑVV ÉPOQTO¸PVâ EW O¸PC UC Q5KGDGPD×TIGT 9QEJGPDNCVVR UEQ/¸PF ÉP NQEWN CEGUVWKC RTKOWN PWOâT FKP Q-TQPUV¼FVGT <GKVWPIR )ÑVV ÉK VTGEGC EQPFWEGTGC TGFCE/KGK EWPQUEWVWNWKUETKKVQTNKDGTEWIGVâVQT/CZ/QNVMGRGPVTWECCEGUVCUâ FGFKEGKPUKUVGPV)KGZENWUKXCEVKXKVCVGCRTGUGKUCNGWPKWPKKUVCVCNGFKPVTG7PICTKC )K 6TCPUKNXCPKC HQTOGK FGOQETCVKEG FG IWXGTPâO¸PV NKDGTVâ/KK )K GICNKVâ/KK ÉP FTGRVWTKCVWVWTQTRQRQCTGNQTNQEWKVQCTGCNGCEGUVQT/âTKKPFKHGTGPVFGEWTUWNRG ECTGÉNXQTNWCNWETWTKNG  <KCTGNG RWDNKECTâ FGENCTC/KC FG KPFGRGPFGP/â C PC/KWPKK OCIJKCTG 
CRTKNKG   ¡P NWPC OCTVKG .WFQXKE -QUUWVJ ÉK UETKC IGPGTCNWNWK $GO Q7PKWPGC GUVG Q XQTDâ IQCNâ CDKC RTKP XKEVQTKKNG FWOPGCXQCUVTâ)KRTKPVTQQTICPK\CTGHWPFCOGPVCNâWPKWPGCXCFGXGPK TGCNKVCVGR  ¡PVKORWNEGNQTRCVTWNWPKFGQEWRC/KGOCIJKCTâC#TFGCNWNWK WPKWPGC 6TCPUKNXCPKGK EW 7PICTKC C HQUV ÉPHâRVWKVâ GHGEVKX ¡P EGGCEGK RTKXG)VGRGUC)KNWPKNGOCTVKGKWNKGUCWECTCEVGTK\CVRTKPVTWP)KT FGOâUWTKECTGPWGTCWFGPCVWTâUâNGUVKOWNG\GGPVW\KCUOWNHC/âFG PQWC UVCTG FG NWETWTK UGEJGUVTCTGC DWPWTKNQT TGHWIKC/KNQT UC)K ÉP /WPVGPKC
ECTG)K RâTâUKUGTâ FQOKEKNKKNG RGPVTW C GXKVC UQCTVC 4GIJKPWNWK 5âUGUE CTU FG VTWRGNG UGEWKG)VK NC  PQKGODTKG   GVCVK\CTGCCXGTKK7PKXGTUKVâ/KKPC/KQPCNGUâUG)VK
RTKPFKURQ\K/KCNWK%U¶P[ FKP CRTKNKG   FGUHKKP/CTGC KPUVKVW/KKNQT )K HWPE/KKNQT VTCFK/KQPCNG UâUG)VK CTGUVâTKNG )K EQPFCOPâTKNG NC OQCTVG
#PGZG FQE PT   +PVGTXGP/KCTWUâFKPKWPKGFWUGVTGKNWPKOCKV¸T\KWNCÉPHT¸PIGTGC TGXQNW/KGKMQUUWVJKGPG 
CWIWUV   7P UCU CPQPKO UGOPC ÉP $QVG NC HKPGNG NWK UGRVGODTKG  CTVKEQNWN%GFQTKO)KEGURGTâOPQK&WRâÉPEJGKGTGCTâ\DQKWNWKEKXKN GTC FG FQTKV Uâ UG TGINGOGPVG\G CFOKPKUVTCTGC )K TGRTG\GPVCTGC 2âO¸PVWNWK 5âUGUE ÉP UGPUWN UVTâXGEJKNQT FTGRVWTK KUVQTKEG 6KORWTKNG XGEJK TGÉPPQKVG WTOCW Uâ TGÉPXKG RGPVTW UVTâNWEKTGC EQTQCPGK )K FâKPWKTGCÉPVTGIWNWKUVCV 
-TQPUV¼FVGT <GKVWPI PT   OCTVKG  R  TGFâ Q )VKTG FKP 5KDKW EW RTQENCOC/KCNWK$GOFKPOCTVKG Q5D$QVGRPTOCKR 'WIGPXQP(TKGFGPHGNUQREKVXQN++R Q5D$QVGRPTCRTKNKGRPTCRTKNKGRPTCRTKNKG R +DKFGOPTUGRVGODTKGR  

 ¡PDC\CEQPUVKVW/KGKQEVTQKCVGC#WUVTKGKFKPOCTVKGFWRâ ÉPEJGKGTGC Tâ\DQKWNWK 6TCPUKNXCPKC TGFGXGPK RTKPEKRCV CWVQPQO .C UH¸T)KVWN CPWNWK  CFOKPKUVTC/KC RTQXK\QTKG KPUVKVWKVâ ÉP #TFGCN ÉORâT/K /CTC ÉP  FKUVTKEVG EQPFWUG FG EQOKUCTK OKNKVCTK CUKUVC/K FG EQPUKNKGTKEKXKNK)WXGTPCVQTCN/âTKKHWPWOKV.WFYKIXQP9QJNIGOWVJ KCTEQOKUCTIGPGTCNRGPVTW6TCPUKNXCPKC'FWCTF$CEJ.KODCIGTOCPâ UG KPVTQFWUG RGUVG VQV ÉP CFOKPKUVTC/KG FGXGPKPF NKODC QHKEKCNâ C RTKPEKRCVWNWK &G)K HWUGUG UWURGPFCVâ ÉP CWIWUV NC  UGRVGODTKG  UVCTGCFGCUGFKWHWTGÉPPQKVâ  #TVKEQNWN  CN EQPUVKVW/KGK CWUVTKGEG RTGXGFGC GZRTGU OGP/KPGTGCFTGRVWTKNQTPC/KWPKKUâUG)VK7PKXGTUKVCVGCPC/KQPCNâÉ)KTGNWâ FGEKHWPE/KQPCTGCÉPVTWPKPFWUGNCPQKGODTKGRGPVTWCFG\DCVG UKVWC/KCETGCVâRTKPTGUVCDKNKTGCRâEKK  &CVHKKPFHCRVWNEâRTKPRTGNWCTGCUCNCTK\âTKKHWPE/KQPCTKNQTFG EâVTG UVCV 7PKXGTUKVCVGC UG FGITGXCUG FG Q EQPUKFGTCDKNâ QDNKIC/KG HKPCPEKCTâ NC  CWIWUV  7PKXGTUKVCVGC FGEKUG C)CPWOKVC QOCTG FQVC/KWPG PC/KQPCNâR ECTG RTGXGFGC CNQECTGC XGPKVWNWK 7PKXGTUKVâ/KK 
HNQTKPK OE  KPVGITCN WPQT UEQRWTK )EQNCTG #EGCUVâ FQVC/KWPG RGTOKUG QTICPK\CTGC IKOPC\KKNQT GXCPIJGNKEG )K OGP/KPGTGC ÉPXâ/âO¸PVWNWK UâUGUE $KUGTKEC GXCPIJGNKEâ EC )K )EQCNC ÉP NKODC IGTOCPâ GTCW RTKXKVG EC KPUVKVW/KK FG DC\â CNG FG\XQNVâTKK GVPKEG )K CNG OGP/KPGTKKURKTKVWNWKUâUGUE)KFGCKEKGHQTVWTKNGRGPVTWUWU/KPGTGCNQTFKP OKLNQCEGPC/KQPCNG  ¡PUâ UKVWC/KC RQNKVKEâ RQUVTGXQNW/KQPCTâ NC ÉPEGRWV ÉODWEWTâVQCTGRGPVTWUC)KPWHWFGNWPIâFWTCVâ4GIKOWNCDUQNWVKUV KPCWIWTCV ÉP #WUVTKC FWRâ TGXQNW/KG /KPVGC URTG IGTOCPK\CTGC KORGTKWNWK  EGGC EG RGPVTW UC)K PW ÉPUGOPC WP FG\CXCPVCL EK FKORQVTKXâ FCT ÉP CEGNC)K VKOR UG KORWUG RTKPVTQ EGPVTCNK\CTG GZEGUKXâ )K EQPVTQNWN RQNK/KGPGUE GZGTEKVCV FG CRCTCVWN OKPKUVTWNWK FG KPVGTPG $CEJ EGGC EG ÉPEâNEC NKDGTVâ/KNG KPFKXKFWCNG CNG EGVâ/GPKNQT KPFKHGTGPV FG PC/KQPCNKVCVGC NQT .C  OCTVKG  FGPWOKTGC FG Q2âO¸PV5âUGUERHWKPVGT\KUâHQTOCN&WRâOQCTVGCDCTQPWNWK.WFYKI XQP 9QJNIGOWVJ IWXGTPCVQT CN 6TCPUKNQXCPKGK ÉPVTG  )K  HWPE/KC HW RTGNWCVâ FG EâVTG RTKP/WN -CTN XQP 5EJYCT\GPDGTI 
  .C  OCK  CXW NQE Q PQWâ ÉORâT/KTG CFOKPKUVTCVKXâ C #TFGCNWNWK ÉP  FKUVTKEVG .C  FGEGODTKG  EQPUVKVW/KC FKP OCTVKG  HW UWURGPFCVâ 6TCPUKNXCPKC KPVT¸PF CUVHGN FGRNKP UWD \QFKC CDUQNWVKUOWNWK ¡P  6TCPUKNXCPKC UWHGTK ÉPEâ Q ÉORâT/KTG 

CFOKPKUVTCVKXâ FG FCVC CEGCUVC ÉP  FKUVTKEVG .C HKPGNG CEGNWKC)K CP UVCTGCFGCUGFKWKPUVKVWKVâÉP6TCPUKNXCPKCHWUWURGPFCVâ  7PKXGTUKVCVGCPC/KQPCNâUâUGCUEâUGÉPVTWPKRGPVTWWNVKOCQCTâ NCHGDTWCTKG)KCEGCUVCFQCTQRGPVTWC)KHCEGVGUVCOGPVWNR
(T 6GWVUEJ  )K C UG CWVQFK\QNXC 5KVWC/KC HW RGTEGRWVâ EC FTCOCVKEâ KCT EQTRWNVTCFK/KQPCNCNPC/KWPKKUâUG)VKGTC\FTWPEKPCVFKPVGOGNKK  7PUEWTVKPVGTNWFKWEQPUVKVW/KQPCN)KNKDGTCNWTOâÉPCPKK  #FQRVCTGC &KRNQOGK FKP QEVQODTKG 
QEVQODTKG   )K C RCVGPVGKKORGTKCNGFKPHGDTWCTKGGEJKXCNCWEWCEEGRVCTGCWPGKPQK NGIKHWPFCOGPVCNGC#WUVTKGK  ¡PEQTQPCTGC ÉORâTCVWNWK (TCP\ ,QUGRJ EC TGIG CN 7PICTKGK 
KWPKG   RTGEWO )K NGIGC WPKWPKK )K EGC C PC/KQPCNKVâ/KNQT FKP FGEGODTKG  CW OCTECV PQWC GXQNW/KG C 6TCPUKNXCPKGK )K ÉP ECFTWN CEGUVGKC C UC)KNQT ÉP XTGOGC FWCNKUOWNWK CWUVTQWPICT 2TGNWFKWN NC EQPUVKVWKVFGEK\KCFKPOCTVKGC%COGTGKOCIJKCTGCFGRWVC/KNQT ECTG C ÉORWVGTPKEKV )WXGTPWN WPICT Uâ CFQRVG OâUWTKNG EQPUKFGTCVG PGEGUCTG RGPVTW CUKIWTCTGC EQPFWEGTKK )K CFOKPKUVTâTKK 6TCPUKNXCPKGK 2TKOGNGRTGXGFGTKTGHGTKVQCTGNCRQRWNC/KCUâUGCUEâCWHQUVKPVGTFKE/KCFG ÉPVTWPKTGC7PKXGTUKVâ/KKPC/KQPCNGUâUG)VKECTGHWUGUGEQPXQECVâRGPVTW FCVCFGOCTVKG)KÉPFGRâTVCTGCFKPHWPE/KGCEQOKVGNWK-QPTCF 5EJOKFV 
HGDTWCTKG   %W RTKXKTG NC NGIGC WPKWPKK )K C PC/KQPCNKVâ/KNQT \KCTWN UâUGUE Q5KGDGPD×TIKUEJ&GWVUEJGU 9QEJGPDNCVVR QDUGTXC Q&KP CEGCUVâ \K ÉP KUVQTKC 6TCPUKNXCPKGK XC ÉPEGRG Q PQWâ RGTKQCFâR &GRWVCVWN ,# <KOOGTOCPP CTâVC Eâ RNGPKRQVGP/C CTQICVâ FG )WXGTPWN OCIJKCT ÉPUGOPCRGPVTW
HQUVWN 2âO¸PV5âUGUEQPQWâFQOPKGCDWPWNWKRNCE #ODGNGRâTGTKCXGCWUâHKGEQPHKTOCVGFGKUVQTKG  2TQENCOCTGC)KÉPHâRVWKTGCWPKWPKK6TCPUKNXCPKGKEW7PICTKCNC  )K  C EQPUVKVWKV RTGEGFGPVWN RGPVTW UVCVWVWN #TFGCNWNWK ÉPVTG )K  

(TKGFTKEJ 6GWVUEJ )GUEJKEJVG FGU U¼EJUKUEJGP 8QNMGU H×T FCU U¼EJUKUEJG 8QNM XQN +8 +DKFGOR  

GF)KVKRCT9-TCHHV5KDKWR  

+PVGTXGP/KCTWUâÉP6TCPUKNXCPKCFKPHGDTWCTKG)KECORCPKC TWUâFGENCP)CVâÉPKWPKGCEGNC)KCPUGTGHNGEVâÉPRTGUCUâUGCUEâPWCV¸VEC Q+OCIKPGC%GNWKNCNVE¸VECQRTQDNGOCVK\CTGC+OCIKPKKFG5KPGECWP RTQEGUCNEQP)VKKP/GKEQNGEVKXGUâUG)VK&CEâEKPGXCUCEQPUKFGTCVXKPQXCV RGPVTW EJGOCTGC TW)KNQT ÉP #TFGCN CRQK UC)KK CW HQUV CEGKC 'K CW ÉPEGTECVUâÉPFGRâTVG\GQEWNRCRGZRNKE¸PFQ)KLWUVKHKE¸PFQ2GFGCNVâ RCTVG -QUUWVJ )K %U¶P[ FCT )K $GO KCW CEW\CV FKTGEV RG UC)K FG QVTâFCTG PC/KQPCNâR FCVQTKVâ EJGOâTKK TW)KNQT ÉP /CTâ /âUWTKNG CPVKUâUG)VK FKP VKORWN EGNQT RCVTW NWPK FG QEWRC/KG OCIJKCTâ C 6TCPUKNXCPKGK
OCTVKGKWNKG CWHQUVOQVKXCVGVQEOCKECQKURâ)KTGC CEGUVGK XKPK UGEJGUVTCTGC DWPWTKNQT TGHWIKC/KNQT UC)K )K GVCVK\CTGC CXGTKK 7PKXGTUKVâ/KK PC/KQPCNG UâUG)VK FGUHKKP/CTGC KPUVKVW/KKNQT )K HWPE/KKNQT VTCFK/KQPCNGUâUG)VKCTGUVâTKNG)KEQPFCOPâTKNGNCOQCTVG  ¡P HCRV TâURWPFGTGC XKPG FKP CNVâ RCTVG &QTKP/GNG )K FGOGTUWTKNG WPWK UGIOGPV CN RQRWNC/KGK EKXKNG PCW FGVGTOKPCV EWTUWN Tâ\DQKWNWK FG)K UC ETGCV CEGCUVâ KORTGUKG %QPHW\KC C PâUEWV Q RGTURGEVKXâ HCNUâ GZRNQCVCVâ FG EQPFWEâVQTKK RQNKVKEK )K OKNKVCTK CK VCDGTGNQTEQODCVCPVG  #PVGEGFGPVGNG KPVGTXGP/KGK FKP  PCW HQUV CFWUG NC EWPQ)VKP/CQRKPKGKRWDNKEG¡PVQKWNTGXQNW/KGKRTGUCPWCXGCTâIC\WNFGC EGTEGVCGXGPKOGPVGNGÉPRTQHWP\KOGCECW\GNQTNQT   ¡PCCXWVNQEÉPV¸NPKTGCFGNC/×PEJGPIT¼V\CÉORâTC/KNQT 4WUKGK)K#WUVTKGKQ/¸PCVFGCOKPVKTKNGTQOCPVKEGCNG5HKPVGK#NKCP/GR /CTWNCTHKÉPIGPWPEJGCVÉPHC/CÉORâTCVWNWK#WUVTKGK)KCTHKLWTCVUQNGOP UâKUVGCCNâVWTKQEWUHCVWN)KEWHCRVCRÉPQTKEGENKRâ2CVTWCPKOCKV¸T\KW )KCTGÉPPQKVRTQOKUKWPGCEWQEC\KCOCPGXTGNQTFGNC9QUPQUGPUM 
(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPH×TFCUU¼EJUKUEJG8QNMXQN+++ &TWEMWPF8GTNCIXQP9-TCHHV5KDKWR+FGO&KG5CEJUGPKO ,CJTG  ÉP *WPFGTV ,CJTG U¼EJUKUEJGT -¼ORHG <GJP 8QTVT¼IG CWU FGT )GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPKONGV\VGP,CJTJWPFGTV&TWEMWPF8GTNCIXQP 9-TCHHV5KDKWR 

#UCNVWN4âUâTKVWNWK)KKOCIKPGCTW)KNQT      

&GURTG QTGNC/KC RTKXCVâR FKPVTG /GVVGTPKEJ )K /CTKK TW)K #NGZCPFTW)K0KEQNCGTGNCVCQ5KGDGPD×TIGT9QEJGPDNCVVRNCE¸VGXCNWPK FWRâ EâFGTGC RTGOKGTWNWK CWUVTKCE RTGNW¸PF RTQDCDKN Q EQTGURQPFGP/âFKPVTWP\KCTEGPVTCNPGOGP/KQPCV
#PGZGFQEPT   ¡P  CVGP/KC /CTWNWK 0KEQNCG UG ÉPFTGRVC CUWRTC )CNK/KGK RG ECTG CT HK HQUV ICVC UQ QEWRG FCEâ CEGCUVC UCT HK FGURTKPU WNVGTKQT FG #WUVTKC 2TKOWNOKPKUVTW CWUVTKCE 5EJYCT\GPDGTI TGURKPIGC PGV QTKEG KOKZVKWPGTWUâE¸VâXTGOGEQOCPFCPVWNUWRTGOCNCTOCVGNQTCWUVTKGEG 9KPFKUEJIT¼V\ XâFGC Q CVKVWFKPG HCXQTCDKNâ ECDKPGVWNWK FG NC 2GVGTUDWTI  ¡PRTKPEKRCVGNGTQO¸PGRTQVGEVQTCVWNWKTWUGUEKPUVCWTCVÉP KUCKXKVRTKNGLWNFGCUGOCPKHGUVCFGUEJKU&GCDKCK\DWEPKUGQTGXQNW/KC OKPKCVWTâR FG NC +C)K FKP OCTVKG 
) $CTK/KW  )K EQPUWNKK TW)K CW EâWVCV UâK EQPXKPIâ RG FQOPKVQTKK TQO¸PK Uâ EGCTâ GK ÉP)K)K VTWRG TWUG)VK /KPKUVTWN TWU FG GZVGTPG 0GUUGNTQFG C KPVGTXGPKV NC %QPUVCPVKPQRQNRTKPCODCUCFCFGCEQNQ)KNC$WEWTG)VKRTKPEQOKUCTWN GZVTCQTFKPCT &WJCOGN  
KWPKG   RGPVTW QEWRCTGC RTKPEKRCVGNQT <KCTWN UâUGUE Q5KGDGPD×TIGT$QVGRFKP5KDKWRWDNKECWP QUVTKIâVFGCLWVQTRFKP/QNFQXC)K8CNCJKCQKPVTKIKNGTWUG)VKRUGCHNCWNC DC\CQLCNPKEGNQTKPEKFGPVGRFKPEGNGFQWâ/âTKKCTUQUKTGCVTWRGNQT/CTKUVG GTCVGOWVâFKPENKRâÉPENKRâ  /CPGXTGNG FG VGTGP GTCW OCUECVG FG FGENCTC/KKNG QHKEKCNG ¡P PQVCEKTEWNCTâCFTGUCVâRWVGTKNQTGWTQRGPGÉPKWNKG/CTWNCTâVCEâXC TâO¸PG UKORNW URGEVCVQT NC VQCVG TâUVWTPâTKNG E¸V VKOR KPVGTGUGNG KORGTKWNWKUâWPWGTCWRGTKENKVCVG  <KCTWN DTC)QXGCP Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR RWDNKEC HâTâ EQOGPVCTKK Q0QVC TWUGCUEâ CUWRTC KPVGTXGP/KGK ÉP RTKPEKRCVGNG FWPâTGPGR UGOPCVâ FG /CT NC  KWNKG )K CFTGUCVâ VTKOK)KNQT TW)K FKP UVTâKPâVCVG .KPK)VGC RTKPEKRCVGNQT GTC RGTKENKVCVâ FG NWPK FG \KNG FG Q QOKPQTKVCVG VWTDWNGPVâR +PUWTIGP/KK KPUVCWTCUGTâ ÉP /WPVGPKC WP IWXGTP RTQXK\QTKW )K XQKCW Uâ)K GZVKPFâ KPUWTGE/KC )K CUWRTC /QNFQXGK 8â\¸PFW)K QCOGPKP/CVâ RTQRTKC GZKUVGP/âR 2QCTVC KPVGTXGPK &G CEGGC VTWRGNG TGWPKVG CNG 4WUKGK )K 6WTEKGKKPVTCTâÉPRTKPEKRCVG-CTWNRTQOKUGUGCPVGTKQTUâPWUGCOGUVGEG ÉP VTGDWTKNG KPVGTPG CNG UVCVGNQT KPFGRGPFGPVG Q#NVHGN UVCW NWETWTKNG EW 
Q5D9QEJGPDNCVVRPTKWNKG (T6GWVUEJ)GUEJKEJVGR )GQTIG$CTK/KW2âT/KCNGUGFKP+UVQTKC6TCPUKNXCPKGK2GFQWâUWVGFGCPKÉPWTOâXQN++ Q5KGDGPD×TIGT$QVGRPTKWNKGRPTKWNKGR

VKRQITCHKC9-TCHHV5KDKWR 

RTKPEKRCVGNGFWPâTGPGECTGPWUWPVTGEWPQUEWVGEC)KUVCVGEKUWPVPK)VG UKORNGRTQXKPEKKRâT/KKPVGITCPVGCNGWPWKKORGTKWQDNKICVGRTKPVTKDWV HC/âFGUW\GTCPWNNQTEQPFWUGVGORQTCTFGWPRTKPEKRGCEâTWKCNGIGTG PGEGUKVâEQPHKTOCTGC)KÉPEGGCEGQRTKXG)VGRG4WUKCGNGPWCWPKEK WPHGNFGGZKUVGP/âRQNKVKEâÉPCHCTâFGEGCRTGXâ\WVâÉPVTCVCVGNGFKPVTG 2QCTVC QVQOCPâ )K PQKR %JKCT FCEâ UKUVGOWN CFOKPKUVTCVKX CN RTKPEKRCVGNQTCXGCPGXQKGFGÉPPQKTKCEGUVGCPWUGRWVGCWÉPHâRVWKRTKP TGXQNVG)KHâTâCEQTFWNEGNQTFQWâEWT/K#EWOTGXQNVCFGXGPKUGOKLNQEWN PWFGCOQFKHKECTGIKOWNRQNKVKEEKFGCNFKUVTWIGFKPVGOGNKK¡PRNWU RGDC\CPC/KQPCNKVâ/KKNQTOQNFQXCNCJKKCXGCWRTGVGP/KCWPWKQKORGTKW FCEQTQOCPR Q4GCNK\CTGC WPWK CUGOGPGC RNCP RTGUWRWP¸PF EJKCT ÉPFGRNKPKTGC NWKR CT CVTCIG FWRâ UKPG ITCXG WTOâTK Q&CEâ OQNFQ XCNCJKKÉPPWOGNGWPGKPC/KQPCNKVâ/KCRCTGPVGCEâTGKQTKIKPGUGRKGTFGÉP PQCRVGC VKORWTKNQT K\DWVGUE Uâ UG FGURTKPFâ FG 6WTEKC EWT¸PF FWRâ CEGGC EQPHQTO CEGNWKC)K RTKPEKRKW )K UWD KORWNUWN CEGNGKC)K FQTKP/G XQO XGFGC $WNICTKC 4QOGNKC VQCVG RTQXKPEKKNG FGURâT/KVG RTKP NKODâ FKP ECTG UG EQORWPG KORGTKWN QVQOCP TKFKE¸PF RTGVGP/KK FG GOCPEKRCTG )K ÉPHKKP/CTG C WPQT UVCVG UGRCTCVG &KP VQCVG CEGUVGC CT FGEWTIG HKG FGUVTâOCTGC UC EQORNGVâ HKG EGN RW/KP FGENCP)CTGC ÉP ÉPVTGIWN 1TKGPV C WPQT ÉPEWTEâVWTK FG PGFGUE¸NEKVR +PVGITKVCVGC 2QT/KK FGXGPGCQOCKOWNVFGE¸VQTKE¸PFRGPVTW4WUKCQEQPFK/KGHWPFCOGPVCNâ COGP/KPGTKKRâEKKIGPGTCNGR#EGNGCGTCWOQVKXGNGQUKORNG)KNGIKVKOGR CNG KPVGTXGP/KGK TWUG ÉP RTKPEKRCVG Q5G XC URWPG )K UC URWU FGLC Eâ CEGCUVâOK)ECTGPWGUVGFGE¸VRTKOWNRCUÉPRQNKVKECPQCUVTâFGEWEGTKTG RGPVTW ECTG CO C)VGRVCV PWOCK WP RTGVGZVR &CT /CTWN RTQOKVGC TGVTCIGTGCVTWRGNQTUCNGÉPFCVâFWRâTGUVCDKNKTGCQTFKPKK  /WNVGHCOKNKKDQKGTG)VKFKP/WPVGPKCKPENWUKX)J$KDGUEWUCW TGHWIKCVNC$TC)QXTâUR¸PFKPFXGUCVGCEâVTWRGNGTWUG)VKXQTQEWRCPW PWOCKRTKPEKRCVGNGEK)KRâT/KÉPVTGIKCNGOQPCTJKGKCWUVTKGEGCLWPI¸PF R¸Pâ NC 8KGPC ¡P UEJKOD TGXQNW/KQPCTKK WPIWTK RQNQPG\K KVCNKGPK UG ÉPEWTCLCWTGEKRTQEGZENW\¸PFRQUKDKNKVCVGCQTKEâTGKKPVGTXGP/KKTWUG  .C UH¸T)KVWN CPWNWK  UKVWC/KC OKNKVCTâ ÉP 6TCPUKNXCPKC GTC UWHKEKGPV FG FG\CUVTWQCUâ RGPVTW VTWRGNG CWUVTKGEG 2WEJPGT EQOCPFCPVWN IGPGTCN CN VTWRGNQT FKP #TFGCN ÉK TCRQTVC NWK 9KPFKUEJIT¼V\ Eâ ÉP EC\WN CRTQCRG UKIWT ÉP ECTG ÉK XC HK KORQUKDKN Uâ CUKIWTGRC\CQTC)GNQTUâUG)VK)KXCHKQDNKICVUâRâTâUGCUEâVGTKVQTKWNXC EâFGC NC ÉP/GNGIGTG EW EQOCPFCPVWN HQT/GNQT TWUG)VK CHNCVG CRTQCRG FG 
Q$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGRPTUGRVGODTKGR )$CTK/KWQREKVR  

ITCPK/â 2WEJPGT PC QD/KPWV TâURWPU FG NC 9KPFKUEJIT¼V\ 6QVW)K NC EQPVCEVCVRGIGPGTCNWN.×FGTUEQOCPFCPVWNTWUCN/WPVGPKGK.×FGTUC VTKOKUWPEWTKGTNC2GVGTUDWTIEGT¸PFKPUVTWE/KWPKRTGEKUG ¡P CEGUV OQOGPV CW KPVGTXGPKV KPK/KCVKXGNG EKXKNG (TKGFTKEJ 6GWVUEJCHKTOâEâEGTGTGCFGEJGOCTGCTW)KNQTCXGPKVFKPFQWâRâT/K FKPRTGCLOCNWK2WEJPGT)KFKPU¸PWNRQRWNC/KGK0WGZKUVâÉPUâPKEKQ RTQDâ ECTG Uâ CVGUVG Eâ RQRWNC/KC
ECTG RQRWNC/KG!  C OCPKHGUVCV XTGQ CVKVWFKPGTWUQHKNâ&QTKP/CEJGOâTKKWPQTCLWVQCTGFKPCHCTâCCRCT/KPWV EGTEWTKNQTEQPFWEâVQCTGCNG5KDKWNWK)K$TC)QXWNWKKPHNWGP/CVGRQCVG)K FGFGTWVCECTGUVâR¸PGC%QOCPFCOGPVWNOKNKVCTCWUVTKCE  .C  FGEGODTKG  C HQUV EQPXQECVâ NC 5KDKW Q EQPHGTKP/â OKZVâ+PK/KCVQTKKGTCWRCTVGCIGTOCPâECTGCRCTVKEKRCVEWRGTUQCPG IGPGTCNWN2HGTUCOPPEQOKVGNGUC)KNQT5CNOGPUGETGVCTWN)NCP\DCTQPWN 4GKEJGPDGTI TGFCEVQTWN \KCTWNWK Q5KGDGPD×TIGT $QVGR $GPKIPK XQP /KNFGPDGTI (TKGFTKEJ /×NNGT )C +PXKVC/K CW UQUKV )CRVG OGODTK CK %QOKVGVWNWK PC/KQPCN TQO¸P GRKUEQRWN (CIWPC ) $CTK/KW #6 .CWTKCP4CFW1TIJKFCP
WPEQOGTEKCPVDQICVFKP$TC)QX )C$CTK/KW FGUETKGRGNCTIFG\DCVGTKNGCRTKPUGCNGCEGUVGKÉPVTWPKTKCNEâTGKUEQRGTC VTKOKVGTGC WPGK FGNGIC/KK NC $WEWTG)VK ECTG Uâ ÉK EGCTâ CLWVQT OKNKVCT NWK .×FGTUÉPPWOGNGEGNQTFQWâPC/KWPKTQO¸Pâ)KIGTOCPâ2TQRWPGTGC RGECTGQHâEGCIGPGTCNWN2HGTUOCPPGTCRCTCFQZCNâ2WEJPGTWTOCUâ RTQVGUVG\GQHKEKCNÉORQVTKXCKPVTâTKKFGVTWRGUVTâKPGÉP6TCPUKNXCPKCFCT PGQHKEKCN É)K FâFGC CUKIWTCTGC Eâ XC NWC VQCVG OâUWTKNG RGPVTW CRTQXK\KQPCTGC CTOCVGK TWUG)VK 2CTVGC TQO¸Pâ PGFWOGTKVâ PW ÉP/GNGIGC FG EG 2WEJPGT ÉPFGOPC EGNG FQWâ PC/KWPK Uâ EGCTâ CLWVQT RGPVTW EC CRQK GN Uâ RTQVGUVG\G %QOKVGNG 5CNOGP KPUKUVC CUWRTC PGEGUKVâ/KKKPVGTXGPKTKKTW)KNQTRGPVTWCUCNXC5KDKWN)K$TC)QXWNFGUQCTVC 4GIJKPWNWK CTU )K FKUVTWU FG VTWRGNG UGEWKG)VK ÉP PQKGODTKG  1 FGNGIC/KGEQORWUâFKP(CIWPC.CWTKCP5CNOGP)KÉPEâWPHWPE/KQPCT UCUUCFGRNCUCVNCUGFKWNNWK2WEJPGTCFWE¸PFRTQOKUKWPGCCEGUVWKCEâ XC TGPWP/C NC QTKEG RTQVGUV FWRâ EJGOCTGC NWK .×FGTU 2TQVQEQNWN ÉPEJGKCVEQPUGOPCEâPW/CTC)KPWEGNGFQWâPC/KWPKUQNKEKVCWCLWVQTWN TWUEKPWOCKOWPKEKRKKNG5KDKW)K$TC)QX&QWâFGNGIC/KKWPCFGUKDKGPK
(CIWPC)K)QVVHTKGF/×NNGT )KWPCFGDTC)QXGPK
EQOGTEKCPVWN)0KEC )K WP UGPCVQT UCU  CW RNGECV NC $WEWTG)VK FCT PCW QD/KPWV PKEK WP TG\WNVCV.×FGTUCXGCCNVGKPUVTWE/KWPKFGNC/CTWN0KEQNCG  2WEJPGT C HQUV KPHQTOCV FG EQPUWNWN CWUVTKCE FKP ECRKVCNC /WPVGPKGK 6KOQPK Eâ .×FGTU PW XC KPVGTXGPK FGE¸V FCEâ 2WEJPGT ÉPUW)KKQXCEGTG 
(T6GWVUEJ)GUEJKEJVGR  

$CTK/KW OCTVQT QEWNCT )K RCTVKEKRCPV EQPENW\KQPC Q#)CFCT EQPXQECTGCEQPHGTKP/GKFKP&GEGODTKGCHQUVEWTCVQEQOGFKGLWECVâ ÉPUâTâWR0KEKEJKCT$CTK/KWPCUGUK\CVEâÉPECFTWNCEGNGKCFWPâTKFG EKXKNK  RQORQU CWVQKPVKVWNCVG %QOKVGVWN FG RCEKHKECTG  RTQRWPGTGC XGPKUG FKP RCTVGC WPWK OKNKVCT CRQK Eâ 2HGTUOCPP VTCPUOKVGC FG HCRV KPK/KCVKXC NWK 2WEJPGT #X¸PF CEQTFWN VCEKV CN WPGK HTCE/KWPK C IWXGTPWNWK CWUVTKCE FCT KPVGTFKE/KC HQTOCNâ FG C OGFKC PGIQEKGTKNG EW TW)KK2WEJPGTCTGEWTUNCQÉPUEGPCTG#EQPXQECVTGRTG\GPVCP/KKCFQWâ PC/KWPKRGPVTWECCEG)VKCNCT¸PFWNNQTUâ)KCUWOGFGEK\KCÉPPWOGNG RQRQCTGNQT TQO¸P )K UâUGUE &KPVTQ CE/KWPG RWT OKNKVCTâ KPVGTXGP/KC TWUâ UCT HK VTCPUHQTOCV ÉPVTQ NGIKVKOâ NWRVâ FG CRâTCTG PC/KQPCNâ 2NCPWN C G)WCV 2TQVQEQNWN TGUVT¸PIGC EGTGTGC FG CLWVQT NC EGNG FQWâ QTC)G %JKCT )K C)C FGOGTUWN EKXKN PC CXWV PKEK WP GHGEV %W VQCVG CEGUVGCOCKV¸T\KWXGTUKWPGCQHKEKCNâCWUVTKCEâCUWRTCKPVGTXGP/KGKTWUG ÉP#TFGCNCHQUVRTG\GPVCVâECQGZRTGUKGCFQTKP/GKEGNQTFQWâPC/KWPK ECWPCEVFGRWTâWOCPKVCVG  -CTWNKORWUGUGÉPEâFKPTCRQTVWTKNGKGTCTJKEG¡PXK\KWPGC NWKEQNCDQTCTGCTWUQCWUVTKCEâUGTG\QNXCNCPKXGNOKNKVCT%GGCEGCTCVâ Eâ OQVKXC/KC TWUGCUEâ PW GTC PKEKFGEWO WOCPKVCTâ EK RQNKVKEâ 4GXQNW/KKNGFKPGUVWN'WTQRGKCWHQUVRTGVGZVWNRTQOQXâTKKWPGKRQNKVKEK GZRCPUKQPKUVG FG QEWRCTG OKNKVCTâ C /âTKNQT XGEKPG 4WUKGK 4GÉPXKGTGC 5HKPVGK#NKCP/GKFGCNCNFGURQVKUOWNWKTWUGUECVTGDWKVUâÉPHT¸PIâOCK ÉPV¸K UETWRWNGNG %CUGK FG #WUVTKC ECTG FQTGC Uâ RâUVTG\G Q HC/â OCK DN¸PFâÉPVTQ'WTQRâFGUEJKUâNWRVGKRGPVTWNKDGTVâ/KFGOQETCVKEG  5KVWC/KC FG RG E¸ORWN FG DâVâNKG KC UKNKV RG CWUVTKGEK Uâ RTGKC TâURWPFGTGC .C  KCPWCTKG  UC FGUHâ)WTCV RTKOC EQPHTWPVCTG CTOCVâFGNC5KDKW&G)K$GOCHQUVÉPHT¸PVUCTGVTCUNC5NKOPKEFGWPFG RTGIâVGCWPPQWCVCECUWRTCQTC)WNWK2WEJPGTCOCPKHGUVCVÉPEâQFCVâ PGJQVâT¸TGRTGF¸PFWKNWK2HGTUOCPPHWPE/KKNGEQOCPFCPVWNWKIGPGTCN UWDRTGVGZVWNEâGNÉPUW)KPWRWVGCCUKIWTCÉPCEGNC)KVKOR)KEQOCPFC EQTRWNWKOQDKN¡PTGCNKVCVGGTCQGNGICPVâUQNW/KGFGKG)KTGFKPQUKVWC/KC HCVCNâR
(T6GWVUEJ   #RQK NC  HGDTWCTKG  2WEJPGT C ÉPVTWPKV WP EQPUKNKW FG Tâ\DQKECTGCFGEKUCNGEGTGTW)KNQTQCLWVQTOQOGPVCPRRGPVTWEGVâ/KNG 5KDKW)K$TC)QX2HGTUOCPPKCUETKUNWK.×FGTUEGT¸PFITCDPKEFG KPHCPVGTK)VK)KVWPWTKRGPVTWHKGECTGFKPCEGUVGQTC)GKCTECXCNGTK)VKPW 
)$CTK/KWQREKVR 

&GUETKGTGCDâVâNKGKNC%CTN)ÑNNPGT&KG5KGDGPD×TIGT5CEJUGPKPFGP4GXQNWVKQPULCJTGP (T6GWVUEJ)GUEJKEJVGR 

'FKVWTC#ECFGOKGK454$WEWTG)VKR 

OCK OWNV FG  ÉPVTWE¸V NKRUGCW HWTCLGNG )GPGTCNWN 5EJWTVGT FKP $TC)QXÉKVTKOKUGNWK.×FGTUQTWIâOKPVGUKOKNCTâ  ¡PVTG VKOR TGNC/KKNG FKPVTG %QOKVGVWN TQO¸P )KUC)KUGTâEKUGTâ VQEOCK FKP ECW\C KOKPGPVGK XGPKTK C TW)KNQT $CTK/KW GZRNKEC FWRâ EG FâFWUGTâCV¸/KCTGETW/K%CUGKFQOPKVQCTGTQO¸PKKUGUKO/GCWCEWOFC/K NCQRCTVG  .C  HGDTWCTKG IGPGTCNWN TWU 'PIGNJCTF C KPVTCV FKPURTG /WPVGPKCÉP$TC)QXEWFGUQNFC/KRGFG)VTKWNCPKEC\CEK EâNâTK)KVWPWTK2TKPRCUWNFG6WTPW4Q)WIGPGTCNWN5MCTKCVKPCKPVTCV ÉP5KDKWEWKPHCPVGTK)VKEC\CEK)KVWPWTK$CTK/KWCHNCVNC5KDKW ÉP OQOGPVWN KPVTâTKK NWK 5MCTKCVKP CRTGEKC Eâ GHGEVKXGNG TWUG)VK GTCW UWHKEKGPVG FQCT RGPVTW CRâTCTGC ICTPK\QCPGK QTC)WNWK RGPVTW EC CWUVTKGEKKUâRQCVâQRGTCÉPXQKG%¸PF2WEJPGTCHQUVUKIWTFGXGPKTGC TW)KNQTCVTGEWVNCCVCEÉPHT¸PI¸PFWNRG$GONC1EPC5KDKWNWK2WEJPGT RQTPKÉPWTOâTKTGCNWK$GOQEWR¸PF5GDG)WN  &WRâ EQPUWOCTGC HCRVWNWK Q5KGDGPD×TIGT $QVGR RWDNKEC WP NWPI CTVKEQN FG HQPF Q&GURTG KPVTCTGC TW)KNQT ÉP 5KDKW )K $TC)QXR /QVKXWN XGPKTKK NQT GTC QCRâTCTGC CEGUVQT FQWâ QTC)G ÉORQVTKXC TCKFWTKNQT V¸NJâTG)VK )K FKUVTWIâVQCTG CNG WPIWTKNQT )K UGEWKNQT TGDGNKR 5QUKTGC NQT C RTQXQECV CPKOC/KG &CT RQRWNC/KC PW VTGDWKC Uâ UG ÉPITKLQTG\G FGQCTGEG QNC DC\C KPVGTXGPKTKK VTWRGNQT TWUG)VK PW UVâVGCW PKEKRQTPKTKFKRNQOCVKEGPKEKEQPLWPEVWTKRQNKVKEGEKCHQUVFQCTWPCEVFG WOCPKVCVGR 5C)KK )K TQO¸PKK UG TKFKECUGTâ JQVâT¸/K ÉORQVTKXC GNGOGPVWNWK VGTQTKUV OCIJKCT ¡P CEGUVG ÉORTGLWTâTK GTC KORQTVCPVâ UVCDKNKTGCQCFGXâTWNWKR#TVKEQNWNHâEGCQTGVTQURGEVKXâCTâ\DQKWNWKEKXKN FKP 6TCPUKNXCPKC ÉP WTOC EâTWKC  CRTGEKC \KCTWN  CT HK RKGTKV ÉP 6TCPUKNXCPKC R¸Pâ NC FCVC CEGGC  QCOGPK #LWVQTWN TWUGUE C HQUV QWPCEVFGWOCPKVCVGCXGEKPWNWKRPKEKFGEWOQKPVGTXGP/KGFKPOQVKXG RQNKVKEGCWPWKUVCVUVTâKP 

)$CTK/KWQREKVR2TGUCUâUGCUEâCFG\DâVWVNGIKNGFGTGETWVCTG)KOQFWNÉP ECTG CW FGEWTU CEGUVGC0WOCKÉPCXWUGUGTâNQEÉP#TFGCNFQWâTGETWVâTKWPC GHGEVWCVâ FG CWUVTKGEK ÉP KCPWCTKG KCT CNVC ÉP UGRVGODTKG GHGEVWCVâ FG WPIWTK .C  CWIWUVCWUVTKGEKKCWGOKUQPQWâNGIGFGTGETWVCTG )$CTK/KWQREKVR&CT(T6GWVUEJÉP*WPFGTV,CJTGRFâCNVGFCVG HGDTWCTKGRGPVTWKPVTCTGCNWK'PIGNJCTFVÉP$TC)QX)KHGDTWCTKGRGPVTWUQUKTGC NWK5MCTKCVKPNC5KDKW6GWVUEJKPFKEâWNCPKÉPVTWRGNGNWK'PIGNJCTFV
$CTK/KW   KPHCPVGTK)VK )K  EC\CEK UWD EQOCPFC NWK 5MCTKCVKP
$CTK/KW  TGURGEVKX  5GRQVCEEGRVCECOCKGZCEVGFCVGNGNWK$CTK/KWÉPECNKVCVGCNWKFGOCTVQTFKTGEV Q5D$QVGRPTHGDTWCTKGR 

+DKFGOR)$CTK/KWQREKVR  

¡PVTWP PWOâT WTOâVQT VQV Q5D $QVGR ETKVKEC QOKPEKWPKNGR EWRTKPUG ÉP FQWâ UETKUQTK FKP  )K  KCPWCTKG  CNG WPWK TQO¸P CRâTWVGÉPQ1UV&GWVUEJG2QUVR¡PCEGNGUETKUQTKUGCHKTOCEâÉORQVTKXC KPVTâTKKTW)KNQT%QOKVGVWNTQO¸PUGTKFKECUGFGNCÉPEGRWV)KEâTQO¸PKK CTHKUGOPCVRTQVQEQNWNEGTGTKKFGCLWVQTQÉORQVTKXCXQKP/GKNQTR<KCTWN UâUGUE EQOGPVC EKPG C RWVWV XTGQFCVâ UâK UKNGCUEâ RG TQO¸PK Uâ HCEâ EGXC! (KKPFEâ TQO¸PKK QPW FCW CUEWNVCTG PKEK WPGK KPUVCP/G EKXKNG FKP /CTâR1CNVâQOKPEKWPâRCTHKHQUVCHKTOC/KCEâCLWVQTWNTW)KNQTPWHWUGUG PGEGUCT FGQCTGEG VTWRGNG CWUVTKGEG EQPEGPVTCVG NC 5KDKW CT HK PWOâTCV FGQCOGPKEWFGVWPWTKQ$QVGRTGEVKHKECFQCTFGQCOGPK EWFGVWPWTK 0KEK $CTK/KW PKEK 6GWVUEJ  PW URGEKHKEâ GHGEVKXGNG CWUVTKGEG NC KPVTCTGCTW)KNQTÉP5KDKW'WIGPXQP(TKGFGPHGNUÉPUâKPFKEâÉPVTCFGXâT WP GHGEVKX VQVCN FG  UQNFC/K CWUVTKGEK UWD EQOCPFC IGPGTCNWNWK 2WEJPGT %QTRWN UNCD FQVCV UNCD CRTQXK\KQPCV GTC FG NC ÉPEGRWV EQORNGV KPCRV FG C UG EQPHTWPVC EW UKVWC/KC GZEGR/KQPCNâ IGPGTCVâ FG TGXQNW/KG(K9WT\DCEJXGJKEWNGC\âEKHTCFGQCOGPK  ¡P CEGNC)K \KCT %QOKVGVWN TQO¸P )KC FGNKOKVCV RQ\K/KC HC/â FG EGC GZRTKOCVâ ÉP UETKUQTKNG CPQPKOG ¡P EGGC EG RTKXGC CURGEVWN RTKPEKRCNEJGOCTGCTW)KNQTÉPEGNGFQWâQTC)G%QOKVGVWNFGENCTCEâQNC FGEGODTKGCPWNVTGEWVEWPGRNâEGTGFCTUKNKVFGUKVWC/KCHâTâUEâRCTG)K FG PGXQKC ÉP ECTG UG \DâVGC /CTC PQCUVTâ É)K FGRWUGUG FG DWPâXQKG UGOPâVWTKNGRGRTQVQEQNWNTGURGEVKXRGPVTWUCNXCTGCPC/KWPKNQTTQO¸Pâ )K IGTOCPâ .C VTCVCVKXGNG WNVGTKQCTG ÉPUâ PC OCK RCTVKEKRCV )K PKEK NC FGEK\KCEQPUKNKWNWKFGTâ\DQKECTGCFWUEWCFGXâTCVNCKPVTCTGCVTWRGNQT FGRTQVGE/KGKORGTKCNGTWUG)VKR5GOPCÉPPWOGNG%QOKVGVWNWKTQO¸PFG RCEKHKECTG 5KOKQP $âTPW/KW 'ZRNKEC/KC QHGTKVâ CUWRTC KORNKEâTKK %QOKVGVWNWK TQO¸P ÉP EJGOCTGC TW)KNQT GUVG QPHQTOâ EW CFGXâTWN (K $CTK/KW UETKG Eâ FWRâ UGOPCTGC RTQVQEQNWNWK %QOKVGVWN TQO¸P PW UC OCKKORNKECVÉPFGOGTUWTKNGWNVGTKQCTG  Q5KGDGPD×TIGT9QEJGPDNCVVRFKP$TC)QXÉPVTWPWNFKPWNVKOGNG UCNGPWOGTGTGNCVCFGCUGOGPGCOQOGPVWN&GFCVCCEGCUVCCTVKEQNWN KPVKVWNCVQ&GURTGKPVTCTGCVTWRGNQTKORGTKCNGTWUG)VKRGTCQTGRTQFWEGTG FKP \KCTWN IWXGTPCOGPVCN XKGPG\
FKP  HGDTWCTKG   8CTKCPVC 
+FGOPTHGDTWCTKGR 

'WIGP XQP (TKGFGPHGNU ,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVT¼IG \WT <GKVIGUEJKEJVG 5KGDGPD×TIGPUKO,CJTJWPFGTV8KGPCXQN++R%QPUVCPVXQP9WT\DCEJ $KQITCRJKUEJGU.GZKMQPFGU-CKUGTVJWOU1GUVGTTGKEJXQN8KGPCR Q5D$QVGRPTOCTVKGR <KCTWN)KCÉPEGVCVCRCTK/KCEWPTFKPOCTVKG 

QHKEKCNâ CWUVTKCEâ GTC WTOâVQCTGC #TIWOGPVWN PGEGUKVâ/KK EJGOâTKK TW)KNQT GTC CRâTCTGC QTC)GNQT IGTOCPG ÉP EQPFK/KKNG TWRGTKK NGIâVWTKNQT FKPVTG CTOCVC CWUVTKCEâ EG QRGTC ÉP 7PICTKC )K EGC FKP 6TCPUKNXCPKC 2WEJPGT CUCNVCV FG TWIâOKP/K HKGTDKP/K XGPKVG FKP OKLNQEWN PC/KWPKNQT TQO¸Pâ)KIGTOCPâQCFCVCUEWNVCTGINCUWNWKWOCPKVâ/KKFGEJGOCTGC URTKLKPWNWK TWU FG)K PW GTC ÉORWVGTPKEKV RGPVTW CEGCUVC FG EâVTG IWXGTPWNEER  
5GCTâVCEWOÉPVQKWNFKUEW/KKNQTEQPUKNKWNWKFGTâ\DQK FKP  HGDTWCTKG WP EWTKGT CFWUGUG FG NC $TC)QX XGUVGC Eâ QJQCTFG ÉPCTOCVG FG UGEWK  NC PWOâTR GTCW ICVC Uâ PâXâNGCUEâ CUWRTC QCEGUVWKDQICVGORQTKWEQOGTEKCNR%CWTOCTGCCRGNWNWKNWK2WEJPGT NC  HGDTWCTKG  FG UQNFC/K TW)K CT HK KPVTCV ÉP $TC)QX KCT NC  HGDTWCTKGFGQCOGPKÉP5KDKW2WEJPGT)KCTHKOQVKXCVRCUWNRTKP CEGGCEâQCOK\CVFQCTRGCLWVQTCTGCOQOGPVCPâCQTC)GNQTUâUG)VK)KEâ PKEK PW RWVGC HK XQTDC FGURTG Q RCTVKEKRCTG C CEGUVQT VTWRG NC NWRVC WNVGTKQCTâÉORQVTKXCTGDGNKWPKKR  %WCNVRTKNGL\KCTWNDTC)QXGCPGXKFGP/KCTQNWNKORQTVCPVTGXGPKV TW)KNQT ÉP CRâTCTGC EGNQT FQWâ EGVâ/K $TC)QXWN PCT HK RWVWV HCEG HC/â UKPIWTEGNQTFGUGEWK
PW 4W)KKXGPK/KQNCEGTGTGCPQCUVTâ )K RG EJGNVWKCNC PQCUVTâR PCW RTKXKV RTQDNGOC EC RG Q KPVGTXGP/KG RQNKVKEâ Q+PVGP/KKNG PQCUVTG RQNKVKEG UWPV EGNG TGEWPQUEWVG FG RTKPEKRG EGNG RTQOQXCVGFGOCLQTKVCVGCEGVâ/GPKNQTUVCVWNWKR¡P6TCPUKNXCPKCURTGTW)KPGC CTFGNGPKNQTPWUGRWTVCWPTâ\DQKRGRTKPEKRKWNUWRTGOC/KGKOKNKVCTG%K QPC/KWPKNG ECTG É)K UVCW HC/â ÉP HC/â CW WTOâTKV RTKP Tâ\DQK GZRNKEKV UV¸TRKTGC TGEKRTQEâR &KPVTQ QFGRNQTCDKNâ TâVâEKTG C T¸XPGK HC/â FG RTQRTKWN RQRQTR CW OWTKV DâVT¸PK HGOGK )K EQRKK PGXKPQXC/K .C KPVGTXGP/KKNG ÉORâEKWKVQCTG CNG IWXGTPWNWK EE PKEK TQO¸PKK PKEK OCIJKCTKK PW )KCW RNGECV WTGEJGC 5C)KK CHNC/K NC OKLNQEÉPEQPLWTC/KFG HCPCVKUO )K RTâFâEKWPK CPKOCNKEG É)K C)VGRVCW EGCUWN FKP WTOâ +OCIKPGC EGVâ/KKUWTQTK 4GIJKP NG RNWVGC ÉP HC/C QEJKNQT Q5â PG URWPâ EKPGXC EG CXCPVCL )K EG QPQCTG CO HK FQD¸PFKV FCEâ CO HK ÉPV¸ORKPCV QTDK CEGNC)K FGUVKPR 4W)KK PW UG COGUVGECW ÉP NWRVGNG FKP CHCTC EGNQT FQWâQTC)G)KWTOCWUâRâTâUGCUEâ\QPCFGÉPFCVâEGQCPKOCNWNUâNDCVKE GTCTâRWUKCTV¸NJCTWNCFWUÉPHC/CLWFGEâVQTWNWKUâWR  'ZRWPGTKNG FG OCK UWU OKPKOCNK\CW ÉPUGOPâVCVGC GXGPKOGPVWNWK8GPKTGCTW)KNQTEâRâVCCURGEVWNWPGKOâUWTKEWECTCEVGT UVTKEV NQECN NKRUKVâ FG QTKEG KORNKEC/KK RQNKVKEG ,WUVKHKECTGC ÉPUâ)K TGNGXâ UGPVKOGPVWN XKPQXâ/KGK )K ÉPITKLQTCTGC HC/â FG TGCE/KKNG QRKPKGK RWDNKEG 
Q5D9QEJGPDNCVVRPTOCTVKGR +FGOPTOCTVKGR 

#EGUVGCPWUCWNâUCVC)VGRVCVG)WUVCX(TG[VCIUETKCÉPQ)TGP\DQVGRFKP .GKR\KICXCPRQUVWNNKDGTCNKUOWNWKIGTOCP  Q4â\DQKWN FKP KPVGTKQT QTKE¸V FG ITQC\PKE UCT FG\NâP/WK GUVG ÉPVQVFGCWPC EQORCTCDKN EW Q EGCTVâ ÉP HCOKNKG 6Q/K UG WTâUE COCTPKE FCTUG)KKWDGUEHTâ/G)VG7PUVTâKPECTGUGX¸TâNCOKLNQERGPVTWCHCEG QTFKPG FKUVTWIG DTWOC FG RKGVCVG HCOKNKCNâ ECTG OCK RGTUKUVâ ÉPVTWP EQN/ FG UWHNGV EJKCT ÉP RTCFC EGNGK OCK CRTKIG O¸PKK (âTâ Uâ XTG/K KC/K ÉPHT¸PVRGWPIWTKEWCLWVQTWNTW)KNQTEGGCEGPWQUâXâWKVGPKEKQFCVâ UGEWKWN )K OCIJKCTWNR (K OCK FGRCTVG Q&KP RâECVG GUVG VQVWPC FCEâ KPVTCTGC TW)KNQT UC HâEWV EW XQKC UCW HâTâ XQKC XQCUVTâ 6QVW)K XQK UWPVG/KXKPQXC/KFGEGGCEGGVTCIKEÉPCEGUVUGTXKEKWRTKGVGPGUE0WÉKEGTV RGUC)KKECTGKCWEJGOCVFCTIJKPKQPWNGUVGEâGKCWHâEWVQR  .COCTVKGCCXWVNQECFQWCDâVâNKGFGNC5KDKW.WRVCC HQUVUEWTVâ5MCTKCVKPCRâTâUKVQTC)WN)KUCTGVTCUÉP/WPVGPKC#ÉPEGRWV QEWRC/KCOCIJKCTâC5KDKWNWKQ5KGDGPD×TIGT$QVGRKCCEW\CVRGTW)KFG NKRUâ FG KPVGTGU ÉP CRâTCTGC QTC)WNWK Q'TCW QCTGIGPGTCNKKTW)KICVCUâ HCEâVQVEGUGRWVGCHCEGICVCUâUCNXG\GNCPGXQKGVQVEGUGRWVGCUCNXC! 0W)GPGTCNWN$GOCXâ\WVEâVTGDWKGUâHQT/G\GÉPENG)VCTGCÉPEWTUWN PQR/KK8KEVQTKCUCGTCFGEKUâR  Q$QVGR RWDNKEC OCK OWNVG RTQENCOC/KK CNG NWK $GO EâVTG NQEWKVQTKK5KDKWNWK
ÉP)KOCTVKG Q5KPIWTCXQCUVTâUEâRCTGGUVG TGEWPQC)VGTGC )K ÉPHâRVWKTGC WPKWPKK EW 7PICTKC #NGIGTGC XQCUVTâ PW RQCVG HK ITGW FG HâEWV ÉPVTG NKDGTVCVG EGVâ/GPGCUEâ )K DKEK EâEK EGGC EG XQKG)VGRTQVGE/KCTWUâC/KCHNCVFGLCR$GONGCOKPVGCUKDKGPKNQTQ8QKC/K EGTWVCLWVQTWNTWUGUE#UVCXâÉPHKGTGC\âÉPQEJKKÉPVTGIKK'WTQRG)KRWPG CUWRTC ECW\GK PQCUVTG RGEGVGC NGICNKVâ/KK ' KORQUKDKN EC CEGCUVC Uâ HKG FQTKP/CVWVWTQTUC)KNQTCTFGNGPKECTGOCKGTCWFGWPâ\KCV¸VFGTWUQHQDK 8âRWVG/KRWTKHKECPWOCKRTKPVTQTGPGICTGRWDNKEâR  $GO CEQTFC COPKUVKG IGPGTCNâ ¡P HNCITCPVâ EQPVTCFKE/KG EW RTGXGFGTGC NWK $GO EQOKUCTWN IWXGTPCOGPVCN %U¶P[K KPUVKVWKC FKP QTFKPWNNWK-QUUWVJVTKDWPCNGNGFGU¸PIG  2TGUC C EQPUGOPCV FGENCTC/KC HQTOCNâ )K UQNGOPâ FG RTQVGUV C EGVâ/GPKNQT5KDKWNWKÉORQVTKXCQTKEâTGKKPVGTXGP/KKTWUG)VK 

%KVCVFG(T6GWVUEJÉP)GUEJKEJVGR Q5D$QVGRPTOCTVKGR +FGOPTOCTVKGR 

Q-TQPUV¼FVGT <GKVWPIR PT   OCTVKG  R  TGFâ Q )VKTG FKP 5KDKW EW RTQENCOC/KCNWK$GOOCTVKG Q5D$QVGRPTOCTVKGR  

.COCTVKG-QUUWVJÉKUETKCNWK$GOQ2GTOKVG/KOKCOK GZRTKOCTWIâOKPVGCÉPPWOGNGUHKPVGKECW\GRGPVTWECTGNWRVC/KCV¸VFG INQTKQUFGCPWKVTCVCRTGCOâTKPKOQURGUC)KKEGKVTâFâVQTK5âPWXâ ÉPETGFG/KÉPUC)K'WPWUWPVVGTQTKUV)KPWOâI¸PFGUENCTGRTGUCNKKFCT XTGCW UGEWTKVCVG ÉORQVTKXC WPGK PQK VTâFâTK C UC)KNQT KPHTCEVQTK PGTGEWPQUEâVQTK &G CEGGC Xâ TQI Uâ PW NG RTQOKVG/K UC)KNQT PKOKE EK FQCTUâNGURWPG/KEâUQCTVCNQTXKKVQCTGFGRKPFGFGEQORQTVCOGPVWNNQT (K HKKPFEâ UCW QDTâ\PKEKV )K KCW EJGOCV RG TW)K ÉORQVTKXC FTGRVWNWK RQRQCTGNQT HâE¸PFWUG CUVHGN FGOKKFGQTKXKPQXC/KFGEGCOCKNKRUKVâ FG &WOPG\GW VTâFCTG FG /CTâ GW Xâ FGENCT Eâ FCEâ UC)KK PWK XQT ÉPFGRâTVCRGTW)KR¸PâNCWNVKOWNQOFGCKEKPWXQKTâDFCPKEKWPUCURG VGTKVQTKWN EQTQCPGK WPICTG EK ÉK XQK CNWPIC FKP /CTâ QTK NG XQK TGVTCIG VQCVâRTQVGE/KC)KVQCVGNKDGTVâ/KNGNGIKK)KNGXQKUGEJGUVTCÉPVTGCICCXGTG 6TCPUOKV FQOPWNWK IGPGTCN KPFKEC/KC RQ\KVKXâ FG CK CTGUVC RG RTKPEKRCNKKEQPFWEâVQTKCKTâ\XTâVKTKKUâUG)VK)KFGCKRTGFCEQOKUCTWNWK IWXGTPCOGPVCN%U¶P[KEWQTFKPWNECCEG)VKCUâUGTXGCUEâFTGRVQUVCVGEK RGPVTWÉPFGRâTVCTGCKOGFKCVâCTW)KNQT)KRGPVTWICTCPVCTGCRWTVâTKK RC)PKEGCEQPEGVâ/GPKNQTNQT¡PEC\WNÉPECTGTW)KKPWRNGCEâKOGFKCVFKP /CTâUCWUGXâFG)VGQE¸VFGOKEâTG\KUVGP/âÉPT¸PFWNUC)KNQTCEG)VKCXQT HK CFW)K ÉP HC/C WPWK VTKDWPCN OKNKVCT )K XKPQXC/K FG EGC OCK ITCXâ VTâFCTGFG/CTâXQTHKPGÉPV¸T\KCVEQPFCOPC/KNCOQCTVGGVER$GOPW CFCVEWTUCEGUVGKKPFKEC/KK)KPKEKQTFKPWNWKFGCTCFG5KDKWNFGRGHC/C RâO¸PVWNWK$GOKCTHKFGENCTCVEQNQPGNWNWK-KUUQ#OEWEGTKVWPQTC) )K XTGCW Uâ UVâR¸PGUE WP QTC) PW WP OQTOCP FG EGPW)â )K FâT¸OâVWTKR  .COCTVKG$TC)QXWNUCRTGFCVFGDWPâXQKGÉPO¸KPKNG NWK $GO ¡P WNVKOWN UâW PWOâT ÉPCKPVGC ÉPEGVâTKK CRCTK/KGK 
OCTVKG  Q9QEJGPDNCVVR CFWEGC RTQENCOC/KC NWK $GO Q&WRâ CV¸VGC PGEC\WTK C UQUKVOCTGC)KPQTQEQCUC\KÉPECTGEWDWEWTKGCFGXâTCVâXâXGUVGUEEâ FW)OCPWN EQOWP CTOCVC TWUâ )K CWUVTKCEâ C HQUV ÉPHT¸PV )K C HWIKV ÉP 8CNCJKC Eâ RCEGC C HQUV EWEGTKVâ ÉP VQCVâ /CTCR $GO QTFQPC RGPVTW WTOâVQCTGC FWOKPKEâ TWIâEKWPK FG OWN/WOKTG FG NC CNVCTGNG VWVWTQT EWNVGNQT 2QRQTWN VTGDWKC Uâ TGXKPâ NC QEWRC/KKNG UCNG QDK)PWKVG )K Uâ UG TGHCEâUWDDKPGEWX¸PVCTGCRâEKK)KCNKDGTVâ/KNQTEGVâ/GPG)VKQ.QEWKVQTKCK 6TCPUKNXCPKGK&G)VGRVC/KXâFKPCOQT/GCNCEWECTGXKENGPKCKPEQP)VKGPVâ XC ÉPNâP/WKV UKO/WTKNG ÉPITQ\K/KXâ FG VQXâTâ)KC TW)KNQT C)C EWO UC ÉPITQ\KV ÉPVTGCIC 'WTQRâ )K DWEWTC/KXâ FG DKPGHCEGTKNG EQPUVKVW/KQPCNG RGECTGXKNGQHGTâEGNOCKNKDGTCNFKPVTGVQCVGIWXGTPGNGEGNWPIWTGUE 
(T6GWVUEJ)GUEJKEJVGR %)ÑNNPGTQREKVR 

/CIJKCTKUC)K)KTQO¸PKÉPVKPFG/KXâHTâ/G)VGO¸KPKNGCNWPIC/KQTKEGWTâ PC/KQPCNâ)KHK/KHGTKEK/K$TC)QXOCTVKGR  ,QJCPP )ÑVV UEJKODC VKVNWN \KCTWNWK ÉP Q-TQPUV¼FVGT <GKVWPIR 
OCTVKG )KCPWP/CRTQITCOCVKEEâXCTGRCTCVQCVGITG)GNKNGVTGEWVWNWK VTGE¸PFJQVâT¸VFGRCTVGCEWEGTKTKNQTTGXQNW/KQPCTGOCIJKCTG  $GOQEWRCUG#TFGCNWNEWGZEGR/KC#RWUGPKNQT  .C  CRTKNKG  ECDKPGVWN CWUVTKCE VTKOKVGC RTKOC EGTGTG QHKEKCNâ FG CLWVQT TWU CPWOG  FG QCOGPK RGPVTW TGEWRGTCTGC 6TCPUKNXCPKGK  .COCK/CTWNGOKVGCWPOCPKHGUVÉPECTG)KCHKTOCXQKP/CFGC UWITWOC TGXQNW/KC OCIJKCTâ EG COGPKP/C RCEGC KORGTKWNWK UâW %W E¸VGXC \KNG ÉPCKPVG VTWRG TWUG)VK KPVTCUGTâ ÉP )CNK/KC PGOCKC)VGRV¸PF CEQTFWN FKPVTG EGK FQK ÉORâTC/K .C  OCK 
KWPKG  /CTWN NG FâFGC VTWRGNQTUCNGQTFKPFGÉPCKPVCTG.COCKCXGCNQERTKOCKPXC\KGTWUâ ÉP7PICTKCÉPEQOKVCVWN#TXCRTKPIGPGTCNWN5CUU)GPGTCNKK2CUMKGXKEU )K4×FKIGTKPVTCW)KGKÉP7PICTKC)GPGTCNKK)TCDDG)K5CEMGPTâO¸PGCW ÉP)CNK/KC.COCK/CTWN0KEQNCG)KÉORâTCVWN(TCP\,QUGRJ EQPXGPGCW NC 8CT)QXKC CUWRTC EQPFK/KKNQT FG CEQTFCTG C CLWVQTWNWK RGPVTWÉPGECTGCTGXQNW/KGKOCIJKCTG  %QOCPFCPVWN OCIJKCT CN $TC)QXWNWK ÉP RGTUQCPC EQNQPGNWNWK -KUUÉKNKPK)VGCRGEGVâ/GPKRTKPPQVGFCVGRWDNKEKVâ/KKFG\CXW¸PFXGUVGC TGXGPKTKK TW)KNQT )K CWUVTKGEKNQT .C HKPGNG NWPKK OCK ÉPUâ Q-TQPUV¼FVGT <GKVWPIR RWDNKEC WP TCRQTV CN EQPUKNKWNWK WPICT FG OKPK)VTK EâVTG IWXGTPCVQTWNKORGTKCN-QUUWVJ5\GOGTG$GTVCNCPOKPKUVTWNFGKPVGTPG CPWP/C RGTKEQNWN KPVGTXGP/KGK TWUG )TCXKVCVGC COGPKP/âTKK TGKGUG FKP OâUWTCRTGEQPK\CVâQ'UVGPGEGUCTECÉPCHCTCCTOCVGKPQCUVTGÉPVTGIWN RQRQT Uâ RCTVKEKRG NC NWRVâ Uâ UG XGUVGCUEâ Q ETWEKCFâ ÉP VQCVâ/CTCR /QDKNK\CTGCIGPGTCNâKFGGFGNQEPQWâGTCUKPIWTCECNGFGCKCNWPICRG TW)KOCKÉPCKPVGECCEG)VKCUâFKUVTWIâVQVEGRWVGCHKFKUVTWUNKDGTVCVG PC/KQPCNKVCVGTGNKIKG4CRQTVWNEWRTKPFGCFKURQ\K/KKCEâTQTÉPHâRVWKTG CT HK TGCNK\CV CVOQUHGTC RUKJQNQIKEâ PGEGUCTâ ETWEKCFGK ¡PVTGIWN RQRQT WTOCUâRTQVGUVG\GÉPHC/C'WTQRGKÉORQVTKXCKPVGTXGP/KGKTWUG+PVQCVG LQKNG )K \KNGNG FG UâTDâVQCTG VTGDWKCW VTCUG ENQRQVGNG FG FQWâ QTK RG \K %NGTKEKKVTGDWKCWUâTKFKEGRQRQTWNNCNWRVCRGPVTWGNKDGTCTG)KO¸PVWKTG ÉP PWOGNG &QOPWNWK +UWU *TKUVQU 6Q/K EGVâ/GPKK GTCW QDNKIC/K Uâ RQUVGCUEâÉPFCVCFGKWPKG5NWLDGFGGZQTEK\CTGTWIâEKWPKEQNGEVKXG)K 
Q5D9QEJGPDNCVVRPTOCTVKGR )$CTK/KWQREKVR +DKFGOR 

Q-TQPUV¼FVGT<GKVWPIRPTOCKR 

RTGFKEK VTGDWKCW Uâ /KPâ FGQRCTVG RGTKEQNWN EG CVGPVC NC NKDGTVCVGC RQRQCTGNQTGWTQRGPG)KÉPURGEKCNNCNKDGTVCVGCRQRQTWNWKOCIJKCT&KP ECNGCTW)KNQTVTGDWKCWTGVTCUGVQCVGHCEKNKVâ/KNG)KCNKOGPVGNG
#PGZGFQE PT   %GVâ/GPKK DTC)QXGPK RTQVGUVCW UQNGOP ÉORQVTKXC QTKEâTGK KPVGTXGP/KK UVTâKPG FGEK )K ÉORQVTKXC KPVGTXGP/KGK TWUG)VK /CIKUVTCVWN $TC)QXWNWK)KEQOWPKVCVGCQTC)WNWKÉ)KTGCHKTOCWQETGFKP/C)KNQKCNKVCVGC HC/âFGQPQTCVCEQPFWEGTGOCIJKCTâK\XQT¸VGFKPVTQEWTCVâ)KKPVKOâ EQPXKPIGTGR  .C  KWPKG  Q-TQPUV¼FVGT <GKVWPIR CFWEGC NC EWPQ)VKP/C EKVKVQTKNQT Q&GRG)C EKTEWNCTâ C IWXGTPWNWK TWU EâVTG TGRTG\GPVCP/KK UâK FKP UVTâKPâVCVGR FCVCVâ NC  CRTKNKG  &GRG)C OQVKXC CE/KWPGC TW)KNQTRTKPRTGÉPV¸ORKPCTGCGZVKPFGTKKTâUEQCNGKÉPVGTKVQTKKNGRQNQPG\G $GO&GODKPUMK)KCN/KRQNQPG\KKORNKEC/KÉP6TCPUKNXCPKCTâUR¸PFGCWQ KPHNWGP/â PGHCUVâ 'ZGORNWN CTFGNGCP FâWPC NKPK)VKK RTKPEKRCVGNQT FWPâTGPGRGECTG4WUKCÉPCEQTFEW6WTEKCUGUVTâFWKCUâQÉPVâTGCUEâ -CTWNCTâVCEâRQ\K/KCUCHWUGUGEQPUVCPVCEGGC)KQTGEWPQUE¸PFVWVWTQT UVCVGNQTNWOKKFTGRVWNFGCFGEKFGCUWRTCEQPUVKVW/KGKNQTRQNKVKEGFWRâ RTQRTKC NQT LWFGECVâ É)K RâUVTC VQVW)K NKDGTVCVGC FG C KPVGTXGPK QTKE¸PF TGEWNWNTGXQNW/KKNQTÉPXGEKPCVGCTHKVWNDWTCVNKPK)VGC)KCTHKRTQXQECVWP RGTKEQN RGPVTW OCKGUVCVGC UCR -CTWN CE/KQPC PW FQCT ÉP KPVGTGU RTQRTKW EK ÉP EGN CN QTFKPKK GWTQRGPG 1 7PICTKG KPFGRGPFGPVâ CT HK ÉPUGOPCVCPCTJKG  %KTEWNCTC/CTKUVâGTCWTOCVâFGEQOGPVCTKWN\KCTWNWKQ#)CFCT QTFKPGC)KNKPK)VGC'WTQRGKXTGCUâNGTGENâFGCUEâ/âTWNCFKEâQQTFKPGEC CEGGC ECTG FQOPG)VG RG RNCPVC/KKNG FG UENCXK Q NKPK)VG EC CEGGC FKP OQTO¸PV(KRQRQCTGNGXQTNKPK)VG)KQTFKPGFCTPWQTFKPGCPGNKDGTVâ/KK )KPWNKP)VGCOQT/K/CKDKPGUâOâVWTGHWTVWPCTGXQNW/KGKQDWECVâFKP NWOGFGE¸VOKNKQCPGFGQCOGPKUâLQCEGECRâRW)KNGÉPVTWPVGCVTWFG OCTKQPGVGFWRâNGIKNGWPQTUVâR¸PKCKDWPWNWKRNCER<KCTWNÉPFGOPC NC TWIâEKWPGC RTGUETKUâ FG IWXGTPWN OCIJKCT EG ÉPEGRGC CUVHGN Q&WOPG\GWNGRWVGTPKEG&WOPG\GWCNRQRQCTGNQTR #DKCNCKWPKGQ-TQPUV¼FVGT<GKVWPIRRTGNWCFKPQHKEKQUWNFGNC 2GVGTUDWTIOCPKHGUVWN/CTWNWKFKPOCK  1HGPUKXC TWUGCUEâ FKP 6TCPUKNXCPKC C HQUV FGENCP)CVâ NC ÉPEGRWVWN NWK KWPKG  &KPURTG /WPVGPKC RTKP RCUWTKNG 2TGFGCN )K 
+FGOPTOCKR4CRQTVWNRWTVCFCVCFGOCK +FGOPTOCKR +FGOPTKWPKGR&GRG)C/CTWNWKCHQUVRTGNWCVâFKPQ8GUVKVQTWNR +FGOPTKWPKGR 

$TCPRâVTWPFGCIGPGTCNWN.×FGTUEWWPUVCVGHGEVKXFGFGUQNFC/K 
DCVCNKQCPG RGFGUVTKOG  GUECFTQCPG ECXCNGTKG TGIWNCVâ  EQORCPKKPGTGIWNCVGFGEC\CEKFGNC&QPVWPWTK    &KP $WEQXKPC KPVTCW RG NC $KUVTK/C IGPGTCNKK )TQVGPJKGNO )K 2CXNQXEWWPVQVCNFGKPHCPVGTK)VK)KECXCNGTK)VK 
GUECFTQCPG ECXCNGTKGGUECFTQPEC\CEKVWPWTK .KUCWCNâVWTCVEGKCRTQZKOCVKX FGQCOGPKEWVWPWTKCKEQNQPGNWNWK7TDCP  8GEJGC CTOCVâ C NWK 2WEJPGT UG ÉPVTGIKUG NC  QUVC)K 
 DCVCNKQCPG RGFGUVTKOG  GUECFTQCPG ECXCNGTKG  VWPWTK  DCVGTKGTCEJGVG 0WOâTWNVQVCNFGVTWRGFGUVKPCVGCQEWRC6TCPUKNXCPKC CHQUVFGUQNFC/K)KVWPWTK  +PUWTIGP/KKFG/KPGCWNCÉPEGRWVWNNWKKWPKGRGFG)VTK ECXCNGTK)VK  VWPWTK ÉP RNWU NâPEKGTKK TKFKEC/K ÉP NWPKNG FKP WTOâ $CTK/KW ECTG GUVKOC VQCVG CEGUVG EKHTG ÉN EKVC )K RG -ÑX¶TK ECTG KPFKEC PWOCK  UQNFC/K )K  VWPWTK FG RCTVGC OCIJKCTâ EâEK  FG QCOGPKCTHKNWRVCVÉP$CPCV   .CKWPKGNC5KDKWQ5KGDGPD×TIGT$QVGRÉ)KOCKRGTOKVGCÉPEâ Uâ HCEâ CRTGEKGTK CPVKTWUG)VK Q5HKPVGK #NKCP/G CFKEâ EWT/KNQT FKP 2GVGTUDWTI 8KGPC )K $GTNKP K UG QRWPG TGUVWN 'WTQRGK &GLC #PINKC )K (TCP/C )KCW GZRTKOCV RTQVGUVWN ÉORQVTKXC WPGK KPVGTXGP/KK TWUG)VK 5WNVCPWNVWTEEJKCTFCEâPWRQCVGHKRTKGVGPWNRTKPEKRKKNQTNKDGTCNGGUVG VQVW)K RQVTKXPKEWN PCVWTCN CN CECRCTCVQCTGK KPHNWGP/G TWUG)VK FG NC &WPâTG7PNWETWGUVGEGTVCPWOGEâKPVGTXGP/KCTWUâÉP7PICTKCOCK OWNV FGE¸V Q RTQDNGOâ OCIJKCTâ UCW CWUVTKCEâ GUVG Q RTQDNGOâ GWTQRGCPâR5GTGOCTEâVQPCNKVCVGCEQORNGVFKHGTKVâHC/âFGCVKVWFKPGC FKP HGDTWCTKG  C CEGNWKC)K \KCT RTGEWO )K XK\KWPGC NKDGTCNâ CUWRTC RQNKVKEKKGZVGTPG  .C  KWPKG  .×FGTU QEWRC $TC)QXWN )K -CTC $¸TUGK ÉPCKPV¸PF CRQK ÉP UGEWKOG HâTâ C Q EWEGTK VQVCN 1 RCTVG FKP TW)K UG ÉPFTGRVCWURTG5KDKWCNVâRCTVGRTKP4WRGCURTG5KIJK)QCTC  .CKPVTCTGCÉP$TC)QX.×FGTURTQENCOCPWNG)KPGCXGPKVGVQCVG OâUWTKNG NWCVG FG IWXGTPWN WPICT Q-TQPUV¼FVGT <GKVWPIR TGFC )K RTQENCOC/KC NWK 5EJYCT\GPDGTI EâVTG NQEWKVQTKK 7PICTKGK 6TGEGTGC FG EGCNCNVâ RCTVG C DCTKECFGK GTC UWDNKPKCVâ )K RTKP RWDNKECTGC EWTUWNWK OQPGFGNQTTWUG)VKUVCDKNKVFG/CIKUVTCVWNQTC)WNWKQTWDNâTWUGCUEâFG 

)$CTK/KWQREKVR 

Q5D$QVGRPTKWPKGR 

(T6GWVUEJ)GUEJKEJVGR%)ÑNNPGTQREKVR 

GOKUKWPG PQWâ XCNQTGC\â   RKC)VTK C  RCTCNG UCW   FQWâ\GEKOKFGCTIKPV)KEQTQCPGOERGVE  ¡P PQTFWN 6TCPUKNXCPKGK IGPGTCNWN TWU )TQVGPJKGNO KPVTC ÉP $KUVTK/C NC  KWPKG $GOCHNCVCVWPEKNC%NWLUGCFTGUCÉPEâQFCVâ 
KWPKG NQEWKVQTKNQT6TCPUKNXCPKGKCOGPKP/¸PFWKEWOQCTVGCRGCEGKUC)K )KQXCNCJKRECTGUCTHKFCVFGRCTVGCFW)OCPWNWK7PQTFKPFG\KCNNWK $GO FGENCTC Eâ FG\GTVQTKK XQT HK ÉORW)EC/K #NV QTFKP FG \K FGUETKC ÉORTGLWTâTKNG ÉP ECTG E¸VGXC UWVG FG UGEWK HWIKUGTâ FKP HC/C KPCOKEWNWK 
KWPKG $GOÉKKGTVCRGFG\GTVQTK  .C  KWNKG  WPIWTKK RâTâUGCW 5KDKWN .C  KWNKG .×FGTU QEWRC QTC)WN Q5KGDGPD×TIGT $QVGR RWDNKEC FGENCTCTGC PWNKVâ/KK RTGUETKR/KKNQT IWXGTPWNWK TGXQNW/KQPCT 6TCPUKNXCPKC FGXGPKVâ FKP PQW OCTG RTKPEKRCV EQPVKPWC Uâ TâO¸Pâ UWD NGIGC FG Tâ\DQK R¸Pâ NC RCEKHKECTGC EQORNGVâ C/âTKK 5G QTGUVCDKNGCR CFGXâTWNFGURTGGTQKUOWN TW)KNQTÉPNWRVCFKPOCTVKGE¸PFVQEOCKQ$QVGRÉKCEW\CUGRGTW)KEâ NâUCUGTâ 5KDKWN RTCFâ NWK $GO 2G WNVKOC RCIKPâ C \KCTWNWK )KCW HâEWV CRCTK/KCTGENCOGNCIJKFWTKFGÉPXâ/CTGCNKODKKTWUG  Q4WUWN TCRKF %GN OCK KGHVKP )K OCK RTCEVKE VâNOCEK RGPVTW IGTOCPKRGPVTWCKHCOKNKCTK\CÉPPWOCKFGOKPWVGEWTWUCHâTâUâQHK EWPQUEWVCPVGTKQT&G9TCVKUN5VQLCPQYKVUEJ2TG/EQTQCPGOER  2TKPVTWP FGETGV KORGTKCN EQOKUCTWN EE EQNQPGNWN (TCP\ XQP &QTUPGTCPWP/CNCKWNKGFG\CTOCTGCIGPGTCNâCPWNCTGCRTGUETKR/KKNQT QEQPFWEGTKKTGDGNGRCDCPEPQVGNQTOCIJKCTGRTGEWO)KCVWVWTQTNGIKNQT DC\CVG RG UWRTGOC/KC NKODKK OCIJKCTG ÉP FKUVTKEVGNG EW RQRWNC/KG COGUVGECVâ 5G OCK FGETGVC Eâ IWXGTPWN CWUVTKCE OGP/KPG FGUHKKP/CTGC UCTEKPKNQTWTDCTKCNG
#PGZGFQEPT   .C  KWNKG IGPGTCNWNNQEQVGPGPV XQP *CUHQTF EQOCPFCPVWN VTWRGNQTTWUGFKP$TC)QXNGRTQOKVGCNQEWKVQTKNQTRC)PKEKCK#TFGCNWNWK VQCVâRTQVGE/KCUCKPVTKICP/KK)KFKUVTWIâVQTKKNKPK)VKKÉPUEJKODCXGCWCUG VGOGFGVTKDWPCNG  ¡PCEEGC)K\KTW)KKCWQEWRCV4WRGC 
Q-T<GKVWPIRPTKWPKGR Q5D$QVGRPTKWPKGR +FGOPTKWNKGR +FGOPTKWNKGR +FGOPTKWNKGR +DKFGO +FGOPTKWNKGR +FGOPTKWNKGRPTKWNKGR Q5D$QVGRPTKWNKGR  

.C  KWNKG $GO NC CVCECV RG PGC)VGRVCVG RG .×FGTU NC 5KIJK)QCTC .WRVC UC FGUHâ)WTCV ÉPVTG 5KIJK)QCTC )K #NDG)VK )GPGTCNWN 5MCTKCVKPCEâ\WVWEKUFGQIJKWNGC$GOCFGENCP)CVWPCVCEEWDCKQPGVC .×FGTU C TâURWPU RTKPVTWP EQPVTCCVCE CN WNCPKNQT UâK .C #NDG)VK CW OWTKV RWDNKEKUVWN #PVQP -WT\ )K RQGVWN 2GVÑHK 5¶PFQT CFLWVCP/KK NWK $GO#EGUVCCHQUVÉPHT¸PV  2TKPVTWP TCKF HWNIGTâVQT $GO C CLWPU NC 5KDKW RG ECTG NC QEWRCV FKP PQW NC  CWIWUV .C  CWIWUV .×FGTU UG CHNC RG EQNKPGNG ÉPXGEKPCVG FG NC (WTC /CTG .C CRTQRKGTGC TW)KNQT FG 5KDKW UG RCTG Eâ $GOCTHKURWUQ+CVâNRGXGEJKWNOGWRTKGVGP.×FGTU.C)EQCNâCHQUV OGTGWÉPCKPVGCOGCQUâOâÉPVTGCEâ)KCUVâ\KR6GWVUEJEQOGPVGC\âEâ CEGCUVC C HQUV WNVKOC ÉPV¸NPKTG C HQ)VKNQT EQNGIK FG )EQCNâ TWUâ $GO C UEâRCVEWXKC/âTGHWIKKPFWUGNC6KOK)QCTC  Q5KGDGPD×TIGT $QVGR PC TGNCVCV C VTGKC DâVâNKG FG NC 5KDKW 5C OâTIKPKV FQCT Uâ TGURKPIâ WPGNG ECNQOPKK CHKTO¸PF Eâ QÉP EWTUWN ETKOKPCNGKNWRVGFGUVTCFâFKPCWIWUVPKEKWPUCUUKDKCPPCVTCUCUWRTC VTWRGNQTKORGTKCNGTWUG)VKR+PEKFGPVGPGRNâEWVGCWRTQXQECVHTGEW)WTK ÉPVTG TQO¸PK )K UC)K 7P TQO¸P NGCT HK GZRNKECV WPQT UQNFC/K TW)K Eâ UKDKGPKKCTHKCTWPECVCUWRTCTW)KNQTCRâ)KWNGKENQEQVKVÉPVKORWNNWRVGK ¡P UCVGNG TQO¸PG)VK FKP LWTWN 5KDKWNWK WPKK RQRK KCT HK C/¸/CV RG TW)K ÉORQVTKXCUKDKGPKNQT7PCUVHGNFGQCRQUVQNCNWTKKFKPVTGRQRQCTGRHWUGUG CTGUVCV <KCTWN NWC CVKVWFKPG HC/â FG CEGUVG VKEâNQ)KK FCT CTâVC Eâ CEGUVG EC\WTKPWUGRWVGCWIGPGTCNK\CCUWRTCÉPVTGIKKPC/KWPKTQO¸PGEâEKQPW UG RQCVG PGIC KPHNWGP/C EKXKNK\CVQCTG RG ECTG CVOQUHGTC UâUGCUEâ C GZGTEKVCVQRÉPURGEKCNCUWRTCTQO¸PKNQTFGRG2âO¸PVWN5âUGUE  .C  CWIWUV EQPUKNKWN FG Tâ\DQK WPICT NC UKNKV RG -QUUWVJ Uâ FGOKUKQPG\G)KKCCEQTFCVRWVGTKFKEVCVQTKCNGIGPGTCNWNWK)ÑTIGKCFGRV CNWPWKFWCNKUOCWUVTQWPICT)KRQVTKXPKEKFGKKTGRWDNKECPG¡PCEGGC)K\K )ÑTIGKKCUETKUIGPGTCNWNWKTWU4×FKIGTQ&CEâXTG/KUâQRTK/KXâTUCTGC KPWVKNâFGU¸PIGITâDK/KXâUâHCEG/KÉPC)CHGNÉPE¸VVTKUVWNCEVCNRTGFâTKK CTOGNQTUâUGTGCNK\G\GPWOCKÉPHC/CVTWRGNQTOCKGUVâ/KKUCNGÉORâTCVWN 4WUKGK EâEK GW FGENCT UQNGOP Eâ RTGHGT UâOK CTWPE VTWRC ÉPVTQ NWRVâ FG\PâFâLFWKVâ )K UQ NCU RTCFâ FKUVTWIGTKK FG EâVTG QTKEG UWRTCRWVGTG FGE¸V Uâ HKW PGXQKV Uâ Oâ RTGFCW VTWRGNQT CWUVTKGEGR ¡PHT¸PIGTGC FGHKPKVKXâCTGXQNW/KGKOCIJKCTGUCRGVTGEWVNC(KTKC#TCFNCCWIWUV 

(T6GWVUEJ)GUEJKEJVGR 

Q5D$QVGRPTCWIWUVR +FGOPTCWIWUVR (T6GWVUEJ)GUEJKEJVGR  

   

   

)GPGTCNWN 2CUMKGXKEU KC TCRQTVCV /CTWNWK Q7PICTKC UG CHNâ NC RKEKQCTGNGOCKGUVâ/KKXQCUVTGKORGTKCNGR  Q-TQPUV¼FVGT<GKVWPIRÉ)KKPHQTOCEKVKTQTKKEâNCXGUVGCXKEVQTKGK FGNC5KIJK)QCTC/CTWN)KWTOC)WNVTQPWNWKKCWÉPO¸PCVNWK.×FGTUDKNGVG FG NCWFâ )K OWN/WOKTG -CTWN NC NâWFCV ÉPVTQ UETKUQCTG )K RG HGNFOCTG)CNWNRTKPEKRG2CUMKGXKEURGPVTWHGNWNÉPECTGEQPFWUGUGCTOCVC ÉP7PICTKC  .CQEVQODTKGIGPGTCNKOCIJKCTKCWHQUVEQPFCOPC/K NC OQCTVG RTKP ÉORW)ECTG UCW UR¸P\WTCTG 7P UKPIWT IGPGTCN #TVJWT )ÑTIGKCHQUVITC/KCVRGNQE2GPVTWCEGUVCKPVGTXGPKUG/CTWNÉPRGTUQCPâ 2CUMKGXKEU )K RTKP/WN OQ)VGPKVQT CW ÉPEGTECV \CFCTPKE Uâ KPVGTXKPâ ÉP HCXQCTGCCNVQTQHK/GTKOCIJKCTK  Q/CK OWN/K QHK/GTKR UGOPCW ÉP Q$QVGR WP FKCNQI FGUHâ)WTCV EJKRWTKNGFWRâKPVTCTGCTW)KNQTÉP4GIJKPNCKWNKGQ%CFQXCFâC UGPVKOGPVGNQTIGPGTCNFQOKPCPVG)KCHCRVWNWKEâKPUWTIGP/KKOGTKVâFKP RNKP WTC CEGUVQT PGHGTKEK/K ÉP CFGXâTCVWN ÉP/GNGU CN EWX¸PVWNWK PG XQO UNWLKFGWPFKCNQIÉPVTGWPQHK/GTTWU)KQCFQTCDKNâHGVK/âFGCPK (GVK/C(KFXQCUVTâCXG/KWPIWTK! 1HK/GTWN0W (5WPVG/KOCKHGTKEK/KFGE¸VPQK 1&GEG! ((KKPFEâPWCXG/KRGPKOGPKECTGUâUGRQCTVGTâWEWRâTKP/KKFXQCUVTâ 5KCRQKOCKCXG/K)KWPDWPÉORâTCVEWOCXGO)KPQK 1&'%''$70+/2#4#67.015647! ((KKPFEâNCCLWVCVRGÉORâTCVWNPQUVTW8G/KTâO¸PGOGTGWNCPQK! 10W (
CNDKPFEWVQVWN #FKEâRNGEC/K! 1&C&CTFGEGXâÉPVTKUVC/KC)C! ( 1 FTCIâ FQOPWNG TâO¸PG/K NC PQK 0W XGFG/K EG XGUGNK )K DKPG FKURW)KUWPVRâTKP/KKOGKFGNCUQUKTGCFXQCUVTâ! 1(+2#0##%7/07'4#7#5#! ( %WO CT HK RWVWV HK! 8GFG/K RâTKP/KK OGK UWPV CEWO CV¸V FG UâTCEK ÉPE¸V VTGDWKG Uâ OWPEGCUEâ FKP ITGW EC Uâ E¸)VKIG R¸KPGC (K EW VQCVG CEGUVGCCWVTGDWKVUâNGFGCWPIWTKNQTVQVEGEGTGCW(KRGPVTWCUVCCWHQUV ÉORKP)KDâVW/KÉPLWTC/K)KDNGUVGOC/KGVER&KCNQIWNCEGUVCTQOCP/KQU 
+DKFGO 

Q-T<GKVWPIRPTUGRVGODTKGR +FGOPTUGRVGODTKGR (T6GWVUEJ)GUEJKEJVGR 

Q5D$QVGRPTUGRVGODTKGR  

)KPGXGTKFKECXGCUEQRWNFGCCTâVCUKORCVKCRQRWNC/KGKQGNKDGTCVGRHC/â FGUQNFC/KKTW)KRTGEWO)KDWPâVCVGCUWHNGVGCUEâCCEGUVQTC  #EGNC)K NWETW FQTGC UâN GXKFGP/KG\G )K CPGEFQVC TGNCVCVâ FG IGPGTCNWN 2CXNQX NWK $CTK/KW ¡P UGRVGODTKG  CLWPI¸PF NC %NWL Q DâVT¸Pâ EQPVGUâ XâFWXâ KC RTQOKU NWK 2CXNQX VQCVâ CXGTGC GK FCEâ Q NCUâ ÉP XKC/â 2CXNQX UC CWVQKPXKVCV ÉP CEGGC)K UGCTâ NC EGCK NC EQPVGUâ RGPVTWCUGÉP/GNGIG%QPVGUCKCHâEWVIGPGTCNWNWKQRTKOKTGFGOPâFG TCPIWN UâW EJGO¸PF TGRGFG )K CNVG QFCOG OCIJKCTGR 2CXNQX )K CN/K QHK/GTKTW)KCWNWCVRCTVGNCOWNVGCUVHGNFGEGCKWTKENWLGPG  .CQEVQODTKGEQOCPFCPVWNTWUCN$TC)QXWNWKXQP*CUHQTF TKFKECÉPX¸THWNWPGKEQNKPG
-CRGNNGPDGTI WPOQPWOGPVÉPHQTOCWPGK RKTCOKFGECCOKPVKTGCINQTKQCUGKWPKWPKFKPVTG4WUKC)K#WUVTKC  .C ÉPEGRWVWN NWK PQKGODTKG VTWRGNG /CTKUVG RâTâUGCW 6TCPUKNXCPKCQ-TQPUV¼FVGT<GKVWPIRTGFCOWN/WOKTKNGNWKXQP*CUHQTF EâVTG /CIKUVTCV RGPVTW QRTKOKTGC QPGUVâ )K QURKVCNKGTâR /CIKUVTCVWN ÉK ÉPVQTEGC OWN/WOKTKNG ÉP PWOGNG EQOWPKVâ/KK QTC)WNWK &G CUGOGPGC EâRKVCPWN TWU XQP )×NFGPUEJCPV\ OWN/WOGC LWFGNWK UWRTGO XQP #NDTKEJUHGNF KPURGEVQTWNWK EW ÉPECTVKTWKTKNG UGPCVQTWN XQP &KNNOQPV )K FQCOPGK ,QJCPPC XQP %NQUKWU RTG)GFKPVC #UQEKC/KGK HGOGKNQT FKP $TC)QXEGÉPVGOGKCUGWPURKVCNQHK/GTGUEWPFGHWUGUGTâÉPITKLK/KRGUVG QHK/GTKTW)K  .CHGNEQOCPFCPVWNTWUCN5KDKWNWKOCKQTWN2QNGCNQI)KQHK/GTKK TW)K UG FGURâT/GCW ÉP EWXKPVG ECNFG FG OWN/WOKTG CFTGUCVG RQRWNC/KGK NQEWNWK   +PXC\KC TWUâ ÉP 6TCPUKNXCPKC NC  C EWRTKPU OCK OWNVG OQOGPVGFKUVKPEVG   #PVGEGFGPVGNG  
CTCVâ Eâ KPVGTXGP/KC ÉORQVTKXC TGXQNW/KGKPCHQUVQCE/KWPGURQPVCPâKORWUâFGPGEGUKVCVGCKOGFKCVâC CRâTâTKK NKPK)VKK KORGTKWNWK TWU EWO UC CHKTOCV ÉP OCPKHGUVGNG /CTKUVG ¡ORâTCVWN TWU 0KEQNCG C RTQOQXCV EQPUVCPV Q RQNKVKEâ FG KOKZVKWPG ÉP VGTKVQTKKNG XGEKPG 4WUKGK .WK KCW CRCT/KPWV )K KPK/KCVKXGNG EQNCDQTâTKK OKNKVCTGTWUQCWUVTKGEG 
)$CTK/KWQREKVR 

Q-T <GKVWPIR PT   QEVQODTKG  R  /QPWOGPVWN RWTVC KPUETKR/KC Q4WUUKCGV#WUVTKCWPKVC/&%%%:.+:R +FGOPTPQKGODTKGR +FGOPTPQKGODTKGR +FGOPTPQKGODTKGR Q5D$QVGRPTPQKGODTKGR      

/QOGPVWN HGDTWCTKG  RQCVG HK EQPUKFGTCV WP RTGCODWN CN GXGPKOGPVGNQT FKP KWPKG %CDKPGVWN CWUVTKCE TGURKPIGC ÉPEâ Q EGTGTG Hâ/K)â FG CLWVQT CTOCV EâVTG 4WUKC ¡P CEGUVG EQPFK/KK %QOCPFCOGPVWN OKNKVCTCWUVTKCECN6TCPUKNXCPKGKCCRGNCVNC.×FGTU
%QPUKNKWNFGTâ\DQK FKP  HGDTWCTKG   %GK CRTQZKOCVKX  UQNFC/K TW)K CX¸PF OKUKWPGCFGCCRâTCQTC)GNG5KDKW)K$TC)QXCWHWIKVNCUWFFG%CTRC/KQ NWPâ OCK V¸T\KW
OCTVKG   &G)K KPGHKEKGPVG 2WEJPGT C RTQHKVCV FG FGOGTUWTKNGEKXKNGRGECTGÉPVTQCPWOKVâOâUWTâEJKCTNGCFGVGTOKPCV RGPVTWCETGCKNW\KCEâPC/KWPKNGTQO¸Pâ)KIGTOCPâFQTGCWWPNGIKVKO CLWVQT FG CRâTCTG 5C ÉPEGVâ/GPKV KOCIKPGC HCNUâ Eâ UC)KK CT HK HQUV TâURWP\âVQTK FG XGPKTGC TW)KNQT +OCIKPGC C HQUV EQPHKTOCVâ RTKP TGRGVCVGNGLWUVKHKEâTKCNGRTGUGKUâUG)VK   #DKC FWRâ RGTHGEVCTGC WPWK CEQTF NC EGN OCK ÉPCNV PKXGN 
CRTKNKGRTKOCEGTGTGQHKEKCNâFGCLWVQTFKPRCTVGC#WUVTKGK OCK   ÉPV¸NPKTGC ÉORâTC/KNQT NC 8CT)QXKC  UC FGENCP)CV ÉP KWPKG ECORCPKC TWUâ FKP 6TCPUKNXCPKC 6TWRGNG /CTKUVG CW RâVTWPU RG FQWâ FKTGE/KK FKPURTG /WPVGPKC )K FKPURTG $WEQXKPC )K CW CTWPECV ÉP NWRVâ FGQCOGPK+PVGTXGP/KCTW)KNQTCEQPVTKDWKVFGEKUKXNCÉPHT¸PIGTGC TGXQNW/KGKOCIJKCTGPWOCKFWRâFQWâNWPK 
CWIWUV    (QT/GNG TWUG)VK UCW TGVTCU FKP 6TCPUKNXCPKC ÉP PQKGODTKG  +P VQV CEGUV TâUVKOR EJGNVWKGNKNG FG CRTQXK\KQPCTG )K ÉPECTVKTWKTG C CTOCVGKUVTâKPGCWHQUVUWRQTVCVGFGQTC)GNGIC\Fâ +PEGGCEGRTKXG)VGKORNKEC/KKNGKPVGTXGP/KGKTWUGNCXTGOGCTGURGEVKXâU CWKPVGTHGTCVFQWâRNCPWTKEGNOKNKVCTRQNKVKE)KEGNOQTCN  #E/KWPKNG /CTWNWK CW TGNGXCV CFGXâTCVGNG UCNG OQVKXC/KK GZRCPUKQPKUVG ÉP QRQ\K/KG EW CHKTOC/KKNG UCNG WOCPKVCTG ¡ORâTCVWN #WUVTKGK UC OCPKHGUVCV OCK RW/KP QVTCPURCTGPVR HKKPF OGTGW XKQCTC C FQWCCKPK/KCVKXGNQTTWUG)VK  7PFGXCLQUNCDC\âUC)KKCWRNâVKVFQTKP/CFGEJGOCTGCTW)KNQT RTKPEQPHTWPVCTGCEWQXKPâECTGFGHCRVPWNGCRCT/KPGC#WCEEGPVWCV ÉP GZEGU FKOGPUKWPGC OQTCNâ C KPVGTXGP/KGK TWUG %QOKVGVWN TQO¸P UGOPCVCT CN RTQVQEQNWNWK FKPFGEGODTKGPCXâFKVOWUVTâTKFG EQP)VKKP/âTGCNK\¸PFQEQOGFKCKPQEGP/GKRLWECVâFGIGPGTCNWN2WEJPGT 7NVGTKQT EQPFWEâVQTKK TQO¸PK CW EQPFCOPCV COGUVGEWN TWU +CT RTGUC UâUGCUEâCHQUVCPVKTWUâRGRCTEWTUWNQEWRC/KGKOCIJKCTG
OCTVKGKWNKG   )K RTQTWUâ FWRâ TGKPUVCWTCTGC IWXGTPâTKK CWUVTKGEG
KWNKG  QEVQODTKG    

.KDGTCNKUOWN EC VGQTKG )K CE/KWPG RQNKVKEâ UC KXKV ÉP 'WTQRC %GPVTCNâ ÉP RTKOC LWOâVCVG C UGEQNWNWK CN :+:NGC %C WP XCN KFGKNG NKDGTCNG UCW RTQRCICV URTG TâUâTKV WPFG FQD¸PFKPFCEEGPVGURGEKHKEG 
'PE[ENQRCGFKC$TKVCPPKEC9KNNKCO$GPVQP2WDNKUJGT%JKMCIQ.QPFQP6QTQPVQ XQNRFGHKPG)VGNKDGTCNKUOWNECHKKPFETG\WNHKNQUQHKC)KOK)ECTGCEGUGTGHGTâNC NKDGTVCVGECOGVQFâ)KRQNKVKEâFGIWXGTPâO¸PVECRTKPEKRKWQTICPK\CVQTCNUQEKGVâ/KK )KECWPOQFFGXKC/âRGPVTWKPFKXKF)KEQOWPKVCVG.KDGTVCVGCGUVGEQPUKFGTCVâWPC FKPOCTKNGKFGKIGTOKPCVQCTG)KTGXQNW/KQPCTGFKPKUVQTKCNWOKK#EGGC)KGPEKENQRGFKG QOKVG FGHKPKTGC EQPUGTXCVQTKUOWNWK EC FQEVTKPâ RQNKVKEâ FG UKPGUVâVâVQCTG OâTIKPKPFWUGUâFG\DCVâFQCTEC\WNRCTVKFWNWKEQPUGTXCVQTFKP#PINKC  &KPVTGOCTGCOCUâCNWETâTKNQTEGFGHKPGUEFQEVTKPGNGRQNKVKEGCOCNGUÉPEâ QFGHKPKTG¡P)JKFWNFGKFGKRQNKVKEGÉPITKLXQNFG/KJCGNC)K#FTKCP/KTQP'F2CP 6GTTC $WEWTG)VK  R  UG CTCVâ .KDGTCNKUOWN OQFGTP CTG FKHGTKVG ÉPHâ/K)âTK 4GXQNW/KC FKP #OGTKEC KORWPG WP NKDGTCNKUO TGRWDNKECP 4GXQNW/KC HTCPEG\â XGJKEWNGC\â KFGK NKDGTCNG FCT )K FGOQETCVKEG PC/KQPCNKUVG UQEKCNKUVG ¡P +VCNKC )GTOCPKCÉPRTQEGUWNFGHQTOCTGCUVCVGNQTWPKVCTGTGRTG\GPVCP/KKNKDGTCNKUOWNWKUG QRWPOCKRW/KPEGPVTCNK\âTKK)KÉPVâTKTKKRWVGTKKUVCVWNWKFGE¸VOWN/KEQPVGORQTCPKFKP #OGTKEC#PINKCECTGÉPUGEQNWNCN:+:NGCUWPVOCKOWNVCVTC)KFGRQNKVKECCPVKGVCVKUVâ C NCKUUG\HCKTGWNWK .KDGTCNKUOWN UWU/KPG KFGK IGPGTCNG RTGEWO CEGNGC Eâ RQNKVKEC GUVG CTVKHKEKCNâKCTCWVQTKVCVGCRQNKVKEâEQPXGP/KQPCNâIWXGTPCTGCGPGEGUCTâ
FCTPWGUVG PCVWTCNâ NKDGTVCVGCGUVGEQPFK/KCWOCPâPCVWTCNâ&KHKEWNVCVGCFGHKPKTKKNKDGTCNKUOWNWK TG\KFâÉPCEGGCEâTKXCNKKEQPUGTXCVQTK)KTCFKECNKCKNKDGTCNKUOWNWKCWCLWPUNCRQ\K/KC NQT PQPNKDGTCNâ RQTPKPF FG NC RTGOKUGNG NKDGTCNKUOWNWK EQPUGTXCVQTKK EQPUGTXâ NKDGTCNKUOWNKCTTCFKECNKKÉNTCFKECNK\GC\â  %QPUGTXCVQTKUOWN GZRTKOâ EQPEGR/KC RQNKVKEâ EG K\XQTâ)VG FKP FQTKP/C EQPUGTXâTKK UVâTKNQT FG NWETWTK GZKUVGPVG  EQPUKFGTCVG HKG EC DWPG ÉP UKPG HKG EC OCK DWPGFGE¸VEGNGCNVGTPCVKXGHKGEGNRW/KPECUKIWTGHCOKNKCTGRTGEWO)KFKPFQTKP/C FGCFGXâTCHGE/KWPG%CCVKVWFKPGUQEKCNâEQPUGTXCVQTKUOWNEQPUKFGTâUQEKGVCVGCEC HKKPF CPVGTKQCTâ KPFKXK\KNQT ECTG Q EQORWP KPFKXKFWN HKKPF WP RTQFWU CTVKHKEKCN CN EQPFK/KKNQT ÉP ECTG VTâKG)VG CN WPQT QDK)PWKP/G )K C)VGRVâTK %QPUGTXCVQTKUOWN NGIKVKOGC\âXCNQTKNGVTCFK/KQPCNG)KGUVGFGTGIWNâRWTVâVQTCNWPGKFQEVTKPGTGNKIKQCUG %GCOCKÉPCNVâKPUVKVW/KGUVCVWNVTGDWKGUâUGDC\G\GRGKPUVKVW/KKCWVQPQOGQDKGEVKXG 2TKP VGQTKC KPUVKVW/KKNQT QDKGEVKXG EQPUGTXCVQTKUOWN KPVTâ ÉP QRQ\K/KG EW QTKEG FQEVTKPG VQVCNKVCTG 'UVG RTCIOCVKE FCT UG QRWPG UQNW/KKNQT TCFKECNG PW CEEGRVâ TG\QNXCTGC EQPHNKEVGNQT ÉP CHCTC ECFTWNWK NGICN )K EQPUVKVW/KQPCN #RâTâ RTQRTKGVCVGC RTKXCVâ
1REKVR  

.KDGTCNKUOXGTUWUEQPUGTXCVQTKUONCUC)K %WQRTKXKTGKPVTQFWEVKXâCUWRTCNKDGTCNKUOWNWKIGTOCP)KCWUVTKCE     

CW CVKPU 6TCPUKNXCPKC EâVTG LWOâVCVGC UGEQNWNWK 2TKP QRQ\K/KG EW NKDGTCNKUOWN UCW EQPVWTCV CV¸V EQPUGTXCVQTKUOWN E¸V )K EQOWPKUOWN 5RTGFGQUGDKTGFG.WOGC0QWâFG#PINKC)K(TCP/CÉPEGPVTWN)KGUVWN EQPVKPGPVWNWK NKDGTCNKUOWN ÉP CEGCUVâ RGTKQCFâ PW RQCVG HK EQPEGRWV ÉP CDUGP/C PC/KQPCNKUOWNWK )K C VGPFKP/GNQT FG EQPUVKVWKTG )K EGPVTCNK\CTG UVCVCNâ  ¡P NWOGC FG NKODâ IGTOCPâ CXCPRQUVWN NKDGTCNKUOWNWK NC EQPUVKVWKVEQPHGFGTC/KCUVCVGNQTIGTOCPGKPENW\¸PFCKEK)K2TWUKCTGIGNWK (TKGFTKEJ 9KNJGNO CN +8NGC ¡P WTOC TGXQNW/KGK RC)QRVKUVG NKDGTCNKK IGTOCPK UCW VTCPUHQTOCV FKP RCTVKF FG QRQ\K/KG ÉP RCTVKF FG IWXGTPâO¸PV #WUVTKC C TGRTG\GPVCV RQNWN EQPVTCT CN EQPUGTXCVQTKUOWNWK 5C)KK CW CDUQTDKV KPHNWGP/GNG NKDGTCNG CX¸PF OKNKVCP/KCEVKXKRGVâT¸OWNNKDGTCNKUOWNWKXâFKPFEJKCTE¸VGXCÉPEGTEâTK FG VGQTGVK\CTG C CEGUVWKC #VKVWFKPGC EQPUGTXCVQCTG C HQUV ÉPUâ RTGRQPFGTGPVâ FG)K PGVGQTGVK\CVâ &G OGP/KQPCV GUVG HCRVWN Eâ ÉP T¸PFWN UC)KNQT PKEK NKDGTCNKUOWN PKEK EQPUGTXCVQTKUOWN PCW ÉODTâECV HQTOGGZVTGOGFGOWNVGQTKITCPK/GNGFKPVTGEGNGFQWâFQEVTKPGRQNKVKEG HKKPF FKHKEKN FG UGUK\CV /GP/KPGTGC CWVQPQOKGK UâUG)VK )K C FTGRVWTKNQT GVPKEGCHQUVGNGOGPVWNFGEKUKX)KEQOWPÉPFGOGTUWTKNGTGRTG\GPVCP/KNQT EGNQTFQWâEWTGPVGXCTKKPFFQCTOQFCNKVâ/KNGRTCEVKEGFGCE/KWPG  2GPVTW C ÉP/GNGIG QR/KWPKNG KFGQNQIKEG CNG UC)KNQT VTCPUKNXâPGPK ÉP EWTUWN CPKNQT  )K  RTGEWO )K GXQNW/KC FKUVKPEVâ C CEGUVQTC CXGO C CTWPEC OCK ÉPV¸K Q RTKXKTG OCK ÉPFGRâTVCVâ CUWRTC \QPGNQT FG RTQRCICTGCKFGKNQTFQOKPCPVGÉPGRQEâCPWOG)GTOCPKC)K#WUVTKC  'ZGORNKHKE¸PF RTKP UVWFKWN FG EC\ CN NWOKK UâUG)VKEWRTKPUâÉP X¸NVQCTGC TGXQNW/KGK RCIKPKNG FG HC/â É)K RTQRWP C ENâVKPC KOCIKPGC OGPVCNâ EWTGPVâ )K ÉP \KNGNG PQCUVTG ECTG CUKOKNGC\â NKDGTCNKUOWN EW RTQITGUWNEWDKPGNGKCTEQPUGTXCVQTKUOWNEWTGCE/KWPGC&KPRWPEVFG XGFGTG CN TGCNKVâ/KK KUVQTKEG Q CUVHGN FG KOCIKPG GUVG KPEQORNGVâ )K FG OWNVGQTKHCNUâ   ¡PEGRWVWTKNG OK)EâTKK NKDGTCNG ÉP )GTOCPKC C)CPWOKVWN NKDGTCNKUO VKORWTKW
(T×JNKDGTCNKUOWU  UCW RNCUCV ÉP LWTWN CPWNWK #PVGTKQTNKDGTCNKUOWNWKRQNKVKECHQUVTQOCPVKUOWNÉPNKVGTCVWTâ¡P RQG\KG UG FG\XQNVâ EWTGPVWN 6KPGTGK )GTOCPKK
&CU ,WPIG &GWVUEJNCPF  ECTG FGUEJKUG NWRVC ÉORQVTKXC UVâTKNQT FG NWETWTK OGFKGXCNG CPCETQPKEG ECTG RTGFKEC TGPWP/CTGC NC WTC HTCPEQHQDâ CRâTWVâ ÉP WTOC TGXQNW/KGK HTCPEG\G )K OCK CNGU C ECORCPKKNQT NWK 0CRQNGQPFCTECTGRTQOQXCÉPCEGNC)KVKOR)KPC/KQPCNKUOWNIGTOCP 
$TKVCPPKECXQN)GTOCP[R  

+UVQTKEKK )K LWTK)VKK IGTOCPK ÉPEGRWTâ C XGJKEWNC KFGGC GICNKVâ/KK RQNKVKEG FG KPURKTC/KG HTCPEG\â 7PWN FKP VGQTGVKEKGPKK NKDGTCNKUOWNWK VKORWTKW -CTN 4QVVGEM RTQHGUQT FG KUVQTKG )K )VKKP/GNG UVCVWNWK NC WPKXGTUKVCVGC FKP (TGKDWTI )K OGODTW FG XC\â CN %COGTGK FKP $CFGP GFKVâQKUVQTKGOQPFKCNâX¸PFWVâÉPOKKFGGZGORNCTGEGÉ)KRTQRWUG)K K\DWVKUâEQPVTKDWKGNCHQTOCTGCEQP)VKKP/GKRQNKVKEGCWPQTEGTEWTKNCTIK  &¸PFEWTUKPK/KCVKXGKNWK(TKGFTKEJ.KUV4QVVGEMUGCUQEKGEWCNV NKFGT CN QRQ\K/KGK NKDGTCNG FKP $CFGP RGPVTW GFWECTGC EWNVWTCNâ C IGTOCPKNQTRTKPVTQGPEKENQRGFKGQTFQPCVâCNHCDGVKE4QVVGEM)K9GNEMGT HWTâCWVQTKKEGNGDTWNWK5VCCVUNGZKMQPFGURTGECTGUCURWUEâCQEWRCVÉP ECFTWN OK)EâTKK NKDGTCNG VKORWTKK FKP )GTOCPKC WP NQE EQORCTCDKN EW GHGEVWN 'PEKENQRGFKGK NWK &KFGTQV )K F #NGODGTV RGPVTW KNWOKPKUOWN HTCPEG\ 5VCCVUNGZKMQP É)K GZRTKOC KPVGP/KC FG C KNWUVTC ÉPXâ/âVWTC NKDGTCNâ)KFGCFGUETKGGXQNW/KCKUVQTKGKFGNCFGURQ/KGNCKFGCNWNUVCVCNCN NKDGTVâ/KK)KGICNKVâ/KK#RâTWÉPVTQRTKOâGFK/KGFGXQNWOGÉPVTGCPKK )K1CFQWCGFK/KGCWIOGPVCVâ)KÉODWPâVâ/KVâXâ\WNWOKPC VKRCTWNWKÉPXQNWOG  
¡PHKPGCVTGKCGFK/KGFGXQNWOG HWVKRâTKVâÉPVTG)K  8QO \âDQXK RW/KP CUWRTC EQPEGRVGNQT FGHKPKVG CKEK FGQCTGEG CEGCUVâ QRGTâ C HQUV EGN OCK GZJCWUVKX EQORGPFKW )VKKP/KHKE CN RTKPEKRKKNQTVGQTGVKEGCNGNKDGTCNKUOWNWKFKPURC/KWNIGTOCP¡PQRKPKCNWK 4QVVGEM HQTOC KFGCNâ FG IWXGTPâO¸PV Q TGRTG\GPVC OQPCTJKC EQPUVKVW/KQPCNâ5GRTQENCOCFTGRVWNPCVWTCN)KEQPVTCEVWNUQEKCNRGPVTW CUKIWTCTGCCEGUVWKFTGRVWOCP$KPGNGKPFKXKFWCNGTCUWDUWOCVDKPGNWK IGPGTCN 5VCVWN CXGC FCVQTKC FG C ICTCPVC FTGRVWTKNG )K UGEWTKVCVGC KPFKXKFWCNâ $KUGTKEC )K )EQCNC WTOCW Uâ HKG RWUG UWD CWVQTKVCVGC UVCVWNWK&TGRVWNNCGFWEC/KG)KÉPXâ/âVWTâGTCEQPUKFGTCVQEQORQPGPVâ C NKDGTVâ/KK RGTUQPCNG 8CNQCTGC UWRTGOâ EâTGKC K UG UWDQTFQPCW VQCVG EGNGNCNVGQEQPUVKVWKCUWXGTCPKVCVGCRQRQTWNWK  ¡PXK\KWPGCNWK9GNEMGTUVCVWNGTCWPVQVQTICPKEXKW6TGRVGNG FG\XQNVâTKK UVCVWNWK EQTGURWPFGCW EGNQT CNG XKG/KK QOGPG)VK 9GNEMGT FKUVKPIGCRCVTWRGTKQCFGCNGCEGUVGKGXQNW/KKRCTCNGNG2TKOCFKPVTGGNG ÉPEQN/KTGC )K ETG)VGTGC UVCVWNWK EQTGURWPFGC EQRKNâTKGK # FQWC C ÉPHNQTKTKKUVCVWNWKVTKOKVGCNCVKPGTG/GCWOCPâ/CVWTK\CTGCUVCVWNWKGTC 

9KNJGNO /×NNGT 2QNKVKUEJG )GUEJKEJVG FGT PGWGUVGP <GKV  OKV DGUQPFGTGT $GT×EMUKEJVKIWPI&GWVUEJNCPFU8GTNCIXQP2CWN0GHH5VWVVICTVR *CPU<GJPVPGT&CU5VCCVUNGZKMQPXQP4QVVGEMWPF9GNEMGT'KPG5VWFKG\WT)GUEJKEJVG FGUFGWVUEJGP(T×JNKDGTCNKUPWU8GTNCIXQP)WUVCX(KUEJGT,GPCR8 

CKFQOC X¸TUVGK CFWNVG KCT TGVCTFCTGC )K QHKNKTGC UVCVWNWK UWIGTCW DâVT¸PG/GC  .GZKEQPWN UVCVWNWK PW CVKPUG WPKVCVGC FG EQPEGR/KG # HQUV Q TGHNGEVCTG HKFGNâ C NKDGTCNKUOWNWK IGTOCP RTGRC)QRVKUV )K RC)QRVKUV 6GQTKKNGUCNGFGURTGUVCVGTCWNCHGNFGFKXGTUGEC)KCE/KWPKNG)KEGTKP/GNG RQNKVKEG &CEâ VGQTGVK\CTGC EQPEGR/KKNQT TGXGPGC WPQT RTQHGUQTK WPKXGTUKVCTKEWOGTCW4QVVGEM)K9GNEMGTEQPFWEâVQTKKOK)EâTKKNKDGTCNG CRCT/KPGCWPQKKENCUGFGOKLNQEKPFWUVTKCNG)KEQOGTEKCNGFKP4JGKPNCPF
.WFQNH%CORJCWUGP&CXKF*CPUGOCPP)WUVCXXQP/GXKUUGP FCT )K FKP CNVG RâT/K CNG )GTOCPKGK /K)ECTGC NKDGTCNâ IGTOCPâ PW C HQUV WPKVCTâPKEKNCPKXGNWNEQPHGFGTC/KGKGZKUV¸PFOCTKFKHGTGP/GÉPVTG0QTF )K 5WF PKEK EJKCT ÉP KPVGTKQTWN FKXGTUGNQT UVâVWNG/G 2WPEVWN EQOWP ÉN EQPUVKVWKC NWRVC RGPVTW ÉPNâVWTCTGC CDUQNWVKUOWNWK )K C TGIKOWNWK 5VâTKNQT KCT PW WP RTQITCO RQNKVKE RQ\KVKX .KDGTVCVG GICNKVCVG ÉP FTGRVWTK UWXGTCPKVCVG RQRWNCTâ ÉPUGOPCW NWETWTK FKHGTKVG RGPVTW TGRTG\GPVCP/KKNKDGTCNKÉPRCTVG  2G OâUWTâ EG NKDGTCNKUOWN E¸)VKIâ VGTGP FWRâ  FKPVTWP RCTVKFFGQRQ\K/KGFGXGPKWPRCTVKFFGIWXGTPâO¸PV¡PCPKK NKDGTCNKKIGTOCPKCLWPUGTâNCEQPFWEGTG¡ORTGWPâEWGK5VCCVUNGZKMQPUG VTCPUHQTOâ FKPVTWP ECVGJKUO CN QRQ\K/KGK ÉP EQPHGUKWPGC RCTVKFWNWK FQOKPCPV %W VQCVG UEâFGTKNG UCNG UG RCTG Eâ .GZKEQPWN UVCVWNWK C GZGTEKVCV Q KPHNWGP/â ENCTKHKECVQCTG ÉP EWTUWN TGXQNW/KGK #XGC CRTQCRG XCNQCTGC WPWK QTCEQN RQNKVKE %QPHQTO WPQT TGNCVâTK ÉP #FWPCTGC PC/KQPCNâ IGTOCPâ
2CTNCOGPVWN  FG NC (TCPMHWTV NGZKEQPWN UG CHNC ÉP O¸PC CRTQCRG HKGEâTWK FGRWVCV ÉP XTGOG EG EQP/KPWVWN UâW GTC TGFCV CFGUGCVGZVWCNÉPFG\DCVGTKNGCUWRTCFTGRVWTKNQTFGDC\â  ¡P CEGUV VKOR EQPVTCFKE/KKNG KPVGTPG CNG NKDGTCNKUOWNWK URQTGCW 6QEOCKCPWNVTGDWKCUâCFWEâFG\CITGICTGCUC¡PCEGUVCPCRâTW /CPKHGUVWNEQOWPKUV&GXK\CRTQNGVCTKCVWNWKUWPC2â\K/KXâFGRCTVKFWN NKDGTCN EâEK ÉP NQE FG FTGRVWTK WOCPG NKDGTCNKK PW EWPQUE FGE¸V FTGRVWTK RQNKVKEG &GEK UG RTQFWUG Q RTKOâ FKXK\KWPG ÉPVTG NKDGTCNK )K EQOWPK)VK  #RQK ÉP U¸PWN RCTVKFWNWK NKDGTCN CTKRC FG UV¸PIC C NKDGTCNKNQTFKP$CFGP
*GEMGT5VTWXG UGFGURTKPUGFGDâVT¸PKKNKDGTCNK EW RTKNGLWN CFWPâTKK FG NC 1HHGPDWTI FKP  ¡P 2TGRCTNCOGPVWN
8QTRCTNCOGPV  FKP RTKOâXCTC NWK  CXW NQE FKXQT/WN QHKEKCN FKPVTG DâVT¸PKK NKDGTCNK
#NVNKDGTCNG  )K TCFKECNK UCW FGOQETC/K .C T¸PFWN 
+DKFGOR $TKVCPPKECXQNR 

*<GJPVPGTQREKVRUSEKVGC\âRG/QJN2TGW²KUEJG,CJTD×EJGTR9

9KEJOCPP&GPMY×TFKIMGKVGPCWUFGT2CWNUMKTEJGR 

NQT DâVT¸PKK NKDGTCNK UG UGRCTCTâ ÉP NKDGTCNKK FG FTGCRVC )K NKDGTCNK KCT TCFKECNKK ÉP FGOQETC/K )K FGOQETC/K FG UV¸PIC 2G VKORWN CEGNC FGPWOKTKNG PW GTCW UVCDKNG FG HCRV CDKC UG RQCVG XQTDK FG RCTVKFG RTQRTKW\KUG1RKPKKNGPWEQKPEKFGCWTCFKECNKKGTCWTGRWDNKECPKRGE¸PF TGUVWN NKDGTCNKNQT TâO¸PGCW OQPCTJK)VK ÉP XTGOG EG FWRâ QD/KPGTGC RWVGTKK FKP QRQTVWPKUO NKDGTCNKK FGFTGCRVCFGXGPKTâCRâTâVQTKCKPQKK QT¸PFWKTKEGHCXQTK\COCTGCDWTIJG\KG  7P HQTWO 
5RTGEJUCCN  CN KFGKNQT OQFGTPG EGN OCK NKDGTCN FKPVTG\KCTGNGIGTOCPGR¸PâNCGTC#NNIGOGKPG<GKVWPIECTGÉP XTGOGC CEGGC CRâTGC NC #WIUDWTI %W WP VKTCL HCPVCUVKE FG  FG GZGORNCTG\KCTWNGTCHQCTVGEKVKV)KÉP#WUVTKC)K6TCPUKNXCPKCFGWPFG RTKOGC EQTGURQPFGP/G FG NC RWDNKEK)VKK UC)K #PVQP -WT\ (TKGFTKEJ 5EJTGKDGT&CPKGN4QVJ  .C)GTOCPKCGTCQEQPHGFGTC/KGFGFGUVCVGUWXGTCPG ÉPVTG ECTG UG CHNCW  FG OQPCTJKK FKPVTG ECTG FQWâ GTCW OCTK RWVGTK 4GHQTOCVQTKK FQTGCW VTCPUHQTOCTGC EQPHGFGTC/KGK ÉPVTWP UKPIWT UVCV HGFGTCV $WPFGUVCIWN HKKPF EQPUKFGTCV Q KPUVKVW/KG ÉPXGEJKVâ UG QRVC RGPVTWCNGIGTGCWPWKRCTNCOGPVRTKP)KRGPVTWRQRQT  .COCTVKGK\DWEPKTGXQNVCNC$GTNKP5GFGEKUGHQTOCTGC WPGKCFWPâTKEQPUVKVWCPVG)KPWOKTGCWPWKOKPKUVGTCNEâVWKVFKPNKDGTCNKK TGPCPK
%CORJCWUGP *CPUGOCPP  6TGK \KNG OCK V¸T\KW TGIGNG (TKGFTKEJ9KNJGNOCN+8NGC
ECTGWTECUGRGVTQPÉP TGVTCUGVTWRGNG )KCFTGUâXGUVKVWNUCNWVEâVTGFTCIKKUâKDGTNKPG\KFGENCT¸PFEâ2TWUKCUG XCFK\QNXCÉP)GTOCPKC)KRâT¸PFCHKICVCUâEQPNWETG\GNCWPKHKECTGC )GTOCPKGK(KÉPCNVGUVCVGIGTOCPGEQPFWEâVQTKKHQUVGKQRQ\K/KKNKDGTCNG HWTâ PWOK/K ÉP OKPKUVGTG
4ÑOGT ÉP 9×TVVGODGTI 9KRRGTOCPP ÉP -WTJGUUGP 5V×XG ÉP *CPQXTC *GKPTKEJ XQP )CIGTP ÉP *GUUGP &CTOUVCFV  ¡P $CXCTKC CXW NQE Q UEJKODCTG FG VTQP 4GIGNG .WFYKI EQORTQOKUFGEâVTGCOCPVCUC.QNC/QPVG\
RGECTGÉPQÉPâN/CUG NCTCPIWNFGEQPVGUâ CDFKEâÉPHCXQCTGCHKWNWKUâW/CZKOKNKCPCN++NGC  
¡PUWFXGUVWN)GTOCPKGKRCTVKFWNNKDGTCNUGCHNCÉPHTWPVGC OK)EâTKKTGXQNW/KQPCTG  .COCTVKGUGFGUHâ)WTâNC*GKFGNDGTIQXGUVKVâCFWPCTG RTQITCOCVKEâ C NKDGTCNKNQT )K CECFGOKEKNQT
RTQHGUQTK WPKXGTUKVCTK  ECTG EJGOâ NC TKFKECTGC ÉPVTGIKK PC/KWPK IGTOCPG )K CNGUG Q EQOKUKG FG  

)TKIQTG2NQG)VGCPW+OCIKPGC/âTKNQTTQO¸PGÉP#NNIGOGKPG<GKVWPI  
NWETCTG UWU/KPWVâNC5GUKWPGC+PUVKVWVWNWKFG+UVQTKGFKP%NWLPQKGODTKG 9/×NNGTQREKVR 

*<GJPVPGTQREKVR 

DâTDC/K EG WTOCW Uâ HCEâ RTQRWPGTK FG EQPUVKVWKTG C WPWK RCTNCOGPV IGTOCP)KECTGVTGDWKCWUâEQPXQCEGNC(TCPMHWTVWPRTGRCTNCOGPV  .C  OCTVKG  ÉP 2CWNUMKTEJG
DKUGTKEC 5H 2CWN  FKP (TCPMHWTVCXWNQECFWPCTGCKPCWIWTCNâC2TGRCTNCOGPVWNWK 
OCTVKG  CRTKNKG   UWD RTG)GFGP/KC RTQHGUQTWNWK /KVVGTOCKGT FKP *GKFGNDGTI /CLQTKVCVGC TGRTG\GPVCP/KNQT ECTG PWVTGCW EQPXKPIGTK OQPCTJKUVEQPUVKVW/KQPCNG FGEKUG QTICPK\CTGC ÉP NWPC OCK C WPGK #FWPâTK PC/KQPCNG #EGCUVC WTOC Uâ FG\DCVâ XKKVQCTGC EQPUVKVW/KG C )GTOCPKGK
4GKEJUXGTHCUUWPI )KUâHKGEQORWUâFKPFGNGIC/KCNG)KRTKP CNGIGTK FKTGEVG ECTG Uâ PW /KPâ UGCOC FG CXGTG UVCTG UCW EQPHGUKWPG %QPEQOKVGPVWPEQOKVGVFGFGRGTUQCPGVTGDWKCUâXGIJG\GCUWRTC ÉPFGRNKPKTKKGZCEVGCCEGUVQTJQVâT¸TKFGEâVTGIWXGTPGNGFKHGTKVGNQTUVCVG IGTOCPG  2CTVKFC TCFKECNâ TGRWDNKECPâ EQPFWUâ FG *GEMGT )K 5VTWXG RâTâUKPGOWN/WOKVâQTC)WN8QNWPVCTKKTGRWDNKECPKHWTâÉPHT¸P/KÉPNWRVC FG NC -CPFGTP FG EâVTG WP EQTR FKP *GUUGP&CTOUVCFV UWD EQOCPFC NKDGTCNWNWKOQFGTCV(TKGFTKEJXQP)CIGTP  .C  OCK UG FGUEJKUG #FWPCTGC PC/KQPCNâ IGTOCPâ FKP (TCPMHWTVÉPRTG\GP/CCFGTGRTG\GPVCP/KCKRQRQTWNWKIGTOCP#V¸V TGRWDNKECPKK E¸V )K TGCE/KQPCTKKUGCHNCWÉPOKPQTKVCVGOCLQTKVCVGCGTC EQORWUâFKPNKDGTCNKKOQFGTC/K.CKWPKG2CTNCOGPVWNCNGUGWPTGIGPV
4GKEJUXGTYGUGT  ÉP RGTUQCPC CTJKFWEGNWK ,QJCPP CN #WUVTKGK .C  KWNKG$WPFGUVCIWNRTGFâRWVGTGCÉPO¸KPKNGTGIGPVWNWK  #FWPCTGC PC/KQPCNâ FKP (TCPMHWTV FG\DâVW RTQDNGOG FG RTKPEKRKWNGICVGFGXKKVQCTGCEQPUVKVW/KGIGTOCPâ¡PVTGCRTKNKG)KCWIWUV  2CTNCOGPVWN RTGNWâ EQPFWEGTGC Tâ\DQKWNWK EW &CPGOCTEC ÉP NGIâVWTâEWTGICVGNG5EJNGUYKI)K*QNUVGKP)KRKGTFWTâ\DQKWN  .CUGRVGODTKGTCFKECNKKPGOWN/WOK/KFGFG\DCVGTKNGVGQTGVKEG CNG 2CTNCOGPVWNWK )K FQTPKEK Uâ KORWPâ RTKP HQT/â TGRWDNKEC CUCNVCTâ UGFKWN #FWPâTKK PC/KQPCNG FKP 2CWNUMKTEJG 1TC)WN ÉPVTGI HW RWU UWD UVCTGFGCUGFKW.CUGRVGODTKG5VTWXGRTQENCOâTGRWDNKECÉP$CFGP FCTVTGK\KNGOCKV¸T\KWHWRTKPU)KCTWPECVÉPÉPEJKUQCTG  .C  OCTVKG  #FWPCTGC PC/KQPCNâ FKP (TCPMHWTV XQVâ CEQTFCTGC TCPIWNWK GTGFKVCT FG ÉORâTCV CN IGTOCPKNQT
-CKUGT FGT &GWVUEJGP TGIGNWK2TWUKGK(TKGFTKEJ9KNJGNOÉPUâTGHW\âRTQRWPGTGC &KPCEGCUVCENKRâHWNKORGFGEâ2CTNCOGPVWNPWFG/KPGCFGE¸VQRWVGTG HKEVKXâTWRVâFGTGCNKVCVG/KEKNGOQPCTJKKIGTOCPGPWGTCWFKURWUGUâ CRNKEG FGEK\KKNG 2CTNCOGPVWNWK KCT 2TWUKC UG FGNKOKVC CUVHGN FG Q KPK/KCVKXâECTGCTHKFGENCP)CVEWUKIWTCP/âQTKRQUVâFKPRCTVGC#WUVTKGK  

%JKCT)KC)C#WUVTKCÉ)KTGVTCUGFGRWVC/KKFKP2CTNCOGPVWNFGNC (TCPMHWTV 4GIGPVWN ,QJCPP QUVGPKV FG CV¸VC TGXQNW/KG FGOKUKQPâ FKP HWPE/KC UC ¡PVTG  OCK  RGUVG  FG OGODTK CK #FWPâTKK PC/KQPCNG
ÉPVTGECTG)CIGTP&CJNOCPP#TPFV9GNEMGT)C TGPWP/CTâ )KGKNCOCPFCV/WNVGUVCVGIGTOCPGÉ)KTGEJGOCTâTGRTG\GPVCP/KK  4GUVWNVTWPEJKCVCN2CTNCOGPVWNWK
4WORHRCTNCOGPV ECTGOCK EWRTKPFGCFQCTQUWVâFGRGTUQCPGUGOWVâNC5VWVVICTV 
KWPKG &CTNC KWPKGCWVQTKVâ/KNGQTC)WNWKQRTKTâEWVTWRGRGFGUVTG)KECXCNGTK)VK KPVTCTGC RCTNCOGPVCTKNQT ÉP UCNC FG )GFKP/G #UVHGN UG UGOPâ CEVWN FG FGEGUCN#FWPâTKKPC/KQPCNGIGTOCPG   5RTG FGQUGDKTG FG RW\FGTKC UVâVWNG/GNQT IGTOCPG
ÉP CHCTâ FG 2TWUKC #WUVTKCFG/KPGCUVCVWVWNFGOCTGRWVGTGEQPFWUâFGQFKPCUVKG KORGTKCNâEWXGEJKTâFâEKPK)GTOCPKKVKPFGCWURTGEGPVTCNK\CTGRQNKVKEâ RG E¸PF #WUVTKC GTC WP UVCV EGPVTCNK\CV ÉPUâ FCVQTKVâ OWNVKGVPKEKVâ/KK UCNG GXQNW/KC RTGEWO )K RGTURGEVKXGNG UCNG GTCW CNVGNG 5VCVWNWK WPKVCT CDUQNWVKUV EC RWTVâVQT CN KFGKK FKPCUVKEG FG UVCV CWUVTKCE K UG QRWPGC CEWO NC  PP I¸PFWN NKDGTGK WPKHKEâTK C ITWRGNQT GVPKEG )K C WPKVâ/KNQT VGTKVQTKCNG HQTOCVG ÉP DC\C FTGRVWNWK KUVQTKE UCW C WPKVâ/KK PC/KQPCNG K UG QRWPGC KFGGC HGFGTCNKUOWNWK 2TQDNGOC PC/KQPCNKVâ/KNQTCHQUVGNGOGPVWNOCLQTECTGFKHGTGP/KC\âKUVQTKC#WUVTKGK FGEGCCEGNQTNCNVGVGTKVQTKKIGTOCPG(CEVQTWNPC/KQPCNCKTWRVOCKCNGUÉP VKORWN TGXQNW/KKNQT FG NC  ¡P EGNG FG OCK LQU XQO WTOâTK ÉPUâ EW RTGEâFGTG PC/KQPCNKUOWN IGTOCP FKP #WUVTKC NâU¸PF RG WP RNCP UGEWPF OCPKHGUVâTKNG PC/KQPCNG CNG WPIWTKNQT UNCXKNQT )K CNG EGNQTNCNVG RQRQCTG FKP ÉORCTâ/KC JCDUDWTIKEâ %¸V ÉK RTKXG)VG RG NKDGTCNK HKG GK IGTOCPK CWUVTKGEKEGJKUCWWPIWTKVTâUâVWTCNQTFQOKPCPVâCHQUVPC/KQPCNKUOWN  $C\GNG IWXGTPâTKK JCDUDWTIKEG FKP ÉPVTGIWN UGEQN CN :+:NGC UG URTKLKPGCW RG Q RQNKVKEâ EQPUGTXCVQCTG ¡ORâTCVWN (TCP\ +  
ÉPURâKO¸PVCVFGG)GEWNTGHQTOKUOWNWKRTCEVKECVFG+QUKHCN++NGC)KFGEKU UâPWUEJKODGPKOKEÉ)KÉPVGOGKGKORGTKWNRGEGKFQKUV¸NRKCKDKTQETC/KGK )KRQNK/KGK7TOC)WNUCW(GTFKPCPF+  
GTCQHCPVQ)âÉPURCVGNG EâTGKC VTGK QCOGPK IWXGTPCW UVCVWN
/GVVGTPKEJ CTJKFWEGNG .WFYKI  WPEJKWN ÉORâTCVWNWK  )K OKPKUVTWN FG HKPCP/G -QNQYTCV  &CEâ ÉP RNCP 
&GURTG )GTOCPKC NC  Q HQCTVG EQORNGVâ ETQPQNQIKG GXGPKOGP/KCNâ GUVG QHGTKVâ FG &GWVUEJG )GUEJKEJVG KP &CVGP *TUI XQO +PUVKVWV H×T )GUEJKEJVG FGT #MCFGOKG FGT 9KUUGPUEJCHVGP \W
1UV $GTNKP 8'$ &GWVUEJGT 8GTNCI FGT 9KUUGPUEJCHVGP$GTNKPR  , 4GFNKEJ&CUÑUVGTTGKEJKUEJG5VCCVUWPF4GKEJURTQDNGO.GKR\KIXQN+R  

GZVGTP #WUVTKC GTC KPVGTGUCVâ FQCT FG OGP/KPGTGC UVCVWUSWQWNWK )K C RâEKKEQPUKFGT¸PFUWHKEKGPVâGZVGPUKWPGCVGTKVQTKCNâNCECTGCLWPUGUG)K /GVVGTPKEJ GZEGNC ÉP HQTOCTGC WPWK UKUVGO FG CNKCP/G ÉP KPVGTKQTWN KORGTKWNWK ÉP RTGCLOC TGXQNW/KGK PGOWN/WOKTGC FGXGPKUG WPKXGTUCNâ EWRTKP\¸PFVQCVGUVTCVWTKNGUQEKCNG  #TKUVQETC/KC TGURKPIGC EQPVTQNWN DKTQETCVKE EGPVTCN )K FQTGC CWVQPQOKGRTQXKPEKCNâUWDEQPVTQNRTQRTKW%NCUGNGFGOKLNQEDWTIJG\G XQKCW WP UVCV NKDGTCN RCTNCOGPVCT EGPVTCNK\CV )K EW ECTCEVGT IGTOCP -âTCPKKFQTGCWGNKDGTCTGCFKPKQDâIKGKCTRTQNGVCTKCVWNXKGPG\QEQPFK/KG OCKDWPâ5VWFGP/KKXKUCWNCWPXKKVQTTCFKECN  2WTVâVQTKKFGEWX¸PVCKFG\COâIKTKNQTRTGRC)QRVKUVGGTCWEGKRG ECTGIWXGTPWNÉKPWOGCFKG/CNMQPVGPVGP'KETGCTâNC8KGPCQOK)ECTG CTVKUVKEâNKVGTCTâ)KRQNKVKEâFGPWOKVâ6¸PâTC#WUVTKG
¡PVTG\âTKOCKEK WP RCTCNGNKUO EW OK)ECTGC RQGVKEâ C 6KPGTGK )GTOCPKK  #EG)VK KPVGNGEVWCNK TGRTG\GPVCW FKHGTKVG VGQTKK RQNKVKEG CX¸PF ÉP EQOWP XKUWN WPGK #WUVTKK RTQITGUKUVG ¡P T¸PFWTKNG NQT UG CHNCW UETKKVQTK LWTPCNK)VK OGFKEK EC HWPE/KQPCTWN FG UVCV  $CTQP #PFTKCP RWDNKEKUVWN +IPC\ -WTCPFC 9KGUPGT /ÑTKPI 5EJWUGNMC EQPVGNG #PVQP #WGTURGTI
ECTG RWDNKECUWDRUGWFQPKOWNFG#PCUVCUKWU)T×P UETKKVQTKK$CWGTPHGNF)K /QTKV\*CTVOCPP-CTN$GEM*GTOCPP4QNNGV#NHTGF/GKUUPGT#NDGTV -PQNNRQGVWNDâPâ/GCP0KMQNCWU.GPCW  %GNOCKKORQTVCPV)KOCKKPHNWGPVQTICPCN6KPGTGK#WUVTKKGTC TGXKUVC Q)TGP\DQVGR  GFKVCVâ FG +IPC\ -WTCPFC OCK ÉPV¸K NC $T×UUGN CRQK NC .GKR\KI #EGCUVC KPHQTOC ENCTKHKEC FG\XâNWKC TGNCVC FGURTG OK)EâTKNGRQNKVKEG)KURKTKVWCNGFKPNâWPVTWN)KFKPCHCTC#WUVTKGK4GXKUVC FGVGTOKPâWPCUGOGPGCEWTGPVFGQRKPKGÉPE¸VGTCFGCFTGRVWNOQFGTP )K FG DQPVQP C EKVK )TGP\DQVG ÉP EC\ EQPVTCT RNCPC RGTKEQNWN FG C HK EQPUKFGTCVPGGFWECV&CTFWRâE¸VGXCPWOGTGTGXKUVCHWKPVGT\KUâNCHGN EC)KUETKGTKNGNWK#PFTKCP)T×P)C  %CTGGTCKOCIKPGCEQPFWEâVQTKNQVNKDGTCNKÉP#WUVTKCTGIKOWNWK /GVVGTPKEJEC)KFWRâCEGGCPGRQCVGUWIGTCFGUVKPWNEQPVGNWK#PVQP #NGZCPFGTXQP#WGTURGTI
PNC.GKDCEJONC)TC\5VGKGTOCTM ÉP EWPQUEWVUWDRUGWFQPKOWNNKVGTCT#PCUVCUKWU)T×P¡PCPKKN CKUGEQNWNWKCNPQWâURTG\GEGNGCGNKPVTâÉPEQPVCEVEWHQT/GNGQRQ\K/KQPCNG )KNKDGTCNGCWUVTKGEG¡PEâNâVQTKKNGGHGEVWCVGÉP+VCNKC#PINKC(TCP/CFCT )K ÉP 5WCDKC 5CEJUGP 6J×TKPIGP UCW NC .GKR\KI GN É)K NâTIK QTK\QPVWN RQNKVKE7PEWRNWXGUVKVCN8KGPGKÉPCKPVGFGGTCW)T×P)K0KMQNCWU .GPCWRTKGVGPWNUâWQTKIKPCTFKP$CPCV/CKV¸T\KWQUVT¸PUâRTKGVGPKGN 

'XC 2TKGUVGT -WT\G )GUEJKEJVG ©UVGTTGKEJU #WHUVKGI WPF 7PVGTICPI FGU *CDUDWTIGTTGKEJGU)NQDWU8GTNCI9KGPR 

C NGICV RG #PCUVCUKWU )T×P )K FG *GKPTKEJ *GKPG &WRâ RWDNKECTGC QRGTGKUCNGFGFGDWVÉPXQNWOWNFGRQG\KKKPVKVWNCVQ5RC\KGTI¼PIG GKPGU 9KGPGT 2QGVGPR
2NKODâTKNG WPWK RQGV XKGPG\   EGTGRTG\KPVâÉP CEGNC)K VKOR )K QRGTC UC EGC OCK EWPQUEWVâ ECPEGNCTWN /GVVGTPKEJ ÉN EQPXQEâ ÉP CWFKGP/â RWP¸PWN ÉP HC/C WPWK WNVKOCVWO QTK VCEG QTK RâTâUG)VG OQPCTJKC 'ZKNCV FKP /CTâ )K WTOâTKV VKOR FG FGEGPKK )T×P RCTVKEKRâ NC TGXQNW/KC FG NC  EC FGRWVCV FG %TCKPC NQEWN UâW FG DC)VKPâÉP2CTNCOGPV2TKGVGPFGCUGOGPGCEW'FWCTFXQP$CWGTPHGNF GZGTEKVâ Q QCTGECTG KPHNWGP/â CUWRTC ÉORâTCVWNWK URTG CN HCEG Uâ EQPUKOVâ NC CRTQDCTGC EQPUVKVW/KGK QEVTQKCVG 2CTVKEKRâ )K NC NWETâTKNG FGUHâ)WTCVG NC 2CWNUMKTEJG &WRâ  )T×P UG KORNKEâ FKP PQW ÉP RQNKVKEC #WUVTKGK ÉP 5GPCV
*GTTGPJCWU  TGRTG\GPV¸PF %TCKPC )K 5VGKGTOCTM  ¡P  CXW NQE RTKOC TGXQNVâ FGUEJKUâ EW ECTCEVGTRQNQPG\ÉP )CNK/KC 2GPVTW CK ÉPHT¸PIG RG PQDKNKK TâUEWNC/K CWVQTKVâ/KNG KORGTKCNG RTQOKUGTâ /âTCPKNQT )VGTIGTGC TQDQVGNQT ÉP UEJKODWN CLWVQTWNWK NQT #UVHGNRTKOWNCEVTGXQNW/KQPCTCXGPKVFKPRCTVGCIWXGTPWNWKÉPUW)K  .C  OCTVKG  &KGVC #WUVTKGK +PHGTKQCTG FâFW UGOPCNWN TGXQNW/KGK NC 8KGPC /GVVGTPKEJ HW UKNKV Uâ FGOKUKQPG\G UG RTQENCOâ NKDGTVCVGCRTGUGKUGFKUEWVâEJGUVKWPGCWPGKPQKEQPUVKVW/KK&KPT¸PFWN TâUEWNC/KNQT NWâ HKKP/â )CTFC PC/KQPCNâ KCT FKP T¸PFWN UVWFGP/KNQT WPKXGTUKVâ/KK.GIKWPGCCECFGOKEâ4GRTG\GPVCP/KKEGNQTFQWâEQTRQTC/KK EQORWUGTâ WP %QOKVGV EGPVTCN ECTG ÉP CEGUV OQOGPV RTGNWâ RWVGTGC GHGEVKXâ  5G HQTOâ WP IWXGTP EQPFWU FG RTKOOKPKUVTWN -QNQYTCV WP RGTUQPCLGFTGRVEGXCOCKNKDGTCNFGE¸V/GVVGTPKEJFGRCTVGVQVW)KFGC RWVGC HK EQPUKFGTCV NKDGTCN &G PWOGNG NWK -QNQYTCV UG NGCIâ )K EQPUVKVW/KCQEVTQKCVâNCCRTKNKGFWRâOQFGNDGNIKCP#EGCUVCUVCDKNGC CNEâVWKTGC WPGK &KGVG OQPQECOGTCNG )K C WPWK IWXGTP TâURWP\âVQT ÉP 
9QNHICPI $GWVKP 'KP ÑUVGTTGKEJKUEJGT .KDGTCNGT FGU 8QTO¼T\ &KEJVGT WPF .KVGTCVWTXGTOKVVNGT KO  ,J #PCUVCUKWU )T×P  TGHGTCV UWU/KPWV NC UKORQ\KQPWNQ+OCIKPKCNG4QO¸PKGK)KCNG)GTOCPKGKÉPEQPVGZVWNURC/KWNWKFWPâTGCP ÉPUGEQNGNG)KRQTICPK\CVFG7PKXGTUKVCVGCQ#XTCO+CPEWR%NWL)K7PKXGTUKVCVGC .×PGDWTI  QEVQODTKG  1RGTC NWK # )T×P GUVG NKTKEâ ÉP EGC OCK OCTG RCTVG WTO¸PFVTCFK/KCNWK*GTFGT'NGFKVâRQUVWOQRGTGNGEQORNGVG)KQDKQITCHKGCNWK0 .GPCW
OQTVPGDWPÉP VTCFWUGRQG\KKRQRWNCTG
U¸TDGGVE RTGEWO)KQEQNGE/KG FGVGZVGGPING\GTGWPKVGUWDVKVNWNQ4QDKP*QQFR  
+NURTKLKPKRG*GKPGÉPDQCNC WNVKOKNQTNWKCPKFGXKC/â2TQVCIQPKUVWNPWXGNGKQ'KP5R¼VIGDQTPGTR
%GNEGUCPâUEWV RTGC V¸T\KW  CRCT/KP¸PF EGNGK OCK EWPQUEWVG RQGVG CWUVTKGEG /CTKG XQP 'DPGT 'UEJGPDCEJPWGUVGCNVWNFGE¸VÉPUW)K)T×P $TKVCPPKECXQN#WUVTKCR 

HC/C &KGVGK %QPUVKVW/KC PW EWRTKPFGC 7PICTKC ECTG KORWUGUG FGLC WP IWXGTP RTQRTKW 2TKP CEGCUVâ EQPUVKVW/KG #WUVTKC FGXGPGC Q OQPCTJKG EQPUVKVW/KQPCNâ EW TGRTG\GPVCP/â RQRWNCTâ ÉP 2CTNCOGPV )K IWXGTP UWRWU 2CTNCOGPVWNWK #EGGC)K EQPUVKVW/KG FGEKFGC FGRNKPC GICNKVCVG C VWVWTQT PC/KQPCNKVâ/KNQT VTâKVQCTG ÉP #WUVTKC HâTâ C TG\QNXC URKPQCUC RTQDNGOâCIGTOCPKNQTFKPOQPCTJKG  /K)ECTGC CEGUVQTC PW GTC WPKVCTâ 8KGPC TGXQNW/KQPCTâ CTDQTC UVGCIWN PGITWTQ)WCWTKW UKODQN CN WPKHKEâTKK IGTOCPG %WTVGC IWXGTPWNCTOCVCFCT)KPC/KQPCNKVâ/KNGKORGTKWNWK
OCKRW/KPKVCNKGPKK)K WPIWTKK  UG CHNCW UWD HNCOWTC EWNQTKNQT KORGTKCNG JCDUDWTIKEG PGITW ICNDGP  4GXQNW/KQPCTKK IGTOCPK FKP #WUVTKC UG ITWRCW ÉP FQWâ OCTK EWTGPVG %GK FG UV¸PIC EGTGCW UQNW/KQPCTGC RTQDNGOGNQT UQEKCNG )K Q )GTOCPKGWPKVâÉPECTG#WUVTKCWTOCUâUGFK\QNXG0WEQPVCRGPVTWGK FCEâCEGCUVCCXGCUâUGÉPV¸ORNGEWUCWHâTâJCDUDWTIK  4GHQTOC/KK OQFGTCVDWTIJG\K FQTGCW )K GK WPKVCVGC IGTOCPâ FCT EW OGP/KPGTGC TQNWNWK EQPFWEâVQT CN #WUVTKGK )K C FQOKPC/KGK JCDUDWTIKEGUWDHQTOCWPWKKORGTKWIGTOCPC)CEWOHWUGUGGNR¸PâNC   %WTVGC FKP 8KGPC XQKC EW QTKEG RTG/ RâUVTCTGC OQPCTJKGK HâTâ UCWEWQ)GTOCPKGWPKVâECTGFGUKIWTCTHKHQUVUWDQTFQPCVâ#WUVTKGK  )WXGTPWNUGCHNCNCOKLNQEÉPVTG%WTVG)KTGXQNW/KG  .C  OCK  K\DWEPKTâ NC 8KGPC PQK EQPHTWPVâTK CTOCVG NC ÉPEGTEâTKNG)WXGTPWNWKFGCHT¸PCCE/KWPGCQTICPGNQTTGXQNW/KQPCTGCNG )âT\KK PC/KQPCNG )K .GIKWPKK CECFGOKEG TGURGEVKX C %QOKVGVWNWK TGXQNW/KQPCT #EGUVC CXW E¸)VKI FG ECW\â )K RTGNWâ RWVGTGC NC  OCK %WTVGCUGTGHWIKGNC+PPUDTWEM  #WUVTKCÉ)KVTKOKUGTGRTG\GPVCP/KÉP2CTNCOGPVWNFKP(TCPMHWTV 6QVÉPNWPCOCKUGFGUHâ)WTCTâCNGIGTKNGRGPVTW#FWPCTGCEQPUVKVWCPVâ
4GKEJUVCI  2CTVKEKRCTGC IGTOCPKNQT CWUVTKGEK HW UNCDâ .C  KWNKG CTJKFWEGNG,QJCPPFGUEJKUGRTKOCUGUKWPGC#FWPâTKKEQPUVKVWCPVGFCT FGRWVC/KK CWUVTKGEK GTCW ÉP OKPQTKVCVG HC/â FG TGRTG\GPVCP/KK EGNQTNCNVG PC/KQPCNKVâ/K 2TG)GFKPVGNG %QPUVKVWCPVGK GTC EGJ XKEGRTG)GFKPVGNG RQNQPG\ ¡PVTG FGNGIC/KK PC/KQPCNKVâ/KNQT UG CHNCW OWN/K /âTCPK ECTG PW )VKCW PKEK Uâ UETKG PKEK Uâ EKVGCUEâ EW CV¸V OCK RW/KP Uâ XQTDGCUEâ PGO/G)VG %QPUKNKWN
4GKEJUTCV  CDKC TGW)K Uâ EQPXKPâ CUWRTC NKODKK FG EQOWPKECTG #EGCUVâ CFWPCTG OWNVKPC/KQPCNâ UG FGNKOKVâ PGV FG EJGUVKWPGCWPKVâ/KKIGTOCPGFG\DâVWVâNC(TCPMHWTV  .CRTQRWPGTGCUVWFGPVWNWKTCFKECN-WPFNKEJEGTGRTG\GPVCWP FKUVTKEV/âTâPGUE#FWPCTGCEQPUVKVWCPVâXQVâ)KNC8KGPCNCUGRVGODTKG  

NGIGC CITCTâ FG FGUHKKP/CTG C KQDâIKGK
#EGCUVC HWUGUG CFQRVCVâ FGLCÉPCRTKNKGFG2CTNCOGPVWNWPICT)KNCKWPKGFG&KGVCVTCPUKNXCPâ  .C  UGRVGODTKG ÉORâTCVWN (GTFKPCPF EQPHKTOâ NGIGC RTKPVTQ RTQENCOC/KG .C  UGRVGODTKG %QPUVKVWCPVC É)K FGENCTâ RGTOCPGP/C
EWOQHâEWUGTâNCVKORWNNQTQTICPGNGTGXQNW/KGKHTCPEG\G   .C  CWIWUV EQOCPFCPVWN UWRTGO CN VWVWTQT VTWRGNQT KORGTKCNG 9KPFKUEJITCGV\ RTKOK ÉORWVGTPKEKTK FGRNKPG )K PGNKOKVCVG ÉP DC\C EâTQTC RWVGC FKURWPG PW PWOCK FG HQT/GNG OKNKVCTG EK )K FG RQRWNC/KCEKXKNâ  .C  UGRVGODTKG CXWTâ NQE NC 8KGPC PQK NWRVG ÉPVTG CTOCVâ )K )CTFCPC/KQPCNâEâTGKCKUGCNâVWTCUGQRCTVGFKPUQNFC/KECTGTGHW\CWUâ TGURGEVGQTFKPWNFGÉPCKPVCTGURTG7PICTKCRGPVTWTGUVCDKNKTGCUVâR¸PKTKK CWUVTKGEG/KPKUVTWNFGTâ\DQKEQPVGNG.CVQWTHWWEKU%WTVGCUGTGHWIKG NC1NO×V\&GRWVC/KKOQFGTC/KCK#FWPâTKKEQPUVKVWCPVGRâTâUKTâ8KGPC KCTRCTVKFCTCFKECNâRTGNWâRWVGTGC  8KGPCTGXQNW/KQPCTâPWCXGCCN/KCNKC/KFGE¸VTGXQNW/KCWPICTâ)K 2CTNCOGPVWNFGNC(TCPMHWTV6CDâTCTCFKECNâFGXGPKRTCEVKEWPHGPQOGP K\QNCV 2G E¸PF VCDâTC OQFGTC/KNQT OCK OWNV UCW OCK RW/KP ÉPURâKO¸PVC/KFGGZEGUGNGTGXQNW/KGKETG)VGCNâU¸PFO¸PâNKDGTâ%WT/KK ¡PVâTKTGCCEGUVGKCUGÉPVGOGKCRGCTOCVâ)KRGPC/KQPCNKVâ/KNGKORGTKWNWK /CK CNGU RQRQCTGNG FKP ECFTWN 7PICTKGK NWRVCW FGUEJKU ÉORQVTKXC TGXQNW/KGK WPICTG UWU/KP¸PF ECW\C OQPCTJKGK WPKVG .KDGTCNKK TCFKECNK OCIJKCTK GTCW JQVâT¸/K ÉPVTCFGXâT Uâ KORWPâ TGHQTOG UQEKCNG )K FTGRVWTK EGVâ/GPG)VK KPFKXKFWCNGÉPUEJKODRQNKVKECNQTPC/KQPCNâHWWP FG\CUVTW FKP RTKEKPC ÉPEâNEâTKK FTGRVWTKNQT PC/KQPCNG %QPHTWPVC/K EW VGPFKP/GNG FG OCIJKCTK\CTG EQPFWEâVQTKK RQNKVKEK CK RQRQCTGNQT FKP TGICVWN 7PICTKGK QRVCTâ HGTO RGPVTW #WUVTKC ¡P OQF EWTGPV UG CRTGEKC\â Eâ QDKGEVKX GK URTKLKPGCW EQPVTCTGXQNW/KC FG)K UWDKGEVKX PW FQTGCWUâUNWLGCUEâTGCE/KWPKK
)QPFC0KGFGTJCWUGP UGCTCVâÉPVTQ KUVQTKGC+ORGTKWNWKJCDUDWTIKE+PVGRTGVCTGCFGOCKUWUQOKVGKGTCTJKC RTKQTKVâ/KNQT(âTâXKC/âPC/KQPCNâRTQRTKGRTQITGUWNUQEKCNGUVGNKRUKVFG XCNQCTG)KFGQDKGEV#WUVTKCQEQPVTCTGXQNW/KQPCTâRICTCPVCFTGRVWTKNG PC/KQPCNG EGN RW/KP FG KWTG RG E¸PF 7PICTKC TGXQNW/KQPCTâ NG EâNEC ÉP RKEKQCTGFGHCEVQ  .CPQKGODTKGHWPWOKVWPPQWIWXGTPCWUVTKCE2TKP/WN (GNKZ XQP 5EJYCT\GPDGTI PQWN RTKOOKPKUVTW ÉP FKUEWTUWN UâW KPCWIWTCN ÉP HC/C #FWPâTKK EQPUVKVWCPVG
OWVCVâ ÉP QEVQODTKG NC -TGOUKGT ÉP /QTCXKC  GZRWUG RTKPEKRKKNG WPGK IWXGTPâTK NKDGTCNG 

+OTG )QPFC 'OKN 0KGFGTJCWUGT &KG *CDUDWTIGT 'KP GWTQR¼KUEJGU 2J¼PQOGP %QTXKPC-KCFÎGFCC
$WFCRGUVC R 

EQPUVKVW/KQPCNKVCVG )K NKDGTVCVG TGCNâ ÉORQVTKXC GZCIGTâTKNQT TGXQNW/KGK FTGRVWTKNKDGTCNGGICNKVCVGCÉPFTGRVWTKCVWVWTQTPCVKQPCNKVâ/KNQTNKDGTC FGXQNVCTGCECRKVCNKUOWNWKOGP/KPGTGCFGUHKKP/âTKKKQDâIKGK#WUVTKCPW CXGC Uâ UG CUQEKG\G FGHGN EW )GTOCPKC WPKHKECVâ ¡P KPVGTGU IGTOCP )K GWTQRGCP NKDGTC FG\XQNVCTG C IGTOCPKNQT WTOC Uâ UG ÉPHâRVWKCUEâ EGN OCK DKPG ÉPVTQ #WUVTKG UWXGTCPâ )K RWVGTPKEâ &KUEWTUWN UWPC EC Q FGENCTC/KGFGTâ\DQKCFTGUCVâ2CTNCOGPVWNWKFGNC(TCPMHWTV  'TC PGXQKG FG WP PQW ÉORâTCV ECTG Uâ TGCNK\G\G TGWPKHKECTGC KORGTKWNWK .C  FGEGODTKG  (GTFKPCPF CDFKEâ ÉP HCXQCTGC PGRQVWNWK UâW (TCP\ ,QUGRJ )WXGTPWN FG O¸Pâ HQTVG EQPFWU FG 5EJYCT\GPDGTI FK\QNXâ NC  OCTVKG  #FWPCTGC EQPUVKVWCPVâ OCK ÉPCKPVGECCEGCUVCUâHKHKPCNK\CVEQPUVKVW/KCNCECTGNWETC  ¡P  OCTVKG HW RWDNKECVâ EQPUVKVW/KC QEVTQKCVâ C #WUVTKGK 4QNWN GUGP/KCN ÉP GNCDQTCTGC GK ÉK TGXGPGC EQPVGNWK 5VCFKQP OKPKUVTWN FG KPVGTPG %QPUVKVW/KC EQPUHKP/GC FTGRVWTKNG OCTKK DWTIJG\KK RTGEQPK\C EGPVTCNK\CTGC HKPCPEKCTâ GEQPQOKEâ C KORGTKWNWK )K Q CWVQPQOKG C RTQXKPEKKNQTECTGUCFQXGFKVKNW\QTKG  %W CLWVQTWN UWDUVCP/KCN CN VTWRGNQT /CTKUVG ECTG KPVTCTâ ÉP 7PICTKCÉPOCKVTGKNWPKOCKV¸T\KW 
CWIWUV TGXQNW/KCOCIJKCTâ HWFGHKPKVKXÉPHT¸PVâ   .CUC)KFKP6TCPUKNXCPKCC)CPWOKVCRGTKQCFâCCPKNQTNKPK)VK/K  
HW WTOCVâ FG WP UWHNW FG XKC/â PQWâ  
&KP CRWU RâVTWPFGCW KFGK OQFGTPG URKTKVGNG UG FG)VGRVCW FKP COQT/KTG XKC/C EQPUVKVW/KQPCNâ TGÉPEGRW 2âVTWP)K FG KPHNWGP/GNG FKP CHCTâ QCOGPKKFGEWNVWTâUC)KCRCT/KPâVQTKOGFKKNQTKPUVTWKVGFCT)KÉPUVâTKVG ÉPEGRWTâOWPECFGTKFKECTGCRQRQTWNWKUâUGUE'CTGHNGEVC)KGHQTVWTKNG UKOKNCTGFKP7PICTKCÉPURGEKCNRGVâT¸OGEQPQOKEWPFGUGKORWUGUG XK\KWPGC NKDGTCNâ C NWK 5\GEJÃP[K CUWRTC ÉPVâTKTKK RWVGTKK RQNKVKEG C RQRQTWNWKRTKPURQTKTGCDWPâUVâTKKUCNG'NCPWNÉPPQKTKNQTEWRTKPUGVQCVG FQOGPKKNG XKG/KK PC/KQPCNG UâUG)VK 2TKP ÉPUGOPâVCVGC NQT UWPV FG TGOCTECVOCKEWUGCOâFQWâHGPQOGPG 
'2TKGUVGTR$TKVCPPKECXQNR &GPWOKTGC RGTKQCFGK  EC HKKPF EGC C CPKNQT NKPK)VK/K ÉK CRCT/KPG NWK (TKGFTKEJ 6GWVUEJ 8G\K UVWFKWN UâW 5VKNNG ,CJTG  ÉP XQN *WPFGTV ,CJTG U¼EJUKUEJGT-¼ORHG<GJP8QTVT¼IGCWUFGT)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPKONGV\VGP ,CJTJWPFGTV &TWEM WPF 8GTNCI XQP 9 -TCHHV 5KDKW  KCT ECTCEVGTK\CTGC CPKNQT  FTGRV XKC/â PQWâ Q HCEG # 5EJWNNGT 0GWGU .GDGP  ÉP XQNEKV (TKGFTKEJ6GWVUEJTGKCCODGNGFGPWOKTKÉPCUC)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPH×T FCUU¼EJUKUEJG8QNM&TWEMWPF8GTNCIXQP9-TCHHVXQN+++5KDKW 
&GURTG#WUVTKCÉPCPKK)QPFC0KGFGTJCWUGTR9/×NNGTR  

2TKOWN FKPVTG GNG XK\C ETGCTGC FG CUQEKC/KK )K KPUVKVW/KK ECTG Uâ QHGTGECFTWNRTQRKEGFGOCPKHGUVCTGCVGPFKP/GNQTTGHQTOKUVG#UVHGNFG RKNFâ ÉP 6TCPUKNXCPKC UC)KK HWTâ CEGKC ECTG RWUGTâ DC\GNG UKUVGOWNWK ECUGNQT FG GEQPQOKK .C  26 .CPIG ÉPVGOGKG NC $TC)QX RTKOC KPUVKVW/KG FG CEGUV HGN FKP ÉPVTGIWN EWRTKPU CN /âTKNQT EQTQCPGK WPICTG ECTG É)K UVCDKNGC FTGRV UEQR PW ÉPOWN/KTGC CXGTKNQT EK RTQOQXCTGC TQUVWTKNQTWOCPG)KCDWPâUVâTKKRWDNKEG¡P/*GTDGTVHQPFâNC 5KDKWQCNVâECUâFGGEQPQOKK#ODGNGKPUVKVW/KKTGPWP/CWFGDWPâXQKG NCE¸)VKIWTKNGÉPVGOGKGVQTKNQT)KOGODTKNQTNQTFQP¸PFRTQHKVWNPGVWPQT UEQRWTKIGPGTCNG  2GPVTWTKFKECTGCÉPXâ/âO¸PVWNWKOKNKVCQCUQEKC/KGRGFCIQIKEâ EG NWâ HKKP/â NC 5KDKW  
.C $TC)QX É)K ÉPEGRW CEVKXKVCVGC Q ECUâ FG RGPUKK  
#UQEKC/KKNG OG)VG)WIâTG)VK KXKVG ÉP CEGUV TâUVKOR
5KDKW  $TC)QX  $KUVTK/C /GFKC)  NC 5KIJK)QCTC CUQEKC/KC HW ÉPHKKP/CVâ NC  )K CRTQDCVâ ÉP   /KPVGCW URTG TKFKECTGC OG)VG)WIWTKNQT )K C EQOGT/WNWK URTG CPKOCTGC URKTKVWNWK FG OWPEâ )K GEQPQOKG URTG ÉPOWN/KTGC ETGFKVWNWK )K HQTOCTGC WPGK GEQPQOKK OQFGTPG ¡P  NWâ PC)VGTG CUQEKC/KC VTCPUKNXâPGCPâ UâUGCUEâ FG CITKEWNVWTâ  7P NQE CRCTVG NC QEWRCV #UQEKC/KC RGPVTW EWNVWTC VTCPUKNXCPâ
8GTGKP H×T UKGDGPD×TIKUEJG .CPFGUMWPFG  ¡P CPWN  $GPKIPK )K 0GWIGDQTGPRTQRWUGTâÉPVGOGKGTGCWPGKUQEKGVâ/KECTGUâGFKVG\GNWETâTK FGURTGKUVQTKCRCVTKGK2TQRWPGTGCTâOCUGHâTâGEQWR¸PâÉPE¸PF )$KPFGTTGNWâKPK/KCVKXCETGâTKKWPGKCUQEKC/KKFG)VKKP/âC6TCPUKNXCPKGK ECTGUâEGTEGVG\GKUVQTKCUVCVKUVKEC)K)VKKP/GNGPCVWTKK,%5EJWNNGTUCNWVâ KPK/KCVKXC NWK $KPFGT UWIGT¸PF EC XKKVQCTGC CUQEKC/KG Uâ FGRâ)GCUEâ NKOKVGNG WPWK HQT IGTOCP )K RWT )VKKP/KHKE #RGNWN TGFCEVCV NC  UGRVGODTKG  FG EâVTG UGPCVQTKK OGFKG)GPK & )K ) )T¼UGT )K FG RTGQVWN FKP 8CNEJKF , (CDKPK EQPXQEâ CFWPCTGC FG EQPUVKVWKTG C #UQEKC/KGKRGPVTWEWNVWTCVTCPUKNXCPâNCQEVQODTKGNC/GFKC)WPFGUG GNCDQTCTâ)KUVCVWVGNGCEGUVGKC)WDGTPKWNCRTQDâHWPE/KQPCTGCCUQEKC/KGK RTKPVTWP FGETGV GOKU NC  OCK  ÉP ECTG KPUKUVC CUWRTC UWRWPGTKK RWDNKEC/KKNQT RTGUETKUGK EGP\WTK )K ÉK CVGP/KQPC RG OGODTKK CUQEKC/KGK Uâ PW RWDNKEG NWETâTK PGRQVTKXKVG EW TGIWNKNG GFKVQTKCNG ÉP XKIQCTG ¡P CFGXâT CUQEKC/KC KORWNUKQPâ EGTEGVâTKNG CUWRTC VTGEWVWNWK Xâ\¸PF ÉP KUVQTKG K\XQTWN VâTKGK RTG\GPVWNWK %QPVTKDWK NC FG\XQNVCTGC EQP)VKKP/GK WPKVâ/KKEWNVWTCNGUâUG)VKUWU/KP¸PFTGPWP/CTGCNCRTGLWFGEâ/KNGNQECNG)K RTQOQX¸PFKFGGCCRCTVGPGP/GKKPFKXK\KDKNGCUC)KNQTNCWPUKPIWTRQRQT +ORQTVCP/CCUQEKC/KGKTG\KFâÉPUâPWÉPUETKGTKNGUCNGE¸VÉPCFWPâTKNGGK 
(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++R 

IGPGTCNG#EGUVGCGTCWCFWPâTKKVKPGTCPVGECTGÉ)KUEJKODCWCPWCNNQEWN FG FGUHâ)WTCTG EWRTKP\¸PF ÉP VKOR ÉPVTGIWN 2âO¸PV %TâKGUE #UVHGN CFWPâTKNGCXWTâNQEÉPNC5KIJK)QCTCÉPNC$TC)QXÉPNC 5KDKW ÉP  NC $KUVTK/C ÉP  NC 5GDG) ÉP  NC %KPEW /CTG 2TG)GFKPVGNG CUQEKC/KGK GTC EQPUKNKGTWN FG EWTVG ,QUGRJ $GFGWU XQP 5EJCTDGTI +FGCNWN TQOCPVKE EG ÉPUWHNG/GC CEVKXKVâ/KNG CUQEKC/KGK TGKGUG NKORGFG FKP EWX¸PVCTGC XKEGRTG)GFKPVGNWK GK LWFGNG TGICN 5EJOKFV NC FGUEJKFGTGC CFWPâTKK IGPGTCNG FKP  1Tâ)GCPWN ÉK ÉPVKPFG O¸PC UâVGCPWNWKQOWNFGÉPCNVâGFWEC/KG/âTCPWNWKUKORNW¡POQFGUVCEQNKDâ C QOWNWK FG NC /CTâ UG ETGGC\â EGNG OCKKPVKOGNGIâVWTKUGFG\DCVEGNG OCK ÉPUGOPCVG EJGUVKWPK KCT EQRKKK PQ)VTK QDUGTXâ EW KPKOKNG NC HGN FG OK)ECVG EC CNG VC/KNQT NQT Eâ HGTKEKTGC)K EWNVKXCTGC RQRQTWNWK UWPV /GNWN EQOWPCNVWVWTQTGHQTVWTKNQT  %GNâNCNVHGPQOGPEWTQNEQX¸T)KVQTÉPOQFGNCTGCEWIGVGNQTCHQUV RTGUC 2GTKQCFC RTGRC)QRVKUVâ CFWUG NC UC)K ETG)VGTGC ÉPUGOPCVâ C PWOâTWNWK \KCTGNQT .WK 5KGDGPD×TIGT $QVG  
)K UWRNKOGPVGNQT UCNG  6TCPUUKNXCPKC  
)K #OVU WPF +PVGNNKIGP\DNCVV 
!  K UG CFâWIâ NC 5KDKW 5KGDGPD×TIKUEJGT 8QNMUHTGWPF HQPFCV ÉP  )K EQPFWU R¸Pâ ÉP  FG , /KEJCGNKU ,QUGH$GPKIPKXQP/KNFGPDGTIGFKVâÉPVTG)K7PVGTJCNVWPIGP CWUFGT)GIGPYCTVQTGXKUVâEGÉ)KRTQRWPGCEJKCTFKPVKVNWUâUGFGFKEG FG\DCVGTKNQTRTQDNGOGNQTCT\âVQCTGCNGRTG\GPVWNWK.C$TC)QXVKRCTPK/C ÉPVGOGKCVâ ÉP UGEQNWN CN :8+NGC FG *QPVGTWU HW EWORâTCVâ ÉP  FG ,QJCPP )ÑVV WPVKRQITCHXGPKVFKP(TCPMHWTV)ÑVVRWDNKEâ$N¼VVGTH×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG  
KCT EW ÉPEGRGTG FKP  UEQCUG 5KGDGPD×TIGT 9QEJGPDNCVV \KCTWN ECTG ÉK CFWUG EQPUCETCTGC )K WP UWEEGU HWNOKPCPV CVKPI¸PF ÉP  WP PWOâT FG Q OKG FG CDQPC/K PGOCKÉPV¸NPKV R¸Pâ CVWPEK ÉP RTGUC CTFGNGCPâ %C UWRNKOGPV CN NWK 9QEJGPDNCVV CRâTW 5CVGNNKV FGU 5KGDGPD×TIGT 9QEJGPDNCVVU 
  6QV NC $TC)QX #PVQP -WT\ RWDNKEC WP Q/CIC\KP FG KUVQTKG NKVGTCVWTâ )K OQPWOGPVGCNG 6TCPUKNXCPKGK
/CIC\KPH×T)GUEJKEJVG.KVVGTCVWTWPFCNNG&GPMWPF /GTMY×TFKIMGKVGP5KGDGPD×TIGPU    2TGUC UâUGCUEâ UWU/KPGC KFGGC IGPGTCNâ C RTQITGUWNWK RTKP RTQOQXCTGC GICNGK ÉPFTGRVâ/KTK PC/KQPCNG C TGQTICPK\âTKK XKG/KK EQOWPCNG C TGHQTOâTKK CITKEWNVWTKK EQOGT/WNWK OG)VG)WIWTKNQT 2TQDNGOC RWDNKEKVâ/KK CFKEâ C CFWEGTKK NC EWPQ)VKP/C ÉPVTGIKK QD)VK C 
&GURTG)ÑVV)KTGFCEVQTKKHQKNQTDTC)QXGPGGZKUVâKPHQTOC/KKDQICVGFCTFKURCTCVG8 UKPVGVKEECRKVQNWNQ%TQPKECRTGUGKDTC)QXGPGR +DKFGOR&GURTGHGPQOGPWNCUQEKC/KQPKUVNCUC)KVQVCKEKR 

EJGUVKWPKNQT FG\DâVWVG NC OGUGNG XGT\K CNG HQTWTKNQT QHKEKCNG RTQXQEâ FKURWVG CRTKPUG 'C ÉPUGOPC WP EQPVCEV KPGFKV CN QOWNWK FG T¸PF EW PK)VG FQOGPKK R¸Pâ CVWPEK VCDW UV¸TPKPF RTQVGUVGNG HWPE/KQPCTKNQT RTGUC/K FG EQPVTQNWN KPFKTGEV GZGTEKVCV CUVHGN FG QRKPKC RWDNKEâ ¡P  CRâTW ÉP 5KGDGPD×TIGT 9QEJGPDNCVV WP CTVKEQN FGURTG RâECVGNG DKTQETC/KGK 1TCVQTWN EQOWPKVâ/KK QTC)WNWK 5KDKW ÉPEGTEâ Uâ FGVGTOKPG KPVGPVCTGC WPWK RTQEGU ÉORQVTKXC NWK )ÑVV +PVGTXGP/KCNWK<KOOGTOCP ÉORKGFKEâ CRNKECTGC CEGNGK KPVGP/KK EQOWPKVCVGC FGENCT¸PF Eâ FQTG)VG RTGUGK UâUG)VK Q NKDGTVCVG GICNâ ÉP /CTâ EW NKDGTVCVGC CEQTFCVâ RTGUGK OCIJKCTG)KEâGTCFGFCVQTKCEQOWPKVâ/KKUâGXKVGHKG)KPWOCKCRCTGP/C WPQT OâUWTK FG KPVKOKFCTG XGPKVG FKP RCTVGC HWPE/KQPCTKNQT )K C CWVQTKVâ/KNQT  (T¸PC HWPFCOGPVCNâ ÉP FG\XQNVCTGC RTGUGK GTC EGP\WTC %QOGUWN PC/KWPKK UâUG)VK (TCP\ 5CNOGP RTQVGUVâ ÉP OCK OWNVG T¸PFWTK ÉORQVTKXC GZEGUGNQT EGP\WTKK HâTâ HQNQU %¸PF XGPGC XQTDC FG EQOGPVCTKKRQNKVKEG)WDGTPKWNRGTOKVGC\KCTGNQTOCIJKCTGFGRKNFâNWK 'TFÃN[ *KTCFQ EW VQVWN CNVG NKDGTVâ/K FGE¸V RWDNKEKUVKEKK UâUG)VK
(T 6GWVUEJ   .C 5KDKW TGFCEVQTWN)GH CN NWK $QVG UG ÉPITKLGC ÉP OCPKGTâ RCVTKCTJCNâ FG EGP\WTC 6TCPUUKNXCPKGK 5EJWNNGT EQPFWEGC 6TCPUUKNXCPKC)KEGP\WTC5KGDGPD×TIGT$QVG&WRâÉPUâE¸PFUG ÉPVG/KTâ HTGEW)WTKNG RQNKVKEG IWXGTPCVQTWN 6GNGM[ FKURWUG PWOKTGC UGETGVCTWNWKVG\CWTCTKCN)[GTI[CKÉPHWPE/KCFGEGP\QTCNHQKNQTUKDKGPG )[GTI[CKGTCQQRGTUQCPâKIPQTCPVâ)KNKRUKVâFGVCEVECTGCDKCÉP/GNGIGC NKODC IGTOCPâR 'NKOKPC FWRâ DWPWN UâW RNCE CTVKEQNG ECTG PW EQPUVKVWKCWWPRGTKEQNNCCFTGUCUVCVWNWKWPGQTK)KCTVKEQNGECTGCRâTCW IWXGTPWN RTGEWO )K VTCFWEGTK EJKCT FKP 'TFÃN[ *KTCFQ
#PGZG FQE PT <KCTGNQTUâUG)VKNKUGÉPIâFWKCUâEQOWPKEGFKPFG\DCVGTKNG&KGVGK FQCT EGGC EG RWDNKECW HQKNG ENWLGPG OCIJKCTG .C  FGEGODTKG  UG KPVGT\KUGNC5KDKW\KCTWNNWK'WIGP5WG'YKIGT,WFG  <KCTGNGUâUG)VKUKDKGPGUGCHNCWÉPEQPVTCFKE/KGEWEGNGDTC)QXGPG ÉP EJGUVKWPGC TGHQTOGK )K C RTQITGUWNWK 9QEJGPDNCVV UWU/KPGC FGUHKKP/CTGCDTGUNGNQT$QVGFQTGCOGP/KPGTGCNQT9QEJGPDNCVVNWRVC ÉORQVTKXC DKTQETC/KGK $QVG PGIC GZKUVGP/C GK 2G E¸PF 9QEJGPDNCVV OKNKVCRGPVTWGZVKPFGTGCFTGRVWTKNQTEGVâ/GPG)VK$QVGCRTGEKCECHKKPF RGTKEWNQU RGPVTW EQOWPKVCVG CEEGUWN NC XQV CN VWVWTQT EGVâ/GPKNQT )K EQODâVGCKFGGCRTKOKTKKÉPXâ/âVQTKNQTÉPEQOWPKVCVG  ¡PEGGCEGRTKXGCCRâTCTGCHKKP/GKGVPKEG\KCTGNGCODGNQTQTC)G HâEGCW HTQPVEQOWP+PCOKEWNNQTGTC'TFÃN[*KTCFQECTGÉPEQTRQTC WTC CDUWTFâ C OKEKK PQDKNKOK PGGFWECVG ÉORQVTKXC IGTOCPKVâ/KK RTKP 
(T6GWVUEJQREKVR 

JâKVWKTGCUC)KNQT
(T6GWVUEJ &G)VGRVCTGCEQP)VKKP/GKFGUKPGUâUG)VKC HQUVQTGCNKVCVGCCEGNQTCPKGRTKOCVâÉPRQG\KCTQOCPVKEâCWPQTRQG/K RTGEWO,QUGH/CTNKPCWVQTWN%TWEKCFGNQTRQNKVKEGRG2âO¸PVWN5âUGUE  
#UQEKC/KKNG)KRTGUCUGTXGCWCEGNGKC)KECW\G  #PKK  CFWUGTâ ÉPUâ )K TCEQTFCTGC UC)KNQT NC KFGCNWTKNG IGTOCPKVâ/KK+\QNCTGCFâWPCXKG/KKPC/KQPCNGUâUG)VKECTGCTRWVGCÉPHNQTK PWOCK ÉP EQPEQTFCP/â EW XKC/C URKTKVWCNâ IGTOCPâ 0C/KWPGC UâUGCUEâ GTC RWTVâVQCTGC PCVWTCNâ C GNGOGPVWNWK IGTOCP FKP 6TCPUKNXCPKC %TGFKP/C IGTOCPâ )K EQPUGTXCTGC HKKP/GK GVPKEG GTCW GZRTGUKC UGPVKOGPVWNWKCRCTVGPGP/GKNCEWNVWTCIGTOCPâ)KCCX¸PVWNWKRCVTKQVKE ¡PUâ ÉP RNCP RQNKVKE PKEK PW UC RWU RTQDNGOC EQPETGVK\âTKK CEGUVWK UGPVKOGPVPKEKWPRQNKVKEKCPUCUPWUCI¸PFKVXTGQFCVâEC#TFGCNWNUâ FGXKPâ Q RCTVG C )GTOCPKGK  (TKGFTKEJ 6GWVUEJ UWIGTGC\â HCRVWN Eâ CEGCUVâ UQNKFCTK\CTG CT HK HQUV Q TKRQUVâ )K WP OKLNQE FG CRâTCTG &WRâ 7PICTKCRQTPKQCE/KWPGFGE¸)VKICTGC)GTOCPKGKRGPVTW/GNWTKNGGK NKDGTCNG .GKR\KI GTC EGPVTWN FKP ECTG UG TâUR¸PFGC OCVGTKCN RTQRCICPFKUVKEEâVTGVQCVGEQN/WTKNG)GTOCPKGK5C)KKPWRWVGCWTâO¸PG OCK RTGLQU &CT RG CPUCODNW QRKPKC RWDNKEâ IGTOCPâ GTC NKRUKVâ FG EWPQ)VKP/G CUWRTC XKG/KK PC/KQPCNG UâUG)VK KCT EGGC EG CHNC RTQXGPGC ÉP RCTVG FKP UWTUG ECTG PW PG XQKCW DKPGNG
(T 6GWVUEJ  #UVHGN UC)KK CRâTGCWECTGRTG\GPVCP/KCKWPQTRTKXKNGIKKÉPXGEJKVGEGPWXQKCWUâ)VKG PKOKEFGVKORWTKNGPQK  ¡P RTGCLOC CPWNWK  URKTKVWN EQPEWTGP/KCN )K CPKOQ\KVCVGC GZKUVGPVâ ÉPVTG EGNG FQWâ EGVâ/KECRKVCNG CNG UC)KNQT CTFGNGPK 5KDKWN )K $TC)QXWN CVKPUGTâ EQVG OCZKOG .C 5KDKW É)K CXGC UGFKWN EQOGUWN PC/KWPKK UâUG)VK CKEK UG FGUHâ)WTCW CFWPâTKNG 7PKXGTUKVâ/KK PC/KQPCNG #XGTGC 7PKXGTUKVâ/KK RTGEWO )K ECUCGTCTKCNâUGCHNCWNC5KDKW6QVCKEK GTC %QOCPFCOGPVWN OKNKVCT CWUVTKCE UWD EQPFWEGTGC IGPGTCNWNWK 2WEJPGT2TKPWTOCTGQTC)WNIâ\FWKCQUWOGFGPKGFGÉPCN/KHWPE/KQPCTK FG UVCV WPKK FKPVTG GK CWUVTKGEK
,QUGH $GPKIPK XQP /KNFGPDGTI  CN/KK RTQXGPK/K FKP T¸PFWN NQECNPKEKNQT UC)K .C 5KDKW VTâKCW XGEJK URK/G FG RCVTKEKGPK  6TGDWKG UWDNKPKCV HCRVWN Eâ LWTK)VKK EQPUVKVWKCW RâVWTC EQPFWEâVQCTGCUC)KNQTÉPCNVCUQEKGVCVG2TG\GP/KRGUVGVQVÉPQTC)G)K V¸TIWTK EJKCT ÉP UWDWTDKKNG UECWPGNQT OCK OKEK LWTK)VKK RWVGCW CUEGPUKQPC R¸Pâ NC HWPE/KK ÉPCNVG EWO GTCW EGNG FG EQPUKNKGT IWDGTPKCN UCWEQPUKNKGTFGEWTVG5KDKWNÉPUGOP¸PFÉPCEGUVUGPUVTGCRVCEGCOCKFG UWU C ECTKGTGK NQT ÉP #TFGCN 2¸Pâ CVWPEK LWTK)VKK GTCW CRâTâVQTK CK 
+DKFGOR +DKFGOR 

EQPUVKVW/KGK RWTVâVQTK FG EWX¸PV ÉP )GFKPVGNG &KGVGK )K ÉP FGRWVC/KKNG NC %WTVG )K VQV GK GTCW EGN OCK CFGUGC CWVQTKK WPQTQRGTGFGEGTEGVCTGÉP )VKKP/GNG LWTKFKEG KUVQTKG )C 8TGOWTKNG PQK NG HWTâ RQVTKXPKEG EâEK URKTKVWN DKTQETCVKE ÉPVTWEJKRC GUGP/C TG\KUVGP/GK NC RTQITGU 6KPGTGVWN VCIOGKÉPUâÉODTâ/K)âOK)ECTGCTGHQTOCVQCTG.CPQKGODTKGCXW NQEFGUEJKFGTGCHGUVKXâC#ECFGOKGKFGFTGRVUKDKGPGCNEâTGKTGEVQTGTC )QVVHTKGF /×NNGT KCT RTKPVTG RTKOKK RTQHGUQTK UG PWOâTCW ,# <KOOGTOCPP )NCV\ *CPP %QPUKUVQTKWN UWRGTKQT ECTG CNâVWTK FG 7PKXGTUKVCVGCPC/KQPCNâGTCWPWNFKPVTGHCEVQTKKFGFGEK\KGCKÉPHKKP/âTKK #ECFGOKGK FGUGOPâ QDKGEVKXGNG HCEWNVâ/KK 2TKP ÉPUW)KTGC FG EWPQ)VKP/GVGOGKPKEGCUWRTCFTGRVWNWKIGPGTCNVKPGTKKUC)KUâUGHQTOG\G ECCRâTâVQTK)KEWNVKXCVQTKCKFTGRVWTKNQTURGEKCNGCNGRQRQTWNWKNQT  (QKNG UKDKGPG TGHNGEVCW TGCNKVCVGC UQEKCNâ )K XK\KWPGC RTGFQOKPCPVâ ÉP WTDG #RTQCRG VQ/K EQNCDQTCVQTKK CEGUVQT \KCTG GTCW LWTK)VKÉPCN/KHWPE/KQPCTKUCWRTQHGUQTKCK#ECFGOKGKFGFTGRV$GPKIPK $GFGWU .WFYKI XQP 4QUGPHGNF 'WIGP XQP (TKGFGPHGNU ,- 5EJWNNGT ¡PVTG TGFCEVQTK UG CHNCW )K E¸/KXC OGODTK VKPGTK PGCRCT/KPâVQTK CK CTKUVQETC/KGK HWPE/KQPâTG)VK )K TGHQTOK)VK OQFGTC/K ,QJCPP #PFTGCU <KOOGTOCPP ,CMQD 4CPPKEJGT *GKPTKEJ 5EJOKFV %QPUGTXCVQTKUOWN OQFGTCV RG ECTG ÉN RTQOQXCW ÉPUGOPC ÉP RNCP RQNKVKE UVCV PC/KQPCN CWUVTKCE)KNQKCNKVCVGHC/âFG%CUCFG*CDUDWTIOGP/KPGTGCFTGRVWTKNQT UC)KNQT )K GICNC ÉPFTGRVâ/KTG C TQO¸PKNQT KCT ÉP RNCP UQEKCN TGHQTOGNG KORWUG FG URKTKVWN VKORWNWK UG EGTGCW ÉPFGRNKPKVG FG UWU ÉP LQU EW OGP/KPGTGCECFTWNWKNGIKUNCVKXÉPXKIQCTG  $TC)QXWN GTC ÉP UEJKOD WP ÉPHNQTKVQT GORQTKW EQOGTEKCN EW DQICVG HCOKNKK UâUG)VK FG PGIWUVQTK )K DWTIJG\K (COKNKK RCVTKEKCNG EC &TCWFV)K2NGEMGTQEWRCWRQ\K/KKEJGKGÉPCFOKPKUVTC/KCQTC)WNWKFCTPW CXGCW CEEGU NC QRKPKC RWDNKEâ RTKP RTGUâ 2WDNKEKUVKEC DTC)QXGCPâ GTC TQFWN UVTâFCPKKNQT WPGK IâT\K FG VKPGTG VCNGPVG CVTCUG FG CDQTFCTGC FGUEJKUâ )K VQPWN TCFKECN CN \KCTGNQT NWK )ÑVV )& 6GWVUEJ 5V. 4QVJ 'NKCU 4QVJ 2GVGT .CPIG /CTVKP 5EJPGNN %CTN /CCIGT #EG)VK VKPGTK VGQNQIK UCW RTQHGUQTK FG IKOPC\KW GZENW)K FG NC Q ECTKGTâ HWPE/KQPâTGCUEâ XâFGCW WP KPVGTGU FGQUGDKV RGPVTW TGHQTOG TCFKECNG 6QV NC )ÑVV NWETC )K RQGVWN /CTNKP RTKOWN LWTPCNKUV CTFGNGCP ÉP UGPUWN CEVWCNCNEWX¸PVWNWKECTGÉ)KHâEWFKPRCUKWPGCFGCUETKGQOGUGTKG)K 
%KVCVRTGNWCVFKP(T6GWVUEJQREKVR 

9CNVGT &CWIUEJ &KG 0CVKQPCNKV¼VGP 5KGDGPD×TIGPU KO 5RKGIGN FGWVUEJURTCEJKIGT <GKVWPIGPWPF<GKVUEJTKHVGPFGU8QTO¼T\ÉP<GKVUEJTKHVGPWPF<GKVWPIGPFGUWPF ,J KP /KVVGN WPF 1UVGWTQRC GFKV +UVX¶P (TKGF *CPU .GODGTI 'FKVJ 4QUGPUVTCWEJ -ÑPKIUDGTI$GTNKPR 

FKPOGUGTKGWPOKLNQEFGUWD\KUVGP/â5GCUQEKCTâEWT¸PFFQKQCOGPKFG NKVGTG.GQRQNF/CZKOKNKCP/QNVMG)K#PVQP-WT\EWURKTKVOQFGTPKUVEG EQPVTKDWK NC FKTGE/KC NKDGTCNâ C RTGUGK NWK )ÑVV $TC)QXWN HW RTKP GZEGNGP/âNQEWNWPFGRTKPUGVGTGPNKDGTCNKUOWNUâUGUE  ¡PNWPCOCTVKGK\DWEPKTGXQNW/KCNC8KGPC)KNC2GUVC&KP CRTKNKG R¸Pâ ÉP KWPKG  ÉP RTKORNCPWN FG\DCVGTKNQT UâUG)VK VTGEW EJGUVKWPGCWPKWPKK6TCPUKNXCPKGKEW7PICTKCEWRTKPUâÉPRTQENCOC/KCFG NC2GUVC0QFWNIQTFKCPCNFKXGTIGP/GNQTFKPVTGEGNGFQWâVCDGTGUâUG)VK ÉN EQPUVKVWK CFGTCTGC UCW TGURKPIGTGC WPKWPKK ¡PITQ)¸PF EQPVWTWTKNG )K UKORNKHKE¸PF NWETWTKNG UG RQCVG CHKTOC Eâ RCTVKFC EQPUGTXCVQCTG OKNKVâ FG NC ÉPEGRWV FG RG RQ\K/KK CPVKWPKQPKUVG HGTOG E¸Vâ XTGOG NKDGTCNKK UG GPVW\KCUOCTâRGPVTWWPKWPG  5VTKIâVWN7PKWPGUCWOQCTVGÉ)KIâUKGEQWNÉP'TFÃN[*KTCFÎ
PT  FKP  OCTVKG   #EGNC)K \KCT FKP %NWL RWDNKEâ OCPKHGUVG XKQNGPVG RTGEWO GTC EGN ECTG ÉPHKGTC ¡PITQ\KVQCTGC EQPLWTC/KG C 7PKXGTUKVâ/KK PC/KQPCNG #UVHGN FG OCPKHGUVG HWTâ VTKOKUG OCUKX ÉP )GTOCPKC'HGEVWNNQTHWCEGNCEâ0GWG4JGKPKUEJG<GKVWPI)KCNVG\KCTG IGTOCPG XQTDKTâ ÉP VGTOGPK FWTK FGURTG VGWVQPKK VTCPUKNXCPK TGCE/KQPCTK
04<PTFGEGODTKG #RNKE¸PFITKNCWPKWPG RTQITGU QRQ\K/KC HC/â FG WPKWPG  TGCE/KWPG CEGUVG \KCTG CXGCW Q KOCIKPG FGPCVWTCVâ CUWRTC UVâTKK FG NWETWTK FKP #TFGCN %âEK C)C\KUC TGCE/KWPG UâUGCUEâ PW CXGC PKOKE FGC HCEG ÉP RTQDNGOC WPKWPKK EW DKTQETC/KKFKP5KDKWEKEWRGTKEQNWNOCIJKCTK\âTKK  %QPUVKVW/KC CWUVTKCEâ FKP  CRTKNKG  ENâVKPâ W)QT RQ\K/KKNG NKDGTCNKNQTUC)KEâEKRTGXGFGCFGRNKPCGICNKVCVGCVWVWTQTPC/KQPCNKVâ/KNQT FKP OQPCTJKG ¡P HC/C CEGUVGK RGTURGEVKXG 5V . 4QVJ OCPKHGUVC Q ÉPETGFGTG OCK OCTG ÉPVTQ #WUVTKG ECTG UG ÉPPQKC FGE¸V ÉPVTQ 7PICTKG EWRTKPUâFGTGXQNW/KG4QVJUETKCNCOCK'FTGRVEâ)WXGTPWNXKGPG\ PWCEQPFWUNKDGTCNR¸PâCEWOFCTCHQUVQCTGCTKUVQETC/KCWPICTâOCK NKDGTCNâHC/âFGUWRW)KKGKUCWHC/âFGCEGKCECTGPWGTCWOCIJKCTK!  #V¸V ÉP OKLNQEWN NKDGTCNKNQT E¸V )K ÉP EGN CN EQPUGTXCVQTKNQT TGXQNW/KC UâFK URGTCP/GNG ÉPPQKTKNQT 5G EQPUVKVWK ICTFC EGVâ/GPGCUEâ ÉP DC\CFGEK\KGKCFWPâTKK7PKXGTUKVâ/KKFKPOCTVKG,WTâO¸PVWNFG CFGTCTGNCCEGCUVCEQP/KPGCGZRTGUFGENCTC/KCFGHKFGNKVCVGHC/âFG%CUC 
%CTN )ÑNNPGT &KG 5KGDGPD×TIGT 5CEJUGP KP FGP ,CJTGP  'FKVWTC #ECFGOKGK &KG5KGDGPD×TIGT5CEJUGPKPFGP,CJTGPR

454$WEWTG)VKR 

5VGRJCP.WFYKI4QVJ)GUCOOGNVG5EJTKHVGPWPF$TKGHGGF1VVQ(QNDGTVJXQN&CU 5EJKEMUCN&QMWOGPVGCWUFGP,CJTGP8GTNCI9CNVGTFG)TW[VGT%Q$GTNKP R 

FG #WUVTKC 1 EQOKUKG PWOKVâ FG 7PKXGTUKVCVGC UâUGCUEâ RTQRWUG 4GXK\WKTGC HWPFCOGPVCNâ C EQPUVKVW/KGK OWPKEKRCNG C IGTOCPKNQT FKP #TFGCN 5G RTGEQPK\CW TGHQTOG ÉP CFOKPKUVTC/KG OG)VG)WIWTK ÉPXâ/âO¸PV5VWFGP/KK#ECFGOKGKUKDKGPGRTG\GPVCTâUGPCVWNWKHCEWNVâ/KK QRGVK/KGEWEGTGTKFGOQFGTPK\CTGCKPUVKVW/KGK  .C  OCK &KGVC FG NC %NWL XQVâ WPKWPGC 6TCPUKNXCPKGK EW 7PICTKCKCTNCKWPKGÉORâTCVWNUCPE/KQPâWPKWPGC  &GNGIC/KCUâUGCUEâEGÉPO¸PâÉORâTCVWNWKWPOGOQTKWFKP KWPKG ÉP ECTG UG CTâVC Eâ HâTâ ICTCPVCTGC FTGRVWTKNQT PC/KQPCNG 7PKXGTUKVCVGC UâUGCUEâ PW RQCVG HK FG CEQTF EW NGIâVWTC FKPVTG 6TCPUKNXCPKC )K TGICVWN 7PICTKGK HW EQPEGFKCVâ HâTâ EC ÉORâTCVWN Uâ HK EKVKVOâECTOGOQTKWN  ¡P CEGUVG EQPFK/KK PW GUVG UWTRTKP\âVQCTG ÉPFTGRVCTGC CVGP/KGK UC)KNQTURTG)GTOCPKC.CKWPKG7PKXGTUKVCVGCPC/KQPCNâUâUGCUEâ VTKOKUG Q CFTGUâ #FWPâTKK PC/KQPCNG FKP (TCPMHWTV ÉP ECTG TGEWPQ)VGC CRCTVGPGP/C UC)KNQT NC RQRQTWN IGTOCP )K UQNKEKVC URTKLKP )K UWU/KPGTG 5CEJUGPJGKOCIGPVWNVTCPUKNXCPNC8KGPCEâWVâUâE¸)VKIGE¸VOCKOWN/K FGRWVC/KCK2CTNCOGPVWNWKIGTOCPFGRCTVGCECW\GKUâUG)VK4GEVQTWNFKP 1Tâ)VKG (TKGFTKEJ )GNVUEJ EâNâVQTK NC (TCPMHWTV RGPVTW C FQWC QCTâ RGPVTWCVTCPUOKVGWPOGOQTKWN7PKXGTUKVâ/KKUâUG)VKFKPKWNKGÉPECTG UG UVCDKNGCW EQPFK/KKNG CEEGRVâTKK WPKWPKK )GNVUEJ /KPW )K Q UEWTVâ EWX¸PVCTG ÉP HC/C FGRWVC/KNQT IGTOCPK 
CWIWUV  5WDNKPKG FKURQPKDKNKVCVGC UC)KNQT FG C EQPXKG/WK RC)PKE EW OCIJKCTKK FCT RGPVTW CUKIWTCTGC RâEKK EQPFK/KC FG DC\â GTC ICTCPVCTGC XGEJKK CWVQPQOKK OWPKEKRCNGUâUG)VK4GHGTKPFWUGNCGHQTVWTKNGTGXQNW/KQPCTKNQTOCIJKCTK FG C TGCNK\C NC (TCPMHWTV Q CNKCP/â EW )GTOCPKC )GNVUEJ KPUKUVC ÉP TWIâOKPVGC CFTGUCVâ 2CTNCOGPVWNWK IGTOCP FG C PW QOKVG CEGCUVâ RTGXGFGTGCICTCP/KKNQTUâUG)VKÉPPKEKQCNKCP/âÉPEJGKCVâFG)GTOCPKC +PVGTXGP/KC NWK )GNVUEJ PW CXW WP GHGEV RTCEVKE &CT GC FâFW INCU 

6TCPUUKNXCPKC5KDKWPTCRTKNKGR)KPTOCKR 

5D8QNMUHTGWPF5KDKWPTCRTKNKGR5CVGNNKV$TC)QXPT OCKR  &GURTG OGOQTKWN 7PKXGTUKVâ/KK PC/KQPCNG UâUG)VK FKP  KWPKG  X (T 6GWVUEJ )GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++RUS/GOQTKWNGUVGTGFCV)KÉP3WGNNGP \WT )GUEJKEJVG FGT 5KGDGPD×TIGT 5CEJUGP GF 'TPUV 9CIPGT C FQWC GFK/KG $ÑJNCW 8GTNCI-ÑNP9KGPR&QEWOGPVGRTKXKPFTGXQNW/KCFGNCÉP/âTKNGTQO¸PG %6TCPUKNXCPKCXQN8++UWDVKRCT 

UGPVKOGPVWNWKUQNKFCTKVâ/KKUC)KNQTEWEQPHTC/KKNQTEGRNâPWKCWWPKHKECTGC VWVWTQTIGTOCPKNQT  (K 7PKWPGC VKPGTGVWNWK IGTOCPQUâUGUE
5KGDGPD×TIKUEJ FGWVUEJGT,WIGPFDWPF ETGCVâNC/GFKC)VTKOKUGÉPCWIWUVFQWâ CFTGUG EâVTG #FWPCTGC PC/KQPCNâ FKP (TCPMHWTV )K EâVTG 6KPGTGVWN CECFGOKEIGTOCP5GCTâVC.WOGCÉPVTGCIâGRNKPâFGEQRKKIGTOCPK (K PQK UWPVGO ONâFK/GNG CEGUVQT TâFâEKPK &GURâT/K/K IGQITCHKE )K HâTâ NGIâVWTâXK\KDKNâNCUWRTCHC/CRâO¸PVWNWKEW/CTCOCOâPQKVQVW)KVTâKO RTKP RTGUâ RTKP 7PKXGTUKVCVG RTKP FTWOG/KKNG OG)VG)WICTKNQT PQ)VTK RTKPCOKPVKTKNGVTGEWVWNWK)KURGTCP/GNGXKKVQTWNWKEW)KRTKP)GTOCPKC /¸PFTKC PQCUVTâ RKGTG FCEâ )GTOCPKC UG HâT¸OK/GC\â PQK PG ÉPVâTKO FCEâ)GTOCPKCGRWVGTPKEâ8TGOUâHKO)KUâTâO¸PGOEGGCEGCOHQUV ÉPVQVFGCWPC WP QPGUV RQRQT IGTOCP )K FG CUGOGPGC QPG)VK )K NQKCNK EGVâ/GPKCKUVCVWNWKEâTWKCÉKCRCT/KPGO  &KP VQCVG CEGUVG CE/KWPK )K CVKVWFKPK TG\WNVâ Q ÉPFTGRVCTG C VWVWTQT GHQTVWTKNQT PC/KWPKK UâUG)VK URTG CRâTCTGC HKKP/GK GVPKEG 7PKXGTUKVCVGC UâUGCUEâ É)K OCPKHGUVâ RNGPCT TQNWN FG HQT RQNKVKE EQPFWEâVQTCNUC)KNQTÉPVTWPKPFÉPFGOGTUWTKNGUCNGCEQTFWNOCLQTKVâ/KK RQRWNC/KGK UâUG)VK %QPHTWPVCVâ EW RTQDNGOC PC/KQPCNâ FG\DCVGTGC NKDGTCNKUOXGTUWUEQPUGTXCVQTKUOFGXGPGCUWRGTHNWâ  6QCOPC V¸T\KG C CPWNWK  CFWUG EW UKPG FGENCP)CTGC Tâ\DQKWNWKEKXKNÉP6TCPUKNXCPKC/WN/KFKPVTGHTWPVC)KKNKDGTCNKUC)KECTG UG CPICLCUGTâ ÉP UNWLDC TGXQNW/KGK OCIJKCTG EWPQUEWTâ FG\COâIKTGC %CTN )QQ² ECTG EC FGRWVCV ÉP &KGVC VTCPUKNXCPâ FKP  OCK XQVCUG WPKWPGC FKP EQPXKPIGTG ÉPITQ\KV FG U¸PIGTQCUC VWTPWTâ RQNKVKEâ )K FG\KNW\KQPCV ÉP C)VGRVâTKNG UCNG É)K RWUG UKPIWT ECRâV \KNGNQT NC  FGEGODTKG  ,QUGH /CTNKP VTGDWK Uâ TGEWPQCUEâ EW FWTGTG 'UVG PGPQTQEKTGC PC/KQPCNKVâ/KK OCIJKCTG Eâ PW EWPQC)VG PKEK Q OâUWTâ HC/â FG XKVTGIKVGNG PC/KQPCNKVâ/K /CTNKP RâTâUK #TFGCNWN FWRâ ÉPHT¸PIGTGC TGXQNW/KGK HKKPF TâRWU FG JQNGTâ #PVQP -WT\ ÉP UEJKOD HW WP EQODCVCPVCEVKXFGRCTVGCTGXQNW/KGKMQUUWVJKGPGFGXGPKPFCFLWVCPV)K
+DKFGO )K +TOICTF /CTVKWU )TQ²ÑUVGTTGKEJ WPF FKG 5KGDGPD×TIGT 5CEJUGP  8GTNCIFGU5×FQUVFGWVUEJGP-WNVWTYGTMU/×PEJGPR  'UVG WP HTCIOGPV FKP )TW²YQTV FGU FGWVUEJGP ,WIGPFDWPFGU KP 5KGDGPD×TIGP CP FKG FGWVUEJG0CVKQPCNXGTUCOONWPIKPFGT(TCPMHWTVGT2CWNUMKTEJGKO,CJTGRWDNKECVÉP -NKPIUQT,I*GHVR)KGUVGEKVCVFG)WUVCX)×PFKUEJ&GWVUEJGU 8QNMUYGTFGPKP5KGDGPD×TIGP  
'PVYKEMNWPIUIGUEJKEJVNKEJG&WTEJDNKEMG8GTNCI -TCHHV&TQVNGHH5KDKWR  /KEJCGN -TQPGT 'KP 5RTGEJUCCN FGU 8QNMUYKNNGPU ÉP &KG <GKV KP FGT <GKVWPI %NWL R 
&GURTGFGOGTUWTKNG7PKXGTUKVâ/KKPC/KQPCNGRGN¸PIâ2CTNCOGPVWNFKP(TCPMHWTVX 

UGETGVCTRGTUQPCNCNIGPGTCNWNWK$GONCKCPWCTKGHKKPFÉPâN/CVNC ITCFWNFGEâRKVCP%QPUGEXGPVEWGNÉPUW)KR¸PâNCECRâVOWTKÉPDâVâNKC FGNC#NDG)VK 
KWNKG /CZ/QNVMGTâOCUGNC$TC)QX)KQFCVâEW QEWRCTGC OCIJKCTâ C QTC)WNWK FGXGPK TGFCEVQT)GH CN \KCTWNWK NWK )ÑVV -TQPUV¼FVGT<GKVWPI 
OCTVKG .WRVâ)KGNÉPVTWRGNGNWK$GO)K Eâ\WÉPECRVKXKVCVGCWUVTKCEâ#RQKHWGZRWN\CVFKPKORGTKW)KUGUVCDKNK ÉP)GTOCPKC  )& 6GWVUEJ EâRKVCP ÉP ICTFC PC/KQPCNâ UG CTWPEâ )K GN ÉP NWRVâ ÉPUâ FG RCTVGC KORGTKCNKNQT TGURKPI¸PF CEWO EW CTOC ÉP O¸Pâ WPKWPGC EW 7PICTKC 6QV FG RCTVGC CWUVTKCEâ 6JGQFQT (CDKPK HW ÉORW)ECVÉPEWTUWNWPWKCVCEÉPCRTQRKGTGFG1Tâ)VKG 
HGDTWCTKG  5VGRJCP .WFYKI 4QVJ HW CTGUVCV NC CRTKNKGÉPRQHKFCRGTOKUWNWKFG NKDGTâ VTGEGTG RG ECTG ÉPUW)K $GO KN UGOPCUG TGEWPQUE¸PF CUVHGN CEVKXKVCVGC RCEKHKECVQCTG C RTGQVWNWK #EW\CV FG ÉPCNVâ VTâFCTG 4QVJ HW ÉORW)ECVNC%NWLNCOCK  1DNKICVâ RTKP HQT/C ÉORTGLWTâTKNQT RTGUC UâUGCUEâFGXGPK)KGC WPQTICPFGNWRVâ2CTVKFCEQPUGTXCVQCTGCRTGUGKUKDKGPGFGOQPUVTâÉP EWTUWN TGXQNW/KGK WP EWTCL CN QRKPKGK )K Q RTKPEKRKCNKVCVG FGOPG FG CFOKTC/KG &CVQTKVâ TGNCVâTKNQT RWDNKECVG C EQOGPVCTKKNQT ETKVKEG )K C EQPFCOPâTKK XGJGOGPVG C GZEGUGNQT FG NC /KJCN/
KWPKG   4GIJKP
PQKGODTKG   EC )K C Tâ\DQKWNWK HTCVTKEKF 5KGDGPD×TIGT $QVG CXW RCTVG FG PWOGTQCUG RTQDNGOG EW EGP\WTC $GPKIPK RTQVGUVâ ÉP XCP ÉORQVTKXC OâUWTKNQT TGUVTKEVKXG CTDKVTCTG RTQOQXCVG FG EGP\QTWN )[GTI[CK 4GFCEVQTKK UKDKGPK HWTâ ÉP TGRGVCVG T¸PFWTK COGPKP/C/K EW OQCTVGC .C ÉPEGRWVWN CPWNWK  $QVG É)K TGCHKTOC RQ\K/KC RTKP QDK)PWKVC UC NQ\KPEâ 6QVWN RGPVTW RTKPEKRG CFGXâT)K KORCT/KCNKVCVG .CLWOâVCVGCNWKOCTVKGE¸PF5KDKWNHWEWEGTKVFGCTOCVCNWK$GO $GPKIPK HW WEKU FG E¸/KXC JWUCTK MQUUWVJKGPK )K RNâVK EW XKC/C RTG/WN HGTOKVâ/KK UCNG ¡P CEGNGC)K EKTEWOUVCP/G 6TCPUUKNXCPKC )K 5KGDGPD×TIKUEJGT 8QNMUHTGWPF É)K UKUVCTâ CRCTK/KC FKP OQVKXG PGENCTG
HKGRGPVTWCPWEQNCDQTCEWPQWCUVâR¸PKTGTGXQNW/KQPCTâHKGRGPVTWEâ 
9 &CWIUEJ QREKV  R  FGURTG #PVQP -WT\ 5KGDGPD×TIGT 5CEJUGP .GZKMQP TGF

9CNVGT /[² -TCHV 8GTNCI 6JCWT DGK +PPUDTWEM  R  FGURTG .GQRQNF /CZKOKNKCP /QNVMG &KG 5KGDGPD×TIGT 5CEJUGP KP FGP ,CJTGP  R  FGURTG OQCTVGCNWK%CTN)QQ²  &QEWOGPVWN FKP  KWPKG  ,QUGRJ $GPKIPK XQP /KNFGPDGTI EâVTG RTG\KFKWN %QOCPFCOGPVWNWK OKNKVCT IGPGTCN QTKIKPCN #TJKXGNG 5VCVWNWK $WFCRGUVC (QPF )T 2TPTHQVQX&QEWOGPVGRTKXKPFKUVQTKCTGXQNW/KGKFGNC %6TCPUKNXCPKCXQN8++ÉPEWTUFGCRCTK/KGNC'FKVWTC#ECFGOKGK4QO¸PG 5KGDGPD×TIGT$QVG5KDKWPTKCPWCTKGR %CTN)ÑNNPGTQREKVR 

CWHQUVKPVGT\KUG $QVGÉ)KEQPVKPWâCEVKXKVCVGCEWWPPQWTGFCEVQT)GH ,QJCPP*KPV\CEâTWKQR/KWPGFGENCTCVâGTCCEGGCFGCTGHW\CUâRTCEVKEG CIKVC/KQPKUORQNKVKERTKPKPVGTOGFKWNRTGUGKHâTâCPGICKPVGP/KKNGUCNG RQNKVKEGNGCNG)KFGUEJKUG ¡PRQHKFCVCNGPVWNWKUâWFGLWTPCNKUVUVTâNWEKV UKORCVKKNG UCNG HKNQMQUUWVJKGPG CW HQUV CURTW LWFGECVG FG KUVQTKQITCHKC UâUGCUEâWNVGTKQCTâGXGPKOGPVGNQT
1UMCT9KVVUVQEM(TKGFTKEJ6GWVUEJ  &GUKIWT ÉPUâ Eâ $QVG C Iâ\FWKV ÉP RCIKPKNG UCNG RTQENCOC/KK )K QTFQPCP/G CNG IWXGTPWNWK OCIJKCT RTGEWO )K FGENCTC/KK FG UWRWPGTG FKP RCTVGC EQOWPKVâ/KK QTC)WNWK 0W RWVGO ÉPUâ UWDNKPKC ÉPFGCLWPU VQPWN EW VQVWN OQFGTCV )K TG/KPWV CN \KCTGNQT UKDKGPG EG GZENWFGC NKPIW)GNKNG )K RNGEâEKWPKNG ÉP HC/C XTGOGNPKEKNQT UVCR¸PK 4GKPUVCWTCTGC RWVGTKK CWUVTKGEG FGVGTOKPC PQK UEJKODâTK TGFCE/KQPCNG *GKPTKEJ 5EJOKFV RTQCURâVWN TGFCEVQT)GH CN NWK $QVG ÉK EKTEWOUETKC \KCTWNWK TQNWNFGCFGXGPKQWPQTICPCNKPVGTGUGNQTPC/KQPCNGUâUG)VKR)KFCVQTKC FGCTâUR¸PFKQEQP)VKKP/âFGUVCVCWUVTKCEâ  'XQNW/KC RTGUGK NKDGTCNG DTC)QXGPG HW OWNV OCK UKPWQCUâ ¡P FGENCTC/KC FG #PWN PQW EâVTG EKVKVQTKK UâK TGFCE/KC NWK 5KGDGPD×TIGT 9QEJGPDNCVV CUGTVC #)C EWO C HQUV ÉP 'WTQRC ÉP WTOâEWPWOCK NWPK PW XC OCK HK )K PW RQCVG Uâ OCK HKG &G CEGGC )K \KCTGNG EG EQOWPKEâ TGNCVâTK FGURTG OK)EâTKNG RTQITGUKUVG FQD¸PFGUE Q XCNQCTG EJKCT OCK ÉPCNVâ FGE¸V OCK FGOWNV 0WOCK QOWN NKRUKV FG ITKLK )K UCT RWVGC URWPG PâV¸PIWN RQNKVKE PW É)K ÉPFTGCRVâ CVGP/KC CUWRTC NQT 1TKGPVCTGCURTGRTQITGUGTCENCTâ/CKRW/KPENCTGGTCWQR/KWPKNGRQNKVKEG CNGEVKVQTWNWKRTGUGKDTC)QXGPG,QJCPP)ÑVVECTGHNWEVWCWQFCVâEWEGK ECTGIWXGTPCWEGVCVGC¡PVTQUETKUQCTGFGUEJKUâFKPKCPWCTKG)ÑVV CTâVC Eâ PK)VG ÑPMÃPVGU
XQNWPVCTK  FKP FKUVTKEVWN $TC)QXWNWK ÉN COGPKP/CUGTâ EW OQCTVGC 2G FG CNVâ RCTVG NC 5KDKW UCT HK TâUR¸PFKV XGUVGC CTGUVâTKK UCNG FG EâVTG CWUVTKGEK ECTG NCT HK EQPFCOPCV RGPVTW ÉP/GNGIGTGCUCEWUGEWKKÉPFGVTKOGPVWNUC)KNQT)ÑVVÉ)KCUKIWTCRTKGVGPKK FCT)KFW)OCPKKEâPKEKÉPUEJKODWNEQTQCPGKÉORâTâVG)VKIGTOCPGPC) FQTK Uâ HKW WP VTâFâVQT CN RQRQTWNWK OGW )K CN QTC)WNWK $TC)QX WPFG VTâKGUEUQ/KC)KEGK)CUGEQRKKCKOGK¡PKCPWCTKG9QEJGPDNCVVÉ)K VTCPUHQTOCUGVQVCNCVKVWFKPGCVTGE¸PFFGNCRQ\K/KCKPK/KCNâRTQWPKQPKUVâ FKP RTKOâXCTC NWK  NC WPC PGV CPVKOCIJKCTâ )KRTQCWUVTKCEâ.C 
5D$QVGPTOCTVKGR 

1UMCT 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT GT ,CJTG ÉP *WPFGTV ,CJTG U¼EJUKUEJGT 5D$QVGPTCWIWUVR +DKFGOPTKCPWCTKGR

-¼ORHGR(T6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++R 

5KGDGPD×TIGT9QEJGPDNCVV$TC)QXPTKCPWCTKGR 

OCTVKG  $TC)QXWN UG RTGFâ FG DWPâXQKG ÉP O¸KPKNG NWK $GO ¡P OKLNQEWNPQWNWKFGEQTOKNKVCT)ÑVVUEJKODâFKPPQWE¸TOCRTGEWO)K VKVNWN \KCTWNWK UâW RTKPEKRCN FKP 5KGDGPD×TIGT 9QEJGPDNCVV ÉP -TQPUV¼FVGT <GKVWPI 'UVG NGUPG FG KOCIKPCV Eâ QFCVâ EW OâVWTCTGC QEWRC/KGK OCIJKCTG RTKP CE/KWPGC OKNKVCTâ EQPLWICVâ C TW)KNQT )K C CWUVTKGEKNQT )ÑVV TGXGPK NC I¸PFWTK FG NQKCNKVCVG KORGTKCNâ .C  KWNKG GNUGLWUVKHKEC5WDUGOPCVWNTQCIâUâPWHKGLWFGECVFGQCTGEGFKP FCVC FG  OCTVKG CE GFKVQTWN CEGUVWK \KCT GUVG ÉP OâUWTâ Uâ FGOQPUVTG\G Eâ PW C VTâFCV PKEK Q ENKRâ ECW\C EGC FTGCRVâ QTKE¸V CT RâTGCFGRQVTKXPKEGCRCTGP/GNG  &CEâ )ÑVV PW GZEGNC RTKPVTQ ÉPCNVâ /KPWVâ OQTCNâ ÉP UEJKOD XK\KWPGC UC GUVG FGHKPKVQTKG RGPVTW EQP/KPWVWN NKDGTCNKUOWNWK UâUGUE ÉP #TFGCN )ÑVV C HQUV RTCEVKE VGQTGVKEKCPWN CEGUVWK EWTGPV NC UC)K HQNQUKPF EW RTGEâFGTG RCIKPKNG NWK -TQPUV¼FVGT <GKVWPI RGPVTW C HCEG RWDNKEG EQPEGR/KKNGUCNG0WOâTWNKPCWIWTCNCN\KCTWNWKFKPOCTVKGGTC FGQUGDKV FG VTCP)CPV )K TCFKECN ¡P %WX¸PVWN UâW KPVTQFWEVKX )ÑVV EQPUKFGTC9QEJGPDNCVVFTGRVEGNOCKNKDGTCNFKPVTG\KCTGNG#WUVTKGKFKP XTGOGCNWK/GVVGTPKEJ  
)KFGRN¸PIGCFKHKEWNVCVGCEWECTGRGCVWPEKFKP RTKEKPC EGP\WTKK UG RWVGC OCPKHGUVC FQCT Q HQTOâ UE¸NEKCVâ FG NKDGTCNKUO PCKX 5KGDGPD×TIGT 9QEJGPDNCVV HWUGUG WP \KCT RGPVTW VQCVGXQEKNG)KVQCVGRCTVKFGNGFCTFWRâEWEGTKTKNGFKPOCTVKG  
CNG TGXQNW/KGK ITG)KUG RTKP CVKVWFKPGC UC CVQVEWRTKP\âVQCTG PGQRV¸PF RGPVTWWPRCTVKFWPKECFKEâEGNTGXQNW/KQPCT&GCKEKK\XQTCPGEGUKVCVGC TGGFKVâTKK \KCTWNWK PQWN VKVNW )K PQWN TGFCEVQT)GH
/CZ /QNVMG  UWDNKPKKPF CEGCUVâ ÉORTQURâVCTG  )K PGXQKC FG C TGRCTC ITG)GNKNG VTGEWVWNWK )K C VTGEG FGEKU FG RCTVGC TGXQNW/KGK OCIJKCTG &KPEQNQ FG QRQTVWPKUVC FGENCTC/KG FG ETGFKP/â CXGO ÉP CEGUV VGZV Q FGHKPK/KG OWN/WOKVQCTG C EQPEGRVGNQT XGJKEWNCVG FG ,QJCPP )ÑVV EQPUGTXCVQTKUOWN IWXGTPâTKK /GVVGTPKEJ NKDGTCNKUOWN PCKX CN CPWOKVQT \KCTG FG GRQEâ )K ÉP RTKOWN T¸PF CN NWK 9QEJGPDNCVV NKDGTCNKUOWNTCFKECNRTQOQXCVFGTGXQNW/KCMQUUWVJKCPâ  ¡PPWOGTGNG)KCNGCEGNWKC)K\KCTTGFCE/KCUGOPCWPCTVKEQN HNWXKW KPVKVWNCV 1 OâTVWTKUKTG RQNKVKEâ FG ETGFKP/â 'UVG Q VGQTKG RQNKVQNQIKEâÉPVQCVâTGIWNC0GCDQTF¸PFTGCNKVCVGCVTCPUKNXCPâEQPETGVâ FGE¸VVCPIGP/KCNCKEKUGGZRWPGCÉPUâQEQPEGR/KGEQGTGPVâCUWRTCXKG/KK FG RCTVKF )K CUWRTC UVCVWNWK KFGCN 5RKTKVWN VKORWNWK ECTG RGPVTW TGFCEVQTK UKPVGVK\C OQFGTPKVCVGC ÉPUGOPC NKDGTVCVG UKO/ EQOWPKVCT )K RTQITGU )K GTC WP HGN FG HQT/â OQVTKEG FKPCOK\CVQCTG C KUVQTKGK ¡P 
-TQPUV¼FVGT<GKVWPIPTKWNKGR +DKFGOPTOCTVKGR 

OCTGCUCRCTVG'WTQRCCPWNWKGTCCTGPCKPECTGUGEQPHTWPVCWFQWâ RCTVKFGOCLQTG7PWNFKPVTGGNGGZRTKOCVTKWOHWNXQKP/GKKPFKXKFWCNGFG RWVGTGCNFQKNGCVTKWOHWNXQKP/GKRQRWNCTGEQNGEVKXG2TKOWNXGFGÉP RQRQTOKLNQEWNCNFQKNGCUEQRWNRTKOWNGUVGRCTVKFWNFQOPKGKRTKPEKCTG C DWPWNWK RNCE CN FQKNGC GUVG RCTVKFWN CWVQFGVGTOKPâTKK RQRQCTGNQT 4GFCE/KC CRQNQIKC CN FQKNGC VKR FG RCTVKF EG EQPUQPC EW URKTKVWN VKORWNWK&CTCODGNGRCTVKFGXGJKEWNCWQOCUâQCTDâKPEWNVâ&CVQTKC QTKEâTWKRTKGVGPCNQCOGPKNQTGTCWPCFGGUGP/âKNWOKPKUVâFGEWNVKXCTG )K FG)VGRVCTG C RQRQTWNWK 5EQRWN UVCVWNWK VTGDWKC Uâ HKG KORWPGTGC XQKP/GKRQRWNCTG#EGUVNWETWPWRWVGCUâUGÉPV¸ORNGFGE¸VÉPVTWPUVCV FG QTFKPG CNVOKPVGTK GTC XQTDC FG WP UKUVGO TCHKPCVFGGZRNQCVCTG)K CUGTXKTG 0WOCK RQRQCTGNG PGFG\XQNVCVG NC)G UCW UNCDG CEQTFCW WPQT FGURQ/K CUEWNVCTG PGEQPFK/KQPCVâ 0KEK WP RQRQT GFWECV HKG GN RWVGTPKEPWCLWVâNCCUGTXKTGCCNVWKRQRQTEJKCTFCEâCEGUVCGUVGUNCD 7P RQRQT FQTPKE Uâ)K KORWPâ XQKP/C GUVG WP RQRQT OCVWT CRV Uâ HQTOG\GWPUVCV5GCHKTOCEâITCPK/GNGUVCVWNWKRQVHKFCVGFGHCEVQTKK PCVWTCNK
CRGOWP/K UCWFGHCEVQTWNNKPIXKUVKE1PC/KWPGEGNQEWKG)VG PGCOGUVGECV WP VGTKVQTKW ÉPVKPU XC CNEâVWK RG DC\C NKODKK XQTDKVG ÉP U¸PWN GK WP UVCV PC/KQPCN 0C/KWPGC KCT EWRTKPFG FGEK RG XQTDKVQTKK CEGNGKC)K NKODK &CEâ UVCVWN EWRTKPFG NQEWKVQTK XQTDKVQTK CK OCK OWNVQT NKODKUGPWOG)VGUVCVIGQITCHKE)KUGFGNKOKVGC\âRTKPITCPK/GPCVWTCNG 5GGZGORNKHKEC(TCP/CGUVGWPUVCVPC/KQPCN+VCNKC)K)GTOCPKCVTGDWKG UâFGXKPâ'NXG/KCGUVGWPUVCVIGQITCHKE7PICTKC)K6TCPUKNXCPKCVTGDWKG UâFGXKPâCUVHGN%GFKHGTGP/âGZKUVCÉPVTGPC/KWPG)KRQRQT!&CEâ UG RQCVG XQTDK FG WP RQRQT PQTFCOGTKECP UCW GNXG/KCP PW UG RQCVG XQTDK FG Q PC/KWPG PQTFCOGTKECPâ UCW GNXG/KCPâ 6GPVC HGFGTCNKUVâ C QDUGTXC/KGK GUVG GXKFGPVâ ¡P UVCVWN PC/KQPCN EQPEGRVGNG FG RQRQT )K PC/KWPG UG EQPHWPFâ RG E¸PF ÉP UVCVGNG RQRWNCVG COGUVGECV VQCVG PC/KWPKNGHQTOGC\âRQRQTWNHâTâUâHKGPGEGUCTâQEQPVQRKTGCFKXGTUGNQT PC/KQPCNKVâ/K 6QVW)K FKURCTK/KC WPGK PC/KWPK RWVGC HK ECW\CVâ HKG FG RTQRTKC TGPWP/CTG NC UKPG HKG FG FGURQVKUOWN UVCVWNWK %C RâT/K CNG RQRQTWNWK VQCVG PC/KWPKNG CW CEGNGC)K FTGRVWTK 0KOGPK PW RWVGC HK HCXQTK\CV RG DC\C ÉPV¸KGVâ/KK KUVQTKEG UCW PWOGTKEG C PC/KWPKK UCNG HKKPFEâ FGXK\C WPWK UVCV ÉP/GNGRV GUVG NKDGTVCVG )K GICNKVCVG  CPWOG GICNKVCVGCVWVWTQTÉPHC/CNGIKKEGCRâTâNKDGTVCVGCVWVWTQT.GIGCGUVG EGGC EG FQTG)VG OCLQTKVCVGC RQRQTWNWK 7P UVCV FGURQVKE GOKVG FQCT RQTWPEK)KKPVGTFKE/KK7PUVCVFGQTFKPGCTGQEQPUVKVW/KGECTGRTGUETKG HGNWN ÉP ECTG UG CRâTâ XQKP/C RQRQTWNWK )K ECTG GUVG GNCDQTCVâ FG TGRTG\GPVCP/KK RQRQTWNWK &G QDUGTXCTGC NGIKNQT UG ÉPITKLGUE HWPE/KQPCTKK RQRQTWNWK 5VCVWN ÉPVTGI VTGDWKC UWDUWOCV RQRQTWNWK ¡P 

CHCTC RQRQTWNWK )K FGCUWRTC RQRQTWNWK PW UVâ PKOGPK KCT PQK ETGFGO ÉP KORWPGTGC XQKP/GK RQRQTWNWK EC UEQR CN UVCVWNWK ÉP ÉPHâRVWKTGC FTGRVWTKNQTWOCPGKPCNKGPCDKNGCNGVWVWTQTEGVâ/GPKNQTUVCVWNWKECRTKOâ )KWNVKOâXQKP/âCRQRQTWNWK
#PGZGFQEPT   4GEWPQC)VGO ÉP GZRWPGTGC FG RTKPEKRKK FG OCK UWU KFGK RTGFKNGEVGCNGNKDGTCNKUOWNWKIGTOCPXQKP/CRQRQTWNWKEGVTGDWKCUâUG KPUVCWTG\GÉPUVCVWNFGQTFKPGUWDFGXK\CNKDGTVCVG)KGICNKVCVGNGIGC EC GZRTGUKG C XQKP/GK OCLQTKVâ/KK PW C XQKP/GK FQOPKGK DWPWNWK RNCE )ÑVV)KTGFCEVQTKKUâKFGHKPGCWEQPEGRVGOQFGTPGNCXTGOGCCEGGCECTG CW TâOCU VGOG RTGHGTCVG CNG FG\DCVGTKNQT RQNKVQNQIKEG R¸Pâ ÉP \KNGNG PQCUVTG UVCV RQRQT PC/KWPG 'K QRGTCW Q FKUVKPE/KG ÉPVTG UVCVGNG PC/KQPCNG)KUVCVGNGPWOKVGFGGNIGQITCHKEGRNWTKPC/KQPCNG2QRQTWN ÉP XK\KWPGC NWK )ÑVV )K C VQXCTâ)KNQT UâK FG KFGK EWRTKPFGC VQVCNKVCVGC NQEWKVQTKNQT WPWK UVCV WPGQTK OCK OWNVG PC/KWPK %TKVGTKWN FG TGEWPQC)VGTG C PC/KWPKK
ÉP VGTOGPKK PQ)VTK FG CUVâ\K C PC/KQPCNKVâ/KK  GTC EGN NKPIXKUVKE ¡P #TFGCNWN RC)QRVKUV EKTEWNC )K EQPEGRVWN FG PC/KQPCNKVCVG ECTG CEQRGTGC UGPUWN EGNWK FG PC/KWPG
FWRâ EWO TG\WNVâ FKP VGZVWN NWK /CTNKP TGFCV OCK UWU  &GHKPK/KKNG GFKVQTWNWK DTC)QXGCP TâO¸P XCNCDKNG ÉP NKPKK IGPGTCNG (âTâ C EGTG CPWOG QTICPK\CTGC6TCPUKNXCPKGKÉPVTWPUKUVGOHGFGTCVKXFWRâOQFGNGNXG/KCP )K PQTFCOGTKECP )ÑVV UWIGTC Eâ CV¸V 7PICTKC E¸V )K 6TCPUKNXCPKC VTGDWKCW Uâ FGXKPâ UVCVG IGQITCHKEG ÉP ECTG UG UWDÉP/GNGIG VQCVG PC/KWPKNGUâHKGGICNÉPFTGRVâ/KVG   ¡P EJKR FG EQPENW\KG NC RCIKPKNG FG OCK UWU XQO FGURTKPFG E¸VGXC EQPUVCVâTK .KDGTCNKUOWN RC)QRVKUV C HQUV RWTVâVQTWN EGNQT OCK TCFKECNGTGHQTOG4CFKECNKUOWNEGTGTKNQTHQTOWNCVGÉPEWTUWNTGXQNW/KGKC HQUV OCK KPVGPU ÉP )GTOCPKC FGUETGUE¸PF URTG TâUâTKV 5KVWC/KC GEQPQOKEâ)KUVTWEVWTCUQEKCNâCRQRWNC/KGKCWLWECVÉPCEGUVUGPUWPTQN KORQTVCPV )GTOCPKC CXGC Q DWTIJG\KG RWVGTPKEâ ÉP XTGOG EG ÉP #WUVTKC)K6TCPUKNXCPKCUGEGTGCWOCKÉPV¸KÉPNâVWTCVGTGNC/KKNGOGFKGXCNG FKP CITKEWNVWTâ $WTIJG\KC IGTOCPâ EW Q FQEVTKPâ NKDGTCNâ DKPG RTGEK\CVâ C CLWPU NC RWVGTG NC  RTKP RCTVKFWN NKDGTCN EGGC EG C ÉPUGOPCVVQVQFCVâFG\CITGICTGCNKDGTCNKUOWNWK)KETGCTGCWPQTEWTGPVG )K OCK TCFKECNG EWO GTC EGN RTQOQXCV FG TGRWDNKECPK  ¡P #WUVTKC TGXQNW/KQPCTKKTCFKECNKRQVHKEQPUKFGTC/KNKDGTCNKOCKOWNVRTKPCVC)CTGC NQT NC OK)ECTGC PC/KQPCNâ FKP )GTOCPKC )K RTKP CVKVWFKPGC NQT CEVKXâ FGE¸V RTKPVTQ EQPEGRVWCNK\CTG RTQITCOCVKEâ  &CVQTKVâ K\QNâTKK NQT 
-TQPUV¼FVGT <GKVWPI PT   OCTVKG  R  )K PT   CRTKNKG  R  8

#PGZGFQEPT 

VGTKVQTKCNGFGNWOGCIGTOCPâUC)KKCTFGNGPKVTCFK/KQPCNK)VKÉPGUGP/âCW QRVCVRGPVTWTGHQTOGFCTPWÉPECFTWNWPQTRCTVKFGRQNKVKEG#WGZKUVCV NC UC)K TGHQTOK)VK  FG QTKGPVCTG EQPUGTXCVQCTG )K TGHQTOK)VK NKDGTCNK #ODGNG ITWRâTK CW GXKVCVG VGPFKP/GNG GZVTGOKUVG &WRâ EWO EQPUGTXCVQTKUOWNUâUGUEPWCCVKPUEQVGTGCE/KQPCTGEWOKUCKORWVCV WPGQTK PKEK NKDGTCNKUOWN UâUGUE PC EâRâVCV CEEGPVG TCFKECNG 4GRWDNKEC PWCE¸)VKICVCFGR/KRG2âO¸PVWN%TâKGUEPKEKNCPKEKOCKV¸T\KW  )GPGTC/KCV¸PâTâ)KOCKCNGUUVWFGP/KOGCUCKORNKECVCEVKXÉP TGXQNW/KG EQPUVKVWKPFWUG ÉP CFGXâTCVG QTICPK\C/KK FG NWRVâ
6KPGTGVWN CECFGOKE IGTOCP .GIKWPGC CECFGOKEâ NC 8KGPC 7PKWPGC VKPGTGVWNWK IGTOCP FKP 6TCPUKNXCPKC  .C 5KDKW UVWFGP/KK #ECFGOKGK UâUG)VK FG FTGRV NKVQITCHKCTâ ÉP UGETGV Q TGXKUVâ Q&GT LWPIG 5CEJUGR ECTG CRâTW E¸VGXC NWPK ÉPCKPVG FG K\DWEPKTGC TGXQNW/KGK 
FGEGODTKG    OCTVKG   +FGQNQIKCPC/KQPCNâÉPUQ/KVQCTGCPGOKLNQEKVâCNKDGTCNKUOWNWKC ÉODTâECV HQTOG FKHGTKVG FG NC /CTâ NC /CTâ 0C/KQPCNKUOWN FKP VGTKVQTKKNG )GTOCPKGKGTCQCTGEWOCWVCTJKEEQPHTWPV¸PFWUGEWRTQDNGOCKPVGTPâ CWPKHKEâTKKUVCVCNGEGPVTCNK\CVG¡P#WUVTKCVTGDWKCIâUKVGEJKNKDTWNEGNOCK UVCDKN ÉPVTG GNGOGPVWN IGTOCP FQOKPCPV FKP RWPEV FG XGFGTG RQNKVKE FCTPWOGTKEOKPQTKVCT)KOCLQTKVCVGCHQTOCVâFKPTGUVWNPC/KQPCNKVâ/KNQT ¡P #TFGCN PC/KQPCNKUOWN UâUGUE C HQUV Q TCRQTVCTG NC PC/KQPCNKUOWN OCIJKCT CITGUKX )K Q EQNCDQTCTG FG HTQPV EQOWP EW PC/KQPCNKUOWN TQO¸PGUE ECTG UG \âOKUNGC %QP)VKKP/C FG UKPG UâUGCUEâ C URGEKHKEWNWK GVPKECFQD¸PFKVQPQWâEQORQPGPVâOCKFGITCDâCHGEVKXâRTKPKFGGC IGTOCPKVâ/KK UC)KNQT 5QNKFCTK EWNVWTCN EW HTC/KK NQT IGTOCPK EC EGVâ/GPK NQKCNK CK UVCVWNWK ÉP ECTG XKG/WKCW ÉP XTGOGC TGXQNW/KGK UC)KK PW CW DGPGHKEKCVFGWPURTKLKPEQPETGVFKPRCTVGC)GTOCPKGK    

/KEJCGN-TQPGT'KP5RTGEJUCCNFGU8QNMUYKNNGPUÉPXQNEKVR 

+&'4814/•4< 

         

&KG GTUVGP FGWVUEJGP <GKVWPIGP KP FGT *CDUDWTIGTOQPCTEJKG YCTGP Q0GYG <G[VWPIGPR KPJCNVUTGKEJG (NWIDN¼VVGT FKG FKG 6×TMGPMTKGIGUEJKNFGTVGP'KPKIG5V×EMGKPFGWVUEJGT5RTCEJG×DGTFKG 5EJNCEJV XQP /QJ¶EU  
UKPF GTJCNVGP 5KG UVCOOGP \WO ITѲVGP 6GKNCWUFGT9CPFGTFTWEMGTGKFGU,QJCPPGU/CPNKWU
/CPGN/¼PPGN  &CU¼NVGUVGKUVFKGQ0GYG<G[VWPICWU7PICTPRXQP'TJCTF2ÑEMJNCWU FGO ,CJT  IGFTWEMV \W 'DGTCW
/QP[QTÎMGTÃM  /CTVKP 5\GPVKX¶P[KICDXQPDKUNCVGKPKUEJG(NWIDN¼VVGTJGTCWU  9KGP &CU GTUVG NCPINGDKIUVG WPF DGFGWVGPFUVG $NCVV YCT FKG COVNKEJG Q9KGPGT <GKVWPIR 
  &KG GTUVG 0WOOGT GTUEJKGP CO  #WIWUV  WPVGT FGO 6KVGN Q9KGPGTKUEJGU &KCTKWOR *GTCWUIGDGT YCT ,QJCPP $CRVKUV 5EJÑPYGVVGT &CU MCKUGTNKEJG 2TKXKNGIKWOOKVFGOFKG<GKVWPICWUIGUVCVVGVYCTYWTFG,QJCPP 2GVGT XCP )JGNGP ×DGTVTCIGP $GOGTMGPUYGTVGTYGKUG H×JTVG GT -NCIG FC²FKG9KGPGTFKG<GKVWPIKO-CHHGGJCWUNCUGPUVCVVUKG\WMCWHGP&CU $NCVVGTUEJKGP\YGKOCNYÑEJGPVNKEJWPFXQPFTGKOCNRTQ9QEJG &GT6KVGNQ9KGPGT<GKVWPIRYWTFGCPIGPQOOGPYWTFGGKP 6GKN FGT <GKVWPI CNU Q#OVUDNCVVR WPF QHHK\KGNNGU 4GIKGTWPIUQTICP DG\GKEJPGV  YWTFG FCU (QTOCV XGTITѲGTV 5GKV FGO  1MVQDGT  GTUEJKGP FKG Q9KGPGT <GKVWPIR V¼INKEJ 5KG ×DGTNGDVG FKG 4GXQNWVKQPXQP
OKVGKPGTMWT\GP7PVGTDTGEJWPIXQTFGO 0QXGODGT   #NU 4GIKGTWPIUDNCVV GTTGKEJVG UKG  GKPG #WHNCIG XQP'ZGORNCTGP  9¼JTGPF FGU  ,JU DGUC² 9KGP GKPG FQOKPCPVG 4QNNG KO $GTGKEJ FGT 2TGUUGRTQFWMVG&GOUVCTMGPIGKUVKIGP&TWEMFGT9KGPGT <GKVWPIGP MQPPVG CNNGKP FKG Q2TG²DWTIGT <GKVWPIR YKFGTUVGJGP 9KGP YWTFG \WT #NNGKPJGTTUEJGTKP CWH FGO IGKUVKIGP WPF 
/KEJCGN-TQPGT'KPNGKVWPIKO$CPF&KG<GKVKPFGT<GKVWPI-NCWUGPDWTI5 

   

&GWVUEJG2TGUUGWPF<GPUWT KPFGT*CDUDWTIGTOQPCTEJKG 

*GKPTKEJ4Ã\&GWVUEJG<GKVWPIGPWPF<GKVUEJTKHVGPKP7PICTPXQP$GIKPPDKU 8GTNCIH×T*QEJUEJWNMWPFG/×PEJGP5  -WTV 2CWRKÃ *CPFDWEJ FGT ÑUVGTTGKEJKUEJGP 2TGUUGIGUEJKEJVG  $F + 9KGP 9KGP5 

YKUUGPUEJCHVNKEJGP )GDKGV D\Y \WO CNNGKPUVGJGPFGP IGKUVKIGP 8GTOKVVNGT FGU 9GUVGPU  5Q DGMCOGP CWEJ FKG <GKVWPIGP DKU \WO 'PFGFGU,JUKJTG0CEJTKEJVGPHCUVCWUUEJNKG²NKEJCWU9KGPYQOKV CWEJKJTGMWT\G.GDGPUFCWGTNGKEJVGTMN¼TNKEJKUV  #WEJFKG2TQXKP\UV¼FVGGPVYKEMGNVGPCNNO¼JNKEJ7PVGTPGJOGP YQ<GKVWPIGPJGTCWUIGDTCEJVYWTFGP  $WFCRGUV&KGGTUVG1HGPGT&TWEMGTGK
IGIT×PFGV IGJÑTVG FGO &GWVUEJGP ,QJCPP 5GDCUVKCP .CPFGTGT &C YWTFG FGT Q9ÑEJGPVNKEJ \YG[OCN PGWCPMQOOGPFG /GTEWTKWUR  
JGTCWUIGIGDGP &KG P¼EJUVG FGWVUEJG <GKVWPI GTUEJKGP GTUV XKGT ,CJT\GJPVGUR¼VGT  
KP2GUVGUMÑPPVGUKEJWOGKPG(QTVUGV\WPIFGU Q/GTEWTKWURJCPFGNP  &CU Q2GUVGT +PVGNNKIGP\DNCVV KP (TCI WPF #P\GKEJGPR YWTFG XQP  DKU  JGTCWUIGIGDGP WPF \GKIV FGO Q/GTEWTKWUR IGIGP×DGTGKPGP(QTVUEJTKVV  +O.CWHGFGTCEJV\KIGT,CJTGFGU,JGTUEJKGPGPKP1HGPWPF 2GUV FKG GTUVGP YKUUGPUEJCHVNKEJGP <GKVUEJTKHVGP 2GUV UVGNNVG FCOCNU PQEJMGKPNKVGTCTKUEJGU<GPVTWOFCTUQICTFKG4GIKGTWPIU¼OVGTYCTGP PQEJDKUKP2TG²DWTI&KGXQP,CMQD,QUGRJ9KPVGTNKP2GUV  
JGTCWUIGIGDGPGP Q/QPCVNKEJG (T×EJVG GKPGT IGNGJTVGP )GUGNNUEJCHV KP *WPICTPR UKPF ×DGT FCU GTUVG *GHV PKEJV JKPCWUIGMQOOGP FC FKG 8GTJ¼NVPKUUG H×T GKPG #MCFGOKG FGT 9KUUGPUEJCHVGP PQEJ PKEJV TGKH YCTGP0CEJMWT\GO$GUVCPFGPFGVGCWEJFKG<GKVUEJTKHVFGU)GNGJTVGP /CTVKP )GQTI -QXCEJKEJ FGT Q/GTMWT XQP 7PICTPR
2GUV  DKU    ¯DGTFKGQ1HPGT5VCFV\GKVWPIRFKGCWEJCNUQ5V¼FVKUEJG1HPGT <GKVWPIR GTY¼JPV YWTFG KUV CW²GT KJTGO 'TUEJGKPWPIUFCVWO WO PKEJVXKGNDGMCPPV  'KP N¼PIGTGU &CUGKP JCVVGP FKG Q7PICTKUEJGP 5VCCVU WPF )GNGJTVGP0CEJTKEJVGPR FKG XQO  ,CPWCT  DKU  ,WPK  KP 1HGP GTUEJKGPGP 5KG GPVPCJOGP FKG CWUN¼PFKUEJGP 0CEJTKEJVGP JCWRVU¼EJNKEJ FGT Q9KGPGT <GKVWPIR 9CTGP LGPG PKEJV CPIGMQOOGP UQ DGOGTMVG OCP \$ KP 0T 
XQO  0QXGODGT   Q&KG 2TG²DWTIGT WPF FKG 9KGPGT 2QUV UKPF KP FGO /QPCV PQEJ PKEJV CPIGMQOOGPR 5KG DGTKGHGP UKEJ CWEJ CWH CPFGTG CWUN¼PFKUEJG FGWVUEJG <GKVWPIGP UQ CWH FKG Q$GTNKPGT /QPCVUEJTKHVR FKG Q/CKP\GT /QPCVUEJTKHVR FGP Q*CODWTIGT %QTTGURQPFGPVR FKG Q.GODGTIGT 
*4Ã\CC15 'DGPFC5 ¯DGTFKG1HPGTWPF2GUVGT2TGUUG*4Ã\CC15 

<GKVWPIR FKG Q)T¼\GT <GKVWPIR FKG Q'TNCPIGT <GKVWPIR FKG Q2TG²DWTIGT<GKVWPIRFKGQ$C[TGWVJGT<GKVWPIRFKGQ2TCIGT<GKVWPIR FKGQ$T×PPGT<GKVWPIRWC+PFGT$GKNCIG\W0TDTCEJVGPUKGFKG #PM×PFKIWPI FGU *GTOCPPUV¼FVGT Q-TKGIUDQVGPR CWU FGO UKG Y¼JTGPF FGU 6×TMGPHGNF\WIU -TKGIUPCEJTKEJVGP GPVPCJOGP FC FGT Q-TKGIUDQVGR KPHQNIG UGKPGT I×PUVKIGP .CIG GKPG XGTN¼²NKEJG -TKGIUMQTTGURQPFGP\ JCVVG &KG (QTVUGV\WPI FKGUGT $N¼VVGT DKNFGVG YCJTUEJGKPNKEJFKGQ1HPGT<GKVWPIRFKGDKUGTUEJKGP  +P2GUVDTCEJVG*KGTQP[OWU/QNNFCUQ1HPGTWPF2GUVGT (TCI WPF -WPFUEJCHVUDNCVV QFGT 5COONWPI XQP P×V\NKEJGP &KPIGP WPF 0CEJTKEJVGPR JGTCWU /QNN UEJNQ² UKEJ OKV /CVVJKCU 6TCVVPGT \WUCOOGP WPF XGTÑHHGPVNKEJVG KO UGNDGP ,CJTG GKPG CPFGTG 2GUVGT <GKVWPIQ&GTPGWG-WTKTCWU7PICTPXQP-TKGIUWPF5VCCVUUCEJGPR FGUUGP 6KVGN  IG¼PFGTV YWTFG Q0GWGT -WTKT CWU 7PICTP XQP -TKGIUWPF5VCCVUWPF)GNGJTVGP5CEJGPR  ,CMQD 5EJKEMOCP[GT ICD XQO  ,CPWCT DKU  #RTKN   0WOOGTP FGT Q1HPGT WPF 2GUVGT <GKVWPIR JGTCWU 0CEJJGT GTUEJKGP FCU$NCVVCNUQ8GTGKPKIVG1HPGTWPF2GUVGT<GKVWPIR&KG5EJTKHVNGKVWPI H×JTVG 5EJKEMOCP[GT DKU \W UGKPGO 6QFG  
&KG 2WDNKMCVKQPUGTNCWDPKU YWTFG XQP (TCP\ + CWH UGKPG 6QEJVGT ,QUGRJC 5EJKEMOCP[GT×DGTVTCIGPFKGUKGCDFGT0WOOGT,QUGH,CPKUEJ ×DGTNKG² 5Q GTUEJKGP FKG Q8GTGKPKIVG 1HPGT WPF 2GUVGT <GKVWPIR DKU  CNU GKPGU FGT XGTDTGKVGVUVGP FGWVUEJWPICTKUEJGP $N¼VVGT 5GKV  YCTGKP$GKDNCVVDGKIGNGIVYQTFGPFKGQ)GOGKPP×V\KIGP$N¼VVGTRFKG ,CJTG NCPI GTUEJKGPGP 5GKV  YWTFG PQEJ GKP Q+PVGNNKIGP\DNCVVR JKP\WIGH×IV FCU CWEJ DKU  DGUVCPF Q/KV KJT FGT N8GTGKPKIVGP 1HPGTWPF2GUVGT<GKVWPIOKUVGKPUQNCPINGDKIGTWPFUGJTXGTDTGKVGVGT 8GTVTGVGT FGU WPICTN¼PFKUEJGP FGWVUEJGP <GKVWPIUYGUGPU XGTUEJYWPFGP YKG YKT CW²GT FGT N2TG²DWTIGT <GKVWPIO DKU 
)T×PFWPIFGUN2GUVGT.NQ[FO MGKPGP\YGKVGPXGT\GKEJPGPMÑPPGP5KG KUV CWEJ OCPEJOCN GPVUEJKGFGP H×T FKG +PVGTGUUGP FGU &GWVUEJVWOU GKPIGVTGVGP CDGT PKG XGTNGV\GPF IGIGP FCU 7PICTVWO PWT UVCTM FGP GKIGPGP5VCPFRWPMVWPVGT\GKEJPGPFR  /KV FGT DGNNGVTKUVKUEJGP <GKVUEJTKHV FGU )TCHGP -CTN (GUVGVKEU FGT Q2CPPQPKCR 
#RTKN  DKU  &G\GODGT   H¼PIV FKG $N×VG\GKVFGT<GKVUEJTKHVGPCP#NU/KVCTDGKVGTFKGUGT<GKVUEJTKHVYKTMVGP DGMCPPVG ÑUVGTTGKEJKUEJG 5EJTKHVUVGNNGT YKG ,. &GKPJCTFVUVGKP ( )T¼HHGT (: 5EJNGEJVC UQYKG FKG DGUVGP FGWVUEJWPICTKUEJGP 5EJTKHVUVGNNGT 4) 4WO[ , /GN\GT , %UNCRQXKEU WC 0CEJ FGP 
'DGPFC5 

#PH¼PIGPDGKFGTQ2CPPQPKCRYCTGPFKGCWUN¼PFKUEJGP/KVCTDGKVGTDGK FGT Q+TKUR 
,WNK  DKU  &G\GODGT   FGU -CTN 5VKGNN[ UEJQP \CJNTGKEJGT * #FCOK 4 $CNFCOWU ' $CWGTPHGNF # )T×P .1 *GPPGV(%CUVGNNKWC&GTQ5RKGIGNR 
DKU&G\GODGT CNU 4KXCNG FGT Q+TKUR GTNGDVG  ,CJTI¼PIG WPF YCT FKG GKP\KIG DGNNGVTKUVKUEJG <GKVUEJTKHV KP 1HGP WPF 2GUV FKG  ×DGTNGDVG +JTG 5EJTKHVNGKVGT (TCP\ 9KGUGP 5COWGN 4QUGPVJCN WPF 5KGIOWPF 5CRJKT DTCEJVGP CW²GT FGO TGKEJGP DGNNGVTKUVKUEJGP 6GKN CWUH×JTNKEJG 6JGCVGT WPF /QFGDGTKEJVG &KGUG XQP ,WFGP IGNGKVGVG <GKVUEJTKHV VTWI \WT 8GTDTGKVWPIFGTNKVGTCTKUEJGP$GUVTGDWPIGPFGUQ,WPIGP&GWVUEJNCPFR KP7PICTPDGKWPFUQTIVGH×TYGTVXQNNGCWUN¼PFKUEJG/KVCTDGKVGTYKG* *GKPG 9 #NGZKU (QWSWÃ ( )GTUV¼EMGT ( XF *CIGP # /GK²PGT #%9KGUPGTWC  &KG FGWVUEJURTCEJKIG L×FKUEJG 2TGUUG KP 7PICTP KUV GDGPHCNNU PGPPGPUYGTV &CU GTUVG XQP,WFGPJGTCWUIGDTCEJVG6CIGDNCVVYCTFCU Q2GUVJGT 6CIGDNCVVR 
,CPWCT  DKU  /¼T\   YQ FGT 5EJTKHVNGKVGT 5KGIOWPF 5CRJKT GKPG 4GKJG L×FKUEJGT ,QWTPCNKUVGP CWU ©UVGTTGKEJ WPF &GWVUEJDÑJOGP CNU /KVCTDGKVGT CPUVGNNVG
.GQRQNF -QORGTV#FQNH0GWUVCFV/QTKV\/CJNGT+UKFQT*GNNGTWC 0GWUVCFV YCTCWEJ5EJTKHVNGKVGTFGTQ2TG²DWTIGT<GKVWPIRWPFXQPDKU FGT Q2CPPQPKCR UQYKG KJTGU DGNNGVTKUVKUEJGP $GKDNCVVGU 'KPGP NKVGTCTKUEJGP 9GTV DGUC² FCU XQP *GTOCPP -NGKP JGTCWUIGIGDGPG 6CIGDNCVVQ&GT7PICTR 
,CPWCTDKU5GRVGODGT   +P $WFCRGUV GTUEJKGP UGKV  FKG Q#NNIGOGKPG *CPFNWPIU\GKVWPIR FKG WPVGT XGTUEJKGFGPGP 6KVGNP DKU  JGTCWUMCO  2TG²DWTI #O  ,WNK  GTUEJKGP CWH #PTGIWPI FGU 2TG²DWTIGT$×TIGTOGKUVGTU-CTN)QVVNKGD9KPFKUEJ  
FKGGTUVG 0WOOGT FGT Q2TG²DWTIGT <GKVWPIR DGK ,QJCPP /KEJCGN .CPFGTGT #PHCPIUYWTFGUKGYÑEJGPVNKEJ\YGKOCNUR¼VGTV¼INKEJJGTCWUIGIGDGP &KGL¼JTKIG)GUEJKEJVGFKGUGTRQRWN¼TGP<GKVWPIGPFGVGGTUV'U YCT FKG GKP\KIG <GKVWPI FKG Y¼JTGPF FGU  ,JU FGO &TWEM FGT 9KGPGT<GKVWPIGPYKFGTUVGJGPMQPPVG  +O *GTDUV  ICD GDGPHCNNU 9KPFKUEJ CNU (QTVUGV\WPI FGT H×PH,CJTGPXQTJGTGKPIGICPIGPGPQ#P\GKIGPRUGKPGYKUUGPUEJCHVNKEJG <GKVUEJTKHV Q7PITKUEJGU /CIC\KPR DGK #PVQP .ÑYG JGTCWU &KG <GKVUEJTKHV RHNGIVG CNNG )GDKGVG FGT 9KUUGPUEJCHV KPUDGUQPFGTG CDGT )GUEJKEJVGWPF)GQITCRJKG&CUQ7PITKUEJG/CIC\KPR  
YCT QFKG DGFGWVGPFUVG FGWVUEJG <GKVUEJTKHV DKU \WT ,CJTJWPFGTVYGPFG KP 
¯DGTFKG2TG²DWTIGT2TGUUGGDGPHCNNU*4Ã\CC15 

7PICTPR 0CEJ FGO 'KPIGJGP FGT <GKVUEJTKHV OCEJVG 9KPFKUEJ FGP 8GTUWEJFCUQ0GWG7PITKUEJG/CIC\KPR  
JGTCWU\WIGDGP   MCO FCU 2TG²DWTIGT Q-WPFUEJCHVUDNCVVR JKP\W FCU PWT FGO0COGPPCEJDGMCPPVKUVHKPFGPYKTFKGQ5VCCVUCP\GKIGPXQP FGP MM 5VCCVGPR XQP FG .WEC YGNEJG CDGT ×DGT FCU GTUVG *GHV PKEJV JKPCWUMCOGP  -CUEJCW0CEJGKPGOMWT\GP8GTUWEJMCOGPKPFGPGT ,CJTGPFGU,JKP-CUEJCWQ&GT$QVGXQPWPFH×T7PICTPRWPFQ&CU -CUEJCWGT-WPFUEJCHVUDNCVVRJGTCWU  4CCD &KG DGNNGVTKUVKUEJG <GKVUEJTKHV Q&CU 8CVGTNCPFR YWTFG KP4CCDJGTCWUIGIGDGP  6GOGUYCT &CU 6GOGUYCTGT Q+PVGNNKIGP\DNCVVR YWTFG  XQO $WEJFTWEMGT /CVVJ¼WU ,QUGH *GKOGTN CNU 9QEJGPDNCVV JGTCWUIGIGDGP -GKPG GKP\KIG 0WOOGT KUV GTJCNVGP IGDNKGDGP &KG <GPUWT FGU $NCVVGU DGUQTIVG FGT &KTGMVQT FGU 6GOGUYCTGT ,GUWKVGPI[OPCUKWOU &CFWTEJ  MCOGP FKG 'PFG FGU  ,J KO $CPCV CPIGUKGFGNVGP &GWVUEJGP OKV KJTGO GTUVGP 9QEJGPDNCVV FGP ¼NVGTGP 5KGFNGTPKP5KGDGPD×TIGP  
WPFFGT<KRU  
\WXQTYWTFG KP6GOGUYCTFCU\YGKVG9QEJGPDNCVVXQP,QJCPP6JQOCU6TCVVPGTFKG Q6GOGUYCTGT <GKVWPIR JGTCWUIGIGDGP  ICD FGT 6GOGUYCTGT $WEMFTWEMGTGKDGUKV\GT,QUGH'KUGPH×JTGTFGPQ6GOGUYCTGT/GTMWTRCNU 9QEJGPDNCVV JGTCWU 9GKVGTGP OK²IN×EMVGP 8GTUWEJGP 
  HQNIVGFCUQ6GOGUYCTGT9QEJGPDNCVVR  
FCU\WGKPGO DGFGWVGPFGP $NCVV JGTCPYWEJU  ICD GU JKGT CWEJ GKPG Q$CPCVGT <GKVUEJTKHVH×T.CPFYKTVUEJCHV*CPFGN-×PUVGWPF)GYGTDGR  #ITCO &GTUGNDG 6TCVVPGT ICD  CWEJ FKG GTUVG <GKVWPI KP #ITCO FGT Q-TQCVKUEJG -QTTGURQPFGPVR JGTCWU FKG KP  0WOOGTP XQTJCPFGPKUV&KGQ#ITCOGT<GKVWPIR  
URKGNVG\WP¼EJUVCNU 9QEJGPDNCVV UR¼VGT CNU 6CIGDNCVV GKPG YKEJVKIG 4QNNG 5KG JCVVG XGTUEJKGFGPG $GKDN¼VVGT YQTWPVGT NKVGTCTKUEJ FCU DGFGWVGPFUVG FKG Q.WPCR  
YCTQ&GTFGWVUEJG'KPHNW²KP-TQCVKGPYCTFCOCNU UQ UVCTM FC² UQICT FKG (×JTGT FGU +NN[TKUOWU UKEJ QHV FGT FGWVUEJGP 5RTCEJG DGFKGPVGP WPF FKG FGWVUEJGP 5EJTKHVUVGNNGT ICDGP KP #ITCO 
'DGPFC5 'DGPFC5 

'DGPFC5 ¯DGTFKG6GOGUYCTGT2TGUUG0KMQNCWU$GTYCPIGT'TUVGFGWVUEJG<GKVWPIFGU$CPCVU

GTUVG <GKVWPI CWH FGO )GDKGVG FGU JGWVKIGP 4WO¼PKGPU KP &KG <GKV KP FGT <GKVWPI $GKVT¼IG \WT TWO¼PKGPFGWVUEJGP 2WDNK\KUVKM -NCWUGPDWTI  5  * 4Ã\ CC15 

GKPG /QPCVUUEJTKHV FKG Q%TQCVKCR  
JGTCWU YQTKP UKG OKV $GIGKUVGTWPIXQPFGTPCVKQPCNGP5CEJGFGT-TQCVGPURTCEJGPR  -CTNUVCFV 5VCTM XGTDTGKVGV WPF DGNKGDV YCT CWEJ FKG DGNNGVTKUVKUEJG <GKVUEJTKHV Q&GT 2KNIGTR  
YQTKP CWEJ ¯DGTUGV\WPIGPCWUFGO-TQCVKUEJGPOKVIGVGKNVYWTFGP  *GTOCPPUVCFV#O0QXGODGTICD/CTVKP*QEJOGKUVGT KP *GTOCPPUVCFV FKG Q#PM×PFKIWPI FGT GTUVGP UKGDGPD×TIKUEJGP <GKVWPIR JGTCWU 8QO  ,CPWCT  CPIGHCPIGP GTUEJKGP FKG Q5KGDGPD×TIGT <GKVWPIR DGK *QEJOGKUVGT +JTG (QTVUGV\WPI XQP  YCTFGTQ-TKGIUDQVGRFGUUGP6KVGNCDQ5KGDGPD×TIGT$QVGRYWTFG 'PFG FGU  ,J GTUEJKGP FGT Q5KGDGPD×TIGT $QVGR KP GKPGT MNGKPGP #WHNCIGWPFJCVVGDNQ²#DQPPGPVGP +O8QTO¼T\GTUEJKGPGPCNU $GKDN¼VVGTFGUQ$QVGPRFCUQ5KGDGPD×TIKUEJG$×TIGTDNCVVR  
FKG Q6TCPUUKNXCPKCR  
FCU Q#OVU WPF +PVGNNKIGP\DNCVV \WO 5KGDGPD×TIGT $QVGPR  
FGT Q#PJCPI \WT 6TCPUUKNXCPKC H×T .CPFYKTVUEJCHV WPF )GYGTDGR  
FCU Q&GWVUEJG 8QNMUDNCVV H×T .CPFYKTVUEJCHVWPF)GYGTDGKP5KGDGPD×TIGPR  
#W²GTFGO MCOGP KP *GTOCPPUVCFV FCU Q7PVGTJCNVWPIUDNCVV CWU FGT )GUEJKEJVG 5KGDGPD×TIGPUR  
FKGQ7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR  
FCU Q#TEJKX H×T FKG -GPPVPK² XQP 5KGDGPD×TIGPU 8QT\GKV WPF )GIGPYCTVR  
FGT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR 
  JGTCWU  &CU DGFGWVGPFUVG YKUUGPUEJCHVNKEJG 1TICP YCT FCU Q#TEJKX FGU 8GTGKPU H×T UKGDGPD×TIKUEJG .CPFGUMWPFGR  
7O FKG ,CJTJWPFGTVYGPFG YWTFGP \YGK KPJCNVUTGKEJG <GKVUEJTKHVGP GDGPHCNNU DGK *QEJOGKUVGT JGTCWUIGDTCEJV FKG UKEJ CNU <KGN FKG 'THQTUEJWPI FGT UKGDGPD×TIKUEJU¼EJUKUEJGP )GUEJKEJVG WPF -WNVWTIGUEJKEJVG UGV\VGP FKG Q5KGDGPD×TIKUEJG 3WCTVCNUEJTKHVR 
  $¼PFG  WPF FKG Q5KGDGPD×TIKUEJGP 2TQXKP\KCNDN¼VVGTR 
$¼PFG   -TQPUVCFV &CU XQO 8GTNGIGT ,QJCPP )ÑVV JGTCWUIGDTCEJVG 0CEJTKEJVGPDNCVV FCU Q5KGDGPD×TIKUEJG 9QEJGPDNCVVR  
YWTFG FWTEJ FGUUGP MWNVWTGNNG NKVGTCTKUEJG WPF YKUUGPUEJCHVNKEJG $GKDN¼VVGT GTI¼P\V FCU Q7PVGTJCNVWPIUDNCVV H×T )GKUV )GO×VJ WPF 
*4Ã\CC15¯DGTFKG#ITCOGT2TGUUGCWEJCWH5 'DGPFC5 

/KEJCGN -TQPGT 'KP -KPF FGT #WHMN¼TWPI &KG #PH¼PIG FGT UKGDGPD×TIKUEJGP WPF U¼EJUKUEJGP2WDNK\KUVKMKP&KG<GKVKPFGT<GKVWPI5*4Ã\CC15IKDV H¼NUEJNKEJOCPEJG6KVGNWPF&CVGPCP  /KEJCGN -TQPGT Q5RTGEJUCCN FGU 8QNMUYKNNGPUR &KG UKGDGPD×TIKUEJU¼EJUKUEJG 2TGUUG Y¼JTGPFFGU8QTO¼T\WPFKPFGTD×TIGTNKEJFGOQMTCVKUEJGP4GXQNWVKQPXQPKP <GKVKPFGT<GKVWPI5 

2WDNK\KV¼VR  
FCU WPVGT FGO 0COGP Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR 
  HQTVIGUGV\V YWTFG FKG Q/KOQUGP CWU FGO )GDKGV FGT &TCOCVWTIKGR  
FCUQ+PVGNNKIGP\DNCVVR  
FGTQ5CVGNNKVR  
FKG Q5VWPFGPDNWOGP FGT )GIGPYCTVR 
  UQYKG FCU Q/CIC\KP H×T )GUEJKEJVG .KVGTCVWT WPF CNNG &GPM WPF /GTMY×TFKIMGKVGP5KGDGPD×TIGPUR  
  &KGITQ²G9KTMWPIWPF/CEJVFGTRGTKQFKUEJGP2TGUUGYWTFG XQP#PHCPICPGTMCPPV&GT9KGPGT*QHYCTUKEJFKGUGT/CEJVDGYW²V CNUGTOKVCNNGTJÑEJUVGO*CPFUEJTGKDGPFGPHQNIGPFGP$GHGJNCP CNNG .CPFGUXQTUV¼PFG GTIGJGP NKG² 9QJN CDGT Y×TFG IWV IGUEJGJGP YGPP WPVGT FGT *CPF UQYQJN <GKVWPIUUEJTGKDGT CNU CWEJ )GNGJTVG KP WPF CW²GT FGP 'TDNCPFGP FWTEJ <WUKEJGTWPI GKPGT CPIGOGUUGPGP $GNQJPWPI CWHIGOWPVGTV YGTFGP Y×TFGP FKG ×DNGP (QNIGP FGT HTCP\ÑUKUEJGP 4GXQNWVKQP DGK UEJKEMUCOGT )GNGIGPJGKV NGDJCHV FCT\WUVGNNGPWPFDGUQPFGTUUQNEJGKPGKPGRQRWN¼TGLGFGTOCPPNGKEJV HC²NKEJG5EJTGKDCTVGKP\WMNGKFGP  &KG GTUVG #DHCUUWPI FGT 4CVKQ 'FWECVKQPKU  
JCV FGO <GKVWPIUNGUGP GKPG ITQ²G RTCMVKUEJG $GFGWVWPI DGKIGOGUUGP .CWV h  YWTFG FCU <GKVWPIUNGUGP 
%QNNGIKWO PQXQTWO RWDNKEQTWO  CNU CW²GTQTFGPVNKEJGT )GIGPUVCPF OKV  5VWPFGP YÑEJGPVNKEJ KP FGP .GJTRNCP CWHIGPQOOGP &KG 4CVKQ 'FWECVKQPKU XQP  JCV FCU <GKVWPIUNGUGP YKGFGT IGUVTKEJGP FC GU FGP 'TYCTVWPIGP PKEJV GPVURTQEJGPJCDG  8GTOKVVGNUFGTGRQEJGPOCEJGPFGP<GPUWTXGTQTFPWPI,QUGHU ++ XQO  ,WNK  MQPPVG FKG #WHMN¼TWPIUNKVGTCVWT HTGKGT XGTDTGKVGV YGTFGP &KG <GPUWTMQOOKUUKQP YWTFG CWHIGJQDGP PWT FKG $×EJGTTGXKUKQPU¼OVGT UQNNVGP CNU WPVGTIGQTFPGVG $GJÑTFGP DGUVGJGP &GT -CKUGT IGUVCVVGVG HTGKUKPPKI Q-TKVKMGP YGPP GU PWT MGKPG 5EJO¼JUEJTKHVGP UKPF UKG OÑIGP PWP VTGHHGP YGP UKG YQNNGP XQO .CPFGUH×TUVGPDKU\WO7PVGTVCPDGUQPFGTUYGPPFGT8GTHCUUGTUGKPGP 0COGPFC\WFTWEMGPN¼²VWPFUKEJCNUQH×TFKG9CJTJGKVFGT5CEJGCNU $×TIGFCTUVGNNVUQNNGPPKEJVXGTDQVGPYGTFGPR 

'DGPFC5 

<KVCV PCEJ * 4Ã\ CC1 5  9KGP 5VCCVUCTEJKX FGU +PPGTP WPF FGT ,WUVK\ 2QNK\GKJQHUVGNNG  <KVCV KP #WHMN¼TWPI 5EJTKHVVWO FGT 5KGDGPD×TIGT 5CEJUGP WPF $CPCVGT 5EJYCDGP *I %CTN)ÑNNPGTWPF*GKP\5VâPGUEW$WMCTGUV5KP%)ÑNNPGTUQ'KPNGKVWPIR  

+PUDGUQPFGTG H×T FCU <GKVWPIUYGUGP DTCEJ GKPG DGUUGTG <GKV CP 5EJQP KP FGP GT ,CJTGP FGU  ,J DN×JVGP <GKVWPIGP WPF YKUUGPUEJCHVNKEJG <GKVUEJTKHVGP KP FGP ITѲGTGP FGWVUEJGP 5V¼FVGP 7PICTPU 1HGP 2GUV 2TG²DWTI *GTOCPPUVCFV 6GOGUYCT WPF #ITCO CWH  0CEJ ,QUGH ++ YWTFG FGP <GKVWPIGP 2QNKVKM YKGFGT UVTGPI XGTDQVGP WPF FCOKV YCT KJPGP GKPG YKEJVKIG .GDGPUITWPFNCIG IGPQOOGP 0CEJ FGO *QHFGMTGV XQO  &G\GODGT  YCTGP QCNNG 5EJTKHVGP YGNEJG ÑHHGPVNKEJG NCPFGUH×TUVNKEJG )GUGV\G WPF #PQTFPWPIGP MTKVKUKGTGP WPF VCFGNP ICP\ FGO 8GTDQVG \W WPVGT\KGJGPYGKNFWTEJ8GTDTGKVWPIUQNEJGT5EJTKHVGPFKG(QNIUCOMGKV FGU 7PVGTVCPGP WPF FKG 8QNN\KGJWPI FGT NCPFGUH×TUVNKEJGP 8GTQTFPWPIGP IGUEJY¼EJV YKTFR #NNG /QPCVG YWTFGP FKG 6KVGN FGT XGTDQVGPGP $×EJGT XGTÑHHGPVNKEJV CWU -CHHGGJ¼WUGTP CNNG <GKVWPIGP GPVHGTPV'UDNKGDFGP<GKVWPIGPPKEJVUCPFGTGU×DTKICNUFKGCOVNKEJG Q9KGPGT<GKVWPIRPCEJ\WFTWEMGP#NU0CEJTKEJVGP\GKVWPIIGP×IVGLG GKPG KP GKPGT ITѲGTGP FGWVUEJGP 5VCFV 
Q2TG²DWTIGT <GKVWPIR UGKV FKGQ1HPGTWPF2GUVGT<GKVWPIRUGKVWPFD\YXGTGKPKIV UGKVFKGQ5KGDGPD×TIGT<GKVWPIRKP*GTOCPPUVCFVUGKV   #O  ,WNK  YWTFG GKP CNNGTJÑEJUVGU *CPFUEJTGKDGP CP FGP )TCHGP /CLN¶VJ IGTKEJVGV FC² GT CWH FKG KP 7PICTP IGFTWEMVGP <GKVWPIGPWPF5EJTKHVGPGKPDGUQPFGTGU#WIGPOGTMJCDGPOÑIG&GT 9KGPGT*QHYCTUQDGUQTIVWOFKG-QPVTQNNGFGT<GKVWPIGPFC²GTDKU \W FGP MNGKPUVGP 'KP\GNJGKVGP CNNGU UGNDUV GTNGFKIVG 5Q JCV UKEJ FGT -CKUGT RGTUÑPNKEJ XKGTOCN KPVGTGUUKGTV WO FGP &GHTCWFCPVGP -CTN 5EJÑPVJCN FGP ,CMQD 5EJKEMOCP[GT YGIGP 7PVGTUEJNCIWPI GPVNCUUGP JCVVG 1DYQJN FKG /GNFWPI 5EJKEMOCP[GTU UEJQP XQTNCI DGMCO 5EJÑPVJCN PQEJ  &WMCVGP H×T GKPG IGJGKOG #P\GKIG &CU #PUWEJGP ,CMQD5EJKEMOCP[GTUH×TFKG8GTGKPKIWPIFGT1HPGTWPF2GUVGT<GKVWPI
Q&GT PGWG -WTKTR  JCV OCP YKG HQNIV DGYKNNKIV Q9GPKIUVGPU YGTFGP FKG<GKVWPIGPYGPKIGTFGTGPGUKP7PICTPQJPGJKPPKEJVOCPIGNVR  $GK FGP -CTNUDCFGT 8GTJCPFNWPIGP  
XGTWTUCEJVGP <GKVWPIGP WPF (NWIDN¼VVGT UEJYGTG 5QTIGP Q&KG \×IGNNQUG 2TGUUG PKOOV)GKUVWPF)GO×VIGHCPIGPXGTPKEJVGVFCU2TKP\KRFGT#WVQTKV¼V WPFOCEJVFKG/GPUEJGP\W5EJY¼TOGTPRJKG²GUFQTV 
'TPUV9GKUGPHGNF&KG)GUEJKEJVGFGTRQNKVKUEJGP2WDNK\KUVKMDGKFGP5KGDGPD×TIGT5CEJUGP (TCPMHWTVCO/CKP5 /KEJCGN-TQPGT'KP-KPFFGT#WHMN¼TWPICC15 *4Ã\CC15 'DGPFC5  

0CRQNGQP UEJGWVG UKEJ PKEJV FGP $N¼VVGTP <GKVWPIUDN¼VVGTP WPVGT\WUEJKGDGP WO FKG ÑHHGPVNKEJG /GKPWPI H×T UKEJ \W IGYKPPGP 7PF CNU /GVVGTPKEJ UCJ FC² GT OKV FGT <GPUWT CNNGKP UGKP <KGN PKEJV GTTGKEJGP MQPPVG GTYCTD GT FKG ITѲVG ÑUVGTTGKEJKUEJG <GKVWPI FGP Q©UVGTTGKEJKUEJGP $GQDCEJVGTR WPF NKG² UKG FWTEJ )GPV\ UGKPGP GKIGPGP 8GTVTCWGPUOCPP TGFKIKGTGP +P UGKPGP PCEJIGNCUUGPGP 5EJTKHVGP URTKEJV GT UGJT CPGTMGPPF XQP FGT GT\KGJGTKUEJGP WPF NGKVGPFGP9KTMWPIFGT2TGUUG  +PFGPGTUVGP,CJT\GJPVGPFGU,JKUVGKPITQ²GT4×EMICPIKP FGTRGTKQFKUEJGP2TGUUG\WXGT\GKEJPGP0CEJJGTDN×JVGPXQTYKGIGPF FKGDGNNGVTKUVKUEJGP<GKVUEJTKHVGPCWH#NNG*GTTUEJGTUGKV/CTKC6JGTGUKC YCTGP XQP FGT 0QVYGPFKIMGKV FGT UVTGPIGP -QPVTQNNG
<GPUWT  ×DGT\GWIV&KGUGT<WUVCPFFCWGTVGOKV#WUPCJOGFGTMWT\GP(TGKJGKV WPVGT ,QUGH ++ DKU \WT XQNNUV¼PFKIGP #WHJGDWPI FGT <GPUWT  KP ©UVGTTGKEJD\YKP7PICTP  &KG UEJQP KO  ,J GKPIGH×JTVGP <GKVWPIUUVGORGNIGD×JTGP DGFGWVGVGPGKPGFT×EMGPFG#DICDG &KG CO  5GRVGODGT  GTNCUUGPG<GPUWTXGTQTFPWPIYWTFGCWEJKP7PICTPGKPIGH×JTVCNUFGT .CPFVCI XQP  FGP $GUEJNW² HC²VG FC² FKG <GPUWT KP ©UVGTTGKEJWPF7PICTPPCEJFGPUGNDGP2TKP\KRKGPIGJCPFJCDVYGTFGP UQNNG &GT LGYGKNKIG <GPUQT DGUC² GKPG IGYKUUG /CEJV XQP FGT GT )GDTCWEJ OCEJGP OW²VG $GUQPFGTU FKG 9KGPGT )GJGKORQNK\GK DGUC² ITQ²GP'KPHNW²  #O  ,WPK  GTUEJKGP GKPG PGWG <GPUWTXGTQTFPWPI CDGT CO 9GUGP ¼PFGTVG UKG PKEJVU PWT FKG 'KPHWJT FGT CWUN¼PFKUEJGP DGNNGVTKUVKUEJGP $N¼VVGT YWTFG XGTDQVGP &KGUG KUQNKGTGPFG 8GTQTFPWPI YCTXQPUEJYGTGP(QNIGPFCFCFWTEJFKG.¼PFGTFGT/QPCTEJKGXQP FGP'TGKIPKUUGPKO#WUNCPFGCDIGUEJPKVVGPYCTGP+P7PICTPYCTFKG 5VKOOWPIXKGNHCEJH×TFKG<GPUWT&GT(×TUVRTKOCUGTDCVDGKO-ÑPKI  GKIGPU FKG 'KPH×JTWPI GKPGT UVTGPIGTGP <GPUWT &KG 2TQVGUVCPVGP IGDTCWEJVGP KJTG <GPUWTTGEJVG 5QICT XQNMUV×ONKEJG (QTVUEJTKVVNGT YKG 2CWN 0CI[ XQP (GNUÑD×M WPF UGKPG (TGWPFG VTCVGP PQEJ CWH FGO .CPFVCIG  IGIGP GKPG HTGKGTG 2TGUUG CWH FC UKG H×T KJTG 5VCPFGURTKXKNGIKGPH×TEJVGVGP&KGWPICTN¼PFKUEJGP<GKVWPIGPOW²VGP UKEJ PQEJ KOOGT CP LGPG CNVGP 8GTQTFPWPIGP JCNVGP YQPCEJ UKG PWT FCUCDFTWEMGPFWTHVGPYCUKPFGTQ9KGPGT<GKVWPIROKVIGVGKNVYWTFG  &KG <GPUWTXGTQTFPWPI XQO  /CK  H×JTVG CWUH×JTNKEJ CNNGUCPYQT×DGTOCPPKEJVUEJTGKDGPFWTHVGWPFKPYGNEJGO6QP×DGT 
'DGPFC5 'DGPFC5 

FCU 'TNCWDVG IGUEJTKGDGP YGTFGP OW²VG 7PVGT FGTCTV FT×EMGPFGP 8GTJ¼NVPKUUGP KUV GU UGNDUVXGTUV¼PFNKEJ FC² GKP #WHUEJYWPI FGT <GKVWPIGP CWUIGUEJNQUUGP YCT 'U DNKGDGP CWEJ YGKVGT PWT GKP\GNPG $N¼VVGTKP2TG²DWTI1HGP2GUVWPF*GTOCPPUVCFVDGUVGJGP  'VYCU I×PUVKIGT YCT FKG .CIG FGT <GKVUEJTKHVGP YQ UGKV  GKP CNNO¼JNKEJGT #WHUEJYWPI \W DGQDCEJVGP KUV <W XGT\GKEJPGP KUV GKPGGPIG<WUCOOGPCTDGKVÑUVGTTGKEJKUEJGTWPFFGWVUEJGT,QWTPCNKUVGP UQYKGFKG/KVCTDGKVÑUVGTTGKEJKUEJGT5EJTKHVUVGNNGTCPFGWVUEJURTCEJKIGP <GKVWPIGP KP 7PICTP &KG <GPUWT YCT KP 7PICTP GVYCU PCEJIKGDKIGT CNUKP©UVGTTGKEJYGUJCNDGKPKIGÑUVGTTGKEJKUEJGWPFFGWVUEJG&KEJVGT KJTG 9GTMG FQTV XGTNGIVGP &KG 8GTDTGKVWPI FGT WPICTN¼PFKUEJGP <GKVUEJTKHVGP YWTFG CW²GTJCND 7PICTPU GTUEJYGTV WO KJTGP +PJCNV M×OOGTVG OCP UKEJ CDGT PKEJV CNN\WUGJT 5Q IGUEJCJ GU \$ FC² )TKNNRCT\GTU)GFKEJVQ&KG4WKPGPFGU%CORQ$CEEKPQKP4QORKP9KGP PKEJVIGFTWEMVYGTFGPFWTHVGCDGTFKG2GUVGTQ2CPPQPKCRVGKNVGGUCO #WIWUVOKV  #O  /¼T\  MCO GKPG RTQXKUQTKUEJG 8QTUEJTKHV JGTCWU FKGCNUGTUVGUÑUVGTTGKEJKUEJGU2TGUUGIGUGV\CPIGUGJGPYGTFGPMCPPFKG CDGTPKGOCNUKP-TCHVVTCVFCFKG5VWFGPVGPFKG8GTQTFPWPIKPFGT#WNC XGTDTCPPVGPWPFFKG4GIKGTWPIUKGUEJQPCOP¼EJUVGP6CI\WT×EM\QI 5EJQP CO  /CK LGFQEJ GTUEJKGPGP YGPP CWEJ QJPG MCKUGTNKEJG 5CPMVKQP \YGK FCU 2TGUUGYGUGP TGIGNPFG HTGKJGKVNKEJG 8GTQTFPWPIGP 5KGGTÑHHPGVGPFGT2TGUUGGKPG\×IGNNQUG(TGKJGKV  Q+O5VWTOLCJTKO,CJTGFGT2TGUUGHTGKJGKVUEJKG²GP\YCT YKG 2KN\G FKG PGWGP FGWVUEJGP <GKVWPIGP CWH CDGT UKG XGTUEJYKPFGP CWEJ YKGFGT DCNF  &KG .GWVG YW²VGP FCOCNU OKV FGT RNÑV\NKEJGP (TGKJGKV PKEJVU CP\WHCPIGP  'KPG ICP\G /GPIG WPDGFGWVGPFGT N-NCVUEJDN¼VVNGKPOGPVUVCPFFKGGUQHVPWT\WGKPGT0WOOGTDTCEJVGPR &KG<CJNFGTFGWVUEJGP<GKVWPIGPKP7PICTPYWEJUXQPCWHWO YKGFGTCWH\WT×EM\WHCNNGP&KGGT<GKVWPIGPKP9KGPWPF 7PICTP ¼JPGNVGP UKEJ KO 6QP WPF UQICT KO 6KVGN Q&GT 2CVTKQVR Q&GT 4QVJOCPVGNRQ&KG1RRQUKVKQPRQ&KG8QNMUVTKDWPGRQ&KG)GIGPYCTVR Q&GT8QNMUHTGWPFRQ&GT(TGKO×VKIGRQ&KG4GHQTORQ8QTY¼TVURQ&GT 4CFKMCNGR Q&GT .CPFDQVGR WUY Q&KG <GKVWPIGP CWU FGO ,CJTG  MQPPVGP UEJQP FCTWO PKEJV YGKVGT DGUVGJGP YGKN UKG CWUIGURTQEJGP RQNKVKUEJGP %JCTCMVGTU YCTGPR /GJT CNU  RGTKQFKUEJG 

'DGPFC5 

-WTV2CWRKÃCC15 *4Ã\CC15 

&TWEMUEJTKHVGP FCTWPVGT  6CIGU\GKVWPIGP MCOGP FCOCNU CNNGKP KP 9KGPJGTCWUFQEJPWTYGPKIG×DGTNGDVGPFGP*GTDUVFGU,CJTGU  +O5R¼VJGTDUVUWURGPFKGTVG9KPFKUEJIT¼V\H×TFKG&CWGT FGU $GNCIGTWPIU\WUVCPFGU XQP 9KGP CNNG <GKVWPIUDN¼VVGT OKV #WUPCJOG FGT Q9KGPGT <GKVWPIR #O  1MVQDGT UVGNNVGP FCOKV CNNG <GKVWPIGP KP 9KGP KJT 'TUEJGKPGP GKP /KV FGO 'TNC² FGU +PPGPOKPKUVGTKWOU XQO  &G\GODGT  YWTFG FKG -QNRQTVCIG XGTDQVGP WPF FKG 2T¼XGPVKX\GPUWT YKGFGT GKPIGH×JTV 0CEJ FGT 8GTÑHHGPVNKEJWPI FGT QMVTQ[KGTVGP 8GTHCUUWPI 
/¼T\   GTUEJKGPGP\YGK2CVGPVGIGIGPFGP/K²DTCWEJFGT2TGUUGWPF×DGTFCU 8GTHCJTGP KP FGP 2TGUUGUCEJGP &KG FCTKP GPVJCNVGPGP $GUVKOOWPIGP ×DGT -CWVKQPURHNKEJV 2HNKEJVGZGORNCTG -QNRQTVCIGXGTDQV UVTGPIG 8GTCPVYQTVNKEJMGKV /ÑINKEJMGKV FGT 5WURGPUKQP YKFGTURTCEJGP FGO PQEJKP7ONCWHDGHKPFNKEJGP$GITKHHQHTGKG2TGUUGR&KG2CVGPVGDNKGDGP UQNCPIGFGT#WUPCJOG\WUVCPFJGTTUEJVGQJPG$GFGWVWPI  #WEJ PCEJ  GTUEJKGPGP GKPKIG 6CIGUDN¼VVGT CDGT KO CNNIGOGKPGPIKPIFCU2TGUUGYGUGP\WT×EM&KG+PUGTCVGPUVGWGTYWTFG CO0QXGODGTGKPIGH×JTV.CWV2TGUUGXGTQTFPWPIGPXQO,WNK 
'KPH×JTWPI FGU 8GTYCTPWPIUU[UVGOU  WPF  /CK 
5VTCHIGUGV\ WPF 'KPH×JTWPI FGU 2T¼XGPVKXU[UVGOU  YWTFG CWEJ FKG <GPUWTXQPFGTOKNKV¼TKUEJGP$GJÑTFGIG×DVKPHQNIGFGUUGPMQPPVGPDKU  MCWO GKP RCCT 6CIGUDN¼VVGT CW²GTJCND 9KGPU YGKVGTDGUVGJGP  &KG DGFGWVGPFUVGP 9KGPGT <GKVWPIGP FKG Y¼JTGPF FGT 4GXQNWVKQP UQYKG PCEJJGT GTUEJKGPGP YCTGP FKG Q9KGPGT <GKVWPIR Q&KG 2TGUUGR
XQO  ,WNK  DKU  1MVQDGT  CD  0QXGODGT DKU&G\GODGTXQO&G\GODGTDKUGTUEJKGPUKG OKV7PVGTDTGEJWPIGPKP$T×PPPCEJJGTYKGFGTKP9KGP*GTCWUIGDGT WPF 8GTNGIGT #WIWUV <CPI  'TPUV XQP 5EJYCT\GTU Q#NNIGOGKPG ©UVGTTGKEJKUEJG<GKVWPIR
FGTGJGOCNKIGQ©UVGTTGKEJKUEJG$GQDCEJVGTR FGTCO/¼T\FGP6KVGNQ©UVGTTGKEJKUEJG<GKVWPIRWPFXQO #RTKN FGUUGNDGP ,CJTGU KP XGTITѲGTVGO (QTOCV WPVGT FGO GTUVGTY¼JPVGP FGHKPKVKXGP 6KVGN GTUEJKGP  FCU Q,QWTPCN FGU ÑUVGTTGKEJKUEJGP.NQ[FR
IGIT×PFGVPCEJFGP1MVQDGTGTGKIPKUUGP FGU ,CJTGU  GTUEJKGP GU UEJQP CD  0QXGODGT YKGFGT UGEJUOCN YÑEJGPVNKEJ CD  &G\GODGT  XQP 'FWCTF 9CTTGPU CWH JQJGO 0KXGCW TGFKIKGTV  WPF KPUDGUQPFGTG FKG Q1UVFGWVUEJG 2QUVR
GTUEJKGP 
-2CWRKÃCC15*4Ã\CC15  /KEJCGN -TQPGT Q-TQPUV¼FVGT <GKVWPIR WPF Q5KGDGPD×TIKUEJ&GWVUEJGU 6CIGDNCVVR KP

<GKVKPFGT<GKVWPI5-2CWRKÃCC15 

XQO1MVQDGTWPFCD0QXGODGTYKGFGT *GTCWUIGDGT FGT Q1UVFGWVUEJGP 2QUVR YCT +IPC\ -WTCPFC FGT KO 8QTO¼T\ IGOGKPUCOOKV,CMQD-CWHOCPPFKGKP©UVGTTGKEJXGTDQVGPGCDGTXKGN IGNGUGPG <GKVUEJTKHV Q)TGP\DQVGR  
JGTCWUIGIGDGP JCVVG -WTCPFC YCT INGKEJ <CPI XQP FGT Q2TGUUGR FWTEJ FKG 5EJWNG FGU HTCP\ÑUKUEJGP ,QWTPCNKUOWU IGICPIGP UGKP 8QTDKNF YCT FCU Q,QWTPCN FGU FÃDCVUR UGKPG #WHHCUUWPI YCT NKDGTCN 9GKVGTG 9KGPGT <GKVWPIGP YCTGP FKG Q©UVGTTGKEJKUEJG 4GKEJU\GKVWPIR
XQO  0QXGODGT  DKU FKGQHHK\KÑUGP%JCTCMVGTJCVVGWPFFKG2QNKVKM5EJYCT\GPDGTIU XGTVTCVFCUQ(TGOFGPDNCVVR
CD,CPWCTOKVGKPGT7PVGTDTGEJWPI XQTFGO0QXGODGT Q&GTÑUVGTTGKEJKUEJG8QNMUHTGWPFR
CD ,CPWCT FGTDKU\WT)T×PFWPIFGT<GKVWPIQ8CVGTNCPFR  
FCU H×JTGPFG MCVJQNKUEJG 1TICP FGT /QPCTEJKG YCT FKG Q9KGPGT -KTEJGP\GKVWPIR
CD#RTKN   +P 2GUV UKPF FCU Q2GUVGT1HPGT .QECNDNCVVR  
FKG Q2GUVGT1HPGT <GKVWPIR  
FKG Q7PICTKUEJG2QUVR  
WPF KPUDGUQPFGTGFGTQ2GUVGT.NQ[FR
UGKV,WNK \WGTY¼JPGP+PFGT $CVUEJMC MCOGP FKG GTUVGP FGWVUEJGP <GKVWPIGP JGTCWU
FGT Q<KRUGT #P\GKIGTR   +P 6GOGUYCT *CWRVUVCFV FGU UGNDUV¼PFKIGP -TQPNCPFGU Q5GTDKUEJG 9QLYQFUEJCHV WPF FCU 6GOGUGT $CPCVR XQP  DKU  GTUEJKGPGP FCU Q.CPFGUIGUGV\DNCVVR WPF FCU COVNKEJG 6CIDNCVV FKG Q6GOGUEJGT <GKVWPIR
CD  ,CPWCT   &KG NGV\VGTG JCVVG GKPG #WHNCIG XQP  'ZGORNCTGP WPF YCT DKU  GKP UVCCVNKEJGU 7PVGTPGJOGP UQ FC² UKEJ FKG RTKXCVGP <GKVWPIGP KJT IGIGP×DGTPKEJVJCNVGPMQPPVGP+P*GTOCPPUVCFVYWTFGFGTCOVNKEJG Q5KGDGPD×TIGT $QVGR HQTVIGUGV\V WPF  FGT Q*GTOCPPUV¼FVGT <GKVWPIR GKPXGTNGKDV &KG Q-TQPUV¼FVGT <GKVWPIR
UGKV   GTUEJKGP GDGPHCNNU YGKVGT &KG XKGNXGTURTGEJGPFG Q5KGDGPD×TIGT 3WCTVCNUEJTKHVR GTNGDVGPWTGKPGP,CJTICPI  
  ¯DGT FKG ITQ²G $GFGWVWPI FGT 2TGUUG UKPF UKEJ CNNG 8GTHCUUGT GKPKI $GIP×IGP YKT WPU FCOKV FKG /GKPWPI GKPGU *KUVQTKMGTU FGU ,QWTPCNKUOWU 4QDGTV 2TWV\ \W XGTOGTMGP Q#WU FGO ,QWTPCNKUOWU GTMGPPGPYKTFKGÑHHGPVNKEJG/GKPWPIXGTICPIGPGT,CJTJWPFGTVGR&KG 
- 2CWRKÃ CC1 5 
FKG Q9KGPGT -KTEJGP\GKVWPIR  
Q&GT ÑUVGTTGKEJKUEJG

8QNMUHTGWPFR  
FCU Q(TGOFGPDNCVVR  
FCU Q,QWTPCN FGU ÑUVGTTGKEJKUEJGP .NQ[FR  
FKG Q©UVGTTGKEJKUEJG 4GKEJU\GKVWPIR  
Q&KG 2TGUUGR  
FKG Q1UVFGWVUEJG2QUVR 
FKGQ#NNIGOGKPGÑUVGTTGKEJKUEJG<GKVWPIR  *4Ã\CC15 4QDGTV2TWV\)GUEJKEJVGFGUFGWVUEJGP,QWTPCNKUOWU*CPPQXGT5 

2TGUUGYCTPKEJVPWTGKPG9KFGTURKGIGNWPIFGTÑHHGPVNKEJGP/GKPWPI UQPFGTPUKGYWTFGFWTEJKJTG8GTDTGKVWPICNNO¼JNKEJ\WT.GKVGTKPFGT ÑHHGPVNKEJGP /GKPWPI  7PF Q&GT ,QWTPCNKUOWU UVGNNV UKEJ CNU 5GNDUVIGURT¼EJFCTFCUFKG<GKV×DGTUKEJUGNDUVH×JTV'UKUVFKGV¼INKEJG 5GNDUVMTKVKM YGNEJGT FKG <GKV KJTGP +PJCNV WPVGTYKTHV FCU 6CIGDWEJ INGKEJUCO KP YGNEJGU UKG KJTG NCWHGPFG )GUEJKEJVG KP WPOKVVGNDCTGP CWIGPDNKEMNKEJGP 0QVK\GP GKPVT¼IVR  &KGUG  CO 8QTCDGPF FGT 4GXQNWVKQP GTÑTVGTVGP )GFCPMGP FT×EMGP FCU MNCTG $GYW²VUGKP FGT XQPFGT2TGUUGDGUGUUGPGP/CEJVCWU  #WEJ5VGRJCP.WFYKI4QVJGTMCPPVGFC²PGDGPFGO/KNKV¼T WPF FGO )GNF FKG 2TGUUG GKPG 9GNVOCEJV FCTUVGNNG Q9GT UKEJ GKPGT FKGUGT\WDGFKGPGPXGTUVGJV×DVCWHFKG/GPUEJGPGKPG*GTTUEJCHVCWU &KG 2TGUUG UKGIV FWTEJ ¯DGT\GWIWPI *GGTGUOCEJV FWTEJ (WTEJV WPF FCU )GNF FWTEJ UEJNGEJVG )GUKPPWPI &GT ¯DGTYKPFWPI FWTEJ )GNF UEJ¼OV OCP UKEJ FGT ¯DGTYKPFWPI FWTEJ )GYCNV H×IV OCP UKEJ FGT ¯DGTYKPFWPIFWTEJ¯DGT\GWIWPIT×JOVOCPUKEJR      

'DGPFCKO8QTYQTV 

5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG *I 1VVQ (QNDGTVJ $F 8

*GTOCPPUVCFV5  

 JCVVGP FKG 5KGDGPD×TIGT 5CEJUGP  2TGUUGQTICPG FKG KP *GTOCPPUVCFV WPF -TQPUVCFV GTUEJKGPGP WPF GPVIGIGPIGUGV\VG )TWPFU¼V\G WPF *CPFGNUYGKUGP XGTHQNIVGP &KG 9QTVH×JTGT FGT \YGK .CIGT YCTGP FGT Q5KGDGPD×TIGT $QVGR WPF FCU Q5KGDGPD×TIGT 9QEJGPDNCVVR&GTQ5KGDGPD×TIGT$QVGR  
CWU*GTOCPPUVCFV YCT FKG GTUVG UKGDGPD×TIKUEJG <GKVWPI WPF QFKG GKP\KIG FGT FGWVUEJURTCEJKIGP<GKVWPIGPFKGUKEJKPFGP8QTO¼T\JKP×DGTIGTGVVGV JCVVGR +P -TQPUVCFV GTUEJKGP \YKUEJGP  WPF  FCU Q5KGDGPD×TIGT 9QEJGPDNCVVR YGNEJGU XQO  /¼T\  DKU  WPVGTFGO0COGPQ-TQPUV¼FVGT<GKVWPIRHQTVIGUGV\VYWTFG  9GKVGTG U¼EJUKUEJG 2GTKQFKMC FGT ,CJTG  YCTGP FKG $GKDN¼VVGT FGU Q$QVGPR Q6TCPUUKNXCPKCR 
!  UQYKG  

,QWTPCNTGXWGFGTU¼EJUKUEJGP2TGUUG5KGDGPD×TIGPU
<GKVWPIGP4GFCMVKQPGP#WHNCIGP     

<W FGP #PICDGP ×DGT FKG FGWVUEJGP <GKVWPIGP XIN 'OKN 5KIGTWU &KG FGWVUEJG RGTKQFKUEJG.KVGTCVWT5KGDGPD×TIGPU8GTNCIFGU8GTHCUUGTU&TWEMXQP-TCHHV WPF&TQVNGHH#)*GTOCPPUVCFV
5QPFGTCDFTWEMCWU1UVNCPF,I*GHV0T   9Q GU PÑVKI YCT JCDGP YKT FKG XQP 5KIGTWU H¼NUEJNKEJ CPIGIGDGPGP &CVGP XGTDGUUGTV  5KIGTWU5Q&GT5KGDGPD×TIGT$QVGR5KDKW&TWEMWPF8GTNCI /CTVKP *QEJOGKUVGT
5QJP  FCPP /CTVKP *QEJOGKUVGTU 'TDGP UGKV  6JGQFQT 5VGKPJCW²GP  9CNVGT &CWIUEJ &KG 0CVKQPCNKV¼VGP 5KGDGPD×TIGPU KO 5RKGIGN FGWVUEJURTCEJKIGT 5KGDGPD×TIGT<GKVWPIGPWPF<GKVUEJTKHVGPFGU8QTO¼T\KP<GKVUEJTKHVGPWPF<GKVWPIGP FGU  WPF  ,CJTJWPFGTVU KP /KVVGN WPF 1UVGWTQRC *I +UVX¶P (TKGF *CPU .GODGTIWPF'FKVJ4QUGPUVTCWEJ-ÑPKIUDGTI8GTNCI7NTKEJ%COGP$GTNKP5   5KIGTWU 5  Q5KGDGPD×TIKUEJGU 9QEJGPDNCVVR -TQPUVCFV &TWEM WPF 8GTNCI ,QJCPP )ÑVV WPF 9KNJGNO 0GOGVJ 4KEJVKIGT 6KVGN Q5KGDGPD×TIGT 9QEJGPDNCVVR &KG <GKVWPI GTUEJKGP DKU 0T  XQO  /¼T\  8IN 0T   KO *GTOCPPUV¼FVGT 0CVKQPCNCTEJKX ++  WPF 0T  KP FGT -NCWUGPDWTIGT<GPVTCNDKDNKQVJGMFGT7PKXGTUKV¼V*  
/¼T\ Q-TQPUV¼FVGT<GKVWPIR-TQPUVCFV&TWEMWPF8GTNCI ,QJCPP)ÑVVFCPP,QJCPP)ÑVV5QJP  5KIGTWU 5   Q6TCPUU[NXCPKC $GKDNCVV \WO 5KGDGPD×TIGT $QVGPR *GTOCPPUVCFV &TWEM WPF 8GTNCI /CTVKP *QEJOGKUVGTU 'TDGP 4KEJVKIGT 6KVGN 

FCU Q#OVU WPF +PVGNNKIGP\DNCVVR 
!  'DGPHCNNU KP *GTOCPPUVCFV GTUEJKGPGP FGT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR 
  OKV UGKPGO Q#P\GKIGDNCVV \WO 5KGDGPD×TIKUEJGP 8QNMUHTGWPFR  
WPFFKGQ7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR 
/CKDKU  1MVQDGT   *KGT YWTFG CWEJ FGT Q5KGDGPD×TIKUEJG 8QNMUMCNGPFGTR  
JGTCWUIGDTCEJV  +P -TQPUVCFV XGTÑHHGPVNKEJVG FGT 8GTNGIGT FGU Q5KGDGPD×TIGT 9QEJGPDNCVVUR ,QJCPP )ÑVV CWEJ FGUUGP $GKNCIGP FKG Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR  
WPF FGP Q5CVGNNKVR  
 /KV FGO 0COGP )ÑVVU KUV CWEJ FCU 'TUEJGKPGP FGT GTUVGP TWO¼PKUEJGP 2GTKQFKMC KP 5KGDGPD×TIGP XGTDWPFGP )GQTIG $CTK/KW FTWEMVG  KP -TQPUVCFV FKG Q)C\GVC FG 6TCPUKNXCPKCR 

Q6TCPUUKNXCPKC$GKDNCVVR&KG$TWMGPVJCN$KDNKQVJGM+8DGYCJTV0T ,I0TWPFFKGWPXQNNUV¼PFKIG4GKJGXQPDKU  5KIGTWU 5   Q#OVU WPF +PVGNNKIGP\DNCVV \WO 5KGDGPD×TIGT $QVGPR *GTOCPPUVCFV&TWEMWPF8GTNCI6JGQFQT5VGKPJCW²GP&KG$TWMGPVJCN$KDNKQVJGM DGYCJTV FKG ,I  2 8  9KT JCDGP KP MGKPGO #TEJKX FKG ,CJTG  WPF GPVFGEMV  5KIGTWU 5  XQO  ,WPK  DKU  Q&GT 5KGDGPD×TIGT 8QNMUHTGWPF 'KP 9QEJGPDNCVVH×TFGP)GYGTDUWPF.CPFOCPPR*GTOCPPUVCFV&TWEMWPF8GTNCI 5COWGN(KNVUEJ4KEJVKIQ&GT5KGDGPD×TIKUEJG8QNMUHTGWPF'KP9QEJGPDNCVVH×TFGP )GYGTDU WPF .CPFOCPP \WT $GNGJTWPI WPF 7PVGTJCNVWPIR KO  ,I Q&GT 5KGDGPD×TIKUEJG8QNMUHTGWPF'KP9QEJGPDNCVVH×T5VCFVWPF.CPFRKO,I XIN7PKXGTUKV¼VUDKDNKQVJGM-NCWUGPDWTI*  5KIGTWU 5   Q#P\GKIGDNCVV \WO 5KGDGPD×TIGT 8QNMUHTGWPFR *GTOCPPUVCFV &TWEM WPF 8GTNCI 5COWGN (KNVUEJ #WEJ FKG 0WOOGTP FKGUGU $GKDNCVVUCWUFGP4GXQNWVKQPULCJTGPMQPPVGPYKTPKTIGPFUHKPFGP  5KIGTWU 5   /CK   1MVQDGT  Q7PVGTJCNVWPIUDNCVV CWU FGT )GIGPYCTV 2GTKQFKUEJG 5EJTKHV KP \YCPINQUGP *GHVGPR *GTOCPPUVCFV 8GTNCI 4QDGTV -TCDU 4GF *GTOCPP 5EJOKFV  *GHVG 4KEJVKI Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTV 2GTKQFKUEJG5EJTKHVR*GHVG$TWMGPVJCN$KDN2++  Q5KGDGPD×TIKUEJGT 8QNMUMCNGPFGT H×T R *GTOCPPUVCFV 8GTNCI /CTVKP *QEJOGKUVGTU'TDGP5$KDNKQVJGMFGT4WO¼PKUEJGP#MCFGOKG$WMCTGUV 2+  5KIGTWU 5   Q7PVGTJCNVWPIUDNCVV H×T )GKUV )GO×VJ WPF 2WDNK\KV¼V $GKNCIG\WO5KGDGPD×TIGT9QEJGPDNCVVR-TQPUVCFV&TWEMWPF8GTNCI,QJCPP)ÑVV WPF9KNJGNO0GOGVJ5R¼VGTGTUEJKGPGUOKVXGT¼PFGTVGO6KVGN   WPF WPF  Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG $GKDNCVV FGU 5KGDGPD×TIKUEJGP 9QEJGPDNCVVUR -TQPUVCFV &TWEM WPF 8GTNCI ,QJCPP )ÑVV &KG $TWMGPVJCN $KDN DGYCJTV WPVGT 2 ++  FKG WPXQNNUV¼PFKIG4GKJGFGT,CJTGDKUCNUQ$GKNCIG\WT-TQPUV¼FVGT<GKVWPIR  5KIGTWU 5    Q5CVGNNKV FGU 5KGDGPD×TIGT 9QEJGPDNCVVUR -TQPUVCFV&TWEMWPF8GTNCI,QJCPP)ÑVV   

WPF FKG Q(QCKC RGPVTW /KPVG +PKOâ )K .KVGTCVWTâR 
   KO 8GTNCI XQP )ÑVV &QTV GTUEJKGP CWEJ FGT Q'URCVTKCVWNR
/¼T\ DKU ,WPK   GKPG XQP FGO CWU FGT 9CNCEJGK XGTVTKGDGPGP4GXQNWVKQP¼T%GUCT$QNNKCEJGTCWUIGIGDGPG<GKVWPI  +P $NCUGPFQTH YWTFGP XQP 6KOQVGK %KRCTKW Q1TICPWN NWOKPâTKKR
,CPWCTDKU/CK FCUUR¼VGTKPQ1TICPWNPC/KQPCNR WODGPCPPV YWTFG
/CK DKU 5GRVGODGT   WPF Q¡PXâ/âVQTWN RQRQTWNWKR
/CKDKU1MVQDGT XGTÑHHGPVNKEJV  /GJTGTGWPICTKUEJG<GKVWPIGPGTUEJKGPGPKP-NCWUGPDWTI8QT FGT 4GXQNWVKQP YCTGP FKGU Q'TFÃN[K *ÈTCFÎR  
Q/ÕNV ÃU 
&KGGTUVGPTWO¼PKUEJGP2GTKQFKMCXQO,CPWCTDKU,WPKQ(QKNG&WOKPGEKKR

JIXQPGKPGT)GNGJTVGPIGUGNNUEJCHV&TWEMWPF8GTNCI,QJCPP)ÑVV,WNK0T Q(ÎKCUGRVâO¸PGKR4GF)$CTK/KW8GTNCI,QJCPP)ÑVV8IN*GTOCPP6QPVUEJ &KG *QPVGTWURTGUUG KP  ,CJTGP (GUVUEJTKHV FGT $WEJFTWEMGTGK ,QJCPP )ÑVV 5QJP -TQPUVCFV5  8QO  /¼T\  DKU  Q)C\GVC FG 6TCPUKNXCPKCR 4GF ) $CTK/KW FCPP +CEQD /WTG)CPW #WTGN /WTG)CPW WC 8GTNCI DKU  , )ÑVV 5GKV  Q)C\GVC 6TCPUKNXCPKGKR #D 0T  ,CJT  DKU KO ,CJT  GTUEJKGP UKG \WUCOOGPOKVFGTQ(QCKCRGPVTW/KPVG+PKOâ)K.KVGTCVWTâR
XIN*6QPVUEJ5 -NCWUGPDWTIGT7PKXGTUKV¼VUDKDNKQVJGM2+   8QO,CPWCTDKU,WNKQ(QCKCNKVGTCTâR8QO,WNKCNU$GKNCIG FGT Q)C\GVC FG 6TCPUKNXCPKCR GTUEJKGP UKG WPVGT FGO 6KVGN Q(QCKG RGPVTW /KPVG +PKOâ )K .KVGTCVWTâR -TQPUVCFV 4GF ) $CTK/KW &TWEM , )ÑVV
XIN * 6QPVUEJ 5   'TUEJKGP DKU  XQP  DKU  OKV FGT Q)C\GVC 6TCPUKNXCPKGKR \WUCOOGPIGNGIV
-NCWUGPDWTIGT7PKXGTUKV¼VUDKDNKQVJGM   * 6QPVUEJ 5  0T #RTKN  ,WPK  Q'URCVTKCVWNR -TQPUVCFV 4GF % $QNNKCE&TWEM,)ÑVV  8CUKNG0GVGC2TGUCTQO¸PâÉPVKORWNTGXQNW/KGKFGNCKO$F4GXQNW/KC FG NC  ÉP /âTKNG TQO¸PG %WNGIGTG FG UVWFKK *I 0 #FâPKNQCKG & $GTKPFGK 8GTNCIFGT4WO¼PKUEJGP#MCFGOKG$WMCTGUV50GVGCIKDVCNU&CVWO H×TFKGGTUVG#WUICDGFGP/¼T\CPPCEJFGT'TQDGTWPI-TQPUVCFVUFWTEJ )GPGTCN$GO0CEJFGT\YÑNHVGP0WOOGTYWTFGFCU'TUEJGKPGPFGT<GKVWPIFGT MGKP 'THQNI DGUEJKGFGP YCT GKPIGUVGNNV #O  ,WPK  XGTNKG² $QNNKCE 5KGDGPD×TIGP WPF IKPI PCEJ 2GUV YQ GT FKG <GKVWPI WPVGT FGO 0COGP Q#OKEWN RQRQTWNWKR YGKVGTH×JTVG 8QO  /¼T\  DKU  &G\GODGT  JCDGP FKG Q)C\GVCRWPFQ(QCKCRKJT'TUEJGKPGPGKPIGUVGNNV 80GVGC5XQO,CPWCTDKU/CKQ1TICPWNNWOKPâTKKR $NCUGPFQTHTGFKIKGTVXQP6%KRCTKW  8QO  /CK DKU  5GRVGODGT  Q1TICPWN PC/KQPCNR $NCUGPFQTH TGFKIKGTVXQP6%KRCTKWWPF#TQP2WOPWN   8QO  /CK DKU  1MVQDGT  Q¡PXâ/âVQTWN RQRQTWNWKR $NCUGPFQTH TGFKIKGTVXQP6%KRCTKW Q'TFÃN[K*KTCFÎR%NWL8GTNCI2GVJG(GTGPE\FCPP/ÃJGU5COWGNWPF 1EUXCK(GTGPE\
-NCWUGPDWTIGT7PKXGTUKV¼VUDKDNKQVJGM*  

LGNGPR  
WPF Y¼JTGPF FGT 4GXQNWVKQP Q'NNGPÑTR
/CK DKU 0QXGODGT   'KP UEJNKEJVGT 8GTINGKEJ \GKIV FC² FKG U¼EJUKUEJG 2TGUUG  \YGKHGNNQU WPIGH¼JT FKG *¼NHVG FGT )GUCOV\CJN FGT KP 5KGDGPD×TIGP XGTÑHHGPVNKEJVGP 2GTKQFKMC CWUOCEJVG 2CTCFQZGTYGKUG UVCOOVGP FKGUG KPJCNVUTGKEJGP 2TGUUGRTQFWMVG CWU FGP 4GKJGP FGT MNGKPUVGP FGT 5KGDGPD×TIGT 0CVKQPGP YGNEJG UKG JCWRVU¼EJNKEJ CWEJ DGFKGPVGP FKG U¼EJUKUEJG 0CVKQP OKV KJTGP  5GGNGP &KGUG GTUVCWPNKEJG6CVUCEJGUVGJVKPWPOKVVGNDCTGO<WUCOOGPJCPIOKVFGP #PH¼PIGP FGT 2TGUUG KP 5KGDGPD×TIGP WPF OKV FGT NCPIL¼JTKIGP U¼EJUKUEJGP'THCJTWPIKPFKGUGO$GTGKEJ   &KG GTUVG RQNKVKUEJG <GKVWPI FGU )TQ²H×TUVGPVWOU FKG Q5KGDGPD×TIGT <GKVWPIR  
GTUEJKGP KP *GTOCPPUVCFV DGK /CTVKP *QEJOGKUVGT  
FGO GKIGPVNKEJGP $GIT×PFGT FGT 2TGUUGKP5KGDGPD×TIGPWPF$GUKV\GTFGTGTUVGPUV¼PFKIGP$WEJCPFNWPI KP5KGDGPD×TIGP&KGQ5KGDGPD×TIGT<GKVWPIRH×JTVGKPFGP,CJTGP DKUFGP0COGPQ-TKGIUDQVGRWPFJKG²KPFGPHQNIGPFGP,CJTGP  
Q5KGDGPD×TIGT $QVGR *GTCWUIGDGT FGT <GKVWPI YCT PCEJ FGO6QFFGU$GIT×PFGTU/CTVKP*QEJOGKUVGT5QJP  
DGXQT 
DKU  #RTKN  Q/ÕNV ÃU LGNGP *KUVQTKCK ÃU RQNKVKMCK GTFÃN[K JKTNCRR -NCWUGPDWTI TGFKIKGTV XQP 5\KN¶I[K (GTGPE\
-NCWUGPDWTIGT7PKXGTUKV¼VUDKDNKQVJGM 2++  8QO/CKDKU0QXGODGTQ'NNGPÑT2QNKVKMCKNCRR-NCWUGPDWTITGFKIKGTV XQP-ÑX¶TK.¶U\NÎ&Q\UC&¶PKGN
-NCWUGPDWTIGT7PKXGTUKV¼VUDKDNKQVJGM*  +O,CJT\¼JNVGFCU)TQ²H×TUVGPVWO5KGDGPD×TIGP
GKPUEJNKG²NKEJ2CTVKWO GKPG )GUCOVDGXÑNMGTWPIXQP'KPYQJPGT&CTWPVGTYCTGP4WO¼PGP  7PICTP  &GWVUEJG  <KIGWPGT  #TOGPKGT  ,WFGP %CTN )ÑNNPGT &KG 5KGDGPD×TIGT 5CEJUGP KP FGP ,CJTGP  $WMCTGUV 8GTNCI FGT 4WO¼PKUEJGP #MCFGOKG  5  ×DGTPKOOV FKG &CVGP , 5ÑNNPGTU 5VCVKUVKM FGU )TQ²H×TUVGPVWOU5KGDGPD×TIGP*GTOCPPUVCFV 5KIGTWU5Q5KGDGPD×TIGT<GKVWPIR*GTOCPPUVCFV&TWEMWPF8GTNCI /CTVKP *QEJOGKUVGT8QPDKUGTUEJKGPFKG<GKVWPICNUQ-TKGIUDQVGRXQP DKUCNUQ5KGDGPD×TIGT$QVGRWPFCNUQ*GTOCPPUV¼FVGT<GKVWPIR XGTGKPKIVOKVFGOQ5KGDGPD×TIGT$QVGPR  ¯DGT /CTVKP *QEJOGKUVGTU 8GTNCIUCPUVCNV XIN *CPU /GUEJGPFÑTHGT &CU 8GTNCIUYGUGP FGT 5KGDGPD×TIGT 5CEJUGP 'KP ¯DGTDNKEM 8GTNCI FGU 5×FQUVFGWVUEJGP -WNVWTYGTMU/×PEJGP5  5KIGTWU 5   Q&GT 5KGDGPD×TIGT $QVGR *GTOCPPUVCFV &TWEM WPF 8GTNCI /CTVKP *QEJOGKUVGT
5QJP  FCPP /CTVKP *QEJOGKUVGTU 'TDGP XQP  6JGQFQT 5VGKPJCW²GP 4GFCMVKQPUNGKVGT  ,QUGRJ $GPKIPK XQP /KNFGPDGTI  CWEJ ,CMQD 4CPPKEJGT  ,QJCPP *KPV\ #WIWUV   #WIWUV  *GKPTKEJ5EJOKFV#WIWUV5GRVGODGT-CTN(CDTKVKWU#NQKU5GPV\  

UKG KO ,CJTG  XQO 8GTNGIGT 6JGQFQT 5VGKPJCW²GP ×DGTPQOOGP YWTFG  /CTVKP *QEJOGKUVGT 5QJP JCVVG WPVGT CPFGTGO FKG GTUVG WPICTKUEJG <GKVWPI 5KGDGPD×TIGPU Q'TFÃN[K /CI[CT *ÈT8KXÑR 
 DGIT×PFGV'TGTÑHHPGVGKP-NCWUGPDWTIGKPG(KNKCNGFKGGT CPFCUFQTVKIGMCVJQNKUEJG)[OPCUKWOXGTMCWHVG  &GT *QEJOGKUVGTUEJG 8GTNCI YCT H×T GKP JCNDGU ,CJTJWPFGTV FKG YKEJVKIUVG 2TGUUGCPUVCNV FGU .CPFGU 5KG GPVUVCPF Y¼JTGPF FGT LQUGRJKPKUEJGP 4GHQTO\GKV ×DGTUVCPF CDGT CWEJ FCU 4GIKOG /GVVGTPKEJU  
OKV UGKPGP UVTGPIGP <GPUWT WPF <GPVTCNKUKGTWPIUOC²PCJOGP  &KG GTUVG )GPGTCVKQP UKGDGPD×TIKUEJGT Q,QWTPCNKUVGPR IGJÑTVG FGO )GNGJTVGPMTGKU WO 5COWGN XQP $TWMGPVJCN CP ,QJCPP (KNVUEJ /KEJCGN .GDTGEJV ,CMQD #WTGNKWU /×NNGT ,QUGRJ -CTN 'FGT &CPKGN )T¼UGT ,QJCPP 5GKXGTV &GT Q$QVGR YCT CWEJ FCOCNU Q6T¼IGT FGU ITQ²ÑUVGTTGKEJKUEJGP 5VCCVUIGFCPMGPU MCO CDGT YGIGP MTKVKUEJGT •W²GTWPIGPQHVKP-QPHNKMVOKV#OVUUVGNNGPR9¼JTGPFFGUIGUCOVGP  ,CJTJWPFGTVU DGYCJTVG FKG <GKVWPI FGPUGNDGP )GKUV FGT 6TGWG \W ©UVGTTGKEJ  &KG HQNIGPFG )GPGTCVKQP XQP 2WDNK\KUVGP YGNEJG FKG 4GXQNWVKQPULCJTG PQEJ WPOKVVGNDCT GTNGDVG YCT PKEJV GKPJGKVNKEJ +P KJTGP4GKJGPDGHCPFGPUKEJ,QUGRJ$GFGWUXQP5EJCTDGTI.WFYKIXQP 4QUGPHGNF WPF 'WIGP XQP (TKGFGPHGNU #PIGJÑTKIG CNVGT *GTOCPPUV¼FVGT 2CVTK\KGTIGUEJNGEJVGT &C UKG \WINGKEJ JQJG $GCOVGPUVGNNGP DGMNGKFGVGP UGV\VGP UKG UKEJ H×T FGP RQNKVKUEJGP 5VCVWU SWQ GKP 'KPG JGTCWUTCIGPFG )GUVCNV YCT CWEJ ,QUGH $GPKIPK XQP /KNFGPDGTI CWU *GTOCPPUVCFV <GPUQT WPF 4GFCMVGWT FGU Q$QVGPR 

Q'TFÃN[K/CI[CT*KT8KXÑR*GTOCPPUVCFVTGFKIKGTVXQP(¶DK¶P&¶PKGN WPF %UGTGK 'NGM &TWEM /CTVKP *QEJOGKUVGT
&KG -NCWUGPDWTIGT 7PKXGTUKV¼VUDKDNKQVJGMDGYCJTV0T*  9&CWIUEJCC15 */GUEJGPFÑTHGTCC15  5KGDGPD×TIGT 5CEJUGP .GZKMQP *I 9CNVGT /[² -TCHV 8GTNCI 6JCWT DGK +PPUDTWEM 5
2TGUUGWPF2WDNK\KUVKM   1UMCT 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT XKGT\KIGT ,CJTG KP *WPFGTV ,CJTG U¼EJUKUEJGT-¼ORHG<GJP8QTVT¼IGCWUFGT)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPKO NGV\VGP ,CJTJWPFGTV &TWEM WPF 8GTNCI 9 -TCHHV *GTOCPPUVCFV  5  ×DGT .WFYKIXQP4QUGPHGNF'WIGPXQP(TKGFGPHGNU,QUGRJ$GFGWUXQP5EJCTDGTI$GKVT¼IG \WT<GKVIGUEJKEJVG5KGDGPD×TIGPUKO,J+$F9KGP++$F 9KGP9&CWIUEJCC15 

UQYKG 2TQHGUUQT CP FGT FGWVUEJGP 4GEJVUCMCFGOKG 5GKP (TGWPF ,QJCPP -CTN 5EJWNNGT )[OPCUKCNNGJTGT WPF 4GFCMVGWT FGTUGNDGP <GKVWPI YCT INGKEJ\GKVKI <GPUQT FGT Q6TCPUUKNXCPKCR &GT )GJGKOTCV $GFGWU XQP 5EJCTDGTI /KVCTDGKVGT FGT XQP *QEJOGKUVGT JGTCWUIGDTCEJVGP$N¼VVGTNGKUVGVGH×T/GVVGTPKEJU2QNK\GKEJGH5GFNKPV\M[ 5RKV\GNFKGPUVGKPUGKPGP)GJGKODGTKEJVGP\GKIVGGT,QJCPP)ÑVV#PVQP -WT\WPFCPFGTG-TQPUV¼FVGT,QWTPCNKUVGPCP&KG4GFCMVKQPWOHC²VG PQEJGVNKEJGLWPIG/¼PPGTFKGPKEJV\WT$GCOVGPCTKUVQMTCVKGIGJÑTVGP WPFIGO¼²KIVG4GHQTOGTYCTGP,QUGRJ#PFTGCU<KOOGTOCPP,CMQD 4CPPKEJGT *GKPTKEJ 5EJOKFV +O ×DTKIGP YCTGP HCUV CNNG /KVCTDGKVGT FGT *GTOCPPUV¼FVGT <GKVWPIGP ,WTKUVGP JQJG $GCOVG KO 5VCCVUFKGPUV QFGT 2TQHGUUQTGP CP FGT 4GEJUVCMCFGOKG 'U ICNV Q&KG HGKPUVGP GNGICPVGUVGP ,QWTPCNKUVGP NKGHGTVG CDGT FCOCNU WPUGTGO 8QNMG FKG *GTOCPPUV¼FVGT4GEJVUCMCFGOKGR
19KVVUVQEM   &KG $KNFWPI WPF FKG DGTWHNKEJG 5VGNNWPI FGT 4GFCMVGWTG FGU Q5KGDGPD×TIGT $QVGPR DGUVKOOVGP KJTG *CNVWPI 8QP TGXQNWVKQP¼TGP +FGGP CWH UQ\KCNGT 'DGPG H×JNVGP UKG UKEJ PWT KPUQYGKV CPIG\QIGP CNU FKGUG FGO JGTTUEJGPFGP <GKVIGKUV GPVURTCPIGP #WH RQNKVKUEJGT 'DGPG NGJPVGP UKG LGFYGNEJG 8GT¼PFGTWPIGP FGT /CEJVXGTJ¼NVPKUUG CD &KG )GUEJKEJVUUEJTGKDWPI
(TKGFTKEJ6GWVUEJ%CTN)ÑNNPGT DGUEJTKGDUKGCNU QMQPUGTXCVKXR +JT UQIGPCPPVGT Q-QPUGTXCVKXKUOWUR JKG² LGFQEJ ÑUVGTTGKEJKUEJGT 'KPJGKVUUVCCV #PVKWPKQPKUOWU OKV 7PICTP WPF (ÑTFGTWPI FGT MCKUGTVTGWGP 0CVKQPGP CNUQ $GYCJTWPI FGT 5CEJUGPTGEJVGWPF)NGKEJDGTGEJVKIWPIFGT4WO¼PGP  'DGPHCNNU DGK *QEJOGKUVGT YWTFG FKG Q6TCPUUKNXCPKCR IGFTWEMV *KGT OCEJVGP FKG OGKUVGP 4GFCMVGWTG FGU Q$QVGPR OKV #NU &CPKGN 4QVJ  FKG 4GFCMVKQPUNGKVWPI FGT <GKVWPI ×DGTPCJO GTMN¼TVG GT UKEJ H×T 4GHQTOGP QKPPGTJCND WPUGTGT NCPIGTRTQDVGP 8GTHCUUWPI WPF CWH IGUEJKEJVNKEJGT )TWPFNCIGR  GTYGKVGTVG GT UGKPGP 5VCPFRWPMV KO 5KPPG FGT <WT×EMYGKUWPI FGT 7PKQP 5KGDGPD×TIGPUOKV7PICTPWPFFGTKJOCNUDGFTQJGPFGTUEJGKPGPFGP /CI[CTKUKGTWPI FGT 5CEJUGP JKPIGIGP UEJNWI GT FKG 'TTKEJVWPI GKPGT QFCMQTQOCPKUEJGP /QPCTEJKGR WPVGT ÑUVGTTGKEJKUEJGT 1DGTJGTTUEJCHV XQT YGNEJG 5KGDGPD×TIGP WPF FKG DGKFGP &QPCWH×TUVGPV×OGT WOHCPIGPUQNNVG 

¯DGT,QUGRJ$GPKIPKXIN'X(TKGFGPHGNUCC1++$F519KVVUVQEM 9&CWIUEJCC15

CC15 

19KVVUVQEMCC15  

5COWGN (KNVUEJ FGO 5QJP FGU 5VCFVRHCTTGTU XQP *GTOCPPUVCFV IGJÑTVG GKPG CPFGTG  IGIT×PFGVG &TWEMGTGK $GK )GTQNFKP9KGPWPF$TQEMJCWUKP.GKR\KICWUIGDKNFGVIGNCPIGUKJO UGKP 7PVGTPGJOGP \W GKPGO DGFGWVGPFGP 5EJWNDWEJXGTNCI CWU\WDCWGP'TICDCWEJOGJTGTG<GKVUEJTKHVGPJGTCWUUQYKGFGPXQP 5VGRJCP .WFYKI 4QVJ CPIGTGIVGP Q5KGDGPD×TIKUEJGP 8QNMUHTGWPFR 5EJTKHVNGKVGT FGU Q8QNMUHTGWPFR YCT ,QJCPP /KEJCGNKU WPF \W UGKPGP /KVCTDGKVGTP IGJÑTVG )GQTI &CPKGN 6GWVUEJ FGT M×PHVKIG *KUVQTKMGT WPF$KUEJQH&CU$NCVVGTUEJKGPCDMQPPVGCDGTFCU5VWTOLCJT PKEJV×DGTNGDGP   +P QHHGPGO )GIGPUCV\ \W FGP *GTOCPPUV¼FVGT <GKVWPIGP UVCPF FKG -TQPUV¼FVGT 2TGUUG +JT $GIT×PFGT YCT ,QJCPP )ÑVV 
   ,QJCPP )ÑVV YWTFG CO  &G\GODGT  KP 9GJTJGKO KO 6CWPWU
0CUUCW IGDQTGP'TGTNGTPVGFGP$WEJFTWEMKP(TCPMHWTVWPF IKPI  CWH FKG XGTRHNKEJVGPFG 9CPFGTUEJCHV YGNEJG KJP FWTEJ $GTNKP$TGUNCW$T×PP9KGP)TC\.CKDCEJ6TKGUV2GUVWPF$WMCTGUV H×JTVGNKG²GTUKEJKP-TQPUVCFVPKGFGT&QTVHCPFGT#TDGKVKPFGT KO  ,J XQP ,QJCPPGU *QPVGTWU DGIT×PFGVGP &TWEMGTGK FKG (TCP\ XQP 5EJQDGNP
FGT  UVCTD  IGJÑTV JCVVG #PHCPI FGU ,CJTGU  MQPPVG )ÑVV FKG &TWEMGTGK H×T  6CNGT MCWHGP  GTYCTD GT FCU $×TIGTTGEJV  IT×PFGVG GT FCU Q5KGDGPD×TIGT 9QEJGPDNCVVR YGNEJGU  KP Q-TQPUV¼FVGT <GKVWPIR WODGPCPPV YWTFG +O ,CJT YWTFGGT\WO4KVVGTFGU(TCP\,QUGH1TFGPUGTPCPPVVTCVGT KP FGP 4WJGUVCPF OW²VG CDGT FKG .GKVWPI FGT (KTOC PQEJOCNU ×DGTPGJOGPCNUUGKP5QJP*GKPTKEJ)ÑVVHT×J\GKVKI  
UVCTD,QJCPP )ÑVV UGNDUV UVCTD  'T JKPVGTNKG² FKG &TWEMGTGK UGKPGO 5QJP (TKV\ FGT UKG OQFGTPKUKGTVG #NU NGV\VGTGT  UVCTD YWTFG FKG .GKVWPI FGU 
5COWGN (KNVUEJ YCT FGT 5QJP FGU ,QJCPP (KNVUEJ 5VCFVRHCTTGT XQP *GTOCPPUVCFV

\YKUEJGP  IGUVQTDGP  +P FGP ,CJTGP  YCT ,QJCPP ,QUGRJ 4QVJ 5VCFVRHCTTGT  
'OKN 5KIGTWU %JTQPKM FGT 5VCFV *GTOCPPUVCFV   /KV  #DD WPF  5VCFVRN¼PGP CWU XGTUEJKGFGPGP ,CJTJWPFGTVGP *QPVGTWU $WEJFTWEMGTGK WPF 8GTNCIUCPUVCNV FGT GXCPIGNKUEJGP .CPFGUMKTEJG #$ KP 4WO¼PKGP*GTOCPPUVCFV  &KG &TWEMGTGK XQP 5COWGN (KNVUEJ YWTFG PCEJVT¼INKEJ XQP UGKPGO 5EJYKGIGTUQJP,QJCPP9KNJGNO-TCHHV  
×DGTPQOOGPYGNEJGTFGP$GTWH DGK)ÑVVKP-TQPUVCFVIGTCFGY¼JTGPFFGT4GXQNWVKQPULCJTGGTNGTPVJCVVG0CEJFGO 'TUVGP9GNVMTKGIIGUGNNVGUKEJ-TCHHVOKV,QUGH&TQVNGHH&KGUGTJCVVGGKP8GTNCI -TCHHV&TQVNGHHIGIT×PFGVYGNEJGTQ\WOITѲVGPFGWVUEJGP8GTNCIWPFITCRJKUEJGP $GVTKGDFGU5×FQUVGPURYWTFG*/GUEJGPFÑTHGTCC15 

7PVGTPGJOGPU XQP (TKV\ )ÑVV FGO ,×PIGTGP ×DGTPQOOGP DKU FKG &TWEMGTGK  DGUEJNCIPCJOV WPF GPVUEJ¼FKIWPIUNQU GPVGKIPGV YWTFG +PHQNIGFGUUGP OW²VG CWEJ FKG Q-TQPUV¼FVGT <GKVWPIR YGNEJG FKG ICP\G <GKV ×DGT JGTCWUIGDTCEJV YQTFGP YCT KJT 'TUEJGKPGP GKPUVGNNGP (TKV\ )ÑVV FGT ,×PIGTG DGV¼VKIVG UKEJ DKU \W UGKPGT #WUUKGFNWPICNU$G\KTMUMKTEJGPCPYCNVKP-TQPUVCFV  &KG JGTXQTTCIGPFG $GFGWVWPI )ÑVVU KP FGT UKGDGPD×TIKUEJGP -WNVWTIGUEJKEJVG NKGIV KP UGKPGT 6¼VKIMGKV CNU 8GTNGIGT #NU $GIT×PFGT FGT -TQPUV¼FVGT U¼EJUKUEJGP 2TGUUG *GTCWUIGDGT FGT GTUVGP TWO¼PKUEJGP <GKVWPIGP KP 5KGDGPD×TIGP WPF GKPGT GKPFTWEMUXQNNGP #P\CJN XQP $×EJGTP 5EJWND×EJGTP <GKVUEJTKHVGP KP FGWVUEJGT TWO¼PKUEJGTWPFWPICTKUEJGT5RTCEJGGTYCTDUKEJ)ÑVV8GTFKGPUVGKO (GNF FGU <GKVWPIUUEJTKHVWOU YCU FKG #WHOGTMUCOMGKV FGT *KUVQTKMGT
KPUDGUQPFGTGFGT5CEJUGP CWHKJPNGPMVG9GPPQKPFGO<GKVTCWOXQP  ,CJTGP 
DKU   KP 5KGDGPD×TIGP  FGWVUEJG HCUV CWUUEJNKG²NKEJ XQP 5KGDGPD×TIGT 5CEJUGP JGTCWUIGIGDGPG 2WDNKMCVKQPGP GTUEJKGPGP UKPFR
'OKN 5KIGTWU  PCJO FKG U¼EJUKUEJG 2TGUUG PCEJ  GKPGP O¼EJVKIGP 5EJYWPI 8QP FGP  2WDNKMCVKQPGP GPVHCNNGP CWHFKG$WEJFTWEMGTGK)ÑVV×DGTGKP5GEJUVGN +PFGO YKT WPU FGT XQP * 6QPVUEJ CWUIGCTDGKVGVGP YGTVXQNNGP $KDNKQITCRJKGDGFKGPGPDKGVGPYKTKOHQNIGPFGPGKPGP¯DGTDNKEM×DGT FKG KP -TQPUVCFV XQP )ÑVV JGTCWUIGDTCEJVGP FGWVUEJURTCEJKIGP 2GTKQFKMC   /CK  DKU  /¼T\  Q5KGDGPD×TIGT 9QEJGPDNCVVR &TWEMWPF8GTNCI,)ÑVVWPF90GOGVJ0GDGPFGOQ5KGDGPD×TIGT $QVGPR KP *GTOCPPUVCFV YCT GU  FCU GKP\KIG <GKVWPIUDNCVV KP 5KGDGPD×TIGP &GT $GIT×PFGT WPF 'KIGPV×OGT )ÑVV H×JTVG FKG 4GFCMVKQP XQO  #RTKN  \GKEJPGVG GT CWEJ CNU 4GFCMVGWT &GT /KVJGTCWUIGDGT9KNJGNO0GOGVJYCT$WEJJ¼PFNGT&KGGTUVG0WOOGT GTUEJKGP/KVVYQEJFGP/CKCNUQ2TQDGDNCVVR
QOKVIP¼FKIUVGT $GYKNNKIWPIR &KG\YGKVG0WOOGTMCOCO,WPKJGTCWU8QP FC CP GTUEJKGP FCU $NCVV TGIGNO¼²KI LGFGP (TGKVCI UGKV FGO  ,CPWCT YÑEJGPVNKEJ\YGKOCN
/QPVCIWPF&QPPGTUVCI GTTGKEJVGGU FKGKP5KGDGPD×TIGPPQEJWPGTJÑTVG<CJNXQP#DQPPGPVGP   DKU  Q7PVGTJCNVWPIUDNCVV H×T )GKUV )GO×VJ WPF 2WDNK\KV¼VR $GKNCIG \WO Q5KGDGPD×TIGT 9QEJGPDNCVVR &TWEM WPF 8GTNCIXQP,)ÑVVWPF90GOGVJ 
5KGDGPD×TIGT5CEJUGP.GZKMQP59&CWIUEJCC15 '5KIGTWUCC15 *6QPVUEJCC15  

DKU 
,CJTICPI DKU 
,CJTICPI $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG $GKNCIG \WO 5KGDGPD×TIGT 9QEJGPDNCVV (QTVUGV\WPI FGU 7PVGTJCNVWPIUDNCVVGU &TWEM WPF 8GTNCIXQP,)ÑVV   0QXGODGT  DKU  /KOQUGP CWU FGO )GDKGV FGT &TCOCVWTIKG #W²GTQTFGPVNKEJG $GKNCIG \WO 5D 9QEJGPDNCVV #D YWTFGPUKGKO6GZVFGT<GKVWPIHQTVIGUGV\V  DKU+PVGNNKIGP\DNCVV$GKNCIG\WO5D9QEJGPDNCVV 'U GPVJKGNV #P\GKIGP -WPFOCEJWPIGP 0CEJHTCIGP  GTUEJKGP GU  OCN   OCN 'U YWTFG XQO Q$GKYCIGPR 
   HQTVIGUGV\V   ,CPWCT  DKU   DKU   5CVGNNKV $GKNCIG \WO 5D 9QEJGPDNCVV &TWEM WPF 8GTNCI XQP , )ÑVV 5GKV  YWTFG #PVQP -WT\ UV¼PFKIGT /KVCTDGKVGT FGU Q9QEJGPDNCVVUR +PHQNIGFGUUGP MCOFGT5CVGNNKVFGPUEJQPJGTCWUIGIGDGPGP$N¼VVGTPJKP\W&KG GKPIGVTGVGPG'TJÑJWPIFGT$GUVGWGTWPI\YCPI)ÑVVOKVFGO,CPWCT FKGUGU ,CJTGU FGP 5CVGNNKV WPF FKG $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG CNU UGNDUVUV¼PFKIG $GKDN¼VVGT UGKPGT *CWRV\GKVWPI 
-TQPUV¼FVGT<GKVWPI GKPIGJGP\WNCUUGPFCH×TGTUEJKGPFKG<GKVWPI YÑEJGPVNKEJXKGTOCN   DKU   5VWPFGPDNWOGP FGT )GIGPYCTV 'KPG 5COONWPICP\KGJGPFGT0QXGNNGPWPF'T\¼JNWPIGPKO)GUEJOCEMFGT <GKVR$GKNCIG\WO5D9QEJGPDNCVV/QPCVNKEJGTUEJKGPGKP*GHVFTGK *GHVGDKNFGVGPGKP$¼PFEJGPYWTFGFCU'TUEJGKPGPFKGUGT$N¼VVGT GKPIGUVGNNV FC QUKG FGP <GKVGTHQTFGTPKUUGP PKEJV OGJT GPVURTCEJGPR 
5D9QEJGPDNCVV0T5    DKU  0QXGODGT  $GKNCIGP \WO 5KGDGPD×TIGT 9QEJGPDNCVV  DKU$GKNCIG\WO5KGDGPD×TIGT9QEJGPDNCVV   DKU    DKU  /CIC\KP H×T )GUEJKEJVG .KVGTCVWT WPF CNNG &GPM WPF /GTMY×TFKIMGKVGP 5KGDGPD×TIGPU *GTCWUIGIGDGP XQP #PVQP -WT\ KO 8GTGKP OKV OGJTGTGP 8CVGTNCPFUHTGWPFGP <YKUEJGP  WPF  GTUEJKGPGP CEJV *GHVG KP \YGK $¼PFG  GTUEJKGP FGT FTKVVG $CPF FGUUGP GTUVGU *GHV XQP ,QUGRJ 6TCWUEJ JGTCWUIGIGDGP YWTFG  /CIC\KP JGTCWUIGIGDGP XQP &T'WIGPXQP6TCWUEJGPHGNUKP\YGK$¼PFG&CU /CIC\KPFCUCWH#PTGIWPIFGU)TCHGP,Q\UGH-GOÃP[/KVINKGFFGT WPICTKUEJGP #MCFGOKG GTUEJKGP YGNEJGT \CJNTGKEJG #TVKMGN WPVGTUEJTKGDYCTGKPGFGT)GUEJKEJVGWPFFGP/KVVGKNWPIGPQ×DGTCNNGU 

&GPM WPF /GTMY×TFKIG 5CEJGP 5KGDGPD×TIGPUR IGYKFOGVG YKUUGPUEJCHVNKEJG<GKVUEJTKHV  DKU'ZVTCDGKNCIG\WO5KGDGPD×TIGT9QEJGPDNCVV  /¼T\DKU-TQPUV¼FVGT<GKVWPI(QTVUGV\WPIFGU 5KGDGPD×TIGT 9QEJGPDNCVVU &TWEM WPF 8GTNCI XQP , )ÑVV UGKVFGO  #RTKN  XQP , )ÑVV WPF UGKP 5QJP *GKPTKEJ UGKV FGO,CPWCT XQP(TKV\)ÑVVUGKVFGO,CPWCTXQPFGT<GKVWPIU#MVKGP )GUGNNUEJCHV#PHCPIUGTUEJKGPUKG\YGKOCNYÑEJGPVNKEJ/QPVCIWPF &QPPGTUVCI UGKV  CWEJ &KGPUVCI &KG 4GFCMVKQP H×JTVG \WP¼EJUV
XQO  /¼T\ DKU  ,WPK   FGT 5EJTKHVUVGNNGT /CZ /QNVMG FCPP YWTFG UKG XQO  ,WPK  DKU 'PFG  XQP ,QJCPP )ÑVV ×DGTPQOOGP   #TEJKX FGU 8GTGKPU H×T UKGDGPD×TIKUEJG .CPFGUMWPFG $KU  GTUEJKGP GU KP *GTOCPPUVCFV &TWEM XQP 6J 5VGKPJCW²GP  &TWEM XQP , )ÑVV -TQPUVCFV 5R¼VGT DKU  YWTFG GU YKGFGT KP *GTOCPPUVCFV XQP /CTVKP *QEJOGKUVGTU 'TDGP WPF PCEJFGOXQP9-TCHHVJGTCWUIGIGDGP   5EJWN WPF -KTEJGP\GKVWPI H×T FKG GXCPIGNKUEJGP )NCWDGPUIGPQUUGP 5KGDGPD×TIGPU &TWEM WPF 8GTNCI XQP , )ÑVV 4GFCMVKQPUNGKVGT , (T )GNVUEJ 4GFCMVGWTG ,QJ /KEJCGNKU ) )KGUGN 5COWGN 5EJKGN
&GP 2NCP FKGUGU $NCVVGU JCVVG UEJQP 5V . 4QVJ GPVYQTHGP #DGT CNU 4QVJ  FCU )WDGTPKWO H×T FKG &TWEMDGYKNNKIWPI GTUWEJVG YWTFG GT WPVGT FGO 8QTYCPF \WT×EMIGYKGUGP UGKPG #TVKMGNP J¼VVGP FKG 'KPYCPFGTWPI FGT 5EJYCDGPMQNQPKUVGP XGTCPNC²V YCU \W FGTGP 8GTCTOWPI IGH×JTV JCVVG &KG<GKVWPIOW²VGKJT'TUEJGKPGPDCNFGKPUVGNNGPFCOCP×DGT FKG XQP FGP FCOCNKIGP 2TGUUGIGUGV\GP GTHQTFGTVG -CWVKQP PKEJV XGTH×IVG  &GWVUEJG(WPFITWDGH×TFKG)GUEJKEJVG5KGDGPD×TIGPU PGWG#WHNCIG&TWEMWPF8GTNCIXQP,)ÑVV   6WTPGTINQEMG $GKDNCVV \WT -TQPUV¼FVGT<GKVWPI &TWEMWPF8GTNCIXQP,)ÑVV4GF*GKPTKEJ0GWIGDQTGPYWTFGP 0WOOGTPDNQ²JGTCWUIGDTCEJV   &KG 1UVITGP\G 8GTNCI XQP , )ÑVV WPF 5QJP *GKPTKEJ 4GF9XQP(GJTGPVGKN  $N¼VVGTH×T*CPFGNWPF)GYGTDGKP5KGDGPD×TIGP &TWEMWPF8GTNCIXQP,)ÑVVWPF5QJP*GKPTKEJ4GF,QJCPP*KPV\ 
'DGPFC 5   ' 5KIGTWU CC1 5  XGTOGTMVG UGEJU DGK )ÑVV IGFTWEMVG

2GTKQFKMC
Q#TEJKX FGU 8GTGKPUR Q5EJWN WPF -KTEJGP\GKVWPIR Q&GWVUEJG  

+P )ÑVVU 8GTNCI GTUEJKGPGP CWEJ HQNIGPFG TWO¼PKUEJG <GKVWPIGPWPF<GKVUEJTKHVGP   (QKNG &WOKPGEKKR
5QPPVCIUDN¼VVGT  5KG YWTFGP XQP GKPGT Q)GNGJTVGPIGUGNNUEJCHVR JGTCWUIGIGDGP WPF GTUEJKGPGP LGFGP 5COUVCI8QO,CPWCTDKU'PFG,WPKYWTFGP0WOOGTPOKV M[TKNKUEJGP $WEJUVCDGP XGTÑHHGPVNKEJV &KG -QUVGP VTWI 4WFQNH 1TIJKFCPCWU-TQPUVCFV&TWEMXQP,)ÑVV&GT\YGKVG$CPFJCVVG 5GKVGP WPF GPVJKGNV FKG 0WOOGTP XQP ,WPK DKU 'PFG &G\GODGT  &KG ¯DGTUGV\WPI CWU FGO &GWVUEJGP IGJÑTVG +QCPP $CTCE
IGUVQTDGP    ,WNK(ÎKCUGRVâO¸PGKR
9QEJGPDNCVV 4GFCMVGWT)GQTIG $CTK/KW&TWEMXQP,)ÑVV'UGTUEJKGPGKPOCNYÑEJGPVNKEJFQEJOW²VG FCU'TUEJGKPGPPCEJFGPGTUVGP\YGK0WOOGTPKPHQNIG<GPUWTXGTDQVGU GKPIGUVGNNVYGTFGP   DKU    
)C\GVC FG 6TCPUKNXCPKCR 4GFCMVGWT )GQTIG $CTK/KW 8GTNCI XQP , )ÑVV $KU  YCT FCU $NCVV 'KIGPVWOFGT(COKNKG/WTG)KCPW8QO/¼T\DKUGTUEJKGP GUGKPOCNYÑEJGPVNKEJ\YKUEJGPWPF\YGKOCNXQPDKU FTGKOCNYÑEJGPVNKEJFCPPV¼INKEJ#DH×JTVGGUFGP0COGP )C\GVC 6TCPUKNXCPKGK <WGTUV JCVVG GU JCNDM[TKNKUEJG PCEJ  NCVGKPKUEJG$WEJUVCDGP<YKUEJGPWPFYCT+CEQD/WTâ)KCPW 4GFCMVGWTUR¼VGT&T#WTGNKW/WTâ)KCPW'UGTUEJKGPDGK,QJCPP)ÑVV DKU   ,CPWCT  DKU  (ÎKC .KVGTCTâ
.KVGTCVWTDNCVV  8QO  ,WNKGTUEJKGPGUCNU$GKNCIGFGT)C\GVCFG6TCPUKNXCPKCWPVGTFGO PGWGP 6KVGN (ÎKC RGPVTW /KPVG +PKOâ )K .KVGTCVWTâ
$NCVV H×T )GKUV *GT\ WPF .KVGTCVWT  4GFCMVGWT ) $CTK/KW &TWEM XQP , )ÑVV 'U GTUEJKGP GKPOCN YÑEJGPVNKEJ +CEQD /WTG)KCPW H×JTVG FKG 4GFCMVKQP XQP/¼T\DKU  #RTKN,WPK'URCVTKCVWN4GFCMVGWT%GUCT$QNNKCE&TWEM XQP,)ÑVV0WOOGTP  +P )ÑVVU 8GTNCI YWTFG \YKUEJGP  WPF  CWEJ FKG WPICTKUEJG <GKVWPI Q'TFÃN[K *KTNCRRJGTCWUIGDTCEJV CDGT FKG <WUCOOGPCTDGKV FGU 8GTNGIGTU OKV FGP TWO¼PKUEJGP 2WDNK\KUVGP YCT XKGNHTWEJVDCTGT
(WPFITWDGRQ6WTPGTINQEMGRQ&KG1UVITGP\GRQ$N¼VVGTH×T*CPFGNWPF)GYGTDG KP5KGDGPD×TIGPR FKGKPFGTIT×PFNKEJGP$KDNKQITCJKGXQP6QPVUEJPKEJVGTUEJGKPGP *6QPVUEJCC156QPVUEJOU#PICDGPUVKOOGPOKVLGPGP8CUKNG0GVGCU PKEJV×DGTGKPXIN#PO 9&CWIUEJCC15  

 &CU -TQPUV¼FVGT Q5KGDGPD×TIGT 9QEJGPDNCVVR UEJNWI KP FGT U¼EJUKUEJGPRQNKVKUEJGP2TGUUGGKPGPGWG$CJPGKP#NNG8GTHCUUGTJCDGP FGP OQFGTPGP F[PCOKUEJGP <WI FGT JKGT RWDNK\KGTVGP #TVKMGN DGOGTMVYGNEJGFCU+PVGTGUUGFGT.GUGTUEJCHVGTYGEMVGP&CFWTEJKUV CWEJ FKG JQJG #DQPPGPVGP\CJN \W GTMN¼TGP &KG <GKVWPI JCVVG XQP CNNGO #PHCPI TKGUKIGP 'THQNI  GTYCTD UKG GKPG DKU \W LGPGO <GKVRWPMV KP 5KGDGPD×TIGP WPGTTGKEJVG #P\CJN XQP  #DQPPGPVGP Q&CU *CWRVXGTFKGPUV FGT -TQPUV¼FVGT 2WDNK\KUVKM YCT FKG WPWOYWPFGPG#TVOKVFGTUKGFKG(TCIGPFGUU¼EJUKUEJGP.GDGPUXQT FGT ©HHGPVNKEJMGKV DGJCPFGNVG WPF FCOKV KJTGP 6GKN FC\W DGKVTWI FKG N¼JOGPFG5EJGWXQTFGTUGNDGP\W×DGTYKPFGP7PFFQEJOWVGV GU WPU DGK P¼JGTGO <WUGJGP CP CNU N¼UGP YKT KP GKPGO FGT L×PIUVGP ,CJTI¼PIGFGT6CIGUNKVVGTCVWT5RTCEJMCORH&GWVUEJVWO)GOGKPIGKUV -QOOCUUCVKQP $×TIGTUEJWNG ,WFGPGOCP\KRCVKQP -CUUCYGUGP (KNKCNKUKGTWPIXQPGXCPIGNKUEJGP)GOGKPFGP6TGPPWPIXQP5EJWNWPF -KTEJGPFKGPUV $GYCJTCPUVCNVGP WCO JKGT YKG FQTVR UEJTKGD # 5EJWNNGT  &WTEJ KJTGP TCFKMCNGTGP 6QP \QI FKG <GKVWPI FKG /KVCTDGKV LWPIGT6CNGPVG\WUKEJJGTCP)&6GWVUEJ5V.4QVJ'NKCU4QVJ2GVGT .CPIG /CTVKP 5EJPGNN -CTN /CCIGT #6 .CWTKCP
OKV $GKVT¼IGP KP FGWVUEJGT 5RTCEJG  )GQTI &CPKGN 6GWVUEJ  
XQT FGT 4GXQNWVKQP .GJTGT PCEJ  4GMVQT FGU 5EJ¼²DWTIGT )[OPCUKWOU UEJTKGD \CJNTGKEJG KP )ÑVVU $N¼VVGTP XGTÑHHGPVNKEJVG #TVKMGN 5GKP RTQITCOOCVKUEJGT)GKUVWPFUGKPG'KIGPUEJCHVGPCNU8QTFGPMGTUQNNVGP KJP CWEJ KP UGKPGO UR¼VGTGP 6WP WPF &GPMGP CNU $KUEJQH FGT U¼EJUKUEJGP GXCPIGNKUEJGP -KTEJG  
WPF CNU *KUVQTKMGT DGINGKVGP &GT XQP )WUVCX )×PFKUEJ CNU QMQPUGTXCVKXGT 4GHQTOGTR EJCTCMVGTKUKGTVG5V.4QVJUGKV2HCTTGTKP/GUEJGP'PFG\WO /KVINKGFFGU2C\KHKMCVKQPUMQOOKVGGUGTPCPPVYCTDGUVTGDVFWTEJGKPG IGO¼²KIVG *CNVWPI FKG IGYCNVKIGP #WUY×EJUG FGT 4GXQNWVKQP KO 
#5EJWNNGT0GWGU.GDGPKP*WPFGTV,CJTGU¼EJUKUEJGT-¼ORHG5 (TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPH×TFCUU¼EJUKUEJG8QNM8GTNCI9 -TCHHV*GTOCPPUVCFV+++$F5*6QPVUEJCC15   # 5EJWNNGT CC1 5  %CTN )ÑNNPGT &KG 5KGDGPD×TIGT 5CEJUGP KP FGP 4GXQNWVKQPULCJTGP   8GTNCI FGT 4WO¼PKUEJGP #MCFGOKG $WMCTGUV  5  JCV UKEJ FGP GTUVGP 6GKN FGU <KVCVU YQTVYÑTVNKEJ QJPG #PH×JTWPIUUVTKEJNGKP CDUEJTGKDGPNCUUGP  8IN (TKGFTKEJ 6GWVUEJ )GQTI &CPKGN 6GWVUEJ )GUEJKEJVG UGKPGU .GDGPU  &TWEM WPF 8GTNCIXQP9-TCHHV*GTOCPPUVCFV 

<CWO\WJCNVGP'TYWTFGCWH.CFKUNCWU%U¶P[U$GHGJNXGTJCHVGVWPF XQO-NCWUGPDWTIGT5VCPFIGTKEJV\WO6QFGXGTWTVGKNV 
/CK  2GVGT6.CPIGH×JTVGFKGXQPKJOKP-TQPUVCFVIGIT×PFGVGGTUVG UKGDGPD×TIKUEJG 5RCTMCUUG FKG QPKEJV FKG $GTGKEJGTWPI FGT )T×PFGT UQPFGTP FKG (ÑTFGTWPI JWOCPGT <YGEMG WPF FGU ÑHHGPVNKEJGP 9QJNU UKEJ \WO <KGN UGV\VGR
(T 6GWVUEJ  &GT 4GEJUVCPYCNV WPF /CIKUVTCVUTCVXQP-TQPUVCFV'NKCU4QVJYCTGKPGTFGT\YGKU¼EJUKUEJGP &KUVTKMVUFGRWVKGTVGPKO-NCWUGPDWTIGT.CPFVCIYGNEJGUKEJDGKFGH×T FKG CO  /CK  CWUIGURTQEJGPG 7PKQP OKV 7PICTP GTMN¼TVGP 'WIGP XQP (TKGFGPHGNU UEJTKGD KJO 8GTDKPFWPIGPOKV-QUUWVJ\WFC GTCWEJKO2GUVGT4GKEJUVCICPYGUGPFYCTUQNNGTFQTVFKG4QNNGGKPGU Q-QUUWVJCIGPVGPRIGURKGNVJCDGPKPFGOGTPCEJVT¼INKEJ-QUUWVJPCEJ &GDTGEGP HQNIVG YQ GT UEJNKG²NKEJ UVCTD &GT -CWHOCPP -CTN /CCIGT YCT)GOGKPUEJCHVUXGTYCNVGTFGT5VCFV-TQPUVCFVYCTGTGKPGTFGT CEJV -TQPUV¼FVGT #DIGQTFPGVGP CP FGT CW²GTQTFGPVNKEJGP 8GTUCOONWPIFGT5¼EJUKUEJGP0CVKQPUWPKXGTUKV¼VXQO,WPK  &KGUG 6JGQNQIGP )[OPCUKCNNGJTGT UQICT Q-CWHNGWVG WPF GKPKIG *CPFYGTMGTR
%CTN )ÑNNPGT  YCTGP XQP FGT $GCOVGPYCJN CWUIGUEJNQUUGPWPFMQPPVGPPKEJVRQNKVKUEJYKTMGPFGUJCNDJCVVGPUKG GKPDGUQPFGTGU+PVGTGUUGH×TFKGNKDGTCNGP4GHQTOGP  +JPGP IGUGNNVGP UKEJ DCNF \YGK .KVGTCVGP JKP\W .GQRQNF /CZKOKNKCP /QNVMG WPF #PVQP -WT\ FKG PKEJV KP 5KGDGPD×TIGP IGD×TVKI YCTGP 9GPKIGT XQP FGT ÑTVNKEJGP  .GDGPU WPF &GPMYGKUG IGRT¼IV IGYCPPGP UKG FWTEJ KJTGP OQFGTPGP )GKUV 'KPHNW² WPF $GFGWVWPIKPFGT-TQPUV¼FVGT2TGUUG/QNVMGYGNEJGTUGKVDGK)ÑVV YKTMVGYWTFGGKPGTUGKPGT*CWRVOKVCTDGKVGT8QO/¼T\DKU,WPK ×DGTPCJOGTFKG4GFCMVKQPUNGKVWPIFGTQ-TQPUV¼FVGT<GKVWPIR'T KUV FGT 8GTHCUUGT FGU XQP ,. *GFYKI XGTVQPVGP 5KGDGPD×TIGT 

)WUVCX )×PFKUEJ &GWVUEJGU 8QNMUYGTFGP KP 5KGDGPD×TIGP  
 -TCHHV  &TQVNGHH*GTOCPPUVCFV55V.4QVJ)GUCOOGNVG5EJTKHVGPWPF$TKGHG*I 1VVQ(QNDGTVJ&GTNGV\VGFGT$¼PFGTFGTFKG,CJTGWOHC²VKUVKO9CNVGT FG)TW[VGT%Q8GTNCI$GTNKPGTUEJKGPGP (TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++$F5 'WIGPXQP(TKGFGPHGNUCC1++$F5'NKCU4QVJU'TPGPPWPICNU-TQPUV¼FVGT #DIGQTFPGVG\WO-NCWUGPDWTIGT.CPFVCIKUVKP7TMWPFG0TXQO/CK KP&QEWOGPVGRTKXKPFTGXQNW/KCFGNCÉP/âTKNGTQO¸PG%6TCPUKNXCPKC+8$F /CK8GTNCIFGT4WO¼PKUEJGP#MCFGOKG5DGNGIV -CTN/CCIGTYKTFKP\YGK7TMWPFGPGTY¼JPV 
,WPK-TQPUVCFV 1TKIKPCNG -TQPUV¼FVGT 0CVKQPCNCTEJKX (QPF /CIKUVTCV 0T    (QVQ
#TEJKX FGU -NCWUGPDWTIGT+PUVH×T)GUEJKEJVG 0T(QVQ %CTN)ÑNNPGTCC15 

8QNMUNKGFU Q5KGDGPD×TIGP .CPF FGU 5GIGPUR FCU CNU Q8QNMUJ[OPGR FGT5KGDGPD×TIGT5CEJUGPIGNVGPMCPP  #PVQP -WT\ MCO  CNU 5GMTGV¼T FGU )TCHGP -GOÃP[ PCEJ 5KGDGPD×TIGP &WTEJ FGUUGP 8GTOKVVNWPI YWTFG GT OKV )ÑVV DGMCPPV 5GKVXGTÑHHGPVNKEJVGGT$GKVT¼IGKPFGPQ$N¼VVGTPH×T)GKUV)GO×VJ WPF 8CVGTNCPFUMWPFGR WPF KO Q5CVGNNKVR &C UGKPG JKUVQTKUEJGP #WHU¼V\G \W \CJNTGKEJ H×T FGP 7OHCPI FGT $GKDN¼VVGT FGU Q9QEJGPDNCVVUR YWTFGP GPVUEJKGF UKEJ -WT\ OKV *KNHG )ÑVVU GKPG JKUVQTKUEJG <GKVUEJTKHV JGTCWU\WDTKPIGP )GQTIG $CTK/KW WPF 6KOQVGK %KRCTKWGTMN¼TVGPUKEJDGTGKVFCTCPOKV\WOCEJGP#DGTFCUQ#NDWOH×T )GUEJKEJVG .KVGTCVWT WPF CPFGTG &GPMY×TFKIMGKVGP 5KGDGPD×TIGPUR GTUEJKGPYGIGP<GPUWTXGTDQVPKEJVUQFC²-WT\FGP6KVGN¼PFGTVG&CU Q/CIC\KP H×T )GUEJKEJVG .KVGTCVWT WPF CNNG &GPM WPF /GTMY×TFKIMGKVGP 5KGDGPD×TIGPUR FGUUGP +PJCNV KO Q5KGDGPD×TIGT 9QEJGPDNCVVRCPPQPEKGTVYWTFGKUVKPXKGNGP*KPUKEJVGPGKP2TQITCOO FGT.KDGTCNGPKPFGT0CVKQPCNKV¼VGPHTCIG&GTQYCJTG$×TIGTFGT PKEJVDNQ²XGIGVKGTGPWPFUKEJ\WOVQVGP$TWEJUV×EMGKPGUNGDGPFKIGP )CP\GP OCEJGP YKNNR UQNNVG UKEJ Q×DGT FKG 8GTJ¼NVPKUUG FGU 5VCCVGUR KPHQTOKGTGP MÑPPGP &KG 2WDNK\KGTWPI JKUVQTKUEJGT (QTUEJWPIGP UQNNVG FKG8GTDKPFWPI\YKUEJGPFGO.GUGTWPFFGT)GUEJKEJVGUGKPGU8QNMGU JGTUVGNNGPYQDGK)GUEJKEJVGCNUQ5EJWNGFGT5KVVNKEJMGKV)GTGEJVKIMGKV (TGKJGKVR XGTUVCPFGP YWTFG 'DGP FWTEJ (ÑTFGTWPI FGU 0CVKQPCNDGYW²VUGKPU YQNNVG FCU Q/CIC\KPR \W GKPGO $KPFGINKGF \YKUEJGP FGP 0CVKQPGP YGTFGP Q0WP NC²V WPU FGP XGTJC²VGP 5EJNCIDCWO \YKUEJGP 0CVKQPU WPF 5RTCEJGPXGTUEJKGFGPJGKV \GTVT×OOGTP WPF YQ FKG XGTUÑJPGPFG 9KUUGPUEJCHV \WT (ÑTFGTWPI IGOGKPUEJCHVNKEJGT0CVKQPU\YGEMGKJTGP5KV\CWHIGUEJNCIGPJCVUQNNGP CWEJFKG$GYQJPGTFGT/QNFCW9CNCEJGK7PICTPUWPF&GWVUEJNCPFU FKG UKEJ H×T )GUEJKEJVG KPVGTGUUKGTGP YKNNMQOOGP UGKPR <W FKGUGO 'PFG CTDGKVGVGP PGDGP -WT\ CWEJ CPFGTG 5KGDGPD×TIGT WPF KPUDGUQPFGTG )TCH -GOÃP[ FGT FQTV XKGNG UQICT FGT )GUEJKEJVG FGT 4WO¼PGP IGYKFOGVG #WHU¼V\G GTUEJGKPGP NKG² &KG ×DGTPCVKQPCNG -QNNCDQTCVKQP UVKG² CDGT CWH 9KFGTURTWEJ KO .CIGT FGT WPICTKUEJGP 0CVKQPCNKUVGP 2TQDNGOG OKV FGT <GPUWT WPF (KPCP\UEJYKGTKIMGKVGP \YCPIGP-WT\\WT'KPUVGNNWPIFGUQ/CIC\KPUR#PVQP-WT\DNKGD GKP GJTNKEJGT (TGWPF FGT OCI[CTKUEJGP 4GXQNWVKQP 5GKPG VTGWG 
¯DGT/CZ/QNVMGXIN5KGDGPD×TIGT5CEJUGP.GZKMQP5 

¯DGT #PVQP -WT\ XIN 9 &CWIUEJ CC1 5  WPF KPUDGUQPFGTG %CTN )ÑNNPGT#-WT\.GDGPWPF9GTMKP(QTUEJWPIGP*GTOCPPUVCFV:0T5  

#PJ¼PIGTUEJCHV\WT7PKQPUUCEJGNKG²FKG5MGRVKMGTWPVGTFGP5CEJUGP XGTOWVGP GT UGK GKP 5ÑNFPGTIGUCPFVGT -QUUWVJU 5KEJ WPF UGKPGO )NCWDGP IGVTGW UVCTD GT CNU $GOU #FLWVCPV KP FGT 5EJNCEJV XQP 9GK²MKTEJDGK5EJ¼²DWTI 
,WNK   &CUQ9QEJGPDNCVVRYCTGKP5RTGEJUCCNYQFT¼PIGPFGCMVWGNNG (TCIGP FGU RQNKVKUEJGP .GDGPU DGURTQEJGP YWTFGP FCT×DGTJKPCWU UVCPFGP FGUUGP $GKDN¼VVGT XQT\×INKEJ FGP IGUGNNUEJCHVNKEJGP -WNVWT JKUVQTKUEJGP 6JGOGP QHHGP &GP *KUVQTKMGT #FQNRJ /CTKGPDWTI DGUEJ¼HVKIVG KPUDGUQPFGTG FKG (×TUVGP\GKV KP 5KGDGPD×TIGP &KG WPICTKUEJGP /KVCTDGKVGT )ÑVVU YKG )TCH -GOÃP[ QFGT (TGKJGTT ,QUKMC /KMNÎU UVGNNVGP 5\GPGP FGU #FGNUNGDGPU XQT &GT NGV\VGTG YCJTUEJGKPNKEJFGTDGUVGUKGDGPD×TIKUEJWPICTKUEJG5EJTKHVUVGNNGTUGKPGT <GKVXGTÑHHGPVNKEJVGKPFGPU¼EJUKUEJGP<GKVWPIGP6GKNGUGKPGT4QOCPG  &KGU¼EJUKUEJG2TGUUGJCVVGDKUKJTG2KQPKGTCTDGKVGTNGFKIV OCP GTMCPPVG KJTG 9KEJVKIMGKV CNU Q<GKVMCP\GNR
5V. 4QVJ  0WP PCJOGP  WPF KPUDGUQPFGTG PCEJ FGT #WHJGDWPI FGT <GPUWT FKG -QOOGPVCTGWPF&GDCVVGP\WFGPRQNKVKUEJGP'TGKIPKUUGPWPF\WFGP ÑHHGPVNKEJGP (TCIGP KOOGT OGJT 4CWO GKP )ÑNNPGT UKGJV FGP *CWRVXGTFKGPUV FGT -TQPUV¼FVGT 2GTKQFKMC KP KJTG WPDGUEJYGTVG #TV UQ\KCNG YKTVUEJCHVNKEJG WPF RQNKVKUEJG (TCIGP \W DGJCPFGNP YCU \WT ¯DGTYKPFWPIFGT5EJGWXQTFKGUGP(TCIGPDGKVTWI&GOU¼EJUKUEJGP 8QNMY×TFGGKPGITQ²G<WMWPHVDGXQTUVGJGPYGPPGUFKGQ<GKVOKVVGNR WPF FKG 2TGUUG YCT GKPGU FGT <GKVOKVVGN  CWUPWV\GP WPF FGP UEJNGWPKIGP (QTVUEJTKVV FGT .CPFYKTVUEJCHV *CPFYGTMGP FGU 7PVGTTKEJVUYGUGPU FGT HTGKGP 0CVKQPCNGPVYKEMNWPI
(T 6GWVUEJ  JGTDGKH×JTGPY×TFG   #DUEJNKG²GPF GKPKIG &CVGP ×DGT FCU 'TUEJGKPGP FKG 4GIGNO¼²KIMGKVWPFFGP7OHCPIFGTU¼EJUKUEJGP,QWTPCNG  +P *GTOCPPUVCFV GTUEJKGP FGT Q5KGDGPD×TIGT $QVGR OKV XKGT 5GKVGP 7OHCPI ITQ²GP (QTOCVU FGTGP +PJCNV GKIGPVNKEJ FGT KO 7PVGTVKVGN CPIGFGWVGVGP <KGNUGV\WPI GPVURTCEJ Q<GKVWPI H×T XCVGTN¼PFKUEJG+PVGTGUUGP)GUEJKEJVGWPF.CPFGUMWPFG9GNVEJTQPKMR &KG GTUVG 5GKVG WOHC²VG GKPGP .GKVCTVKMGN FGT \W $GIKPP GKPGU PGWGP ,CJTGU FCU 2TQITCOO FGT 4GFCMVKQP WOTK² ×DNKEJGTYGKUG LGFQEJ GKP 'UUC[YCTFGTXGTUEJKGFGPG(TCIGPFGT5VCFVQFGT.CPFD×TIGTUEJCHV DGJCPFGNVG9¼JTGPFFGU-TKGIGUXQPFKGPVGFKG8QTFGTUGKVGCDGT HCUV CWUUEJNKG²NKEJ H×T $GMCPPVOCEJWPIGP 8GTQTFPWPIGP QFGT 
9&CWIUEJCC15 %CTN)ÑNNPGTCC15 

2TQMNCOCVKQPGP FGT ÑUVGTTGKEJKUEJGP DG\KGJWPIUYGKUG WPICTKUEJGP 5GKVG #WH FGP /KVVGNUGKVGP HQNIVGP GKP COVNKEJGT 6GKN OKV 0CEJTKEJVGP XQO .CPF WPF 4GKEJUVCI GKP ¯DGTDNKEM FGT YKEJVKIUVGP RQNKVKUEJGP 'TGKIPKUUG KP 5KGDGPD×TIGP CWU FGO -CKUGTTGKEJ WPF CWU 7PICTP YGKVGT FKG YGNVRQNKVKUEJGP 0CEJTKEJVGP CWU FGP &QPCWH×TUVGPV×OGTP CWU &GWVUEJNCPF 2TGW²GP )TQ²DTKVCPPKGP (TCPMTGKEJ QFGT 0QTFCOGTKMC #WH FGT NGV\VGP 5GKVG HCPFGP DTCPFPGWG +PHQTOCVKQPGP WPFUQICT9GTDWPIGPWPF#P\GKIGP2NCV\  &KG RQNKVKUEJG 2GTURGMVKXG DQV FGT .GUGTUEJCHV GKPG CPFGTG 9CJTPGJOWPIFGT#MVWCNNKV¼V#PHCPI\WO$GKURKGNGPVYKEMGNVG UKEJ $GTKEJVGTUVCVVWPI ×DGT FKG HTCP\ÑUKUEJG 4GXQNWVKQP CNNO¼JNKEJ \W #WUOC²GP GKPGU (GWKNNGVQPTQOCPU #NU FKG 4GXQNWVKQP MWT\ FCPCEJ FGP 1UVGP GTQDGTVG NGTPVGP UQYQJN 2TGUUG CNU CWEJ FKG .GUGT FC² 9GNVRQNKVKM XKGN OGJT CNU 7PVGTJCNVWPIUNKVGTCVWT DGFGWVGVG  UKG YCT FTKPIGPFWPFUEJOGT\JCHVKPFGP#NNVCIGKPIGFTWPIGP  +O/¼T\GTUEJKGPFKG<GKVWPIFTGKOCNRTQ9QEJGFCPCEJ XKGTOCN 0CEJ FGT \YGKVGP 5EJNCEJV XQP *GTOCPPUVCFV CO  /¼T\  CNU FKG 5VCFV XQP FGT WPICTKUEJGP #TOGG $GOU GTQDGTV YWTFG MQPPVG UKG YGIGP WPTGIGNO¼²KIGP 2QUVGPNCWHU PWT \YGKOCN YÑEJGPVNKEJKO1MVCXQ(QTOCVGTUEJGKPGP  &KG Q6TCPUUKNXCPKCR OKV KJTGP KO ,CJT  GTUEJKGPGPGP  0WOOGTPWPFFGPYGKVGTGP0WOOGTPDKU\WO/¼T\UVGNNVG FKG RQNKVKUEJGP 'TGKIPKUUG GDGPHCNNU KP +PHQTOCVKQPUPQVGP WPF 'UUC[U FCT  &GT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR UVGNNVG UKEJ KP UGKPGO 7PVGTVKVGN UGNDUV CNU GKP Q9QEJGPDNCVV H×T 5VCFV WPF .CPFR XQT 'T GTUEJKGPLGFGP(TGKVCICD0TXQO/¼T\LGFGP&KGPUVCIWPF (TGKVCI &GUUGP JCNDL¼JTKIGT 2TGKU DGVTWI  HN %/ OKV GKPOCNKIGT 2QUVUGPFWPI  HN  MT %/ 5GKPG 5VTWMVWT WOHC²VG + )GOGKPP×V\KIGU ++ .CPFYKTVUEJCHVNKEJGU +++ 7PVGTJCNVGPFGU +8 CNNGTNGK 0GWKIMGKVGP CWU FGO +PP WPF #WUNCPF
OKV 9GTDWPIGP WPF #P\GKIGP YKG \$ Q$GMCPPVOCEJWPI CP FKGLGPKIGP .PCFYKTVJG YGNEJG JGWGT H×T FKG JKGUKIG <WEMGTHCDTKM 4WPMGNT×DGP GT\GWIGP YQNNGPR   &KG Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR JCVVGP GKP MWNVWTRQNKVKUEJGU2TQHKN5KGGTUEJKGPGP\YKUEJGP/CKWPF1MVQDGT KP*GHVGPMNGKPGP(QTOCVUWPIGH¼JT5GKVGPLGFGU*GHV   MCO KP -TQPUVCFV FCU Q9QEJGPDNCVVR KP  0WOOGTP
OKVGKPGT)GUCOV\CJNXQP5GKVGP ITQ²GP(QTOCVUJGTCWU5QYQJN 
5KGDGPD×TIKUEJGT8QNMUHTGWPF0T(HGDTWCT 

FCU Q5KGDGPD×TIGT 9QEJGPDNCVVR CNU CWEJ FGT Q5CVGNNKVR GTUEJKGPGP \YGKOCN YÑEJGPVNKEJ &KGUG 'TUEJGKPWPIUTGIGNO¼²KIMGKV YWTFG CWEJ  DGYCJTV DGK GKPGO HCUV XGTFQRRGNVGP +PJCNV +P FKGUGO ,CJT GTUEJKGP FCU Q9QEJGPDNCVVR LGFGP /QPVCI WPF (TGKVCI FGT Q5CVGNNKVR CDGT /KVVYQEJ WPF 5COUVCI &KG Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR GPVJKGNVGP   0WOOGTP OKV KPUIGUCOV  5GKVGP  

&KG$TWMGPVJCN$KDNKQVJGM
2+++ DGUKV\VFKGXQNNUV¼PFKIG4GKJGFGU5CVGNNKV0T  XQO  ,CPWCT DKU &G\GODGT&CU5KGDGPD×TIGT9QEJGPDNCVVKUVKP FGTUGNDGP$KDNKQVJGM
2+++ WPFKPFGT-NCWUGPDWTIGT7PKXGTUKV¼VUDKDNKQVJGM
*   \W HKPFGP &CU 'TUEJGKPGP FGT <GKVWPI YWTFG OKV 0T  XQO  /¼T\  GKPIGUVGNNV8IN0TKO*GTOCPPUV¼FVGT0CVKQPCNCTEJKX
++ WPF0T  KP FGT -NCWUGPDWTIGT 7PKXGTUKV¼VUDKDNKQVJGM +P FGT $TWMGPVJCN $KDNKQVJGM
2++ IKDVGUFKG$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFG 

++4'81.76+10 +/¯$'4$.+%- 

          

&CU ,CJT  PCJO UGKPGP #PHCPI KP ×DNKEJGT 9GKUG &KG 4GFCMVKQP FGU Q5KGDGPD×TIGT $QVGPR DGITײVG YKG IGYÑJPNKEJ KJTG .GUGTUEJCHV *KPUKEJVNKEJ UGKPGT NCPIL¼JTKIGP 6¼VKIMGKV DGOGTMVG FGT Q$QVGROKV+TQPKG  Q<WO  /CNG DGIKPPV FGT 5KGDGPD×TIGT $QVG UGKPGP ,CJTGUICPIWPFPQEJH×JNVGTFGO*KOOGNUGK&CPMMGKP#P\GKEJGP XQP*KPH¼NNKIMGKVWPFOCTCUOWUUGPKNKUYGNEJGGKPKIGOKVNGKFKIG5GGNGP WPF /KVCTDGKVGT KO LQWTPCNKUVKUEJGP 9GKPUDGTI CP KJO DGOGTMGP WPF FCTCWU UGKP DCNFKIGU UGNKIGU *KPUEJGKFGP RTQRJG\GKGP YQNNGPR )NGKEJ\GKVKI DGJCWRVGVG FGT Q$QVGR UGKP %TGFQ Q5Q JQHHV GT FGPP CWH TGKEJNKEJGP <WURTWEJ WPF UGV\V UGKPGP .CWH HQTV VTGW UGKPGO CNVGP 9CJNURTWEJ#NNGUH×T(×TUV8CVGTNCPF9CJTJGKVWPF7PRCTVGKNKEJMGKVR  /KVVG ,CPWCT DGUEJ¼HVKIVGP UKEJ FGT Q$QVGR WPF FGT Q8QNMUHTGWPFR OKV FGO PGWGP 4GMTWVKGTWPIUIGUGV\ FCU KP OKVVGNCNVGTNKEJGT9GKUGKP0GWOCTMVWPF(QICTCUEJXQNN\QIGPYWTFG  +O (GDTWCT DGCPVYQTVGVG FGT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR FKG(TCIGQ9CUMÑPPGPWPFUQNNGPFKG.GJTGTFGUU¼EJUKUEJGP8QNMGU VJWP WO KP FGP )GO×VJGTP FGT ,WIGPF 8CVGTNCPFUNKGDG \W GTYGEMGP!R &KG Q6TCPUUKNXCPKCR KO )GIGPUCV\ \W KJTGT UR¼VGTGP *CNVWPI YKFOGVG KJTG 5GKVGP GKPGO CWU FGO Q/WNV ÃU LGNGPR 
Q5KGDGPD×TIGT$QVGR0T,CPWCT5#WEJFKG6KVGNUGKVGDGUV¼VKIVFC² 

%JTQPKMFGT*GTOCPPUV¼FVGT2TGUUG
Q5KGDGPD×TIGT$QVGRQ6TCPUUKNXCPKCR Q5KGDGPD×TIKUEJGT8QNMUHTGWPFR Q7PVGTJCNVWPIGPCWUFGT)GIGPYCTVRWC      

FGT  ,CJTICPI YCT FGOPCEJ GTUEJKGP  FGT GTUVG  IKDV FGT Q$QVGR FGP  ,CJTICPI CP FCU JGK²V FGT GTUVG ,CJTICPI Y¼TG  GTUEJKGPGP 5KIGTWU CC15UEJTGKDVQ&GT5D$QVGGTUEJKGPCDR  
$KUJGTJCDGPYKTFGPGTUVGP ,CJTICPI PKEJV UGJGP MÑPPGP +P FGT $TWMGPVJCN$KDNKQVJGM KO *GTOCPPUV¼FVGT #TEJKX KP FGT -NCWUGPDWTIGT 7PKXGTUKV¼VUDKDNKQVJGM WPF KP FGT $WMCTGUVGT $KDNKQVJGMFGT#MCFGOKGKUVGTPKEJV\WHKPFGP  Q5D $QVGR 0T   ,CPWCT  5  0T   (GDTWCT  5  Q5D 8QNMUHTGWPFR0T,CPWCT5 5D8QNMUHTGWPF0T(GDTWCT5 

×DGTPQOOGPGP #WHUCV\ ×DGT FKG Q9KGFGTXGTGKPKIWPI FGT 2CTVGUR KP YGNEJGO FGT 9WPUEJ FGT 8GTGKPKIWPI 5KGDGPD×TIGPU OKV 7PICTP CWUIGRTQEJGPYWTFG&GT8GTHCUUGTQGKPJQEJIGUVGNNVGT5VCCVUOCPPR JCVVG UEJQP Y¼JTGPF FGT KP FGP ,CJTGP  CDIGJCNVGPGP .CPFVCIG FKGUG #DJCPFNWPI DGP×V\V YGNEJG KP \YGK 6GKNGP FKG $GUEJYGTFGP FGT 5V¼PFG FGU -ÑPKIUTGKEJU 7PICTP WOHC²VG + FKG )T×PFG CWU YGNEJGP FKG CNUQINGKEJG 4×EMUVGNNWPI FGT UQIGPCPPVGP 2CTVGU TGCRRNKECVG XGTNCPIV YWTFG ++ FGT 9WPUEJ FGT 8GTGKPKIWPI 5KGDGPD×TIGPU OKV 7PICTP P¼ONKEJ KP FGO XQT  DGUVGJGPFGP 8GTJ¼NVPKU  &KG Q6TCPUUKNXCPKCR XGTÑHHGPVNKEJVG OGJTGTG CWHGKPCPFGT HQNIGPFG #PVYQTVGP CWH FKG XQO Q5CVGNNKVR XQTIGDTCEJVGP 8GTNGWOFWPIGP &KG -TQPUV¼FVGT <GKVWPI JCVVG FKG *GTOCPPUV¼FVGT )GOGKPUEJCHV FGT )NGKEJI×NVKIMGKV IGIGP×DGT UQNEJGP 6¼VKIMGKVGP DGUEJWNFKIVFKGFGO)GOGKPYQJNFKGPVGP&GT\YKUEJGPFGPDGKFGP 5V¼FVGP DGUVGJGPFG -QPMWTTGP\IGKUV YKG CWEJ FKG <YKUVKIMGKVGP \YKUEJGPKJPGPUEJTKGDKJPGPUEJQPXQTFGO#WUDTWEJFGT4GXQNWVKQP GPVIGIGPIGUGV\VG5VGNNWPIGP\W  #D/¼T\×DGTUV×T\VGPUKEJFKG'TGKIPKUUG  9GPP FKG -TQPUV¼FVGT <GKVWPIGP FKG HTCP\ÑUKUEJG 4GXQNWVKQP WPF KJTGP 8GTNCWH KP 2CTKU \YKUEJGP FGO  WPF  (GDTWCT DGUEJTKGDGP XGTÑHHGPVNKEJVG FGT Q8QNMUHTGWPFR FKG $GTKEJVGTUVCVVWPI FGU©UVGTTGKEJGTU%CUVGNNK×DGTQ9CUKUVFGPPLGV\VIUEJGJGPKP9KGP!R WPF VGKNVG \WU¼V\NKEJ FCU /KVVG /¼T\ XQP -CKUGT (GTFKPCPF WPVGT\GKEJPGVG 2CVGPV OKV &KG .GUGT GTHWJTGP FC² FGT-CKUGTCO /¼T\ FKG #WHJGDWPI FGT <GPUWT WPF FKG CNUDCNFKIG 8GTÑHHGPVNKEJWPI GKPGU 2TGUUGIGUGV\GU DGUEJNQUUGP JCVVG Q(TGK KUV FKG 2TGUUGR  FGT (TGWFGPTWHCWHFGT6KVGNUGKVGUEJKGPPGWG<GKVGP\WXGTM×PFGP  )NGKEJ\GKVKI YWTFG CWU FGO Q2GUVK JÈTNCRR GKPG /GNFWPI ×DGTPQOOGP YGNEJG FKG 5VKOOWPI KP 2GUV CO  /¼T\  DGUEJTKGD WPF FKG \YÑNH 2WPMVG FGU Q/CPKHGUVGU CP FKG WPICTKUEJG 
6TCPUUKNXCPKCFGT#WHUCV\5KGDGPD×TIKUEJGU8QVWO×DGTFKG9KGFGTXGTGKPKIWPI FGT 2CTVGU WPF FKG 8GTGKPKIWPI 5KGDGPD×TIGPU OKV 7PICTP 0T   (GDTWCT 50T(GDTWCT50T(GDTWCT50T (GDTWCT50T/¼T\50T/¼T\5  'DGPFC0T(GDTWCT0T/¼T\50T/¼T\ 5 5D8QNMUHTGWPF0T/¼T\5 Q5D$QVGR0T/¼T\5 

0CVKQPRCPH×JTVG5QYKGFCUQ5KGDGPD×TIGT9QEJGPDNCVVRKPHQTOKGTVG FGT Q$QVGR CWEJ ×DGT FGP 9KFGTJCNN FGT 2GUVGT 'TGKIPKUUG KP -NCWUGPDWTI 
/¼T\ &KG4GCMVKQPFGT*GTOCPPUV¼FVGTFCTCWH  Q &CU GTUVG )GH×JN YGNEJGU UKEJ DGK LGFGO U¼EJUKUEJGP 8CVGTNCPFUHTGWPFG YCJTJCHV WPF KPPKI CWUURTCEJ YCT LGPGU FGT CNVJGTIGDTCEJVGP 6TGWG IGIGP WPUGT GTJCDGPGU -CKUGTJCWUR #O  /¼T\ YWTFG FGO 0CVKQPUITCHGP GKPG 2GVKVKQP ×DGTTGKEJV WO GKPG 6TGWGTMN¼TWPICPFGP-CKUGTCD\WUGPFGP  /ײVGP YKT FKG *CNVWPI FGU Q5KGDGPD×TIGT $QVGPR KP FGP /QPCVGP /¼T\ DKU ,WNK  OKV GKPGO $GITKHH \WUCOOGPHCUUGP UQ MÑPPVGGTNCWVGP-GKPG7PKQP  9¼JTGPF FCU -TQPUV¼FVGT Q5KGDGPD×TIGT 9QEJGPDNCVVR FGP 'KPFTWEM GTYGEMVG FC² FKG ICP\G 5VCFVIGOGKPUEJCHV FGT KP FGT WPICTKUEJGP &GMNCTCVKQP IGHQTFGTVGP 7PKQP \WUVKOOVG DGJCWRVGVG FGTQ$QVGRKPGKPGTRTKP\KRKGNNGP-TKVKMFGT7PKQPQ&KG5CEJUGPYCTGP DGITGKHNKEJGT 9GKUG KOOGT FCIGIGPR &GT $GKVTCI KO -TQPUV¼FVGT Q5CVGNNKVGPRFGT\WT7PKQPCWHIGTWHGPJCVVGYWTFGJGHVKICPIGITKHHGP  &GT Q$QVGR GPVNCTXVG FGP QIGUGV\YKFTKIGPR CPUVCPFUNQUGPR #PURTWEJFGPPGUUGKQOKVFGT7PKQPPKEJVU#PFGTGUIGOGKPVCNUGKP I¼P\NKEJGU 7PVGTIGJGP WPUGTGU 8CVGTNCPFGU WPF WPUGTGT 0CVKQP KO 7NVTC/CI[CTKUOWU KO MTCUUGUVGP WPICTKUEJGP 5GRCTCVKUOWUR &KG 8GTH×IWPIGP FGU WPICTKUEJGP /KPKUVGTKWOU UGKGP GKPG QYCJTG 7PVGTLQEJWPI FGPP YKG CPFGTU MÑPPVG OCP YQJN XGTOWVGP YGPP OCP UKGJV YKG CNNGU XQTDGTGKVGV KUV WO FWTEJ FGP 6GTTQTKUOWU FGT )CNNGTKGP WPF GKPGU HCPCVKUKGTVGP 8QNMUJCWHGPU FWTEJ FKG *GTDGK\KGJWPI GKPGT 5EJCT $WFC2GUVJGT ,WTCVGP FKG 7PKQP CNU .CPFVCIUDGUEJNW²\WGT\YKPIGPR  'KPG5VKOOGCWU9KGPYCTPVGXQTFGT7PKQP/CPCPCN[UKGTVG FKG5VGNNWPIFGT4GIKGTWPIWPFFKG5VGNNWPIFGT0CVKQPUWPKXGTUKV¼V\WT
'DGPFC 0T   /¼T\  5  &GTUGNDG #WHUCV\ CWU FGO Q2GUVK JKTNCRR YWTFG CWEJ XQO Q5KGDGPD×TIGT 9QEJGPDNCVVR 0T   /¼T\  5  YKGFGTIGIGDGP Q5D$QVGR0T/¼T\5¯DGT-NCWUGPDWTICO/¼T\CWEJKO Q5D9QEJGPDNCVVR0T/¼T\5  <WO $GKURKGN Q5D 9QEJGPDNCVVR 0T   #RTKN  5  ×DGT FKG WPKQPUHTGWPFNKEJG5VKOOWPIKP-TQPUVCFV0T/CK52GUVCNQ\\KU $GKVTCI ×DGT FKG 7PKQP 5KGDGPD×TIGPU OKV 7PICTP 0T   /CK  5   PGICVKXG#PVYQTV\WT(TCIGQ9CUJCV5KGDGPD×TIGPXQPGKPGT7PKQPOKV1GUVGTTGKEJ \WJQHHGP Q5D$QVGR0T#RTKN5 'DGPFC0T/CK5  

7PKQPUHTCIG &GT Q$QVGR UQNKFCTKUKGTVG UKEJ OKV FGP #MVKQPGP FGT Q9CNCEJGPR WO $âTPW/KW WPF $KUEJQH (CIWPC &KG4WO¼PGPYWTFGP CWHITWPFKJTGT#P\CJNDGIGJTVG#NNKKGTVGFGT*GTOCPPUV¼FVGT5CEJUGP KP FGT 5CEJG FGT <WT×EMYGKUWPI FGT 7PKQP +P FGT 0¼JG XQP $TQQU YQNNVG GKPG 5\GMNGT )TGP\EQORCIPKG FKG 7PKQP HQTEKTV WOUGV\GP FCU 'TIGDPKU YCTGP \YÑNH VQVG WPF PGWP UEJYGTXGTNGV\VG 4WO¼PGP &GT JGHVKIG -QOOGPVCT FGU Q$QVGPR ×DGT -QUN¶TF
%Q)NCTKW  WPF /KJ¶NV\HCNXC
/KJCN/  GTTGIVG FKG )GO×VGT &GO 4GFCMVGWT FGU Q5KGDGPD×TIGT $QVGPR YWTFG GDGPUQ YKG CPFGTGP 4GFCMVGWTGP FKG ×DGT /KJ¶NV\HCNXC IGUEJTKGDGP JCVVGP XQP  QXGTUEJYQTGPGP ,×PINKPIGPRCWUFGP4GKJGPFGTWPICTKUEJGP4GXQNWVKQP¼TGCPIGFTQJV KJOQFGP-QRHXQTFKG(ײG\WNGIGPRYCUPGWP/QPCVGUR¼VGTCWEJ IGUEJCJ &KGUGP &TQJWPIGP YWTFG OKV GKPGO PGWGP #WHUCV\ ×DGT /KJCNV\IGCPVYQTVGV  &GT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR ¼W²GTVG GDGPHCNNU GKPG HGUVG WPKQPUHGKPFNKEJG *CNVWPI FKG UQYQJN KP FGT +PVGTRTGVCVKQP FGT CPIGH×JTVGP 'TGKIPKUUG CNU CWEJ KP FGP FCTKP XGTÑHHGPVNKEJVGP VJGQTGVKUEJGP &GDCVVGP \WO #WUFTWEM MCO &GT $GUWEJ FGU )QWXGTPGWTU6GNGMKKP*GTOCPPUVCFV 
/CK ICDFGP#PNC²\WGKPGT URQPVCPGP 5CEJUGPXGTUCOONWPI #DGPFU KO 6JGCVGT YWTFG FKG UEJYCT\IGNDG(CJPGCWUIGUVGEMVWPF,CMQD4CPPKEJGT4GFCMVGWTFGU Q$QVGPR JKGNV GKPG HNCOOGPFG 4GFG XQT FGO 2WDNKMWO &KGUGNDG <GKVWPIICDGKPWOHCUUGPFGU'UUC[YKGFGTFCU\WP¼EJUVFKG#PUKEJVGP FGT 7PKQPUHTGWPFG FCPP FKG )T×PFG YGUJCND OCP FKG 7PKQP OKV 7PICTPGPVUEJKGFGP\WT×EMYKGUCWH\¼JNVG  +O /QPCV /CK UEJNWI CWEJ FKG *GTOCPPUV¼FVGT <GKVWPI Q6TCPUUKNXCPKCR GKPG PGWG $CJP GKP +O #RTKN JCVVG UKG GKPG #PUEJNW²GTMN¼TWPI CP FKG WPICTKUEJG NKDGTCNG 2CTVGK WPF INGKEJ\GKVKI GKPGP #WHTWH \WT 'TUGV\WPI FGU 0COGPU FGT 5¼EJUKUEJGP 0CVKQPUWPKXGTUKV¼V FWTEJ LGPGP FGT &GWVUEJGP 0CVKQPUWPKXGTUKV¼V IGOCEJV &CPP  JCVVG UKG UKEJ H×T FKG 5CEJG FGT 7PKQP OKV 7PICTP GPVYGFGT FWTEJ )GFKEJVG QFGT FWTEJ 8QTCWUUCIGP JKPUKEJVNKEJ FGT 

'DGPFC0T/CK5
FGT$GKVTCICWU9KGP 0T/CK 5 
FKG *CNVWPI FGU )WDGTPKWOU  0T   ,WPK  5 
FKG *CNVWPIFGT 0CVKQPUWPKXGTUKV¼V 0T/CK5
FCU$×PFPKUOKVFGP4WO¼PGP 0T ,WPK5
/KJCNV\ 0T,WPK50T,WPK5 
$GPKIPKU$GFTQJWPI 0T,WPK5
PGWGT#WHUCV\×DGT/KJCNV\  5D8QNMUHTGWPFFGT#WHUCV\5EJYCT\WPF)GND0T/CK5 R5D$QVGR0T,WPK5 

#PPCJOG FGT 7PKQP KO M×PHVKIGP .CPFVCIG GKPIGUGV\V &GT 4GFCMVGWT (TKGFTKEJ *CPP FGT FKG Q6TCPUUKNXCPKCR WPKQPUHTGWPFNKEJ TGFKIKGTVG NGIVG CO  /CK  FKG 4GFCMVKQP PKGFGT WPF XGTNKG² FKG <GKVWPI QCNU GT FWTEJ UGKPG 5VGNNWPI OKV FGT /GJTJGKV FGT 0CVKQP KP 9KFGTURTWEJ IGTKGVR
1 9KVVUVQEM  5QOKV ¼PFGTVG UKEJ FKG 1TKGPVKGTWPI FGT Q6TCPUUKNXCPKCR KPFGO UKG UKEJ FGT WPKQPUHGKPFNKEJGP *CNVWPI FGU Q$QVGPR WPF FGU Q8QNMUHTGWPFUR CPUEJNQ² &KG <GKVWPI DGURTCEJ FKG 5VGNNWPI FGT 4WO¼PGP \WT 7PKQP WPF DGJCWRVGVG FKG 5CEJUGP MÑPPVGP PKEJV IG\YWPIGP YGTFGP FKG 7PKQPKJTGOGKIGPGP9KNNGP\WYKFGTCP\WPGJOGPQ&KGOCI[CTKUEJGP <GKVWPIGP URGKGP )KHV WPF )CNNG ×DGT WPU 5CEJUGP WPF N×IGP KP OC²NQUGT 7PXGTUEJ¼OVJGKV &KG $×TGCWMTCVKG KP *GTOCPPUVCFV JCDG GKPGVGWHNKUEJG+PVTKIWG×DGTFKG7PKQPCPIG\GVVGNVR  #D/CKGTUEJKGPGPFKGQ7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR +O GTUVGP *GHV YCPFVG UKEJ FKG 4GFCMVKQP CP FGP .GUGT &GT *WOQT FGT TCHHKPKGTVG )GKUV WPF FKG .GKEJVKIMGKV FGU 5EJTGKDGPU LC FKG NKVGTCTKUEJG $GICDWPI FGU 4GFCMVGWTU UKPF \W DGOGTMGP Q&KG )GIGPYCTVDGITGKHVFKGICP\GIGIGPY¼TVKIG9GNVOKV*CWVWPF*CCT 7PF YKT JCDGP XQT WPU TGEJV YGKFNKEJ KP FGO 7PKXGTUWO JGTWO \W VWOOGNP FC WPU UQYQJN 2J[UKMGT CNU CWEJ 2JKNQUQRJGP \WOCN FKG 8GTUKEJGTWPI IGIGDGP JCDGP FC² YKT PKEJV CWU FGOUGNDGP JGTCWU HCNNGP MÑPPGP 8GTUEJYGKIGP CDGT MÑPPGP YKT PKEJV FC² YKT IGYKUUG .KGDNKPIUUVCVKQPGPJCDGPYQYKTYKGFGTJQNVGKPMGJTGPYGTFGPUQ\$ 1GUVGTTGKEJ ×DGTJCWRV (TCPMHWTV %TQCVKGP WUH  &C² YKT FCU 5CEJUGPNCPFOGJTCNUKPFGO8GTJ¼NVPKUDGT×JTGPYGTFGPKPYGNEJGO GU\WO7PKXGTUWOUVGJVFKGUYKTF0KGOCPFGPYWPFGTPFGTFCYGK² 
6TCPUUKNXCPKC0T#RTKN5
FGT0COGFGT0CVKQPUWPKXGTUKV¼V 

0T#RTKN50T#RTKN50T#RTKN 50T/CK5  1 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT XKGT\KIGT ,CJTG KO $F *WPFGTV ,CJTG U¼EJUKUEJGT-¼ORHG*GTOCPPUVCFV5%)ÑNNPGT&KG5KGDGPD×TIGT5CEJUGP KPFGP4GXQNWVKQPULCJTGP$WMCTGUV5DGUEJ¼HVKIVGFGT5Q\KCNUVCPF FGT U¼EJUKUEJGP ,QWTPCNKUVGP &KG $GXÑNMGTWPI UGV\VG UKEJ KP *GTOCPPUVCFV PKEJV PWT CWU 2CVTK\KGTP WPF JQJGP $GCOVGP \WUCOOGP UQPFGTP CWEJ CWU HQTVUEJTKVVNKEJGP +PVGNNGMVWGNNGP WPF *CPFYGTMGTP  FKG UKEJ DKU\WO/CKWO FKG N6TCPUUKNXCPKCO UEJCTVGP WPF KO 5KPPG FGT -TQPUV¼FVGT .KVGTCVGP 4GHQTOGP HQTFGTVGP 'TUV PCEJ FGO  /CK CNU (TKGFTKEJ *CPP XQP FGT 4GFCMVKQP FGT N6TCPUUKNXCPKCO \WT×EMVTCV JCVVG FKG *GTOCPPUV¼FVGT 1RRQUKVKQP KJT 1TICP XGTNQTGPR 6TCPUUKNXCPKC0T/CK50T/CK50T /CK50T/CK50T/CK5  

FC² OCP UKEJ CO OGKUVGP FC WPVGTJ¼NV YQ OCP UKEJ CO OGKUVGP CWHJ¼NVR7PFYGKVGTQ9CUYKTGKIGPVNKEJYQNNGP!0WPYKTJCDGP\W FGT5EJNCWJGKVWPUGTGTXGTGJTVGP.GUGTXQPFGTGT#P\CJNYKTWPUKO )GJGKOUVGP WPUGTGU *GT\GPU GKPG UEJOGKEJGNJCHVG $GTGEJPWPI IGOCEJV JCDGP  YKT JCDGP \W FGT 5EJNCWJGKV FGTUGNDGP FCU IWVG 8GTVTCWGP FC² UKG FCU CO DGUVGP UGNDGT DGOGTMGP YGTFGP YGPP UKG WPU NGUGPR  
 &GT $GITKHH Q)GIGPYCTVR YWTFG FGHKPKGTV Q$GK 7PVGTJCNVWPIGP CWU FGT )GIGPYCTV KUV GU WP\YGKHGNJCHV YKEJVKI \W YKUUGP YCU IGIGPY¼TVKI DGUVGJV WPF IGUEJKGJV  )GIGPY¼TVKI DGUVGJVFKG9GNVPQEJ)GIGPY¼TVKIDGUVGJVCWEJ'WTQRCPQEJQDINGKEJ GKPKIG CUKCVKUEJG /¼EJVG IGYCNVKIG +PEQTRQTCVKQPUIGN×UVG DG\×INKEJ GKPKIGT .¼PFGT WPF 5VTGEMGP FKGUGU 'TFVJGKNU CP FGP 6CI NGIGP )GIGPY¼TVKI DGUVGJV CWEJ FKG ÑUVGTTGKEJKUEJG /QPCTEJKG PQEJ FGPP CWEJFKGRTCIOCVKUEJG5CPEVKQPDGUVGJVPQEJWPFFKG7PICTPUKPFGKP NQ[CNGUWPFVTGWGU8QNM)GIGPY¼TVKIYKTFUGJTXKGNH×TFKG7PKQP OKV 7PICTP IGURTQEJGP WPF IGJCPFGNV )GIGPY¼TVKI URTGEJGP WPF JCPFGNP'KPKIGCWEJIGIGPFKG7PKQPR&CUPGWGTUEJKGPGPG2GTKQFKMWO UGV\VG UKEJ XQTN¼WHKI XQT Q$CWUVGKPG \WO 6GORGN FGT 7PKQPR \W GTTKEJVGP  &CUGDGPHCNNUKO/CKJGTCWUIGDTCEJVG\YGKVG*GHVGPVJKGNVGKPG Q*GTOCPPUV¼FVGT%JTQPKMRFGT'TGKIPKUUGXQO/CK
FGT$GUWEJFGU )QWXGTPGWTU  7PF FGT -QOOGPVCT FGU 4GFCMVGWTU FCT×DGT Q&KG 5VKOOWPI*GTOCPPUVCFVU)GJÑTGP5VKOOWPIGPCWEJKPGKPG%JTQPKM! 7PUGTGT /GKPWPI PCEJ IGYK² #WU KJPGP N¼²V UKEJ FGT WTU¼EJNKEJG <WUCOOGPJCPI FGT 'TGKIPKUUG DGITGKHGP KJTG 5EJKNFGTWPI CTDGKVGV FGORTCIOCVKUEJGP)GUEJKEJVUHQTUEJGTXQTR  #D0TXQO/CKVTCVGPCWEJFKGQ7PVGTJCNVWPIGPCWUFGT )GIGPYCTVR GPVUEJKGFGP KPU .CIGT FGT 7PKQPUIGIPGT ×DGT •W²GTWPIGPFGUQ2GUVKJÈTNCRRYKGQ7PUGTG$×TIGTIGH¼JTVGPHTGOFGT <WPIG OײGP FCJGT YQ UKG OKV FGO 5VCCVG KP $GT×JTWPI MQOOGP 7PICTP UGKPR DGUVKOOVG FKG GPVIGIGPIGUGV\VG 4GCMVKQP FGT <GKVWPI Q*KGTCWU MÑPPGP YKT 5CEJUGP GTUGJGP  FC² WPU YGPP YKT WPU IWVYKNNKI WPKTGP FCU 2GUVK *KTNCR GDGP UQ IP¼FKI NQDGP YKTF YKG FKG <KRUGT FGTGP UKEJ FGT *GTT DGK KJTGT URT×EJYÑTVNKEJ IGYQTFGPGP $NKPFJGKVGTDCTOGPOÑIGFC²FKG7PICTPTGKPD×TIGTNKEJGU'NGOGPV DTCWEJGPR $G\×INKEJ FGT 5VGNNWPI \W FGP Q9CNCEJGPR OGKPVGP FKG 8GTHCUUGT Q9KT DNGKDGP FGOPCEJ DGK WPUGTGO 5VCPFRWPMVG GKP HTGKGU XQP 7PICTP WPCDJ¼PIKIGU 5KGDGPD×TIGPR +P UQ GKPGO 5KGDGPD×TIGP Y×TFGPCNNGHTGKUGKPCWEJFKG4WO¼PGPQ7PFPKEJVPWTHTGKKPLGPGO CNNIGOGKP WPITKUEJGP 5KPPG HTGK CNU WPITKUEJG $×TIGTIGH¼JTVGP 

UQPFGTP HTGK CNU 9CNCEJGP 5KG UQNNGP UKEJ FGP FTGK HTGKGP UGNDUVUV¼PFKIGP 0CVKQPGP 5KGDGPD×TIGPU CNU XKGTVG CPUEJNKG²GP MÑPPGPR  'KPG JGKVGTG 6ÑPWPI DTCEJVG FKG 8GTÑHHGPVNKEJWPI GKPGU \YKUEJGP GKPGO 2GUVGT (T¼WNGKP WPF UGKPGO *GTOCPPUV¼FVGT $TWFGT CPIGDNKEJ UVCVVIGHHWPFGPGP $TKGHYGEJUGNU &CU (T¼WNGKP Q-CKUGTNKEJ UEJYCT\IGNDGT $TWFGT /KV /WVJ WPF 'ORÑTWPI KO *GT\GP GTITGKHG KEJFKG(GFGT8GTCEJVWPIWPF5EJCPFG'WEJ#NNGP*GTOCPPUV¼FVGTP &KGU\WO)TW²9KG\WO-WMWMMQPPVG'WEJFKGIGUEJOCEMNQUG+FGG GKPHCNNGP FKG UEJYCT\IGNDG (CJPG WPF %QECTFG CWH\WRHNCP\GP! +JT OW²VGVFCUTGKPKO5EJNCHGIGVJCPJCDGP&QEJMCKUGTNKEJ\WUGKP KUV LGV\V XGTRÑPV WPF UEJO¼EJNKEJ 'U XGTWTUCEJV 'WEJ FKG HTGKG .WHV *GT\MNQRHGP WPF +JT DNGKDV KO CNVGP NKGDGP 5EJOWV\ MNGDGP *KPYGI OKVCNNGP0GWGTWPIGP#WHN¼²VFGP/GVVGTPKEJYKGFGTGKPUGV\GP#NNGU YKGFGT CWH FGP CNVGP (W² DTKPIGP &KGU 'WGT .QUWPIUYQTV +EJ DKP 4GRWDNKMCPGTKPKOGPIUVGP5KPPGFGU9QTVGUWPFJ¼VVGOKTXKGNNGKEJV YGPP KEJ PKEJV UQ YGKV XQP 'WEJ Y¼TG GKPG UEJÑPG -CV\GPOWUKM FCFWTEJXGTFKGPV&WVT¼IUVFQEJPKEJVCWEJGKPGUQNEJG%QECTFG! +P FKGUGO (CNNG YKNN KEJ PKEJV OGJT &GKPG 5EJYGUVGT JGK²GPR &KG #PYQTVGKPGU(TGWPFGUFGTDGKFGP)GUEJYKUVGTQ/GKP(T¼WNGKP KEJ JQHHG +JTG 'ORÑTWPI ×DGT FKG *GTOCPPUV¼FVGT YKTF UKEJ NGIGP YGPP FKG (T×EJVG FGT WPITKUEJGP 5GNDUVUV¼PFKIMGKV WPF (TGKJGKV GTUV CNNG UGTXKTV UGKP YGTFGP /GKP (T¼WNGKP KEJ JQHHG 5KG YGTFGP FKG 5EJYGUVGT+JTGU$TWFGTUDNGKDGPFGPPFKGWPITKUEJG(TGKJGKVYKTFFQEJ YQJNPKEJV(COKNKGPJC²YGTFGPR  +P GKPGT Q,QWTPCNTGXWGRUEJ¼V\VGPFKGQ7PVGTJCNVWPIGPRQ&KG ,QWTPCNGMÑPPGPGKPIGVJGKNVYGTFGPKPUQNEJGFKGGKPGDGUVKOOVG(CTDG JCDGP WPF 0KEJVU CWHPGJOGP YCU \W FGTUGNDGP PKEJV RC²V WPF KP UQNEJG YGNEJG UKEJ UGNDUV CNU 5RTGEJUCCN H×T CNNG /GKPWPIGP CPM×PFKIGP WPF PCEJ /C²ICDG KJTGT #WUFGJPWPI QJPG 7PVGTUEJKGF #NNGUCWHPGJOGP,QWTPCNGFGTGTUVGTGP#TVUKPFFWTEJYGIUQ\KGONKEJ CNNG WPITKUEJGP $N¼VVGT YKT 5CEJUGP JCDGP PWT KP L×PIUVGT WPF UGJT MWT\GT<GKVGKPUQNEJGU$NCVVIGJCDV#NU5RTGEJUCCNH×TCNNG/GKPWPIGP UKPFDGKWPUFKG-TQPUV¼FVGTFGWVUEJGP$N¼VVGTXQPLGJGTDGMCPPV+EJ DKP ×DGT\GWIV IGYK² FKG 4GFCMVKQP  KEJ OGKPG FGT 8GTNGIGT  UVGJV PKEJV KO WPITKUEJGP )QNF  GDGP UQ IGYK² KUV GU CDGT FC² FKG 

7PVGTJCNVWPIGPCWUFGT)GIGPYCTV*GHVQJPG&CVWO
/CK 5*GHV

QJPG&CVWO
/CK 5*GHV/CK5*GHV/CK5  

-TQPUV¼FVGT$N¼VVGTFGO7PICTVJWOGCWH-QUVGPFGU5CEJUGPVJWOGU WPDG\CJNDCTG&KGPUVGNGKUVGPR  &KG <GKVWPIGP DTCEJVGP #WHTWHG \WT 'TTKEJVWPI FGT 0CVKQPCNICTFGP &KG $×TIGTDGYCHHPWPI KO UKGDGPD×TIKUEJGP 5CEJUGPNCPFG JKG² GU UQNNVG QGKPG HÑTONKEJ \W QTICPKUKGTGPFG /KNKVCTKUKGTWPI FGT ICP\GP 0CVKQPR YGTFGP #O  /¼T\  JCVVG FKG U¼EJUKUEJG 0CVKQPCNXGTUCOONWPI FGP $GUEJNW² IGHC²V FKG $×TIGTICTFGYKGFGTCWHNGDGP\WNCUUGP&GTQ8QNMUHTGWPFROCEJVGFKG Q8QTUEJTKHV \WT XGTHCUUWPIUO¼²KIGP 'KPTKEJVWPI FGT $×TIGT9GJT KP FGT/KVVGFGTU¼EJUKUEJGP0CVKQPRDGMCPPVYGNEJGKPFGT'KFGUHQTOGN GKPG 6TGWGGTMN¼TWPI CP FCU *CWU XQP ©UVGTTGKEJ GPVJKGNV #WEJ FKG Q6TCPUUKNXCPKCR  DGURTCEJ FKG $GFGWVWPI WPF FGP )GKUV FGT 0CVKQPCNICTFG  &KG 4GHQTOJQHHPWPIGP FGU (T×JLCJTU  DGVTCHGP FKG 8GTYCNVWPI FCU <WPHVYGUGP FGP 7PVGTTKEJV 'KPG XQP FGT 0CVKQPUWPKXGTUKV¼V GTPCPPVG -QOOKUUKQP UVGNNVG FGP #PVTCI \WT Q)TWPFU¼V\NKEJGP4GXKUKQPFGT/WPKEKRCNXGTHCUUWPIFGT&GWVUEJGPKP 5KGDGPD×TIGPR 
/CK   &KG 5VWFKGTGPFGP FGT FGWVUEJGP *GTOCPPUV¼FVGT 4GEJVUCMCFGOKG×DGTTGKEJVGPFGO5GPCVFGT#MCFGOKGGKP$KVVIGUWEJ FCU HQNIGPFG (QTFGTWPIGP GPVJKGNV  FKG 'TTKEJVWPI GKPGU RJKNQUQRJKUEJGP .GJTUVWJNU  .GJT WPF .GTPHTGKJGKV 2TKXCVFQ\GPVGP WPF QTFGPVNKEJG 2TQHGUUQTGP UQNNGP KJTG .GJTIGIGPUV¼PFG UGNDUV DGUVKOOGPFKG4GRGVKVKQPGPQFGT4GXQMCVKQPGPFGT5VWFGPVGPUQNNGP H×T KOOGT GKPIGUVGNNV YGTFGP  GKPG UVTGPIG 5VCCVURT×HWPI  FKG 5VCCVURT×HWPI UQNN PCEJ YGPKIUVGPU \YGK 5VWFKGPLCJTGP CDIGNGIV YGTFGPDGUQPFGTG2T×HWPIGPH×TFKG2JKNQUQRJKGUVWFGPVGPLGFGT QTFGPVNKEJG2TQHGUUQTUQNNCNU\WCNNGPWPFLGINKEJGP#OVUUVGNNGPY¼JNDCT GTMN¼TV YGTFGP  LGFGT 2TKXCVFQ\GPV OÑIG DGK $GUGV\WPI GKPGT GTNGFKIVGP2TQHGUUWTXQT\×INKEJDGT×EMUKEJVKIVYGTFGP#MCFGOKMGT UQNNGP ©HHGPVNKEJMGKV IGPKG²GP  WPF DGK LGFGO PCVKQPCNGP #OVUKPUVKVWVG5EJTGKDFKGPUVGXGTTKEJVGPF×THGPTGKEJGTG&QVKGTWPI FGT CMCFGOKUEJGP $KDNKQVJGM  FGT (GEJVOGKUVGT FGT #MCFGOKG UQNN CWEJ 9CHHGPH×JTWPI GTVGKNGP  FKG CMCFGOKUEJG ,WIGPF UQNN GKP 
'DGPFC*GHV/CK5 

5CVGNNKV-TQPUVCFV0T#RTKN5 6TCPUUKNXCPKC0T#RTKN5 5D8QNMUHTGWPF0T#RTKN5 5CVGNNKV0T/CK5 

6TCPUUKNXCPKC0T#RTKN50T#RTKN5 

QRGTOCPGPVGU 5KEJGTJGKVUEQTRU KP *GTOCPPUVCFVR DKNFGP  LG \YGK #MCFGOKMGT UQNNGP CP FGT 8GTYCNVWPI FGT $KDNKQVJGM VGKNPGJOGP  DGKLGFGT#PMNCIGWPF7PVGTUWEJWPI×DGTGKPGPCMCFGOKUEJGP$×TIGT OÑIGP \YGK HTGKIGY¼JNVG #MCFGOKMGT 5KV\ WPF 5VKOOG KO 5GPCV GTJCNVGP  QPGWG FGO )GKUVG FGT WOIGUVCNVGVGP #MCFGOKG CPIGOGUUGPG (CUUWPI FGT &KUEKRNKPCTXQTUEJTKHVGPR 
/CK   &KG NGV\VGP\YGK2WPMVGYKGUGPFCTCWHJKPFC²FKGPCEJFGO#WUDTWEJ FGT 4GXQNWVKQPUDGYGIWPIGP XGTOWVNKEJ J¼WHKIGTGP #PMNCIGPIGIGP FKG5VWFGPVGPDGUQPFGTG2TQVGMVKQPUOC²PCJOGPDGFWTHVGP&KG2TGUUG JCVVGLCFCTCWHCWHOGTMUCOIGOCEJVFC²KPFGP4GKJGPFGT5VWFGPVGP FGTUGNDGP4GEJVUCMCFGOKGUQIGPCPPVGQ2QNK\GKURKV\GNRQFGTQ0CFGTGTR GKPIGUEJNGWUV YQTFGP YCTGP ,/ 5EJNGKEJGTV DGTKEJVGVG ×DGT FKG 'PVFGEMWPIFTGKUQNEJGT#IGPVGP
Q2QNK\GKURKQPGPR CO/CK  &GTQ5KGDGPD×TIKUEJG8QNMUHTGWPFRURGMWNKGTVG×DGTFKGQPGWG )GYGTDGQTFPWPIR ×DGT FKG (TGKJGKV YGNEJG FKG #WHJGDWPI FGT <WPHVTGUVTKMVKQPGPDGINGKVGPUQNNVG  9GPP FGT -TQPUV¼FVGT Q5CVGNNKVR UEJQP CO  /CK  0CEJTKEJVGP XQP FGT $NCUGPFQTHGT 8GTUCOONWPI 
/CK  ×DGTOKVVGNVJCVVGUQGTUEJKGPFGTFGT8QNMUXGTUCOONWPIFGT4WO¼PGP IGYKFOGVG XQP 2GUVCNQ\\K WPVGT\GKEJPGVG #WHUCV\ KP FGT *GTOCPPUV¼FVGTQ6TCPUUKNXCPKCRGTUVCO,WPK  +P FGP U¼EJUKUEJGP -TGKUGP NKGHGP KO #RTKN FKG GTUVGP DGUQTIPKUGTTGIGPFGP )GT×EJVG DG\×INKEJ FGT DCNFKIGP 'KPMWPHV FGT 4WUUGP WPF KP FKGUGO (CNNG FGT TWUUKUEJTWO¼PKUEJGP -QNNCDQTCVKQP CWHITWPF KJTGT MKTEJNKEJGP 8GTYCPFVUEJCHV &GT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFROCEJVGGKP2N¼FQ[GTRTQFQOQQ9GTPWPFKG)TWPFU¼V\G MGPPV PCEJ FGPGP FCU TWUUKUEJG 8QNM TGIKGTV YKTF UGJPV UKEJ IGYK² XQO HTGKGP 5CEJUGPDQFGP FGT UGKPGP $GYQJPGTP FKG JGTTNKEJUVGP 4GEJVG IGY¼JTV PKEJV KP FKG TWUUKUEJG 5MNCXGTGK  WPF IGPKG²V FGT 9CNCEJGCWH5CEJUGPDQFGPPKEJVINGKEJG4GEJVGOKVWPU!R  $GK GKPGO PCEJ LGPUGKVU FGT 9GUVITGP\GP FGU .CPFGU IGTKEJVGVGP $NKEM EJCTCMVGTKUKGTVGP FKG Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVRFKG'PVYKEMNWPIUVGPFGP\GPOCPEJGTF[PCOKUEJGT8ÑNMGT 
'DGPFC 0T   /CK  5  6TCPUUKNXCPKC 0T   /CK  5 $N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFG-TQPUVCFV0T/CK 5D8QNMUHTGWPF0T#RTKN5 Q6TCPUUKNXCPKCR0T,WPK5 5D8QNMUHTGWPF0T#RTKN5 

5 

HQNIGPFGTOC²GP Q&KG &GWVUEJGP YQNNGP GKP GKPKIGU O¼EJVKIGU &GWVUEJNCPF IT×PFGP &KG 7PICTP OKV 5KGDGPD×TIGP XGTGKPV YQNNGP GKP O¼EJVKIGU 7PICTP IT×PFGP &KG 5NCXGP KP 1GUVGTTGKEJ WPF CNNGPVJCNDGP YQNNGP GKP O¼EJVKIGU 5NCXGPTGKEJ IT×PFGP  7P FGT QGUVGTTGKEJKUEJG -CKUGTUVCCV! &KG 7PICTP XGTYCJTGP UKEJ IGIGP FKG #PMNCIGP CNU QD UKG UKEJ XQP 1GUVGTTGKEJ NQUTGK²GP YQNNVGP UKG IGDGP CDGT FGP IWVGP 1GUVGTTGKEJGTP FGP 4CVJ UKEJ DNKPF CP &GWVUEJNCPF CP\WUEJNKG²GPFCPPUQNNVGP&GWVUEJGWPF7PICTPKO$WPFGFKG5NCXGP \YKPIGPR  (×T FGP #WIGPDNKEM YWTFGP CDGT FKG &GDCVVGP WO FKG 'KPTKEJVWPI FGT <WMWPHV GKPIGUVGNNV &CU *CWRVGTGKIPKU FCU FKG RQNKVKUEJG$×JPGDGJGTTUEJVGYCTFKG'TÑHHPWPIFGUUKGDGPD×TIKUEJGP .CPFVCIUCO/CKKP-NCWUGPDWTI+PGKPGT#VOQURJ¼TGFGU6GTTQTU NGIVGP FKG U¼EJUKEJGP .CPFVCIUFGRWVKGTVGP KJTG 8QVGP KP FGT 7PKQPUHTCIG CD 5VCVV  U¼EJUKUEJGT #DIGQTFPGVGT YCTGP KP -NCWUGPDWTI PWT  CPYGUGPF XQP FGPGP H×PH FGP /WV JCVVGP KJTG 5VKOOG IGIGP FKG 7PKQP \W GTJGDGP &CTWPVGT DGHCPFGP UKEJ FKG DGKFGP *GTOCPPUV¼FVGT #DIGUCPFVGP -QPTCF 5EJOKFV WPF ,QUGH 5EJPGKFGT &C UKEJ KO (CNNG FGT U¼EJUKUEJGP #DIGQTFPGVGP DGK GKPGT /GKPWPIUXGTUEJKGFGPJGKVFKG/KPFGTJGKVFGT&GRWVKGTVGPFGT/GJTJGKV H×IGP OW²VG \¼JNVGP FKG 5CEJUGP CNU GKPG 5VKOOG YGNEJG FKG 7PKQP CPPCJO  8QT FGO #DUEJNW² FGT &GDCVVGP KO .CPFVCI TGKUVG -QPTCF 5EJOKFV PCEJ *CWUG WO ×DGT FKG ¯DGTUEJTGKVWPI FGT +PUVTWMVKQPGP RGTUÑPNKEJ 4GEJGPUEJCHV CD\WNGIGP &CU 8GTVTCWGP UGKPGT .CPFUNGWVG JCVVG GT CDGT XGTNQTGP 8GTTCV YWTFG KJO XQTIGYQTHGP WPF GT OW²VG *GTOCPPUVCFVYQEJGPNCPIOGKFGPWOFGO<QTPUGKPGT/KVD×TIGT\W GPVIGJGP  1DYQJN FGT 5KGDGPD×TIKUEJG .CPFVCI FKG 7PKQP HQTOGNN CWUIGURTQEJGPJCVVGDGJKGNVGPFGTQ$QVGRWPFFGTQ8QNMUHTGWPFRKJTG CPVKWPKQPKUVKUEJG *CNVWPI DGK WPF FT×EMVGP KJTG 7P\WHTKGFGPJGKV JKPUKEJVNKEJ FGT *CPFNWPIUYGKUG FGT U¼EJUKUEJGP #DIGQTFPGVGP CWU #WH FCU )GUWEJ GKPKIGT U¼EJUKUEJGT $KVVUVGNNGT WPF FGT #DIGQTFPGVGP 
7PVGTJCNVWPIGP*GHV/CK5 

&KG+PUVTWMVKQPGPYWTFGPKO5D9QEJGPDNCVV-TQPUVCFV0T/CK5 XGTÑHHGPVNKEJV¯DGT-QPTCF5EJOKFVUEJTGKDV(TKGFTKEJ6GWVUEJ&KG5CEJUGPKO ,CJTGKP*WPFGTV,CJTG5 <WO$GKURKGN6TCPUUKNXCPKC0T,WPK50T,WPK5 0T,WPK5 

5D$QVG0T,WPK50T,WPK5 

FGT QTQOCPKUEJGP 0CVKQPR CPVYQTVGVG -CKUGT (GTFKPCPF FWTEJ GKPGP $GUEJNW² &KG MÑPKINKEJG 4GUQNWVKQP CWH FKG $KVVUEJTKHV FGT \YGKVGP TWO¼PKUEJGP&GRWVCVKQPYWTFGGDGPHCNNUXGTÑHHGPVNKEJV(TCP\5CNOGP -QOGU FGT 5CEJUGP WPVGT\GKEJPGVG CO  ,WPK  GKPGP 2TQVGUV IGIGPFKG7PKQPCPFGPWPICTKUEJGP/KPKUVGTFGU+PPGTP  &KG Q6TCPUUKNXCPKCR UGV\VG UKEJ H×T FKG 9KGFGTJGTUVGNNWPI FGT 8GTUV¼PFKIWPI \YKUEJGP FGP *GTOCPPUV¼FVGT WPF FGP -TQPUV¼FVGT <GKVWPIGP FKG 7PKQPUHTCIG GKPUEJNKG²GPF GKP *KPIGIGP TKEJVGVG ,QJCPP )ÑVV Q'KPKIG 9QTVG CP OGKPG )GIPGTR GT OGKPVG FCOKV DGUVKOOVG *GTTGP KP *GTOCPPUVCFV YGNEJG KJO UGKPG (TGWPFUEJCHV OKVFGP/CI[CTGPXQTIGYQTHGPJCVVGP&KGQ$N¼VVGTH×T)GKUV)GO×VJ WPF8CVGTNCPFUMWPFGRYGJTVGPUKEJIGIGPFGP8QTYWTHFGUQ$QVGPR FC² Q-TQPUVCFV KP IGYQJPVGT 9GKUG GKPG GKIGPG UGRCTCVKUVKUEJG WPF CPVKPCVKQPCNG 2QNKVKM XGTHQNIG 5GRCTCVKUVKUEJ GVYC YGKN GU IGIGP JGIGOQPKUVKUEJG6GPFGP\GPYKFGTUVTGDVG!R  &GT -CKUGT UCPMVKQPKGTVG FKG 7PKQP CO  ,WPK  PWP DGURTCEJFGTQ$QVGRFKG$GFKPIWPIGPFGT7PKQP  Q#WEJ H×T WPU 5CEJUGP KUV FKG (GUVUVGNNWPI FGT 7PKQPUDGFKPIWPIGP XQP ITѲVGT 9KEJVKIMGKV  'U KUV FKG #WHICDG FGU WPICTKUEJGP 4GKEJUVCIGU FWTEJ INGKEJO¼²KIG #EJVWPI WPF $GTGEJVKIWPI CNNGT 8QNMUUV¼OOG FWTEJ NCWVG &GUCXQWKTWPI CNNGT IGYCNVUCOGP /C²TGIGNP  4WJG 1TFPWPI WPF )GUGV\NKEJMGKV \W GTJCNVGPR  0CEJ FGP OK²NWPIGPGP 8GTUWEJGP FKG 7PKQP \W XGTJKPFGTP UGK GU FWTEJ 2TGUUGCWHU¼V\G QFGT FWTEJ 2TQVGUVG DG\KGJWPIUYGKUG &GPMUEJTKHVGP VTCV FGT U¼EJUKUEJG #PVKWPKQPKUOWU H×T GKPG 9GKNG KP FGP *KPVGTITWPF &GT Q$QVGR DGTKEJVGVG CDGT ×DGT 7PTWJGP KP *GTOCPPUVCFV 
#WIWUV CNUFGT)WDGTPKCNMQOOKUU¼T$ÃNFK(GTGPE\ Q9CNCEJGPJ¼WRVNKPIGRXGTJCHVGVG'VYC4WO¼PGPDGFTQJVGPFKG 5VCFV CWU 4KEJVWPI )TQ²RQNF YGUYGIGP FKG -CXCNNGTKG GKPDGTWHGP YWTFG #O  #WIWUV  YWTFGP FKG HGUVIGPQOOGPGP #PH×JTGT .CWTKCPWPF$âNâ)GUEWYKGFGTHTGKIGNCUUGP 
Q5D$QVGR0T,WPK5
MCKUGTNKEJGT$GUEJNW² 0T,WPK5 6TCPUUKNXCPKC0T,WPK5 5CVGNNKV0T,WPK5 $N¼VVGT0T,WPK5 5D$QVG0T,WNK5  

FKGMÑPKINKEJG4GUQNWVKQP 0T,WNK5
(TCP\5CNOGPU2TQVGUV 

'DGPFC 0T   #WIWUV  5 
FKG 8GTJCHVWPI FGT Q9CNCEJGPJ¼WRVNKPIGR  0T   #WIWUV  5 
FKG 'KPDGTWHWPI FGT  

9¼JTGPF $CTQP 0KMQNCWU 9GUUÃNGP[K KP GKPGT WPICTKUEJGP 2CTNCOGPVUUKV\WPI 
#WIWUV GKPG4GFG×DGTFKGPGWGP4GEJVG FGT5CEJUGPWPF4WO¼PGPJKGNVUQNNVGPFKG4GMTWVGPKP*GTOCPPUVCFV GKPGPGWG'KFGUHQTOGNQCWHFKG7PCDJ¼PIKIMGKV7PICTPURCDNGIGP  &KGPGWGPWPICTKUEJGP)GUGV\GDGTGKVGVGPFGP5CEJUGP5QTIGP &CU FKG XGTRHNKEJVGPFGP WPF MQUVGPNQUGP )TWPFUEJWNGP DGVTGHHGPFG )GUGV\ UCJ CWEJ FKG 'KPH×JTWPI FGT WPICTKUEJGP 5RTCEJG CNU QTFGPVNKEJGP 7PVGTTKEJVUIGIGUVCPF XQT 7PVGT FGP (QICTCUEJGT 9CNCEJGPUQTIVGFKGPGWG/KNKV¼TMQPUMTKRVKQPH×T7PTWJGP  +O 7PVGTUEJKGF \W FGT WPDGFGWVGPFGP 'TY¼JPWPI FGU Q$QVGPR ×DGT FKG GTUVG $NCUGPFQTHGT 8GTUCOONWPI FGT Q9CNCEJGPR YWTFG ×DGT FKG \YGKVG $NCUGPFQTHGT 8GTUCOONWPI 
5GRVGODGT   WPF FKG 2GVKVKQP FGT GVYC  DGYCHHPGVGP 4WO¼PGP CWUH×JTNKEJ DGTKEJVGV &KG 2GVKVKQP DGCPURTWEJVG FKG #WHJGDWPI QFGT WPIGUGV\NKEJGP 4GMTWVKGTWPI QJPG 9KUUGP WPF $GHGJN 5T /CLGUV¼VR GKPG 0CVKQPCNXGTUCOONWPI KP $NCUGPFQTH WPF FKG $GHTGKWPI FGT QUEJWNFNQUGP XGTJCHVGVGP 5VCCVUIGHCPIGPGP +PVGNNKIGPVKQTGP FGT TQOCPKUEJGP 0CVKQPR &WTEJ GKP 2TQVQMQNN XQO  5GRVGODGT  UCIVGP UKEJ FKG TWO¼PKUEJGP 0CUUQFGT )TGP\GT XQO WPICTKUEJGP /KPKUVGTKWONQUWPFRTQVGUVKGTVGPIGIGPFKG7PKQP  #NNG U¼EJUKUEJGP $N¼VVGT DGTKEJVGVGP ×DGT FGP 4×EMVTKVV FGT UGEJU U¼EJUKUEJGP &GRWVKGTVGP CWU FGO WPICTKUEJGP 4GKEJUVCI CO  5GRVGODGT&KG*GTOCPPUV¼FVGT-TGKUXGTUCOONWPIGPVUEJKGFFC²FKG DGKFGP \WT×EMIGVTGVGPGP *GTOCPPUV¼FVGT &GRWVKGTVGP *GTOCPP 5EJOKFV WPF ,QUGH 4QUGPHGNF FGU ÑHHGPVNKEJGP .QDU Y×TFKI UGKGP FC² FKG-TGKUXGTUCOONWPIXQPGKPGT7PKQPOKV7PICTPQ×DGTJCWRVPKEJV YKUUGPRYQNNGWPFUKGFCUWPICTKUEJG/KPKUVGTKWOPKEJVCPGTMGPPG  &GT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR DGTKEJVGVG ×DGT FKG KP *GTOCPPUVCFV CO  1MVQDGT  \WUCOOGPIGVTQHHGPG $×TIGTXGTUCOONWPI &CU XQP FGT -TGKUXGTUCOONWPI CWHIGUVGNNVG 2TQITCOOGTMN¼TVGKP2WPMVGPQ9CUY×PUEJGPWPFXGTNCPIGPYKT!R 'U JCPFGNV UKEJ WO FGP 2NCP GKPGT (ÑFGTCNKUKGTWPI 5KGDGPD×TIGPU KO
-CXCNNGTKG  0T   #WIWUV  5 
FKG $GHTGKWPI XQP #6 .CWTKCP WPF $âNâ)GUEW  'DGPFC0T5GRVGODGT5
9GUUGNÃP[U4GFG 0T5GRVGODGT 5
FKGPGWG'KFGUHQTOGN  'DGPFC0T5GRVGODGT5  ¯DGT FKG GTUVG $NCUGPFQTHGT 8GTUCOONWPI KO Q5D$QVGR0T/CK5 ×DGTFKG\YGKVG$NCUGPFQTHGT8GTUCOONWPIKP0T5GRVGODGT 5 'DGPFC0T5GRVGODGT50T5GRVGODGT5 

4CJOGPFGT)GUCOVOQPCTEJKGFWTEJ#PGTMGPPWPIINGKEJGT(TGKJGKVGP H×TCNNG0CVKQPGPFGU.CPFGU  $NWVKIG 8QTH¼NNG KP 7PICTP H×JTVGP \W GKPGO MCKUGTNKEJGP 4GUMTKRV KP FGO FGT -TKGI IGIGP FKG WPICTKUEJGP Q4GDGNNGPR QHHGP GTMN¼TVYWTFG5KGDGPD×TIGPYWTFGWPVGTFCU-TKGIUIGUGV\IGUVGNNV&GT Q$QVGR DTCEJVG QJCCTUVT¼WDGPFG $GTKEJVG ×DGT FKG )TCWUCOMGKV FGT TCWDGPFGPWPFOQTFGPFGP5\GMNGT*QTFGPR  #P1MVQDGTGTNKG²FGT)GPGTCN2WEJPGTGKPG2TQMNCOCVKQP CP FKG $GJÑTFGP WPF CP FKG $GYQJPGT XQP 5KGDGPD×TIGP UKEJ WPVGT FKG MCKUGTNKEJG 1DTKIMGKV \W UVGNNGP $GK )TQ²GP[GF
#KWF  HCPF FKG GTUVG DNWVKIG #WUGKPCPFGTUGV\WPI \YKUEJGP FGT ÑUVGTTGKEJKUEJGP WPF FGTWPICTKUEJGP#TOGGUVCVV#O1MVQDGTGT\YCPIGPFKG4WO¼PGP FWTEJ GKPGP DNWVKIGP 5KGI FKG ¯DGTICDG <NCVPCU &GT Q8QNMUHTGWPFR DGUEJTKGD FCU 'TGKIPKU Q0CEJFGO FKG 4QO¼PGP FGP #FOKPKUVTCVQT WPF FKG FQTVKIGP $GCOVGP \W YKGFGTJQNVGP OCNGP CWHIGHQTFGTV FCU WPICTKUEJG 9CRRGP CD\WPGJOGP WPF FGP MCKUGTNKEJGP #FNGT YKGFGT CP\WUEJNCIGP MCOGP UKG CO DGUCIVGP 6CIG WPF OCEJVGP FWTEJ FKG )GIGPYGJTGTDKVVGTV#NNGUPKGFGTYCUKJPGPXQTMCO9GKDGTWPF -KPFGT WPF CNNG $GCOVGP OKV #WUPCJOG XQP H×PH QFGT UGEJUGP FKG UKEJPCEJ-CTNUDWTIIGHN×EJVGVUQNNGPWOU.GDGPIGMQOOGPUGKP9CU KUV FGT /GPUEJ KP UGKPGO )TKOO 'U KUV NGKFGT PWT \W YCJT FC² FKG 4QO¼PGP XQP FGP 7PICTP XKGNHCEJ OK²JCPFGNV WPF IGTGK\V UKPF YQTFGP CDGT FGUUGP WPIGCEJVGV H×JNGP YKT WPU IGFTWPIGP WO FGT *GKNKIMGKVFGT5CEJGYGNEJGFKGFGO-CKUGT6TGWGPXGTHGEJVGPWOFGU EJTKUVNKEJGP 0COGPU WPF FGT /GPUEJNKEJMGKV 9KNNGPFKG#PH×JTGTFGT 4QO¼PGP CWH\WHQTFGTP CNN KJT #PUGJGP CP\WYGPFGP WO UQNEJG )TGWGNVJCVGP \W XGTJ×VGP &GP 5EJWNFKIGP VTGHHG FKG 5VTCHG CP FGP 7PUEJWNFKIGPCDGTXGTU×PFKIGUKEJ0KGOCPF¯DGTWPU#NNGPUVGJVGKP TKEJVGPFGT)QVVR  'U ICD PQEJ YGKVGTG 4GHQTORN¼PG 'KP IGYKUUGT 9 *WHPCIGN XGTÑHHGPVNKEJVG GKPGP Q8QTUEJNCI \WT #DUVGNNWPI OGJTGT WP\YGEMO¼²KIGT <WPHVIGDT¼WEJG WPF )GUGV\GR FKG KJO XGTCNVGV UEJKGPGP 5Q \WO $GKURKGN UQNNVGP FKG XGTUEJKGFGPGP #TVGP XQP 
5D 8QNMUHTGWPF 0T   1MVQDGT  5  FCU 2TQITCOO 9CU Y×PUEJGPWPFXGTNCPIGPYKTYWTFGCWEJXQO5CVGNNKV0T1MVQDGT5 ×DGTPQOOGP  0CEJ FGT #DFCPMWPI FGU 2CNCVKPU WPF FGT 'TPGPPWPI .GODGTIU \WO MM -QOOKUU¼T OKV WPWOUEJT¼PMVGT 8QNNOCEJV WPF \WO 1DGTMQOOCPFCPVGP U¼OVNKEJGT ÑUVGTTGKEJKUEJGT 6TWRRGP CO  5GRVGODGT YWTFG .GODGTI GKPGP 6CI UR¼VGTKP7PICTPGTUVQEJGPQ5D$QVGR0T1MVQDGT50T 1MVQDGT50T1MVQDGT5 

2TQDGLCJTGPCWHIGJQDGPYGTFGPFCUKGQPKEJV2T×HWPIJKPUKEJVNKEJFGT $GH¼JKIWPI UKPF UQPFGTP CNU #DUEJTGEMWPI WPF *GOPK² IGDTCWEJV YGTFGPR &CU INGKEJG UQNNVG OKV FGO )GUGV\ IGUEJGJGP FGO \WHQNIG MGKPGTKPFKG<WPHVCWHIGPQOOGPYWTFGFGTPKEJVXGTJGKTCVGVYCT&KG /GKUVGTUÑJPG WPF /GKUVGTVÑEJVGT UQNNVGP UKEJ MGKPGT YGKVGTGP $GXQTTGEJVWPIGPGTHTGWGP  &GT Q8QNMUHTGWPFR OCEJVG DGMCPPV FC² GKP CO  1MVQDGT XQP )GPGTCN .×FGTU DGQTFGTVGU TWUUKUEJGU #TOGGMQTRU XQP   /CPP DGK $WMCTGUV GKP  .CIGT CWHIGUEJNCIGP JCVVG 'KPG 6TWRRGPCDVGKNWPIXQP4WUUGPUGKIGIGP6¸TIQXK)VGCDOCTUEJKGTV +PFGTYCNCEJKUEJGP*CWRVUVCFVICDGUPQEJGKPGV×TMKUEJG$GUCV\WPI XQP/CPPQFKGCPHCPIUYQJN7PQTFPWPIGPOCEJVGPLGV\VCDGT UVCTM KO <CWO IGJCNVGP YGTFGPR /CIJKGTW J¼VVG GKPG QDGFGWVGPFG /CUUG4QO¼PGPCWHIGNÑUVRWPFUGKPCEJ5KGDGPD×TIGPCWHIGDTQEJGP  #PHCPI 0QXGODGT  GTUEJKGP CWH FGP 5GKVGP FGU Q5KGDGPD×TIGT $QVGPR GKPG PGWG 4WDTKM Q0CEJTKEJVGP XQO -TKGIUUEJCWRNCV\R 2TCMVKUEJ GPVJKGNVGP CNNG $N¼VVGT ITCWUCOG 0CEJTKEJVGP &GT Q8QNMUHTGWPFR UEJTKGD ×DGT FKG XQP FGP 5\GMNGTP XGT×DVGP )GYCNVVCVGP Q9CU OCP XQP NNGDGPFKI UEJKPFGP  -KPFGT \GTTGK²GP  5EJ¼PFGP FGT (TCWGP DKU \WO 6QFGO JÑTV UEJCWGTV LGFGO OGPUEJNKEJ (×JNGPFGP FCU *GT\ &GUUGP WPIGCEJVGV YQNNGP YKT PKEJV )TCWUCOMGKV OKV )TCWUCOMGKV XGTIGNVGPR &KG 4WO¼PGP J¼VVGP MCWO DCTOJGT\KIGT IGJCPFGNV KPFGO UKG FKG 5VCFV <NCVPC GPV\×PFGV J¼VVGP YQDGK/GPUEJGPKJT.GDGPDײVGP&KGQ6TCPUUKNXCPKCRURTCEJ ×DGT Q5¼EJUKUEJ4GGPU VTCWTKIGU 5EJKEMUCN  &KG 5\GMNGT -CPKDCNGP *QTFG JCV FCUUGNDG CO  0QXGODGT KP GKPGP 5EJWVVJCWHGP WOIGYCPFGNVR  &GT Q8QNMUHTGWPFR DGUEJTKGD FCU GTUEJ×VVGTPFG 'TGKIPKU FCU \WGKPGOVTCIKUEJGP5KPPDKNFFGU5CEJUGPVWOUYWTFGQ&KGUEJÑPGWPF YQJNJCDGPFG 5VCFV 5¼EJKUEJ4GIGP KUV GKP 5EJWVVJCWHGP #O  0QXGODGTT×EMVGPDKU5\GMNGTIGIGPFKG5VCFVKPYGNEJGT UKEJ1DTKUVNKGWVGPCPV7TDCPOKVUGKPGT#XCPVICTFGDGHCPF#NUGTUCJ FC² GT FGP 4GDGNNGP PKEJV IGYCEJUGP YCTTKGVJGTFGP4GIGPGTPUKEJ \WGTIGDGP5QIGUEJCJGUCWEJWPFFKG5\GMNGT\QIGPGKPHKPIGPCDGT CNUDCNFVTQV\FGT-CRKVWNCVKQPCWHFCU)TCWUCOUVG\WOQTFGPWPF\W
Q5D8QNMUHTGWPFR0T1MVQDGT5 

5D$QVG0T0QXGODGT55CVGNNKV0T0QXGODGT 5FKG0CEJTKEJVGPXQO-TKGIUUEJCWRNCV\GTUEJGKPGP\WOGTUVGP/CN 5D8QNMUHTGWPF0T0QXGODGT5×DGTFKG5\GMNGTWPF<NCVPC 6TCPUUKNXCPKC0T0QXGODGT5 

RN×PFGTPCPUVGEMVGPFKG5VCFVCWHCNNGP5GKVGPKP$TCPFWPFUEJQ²GP FKG .ÑUEJGPFGP PKGFGT 5GNDUV FKG -TCPMGP KO /KNKV¼TURKVCNG YWTFGP MCPKDCNKUEJ IGDNGPFGV WPF L¼OOGTNKEJ GTOQTFGV 9CU PKEJV HN×EJVGP MQPPVG GTNCI HCUV #NNGU FGP *GPMGTP QFGT FGO (NCOOGPVQFG &GT 5EJCFGYKTFCWH/KNNKQPGP)WNFGPIGUEJ¼V\V&KG<CJNFGT6QFVGPJCV OCP PQEJ PKEJV IGPCW GTOKVVGNV FQEJ UKPF PCEJ FGO #D\WIG FGT 4¼WDGT DGTGKVU  .GKEJGP CWH FGP 5VTC²GP WPF WPVGT FGP 6T×OOGTP FGT *¼WUGT IGHWPFGP YQTFGP &KG 6QFVGP MÑPPGP NGKFGT PKEJV OGJT NGDGPF IGOCEJV YGTFGP JQHHGPVNKEJ CDGT YGTFGP FKG 5EJCFGP FKG 7PICTP WPF 5\GMNGT GTUGV\GP O×UUGP &KGUG 5EJCPFVJCV DTCPFOCTMV FKG/CI[CTGPOKVGYKIGT5EJOCEJR  #O  &G\GODGT  XGT\KEJVGVG (GTFKPCPF + CWH FGP -CKUGTVJTQP(TCP\,QUGRJ+YWTFGUGKP0CEJHQNIGT#O&G\GODGT UCPFVG FGT PGWG -CKUGT GKPGP )TW² Q#P FCU VTGWG 5CEJUGPXQNMR 'KP /GFCNNKQP(TCP\,QUGRJYWTFGJGTCWUIGDTCEJV  +P GKPGO MCKUGTNKEJGP 4GUMTKRV YWTFGP -QUUWVJ WPF UGKPG )GPQUUGP \W Q*QEJ WPF .CPFGUXGTT¼VJGTPR GTMN¼TV &KG #WUGKPCPFGTUGV\WPI \YKUEJGP FGP 4GXQNWVKQPUUVTGKVMT¼HVGP WPF FGP MCKUGTNKEJGP ICD #PNC² \W GKPGT KFGQNQIKUEJGP &GDCVVG KP FGT Q6TCPUUKNXCPKCR YGNEJG Q&GP /CI[CTKUOWU IGIGP×DGT FGO &GWVUEJVWORUVGNNVG  &KG#PP¼JGTWPIFGT4WUUGPYWTFGCPIGM×PFKIVQ9CUYQNNGP FKG 4WUUGP KP FGP &QPCWH×TUVGPVJ×OGTP! 9QNNGP UKG DNQU FGP NGV\VGP #WHTWJTWPVGTFT×EMGP!&C\WUKPF/CPPXKGN\WXKGN9QNNGPUKG 1GUVGTTGKEJHCNNUGUPKEJVCNNGKPOKVUGKPGP4GDGNNGPHGTVKIYKTF\W*KNHG MQOOGP! /ÑINKEJ CDGT CO YCJTUEJGKPNKEJUVGP KUV FC² GU UQDCNF GU FKG 7OUV¼PFG GTNCWDGP FKGUG (×TUVGPVJ×OGT XQP FGT 2HQTVG ICP\ CDTGK²GPWPFH×TUKEJDGJCNVGPYKNNR  'PFG FGU ,CJTGU  YCT FKG RQNKVKUEJG .CIG WPGPVUEJKGFGP &GT Q8QNMUHTGWPFR H×JTVG GKPG UWOOCTKUEJG 5VCVKUVKM 5KGDGPD×TIGPU CPGPVJKGNVUKEJLGFQEJLGFYGNEJGT<WMWPHVUXQTJGTUCIGP5KGDGPD×TIGP GTUVTGEMVGUKEJ×DGT3WCFTCVOGKNGP
GUJCVVGCNUQ3WCFTCVOGKNGP OGJTCNU$ÑJOGPFKGITѲVGFGTFGWVUEJGP2TQXKP\GP©UVGTTGKEJU WPF 
5D8QNMUHTGWPF0T0QXGODGT5 

5D9QEJGPDNCVV0T&G\GODGT56TCPUUKNXCPKC0T 5D$QVG0T&G\GODGT5

&G\GODGT5 

6TCPUUKNXCPKC0T&G\GODGT50T&G\GODGT5  5D8QNMUHTGWPF0T&G\GODGT5 

\¼JNVG/KNNKQPGP'KPYQJPGTFCTWPVGTGVYC/CI[CTGP×DGT  /KNNKQP 4WO¼PGP WPF  &GWVUEJG Q&KG YCNCEJKUEJG $GXÑNMGTWPI KUV \WO 6JGKN ×DGT FGP ICP\GP $QFGP JKP \GTUVTGWV WPF DKNFGVGDKUJGTQDINGKEJFKG\CJNTGKEJUVGMGKPGDGTGEJVKIVG0CVKQPR  &KGUGNDG<GKVWPIGTKPPGTVGKJTG.GUGTCPFKG2T¼PWOGTCVKQPGP FGU HQNIGPFGP ,CJTGU Q9CU UVGJV FGPP KO 8QNMUHTGWPFG! &CTKPPGP UVGJV  #NNGU YCU KP FGT 9GNV 9KEJVKIGU IGUEJKGJV XQTPGJONKEJ YCU KO 8CVGTNCPFG UKEJ GTGKIPGV  )GOGKPP×V\KIG 8QTUEJN¼IG WPF $GOGTMWPIGP WPF CNNGTNGK $GNGJTGPFGU  #WHU¼V\G YGNEJG *CPFGN )GYGTDGWPF.CPFDCWDGVTGHHGP7PVGTJCNVGPFGU#W²GTFGOYGTFGP IGIGPGKPGDKNNKIG8GTI×VWPICWHIGPQOOGP#P\GKIGPCNNGT#TVR  &KG 0GWLCJTUGTMN¼TWPI FGT 4GFCMVKQP FGU Q5KGDGPD×TIGT $QVGPRXGTM×PFGVGFKG<KGNUGV\WPIFGT<GKVWPIH×T  Q/KVVGPWPVGT$TCPF/QTFWPF8GTY×UVWPIXQPKPPGTPWPF ¼W²GTP (GKPFGP WOIGDGP UVCPFGP WPF UVGJGP PQEJ WPUGTG VCRHGTP -TKGIGT UQYKG FKG 5CEJUGP WPF 4WO¼PGP CWH FGT 5GKVG FGU 4GEJVU KJTGU IGNKGDVGP (×TUVGP WPF FGU )GUCOV -CKUGTUVCCVGU *CTV KUV FGT -CORH CDGT MGKPGUYGIU JQHHPWPIUNQU 9KT M¼ORHGP H×T FCU 4GEJV FGO )QVV DGKUVGJV WPUGTG (GKPFG M¼ORHGP FGP -CORH FGT 8GT\YGKHNWPIH×TGKPGUEJNGEJVG5CEJG&CTWOOWVJKICWUIGJCTTVFGPP FCU 4GEJV OW²KP7PICTPWPF5KGDGPD×TIGPUKGIGPYKGGUKP+VCNKGP )CNK\KGPWPF9KGPIGUKGIVJCV5EJYGTG1RHGTUKPF\WDTKPIGPCDGTUKG YGTFGPH×TFCUIGDTCEJVYCUFGO/GPUEJGPFCU*GKNKIUVGKUVWPFGKPG HTKGFNKEJG<WMWPHVYKTFFKGIGUEJNCIGPGP9WPFGPJGKNGP  &GT 5KGDGPD×TIGT $QVG YKTF OKV XGTL×PIVGT -TCHV UGKPGP IGYQJPVGP.CWHHQTVUGV\GPVTGWUGKPGOCNVGP9CJNURTWEJ  #NNGUH×T(×TUV8CVGTNCPF9CJTJGKVWPF7PRCTVGKNKEJMGKVR  #PHCPI FGU ,CJTGU GTUEJKGP KP FGT *QEJOGKUVGTUEJGP $WEJJCPFNWPI \W *GTOCPPUVCFV FGT Q5KGDGPD×TIKUEJG 8QNMUMCNGPFGT H×TR&GT-CNGPFGTGPVJKGNVGKPG¯DGTUKEJV×DGTFKGP×V\NKEJUVGP <GKVKPHQTOCVKQPGP FKG XQNNG  5GKVGP WOHC²GPFG $TQUEJ×TG JCVVG GKPGPTGKEJJCNVKIGP+PJCNV  &GT GKIGPVNKEJG -CNGPFGT H×T H×JTVGKPFTGK4WDTKMGPFKG LGFGO ,CJTGUVCIG GPVURTGEJGPFGP MCVJQNKUEJGP RTQVGUVCPVKUEJGP WPF QITKGEJKUEJGPR *GKNKIGPR UQYKG CWEJ CNNIGOGKPG $GOGTMWPIGP ×DGT 
'DGPFC 0T   &G\GODGT  5  FGT #WHUCV\ 5KGDGPD×TIGP WPF 7PICTP0T&G\GODGT50T&G\GODGT5 #P\GKIGPKP0T&G\GODGT5 5D$QVG0T,CPWCT5 5KGDGPD×TIGT8QNMUMCNGPFGT*GTOCPPUVCFV5 

FCU 9GVVGT FGT DGVTGHHGPFGP ,CJTGU\GKV CWH 'U KUV KPVGTGUUCPV \W GTY¼JPGPFC²FKG$GTGEJPWPIFGT6CIGUQYQJNKOCNVGP5VKNCNUCWEJ KOPGWGP5VKNGTHQNIVG  5Q YWTFG FGT 5KNXGUVGTCDGPF XQP FGP -CVJQNKMGP WPF 2TQVGUVCPVGP KP GKPGT 5QPPVCIPCEJV IGHGKGTV WPF FGT  ,CPWCT HKGN CWH FGP/QPVCICOUGNDGP6CIYCTDGKFGPTWO¼PKUEJGP1TVJQFQZGPWPF )TKGEJKUEJ-CVJQNKMGP FGT Q+IPCVR
6CI FGU XQNMUV×ONKEJGP 5EJYGKPGUEJNCEJVGPU CNUQFGT&G\GODGT  &GT -CNGPFGT H×JTVG FKG KP FGP XQTCPIGJGPFGP ,CJTGP DGIQPPGPG¯DGTUKEJVFGUEJTQPQNQIKUEJGP9GTFGICPIUFGT)GUEJKEJVG 5KGDGPD×TIGPUHQTVWPFDGJCPFGNVGFKG<GKVURCPPG\YKUEJGPWPF  'KP Q)GPGCNQIKUEJGU 8GT\GKEJPKU FGU ÑUVGTTGKEJKUEJGP *GTTUEJGTJCWUGUROGJTGTGUKGDGPD×TIKUEJG5CIGP
Q2GCVTC&TCMWNWKR Q&KG L¼JTKIG $TCWVR Q)CDTKGN $¶VJQTK KP *GTOCPPUVCFVR  GTI¼P\VGP FGPJKUVQTKUEJGP6GKN  8QP YKTVUEJCHVNKEJGO +PVGTGUUG YCTGP FKG #TVKMGN ×DGT FKG 5VCCVUUEJWNFGP FKG #MVKQPGP FGT &CORHUEJKHH WPF 'KUGPDCJPIGUGNNUEJCHVGPGKPGCOVNKEJG5MCNCFGT$CPMDKNNGVGFGT,CJTG  'U MCOGP 'TMN¼TWPIGP ×DGT FGP <YGEM FGU PGWGKPIGH×JTVGP 2CRKGTIGNFGU JKP\W XGTUEJKGFGPG )GNFCPUVCNVGP YWTFGPIGPCPPV  'KPG TGKEJJCNVKIG #DVGKNWPI WOHC²VG FGP Q2GTUQPCNUVCPF FGT JQJGP UKGDGPD×TIKUEJGP .CPFGUUVGNNGP WPF FGT $GJÑTFG FGT NÑDNKEJGP U¼EJUKUEJGP 0CVKQPR  FCU MCKUGTNKEJMÑPKINKEJG /KNKV¼T )GPGTCNEQOOCPFQ KP *GTOCPPUVCFV
OKV UGKPGO %QOOCPFKGTGPFGP )GPGTCNFGP&KXKUKQP¼TGPWPF$TKICFKGTGPFGO/KNKV¼T&GRCTVGOGPV FGO RQNKVKUEJGP &GRCTVGOGPV FGOÑMQPQOKUEJGPWPF8GTRHNGIWPIU &GRCTVGOGPV FGO ,WUVK\&GRCTVGOGPV FGO -TKGIUMCP\NGKUVCVWU Q,WFKEKWO FGNGICVWO OKNKVCTGR FGO -TKGIU-QOOKUUCTKCV FGT 8GTRHNGIU$TCPEJG FGT -TKGIUMCUUG FGO 2NCV\-QOOCPFQ WPF FGT (QTVKHKMCVKQPU&KUVTKMVU&KTGMVKQP   FCU MÑPKINKEJG UKGDGPD×TIKUEJG 6JGUCWTCTKCVKP*GTOCPPUVCFVFKGMÑPKINKEJG%COGTCN$WEJJCNVWPI  FKG MÑPKINKEJG $GTI$WEJJCNVWPI  FCU MÑPKINKEJG %COGTCN <CJNCOV  FKG $CPM WPF 'KPNÑUWPIUUEJGKPMCUUG  FKG MÑPKINKEJG 5CNKPGP&KTGMVKQP  FCU MÑPKINKEJG 1DGTYCNFCOV  FCU MÑPKINKEJG .QVVQCOV  FKG MÑPKINKEJG 1DGTRQUVXGTYCNVWPI  FKG 2QUVYCIGP 'ZRGFKVKQPFCUMÑPKINKEJG&TGK²KIUV+PURGMVQTCVFCUMÑPKINKEJG 1DGTFTGK²KIUVCOV  FCU MÑPKINKEJG <GJPVCOV KO *GTOCPPUV¼FVGT WPF.GUEJMKTEJGT-TGKUG
KP*GTOCPPUVCFV FGT2GTUQPCNUVCPFFGT NÑDNKEJGP U¼EJUKUEJGP 0CVKQPUWPKXGTUKV¼V  FKG 1DGTDGCOVGP FGT 

×DTKIGP MÑPKINKEJGP HTGKGP 5V¼FVG WPF 5V×JNG  FGT /CIKUVTCV FGT MÑPKINKEJGP HTGKGP 5VCFV WPF FGU 5VWJNU*GTOCPPUVCFV
#PJCPI&QM 0T   5EJNKG²NKEJ YWTFG FKG <WUCOOGPUGV\WPI FGU 4WO¼PKUEJGP 2C\KHKMCVKQPU%QOOKVÃGU XGTÑHHGPVNKEJV FGTGP /KVINKGFGT 0KEQNCG $âNâ)GUEW 5KOGQP $âTPW/KW #WIWUV 6TGDQPKW .CWTKCP 6KOQVGK %KRCTKW(NQTKCP/KEC)+QCP$TCPWYCTGP  &KG YKEJVKIUVGP ,CJTO¼TMVG KO -ÑPKITGKEJ 7PICTP UQYKG FKG #PMWPHVWPF#DHCJTVFGT2QUVMWVUEJGPXQOMÑPKINKEJGP1DGTRQUVCOV KP*GTOCPPUVCFVYWTFGPGTY¼JPV  <WT×EM \WT RQNKVKUEJGP #MVWCNKV¼V /KV ,CJTGUDGIKPP XGTOGTMVGP FKG U¼EJUKUEJGP $N¼VVGT GKPG PGWG 2TQVGUVYGNNG )GIGP FCU WPICTKUEJG/KPKUVGTKWOWPFFGUUGPXQO)TCHGP/KMÎ+OTGIGH×JTVGP 2T¼UKFKWO¼W²GTVGPUKEJUQYQJNFGT*GTOCPPUV¼FVGT/CIKUVTCVKPGKPGT CP FKG 0CVKQPUWPKXGTUKV¼V IGTKEJVGVGP &GPMUEJTKHV CNU CWEJ FKG U¼EJUKUEJG0CVKQPUWPKXGTUKV¼VUGNDUVWPFFCUTWO¼PKUEJG%QOOKVVÃGKO 0COGPUGKPGT0CVKQPKP$GUEJYGTFGPCPFGP-CKUGT  &KG Q6TCPUUKNXCPKCR DTCEJVG GKPGP XQP FGP &GRWVKGTVGP 2GVGT .CPIG 5GPCVQT WPF *CPP 2TQHGUUQT CWUIGCTDGKVGVGP Q'PVYWTH FGT )TWPFU¼V\G \WT \GKVIGO¼²GP 7OIGUVCNVWPI FGT U¼EJUKUEJGP 8GTHCUUWPIR&GUUGP-CRKVGNUCJGPXQT+CNNIGOGKPG$GUVKOOWPIGP++ FKG(×JTWPI+++CNNIGOGKPG4GEJVGFGT/WPK\KRCND×TIGTUEJCHV+8FKG /WPK\KRCNDGCOVGP 8 FKG $×TIGTCWUUEJ×UUG 8+ FKG -TGKU IGOGKPUEJCHVGP   +P\YKUEJGP MCOGP WPWPVGTDTQEJGP 0CEJTKEJVGP CWU FGO -TKGI )GPGTCN $GO FGT CO  &G\GODGT  FCU 1DGTMQOOCPFQ FGT WPICTKUEJGP 4GXQNWVKQPUCTOGG ×DGTPQOOGP JCVVG \QI CO  ,CPWCT  KP 0GWOCTMV GKP &GT MCKUGTNKEJG )GPGTCNMQOOCPFCPV 2WEJPGT HNQJ PCEJ *GTOCPPUVCFV #O  ,CPWCT QTFPGVG 2WEJPGT CNNIGOGKPGP5EJTGEMGPXGTDTGKVGPFFKG'XCMWKGTWPIFGT#TEJKXGWPF FGT ¼TCTKUEJGP -CUUGP KP FKG 9CNCEJGK CP 8KGNG (N×EJVNKPIG HQNIVGP PCEJ5×FGPWOFGO5EJKEMUCNFGT5¼EJUKUEJ4GGPGTXQT\WDGWIGP  #O,CPWCTHCPFFKGGTUVG5EJNCEJVDGK*GTOCPPUVCFV UVCVV2WEJPGTXGTUV¼TMVGFKGPKGFTKIGP'TFY¼NNGCO5VCFVTCPF8QPJKGT GTÑHHPGVGP FKG -CKUGTNKEJGP GKP JGHVKIGU #TVKNNGTKGHGWGT FCU $GO PCEJ GKPGO GTHQNINQUGP )GIGPCPITKHH \YCPI UKEJ PCEJ 5VQN\GPDWTI 

6TCPUUKNXCPKC0T,CPWCT50T,CPWCT50T 'DGPFC0T,CPWCT5

,CPWCT5 

\WT×EM\W\KGJGP 8QP FQTV DGTGKVGVG $GO GKPGP PGWGP #PITKHH CWH FKG 5VCFVXQT  'KP6CIGUDGHGJNFGU*GTOCPPUV¼FVGT1DGTMQOOCPFCPVGPFGT $×TIGTYGJT $TWMGPVJCN OCJPVG FKG $GXÑNMGTWPI MGKPG #PIUV \W JCDGP FC GU -CPQPGP \WT 8GTVGKFKIWPI IGDG 'PFG ,CPWCT XGTÑHHGPVNKEJVG$TWMGPVJCNLGFQEJGKPGPGWG2TQMNCOCVKQP&KG5VCFVUGK YKGFGTKP)GHCJT  #O(GDTWCTT×EMVGPFKG\CTKUVKUEJGP)GPGT¼NG5MCTKCVKP WPF 'PIGJCTF OKV HCUV  /CPP KP 5KGDGPD×TIGP GKP /KV FGP 4WUUGP KO 4×EMGP MQPPVG 2WEJPGT CO  (GDTWCT \WO #PITKHH ×DGTIGJGP 'T DGUKGIVG $GO DGK 5CN\DWTI
1EPC 5KDKWNWK  &GT 'KPOCTUEJ FGT 4WUUGP KP *GTOCPPUVCFV XGTCPNC²VG FGP Q$QVGPR \W GKPGO4×EMDNKEMCWHFKGVTCIKUEJG-TKGIUNCIG  Q&KG $TCPFTWKPGP XQP 5\C²TGIGP /CTKGPDWTI *QPKIDGTI 2GVGTUDGTI'TMGF*CNXGNCIGP\WO6JGKNG5VQN\GPDWTI)TQ²UEJGWGTP WPF/×JNDCEJUQYKGXQPOGJTCNUTWO¼PKUEJGP&ÑTHGTPYGNEJG XQPFGP7PICTPWPF5\GMNGTPXGTJGGTVWPFIGRN×PFGTVYWTFGPPKEJV OKPFGT CDGT CWEJ XQP FGP 4WO¼PGP XGT×DVG 0KGFGTDTGPPWPI XQP <CNCVJPC WPF 0CI[ 'P[GF UVGJGP CNU VTCWTKIG 9CJT\GKEJGP FGT DNWVVTKGHGPFGP)GIGPYCTVFCKPYGNEJGTOGJTCNU/GPUEJGPKP WPUGTGO .CPFG \WO 1RHGT HKGNGP WPF KP YGNEJGT UEJYGT \W DGUVKOOGP KUV CWH YGNEJGT 5GKVG QD LGPGT FGT 4QO¼PGP QFGT FGT 7PICTPWPF5\GMNGTITѲGTG)TCWUCOMGKVGPXGT×DVYQTFGPUKPFR  &KG Q6TCPUUKNXCPKCR DGUEJ¼HVKIVG UKEJ KO (GDTWCT OKV \CJNTGKEJGP(TCIGP&CU$NCVVDGTKEJVGVG×DGTFKG5VCFVQ)TQ²'P[GFKP #UEJGR FWTEJ FKG 4GXQNWVKQPUCTOGG GU DGURTCEJ FKG TWO¼PKUEJ U¼EJUKUEJG (TCIG GU UVGNNVG FKG (TCIVG XQP FGO YGKVGTGP 5EJKEMUCN 7PICTPU WPF OCEJVG Q8QTUEJN¼IG \W GKPGO &GPMDWEJ FGT OGTMY×TFKIGP $GIGDGPJGKVGP KP 5KGDGPD×TIGP WPF KP FGT IGIGPY¼TVKIGP<GKVR  &GT Q8QNMUHTGWPFR XGTÑHHGPVNKEJVG FGP #WHUCV\ GKPGU .GJTGTU PCOGPU5EJWDGTVYGNEJGTKO'KPMNCPIOKVFGTPGWGPÑUVGTTGKEJKUEJ TWUUKUEJGP (TGWPFUEJCHV  RU[EJQNQIKUEJG $GOGTMWPIGP Q¯DGT FGP 
%CTN)ÑNNPGTCC15 Q5D$QVGR0T,CPWCT50T,CPWCT5 'DGPFC0T(GDTWCT5 6TCPUUKNXCPKC0T(GDTWCT5
FKG0KGFGTDTGPPWPIXQP'P[GF 

0T(GDTWCT5
FKGTWO¼PKUEJU¼EJUKUEJG(TCIG 0T(GDTWCT  5 
2TQVGUV IGIGP FKG )GYGTDGHTGKJGKV  0T   (GDTWCT  5 
×DGT 7PICTPU 5EJKEMUCN  0T   (GDTWCT  5 
OGTMY×TFKIG $GIGDGPJGKVGP  

TWUUKUEJGP 0CVKQPCN%JCTCMVGTR OCEJVG &KG 4GFCMVKQP XGTUKEJGTVG GU JCPFGNVGUKEJWOQMGKPG.QDJWFGNGKIGTCFGLGV\VYQYKTFKG4WUUGPCNU (TGWPFGWPF$GUEJ×V\GTKPWPUGTGT/KVVGJCDGPR  
5EJWDGTVUEJTKGD Q,GFG 0CVKQP JCV YKG FGT GKP\GNPG /GPUEJ XQP FGT 0CVWT GKP JGTTUEJGPFGU 6GORGTCOGPV GTJCNVGP YGNEJGU CWEJ CWH FGP OQTCNKUEJGP %JCTCMVGT GKPGP ITQ²GP 'KPHNW² JCV FGT UKEJ FWTEJ FKG 'T\KGJWPI PKG ICP\ XGTVKNIGP N¼²VR 9GPP FGT 0KGFGTN¼PFGT KO CNNIGOGKPGPRJNGIOCVKUEJFGT'PIN¼PFGTWPFFGT&GWVUEJGEJQNGTKUEJ FGT 5RCPKGT CDGT OGNCPEJQNKUEJ UQ UGK FGT (TCP\QUG YKG FGT 4WUUG UCPIWKPKUEJ Q&KGUGO IN×EMNKEJUVGP FGT 6GORGTCOGPVG XGTFCPMV FGT 4WUUG XKGNG 8QT\×IG FKG OCP PKEJV \W FGP GKIGPVNKEJGP OQTCNKUEJGP 'KIGPUEJCHVGP TGEJPGP MCPP UGKPG )GYCPFVJGKV UGKPG WP\GTUVÑTDCTG (TÑJNKEJMGKVUGKPG)GUGNNKIMGKVWPF)GURT¼EJKIMGKVUGKPGP)GUEJOCEM CP NGKEJVGT 7PVGTJCNVWPI WPF WPUEJWNFKIGP 5RKGNGP UGKPG (WTEJVNQUKIMGKV QFGT XKGNOGJT 5QTINQUKIMGKV &GT IGTKPIUVG 4WUUG JCV XQP 0CVWT GKPGP HGUVGP WPF FQEJ NGKEJVGP )CPI JCV #WUFTWEM WPF UQICT#POWVJKPUGKPGP$GYGIWPIGPTGFGVOKVUGKPGO5QWXGT¼PQJPG 8GTNGIGPJGKV\WH×JNGPWPFMNGVVGTV×DGT#DIT×PFGQJPGUEJYKPFNKEJ \W YGTFGP  5GNDUV FKG #PFCEJV FGU 4WUUGP KUV PKEJV HKPUVGT WPF NCPIYGKNKI UGKPG 6GORGN JCDGP GKP JGKVGTGU #PUGJGP WPF FKG UEJÑPUVGP 9QJNIGT×EJG WPF JKOONKUEJGT )GUCPI GORHCPIGP FGP )N¼WDKIGPR &GT 8GTHCUUGT UGV\VG UGKPG +FGGP HQTV WPF DGURTCEJ FKG GKPIGDQTGPG+PVGNNKIGP\FGU4WUUGPUGKPGPQPCV×TNKEJGP8GTUVCPFRFKG .GKEJVKIMGKV YQOKV GT CNNGU XGTUVGJV WPF CNNG #TDGKVGP NGTPV UGKPG -KPFGTNKGDGFGUUGP<WPGKIWPI\WT8QNMUOWUKMUQYKGFKG.GKEJVKIMGKV YQOKV GT FKG (TGOFURTCEJGP GTNGTPV
.GKEJVKIMGKV FKG FWTEJ FKG 5EJYKGTKIMGKV UGKPGT GKIGPGP /WVVGTURTCEJG GTMN¼TV YWTFG  FKG )WVJGT\KIMGKV WPF /WV FGU 4WUUGP *GTT 5EJWDGTV OW²VG UVCWPGP Q&GT TQJG 4GMTWV YKTF YGPKIG 9QEJGP PCEJ UGKPGT #PMWPHV \WO 4GIKOGPV PCEJ FGO GU FGO 1DGTUVGP IGH¼NNV GKP DTCWEJDCTGT 5QNFCV 5EJWUVGT 5EJPGKFGT QFGT 1DQKUV &GT #WUN¼PFGT GTUVCWPV ×DGT FKG GKPHCEJGP /KVVGN YQFWTEJ GKP IGDTQEJGPGU 4CF TGRCTKTV YKTF WPF QJPGM×PUVNKEJG/CUEJKPGPFKGITѲVGP.CUVGPIGJQDGPYGTFGPR  &KGQ6TCPUUKNXCPKCRUVGNNVGKPGKPGO.GKVCTVKMGNFGP)TWPFUCV\ FGT )NGKEJDGTGEJVKIWPI CNNGT 0CVKQPCNKV¼VGP XQT WPF XGTÑHHGPVNKEJVG KP FGTUGNDGP 0WOOGT GKPG 5VCCVUUEJTKHV ×DGT FCU \YKUEJGP 7PICTP WPF FGP ×DTKIGP .¼PFGTP ©UVGTTGKEJU DGUVGJGPFG $CPF FGT 'KPKIWPI /KV FKGUGT 0WOOGT  XQO  /¼T\  YGNEJG \YGK 6CIG XQT FGT 
5D8QNMUHTGWPF0T/¼T\5 

WPICTKUEJGP 'TQDGTWPI *GTOCPPUVCFVU JGTCWUIGDTCEJV YWTFG UVGNNVG FKGQ6TCPUUKNXCPKCRKJT'TUEJGKPGPGKP  #O/¼T\HCPFFKG\YGKVG5EJNCEJVDGK*GTOCPPUVCFV UVCVV &KG DGUKGIVGP 4WUUGP OW²VGP UKEJ \WT×EM\KGJGP &GT Q$QVGR OCEJVGOGJTGTG2TQMNCOCVKQPGP$GOU
XQOWPF/¼T\ CP FKG5VCFVDGYQJPGTDGMCPPV  )GPGTCN$GOXGTURTCEJGKPGCNNIGOGKPG#OPGUVKG'KP#WHUCV\ FGU Q$QVGPR XQO  /¼T\ XGTVTCV FKG /GKPWPI FC² FKG WPICTKUEJG $GUGV\WPI*GTOCPPUVCFVUFKGCO/¼T\GTHQNIVGPKEJVUQUEJNKOO YKGIGH×TEJVGVYCT'TUVCO/¼T\ICDFGTQ5KGDGPD×TIGT$QVGRFKG $GUEJTGKDWPIFGT5EJNCEJVYKGFGT  $GO XGTNKG² *GTOCPPUVCFV CO  /¼T\  &GO $GHGJN -QUUWVJUQ*GTOCPPUVCFVFGO'TFDQFGPINGKEJ\WOCEJGPRUEJGPMVG GTMGKPG#WHOGTMUCOMGKV1DGTUV-KUUGTMN¼TVGGTQ+EJJCDGGKPG5VCFV GTQDGTV WPF YKNN CWEJ GKPG 5VCFV DGJCWRVGP MGKPGP 5EJWVV WPF 6T×OOGTJCWHGPR &GT 4GIKGTWPIMQOOKUU¼T %U¶P[K FGT INGKEJG 9GKUWPIGPXQP-QUUWVJGTJCNVGPJCVVGDGICDUKEJPCEJ*GTOCPPUVCFV *KGT NKG² GT \YCP\KI U¼EJUKUEJG /CIKUVTCVUOKVINKGFGT KP FGT /KNKV¼TMCUGTPG WPVGT #TTGUV UVGNNGP %U¶P[K GTMN¼TVG FGP $GNCIGTWPIU\WUVCPF WPF UVGNNVG /KNKV¼TIGTKEJVG KP *GTOCPPUVCFV 5EJ¼²DWTI -TQPUVCFV WPF $KUVTKV\ CWH 1JPG FC² $GOU #OPGUVKG CWUFT×EMNKEJ CWHIGJQDGP YWTFG DGICPPGP FKG $NWVIGTKEJVG OKV KJTGT 6¼VKIMGKV #O  /CK  YWTFG 5VGRJCP .WFYKI 4QVJ CWH FGT <KVCFGNNGKP-NCWUGPDWTIGTUEJQUUGP5CEJUGP4WO¼PGPWPF  7PICTP MCOGP NCWV Q9KGPGT <GKVWPIR XQP  DKU \WO -TKGIUGPFGFWTEJ5VCPFIGTKEJVGWOU.GDGP  /KVVG /¼T\  YWTFG ,QUGH $GPKIPK GJGOCNKIGT 4GFCMVGWT FGUQ$QVGPRGTOQTFGV$GPKIPKYCTKO$GITKHHGUKEJFGO(NWEJV\WIGKP FKG 9CNCEJGK CP\WUEJNKG²GP CNU KJP OGJTGTG Q-QUUWVJJWUUCTGPR CWU UGKPGO 4GKUGYCIGP \GTTVGP \W UGKPGT 9QJPWPI DTCEJVGP YQ UKG KJP PKGFGTUEJQUUGP  /KV0TXQO/¼T\YWTFGFKG<GKVWPIXQP,QJCPP*KPV\ ×DGTPQOOGP&KG4GFCMVKQPYCIVGGUOWVKI\WIGUVGJGP 
6TCPUUKNXCPKC0T/¼T\5 Q5D$QVGR0T/¼T\5 %)ÑNNPGTCC15 'DGPFC0T/¼T\50T/¼T\5 Q5D$QVGR0T/¼T\5 

Q9KGPGT<GKVWPIR(GDTWCT<KVCVCWU%)ÑNNPGT5 

'WIGPXQP(TKGFGPHGNU,QUGRJ$GFGWUXQP5EJCTDGTI9KGP$F++5  

Q9KT FCIGIGP JCNVGP GU H×T WPUGTG 2HNKEJV FKG 'TGKIPKUUG PKG PCEJ GKPGT GKPUGKVKIGP #WHHCUUWPI CWH\WH×JTGP  'KP $NCVV KP FGT 2TQXKP\JCVWPUGTGT#PUKEJVPCEJFGTVTGWG#WUFTWEMFGURQNKVKUEJGP .GDGPU\WUGKPYKGGUFGT2TQXKP\\WUVGJV0KEJVLGFGU5V¼FVEJGPMCPP 2CTKUUGKP&KG$GUVKOOWPIFGU$QVGPKUVPKEJVGKPGU/KPKUVGTKCNDNCVVGU KP .QPFQP 2CTKU 9KGP QFGT &GDTG\KP 9KT YQNNGP FCOKV UCIGP FC² FGT $QVG MGKPGU LGPGT 2CTVGKDN¼VVGT UGKP F×THG OKV FGPGP RQNKVKUEJG #IKVCVKQPDGVTKGDGPYKTFFGPGPFGT0COGGKPGTRQNKVKUEJGP0QVCDKNKV¼V \WT(QNKGFKGPVFKGCNNGKPFGT2CTVGK\YGEMGYGIGPUQWPFPKEJVCPFGTU IGUEJTKGDGP YGTFGP 0GKP FGT $QVG JCV \YCT UGKPG TGFNKEJGP WPF QHHGPGP RQNKVKUEJGP #DUKEJVGP CDGT GT UWEJV UKG FWTEJ GKP TWJKIGU 7TVJGKN FWTEJ GKP WPRCTVJGKKUEJGU 5COOGNP FGT /CVGTKCNKGP \W GKPGT TKEJVKIGP#PUEJCWWPIFGT&KPIG\WGTTGKEJGPR  <W FKGUGO <GKVRWPMV NKVV FKG <GKVWPI WPVGT GKPGO ITQ²GP +PHQTOCVKQPUOCPIGN Q&KG 0QVJ DNGKDV UGKV 9QEJGP H×T FKG 4GFCMVKQP FKGUGT$N¼VVGTKOOGTFKGUGNDGR+P*GTOCPPUVCFVDTCEJVGFKG2QUVMGKPG <GKVWPIGP OGJT CW²GT FGO Q-Ñ\NÑP[R CWU &GDTGEGP WPF FGO Q*QPXÃFR CWU -NCWUGPDWTI WPF CWEJ FKGUG OKV 8GTUR¼VWPI Q&KG KPPN¼PFKUEJGP 'TGKIPKUUG VJGKNGP FKGUG $N¼VVGT \WO 6JGKN OKV #DGT UKG UGJGP DGKFG YKG DGMCPPV OKV GKPGO WPF FGOUGNDGP 2CTVGKCWIG 9KT FCIGIGP JCNVGP GU H×T WPUGTG 2HNKEJV FKG 'TGKIPKUUG PKG PCEJ GKPGT GKPUGKVKIGP #WHHCUUWPI CP\WH×JTGP +P UQ CWHIGTGIVGP <GKVGP DGUQPFGTU YKG YKT LGV\V NGDGP YQ FKG #PUEJCWWPIGP WPF &CTUVGNNWPIGP UQ YGKV XQP GKPCPFGT IGJGP FC INCWDGP YKT KUV GU FQRRGNVG2HNKEJVPGDGPFKGGKPG$GJCWRVWPIFKGCPFGTG\WUVGNNGPWPF FGOTKEJVKIGP)GH×JNFGU.GUGTUQFGTFGTCNNGUCWUINGKEJGPFGP<GKVFKG 'PVUEJGKFWPI\W×DGTNCUUGPR  ,GFQEJYWTFG×DGTFCU6WPWPF5EJTGKDGPXQP,QJCPP*KPV\ YKG HQNIV IGWTVGKNV Q#PVQP -WT\ KUV PGDGP , *KPV\ YGNEJGT FGP 5KGDGPD×TIGT $QVGP \WT <GKV FGT 1MMWRCVKQP *GTOCPPUVCFVU MQUUWVJHTGWPFNKEJ TGFKIKGTVG FGT GKP\KIG WPVGT WPUGTP FCOCNKIGP .KVGTCVGPFGTUGKPG(GFGTKPFKG&KGPUVGFGUN)QWXGTPGWTUXQP7PICTPO IGUVGNNVJCVR
19KVVUVQEM   &KG *GTOCPPUV¼FVGT $×TIGTUEJCHV GTMN¼TVG FCTCWHJKP FC² UKG UKEJ FGP 9GKUWPIGP $GOU WPVGTYCTH WPF FC² UKG IGIGP LGFCTVKIG +PVGTXGPVKQP FGT TWUUKUEJGP /CEJV HÑTONKEJGP WPF HGKGTNKEJGP 2TQVGUV GKPNGIVG 
Q5D$QVGR0T/¼T\5 19KVVUVQEMCC15  

%U¶P[KU 2TQMNCOCVKQP CP FGP KP $GNCIGTWPIU\WUVCPF DGHKPFNKEJGP 5CEJUGPDQFGP ICD KO #RTKN  FKG 'TTKEJVWPI XQP 5VCPF WPF 5VTCHIGTKEJVGP DGMCPPV &KG 8GTOÑIGP FGT CDYGUGPFGP *GTOCPPUV¼FVGT
FGT 'PVHNQJGPGP  YWTFGP DGUEJNCIPCJOV &GT /CIKUVTCV FGT 5VCFV *GTOCPPUVCFV YCPFVG UKEJ CP %U¶P[K WPF PCEJFGO QFGT DGIGKUVGTPFG 'FGNOWVJ FGU JGNFGPO×VJKIGP 5KGIGTUR IGRTKGUGP YWTFG RTQVGUVKGTVG FKGUGT IGIGP FKG $GUEJNCIPCJOWPI FGT )×VGTFGT#DYGUGPFGP  'KPG 8GTQTFPWPI %U¶P[KU KP (QNIG GKPGT 9GKUWPI -QUUWVJU DGUVKOOVG FKG 'VCVKUKGTWPI FGU 8GTOÑIGPU FGT 5¼EJUKUEJGP 0CVKQPUWPKXGTUKV¼V &KGUG /C²PCJOG YWTFG IGVTQHHGP QFCOKV FCU U¼EJUKUEJG0CVKQPCNXGTOÑIGPPKEJVOGJTIGIGPUGKPG$GUVKOOWPIWPF DGUQPFGTU \WO 0CEJVJGKN FGT U¼EJUKUEJGP 0CVKQP FWTEJ HGKPFUGNKI IGUKPPVG +PFKXKFWGP \W #WHTGK\WPIGP WPF 7PVTKGDGP DGP×V\V WPF FCFWTEJ UGKPGT GKIGPVNKEJGP $GUVKOOWPI GPV\QIGP YGTFG  <WT $GTWJKIWPIFGTU¼EJUKUEJGP0CVKQPGTMN¼TGKEJLGFQEJFC²FKGUGOGKPG #PQTFPWPI MGKPG CPFGTG #DUKEJV JCDG CNU FKG 5VKHVWPIGP WPF FCU 0CVKQPCNGKIGPVJWO FGP <YGEMGP UGKPGT GKIGPVNKEJGP $GUVKOOWPIGP \W\WH×JTGP WPF FKG 8GTYGPFWPI FGU )GOGKPIWVGU \WT #WUH×JTWPI NCPFGUXGTT¼VJGTKUEJGT2N¼PGWPOÑINKEJ\WOCEJGPR  <YKUEJGP #RTKN WPF #WIWUV  HQNIVGP FKG $GMCPPVOCEJWPIGP %U¶P[KU TCUEJ PCEJGKPCPFGT &KG -TKGIUUVGWGTP UQNNVGPDG\CJNVYGTFGP&CU8CVGTNCPFDTCWEJVG5QNFCVGPWPFFGUJCND HCPF GKPG CNNIGOGKPG 4GMTWVKGTWPI FGT /¼PPGT \YKUEJGP  WPF  ,CJTGP UVCVV %U¶P[K GTOCJPVG FKG $CWGTP WPF 2¼EJVGT KJTGP 8GTRHNKEJVWPIGPIGIGP×DGTFGP)TWPFJGTTGPPCEJ\WMQOOGP%U¶P[K JCVVG KP -NCWUGPDWTI GKP 2QNK\GKCOV WPVGT 2T¼UKFGPV &QDQMCK ,Î\UGH GTTKEJVGVFCUFKG2HNKEJVJCVVGFKG6TGWDT×EJKIGP\WXGTJCHVGPWPFXQT )GTKEJV\WUVGNNGP  /QUGU $GTFG 4GIKGTWPIMQOOKUU¼T XQP *GTOCPPUVCFV XGTQTFPGVG FKG #DNKGHGTWPI CNNGT 9CHHGP FKG UKEJ KO $GUKV\ XQP <KXKNKUVGP DGHCPFGP &KG 7PCDJ¼PIKIMGKVUGTMN¼TWPI FGT WPICTKUEJGP 0CVKQP 
#RTKN   YWTFG KO Q$QVGPR XGTÑHHGPVNKEJV &KG -TKGIUPCEJTKEJVGPDGICPPGPLGV\VOKVFGT(QTOWNKGTWPIQ&GTIGUVTKIG 

&GT 2TQVGUV IGIGP FGP TWUUKUEJGP 'KPITKHH KO Q5D $QVGR 0T   /¼T\  5 FKG 'TTKEJVWPI FGT 5VTCHIGTKEJVG KP 0T   #RTKN  5  FKG $GUEJNCIPCJOWPI FGT 8GTOÑIGP KP 0T   #RTKN  5  FKG 8GTQTFPWPI JKPUKEJVNKEJFGT'VCVKUKGTWPIKP0T#RTKN5 

6CI YCT JÑEJUV TWJOTGKEJ H×T WPUGTG 6TWRRGPR  FCOKV YCTGP FKG $GOUEJGP6TWRRGPIGOGKPV  &GT Q5KGDGPD×TIGT $QVGR JCVVG DKU FCJKP CWUUEJNKG²NKEJ U¼EJUKUEJG /GKPWPIGP XGTVTGVGP +O /CK  YWTFGP CWEJ -QOOGPVCTGWPICTKUEJGT/KVCTDGKVGTXGTÑHHGPVNKEJV'KPIGYKUUGT6ÎVJ UEJTKGD ×DGT GKPG OÑINKEJG 4GRWDNKM YGNEJG )GUGV\ )GTGEJVKIMGKV HTGOFGU 'KIGPVWO WPF 5KVVGP DGYCJTGP WPF CEJVGP UQNNVG .¶U\NÎ $CTEUC[UGV\VGUKEJH×TGKPGU¼EJUKUEJWPICTKUEJG-QNNCDQTCVKQPGKPWPF OGKPVG FC² FKG XQO WPICTKUEJGP 5VCCV KP <WMWPHV CPIGPQOOGPG 4GIKGTWPIUHQTOXQPFGPQXQTYCNVGPFGP7OUV¼PFGPRCDJKPIG  'PFG /CK YWTFG 1HGP XQP FGP WPICTKUEJGP 6TWRRGP GKPIGPQOOGP 'PFG ,WPK CDGT \QIGP FKG \CTKUVKUEJGP WPF ÑUVGTTGKEJKUEJGP#TOGGMQTRUYKGFGTKP$KUVTKV\WPF-TQPUVCFVGKP&KG *GTOCPPUV¼FVGT 5CEJUGP DGTGKVGVGP UKEJ XQT FKG -CKUGTNKEJGP \W GORHCPIGP  +O,WNKDGUGV\VGFGTTWUUKUEJG)GPGTCN.×FGTUFGP5×FGP 5KGDGPD×TIGPU &KG 7PICTP XGTNKG²GP *GTOCPPUVCFV CO  ,WNK #O ,WNK\QI.×FGTUKPFKG5VCFVGKP#NNGXQPFGT4GXQNWVKQPUTGIKGTWPI GTNCUUGPGP #PQTFPWPIGP YWTFGP H×T PWNN WPF PKEJVKI GTMN¼TV 5KGDGPD×TIGP PWP YKGFGT )TQ²H×TUVGPVWO DNKGD DKU \WT XQNNGPFGVGP 2C\KHKMCVKQPWPVGT-TKGIUTGEJV  &KG8GTQTFPWPIFGU1DGTUVGPWPFMM-QOOKUU¼TU(TCP\XQP &QTUPGT XQO  ,WNK DGHCJN  FKG 7PI×NVKIGTMN¼TWPI FGT 2TQMNCOCVKQPGP FGT Q4GDGNNGPTGIKGTWPIR  FKG CNNIGOGKPG 'PVYCHHPWPIFKGQ#PPWNNKGTWPIFGTWPICTKUEJGP$CPMPQVGPRFKG #WHJGDWPI CNNGT )GUGV\G FKG CWH FGT 5WRTGOCVKG FGT WPICTKUEJGP 5RTCEJGKPFGP$G\KTMGPOKVIGOKUEJVGT$GXÑNMGTWPIIT×PFGVGPFKG $GKDGJCNVWPIFGT#WHJGDWPIXQP7TDCTKCNNGKUVWPIGP  &KGQOGJTGTGP6CWUGPF(N×EJVNKPIGRCWUFGT9CNCEJGKMCOGP JGKO5KGURTCEJGPKJTGP&CPMCPFKG1DTKIMGKVGPFGT9CNCEJGKCWU 
¯DGT FKG 4GMTWVKGTWPI Q5D $QVGR 0T   #RTKN  5  %U¶P[ CP FKG

$CWGTP KP FGP 0T XQO  #RTKN   #RTKN   #RTKN  FCU XQP &QDQMCK , IGH×JTVG RQNK\GKCOV 0T   #RTKN  5  /QUGU $GTFG $GMCPPVOCEJWPI0T#RTKN57PICTPU7PCDJ¼PIKIMGKVUGTMN¼TWPI 0T/CK5-TKGIUPCEJTKEJVGP0T/CK5 Q5D$QVGR0T/CK5
6QVJU#WHUCV\ 0T/CK5 
$CTEUC[U#WHUCV\ FKG5CEJUGPGTYCTVGPFKG©UVGTTGKEJGT0T,WNK5 FKG7PI×NVKIGTMN¼TWPIWPF#WHJGDWPIFGTWPICTKUEJGP)GUGV\G0T,WNK 5  Q5D $QVGR 0T   ,WNK  5  #O  ,WPK  UEJNWI 9GUUGNÃP[ FGO 5KGDGPD×TIKUEJGP.CPFVCIFCU7TDCTKCNIGUGV\XQT#OUGNDGP6CIYWTFGFCU)GUGV\  

/KV FGT 'KPUGV\WPI FGT ÑUVGTTGKEJKUEJGP /CEJV KP *GTOCPPUVCFV HCPF CWEJ DGKO Q5KGDGPD×TIGT $QVGPR GKP 4GFCMVKQPUYGEJUGN UVCVV *GKPTKEJ 5EJOKFV PGWGT 5EJTKHVNGKVGT FGU Q$QVGPRUEJTKGD  Q&GT 5KGDGPD×TIGT $QVG YKTF UKEJ UQ NCPIG KEJ KJP TGFKIKGTG DGUVTGDGP GKP 1TICP H×T FKG U¼EJUKUEJGP 0CVKQPCNKPVGTGUUGP \W UGKP  8QT\×INKEJ CDGT UQNN GU FKG #WHICDG FGU 5KGDGPD×TIGT $QVGP UGKP GKP YCJTJCHV ÑUVGTTGKEJKUEJGU 5VCCVUD×TIGTDGYW²VUGKP \W XGTDTGKVGP FGPP ©UVGTTGKEJ KUV FGT CNNGKPKIG *QTV WPVGT YGNEJGO FCU U¼EJUKUEJG 0CVKQPCNNGDGP KP UGKPGT $GFGWVWPI H×T %KXKNKUCVKQP WPF HTGKGU )GOGKPFGYGUGPHTÑJNKEJIGFGKJGPMCPPR  /KVVNGTYGKNG XGTNQT $GO FKG 5EJNCEJVGP DGK 5EJ¼²DWTI WPF 9GK²MKTEJ0CEJGKPGODNKV\UEJPGNNGP-TKGIU\WIFWTEJ0GWOCTMVWPF /GFKCUEJGTTGKEJVGPFKG*QPXÃFUGTPGWVFGP)TQ²GP4KPIFKG#IQTC *GTOCPPUVCFVU  8QO  DKU  #WIWUV  HCPF FKG FTKVVG 5EJNCEJV DGK *GTOCPPUVCFV UVCVV &QEJ FKG TWUUKUEJGP -QUCMGPGKPJGKVGP JQNVGP FKG 7PICTPGKPXGTVTKGDGPUKGWPFDGK)TQ²UEJGWGTPYWTFG$GOXQP\YGK TWUUKUEJGP *GGTGUGKPJGKVGP INGKEJ\GKVKI CPIGITKHHGP 'T GTNKVV GKPG XGTPKEJVGPFG0KGFGTNCIGWPFHNQJPCEJ6GOGUYCT  &GT Q$QVGR DGTKEJVGVG MCWO ×DGT FKG 5EJNCEJV 'T XGTVGKFKIVG UGKPG $×TIGT FKG *GTOCPPUV¼FVGT 5CEJUGP J¼VVGP FGP 7PICTP MGKPG *KNHGIGNGKUVGVWPFJ¼VVGPCWEJMGKPG4WUUGPGTUEJQUUGP  Q9KT UKPF XQP JQJGT *CPF GTO¼EJVKIV WPUGTG VJGWGTP /KVD×TIGT \W XGTUKEJGTP FC² FKG M TWUUKUEJGP 1HHK\KGTG DKU KP FKG JÑEJUVGP 5EJKEJVGP ×DGT\GWIV UKPF FC² Y¼JTGPF FGU OÑTFGTKUEJGP 5VTC²GPMCORHGU CO  #WIWUV MGKP *GTOCPPUV¼FVGT 5CEJUG CWH FKGM TWUUKUEJGP6TWRRGPIGUEJQUUGPJCDGR  #O  #WIWUV QTFPGVG FCU MM )GPGTCNMQOOCPFQ FKG #WUJGDWPIXQP4GMTWVGPCP&CDGKOW²VGFGT*GTOCPPUV¼FVGT 5VWJN  /CPP KO #NVGT XQP  DKU  ,CJTG UVGNNGP $KU \WO  5GRVGODGTUQNNVGFKG4GMTWVKGTWPIXQNN\QIGPUGKP
YGNEJGUFKG#WHJGDWPIFGT(TQJPFKGPUVGWPFFKG#DUEJCHHWPIFGT.GKDGKIGPUEJCHV CPGTMCPPVGGTNCUUGP#O,WPKYWTFGFCU)GUGV\CPIGYCPFV&KGMCKUGTNKEJG 8GTQTFPWPI XQO  ,WNK  DGUV¼VKIVG FCU )GUGV\ XQO  ,WPK  ¯DGT FKG UKGDGPD×TIKUEJGP(N×EJVNKPIGKPFGT9CNCEJGKKP0T,WNK50T #WIWUV58IN'NC%QUOC4GHWIKC/KKVTCPUKNXâPGPKÉP/WPVGPKCNCKO $F+UVQTKCECGZRGTKGP/âKPVGNGEVWCNâ1TCFGC5 Q5D$QVGR0T#WIWUV5 %)ÑNNPGTCC15Q5D$QVGR0T#WIWUV5  

&KG RTQXKUQTKUEJG 4GIKGTWPI VGKNVG FCU .CPF KP UGEJU /KNKV¼TFKUVTKMVG GKP *GTOCPPUVCFV -CTNUDWTI -NCWUGPDWTI 4GVVGI 1FGTJGNNGP WPF (QICTCUEJ &GT -QOGU FGT 5¼EJUKUEJGP 0CVKQP YCT \WINGKEJ FGT IGUGV\NKEJG 8QTUVCPF WPF UQOKV FGT &KUVTKMVUQDGTMQOOKUU¼TH×TFGP*GTOCPPUV¼FVGT&KUVTKMV\WYGNEJGO CWEJ FKG (KNKCNFKUVTKMVG $KUVTKV\ WPF -TQPUVCFV IGJÑTVGP &KG &KUVTKMVG \GTHKGNGP KP $G\KTMG WPF FKGUG KP 7PVGTDG\KTMG
+PURGMVQTCVG  KP YGNEJGP FKG <KXKNXGTYCNVWPI FGP $G\KTMU WPF 7PVGTDG\KTMUMQOOKUU¼TGP×DGTVTCIGPYWTFG  #PHCPI0QXGODGT\QIGPFKG4WUUGPCWU*GTOCPPUVCFVCD  &GTQ$QVGRXGTÑHHGPVNKEJVG
GTUVLGV\V FKG4GKEJUXGTHCUUWPIFGU -CKUGTVWOU©UVGTTGKEJXQO/¼T\  &GT(TKGFGPKO.CPFYCTYKGFGTJGTIGUVGNNV   +O .CWHG FGT ,CJTG  DGYCJTVG FGT Q5KGDGPD×TIGT $QVGR HQTVY¼JTGPF GKPG /KUEJWPI \YKUEJGP GKPGO NQMCNGP DG\KGJWPIUYGKUG GVJPKUEJGP 2CVTKQVKUOWU UQYKG FGT .Q[CNKV¼V \WO JCDUDWTIKUEJGP -CKUGTJCWUG 9¼JTGPF FGT WPICTKUEJGP 1MMWRCVKQP XQP*GTOCPPUVCFV 
/¼T\,WNK UCOVKJTGP8GTNWUVGPFKG 'PVGKIPWPI FGT (N×EJVNKPIG WPF FGU 8GTOÑIGPU FGT 5¼EJUKUEJGP 0CVKQPUWPKXGTUKV¼V FKG #WHNÑUWPI FGT VTCFKVKQPGNNGP U¼EJUKUEJGP +PUVKVWVKQPGPWPF•OVGTFKG8GTJCHVWPIGPWPF6QFGUWTVGKNGPCJOGP FKG5CEJUGPFCUHCKVCEEQORNKCPWPFXGTUWEJVGPUKEJQJPGDGUQPFGTGP 5EJYWPI CDGT CWEJ QJPG ITQ²GP 9KFGTUVCPF FGT 5CEJNCIG CP\WRCUUGP  #WU 5KEJV FGT JGWVG ×DNKEJGP LQWTPCNKUVKUEJGP 5EJTGKDYGKUG DGGKPFTWEMV FGT Q5KGDGPD×TIGT $QVGR FWTEJ FGP 8GT\KEJV CWH GOQVKQPCNG.GKFGPUEJCHVWPFCWH)GYCNVKP9QTVWPF6CVQ+O)GKUVG FGT /¼²KIWPI WPF (TKGFHGTVKIMGKVR YKG GU UKEJ FGT Q$QVGR UGNDGT XQTPCJO IGNCPI GU KJO OGKUV FKG (GFGT KO <CWOG \W JCNVGP 5GKPG #TIWOGPVCVKQP HNQ² QJPG 'KNG GU ICD KOOGT <GKV WPF 4CWO FKG )GUEJKEJVG CD QTKIKPG XQT\WH×JTGP 9Q #TIWOGPVG PKEJV OGJT JCNHGP YQFCU.QUWPI×PUVKIGPVUEJKGFGPYCTNKG²UKEJFGTQ$QVGRPWTUGNVGP CWU ×DGTO¼²KIGO 'KHGT \W 5EJOGKEJGNGKGP CP FKG #FTGUUG FGT LGYGKNKIGP/CEJVJCDGTJKPTGK²GP 

Q5D$QVGR0T#WIWUV5
×DGTFKG#WUJGDWPIFGT4GMTWVGP 0T 

 5GRVGODGT  5  0T   5GRVGODGT  5 
FKG 8GTYCNVWPIUGKPVGKNWPI  0T   0QXGODGT  5 
FKG 4WUUGP XGTNCUUGP *GTOCPPUVCFV 0T0QXGODGT5
FKGQMVTQ[KGTVG8GTHCUUWPI   

&KG Q6TCPUUKNXCPKCR CNU $GKDNCVV FGU Q5KGDGPD×TIGT $QVGPR DGINGKVGVG FKGUGP UQYQJN KP UGKPGT *CNVWPI CNU CWEJ KP UGKPGP /GKPWPIGP MCWO CDGT KP FGUUGP .CPIL¼JTKIMGKV 6TQV\ UGKPGT TGIGNO¼²KIGP*GTCWUICDGY¼JTGPFFGU,CJTGUUVGNNVGFCU$NCVVCWU WPDGMCPPVGP)T×PFGPUGKP'TUEJGKPGPCO/¼T\MWT\XQTFGT WPICTKUEJGP1MMWRCVKQPXQP*GTOCPPUVCFVGKP  &GT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR GTUEJKGP KP FGT GTUVGP *¼NHVG FGU ,CJTGU  YÑEJGPVNKEJ WPF IGIGP 'PFG FGUUGNDGP ,CJTGU \YGKOCNRTQ9QEJG5GKPG\KGONKEJUVCPFJCHVG*CNVWPIYCTIGIGPFKG 7PKQP IGTKEJVGV WPF HW²VG CWH GKPGT IT×PFNKEJGP VJGQTGVKUEJGP WPF RTCMVKUEJGP $GIT×PFWPI +O <WUCOOGPJCPI FGT *GTOCPPUV¼FVGT 2TGUUGGTUEJGKPVFGTQ8QNMUHTGWPFRCNULGPGU$NCVVYGNEJGUCOOGKUVGP DGTGKV YCT CWH UGKPGP 5GKVGP 5Q\KCNHTCIGP WPF TGHQTOGP \W DGURTGEJGP  &KG GKPGP RT¼IPCPVGP NKVGTCTKUEJGP WPF GUUC[KUVKUEJGP %JCTCMVGT DGYCJTGPFGP Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR UVGNNGP VTQV\KJTGTGRKUQFKUEJGP*GTCWUICDG
XQO/CKDKU1MVQDGT GKPGP )KRHGN FGT $GICDWPI FCT FKG CWH FGO #NVCT FGT U¼EJUKUEJGP *GTOCPPUV¼FVGT2TGUUGIGQRHGTVYWTFGP  

&GT #PHCPI FGU ,CJTGU  NKG² PQEJ PKEJVU XQP FGP  YGNVGTUEJ×VVGTPFGP'TGKIPKUUGPGTCJPGPFKGGUOKVUKEJDTKPIGPUQNNVG /KVVG ,CPWCT DGURTCEJGP FKG -TQPUV¼FVGT <GKVWPIGP FCU PGWG 4GMTWVKGTWPIUIGUGV\ &GT Q5CVGNNKVR ×DGTPCJO CWU FGO Q'TFÃN[K *KTCFÎR GKPG $GTKEJVGTUVCVVWPI YGNEJG FKG 'TTKEJVWPI GKPGT %QOOKUUKQP \WT #WUJGDWPI XQP  /CPP \YKUEJGP  WPF  ,CJTGP  OKV #WUPCJOG FGT QDGMCPPVGP #FGNKIGPR  DGMCPPVOCEJVG &KGWPICTKUEJG<GKVWPIOGKPVGFKG4GMTWVGPUVGNNWPIY×TFGFWTEJGKPG QOGPUEJNKEJGTG 9GKUGR FWTEJIGH×JTV WPF FKG .GWVG QPKEJV OGJT YKG FKGYKNFGP6JKGTGOKV5EJNKPIGPWPF*CEMGPGKPIGHCPIGPRYGTFGP+P GKPGT PCEJVT¼INKEJGP 0WOOGT DGUEJTKGD FGT Q5CVGNNKVR FKG KO *GTOCPPUV¼FVGT5VWJNUVCVVIGHWPFGPG4GMTWVKGTWPI  &KG Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR XGTÑHHGPVNKEJVGPGKPG4GKJGXQP#TVKMGNP×DGTFKGQ%UCPIÎ/CI[CTGPKP FGT /QNFCWR FKGUGNDG <GKVWPI ×DGTPCJO CWU FGO UEJQP GTY¼JPVGP Q'TFÃN[K *KTCFÎR GKPG $WEJDGURTGEJWPI -ÑX¶T[U 'TFÃN[QTU\¶I 5VCVKUVKM¶LC
5VCVKUVKM XQP 5KGDGPD×TIGP   Q$GVTCEJVWPIGP ×DGT CWUN¼PFKUEJG <WUV¼PFG CO #PHCPI FGU ,CJTGU R CWU FGT Q1DGTRQUVCOVU<GKVWPIRHCPFGPCWHFGP5GKVGPFGUQ5CVGNNKVR2NCV\  9GPP FKG 5KGDGPD×TIGT 5CEJUGP QCNU ¼W²GTUVG 8QTRQUVGP FGWVUEJGT0CVKQPCNKV¼VKO5×FQUVGP'WTQRCURDGVTCEJVGVYWTFGPNCWV FGT KP FGT Q.GKR\KIGT +NNWUVTKGTVGP <GKVWPIR GTUEJKGPGPGP /GKPWPI 
Q5CVGNNKVR0T,CPWCT50T,CPWCT50T Q$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGR0T,CPWCT50T 

   

%JTQPKMFGT-TQPUV¼FVGT2TGUUG
,QJCPP)ÑVVWPFFCU5KGDGPD×TIGT9QEJGPDNCVV 5CVGNNKV$N¼VVGTH×T)GKUV)GO×VJWPF 8CVGTNCPFUMWPFGWC 

(GDTWCT5 

,CPWCT50T,CPWCT50T,CPWCT5 0T(GDTWCT50T(GDTWCT5 'DGPFC0T,CPWCT50T/¼T\50T/¼T\ 5 5CVGNNKV0T,CPWCT5 

*GTOCPP6JGQFQT)NCV\OYGNEJGFGTQ5CVGNNKVRYKGFGTICDUQHÑTFGTVG FCUUGNDG$NCVVGKPTWO¼PGPHTGWPFNKEJGU$KNFKPFGOGUFGP$TKGHGKPGU QWPKTVGP9CNCEJGPR\WT©HHGPVNKEJMGKVDTCEJVG7PVGTFGO/QVVQ3WK VCEGVEQPUGPVKTGXKFGVWT#WFKCVWTGVCNVGTCRCTUUEJTKGDFGTCPQP[OG 8GTHCUUGT Q&GPMGP YKT WPU JKG\W PQEJ LGPG <GKVGP YQ OCP DGJCWRVGVG GU UGK XKGN UKEJGTGT LC UGNDUV CPIGPGJOGT GKP TQJGU WPYKUUGPFGU 8QNM KO <CWO \W JCNVGP CNU CWEJ PWT FKG YGPKIUVGP .KEJVUVTCJNGPFWTEJFKGUGJTGPIGP(GPUVGTFGT.CPFJ×VVGPFTKPIGP\W NCUUGP YQ FKG 5EJWNXGTQTFPWPIGP FGT H×T FKG 9CNCEJGP IGYK² X¼VGTNKEJ IGUKPPVGP 4GIKGTWPI HCUV KOOGT DGUGKVKIV YWTFGP YQ OCP GKPUV FGP $NCUGPFÑTHGTP XGTCTIV JCVVG FC² UKG
H×T  2HCTTGKGP WPF (KNKGPUCOOV5EJWNGPYQUQNEJG\WHKPFGPUKPF ICT×DGTCTOG JWPITKIG 5EJ×NGT KO 7PVGTTKEJV JCVVGP DGFGPMGP YKT CNNGU FKGU WPRCTVJGKUEJ WPF GVYCU IGYKUUGPJCHVGT WPF XGTFCOOGP YKT FCPP PQEJFKG9CNCEJGPWPFKJTG4QJGKVYGPPYKTMÑPPGP8QPFGOXÑNNKI VTQUVNQUGP<WUVCPFGFGUPKEJVWPKTVGP%NGTWUYGPFGPYKTWPUGTG$NKEMG FKGUOCN CD  &KGU \WT 5VGWGT FGT 9CJTJGKV WPF \W GKPGT DGUUGTGP 8GTUV¼PFKIWPI\YKUEJGP5CEJUGPWPF9CNCEJGPH×TFKG<WMWPHVDKVVGV KP +JTG IGUEJ¼V\VGP 5RCNVGP CWHPGJOGP \W YQNNGP GKP WPKTVGT 9CNCEJGR&KG4GFCMVKQPOW²VG\WIGDGPFC²OCP×DGTFKG4WO¼PGP QOGKUVGPU IGIGP WPF UGNVGPGT \W KJTGP )WPUVGPR IGUEJTKGDGP JCVVG GDGPFGUJCNDQ7PUYKTFGULGFGUOCNYKNNMQOOGPUGKPGKPGUQTWJKIG OKV GTN¼WVGTPFGP 6JCVUCEJGP WPVGTUV×V\VG 4GEJVHGTVKIWPI WPF $GNGWEJVWPI FGT YCNCEJKUEJGP <WUV¼PFG KP WPUGTGP $N¼VVGTP CWHPGJOGP \W MÑPPGP #WH GKPG ÑHHGPVNKEJG 5×PFG IGJÑTV GKPG ÑHHGPVNKEJG $W²G 0WT CWH FKGUG #TV MÑPPGP UKEJ DGKFG 0CVKQPGP GKPCPFGT HTGWPFNKEJ P¼JGTP YGPP UKG UKEJ UCIGP YCU UKG IGIGPUGKVKI CO*GT\GPJCDGPWPFQJPGCNNG+PVGTXGPVKQPKJTG5VTGKVUCEJGPHTKGFNKEJ \WUEJNKEJVGPUWEJGPR  &GT Q5CVGNNKVR YCTH GU FGT *GTOCPPUV¼FVGT 5VCFVMQOOWPKV¼V XQTUKGPGJOGCP$GNCPIGPPKEJVVGKNFKGFCUCNNIGOGKPG9QJNDGVTCHGP &KG *GTOCPPUV¼FVGT Q6TCPUUKNXCPKCR GTYKFGTVG FGO Q5CVGNNKVR KP OGJTGTGP#TVKMGNP  +O/¼T\VCVGPFCUQ5KGDGPD×TIGT9QEJGPDNCVVRWPFFGT Q5CVGNNKVR FGP #WUDTWEJ FGT HTCP\ÑUKUEJGP 4GXQNWVKQP MWPF &KG 'TGKIPKUUG XQO  DKU  (GDTWCT KP 2CTKU YWTFGP GKPIGJGPF 
'DGPFC0T(GDTWCT5 6TCPUUKNXCPKC*GTOCPPUVCFV0T(GDTWCT0T/¼T\5 0T/¼T\5 'DGPFC0T(GDTWCT5 

DGUEJTKGDGP -CKUGT (GTFKPCPF + XQP ©UVGTTGKEJ ICD GKPG 'TMN¼TWPI ×DGT FKG 'TGKIPKUUG KP (TCPMTGKEJ CD &CU Q9QEJGPDNCVVR DGTKEJVGVG ×DGT FGP $GIKPP FGT 4GXQNWVKQP KP 7PICTP WPF FKG  2WPMVG FGU 2GUVGT /CPKHGUVU 
/¼T\   KP YGNEJGP FGT 9WPUEJ FGT 8GTGKPKIWPI 5KGDGPD×TIGPU OKV 7PICTP CWUH×JTNKEJ GTN¼WVGTV YWTFG &KG -TQPUV¼FVGT 2TGUUG LWDGNVG CNU DGMCPPV IGOCEJV YWTFG FC² /GVVGTPKEJ DGUGKVKIV YQTFGP YCT &KG 2TGUUGHTGKJGKV YWTFG CWUIGURTQEJGP WPF OCP HQTFGTVG GKPG PGWG 8GTHCUUWPI FGT )GUCOVOQPCTEJKG &KG Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGRGPVPCJOGPCWUFGPQ9KGPGT5QPPVCIUDN¼VVGTPRFGP #WHUCV\XQP&T.(TCPMN×DGTQ&KGFTGK6CIGFGT4GXQNWVKQPKP9KGP XQP #WIGP\GWIGP WPF 6JGKNPGJOGTP IGUEJKNFGTVR &GT #WHUCV\ GPVJKGNV OGJTGTG -CRKVGN Q'TUVGT (WPMG \W FGO /¼T\DTCPFGR Q5QPPVCI KP FGT #WNCR Q+O *QHG FGU 5V¼PFGJCWUGU /QPPVCI  DKU  7JTRQ+O5V¼PFGUCCNRQ&GRWVCVKQPFGT7PKXGTUKV¼VRQ&CU/KNKV¼TWPF FKG #WNCR Q<WO <GWIJCWUR Q8QTUVCFV WPF 5VCFVR #WEJ FKG WPKQPUHTGWPFNKEJGP /CPKHGUVCVKQPGP KP -NCWUGPDWTI CO  /¼T\ GTYGEMVGP+PVGTGUUG&KG5VKOOWPIKP-TQPUVCFVFKGGPVJWUKCUVKUEJG (ÑTFGTWPI FGT XQP FGP WPICTKUEJGP 4GXQNWVKQP¼TGP CPIGVTCIGPGP 4GHQTOGP YKFGTURKGIGNVGP UKEJ KO #WHTWH FGU -TQPUV¼FVGT GXCPIGNKUEJGP 2HCTTGTU )GQTI *KPV\ YGNEJGT KO Q5CVGNNKVR FCU 5CEJUGPXQNM WPF FGUUGP -TGKUMQOOWPKV¼VGP \WT #PPCJOG FGT 8GTGKPKIWPI5KGDGPD×TIGPUOKV7PICTPGTOWPVGTVG  )ÑVVU <GKVWPIGP PCJOGP FKG WPKQPUHTGWPFNKEJGP )GFCPMGP CWH6)
)GQTI6GWVUEJ \GKEJPGVGCO#RTKNGKPGPKPFGP$N¼VVGTP H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG GTUEJKGPGPGP RTQITCOOCVKUEJGP #WHUCV\ Q9CU JCV 5KGDGPD×TIGP IGIGPY¼TVJKI \W VJWP!R 
5D9QEJGPDNCVV0T/¼T\5FGT#WHUCV\0CEJTKEJVGP×DGTFKG

HTCP\ÑUKUEJG 4GXQNWVKQP 5CVGNNKV 0T   /¼T\  5  FGT #WHUCV\ ¯DGTFGP#WUDTWEJFGTHTCP\ÑUKUEJGP4GXQNWVKQP(GDTWCT 5D9QEJGPDNCVV0T/¼T\5 'DGPFC0T/¼T\5 'DGPFC0T/¼T\55CVGNNKV0TWPF/¼T\5  $N¼VVGT0TWPF#RTKN50T#RTKN5 0T#RTKN50T/CK5 5D9QEJGPDNCVV0T/¼T\5 'DGPFC0T#RTKN5 5CVGNNKV0T/¼T\5 $N¼VVGT0T#RTKN5  

&GT )[OPCUKCNNGJTGT -CTN -TCHV JKGNV KO -TQPUV¼FVGT )GYGTDGXGTGKP GKPG 4GFG CWH FGO )GDWTVUVCIUHGUV FGU -CKUGTU (GTFKPCPF 'T GTKPPGTVG FCTCP FC² FKG 0CVKQPUWPKXGTUKV¼V QFGO 9WPUEJGWPUGTGT$×TIGTUEJCHVGPVURTGEJGPFKPKJTGO$GUEJNW²GXQO  #RTKN FKG #WHPCJOG FGT ITKGEJKUEJGP )NCWDGPUIGPQUUGP KP FGP INGKEJDGTGEJVKIVGP $×TIGTXGTDCPF FGU 5CEJUGPXQNMGU HGKGTNKEJ GTMN¼TVR JCVVG&KGITѲVG#WHICDGYCTPWPFKG8GTGKPKIWPIOKV7PICTP-TCHV \GKIVG Q5Q IGVJGKNV FKG /GKPWPIGP KP FKGUGT $G\KGJWPI UKPF UQ UVKOOGP FQEJ FKG /GKUVGP FCTKP ×DGTGKP FC² FKGUGNDG WPDGFGPMNKEJ GKPIGICPIGPYGTFGPMÑPPGYGPPFKGWPICTKUEJG0CVKQPFGP$×TIGTP CWH 5CEJUGPDQFGP KJTG 8GTHCUUWPI WPIGMT¼PMV \W GTJCNVGP UKEJ CPJGKUEJKI OCEJG KP INGKEJGT 9GKUG YKG UKG GU FGP 5NCXGP KO -ÑPKITGKEJG 7PICTP XGTD×TIVR &KG Q$N¼VVGTR YGNEJG FKG 4GFG ×DGTPCJOGPXGTÑHHGPVNKEJVGPCWEJ/CZ/QNVMGUQ(TGKUEJCCTNKGFRFCU UQDGICPPQ9QJNCWHFGWVUEJG$T×FGTFKG9CHHGPXQPFGT9CPF ,GV\VIKNVGUUKEJT×UVGP\WVCRHGTO9KFGTUVCPFR  'KP WPKQPUHTGWPFNKEJGT $GTKEJVGTUVCVVGT CWU *GTOCPPUVCFV UEJTKGD Q5CEJUGPDT×FGT &GT 4WH GTIGJV CP 'WEJ FC² +JT H×T FKG 8GTGKPKIWPI 5KGDGPD×TIGPU OKV 7PICTP UGKP OÑEJVGV  &CU PGWG XQNMUVJ×ONKEJG 7PICTP HQTFGTV WPU LGV\V \WT 8GTGKPKIWPI CWHR 'KPGTUGKVU XGTURTCEJ OCP UKEJ FCXQP QCNNG OÑINKEJGP 8QTVJGKNGR CPFGTGTUGKVU CDGT UQNNVG FCFWTEJ FKG 0CVKQPCNKV¼V FGT  5CEJUGP QGKP \CJOGU MNGKPGU T¼WONKEJ \GTUV×EMGNVGU 8ÑNMEJGPR IGUKEJGTV YGTFGPQ'UKUVMGKP6TCWOFC²GKPXKGN\×PIKIGT5VCCVDGUVGJGPMÑPPG QJPGFC²GKPG0CVKQPCNKV¼VFKGCPFGTGCWH\GJTGPOײGYGPPUKGPKEJV CNVGTUUEJYCEJUVKTDVR&CU$GKURKGN0QTFCOGTKMCYWTFGCWHIGH×JTV  #O  /CK JCVVG *GTOCPPUVCFV UGKP Q*GKN WPF 5GIGP FGT WP\GTVTGPPDCTGP EQPUVKVWVKQPGNNGP /QPCTEJKGR CWUIGURTQEJGP &KG Q$N¼VVGTR UEJ¼V\VGP FC² FKG NQ[CNGP /CPKHGUVCVKQPGP FKG 7PKQPUHTCIG PKEJV NÑUGP Y×TFGP Q&KG 2TQXKPEKC %KDKPKGPUKU KUV CDGT WPVGT FGP IGIGPY¼TVKIGP 7OUV¼PFGP GKPG %JKO¼TGR +P FGTUGNDGP 0WOOGT YWTFG FGP $×TIGTICTFGP GKPG WPVGT &TWEM DGHKPFNKEJG Q#DTKEJVWPIU WPF 'ZGTEKGTXQTUEJTKHVR GORHQJNGP &KG <GKVWPI MCO OKV GKPKIGP Q9QTVGP FGU (TKGFGPUR XQP ,QJCPP $GVJNGP F• WPF 0KMQNCWU ,QUKMC WPF XGTÑHHGPVNKEJVG FCU FGO Q9GJTOCPPR IGYKFOGVG )GFKEJV ,QUGH /CTNKPU 

'DGPFC0T#RTKN5 'DGPFC0T/CK5 'DGPFC0T/CK50T/CK5  

&KG KO Q5CVGNNKVR GTUEJKGPGPGP #TVKMGN XGTVTCVGP FKG /GKPWPI FC² FKG UQ\KCNGP 4GHQTOGP KP WPOKVVGNDCTGO <WUCOOGPJCPI OKVFGT 7PKQP UVCPFGP 'KPG &GRWVCVKQP FGT 5VCFVD×TIGTUEJCHV TGKEJVG FGO -TQPUV¼FVGT /CIKUVTCV CO  /¼T\  GKPG 5EJTKHV GKP KP YGNEJGT HQNIGPFG /C²PCJOGP CNU FTKPIGPF PQVYGPFKI CPIGUGJGP YWTFGP  FKG 4GHQTO FGT 1TICPKUCVKQP FGT -QOOWPKV¼VGP FWTEJ C  9CJN KJTGT /KVINKGFGT CWU CNNGP WPF FWTEJ CNNG DGGKFKIVGP $×TIGT D  9CJN PKEJV NGDGPUNCPI9CJNH¼JKIMGKVLGFGUSWCNKHK\KGTVGP$×TIGTU\WO-QPHNWZ WPF .CPFVCIUFGRWVKGTVGP  #DUEJCHHWPI CNNGT -CPFKFCVKQP DGK LGFGT #TVXQP9CJNGPÑHHGPVNKEJG4GEJPWPIUNGIWPI×DGTFKGÑHHGPVNKEJGP -CUUGP©HHGPVNKEJMGKVFGTRQNKVKUEJGP$GTCVWPIGPDGK-QOOWPKV¼VGP /CIKUVTCVGP WPF DGK FGT 0CVKQPUWPKXGTUKV¼V  ©HHGPVNKEJMGKV WPF /×PFNKEJMGKV FGT IGTKEJVNKEJGP 8GTJCPFNWPIGP  #WHPCJOG FGT 4WO¼PGPKPFGPINGKEJDGTGEJVKIVGP$×TIGTXGTDCPFFGU5CEJUGPNCPFGU  'KPH×JTWPI XQP 5EJYWTITKEJVGP \WT 9CJTWPI WPF 4GIGNWPI FGT HTGKGP2TGUUG  &GT Q5CVGNNKVR DGJCTTVG CWH FGT 0QVYGPFKIMGKV FGT Q$×TIGTDGYCHHPWPIKOUKGDGPD×TIKUEJGP5CEJUGPNCPFRYGNEJGUKEJ\W GKPGTQHÑTONKEJ\WQTICPKUKGTGPFGP/KNKVCTKUKGTWPIFGTICP\GP0CVKQPR GPVHCNVGPUQNNVG  +O #RTKN  NKGHGPFKGGTUVGPDGUQTIPKUGTTGIGPFGP)GT×EJVG ×DGT GKPGP OÑINKEJGP 'KPHCNN FGT 4WUUGP /CP H×TEJVGVG KP FGP U¼EJUKUEJGP -TGKUGP CWHITWPF FGT 4GNKIKQPUXGTYCPFVUEJCHV FGT \YGK 8ÑNMGT FGP #DUEJNW² GKPGU OÑINKEJGP TWUUKUEJTWO¼PKUEJGP $×PFPKUUGU &GT Q5CVGNNKVR DGTKEJVGVG ×DGT FKG CPIGDNKEJG #DUKEJV OCPEJGT $GYQJPGT FGT 5KGDGPFÑTHGT FGO -CKUGT XQP 4W²NCPF GKPG $KVVUEJTKHV GKP\WTGKEJGP FCOKV GT XQP KJTGO )GDKGV $GUKV\ GTITGKHG &KGUGNDG <GKVWPI XGTÑHHGPVNKEJVG CWEJ FKG Q'TYKFGTWPI CWH FKG ITWPFNQUG $GUEJWNFKIWPI GKPGT TWUUKUEJGP #PJ¼PINKEJMGKV XQP 5GKVG FGT 5KGDGPFÑTHGT 9CNCEJGPR YGNEJG XQO 'T\RTKGUVGT WPF 2HCTTGT KP *QUU\WHCNW #NGTKWU $GT\C KO 0COGP FGT 5KGDGPFÑTHGT 4WO¼PGP WPVGT\GKEJPGV YWTFG $GT\C OGKPVG GU JCPFGNVG UKEJ WO GKPG QITWPFHCNUEJG 8GTF¼EJVKIWPIR &KG JKGUKIGP 4WO¼PGP YCTGP 8KGJ WPF 5EJCH\×EJVGT /KV KJTGP *GTFGP YGKFGVGP UKG KP FGT /QNFCW 9CNCEJGK KP $GUUCTCDKGP WPF $WNICTKGP 5QOKV JCVVGP UKG CWEJ FKG 4WUUGPWPFKJTQ-PWVGP5[UVGOR
&GURQVKUOWU P¼JGTMGPPGPIGNGTPV Q9GPPWPUGTG9CNCEJGPFKG$GYQJPGT$GUUCTCDKGPUFKGITѲVGPVJGKNU YCNCEJKUEJGP 7TURTWPIU UKPF KP FGT /WVVGTURTCEJG CPTGFGP WPF 
5CVGNNKV0T#RTKN5 'DGPFC0T#RTKN50T#RTKN5 

FCTCWH FKG #PVYQTV TWUUKUEJ GTJCNVGP UQ HTCIG KEJ QD GU H×T FGP FGT 5RTCEJG WPF 0CVKQPCNKV¼V \W FGP JÑEJUVGP WPF MQUVDCTUVGP -NGKPQFKGP GKPGU /GPUEJGP \¼JNV GKPGP DGVT×DGPFGTP *GT\ WPF 5GGNG \GTPCIGPFGP5EJOGT\IGDGPMÑPPG!R  'KP $GTKEJVGTUVCVVGT XQP FGT 7PVGTGP &QPCW OWPVGTVG FKG 5CEJUGP \WT 7PKQP CWH OKV 'KPJCNVWPI FGT $GYCJTWPI KJTGU &GWVUEJVWOU(TCP\5EJWUGNMCXQPFGTQ9KGPGT<GKVWPIRYGNEJGTH×T UGKPG 8GTFKGPUVG KP 5EJTKHV WPF 9QTV WO FKG U¼EJUKUEJG 0CVKQP \WO 'JTGPD×TIGT XQP -TQPUVCFV DGTWHGP YWTFG WPVGT\GKEJPGVG GKPGP #WHUCV\YQTKPGTFCUQ/CPKHGUVFGU-CKUGTU0KMQNCWUCPFKG4WUUGPR 
/¼T\ YKGFGTICDWPFMTKVKUKGTVG5EJWUGNMCTKGHFKG8ÑNMGTFGU ÑUVGTTGKEJKUEJGP8CVGTNCPFGU\WT8GTVGKFKIWPIXQPFGUUGP(TGKJGKVWPF 'JTGCWH&CU/CPKHGUVJCVVGKP9KGPWPFKOICP\GPIGDKNFGVGP'WTQRC +PFKIPCVKQP GTTGIV &KG 4GFCMVKQP GTI¼P\VG 5EJWUGNMCU #WHHQTFGTWPI Q'U KUV WPN¼WIDCT FC² FGT -CKUGT XQP 4W²NCPF PQEJ FGT¼EJVG6[RWU GKPGU 6[TCPPGP KUV )NCWDGP %\CT 8CVGTNCPF KUV FKG .QUWPI FKG GT IKDV QJPG LGFQEJ FCOKV 'VYCU CPFTGU \W OGKPGP CNU NGFKINKEJ UKEJ UGNDUVFGP*GTTPFGT-PWVGR  &GT8GTNGIGT,QJCPP)ÑVVWPVGT\GKEJPGVGCO/CKGKPGP #WHUCV\Q9CUJCVFKGU¼EJUKUEJG0CVKQPIGIGPY¼TVKI\WVJWP!RYQTKP GT\GKIVGFC²FCU.CPFIGIGP¼W²GTG(GKPFGXGTVGKFKIVWPF4WJGWPF 1TFPWPI GTJCNVGP YGTFGP OW²VGP #W²GTFGO HQTFGTVG GT \WT QHQTVY¼JTGPFGP $GJGT\KIWPI FGT UKGDGPD×TIKUEJGP 7PKQP WPF FGT FCTKP CWUIGURTQEJGPGP 8GTDT×FGTWPI FGT XGTUEJKGFGPGP 0CVKQPGPR CWH (GTPGT DTCEJVG FGT Q5CVGNNKVR CWEJ CPFGTG 5VKOOGP FKG H×T FKG 7PKQPGKPVTCVGPQFGTFGP(GKPFGPFGT7PKQPGKPG#PVYQTVICDGP  )GTCFG KO Q5CVGNNKVR UQNNVGP FKG \YGK *CWRVOCPKHGUVG GTUEJGKPGPYGNEJGKO(T×JLCJTFKG\YGKURCNVKIG5VKOOWPIKPFGP 4GKJGP FGT 5KGDGPD×TIGT 5CEJUGP MGPP\GKEJPGVGP 'KPGU XQP FKGUGP FCU Q2QNKVKUEJG 2TQITCOO CP FKG UKGDGPD×TIGT 5CEJUGPR XQP ,QUGRJ /CTNKP YCT GKPG DGIGKUVGTVG <WUVKOOWPI \WT 7PKQP FCU CPFGTG /CPKHGUV XQP 6JGQFQT (CDKPK Q-GKPG 7PKQPR UVGNNVG FKG GPVIGIGPIGUGV\VG *CNVWPI FCT 1DYQJN FKG <GKVWPI WPWOYWPFGPG WPKQPUHTGWPFNKEJG)GUKPPWPIGPJGIVGYCTGPKJTG5RCNVGPCNNGPQHHGP
#PJCPI&QM0TWPF   &KG 4GHQTOJQHHPWPIGP FGU (T×JLCJTU  GTHC²VGP FKG 8GTYCNVWPI FCU <WPHVYGUGP FCU 7PVGTTKEJVUYGUGP &GT Q5CVGNNKVR 
'DGPFC0T#RTKN550T/CK5 0T#RTKN50T/CK5 'DGPFC0T#RTKN5 

RWDNK\KGTVG FGP XQP GKPGT XQP FGT 0CVKQPUWPKXGTUKV¼V GTPCPPVGP -QOOKUUKQP IGOCEJVGP 8QTUEJNCI ×DGT FKG Q)TWPFU¼V\NKEJG 4GXKUKQP FGT /WPKEKRCNXGTHCUUWPI FGT &GWVUEJGP KP 5KGDGPD×TIGPR #WEJ FCU Q$KVVIGUWEJ FGT 5VWFKTGPFGP CP FGP NÑDN 5GPCV FGT UKGDGPD×TIKUEJ FGWVUEJGP4GEJVUCMCFGOKG\W*GTOCPPUVCFVRFCUFKG/QFGTPKUKGTWPI FGT#PUVCNVDGCPVTCIVGYWTFGXGTÑHHGPVNKEJV  &GTQ5CVGNNKVRDGTKEJVGVG×DGTFKGTWO¼PKUEJG8GTUCOONWPIKP $NCUGPFQTH  CO   WPF  /CK  YGNEJG QXQP 'KPKIGP H×T JÑEJUV YKEJVKI IGJCNVGP XQP #PFGTP YKGFGTWO YKTF KJT PWT FGT %JCTCMVGT GKPGU /GGVKPI DGKIGNGIV 6JCVUCEJG KUV FC² FKG 4GIKGTWPI FWTEJ KJTG &C\YKUEJGPMWPHV WPF FWTEJ FKG #DUGPFWPI \YGKGT %QOOKUU¼TG KP FGP 2GTUQPGP FGT *GTTGP .WFYKI 5\CDÎ )WDGTPKCNTCVJGU WPF 0KEQNCWU $CPPHK 1DGTIGURCPPU KJT FGP %JCTCMVGT GKPGT 0CVKQPCNXGTUCOONWPI IGIGDGP WPF UKG CNU UQNEJG CPGTMCPPV JCV &CJGT YKTF OCP UKEJ PKEJV YWPFGTP YGPP FKG 9CNCEJGP KP KJTGT CWU  5GGNGP DGUVGJGPFGP 8GTUCOONWPI UKEJ INGKEJ KP FGT GTUVGP 5KV\WPI XQO  /CK \WT UGNDUVUV¼PFKIGP 0CVKQP WPF \WO KPVGITKTGPFGP 6JGKN 5KGDGPD×TIGPU GTMN¼TV WPF CWUIGTWHGP JCDGPR&GT#WHUCV\YWTFGXQPQGKPGO#WIGP\GWIGR
YCJTUEJGKPNKEJ 5V.4QVJ WPVGT\GKEJPGVWPFXGTHQNIVGFGP#DNCWHFGT8GTUCOONWPI /QPVCI &KGPUVCI WPF /KVVYQEJ 
/CK  KPFGO CO 5EJNW² DGOGTMVYWTFG#O/CKWO7JTQMCOGPFKG%QOOKUU¼TGWPF UEJNQUUGP FKG 5KV\WPI WPVGT 8KXCVU FKG MGKP 'PFG PGJOGP YQNNVGP  5VWPFGPUR¼VGTYCTFCUICP\G8QNMCWU$NCUGPFQTHXGTUEJYWPFGP QJPGPWTFGPIGTKPIUVGP'ZEG²DGICPIGP\WJCDGPR  #O  /CK YWTFG CWU -NCWUGPDWTI ×DGT FKG 4QDQVGPXGTYGKIGTWPI FGT 4WO¼PGP WPF KJTG 7TUCEJGP DGTKEJVGV Q5EJQP UGKV N¼PIGTGT <GKV DGH×TEJVGVG OCP JKGT KO .CPFG GKPGP #WHUVCPFFGTYCNCEJKUEJGP$CWGTPWPFOCPUEJGWVGUKEJPKEJVKJPGP FKG DÑUYKNNKIUVGP EQOOWPKUVKUEJGP 6GPFGP\GP \W\WOWVJGPR /CP INCWDVGFGT1UVGTHGKGTVCIYGTFGFGP#WUDTWEJFGT4GXQNWVKQPDTKPIGP QCNU GKPG \YGKVG $CTVJQNQO¼WUPCEJVR &KGUG QOQPUVTWÑUGP .×IGPR YCTGP CDGT QDNQ² KO )GJKTP GKPKIGT FWTEJ KJT UEJNGEJVGU )GYKUUGP ×DGTFGP&TWEMKJTGT7PVGTVJCPGPR&CU&QTH&TCIXGTYGKIGTVG\WGTUV
KO (GDTWCT  FKG .GKUVWPI FGU (TQPFKGPUVGU 8QO )WDGTPKWO YWTFG GKPG 7PVGTUWEJWPIUMQOOKUUKQP JKPIGUCPFV &KGUG DGUC² CDGT MGKPG IGPCWGP +PUVTWMVKQPGP QD UKG FKG $CWGTP \WT .GKUVWPI FGT 4QDQVGP \YKPIGPUQNNVGQFGTPKEJV&CPPUCPFVGOCPGKPGP<WI-CXCNNGTKG  

'DGPFC0T/CK50T/CK5 'DGPFC0T/CK5 

-TKGIGT  &TCI OKV UGKPGP  $CWGTP UCOV FGP CPFGTGP TWO¼PKUEJGP &ÑTHGTP FKG UGKPGO $GKURKGN IGHQNIV YCTGP GTUEJTCM XQT FGO /KNKV¼T PKEJV &CDGK NKG² OCP PQEJ \YGK <×IG HQNIGP 'KPG KP TWO¼PKUEJGT 5RTCEJG CDIGFTWEMVG 2TQMNCOCVKQP YWTFG XGTDTGKVGV WPF KP GKPKIGP -KTEJGP XGTNGUGP QCPIGDNKEJ XQO -CKUGT JGTUVCOOGPFR &GT )TWPFJGTT XQP &TCI GTMN¼TVG QXQTGKNKIR FC² CWH 5CPMVIGQTI 'PFG #RTKNFKG(TGKNCUUWPIFGT$CWGTPHQNIGPUQNNVG'TY×TFGKJPGPLGV\VFKGU \WIGUVCPFGP JCDGP CDGT UGKPG 0CEJDCTP Y¼TGP FCOKV PKEJV GKPXGTUVCPFGP Q'U KUV FGOPCEJ MGKP 9WPFGT FC² FGT YCNCEJKUEJG $CWGTFGUUGP+PVGNNKIGP\CWHGKPGTUGJTPKGFTKIGP5VWHGUVGJVRXGTYKTTV YCT WPF MGKP 8GTVTCWGP OGJT JGIVG Q&KG $GUEJT¼PMVJGKV FGT YCNCEJKUEJGP $CWGTP IGJV UQ YGKV FC² UKG FKG 'KPXGTNGKDWPI FGT FTGK UKGDGPD×TIKUEJGP-QOKVCVG-TC²PC5\QNPQMWPF<CTCPFYQFWTEJKJTG FQTVKIGP $T×FGT HTGK YWTFGP PKEJV DGITGKHGP KPFGO UKG UKEJ FKG 8GTUEJKGFGPJGKV FGT )GUGV\G PCEJ FGP XGTUEJKGFGPGP .¼PFGTP PKEJV XQTUVGNNGP MÑPPGP PQEJ OGJT KP GKPKIGP 1TVGP \$ 'TFÃN[ -GTGU\VWT JCDGP UKG FKG GTY¼JPVG 2TQMNCOCVKQP XQP JGTWOTGKUGPFGP $GVT×IGTP FKG CDGT DGTGKVU CNNJKGT IGH¼PINKEJ GKPIG\QIGP UKPF CNU )CTCPVKG KJTGT (TGKJGKVWOHN99GTMCWHVR  'KPGTGFNKEJG*CNVWPI\GKIVG2GUVCNQ\\KKPUGKPGO#TVKMGN×DGT Q&KG 7PKQP WPF FKG 4QOCPGPR Q&CTWO F¼EJVG KEJ MGKPG (QTEKTWPI FGT 7PKQP FKG CP UKEJ UEJQP PKEJV UQ JWOCP KUV CNU 1GUVGTTGKEJU %QPUVKVWVKQP .CUUGP YKT WPU <GKV VJWP YKT FKGUGP 5EJTKVV PKEJV QJPG $GUKPPWPIWPFPKEJVQJPGFKG4QOCPGP9CTVGPYKTDKUFKG2GVKVKQP FGT 4QOCPGP JGTCDNCPIV RTQ KPHQTOCVKQPG 9GT MÑPPVG IGIGP FKGUG XKGTVG 5VCPFUEJCHV GVYCU *WOCPGU XQTDTKPIGP! 5KPF UKG CWH FGO XKGTVGP 5VWJN FCPP UGK FKG 8GTUCOONWPI FGT $T×FGTNKEJMGKV  CDGT HT×JGTPKEJV&CPP7PKQPQFGTPKEJV7PKQPR  &KG Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR DQVGP GKPGP XQP 5VGRJCP .WFYKI 4QVJ WPVGT\GKEJPGVGP YKUUGPUEJCHVNKEJGP 8GTUWEJ FGT 'TMN¼TWPI FGT 0COGP 5KGDGPD×TIGP WPF *GTOCPPUVCFV &GT8GTHCUUGTNGKVGVGQ5KGDGPD×TIGPRXQPQ5KGDGPDWTIRQ<KDKPUDWTIR  Q2TQXKPEKC 5EKDKPKGPUKUR CD 5GKPG *[RQVJGUG YCT LGPG FC² QFKG UR¼TNKEJGP OCI[CTKUEJGP WPF GDGPHCNNU UR¼TNKEJGP YCNCEJKUEJGP 0QOCFGP FKG QJPG HGUVG 5KV\G JKGT WPF KP FKG WONKGIGPFGP OGPUEJGPCTOGP )GIGPFGP YGKFGVGP FKG (N×UUG WPF CPFGTGP CWHHCNNGPFGP WPF ITѲGTGP $GTIGP WPF 5VTGEMGP FQEJ DGTGKVU 0COGP IGIGDGPR JCVVGP UQ CWEJ <KDKP &KGUGP 0COGP ICD GU UEJQP CNU FKG 
&KGUGNDG0T5 'DGPFC0T,WPK5 

5CEJUGP JKGT UVCPFJCHV YWTFGP &GT 5CEJUGPITCH  Q*GGTOCPPR FGU ICP\GP 5CEJUGPXQNMGU  J¼VVG FGP 0COGP FGT 5VCFV *GTOCPPUVCFV IGIGDGP  +PFGTUGNDGP0WOOGTFGTQ$N¼VVGTRHQNIVGPFKG9×PUEJGWPF )GFCPMGP GKPGU /KVCTDGKVGTU FKG CP FKG DGXQTUVGJGPFG 0CVKQPCNXGTUCOONWPI FGT &GWVUEJGP
5CEJUGP  KP 5KGDGPD×TIGP IGTKEJVGV YCTGP  &GT CPQP[OG 8GTHCUUGT DGOGTMVG FC² FGT 0COG Q5CEJUGR QYGPP GT CWEJ CWU )GYQJPJGKV JKUVQTKUEJGP 4×EMUKEJVGP WCPQEJIGDTCWEJVYKTFRINGKEJDGFGWVGPFOKVQ&GWVUEJGTRYCTQ&CU OÑIG DGUQPFGTU WPUGTGO U¼EJUKUEJGP .CPFXQNM GKPIGRT¼IV YGTFGP FCU FGP FGWVUEJTGFGPFGP &GWVUEJGP PQEJ KOOGT OKV GKPGO IGYK²GP /K²VTCWGPN/WGUGTOPGPPVYCUUKEJLGFQEJNGKEJVYKTFDGUUGTPNCUUGPR  &KG 4WO¼PGP JCVVGP QFKG MKTEJNKEJGP 5EJGKFGY¼PFG YGNEJG FCU \WO 5GNDUVDGYW²VUGKP GTYCEJVG 8QNM UEJY¼EJVGP PKGFGTIGTKUUGPR KP &GWVUEJNCPF WPF 9KGP CTDGKVGVG OCP CP GKPGO 2NCP \WT 'KPKIWPI KP GKPGGKP\KIGEJTKUVNKEJG-KTEJGFGT&GWVUEJGP&KG5CEJUGPUQNNVGPUKEJ FGUJCND CWEJMKTEJNKEJGKPKIGP0CEJFGT#DUEJCHHWPIFGU<GJPVGP UQNNVGPFKG)GKUVNKEJGPOKVDCTGO)GNFWPFOKVGKIGPGP)TWPFUV×EMGP DGUQNFGVYGTFGP&KG8GTDGUUGTWPIFGT$GUQNFWPIFGTCMCFGOKUEJGP WPF PKEJVCMCFGOKUEJGP .GJTGT WPF 2HCTTGT MÑPPVG FWTEJ FKG 8GTGKPKIWPI FGT FGO -NGTWU WPF FGP 5EJWNGP IGJÑTKIGP )×VGT WPF &QVCVKQPGP KP GKPGO -KTEJGP WPF 5EJWNHQPF GT\KGNV YGTFGP  +P FKGUGO MKTEJNKEJGP WPF 5EJWNXGTDCPF UQNNVGP CNNG 5KGDGPD×TIGT &GWVUEJGP PKEJV PWT FKG CWH FGO 5CEJUGPDQFGP NGDGPFGP GKPIGUEJNQUUGP UGKP  #NNG #DICDGP CP -KTEJG WPF 5EJWNG UQNNVGP CWHIGJQDGP WPF FKG )GKUVNKEJGP WPF .GJTGT CWU FGP ÑHHGPVNKEJGP -CUUGPDGUQNFGVYGTFGP  #O  /CK  UVKOOVG FGT -NCWUGPDWTIGT .CPFVCI \WT 8GTGKPKIWPI 5KGDGPD×TIGPU OKV 7PICTP WPF CO  ,WPK YWTFG FKG 7PKQPXQO-CKUGTUCPMVKQPKGTV&CUQ5KGDGPD×TIGT9QEJGPDNCVVRJCVVG CO  /CK FKG +PUVTWMVKQPGP FGU -TQPUV¼FVGT /CIKUVTCVU CP UGKPG &GRWVKGTVGP 'NKCU 4QVJ WPF .WFYKI $TGPPGTDGTI XGTÑHHGPVNKEJV &KG #DIGQTFPGVGP UQNNVGP H×T FKG 'KPJCNVWPI FGT MCKUGTNKEJGP 8QTUEJN¼IG Y¼JTGPFFGT8GTJCPFNWPIGPYKTMGPFGT9CJNFGU4GKEJUMCP\NGTUWPF FGU8QTUKV\GPFGPFGTMÑPKINKEJGP6CHGN\WUVKOOGP'TMN¼TWPIGPKPFGT (TCIGFGT7PKQPHÑTFGTP5KGUQNNVGPFKG7PKQPWPVGTFGT$GFKPIWPI FGT $GKDGJCNVWPI 5KGDGPD×TIGPU KPPGTJCND FGT )TGP\GP FGU -CKUGTUVCCVGUWPFFGT'TJCNVWPIFGTJKUVQTKUEJGP4GEJVGFGT5CEJUGP CPGTMGPPGPGKPGDGFKPIWPIUNQUG7PKQPUQNNVGPUKGCDGT\WT×EMYGKUGP 
$N¼VVGT0T,WPK5 

'DGPHCNNU UQNNVGP UKG UKEJ H×T FKG #WHJGDWPI FGT 7TDCTKCNXGTJ¼NVPKUUG OKV 'PVUEJ¼FKIWPI FGT )TWPFDGUKV\GT H×T IGOGKPUCOG ÑHHGPVNKEJG .CUVGP GKPUGV\GP UQYKG H×T FKG )NGKEJDGTGEJVKIWPI FGT 4WO¼PGP UGKVGPU FGT 7PICTP WPF 5\GMNGT  INGKEJ FGP 5CEJUGP YGNEJG FGP CWH FGO -ÑPKIUDQFGP NGDGPFGP 4WO¼PGP INGKEJG 4GEJVG IGY¼JTV JCVVGP &KG.CPFVCIUCDIGQTFPGVGPUQNNVGPFKG#WHJGDWPIFGT<GPUWTWPFFKG 2TGUUGHTGKJGKV HÑTFGTP 0CEJ FGT $GGPFKIWPI FGT &GDCVVGP UQNNVGP UKG GKPGPGKPIGJGPFGP$GTKEJV×DGTTGKEJGP  &GTQ5CVGNNKVROGKPVGH×TFKGU¼EJUKUEJG0CVKQPUWPKXGTUKV¼VUGK GUPQEJPKEJV\WUR¼VWOFKG7PKQPUDGFKPIWPIGPKPGKPGT&GPMUEJTKHV FCT\WNGIGP #WUUEJNKG²NKEJ CWHITWPF FKGUGT $GFKPIWPIGP UQNNVG FKG U¼EJUKUEJG 0CVKQP FKG 7PKQP OKV 7PICTP CPPGJOGP )GQTI &CPKGN 6GWVUEJYCTFGT8GTHCUUGTFGT&GPMUEJTKHVFGTU¼EJUKUEJGP&GRWVKGTVGP FKG FGO .CPFVCI VCVU¼EJNKEJ CO  ,WPK  GKPIGTGKEJV YWTFG WPF FKG7PVGTUV×V\WPIFGT\YGKCPFGTGP5V¼PFGPCVKQPGPFGT7PICTPWPF 5\GMNGT H×T FKG )GY¼JTNGKUVWPI WPF 8GTYKTMNKEJWPI OGJTGTGT (QTFGTWPIGP FGT U¼EJUKUEJGP 0CVKQP DGCPVTCIVG &GT Q5CVGNNKVR ICD CWEJ FKG #TDGKVGP FGU CW²GTQTFGPVNKEJGP U¼EJUKUEJGP 0CVKQPCNMQPHNWZGUXQO,WPKDKU,WNKYKGFGT
#PJCPI&QM 0T   &CU Q9QEJGPDNCVVR DGTKEJVGVG \KGONKEJ UR¼V ×DGT FGP NGV\VGP UKGDGPD×TIKUEJGP.CPFVCI  &KG WPKQPUHTGWPFNKEJGP Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR PCJOGP KP KJTGP 5RCNVGP GKPGP #WHTWH CP FKG 5CEJUGP CWH /CP DGJCTTVG FCTCWH FC² FKG 5CEJUGP UKEJ MGKPG 5QTIGP WOKJTPCVKQPCNGU8QNMUYGUGPOCEJGPUQNNVGPFCGUGKPG.×IGUGKFC² FKGQ7PICTPFGP5CEJUGPFKG5RTCEJGTCWDGPYQNNVGPRWUY#WUFGT Q#NNIGOGKPGP 1GUVGTTGKEJKUEJGP <GKVWPIR YWTFG GKP #WHUCV\ ×DGTPQOOGP FGT FGP 6KVGN Q&GWVUEJNCPF H×T QFGT IGIGP 7PICTP!R VTWI &GWVUEJNCPF JGIVG 5[ORCVJKGP H×T FKG WPICTKUEJG 4GXQNWVKQPUDGYGIWPI JKPIGIGP JCVVG ©UVGTTGKEJ UCOV UGKPGT 2TGUUG QFCU#PCVJGOIGIGP7PICTPIGUEJNGWFGTVRYGKN7PICTPUGKPG-TKGIGT CWU +VCNKGP \WT×EMTKGH WPF YGKN 7PICTP UKEJ YGKIGTVG XQP FGP
&QEWOGPVG RTKXKPF TGXQNW/KC FG NC  ÉP /âTKNG TQO¸PG % 6TCPUKNXCPKC $F +8  /CK8GTNCIFGT4WO¼PKUEJGP#MCFGOKG$WMCTGUV5XGTÑHHGPVNKEJV Q5CVGNNKVR0T,WPK5&KG&GPMUEJTKHVXQO,WPKYWTFGXQP (T 6GWVUEJ )GQTI &CPKGN 6GWVUEJ 5  XGTÑHHGPVNKEJV WPF FKG ¯DGTUGV\WPI NKGIV WPVGT &TWEM KO $CPF&QEWOGPVG RTKXKPF TGXQNW/KC FG NC  ÉP /âTKNG TQO¸PG % 6TCPUKNXCPKC$F8++,WPK-NCWUGPDWTI 5D9QEJGPDNCVV0T,WNK5 
5D 9QEJGPDNCVV 0T   /CK  5  &GT #WHUCV\ YWTFG KO $CPF 

ÑUVGTTGKEJKUEJGP 5VCCVUUEJWNFGP GKPGP 6GKN \W ×DGTPGJOGP  'KP XQP FGO TWO¼PKUEJGP &GRWVKGTVGP /QNFQXCP WPVGTUEJTKGDGPGT #TVKMGN ×DGT Q&KG IGYCNVUCO CWUIGURTQEJGPG 7PKQP 5KGDGPD×TIGPU OKV 7PICTPRYWTFGCWUFGTQ9KGPGT<GKVWPIR×DGTPQOOGP +P FGP Q$N¼VVGTPR GTUEJKGPCWEJFGT#WHTWH5VGRJCP#FQNRJ9KNJGNOKU CP UGKPG FGWVUEJGP /KVD×TIGT &KG TWUUKUEJG )GHCJT QFGT DGMCPPVG (GKPF FGT 8QNMUGPVYKEMNWPI WPF FGT TGEJVNKEJGP 8ÑNMGTHTGKJGKVR YCT YKGFGT PCJG FKG &QPCWH×TUVGPV×OGT UVCPFGP WPVGT FGUUGP WPOKVVGNDCTGT$GFTQJWPI&KG5CEJUGPYCTGPXGTRHNKEJVGVFKGTWUUKUEJG $GUGV\WPI FGT &QPCWH×TUVGPV×OGT UQICT IGYCNVUCO \W UVQRRGP Q/KVD×TIGT -GKP TWUUKUEJGT (W² UQNN FKG (×TUVGPVJ×OGT FKG GKP FGWVUEJGT5VTQOWOHNKG²VDGVTGVGPF×THGPR  &KG ×DNKEJG #WUGKPCPFGTUGV\WPI \YKUEJGP FGP *GTOCPPUV¼FVGT WPF FGP -TQPUV¼FVGT $N¼VVGTP FCWGTVG HQTV ,QJCPP )ÑVV TKEJVGVG Q'KPKIG 9QTVG CP OGKPG )GIPGTR CWU *GTOCPPUVCFV YGNEJG KJO FKG Q(TGWPFUEJCHV OKV FGP /CI[CTGPR XQTYCTHGP )ÑVV GTMCPPVG JKPIGIGP Q+O +PVGTGUUG OGKPGT 8QNMUIGPQUUGP JCDG KEJ HTGKO×VJKI KO ,CJTG  FKG OKT KP 9KGP CPIGDQVGPG IGJGKOG #IGPVGPUVGNNG CNU GKP FGWVUEJGT /CPP GPGTIKUEJ \WT×EMIGYKGUGP WPF OKEJ FCFWTEJ FGP ITѲVGP 8GTHQNIWPIGP CWUIGUGV\VR &KG Q$N¼VVGTR YGJTVGP UKEJ CWEJ IGIGP FGP 8QTYWTH FGU *GTOCPPUV¼FVGT Q5KGDGPD×TIGT$QVGPRFC²-TQPUVCFVKPIGYQJPVGT9GKUGGKPGQGKIGPG UGRCTCVKUVKUEJG WPF CPVKPCVKQPCNG 2QNKVKM XGTHQNIGR CD &KG 4GFCMVKQP HTCIVG UKEJ TJGVQTKUEJ Q5GRCTCVKUVKUEJ GVYC YGKN GU IGIGP JGIGOQPKUVKUEJG6GPFGP\GPYKFGTUVTGDVG!R  &GT UKGDGPD×TIKUEJG )QWXGTPGWT 6GNGMK OCEJVG GKPG Q8QTN¼WHKIG 8GTUV¼PFKIWPIR ×DGT FKG XQO .CPFVCI CO  ,WPK DGUEJNQUUGPG#WHJGDWPICNNGT(TQPFKGPUVGVCZGPWPF<GJPVGPCDFGO ,WPKFGOJGKNKIGP&TGKHCNVKIMGKVUUQPPVCIMWPF&GTQ5CVGNNKVR UEJTKGDDGIGKUVGTVQ&KG-TQPUV¼FVGT%QOOWPKV¼VJCVCWEJ\WGTUVWPVGT CNNGP U¼EJUKUEJGP %QOOWPKV¼VGP PQEJ NCPIG XQT FGP (GDTWCT 'TGKIPKUUGPFGT'OCPEKRCVKQPFGT9CNCEJGPFCU9QTVIGTGFGVWPFDGK FGT 0CVKQPUWPKXGTUKV¼V \WGTUV FKGUH¼NNKIG #PVT¼IG IGOCEJVR  Q'KP YCNCEJKUEJGT /KVD×TIGTR \GKEJPGVG KP FGTUGNDGP <GKVWPI Q$GOGTMWPIGP \WO YCNCEJKUEJGP $KVVIGUWEJR FCU CO  /CK FGP 
Q$N¼VVGT0T,WPK5 'DGPFC0T,WPK5 5CVGNNKV0T,WPK5 5CVGNNKV0T,WPK5 $N¼VVGT0T,WPK5 

5V¼PFGP GKPIGTGKEJV YQTFGP YCT &GT 8GTHCUUGT XGTVGKFKIVG FKG TWO¼PKUEJG 5CEJG FC FCU Q5KGDGPD×TIGT 9QEJGPDNCVVR QUGJT WPIGJCNVGPR×DGTFKGUGU)GUWEJIGYGUGPYCT  'KPG 0CEJDCTUEJCHV OKV FGP 4WUUGP Y¼TG FGP -TQPUV¼FVGTP PKEJV NKGD IGYGUGP &GUJCND MQPPVG OCP CO  ,WNK OKV (TGWFG WPF 'TNGKEJVGTWPI ×DGT Q&KG HTGKG 9CNCEJGK WPF MGKPG 4WUUGPHWTEJVR UEJTGKDGP Q&KG 9CNCEJGK KUV HTGK  WPF UKG YKTF GU JQHHGPVNKEJ CWEJ DNGKDGP &GT TWUUKUEJG 'KPHNW² KP FGT 9CNCEJGK KUV WPOÑINKEJ IGYQTFGP  9KT INCWDGP FC² GU FKG 4WUUGP PKEJV GKPOCN YCIGP YGTFGPKPFKG(×TUVGPVJ×OGTHGKPFNKEJGKP\WHCNNGPYGKNFKG4QOCPGP DGK FGP HTGKUKPPKIGP 6GPFGP\GP YGNEJG UKG KP KJTGO %QPUVKVWVKQP 2TQITCOOMWPFIGDGPFKG5[ORCVJKGPFGTICP\GPGWTQR¼KUEJGPWPF ×DGTUGGKUEJGP (TGKJGKV H×T UKEJ JCDGP YGTFGP YGNEJG XKGNNGKEJV FGP 4WUUGP OGJT \W KORQPKTGP XGTOCI CNU FKG  /CPP UVCTMG $CWGTPCTOGG FGT 9CNCEJGKR &KG 4GFCMVKQP JCVVG CWU $WMCTGUV \YGK $TKGHG XQO    ,WPK  GTJCNVGP YQTKP FKG 'TGKIPKUUG XQO  ,WPKWPFFKGFCOCNUCPIGPQOOGPG2TQMNCOCVKQPKP2WPMVGPUQYKG FKG 'KPUGV\WPI FGT PGWGP 4GIKGTWPI WPF FKG 7PVGT\GKEJPWPI FGT PGWGP%QPUVKVWVKQPXQO(×TUVGPDGUEJTKGDGPYWTFGP  &GT R5CVGNNKVR HÑTFGTVG GKPGP XQP )TGP\TGIGNWPIGP WPF 5GRCTCVKUOWU HTGKGP *CPFGN OKV FGP &QPCWH×TUVGPV×OGTP  &KG FGWVUEJGP ,×PINKPIG KP 5KGDGPD×TIP YWTFGP \W GKPGT ,WIGPFXGTUCOONWPI GKPIGNCFGP FKG CO   WPF  #WIWUV KP /GFKCUEJ UVCVVHCPF &CU 8QTDGTGKVWPIUMQOKVÃG XGTÑHHGPVNKEJVG CO  #WIWUV GKPGP PGWGP #WHTWH FC\W &KG U¼EJUKUEJGP 2GTKQFKMC DGTKEJVGVGP OKV 6GKNPCJOG WPF $GIGKUVGTWPI ×DGT FGP #DNCWH FGT ,WIGPFXGTUCOONWPI &KG 4GFCMVKQP FGU Q5CVGNNKVR ICD Q$TKGHG CWU /GFKCUEJ WPF ×DGT /GFKCUEJR YKGFGT &GT 5KGDGPD×TIKUEJ&GWVUEJG ,WIGPFXGTDCPF OKV 5VGRJCP .WFYKI 4QVJ CNU 8QTUKV\GPFGP WPF 6JGQFQT(CDKPKCNU5GMTGV¼TYWTFGKPU.GDGPIGTWHGP  +P GKPGT 5KV\WPI FGU WPICTKUEJGP 4GKEJUVCIU JKGNV (TGKJGTT 9GUUGNÃP[K/KMNQUGKPG4GFG×DGTFKGPGWGP4GEJVGFGT4WO¼PGPWPF 5CEJUGP &GT 2TGFKIGT %JTKUVQRJ $ÑOEJGU JKGNV GKPG 9GKJTGFG \WT (CJPGPYGKJG FGT -TQPUV¼FVGT (TGKUEJCCT 
,WNK   +O <WUCOOGPJCPI OKV FGO XQO WPICTKUEJGP /KPKUVGTKWO KP 7ONCWH 

'DGPFC 0T   ,WPK  5  FGT #WHUCV\ #P FKG *GTOCPPUV¼FVGT 6TCPUUKNXCPKCWPFKJTG)NGKEJIGUKPPVGP0T,WPK50T ,WNK50T,WPK50T,WNK5 0T,WNK50T#WIWUV50T#WIWUV 5 

IGUGV\VGP 2CRKGTIGNF ×DGTPCJOGP FKG Q$N¼VVGTR CWU FGO Q(KI[GNOG\ÑRFKGKTQPKUEJGP$GOGTMWPIGPQ9CUKUVFKG7TUCEJGFC² -QUUWVJ KP LGFGO UGKPGT #TVKMGN YKG KP LGFGT 4GFG UQ J¼WHKI FKG *ÑNNG GTY¼JPVCNUQDGTGKPGDGUQPFGTG<WPGKIWPIFC\WJ¼VVG!*OGTKUVLC FGT /KPKUVGT FGT 7PVGTYGNV 2NWVQ FGT )QVV FGT *ÑNNG YCT CWEJ (KPCP\OKPKUVGT<YKUEJGP2NWVQWPF-QUUWVJCDGTKUVFGT7PVGTUEJKGF FC² DGKFG \YCT CWU FGT *ÑNNG )GNF UEJCHHGP PWT OCEJVG 2NWVQ )QNF -QUUWVJCDGTYKTFMCWOOGJTCNU2CRKGTOCEJGPR  &CU PGWG WPICTKUEJG )GUGV\ ×DGT FKG XGTRHNKEJVGPFGP WPF WPGPVIGNVNKEJGP'NGOGPVCTUEJWNGPYWTFGDGMCPPVIGOCEJV#TVFGU )GUGV\GUUCJFKG'KPH×JTWPIFGTWPICTKUEJGP5RTCEJGCNUQTFGPVNKEJGT .GJTIGIGPUVCPF XQT #TV  IGUVCVVGVG FGPLGPKIGPQ<ÑINKPIGP YGNEJG FKG WPICTKUEJG 5RTCEJG PKEJV XGTUVGJGP FGP 'NGOGPVCTWPVGTTKEJV KP KJTGT /WVVGTURTCEJG \W GTJCNVGPR 6TQV\FGO DGTGKVGVG FCU 7PVGTTKEJVUIGUGV\ FGP 5CEJUGP 5QTIGP #PFGTGTUGKVU UEJ¼V\VG GKP #PQP[OGT KP GKPGO KO Q5CVGNNKVR GTUEJKGPGPGP #WHUCV\ Q&KG FTGK .CPFGUURTCEJGP 5Q GVYCU YKG CWHIGY¼TOVGU 5CWGTMTCWV OKV 5EJPKV\GNR WPF \QI GKP PGICVKXGU 7TVGKN ×DGT FKG #PGTMGPPWPI FGU 4WO¼PKUEJGPCNU.CPFGUURTCEJG  &KG $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG XGTÑHHGPVNKEJVGP FCU 5EJTGKDGP FGT U¼EJUKUEJGP &GRWVCVKQP CP FKG FGWVUEJG0CVKQPCNXGTUCOONWPIKP(TCPMHWTV  1JPG-QOOGPVCTDNKGDFKGXQO<CTGPCO,WNKIG\GKEJPGVG WPF CNNGP TWUUKUEJGP )GUCPFVGP KO #WUNCPF WPVGTDTGKVGVG Q4WUUKUEJG 0QVG×DGTFKG+PVGTXGPVKQPKPFGP&QPCWH×TUVGPVJ×OGTPR  &GT WPXQNNUV¼PFKIG 4GKEJUVCI \W 2GUV XQVKGTVG CWH FGP 8QTUEJNCI -QUUWVJU FKG #WUJGDWPI XQP  /CPP WPF FKG 'TJGDWPI XQP  /KNNKQPGP )WNFGP &KG 4GMTWVGP NGIVGP FGP 'KF CWH FKG Q7PCDJ¼PIKIMGKV 7PICTPUR CD #WHITWPF FGT 2TGUUGHTGKJGKV IGUVCVVGVG UKEJ FGT Q5CVGNNKVR KO 5GRVGODGT -TKVKMGP IGIGP FCU 4GMTWVKGTWPIUIGUGV\ \W ¼W²GTP &KGUGU GORHCJN LGFGO 5VCCVUD×TIGT  ,CJTG /KNKV¼TFKGPUV \W NGKUVGP XQT\×INKEJ YWTFGP CDGT FKG L¼JTKIGP GKPIG\QIGP
WPF YGPP GU \W YGPKIG YCTGP FCPP CWEJ FKG  WPF L¼JTKIGP  &KG 4GFCMVKQP GTJQD KJTG 5VKOOG IGIGP FCU )GUGV\ 
$N¼VVGT0T#WIWUV5GDGPFC50T#WIWUV 50T#WIWUV5 5CVGNNKV0T#WIWUV5 $N¼VVGT0T5GRVGODGT5GDGPFC5 7PVGTJCNVWPIGPCWUFGT)GIGPYCTV*GTOCPPUVCFV*GHV5GRVGODGT 55KGDGPD×TIGT$QVG*GTOCPPUVCFV0T5GRVGODGT5 

YGNEJGU QFGT OGPUEJNKEJGP 9×TFG FGT OGPUEJNKEJGP 0CVWT FGT )GTGEJVKIMGKVWPFFGT5VCCVUMNWIJGKVRYKFGTURTCEJ  0CEJFGOCO5GRVGODGTGTHQNIVGP4×EM\WIFGTUGEJU U¼EJUKUEJGP#DIGQTFPGVGPCWUFGOWPICTKUEJGP4GKEJUVCIDGJCWRVGVG FKG *GTOCPPUV¼FVGT -TGKUXGTUCOONWPI XQO  5GRVGODGT FC² UKG XQP FGT 7PKQP OKV 7PICTP Q×DGTJCWRV PKEJVU YKUUGP YQNNGR &KG *CNVWPI FGU QHHGPGP 9KFGTUVCPFGU YWTFG KP FGT 2TGUUG KP FGP HQNIGPFGP9QEJGPJGHVKIMQOOGPVKGTVQ&TGK/QPCVGPCEJFGT7PKQPR UQNNVGP CWEJ FKG -TQPUV¼FVGT 7PKQPUHTGWPFG \WIGDGP Q7PF FQEJ UEJGKPGPFKG$GH×TEJVWPIGPFGT#PVKWPKQPURCTVGK9CJTJGKVYGTFGP\W YQNNGPR  &KG 5[PQFG FGT GXCPIGNKUEJU¼EJUKUEJGP )GKUVNKEJMGKV UVGNNVG GKPG&GPMUEJTKHVKP$GVTGHHQKJTGUTGEJVNKEJDGIT×PFGVGP#PURTWEJUCWH 'PVUEJ¼FKIWPI H×T KJTGP <GJPVGPR CWH &KG Q5CEJUGP&GWVUEJGPR YWTFGP XQT  ,CJTGP KO .CPFG QCF TGVKPGPFCO EQTQPCOR
H×T FKG 'TJCNVWPIFGT-TQPG HTKGFNKEJGKPDGTWHGP&GT4WHIGUEJCJPCEJFGO FCOCNU ×DNKEJGP FGWVUEJGP 4GEJVG
,WU HNCPFTGPUG  FCU 5GNDUVIGUGV\IGDWPI
#WVQPQOKG HTGKG/WPKEKRCNXGTHCUUWPI'KIGPVWO FGU $QFGPU HTGKG 9CJN FGT $GCOVGP CDGT CWEJ FKG 5KEJGTWPI FGU <GJPVGP FGT 2HCTTGT PKEJV FGT $KUEJÑHG IGY¼JTNGKUVGVG WPF  XQP #PFTGCU++XGTNKGJGPYQTFGPYCT&WTEJFCUQ<GJPVKPUVKVWVRD\YFKG 8GTRHNKEJVWPI FGT 5CEJUGP KJTGP )GKUVNKEJGP FGP \GJPVGP 6GKN FGU 0CVWTCNGTVTCIGU KJTGU (GNFDCWU CNU $G\CJNWPI \W IGDGP MQPPVG GU IGUEJGJGP FC² LGFGT ,×PINKPI FGT 2HCTTGT YGTFGP YQNNVG CWH FGO -ÑPKIUDQFGPWPFYGPKIUVGPU\YGK,CJTGNCPICWEJCWHCWUN¼PFKUEJGP *QEJUEJWNGP UVWFKGTGP MQPPVG &GT 5VCCV JCVVG FC\W PKG GVYCU DGKIGVTCIGP 9GT CWH FGO 5CEJUGPDQFGP YQJPVG CWEJ FKG 4WO¼PGP OW²VG FGP <GJPVGP DG\CJNGP &GT <GJPVG YCT Q2TKXCVGKIGPVJWO FGT GKP\GNPGP GXCPIGNKUEJGP 2HCTTGTR #O  ,WPK  JCVVG FGT .CPFVCI CWEJ FGP GXCPIGNKUEJGP <GJPVGP CWHIGJQDGP KPFGO FCFWTEJ FKG U¼EJUKUEJGP 2HCTTGT WPF KJTG (COKNKGP QJPG 7PVGTJCNVUOÑINKEJMGKVGP DNKGDGP &KG 5[PQFG YCPFVG UKEJ FGUJCND CP FCU 4GKEJUOKPKUVGTKWO WPF CP FGP 4GKEJUVCI WPF HQTFGTVG QGKPG 'PVUEJ¼FKIWPI CWU FGO 5VCCVUUEJCV\CNUL¼JTNKEJG4GPVGR 

5KGDGPD×TIGT$QVG*GTOCPPUVCFV0T5GRVGODGT50T 5GRVGODGT5 5CVGNNKV0T5GRVGODGT5 $N¼VVGT0T5GRVGODGT5 

5CVGNNKV0T5GRVGODGT5  

&GT Q5CVGNNKVR DGTKEJVGVG ×DGT FKG 8QNMUXGTUCOONWPI FGT 5\GMNGTKP5\ÃMGN[7FX¶TJGN[ 
5GRVGODGT   #O5GRVGODGTYWTFGFKG8GTUCOONWPIFGUTWO¼PKUEJGP )TGP\TGIKOGPVGU 0T  KP 1TNCV CDIGJCNVGP &KG 2TGUUG TGIKUVTKGTVG FKG /GTMY×TFKIMGKVFGT.CIGCNU\CJNTGKEJG)TGP\QTVUEJCHVGPYKG$TGC\C .WFK)QT.W/C8QKNC&TKFKH)TQ²WPF-NGKP8QKXQFGPK*WTG\)TQ² WPF -NGKP$GTKXQK *GTUGPK 1DGT WPF 7PVGT2QTWODCE 1DGT WPF 7PVGT7VUEJC &TâIW) 1DGT WPF 7PVGT5\QODCV 5âTCVC /âIWTK (GNFKQCTC UEJTKHVNKEJG )GUWEJG \WT #WHPCJOG KP FGP /KNKV¼TITGP\XGTDCPF GKPTGKEJVGP #PFGTG  1TVUEJCHVGP JCVVGP FCU INGKEJGO×PFNKEJIGHQTFGTV&GTQ5CVGNNKVR\GKIVGFC²OCPUKEJDGKFGT 'TTKEJVWPI FGT DGUVGJGPFGP )TGP\TGIKOGPVGT FGT <YCPIUOKVVGN DGFKGPV JCVVG &GT $CWGT FGT DKU LGV\V KOQ5MNCXGP<WUVCPFRIGYGUGP YCTYCTPWPHTGK7PFFQEJYQNNVGPFKGUGHTGKGP.GWVGNKGDGT)TGP\GT YGTFGPQ*ÑTGVWPFUVCWPGV&KGUGTHTGKG/CPPYKNNUGKPGP<WUVCPFOKV LGPGO FGU OKPFGTHTGKGP WPF XKGNDGUEJYGTNKEJGTGP FGU )TGP\GTU JGT\KEJIGTPXGTVCWUEJGP7PFYCTWO!&KGLGV\VKO.CPFGDGXQT\WIVG *GTTUEJCHV FGT /CI[CTGP F×THVG UKEJ FKGUG (TCIG CO NGKEJVGUVGP DGCPVYQTVGP &KG TQOCPKUEJGP )TGP\GT WPVGTNKGIGP HTGKNKEJ FKGUGT *GTTUEJCHVPKEJVR  0GQHKV /GVTQRQNKV FGT 7PITQYCNCEJGK TKEJVGVG GKP XQP FGP Q$N¼VVGTP H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR XGTÑHHGPVNKEJVGP /CPKHGUV CP FCU 8QNM FGT 4WO¼PGP Q&CU QTICPKUEJG 4GINGOGPV WPF FKG #TEJQPFQNQIKC FCU IQNFGPG $WEJ FGT 9CNCEJGK UKPF PKEJV OGJT &CU UQWXGT¼PG 8QNM JCV UGNDG JGWVG KO *QHG FGU /GVTQRQNKVGP FWTEJ HGKGTNKEJGU#WVQFCHÃXGTPKEJVGV$WMCTGUV5GRVGODGTR'PFG FGUUGNDGP/QPCVU 
5GRVGODGT UQYKGGUCWEJFKG<GKVWPIGP MWPF OCEJVGP OCTUEJKGTVGP CDGT FKG 6×TMGP KP FKG *CWRVUVCFV FGT 9CNCEJGKGKP  #O  1MVQDGT MCO KP *GTOCPPUVCFV GKPG $×TIGTXGTUCOONWPI \WUCOOGP YGNEJG KP  2WPMVGP FKG (QTFGTWPIGPFGT5CEJUGPCWUFT×EMVG&CU2TQITCOOQ9CUY×PUEJGP WPF XGTNCPIGP YKTR DGCPVTCIVG PKEJVU YGPKIGT CNU GKPGP $WPFGUUVCCV 5KGDGPD×TIGP  +O 1MVQDGT UEJNWIGP FKG Q$N¼VVGTR GKPG QHHGPUKEJVNKEJ PGWG 4KEJVWPI GKP 'U YCT FKG GTUVG FGT -TQPUV¼FVGT <GKVWPIGP YGNEJG 
5CVGNNKV0T5GRVGODGT50T5GRVGODGT5 $N¼VVGT0T5GRVGODGT5 5CVGNNKV0T1MVQDGT5 'DGPFC0T1MVQDGT5 

TCFKMCN WPF QHHGP \WO GPVIGIGPIGUGV\VGP RQNKVKUEJGP .CIGT ×DGTVTCV &GT FGT Q7PKQP WPF FGO U¼EJUKUEJGP 8QNMUVJWOR IGYKFOGVG .GKVCTVKMGN XQO  1MVQDGT IGUVCPF GU QHHGP Q-WT\ WPF GKPHCEJ FKG 7PKQP WPF YCU FCOKV \WUCOOGPJ¼PIV  WPF FCJKPVGT UVGEMV JCV FCU ICP\G 8CVGTNCPF KP 8GTYKTTWPI IGDTCEJV WPF DGUQPFGTU WPUGT 8QNMUVJWOKP)GHCJTIGDTCEJV&CUMCPPWPFYKNNYQJNCWEJ0KGOCPF N¼WIPGPR&KG5CEJUGPJ¼VVGPPKGGKPGDGFKPIWPIUNQUG7PKQPGKPIGJGP YQNNGP&KG7PKQPUHTGWPFGJCVVGPUKEJXQPFGT7PKQPFKG'PVHGUUGNWPI FGT $×TQMTCVKG FKG #WHJGDWPI FGT 7TDCTKCNNGKUVWPIGP GTY×PUEJV Q&KGU UKPF FKG )T×PFG YGNEJG WPU GKPG WPDGUEJCFGV WPUGTU 8QNMUVJWOUGKPIGJGPFG7PKQP5KGDGPD×TIGPUOKV7PICTPCPPGJODCT GTUEJGKPGPNKG²'UYKTFFKGUGNDGPUEJYGTNKEJLGOCPFGPVGJTGPFH×TFKG )GUKPPWPI FGTLGPKIGP FKG UKEJ FWTEJ UKG DGUVKOOV H×JNVGP PGPPGP MÑPPGPR  &KG4GFCMVKQPFGUUGNDGP$NCVVGUHQTFGTVGFKG$WT\GPN¼PFGTCWH FKG XQP 5V. 4QVJ DGCDUKEJVKIVG *GTCWUICDG GKPGT 5EJWN WPF -KTEJGP\GKVWPI FWTEJ 9QTV WPF 6CV \W WPVGTUV×V\GP FC 5EJWNG WPF -KTEJG QFKG GKP\KIGP 5¼WNGP FGU 8QNMUVJWOUR YCTGP  +PVGTGUUCPV KUV CWEJ FKG &GDCVVG ×DGT FGP )GIGPUCV\ \YKUEJGP )GUEJKEJVG WPF -QPUGTXCVKUOWU &KG )GUEJKEJVG KUV HQTVDKNFGPF Y¼JTGPF FGT -QPUGTXCVKUOWU CWHJCNVGPF YKTMV Q&KG (TGKJGKV KUV FKG .GDGPUNWHV FGT 8ÑNMGTWPFFCJGTMÑPPGPFKG8ÑNMGTCWHFKG&CWGTFKG(TGKJGKVPKEJV GPVDGJTGP YGPP UKG PKEJV WPVGTIGJGP YQNNGP #DGT FCU DGITGKHGP FKG -QPUGTXCVKXGP WPF 4GCMVKQP¼TG DGK KJTGT /WOKGPNKGDJCDGTGK PKEJVR 1JPG IGPCWG #PURKGNWPIGP \W OCEJGP YCTGP LGFQEJ FKG *GTOCPPUV¼FVGTFCOKVIGOGKPVYWTFGP-QPUGTXCVKUOWUWPF4GCMVKQP IGDTCPFOCTMV  +O/QOGPVFGT4×EMMGJTKPFKG*GKOCVURTCEJ2TKP\%CTQN)T )JKMC KO 0COGP FGT YCNCEJKUEJGP 'OKITCPVGP
'OCPWGN $âNâPGCPW &T/G[GT+)QNGUEW0)QWV\Q)W/W+5NâVKPGCPWWPF+1DGFGCPW  UGKPGP &CPM H×T FKG KP -TQPUVCFV Y¼JTGPF KJTGT (NWEJV GTJCNVGPG )CUVHTGWPFUEJCHV CWU 
1MVQDGT   &GT YGIGP FGT 'KPUGV\WPI FGT 4GXQNWVKQPUTGIKGTWPI CWU FGT 9CNCEJGK IGHN×EJVGVG (×TUV YW²VG ×DGTFKG$GUGV\WPIUGKPGU.CPFGUFWTEJFKGTWUUKUEJGPWPFV×TMKUEJGP 6TWRRGP$GUEJGKFTWUUKUEJG5QNFCVGPUQNNVGPDGK$WMCTGUV GKP .CIGT CWHIGUVGNNV JCDGP KP FGT *CWRVUVCFV YCTGP YGKVGTG  6×TMGPUVCVKVQPKGTV 
$N¼VVGT0T1MVQDGT50T1MVQDGT5 5CVGNNKV0T1MVQDGT5 5D8QNMUHTGWPF*GTOCPPUVCFV0T1MVQDGT5  

)GPGTCN 2WEJPGT GTNKG² CO  1MVQDGT GKPG 2TQMNCOCVKQP CP FKG $GJÑTFGP WPF CP FKG $GXÑNMGTWPI UKEJ WPVGT ÑUVGTTGKEJKUEJ MCKUGTNKEJG 1DTKIMGKV \W UVGNNGP <YGK 6CIG UR¼VGT HCPF FGT GTUVG DNWVKIG <WUCOOGPUVQ² \YKUEJGP FGO ÑUVGTTGKEJKUEJGP WPF FGO WPICTKUEJGP /KNKV¼T DGK 'P[GF UVCVV #O  1MVQDGT GTQDGTVGP FKG 4WO¼PGPIGYCNVUCO5EJNCVVGP#O0QXGODGTXGTYCPFGNVGFKG WPICTKUEJG 4GXQNWVKQPUCTOGG 5¼EJUKUEJ4GGP KP GKPGP 6T×OOGTJCWHGP  #PHCPI0QXGODGTGTUEJKGPKPFGP5RCNVGPFGT<GKVWPIGP GKPG PGWG 4WDTKM Q0CEJTKEJVGP XQO -TKGIUUEJCWRNCV\R 4GIKPC 0GOGVJ HQTFGTVG CNNG *CWUHTCWGP CWU -TQPUVCFV CWH  QH×T FKG CTOGP IGRN×PFGTVGP (COKNKGP XQP 5¼EJKUEJ4GGP 9¼UEJG WPF -NGKFWPIUUV×EMG \W URGPFGPR &CU TWO¼PKUEJG 2C\KHKMCVKQPU%QOKVÃ OCEJVGGKPGP#WHTWHCPFKGWPICTKUEJGWPF5\GMNGTPCVKQP\WO(TKGFGP \WT8GTUÑJPWPIWPF/GKFWPIWPP×V\GT)TCWUCOMGKVGP'U\GKEJPGVGP 6%KRCTKW(N/KEC)+$TCPW#6.CWTKCP5$âTPW/KW0$âNâ)GUEW  /KV )GPGJOKIWPI FGU /KNKV¼T)GPGTCNMQOOCPFQU KP *GTOCPPUVCFV DGUEJNQ² FKG 5¼EJUKUEJG 0CVKQPUWPKXGTUKV¼V FKG 'TTKEJVWPIGKPGU,¼IGTDCVCKNNQPU#O1MVQDGTYWTFGGKP#WHTWH\WT 5EJCHHWPIGKPGU<WUEJWUUGUXQPHN%/H×TFKG#WUT×UVWPIFGU ,¼IGTMQTRUXGTÑHHGPVNKEJV  +P FKGUGO DGWPTWJKIGPFGP <WUCOOGPJCPI ¼W²GTVG FGT Q5CVGNNKVR /GKPWPIGP ×DGT FGP Q8QTVJGKN WPUGTGT <GKVWPIGPR Q+P FGP <GKVWPIUDN¼VVGTP MQOOV CNNO¼JNKI GKPG /GPIG XQP 5VQHH H×T FGP MQOOGPFGP )GUEJKEJVUUEJTGKDGT WPF FKGUGO YKTF YGPP GT YKG WPGTN¼²NKEJ \YKUEJGP FGP <GKNGP \W NGUGP XGTUVGJV UGNDUV FWTEJ -NGKPKIMGKVGPGKP.KEJV×DGTXGTICPIGPG<GKVCPIGUVGEMVYGTFGPR&GT (QICTCUEJGT GXCPIGNKUEJG 2HCTTGT XGTÑHHGPVNKEJVG GKPGP CP $CTK/KWU Q)C\GVC FG 6TCPUKNXCPKCR IGTKEJVGVGP QHHGPGP $TKGH &KG TWO¼PKUEJG 
5CVGNNKV0T1MVQDGT5 

(TKGFTKEJ 6GWVUEJ )GUEJKEJVG FGT 5KGDGPD×TIGT 5CEJUGP 9 -TCHHV 8GTNCI *GTOCPPUVCFV$F+++5 5D$QVGCWU*GTOCPPUVCFV0T0QXGODGT55CVGNNKV0T 0QXGODGT5FKG4WDTKM0CEJTKEJVGPXQO-TKGIUUEJCWRNCV\GTUEJGKPV \WOGTUVGP/CN 5CVGNNKV0T0QXGODGT5×DGTFCU2C\KHKMCVKQPUMQOKVÃ0T 0QXGODGT5FGT#WHTWH4GIKPC0ÃOGVJU  5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG  CWU FGO 0CEJNC² JGTCWUIGIGDGP XQP 1VVQ (QNDGTVJ $F  &CU 5EJKEMUCN &QMWOGPVG CWU FGP ,CJTGP  0CEJVT¼IG CWU FGP ,CJTGP  /×PFNKEJG ¯DGTNKGHGTWPIGP #PGMFQVGP .GIGPFG$KQITCRJKUEJG<GKVVCHGN8GTNCI9CNVGTFG)TW[VGT%Q$GTNKP5 

<GKVWPI JCVVG GKPG Q2CTCNGNNG \YKUEJGP FGT TQOCPKUEJGP WPF FGT U¼EJUKUEJGP $GXÑNMGTWPIR CWHIGPQOOGP YGNEJG GKPGP $TWEJ \YKUEJGPFGPDGKFGP0CVKQPGPXGTWTUCEJVJ¼VVG  (TCP\ 5OQNMC 2T¼UKFGPV FGU MQPUVKVWKGTGPFGP 4GKEJUVCIGU KP 9KGP TKEJVGVG GKP Q/CPKHGUV CP FKG 8ÑNMGT 1GUVGTTGKEJUR FKG \WT 'KPVTCEJV WPF 6TGWG \WO -CKUGTJCWU CWHIGHQTFGTV YWTFGP 
1MVQDGT   -CKUGT (GTFKPCPF GTNKG² CO  0QXGODGT KP 1NO×V\ GKPGP #WHTWHQ#PFKG8ÑNMGT7PICTPU%TQCVKGPU5NCXQPKGPU5KGDGPD×TIGPU WPF FGT /KNKV¼TITGP\GR (×TUV 9KPFKUEJIT¼V\ 1DGTDGHGJNUJCDGT U¼OVNKEJGT MCKUGTNKEJGP 6TWRRGP GTOCJPVG FKG $GYQJPGT 5KGDGPD×TIGPU WPF 7PICTPU VTGWG 7PVGTVCPGP \W DNGKDGP &CU Q5KGDGPD×TIGT 9QEJGPDNCVVR DGTKEJVGVG ×DGT FKG KO $WT\GPNCPFG CP FGT5\GMNGTITGP\GGTHQNIVGP-¼ORHG  &KG NGV\VG 0WOOGT FGT $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGYWTFGCO0QXGODGTXGTÑHHGPVNKEJV  #O&G\GODGTFCPMVG(GTFKPCPF+CDUGKP0CEJHQNIGT (TCP\ ,QUGRJ + DGITײVG Q/GKP VTGWGU 5CEJUGPXQNMR 
&G\GODGT  /KV 0WOOGT  XQO  &G\GODGT YGNEJG FKG #DFCPMWPIUGTMN¼TWPI (GTFKPCPFU GPVJKGNV UVGNNVG FCU Q9QEJGPDNCVVR UGKP'TUEJGKPGPKO,CJTGKP   #PHCPI  YCT FKG RQNKVKUEJG .CIG VT×D +P KJTGT 0GWLCJTUGTMN¼TWPI YCPFVG UKEJ FKG 4GFCMVKQP FGU Q5KGDGPD×TIGT 9QEJGPDNCVVURCPFKGIGGJTVGP.GUGT  Q&CU ,CJT FCU YKT JKPVGT WPU JCDGP YKTF 'RQEJG KP FGT 9GNVIGUEJKEJVG OCEJGP CDGT YGNEJG 4KEJVWPI FGT )CPI FGT GWTQR¼KUEJGP 8ÑNMGTIGUEJKEJVG PGJOGP YKTF YKUUGP YKT PQEJ PKEJV ICP\ IGYK² YKTF FCU ,CJT CP FGUUGP #PHCPI YKT LGV\V UVGJGP XQP HQNIGPTGKEJGT 'PVUEJGKFWPI UGKP &KG <GKV NKGIV KP JGHVKIGP GTUEJ×VVGTPFGP )GDWTVUYGJGP WPF UEJGKPV )TQ²CTVKIGU \WT 9GNV DTKPIGP \W YQNNGP 9CU WPF YKG GU UGKP YKTF YGK² PWT FGT FGT FGP 9GNVICPINGPMVWPFNGKVGV5QYKGGUPWTXQT\YÑNH/QPFGPKP'WTQRC YCT YKTFOU WPF MCPPOU PKEJV YKGFGT YGTFGP PCOGPVNKEJ UVGJGP YKT 
5CVGNNKV0T1MVQDGT50T0QXGODGT5 5D9QEJGPDNCVV0T&G\GODGT50T&G\GODGT5 $N¼VVGT0T0QXGODGT5US0T&G\GODGT5

0T0QXGODGT50T&G\GODGT5 

US 

CWEJ KP WPUGTGO 5KGDGPD×TIGP CO 8QTCDGPFG PGWGT ITQ²CTVKIGT RQNKVKUEJGP 'PVYKEMNWPIGP &CTWO GTJCNVGP DGUQPFGTU CWEJ FKG <GKVWPIGP YGNEJG ×DGT FKGUG HQTVUEJTGKVGPFGP $GYGIWPIGP 6CIGUDGTKEJVGOKVVJGKNGPLGV\VGKPGPPQEJDGFGWVGPFJÑJGTP9GTVJCNU FKGUHT×JGTFGT(CNNYCT0WTFGT)GFCPMGPNQUGWPFOCPMCPPUCIGP RQNKVKUEJ $NÑFUKPPKIG MCPP KJPGP UGKPG #WHOGTMUCOMGKV PKEJV \WYGPFGP *CWRVUCEJG DNGKDV FCDGK PWT FC² FKGUG 6CIGUDGTKEJVG UQ UEJPGNNWPFUQYCJTCNUOÑINKEJOKVIGVJGKNVYGTFGPR  'U VTCVGP GKPKIG 8GT¼PFGTWPIGP CWH &CU (QTOCV FGT <GKVWPI YWTFGXGTITѲGTVQWODGKFGT×DGTHNWVGPFGP/CUUGFGU5VQHHGUOGJT 4CWO H×T WPUGTG /KVVJGKNWPIGP \W IGYKPPGPR &CU Q9QEJGPDNCVVR GTUEJKGP YÑEJGPVNKEJ \YGKOCN
/QPVCI WPF &KGPUVCI  FGT Q5CVGNNKVR GDGPHCNNU\YGKOCN
/KVVYQEJWPF5COUVCI DGKFG<GKVWPIGPDGKPCJG KP XGTFQRRGNVGO 7OHCPI &GT 2T¼PWOGTCVKQPURTGKU DGVTWI  HN %/ H×TFKGGTUVG,CJTGUJ¼NHVGWPFHNMTH×T2QUV\WUVGNNWPI  &KG4GFCMVKQPTGEJVHGTVKIVGFKG'KPUVGNNWPIFGU'TUEJGKPGPUFGT Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR &C UKEJ CNNGU FGT 2QNKVKM \WYCPFVG WPF FCU -WNVWTRTQHKN FGT Q$N¼VVGTR PKEJV OGJT GKPIGJCNVGPYGTFGPMQPPVGUQNNVGPFKGUGKODGXQTUVGJGPFGP5GOGUVGT PKEJVGTUEJGKPGP  &KG.QUWPIFGUQ9QEJGPDNCVVURYCTHQNIGPFGQ&KG4GFCMVKQP YKTF #NNGU CWHDKGVJGP WO FKG XGTGJTNKEJGP .GUGT UQXKGN OÑINKEJ \WHTKGFGP \W UVGNNGP WPF YGFGT /×JG PQEJ -QUVGP UEJGWGP FC² FCU 5KGDGPD×TIGT 9QEJGPDNCVV DGUQPFGTU FWTEJ UGKPG 9CJTJGKV 6TGWG WPF (TGKUKPPKIMGKV GKPG CEJVWPIUYGTVJG 5VGNNWPI WPVGT FGP ,QWTPCNGP FGT ÑUVGTTGKEJKUEJGP/QPCTEJKGGKPPGJOGR  ,QJCPP)ÑVVTKEJVGVGGKPGPQHHGPGP$TKGHQ#POGKPG(TGWPFGKP *GTOCPPUVCFV
/GKPG (GKPFG MÑPPGP GU CWEJ NGUGP WPF DGJGT\KIGP  9¼JTGPF OKT FKG -QUUWVJGT WPF ©PMÃPVGU CWU GKPGT U¼EJUKUEJGP 1TVUEJCHV CO #NVHNW² KO -TQPUV¼FVGT &KUVTKMV XQTIGUVGTP FWTEJ GKPG #OVURGTUQP JCDGP UCIGP NCUUGP YGPP CWEJ FGT (TKGFG JGTIGUVGNNV Y×TFGUQVJ¼VGPUKGOKEJDGK)GNGIGPGJKVCNUKJTGPITѲVGP(GKPFWPF 9KFGTUCEJGTFGPPQEJCWHMP×RHGPGTHCJTGKEJFWTEJ$TKGHGWPFCWEJ O×PFNKEJG /KVVJGKNWPIGP FC² KP ICP\ *GTOCPPUVCFV FKG 0CEJTKEJV XGTDTGKVGV UGK KEJ Y¼TG JKGT XGTJCHVGV YQTFGP YGKN OCP OKEJ GKPGU 'KPXGTUV¼PFPKUUGU OKV FGP 5\GMNGTP \WO 0CEJVJGKNG -TQPUVCFVU ×DGTYKGUGP JCDG /KV WPGPFNKEJ ITQ²GO 5EJOGT\G FGT OGKP ICP\GU 5GKP GTUEJ×VVGTVG OW²VG KEJ \WINGKEJ XGTPGJOGP FC² OGKPG (TGWPFG CPOGKPGTTGKPGPFGWVUEJGP)GUKPPWPI\YGKHGNVGPWPFUKEJKTTGNGKVGP 
5KGDGPD×TIGT9QEJGPDNCVV0T,CPWCT5 

NKG²GP WPF OKEJ CNU &GWVUEJGP FGT H×T FCU 5CEJUGPNCPF KP 5KGDGPD×TIGP CNNGU VJWP OÑEJVG WO GU CWH FGP JÑEJUVGP 2WPMV FGU 4WJOGU WPF FGU )N×EMGU \W DTKPIGP GKPGT XGTT¼VJGTKUEJGP 0KGFGTVT¼EJVKIMGKV H¼JKI \W JCNVGP &CU UEJ¼PFNKEJG )GT×EJV JCDGP )GIPGT FKG KEJ OKT FGPMGP MCPP CWUIURTGPIV WO KJTG IGOGKPGP GIQKUVKUEJGP <YGEMG \W GTTGKEJGP  /ÑIGP OGKPG (TGWPFG ¼JPNKEJGP )GT×EJVGP KP <WMWPHV MGKPGP )NCWDGP OGJT UEJGPMGP WPF FKG 8GTUKEJGTWPI JKGTOKV JKPPGJGOGP FC² KEJ UGNDUV WO FGP 2TGKU FGT FGWVUEJGP-CKUGTMTQPG\WMGKPGO8GTT¼VJGTCPOGKPGO8QNMGWPFFGT5VCFV -TQPUVCFV YGTFGP OÑEJVG YQ OGKP 9GKDG OGKPG UGEJU -KPFGT WPF VCWUGPFGXQPVTGWGP(TGWPFGPNGDGPWPFYQCWEJKEJOGKPG6CIGOKV 'JTGPDGUEJNKG²GPOÑEJVG-TQPUVCFVCO,CPWCTR  &GT TWO¼PKUEJG 2TGHGMV &KQPKUKG 2QRQXKEK JCVVG FGP $TQQUGT 7PICTPIGIGPGKPG5WOOGXQPHN%/KJT.GDGPXGTURTQEJGP WPF JCVVG FCXQP  HN GKPIGPQOOGP &GUJCND YWTFG GT XQO ÑUVGTTGKEJKUEJGP)GPGTCNMQOOCPFQUGKPGU#OVGUGPVNCUUGP  +P\YKUEJGP HNQUUGP WPWPVGTDTQEJGP FKG 0CEJTKEJVGP XQO -TKGIUUEJCWRNCV\ &KG U¼EJUKUEJGP <GKVWPIGP DGPCPPVGP FKG DNWVKIGP #WUGKPCPFGTUGV\WPIGPQ$×TIGTMTKGIR&CUQ9QEJGPDNCVVRDGJCWRVGVG FC²KO$WT\GPNCPFFKG5\GMNGTFKG4WO¼PGPCWUTQVVGVGP)GPGTCN$GO YWTFG \WO 1DGTDGHGJNUJCDGT FGT WPICTKUEJGP Q4GDGNNGPVTWRRGPR KP 5KGDGPD×TIGPGTPCPPV#O,CPWCTHCPFFKGGTUVG5EJNCEJVDGK *GTOCPPUVCFV \YKUEJGP FGP MCKUGTNKEJGP WPF FGP WPICTKUEJGP 6TWRRGP UVCVV &GT KP *GTOCPPUVCFV CO  (GDTWCT CDIGJCNVGPG -TKGIUTCVDGUEJNQ²TWUUKUEJG/KNKV¼TJKNHG\WHQTFGTP)GPGTCN5MCTKCVKP OCTUEJKGTVG KP 5KGDGPD×TIGP FWTEJ FGP 4QVGP6WTO2C² GKP #O  (GDTWCTFTCPI)GPGTCN'PIGNJCTFOKV/CPP(W²XQNM7NCPGP  -QUCMGP CWH 2HGTFGP WPF  )GUEJ×V\GP CWU FGT 9CNCEJGK KP -TQPUVCFVGKP  &CU Q5KGDGPD×TIGT 9QEJGPDNCVVR OCEJVG FKG Q2GTUQPUDGUEJTGKDWPIGP FGT *CWRVTGDGNNGPR ,QUGRJ $GO 5\GOGTG $GTVCNCP 2GTE\GN /QTKV\ $CVV[CP[ -CUKOKT 6¶PEUKEU /KJ¶N[ 2GVÑHK 5¶PFQT MWPF +JTG )GHCPIGPPCJOG UQNNVG FWTEJ GKPG )GNFUWOOG DGNQJPV YGTFGP $GKURKGNUYGKUG UGK CPIGIGDGP Q2GTUQPUDGUEJTGKDWPI FGU4GDGNNGP)GPGTCNU,QUGRJ$GOUQPUVCWEJFGT*GNFXQP1UVTQNGPMC IGPCPPV #NVGT DGK  ,CJTG )GDWTVUQTV WPDGMCPPV 5VCPF NGFKI 
'DGPFC 0T   ,CPWCT  5  0T   ,CPWCT 50T,CPWCT 50T,CPWCT5 )GQTIG$CTK/KW2âT/KCNGUGFKP+UVQTKC6TCPUKNXCPKGK2GFQWâUWVGFGCPKÉPWTOâ$F++ 9-TCHHV8GTNCI*GTOCPPUVCFV5 

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IGUEJCJ RFC² FKG *×NHGNGKUVWPI FGT TWUUKUEJGP 6TWRRGP PWT CWH FGP OQOGPVCPGP5EJWV\FGTU¼EJUKUEJGP5V¼FVGDGTGEJPGVKUVWPFFC²XQP GKPGTCMVKXGP6JGKNPCJOGFKGUGT6TWRRGPCPFGTYGKVGTGP$GM¼ORHWPI FGT4GDGNNKQPMGKPG4GFGUGKPMCPPR  &CU Q9QEJGPDNCVVR UGNDUV VGKNVG DGIGKUVGTV FKG #PUKEJV FGU 9KGPGT #OVUDNCVVGU 0CEJ GKPGT XKGTH×PH 9QEJGP NCPIGP IGURCPPVGP 'TYCTVWPI YCTGP FKG 4WUUGP GPFNKEJ FQEJ IGMQOOGP Q)GNQDV UGK )QVV'UYCTFKGJÑEJUVG<GKV$GUQPFGTUDGK+JPGPKP-TQPUVCFV&KG JCTVP¼EMKIUVGP )GIPGT FGT 4WUUGPDGTWHWPI  UKG UGJGP GKP FC² -TQPUVCFV UKEJ   
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FGT \YGK U¼EJUKUEJGP 5V¼FVG IGH×JTVGP -¼ORHG PKEJV GKPIGOKUEJV WPF UQNNVGP UKEJ GJGDCNFKIUV \WT×EM\KGJGP QYGPP FCU YKNFG 6KGT GTNGIV KUV WPFFGT4¼WDGTXQTUGKPGO4KEJVGTUVGJVR  &KG TWUUGPHTGWPFNKEJG WPF RTQÑUVGTTGKEJKUEJG *CNVWPI FGU Q9QEJGPDNCVVURHW²VGPWPCWHGKPGTWPICTPHGKPFNKEJGP5VGNNWPIPCJOG &KG <GKVWPI YKFGTURTCEJ KJTGP GKIGPGP $GJCWRVWPIGP CWU FGO (T×JLCJT#O/¼T\YWTFG*GTOCPPUVCFVXQP$GOGTQDGTVCO  /¼T\ YCT KP FGT -TQPUV¼FVGT 2TGUUG PQEJ HQNIGPFGU \W NGUGP Q(×JTYCJTFKG5\GMNGTUKPFGKPJ¼²NKEJGU8QNM9KTJCDGPUKGMGPPGP IGNGTPVR &CU Q9QEJGPDNCVVR DGUEJTKGD FKG $GOUEJGP 6TWRRGP 5KG YCTGP CWU CNNGTNGK 8ÑNMGTP \WUCOOGPIGUGV\V GKP ITQ²GT 6GKN FCXQP YCTGP 7PICTP FCPP 4WO¼PGP CWU FGT )TQ²YCTFGKPGT )GIGPF +VCNKGPGT 5NQXCMGP 1HHK\KGTG YCTGP OGKUV WPICTKUEJG /CIPCVGP QWPF KJT -GTP NGKFGT FGWVUEJG /KNKV¼TU FKG FCU TCUEJG #XCPEGOGPV XGTNQEMVGR &KG DGUVGP -¼ORHGT YCTGP FKG -QUUWVJ QFGT /CVJKCU *WUCTGPQFKGDGKO.CWHGPKOOGTXQTCWUUKPFRUKGDGUVCPFGPCWUFGT Q$N×VJG FGT UKGDGPD×TIKUEJGP OCI[CTKUEJGP ,WIGPFR &KG 4GFCMVKQP OGKPVG FKG 5\GMNGTMQTRU J¼VVGP KOOGT YKG QGKP *CWHG XQP 4¼WDGTP WPF /QTFDTGPPGTP UKEJ IG\GKIVR WPF QFKG 5VTCHG H×T UKG MCPP PKEJV UVTGPIG PKEJV JCTV IGPWI UGKPR &GPP QGKP OGKPGKFKIGT T¼WDGTKUEJGT 4GDGNNGOW²IG\×EJVKIVYGTFGPFC²FGT5EJTGEMGPXQO8CVGTCWHFGP 5QJP XGTGTDG WPF FGP JWPPKUEJGP 8QNMUIGKUV H×T FKG <WMWPHV KO <CWOG JCNVG 5QPUV JCDGP YKT KP LGFGO ,CJT\GJGPF GKPGP ¼JPNKEJGP #WHUVCPFWPF7GDGTHCNNFGT5\GMNGTR  &KGUGNDG<GKVWPIXGTÑHHGPVNKEJVGGKPG<WUEJTKHVFGT/×JNDCEJGT 5VCFVEQOOWPKV¼VCPFGP0CVKQPUITCHGPYQTKPIG\GKIVYWTFGFC²FKG 5CEJUGP FWTEJ KJT )GNF FKG 4WO¼PGP \WO -CORH IGIGP FKG 7PICTP PKEJV IGJGV\V JCVVGP 9QNHICPI -GOÃP[ #PH×JTGT FGT KO &WTEJ\WI FWTEJ /×JNDCEJ DGHKPFNKEJGP WPICTKUEJGP 6TWRRGP JCVVG FKG #PUEJWNFKIWPIIGOCEJVFKG5CEJUGPJ¼VVGPFKG4WO¼PGPDG\CJNVFC² UKG FKG 7PICTP VQVUEJNCIGP &KG/×JNDCEJGTDGGPFGVGPKJTG<WUEJTKHV Q9KT JCDGP FWTEJ FKG WPICTKUEJG 2CTVGK XKGN IGNKVVGP YKT YGTFGP UQ NCPIGUKGCWHFGTDGVTGVGPGP$CJPXGTJCTTGPKJTGGPVUEJKGFGPGP(GKPFG UGKPCDGTYKTOײVGPWPUWPGPFNKEJUEJ¼OGPYGPPPWTFGTMNGKPUVG 6JGKN GKPGU UQ DGUEJKORHGPFGP 8QTYWTHU YGNEJGT (GKIJGKV WPF 0KGFGTVT¼EJVKIMGKV \WINGKEJ CWH WPU NCFGV UKEJ DGUV¼VKIGP MÑPPVG /×JNDCEJ  (GDTWCT R &KG 4GFCMVKQP DGNQDVG FKGUGP PGWGP $GYGKU FGT 'JTGPJCHVKIMGKV FGU U¼EJUKUEJGP 8QNMGU UGKPGU 5KPPU H×T .Q[CNKV¼VWPF*WOCPKV¼V7PFJQHHVGFC²FKGTWO¼PKUEJG0CVKQPH×T YGNEJG FKG $GUEJWNFKIWPI GDGP UQ UGJT GPVGJTGPF YCT KJTGTUGKVU FKG 

8GTN¼WOFWPI ÑHHGPVNKEJ OK²DKNNKIGP YGTFG Q9QJN JCDGP FKG /CI[CTGP DGUQPFGTU IGIGP FKG +PFKXKFWGP FGT TQO¼PKUEJGP 0CVKQP FGP 9GI FGT $GUVGEJWPI XGTUWEJV WO UKG XQP FGT 5VTC²G FGU 4GEJVU WPF FGT 6TGWG CD\WNGPMGP CDGT CWEJ FKGU OKV YGPKIGP #WUPCJOGP XGTIGDGPU $GKFG 0CVKQPGP FKG U¼EJUKUEJG WPF TQO¼PKUEJG UEJTGKVGP HGUV WPF WPCWHJCNVUCO CWH FGO 9GI FGT 6TGWG WPF FGU 4GEJVGU HQTV WPF FKGUGU KUV CNNGKP FKG 6TKGDHGFGT YGNEJG UKG \W IGOGKPUCOGO 5VTGDGP XGTDKPFGV &KG (GJNGT WPF 7GDGTITKHHG 'KP\GNPGT MÑPPGP ×DTKIGPU PKEJV FGO ICP\GP 8QNMG \WIGTGEJPGV YGTFGP UKG UKPF FKG VTCWTKIGP (QNIGP FGU FWTEJ YGEJUGNUGKVKIG )TCWUCOMGKV GORÑTVGP 0CVKQPCNIGH×JNGUWPFFGTGPVHGUUGNVGP4QJJGKVFGUIGOGKPGP8QNMGUR  'KPG9QEJGUR¼VGTVTCVGKPGTCFKMCNG•PFGTWPIFGT5CEJNCIGKP -TQPUVCFVGKP#O/¼T\DGICDUKEJFKG5VCFVHTGKYKNNKIKPFKG *¼PFG$GOU+PUGKPGTNGV\VGP0WOOGTXQTFGT'KPUVGNNWPI 
/¼T\  PCJO FCU Q9QEJGPDNCVVR FKG 2TQMNCOCVKQP $GOU CP FKG $GYQJPGT 5KGDGPD×TIGPU CWH Q'PFNKEJ KUV PCEJ UQ XKGNGP &TCPIUCNGP FGT IN×EMNKEJGWPFITQ²G6CIGTUEJKGPGPCPYGNEJGOKEJGWEJOKVYCJTGT (TGWFG XGTM×PFGP MCPP FC² FGT IGOGKPUEJCHVNKEJG (GKPF FCU TWUUKUEJG WPF ÑUVTGKEJKUEJG /KNKV¼T DGUKGIV WPF KP FKG 9CNCEJGK GPVHNQJGPFC²FGT(TKGFGKOICP\GP.CPFGGTM¼ORHVUGKR  &CU Q9QEJGPDNCVVR DGTKEJVGVG ×DGT FKG (NWEJV FGT ÑUVGTTGKEJKUEJTWUUKUEJGP #TOGG ×DGT FGP 6ÑOÑUEJGT 2C² KP FKG 9CNCEJGK&GP6TWRRGPJCVVGPUKEJXKGNG'KPYQJPGT-TQPUVCFVUUQYKG \YGK %QORCIPKGP FGT *GTOCPPUV¼FVGT WPF GKPG #DVGKNWPI FGT 5EJ¼²DWTIGT 0CVKQPCNICTFG CPIGUEJNQUUGP Q&KG (TGKJGKVUCTOGG FGU VCRHGTP1DGT)GPGTCNGP$GOKUVCO&KGPUVCI/KVVCIPCEJFGOUKGFGP 6CIXQTJGTDGK<GKFGPGKPUKGITGKEJGU6TGHHGPOKVFGTÑUVGTTGKEJKUEJGP #TOGGDGUVCPFGPCNU(TGWPFKP-TQPUVCFVGKPIGT×EMV'KPG&GRWVCVKQP CWU FGO /CIKUVTCV WPF FGT 5VCFVEQOOWPKV¼V YCT FGO *GTTP 1DGT )GPGTCNGP OKV YGK²GP (CJPGP GPVIGIGPIGHCJTGP WPF JCV FKG 5VCFV ×DGTIGDGP 'U UVGNNV UKEJ PWPMNCTJGTCWUYKGUGJTFCU8QNM×DGTFKG VCRHGTPOCI[CTKUEJGP6TWRRGPKO&WPMGNPGTJCNVGPYWTFGWPFFC²GU RNCPO¼²KICPIGNGIVYCTFKG8ÑNMGTIGIGPGKPCPFGT\WJGV\GPWOFGO &GURQVKUOWU CWH\WJGNHGP )GUVGTP JCV DGK 6ÑOÑU GKP )GHGEJV UVCVVIGHWPFGP YQ GKPG #P\CJN /CPPUEJCHV XQP $KCPEJK WPF CWEJ GKPKIG 4WUUGP KP FKG *¼PFG WPUGTGT OCI[CTKUEJGP 6TWRRGP IGHCNNGP UKPFR   

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#WIGPDNKEM QFC \GTJKGD FCU 5EJYGTV FGP -PQVGP FGT 8GTYKEMNWPIR &CUQ9QEJGPDNCVVRCNU\GKVUEJTKHVNKEJGU1TICPJCVVGN¼PIUVCNNGP-TGFKV XGTNQTGP WPF UKEJ UGNDUV ×DGTNGDV FGUJCND DGUEJNQ² FGT 8GTNGIGT GU I¼P\NKEJ CWH\WIGDGP WPF CP FGUUGP 5VGNNG FKG Q-TQPUV¼FVGT <GKVWPIR GTUEJGKPGP \W NCUUGP &KG 4GFCMVKQP YWTFG FGO QCNU GPVUEJKGFGP HTGKUKPPKIGT 5EJTKHVUVGNNGT DGMCPPVGR /CZ /QNVMG ×DGTVTCIGP YGNEJGT QFGT UVCCVNKEJGP 'KPKIWPI 7PICTPU WPF 5KGDGPD×TIGPU FGT FGOQMTCVKUEJGP 4GIKGTWPIUHQTOWPFUQOKVFGT(TGKJGKVWPF4GEJVUINGKEJJGKVCNNGTFKGUG.¼PFGT DGYQJPGPFGP 8ÑNMGT YKG KOOGT FKG &KPIG UKEJ IGUVCNVGP OÑIGP DGJCTTNKEJ WPFCWUUEJNKG²NKEJFKG6J¼VKIMGKVUGKPGT<GKVWPIURTGUUGYKFOGPRYQNNVG&KG <GKVWPI UQNNVG \YGKOCN YÑEJGPVNKEJ /QPVCI WPF &QPPGTUVCI GTUEJGKPGP&GP#DQPPGPVGPUQNNVGUKGFWTEJIGYÑJPNKEJGP2QUVGPNCWH IGUGPFGVYGTFGPFKG$GYQJPGTFGU-TQPUV¼FVGT&KUVTKMVUMQPPVGPUKG PCEJYKGXQTCWUFGT0GOGVJUEJGP$WEJJCPFNWPIGJQNGPNCUUGP&GT 2T¼PWOGTCVKQPURTGKU CWH FCU 3WCTVCN DKU 'PFG ,WPK DGVTWI  HN  MT %/KO-TQPUV¼FVGT&KUVTKMVWPFHNMT%/FCT×DGTJKPCWU&GT Q'KPNGKVGPFG 8QTYQTVR YWTFG KP -TQPUVCFV CO  /¼T\  XQP ,QJCPP)ÑVV$WEJFTWEMGTWPF8GTNGIGTWPVGT\GKEJPGV  9KG MCPP FKG •PFGTWPI FGT *CNVWPI FGU 8GTNGIGTU GTMN¼TV YGTFGPYGPPYKTKP$GVTCEJV\KGJGPFC²NGFKINKEJGKPKIG6CIG\WXQT FCU$NCVVGPVIGIGPIGUGV\VG)GFCPMGPXGTVGKFKIVJCVVG!)ÑVVUGNDUVJCVVG CNNG KJO IGDTCEJVGP #PUEJWNFKIWPIGP JKPUKEJVNKEJ UGKPGT WPICTKUEJGP 5[ORCVJKGP CNU 8GTNGWOFWPIGP GPVUEJNQUUGP \WT×EMIGYKGUGP 'U UGK FCTCP GTKPPGTV FC² KP *GTOCPPUVCFV FKG Q6TCPUUKNXCPKCR KJT 'TUEJGKPGP GKPIGUVGNNV JCVVG WPF FGT Q5KGDGPD×TIGT $QVGR UKEJ KP OÑINKEJUV QDLGMVKXGP 5EJTCPMGP CP FKG PGWGP 7OUV¼PFG CPIGRC²V JCVVG )ÑVV MÑPPGP YKT KP GKPGO IGYKUUGP /CUUG 1RRQTVWPKUOWU \WUEJTGKDGP 9GNEJGU CWEJ FKG 'TMN¼TWPI H×T UGKP 6WP WPF *CPFGNP UGK UKPF UGKPG JGTXQTTCIGPFGP VJGQTGVKUEJGP #TIWOGPVG FKG CWEJ KP FGP HQNIGPFGP 0WOOGTP FGT Q-TQPUV¼FVGT <GKVWPIR FCTIGUVGNNV YWTFGPDGOGTMGPUYGTV  &KG<GKVWPIDGUEJTKGDFKG5VKOOWPIKPFGT5VCFV#O/¼T\ KP FGT (T×J HCPF FKG 9GKJG FGT FGO  $CVCKNNQP FGU  5\GMNGTTGIKOGPVGU IGYKFOGVGP FTGKHCTDKIGP 0CVKQPCNHCJPG UVCVV &KG /WVVGT FGU PGWGTPCPPVGP EQOOCPFKTGPFGP )GPGTCNU XQP 5KGDGPD×TIGP *GTTP XQP %\GE\ YQJPVG FGT (GKGT CNU (CJPGPOWVVGT DGK #O UGNDGP 6CI ICD $GO GKPGP #WHTWH CP FKG -TQPUV¼FVGT 9CJND×TIGTUEJCHVJGTCWU&KGUGYWTFGGTOCJPVOKVVCIUWO7JTUKEJ CWHFGO4CVJCWUG\WXGTUCOOGNPWOFKGPGWGP$GCOVGP\WY¼JNGP 
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'KPKIG 5VWPFGP UR¼VGT MCO FKG *WPFGTVOCPPUEJCHV \WUCOOGP WPF XQNN\QI FKG 9CJN CWUUEJNKG²NKEJ CWU FGP GKIGPGP 4GKJGP &KGUGU VTQV\ FGT #DYGUGPJGKV XQP  KJTGT /KVINKGFGT WPF VTQV\ FGT 'KPURTCEJG XKGNGT PKEJV \WT -QOOWPKV¼V IGJÑTGPFGT $×TIGT YGNEJG CP FGT $GCOVGPYCJN CNNG $GYQJPGT -TQPUVCFVU DGVGKNKIV YKUUGP YQNNVGP &KG 9CJN FKG CNU QRTQXKUQTKUEJR ICNV HKGN CWH  5GPCVQTGP
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#D FGT  0WOOGT XGTÑHHGPVNKEJVG FKG Q-TQPUV¼FVGT <GKVWPIR FKG YKEJVKIUVGP RQNKVKUEJGP 'TGKIPKUUG FKG WPVGT FGO IGOGKPUCOGP 6KVGN Q7PICTP WPF 5KGDGPD×TIGPR ITWRRKGTV YWTFGP &CU ,QWTPCN DGTKEJVGVG ×DGT FKG V¼INKEJG #WHGKPCPFGTHQNIG FGT DGFGWVGPFUVGP 'TGKIPKUUGGUICD-TKGIUDWNNGVKPGKPWPFCWUN¼PFKUEJG+PHQTOCVKQPGP CWUXGTUEJKGFGPGP.¼PFGTPWPF5V¼FVGP×DGT  +O /CK  YWTFG FKG 7PCDJ¼PIKIMGKVUGTMN¼TWPI FGT WPICTKUEJGP0CVKQPCWHIGPQOOGP  &KGWPICTKUEJGP6TWRRGPGTQDGTVGP1HGP'PFG/CK+OUGNDGP /QPCV MCOGP <CT 0KMQNCWU WPF -CKUGT (TCP\ ,QUGRJ ×DGT FKG $GFKPIWPIGP ×DGTGKP WPVGT YGNEJGP TWUUKUEJG /KNKV¼TJKNHG \WT 0KGFGTUEJNCIWPIFGT4GXQNWVKQPIGY¼JTNGKUVGVYGTFGPUQNNVG  1DGTUV-KUUXQO-TQPUV¼FVGT/KNKV¼TQDGTMQOOCPFQDGTWJKIVG FKG $GYQJPGTUEJCHV FWTEJ ÑHHGPVNKEJG 0QVGP WPF OK²DKNNKIVG FCU )GT×EJV XQP GKPGT 4×EMMGJT FGT TWUUKUEJGP WPF ÑUVGTTGKEJKUEJGP 6TWRRGP -WT\ FCPCEJ 
/CK  GTUEJKGP CDGT KP FGT Q-TQPUV¼FVGT <GKVWPIR GKP 8QTVTCI FGU /KPKUVGTTCVGU CP FGP 4GKEJUIQWXGTPGWT -QUUWVJ $CTVQNQO¼WU 5\GOGTG /KPKUVGT FGU +PPGTP ICD FKG )GHCJT GKPGTPGWGPTWUUKUEJGP+PXCUKQPDGMCPPV
#PJCPI&QM0T   &KG-TQPUV¼FVGT$×TIGTUEJCHVRTQVGUVKGTVGKPGKPGTQ(GKGTNKEJGP 'TMN¼TWPIR IGIGP LGFYGNEJG +PVGTXGPVKQP QHTGOFGT UQOKV CWEJ FGT TWUUKUEJGP /CEJVR &GT -TQPUV¼FVGT /CIKUVTCV WPF FKG 5VCFVEQOOWPKV¼V GTPGWGTVGP FKG QCWU TGKPGT WPF KPPGTGT 7GDGT\GWIWPI FCTIGDTCEJVG *WNFKIWPI FGT DGTGKVU DGY¼JTVGP WPGTUEJ×VVGTNKEJGP 6TGWG WPF #PJ¼PINKEJMGKV IGIGP×DGT FGT DGNQDVGP 4GXQNWVKQPU4GIKGTWPIR  #O  ,WPK XGTÑHHGPVNKEJVG FKG Q-TQPUV¼FVGT <GKVWPIR FKG Q<KTMWNCTFGRGUEJG FGT MCKUGTNKEJGP TWUUKUEJGP 4GIKGTWPI CP KJTG 8GTVTGVGTKO#WUNCPFGRXQO#RTKN&CTKPYWTFGFGTTWUUKUEJG 'KPITKHH FWTEJ FKG 0QVYGPFKIMGKV TGEJVHGTVKIV FKG #WUDTGKVWPI FGU WPICTKUEJGPQ#WHUVCPFURKPFKGRQNPKUEJGP)GDKGVGPKEJV\WGTNCWDGP &KG 4GXQNWVKQP KP 5KGDGPD×TIGP UVÑTVG FKG KPPGTG 4WJG FGT &QPCWH×TUVGPV×OGTFKGUG4WJGYQNNVG4W²NCPFKO'KPXGTPGJOGPOKV FGT6×TMGKHGUVKIGP  0CEJ GKPGO KTQPKUEJGP -QOOGPVCT DG\×INKEJ FGT TWUUKUEJGP 0QVG OCJPVG FKG 4GFCMVKQP \W FGO XQP FGT WPICTKUEJGP 4GIKGTWPI 
'DGPFC0T/¼T\50T/¼T\50T/¼T\5 (T6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP$F+++5 

0T#RTKN50T/CK50T,WPK5 

-TQPUV¼FVGT<GKVWPI0T/CK50T/CK5 

XQTIGUEJTKGDGPGP -KTEJGPIGDGV YGNEJGU UQ CPHKPI Q)QVV O¼EJVKIGT )QVVFGT8ÑNMGTR#O,WPK×DGTPCJOFKGQ-TQPUV¼FVGT<GKVWPIRCWU FGT2GVGTUDWTIGT<GKVWPIGKPYGKVGTGU/CPKHGUVFGU<CTGPKPYGNEJGO 0KMQNCWU+UGKPGP#TOGGPFGP$GHGJNGTVGKNVG\WT7PVGTFT×EMWPIFGT 'ORÑTWPIKP5KGDGPD×TIGPGKP\WT×EMGP  &GTTWUUUKUEJG'KPITKHHKP5KGDGPD×TIGPHCPF#PHCPI,WPK UVCVV)GPGTCN.×FGTUDTCEJCWUFGT9CNCEJGKOKV/CPPGKPCO  ,WPK DGUGV\VG GT -TQPUVCFV WPF FCU $WT\GPNCPF WPF OCTUEJKGTVG YGKVGT FWTEJ FCU 5\GMNGTNCPF QJPG FKGUGU XÑNNKI \W GTQDGTP 'KP 6GKN FGUTWUUKUEJGP/KNKV¼TU\QIPCEJ*GTOCPPUVCFVGKPCPFGTGT6GKNFWTEJ 4GRUPCEJ5EJ¼²DWTI  .×FGTUFTCPIKP-TQPUVCFVGKPYQGTCNNGXQPFGTWPICTKUEJGP 4GIKGTWPI IGVTQHHGPGP /C²PCJOGP H×T PWNN WPF PKEJVKI GTMN¼TVG &KG Q-TQPUV¼FVGT <GKVWPIR ICD FKG 'TMN¼TWPI FGU ÑUVGTTGKEJKUEJGP /KPKUVGTRT¼UKFGPVGP XQP 5EJYCT\GPDGTI CP 7PICTPU $GYQJPGT YKGFGT &GT XQO /CIKUVTCV HGUVIGUVGNNVG )GNFMWTU FGT MCKUGTNKEJGP TWUUKUEJGP/×P\GPYWTFGDGMCPPVIGOCEJVQTWUUKUEJGT4WDGNPGWGT )CVVWPIIKNV2KCUVGT´2CTCQFGT5KNDGT\YCP\KIGTWPF MT%/RWUY  &KG 7PICTP XGTNKG²GP *GTOCPPUVCFV CO  ,WNK .×FGTU DGUGV\VG FKG 5VCFV CO  ,WNK #NNG XQP FGT 4GXQNWVKQPUTGIKGTWPI GTNCUUGPGP$GHGJNGYWTFGPH×TPWNNWPFPKEJVKIGTMN¼TV5KGDGPD×TIGP PWP YKGFGT )TQ²H×TUVGPVWO DNKGD DKU \WT XQNNUV¼PFKIGP 2C\KHKMCVKQP FGU.CPFGUYGKVGTJKPWPVGTFGO-TKGIUIGUGV\  #O,WNKYCPFVGUKEJ,QJCPP)ÑVVCPUGKPGIGGJTVGP.GUGT Q&GT 7PVGTHGTVKIVG DKVVGV WO I×VKIG 0CEJUKEJV FC² GTUV JGWVG YKGFGT GKPG<GKVWPIGTUEJGKPV&KG7TUCEJGFGT7PVGTDTGEJWPIYKTFUGKPGT<GKV \WT 1GHHGPVNKEJMGKV IGDTCEJV $KU FCJKP DKVVGV FGT 7PVGTHGTVKIVG MGKP 7TVJGKN×DGTKJP\WH¼NNGPKPFGOFGTUGKVFGO/¼T\N,XKGNIGRT×HVG *GTCWUIGDGT FKGUGT <GKVWPI KP FGT .CIG KUV \W DGYGKUGP FC² GT FGT IGTGEJVGP5CEJGCWEJPKEJVGKPGP#WIGPDNKEMWPVTGWIGYQTFGPUQUGJT CWEJFGT5EJGKPIGIGPKJPKUVR  )GPGTCN.GWVPCPV XQP *CUHQTF -QOOCPFKGTGPFGT FGT TWUUKUEJGP6TWRRGPKP-TQPUVCFVXGTURTCEJFGPHTKGFNKEJGP$GYQJPGTP 
'DGPFC0T,WPK50T,WPK5 

)$CTK/KWCC15(T6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP$F+++5 -TQPUV¼FVGT<GKVWPI0T,WPK5 -TQPUV¼FVGT<GKVWPI0T,WNK5  

5D$QVG0T,WNK50T,WNK5 

5KGDGPD×TIGPU UGKPGP 5EJWV\ FKG 4WJGUVÑTGT WPF #WHYKGINGT UQNNVGP CDGT IPCFGPNQU FGO 5VCPFIGTKEJVG ×DGTIGDGP YGTFGP 
,WNK  #O UGNDGP6CIGYWTFG4GRUXQPFGP4WUUGPDGUGV\V  $GOITKHH.×FGTURNÑV\NKEJDGK5EJ¼²DWTICP&GT-CORHHCPF \YKUEJGP5EJ¼²DWTIWPF9GK²MKTEJUVCVV$GOYWTFGDGUKGIV  &KG \CTKUVKUEJGP 6TWRRGP XGTNKG²GP 5KGDGPD×TIGP #PHCPI 0QXGODGT'KPG0CEJTKEJVXQO0QXGODGTYW²VGFC²FKGOGKUVGP TWUUKUEJGP )GPGTCNG FKG FGP (GNF\WI KP 7PICTP OKVIGOCEJV JCVVG KP 9CTUEJCW CPIGMQOOGP YCTGP WPF UKEJ FQTV FGO (×TUVGP5VCVVJCNVGT XQTUVGNNVGP   &KG XQP 4 -TCDU IGNGKVGVG *GTOCPPUV¼FVGT <GKVWPI Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR GTJQD KP GKPGT Q,QWTPCNTGXWGR 'PFG /CK  HQNIGPFG $GJCWRVWPIGP Q&KG ,QWTPCNG MÑPPGP GKPIGVJGKNV YGTFGP KP UQNEJG FKG GKPG DGUVKOOVG (CTDG JCDGP WPF 0KEJVUCWHPGJOGPYCU\WFGTUGNDGPPKEJVRC²VWPFKPUQNEJGYGNEJG UKEJ UGNDUV CNU 5RTGEJUCCN H×T CNNG /GKPWPIGP CPM×PFKIGP WPF PCEJ /C²ICDG KJTGT #WUFGJPWPI QJPG 7PVGTUEJKGF #NNGU CWHPGJOGP ,QWTPCNG FGT GTUVGTGP #TV UKPF FWTEJYGI UQ \KGONKEJ CNNG WPITKUEJGP $N¼VVGT YKT 5CEJUGP JCDGP PWT KP L×PIUVGT WPF UGJT MWT\GT <GKV GKP UQNEJGU$NCVVIGJCDV#NU5RTGEJUCCNH×TCNNG/GKPWPIGPUKPFDGKWPUFKG -TQPUV¼FVGT FGWVUEJGP $N¼VVGT XQP LGJGT DGMCPPV  +EJ DKP ×DGT\GWIV IGYK² FKG 4GFCEVKQP  KEJ OGKPG FGT 8GTNGIGT  UVGJV PKEJV KO WPITKUEJGP )QNF  GDGP UQ IGYK² KUV GU CDGT FC² FKG -TQPUV¼FVGT $N¼VVGTFGO7PICTVJWOGCWH-QUVGPFGU5CEJUGPVJWOGUWPDG\CJNDCTG &KGPUVGNGKUVGPR&KGUGU<KVCVWOHC²VU[PVJGVKUEJFKG*CWRVOGTMOCNG FGT XQP ,QJCPP )ÑVV JGTCWUIGDTCEJVGP U¼EJUKUEJGP 2TGUUG FGT )GKUV FGU .KDGTCNKUOWU FKG ©HHGPVNKEJMGKV CNU Q5RTGEJUCCN CNNGT /GKPWPIGPR WPFFKGWPICTPHTGWPFNKEJGP6GPFGP\GP  )ÑVV MCO CWU GKPGO &GWVUEJNCPF FCU 5[ORCVJKGP H×T FKG WPICTKUEJG 5CEJG JGIVG WPF GKPG #DUEJGW XQT FGO XQP ©UVGTTGKEJ XGTMÑTRGTVGP -QPUGTXCVKUOWU WPF FGT $×TQMTCVKG JCVVG #NU GT UKEJ KP 5KGDGPD×TIGP PKGFGTNKG² YCPFVG GT JKGT UGKPG .GDGPUYGKUG FKG OQFGTPG &GPMYGKUG WPF FGP 7PVGTPGJOWPIUIGKUV XQP \W *CWUG CP 5GKPG JGTXQTTCIGPFGP 'TTWPIGPUEJCHVGP CNU 8GTNGIGT YWTFGP UEJQP GTY¼JPVWPFKPFKGUGO$GTGKEJUKPFUGKPG8GTFKGPUVGWPDGUVTKVVGP&CU KUV FKG 4KEJVNKPKG YGNEJG UGKP &CUGKP RT¼IVG WPF GT UEJQPVG MGKPG 
Q5D$QVGR0T,WNK5 Q-T<GKVWPIR0T0QXGODGT5 

7PVGTJCNVWPIGPCWUFGT)GIGPYCTV*GTOCPPUVCFV*GHV/CK5 

/KVVVGN FC\W 5GKPG RQNKVKUEJGP 5[ORCVJKGP UEJYCPMVGP LG PCEJ 7OUV¼PFGP &KG .GKEJVKIMGKV OKV YGNEJGT GT \WO GPVIGIGPIGUGV\VGP .CIGT×DGTVTCVMCPPFWTEJUGKPGP9WPUEJGTMN¼TVYGTFGPKP5KEJGTJGKV \WP¼EJUVFWTEJFKGVT×DGP)GY¼UUGTFGT<GPUWTWPFFCPPFWTEJLGPG FGU $×TIGTMTKGIGU \W UGIGNP 5GKPG 4GFNKEJMGKV YWTFG INGKEJGTOC²GP XQPFGP*GTOCPPUV¼FVGT5CEJUGPFKGKJOUGKPGGPIGP$G\KGJWPIGP\W FGP 7PICTP WPF 5\GMNGTP XQTYCTHGP CNU CWEJ XQP FGP -QUUWVJJWUCTGP YGNEJG KJP OKV FGO 6QFG DGFTQJVGP KP #DTGFG IGUVGNNV 9GPP GT YKTMNKEJ  FGP 8QTUEJNCI CDNGJPVG MCKUGTNKEJGT 5RKQP \W YGTFGP YKG GT UGNDUV DGMCPPVG YWTFG )ÑVV UGKPGTUGKVU FGPWP\KGTV ,QUGRJ $GFGWU XQP 5EJCTDGTI /KVCTDGKVGT FGT *GTOCPPUV¼FVGT $N¼VVGT WPF UVCCVNKEJGT 1DGTDGCOVGT UEJTKGD $GTKEJVG CP5GFNPKV\M[.GKVGTFGT)GJGKORQNK\GK/GVVGTPKEJUKPFGPGPGT)ÑVV -WT\ WPF CPFGTG -TQPUV¼FVGT 4GFCMVGWTG CP\GKIVG 6TQV\ UGKPGT FQRRGNUKPPKIGP •W²GTWPIGP WPF FGP GKIGPGP 4GEJVHGTVKIWPIGP WPF 8GTURTGEJWPIGP CP FKG .GUGT UGV\VG )ÑVV UGKPG 6¼VKIMGKV CNU 8GTNGIGT WPF $WEJFTWEMGT WPWPVGTDTQEJGP HQTV 5GKPG *CWRV\GKVWPI FCU  IGIT×PFGVGQ5KGDGPD×TIGT9QEJGPDNCVVRYGNEJGUKPQ-TQPUV¼FVGT <GKVWPIRWODGPCPPVYWTFGYWTFGPCEJ)ÑVVU6QF  
XQPFGUUGP 5QJPWPF'PMGN×DGTPQOOGPWPFUVGNNVGKJT'TUEJGKPGPGTUVGKP  +P GKPGT $GURTGEJWPI FGT -TQPUV¼FVGT U¼EJUKUEJGP 2TGUUG XQP  UCOV KJTGP KFGQNQIKUEJGP (NWMVWCVKQPGP UVGJV FGT 8GTNGIGT )ÑVV KO 8QTFGTITWPF #DGT CWEJ UGKPG /KVCTDGKVGT WPF 4GFCMVGWTG YCTGP JGTXQTTCIGPFG 2GTUÑPNKEJMGKVGP FGT U¼EJUKUEJGP -WNVWT &KG -TQPUV¼FVGT 2TGUUG GTHTGWVG UKEJ FGT /KVCTDGKV OCPEJGT DGFGWVWPIUXQNNGP 0COGP H×T FKG .KVGTCVWT WPF )GUEJKEJVG FGT 5KGDGPD×TIGT 5CEJUGP )& 6GWVUEJ 5V. 4QVJ ,QUGH /CTNKP #PVQP -WT\/CZ/QNVMG&GT*GTOCPPUV¼FVGT2TGUUGOCPIGNVGGUCPUQNEJGP )KRHGNP&GTRTQITCOOCVKUEJG+PJCNVFGT)GUEJOCEMH×TFGP<GKVIGKUV H×T (QTVUEJTKVV WPF 4GHQTO MGPP\GKEJPGP FGP KP )ÑVVU $N¼VVGTP DGVTKGDGPGP .KDGTCNKUOWU KO 7PVGTUEJKGF \W FGO XQP FGT *GTOCPPUV¼FVGT 2TGUUG IGHÑTFGTVGP IGO¼²KIVGP -QPUGTXCVKUOWU &KG IT×PFNKEJGP YCJTJGKVUIGVTGWGP $GTKEJVG UGJPVGP UKEJ PCEJ GKPGT XQNNUV¼PFKIGP 9KGFGTICDG FGT OKVGTNGDVGP 'TGKIPKUUG WPF FGUJCND JCDGP UKG PKEJV OKPFGT FGP 9GTV GKPGT %JTQPKM FGT <GKV &KG $GIGKUVGTWPIWPFFKG5RCPPWPIFKGNGKFGPUEJCHVNKEJGP&GDCVVGPDKGVGP 

9 &CWIUEJ &KG 0CVKQPCNKV¼VGP 5KGDGPD×TIGPU KO 5RKGIGN FGWVUEJURTCEJKIGT 5KGDGPD×TIGT<GKVWPIGPWPF<GKVUEJTKHVGPFGU8QTO¼T\KP<GKVUEJTKHVGPWPF<GKVWPIGP FGUWPF,CJTJWPFGTVUKP/KVVGNWPF1UVGWTQRC$GTNKP5 

FGO .GUGT GKPG CPTGIGPFG .GMV×TG 'U KUV ×DGT FKG <GKV JKPCWU GKP $GYGKUFGT/GKUVGTUEJCHVFGTU¼EJUKUEJGP,QWTPCNKUVGPXQP  

+++21.+6+- 70&+&'1.1)+'+0&'4 5•%*5+%*'024'55' 

          

(×T FKG 0CVKQPCNKV¼VGP 5KGDGPD×TIGPU DGFGWVGVG FKG 7PKQP 5KGDGPD×TIGPU OKV 7PICTP FKG *CWRVHTCIG FGT 4GXQNWVKQP XQP  /GJT CNU QGKPG 5CEJG FGU )NCWDGPUR YKG UKG (T 6GWVUEJ FGHKPKGTVG YWTFG UKG \W GKPGT WPWOI¼PINKEJGP 9CJN (×T FKG 7PKQP QFGTIGIGPFKG7PKQP!+O5VWTOFGT'TGKIPKUUGXGTNKG²FKGUG(TCIGFGP 5KV\WPIUUCCN FGT 2QNKVKMGT WPF YWTFG WPOKVVGNDCT 6GKN FGU #NNVCIUNGDGPU $GIGKUVGTVG #PUEJN×UUG QFGT MCNVDNWVKIG 4GEJPWPIGP F[PCOKUEJGWP\WHTKGFGPGQFGTDNQ²RCUUKXG+PFKXKFWGPCNNGOW²VGP CMVKX WPF TCFKMCN Y¼JNGP FCH×T QFGT FCIGIGP &KG 7PICTP 5\GMNGT 4WO¼PGP5CEJUGPGPVUEJKGFGPCNU0CVKQPCNMÑTRGTCDJ¼PIKIXQPFGP GKIGPGP +PVGTGUUGP +PPGTJCND LGFGT GKP\GNPGP 0CVKQPCNKV¼V YCTGP CDGT FKG1RVKQPGPPKEJVOKPFGTFTCOCVKUEJ&KG/CUUGPRU[EJQNQIKGMCOKP FGP ITQ²GP 8QNMUXGTUCOONWPIGP \WT )GNVWPI &KG KPFKXKFWGNNGP 5EJKEMUCNG FGT 2GTUÑPNKEJMGKVGP FKGUGT -TKUGP\GKV MGPP\GKEJPGVGP *GNFGPOWV WPF .Q[CNKV¼V DKU JKP \W /¼TV[TGTVWO EJTKUVNKEJG )GYCNVXGT\KEJV WPF 5GNDUVCWHQRHGTWPI FQEJ CWEJ 1RRQTVWPKUOWU 2TGKUICDG (GKIJGKV )GYCNV WPF )TCWUCOMGKV #WU FKGUGT PCVKQPCNGP WPFRGTUÑPNKEJGP&QRRGNRGTURGMVKXGKUVFKG*CNVWPIFGT5KGDGPD×TIGT 5CEJUGP\WT7PKQPWPVGTUWEJGPUYGTV   0CEJFGO -ÑPKI 5VGRJCP FGT *GKNKIG FGP KP 6GKNGP 5KGDGPD×TIGPUJGTTUEJGPFGP9QKYQFGP)[WNCDGUKGIVGYWTFGFKGUGU .CPFFGTWPICTKUEJGP-TQPGWPVGTYQTHGPWPFDNKGDDKU\WT0KGFGTNCIG XQP/QJ¶EU  
WPVGTFGT*GTTUEJCHVUGKPGT-ÑPKIG9¼JTGPFFKGUGT H×PH,CJTJWPFGTVGGTNGDVG5KGDGPD×TIGPYGFGTGKPGP#PUEJNW²CPPQEJ GKPG 'KPXGTNGKDWPI KP FCU -ÑPKITGKEJ 7PICTP FGPP GU XGTH×IVG ×DGT DGUQPFGTG(TGKJGKVGPWPF5QPFGTTGEJVG  0CEJ FGT 6GKNWPI 7PICTPU  
UVCPF 5KGDGPD×TIGP PQEJ CPFGTVJCND ,CJTJWPFGTVG WPVGT FGO 5\GRVGT XQP XQP 7PICTP XQNNUV¼PFKIWPCDJ¼PIKIGT(×TUVGPFKGCWUFGP4GKJGPFGUWPICTKUEJGP #FGNU UVCOOVGP 'PFG FGU  ,J KPHQNIG FGT H×PHL¼JTKIGP 8GTJCPFNWPIGP OKV FGO ÑUVGTTGKEJKUEJGP *GTTUEJGTJCWU HCPF FKG XGTVTCIUO¼²KIG HTGKYKNNKIG 7PVGTYGTHWPI FGU .CPFGU WPVGT FKG 

(×TFKG7PKQPQFGTIGIGPFKG7PKQP!     

MCKUGTNKEJG4GIKGTWPIUVCVV&CU&KRNQOFGU-CKUGTU.GQRQNF+XQO &G\GODGTDGUV¼VKIVGFCUPGWG5VCVWVFGUCWVQPQOGP(×TUVGPVWOU 5KGDGPD×TIGP  5GKVDGMNGKFGVGFCUÑUVGTTGKEJKUEJG-CKUGTJCWUFKGGTDNKEJG -ÑPKIUY×TFG KP 7PICTP &KGUGT 7OUVCPF JCVVG MGKPGUYGIU GKPG 'KXGTNGKDWPI 5KGDGPD×TIGPU KP FCU -ÑPKITGKEJ 7PICTP QFGT FCU #WHIGDGPUGKPGTUVCCVNKEJGP5GNDUVUV¼PFKIMGKVCNU(QNIG  &KG 2TCIOCVKUEJG 5CPMVKQP  
DGUVKOOVG FKG IGUGV\NKEJGP WPF CFOKPKUVTCVKXGP $GFKPIWPIGP FGT UVCCVNKEJGP 'KPKIWPI CNNGT 2TQXKP\GP FGT *CDUDWTIGT XGTDWPFGP OKV FGT IGIGPUGKVKIGP 8GTVGKFKIWPIURHNKEJV WPF FGT INGKEJ\GKVKIGP $GKDGJCNVWPI FGT 7PCDJ¼PIKIMGKVWPF7PXGTNGV\NKEJMGKVFKGUGT)GDKGVG  #NUPCEJFGO6QFG,QUGRJU++KOWPICTKUEJGP4GKEJUVCIXQP  FKG GTUVGP Q9QIGP FGU WPICTKUEJGP $GYW²VUGKPU JQEJIKPIGP GTYCEJVG CWEJ FKG 0GKIWPI PCEJ GKPGT XÑNNKIGP +PEQTRQTKGTWPI5KGDGPD×TIGPUR  &KG UKGDGPD×TIKUEJGP .CPFUV¼PFG FKG KO .CPFVCI CNU FGO (QTWO KJTGT 5GNDUVUV¼PFKIMGKV \WUCOOGPMCOGP YKFGTUGV\VGP UKEJ FKGUGT6GPFGP\5KG×DGTTGKEJVGPCO/¼T\UQYQJNFGO-CKUGT CNU CWEJ FGO WPICTKUEJGP 4GKEJUVCI GKP 5EJTGKDGP KP FGO UKG KJTG XQNNUV¼PFKIG 5VCCVUCWVQPQOKG DGJCWRVGVGP 0CEJ 'KPXGTNGKDWPI FGT Q2CTVGU TGCRRNKECVCGR PCJO 7PICTP UGKPG #PPGZKQPUDGUVTGDWPIGP YKGFGT CWH &KG UKGDGPD×TIKUEJGP .CPFUV¼PFG DGYCJTVGP KJTGP HT×JGTGP5VCPFRWPMVFWTEJFKG4GRT¼UGPVCVKQPXQO/¼T\&KG &GPMUEJTKHVGP XQP  WPF  IT×PFGVGP CWH FGP CNVGP )GUGV\GP WPF 8GTVT¼IGP XQP )TQ²YCTFGKP 5RGKLGTWPF2TCI  
CWH FGO UKGDGPD×TIKUEJGP .CPFGUIGUGV\ XQP  FGO 8GTVTCI OKV )GPGTCN %CTCHHC  
WPF FGT 2TCIOCVKUEJGP 5CPMVKQP  
/CP \GKIVG FGWVNKEJ FC² QLGPG 7PKQP \YKUEJGP FKGUGO (×TUVGPVJWO WPF FGO -ÑPKITGKEJ 7PICTP YGNEJG WPVGT #WHTGEJVGTJCNVWPI WPUGTGT /WPKEKRCNIGUGV\G 4GEJVG WPF 2TKXKNGIKGP GKPIGICPIGP YGTFGP MQPPVG DGTGKVU \W 5VCPFG IGMQOOGP N¼PIUV DGUVGJG FC² FCJGT FKG #PUEJCWWPIWPF#DUKEJVFGT5V¼PFGPKEJVFCJKPIGJGKTIGPFGKPGPGWG 7PKQPYGNEJGGKPG4GKPEQTRQTCVKQPDGFGWVGWPFWPUGTG)GUGV\G4GEJVG WPF 2TKXKNGIKGP KP )GHCJT DTKPIGP MÑPPVG GKP\WIGJGPR &KG 7PCDJ¼PIKIMGKVDGKFGT4GKEJG
FWQ4GIPC YWTFGMNCTIGOCEJV 
'WIGP XQP (TKGFGPHGNU ,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVT¼IG \WT <GKVIGUEJKEJVG 5KGDGPD×TIGPUKO,CJTJWPFGTV<YGKVGT6JGKN
++$F 9KGP5 'DGPFC5  

+O UKGDGPD×TIKUEJGP .CPFVCI XQP  GTJQD UKEJ \WO GTUVGP/CNGKPGKPFGT/KPFGTJGKVDGHKPFNKEJG(TCMVKQPFGUWPICTKUEJGP NKDGTCNGP#FGNU\W9QTVFKGUKEJFGO)GFCPMGPFGT7PKQPOKV7PICTP CPUEJNQ² &GT )GFCPMG JCVVG LGFQEJ YGPKIGT TCFKMCNG #M\GPVG CNU KP 7PICTP FC FKG UKGDGPD×TIKUEJWPICTKUEJGP .KDGTCNGP \W GKPGO -QORTQOK²DGTGKVYCTGPFGTKJTG5VCPFGURTKXKNGIKGPKPDG\WICWHFKG PWOGTKUEJG/GJTJGKVFGT4WO¼PGPUKEJGTPUQNNVG  #WHFGOUKGDGPD×TIKUEJGP.CPFVCIXQPMCOGPFKG WPICTKUEJGP6GPFGP\GPGTPGWV\WO#WUFTWEM&KG#PVYQTVFGT5V¼PFG FCTCWH YCT FKG 4GRT¼UGPVCVKQP XQO  /¼T\  FKG CWH FGTUGNDGP )TWPFNCIGFGP)GFCPMGPFGT7PCDJ¼PIKIMGKV5KGDGPD×TIGPUKPDG\WI \WO -ÑPKITGKEJ 7PICTP CWUURTCEJ KPFGO 5KGDGPD×TIGP FGPUGNDGP IGOGKPUCOGP .CPFGUH×TUVGP OKV 7PICTP XGTGJTVG FGP WPICTKUEJGP )GUGV\GPCDGTPKEJVWPVGTYQTHGPYGTFGPMQPPVG  -WT\XQT5EJNW²FGUNGV\VGPKPHTKGFNKEJGP<GKVGPCDIGJCNVGPGP UKGDGPD×TIKUEJGP .CPFVCIU ×DGTTGKEJVGP FKG 5V¼PFG GKPG KFGPVKUEJG 4GRT¼UGPVCVKQP 
0QXGODGT   9GIGPFGU#WUDTWEJUFGT4GXQNWVKQPYWTFGFGTVTCFKVKQPGNNG 9GIRNÑV\NKEJRTGKUIGIGDGP   &KG 4GXQNWVKQP KP 2GUV WPF FCU 2WPMVG2TQITCOO FGT WPICTKUEJGP0CVKQPFCUFGP9WPUEJFGT8GTGKPKIWPI5KGDGPD×TIGPU OKV7PICTPCWUFT×EMNKEJGPVJKGNVH×JTVGFKG5CEJUGP\WT-N¼TWPIKJTGT *CNVWPI&KG\WO)TQ²VGKNCWHFGO-ÑPKIUDQFGPNGDGPFGPYGPKIGTCNU  5CEJUGP YCTGP UKEJ UQYQJN KJTGT PWOGTKUEJGP /KPFGTJGKV CNU CWEJ FGT 6CVUCEJG DGYW²V FC² KJT ¯DGTNGDGP UQYKG FKG )GY¼JTNGKUVWPI KJTGT JKUVQTKUEJGP 4GEJVG XQP KJTGO 8GTJCNVGP CDJKPIGP  9GNEJGU YCTGP KJTG JKUVQTKUEJGP 4GEJVG! &GT 5CEJUGPDQFGP WOHC²VG FKG CNVG *GTOCPPUV¼FVGT 2TQXKP\ CNUQ FGP *GTOCPPUV¼FVGT 5VWJNWPFFKGUKGDGP5V×JNG$TQQU/×JNDCEJ4GW²OCTMV.GUEJMKTEJ )TQ²UEJGPM 4GRU 5EJ¼²DWTI FKG \YGK 5V×JNG /GFKCUEJ WPF 5EJGNM UQYKGFKG&KUVTKMVG-TQPUVCFVWPF$KUVTKV\#NNG\WUCOOGPDKNFGVGPFCU U¼EJUKUEJG /WPK\KRKWO FGUUGP +PPGPQTICPKUCVKQP CWH FGP 4GIWNCVKXRWPMVGP XQP  HW²VG &CU XGTVTGVGPFG (QTWO FGU 5CEJUGPDQFGPU WPF INGKEJ\GKVKI UGKPG JÑEJUVG CFOKPKUVTCVKXG WPF TGEJVNKEJG +PUVCP\ YCT FKG XQO 5CEJUGPITCHGP IGH×JTVG 5¼EJUKUEJG 0CVKQPUWPKXGTUKV¼V&GT#WUFTWEMFGTU¼EJUKUEJGP5GNDUV¼PFKIMGKVYCT FCU /WPK\KRKWO FKG 8GTVGKFKIGTKP FGU /WPK\KRKWOU YCT FKG 0CVKQPUWPKXGTUKV¼V&GUJCNDDGFGWVGVGLGFGT#PITKHHCWHFKG7PKXGTUKV¼V 

GKPG )GHCJT H×T FGP (QTVDGUVCPF FGT U¼EJUKUEJGP #WVQPQOKG 7PF WOIGMGJTV LGFG (TCIG XQP PCVKQPCNGT $GFGWVWPI YWTFG KP FGP 7PKXGTUKV¼VUXGTUCOONWPIGP FGP UQIGPCPPVGP 0CVKQPCNMQPHNWZGP DGURTQEJGP WPF DGTCVGP &CDGK UVGNNVG FKG 0CVKQPUWPKXGTUKV¼V FGP 'KPKIWPIU WPF )NGKEJIGYKEJVUHCMVQT FGT XGTUEJKGFGPGP U¼EJUKUEJGP /GKPWPIGP FCT +P RQNKVKUEJGT *KPUKEJV YWTFG FKG U¼EJUKUEJG 0CVKQP FWTEJ KJTG 5VWJN WPF &KUVTKMVUCDIGQTFPGVGP KO UKGDGPD×TIKUEJGP .CPFVCI XGTVTGVGP FGUUGP $GTCVWPIGP KP CDIGUQPFGTVGP
\$ FKG U¼EJUKUEJGP 0CVKQPCNXGTUCOONWPIGP  WPF IGOGKPUCOGP 5KV\WPIGP
OKV6GKNPCJOGCNNGTFTGK5V¼PFG UVCVVHCPFGP  &KGUG )GRHNQIGPJGKVGP YCTGP DKUJGT PÑVKI WPF CWUTGKEJGPF IGYGUGPWOFKGU¼EJUKUEJGP5QPFGTTGEJVGIGUGV\O¼²KI\WUKEJGTP&KG 4GEJVUQTFPWPI YCPMVG CDGT KO /¼T\  CNU FKG 'TGKIPKUUG GKPG WPXQTJGTUGJDCTG $CJP GKPIGUEJNCIGP JCVVGP &GT 5CEJUGPITCH FKG 0CVKQPUWPKXGTUKV¼V FKG U¼EJUKUEJGP $GCOVGP WPF .CPFVCIUCDIGQTFPGVGPUVGNNVGPUKGCNNGKPFGP0CVKQPCNYKNNGPFCT!&KG ÑHHGPVNKEJG /GKPWPI FGT U¼EJUKUEJGP 0CVKQP FT×EMVG UKEJ \WO GTUVGP /CN KP FGT 2TGUUG CWU &KG U¼EJUKUEJGP <GKVWPIGP VGKNVGP OKV WPF MQP\GPVTKGTVGP RGTUÑPNKEJG 5VCPFRWPMVG INGKEJ\GKVKI CDGT URKGNVGP UKG FKG*CWRVTQNNGKPFGT-TKUVCNNKUKGTWPIGKPGTPGWGP+FGQNQIKG  +O(T×JLCJTYCTGPFKG/GKPWPIGP×DGTFKG7PKQPKPFGP 4GKJGP FGT 5CEJUGP IGVGKNV #WEJ FKG U¼EJUKUEJG 2TGUUG YCT KP <GKVWPIGP OKV WPKQPUHGKPFNKEJGT WPF WPKQPUHTGWPFNKEJGT *CNVWPI IGURCNVGP 8QP #RTKN DKU ,WPK  UVCPF FKG #PPCJOG QFGT <WT×EMYGKUWPI FGT 7PKQP KO 8QTFGTITWPF FGT LQWTPCNKUVKUEJGP &GDCVVGP  &KG 7PKQPUIGIPGT OKV *GTOCPPUVCFV CP FGT 5RKV\G UCJGP KP FGT 7PKQP GKPG )GHCJT H×T FGP (QTVDGUVCPF FGT 5CEJUGP &GT Q5KGDGPD×TIGT $QVGR DGUEJTKGD UQYQJN FKG 'TGKIPKUUG KP 2GUV XQO  /¼T\CNUCWEJKJTGP9KFGTJCNNKP-NCWUGPDWTI 
/¼T\ CNUUKEJFKG WPICTKUEJGMQPUGTXCVKXG2CTVGKWPFFKGNKDGTCNG1RRQUKVKQPXGTGKPKIVGP WO IGOGKPUCO H×T FKG 7PKQP 5KGDGPD×TIGPU OKV 7PICTP \W YKTMGP &KG 5VKOOWPI FGT *GTOCPPUV¼FVGT KUV DGMCPPV +JTG 6TGWGTMN¼TWPI YWTFGFGO5CEJUGPITCHGPCO/¼T\×DGTTTGKEJVFKGGDGPVCIGPFG 0CVKQPUWPKXGTUKV¼V YWTFG CWHIGHQTFGTV FKG .Q[CNKV¼VUGTMN¼TWPI FGU U¼EJUKUEJGP 8QNMGU CP FGP -CKUGT \W UEJKEMGP &KG #FTGUUG FGT 7PKXGTUKV¼V CP FGP -CKUGT XQO  /¼T\ DGYKGU GKPG UVCPFJCHVG 
5D$QVG0T/¼T\5 'DGPFC0T/¼T\5¯DGT-NCWUGPDWTICO/¼T\CWEJFCU5D

9QEJGPDNCVV0T/¼T\5 

*CNVWPI JKPUKEJVNKEJ FGT 9CJTWPI FGT 5VCCVUGKPJGKV )TQ²ÑUVGTTGKEJU  OKV 'TJCNV FGT UKGDGPD×TIKUEJGP )TWPFIGUGV\G FGT 2TCIOCVKUEJGP 5CPMVKQPWPFFGTU¼EJUKUEJGP5GNDUVXGTHCUUWPI  &KG .QUWPI Q7PKÎ XCI[ JCN¶NR
7PKQP QFGT 6QF  JCNNVG KO Q'TFÃN[K *KTCFÎR
0T  XQO  /¼T\   YKFGT &KGUGNDG -NCWUGPDWTIGT <GKVWPI DTCPFOCTMVG KP GKPGO #TVKMGN ×DGT Q&KG HWTEJVDCTG 8GTUEJYÑTWPI FGT 5¼EJUKUEJGP 0CVKQPUWPKXGTUKV¼VR FGTGP WPKQPUIGIPGTKUEJG*CNVWPI  +PGKPGOQ5EJYCT\WPF)GNDRDGVKVGNVGP#TVKMGNDGUEJTKGDFGT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR FGP $GUWEJ 6GNGMKU KP *GTOCPPUVCFV Q#O/CKHT×JJCVFGT)QWXGTPGWTXQP5KGDGPD×TIGP*GTOCPPUVCFV DGUWEJVWO7JTTGKUVGGTCD'UIKDV)GT×EJVGFC²FGT)QWXGTPGWT UKEJFGT9QTVGNWPICTKUEJG/QPCTEJKGODGFKGPVJCDGPUQNNVG&KGUG\YGK 9QTVGGPVUEJKGFGPYCUIGUEJGJGPYCUPWPFKGKJTGO(×TUVGPVTGWGP 5CEJUGP \W VJWP JCVVGPR 7O  7JT GTUEJKGP FKG  %QORCIPKGFGT CWU5VWFGPVGPWPF#MCFGOKMGTPIGDKNFGVG0CVKQPCNICTFGIGUEJO×EMV OKVUEJYCT\IGNDGP$¼PFGTPWPFFKGCPIGUGJGPUVGP$GCOVGPFGT5VCFV VTWIGPFKGUG(CTDGP0CEJOKVVCIUYCTDGMCPPVFC²OCPFGUCDGPFUKO 6JGCVGT GKPG UEJYCT\IGNDG (CJPG CWUUVGEMGP WPF GKPG WP\YGKFGWVKIG 'TMN¼TWPI CDIGDGP YQNNG #DGPFU QCNU FKG /WUKM FKG +PVTQFWMVKQP URKGNGP YQNNVG TKGH FCU 2CTVGTG NFKG 8QNMUJ[OPGO 0CEJJGT DTCEJ FGT ,WDGN NQU CNNG TKGHGP H×T FCU EQPUVKVWVKQPGNNG ©UVGTTGKEJ H×T FCU GKPKIG ©UVGTTGKEJ WPF H×T FGP -CKUGTR &KG 8QNMUJ[OPG YWTFG DGIGKUVGTV YKGFGT WPF YKGFGT IGUWPIGP Q0CEJ FGTGP 5EJNW²G VTCV CDGT FGT YCEMGTG$×TIGT4CPKEJGTCWHWPFTGFGVGGVYCOKVHQNIGPFGP9QTVFCU 2WDNKMWO CP N-GKPG CPFGTG 7PKQP CNU FKG FGT XKGT UKGDGPD×TIKUEJGP 0CVKQPGP-GKPGCPFGTG7PKQPCNUFKGCNNGT\WOÑUVGTTGKEJKUEJGP5VCCVG IGJÑTKIGP 8ÑNMGT -GKPG CPFGTG 7PKQP CNU FKG WPVGT 1GUVGTTGKEJU &QRRGNCFNGT'UY¼TG*QEJXGTTCVJGKPGDGUQPFGTG7PKQP\YGKGT\WO ÑUVGTTGKEJKUEJGP 5VCCVG IGJÑTKIGT .¼PFGT \W UEJNKG²GPO #NNIGOGKPGT $GKHCNNYCTFFKGUGP9QTVGPIG\QNNVR  &KGUGNDG <GKVWPI XGTÑHHGPVNKEJVG GKP WOHCUUGPFGU 'UUC[ FCU FGP CPVKWPKQPKUVKUEJGP 5VCPFRWPMV XGTVTCV <WP¼EJUV YWTFGP FKG #TIWOGPVG FGT 7PKQPUHTGWPFG XQTIGVTCIGP + 7PICTP JCVVG GKPG XQNNMQOOGP HTGKG 8GTHCUUWPI GTJCNVGP FKG (TQPFKGPUVG WPF <GJPVGP YCTGP CWHIGJQDGP YQTFGP CNNG 5VCCVUD×TIGT YCTGP INGKEJ IGYQTFGP WPFUQNNVGPINGKEJG.CUVGPVTCIGPFKG2TGUUGYCTHTGK++7PICTPUQNNVG FKG #WHTGEJVGTJCNVWPI FGT U¼EJUKUEJGP /WPKEKRCNXGTHCUUWPI UKEJGTP +++ 5KGDGPD×TIGP J¼VVG GKIGPVNKEJ \W 7PICTP IGJÑTV FGUJCND UGK GKPG 
5D8QNMUHTGWPFFGT#WHUCV\5EJYCT\WPF)GND0T/CK5 

.QUVTGPPWPI PKEJV IGUVCVVGV +8 QFGT (×TUV UGNDUV JCV FKG 7PKQP UCPMVKQPKGTVR
(CNUEJ  8 Y¼TGP FKG 5CEJUGP FCIGIGP IGYGUGP J¼VVG OCP UKG FGPPQEJ \WT 7PKQP IG\YWPIGP Q&KG U¼EJUKUEJGP 7PKQPUHTGWPFG IGYCJTGP PWT FKG 8QTVJGKNG FGT 7PKQP FKG WPVGT FGP $NWOGPNCWGTPFG)GHCJT×DGTUGJGPUKGR&CPPYWTFGPFKG#TIWOGPVG FGT 7PKQPUIGIPGT CWHIG\¼JNV + 5KGDGPD×TIGP CNNGKPG QJPG UGKPG 5GNDUV¼PFKIMGKV CWH\WIGDGP MÑPPVG GKPG HTGKG 8GTHCUUWPI CWHPGJOGP FGPP Q5KGDGPD×TIGP KUV ,CJTJWPFGTVG NCPI CWH GKIGPGP (ײGP IGUVCPFGPR 5KGDGPD×TIGP YCT  3WCFTCV/GKNGP ITQ² WPF JCVVG GKPGP TGKEJGP 5EJCV\ CP /GVCNNGP WPF 5CN\ HTWEJVDCTGP $QFGP WPF  /KNNKQPGP 'KPYQJPGT 5KGDGPD×TIGP OײVG MCWO FGO XQP $WFCRGUV IGHÑTFGTVGP<GPVTCNKUCVKQPUU[UVGOWPVGTUVGJGP++&KG5KEJGTWPIGPWPF )CTCPVKGP H×T FKG 'TH×NNWPI FGT 9×PUEJG FGT 5CEJUGP \GTHKGNGP Q9CJTNKEJ GU Y×TFG WPUGTGT 0CVKQP UGJT WPY×TFKI UGKP YQNNVGP YKT WPU CWH FGP )TQ²OWVJ #PFGTGT XGTNCUUGPR &CDGK JCVVG OCP XQP 7PICTP MGKPGP )TQ²OWV \W GTYCTVGP Q9KT JCDGP CNUQ MWT\ IGUCIV MGKPG5KEJGTJGKVH×TFKG#WHTGEJVGTJCNVWPIWPUGTGT0CVKQPCNKV¼VWPUGTGT (TGKJGKVGP FGU WPIGVJGKNVGP $GUKV\GU WPUGTGU 9QJPRNCV\GU &GUJCND MGKPG7PKQPOKV7PICTPR+++Q&KG$GJCWRVWPIFC²5KGDGPD×TIGP\W 7PICTPIGJÑTGKUVPWTKPUQHGTPYCJTCNUGUCWEJWPVGTFGO-ÑPKIG XQP 7PICTP UVGJV 5QPUV KUV CDGT 5KGDGPD×TIGP GKP XQP 7PICTP ICP\ WPCDJ¼PIKIGU 4GKEJ OKV FGO 1GUVGTTGKEJ FWTEJ GKIGPG 8GTVT¼IG XGTDWPFGP KUVR +8 Q5GKPG /CLGUV¼V JCV FGP )GUGV\CTVKMGN DGVTGHH FGT 7PKQP7PICTPUOKV5KGDGPD×TIGPPWTKPUQHGTPDGUV¼VVKIVYKGHGTPFKG 5V¼PFG 5KGDGPD×TIGPU KJTG 'KPYKNNKIWPI IGDGPR 8 Q*ÑTGP YKT YKG /CTNKPFGTFQEJGKP×DGTURCPPVGT(TGWPFFGT7PKQPKUVFGP<WUVCPF 7PICTPUUEJKNFGTV  N+P 2TG²DWTI UEJN¼IV OCP FKG ,WFGP VQFV KP 5VWJNYGK²GPDWTI LCIV OCP UKG HQTV KP 2GUVGPVHGTPVOCPUKGXQPFGT0CVKQPCNICTFGWPF Y×VJGVIGIGPKJTG'OCP\KRCVKQP.KEJV.KEJV+P0QTFWPICTPYQNNGP FKG5NQXCMGPKJTG5RTCEJG\WTFKRNQOCVKUEJGPGTJGDGPKP-TQCVKGPKUV 5VCPFTGEJV CWUIGURTQEJGP H×T LGFGP 7PICTKUEJIGUKPPVGP KP #TCF YGTFGPFKG.KDGTCNGPDNWVJKIIGUEJNCIGPFKG0GWUCV\GTYQNNGPUKEJCP 5[TOKGP UEJNKG²GP KP 6GOGUYCT TWHGP FKG 5GTDGP <UKXKQ KP -TCUUQ OCEJGP FKG 9CNCEJGP 4GXQNWVKQPUVTKDWPCNG KP 5\CVJOCT WPF $GMGU TGXQNWVKQPKTV VJGKNU FGT MNGKPG #FGN VJGKNU FGT $CWGT KP (QNIG MQOOWPKUVKUEJGT )GFCPMGP FGPP UKG YQNNGP MGKP 'KIGPVJWO OGJT CEJVGP +P $WFCRGUV DKNFGP UKEJ JGKONKEJG WPF ÑHHGPVNKEJG -NWDU CNNGT #TVO  

7PF KP FKGU )GOGPIG KP FKGUGP 5EJOGN\QHGP CWU FGO XKGNNGKEJV PCEJ ,CJTGP GFNGU /GVCNN JGTXQTIGJGP YKTF UQNNGP YKT ×DGT *CNU WPF -QRH JKPGKP UV×TV\GP! 9GT WPU FKGU \WOWVJGV KUV GKP 6JQT YCJPUKPPKI CDGT OײVG OCP WPU UEJGNVGP YGPP YKT FGT <WOWVJWPI (QNIGNGKUVGVGP  9KTF 7PICTP YKTMNKEJ FCU 2CTCFKGU YKG GU FKG (TGWPFG FGT 7PKQP VT¼WOGP PWP UQ T×EMV GU LC PKEJV XQO 2NCV\G WPF GU YKTF WPU YQJNCWEJUR¼VGTUGKPG2HQTVGPÑHHPGP(×TLGV\VCDGTYQNNGPYKTNKGDGT CW²GTJCNDFGU2CTCFKGUGUDNGKDGPWPFWPUHGUVCPFCUHTGKG1GUVGTTGKEJ CPUEJNKG²GP FWTEJ FGUUGP -TCHV CNNGKP CWEJ WPUGT $GUVGJGP IGUKEJGTV KUVR  #D /CK  IKPIGP CWEJ FKG *GTOCPPUV¼FVGT <GKVWPIGP Q6TCPUUKNXCPKCR WPF Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR KPU .CIGT FGT7PKQPUIGIPGTFKGUKEJH×TGKPWPCDJ¼PIKIGU5KGDGPD×TIGPWPFGKP WPVGKNDCTGU©UVGTTGKEJCWUURTCEJGPGPVUEJKGFGP×DGT  *KPIGIGP JQHHVGP FKG 7PKQPUHTGWPFG CWH ITѲGTG (TGKJGKVGP UGKVGPU FGT NKDGTCNGP WPICTKUEJGP 4GIKGTWPI CNU UGKVGPU ©UVGTTGKEJU +P -TQPUVCFVUVCPFGPUQYQJNFGT5VCFVOCIKUVTCVCNUCWEJFKG-QOOWPKV¼V CWH FGT 5GKVG FGT 7PKQP &KG -TQPUV¼FVGT ,QWTPCNKUVGP JGIVGP FKG ¯DGT\GWIWPI FC² FKG 5Q\KCNTGHQTOGP OKV FGT 7PKQP WPOKVVGNDCT XGTDWPFGPYCTGP#WEJKP$TQQUYCTFKG5VKOOWPIWPKQPUHTGWPFNKEJ +P 5EJ¼²DWTI DGH×TEJVGVGP FGT $×TIGTOGKUVGT 5VGTPJGKO WPF FKG XQP KJO IGH×JTVG (TCMVKQP GKP QHKPKU #WUVTKCGR Y¼JTGPF FKG LWPIG )GPGTCVKQP OKV %CTN )QQ² WPF )& 6GWVUEJ CP FGT 5RKV\G FGO 7PKQPUIGFCPMGP DGIGKUVGTV CPJKPI 6GWVUEJ XGTÑHHGPVNKEJVG KP FGP Q$N¼VVGTP H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR GKPGP 2TQITCOOCTVKMGN×DGTQ9CUJCV5KGDGPD×TIGPIGIGPY¼TVKI\WVJWP!R 0CEJ FGT $KNFWPI FGT 0CVKQPCNICTFG YWTFG 6GWVUEJ FGTGP #PH×JTGT /CP UEJGT\VG KP *GTOCPPUVCFV ×DGT UGKPG TCFKMCNGP #PUKEJVGP OCP UCIVG 6GWVUEJ J¼VVG 5VGTPJGKO CDIGUGV\V WPF KP 5EJ¼²DWTI FKG 4GRWDNKMCWUIGTWHGP  &GTQ5CVGNNKVROCEJVGGKPGP#WHTWHFGUGXCPIGNKUEJGP2HCTTGTU XQP -TQPUVCFV )GQTI *KPV\ DGMCPPV FGT FKG -TGKUMQOOWPKV¼VGP \WT 
5D8QNMUHTGWPFFGT#WHUCV\-GKPG7PKQPOKV7PICTP0T/CK5 0T/CK5  &KG 5KGDGPD×TIGT 5CEJUGP KP FGP ,CJTGP  *I XQP %CTN )ÑNNPGT $ÑJNCW 8GTNCI-ÑNP9KGP5  $N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG 0T   #RTKN  5  &GT#WHUCV\YCT6)WPVGT\GKEJPGV (TKGFTKEJ6GWVUEJCC15 

(ÑTFGTWPI FGT 7PKQP CPURQTPVG &CU Q5KGDGPD×TIGT 9QEJGPDNCVVR GTYGEMVG FGP 'KPFTWEM FC² CNNG 5VCFVD×TIGT -TQPUVCFVU FKG KP FGT WPICTKUEJGP 'TMN¼TWPI CWUIGURTQEJGPGP 7PKQPUKFGG DGITײVGP 2GUVCNQ\\K WPF 9GUUGNÃP[K /KMNÎU UEJTKGDGP #WHU¼V\G ×DGT FKG 9QJNVCVGPFGT7PKQPOKVFGO7PICTNCPFG+P$GVTGHHFGT(TCIGQ9CU JCV 5KGDGPD×TIGP XQP GKPGT 7PKQP OKV ©UVGTTGKEJ \W GTYCTVGP!R YWTFGPPGICVKXG7TVGKNGIGH¼NNV  &GT KP FGP Q$N¼VVGTPR GTUEJKGPGPG QDGPYGTY¼JPVG 2TQITCOOCTVKMGN Q9CU JCV 5KGDGPD×TIGP IGIGPY¼TVKI \W VJWP!R DGOGTMVG FC² KP 2CTKU QFGT -CORH H×T D×TIGTNKEJG 4GEJVGR CWUIGDTQEJGP YCT &KG 9QIGP FGT 4GXQNWVKQP JCVVGP CWEJ 5KGDGPD×TIGP GTTGKEJV Q&CTWO FGT CNNIGOGKPG 4WH PCEJ 8QNMUDGYCHHPWPIR #NU \WM×PHVKIG #WHICDGP ICNVGP  Q'TM¼ORHWPI GKPGT CPFGTGP .CPFGU4GRT¼UGPVCVKQP CWH FGT )TWPFNCIG FGT UKGDGPD×TIKUEJGP7PKQPWPFFGT5WOOGFGT$GXÑNMGTWPICNUQMGKPG 4GICNKUVGPOGJTUQPFGTPDNQ²HTGKIGY¼JNVG8GTVTGVGTRQ8QNNUV¼PFKIG #PGTMGPPWPI FGT )NGKEJJGKV CNNGT 8QNMUMNCUUGP CNUQ MGKPG CFGNKEJGP +OOWPKV¼VGPMGKPGCFGNKEJGP8QTTGEJVGOGJTRMGKP7TDCTKWOWPFFKG INGKEJG 6GKNPCJOG CP ÑHHGPVNKEJGP .CUVGP LGFGT #TV  0GWGU 5VGWGTIGUGV\ CWH FGT )TWPFNCIG FGU 'KPMQOOGPU  8GTOKPFGTWPI FGU UVGJGPFGP *GGTGU WPF 'TTKEJVWPI XQP 0CVKQPCNICTFGP  8GTCPVYQTVNKEJG 8GTYCNVWPI FGT .CPFGUGKPM×PHVG OKV #WHJGDWPI FGT -COOGTWPF6TGPPWPIFGT&QOGUVKMCNMCUUGPXQPFGT.CPFGUMCUUG (TGKJGKV FGT 2TGUUG  6TGPPWPI FGT ,WUVK\ XQP FGT #FOKPKUVTCVKQP #PGTMGPPWPI FGT PCVKQPCNGP WPF NQMCNGP /WPKEKRCNXGTHCUUWPI  #DHCUUWPI GKPGU 5VTCHIGUGV\DWEJGU 'KPH×JTWPI XQP )GUEJYQTGPGP )GTKEJVGP WPF 4GIGNWPI FGT 2QNK\GK &GT #TVKMGN YCT Q6)R
)GQTI 6GWVUEJ  IG\GKEJPGV &KG 7PKQP DQV CNUQ FGP RCUUGPFGP IGUGV\NKEJGP 4CJOGPH×TXGTUEJKGFGPG4GHQTOGP  9KG XGTUVCPFGP FKG 5CEJUGP MQPMTGV FKGUG 7PKQP! &KG U¼EJUKUEJG 0CVKQP OW²VG 5VGNNWPI DG\KGJGP WPF CWH FKG 7PKQP PWT FCPP GKPIGJGP YGPP FGT #PFTGCPKUEJG (TGKDTKGH UGKPG )×NVKIMGKV DGJKGNV 0GOQ GQU LWFKEGV PKUK 0QU GV %QOGU %KDKPGPUKU
0KGOCPF UQNNUKGTKEJVGPCNU9KTFGT-ÑPKIWPFFGT)TCHXQP*GTOCPPUVCFV  
5CVGNNKV0T/¼T\5 'DGPFC0T/CK5 

5D9QEJGPDNCVV0T#RTKN5 $N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFG0T#RTKN5 5D9QEJGPDNCVV0T/CK5 $N¼VVGT0T#RTKN5 

&KG 8GTGKPKIWPI UQNNVG CWHITWPF FGU 5VCVWU SWQ UVCVVHKPFGP OKV FGT YGKVGTGP #PGTMGPPWPI WPF 'TJCNVWPI  FGT U¼EJUKUEJGP /WPKEKRCNCWVQPQOKG  FGT 5¼EJUKUEJGP 7PKXGTUKV¼V FGT 1TVU WPF -TGKU¼OVGT WPF FGU #OVGU FGU 5CEJUGPITCHGP  FGT U¼EJUKUEJGP )GTKEJVUUV×JNG  &CIGIGP UQNNVGP FKG CNNIGOGKPGP .CPFGUCPIGNGIGPJGKVGP CWH FGO WPICTKUEJGP .CPFVCI DGURTQEJGP YGTFGP  Q&KG 7PKQP FGT 5CEJUGP OKV FGP CPFGTGP UV¼PFKUEJGP 0CVKQPGP 5KGDGPD×TIGPU OײVG DG\×INKEJ FGU IGIGPUGKVKIGP 4GEJVUUEJWV\GU WPF #WHTGEJVGTJCNVWPI KJTGT 4GEJVG WPF (TGKJGKVGP CWEJH×TFKG<WMWPHVGORQTIGJCNVGPYGTFGPR  &KG*CWRVHTCIGYCTFKG7PKQPQ5QIGVJGKNVFKG/GKPWPIGPKP FKGUGT$G\KGJWPIUKPFUQUVKOOGPFQEJFKG/GKUVGPFCTKP×DGTGKPFC² FKGUGNDG WPDGFGPMNKEJ GKPIGICPIGP YGTFGP MÑPPG YGPP FKG WPICTKUEJG 0CVKQP FGP $×TIGTP CWH 5CEJUGPDQFGP KJTG 8GTHCUUWPI WPIGMT¼PMV \W GTJCNVGP UKEJ CPJGKUEJKI OCEJG KP INGKEJGT 9GKUG YKG UKGGUFGP5NCXGPKO-ÑPKITGKEJG7PICTPXGTD×TIVR
!   'KPG Q9KGFGTIGDWTVR 7PICTPU HQTFGTVG \WT 8GTGKPKIWPI CWH 'KPGTUGKVU YQIGP QCNNG OÑINKEJGP 8QTVJGKNGR FGT (TGKJGKV CPFGTGTUGKVU OCJPVGCWEJFKG8GTPWPHV\WHQNIGPFGO7TVGKNQ0GKPYKTYQNNGPWPU PKEJV\W)TWPFGTKEJVGPRFGPPFKG<WT×EMYGKUWPIFGT7PKQPY×TFG FKG  5CEJUGP QGKP \CJOGU MNGKPGU T¼WONKEJ \GTUV×EMGNVGU 8ÑNMEJGPRXGTPKEJVGP'TUVKPPGTJCNDFGT7PKQPMÑPPGFKG0CVKQPCNKV¼V XGTUKEJGTV YGTFGP Q'U KUV MGKP 6TCWO FC² GKP XKGN\×PIKIGT 5VCCV DGUVGJGP MÑPPG QJPG FC² GKPG 0CVKQPCNKV¼V FKG CPFGTG CWH\GJTGP OײG YGPP UKG PKEJV CNVGTUUEJYCEJ UVKTDVR #NU $GKURKGN YWTFG 0QTFCOGTKMCCPIGH×JTV  &KG U¼EJUKUEJG 2TGUUG ICD FKG /CPKHGUVG FGT DGKFGP NGKVGPFGP 6GPFGP\GPJGTCWU  &CU GTUVG /CPKHGUV /CTNKPU Q2QNKVKUEJGU 2TQITCOO CP FKG UKGDGPD×TIGT 5CEJUGPR YCT GKPG DGJGT\VG #PPCJOG FGT 7PKQP &GT &KEJVGTWPF0CVKQPCNICTFKUV,QUGH/CTNKPFGTDGK)ÑVVRWDNK\KGTVGJCV KP FKGUGO 2TQITCOO FGP XQNNUV¼PFKIGP #WUFTWEM UGKPGU GZCNVKGTVGP 6GORGTCOGPVU IGDQVGP /CTNKP UCJ GKPG TCFKMCNG<WMWPHVUVTCVGIKGH×T FCUU¼EJUKUEJG8QNMCWUUEJNKG²NKEJKO4CJOGPFGT7PKQPOKV7PICTP XQTCWU &KG INGKEJHCNNU WPKQPUHTGWPFNKEJG 4GFCMVKQP FGU Q5CVGNNKVGPR MQOOGPVKGTVGKPGKPGT0QVGQ&CUJGKNKIG(GWGTFGU8CVGTNCPFUUQJPGU YGNEJGU KJP \W FKGUGO #WHTWHG DGIGKUVGTV YKUUGP YKT \W GJTGP WPF 
'DGPFC0T#RTKN5 'DGPFC0T#RTKN5 'DGPFC0T/CK5 

FCPMDCT CWH\WPGJOGP FGPP GKPG MNGKPG &QUKU $GIGKUVGTWPI H×T RQNKVKUEJG (TGKJGKV WPF 5GNDUVUV¼PFKIMGKV VJWV WPUGTGO 8QNMG UGNDUV KP UGKPGP IGDKNFGVGTGP 5EJKEJVGP PQVJ  9KT UKPF CWEJ CWU FGO )TWPFG WPUGTGT 5GGNG H×T 'KP WPF GKPKI O¼EJVKI 1GUVTGKEJ CDGT \WP¼EJUV IGJÑTGP YKT \W 7PICTP WPF IGJÑTVGP FC\W DGXQT PQEJ 7PICTP \WO 8GTDCPF FGT ÑUVTGKEJKUEJGP /QPCTEJKG IGJÑTVG 'KP O¼EJVKI 1GUVTGKEJ FWTEJ FGP KPPKIUVGP #PUEJNW² GKPGU IGGKPKIVGP 7PICTTGKEJUR  #WH )TWPFNCIG FGT  2GUVGT 2WPMVG IGUVCNVGVG /CTNKP UGKP 2TQITCOOHQNIGPFGTOC²GP 7PKQPOKVFGP7PICTP(TGKJGKV)NGKEJJGKV$T×FGTNKEJMGKV  'KPTGKJWPI FGT 5CEJUGPUV×JNG WPF &KUVTKMVG WPVGT $GYCJTWPI XQNMUV×ONKEJGTCDGTFGT4GHQTOWPVGTYQTHGPGT+PUVKVWVKQPGP )GUGV\NKEJG)CTCPVKGH×TFGPPCVKQPCNGPWPFRQNKVKUEJGP8GTDCPFFGT 5CEJUGPUQYKGH×TFKG7PXGTNGV\NKEJMGKVKJTGU)GDKGVGU )GUGV\NKEJG)CTCPVKGH×TFGP)GDTCWEJFGTFGWVUEJGP5RTCEJGKPFGP KPPGTP #PIGNGIGPJGKVGP FGT 5CEJUGP $GJCNVWPI FGT WPICTKUEJGP 5RTCEJG KP FGP FKRNQOCVKUEJGP #PIGNGIGPJGKVGP WPF KP FGP $G\KGJWPIGP \W FGP -QOKVCVGP \WO WPICTKUEJGP /KPKUVGTKWO \WO -ÑPKI &KG'PVUGPFWPIU¼EJUKUEJGT&GRWVKGTVGT\WO4GKEJUVCIPCEJ2GUV  &KG U¼EJUKUEJGP 0CVKQPCNMQPHNWZG UQNNGP YGKVGTJKP FKG 8GTJ¼NVPKUUG FGT5CEJUGPDGTCVGPLGFQEJWPVGTFGO/KPKUVGTKWOUVGJGP  &GT )TCH FGT 0CVKQP KUV 2T¼UKFGPV FGU -QPHNWZGU WPF $GHGJNUJCDGT FGTU¼EJUKUEJGP8QNMUDGYCHHPWPI  &KG 4GHQTO U¼EJUKUEJGT +PUVKVWVKQPGP MCPP GKP\KI  WPF CNNGKP  XQO 0CVKQPCNMQPHNWZCWUIGJGP  &KG RQNKVKUEJG WPF MQPHGUUKQPGNNG 'OCP\KRCVKQP FGT TWO¼PKUEJ URTGEJGPFGP $GYQJPGT FGU 5CEJUGPNCPFGU KJTG <WNCUUWPI \W CNNGP •OVGTP9×TFGPWPF*CPFYGTMGP ,GFGTWO¼PKUEJG1TVUEJCHVFGU5CEJUGPNCPFGUUQNNGKPGFGWVUEJG 5EJWNGGTJCNVGP #DUEJCHHWPIFGU<GJPVGP#DUEJCHHWPIFGTRTQVGUVCPVKUEJGP2HCTTGT CWH TWO¼PKUEJGP &ÑTHGTP $GNQJPWPI FGT )GKUVNKEJMGKV FWTEJ FKG U¼EJUKUEJG 0CVKQP PCEJ #NVGTUUVWHGP $GUVGWGTWPI FGU MKTEJNKEJGP )WVGU 4×EMICDGFGT<GJPVSWCTVGPCPFKG0CVKQP 'PVYGFGTFKGIT×PFNKEJG4GHQTOQFGTFKG#WHNÑUWPIFGT<×PHVG ©HHGPVNKEJMGKVWPF/×PFNKEJMGKV4GEJPWPIUNGIWPIFGTU¼EJUKUEJGP $GCOVGP 5¼WDGTWPI FGT /CIKUVTCVG Q.KEJV UQNN HCNNGP CWH FKG 5×PFGP 

WPUGTGT$WTGCWMTCVKGYGNEJGTYKTP¼EJUVWPUGTP.GJTGTPCNNGU'NGPF FGT0CVKQP\WXGTFCPMGPJCDGPR  #WHPCJOG CNNGT U¼EJUKUEJGP 1TVUEJCHVGP KP FKG 4GKJGP FGT HTGKGP UKEJUGNDUVTGIKGTGPFGP)GOGKPFGP  4GHQTO HTGKG )GUVCNVWPI .GJT WPF .GTPHTGKJGKV FGT *GTOCPPUVCFVGT4GEJVUCMCFGOKG )T×PFNKEJG4GHQTOFGT)[OPCUKGPC 8GTGKPHCEJWPIFGT5VWFKGP D  #DUEJCHHWPI FGT NCVGKPKUEJGP 5RTCEJG H×T FKG WPVGTP 5EJWNGP E  .GJTUVWJN H×T WPICTKUEJG 5RTCEJG F  .GJTUVWJN H×T 0CVWTYKUUGPUEJCHVGP G  #DUEJCHHWPI FGU FKG *WOCPKV¼VUUVWFKGP DGINGKVGPFGP VJGQNQIKUEJGP -WTUGU H  5EJWNNGJTGT5GOKPCT I  #DUEJCHHWPI FGT 2TKXCVUVWPFGP FGT 2TQHGUUQTGP J  HKZG 2TQHGUUQTUV×JNG K  Q'KPDGTWHWPI XQP /¼PPGTP YGNEJG FGT ,WIGPF PKEJV PWT FCU #NGRJ WPF )KOGNUQPFGTPCWEJXQPFGT<GKVWPFXQO 8CVGTNCPFG\WUCIGPYKUUGP&GT)QVVFGT(TGKJGKVWPFFGT.KGDGJGNHG WPUFKGU#NNGU\WXQNNDTKPIGPR  &GT LWPIG /CTNKP UEJTKGD FKGUGU 2TQITCOO KP 2GUV &KG 4GFCMVKQP H×IVG Q'KPG #PVYQTV CWH FCU RQNKVKUEJG 2TQITCOO CP FKG 5KGDGPD×TIGT 5CEJUGPR JKP\W FKG XQP 8CVGT /CTNKP 0CVKQPCNICTFG *CWRVOCPPKP/×JNDCEJWPVGT\GKEJPGVYCTQ/GKP5QJP+EJDKPYGKV GPVHGTPVFGKPG$GIGKUVGTWPIH×TGKPG5CEJG\WVCFGNPYGNEJGOKVKJTGT )TQ²CTVKIMGKV KP FGT 9GNV #WHUGJGP OCEJVR 'T FGT 8CVGT XGTVGKFKIVG DNQ²FKG6WIGPFGPFGT5CEJUGPFKGFGT5QJPKPUGKPGO5EJYWPIPCEJ 'TPGWGTWPI WPF  $TWEJ OKV FGO #NVGP PGICVKX DGWTVGKNVG &KG 7PKQPUHTCIGMCOYKGFGTCWHFKGUGUOCNXQO5VCPFRWPMVFGT¼NVGTGP GTHCJTGPGP )GPGTCVKQP Q9KT TGKEJGP 'WEJ 7PICTKUEJG $T×FGT IGYK² XGTVTCWWPIUXQNNFKGVTGWG$TWFGTJCPFCDGTYKTHQTFGTPXQP'WEJFC² +JT FGP 7PKQPUGKF WPU JCNVGV +O .CPFVCI YGTFG FKG 5CEJG CDIGVJCP YKGCWEJFGT-CKUGTGUY×PUEJVOKV4WJGWPFQJPG$GUEJT¼PMWPIFGU 5VKOOTGEJVGUR
#PJCPI&QM0T   &CU\YGKVG/CPKHGUVUVGNNVFGP.GKVCTVKMGNFGU#PVKWPKQPKUOWU FCT6JGQFQT(CDKPKUEJTKGDQ9K²VKJTYCUFKGUG$WEJUVCDGP
7PKQP  JGK²GP! 5KG JGK²GP PKEJVU )GTKPIGTGU CNU &CU 5CEJUGPXQNM GTIKDV UKEJ XGTOÑIGFGTUGNDGPCWH)PCFGWPF7PIPCFGCPFKG7PICTPWPF\YCT QJPG 5EJYGTVUVTGKEJ GU GTYCTVGV XQP FGT )TQ²OWVJ FGT 7PICTP CNNGU FCU YCU GU ,CJTJWPFGTVG JKPFWTEJ DGUGUUGP JCV YCU GU IGIGPY¼TVKI HCEVKUEJ WPF TGEJVO¼²KI DGUKV\V YCU GU H×T CNNG 'YKIMGKV OKV 4GEJV DGUKV\GP UQNN YCU KJO MGKP 7PICT MGKP 9CNCEJG OKV )GYCNV TCWDGP 
/CTNKP2QNKVKUEJGU2TQITCOOCPFKGUKGDGPD×TIGT5CEJUGPKP5CVGNNKV0T#RTKN 5 

MCPP YGPP YKT PKEJV UGNDUV WPUGTG *CPF \WO 5GNDUVOQTFG GTJGDGP  9GT FGO )CPIG FGT 'TGKIPKUUG KP 7PICTP IGHQNIV KUV YKTF GTTCVJGP YQJKP FKG $GUVTGDWPIGP WPF 'TTWPIGPUEJCHVGP FGT (QTVUV×TOGPFGP \KGNGP 'KIGPGU /KPKUVGTKWO DGUQPFGTU 8GTNCPIGP PCEJGKIGPGO(KPCP\WPF-TKGIUOKPKUVGTKWO#WUYGKUWPICNNGUPKEJV WPITKUEJGP /KNKV¼TU WPF <WT×EMXGTNGIWPI CNNGU WPITKUEJGP /KNKV¼TU PCEJ7PICTP5VGNNWPIFGT)TGP\UQNFCVGP7PICTPUWPF5KGDGPD×TIGPU WPVGT FGP 2CNCVKP  OGTMV KJT YQ FCU JKPCWU YKNN!R WUY 6JGQFQT (CDKPKJCNHDGKFGT'TTKEJVWPIFGUU¼EJUKUEJGP,¼IGTDCVCKNNQPUYGNEJGU IGIGPFKGWPICTKUEJG4GXQNWVKQPUCTOGGM¼ORHVGWPFUVCTDPCEJFGO #PITKHHXQP2KUMKCO(GDTWCT
#PJCPI&QM0T   'U KUV DGMCPPV FC² &CPKGN 4QVJ GKPKIG 8QTCWUUCIGP ×DGT FKG PCJG <WMWPHV KP UGKPGO $×EJNGKP Q8QP FGT 7PKQP WPF PGDGPDGK GKP 9QTV ×DGT GKPG OÑINKEJG FCMQTQOCPKUEJG /QPCTEJKG WPVGT 1GUVGTTGKEJU -TQPGR OCEJVG &KG Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGRXGTÑHHGPVNKEJVGP\YGK#FTGUUGPCWU&GWVUEJNCPFFKG IGIGP 4QVJU )GFCPMGP IGTKEJVGV YCTGP &KG GTUVG XQP KJPGP HQTFGTVG FKG 7PICTP CWH FKG &GWVUEJGP KP 5KGDGPD×TIGP CNU $T×FGT \W DGJCPFGNPFCUKGFGWVUEJDNGKDGPYQNNVGP&KG\YGKVG#FTGUUGURQTPVG FKG 5CEJUGP CP KJTGT 8GTICPIGPJGKV WPF KJTGO &GWVUEJVWO VTGW \W DNGKDGP &GWVUEJNCPFU WPF ©UVGTTGKEJU +PVGTGUUGP WPF $×PFPKUUG UVKOOVGP PKEJV KOOGT ×DGTGKP FGUJCND YWTFG FCU &GWVUEJVWO FGT 5CEJUGP  \WO GTUVGP /CN OKV RQNKVKUEJGT <KGNUGV\WPI JGTXQTIGJQDGP 'KPGTUGKVU YCTGP FKG 5CEJUGP VTGWG $×TIGT FGU ÑUVGTTGKEJKUEJGP 5VCCVGU KPFGO UKG UKEJ \WO &GWVUEJVWO DGMCPPVGP UEJNQUUGP UKG UKEJ CPFGTGTUGKVU FGT FGWVUEJWPICTKUEJGP -QNNCDQTCVKQP CP FKG CNNO¼JNKEJ GKPGP QHHGPDCT CPVKÑUVGTTGKEJKUEJGP %JCTCMVGT IGYCPP  &GT CO  /CK  KP -NCWUGPDWTI GKPDGTWHGPG .CPFVCI DTCEJVGFGP5CEJUGPGKPGWPGTY×PUEJVG<GTURNKVVGTWPIFGT'KPJGKV+O 7PVGTUEJKGF \W FGP XQTCWUIGICPIGPGP .CPFVCIGP KP FGPGP FKG /GKPWPIUGKPJGKV KP FGP 4GKJGP FGT 5CEJUGP UGNDUVXGTUV¼PFNKEJ WPF TGKDWPIUNQU HWPMVKQPKGTV JCVVG DTCEJVG GDGP FKG *CWRVHTCIG FGT &GDCVVGP <YKGURCNV WPVGT UKG *GTOCPPUVCFV WPF FKG OGKUVGP U¼EJUKUEJGP ,WTKUFKMVKQPGP GTMN¼TVGP UKEJ IGIGP FKG 7PKQP 5KGDGPD×TIGPU OKV 7PICTP &KG +PUVTWMVKQPGP FGT /CIKUVTCVG XQP 
6JGQFQT(CDKPK-GKPG7PKQPKP5CVGNNKV0T/CK5 

(TKGFTKEJ 6GWVUEJ &KG 5CEJUGP KO ,CJTG   KP Q*WPFGTV ,CJTG U¼EJUKUEJGT -¼ORHGR*GTOCPPUVCFV5 Q$N¼VVGTR0T/CK5 

-TQPUVCFV5EJ¼²DWTIWPF4GRUCPKJTG.CPFVCIUFGRWVKGTVGPXGTUCJGP FKG #PPCJOG FGT 7PKQP LGFQEJ OKV UVTGPIGT )GY¼JTNGKUVWPI FGT U¼EJUKUEJGP$GFKPIWPIGP  &KG $GFGPMGP FGTLGPKIGP FKG GKPG HTGKG $GTCVWPI WPF GKPG NQ[CNG #PPCJOG FGT IGUGV\NKEJGP 8QTUEJTKHVGP DGK GKPGT 8GTJCPFNWPI FGT 7PKQP DGH×TEJVGVGP YCTGP IGTGEJVHGTVKIV 5EJQP KP FGT GTUVGP IGOGKPUCOGP 5KV\WPI DGJCPFGNVGP FKG 5V¼PFG OKV $GUGKVKIWPI FGT GTUVGP\YGK2WPMVGFGT)GUEJ¼HVUQTFPWPIFGPFKG7PKQPDGVTGHHGPFGP FTKVVGP 2WPMV &KG *GTOCPPUV¼FVGT #DIGQTFPGVGP GTMN¼TVGP KP FGT 0CVKQPCNXGTUCOONWPI CO  /CK CDGPFU FC² FKG QCNN\WITQ²G 'KPYKTMWPIFGTKPFGPNGV\VGP6CIGPWPF5VWPFGPFWTEJFKG/KVUV¼PFG XQNNH×JTVGP&GOQPUVTCVKQPGPCWHFKG)GO×VJGTFGT#PYGUGPFGPRFGT Q&TWEMFGUJGTTUEJGPFGP6GTTQTKUOWURFKG&GRWVKGTVGP\WT#PPCJOG FGT 7PKQP H×JTVGP KP FGT *QHHPWPI FCFWTEJ OKPFGUVGPU FKG &WTEJUGV\WPI FGT U¼EJUKUEJGP $GFKPIWPIGP KO .CPFVCIJGTDGKH×JTGP \W MÑPPGP (TGKNKEJ MCO GU PCEJ FGT #WUTWHWPI FGT 7PKQP KP FGT IGOGKPUCOGP5KV\WPICO/CK\WMGKPGTYGKVGTGP$GJCPFNWPIFGT DGVTGHHGPFGP $GFKPIWPIGP &GT )GRHNQIGPJGKV IGO¼² YWTFG FGT 7PKQPUCTVKMGN CNU &QRRGNGZGORNCT CP FKG JÑEJUVGP 5VGNNGP \WT $GUV¼VKIWPIGPVUCPFV  &CU KP -NCWUGPDWTI UKEJ CDURKGNGPFG 'TGKIPKU GTTGIVG JGHVKIG 4GCMVKQPGP KP FGP U¼EJUKUEJGP -TGKUGP /GJTGTG 5V×JNG ICDGP KJTGP #DIGQTFPGVGP GKP /K²VTCWGPUXQVWO H×T FKG 8GTNGV\WPI KJTGT +PUVTWMVKQPGP#PFGTG-TGKUG
*GTOCPPUVCFV.GUEJMKTEJ DGTKGHGPKJTG &GRWVKGTVGP \WT×EM QDYQJN FKGUG KJTG FKG 7PKQP \WT×EMYGKUGPFG 5QPFGTOGKPWPI KO 2TQVQMQNN FGT 0CVKQPCNXGTUCOONWPI CO  /CK XGTOGTMGPNKG²GP  &KG Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR XGTÑHHGPVNKEJVGP \YGK #MVGPUV×EMG &KG GTUVG 5EJTKHV MCO XQP FGT *GTOCPPUV¼FVGT $×TIGTXGTUCOONWPI XQO  ,WPK  YGNEJG FKG Q5EJ¼²DWTIGT $T×FGTR DGUEJYQT UKEJ KJT CP\WUEJNKG²GP WO FGT 0CVKQPUWPKXGTUKV¼V GKPG 2GVKVKQP GKP\WTGKEJGP &KG \YGKVG 5EJTKHV ICD FGP +PJCNV FGT &GPMUEJTKHV YKGFGT KP FGT FKG 0CVKQPUWPKXGTUKV¼V CPIGICPIGP YWTFG CNNG U¼EJUKUEJGP -TGKUG CWH\WHQTFGTP FCU 8GTJCNVGPFGT&GRWVKGTVGP\WDGWTVGKNGPWOFKG'KPJGKVFGUU¼EJKUEJGP 8QNMGUYKGFGTJGT\WUVGNNGP&GT&GPMUEJTKHVHQNIVGP7PVGTUEJTKHVGP IGHQNIV 'WIGP XQP (TKGFGPHGNU OGKPV FC² FKG *GTOCPPUV¼FVGT $×TIGTXGTUCOONWPICWEJGKPG#FTGUUGCPFGP-CKUGTTKEJVGVG+PFKGUGT YWTFGFGT-CKUGTIGDGVGPFGOIGYCNVUCOGT\YWPIGPGP7PKQPUCTVKMGN FKG $GUV¼VKIWPI \W XGTUCIGP &GTUGNDG 8GTHCUUGT DGJCWRVGV FC² KP 

YGPKIGP 6CIGP HCUV   
7PVGTUEJTKHVGP Q7PVGTUEJTKHVGP YQJNXGTUVCPFGP PKEJV UKOWNKTVG QFGT WPVGTUEJQDGPG -TGW\GU\GKEJGP DGKUCOOGP YCTGP WPFFCU&QMWOGPVYWTFGFGT0CVKQPCNFGRWVCVKQP KP+PPUDTWEM\WT¯DGTTGKEJWPICPFGP/QPCTEJGP×DGTUGPFGVR  1DYQJN FGT UKGDGPD×TIKUEJG .CPFVCI FKG 7PKQP HQTOGNN CWUIGURTQEJGP JCVVG DGJKGNVGP UQYQJN FGT Q5KGDGPD×TIGT $QVGR CNU CWEJFKGQ6TCPUUKNXCPKCRWPFFGTQ8QNMUHTGWPFRKJTGCPVKWPKQPKUVKUEJG *CNVWPI&KG<GKVWPIGPFT×EMVGPKJTG7P\WHTKGFGPJGKVJKPUKEJVNKEJFGU 8GTJCNVGPU FGT U¼EJUKUEJGP .CPFVCIUCDIGQTFPGVGP CWU WPF XGTÑHHGPVNKEJVGPKJTG$GTKEJVG×DGTFKGDGVTGHHGPFG5KV\WPI  &GT -CKUGT JCVVG KP\YKUEJGP FKG 7PKQP UCPMVKQPKGTV 
,WPK   9GFGT FKG U¼EJUKUEJG 0CVKQPCNFGRWVCVKQP PQEJ FKG TWO¼PKUEJG MQPPVGP KJTG &GPMUEJTKHVGP FGO -CKUGT TGEJV\GKVKI GKPTGKEJGP &GT )GUGV\CTVKMGN IGNCPIVG PCEJ 5KGDGPD×TIGP \WT×EM YWTFG KP FGT  .CPFVCIUUKV\WPI XQO  ,WPK FGP 5V¼PFGP XGTNCWVDCTV WPF CPIGPQOOGP &KG YGKVGTGP \WT HQTOGNNGP )×NVKIMGKV PQVYGPFKIGP 8GTCPNCUUWPIGPYWTFGPFGP2TQVQPQV¼TGP×DGTVTCIGP  &GO 2WDNKMWO YWTFG FGT +PJCNV FGT XQP FGP U¼EJUKUEJGP &GRWVKGTVGP FGO UKGDGPD×TIKUEJGP .CPFVCI CO  ,WPK  GKPIGTGKEJVGP &GPMUEJTKHV OKVIGVGKNV &CTKP YWTFG FKG *QHHPWPI CWUIGURTQEJGP FC² GU PKEJV \W UR¼V \WT 8GTJCPFNWPI FGT 7PKQPUDGFKPIWPIGPYCT&KGU¼EJUKUEJG0CVKQPUCJUKEJ\WT7PKQPOKV 7PICTPPWTPCEJ#PPCJOGKJTGT$GFKPIWPIGPXGTRHNKEJVGV&GT-CKUGT DGCPVYQTVGVG FKG U¼EJUKUEJG &GPMUEJTKHV UQYKG LGPG FGT TWO¼PKUEJGP 0CVKQPFWTEJGKPG8GTQTFPWPI  0WP YWTFGP FKG $GFKPIWPIGP FGT 7PKQP DGURTQEJGP &KG 5CEJUGP XGTUCOOGNVGP UKEJ WPVGT FGT (NCIIG FGT 0CVKQPUWPKXGTUKV¼V &GT 5CEJUGPITCH (TCP\ 5CNOGP TGKEJVG FGO WPICTKUEJGP /KPKUVGTKWO GKPGP 2TQVGUV IGIGP FKG 7PKQP GKP &KG Q5×PFGP FGU WPICTKUEJGP /KPKUVGTKWOUR YWTFGP GPVJ×NNV *GTOCPPUVCFV YCT \WT Q<KGNUEJGKDGR FGTWPICTKUEJGP2TGUUGIGYQTFGPFKGITQ²GU+PVGTGUUGH×TFKG7TUCEJG FGTFQTVKIGPUVCPFJCHVGP#DNGJPWPIFGT7PKQP¼W²GTVG 
Q$N¼VVGTR0T,WPK5'WIGPXQP(TKGFGPHGNUCC1$F++5 6TCPUUKNXCPKC0T,WPK50T,WPK50T 5CVGNNKV0T,WPK5 5D$QVG0T,WNK5 'DGPFC0T,WNK5  

,WPK5$N¼VVGT0T,WPK5 

7PVGTJCNVWPIGP *GHV   ,WNK  5  5×PFGP FGU WPICTKUEJGP /KPKUVGTKWOU*GHV,WNK5*GTOCPPUVCFVCNU<KGNUEJGKDG  

&KG CW²GTQTFGPVNKEJG 0CVKQPUWPKXGTUKV¼VUXGTUCOONWPI HCPF XQO,WPKDKU,WNKUVCVV&KG8GTUCOONWPIDGUEJNQ²KPFGT5KV\WPI XQO  ,WPK FC² FKG 7PKQPUDGFKPIWPIGP FGT 5CEJUGP HQNIGPFG UGKP UQNNVGP  FKG WPXGT¼PFGTVG #WHTGEJVGTJCNVWPI FGU U¼EJUKUEJGP 6GTTKVQTKCNIGDKGVGU  FKG U¼EJUKUEJG 0CVKQPUWPKXGTUKV¼V WPVGT KJTGO 0CVKQPUITCHGP UQNNVG CWEJ YGKVGTJKP FKG )TWPFNCIG FGU U¼EJUKUEJGP 0CVKQPCNXGTDCPFGU DKNFGP OKV FGP 9KTMWPIUMTGKUGP C  ,WUVK\
FKG 0CVKQPUWPKXGTUKV¼V CNU #RRGNCVKQPUIGTKEJV  D  8GTYCNVWPI FGU 0CVKQPCNXGTOÑIGPU E  'PVYWTH XQP 5VCVWVGP  )CTCPVKG FGT HTGKGP -QOOWPCNXGTYCNVWPI  FKG $GKDGJCNVWPIFGTFGWVUEJGP5RTCEJGCNU )GUEJ¼HVUURTCEJG  FKG WPCDJ¼PIKIG HTGKG 5VGNNWPI FGT -KTEJGP WPF 5EJWNGP  $GKDGJCNVWPI FGT U¼EJUKUEJGP /WPKEKRCNIGUGV\G WPF FGT #WVQPQOKG
#PJCPI&QM0T   (×T FGP  ,WNK YWTFG FGT WPICTKUEJG 4GKEJUVCI PCEJ 2GUV GKPDGTWHGP &KG UKGDGPD×TIKUEJGP )GTKEJVUDCTMGKVGP YWTFGP GKPIGNCFGP KJTG #DIGQTFPGVGP \W GPVUGPFGP &KG U¼EJUKUEJG 0CVKQPUWPKXGTUKV¼VXGTUEJQDFKG&WTEJH×JTWPIFGT#DIGQTFPGVGPYCJN DKUKPFGPNGV\VGP#WIGPDNKEMFCFKG5CPMVKQPKGTWPIFGU7PKQPUCTVKMGNU PQEJ PKEJV GKPIGVTQHHGP YCT 'PFNKEJ YWTFG FKGUGT OKV MCKUGTNKEJGO 4GUMTKRV XQO  ,WNK  DGUV¼VKIV WPF FKG 6¼VKIMGKV FGU UKGDGPD×TIKUEJGP .CPFVCIU KPHQNIG GKPGU YGKVGTGP 4GUMTKRVGU CO  ,WNKCWHIGJQDGP#ONGV\VGTY¼JPVGP6CIDGUV¼VKIVGCWEJFGT'T\JGT\QI 2CNCVKP5VGRJCPFCU7PKQPUIGUGV\KPFGUUGPhFKG/KVINKGFGTFGTCO .CPFVCI IGY¼JNVGP 7PKQPUMQOOKUUKQP IGPCPPV YCTGP (QNIGPFG /KVINKGFGTUQNNVGPFKG\WT8GTJCPFNWPIFGT7PKQPPCEJ2GUVCDTGKUGPFG &GRWVCVKQPDKNFGPFGT)QWXGTPGWT)TCH,QUGRJ6GNGMKCNU8QTUKV\GPFGT FGT -QOOKUUKQP QFGT KP FGUUGP 8GTJKPFGTWPI FGT 5V¼PFGRT¼UKFGPV (TGKJGTT-GOÃP[(GTGPEFGT1DGTIGURCP)TCH6JQTQE\MCK/KMNQUFGT 1DGTMÑPKIUTKEJVGT ,QUGRJ $CN¶UK FGT ITKGEJKUEJMCVJQNKUEJG $KUEJQH +QCP .GOGPK FKG 4GICNKUVGP )TCH $GVJNGP ,¶PQU FGT •NVGTG (TGKJGTT ,ÎUKMC /KMNQU (TGKJGTT -GOÃP[ &QOQMQU )TCH 6GNGMK &QOQMQU *QTX¶VJ +UVX¶P FKG #DIGQTFPGVGP (TGKJGTT -GOÃP[ &G\UÑ ,QUGRJ <G[M 9QNHICPI 9ÃGT )TCH $GVJNGP ,¶PQU FGT ,×PIGTG 2¶NHH[ ,¶PQU /KMÎ /KEJCGN /QUGU $GTFG -QPTCF 5EJOKFV %CTN )QQ² 'NKCU 4QVJ 9KNJGNO .QGY )[GTI[CK (GTGPE (TGKJGTT 9GUUGNÃP[K /KMNQU 5\¶U\ -¶TQN[ )TCH 6GNGMK .CLQU &GOGVGT ,Q\UGH &CPKGN *CPMÎ #NGZCPFTW $QJâ/GN 6JGUCWTCTKCVUTCV &GDTGE\GPK /¶TVKP WPF FGT ITKGEJKUEJ PKEJV WPKGTVG
QTVJQFQZG $KUEJQH#PFTGK(CIWPC 
5CVGNNKV0T,WNK5  

&KG U¼EJUKUEJGP -TGKUG UCPFVGP CNUQ KJTG #DIGQTFPGVGP PCEJ 2GUV &GT WPICTKUEJG 4GKEJUVCI YCT \W LGPGO <GKVRWPMV FKG GKP\KIG -QPUGSWGP\FGTCWUIGTWHGPGP7PKQP5KGDGPD×TIGPUOKV7PICTP&GPP KP 5KGDGPD×TIGP YCT FKG 5CEJNCIG OKV $GKDGJCNVWPI FGU )WDGTPKWOU WPF FGT /WPKEKRKGP UQ IWV YKG WPXGT¼PFGTV IGDNKGDGP 0WT FKG *QHMCP\NGKWPFFGT.CPFVCIYWTFGPCWHIGNÑUVQ*KGT×DGTFC²P¼ONKEJ GKPG GKIGPVNKEJG  UGNDUV PWT HCEVKUEJG  &WTEJH×JTWPI FGT 7PKQP \W LGPGT <GKV ICT PKEJV UVCVVIGHWPFGP JCV MCPP MGKP <YGKHGN QDYCNVGPR
'WIGPXQP(TKGFGPHGNU   'TUV CO  5GRVGODGT NGIVG FKG UKGDGPD×TIKUEJG 4GIPKEQNCTFGRWVCVKQP WPVGT 8QTUKV\ FGU )QWXGTPGWTU 6GNGMK FKG \WT &WTEJH×JTWPI FGT 7PKQP PQVYGPFKI GTCEJVGVGP )GUGV\GPVY×THG FGO WPICTKUEJGP 4GRT¼UGPVCPVGPJCWUG XQT 5EJQP FKG 6KVGN FGT  #TVKMGNGPVY×THG DGNGIGP FC² DKU FCJKP XQP GKPGT &WTEJH×JTWPI FGT 7PKQPMGKPG4GFGYCT  #TV8QPFGT8GTGKPKIWPI5KGDGPD×TIGPUOKV7PICTP#TV 8QPFGT#PGTMGPPWPIFGTUKGDGPD×TIKUEJGP#DIGQTFPGVGP#TV8QP FGT Q+PCTVKEWNKGTWPIR FGU UKGDGPD×TIKUEJGP )GUGV\CTVKMGNU JKPUKEJVNKEJ FGT4QDQVV<GJPVWPF)GNFNGKUVWPIGP#TV8QPFGT8GTYCPFNWPI FGT CWHIGJQDGPGP UKGDGPD×TIKUEJGP 7TDCTKCNNGKUVWPIGP KP GKPG 5VCCVUUEJWNF #TV  8QP FGT #WHJGDWPI FGU <GJPVGP XQP -ÑTRGTUEJCHVGP #TV  8QP FGT IGOGKPUCOGP 5VGWGTRHNKEJV KP 5KGDGPD×TIGP #TV  8QP FGT #DUQPFGTWPI FGT UKGDGPD×TIKUEJGP 2TQXKP\KCN WPF &QOGUVKECNMCUUGP #TV  8QP FGT #WUFGJPWPI FGU 2TGUUGIGUV\GU CWEJ CWH 5KGDGPD×TIGP #TV  8QP FGT )NGKEJDGTGEJVKIWPI FGT KP 5KGDGPD×TIGP QTGEKRKGTVGPR  4GNKIKQPGP
\W FKGUGP YWTFGP CWEJ FKG )TKGEJKUEJ7PKGTVGP IGTGEJPGV  #TV  8QP FGT 1TICPKUCVKQP FGT ÑHHGPVNKEJGP 8GTYCNVWPI #TV  8QP FGT M×PHVKIGP $GUGV\WPIUCTV FGT 1DGTDGCOVGP FGT 5\GMNGT WPF U¼EJUKUEJGP 5V×JNG #TV  8QP FGT 8GTYGPFWPI FGT DKUJGTKIGP UKGDGPD×TIKUEJGP $GCOVGP #TV  8QP FGT XQTN¼WHKI HQTVDGNCUUGPGP (WPMVKQP FGT -TGKUXGTUCOONWPIGP KP 5KGDGPD×TIGP #TV  8QP FGT $GCOVGPYCJN KP FGP GKP\GNPGP -TGKUGP 5KGDGPD×TIGPU #TV  8QP FGP UKGDGPD×TIKUEJGP 5V¼FVGP WPF FGP OKV /CIKUVTCV XGTUGJGPGP )GOGKPFGP #TV  8QP FGT 'TTKEJVWPI FGT 0CVKQPCNICTFG KP 5KGDGPD×TIGP #TV  8QP FGT #WUFGJPWPI CWEJ CWH 5KGDGPD×TIGP FGT WPICTKUEJGP )GUGV\CTVKMGN +: WPF : DGVTGHH FKG (GNFRQNK\GK 9CUUGTTGEJVG WPF -CP¼NG #TV  8QO 5CN\RTGKUG KP 5KGDGPD×TIGP #TV8QPFGTUKGDGPD×TIKUEJGP/KNKV¼TITGP\G 
'WIGPXQP(TKGFGPHGNUCC15  

'TUV FKGUG )GUGV\CTVKMGN VTCEJVGVGP FCPCEJ FKG 7PKQP MQPMTGV CP\WYGPFGP&KGXQTIGUEJNCIGPGP7OIGUVCNVWPIGPUCJGP\$KO#TV  FKG #WHJGDWPI FGU UKGDGPD×TIKUEJGP )WDGTPKWOU WPF FKG WPOKVVGNDCTG 7PVGTQTFPWPI FGT UKGDGPD×TIKUEJGP )GTKEJVUDCTMGKVGP WPVGTFCUWPICTKUEJG/KPKUVGTKWOFKG#WHNÑUWPIFGUUKGDGPD×TIKUEJGP 6JGUCWTCTKCVU WPF FKG M×PHVKIG $GJCPFNWPI UGKPGT )GUEJ¼HVG XQO WPICTKUEJGP (KPCP\ WPF *CPFGNUOKPKUVGTKWO FKG 7PVGTQTFPWPI FGT UKGDGPD×TIKUEJGP-QPHGUUKQPGP-KTEJGPWPFFGU7PVGTTKEJVUWPVGTFCU WPICTKUEJG-WNVWUWPF7PVGTTKEJVUOKPKUVGTKWOXQT  +P FGT #DGPFUKV\WPI FGU  5GRVGODGT YWTFGP FKG )GUGV\GPVY×THG KO 4GRT¼UGPVCPVGPJCWU XGTNGUGP WPF GP DNQE CPIGPQOOGP&KGU¼EJUKUEJGP#DIGQTFPGVGPUC²GPJKNHNQUFCWPH¼JKI GKP\WUEJTGKVGP FC KJTG #P\CJN  FWTEJ FGP #DICPI FGT UGEJU U¼EJUKUEJGP &GRWVKGTVGP CWU FGO WPICTKUEJGP 4GKEJUVCI CO 6CIG \WXQTWPXQNNUV¼PFKIYCT  &KG GTY¼JPVGP )GUGV\CTVKMGN YWTFGP CP FGT /CIPCVGPVCHGN PKEJV DGJCPFGNV UKG GTJKGNVGP CWEJ MGKPG MÑPKINKEJG 5CPMVKQP YWTFGP PKG XGTÑHHGPVNKEJV QFGT FWTEJIGH×JTV FC UKEJ FKG 'TGKIPKUUG \W ×DGTUV×T\GPDGICPPGP  &KG *GTOCPPUV¼FVGT -TGKUXGTUCOONWPI XQO  5GRVGODGT GPVUEJKGF FC² FKG DGKFGP \WT×EMIGVTGVGPGP *GTOCPPUV¼FVGT #DIGQTFPGVGP*GTOCPP5EJOKFVWPF,QUGH4QUGPHGNFFGUÑHHGPVNKEJGP .QDU Y×TFKI UGKGP FC² FKG -TGKUXGTUCOONWPI XQP GKPGT 7PKQP OKV 7PICTP Q×DGTJCWRV PKEJVU YKUUGPR YQNNG WPF FC² UKG FCU WPICTKUEJG /KPKUVGTKWOPKEJVCPGTMGPPG&KGQHHGPG(TQPFGJCNVWPIYWTFGKPFGP HQNIGPFGP9QEJGPXQPFGT2TGUUGMQOOGPVKGTVQ&TGK/QPCVGPCEJFGT 7PKQPR OW²VGP CWEJ FKG -TQPUV¼FVGT 7PKQPUHTGWPFG \WIGDGP FC² QFKG$GH×TEJVWPIGPFGT#PVKWPKQPURCTVGK9CJTJGKVYGTFGPRUQNNVGP  #O  1MVQDGT MCO KP *GTOCPPUVCFV GKPG $×TIGTXGTUCOONWPI \WUCOOGP YGNEJG KP  2WPMVGP FKG 9×PUEJG WPF (QTFGTWPIGP FGT 5CEJUGP GPVJKGNV &CU 2TQITCOO DGCPVTCIVG GKIGPVNKEJ GKPG (ÑFGTCNKUKGTWPI 5KGDGPD×TIGPU /CP XGTNCPIVG + FKG YCJTG D×TIGTNKEJG (TGKJGKV WPF 4GEJVUINGKEJJGKV FKG #WHJGDWPI FGT 7TDCTKCNNCUVGP WPF FGU <GJPVGP UQNNVGP KJTG )×NVKIMGKV DGJCNVGP ++ 5KGDGPD×TIGP UQNN \W GKPGO WPCDJ¼PIKIGP -ÑPKITGKEJ GMN¼TV YGTFGP 
'DGPFC5 

5D$QVG0T5GRVGODGT50T5GRVGODGT5 

7PVGTJCNVWPIGP *GHV   1MVQDGT  5  6TCPUUKNXCPKC 0T   1MVQDGT5 5CVGNNKV0T5GRVGODGT5 

+++ FCU -ÑPKITGKEJ 5KGDGPD×TIGP UQNN GKP $GUVCPFVGKN FGT ÑUVGTTGKEJKUEJGP /QPCTEJKG DNGKDGP +8 FKG )TWPFNCIG FGT 5QPFGTXGTHCUUWPI5KGDGPD×TIGPUUGKGKP(ÑFGTCVKXU[UVGOQGKPGYCJTG RQNKVKUEJG 7PKQP
PKEJV 8GTUEJOGN\WPI YKG OCP FKGUGU 9QTV OK²DTCWEJVJCV CNNGTKO.CPFGNGDGPFGP8ÑNMGTR8&CCDGTPWTFTGK 0CVKQPGP FKG 7PICTP 5\GMNGT WPF 5CEJUGP GKP DGUVKOOVGU )GDKGV JCDGP UQ UQNN CWEJ FGP 4WO¼PGP GKP UQNEJGU DGUQPFGTGU RQNKVKUEJGU )GDKGV CWUIGUEJKGFGP YGTFGP 8+ &KGUG 6GTTKVQTKCNCWUUEJGKFWPI UQNN OKV 4×EMUKUEJV  CWH FKG IGQITCRJKUEJG .CIG PCEJ )TWPFU¼V\GP FGU 4GEJVUWPFFGT$KNNKIMGKVXGTJCPFGNVWPFGPVUEJKGFGPYGTFGP8++,GFG $GXQT\WIWPI KTIGPF GKPGU EJTKUVNKEJGP )NCWDGPUDGMGPPVPKUUGU UQNN CWEJ KP 5KGDGPD×TIGP CWHJÑTGP 8+++ &KG 5RG\KCNIGUGV\IGDWPI 5KGDGPD×TIGPU UQNN OKV $GVGKNKIWPI CNNGT XKGT .CPFGUPCVKQPGP XQP GKPGO PGW \W MQPUVKVWKGTGPFGP .CPFVCI CWH FGO FKG XKGT 5RTCEJGP IGNVGP Y×TFGP IGOGKPUEJCHVNKEJ XGTHC²V YGTFGP +: &KG .CPFGUTGIKGTWPI UQNN CWU INGKEJXKGNGP /KVINKGFGTP FGT QHÑFGTKTVGP 8ÑNMGTR DGUVGJGP WPF OKV LGFGO 8QNMG KP UGKPGT GKIGPGP 5RTCEJG XGTMGJTGP : &KG QDGTUVG 4GIKGTWPIUDGJÑTFG 5KGDGPD×TIGPU UQNN FGO IGUGV\IGDGPFGP-ÑTRGTFKGUGU.CPFGUXGTCPVYQTVNKEJIGOCEJVYGTFGP :+&GT-CKUGTWPF-ÑPKIYKTFIGDGVGPKPFGTM×T\GUVOÑINKEJGP<GKV GKPG PCEJ FGO KO 2WPMVG 8+++ CWUIGURTQEJGPGP )TWPFUCV\G \W Y¼JNGPFG MQPUVKVWKGTGPFG 8GTUCOONWPI FGT 8GTVTGVGT FGT QWPKTVGP 8ÑNMGTR\WT#WUCTDGKVWPIFGT5QPFGTXGTHCUUWPI\WDGTWHGP:++,GFGO 8QNMG UQNN GU GTNCWDV UGKP UKEJ KP UGKPGO +PPGTP \W TGHQTOKGTGP #WHITWPF FGT  2WPMVG UQNNVG CNNGP 8ÑNMGTP FGU .CPFGU GKPG INGKEJO¼²KIG (TGKJGKV \WGTMCPPV YGTFGP QQJPG FKG -TCHV FGT )GUCOOVOQPCTEJKG \W XGTPKEJVGP QFGT CWEJ PWT \W XGTTKPIGTPR
#PJCPI&QM0T   5VGRJCP.WFYKI4QVJUEJTKGDKPDG\WICWHFKGUGU2TQITCOO QN9CU YKT Y×PUEJGP WPF XGTNCPIGPO OW² KP CNNGP .CPFGUURTCEJGP GTUEJGKPGP&KG)C\GVVCFG6TCPUKNXCPKCWPFFCU1TICPWNPC/KQPCN Y×TFGPFGP#WHUCV\YQJNCWHPGJOGPCDGTFCUV¼VGMGKPOCFLCTKUEJGU $NCVV QFGT YGPP GU GU V¼VG UQ Y×TFGP FKG UEJ¼PFNKEJUVGP #POGTMWPIGPFC\WIGOCEJVFKGFGPGTUVGP'KPFTWEMUEJY¼EJVGP&KG 4QOCKPGP OײVGP ×DGTFKGU PQEJ CWHIGHQTFGTV YGTFGP CP CNNG KJTG 

5D 8QNMUHTGWPF 0T   1MVQDGT  5  FCU 2TQITCOO 9CU Y×PUEJGPWPFXGTNCPIGPYKTCWEJXQO5CVGNNKV0T1MVQDGT5 ×DGTPQOOGP 

2CTQEJKGP'ZGORNCTG\WXGTUGPFGPYKGFKGUGUCWEJDKUJGTKPPGWGUVGT <GKVIGUEJGJGPKUV9CUXQPKJTGT5GKVGMQOOVKUVCPIGPQOOGPR  &KG 2GTKQFKMC XGTÑHHGPVNKEJVGP FKG Q#DUEJTKHV ×DGT FCU \YKUEJGP 7PICTP WPF FGP ×DTKIGP .¼PFGTP ©UVGTTGKEJU DGUVGJGPFG $CPFFGT'KPKIWPIR#O5GRVGODGTTKEJVGVGFGT-CKUGT/CPKHGUVG CP UGKPG 8ÑNMGT WPF 6TWRRGP KP 7PICTP $NWVKIG 8QTH¼NNG KP 7PICTP 
5GRVGODGT H×JTVGP\WT2TQOWNIKGTWPIFGUMCKUGTNKEJGP4GUMTKRVU XQO1MVQDGTFCU5KGDGPD×TIGPWPVGTFCU-TKGIUIGUGV\UVGNNVG#FCO 4GEUGK FG 4GEUG YWTFG XQO -CKUGT \WO WPICTKUEJGP /KPKUVGTRT¼UKFGPVGP GTPCPPV &GT -CKUGT DGHCJN YGKVGT FKG #WHNÑUWPI FGU WPICTKUEJGP 4GKEJUVCIU FKG 7PVGTQTFPWPI FGT KP 7PICTP WPF 5KGDGPD×TIGP UVGJGPFGP 6TWRRGP WPVGT FGP $CPWU XQP -TQCVKGP ,GNCEJKEJ FGT OKV WPDGUEJT¼PMVGT /CEJV CWUIGUVCVVGV YWTFG &GT Q8QNMUHTGWPFR FGT FCU 4GUMTKRV XGTÑHHGPVNKEJVG DGUEJTKGD -QUUWVJU 4GCMVKQP FGT FCU 4GUMTKRV WPVGT FGO $GKHCNN FGU 4GKEJUVCIU QH×T GKPG UEJ¼PFNKEJG -QOÑFKG QFGT H×T GKPGP T¼WDGTKUEJGP )GYCNVUVTGKEJ FGT -COCTKNNC WPF &[PCUVKG FKG OCP PWT CWU )QVVGU )PCFGP PQEJ PKEJV CDIGUGV\VJCDGRGTMN¼TVG&C,GNCEJKEJJGTCPPCJVGDGJCWRVGVG-QUUWVJ KJONGKEJV/CPPGPVIGIGPUVGNNGP\WMÑPPGP  0CEJFGO#WUDTWEJFGU$×TIGTMTKGIGUKO*GTDUVUVGNNVGP UKEJ UQYQJN FKG 0CVKQPUWPKXGTUKV¼V CNU CWEJ FKG /GJTJGKV FGT U¼EJUKUEJGP $GXÑNMGTWPI CWH FKG 5GKVG FGT -CKUGTNKEJGP CNUQ KPU UGNDG .CIGT OKV FGP 4WO¼PGP &KG 5VKOOWPI WPF FKG XQP FKGUGO IGUEJKEJVNKEJGP #WIGPDNKEM XGTCPNC²VGP ¯DGTNGIWPIGP UKPF KP FGP 'TY¼IWPIGP 5V. 4QVJU ×DGT\GWIGPF YKGFGT\WHKPFGP +P GKPGO CP FGP8GTNGIGT,QCJPP)ÑVVCO1MVQDGTIGTKEJVGVGP$TKGHUEJTKGD 4QVJ Q+P L×PIUVGT <GKV KUV FCU 2QNKVKUKGTGP KP FGP <GKVWPIGP DGKPCJG ×DGTHN×UUKIIGYQTFGPFCFKG2QNKVKMPWPKPU.GDGPIGFTWPIGPKUV/CP RQNKVKUKGTV DGTGKVU OKV -CPQPGPR &KG 5CEJUGP DGHCPFGP UKEJ XQT GKPGT UEJYKGTKIGP 9CJN Q+P 5KGDGPD×TIGP JCV UKEJ H×T VTKEQNQT FCU 
5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG  CWU FGO 0CEJNC² JGTCWUIGIGDGP XQP 1VVQ (QNDGTVJ $F  &CU 5EJKEMUCN &QMWOGPVG CWU FGP ,CJTGP  0CEJVT¼IG CWU FGP ,CJTGP  /×PFNKEJG ¯DGTNKGHGTWPIGP #PGMFQVGP .GIGPFG$KQITCRJKUEJG<GKVVCHGN8GTNCI9CNVGTFG)TW[VGT%Q$GTNKP5 FGT$TKGH5V.4QVJUCP5VGRJCP#FQNRJ$GTINGKVGTCWU*GTOCPPUVCFV1MVQDGT  $N¼VVGT0T5GRVGODGT50T1MVQDGT5 0T1MVQDGT5 5CVGNNKV0TWPF1MVQDGT5 5D$QVG0T1MVQDGT50T1MVQDGT55D 8QNMUHTGWPF0T1MVQDGT5 

OCI[CTKUEJG'NGOGPVXQP#PHCPICPGPVUEJKGFGP)CP\PCV×TNKEJ(×T FCU PGWG 5EJYCT\IGND FKG 4QO¼PGP 9KT 5CEJUGP JCDGPWPUCWEJ\W GPVUEJGKFGP 0GWVTCNKV¼V IKNV PKEJV 9KT UKPF FKG 5EJY¼EJGTGP IGDGP CDGT FQTV FGP #WUUEJNCI YQJKP YKT WPU PGKIGP &C² YKT FKG 5EJY¼EJGTGP UKPF F×THGP YKT PKG XGTIGUUGP KOOGT CDGT DGJGT\KIGP FC²FCUPGWG5EJYCT\IGNDDGUUGTKUVCNUFKG6TKEQNQTUGNDUVFGU#PHCPIU  &KG\YGK#NVGTPCVKXGPUKPF9KTUVGNNGPWPUCWHFKG5GKVGFGT /CI[CTGP UQ UKPF YKT GQ KRUQ IGIGP FKG 9CNCEJGP WPF IGIGP FKG )GUCOVOQPCTEJKG  9KT UVGNNGP WPU CWH FKG 5GKVG FGT 9CNCEJGP UQ UKPFYKTIGIGPFKG/CI[CTGPWPFH×TFKG)GUCOVOQPCTEJKG  /CI[CTGP WPF 4QO¼PGP UKPF <WH¼NNG 9GUGPJGKV KUV FCU 2TKP\KR FGT )GUCOVOQPCTEJKG YGKN FKGUG +FGG FKG )CTCPVKG FGT RTQMNCOKGTVGP-QPUVKVWVKQP©UVGTTGKEJUKUV'UDGYCEJVFCU2TKP\KRFGT )NGKEJDGTGEJVKIWPI GKPG LGFG 0CVKQPCNKV¼V FKG 6UEJGEJGP KP $ÑJOGP FKG5NCXGPKP7PICTPFKG9CNCEJGPKP7PICTPWPF5KGDGPD×TIGPFKG 5GTDGPKP7PICTPFKG+VCNKGPGTWUY#NU&GWVUEJG\KGJVWPUFCU*GT\ KOOGT \W &GWVUEJGP +UV ©UVGTTGKEJ WPU HGKPFNKEJ UQ KUV &GWVUEJNCPF PQEJOGJTGPVHGTPV+EJCNU)GKUVNKEJGTJCDG×DGTFKGUIGUEJYQTGPFGP (TGWPFGPFGU-CKUGTUGKP(TGWPFUGKPGP(GKPFGPGKP(GKPF\WUGKP&KG WPITKUEJG4GXQNWVKQPGPVDKPFGVOKEJOGKPGU'KFGUPKEJVUGNDUVKPFGO (CNNG PKEJV YGPP CNNG WPUGTG $GFKPIWPIGP CPIGPQOOGP YQTFGP Y¼TGP0WPCDGTCWEJFKGUGUPKEJVFGT(CNNKUVYKTFFKG'PVUEJGKFWPI WO UQ NGKEJVGT FCFWTEJ CDGT FC² FKG ÑUVTGKEJKUEJG -QPUVKVWVKQP NKDGTCNGTKUVCWEJWOUQGJTGPYGTVGT  7PUGTGCNVGU¼EJUKUEJG-QPUVKVWVKQPYCTOÑINKEJUQNCPIGYKT TGKPWPFWPXGTOKUEJVWPUGT6GTTKVQTKWODGYQJPVGP0WPCDGTO×UUGP YKTFKG/KVDGYQJPGTCWEJDGTGEJVKIGP)GH¼NNVWPUKP$G\WICWHWPU FCU 9QTV )NGKEJJGKV UQ O×UUGP YKT DGFGPMGP FC² GU CWEJ FGP 4WO¼PGP GDGP UQ IWV IGH¼NNV 5KPF YKT DGKGKPCPFGT O×UUGP YKT PWP OKVGKPCPFGTNGDGPQDIGTPQDWPIGTPINGKEJXKGNFKG0QVYGPFKIMGKV KUV FC WPF PKEJV \W NGWIPGP PQEJ YGI\WDNCUGP *WOCPKV¼V WPF %JTKUVGPVWOURTKEJVCWEJFCH×TR  #D1MVQDGT¼PFGTVGPFKGQ$N¼VVGTH×T)GKUV)GO×VJWPF 8CVGTNCPFUMWPFGR QHHGPUKEJVNKEJ KJTG *CNVWPI &KGUG -TQPUV¼FVGT <GKVWPI YCT FKG GTUVG FKG \WO GPVIGIGPIGUGV\VGP .CIGT ×DGTVTCV +P GKPGO #TVKMGN XQO  1MVQDGT ×DGT FKG Q7PKQP WPF FCU U¼EJUKUEJG 8QNMUVJWOR DGJCWRVGVG OCP Q-WT\ WPF GKPHCEJ FKG 7PKQP WPF YCU 
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FCOKV\WUCOOGPJ¼PIVWPFFCJKPVGTUVGEMVJCVFCUICP\G8CVGTNCPF KP 8GTYKTTWPI IGDTCEJV WPF DGUQPFGTU WPUGT 8QNMUVJWO KP )GHCJT IGUGV\V&CUMCPPWPFYKNNYQJNCWEJ0KGOCPFN¼WIPGPR&KG5CEJUGP J¼VVGPPKGXQPGKPGTWPDGFKPIVGP7PKQPIGURTQEJGP&KG#PPCJOGFGT 7PKQPYCTFWTEJFKG*QHHPWPIGPFGT7PKQPUHTGWPFG\WT'PVHGUUGNWPI FGT $×TQMTCVKG #WHJGDWPI FGT 7TDCTKCNNCUVGP #WUTWHWPI FGT D×TIGTNKEJGP 4GEJVUINGKEJJGKV WUY IGTGEJVHGTVKIV Q&KGU UKPF FKG )T×PFGYGNEJGWPUGKPGWPDGUEJCFGVWPUGTU8QNMUVJWOUGKPIGJGPFG 7PKQP5KGDGPD×TIGPUOKV7PICTPCPPGJODCTGTUEJGKPGPNKG²'UYKTF FKGUGNDGPUEJYGTNKEJ,GOCPFGPVGJTGPFH×TFKG)GUKPPWPIFGTLGPKIGP FKGUKEJFWTEJUKGDGUVKOOVH×JNVGPPGPPGPMÑPPGPR  &KG 0CVKQPUWPKXGTUKV¼V DGUEJNQ² OKV 'KPXGTUV¼PFPKU FGU ÑUVGTTGKEJKUEJGP)GPGTCNMQOOCPFQUKP*GTOCPPUVCFVCO1MVQDGT FKG 'TTKEJVWPI GKPGU (GNFL¼IGTDCVCKNNQPU WPF FGUUGP #WUT×UVWPI CWU 0CVKQPCNOKVVGNP &CU ,¼IGTDCVCKNNQP FCU CP )GHGEJVGP IGIGP FKG $GOUEJGP 4GXQNWVKQPUVTWRRGP VGKNPCJO \¼JNVG KP UGKPGP 4GKJGP DGT×JOVG0COGPYKG)&6GWVUEJWPF6JGQFQT(CDKPK  #O&G\GODGTXGT\KEJVGVG-CKUGT(GTFKPCPF+CWHFGP 6JTQP©UVGTTGKEJU5GKP0CEJHQNIGT(TCP\,QUGRJ+NGKVGVGFCU5EJKEMUCN FGT/QPCTEJKGDKU&GTL¼JTKIG-CKUGTUCPFVGCO&G\GODGT GKPGP)TW²CPUGKPQVTGWGU5CEJUGPXQNMR  &KGWPICTKUEJG4GXQNWVKQPUCTOGGCPFGUUGP5RKV\GCDFGO &G\GODGT )GPGTCN $GO UVCPF H×JTVG UKGITGKEJG -¼ORHG KP 5KGDGPD×TIGP &GT -TKGIUTCV XQO  (GDTWCT  DGUEJNQ² FKG 'KPDGTWHWPI TWUUKUEJGT /KNKV¼TJKNHG H×T FKG 8GTVGKFKIWPI FGT 5V¼FVG *GTOCPPUVCFVWPF-TQPUVCFV'PFG(GDTWCTHCPFFGTGTUVG'KPOCTUEJ FGT\CTKUVKUEJGP6TWRRGPFWTEJFKGU×FNKEJGP2¼²GPCEJ5KGDGPD×TIGP UVCVV+O/¼T\IGNCPIGULGFQEJFGT4GXQNWVKQPUCTOGGFKG4WUUGPWPF ©UVGTTGKEJGT \WO 4×EM\WI \W \YKPIGP KPFGO UKG FGP ITѲVGP 6GKNU 5KGDGPD×TIGPUOKV#WUPCJOGFGT9GUVMCTRCVGPYQFKGXQP#XTCO +CPEWIGH×JTVGPTWO¼PKUEJGP6TWRRGPFKG/CEJVKPPGJCVVGPGTQDGTVG  &KGQ6TCPUUKNXCPKCRXGTVGKFKIVGKPGKPGO.GKVCTVKMGNFCU2TKP\KR FGT)NGKEJDGTGEJVKIWPIFGT0CVKQPCNKV¼VGP+PFGTUGNDGP<GKVWPIYWTFG GKPQHHK\KGNNGU#MVGPUV×EM×DGTFCU\YKUEJGP7PICTPWPFFGPCPFGTGP .¼PFGTP FGT /QPCTEJKG DGUVGJGPFG $CPF XGTÑHHGPVNKEJV &KG Q6TCPUUKNXCPKCR UVGNNVG KJT 'TUEJGKPGP OKV 0T  XQO  /¼T\ \YGK 6CIGXQTFGTWPICTKUEJGP$GUGV\WPI*GTOCPPUVCFVUGKP 
$N¼VVGT0T1MVQDGT5 

6TCPUUKNXCPKC0T/¼T\5  

$GOU 2TQMNCOCVKQP CP FKG $GYQJPGT *GTOCPPUVCFVU 
/¼T\  YCT DGUQPFGTU JCTUEJ Q'KPYQJPGT XQP *GTOCPPUVCFV &KG WPICTKUEJG #TOGG KUV IGMQOOGP WO GWEJ \W \GKIGP FC² KJT GKP 5RKGNDCNNFGU.WIUWPF6TWIUUGKF&KG5VKOOH×JTGTGWGTGT$GYGIWPI GWGTG UEJ¼PFNKEJG <GKVWPIGP PGPPGP FKG WPICTKUEJG #TOGG GKPGP TGDGNNKUEJGP *CWHGP CWU NCWVGT )GUKPFGN DGUVGJGPF FKG MGKPG CPFGTG 6GPFGP\ JCV CNU \W TCWDGP \W DTGPPGP WPF \W OQTFGP 5\C²TGIGP H×JTGP UKG UVGVU CNU $GKURKGN CP CDGT 5\C²TGIGP YWTFG PKEJV XQP FGT WPICTKUEJGP#TOGGXGTDTCPPVWPFCWUIGTCWDV&KGLGPKIGPU¼EJUKUEJGP 5V¼FVGYGNEJGFGTWPICTKUEJGP#TOGGMGKPGPDGYCHHPGVGP9KFGTUVCPF GPVIGIGPUGV\VGP UKPF XGTUEJQPV IGDNKGDGP UQ $KUVTKV\ /GFKCUEJ 5EJ¼²DWTI WPF 5\C²X¶TQUR $GO GTMN¼TVG YCU FKG WPICTKUEJG #TOGG DGFGWVGVG WPF YQH×T UKG M¼ORHVG 'T GTKPPGTVG FKG *GTOCPPUV¼FVGT Q+JT JCDV TWUUKUEJG *KNHG CPIGURTQEJGP &CU DTCPFOCTMV GWEJ KP FGP #WIGP XQP ICP\ 'WTQRC WPF FT×EMV WPUGTGT 5CEJG FGP 5VGORGN FGT 4GEJVO¼²KIMGKV CWH 'U MCPP FKGU WPOÑINKEJ FGT 9WPUEJ CNNGT UKGDGPD×TIKUEJGP 5CEJUGP UGKP FKG XQT MWT\GO PQEJ UQ TWUUKUEJHGKPFNKEJ YCTGP +JT MÑPPV GWEJ PWT FWTEJ GKPGP ÑHHGPVNKEJGP 9KFGTTWH XQP FKGUGT 5EJOCEJ TGKPKIGP 'WTG GKP\KIG 4GVVWPI KUV FKG #PGTMGPPWPIFGT7PKQPOKV7PICTP&KG9CJNMCPPGWEJPKEJVUEJYGT HCNNGP \YKUEJGP D×TIGTNKEJGT (TGKJGKV WPF FGT -PWVG FGPP YCU FGT TWUUKUEJG5EJWV\YKNNFCUYGTFGVKJTPWPGTHCJTGPJCDGP#WEJOײV KJTDGTGKVUYKUUGPYKGIWVKJTHCJTGPY×TFGVYGPPGWGTG0CVKQPCNKV¼V WPF RQNKVKUEJG 'ZKUVGP\ KP FGT YCNCEJKUEJGP UVCVV KP FGT WPICTKUEJGP YQOKVOCPGWEJ\WGTUEJTGEMGPUWEJVGWPVGTIGJGPUQNNVG#NNGKPUQ YKG KEJ FKG XQP OKT RTQMNCOKTVG #OPGUVKG UGNDUV FGP YCNCEJKUEJGP 8CPFCNGP JKGNV UQ YKTF UKG CWEJ GWEJ IGJCNVGP YGTFGP YGPP KJT GPFNKEJ\WT$GUKPPWPIIGNCPIVWPFFGOOKNKV¼TKUEJGP'KPHNW²FGTGWEJ CWUUCIV GDGP UQ YKG FGT TWUUKUEJGP +PVGTXGPVKQP GPVUCIV FKG GWEJ PGDUVDGK CNU &GWVUEJG DGUEJKORHV #WEJ KJT 4QO¼PGP MQOOV \WT $GUKPPWPI 8GTLCIV GWGTG 8GTH×JTGT UEJNKG²V GWEJ HGUV CP FKG WPICTKUEJG4GIKGTWPIOKVKJTGPHTGKUKPPKIGP)TWPFU¼V\GPCPFKGGWEJ DGTGKVU(TGKJGKVWPF'KIGPVJWOIGIGDGPJCVWPFOGJTMÑPPVKJTXQP 0KGOCPFGTNCPIGPYQJNCDGT#NNGUUGNDUVGWGT.GDGPXGTNKGTGPR  ,QJCPP )ÑVV UGV\VG UGKPGT *CWRV\GKVWPI FGO Q5KGDGPD×TIGT 9QEJGPDNCVVRCO/¼T\GKIGPJ¼PFKIGKP'PFGWPFDTCEJVGCP FGUUGP5VGNNGFKGQ-TQPUV¼FVGT<GKVWPIRJGTCWU&KG4GFCMVKQPUNGKVWPI YWTFGFGOQCNUGPVUEJKGFGPHTGKUKPPKIGT5EJTKHVUVGNNGTDGMCPPVGPR/CZ 
-TQPUV¼FVGT <GKVWPI 0T   /¼T\  5  YKGFGTIKDV GKPG 0CEJTKEJV CWU

*GTOCPPUVCFVWPF$GOU2TQMNCOCVKQPXQO/¼T\ 

/QNVMGOKVFGT8GTRHNKEJVWPI×DGTVTCIGPUKEJQFGTUVCCVNKEJGP'KPKIWPI 7PICTPU WPF 5KGDGPD×TIGPU FGT FGOQMTCVKUEJGP 4GIKGTWPIUHQTOWPFUQOKV FGT(TGKJGKVWPF4GEJVUINGKEJJGKVCNNGTFKGUG.¼PFGTDGYQJPGPFGP8ÑNMGTYKG KOOGTFKG&KPIGUKEJIGUVCNVGPOÑIGPDGJCTTNKEJWPFCWUUEJNKG²NKEJYKFOGP \WYQNNGPR  &KG <GKVWPIGP PCJOGP FKG 7PCDJ¼PIKIMGKVUGTMN¼TWPI FGT WPICTKUEJGP0CVKQPCWH 
#RTKN +O/¼T\UEJTKGD-QUUWVJCP $GOQ&KG7PKQPKUVGKPDNQUUGU9QTVFWTEJKJTG5KGIGWPFFWTEJFKG (WPFCOGPVCNQTICPKUCVKQPOW²FKG7PKQPGTUV\WT9CJTJGKVYGTFGPR  9¼JTGPF FGT XKGT /QPCVG FGT WPICTKUEJGP $GUGV\WPI 5KGDGPD×TIGPU MCO FKG 7PKQP 5KGDGPD×TIGPU OKV 7PICTP GPFNKEJ \WUVCPFG 9CU FKG 5CEJUGP DGVTKHHV UQ YCTGP FKG /QPCVG /¼T\  ,WNK  FWTEJ GKPG 4GKJG XQP WPGTY×PUEJVGP /C²PCJOGP IGMGPP\GKEJPGV YGNEJG KJTG $GIGKUVGTWPI H×T FKG PGWG 4GIKGTWPI MCWO HÑTFGTP MQPPVGP FKG $GUEJNCIPCJOWPI FGU 8GTOÑIGPU FGT U¼EJUKUEJGP (N×EJVNKPIG FKG 8GTUVCCVNKEJWPI FGU 8GTOÑIGPU FGT 5¼EJUKUEJGP0CVKQPUWPKXGTUKV¼V
KPHQNIG.CFKUNCWU%U¶P[KU8GTQTFPWPI #RTKN   FKG #WHNÑUWPI YKEJVKIGT U¼EJUKUEJGP +PUVKVWVKQPGP WPF •OVGT 8GTJCHVWPIGP WPF 6QFGUWTVGKNG
#PJCPI &QM 0T   &GT TWUUKUEJG 'KPITKHH KO ,WPK  H×JTVG DKPPGP FTGK /QPCVGP \WT $GUKGIWPIFGT-QUUWVJTGXQNWVKQP 
#WIWUV   'KPCPQP[OGT5CEJUGXGTÑHHGPVNKEJVGKOQ5KGDGPD×TIGT$QVGPR 'PFG 5GRVGODGT  FGP #WHUCV\ Q9CU YKT Y×PUEJGP WPF JQHHGPR 0CEJ $GGPFKIWPI FGU Q$×TIGTMTKGIGUR YCT PWP FKG 4GIGNWPI FGT 8GTYCNVWPI WPF 8GTVTGVWPI FGU 5CEJUGPNCPFGU KO 5KPPG FGT 9KGFGTJGTUVGNNWPIFGUQWTCNVGPIGUEJKEJVNKEJGP4GEJVURFGT5CEJUGP\W GTJQHHGP Q5Q YGTFGP FWTEJ 'KPH×IWPI FGU CNNG &GWVUEJGP 5KGDGPD×TIGPU WOHCUUGPFGP 5CEJUGPNCPFGU KP FCU 4GKEJUICP\G NFKG CNVGP <GKVGP YKGFGT PGWO OÑIG CWEJ KJTG -TCHV WPF $N×VJG WPUGTO 8QNM WPF FCOKV GKPG $×TIUEJCHV OGJT H×T FGP )NCP\ FGT -TQPG WPF FGP$GUVCPFFGU5VCCVGUYKGFGTMGJTGPR   #WH FGT )TWPFNCIG FGT QMVTQ[KGTVGP 8GTHCUUWPI ©UVGTTGKEJU XQO  /¼T\  YWTFG 5KGDGPD×TIGP PCEJ #DUEJNW² FGU -TKGIGU YKGFGT GKP CWVQPQOGU (×TUVGPVWO 'PFG  VGKNVG FKG KP 
Q5D$QVGR0T/CK5 

'WIGPXQP(TKGFGPHGNUCC1$F++5 

Q5D$QVGR0T#RTKN50T#RTKN50T#RTKN 'DGPFC0T5GRVGODGT5 

5 

5KGDGPD×TIGPGKPIGUGV\VGRTQXKUQTKUEJG8GTYCNVWPIFCU.CPFKPUGEJU &KUVTKMVG GKP FKG IGOGKPUCO XQP /KNKV¼T WPF <KXKNMQOOKUU¼TGP IGH×JTV YWTFGP #NU .CPFGUIQWXGTPGWT YWTFG .WFYKI XQP 9QJNIGOWVJ WPF CNU 1DGTMQOOKUU¼T KP 5KGDGPD×TIGP 'FWCTF XQP $CEJGTPCPPV&KGFGWVUEJG5RTCEJGYWTFG×DGTCNNKPFGT8GTYCNVWPI CNUCOVNKEJG5RTCEJGGKPIGH×JTV1DYQJNFGT-TKGIU\WUVCPFKO#WIWUV CWHIGJQDGP YQTFGP YCT YWTFG GT CO  5GRVGODGT  GTPGWV GTMN¼TV  #TVFGTÑUVGTTGKEJKUEJGP8GTHCUUWPIUCJFKGCWUFT×EMNKEJG #WHTGEJVGTJCNVWPI FGT 4GEJVG FGT U¼EJUKUEJGP 0CVKQP XQT &KG 0CVKQPUWPKXGTUKV¼VPCJOCNUQKJTG6¼VKIMGKVYKGFGTCWHWPFMCOCO 0QXGODGT  \WUCOOGP WO FKG PCEJ 9KGFGTJGTUVGNNWPI FGU (TKGFGPUGPVUVCPFGPG.CIG\WDGURTGEJGP  &GT 5VCCV JCVVG FKG $GUQNFWPI U¼OVNKEJGT $GCOVGP ×DGTPQOOGP &CFWTEJ GTURCTVG UKEJ FKG 0CVKQPUWPKXGTUKV¼V GKPG UEJYGTG HKPCP\KGNNG 8GTRHNKEJVWPI &KG QITQ²G 0CVKQPCNFQVCVKQPR YWTFG CO  #WIWUV  DGUEJNQUUGP YQFWTEJ FCU IGUCOVG 8GTOÑIGP FGT 0CVKQPUWPKXGTUKV¼V 
HN %/  5EJWN\YGEMGP IGYKFOGV YWTFG &KGUG &QVCVKQP IGUVCVVGVG FKG 1TICPKUCVKQP XQP GXCPIGNKUEJGP )[OPCUKGP WPF FKG 'TJCNVWPI FGU U¼EJUKUEJGP 7PVGTTKEJVU&KGGXCPIGNKUEJG-KTEJG\WUCOOGPOKVFGT5EJWNGKPFGT FGWVUEJGP /WVVGTURTCEJG YWTFGP \W )TWPFRHGKNGTP FGT 8QNMUGPVYKEMNWPI WPF FGT #WHTGEJVGTJCNVWPI FGU )GOGKPYGUGPU FCJGTFKG$GUVTGDWPIGP\WKJTGT(ÑTFGTWPICWU0CVKQPCNOKVVGNP  &KG PCEJ FGT 4GXQNWVKQP GPVUVCPFGPG RQNKVKUEJG .CIG YCT H×T FKG 5CEJUGP \WP¼EJUV I×PUVKI +P MWT\GT <GKV CDGT \GKIVG FCU KP ©UVGTTGKEJ GKPIGUGV\VG CDUQNWVKUVKUEJG 4GIKOG FCU GKPG FKG 5CEJUGP DGXQT\WIGPFG 8GTFGWVUEJWPI FGU 4GKEJGU CPUVTGDVG CWEJ UGKPG \CJNTGKEJGP0CEJVGKNGWPF\YCTFKG×DGTO¼²KIG<GPVTCNKUCVKQPWPFFKG XQO+PPGPOKPKUVGT$CEJCWUIG×DVG2QNK\GKMQPVTQNNGFKG8GTNGV\WPIFGT RGTUÑPNKEJGP(TGKJGKVGPFGT5VCCVUD×TIGTWPCDJ¼PIKIKJTGT0CVKQPCNKV¼V #O  /¼T\  YWTFG FKG $GPGPPWPI Q5CEJUGPNCPFR HQTOGNN XGTDQVGP0CEJFGO6QFGFGU(TGKJGTTP.WFYKIXQP9QJNIGOWVJFGT XQPDKUCNU)QWXGTPGWTKP5KGDGPD×TIGPCOVKGTVGYWTFGFCU #OV XQO (×TUVGP-CTNXQP5EJYCT\GPDGTI  
DGMNGKFGV#O  /CK  HCPF GKPG PGWG 'KPVGKNWPI FGU .CPFGU KP H×PH &KUVTKMVG UVCVV #O  &G\GODGT  YWTFG FKG /¼T\MQPUVKVWVKQP XQP  CWHIGJQDGP 5KGDGPD×TIGP DGVTCV FCOKV XQNNUV¼PFKI FKG •TC FGU 0GQCDUQNWVKUOWUMCPPVG5KGDGPD×TIGPGKPGFTKVVGCFOKPKUVTCVKXG 

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,WPK   UQYKG FCU 7PKQPUIGUGV\ WPF FCU 0CVKQPCNKV¼VGPIGUGV\
&G\GODGT RT¼IVGPFKGPGWG'PVYKEMNWPI5KGDGPD×TIGPUWPFKO 4CJOGP FGU .CPFGU LGPG FGT 5CEJUGP Y¼JTGPF FGU ÑUVGTTGKEJKUEJ WPICTKUEJGP &WCNKUOWU &GT $GUEJNW² FGU WPICTKUEJGP #DIGQTFPGVGPJCWUGUXQO/¼T\KPHQNIGFGUUGPFKGWPICTKUEJG 4GIKGTWPI\WLGFYGNEJGPFGT.GKVWPIWPF8GTYCNVWPI5KGDGPD×TIGPU PQVYGPFKIGP/C²PCJOGPDGXQNNO¼EJVKIVYWTFGOCEJVGFGP#PHCPI &KG GTUVGP $GUVKOOWPIGP KP $GVTGHH FGT U¼EJUKUEJGP $GXÑNMGTWPI YCTGP FCU 8GTDQV FGU <WUCOOGPVTGHHGPU FGT 5¼EJUKUEJGP 0CVKQPUWPKXGTUKV¼VFKGCO/¼T\GKPDGTWHGPYQTFGPYCTWPF FKG'PVNCUUWPIFGU5CEJUGPITCHGP-QPTCF5EJOKFVCWUUGKPGO#OVG 
(GDTWCT   &CU Q5KGDGPD×TIKUEJ&GWVUEJG 9QEJGPDNCVVR DGOGTMVG JKPUKEJVNKEJFGU7PKQPUWPF0CVKQPCNKV¼VGPIGUGV\VGUQ#PFKGUGO6CI DGIKPPV GKPG PGWG 2GTKQFG KP FGT )GUEJKEJVG 5KGDGPD×TIGPUR &GT #DIGQTFPGVG ,# <KOOGTOCPP \GKIVG FC² FKG XQP FGT WPICTKUEJGP 4GIKGTWPI DGCPURTWEJVG 8QNNOCEJV ×DGT FGP
GJGOCNKIGP  -ÑPKIUDQFGP GKPG QPGWG 9KNNM×TJGTTUEJCHVR DGFGWVGP UQNNVG &KG )GUEJKEJVGDGUV¼VKIVGDGKFG/GKPWPIGP  &KG #WUTWHWPI WPF &WTEJH×JTWPI FGT 7PKQP 5KGDGPD×TIGPU OKV 7PICTP  WPF  DKNFGVG FGP 2T¼\GFGP\HCNN H×T FCU 5VCVWV 5KGDGPD×TIGPUXQPDKU    

(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGUU¼EJUKUEJGP8QNMGUH×TFCUU¼EJUKUEJG8QNM$F+8 'DGPFC5  

&TWEMWPF8GTNCIXQP9-TCHHV*GTOCPPUVCFV5  

&GT TWUUKUEJG 'KPITKHH KP 5KGDGPD×TIGP KO (GDTWCT  WPF FGT TWUUKUEJG (GNF\WI KO /QPCV ,WPK FGUUGNDGP ,CJTGU YKFGTURKGIGNP UKEJ KP FGT U¼EJUKEJGP 2TGUUG PKEJV WPDGFKPIV CNU $KNF FGU CPFGTP UQPFGTP XKGNOGJT CNU GKPG 4GEJVHGTVKIWPI FGU 5GNDUVDKNFGU CNU GKP 2TQ\G² FGU U¼EJUKUEJGP -QNNGMVKXDGYW²VUGKPU &KG 5CEJUGP YCTGP FKGLGPKIGP FKG UKEJ FGT 'KPDGTWHWPI FGT 4WUUGP PCEJ 5KGDGPD×TIGP DGUEJWNFKIVGP5KGYCTGPGUFKGFKGQ5EJWNFRFWTEJ5GNDUVGTMN¼TWPIGP WPF TGEJVHGTVKIWPIGP XQP UKEJ \W YGKUGP XGTUWEJVGP #PFGTGTUGKVU JCDGP -QUUWVJ %U¶P[ CDGT CWEJ $GO FGP 5CEJUGP FKG WPOKVVGNDCTG 5EJWNF\WIGUEJTKGDGPFKGTWUUKUEJG*KNHGJGTDGKIGTWHGP\WJCDGPWPF KJPGP FGUJCND Q.CPFGUXGTTCVR XQTIGYQTHGP &KG Y¼JTGPF FGT XKGT /QPCVGFGTWPICTKUEJGP*GTTUEJCHVKP5KGDGPD×TIGP
/¼T\,WNK  GKPIGNGKVGVGP CPVKU¼EJUKUEJGP /C²PCJOGP FKG 'PVGKIPWPI FGU 8GTOÑIGPU FGT U¼EJUKUEJGP (N×EJVNKPIG WPF FGT 5¼EJUKUEJGP 0CVKQPUWPKXGTUKV¼V FKG #WHNÑUWPI FGT  U¼EJUKUEJGP +PUVKVWVKQPGP WPF $GJÑTFGP FKG 8GTJCHVWPIGP WPF 6QFGUWTVGKNG YWTFGP GDGP CNU 8GTDײWPIFKGUGT5EJWNFDGIT×PFGV  'KIGPVNKEJUKPFPKEJVFKG5CEJUGPFKGYCJTGP8GTCPVYQTVNKEJGP &KG 9×PUEJG WPF #PVTKGDG GKPGU 6GKNU FGT <KXKNDGXÑNMGTWPI MQPPVGP FGP )CPI FGU -TKGIGU PKEJV NGPMGP VTQV\ FGU HCNUEJGP 'KPFTWEMUFC² UKG DGUVKOOGPF YCTGP &KG -QPHWUKQP P¼JTVG GKPG WPTKEJVKIG 'KPDKNFWPI FKG XQP FGP RQNKVKUEJGP WPF OKNKV¼TKUEJGP #PH×JTGTP FGT WPVGTGKPCPFGTM¼ORHGTPFGP.CIGTCWUIGPWV\VYWTFG  &KG 8QTURKGNG FGU 'KPITKHHU XQP  YWTFGP FGTÑHHGPVNKEJGP /GKPWPI PKG DGMCPPVIGOCEJV +O 6QDGP FGT 4GXQNWVKQP MQPPVG FKG 2TGUUGMCWOPCEJFGPVKGHGTGP7TUCEJGPFGT'TGKIPKUUGUWEJGP    MCOGP FKG -CKUGT XQP 4W²NCPF WPF XQP ©UVGTTGKEJ KP /×PEJGPIT¼V\ \WUCOOGP &GT <CT QIGVTCIGP XQP FGP TQOCPVKUEJGP 'TKPPGTWPIGP FGT *GKNKIGP #NNKCP\R JCVVG UKEJ XQT FGO ÑUVGTTGKEJKUEJGP -CKUGT CWHU -PKG PKGFGTIGNCUUGP WPF HGKGTNKEJ IGUEJYQTGPGTY×TFGKJO\WLGFGT<GKVQOKV4CVWPF6CVRDGKUVGJGP  

&GT&TCPIXQP1UVGPWPFFCU4WUUGPDKNF    

8KGT,CJTGUR¼VGTDGKFGPITQ²GP/CPÑXGTP\W9QUPQUGPUMUQNNGTUGKP 8GTURTGEJGPGTPGWGTVJCDGP  'KPKIG9QEJGPPCEJFGO<WUCOOGPDTWEJFGTXQP/GVVGTPKEJ IGH×JTVGP 4GIKGTWPI ICD FCU Q5KGDGPD×TIGT 9QEJGPDNCVVR GKPG ¯DGTPCJOG CWU GKPGO PKEJV CPIGIGDGPGP <GPVTCNDNCVV ×DGT FCU Q2TKXCVXGTJ¼NVPKUR \YKUEJGP /GVVGTPKEJ WPF FGP TWUUKUEJGP <CTGP #NGZCPFGTWPF0KMQNCWUYKGFGT
#PJCPI&QM0T    YCPFVG UKEJ FKG #WHOGTMUCOMGKV FGU <CTGP 0KMQNCWU PCEJ)CNK\KGPQ+PFGT6CVOCEJVGFGT<CTMGKP*GJNFCTCWUFC²GTKO 0COGPFGUÑUVGTTGKEJKUEJGP-CKUGTU)CNK\KGPDGUGV\GPYGTFGYGPPGU UKEJ XQP ©UVGTTGKEJ NQUUCIGP YQNNGR
(T 6GWVUEJ  &GT MCKUGTNKEJG /KPKUVGTRT¼UKFGPV XQP 5EJYCT\GPDGTI YKGU LGFYGNEJG TWUUKUEJG 'KPOKUEJWPI CD Y¼JTGPF JKPIGIGP FGT 1DGTDGHGJNUJCDGT FGT ÑUVGTTGKEJKUEJGP 6TWRRGP 9KPFKUEJIT¼V\ GKPG FGO 2GVGTUDWTIGT -CDKPGVVYQJNYQNNGPFG*CNVWPI\GKIVG  &GT KP FGP TWO¼PKUEJGP &QPCWH×TUVGPV×OGTP  GKPIGUGV\VGPTWUUKUEJGP5EJWV\JGTTUEJCHVDQVUKEJFKG)GNGIGPJGKVQHHGP \WYKTMGP&KGQ/KPKCVWTTGXQNWVKQPR
)$CTK/KW YCTKO/¼T\KP ,CUU[ MCWO CWUIGDTQEJGP CNU FKG TWUUKUEJGP -QPUWNGP FKG *GTTUEJGT FGT /QNFCW WPF 9CNCEJGK \W DGYGIGP UWEJVGP UGNDUV TWUUKUEJG 6TWRRGP CP\WHQTFGTP &GT TWUUKUEJG #W²GPOKPKUVGT 0GUUGNTQFG HÑTFGTVG KP -QPUVCPVKPQRGN FWTEJ FKG FQTVKIG 8GTVTGVWPI WPF KP $WMCTGUV XGTOKVVGNU FGU CW²GTQTFGPVNKEJGP -QOOKUU¼TU &WJCOGN 
,WPK   FKG $GUGV\WPI FGT &QPCWH×TUVGPV×OGT &KG U¼EJUKUEJG *GTOCPPUV¼FVGT <GKVWPI Q5KGDGPD×TIGT $QVGR XGTÑHHGPVNKEJVG GKPGP Q0QVUEJTGKR CWU FGT /QNFCW WPF 9CNCEJGK KP FGO DGJCWRVGV YWTFG FC² FKG QTWUUKUEJGP +PVTKIWGPR FGP QDGFCWGTPUYGTVGP8QTH¼NNGPRKPFGPDGKFGP(×TUVGPV×OGTP\W)TWPFG NCIGP WPF FC² FKG TWUUKUEJGP 6TWRRGP H×T FGP  ,WNK KP $WMCTGUV GTYCTVGVYWTFGP 

(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPH×TFCUU¼EJUKUEJG8QNM$F+++  &TWEM WPF 8GTNCI XQP 9 -TCHHV *GTOCPPUVCFV  5  FGTU &KG 5CEJUGPKO,CJTGKP*WPFGTV,CJTGU¼EJUKUEJGT-¼ORHG<GJP8QTVT¼IGCWU FGT)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPKONGV\VGP,CJTJWPFGTV&TWEMWPF8GTNCI XQP9-TCHHV*GTOCPPUVCFV5 Q5D9QEJGPDNCVVR0T,WNK (T6GWVUEJ)GUEJKEJVG5 )GQTIG$CTK/KW2âT/KCNGUGFKP+UVQTKC6TCPUKNXCPKGK2GFQWâUWVGFGCPKÉPWTOâ$F++ &TWEMXQP9-TCHHV*GTOCPPUVCFV5 Q5KGDGPD×TIGT$QVGR0T,WNK50T,WNK5  

&KG (GNFOCPÑXGT XGTDCTIGP UKEJ JKPVGT FGP COVNKEJGP 'TMN¼TWPIGP +P UGKPGO CP FKG GWTQR¼KUEJGP /¼EJVG IGTKEJVGVGP 4WPFUEJTGKDGP
,WNK   \GKIVG FGT <CT GT YGTFG GKP GKPHCEJGT <WUEJCWGT KPOKVVGP FGT 7OY¼N\WPIGP DNGKDGP UQNCPIG FKGUG FKG +PVGTGUUGPUGKPGU4GKEJGUPKEJVDGGKPVT¼EJVKIVGP  &KG -TQPUV¼FVGT Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGRPCJOGPQJPG-QOOGPVCTQ&KGTWUUKUEJG0QVG×DGT FKG +PVGTXGPVKQP KP FGP &QPCWH×TUVGPV×OGTPR CWH FKG XQO<CTGPCO ,WNKIG\GKEJPGVYWTFGWPFCPFKGTWUUKUEJGP)GUCPFVGPKO#WUNCPF IGTKEJVGVYCT&KG4WJGFGT&QPCWH×TUVGPV×OGTYCTUGKV/QPCVGPXQP GKPGT QVWTDWNGPVGP /KPQTKV¼VR DGFTQJV &KG +PUWTIGPVGP JCVVGP KP FGT 9CNCEJGK GKPG RTQXKUQTKUEJG 4GIKGTWPI GKPIGUGV\V WPF YQNNVGP FKG +PUWTTGMVKQP CWEJ KP FGT /QNFCW CWUFGJPGP &KG 2HQTVG JCVVG CWEJ GKPIGITKHHGPFCUKGUCJQFC²GUWOKJTGGKIGPG'ZKUVGP\IKPI
SWOKN[ CNNCKVFGUCRTQRTGGZKUVGPEG Q&GUJCNDYCTGP4W²NCPFWPFFKG6×TMGK OKVXGTGKPKIVGP6TWRRGPKPFGP&QPCWH×TUVGPV×OGTPGKPIG\QIGP&GT <CT JCVVG XGTURTQEJGP UKEJ KP FKG KPPGTGP #PIGNGIGPJGKVGP WPCDJ¼PIKIGT 5VCCVGP PKEJV GKP\WOKUEJGP Q#PFGTU UVGJV GU OKV FGP &QPCWH×TUVGPV×OGTP YGNEJG PKEJV CNU 5VCCVGP CPGTMCPPV UQPFGTP PKEJVU OGJT WPF PKEJVU YGPKIGT CNU 2TQXKP\GP UKPF FKG GKPGP KPVGITKTGPFGP 6JGKN GKPGU 4GKEJGU CWUOCEJGP KJTGO 1DGTJGTTP VTKDWVRHNKEJVKIUKPFVGORQT¼TXQP(×TUVGPTGIKGTVYGTFGPFGTGP9CJN FGT$GUV¼VKIWPIDGFCTHWPFFKGYCU4W²NCPFCPDGNCPIVRQNKVKUEJICT MGKPG 'ZKUVGP\ JCDGP CNU PWT UQYGKV FKG \YKUEJGP FGT QUOCPKUEJGP 2HQTVG WPF WPU CDIGUEJNQUUGPGP 8GTVT¼IG KP $GVTCEJV MQOOGPR 1DUEJQP FCU 8GTYCNVWPIUYGUGP FGT (×TUVGPV×OGT 8GTDGUUGTWPIGP XGTNCPIVG MQPPVGP FKGUG PKEJV FWTEJ 4GXQNVG WPF QJPG <WUVKOOWPI FGTDGKFGP*ÑHGIGUEJGJGP0WPYCTFKG4GXQNVGFCU/KVVGNPKEJVWO FCU 4GIKOG \W ¼PFGTP UQPFGTP WO GU \W UV×T\GP *KP\W MCO FGT #PURTWEJ FGT Q/QNFCW9NCEJGPR CWHITWPF KJTGT 0CVKQPCNKV¼V GKP QFCEQTQOCPKUEJGU 4GKEJR \W IT×PFGP Q&KG 8GTYKTMNKEJWPI GKPGU UQNEJGP2NCPGUYGPPOCPCWEJ\WI¼DGFC²GT\W5VCPFGM¼OGY×TFG GTPUVG (QNIGP PCEJ UKEJ \KGJGP )GNKPIV GU GTUV FGP /QNFCW9CNCEJGP WPVGTFGO0COGPGKPGTCPIGDNKEJGP0CVKQPCNKV¼VFGTGP7TURTWPIUKEJ KP FGT 0CEJV FGT <GKVGP XGTNKGTV UKEJ XQP FGT 6×TMGK CD\WVTGPPGP UQ YKTF OCP DCNF KP )GO¼²JGKV FGUUGNDGP 2TKP\KRU WPF WPVGT FGT 'KPYKTMWPI FGUUGNDGP 9WPUEJGU $WNICTKGP 4QOGNKGP CNNG FWTEJ FKG 5RTCEJGP XQP GKPCPFGT IGUEJKGFGPGP 2TQXKP\GP CWU FGPGP FCU QUOCPKUEJG 4GKEJ DGUVGJV GDGPHCNNU CWH 'OCP\KRCVKQP DGJWHU 'TTKEJVWPICDIGUQPFGTVGT5VCCVGP#PURT×EJGGTJGDGPUGJGP'UY×TFG 

FCTCWUGPVYGFGTGKPGXÑNNKIG<GTURNKVVGTWPIQFGTFQEJYGPKIUVGPUKO ICP\GP 1TKGPV GKPG 4GKJG WPGPVYKTTDCTGT 8GTYKEMNWPIGP HQNIGPR &KG +PVGITKV¼VFGT2HQTVGYCTH×T4W²NCPFQOGJTCNULGOCNUGKPGYGUGPVNKEJG $GFKPIWPI FGT #WHTGEJVGTJCNVWPI FGU CNNIGOGKPGP (TKGFGPUR Q&KGU UKPF OGKP *GTT WPUGTG $GYGIIT×PFG FGT +PVGTXGPVKQP 5KG UKPF GKPHCEJUKGUKPFNGIKVKO/CPYKTFUCIGPWPFOCPJCVUEJQPIGUCIV FC² FKGUG $GYGIWPI PWT GKP GTUVGT 5EJTKVV WPUGTGT 'TQDGTWPIURQNKVKM KUV FC² YKT PWT GKPGP 8QTYCPF CDIGYCTVGV JCDGPR #DGT FGT <CT XGTURTCEJ FGP 4×EM\WI UGKPGT 6TWRRGP PCEJ FGT 9KGFGTJGTUVGNNWPI FGT1TFPWPI  /GJTGTG$QLCTGPHCOKNKGPCWUFGT9CNCEJGKFCTWPVGT)JGQTIJG $KDGUEW YGNEJG KP -TQPUVCFV <WHNWEJV PCJOGP XGTDTGKVGVGP FCU )GT×EJVFCUTWUUKUEJG/KNKV¼TY×TFGPKEJVPWTFKG&QPCWH×TUVGPV×OGT UQPFGTP 6GKNG FGT )GUCOVOQPCTEJKG DGUGV\GP WPF UQICT 9KGP GTTGKEJGP *KPIGIGP OWPVGTVGP UKEJ FKG WPICTKUEJGP RQNPKUEJGP KVCNKGPKUEJGP 4GXQNWVKQP¼TG IGIGPUGKVKI CWH KPFGO UKG LGFYGNEJG /ÑINKEJMGKVGKPGUTWUUKUEJGP'KPITKHHUCWUUEJNQUUGP  'PFG FGU ,CJTGU  YCT FKG OKNKV¼TKUEJG .CIG KP 5KGDGPD×TIGP \KGONKEJ XGT\YGKHGNV )GPGTCN 2WEJPGT MQOOCPFKGTGPFGT)GPGTCNFGTMCKUGTNKEJGP6TWRRGPKP5KGDGPD×TIGP OGNFGVG 9KPFKUEJIT¼V\ FC² GT UKEJ DGK 7POÑINKEJMGKV FGT 8GTVGKFKIWPI FGT U¼EJUKUEJGP 5V¼FVG WPF KJTGT $GXÑNMGTWPI WPF H×T FGP(CNNGTFKGUGU)GDKGVXGTNCUUGPOײVGOKVFGO-QOOCPFCPVGPFGU CPFGT)TGP\GUVGJGPFGPTWUUKUEJGP/KNKV¼TUKPU'KPXGTPGJOGPUGV\GP YGTFG2WEJPGTGTJKGNVMGKPG#PVYQTVXQP9KPFKUEJIT¼V\#DGTGTVTCV OKV)GPGTCN.×FGTUFGOTWUUKUEJGP-QOOCPFCPVGPFGT9CNCEJGKKP 8GTDKPFWPI.×FGTUUCPFVGGKPGP-WTKGTPCEJ2GVGTUDWTIWOXQPFQTV IGPCWG+PUVTWMVKQPGP\WGTJCNVGP  +P FKGUGO #WIGPDNKEM DGJCWRVGVGP UKEJ FKG <KXKNUVGPCPVTKGDG (TKGFTKEJ 6GWVUEJ UEJTGKDV FC² FKG #WHHQTFGTWPI \WO 'KPDTWEJ FGT TWUUKUEJGP 6TWRRGP XQP \YGK 5GKVGP JGTXQTIKPI CWU FGT 7OIGDWPI 2WEJPGTUWPFCWUFGT/KVVGFGT$GXÑNMGTWPI-GKP$GNGIDGYGKUVCDGT FC² FKG $GXÑNMGTWPI GKPG TWUUQRJKNG *CNVWPI IG¼W²GTV J¼VVG &GT 9WPUEJ FGT 'KPDGTWHWPI HTGOFGT *KNHG MCO XQP FGP NGKVGPFGP 5EJKEJVGP *GTOCPPUVCFVU WPF -TQPUVCFVU YGNEJG KP GKPGO IGYKUUGP 

Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR 0T   5GRVGODGT  5 )$CTK/KWCC15  

(T6GWVUEJ)GUEJKEJVG5 

/C²GXQPFGTDGKOÑUVGTTGKEJKUEJGP)GPGTCNMQOOCPFQJGTTUEJGPFGP 8GTYKTTWPIDGGKPHNW²VYCTGP  #O  &G\GODGT  YWTFG KP *GTOCPPUVCFV GKPG IGOKUEJVG -QPHGTGP\GKPDGTWHGP#PTGIGTKPYCTFKGU¼EJUKUEJG2CTVGK YGNEJGOKV2GTUQPGPVGKNPCJO)GPGTCN2HGTUOCPPFGT5CEJUGPITCH 5CNOGP FGT 5GMTGV¼T )NCP\ (TGKJGTT 4GKEJGPDGTI FGT 4GFCMVGWT FGU Q5KGDGPD×TIGT $QVGPR $GPKIPK XQP /KNFGPDGTI (TKGFTKEJ /×NNGT WC 'KPIGNCFGP YCTGP UKGDGP /KVINKGFGT FGU 2C\KHKMCVKQPUCWUUEJWUUGU CWU *GTOCPPUVCFVFCTWPVGTFGTQTVJQFQZG$KUEJQH(CIWPC)GQTIG$CTK/KW #WIWUV6TGDQPKW.CWTKCP4CFW1TIJKFCP
GKPTGKEJGT-CWHOCPPCWU -TQPUVCFV  WC $CTK/KW IGJV KP 'KP\GNJGKVGP ×DGT FKG JGHVKIGP &KUMWUUKQPGP FKGUGU <WUCOOGPVTGHHGPU GKP FGTGP <YGEM FKG #DUGPFWPIGKPGT&GNGICVKQPPCEJ$WMCTGUVYCTWO.×FGTUKO0COGP FGT\YGK0CVKQPGPFGTTWO¼PKUEJGPWPFFGTFGWVUEJGPWO*KNHG\W DKVVGP &GT XQP )GPGTCN 2HGTUOCPP IGOCEJVG #PVTCI YCT RCTCFQZ 2WEJPGT UQNNVG GKPGP ÑHHGPVNKEJGP 2TQVGUV IGIGP FGP 'KPOCTUEJ FGT HTGOFGP 6TWRRGP KP 5KGDGPD×TIGP CDNGIGP CDGT RTKXCV ICD GT FKG 8GTUKEJGTWPICNNG\WT8GTRHNGIWPIFGTTWUUKUEJGP#TOGGPQVYGPFKIGP /C²PCJOGP\WVTGHHGP&KGTWO¼PKUEJG2CTVGKUVCPFTCVNQUFCQJPG\W XGTUVGJGP YGUJCND 2WEJPGT \WP¼EJUV FKG \YGK 0CVKQPGP CWHHQTFGTVG *KNHG \W XGTNCPIGP FCOKV GT FCIGIGP RTQVGUVKGTGP UQNNVG &GT 5CEJUGPITCH 5CNOGP DGJCTTVG CWH FGT 0QVYGPFKIMGKV FGU 4WUUGPGKPITKHHU *GTOCPPUVCFV WPF -TQPUVCFV FWTHVGP FGO 5EJKEMUCN 5¼EJUKUEJ4GGPU
FCU XQP FGP 5\GMNGTVTWRRGP 0QXGODGT  CWUIGRN×PFGTVWPF\GTUVÑTVYQTFGPYCT PKEJVHQNIGP'KPGCWU(CIWPC .CWTKCP 5CNOGP WPF PQEJ GKPGO U¼EJUKUEJGP $GCOVGP \WUCOOPGIGUGV\VG &GNGICVKQP IKPI \WO 2NCV\MQOOCPFQ YQJGT UKG OKV FGO 8GTURTGEJGP 2WEJPGTU \WT×EMMGJTVG PCEJ .×FGTU 'KPDGTWHWPI CWH LGFYGNEJGP 2TQVGUV \W XGT\KEJVGP &CU 2TQVQMQNN XGTOGTMVG FC² YGFGT FCU ICP\G .CPF PQEJ FKG \YGK 0CVKQPGP UQPFGTP PWT FKG 5V¼FVG *GTOCPPUVCFV WPF -TQPUVCFV TWUUKUEJG *KNHG HQTFGTVGP <YGK YGKVGTG &GNGICVKQPGP GKPG FGT *GTOCPPUV¼FVGT
(CIWPC WPF )QVVHTKGF /×NNGT  WPF GKPG FGT -TQPUV¼FVGT
FGT -CWHOCPP)0KECWPFGKPU¼EJUKUEJGT5GPCVQT DTCEJGPPCEJ$WMCTGUV CWH CDGT UKG JCVVGP MGKPGP 'THQNI .×FGTU DGUC² CPFGTG +PUVTWMVKQPGP XQO<CTGP0KMQNCWU  &GTMM#IGPVKPFGT9CNCEJGK6KOQPKVGKNVG2WEJPGTOKVFC² .×FGTUGTUVFCPPPCEJ5KGDGPD×TIGPGKPT×EMGPYGTFGYGPP2WEJPGT FGP#PVTCIRGTUÑPNKEJUVGNNGPY×TFG  

$CTK/KWCNU#WIGP\GWIGWPF6GKNPGJOGTUEJNW²HQNIGTVQ#NUQ YCT FKG 'KPDGTWHWPI FGT -QPHGTGP\ XQO  &G\GODGT  GKPG TGKPG -QOÑFKGFKGCDGTUEJNGEJVIGURKGNVYWTFGR0KEJVGKPOCN$CTK/KWJCV IGOGTMV FC² KO 4CJOGP FKGUGT $×TIGTXGTUCOONWPI  FKG UKEJ RTWPMXQNN Q2C\KHKMCVKQPUCWUUEJW²R IGPCPPV JCVVG  FCU /KNKV¼T FGP 8QTUEJNCI IGOCEJV JCVVG WPF FC² 2HGTUOCPP GKIGPVNKEJ 2WEJPGTU (QTFGTWPI ×DGTVTWI +O UVKNNGP 'KPXGTPGJOGP OKV GKPGO 6GKN FGT ÑUVGTTGKEJKUEJGP 4GIKGTWPI QJPG CDGT FGP ÑHHGPVNKEJGP $GHGJN \W DGUKV\GP FKG 8GTJCPFNWPIGP OKV FGP 4WUUGP \W XGTOKVVGNP UEJTKVV 2WEJPGT\WGKPGT+PU\GPKGTWPI'TDGTKGHFKG8GTVTGVGTDGKFGT0CVKQPGP GKP FCOKV FKGUG KJTGTUGKVU FGP $GUEJNW² KO 0COGP FGU TWO¼PKUEJGP WPF U¼EJUKUEJGP 8QNMGU VT¼HGP &GT OKNKV¼TKUEJG 'KPITKHH FGT 4WUUGP J¼VVG FCFWTEJ FGP %JCTCMVGT GKPGU IGUGV\O¼²KIGP .CPFGUXGTVGKFKIWPIUMCORHGU IGYQPPGP &GT 2NCP UEJGKVGTVG &CU 2TQVQMQNNDGUEJT¼PMVGFKG*KNHUHQTFGTWPICWHFKG\YGK5V¼FVG6TQV\FGO YCT FCU#PUWEJGPFGT$×TIGTGTHQNINQU,GFGPHCNNUUVGNNVGFKGCOVNKEJG ÑUVGTTGKEJKUEJG8GTUKQPFGPTWUUKUEJGP'KPITKHHKP5KGDGPD×TIGPCNUGKPG 8GTYKTMNKEJWPI FGU 9WPUEJGU FGT \YGK 0CVKQPGP CNU GKPGP #MV FGT RWTGP*WOCPKV¼VFCT  &GT <CT JCVVG DGTGKVU  FKG $×PFPKURQNKVKM GORHQJNGP 5GKPGT /GKPWPI PCEJ UQNNVG FKG TWUUKUEJÑUVGTTGKEJKUEJG <WUCOOGPCTDGKVCWHOKNKV¼TKUEJGT'DGPGIGNÑUVYGTFGP&CU\GKIVFC² FKG $GIT×PFWPI TWUUKUEJGTUGKVU MGKPGUHCNNU JWOCPKV¼T UQPFGTP RQNKVKUEJ YCT &KG 4GXQNWVKQPGP 1UVGWTQRCUYCTGPDNQ²FGT8QTYCPF FGT (ÑTFGTWPI GKPGT 'ZRCPUKQPURQNKVM \WT $GUGV\WPI FGT 4W²NCPF DGPCEJDCTVGP .¼PFGT &KG 9KGFGTDGNGDWPI FGT *GKNKIGP #NNKCP\ GKP +FGCN FGU TWUUKUEJGP &GURQVKUOWU OW²VG \WP¼EJUV FKG 5MTWRGN FGU *CWUGU©UVGTTGKEJDG\YKPIGP  &KG 0KGFGTNCIGP KO (GNF \YCPIGP FKG ©UVGTTGKEJGT FKG 8GTCPVYQTVWPI \W ×DGTPGJOGP #O  ,CPWCT  HCPF FGT GTUVG /KNKV¼T\WUCOOGPUVQ² DGK *GTOCPPUVCFV UVCVV 1DYQJN $GO \WT×EMIGUEJNCIGP YWTFG \QI GT UKEJ PCEJ 5VQN\GPDWTI \WT×EM WPF DGTGKVGVG GKPGP PGWGP #PITKHH CWH FKG 5VCFV XQT 2WEJPGT \GKIVG PQEJOCNU 7PGPVUEJNQUUGPJGKV CNU GT CP 2HGTUOCPP FKG $GHWIPKUUG FGU -QOOCPFKGTGPFGP )GPGTCNU ×DGTICD WPVGT FGO 8QTYCPF FC² GT UGNDUVPKEJV\WINGKEJCWEJFCU-QOOCPFQFGTOQDKNGP-QTRUCWHUKEJ 
)$CTK/KWCC15 

&KG $GUEJTGKDWPI FGT 5EJNCEJV DGK %CTN )ÑNNPGT &KG 5KGDGPD×TIGT 5CEJUGP KP FGP

4GXQNWVKQPULCJTGP  8GTNCI FGT 4WO¼PKUEJGP #ECFGOKG $WMCTGUV  5  

PGJOGP MÑPPG +P 9KTMNKEJMGKV YCT GU GKPG GNGICPVG .ÑUWPI QFKGUGT HCVCNGP.CIGRCWU\WYGKEJGP
(T6GWVUEJ   &CPPDGTKGH2WEJPGTCO(GDTWCTGKPGP-TKGIUTCVPCEJ *GTOCPPUVCFV FGT QOQOGPVCPG *KNHGR H×T FKG 5V¼FVG *GTOCPPUVCFV WPF -TQPUVCFV \W GTUWEJGP DGUEJNQ² 2HGTUOCPP UEJTKGD CP .×FGTU UQDCNFCNUOÑINKEJTWUUKUEJG$GUCV\WPIGKPT×EMGP\WNCUUGPWPF\YCT /CPPWPF-CPQPGPKPLGFGFKGUGT5V¼FVG-CXCNNGTKGCDGTPKEJV OGJT CNU  /CPP FC GU CP (QWTCIG HGJNVG )GPGTCN 5EJWTVGT JCVVG .×FGTUCWU-TQPUVCFVGKPG¼JPNKEJG$KVVGIGUEJKEMV  +P\YKUEJGP YCT GU \W GKPGT #DM×JNWPI FGT $G\KGJWPIGP \YKUEJGP FGO 4WO¼PKUEJGP -QOKVGG WPF FGP 5CEJUGP IGMQOOGP GDGPYGIGPFGUDCNFKIGP'KPVTGHHGPUFGT4WUUGP$CTK/KWGTMN¼TVGFC² PCEJFGO UKG FGO MCKUGTNKEJGP *GTTUEJGTJCWU UQ XKGNG 4GMTWVGP IGIGDGPJCVVGPUKEJFKG4WO¼PGPPWPDGUGKVGIGIT¼PIVH×JNVGP  &GT TWUUKUEJG )GPGTCN 'PIGNJCTF \QI CO  (GDTWCT CWU FGT 9CNCEJGKKP4KEJVWPI-TQPUVCFVOKV/CPP+PHCPVGTKG7NCPGP -QUCMGP\W2HGTFWPF)GUEJ×V\GPGKP&WTEJFGP4QVGP6WTO 2C² T×EMVG )GPGTCN 5MCTKCVKP KP *GTOCPPUVCFV OKV  /CPP +PHCPVGTKG-QUCMGPWPF)GUEJ×V\GPGKP&GTKO#WIGPDNKEMFGT #PMWPHV 5MCTKCVKPU KP *GTOCPPUVCFV DGHKPFNKEJG $CTK/KW UEJ¼V\VG FC² FKG TWUUKUEJGP -QTRU DNQ² FKG 8GTVGKFKIWPI FGT 5VCFVICTPKUQP UKEJGTP MQPPVGPFCOKVFKG©UVGTTGKEJGTWPDGM×OOGTVOCPÑXTKGTGPMQPPVGP #NU 2WEJPGT FGU TWUUKUEJGP 'KPOCTUEJGU UKEJGT YCT IKPI GT \WO )GIGPCPITKHH ×DGT WPF UEJNWI $GO DGK 5CN\DWTI 2WEJPGT XGTHQNIVG $GOYGKVGTKPFGP7PVGTYCNFWPFDGUGV\VG/×JNDCEJ  &GT Q5KGDGPD×TIGT $QVGR XGTÑHHGPVNKEJVG GKPGP NCPIGP .GKVCTVKMGN Q¯DGT FGP 'KPOCTUEJ FGT 4WUUGP KP *GTOCPPUVCFV WPF -TQPUVCFVR &KG TWUUKUEJGP 6TWRRGP YCTGP CWU FGT 9CNCEJGK 
(T6GWVUEJ)GUEJKEJVG5 

)$CTK/KWCC15&KGU¼EJUKUEJG2TGUUGDGURTCEJFKG4GMTWVKGTWPIUIGUGV\G WPF KJTG &WTEJH×JTWPI  JCVVGP KP 5KGDGPD×TIGP \YGK 4GMTWVKGTWPIGP UVCVVIGHWPFGP GKPG FGT ©UVGTTGKEJGT
KO ,CPWCT  FKG CPFGTG FGT 7PICTP KO 5GRVGODGT #O  #WIWUV  GTNKG²GP FKG ©UVGTTGKEJGT GKP PGWGU 4GMTWVKGTWPIUIGUGV\  ) $CTK/KW CC1 5  #DGT (T 6GWVUEJ KP *WPFGTV ,CJTG 5  IKDV CPFGTG #PICDGP CP CO  (GDTWCT  \QI 'PIGNJCTFV KP -TQPUVCFV WPF CO  (GDTWCT 5MCTKCVKP KP *GTOCPPUVCFV GKP 6GWVUEJ IKDV  7NCPGP KP 'PIGNJCTFVU 6TWRRGP
$CTK/KW WPF/CPP+PHCPVGTKGWPF-QUCMGPWPVGT5MCTKCVKPU.GKVWPI
$CTK/KW  TGURGEVKX   CP $CTK/KWU #PICDGP MÑPPGP CNU IGPCWGT CPIGUGJGP YGTFGPKPFGUUGP'KIGPUEJCHVCNU#WIGP\GWIG 

'DGPFC5)$CTK/KWCC15 

GKPIGT×EMVQWOFKG$GUEJ×V\WPIFKGUGTDGKFGP5V¼FVGIGIGP4CWDWPF 8GTPKEJVWPIU\×IG FGT FCTCWH CWUIGJGPFGP TGDGNNKUEJGP 7PICTP WPF 5\GMNGT CWH LGPG <GKV \W ×DGTPGJOGPR +JT 'TUEJGKPGP JCVVG KP 5KGDGPD×TIGP#WHUGJGPGTTGIV/CPUQNNVGCDGTPKEJVDGUQTIVUGKPYGKN QYGFGT RQNKVKUEJG 6TKGDHGFGTP PQEJ FKRNQOCVKUEJG %QPLWPMVWTGP FKGUGO'KPT×EMGPTWUUKUEJGT6TWRRGP\WO)TWPFGNKGIVUQPFGTPFC² GU DNQ² GKP #MV XQP *WOCPKV¼V UGKR &GUJCND YCT GU YKEJVKI GKP FGT 9CJTJGKV IGO¼²GU $KNF \W DKGVGP &KG 5CEJUGP WPF 4WO¼PGP JCVVGP UKEJ GPVUEJKGFGP IGIGP FCU QVGTTQTKUVKUEJG WPVTGWG OCI[CTKUEJG 'NGOGPVRGTJQDGP&GT#TVKMGNDQVGKPGP4×EMDNKEMCWHFGP$×TIGTMTKGI KP 5KGDGPD×TIGP KPHQNIG FGUUGP DKU \W LGPGO <GKVRWPMV  /CPP FGP #WUGKPCPFGTUGV\WPIGP \WO 1RHGT IGHCNNGP YCTGP &KG TWUUKUEJG *KNHG YCT GKP #MV XQP QPCEJDCTNKEJGT *WOCPKV¼VR MGKPGUYGIU GKPG RQNKVKUEJDGIT×PFGVG+PVGTXGPVKQPGKPGUHTGOFGP5VCCVGU  +P GKPGT FGT HQNIGPFGP 0WOOGTP MTKVKUKGTVG FGT Q$QVGR FKG Q.×IGPR FKG KP \YGK $TKGHGP GKPGU 4WO¼PGP
XQO  WPF XQO  ,CPWCT   GPVJCNVGP YCTGP &KG KP FGT Q1UV&GWVUEJGP 2QUVR XGTÑHHGPVNKEJVGP $TKGHG DGJCWRVGVGP FC²FCUTWO¼PKUEJG-QOKVGGXQP CNNGT#PHCPICPIGIGPFGPTWUUKUEJGP'KPOCTUEJIGYGUGPYCTWPFFC² FKG 4WO¼PGP QIGIGP KJTGP 9KNNGPR FCU 2TQVQMQNN YGIGP TWUUKUEJGT *KNHGWPVGT\GKEJPGVJ¼VVGP&KGU¼EJUKUEJG<GKVWPIMQOOGPVKGTVG9GT MQPPVG FKG 4WO¼PGP LG \W GVYCU \YKPIGP! 9GKN FKG 4WO¼PGP QICT MGKPGT IGUGV\NKEJGP %KXKNDGJÑTFG KO .CPFG Q )GJQTUCO NGKUVGP 'KPG CPFGTG Q.×IGR YCT LGPG FC² FKG MM 6TWRRGP  YGNEJG OKV  /CPPWPF-CPQPGPMQP\GPVTKGTVDGK*GTOCPPUVCFVUVCPFGPMGKPGT TWUUKUEJGP *KNHG DGF×THV J¼VVGP &GT Q$QVGR DGTKEJVKIVG 'U YCTGP NGFKINKEJ/CPPOKV-CPQPGP  9GFGT $CTK/KW PQEJ 6GWVUEJ \GKIGP FGP 5VCPF FGT ÑUVGTTGKEJKUEJGP#TOGGKO#WIGPDNKEMFGU'KPOCTUEJGUFGT4WUUGPKP *GTOCPPUVCFV CP 'WIGP XQP (TKGFGPHGNU IKDV LGFQEJ GKPGP )GPGTCNUVCPF FGT MM 6TWRRGP XQP  /CPP CP &GT UEJYCEJ CWUIGUVCVVGVGWPFUEJYCEJXGTRHNGIVG-QTRUYCTCW²GT5VCPFGFKGXQP FGT4GXQNWVKQPXGTCPNC²VGCW²GTQTFGPVNKEJG-TKGIUNCIG\WDGUVGJGP  &KGUGNDG <GKVWPI PCJO FKG 'TMN¼TWPI FGU TWO¼PKUEJGP -QOKVGGU×DGTFGP+PJCNVFGT\YGK$TKGHGGKPGUTWO¼PKUEJGP5EJTGKDGTU 
Q5D$QVGR0T(GDTWCT5  ,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVT¼IG \WT <GKVIGUEJKEJVG 5KGDGPD×TIGPU KO  ,CJTJWPFGTV XQP 'WIGP XQP (TKGFGPHGNU 9KGP  $F ++ 5  %QPUVCPV XQP 9WT\DCEJ$KQITCRJKUEJGU.GZKMQPFGU-CKUGTVJWOU1GUVGTTGKEJ$F9KGP5 'DGPFC0T(GDTWCT5 

CWH  9CU FKG *CWRVWTUCEJG DGVTCH P¼ONKEJ FKG 'KPDGTWHWPI FGT TWUUKUEJGP 6TWRRGP QUQ JCV FCU TWO¼PKUEJG -QOKVGG \YCT CO  &G\GODGT X, YGPP INGKEJ WPIGTP UQ FQEJ FWTEJ FKG JKNHNQUG .CIG WPF0QVJWPUGTGU8CVGTNCPFGUIGFTWPIGPUGKPG7PVGTUEJTKHVGPCWHFKG FKGUH¼NNKIG 8QNNOCEJV YGIGP FGTCTVKIGT 4GVVWPI FGT TQO¼PKUEJGP UQ YKGFGTU¼EJUKUEJGP0CVKQPHTGKYKNNKIJGTIGIGDGPQJPGLGFQEJDGKFGP YGKVGTP 8GTJCPFNWPIGP ×DGT FKGUGP )GIGPUVCPF WPF FGP UR¼VGTJKP ×DGT $GUEJNW² FGU *GTOCPPUV¼FVGT /KNKV¼T-TKGIUTCVJGU YKTMNKEJ GTHQNIVGP'KPOCTUEJFKGUGTMTWUUKUEJGP5EJWV\VTWRRGPOGJTDGVJGKNKIV YQTFGP \W UGKPR 'U WPVGT\GKEJPGVG 5KOKQP $âTPW/KW 2T¼UKFGPV FGU 2C\KHKMCVKQPUCWUUEJWUUGU &KGUG 'TMN¼TWPI ×DGT FGP #PVGKN FGT TWO¼PKUEJGP5GKVGCPFGT*GTDGKH×JTWPIFGTTWUUKUEJGP+PVGTXGPVKQPKUV YCJTJGKVUIGO¼²#WEJ$CTK/KWUEJTGKDVFC²PCEJ7PVGT\GKEJPWPIFGU 2TQVQMQNNUFCUTWO¼PKUEJG-QOKVGGPKEJVOGJTYGKVGTKPFKGUGO5KPPG IGYKTMVJCV  &CU-TQPUV¼FVGTQ5KGDGPD×TIGT9QEJGPDNCVVRKPGKPGTUGKPGT NGV\VGP 0WOOGTP DGUEJTKGD GDGPHCNNU FCU 'TGKIPKU &GT Q7GDGT FGP 'KPOCTUEJFGTMCKUGTNKEJTWUUKUEJGP6TWRRGPKP5KGDGPD×TIGPRDGVKVGNVG #WHUCV\ ICD GKPGP #TVKMGN FGT QHHK\KGNNGP 9KGPGT 4GIKGTWPIU\GKVWPI XQO  (GDTWCT  YKGFGT &KG COVNKEJG ÑUVGTTGKEJKUEJG 8GTUKQP NCWVGVG HQNIGPFGTOC²GP &CU #TIWOGPV FGT 0QVYGPFKIMGKV FGU TWUUKUEJGP'KPITKHHUYCTFKG8GTVGKFKIWPIFGTQDN×JGPFGP*CWRVUV¼FVG FGU VTGWGP 5CEJUGPNCPFGUR #NU FKG 8GTDKPFWPI OKV FGT KP 7PICTP QRGTKGTGPFGPMM#TOGGXGTUEJYCPFYWTFG2WEJPGTXQPCNNGP5GKVGP OKV $KVVGP DGUV×TOV Q8QP FGT 0QVJYGPFKIMGKV FWTEJFTWPIGP FCU 5CEJUGPNCPFGXQTFGP8GTJGGTWPIGPFGT5\GMNGT\WUEJ×V\GPINCWDVG (/. XQP 2WEJPGT FGT 5VKOOG FGT /GPUEJNKEJMGKV )GJÑT IGDGP WPF FKG XGTGKPVGP $KVVGP FGT TQOCPKUEJGP WPF U¼EJUKUEJGP 0CVKQP WO *GTDGKTWHWPI TWUUKUEJGT *KNHG QDINGKEJ GT JKGT\W XQP FGT MM 4GIKGTWPI PKEJV GTO¼EJVKIV YCT KP $GTCVJWPI \KGJGP \W O×UUGPR +POKVVGP FGU CO  (GDTWCT XGTUCOOGNVGP -TKGIUTCVGU DTCEJVG GKP -WTKGT XQP -TQPUVCFV FKG 0CEJTKEJV FC² QFKG DGYCHHPGVGP 5\GMNGTJQTFGP  CP FGT <CJNR LGPGU QTGKPG *CPFGNUGORQTKWOR OKV FGO 7PVGTICPI DGFTQJVGP +PHQNIG FGU #PUWEJGPU XQP 2WEJPGT YCTGP CO  (GDTWCT  TWUUKUEJG 5QNFCVGP KP -TQPUVCFV CO  (GDTWCT CDGT  /CPP KP *GTOCPPUVCFV GKPIGT×EMV 2WEJPGT JCVVG UGKPGPQJPG'TO¼EJVKIWPIFGTMM4GIKGTWPIGTHQNIVGP5EJTKVVFCFWTEJ OQVKXKGTVQFC²FKG*×NHGNGKUVWPIFGTTWUUKUEJGP6TWRRGPPWTCWHFGP 
Q5D$QVGR0T/¼T\5 &KG<GKVWPIJCVKJT'TUEJGKPGPOKV0TXQO/¼T\GKPIGUVGNNV 

OQOGPVCPGP5EJWV\FGTU¼EJUKUEJGP5V¼FVGDGTGEJPGVKUVWPFFC²XQP GKPGTCMVKXGP6JGKNPCJOGFKGUGT6TWRRGPCPFGTYGKVGTP$GM¼ORHWPI FGT4GDGNNKQPMGKPG4GFGUGKPMCPPR  /KV GKPGT CPFGTGP )GNGIGPJGKV JQD FKGUGNDG <GKVWPI FKG DGFGWVGPFG 4QNNG FGT 4WUUGP DGK FGT 8GTVGKFKIWPI FGT \YGK 5V¼FVG JGTXQT-TQPUVCFVJ¼VVGUKEJUGNDUVXQTFGP5\GMNGTP
PKEJV  PKEJVXGTVGKFKIGPMÑPPGP&KGQCWHWPUGT#PUWEJGPWPFWPUGTG-QUVGPR JGTDGKIGTWHGPGP 4WUUGP JCDGP FGP 'KPOCTUEJ QH×T MGKPG RQNKVKUEJG +PVGTXGPVKQPUHTCIGCPIGUGJGPRQ7PUGTGRQNKVKUEJGP#DUKEJVGPUKPFFKGXQO (×TUVGP CPGTMCPPVGP FKG XQP FGT /GJTJGKV FGT 5VCCVUD×TIGT IGJGIVGPR +P 5KGDGPD×TIGPYWTFGP¼ONKEJQOKV5EJCOTÑVJGKO#PVNKV\O×UUGPYKT GUIGUVGJGPRPKEJVDNQ²-TKGIIGH×JTVUQPFGTPQGUYKTFJKGTXQPFGP 0CVKQPGP FKG UKEJ IGIGP×DGT UVGJGP OKV FGO -TKGI CWUFT×EMNKEJ FKG IGIGPUGKVKIG #WUTQVVWPI DGVTKGDGPR #WU GKPGT QUEJCWGTNKEJGP 8GTKTTWPI H×T UGKP 8QNMUVJWOR XGTHKGNGP WPUEJWNFKIG )TGKUG 9GKDGT WPF -KPFGT &KG /CJPWPIGP FGU MM /KPKUVGTKWOU HCPFGP MGKP 1JT YGFGTDGKFGP4WO¼PGPPQEJDGKFGP7PICTP&KG5CEJUGPUVCPFGPKP FGT/KVVGKOQ5VTWFGNFGU7PVGTICPIUKPYGNEJGOTQJGT(CPCVKUOWU WPFXKGJKUEJGT4¼WDGTUKPPY×VJGPFFCJKPVTGKDGPRQ&CU$KNFWPUGTGT 5EJYGUVGTUVCFV5¼EJUKUEJ4GGPUEJYGDVGWPUXQT/CPPGPPGWPUFGP 8QTVJGKN WPF FKG 'JTG FKG \W GTYCTVGP IGYGUGP YGPP YKT FKGUGO 5EJKEMUCN DNKPF GPVIGIGPIGICPIGP Y¼TGPR &KG 4WUUGP JCVVGP UKEJ KP FGP CW²GTJCND FGT \YGK U¼EJUKUEJGP 5V¼FVG IGH×JTVGP -¼ORHG PKEJV GKPIGOKUEJV WPF UQNNVGP UKEJ GJGDCNFKIUV \WT×EM\KGJGP QYGPP FCU YKNFG6KGTGTNGIVKUVWPFFGT4¼WDGTXQTUGKPGO4KEJVGTUVGJVR  &KGQDKIGP8QTUVGNNWPIGPUEJTKGDGPFGO'TGKIPKUGKPGMNGKPGTG $GFGWVWPI\WCNUGUYKTMNKEJJCVVG&GT'KPOCTUEJFGT4WUUGPYWTFG CNUGKPG/C²PCJOGCWHÑTVNKEJGT'DGPGWPFQJPGLGFYGNEJGRQNKVKUEJG -QPUGSWGP\GP CPIGUGJGP &KG 4GEJVHGTVKIWPI YKFGTURKGIGNV CDGT FCU 5EJWNFIGH×JN WPF FKG $GUQTIPKU JKPUKEJVNKEJ FGT 4GCMVKQP FGT ÑHHGPVNKEJGP /GKPWPI &KGUG NKG² PKEJV NCPIG CWH UKEJ YCTVGP )WUVCX (TG[VCI UEJTKGD KO .GKR\KIGT Q)TGP\DQVGPR FGO 8QTRQUVGP FGU FGWVUEJGP.KDGTCNKUOWU  Q-TKGI KO +PPGTP UQ H×TEJVGTNKEJ GT Y×VGV KUV KOOGT GKPGO (COKNKGPJCFGT XGTINGKEJDCT OCP JC²V UKEJ DKVVGTNKEJ CDGT OCP MCPP UKEJ CWEJ DT×FGTNKEJ NKGDGP 'KP (TGOFGT FGT FC\YKUEJGP MQOOV 1TFPWPI \W UVKHVGP XGTPKEJVGV FGP 4GUV FGT (COKNKGPRKGV¼V FKG KP GKPGO 9KPMGN FGT 5GGNGP CWEJ DGKO JGK²GUVGP <QTP \WT×EMIGVTKGDGP 
Q5D9QEJGPDNCVVR0T/¼T\5 'DGPFC0T/¼T\5 

FCWGTVR 7PF KP DG\WI CWH FKG 5CEJUGP YGKVGT Q.GKFGT KUV GU INGKEJI×NVKI QD FGT 'KP\WI
FGT 4WUUGP  OKV QFGT QJPG GWTGP 9KNNGP IGUEJCJCPFGOYCUDGKFKGUGO(TGWPFUEJCHVUFKGPUVVTCIKUEJKUVUGKF KJTFQEJUEJWNF+EJVCFNGFKG5CEJUGPPKEJVYGNEJGTKGHGPCDGTGUYCT GKP 7PIN×EM FC² UKG GU VCVGP WPF FC² FKG 4WUUGP UQ IGPGKIV UGKP FWTHVGP\WMQOOGPKUVFCUITѲVG7PIN×EMKUVGWTG5EJWNF7PFFQEJ YCTFKJTGJTNKEJWPFGWGT9KNNGIWVR  #O  /¼T\ HCPF FGT \YGKVG <WUCOOGPUVQ² DGK *GTOCPPUVCFV UVCVV &CU )GHGEJV YCT MWT\ 5MCTKCVKP XGTNKG² FKG 5VCFV WPFHN×EJVGVGKPFKG9CNCEJGK'UDGICPPFKGWPICTKUEJG*GTTUEJCHVKP *GTOCPPUVCFV &GT Q5KGDGPD×TIGT $QVGR DGUEJWNFKIVG FKG 4WUUGP FGU &GUKPVGTGUUGUCPFGT8GTVGKFKIWPIQ9CTGPFKG)GPGT¼NGFQEJIGJÑTKI CWHFGP(ײGPWO\WT8GTVJGKFKIWPIFCU/ÑINKEJUVG\WVJWPWOKO (CNNGFGT0QVJ\WTGVVGPYCU\WTGVVGPYCT!0GKP)GPGTCN$GOUCJ FC²GTFGP-CORHKPFKG0CEJVJKPGKP\WHQTEKGTGPJCDG5GKP5KGIYCT GPVUEJKGFGPR  &GT Q$QVGR ICD
CO   WPF  /¼T\  OGJTGTG 2TQMNCOCVKQPGP$GOUCPFKG$GYQJPGT5KGDGPD×TIGPUYKGFGTQ'WGTG GKP\KIG 4GVVWPI KUV FKG #PGTMGPPWPI WPF 9CJTJCHVOCEJWPI FGT 7PKQPOKV7PICTP&KG9CJNMCPPGWEJPKEJVUEJYGTHCNNGP\YKUEJGP D×TIGTNKEJGT (TGKJGKV WPF FGT -PWVG FGPP YCU FGT TWUUKUEJG 5EJWV\ YKNN FCU YGTFGV KJT PWP GTHCJTGP JCDGPR $GO DTCEJVG FGP *GTOCPPUV¼FVGTP KP 'TKPPGTWPI Q+JT JCDV TWUUKUEJG *KNHG CPIGURTQEJGP &CU DTCPFOCTMV GWEJ KP FGP #WIGP XQP ICP\ 'WTQRC WPFFT×EMVWPUGTGT5CEJGFGP5VGORGNFGT4GEJVO¼²KIMGKVCWH'UMCPP FKGU WPOÑINKEJ FGT 9WPUEJ CNNGT UKGDGPD×TIKUEJGT 5CEJUGP UGKP FKG XQTMWT\GOPQEJUQTWUUGPHGKPFNKEJYCTGP+JTMÑPPVGWEJPWTFWTEJ GKPGPÑHHGPVNKEJGP9KFGTTWHXQPFKGUGT5EJOCEJTGKPKIGPR  $GO IGY¼JTVG CNNIGOGKPG #OPGUVKG -QUUWVJ CDGT GTMN¼TVG FWTEJ FGP 4GIKGTWPIUMQOOKUU¼T %U¶P[K FKG #OPGUVKG H×T WPI×NVKI WPFUVGNNVG-TKGIUIGTKEJVGCWH  &KG2TGUUGICDFKGHGUVNKEJGWPFHGKGTNKEJG2TQVGUVGTMN¼TWPIFGT 5VCFVD×TIGTUEJCHVXQP*GTOCPPUVCFVIGIGPLGFGTWUUKUEJG+PVGTXGPVKQP YKGFGT 
3WQVKGTVXQP(T6GWVUEJ)GUEJKEJVG5 Q5D$QVGR0T/¼T\5 'DGPFC0T/¼T\5 

&KGQ-TQPUV¼FVGT<GKVWPIR0T/¼T\5YKGFGTICDGKPG0CEJTKEJVCWU Q5D$QVGR0T/¼T\5

*GTOCPPUVCFVOKV$GOU2TQMNCOCVKQPXQO/¼T\  

#O/¼T\UEJTKGD-QUUWVJCP$GOQ'TNCWDGP5KGOKT FKG $KVVG KO +PVGTGUUG FGT JGKNKIGP 5CEJG H×T FKG 5KG UQ INQTTGKEJ M¼ORHGP OKV FGP XGTT¼VGTKUEJGP 5CEJUGP PKEJV \W ITQ²O×VKI \W XGTHCJTGP 6TCWGP 5KG FGP 5CEJUGP PKEJV +EJ DKP PKEJV 6GTTQTKUV FGPMGPKEJVCP4GRTGUUCNKGPCDGTKEJYKNN5KEJGTJGKVJCDGPIGIGPPGWGP 8GTTCV FKGUGT XGTDTGEJGTKUEJGP WPFCPMDCTGP 5CEJUGP +EJ DKVVG 5KG FGOPCEJ FGP 5CEJUGP PKEJVU \W XGTURTGEJGP UQPFGTP DNQ² \W UCIGP FC²KJTM×PHVKIGU5EJKEMUCNXQPKJTGO$GPGJOGPCDJ¼PIGPYKTFWPF FCUKGUKEJGTHTGEJVJCDGPFKG4WUUGPXÑNMGTTGEJVUYKFTKIKPFCU.CPF \WTWHGPWPFFCFWTEJUKEJFGUIQVVNQUGUVGP.CPFGUXGTTCVGUVCWUGPFHCEJ UEJWNFKI IGOCEJV UQ GTMN¼TG KEJ FC² YGPP FKG 5CEJUGP PKEJV DKUCWH FGP NGV\VGP /CPP FKG 4WUUGP CWU FGO .CPFG GPVHGTPGP YGTFG KEJ MGKPGP 5CEJUGP CWH FGO )GDKGV FGT WPICTKUEJGP -TQPG FWNFGP UQPFGTPUKGCWUFGO.CPFGLCIGPQFGTCNNGP5EJWV\GUCNNGT(TGKJGKVGP FGU)GUGV\GUXGTNWUVKIGTMN¼TGPWPFCNNKJT*CDWPF)WV\WO'THC²FGU WPGPFNKEJGP 4CWDGPU 2N×PFGTPU WPF FGT -TKGIUMQUVGP UGSWGUVTKGTGP +EJGTVGKNGFGO*GTTP)GPGTCNFKGRQUKVKXG9GKUWPIFKGXQT\×INKEJGP .GKVGT FGU U¼EJUKUEJGP #WHTWJTU CTTGVKGTGP \W NCUUGP WPF UGNDG FGO 4GIKGTWPIU%QOOKUU¼T %U¶P[K \W ×DGTNKGHGTP OKV FGT 9GKUWPI FC² UGNDG CNU )GKUGNP H×T FKG CNUDCNFKIG 'PVHGTPWPI FGT 4WUUGP WPF HTKGFNKEJGU8GTJCNVGPKJTGT/KVD×TIGTFKGPGPUQNNGPWPFHCNNUFKG4WUUGP UKEJ PKEJV CNUQINGKEJ CWU FGO .CPFG GPVHGTPGP QFGT FKG OKPFGUVG 9KFGTUGV\NKEJMGKV WPVGT FGP 5CEJUGP UKEJ QHHGPDCTV YGTFGP UGNDG CNU FGU ¼TIUVGP .CPFGUXGTTCVU UEJWNFKI XQT GKP -TKGIUIGTKEJV IGUVGNNV WPF WPCDYGKUNKEJ OKV FGO 6QFG DGUVTCHVR &KGUGT 9GKUWPI -QUUWVJU UEJGPMVG$GOMGKPG#WHOGTMUCOMGKVPQEJFGO$GHGJNQ*GTOCPPUVCFV FGO 'TFDQFGP INGKEJ \W OCEJGPR 1DGTUV -KUU GTMN¼TVG GT Q+EJ JCDG GKPG 5VCFV GTQDGTV WPF YKNN CWEJ GKPG 5VCFV DGJCWRVGP MGKPGP 5EJWVV WPF6T×OOGTJCWHGPR  #O/¼T\DGICDUKEJ-TQPUVCFVHTGKYKNNKIKPFKG*¼PFG $GOU+PUGKPGTNGV\VGP0WOOGTXQTFGO'KPUVGNNGPUGKPGU'TUEJGKPGPU 
/¼T\ ×DGTPCJOFCUQ9QEJGPDNCVVR$GOU2TQMNCOCVKQPQ'PFNKEJ KUVPCEJUQXKGNGP&TCPIUCNGPFGTIN×EMNKEJGWPFITQ²G6CIGTUEJKGPGP CP YGNEJGO KEJ GWEJ OKV YCJTGT (TGWFG XGTM×PFGP MCPP FC² FGT IGOGKPUEJCHVNKEJG (GKPF FCU TWUUKUEJG WPF ÑUVGTTGKEJKUEJG /KNKV¼T DGUKGIVWPFKPFKG9CNCEJGKGPVHNQJGPFC²FGT(TKGFGKOICP\GP.CPFG GTM¼ORHV UGKR $GO DGHCJN H×T FGP HQNIGPFGP 5QPPVCI HGKGTNKEJG &CPMIGDGVG XQO #NVCT CNNGT 4GNKIKQPUMWNVG &CU 8QNM UQNNVG \W UGKPGP 
(T6GWVUEJ)GUEJKEJVG5 %)ÑNNPGTCC15 

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,WPK UGKPGP6TWRRGPFGP$GHGJN\WO#DOCTUEJ#O/CKHCPF FGTXQP)GPGTCN5CUUIGH×JTVGGTUVGTWUUKUEJG'KPITKHHKO-QOKVCV#TXC KP7PICTPUVCVV#WEJFKG)GPGT¼NG2CUMKGXKEUWPF4×FKIGTT×EMVGPKP 7PICTP GKP &KG )GPGT¼NG )TCDDG WPF 5CEMGP DNKGDGP YGKVGTJKP KP )CNK\KGP #O  /CK  UGV\VGP UKEJ <CT 0KMQNCWU WPF -CKUGT (TCP\ ,QUGRJ KP 9CTUEJCW ×DGT FKG $GFKPIWPIGP WPVGT YGNEJGP FKG TWUUKUEJG *KNHG \WT 0KGFGTUEJNCIWPI FGT WPICTKUEJGP 4GXQNWVKQP GTHQNIGPUQNNVGKPU'KPXGTPGJOGP  &GT WPICTKUEJG -QOOCPFCPV XQP -TQPUVCFV 1DGTUV -KUU DGTWJKIVGFKG5VCFVD×TIGTFWTEJGKPG0QVGKPYGNEJGTGTFCU)GT×EJV FGT4×EMMGJTFGT4WUUGPWPF©UVGTTGKEJGTCDYKGUQ'UMQOOGPYGFGT 4WUUGP PQEJ XKGN YGPKIGT FKG $T×FGT ¼JPNKEJGP )GNKEJVGTU FKG 

Q5D9QEJGPDNCVVR0T/¼T\5 )$CTK/KWCC15 'DGPFC5 

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#PJCPI &QM 0T   -TQPUVCFVU $×TIGTUEJCHV NGIVG GKPGP HGKGTNKEJGP 2TQVGUV IGIGP LGFG HTGOFG +PVGTXGPVKQP UQOKV CWEJ IGIGP FKG TWUUKUEJG GKP &GT -TQPUV¼FVGT/CIKUVTCVWPFFKG5VCFVMQOOWPKV¼VGTMN¼TVGPGTPGWVQKJTG 'JTG UVGVU KP FGT VJGKNU FGT #PP¼JGTWPI FGT UKGITGKEJGP WPICTKUEJGP #TOGG FGTGP JQEJJGT\KIGP )GPGTCNGP FGTOCNKIGP (GNFOCTUEJCNN NKGWVGPCPV $GO VJGKNU FWTEJ KJTG FGT J WPICTKUEJGP 4GIKGTWPI CWU TGKPGT WPF KPPGTGT 7GDGT\GWIWPI FCTIGDTCEJVG *WNFKIWPI DGTGKVU DGY¼JTVGP WPGTUEJ×VVGTNKEJGP 6TGWG WPF #PJ¼PINKEJMGKV IGIGP×DGT FGTDGNQDVGP4GIKGTWPIGORQT\WJCNVGPR  #O  ,WPK  OCEJVG FKG Q-TQPUV¼FVGT <GKVWPIR FKG Q<KTMWNCTFGRGUEJG FGT MCKUGTNKEJGP TWUUKUEJGP 4GIKGTWPI CP KJTG 8GTVTGVGT KO #WUNCPFGR XQO  #RTKN MWPF &GT 'KPITKHH FGT 4WUUGP YWTFG FWTEJ FKG 0QVYGPFKIMGKV GTMN¼TV FKG #WUDTGKVWPI FGT 
Q-TQPUV¼FVGT<GKVWPIR0T/CK5 'DGPFC0T/CK5 'DGPFC0T/CK5&GT$GTKEJVYWTFGCO/CKFCVKGTV 

4GXQNWVKQPKPFGPRQNPKUEJGP)GDKGVGP\WXGTJKPFGTP$GO&GODKPUMK WPF CPFGTG KP 5KGDGPD×TIGP VGKNPGJOGPFGP QRQNPKUEJGP 'OKITKTVGPR ¼W²GTVGP GKPGP WPIN×EMUGNKIGP 'KPHNW² &CU UKGDGPD×TIKUEJG $GKURKGN YKTMVGUKEJPGICVKXCWHFKG4WJGKPFGP&QPCWH×TUVGPV×OGTPCWUFKG 4W²NCPFKO'KPXGTPGJOGPOKVFGT6×TMGK\WYCJTGPDGUVTGDVUGK&GT <CT \GKIVG FC² GT UGKPGP HT×JGTGP 'TMN¼TWPIGP VTGW DNKGD WPF \YCT GTMCPPVG GT CNNGP 5VCCVGP FGT 9GNV FCU 4GEJV \W ×DGT KJTG RQNKVKUEJG 8GTHCUUWPI \W GPVUEJGKFGP VTQV\FGO DGJKGNV GT UKEJ LGFGT\GKV FKG (TGKJGKVXQTGKP\WUEJTGKVGPQUQDCNFFGT4×EMUEJNCIFGTDGPCEJDCTVGP 4GXQNWVKQPGP \W +JTGO 5T /CLGUV¼V 0CEJVJGKN FKG 4WJG UVÑTGP Y×TFGR &GT <CT JCPFGNVG INGKEJ\GKVKI QPKEJV PWT KP 5GKPGO GKIGPGP +PVGTGUUG UQPFGTP CWEJ KP FGOLGPKIGP FGT 1TFPWPI WPF 4WJG 'WTQRCUR'KPWPCDJ¼PIKIGU7PICTPDGFGWVGVG#PCTEJKG  &GO \CTKUVKUEJGP 4WPFUEJTGKDGP HQNIVG FGT -QOOGPVCT FGT 4GFCMVKQP Q<YGKGTNGK NGTPGPYKTCWUFKGUGTJÑEJUVRHKHHKICDIGHCUUVGP &GRGUEJG GTUVGPU FC² FKG TWUUKUEJG 4GIKGTWPI CWEJ +PVGTGUUGP JCV YGNEJG UKG KJTG VJGWGTUVGP PGPPV WPF \YGKVGPU FC² PKEJV PWT FKG UEJÑPGP )GKUVGT UQPFGTP CWEJ FKGLGPKIGP XQP YGNEJGP FKG -CDKPGVVG FGU ÑUVTGKEJKUEJGP WPF TWUUKUEJGP #WVQMTCVGP DGUGUUGP UKPF UKEJ OCPEJOCNDGIGIPGP#NUQFKG1TFPWPIWPF4WJG'WTQRCUYKNNFGT TWUUKUEJG%\CTYKGFGTJGTUVGNNGPFKGKPG1TFPWPIYKGUKGKPFGPXQP 5MNCXGPDGUVGNNVGP2HNCP\WPIGPGKPG4WJGYKGUKGKO)TCDGJGTTUEJV #WEJ FKG 8ÑNMGT YQNNGP 4WJG WPF 1TFPWPI CDGT PKEJV FKG 1TFPWPI FGT7PHTGKJGKVWPFPKEJVFKG4WJGFGU6QFGUUQPFGTPFKG1TFPWPICNU IGTGIGNVG $GYGIWPI WPF FKG 4WJG CNU 7PIGUVÑTVJGKV FGT GYKIGP /GPUEJGPTGEJVG.KGDGTFWTEJ9KPFWPF4GIGPKO(TGKGPYCPFGNPCNU DGKO¼²KIGT*GNNGWPF5VKNNGKO-GTMGTUKV\GPNKGDGTUQNNFGT5VWTOFGT 4GXQNWVKQP FGP $QFGP GKPGU 9GNVVJGKNGU HGIGP CNU FC² /KNNKQPGP /GPUEJGP YKG 2WRRGP KP GKPGO /CTKQPGVVGPVJGCVGT CP FGP &T¼JVGP GKPKIGT9KNNM×TJGTTUEJGTPCEJFGP)GUGV\GPGKPGT1TFPWPIYKGFKGUG UKGXGTUVGJGPDGYGIVYGTFGPR&KG<GKVWPIHQTFGTVGFKG$×TIGT\WFGO XQP FGT WPICTKUEJGP 4GIKGTWPI XQTIGUEJTKGDGPGP -KTEJGPIGDGVG CWH YGNEJGU HQNIGPFGTOC²GP CPHKPI Q)QVV O¼EJVKIGT )QVV FGT 8ÑNMGTR 'TUV CO  ,WPK ×DGTPCJO FKG Q-TQPUV¼FVGT <GKVWPIR CWU FGO 2GVGTUDWTIGT#OVUDNCVVFCU/CPKHGUVFGU<CTGPXQO/CK  &KG TWUUKUEJG 1HHGPUKXG YWTFG #PHCPI ,WPK  GKPIGNGKVGV )GPGTCN.×FGTUT×EMVGCWUFGT9CNCEJGKFWTEJFKG2¼UUG2TGFGCNWPF 
'DGPFC 0T   ,WPK  5  &KG <CTGPFGRGEJG YWTFG CWU FGO Q*KTXKXÑR 'DGPFC0T,WPK5

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6ÑT\DWTI OKV  /CPP 
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)$CTK/KWCC15 Q5D$QVGR0T,WPK5 

(T6GWVUEJ)GUEJKEJVG5%)ÑNNPGTCC15 

&KG Q-TQPUV¼FVGT <GKVWPIR ICD 5EJYCT\GPDGTIU 2TQMNCOCVKQP CP FKG $GYQJPGT7PICTPUYKGFGT&GT¯DGTVTKVV\WOCPFGTGP.CIGTKUVCWEJ KP FGT 2WDNKMCVKQP FGU )GNFMWTUGU FGT TWUUKUEJGP /×P\GP GTUKEJVNKEJ QTWUUUKEJGT4WDGNPGWGT)CVVWPIIKNV2KCUVGT´2CTCQFGT 5KNDGT\YCP\KIGTWPFMT%/RWUY  +O 0QTFGP 5KGDGPD×TIGPU T×EMVG FGT TWUUKUEJG )GPGTCN )TQVGPJKGNO CO  ,WPK KP $KUVTKV\ GKP &GT FCOCNU KP -NCWUGPDWTI DGHKPFNKEJG)GPGTCN$GOYCPFVGUKEJGTPGWV 
,WPK OKVFGO8GTDQV CP FKG $GYQJPGT 5KGDGPD×TIGPU CWH FKG ÑUVGTTGKEJKUEJTWUUKUEJG 5GKVG \W VTGVGP Q&KG IGIGP FKG WPICTKUEJG (TGKJGKV WPF 7PCDJ¼PIKIMGKV HGKPFNKEJIGUKPPVGP$GYQJPGTFKGUGU.CPFGUP¼ONKEJFKG5CEJUGPWPF 9CNCEJGP  CDGT HQTFGTG KEJ GTPUVNKEJ CWH UKEJ CWH MGKPG 9GKUG DGK FKGUGO-CORH\WDGVJGKNKIGPR#PFGTPHCNNUFTQJVGFKG6QFGUUVTCHG'KP #TOGGDGHGJN XQP $GO \GKIVG FC² FKG &GUGTVGWTG GTUEJQUUGP YGTFGP UQNNVGP 'KP YGKVGTGT 6CIGUDGHGJN DGUEJTKGD FKG 7OUV¼PFG WPVGT YGNEJGP GKPKIG *WPFGTVG 5\GMNGTUQNFCVGP XQT FGO 'KPOCTUEJ FGT 4WUUGPFKG(NWEJVGTITKHHGPJCVVGP 
,WPK $GODGIPCFKIVGUKG  &KG7PICTPXGTNKG²GP*GTOCPPUVCFVCO,WNK.×FGTU DGUGV\VGFKG5VCFVCO,WNK&GTQ5KGDGPD×TIGT$QVGRXGTÑHHGPVNKEJVG FKG PGWGP XQP FGT ÑUVGTTGKEJKUEJGP 4GIKGTWPI GORHQJNGPGP /C²PCJOGP #NNG XQP FGT TGXQNWVKQP¼TGP 4GIKGTWPI GTNCUUGPGP #PQTFPWPIGP VTCVGP CW²GT -TCHV &CU )TQ²H×TUVGPVWO 5KGDGPD×TIGP DNKGD DKU \WT XQNNGPFGVGP 2C\KHKMCVKQP FGU .CPFGU WPVGT -TKGIUTGEJV 0WPYWTFGFKG9CJTJGKV×DGTFGP*GNFGPOWVFGT4WUUGPKO)GHGEJV XQT *GTOCPPUVCFV CO  /¼T\  QYKGFGTJGTIGUVGNNVR IGTCFG FGT Q$QVGR JCVVG FCOCNU FKG 4WUUGP FGU &GUKPVGTGUUGU CP FGT 5VCFVXGTVGKFKIWPI DGUEJWNFKIV #WH FGT NGV\VGP 5GKVG FGU $NCVVGU VCWEJVGP#P\GKIGPYKG(QNIGPFGCWH  Q&GTUEJPGNNG4WUUG$KNNKIUVGTWPFRTCMVKUEJGT&QNOGVUEJGTH×T &GWVUEJGDKPPGP/KPWVGPUKEJKPTWUUKUEJGT5RTCEJGXGTUV¼PFNKEJ\W OCEJGP QJPG UQNEJG HT×JGT \W MGPPGP 8QP 9TCVKUNCY 5VQLCPQXKVUEJ 2TGKUMT%/R 

Q-T<GKVWPIR0T,WPK5 Q5D$QVGR0T,WPK5 'DGPFC0T,WNK5 'DGPFC0T,WNK5 'DGPFC0T,WNK5 'DGPFC 'DGPFC0T,WNK5  

+PGKPGT8GTQTFPWPIXQO,WNKOCEJVGFGT1DGTUVWPFMM -QOOKUU¼T (TCP\ XQP &QTUPGT FKG CNNIGOGKPG 'PVYCHHPWPI FKG 'PVHGTPWPI CNNGT XQP FGT TGXQNWVKQP¼TGP 4GIKGTWPI IGVTQHHGPGP 8GTH×IWPIGP FKG $GUEJNCIPCJOG FGT WPICTKUEJGP $CPMPQVGP UQYKG FKG #WHJGDWPI FGT FKG 5WRTGOCVKG FGT WPICTKUEJGP 5RTCEJG DGIT×PFGPFGP )GUGV\G KP $G\KTMGP OKV IGOKUEJVGT $GXÑNMGTWPI DGMCPPV &KG ÑUVGTTGKEJKUEJG 4GIKGTWPI GTMCPPVG FKG #WHJGDWPI FGT 7TDCTKCNNGKUVWPIGPWPF(TQPFKGPUVGCP
#PJCPI&QM0T   )GPGTCN.GWVPCPV XQP *CUHQTF -QOOCPFCPV FGT TWUUKUEJGP 6TWRRGPKP-TQPUVCFVXGTUKEJGTVGCO,WNKFKGHTKGFNKEJGP$GYQJPGT 5KGDGPD×TIGPU UGKPGU 5EJWV\GU CPFGTGTUGKVU MQPPVGP FKG 4WJGUVÑTGT WPF#WHYKGINGTUQYKGQFKGIGJGKOGP#IGPVGPFGT4GDGNNGPR×DGT\GWIV UGKP FC² UKG FGO 5VCPFIGTKEJVG WPF FGT XGTFKGPVGP 5VTCHG ×DGTCPVYQTVGVUGKPYGTFGP  #OUGNDGP6CIGYWTFG4GRUXQPFGP4WUUGPDGUGV\V  #O,WNKITKHH$GO.×FGTUWPXGTOWVGVCP&GT-CORHHCPF \YKUEJGP 5EJ¼²DWTI WPF 9GK²MKTEJ UVCVV 'KPG -CPQPGPMWIGN VÑVGVG )GPGTCN 5MCTKCVKP $GO UEJTKVV \W GKPGO $CLQPGVVCPITKHH CWH FKG TWUUKUEJG +PHCPVGTKG .×FGTU DGQTFPGVG GKPGP )GIGPCPITKHH UGKPGT 7NCPGP $GK 9GK²MKTEJ UVCTDGP FGT 2WDNK\KUV #PVQP -WT\ WPF FGT &KEJVGT 5¶PFQT 2GVÑHK DGKFG CNU $GOU #FLWVCPVGP .GV\VGTGT YWTFG DGUKGIV  $GO GKNVG PCEJ *GTOCPPUVCFV FCU GT GTPGWV CO  #WIWUV DGUGV\VG #O  #WIWUV UVCPF CWEJ .×FGTU OKV UGKPGP 4WUUGPCWHFGT *ÑJG XQP )TQ²UEJGWGTP KP FGT 0¼JG FGT 5VCFV $GKO 8QTT×EMGP FGT 4WUUGPUQNN$GOIGUCIVJCDGPQ&CMQOOVOGKPCNVGT(TGWPF.×FGTU 'T YCT KP FGT 5EJWNG KOOGT XQT OKT GT YKTF OKEJ CWEJ JGWVG ×DGTYKPFGPR 6GWVUEJ MQOOGPVKGTV &KG GJGOCNKIGP TWUUKUEJGP 5EJWNMCOGTCFGPVTCHGPUKEJ\WONGV\VGPOCNKP5KGDGPD×TIGP$GOMCO OKVFGO.GDGPFCXQPWPFHNQJPCEJ6GOGUYCT  &GT Q5KGDGPD×TIGT $QVGR DGTKEJVGVG MCWO ×DGT FKG FTKVVG 5EJNCEJV DGK *GTOCPPUVCFV 'T XGTVGKFKIVG DNQ² UGKPG $×TIGT &KG *GTOCPPUV¼FVGT 5CEJUGP J¼VVGP Y¼JTGPF FGU QOÑTFGTKUEJGP 5VTC²GPMCORHGURXQO#WIWUVFGP7PICTPMGKPG*KNHGIGNGKUVGVWPF J¼VVGP CWEJ MGKPG 4WUUGP GTUEJQUUGP 7PCPIGPGJOG 8QTH¼NNG ICDGP #PNC² \W <YKUVKIMGKVGP \YKUEJGP FGP 4WO¼PGP WPF 5CEJUGP 'KP 
'DGPFC0T,WNK50T,WNK5 Q5D$QVGR0T,WNK5 (T6GWVUEJ)GUEJKEJVG5 

Q5D$QVGR0T#WIWUV5 

4WO¼PGJ¼VVGTWUUKUEJGP5QNFCVGPGTMN¼TVFC²FKG*GTOCPPUV¼FVGTCWH FKG M¼ORHGPFGP 4WUUGP CWU FGP (GPUVGTP IGUEJQUUGP WPF UKGFGPFGU 9CUUGTWPF©N×DGTUKGIGIQUUGPJ¼VVGP+PFGPTWO¼PKUEJGP&ÑTHGTP \W *GTOCPPUVCFV J¼VVGP GKPKIG 2QRGP FKG 4WUUGP IGIGP FKG *GTOCPPUV¼FVGT CWHIGJGV\V 'KP UQNEJGT Q#RQUVGN FGU 8ÑNMGTJCUUGUR YWTFG HGUVIGPQOOGP &KG 4GFCMVKQP FGT <GKVWPI XGTWTVGKNVG FKGUG ¯DGNVCVGP CDGT UKG \GKIVG FC² UQNEJG (¼NNG PKEJV FGT IGUCOVGP TWO¼PKUEJGP 0CVKQP \WIGUEJTKGDGP YGTFGP MÑPPVGP WO UQ YGPKIGT QCNU FGT UKVVKIGPFG 'KPHNW² PKEJV \W XGTMGPPGP KUV FGP FKG U¼EJUKUEJG #VOQURJ¼TG CWH FKGUGNDGP 4WO¼PGP FGU 5CEJUGPDQFGPUCWUIG×DVR JCV  #O  #WIWUV \YCPI FGT WPICTKUEJG -TKGIUTCV -QUUWVJ \WT #DFCPMWPI WPF GTPCPPVG )GPGTCN )ÑTIGK \WO &KMVCVQT )ÑTIGK YCT #PJ¼PIGT GKPGU ÑUVGTTGKEJKUEJWPICTKUEJGP &WCNKUOWU WPF #PVKTGRWDNKMCPGT #O UGNDGP 6CIG UEJTKGD )ÑTIGK FGO TWUUKUEJGP )GPGTCN 4×FKIGT Q$GGKNGP 5KG UKEJ YGPP 5KG HGTPGTGO WPP×V\GO $NWVXGTIKG²GP 'KPJCNV VWP YQNNGP FGP VTCWTKIGP #MV FGT 9CHHGPUVTGEMWPI KP FGT M×T\GUVGP <GKV LGFQEJ FGTCTV OÑINKEJ \W OCEJGPFC²GTPWTXQTFGP6TWRRGP5GKPGT/CLGUV¼VFGU-CKUGTUXQP 4W²NCPFUVCVVHKPFGFGPPKEJGTMN¼TGHGKGTNKEJNKGDGTOGKPICP\GU-QTRU KP GKPGT XGT\YGKHGNVGP 5EJNCEJV IGIGP YGNEJG ¯DGTOCEJV KOOGT XGTPKEJVGP \W NCUUGP CNU FKG 9CHHGP XQP ÑUVGTTGKEJKUEJGP 6TWRRGP WPDGFKPIV\WUVTGEMGPR&KGGPFI×NVKIG$G\YKPIWPIFGTWPICTKUEJGP 4GXQNWVKQP HCPF CO  #WIWUV  DGK 8KN¶IQU
(KTKC  PGDGP #TCF UVCVV )GPGTCN 2CUMKGYKEU OGNFGVG PCEJ 2GVGTUDWTI Q7PICTP NKGIV \W FGP(ײGP'WTGTMCKUGTNKEJGP/CLGUV¼VR  &KGQ-TQPUV¼FVGT<GKVWPIRICDKJTGP.GUGTPDGMCPPVFC²CWH FKG 5KGIGUPCEJTKEJV XQP 5EJ¼²DWTI <CT 0KMQNCWU WPF FGT TWUUKUEJG 6JTQPHQNIGT FGO UKGITGKEJGP .×FGTU *CPFDKNGVVG FGU .QDGU WPF &CPMGU IGUGPFGV JCVVGP &GT <CT GTNKG² GKP *CPFUEJTGKDGP CP 2CUMKGXKEU YQTKP GT FKGUGP H×T FKG .GKVWPI FGU (GNF\WIU KP 7PICTP DGNQDVG  WPICTKUEJG)GPGT¼NGHCPFGPCO1MVQDGTKJTGP6QF FWTEJFGP5VTCPIQFGT2WNXGTWPF$NGK8QTFCU-TKGIUIGTKEJV\W#TCF MCOGP  GJGOCNKIG MCKUGTNKEJG 1HHK\KGTG 'KP GKP\KIGT )GPGTCN 
'DGPFC0T#WIWUV5 (T6GWVUEJ)GUEJKEJVG5 'DGPFC 

Q-T<GKVWPIR0T5GRVGODGT5 'DGPFC0T5GRVGODGT5 

#TVJWT )ÑTIGK YWTFG UQHQTV DGIPCFKIV (×T KJP JCVVG FGT <CT QCWUFT×EMNKEJ WPF RGTUÑPNKEJR (×TURTCEJG GKPIGNGIV 2CUMKGXKEU WPF FGTTWUUKUEJG6JTQPHQNIGTJCVVGPXGTIGDNKEJXGTUWEJVFKG$GIPCFKIWPI YGKVGTGTWPICTKUEJGT1HHK\KGTG\WDGYKTMGP  Q/GJTGTG1HHK\KGTGRWPVGT\GKEJPGVGPKOQ$QVGPRGKP)GURT¼EJ YGNEJGUCPIGDNKEJPCEJFGO'KPOCTUEJFGT4WUUGPKP5¼EJUKUEJ4GGP CO  ,WNK  UVCVVIGHWPFGP JCDG Q<WO $GYGKUG FGT FC QDYCNVGPFGP )GUKPPWPIGP WPF FC² FKG +PUWTIGPVGP FGP *C² FKGUGT 7PIN×EMNKEJGP KP XQNNGO 7OHCPIG FGU 9QTVU XGTFKGPGP FKGPG HQNIGPFGU \YKUEJGP GKPGO TWUUKUEJGP 1HHK\KGT WPF GKPGO NKGDGPUY×TFKIGPL¼JTKIGP/¼FEJGPIGRHNQIGPG<YKGIGURT¼EJ /¼FEJGP*CDGP5KGDGK+JPGPCWEJ7PICTP! 1HHK\KGT0GKP /5KGUKPFIN×EMNKEJGTCNUYKT 19CTWO! /9GKN5KG0KGOCPFGPJCDGPFGT+JTG'NVGTPOK²JCPFGNVWPFCW²GT FKGUGOJCDGP5KGCWEJPQEJGKPGPUQIWVGP-CKUGTYKGYKT 19CTWOKUVFGPPWPUGT-CKUGTIWV! / 9GKN GT WPUGTO -CKUGT \W *KNHG IGMQOOGP KUV 9GTFGP 5KG PWP KOOGTDGKWPUDNGKDGP! 10GKP /
ICP\GTDNCUUGPF #NUQYKGFGTHQTV! 1,C#DGTYCTWOUKPF5KGPWPUQVTCWTKI! /1NKGDGT*GTTDNGKDGP5KGDGKWPUUGJGP5KGPKEJVYKGOGKPG'NVGTP UGKV+JTGT#PMWPHVHTÑJNKEJWPFIWVGT.CWPGUKPF 19CTGPUKGGUFGPPDKUFCVQPKEJV! /9KGMQPPVGPUKGFCU!5GJGP5KGFKG'NVGTPUKPFLGV\VUQCTOFC²UKG JCTVCTDGKVGPO×UUGPWOWPU$TQF\WXGTUEJCHHGPWPFFQEJOW²VGP UKGFGP7PICTP#NNGUIGDGPYCUUKGPWTXGTNCPIVGPYQH×TUKGLGFQEJ PWT IGUVQ²GP IGUEJNCIGP IGUEJKORHV WPF IGHNWEJV YWTFGP WUYR &KGUGU TQOCPVKUEJG WPF WPINCWDJCHVG )GURT¼EJ XGTHQNIVG FGP <YGEM FKG5[ORCVJKGFGTQDGHTGKVGPR$GXÑNMGTWPI\WFGPTWUUKUEJGP5QNFCVGP UQYKGFGTGP'FGNOWV\WDGYGKUGP  &CUUGNDG YQNNVG CWEJ FKG XQP )GPGTCN 2CXNQX $CTK/KW GT\¼JNVG #PGMFQVG JGTXQTJGDGP #NU FGT TWUUKUEJG )GPGTCN KO 5GRVGODGT  KP -NCWUGPDWTI GKPT×EMVG XGTURTCEJ KJO GKPG XGTYKVYGVG CNVG )T¼HKP KJT ICP\GU 8GTOÑIGP YGPP GT KJT .GDGP UEJQPGP YGTFG 2CXNQX NWF UKEJ UGNDUV \WO #DGPFVGG DGK FGT )T¼HKP GKP WO FKG 5CEJG \W 
(T6GWVUEJ)GUEJKEJVG5 Q5D$QVGR0T5GRVGODGT5 

XGTJCPFGNP &KG )T¼HKP GORHKPI KJP KP )GO¼²JGKV KJTGT 9×TFG 5KG DGTKGH CWEJ CPFGTG QOCI[CTKUEJG &COGPR 2CXNQX WPF CPFGTG TWUUKUEJG 1HHK\KGTG PCJOGP CP \CJNTGKEJGP UQNEJGP -NCWUGPDWTIGT 6GGCDGPFGPVGKN  &GTTWUUKUEJG-QOOCPFCPVXQP-TQPUVCFV(/.XQP*CUHQTF NKG² CO  1MVQDGT  CWH FGT 5RKV\G FGT <KPPG GKP &GPMOCN KP 2[TCOKFGPHQTO UGV\GP QCNU #PFGPMGP H×T FKG INQT WPF HQNIGPTGKEJG 7PKQP \YKUEJGP 4W²NCPF WPF ©UVGTTGKEJR &CU &GPMOCN VTWI FKG +PUEJTKHVQ4WUUKCGV#WUVTKCWPKVC/&%%%:.+:R  #PHCPI 0QXGODGT \QIGP FKG TWUUKUEJGP 6TWRRGP CWU 5KGDGPD×TIGPCWU&KGQ-TQPUV¼FVGT<GKVWPIRFGTICDFKG$GFCPMWPIGP XQP*CUHQTFUCPFGP5VCFVOCIKUVTCVH×TFKGQGJTGPXQNNGWPFICUVNKEJG #WHPCJOGR YKGFGT &GT /CIKUVTCV UCPFVG UGKPGTUGKVU KP UGKPGO WPF KO 0COGP FGT -TQPUV¼FVGT $×TIGTUEJCHV GKPG &CPMCFTGUUG CP XQP *CUHQTF &GT TWUUKUEJG 5VCFVMQOOCPFCPV XQP )×NFGPUEJCPV\ VGKNVG UGKPGP &CPM CP 1DGTTKEJVGT XQP #NDTKEJUHGNF CP FGP 3WCTVKGTUKPURGMVQT5GPCVQTXQP&KNNOQPVWPFCP(TCW,QJCPPC%NQUKWU 8QTUVGJGTKP FGU (TCWGPXGTGKPU H×T FCU XQP FKGUGO IGIT×PFGVGP 1HHK\KGTURKVCNYQMTCPMGTWUUKUEJG1HHK\KGTGXGTRHNGIVYWTFGPOKV  &GT TWUUKUEJG 2NCV\MQOOCPFCPV XQP *GTOCPPUVCFV /CLQT 2QNGCNQI WPF FKG TWUUKUEJGP 1HHK\KGTG XGTCDUEJKGFGVGP UKEJ GDGPHCNNU OKV YCTOGP 9QTVGP FGU &CPMGU Q&KGUGT WPUGT &CPM YKTF WO UQ PCEJJCNVKIGT UGKP FC GT XGTUEJOKN\V OKV FGT 'TKPPGTWPI CP FKG YKGFGTJQNVGP -¼ORHG YGNEJG FKG M TWUUKUEJGP 6TWRRGP WO *GTOCPPUVCFVDGUVCPFGPJCDGPR   &GTTWUUKUEJG'KPITKHHKP5KGDGPD×TIGPXGTNKGHKPOGJTGTGP 'VCRRGP   &KG 8QTCPUVCNVGP  
\GKIGP FC² FGT 'KPOCTUEJ \WT 0KGFGTYGTHWPIFGT4GXQNWVKQPMGKPGURQPVCPGXQPFGTWPOKVVGNDCTGP 0QVYGPFKIMGKVFGT8GTUKEJGTWPIFGT+PVGTGUUGPFGUTWUUKUEJGP4GKEJGU GTHQTFGTNKEJG#MVKQPYCTYKGGUFKG/CPKHGUVGFGU<CTGPXQTICDGP&GT TWUUKUEJG -CKUGT 0KMQNCWU HÑTFGTVG HQTVNCWHGPF GKPG 'KPOKUEJWPIURQNKVKMKPFKG#PIGNGIGPJGKVGPFGT4W²NCPFWOIGDGPFGP 
)$CTK/KWCC15 

Q-T<GKVWPIR0T1MVQDGT5 'DGPFC0T0QXGODGT5 'DGPFC0T0QXGODGT5 'DGPFC0T0QXGODGT5 Q5D$QVGR0T0QXGODGT5 

5VCCVGP#WUUGKPGO#PVTKGDGPVUVCPFCWEJFKGTWUUKUEJÑUVGTTGKEJKUEJG /KNKV¼TMQNNCDQTCVKQP   &KG 'TGKIPKUUG KO (GDTWCT  UVGNNVGP FCU 8QTURKGN FGT ,WPKKPVGTXGPVKQP FCT &CU ÑUVGTTGKEJKUEJG -CDKPGVV YKGU PQEJ #PHCPI  GKPG ÑHHGPVNKEJG DGYCHHPGVG *KNHG UGKVGPU 4W²NCPF CD ,GFQEJ YCPFVG UKEJ FGT MQOOCPFKGTGPFG )GPGTCN FGT MCKUGTNKEJGP 6TWRRGP CWU 5KGDGPD×TIGP 2WEJPGT CP .×FGTU -QOOCPFCPV FGT TWUUKUEJGP 6TWRRGPKPFGT9CNCEJGK 
(GDTWCT &CUWPIGH¼JT/CPP UVCTMG TWUUKUEJG /KNKV¼T YGNEJGU FKG 8GTVGKFKIWPI XQP *GTOCPPUVCFV WPF-TQPUVCFVDGUQTIGPUQNNVG\QIUKEJPWTGKPGP/QPCVUR¼VGTU×FNKEJ FGT -CTRCVGP \WT×EM
/¼T\   1DYQJN GTHQNINQU DGFKGPVG UKEJ 2WEJPGT FGT <KXKNKUVGPKPKVKCVKXGP FKG GT KP GKPGO DGUVKOOVGP /C²G CWEJ XGTCPNC²V JCVVG WO FGP 'KPFTWEM \W GTYGEMGP FC² FKG \YGK 0CVKQPGP FKG 4WO¼PGP WPF FKG 5CEJUGP GKPG NGIKVKOG 8GTVGKFKIWPIUJKNHGDGPÑVKIVJ¼VVGP&KGHCNUEJG#PUEJCWWPIUGV\VGUKEJ FWTEJFKG5CEJUGPUGKGPH×TFGP4WUUGPGKPOCTUEJXGTCPVYQTVNKEJ&KG 5CEJUGP UGNDGT DGVTCEJVGVGP UKEJ CWEJ UQ YCU CWU FGP YKGFGTJQNVGP 4GEJVHGTVKIWPIGPFGTU¼EJUKUEJGP2TGUUGJGTXQTIGJV   'TUVPCEJ8GTJCPFNWPIGPCWHJQJGT'DGPG 
#RTKNFKG GTUVG QHHK\KGNNG*KNHUCPHQTFGTWPIUGKVGPU©UVGTTGKEJU/CK FCU <WUCOOGPVTGHHGP FGT \YGK -CKUGT KP 9CTUEJCW  YWTFG FGT TWUUKUEJG (GNF\WI PCEJ 5KGDGPD×TIGP CWUIGNÑUV &KG 4WUUGP T×EMVGP CWU\YGK4KEJVWPIGPCWUFGT9CNCEJGKWPFFGT$WMQYKPCOKV /CPP GKP &KG TWUUKUEJG +PVGTXGPVKQP VTWI \WT 0KGFGTYGTHWPI FGT WPICTKUEJGP 4GXQNWVKQP DKPPGP \YGK /QPCVGP GPVUEJGKFGPF DGK 
#WIWUV    &KG \CTKUVKUEJGP 6TWRRGP \QIGP UKEJ KO 0QXGODGT  CWU 5KGDGPD×TIGP\WT×EM/KVVNGTYGKNGVTWIGPFKGICUVIGDGPFGP5V¼FVGCNNG 2TQXKCPVWPF'KPSWCTVKGTWPIUMQUVGP  &GT <CTHÑTFGTVGGKPG'ZRCPUKQPURQNKVKMFKGKO)GIGPUCV\\W UGKPGP JWOCPKV¼TGP 'TMN¼TWPIGP UVCPF &GT ÑUVGTTGKEJKUEJG -CKUGT XGTJKGNVUKEJUVGVUCNU\YGKVG)GKIGFGTTWUUKUEJGP+PVGTXGPVKQP  &KG 5CEJUGP DG\CJNVGP KJTGP 9WPUEJ \WT 'KPDGTWHWPI FGT 4WUUGPFWTEJGKPG5EJWNFH×TFKGUKGMGKPG8GTCPVYQTVWPIVTWIGP5KG ×DGTVTKGDGP FKG OQTCNKUEJG &KOGPUKQP FGU #MVGU &CU TWO¼PKUEJG -QOKVGGYGNEJGUFCU2TQVQMQNNXQO&G\GODGTOKVWPVGT\GKEJPGV JCVVG JCVVG MGKPG PCEJVT¼INKEJG )GYKUUGPUDKUUG FC GU DCNF FCU XQP )GPGTCN 2WEJPGT IGURKGNVG Q7PUEJWNFKIMGKVUURKGNR GTMCPPVG 5R¼VGT XGTWTVGKNVGP FKG TWO¼PKUEJGP #PH×JTGT FGP TWUUKUEJGP 'KPITKHH &KG U¼EJUKUEJG2TGUUGYCTDKU(GDTWCTWPFY¼JTGPFFGTWPICTKUEJGP 

*GTTUEJCHV
/¼T\  ,WNK   CPVKTWUUKUEJ WPF PCEJ FGT 9KGFGTGKPUGV\WPI FGT ÑUVGTTGKEJKUEJGP 4GIKGTWPI
,WNK  0QXGODGT  RTQTWUUKUEJ     

.KDGTCNKUOWUWPF-QPUGTXCVKUOWU'KP9GVVUVTGKV 
     &GT .KDGTCNKUOWU CNU RQNKVKUEJG 6JGQTKG WPF *CPFNWPI GPVUVCPF KP /KVVGNGWTQRC KP FGT GTUVGP *¼NHVG FGU  ,J &KG NKDGTCNGP 
'PE[ENQRGFKC $TKVCPPKEC9KNNKCO$GPVQP2WDNKUJGT%JKMCIQ.QPFQP6QTQPVQ $F5FGHKPKGTVFGP.KDGTCNKUOWUCNUQ)NCWDGP2JKNQUQRJKGWPF$GYGIWPI YGNEJG FKG (TGKGJGKV CNU 4GIKGTWPIUOKVVGN WPF HQTO CNU QTICPKUCVQTKUEJGU 2TKP\KR FGT )GUGNNUEJCHV WPF CNU .GDGPUYGKUG H×T FCU +PFKXKFWWO WPF FKG )GOGKPUEJCHV HÑTFGTPR /CP DGVTCEJVGV FKG (TGKJGKV CNU QGKPGP FGT ITQ²GP HTWEJVXQNNGP WPF TGXQNWVKQP¼TGP )GFCPMGP FGT 9GNVIGUEJKEJVGR &KGUGNDG 'P\[MNQR¼FKG N¼²V GKPG &GHKPKVKQP FGU -QPUGTXCVKUOWU CNU GKIGPUV¼PFKIG RQNKVKUEJG &QMVTKP XGTOKUUGP WPF DGUEJT¼PMV UKEJ DNQ² CWH FKG $GURTGEJWPI FGT -QPUGTXCVKXGP 2CTVGK
6QTTKGU  KP 'PINCPF  #WUFGT/CUUGFGTFKGRQNKVKUEJGP&QMVTKPGPDGJCPFGNPFGP9GTMGJCDGP YKT PQEJ GKPG &GHKPKVKQP CWUIGY¼JNV 'KP )JKF FG KFGK RQNKVKEG
9GIYGKUGT FGT RQNKVKUEJGP+FGGP *I/KJCGNCWPF#FTKCP/KTQP8GTNCI2CP6GTTC$WMCTGUV 5  UEJTGKDV &GT OQFGTPG .KDGTCNKUOWUHCPFWPVGTUEJKGFNKEJG'TUEJGKPWPIGP &KG 4GXQNWVKQP KP #OGTKMC UGV\VG GKPGP TGRWDNKMCPKUEJGP .KDGTCNKUOWU FWTEJ &KG HTCP\ÑUKUEJG 4GXQNWVKQP DTCEJVG NKDGTCNG CDGT CWEJ FGOQMTCVKUEJG PCVKQPCNKUVKUEJG WPF UQ\KCNKUVKUEJG )GFCPMGPOKVUKEJ+O$KNFWPIURTQ\G²FGTGKPJGKVNKEJGP5VCCVGP KP +VCNKGP WPF &GWVUEJNCPF YKFGTUGV\VGP UKEJ FKG 8GTVTGVGT FGU .KDGTCNKUOWU FGT <GPVTCNKUKGTWPI WPF 5V¼TMWPI FGT 5VCCVUOCEJV KP IGTKPIGTGO /C²G CNU XKGNG KJTGT <GKVIGPQUUGP CWU #OGTKMC 'PINCPF YGNEJG UKEJ KO  ,J OGJT XQP FGT CPVKUVCCVNKEJGP 2QNKVKM FGU NCKUUG\HCKTG CPIG\QIGP H×JNVGP &GT .KDGTCNKUOWU XGTVGKFKIVG CNNIGOGKPG )GFCPMGP YKG FKG 2QNKVKM KUV M×PUVNKEJ WPF FKG RQNKVKUEJG 1DTKIMGKV GKPG -QPXGPVKQP QDYQJN PKEJV PCV×TNKEJ KUV FKG 4GIKGTWPI PKEJV OKPFGT PQVYGPFKI (TGKJGKV KUV GKPG PCV×TNKEJG OGPUEJNKEJG)GIGDGPJGKV&KG5EJYKGTKIMGKV FGT 6JGOCVKUKGTWPI FGU .KDGTCNKUOWU T×JTV FCJGT FC² QFKG MQPUGTXCVKXGP WPF TCFKMCNGP )GIPGT FGU .KDGTCNKUOWU XQP FGP 8QTCWUUGV\WPIGP FGU .KDGTCNKUOWU \W KJTGT PKEJVNKDGTCNGP 5VGNNWPI IGNCPIVGP FKG -QPUGTXCVKXGP MQPUGTXKGTGP FGP .KDGTCNKUOWUY¼JTGPFFKG4CFKMCNGPKJPTCFKMCNKUKGTGPR  &GT -QPUGTXCVKUOWU ¼W²GTV LGPG QRQNKVKUEJG &CTUVGNNWPI FKG CWU FGO 9WPUEJ FGT -QPUGTXKGTWPI
$GKDGJCNVWPI FGTUEJQPIGIGDGPGP5CEJNCIGFKGCNU IWV KP UKEJ QFGT DGUUGT CNU FKG #NVGTPCVKXGP QFGT YGPKIUVGPU CNU UKEJGT XGTVTCWV CPIGUGJGP YKTF  UQYKG CWUFGO9WPUEJPCEJ9CJTJGKV<WPGKIWPIGPVURTKPIVR #NU UQ\KCNG *CNVWPI DGVTCEJVGV FGT -QPUGTXCVKUOWU FKG )GUGNNUEJCHV CNU FGP +PFKXKFWGP YGNEJG FKGUG \WUCOOGPUGV\GP XQTCPIGJGPF FCU +PFKXKFWWO KUV GKP M×PUVNKEJGU 'T\GWIPKU FGT $GFKPIWPIGP WPVGT YGNEJGP GU UGKP .GDGP H×JTV FGT 

/KVGKPGO¯DGTDNKEMCWHFGPFGWVUEJGP WPFÑUVGTTGKEJKUEJGP.KDGTCNKUOWU 

+FGGPXGTDTGKVGVGPUKEJCNNO¼JNKEJPCEJ1UVGPYQUKGOKVURG\KHKUEJGP #M\GPVGP IGIGP /KVVG FGU ,CJTJWPFGTVU 5KGDGPD×TIGP GTTGKEJVGP 5QYQJN FGT -QPUGTXCVKUOWU CNU CWEJ FGT -QOOWPKUOWU FGHKPKGTVGP UKEJCWUFGO)GIGPUCV\\WO.KDGTCNKUOWU+O7PVGTUEJKGF\WT0GWGP 9GNV\W'PINCPFWPF(TCPMTGKEJMCPPFGT.KDGTCNKUOWUKP/KVVGNWPF 1UVGWTQRC KP FKGUGT <GKVURCPPG PKEJV CDIGMQRRGNV XQO DGINGKVGPFGP 0CVKQPCNKUOWU WPFFGP6GPFGP\GP\WT<GPVTCNKUCVKQPWPF'TTKEJVWPI XQP5VCCVUIGDKNFGPDGITKHHGPYGTFGP  +O FGWVUEJURTCEJKIGP 4CWO DKNFGVG FGT $WPF FGT FGWVUEJGP 5VCCVGP GKPUEJNKG²NKEJ FGO 2TGW²GP  (TKGFTKEJ 9KNJGNOU +8 FGP 8QTRQUVGPFGU.KDGTCNKUOWU+PHQNIGFGT4GXQNWVKQPXQPYWTFGP FKG FGWVUEJGP .KDGTCNGP CWU GKPGT 1RRQUKVKQPURCTVGK \WT 4GIKGTWPIURCTVGK #O GPVIGIGPIGUGV\VGP 2QN FGO -QPUGTXCVKUOWU DGHCPFUKEJ©UVGTTGKEJ&KG5CEJUGPPCJOGPFKGNKDGTCNGP'KPHN×UUGCWH UKGICDGPCMVKXG-¼ORHGTH×TFCU(GNFFGU.KDGTCNKUOWUWPFOCEJVGP CWEJ8GTUWEJGFKGNKDGTCNGP)GFCPMGP\WVJGQTGVKUKGTGP8QTYKGIGPF WPVGT FGP 5CEJUGP YCT CDGT FKG MQPUGTXCVKXG *CNVWPI QDYQJN VJGQTKGNQU 0GPPGPUYGTV KUV FKG 6CVUCEJG FC² DGK FGP 5KGDGPD×TIGT 5CEJUGP YGFGT FGT .KDGTCNKUOWU PQEJ FGT -QPUGTXCVKUOWU GZVTGOG (QTOGP CPPCJOGP 1HV KUV FKG FKG DGKFGP RQNKVKUEJGP &QMVTKPGP VTGPPGPFG )TGP\G UEJYGT \W DGUVKOOGP &CU GPVUEJGKFGPFG WPF IGOGKPUEJCHVNKEJG 'NGOGPV FGT &GPMYGKUG FGT 8GTVTGVGT DGKFGT 5VTÑOWPIGP UVGNNVG FKG #WHTGEJVGTJCNVWPI FGT U¼EJUKUEJGP 5GNDUVXGTYCNVWPI WPF FGT 5CEJUGPTGEJVG FCT PWT FKG RTCMVKUEJG *CPFNWPIYCTWPVGTUEJKGFNKEJ  7O FKG KFGQNQIKUEJGP 1RVKQPGP FGT 5KGDGPD×TIGT 5CEJUGP Y¼JTGPFFGT,CJTGWPFUQYKGKJTG8GTYKTMNKEJWPIXGTUVGJGP \W MÑPPGP YGPFGP YKT WPUGTGP $NKEM \WP¼EJUV KP FKG (GTPG CWH FKG #WUUVTCJNWPIUIGDKGVGFGTFKG<GKVDGJGTTUEJGPFGP)GFCPMGPP¼ONKEJ PCEJ&GWVUEJNCPFWPF©UVGTTGKEJ  &KG (CNNUVWFKG FGT U¼EJUKUEJGP 9GNV KO 5VWTO FGT 4GXQNWVKQP YKTF WPU OCPEJG ¯DGTTCUEJWPIGP DKGVGP YGNEJG FCU JGWVG ×DNKEJG -NKUEJGGFCUFGP.KDGTCNKUOWUFGO(QTVUEJTKVVFGT9QJNHCJTVWPFFGP
IGUGNNUEJCHVNKEJGP )GYQJPJGKVGP WPF 'TYCTVWPIGP &GT -QPUGTXCVKUOWU IGY¼JTNGKUVGV FKG VTCFKVKQPGNNGP 9GTVG WPF KUV ×DNKEJGTYGKUG 6T¼IGT GKPGT 4GNKIKQPUFQMVTKP &KG JÑEJUVG +PUVKVWVKQP FGT 5VCCV OW² CWH QDLGMVKXGP WPF CWVQPQOGP +PUVKVWVKQPGP HW²GP 8GTOKVVGNU FGT 6JGQTKG FGT QQDLGMVKXGP +PUVKVWVKQPGPR IGT¼V FGT -QPUGTXCVKUOWU KP 9KFGTURTWEJ \W CNNGP VQVCNKV¼TGP &QMVTKPGP &GT -QPUGTXCVKUOWU KUV RTCIOCVKUEJ CDGT GT YKFGTUGV\V UKEJ FGP TCFKMCNGP .ÑUWPIGP GT YGKUV LGFYGNEJG .ÑUWPI FGT -QPHNKMVG CW²GTJCND FGU IGUGV\NKEJGPWPFXGTHCUUWPIUO¼²KIGP4CJOGPUCD
#C15  

-QPUGTXCVKUOWU FGT 4GCMVKQP CPINGKEJV KPU 5EJYCPMGP DTKPIGP8QO 5VCPFRWPMVFGT)GUEJKEJVGQUQYKGUKGGKIGPVNKEJIGYGUGPKUVR
4CPMG  DNGKDV GKPG UQNEJG 5KEJVYGKUG WPXQNNUV¼PFKI WPF OCPEJOCN CWEJ WPTKEJVKI   &KG #PH¼PIG FGT NKDGTCNGP $GYGIWPI KP &GWVUEJNCPF FGT UQIGPCPPVG (T×JNKDGTCNKUOWU YWTFGP WO  IGNGIV &GO RQNKVKUEJGP .KDGTCNKUOWU IKPI FKG 4QOCPVKM KP FGT .KVGTCVWT XQTCP +P FGT &KEJVMWPUV
2QGUKG  GPVYKEMGNVG UKEJ FKG 5VTÑOWPI FGU Q,WPIGP &GWVUEJNCPFR FKG FGP -CORH IGIGP FKG CPCEJTQPKUEJGP #PUEJCWWPIGP WPF FKG OKVVGNCNVGTNKEJGP <WUV¼PFG DGICPP FCU #WHIGDGP FGU KPHQNIG FGT HTCP\ÑUKUEJGP 4GXQNWVKQP WPF KPUDGUQPFGTU FGT PCRQNGQPKUEJGP (GNF\×IG CWUIGDTQEJGPGP (TCP\QUGPJCUUGU RTGFKIVG CDGT KP INGKEJGO /C²G CWEJ FGP FGWVUEJGP 0CVKQPCNKUOWU HÑTFGTVG  &KG FGWVUEJGP *KUVQTKMGT WPF 4GEJVUYKUUGPUEJCHVNGT H×JTVGP FGP )GFCPMGP FGT RQNKVKUEJGP )NGKEJJGKV GKP )GFCPMG HTCP\ÑUKUEJGT +PURKTCVKQP GKP 'KPGT FGT 6JGQTGVKMGT FGU (T×JNKDGTCNKUOWU -CTN 4QVVGEM 2TQHGUUQT FGT )GUEJKEJVG WPF 5VCCVUYKUUGPUEJCHVGP CP FGT (TGKDWTIGT 7PKXGTUKV¼V WPF JQEJTCPIKIGU /KVINKGF FGT DCFKUEJGP -COOGT ICD GKPG KP XKGNGP VCWUGPF 'ZGORNCTGP XGTDTGKVGVG 9GNVIGUEJKEJVGJGTCWUFKG\WT'TYGEMWPIFGURQNKVKUEJGP$GYW²VUGKPU DTGKVGT-TGKUGDGKVTWI  0CEJFGO2NCPXQP(TKGFTKEJ.KUVQFKGRQNKVKUEJG$KNFWPIFGT &GWVUEJGP FWTEJ GKPG CNRJCDGVKUEJ IGQTFPGVG 'P\[MNQR¼FKG \W HÑTFGTPRWPVGT\GKEJPGVGP4QVVGEMWPFGKPCPFGTGT(×JTGTFGTNKDGTCNGP 1RRQUKVKQP CWU $CFGP 9GNEMGT  GKPGP 8GTVTCI 5Q GPUVCPF FCU DGT×JOVG5VCCVUNGZKMQP'UYWTFGIGUCIVFC²FCU.GZKMQPXQP4QVVGEM WPF9GNEMGTKPFGTHT×JNKDGTCNGP$GYGIWPI&GWVUEJNCPFUGKPGP2NCV\ DGUGV\VGFGTOKVLGPGOXQP&KFGTQVUWPFFO#NGODGTVU'P\[MNQR¼FKGKP FGTHTCP\ÑUKUEJGP#WHMN¼TWPIXGTINGKEJDCTKUV&CU5VCCVUNGZKMQPPCJO UKEJ XQT FKG NKDGTCNG .GJTG FCT\WUVGNNGP WPF FKG 'PVYKEMNWPI FGT )GUEJKEJVG XQP FGT &GURQVKG \WO 5VCCVUKFGCN FGT (TGKJGKV WPF )NGKEJJGKV \W XGTHQNIGP 'U GTUEJKGP KP GKPGT GTUVGP #WHNCIG XQP  $¼PFG\YKUEJGPWPF&KG\YGKVGXGTDGUUGTVGWPFGTYGKVGTVG 
$TKVCPPKEC$F)GTOCP[5 

9KNJGNO /×NNGT 2QNKVKUEJG )GUEJKEJVG FGT PGWGUVGP <GKV  OKV DGUQPFGTGT $GT×EMUKEJVKIWPI&GWVUEJNCPFU8GTNCIXQP2CWN0GHH5VWVVICTV5 *CPU<GJPVPGT&CU5VCCVUNGZKMQPXQP4QVVGEMWPF9GNEMGT'KPG5VWFKG\WT)GUEJKEJVG FGUFGWVUEJGP(T×JNKDGTCNKUPWU8GTNCIXQP)WUVCX(KUEJGT,GPC58 

#WHNCIG YWTFG KP  $¼PFGP \YKUEJGP  WPF  IGFTWEMV &KG FTKVVGD¼PFKIG#WHNCIGMCO\WUVCPFG  &KG JKGT GTMN¼TVGP $GITKHHG UKPF XQP JQJGT $GFGWVWPI FC GU UKEJ WO FCU FGP VJGQTGVKUEJGP )TWPFU¼V\GP FGU .KDGTCNKUOWU IGYKFOGVG JÑEJUVG YKUUGPUEJCHVNKEJG 9GTM FGU FGWVUEJURTCEJKIGP 4CWOGU JCPFGNV +P 4QVVGEMU /GKPWPI DKNFGVG FKG MQPUVKVWVKQPGNNG /QPCTEJKG FKG KFGCNG 5VCCVUHQTO &CU 0CVWTTGEJV WPF FGT )GUGNNUEJCHVUXGTVTCI H×T FKG 5KEJGTWPI FGU /GPUEJGPTGEJVU YWTFGP CWUIGTWHGP &GT )GUCOVYKNNGP YWTFG JÑJGT IGUVGNNV CNU FGT 'KIGPYKNNGP &KG #WHICDG FGU 5VCCVGU YCT FKG )GY¼JTWPI FGU 4GEJVU\WUVCPFGU WPF FGT 5KEJGTJGKV -KTEJG WPF 5EJWNG JCVVGP FGT 5VCCVUCWHUKEJV \W WPVGTUVGJGP &CU 4GEJV CWH $KNFWPI YCT GKP UGNDUVXGTUV¼PFNKEJGT 6GKN FGT RGTUÑPNKEJGP (TGKJGKV &GT *CWRVYGTV FGOUKEJCNNGCPFGTGPWPVGTQTFPGVGPDKNFGVGFKGQ8QNMUUQWXGTCPKV¼VR  +P9GNEMGTU#WHHCUUWPIUVGNNVGFGT5VCCVGKPNGDGPFKIGU)CP\GU FCT &KG 5VWHGP FGT 5VCCVUGPVYKEMNWPI GPVURTCEJGP LGPGP FGU /GPUEJGPNGDGPU 9GNEMGT WPVGTUEJKGF XKGT 2GTKQFGP FKGUGT RCTCNNGNGP 'PVYKEMNWPI &KG GTUVG FCU -GKOGP WPF 9CEJUGP FGU 5VCCVGU GPVURTCEJFGT-KPFJGKV&KG\YGKVGFCU'TDN×JGPFGU5VCCVGUGTKPPGTVG CPFCU,×PINKPIUCNVGT&CU4GKHGPFGU5VCCVGUYCTFGO/CPPGUCNVGTFCU Q<WT×EMUKPMGP WPF 8GTYGNMGPR FGU 5VCCVGU CDGT FGO )TGKUGPCNVGT INGKEJ  &CU 5VCCVUNGZKMQP GTNCPIVG MGKPG +PJCNVUGKPJGKV 'U YCT GKPG VTGWG 9KFGTURKGIGNWPI FGU FGWVUEJGP .KDGTCNKUOWU \WT <GKV FGU 8QTO¼T\ WPF FGT 4GXQNWVKQP 5GKPG 5VCCVUVJGQTKGP YCTGP GDGPUQ XGTUEJKGFGPCTVKIYKGUGKPGRQNKVKUEJGP*CPFNWPIGPWPF(QTFGTWPIGP 9¼JTGPF FKG 6JGQTGVKMGT 7PKXGTUKV¼VURTQHGUUQTGP YKG 4QVVGEM WPF 9GNEMGTYCTGPUQIGJÑTVGPFKG(×JTGTFGTNKDGTCNGP$GYGIWPIFGTCWU +PFWUVTKGWPF*CPFGNUNGWVGPIGDKNFGVGPPGWGP/KVVGNMNCUUGCPFGTGP 8GTVTGVGTCWUFGO4JGKPNCPF
.WFQNH%CORJCWUGP&CXKF*CPUGOCPP )WUVCX XQP /GXKUUGP  UQYKG CWU CPFGTGP )GIGPFGP &GWVUEJNCPFU UVCOOVGP &KG FGWVUEJG NKDGTCNG $GYGIWPI YCT CWEJ IGQITCRJKUEJ MCWOGKPJGKVNKEJ'UICDITQ²G9KFGTURT×EJG\YKUEJGP0QTFWPF5×F WPF UQICT KPPGTJCND XGTUEJKGFGPGT .¼PFGT &CU )GOGKPUCOG DGUVCPF KO-CORHIGIGPFGP#DUQNWVKUOWUWPFFCU5V¼PFGTGIKOGWPFPKEJVKP FGP CWHIGUVGNNVGP RQUKVKXGP (QTFGTWPIGP (TGKJGKV 4GEJVUINGKEJJGKV 8QNMUUQWXGTCPKV¼VJKG²GPH×TFKGGKP\GNPGP8GTVTGVGTFGU.KDGTCNKUOWU GVYCUXGTUEJKGFGPGU 
'DGPFC5 $TKVCPPKEC$F5  

,G OGJT KP FGP XKGT\KIGT ,CJTGP FGT .KDGTCNKUOWU CP $QFGP IGYCPP YWTFG GT CWU GKPGT 1RRQUKVKQPURCTVGK \W GKPGT 4GIKGTWPIURCTVGKHKGNFKG*GTTUEJCHVFGT.KDGTCNGP2CTVGK\W &CDGK YCPFGNVG UKEJ FCU 5VCCVUNGZKMQP CWU GKPGO Q-CVGEJKUOWU GKPGT QRRQUKVKQPGNNGPKPFCU$GMGPPVPKUGKPGTTGIKGTGPFGP2CTVGKR'U¼W²GTVG GKPGP MN¼TGPFGP 'KPHNW² WPF GKPG ITQ²G 9KTMWPI CWH FKG 4GXQNWVKQP 'UICNVQKPYGKVGO-TGKUGHCUVCNUGKPRQNKVKUEJGU1TCMGNR/CPDGTKEJVGV FC² KP FGT MQPUVKVWKGTGPFGP FGWVUEJGP 0CVKQPCNXGTUCOONWPI FCU .GZKMQP QDGKPCJG KP LGFGU #DIGQTFPGVGP *CPF YCTR WPF UGKP +PJCNV DGK FGP &GDCVVGP ×DGT FKG Q)TWPFTGEJVGR QHV YÑTVNKEJ XQP FGT 4GFPGTD×JPGNCWVYWTFG  +P FKGUGT <GKV PCJOGP FKG KPPGTGP )GIGPU¼V\G FGU .KDGTCNKUOWU\W&CU,CJTOW²VGGDGPUGKPG<GTUGV\WPIDTKPIGP +PFKGUGO,CJTGGTUEJKGPFCUMQOOWPKUVKUEJG/CPKHGUV&KG2CTQNGFGT 2TQNGVCTKGT JKG² Q*×VGV GWEJ XQT FGT NKDGTCNGP 2CTVGKR FGPP UVCVV OGPUEJNKEJGT 4GEJVG MGPPGP FKG .KDGTCNGP PWT RQNKVKUEJG 4GEJVG 'U GPUVCPF CNUQ GKPG GTUVG 5RCNVWPI \YKUEJGP -QOOWPKUVGP WPF .KDGTCNGP #WH FGT 1HHGPDWTIGT 8GTUCOONWPI  
NÑUVG UKEJ KPPGTJCNDFGTNKDGTCNGP2CTVGKFGTNKPMG(N×IGNFGTDCFKUEJGP.KDGTCNGP WPVGT *GEMGT WPF 5VTWXG XQP FGP #NVNKDGTCNGP +O 8QTRCTNCOGPV XQP  MCO GU \W GKPGT QHHGPGP 5EJGKFWPI \YKUEJGP #NVNKDGTCNGP WPF 4CFKMCNGPQFGT&GOQMTCVGP&KG#NVNKDGTCNGPURCNVGVGPUKEJKJTGTUGKVUKP 4GEJVUNKDGTCNG WPF .KDGTCNG WPF FKG 4CFKMCNGP KP &GOQMTCVGP WPF .KPMUFGOQMTCVGP &KG $GITKHHG YCTGP FCOCNU PKEJV HGUVUVGJGPF XQP GKIGPVNKEJGP 2CTVGKGP FCTH OCP ×DGTJCWRV PQEJ PKEJV URTGEJGP &KG /GKPWPIGP UVKOOVGP PKEJV ×DGTGKP FKG 4CFKMCNGP YQNNVGP GKPG 4GRWDNKM Y¼JTGPF FKG 4GUVNKDGTCNGP #PJ¼PIGT FGT /QPCTEJKG YCTGP 0CEJFGO UKG FKG /CEJV GTITKHHGP JCVVGP YWTFGP FKG 4GEJVUNKDGTCNGP CWU 1RRQTVWPKUOWU \W 8GTVTGVGTP FGT PGWGP 1TFPWPI YGNEJG FKG DGUKV\GPFG-NCUUGFGU)TQ²D×TIGTVWOUDGI×PUVKIVG  'KP 5RTGEJUCCN OQFGTPGT +FGGP FCU NKDGTCNUVG CNNGT FGWVUEJGP $N¼VVGT FGU 8QTO¼T\ YCT FKG Q#NNIGOGKPG <GKVWPIR FKG FCOCNU KP #WIUDWTI GTUEJKGP /KV GKPGT CW²GTQTFGPVNKEJGP #WHNCIG XQP  'ZGORNCTGP YCT FKGUG <GKVWPI CWEJ FGT ÑUVGTTGKEJKUEJGP WPF UKGDGPD×TIKUEJGP .GUGTUEJCHV UGJT DGMCPPV 5KG GTJKGNV CWU 

* <GJPVPGT CC1 5  US H×JTV /QJN 2TGW²KUEJG ,CJTD×EJGT   5  9 *<GJPVPGTCC15

9KEJOCPP&GPMY×TFKIMGKVGPCWUFGT2CWNUMKTEJG5CP 

5KGDGPD×TIGP -QTTGURQPFGP\GP XQP FGP U¼EJUKUEJGP 2WDNK\KUVGP #PVQP-WT\(TKGFTKEJ5EJTGKDGT&CPKGN4QVJ  &GWVUEJNCPF YCT  GKP $WPF XQP  UGNDUVUV¼PFKIGP .¼PFGTP FCTWPVGT  /QPCTEJKGP FCXQP \YGK )TQ²O¼EJVG &KG 4GHQTOKUVGP YQNNVGP CWU GKPGO 5VCCVGPDWPF GKPGP GKP\KIGP $WPFGUUVCCV OCEJGP &C FGT $WPFGUVCI CNU CDIGNGDV ICNV YQNNVGP UKG GKP XQO 8QNM IGY¼JNVGU WPF CNU 8GTVTGVWPI FGU 8QNMGU IGNVGPFGU 2CTNCOGPVJCDGP  #O/¼T\DTCEJFKG4GXQNVGKP$GTNKPCWU7PVGTFGO &TWEM FGT 8QNMUOCUUGP WPF FGT $×TIGTFGRWVCVKQPGP DGYKNNKIVG (TKGFTKEJ 9KNJGNO +8
FGT FGP 6JTQP XQP 2TGW²GP  DGUVKGIGP JCVVG  FKG 'KPDGTWHWPI FGU 8GTGKPKIVGP .CPFVCIU WPF GKPGU CWU 4JGKPNKDGTCNGP
%CORJCWUGP *CPUGOCPP  \WUCOOGPIGUGV\VGP /KPKUVGTKWOU&TGK6CIGUR¼VGT\QIFGT-ÑPKIUGKP/KNKV¼T\WT×EMWPF TKEJVGVG FKG DGT×JOVGP )TW²YQTVG CP UGKPG Q.KGDGP $GTNKPGTR GT GTMN¼TVGUKEJDGTGKVCPFGT8GTGKPKIWPI&GWVUEJNCPFUOKV\WYKTMGPWPF 2TGW²GPKP&GWVUEJNCPFCWHNÑUGP\WNCUUGP#WEJKPCPFGTGPFGWVUEJGP .¼PFGTP YWTFGP FKG (×JTGT FGT NKDGTCNGP 1RRQUKVKQP KP /KPKUVGTKGP DGTWHGP
4ÑOGTKP9×TVVGODGTI9KRRGTOCPPKP-WTJGUUGP5V×XGKP *CPQXGT*GKPTKEJXQP)CIGTPKP*GUUGP&CTOUVCFV +P$C[GTPHCPF GKP 6JTQPYGEJUGN UVCVV &GT XQP .QNC /QPVG\ MQORTQOKVVKGTVG -ÑPKI .WFYKIFCPMVG\WIWPUVGPUGKPGU5QJPU/CZKOKNKCP++  
CD +O 5×FYGUVGP &GWVUEJNCPFU DGHCPF UKEJ FKG NKDGTCNG 2CTVGK CP FGT (×JTWPIFGT4GXQNWVKQPUDGYGIWPI  #O  /¼T\  HCPF KP *GKFGNDGTI FKG DGT×JOVG RTQITCOOCVKUEJG 8GTUCOONWPI FGT .KDGTCNGP WPF #MCFGOKMGT UVCVV YGNEJG FKG 'KPDGTWHWPI GKPGU 8QTRCTNCOGPVU KP (TCPMHWTV C/ \WT 8QTDGTGKVWPI GKPGT XGTHCUUWPIUIGDGPFGP FGWVUEJGP 0CVKQPCNXGTUCOONWPIDGUEJNQ²  &CU 8QTRCTNCOGPV VCIVG KP FGT 2CWNUMKTEJG \W (TCPMHWTV C/ \YKUEJGP FGO  /¼T\ WPF FGO  #RTKN  &GP 8QTUKV\ H×JTVG 2TQHGUUQT /KVVGNOGKGT CWU *GKFGNDGTI &KG /GJTJGKV FGT 8GTVTGVGT FKG MQPUVKVWVKQPGNNOQPCTEJKUVKUEJG5[ORCVJKGPJGIVGPDGUEJNQ²KO/QPCV /CK \W 9CJNGP \WT XGTHCUUWPIUIGDGPFGP 0CVKQPCNXGTUCOONWPI \W UEJTGKVGP &KG 0CVKQPCNXGTUCOONWPI JCVVG FKG PGWG 4GKEJUXGTHCUUWPI \WDGTCVGPWPFUQNNVGUKEJCWU#DIGQTFPGVGP\WUCOOGPUGV\GPYGNEJG 
)TKIQTG 2NQG)VGCPW +OCIKPGC /âTKNQT TQO¸PG ÉP #NNIGOGKPG <GKVWPI  

&CU

$KNFFGTTWO¼PKUEJGP(×TUVGPV×OGTKPFGT#NNIGOGKPGP<GKVWPI 8QTVTCI CO5[ORQUKWOFGU+PUVKVWVGUH×T)GUEJKEJVGCWU-NCWUGPDWTI0QXGODGT 9/×NNGTCC15 

FWTEJFKTGMVGINGKEJGWPFCNNIGOGKPG9CJNGPIGY¼JNVYGTFGPUQNNVGP 'KP GT #WUUEJW² UQNNVG FKG ¯DGTYCEJWPI FGT IGHC²VGP $GUEJN×UUG WPF KJTGT IGPCWGP &WTEJH×JTWPI UGKVGPU FGT 4GIKGTWPIGP GKP\GNPGT FGWVUEJGP.¼PFGTPUKEJGTP  &KGXQP*GEMGTWPF5VTWXGIGH×JTVGTCFKMCNGTGRWDNKMCPKUEJG 2CTVGK XGTNKG² JÑEJUV WP\WHTKGFGP FKG 5VCFV &KG TGRWDNKMCPKUEJGP (TGKYKNNKIGP YWTFGP KO )GHGEJV DGK -CPFGTP XQP GKPGO WPVGT FGO -QOOCPFQFGUIGO¼²KIVGP.KDGTCNGP(TKGFTKEJXQP)CIGTPUVGJGPFGP -QTRUCWU*GUUGP&CTOCUVCFVDGUKGIV  #O/CKYWTFGFKGFGWVUEJG0CVKQPCNXGTUCOONWPIKPFGT (TCPMHWTVGT2CWNUMKTEJGGTÑHHPGV&CDGKYCTGP8GTVTGVGTCPYGUGPF 5QYQJNFKG4GRWDNKMCPGTCNUCWEJFKGQ4GCMVKQP¼TGRDGHCPFGPUKEJKP FGT /KPFGTJGKV FKG /GJTJGKV DKNFGVGP FKG .KDGTCNGP &CU 2CTNCOGPV Y¼JNVG FGP 'T\JGT\QI ,QJCPP XQP ©UVGTTGKEJ CNU 4GKEJUXGTYGUGT 
,WPK &GTUKEJCWHNÑUGPFG$WPFGUVCI×DGTVTWIFGO4GKEJUXGTYGUGTFKG /CEJVCO,WNK  &KG (TCPMHWTVGT 0CVKQPCNXGTUCOONWPI DGJCPFGNVG ITWPFU¼V\NKEJG(TCIGPKO<WUCOOGPJCPIOKVFGTM×PHVKIGPFGWVUEJGP 8GTHCUUWPI <YKUEJGP #RTKN WPF #WIWUV  ×DGTPCJO FCU 2CTNCOGPV FKG (×JTWPI FGU YGIGP FGP -ÑPKITGKEJGP 5EJNGUYKI WPF *QNUVGKPCWUIGDTQEJGPGP-TKGIGUOKV&¼PGOCTMWPFXGTNQTFKGUGP  &KG YGIGP FGT VJGQTGVKUEJGP &GDCVVGP FGU 2CTNCOGPVU WP\WHTKGFGPGP 4CFKMCNGP YQNNVGP FKG 4GRWDNKM IGYCNVUCO FWTEJUGV\GP 5KG ITKHHGP FKG 2CWNUMKTEJG 5KV\ FGT 0CVKQPCNXGT UCOONWPI CP &KG ICP\G 5VCFV IGTKGV WPVGT $GNCIGTWPIU\WUVCPF 5VTWXG TKGH FKG 4GRWDNKM KP $CFGP CO  5GRVGODGT CWU FTGK 6CIG UR¼VGTYWTFGGTXGTJCHVGV  #O  /¼T\  Y¼JNVG FKG (TCPMHWTVGT 0CVKQPCNXGT UCOONWPI FGP -ÑPKI XQP 2TGW²GP \WO FGWVUEJGP -CKUGT (TKGFTKEJ 9KNJGNOYKGUFGP8QTUEJNCICD0WPYWTFGGUQHHGPUKEJVNKEJFC²FCU 2CTNCOGPV PWT GKPG 5EJGKPOCEJV KPPGJCVVG &KG FGWVUEJGP -NGKPMÑPKITGKEJG YCTGP PKEJV DGTGKV FKG $GUEJN×UUG FGU 2CTNCOGPVU WO\WUGV\GP WPF 2TGW²GP UEJNWIGKPGUQNEJG+PKVKCVKXGFKG©UVGTTGKEJ \WGKPGT5VGNNWPIUPCJOGIG\YWPIGPJ¼VVG\WT×EM  ©UVGTTGKEJ \QI UGKPG #DIGQTFPGVGP CWU FGO (TCPMHWTVGT 2CTNCOGPV\WT×EM&GT4GKEJUXGTYGUGT,QJCPPFGTNCPIGP4GXQNWVKQP O×FG FCPMVG CD 9GKVGTG  /KVINKGFGT FGT 0CVKQPCNXGTUCOONWPI
FC\W\¼JNVGPCWEJ)CIGTP&CJNOCPP#TPFV9GNEMGTWC ICDGPKJTG /CPFCVG \YKUEJGP FGO  WPF  /CK  CD /GJTGTG FGWVUEJG .¼PFGTTKGHGPKJTG#DIGQTFPGVGP\WT×EM  

&CU NGFKINKEJ  /CPP \¼JNGPFG 4WORHRCTNCOGPV \QI PCEJ 5VWVVICTV WO 
,WPK  &KG 5VCFVDGJÑTFGP LCIVGP FCU 4WORHRCTNCOGPV CDGTFWTEJY×TVVGODGTIKUEJG(W²WPF4GKVGTVTWRRGPCO,WPK CWUGKPCPFGT 'U DGFGWVGVG FCU 'PFG FGT FGWVUEJGP 0CVKQPCN XGTUCOONWPI    +O 7PVGTUEJKGF \WT 8KGNHCNV FGT FGWVUEJGP -NGKPUVCCVGP
OKV #WUPCJOG2TGW²GPU DGMNGKFGVG©UVGTTGKEJFGP4CPIGKPGTXQPGKPGO DGT×JOVGP -CKUGTJCWU IGH×JTVGP )TQ²OCEJV &KG &GWVUEJGP UGV\VGP UKEJ H×T RQNKVKUEJG <GPVTCNKUCVKQP GKP JKPIGIGP YCT ©UVGTTGKEJ GKP \GPVTCNKUKGTVGT 5VCCV CDGT CWEJ GKP 8KGNXÑNMGTUVCCV OKV IGIGP×DGT &GWVUEJNCPF CDYGKEJGPFGP 'PVYKEMNWPIGP WPF #WUUKEJVGP Q&GO CDUQNWVKUVKUEJGP 'KPJGKVUUVCCV CNU 6T¼IGT FGU F[PCUVKUEJGP 5VCCVUIGFCPMGPU 1GUVGTTGKEJU VTKVV FGT )GFCPMG FGT HTGKGP 'KPKIWPI FWTEJ JKUVQTKUEJGU 4GEJV QFGT PCVKQPCNG 'KPJGKV IGDKNFGVGP 8ÑNMGTITWRRGPWPFVGTTKVQTKCNGP'KPJGKVGPFKG+FGGFGU(QGFGTCNKUOWU YGTDGPF IGIGP×DGTR &KG 0CVKQPCNKV¼VGPHTCIG DKNFGV FCU *CWRVOGTMOCN FCU ©UVGTTGKEJU )GUEJKEJVG XQP LGPGT FGT CPFGTGP FGWVUEJGP )GDKGVG WPVGTUEJGKFGV &GT PCVKQPCNG (CMVQT YKTMVG GPVUEJGKFGPF KPUDGUQPFGTG Y¼JTGPF FGT GT 4GXQNWVKQPGP +O (QNIGPFGP YGTFGP YKT WPU CDGT XQT\×INKEJ FGO FGWVUEJGP 0CVKQPCNKUOWUKP©UVGTTGKEJYGPFGPKPFGOFKGPCVKQPCNGP$GYGIWPIGP FGT 7PICTP 5NCXGP WPF FGT ×DTKIGP 8ÑNMGT FGU *CDUDWTIGTTGKEJGU WPDGT×EMUKEJVKIVDNGKDGP9CUFKG.KDGTCNGPFGT/QPCTEJKGDGVTKHHVQD &GWVUEJG 6UEJGEJGP QFGT 7PICTP UQ YCT FGT 0CVKQPCNKUOWU KJT IGOGKPUCOGT0GPPGT  &KG MQPUGTXCVKXG 2QNKVKM DKNFGVG FKG )TWPFNCIG FGT JCDUDWTIKUEJGP 4GIKGTWPI Y¼JTGPF FGU  ,J  'TUEJTQEMGP XQO /K²GTHQNI FGT XQP ,QUGRJ ++ IGHÑTFGTVGP 4GHQTORQNKVKM WPF GPVUEJNQUUGPPKEJVU\W¼PFGTPDGIT×PFGVG-CKUGT(TCP\+  
UGKP 4GKEJ CWH FKG \YGK 2HGKNGT FGT $×TQMTCVKG WPF FGT 2QNK\GK 5GKP 0CEJHQNIGT (GTFKPCPF +  
YCT GKPG /CTKQPGVVG KP FGUUGP 4×EMGP FTGK /¼PPGT FGP 5VCCV TGIKGTVGP
/GVVGTPKEJ 'T\JGT\QI .WFYKI FGT 1PMGN FGU -CKUGTU WPF FGT (KPCP\OKPKUVGT -QNQYTCV  
(×T FKG %JTQPQNQIKG FGT 'TGKIPKUUG KP &GWVUEJNCPF  XIN \ $&GWVUEJG )GUEJKEJVG KP &CVGP *I XQO +PUVKVWV H×T )GUEJKEJVG FGT #MCFGOKG FGT 9KUUGPUEJCHVGP \W
1UV $GTNKP 8'$ &GWVUEJGT 8GTNCI FGT 9KUUGPUEJCHVGP $GTNKP 5 ,4GFNKEJ&CUÑUVGTTGKEJKUEJG5VCCVUWPF4GKEJURTQDNGO.GKR\KI$F+5  

9¼JTGPF©UVGTTGKEJKPUGKPGT#W²GPRQNKVKMDNQ²FKG#WHTGEJVGTJCNVWPI FGU(TKGFGPUWPFFGU5VCVWUSWQXGTHQNIVGFCGU\WGKPGT\WN¼PINKEJGP 6GTTKVQTKCNGZRCPUKQP IGNCPIV YCT  WPF /GVVGTPKEJ YCT ¼W²GTUV IGUEJKEMV KP FGT *GTCWUDKNFWPI GKPGU $×PFPKUPGV\GU UQ PCJO FKG 7P\WHTKGFGPJGKV KPPGTJCND FGU 4GKEJGU HQTVY¼JTGPF \W WO CO 8QTCDGPFFGT4GXQNWVKQPCNNGUQ\KCNGP5EJKEJVGP\WGTHCUUGP  &GT#FGNXGTYGKIGTVGFKG\GPVTCNKUKGTVGD×TQMTCVKUEJG-QPVTQNNG WPF Y×PUEJVG UKEJ GKPG 2TQXKP\KCNCWVQPQOKG &KG D×TIGTNKEJGP /KVVGNMNCUUGP YQNNVGP GKPGP \GPVTCNKUKGTVGP WPF NKDGTCNGP 2CTNCOGPVUUVCCV FGWVUEJGT 2T¼IWPI JCDGP &KG .CIG FGT $CWGTPUEJCHV YCTFWTEJFKGCPFCWGTPFG(TQPJGTTUEJCHVWPGTVT¼INKEJIGYQTFGPFKG 9KGPGT 2TQNGVCTKGT CDGT JQHHVGP CWH DGUUGTG .GDGPUDGFKPIWPIGP &KG 5VWFGPVGPVT¼WOVGPXQPGKPGTTCFKMCNGP<WMWPHV  &KG 9QTVH×JTGT FGT 8QTO¼T\GPVV¼WUEJWPIGP YCT FKG )TWRRG FGTXQPFGT4GIKGTWPIWPVGTFGO$GITKHHQ/CNMQPVGPVGPR'THC²VGP5KG IT×PFGVGP KP 9KGP GKPG $GYGIWPI FGT -×PUVNGT .KVGTCVGP WPF 2QNKVKMGT FCU Q,WPIG ©UVGTTGKEJR
'KPG 2CTCNNGNG \W FGT RQGVKUEJGP $GYGIWPI FGU Q,WPIGP &GWVUEJNCPFR KUV NGKEJV GTMGPPDCT  &KGUG +PVGNNGMVWGNNGP XGTVTCVGP XGTUEJKGFGPG RQNKVKUEJG 6JGQTKGP FCU )GOGKPUCOG YCT FCU +FGCN GKPGU HQTVUEJTKVVNKEJGP ©UVGTTGKEJ +P KJTGP 4GKJGP DGHCPFGP UKEJ 5EJTKHVUVGNNGT ,QWTPCNKUVGP •T\VG YKG FGT 5VCCVUDGCOVG $CTQP #PFTKCP FGT 2WDNK\KUV +IPC\ -WTCPFC 9KGUPGT /ÑTKPI 5EJWUGNMC #PVQP )TCH #WGTURGTI
YGNEJGT WPVGT FGO 2UGWFQP[O #PCUVCUKWU )T×P XGTÑHHGPVNKEJVG  FKG 5EJTKHVUVGNNGT $CWGTPHGNFWPF/QTKV\*CTVOCPP-CTN$GEM*GTOCPP4QNNGV#NHTGF /GKUUPGT#NDGTV-PQNNFGT$CPCVGT&KEJVGT0KMQNCWU.GPCW  &CU YKEJVKIUVG WPF GKPHNW²TGKEJUVG 1TICP FGU Q,WPIGP ©UVGTTGKEJR YCT FKG XQP +IPC\ -WTCPFC \WP¼EJUV KP $T×UUGN FCPP KP .GKR\KI JGTCWUIGIGDGPG <GKVUEJTKHV Q)TGP\DQVGR  &KGUG QKPHQTOKGTVG MN¼TVG GPVJ×NNVGR DGTKEJVGVG ×DGT FKG RQNKVKUEJGP WPF IGKUVKIGP $GYGIWPIGPKO+PPWPF#WUNCPF&GTQ)TGP\DQVGRIGYCPPUQNEJGP 'THQNIFC²GUIGTCFG\WOQFGTPYCTKJP\WNGUGPUQPUVICNVOCPCNU WPIGDKNFGV 0CEJ GKPKIGP 0WOOGTP YWTFG FCU 'TUEJGKPGP FGT <GKVUEJTKHVGKPIGUVGNNV#WEJFKG5EJTKHVGP#PFTKCPU)T×PUWCYWTFGP XGTDQVGP  9GNEJGU FCU $KNF FGT NKDGTCNGP (×JTGT KO OGVVGTPKEJUEJGP ©UVGTTGKEJ WPF UR¼VGT YCT \GKIV WPU FCU 5EJKEMUCN FGU )TCHGP #PVQP #NGZCPFGTXQP#WGTURGTI
IGDQTGPKP.CKDCEJIGUVQTDGPKP 

'XC 2TKGUVGT -WT\G )GUEJKEJVG ©UVGTTGKEJU #WHUVKGI WPF 7PVGTICPI FGU *CDUDWTIGTTGKEJGU)NQDWU8GTNCI9KGP5 

)TC\  FGT WPVGT FGO NKVGTCTKUEJGP 2UGWFQP[O #PCUVCUKWU )T×P DGMCPPVKUV+PFGP\YCP\KIGT,CJTGPFGU,JMCOGTKP-QPVCMVOKV FGT ÑUVGTTGKEJKUEJGP NKDGTCNGP 1RRQUKVKQP 9¼JTGPF UGKPGT 4GKUGP FWTEJ+VCNKGP'PINCPF(TCPMTGKEJCDGTCWEJPCEJ5EJYCDGP5CEJUGP 6J×TKPIGPQFGTPCEJ.GKR\KIGTYGKVGTVGGTUGKPGPRQNKVKUEJGP*QTK\QPV 'KP DGT×JOVGU &KEJVGTRCCT DKNFGVGP KP 9KGP XQT  )T×P WPF 0KMQNCWU .GPCW UGKP IWVGT (TGWPF CWU FGO $CPCV 'KPG GPIG (TGWPFUEJCHV GPVYKEMGNVG UKEJ UR¼VGT \YKUEJGP #PCUVCUKWU )T×P WPF *GKPTKEJ *GKPG 0CEJ UGKPGT 'TUVXGTÑHHGPVNKEJWPI FGO )GFKEJVGDCPF Q5RCT\KGTI¼PIG GKPGU 9KGPGT 2QGVGPR  FGT INGKEJ\GKVKI CWEJ FCU DGMCPPVGUVG UGKPGT 9GTMG KUV  YWTFG FGT &KEJVGT XQT /GVVGTPKEJ IGTWHGPFGTKJPXQTGKP7NVKOCVWOUVGNNVGGPVYGFGT\WUEJYGKIGPQFGT FKG /QPCTEJKG \W XGTNCUUGP 'T HN×EJVGVG CWU FGO .CPFG WPF YWTFG LCJT\GJPVGNCPIXGTHQNIV/KVVNGTYGKNGPCJOGTCPFGTGT4GXQNWVKQP CNU#DIGQTFPGVGTXQP-TCKPUGKPGT*GKOCVIGIGPFKO2CTNCOGPVUQYKG CP FGP 5KV\WPIGP FGT FGWVUEJGP 0CVKQPCNXGTUCOONWPI KP FGT 2CWNUMKTEJGVGKN'THTGWPFGVGUKEJGDGPHCNNUOKV'FWCTFXQP$CWGTPHGNF CPOKVFGUUGP*KNHGGTGKPGPIGYKUUGP'KPHNW²CWHFGP-CKUGTCWU×DGP MQPPVG WO FKGUGP \WT #PGTMGPPWPI FGT QMVTQ[KGTVGP 8GTHCUUWPI \W DGYGIGP 0CEJ  YCT )T×P YKGFGT KP FGT ÑUVGTTGKEJKUEJGP 2QNKVKM V¼VKIWPFXGTVTCV-TCKPWPF5VGKGTOCTMKO*GTTGPJCWU  HCPFKP)CNK\KGPFGTGTUVGQHHGPG#WHUVCPFOKVRQNPKUEJGO %JCTCMVGT UVCVV 7O FKG CWHUV¼PFKUEJGP #FNKIGP PKGFGT\WUEJNCIGP XGTURTCEJGPFKGMCKUGTNKEJGP$GJÑTFGPFGP$CWGTPFKG#WHJGDWPIFGT (TQPFKGPUVG CNU )GIGPNGKUVWPI H×T KJTG *KNHG Q5Q MCO FGT GTUVG TGXQNWVKQP¼TG#MVIGTCFGXQPFGT4GIKGTWPIUGNDUVR  #O  /¼T\  ICD FKG PKGFGTÑUVGTTGKEJKUEJG 5V¼PFGXGTUCOONWPI FCU 5KIPCN \WT 4GXQNWVKQP KP 9KGP /GVVGTPKEJU &GOKUUKQPYWTFGGTYKTMVFKG2TGUUGHTGKJGKVXGTM×PFGVFKG(TCIGGKPGT 
9QNHICPI $GWVKP 'KP ÑUVGTTGKEJKUEJGT .KDGTCNGT FGU 8QTO¼T\ &KEJVGT WPF .KVGTCVWTXGTOKVVNGT KO  ,J #PCUVCUKWU )T×P  8QTVTCI CO 5[ORQUKWO Q&CU$KNF4WO¼PKGPUWPF&GWVUEJNCPFUKO&QPCWTCWOKOWPF,JRQ#XTCO +CPEWR 7PKXGTUKV¼V -NCWUGPDWTI WPF 7PKXGTUKV¼V .×PGDWTI  1MVQDGT  # )T×PU 9GTM KUV XQTYKGIGPF N[TKUEJ KP *GTFGTU 6TCFKVKQP &GT &KEJVGT ICD FCU )GUCOVYGTM WPF GKPG $KQITCRJKG XQP 0KMQNCWU .GPCW KO 0CEJNC² JGTCWU
IGUVQTDGP   GT ×DGTUGV\VG
UGTDKUEJG WC  8QNMUIGFKEJVG UQYKG GKPG GPINKUEJG 5COONWPIWPVGTFGO6KVGNQ4QDKP*QQFR  
'TWPVGTUV×V\VGFGPMTCPMGP*GKPG KP UGKPGP NGV\VGP .GDGPULCJTGP )GTCFG )T×P KUV FGT *GNF FGT 0QXGNNG Q'KP 5R¼VIGDQTPGTR FKG FGT DGT×JOVGUVGP ÑUVGTTGKEJKUEJGP &KEJVGTKP /CTKG XQP 'DPGT 'UEJGPDCEJIGJÑTV $TKVCPPKEC$F#WUVTKC5 

PGWGP 8GTHCUUWPI DGURTQEJGP #WU FGP 4GKJGP FGT #WHUV¼PFKUEJGP YWTFGGKPG0CVKQPCNICTFGWPFCWULGPGPFGT5VWFGPVGPFGT7PKXGTUKV¼V FKG #MCFGOKUEJG .GIKQP IGDKNFGV #WU FGP 8GTVTGVGTP FGT DGKFGP -QTRQTCVKQPGPGPVUVCPFGKP<GPVTCNMQOKVGGFCUFKG/CEJVKP*¼PFGP JCVVG  'KPG PGWG 4GIKGTWPI OKV -QNQYTCV  FGT GVYCU NKDGTCNGT CNU /GVVGTPKEJ YCT LGFQEJ MCWO CNU NKDGTCN DGVTCEJVGV YGTFGP MCPP  CNU /KPKUVGTRT¼UKFGPV YWTFG IGDKNFGV #P -QNQYTCVU 0COGP KUV CWEJ FKG CO  #RTKN PCEJ DGNIKUEJGO 8QTDKNF QMVTQ[KGTVG 8GTHCUUWPI IGDWPFGP&KGUGUCJGKPGP4GKEJUVCICWUGKPGT-COOGTWPFGKPGTFGO 2CTNCOGPVXGTCPVYQTVNKEJG4GIKGTWPIXQT&KG8GTHCUUWPIICNVPWTH×T FKG 'TDNCPFG FGPP 7PICTP JCVVG UEJQP UGKPG GKIGPG XGTCPVYQTVNKEJG 4GIKGTWPI &CFWTEJ YWTFG ©UVGTTGKEJ \W GKPGT MQPUVKVWVKQPGNNGP /QPCTEJKG OKV GKPGT 8QNMUXGTVTGVWPI CNU 2CTNCOGPV WPF GKPG FGO 2CTNCOGPV WPVGTQTFPGVG 4GIKGTWPI &KG 8GTHCUUWPI DGUEJNQ² FKG XQNNUV¼PFKIG )NGKEJJGKV CNNGT KP ©UVGTTGKEJ NGDGPFGP 0CVKQPCNKV¼VGP QJPGLGFQEJFKGJGKMNG(TCIGFGT/QPCTEJKGFGWVUEJGP\WNÑUGP  &KG $GYGIWPI FGT ©UVGTTGKEJFGWVUEJGP YCT PKEJV GKPJGKVNKEJ +O TGXQNWVKQP¼TGP 9KGP HNCVVGTVG FKG UEJYCT\TQVIQNFGPG (CJPG CNU 5[ODQNFGTFGWVUEJGP'KPJGKV&GT*QHFKG4GIKGTWPIFCU*GGTCDGT CWEJFKG0CVKQPCNKV¼VGPFGU4GKEJGU
OKV#WUPCJOGFGT+VCNKGPKGTWPF 7PICTP UVCPFGPWPVGTFGPUEJYCT\IGNDGPJCDUDWTIKUEJGP(CTDGP  &KG FGWVUEJGP 4GXQNWVKQP¼TG FGT )GUCOVOQPCTEJKG ITWRRKGTVGP UKEJ KP \YGK 5VTÑOWPIGP &KG .KPMG HQTFGTVG FKG .ÑUWPI FGT IGUGNNUEJCHVNKEJGP 2TQDNGOG WPF GKP GKPJGKVNKEJGU &GWVUEJNCPF KP FGO ©UVGTTGKEJ CWHIGJGP UQNNVG (×T UKG YCT GU WPYKEJVKI QD FCU OKV FGP*CDUDWTIGTPQFGTQJPGUKGUVCVVHKPFGPUQNNVG  #WEJ FKG D×TIGTNKEJIGO¼²KIVGP 4GHQTOGT Y×PUEJVGP FKG FGWVUEJG 'KPJGKV CDGT OKV $GKDGJCNVWPI FGT H×JTGPFGP 4QNNG ©UVGTTGKEJU WPF FGT *CDUDWTIGTJGTTUEJCHV 5KG YQNNVGPGKP-CKUGTVWO YKGGUXQTIGYGUGPYCT  &GT 9KGPGT *QH YQNNVG FKG 'TJCNVWPI FGT )GUCOVOQPCTEJKG WO LGFGP 2TGKU INGKEJI×NVKI QD OKV QFGT QJPG GKP XGTGKPKIVGU &GWVUEJNCPFYGNEJGUHTGKNKEJ©UVGTTGKEJWPVGTUVGJGPUQNNVG  &KG 4GIKGTWPI DGHCPF UKEJ KP FGT /KVVG \YKUEJGP FGO *QH WPFFGT4GXQNWVKQP  #WH FGP 8GTUWEJ FGT 4GIKGTWPI FGP 9KTMWPIUDGTGKEJ FGT 0CVKQPCNICTFG WPF FGT #MCFGOKUEJGP .GIKQP DG\KGJWPIUYGKUG FGU <GPVTCNCWUUEJWUUGU \W DGUEJT¼PMGP DTCEJGP CO  /CK  PGWG DGYCHHPGVG<WUCOOGPUVѲGKP9KGPCWU&KG4GXQNWVKQPVTWIFGP5KGI 

FCXQP WPF ×DGTPCJO FKG /CEJV CO  /CK &GT *QH HN×EJVGVG PCEJ +PPUDTWEM  ©UVGTTGKEJ UEJKEMVG UGKPG #DIGQTFPGVGP \WO (TCPMHWTVGT 2CTNCOGPV 'DGPHCNNU KO /QPCV /CK HCPFGP FKG 9CJNGP H×T FGP 4GKEJUVCI UVCVV 'U ICD GKPG UEJYCEJG $GVGKNKIWPI FGT /QPCTEJKGFGWVUEJGP CP FGP 9CJNGP 'T\JGT\QI ,QJCPP GTÑHHPGVG FKG GTUVG 5KV\WPI FGU MQPUVKVWKGTGPFGP 4GKEJUVCIU CO  ,WNK &KG FGWVUEJGP#DIGQTFPGVGPYCTGPKPFGT/KPFGTJGKVKO8GTINGKEJ\WFGP 8GTVTGVGTP FGT ×DTKIGP 0CVKQPCNKV¼VGP FGU *CDUDWTIGTTGKEJGU &GT 2T¼UGU YCT GKP 6UEJGEJG FGT 8KEGRT¼UKFGPV GKP 2QNG 7PVGT FGP #DIGQTFPGVGPFGT0CVKQPCNKV¼VGPDGHCPFGPUKEJ\CJNTGKEJG$CWGTPFKG YGFGT UEJTGKDGP WPF NGUGP PQEJ &GWVUEJ URTGEJGP MQPPVGP &GO 4GKEJUVCI IGNCPI GU MCWO UKEJ CWH GKPG 8GTJCPFNWPIUURTCEJG \W GKPKIGP  &KGUG 8KGNXÑNMGTXGTUCOONWPI YKGU FKG KP (TCPMHWTV DGCPVTCIVG(TCIGFGTFGWVUEJGP'KPJGKVGPVUEJKGFGPCD  #WH FGP 8QTUEJNCI FGU TCFKMCNGP 5VWFGPVGP -WPFNKEJ FGT GKPGP$CWGTPFKUVTKMVXGTVTCVPCJOFGTMQPUVKVWKGTGPFG4GKEJUVCICO 5GRVGODGTCWEJKP9KGPFCU#ITCTIGUGV\FGT$CWGTPDGHTGKWPICP
&KG #WHJGDWPI FGT (TQPXGTJ¼NVPKUUG YCT XQP FGO WPICTKUEJGP 4GKEJUVCIUEJQPKO#RTKNWPFXQO5KGDGPD×TIGT.CPFVCICO,WPK CWUIGURTQEJGPYQTFGP -CKUGT(GTFKPCPFDGUV¼VKIVGFCU)GUGV\FWTEJ FKG 2TQMNCOCVKQP XQO  5GRVGODGT #O  5GRVGODGT GTMN¼TVG FGT MQPUVKVWKGTGPFG 4GKEJUVCI FKG 2GTOCPGP\
UQ YKG HT×GT FKG \GPVTCNGP 1TICPGFGTHTCP\ÑUKUEJGP4GXQNWVKQP   #O  #WIWUV GTJKGNV FGT 1DGTDGHGJNUJCDGT U¼OVNKEJGT MCKUGTNKEJGP 6TWRRGP 9KPFKUEJITCGV\ GKPG $GXQNNO¼EJVKIWPI MTCHV FGTGT GT WPDGUEJT¼PMV ×DGT FKG #TOGG LC CWEJ ×DGT FKG <KXKNDGXÑNMGTWPIXGTH×IGPMQPPVG  #O5GRVODGTMCOGUKP9KGP\WPGWGP-¼ORHGP\YKUEJGP FGO /KNKV¼T WPF FGT 0CVKQPCNICTFG &KGUGT JCVVG UKEJ GKP 6GKN OGWVGTPFGP 5QNFCVGP CPIGUEJNQUUGP FKG UKEJ YGKIGTVGP PCEJ 7PICTP CWU\WDTGEJGP &GT ÑUVGTTGKEJKUEJG -TKGIUOKPKUVGT .CVQWT YWTFG GTOQTFGV FGT *QH HN×EJVGVG PCEJ 1NO×V\ &KG IGO¼²KIVGP #DIGQTFPGVGP XGTNKG²GP 9KGP KPFGO FKG 4CFKMCNGP FKG /CEJV GTITKHHGP  &KG GKP\KIGP 8GTD×PFGVGP FGU TGXQNWVKQP¼TGP 9KGP YCTGP DNQ² FKG WPICTKUEJG 4GXQNWVKQP WPF FCU (TCPMHWTVGT 2CTNCOGPV &CU .CIGTFGT4CFKMCNGPYCTRTCMVKUEJKUQNKGTV/KVVNGTYGKNGUV¼TMVGUKEJFCU .CIGT FGT )GO¼²KIVGP FKG OGJT QFGT YGPKIGT XQP FGP #WUY×EJUGP WPF ¯DGTITKHHGP FGT 4GXQNWVKQP GTUEJTQEMGP CWH TCFKMCNG +FGCNG 

XGT\KEJVGVGP 5QOKV UV¼TMVG FGT *QH DCNF UGKPG 5VGNNWPI FKG FWTEJ FKG #PJ¼PINKEJMGKV FGT #TOGG UQYKG FGT 8ÑNMGT FGU 4GKEJGU PQEJ HGUVGT YWTFG +PUDGUQPFGTU FKG 0CVKQPCNKV¼VGP 7PICTPU JCVVGP FGP 9GI FGU QHHGPGP -CORHGU IGIGP FKG WPICTKUEJG 4GXQNWVKQP GKPIGUEJNCIGP WPF XGTVGKFKIVGP FKG 5CEJG FGT )GUCOVOQPCTEJKG &KG WPICTKUEJGP TCFKMCNGP .KDGTCNGP YCTGP VCVU¼EJNKEJ GPVUEJNQUUGP UQ\KCNG 4GHQTOGP WPFKPFKXKFWGNNG$×TIGTTGEJVG\WIGY¼JTGPCPFGTGTUGKVUYCTFKGXQP KJPGP IGHÑTFGTVG 0CVKQPCNRQNKVKM WPJGKNDTKPIGPF WPF FKGU YGIGP 8GTNGV\WPI FGT 0CVKQPCNTGEJVG FGT ×DTKIGP 8ÑNMGTUEJCHVGP &KG 9CJN \YKUEJGP FGP /CI[CTKUKGTWPIUVGPFGP\GP WPF FGT 6TGWG \WO JCDUDWTIKUEJGP *GTTUEJGTJCWU YCT PKEJV UEJYGT FKG RQNKVKUEJGP (×JTGT FGT KP 7PICTP NGDGPFGP 0CVKQPCNKV¼VGP VTCVGP IGIGP FKG WPICTKUEJG 4GXQNWVKQP GKP WO KJTG GKIGPGP <KGNG \W XGTYKTMNKEJGP Q)GYÑJPNKEJ YKTF FCU UQ GKPIGUEJ¼V\V FC² UKG FCOKV QDLGMVKX VCVU¼EJNKEJ FKG )GIGPTGXQNWVKQP WPVGTUV×V\VGP QDYQJN UKG UWDLGMVKX PKEJVFGT4GCMVKQPFKGPGPYQNNVGPROGKPGP)QPFCWPF0KGFGTJCWUGP KP GKPGT )GUEJKEJVG FGU *CDUDWTIGTTGKEJGU &KGUG +PVGTRTGVCVKQP \KGJV FKG *KGTCTEJKG FGT 2TKQTKV¼VGP MCWO KP $GVTCEJV 1JPG GKP GKIGPGU 0CVKQPCNNGDGP KUV FGT IGUGNNUEJCHVNKEJG (QTVUEJTKVV YGTV WPF \YGEMNQU &CUQIGIGPTGXQNWVKQP¼TGR©UVGTTGKEJIGY¼JTNGKUVGVGFKG0CVKQPCNTGEJVG YGPKIUVGPUFGLWTGFCUTGXQNWVKQP¼TG7PICTPCDGTXGTNGV\VGUKGFGHCEVQ  'KPGPGWGÑUVGTTGKEJKUEJG4GIKGTWPIYWTFGCO0QXGODGT  GTPCPPV (×TUV (GNKZ XQP 5EJYCT\GPDGTI FGT PGWG /KPKUVGTRT¼UKFGPVJKGNVUGKPGGTUVG4GFGKO4GKEJUVCI
FGTUGKV1MVQDGT DGK-TGOUKGTKP/¼JTGPUVCVVHCPF 'TXGTVGKFKIVGFKG)TWPFU¼V\GGKPGT NKDGTCNGP 4GIKGTWPI YCJTG 8GTHCUUWPIUO¼²KIMGKV YCJTG (TGKJGKV IGIGP FKG ¯DGTVTGKDWPIGP FGT 4GXQNWVKQP NKDGTCNG (TGKJGKVUTGEJVG )NGKEJDGTGEJVKIWPI CNNGT 0CVKQPCNKV¼VGP HTGKG 'PVHCNVWPI FGU -CRKVCNKUOWU GT DNKGD DGK FGT #DUEJCHHWPI FGT .GKDGKIGPUEJCHV -GKPGUHCNNU Y×TFG ©UVGTTGKEJ GKPGO IGGKPVGP &GWVUEJNCPF DGKVTGVGP &KG WPDGUEJT¼PMVG 5QWXGTCPKV¼V WPF )TQ²OCEJVUVGNNWPI ©UVGTTGKEJU YCT KO GWTQR¼KUEJGP WPF FGWVUEJGP +PVGTGUUG &KG HTGKG 'PVYKEMNWPI FGT &GWVUEJGP MÑPPG CO DGUVGP FWTEJ GKP UVCTMGU ©UVGTTGKEJ IGY¼JTNGKUVGV YGTFGP &KG 4GFG 5EJYCT\GPDGTIU MNCPI YKG GKPG -TKGIUGTMN¼TWPICPFCU(TCPMHWTVGT2CTNCOGPV  0WP DTCWEJVG FCU4GKEJXGTGKPJGKVNKEJV\WYGTFGPWPF\YCT WPVGT GKPGO PGWGP -CKUGT #O  &G\GODGT  FCPMVG (GTFKPCPF \WIWPUVGP UGKPGU 0GHHGP (TCP\ ,QUGRJ CD &KG XQP 5EJYCT\GPDGTI 

+OTG )QPFC 'OKN 0KGFGTJCWUGT &KG *CDUDWTIGT 'KP GWTQR¼KUEJGU 2J¼PQOGP %QTXKPC-KCFÎ\YGKVG#WHNCIG
$WFCRGUV 5 

IGH×JTVG 4GIKGTWPI NÑUVG CO  /¼T\  FGP 4GKEJUVCI CWH DGXQT FKGUGTFKG#WUCTDGKVWPIFGT8GTHCUUWPIDGGPFGVJCVVG  &KG ÑUVGTTGKEJKUEJG QMVTQ[KGTVG8GTHCUUWPIYWTFGCO/¼T\  XGTÑHHGPVNKEJV &KG *CWRVTQNNG KP KJTGT $GCTDGKVWPI MCO FGO +PPGPOKPKUVGT )TCH 5VCFKQP \W &KG 8GTHCUUWPI UV¼TMVG FKG 4GEJVG FGU )TQ²D×TIGTVWOU UCJ FKG <GPVTCNKUCVKQP FGT 4GKEJUHKPCP\GP WPF  YKTVUEJCHV WPF GKPG #WVQPQOKG FGT 2TQXKP\GP XQT FKG UKEJ UR¼VGT CNU KNNWUQTKUEJGTYKGU  /KVFGTGPVUEJGKFGPFGP*KNHGFGT\CTKUVKUEJGP6TWRRGPYGNEJG KP7PICTPKO/QPCV/CKGKPT×EMVGPYWTFGFKGWPICTKUEJG4GXQNWVKQP CO#WIWUVGPFI×NVKIPKGFGTIGUEJNCIGP   $GK FGP 5KGDGPD×TIGT 5CEJUGP HQNIVG FGT UQIGPCPPVGP <GKVURCPPG FGT QUVKNNGP ,CJTGR  
GKP 5EJYWPI GKPGU QPGWGP .GDGPUR  
#WU FGO 9GUVGP FTCPIGP OQFGTPG )GFCPMGP GKP FKG )GKUVGT GTYCEJVGP FCU MQPUVKVWVKQPGNNG .GDGP YWTFG YKGFGTCWHIGPQOOGP 8QP CWUY¼TVKIGP 'KPHN×UUGP FWTEJIGFTWPIGP IKPIGP FKG FGP IGDKNFGVGP CDGT CWEJ XQTPGJOGP -TGKUGP \WIGJÑTGPFGP U¼EJUKUEJGP )GKUVGUNGWVG CP FKG #WHMN¼TWPI FGU 5CEJUGPXQNMGU +JT 5VTGDGP YKFGTURKGIGNVG ¼JPNKEJG $GO×JWPIGP KP 7PICTP YQ KPUDGUQPFGTU CWH YKTVUEJCHVNKEJGT 'DGPG FKG NKDGTCNG #PUEJCWWPI 5\GEJÃP[KU ×DGT FKG 5V¼TMWPI FGT RQNKVKUEJGP /CEJV FGU 8QNMGU FWTEJ UGKPGP 9QJNUVCPF $GFGWVWPI IGYQPPGP JCVVG &KG 'TPGWGTWPIGPWOHC²VGPCNNG$GTGKEJGFGUU¼EJUKUEJGP0CVKQPCNNGDGPU <YGK8QTI¼PIGUKPFCWHITWPFKJTGT9KEJVKIMGKVMGPP\GKEJPGPF  &GTGTUVGXQPKJPGPDGVTKHHVFCU8GTGKPUYGUGP&KG$KNFWPIXQP 8GTGKPGP WPF #PUVCNVGP JCVVG FGP <YGEM FGP 4GHQTOVGPFGP\GP FGP RCUUGPFGP 4CJOGP \W UEJCHHGP +P 5KGDGPD×TIGP YCTGP FKG 5CEJUGP FKG $GIT×PFGT FGU 5RCTMCUUGPYGUGPU  GPVUVCPF KP -TQPUVCFV FKG XQP 2GVGT 6 .CPIG IGIT×PFGVG GTUVG 5RCTMCUUG QFCU GTUVG FGTCTVKIG +PUVKVWV KO IGUCOVGP 7OHCPI FGT .¼PFGT FGT WPICTKUEJGP -TQPG FCU 
¯DGT©UVGTTGKEJKPFGP,CJTGPXIN)QPFC0KGFGTJCWUGTCC15 &KG$GPGPPWPIFGT2GTKQFGCNULGPGFGTQUVKNNGP,CJTGRIGJÑTV(TKGFTKEJ 

9/×NNGT5'2TKGUVGT5$TKVCPPKEC$F5

6GWVUEJ8INFGUUGP#WHUCV\5VKNNG,CJTGKO$F*WPFGTV,CJTGU¼EJUKUEJGT -¼ORHG<GJP8QTVT¼IGCWUFGT)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPKONGV\VGP,CJTJWPFGTV &TWEMWPF8GTNCIXQP9-TCHHV*GTOCPPUVCFV&KG,CJTGYWTFGP XQP#5EJWNNGTCNUQPGWGU.GDGPREJCTCMVGTKUKGTV#5EJWNNGT0GWGU.GDGP KO CPIGIGDGPGP $CPF (TKGFTKEJ 6GWVUEJ PKOOV DGKFG $GPGPPWPIGP KP UGKPGT )GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPH×TFCUU¼EJUKUEJG8QNM&TWEMWPF8GTNCIXQP9 -TCHHV$F+++*GTOCPPUVCFVYKGFGTCWH 

PKEJV FKG $GTGKEJGTWPI FGT )T×PFG UQPFGTP (ÑTFGTWPI JWOCPGT <YGEMGWPFFGUÑHHGPVNKEJGP9QJNUUKEJ\WO<KGNUGV\VGR/*GTDGTV GTTKEJVGVG KP *GTOCPPUVCFV  GKPG CPFGTG 5RCTMCUUG $GK DGKFGP +PUVKVWVGP XGT\KEJVGVGP )T×PFGT WPF /KVINKGFGT CWH FGP )GYKPP WPF YKFOGVGPFGP4GKPIGYKPPCNNIGOGKPGP<YGEMGP  *KPUKEJVNKEJFGT8GTDGUUGTWPIFGU7PVGTTKEJVUYGUGPUYWTFGKP *GTOCPPUVCFVGKPR¼FCIQIKUEJGT8GTGKPKPU.GDGPIGTWHGP GPVUVCPF KP -TQPUVCFV GKPG 2GPUKQPUCPUVCNV &KG KP FKGUGT <GKVURCPPG IGUEJCHHGPGP )GYGTDGXGTGKPG 
KP *GTOCPPUVCFV  KP -TQPUVCFV  KP $KUVTKV\ WPF /GFKCUEJ  IGIT×PFGV WPF  DGUV¼VKIV KP 5EJ¼²DWTI  YQNNVGP )GYGTDG WPF *CPFGN JGDGP #TDGKVUCOMGKVWPF5RCTUCOMGKVDGNGDGPFGP-TGFKVXGTOGJTGPWPFFKG 8GTDKPFWPIGP GKPGT OQFGTPGP 9KTVUEJCHV UEJCHHGP  YWTFG FGT UKGDGPD×TIKUEJU¼EJUKUEJG.CPFYKTVUEJCHVUXGTGKPIGIT×PFGV  'KPGP 5QPFGTRNCV\ PCJO FGT 8GTGKP H×T UKGDGPD×TIKUEJG .CPFGUMWPFG GKP $GPKIPK WPF 0GWIGDQTGP OCEJVGP  FGP 8QTUEJNCI \WT )T×PFWPI GKPGT )GUGNNUEJCHV \WT *GTCWUICDG XQP #TDGKVGP ×DGT FKG XCVGTN¼PFKUEJG )GUEJKEJVG +JTG 'KPNCFWPI DNKGD DKU QJPG'THQNICNU)$KPFGTGKPGPPGWGP8QTUEJNCIGKPGUQFGWVUEJGP 8GTGKPU H×T FKG -WPFG 5KGDGPD×TIGPUR H×T FKG 'THQTUEJWPI FGT )GUEJKEJVG 5VCVKUVKM WPF 0CVWTYKUUGPUEJCHVGP OCEJVG ,- 5EJWNNGT UVKOOVG \W LGFQEJ YQNNVG GT PKEJV PWT GKPGP FGWVUEJGP WPF TGKP YKUUGPUEJCHVNKEJGPUQPFGTPGKPGPDTGKVGTGP8GTGKPKPU.GDGPTWHGP&GT CO  5GRVGODGT  XQP FGP /GFKCUEJGT 5GPCVQTGP & WPF ) )T¼UGT WPF XQP , (CDKPK 2HCTTGT KP 9CNFJ×VVGP WPVGTHGTVKIVG #WHTWH DGTKGHGKPG8GTUCOONWPIH×TFGP1MVQDGTPCEJ/GFKCUEJGKP&KGUG MQPUVKVWKGTGPFG 8GTUCOONWPI HCPF VCVU¼EJNKEJ UVCVV WPF H×JTVG \WT )T×PFWPI FGU 8GTGKPU H×T UKGDGPD×TIKUEJG .CPFGUMWPFG WPF \WT (GUVUVGNNWPI FGU 5VCVWVGU &KG 4GIKGTWPI DGUV¼VKIVG FGP 8GTGKP FWTEJ FCU &GMTGV XQO  /CK  KP FGO DGVQPV YWTFG FC² FKG 2WDNKMCVKQPGPFGTXQTIGUEJTKGDGPGP<GPUWT\WWPVGTDTGKVGPUGKGPWPF MGKPGWPIGGKIPGVGP5V×EMGXGTÑHHGPVNKEJVYGTFGPUQNNVGP+PFGT6CVVTWI FGT8GTGKP\WT5VGKIGTWPIFGU$GYW²VUGKPUFGTU¼EJUKUEJGPMWNVWTGNNGP 'KPJGKV DGK KPFGO GU FGP 8GT\KEJV CWH NQMCNG 8QTWTVGKNG WPF FGP )GFCPMGP FGT <WIGJÑTKIMGKV FGT 5CEJUGP \W GKPGO GKP\KIGP 8QNM HÑTFGTVG &KG 6¼VKIMGKV FGU 8GTGKPU JCVVG GKPGP ITѲGTGP 'THQNI FWTEJ UGKPG )GPGTCNXGTUCOONWPIGP CNU FWTEJ UGKPG 5EJTKHVGP &KG GTUVGTGP YCTGP9CPFGTXGTUCOONWPIGPFKGL¼JTNKEJFGP1TVYGEJUGNVGPUQFC² UKG CNNO¼JNKEJ FCU ICP\G 5CEJUGPNCPF GTTGKEJVGP &KG 
(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++5 

)GPGTCNXGTUCOONWPIGPHCPFGPKP5EJ¼²DWTIKP-TQPUVCFV  KP *GTOCPPUVCFV  KP $KUVTKV\  KP /×JNDCEJ  KP )TQ²UEJGPM UVCVV &GP 8QTUVCPF H×JTVG FGT *QHTCV $GFGWU XQP 5EJCTDGTI &CU TQOCPVKUEJG +FGCN FCU FKG $GUVTGDWPIGP FGU 8GTGKPU DGNGDVG IGJV CO DGUVGP CWU FGO )TW²YQTV FGU UVGNNXGTVTGVGPFGP 8QTUKV\GTU -ÑPKIUTKEJVGT 5EJOKFV IGNGIGPVNKEJ FGT 'TÑHHPWPI FGT 8GTUCOONWPIJGTXQTQ&GT5V¼FVGTTGKEJVFGO&QTHDGYQJPGTFGT *QEJIGDKNFGVG FGO UEJNKEJVGP (GNFDCWGT FKG *CPF +P FGT DGUEJGKFGPGP *×VVG FGU .CPFOCPPU YGTFGP FKG KPPKIUVGP 8GTDKPFWPIGP IGUEJNQUUGP FKG YKEJVKIUVGP #PIGNGIGPJGKVGP DGURTQEJGP WPF WPUTG -KPFGT OGTMGP OKV GDGPUQ DGYGIVGP *GT\GP YKG KJTG 8¼VGT FC² FKG $GIN×EMWPI WPF #WUDKNFWPI FGU 8QNMGU FCU IGOGKPUCOG<KGNCNNGT$GUVTGDWPIGPUGKR  &CU CPFGTG 2J¼PQOGP FCU GKPG JGTXQTTCIGPFG 4QNNG KP FGT #WUDKNFWPI FGU )GUEJOCEMU WPF FGU $GYW²VUGKPU KP DTGKVGTGP 5EJKEJVGPURKGNVGYCTFKG2TGUUG&GT8QTO¼T\DTCEJVGFGP5CEJUGPFKG <WPCJOGFGT#P\CJNFGT<GKVWPIGP<WOQ5KGDGPD×TIGT$QVGPR 
 WPFFGUUGP$GKDN¼VVGTPQ6TCPUUKNXCPKCR  
WPFQ#OVU WPF +PVGNNKIGP\DNCVVR 
!  MCO KP *GTOCPPUVCFV FGT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR
IGIT×PFGV  WPF IGNGKVGV DKU  XQP ,QJCPP /KEJCGNKU  JKP\W ,QUGH $GPKIPK XQP /KNFGPDGTI ICD XQP  DKU  FKG Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR GKPG FGP JGK²GP (TCIGP FGT )GIGPYCTV IGYKFOGVG <GKVUEJTKHV JGTCWU  +P -TQPUVCFVXGTÑHHGPVNKEJVGFGT$WEJFTWEMGT,QJCPP)ÑVVFKGQ$N¼VVGTH×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR  
WPF CD  FCU Q5KGDGPD×TIGT9QEJGPDNCVVRYGNEJGUDCNFUGKP*CWRVDNCVVYWTFGWPF OKV GKPGT ITQ²GP #DQPPGPVGP\CJN 'THQNI GTYCTD #NU $GKDNCVV FGU Q9QEJGPDNCVVUR GTUEJKGP FGT Q5CVGNNKVR 
  #PVQP -WT\ ICD GDGPHCNNU KP -TQPUVCFV FCU Q/CIC\KP H×T )GUEJKEJVG .KVVGTCVWT WPF CNNG &GPM WPF /GTMY×TFKIMGKVGP 5KGDGPD×TIGPUR JGTCWU  &KG UKGDGPD×TIKUEJU¼EJUKUEJG 2TGUUG HÑTFGTVG FGP )GFCPMGP FGU CNNIGOGKPGP (QTVUEJTKVVU FGT FWTEJ )NGKEJDGTGEJVKIWPI CNNGT 0CVKQPGP 7OIGUVCNVWPI FGU )GOGKPUEJCHVUNGDGPU 4GHQTOGP FGT .CPFYKTVUEJCHVFGU*CPFGNUWPFFGT)GYGTDGGT\KGNVYGTFGPMQPPVG &KG )GFCPMGPFGTQ/×PFNKEJMGKVRWPFQ©HHGPVNKEJMGKVRDGYGIVGPFKG 
'DGPFC5CWEJ×DGTFCUU¼EJUKUEJG8GTGKPUYGUGP5 

¯DGT )ÑVV WPF FKG 4GFCMVGWTG FGT -TQPUV¼FVGT $N¼VVGT IKDV GU \CJNTGKEJG CDGT \GTUVTGWVG #PICDGP FKG YKT KO -CRKVGN Q%JTQPKM FGT -QTPUV¼FVGT 2TGUUGR \WUCOOGPIGH×JTVJCDGP 

)GO×VGTWPFGTTGIVGP#WHUGJGPWPF5VGNNWPIPCJOGPFGT$GCOVGPFKG FCFWTEJ GKPGP &TWEM WPF GKPG )GHCJT GORHCPFGP +O Q5KGDGPD×TIGT 9QEJGPDNCVVRGTUEJKGPGKP#TVKMGN×DGTFKG5×PFGPFGT$×TQMTCVKG &GT 1TCVQT KP *GTOCPPUVCFV XGTUWEJVG FKG -QOOWPKV¼V \W DGYGIGP GKPGP2TQ\G²IGIGP)ÑVVCP\WUVTGPIGP<KOOGTOCPPU'KPVTGVGPYCTGU \W XGTFCPMGP FC² FGT #PVTCI PKEJV CPIGPQOOGP YWTFG &KG -QOOWPKV¼VY×PUEJVGFKGUGNDGHTGKG$GYGIWPIH×TFKGFGWVUEJG2TGUUG KO .CPFG YKG FKG WPICTKUEJG 2TGUUG UKG JCDG WPF UGJG GU CNU GKPG 2HNKEJVCPUQICTFGP5EJGKPXQP'KPUEJ×EJVGTWPIUOC²PCJOGPFKGXQP $GCOVGPQFGT$GJÑTFGPCWUIKPIGP\WXGTOGKFGP  &KG *CWRVDTGOUG KP FGT 'PVYKEMNWPI FGT 2TGUUG YCT FKG <GPUWT &GT -QOGU FGT U¼EJUKUEJGP 0CVKQP (TCP\ 5CNOGP DGUEJYGTVG UKEJ ÑHVGTU XGTIGDGPU FCT×DGT Q9GPP GU UKEJ WO RQNKVKUEJG 'TÑTVGTWPIGP JCPFGNVG NKG² FKG 4GIKGTWPI FGP OCI[CTKUEJGP <GKVWPIGP \ $ FGO 'TFÃN[ *KTCFÎ ICP\ CPFGTG (TGKJGKVGP CNU FGT U¼EJUKUEJGP2WDNK\KUVKMR
(TKGFTKEJ6GWVUEJ +P*GTOCPPUVCFVDGUQTIVG $GPKIPK FGT 4GFCMVGWT FGU Q$QVGPR QKP RCVTKCTEJCNKUEJGT 9GKUGR FKG <GPUWTFGTQ6TCPUUKNXCPKCR5EJWNNGTTGFKIKGTVGFKGQ6TCPUUKNXCPKCRWPF \GPUKGTVG FGP Q$QVGPR #DGT PCEJ  CNU FKG RQNKVKUEJGP 4GKDWPIGP ¼TIGT YWTFGP DGUVGNNVG )QWXGTPGWT 6GNGMK H×T FKG *GTOCPPUV¼FVGT $N¼VVGTFGP6JGUCWTCTKCVUUGMTGV¼T)[GTI[CK\WO<GPUQT)[GTI[CKYCT QGKP WPYKUUGPFGT VCMVNQUGT /CPP FGT PQEJ FC\W MCWO FGWVUEJ XGTUVCPFR 'T UVTKEJ YKNNM×TNKEJ #TVKMGN FKG PKEJVU UVCCVUIGH¼JTNKEJGU GPVJKGNVGP UQICT UQNEJG YGNEJG FKG 4GIKGTWPI XGTVGKFKIVGP CWEJ ¯DGTUGV\WPIGP CWU FGO Q'TFÃN[ *KTCFÎR
#PJCPI &QM 0T   &KG U¼EJUKUEJGP<GKVWPIGPFWTHVGPCWUFGO.CPFVCIPWTOKVVGKNGPYCUFKG -NCWUGPDWTIGT WPICTKUEJGP $N¼VVGT DTCEJVGP #O  &G\GODGT  YWTFGKP*GTOCPPUVCFV'WIGP5WGUOQ'YKIGT,WFGRXGTDQVGP  &KG*GTOCPPUV¼FVGTU¼EJUKUEJGP<GKVWPIGPUVCPFGPKP(TCIGP FGT 4GHQTO WPF FGU (QTVUEJTKVVU KO )GIGPUCV\ \W FGP -TQPUV¼FVGT <GKVWPIGP &CU Q9QEJGPDNCVVR YQNNVG FKG #WHJGDWPI FGT <×PHVG FGT Q$QVGR YCT H×T KJTG $GKDGJCNVWPI &CU Q9QEJGPDNCVVR DGM¼ORHVG FKG $×TQMTCVKG FGT Q$QVGR NGWIPGVG UKG &CU Q9QEJGPDNCVVR HÑTFGTVG FKG D×TIGTNKEJGP4GEJVGJKPIGIGPOGKPVGFGTQ$QVGRGUUGKIGH¼JTNKEJFKG -QOOWPKV¼V FWTEJ FKG IGUCOVG $×TIGTUEJCHV Y¼JNGP \W NCUUGP WPF YGJTVG FKG <WNCUUWPI FGT .GJTGT KP FKG -QOOWPKV¼V CD FGPP FKG UV¼FVKUEJGP8GTJ¼NVPKUUGN¼IGPCW²GTJCNDKJTGU)GUKEJVUMTGKUGU  9CU CDGT FKG 8GTVGKFKIWPI FGU &GWVUEJVWOU DGVTCH HGJNVG GU PKGCP'KPVTCEJV&GTIGOGKPUCOG)GIPGTFGT<GKVWPIGPDGKFGT5V¼FVG 
(T6GWVUEJCC15 

YCTFCUQ'TFÃN[*KTCFÎRQKPFGOFGTWPUKPPKIG*C²FGUWPIGDKNFGVGP -NGKPCFGNUIGIGPFCU&GWVUEJVWOKPFGT8GTHQNIWPIFGT5CEJUGPUKEJ XGTMÑTRGTVGR
(T 6GWVUEJ  &CU #WHVTGVGP FGU U¼EJUKUEJGP 5GNDUVDGYW²VUGKPU YCT GKPG )GIGDGPJGKV LGPGT ,CJTG WPF FT×EMVG UKEJ KPFGTTQOCPVKUEJGP2QGUKGOCPEJGT&KEJVGTYKG,QUGH/CTNKP8GTHCUUGT FGTQ2QNKVKUEJGP-TGW\\×IGKO5CEJUGPNCPFGR  
CWU&KG8GTGKPG WPFFKG2TGUUGFKGPVGPGKPWPFFGTUGNDGP5CEJG  +P FGP GT ,CJTGP HCPF CWEJ FKG #PTGKJWPI FGT 5CEJUGP CP FGP +FGCNGP FGU &GWVUEJVWOU UVCVV &KG +UQNKGTWPI UEJCFGVG FGO U¼EJUKUEJGP0CVKQPCNNGDGPYGNEJGUPWTKP¯DGTGKPUVKOOWPIOKVFGO FGWVUEJGP)GKUVGUNGDGPHQTVIGFGKJGPMQPPVG&KGU¼EJUKUEJG0CVKQPYCT FKG PCV×TNKEJG 6T¼IGTKP FGU FGWVUEJGP 'NGOGPVU KP 5KGDGPD×TIGP &GT FGWVUEJG )NCWDGP FKG FGWVUEJG 6TGWG WPF FKG 'TJCNVWPI FGU 8QNMUVWOU DKNFGVGP FGP #WUFTWEM FGT <WIGJÑTKIMGKV \WT FGWVUEJGP -WNVWTWPFFGTRCVTKQVKUEJGP$GIGKUVGTWPI#WHRTCMVKUEJGTRQNKVKUEJGT 'DGPG CDGT GPVUVCPF PKG FGT )GFCPMG FGT 8GTYKTMNKEJWPI FKGUGU <WIGJÑTKIMGKVUIGH×JNU MGKP 5CEJUGPRQNKVKMGT JCV LG FCXQP IGVT¼WOV 5KGDGPD×TIGP\WGKPGO$GUVCPFVGKN&GWVUEJNCPFU\WOCEJGP(TKGFTKEJ 6GWVUEJ OGKPVG FKG 5QNKFCTKV¼V OKV&GWVUEJNCPFUGKGKPG#PVYQTVWPF GKP 8GTVGKFKIWPIUOKVVGN IGYGUGP 0CEJ  XGTUWEJVG 7PICTP OKV 'THQNI&GWVUEJNCPFH×TUGKPGNKDGTCNGP<KGNG\WIGYKPPGP.GKR\KIYCT FGT/KVVGNRWPMVXQPYQCWUFKG$TQUEJ×TGPNKVGTCVWT\WFKGUGO<YGEM JKPCWUHNQI &KG 5CEJUGP MQPPVGP PKEJV \WT×EMUVGJGP +O CNNIGOGKPGP CDGT YW²VG FKG FGWVUEJG ÑHHGPVNKEJG /GKPWPI HCUV PKEJVU ×DGT FCU U¼EJUKUEJG 0CVKQPCNNGDGP QWPF YCU UKG YW²VG HNQ² \WO 6GKN CWU FGP 3WGNNGP FKG WPU PKEJV YQJN YQNNVGPR
(T 6GWVUEJ  5Q GTUEJKGPGP FKG 5CEJUGP CNU 8GTVTGVGT XGTCNVGVGT 2TKXKNGIKGP FKG XQP FGT PGWGP <GKV PKEJVUYKUUGPYQNNVGP  &GT -QPMWTTGP\IGKUV \YKUEJGP FGP \YGK *CWRVUV¼FVGP FGT 5KGDGPD×TIGT 5CEJUGP *GTOCPPUVCFV WPF -TQPUVCFV GTTGKEJVG CO 8QTCDGPF FGU ,CJTGU  FGP *ÑJGRWPMV +P *GTOCPPUVCFV YCT FGT 5KV\ FGU 5CEJUGPITCHGP JKGT HCPFGP FKG 5KV\WPIGP FGT 0CVKQPUWPKXGTUKV¼VUVCVV&CU7PKXGTUKV¼VUXGTOÑIGPWPFFCU#GTCTJCWU DGHCPFGPUKEJGDGPHCNNUKP*GTOCPPUVCFVUQYKGFCUXQP)GPGTCN#PVQP 2WEJPGT IGH×JTVG MCKUGTNKEJG /KNKV¼T)GPGTCNMQOOCPFQ &KG 5VCFV DGJCWUVG GKPG 4GKJG XQP ÑUVGTTGKEJKUEJGP
,QUGH $GPKIPK XQP /KNFGPDGTI QFGTU¼EJUKUEJGPJQJGP$GCOVGP+P*GTOCPPUVCFVNGDVGP CWEJCNVG2CVTK\KGTIGUEJNGEJVGT 
'DGPFC5 'DGPFC5  

&KG H×JTGPFG 5EJKEJV FGT 5CEJUGP FKG QXQTPGJOG )GUGNNUEJCHVR DKNFGVGP FKG ,WTKUVGP 5KG YCTGP ×DGTCNN CPYGUGPF KP 5V¼FVGP/¼TMVGP8QTQTVGPFGTMNGKPGTGP5V×JNGUKGMQPPVGPDKUKPFKG JÑJGTGP -TGKUG JKPCWHTCIGP UQICT )WDGTPKCN WPF *QHT¼VG YGTFGP *GTOCPPUVCFV DGFGWVGVG FGP )KRHGN KJTGT DGTWHNKEJGP .CWHDCJP KP 5KGDGPD×TIGP$KUFCJKPJCVVGPUKGCNU8GTVGKFKIGTFGT8GTHCUUWPIFCU 9QTVCWHFGP.CPFVCIGPWPFDGK&GRWVCVKQPGPCPFGP*QHIGH×JTVUKG YCTGP ÑHVGTU 8GTHCUUGT YKUUGPUEJCHVNKEJGT (QTUEJWPIGP &KG PGWG <GKV YCT KJPGP CDGT PKEJV IGYQIGP FGPP FGT D×TQMTCVKUEJG )GKUV YCT FKG 8GTMÑTRGTWPIFGU9KFGTUVCPFUIGIGP×DGTFGO(QTVUEJTKVV&KGLWPIGP .GWVGFGU5VCPFGUWOCTOVGPFKG4GHQTODGYGIWPI#O0QXGODGT  HCPF FKG HGKGTNKEJG 'TÑHHPWPI FGT U¼EJUKUEJGP 4GEJVUCMCFGOKG KP *GTOCPPUVCFV UVCVV FGTGP 4GMVQT )QVVHTKGF /×NNGT YWTFG WPF FKG WPVGT KJTGP GTUVGP 2TQHGUUQTGP ,# <KOOGTOCPP )NCV\ *CPP \¼JNVG &CU 1DGTMQPUKUVQTKWO  YGNEJGU PGDGP FGT 0CVKQPUWPKXGTUKV¼V GKP IGYKEJVKIGU9QTVDGKFGT'TTKEJVWPIFGT#MCFGOKGIGURTQEJGPJCVVG DG\GKEJPGVG CNU <KGN FGT (CMWNV¼V Q'U UQNNVGP UKEJ FKG U¼EJUKUEJGP ,×PINKPIG PGDUV IT×PFNKEJGT -GPPVPKUUG FGU CNNIGOGKPGP 4GEJVU \W 5EJKTOGTP WPF 2HNGIGTP FGT DGUQPFGTP 4GEJVG KJTGU 8QNMGU JGTCPDKNFGPR  &KG *GTOCPPUV¼FVGT $N¼VVGT YKFGTURKGIGNVGP FKG IGUGNNUEJCHVNKEJG )GUVCNVWPI WPF FKG KP FGT 5VCFV XQTJGTTUEJGPFG 5VKOOWPI &KG OGKUVGP /KVCTDGKVGT FKGUGT <GKVWPIGP YCTGP ,WTKUVGP \WINGKEJ JQJG $GCOVG QFGT 2TQHGUUQTGP CP FGT 4GEJVUCMCFGOKG $GPKIPK $GFGWU .WFYKI XQP 4QUGPHGNF 'WIGP XQP (TKGFGPHGNU ,- 5EJWNNGT #NU 4GFCMVGWTG YKTMVGP CWEJ LWPIG /KVINKGFGT FKG MGKPG $GCOVGP WPF IGO¼²KIVG 4GHQTOGT YCTGP ,QJCPP #PFTGCU <KOOGTOCPP ,CMQD 4CPPKEJGT *GKPTKEJ 5EJOKFV &GT IGO¼²KIVG -QPUGTXCVKUOWU FGP UKG HÑTFGTVGP JKG² CWH RQNKVKUEJGT 'DGPG ÑUVGTTGKEJKUEJGT'KPJGKVUUVCCVWPF6TGWGIGIGP×DGTFGOJGTTUEJGPFGP *CDUDWTIGTJCWU #WHTGEJVGTJCNVWPI FGT U¼EJUKUEJGP 4GEJVG WPF )NGKEJDGTGEJVKIWPIFGT4WO¼PGPCWHIGUGNNUEJCHVNKEJGT'DGPGCDGTFKG XQO <GKVIGKUV IGHQTFGTVGP 4GHQTOGP YGNEJG IGUGV\O¼²KI XQP QDGP PCEJWPVGPCPIGYCPFVYGTFGPUQNNVGP 

&CU<KVCVYWTFGCWU(T6GWVUEJCC15×DGTPQOOGP 

9CNVGT &CWIUEJ &KG 0CVKQPCNKV¼VGP 5KGDGPD×TIGPU KO 5RKGIGN FGWVUEJURTCEJKIGT <GKVWPIGPWPF<GKVUEJTKHVGPFGU8QTO¼T\ÉP<GKVUEJTKHVGPWPF<GKVWPIGPFGUWPF ,J KP /KVVGN WPF 1UVGWTQRC  *I +UVX¶P (TKGF *CPU .GODGTI 'FKVJ 4QUGPUVTCWEJ -ÑPKIUDGTI$GTNKP5  

-TQPUVCFVYCTJKPIGIGPGKPDN×JGPFGU*CPFGNUGORQTKWOYQ TGKEJG U¼EJUKUEJG $×TIGT WPF -CWHNGWVG NGDVGP 2CVTK\KGTHCOKNKGP YKG &TCWFV WPF 2NGEMGT DGUGV\VGP \YCT 5EJN×UUGNUVGNNWPIGP KP FGT 5VCFVXGTYCNVWPI CDGT UKG JCVVGP MGKPGP <WICPI \W FGT ÑHHGPVNKEJGP /GKPWPIXGTOKVVGNUFGT2TGUUG&KG-TQPUV¼FVGT2WDNK\KUVKMNCIKPFGP *¼PFGPLWPIGT6CNGPVGFKGUKEJXQPFGTQHHGPGP#TVWPF\WINGKEJXQP FGO TCFKMCNGP 6QP FGT <GKVWPIGP )ÑVVU CPIG\QIGP H×JNVGP )& 6GWVUEJ 5V. 4QVJ 'NKCU 4QVJ 2GVGT 6 .CPIG /CTVKP 5EJPGNN %CTN /CCIGT #NU LWPIG 6JGQNQIGP QFGT )[OPCUKCNNGJTGT YCTGP UKG XQP GKPGT $GCOVGPNCWHDCJP CWUIGUEJNQUUGP UQ FC² UKG KPUDGUQPFGTG TCFKMCNG 4GHQTOGP CPUVTGDVGP $GK )ÑVV CTDGKVGVG CWEJ FGT &KEJVGT /CTNKP FGT GTUVG UKGDGPD×TIKUEJG ,QWTPCNKUV KO OQFGTPGP 5KPP FGU 9QTVGU FGT CWU FGT .GKFGPUEJCHV \WO 5EJTGKDGP UGKPGP $GTWH OCEJVG WPFCWUFGO$GTWHGKP7PVGTJCNVUOKVVGN&KGDGKFGP.KVGTCVGP.GQRQNF /CZKOKNKCP /QNVMG WPF #PVQP -WT\ IGYCPPGP FWTEJ KJTGP NKDGTCNGP )GKUVFKG)GO×VGTH×TFKGXQP)ÑVVU2TGUUGGKPIGUEJNCIGPG4KEJVWPI 5QOKVYWTFG-TQPUVCFV\WO/KVVGNRWPMVFGUU¼EJUKUEJGP.KDGTCNKUOWU  +O/¼T\DTCEJFKG4GXQNWVKQPKP9KGPWPF2GUVCWU&KG KO 2GUVGT /CPKHGUV DGCPURTWEJVG 7PKQP 5KGDGPD×TIGPU OKV 7PICTP T×EMVG XQP #RTKN DKU ,WPK  KP FGP 8QTFGTITWPF FGT U¼EJUKUEJGP &GDCVVGP XQT &GT $TGPPRWPMV FGT U¼EJUKUEJGP <YKUVKIMGKVGP YCT FKG #PPCJOGQFGT<WT×EMYGKUWPIFGT7PKQP/CPMCPPDGJCWRVGPFC² FKG MQPUGTXCVKXG 2CTVGK XQP #PHCPI CP CWH HGUVGP WPKQPUHGKPFNKEJGP (ײGPUVCPFY¼JTGPFUKEJFKG.KDGTCNGPH×TFKG7PKQPDGIGKUVGTVGP  &GT 4WH Q7PKQP QFGT 6QFR YKFGTJCNNVG KO Q'TFÃN[ *KTCFÎR
0T  XQO  /¼T\   &KGUGNDG -NCWUGPDWTIGT <GKVWPI XGTÑHHGPVNKEJVG JGHVKIG /CPKHGUVG YKG LGPGU FCU FKG Q5EJTGEMNKEJG 8GTUEJYÑTWPIFGT0CVKQPUWPKXGTUKV¼VRDTCPFOCTMVG5QNEJG/CPKHGUVG YWTFGP OCUUGPJCHV PCEJ &GWVUEJNCPF IGUCPFV 5KG YCTGP PKEJV YKTMWPIUNQU FKG Q0GWG 4JGKPKUEJG <GKVWPIR WPF CPFGTG FGWVUEJG <GKVWPIGP ¼W²GTVGP UKEJ KP UEJCTHGP 9QTVGP ×DGT FKG QTGCMVKQP¼TGP UKGDGPD×TIKUEJGP &GWVUEJTKVVGTR
04< 0T   &G\GODGT   &KGUG <GKVWPIGP YCPFVGP FKG )NGKEJWPI 7PKQP  (QTVUEJTKVV 1RRQUKVKQP \WT 7PKQP  4GCMVKQP CP WPF JCVVGP GKPG HCNUEJG 'KPUVGNNWPI ×DGT FKG 5CEJNCIG KP 5KGDGPD×TIGP &GPP FKG UQIGPCPPVG U¼EJUKUEJGQ4GCMVKQPRJCVVGOKVFGT*GTOCPPUV¼FVGT$×TQMTCVKGPKEJVU \WVWPJKPIGIGPUKGM¼ORHVGIGIGPFKG/CI[CTKUKGTWPIUIGHCJT 

%CTN )ÑNNPGT &KG 5KGDGPD×TIGT 5CEJUGP KP FGP ,CJTGP  8GTNCI FGT 4WO¼PKUEJGP#MCFGOKG$WMCTGUV5 &KG5KGDGPD×TIGT5CEJUGPKPFGP,CJTGP5  

&KGÑUVGTTGKEJKUEJG8GTHCUUWPIXQO#RTKNDTCEJVGFKG 5VGNNWPI FGT U¼EJUKUEJGP .KDGTCNGP NGKEJV KPU 5EJYCPMGP FC UKG FKG INGKEJGP 4GEJVG H×T CNNG 0CVKQPCNKV¼VGP FGT )GUCOVOQPCTEJKG XQTUCJ 'KPGUQNEJGCP\KGJGPFG2GTURGMVKXGGTYGEMVGKP5VGRJCP.WFYKI4QVJ GKP ITѲGTGU 8GTVTCWGP KP GKP UKEJ GTPGWGTPFGU ©UVGTTGKEJ CNU KP FCU XQO5VWTOFGT4GXQNWVKQPGTITKHHGPG7PICTP4QVJUEJTKGDCO/CK Q'UKUVYCJTFKG9KGPGT4GIKGTWPIJCVDKUJGTPKEJVHTGKUKPPKITGIKGTGV YCT GVYC FGT WPICTKUEJG #FGN HTGKUKPPKIGT IGIGP UGKPG 7PVGTVCPGP QFGTHTGKUKPPKIGTIGIGPFKGLGPKIGPYGNEJGPKEJV/CI[CTGPYCTGP!R  &KG 4GXQNWVKQP DGNGDVG FKG *QHHPWPIGP CWH 'TPGWGTWPIGP UQYQJNKPFGT/KVVGFGT.KDGTCNGPCNUCWEJDGKFGP-QPUGTXCVKXGP&KG 0CVKQPUWPKXGTKUV¼VJCVVGCO/¼T\FGP$GUEJNW²\WT'TTKEJVWPI FGT 0CVKQPCNICTFG
$×TIGTYGJT  IGHC²V &KG 'KFGUHQTOGN DGKO 'KPVTKVV KPFKG$×TIGTYGJTGPVJKGNVGKPG6TGWGGTMN¼TWPI\WO*CDUDWTIGTJCWU 'KPG XQP FGT 5¼EJUKUEJGP 0CVKQPUWPKXGTUKV¼V GTPCPPVG -QOOKUUKQP OCEJVG GKPGP 8QTUEJNCI ×DGT FKG Q)TWPFU¼V\NKEJG 4GXKUKQP FGT /WPKEKRCN8GTHCUUWPIFGT&GWVUEJGPKP5KGDGPD×TIGPR4GHQTOGPFGT 8GTYCNVWPI FGT )GYGTDG FGU 7PVGTTKEJVU YWTFGP DGCPVTCIV &KG 5VWFGPVGPFGT*GTOCPPUV¼FVGT4GEJVUCMCFGOKGHQTFGTVGPKPGKPGTFGO 7PKXGTUKV¼VUUGPCV GKPIGTGKEJVGP &GPMUEJTKHV FKG /QFGTPKUKGTWPI FGT #PUVCNV  &GT UKGDGPD×TIKUEJG .CPFVCI KP -NCWUGPDWTI UVKOOVG CO  /CKFGT7PKQP5KGDGPD×TIGPUOKV7PICTP\W#O,WPKYWTFGFKG 7PKQPXQO-CKUGTUCPMVKQPKGTV  'KPG U¼EJUKUEJG &GNGICVKQP HWJT PCEJ +PPUDTWEM WO FGO -CKUGT FKG FKG 7PKQP \WT×EMYGKUGPFG &GPMUEJTKHV XQO  ,WPK GKP\WTGKEJGP FKG &GNGICVKQP YWTFG GPVNCUUGP DGXQT FGT -CKUGT FKG &GPMUEJTKHV\WT-GPPVPKUIGPQOOGPJCVVG  7PVGT FKGUGP 7OUV¼PFGP KUV FCU +PVGTGUUG FGT 5CEJUGP H×T &GWVUEJNCPFNGKEJV\WXGTUVGJGP&KG0CVKQPUWPKXGTUKV¼VUCPFVGCO 
5VGRJCP.WFYKI4QVJ)GUCOOGNVG5EJTKHVGPWPF$TKGHG*I1VVQ(QNDGTVJ$F&CU

5EJKEMUCN&QMWOGPVGCWUFGP,CJTGP8GTNCI9CNVGTFG)TW[VGT%Q$GTNKP 5 6TCPUUKNXCPKC*GTOCPPUVCFV0T#RTKN5WPF0T/CK 55D8QNMUHTGWPF*GTOCPPUVCFV0T#RTKN5 5CVGNNKV-TQPUVCFV0T/CK5  ¯DGT FKG &GPMUEJTKHV FGT 0CVKQPUWPKXGTUKV¼V XQO  ,WPK  XIN (T 6GWVUEJ )GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++5&KGUGNDG&GPMUEJTKHVKUVCPIGIGDGPKP 3WGNNGP \WT )GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPIGUCOOGNVWPFDGCTDGKVGVXQP'TPUV 9CIPGT  #WHNCIG $ÑJNCW 8GTNCI -ÑNP 9KGP  5  &QEWOGPVG RTKXKPF TGXQNW/KCFGNCÉP/âTKNGTQO¸PG%6TCPUKNXCPKC$F8++WPVGT&TWEM 

,WPKGKPG#FTGUUGCPFKG(TCPMHWTVGT0CVKQPCNXGTUCOONWPI&CTKP YWTFGFGO)GH×JN#WUFTWEMIGIGDGPFKG5CEJUGPUGKGPOKV5VQN\GKP )NKGFFGUFGWVUEJGP8QNMGUXQPYGNEJGOUKG*KNHGWPF7PVGTUV×V\WPI GTYCTVGVGP &GT UKGDGPD×TIKUEJG *QHCIGPV KP 9KGP 5CEJUGPJGKO UWEJVGGKP\GNPG8GTVTGVGTFGTFGWVUEJGP0CVKQPCNXGTUCOONWPIH×TFKG 5CEJG FGT 5KGDGPD×TIGT 5CEJUGP \W IGYKPPGP &GT $TQQUGT 4GMVQT (TKGFTKEJ )GNVEJ TGKUVG PCEJ (TCPMHWTV WO GKPG PGWG &GPMUEJTKHV FGT 5¼EJUKUEJGP0CVKQPUWPKXGTUKV¼VKPYGNEJGTFKG$GFKPIWPIGPFGT7PKQP OKV 7PICTP GPVJCNVGP YCTGP FGO 2CTNCOGPV GKP\WTGKEJGP 
,WNK  )GNVEJ FGT KO ,WNK \WO \YGKVGP /CN PCEJ (TCPMHWTV HWJT JKGNV CWEJ GKPG MWT\G 4GFG XQT FGP FGWVUEJGP #IGQTFPGVGP 
#WIWUV  &CTKP DGVQPVG GT PQEJ GKPOCN FKG $GTGKVYKNNKIMGKV FGT 5CEJUGP OKV FGP 7PICTPHTKGFNKEJ\WUCOOGP\WNGDGPFQEJFKG)TWPFDGFKPIWPIFCH×T UGKFKG)GY¼JTNGKUVWPIFGTCNVGPU¼EJUKUEJGP#WVQPQOKG+PFGOGTUKEJ CWH FKG $GO×JWPIGP FGT 7PICTP KP (TCPMHWTV GKP $×PFPKU OKV &GWVUEJNCPF \W UEJNKG²GP DG\QI DCV )GNVEJ FKG #DIGQTFPGVGP FKG 5CEJGFGT5CEJUGPKPMGKPGO5VCCVUXGTVTCIQFGTD×PFPKUFCUCWEJCWH FKG5CEJUGP$G\WIJCDGPMÑPPVG\WXGTIGUUGP&KGUG'PVUGPFWPIJCVVG MGKPG RTCMVKUEJG $GFGWVWPI #DGT FCFWTEJ MCO  FCU )GH×JN FGT KPPGTGP8GTDWPFGPJGKVFGT5CEJUGPOKVFGOITQ²GP&GWVUEJNCPF\WO #WUFTWEM   &GT KP /GFKCUEJ IGIT×PFGVG UKGDGPD×TIKUEJFGWVUEJG ,WIGPFDWPFUCPFVGKO#WIWUV\YGK#FTGUUGPCPFKG(TCPMHWTVGT 0CVKQPCNXGTUCOONWPIWPFCPFKGCMCFGOKUEJG,WIGPFKP&GWVUEJNCPF +O)TW²YQTVUVCPFQ#NNG9GNVKUVFGWVUEJGT-KPFGTXQNN#WEJYKTUKPF 5RTѲNKPIG FKGUGT 9WT\GNP )GQITCRJKUEJ IGVTGPPV WPF CWH FKG 1DGTHN¼EJG FGU $QFGPU QJPG UKEJVDCTG 8GTDKPFWPI OKV FGO /WVVGTNCPFG NGDGP YKT FQEJ FWTEJ FKG 2TGUUG FWTEJ FKG 7PKXGTUKV¼V FWTEJ 9CPFGTWPIGP WPUGTGT )GYGTDUNGWVG FWTEJ 'TKPPGTWPIGP FGT 8GTICPIGPJGKV WPF *QHHPWPIGP FGT <WMWPHV  OKV WPF FWTEJ &GWVUEJNCPF7PUGT5VQN\KUVFCJKPYGPP&GWVUEJNCPF\GTDTÑEMGNVYKTF  YKT YGTFGP UVCTM YGPP &GWVUEJNCPF GU KUV 9KT YQNNGP UGKP WPF DNGKDGP YCU YKT KOOGT IGYGUGP UKPF GKP GJTNKEJGU FGWVUEJGU 8QNM 

¯DGT FKG $GO×JWPIGP FGT 0CVKQPUWPKXGTUKV¼V DGK FGT (TCPMHWTVGT 0CVKQPCNXGTUCOONWPI XIN 'DGPFC WPF +TOICTF /CTVKWU )TQ²ÑUVGTTGKEJ WPF FKG 5KGDGPD×TIGT5CEJUGP8GTNCIFGU5×FQUVFGWVUEJGP-WNVWTYGTMU/×PEJGP 5 

WPF CWEJ GJTNKEJG VTGWG $×TIGT FGULGPKIGP 5VCCVGU FGO YKT CPIGJÑTGPR  #WUCNNFGP*CPFNWPIGPWPF*CNVWPIGPIGJVFKGIGOGKPUCOG $GUVTGDWPI\WT$GYCJTWPIFGUU¼EJUKUEJGP)GOGKPYGUGPUJGTXQT&KG 5¼EJUKUEJG0CVKQPUWPKXGTUKV¼V×DGTPCJOKPXQNNGO/C²GKJTGNGKVGPFG 4QNNGCNURQNKVKUEJG/CEJVYGNEJGFCU'KPXGTUV¼PFPKUFGT/GJTJGKVFGT 5CEJUGPH×TUKEJIGYCPP)GIGP×DGTFGT0CVKQPCNHTCIGYCTFKG&GDCVVG \YKUEJGP.KDGTCNKUOWUWPF-QPUGTXCVKUOWU×DGTHN×UUKI  +O5R¼VJGTDUVDTCEJFGT$×TIGTMTKGIKP5KGDGPD×TIGPCWU 8KGNG NKDGTCNG 8GTVTGVGT FGT 5CEJUGP YGNEJG \WP¼EJUV FKG WPICTKUEJG 4GXQNWVKQPWOCTOVJCVVGPGTNGDVGPGKPG'PVV¼WUEJWPI%CTN)QQ²FGT CNU U¼EJUKUEJGT #DIGQTFPGVGT CWU XQNNGT ¯DGT\GWIWPI FKG 7PKQP KO UKGDGPD×TIKUEJGP.CPFVCICO/CKCPIGPQOOGPJCVVGOW²VGQFKG ITQ²G .×IG FGU ,CJTGU R DGMGPPGP &GT #WUDTWEJ FGU $×TIGTMTKGIGU WPF FKG DNWVKIGP -¼ORHG \YKUEJGP FGP 8ÑNMGTUEJCHVGP 5KGDGPD×TIGPU H×JTVGP KJP \WT 8GT\YGKHNWPI WPF CO  &G\GODGT FGUUGNDGP ,CJTGU UGV\VG GT UGKPGO .GDGP GKIGPJ¼PFKI GKP 'PFG #WEJ ,QUGH/CTNKPGTMCPPVGOKV$KVVGTMGKVGUUGKFCU7PIN×EMFGTWPICTKUEJGP 0CVKQPCNKV¼V FC² UKG UKEJ FGP 0CVKQPCNKV¼VGP IGIGP×DGT OC²NQU DGPCJO /CTNKP XGTNKG² 5KGDGPD×TIGP PCEJ FGT 0KGFGTUEJNCIWPI FGT 4GXQNWVKQP GT GTNCI FGT %JQNGTC *KPIGIGP YCT #PVQP -WT\ GKP CMVKXGT /KVM¼ORHGT H×T FKG -QUUWVJTGXQNWVKQP GT YWTFG \WO #FLWVCPVGPWPF\WORGTUÑPNKEJGP5GMTGV¼T$GOUGTPCPPVWPFCO ,CPWCT\WO*CWRVOCPPGTJQDGP-QPUGSWGPVDKU\WO'PFGUVCTD GT KP FGT 5EJNCEJV DGK 9GK²MKTEJ 
,WNK   /CZ /QNVMG DNKGD KP -TQPUVCFV WPF Y¼JTGPF FGT WPICTKUEJGP *GTTUEJCHV ×DGTPCJO GT FKG .GKVWPI FGT Q-TQPUV¼FVGT <GKVWPIR 'T M¼ORHVG GDGPHCNNU KP $GOU 6TWRRGPMCOFCPPKPÑUVGTTGKEJKUEJG)GHCPIGPUEJCHVWPFYWTFGCWU FGT /QPCTEJKG CWUIGYKGUGP $KU \W UGKPGO 6QFG  
NGDVG GT KP &GWVUEJNCPF  )& 6GWVUEJ YWTFG KO 1MVQDGT  *CWRVOCPP FGU U¼EJUKUEJGP,¼IGTDCVCKNNQPU'TM¼ORHVGOKVFGT9CHHGKPFGT*CPFCWH FGT 5GKVG FGT -CKUGTNKEJGP YKG ×DTKIGPU CWEJ 6JGQFQT (CDKPK &GT 
'UKUVGKP(TCIOGPVFGU)TW²YQTVGUFGUFGWVUEJGP,WIGPFDWPFGUKP5KGDGPD×TIGPCPFKG

FGWVUEJG0CVKQPCNXGTUCOONWPIKPFGT(TCPMHWTVGT2CWNUMKTEJGKO,CJTGGTUEJKGPGPKP -NKPIUQT ,I    *GHV  5  8IN CWEJ )WUVCX )×PFKUEJ &GWVUEJGU 8QNMUYGTFGPKP5KGDGPD×TIGP  
'PVYKEMNWPIUIGUEJKEJVNKEJG&WTEJDNKEMG8GTNCI -TCHHV&TQVNGHH*GTOCPPUVCFV5  /KEJCGN -TQPGT 'KP 5RTGEJUCCN FGU 8QNMUYKNNGPU KP &KG <GKV KP FGT <GKVWPI -NCWUGPDWTI5 

NGV\VGTGYWTFGKO-CORHXQP5KOGTKC
2KUMK DGK$TQQUCO(GDTWCT  XGTYWPFGV WPF UVCTD GKPGP 6CI UR¼VGT KO #NVGT XQP  ,CJTGP 1DYQJN GT GKPGP  XQP )GPGTCN $GO WPVGTUEJTKGDGPGP (TGKRC² DGUC² YWTFG 5VGRJCP .WFYKI 4QVJ CO  #RTKN XGTJCHVGV YGIGP .CPFGUXGTTCVU \WO 6QFG XGTWTVGKNV WPF CO  /CK  KP -NCWUGPDWTIGTUEJQUUGP  &KG U¼EJUKUEJG 2TGUUG UCJ UKEJ FWTEJ FKG QDYCNVGPFGP 7OUV¼PFG IGPÑVKIV GKP -CORHQTICP \W YGTFGP &KG MQPUGTXCVKXG 2CTVGKFGT*GTOCPPUV¼FVGT2TGUUGDGYKGUY¼JTGPFFGT4GXQNWVKQPGKPG OWVKIG /GKPWPIUHTGKJGKV WPF GKPG DGYWPFGTUYGTVG 2TKP\KRKGPVTGWG &KG XGTÑHHGPVNKEJVGP $GTKEJVG FKG MTKVKUEJGP -QOOGPVCTG WPF FKG GTPUVG8GTWTVGKNWPIFGT8QTH¼NNGKP/KJCNV\
,WPK 5¼EJUKUEJ4GGP
0QXGODGT   WPF FGU $×TIGTMTKGIGU XGTWTUCEJVGP FGO Q5KGDGPD×TIGT$QVGPR\CJNTGKEJG4GKDWPIGPOKVFGT<GPUWT8GTIGDGPU RTQVGUVKGTVG $GPKIPK IGIGP FKG YKNNM×TNKEJGP /C²PCJOGP FGU <GPUQTU )[GTI[CK &KG 4GFCMVGWTG FGT *GTOCPPUV¼FVGT $N¼VVGT YWTFGP ÑHVGTU OKV FGO 6QFG DGFTQJV #PHCPI  DGJCWRVGVG FGT Q$QVGR GTPGWV UGKPG *CNVWPI WPF .QUWPI Q#NNGU H×T (×TUV 9CJTJGKV WPF 7PRCTVGKNKEJMGKVR)GIGP/KVVG/¼T\CNU*GTOCPPUVCFVXQPFGP $GOUEJGP 6TWRRGP GTQDGTV YWTFG OW²VG $GPKIPK UGKPG 'PVUEJNQUUGPJGKV OKV FGO .GDGP DG\CJNGP FC GT XQP -QUUWVJJWUCTGP GTOQTFGV YWTFG #WU WPMNCTGP )T×PFGP
GPVYGFGT WO MGKPG /KVCTDGKVOKVFGTTGXQNWVKQP¼TGP*GTTUEJUEJCHVGKP\WIGJGPQFGTYGKN UKGOÑINKEJGTYGKUGXGTDQVGPYWTFGP UVGNNVGPFKGQ6TCPUUKNXCPKCRWPF FGT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR KJT 'TUEJGKPGP GKP &GT Q$QVGR H×JTVG UGKPG 6¼VKIMGKV WPVGT GKPGO PGWGP 4GFCMVKQPUNGKVGT ,QJCPP *KPV\ HQTV *KPV\ GTMN¼TVG UGKPG 'PVUEJNQUUGPJGKV MGKPG QRQNKVKUEJGP #IKVCVKQPGPR XGTOKVVGNU FGT 2TGUUG \W VTGKDGP QJPG LGFQEJ UGKPG QVTGWGP WPF QHHGPGP RQNKVKUEJGP #DUKEJVGPR \W XGTNGWIPGP 6TQV\ UGKPGT LQWTPCNKUVKUEJGP $GICDWPI YWTFGP FKG MQUUWVJHTGWPFNKEJGP 

9 &CWIUEJ CC1  5  ×DGT #PVQP -WT\ 5KGDGPD×TIGT 5CEJUGP .GZKMQP *I 9CNVGT/[²-TCHV8GTNCI6JCWTDGK+PPUDTWEM5×DGT.GQRQNF/CZKOKNKCP /QNVMG &KG 5KGDGPD×TIGT 5CEJUGP KP FGP ,CJTGP   5  ×DGT FGP 6QF %CTN )QQ²O &CU&QMWOGPVXQO,WPK,QUGRJ$GPKIPKXQP/KNFGPDGTICPFCU/KNKV¼T -QOOCPFQ2T¼UKFKWO1TKIKPCN5VCCVUCTEJKXGP$WFCRGUV$GUVCPF)T2T0T (QVQXIN&QEWOGPVGRTKXKPFKUVQTKCTGXQNW/KGKFGNC% 6TCPUKNXCPKC$F8++WPVGT&TWEM 5KGDGPD×TIGT$QVG*GTOCPPUVCFV0T,CPWCT5 %CTN)ÑNNPGTCC15 5D$QVG0T/¼T\5 

5[ORCVJKGP XQP *KPV\ XQP FGT UR¼VGTGP U¼EJUKUEJGP )GUEJKEJVUUEJTGKDWPI UVTGPI XGTWTVGKNV
1UMCT 9KVVUVQEM (TKGFTKEJ 6GWVUEJ  (TGKNKEJ JCV FGT Q$QVGR KP UGKPGP 5RCNVGP CWEJ 2TQMNCOCVKQPGPWPF8GTQTFPWPIGPFGTWPICTKUEJGP4GIKGTWPIUQYKG 6TGWGTMN¼TWPIGP FGT 5VCFVMQOOWPKV¼V CWHIGPQOOGP &GT IGO¼²KIVG 6QPFGT*GTOCPPUV¼FVGT<GKVWPIGPFGT8GT\KEJVCWH.GKFGPUEJCHVWPF 5EJOGKEJGNGKGPCPFKG#FTGUUGFGTLGYGKNKIGP/CEJVJCDGTMÑPPGPCDGT PKEJV IGP×IGPF JGTXQTIGJQDGP YGTFGP &KG 9KGFGTGKPUGV\WPI FGT JCDUDWTIKUEJGP *GTTUEJCHV XGTCPNC²VG 8GT¼PFGTWPIGP FGT 4GFCMVKQP *GKPTKEJ5EJOKFVFGTPGWG4GFCMVKQPUNGKVGTFGUQ5KGDGPD×TIGT$QVGPR UEJTKGD FGT <GKVWPI FKG 4QNNG GKPGU Q1TICPU H×T U¼EJUKUEJG 0CVKQPCNKPVGTGUUGPR WPF FKG 8GTRHNKEJVWPI GKP ÑUVGTTGKEJKUEJGU 5VCCVUD×TIGTDGYW²VUGKP\WXGTDTGKVGP\W  &KG 'PVYKEMNWPI FGT NKDGTCNGP -TQPUV¼FVGT 2TGUUG YCT UEJYCPMGPFGT+PKJTGT0GWLCJTUGTMN¼TWPICPFKG.GUGTDGJCWRVGVGFKG 4GFCMVKQPFGUQ5KGDGPD×TIGT9QEJGPDNCVVURQ5QYKGGUPWTXQT\YÑNH /QPFGP KP 'WTQRC YCT YKTFOU WPF MCPPOU PKEJV YKGFGT YGTFGP PCOGPVNKEJ UVGJGP YKT CWEJ KP WPUGTGO 5KGDGPD×TIGP CO 8QTCDGPFG PGWGT ITQ²CTVKIGT RQNKVKUEJGP 'PVYKEMNWPIGP &CTWO GTJCNVGP DGUQPFGTU CWEJ FKG <GKVWPIGP YGNEJG ×DGT FKGUG HQTVUEJTGKVGPFGP $GYGIWPIGP 6CIGUDGTKEJVG OKVVJGKNGP LGV\V GKPGP PQEJ DGFGWVGPF JÑJGTP9GTVJCNUFKGUHT×JGTFGT(CNNYCTR&KG<GKVWPIDGMCPPVGUKEJ GPVUEJKGFGP \WO (QTVUEJTKVV 9GPKIGT MNCT YCTGP FKG RQNKVKUEJGP 1RVKQPGPFGU$GIT×PFGTUFGT-TQPUV¼FVGT2TGUUG,QJCPP)ÑVVFKGOKV FGO#WHVTGVGPPGWGT*GTTUEJGTLGFGUOCNKJTG(CTDG¼PFGTVGP+PGKPGO QHHGPGP $TKGH CWU FGO ,CPWCT  \GKIVG )ÑVV FC² KJP GKPKIG Q©PMÃPVGUR
(TGKYKNNKIG  CWU FGO -TQPUV¼FVGT &KUVTKMV OKV FGO 6QF DGFTQJV JCVVGP #PFGTGTUGKVU YW²VG OCP KP *GTOCPPUVCFV FKG -CKUGTNKEJGP J¼VVGP )ÑVV YGIGP UGKPGU $×PFPKUUGU OKV FGP 5\GMNGTP \WO0CEJVGKNFGT5CEJUGPXGTJCHVGV)ÑVVICDUQYQJNUGKPGP(TGWPFGP CNUCWEJUGKPGP(GKPFGPFKG<WUKEJGTWPIFC²GTQUGNDUVWOFGP2TGKU FGTFGWVUEJGP-CKUGTMTQPGR\WMGKPGO8GTT¼VJGTCPUGKPGO8QNMGWPF FGT 5VCFV -TQPUVCFV YGTFGP YQNNVG +O /QPCV ,CPWCT  JCVVG FCU Q9QEJGPDNCVVR GKPG GPVIGIGPIGUGV\VG CPVKWPICTKUEJG WPF WPKQPUHGKPFNKEJG 5VGNNWPI  KO 8GTINGKEJ \W UGKPGT WTURT×PINKEJGP 
1UMCT 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT GT ,CJTG KP *WPFGTV ,CJTG U¼EJUKUEJGT 5D$QVG0T#WIWUV5 'DGPFC0T,CPWCT5

-¼ORHG5(T6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++5 

5KGDGPD×TIGT9QEJGPDNCVV-TQPUVCFV0T,CPWCT5 

WPKQPUHTGWPFNKEJGP *CNVWPI KO (T×JLCJT   #O  /¼T\  DGICD UKEJ -TQPUVCFV HTGKYKNNKI KP FKG *¼PFG $GOU +O PGWGP <WUCOOGPJCPI ¼PFGTVG )ÑVV FKG 4KEJVWPI UQYKG FGP 6KVGN UGKPGU *CWRVDNCVVGU YGNEJGU XQP PWP CP CNU Q-TQPUV¼FVGT <GKVWPIR GTUEJGKPGP UQNNVG 'U KUV QHHGPDCT FC² PCEJ FGT 8GVTGKDWPI FGT WPICTKUEJGP 4GIKGTWPI FWTEJ FGP IGOGKPUEJCHVNKEJGP TWUUKUEJ ÑUVGTTGKEJKUEJGP(GNF\WICWEJ)ÑVV\W)GFCPMGPFGT6TGWGIGIGP×DGT FGO*CDUDWTIGT*GTTUEJGTJCWU\WT×EMMGJTVG'TTGEJVHGTVKIVGUKEJCO  ,WNK  Q&GT 7PVGTHGTVKIVG DKVVGV  MGKP 7TVJGKN ×DGT KJP \W H¼NNGPKPFGOFGTUGKVFGO/¼T\N,XKGNIGRT×HVG*GTCWUIGDGTFKGUGT <GKVWPIKPFGT.CIGKUV\WDGYGKUGPFC²GTFGTIGTGEJVGP5CEJGCWEJ PKEJV GKPGP #WIGPDNKEM WPVTGW IGYQTFGP UQ UGJT CWEJ FGT 5EJGKP IGIGPKJPKUVR  9GPP UKEJ )ÑVV PKEJV DGUQPFGTU FWTEJ UGKPG OQTCNKUEJGP 'KIGPUEJCHVGPCWU\GKEJPGVGUQUVGJVGUCW²GT<YGKHGNFC²FKGXQPKJO IGHÑTFGTVG .KPKG MGPP\GKEJPGPF H×T FGP +PJCNV FGU U¼EJUKUEJGP .KDGTCNKUOWU YCT )ÑVV YCT FGT GKIGPVNKEJG 6JGQTGVKMGT FGT FKGUG RQNKVKUEJG 4KEJVWPI VJGOCVKUKGTVG WPF WPVGT FGP 5CEJUGP XGTDTGKVGVG 7O UGKPG #PUEJCWWPI DGMCPPV \W OCEJGP DGFKGPVG GT UKEJ KPUDGUQPFGTGFGTQ-TQPUV¼FVGT<GKVWPIR&KGGTUVG0WOOGTFGU$NCVVGU XQO  /¼T\  YCT ¼W²GTUV TCFKMCN WPF GKPFGWVKI +P UGKPGO Q'KPNGKVGPFGP8QTQYQTVRUEJ¼V\VGFGT$WEJFTWEMGTFCUQ9QEJGPDNCVVR CNU QGKPG NKDGTCNG LC YKT UCIGP PKEJV \W XKGN FKG NKDGTCNUVG FGWVUEJG <GKVWPI KP FGT ÑUVTGKEJKUEJGP /QPCTEJKGR  
WPVGT FGO /GVVGTPKEJUEJGP 4GIKOG )ÑVV DGMNCIVG FKG FCOCNKIGP7OUV¼PFGWPF FKG <GPUWT YGNEJG FGP <GKVWPIGP PWT QGKPGP PCKXNKDGTCNGP #PNCWHR IGUVCVVGV JCVVG &CU Q5KGDGPD×TIGT 9QEJGPDNCVVR YCT QWPDGUEJCFGV UGKPGTNKDGTCNGP)TWPFU¼V\GGKP5RTGEJUCCNH×TCNNG2CTVGKGPRIGYGUGP WPFFKGUG6CMVKMYCTFCOCNU\WNQDGP&CFKG4GFCMVKQPCDGTCWEJQKO $GUKV\ FGT /¼T\GTTWPIGPUEJCHVGPR  
FKGUGNDG 6CMVKM DGKDGJCNVGP JCVVG DGIKPI UKG GKPGP ITQ²GP (GJNGT 5KG J¼VVG UKEJ H×T GKPG GKP\KIG 2CTVGK H×T FKG TGXQNWVKQP¼TG \W GPVUEJGKFGP  &CTCWU HQNIVG FKG 0QVYGPFKIMGKV GKPGT 0GWJGTCWUICDG FGT <GKVWPI OKV GKPGO PGWGP 6KVGN WPF GKPGO PGWGP 4GFCMVKQPUNGKVGT
/CZ /QNVMG  'U ICNV INGKEJ\GKVKI FKG (GJNGT FGT 8GTICPIGPJGKV YKGFGTIWV\WOCEJGP WPF GPVUEJNQUUGP CWH FKG 5GKVG FGT WPICTKUEJGP 4GXQNWVKQP \W VTGVGP 7PDGCEJVGV FGT QRRQTVWPKUVKUEJGP 6TGWGGTMN¼TWPI HKPFGP YKT KP FKGUGO 6GZV GKPG DGHTKGFKIGPFG &GHKPKVKQP FGT XQP ,QJCPP )ÑVV KP 
-TQPUV¼FVGT<GKVWPI0T,WNK5 'DGPFC0T/¼T\5 

7ONCWH IGUGV\VGP $GITKHHG FGT Q-QPUGTXCVKUOWUR FGT /GVVGTPKEJ 4GIKGTWPI FGT QPCKXG .KDGTCNKUOWUR DGUVKOOVGT <GKV\GKVWPIGP WPF KPUDGUQPFGTG FGU Q9QEJGPDNCVVUR FGT XQP FGT -QUUWVJTGXQNWVKQP IGHÑTFGTVGTCFKMCNGQ.KDGTCNKUOWUR  &KG 4GFCMVKQP WPVGT\GKEJPGVG KP FGP 0WOOGTP  WPF  FGTUGNDGP <GKVWPI GKPGP .GKVCTVKMGN WPVGT FGO 6KVGN Q'KP RQNKVKUEJGU )NCWDGPUDGMGPPVPKUR GKPG TGIGNTGEJVG RQNKVQNQIKUEJG 6JGQTKG 1JPG UKEJ WPOKVVGNDCT CWH FKG )GIGDGPJGKVGP 5KGDGPD×TIGPU \W DG\KGJGP YKTFJKGTVTQV\FGOGKPGGKPJGKVNKEJG#PUEJCWWPIFGU2CTVGKNGDGPUWPF FGU +FGCNUVCCVGU GPVYKEMGNV &GT Q<GKVIGKUVR FGT H×T )ÑVV WPF UGKPG #PJ¼PIGT FKG /QFGTPKV¼V U[PVJGVKUKGTVG DGFGWVGVG Q(TGKJGKV )GOGKPUKPPWPF(QTVUEJTKVVRWPFYCTGKPG$GYGIWPIUMTCHVGKP6T¼IGT FGT F[PCOKUEJGP )GUEJKEJVG +O ITѲVGP 6GKN 'WTQRCU UVCPFGP UKEJ  \YGK 2CTVGKGP IGIGP×DGT &KG GKPG XQP KJPGP YCT FGT #WUFTWEM FGU 'KP\GNYKNNGPUFKG\YGKVGLGPGTFGUMQNNGMVKXGPQ8QNMUYKNNGPURQ ,GPGDGVTCEJVGVFCU8QNMCNU/KVVGNFKGUGCNU<YGEMLGPGKUVFKG2CTVGK H×TUVNKEJGT 9KNNM×TJGTTUEJCHV FKGUG FKG 2CTVGK XQNMNKEJGT 5GNDUVDGUVKOOWPIR &KG 4GFCMVKQP JQD FKG $GFGWVWPI FGU \YGKVGP 2CTVGKV[RWU JGTXQT FGT KO 'KPMNCPI OKV FGO <GKVIGKUV UVCPF $GKFG 2CTVGKGPOCPÑXTKGTVGPLGFQEJGKPGDNKPFGTQJG8QNMUOCUUG&KG2HNKEJV GKPGU LGFGP Q/GPUEJGPHTGWPFGUR YCT GKPG CWHN¼TGTKUEJG \WT #WUDKNFWPI WPF #WHMN¼TWPI FGU 8QNMGU DGK\WVTCIGP <YGEM FGU 5VCCVGUYCTFKG'KPUGV\WPIFGU8QNMUYKNNGPUWPFFKGUGUMQPPVGPWTKP GKPGO Q1TFPWPIUUVCCVR IGUEJGJGP UQPUV IKPI GU NGFKINKEJ WO GKP QTCHHKPKGTVGU #WUDGWVWPIU WPF -PGEJVWPIUU[UVGOR 0WT QWPGPVYKEMGNVG HGKIG QFGT UEJYCEJGR 8ÑNMGT IGJQTEJVGP &GURQVGP WPDGFKPIV'KPQIGDKNFGVGUYGPPCWEJUVCTMGU8QNMJKNHVMGKPCPFGTGU YGPP CWEJ UEJYCEJGU MPGEJVGPR 9GPP GKP 8QNM UGKPGP 9KNNGP IGNVGPFOCEJVUQKUVGUGKPRQNKVKUEJTGKHGU8QNMWPFDKNFGVGKPGP5VCCV /CPDGJCWRVGVGFC²GKP5VCCVPCV×TNKEJG)TGP\GP
)GY¼UUGT)GDKTIG  QFGT 5RTCEJITGP\GP JCDGP OW² 'KPG CWH GKPGO DTGKVGP )GDKGV QWPIGOKUEJVR NGDGPFG 0CVKQP YKTF CWHITWPF KJTGT /WVVGTURTCEJG GKPGP QPCVKQPGNNGP 5VCCVR DKNFGP &KG0CVKQPWOHC²VCNUQFKG5RTGEJGT FGTUGNDGP 5RTCEJG 9GPP GKP 5VCCV $GYQJPGT XGTUEJKGFGPGT 5RTCEJGP WOHC²V UQ JCPFGNV GU UKEJ WO GKPGP QIGQITCRJKUEJGP 5VCCVR OKV PCV×TNKEJGP )TGP\GP &KG 4GFCMVKQP H×JTVG HQNIGPFG $GKURKGNG CP Q(TCPMTGKEJKUVGKPPCVKQPGNNGT5VCCV+VCNKGPWPF&GWVUEJNCPFO×UUGPGU YGTFGP FKG 5EJYGK\ KUV GKP IGQITCRJKUEJGT 5VCCV 7PICTP WPF 5KGDGPD×TIGP O×UUGP GU YGTFGPR 9CU H×T GKPGP 7PVGTUEJKGF IKDV GU \YKUEJGP R0CVKQPR WPF Q8QNMR! 9GPP OCP ×DGT  GKP 

PQTFCOGTKMCPKUEJGU QFGT UEJYGK\GTKUEJGU Q8QNMR URTGEJGP MCPP UQ IKDV GU MGKPG PQTFCOGTKMCPKUEJG QFGT UEJYGK\GTKUEJG Q0CVKQPR &KG HÑFGTCNKUVKUEJG $GVQPWPI FGT $GOGTMWPI KUV QHHGPDCT Q+P PCVKQPGNNGP 5VCCVGP HCNNGP FKG $GITKHHG 8QNM WPF 0CVKQP \WUCOOGP Y¼JTGPF KP IGOKUEJV DGXÑNMGTVGP 5VCCVGP CNNG 0CVKQPGP \WUCOOGP FCU 8QNM DKNFGPQJPGFC²GKPG8GTUEJOGN\WPIFGTXGTUEJKGFGPGP0CVKQPCNKV¼VGP \WGTHQNIGPDTCWEJVR(KPFGVGKPGUQNEJG8GTUEJOGN\WPIFGPPQEJUVCVV UQ UKPF FCTCP GPVYGFGT FKG GTNQUEJGPG 0CVKQP FKG UKEJ UGNDUV CWHIGIGDGPJCVQFGTFGTFGURQVKUEJG5VCCVUEJWNFQ#NU$TWEJVGKNGFGU 8QNMGU KO 5VCCVG JCDGP CNNG 0CVKQPGP INGKEJG 4GEJVGR 0KGOCPF FCTH CWHITWPF QFGU IGUEJKEJVNKEJGP PQEJ FGU PWOOGTKUEJGP 8QTTCPIGU UGKPGT 0CVKQP RGTUÑPNKEJG 8QTTGEJVG DGCPURTWEJGP FGPP FKG &GXKUG GKPGU XGTP×PHVKIGP 5VCCVGU KUV N(TGKJGKV WPF )NGKEJJGKVO P¼ONKEJ )NGKEJJGKV #NNGT XQT FGO )GUGV\ FCU FKG (TGKJGKV #NNGT UEJ×V\VR  Q)GUGV\KUVYCUFKG/GJTJGKVFGU8QNMGUYKNNR+PGKPGOFGURQVKUEJGP 5VCCV IKDV GU PWT )GDQVG WPF 8GTDQVG 'KP 1TFPWPIUUVCCV DGUKV\V GKPG 8GTHCUUWPI YGNEJG QFKG #TV WPF 9GKUG FGT 'TOKVVNWPI FGU 8QNMUYKNNGPUR XQTUEJTGKDV WPF XQP FGP 8GTVTGVGTP FGU 8QNMGU GPVYQTHGPYKTFQ(×TFKG$GQDCEJVWPIFGT)GUGV\GUQTIGPFKG$GCOVGP FGU 8QNMGUR &GT ICP\G 5VCCV OW² FGO 8QNM WPVGTIGQTFPGV YGTFGP Q#W²GT FGO 8QNMG WPF ×DGT FGO 8QNM UVGJV 0KGOCPF WPF CP FKG )GNVGPFOCEJWPI FGU 8QNMUYKNNGPU CNU FGP <YGEM FGU 5VCCVGU CP FKG )GY¼JTNGKUVWPIFGTWPXGT¼W²GTNKEJGP/GPUEJGPTGEJVGH×TCNNG$×TIGT FGU 5VCCVGU CNU FGU 8QNMGU 'TUVGP WPF .GV\VGP 9KNNGP INCWDGP YKTR
#PJCPI&QM0T   +P FGT QDKIGP ITWPFU¼V\NKEJGP 8QTUVGNNWPI UKPF .KGDNKPIUIGFCPMGP FGU FGWVUEJGP .KDGTCNKUOWU GTMGPPDCT &GT Q8QNMUYKNNGR JCV FGP Q1TFPWPIUUVCCVR OKV FGT &GXKUG Q(TGKJGKV WPF )NGKEJJGKVR GKP\WUGV\GP FCU )GUGV\ CNU #WUFTWEM FGU 9KNNGPU FGT /GJTJGKV PKEJV CNU 9KNNGP GKPGT Q9KNNM×TJGTTUEJCHVR )ÑVV WPF UGKPG 4GFCMVGWTG FGHKPKGTVGP OQFGTPG $GITKHHG KJTGT <GKV YGNEJG DKU JGWVG 5EJYGTRWPMVGFGTRQNKVQNQIKUEJGP&GDCVVGPFCTUVGNNGPQ5VCCVRQ8QNMR Q0CVKQPR 5KG WPVGTUEJKGFGP \YKUEJGP 0CVKQPCNUVCCVGP WPF FGP QIGQITCRJKUEJR IGPCPPVGP 8KGNXÑNMGTUVCCVGP 0CEJ )ÑVVU /GKPWPI WOHC²VG FCU Q8QNMR FKG )GUCOJGKV FGT 5VCCVUGKPYQJPGT OCPEJOCN OGJTGTG Q0CVKQPGPR &CU 'TMGPPWPIUOGTMOCN FGT Q0CVKQPR
KO JGWVKIGP 5KPPG FGT 0CVKQPCNKV¼V  YCT FCU 5RTCEJGNGOGPV +O 5KGDGPD×TIGP FGU ,CJTGU  YCT CWEJ FGT $GITKHH Q0CVKQPCNKV¼VR KP 7ONCWH UQ YKG GT KO GTY¼JPVGP 6GZV XQP /CTNKP GTUEJGKPV &KG 
-TQPUV¼FVGT<GKVWPI0T/¼T\5WPF0T#RTKN5 

&GHKPKVKQPGPFGU-TQPUV¼FVGT8GTNGIGTUDGJCNVGPKPITQ²GP<×IGPKJTG )×NVKIMGKV 1JPG FKG 7OQTICPKUKGTWPI 5KGDGPD×TIGPU KP GKPGO $WPFU[UVGOPCEJUEJYGK\GTKUEJGOQFGTPQTFCOGTKMCPKUEJGO8QTDKNF \W DGCPURTWEJGP UEJNWI )ÑVV LGFQEJ XQT FC² 7PICTP WPF 5KGDGPD×TIGP QIGQITCRJKUEJG 5VCCVGPR UGNDUVXGTUV¼PFNKEJ OKV INGKEJDGTGEJVKIVGP0CVKQPGPYGTFGPUQNNVGP   #NU 5EJNW²HQNIGTWPI YQNNGP YKT PQEJ GKPKIG $GOGTMWPIGP JKP\WH×IGP &GT GT .KDGTCNKUOWU YCT 6T¼IGT FGT TCFKMCNUVGP 4GHQTOGP 9¼JTGPF FGT 4GXQNWVKQP ¼W²GTVG UKEJ FGT .KDGTCNKUOWU KP &GWVUEJNCPF KPVGPUKX WPF PCJO PCEJ 1UVGP CNNO¼JNKEJ CD &KG YKTVUEJCHVNKEJG)TWPFNCIGWPFFKG5Q\KCNUVTWMVWTURKGNVGPGKPGYKEJVKIG 4QNNG7PF\YCTUV×V\VGUKEJ&GWVUEJNCPFCWHGKPMT¼HVKIGU$×TIGTVWO Y¼JTGPF ©UVGTTGKEJ WPF 5KGDGPD×TIGP \WP¼EJUV FKG OKVVGNCNVGTNKEJGP 8GTJ¼NVPKUUG CWU FGT .CPFYKTVUEJCHV YGIHGIGP OW²VGP &CU FGWVUEJG $×TIGTVWOFGUUGPNKDGTCNG&QMVTKPVJGQTGVKUEJG)TWPFNCIGPGTYQTDGP JCVVGGTITKHHFKG/CEJVFWTEJFKGNKDGTCNG2CTVGKYCUINGKEJ\GKVKI FKG #WHNÑUWPI FGU .KDGTCNKUOWU WPF FKG *GTCWUDKNFWPI TCFKMCNGTGT 5VTÑOWPIGPYKGFKGFGT4GRWDNKMCPGTOKVUKEJDTCEJVG&KGTCFKMCNGP 4GXQNWVKQP¼TG KP ©UVGTTGKEJ MÑPPGP CNU NKDGTCN OGJT FWTEJ KJTG #PJ¼PINKEJMGKV\WT0CVKQPCNDGYGIWPIKP&GWVUEJNCPFWPFFWTEJKJTG TGIG *CNVWPI CNU FWTEJ GKPG RTQITCOOCVKUEJG 6JGOCVKUKGTWPI DGVTCEJVGV YGTFGP  9GIGP KJTGT VGTTKVQTKGNNGP +UQNKGTWPI XQP FGT FGWVUEJGP 9GNV JCDGP FKG KP KJTGT 9GUGPUCTV VTCFKVKQPGNNGP 5KGDGPD×TIGT 5CEJUGP KJTG $GTGKVUEJCHV H×T 4GHQTOGP IG\GKIV FKGUGU CDGT PKEJV KPPGTJCND RQNKVKUEJGT 2CTVGKGP #WU FGT /KVVG FGT 5CEJUGP JCDGP UKEJ MQPUGTXCVKXG WPF NKDGTCNG 4GHQTOGT JGTCWUIGDKNFGV $GKFG )TWRRGP JCDGP GZVTGOG 6GPFGP\GP XGTOKGFGP 9¼JTGPF FGT U¼EJUKUEJG -QPUGTXCVKUOWU MGKPG QTGCMVKQP¼TGR 0QVG GTTGKEJVG YKG OCP GU KJO OCPEJOCN XQTIGYQTHGP JCV GTJKGNV CWEJ FGT U¼EJUKUEJG .KDGTCNKUOWU MGKPG TCFKMCNGP #M\GPVG &KG 4GRWDNKM JCV YGFGT  PQEJUR¼VGT#PJ¼PIGTCWHFGO-ÑPKIUDQFGPIGYQPPGP  &KG LWPIG )GPGTCVKQP WPF KPUDGUQPFGTU FKG 5VWFGPVGP PCJOGP CP FGT 4GXQNWVKQP CMVKX VGKN KPFGO UKG UKEJ KP YCJTG -CORHQTICPKUCVKQPGP ITWRRKGTVGP
FKG FGWVUEJG CMCFGOKUEJG ,WIGPF FGT UKGDGPD×TIKUEJFGWVUEJG ,WIGPFDWPF  'KP RCCT /QPCVG XQT FGO #WUDTWEJ FGT 4GXQNWVKQP NKVQITCRJKGTVGP FKG 5VWFGPVGP FGT *GTOCPPUV¼FVGT4GEJUVCMCFGOKGKO)GJGKOGPFKG(CMWNVKUVGP\GKVWPI Q&GTLWPIG5CEJUGR 
&G\GODGT/¼T\  
/KEJCGN-TQPGT'KP5RTGEJUCCNFGU8QNMUYKNNGPUCC15  

&KG PCVKQPCNG +FGQNQIKG YGNEJG FGP .KDGTCNKUOWU WPOKVVGNDCT DGINGKVGVGHCPFXQP.CPF\W.CPFXGTUEJKGFGPG#WUFTWEMUHQTOGP&GT 0CVKQPCNKUOWUFGTFGWVUEJGP)GDKGVGYKTMVGKTIGPFYKGCWVCTEJKUEJFC GT UKEJ OKV FGT (TCIG FGT UVCCVNKEJ \GPVTCNKUKGTVGP 'KPKIWPI CWUGKPCPFGTUGV\VG +P ©UVGTTGKEJ OW²VG FCU DGUVG )NGKEJIGYKEJV \YKUEJGPFGORQNKVKUEJJGTTUEJGPFGPCDGTKPPWOGTKUEJGT/KPFGTJGKV DGHKPFNKEJGP FGWVUEJGP 'NGOGPV WPF GKPGT CWU FGP ×DTKIGP 0CVKQPCNKV¼VGPIGDKNFGVG/GJTJGKVJGTIGUVGNNVYGTFGP+P5KGDGPD×TIGP UVCPF FGT U¼EJUKUEJG 0CVKQPCNKUOWU FGO CIITGUUKXGP WPICTKUEJGP 0CVKQPCNKUOWU IGIGP×DGT CWH FGT CPFGTGP 5GKVG OW²VG GU OKV FGO HTKUEJ CWHIGVTGVGPGP TWO¼PKUEJGP 0CVKQPCNKUOWU GKPG IGOGKPUCOG (TQPV DKNFGP &CU U¼EJUKUEJG 0CVKQPCNDGYW²VUGKP GTJKGNV GKPGP PGWGP $GUVCPFVGKN XQP JQJGO GOQVKQPGNNGO 9GTV FGP )GFCPMGP FGT #PIGJÑTKIMGKVFGT5CEJUGP\WO&GWVUEJVWO&KG5QNKFCTKV¼VOKVKJTGP FGWVUEJGP $T×FGTP JCVVG OGJT GKPG MWNVWTGNNG WPF VJGQTGVKUEJG 2T¼IWPICNUGKPGPRTCMVKUEJGP9GTV#NUVTGWG$×TIGTFGU5VCCVGUFGO UKG CPIGJÑTVGP GTHTGWVGP UKEJ FKG 5KGDGPD×TIGT 5CEJUGP Y¼JTGPF FGT 4GXQNWVKQPMGKPGTMQPMTGVGP7PVGTUV×V\WPIUGKVGPU&GWVUEJNCPF   

      2 4'5#%#+<814&1%7/'06#4  #0':'  &+'24'55'#.537'..' #0*#0) 
    

 2TQITCOWNWPKQPK)VKNQTUC)K  &CU2TQITCOOFGTU¼EJUKUEJGP7PKQPKUVGP  #TVKEQNWN2QNKVKUEJGU2TQITCOOCPFKGUKGDGPD×TIGT5CEJUGP UGOPCV/CTNKP0CVKQPCNICTFKUVWTOCVFGTKRQUVC'KPG#PVYQTVCWH FCURQNKVKUEJG2TQITCOOCPFKG5KGDGPD×TIGT5CEJUGPKP0TQFGT 2GUVJGT <GKVWPI UGOPCVâ FG /CTNKP 0CVKQPCN)CTFG*CWRVOCPP RWDNKECVÉP5CVGNNKVPTCRTKNKGR  &CUXQPQ/CTNKP0CVKQPCNICTFKUVRWPVGTUEJTKGDGPGQ2QNKVKUEJG 2TQITCOO CP FKG UKGDGPD×TIGT 5CEJUGPR IGHQNIV XQP Q'KPGT #PVYQTV CWHFCURQNKVKUEJG2TQITCOOCPFKGUKGDGPD×TIGT5CEJUGPRYGNEJGXQP Q/CTNKP 0CVKQPCN)CTFG*CWRVOCPPR WPVGT\GKEJPGV YWTFG $GKFG GTUEJKGPGPKOQ5CVGNNKVR0T#RTKN5    2QNKVKUEJGU2TQITCOOCPFKGUKGDGPD×TIGT5CEJUGPu  
#WUFGT2GUVJGT<GKVWPI0Q    +JTJCDV#NNGIGJÑTVYCUIGUEJGJGPKUVKP'WTQRCKP1GUVTGKEJ KP 7PICTP 9CU KP 7PICTP WPF KPUDGUQPFGTG KP 2GUVJ IGUEJCJ FCU DGFGPMGV FCU DGWTVJGKNV PKEJV XQP GWGTO GPIJGT\KIGP URKG²D×TIGTNKEJGP 5VCPFRWPMVG CWU UQPFGTP NC²V GWGT *GT\ GKPOCN JQEJUEJNCIGP H×T FKGITQ²GFKGIÑVVNKEJG(TGKJGKVCNNGT0CVKQPGP+EJ MGPP GWEJ YQJN KEJ MGPPG GWTG 5KVVG FKG DGF¼EJVKIG KOOGT \WHTKGFGPG NGFGTPG 5KVVG FGP 2CVTKQVKUOWU QJPG PCEJJCNVKIGU (GWGT FCU GPIJGT\KIG +PVGTGUUG FGUUGNDGP +JT \ÑIGTV FGP #TO \W GTJGDGP PQEJTGKDVKJTFKG#WIGPWPFXGTUVGJVPKEJVFKG$GYGIWPIFGT<GKV1  UGKF GKPOCN TCUEJ UGKF GKPOCN GFGN UGKF GKPOCN UEJCTHUKEJVKI WPF UEJNKG²VGWEJDGIGKUVGTVCPFKG'TJGDWPIFGUIGUCOOVGP4GKEJGU5GV\V GWGT 8QNM UGV\V FKG 'JTG GWTGU FGWVUEJGP 0COGPU PKEJV N¼PIGT CWHU 5RKGN5EJQPPGPPVOCPGWEJWPY×TFKIFGTITQ²GP<GKVFGPPKJTUVGJV WPFUVCWPV  8QP 0QTFGP UKPF \CJNNQUG 5EJCTGP CP FKG )TGP\GP FGT /QPCTEJKG IGT×EMV &CU WPICTKUEJG 4GKEJ KUV DGFTQJV CWEJ KJT UGKF DGFTQJVKPCNNGPGWGTP+PVGTGUUGPWPF4GEJVGP5QUGJGV\WFC²KJTKP FKGUGO#WIGPDNKEMGPKEJVFKG.KGDGWPF#EJVWPICNNGT8ÑNMGT7PICTPU XGTUEJGT\V FGPP GWEJ VJWV $TWFGTJKNHG GWEJ VJWV FGT 'PVJWUKCUOWU PQVJ 5Q O¼MGNV PKEJV NCPIG CP FGP $GFKPIWPIGP FGT 7PKQP UQPFGTP TGKEJV FKG *CPF QHHGP WPF GJTNKEJ FGO 7PICT JGT×DGT FGPP KP FGT 'KPKIMGKVYGTFGPYKTUVCTMWPFKPFGT(TGKJGKVVCRHGTUGKP  

&KG <GKV Y¼TG UEJNGEJV IGY¼JNV 7TVJGKNG CD\WY¼IGP WPF GKIGPP×V\KI \W Y¼JNGP &GT 6CI FKG /KPWVG GPVUEJGKFGV LGV\V ×DGT ITQ²G 8ÑNMGT &GT 9GNVIGKUV HQTFGTV TCUEJG 6JCV XQP FGP 5ÑJPGP FGT <GKV +JT CNNGKP KJT 5CEJUGP \ÑIGTV WPF IGFGPMV PKEJV FGU YGNV JKUVQTKUEJGP\WUR¼VFGUUGP9GJGCWEJ×DGTGWEJMQOOGPMÑPPVG  5CEJUGPDT×FGTCPGWEJYGPFGVUKEJGKP$TWFGTFGTGWEJHT×J UGKPG$GIGKUVGTWPI\WIGUWPIGPJCVKPOKVVGNO¼²KIGP.KGFGTPCDGTOKV GJTNKEJGTQHHGPGT)GUKPPWPI0KEJVCPFKG$GCOVGPYGPF KEJOKEJFKG KEJXGTURQVVGVWPFIGJC²VJCDGPKEJVCPFKG2JKNKUVGTCWH-CVJGFGTWPF -CP\GN FKG LGFGP ITQ²GP )GFCPMGP FGU 8QNMGU OKV KJTGO  KJTGP   5GTXKNKUOGPWPFKJTGO'KIGPPWV\N¼JOGPKEJYGPFGOKEJCP&KEJFW DGUUGT IGYQTFGPG ,WIGPF FKG OKV )TKOO WPF 9GJOWV FGO 8GTHCNN FGU 8QNMGU UKEJ GPVIGIGPUVGNNV KEJ YGPFG OKEJ CP &KEJ FW WTURT×PINKEJG-TCHVFGU$×TIGTUWPFFGU.CPFOCPPGU  7PDGTWHGP \YCT CDGT OKV TGKPGO *GT\GP PGPP  KEJ GWEJ KP MWT\GT <WUCOOGPUVGNNWPI FKG *CWRVWOTKUUG FGT 4GHQTO FGTGP GWGT GPVOWVJKIVGU 8QNM DGF×THVKI KUV #WH )TWPFNCIG FGT 2GUVJGT 2WPMVG YGNEJGFCU4GKEJKPUGKPGT)GUCOOVJGKVYKGFGTJGTUVGNNGPWPFKJOFKG GFGNUVG(TGKJGKVICTCPVKTGPCWH)TWPFNCIGFKGUGT2WPMVGF×THVGGWTG CDIGUQPFGTVG4GHQTO(QNIGPFGUPQVJYGPFKIOCEJGP   7PKQPOKVFGP7PICTP(TGKJGKV)NGKEJJGKV$T×FGTNKEJMGKV    'KPTGKJWPI FGT 5CEJUGPUV×JNG WPF &KUVTKMVG WPVGT $GYCJTWPI XQNMUVJ×ONKEJGT LGFQEJ FGT 4GHQTO WPVGTYQTHGPGT +PUVKVWVKQPGP    )GUGV\NKEJG )CTCPVKG H×T FGP PCVKQPCNGP WPF RQNKVKUEJGP 8GTDCPFFGT5CEJUGPYKGH×TFKG7PXGTNGV\DCTMGKVWPUGTGU)GDKGVGU    )GUGV\NKEJG )CTCPVKG H×T FGP )GDTCWEJ FGT FGWVUEJGP 5RTCEJG KP FGP KPPGTP #PIGNGIGPJGKVGP FGT 5CEJUGP Y¼JTGPF FKG WPICTKUEJG 5RTCEJG FKG FKRNQOCVKUEJG DNGKDV KP CNNGP WPUGTP $G\KGJWPIGP\WFGP%QOKVCVGP\WFGO/KPKUVGTKWO\WO-ÑPKI   +O8GTJ¼NVPK²FGT$GXÑNMGTWPIFGU5CEJUGPNCPFGUWPFPCEJ FGO \W UEJCHHGPFGP WPICTKUEJGP 9CJNEGPUWU UEJKEMGP YKT &GRWVKTVG \WO4GKEJUVCIPCEJ$WFCRGUV    &KG L¼JTNKEJGP U¼EJUKUEJGP 0CVKQPCNEQPHNWZG DGTCVJGP FKG KPPGTP WPF ¼W²GTP 8GTJ¼NVPKUUG FGT 5CEJUGP UVGJGP CDGT WPVGT FGO /KPKUVGTKWO    &GT )TCH FGT 0CVKQP KUV 2T¼UKFGPV FGU %QPHNWZGU WPF $GHGJNUJCDGTFGTU¼EJUKUEJGP8QNMUDGYCHHPWPI  

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&KP2GUVJGT<GKVWPIPT    #/K CW\KV EW VQ/KK EG UC ÉPV¸ORNCV ÉP 'WTQRC ÉP #WUVTKC ÉP 7PICTKC %WIGVC/K NC EGGC EG UC ÉPV¸ORNCV ÉP 7PICTKC )K OCK CNGU NC 2GUVC )K PW LWFGEC/K FKP RWPEVWN XQUVTW FG XGFGTG OGUEJKP OKE DWTIJG\EKNâUC/KXâQFCVâKPKOCUâDCVâRGPVTWOCTGCFWOPG\GKCUEC NKDGTVCVGCRQRQCTGNQT'WXâEWPQUERTGCDKPGXâEWPQUEQDKEGKWNEGN ECNEWNCV OGTGW OWN/WOKV )K RNKEVKUKVQT RCVTKQVKUOWN HCTâ HQE FWTCDKN KPVGTGUWNOGUEJKP'\KVC/KUâXâTKFKEC/KO¸PCÉPEâXâOCKHTGEC/KNCQEJK )KPWRTKEGRG/KOK)ECTGCVKORWNWK1HK/KQFCVâKW/KHK/KQFCVâPQDKNKHK/K Q FCVâ ENCTXâ\âVQTK )K CNâVWTC/KXâ GPVW\KC)VK NC TKFKECTGC ÉPVTGIWNWK KORGTKW 0W OCK RWPG/K ÉP LQE RQRQTWN PKEK QPQCTGC PWOGNWK XQUVTW IGTOCP &GLC UWPVG/K EQPUKFGTC/K PGXTGFPKEK FG VKORWN OâTG/ EâEK XQK UVC/K)KXâOKPWPC/K  

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0QVCTGFCE/KGK 6TGDWKGUâPâ\WKONCQTGHQTOâTCFKECNâFCT PW)KNCFGUHKKP/CTGCDTGUNGNQTCNVOKPVGTKPC/KWPGCXCHKEQPFWUâEWRC)K ITCDPKEKURTGOQTO¸PV 4GFCE/KC   

7PTâURWPUNC2TQITCOWNRQNKVKEEâVTGUC)KKCTFGNGPK  FKPPTCNQ2GUVJGT<GKVWPIR  5GDG)CRTKNKG   (KWN OGW &GRCTVG FG OKPG I¸PFWN FG C VG OWUVTC RGPVTW GPVW\KCUOWNVâWECTGÉPOâTG/KCNWKHCEGUGP\C/KGÉPNWOG5âHKGXG)PKE NKDGTEWIGVWNVâWUâUWRWKOGTGWFTGRVWNKUVQTKEEGTKP/GNQTVKORWNWK FQCTGWÉPUWOKVGCOÉPXâ/CVUâPWTâO¸KÉPWTOCVKORWNWKKUVQTKCXC LWFGEC)KVTGDWKGUâLWFGEG  &CTÉPCTVKEQNWNVâW/KCKÉPHKGTCVRWDNKEÉPVTWPOQFFGPGKGTVCV PC/KWPGC)KRGHWPE/KQPCTKKÉPXâ/âVQTKK)KENGTKEKKGK)KC)CEWOVWCKHQUV ÉPFTGRVâ/KV FG NKDGTVCVGC RTGUGK Uâ HQNQUG)VK EWX¸PVWN VQV CUVHGN )K GW EC VCVâOâUKOVÉPFTGRVâ/KV)KQDNKICVUâ/KFCWTKRQUVCRWDNKE)KUâ/KCVTCI CVGP/KCUâW\G\KEWITKLâFGCTOCEGCVâKQCUâ)KUâPWHKKPGFTGRV  ¡PUW)K HCRVWN Eâ VW EQPUKFGTK XQEKNG K\QNCVG EG UCW TKFKECV ÉP \KCTGNG PQCUVTG ÉORQVTKXC WPKWPKK EC RG Q LWFGECVâ C PC/KWPKK CTCVâ Q EQPENW\KG ITG)KVâ C NQIKEKK VCNG ' DKPG Uâ)VKK Eâ ÉP CUGOGPGC EJGUVKWPK XQKP/C PC/KWPKK UG GZRTKOâ KPFKTGEV RTKP 7PKXGTUKVCVGC PC/KQPCNâ )K Eâ CEGCUVCPWCHQUVFGNQEKPCEVKXâ  &CT Uâ VTGEGO NC UWDKGEV 1EâTâ)VK PC/KWPGC PQCUVTâ Eâ G OGUEJKPâOKEDWTIJG\âQCXGTVK\G\KUâHKGQFCVâPQDKNâEC)KEWOP CT HK HQUV PKEKQFCVâ  PWOG)VK FGOGTUWTKNG PQCUVTG Q EQFGCNâ ÉP HC/C WPKWPKK)COF&GEG!2GPVTWEâPWTKFKEâOQUCPCNGWPGKTGHQTOGEW CEGGC)KQTDKTGEWECTGQHCECN/KKOCKÉPCKPVGECCEGCUVCUâHKGFG\DâVWVâ )KCFQRVCVâÉP&KGVâ  0W EQPVGUV O¸PVWKTGC RQRQCTGNQT EG CT FGEWTIG FKP WPKWPG 5C)KKPWXQKGUEUâQÉORKGFGEG)KPWQXQTÉORKGFGEC&CTI¸PFG)VGVG Eâ CVWPEK E¸PF )Ã\C KC EJGOCV FKP /CTC NQT HTWOQCUâ ÉP6TCPUKNXCPKC WPFG RâFWTKNG HWUGUGTâ FGLC VTCPUHQTOCVG ÉP E¸ORKK TQFKVQCTG NGC FCVNKDGTVâ/KNGRGECTG)KCUVâ\KNGEGTGO)KNGCICTCPVCVEâUWPVGOÉP /CTâRGDC\CWPWKEQPVTCEVÉPVâTKVFGPC/KWPKNGUWTQTK)KEâPGDWEWTâO FGCEGCOWPKEKRCNKVCVGECTGPGCOGP/KPWVÉPXKC/âVKORFGFGCPK CV¸VFGFGRCTVGFGPGCOWNPQUVTWFGQTKIKPG&GUEJKFGECTVGCKUVQTKGK)K EKVG)VG PW PGCO ÉPFGRNKPKV PQK QCTG EW EKPUVG UCTEKPKNG EQPVTCEVWCNG ÉPCKPVGEC)KFWRâDâVâNKCFGNC/QJ¶EU!2âO¸PVWNWPIWTGUEUCJTâPKV OCK RW/KP EW U¸PIGNG PQUVTW FGE¸V EW U¸PIGNG CNVQTC! %KPG PG RQCVG CEW\CFGKPHKFGNKVCVG!/CKI¸PFG)VGVGNCUHKP/GPKCEQPVTCEVWNWK)KURWPG FCEâ PW CXGO FTGRVCVG CVWPEK E¸PF XTGO Uâ PG CHKTOâO RQ\K/KC RTKP TGÉPPQKTGCXGEJKKHQTOGUVCVCNGRGECTGQCXGCOÉPCKPVGFGDâVâNKCFGNC /QJ¶EU!(KKPFEâPQKQ5VCTGGICNÉPFTGRVâ/KVâEJGOCVâCKEKRGPVTWRC\C 

KORGTKWNWKPWXTGOUâHKOHWTC/KRGPGC)VGRVCVGFGFTGRVWTKNGPQCUVTG EKFQTKOUâHKOÉPVTGDC/KRGECNGCNGIKUNC/KGKÉP&KGVâEGXTGOUâLGTVHKO RGCNVCTWNURKTKVWNWKVKORWNWKPGKIPQTCVFGPQK  1TK RQCVG VG ÉPFQKG)VK FG FQTKP/C PQCUVTâ FG C PG LGTVHK! #T HK PGFTGRV EâEK KUVQTKC PG ÉPXC/â EQPVTCTKWN )K RG E¸PF PQK TGPWP/CO FG DWPâ XQKG NC PGPWOâTCVG FTGRVWTK CEWO PC/KWPGC WPICTâ CFWEG UCETKHKEKKRGPVTWRTKOCQCTâ)KRQCVGÉPEGCOCKOCTGRCTVGPWFGDWPâ XQKG  &CTFGRCTVGFGOKPGQTKEGEWX¸PVECTGUâUWPGCTGRTQ)(TC/K WPIWTK Xâ ÉPVKPFGO O¸PC HTâ/GCUEâ ÉPETG\âVQTK FCT Xâ EGTGO Uâ Xâ TGURGEVC/KLWTâO¸PVWNFGWPKWPGÉPEJGKCVEWPQK¡P&KGVâUâUGTG\QNXG EJGUVKWPGC C)C EWO Q FQTG)VG )K ÉORâTCVWN ÉP NKPK)VG )K HâTâ NKOKVCTGC FTGRVWNWKFGXQV#RQKVWÉKÉPHKGTG\KRGHWPE/KQPCTKKUC)K\KE¸PFEâKCK WT¸V)KKCKDCVLQEQTKV&GWPFGCV¸VCWTâ!&QCTPCKCXWVPKEKWPRTKNGLFG CK EWPQC)VG ÉP CEVKXKVCVGC NQT RWDNKEâ RG HWPE/KQPCTKK UC)K ÉP CHCTâ FG OKPGKCTRGOKPGOCKNâWFCVÉPVTQHQCKGC\KCTWNWKRGUVCP7KVGFCEâ C)RWVGCUQHCEHâTâUâOâÉPTQ)GUEC)XTGCUâVGRQTVEWOKPGRGECNGC EGNQT  FG CPK FG ECTKGTâ HWPE/KQPâTGCUEâ )K CK XGFGC Eâ HWPE/KQPCTWN UCUGUVGWPRKNQPFGDC\âCNURKTKVWNWKPQUVTWRQRWNCT&CTNCUÉPUGCOC XKKVQTWNWK TGCDKNKVCTGC PQCUVTâ )K Oâ OWN/WOGUE Uâ/K CVTCI CVGP/KC CUWRTC WPWK UKPIWT RTKNGL FG OGFKVC/KG +CVâ 2GUVG VQV ÉP 'WTQRC RQRQCTGNGUGCHNâÉPOKG\WNVWNDWTâTKKFCTRG2âO¸PVWNPQUVTW5âUGUE WPFGUGURWPGEâPWOGTQ)KKXCNCJKEGVTâKGUEÉPOKLNQEWNPQUVTWCTHKCV¸V FG VKTCPK\C/K FQOPG)VG Q RCEG RTQHWPFâ )K RQRQTWN PW CTG FGE¸V Q UKPIWTâFQTKP/âEC&WOPG\GWUâCRGTGUVCTGCPQCUVTâFGHCRV  1CTGDKTQETC/KCHWPE/KQPCTKNQTUâHKGECW\CCEGUVGKOWN/WOKTK! ¡PHKPGOCKVTGDWKGUâQDUGTXEâPCKCXWVPQTQEÉPCNGIGTGCEGNQTECTGUâ VGURTKLKPGÉPRTQOQXCTGCWPKWPKKEâEKRTKXG)VGVKPGTGVWNÉPCN/âEWNQTKNG PC/KQPCNGIGTOCPGE¸PVâE¸PVGEGEWTGHTGPWN0WWPKWPKK)KÉ)KT¸FGFG HWPE/KQPCTWNEKTEWOURGEVECTGCXGTVK\GC\âCUWRTCLWTâO¸PVWNWKWPKWPKK )KÉORQVTKXCTGURKPIGTKKTGHQTOGKHâTâCHKXGTKHKECVâ  &CT FCEâ VW EWIGV¸PF CK CLWPU NC Q EQP)VKKP/â RG ECTG EW PGRNâEGTG Q FGRN¸PI NC HKWN OGW CVWPEK EW UKIWTCP/â XGK FGUEQRGTK ÉP XKKVQTGNGOGPVGNGÉPRCTVG)KQXGKHCEGHKKPFEâOGECPKUOWNVTGDWKGUâHKG FGUâX¸T)KV  FCT PW XGK OCK EWRTKPFG ÉPVTGIWN EK XGK ÉPXâ/C DC OCK OWNVXGKCLWPIGNCEQPXKPIGTGCEâ)KÉPPQWCQTICPK\CTGPWVQ/KKPFKXK\KK XQTHKGICNK(KG)VKNCHGNFGPGFTGRVHC/âFGÉPXâ/âVQTKK)KENGTKEKKPQ)VTKEW CV¸V OCK PGFTGRV EW E¸V NQT VTGDWKG Uâ NG HKK TGEWPQUEâVQT RGPVTW HQTOCTGCVC  

#VCEâ OGTGW GNGOGPVWN ITG)KV FKP U¸PWN GK FCT NCUâ PGCVKPUâ VCIOC EGC FGOPâ FG QPQCTG EâEK GC OGTKVâ C HK RTG/WKVâ HKKPFEâ )KC ÉPFGRNKPKVOGUGTKC)KEJKCTÉPVKORWTKNGPQCUVTGPGÉPVKPFGQO¸PâFG CLWVQTRGVâT¸OWNQTICPK\âTKKRQNKVKEGCRTQOQXâTKKRQRQTWNWK  &WOPG\GWNNKDGTVâ/KKRGECTGÉNKORNQT)KGW)KRQRQTWNOGW)K ECTG PW PG XC NâUC EWTCLWN Uâ RKCTâ Uâ PG QETQVGCUEâ QTFKPGC )K Uâ PG CFWECDKPGNGPWOCKRGECNGCNGIKK  /CTNKP %âRKVCPCNIâT\KKPC/KQPCNG      

 2TQITCOWNCPVKWPKQPK)VKNQTUC)K  &CU2TQITCOOFGTU¼EJUKUEJGP7PKQPUIGIPGT  6JGQFQT(CDKPK0WWPKWPKKÉP5CVGNNKVPTOCK R  6JGQFQT(CDKPKQ-GKPG7PKQPRKPQ5CVGNNKVR0T/CK 5   -GKPG7PKQP    8KFGCPV %QPUWNGU PGSWKF TGURWDNKEC FGVTKOGPVK ECRKCV UQ NCWVGVG FGT 5GPCVUDGUEJNW² YGPP FGO TÑOKUEJGP 5VCCVG GKPG )GHCJT FTQJVG FCU JGK²V \W FGWVUEJ )GJGV \W KJT .GKVGT FGU )GOGKPYGUGPU FC²GUMGKPGP5EJCFGPPGJOGWPFFKGUG9QTVGTWHGKEJWPFTWHGPOKV OKTIGYK²XKGNG)NGKEJIGUKPPVGIGIGPY¼TVKIWPUGTP8QNMUXGTVTGVGTP\W )GJGV \W KJT FKG KJT DGTWHGP UGKF XQP GWTGO 8QNMG DGTWHGP UGKF H×T UGKPG 9QJNHCJTV \W OCEJGP \W TKPIGP \W UVGTDGP FC² KJT CP FKGUGO GWTGO 8QNMG UQ JCPFGNV YKG GU UGKP YCJTGU 9QJN GTJGKUEJV FC² KJT PCEJ 2HNKEJV WPF )GYKUUGP JCPFGNV FCOKV KJT \W LGFGT <GKV XQT FGO 4KEJVGTUVWJNG FGT )GUEJKEJVG XQP GWTGO *CWUJCNVG OKV GWTGU 8QNMGU )GTGEJVUCOGP4GEJGPUEJCHVCDNGIGPMÑPPGVFCOKVPKEJVGWGT5QJPUGKP 7PIN×EM GWEJ CWH FKG 5GGNG DKPFG FCOKV PKEJV GWGT 'PMGN UEJQP KP HTGOFGT5RTCEJGGWEJUGKPGP(NWEJKPFKG)TWHVPCEJUEJNGWFGTG  7PKQP 7PKQP 7PKQP JÑTV OCP CWH XKGNGP 5GKVGP UEJTGKGP FQEJ KEJ FQPPGTG FC\YKUEJGP -GKPG 7PKQP -GKPG 7PKQP -GKPG 7PKQP WPF,GFGTFGTPQEJGKP6TÑRHEJGPXQPFGOTGKPGP$NWVGWPUGTGT8¼VGT IGGTDV,GFGTFGOFGT0COG&GWVUEJGTFCU$NWVUEJPGNNGTFWTEJFKG 2WNUG LCIV ,GFGT FGT FGP (NWEJ GKPGU 8QNMUXGTT¼VJGTU PKEJV CWH UKEJ NCFGP YKNN URTGEJG OKT PCEJ -GKPG 7PKQP   9K²V KJT YCU FKGUG  $WEJUVCDGP
7PKQP  JGK²GP! 5KG JGK²GP PKEJVU )GTKPIGTGU CNU &CU 5CEJUGPXQNMGTIKDVUKEJXGTOÑIGFGTUGNDGPCWH)PCFGWPF7PIPCFGCP FKG 7PICTP WPF \YCT QJPG 5EJYGTVUVTGKEJ GU GTYCTVGV XQP FGT )TQ²OWVJ FGT 7PICTP CNNGU FCU YCU GU ,CJTJWPFGTVG JKPFWTEJ DGUGUUGPJCVYCUGUIGIGPY¼TVKIHCEVKUEJWPFTGEJVO¼²KIDGUKV\VYCU GUH×TCNNG'YKIMGKVOKV4GEJVDGUKV\GPUQNNYCUKJOMGKP7PICTMGKP 9CNCEJGOKV)GYCNVTCWDGPMCPPYGPPYKTPKEJVUGNDUVWPUGTG*CPF \WO5GNDUVOQTFGGTJGDGP,GPG$WEJUVCDGPDGFGWVGPPKEJVU)GTKPIGTGU CNU YKT JGNHGP OKV FC² PCEJ  ,CJTGP UEJQP MGKP FGWVUEJGT .CWV KP FKGUGP )CWGP GTVÑPGP FC² KP MWT\GT <GKV MGKP FGWVUEJGU .KGF UGKPG UײGP IGYGKJVGP -N¼PIG \WO DNCWGP *KOOGN GORQTUGPFGP FC² 

FGWVUEJG 5KVVG -WPUV 9KUUGPUEJCHV XGTM×OOGTP WPF XGTUEJYKPFGP FC² FGT 5KGDGPD×TIGT &GWVUEJG \WO 7PICTP QFGT 9CNCEJGP YGTFGP WPFFKG(T×EJVGUGKPGU(NGK²GUCWH(TGOFGXGTGTDGPUQNNWPFFCU#NNGU XGTOÑIGFGT7PKQP&CUUKPF-NGKPKIMGKVGPPKEJVYCJT!+EJHTCIG'WEJ CNNG FKG KJT XQP 7PKQP URTGEJV JCDV KJT ×DGTNGIV OKV YGO KJT FKG 7PKQPGKPIGJGPYQNNV!OKVFGO7PICTP!)GJVJKPCWHFKG)GUEJKEJVG XGTICPIGPGT ,CJTJWPFGTVG YKG CWEJ PWT CWH FKG FGT \YGK NGV\VGP .CPFVCIG *CDGP UKG GWEJ PKEJV VKGH FKG 9CTPWPI GKPIG¼V\V 6TCW UEJCW YGO!  9GPP JCV YQJN FGT 7PICT FGO 5CEJUGP XQP *GT\GP YQJNIGYQNNV YGPP YCT UGKPG (TGWPFUEJCHV IGIGP FGP 5CEJUGP GKPG CWHTKEJVKIGUGNDUVFCPPYGPPGTKP)GHCJTYCTYGPPGTUKEJJKPVGTFKG HGUVGP /CWGTP U¼EJUKUEJGT 5V¼FVG WPF $WTIGP HN×EJVGVG! 9GO JCDGP YKT GU \W XGTFCPMGP FC² FGT 5EJCV\ WPUGTGT (TGKJGKVGP WPF )GTGEJVUCOGUKEJWOXKGNGUNGKEJVGTCWHWPUXGTGTDVJCV!9GOCPFGTU CNU FGT 7PKQP WPF FGP HTGWPFUEJCHVNKEJGP )GUKPPWPIGP WPUGTGT /KVPCVKQPGPWPFFQEJJCVVGPYKTFCOCNUGKPIGYKEJVKIGU9QTVOKV\W URTGEJGP 9CJTNKEJ YKT F×THGP PKEJV JQHHGP FC² UKEJ FKGUG L¼JTKIG (TGWPFUEJCHV FGT 7PICTP IGIGP FKG 5CEJUGP ×DGT 0CEJV IG¼PFGTV JCDGP UQNNVG 9GPP CWEJ FKG $GUEJN×UUG FGU NGV\VGP WPICTKUEJGP 4GKEJUVCIGUUGJTJQEJJGT\KIMNKPIGPYGPPUKGFKG#WHTGEJVJCNVWPIFGT 0CVKQPCNKV¼VGPWPF5RTCEJGPXGTURTGEJGPKPYKGYGKVUKGP¼ONKEJGKPGT GPIGTP8GTGKPKIWPI5KGDGPD×TIGPUOKV7PICTPPKEJVJKPFGTNKEJUGKGP UQF×THGPYKTWPUFCFWTEJFQEJPKEJV\WT7PKQPMÑFGTPNCUUGPFGPP YQ DNGKDV FKG )CTCPVKG H×T UQNEJG 8GTURTGEJWPIGP! KUV 7PICTP PKEJV IGTCFG IGIGPY¼TVKI PQEJ KP FGT ITѲVGP 8GTYKTTWPI! 9GT MCPP XQTCWUUCIGP YGNEJGU FKG P¼EJUVG <WMWPHV 7PICTPU UGKP YGTFG YGT MCPP UCIGP QD PKEJV FKG 7PICTPUEJQPIGIGPY¼TVKI4GCEVKQPGPQFGT FWTEJ UEJYKPFGNPFG +FGGP WPF +PVGPVKQPGP FGT .QUTGK²WPI XQP 1GUVTGKEJ CP KJTGO GKIGPGP )TCDG ITCDGP! WPF Y×TFG KJT (CNN PKEJV CWEJWPUFWTEJFKG7PKQPKPFGP#DITWPFTGK²GP!9GTFGO)CPIGFGT 'TGKIPKUUG KP 7PICTP IGHQNIV KUV YKTF GTTCVJGP YQJKP FKG $GUVTGDWPIGP WPF 'TTWPIGPUEJCHVGP FGT (QTVUV×TOGPFGP \KGNGP 'KIGPGU/KPKUVGTKWODGUQPFGTU8GTNCPIGPPCEJGKIGPGO(KPCP\WPF -TKGIUOKPKUVGTKWO #WUYGKUWPI CNNGU PKEJVWPITKUEJGP /KNKV¼TU WPF <WT×EMXGTNGIWPI CNNGU WPITKUEJGP /KNKV¼TU PCEJ 7PICTP 5VGNNWPI FGT )TGP\UQNFCVGP 7PICTPU WPF 5KGDGPD×TIGPU WPVGT FGP 2CNCVKP  OGTMV KJTYQFCUJKPCWUYKNN!'TKPPGTVGWEJFGU'KFGUFGPKJTIGUEJYQTGP+P FGO (CNNG UQICT YGPP FGT WPICT 4GKEJUVCI FWTEJ GKP 5VCCVUITWPFIGUGV\ WPU WPUGTG LGV\KIG 8GTHCUUWPI XGTD×TIGTVG UQ KUV FKGUG$×TIUEJCHVPKEJVIGP×IGPFFGPPUKGUVGNNVWPUPQEJKOOGTPKEJV 

UKEJGT FC² PKEJV DGK GKPGT ¼JPNKEJGP 7OY¼N\WPI FGT 8GTHCUUWPI YKG FKG LGV\KIG KP 7PICTP KUV GDGP LGPGU )GUGV\ PKEJV CWHIGJQDGP Y×TFG 8QP GKPGO WPF FGOUGNDGP WPICTKUEJGP -ÑPKIG JCDGP FKG 7PICTP KJTG DWNNC CWTGC WPF FKG 5CEJUGP KJTGP IQNFGPGP (TGKJGKVUDTKGH GTJCNVGP GKP WPF FGTUGNDG 4GKEJUVCI FGT FKG DWNNC CWTGC  CWHIGJQDGP JCV MCPP ×DGT MWT\ QFGT NCPI CWEJ WPUGT #PFTGCPWO PKEJV OGJT H×T \GKVIGO¼² GTMN¼TGP WPF FGOUGNDGP WPUGTGICP\G8GYTHCUUWPICWHJGDGP&GUJCNDF×THGPYKTWPUPKEJV KPFKG)GHCJTDGIGDGPFC²(TGOFG7PDGTWHGPG×DGTFCU9QJNWPF 9GJG WPUGTGT 0CVKQP DGTCVJGP WPF XGTH×IGP MÑPPGP FTWO MGKPG 7PKQP  &KG 7PICTP WPF 5\GMNGT OÑIGP UKEJ KOOGTJKP WPKTGP JKGFWTEJ YKTF FGT VTKPCVKQPCNG 8GTDCPF CWHIGNÑUV YKT GTMN¼TGP WPUGTG 0CVKQP H×T UGNDUVUV¼PFKI WPF UVGNNGP WPU WPOKVVGNDCT WPVGT FGOWPICTKUEJGP-ÑPKIYGNEJGTMGKPCPFTGTUGKPFCTHCNUFGTÑUVT -CKUGT0GJOVGWEJGKP$GKURKGNCPWPUGTP5EJKEMUCNUIGPQUUGPFGP %TQCVGP YKG UGNDUVUV¼PFKI GKPGU HTGKGP 8QNMGU Y×TFKI KUV KJTG *CNVWPI FGP 7PICTP IGIGP×DGT 5KG JCDGP GTMCPPV FC² KJPGP CWU KJTGT 8GTGKPKIWPI OKV 7PICTP MGKP *GKN DN×JG UKG YQNNGP KP FGP CNVGP 5VCPF \WT×EMMGJTGP XQP YGNEJGO UKG FWTEJ FKG DGJCTTNKEJGP #IKVCVKQPGP FGT 7PICTP XGTFT¼PIV WPF PCJG \WT 8GT\YGKHNWPI IGDTCEJV YQTFGP YCTGP  'KPG 7PKQP WPVGT FGP $GFKPIWPIGP FGT #WHTGEJVJCNVWPI WPUGTGT 0CVKQPCNKV¼V /WPKEKRCNXGTHCUUWPI WPF 5RTCEJGKUVGKP7PUKPPFGPPFCUKUVMGKPG7PKQP&GO7PICTPKUVGU NGFKINKEJ FCTWO \W VJWP FC² YKT KP FKG 7PKQP GKPYKNNKIGP GKPG 9×TFKIWPI LGPGT $GFKPIWPIGP NKGIV ICT PKEJV KP UGKPGP #DUKEJVGP WPFKUVDGKUGKPGOT×EMUKEJVUNQUGP8GTHCJTGPICTPKEJV\WGTYCTVGP FGPP GT XGTNCPIVG GKPG GPIG 7PKQP &TWO GDGP XQP WPUGTGT 5GKVG MGKPG 7PKQP 9GJG ×DGT FKG HGKIGP /GOOGP FKG FC UCIGP WPUGT 9KFGTUVTGDGPHTWEJVGVPKEJVUYKTO×UUGPKPFKG7PKQPGKPYKNNKIGP 9GTOW²!&GT5ENCXGFGTMGKPGPHTGKGP9KNNGPJCVGKPHTGKGT/CPP JCV FCU UEJOCEJXQNNG 9QTV OW² IGYK² PKEJV GTHWPFGP 9CTWO O×UUGP YKT! 5KPF YKT PKEJV HTGKG .GWVG! 9GT YKNN YGT MCPP GKP HTGKGU8QNM\YKPIGP!  +EJ HTCIG YGKVGT $GF×THGP YKT FGPP ×DGTJCWRV FGT 7PKQP! +UVFGPPFKGRJ[UKUEJGWPFOQTCNKUEJG-TCHVWPUGTGU8QNMGUUEJQPUQ VKGH IGUWPMGP FC² YKT \WT #WHTGEJVJCNVWPI WPUGTGT 8GTHCUUWPI WPUGTGT 0CVKQPCNKV¼V HTGOFGP 5EJWV\GU WPICTKUEJGT *×NHG DGF×THVGP! 5QNNVGP YKT PKEJV OGJT KO 5VCPFG UGKP WPUGT )GOGKPYGUGP FC² UKEJ  ,CJTJWPFGTVG JKPFWTEJ DGKO #PFTCPIG WP\¼JNKIGTKPPGTGTWPF¼W²GTGT#PHGEJVWPIGPWPVGT)QVVGU$GKUVCPF 

WPF FGO MT¼HVKIGP 5VGWGT WPUGTGT 8QTHCJTGP GTJCNVGP JCV OKV GKIGPGT-TCHVCWEJHGTPGTJKP\WNGKVGP!,CYGPPFKGUNGV\VGTGFGT(CNN KUV YGPP YKT CWU GKIGPGT KPPGTGT 5EJY¼EJG FKG 8GTGKPKIWPI OKV 7PICTPUWEJGPFCPPKUVGUHTGKNKEJWOWPUGT8QNMIGUEJGJGPFGPP FCPP UKPF YKT FGT (TGKJGKVGP WPF 'TTWPIGPUEJCHVGP H×T YGNEJG WPUGTG8¼VGT)WVWPF.GDGPGKPIGUGV\VJCDGPWOUKGWPUWPXGT\GJTV \W×DGTIGDGPPKEJVOGJTYGTVJFCPPIGUEJKGJVWPUGKPG9QJNVJCV YGPP YKT XGTPKEJVGV YGTFGP  &QEJ FGO KUV )QVV UGK &CPM PKEJV CNUQFGT-GTPWPUGTU8QNMGUKUVPQEJKOOGTHTKUEJWPFGFGNGTJCV UGKPG UEJCHHGPFG -TCHV PKEJV XGTNQTGP 7PUGTG ¼W²GTG 8GTHCUUWPI UVGJV UGKV ,CJTJWPFGTVGP KP GKPGO UQNEJGP 5VCPFG FC² YKT FWTEJ WPUGTP #PUEJNW² CP 7PICTP PKEJVU IGYKPPGP KEJ OGKPG FCU )GD¼WFG CP UKEJ FKG /¼PIGN FKG UKEJ KPU +PPGTG FKGUGU )GD¼WFGU GKPIGUEJNKEJGP JCDGP MÑPPGP WPF YGTFGP YKT CWU GKIGPGT /CEJVXQNNMQOOGPJGKV DGJGDGP FGPP WPUGT 8QNM JCV FKG (QTFGTWPIGPFGT<GKVGTMCPPVWPFYKTFKJPGPHQNIGPYKTDTCWEJGP FCDGKMGKPGPWPICT4GKEJUVCI An Euch aber, denen die Sorge für eures Volkes Wohlfahrt anvertraut wurde, an Euch ihr Vertreter dieses Volkes ergeht mein Aufruf und der jedes ächten sächs. Patrioten: sprecht nicht von Union, sondern seht zu, wie ihr das geschwächte um nicht zu sagen vernichtete Vertrauen eurers Volkes wieder erwerbet! Wäret ihr Zeugen davon, wie unser Landvolk über Euch urtheilet, wie sie es unverholen aussprechen, da und da und hier sind wir von unsern Beamten hintergangen, betrogen worden, ihr würdet zur Besinnung kommen und euch selbst von euerm Thun und Lassen strengere Rechenschaft geben. Wer ist Schuld daran, daß man sich an manchen Orten der Errichtung der Bürgerwehr widersetzt. - Ihr allein tragt die Schuld davon, das Landvolk fürchtet einen neuen Betrug hinter dieser Einrichtung; die heiligsten Versicherungen, die Einrichtung der Bürgerwehr sei von den Vertretern des Volkes bloß zum Wohle dieses Volkes zum Schutz und Schirm des eigenen Heerdes angeordnet worden, fruchten nichts, das Vertrauen des Volkes zu seinen Vertretern ist verschwunden - "man hat uns oft betrogen" heißt es auf allen Seiten. - Darum ihr Volksvertreter sprecht nicht von Union, ihr habt Besseres und Nothwendigeres zu thun, häufet nicht dadurch zu Euren vielen Sünden noch die größte, deren ihr fähig seid, die Sünde des Nationsmordes!  

-ÑPPVGKEJFQEJOGKPGP9QTVGP-TCHVXGTNGKJGPFC²UKGXQP CNNGP5ÑJPGPOGKPGUIGNKGDVGP8QNMGUXGTPQOOGPY×TFGPFCOKVGU XQP LGFGO $GTIT×EMGP CWU LGFGT 6JCNUEJNWEJV WPUGTGT )CWGP YQ PQEJ FGWVUEJG .CWVG VÑPGP YKFGTMNKPIG -GKPG 7PKQP -GKPG 7PKQP UGK FKG 2CTQNG FGT $×TIGTYGJT -GKPG 7PKQP FGT )TW² WPVGT FGP 6WTPGTPWPUGTUU¼EJUKUEJGP8CVGTNCPFGU  6JGQFQT(CDKPK    0WWPKWPKK   8KFGCPV %QPUWNGU PGSWKF TGURWDNKEC FGVTKOGPVK ECRKCV  C)C UWPCFGEK\KCUGPCVWNWKCVWPEKE¸PFUVCVWNTQOCPGTCCOGPKP/CVFGXTGQ RTKOGLFKGEGGCEGÉPUGCOPâÉPIGTOCPâ8GIJGC/KEQPUWNKECCHCEGTKNG RWDNKEG QD)VG)VK Uâ PW UWHGTG XTGQ FCWPâ #EGNC)K NWETW ÉN UVTKI )K GW CEWO TGRTG\GPVCP/KNQT RQRQTWNWK )K ÉORTGWPâ EW OKPG Q HCE EW UKIWTCP/â OWN/K CN/KK ÉPVTW CEGNC)K EWIGV 8QK EGK EJGOC/K RG ECTG XC PWOKVRQRQTWNXQUVTWXGIJGC/KNCDWPâUVCTGCNWKHK/KICVCUâNWRVC/KUâ OWTK/KUâCE/KQPC/KC)CEWOQEGTGDKPGNGCFGXâTCVCNRQRQTWNWKXQUVTW 5â CE/KQPC/K FKP FCVQTKG )K FKP EQP)VKKP/â EC ÉP QTKEG ENKRâ Uâ RWVG/K FC UQEQVGCNâ ÉP HC/C UECWPWNWK FG LWFGECVâ CN KUVQTKGK FG HGNWN ÉP ECTG C/K EJKXGTPKUKVFTGRVWTKNGRQRQTWNWKXQUVTWRGPVTWECPWEWOXCHKWNXQUVTW UâXâÉORQXâTG\GUWHNGVWNEWPGHGTKEKTGCUCRGPVTWECPWEWOXCPGRQVWN XQUVTWUâCTWPEGÉPOQTO¸PVFWRâXQKEWQEâTKÉPVTQNKODâUVTâKPâ  7PKWPG7PKWPG7PKWPGUGCWFUVTKIâVGFKPOCKOWNVGRâT/K ¡PUâGWÉPOKLNQEWNNQTUVTKIEWINCUFGVWPGV0WWPKWPKK0WWPKWPKK0W WPKWPKK)KQTKEKPGCOQ)VGPKVWPUVTQRFKPU¸PIGNGEWTCVCNVC/KNQTPQ)VTK QTKEKPGEâTWKCPWOGNGFGIGTOCPÉKHCEGU¸PIGNGUâEWTIâOCKTGRGFG RTKP XKPG QTKEKPG PW XTGC Uâ KC CUWRTâ)K DNGUVGOWN FG C HK VTâFâVQT CN RQRQTWNWK XC URWPG QFCVâ EW OKPG 0W WPKWPKK  (VK/K XQK QCTG EG ÉPUGCOPâCEGUVGNKVGTG7PKQPWPKWPG !'NGÉPUGCOPâPKEKOCKOWNV PKEKOCKRW/KPFGE¸VEâRQRQTWNUâUGUEUGNCUâRGDC\CNQTÉPXQKCOKNGK )KCPGÉPFWTâTKKWPIWTKNQTHâTâQUKPIWTâNQXKVWTâFGUCDKGEâC)VGCRVâ FGNCOâTKPKOKCWPIWTKNQTVQVEGGCEGCFG/KPWVFGCNWPIWNUGEQNGNQTVQV EGGCEGCUVâ\KRQUGFâFGHCRV)KFGFTGRVVQVEGGCEGXCRQUGFCRGDWPâ FTGRVCVG RG XGEKG )K ECTG PW RQCVG UâK HKG TâRKV EW HQT/C FG PKEK WP WPIWTFGPKEKWPXCNCJFCEâPWEWOXCPQKUKPIWTKPGXQOTKFKECO¸PC RGPVTWCPGUKPWEKFG#EGNGNKVGTGÉPUGCOPâPWCNVEGXCFGE¸VEâRWPGO WOâTWN EC ÉP  FG CPK Uâ PW OCK TâUWPG ÉP /KPWVWTKNG CEGUVGC PKEK WP 

UWPGV IGTOCP EC ÉP UEWTVâ XTGOG PKEK WP E¸PVGE IGTOCP Uâ PW)K OCK VTKOKVâURTG\âTKNGCNDCUVTGFWNEKNGUCNGCEQTFWTKECQDKEGKWNCTVC)VKKP/C IGTOCPâUâUGQHKNGCUEâ)KUâFKURCTâECIGTOCPWNFKP6TCPUKNXCPKCUâ FGXKPâWPIWTUCWXCNCJ)KUâNCUGOQ)VGPKTGUVTâKPKNQTTQFWNVTWFGKUCNG )KVQCVGCEGUVGCRTKPWPKWPG#EGUVGCUWPVHNGCEWTKPWKC)C!8âÉPVTGDRG VQ/K EGK ECTG XQTDK/K FGURTG WPKWPG C/K EWIGVCV EW EKPG XTG/K Uâ HCEG/K WPKWPGC! %W WPIWTWN! 2TKXK/K KUVQTKC UGEQNGNQT VTGEWVG UCW PWOCK C WNVKOGNQTFQWâ&KGVG0WXCUETKLGNKVCF¸PECOGPKP/CTGC5âVGÉPETG\K FCT ÉP EKPG! %¸PF C XTWV XTGQFCVâ FKP KPKOâ WPIWTWN DKPGNG UCUWNWK E¸PFCHQUVRTKGVGPKCNWKHC/âFGUCUUKPEGTâ!0KEKEJKCTCVWPEKE¸PFGTCÉP RGTKEQN)KUGCUEWPFGCÉPURCVGNG\KFWTKNQTUQNKFGCNGQTC)GNQT)KEGVâ/KNQT UCUG)VK%WKVTGDWKGUâKOWN/WOKORGPVTWHCRVWNEâVG\CWTWNNKDGTVâ/KNQT )K CN RTKXKNGIKKNQT PQCUVTG C HQUV NâUCV OQ)VGPKTG OCK ÉORW/KPCV! %WK CNVEWKXCFGE¸VWPKWPKK)KKPVGP/KKNQTRTKGVGPG)VKCNGEQPC/KWPKNQTPQCUVTG )KVQVW)KRGCVWPEKOCKCXGCOWPEWX¸PVITGWFGURWU%WCFGXâTCVPW VTGDWKGUâURGTâOEâRTKGVGPKCFGFGCPKCWPIWTWNWKHC/âFGUCUUCT HK UEJKODCV %JKCT FCEâ JQVâT¸TKNG WNVKOWNWK RCTNCOGPV WPICT UWPâ HQCTVG OâTKPKOQU CVWPEK E¸PF RTQOKV OGP/KPGTGC PC/KQPCNKVâ/KNQT )K C NKODKNQT )K EJKCT FCEâ GNG PW CT FGXGPK QDUVCEQNG ÉP ECNGC WPGK OCK UVT¸PUGWPKTKC6TCPUKNXCPKGKEW7PICTKCVQVPCTVTGDWKUâPGVQEOKONC WPKWPGEâEKWPFGTâO¸PGICTCP/KCCEGUVQTRTQOKUKWPK!1CTGPWUGCHNâ VQEOCK CEWO 7PICTKC ÉPVTQ OCTG ÉPEWTEâVWTâ! %KPG RQCVG RTGXGFGC ECTGXCHKXKKVQTWNCRTQRKCVCN7PICTKGKEKPGRQCVGURWPGFCEâPWEWOXC WPIWTKK WT\GUE TGCE/KWPK CEWO UCW RTKP KFGK )K KPVGP/KK ÉP)GNâVQCTG  FG TWRGTGFG#WUVTKCÉ)KUCRâUKPIWTKRTQRTKWNOQTO¸PV!+CTRTâDW)KTGCNQT PWPGCTV¸TÉQCTG)KRGPQKÉPCDKU!%KPGCWTOâTKVEWTUWNGXGPKOGPVGNQT FKP 7PICTKC XC IJKEK ÉPEQVTQ /KPVGUE UVTâFCPKKNG )K TGCNK\âTKNG PâXCNPKEKNQT IWXGTP RTQRTKW CRQK ÉP URGEKCN OKPKUVGT FG HKPCP/G )K OKPKUVGT FG Tâ\DQK RTQRTKK GNKOKPCTGC VWVWTQT OKNKVCTKNQT PGWPIWTK )K TGCFWEGTGCÉPVTGIKKCTOCVGWPICTGÉP7PICTKCUWDQTFQPCTGCUQNFC/KNQT ITâPKEGTK QTFKPGNQT RCNCVKPWNWK  QDUGTXC/K WPFG FQTGUE Uâ CLWPIâ! #OKPVK/KXâ FG LWTâO¸PVWN RG ECTG NC/K HâEWV %JKCT )K ÉPEC\WNÉPECTG RCTNCOGPVWN WPICT CT ÉPEGVâ/GPK RTKPVTQ NGIG HWPFCOGPVCNâ C UVCVWNWK CEVWCNC PQCUVTâEQPUVKVW/KGCEGCUVâÉPEGVâ/GPKTGPWCTHKUWHKEKGPVâEâEK PWPGCTFCCUKIWTâTKEâNCQVTCPUHQTOCTGCUGOâPâVQCTGCEQPUVKVW/KGK C)CEWOGUVGEGCCEVWCNâÉP7PICTKCPWUCTCPWNCVQEOCKCEGCNGIG&G NC WPWN )K CEGNC)K TGIG CW QD/KPWV WPIWTKK DWNNC CWTGC C NQT KCT UC)KK #PFTGCPWORCNNQTWPWN)KCEGNC)KRCTNCOGPVECTGCCPWNCVDWNNCCWTGC CT RWVGC FGENCTC OCK FGXTGOG UCW OCK V¸T\KW EC CPCETQPKE )K #PFTGCPWO CN PQUVTW )K PGCT RWVGC CDTQIC EQPUVKVW/KC &G CEGGC PW 

VTGDWKG Uâ PG GZRWPGO RTKOGLFKGK EC UVTâKPKK PGEJGOC/KK Uâ RQCVâ FG\DCVG )K FKURWPG CUWRTC DKPGNWK )K TâWNWK PC/KWPKK PQCUVTG FG CEGGC 0W WPKWPKK 7PIWTKK )K UGEWKK RQV Uâ UG VQV WPGCUEâ RTKP CEGCUVC UG FK\QNXâWPKWPGCVTKPC/KQPCNâPGFGENCTâOPC/KWPGCFGUKPGUVâVâVQCTG)K PGUWRWPGOPGOKLNQEKVTGIGNWKWPICTECTGPWCTGXQKGUâHKGCNVEKPGXC FGE¸V ÉORâTCVWN CWUVTKCE  .WC/K COKPVG NC RKNFC VQXCTâ)KNQT PQ)VTK FG UQCTVâETQC/KK%¸VFGCWVQPQOâE¸VFGFGOPâGUVGCVKVWFKPGCNQTHC/â FGWPIWTK'K)KCWFCVUGCOCEâFKPWPKWPGCNQTEW7PICTKCPWNGXKPG O¸PVWKTGC)KXQTUâUGÉPVQCTEâNCXGEJGCUVCTGFKPECTGCWHQUVCNWPIC/K FG PGEQPVGPKVGNG CIKVC/KK CNG WPIWTKNQT HKKPF CFW)K R¸Pâ NC NKOKVC FKURGTâTKK  1 WPKWPG ÉP EQPFK/KKNG OGP/KPGTKK PC/KQPCNKVâ/KK C EQPUVKVW/KGKOWPKEKRCNG)KCNKODKKPQCUVTGGUVGWPPQPUGPUEâEKPWOCK GUVG WPKWPG 2G WPIWT PWN KPVGTGUGC\â FGE¸V EC PQK Uâ CEEGRVâO WPKWPGCPWCTGFGNQEKPVGP/KCFGCQPQTCCEGNGEQPFK/KK)KCEGCUVCPKEK PWGUVGFGC)VGRVCVFKPRCTVGCEQORQTVCOGPVWNWKUâWEGPW/KPGEQPVFG PKOKEEâEKGNPGEGTGQWPKWPGKPVKOâ6QEOCKFGCEGGCFKPURTGRCTVGC PQCUVTâPKEKQWPKWPG8CKFGNC)KKECTGXQTURWPGÉORQVTKXKTGCPQCVTâ PW PG HQNQUG)VG NC PKOKE VTGDWKG Uâ CEEGRVâO WPKWPGC %KPG VTGDWKG! 5ENCXWN ECTG PW CTG XQKP/â NKDGTâ WP QO NKDGT EW UKIWTCP/â PW C KPXGPVCVKPHCOWNEWX¸PVVTGDWKG&GEGUâVTGDWKCUEâUâCEEGRVâO! 0WUWPVGOPQKQCTGQCOGPKNKDGTK!%KPGXTGCEKPGRQCVGUâUKNGCUEâWP RQRQTNKDGT!  (KXâOCKÉPVTGD#XGOFGHCRVEWCFGXâTCVPGXQKGFGWPKWPG! 1CTGRWVGTGCHK\KEâ)KOQCTCNâCRQRQTWNWKPQUVTWCUEâ\WVCV¸VFGOWNV ÉPE¸V CXGO PGXQKG FG CRâTCTG UVTâKPâ FG CLWVQT OCIJKCT RGPVTW OGP/KPGTGC EQPUVKVW/KGK )K C PC/KQPCNKVâ/KK PQCUVTG! 1CTG Uâ PW OCK HKO ECRCDKNK FG C EQPFWEG RTKP HQT/â RTQRTKG )K RG OCK FGRCTVG CHCEGTKNG PQCUVTG QD)VG)VK ECTG EW CLWVQTWN NWK &WOPG\GW )K C E¸TOGK UKIWTG C UVTâOQ)KNQT PQ)VTK UCW OGP/KPWV VKOR FG  UGEQNG ÉP RQHKFC RTGUKWPKK PWOGTQCUGNQTCVCEWTKKPVGTPG)KGZVGTPG!&CFCEâCEGCUVCFKPWTOâGUVG TGCNKVCVGCFCEâPQKEâWVâOWPKWPGCEW7PICTKCFKPUNâDKEKWPGKPVGTPâ CVWPEK UC \KU EW RQRQTWN PQUVTW HKKPFEâ CVWPEK PW OCK OGTKVâO NKDGTVâ/KNG )K TGCNK\âTKNG RGPVTW ECTG VC/KK PQ)VTK )KCW TKUECV CXGTGC )K XKC/CCVWPEKPKUGÉPV¸ORNâQDKPGEWX¸PVCTGFCEâPWUWPVGOFKUVTW)K &CTUNCXâNWK&WOPG\GWPWGUVGC)CU¸ODWTGNGRQRQTWNWKPQUVTWGUVG ÉPEâRTQCURâV)KPQDKN)KPW)KCRKGTFWVRWVGTGCETGCVQCTG%QPUVKVW/KC PQCUVTâGZVGTPâGUVGFGUGEQNGFGC)CPCVWTâÉPE¸VRTKPCNKRKTGCPQCUVTâ NC 7PICTKC PW CO E¸)VKIC PKOKE /â TGHGT NC VGTKVQTKWN ÉP UKPG KCT NKRUWTKNG ECTG UCW UVTGEWTCV ÉPNâWPVTWN C)G\âO¸PVWNWK RWVGO Uâ NG ÉPNâVWTâO)KNGXQOÉPNâVWTCRTKPHQT/âRTQRTKGFGQCTGEGRQRQTWNPQUVTW 

C ÉP/GNGU EGTKP/GNG VKORWNWK )K NG XC WTOC 2GPVTW CEGCUVC PW CXGO PGXQKGFGRCTNCOGPVWNWPICT  %JGOCTGCOGC)KCQTKEâTWKRCVTKQVCFGXâTCVUGÉPFTGCRVâEâVTG XQKEGKEâTQTCXCHQUVÉPETGFKP/CVâDWPâUVCTGCRQRQTWNWKXQUVTWEâVTG XQKTGRTG\GPVCP/KCKCEGUVWKRQRQT0WOCKXQTDK/KFGWPKWPGEKEâWVC/K Uâ TGFQD¸PFK/K ÉPETGFGTGC UNâDKVâ EC Uâ PW URWP RKGTFWVâ C RQRQTWNWK XQUVTW &CEâ C/K )VK EWO Xâ LWFGEâ /âTCPKK PQ)VTK EWO URWP RG )NGCW CKEK )K CKEK CO HQUV VTC)K RG UHQCTâ CO HQUV ÉP)GNC/K FG HWPE/KQPCTKK PQ)VTK XC/K XGPK ÉP HKTG )K XC/K VTCIG UKPIWTK CURTW NC TâURWPFGTG CUWRTCEGNQTÉPHâRVWKVG)KPGÉPHâRVWKVGFGXQK%KPGGXKPQXCVEâÉPWPGNG NQEWTKGZKUVâÉORQVTKXKTGNCQTICPK\CTGCIâT\KKEGVâ/GPG)VK!8QKUKPIWTK UWPVG/K XKPQXC/K Eâ RQRQTWN UG VGOG Eâ ÉP URCVGNG CEGUVGK QTICPK\âTK UG CHNâ Q PQWâ ÉP)GNâVQTKG EGNG OCK UHKPVG CUKIWTâTK Eâ QTICPK\CTGC IâT\KK PC/KQPCNGCTHKHQUVRQTWPEKVâPWOCKRGPVTWDKPGNGCEGUVWKRQRQTPWOCK RGPVTW RC\C )K CRâTCTGC RTQRTKGK XGVTG PW CW PKEK Q XCNQCTG EâEK ÉPETGFGTGC RQRQTWNWK ÉP TGRTG\GPVCP/KK UâK C RKGTKV  #O HQUV CFGUGC ÉP)GNC/K UG CWFG FKP VQCVG RâT/KNG  &G CEGGC XQK TGRTG\GPVCP/K CK RQRQTWNWKPWXQTDK/KFGWPKWPGCXGOCNVGNGOCKDWPG)KOCKPGEGUCTG FGÉPVTGRTKPU0WOCKCFâWIC/KNCOWNVGNGXQCUVTGRâECVG)KRGEGNOCK OCTGFGECTGUWPVG/KÉPUVCTGRâECVWNIGPQEKFWNWKPC/KQPCN  1FGC)RWVGCEQPHGTKEWXKPVGNQTOGNGRWVGTGCFGCHKCUEWNVCVG FG VQ/K HKKK KWDKVWNWK OGW RQRQT FG C TâUWPC FG RG VQCVG ETGUVGNG OWP/KNQT )K FKP VQCVG XâKNG /KPWVWTKNQT PQCUVTG 0W WPKWPKK 0W WPKWPKK #EGCUVC Uâ HKG RCTQNC IâT\KK PC/KQPCNG 0W WPKWPKK Uâ HKG UCNWVWN IKOPC)VKNQTRCVTKGKPQCUVTGUâUG)VK  6JGQFQT(CDKPK          

 0GEC\WTKEWEGP\WTC  2NCIGPOKVFGT<GPUWT   KWPKG  ,QUGRJ /KNFGPDGTI XQP $GPKIPK EâVTG RTG\KFKWN %QOCPFCOGPVWNWKOKNKVCTIGPGTCN   ,WPK  ,QUGRJ $GPKIPK XQP /KNFGPDGTI CP FCU 2T¼UKFKWOFGU/KNKV¼T)GPGTCNMQOOCPFQU 
1TKIKPCN #TJKXGNG 5VCVWNWK $WFCRGUVC (QPF )T2T PT  (QVQ    '   #P'KP*QJGUMM)GPGTCN%QOOCPFQ2TCGUKFKWO    #NNJKGT   7GDGTFKGOKT\WT$GCPVYQTVWPIOKVIGVJGKNVG$GUEJYGTFGFGU IGYGUGPGP %GPUQTU FGU XQP OKT TGFKIKTVGP 5KGDGPD×TIGT $QVGP  6JGUCWTCTKCVU5GETGVCKTU )[GTI[CK YGNEJG KEJ KO #PUEJNW²G \WT×EM\WUVGNNGP PKEJV GTOCPING GTNCWDG KEJ OKT OKEJ OKV (QNIGPFGO RHNKEJVUEJWNFKIUV\W¼W²GTP  &GT *GTT $GUEJYGTFGH×JTGT KUV FGT FGWVUEJGP 5RTCEJG YGFGT KP 4GFG PQEJ 5EJTKHV JKPN¼PINKEJ O¼EJVKI WO ×DGT GKPG UEJTKHVUVGNNGTKUEJG#TDGKVMQORGVGPVCDWTVJGKNGP\WMÑPPGP  )NGKEJ DGK 7GDGTPCJOG UGKPGT FKGUH¼NNKIGP #OVKTWPI GTMN¼TVG GT UGKPG #DUKEJV FGP  GKPGP YGUGPVNKEJGP 6JGKN OGKPGU UVGVU KO IGO¼²KIVGP MQPUGTXCVKXGP 5KPPG IGJCNVGPGP $NCVVGU DKNFGPFGP  NGKVGPFGP #TVKMGN \W WPVGTFT×EMGP WPF UVTKEJ KP FKGUGT )GO¼²JGKV INGKEJ KO GTUVGP $NCVVG FGP #PHCPI GKPGU FKG 4GEJVG FGT 4GIKGTWPI XGTVJGKFKIGPFGP #TVKMGNU NKG² LGFQEJ KO HQNIGPFGP $NCVVG  YCJTUEJGKPNKEJ FWTEJ XGTP×PHVKIG 8QTUVGNNWPIGP ×DGT UGKPG +PEQPUGSWGP\ DGYQIGP  FKG \YGKVG PWP DGKPCJG ICP\ WPXGTUV¼PFNKEJG*¼NHVGUVGJGP  #TVKMGN IGIGP  FKG 4GIKGTWPI NKG² GT UVGJGP  UVTKEJ CDGT FKG FKGUGNDGPGTN¼WVGTPFGPWPFYKFGTNGIGPFGP$GOGTMWPIGP  'T XGTUCIVG UGNDUV YÑTVNKEJ CWU WPICTKUEJGP WPF FGWVUEJGP KPPN¼PFKUEJGP <GKVWPIGP ×DGTPQOOGPGP #TVKMGNP FCU +ORTKOCVWT UQDCNFUGNDGIGIGPFCU+PVGTGUUGFGU7NVTC/CI[CTKUOWUXGTUVQ²GP  )NGKEJGU5EJKEMUCNYKGFGTHWJT¯DGTUGV\WPIGPCWUWPICTKUEJGP 5EJTKHVGP PCOGPVNKEJ CWU LGPGP XQP +IPC\ 0CI[ U UQDCNF KTIGPF GKPG 

6JQTJGKVFGT7NVTC/CI[CTGPFCTKPPIGD×JTGPFCPU.KEJVIGUVGNNVYCT    'T PÑVJKIVG FWTEJ HQTVY¼JTGPFG 0GEMGTGKGP FKGUGT #TV FGP Y×TFKIGP 2TQHGUUQT 5EJWNNGT FKG 4GFCMVKQP FGT DGNKGDVGP 6TCPUUKNXCPKCCWH\WIGDGP  'TDGJGNNKIVGFKGJQJG.CPFGUUVGNNGOKV$GUEJYGTFGPIGIGPFKG 4GFCMVKQPFKGUKEJUVGVUCNUWPDGIT×PFGVCWUYKGUGP  #NNG FKGUG #PICDGP UKPF KP FGP FKGUH¼NNKIGP $GUEJYGTFGP CP FKG NÑDNKEJ U¼EJUKUEJG 0CVKQPU7PKXGTUKV¼V WPF FKG JQJGP .CPFGUDGJÑTFGPCEVGPO¼²KIGTYKGUGP  1D JKGTPCEJ *GTT XQP )[GTI[CK FKG XQP KJO DGUEJYGTUCO CWHIGPQOOGPG $G\GKEJPWPI UGKPGT 'KIGPUEJCHVGP CNU %GPUQT PKEJV XGTFKGPGP ×DGTNCUUG KEJ JÑJGTGO 'TOGUUGP  5GKP %JCTCMVGT CNU +PFKXKFWWO WPF CNU 6JGUCWTCTKCVU $GCOVGT YGTFGP FCFWTEJ MGKPGUYGIU CPIGITKHHGP FGPP OCP MCPP TGEJV YQJN GKP IGTGEJVGT /CPP GKP DTCWEJDCTGT $GCOVGT WPF \WINGKEJ GKP WPH¼JKIGT RCTVGKKUEJGT%GPUQTUGKP  *GTOCPPUVCFVCOVGP,WPK   '   %âVTG ÉPCNVWN RTG\KFKW CN %QOCPFCOGPVWNWK IGPGTCN EG\CTQ ETâKGUE   .QEQ    8â ÉPCRQKG\ ÉP CPGZâ RN¸PIGTGC UGETGVCTWNWK VG\CWTCTKCN )[GTI[CK HQUV EGP\QT CN NWK 5KGDGPD×TIGT $QVG C EâTWK TGFCE/KG Q EQPFWE)KÉPTâURWPUWNOGWÉOKRGTOKVUâHCEWTOâVQCTGNGTGOCTEK  &QOPWN TGENCOCPV PW UVâR¸PG)VG UWHKEKGPV FG DKPG NKODC IGTOCPâ PKEK QTCN PKEK ÉP UETKU RGPVTW C RWVGC CRTGEKC EQORGVGPV Q NWETCTGUETKKVQTKEGCUEâ  &GÉPFCVâEGCRTGNWCVCEGCUVâUNWLDâGN)KCFGENCTCVKPVGP/KCFG CUWRTKOCCTVKEQNWNFGHQPFRCTVGÉPUGOPCVâCHQKKOGNGECTGCRâUVTCV ÉPVQVFGCWPCWPURKTKVOQFGTCVEQPUGTXCVQT¡PEQPHQTOKVCVGEWKPVGP/KC UC C VâKCV EJKCT RG RTKOC RCIKPC ÉPEGRWVWN WPWK CTVKEQN ECTG CRâTC FTGRVWTKNGIWXGTPWNWKÉPUâÉPRCIKPCWTOâVQCTGRTQDCDKNKORTGUKQPCV FGTGRTQ)WTKNGLWUVKHKECVGNCCFTGUCKPEQORGVGP/GKUCNGCNâUCVPGCVKPUâ RCTVGCCFQWCECTGCFGXGPKVCUVHGNPGKPVGNKIKDKNâ  

# NâUCV CTVKEQN ÉORQVTKXC IWXGTPWNWK FCT C VâKCV QDUGTXC/KKNG GZRNKECVKXG)KEQODCVKXG  'N C TGHW\CV VGZVWCN KORTKOCVWTC CTVKEQNGNQT RTGNWCVG FKP \KCTGNG KPVGTPG OCIJKCTG )K IGTOCPG FCEâ CEGUVGC UG ÉPFTGRVCW ÉORQVTKXCKPVGTGUGNQTWNVTCOCIJKCTKUOWNWK  #EGGC)K UQCTVâ CW ÉORâTVâ)KVQ VTCFWEGTKNG FKP QRGTG WPICTG TGURGEVKXFKPEGCCNWK+IPC\0CI[FCEâCEGUVGCCFWEGCWNCNWOKPâXTGQ V¸ORGPKGCWNVTCOCIJKCTKNQT  'N NC QDNKICV RTKP RGTOCPGPVG CICUâTK FG UQKWN CEGUVC RG QPQTCVWN RTQHGUQT 5EJWNNGT Uâ RâTâUGCUEâ TGFCE/KC KWDKVGK 6TCPUUKNXCPKC  #FGTCPLCVÉPCNVGNGHQTWTKEWRN¸PIGTKÉORQVTKXCTGFCE/KGKEGU CWFQXGFKVCHKPGÉPVGOGKCVG  6QCVG CEGUVG KPHQTOC/KK CW HQUV HâEWVG EWPQUEWVG CF CEVC QPQTCVGK7PKXGTUKVâ/KKPC/KQPCNG)KCWVQTKVâ/KNQT/âTKK  .CU RG UGCOC WPGK OCK ÉPCNVG LWFGEâ/K FCEâ ÉP WTOC EGNQT FG OCKUWUFQOPWNXQP)[GTI[CKPWOCKOGTKVâRGPKDKNCCWVQFGPWOKTGC ECNKVâ/KNQT UCNG EC EGP\QT %CTCEVGTWN UâW EC KPFKXKF )K EC HWPE/KQPCT VG\CWTCTKCNPWGUVGCVCECVRTKPCEGUVGCEâEKEKPGXCRQCVGHKWPQOFTGRV WPHWPE/KQPCTHQNQUKVQT)KÉPCEGNC)KVKORWPEGP\QTKPECRCDKN)KRCTVKPKE  5KDKWKWPKG  ,QUGRJ$GPKIPKXQP/KNFGPDGTI       

 &GURTGTGNC/KCRGTUQPCNâCNWK/GVVGTPKEJEW4WUKC  <WO2TKXCVXGTJ¼NVPKU/GVVGTPKEJU\W4W²NCPF  5CVGNNKVPTKWNKG4GNC/KCRGTUQPCNâCNWK/GVVGTPKEJ EW4WUKC
HâTâCWVQTHâTâOGP/KQPCTGC\KCTWNWKFKPECTGCHQUVRTGNWCV CTVKEQNWN   Q5CVGNNKVR0T,WNKQ/GVVGTPKEJOU2TKXCVXGTJ¼NVPKU\W 4W²NCPFR
QJPG8GTHCUUGTQJPGYGKVGTGP#PICDGP    /GVVGTPKEJ U2TKXCVXGTJ¼NVPK²\W4W²NCPF    #NU -CKUGT #NGZCPFGT UKEJ \WT #DTGKUG XQO -QPITGUUG CPUEJKEMVG OCEJVG GT FGO ÑUVGTTGKEJKUEJGP 5VCCVUMCP\NGT FGP #PNC² PGDUV FGO -QWTTKGTYGEJUGN FGT -CDKPGVG CWEJ GKPG HTGWPFUEJCHVNKEJG PKEJV RQNKVKUEJG 2TKXCVMQTTGURQPFGP\ \YKUEJGP KJPGP DGKFGP KP )CPI \W UGV\GP \W FGTGP -QUVDGFGEMWPI FGT (×TUV L¼JTNKEJ  &WMCVGP CPPGJOGP OÑIG /GVVGTPKEJ FCPMVG H×T FKGUG *GTCDNCUUWPI WPF )PCFG OGKPVG LGFQEJ GT MÑPPG KP GKP ¼JPNKEJGU 8GTJ¼NVPK² QJPG 8QTYKUUGP UGKPGU /QPCTEJGP PKEJV VTGVGP #WH UGKPG #P\GKIG UEJKGP -CKUGT (TCP\ CPHCPIU DGVTQHHGP WPF CPVYQTVGVG VTQEMGP GT YQNNG ×DGT FGP)GIGPUVCPFUEJNCHGPCOCPFGTP6CIGLGFQEJUCIVGGT*ÑTGP5KG /GVVGTPKEJKEJJCDGOKTFKG5CEJG×DGTNGIV8GTDKGVGPMÑPPVGKEJ+JPGP FKG-QTTGURQPFGP\CO'PFGFQEJPKEJVWPFDGKFGTHTGWPFUEJCHVNKEJGP $G\KGJWPI WPUGTGT -CDKPGVG MÑPPVG GKPG UQNEJG -QTTGNCVKQP GJGT P×V\NKEJCNUUEJ¼FNKEJUGKPFGPPKEJJCNVG5KGH×TGKPGPGJTNKEJGP/CPP 0GJOGP 5KG CNUQ FGP #PVTCI CP  +P FKGUGO 8GTJ¼NVPK² UVCPF /GVVGTPKEJ DKU \W #NGZCPFGTU 6QFG 0CEJ FGT 6JTQPDGUVGKIWPI FGU -CKUGTU0KMQNCWUYCTFFKGUGU8GTJ¼NVPKUUGUMGKPGT'TY¼JPWPIIGVJCP 'UVTCV\YKUEJGPFGPDGKFGP-CDKPGVGPGKPG\KGONKEJG-¼NVGGKPYGNEJG UQ YGKV IKPI FC² FGP OKV FGT $GMQORNGOGPVKTWPI DGCWHVTCIVGP 'T\JGT\QI (GTFKPCPF WPVGT 9GIGU GKPG FKRNQOCVKUEJG -TCPMJGKV ×DGTHKGN &KG 5RCPPWPI PCJO KOOGT \W &C GTJKGNV /GVVGTPKEJ GKP 5EJTGKDGPXQO%\CCTKPYGNEJGOGTUKEJGPVUEJWNFKIVGTUVL×PIUV\WT -GPPVPK² LGPGU HTGWPFUEJCHVNKEJGP 8GTJ¼NVPK²GU IGNCPIV \W UGKP YGNEJGU \YKUEJGP FGO (×TUVGP WPF UGKPGO UGN $TWFGT DGUVCPFGP 'U UGKUGKPKPPKIUVGT9WPUEJFC²FGT(×TUVLGPG#PJ¼PINKEJMGKVCWEJCWH KJP ×DGTVTCIG WPF GTUWEJG KJP WO (QTVUGV\WPI LGPGT -QTTGURQPFGP\ \W FGTGP &GEMWPI /GVVGTPKEJ  &WMCVGP IGPGJOKIGP OÑIG  &KGUGP 5QNF DG\QI /GVVGTPKEJ DKU \WO  /¼T\ N, 'T NKGHGTV FGP 5EJN×UUGN \WT ÑUVGTTGKEJKUEJTWUUKUEJGP 2QNKVKM KP $G\WI CWH FKG 

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  2Q\K/KC 7PKXGTUKVâ/KK PC/KQPCNG UâUG)VK 
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5VCVWVGP  OKV 8QTDGJCNV FGT #WVQPQOKG WPF FGT XGTOÑIG FGTUGNDGP XQT\WPGJOGPFGP \GKVIGO¼²GP 4GHQTOGP KP FGP XGTUEJKGFGPGP $G\KGJWPIGP FGU 0CVKQPCNNGDGPU KO #NNIGOGKPGP UQYQJN CNU CWEJ KPUDGUQPFGTG KP $G\WI FGT 4GIGNWPI FGT )GYGTDU WPF <WPHVXGTJ¼NVPKUUG WPF FGT 'KPTKEJVWPI WPF 8GTYCNVWPI FGT 0CVKQPCND×TIGTYGJT  0CEJ 8GTJCPFNWPIGP FKGUGU )GIGPUVCPFGU VTWIGP FKG #DIGQTFPGVGPXQP-TQPUVCFVKO#WHVTCIGKJTGT5GPFGTCWHFKGDCNFKIG #DUGPFWPI GKPGT \CJNTGKEJGP CWU CNNGP %NCUUGP FGU 8QNMGU \W Y¼JNGPFGP0CVKQPCNFGRWVKTVGP0CVKQPCNFGRWVCVKQPPCEJ2GUVJCP \WT #GW²GTWPI FGU YCJTGP 8QNMUYKNNGPU WPF \WT M×PHVKIGP $GTWJKIWPI FGU U¼EJUKUEJGP 8QNMGU 'U YWTFG DGUEJNQUUGP FKGUGP #PVTCI KP 8GTDKPFWPI OKV \YGK CPFGTP XQP FGT \YGKVGP 5GMVKQP XGTJCPFGNVGP #PVT¼IGP KP FGT P¼EJUVGP 5KV\WPI \W GTNGFKIGP *KGTCWH GTHQNIVGFGT5EJNW²FGT\YGKVGP5KV\WPI 
(QTVUHQNIV   u  5EJQP CWU FKGUGO 0COGPUXGT\GKEJPKUUG KUV GTUKEJVNKEJ FC² FKGUG0CVKQPUWPKXGTUKV¼VGKPGCW²GTIGYÑJPNKEJGYCTWPFFC²GPFNKEJ CWEJH×TWPUGTG+PPGTXGTJ¼NVPKUUGFGTNCPIGTUGJPVGWPFNCPIXGTU¼WOVG 'PVYKEMNWPIURTQ\G² DGIQPPGP JCV 9KT HKPFGP P¼ONKEJ IGIGP FKG DKUJGTKIG WPF FWTEJ FGP NCPIGP 5EJNGPFTKCP DGKPCJG IGJGKNKIVG 

)GRHNQIGPJGKV PKEJV PWT RQNKVKUEJG 8GTYCNVWPIUDGCOVG QFGT ,WTKUVGP UQPFGTPCWEJCPFGTG/¼PPGTFGU8GTVTCWGPUIGY¼JNV0CEJYGNEJGO 8GTJ¼NVPK²FKG<CJNFGT&GRWVKTVGPDGUVKOOVYWTFGKUVPKEJVMNCT &KG4GF  uu  +EJ YGK² PKEJV IGPCW QD UKEJ KO 1TKIKPCN FGU 7PKXGTUKV¼VURTQVQMQNNU FGT #WUFTWEM  CWH .GDGPU\GKV HKPFGV QFGT PKEJV /ÑINKEJ KUV GU PCEJ OGKPGT WPF XKGNGT #PFGTP UWDLGMVKXGP #PUKEJVY¼TGGULGFGPHCNNUXGTP×PHVKIGTYGPPGTUKEJPKEJVFQTVH¼PFG &GT'KPU  uuu  *KGT HGJNV YGPP KEJ PKEJV KTTG FCU 9QTV EQPUVKVWVKQPGNNGP &GT'KPU  
Q5CVGNNKVR0Q     +PFGTFTKVVGP5KV\WPICO,WPK×DGTTGKEJVGFKG\YGKVG5GMVKQP KJT1RGTCV\WT8GTJCPFNWPI'UGPVJKGNVFCUGNDGGKP)WVCEJVGP×DGTFKG (TCIRWPMVG FGU 2TQITCOU KP YGNEJGT #TV WPF 9GKUG FGP 7PKQPUDGFKPIWPIGP DGK FGT 4GKEJUVCIFGRWVCVKQP 'KPICPI WPF #WHPCJOG XGTUEJCHHV YGTFGP UQNNG! YKG FKG XQP FGP U¼EJUKUEJGP -TGKUGP \WO WPICTKUEJGP 4GKEJUVCI \W GPVUGPFGPFGP &GRWVKTVGP IGY¼JNV YGTFGP UQNNGP! QD CWEJ /KVINKGFGT FGT XQTCTDGKVGPFGP 4GIPKEQNCTFGRWVCVKQP IGY¼JNV YGTFGP MÑPPGP KPFGO FKG #TDGKVGP LGPGTCWEJPCEJ'TÑHHPWPIFGU4GKEJUVCIGUHQTVFCWGTPYGTFGP!WPFQD FKG U¼EJUKUEJG 0CVKQP FWTEJ KJTG #DIGQTFPGVGP CP FGP 4GKEJUVCIUXGTJCPFNWPIGP VJGKNPGJOGP MÑPPG DGXQT FKG 7PKQPUDGFKPIWPIGP FGTUGNDGP IGJÑTKI ICTCPVKTV UKPF! +P 8GTDKPFWPI OKV FKGUGO (TCIGRWPMV YCTGP \WINGKEJ FTGK #PVT¼IG XQP FGT -NCWUGPDWTIGT 0CVKQPCNXGTUCOONWPI XQP /GFKCUEJ WPF -TQPUVCFV CWH #DUGPFWPI XQP &GRWVKTVGP PCEJ 2GUVJ KP FGO )WVCEJVGP DGT×EMUKEJVKIVWPFXGTJCPFGNV  #WH)TWPFNCIGFGU5GMVKQPUQRGTCVGUYWTFGDGUEJNQUUGP   &KG XKGT U¼EJUKUEJGP /KVINKGFGT FGT 4GIPKEQNCTFGRWVCVKQP UKPF FC\W DGTWHGP LGPG $GFKPIWPIGP YGNEJG FKG 0CVKQP DGK FGT 8GTGKPKIWPI 5KGDGPD×TIGPU OKV 7PICTP H×T KJTGP UGNDUVUV¼PFKI PCVKQPCNGP (QTVDGUVCPF \W HQTFGTP DGTGEJVKIV KUV FGT IGUCOOVGP 4GIPKEQNCTFGRWVCVKQPGKP\WTGKJGPUKGFCUGNDUV\WXGTVTGVGPWPFFCTCWH \W FTKPIGP FC² UGNDG KO 4GKEJUVCIG XGTJCPFGNV WPF I×PUVKI GPVUEJKGFGPYGTFGP  

'UUQNNGKPGXQPFGTXGTUCOOGNVGP0CVKQPUWPKXGTUKV¼VFWTEJ HTGKG 9CJN OKV 4×EMUKEJV DNQU CWH RGTUÑPNKEJG 6×EJVKIMGKV IGY¼JNVG &GRWVCVKQP CWU 5KGDGP /KVINKGFGTP OKV FGT 9GKUWPI PCEJ 2GUVJ GPVUGPFGVYGTFGPFKGHGUVIGUGV\VGP7PKQPUDGFKPIWPIGPUQYQJNDGKOO 'T\JGT\QI 2CNCVKP WPF MÑPKIN 5VCVVJCNVGT 5VGRJCP CNU CWEJ DGKOO WPICTKUEJGP /KPKUVGTKWO WPF FGT 4GIPKEQNCTFGRWVCVKQP WPF CNNGP 1TVGP YQ GU H×T \YGEMO¼²KI GTCEJVGV YGTFGP YKTF CNU FGP 8QNMUYKNNGP FGT 5CEJUGP UQYQJN UEJTKHVNKEJ KP (QTO GKPGT PCEJ FGO FKGUH¼NNKIGP 'PVYWTH FGT 0CVKQPUWPKXGTUKV¼V CDIGHC²VGP &GPMUEJTKHV GKP\WTGKEJGPCNUCWEJO×PFNKEJCWU\WURTGEJGPWPFPCEJCNNGP-T¼HVGP H×T FKG #PPCJOG WPF IGUGV\NKEJG 5KEJGTUVGNNWPI FKGUGT $GFKPIWPIGP JKP\WYKTMGPHGTPGTOKVFGT9GKUWPIFGP<YGEMKJTGT5GPFWPI\YCT PGDUV/KVVJGKNWPIFGU+PJCNVUFGTDGT×JTVGP$GFKPIWPIGPCNU9KNNGWPF IGTGEJVG (QTFGTWPIGP FGU 5CEJUGPXQNMGU KPUDGUQPFGTG CWEJ FGP U¼EJUKUEJGP /KVINKGFGTP FGT 4GIPKEQNCTFGRWVCVKQP DGMCPPV \W IGDGP WPFUKEJOKVKJPGPKPU'KPXGTPGJOGP\WUGV\GPWPFGPFNKEJOKVFGO #WHVTCI INGKEJ PCEJ KJTGO 'KPVTGHHGP KP 2GUVJ CWH FKG KP 9KGP DGHKPFNKEJG 0CVKQPCNFGRWVCVKQP ×DGT CNNG XQP FGP $GUEJN×UUGP FKGUGT 7PKXGTUKV¼VUXGTUCOONWPIFWTEJGKPGRGTUÑPNKEJG$GURTGEJWPIKP9KGP QFGT2GUVJKPIGPCWG-GPPVPKU\WUGV\GPFCOKVFKGUGNDGCWEJPWTKO 5KPPG FGT LGV\KIGP $GUEJN×UUG CP FGP JÑEJUVGP 5VGNNGP UQ XKGN OÑINKEJ H×T FKG &WTEJH×JTWPI WPF )CTCPVKTWPI FGT 7PKQPUDGFKPIWPIGP 'KPNGKVWPIGP OÑIG VTGHHGP MÑPPGP <WT &GEMWPI FGT OKV FKGUGT 5GPFWPIXGTDWPFGPGP-QUVGPYKTFFGP/KVINKGFGTPFGT\WY¼JNGPFGP 2GUVJGT&GRWVCVKQPINGKEJFGP4GKEJUCDIGQTFPGVGPPGDUVFGO6CIIGNF RGTHN%/FKG3WCTVKGTUDQPKHKMCVKQP\WHN%/CWHOUICP\G,CJT H×TFKG<GKVKJTGU#WHGPVJCNVGUCO1TVGKJTGT5GPFWPIWPFFGT'TUCV\ FGT4GKUGMQUVGPCWUFGT*CWRVPCVKQPCNMCUUC\WIGUKEJGTV   *KPUKEJVNKEJ FGT (TCIG YKG FKG XQP 5GKVGP FGT U¼EJUKUEJGP -TGKUG \WO WPICTKUEJGP 4GKEJUVCI \W UGPFGPFGP &GRWVKTVGP IGY¼JNV YGTFGPUQNNGPKUVGKPGYGKVGTG$GUVKOOWPIH×T×DGTHN×UUKI\WGTCEJVGP FCJKGT×DGTUEJQPGKP.CPFVCIUIGUGV\GPVUEJKGFGPKUV   $GVTGHH FGT (TCIG QD \W UQNEJGP #DIGQTFPGVGP CWEJ /KVINKGFGTFGT4GIPKEQNCTFGRWVCVKQPIGY¼JNVYGTFGPMÑPPGP!HKPFGV FKG0CVKQPUWPKXGTUKV¼VINGKEJHCNNULGFG$GUEJT¼PMWPIWPF9GKUWPIH×T WPCPIGOGUUGP WO UQ OGJT FC LGFGT -TGKU UGNDUV \W GTY¼IGP UKEJ XGTRHNKEJVGV H×JNGP OW² YGNEJGP /¼PPGTP GT FKG 8GTVTGVWPI FGT JGKNKIUVGP +PVGTGUUGP FGU -TGKUGU WPF FGT 0CVKQP OKV <WXGTUKEJV CPXGTVTCWGPMCPP  

+P$G\WICWHFKGH×PHVG(TCIGQDFKGU¼EJUKUEJG0CVKQPFWTEJ KJTG #DIGQTFPGVGP CP FGP 4GKEJUVCIXGTJCPFNWPIGP 6JGKN PGJOGP MÑPPGDGXQTFKG7PKQPUDGFKPIWPIGPFGTUGNDGPIGJÑTKIICTCPVKTVUKPF YKTF PCEJ NCPIGP &GDCVVGP FWTEJ #DUVKOOWPI DGUEJNQUUGP &KG U¼EJUKUEJGP #DIGQTFPGVGP UQNNGP \YCT FC FKG XQP FGT U¼EJUKUEJGP 0CVKQPIGUVGNNVGP7PKQPUDGFKPIWPIGPGDGPKO9GIGFGTTGKEJUV¼IKIGP 8GTJCPFNWPIGP KP 8GTVTCIU WPF )GUGV\GUHQTO \WT )GNVWPI IGDTCEJV WPFICTCPVKTVYGTFGPO×UUGPWPFJKGDGKFGTGP8GTVTGVWPIITCFGFKG 5CEJG FGT FKG U¼EJUKUEJG 0CVKQP XGTVTGVGPFGP U¼EJUKUEJGP -TGKUFGRWVKTVGP KUV CP FGP 4GKEJUVCIUXGTJCPFNWPIGP XQP #PHCPI FGU 4GKEJUVCIGUVJGKNPGJOGPUKGJCDGPLGFQEJINGKEJDGKKJTGO'KPVTKVVWPF DGK 'TÑHHPWPI FGT 8GTJCPFNWPIGP O×PFNKEJ CWU\WURTGEJGP WPF UEJTKHVNKEJ\W2TQVQMQNN\WIGDGPFC²KPFGO(CNNGYGPPGVYCIGIGP LGFGIGTGEJVGWPFDKNNKIG'TYCTVWPIFKGGTY¼JPVGP$GFKPIWPIGPPKEJV IGY¼JTV WPF ICTCPVKTV YGTFGP UQNNVGP CWU KJTGO 'TUEJGKPGP KO 4GKEJUVCIG WPF KJTGT 6JGKNPCJOG CP FGP 8GTJCPFNWPIGP KTIGPF GKPG (QNIG H×T HCMVKUEJGU 'KPIGJGP FGT U¼EJUKUEJGP 0CVKQP CWH GKPG WPDGFKPIVG7PKQPPKEJVUQNNGIG\QIGPYGTFGPMÑPPGP  <WT .GKVWPI FGT DGUEJNQUUGPGP 9CJN FGT PCEJ 2GUVJ \W GPVUGPFGPFGP &GRWVCVKQP YWTFG XQO 2T¼UKFKWO GKPG %QOOKUUKQP GTPCPPV OKV FGO #WHVTCIG FKG 9CJN\GVVGN XQT 'TÑHHPWPI FGT P¼EJUVHQNIGPFGP5KV\WPIKP'ORHCPI\WPGJOGPWPFFCU'TIGDPKUFGT 9CJNCPFKG7PKXGTUKV¼V\WDGTKEJVGP  #O,WPKHCPFFKGXKGTVG5KV\WPIUVCVV5QINGKEJDGKO$GIKPP FGTUGNDGP GTMN¼TVG GKP #DIGQTFPGVGT 8QT 'TÑHHPWPI FGU KJO PQEJ XÑNNKI WPDGMCPPVGP 'TIGDPKUUGU FGT 9CJN \WT DGUEJNQUUGPGP &GRWVCVKQPJCNVGGTGUH×TUGKPG2HNKEJVFGP#PVTCI\WUVGNNGPFC²FKG DGVTGHHGPFGP &GRWVKTVGP \WT UVTGPIGP WPF WPXGTDT×EJNKEJGP $GQDCEJVWPI FGT KJPGP GTVJGKNVGP +PUVTWMVKQP FWTEJ GKPGP HGKGTNKEJGP 'KFUKEJXGTRHNKEJVGPOÑIGP  *KGTCWH DGUEJNQ² FKG 8GTUCOONWPI &KG 0CVKQPUWPKXGTUKV¼V VTCWVCWHFKG'JTGPJCHVKIMGKVFGTXQPKJT\WTGTY¼JPVGP&GRWVCVKQPCWU /¼PPGTP FGU 8GTVTCWGPU OKV XQNNGO 8GTVTCWGP IGY¼JNVGP /KVINKGFGT WPF J¼NV GU H×T ×DGTHN×UUKI FKGUGNDGP FWTEJ GKPGP 'KF CWH FKG IGYKUUGPJCHVG 'TH×NNWPI KJTGT 5GPFWPI CP FGT UKG ICT PKEJV \YGKHGNP PQEJDGUQPFGTU\WXGTRHNKEJVGP  &GT #WUVTCI FGT 9CJN YCT HQNIGPFGT 2QNK\GKFKTGMVQT ,QUGRJ 6TCWUEJ OKV  5VKOOGP 2TQHGUUQT %CTN 5EJWNNGT OKV  5VKOOGP 2TQHGUUQT *GKPTKEJ 5EJOKFV  5VKOOGP 2QNK\GKFKTGMVQT (TKGFTKEJ $KGFGTUHGNF  5VKOOGP 5VWJNUTKEJVGT 5KOQP 5EJTGKDGT  5VKOOGP 

5GPCVQT #WIWUV 4QVJ  5VKOOGP 2HCTTGT ,QUGRJ (CDKPK  5VKOOGP 5GPCVQT ,QJCPP 5EJYCT\  5VKOOGP *QHMQP\KRKUV 'WIGP (TKGFGPHGNU  5VKOOGP &GT PKEJV IGIGPY¼TVKIG *GTOCPPUV¼FVGT 5VWJNUTKEJVGT 5KOQP 5EJTGKDGT GTMN¼TVG FGT CP KJP CDIGUEJKEMVGP &GRWVCVKQP UGKPGT -T¼PMNKEJMGKV YGIGP FKG 9CJN PKEJV CPPGJOGP \W MÑPPGP 8QP FGP FTGK NGV\VGP WPVGT FGP )GY¼JNVGP YGNEJG GKPG INGKEJG 5VKOOGP\CJN JCVVGP GTMN¼TVG (TKGFGPHGNU UGKPGP 4×EMVTKVV WPF GU YCTF GKPG PGWG 9CJN KP FKG 5VGNNG FGU FKG &GRWVKTVGPUEJCHV CDNGJPGPFGP 5KOQP 5EJTGKDGT WPF WPVGT FGP OKV INGKEJGT 5VKOOGP\CJN $GICDVGP H×T ×DGTHN×UUKI GTCEJVGV  <WINGKEJ YWTFG DGUEJNQUUGP FGP UKGDGP )GY¼JNVGPFKGPÑVJKIGP5EJTKHVGP8QNNOCEJVGPWPF+PUVTWMVKQPGPOKV FGO #WHVTCI \W \WUVGNNGP FKG 4GKUG PCEJ 2GUVJ UQDCNF CNU OÑINKEJ CP\WVTGVGP  (GTPGTWPVGTDTGKVGVGFKGFTKVVG5GMVKQPFGT0CVKQPUWPKXGTUKV¼VKJT )WVCEJVGP ×DGT FGP KJT \WT $GCTDGKVWPI \WIGYKGUGPGP )GIGPUVCPF DGVTGHHGPFFCU8GTJ¼NVPKUWPFFKG$G\KGJWPIGPKPYGNEJGPFKG0CVKQP OKV ICTCPVKTVGT GKIPGT /WPKEKRCNXGTHCUUWPI 0CVKQPCNKV¼V WPF #WVQPQOKG PCEJ #W²GP \WO -ÑPKITGKEJ 7PICTP \W FGUUGP CNNIGOGKPGT8GTYCNVWPIWPF\WFGP/KVPCVKQPGP\WUVGJGPJCV  &CU )WVCEJVGP YCTF FGT 2T×HWPI WPF $GTCVJWPI WPVGT\QIGP WPFFGOUGNDGPIGO¼²DGUEJNQUUGP  &CU8GTJ¼NVPKUUVGNNVUKEJKP(QNIGPFGOFCT  #<WTCNNIGOGKPGP.CPFGUIGUGV\IGDWPI  #NNIGOGKPG LGFGP 5VCCVUD×TIGT XGTDKPFGPFG )GUGV\G YGTFGP CWEJFKGU¼EJUKUEJG0CVKQPXGTRHNKEJVGPY¼JTGPFFKG'PVYGTHWPIFGT DNQUKJTGGKIGPVJ×ONKEJGPKPPGTP8GTJ¼NVPKUUGDGVTGHHGPFGP)GUGV\GFGT U¼EJUKUEJGP0CVKQPCNU\WO/WPKEKRKWOIGJÑTKIXQTDGJCNVGPKUV  4×EMUKEJVNKEJKJTGT8GTVTGVWPICO4GKEJUVCI  +O )CP\GP YKTF UKEJ FKG 0CVKQP FGP CNNIGOGKPGP .CPFGUIGUGV\GPH×IGPWPFXGTNCPIVPWT  C FC²FGT0CVKQPUITCH5KV\WPF5VKOOGKPFGT/CIPCVGPVCHGN GTJCNVG  D  FC² FKG U¼EJUKUEJGP -TGKUGP PKG OKV CPFGTP 9CJNMTGKUGP XGTOKUEJVYGTFGPOÑIGP  E  FC² YGPP FKG NCPFV¼INKEJG 4GRT¼UGPVCVKQP PCEJ FGT 8QNMU\CJN GKPIGNGKVGV YGTFGP UQNNVG MGKPGT FGT U¼EJUKUEJGP -TGKUG YGPKIGTCNUGKPGP&GRWVKTVGP\WO4GKEJUVCIUGPFG  F FC²PCEJFGTFGTOCNGPDGUVGJGPFGP'KPVJGKNWPIFGT-TGKUG FGT 8QTQTV
5V¼FVG /¼TMVG  XQP FGP ×DTKIGP \WO -TGKUG IGJÑTKIGP 1TVUEJCHVGPPKEJVIGVTGPPVYGTFGPUQNN  

 4×EMUKEJVNKEJ FGT $GVJGKNWPI CP FGP 5VGWGTP .CPFGUNCUVGP WPFFGPGPVURTGEJGPFGP8QTVJGKNGP  #NNIGOGKPG PCEJ FGT CWU FGO )TWPFUCV\ FGT )NGKEJDGTGEJVKIWPI HNKG²GPFGP INGKEJO¼²KIGP 8GTRHNKEJVWPI JGTXQTIGJGPFG 5VGWGTP WPF ÑHHGPVNKEJG .CUVGP YKTF FKG U¼EJUKUEJG 0CVKQPKPFGOUKGDGVTGHHGPFGP8GTJ¼NVPKUVTCIGPPWTDGJ¼NVUKGUKEJFKG 'KPVTGKDWPIWPF#FOKPKUVTKTWPIFGT5VGWGTUQYKGFKG8GTVJGKNWPIFGT .CUVGPFWTEJKJTGGKIPGP$GCOVGPXQTKPINGKEJGO8GTJ¼NVPKUUGJCVUKG CWEJ FKG CWU FKGUGP 5VGWGTP GPVURTKPIGPFGP 8QTVJGKNG UQYKG FGP INGKEJO¼²KIGP#PVJGKNCPFGP.CPFGUGKPM×PHVGPCP\WURTGEJGP  &KG4GIWNKTWPI'KPJGDWPIWPF8GTYGPFWPIFGT&QOGUVKMCN WPF .QMCN#DICDGP WPF .CUVGP YKTF FKG 0CVKQP UGNDUVUV¼PFKI DGUVKOOGP   4×EMUKEJVNKEJ FGT 9GJTRHNKEJV 0CEJ FGO )TWPFUCV\ FGT )NGKEJDGTGEJVKIWPI YKTF CWEJ FKG 0CVKQP UKEJ FGT FGT XGTJ¼NVPKUO¼²KIGP#PVJGKNPCJOGCPFGTCNNIGOGKPGP9GJTRHNKEJVPKEJV GPV\KGJGP  $ 4×EMUKEJVNKEJ FGU JÑEJUVGP %GPVTWOU KP FGT RQNKVKUEJGP 8GTYCNVWPI  &CUJÑEJUVG%GPVTWOKUVFGTMQPUVKVWVKQPGNNG-ÑPKIOKVUGKPGO XGTCPVYQTVNKEJGP /KPKUVGTKWO YGNEJGP LGFQEJ H×T FKG U¼EJUKUEJGP #PIGNGIGPJGKVGP GKPG GKIPG CWU GKPGT JKPN¼PINKEJGP #P\CJN XQP 5CEJUGP DGUVGJGPFG 5GMVKQP DGK\WIGDGP KUV OKV FGO $GKUCV\ FC² \YKUEJGP FGT 0CVKQP WPF FKGUGO %GPVTWO MGKPG /KVVGNUVGNNG \W DGUVGJGPJCDG  % 4×EMUKEJVNKEJ GKPGU JÑEJUVGP ,WUVK\HQTWOU CO *QHG FGU -ÑPKIUIGNVGPFKG$GUVKOOWPIGPFGUXQTKIGP2WPMVGU
(QTVUGV\WPIHQNIV  
Q5CVGNNKVR0Q    (×PHVG5KV\WPICO,WPK  &KGH×PHVG5KV\WPI×DGTTGKEJVGKJT1RGTCV×DGTFKGFWTEJGKPGP )GUGV\XQTUEJNCI XQO LGV\KIGP 5KGDGPD×TIGT .CPFVCI CWUIGURTQEJGPG #WHJGDWPI FGT <GJPVCDICDG CWH FGO 5CEJUGPDQFGP OKV 4×EMUKEJV UQYQJN CWH FKG FWTEJ MÑPKINKEJG 8GTNGKJWPI XGTVTCIUO¼²KI FGT U¼EJUKUEJGP )GKUVNKEJMGKV \WT $GIT×PFWPI KJTGT 5WDUKUVGP\ \WIGUKEJGTVGP <GJPVGP WPF CWH FKG 0QVJYGPFKIMGKV FGO IGKUVNKEJGP 5VCPFGUGKPGFGT8QNMUDKNFWPI\WTXQT\×INKEJUVGP)TWPFNCIGFKGPGPFG DGUUGTG 5WDUKUVGP\ \W UKEJGTP CNU CWEJ CWH FKG CP U¼EJUKUEJG 

%QOOWPGP\WIGOGKPP×V\KIGP<YGEMGPXGTNKGJGPG<GJPVGPWPFFGP XQO 5VCCVG CP\WURTGEJGPFGP 'TUCV\ H×T FKG FWTEJ #WHJGDWPI FGT <GJPVCDICDGLGPGPWPFFKGUGPGTYCEJUGPFGP8GTNWUVG  <WINGKEJ WPVGTNGIVG FKGUGNDG 5GMVKQP FCU XQP FGT JQEJY×TFKIGP5[PQFGXGTHC²VG)WVCEJVGPFGOXQP5GKVGFGT5GMVKQP ICP\DGKIGUVKOOVYQTFGP  #WH )TWPFNCIG FKGUGU 1RGTCVGU PWP YCTF (QNIGPFGU DGUEJNQUUGP    &KG U¼EJUKUEJG )GKUVNKEJMGKV PKOOV KP 8GTDKPFWPI OKV FGT IGUCOOVGP0CVKQPFCFKG<GJPVGPFGTU¼EJUKUEJGP)GKUVNKEJMGKVPCEJ FGO 8QTICPI CWH FGO 7PIGTN¼PFGT 4GKEJUVCI CWEJ FWTEJ FKG UKGDGPD×TIKUEJGP .CPFGUUV¼PFG FWTEJ #TV  WPF   UEJNGEJVYGI CNU CWHIGJQDGP GTMN¼TV YQTFGP GDGP CWEJ PCEJ #PCNQIKG FGU #DNÑUWPIUXQTUEJNCIU CDIGUEJCHHVGT CFGNKIGT 2TKXKNGIKCNTGEJVG GKPG CPIGOGUUGPG 'PVUEJ¼FKIWPI H×T FKG FGT U¼EJU )GKUVNKEJMGKV YGI\WPGJOGPFGP <GJPVGP KP #PURTWEJ YGKN PCEJ CNNGP FGPMDCTGP 4GEJVURTKP\KRKGP PKEJV FKG GKPG \WOCN XGTVTCIUO¼²KI XGTRHNKEJVGVG 8QNMUMNCUUG
YKGFKGUWTMWPFNKEJDGKFGP<GJPVCDICDGPFGT(CNNKUV CWH -QUVGP FGT CPFGTP TGEJVUMT¼HVKI EQPVTCJKTGPFGP 2CTVGK DGI×PUVKIV YGTFGPFCTH    &KG U¼EJUKUEJG 0CVKQP XGTNCPIV FC² YKGFGT PCEJ FGO 8QTICPI KP FGT #DNÑUWPIUCPIGNGIGPJGKV DG\×INKEJ FGT CDIGUEJCHHVGP #FGNURT¼TQICVKXG FGT 5VCCVUUEJCV\ FKG 'PVUEJ¼FKIWPI H×T FKG U¼EJUKUEJGP IGKUVNKEJGP <GJPVGP KP FGT 9GKUG ×DGTPGJOGP FC² XQP FGOUGNDGP FGT PCEJ GKPGT L¼JTKIGP &WTEJUEJPKVVUDGTGEJPWPI FGT IGUCOOVGPTGKPGPU¼EJUKUEJGP<GJPVGKPM×PHVG\WGTOKVVGNPFGL¼JTNKEJG <GJPVDGVTCI CNU L¼JTNKEJG 4GPVG GKPG -CRKVCNUUWOOG CNU GKPG KOOGTY¼JTGPFG PQOKPGNNG 5VCCVUUEJWNF CPGTMCPPV YGTFGP WPF HQTVDGUVGJGPUQNN    &KG U¼EJU 0CVKQP INCWDV UKEJ DGTGEJVKIV YGKVGT \W XGTNCPIGP FC² FKG XQP FGP 5CEJUGP GTJQDGPG WPF KP FKG ÑHHGPVNKEJGP U¼EJU 2GTEGRVQTCVUECUUGP GKPIGHNQUUGPG WPF XQP FKGUGP CP FKG 5WRGTKPVGPFGPVWTCD\WNKGHGTPFG%QPVTKDWVKQPWPVGTFGPCPFGTYGKVKIGP 5VCCVUGKPM×PHVGP PCOGPVNKEJ CNU FGTLGPKIG (QPF DGUVKOOV YGTFG YQTCWU FKG KP 4GPVGPDG\×IG XGTYCPFGNVGP DKUJGTKIGP 0CVWTCN\GJPV GKPM×PHVGFGTU¼EJU)GKUVNKEJMGKVRT¼HGTGPVGTCWU\W\CJNGPUKPFYGKNGU ICP\ DKNNKI WPF HQNIGTKEJVKI KUV FC² FKG CWU FGT /KVVG FGT U¼EJUKUEJGP 0CVKQP HNKG²GPFGP 5VCCVUGKPM×PHVG \WP¼EJUV \WT 'TH×NNWPI FGT H×T FKG 0CVKQP UVKRWNKTVGP 5VCCVUQDNKGIGPJGKVGP XGTYGPFGV YGTFGP YQ\W 

JCWRVU¼EJNKEJFKG$G\CJNWPIFGTIGKUVNKEJGP4GPVGPKPOKVVGPFGTU¼EJU 0CVKQPQJPG<YGKHGNIGJÑTV    &KG U¼EJUKUEJG 0CVKQP HQTFGTV GPFNKEJ KP UQHGTP FKG DKUJGTKIGP <GJPVGKPM×PHVG FGT U¼EJU )GKUVNKEJMGKV FWTEJ FKG HGUVGUVGP WPF WPCPVCUVDCTUVGP 8GTVT¼IG OKV KJTGP <GJPVRHNKEJVKIGP ×DGT CNNG YKNNM×TNKEJG $GGKPVT¼EJVKIWPI 5GKVGPU FKGUGT IGUVGNNV YCTGP FC² CWEJ H×TFKG<WMWPHVH×TKJTGIGUGV\NKEJ\WDG\KGJGPFG'KPM×PHVGUQYKGH×T FKG UVKRWNKTVGP #FGNUGPVUEJ¼FKIWPIGP FKG UV¼TMUVGP )CTCPVKGP WPF *[RQVJGMGP CWHIGUVGNNV YGTFGP OÑIGP KPFGO XQO 8GTHCNNG FGT IGKUVNKEJGP 4GXGP×GP YQTCP CNNG $KNFWPIUWPFMKTEJNKEJGP#PUVCNVGP FGT U¼EJUKUEJGP 0CVKQP OGJT QFGT YGPKIGT IGMP×RHV UKPFFGT8GTHCNN FGTU¼EJUKUEJGP0CVKQPUGNDUVICP\WPFICTCDJ¼PIKIKUV  &KGUG )CTCPVKG HKPFGV FKG U¼EJUKUEJG 0CVKQP CW²GT FGP XQO UKGDGPD×TIKUEJGP .CPFVCI KO #NNIGOGKPGP H×T FKG $QPKHKMCVKQP FGT <GJPVGPXGTRH¼PFGVGP%COGTCNI×VGTPWPF2TQXGPVGPXQT\WIUYGKUGKP FGT IGUCOOVGP XQO 5CEJUGPDQFGP GKPIGJGPFGP 5VGWGT UQ FC² FKG )GKUVNKEJMGKVFGPWPOKVVGNDCTGP4GITG²CPFGP5VGWGTHQPFFGT5CEJUGP JCDG  &KG (QTFGTWPIGP FGT U¼EJUKUEJGP 0CVKQP DGVTGHH FGT )GKUVNKEJMGKVUQNNGP   )TWPFDGFKPIWPIGPFGT7PKQPOKV7PICTPUGKP   5QNNKPUQNCPIGDKUFKGCPIGUWEJVG'PVUEJ¼FKIWPIFGTU¼EJU )GKUVNKEJMGKVHN×UUKIIGOCEJVYKTFFGT(QTVDGUVCPFFGT0CVWTCN\GJPVGP GTYKTMVYGTFGP    7O FKG 8GTCTOWPI FGT 5GGNUQTIGT MNGKPGTGT U¼EJU )GOGKPFGP\WXGTJ×VGPFKGFCPPGTHQNIGPMÑPPVGYGPPDG\×INKEJFGT GKP\GNPGP5GGNUQTIGTPKEJVGKPG4GIGNWPIFGT<GJPVGKPM×PHVGXGTCPNC²V Y×TFGUQNNFKGUG4GIGNWPIFGT5[PQFG×DGTNCUUGPUGKP    $G\×INKEJ FGT CP U¼EJU %QOOWPGP \W IGOGKPP×V\KIGP <YGEMGP XGTNKGJGPGP <GJPVGP UQNNGP FKGUGNDGP )TWPFU¼V\G HGUVIGJCNVGPYGTFGPYKGDGKFGPIGKUVNKEJGP<GJPVGP  *KGTCWH YWTFG GKP )GUWEJ FGT /GFKCUEJGT $×TIGTYGJT WO GKPGP 7PVGTUV×V\WPIUDGKVTCI CWU FGT 0CVKQPCNECUUG XQP  HN %/ \WT #PUEJCHHWPI FGT PÑVJKIGP #TOCVWT H×T FKG ¼TOGTP 9GJTO¼PPGT XGTJCPFGNVWPFDGUEJNQUUGP  &CDGTGKVU\WT#PUEJCHHWPIXQPDGUVGNNVGP(GWGTIGYGJTGPH×T FKG U¼EJUKUEJGP $×TIGTICTFGP  HN %/ DGUVKOOV UGKGP WPF FGT 0CVKQPCNECUUGUVCPFFGT#TVKUVFC²GT\WT&GEMWPIFGTUKEJJ¼WHGPFGP NCWHGPFGP $GF×THPKUUG MCWO \WTGKEJV UQ MCPP FGO )GUWEJG FGT /GFKCUEJGT$×TIGTYGJTPKEJVYKNNHCJTVYGTFGP9GKNCDGTKPGKP\GNPGP 

-TGKUGP CP T×EMUV¼PFKIGP +PVGTGUUGP GKPG UGJT DGFGWVGPFG 5WOOG CWUJCHVGVFWTEJFGTGP'KPIGJGPOCEJWPIUQYQJNFKGUGOCNUCWEJFGO XQP CNNGP -TGKUGP DGK FKGUGT )GNGIGPJGKV CWUIGURTQEJGPGP 9WPUEJG IGP×IV YGTFGP MÑPPVG UQ YKTF DGUEJNQUUGP U¼OOVNKEJG -TGKUG KP FGPGP +PVGTGUUGPT×EMUV¼PFG CWUJCHVGP PCEJOCNU FTKPIGPF CWH\WHQTFGTPFWTEJFKG(KUMCNGFKGUG+PVGTGUUGPOKV'PGTIKGCWUVTGKDGP \W NCUUGP WPF UQFCPP \WT 7PVGTUV×V\WPI FGT WPDGOKVVGNVGP $×TIGTICTFGP KP FGP GKP\GNPGP -TGKUGP PCEJ 8GTJ¼NVPKU FGU 5VCPFGU FGTUGNDGPFKGGKPIGJGPFGP$GKVT¼IG\WXGTVJGKNGP  +P 8GTDKPFWPI FGU XGTJCPFGNVGP 1RGTCVGU FGT  5GMVKQP YWTFG HGTPGT DGUEJNQUUGP U¼OOVNKEJG -TGKUQDGTDGCOVG CWH\WHQTFGTP FKG GKP\GNPGP -TGKUKPURGMVQTGP WPXGT\×INKEJ \W DGCWHVTCIGP FKG U¼EJUKUEJGP(GNFDCWGTKP5VCFVWPF.CPFFCT×DGT\WWPVGTTKEJVGPFC² YGPP CWEJ FKG #WHJGDWPI FGT <GJPVGP FGT U¼EJUKUEJGP )GKUVNKEJMGKV H×TFKG<WMWPHVINGKEJHCNNUDGCPVTCIVKUVFGTFKGUH¼NNKIG#PVTCIPWTPCEJ 'THQNI FGT CNNGTJÑEJUVGP )GPGJOKIWPI 5GKPGT /CLGUV¼V KP 8QNN\WI IGUGV\V YGTFGP MCPP WPVGTFGUUGP CDGT \WP¼EJUV FKG )GOGKPFGP XGTRHNKEJVGV DNGKDGP KJTG 5GGNUQTIGT \W WPVGTJCNVGP T×EMUKEJVNKEJ DGK 8GTYGKIGTWPIFGU<GJPVGPUOKV)GNF\WDGUQNFGPH×TFCUJGWTKIG,CJT CDGT CWUFT×EMNKEJ XQP FGP .CPFUV¼PFGP DGUEJNQUUGP YQTFGP KUV FC² FKGU¼EJUKUEJGP)GKUVNKEJGPKJTG<GJPVGPYKGDKUJGTDGK\KGJGPUQNNGP  &WTEJ XGTUV¼PFNKEJG &CTUVGNNWPI FKGUGT 7OUV¼PFG WPF 8GTRHNKEJVWPIYKTFFCJGTLGFGT+PURGMVQTUKEJ\WDGHNGK²KIGPJCDGPWO FGP U¼EJUKUEJGP )GKUVNKEJGP FGP KJPGP IGD×JTGPFGP <GJPVGP \W DGYCJTGP   5GEJUVG5KV\WPICO,WNK  &GT /CIKUVTCV WPF FKG %QOOWPKV¼V FGU HTGKGP /CTMVGU 5¼EJUKUEJ4GGPDTCEJVGXQTFKG0CVKQPUWPKXGTUKV¼VFKGJGK²GUVG$KVVGGU OÑEJVG FKGUGNDG KJTGP \WO WPICTKUEJGP 4GKEJUVCI CD\WUGPFGPFGP #DIGQTFPGVGP FKG +PUVTWMVKQP GTVJGKNGP DGK 8GTHCUUWPI FGT 6TCMVCVG ×DGTFKG8GTGKPKIWPI5KGDGPD×TIGPUOKV7PICTPWPFDGK5KEJGTWPIFGU U¼EJUKUEJGP0CVKQPCNHQTVDGUVCPFGUUGKPGT5RTCEJGWPF5GDUVXGTYCNVWPI DGKFGPDGVTGHHGPFGP1TVGP\WDGYKTMGPFC²CWEJ5¼EJUKUEJ4GGPWPF YQ OÑINKEJ CWEJ CNNG WONKGIGPFGP 1TVUEJCHVGP FGO U¼EJUKUEJGP 0CVKQPCNMÑTRGTGKPXGTNGKDVYGTFGPOÑIGP  &KG 0CVKQPUWPKXGTUKV¼V PCJO FKGU )GUWEJ OKV FGT Y¼TOUVGP WPF DT×FGTNKEJUVGP 6JGKNPCJOG CWH WPF DGUEJNQ² UQYQJN FGT PCEJ 2GUVJ \WT 7PVGTJCPFNWPI IGY¼JNVGP 0CVKQPCNFGRWVCVKQP WPF FGP U¼EJU /KVINKGFGTP FGT UKGDGPD×TIKUEJGP 4GIPKEQNCTFGRWVCVKQP CNU 

CWEJ FGP \WO 4GKEJUVCI PCEJ 2GUVJ CD\WUGPFGPFGP -TGKUCDIGQTFPGVGP FKG 9GKUWPI \W IGDGP FCU DGKO WPICTKUEJGP 4GKEJUVCI XQTMQOOGPFG )GUWEJ XQP 5 4GGP WPF CPFGTP KP FGP %QOKVCVGPNKGIGPFGPU¼EJU1TVUEJCHVGPMT¼HVKI\WWPVGTUV×V\GP  *KGTCWH YCTF FKG +PUVTWMVKQP H×T FKG PCEJ 2GUVJ CD\WUGPFGPFGP &GRWVKTVGP CWHIGNGUGP WPF HGUVIGUGV\V UGNDG U¼OOVNKEJGP -TGKUGP FGT 4GIPKEQNCT WPF FGT 0CVKQPCNFGRWVCVKQP NGV\VGTGT OKV FGO $GKH×IGP OKV\WVJGKNGP FC² UKG KJTG (WPMVKQPGP CO 1TVGKJTGT5GPFWPIPKEJVHT×JGTDGIKPPGPF×THGDKUFGT7PKQPUCTVKMGN PKEJVUCPEVKQPKTVUGK  (GTPGT NGIVG CWH FKG #WHHQTFGTWPI FGU 2T¼UGU FGT $TQQUGT 4GMVQT)GNVEJGKPGPKPVGTGUUCPVGP$GTKEJVCD×DGTUGKPGKO#WHVTCIGFGT $×TIGTFGTU¼EJU4GEJVUCMCFGOKGCPFKGFGWVUEJGP*QEJUEJWNGPWPF PCEJ (TCPMHWTV IGOCEJVGP 4GKUG WO KP &GWVUEJNCPF 5[ORCVJKGP H×T FKG 5KGDGPD×TIGT 5CEJUGP \W GTTGIGP &GT OKV $GIGKUVGTWPI GTUVCVVGVG $GTKEJV YCTF OKV $GIGKUVGTWPI CWHIGPQOOGP WPF FGO $GTKEJGTVCVVGT FKG8GTI×VWPIUGKPGT4GKUGMQUVGPCWUFGT0CVKQPCNMCUUGDGUEJNQUUGP  #O5EJNW²GFGT5KV\WPIYCTFCWHFGP8QTVTCIFGU2T¼UGUFC² FGTXQOXQTKIGP0CVKQPUEQPHNWZG\WO&GRWVKTVGPPCEJ(TCPMHWTVWO FCUGNDUV DGK FGT FGWVUEJGP 0CVKQPCNXGTUCOONWPI GKPG #FTGUUG KO 0COGPFGT5KGDGPD×TIGT5CEJUGPPKGFGT\WNGIGPGTPCPPVG*QHUGETGV¼T /KNNGTFGP9WPUEJIG¼W²GTVGUYQNNGKJOKPFGT2GTUQPFGU2TQHGUUQT <KOOGTOCPP PQEJ GKP /KVFGRWVKTVGT OKVIGIGDGP YGTFGP YWTFG FWTEJ #EENCOCVKQP 4GMVQT )GNVEJ \WO \YGKVGP &GRWVKTVGP PCEJ (TCPMHWTV IGY¼JNV WPF FGOUGNDGP FGT #WHVTCI GTVJGKNV UKEJ LG GJGT LG DGUUGTCPFGP1TVUGKPGT$GUVKOOWPI\WDGIGDGP   5KGDGPVG5KV\WPICO,WNK  &KG XKGTVG 5GMVKQP NGIVG KJT )WVCEJVGP DG\×INKEJ FGT $×TIGTYGJT CWH 5CEJUGPDQFGP WPF 'TPGWGTWPI FGU 5CEJUGPDWPFGU XQT&KG/KVVJGKNWPIFGUTGMVKHKEKTVGP1RGTCVGUDGVTGHHFGT$×TIGTYGJT CP FKG -TGKUG YWTFG HGUVIGUGV\V WPF KP $G\WI CWH FGP \YGKVGP 6JGKN FGUUGNDGP YGIGP 'TPGWGTWPI FGU CNVGP 5EJWV\ WPF 6TWV\D×PFPKUUGU WPVGT FGP 5CEJUGP FGT $GUEJNW² IGHC²V GU UQNNG XQT FGT *CPF FKG 'KPIGJWPI GKPGU UQNEJGP UEJTKHVNKEJGP $GF×PIPKUUGU CWHIGUEJQDGP YGTFGP LGFQEJ YWTFG KP GTJGDGPFGT 9GKUG XQP FGP GKP\GNPGP /KVINKGFGTP FGT 7PKXGTUKV¼V HQNIGPFGU )GNÑDPKU KP FKG *¼PFG FGU 0CVKQPUITCHGPIGNGIVWPFFWTEJIGIGPUGKVKIGP*CPFUEJNCIDGMT¼HVKIV  Q+EJ XGTURTGEJG JKGT CNU GKP GJTNKEJGT /CPP WPF 5CEJUG KP OGKPGO 0COGP UQYQJN CNU KO 0COGP CNNGT FGTGT CWH FKG KEJ GKPGP 

'KPHNW² JCDG WPF FC\W DGUVKOOGP MCPP FC² KEJ PKEJV PWT UGNDUV OGKPGRGTUÑPNKEJGP8QTVJGKNGFGOCNNIGOGKPGPU¼EJUKUEJGP+PVGTGUUG WPVGT\WQTFPGP UQPFGTP CWEJ FCJKP \W YKTMGP DGO×JVUGKPYGTFG FKGDGUQPFGTP%CPVÑPNK+PVGTGUUGPFGTIGOGKPUEJCHVNKEJGP9QJNHCJTV FGT ICP\GP 0CVKQP WPF FGU 8CVGTNCPFGU LGFGT\GKV PCEJIGUGV\V WPF CWHIGQRHGTV YGTFGP OÑIG CNUQ \YCT FC² MGKP 6JGKN CDUQPFGTNKEJ JCPFGNP UQPFGTP YKG GKP /CPP 'KPGT H×T #NNG WPF #NNG H×T 'KPGP GKPUVGJGP YQNNGP *KGTCWH IGDG KEJ OGKP /CPPGUYQTV WPF FKGUGP *CPFUEJNCIR  (GTPGT YCTF CWH FGP 8QTVTCI GKPGT &GRWVCVKQP XQP $TQQUGT 5CEJUGP FC² FGT PCEJ 2GUVJ \W GPVUGPFGPFGP 0CVKQPCNFGRWVCVKQP CWEJ CWU KJTGT FGT $TQQUGT 5CEJUGP /KVVG GKP /KVINKGF DGKIGIGDGP YGTFGP YQNNG FWTEJ #EENCOCVKQP FGT $TQQUGT )GTKEJVUUGETGV¼T (TKGFTKEJ9CIPGTJKGT\WGTPCPPV  +PFGTNGV\VGPQFGT5KV\WPICO,WNKYCTFFKGXQPGKPGT %QOOKUUKQP XGTHC²VG &GPMUEJTKHV YGNEJG CNNGTJ 5G /CLGUV¼V FGO 'T\JGT\QIG 2CNCVKP FGO WPICTKUEJGP /KPKUVGTKWO WPF FGP 4GKEJUUV¼PFGP FWTEJ FKG 0CVKQPCNFGRWVCVKQP GKPIGTGKEJV YGTFGP UQNN CDIGNGUGP IWV IGJGK²GP WPF DGUEJNQUUGP GU UQNNG FKGUGNDG FWTEJ FKG <GKVWPIGP WPF FWTEJ OGJTG KP 2GUVJ FGWVUEJ WPF WPICTKUEJ\WFTWEMGPFG'ZGORNCTGXGTÑHHGPVNKEJVYGTFGP  (GTPGT YCTF CWH FGP 8QTVTCI GKPGU -TQPUV¼FVGT &GRWVKTVGP GU UQNNG FKG KP 9KGP DGHKPFNKEJG &GRWVCVKQP FGT 2GUVJGT &GRWVCVKQP WPVGTIGQTFPGV YGTFGP DGUEJNQUUGP FC² MGKPG &GRWVCVKQP FGT CPFGTP WPVGTIGQTFPGV YQJN CDGT \WT 'T\KGNWPI IGOGKPUEJCHVNKEJGP *CPFGNPU CWEJ FKG 9KGPGT &GRWVCVKQP OKV FGT H×T FKG 2GUVJGT &GRWVCVKQPXGTHC²VGP+PUVTWMVKQPXGTUGJGPYGTFGP  *KGTCWH YWTFGP PQEJ GKPKIG #PVT¼IG GKP\GNPGT &GRWVKTVGP WPF -TGKUG XGTJCPFGNV WPF FWTEJ FKG $GUEJN×UUG FGT HT×JGTGP 5KV\WPIGPCNUGTNGFKIVGTMN¼TVWPFCWEJFKGUG5KV\WPIIGUEJNQUUGP  #O 5EJNWUUG FGTUGNDGP GTMN¼TVG FGT *GTT 0CVKQPUITCH FKGUG 7PKXGTUKV¼VUXGTUCOONWPI PKEJV CNU CWHIGNÑUV UQPFGTP PWT CNU XGTVCIVWPFICDFGP&GRWVKTVGPFKG9GKUWPIXQTFGT*CPFKPKJTG *GKOCVJ TGKUGP \W MÑPPGP UKEJ CDGT LGFGT\GKV HGTVKI WPF DGTGKV \W JCNVGP CWH FGP GTUVGP 4WH UKEJ YKGFGT KP *GTOCPPUVCFV \W XGTUCOOGNP  

("Satellit", nr. 56)  #FWPCTGC7PKXGTUKVâ/KKPC/KQPCNGUâUG)VK  FKPKWPKGKWNKG    &GURTGCEGCUVâCFWPCTGC7PKXGTUKVâ/KKPC/KQPCNGCWCRâTWVFGLC ÉP 5KGDGPD×TIGT 9QEJGPDNCVV E¸VGXC TGHGTCVG )K QDUGTXC/KK TWRVG FKP EQPVGZV FCT R¸Pâ CEWO PKEK Q TGNCVCTG EQORNGVâ UCW OâECT RCT/KCN COâPWP/KVâ &QTKO CEWO Uâ PG TGHGTKO NC E¸VGXC GZVTCUG FG RTQVQEQN ECTGPGUVCWÉPHC/â  .CKWPKG7PKXGTUKVCVGCPC/KQPCNâGZVTCQTFKPCTâUCÉPVTWPKVÉP ENâFKTGCPC/KQPCNâUâUGCUEâFKP5KDKWUWDRTG)GFGP/KCEQOKVGNWKPC/KWPKK (TCP\5CNOGPKCTFKPEGTEWTKNGUâUG)VKCWHQUVRTG\GP/K    FKP 5KDKW $GPKIPK UGETGVCT FG Tâ\DQK $KPFGT RQUVâXCT )TQ²LWTCVÉP%KUPâFKG4GWGTPQVCTÉP*CODC4QVJRTGQVÉP%C)QN/ 5EJOKFVRTQHGUQT5EJWNNGTRTQHGUQT<C[UGPCVQT    FKP 5KIJK)QCTC $KPFGT RTGQV ÉP 8WNECP .CPI PQVCT ÉP 5GNGW) /KNNGT UGPCVQT 4GVJGT PQVCT ÉP .CUNGC
5KDKW  5VGTPJGKO RTKOCT    FKP $TC)QX )KGUGN RTGQV ÉP 8WNECP /CCIGT PGIWUVQT 2NGEMGT HWPE/KQPCT HKUECN 4QVJ UGPCVQT 5EJKGN EQPTGEVQT 5EJPGNN UGETGVCTFGLWFGEâVQTKG6TCWUEJFKTGEVQTWNRQNK/KGK   FKP/GFKC)$KGFGTUHGNFFKTVGEVQTWNRQNK/KGK(CDKPKRTGQVÉP 4KEJK) (QNDGTV HCTOCEKUV )KGTNKPI UGETGVCT CN /CIKUVTCVWNWK -GUUNGT QTCVQTCNEQOWPKVâ/KK.WRKPKXKEGPQVCT4QVJRTGQVÉP/Q)PC5EJPGNN UGETGVCTFGLWFGEâVQTKG    FKP $KUVTK/C)ÑDDGN/âTCP-NGKPXKEGPQVCT-QPFGTV/âTCP 6GZVQTKUQTCVQTCNEQOWPKVâ/KK6JGKNRTGQVÉP6âTRKW   FKP5GDG)*CJPKPIKPGT/GKUVGTLWFGTGICN5GKXGTVJPQVCT    FKP %KPEW /CTG $TWEMPGT CUGUQT %CRGUKWU UGETGVCT FG LWFGEâVQTKG5EJOKFVLWFGTGICN5EJOKFVUGETGVCTFTGIâVQTGUE    FKP 4WRGC %QPTCF RGTEGRVQT -TCW² RTGFKECVQT /QFLGT RTGQV ÉP ,KODQT 2KNFPGT RTGQV ÉP *QOQTQF 5EJWUVGT KPIKPGT 5VGKPDWTIUGETGVCTFTGIâVQTGUE    FKP /KGTEWTGC 5KDKWNWK (KNVUEJ LWFG TGICN .ÑY LWFG UEâWPCN 10) din Nocrich: Conrad, jude regal; Friedenfels, concipist de curte; Herberth, jude sc•unal; Simonis, /func•ionar/ fiscal sc•unal.° 
'UVGXQTDCFGURTG5VGRJCP.WFYKI4QVJ 

Domnul comite al na•iunii a declarat adunarea na•ional• deschis• •i constituit•, prezentând o cuvântare referitoare la împrejur•rile timpului •i la diversele st•ri de spirit ce domnesc în momentul de fa•• în cercurile /s•se•ti/, ar•tând c• acum este mai necesar ca oricând s• existe în•elegere reciproc• •i unitate trainic•. S-a prezentat programul redactat sub coordonarea comitelui despre problemele ce vor fi dezb•tute în aceast• adunare a Universit••ii, pentru ca, pe baza programului, s• se ordoneze lucr•rile •i s• se u•ureze dezbaterile.  2TQITCOWNCHQUVCFQRVCVKCTRWPEVGNGUCNGCWHQUVRTGNWCVGEW CEQTFWNCFWPâTKKFGOGODTKK7PKXGTUKVâ/KKÉORâT/K/KÉPUGE/KWPKRGPVTW C NG RTGNWETC )K C RTGIâVK TCRQTVWN UETKU &G CUGOGPGC UC UVCDKNKV EC )GFKP/GNGEQOWPGUâUGFGUHâ)QCTGFKOKPGC/CKCTEGNGRGUGE/KWPKFWRâ OCUCWTO¸PFECÉPCEGGC)KFWRâOCUâUâÉPEGCRâNWETâTKNGRGUGE/KWPK RGPVTWECÉP\KWCWTOâVQCTGUâUGRQCVâCLWPIGNCFG\DCVGTG  2TG)GFKPVGNGCRTG\GPVCVWPWNFKPEGNGOCKUVTKPIGPVGQDKGEVGFG FKUEW/KG TGURGEVKX VTKOKVGTGC FGRWVC/KNQT EGTEWTKNQT UâUG)VK ÉP 2CTNCOGPVWN OCIJKCT TGWPKV FG NC 2GUVC FKP  KWNKG &WRâ ÉPFGNWPICVG FG\DCVGTK C HQUV CFQRVCVâ WTOâVQCTGC FGEK\KG .W¸PF ÉP EQPUKFGTCTG HCRVWNEâVGTOGPWNUVCDKNKVRGPVTWFGUEJKFGTGC2CTNCOGPVWNWKFKP2GUVC GUVGCV¸VFGCRTQRKCVÉPXTGOGEGÉPEâPWCUWTXGPKVRTGÉPCNVCUCPE/KWPG )KCPWP/CTGQHKEKCNâCCTVKEQNGNQT+)K++CNG&KGVGK)KCX¸PFÉPXGFGTGEâ NKRUCVKORWNWKHK\KEHCEGKORQUKDKNâCNGIGTGCRTGEWO)KFGRNCUCTGCURTG ÉPFGRâTVCVWN NQE C FGNGIC/KNQT RGPVTW RCTNCOGPV R¸Pâ NC VGTOGPWN RTGEK\CV ÉPCNVC EQPFWEGTG KORGTKCNâ GUVG TWICVâ UC IâUGCUEâ Q ECNG RQVTKXKVâRGPVTWCCO¸PCFGUEJKFGTGC2CTNCOGPVWNWKUCWRGPVTWCUEW\C UQUKTGCÉPV¸T\KCVâFCTPWFKPXKPâRTQRTKGCFGRWVC/KNQTFKPEGEWTKNGOCK ÉPFGRâTVCVG CNG 6TCPUKNXCPKGK 5C OCK JQVâT¸V EC CEGCUVâ FGEK\KG Uâ UG CFWEâ NC EWPQ)VKP/C CWVQTKVâ/KNQT EGTEWCNG UâUG)VK #RQK UC ÉPEJGKCV RTKOC)GFKP/âCCFWPâTKK7PKXGTUKVâ/KK  /CT/K  KWNKG UC FGUHâ)WTCV EGC FGC FQWC )GFKP/â 2TKOC UGE/KWPG )KC RTG\GPVCV QRGTCVWN ECTG EQP/KPG RTQKGEVWN FG UVCDKNKTG C EQPFK/KKNQT HQTOCNG RTKP C EâTQT ÉPFGRNKPKTG EQPVTCEVWCNâ )K NGICNâ PC/KWPGC UâUGCUEâ RQCVG TGEWPQC)VG KPVTCTGC ÉP XKIQCTG )K TGCNKVCVGC WPKWPKK EW TGICVWN 7PICTKGK %C UWRQTV CN QRGTCVWNWK GK CEGCUVâ RTKOâ UGE/KWPG C HQNQUKV EGNG FQWâ OGOQTKK CNG 7PKXGTUKVâ/KK PC/KQPCNG )K ÉP URGEKCN OGOQTKWN CFWPâTKK PC/KQPCNG FKP %NWL CRQK RTQKGEVWN FG KPUVTWE/KWPGRGPVTWOGODTKKFGRWVC/KFKPRCTVGC$TC)QXWNWK  

&WRâOWNVKRNGFKUEW/KKCUWRTCRTQKGEVWNWKCEGUVCCHQUVCFQRVCV ÉP EGNG FKP WTOâ EC FGEK\KG %QPFK/KKNG CEEGRVâTKK WPKWPKK FG EâVTG 7PKXGTUKVCVGCUâUGCUEâUWPVWTOâVQCTGNG   /GP/KPGTGCPGUEJKODCVâCVGTKVQTKWNWKUâUGUE)KCEQPVGZVWNWK UâWRQNKVKEÉPCEVWCNCÉPHâ/K)CTGVGTKVQTKWNHKKPFHQTOCVFKPUECWPG)K  FKUVTKEVG ÉORTGWPâ EW RâT/KNG NQT CRCT/KPâVQCTG FKP RWPEV FG XGFGTG LWTKFKEUCWCFOKPKUVTCVKX    %C DC\â C CUQEKGTKK PC/KWPKK UâUG)VK 7PKXGTUKVCVGC PC/KQPCNâ UâUGCUEâUGXCCHNC )KRGXKKVQTÉPUWDQTFKPGCEQOKVGNWKPC/KWPKKUâUG)VK CNGUFGGCÉPUâ)Kuu4C\CFGCE/KWPGC7PKXGTUKVâ/KKPC/KQPCNGGUVG  C LWUVK/KCECKPUVCP/âFGCRGN  D CFOKPKUVTCTGCCXGTKKPC/KQPCNG  E TGCNK\CTGCFGUVCVWVGTGHGTKVQCTGNCTGNC/KKNGKPVGTPG    5G ICTCPVGC\â CFOKPKUVTCTGC EQOWPCNâ NKDGTâ )K FTGRVWN HWPE/KQPCTKNQTEGTEWCNK)KEQOWPCNKNKDGTK   .KODCIGTOCPâUâHKGNKODCFGEKTEWNC/KGÉPVQCVGFG\DCVGTKNG QHKEKCNGCV¸VÉPEQTGURQPFGP/CKPVGTPâE¸V)KÉPEGCGZVGTPâ.GIKNG/âTKK UâHKGEQOWPKECVGEGTEWTKNQTUâUG)VKÉPNKODCIGTOCPâ    .KDGTVCVG )K KPFGRGPFGP/C FG CVKVWFKPG C )EQNKNQT )K C DKUGTKEKNQT VWVWTQT EGNQT FG CEGGC)K EQPHGUKWPG NKDGTC CFOKPKUVTCTG C CXWVWNWK CEGUVQTC EQPUVKVW/KG UKPQFCNâ )K LWTKUFKE/KG TGNKIKQCUâ RGPVTW CFGR/KKEQPHGUKWPKKCWIUDWTIKEGFTGRVWNFGQTICPK\CTG)KUWRTCXGIJGTG NKDGTâ C ÉPXâ/âO¸PVWNWK RWDNKE NKDGTVCVGC FG C RTGFC )K FG C ÉPXâ/C HQNQUKTGCPGÉPITâFKVâCNKODKKOCVGTPGÉPDKUGTKEKUK)EQNKUWDQTFQPCTGC VWVWTQT ETGFKPEKQ)KNQT FG CEGGC)K ETGFKP/â UWD EQPFWEGTGC )K EQPVTQNWN RTQRTKKNQT CWVQTKVâ/K DKUGTKEG)VK )K )EQNCTG HKG GNG FG TCPI KPHGTKQT UCW UWRGTKQT %GN OCK ÉPCNV FTGRV FG EQPVTQN  CUWRTC DKUGTKEKNQT )K )EQNKNQT CFGR/KNQTEQPHGUKWPKKCWIUDWTIKEGTGXKPGPGOKLNQEKVTGIGNWKuuu   2âUVTCTGCNGIKNQTOWPKEKRCNGUâUG)VK
CUVCVWVGNQT UWDTG\GTXC CWVQPQOKGK)KCTGHQTOGNQTEQTGURWP\âVQCTGVKORWNWKEGXQTHKCFQRVCVG CV¸V ÉP RTKXKP/C XKG/KK PC/KQPCNG ÉP IGPGTCN E¸V OCK CNGU ÉP RTKXKP/C TGINGOGPVâTKK TGNC/KKNQT FKP ECFTWN OGUVG)WIWTKNQT )K DTGUNGNQT )K C QTICPK\âTKK)KCFOKPKUVTâTKKIâT\KNQTEGVâ/GPG)VKPC/KQPCNG  &WRâ FG\DCVGTGC CEGUVGK EJGUVKWPK ÉP PWOGNG GOKVGP/KNQT NQT FGRWVC/KK FKP $TC)QX CW RTQRWU CRTQRKCVC VTKOKVGTG NC 2GUVC C WPGK PWOGTQCUG FGNGIC/KK PC/KQPCNG