Professional Documents
Culture Documents
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
*#4&9#4'4'('4'0%'/#07#.
�+'.
#0'/'4510241%'55/#0#)'/'06%1/2#0;
*1756106':#5
2CTV0WODGT
4GXKUKQP#'
&'%'/$'4
6JKURCIGKPVGPVKQPCNN[NGHVDNCPM
/1&'.)#5%*41/#61)4#2* 6(3
�+'.
/1&'.)#5%*41/#61)4#2*5;56'/
9+6*/1&'.%10641..'4
*#4&9#4'4'('4'0%'/#07#.
016+%'
6*'�+'.&+8+5+101('/'4510241%'55/#0#)'/'06
�+'.5*#..
016 $' .+#$.' (14 6'%*0+%#. 14 '&+614+#. '44145 +0 6*+5 /#07#. 14
1/+55+105(41/6*+5/#07#.�+'./#-'5019#44#06+'5':24'5514
+/2.+'&+0%.7&+0)6*'+/2.+'&9#44#06+'51(/'4%*#06#$+.+6;#0&
(+60'55(14#2#46+%7.#4274215'9+6*4'52'%6616*+5/#07#.#0&
+0 01 '8'06 5*#.. �+'. $' .+#$.' (14 #0; 52'%+#. 14
%105'37'06+#. &#/#)'5 +0%.7&+0) $76 016 .+/+6'& 61 .155 1(
241&7%6+10.1551(241(+65'6%
%12;4+)*6l
$;�+'.
*1756106':#575#
#NNTKIJVUTGUGTXGF0QRCTVQHVJKUYQTMOC[DGTGRTQFWEGFQT
EQRKGFKPCP[HQTOQTD[CP[OGCPUITCRJKEGNGEVTQPKEQT
OGEJCPKECNYKVJQWVHKTUVTGEGKXKPIVJGYTKVVGPRGTOKUUKQPQH
&CPKGN*QWUVQP6GZCU75#
24'(#%' K
6(3 /1&'.)#5%*41/#61)4#2*
9#44#06;
([WHQGHGZDUUDQW\7KH0RGHOYDOYHVDUHZDUUDQWHGIRUWKHOLIHRIWKHLQVWUXPHQWDQGWKH
FROXPQVDUHZDUUDQWHGIRUILYH\HDUV
6JGYCTTCPVKGUURGEKHKGFJGTGKPCTGKPNKGWQHCP[CPFCNNQVJGTYCTTCPVKGUGZRTGUUQTKORNKGF
KPENWFKPICP[YCTTCPV[QHOGTEJCPVCDKNKV[QTHKVPGUUHQTCRCTVKEWNCTRWTRQUG
&CPKGNUJCNNDGNKCDNGQPN[HQTNQUUQTFCOCIGFKTGEVN[ECWUGFD[KVUUQNGPGINKIGPEG&CPKGN U
NKCDKNKV[HQTCP[NQUUQTFCOCIGCTKUKPIQWVQHEQPPGEVGFYKVJQTTGUWNVKPIHTQOCP[DTGCEJJGTGQH
UJCNNKPPQECUGGZEGGFVJGRTKEGCNNQECDNGVQVJGGSWKROGPVQTWPKVVJGTGQHYJKEJIKXGUTKUGVQVJG
ENCKO&CPKGN UNKCDKNKV[UJCNNVGTOKPCVGQPG[GCTCHVGTVJGFGNKXGT[QHVJGGSWKROGPVGZEGRVHQT
QXGTUGCUFGNKXGTKGUCPFGZVGPFGFYCTTCPV[RTQFWEVUCUPQVGFCDQXG
+PPQGXGPVYJGVJGTCUCTGUWNVQHDTGCEJQHYCTTCPV[QTCNNGIGFPGINKIGPEGUJCNN&CPKGNDGNKCDNG
HQTURGEKCNQTEQPUGSWGPVKCNFCOCIGUKPENWFKPIDWVPQVNKOKVGFVQNQUUQHRTQHKVUQTTGXGPWGNQUU
QHGSWKROGPVQTCP[CUUQEKCVGFGSWKROGPVEQUVQHECRKVCNEQUVQHUWDUVKVWVGGSWKROGPVHCEKNKVKGU
QTUGTXKEGUFQYPVKOGEQUVUQTENCKOUQHEWUVQOGTUQHVJGRWTEJCUGTHQTUWEJFCOCIGU
KK 24'(#%'
/1&'.)#5%*41/#61)4#2* )(%
6#$.'1(%106'065
5GEVKQP 2CIG
5'%6+10&'5%4+26+10
5'%6+10'37+2/'06&'5%4+26+10
6#$.'1(%106'065 KKK
)(% /1&'.)#5%*41/#61)4#2*
5'%6+10+056#..#6+10#0&5'672
KX 6#$.'1(%106'065
/1&'.)#5%*41/#61)4#2* )(%
#0#.;<'4.'#-%*'%-5#0&
274)+0)(14(+456%#.+$4#6+10
#PCN[\GT.GCM%JGEMU
2WTIKPI%CTTKGT)CU.KPGU
2WTIKPI%CNKDTCVKQP)CU.KPGU
5'%6+1012'4#6+10(41/.1%#.-';$1#4�&&+52.#;
+06'4(#%'%1/210'065
(14.1%#.#&+52.#;#0&'064;
6#$.'1(%106'065 X
)(% /1&'.)#5%*41/#61)4#2*
.KIJV'OKVVKPI&KQFG
.'&+PFKECVQTU
.KSWKF%T[UVCN&KURNC[
.%&
-G[DQCTF
5'%6+10/#+06'0#0%'
XK 6#$.'1(%106'065
/1&'.)#5%*41/#61)4#2* )(%
&+5%4'6'
&+)+6#.+02765#0&1762765
&KIKVCN.QQRDCEM6GUV%KTEWKV
6#$.'1(%106'065 XKK
)(% /1&'.)#5%*41/#61)4#2*
5'%6+104'%1//'0&'&52#4'2#465
XKKK 6#$.'1(%106'065
/1&'.)#5%*41/#61)4#2* )(%
#22'0&+%'5
#RRGPFKZ 2CIG
# 5722.'/'06#.9+4+0))7+&'5'4+#.%1//70+%#6+105 #
# )%5GTKCN2QTVCPF%CDNG%QPHKIWTCVKQPUHQT45 #
# 45%QPPGEVKQPHTQO)%%QPVTQNNGTVQ2% #
# &$5GTKCN2QTVQH)%VQ&$2QTVQH2% #
# &$5GTKCN2QTVQH)%VQ&$2QTVQH2% #
# 2JQGPKZ2NWI2QTVQH)%VQ&$2QTVQH2% #
# 2JQGPKZ2NWI2QTVQH)%VQ&$2QTVQH2% #
# 45%QPPGEVKQPHTQO)%%QPVTQNNGTVQ'ZVGTPCN/QFGO #
# &$5GTKCN2QTVQH)%VQ&$2QTVQH/QFGO #
# 2JQGPKZ2NWI2QTVQH)%VQ&$2QTVQH/QFGO #
# 'ZCORNG45%QPPGEVKQPHTQO2%VQ)% #
# 'ZCORNG45%QPPGEVKQPHTQO2%VQ)% #
$ /#0+(1.&(14691%#44+'4)#5$166.'561)%5;56'/ $
$ +NNWUVTCVKQP $
$ +PUVCNNCVKQPCPF.KPG2WTIKPI $
$ 4GRNCEKPI%CTTKGT%[NKPFGT $
6#$.'1(%106'065 KZ
)(% /1&'.)#5%*41/#61)4#2*
#&&'0&#
#FFGPFWO 2CIG
#0#.;<'4&4#9+0)5 #FFGPFWO
)%%10641..'4&4#9+0)5 #FFGPFWO
%10641..'4+1&'6#+.&4#9+0)5 #FFGPFWO
Z 6#$.'1(%106'065
/1&'.)#5%*41/#61)4#2* 2&7
5'%6+10
&'5%4+26+10
274215'1(6*+5/#07#.
6JG &CPKGN +PFWUVTKGU /QFGN )CU %JTQOCVQITCRJ 5[UVGO YKVJ /QFGN %QPVTQNNGT
*CTFYCTG 4GHGTGPEG /CPWCN
2CTV 0WODGT KU KPVGPFGF CU C WUGT U IWKFG VQ
CEEQORCP[VJG&CPKGN+PFWUVTKGU/1&'.)#5%*41/#61)4#2*5;56'/
016' (QTUQHVYCTGQRGTCVKQPKPUVTWEVKQPUUGGVJG&CPKGN+PFWUVTKGU/10
5QHVYCTGHQT)CU%JTQOCVQITCRJ7UGT/CPWCN
2CTV0WODGT
6JKUOCPWCNRTQXKFGUVJGHQNNQYKPIKPHQTOCVKQP
5GEVKQP&GUETKRVKQP
#IGPGTCNFGUETKRVKQPQHVJG/QFGN)CU%JTQOCVQITCRJ
)%5[UVGOCPFKVU
EQORQPGPVUVJGKTEQPHKIWTCVKQPUCPFHWPEVKQPU
#DTKGHFGUETKRVKQPQHVJG)%5[UVGO UUQHVYCTGWUGTKPVGTHCEGUCPFECRCDKNKVKGU
+PVTQFWEVKQPVQ)%VJGQT[QHQRGTCVKQPCPFVGTOKPQNQI[
5GEVKQP'SWKROGPV&GUETKRVKQP
)WKFGNKPGUHQTUCORNKPIU[UVGOCPFICUEQPPGEVKQPU
&GUETKRVKQPUQH#PCN[\GTUWDU[UVGOUCPFEQORQPGPVU
&GUETKRVKQPUQH)%%QPVTQNNGTUWDU[UVGOUCPFEQORQPGPVU
5GEVKQP+PUVCNNCVKQPCPF5VCTVWR
+PUVTWEVKQPUHQTKPUVCNNKPIVJG)%5[UVGOJCTFYCTG
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
5GEVKQP1RGTCVKQP
+PUVTWEVKQPU HQT QRGTCVKPI VJG )% 5[UVGO D[ OGCPU QH KVU DWKNVKP MG[DQCTF CPF NKSWKF
ET[UVCNFKURNC[
.%&KHRTQXKFGF
5GEVKQP/CKPVGPCPEG
+PUVTWEVKQPUHQTTGIWNCTOCKPVGPCPEGCPFECTGQHVJG)%5[UVGOJCTFYCTG
+PUVTWEVKQPUHQTVTQWDNGUJQQVKPITGRCKTCPFUGTXKEGQHVJG)%5[UVGOJCTFYCTG
5GEVKQP4GEQOOGPFGF5RCTG2CTVU
.KUVQHDQCTFUXCNXGUCPFQVJGTEQORQPGPVUUWIIGUVGFCUURCTGRCTVU
#RRGPFKEGU
#RRGPFKEGUYKVJCFFKVKQPCNJGNRHWNTGHGTGPEGOCVGTKCNUCPFFTCYKPIU
&'5%4+26+10
/1&'.)#5%*41/#61)4#2* 2&7
+0641&7%6+10
6JG &CPKGN +PFWUVTKGU +PE /QFGN 5[UVGO YKVJ /QFGN )CU %JTQOCVQITCRJ
)%
%QPVTQNNGTKUCJKIJURGGF)%U[UVGOVJCVKUHCEVQT[GPIKPGGTGFVQOGGVURGEKHKEHKGNFCRRNKECVKQP
TGSWKTGOGPVUDCUGFQPV[RKECNPCVWTCNICUUVTGCOEQORQUKVKQPCPFVJGCPVKEKRCVGFEQPEGPVTCVKQP
QHVJGEQORQPGPVUQHKPVGTGUV6JG)%5[UVGOV[RKECNN[EQPUKUVUQHVJTGGOCLQTEQORQPGPVUVJG
#PCN[\GT#UUGODN[VJG)%%QPVTQNNGTCPFVJG5CORNG%QPFKVKQPKPI5[UVGO
#PCN[\GT#UUGODN[
/QFGN5GTKGU.QECVGFPGCTVJGUCORNGVCR6JG#PCN[\GTKPENWFGU
)%EQNWOPUFGVGEVQTURTGCORNKHKGTUVTGCOUYKVEJKPIXCNXGUCPFUQNGPQKFU6JG/QFGN
#PCN[\GTKUJQWUGFKPC0CVKQPCN'NGEVTKECN/CPWHCEVWTGTU#UUQEKCVKQP
0'/#
0CVKQPCN'NGEVTKECN%QFG
0'%%NCUU+&KXKUKQP)TQWRU%CPF&CRRTQXGFGPENQUWTG
HQTWUGKPCJC\CTFQWUGPXKTQPOGPV
)%%QPVTQNNGT
/QFGN.QECVGFPQHWTVJGTVJCPHGGV
OGVGTUCYC[HTQOVJG
#PCN[\GT 6JG )% %QPVTQNNGT KPENWFGU GNGEVTQPKEU CPF RQTVU HQT UKIPCN RTQEGUUKPI
KPUVTWOGPV EQPVTQN FCVC UVQTCIG RGTUQPCN EQORWVGT
2% KPVGTHCEG CPF
VGNGEQOOWPKECVKQPU6JG/QFGN)%%QPVTQNNGTKUCXCKNCDNGKPXCTKQWUGPENQUWTGUCPF
EQPHKIWTCVKQPUCUHQNNQYU
'ZRNQUKQP2TQQH0'/#:
YGCVJGTRTQQHCPFEQTTQUKQPTGUKUVCPVCPF0'/#0'%
%NCUU + &KXKUKQP )TQWRU % CPF & CRRTQXGF GPENQUWTG HQT WUG KP C JC\CTFQWU
GPXKTQPOGPV #XCKNCDNG YKVJ QT YKVJQWV C DWKNVKP MG[DQCTF CPF NKSWKF ET[UVCN FKURNC[
.%&
4CEM/QWPV5WKVCDNGHQTWUGKPCPQPJC\CTFQWUGPXKTQPOGPV/CFGHQTOQWPVKPIQP
CUVCPFCTFKPEJTCEM#XCKNCDNGYKVJQTYKVJQWVCDWKNVKPMG[DQCTFCPF.%&
4GVTQHKV5WKVCDNGHQTWUGKPCPQPJC\CTFQWUGPXKTQPOGPV/CFGHQTOQWPVKPIQPC
KPEJTCEMRTGXKQWUN[UQNFHQT/QFGN)%%QPVTQNNGT6JG4GVTQHKVGPENQUWTGKUPQV
CXCKNCDNGYKVJCDWKNVKPMG[DQCTFCPF.%&
VJGTGHQTGC2%KUTGSWKTGFHQTQRGTCVKPI
%QORCEV$67
2QTVCDNG5WKVCDNGHQTWUGKPCPQPJC\CTFQWUGPXKTQPOGPV/CFGHQT
RQTVCDNGVCDNGVQRWUG+PENWFGUVJG#PCN[\GT%QPVTQNNGTCPF5CORNG%QPFKVKQPKPI5[UVGO
5%5KPVGITCVGFKPVQQPGECUG4GSWKTGUC2%HQTQRGTCVKPI
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6JG/QFGNUGTKGU#PCN[\GTVJCV UKPENWFGFYKVJVJG/QFGN)%5[UVGOECPJCPFNG
WRVQHKXGUVTGCOUV[RKECNN[HQWTHQTUCORNGCPFQPGHQTECNKDTCVKQP
6JG/QFGN)%%QPVTQNNGTKUFGUKIPGFVQDGQRGTCVGFRTKOCTKN[HTQOCRGTUQPCNEQORWVGT
2%TWPPKPIC&CPKGN+PFWUVTKGUUQHVYCTGRCEMCIGECNNGF/10
UGGUGEVKQPVJKUOCPWCNHQT
C UQHVYCTG FGUETKRVKQP 6JKU RTQXKFGU VJG WUGT YKVJ VJG ITGCVGUV ECRCDKNKV[ GCUGQHWUG CPF
HNGZKDKNKV[1PG2%TWPPKPI/10ECPEQPPGEVYKVJWRVQEJTQOCVQITCRJU
XKC45UGTKCN
EQOOWPKECVKQPUNKPMU6JG2%KUWUGFVQFKURNC[CPCN[UKUEJTQOCVQITCOUCPFTGRQTVUYJKEJECP
VJGPDGUVQTGFVQHKNGUQPVJG2%JCTFFTKXGQTRTKPVGFHTQOGKVJGTVJG2% URTKPVGTRQTVQTVJG)%
%QPVTQNNGT URTKPVGTRQTV
#NUQ GCEJ KPFKXKFWCN )% %QPVTQNNGT ECP DG QRGTCVGF HTQO KVU DWKNVKP MG[DQCTF CPF .%&
KH
KPUVCNNGFKPVJCVEQPHKIWTCVKQPJQYGXGTVJKUOGVJQFQHHGTUOQTGNKOKVGFHWPEVKQPU&KURNC[QH
VJGEJTQOCVQITCOUQPVJG.%&KUCEEQORNKUJGFKPUETQNNKPIUVTKREJCTVHCUJKQP
5KPEG PGKVJGT VJG 2% PQT C PQTOCN RTKPVGT ECP DG RNCEGF KP C JC\CTFQWU CTGC UGTKCN RQTV CPF
/QFDWU EQOOWPKECVKQPU NKPMU CTG RTQXKFGF HQT EQPPGEVKPI VJG )% 5[UVGO VQ VJG 2% QVJGT
EQORWVGTURTKPVGTUEJTQOCVQITCRJUCPF%QPVTQNNGTU
&'5%4+26+10
/1&'.)#5%*41/#61)4#2* 2&7
(70%6+10#.&'5%4+26+10
#HWPEVKQPCNDNQEMFKCITCOQHCV[RKECN)%5[UVGOKPUVCNNCVKQPKUUJQYPKP(KIWTG#UCORNG
QHVJGICUVQDGCPCN[\GFKUVCMGPHTQOVJGRTQEGUUUVTGCOD[CUCORNG RTQDG KPUVCNNGFKPVJG
RTQEGUUNKPG6JGUCORNGRCUUGUVJTQWIJCUCORNGNKPGVQVJGUCORNGEQPFKVKQPKPIU[UVGOYJGTG
KVKUHKNVGTGFQTQVJGTYKUGEQPFKVKQPGF#HVGTEQPFKVKQPKPIVJGUCORNGHNQYUVQVJG#PCN[\GTHQT
UGRCTCVKQPCPFFGVGEVKQPQHVJGEQORQPGPVUQHVJGICU
6JG EJTQOCVQITCRJKE UGRCTCVKQP QH VJG UCORNG ICU KPVQ KVU EQORQPGPVU KU CEEQORNKUJGF KP VJG
#PCN[\GTKPVJGHQNNQYKPIOCPPGT#RTGEKUGXQNWOGQHUCORNGICUKUKPLGEVGFKPVQQPGQHVJG
WPKV UCPCN[VKECNEQNWOPU6JGEQNWOPEQPVCKPUCUVCVKQPCT[RJCUG
RCEMKPIVJCVKUGKVJGTCPCEVKXG
UQNKF
CFUQTRVKQP RCTVKVKQPKPI QT CP KPGTV UQNKF UWRRQTV VJCV KU EQCVGF YKVJ C NKSWKF RJCUG
CDUQTRVKQPRCTVKVKQPKPI6JGICUUCORNGKUOQXGFVJTQWIJVJGEQNWOPD[OGCPUQHCOQDKNG
RJCUG
ECTTKGT ICU 5GNGEVKXG TGVCTFCVKQP QH VJG EQORQPGPVU QH VJG UCORNG VCMGU RNCEG KP VJG
EQNWOPVJCVECWUGUGCEJEQORQPGPVVQOQXGVJTQWIJVJGEQNWOPCVCFKHHGTGPVTCVG6JKUCEVKQP
UGRCTCVGUVJGUCORNGKPVQKVUEQPUVKVWGPVICUGUCPFXCRQTU
#FGVGEVQTNQECVGFCVVJGQWVNGVQHVJGCPCN[VKECNEQNWOPUGPUGUVJGGNWVKQPQHEQORQPGPVUHTQOVJG
EQNWOP CPF RTQFWEGU GNGEVTKECN QWVRWVU RTQRQTVKQPCN VQ VJG EQPEGPVTCVKQP QH GCEJ EQORQPGPV
1WVRWVUHTQOVJG#PCN[\GTFGVGEVQTUCTGCORNKHKGFKPVJG#PCN[\GTGNGEVTQPKEUVJGPVTCPUOKVVGF
VQ VJG /QFGN %QPVTQNNGT HQT HWTVJGT RTQEGUUKPI
5GG CNUQ UGEVKQP 6JGQT[ QH
1RGTCVKQP
1WVRWVHTQOVJG)%%QPVTQNNGTKUPQTOCNN[FKURNC[GFQPCTGOQVGN[NQECVGFRGTUQPCNEQORWVGT
2%QTCRTKPVGT%QPPGEVKQPDGVYGGPVJG)%%QPVTQNNGTCPFVJG2%ECPDGCEEQORNKUJGFXKC
CFKTGEVUGTKCNNKPGQTXKCVJG/QFDWUEQORCVKDNGEQOOWPKECVKQPKPVGTHCEG
6YQUGRCTCVGEJTQOCVQITCOUOC[DGFKURNC[GFQPVJG2%OQPKVQTCPFEQORCTGFQTEQPVTCUVGF
YKVJUGRCTCVGEQNQTUEJGOGU6JKUCNNQYUCUVQTGFEJTQOCVQITCOVQDGEQORCTGFEQPVTCUVGFYKVJ
C EWTTGPV QT CPQVJGT UVQTGF EJTQOCVQITCO 6JKU EQWNF DG QH ITGCV CUUKUVCPEG YJGP EJCPIKPI
RCTCOGVGTUQTKUQNCVKPICRTQDNGO
7UG QH C 2% HQT EQPHKIWTCVKQP CPF VTQWDNGUJQQVKPI RTQEGFWTGU KU GUUGPVKCN KP OQUV KPUVCPEGU
$CUKEQRGTCVKQPUECPCNUQDGRGTHQTOGFHTQOCMG[DQCTFCPFNKSWKFET[UVCNFKURNC[VJCVCTGDWKNV
KPVQEGTVCKPXGTUKQPUQHVJG)%%QPVTQNNGT6JG2%OC[DGTGOQVGN[EQPPGEVGFXKCVGNGRJQPG
TCFKQ QT UCVGNNKVG EQOOWPKECVKQPU 1PEG KPUVCNNGF CPF EQPHKIWTGF VJG )% 5[UVGO ECP QRGTCVG
KPFGRGPFGPVN[HQTNQPIRGTKQFUQHVKOG
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
127(6
/2&$/ 35,17(5
25
02'(0
5(027( 35,17(5
+(/,80 &$/,%5$7,21
&$55,(5 *$6 *$6 +267 25
3(5621$/ &20387(5
$1$/<=(5
6$03/(
352%( 237,21$/
(;3/26,21 3522)
237,21$/ (48,30(17
02'(/
&21752//(5
352&(66
(KIWTG)%5[UVGO(WPEVKQPCN$NQEM&KCITCO
&'5%4+26+10
/1&'.)#5%*41/#61)4#2* 2&7
51(69#4'&'5%4+26+10
6JG)%5[UVGOWUGUVJTGGFKUVKPEVUQHVYCTGUWDU[UVGOU6JKUGPCDNGUVQVCNHNGZKDKNKV[KPFGHKPKPI
ECNEWNCVKQPUGSWGPEGRTKPVGFTGRQTVEQPVGPVHQTOCVV[RGCPFCOQWPVQHFCVCHQTXKGYKPIEQPVTQN
CPFQTVTCPUOKUUKQPVQCPQVJGTEQORWVGTQT%QPVTQNNGT6JGVJTGGUQHVYCTGUWDU[UVGOUCTG
$CUGNKPG1RGTCVKPI5[UVGO
$15
#RRNKECVKQP%QPHKIWTCVKQP5WDU[UVGO
#%()
/CKPVGPCPEGCPF1RGTCVKQPU5WDU[UVGO
/10
$15UWRGTXKUGUQRGTCVKQPQHVJG)%5[UVGOVJTQWIJKVUKPVGTPCNOKETQRTQEGUUQTDCUGFEQPVTQNNGT
CNNFKTGEVJCTFYCTGKPVGTHCEGKUXKCVJKUEQPVTQNUQHVYCTG+VEQPUKUVUQHCOWNVKVCUMKPIGZGEWVKXG
RTQITCOVJCVEQPVTQNUUGRCTCVGVCUMUKPU[UVGOQRGTCVKQPCUYGNNCUJCTFYCTGUGNHVGUVKPIWUGT
CRRNKECVKQP FQYPNQCFKPI UVCTVWR CPF EQOOWPKECVKQPU 1PEG EQPHKIWTGF C )% 5[UVGO ECP
QRGTCVGCUCUVCPFCNQPGWPKV
#%()TWPUWPFGT&15QPCP+$/2%QTEQORCVKDNGEQORWVGT+VKUWUGFVQFGVGTOKPGJQYVJG
JCTFYCTGKUGORNQ[GFHQTVJGURGEKHKECRRNKECVKQP6JWUU[UVGOEQPHKIWTCVKQP KU FGHKPGFCPF
KPHQTOCVKQPKUEQPXGTVGFKPVQCHQTOHQTFQYPNQCFKPIVQVJG)%5[UVGO6JGQRGTCVQTUKORN[
EQORNGVGUCUGTKGUQHKPHQTOCVKQPVCDNGUCPFFGHKPGUJKUTGSWKTGOGPVUHQTTGRQTVUFCVCHKNGUCPF
EQOOWPKECVKQPU#RRNKECVKQPKPHQTOCVKQPDQVJPWOGTKECPFUGNGEVKQPVJCVECPDGCFLWUVGFD[
CPQRGTCVQTFWTKPIPQTOCNQRGTCVKQPKUCNUQFGHKPGF#NUQUGXGTCNURGEKCNFCVCUVTWEVWTGUURGEKHKE
VQGCEJEJTQOCVQITCRJKECRRNKECVKQPCTGFGHKPGF6CDNGUNKUV EQORQPGPVUVQDGKPENWFGFKPCP
CPCN[UKUUGSWGPEGQHUVTGCOUVQDGCPCN[\GFCPFGXGPVVKOKPI#)%2TQITCO(KNGEQPVCKPUVJG
WUGT CRRNKECVKQP RTQITCO KP % NCPIWCIG YJKEJ FGHKPGU ECNEWNCVKQPU VQ DG RGTHQTOGF HQT GCEJ
CPCN[UKU
6JG #%() WUGT KPVGTHCEG KU UKOKNCT VQ WUGT KPVGTHCEGU RTQXKFGF D[ OQUV OCLQT 2% UQHVYCTG
RWDNKUJGTU6JGQRGTCVQTEJQQUGUHTQORWNNFQYPOGPWUCPFCRTQORVNKPGFKURNC[UOGUUCIGU
QTNKUVUCXCKNCDNGMG[UVTQMGUVJCVKPXQMGHWPEVKQPU1PNKPGJGNRKUCNYC[UCXCKNCDNGYKVJVJG(
MG[)GPGTCNKPHQTOCVKQPEQOGUHTQOFKCNQIWGDQZGU%WTUQTRQUKVKQPKPUGTVFGNGVGUGNGEVCPF
TGNCVGFCEVKQPUCTGUKOKNCTVQOGVJQFUGORNQ[GFKPEQOOQP2%RTQITCOU#&15UJGNNCNNQYU
KOOGFKCVG CEEGUU VQ &15 WVKNKVKGU 2TQXKUKQPU CTG OCFG VQ QRVKOK\G FKURNC[U HQT EQNQT
OQPQEJTQOGQT.%&UETGGPU
/10 CNUQ C &15DCUGF RTQITCO RTQXKFGU VJG OCPOCEJKPG KPVGTHCEG HQT OCKPVGPCPEG
QRGTCVKQPCPFVTQWDNGUJQQVKPI+VCNNQYUFQYPNQCFKPIVQVJG)%%QPVTQNNGTVJGCRRNKECVKQPUVJCV
JCXGDGGPFGXGNQRGFD[VJG#%()/10RTQXKFGUHQTQRGTCVQTEQPVTQNQHVJGEQPPGEVGF)%
5[UVGOOQPKVQTUCPCN[UKUTGUWNVUCPFKPURGEVUCPFGFKVUXCTKQWURCTCOGVGTUVJCVCHHGEV)%5[UVGO
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
QRGTCVKQP+VCNUQEQPVTQNUFKURNC[CPFRTKPVQWVQHVJGEJTQOCVQITCOUCPFTGRQTVUCPFKVUVQRUCPF
UVCTVUCWVQOCVKECPCN[UKUE[ENKPIQTECNKDTCVKQPTWPU
6JG$CUGNKPG1RGTCVKPI5[UVGO
$15CPFVJG#RRNKECVKQP%QPHKIWTCVKQP5WDU[UVGO
#%()CTG
KPVJG)%5[UVGOYJGPUJKRRGF6JG/CKPVGPCPEGCPF1RGTCVKQPU5WDU[UVGO
/10KUVCKNQTGF
VQVJGFGUKTGFKPFKXKFWCNEQPHKIWTCVKQPQTRTQEGUUCPFUJKRRGFQPCHNQRR[FKUM0QVGVJCVVJG
JCTFYCTGCPFUQHVYCTGCTGVGUVGFVQIGVJGTCUCWPKVDGHQTGVJGGSWKROGPVNGCXGUVJGHCEVQT[6JG
/10RTQITCOEQOOWPKECVGUYKVJVJG)%5[UVGOCPFCNNQYUKPKVKCNUKVGU[UVGOUGVWRVCKNQTGF
VQ[QWTURGEKHKETGSWKTGOGPVU
#HVGTVJGGSWKROGPVUQHVYCTGJCUDGGPKPUVCNNGFCPFVJGQRGTCVKQPUVCDKNK\GFCWVQOCVKEQRGTCVKQP
ECPDGKPKVKCVGF6JGNKPMDGVYGGPVJG/10EQORWVGTCPFVJG)%5[UVGOECPGKVJGTDGFKTGEV
XKCNQECNUGTKCNNKPGEQPPGEVKQPQTTGOQVGXKCOQFGOUVGNGRJQPGNKPGUCPFQTTCFKQ1RGTCVKQP
QHOWNVKRNG&CPKGNEJTQOCVQITCRJU
WRVQYKVJCUKPING/10EQORWVGTXKCCOWNVKFTQRUGTKCN
NKPMKUCNUQUWRRQTVGF
/+0+/7/2%4'37+4'/'065
+PQTFGTVQTWPVJG/10UQHVYCTGVJG2%UJQWNFOGGVVJGUGOKPKOWOTGSWKTGOGPVU
%QORWVGTU[UVGO +$/2%EQORCVKDNGFGUMVQRQTRQTVCDNG
2%OKETQRTQEGUUQT &:/*\QTDGVVGT
2%4#/
OGOQT[ (QT2%UYKVJ/$QTOQTGVQVCNOGOQT[CVNGCUVOGICD[VG
/$QHGZVGPFGFOGOQT[
*FTKXGFKUMURCEG /$HQT/10UQHVYCTG
/$HQTGCEJ)%#RRNKECVKQP
GCEJICUEJTQOCVQITCRJVQDGEQPVTQNNGF
TGSWKTGUCUGRCTCVG)%#RRNKECVKQP
CFFKVKQPCNURCEGHQTTGRQTVNQICPFEJTQOCVQITCOHKNGU
&KURNC[OQPKVQT 8)#
+1RQTV HTGGUGTKCNRQTV
QRVKQPCNN[EQPPGEVGFVQCDCWFQTHCUVGT
OQFGO
&'5%4+26+10
/1&'.)#5%*41/#61)4#2* 2&7
/1&'51(12'4#6+10
75'4+06'4(#%'5
;QW JCXG CV NGCUV QPG CPF QRVKQPCNN[ VYQ WUGT KPVGTHCEGU HTQO YJKEJ VQ QRGTCVG VJG ICU
EJTQOCVQITCRJ
)%U[UVGO
2%EQPPGEVGFVQVJG)%CPFTWPPKPIVJGUQHVYCTGRTQITCO/106JG2%EQPPGEVGFVQVJG
)%CPFTWPPKPIVJGUQHVYCTGRTQITCO/10QHHGTUVJGITGCVGUVCOQWPVQHECRCDKNKV[CPF
HNGZKDKNKV[
(KPFEQORNGVGWUGTKPUVTWEVKQPUHQT/10KPVJGRTQITCOçUQPNKPG*'.2UETGGPUCPFKP
VJGRTQITCOWUGTçUOCPWCN/105QHVYCTGHQT)CU%JTQOCVQITCRJ7UGT/CPWCN
&CPKGN+PFWUVTKGURCTVPWODGT
QT
6JG)%%QPVTQNNGTçUDWKNVKPMG[DQCTFCPF.%&6JG)%%QPVTQNNGTçUDWKNVKPMG[DQCTFCPF
.%& QHHGT GUUGPVKCN UVCTVWR CPF QRGTCVKQP HWPEVKQPU 6JG[ CTG WUGHWN KP C JC\CTFQWU
GPXKTQPOGPVQTKHPQ2%KUCXCKNCDNG
6JKUHGCVWTGKUQRVKQPCNQPCNNUVCPFCNQPGOQFGNUQHVJG)%%QPVTQNNGTGZEGRVVJGRQTVCDNG
%QORCEV$67)%5[UVGO
5GGUGEVKQPVJKUOCPWCNHQTFGVCKNUQPJQYVQWUGVJGGZRNQUKQPRTQQH)%%QPVTQNNGTçU
DWKNVKPMG[DQCTFCPF.%&HQTUVCTVWRCPFTQWVKPGQRGTCVKQPUKPCJC\CTFQWUGPXKTQPOGPV
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
%#2#$+.+6+'5
+PFKXKFWCNICUEJTQOCVQITCRJ%QPVTQNNGTHWPEVKQPUVJCVECPDGKPKVKCVGFQTEQPVTQNNGFD[VJG)%
5[UVGOCPFKVUUQHVYCTG/10KPENWFG
DWVCTGPQVNKOKVGFVQVJGHQNNQYKPI
XCNXGCEVKXCVKQPU UVTGCOECNEWNCVKQPCUUKIPOGPVU
VKOKPICFLWUVOGPVU FKCIPQUVKEU
UVTGCOUGSWGPEGU CNCTOCPFGXGPVRTQEGUUKPI
JGCVGTEQPVTQNU
YJGPCRRNKECDNG GXGPVUGSWGPEGEJCPIGU
ECNKDTCVKQPU EQORQPGPVVCDNGCFLWUVOGPVU
DCUGNKPGTWPU ECNEWNCVKQPCFLWUVOGPVU
CPCN[UGU CNCTORCTCOGVGTUCFLWUVOGPVU
JCNVQRGTCVKQP CPCNQIUECNGCFLWUVOGPVU
UVTGCOFGVGEVQTCUUKIPOGPVU
UVTGCOEQORQPGPVVCDNGCUUKIPOGPVU
4GRQTVUCPFNQIUVJCVECPDGRTQFWEGFFGRGPFKPIWRQPVJG)%#RRNKECVKQPKPWUGKPENWFG
DWV
CTGPQVNKOKVGFVQVJGHQNNQYKPI
EQPHKIWTCVKQPTGRQTV CNCTONQI
WPCEMPQYNGFIGFCPFCEVKXG
RCTCOGVGTNKUV GXGPVNQI
CPCN[UKUEJTQOCVQITCO CPCN[UKUTCYFCVC
EJTQOCVQITCOEQORCTKUQP
&'5%4+26+10
/1&'.)#5%*41/#61)4#2* 2&7
6*'14;1(12'4#6+10
016' 5GG CNUQ UGEVKQP VJG é)NQUUCT[ê UGEVKQP QH VJKU OCPWCN HQT
FGHKPKVKQPU QH UQOG QH VJG VGTOKPQNQI[ WUGF KP VJG HQNNQYKPI
GZRNCPCVKQPU
6*'#0#.;<'4&'6'%614
6JG#PCN[\GTFGVGEVQTUWDU[UVGOKUCVJGTOCNEQPFWEVKXKV[FGVGEVQTVJCVEQPUKUVUQHCDCNCPEGF
DTKFIG PGVYQTM YKVJ JGCVUGPUKVKXG VJGTOKUVQTU KP GCEJ NGI QH VJG DTKFIG 'CEJ VJGTOKUVQT KU
GPENQUGFKPCUGRCTCVGEJCODGTQHVJGFGVGEVQTDNQEM1PGVJGTOKUVQTKUFGUKIPCVGFVJGTGHGTGPEG
GNGOGPVCPFVJGQVJGTVJGOGCUWTGOGPVGNGOGPV#UEJGOCVKEFKCITCOQHVJGVJGTOCNEQPFWEVKXKV[
FGVGEVQTKUUJQYPKP(KIWTG
'(7(&725 %/2&.
,1 +($7(' 833(5 6(&7,21 2) $1$/<=(5
5
9$/9(6 5()(5(1&(
(7& 0
0($685(0(17
)/2: 09
'&
32:(5
0 5
35($03/,),(5
,1 $1$/<=(5
'(7(&725 %5,'*( (/(&7521,&6 +286,1*
6,*1$/
287
(KIWTG5EJGOCVKEFKCITCOQH#PCN[\GTFGVGEVQTDTKFIG
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
+PVJGSWKGUEGPVEQPFKVKQP
RTKQTVQKPLGEVKPICUCORNGDQVJNGIUQHVJGDTKFIGCTGGZRQUGFVQRWTG
ECTTKGTICU+PVJKUEQPFKVKQPVJGDTKFIGKUDCNCPEGFCPFVJGDTKFIGQWVRWVKUGNGEVTKECNN[PWNNGF
6JG DTKFIG ECP DG DCNCPEGF D[ VJG HKPG CPF EQCTUG CFLWUVOGPV RQVGPVKQOGVGTU NQECVGF QP VJG
RTGCORNKHKGTEKTEWKVDQCTF
6JGCPCN[UKUDGIKPUYJGPCHKZGFXQNWOGQHUCORNGKUKPLGEVGFKPVQVJGEQNWOPD[QRGTCVKQPQHVJG
UCORNGXCNXG6JGUCORNGKUOQXGFVJTQWIJVJGEQNWOPD[VJGEQPVKPWQWUHNQYQHECTTKGTICU
#UUWEEGUUKXGEQORQPGPVUGNWVGHTQOVJGEQNWOPVJGVGORGTCVWTGQHVJGOGCUWTGOGPVGNGOGPV
EJCPIGU 6JG VGORGTCVWTG EJCPIG WPDCNCPEGU VJG DTKFIG CPF RTQFWEGU CP GNGEVTKECN QWVRWV
RTQRQTVKQPCNVQVJGEQORQPGPVEQPEGPVTCVKQP6JGFKHHGTGPVKCNUKIPCNFGXGNQRGFDGVYGGPVJGVYQ
VJGTOKUVQTUKUCORNKHKGFD[VJGRTGCORNKHKGT
(KIWTGKNNWUVTCVGUVJGEJCPIGKPFGVGEVQTGNGEVTKECNQWVRWVFWTKPIGNWVKQPQHCEQORQPGPV
(KIWTG&GVGEVQTQWVRWVFWTKPIEQORQPGPVGNWVKQP
&GVGEVQTDTKFIGDCNCPEGF
(KTUV EQORQPGPV DGIKPU VQ GNWVG HTQO EQNWOP CPF VQ DG UGPUGF D[ VJG OGCUWTGOGPV
VJGTOKUVQT
2GCMEQPEGPVTCVKQPQHHKTUVEQORQPGPV
5GEQPF EQORQPGPV DGIKPU VQ GNWVG HTQO EQNWOP CPF VQ DG UGPUGF D[ VJG OGCUWTGOGPV
VJGTOKUVQT
2GCMEQPEGPVTCVKQPQHUGEQPFEQORQPGPV
+PCFFKVKQPVQCORNKH[KPIVJGFKHHGTGPVKCNUKIPCNFGXGNQRGFDGVYGGPVJGFGVGEVQT UVYQVJGTOKUVQTU
VJGRTGCORNKHKGTCNUQUWRRNKGUFTKXGEWTTGPVVQVJGFGVGEVQTDTKFIG6JGRTGCORNKHKGTCNUQUWRRNKGU
FTKXGEWTTGPVVQVJGFGVGEVQTDTKFIG6JGXQNVCIGUKIPCNKUEQPXGTVGFVQCVQOKNNKCOR
O#
EWTTGPVNQQRHQTVTCPUOKUUKQPVQVJG)%%QPVTQNNGT6JGUKIPCNKURTQRQTVKQPCNVQVJGEQPEGPVTCVKQP
QHCEQORQPGPVFGVGEVGFKPVJGICUUCORNG6JGRTGCORNKHKGTRTQXKFGUHQWTFKHHGTGPVICKPEJCPPGNU
CUYGNNCUEQORGPUCVKQPHQTDCUGNKPGFTKHV6JGUKIPCNUHTQOVJGRTGCORNKHKGTCTGUGPVVQVJG)%
%QPVTQNNGTHQTEQORWVCVKQPTGEQTFKPIQPCRTKPVGTQTXKGYKPIQPC2%OQPKVQTQT.%&
&'5%4+26+10
/1&'.)#5%*41/#61)4#2* 2&7
##%37+5+6+10
'XGT[UGEQPFGZCEVN[GSWKURCEGFFCVCUCORNGUCTGVCMGPHQTCPCN[UKUD[VJG)%%QPVTQNNGT
KGQPEGGXGT[OKNNKUGEQPFU'CEJFCVCUCORNGCHVGTJCXKPIDGGPRTGEKUKQPCORNKHKGFKU
UWDLGEVGFVQCVYGNXGDKVCPCNQIVQFKIKVCN
#&EQPXGTUKQP6JGUCORNKPIHTGSWGPE[QH*GTV\
*\YCUEJQUGPVQTGFWEG*\PQTOCNOQFGPQKUG
#HVGTGCEJRQKPVQPVJGEJTQOCVQITCRJUKIPCNKUUCORNGFVJGTGUWNVKPIPWODGTKUUVQTGFKPCDWHHGT
CTGCKPVJG)%%QPVTQNNGTçUOGOQT[HQTRTQEGUUKPI&WTKPIVJGCPCN[UKUQPN[VJGNCUVFCVC
RQKPVUCTGCXCKNCDNGHQTRTQEGUUKPI$GECWUGVJGFCVCCPCN[UKUKUFQPGCUVJGUKIPCNKUUCORNGF
KP
TGCNVKOGQPN[CNKOKVGFPWODGTQHRCUVFCVCUCORNGUKUTGSWKTGFVQCPCN[\GCP[UKIPCN
#UCRCTVQHVJGFCVCCESWKUKVKQPRTQEGUUITQWRUQHKPEQOKPIFCVCUCORNGUCTGCXGTCIGFVQIGVJGT
DGHQTGVJGTGUWNVKUUVQTGFVQVJG%QPVTQNNGTçUOGOQT[HQTRTQEGUUKPI0QPQXGTNCRRKPIITQWRU
QH0UCORNGUCTGCXGTCIGFCPFUVQTGFCPFVJWUTGFWEGVJGGHHGEVKXGKPEQOKPIFCVCTCVGVQ0
UCORNGUUGEQPF(QTGZCORNGKH0VJGPCVQVCNQHQT
CXGTCIGFFCVCUCORNGUCTG
UVQTGFGXGT[UGEQPF6JGXCNWGHQTVJGXCTKCDNG0KUFGVGTOKPGFD[VJGUGNGEVKQPQHC2GCM9KFVJ
RCTCOGVGT
296JGTGNCVKQPUJKRKU
029UGEQPFU
YJGTG29KUIKXGPKPUGEQPFU#NNVJGXCTKQWUFGVCKNUKPVJGCPCN[UKURTQEGUUCTGKPFGRGPFGPVQH
VJGXCNWGQH0#NNQYCDNGXCNWGUQH0CTGVQYJKEJEQTTGURQPFUVQXCNWGUQH29HTQO
VQUGEQPFU
6JGXCTKCDNG0KUMPQYPCUVJGKPVGITCVKQPHCEVQT6JKUVGTOKUWUGFDGECWUG0FGVGTOKPGUJQY
OCP[RQKPVUCTGCXGTCIGFQTKPVGITCVGFVQHQTOCUKPINGXCNWG6JGKPVGITCVKQPQHFCVCWRQPKPRWV
DGHQTGUVQTKPIUGTXGUVYQRWTRQUGU(KTUVVJGUVCVKUVKECNPQKUGQPVJGKPRWVUKIPCNKUTGFWEGFD[
VJG USWCTG TQQV QH 0 +P VJG ECUG QH 0 C PQKUG TGFWEVKQP QH VYQ YQWNF DG TGCNK\GF
5GEQPFN[ VJG KPVGITCVKQP HCEVQT EQPVTQNU VJG DCPFYKFVJ QH VJG EJTQOCVQITCRJ UKIPCN +V KU
PGEGUUCT[VQOCVEJVJGDCPFYKFVJQHVJGKPRWVUKIPCNVQVJCVQHVJGCPCN[UKUCNIQTKVJOUKPVJG)%
%QPVTQNNGT6JKURTGXGPVUUOCNNUJQTVFWTCVKQPRGTVWTDCVKQPUHTQODGKPITGEQIPK\GFCUVTWGRGCMU
D[VJGRTQITCO+VKUVJGTGHQTGKORQTVCPVVQEJQQUGC2GCM9KFVJEQTTGURQPFKPIVQVJGPCTTQYGUV
RGCMKPCITQWRWPFGTEQPUKFGTCVKQP
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
2'#-&'6'%6+10
(QTPQTOCNCTGCQTRGCMJGKIJVEQPEGPVTCVKQPGXCNWCVKQPVJGFGVGTOKPCVKQPQHCRGCM UUVCTVRGCM
RQKPVCPFGPFKUCWVQOCVKE6JGOCPWCNFGVGTOKPCVKQPQHUVCTVCPFGPFRQKPVUKUWUGFQPN[HQT
CTGCECNEWNCVKQPUKPVJG(QTEGF+PVGITCVKQPOQFG#WVQOCVKEFGVGTOKPCVKQPQHRGCMQPUGVQTUVCTV
KU KPKVKCVGF YJGPGXGT +PVGITCVG +PJKDKV KU VWTPGF QHH #PCN[UKU KU UVCTVGF KP C TGIKQP QH UKIPCN
SWKGUEGPEG CPF UVCDKNKV[ UWEJ VJCV VJG UKIPCN NGXGN CPF CEVKXKV[ ECP DG EQPUKFGTGF CU DCUGNKPG
XCNWGU+VKUKORQTVCPVVJCVVJKUDGVJGECUGDGECWUGVJGCUUWORVKQPKUOCFGD[VJG)%%QPVTQNNGT
UQHVYCTG
*CXKPIKPKVKCVGFCRGCMUGCTEJD[VWTPKPI+PJKDKVQHHVJG)%%QPVTQNNGTRGTHQTOUCRQKPVD[RQKPV
GZCOKPCVKQPQHVJGUKIPCNUNQRG6JKUKUCEJKGXGFD[WUKPICFKIKVCNUNQRGFGVGEVKQPHKNVGTYJKEJ
KU C EQODKPCVKQP NQY RCUU HKNVGT CPF FKHHGTGPVKCVQT 6JG QWVRWV QH VJKU FGVGEVQT KU EQPUVCPVN[
EQORCTGFVQCU[UVGOEQPUVCPVGPVGTGFD[VJGQRGTCVQTECNNGF5NQRG5GPUKVKXKV[#FGHCWNVXCNWG
QHKUCUUWOGFKHPQGPVT[KUOCFG.QYGTXCNWGUOCMGRGCMQPUGVFGVGEVKQPOQTGUGPUKVKXGCPF
JKIJGTXCNWGUOCMGFGVGEVKQPNGUUUGPUKVKXG*KIJGTXCNWGU
VQYQWNFDGCRRTQRTKCVGHQT
PQKU[UKIPCNUGIJKIJCORNKHKGTICKP
2GCMVGTOKPCVKQPKUFGVGTOKPGFD[VJGUCOGCRRNKECVKQPQHVJKUFGVGEVQTVQVJGUKIPCNDWVKPVJG
TGXGTUG UGPUG 1PUGV KU FGHKPGF YJGTG VJG FGVGEVQT QWVRWV GZEGGFU VJG DCUGNKPG EQPUVCPV DWV
VGTOKPCVKQPKUFGHKPGFUWDUGSWGPVN[YJGTGVJGFGVGEVQTQWVRWVKUNGUUVJCPVJGUCOGEQPUVCPV
5GSWGPEGUQHHWUGFRGCMUCTGCNUQCWVQOCVKECNN[JCPFNGF6JKUKUFQPGD[VGUVKPIGCEJVGTOKPCVKQP
RQKPVVQUGGKHVJGTGIKQPKOOGFKCVGN[HQNNQYKPIKVUCVKUHKGUVJGETKVGTKCQHCDCUGNKPG#DCUGNKPG
TGIKQPOWUVJCXGCUNQRGFGVGEVQTXCNWGNGUUVJCPVJGOCIPKVWFGQHVJGDCUGNKPGEQPUVCPVHQTC
PWODGT QH UGSWGPVKCN RQKPVU 9JGP C DCUGNKPG TGIKQP KU HQWPF VJKU VGTOKPCVGU C UGSWGPEG QH
RGCMU
#\GTQTGHGTGPEGNKPGHQTRGCMJGKIJVCPFCTGCFGVGTOKPCVKQPKUGUVCDNKUJGFD[GZVGPFKPICNKPG
HTQOVJGRQKPVQHVJGQPUGVQHVJGRGCMUGSWGPEGVQVJGRQKPVQHVJGVGTOKPCVKQP6JGXCNWGUQH
VJGUGVYQRQKPVUCTGHQWPFD[CXGTCIKPIVJGHQWTKPVGITCVGFRQKPVULWUVRTKQTVQVJGQPUGVRQKPVCPF
LWUV CHVGT VJG VGTOKPCVKQP RQKPVU TGURGEVKXGN[ 6JG \GTQ TGHGTGPEG NKPG YKNN KP IGPGTCN DG
PQPJQTK\QPVCNCPFVJWUEQORGPUCVGUHQTCP[NKPGCTFTKHVKPVJGU[UVGOHTQOVJGVKOGVJGRGCM
UGSWGPEGUVCTVUWPVKNKVGPFU
+PCUKPINGRGCMUKVWCVKQPRGCMCTGCKUVJGCTGCQHVJGEQORQPGPVRGCMDGVYGGPVJGEWTXGCPFVJG
\GTQTGHGTGPEGNKPG6JGRGCMJGKIJVKUVJGFKUVCPEGHTQOVJG\GTQTGHGTGPEGNKPGVQVJGOCZKOWO
RQKPVQPVJGEQORQPGPVEWTXG6JGXCNWGCPFNQECVKQPQHVJGOCZKOWORQKPVKUFGVGTOKPGFHTQO
SWCFTCVKEKPVGTRQNCVKQPVJTQWIJVJGVJTGGJKIJGUVRQKPVUCVVJGRGCMQHVJGFKUETGVGXCNWGFEWTXG
UVQTGFKPVJG)%%QPVTQNNGT
&'5%4+26+10
/1&'.)#5%*41/#61)4#2* 2&7
(QTHWUGFRGCMUGSWGPEGUVJKUKPVGTRQNCVKQPVGEJPKSWGKUWUGFDQVJHQTRGCMUCUYGNNCUXCNNG[U
OKPKOWORQKPVU+PVJGNCVVGTECUGNKPGUCTGFTQRRGFHTQOVJGKPVGTRQNCVGFXCNNG[RQKPVUVQVJG
\GTQTGHGTGPEGNKPGVQRCTVKVKQPVJGHWUGFRGCMCTGCUKPVQKPFKXKFWCNRGCMU6JGWUGQHSWCFTCVKE
KPVGTRQNCVKQP KORTQXGU DQVJ CTGC CPF JGKIJV ECNEWNCVKQP CEEWTCE[ CPF GNKOKPCVGU VJG GHHGEVU QH
XCTKCVKQPUKPVJGKPVGITCVKQPHCEVQTQPVJGUGECNEWNCVKQPU
(QTECNKDTCVKQPVJG)%%QPVTQNNGTOC[CXGTCIGUGXGTCNCPCN[UGUQHVJGECNKDTCVKQPUVTGCO
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
$#5+%#0#.;5+5%1/276#6+105
6YQDCUKECPCN[UKUCNIQTKVJOUCTGKPENWFGFKPVJG)%%QPVTQNNGT6JGUGCTG
#TGC#PCN[UKU%CNEWNCVGUCTGCWPFGTEQORQPGPVRGCM
2GCM*GKIJV#PCN[UKU/GCUWTGUJGKIJVQHEQORQPGPVRGCM
%QPEGPVTCVKQP#PCN[UKUD[7UKPI4GURQPUG(CEVQT
%QPEGPVTCVKQPECNEWNCVKQPUTGSWKTGCWPKSWGTGURQPUGHCEVQTHQTGCEJEQORQPGPVKPCPCPCN[UKU
6JGUGTGURQPUGHCEVQTUOC[DGOCPWCNN[GPVGTGFD[CPQRGTCVQTQTFGVGTOKPGFCWVQOCVKECNN[D[
VJG U[UVGO VJTQWIJ ECNKDTCVKQP RTQEGFWTGU
YKVJ C ECNKDTCVKQP ICU OKZVWTG VJCV JCU MPQYP
EQPEGPVTCVKQPU
4GURQPUGHCEVQTECNEWNCVKQP
WUKPIVJGGZVGTPCNUVCPFCTF
$UHDQ +WQ
$5)Q
QT +5)Q
&DOQ &DOQ
9JGTG
#4( P
#TGCTGURQPUGHCEVQTHQTEQORQPGPVéPêKPCTGCRGTOQNGRGTEGPV
*4( P
*GKIJVTGURQPUGHCEVQTHQTEQORQPGPVéPê
#TGC P
#TGCCUUQEKCVGFYKVJEQORQPGPVéPêKPECNKDTCVKQPICU
*VP
*GKIJVCUUQEKCVGFYKVJEQORQPGPVéPêKPOQNGKPECNKDTCVKQPICU
%CN P
#OQWPVQHEQORQPGPVéPêKPOQNGKPECNKDTCVKQPICU
%CNEWNCVGF TGURQPUG HCEVQTU CTG UVQTGF D[ VJG )% %QPVTQNNGT HQT WUG KP VJG EQPEGPVTCVKQP
ECNEWNCVKQPUCPFCTGRTKPVGFQWVKPVJGEQPHKIWTCVKQPCPFECNKDTCVKQPTGRQTVU
&'5%4+26+10
/1&'.)#5%*41/#61)4#2* 2&7
#XGTCIGTGURQPUGHCEVQTKUECNEWNCVGFCUHQNNQYU
k
M RF i
i
1
RFAVG n
k
9JGTG
4(#8) P
#TGCQTJGKIJVCXGTCIGTGURQPUGHCEVQTHQTEQORQPGPVéPê
4H K
#TGCQTJGKIJVTGURQPUGHCEVQTHQTEQORQPGPVéPêHTQOVJG
ECNKDTCVKQPTWP
M 0WODGTQHECNKDTCVKQPTWPUCEVWCNN[WUGFVQECNEWNCVGVJGTGURQPUG
HCEVQTU
6JGRGTEGPVFGXKCVKQPQHPGY4(CXGTCIGUHTQOQNF4(CXGTCIGKUECNEWNCVGFKPVJGHQNNQYKPI
OCPPGT
RFnew RFold
% deviation
[ x 100]
RFold
9JGTGVJGCDUQNWVGXCNWGQHFGXKCVKQPHQTCNCTOJCUDGGPRTGXKQWUN[GPVGTGFD[VJG
QRGTCVQT
%QPEGPVTCVKQP%CNEWNCVKQPUKP/QNGYKVJQWV0QTOCNK\CVKQP
1PEGTGURQPUGHCEVQTUJCXGDGGPFGVGTOKPGFD[VJG)%%QPVTQNNGTQTGPVGTGFD[VJGQRGTCVQT
EQORQPGPVEQPEGPVTCVKQPUCTGFGVGTOKPGFHQTGCEJCPCN[UKUD[WUKPIVJGHQNNQYKPIGSWCVKQPU
Area n Ht n
CONC n
QT CONC n
ARF n HRF n
9JGTG
%10% P
%QPEGPVTCVKQPQHEQORQPGPVéPêKPOQNG
#TGC P
#TGCQHEQORQPGPVéPêKPWPMPQYPUCORNG
#4( P
4GURQPUGHCEVQTQHEQORQPGPVéPêECNEWNCVGFHTQOCTGCQH
ECNKDTCVKQPUCORNG7PKVUCTGCTGCRGTOQNG
*V P
2GCMJGKIJVQHEQORQPGPVéPêKPWPMPQYPUCORNG
*4( P
4GURQPUGHCEVQTQHEQORQPGPVéPêECNEWNCVGFHTQORGCMJGKIJVQH
ECNKDTCVKQPUCORNG7PKVUCTGJGKIJVRGTOQNG
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
0QVGVJCVVJGCXGTCIGEQPEGPVTCVKQPQHGCEJEQORQPGPVYKNNCNUQDGECNEWNCVGFYJGPFCVC
CXGTCIKPIKUTGSWGUVGF
%QORQPGPVEQPEGPVTCVKQPUOC[DGKPRWVVJTQWIJCPCNQIKPRWVUQTOC[DGHKZGF+HC
HKZGFXCNWGKUWUGFVJGECNKDTCVKQPHQTVJCVEQORQPGPVKUVJGOQNGVJCVYKNNDGWUGFHQTCNN
CPCN[UGU
%QPEGPVTCVKQP%CNEWNCVKQPUYKVJ0QTOCNK\CVKQP
CONC n
CONCN n
x 100
k
M CONC i
i
1
9JGTG
%10%0 P
0QTOCNK\GFEQPEGPVTCVKQPQHEQORQPGPVéPêKPRGTEGPVQHVQVCN
ICUEQPEGPVTCVKQP
%10% P
0QPPQTOCNK\GFEQPEGPVTCVKQPQHEQORQPGPVéPêKPOQNG
%10% K
0QPPQTOCNK\GFEQPEGPVTCVKQP
KPOQNGHTQOGCEJQHVJGéMê
EQORQPGPVUVQDGITQWRGFKPVQVJKUPQTOCNK\CVKQP
M 0WODGTQHEQORQPGPVUVQDGKPENWFGFKPVJGPQTOCNK\CVKQP
&'5%4+26+10
/1&'.)#5%*41/#61)4#2* 2&7
).155#4;
#WVQ<GTQ#WVQOCVKE\GTQKPIQHVJGRTGCORNKHKGT/C[DGGPVGTGFKPVQVJG%QPVTQNNGTVQVCMG
RNCEG CV CP[ VKOG FWTKPI VJG CPCN[UKU YJGP GKVJGT VJG EQORQPGPV KU PQV GNWVKPI QT VJG
DCUGNKPGKUUVGCF[
%JTQOCVQITCO#RGTOCPGPVTGEQTFQHVJGFGVGEVQTQWVRWV#EJTQOCVQITCRJKUQDVCKPGFHTQO
C 2% KPVGTHCEGF YKVJ VJG FGVGEVQT QWVRWV VJTQWIJ VJG )% %QPVTQNNGT # V[RKECN
EJTQOCVQITCOFKURNC[UCNNEQORQPGPVRGCMUCPFICKPEJCPIGU+VOC[DGXKGYGFKPEQNQT
CUKVKURTQEGUUGFQPC2%8)#FKURNC[6KEMOCTMUTGEQTFGFQPVJGEJTQOCVQITCOD[
VJG)%%QPVTQNNGTKPFKECVGYJGTGVKOGFGXGPVUVCMGRNCEG
%QORQPGPV #P[ QPG QH UGXGTCN FKHHGTGPV ICUGU VJCV OC[ CRRGCT KP C UCORNG OKZVWTG (QT
GZCORNGPCVWTCNICUWUWCNN[EQPVCKPUVJGHQNNQYKPIEQORQPGPVUPKVTQIGPECTDQPFKQZKFG
OGVJCPG GVJCPG RTQRCPG KUQDWVCPG PQTOCN DWVCPG KUQRGPVCPG PQTOCN RGPVCPG CPF
JGZCPGURNWU
%QPFWNGV (KVVKPI TGUGODNKPI C RKRG QT C DQZ YKVJ C TGOQXCDNG EQXGT HQT CEEGUU VQ GNGEVTKE
EQPFWKVU6JGXCTKQWUGZRNQUKQPRTQQHEJCODGTUQHVJG)%U[UVGOGORNQ[TGOQXCDNG
VJTGCFGF%QPFWNGVEQXGTU
%65%NGCTVQUGPF
CUGTKCNRQTVRKPCUUKIPOGPV
&%&&CVCECTTKGTFGVGEVUGGCNUQ4.5&
CUGTKCNRQTVRKPCUUKIPOGPV
&54&CVCUGVTGCF[
CUGTKCNRQTVRKPCUUKIPOGPV
&64&CVCVGTOKPCNTGCF[
CUGTKCNRQTVRKPCUUKIPOGPV
4GURQPUG(CEVQT%QTTGEVKQPHCEVQTHQTGCEJEQORQPGPVCUFGVGTOKPGFD[VJGECNKDTCVKQP+VKU
FGHKPGFD[VJGGSWCVKQP
Area n Ht n
ARF n
QT HRF n
Cal n Cal n
9JGTG
#4( P
#TGCTGURQPUGHCEVQTHQTEQORQPGPVéPêKPCTGCRGTOQNGRGTEGPV
*4( P
*GKIJVTGURQPUGHCEVQTHQTEQORQPGPVéPê
#TGC P
#TGCCUUQEKCVGFYKVJEQORQPGPVéPêKPECNKDTCVKQPICU
*VP
*GKIJVCUUQEKCVGFYKVJEQORQPGPVéPêKPOQNGKPECNKDTCVKQPICU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
%CN P
#OQWPVQHEQORQPGPVéPêKPOQNGKPECNKDTCVKQPICU
4GVGPVKQP6KOG6JGVKOG
KPUGEQPFUVJCVGNCRUGUDGVYGGPUVCTVQHCPCN[UKU
UGEQPFUCPFVJG
UGPUKPIQHVJGOCZKOWOEQPEGPVTCVKQPQHGCEJEQORQPGPVD[VJG#PCN[\GTFGVGEVQT
4+4KPIKPFKECVQT
CUGTKCNRQTVRKPCUUKIPOGPV
4.5&4GEGKXGFNKPGUKIPCNFGVGEV
CFKIKVCNUKOWNCVKQPQHECTTKGTFGVGEVUGGCNUQ&%&
CUGTKCN
RQTVRKPCUUKIPOGPV
4654GSWGUVVQUGPF
CUGTKCNRQTVRKPCUUKIPOGPV
4Z&4&QT5+04GEGKXGFCVCQTUKIPCNKP
CUGTKCNRQTVRKPCUUKIPOGPV
6Z&6&QT51766TCPUOKVFCVCQTUKIPCNQWV
CUGTKCNRQTVRKPCUUKIPOGPV
&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
5'%6+10
'37+2/'06&'5%4+26+10
6JKUUGEVKQPRTQXKFGUFGUETKRVKQPUQHVJGXCTKQWUUWDU[UVGOUCPFEQORQPGPVUVJCVOCMGWRVJG
/QFGN)CU%JTQOCVQITCRJ5[UVGO6JKUUGEVKQPKUQTICPK\GFCUHQNNQYU
5CORNKPI5[UVGO 5GGUGEVKQP
5CORNKPI2QKPV.QECVKQP
5CORNG8QNWOGCPF(NQY4CVG
5CORNG%QPFKVKQPKPI
%QPVCOKPCVKQP2TGECWVKQPU
8CNXKPI
%CNKDTCVKQP)CU
#PCN[\GT 5GGUGEVKQP
2J[UKECN&GUETKRVKQP
%JTQOCVQITCRJ8CNXGU
2TKOCT[2NCVG
#EVWCVKPI5WDCUUGODNKGU
1RGTCVKQP
&GVGEVQT5WDU[UVGO
#PCN[\GT2TGCORNKHKGT7PKV
#PCN[\GT5RGEKHKECVKQPU
7VKNKV[)CU4GSWKTGOGPVU
%QPVTQNNGT 5GGUGEVKQP
%QPVTQNNGT*CTFYCTG%QPHKIWTCVKQPU
#PCNQI+PRWVUCPF1WVRWVU
&KIKVCN+PRWVUCPF1WVRWVU
%QOOWPKECVKQPU
&TKXGT1WVRWVU
)GPGTCN%QPVTQNNGT5RGEKHKECVKQPU
'NGEVTKECN/GEJCPKECN5CHGV[CPF+PVGITKV[
%GTVKHKECVKQPUCPF%NCUUKHKECVKQPU
)%%QPVTQNNGT%KTEWKV$QCTF.KUV
1RVKQPCN$WKNVKP-G[DQCTFCPF&KURNC[
-G[DQCTF
&KURNC[
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
#NCTO5RGEKHKECVKQPU
5VCVWU+PFKECVQTU
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
5#/2.+0)5;56'/
#YGNNFGUKIPGFRTQRGTN[CFLWUVGFUCORNKPIU[UVGOKUGUUGPVKCNVQQRVKOWORGTHQTOCPEGQHCP[
ICUEJTQOCVQITCRJ+HCIQQFUCORNGKUPQVQDVCKPGFHQTCPCN[UKUVJGYJQNGRWTRQUGQHVJGU[UVGO
KUEQORTQOKUGF
6JGRWTRQUGQHVJGUCORNGJCPFNKPIU[UVGOKUPQVVQVTCPUHGTCPGZCEVUCORNGQHRTQEGUUHNWKFVQ
VJGEJTQOCVQITCRJ4CVJGTVJGRWTRQUGKUVQVTCPUHGTCTGRTGUGPVCVKXGUCORNGQHVJGHNWKFCHVGT
KV JCU DGGP EQPFKVKQPGFVJCV KU EQORCVKDNG YKVJ EJTQOCVQITCRJ UCORNG TGSWKTGOGPVU 6JKU
UVCVGOGPVGPEQORCUUGUCDKIFKHHGTGPEGCPFKUXGT[KORQTVCPVVQTGOGODGT
6JG5CORNG%QPFKVKQPKPI5[UVGO
5%5KUNQECVGFDGVYGGPVJGRTQEGUUUVTGCOCPFVJG#PCN[\GT
CPFKUWUWCNN[OQWPVGFQPVJGNQYGTRQTVKQPQHVJG#PCN[\GTUVCPF+VUGTXGUVJGUGRWTRQUGU
'ZVTCEVUHKPCNUCORNGHTQOVJGHCUVNQQR
2GTHQTOUHKPCNHKNVTCVKQP
#FLWUVU VJG HKPCN RTGUUWTG VGORGTCVWTG CPF HNQY EQPVTQN QP VJG UGNGEVGF UCORNG
HNQYKPIVQVJGUCORNGXCNXG
6JGHQNNQYKPIRQKPVUUJQWNFDGEQPUKFGTGFKPUGNGEVKPICPFKPUVCNNKPICUCORNKPIU[UVGO
5#/2.+0)21+06.1%#6+10
)CUUCORNGUOWUVDGTGRTGUGPVCVKXGQHVJGRTQEGUUUVTGCOCPFOWUVDGVCMGPHTQOCNQECVKQPYJGTG
UVTCVKHKECVKQPQTUGRCTCVKQPQHEQORQPGPVUFQGUPQVQEEWT6JGUCORNKPIRQKPVUJQWNFDGCUENQUG
CUHGCUKDNGVQVJG#PCN[\GT
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
5#/2.'81.7/'#0&(.194#6'
#PCFGSWCVGTGURQPUGVKOGHQTUCORNGCPCN[UKUTGSWKTGUVJCVUCORNGXQNWOGUUJQWNFIGPGTCNN[DG
CUUOCNNCURQUUKDNGCPFVJGHNQYTCVGDGVYGGPVJGUCORNKPIRQKPVCPFVJG#PCN[\GTUJQWNFDGCU
JKIJCURQUUKDNGEQPUKUVGPVYKVJCEEWTCE[6QOKPKOK\GVKOGNCICPFVQRTGXGPVDCEMFKHHWUKQP
FT[GTUCPFHKNVGTUKPVJGUCORNKPINKPGUJQWNFDGCUUOCNNCURQUUKDNG9JGPNQPIUCORNKPINKPGU
ECPPQV DG CXQKFGF HNQY XGNQEKV[ KP VJG NKPG ECP DG KPETGCUGF D[ FGETGCUKPI VJG FQYPUVTGCO
RTGUUWTG
6[RKECNN[RTGUUWTGKUTGFWEGFCVVJGUCORNGRQKPVYKVJCRTGUUWTGTGIWNCVKPIUCORNGRTQDG6JG
KPRWVRTGUUWTGVQVJG#PCN[\GTECPDGCFLWUVGFDGVYGGPCPFRQWPFURGTUSWCTGKPEJICWIG
RUKI4GFWEKPIVJGRTGUUWTGCVVJGUCORNGRQKPVCXQKFUVJGRTQDNGOQHJGCX[NKSWKFFTQRQWVKP
VJG UCORNG NKPG FWTKPI EQNF YGCVJGT 6JG HNQY TCVG KP VJG UCORNG NKPG KU UGV CV EWDKE
EGPVKOGVGTU
EERGTOKPWVGYKVJVJGTGUVTKEVQTXCNXGCVVJG#PCN[\GT
7UGVJKUIGPGTCNTWNGVQCRRTQZKOCVGUCORNGNCIVKOGECWUGFD[VJGNGPIVJQHUCORNGNKPG5CORNG
NKPGEQPUVTWEVGFQHKPEJVWDKPIEQPVCKPUCRRTQZKOCVGN[EEQHXQNWOGRGTHQQV6JGTGHQTG
YKVJCHNQYTCVGQHEERGTOKPWVGVJGNCIVKOGQHVJGUCORNGDGVYGGPVJGUCORNGRQKPVCPFVJG
#PCN[\GTKUECNEWNCVGFD[FKXKFKPIVJGNGPIVJQHVJGNKPG
KPHGGVD[(QTGZCORNGVJGUCORNG
KPCHQQVUCORNGNKPGYKNNVCMGOKPWVGUVQVTCXGNVJGNGPIVJQHVJGNKPG
5#/2.'%10&+6+10+0)
5CORNGU[UVGOUUJQWNFEQPVCKPCVNGCUVQPGHKNVGTVQTGOQXGUQNKFRCTVKENGUHTQOVJGUCORNGUVTGCO
/QUVCRRNKECVKQPUTGSWKTGHKPGGNGOGPVHKNVGTUWRUVTGCOQHVJG#PCN[\GT
%106#/+0#6+1024'%#76+105
5GXGTCN RTGECWVKQPU CTG TGEQOOGPFGF VQ OKPKOK\G VJG RQUUKDKNKV[ QH EQPVCOKPCVKPI UCORNGU
'ZEGRVKPURGEKCNCRRNKECVKQPUHKNVGTUUJQWNFDGQHGKVJGTVJGEGTCOKEQTVJGRQTQWUOGVCNNKEV[RG
VQCXQKFVJGCDUQTRVKQPNQUUGUEJCTCEVGTKUVKEQHHKDGTQTRCRGTHKNVGTU2TGUUWTGTGIWNCVQTUCPFHNQY
EQPVTQNNGTUEQPVCKPKPIEQTMQTHGNVHKNVGTUQTCDUQTDGPVFKCRJTCIOUUJQWNFPQVDGWUGF5CORNKPI
NKPGU HQT PQPEQTTQUKXG UVTGCOU UJQWNF DG UVCKPNGUU UVGGN VWDKPI CPF OWUV DG ENGCP CPF HTGG QH
ITGCUG.KPGUOWUVDGRTGUUWTGVKIJVVQRTGXGPVFKHHWUKQPQHOQKUVWTGQTCVOQURJGTKEICUGUKPVQ
VJGUCORNG2KRGVJTGCFUUJQWNFDGFTGUUGFQPN[YKVJ6GHNQPVCRGQPRKRGVJTGCFUCPFPGXGTYKVJ
RKRGVJTGCFEQORQWPFU
FQRG
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
8#.8+0)
#DNQEMXCNXGUJQWNFDGKPUVCNNGFKOOGFKCVGN[FQYPUVTGCOQHVJGUCORNGVCMGQHHRQKPVVQRGTOKV
UJWVFQYPQHVJGU[UVGOHQTOCKPVGPCPEG$NQEMXCNXGUUJQWNFDGGKVJGTPGGFNGXCNXGUQTEQEMU
QH VJG RTQRGT OCVGTKCN CPF RCEMKPI CPF UJQWNF DG TCVGF HQT VJG RTQEGUU NKPG RTGUUWTG 6KIJV
UGCVKPIQHCNNEQPPGEVKQPUKUGUUGPVKCN
%#.+$4#6+10)#5
# ECNKDTCVKQP ICU WUGF HQT $67 CPCN[UKU UJQWNF DG DNGPFGF QH ICUGU URGEKHKGF CU 2TKOCT[
5VCPFCTFU2TKOCT[5VCPFCTFICUGUCTGDNGPFGFWUKPIYGKIJVUVJCVCTGVTCEGCDNGVQVJG0CVKQPCN
+PUVKVWVG QH 5VCPFCTFU CPF 6GEJPQNQI[
0+56 6JG ECNKDTCVKQP ICU UJQWNF PQV JCXG CP[
EQORQPGPVVJCVEQWNFFTQRQWVCVVJGEQNFGUVVGORGTCVWTGVQYJKEJVJGICUYKNNDGUWDLGEVGF#
V[RKECNDNGPFHQTCVGORGTCVWTGQH\GTQFGITGGU(CJTGPJGKV
((KUNKUVGFKPVJGHQNNQYKPIVCDNG
0QFTQRQWVYKNNQEEWTKPVJKUECNKDTCVKQPICUKHKVKUDNGPFGFCVCRTGUUWTGDGNQYRUKI
6CDNG%QPVGPVUQHGZCORNGECNKDTCVKQPICU
)CU /QNG2GTEGPV
0KVTQIGP
%CTDQPFKQZKFG
/GVJCPG $CNCPEG
'VJCPG
2TQRCPG
+UQDWVCPG
0DWVCPG
0GQRGPVCPG
+UQRGPVCPG
0RGPVCPG
0JGZCPG
6JGUCORNKPIU[UVGOUJQWNFDGECTGHWNN[RNCPPGFHQTVJGDGUVEJTQOCVQITCRJKECPCN[UGU
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
#0#.;<'4
2*;5+%#.&'5%4+26+10
6JG#PCN[\GTKURJ[UKECNN[FKXKFGFKPVQVYQOCLQTUGEVKQPU
UGG(KIWTG6JGWRRGTJGCVGF
UGEVKQPKUVGORGTCVWTGEQPVTQNNGFCPFEQPVCKPUVJGHQNNQYKPIEQORQPGPVU
2PGWOCVKECNN[CEVWCVGFXCNXGUVJCVEQPVTQNVJGHNQYQHVJGUCORNGCPFECTTKGTICUGU
&GVGEVQTGNGOGPVU
#PCN[VKECNEQNWOPU
#VGORGTCVWTGEQPVTQNNGFJGCVGTDNQEM
6JGNQYGTUGEVKQPEQPUKUVUQHVYQGZRNQUKQPRTQQHJQWUKPIUVJCVEQPVCKPRTKPVGFEKTEWKVCUUGODNKGU
HQTVJGHQNNQYKPIHWPEVKQPU
8CNXGEQPVTQN
*GCVGTDNQEMVGORGTCVWTGEQPVTQN
&GVGEVQTFTKXG
&GVGEVQTQWVRWVUKIPCNRTGCORNKHKGT
6JG#PCN[\GTCUUGODN[UCORNGXCNXGUCPFCUUQEKCVGFRKRKPICTGOQWPVGFKPCUGNHUWRRQTVKPI
TCEMVJCVOC[DGRNCEGFCVQTPGCTVJGUCORNGVCR7PFGTOQUVGPXKTQPOGPVCNEQPFKVKQPUVJG
#PCN[\GTCUUGODN[TGSWKTGUPQCFFKVKQPCNUJGNVGT
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
(KIWTG#PCN[\GTUWDU[UVGOU
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
%*41/#61)4#2*8#.8'5
#EJTQOCVQITCRJXCNXGKUUJQYPKP(KIWTGKPGZRNQFGFXKGY+VURKUVQPUCTGRPGWOCVKECNN[
CEVWCVGFKPDQVJUYKVEJKPIFKTGEVKQPUD[VJGCEVWCVKPICUUGODNKGUNQECVGFDGNQYVJGRTKOCT[RNCVG
3,3( 3/8*6
%$6( 3/$7(
/21* 3,6721
60$// *8,'( 3,1 /2:(5 $&78$725 ',$3+5$*06
/2:(5 3,6721 3/$7(
6+257 3,6721
833(5 $&78$725 ',$3+5$*06
/$5*( *8,'( 3,1 833(5 3,6721 3/$7(
&86+,21 ',$3+5$*0
6($/,1* ',$3+5$*0
35,0$5< 3/$7(
)/$7 :$6+(5
72548( %2/7
(KIWTG%JTQOCVQITCRJXCNXG
2TKOCT[2NCVG
6JGRTKOCT[RNCVGEQPVCKPURTGEKUGN[OCEJKPGFKPVGTPCNRCUUCIGUVJCVGPVGTCPFGZKVVJGXCNXGCV
VQRRQTVUGCEJQHYJKEJKUEQPPGEVGFVQVJGVQRCPFQTDQVVQOQHVJGRNCVGYKVJKPVJGXCNXG6JG
RTKOCT[RNCVGYJKEJKUVJGQPN[OGVCNNKEGNGOGPVVJCVEQOGUKPEQPVCEVYKVJVJGUCORNGKUKUQNCVGF
HTQOVJGTGOCKPFGTQHVJGXCNXGD[URGEKCNN[HQTOWNCVGFFKCRJTCIOU
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
#EVWCVKPI5WDCUUGODNKGU
$GNQY VJG RTKOCT[ RNCVG RKUVQPU CTG QRGTCVGF D[ RPGWOCVKE RTGUUWTG CRRNKGF VQ CEVWCVKPI
FKCRJTCIOUVJTQWIJRQTVUKPVJGDCUGRNCVG
1RGTCVKQP
9JGPRPGWOCVKERTGUUWTGKUCRRNKGFVQVJGCEVWCVKPIFKCRJTCIOUVJGRKUVQPUCTGCEVWCVGFVJWU
HQTEKPI VJG UGCNKPI FKCRJTCIO CICKPUV VJG RTKOCT[ RNCVG 6JKU ENQUGU VJG RCUUCIGU VJCV CTG
EQPPGEVGFCVVJGDQVVQOQHVJGRNCVG9JGPRTGUUWTGKUTGOQXGFVJGRKUVQPUCTGHTGGVQOQXG
CPFHNQYKUTGUWOGFVJTQWIJVJGRCUUCIGU
&'6'%61457$5;56'/
6JGQRGTCVKQPQHVJG#PCN[\GTFGVGEVQTUWDU[UVGOYCURTGXKQWUN[FKUEWUUGFKPVJG6JGQT[QH
1RGTCVKQPUGEVKQPQHVJKUOCPWCN5GGUGEVKQP
#0#.;<'424'#/2.+(+'470+6
6JG GNGEVTKECN QWVRWV HTQO VJG FGVGEVQT KU CORNKHKGF D[ VJG #PCN[\GT RTGCORNKHKGT WPKV 6JG
RTGCORNKHKGTCNUQUWRRNKGUFTKXGEWTTGPVVQVJGFGVGEVQTDTKFIG6JGXQNVCIGUKIPCNKUEQPXGTVGFVQ
C VQ OKNNKCOR
O# EWTTGPV NQQR HQT VTCPUOKUUKQP VQ VJG )% %QPVTQNNGT 6JG UKIPCN KU
RTQRQTVKQPCNVQVJGEQPEGPVTCVKQPQHCEQORQPGPVFGVGEVGFKPVJGICUUCORNG6JGRTGCORNKHKGT
RTQXKFGUHQWTFKHHGTGPVICKPEJCPPGNUCPFEQORGPUCVGUHQTDCUGNKPGFTKHV6JGUKIPCNUHTQOVJG
RTGCORNKHKGT CTG VJGP UGPV VQ VJG )% %QPVTQNNGT YJGTG VJG[ RTQXKFG VJG DCUKU HQT CPCN[UKU
EQORWVCVKQPUCPFCEJTQOCVQITCRJKEVTCEGQTEJTQOCVQITCO
#0#.;<'452'%+(+%#6+105
C 2QYGT4GSWKTGOGPVUXQNVUCNVGTPCVKPIEWTTGPV
8#%
8#%VQ*GTV\
*\UKPINGRJCUGCORGTGU
#
OCZKOWOFWTKPIYCTOWR
D #ODKGPV6GORGTCVWTG4CPIGFGITGGU%GNUKWU
(%VQ
(%
((VQ
((
E *WOKFKV[VQRGTEGPVTGNCVKXGJWOKFKV[PQPEQPFGPUKPI
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
F 8KDTCVKQP&GUKIPGFHQTOQWPVKPIQPRTQEGUURKRKPIQTQVJGTHKGNFUVTWEVWTGUWDLGEVVQ
PQTOCNRTQEGUUXKDTCVKQPU
G 0CVKQPCN'NGEVTKECN%QFG
0'%#TGC%NCUUKHKECVKQP5WKVCDNGHQT0'%%NCUU&KXKUKQP
)TQWR&
H 4CEM5K\G
*GKIJVKPEJGU
EGPVKOGVGTU=EO?
9KFVJKPEJGU
EOOCZKOWO
&GRVJKPEJGU
EO
I 9GKIJV#RRTQZKOCVGN[RQWPFU
MKNQITCOU=MI?KPENWFKPIOQWPVKPIJCTFYCTG
J 5CORNG4GSWKTGOGPVU
(NWKF2JCUG8CRQT
2TGUUWTGVQRUKITGIWNCVGFVQvRGTEGPV
(NQY4CVGEEOKPV[RKECN
+ #PCN[\GT1WVRWV5KIPCN(QWTFKHHGTGPVICKPEJCPPGNUVQRTQXKFGCVQO#UKIPCNVQ
VJG%QPVTQNNGT
76+.+6;)#54'37+4'/'065
C %CTTKGT)CU<GTQITCFGJGNKWO
RWTGYKVJNGUUVJCPRROYCVGTCPFNGUUVJCP
RROJ[FTQECTDQPU
D 8CNXG#EVWCVKQP)CU<GTQITCFGRWTGJGNKWOCVRUKI%QPUWORVKQPKU
EERGTCPCN[UKUE[ENG%NGCPFT[CKTCNUQOC[DGWUGFHQTXCNXGCEVWCVKQP%CTTKGT
)CUCPF8CNXG#EVWCVKQP)CUCTGPQTOCNN[UWRRNKGFHTQOCEQOOQPE[NKPFGTUKPEGQXGTCNN
ICUEQPUWORVKQPKUOKPKOCN
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
%10641..'4
6JG/QFGN%QPVTQNNGTKUCOKETQRTQEGUUQTDCUGFFGXKEGVJCVRTQXKFGUVJG)%5[UVGOYKVJ
JKIJN[CEEWTCVGVKOKPIRTGEKUKQPECNEWNCVKQPURGTVKPGPVTGRQTVIGPGTCVKQPCPFCPKPVGTHCEGYKVJ
QVJGTFGXKEGU6JG%QPVTQNNGTRTQXKFGUDQVJCPCNQIQWVRWVUCPFCFKTGEVFKIKVCNNKPMYKVJQWVRWV
FGXKEGUVJTQWIJ45%45QT45RQTVU8QNCVKNGRQTVKQPUQHVJGRTQITCOCTGRTQVGEVGF
D[CNKVJKWODCVVGT[DCEMWRKHRQYGTKUNQUVQTVWTPGFQHHCVVJGWPKV
6JG%QPVTQNNGTECPDGRCEMCIGFHQTUKFGD[UKFGWUGYKVJVJG/QFGN5GTKGU#PCN[\GT
QHVJG
)%5[UVGOKPCJC\CTFQWUCTGCQTHQTTGOQVGWUGKPCUCHGCTGCKPCKPEJTCEMOQWPVKPI
#NUQ C TGVTQHKV MKV EQPVCKPKPI VJG /QFGN KU CXCKNCDNG VQ TGRNCEG VJG QNFGT OQFGN )%
%QPVTQNNGT
/QFGNWUGFYKVJVJG/QFGNUGTKGU#PCN[\GT
)%5[UVGO6JGTGVTQHKVMKV
KUUWKVCDNGHQTKPEJTCEMOQWPVKPI
6JG /QFGN %QPVTQNNGT ECP DG NKPMGF FKTGEVN[ VQ C 2% D[ UGTKCN EQPPGEVKQP QT D[ C
VGNGEQOOWPKECVKQP NKPM VJCV WUGU /QFDWU RTQVQEQN 6JKU RTQXKFGU VJG RTGHGTTGF OGVJQF HQT
QRGTCVKPIVJG)%5[UVGO.KOKVGFEQPVTQNQHVJG)%5[UVGOKUCNUQRQUUKDNGVJTQWIJCDWKNVKP
MG[RCF CPF FKURNC[ YJKEJ CTG UVCPFCTF EQORQPGPVU QH VJG GZRNQUKQP RTQQH JC\CTFQWU
GPXKTQPOGPV )%%QPVTQNNGTRCEMCIG6JGNQECNCNRJCPWOGTKEMG[DQCTFCPFFKURNC[CNNQYHQT
OCKPVGPCPEGCPFOKPQTCFLWUVOGPVUKPCJC\CTFQWUGPXKTQPOGPV
6JGKPEJTCEMOQWPVGFKPEJTCEMTGVTQHKVMKVCPFVJGGZRNQUKQPRTQQH0'/#:%NCUU
%CPF&%QPVTQNNGTUCNNQRGTCVGKFGPVKECNN[
%10641..'4*#4&9#4'%10(+)74#6+105
6JG%QPVTQNNGTOC[DGRTQXKFGFHQTJC\CTFQWUCTGCOQWPVKPIKPEJTCEMOQWPVKPIQTWUGFKP
CKPEJTCEMTGVTQHKVMKV5GG(KIWTGUVJTQWIJ6JGWPKVEQPUKUVUQHCP56&DWUDCUGF
EQORWVGTCPFTGNCVGFDQCTFUKPENWFKPIDQCTFUHQTVGTOKPCVKPIHKGNFYKTKPI6JGGPENQUWTGHQT
JC\CTFQWU CTGCU SWCNKHKGU CU HNCOGRTQQH
GZRNQUKQP RTQQH 0'/# : %NCUU % CPF &
%QPPGEVKQPU VQ VJG GPENQUWTG CTG VJTQWIJ QPG KPEJ
OO JQNG
TGFWEGF VQ KPEJ YKVJ
DWUJKPICPFVYQKPEJ
OOEQPFWKVHKVVKPIUNQECVGFKPVJGDQVVQO6JGUGCEEGRVOCVEJKPI
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
EQPFWKV QT ECDNG GPVTKGU (KGNF EQPPGEVKQPU CTG OCFG VJTQWIJ GZRNQUKQP RTQQH EQPFWKV QT
HNCOGRTQQHINCPFU
',63/$< 67$786
$/$50
/('V
(KIWTG/QFGN%QPVTQNNGTGZRNQUKQPRTQQHXGTUKQP
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
6 7$7 8 6
$/$50
/('V
6 ( 5, $ /
3 2 57
(KIWTG/QFGN%QPVTQNNGTKPEJTCEMOQWPVGFXGTUKQP
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
67$786
$/$50
/('V
6(5,$/
3257
(KIWTG/QFGNTGVTQHKVMKV
KPEJTCEMHQT/QFGN%QPVTQNNGT
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
(QTQRGTCVKPICRTKPVGT
KPCPQPJC\CTFQWUCTGCCVVJG)%%QPVTQNNGTUKVGC&$RCTCNNGNRQTV
KUCXCKNCDNGQPVJG)%%QPVTQNNGT U6GTOKPCN$QCTF
6$HQTHKGNFYKTKPI
(QT EQPPGEVKPI C 2% VQ VJG )% %QPVTQNNGT CV VJG )% %QPVTQNNGT UKVG
HQT UGVWR QRGTCVKQP QT
OCKPVGPCPEGKPCPQPJC\CTFQWUCTGCC&$UGTKCNRQTVEQPPGEVQTKUCXCKNCDNGQPVJG%QPVTQNNGT U
HTQPVRCPGN
6JG56&DWUECTFECIGKPUKFGVJG)%%QPVTQNNGTJQNFUCOCZKOWOQHUKZECTFU&WGVQUVTKPIGPV
URCEGTGUVTCKPVUECTFUNQVUCTGRTGCUUKIPGFUQVJCVECDNGUECPDGEQPUKUVGPVN[TQWVGF
#PCNQI+PRWVUCPF1WVRWVU
6JG/QFGN)%%QPVTQNNGTECPCEEQOOQFCVGGKIJVHWNN[FKHHGTGPVKCNCPCNQIVQO#KPRWV
UKIPCNU(QWTQHVJGCPCNQIKPRWVUCTGWUGFD[VJGCUUQEKCVGF#PCN[\GTCPFVJG[CTGHKNVGTGFYKVJ
VTCPUKGPVRTQVGEVKQP6JGCFFKVKQPCNHQWTKPRWVRQTVURTQXKFGVJGCDKNKV[VQCEEGRVUKIPCNUHTQO
QVJGT#PCN[\GTUUQVJCVVJGCPCN[VKECNTGRQTVQHVJGEJTQOCVQITCRJECPKPENWFGQVJGTKPHQTOCVKQP
QPVJGICUUVTGCOUWEJCUYCVGTQTUWNRJWTEQPVGPV6TCPUKGPVRTQVGEVKQPCPFUJKGNFVGTOKPCVKQPU
CTGCXCKNCDNGHQTVJGUGKPRWVU
6JGTGKUECRCDKNKV[HQTCOCZKOWOQHVGPCPCNQIQWVRWVU6YQCPCNQIQWVRWVUCTGCXCKNCDNGCU
UVCPFCTFEQORQPGPVUQHVJG%QPVTQNNGTVJGQVJGTGKIJVCPCNQIQWVRWVUCTGQRVKQPCN#NNVGPCPCNQI
QWVRWVUCTGEWTTGPVV[RGO#PQVKUQNCVGF#NUQCNNVGPCPCNQIQWVRWVUECPDGECNKDTCVGFD[
VJG/10UQHVYCTG
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
&KIKVCN+PRWVUCPF1WVRWVU
6JG%QPVTQNNGTJCUVJGECRCDKNKV[QHUKZVGGPFKIKVCNKPRWVUWUGFCUHQNNQYU
VQTGCFC/QFDWUCFFTGUUCUFGHKPGFD[&+2UYKVEJRQUKVKQPU
VQKPFKECVGCOQFGOKPUVCNNGF
10QT1((
VQKPFKECVGVJG&52+1ECTFKPUVCNNGF
10QT1((
VQKPFKECVGVJGOGOQT[DQCTFKPUVCNNGF
10QT1((
VGORGTCVWTGUGPUQTKPRWVVQUJWVQHH.%&DCEMNKIJV
)%CNCTOQRVKECNN[KUQNCVGFYKVJVTCPUKGPVRTQVGEVKQP
UVTGCOHNQYCNCTOUQRVKECNN[KUQNCVGFYKVJVTCPUKGPVRTQVGEVKQP
RJQVQEGNNFGVGEVQTHTQPVRCPGNDCEMNKIJV
PKIJVQPFC[QHH
6JG%QPVTQNNGTJCUVJGECRCDKNKV[QHFKIKVCNQWVRWVUWUGFCUHQNNQYU
#PCN[\GTEQPVTQN
CNCTOUQRVKECNN[KUQNCVGFYKVJVTCPUKGPVRTQVGEVKQP
HTQPVRCPGNKPFKECVQTU
ITGGP[GNNQYTGF
6JGFKIKVCNVTCPUKGPVRTQVGEVGFFKUETGVGQWVRWVUECPHWTPKUJWRVQO#+HOQTGEWTTGPVKU
TGSWKTGF
WR VQ # C URGEKCN VTCPUKGPV RTQVGEVKQP RNWIKP OQFWNG UJQWNF DG KPUVCNNGF
UGG
#RRGPFKZ%VJKUOCPWCNHQTVTCPUKGPVRTQVGEVKQPOQFWNGFGVCKNU
%QOOWPKECVKQPU
6JGTGCTGHQWTEQOOWPKECVKQPEJCPPGNUGZVGTPCNN[CXCKNCDNG6JG[ECPWUGGKVJGT4545
QT45RTQVQEQNUGNGEVGFD[LWORGTUXKCVJG&52+1CPF%27$QCTFU
5GG)%%QPVTQNNGT
FTCYKPIU%'#UUGODN[&52+1$QCTF%QPVTQNNGTCPF%'#UUGODN[
%27$QCTF%QPVTQNNGT6JGLWORGTUQPVJGUGDQCTFUCTGPQTOCNN[RNCEGFCVVJGHCEVQT[
CUURGEKHKGFD[VJGEWUVQOGT UEQOOWPKECVKQPUTGSWKTGOGPVU6JG/QFDWUUYKVEJRQUKVKQPUCTG
CNUQPQTOCNN[UGVCVVJGHCEVQT[CUURGEKHKGFD[VJGEWUVQOGT+HCP[EJCPIGUPGGFVQDGOCFGKP
VJGHKGNFTGHGTVQVJGFTCYKPIUKPVJGTGCTQHVJKUOCPWCN
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
&TKXGT1WVRWVU
6JG%QPVTQNNGTJCUGKIJVUVTGCOUYKVEJQWVRWVUO#EQPVKPWQWUEWTTGPVYJKEJECPDGWUGF
VQEQPVTQNQRVKQPCN#%QT&%UQNGPQKFUYKVEJDQCTFU6JKUKPETGCUGUUVTGCOUYKVEJECRCDKNKV[
HTQOVJGUVCPFCTFECRCDKNKV[QHHKXGVQCOCZKOWOECRCDKNKV[QHVYGNXGUVTGCOU
016' 6JGGKIJVQRVKQPCNUVTGCOUYKVEJQWVRWVUFGUETKDGFCDQXGCTGPQV
CEVKXG HQT VJG /QFGN )% 5[UVGO 6JG /QFGN
)%5[UVGOJCUCOCZKOWOECRCEKV[HQTHKXGUVTGCOUQPN[
CPFVJGFTKXGTQWVRWVUHQTUYKVEJKPIVJGUGUVTGCOUCTGNQECVGFKPVJG
#PCN[\GT
)GPGTCN%QPVTQNNGT5RGEKHKECVKQPU
C 2QYGTTGSWKTGOGPVU
YKVJQWVEWTTGPVQWVRWVU8#V[RKECNHQTDCUKEKPUVTWOGPV
D 8QNVCIGQRVKQPU
8#%vRGTEGPVVQ*\"#
8#%vRGTEGPVVQ*\"#
E 6GORGTCVWTG
1RGTCVKPITCPIG(%VQ(%
((VQ((
5VQTCIGTCPIG(%VQ(%
((VQ((
F *WOKFKV[VQRGTEGPVTGNCVKXGJWOKFKV[PQPEQPFGPUKPI
G 'ZRNQUKQPRTQQH0'/#:%NCUU%CPF&GPENQUWTGFKOGPUKQPU
*GKIJV KPEJGU
9KFVJ KPEJGU
&GRVJ KPEJGU
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
4CEMOQWPVGFFKOGPUKQPU
UVCPFCTFKPEJ
*GKIJV KPEJGU
9KFVJ KPEJGU
&GRVJ KPEJGU
4GVTQHKVMKVGPENQUWTGFKOGPUKQPU
KPEJTCEMRCPGNOQWPV
*GKIJV KPEJGU
9KFVJ KPEJGU
&GRVJ KPEJGU
H 9GKIJV#RRTQZKOCVGN[RQWPFUHQT'ZRNQUKQP2TQQH0'/#:%NCUU%CPF&
XGTUKQP
PQVKPENWFKPIUVCPF
'NGEVTKECN/GEJCPKECN5CHGV[CPF+PVGITKV[%GTVKHKECVKQPUCPF%NCUUKHKECVKQPU
$QVJVJG#PCN[\GTCPFVJG)%%QPVTQNNGTYJGPJQWUGFKPUKFGGZRNQUKQPRTQQHGPENQUWTGUOGGV
VJGUGEGTVKHKECVKQPUCPFENCUUKHKECVKQPUHQTGNGEVTKECNCPFQTOGEJCPKECNUCHGV[CPFKPVGITKV[
0CVKQPCN'NGEVTKECN/CPWHCEVWTGTU#UUQEKCVKQP
0'/#HQT0CVKQPCN'NGEVTKECN%QFG
0'%%NCUU+&KXKUKQP)TQWRU%CPF&CTGCU/GGVU7PFGTYTKVGTU.CDQTCVQTKGU
+PE
7. 'ZRNQUKQP2TQQH CPF &WUV2TQQH 'NGEVTKECN 'SWKROGPV QH WUG KP
JC\CTFQWU
%NCUUKHKGFNQECVKQPUHQT0'%%NCUU+&KXKUKQP)TQWRU%CPF&CPF
%CPCFKCP5VCPFCTFU#UUQEKCVKQP
%5#0Q1/2CTV++CPF%5#
0Q/HQT0'%%NCUU+&KXKUKQP)TQWRU%CPF&
''ZF++$6/GGVU%'0'.'%'0CPF'0'NGEVTKECN#RRCTCVWU
HQT2QVGPVKCNN['ZRNQUKXG#VOQURJGTGU2CTVUCPFCUHNCOGRTQQHHQT)TQWR++
5WDFKXKUKQP$6GORGTCVWTG%NCUU6
6JG)%%QPVTQNNGTYJGPJQWUGFKPUKFGGZRNQUKQPRTQQHGPENQUWTGOGGVUVJGUGEGTVKHKECVKQPUCPF
ENCUUKHKECVKQPUHQTGNGEVTKECNCPFQTOGEJCPKECNUCHGV[CPFKPVGITKV[
0'/#:/GGVU0'/#'PENQUWTGUHQT'NGEVTKECN'SWKROGPV
XQNVU
OCZKOWO HQT V[RG : %CPCFKCP 'NGEVTKECN %QFG 2CTV ++ 4WNG F CPF
%5#%0QCU%5#GPENQUWTGCPF+PVGTPCVKQPCN'NGEVTQVGEJPKECN
%QOOKUUKQP
+'%&GITGGUQHRTQVGEVKQPQHGPENQUWTGUQH5YKVEJIGCTHQT
+2
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
$QVJVJG#PCN[\GTYJGPJQWUGFKPUKFGGZRNQUKQPRTQQHGPENQUWTGCPFVJG)%%QPVTQNNGTYJGP
JQWUGF KPUKFG
C VJG GZRNQUKQP RTQQH GPENQUWTG
D VJG TCEM OQWPV GPENQUWTG QT VJG TGVTQHKV
GPENQUWTGOGGVVJGHQNNQYKPIENCUUKHKECVKQPHQTEQPVTQNCICKPUVGZEGUUKXGTCFKQHTGSWGPE[
4(
GOKUUKQPU
(GFGTCN%QOOWPKECVKQPU%QOOKUUKQP
(%%2CTV5WDRCTVU#CPF$
)%%QPVTQNNGT%KTEWKV$QCTF.KUV
6JG /QFGN %QPVTQNNGT EKTEWKV DQCTFU CTG KPUGTVGF QT CVVCEJGF VQ CP 56&DWU ECTF ECIG
CUUGODN[7RVQUKZDQCTFUECPDGKPUGTVGFKPVQVJGECTFECIGCPFVYQQHVJGDQCTFUCTGCVVCEJGF
VQVJGECTFECIGQWVUKFG
6JTGG QH VJG KPUGTVGF EKTEWKV DQCTFU CTG QRVKQPCN VGNGRJQPG OQFGO DQCTF CFFKVKQPCN CPCNQI
QWVRWVDQCTFCPFQTOGOQT[DQCTF#NNQHVJGKPUGTVGFEKTEWKVDQCTFUOGGV%/1556&DWU
URGEKHKECVKQPUCPFOWUVDGKPUVCNNGFKPVJGCUUKIPGFUNQVUCUHQNNQYU
UGG6CDNG
6CDNG5NQVCUUKIPOGPVUHQTKPUGTVGFEKTEWKVDQCTFU)%%QPVTQNNGTECTFECIGCUUGODN[
2TGXKQWUXGTUKQPUQHVJG/QFGN%QPVTQNNGTOCPWHCEVWTGFDGHQTG/CTEJWUGFWR
VQ VYQ CPCNQI DQCTFU 46+ CPF 46+
46+ RTQXKFGF QRVKQPCN GZVTC CPCNQI
QWVRWVU
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
6JGKPUGTVGFEKTEWKVDQCTFUQHVJG)%%QPVTQNNGTRGTHQTOVJGUGHWPEVKQPU
UGG6CDNG
6CDNG(WPEVKQPUQHKPUGTVGFEKTEWKVDQCTFU)%%QPVTQNNGTECTFECIGCUUGODN[
*CPFNG.CDGN 5GGFTCYKPI
$QCTF QT2CTV0WODGT (WPEVKQP
U PWODGT
RQKPVFKIKVCN +1 %QPVTQNQHFKIKVCNKPRWVUCPF $'
KPRWVQWVRWV QWVRWVU
%27OKETQRTQEGUUQT 5$% 8OKETQRTQEGUUQTEQPVTQN %'
DQCTF QHRCTCNNGNRTKPVGTRQTV
EQPVTQNQH%1/CPF%1/
EQOOWPKECVKQPRQTVUU[UVGO
OGOQT[45UGTKCN
RTQVQEQNVJTGGVKOGTU
/GOQT[DQCTF 755& #FFKVKQPCNOGOQT[
UQNKF $'
UVCVGFKUMFTKXGHQTJKIJGT
ECRCEKV[FCVCCTEJKXGU
/QFGO DCWFVGNGRJQPG $'
OQFGO
&KIKVCNUGTKCNRCTCNNGN &52+1 %QPVTQNQH%1/CPF %'
RQTVGZRCPUKQPDQCTF %1/EQOOWPKECVKQPRQTVU
#PCNQI+1DQCTF #PCNQI %QPVTQNQHGKIJVCPCNQI $'
KPRWVU
HQTWUGT
=TGSWKTGU/10 CRRNKECVKQPUCPFHQT
UQHVYCTGXGTUKQP #PCN[\GT%QPVTQNNGT
QTNCVGT? KPVGTEQPPGEVCPFVYQUKZQT
VGPCPCNQIQWVRWVU
2TGXKQWUXGTUKQPUQHVJG/QFGN%QPVTQNNGTOCPWHCEVWTGFDGHQTG/CTEJWUGFWR
VQVYQCPCNQIDQCTFU46+CPF46+
UGGFTCYKPIU$'CPF$'
016' #NUQUGGFTCYKPI&'HQTCPKNNWUVTCVKQPQHKPUGTVGFEKTEWKV
DQCTFUCPFPQVGUQPCUUQEKCVGFECDNGTQWVKPI
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
6JGTGCTGVYQEKTEWKVDQCTFUCVVCEJGFVQVJGQWVUKFGQHVJGECTFECIG
VJG5[UVGO+PVGTHCEGCPF&TKXGT$QCTFCPF
VJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6JG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPIRTQXKFGUVGTOKPCVKQPEQPPGEVKQPUHQTVJGUG
KVGOU
%QOOWPKECVKQPRQTVU
%1/%1/%1/CPF%1/
#PCNQIKPRWVUCPFQWVRWVU
&KIKVCNKPRWVUCPFQWVRWVU
%QPVTQNNGT#PCN[\GTKPVGTEQPPGEVKQPUCPF
2CTCNNGNRTKPVGTRQTV
016' 5GGFTCYKPI&'HQTCPKNNWUVTCVKQPQHVJG)%%QPVTQNNGT U
6GTOKPCN$QCTFHQTHKGNFYKTKPI
6JG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPICNUQJCUUQEMGVUHQTVTCPUKGPVRTQVGEVKQP
OQFWNGUCPFC8#%#HWUG
ZOOVJCVRTQVGEVUCNNQHVJGDQCTFUHTQOVTCPUKGPV
UWTIGU
016' 5GG #RRGPFKZ % CPF FTCYKPI %' HQT C NKUV QH VTCPUKGPV
UWRRTGUUKQPOQFWNGUVJCVCTGKPUVCNNGFHQTXCTKQWUEQPHKIWTCVKQPUQH
VJG /QFGN )% %QPVTQNNGT CPF KVU EQOOWPKECVKQP CPCNQI
QWVRWVCPFUVTGCOUYKVEJKPIQRVKQPU
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
6JG5[UVGO+PVGTHCEGCPF&TKXGT$QCTFRTQXKFGUVJGUGHWPEVKQPU
.QECVKQPHQTRQUKVKQP&+2UYKVEJVQUGVVJG/QFDWUCFFTGUU
1RVQKUQNCVKQPEKTEWKVUHQTVJGFKUETGVGKPRWVUCPFQWVRWVU
5YKVEJKPIRQYGTUWRRN[CPFVGORGTCVWTGUJWVFQYPEKTEWKVHQTVJG.%&FKURNC[
45VQ45EQPXGTUKQPHQTVJG.%&FKURNC[CPF
8QNVCIGVQEWTTGPVEQPXGTUKQPHQTVJGCPCNQIQWVRWVU
016' 5GGFTCYKPI%'HQTCPKNNWUVTCVKQPQHVJG5[UVGO+PVGTHCEG
CPF&TKXGT$QCTF
#NUQ UGG (KIWTG PGZV RCIG +V KNNWUVTCVGU VJTQWIJ C DNQEM FKCITCO VJG HWPEVKQP CPF
RNCEGOGPVQHVJG)%%QPVTQNNGTEKTEWKVDQCTFU
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
'& SRZHU
,2
32:(5 6833/< 'LJLWDO LQSXWV
'LJLWDO RXWSXWV
$& SRZHU
6%&
9 PLFURSURFHVVRU &38
7UDQVLHQW SURWHFWLRQ PRGXOHV 3DUDOOHO SULQWHU VLJQDO
&20 DQG &20
6\VWHP PHPRU\
56 VHULDO SURWRFRO
7(50,1$/ %2$5' WLPHUV
'63,2
(KIWTG$NQEMFKCITCOQH/QFGN)%%QPVTQNNGTEKTEWKVDQCTFU
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
126+10#.-';$1#4�&&+52.#;
#MG[DQCTFCPFNKSWKFET[UVCNFKURNC[
.%&QRVKQPCNN[DWKNVKPVQVJGGPENQUWTG UHTQPVRCPGNCTG
CXCKNCDNGHQTVJGGZRNQUKQPRTQQHCPFTCEMOQWPVXGTUKQPUQHVJG/QFGN)%%QPVTQNNGT
5GG
(KIWTGHQTCPKNNWUVTCVKQPQHVJGGZRNQUKQPRTQQH%QPVTQNNGTYKVJQRVKQPCNMG[DQCTFCPF.%&
6JGDWKNVKPMG[DQCTFCPF.%&CTGGURGEKCNN[WUGHWNHQTVJGGZRNQUKQPRTQQHXGTUKQP6JG[RGTOKV
QPUKVG FKURNC[ EQPVTQN CPF FCVC GPVT[ CV C )% %QPVTQNNGT VJCV KU UKVWCVGF KP C JC\CTFQWU
GPXKTQPOGPV0QVGJQYGXGTVJCVVJGEQPVTQNECRCDKNKVKGUQHHGTGFVJTQWIJVJGDWKNVKPMG[DQCTF
CPF.%&CTGOQTGNKOKVGFVJCPVJQUGCXCKNCDNGVJTQWIJC2%EQPPGEVGFVQVJG)%%QPVTQNNGT
-G[DQCTF
6JGHTQPVRCPGNMG[DQCTFKUCP-G[FCVCHWPEVKQPGPVT[FGXKEGCTTCPIGFUQVJCVVJG#.6MG[
ECWUGUVJGNQYGTMG[OCTMKPIUVQDGFKURNC[GFGPVGTGF6JGFGUKIPCVKQPUOCTMGFQPVJGVQRQH
VJGMG[UYKNNDGFKURNC[GFGPVGTGFYJGPVJG#.6MG[KUPQVRTGUUGF
&KURNC[
6JG/QFGN%QPVTQNNGTFKURNC[OGCUWTKPIZKPEJGUKUECRCDNGQHD[TGUQNWVKQP
YKVJHWNNITCRJKEU+VKUEGTVKHKGFHQTWUGYKVJCGZRNQUKQPRTQQH0'/#:%NCUU % CPF &
GPENQUWTG 6JG FKURNC[ KU ECRCDNG QH RTQFWEKPI VJG EQORNGVG CNRJCDGV CPF PWODGTU HTQO VJG
MG[DQCTF6JGXKFGQFKURNC[QPVJG%QPVTQNNGTOC[UJQYCVTWPECVGF
QTEWTVCKNGFXGTUKQPQHVJG
FKURNC[UCXCKNCDNGCVVJG2%#NVJQWIJVJGMG[DQCTFFKURNC[NQECVGFCVVJG%QPVTQNNGTUKVGECPFQ
OCP[QHVJGHWPEVKQPUVJCVVJG2%UQHVYCTGECPFQTGOQVGN[CP[GZVGPUKXGQRGTCVKQPUCTGOQTG
EQPXGPKGPVN[ RGTHQTOGF VJTQWIJ /10 QP VJG NCTIGT UETGGP CPF MG[DQCTF QH C 2% # HGY
CFLWUVOGPVUYKNNDGOQTGEQPXGPKGPVN[CEEQORNKUJGFCVVJG%QPVTQNNGTUKVG
#.#4/52'%+(+%#6+105
+PVJG/QFGN)%%QPVTQNNGTVJGTGKUVJGECRCEKV[HQTCNCTOU6JGTGCTGCNUQQRGTCVQT
FGHKPGFCNCTOU5QOGQHVJGCNCTOUCTGCEVKXGQPN[KHVJGEQPHKIWTCVKQPQHVJG%QPVTQNNGTTGSWKTGU
VJGHWPEVKQPVJCVKUCUUQEKCVGFYKVJVJQUGCNCTOU#EVKXGCNCTOUCTGUJQYPKPVJG#.#4/5OGPW
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* $35
5VCVWU+PFKECVQTU
6JTGGEQNQTGF.'&UVCVWUKPFKECVQTUCTGNQECVGFCVVJGUKFGQHVJGFKURNC[QPVJGHTQPVRCPGN6JG
KPFKECVQTUCTGCTTCPIGFHTQO[GNNQYITGGPCPFTGF9JGPKNNWOKPCVGFVJG.'&UVCVWUKPFKECVQTU
UKIPKH[VJGHQNNQYKPI
;GNNQY.'&9JGPKNNWOKPCVGFVJG;GNNQY.'&KPFKECVGUVJCVCPQWVQHVQNGTCPEGXCNWG
QTCPCNCTOEQPFKVKQPYCUGPVGTGFKPVQVJG%QPVTQNNGTOGOQT[HQTRTKPVQWVYKVJVJGCPCN[UKU
6JG%QPVTQNNGTOGOQT[TGVCKPUVJGCNCTOHQTRTKPVQWVWPVKNVJGQRGTCVQTENGCTUVJGCNCTO
U
6JKUKPFKECVQTKURCTVKCNN[CRRNKECVKQPEQPVTQNNGFCPFOC[DGUGVCVFKHHGTGPVQWVQHVQNGTCPEG
NGXGNUYKVJFKHHGTGPVCRRNKECVKQPU
)TGGP.'&9JGPKNNWOKPCVGFVJG)TGGP.'&KPFKECVGUVJCVVJG%QPVTQNNGTKUQRGTCVKPI
+HVJGITGGP.'&KUKNNWOKPCVGFCPFVJG/QFGNFQGUPQVCEEGRVEJCPIGUCRCUUYQTF
NQEMQWVOC[JCXGDGGPGPVGTGF+HCRCUUYQTFJCUDGGPGPVGTGF VJGRCUUYQTFOWUVDG
TGGPVGTGFDGHQTGVJG/QFGNRTQITCOECPDGEJCPIGF
4GF.'&9JGPKNNWOKPCVGFVJG4GF.'&KPFKECVGUCPQWVQHVQNGTCPEGXCNWGQTCPCNCTO
EQPFKVKQPKPVJG470OQFGVJCVTGSWKTGUQRGTCVQTCEVKQP#NCTOEQPVCEVUCTGENQUGFWPFGT
VJGUG EQPFKVKQPU 6JG 4GF .'& KU CWVQOCVKECNN[ VWTPGF QHH CPF EQPVCEVU QRGPGF D[ VJG
%QPVTQNNGTCVVJGUVCTVQHVJGPGZVCPCN[UKU
5'%6+10
$35 /1&'.)#5%*41/#61)4#2*
6JKURCIGKPVGPVKQPCNN[NGHVDNCPM
'37+2/'06&'5%4+26+10
/1&'.)#5%*41/#61)4#2* 2&7
5'%6+10
+056#..#6+10#0&5'672
6JKU UGEVKQP RTQXKFGU KPUVTWEVKQPU HQT KPUVCNNKPI CPF UGVVKPI WR VJG /QFGN )CU
%JTQOCVQITCRJU[UVGO6JKUUGEVKQPKUQTICPK\GFCUHQNNQYU
2TGECWVKQPUCPF9CTPKPIU 5GGUGEVKQP
*C\CTFQWU'PXKTQPOGPVU
2QYGT5QWTEG9KTKPI
5KIPCN9KTKPI
'NGEVTKECNCPF5KIPCN)TQWPF
'NGEVTKECN%QPFWKV
5CORNG5[UVGOU4GSWKTGOGPVU
2TGRCTCVKQP 5GGUGEVKQP
+PVTQFWEVKQP
5KVG5GNGEVKQP
7PRCEMKPIVJG7PKV
0GEGUUCT[6QQNUCPF%QORQPGPVU
1RVKQPCN6QQNUCPF%QORQPGPVU
+PUVCNNKPIVJG#PCN[\GT 5GGUGEVKQP
2QKPVVQ2QKPV9KTKPI)WKFG#PCN[\GT%QPVTQNNGT
#PCN[\GT#%2QYGT9KTKPI
5CORNGCPF)CU.KPGU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
+PUVCNNKPIVJG)%%QPVTQNNGT 5GGUGEVKQP
/QFDWU#FFTGUU5GVWR
%QPVTQNNGT#PCN[\GT9KTKPI
%QPVTQNNGT2%9KTKPI
5GTKCN%QPPGEVKQPU
$GHQTG%QPPGEVKPI
2%VQ)%(TQPV2CPGN3WKEMCPF'CU[45
2%VQ)%2GTOCPGPV%CDNG%QPPGEVKQPHQT5JQTV&KUVCPEG45
2%VQ)%.QPI&KUVCPEGYKVJ45QT45
5GTKCN%QOOWPKECVKQPU5GVWRU
455GTKCN5RGEKHKECVKQPU
455GTKCN5RGEKHKECVKQPU
455GTKCN5RGEKHKECVKQPU
%QPVTQNNGT2TKPVGT9KTKPI
&KUETGVG
&KIKVCN+19KTKPI
#PCNQI+19KTKPI
%QPVTQNNGT#%2QYGT9KTKPI
#PCN[\GT.GCM%JGEMUCPF2WTIKPIHQT(KTUV%CNKDTCVKQP 5GGUGEVKQP
#PCN[\GT.GCM%JGEMU
2WTIKPI%CTTKGT)CU.KPGU
%CNKDTCVKQP)CU.KPGU
5[UVGO5VCTVWR 5GGUGEVKQP
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
6CDNG5WOOCT[QHKPUVCNNCVKQPCPFUGVWRUVGRU
1DUGTXG2TGECWVKQPUCPF9CTPKPIU
UGGUGEVKQP
2NCP5KVG.QECVKQP
UGGUGEVKQP
1DVCKP5WRRNKGUCPF6QQNU
UGGUGEVKQP
+PUVCNN#PCN[\GT9KTKPI
UGGUGEVKQP
+PUVCNN#PCN[\GT5CORNG)CU.KPGU
UGGUGEVKQP
+PUVCNN)%%QPVTQNNGT9KTKPI
UGGUGEVKQP
2GTHQTO.GCM%JGEMU
UGGUGEVKQP
2WTIG%CTTKGT)CU.KPGU
UGGUGEVKQP
2WTIG%CNKDTCVKQP.KPGU
UGGUGEVKQP
5VCTV7R)%5[UVGO
UGGUGEVKQP
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
24'%#76+105#0&9#40+0)5
016' 6JG #PCN[\GT CPF )% %QPVTQNNGT YJGP JQWUGF KPUKFG GZRNQUKQP
RTQQH GPENQUWTGU OGGV VJG EGTVKHKECVKQPU CPF ENCUUKHKECVKQPU
KFGPVKHKGFKPUGEVKQPVJKUOCPWCN&CPKGN+PFWUVTKGUFQGU
PQVJQYGXGTCEEGRVCP[TGURQPUKDKNKV[HQTKPUVCNNCVKQPUQHVJGUGQT
CP[ CVVCEJGF GSWKROGPV KP YJKEJ VJG KPUVCNNCVKQP QT QRGTCVKQP
VJGTGQH JCU DGGP RGTHQTOGF KP C OCPPGT VJCV KU PGINKIGPV CPFQT
PQPEQORNKCPVYKVJCRRNKECDNGUCHGV[TGSWKTGOGPVU
*#<#4&175'08+410/'065
(QNNQYVJGUGRTGECWVKQPUKHKPUVCNNKPIQTQRGTCVKPIVJG/QFGN#PCN[\GTCPF/QFGN
)%%QPVTQNNGTKPUVTWOGPVCVKQPKPCJC\CTFQWUCTGC
+PUVCNNCPFQRGTCVGQPN[VJGGZRNQUKQPRTQQHXGTUKQPQHVJG/QFGN)%%QPVTQNNGTKP
CJC\CTFQWUCTGC
&QPQVQRGTCVGKPCJC\CTFQWUCTGCCP[RTKPVGTQTRGTUQPCNEQORWVGT
2%VJCVKUEQPPGEVGF
VQVJG)%%QPVTQNNGT6QKPVGTHCEGYKVJC)%%QPVTQNNGTKPCJC\CTFQWUCTGCWUGVJG
%QPVTQNNGT UMG[DQCTFCPFNKSWKFET[UVCNFKURNC[
.%&VJCVCTGDWKNVKPVQVJGGZRNQUKQP
RTQQHJQWUKPICUQRVKQPU1TCNVGTPCVKXGN[WUGC2%VJCVKUNQECVGFKPCPQPJC\CTFQWU
CTGCCPFTGOQVGN[EQPPGEVGFVQVJG)%%QPVTQNNGT
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
'PUWTGVJCVHKGNFEQPPGEVKQPUVQVJG#PCN[\GTCPFVJG)%%QPVTQNNGTCTGOCFGVJTQWIJ
GZRNQUKQPRTQQHEQPFWKVQTHNCOGRTQQHINCPFU
%#76+10 6JGGZRNQUKQPRTQQH)%%QPVTQNNGTCPF#PCN[\GT
JQWUKPIUCTGEGTVKHKGFHQTWUGKPNQECVKQPUYJGTGHKTGCPFGZRNQUKQP
JC\CTFU OC[ GZKUV URGEKHKECNN[ CTGCU VJCV CTG ENCUUKHKGF D[ VJG
0CVKQPCN'NGEVTQPKEU%QFG
0'%CU%NCUU+&KXKUKQP)TQWRU%
CPF & *QYGXGT QVJGT TGIWNCVKQPU CRRN[ (QT GZCORNG CNN
KPVGTEQPPGEVKPITWPUQHECDNGVJTQWIJEQPFWKVOWUVDGUGCNGFCVNGCUV
KPEJGU DG[QPF VJG EQPFWKV U RQKPV QH GPVT[ KPVQ EGTVKHKGF
GZRNQUKQP RTQQH JQWUKPI %QPUWNV [QWT EQORCP[ U RQNKEKGU CPF
RTQEGFWTGU CPF QVJGT CRRNKECDNG TGSWKTGOGPVU FQEWOGPVU VQ
FGVGTOKPGCRRTQRTKCVGYKTKPICPFKPUVCNNCVKQPRTCEVKEGU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
219'45174%'9+4+0)
(QNNQYVJGUGRTGECWVKQPUYJGPKPUVCNNKPI#%RQYGTUQWTEGYKTKPIVQVJG/QFGN#PCN[\GT
CPF/QFGN)%%QPVTQNNGTKPUVTWOGPVCVKQP
#NNYKTKPIOWUVEQPHQTOVQVJG0CVKQPCN'NGEVTKE%QFGNQECNUVCVGQTQVJGTLWTKUFKEVKQP
CPFEQORCP[UVCPFCTFUCPFRTCEVKEGU
2TQXKFGUKPINGRJCUGVJTGGYKTG#%RQYGTCVQTXQNVU#%*\
.QECVGEKTEWKVDTGCMGTCPFQRVKQPCNRQYGTFKUEQPPGEVUYKVEJKPCUCHGCTGC
2TQXKFG CORGTG EKTEWKV DTGCMGT RTQVGEVKQP UQ VJCV VJG OCLQT EQORQPGPVU QH VJG )%
5[UVGOVJG #PCN[\GT VJG )% %QPVTQNNGT CPF CP[ QRVKQPCNN[ KPUVCNNGF UCORNG QXGP QT
FGXKEGUCTGCNNRTQVGEVGFD[QPGEKTEWKVDTGCMGT
7UGOWNVKUVTCPFGFEQRRGTEQPFWEVQTYKTGCEEQTFKPIVQVJGHQNNQYKPITGEQOOGPFCVKQPU
C (QTRQYGTHGGFFKUVCPEGUWRVQHGGV
OGVGTUWUGYKTGUK\G#OGTKECP9KTG
)CWIG
#9)
/GVTKE9KTG)CWIGUVTCPFGF
D (QTRQYGTHGGFFKUVCPEGUHGGVVQHGGV
OGVGTUVQOGVGTUWUGYKTG
UK\G#9)
/GVTKE9KTG)CWIGUVTCPFGF
E (QTRQYGTHGGFFKUVCPEGUHGGVVQHGGV
OGVGTUVQOGVGTUWUG
YKTGUK\G#9)
/GVTKE9KTG)CWIGUVTCPFGF
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
5+)0#.9+4+0)
(QNNQYVJGUGIGPGTCNRTGECWVKQPUHQTHKGNFYKTKPIFKIKVCNCPFCPCNQIKPRWVQWVRWV
+1NKPGU
/GVCNEQPFWKVOWUVDGWUGFHQTCNNRTQEGUUUKIPCNYKTKPI
/GVCNEQPFWKVWUGFHQTRTQEGUUUKIPCNYKTKPIOWUVDGITQWPFGFCVEQPFWKVUWRRQTVRQKPVU
KPVGTOKVVGPVITQWPFKPIQHEQPFWKVJGNRURTGXGPVKPFWEVKQPQHOCIPGVKENQQRUDGVYGGPVJG
EQPFWKVCPFECDNGUJKGNFKPI
7UGUWKVCDNGNWDTKECVKQPHQTYKTGRWNNUKPEQPFWKVVQRTGXGPVYKTGUVTGUU
#NNRTQEGUUUKIPCNYKTKPIUJQWNFDGCUKPINGEQPVKPWQWUNGPIVJDGVYGGPHKGNFFGXKEGUCPF
VJG)%%QPVTQNNGT+HJQYGXGTNGPIVJQTEQPFWKVTWPUTGSWKTGVJCVOWNVKRNGYKTKPIRWNNU
DGOCFGVJGKPFKXKFWCNEQPFWEVQTUOWUVDGKPVGTEQPPGEVGFYKVJUWKVCDNGVGTOKPCNDNQEMU
7UGUGRCTCVGEQPFWKVUHQT#%XQNVCIGCPF&%XQNVCIGEKTEWKVU
UGG(KIWTG
&QPQVRNCEGFKIKVCNQTCPCNQI+1NKPGUKPUCOGEQPFWKVCU#%RQYGTEKTEWKVU
UGG(KIWTG
7UGQPN[UJKGNFGFECDNGHQTFKIKVCN+1NKPGEQPPGEVKQPU
C )TQWPFVJGUJKGNFCVQPN[QPGGPF
D 5JKGNFFTCKP YKTGU OWUV PQV DG OQTG VJCP VYQ #9) UK\GU UOCNNGT VJCP VJG
EQPFWEVQTUHQTVJGECDNG
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
(KIWTG5GRCTCVGEQPFWKVGPVTKGUHQTECDNGKPQWVQH)%%QPVTQNNGT
#P[CWZKNKCT[GSWKROGPVYKTGFVQVJG)%%QPVTQNNGTOWUVJCXGKVUUKIPCNEQOOQPKUQNCVGF
HTQOGCTVJEJCUUKUITQWPF
+/2146#06#RRNKECDNGVQVJGFKIKVCNCPFCPCNQI+1NKPGU
EQPPGEVKPIVQVJG)%%QPVTQNNGTKPENWFKPIVJG#PCN[\GT%QPVTQNNGT
+PVGTEQPPGEVNKPGU#P[NQQRQHGZVTCECDNGNGHVHQTUGTXKEGRWTRQUGU
KPUKFG VJG )% %QPVTQNNGT GZRNQUKQP RTQQH JQWUKPI OWUV PQV DG
RNCEGFPGCTVJGEQPFWKVGPVT[HQT#%RQYGT
+HVJGCDQXGRTGECWVKQPKUPQVHQNNQYGFVJGFCVCCPFEQPVTQNUKIPCNU
VQCPFHTQOVJG)%%QPVTQNNGTECPDGCFXGTUGN[CHHGEVGF
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
'.'%64+%#.#0&5+)0#.)4170&
(QNNQYVJGUGIGPGTCNRTGECWVKQPUHQTITQWPFKPIGNGEVTKECNCPFUKIPCNNKPGU
(QTUJKGNFGFUKIPCNEQPFWEVKPIECDNGUUJKGNFFTCKPYKTGUOWUVPQVDGOQTGVJCPVYQ#9)
UK\GUUOCNNGTVJCPVJGEQPFWEVQTUHQTVJGECDNG5JKGNFKPIKUITQWPFGFCVQPN[QPGGPF
/GVCNEQPFWKVWUGFHQTRTQEGUUUKIPCNYKTKPIOWUVDGITQWPFGFCVEQPFWKVUWRRQTVRQKPVU
KPVGTOKVVGPVITQWPFKPIQHEQPFWKVJGNRURTGXGPVKPFWEVKQPQHOCIPGVKENQQRUDGVYGGPVJG
EQPFWKVCPFECDNGUJKGNFKPI
#ENCORV[RGITQWPFNWI
EQNQTITGGPKUNQECVGFQPVJGKPUKFGDQVVQOHTQPVQHVJG)%
%QPVTQNNGT UECUG%JCUUKUITQWPFEQPFWEVQTU
EQNQTEQFGITGGPKPUKFGVJG%QPVTQNNGT U
GPENQUWTG UJQWNF DG UVTCPFGF KPUWNCVGF EQRRGT YKTG 6JGUG FGXKEG EJCUUKU ITQWPF
EQPFWEVQTUUJQWNFCNNDGEQPPGEVGFVQVJGENCORV[RGITQWPFNWI
#ENCORV[RGITQWPFNWIKUNQECVGFQPVJGQWVUKFGQHVJG)%%QPVTQNNGT UECUGCVVJGTGCT
QHVJGNQYGTTKIJV
HCEKPIVJGQRGTCVQTRCPGNECUVKPITKD6JKUITQWPFRQKPVUJQWNFDG
EQPPGEVGFVQCEQRRGTITQWPFTQFCUFGUETKDGFPGZV
#UKPINGRQKPVITQWPF
VJGQWVUKFGECUGITQWPFNWIOWUVDGEQPPGEVGFVQCEQRRGTENCF
HQQVNQPIFKCOGVGTUVGGNTQFYJKEJKUDWTKGFHWNNNGPIVJXGTVKECNN[KPVQVJGUQKN
CUENQUGVQVJGGSWKROGPVCUKURTCEVKECN
)TQWPFKPITQFHWTPKUJGFD[QVJGTU
4GUKUVCPEGDGVYGGPVJGEQRRGTENCFUVGGNITQWPFTQFCPFVJGGCTVJITQWPFOWUVPQVGZEGGF
1JOU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6JGGSWKROGPVITQWPFKPIEQPFWEVQTUWUGFDGVYGGPVJG)%%QPVTQNNGTCPFVJGEQRRGTENCF
UVGGNITQWPFTQFOWUVDGUK\GFCEEQTFKPIVQVJGHQNNQYKPIURGEKHKECVKQPU
NGPIVJHGGVQTNGUU #9)UVTCPFGFKPUWNCVGFEQRRGTYKTG
OGVGTU
NGPIVJVQHGGV #9)UVTCPFGFKPUWNCVGFEQRRGTYKTG
VQOGVGTU
NGPIVJVQHGGV #9)UVTCPFGFKPUWNCVGFEQRRGTYKTG
VQOGVGTU
#NNKPVGTGPENQUWTGGSWKROGPVITQWPFKPIEQPFWEVQTUOWUVDGRTQVGEVGFD[OGVCNEQPFWKV
'ZVGTPCNGSWKROGPVUWEJCUFCVCRTKPVGTUVJCVCTGEQPPGEVGFVQVJG)%%QPVTQNNGTUJQWNF
DG RQYGTGF XKC KUQNCVKQP VTCPUHQTOGTU VQ OKPKOK\G VJG ITQWPF NQQRU ECWUGF D[ VJG
KPVGTPCNN[UJCTGFUCHGV[CPFEJCUUKUITQWPFU
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
'.'%64+%#.%10&7+6
(QNNQYVJGUGIGPGTCNRTGECWVKQPUHQTEQPFWKVKPUVCNNCVKQP
%QPFWKVEWVQHHUOWUVDGUSWCTG%WVQHHUOWUVDGOCFGD[CEQNFEWVVKPIVQQNJCEMUCY
QTD[UQOGQVJGTCRRTQXGFOGCPUVJCVFQGUPQVFGHQTOVJGEQPFWKVGPFUQTNGCXGUJCTR
GFIGU
#NN EQPFWKV HKVVKPI VJTGCFU KPENWFKPI HCEVQT[EWV VJTGCFU OWUV DG EQCVGF YKVJ C OGVCN
DGCTKPIEQPFWEVKPIITGCUGUWEJCU%TQWUG*KPFU56.QTGSWKXCNGPVRTKQTVQCUUGODN[
6GORQTCTKN[ECRVJGGPFUQHCNNEQPFWKVTWPTWPUKOOGFKCVGN[CHVGTKPUVCNNCVKQPVQRTGXGPV
CEEWOWNCVKQPQHYCVGTFKTVQTQVJGTEQPVCOKPCPVU+HPGEGUUCT[UYCDQWVEQPFWKVURTKQT
VQKPUVCNNKPIVJGEQPFWEVQTU
+PUVCNNFTCKPHKVVKPIUCVVJGNQYGUVRQKPVKPVJGEQPFWKVTWPKPUVCNNUGCNUCVVJGRQKPVQHGPVT[
VQVJG)%%QPVTQNNGT UGZRNQUKQPRTQQHJQWUKPIVQRTGXGPVXCRQTRCUUCIGCPFCEEWOWNCVKQP
QHOQKUVWTG
7UGNKSWKFVKIJVEQPFWKVHKVVKPIUUWEJCU/[GTU5ETWVKVGQTUKOKNCTHQTEQPFWKVYJKEJKU
GZRQUGFVQOQKUVWTG
9JGPEQPFWKVKUKPUVCNNGFKPJC\CTFQWUCTGCU
GICTGCUENCUUKHKGFCU0'%%NCUU+&KXKUKQP
)TQWRU%CPF&HQNNQYVJGUGIGPGTCNRTGECWVKQPUHQTEQPFWKVKPUVCNNCVKQP
#NNEQPFWKVTWPUOWUVJCXGCPGZRNQUKQPRTQQHUGCNKPI
RQVVKPIHKVVKPINQECVGFYKVJKP
KPEJGU
EGPVKOGVGTUFKUVCPEGHTQOVJGEQPFWKVGPVTCPEGVQGZRNQUKQPRTQQHJQWUKPIU
6JGEQPFWKVKPUVCNNCVKQPOWUVDGXCRQTVKIJVYKVJVJTGCFGFJWD HKVVKPIUUGCNGFEQPFWKV
LQKPVUCPFICUMGVUQPEQXGTUQTQVJGTCRRTQXGFXCRQTVKIJVEQPFWKVHKVVKPIU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
5#/2.'5;56'/54'37+4'/'065
1DUGTXGVJGHQNNQYKPIIWKFGNKPGUHQTKPUVCNNKPI)%UCORNGU[UVGOU
5CORNG.KPG.GPIVJ+HRQUUKDNGCXQKFNQPIUCORNGNKPGU+PECUGQHCNQPIUCORNGNKPGHNQY
XGNQEKV[ECPDGKPETGCUGFD[FGETGCUKPIFQYPUVTGCORTGUUWTGCPFWUKPID[RCUUHNQYXKC
CURGGFNQQR
5CORNG.KPG6WDKPI/CVGTKCN
7UGUVCKPNGUUUVGGNVWDKPIHQTPQPEQTTQUKXGUVTGCOU
'PUWTGVWDKPIKUENGCPCPFHTGGQHITGCUG
&T[GTUCPF(KNVGTUKP5CORNG.KPG
7UGUOCNNUK\GUVQOKPKOK\GVKOGNCICPFRTGXGPVDCEMFKHHWUKQP
+PUVCNNCOKPKOWOQHQPGHKNVGTVQTGOQXGUQNKFRCTVKENGU/QUVCRRNKECVKQPUTGSWKTG
HKPGGNGOGPVHKNVGTUWRUVTGCOQHVJG#PCN[\GT
&QWUGEGTCOKEQTRQTQWUOGVCNNKEV[RGHKNVGTU&QPQVWUGEQTMQTHGNVHKNVGTU
2TGUUWTG4GIWNCVQTUCPF(NQY%QPVTQNNGTUKP5CORNG.KPG&QPQVWUGV[RGUEQPVCKPKPIEQTM
QTHGNVHKNVGTUQTCDUQTDGPVFKCRJTCIOU
2KRG6JTGCFU&TGUUKPI&QWUG6GHNQPVCRG&QPQVWUGRKRGVJTGCFEQORQWPFU
FQRG
8CNXKPI
+PUVCNN C DNQEM XCNXG FQYPUVTGCO QH UCORNG VCMGQHH RQKPV HQT OCKPVGPCPEG CPF
UJWVFQYP
$NQEM XCNXG UJQWNF DG PGGFNG XCNXG QT EQEM XCNXG V[RG QH RTQRGT OCVGTKCN CPF
RCEMKPICPFTCVGFHQTRTQEGUUNKPGRTGUUWTG
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
24'2#4#6+10
+0641&7%6+10
;QWT)%5[UVGOYCUUVCTVGFCPFEJGEMGFQWVDGHQTGKVNGHVVJGHCEVQT[2TQITCORCTCOGVGTUYGTG
KPUVCNNGFKPVJGU[UVGOCPFFQEWOGPVGFKPVJGé2%%QPHKI4GRQTVêHWTPKUJGFYKVJVJG5[UVGO
5+6'5'.'%6+10
(QNNQYVJGUGIWKFGNKPGUHQTUKVGUGNGEVKQP
2TQXKFGCFGSWCVGCEEGUUURCEGHQTRGTHQTOKPIOCKPVGPCPEGCPFCFLWUVOGPVU
C #NNQYCOKPKOWOQHKPEJGU
EOKPHTQPVHQTGPENQUWTGQRGPKPICPFCEEGUU
D #NNQYCOKPKOWOQHKPEJGU
EOCVVJGTGCTCPFNGHVUKFGHQTECUGTGOQXCN
E +HRQUUKDNGOQWPVVJG#PCN[\GTEQORQPGPVUKPCXGTVKECNUVCEMEQPHKIWTCVKQPKV
RTQXKFGUVJGITGCVGUVQRGTCVQTEQPXGPKGPEG
+PUVCNNVJG#PCN[\GTCUENQUGCURQUUKDNGVQVJGUCORNGUVTGCO
+PUVCNNVJG)%%QPVTQNNGTPQHWTVJGTVJCPHGGV
OGVGTUCYC[HTQOVJG#PCN[\GT
C +P C JC\CTFQWU GPXKTQPOGPV [QW ECP KPUVCNN VJG GZRNQUKQP RTQQH XGTUKQP QH VJG
/QFGN)%%QPVTQNNGTPGCTVJG#PCN[\GTQPGKVJGTCKPEJQTKPEJTCEM
D 1DUGTXGVJGUCOGTGEQOOGPFCVKQPUHQTOKPKOWOENGCTCPEGKPEJGU
EOKP
HTQPVGPENQUWTGQRGPKPICPFCEEGUUCPFKPEJGU
EOCVVJGTGCTCPFNGHVUKFG
HQTECUGTGOQXCN
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
E 4GHGTVQFTCYKPI%'KPVJG#PCN[\GTFTCYKPIUCFFGPFWOQHVJKUOCPWCN
'PUWTGVJCVGZRQUWTGVQTCFKQHTGSWGPE[
4(KPVGTHGTGPEGKUOKPKOCN
702#%-+0)6*'70+6
1DUGTXGVJGHQNNQYKPIEJGEMNKUVHQTWPRCEMKPIVJGWPKVCPFKPURGEVKPIHQTFCOCIG
7PRCEMVJGGSWKROGPV
C /QFGNUGTKGU#PCN[\GT
D /QFGN)%%QPVTQNNGT
'PUWTGVJCVCNNFQEWOGPVCVKQPCPFUQHVYCTGCTGKPENWFGF
C 6JKU OCPWCN VJG /QFGN )CU %JTQOCVQITCRJ YKVJ /QFGN %QPVTQNNGT
*CTFYCTG4GHGTGPEG/CPWCN&CPKGN+PFWUVTKGURCTVPWODGT
D 6JGUQHVYCTGOCPWCN/105QHVYCTGHQT)CU%JTQOCVQITCRJ7UGT/CPWCN
&CPKGN+PFWUVTKGURCTVPWODGT
E &KUMGVVG
UYKVJVJG/10UQHVYCTGRTQITCOCPF)%#RRNKECVKQPU
+PUVCNNCVKQPCPFUVCTVWRQHVJG)%5[UVGOUJQWNFRTQEGGFQPN[KHCNNTGSWKTGFOCVGTKCNUCTGQP
JCPFCPFHTGGHTQOQDXKQWUFGHGEVU+HCP[RCTVUQTCUUGODNKGUCRRGCTVQJCXGDGGPFCOCIGFKP
UJKROGPVHKTUVHKNGCENCKOYKVJVJGECTTKGT0GZVEQORNGVGCHWNNTGRQTVQHVJGPCVWTGCPFGZVGPV
QHVJGFCOCIGCPFHQTYCTFVJGTGRQTVKOOGFKCVGN[VQ&CPKGN+PFWUVTKGUHQTHWTVJGTKPUVTWEVKQPU
+PENWFG EQORNGVG OQFGN PWODGT KPHQTOCVKQP &KURQUKVKQP KPUVTWEVKQPU YKNN DG TGVWTPGF
KOOGFKCVGN[D[&CPKGN +PFWUVTKGU4GHGTVQVJG%WUVQOGT2TQDNGO4GRQTVKPVJGDCEMQHVJKU
OCPWCN
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
0'%'55#4;611.5#0&%1/210'065
1DUGTXGVJGHQNNQYKPIEJGEMNKUVQHVQQNUCPFEQORQPGPVUVJCV[QWYKNNPGGFHQTKPUVCNNKPIVJG
#PCN[\GTCPF)%%QPVTQNNGT
<GTQITCFGJGNKWOECTTKGTICU
RWTGYKVJNGUUVJCPRROYCVGTCPFNGUUVJCP
RROJ[FTQECTDQPU
*KIJ RTGUUWTG FWCNUVCIG TGIWNCVQT HQT VJG ECTTKGT ICU E[NKPFGT JKIJ UKFG WR VQ
RQWPFURGTUSWCTGKPEJICWIG
RUKINQYUKFGECRCDNGQHEQPVTQNNKPIRTGUUWTGWRVQ
RUKI
%CNKDTCVKQP UVCPFCTF ICU YKVJ EQTTGEV PWODGT QH EQORQPGPVU CPF EQPEGPVTCVKQPU
UGG
UGEVKQPVJKUOCPWCN
&WCNUVCIG TGIWNCVQT HQT VJG ECNKDTCVKQP ICU E[NKPFGT NQY RTGUUWTG UKFG ECRCDNG QH
EQPVTQNNKPIRTGUUWTGWRVQRUKI
5CORNG RTQDG
HKZVWTG HQT RTQEWTKPI VJG UVTGCO QT UCORNG ICU HQT EJTQOCVQITCRJKE
CPCN[UKU
KPEJUVCKPNGUUUVGGN
55VWDKPIHQTEQPPGEVKPIECNKDTCVKQPUVCPFCTFVQCPCN[\GTKPEJ
55VWDKPIHQTEQPPGEVKPIJGNKWOECTTKGTVQVJGCPCN[\GTKPEJ55VWDKPIHQTEQPPGEVKPI
UVTGCOICUVQVJGCPCN[\GT
/KUEGNNCPGQWU5YCIGNQMVWDGHKVVKPIUVWDKPIDGPFGTUCPFVWDKPIEWVVGT
#OGTKECP9KTG)CWIG
#9)
/GVTKE9KTG)CWIGQTNCTIGTGNGEVTKECNYKTKPICPF
EQPFWKV VQ RTQXKFG QT XQNVU #% UKPING RJCUG VQ *GTV\
*\ HTQO CP
CRRTQRTKCVG EKTEWKV DTGCMGT CPF RQYGT FKUEQPPGEV UYKVEJ
5GG RTGXKQWU IWKFGNKPGU KP
UGEVKQP
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
.KSWKFNGCMFGVGEVQT
5PQQRQTGSWKXCNGPV
&KIKVCNXQNVQJOOGVGTYKVJRTQDGV[RGNGCFU
#HNQYOGCUWTKPIFGXKEGUWEJCU5GV#(NQY
&CPKGN+PFWUVTKGURCTVPWODGT
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
126+10#.611.5#0&%1/210'065
1DUGTXGVJGHQNNQYKPIEJGEMNKUVQHVQQNUCPFEQORQPGPVU [QWOC[PGGFHQTKPUVCNNKPICPF
WUKPIVJG)%5[UVGO
(QTQRGTCVKQPKPCPQPJC\CTFQWUCTGCQPN[2TKPVGTCPFRTKPVGTRCRGT
(QT QRGTCVKQP KP C PQPJC\CTFQWU CTGC QPN[ #P +$/EQORCVKDNG 2% CPF CéUVTCKIJV
VJTQWIJêUGTKCNECDNGEQPPGEVKQPDGVYGGPVJGGZVGTPCN&$
HGOCNGUGTKCNRQTVUQHVJG)%
%QPVTQNNGTCPFCUGTKCNRQTVQHVJG2%
(QTFGVCKNUUGGUGEVKQP
%#76+10+H[QWCTGYQTMKPIKPCJC\CTFQWUCTGCCPFPGGFVQ
RGTHQTOTQWVKPGQRGTCVKQPUWUGVJGQRVKQPCNMG[DQCTFCPF.%&VJCV
CTGDWKNVKPVQVJGGZRNQUKQPRTQQH)%%QPVTQNNGT
UGGUGEVKQPVJKU
OCPWCN6QOCMGOQTGUKIPKHKECPVRTQITCOEJCPIGUJQYGXGTWUG
CTGOQVGN[EQPPGEVGF2%CPFVJGUQHVYCTGRTQITCO/10
5GGVJG
/105QHVYCTGHQT)CU%JTQOCVQITCRJ7UGT/CPWCN&CPKGN
+PFWUVTKGURCTVPWODGTHQTKPUVTWEVKQPUQPQRGTCVKPIVJG
2%UQHVYCTG/10
C 2%5RGEKHKECVKQPU6JG2%UJQWNFDGC&:QTDGVVGT5GGVJG/10
5QHVYCTGHQT)CU%JTQOCVQITCRJ7UGT/CPWCN&CPKGN+PFWUVTKGURCTVPWODGT
HQTOQTGURGEKHKETGSWKTGOGPVUQH2%EQPHKIWTCVKQP
D 5GTKCN%CDNG5RGEKHKECVKQPU
5VTCKIJVVJTQWIJUGTKCNECDNGYKVJVJGHQNNQYKPIVGTOKPCVKQPU
&$OCNG EQPPGEVUVQ)%%QPVTQNNGTGZVGTPCNUGTKCNRQTV
&$QT&$HGOCNG EQPPGEVUVQ2%UGTKCNRQTV
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
+PVGTEQPPGEV %CDNG &CPKGN 2CTV 0Q KH PQV CNTGCF[ KPUVCNNGF DGVYGGP VJG
#PCN[\GTCPF)%%QPVTQNNGT6JKUKUCUJKGNFGFEQORWVGTCPFEQOOWPKECVKQPUITCFG
EQPFWEVQTECDNGHQTOCMKPIVJGVJKTVGGPKPVGTEQPPGEVKQPUDGVYGGPVJG#PCN[\GTCPFVJG
)%%QPVTQNNGT6JKUECDNGKHPQVGPENQUGFKPEQPFWKVDGVYGGPVJG#PCN[\GTCPFVJG)%
%QPVTQNNGTKUUWKVCDNGQPN[HQTWUGKPPQPJC\CTFQWUGPXKTQPOGPVU6JGECDNGOWUVDGTWP
KPUKFG EQPFWKV HQT JC\CTFQWU GPXKTQPOGPVU
(QT ECDNG VGTOKPCVKQP FGVCKNU UGG UGEVKQP
VJKUOCPWCN
&KTGEV5GTKCN%QPPGEV%CDNG&CPKGN2CTV0QVQEQPPGEVVJG2%QTCPGZVGTPCN
OQFGO FKTGEVN[ VQ VJG QPG QH VJG )% %QPVTQNNGTçU UGTKCN RQTVU QP VJG )% %QPVTQNNGTçU
6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$6JKUECDNGEQOGUKPCEWUVQOGTURGEKHKGFNGPIVJ
+VKUVGTOKPCVGFYKVJC&$HGOCNGRNWICVQPGGPFHQTEQPPGEVKQPVQC2%QTGZVGTPCN
OQFGO UUGTKCNRQTVCPFUKZGZRQUGFNGCFUCVVJGQVJGTGPFHQTEQPPGEVKQPVQVJGQPGQH
VJG)%%QPVTQNNGT UUGTKCNRQTVUQPVJG6$
5GGUGEVKQPHQTFKTGEVKQPUQPJQYVQ
KPUVCNNVJKUECDNG
+VGOU PGEGUUCT[ HQT EQPPGEVKPI VJG )% %QPVTQNNGT VQ CP GZVGTPCN OQFGO C OWNVKFTQR
UGTKCNPGVYQTMQTQVJGTV[RGQHTGOQVGFCVCVTCPUHGTU[UVGO
CPGZCORNGKVGOOKIJVDGCP
4545EQPXGTUKQPDQZHQTNQPIFKUVCPEGUGTKCNVTCPUOKUUKQP
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
+056#..+0)6*'#0#.;<'4
21+066121+069+4+0))7+&'#0#.;<'4%10641..'4
016' 6JKU UGEVKQP CRRNKGU QPN[ VQ )% U[UVGOU YJKEJ JCXG PQV DGGP
UJKRRGFRTGYKTGF+POQUVECUGUVJGGZRNQUKQPRTQQHU[UVGOYKNN
CNTGCF[ JCXG JCF VJG #PCN[\GT%QPVTQNNGT EQPPGEVKQPU OCFG +H
[QWTU[UVGOJCUCNTGCF[DGGPYKTGFUMKRVJKUUGEVKQPCPFRTQEGGF
VQVJGPGZVUGEVKQP
6QOCMGYKTKPIEQPPGEVKQPUDGVYGGPVJG#PCN[\GTCPFVJG)%%QPVTQNNGTHQNNQYVJGUGUVGRU
&KUEQPPGEVCNNGNGEVTKECNRQYGTVQDQVJVJG#PCN[\GTCPFVJG)%%QPVTQNNGT
#V VJG #PCN[\GT UKVG NQECVG VJG NQYGT GZRNQUKQP RTQQH DQZ
KVU EQXGT KU OCTMGF YKVJ
QTKIKPCNGSWKROGPVOCPWHCEVWTGT UECVCNQIPWODGT:,64GOQXGKVUVJTGCFGF%QPFWNGV
EQXGT
UGG(KIWTG
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
(KIWTG.QYGTGZRNQUKQPRTQQH
:,6DQZCV#PCN[\GT
;QWYKNNPGGFVQHGGFVJG+PVGTEQPPGEV%CDNGVJTQWIJVJGKPNGVQPVJGWRRGTNGHVUKFGQH
VJG:,6DQZCPFOCMGEQPPGEVKQPUVQVJGKPVGTEQPPGEVVGTOKPCNDQCTF
6$YJKEJ
NKGUDGJKPF8CNXG&TKXGT$QCTF
UGG(KIWTG
C 6JG+PVGTEQPPGEV%CDNGKUEQORWVGTCPFEQPVTQNCRRNKECVKQPUITCFG
EQPFWEVQTUJKGNFGFECDNG+PFKXKFWCNEQPFWEVQTUCTGUVTCPFGFVKPPGFEQRRGT
#9)
Z
#NUQUGGFGUETKRVKQPKPUGEVKQPVJKUOCPWCN
D /CZKOWONGPIVJQH+PVGTEQPPGEV%CDNG
QTVJGOCZKOWOFKUVCPEGDGVYGGPVJG
#PCN[\GTCPFVJG)%%QPVTQNNGTUJQWNFPQVGZEGGFHGGV
OGVGTU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
(KIWTG$GJKPFVJG%QPFWNGVEQXGTKUVJG8CNXG&TKXGT$QCTFVJGP6$
9KVJVJG%QPFWNGVEQXGTTGOQXGFNQQUGPCPFTGOQXGVJGHQWT
VJWODUETGYUVJCV
JQNFVJG8CNXG&TKXGT$QCTF
%CTGHWNN[GFIGVJG8CNXG&TKXGT$QCTFQHHVJGJQNFKPIUETGYU&QPQVFKUEQPPGEVVJG
8CNXG&TKXGT$QCTFHTQOVJGECDNGOGTGN[NGVVJGDQCTFTGUVHCEGFQYPUGEWTGFD[VJG
ECDNG
UGG(KIWTG
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
(KIWTG8CNXG&TKXGT$QCTFTGUVKPIHCEGFQYPHTQOKVUECDNGCNNQYUCEEGUUVQ6$
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
9KVJVJG#PCN[\GT6$PQYGZRQUGFEQPPGEVVJKTVGGPQHVJG+PVGTEQPPGEV%CDNGçU
HKHVGGPNGCFUVQVGTOKPCNUVJTQWIJ5GG6CDNGCPF(KIWTGHQTRWTRQUGU
CPFFGUVKPCVKQPUQHNGCFU#NUQUGGé%#76+10êUVGR
C
6CDNG#PCN[\GTCPF)%%QPVTQNNGTKPVGTEQPPGEVNGCFU
$QCTF#ETQP[OU
+PVGTEQPPGEV6GTOKPCN$QCTFQH#PCN[\GT
6$
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
#PCN[\GT %QPVTQNNGT
6$ FRORU FRORU
6$
6GTOKPCN (WPEVKQPEQFG ,6GTOKPCN
6GTOKPCN (WPEVKQPEQFG ,6GTOKPCN
6GTOKPCN (WPEVKQPEQFG ,6GTOKPCN
6GTOKPCN (WPEVKQPEQFG ,6GTOKPCN
6GTOKPCN (WPEVKQPEQFGUVTQDG ,6GTOKPCN
6GTOKPCN %QOOQPHWPEVKQPEQFGU ,6GTOKPCN
6GTOKPCN #WVQ<GTQ
#< ,6GTOKPCN
6GTOKPCN 2TGCORICKPEJCPPGN ,6GTOKPCN
6GTOKPCN 2TGCORICKPEJCPPGN ,6GTOKPCN
6GTOKPCN 2TGCORICKPEJCPPGN ,6GTOKPCN
6GTOKPCN 2TGCORICKPEJCPPGN ,6GTOKPCN
6GTOKPCN %QOOQPRTGCORICKP ,6GTOKPCN
6GTOKPCN #NCTOHWPEVKQP
#( ,6GTOKPCN
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
%#76+105GGUGEVKQPHQTIGPGTCNRTGECWVKQPUEQPEGTPKPI
UKIPCNYKTKPI
(KIWTG#PCN[\GTCPF)%%QPVTQNNGTKPVGTEQPPGEVNGCFU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
#EEGUUVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$CPFEQPPGEVVJGQVJGT
NGCFU QH VJG +PVGTEQPPGEV %CDNG VQ VJG )% %QPVTQNNGT U 6$
UGG KPUVTWEVKQPU KP UGEVKQP
'PUWTGVJCVVJGEQPPGEVKQPUEQTTGURQPFVQVJQUGNKUVGFKP6CDNGCPF(KIWTG
C #V VJKU VKOG [QW OC[ CNUQ YCPV VQ EQORNGVG VJG TGOCKPFGT QH CNN GNGEVTKECN
EQPPGEVKQPUCVVJG)%%QPVTQNNGT+HUQUGGCNNQHUGEVKQPVJKUOCPWCN
#HVGTEQPHKTOKPIVJCVCNN+PVGTEQPPGEV%CDNGVGTOKPCVKQPUCTGEQTTGEVDGVYGGPVJG#PCN[\GT
CPFVJG)%%QPVTQNNGTNKHVVJG8CNXG&TKXGT$QCTFHTQOKVUTGUVKPIRQUKVKQPCPFRNCEGKV
QXGTVJGHQWTJQNFKPIUETGYU
C 4GKPUVCNNVJGHQWTVJWODUETGYUVQUGEWTGVJG8CNXG&TKXGT$QCTFKPRNCEG
+HPGEGUUCT[EQORNGVGYKTKPIEQPPGEVKQPUDGVYGGPVJG#PCN[\GT U8CNXG&TKXGT$QCTFCPF
CP[QRVKQPCNUVTGCOUYKVEJDQCTFU
PQVCRRNKECDNGVQ/QFGN)%5[UVGO
+H PGEGUUCT[ EQORNGVG YKTKPI HQT EQPPGEVKPI #% RQYGT VQ VJG #PCN[\GT YKVJ RTQRGT
EQPPGEVKQPUVQJQVPGWVTCNCPFITQWPFDWVFQPQVVWTPQP#%RQYGTVQVJG#PCN[\GT
[GV
UGG%#76+10DGNQYUGGFGVCKNUHQT#%RQYGTEQPPGEVKQPVQ#PCN[\GTKPUGEVKQP
VJKUOCPWCN
%#76+10&QPQVCRRN[#%GNGEVTKECNRQYGTVQVJG#PCN[\GT
QTVJG)%%QPVTQNNGTWPVKNCNNKPVGTEQPPGEVKQPCPFGZVGTPCNUKIPCN
EQPPGEVKQPU JCXG DGGP XGTKHKGF CPF RTQRGT ITQWPFU JCXG DGGP
OCFG&QPQVCRRN[#%GNGEVTKECNRQYGTYKVJQWVHKTUVXGTKH[KPIVJCV
RTQRGTEQPPGEVKQPUJCXGDGGPOCFGVQ#%JQVPGWVTCNCPFITQWPF
.GCXGVJG#PCN[\GT UNQYGT:,6DQZQRGPKH[QWPGGFVQEQPPGEVUCORNGCPFICUNKPGU
;QWYKNNPGGFVQOCPWCNN[QRGTCVGVJGUCORNGXCNXGUYKVEJGUQPVJG8CNXG&TKXGT$QCTF
1VJGTYKUGTGKPUVCNNVJG%QPFWNGVEQXGTQHVJG#PCN[\GTçUNQYGT:,6DQZ
+HPGEGUUCT[RTQEGGFVQUGEVKQPHQTKPUVTWEVKQPUQPEQPPGEVKPIUCORNGCPFICUNKPGU
VQVJG#PCN[\GT
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
#0#.;<'4#%219'49+4+0)
6QEQPPGEVXQNVU#%2QYGTVQVJG#PCN[\GTHQNNQYVJGUGUVGRU
.QECVGVJGVJTGGNGCFUHQTEQPPGEVKPIXQNVU#%RQYGTVQVJG#PCN[\GT
C .GCFU CTG RKIVCKNGF HTQO VJG #PCN[\GT RQYGT UWRRN[ VJTQWIJ EQPFWKV VQ C
EWUVQOGT RQYGT 026 EQPPGEVKQP FKTGEVN[ DGJKPF VJG NQYGT :,6 DQZ QH VJG
#PCN[\GT
UGGFTCYKPI%'#PCN[\GTFTCYKPIUCFFGPFWOQHVJKUOCPWCN
D .GCFUCTGEQNQTGFCUHQNNQYU
*16 DNCEM
0'764#. YJKVG
)4170& ITGGP
%QPPGEV#PCN[\GT#%RQYGTNGCFUVQRTQRGTN[EQPVTQNNGFXQNVU#%RQYGTUQWTEG
KG
YKVJEKTEWKVDTGCMGTCPFRQYGTFKUEQPPGEVUYKVEJ
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
C /CMG RQYGT NKPG URNKEGU CPF EQPFWKV UGCNU VJCV EQORN[ YKVJ CRRNKECDNG YKTKPI
TGSWKTGOGPVU
HQTJC\CTFQWUGPXKTQPOGPVU
%#76+10&QPQVCRRN[#%GNGEVTKECNRQYGTVQVJG#PCN[\GT
QTVJG)%%QPVTQNNGTWPVKNCNNKPVGTEQPPGEVKQPCPFGZVGTPCNUKIPCN
EQPPGEVKQPU JCXG DGGP XGTKHKGF CPF RTQRGT ITQWPFU JCXG DGGP
OCFG
+HPGEGUUCT[EQPPGEVVJG#PCN[\GT UEJCUUKUITQWPFVQCPGZVGTPCNEQRRGTITQWPFTQF
CV
TGOQVGNQECVKQPU5GGUGEVKQPVJKUOCPWCNTGICTFKPIGNGEVTKECNCPFUKIPCNITQWPF
6QEQPPGEVXQNVU#%2QYGTVQVJG#PCN[\GTHQNNQYVJGUGUVGRU
.QECVG VJG GZRNQUKQP RTQQH %QPFWNGV DQZ HQT EQPPGEVKPI XQNVU #%RQYGT VQ VJG
#PCN[\GT
C 6JG GZRNQUKQP RTQQH %QPFWNGV DQZ HQT EQPPGEVKPI XQNVU #%RQYGT
CPF
GPENQUGFRQYGTVTCPUHQTOGTKUCXCKNCDNGCUCPQRVKQPHQTVJGUGTKGU#PCN[\GT
D 6JGXQNVU#%RQYGT%QPFWNGVDQZKUNQECVGFDGNQYCPFDGJKPFVJGNQYGT:,6
DQZQHVJG#PCN[\GT
1RGPVJGDQZCPFEQPPGEV#%RQYGTUQWTEGECDNGVQXQNVU#%VTCPUHQTOGTKPUKFG
C 6GTOKPCNUCTGKNNWUVTCVGFKP(KIWTG
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
D 'PUWTG VJCV #% RQYGT UQWTEG HQT #PCN[\GT KU RTQRGTN[ EQPVTQNNGF
KG EKTEWKV
DTGCMGTCPFRQYGTFKUEQPPGEVUYKVEJ
(KIWTG6TCPUHQTOGTEQPPGEVKQPUHQTXQNVU#%RQYGTVQ#PCN[\GT
#HVGTOCMKPIEQPPGEVKQPUVQVGTOKPCNUENQUGVJGXQNVVTCPUHQTOGT%QPFWNGVDQZCPF
OCMG EQPFWKV UGCNU VJCV EQORN[ YKVJ CRRNKECDNG YKTKPI TGSWKTGOGPVU
HQT JC\CTFQWU
GPXKTQPOGPVU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
%#76+10&QPQVCRRN[#%GNGEVTKECNRQYGTVQVJG#PCN[\GT
QTVJG)%%QPVTQNNGTWPVKNCNNKPVGTEQPPGEVKQPCPFGZVGTPCNUKIPCN
EQPPGEVKQPU JCXG DGGP XGTKHKGF CPF RTQRGT ITQWPFU JCXG DGGP
OCFG
+HPGEGUUCT[EQPPGEVVJG#PCN[\GT UEJCUUKUITQWPFVQCPGZVGTPCNEQRRGTITQWPFTQF
CV
TGOQVGNQECVKQPU5GGUGEVKQPVJKUOCPWCNTGICTFKPIGNGEVTKECNCPFUKIPCNITQWPF
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
5#/2.'#0&)#5.+0'5
6QKPUVCNN)%UCORNGCPFICUNKPGUHQNNQYVJGUGUVGRU
016' #VVJKUUVCIGKPVJGKPUVCNNCVKQPVJG#PCN[\GT/GCUWTG8GPV
/8
NKPG
OCTMGF/8KUNGHVRNWIIGFWPVKN#PCN[\GTNGCMEJGEMUCTG
EQORNGVGF(QTTGIWNCT#PCN[\GTQRGTCVKQPJQYGXGTVJG/8NKPG
OWUVDGWPRNWIIGFQTQRGP
*+06 &Q PQV FKUECTF VJG XGPV NKPG RNWIU 6JG[ CTG WUGHWN CV CP[ VKOG
YJGP NGCMEJGEMKPI VJG #PCN[\GT CPF KVU UCORNG QT ICU NKPG
EQPPGEVKQPU
C +HFGUKTGFEQPPGEV58XGPVNKPGVQCPGZVGTPCN
CODKGPVRTGUUWTGXGPV+HVJG
XGPVNKPGKUVGTOKPCVGFKPCPCTGCGZRQUGFVQYKPFRTQVGEVVJGGZRQUGFXGPVYKVJ
COGVCNUJKGNF
D 7UGKPEJQTKPEJVWDKPIHQTXGPVNKPGUNQPIGTVJCPHGGV
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
%QPPGEVECTTKGTICUVQ#PCN[\GT
&1016674010)#5#66*+56+/'
+/2146#065GG#RRGPFKZ$VJKUOCPWCNHQTCFGUETKRVKQP
QH C FWCNE[NKPFGT ECTTKGT ICU OCPKHQNF
&CPKGN +PFWUVTKGU RCTV
PWODGTYKVJVJGUGHGCVWTGU
%CTTKGTICUKUHGFHTQOVYQDQVVNGU
9JGPQPGDQVVNGKUPGCTN[GORV[
RUKIVJGQVJGTDQVVNG
DGEQOGUVJGRTKOCT[UWRRN[
'CEJ DQVVNG ECP DG FKUEQPPGEVGF HQT TGHKNNKPI YKVJQWV
KPVGTTWRVKPI)%QRGTCVKQP
C 7UGKPEJUVCKPNGUUUVGGNVWDKPIVQEQPFWEVJGNKWOECTTKGTICU
D 7UGFWCNUVCIGTGIWNCVQTJKIJUKFGECRCEKV[RUKINQYUKFGECRCEKV[RUKI
E #PCN[\GT ECTTKGT ICU KPNGV KU C KPEJ HKVVKPI NQECVGF DGJKPF VJG NQYGT :,6
%QPFWNGVDQZ
UGGFTCYKPI%'KPVJG#PCN[\GTFTCYKPIUCFFGPFWOVQVJKU
OCPWCN
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
C 7UGKPEJUVCKPNGUUUVGGNVWDKPIVQEQPFWEVECNKDTCVKQPUVCPFCTFICU
D 7UGFWCNUVCIGTGIWNCVQTNQYUKFGECRCEKV[WRVQRUKI
E %CNKDTCVKQP ICU KPNGV KU KFGPVKHKGF KP VJG CRRNKECDNG 5CORNG %QPFKVKQPKPI 5[UVGO
5%5 FTCYKPI KP VJG #PCN[\GT FTCYKPIU CFFGPFWO VQ VJKU OCPWCN
5GG
FTCYKPIU%'%'%'%'QT%'
%QPPGEVUCORNGICUUVTGCO
UVQ#PCN[\GT
&1016674010)#5#66*+56+/'
C 7UGKPEJQTKPEJUVCKPNGUUUVGGNVWDKPIVQEQPFWEVECNKDTCVKQPUVCPFCTFICU
D 'PUWTGVJCVRTGUUWTGQHUCORNGNKPGKUTGIWNCVGFVQOCKPVCKPRUKIv
E 5CORNG ICU UVTGCO KPNGV
U CTG KFGPVKHKGF KP VJG CRRNKECDNG 5CORNG %QPFKVKQPKPI
5[UVGO
5%5 FTCYKPI KP VJG #PCN[\GT FTCYKPIU CFFGPFWO VQ VJKU OCPWCN
5GGFTCYKPIU%'%'%'%'QT%'
#HVGTCNNNKPGUJCXGDGGPKPUVCNNGFRTQEGGFYKVJ%QPVTQNNGTYKTKPIEQPPGEVKQPU
UGGPGZV
UGEVKQP
C .GCMEJGEMRTQEGFWTGUHQTVJG)%UCORNGCPFICUNKPGUCTGIKXGPKPUGEVKQP
VJKUOCPWCN6JG[TGSWKTG#%RQYGTVQDGVWTPGFQPCVVJG#PCN[\GT
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
+056#..+0)6*')%%10641..'4
/1&$755.#8'#&&4'55
%1//+&5'672
016' 6JG )% %QPVTQNNGT U %QOO +& KU FGVGTOKPGF D[ FWCN KPNKPG
RCEMCIG
&+2UYKVEJUGVVKPIU+POQUVECUGUVJG%QOO+&UGVWR
OCFG CV VJG HCEVQT[ YKNN PQV PGGF EJCPIKPI
7PNGUU QVJGTYKUG
URGEKHKGF D[ VJG EWUVQOGT VJG &+2 UYKVEJ UGVVKPIU OCFG CV VJG
HCEVQT[IKXGVJG%QPVTQNNGTC%QOO+&QH
QPG
6JKU UGEVKQP CRRNKGU QPN[ VQ )% U[UVGOU YJKEJ JCXG PQV DGGP
UJKRRGF RTGYKTGF QT OC[ PQV JCXG JCF VJG %QOO +& UGV
CEEQTFKPIVQEWUVQOGTURGEKHKECVKQPU
(QNNQYVJGUVGRUKPVJKUUGEVKQPQPN[KH[QWYKUJVQFQVJGHQNNQYKPI
%JCPIGVJG)%%QPVTQNNGT U%QOO+&QT
8KUWCNN[KPURGEVCPFXGTKH[VJG%QOO+&CUFGVGTOKPGFD[
VJG&+2UYKVEJUGVVKPIU
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
6QKPURGEVQTEJCPIGVJG)%%QPVTQNNGT U%QOO+&UGVWRHQNNQYVJGUGUVGRU
#VVJG)%%QPVTQNNGTUKVGTGOQXGVJG%QPVTQNNGTGPENQUWTG UHTQPVRCPGN
C (QT VJG GZRNQUKQP RTQQH %QPVTQNNGT VJG HTQPV RCPGN KU UGEWTGF D[ UETGYU
4GOQXGVJQUGUETGYUHKTUV
D 6JGP ECTGHWNN[ NQYGT VJG HTQPV RCPGN QP KVU DQVVQO JKPIGU 6JG HTQPV RCPGN KU
JGCX[UQOCMGUWTGKVFQGUPQVFTQRCPFECWUGFCOCIG
E (QTVJGTCEMOQWPV%QPVTQNNGTVJGTGCTQHVJGGPENQUWTGKUQRGPKVCNNQYUCEEGUU
HQTOQUVHKGNFYKTKPIRTQEGFWTGUYKVJQWVTGOQXKPIVJGGPENQUWTG
.QECVGVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$6JG6$KUCVVCEJGFVQ
VJG)%%QPVTQNNGT UECTFECIGCUUGODN[HCEKPIVJGGPENQUWTG UHTQPVRCPGN
+PVJGTCEM
OQWPV%QPVTQNNGTVJG6$HCEGUQWVYCTFVQYCTFVJGTGCTQHVJGGPENQUWTG
.QQUGPVJGUKZUETGYUVJCVUGEWTGVJG6$6JGPWPRNWIVJG6$HTQOKVUEQPPGEVKQPUCVVJG
DCEMVQRQHVJGDQCTF
.QYGTVJG6$FQYPCPFQWVQHVJGYC[JGNFKPRNCEGD[KVUITQWPFUVTCRUCVVJGDQVVQO
QHVJGDQCTF6JKUGZRQUGUVJG%CTF%CIG#UUGODN[
.QQUGPVJGHQWTUETGYUVJCVUGEWTGVJG%CTF%CIG#UUGODN[VQVJGEJCUUKU6JGPTGOQXG
VJG%CTF%CIG#UUGODN[CYC[HTQOKVUEJCUUKUOQWPVUQVJCVKVKUGCU[VQYQTMQP
.QECVGVJG5[UVGO+PVGTHCEGCPF&TKXGT$QCTF+VKUOQWPVGFVQVJGVQRQHVJG%CTF%CIG
#UUGODN[
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
1PVJG5[UVGO+PVGTHCEGCPF&TKXGT$QCTFNQECVGVJG/QFDWUUNCXGCFFTGUU
%QOO+&
&+2UYKVEJ+VKUNCDGNGF5CPFOQWPVGFQPVJGWRRGTNGHVEQTPGTQHVJGDQCTF
PGCTVJG
ECDNGEQPPGEVQTU,,CPF,
C 6JG&+2UYKVEJNKGUWPFGTPGCVJVJGTKDDQPECDNGUVJCVCTGEQPPGEVGFVQVJG5[UVGO
+PVGTHCEGCPF&TKXGT$QCTF+PQTFGTVQHWNN[CEEGUU5[QWOC[PGGFVQWPRNWI
VJGHQNNQYKPITKDDQPECDNGEQPPGEVKQPU
,,,,,,,,,CPF,
+PURGEVQTEJCPIGVJG&+2UYKVEJUGVVKPIUCUPGEGUUCT[
C 5GG6CDNGPGZVRCIGCUCIWKFG
D /CMGUWTG[QWTGEQTFKPVJG)%%QPVTQNNGT UOCKPVGPCPEGTGEQTFUCP[EJCPIGU[QW
OCMGVQVJGUYKVEJUGVVKPIU
9JGPHKPKUJGFYKVJVJGKPURGEVKQPQTEJCPIGUTGRNWICNNECDNGUVQVJG5[UVGO+PVGTHCEGCPF
&TKXGT$QCTFTGKPUVCNNVJG%CTF%CIG#UUGODN[CPFTGKPUVCNNVJG%QPVTQNNGT6$
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
6CDNG/QFDWUUNCXGCFFTGUU
%QOO+&&+2UYKVEJUGVVKPIU
'ZRNCPCVKQP
2 /CMGUGVVKPIUQPUYKVEJ5NQECVGFQPVJG5[UVGO+PVGTHCEGCPF&TKXGT$QCTF
2 5YKVEJGUVJTQWIJHQTOCDKVDKPCT[PWODGTHQTUGVVKPIVJG/QFDWUUNCXG
CFFTGUU
CNUQMPQYPCU%QOO+&QT&GXKEG+&
2 5YKVEJPWODGTKUVJGNGCUVUKIPKHKECPVDKVCPFUYKVEJPWODGTKUVJGOQUV
UKIPKHKECPVDKV
2 5YKVEJVQ 10
5YKVEJVQ 1((
2 5YKVEJGUVJTQWIJCTGUGVVQ10RQUKVKQPCUPGGFGFHQTKPFKECVKPIVJG
RTGUGPEGQHQRVKQPCN)%%QPVTQNNGTEKTEWKVDQCTFU
&GEKOCN
'ZCORNG5GVVKPIU PWODGT
%QOO+&
10 2
2 2 2 2
10 2
2
2
2
2
10 2 2
2 2 2 6JKUUYKVEJKPFKECVGU/QFDWUCFFTGUU
QT
%QOO+&KUUGVVQ
QPGCPF&52+1
CPF/QFGODQCTFUCTGRTGUGPV
10 2
2
2
2
2
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
%10641..'4#0#.;<'49+4+0)
016' 6JKU UGEVKQP CRRNKGU QPN[ VQ )% U[UVGOU YJKEJ JCXG PQV DGGP
UJKRRGFRTGYKTGF+POQUVECUGUVJGGZRNQUKQPRTQQHU[UVGOYKNN
CNTGCF[ JCXG JCF VJG %QPVTQNNGT#PCN[\GT EQPPGEVKQPU OCFG +H
[QWTU[UVGOJCUCNTGCF[DGGPYKTGFUMKRVJKUUGEVKQPCPFRTQEGGF
VQVJGPGZVUGEVKQP
+/2146#06#RRNKECDNGVQVJGFKIKVCNCPFCPCNQI+1NKPGU
EQPPGEVKPIVQVJG)%%QPVTQNNGTKPENWFKPIVJG%QPVTQNNGT#PCN[\GT
+PVGTEQPPGEVNKPGU#P[NQQRQHGZVTCECDNGNGHVHQTUGTXKEGRWTRQUGU
KPUKFG VJG )% %QPVTQNNGT GZRNQUKQP RTQQH JQWUKPI OWUV PQV DG
RNCEGFPGCTVJGEQPFWKVGPVT[HQT#%RQYGT
+HVJGCDQXGRTGECWVKQPKUPQVHQNNQYGFVJGFCVCCPFEQPVTQNUKIPCNU
VQCPFHTQOVJG)%%QPVTQNNGTECPDGCFXGTUGN[CHHGEVGF
6QOCMGYKTKPIEQPPGEVKQPUDGVYGGPVJG)%%QPVTQNNGTCPF#PCN[\GTHQNNQYVJGUGUVGRU
&KUEQPPGEVCNNGNGEVTKECNRQYGTVQDQVJVJG#PCN[\GTCPFVJG)%%QPVTQNNGT
'PUWTG VJCV +PVGTEQPPGEV %CDNG YKTKPI EQPPGEVKQPU VQ VJG #PCN[\GT JCXG DGGP OCFG CU
GZRNCKPGFGCTNKGTKPUGEVKQPVJKUOCPWCN
#VVJG)%%QPVTQNNGTUKVGTGOQXGVJG%QPVTQNNGTGPENQUWTG UHTQPVRCPGN
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
C (QT VJG GZRNQUKQP RTQQH %QPVTQNNGT VJG HTQPV RCPGN KU UGEWTGF D[ UETGYU
4GOQXGVJQUGUETGYUHKTUV
D 6JGP ECTGHWNN[ NQYGT VJG HTQPV RCPGN QP KVU DQVVQO JKPIGU 6JG HTQPV RCPGN KU
JGCX[UQOCMGUWTGKVFQGUPQVFTQRCPFECWUGFCOCIG
E (QTVJGTCEMOQWPV%QPVTQNNGTVJGTGCTQHVJGGPENQUWTGKUQRGPKVCNNQYUCEEGUU
HQTOQUVHKGNFYKTKPIRTQEGFWTGUYKVJQWVTGOQXKPIVJGGPENQUWTG
.QECVGVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$6JG6$KUCVVCEJGFVQ
VJG)%%QPVTQNNGT UECTFECIGCUUGODN[HCEKPIVJGGPENQUWTG UHTQPVRCPGN
+PVJGTCEM
OQWPV%QPVTQNNGTVJG6$HCEGUQWVYCTFVQYCTFVJGTGCTQHVJGGPENQUWTG
4QWVGVJG#PCN[\GT%QPVTQNNGT+PVGTEQPPGEV%CDNGCRRTQRTKCVGN[GURGEKCNN[KPVJGECUGQH
VJGGZRNQUKQPRTQQH%QPVTQNNGTGPENQUWTG
UGG(KIWTG
(KIWTG5GRCTCVGEQPFWKVGPVTKGUHQTECDNGKPQWVQH)%%QPVTQNNGT
/CMG+PVGTEQPPGEV%CDNGYKTKPIEQPPGEVKQPUVQVJG)%%QPVTQNNGT6$CUNKUVGFGCTNKGT
UGG
UGEVKQP6CDNG
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
%10641..'42%9+4+0)
5'4+#.%100'%6+105
#RTGHGTTGFOGVJQFHQTQRGTCVKPIC/QFGN)%5[UVGOKUHTQOCEQPPGEVGFRGTUQPCN
EQORWVGT
2%6JG2%OWUVDG
C TWPPKPI/10UQHVYCTGCPF
D EQPPGEVGFVQVJG)%5[UVGOD[CUGTKCNNKPM
6JKU UGEVKQP QH VJG OCPWCN CFFTGUUGU VJG XCTKQWU RQUUKDKNKVKGU HQT YKTKPI C UGTKCN EQPPGEVKQP
DGVYGGPC2%CPFVJG)%5[UVGO
$GHQTG%QPPGEVKPI
$GHQTGEQPPGEVKPIC2%VQVJG)%%QPVTQNNGTFGVGTOKPGVJGHQNNQYKPI
9JCVUGTKCNRQTVUCTGCXCKNCDNGCVVJG2%!9JGP[QWUGNGEVQPGEQPUKFGTVJGUGRQKPVU
C (#%65VCPFCTF2%UGTKCNRQTVUCTGV[RG45
D 7UWCNN[VJGTGCTGVYQGZVGTPCNUGTKCNRQTVLCEMUQPC2%NQECVGFQPVJGTGCTRCPGN
/QUVQHVGPVJG[CTGGKVJGT&$QT&$OCNG
UGGDGNQY
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
E 2%UGTKCNRQTVUECPDGFGUKIPCVGFCU%1/VJTQWIJ%1/CPFVJG[ECPDG
WUGFD[QVJGTRGTKRJGTCNGSWKROGPVCVVCEJGFVQVJG2%UWEJCURTKPVGTUOKEGQT
OQFGOUGVE
+/2146#06;QWYKNNPGGFVQEQPPGEVVJG)%%QPVTQNNGTVQQPGQHVJG2% U
CXCKNCDNGQTWPWUGFUGTKCNRQTVU
6QFGVGTOKPGYJKEJ2%UGTKCNRQTVUCTGCNTGCF[DGKPIWUGFD[QVJGTGSWKROGPVCPF
YJKEJRQTVECPDGWUGFHQTEQPPGEVKPIVQVJG)%%QPVTQNNGTPQVGGZKUVKPIUGTKCN
EQPPGEVKQPUTGHGTVQ[QWT2%WUGT UOCPWCNCPFWUGFKCIPQUVKEUQHVYCTG
UWEJCU
0QTVQP7VKNKVKGU
9JCVUGTKCNRQTVUCTGCXCKNCDNGCVVJG)%%QPVTQNNGT!9JGP[QWUGNGEVQPGEQPUKFGTVJGUG
RQKPVU
C 6JG)%%QPVTQNNGT U%1/UGTKCNEJCPPGNKUWUWCNN[TGUGTXGFHQTEQPPGEVKPIC2%
GURGEKCNN[ HQT UGTXKEG QT VTQWDNGUJQQVKPI RWTRQUGU UKPEG VJG )% %QPVTQNNGT U
GCU[CEEGUUHTQPVRCPGNUGTKCNRQTVKUEQPPGEVGFVQUGTKCNEJCPPGN%1/
UGG(KIWTG
5
87(
203
72 & 7 25
1(&
&21
'%
(KIWTG6JGHTQPVRCPGNUGTKCNRQTVKUEQPPGEVGFVQ)%%QPVTQNNGT UUGTKCNEJCPPGN%1/
D 6JG%QPVTQNNGT U%1/UGTKCNEJCPPGNKUWUWCNN[TGUGTXGFHQTWUGD[COQFGO
GURGEKCNN[KHVJG)%%QPVTQNNGTYCUQTFGTGFHTQO&CPKGN+PFWUVTKGUYKVJCPKPVGTPCN
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
E #P[ QPG QH VJG %QPVTQNNGT U HQWT UGTKCN EJCPPGNU EQWNF CNUQ DG TGUGTXGF HQT
EQPPGEVKPIVQC&CVC%QNNGEVKQP5[UVGOU
&%5QTOWNVKFTQRUGTKCNFCVCJKIJYC[
U[UVGO
CPFVJWUYQWNFDGWPCXCKNCDNGHQTCUGTKCN2%EQPPGEVKQP
+UVJGEQPPGEVKQPVQDGOCFGKPC
0QPJC\CTFQWUGPXKTQPOGPV!
5JQTVFKUVCPEGDGVYGGPVJG2%CPF%QPVTQNNGT!
9KVJVGORQTCT[QTRGTOCPGPVECDNGEQPPGEVKQP!
C 5GGUGEVKQP2%VQ)%(TQPV2CPGN3WKEMCPF'CU[45
+UVJGEQPPGEVKQPVQDGOCFGKPC
*C\CTFQWUQTPQPJC\CTFQWUGPXKTQPOGPV!
5JQTVFKUVCPEGDGVYGGPVJG2%CPF%QPVTQNNGT!
2GTOCPGPVECDNGEQPPGEVKQP!
C 5GGUGEVKQP2%VQ)%2GTOCPGPV%CDNG%QPPGEVKQPHQT5JQTV&KUVCPEG
45
+UVJGEQPPGEVKQPVQDGOCFGYKVJC
.QPIFKUVCPEGDGVYGGPVJG2%CPF%QPVTQNNGT!
2GTOCPGPVECDNGEQPPGEVKQP!
C 5GGUGEVKQP2%VQ)%.QPI&KUVCPEGYKVJ45QT45
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
2%VQ)%(TQPV2CPGN3WKEMCPF'CU[45
6QEQPPGEVC2%VQVJG)%%QPVTQNNGT UHTQPVRCPGN&$UGTKCNRQTVLCEMRTQEGGFCUHQNNQYU
9#40+0) &QPQVQRGTCVGC2%KPCJC\CTFQWUGPXKTQPOGPV
&QPQVOCMGQTDTGCMHTQPVRCPGNYKTKPIEQPPGEVKQPUKPCJC\CTFQWU
GPXKTQPOGPV +P C JC\CTFQWU GPXKTQPOGPV GPUWTG VJCV HKGNF
EQPPGEVKQPUVQVJG#PCN[\GTQT)%%QPVTQNNGT
KPENWFKPIUGTKCNRQTV
CTGOCFGVJTQWIJGZRNQUKQPRTQQHEQPFWKVQTHNCOGRTQQHINCPFU
1DVCKPCUVTCKIJVVJTQWIJUGTKCNECDNG
C HGGVNQPIQTNGUU
D &$QT&$HGOCNGRNWICVQPGGPF
HQT2%EQPPGEVKQPCPF
E &$OCNGRNWICVVJGQVJGTGPF
HQT)%EQPPGEVKQP
F ;QW ECP DW[ VJKU V[RG QH ECDNG YKVJ RNWIGPFU CNTGCF[ KPUVCNNGF HTQO OQUV
EQORWVGTUWRRN[TGVCKNGTUUQVJGTGUJQWNFDGPQPGGFVQEWUVQOYKTGCUGTKCNECDNG
HQTVJKUV[RGQHEQPPGEVKQP
+HJQYGXGTKVKUPGEGUUCT[VQEWUVQOYKTGCECDNG
DGECWUGQHEKTEWOUVCPEGUUGGIWKFGNKPGURTQXKFGFKP#RRGPFKZ#VJKUOCPWCN
%QPPGEVVJGUGTKCNECDNG URNWIUVQVJGCRRTQRTKCVGUGTKCNRQTVLCEMUCVVJG2%CPF)%
HTQPV
RCPGN6JGPWUGVJGUQHVYCTG/10VQ%QPPGEVCPFQRGTCVGVJG)%CUPGGFGF
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
2%VQ)%2GTOCPGPV%CDNG%QPPGEVKQPHQT5JQTV&KUVCPEG45
#PQVJGTYC[VQEQPPGEVC2%VQVJG)%%QPVTQNNGTKUYKVJUVTCKIJVVJTQWIJUGTKCNECDNGEQPPGEVGF
VQQPGQHVJG)%%QPVTQNNGT UKPVGTPCNUGTKCNRQTVUNQECVGFQPVJG%QPVTQNNGT U6GTOKPCN$QCTFHQT
HKGNFYKTKPI
6$
+HVJGNGPIVJQHECDNGECPDGHGGVQTNGUUEQPPGEVVJGUGTKCNECDNGVQQPGQHVJG)%%QPVTQNNGT U
UGTKCNRQTVUEQPHKIWTGFHQT45
4GECNNVJCVQWVRWVHTQOCUVCPFCTF2%UGTKCNRQTVHQNNQYU
45 UGTKCN FGHKPKVKQP %CDNG VJCV KU NQPIGT VJCP HGGV YJGP WUGF HQT 45 UGTKCN
VTCPUOKUUKQPECPTGUWNVKPURWTKQWUNQUUQTEQTTWRVKQPQHFCVC
6QEQPPGEVC2%VQQPGQHVJG)%%QPVTQNNGT UKPVGTPCNUGTKCNRQTVLCEMURTQEGGFCUHQNNQYU
#EEGUUVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$
C +HPGEGUUCT[UGGKPUVTWEVKQPURTQXKFGFKPUGEVKQPUVGR
%JQQUGCPCXCKNCDNGUGTKCNRQTVQPVJG6$VJCVKUEQPHKIWTGFHQT45UGTKCNRTQVQEQN
C 6JGGCUKGUVQRVKQPKUVQWUGCUVTCKIJVVJTQWIJUGTKCNECDNGNKMGVJGQPGFGUETKDGF
HQTVJG)%%QPVTQNNGTHTQPVRCPGNEQPPGEVKQP
UGGUGEVKQPCPFEQPPGEVKV
VQGKVJGTQPGQHVJG&$HGOCNGLCEMUQPVJG6$
D #PQVJGT QRVKQP KU VQ WUG C &KTGEV 5GTKCN %QPPGEV %CDNG
&CPKGN +PFWUVTKGU RCTV
PWODGTQTHCDTKECVGQPGNKMGKV
%QPPGEVVJG&$HGOCNGRNWIGPFVQVJG&$OCNGUGTKCNRQTVQPVJG2%
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
%QPPGEVVJGECDNG UGZRQUGFNGCFUVQVJG)%UGTKCNRQTVQPVJG6$
9JGPVJG&$HGOCNGRNWIQHVJGECDNGKUEQPPGEVGFVQCUVCPFCTF2%KVU
UKZNGCFUYKNNDGEQPHKIWTGFHQT45CUUJQYPKP6CDNG
6CDNG&KTGEVUGTKCNEQPPGEVECDNG&CPKGN2CTV0Q
&%&
4.5& TGF &%&
4.5&
5
4Z&
+0
YJKVG 5 176
6Z&
5 176
6Z& DNCEM 5 176
6Z&
)0& ITGGP )0&
465 DNWG %65
%65 DTQYP 465
E 5VKNN CPQVJGT QRVKQP KU VQ HCDTKECVG C UGTKCN ECDNG CPF KVU RNWIGPFU D[ HQNNQYKPI
IWKFGNKPGURTQXKFGFKP#RRGPFKZ#VJKUOCPWCN
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
2%VQ)%.QPI&KUVCPEGYKVJ45QT45
45 CPF 45 UGTKCN RTQVQEQNU CTG TGEQOOGPFGF HQT NQPIGT FKUVCPEG UGTKCN EQPPGEVKQPU
DGVYGGPVJG2%CPF)%5[UVGO
KGFKUVCPEGUITGCVGTVJCPVJGHGGV
6QEQPPGEVC2%VQQPGQHVJG)%%QPVTQNNGT UKPVGTPCNUGTKCNRQTVLCEMUVJCVCEEGRV45
QT45UGTKCNRTQVQEQNRTQEGGFCUHQNNQYU
1DVCKPVJGHQNNQYKPIGSWKROGPV
C #PCU[PEJTQPQWUNKPGFTKXGTKPVGTHCEGFGXKEGYKVJ45KPRWVCPF45QT
45QWVRWV
5GG#RRGPFKZ#VJKUOCPWCNHQTGZCORNGDTCPFCPFOQFGN
D 5JKGNFGF EQORWVGTITCFG VYKUVGF RCKT ECDNG
VQ EQPPGEV VJG CU[PEJTQPQWU NKPG
FTKXGTFGXKEGVQVJG)%
E #UVTCKIJVVJTQWIJUGTKCNECDNG
VQEQPPGEVVJG2%VQVJGNKPGFTKXGT
%QPPGEVVJGUVTCKIJVVJTQWIJUGTKCNECDNGHTQOVJG2% UUGTKCNRQTVVQVJG45UGTKCNRQTV
QHVJGNKPGFTKXGTFGXKEG6JGPEQPPGEVVJGVYKUVGFRCKTECDNGVQVJG4545UGTKCN
RQTVQHVJGNKPGFTKXGT
#EEGUUVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$
C +HPGEGUUCT[UGGKPUVTWEVKQPURTQXKFGFKPUGEVKQPUVGR
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
%JQQUGCPCXCKNCDNGUGTKCNRQTVQPVJG6$VJCVKUEQPHKIWTGFHQT45QT45UGTKCN
RTQVQEQNCPFEQPPGEVVJGVYKUVGFRCKTECDNGHTQOVJGNKPGFTKXGT
5GG#RRGPFKZ#VJKU
OCPWCNHQTGZCORNGEQPPGEVKQP
#NUQUGGUGEVKQPVJKUOCPWCNHQTNKUVQHRQTVUCPF
VGTOKPCNUCUUKIPGFVQUGTKCNEQOOWPKECVKQPU
016' (QTVJGGZRNQUKQPRTQQHXGTUKQPQHVJG/QFGN)%%QPVTQNNGT
WPNGUU URGEKHKGF QVJGTYKUG D[ EWUVQOGT QTFGT UGTKCN EJCPPGNU
%1/CPF%1/CTGEQPHKIWTGFD[FGHCWNVHTQOVJGHCEVQT[HQT
45
(QTVJGTCEMOQWPVQTTGVTQHKVXGTUKQPUUGTKCN EJCPPGNU
%1/ CPF %1/ CTG EQPHKIWTGF D[ FGHCWNV HQT 45 (QT
HWTVJGTFGVCKNUUGGUGEVKQPVJKUOCPWCNCPFFTCYKPIU%'
%' CPF &' )% %QPVTQNNGT FTCYKPIU
CFFGPFWO
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
5'4+#.%1//70+%#6+1055'6725
6JG)%%QPVTQNNGTJCUHQWTUGTKCNEQOOWPKECVKQPUEJCPPGNU%1/%1/%1/CPF%1/
6JTQWIJLWORGTUGVVKPIUVJG[ECPDGEQPHKIWTGFHQTVJGHQNNQYKPIUGTKCNUKIPCNFGHKPKVKQPU45
45QT45
6JGUGTKCNUKIPCNFGHKPKVKQPUCPFVJGRQTVUVJCVUWRRQTVVJGOCTGCUHQNNQYU
6JGUGTKCNRQTVUCPFVGTOKPCNUNKUVGFCDQXGCTGNQECVGFQPVJG)%%QPVTQNNGTçU6GTOKPCN$QCTFHQT
HKGNFYKTKPI
6$
5GTKCN RQTVU EQPHKIWTGF HQT 45 CTG OQUV EQOOQPN[ WUGF HQT FKTGEV UGTKCN EQOOWPKECVKQP
DGVYGGPVJG%QPVTQNNGTCPFC2%QTOQFGO
016' 6JGHTQPVRCPGNUGTKCNRQTVQPVJG)%%QPVTQNNGTKUEQPHKIWTGFHQT
45D[FGHCWNVCPFKUEQPPGEVGFVQVJG%QPVTQNNGT UUGTKCNRQTV
%1/%QPUGSWGPVN[VJG%QPVTQNNGT U%1/KUWUWCNN[TGUGTXGF
HQTFKTGEVUGTKCNEQOOWPKECVKQPDGVYGGPVJG%QPVTQNNGTCPFC2%
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
016' # VGNGRJQPG OQFGO ECP DG EQPPGEVGF VQ CP[ QH VJG %QPVTQNNGT U
UGTKCN RQTVU EQPHKIWTGF HQT 45 (QT FKTGEVKQPU QP JQY VQ
EQPPGEV C OQFGO VQ VJG )% %QPVTQNNGT UGG VJG /10
5QHVYCTG HQT )CU %JTQOCVQITCRJ 7UGT /CPWCN
2CTV 0WODGT
016' +PCP[/QFDWUJQUVUNCXG&%5QTOWNVKFTQRUGTKCNFCVCJKIJYC[
PGVYQTMVJGTGOWUVQPN[DGQPGJQUVVQYJKEJCP[QPGQHVJG)%
%QPVTQNNGT UUGTKCNRQTVUECPTGURQPFCUC/QFDWUUNCXG
9KVJ
HQWTUGTKCNRQTVUVJG/QFGN%QPVTQNNGTEQWNFDGEQPPGEVGFVQ
COCZKOWOQHHQWTFKHHGTGPVUGTKCNFCVCPGVYQTMU
(QTOQTGFGVCKNUCDQWVWUKPIVJGUQHVYCTG/10VQEQPHKIWTGVJG
)% %QPVTQNNGT HQT /QFDWU EQOOWPKECVKQP
CPF FGVGTOKPKPI
EQPVGPVUQHVJG%QPVTQNNGT U/QFDWUTGIKUVGTUUGGVJG/10
5QHVYCTG HQT )CU %JTQOCVQITCRJ 7UGT /CPWCN
2CTV 0WODGT
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6QEQPPGEVUGTKCNEQOOWPKECVKQPUNKPGUVQVJG)%%QPVTQNNGTHQNNQYVJGUGUVGRU
#EEGUUVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$
C +HPGEGUUCT[UGGKPUVTWEVKQPUKPUGEVKQPUVGR
4QWVGUGTKCNEQOOWPKECVKQPUNKPGUCRRTQRTKCVGN[GURGEKCNN[KPVJGECUGQHVJGGZRNQUKQP
RTQQH%QPVTQNNGTGPENQUWTG
UGG(KIWTG
(KIWTG5GRCTCVGEQPFWKVGPVTKGUHQTECDNGKPQWVQH)%%QPVTQNNGT
/CMGUGTKCNEQOOWPKECVKQPUNKPGEQPPGEVKQPUVQVJG)%%QPVTQNNGT6$6JGRQTVPWODGTU
CPFRKPQWVUCTGNKUVGFKPVJGHQNNQYKPI5GTKCN5RGEKHKECVKQPUUGEVKQPU
VJTQWIJ
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
+/2146#06 'CEJQHVJGXCTKQWUEQODKPCVKQPUCXCKNCDNGHQT
)%%QPVTQNNGTUGTKCNEQOOWPKECVKQPURQTVU
KG4545QT
45TGSWKTGVJGHQNNQYKPI
5RGEKHKELWORGTUGVVKPIUQPVJG&52+1DQCTFCPF
5RGEKHKE VTCPUKGPV RTQVGEVKQP OQFWNGU QP VJG %QPVTQNNGT U
6$
+POQUVKPUVCPEGUKPUVCNNCVKQPQHVJGUGLWORGTUGVVKPIUCPFVTCPUKGPV
RTQVGEVKQPOQFWNGUTGSWKTGUPQOQFKHKECVKQP+VJCUDGGPRGTHQTOGF
CV VJG HCEVQT[ RTKQT VQ UJKROGPV QH VJG )% 5[UVGO CEEQTFKPI VQ
EWUVQOGTURGEKHKECVKQPUHQTUGTKCNEQOOWPKECVKQPUTGSWKTGOGPVU
+HJQYGXGT[QWCTGEJCPIKPIQTCFFKPIUGTKCNEQOOWPKECVKQPUVQ
VJG )% %QPVTQNNGT GPUWTG VJCV VJG EQTTGEV LWORGTU CTG UGV CPF
VTCPUKGPV RTQVGEVKQP OQFWNGU CTG KPUVCNNGF 5GG #RRGPFKZ % CPF
FTCYKPI%'KPVJG)%%QPVTQNNGTFTCYKPIUCFFGPFWOVJKU
OCPWCN
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
455GTKCN5RGEKHKECVKQPU
2QTVU
/CZKOWOPWODGTQH45RQTVUCXCKNCDNGHQWT
UGGUGEVKQPYJKEJCTGTQWVGFVQ
&$RNWIEQPPGEVKQPU
HGOCNG
2
%1/CPF2
%1/QT
2JQGPKZRNWIEQPPGEVKQPU
QTDCTGYKTGEQPPGEVKQPU
)%%QPVTQNNGT6$,
%1/,
%1/,
%1/CPF,
%1/
8QNVCIG
vXQNVUQTvXQNVUFGRGPFKPIQPLWORGTUGVVKPIU
4GEQOOGPFGF/CZKOWO%CDNG.GPIVJ
HGGV
OGVGTU
2KPQWVU
45
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
,
%1/ 6GTOKPCN 4.5&
&%&
,
%1/
,
%1/ 6GTOKPCN 5 176
6Z&
QT 6GTOKPCN 5
4Z&
+0
,
%1/
6GTOKPCN &64
6GTOKPCN )0&
6GTOKPCN &54
6GTOKPCN 465
6GTOKPCN %65
6GTOKPCN 4+
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
45
EQPVKPWGF
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
2
%1/ 6GTOKPCN 4.5&
&%&
QT
2
%1/ 6GTOKPCN 5 176
6Z&
6GTOKPCN 5
4Z&
+0
6GTOKPCN &54
6GTOKPCN )0&
6GTOKPCN &64
016' &$ RNWI QP )% 6GTOKPCN %65
%QPVTQNNGT KU YKTGF VQ
GNKOKPCVG VJG PGGF HQT C PWNN 6GTOKPCN 465
OQFGO ECDNG DGVYGGP VJG )%
CPF C 2% 6GTOKPCN 4+
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
455GTKCN5RGEKHKECVKQPU
2QTVU
/CZKOWOPWODGTQH45RQTVUCXCKNCDNGVYQ
UGGUGEVKQPYJKEJCTGTQWVGFVQ
&$RNWIEQPPGEVKQPU
HGOCNG
2
%1/QT
2JQGPKZRNWI
QTDCTGYKTGEQPPGEVKQPU
)%%QPVTQNNGT6$,
%1/CPF,
%1/
8QNVCIG
.KPGFTKXGTUOGGV'NGEVTQPKEU+PFWUVTKGU#UUQEKCVKQP
'+#URGEKHKECVKQPUHQT45
4GEQOOGPFGF/CZKOWO%CDNG.GPIVJ
HGGV
OGVGTU
2KPQWVU
45
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
,
%1/ 6GTOKPCN 6Z
6GTOKPCN 6Z
6GTOKPCN )0&
6GTOKPCN 4Z
6GTOKPCN 4Z
45
EQPVKPWGF
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
,
%1/ 6GTOKPCN 6Z
6GTOKPCN 6Z
6GTOKPCN 4Z
6GTOKPCN )0&
6GTOKPCN 4Z
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
45
EQPVKPWGF
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
2
%1/ 6GTOKPCN 6Z
6GTOKPCN 6Z
6GTOKPCN 4Z
6GTOKPCN )0&
6GTOKPCN 4Z
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
455GTKCN5RGEKHKECVKQPU
2QTVU
/CZKOWOPWODGTQH45RQTVUCXCKNCDNGHQWT
UGGUGEVKQPYJKEJCTGTQWVGFVQ
&$RNWIEQPPGEVKQPU
HGOCNG
2
%1/CPF2
%1/QT
2JQGPKZRNWIEQPPGEVKQPU
QTDCTGYKTGEQPPGEVKQPU
)%%QPVTQNNGT6$,
%1/,
%1/,
%1/CPF,
%1/HQT
45
8QNVCIG
.KPGFTKXGTUOGGV'NGEVTQPKEU+PFWUVTKGU#UUQEKCVKQP
'+#URGEKHKECVKQPUHQT45
4GEQOOGPFGF/CZKOWO%CDNG.GPIVJ
HGGV
OGVGTU
2KPQWVU
45
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
,
%1/ 6GTOKPCN 4Z6Z
,
%1/
6GTOKPCN 4Z6Z
QT
,
%1/ 6GTOKPCN )0&
45
EQPVKPWGF
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
,
%1/HQT45 6GTOKPCN 4Z6Z
6GTOKPCN )0&
6GTOKPCN 4Z6Z
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
45
EQPVKPWGF
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
2
%1/ 6GTOKPCN 4Z6Z
QT
2
%1/
6GTOKPCN 4Z6Z
6GTOKPCN )0&
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
%10641..'424+06'49+4+0)
#RTKPVGTECPDGEQPPGEVGFFKTGEVN[VQVJG)%%QPVTQNNGTCVGKVJGTVJG%QPVTQNNGT URCTCNNGNRTKPVGT
RQTVQTQPGQHVJG%QPVTQNNGT UUGTKCNRQTVU6JGV[RGCPFUEJGFWNKPIQHTGRQTVURTQFWEGFCVVJG
)%%QPVTQNNGTRTKPVGTCTGVJGPFGVGTOKPGFD[UGVVKPIUOCFGKP/10VJG)%EQPVTQNUQHVYCTGTWP
HTQOC2%
HTQO4GRQTVU5WDOGPWUGNGEV)%4GRQTV4GSWGUVCPFQT)%2TKPVGT%QPVTQN
1PN[CIGPGTKERTKPVGTFTKXGTKUWUGFCVVJG)%%QPVTQNNGT$GVVGTEQPVTQNQHRTKPVGTQWVRWVKU
CXCKNCDNGVQVJGRTKPVGTCVVJG)%EQPPGEVGF2%TCVJGTVJCPCVVJG)%%QPVTQNNGT
0QVGVQQVJCVCRTKPVGTEQPPGEVGFVQVJG)%%QPVTQNNGTUJQWNFPQVDGQRGTCVGFKPCJC\CTFQWU
GPXKTQPOGPV
9#40+0)&QPQVQRGTCVGCUVCPFCTFQHHVJGUJGNHRTKPVGTKP
CJC\CTFQWUGPXKTQPOGPV
6YQ UGVU QH KPUVTWEVKQPU CTG RTQXKFGF KP VJKU UGEVKQP QPG HQT EQPPGEVKPI C RTKPVGT VQ VJG
%QPVTQNNGT URCTCNNGNRTKPVGTRQTVCPFQPGHQTEQPPGEVKPICRTKPVGTVQQPGQHVJG%QPVTQNNGT UUGTKCN
RQTVU
6QEQPPGEVCRTKPVGTVQVJG%QPVTQNNGT URCTCNNGNRTKPVGTRQTVHQNNQYVJGUGUVGRU
#EEGUUVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$
C +HPGEGUUCT[UGGKPUVTWEVKQPUKPUGEVKQPUVGR
.QECVGVJG&$HGOCNGRCTCNNGNRTKPVGTRQTVQPVJG6$+VKUNCDGNGF2
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
6QEQPPGEVCRTKPVGTVQQPGQHVJG%QPVTQNNGT UUGTKCN
%1/RQTVUHQNNQYVJGUGUVGRU
#EEGUUVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$
C +HPGEGUUCT[UGGKPUVTWEVKQPURTQXKFGFKPUGEVKQPUVGR
%JQQUGCPCXCKNCDNGUGTKCNRQTVQPVJG6$VJCVKUEQPHKIWTGFHQT45UGTKCNRTQVQEQN
C .GCXGCVNGCUVQPGUGTKCNRQTVCXCKNCDNGHQTEQPPGEVKPIVJG)%%QPVTQNNGTVQC2%
WUWCNN[%1/
D #NUQNGCXGCXCKNCDNGVJGQVJGTUGTKCNRQTVURNCPPGFHQTWUGD[45UGTKCNFGXKEGU
UWEJCUCOQFGOYJKEJKHKPVGTPCNOWUVDGEQPPGEVGFVQ%1/
E 5GGUGEVKQPHQTCEQORNGVGNKUVKPIQHVJG6$ UUGTKCNRQTVUCPFVJGKTRKPQWVU
KPQTFGTVQRTGRCTGCUGTKCNRTKPVGTECDNG
#HVGTVJGYKTKPIEQPPGEVKQPUJCXGDGGPEQORNGVGFWUGVJG)%UQHVYCTG/10VQEQPHKIWTG
VJG)%%QPVTQNNGT UUGTKCNRQTVHQTWUGD[CRTKPVGT
C (TQOVJG#RRNKECVKQP5WDOGPWUGNGEV5GTKCN2QTVU
D /QXGVJGEWTUQTVQVJGUGTKCNRQTVTQYVJCVEQTTGNCVGUVQVJG%1/RQTVEJQUGPKP
UVGR
CDQXG
E 5GV7UCIGVQ4GRQTV2TVENVQ#5%++CPF49VQ9
F 5GV CNN QVJGT UGVVKPIU VQ FGHCWNV XCNWGU
KG $CWF 4CVG &CVC $KVU
5VQR$KVU2CTKV[0QPG4651P4651HH
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
&+5%4'6'
&+)+6#.+19+4+0)
6QEQPPGEVFKIKVCNUKIPCNKPRWVQWVRWVNKPGUVQVJG)%%QPVTQNNGTHQNNQYVJGUGUVGRU
#EEGUUVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$
C +HPGEGUUCT[UGGKPUVTWEVKQPUKPUGEVKQPUVGR
4QWVG FKIKVCN +1 NKPGU CRRTQRTKCVGN[ GURGEKCNN[ KP VJG ECUG QH VJG GZRNQUKQP RTQQH
%QPVTQNNGTGPENQUWTG
UGG(KIWTG
(KIWTG5GRCTCVGEQPFWKVGPVTKGUHQTECDNGKPQWVQH)%%QPVTQNNGT
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
/CMGFKIKVCN+1EQPPGEVKQPUVQVJG)%%QPVTQNNGT6$6JGTGCTGEQPPGEVKQPUHQTHKXG
FKIKVCNKPRWVCPFHKXGFKIKVCNQWVRWVNKPGUCUHQNNQYU
C &KIKVCN+PRWVU )%%QPVTQNNGT6$EQPPGEVKQPRQTVU,CPF,
&KIKVCN1WVRWVU )%%QPVTQNNGT6$EQPPGEVKQPRQTV,
D (QT URGEKHKE VGTOKPCN QT RKP PWODGT CUUKIPOGPVU UGG FTCYKPI &' )%
%QPVTQNNGTFTCYKPIUCFFGPFWOVJKUOCPWCN
(QTFKIKVCNKPRWVUKIPCNUCNUQOCMGVJGUGLWORGTYKTGEQPPGEVKQPU
UGG(KIWTG
C ,WORGTVGTOKPCNUCPF
EQOOQPQP,
D 6QGPCDNGFKIKVCNKPRWVCRRN[VQVGTOKPCNQP,GKVJGTQTXQNVU&%
XQNVU KU &% CXCKNCDNG HTQO VJG )% %QPVTQNNGT U RQYGT UWRRN[ D[
LWORGTKPIVGTOKPCNVQVGTOKPCN
XQNVU &% KU PQV CXCKNCDNG HTQO VJG )% %QPVTQNNGT U RQYGT UWRRN[ KV
OWUVDGQDVCKPGFHTQOCPGZVGTPCNRQYGTUWRRN[
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
#0#.1)+19+4+0)
6QEQPPGEVCPCNQIUKIPCNKPRWVQWVRWVNKPGUVQVJG)%%QPVTQNNGTHQNNQYVJGUGUVGRU
#EEGUUVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$
C +HPGEGUUCT[UGGKPUVTWEVKQPUKPUGEVKQPUVGR
4QWVG CPCNQI +1 NKPGU CRRTQRTKCVGN[ GURGEKCNN[ KP VJG ECUG QH VJG GZRNQUKQP RTQQH
%QPVTQNNGTGPENQUWTG
UGG(KIWTG
(KIWTG5GRCTCVGEQPFWKVGPVTKGUHQTECDNGKPQWVQH)%%QPVTQNNGT
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
/CMGCPCNQI+1EQPPGEVKQPUVQVJG)%%QPVTQNNGT6$+PUVCPFCTFEQPHKIWTCVKQPVJGTG
CTGEQPPGEVKQPUHQTHQWTCPCNQIKPRWVCPFVYQCPCNQIQWVRWVNKPGUCUHQNNQYU
C #PCNQI+PRWVU )%%QPVTQNNGT6$EQPPGEVKQPRQTV,
#PCNQI1WVRWVU )%%QPVTQNNGT6$EQPPGEVKQPRQTV,
D (QT URGEKHKE RKP PWODGT CUUKIPOGPVU UGG FTCYKPI &' )% %QPVTQNNGT
FTCYKPIUCFFGPFWOVJKUOCPWCN
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
016' #U CP QRVKQP VJG /QFGN )% %QPVTQNNGT ECP DG EQPHKIWTGF
YKVJCFFKVKQPCNCPCNQIQWVRWVU
VJGTGCTGVYQCPCNQIQWVRWVUQPVJG
UVCPFCTF#PCNQIDQCTF&CPKGNRCTVPWODGT(QTOQTG
CPCNQIQWVRWVUVJGGZKUVKPI#PCNQIDQCTFOWUVDGGZEJCPIGFHQT
QPGQHVJGUGQRVKQPCNCPCNQIDQCTFUCNNQYKPICSWCPVKV[QHGKVJGTUKZ
QTVGPCPCNQIQWVRWVU
UGGFTCYKPI$'KPVJG)%%QPVTQNNGT
FTCYKPIUCFFGPFWOVJKUOCPWCN
#PCNQI+1CPCNQIQWVRWVU
RCTVPWODGT
#PCNQI+1CPCNQIQWVRWVU
RCTVPWODGT
1PEGVJG#PCNQIDQCTFCPFVJGRTQRGTVTCPUKGPVRTQVGEVKQPOQFWNGU
CTGKPUVCNNGFHKGNFYKTKPIHQTVJGCFFGFCPCNQIQWVRWVUHTQOVJG)%
%QPVTQNNGTCTGOCFGVQ)%%QPVTQNNGT6$RQTVU,CPF,
+H [QW CTG TGRNCEKPI 46+ CPF CPCNQI DQCTFU YKVJ C
PGYGT UKPING #PCNQI +1 DQCTF DG UWTG VQ WUG /10 UQHVYCTG
XGTUKQPQTNCVGTVQQRGTCVGVJG)CU%JTQOCVQITCRJ
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
%10641..'4#%219'49+4+0)
6QEQPPGEVQTXQNVU#%2QYGTVQVJG)%%QPVTQNNGTHQNNQYVJGUGUVGRU
#EEGUUVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$
C +HPGEGUUCT[UGGKPUVTWEVKQPURTQXKFGFKPUGEVKQPUVGR
.QECVGVJG#%RQYGTEQPPGEVKQPVGTOKPCNITQWRQPVJG6$+VKUNCDGNGF,CPFJCU
VJTGGEQPPGEVKQPRQKPVUNCDGNGF*160'7CPF)0&
C #NUQ UGG FTCYKPI &' KP VJG )% %QPVTQNNGT FTCYKPIU CFFGPFWO VJKU
OCPWCN
%QPPGEV#%RQYGTNGCFUHTQOCRTQRGTN[EQPVTQNNGFQTXQNVU#%RQYGTUQWTEG
KGYKVJEKTEWKVDTGCMGTCPFRQYGTFKUEQPPGEVUYKVEJVQVGTOKPCN,QPVJG%QPVTQNNGT
6$
C 6JG%QPVTQNNGTJCUCVTCPUHQTOGTVJCVYKNNCEEGRVGKVJGTXQNVUQTXQNVU
D 'PUWTG VJCV VJG RQYGT UQWTEG NGCFU CTG RTQRGTN[ EQPPGEVGF VQ VJG *16
0'764#.CPF)4170&VGTOKPCNU
)GPGTCNN[VJGEQNQTEQPXGPVKQPHQTVJGUG
YKTGUKU*16DNCEM0'764#.YJKVGCPF)4170&ITGGP
E /CMG RQYGT NKPG URNKEGU CPF EQPFWKV UGCNU VJCV EQORN[ YKVJ CRRNKECDNG YKTKPI
TGSWKTGOGPVU
HQTJC\CTFQWUGPXKTQPOGPVU
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
+HPGEGUUCT[EQPPGEVVJG%QPVTQNNGT UEJCUUKUITQWPFVQCPGZVGTPCNEQRRGTITQWPFTQF
CV
TGOQVGNQECVKQPU5GGUGEVKQPVJKUOCPWCNTGICTFKPIGNGEVTKECNCPFUKIPCNITQWPF
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
#0#.;<'4.'#-%*'%-5#0&274)+0)(14(+456%#.+$4#6+10
#0#.;<'4.'#-%*'%-5
6QRGTHQTO#PCN[\GTNGCMEJGEMUHQNNQYVJGUGUVGRU
2NWIVJG/GCUWTG8GPV
NCDGNGF/8XGPVNKPGKHKVKUQRGP
6JG58QT5CORNG8GPV
NKPGUJQWNFDGNGHVQRGPQTWPRNWIIGF
5NQYN[RTGUUWTK\GGCEJNKPGKPVWTPVJGPDNQEMKPVJGNKPGOCMKPIUWTGVJGRTGUUWTGJQNFU
C (QTGZCORNGVJGJGNKWOECTTKGTNKPGUJQWNFDGUNQYN[DTQWIJVWRVQRUKI
v
RGTEGPVYKVJVJGFWCNUVCIGTGIWNCVQTCVVJGJGNKWOICUE[NKPFGT
#HVGTOKPWVGUUJWVVJGJGNKWODQVVNGXCNXGCPFQDUGTXGVJGJKIJUKFGTGIWNCVQTICWIGQP
VJGJGNKWODQVVNG
C 6JGICWIGUJQWNFPQVDNGGFFQYPOQTGVJCPRUKIKPOKPWVGU
D +HJGNKWOKUNQUVCVCHCUVGTTCVGNGCMUCTGWUWCNN[HQWPFDGVYGGPVJGJGNKWOECTTKGT
ICU DQVVNG CPF VJG CPCN[\GT %JGEM CPF VKIJVGP CNN EQPPGEVKQPU CU YGNN CU VJG
FWCNUVCIGTGIWNCVQT
9JGPVJGNGCMEJGEMKUEQORNGVGTGQRGPVJGJGNKWODQVVNGXCNXG4GOQXGVJGRNWIHTQO
VJG/8NKPG
4GRGCVVJGRTQEGFWTGYKVJUCORNGICUCPFUVTGCOICUCHVGTHKTUVUJWVVKPIVJGOGVGTKPIXCNXG
DGNQYVJGTQVCOGVGTQPVJGHTQPVQHVJG(NQY2CPGN6JGOGVGTKPIXCNXGKUNGHVUJWVHQT
PQYDWVYKNNDGTGQRGPGFNCVGTFWTKPIKPKVKCNRWTIKPICPFVJG#PCN[\GT UHKTUVECNKDTCVKQP
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
274)+0)%#44+'4)#5.+0'5
%#76+102WTIKPIECTTKGTCPFECNKDTCVKQPICUNKPGUYKNNTGSWKTG
VJCV #% RQYGT DG VWTPGF QP VQ VJG #PCN[\GT 'PUWTG VJCV CNN
KPVGTEQPPGEVKQPCPFGZVGTPCNUKIPCNEQPPGEVKQPUJCXGDGGPXGTKHKGF
CPFRTQRGTITQWPFUJCXGDGGPOCFG
6QRWTIGVJGECTTKGTICUNKPGUCURTGRCTCVKQPHQTHKTUVECNKDTCVKQPHQNNQYVJGUGUVGRU
'PUWTGVJCVVJG/8XGPVNKPGRNWIJCUDGGPTGOQXGFCPFVJGXGPVNKPGKUQRGP
6WTP10VJG#%RQYGTVQVJG#PCN[\GT
C 9KVJ#%RQYGTVWTPGF10CPFVJGWRRGT:,6DQZQRGPVJGITGGP.'&
D[VJG
%QNWOP*GCVGTNCDGNUJQWNFPQYDGKNNWOKPCVGF
5GG(KIWTGUCPF
PGZVRCIG
'PUWTG VJCV CNN QH VJG #PCN[\GT 8CNXG 5YKVEJGU WRRGT :,6 DQZ CTG UGV VQ VJG #761
RQUKVKQP
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
(KIWTG.QECVKQPQH#PCN[\GT:,6DQZGU
(KIWTG#PCN[\GTXCNXGUYKVEJGUWRRGT:,6
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
'PUWTGVJCVVJGECTTKGTICU
JGNKWODQVVNGXCNXGKUQRGP
5GVVJGECTTKGTICUNKPGRTGUUWTGCVRUKI7UGVJGFWCNUVCIGTGIWNCVQTCVVJGECTTKGTICU
DQVVNGVQCFLWUVRTGUUWTG
+/2146#06&QPQVWUGVJG%CTTKGT2TGUUWTG#FLWUVXCNXG
QP VJG (NQY 2CPGN QH VJG #PCN[\GT VQ CFLWUV ECTTKGT ICU NKPG
RTGUUWTG6JCVXCNXGKUHCEVQT[UGVCPFUJQWNFPQVDGCFLWUVGF
#NNQYVJG#PCN[\GTU[UVGOVGORGTCVWTGVQUVCDKNK\GCPFVJGECTTKGTICUNKPGUVQDGEQOG
HWNN[RWTIGFYKVJECTTKGTICU
JGNKWO
C #RGTKQFQHVQJQWTU
QTQXGTPKIJVKUTGEQOOGPFGFFWTKPIYJKEJCNNQHVJG
UGVVKPIUFGUETKDGFKPUVGRU
VJTQWIJ
CTGOCKPVCKPGF0QQVJGTUGVVKPIUUJQWNF
DGOCFG
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
274)+0)%#.+$4#6+10)#5.+0'5
6QRWTIGVJGECNKDTCVKQPICUNKPGUCURTGRCTCVKQPHQTHKTUVECNKDTCVKQPHQNNQYVJGUGUVGRU
'PUWTG VJCV VJG ECTTKGT ICU NKPGU JCXG DGGP HWNN[ RWTIGF CU FGUETKDGF KP VJG RTGXKQWU
UGEVKQP
%NQUGVJGECNKDTCVKQPICUDQVVNGXCNXG
(WNN[QRGPVJGDNQEMXCNXGCUUQEKCVGFYKVJECNKDTCVKQPICUHGGF
VJGDNQEMXCNXGUJQWNFDG
NQECVGFQPVJG5%5RNCVGQHVJG#PCN[\GT
(WNN[QRGPVJGOGVGTKPIXCNXG
QP(NQY2CPGNDGNQYVJGTQVCOGVGT
1RGPVJGNQYGT:,6DQZQHVJG#PCN[\GT
UGG(KIWTGVQCEEGUUVJG8CNXG&TKXGT
$QCTF
UGG(KIWTG
1P VJG 8CNXG &TKXGT $QCTF NQYGT :,6 DQZ UGV VJG 5VTGCO UYKVEJ 5 VQ /#0
KH
5VTGCOYKNNDGWUGFHQTECNKDTCVKQPICU
1RGPVJGECNKDTCVKQPICUDQVVNGXCNXG
#VVJGECNKDTCVKQPICUDQVVNGTGIWNCVQTKPETGCUGQWVNGVRTGUUWTGVQRUKIv
%NQUGVJGECNKDTCVKQPICUDQVVNGXCNXG
.GVDQVJICWIGUQPVJGECNKDTCVKQPICUDQVVNGXCNXGDNGGFFQYPVQ
\GTQRUKI
4GRGCVUVGRU
VJTQWIJ
HKXGVKOGU
1RGPVJGECNKDTCVKQPICUDQVVNGXCNXG
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
4GIWNCVGVJGHNQYVJTQWIJVJGTQVCOGVGTVQCRRTQZKOCVGN[EWDKEEGPVKOGVGTURGTOKPWVG
EEOKPD[CFLWUVKPIVJGOGVGTKPIXCNXGQPVJG(NQY2CPGN
2TGRCTGHQTPQTOCNQRGTCVKQPCUHQNNQYU
C 1P VJG 8CNXG &TKXGT $QCTF NQYGT :,6 DQZ TGUGV VJG 5VTGCO UYKVEJ 5 VQ
#761
KH5VTGCOYKNNDGWUGFHQTECNKDTCVKQPICU
D %NQUGDQVJ:,6DQZGU
(/(&7521,&6 ',9,6,21
(KIWTG#PCN[\GT8CNXG&TKXGT$QCTF
KPNQYGTGZRNQUKQPRTQQHJQWUKPI
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
5;56'/56#4672
6QRGTHQTOU[UVGOUVCTVWRHQNNQYVJGUGUVGRU
(QTU[UVGOUVCTVWRTWPCPCPCN[UKUQHVJGECNKDTCVKQPICU
C 'PUWTGVJCVVJG5VTGCOUYKVEJHQTVJGECNKDTCVKQPICUJCUDGGPUGVVQ#761
UGG
NCUVUVGRRTGXKQWUUGEVKQP
4WPVJG)%5[UVGOKP5KPING5VTGCOOQFG
C 6QQRGTCVGVJG)%5[UVGOYKVJC2%CPFVJGUQHVYCTG/10TGHGTVQVJG/10
5QHVYCTG HQT )CU %JTQOCVQITCRJ 7UGT /CPWCN
&CPKGN +PFWUVTKGU RCTV
PWODGT
QT
D 6QQRGTCVGVJG)%5[UVGOHTQOVJGHTQPVRCPGNMG[DQCTFCPF.%&TGHGTVQUGEVKQP
1RGTCVKQPVJKUOCPWCN
+056#..#6+10#0&5'672
/1&'.)#5%*41/#61)4#2* 2&7
5'%6+10
12'4#6+10(41/.1%#.-';$1#4�&&+52.#;
;QW JCXG CV NGCUV QPG CPF QRVKQPCNN[ VYQ WUGT KPVGTHCEGU HTQO YJKEJ VQ QRGTCVG VJG ICU
EJTQOCVQITCRJ
)%U[UVGO
2%EQPPGEVGFVQVJG)%CPFTWPPKPIVJGUQHVYCTGRTQITCO/106JKUWUGTKPVGTHCEGQHHGTU
VJG ITGCVGUV COQWPV QH ECRCDKNKV[ CPF HNGZKDKNKV[
(QT KPUVTWEVKQPU UGG VJG /10
5QHVYCTGHQT)CU%JTQOCVQITCRJ7UGT/CPWCN&CPKGN+PFWUVTKGURCTVPWODGT
QT
6JG)%%QPVTQNNGTçUDWKNVKPMG[DQCTFCPF.KSWKF%T[UVCN&KURNC[
.%&6JKUQHHGTUQPN[
GUUGPVKCNUVCTVWRCPFQRGTCVKQPHWPEVKQPUDWVKUWUGHWNKPCJC\CTFQWUGPXKTQPOGPVQTKHPQ
2%KUCXCKNCDNG
5GG(KIWTG
6JKUUGEVKQPQPN[CFFTGUUGUWUKPIVJG)%%QPVTQNNGTçUDWKNVKPMG[DQCTFCPF.%&6JKUUGEVKQP
KUQTICPK\GFCUHQNNQYU
016' 6JG DWKNVKP MG[DQCTF CPF .%& CTG QHHGTGF CU QRVKQPU HQT CNN
UVCPFCNQPG OQFGNU QH VJG /QFGN )% %QPVTQNNGT GZEGRV VJG
RQTVCDNG%QORCEV$67)%5[UVGO
+PVGTHCEG%QORQPGPVUHQT.QECN&CVC&KURNC[CPF'PVT[ 5GGUGEVKQP
.KIJV'OKVVKPI&KQFG
.'&+PFKECVQTU
.KSWKF%T[UVCN&KURNC[
.%&
-G[DQCTF
.QIIKPI1PVQ8KGYQT'FKV&CVC 5GGUGEVKQP
(KTUV6KOG.QI1P
5WDUGSWGPV.QI1P
5VCTV*CNVCP#WVQ5GSWGPEG#PCN[UKU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
'FKVKPI2TQEGFWTGU
8CNKFKV[%JGEMUQH&CVC'PVTKGU
.QECN&KURNC[/GPWU 5GGUGEVKQP
/CKP/GPW
*CTFYCTG/GPW
1RGTCVQT'PVTKGU/GPW
#NCTOU/GPW
%JTQOCVQITCO/GPW
)%%QPVTQN/GPW
&CVC4GEQTFU/GPW
%QPHKI4RV/CKPV.QI/GPW
12'4#6+10(41/.1%#.-';$1#4�&&+52.#;
/1&'.)#5%*41/#61)4#2* 2&7
+06'4(#%'%1/210'065(14.1%#.#&+52.#;#0&'064;
6JG EQORQPGPVU HQT NQECN FCVC FKURNC[ CPF GPVT[ CTG VJG NKIJV GOKVVKPI FKQFG
.'& KPFKECVQT
NKIJVUVJGNKSWKFET[UVCNFKURNC[
.%&CPFVJGDWKNVKPMG[DQCTF
UGG(KIWTG
(KIWTG.'&NKIJVU.%&CPFMG[DQCTFHQTNQECNFCVCFKURNC[CPFGPVT[
.+)*6'/+66+0)&+1&'
.'&+0&+%#6145
6JGTGCTGVJTGGEQNQTGFUVCVWUKPFKECVQTUQPVJG)%%QPVTQNNGTVJCVUJQYVJGITQUUUVCVWUQHVJG
VQVCNU[UVGO6CDNGUWOOCTK\GUVJGEQPFKVKQPUKPFKECVGFYJGPVJGUGKPFKECVQTUCTGKNNWOKPCVGF
6CDNG%QPFKVKQPUKPFKECVGFD[VJG)%%QPVTQNNGT U.'&UVCVWUKPFKECVQTNKIJVU
;'..19 6JG)%JCUCPWPCEMPQYNGFIGFCNCTO
U
)4''0 6JG%QPVTQNNGTKUEWTTGPVN[TWPPKPICPCPCN[UKU
4'& 6JG)%KUKP470OQFGCPFJCUCPQWVQHVQNGTCPEG
QTCNCTOEQPFKVKQPVJCVTGSWKTGUCPQRGTCVQTCEVKQP
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
.+37+&%4;56#.&+52.#;
.%&
6JG.%&OGCUWTGUZKPEJGUCPFKUECRCDNGQHD[TGUQNWVKQPYKVJHWNNITCRJKEU+V
KUEGTVKHKGFHQTWUGYKVJCPGZRNQUKQPRTQQH0'/#:%NCUU%CPF&GPENQUWTG6JGFKURNC[KU
ECRCDNGQHRTQFWEKPIVJGEQORNGVGCNRJCDGVCPFPWODGTUHTQOVJGMG[DQCTF6JGXKFGQFKURNC[
QPVJG%QPVTQNNGTOC[UJQYCVTWPECVGF
QTEWTVCKNGFXGTUKQPQHVJGFKURNC[UCXCKNCDNGCVVJG2%
6QCFLWUVVJGEQPVTCUVCPFDCEMNKIJVKPIQHVJGUETGGPYJKNGNQIIGFQWV
2TGUUVJGUGMG[U
0':6MG[ 4GUGVEQPVTCUVCPFDCEMNKIJVKPIVQFGHCWNVXCNWGU
72#4419MG[ +PETGCUGEQPVTCUV
&190#4419MG[ &GETGCUGEQPVTCUV
.'(6#4419MG[ +PETGCUGDCEMNKIJVKPICPF
4+)*6#4419MG[ &GETGCUGDCEMNKIJVKPI
6QNQIQWVKHVJG/CKP/GPWUETGGPKUFKURNC[GF
2TGUUVJG'5%MG[
-';$1#4&
6JGHTQPVRCPGNMG[DQCTFQPVJG%QPVTQNNGTKUCTTCPIGFUQVJCVVJGOQUVWUGFMG[UOC[DGRTGUUGF
FKTGEVN[6JGUGCTGVJGPWOGTKEMG[UVJG'5%0':6$-52'06'4RGTKQF
CPF
MG[U6JGQVJGTMG[UCTGQDVCKPGFD[RTGUUKPI#.6CPFVJGFGUKTGFNGVVGTQTU[ODQNQPVJGNQYGT
JCNHQHVJGMG[(QTKPUVCPEGVQQDVCKPECRKVCN#RTGUU#.6YJKNGUKOWNVCPGQWUN[RTGUUKPIVJG
#MG[6QQDVCKPECRKVCN$JQNFFQYP#.6CPFRTGUU$VYKEG#NVJQWIJPQVUJQYPQPVJG
MG[DQCTFVJGUOCNNNGVVGTDOC[DGQDVCKPGFD[JQNFKPIFQYP#.6CPFRTGUUKPI$HKXGVKOGU
#NNNGVVGTUQHVJGCNRJCDGVOC[DGQDVCKPGFD[UKOKNCTCEVKQPU6JGQVJGTHWPEVKQPUQTU[ODQNU
UJQYPQPVJGNQYGTJCNHQHVJGMG[UCTGQDVCKPGFUKOKNCTN[6JGPWOGTKECNMG[UVJGRGTKQF
VJGFCUJQTOKPWU
CPFVJGHWPEVKQPMG[UCTGWUGFVQGPVGTFCVCXCNWGUQTVQKUUWGKPUVTWEVKQPU
VQVJG%QPVTQNNGT#PCN[\GT
5GG(KIWTGCPF6CDNG
12'4#6+10(41/.1%#.-';$1#4�&&+52.#;
/1&'.)#5%*41/#61)4#2* 2&7
(KIWTG.QECNUKVG)%%QPVTQNNGTMG[DQCTF
6CDNG.QECNMG[DQCTFMG[UVTQMGUCPFVJGKTHWPEVKQPU
0WOGTCNU2GTKQF
(QTGPVGTKPIPWOGTKEFCVCQTHWPEVKQPEQFGU
CPF/KPWU5KIP
'PVGT
'06'4 .QIQPVQVJGOGPWCPFQTOQXGVQVJGPGZVHKGNFUCXKPIVJG
EWTTGPVXCNWG+PRWVUKPVQOGOQT[CP[XCNKFFCVCUJQYPQPVJG
CNRJCPWOGTKEFKURNC[+HPQFCVCJCUDGGPGPVGTGF'06'4ECWUGU
CUMKRVQVJGPGZVHKGNF
'UECRG
'5% 'ZKVUVJGEWTTGPVOGPWCPFUCXGUVJGEWTTGPVXCNWGU#RQRWR
UETGGPYKNNCUMKHEJCPIGUUJQWNFDGUCXGF
;'5QT01
7R#TTQY
%CWUGUCOQXGWRQPGHKGNFCPFUCXGUVJGEWTTGPVXCNWG
&QYP#TTQY
%CWUGUCOQXGFQYPQPGHKGNFCPFUCXGUVJGEWTTGPVXCNWG
.GHV#TTQY
#.6 %CWUGUCOQXGNGHVQPGURCEGCPFUCXGUVJGEWTTGPVXCNWG
4KIJV#TTQY
#.6 %CWUGUCOQXGTKIJVQPGURCEGCPFUCXGUVJGEWTTGPVXCNWG
0GZV
0':6 )QGUHQTYCTFVQPGZVUGVQHFCVCGIKHUVTGCOXCNWGUGVKU
FKURNC[GFIQVQFCVCKPUVTGCO#NUQGZKVUVJGEWTTGPVFCVCUGV
CPFUCXGUVJGXCNWGU
+PETGOGPV
+0%4 #FFUCPKVGOVQVKOGFGXGPV
6'8QTEQORQPGPVFCVC
%&6
VCDNGUQTWUGFVQRCIGWRKPCNKUVVJCVEQXGTUOQTGVJCPQPG
FKURNC[
#.6CPF+0%4MG[U
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
&GETGOGPV
&'%4 &GNGVGUCPKVGOHTQOVJG
6'8QT
%&6VCDNGUQTWUGFVQRCIG
FQYPKPCNKUVVJCVEQXGTUOQTGVJCPQPGFKURNC[
#.6CPF&'%4
MG[U
$CEMURCEG
$-52 &GNGVGUVJGEJCTCEVGTDGHQTGVJGEWTUQTRQUKVKQP
&GNGVG
&'. &GNGVGUVJGEJCTCEVGTCVVJGEWTUQTRQUKVKQP
#.6CPF&'.MG[U
5RCEG
52#%' #FFUCURCEGQTKUWUGFVQVQIINGNKUVU
#.6CPF52#%'MG[U
.QYGT(WPEVKQP
#.6 5JKHVUVJGMG[UOCTMGFYKVJCNQYGTHWPEVKQPNGIGPFKPVQPQTOCN
OQFGHQTFCVCGPVGTKPIOQPKVQTKPIQRGTCVKQPTGSWKTGOGPVU7UG
D[RTGUUKPI#.6CPFVJGFGUKTGFHWPEVKQPMG[
#NRJCDGV 2TGUUCPFJQNF#.6MG[YKVJCP[FGUKTGFNGVVGTQHVJGCNRJCDGV
7RRGTECUGNGVVGTUCTGGPVGTGFD[RTGUUKPIQTVKOGUKPQTFGT
CPFNQYGTECUGNGVVGTUD[RTGUUKPIQTVKOGUKPUCOGQTFGT
12'4#6+10(41/.1%#.-';$1#4�&&+52.#;
/1&'.)#5%*41/#61)4#2* 2&7
.1))+0)10618+'914'&+6#
(+4566+/'.1)10
6QNQIQPVJGHKTUVVKOGRTQEGGFCUHQNNQYU
2TGUUVJG'06'4MG[VQFKURNC[VJG'PVGT2+0 ZRTQORV
6[RGKPVJGNGVVGTUHQT[QWTWUGTPCOGVJGPRTGUUVJG'06'4MG[
/8'4;+/2146#06
'CEJPGY&CPKGN+PFWUVTKGU)%WPKVKUUJKRRGFYKVJQPG5WRGTWUGT
PCOGF�+'.FQYPNQCFGFKPVQKVUOGOQT[6JGTGHQTGHQTVJGHKTUVNQI
QPVQCPGY)%WPKVGPVGTVJG75'40#/'�+'.
6QGPVGTVJGWUGTPCOG�+'.
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
57$5'37'06.1)10
(QTUWDUGSWGPVNQIQPHQNNQYVJGUGUVGRU
+HUETGGPUCXGTOQFGKUCEVKXG
KGVJGUETGGP UDCEMNKIJVKUVWTPGFQHHCPF&CPKGNKU
YTKVVGPQPVJGUETGGPKPXCTKQWUNQECVKQPUVJGPRTGUUCP[MG[QPVJGMG[DQCTFCPFYCKV
UGEQPFUHQTEQPVTCUVCPFDCEMNKIJVKPIVQVCMGGHHGEV
2TGUUVJG'06'4MG[#UETGGPUKOKNCTVQVJGHQNNQYKPIUJQWNFDGFKURNC[GF
UGG(KIWTG
&CPKGN+PFWUVTKGU/QFGN
)CU%JTQOCVQITCRJ
&GVGEVQT +FNG5VTGCO
4WP#PN[%[E
'PVGT2+0 Z
/10/C[#NCTOWPCEMF
(KIWTG2TGUUVJG'06'4MG[VJGPGPVGT7UGTPCOG2+0
016' +H VJG 'PVGT 2+0 Z RTQORV FQGU PQV TGOCKP
FKURNC[GFCHVGT[QWRTGUUGFVJG'06'4MG[RTGUUVJG'5%MG[
CPFVJGPRTGUUVJG'06'4MG[CICKP
'PVGT[QWT7UGTPCOG
CPF2GTUQPCN+FGPVKHKECVKQP0WODGT
2+0KHPGEGUUCT[CPFVJGP
RTGUUVJG'06'4MG[6JKUCNNQYUVJG/CKP/GPWVQDGUJQYPQPVJGUETGGP
UGGUGEVKQP
VJKUOCPWCNHQTKNNWUVTCVKQP
(TQOVJG/CKP/GPWRTGUUVJGPWODGTQHVJGOGPWFGUKTGFQTWUGVJG&190QT72
#4419MG[UVQJKIJNKIJVVJGOGPWFGUKTGFVJGPRTGUUVJG'06'4MG[
12'4#6+10(41/.1%#.-';$1#4�&&+52.#;
/1&'.)#5%*41/#61)4#2* 2&7
56#46*#.6#0#7615'37'0%'#0#.;5+5
6QUVCTVCPCWVQUGSWGPEGCPCN[UKURTQEGGFCUHQNNQYU
+PVJG/CKP/GPWUETGGPRTGUUVJGMG[VQUGNGEV)%%QPVTQN
+PVJG)%%QPVTQNUWDOGPWUETGGPRTGUUVJGMG[VQUGNGEV#WVQ
#VVJG#WVQ2WTIGRTQORVGKVJGT
C 2TGUUVJG'5%MG[VQCEEGRVVJGFGHCWNV;GUQRVKQPQT
D 6QIINGVJGFGHCWNV;GUQRVKQPVQ0QD[RTGUUKPIVJG#.6
52#%'MG[UVJGP
RTGUUVJG'5%MG[
016' #WVQ2WTIGCNNQYUUCORNGICUVQHNQYVJTQWIJVJGUCORNGNQQR
HQTUGEQPFURTKQTVQVJGDGIKPPKPIQHVJGHKTUVCPCN[UKUE[ENG
#VVJG9TKVG%JCPIGURTQORVRTGUUVJG'06'4MG[VQCEEGRVVJGFGHCWNV;GUQRVKQP
1TVQTGVWTPVQVJG)%%QPVTQNUWDOGPWYKVJQWVDGIKPPKPICPCWVQUGSWGPEGCPCN[UKU
RTGUUVJG'5%MG[
6JGITGGP.'&KPFKECVQTYKNNKNNWOKPCVGVQUJQYVJG)%KUTWPPKPICPCPCN[UKU
6QUGGVJGRTQITGUUQHCPCN[UKUTWPURTGUUVJG'5%MG[VQTGVWTPVQVJG/CKP/GPWUETGGPVJGP
RTGUUVJG'5%MG[CICKPVQGZKVHTQOQRGTCVQTEQPVTQNQHVJG)%5[UVGO6JGUVCVWUUETGGPYKNN
CRRGCTCPFPGZVVQVJG470HKGNFCPWODGTKUFKURNC[GF6JGPWODGTKPETGCUGURGTKQFKECNN[
VQKPFKECVGVJGUGEQPFUGNCRUGFUKPEGVJGDGIKPPKPIQHVJGEWTTGPVCPCN[UKUTWP
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6QJCNVQPIQKPICPCN[UKUTWPURTQEGGFCUHQNNQYU
+PVJG)%%QPVTQNUWDOGPWRTGUUVJGMG[VQUGNGEV*CNV
#VVJG*CNV9TKVG%JCPIGURTQORVRTGUUVJG'06'4MG[
1TVQTGVWTPVQVJG)%
%QPVTQNUWDOGPWYKVJQWVJCNVKPICPCN[UKUTWPURTGUUVJG'5%MG[
9JGPCPCN[UKUTWPUCTGJCNVGFCVVJGGPFQHVJGEWTTGPVCPCN[UKUE[ENGVJGITGGP.'&KPFKECVQT
YKNNPQNQPIGTDGKNNWOKPCVGF
12'4#6+10(41/.1%#.-';$1#4�&&+52.#;
/1&'.)#5%*41/#61)4#2* 2&7
'&+6+0)241%'&74'5
(QTGFKVKPIHQNNQYVJGUGIWKFGNKPGU
/QXGVJTQWIJOGPW 5ETQNNVJTQWIJVJGOGPWUGSWGPEGVQVJGFGUKTGF
KVGOUQTFCVCHKGNFU FCVCD[RTGUUKPI'06'4CHVGTGCEJEQTTGEVQT
WPEJCPIGFVGTOQTXCNWG#NUQWUGFKTGEVKQP
CTTQYU2TGUUKPI'06'4YKVJQWVHKTUVGPVGTKPI
FCVCECWUGUVJG%QPVTQNNGTVQUMKRVQVJGPGZVKVGO
8KGYQHHUETGGPOGPW 6JGOGPWFKURNC[UGKIJVNKPGU7UGVJG&190
KVGOU #4419MG[VQOQXGVQCUWDOGPWDGNQYVJGNCUV
KVGOUJQYPQPCOGPWYJGPPGEGUUCT[
)QVQCRCTVKEWNCTOGPW 6QIGVKPVQCRCTVKEWNCTOGPWUETQNNFQYPVQVJG
KVGO OGPWCPFRTGUU'06'4QTRTGUUVJGPWODGTQHVJG
OGPW6JGOGPWUYQTMNKMGCVTGGYKVJVJG
UWDOGPWUDTCPEJKPIHQTVJGKTRCTVKEWNCTHWPEVKQPU
4GVWTPVQKPKVKCNUETGGP 'ZKVVJGGFKVKPIRTQEGFWTGCPFUCXG[QWTEJCPIGU
D[RTGUUKPIVJG'5%MG[CUOCP[VKOGUCU
PGEGUUCT[VQTGVWTPVQVJGKPKVKCNUETGGP
5CXGEJCPIGU #HVGTGFKVKPIEJCPIGUCTGEQORNGVGFRTGUUVJG
'06'4QT'5%MG[6JGSWGT[9TKVG%JCPIGU
!YKNNCRRGCT
6QIINGVJG52#%'MG[VQCPUYGT[GUQT
PQ
2TGUUVJG'5%MG[VQUCXGCP[RCTCOGVGT
EJCPIGUCPFTGVWTPVQVJGRTGEGFKPIOGPW
2TGUU'06'4VQUCXGCEJCPIGFQTPGY
KVGOCPFOQXGVQVJGPGZVKVGOQPCOGPW
%QTTGEVCOKUVCMG +HVJGYTQPIPWOGTKEMG[JCUDGGPRTGUUGFFWTKPI
KPUGTVKQPURTGUUVJG$-52MG[VQDCEMWRCPF
FGNGVGVJGKVGOVJGPGPVGTVJGPGYXCNWG/QXG
VJGEWTUQTVQCPKVGOCPFRTGUUVJG&'.MG[VQ
FGNGVGCPKVGO
'PVGTFCVCHQTOWNVKRNG #HVGTGPVGTKPICPKVGOHQTGZCORNGQPUVTGCOQPG
UVTGCOU RTGUU0':6VQUCXGVJGKVGOCPFUMKRVQVJGPGZV
UGSWGPEG
UVTGCOVYQ
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
/CMGVKOGGPVTKGU #NNVKOGGPVTKGUCTGKPUGEQPFUVQVJGPGCTGUV
UGEQPF
5VQRCPCN[UKUTWPU 5VQRCPCN[UKUTWPUD[RTGUUKPIVJG'06'4MG[QP
VJGMG[DQCTFFKURNC[VJGPGPVGT[QWT2+0
2GTUQPCN+FGPVKHKECVKQP0QVQIGVVQVJG/CKP
/GPW2TGUU
)%%QPVTQNCPFVJGP
*#.6
VQUVQRCHVGTVJGRTGUGPVTWP
016' 0GXGTGFKVVJGRTQITCOFWTKPICPCPCN[UKUTWPHTQOYJKEJFCVCKUVQ
DGWUGF'FKVKPIOC[ECWUGCPCN[UKUGTTQTUHQTVJCVRCTVKEWNCTTWP
#NUQFQPQVCVVGORVVQGFKVQTUVQRVJG%QPVTQNNGTFWTKPICECNKDTCVKQP
UGSWGPEG%CNKDTCVKQPGTTQTUOC[TGUWNV
)GVQWVQHUETGGPUCXGT 6QIGVQWVQHVJGUETGGPUCXGTOQFGRTGUUCP[MG[
OQFG QPVJGMG[DQCTF
0QMG[URTGUUGFFWTKPIQPG
JQWTYKNNCEVKXCVGUETGGPUCXGTOQFG
/CVEJGPVGTGFFCVC 9JGPGPVGTKPIFCVCCFCVCKFGPVKHKECVKQPVCIYKNN
YKVJ&CVC+&6CI CRRGCTVQVJGTKIJVQHVJGFCVCDQZQPVJGFKURNC[VQ
KPFKECVGVJGV[RGQHGPVT[GZRGEVGF
(QTFGVCKNU
UGGUGEVKQP
%JCPIG;GURTQORV 2TGUUVJG#.6
52#%'MG[U6JG#.6
52#%'
VQ0Q MG[EQODKPCVKQPKUWUGFVQVQIINGNKUVU
12'4#6+10(41/.1%#.-';$1#4�&&+52.#;
/1&'.)#5%*41/#61)4#2* 2&7
8#.+&+6;%*'%-51(#'064+'5
6JG )% %QPVTQNNGT EQORCTGU GCEJ QRGTCVQT GPVT[ YKVJ RTGRTQITCOOGF TCPIG CPF HQTOCV
TGSWKTGOGPVU6JG%QPVTQNNGTFQGUPQVCNNQYCPWPCEEGRVCDNGRCTCOGVGTVQDGGPVGTGFUWEJCU
CPGPVT[VJCVKUQWVQHTCPIGQTJCUYTQPIWPKVU
GICNGVVGTKPUVGCFQHCPWODGT
+HCPWPCEEGRVCDNGRCTCOGVGTJCUDGGPGPVGTGFGPVGTCPGYQTXCNKFRCTCOGVGT8CNKFRCTCOGVGTU
CTGPQTOCNN[GUVCDNKUJGFCURCTVQHVJGCRRNKECVKQPUQHVYCTG6JGTCPIGTGSWKTGOGPVUCTGFGUETKDGF
CURCTVQHVJGKPFKXKFWCNRCTCOGVGTFGUETKRVKQP
&CVCKFGPVKHKECVKQPVCIUYKNNCRRGCTVQVJGTKIJVQHCP[FCVCDQZQPVJGFKURNC[VQKPFKECVGVJGV[RG
QHGPVT[GZRGEVGF6JGUGKFGPVKHKECVKQPVCIUYKNNJGNR[QWOCMGXCNKFGPVTKGU
&CVCKFGPVKHKECVKQPVCIUCPFVJGEQTTGURQPFKPIXCNKFGPVTKGUCTGCUHQNNQYU
U UVTKPI
UK\GNKOKVGFVQFKIKVKPUGTVKQPU
D D[VG
+ KPVGIGT
NKOKVGFVQPWODGTU
N NQPI
D[VGKPVGIGT
H HNQCV
D[VGHNQCVKPIRQKPVPWODGT
F FQWDNG
D[VGHNQCVKPIRQKPVPWODGT
V VQIING
UYKVEJHTQOQPGGPVT[VQCPQVJGTYKVJ52#%'
O VKOG
S UGSWGPEG
UVTGCOUGTKGU
Z VGZV
OWNVKRNGNGVVGTUFKIKVU
PQPG
PQPGGFKVHKGNF
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
.1%#.&+52.#;/'075
6JGNQECNFKURNC[/CKP/GPWJCUUGXGPKVGOUNKUVGFGCEJQHYJKEJDTCPEJGUKPVQCPQVJGTOGPW
6JKU KU KNNWUVTCVGF DGNQY KP VJG OGPW VTGG FKCITCO (KIWTG CPF GZRNCKPGF HWTVJGT KP VJG
UGEVKQPUVJCVHQNNQY
0DLQ 0HQX
+DUGZDUH
6WUHDPV
$QDORJ ,QSXWV
$QDORJ 2XWSXWV
'LVFUHWH ,QSXWV
'LVFUHWH 2XWSXWV
9DOYHV
&XUUHQW *5 , 9DOXHV
2SHUDWRU ( QWULHV
&RPSRQHQWV
7LPHG ( YHQWV
$ODUPV $QDO\VLV&\FOH 7LPH
/LPLW $ODUPV 6\VWHP
'LVFUHWH $ODUPV &DOFXODWLRQ &RQWURO
$FWLYH $ODUPV 8VHU 'HILQHG
8QDFNG $ODUPV
&KURPDWRJUDP
/LYH
6DYHG
*& &RQWURO
$XWR
6LQJOH 6WUHDP
&DOLEUDWLRQ
+DOW
6WRS 1RZ
'DWD 5 HFRUGV
5 DZ 'DWD
5 DZ 'DWD
&RQILJ 5 SW 0DLQW /RJ 5 DZ 'DWD
$QDO\VLV
&DO 5 HVXOWV
6WUHDP 'DWD
&RQILJ 5 HSRUW
0DLQWHQDQFH /RJ
(KIWTG/GPWVTGGHQTNQECN)%%QPVTQNNGTMG[DQCTFCPFFKURNC[
12'4#6+10(41/.1%#.-';$1#4�&&+52.#;
/1&'.)#5%*41/#61)4#2* 2&7
/#+0/'07
6JG/CKP/GPWUGTXGUCUVJGGPVT[RQKPVKPVQCNN
UWDOGPWUDGNQYKV
*#4&9#4'/'07
6JGXCTKQWUUWDOGPWUQHVJG*#4&9#4'OGPW
6WUHDPV
$QDORJ ,QSXWV CNNQYCPQRGTCVQTVQFGHKPGVJGUVTGCOHWPEVKQPU
$QDORJ 2XWSXWV CPCNQI KPRWVUQWVRWVU FKUETGVG KPRWVUQWVRWVU
'LVFUHWH ,QSXWV
'LVFUHWH 2XWSXWV CFLWUV VJG UECNGU CPF TCPIG QH VJG KPRWVUQWVRWVU
9DOYHV
YKVJKPNKOKVUUGVVJGXCNXGUCPFXKGYVJG)CKP
&XUUHQW *5, 9DOXHV
4CVKQ+PFKECVQTU
)4+HTQOVJG#PCN[\GT
12'4#614'064+'5/'07
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
#.#4/5/'07
$ODUPV
6JG#.#4/5OGPWCNNQYUVJGQRGTCVQTVQXKGY
UGVNKOKVUCPFTGURQPFVQXCTKQWUCNCTOU
%*41/#61)4#//'07
/LYH
)%%10641./'07
6JG)%%10641.OGPWGPCDNGUVJGQRGTCVQTVQ
$XWR UVQR ECNKDTCVG QT RNCEG QP CWVQOCVKE EQPVTQN C
UCORNG UVTGCO HTQO VJG #PCN[\GT 6JKU OC[
+DOW QEEWTCPWODGTQHVKOGUYJKNGOQFKH[KPIKPRWVUKP
VJG 12'4#614 +02765 OGPW 'PVGTKPI
*#.6 YKNN CNNQY VJG #PCN[\GT VQ HKPKUJ VJG
RTGUGPVN[ TWPPKPI QRGTCVKPI UGSWGPEG 'PVGTKPI
5612 019 QTFGTU VJG #PCN[\GT VQ UVQR
KOOGFKCVGN[ CPF OC[ TGSWKTG VJCV UQOG
RCTCOGVGTUDGTGGPVGTGF+POQUVECUGUVJG)%%QPVTQNOGPWYKNNQRGTCVGKPVJG#761OQFG
12'4#6+10(41/.1%#.-';$1#4�&&+52.#;
/1&'.)#5%*41/#61)4#2* 2&7
#4'%14&5/'07
%10(+)426/#+06.1)/'07
&RQILJ 5HSRUW
6JG /#+06'0#0%' .1) OGPW CNNQYU VJG
0DLQWHQDQFH /RJ QRGTCVQT QT OCKPVGPCPEG RGTUQPPGN VQ XKGY
JKUVQTKECNOCKPVGPCPEGCEVKQPUCFFCP[RGTVKPGPV
OCKPVGPCPEG GPVTKGU KPVQ VJG NQI CPF QT EJCPIG
GPVTKGUCUPGEGUUCT[6JG%QPHKI4GRQTVTGSWGUVU
VJGEQPVTQNVQQWVRWVCEQPHKITGRQTV6JGTGRQTV
YKNNDGRTKPVGFQPVJG%QPVTQNNGTçURTKPVGT
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6JKURCIGKPVGPVKQPCNN[NGHVDNCPM
12'4#6+10(41/.1%#.-';$1#4�&&+52.#;
/1&'.)#5%*41/#61)4#2* 2&7
5'%6+10
/#+06'0#0%'
6JKUUGEVKQPRTQXKFGUKPUVTWEVKQPUCPFEJGEMNKUVUHQTOCKPVCKPKPIQTTGRCKTKPIVJG/QFGN
)%5[UVGO6JKUUGEVKQPKUQTICPK\GFCUHQNNQYU
6TQWDNGUJQQVKPICPF4GRCKT%QPEGRV 5GGUGEVKQP
4QWVKPG/CKPVGPCPEG 5GGUGEVKQP
)%5[UVGO/CKPVGPCPEG%JGEMNKUV
4QWVKPG/CKPVGPCPEG2TQEGFWTGU
%QPVTCEV5GTXKEG
.QECVKPICPF)CKPKPI#EEGUUVQ'SWKROGPV'NGOGPVU 5GGUGEVKQP
#PCN[\GT'NGEVTKECN'NGEVTQPKE7PKVU
&GVGEVQT'NGOGPVU*GCVGT'NGOGPVU8CNXGUCPF%QNWOPU
2TGECWVKQPUHQT*CPFNKPI2TKPVGF%KTEWKV#UUGODNKGU 5GGUGEVKQP
5GTXKEG6TQWDNGUJQQVKPICPF4GRCKT+PUVTWEVKQPU 5GGUGEVKQP
2TGCORNKHKGT
6GORGTCVWTG%QPVTQN
&GEQFGT
(WUG4GRNCEGOGPV
+PUVTWEVKQPUHQT4GOQXKPIVJG&GEQFGT$QCTF
+PUVTWEVKQPUHQT4GKPUVCNNKPIVJG&GEQFGT$QCTF
#PCN[\GT6TQWDNGUJQQVKPI)WKFG
(NQY$CNCPEG%JGEM
6GORGTCVWTG
$CUGNKPG&TKHV
.GCM%JGEMKPIVJG#PCN[\GT
2NWIIGF.KPGU%QNWOPUQT8CNXGU
%JTQOCVQITCRJ8CNXGU
8CNXG%NGCPKPI
8CNXG1XGTJCWN
8CNXG1XGTJCWN+PUVTWEVKQPU
&GVGEVQT$TKFIG$CNCPEG
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6GORGTCVWTG/GCUWTGOGPVU
/GCUWTG8GPV(NQY
/8
#PCNQI+PRWVU
/QFGN)%%QPVTQNNGT/CKPVGPCPEG 5GGUGEVKQP
)%%QPVTQNNGT#EEGUU
%QOOWPKECVKQPU 5GGUGEVKQP
)%%QPVTQNNGT#FFTGUU%JCPIG
#PCNQI+PRWVUCPF1WVRWVU 5GGUGEVKQP
#PCNQI1WVRWV#FLWUVOGPV
#PCNQI.QQRDCEM6GUV%KTEWKVU
7RITCFKPI#PCNQI1WVRWVU
&KIKVCN+PRWVUCPF1WVRWVU 5GGUGEVKQP
&KIKVCN.QQRDCEM6GUV%KTEWKV
(WUG2TQVGEVKQP 5GGUGEVKQP
#PCN[\GT%QPVTQNNGT+PVGTEQPPGEV 5GGUGEVKQP
(WPEVKQP%QFGU
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
6417$.'5*116+0)#0&4'2#+4%10%'26
6JGOQUVGHHKEKGPVOGVJQFHQTOCKPVCKPKPI
TGRCKTKPIVJG/QFGN)%5[UVGOKUDCUGF
QP C WPKVTGRNCEGOGPV EQPEGRV VJCV RGTOKVU TGVWTPKPI VJG U[UVGO VQ QRGTCVKQP CU SWKEMN[ CU
RQUUKDNG5QWTEGUQHVTQWDNGUWEJCURTKPVGFEKTEWKVCUUGODNKGUXCNXGUGVECTGKFGPVKHKGFFWTKPI
VTQWDNGUJQQVKPIVGUVRTQEGFWTGUCPFCTGTGRNCEGFCVVJGNQYGUVNGXGNRTCEVKECNYKVJWPKVUKPMPQYP
YQTMKPIQTFGT6JGFGHGEVKXGGNGOGPVUCTGVJGPGKVJGTTGRCKTGFKPVJGHKGNFD[TGHGTGPEGVQVJG
CRRNKECDNGKPUVTWEVKQPUQTTGVWTPGFVQ&CPKGN+PFWUVTKGU+PEHQTTGRCKTQTTGRNCEGOGPV
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
4176+0'/#+06'0#0%'
6JG /QFGN )% 5[UVGO YKNN RGTHQTO CEEWTCVGN[ HQT NQPI RGTKQFU YKVJ XGT[ NKVVNG
CVVGPVKQP*QYGXGTCDKOQPVJN[TGEQTFQHEGTVCKPRCTCOGVGTUYKNNCUUKUVITGCVN[KPCUUWTKPIVJCV
[QWT#PCN[\GTKUQRGTCVKPIVQURGEKHKECVKQPU6JG)%5[UVGO/CKPVGPCPEG%JGEMNKUVUJQWNFDG
HKNNGFKPDKOQPVJN[FCVGFCPFMGRVQPHKNGHQTCEEGUUD[OCKPVGPCPEGVGEJPKEKCPUCUPGEGUUCT[
5GGPGZVRCIG6JKUIKXGU[QWCJKUVQTKECNTGEQTFQHVJGQRGTCVKQPQH[QWT#PCN[\GTGPCDNGUC
OCKPVGPCPEGVGEJPKEKCPVQUEJGFWNGTGRNCEGOGPVQHICUE[NKPFGTUCVCEQPXGPKGPVVKOGCPFCNNQYU
SWKEMVTQWDNGUJQQVKPICPFTGRCKTYJGPKVDGEQOGUPGEGUUCT[#EJTQOCVQITCOCEQPHKIWTCVKQP
TGRQTV CPF C TCY FCVC TGRQTV UJQWNF CNUQ DG OCFG CPF HKNGF YKVJ VJG EJGEMNKUV HWTPKUJKPI C
RQUKVKXGFCVGFTGEQTFQHVJG#PCN[\GT6JGEJTQOCVQITCOCPFTGRQTVUYKNNCNUQRTQXGXCNWCDNG
KPEQORCTKUQPYKVJVJGEJTQOCVQITCOUCPFTGRQTVUTWPFWTKPIVTQWDNGUJQQVKPI
%QR[VJG)%5[UVGO/CKPVGPCPEG%JGEMNKUV
PGZVRCIGCUPGEGUUCT[HQT[QWTHKNGU+H[QWJCXG
CRTQDNGORNGCUGEQORNGVGVJGEJGEMNKUVCPFTGRQTVUCPFJCXGVJGTGUWNVUCXCKNCDNGYJGPECNNKPI
&CPKGN %WUVQOGT 5GTXKEG YKVJ C RTQDNGO #NUQ JCXG VJG 5CNGU 1TFGT PWODGT YJGP ECNNKPI
%WUVQOGT5GTXKEG6JG5CNGU1TFGTPWODGTECPDGHQWPFQPVJGWRRGTTKIJVJCPFEQTPGTQHVJG
WRRGTGNGEVTQPKEUJQWUKPIQHVJG#PCN[\GT6JGEJTQOCVQITCOUCPFTGRQTVUCEJKGXGFYJGP[QWT
#PCN[\GTNGHVVJGHCEVQT[CTGHKNGFD[VJKUPWODGT
KG*'ZZZZZ
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
)%5;56'//#+06'0#0%'%*'%-.+56
&CVG2GTHQTOGFAAAAAAAAA
5CNGU1TFGT0Q*'AAAAAAAAAA
$+/106*.; #5(170& #5.'(6 01/+0#.
*'.+7/%#44+'4
%;.+0&'4
%[NKPFGT2TGUUWTG4GCFKPI
*KIJ AAAARUKI AAAARUKI
%[NKPFGT2TGUUWTG1WVNGV4GCFKPI AAAARUKI AAAARUKI RUKI
%#44+'424'5574'2#0'.
4')7.#614 AAAARUKI 0# RUKI
5#/2.'5;56'/
5CORNG.KPG2TGUUWTG
U
AAARUKI AAAARUKI RUKI
AAARUKI AAAARUKI RUKI
AAARUKI AAAARUKI RUKI
AAARUKI AAAARUKI RUKI
AAARUKI AAAARUKI RUKI
5CORNG(NQYU
4QVCOGVGT
AAAEEOKP AAAAEEOKP EE
AAAEEOKP AAAAEEOKP EE
AAAEEOKP AAAAEEOKP EE
AAAEEOKP AAAAEEOKP EE
AAAEEOKP AAAAEEOKP EE
%CNKDTCVKQP)CU
*KIJ2TGUUWTG4GCFKPI AAAARUKI AAAARUKI
1WVNGV2TGUUWTG4GCFKPI AAAARUKI AAAARUKI RUKI
(NQY
4QVCOGVGT AAAAEEOKP AAAAEEOKP EEOKP
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
4176+0'/#+06'0#0%'241%'&74'5
C %QORNGVGVJG)%5[UVGO/CKPVGPCPEG%JGEMNKUVDKOQPVJN[2NCEGVJG5CNGU1TFGT
0QFCVGCPFVKOGQPVJGHQTOCPFHKNGKV6JKUIKXGU[QWCDCUKUHQTEQORCTKUQPKP
VJGHWVWTGKH[QWPGGFKV
D 5CXGC%JTQOCVQITCOQHVJGQRGTCVKPI#PCN[\GTQPVJG2%YKVJVJG/10UQHVYCTG2TKPV
EQPHKIWTCVKQPECNKDTCVKQPCPFTCYFCVCTGRQTVUCPFHKNGVJGOYKVJVJG/CKPVGPCPEG%JGEM
.KUV
E %JGEMVJGRTKPVGTRCRGTTQNN
KHWUGFVQCUUWTGVJCVCUWHHKEKGPVUWRRN[QHRCRGTTGOCKPU
%JGEMECTTKGTCPFECNKDTCVKQPICUUWRRNKGU
F 6JGTGKUPQTQWVKPGOCKPVGPCPEGVQDGRGTHQTOGFQPVJG/QFGN)%%QPVTQNNGT
%1064#%65'48+%'
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
.1%#6+0)#0&)#+0+0)#%%'5561'37+2/'06'.'/'065
#0#.;<'4'.'%64+%#.'.'%6410+%70+65
6JGGNGEVTKECNGNGEVTQPKEWPKVUQHVJG#PCN[\GTGZEGRVHQTVJGFGVGEVQTCPFJGCVGTGNGOGPVUCTG
NQECVGFKPVJGWRRGTCPFNQYGTGZRNQUKQPRTQQHJQWUKPIUQHVJG#PCN[\GTCPFCTGHWNN[CEEGUUKDNG
HTQO VJG HTQPV QH VJG WPKV 2TKPVGF EKTEWKV CUUGODNKGU CTG EQPVCKPGF KPUKFG CP GZRNQUKQPRTQQH
JQWUKPICEEGUUKDNGD[TGOQXKPICVJTGCFGFEQXGTRNCVGHTQOVJGJQWUKPIHTQPV5GG(KIWTG
9#40+0) 6JGGZRNQUKQPRTQQHJQWUKPIUJQWNFPQVDGQRGPGF
YJGPVJGWPKVKUGZRQUGFVQCPGZRNQUKXGGPXKTQPOGPV+HCEEGUUVQ
VJGGZRNQUKQPRTQQHJQWUKPIKUTGSWKTGFRTGECWVKQPUOWUVDGVCMGP
VQGPUWTGVJCVCPGZRNQUKXGGPXKTQPOGPVKUPQVRTGUGPV
(KIWTG#PCN[\GT7PKV.QECVKQPUKP7RRGT'ZRNQUKQP2TQQH*QWUKPI
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6JGHQNNQYKPIEKTEWKVCUUGODNKGUCTGNQECVGFKPUKFGVJGWRRGTGZRNQUKQPRTQQHJQWUKPI
6GORGTCVWTGEQPVTQNNGTXCNXGFTKXGTRTKPVGFEKTEWKVCUUGODN[
QPVJGNGHVUKFGQHVJG
JQWUKPI
6JGRTGCORNKHKGTRTKPVGFEKTEWKVCUUGODN[
QPVJGTKIJVUKFGQHVJGJQWUKPI
&GEQFGT EQPVTQN RTKPVGF EKTEWKV CUUGODN[ YJKEJ KU TGCEJGF D[ WPRNWIIKPI VJG
VGORGTCVWTGEQPVTQNNGTXCNXGFTKXGTCPFVJGRTGCORNKHKGTRTKPVGFEKTEWKVCUUGODN[
&'6'%614'.'/'065*'#6'4'.'/'0658#.8'5#0&%1.7/05
6JGFGVGEVQTGNGOGPVUJGCVGTGNGOGPVUXCNXGUCPFEQNWOPUCTGNQECVGFKPVJGWRRGTUGEVKQPQHVJG
#PCN[\GT4GOQXGVJGDNCEMKPUWNCVGFEQXGTJGNFD[VYQP[NQPUVTCRUVQICKPCEEGUUVQVJGUG
EQORQPGPVU
6JGFGVGEVQTGNGOGPVUCTGNQECVGFKPVJGWRRGTGZRNQUKQPRTQQHJQWUKPIKPHTQPVQH
VJGJGCVGTDNQEM6QICKPCEEGUUVQVJGFGVGEVQTGNGOGPVUTGOQXGVJGVJTGCFGF
EQXGTRNCVG
6JGJGCVGTGNGOGPVUCTGKPUGTVGFKPVJGDQVVQOQHVJGJGCVGTDNQEM
6JGEQNWOPUCTGNQECVGFKPUKFGVJGVQRQHVJGDNQEM6QICKPCEEGUUVQVJGEQNWOPU
TGOQXGVJGVQREQXGTRNCVG
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
24'%#76+105(14*#0&.+0)24+06'&%+4%7+6#55'/$.+'5
2TKPVGF EKTEWKV CUUGODNKGU EQPVCKP %/15 KPVGITCVGF EKTEWKVU YJKEJ ECP DG FCOCIGF KH VJG
CUUGODNKGUCTGPQVRTQRGTN[JCPFNGF6JGHQNNQYKPIRTGECWVKQPUOWUVDGQDUGTXGFYJGPYQTMKPI
YKVJVJGCUUGODNKGU
&QPQVKPUVCNNQTTGOQXGVJG#PCN[\GTRTKPVGFEKTEWKVCUUGODNKGUQTVJG/QFGN
)%%QPVTQNNGTRTKPVGFEKTEWKVCUUGODNKGUYJKNGRQYGTKUCRRNKGFVQVJGWPKVU
-GGRGNGEVTKECNEQORQPGPVUCPFCUUGODNKGUKPVJGKTRTQVGEVKXG
EQPFWEVKXGECTTKGTU
QTYTCRRKPIWPVKNTGCF[HQTWUG
7UGVJGRTQVGEVKXGECTTKGTCUCINQXGYJGPKPUVCNNKPIQTTGOQXKPIRTKPVGFEKTEWKV
CUUGODNKGU
/CKPVCKP EQPVCEV YKVJ C ITQWPFGF UWTHCEG VQ RTGXGPV UVCVKE FKUEJCTIG YJGP
KPUVCNNKPIQTTGOQXKPIRTKPVGFEKTEWKVCUUGODNKGU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
5'48+%'6417$.'5*116+0)#0&4'2#+4+05647%6+105
6JKU UGEVKQP EQPVCKPU UGTXKEG VTQWDNGUJQQVKPI CPF TGRCKT KPHQTOCVKQP HQT VJG #PCN[\GT 6JG
KPHQTOCVKQPKUCTTCPIGFCUCRRTQRTKCVGGKVJGTD[OCLQTUWDU[UVGOUQTD[OCLQTHWPEVKQPUQHVJG
KPUVTWOGPV6CDNG#NCTOUCPF2QUUKDNG%CWUGUTGHGTU[QWVQOQTGHTGSWGPVRQUUKDNGECWUGU
HQTVJGJCTFYCTGCNCTOU
+/2146#06%QTTGEV#..CNCTOUDGHQTGTGECNKDTCVKPI
6CDNG#NCTOUCPF2QUUKDNG%CWUGU
#.#4/5 2155+$.'%#75'
5
#RRNKECVKQP%JGEMUWO(CKNWTG $CF'241/
41/%JGEMUWO(CKNWTG $CF'241/
4#/&KCIPQUVKEU(CKNWTG $CF4#/
2TGCOR+PRWV1WVQH4CPIG %CTTKGTICU
*GNKWOIQPGCKTPQVRWTIGFHTQO
ECTTKGTNKPGURQYGTHCKNWTGDCFVJGTOKUVQTU
RTGCORQWVQHDCNCPEGQTHCKNGF#PCN[\GT
VGORGTCVWTGNQYKPVGTEQPPGEVKQPYKTKPI
2TGCOR+PRWV1WVQH4CPIG 5COGCUPWODGT
2TGCOR+PRWV1WVQH4CPIG 5COGCUPWODGT
2TGCOR+PRWV1WVQH4CPIG 5COGCUPWODGT
2TGCOR(CKNWTG 5COGCUPWODGT
#PCNQI1WVRWV*KIJ /GCUWTGFXCNWGRTQITCOHQTQWVRWVITGCVGT
VJCPQRGTCVQTFGHKPGFHWNNUECNGTCPIG
#PCNQI1WVRWV*KIJ 5COGCUPWODGT
#PCNQI1WVRWV*KIJ 5COGCUPWODGT
#PCNQI1WVRWV*KIJ 5COGCUPWODGT
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
24'#/2.+(+'4
6JGRTGCORNKHKGTJCUPQRCTVUVJCVOC[DGUGTXKEGFKPVJGHKGNF+HVJGWPKVHCKNUTGVWTPKVVQ&CPKGN
%WUVQOGT5GTXKEGHQTTGRCKTQTTGRNCEGOGPV
6'/2'4#674'%10641.
6JGVGORGTCVWTGEQPVTQNEKTEWKVT[KUPQVHKGNFUGTXKEGCDNG+HVJGDQCTFHCKNUTGVWTPVJGDQCTFVQ
&CPKGN %WUVQOGT 5GTXKEG HQT TGRCKT QT TGRNCEGOGPV +H C TGRNCEGOGPV VGORGTCVWTG DQCTF KU
KPUVCNNGFVGORGTCVWTGUGVRQKPVUOWUVDGTGECNKDTCVGF5GGRCTCITCRJ
&'%1&'4
(WUG4GRNCEGOGPV
6JG&GEQFGT$QCTFKURTQVGEVGFD[C#8#%2KEQHWUGYJKEJ KUKPUVCNNGFKPNKPGQPVJG
PGWVTCN#%EQPPGEVKQPVQVJGDQCTF6JGHWUGKUNQECVGFCDQXGVJGRQYGTUVTKRKPVJGNQYGTTKIJV
EQTPGTQHVJG&GEQFGT$QCTFCPFKUTGRNCEGFD[WPUQNFGTKPIVJGDCFHWUGHTQOVJGRTKPVGFEKTEWKV
DQCTF
2%$CPFKPUVCNNKPICPGYHWUG7UGCNQYRQYGTUQNFGTKPIKTQP
+PUVTWEVKQPUHQT4GOQXKPIVJG&GEQFGT$QCTF
6QTGOQXGVJG&GEQFGT$QCTFHTQOVJGWRRGTGZRNQUKQPRTQQHJQWUKPIRTQEGGFCUHQNNQYU
&KUEQPPGEVVJG#PCN[\GT8#%RQYGTUQWTEG
.QQUGP VYQ UETGYU UGEWTKPI VJG TQWPF #PCN[\GT GNGEVTQPKEU HCEGRNCVG CPF TGOQXG VJG
HCEGRNCVG
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
2WNNVJGVYQRTKPVGFEKTEWKVDQCTFCUUGODNKGUQWVQHVJGGNGEVTQPKEUJQWUKPI2WNNHKTON[
OCMKPIUWTGVJCVVJGYKTKPIJCTPGUUFQGUPQVECVEJQPVJGVQRQHGKVJGTECTF2NCEGGCEJ
ECTFKPCPCPVKUVCVKERTQVGEVKQPDCI
7PUETGYVJGVYQP[NQPURCEGTUVQYJKEJVJGHCEGRNCVGYCUOQWPVGF
&KUEQPPGEVVJGVJTGGRQYGTNGCFUHTQOVJGVGTOKPCNUVTKR
6$KPVJGNQYGTTKIJVEQTPGT
QHVJG&GEQFGT$QCTF
4GNGCUGVJGHQWTECRVKXGUETGYUJQNFKPIVJGDQCTFKPVJGTGCTQHVJGGNGEVTQPKEUJQWUKPI
2WNNVJGECTFHQTYCTFVQTGNGCUGKVHTQOVJGVYQUVWFUPGCTVJGEGPVGTVQRCPFDQVVQOQHVJG
DQCTF
&KUEQPPGEVVJGDTQYPEQPPGEVQTUCVVJGVQR)TCURGCEJEQPPGEVQTD[KVUVQRCPFDQVVQO
UKFGCPFFGRTGUUVQTGNGCUGVJGJQNFFQYPECVEJ1PN[CUOCNNRTGUUWTGKUTGSWKTGFDWV
VJGEQPPGEVQTOWUVDGHWNN[GPICIGFHQTVJGNCVEJVQTGNGCUG2WNNVJGEQPPGEVQTYKVJC
NGHVTKIJVWRFQYPOQVKQPWPVKNKVFKUGPICIGU
016' 6JGDQCTFECPDGTGOQXGFYKVJVJGEQPPGEVQTUCVVCEJGFKHKVKUVQQ
FKHHKEWNV VQ FKUEQPPGEV +H VJG EQPPGEVQTU CTG NGHV EQPPGEVGF VJG
YKTG DWPFNG KP VJG VQR OWUV DG RWNNGF FQYP KPVQ VJG GNGEVTQPKEU
JQWUKPIQRGPKPIYJKNGVJGDQCTFKUDGKPITGOQXGF
4GOQXG VJG DQCTF OCKPVCKPKPI VJG YKTG DWPFNGU KP VJG EGPVGT VQR CPF DQVVQO QH VJG
GNGEVTQPKEU JQWUKPI QRGPKPI 2WNN VJG NQYGT GPF QH VJG DQCTF QWV VJTQWIJ VJG QRGPKPI
YJKNGRWUJKPIVJGVQRGPFQHVJGDQCTFKPVQVJGVQRTGCTQHVJGJQWUKPI6JGECTFIWKFGU
CTGOQWPVGFUQVJCVVJG[ECPHNGZUKFGYC[UFWTKPIDQCTFTGOQXCN
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
+PUVTWEVKQPUHQT4GKPUVCNNKPIVJG&GEQFGT$QCTF
6QTGRNCEGVJG&GEQFGT$QCTFRTQEGGFCUHQNNQYU
/CVGVJGDTQYPEQPPGEVQTUCVVJGVQRQHVJGDQCTF+HFGUKTGFVJKUECPDGFQPGCHVGTVJG
DQCTFKUKPUVCNNGF
2WNNVJGRQYGTCPFKPVGTEQPPGEVECDNGU
DQVVQOQWVQHVJGHTQPVEGPVGTQHVJGJQWUKPI
+PUGTVVJGDQCTFKPVQVJGJQWUKPI2WUJVJGGPFYKVJUJQTVIWKFGUKPVQVJGVQRTGCTCPF
JQNFVJGKPVGTEQPPGEVECDNGFQYPYJKNGVJGDQCTFKUOCPGWXGTGFKPVQVJGJQWUKPI
2WUJVJGVQRECDNGKPVQVJGVQRQHVJGJQWUKPI6JGPRQUKVKQPVJGDQCTFUQKVECPDGJGNF
KPRNCEGD[KVUHQWTECRVKXGUETGYUCVVJGDQCTF UHQWTEQTPGTU
6KIJVGPVJGHQWTECRVKXGUETGYUVQUGEWTGVJGDQCTFKPRNCEG
#VVCEJVJGYKTGUVJCVYGTGFKUEQPPGEVGFYJKNGTGOQXKPIVJG&GEQFGT$QCTF
/QWPVVJGVYQP[NQPURCEGTUQPVJGOQWPVKPIUVWFUPGCTVJGEGPVGTVQRCPFDQVVQOQHVJG
&GEQFGT$QCTF
4GKPUVCNNVJGVYQRTKPVGFEKTEWKVDQCTFUUWEJVJCVVJGEQORQPGPVUKFGUQHVJGDQCTFUHCEG
QWVYCTFNGHVCPFTKIJV
UGG(KIWTG6JGVGORGTCVWTGEQPVTQNNGTXCNXGFTKXGDQCTFKU
KPVJGNGHVUNQVCPFVJGRTGCORKUKPVJGTKIJVUNQV
4GRNCEGVJGJQWUKPIHCEGRNCVGOCMKPIUWTGVJCVVJGUYKVEJUJQWNFGTUCTGKPUKFGVJGNQECVKPI
JQNGU
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
#0#.;<'46417$.'5*116+0))7+&'
#RTQEGUUICUEJTQOCVQITCRJECPQRGTCVGRTQRGTN[QPN[KHHNQYUCTGDCNCPEGFCPFEQPUVCPVVJG
VGORGTCVWTGKUEQPUVCPVPQNGCMUCTGRTGUGPVCPFVJG)%%QPVTQNNGTKUEQTTGEVN[VKOGF$GHQTG
IQKPIVJTQWIJVJGVTQWDNGUJQQVKPIRTQEGFWTGURGTHQTOVJGTQWVKPGUQHVJG#PCN[\GT/CKPVGPCPEG
%JGEMNKUV%JGEMNKUVTGEQTFURGTHQTOGFTGIWNCTN[OC[KPFKECVGRTQDNGOUCPFRTGXGPVCP[UWFFGP
DTGCMFQYP
&Q PQV CFLWUV CP[ XCNWGU KH VJG[ CTG YKVJKP VJG PQOKPCN VQNGTCPEG XCNWGU QP VJG %JGEMNKUV
%QORCTGVJGXCNWGUYKVJVJQUGQDVCKPGFKPRTGEGFKPIYGGMU6JKUOC[RKPRQKPV[QWTRTQDNGO
KOOGFKCVGN[
6JGHQNNQYKPIKUCIWKFGHQTVTQWDNGUJQQVKPIKHCRTQDNGOYKVJUCORNGCPCN[UKUQEEWTU6CDNG
KUC6TQWDNGUJQQVKPI%JGEMNKUVVQQDVCKPFCVCHQTCRTQDNGOFKCIPQUKU6JKUFCVCYKNNDGWUGHWNKH
KVDGEQOGUPGEGUUCT[VQECNNVJG&CPKGN%WUVQOGT5GTXKEGHQTCUUKUVCPEG
(NQY$CNCPEG%JGEM
C 'PUWTG VJCV VJG HNQY RCPGN ICWIG KU RTQRGTN[ UGV 4GHGT VQ VJG#PCN[\GT/CKPVGPCPEG
%JGEMNKUVHQTXCNWGU&QPQVCFLWUVEJGEMYKVJ&CPKGN%WUVQOGT5GTXKEGKH[QWTTGCFKPI
KUCDPQTOCN
D %JGEMHNQYCVVJGOGCUWTGXGPVCPFUCORNGXGPV
UGG6TQWDNGUJQQVKPI%JGEMNKUV
6GORGTCVWTG
'PUWTGVJCVVJGVGORGTCVWTGKUEQPUVCPVKPDQVJVJG#PCN[\GTCPF5CORNG%QPFKVKQPKPI5[UVGO
5%5QXGPKHCPQXGPKUWUGF
TGHGTVQRCTCITCRJ
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
$CUGNKPG&TKHV
C 6QGPUWTGVJCVVJGDCUGNKPGKUPQVFTKHVKPIEQORCTGVJGDCUGNKPGWRUGVUECWUGFD[XCNXG
CEVWCVKQPUYKVJVJQUGQHVJG52'%647/EJTQOCVQITCORTQXKFGFYKVJVJG1RGTCVKQPCN
2CTCOGVGTU5JGGV
D 'PUWTGVJCVPQGXKFGPEGQHEQORQPGPVGNWVKQPUKURTGUGPVYJGPPQUCORNGKUDGKPIKPLGEVGF
+HFKHHGTGPEGUGZKUVDGVYGGPVJGVYQ52'%647/EJTQOCVQITCOUVJGRTQDNGOOC[DGFWGVQQPG
QTOQTGQHVJGHQNNQYKPI
2TQITCOOKPIQHGXGPVU
%QPVCOKPCVKQPQHXCNXGUGCNKPIFKCRJTCIOUD[HQTGKIPOCVVGT
+ORTQRGTN[CFLWUVGFHNQYU
.GCMUKPVJGECTTKGTU[UVGO
%QNWOPFGVGTKQTCVKQPFWGVQNKSWKFEQPVCOKPCVKQPHTQOCUCORNG
/KUKFGPVKH[KPIRGCMU
#PQKU[DCUGNKPGECPDGECWUGFD[ECTTKGTNGCMUCPGNGEVTQPKEHCKNWTGKPVJG2TGCORNKHKGTCHCWNV[
RQYGTUWRRN[QTFGHGEVKXGVJGTOKUVQTUKPVJGFGVGEVQT+HVJGDCUGNKPGKUUVKNNPQKU[CHVGTEQTTGEVKPI
HQTNGCMURGTHQTOVJG&GVGEVQT$TKFIG$CNCPEGRTQEGFWTGDGHQTGTGRNCEKPIVJGFGVGEVQTVJGTOKUVQTU
QTVJGRTGCORNKHKGTDQCTF
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
6CDNG#0#.;<'46417$.'5*116+0)%*'%-.+56
#0#.;<'4
.GCMEJGEMYKVJ5PQQRHTQOJGNKWO
DQVVNGVQ#PCN[\GTTGIWNCVQT
.GCMEJGEMYKVJ5PQQRHTQO
ECNKDTCVKQPUVCPFCTFVQCWVQ
ECNKDTCVKQPUQNGPQKF
2TGCORDCNCPEGXQNVCIG
UGGRCT AAAAAO8 AAAAAO8 vO8
5#/2.'5;56'/
.GCMEJGEMYKVJ5PQQRHTQOUCORNG
RTQDGVQUCORNGUQNGPQKF
/1&'.+02765
5GGRCT
)4+
%*
)4+
%*
)4+
%*
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6CDNG#0#.;<'46417$.'5*116+0)%*'%-.+56
%QPVKPWGF
#5(170& #5.'(6 01/+0#.
#0#.;<'4219'45722.;
6$6GTOKPCNU
8 AAA8QNVU
v8
EQOOQP
8QNVUCPF
8 AAA8QNVU v8
8QNVU
8 AAAO8#% vO8
8 AAAO8#% vO8
%*41/#61)4#/
%JGEMDCUGNKPG
%JGEMEQORQPGPVXCNWGUQPTGRQTV
0WODGTQHRGCMU
4GVGPVKQPVKOGU
&CVGCPFHKNG
6'/2'4#674'
UGGRCT
&GVGEVQT6GORGTCVWTG (%QT (%QT
6JGTOQEQWRNG9KTG
6[RG, AAAAO8 AAAAO8 (%
*GCVGT$NQEM6GORGTCVWTG (%QT (%QT
6JGTOQEQWRNG9KTG
6[RG, AAAAO8 AAAAO8 (%
5CORNG5[UVGO6GORGTCVWTG
KH AAAA(% AAAA(%
CRRNKECDNG
/'#574'8'06(.19
UGGRCT
#PCN[\GT8CNXG10 AAAEEOKP AAAAEEOKP EEOKP
#PCN[\GT8CNXG1(( AAAEEOKP AAAAEEOKP
4GHGTVQ5[UVGO1RGTCVKQPCN2CTCOGVGTU
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
.GCM%JGEMKPIVJG#PCN[\GT
6QRGTHQTOCHKGNFUGTXKEGNGCMEJGEMQHVJG#PCN[\GTHQNNQYVJGUGUVGRU
2NWICNN#PCN[\GTXGPVU
/CMG UWTG VJG UGVVKPI QH VJG ECTTKGT E[NKPFGT TGIWNCVQT KU RQWPFU RGT USWCTG KPEJ
ICWIG
RUKI
%JGEMCNNHKVVKPIUCVVJGRTGUUWTGTGIWNCVQTHNQYRCPGNCPFCVVJGECTTKGTE[NKPFGTTGIWNCVQT
YKVJCNGCMFGVGEVQT%QTTGEVCP[NGCMUFGVGEVGFD[CDWDDNGKPFKECVKQP
6WTPVJG*GNKWOE[NKPFGTUJWVQHHXCNXGENQEMYKUGVQENQUG1DUGTXGVJGECTTKGTRTGUUWTG
HQTVGPOKPWVGUVQEJGEMHQTCFTQRKPECTTKGTRTGUUWTG6JGFTQRUJQWNFDGNGUUVJCP
RUKIQPVJGJKIJUKFGQHVJGTGIWNCVQTICWIG+HVJGECTTKGTRTGUUWTGTGOCKPUEQPUVCPVPQ
NGCMUCTGRTGUGPV
#EVWCVG VJG 8#.8' 101(( UYKVEJGU CPF QDUGTXG VJG RTGUUWTG YKVJ VJG XCNXGU KP
FKHHGTGPVRQUKVKQPUVJCPKPUVGR
9JGPVJGXCNXGUCTGUYKVEJGFUQOGRTGUUWTGEJCPIG
KUPQTOCNDGECWUGQHECTTKGTNQUU/QOGPVCTKN[QRGPE[NKPFGTXCNXGVQTGUVQTGRTGUUWTGKH
PGEGUUCT[
+HVJGRTGUUWTGFQGUPQVJQNFEQPUVCPVEJGEMCNNXCNXGHKVVKPIUHQTVKIJVPGUU
4GRGCVUVGR
CICKP+HNGCMURGTUKUVEJGEMVJGXCNXGRQTVUYKVJCEQOOGTEKCN*GNKWO
NGCMFGVGEVQT&QPQVWUGCNKSWKFNGCMFGVGEVQTQPVJGXCNXGUQTEQORQPGPVUKPVJG
WRRGT#PCN[\GTQXGP
YKVJKPVJGDNCEMKPUWNCVGFEQXGT
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6QRGTHQTOCHCEVQT[NGXGNNGCMEJGEMQHVJG#PCN[\GTHQNNQYVJGUGUVGRU
016' 6JGHQNNQYKPICTGUVGRURGTHQTOGFVQNGCMEJGEMVJG#PCN[\GTCVVJG
HCEVQT[YJGPVJG#PCN[\GTKUSWCNKV[EJGEMGFRTKQTVQTGNGCUG6JKU
RTQEGFWTGKUOQTGVJQTQWIJCPFKUFGUKIPGFVQKUQNCVGURGEKHKE\QPGU
QHVJG#PCN[\GTYJGTGCNGCMOC[QEEWT
2NWIVJG/GCUWTG8GPV
NCDGNGF/8XGPVNKPGKHKVKUQRGP
6JG58QT5CORNG8GPV
NKPGUJQWNFDGNGHVQRGPQTWPRNWIIGF
#EEGUUVJGWRRGTGZRNQUKQPRTQQHDQZ
:,6QHVJG#PCN[\GTUQVJCV[QWYKNNDGCDNGVQ
OCPWCNN[QRGTCVGVJGCPCN[\GTXCNXGUYKVEJGUNQECVGFQPVJGUYKVEJRCPGNKPUKFGVJGDQZ
C 5GG(KIWTGHQTCPKNNWUVTCVKQPQHVJG#PCN[\GT:,6DQZNQECVKQPU
D 5GG(KIWTGHQTCPKNNWUVTCVKQPQHVJG#PCN[\GT8CNXG5YKVEJGUWRRGT:,6
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
(KIWTG.QECVKQPQH#PCN[\GT:,6DQZGU
(KIWTG#PCN[\GTXCNXGUYKVEJGUWRRGT:,6
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
.GCMEJGEMVJGECTTKGTICU
JGNKWONKPGHKTUVCEEQTFKPIVQVJGUVGRUVJCVHQNNQY
2WTIGVJG#PCN[\GT8CNXGUYKVJECTTKGTICU
JGNKWOCUHQNNQYU
C 1RGPVJGJGNKWODQVVNGXCNXGCPFUNQYN[KPETGCUGVJGECTTKGTICUHGGFNKPGRTGUUWTG
VQRQWPFURGTUSWCTGKPEJICWIG
RUKIvYKVJVJGFWCNUVCIGTGIWNCVQT
CVVJGJGNKWODQVVNG
+/2146#06&QPQVWUGVJG%CTTKGT2TGUUWTG#FLWUVXCNXG
QP VJG (NQY 2CPGN QH VJG #PCN[\GT VQ CFLWUV ECTTKGT ICU NKPG
RTGUUWTG6JCVXCNXGKUHCEVQT[UGVCPFUJQWNFPQVDGCFLWUVGF
D 6QIINGGCEJ#PCN[\GT8CNXGUYKVEJVQ1((CPF10RQUKVKQPUCDQWVHQWTVQHKXG
VKOGU
#PCN[\GT8CNXGUYKVEJGUCTGKPWRRGT:,6DQZ
2TGUUWTK\GCPFEJGEMVJGECTTKGTICU
JGNKWOHGGFNKPGCUHQNNQYU
C 5GVCNN#PCN[\GT8CNXGUYKVEJGUVQVJG10RQUKVKQP
D 1RGPVJGECTTKGTICU
JGNKWODQVVNGXCNXGCPFGPUWTGVJCVVJGECTTKGTICUHGGFNKPG
RTGUUWTGKURQWPFURGTUSWCTGKPEJICWIG
RUKIv
E 5JWVVJGJGNKWODQVVNGXCNXG
F 1DUGTXG VJG RTGUUWTG QP VJG JKIJUKFG TGIWNCVQT ICWIG QH VJG JGNKWO DQVVNG
$GECWUGVJG/8XGPVNKPGKURNWIIGFVJGRTGUUWTGUJQWNFPQVFGETGCUGFWTKPI
CRGTKQFQHOKPWVGU
G 5GVCNN#PCN[\GT8CNXGUYKVEJGUVQVJG1((RQUKVKQP
H 4GRGCVUVGRU
DVJTQWIJ
F
I 5GVCNN#PCN[\GT8CNXGUYKVEJGUVQVJG#761RQUKVKQPHQTTGIWNCTQRGTCVKQP
6JKUEQORNGVGUVJGECTTKGTICU
JGNKWONKPGNGCMEJGEM0GZVNGCMEJGEMVJGECNKDTCVKQP
ICUHGGFNKPGCEEQTFKPIVQVJGUVGRUVJCVHQNNQY
2NWIVJG5CORNG8GPV
NCDGNGF58XGPVNKPG
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
2TGUUWTK\GVJGECNKDTCVKQPICUNKPGVQRUKI
016' %CNKDTCVKQPICUNKPGRTGUUWTGQHRUKIKUHQTNGCMEJGEMCPFVGUV
RWTRQUGU QPN[ (QT PQTOCN QRGTCVKQP VJG ECNKDTCVKQP ICU NKPG
RTGUUWTGKUOCKPVCKPGFCVRUKI
C 5JWVVJGECNKDTCVKQPICUDQVVNGXCNXG
D 1DUGTXGVJGRTGUUWTGQPVJGJKIJUKFGTGIWNCVQTICWIGQHVJGECNKDTCVKQPICUDQVVNG
$GECWUGVJG58XGPVNKPGKURNWIIGFVJGRTGUUWTGUJQWNFPQVFGETGCUGFWTKPIC
RGTKQFQHOKPWVGU
6JKU EQORNGVGU VJG ECNKDTCVKQP ICU NKPG NGCM EJGEM 0GZV NGCM EJGEM VJG UCORNG ICU
NKPGUCEEQTFKPIVQVJGUVGRUVJCVHQNNQY
2NWIVJG58XGPVNKPG
KVOC[CNTGCF[DGRNWIIGFKH[QWRGTHQTOGFUVGRU
VJTQWIJ
CDQXGVQNGCMEJGEMVJGECNKDTCVKQPICUNKPG
2TGUUWTK\GVJGUCORNGICUNKPGVQRUKIQTCMPQYPRTGUUWTG
016' 5CORNG ICU NKPG RTGUUWTG QH RUKI KU HQT NGCM EJGEM CPF VGUV
RWTRQUGUQPN[(QTPQTOCNQRGTCVKQPUCORNGICUNKPGRTGUUWTGKU
OCKPVCKPGFCVRUKI
C 5JWVQHHVJGUCORNGICU
D 1DUGTXG VJG RTGUUWTG QP CP[ ICWIG VJCV KPFKECVGU RTGUUWTG DGVYGGP VJG ENQUGF
UCORNGICUDNQEMXCNXGCPFVJGENQUGF#PCN[\GTOGVGTXCNXG$GECWUGVJG58
XGPV NKPG KU RNWIIGF VJG RTGUUWTG UJQWNF PQV FGETGCUG FWTKPI C RGTKQF QH
OKPWVGU
.GCMVGUVCNNQVJGTUCORNGUVTGCONKPGUD[EQPPGEVKPIICUVQGCEJQHVJGUCORNGUVTGCOUCPF
TGRGCVKPIUVGRU
VJTQWIJ
D
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
(KPKUJVJGVGUVCPFUGVWRVJG#PCN[\GTHQTPQTOCNQRGTCVKQPCUHQNNQYU
C 'PUWTGVJCVCNN#PCN[\GT8CNXGUYKVEJGUWRRGT:,6DQZCTGUGVVQVJG#761
RQUKVKQP
D 7PRNWIQTQRGPVJG/8CPF58XGPVNKPGU
E +H VJG ECNKDTCVKQP ICU DQVVNG YCU WUGF VQ NGCM EJGEM VJG UCORNG UVTGCO NKPGU
TGEQPPGEVVJGECNKDTCVKQPICUDQVVNGVQVJGECNKDTCVKQPICUNKPGQPVJG5%5OQWPVKPI
RNCVGCPFTGEQPPGEVVJGUCORNGUVTGCONKPGU
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
2NWIIGF.KPGU%QNWOPUQT8CNXGU
6QGPUWTGVJCVNKPGUEQNWOPUCPFXCNXGUCTGPQVRNWIIGFEJGEMVJGICUHNQYCVXCNXGRQTVU(QT
CTGHGTGPEGWUGVJGHNQYFKCITCOKPVJGFTCYKPIRCEMCIGCPFTGOGODGTVJGUGRQKPVUCDQWVHNQY
FKCITCOU
2QTVVQRQTVHNQYRCVJUCTGKPFKECVGFD[UQNKFQTFCUJGFNKPGU
#FCUJGFNKPGKPFKECVGUHNQYFKTGEVKQPYJGPVJGXCNXGKU10VJCVKUGPGTIK\GF
#UQNKFNKPGKPFKECVGUHNQYFKTGEVKQPYJGPVJGXCNXGKU1((VJCVKUFGGPGTIK\GF
#EQODKPCVKQPQHUQNKFCPFFCUJGFNKPGUKPFKECVGUCEQPUVCPVHNQYRCVJTGICTFNGUU
QHVJG101((UVCVGQHVJGXCNXG
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
%*41/#61)4#2*8#.8'5
8CNXG%NGCPKPI
#UQPKEENGCPGTKUKFGCNHQTXCNXGENGCPKPI*QYGXGTHQTHKGNFUGTXKEGRWTRQUGUGNGEVTKECNEQPVCEV
ENGCPGTCNUQYQTMUYGNN&101675'#01+.$#5'%.'#0'4
8CNXG1XGTJCWN
6JGEJTQOCVQITCRJXCNXGKUFGUKIPGFVQYKVJUVCPFOKNNKQPUQHCEVWCVKQPE[ENGUYKVJQWVNGCMCIGQT
HCKNWTG+HUGTXKEGKUTGSWKTGFVJGXCNXGECPDGQXGTJCWNGFWUKPICUVCPFCTFMKVQHTGRNCEGOGPV
RCTVUCXCKNCDNGHTQO&CPKGN+PFWUVTKGU+PE6JGHQNNQYKPICTGRTQEGFWTGUHQTQXGTJCWNKPIVJG
XCNXGWUKPIC4GDWKNF-KVHTQO&CPKGN+PFWUVTKGU+PE#VQTSWGYTGPEJUECNGFKPHQQVRQWPFUKU
TGSWKTGF
8CNXG1XGTJCWN+PUVTWEVKQPU
6QQXGTJCWNVJG%JTQOCVQITCRJXCNXGHQNNQYVJGUGUVGRUCPFTGHGTVQFTCYKPI%'QT
%'KPVJG#PCN[\GTFTCYKPIUCFFGPFWOQHVJKUOCPWCN
4GOQXGVJGOCNHWPEVKQPKPIXCNXGHTQOVJG#PCN[\GT5GEWTGVJGXCNXGKPCXKUGENCORKPI
QPN[CVVJGDCUGRNCVG
.QQUGPVJGVQTSWGDQNVD[VWTPKPIEQWPVGTENQEMYKUG
4GOQXGVJGGPVKTGXCNXGHTQOVJGXKUGCPFRTGRCTGHQTFKUCUUGODN[KPCENGCPCTGC
4GOQXGVJGVQTSWGDQNVCPFFKUCUUGODNGVJGXCNXGUVCTVKPIYKVJVJGRTKOCT[RNCVG
%CTGHWNN[UNKFGVJGTGOCKPKPIRQTVKQPQHVJGXCNXGHTQOVJGOQWPVKPIHKZVWTG
+PURGEV GCEJ XCNXG RKGEG HQT QDXKQWU FGDTKU UETCVEJGU QT EQPVCOKPCVKQP CPF ENGCP CU
TGSWKTGFYKVJUQPKEENGCPGTQTGNGEVTKECNEQPVCEVENGCPGT&101675'#01+.$#5'
%.'#0'4#HVGTENGCPKPIDNQYENGCPFT[KPUVTWOGPVCKTQT*GNKWOVJTQWIJVJGXCNXG
RQTVU
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
&KUECTF VJG QNF XCNXG FKCRJTCIOU 4GRNCEG VJG QNF XCNXG FKCRJTCIOU YKVJ VJG PGY
FKCRJTCIOUKPVJGXCNXGTGRCKTMKV
4GCUUGODNGVJGXCNXGD[HQNNQYKPIVJGKPUVTWEVKQPUKPFTCYKPI%'QT%'
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
&'6'%614$4+&)'$#.#0%'
6JGHQNNQYKPIRTQEGFWTGUJQWNFDGECTTKGFQWVKHVJG#PCN[\GTFQGUPQVRTQFWEGCEJTQOCVQITCO
6QRGTHQTOCFGVGEVQTDTKFIGDCNCPEGHQNNQYVJGUGUVGRU
*CNV CP[ QPIQKPI CPCN[UGU +H [QW CTG WUKPI VJG /10 UQHVYCTG RTQITCO UGNGEV VJG
%QPVTQNUWDOGPWHTQOVJG/CKP/GPWUETGGP6JGPHTQOVJG%QPVTQNUWDOGPW
RTGUU*VQ*CNV/10YKNNCUM[QWKH[QWYCPVVQ*CNVVJG#PCN[UKU5GNGEV;GUCPF
RTGUUVJG'06'4MG[
4GOQXGVJGEQXGTQHVJGWRRGTGZRNQUKQPRTQQHGPENQUWTGQPVJG#PCN[\GT
4GHGTVQ(KIWTGCPFCVVCEJVJGPGICVKXGNGCFQHCFKIKVCNXQNVOGVGTVQVJGDNCEMVGUV
RQKPV
$4+&)'$#.#0%'#VVCEJVJGRQUKVKXGNGCFQHVJGFKIKVCNXQNVOGVGTVQVJGTGF
VGUVRQKPV
$4+&)'$#.#0%'
%JGEMVJGFGVGEVQTDTKFIGXQNVCIG6JGXQNVCIGUJQWNFTGCFOKNNKXQNVU
O8vO8
#FLWUVVJGEQCTUGCPFHKPGRQVGPVKQOGVGTUKOOGFKCVGN[DGPGCVJVJGVGUVRQKPVUVQQDVCKPVJG
URGEKHKGFTGCFKPI
(KIWTG#PCN[\GTFGVGEVQTDTKFIGDCNCPEGNQECVKQPU
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
6'/2'4#674'/'#574'/'065
6QOGCUWTGVJG&GVGEVQTCPF*GCVGT$NQEMVGORGTCVWTGU[QWYKNNPGGFC(NWMG/QFGN-,
VJGTOQOGVGTQTGSWKXCNGPV
6QOGCUWTG&GVGEVQTCPF*GCVGT$NQEMVGORGTCVWTGURTQEGGFCUHQNNQYU
7PUETGYVJG%QPFWNGVEQXGTQHVJGNQYGTGZRNQUKQPRTQQH
:,6JQWUKPI
0GZVNQQUGPCPFTGOQXGVJGHQWTVYQVJWODUETGYUVJCVJQNFVJG8CNXG&TKXGT$QCTF
%CTGHWNN[GFIGVJG8CNXG&TKXGT$QCTFQHHVJGJQNFKPIUETGYU&QPQVFKUEQPPGEVVJG
8CNXG&TKXGT$QCTFHTQOVJGECDNGOGTGN[NGVVJGDQCTFTGUVHCEGFQYPUGEWTGFD[VJG
ECDNG
.QECVGVJGVYQ6[RG,VJGTOQEQWRNGU6JG[CTGKPVJGNGHVUKFGQHVJGJQWUKPICPFCTG
OCTMGF
&GVGEVQTCPF
*GCVGT$NQEM
5GG(KIWTG
7KHUPRFRXSOH
OHDGV
DQG
(KIWTG6JGTOQEQWRNGNGCFUKPNQYGTGZRNQUKQPRTQQHJQWUKPI
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
5GVVJGVJGTOQOGVGTHQTC,TGCFKPIVJGPKPUGTVVJGGPFUQHVJGVYQYKTGUOCTMGF
CPFOGCUWTGVJGKTVGORGTCVWTG4GRGCVYKVJYKTG
C 6JGVGORGTCVWTGUUJQWNFDGv(%
D &Q 016 VT[ VQ CFLWUV VJGUG VGORGTCVWTGU YKVJQWV EQPUWNVKPI &CPKGN %WUVQOGT
5GTXKEG6JGVGORGTCVWTGEQPVTQNDQCTFKUPQVHKGNFUGTXKEGCDNG
E +H[QWFGVGTOKPGVJCVVJGVGORGTCVWTGEQPVTQNDQCTFKUDCFTGVWTPKVVQ%WUVQOGT
5GTXKEGHQTTGRNCEGOGPV
4GRNCEGVJG8CNXG&TKXGT$QCTFCPFVJG%QPFWNGVEQXGTTGOQXGFKPUVGRU
VJTQWIJ
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
/'#574'8'06(.19
/8
;QWYKNNPGGFCPCEEWTCVGHNQYOGVGT
5GV#(NQYQTGSWKXCNGPVHQTVJKUOGCUWTGOGPV
6QOGCUWTGVJG/8XGPVHNQYRTQEGGFCUHQNNQYU
#VVCEJCHNQYOGVGTVQVJGXGPVQWVRWVQPVJGNGHVUKFGQHVJG#PCN[\GTOCTMGF/8
6JGHNQYUJQWNFOGCUWTGEEOKP
#0#.1)+02765
6JGCPCNQIKPRWVUCXCKNCDNGVQVJG/QFGN)%%QPVTQNNGTHTQOVJG/QFGN5GTKGU#PCN[\GT
CPFGZVGTPCNCPCN[\GTUCTGUJQYPKPVJGHQNNQYKPIVCDNGU
5GGCNUQFTCYKPI&'KPVJG)%
%QPVTQNNGT&TCYKPIUCFFGPFWOVJKUOCPWCN
6CDNG#PCNQI+PRWVUVQ)%%QPVTQNNGT
HTQO#PCN[\GT
$QCTF#ETQP[OU
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
&'6'%61424'#/2.+(+'45+)0#.1762765HTQO#0#.;<'4
6$,6GTOKPCN EQOOQP
6$,6GTOKPCN O# )CKPEJCPPGN
Z
/GCUWTGDGVYGGPVGTOKPCNU
CPF
CV6$,
6$,6GTOKPCN O# )CKPEJCPPGN
Z
/GCUWTGDGVYGGPVGTOKPCNU
CPF
CV6$,
6$,6GTOKPCN O# )CKPEJCPPGN
Z
/GCUWTGDGVYGGPVGTOKPCNU
CPF
CV6$,
6$,6GTOKPCN O# )CKPEJCPPGN
Z
/GCUWTGDGVYGGPVGTOKPCNU
CPF
CV6$,
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6CDNG#PCNQI+PRWVUVQ)%%QPVTQNNGT
HTQO7UGT&GXKEGU
$QCTF#ETQP[OU
6GTOKPCN$QCTFHQTHKGNFYKTKPICV%QPVTQNNGT
6$
6$,6GTOKPCNU O#EQOOQPUJKGNF #PCNQIKP
6$,6GTOKPCNU O#EQOOQPUJKGNF #PCNQIKP
6$,6GTOKPCNU O#EQOOQPUJKGNF #PCNQIKP
6$,6GTOKPCNU O#EQOOQPUJKGNF #PCNQIKP
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
/1&'.)%%10641..'4/#+06'0#0%'
6JG/QFGN)%%QPVTQNNGTKUFGUKIPGFVQQRGTCVGHQTNQPIRGTKQFUQHVKOGYKVJQWVPGGFHQT
RTGXGPVKXGQTTGIWNCTN[UEJGFWNGFOCKPVGPCPEG+HVJG/QFGN)%%QPVTQNNGTKUKPUVCNNGFKP
CPGZRNQUKQPRTQQHGPENQUWTGKVKUFWUVYCVGTCPFHNCOGRTQQH
5JQWNFVJGTGDGCPGGFVQQRGPVJGGZRNQUKQPRTQQHGPENQUWTGHKTUVFKUEQPPGEVCNN#%GNGEVTKECN
RQYGTVQVJGWPKVCPFGPUWTGVJGCTGCKUHTGGQHGZRNQUKXGICUGU#NUQRTKQTVQQRGPKPIVJG)%
%QPVTQNNGT EJGEM VJG QRGTCVKPI RCTCOGVGTU QH VJG CRRNKECVKQP YKVJ GKVJGT C 2% QT VJG )%
%QPVTQNNGTçUDWKNVKPFKURNC[CPFCVVGORVVQKUQNCVGQTHKZCP[KPEQTTGEVRCTCOGVGTU
)%%10641..'4#%%'55
6QCEEGUUCP[QHVJG)%%QPVTQNNGTçUGNGEVTKECNEQORQPGPVURGTHQTOCNNQHVJGHQNNQYKPIUVGRU
KH VJG %QPVTQNNGT KU KP CP GZRNQUKQP RTQQH GPENQUWTG
5VGR
KU PQV CRRNKECDNG KH VJG )%
%QPVTQNNGTKUKPCPQPJC\CTFQWUGPXKTQPOGPVGPENQUWTGHQTTCEMQTRCPGNOQWPVKPI
'PUWTG#%GNGEVTKECNRQYGTKUFKUEQPPGEVGFHTQOVJGWPKVCPFVJGGPXKTQPOGPVKUUCHG
4GOQXGVJGUETGYUJQNFKPIVJGHTQPVRCPGN
YKVJVJGFKURNC[VQVJGGPENQUWTG6JG
HTQPVRCPGNJCUJKPIGUCVVJGDQVVQOUGEWTGFD[CEQVVGTRKPCPFVJGRCPGNYKNNHQNFFQYP
6JKUHTQPVRCPGNKUJGCX[UQOCMGUWTGKVFQGUP VFTQRCPFECWUGFCOCIG
+PUKFGKUVJGECTFECIGJQNFKPIVJGEKTEWKVDQCTFU6JGVGTOKPCVKQPDQCTFKUJGNFVQVJG
ECTFECIGD[UKZUETGYUCPFKURNWIIGFKPVQVJGU[UVGOKPVGTHCEGDQCTFPGCTVJGVQRGFIG
.QQUGPVJGUETGYUCPFRWNNVJGVGTOKPCVKQPDQCTFQWVCUHCTCUVJGYKTGUYKNNCNNQY.GV
KVNKGHNCVKPUKFGVJGGPENQUWTG4GOQXGVJG#%RQYGTEQPPGEVQTHTQOVJGHTQPVQHVJG
VGTOKPCVKQPDQCTFQPVJGNQYGTNGHVJCPFUKFG
9KVJ C HNCVDNCFGF UETGYFTKXGT CV NGCUV NQPI TGOQXG VYQ UETGYU CV VJG NQYGT HTQPV
EQTPGTUCPFVYQUETGYUCVVJGWRRGTTGCTEQTPGTUQHVJGECTFECIG%CTGHWNN[NKHVVJGECTF
ECIGWRCPFQWVWPVKNCEEGUUKUICKPGFVQVJGEKTEWKVDQCTFU
0QVGVJGNQECVKQPQHCP[DQCTFTGOQXGF4GOQXGQPN[QPGGPFQHCP[ECDNGPGEGUUCT[VQ
QDVCKPCEEGUUVQVJGFGUKTGFDQCTF4GOGODGTQTOCMGPQVGQHVJGECDNGKPUVCNNCVKQPUQVJG
ECDNGUECPDGTGRNCEGFKPVJGUCOGQTFGT4GNGCUGVJGECVEJ
GUCPFTGOQXGTGRNCEGVJG
EKTEWKVDQCTF
UCUPGEGUUCT[
4GRNCEGVJGECTFECIGCPFVKIJVGPUETGYUKPVJGTGXGTUGQTFGTCUVJGFKUCUUGODN[
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
%1//70+%#6+105
016' 5GGUGEVKQPVJKUOCPWCNHQTCNKUVQHVJG)%%QPVTQNNGTRQTVU
CPFVGTOKPCNU
RKPUCUUKIPGFVQUGTKCNEQOOWPKECVKQPU
6JGTG CTG HQWT EQOOWPKECVKQPU EJCPPGNU CXCKNCDNG HTQO VJG )% %QPVTQNNGT +P CFFKVKQP C
EQOOWPKECVKQPUEJCPPGNKUWUGFD[VJG)%%QPVTQNNGTFKURNC[CPFVJG)%%QPVTQNNGT6JG)%
%QPVTQNNGTFKURNC[NKPMWUGUGKVJGT45%QT45RTQVQEQNU%QOOWPKECVKQPUWUKPI
45%QT45RTQVQEQNUCTGCXCKNCDNGKPVJGHQWTGZVGTPCNEJCPPGNU6JGEQOOWPKECVKQP
RTQVQEQNU CTG UGNGEVGF KPUKFG VJG )% %QPVTQNNGT YKVJ LWORGTU 6JGUG CTG PQTOCNN[ RNCEGF CU
URGEKHKGFD[VJGEWUVQOGTCVVJGHCEVQT[+HKVDGEQOGUPGEGUUCT[VQEJCPIGVJGEQOOWPKECVKQPU
CVVJGUKVGCEEGUUVQVJGDQCTFUKPUKFGVJGGPENQUWTGKUTGSWKTGFVQEJCPIGVJGLWORGTCTTCPIGOGPV
6JGGPENQUWTGUJQWNFPQVDGQRGPGFYJGPJC\CTFQWUICUGUCTGRTGUGPV4GHGTVQRCTCITCRJ
KHCEQOOWPKECVKQPUEJCPIGDGEQOGUPGEGUUCT[
6JG LWORGTU VQ DG EJCPIGF CTG NQECVGF QP VJG %27 $QCTF CPF VJG +PRWV1WVRWV
+1 $QCTF
4GHGT VQ FTCYKPIU $' CPF $' KP VJG )% %QPVTQNNGT FTCYKPIU CFFGPFWO QH VJKU
OCPWCNHQTLWORGTNQECVKQPUCPFRQUUKDNGQRVKQPU1PVJG%27$QCTFVJGUVCPFCTFEQPHKIWTCVKQP
YQWNF DG QPG 45 EJCPPGN CPF QPG 45% EJCPPGN 1P VJG +1 $QCTF VJG UVCPFCTF
EQPHKIWTCVKQPYQWNFDGVYQ45EJCPPGNU
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
)%%10641..'4#&&4'55%*#0)'
016' 5GG UGEVKQP VJKU OCPWCN HQT CP GZRNCPCVKQP QH &+2 UYKVEJ
UGVVKPIU CPF VJGKT FGVGTOKPCVKQP QH VJG )% %QPVTQNNGT U /QFDWU
UNCXGCFFTGUU
%QOO+&
9JGPVJGFGUKTGF)%%QPVTQNNGTCFFTGUUKUMPQYPKVYKNNDGUGVDGHQTGVJG/QFGNNGCXGUVJG
HCEVQT[+HVJG)%%QPVTQNNGTCFFTGUUPGGFUVQDGEJCPIGFKPVJGHKGNFKVYKNNDGPGEGUUCT[VQ
EJCPIGVJGCTTCPIGOGPVQHCPRQUKVKQP&+2UYKVEJQPVJGU[UVGOKPVGTHCEGDQCTF6JKUDQCTF
KUNQECVGFQPVJGVQRQHVJGECTFECIGCPFUGXGTCNECDNGUOWUVDGWPRNWIIGFVQUGGVJG&+2UYKVEJ
6JGECTFECIGOWUVDGTGOQXGFHTQOVJGGPENQUWTGVQQDVCKPCEEGUUVQVJGU[UVGOKPVGTHCEGDQCTF
4GHGTVQRCTCITCRJ/CMGUWTGVJGECDNGUCTGTGRNCEGFKPVJGGZCEVQTFGTCPFRQUKVKQPU
4GHGTVQ&TCYKPI%'HQTVJGNQECVKQPCPFCTTCPIGOGPVQHVJG&+2UYKVEJ
6JG)%%QPVTQNNGTCFFTGUUQPVJGRQUKVKQP&+2UYKVEJECPDGUGVCUCDKVDKPCT[PWODGTYKVJ
VJGRQUKVKQPOCTMGFCUVJGNGCUVUKIPKHKECPVDKV(QTVJGUYKVEJRQUKVKQPU1((CPF10
6JGCFFTGUUQH%QPVTQNNGT0QEQWNFDGUGVCU
YKVJUYKVEJRQUKVKQPU10CPF
CNNQVJGTU1((6JKUCFFTGUUUJQWNFEQTTGURQPF
CPFUJQYQPVJG2%CUFGEKOCNWPFGTVJG
%1//+&EQNWOPKPVJG)%&+4'%614;WPFGT5;56'/5YKVEJRQUKVKQP10KPFKECVGU
CPQRVKQPCNOGOQT[DQCTFKUKPUVCNNGF5YKVEJRQUKVKQP10KPFKECVGUVJG&52+1DQCTFKUKP
VJGEKTEWKV5YKVEJRQUKVKQP10UKIPKHKGUCOQFGOKUKPUVCNNGF5YKVEJRQUKVKQP1((
UKIPKHKGUPQOQFGO
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
#0#.1)+02765#0&1762765
6JG CPCNQI QWVRWVU ECP DG ECNKDTCVGFCFLWUVGF WUKPI C 2% YKVJ VJG /10 RTQITCO UQHVYCTG
*QYGXGTVJGWUGTQWVRWV
)%%QPVTQNNGTCPCNQIQWVRWVUUJQWNFDGOGCUWTGFYKVJCIQQFFKIKVCN
OGVGTWRQPKPKVKCNKPUVCNNCVKQPCV\GTQUECNGCPFHWNNUECNG6JGPVJGURCPECPDGUGVYKVJ/10
UQHVYCTGHTQOVJG2%UQVJCVKVTGRTGUGPVUXCNWGUHTQO\GTQVQRGTEGPVQHVJGWUGTFGHKPGF
WPKVUKPWUG
0QOKPCNN[ECNKDTCVKQPKUOCFGYKVJKPCTCPIGQHOKNNKCORGTGU
O#QWVRWVHTQOGCEJCPCNQI
EJCPPGN*QYGXGT\GTQUECNGECNKDTCVKQPUECPDGUGVYKVJO#QWVRWVCPFHWNNUECNGECNKDTCVKQP
ECPDGUGVYKVJWRVQO#QWVRWV
4GHGTCNUQVQ&TCYKPI&'+HVJGTGKUTGCUQPVQ
UWURGEVVJCVVJGURCPQPCP[RCTVKEWNCTEJCPPGNOKIJVDGQHHCHVGTCRGTKQFQHVKOGCPFJGCX[WUG
VJGPVJGCPCNQIQWVRWVHQTVJCVEJCPPGNUJQWNFDGTGECNKDTCVGF
#0#.1)176276#&,756/'06
6JGKPKVKCNCPCNQIQWVRWVCFLWUVOGPVYKNNDGUGVCVVJGHCEVQT[DGHQTGUJKROGPVCVUVCPFCTFXCNWGU
O# +V OC[ DG PGEGUUCT[ VQ EJGEM CPFQT CFLWUV VJGUG XCNWGU FGRGPFKPI QP QWVRWV
ECDNKPIKORGFCPEG6JGCFLWUVOGPVOC[TGSWKTGVYQRGTUQPUKHVJGWPKVUCTGUQOGFKUVCPEGCRCTV
+VYKNNTGSWKTGCIQQFFKIKVCNOGVGTVQEJGEMVJG\GTQCPFHWNNUECNGXCNWGUCVVJGTGEGKXKPIGPF
6JGUECNGQTURCPXCNWGECPDGCFLWUVGFD[C2%YKVJ/10UQHVYCTGYJGPVJGXCNWGUCTGMPQYP
CVVJGTGEGKXKPIGPF
+VKURQUUKDNGVQECNKDTCVGVJGCPCNQIQWVRWVUWUKPIFKHHGTGPVGPIKPGGTKPIWPKVU6YQGZCORNGUCTG
FGUETKDGFDGNQYWUKPIDQVJXQNVUCPFRGTEGPVCIGU6JGHKTUVGZCORNGFGUETKDGUVJGCPCNQIQWVRWV
ECNKDTCVKQPD[CFLWUVKPIVJGXQNVU6QECNKDTCVGD[VJKUOGVJQFRTQEGGFCUHQNNQYU
5GNGEV VJG #PCNQI 1WVRWV QRVKQP WPFGT VJG #RRNKECVKQP UWDOGPW CPF JKIJNKIJVVJG
EJCPPGN VQ DG ECNKDTCVGF 1WVRWV EJCPPGNU PQ VJTQWIJ CTG UECNGF HTQO O#
XQNVCIGUECNGUHQTGCEJQHVJGEJCPPGNUECPVJGPDGFGTKXGFHTQOCOGCUWTGOGPVVCMGP
CETQUUCRTGEKUKQPQJOTGUKUVQT
2TGUU ( VQ CUUKIP C EJCPPGN PCOG KH FGUKTGF 6JGP RTGUU ( VQ GFKV VJG RCTCOGVGTU
#UUWOGVJCV%JCPPGNPGGFUVQDGECNKDTCVGFVQCURCPQH8(QTXQNVCIGXCNWGUUGV
<GTQ UECNG VQ 8 CPF (WNN 5ECNG VQ 8 +H C EJCPPGN KU ECNKDTCVGF KP
OKNNKCORGTGUVJG<GTQUECNGYQWNFDGO#CPFVJG(WNN5ECNGYQWNFDGO#
5GVVJG<GTQ5ECNGVQCPF(WNNUECNGVQ5GV(KZGFQT8CTKCDNGVQ(ZF
5GVVJG(KZGF8CNWGVQ5GV<GTQ5ECNG#FLWUVOGPVVQCPFVJG(WNN5ECNG
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
#FLWUVOGPVVQ2TGUU'UECRGVYKEGVQGZKVVJGCPCNQIQWVRWVUETGGP5GNGEV;GUCPFRTGUU
'PVGTVQUCXG[QWTEJCPIGU
'PVGTVJG#PCNQI1WVRWVUOGPWCICKPJKIJNKIJVVJGEJCPPGNDGKPIECNKDTCVGFCPFRTGUU
(
5GVVJG(KZGF8CNWGVQVJGHWNNUECNGXCNWGUGVKP5VGR
CDQXG
KG2TGUU'UECRG
VYKEGUGNGEV;GUCPFRTGUU'PVGTVQUCXG[QWTEJCPIGU
.QQMCVVJGXQNVOGVGTCICKPCPFTGEQTFVJGHWNNUECNGTGCFKPI;QWTXQNVOGVGTTGCFKPI
UJQWNFDGXGT[ENQUGVQ8QNVU6JG/10UQHVYCTGYKNNCFLWUVVJGUECNGUQVJGURCPYKNN
DG8QNVUCPFUECNGCEEQTFKPIN[
5GNGEVVJG#PCNQI1WVRWVUQRVKQPJKIJNKIJVVJGEQTTGEVEJCPPGNCPFRTGUU(VQGFKVVJG
URGEKHKGFEJCPPGN%JCPIGVJG<GTQ5ECNG#FLWUVOGPVVQVJG\GTQUECNGXQNVCIGTGCFKPI
[QWOC[JCXGTGEQTFGFKVCUv8CPFVJG(WNN5ECNG#FLWUVOGPVVQVJGHWNNUECNG
XQNVCIGTGCFKPI
v82TGUU'UECRGVYKEGUGNGEV;GUCPFRTGUU'PVGTVQUCXG
[QWTEJCPIGU
'PVGTVJG#PCNQI1WVRWVUOGPWCICKP(QTCSWKEMEJGEMQH[QWTEJCPIGUKPUGTVVJG
OKFRQKPVQH[QWTEJCPIGU
KGKPUGTVVJGXCNWGWPFGT(KZGFQT8CTKCDNGQP(ZF
2TGUU'UECRGVYKEGUGNGEV;GUCPFRTGUU'PVGTVQUCXG[QWTEJCPIGU0QYTGCFVJG
XQNVCIGQWVRWVCICKP6JGXQNVCIGQWVRWVUJQWNFDGENQUGVQURCPOKFRQKPV
KG8QNVU
KH[QWTCFLWUVOGPVUYGTGFQPGEQTTGEVN[
5GNGEVVJG#PCNQIQWVRWVUQRVKQPCICKPCPFEJCPIGVJG(KZGFQT8CTKCDNGVQ8CTCPF
VJGXCNWGVQ6JGXQNVCIGQWVRWVEQWNFEJCPIGUNKIJVN[HTQOVKOGVQVKOGCPFVJG/10
UQHVYCTGYKNNPQYOCKPVCKPVJGEQTTGEVURCP2TGUU'UECRGVYKEGUGNGEV;GUCPFRTGUU
'PVGTVQUCXG[QWTEJCPIGU
AAAAAAAAAAAAAAAAAAAAAAAAAAAAA
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6JGUGEQPFGZCORNGUJQYPDGNQYFGOQPUVTCVGUVJCVKVKUCNUQRQUUKDNGVQECNKDTCVG[QWTQWVRWVU
CUCRGTEGPVCIG(QTKPUVCPEG[QWOC[YKUJVQTGCFFKTGEVN[XCNWGUVJCVOC[DGUECNGFHTQO
VQ;QWTXQNVCIGURCPKUUECNGFHTQOVQXQNVUUQVJGTCPIGKUCRRTQZKOCVGN[HQWT8QNVU
6JWUWPKVURGTXQNV+H[QWGSWCVGVJGFKHHGTGPEGCUCRGTEGPVCIGVJGOKFRQKPVKP
WPKVUQTCRRTQZKOCVGN[XQNVU9KVJVJKUKPHQTOCVKQPKPOKPF[QWYCPVVQUGV\GTQWPKVU
VQ 8 CPF WPKVU VQ 8 CPF NGV VJG UQHVYCTG CFLWUV VJG URCP CU [QW ECNKDTCVG KP
RGTEGPVCIGU6QECNKDTCVGD[RGTEGPVCIGURTQEGGFCUHQNNQYU
5GNGEVVJG#PCNQI1WVRWVQRVKQPWPFGTVJG#RRNKECVKQPOGPWCPFJKIJNKIJVVJGEJCPPGN
VQDGECNKDTCVGF
2TGUU ( VQ CUUKIP C EJCPPGN PCOG KH FGUKTGF 6JGP RTGUU ( VQ GFKV VJG RCTCOGVGTU
#UUWOGVJCVCEJCPPGNPGGFUVQDGECNKDTCVGFVQCURCPQH5GV<GTQUECNGVQ
CPF(WNN5ECNGVQ5GV(KZGFQT8CTKCDNGVQ(ZF5GVVJG(KZGF8CNWGVQ
5GV<GTQ5ECNG#FLWUVOGPVVQCPFVJG(WNN5ECNG#FLWUVOGPVVQ2TGUU'UECRG
VYKEGVQGZKVVJGCPCNQIQWVRWVUETGGP5GNGEV;GUCPFRTGUU'PVGTVQUCXG[QWTEJCPIGU
%QPPGEVC8QNVOGVGTCETQUUVJGTGUKUVQTCPFOGCUWTGVJGTGUWNV;QWT8QNVOGVGTTGCFKPI
UJQWNF DG ENQUG VQ 8 DWV FQGU PQV JCXG VQ DG GZCEVN[ 8 4GEQTF VJG XQNVCIG
TGCFKPICETQUUVJGTGUKUVQT+HVJGTGCFKPIKUPGICVKXGTGXGTUGVJGNGCFU
'PVGTVJG#PCNQI1WVRWVUOGPWCICKPJKIJNKIJVVJGEJCPPGNDGKPIECNKDTCVGFCPFRTGUU
(5GVVJG(KZGF8CNWGVQVJGHWNNUECNGXCNWGUGVKP5VGR
CDQXG
KG2TGUU
'UECRGVYKEGUGNGEV;GUCPFRTGUU'PVGTVQUCXG[QWTEJCPIGU
.QQMCVVJGXQNVOGVGTCICKPCPFTGEQTFVJGHWNNUECNGTGCFKPI;QWTXQNVOGVGTTGCFKPI
UJQWNFDGXGT[ENQUGVQXQNVU6JG/10UQHVYCTGYKNNCFLWUVVJGUECNGUQVJGURCPYKNN
DGXQNVUCPFUECNGCEEQTFKPIN[
5GNGEVVJG#PCNQI1WVRWVUQRVKQPJKIJNKIJVVJGEQTTGEVEJCPPGNCPFRTGUU(VQGFKVVJG
URGEKHKGFEJCPPGN%JCPIGVJG<GTQ5ECNG#FLWUVOGPVVQVJG\GTQUECNGXQNVCIGTGCFKPI
[QWOC[JCXGTGEQTFGFKVCUv8CPFVJG(WNN5ECNG#FLWUVOGPVVQVJGHWNNUECNG
XQNVCIGTGCFKPI
v82TGUU'UECRGVYKEGUGNGEV;GUCPFRTGUU'PVGTVQUCXG
[QWTEJCPIGU
'PVGTVJG#PCNQI1WVRWVUOGPWCICKP(QTCSWKEMEJGEMQH[QWTEJCPIGUKPUGTVVJG
OKFRQKPV QH [QWT EJCPIGU
KG KPUGTV VJG XCNWG WPFGT (KZGF QT 8CTKCDNG QP
(ZF2TGUU'UECRGVYKEGUGNGEV;GUCPFRTGUU'PVGTVQUCXG[QWTEJCPIGU0QYTGCF
VJGXQNVCIGQWVRWVCICKP6JGXQNVCIGQWVRWVUJQWNFDGENQUGVQURCPOKFRQKPV
KG
8QNVUKH[QWTCFLWUVOGPVUYGTGFQPGEQTTGEVN[
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
5GNGEVVJG#PCNQIQWVRWVUQRVKQPCICKPCPFEJCPIGVJG(KZGFQT8CTKCDNGVQ8CTCPF
VJGXCNWGVQ6JGXQNVCIGQWVRWVEQWNFEJCPIGUNKIJVN[HTQOVKOGVQVKOGCPFVJG/10
UQHVYCTGYKNNPQYOCKPVCKPVJGEQTTGEVURCP2TGUU'UECRGVYKEGUGNGEV;GUCPFRTGUU
'PVGTVQUCXG[QWTEJCPIGU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
#0#.1).112$#%-6'56%+4%7+65
'ZVGTPCN NQQRDCEM VGUV EKTEWKVU ECP DG DWKNV HQT VTQWDNGUJQQVKPI VJG )% 5[UVGO U CPCNQI
KPRWVQWVRWVQRGTCVKQP5GG(KIWTGUCPF
(KIWTG#PCNQINQQRDCEMYKVJVYQCPCNQIQWVRWVU
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
(KIWTG#PCNQINQQRDCEMYKVJOQTGVJCPVYQCPCNQIQWVRWVU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
72)4#&+0)#0#.1)1762765
#UCPQRVKQPVJG/QFGN)%%QPVTQNNGTECPDGEQPHKIWTGFYKVJCFFKVKQPCNCPCNQIQWVRWVU
VJGTGCTGVYQCPCNQIQWVRWVUQPVJGUVCPFCTF#PCNQIDQCTF&CPKGNRCTVPWODGT(QT
OQTGCPCNQIQWVRWVUVJGGZKUVKPI#PCNQIDQCTFOWUVDGGZEJCPIGFHQTQPGQHVJGUGQRVKQPCN
CPCNQIDQCTFUCNNQYKPICSWCPVKV[QHGKVJGTUKZQTVGPCPCNQIQWVRWVU
UGGFTCYKPI$'KP
VJG)%%QPVTQNNGTFTCYKPIUCFFGPFWOVJKUOCPWCN
#PCNQI+1CPCNQIQWVRWVU
RCTVPWODGT
#PCNQI+1CPCNQIQWVRWVU
RCTVPWODGT
+H CFFKVKQPCN CPCNQI QWVRWVU CTG KPUVCNNGF URGEKHKE VTCPUKGPV RTQVGEVKQP OQFWNGU OWUV CNUQ DG
KPUVCNNGFQPVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$(QTFGVCKNUCDQWVVTCPUKGPV
RTQVGEVKQPOQFWNGUUGG#RRGPFKZ%VJKUOCPWCN#NUQUGGFTCYKPI%'UJGGVKPVJG
)%%QPVTQNNGTFTCYKPIUCFFGPFWOVJKUOCPWCN
1PEGVJG#PCNQIDQCTFCPFVJGRTQRGTVTCPUKGPVRTQVGEVKQPOQFWNGUCTGKPUVCNNGFHKGNFYKTKPIHQT
VJGCFFGFCPCNQIQWVRWVUHTQOVJG)%%QPVTQNNGTCTGOCFGVQ)%%QPVTQNNGT6$RQTVU,CPF
,
+H [QW CTG TGRNCEKPI 46+ CPF CPCNQI DQCTFU YKVJ C
PGYGT UKPING #PCNQI +1 DQCTF DG UWTG VQ WUG /10 UQHVYCTG
XGTUKQPQTNCVGTVQQRGTCVGVJG)CU%JTQOCVQITCRJ
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
&+5%4'6'
&+)+6#.+02765#0&1762765
(QTKPUVTWEVKQPUQPEQPPGEVKPIFKIKVCNKPRWVUCPFQWVRWVUVQVJG)%%QPVTQNNGTUGGUGEVKQP
CPFFTCYKPI&')%%QPVTQNNGTFTCYKPIUCFFGPFWOVJKUOCPWCN
&+)+6#..112$#%-6'56%+4%7+6
#P GZVGTPCN NQQRDCEM VGUV EKTEWKV ECP DG DWKNV HQT VTQWDNGUJQQVKPI VJG )% 5[UVGO U FKIKVCN
KPRWVQWVRWVQRGTCVKQP5GG(KIWTG
(KIWTG'ZVGTPCNNQQRDCEMEKTEWKVHQTVGUVKPIFKIKVCNKPRWVQWVRWVQRGTCVKQP
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
(75'2416'%6+10
#% RQYGT HWUG RTQVGEVKQP HQT VJG )% %QPVTQNNGT KU RTQXKFGF D[ C UKPING HWUG NQECVGF QP VJG
%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$#%RQYGTUWTIGRTQVGEVKQPKUCNUQRTQXKFGF
D[VYQ/GVCN1ZKFG8CTKUVQTU
/18U
6QNQECVGCPFTGRNCEGVJG%QPVTQNNGT UHWUGPQVGVJGHQNNQYKPI
(WUG.QECVKQP+PUKFGUOCNNDNCEMJQNFGTD[NQYGTNGHVEQTPGTQHVJG)%%QPVTQNNGT6$D[NCDGN
(
UGG(KIWTG5RCTGHWUGUCTGKPCUOCNNDQZCVVCEJGFVQVJG)%%QPVTQNNGT
(KIWTG#%HWUGJQNFGTQPVJG)%%QPVTQNNGT6GTOKPCN$QCTFNQYGTNGHVEQTPGT
(WUG5K\GCPF%CRCEKV[ZOKNNKOGVGTU
OOCORGTGU"XQNVU#%UNQDNQ
(WUG4GRNCEGOGPV2WNNHWUGJQNFGTD[KVUJCPFNGCYC[HTQODQCTFVJGPQRGP
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
#0#.;<'4%10641..'4+06'4%100'%6
5KIPCNU DGVYGGP VJG #PCN[\GT CPF )% %QPVTQNNGT CTG EQPFWEVGF QP VJG #PCN[\GT%QPVTQNNGT
+PVGTEQPPGEV%CDNG'ZENWFKPIUKIPCNEQOOQPVJGUGUKIPCNUCTGCUHQNNQYU
UGGCNUQUGEVKQP
CPF6CDNGVJKUOCPWCN
(WPEVKQP %QFG UKIPCNU VJG (WPEVKQP %QFG 5VTQDG CPF #WVQ <GTQ 6JGUG UKIPCNU CTG
KPKVKCNK\GFCVVJG)%%QPVTQNNGTCPFKPVGTRTGVGFCVVJG#PCN[\GT UFGEQFGTDQCTFKPQTFGT
VQ RTQRGTN[ VKOG
C VJG #PCN[\GT CPF UVTGCO XCNXG CEVKXCVKQPU CPF
D \GTQKPI QH VJG
#PCN[\GTFGVGEVQTUKIPCNQWVRWV
#NCTOHWPEVKQP
5GG(KIWTGPGZVRCIGHQTCUEJGOCVKEVJCVKFGPVKHKGUVJG#PCN[\GT%QPVTQNNGT+PVGTEQPPGEV
%CDNGVGTOKPCVKQPU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
(KIWTG#PCN[\GTCPF)%%QPVTQNNGTKPVGTEQPPGEVNGCFU
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
(70%6+10%1&'5
+HVJG#PCN[\GTXCNXGUCTGPQVDGKPICEVKXCVGFFWTKPI%QPVKPWQWU1RGTCVKQPQT#WVQ5GSWGPEG
OQFG KV OC[ DG PGEGUUCT[ VQ FGVGTOKPG YJGVJGT (WPEVKQP %QFG UKIPCNU CTG DGKPI VTCPUOKVVGF
EQTTGEVN[6JKUUGEVKQPRTQXKFGUCIWKFGVQVJG(WPEVKQP%QFGU
6JG HQWT (WPEVKQP %QFG UKIPCNU HQTO C DKPCT[ PWODGT YJKEJ CHVGT KPVGTRTGVCVKQP D[ VJG
#PCN[\GT U FGEQFGT DQCTF FGVGTOKPGU VJG RQUKVKQP QH URGEKHKE EJTQOCVQITCRJ XCNXGU
%JTQOCVQITCRJXCNXGRQUKVKQPUCTGGKVJGT5'6
10QT4'5'6
1((
6CDNGNKUVUVJGXQNVCIGOGCUWTGOGPVUVJCVUJQWNFQEEWTCVVJG(WPEVKQP%QFGVGTOKPCNUHQT
EQTTGURQPFKPIUVCVGUQHVJGEJTQOCVQITCRJXCNXGU#OGCUWTGOGPVQH
HKXGXQNVUCVCP[QHVJG
HWPEVKQPEQFGVGTOKPCNUKPFKECVGUCDKPCT[\GTQ
#OGCUWTGOGPVQH
\GTQXQNVUKPFKECVGUC
DKPCT[QPG
(QT CFFKVKQPCN TGHGTGPEG 6CDNG RTQXKFGU VJG (WPEVKQP %QFG FKEVKQPCT[ KP JGZCFGEKOCN HQT
EQTTGURQPFKPIUVCVGUQHVJGEJTQOCVQITCRJXCNXGU
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6CDNG8QNVCIGOGCUWTGOGPVUCV(WPEVKQP%QFGVGTOKPCNU
016'
6JG (WPEVKQP %QFG 5VTQDG
OGCUWTGF CV GKVJGT VJG )%
%QPVTQNNGT6$,QTVJG#PCN[\GT6$QEEWTU
QPGUGEQPFQTOQTGHQNNQYKPICP[IKXGPGXGPV
(WPEVKQP%QFG%QOOQPKUCVVJGUGVGTOKPCNU)%%QPVTQNNGT
6$,CPFVJG#PCN[\GT6$
UGG(KIWTG
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 2&7
6CDNG(WPEVKQP%QFGFKEVKQPCT[KPJGZCFGEKOCN
+0276
JGZCFGEKOCN 8#.8'5'6
10 8#.8'4'5'6
1((
#PCN[\GT8CNXG
#8
#8
#8
#8
#8
#8
#8
#8
5VTGCO8CNXG
58 58
58 58
# 58 58
$ 58 58
% 58 58
& #8
' #8
(
5'%6+10
2&7 /1&'.)#5%*41/#61)4#2*
6JKURCIGKPVGPVKQPCNN[NGHVDNCPM
/#+06'0#0%'
/1&'.)#5%*41/#61)4#2* 6(3
5'%6+10
4'%1//'0&'&52#4'2#465
(QNNQYKPICTGNKUVUQHTGEQOOGPFGFURCTGUHQTCRRTQZKOCVGN[C[GCT UOCKPVGPCPEGQHVJG/QFGN
)%5[UVGO/CZKOWOSWCPVKVKGUCTGVJGPWODGTQHURCTGUVJCVKUPQTOCNN[CFGSWCVG
VQEQXGTOQUVEQPVKPIGPEKGUCVHCEKNKVKGUYJGTGCNCTIGTPWODGTQH)%5[UVGOUCTGKPQRGTCVKQP
6JGOKPKOWOSWCPVKVKGUCTGVJGPWODGTQHURCTGUCVHCEKNKVKGUYKVJQPN[CHGY)%5[UVGOU
&CPKGN'NGEVTQPKEU&KXKUKQPQHHGTUUGTXKEGCPFTGRCKTUGTXKEGEQPVTCEVUVJCVOCMGOCKPVCKPKPIOQUV
URCTGU HQT VJG )% 5[UVGO WPPGEGUUCT[ &GVCKNU TGICTFKPI &CPKGN UGTXKEG EQPVTCEVU OC[ DG
QDVCKPGF D[ EQPVCEVKPI VJG &CPKGN %WUVQOGT 5GTXKEG &GRCTVOGPV CV VJG CFFTGUU QT VGNGRJQPG
PWODGTQPVJG%WUVQOGT2TQDNGO4GRQTVKPVJGDCEMQHVJKUOCPWCN
#0#.;<'452#4'5
24+06'&%+4%7+6%#47'/$.+'5
#0#.;<'4
2TGCORNKHKGTCUUGODN[
6GORGTCVWTGEQPVTQNCUUGODN[
&GEQFGTCUUGODN[
8CNXGFTKXGTCUUGODN[
5'%6+10
6(3 /1&'.)#5%*41/#61)4#2*
'.'%64+%#.#0&/'%*#0+%#.#55'/$.+'5
#0#.;<'4
#NNGPCKT9C[UQNGPQKFXCNXG
#5%19C[UQNGPQKFXCNXG
#WVQ%CN
)%XCNXGTGRCKTMKV
RQTVXCNXG
%CTTKGTICUTGIWNCVQT
6GORGTCVWTGEQPVTQNVJGTOKUVQT
6JGTOKUVQTUGCN
6JGTOKUVQTUGV
-
/KETQHWUG
#8#%
+PNKPGHKNVGTGNGOGPV
0WRTQ
4'%1//'0&'&52#4'2#465
/1&'.)#5%*41/#61)4#2* 6(3
/1&'.)%%10641..'452#4'5
24+06'&%+4%7+6%#47'/$.+'5
)%%10641..'4
&GUETKRVKQP 2CTV0WODGT
RQKPV+1DQCTF0Q
%27DQCTF0Q
/GOQT[DQCTF0Q
QRVKQPCN
QT
/QFGODQCTF0Q
QRVKQPCN
5GTKCN2CTCNNGNDQCTF0Q
#PCNQI+1DQCTF0Q
QT
EJCPPGN#PCNQI+1DQCTF0Q
QRVKQPCN
QT
EJCPPGN#PCNQI+1DQCTF0Q
QRVKQPCN
/GOQT[DQCTF0Q
QRVKQPCN
QT
/QFGODQCTF0Q
QRVKQPCN
5[UVGOKPVGTHCEGCPFFTKXGTDQCTF
2CUUKXGVGTOKPCVKQPDQCTF
6TCPUKGPVUWRRTGUUQTOQFWNGU
QRVKQPCN
2%#3WCF5PIN
2%#3WCF&+((
2%#455PIN
2%#*K2YT&KUETGVG1WVRWV
.'&FKURNC[DQCTF
GZRNQUKQPRTQQH0'/#:%NCUU%CPF&WPKV
2TGXKQWUXGTUKQPUQHVJG/QFGN)%%QPVTQNNGTOCPWHCEVWTGFDGHQTG/CTEJWUGF
VYQDQCTFUHQTCPNQIQWVRWVUDQCTF46+UNQV0QHQTUVCPFCTFVYQEJCPPGNU
RCTV
PWODGTCPFDQCTF46+UNQV0QHQTQRVKQPCNCFFKVKQPCNCPCNQIQWVRWVU
RCTVPWODGTUQTSWCPVKV[HQWTQTUKZCFFKVKQPCNEJCPPGNUTGURGEVKXGN[
5'%6+10
6(3 /1&'.)#5%*41/#61)4#2*
'.'%64+%#.#0&/'%*#0+%#.%1/210'065
)%%10641..'4
8#%RQYGTUWRRN[
(WUG8#%#
ZOO
4'%1//'0&'&52#4'2#465
/1&'.)#5%*41/#61)4#2* $35
.+561(#22'0&+%'5
5WRRNGOGPVCN9KTKPI)WKFG5GTKCN%QOOWPKECVKQPU #RRGPFKZ#
/CPKHQNFHQT6YQ%CTTKGT)CU$QVVNGUVQ)%5[UVGO #RRGPFKZ$
)WKFGVQ6TCPUKGPV2TQVGEVKQP/QFWNGU #RRGPFKZ%
&CPKGN+PVGTPCN/QFGOHQT)%%QPVTQNNGT #RRGPFKZ&
7RITCFKPIHTQO/QFGNVQ/QFGN)%%QPVTQNNGT #RRGPFKZ'
.+561(#22'0&+%'5 #K
$35 /1&'.)#5%*41/#61)4#2*
6JKURCIGKPVGPVKQPCNN[NGHVDNCPM
#KK .+561(#22'0&+%'5
/1&'.)#5%*41/#61)4#2* 129
#22'0&+:#
5722.'/'06#.9+4+0))7+&'5'4+#.%1//70+%#6+105
6JKU#RRGPFKZRTQXKFGUCFFKVKQPCNKPHQTOCVKQPCDQWVYKTKPICPFKPVGTHCEGUHQTUGTKCNVTCPUOKUUKQPU
DGVYGGPVJG)%5[UVGOCPFCVVCEJGFGSWKROGPV
KGC2%COQFGOC&CVC%QNNGEVKQP5[UVGO
&%5QTCOWNVKFTQRUGTKCNFCVCJKIJYC[PGVYQTM
6JKU#RRGPFKZKUQTICPK\GFCUHQNNQYU
)%5GTKCN2QTVCPF%CDNG%QPHKIWTCVKQPUHQT45 5GGUGEVKQP#
45%QPPGEVKQPHTQO)%%QPVTQNNGTVQ2% 5GGUGEVKQP#
&$5GTKCN2QTVQH)%VQ&$2QTVQH2% #
&$5GTKCN2QTVQH)%VQ&$2QTVQH2% #
2JQGPKZ2NWI2QTVQH)%VQ&$2QTVQH2% #
2JQGPKZ2NWI2QTVQH)%VQ&$2QTVQH2% #
45%QPPGEVKQPHTQO)%%QPVTQNNGTVQ'ZVGTPCN/QFGO 5GGUGEVKQP#
&$5GTKCN2QTVQH)%VQ&$2QTVQH/QFGO #
2JQGPKZ2NWI2QTVQH)%VQ&$2QTVQH/QFGO #
'ZCORNG45%QPPGEVKQPHTQO2%VQ)% 5GGUGEVKQP#
'ZCORNG45%QPPGEVKQPHTQO2%VQ)% 5GGUGEVKQP#
#22'0&+:# #
129 /1&'.)#5%*41/#61)4#2*
# )%5'4+#.2146#0&%#$.'%10(+)74#6+105(1445
6JKUUGEVKQPRTQXKFGUOQTGFGVCKNGFKPHQTOCVKQPCDQWVVJGUGTKCNRQTVEQPPGEVKQPUQHVJG/QFGN
)%%QPVTQNNGT+VKFGPVKHKGUUGTKCNRQTVRKPCUUKIPOGPVUCPFFKCITCOUHQTFGUKIPKPI45
UGTKCNECDNGUKHVJCVKUPGEGUUCT[HQT[QWTCRRNKECVKQP
)% 5GTKCN 2QTVU CTG HQWPF QP VJG )% %QPVTQNNGT U 6GTOKPCN $QCTF HQT HKGNF YKTKPI CPF VJG
EQPPGEVKQPRQKPVUHQTGZVGTPCNFGXKEGUCTGCUHQNNQYU
6CDNG#5GTKCNRQTVUQPVJG6GTOKPCN$QCTFHQTHKGNFYKTKPI)%%QPVTQNNGT
&$RNWI 2JQGPKZRNWI
EQPPGEVKQP
DCTGYKTGEQPPGEVKQP
5GTKCN2QTV
%1/ 2 ,
5GTKCN2QTV
%1/ 2 ,
5GTKCN2QTV
%1/ ,
5GTKCN2QTV
%1/ ,
2JQGPKZRNWI
DCTGYKTGEQPPGEVKQPUCTGCXCKNCDNGVQCNNHQWTUGTKCNRQTVU
2KPQWVUCTGKFGPVKECNHQTCNNHQWTUGTKCNRQTV2JQGPKZRNWIUCPFLCEMU'CEJ2JQGPKZRNWI
LCEM
OCNGEQODKPCVKQPCNNQYUDCTGYKTGEQPPGEVKQPCPFWUGURKPUCUKNNWUVTCVGF
(KIWTG#2JQGPKZEQPPGEVQT
,,,CPF,RKPQWV
# 5722.'/'06#.9+4+0))7+&'5'4+#.%1//70+%#6+105
/1&'.)#5%*41/#61)4#2* 129
&$RNWIEQPPGEVKQPUCXCKNCDNGHQT5GTKCN2QTVUCPFQPN[
6YQQHVJGUGTKCNRQTVUCUPQVGFKP6CDNG#RGTOKVEQPPGEVKQPXKCC&$RNWI
016' 2%VQ)%EQPPGEVKQPUFKTGEVUGTKCN6JG)%UGTKCNRQTVUYGTG
YKTGFVQCRRGCTCU&%'UQC UVTCKIJVVJTQWIJ UGTKCNECDNG
KUWUGFKPUVGCFQHCPWNNOQFGOECDNGHQTCFKTGEVUGTKCN
EQPPGEVKQPDGVYGGPVJG)%%QPVTQNNGTCPFVJG2%
6JG2%
KU&CVC6GTOKPCN'SWKROGPVQT&6'5GGUGEVKQP#
$QVJQHVJG)%%QPVTQNNGT U&$LCEMUCTGHGOCNGCPFJCXGKFGPVKECNRKPCUUKIPOGPVU
016' # &$ OCNG RKP PWODGTKPI UEJGOG KU CNUQ KNNWUVTCVGF DWV HQT TGHGTGPEG
RWTRQUGUQPN[
*1' '65 5[' 7[' 5/6'
5, 576 &76 '75
(KIWTG#&$EQPPGEVQT
2CPF2CPFRKPQWVHQTHGOCNGLCEMU
#22'0&+:# #
129 /1&'.)#5%*41/#61)4#2*
# 45%100'%6+10(41/)%%10641..'4612%
# &$5'4+#.21461()%61&$21461(2%
6QOCMGCP45UGTKCNEQPPGEVKQPDGVYGGPQPGQHVJG&$UGTKCNRQTVUQHVJG)%CPFC2%
YKVJ&$UGTKCNRQTV[QWOC[DGCDNGVQWUGCUVTCKIJVVJTQWIJUGTKCNECDNGVGTOKPCVGFCU&$
OCNG &$ HGOCNG 6JKU YKNN YQTM KH VJG 2% JCU C OCNG &$ UGTKCN RQTV CPF KVU RKP
CUUKIPOGPVUCTGKFGPVKECNVQVJQUGHQWPFQPCV[RKECN&$UGTKCNRQTVQHCP+$/2%
6JG PGEGUUCT[ UVTCKIJVVJTQWIJ UGTKCN ECDNG ECP DG QDVCKPGF HTQO OQUV EQORWVGT RTQFWEVU
UWRRNKGTU UQ EWUVQODWKNFKPI C ECDNG PQTOCNN[ KU PQV PGEGUUCT[ 9KTKPI CPF UKIPCN RCVJ CTG
KNNWUVTCVGFCUHQNNQYU
UGG(KIWTG#
(KIWTG#)%&$RQTVVQ2%&$RQTV
# 5722.'/'06#.9+4+0))7+&'5'4+#.%1//70+%#6+105
/1&'.)#5%*41/#61)4#2* 129
# &$5'4+#.21461()%61&$21461(2%
6QOCMGCP45UGTKCNEQPPGEVKQPDGVYGGPQPGQHVJG&$UGTKCNRQTVUQHVJG)%CPFC2%
YKVJ&$UGTKCNRQTV[QWOC[DGCDNGVQWUGCUVTCKIJVVJTQWIJUGTKCNECDNGVGTOKPCVGFCU
&$OCNG&$HGOCNG6JKUYKNNYQTMKHVJG2%JCUCOCNG&$UGTKCNRQTVCPFKVURKP
CUUKIPOGPVUCTGKFGPVKECNVQVJQUGHQWPFQPCP+$/2%
6JG PGEGUUCT[ UVTCKIJVVJTQWIJ UGTKCN ECDNG ECP DG QDVCKPGF HTQO OQUV EQORWVGT RTQFWEVU
UWRRNKGTU UQ EWUVQODWKNFKPI C ECDNG PQTOCNN[ KU PQV PGEGUUCT[ 9KTKPI CPF UKIPCN RCVJ CTG
KNNWUVTCVGFCUHQNNQYU
UGG(KIWTG#
(KIWTG#)%&$RQTVVQ2%&$RQTV
#22'0&+:# #
129 /1&'.)#5%*41/#61)4#2*
# 2*1'0+:2.7)21461()%61&$21461(2%
6QOCMGCP45UGTKCNEQPPGEVKQPDGVYGGPQPGQHVJG2JQGPKZ2NWIUGTKCNRQTVUQHVJG)%CPF
C2%YKVJ&$UGTKCNRQTV[QWYKNNPGGFVQOCPWHCEVWTGVJGECDNGCPFKVU&$HGOCNGRNWI
ECDNGGPFCUKNNWUVTCVGFDGNQY
UGG(KIWTG#
(KIWTG#)%2JQGPKZ2NWIRQTVVQ2%&$RQTV
016' 6JG ECDNG HQT VJKU CRRNKECVKQP KU CNUQ CXCKNCDNG HTQO &CPKGN
+PFWUVTKGU
RCTVPWODGTKPCEWUVQOGTURGEKHKGFNGPIVJ
YKVJUKZGZRQUGFNGCFUCPFCHGOCNG&$RNWI
# 5722.'/'06#.9+4+0))7+&'5'4+#.%1//70+%#6+105
/1&'.)#5%*41/#61)4#2* 129
# 2*1'0+:2.7)21461()%61&$21461(2%
6QOCMGCP45UGTKCNEQPPGEVKQPDGVYGGPQPGQHVJG2JQGPKZ2NWIUGTKCNRQTVUQHVJG)%CPF
C2%YKVJ&$UGTKCNRQTV[QWYKNNPGGFVQOCPWHCEVWTGVJGECDNGCPFKVU&$HGOCNGRNWI
ECDNGGPFCUKNNWUVTCVGFDGNQY
UGG(KIWTG#
(KIWTG#)%2JQGPKZ2NWIRQTVVQ2%&$RQTV
#22'0&+:# #
129 /1&'.)#5%*41/#61)4#2*
# 45%100'%6+10(41/)%%10641..'461':6'40#./1&'/
# &$5'4+#.21461()%61&$21461(/1&'/
6QOCMGCP45UGTKCNEQPPGEVKQPDGVYGGPQPGQHVJG&$UGTKCNRQTVUQHVJG)%CPFCP
GZVGTPCNOQFGOYKVJC&$UGTKCNRQTV[QWYKNNPGGFVQOCPWHCEVWTGCECDNG6JGECDNGYKNN
PGGF&$OCNGCPF&$OCNGRNWIECDNGGPFUCUKNNWUVTCVGFDGNQY
UGG(KIWTG#
(KIWTG#)%&$RQTVVQGZVGTPCNOQFGO&$RQTV
016' 6JG&$LCEMQPVJG)%UGTKCNRQTVKUYKTGFVQCRRGCTNKMGC&CVC
%QOOWPKECVKQPU'SWKROGPV
&%'6JGTGHQTG[QWWUGCEWUVQO
PWNNOQFGOV[RGECDNGCUUJQYPCDQXGVQOCMGVJGEQPPGEVKQP
DGVYGGPVJG)%CPFCPGZVGTPCNOQFGO
)%UGTKCNRQTVUYGTGYKTGFVQCRRGCTCU&%'UQVJCVC UVTCKIJV
VJTQWIJ UGTKCNECDNGEQWNFDGWUGFKPUVGCFQHCPWNNOQFGOECDNG
HQTFKTGEVUGTKCNEQPPGEVKQPDGVYGGPVJG)%%QPVTQNNGTCPFVJG2%
YJKEJKU&CVC6GTOKPCN'SWKROGPV=&6'?
# 5722.'/'06#.9+4+0))7+&'5'4+#.%1//70+%#6+105
/1&'.)#5%*41/#61)4#2* 129
# 2*1'0+:2.7)21461()%61&$21461(/1&'/
6QOCMGCP45UGTKCNEQPPGEVKQPDGVYGGPQPGQHVJG2JQGPKZ2NWIUGTKCNRQTVUQHVJG)%CPF
CPGZVGTPCNOQFGOYKVJ&$UGTKCNRQTV[QWYKNNPGGFVQOCPWHCEVWTGVJGECDNGCPFKVU&$
OCNGRNWIECDNGGPFCUKNNWUVTCVGFDGNQY
UGG(KIWTG#
(KIWTG#)%2JQGPKZ2NWIRQTVVQGZVGTPCNOQFGO&$RQTV
#22'0&+:# #
129 /1&'.)#5%*41/#61)4#2*
# ':#/2.'45%100'%6+10(41/2%61)%
6JKUUGEVKQPFGOQPUVTCVGUCPGZCORNG45EQPPGEVKQPHTQOC2%VQ)%VJCVKUCEEQORNKUJGF
VJTQWIJWUGQHCPCU[PEJTQPQWUNKPGFTKXGTKPVGTHCEGFGXKEG6JGNKPGFTKXGTFGXKEGUGTXGUCU
CPKPVGTHCEGDGVYGGPVJG45QWVRWVQHVJG2%CPFVJG45RTQVQEQNPGGFGFHQTNQPIFKUVCPEG
UGTKCNKPRWVVQVJG)%5RGEKHKEUQHVJGNKPGFTKXGTCTGCUHQNNQYU
$NCEM$QZDTCPF
OQFGN.&#/24545/WNVKRQKPV.KPG&TKXGT
45KPRWV
VQEQPPGEVVQVJG2%CPF
45QT45QWVRWV
VQEQPPGEVVQVJG)%
45NKPGVGTOKPCVKQPUCTGKNNWUVTCVGFKP(KIWTG#DGNQYCPFLWORGTCPFUYKVEJUGVVKPIUVQ
EQPHKIWTGVJGNKPGFTKXGTFGXKEGCTGNKUVGFKP6CDNG#PGZVRCIG
016'(QTVJKUGZCORNG
CUVTCKIJVVJTQWIJ45UGTKCNECDNGKUWUGFVQEQPPGEVDGVYGGPVJG2%CPFVJGNKPGFTKXGT
(KIWTG#'ZCORNG45UGTKCNECDNGVGTOKPCVKQPUNKPGFTKXGTVQ)%%QPVTQNNGT
016' 5GG UGEVKQP VJKU OCPWCN HQT CFFKVKQPCN FGVCKNU CDQWV UGTKCN
EQOOWPKECVKQPUUGVWRUCVVJG)%%QPVTQNNGT
# 5722.'/'06#.9+4+0))7+&'5'4+#.%1//70+%#6+105
/1&'.)#5%*41/#61)4#2* 129
6CDNG#,WORGTCPFUYKVEJUGVVKPIUHQT.&#/2NKPGFTKXGT45VQ)%
#22'0&+:# #
129 /1&'.)#5%*41/#61)4#2*
# ':#/2.'45%100'%6+10(41/2%61)%
6JKUUGEVKQPFGOQPUVTCVGUCPGZCORNG45EQPPGEVKQPHTQOC2%VQ)%VJCVKUCEEQORNKUJGF
VJTQWIJWUGQHCPCU[PEJTQPQWUNKPGFTKXGTKPVGTHCEGFGXKEG6JGNKPGFTKXGTFGXKEGUGTXGUCU
CPKPVGTHCEGDGVYGGPVJG45QWVRWVQHVJG2%CPFVJG45RTQVQEQNPGGFGFHQTNQPIFKUVCPEG
UGTKCNKPRWVVQVJG)%5RGEKHKEUQHVJGNKPGFTKXGTCTGCUHQNNQYU
$NCEM$QZDTCPF
OQFGN.&#/24545/WNVKRQKPV.KPG&TKXGT
45KPRWV
VQEQPPGEVVQVJG2%CPF
45QT45QWVRWV
VQEQPPGEVVQVJG)%
016' 5GG UGEVKQP VJKU OCPWCN HQT CFFKVKQPCN FGVCKNU CDQWV UGTKCN
EQOOWPKECVKQPUUGVWRUCVVJG)%%QPVTQNNGT
# 5722.'/'06#.9+4+0))7+&'5'4+#.%1//70+%#6+105
/1&'.)#5%*41/#61)4#2* 129
(KIWTG#'ZCORNG45UGTKCNECDNGVGTOKPCVKQPUNKPGFTKXGTVQ)%%QPVTQNNGT%1/
(KIWTG#'ZCORNG45UGTKCNECDNGVGTOKPCVKQPUNKPGFTKXGTVQ)%%QPVTQNNGT%1/
#22'0&+:# #
129 /1&'.)#5%*41/#61)4#2*
6CDNG#,WORGTCPFUYKVEJUGVVKPIUHQT.&#/2NKPGFTKXGT45VQ)%
# 5722.'/'06#.9+4+0))7+&'5'4+#.%1//70+%#6+105
/1&'.)#5%*41/#61)4#2* -81(
#22'0&+:$
/#0+(1.&(14691%#44+'4)#5$166.'561)%5;56'/
6JKU #RRGPFKZ RTQXKFGU C FGUETKRVKQP QH C &CPKGN +PFWUVTKGU %CTTKGT /CPKHQNF VJCV RGTOKVU
EQPPGEVKQPQHVYQECTTKGTICUDQVVNGUQTE[NKPFGTUVQC)CU%JTQOCVQITCRJ
)%5[UVGO
RCTV
PWODGTHQTVJGOCPKHQNFKU6JGDGPGHKVUQHVJKUOCPKHQNFCTGCUHQNNQYU
9JGPQPGDQVVNGKUPGCTN[GORV[
KGRUKITGOCKPKPIVJGQVJGTDQVVNGDGEQOGUVJG
RTKOCT[UWRRN[
'CEJDQVVNGECPDGFKUEQPPGEVGFHQTTGHKNNKPIYKVJQWVKPVGTTWRVKPI)%QRGTCVKQP
016' 6JGKNNWUVTCVKQPCPFKPHQTOCVKQPKPVJKU#RRGPFKZCTGHTQO&CPKGN
+PFWUVTKGUFTCYKPIPWODGT#'
6JKU#RRGPFKZKUQTICPK\GFCUHQNNQYU
+NNWUVTCVKQP 5GGUGEVKQP$
+PUVCNNCVKQPCPF.KPG2WTIKPI 5GGUGEVKQP$
4GRNCEKPI%CTTKGT%[NKPFGT 5GGUGEVKQP$
#22'0&+:$ $
-81( /1&'.)#5%*41/#61)4#2*
$ +..7564#6+10
(KIWTG$/CPKHQNFHQTVYQECTTKGTICUDQVVNGUVQ)%
5[UVGO
$ /#0+(1.&(14691%#44+'4)#5$166.'561)%5;56'/
/1&'.)#5%*41/#61)4#2* -81(
$ +056#..#6+10#0&.+0'274)+0)
6QKPUVCNNCPFRWTIGVJGFWCNDQVVNGECTTKGTICUOCPKHQNFRTQEGGFCUHQNNQYU
+PUVCNNOCPKHQNFCUUJQYPKP(KIWTG$%NQUGCNNXCNXGUCPFVKIJVGPCNNHKVVKPIU4WP
VWDKPIVQ#PCN[\GTDWVFQPQVEQPPGEV
$CEMQHHRTGUUWTGTGIWNCVQT
EQWPVGTENQEMYKUGHWNN[
1RGPE[NKPFGTXCNXGHQT%CTTKGT%[NKPFGT6JGRTGUUWTGKPFKECVQTYKNNTGCFVJGE[NKPFGT
RTGUUWTG
1RGPVJGUJWVQHHXCNXGCVVCEJGFVQVJGECTTKGTTGIWNCVQT
4GIWNCVGRTGUUWTGQWVQHVJGE[NKPFGTVQRUKIVJGPENQUGVJGE[NKPFGTXCNXG
1RGP8
DNGGFXCNXGCPFNGVVJGECTTKGTICUDNGGFVQCVOQURJGTGWPVKNDQVJICWIGUTGCF
RUKIVJGPENQUG8
4GRGCVUVGRU
CPF
VYQOQTGVKOGUVQRWTIGVJGNKPGVQ8
2WTIGVJGNKPGVQ8D[TGRGCVKPIUVGRU
VJTQWIJ
DWVVJKUVKOGWUGDNGGFXCNXG8
CPF%CTTKGT%[NKPFGT
9KVJ XCNXGU ENQUGF QRGP DQVJ E[NKPFGT XCNXGU CPF TGIWNCVG DQVJ ECTTKGTU VQ
CRRTQZKOCVGN[RUKI
1RGP8CPF8UKOWNVCPGQWUN[VJGPVWTPDQVJE[NKPFGTXCNXGUQHHCPFNGVVJGECTTKGT
ICUUGUDNGGFVJTQWIJVJGNKPGVQVJG#PCN[\GTWPVKNCNNICWIGUTGCFRUKI
4GRGCVUVGRU
CPF
VYQOQTGVKOGUVQRWTIGNKPGVQ#PCN[\GT
%NQUG8NGCXG8QRGP
1RGP E[NKPFGT XCNXG QH %CTTKGT %[NKPFGT CPF YKVJ ECTTKGT ICU HNQYKPI CV RUKI QT
DGNQYEQPPGEVECTTKGTNKPGVQ#PCN[\GT
5NQYN[TGIWNCVG%CTTKGT%[NKPFGTVQRUKI
#22'0&+:$ $
-81( /1&'.)#5%*41/#61)4#2*
1RGP8CPFUNQYN[TGIWNCVG%CTTKGT%[NKPFGTVQRUKI
$[FQKPIVJKUCNNDWV
RQWPFUQH%CTTKGT%[NKPFGTYKNNDGWUGFDGHQTGCP[QH%CTTKGT%[NKPFGTKUWUGF9JGP
%CTTKGT%[NKPFGTIGVUVQRQWPFUTGHKNNVJGE[NKPFGT.GCMEJGEMCNNQHVJGHKVVKPIU
ECTGHWNN[
.GV#PCN[\GTTWPQXGTPKIJVDGHQTGECNKDTCVKPI
$ /#0+(1.&(14691%#44+'4)#5$166.'561)%5;56'/
/1&'.)#5%*41/#61)4#2* -81(
$ 4'2.#%+0)%#44+'4%;.+0&'4
6QTGRNCEGQPGECTTKGTE[NKPFGTYKVJQWVKPVGTTWRVKPI)%QRGTCVKQPRTQEGGFCUHQNNQYU
6WTPE[NKPFGTXCNXGQHH
$CEMQHHQPE[NKPFGTRTGUUWTGTGIWNCVQTWPVKNJCPFNGVWTPUHTGGN[4GOQXGE[NKPFGT
1RGPDNQEMXCNXGVQ#PCN[\GT
8QT8CPFTGIWNCVGQWVNGVRTGUUWTGVQCRRTQRTKCVG
NGXGN
5GGUVGRU
CPF
QH+PUVCNNCVKQP+PUVTWEVKQPU
#22'0&+:$ $
-81( /1&'.)#5%*41/#61)4#2*
6JKURCIGKPVGPVKQPCNN[NGHVDNCPM
$ /#0+(1.&(14691%#44+'4)#5$166.'561)%5;56'/
/1&'.)#5%*41/#61)4#2* -81
#22'0&+:%
)7+&'6164#05+'062416'%6+10/1&7.'5
6JKU#RRGPFKZRTQXKFGUCHKGNFUGTXKEGIWKFGVQVJGVTCPUKGPVRTQVGEVKQPOQFWNGU
62/UKPUVCNNGF
QPVJG6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$QHVJG/QFGN)CU%JTQOCVQITCRJ%QPVTQNNGT
6JKU#RRGPFKZKUQTICPK\GFCUHQNNQYU
2WTRQUGQHVJG6TCPUKGPV2TQVGEVKQP/QFWNGU 5GGUGEVKQP%
2CTV#RRNKECVKQPU0WODGTUCPF&GUETKRVKQPU 5GGUGEVKQP%
6TQWDNGUJQQVKPI6TCPUKGPV2TQVGEVKQP/QFWNGU 5GGUGEVKQP%
% 274215'1(6*'64#05+'062416'%6+10/1&7.'5
#FFKVKQPCNN[VJG)%%QPVTQNNGTYCUFGUKIPGFVQEQORN[YKVJ'WTQRGCPTGSWKTGOGPVU+PURGEVKQPU
TGSWKTGFHQTEQORNKCPEGKPENWFGVGUVUHQTGNGEVTQUVCVKEFKUEJCTIGTCFKCVGFKOOWPKV[GNGEVTKECNHCUV
UWTIG KOOWPKV[ EQPFWEVGF 4( CPF OCIPGVKE HKGNF KOOWPKV[ 6JG VGUVU EQPHQTO VQ VJG
GNGEVTQOCIPGVKEEQORCVKDKNKV[IGPGTKETGSWKTGOGPVUQH'0'NGEVTQOCIPGVKE%QORCVKDKNKV[
+OOWPKV[ 5VCPFCTF 2CTV +PFWUVTKCN 'PXKTQPOGPV CPF '0 'NGEVTQOCIPGVKE
%QORCVKDKNKV[)GPGTKE'OKUUKQP5VCPFCTF2CTV+PFWUVTKCN'PXKTQPOGPV
6JG/QFGN)%%QPVTQNNGTKPVJTGGXGTUKQPUåVJG'ZRNQUKQP2TQQHVJGKPEJ4CEM/QWPV
CPFVJG4GVTQHKVåCTGCNNSWCNKHKGFHQTVJG'WTQRGCP%QORNKCPEG'PIKPGGTGF
%'OCTM+PHCEV
VJG)%%QPVTQNNGTHCTGZEGGFUOCP[QHVJGOKPKOWOTGSWKTGOGPVUHQTVJCVOCTM
#22'0&+:% %
-81 /1&'.)#5%*41/#61)4#2*
% 2#46#22.+%#6+10507/$'45#0&&'5%4+26+105
62/UCTGKPUVCNNGFQPVJGTGCTUKFGQHVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6$
6JG6$KUCXCKNCDNGHTQO&CPKGN+PFWUVTKGUKPXCTKQWURTGOCPWHCEVWTGFXGTUKQPUYKVJRTGCUUKIPGF
62/KPUVCNNCVKQPUFGUKIPGFVQJCPFNGURGEKHKEEQODKPCVKQPUQHCRRNKECVKQPU#VCDNGVJCVNKUVUVJG
RTGOCPWHCEVWTGF6$XGTUKQPUQTEQPHKIWTCVKQPUKURTQXKFGFKPFTCYKPI%'5JGGV
UGG
&TCYKPIU#FFGPFWOVJKUOCPWCN
6JGTG OC[ DG VKOGU YJGP KV KU OQTG CRRTQRTKCVG VQ EJCPIG KPURGEV FKCIPQUG QT UGTXKEG VJG
KPFKXKFWCN62/UTCVJGTVJCPVJGGPVKTG6GTOKPCN$QCTF
6$%QPUGSWGPVN[VJKUUGEVKQPQHVJG
#RRGPFKZRTQXKFGUCIWKFGVQVJGKPFKXKFWCN62/UKPUVCNNGFQPVJG6$VJGKTWUGUCPFVJGKTRCTV
PWODGTU
UGG6CDNG%HQNNQYKPIRCIG
(WTVJGT 'ZRNCPCVKQP +PFKXKFWCNN[ VJG 62/U ECP DG FKXKFGF KPVQ VYQ OCKP ECVGIQTKGU
FKHHGTGPVKCNCPFUKPINGGPFGFOQFWNGU6JGFKHHGTGPVKCNOQFWNGUCTGWUGFYKVJVYQYKTG
CPCNQIUKIPCNUUQVJCVDQVJYKTGUCTGRTQVGEVGF5KPINGGPFGFOQFWNGUCTGWUWCNN[WUGFVQ
ENCORFKIKVCNUKIPCNU
(KPCNN[KPVJQUGECUGUYJGTGJKIJEWTTGPVQTJKIJXQNVCIGCTGPGGFGFHQTFKUETGVGQWVRWVU
C62/KUUWDUVKVWVGFVJCVJCUPQRTQVGEVKQPFGXKEGU
% )7+&'6164#05+'062416'%6+10/1&7.'5
/1&'.)#5%*41/#61)4#2* -81
6CDNG%6TCPUKGPVRTQVGEVKQPOQFWNGUKPUVCNNGFQPVJG6GTOKPCN$QCTFHQTHKGNFYKTKPI
$33/,&$7,21 3$57 12 3$57 '(6&5,37,21 0 62&.(76
FKDQQHO
&200 56 4XDG %LGLU 6QJO 7QVW 0 &20
0 &20
0 &20
0 &20
127(6 SLQ
',*,7$/ ,2 /2: &855(17 4XDG 'LII 7QVW 0 'RXW
127(6 SLQ
127(6 SLQ
',*,7$/ ,2 +,*+ &855(17 +L 3ZU 'LVFUHWH 2XWSXW 0 'RXW
127(6 SLQ
#22'0&+:% %
-81 /1&'.)#5%*41/#61)4#2*
% 6417$.'5*116+0)64#05+'062416'%6+10/1&7.'5
6QFGVGTOKPGVJGKPVGITKV[QHCVTCPUKGPVRTQVGEVKQPOQFWNG
62/HQNNQYVJGIWKFGNKPGU
KPVJGUGVCDNGU
UGG6CDNGU%%CPF%
6CDNG%6TQWDNGUJQQVKPI62/RCTVPWODGT
9,68$/ ,163(&7,21
2+00(7(5 &+(&.
,03257$17 0DNH DOO RKPPHWHU FKHFNV ZLWK 730 UHPRYHG IURP ERDUG
'LRGHV == *RRG 2SHQ LQILQLWH RKPV LQ RQH GLUHFWLRQ DQG PHJDRKPV LQ WKH
RSSRVLWH GLUHFWLRQ
)DLOHG 6KRUW RKPV LQ DQ\ RQH RU ERWK GLUHFWLRQV
% )7+&'6164#05+'062416'%6+10/1&7.'5
/1&'.)#5%*41/#61)4#2* -81
6CDNG%6TQWDNGUJQQVKPI62/RCTVPWODGT
SLQ 4XDG 'LII 7QVW $QDORJ ,2 DQG 'LJLWDO ,2 ORZ FXUUHQW
9,68$/ ,163(&7,21
2+00(7(5 &+(&.
,03257$17 0DNH DOO RKPPHWHU FKHFNV ZLWK 730 UHPRYHG IURP ERDUG
'LRGHV == *RRG 2SHQ LQILQLWH RKPV LQ RQH GLUHFWLRQ DQG PHJDRKPV LQ WKH
RSSRVLWH GLUHFWLRQ
)DLOHG 6KRUW RKPV LQ DQ\ RQH RU ERWK GLUHFWLRQV
#22'0&+:% %
-81 /1&'.)#5%*41/#61)4#2*
6CDNG%6TQWDNGUJQQVKPI62/RCTVPWODGT
9,68$/ ,163(&7,21
2+00(7(5 &+(&.
,03257$17 0DNH DOO RKPPHWHU FKHFNV ZLWK 730 UHPRYHG IURP ERDUG
% )7+&'6164#05+'062416'%6+10/1&7.'5
/1&'.)#5%*41/#61)4#2* -81
6CDNG%6TQWDNGUJQQVKPI62/RCTVPWODGT
9,68$/ ,163(&7,21
2+00(7(5 &+(&.
,03257$17 0DNH DOO RKPPHWHU FKHFNV ZLWK 730 UHPRYHG IURP ERDUG
#22'0&+:% %
-81 /1&'.)#5%*41/#61)4#2*
6JKURCIGKPVGPVKQPCNN[NGHVDNCPM
% )7+&'6164#05+'062416'%6+10/1&7.'5
/1&'.)#5%*41/#61)4#2* 2&7
#22'0&+:&
�+'.+06'40#./1&'/(14)%%10641..'4
6JKU#RRGPFKZRTQXKFGUCFFKVKQPCNKPHQTOCVKQPHQTKPUVCNNKPIVJG&CPKGN+PFWUVTKGU+PVGTPCN/QFGO
HQTVJG/QFGN)%%QPVTQNNGT
RCTVPWODGT
5GGCNUQFTCYKPI$'KP
VJG)%%QPVTQNNGT&TCYKPIUCFFGPFWOVJKUOCPWCN
016' 4GXKUKQP%QHVJG&CPKGN+PVGTPCN/QFGOTGSWKTGU/10UQHVYCTG
XGTUKQPQTNCVGT
6QKPUVCNNVJG+PVGTPCN/QFGOHQTVJG)%%QPVTQNNGTHQNNQYVJGUGUVGRU
*CNVCP[QPIQKPICPCN[UKUTWPU
&KUEQPPGEV#%RQYGTHTQOVJG)%%QPVTQNNGT
016' 6JGHQNNQYKPIUVGRUHQTCEEGUUKPIVJGXCTKQWU%QPVTQNNGTGNGEVTQPKEU
UVGRU
VJTQWIJ
CUUWOG[QWCTGYQTMKPIYKVJVJGGZRNQUKQP
RTQQH%QPVTQNNGT6JGTCEMOQWPV%QPVTQNNGTRGTOKVUGCUKGTCEEGUU
VQVJGKPVGTPCNGNGEVTQPKEUYKVJCUKFGRCPGNEQXGTVJCVECPDGQRGPGF
D[NQQUGPKPIHQWTTGVCKPKPIUETGYU
#22'0&+:& &
2&7 /1&'.)#5%*41/#61)4#2*
4GOQXGVJGEQXGTHTQOVJG)%%QPVTQNNGTJQWUKPIVQGZRQUGVJG)%%QPVTQNNGT U6GTOKPCN
$QCTFHQTHKGNFYKTKPI
.QQUGPVJGUKZUETGYUVJCVUGEWTGVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPI
6JGPWPRNWIVJG6GTOKPCN$QCTFHTQOKVUEQPPGEVKQPUCVVJGDCEMVQRQHVJGDQCTF
.QYGTVJG6GTOKPCN$QCTFFQYPCPFQWVQHVJGYC[JGNFKPRNCEGD[KVUITQWPFUVTCRUCV
VJGDQVVQOQHVJGDQCTF6JKUGZRQUGUVJG%CTF%CIG#UUGODN[
.QQUGPVJGHQWTUETGYUVJCVUGEWTGVJG%CTF%CIG#UUGODN[VQVJGEJCUUKU6JGPTGOQXG
VJG%CTF%CIGCYC[HTQOKVUEJCUUKUOQWPVUQVJCVKVKUGCU[VQYQTMQP
.QECVGVJG5[UVGO+PVGTHCEGCPF&TKXGT$QCTF+VKUOQWPVGFVQVJGVQRQHVJG%CTF%CIG
#UUGODN[
(KPF&+2UYKVEJDCPM5CPFUGVUYKVEJVQVJG10RQUKVKQP
UQVJGU[UVGOYKNNBMPQY
VJGKPVGTPCNOQFGOJCUDGGPKPUVCNNGF
+PURGEVVJG+PVGTPCN/QFGOECTFVQOCMGUWTGKVJCUVJGUGLWORGTUGVVKPIU
, LWORGTKP
, LWORGTQPN[
&KUEQPPGEVTKDDQPECDNGRNWIUHTQOVJGECTFUKPVJG%CTF%CIG#UUGODN[UQVJCV[QWECP
KPUGTVCPFUGEWTGN[RNWIVJG)%+PVGTPCN/QFGOECTFKPVQVJGVJKTFUNQV
HTQOVJG
VQRQHVJG%CTF%CIG#UUGODN[
4GOQXGVJG&52+1DQCTFCPFKHPGEGUUCT[LWORGTKVHQTOQFG#%QT&
CU CRRNKECDNG RGT FTCYKPI %'
UGG )% %QPVTQNNGT &TCYKPIU CFFGPFWO VJKU
OCPWCN/CMGTUWTGVJCVLWORGTUGVVKPIUQPVJG&52+1DQCTF,2CTGHQT45
,2
&$LCEMCVVJGGZRQUGFGFIGQHVJG)%+PVGTPCN/QFGOECTF
& �+'.+06'40#./1&'/(14)%%10641..'4
/1&'.)#5%*41/#61)4#2* 2&7
4KDDQPECDNGLCEM,NQECVGFKPVJGOKFFNGRQUKVKQPQHVJTGGLCEMUCVVJGGZRQUGF
GFIGQHVJG&52+1ECTF
6JKUOCMGUVJGEQPPGEVKQPVQVJG)%%QPVTQNNGT U
%1/QT5GTKCN2QTV
2NWIVJGVGNGRJQPGNKPGKPVQVJG4,RJQPGLCEMCVVJGGZRQUGFGFIGQHVJG)%+PVGTPCN
/QFGOECTF
4GEQPPGEVCNNTKDDQPECDNGRNWIUVJCVYGTGFKUEQPPGEVGFKPUVGR
CDQXG
4GVWTP CPF UGEWTG VJG %CTF %CIG #UUGODN[ KP KVU EJCUUKU OQWPVKPI 6KIJVGP VJG HQWT
UETGYU
1PVJGDCEMUKFGQHVJG)%%QPVTQNNGT U6GTOKPCN$QCTFHQTHKGNFYKTKPINQECVGVTCPUKGPV
RTQVGEVKQPOQFWNGU/CPFQT/'KVJGT/QTDQVJ/CPF/OC[PGGFTGRNCEGOGPV
YKVJVJGVTCPUKGPVRTQVGEVKQPOQFWNGUHQT45
RCTVPWODGT
4GRNCEG/CPFQT/CEEQTFKPIVQVJGOQFG
#%QT&VQYJKEJVJG
&52+1YCULWORGTGF
016'/UGTXGU%1/CPF/UGTXGU%1/
4GVWTP CPF UGEWTG VJG )% %QPVTQNNGT U 6GTOKPCN $QCTF HQT HKGNF YKTKPI KP KVU QTKIKPCN
RQUKVKQP*CPFVKIJVGPVJGUKZUETGYU
4GUVQTG#%RQYGTVQVJG/QFGN)%%QPVTQNNGT
%QPPGEVVJGVGNGRJQPGNKPGHTQOVJG)%%QPVTQNNGT U+PVGTPCN/QFGOVQCYCNNRJQPGLCEM
KHCXCKNCDNGQTVQVJGQWVUKFGVGNGRJQPGU[UVGO
016' 6JGCDQXGKPUVTWEVKQPUECPCNUQDGHQWPFKPVJG&CPKGN+PFWUVTKGU
/10 5QHVYCTG HQT )CU %JTQOCVQITCRJ 7UGT /CPWCN
RCTV
PWODGTCNQPIYKVJKPUVTWEVKQPUHQTUGVVKPIRCTCOGVGTU
HQTVJG)%%QPVTQNNGTUGTKCNRQTV
#22'0&+:& &
2&7 /1&'.)#5%*41/#61)4#2*
6JKURCIGKPVGPVKQPCNN[NGHVDNCPM
& �+'.+06'40#./1&'/(14)%%10641..'4
/1&'.)#5%*41/#61)4#2* 2&7
#22'0&+:'
72)4#&+0)(41//1&'.61/1&'.)%%10641..'4
6JKU CRRGPFKZ RTQXKFGU VJG UVGRU PGGFGF VQ TGRNCEG C &CPKGN +PFWUVTKGU /QFGN )CU
%JTQOCVQITCRJ
)%%QPVTQNNGTYKVJC&CPKGN+PFWUVTKGU/QFGN)%%QPVTQNNGT
6Q JGNR [QW YKVJ VJG )% %QPVTQNNGT TGRNCEGOGPV QRGTCVKQP VJKU CRRGPFKZ KPENWFGU YKTKPI
FKCITCOUCPFUVGRD[UVGRKPUVTWEVKQPU%JGEMQHHGCEJUVGRCU[QWEQORNGVGKVCPFHKNNQWVVJGYKTG
EQNQTEJCTVUKPVJGYKTKPIFKCITCOU6JKUCRRGPFKZKUQTICPK\GFCUHQNNQYU
*CNV%WTTGPV#PCN[UKUCPF2QYGT&QYP 5GGUGEVKQP'
0QVG'ZKUVKPI9KTKPI%QPPGEVKQPUVQ/QFGN 5GGUGEVKQP'
4GOQXG%CDNGU4GRNCEG%QPVTQNNGTCPF4GEQPPGEV 5GGUGEVKQP'
#22'0&+:' '
2&7 /1&'.)#5%*41/#61)4#2*
' *#.6%744'06#0#.;5+5#0&219'4&190
6QRTGRCTGVJG/QFGN%QPVTQNNGTHQTFKUCUUGODN[HQNNQYVJGUGUVGRU
*
*CNVVJGEWTTGPVCPCN[UKU2TGUUVJG470MG[QPVJGCPFVJGPRTGUUVJG;'5
MG[YJGPRTQORVGFVQUVQRVJGCPCN[UKU
C 9JGPVJGFKURNC[QPVJGTGCFUé(70%6+10êRTQEGGFVQUVGR
*
6WTPVJGRQYGT1((VQVJG6JGRQYGTUYKVEJKUNQECVGFQPVJGVQRQHVJG
RQYGTUWRRN[QPVJGDCEMQHVJG6JGFKURNC[UJQWNFDGDNCPMYJGPVJG
RQYGTKUQHH
*
&KUEQPPGEVVJG#%RQYGTEQTFVQVJGRQYGTUWRRN[HTQOVJG#%QWVNGV
*
4GOQXGVJGRQYGTUWRRN[HTQOVJGDCEMQHVJG%QPVTQNNGTD[NQQUGPKPIVJG
VJWOD UETGY NQYGTKPI VJG RQYGT UWRRN[ CPF FKUEQPPGEVKPI VJG USWCTG RQYGT
UWRRN[EQPPGEVQTHTQOVJG%QPVTQNNGT
' 72)4#&+0)(41//1&'.61/1&'.)%%10641..'4
/1&'.)#5%*41/#61)4#2* 2&7
' 016'':+56+0)9+4+0)%100'%6+10561/1&'.
$GHQTGFKUEQPPGEVKPICP[YKTGUHKTUVTGEQTFGZKUVKPIYKTKPIEQPPGEVKQPUVQVJG/QFGN
*
.QECVGVJGOWNVKRCKTKPVGTEQPPGEVECDNGVJCVTWPUHTQOVJG%QPVTQNNGTVQVJG
#PCN[\GT #V VJG ECDNGçU VGTOKPCVKQP CV VJG OCMG PQVG QH GCEJ KPFKXKFWCN
YKTGçUEQPPGEVKQPCPFYKTGEQNQT
C 4GEQTFVJGEQNQTUQHGCEJQHVJGKPFKXKFWCNKPVGTEQPPGEVYKTGUD[HKNNKPIQWV
VJGEQNQTDQZKPVJGYKTKPIIWKFGPGZVRCIG
UGG(KIWTG'é&CPKGN)%
%QPVTQNNGT/QFGNVQTGRNCEGOGPVYKTKPIJGNRê
+/2146#066JKUUVGRKUGZVTGOGN[KORQTVCPV$GECTGHWNVQ
EQORNGVGVJKUEQNQTDQZCEEWTCVGN[&QPQVTGOQXGCP[YKTGUCV
VJKUVKOG
#22'0&+:' '
2&7 /1&'.)#5%*41/#61)4#2*
- 7%
5(7
287
287
287
287
-
)&&
)&
)&
)&
)&
-
$)
$=
)&6
- 7HUPLQDOV
&RORU
7HUPLQDOV
-
-
1HXWUDO -
*URXQG -
+RW -
-
-
-
-
ORZHU -
H[SORVLRQ -
SURRI -
HOHFWURQLFV -
)RU +HOLXP
6ZLWFK KRXVLQJ -
(KIWTG'&CPKGN)%%QPVTQNNGT/QFGNVQTGRNCEGOGPVYKTKPIIWKFG
' 72)4#&+0)(41//1&'.61/1&'.)%%10641..'4
/1&'.)#5%*41/#61)4#2* 2&7
-[
5,
0RGHO
&76
576 -[
'65
*51'
'75
5['
7['
5/6' VLGH YLHZ
VHULDO FDEOH
FRQQHFWLRQ
&RORU
7HUPLQDOV 7HUPLQDOV
VHULDO SULQWHU
- 7% 7['
- 7% *51'
(KIWTG'4GRNCEGOGPVUGTKCNRTKPVGTYKTKPIJGNR
*
.QECVGVJGECDNGVJCVTWPUHTQOVJG%QPVTQNNGTVQVJGUGTKCNRTKPVGT
KHCUGTKCN
RTKPVGTKUEQPPGEVGFVQVJG%QPVTQNNGT#VVJGECDNGçUVGTOKPCVKQPCVVJGOCMG
PQVGQHGCEJKPFKXKFWCNYKTGçUEQPPGEVKQPCPFEQNQT
C 4GEQTFVJGEQNQTUQHGCEJQHVJGUGTKCNRTKPVGTYKTGUD[HKNNKPIQWVVJGEQNQT
DQZKPVJGYKTKPIIWKFGHQTVJGUGTKCNRTKPVGTEQPPGEVKQP
UGG(KIWTG'
é4GRNCEGOGPV UGTKCN RTKPVGT YKTKPI JGNRê #ICKP VJKU UVGR KU XGT[
KORQTVCPV%QORNGVGVJGEQNQTDQZCEEWTCVGN[DWVFQPQVTGOQXGCP[YKTGU
CVVJKUVKOG
#22'0&+:' '
2&7 /1&'.)#5%*41/#61)4#2*
*
.QECVGVJGECDNGVJCVTWPUHTQOVJG%QPVTQNNGTVQVJGUVTKREJCTVTGEQTFGT
KH
CEJCTVTGEQTFGTKUEQPPGEVGFVQVJG%QPVTQNNGT#VVJGECDNGçUVGTOKPCVKQPCVVJG
OCMGPQVGQHGCEJKPFKXKFWCNYKTGçUEQPPGEVKQPCPFEQNQT
C 4GEQTFVJGEQNQTUQHGCEJQHVJGUGTKCNRTKPVGTYKTGUD[HKNNKPIQWVVJGEQNQT
DQZ KP VJG YKTKPI IWKFG
UGG (KIWTG ' é4GRNCEGOGPV EJCTV TGEQTFGT
YKTKPIJGNRê#ICKPVJKUUVGRKUXGT[KORQTVCPV%QORNGVGVJGEQNQTDQZ
CEEWTCVGN[DWVFQPQVTGOQXGCP[YKTGUCVVJKUVKOG
P$ RXWSXW
± P$ RXWSXW
$X[ YROW FRPPRQ
$X[ YROW
&RORU
7HUPLQDOV 7HUPLQDOV
UHFRUGHU SRZHU
- 7% Y
- 7% ±Y
UHFRUGHU VLJQDO
- 7% ±
- 7%
&KDUW 5HFRUGHU
(KIWTG'4GRNCEGOGPVEJCTVTGEQTFGTYKTKPIJGNR
' 72)4#&+0)(41//1&'.61/1&'.)%%10641..'4
/1&'.)#5%*41/#61)4#2* 2&7
' 4'/18'%#$.'54'2.#%'%10641..'4#0&4'%100'%6
6QHKPKUJVJG)%%QPVTQNNGTTGRNCEGOGPVHQNNQYVJGUGUVGRU
*
6WTP1((VJGXQNVRQYGTUWRRN[CVVJG#PCN[\GT
C 4GOQXGVJGEQXGTQHVJGNQYGTGZRNQUKQPRTQQHGNGEVTQPKEUJQWUKPIQHVJG
#PCN[\GT
VJKUJQWUKPIEQPVCKPUVJGXQNVRQYGTUWRRN[UYKVEJCPFVJG
HKXGUVTGCOUYKVEJGUHQTVJG#PCN[\GT
D 6WTP1((VJGXQNVRQYGTUYKVEJNQECVGFCVVJGVQRNGHV#VVJKURQKPV
CNNNKIJVUKPVJGNQYGTGZRNQUKQPRTQQHJQWUKPIQHVJG#PCN[\GTUJQWNFDG
1((
9#40+0) 6JGCDQXGUVGRKUCUCHGV[RTGECWVKQPVJCVOWUVDG
HQNNQYGFVQCXQKFRGTUQPCNKPLWT[
*
4GOQXGCNNECDNGUHTQOVJG/QFGNVGTOKPCN
*
4GOQXG VJG /QFGN %QPVTQNNGT CPF KPUVCNN VJG TGRNCEGOGPV /QFGN
%QPVTQNNGT
9#40+0)&Q016EQPPGEVVJG/QFGN%QPVTQNNGTVQ#%
RQYGTCVVJKUVKOG
*
7UGVJGYKTKPIFKCITCOUCPFEQNQTDQZGUEQORNGVGFRTGXKQWUN[
KPUGEVKQP'VJKU
CRRGPFKZVQTGEQPPGEVVJG#PCN[\GTRTKPVGTCPFUVTKREJCTVTGEQTFGTVQVJG/QFGN
%QPVTQNNGT
*
4GXKGYVJGYKTKPIFKCITCOUCPFEQNQTEQFGDQZGU[QWEQORNGVGFVQXGTKH[GCEJ
YKTGJCUDGGPVGTOKPCVGFEQTTGEVN[
#22'0&+:' '
2&7 /1&'.)#5%*41/#61)4#2*
*
6WTP10VJGXQNVRQYGTVQVJG#PCN[\GTD[VWTPKPI10VJGVQRVJTGGUYKVEJGU
KPVJGNQYGTGZRNQUKQPRTQQHGNGEVTQPKEUJQWUKPI
CUFGUETKDGFGCTNKGTKPUVGR
CDQXGUGEVKQP'VJKUCRRGPFKZ
*
%QPPGEVVJG/QFGN%QPVTQNNGTRQYGTEQTFCPFVWTP10VJG#%RQYGTVQVJG
%QPVTQNNGT
*
(QNNQY VJG UQHVYCTG KPUVCNNCVKQP RTQEGFWTGU RTQXKFGF YKVJ VJG PGY /10
FKUMGVVGU
C ;QWYKNNPGGFVQEQPPGEVCRGTUQPCNEQORWVGT
2%VQVJG/QFGNKP
QTFGTVQHKTUVQRGTCVGKVCPFFQYPNQCF)%#RRNKECVKQPUVQKV
D (QTUVCTVWRQHVJG/QFGNKPVJGHKGNFCNCRVQREQORWVGTCPF45
UGTKCNECDNGEQPPGEVKQPKUTGEQOOGPFGF
E #UVTCKIJVVJTQWIJEQOOGTEKCNUGTKCNECDNGEQPPGEVGFDGVYGGPVJG2%CPF
VJG /QFGN %QPVTQNNGTçU HTQPV RCPGN UGTKCN RQTV YKNN UWHHKEG KP OQUV
KPUVCPEGU
5GG (KIWTG ' PGZV RCIG HQT VGTOKPCNU CPF RKPQWVU HQT
RQUUKDNG45UGTKCNEQPPGEVKQPUVQVJG/QFGN
' 72)4#&+0)(41//1&'.61/1&'.)%%10641..'4
/1&'.)#5%*41/#61)4#2* 2&7
0RGHO
&200 3257
0RGHO 3 ULEERQ FDEOH DOVR JRHV
WR IURQW SDQHO VHULDO SRUW IRU WHFKV Z
-
ODSWRS 021 DQG VHULDO FDEOH
5,
&76
3
576
0RGHO
25
ULEERQ FDEOH
'65
3
*51'
)HPDOH '75
5['
7['
5/6' VHULDO
FDEOH
VLGH YLHZ
(KIWTG'6GTOKPCNUCPFRKPQWVUHQTRQUUKDNG45UGTKCNEQPPGEVKQPUVQVJG/QFGN
#22'0&+:' '
2&7 /1&'.)#5%*41/#61)4#2*
6JKURCIGKPVGPVKQPCNN[NGHVDNCPM
' 72)4#&+0)(41//1&'.61/1&'.)%%10641..'4
/1&'.)#5%*41/#61)4#2* 6(3
#&&'0&7/
#0#.;<'4&4#9+0)5
6JKUCFFGPFWOEQPVCKPUUEJGOCVKEUCPFFTCYKPIUQHVJG#PCN[\GTRQTVKQPQHVJG/QFGN
)CU%JTQOCVQITCRJ5[UVGO&TCYKPIUCTGNKUVGFDGNQYKPVJGUCOGRCIGQTFGTCUHQWPFKPVJKU
CFFGPFWO
%' .QYGT#UUGODN[/QFGN&WCN:,6Y2QYGT5WRRN[9KTKPI
%' #UUGODN[8CNXG2QTV%JTQOCVQITCRJ
6)2
%' #UUGODN[8CNXG2QTV%JTQOCVQITCRJ
&' .QYGT:,6%WUVQOGT+PVGTHCEG/QFGN
%' 5%52NCVG5VTGCO
%' 5%52NCVG5KPING5VTGCOYKVJ/QFGN$[RCUU
%' 5%52NCVG5VTGCOU
%' 5%52NCVG5VTGCOUYKVJ$[RCUU
%' 5%52NCVG5VTGCOU
%' 5CORNG5[UVGO2NCVG5VTGCOUYKVJ$[RCUU
%' 5%52NCVG5VTGCOUYKVJ$[RCUU
%' 5%52NCVG5VTGCOU
%' 5%52NCVG5VTGCOY#WVQ%CN/QFGN$[RCUU#UU[ U
$' (NQY%QPHKIWTCVKQP$CEMHNWUJVQ/GCUWTGYKVJ5CORNG5JWV1HH
%' $CUKE5GTKGU)%5%52NCVG
&' 9KTKPI5GTKGU)%YKVJ5%52NCVG%QPVTQNNGT
#&&'0&7/ #FFGPFWO
-8/ /1&'.)#5%*41/#61)4#2*
&' #PCN[\GT9KTKPI&KCITCO5GTKGU)%YKVJ5%51XGP
%QPVTQNNGT
%' 1WVNKPGCPF&KOGPUKQPCN&CPCN[\GT%QPVTQNNGT
#FFGPFWO #0#.;<'4&4#9+0)5
/1&'.)#5%*41/#61)4#2* $35
#&&'0&7/
)%%10641..'4&4#9+0)5
6JKUCFFGPFWOEQPVCKPUUEJGOCVKEUCPFFTCYKPIUQHVJG)%%QPVTQNNGTRQTVKQPQHVJG/QFGN
)CU%JTQOCVQITCRJ5[UVGO&TCYKPIUCTGNKUVGFDGNQYKPVJGUCOGRCIGQTFGTCUHQWPF
KPVJKUCFFGPFWO
$' #UUGODN[RQKPVFKIKVCN+1%QPVTQNNGT
$' #UUGODN[46+$QCTF%QPVTQNNGT
$' #UUGODN[46+$QCTF%QPVTQNNGT
%' #UUGODN[&52+1$QCTF%QPVTQNNGT
%' #UUGODN[%27$QCTF%QPVTQNNGT
$' #UUGODN[/GOQT[$QCTF%QPVTQNNGT
$' #UUGODN[/QFGO$QCTF%QPVTQNNGT
$' #UUGODN[#PCNQI$QCTF/QFGN
&' (KGNF9KTKPI6GTOKPCN$QCTF
&' #UUGODN[%QPVTQNNGT
5JGGVQH %CTF%CIG&GVCKN
%' #UUGODN[6GTOKPCVKQP$QCTF/QFGN
5JGGVQH %QORQPGPV5KFG
5JGGVQH 5QNFGT5KFG
&GUETKRV6TCPUKGPV2TQVGEV/QF2NWIU
%' 5[UVGO+PVGTHCEGCPF&TKXGT$QCTF
#&&'0&7/ #FFGPFWO
$35 /1&'.)#5%*41/#61)4#2*
&' &KOGPUKQPCN%QPVTQNNGT4CEMYQ&KURNC[-G[DF
&' &KOGPUKQPCN2CPGN/QWPV7PKV
4GVTQHKV
&' &KOGPUKQPCN4CEMY&KURNC[-G[DQCTF
2TGXKQWUXGTUKQPUQHVJG/QFGN)%%QPVTQNNGTOCPWHCEVWTGFDGHQTG/CTEJ
WUGFVYQDQCTFUHQTCPCNQIQWVRWVU46+HQTUVCPFCTFVYQQWVRWVUCPF46+HQT
QRVKQPCNCFFKVKQPCNCPCNQIQWVRWVU%WTTGPVN[QPN[QPGDQCTF
#PCNQIKUWUGFCXCKNCDNG
KPVJTGGXCTKGVKGUCEEQTFKPIVQVJGSWCPVKV[QHCPCNQIQWVRWVUKPUVCNNGFVYQ
UVCPFCTFUKZ
QTVGP
#FFGPFWO )%%10641..'4&4#9+0)5
/1&'.)#5%*41/#61)4#2* $35
'& SRZHU
,2
32:(5 6833/< 'LJLWDO LQSXWV
'LJLWDO RXWSXWV
$& SRZHU
6%&
9 PLFURSURFHVVRU &38
7UDQVLHQW SURWHFWLRQ PRGXOHV 3DUDOOHO SULQWHU VLJQDO
&20 DQG &20
6\VWHP PHPRU\
56 VHULDO SURWRFRO
7(50,1$/ %2$5' WLPHUV
'63,2
$NQEMFKCITCOQH/QFGN)%%QPVTQNNGTEKTEWKVDQCTFU
#&&'0&7/ #FFGPFWO
$35 /1&'.)#5%*41/#61)4#2*
6JKURCIGKPVGPVKQPCNN[NGHVDNCPM
#FFGPFWO )%%10641..'4&4#9+0)5
/1&'.)#5%*41/#61)4#2* $35
#&&'0&7/
%10641..'4+1&'6#+.&4#9+0)5
6JKUCFFGPFWOEQPVCKPUUEJGOCVKEUCPFFTCYKPIUVJCVRTQXKFGGZVTCFGVCKNQHVJG)%%QPVTQNNGT
+PRWV1WVRWVEKTEWKVT[QHVJG/QFGN)CU%JTQOCVQITCRJ5[UVGO&TCYKPIUCTGNKUVGF
DGNQYKPVJGUCOGRCIGQTFGTCUHQWPFKPVJKUCFFGPFWO
+1&GVCKN #PCNQI1WVRWVU
+1&GVCKN #PCNQI+PRWVU
+1&GVCKN #PCNQI+PRWVU
+1&GVCKN &KUETGVG1WVRWVU
+1&GVCKN &KUETGVG+PRWVU
+1&GVCKN )%%QPVTQN1WVRWVU
+1&GVCKN 5VTGCO5YKVEJ1WVRWVU
+1&GVCKN 5GTKCN%QOOWPKECVKQPU%1/CPF%1/
+1&GVCKN 5GTKCN%QOOWPKECVKQPU%1/CPF%1/
#&&'0&7/ #FFGPFWO
$35 /1&'.)#5%*41/#61)4#2*
'& SRZHU
,2
32:(5 6833/< 'LJLWDO LQSXWV
'LJLWDO RXWSXWV
$& SRZHU
6%&
9 PLFURSURFHVVRU &38
7UDQVLHQW SURWHFWLRQ PRGXOHV 3DUDOOHO SULQWHU VLJQDO
&20 DQG &20
6\VWHP PHPRU\
56 VHULDO SURWRFRO
7(50,1$/ %2$5' WLPHUV
'63,2
$NQEMFKCITCOQH/QFGN)%%QPVTQNNGTEKTEWKVDQCTFU
#FFGPFWO %10641..'4+1&'6#+.&4#9+0)5
9#44#06;%.#+/4'37+4'/'065
6QOCMGCYCTTCPV[ENCKO[QWVJG2WTEJCUGTOWUV
2TQXKFG&CPKGNYKVJRTQQHQHVJG&CVGQH2WTEJCUGCPFRTQQHQHVJG&CVGQH5JKROGPVQH
VJGRTQFWEVKPSWGUVKQP
4GVWTPVJGRTQFWEVVQ&CPKGNYKVJKPVYGNXG
OQPVJUQHVJGFCVGQHQTKIKPCNUJKROGPV
QH VJG RTQFWEV QT YKVJKP GKIJVGGP
OQPVJU QH VJG FCVG QH QTKIKPCN UJKROGPV QH VJG
RTQFWEV VQ FGUVKPCVKQPU QWVUKFG QH VJG 7PKVGF 5VCVGU 6JG 2WTEJCUGT OWUV RTGRC[ CP[
UJKRRKPI EJCTIGU +P CFFKVKQP VJG 2WTEJCUGT KU TGURQPUKDNG HQT KPUWTKPI CP[ RTQFWEV
UJKRRGFHQTTGVWTPCPFCUUWOGUVJGTKUMQHNQUUQHVJGRTQFWEVFWTKPIUJKROGPV
6QQDVCKP9CTTCPV[UGTXKEGQTVQNQECVGVJGPGCTGUV&CPKGNQHHKEGUCNGUQTUGTXKEGEGPVGT
ECNN
(CZ
QTEQPVCEV
&CPKGN(KGNF5GTXKEGU
*GORUVGCF*KIJYC[
*QWUVQP6GZCU
9JGPEQPVCEVKPI&CPKGNHQTRTQFWEVUGTXKEGVJGRWTEJCUGTKUCUMGFVQRTQXKFGKPHQTOCVKQP
CUKPFKECVGFQPVJGHQNNQYKPI%WUVQOGT2TQDNGO4GRQTV
&CPKGN (KGNF 5GTXKEGU QHHGTU DQVJ QP ECNN CPF EQPVTCEV OCKPVGPCPEG UGTXKEG FGUKIPGF VQ
CHHQTFUKPINGUQWTEGTGURQPUKDKNKV[HQTCNNKVURTQFWEVU
6JG&CPKGN&KXKUKQPQH'OGTUQP2TQEGUU/CPCIGOGPVTGUGTXGUVJGTKIJVVQOCMGEJCPIGU
CVCP[VKOGVQCP[RTQFWEVVQKORTQXGKVUFGUKIPCPFVQKPUWTGVJGDGUVCXCKNCDNGRTQFWEV
�+'.
%7561/'4241$.'/4'2146
(14 (#56'56 5'48+%' %1/2.'6' 6*+5 (14/ #0& 4'6740 +6 #.10) 9+6* 6*' #(('%6'&
'37+2/'06 61 %7561/'4 5'48+%' #6 6*' #&&4'55 +0&+%#6'& $'.19
%1/2#0; 0#/'AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
+081+%' #&&4'55AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
5*+22+0) #&&4'55AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
&'5%4+26+10 1( 241$.'/AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
#&&+6+10#. %1//'065AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
+( ;17 4'37+4' 6'%*0+%#. #55+56#0%' 2.'#5' (#: 14 94+6' 6*' /#+0 %7561/'4 5'48+%'
&'2#46/'06 #6
6JG &CPKGN &KXKUKQP QH 'OGTUQP 2TQEGUU /CPCIGOGPV TGUGTXGU VJG TKIJV VQ OCMG EJCPIGU VQ CP[ QH KVU RTQFWEVU QT UGTXKEGU
CV CP[ VKOG YKVJQWV RTKQT PQVKHKECVKQP KP QTFGT VQ KORTQXG VJCV RTQFWEV QT UGTXKEG CPF VQ UWRRN[
VJG DGUV RTQFWEV QT UGTXKEG RQUUKDNG