1RGTCVKQPCPF5GTXKEG/CPWCN

*[RQVŠ5GTKGU
/QFGNUCPF

&KGNGEVTKE9KVJUVCPF8QNVCIG+PUVTWOGPV
#%&%*KRQV+PUWNCVKQP4GUKUVCPEGCPF%QPVKPWKV[6GUV+PUVTWOGPVU
75$+PVGTHCEGUVCPFCTFQPCNNOQFGNU

5GTKCNt t t t t t t t
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2TKPVGF5GRVGODGT

4Q*5

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9GUV.CWTGN&TKXG.CMG(QTGUV+NNKPQKU75#

…#UUQEKCVGF4GUGCTEJ
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 #&KXKUQPQH+MQPKZ75#

#FFTGUU 9.CWTGN&T
 .CMG(QTGUV+.75#

2TQFWEV0COG *[RQVŠ&KGNGEVTKE9KVJUVCPF8QNVCIG6GUVGT

/QFGN0WODGT 

%QPHQTOUVQVJGHQNNQYKPI5VCPFCTFU

5CHGV[ 7.
 7.
 7.4
 %#0%5#%01
 %#0%5#%01 #
 %#0%5#%01

'/% '0%NCUU#
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5WRRNGOGPVCT[+PHQTOCVKQP

6JGRTQFWEVJGTGYKVJEQORNKGUYKVJVJGTGSWKTGOGPVUQHVJG.QY8QNVCIG&KTGEVKXG'7VJG'/%&KTGEVKXG'7
CPFVJG4Q*5&KTGEVKXG'7YKVJTGURGEVVQVJGHQNNQYKPIUWDUVCPEGU.GCF
2D/GTEWT[
*I%CFOKWO
%F*GZCXCNGPV
EJTQOKWO
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8+2QN[DTQOKPCVGFDKRJGP[NU
2$$2QN[DTQOKPCVGFFKRJGP[NGVJGTU
2$&'&GEC$&'KPENWFGF

.CUVVYQFKIKVUQHVJG[GCTKPYJKEJVJG%'OCTMKPIYCUCHƂZGF

6JGVGEJPKECNƂNGCPFQVJGTFQEWOGPVCVKQPCTGQPƂNGYKVJ#UUQEKCVGF4GUGCTEJ

 ,QUGRJ)WGTTKGTQ
 2TGUKFGPV
 #UUQEKCVGF4GUGCTEJ
 .CMG(QTGUV+NNKPQKU75#
 #WIWUV

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 #&KXKUQPQH+MQPKZ75#

#FFTGUU 9.CWTGN&T
 .CMG(QTGUV+.75#

2TQFWEV0COG *[RQVŠ&KGNGEVTKE9KVJUVCPF8QNVCIG6GUVGT

/QFGN0WODGT 

%QPHQTOUVQVJGHQNNQYKPI5VCPFCTFU

5CHGV[ 7.
 7.
 7.4
 %#0%5#%01 #
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5WRRNGOGPVCT[+PHQTOCVKQP

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CPFVJG4Q*5&KTGEVKXG'7YKVJTGURGEVVQVJGHQNNQYKPIUWDUVCPEGU.GCF
2D/GTEWT[
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%F*GZCXCNGPV
EJTQOKWO
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2$$2QN[DTQOKPCVGFFKRJGP[NGVJGTU
2$&'&GEC$&'KPENWFGF

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6JGVGEJPKECNƂNGCPFQVJGTFQEWOGPVCVKQPCTGQPƂNGYKVJ#UUQEKCVGF4GUGCTEJ

 ,QUGRJ)WGTTKGTQ
 2TGUKFGPV
 #UUQEKCVGF4GUGCTEJ
 .CMG(QTGUV+NNKPQKU75#
 #WIWUV

…#UUQEKCVGF4GUGCTEJ 
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#UUQEKCVGF4GUGCTEJEGTVKƂGUVJCVVJGKPUVTWOGPVNKUVGFKPVJKUOCPWCNOGGVUQTGZEGGFURWDNKUJGFOCPWHCEVWTKPIURGEKƂECVKQPU
9GECNKDTCVGFVJKUKPUVTWOGPVWUKPIUVCPFCTFUVJCVCTGVTCEGCDNGVQVJG0CVKQPCN+PUVKVWVGQH5VCPFCTFUCPF6GEJPQNQI[
0+56

;QWTPGYKPUVTWOGPVKUYCTTCPVGFVQDGHTGGHTQOFGHGEVUKPYQTMOCPUJKRCPFOCVGTKCNHQTCRGTKQFQH
[GCTHTQOVJGFCVGQH
UJKROGPV

;GCT2TQITCO
#NN#UUQEKCVGF4GUGCTEJKPUVTWOGPVUKPENWFGVJGQRRQTVWPKV[VQGZVGPFVJGUVCPFCTFYCTTCPV[HQTWRVQCRGTKQFQH[GCTU
4GVWTPKPIKPUVTWOGPVUVQ#UUQEKCVGF4GUGCTEJHQTVJGKTCPPWCNECNKDTCVKQPCPFKPURGEVKQPYKNNGZVGPFVJGKPUVTWOGPVoUYCTTCPV[
HQTCPCFFKVKQPCN[GCT6JKUYCTTCPV[KUGZVGPFCDNGHQTWRVQƂXG[GCTUCPFCPPWCNTGVWTPUOWUVDGOCFGKPUWEEGUUKQPUVCTVKPI
QPG[GCTCHVGTVJGQTKIKPCNRWTEJCUGFCVG6JGTGCTGPQCFFKVKQPCNEQUVUHQTVJG[GCTRTQFWEVYCTTCPV[;QWCTGTGURQPUKDNG
HQTVJGCPPWCNECNKDTCVKQPHGGUCPFUJKRRKPIEQUVU6JKUGZVGPFGFYCTTCPV[KUPQPVTCPUHGTCDNGCPFKUQHHGTGFQPN[VQVJGQTKIKPCN
RWTEJCUGT;QWOWUVQDVCKPCTGVWTPOCVGTKCNCWVJQTK\CVKQP
4/#HTQO#UUQEKCVGF4GUGCTEJDGHQTGTGVWTPKPIVJKUKPUVTWOGPVHQT
YCTTCPV[UGTXKEG2NGCUGEQPVCEVQWTEWUVQOGTECTGEGPVGTCV6'56
VQQDVCKPCP4/#PWODGT+VKUKORQTVCPV
VJCVVJGKPUVTWOGPVKURCEMGFRTQRGTN[HQTUCHGVTCPURQTV2NGCUGEQPVCEVQWTEWUVQOGTECTGEGPVGTHQTRTQRGTKPUVTWEVKQPUQP
RCEMCIKPI9GYKNNPQVJQPQTFCOCIGUUWUVCKPGFCUCTGUWNVQHKORTQRGTRCEMCIKPI;QWOWUVRTGRC[VTCPURQTVCVKQPEQUVUHQT
VJGTGVWTPQHVJGKPUVTWOGPVHQTYCTTCPV[UGTXKEG#UUQEKCVGF4GUGCTEJYKNNCUUWOGVJGTGVWTPHTGKIJVEQUVUYJGPTGVWTPKPI[QWT
KPUVTWOGPV6JGTGVWTPOGVJQFYKNNDGCVVJGFKUETGVKQPQH#UUQEKCVGF4GUGCTEJ

1RGTCVQT/QFKƂECVKQPU
#P[PQPCWVJQTK\GFOQFKƂECVKQPUVCORGTKPIQTRJ[UKECNFCOCIGYKNNXQKFVJKUYCTTCPV['NKOKPCVKQPQHCP[EQPPGEVKQPUKPVJG
GCTVJITQWPFKPIU[UVGOQTD[RCUUKPICP[UCHGV[U[UVGOUYKNNXQKFVJKUYCTTCPV[6JKUYCTTCPV[FQGUPQVEQXGTCEEGUUQTKGUPQVQH
#UUQEKCVGF4GUGCTEJOCPWHCEVWTG2CTVUWUGFOWUVDGRCTVUVJCVCTGTGEQOOGPFGFD[#UUQEKCVGF4GUGCTEJCUCPCEEGRVCDNG
URGEKƂGFRCTV7UGQHPQPCWVJQTK\GFRCTVUKPVJGTGRCKTQHVJKUKPUVTWOGPVYKNNXQKFVJGYCTTCPV[

#UUQEKCVGF4GUGCTEJYKNNPQVDGTGURQPUKDNGHQTCP[KPLWTKGUUWUVCKPGFFWGVQWPCWVJQTK\GFGSWKROGPVOQFKƂECVKQPUQTWUG
QHRCTVUPQVURGEKƂGFD[#UUQEKCVGF4GUGCTEJ+PUVTWOGPVUTGVWTPGFVQ#UUQEKCVGF4GUGCTEJYKVJWPUCHGOQFKƂECVKQPUYKNNDG
TGVWTPGFVQVJGKTQTKIKPCNQRGTCVKPIEQPFKVKQPCV[QWTGZRGPUG

…#UUQEKCVGF4GUGCTEJ 
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5CHGV[2TGECWVKQPUCPF9CTPKPI5[ODQNUHQT*KIJ8QNVCIG6GUVKPI
(TQPV2CPGN%QPVTQNU

4GCT2CPGN%QPVTQNU

(TQPV2CPGN%QPVTQNU

4GCT2CPGN%QPVTQNU

5GVWR+PUVTWEVKQPU
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/CKP/GPW
  5GVWR5[UVGO 
  5GVWR6GUVU
    5GVWR#%9KVJUVCPF6GUV 
    5GVWR&%9KVJUVCPF6GUV 
    5GVWR+PUWNCVKQP4GUKUVCPEG6GUV 
  2GTHQTO6GUV 
  5GEWTKV[ 
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7UKPI4GOQVG+1CPF2.%%QPVTQN
#RRGPFKZ#+PUVCNNCVKQPCPF6GUV1RGTCVQT+PHQTOCVKQP 
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  7PRCEMKPICPF+PURGEVKQP 
  5CHG.KHVKPICPF%CTT[KPI+PUVTWEVKQPU 
  %QPVGPVUQHVJG%CTVQP
  2TGRCTCVKQPHQT7UG 
  2QYGT%CDNG 
 1RGTCVKPI'PXKTQPOGPV 
 5VQTCIGCPF5JKROGPV 
 6GUV1RGTCVQTCPF5CHGV[%QPUKFGTCVKQPU 
  3WCNKHKECVKQPU
   5CHGV[2TQEGFWTGU 
   &TGUU 
   /GFKECN4GUVTKEVKQPU 
   6GUV5VCVKQP 
#RRGPFKZ$+PUVTWOGPV5RGEKHKECVKQPU
#RRGPFKZ%5GTKGU1RVKQPU
#RRGPFKZ&4GOQVG$WU+PVGTHCEG45
#RRGPFKZ'4GRNCEGOGPV2CTVU.KUV
#RRGPFKZ(%CNKDTCVKQP2TQEGFWTG

016'6JKUKUCPKPVGTCEVKXG2&(KHXKGYKPIQPCEQORWVGTENKEMQPQWTSWKEMNKPMUVQLWORSWKEMN[VQVJCVUGEVKQP
4GVWTPVQVJG6CDNGQH%QPVGPVUD[UKORN[ENKEMKPIQPVJGRCIGPWODGTYKVJC CDQXGKVKPVJGDQVVQOTKIJVEQTPGT

…#UUQEKCVGF4GUGCTEJ 
5CHGV[2TGECWVKQPUCPF9CTPKPI5[ODQNUHQT*KIJ8QNVCIG6GUVKPI
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DGHQTGQRGTCVKQP

6JKURTQFWEVKUC5CHGV[%NCUU+KPUVTWOGPV
RTQXKFGFYKVJCRTQVGEVKXGGCTVJVGTOKPCN$GHQTGCRRN[KPIRQYGTXGTKH[VJCVVJGKPRWV
XQNVCIGVQVJGKPUVTWOGPVKU8#%QT8#%CPFVJGEQTTGEVHWUGKUKPUVCNNGF

 2
 TQFWEVYKNNDGOCTMGFYKVJVJKUU[ODQNYJGPKVKUPGEGUUCT[VQTGHGTVQVJGQRGTCVKQPCPFUGTXKEGOCPWCNKPQTFGTVQ
RTGXGPVKPLWT[QTGSWKROGPVFCOCIG

 5
 oKNXQWURNCÊVUGTÅHÅTGTCWOCPWGNFoKPUVTWEVKQPUFGOKUGGPICTFGQWKPHQTOCVKQPUWTNCRTWFGPEGRQWTÅXKVGTFGU
DNGUUWTGUQWFGUFQOOCIGUCWRTQFWKV

 2TQFWEVYKNNDGOCTMGFYKVJVJKUU[ODQNYJGPJC\CTFQWUXQNVCIGUOC[DGRTGUGPV

 #XGTVKUUGOGPVFGUVGPUKQPUFCPIGTGWUGUSWKRGWXGPVÆVTGRTÅUGPVGU

 2TQFWEVYKNNDGOCTMGFYKVJVJKUU[ODQNCVEQPPGEVKQPUVJCVTGSWKTGGCTVJITQWPFKPI

 .GRTQFWKVUGTCOCTSWÅFGEGU[ODQNGCWPKXGCWFGUEQPPGZKQPUSWKPÅEGUUKVGPV¼NCVGTTG


%CWVKQPCPF9CTPKPI5[ODQNU
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 CNNUCVVGPVKQPVQCRTQEGFWTGRTCEVKEGQTEQPFKVKQPVJCVEQWNFRQUUKDN[ECWUGFCOCIG
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 JG*[RQVRTQFWEGUXQNVCIGUCPFEWTTGPVUVJCVECPECWUGJCTOHWNQTHCVCNGNGEVTKEUJQEM6QRTGXGPV
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VJGVGUVKPUVTWOGPV

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QWWPFÅEÄUCEEKFGPVGNUEGURTQEÅFWTGUFGUÅEWTKVÅFQKXGPVÆVTGUVTKEVGOGPVTGURGEVÅGUNQTUFGNCOCPKRWNCVKQPGVNoWVKNKUCVKQPFG
NoCRRCTGKNFGEQPVTÐNG


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6'56$766106JKUKUCOQOGPVCT[EQPVCEVUYKVEJWUGFVQUVCTVCVGUV2TGUUVJGITGGPDWVVQPVQVWTPQPVJGJKIJXQNVCIG
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CVGUVUVCTV
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QHVJG4'5'6HWPEVKQP(QTUCHGV[VJGHTQPVRCPGN4'5'6DWVVQPTGOCKPUCEVKXGGXGPYJGPC
TGOQVGTGUGVUYKVEJKUEQPPGEVGFUQVJCVJKIJXQNVCIGECPDGUJWVFQYPHTQOGKVJGTNQECVKQP#
OKPKOWORWNUGYKFVJQTEQPVCEVENQUWTGQHO5KUTGSWKTGFVQIWCTCPVGGVJCVCTWPPKPIVGUVYKNN
CDQTV
+06'4.1%- CPF 4GOQVG+PVGTNQEMWVKNK\GUCUGVQHENQUGFEQPVCEVUVQGPCDNGVJGVGUVGToUQWVRWV6JGQWVRWVQHVJG
VGUVGTYKNNDGFKUCDNGFWPFGTVJGHQNNQYKPIEQPFKVKQPU
r+HVJG+PVGTNQEMEQPVCEVUCTGQRGPCPFVJG6'56DWVVQPKURWUJGF
r+HVJGKPVGTNQEMEQPVCEVUCTGQRGPGFFWTKPICVGUV
VGUVYKNNCWVQOCVKECNN[CDQTV

#RQRWROGUUCIGYKNNDG
FKURNC[GFQPVJGUETGGP

6JGVGUVGTECPUVKNNDGWUGFYKVJQWVVJGGZVGTPCNKPVGTNQEMFGXKEGCUNQPICUVJG+PVGTNQEM
%QPPGEVQT
20RTQXKFGFYKVJWPKVKURNWIIGFKPVQVJG4GOQVG+PVGTHCEG5KIPCN+PRWV
RQTV+HVJGTGKUPQVJKPIEQPPGEVGFVQVJG4GOQVG+PVGTHCEG5KIPCN+PRWVRQTVVQRTQXKFGC
EQPPGEVKQPVQVJGKPVGTNQEMVJGVGUVGTYKNNPQVRGTHQTOVGUVU
9JGPVJG2.%4GOQVGOQFGKU10VJGVGUVGTYKNNTGURQPFVQUKORNGUYKVEJQTTGNC[EQPVCEVUENQUWTGU9JGPVJG2.%4GOQVG
HWPEVKQPKU10VJG6'56DWVVQPQPVJGHTQPVRCPGNYKNNDGFKUCDNGF


…#UUQEKCVGF4GUGCTEJ 
4GOQVG5KIPCN+PRWVUCPF/GOQT[#EEGUU
r6JG4GOQVG(KNG5GNGEVHWPEVKQPIKXGU[QWVJGECRCDKNKV[VQSWKEMN[UGNGEVCPFKPKVKCVGCVGUVTGOQVGN[

r;
 QWECPCEEGUUƂTUVVJTGG
RTGRTQITCOOGFVGUVƂNGUD[EQPPGEVKPIRKPUCPFVQVJGEQOOQPRKPKPFKHHGTGPV
EQODKPCVKQPU
OGOQTKGUCXCKNCDNGYKVJCFFGFQRVKQP

r6JGOGOQT[UGNGEVDKVUUJQWNFDGUGVUKOWNVCPGQWUN[CPFTGOCKPUGVHQTC
OKPKOWOQHOUVQIWCTCPVGGVJCVVJGEQTTGEVOGOQT[YKNNDGUGNGEVGF &+&;17-019
r6JGOGOQT[UGNGEVDKVUOC[DGUGVKPUGSWGPVKCNOCPPGTRTQXKFGFVJCVVJGVKOG 6JG4GOQVG5KIPCN+PRWVEQPPGEVQTOC[
FGNC[DGVYGGPGCEJDKVKUNGUUVJCPOU DGWUGFYKVJXCTKQWUCEEGUUQTKGUKPENWFKPI
r9JGPVJGFGUKTGFDKVRCVVGTPJCUDGGPGUVCDNKUJGFKVUJQWNFTGOCKPUGVHQTC NKIJVEWTVCKPUHQQVUYKVEJGUCPFUCHGV[
OKPKOWOQHOUVQIWCTCPVGGVJCVVJGEQTTGEVOGOQT[YKNNDGUGNGEVGF RTQDGU%QPVCEV#UUQEKCVGF4GUGCTEJHQT
OQTGKPHQTOCVKQP
r+VOC[DGPGEGUUCT[VQp14qVJGOQOGPVCT[UYKVEJGU
TGNC[EQPVCEVUVQ
RTGXGPVKPEQTTGEVRTQITCOUGNGEVKQPFWGVQVKOKPIGTTQTU

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/QOGPVCT[%QPVCEVENQUWTGDGVYGGP$+6CPF%1//10
0Q%QPVCEVENQUWTGDGVYGGP$+6CPF%1//10

#EVKXCVKPIOGOQT[RTQITCOHWPEVKQPUVJTQWIJVJGTGOQVGEQPPGEVQTUGNGEVUVJGRTQITCOCPFUVCTVU
>(9505. VJGVGUVYJKEJKURTGRTQITCOOGFKPVQVJCVOGOQT[

#EVKXCVKQPFGUHQPEVKQPUFGOÅOQKTGRTQITCOOGXKCNGEQPPGEVGWTTGOQVGUÅNGEVKQPPGNGRTQITCOOGGVNCPEGNGVGUVSWKGUV
RTÅRTQITCOOÅFCPUEGVVGOÅOQKTG

&QPQVEQPPGEVXQNVCIGQTEWTTGPVVQVJGUKIPCNKPRWVUVJKUEQWNFTGUWNVKPFCOCIGVQVJGEQPVTQN
*(<;065 EKTEWKVT[

0GRCUEQPPGEVGTVGPUKQPQWFGEQWTCPVCWZGPVTÅGUFGUKIPCNEGNCRQWTTCKVRTQXQSWGTFGUFQOOCIGUCWEKTEWKVFGEQPVTÐNG


…#UUQEKCVGF4GUGCTEJ 
#RRGPFKZ#+PUVCNNCVKQPCPF6GUV1RGTCVQT+PHQTOCVKQP
+PUVCNNCVKQP

7PRCEMKPICPF+PURGEVKQP
;QWTKPUVTWOGPVUJKRUKPCEWUVQOHQCOKPUWNCVGFEQPVCKPGT+HVJGUJKRRKPIECTVQPKUFCOCIGFKPURGEVVJGEQPVGPVUHQTXKUKDNG
FCOCIGUWEJCUFGPVUUETCVEJGUQTCDTQMGPFKURNC[+HVJGKPUVTWOGPVKUFCOCIGFPQVKH[VJGECTTKGTCPF#UUQEKCVGF4GUGCTEJoU
EWUVQOGTECTGFGRCTVOGPV2NGCUGUCXGVJGUJKRRKPIECTVQPCPFRCEMKPIOCVGTKCNHQTVJGECTTKGToUKPURGEVKQP1WTEWUVQOGTECTG
FGRCTVOGPVYKNNCUUKUV[QWKPVJGTGRCKTQTTGRNCEGOGPVQH[QWTKPUVTWOGPV2NGCUGFQPQVTGVWTP[QWTRTQFWEVYKVJQWVƂTUVPQVKH[
KPIWUCPFTGEGKXKPICP4/#
TGVWTPOCVGTKCNCWVJQTK\CVKQPPWODGT6QTGEGKXGCP4/#PWODGTRNGCUGEQPVCEVQWT
EWUVQOGTECTGFGRCTVOGPVCV6'56


5CHG.KHVKPICPF%CTT[KPI+PUVTWEVKQPU
2TQRGTOGVJQFUQHNKHVKPICPFECTT[KPIECPJGNRVQRTQVGEVCICKPUVKPLWT[(QNNQYVJGTGEQOOGPFCVKQPUDGNQYVQGPUWTGVJCV
KPUVTWOGPVUCTGJCPFNGFKPCUCHGOCPPGT

 r&GVGTOKPGKHVJGKPUVTWOGPVECPDGNKHVGFD[QPGKPFKXKFWCNQTTGSWKTGUCFFKVKQPCNUWRRQTV

 r/CMGUWTGVJCV[QWTDCNCPEGKUEGPVGTGFCPF[QWTHGGVCTGRTQRGTN[URCEGFUJQWNFGTYKFVJCRCTVDGJKPFVJGKPUVTWOGPV

 r$GPFCVVJGMPGGUCPFOCMGUWTG[QWTDCEMKUUVTCKIJV

 r)TKRVJGKPUVTWOGPVYKVJ[QWTƂPIGTUCPFRCNOUCPFFQPQVNKHVWPNGUU[QWTDCEMKUUVTCKIJV

 r.KHVWRYKVJ[QWTNGIUPQV[QWTDCEM

 r-GGRVJGKPUVTWOGPVENQUGVQ[QWTDQF[YJKNGECTT[KPI

 r.QYGTVJGKPUVTWOGPVD[DGPFKPI[QWTMPGGU-GGR[QWDCEMUVTCKIJV

%QPVGPVUQHVJG%CTVQP
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4GVWTP%CDNG #
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/QFGN
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)$75$(NCUJ&TKXG 


6JG.KPG%QTFNKUVGFKU#OGTKECP1VJGTEQODKPCVKQPUQHVJG.KPG%QTFCTGCXCKNCDNGWRQPTGSWGUV


…#UUQEKCVGF4GUGCTEJ 
 7UGQPN[CEEGUUQTKGUVJCVOGGVVJGOCPWHCEVWTGToUURGEKƂECVKQP
>(9505.
7VKNKUGTWPKSWGOGPVFGUCEEGUUQKTGUEQPHQTOGUCWZURÅEKƂECVKQPUFWHCDTKECPV

2TGRCTCVKQPHQT7UG

2QYGT4GSWKTGOGPVU
6JKUKPUVTWOGPVTGSWKTGUCRQYGTUQWTEGQHGKVJGTXQNVU#%*\UKPINGRJCUGQTXQNVU#%*\
UKPINGRJCUG5GGUGEVKQPHQT4GCT2CPGN%QPVTQNUHQTCPKOCIGQHVJGTGCTRCPGN

&QPQVTGRNCEGVJGRQYGTUWRRN[EQTFYKVJCPKORTQRGTN[TCVGFEQTF(QT0QTVJ#OGTKECP#7.NKUVGF
*(<;065 CPF%5#NCDGNGFRQYGTEQTFOWUVDGWUGFYKVJVJGKPUVTWOGPVKPVJG7PKVGF5VCVGUCPF%CPCFC6JG
RQYGTEQTFOWUVKPENWFGC0'/#UV[NGOCNGRNWI586QT5,6EQTFUGVUCPFDGTCVGFHQTCVNGCUV
8#%#PWODGTICWIG
QT8#%#PWODGTICWIGYKTGQTNCTIGTCPFVJGNGPIVJQHVJGEQTFFQGUPQVGZEGGF
OOWUVDGWUGF(QT'WTQRGCP#EGTVKƂGFRQYGTUWRRN[EQTFPQVNKIJVGTVJCPNKIJV28%UJGCVJGFƃGZKDNGEQTFCEEQTFKPIVQ+'%
FGUKIPCVKQP*88(QT*88*(
HQTGSWKROGPVOCUUPQVGZEGGFKPIMIQT*88(QT*88*(
HQTGSWKR
OGPVOCUUGZEGGFKPIMICPFDGTCVGFHQTCVNGCUV)OOŽ
HQTTCVGFEWTTGPVWRVQ#QT)OOŽ
HQTTCVGFEWTTGPV
QXGT#WRVQ#YKTGQTNCTIGTCPFVJGNGPIVJQHVJGEQTFFQGUPQVGZEGGFOOWUVDGWUGF

0GTGORNCEG\RCUNGEQTFQPFoCNKOGPVCVKQPCXGEWPEQTFQPOCNENCUUÅ2QWTNo#OÅTKSWGFW0QTF
7PG7.GV%5#OCTSWÅEQTFQPFoCNKOGPVCVKQPFQKVÆVTGQNCTK\CXGENoKPUVTWOGPVCWZ¥VCVU7PKUGV
%CPCFC.GEQTFQPFoCNKOGPVCVKQPFQKVEQORQTVGTWPGƂEJGO¾NG0'/#FGUV[NG586QWGPUGODNGU5,6FGNCOQGNNG
GVÆVTGENCUUÅRGPFCPVCWOQKPU8#%†PWOÅTQFGECNKDTG
QW8#%†PWOÅTQFGECNKDTGƂNQWRNWUGVNC
NQPIWGWTFGNGEQTFQPPGFÅRCUUGRCUOFQKVÆVTGWVKNKUÅ2QWTGWTQRÅGPPG7PEQTFQPFnCNKOGPVCVKQPEGTVKƂÅRCURNWUNÅIGT
SWGNG28%NWOKÄTGE¾DNGUUQWRNGUUQWUICKPGUGNQPNCPQTOG+'%NCFÅUKIPCVKQP*88(QW
*88*s(
RQWTNCOCUUGFGNoÅSWKRGOGPVPGFÅRCUUCPVRCUMIQW*88(QW*88*s(
OCUUGFoÅSWKRGOGPV
FGRNWUFGMIGVÆVTGRTÅXWURQWTCWOQKPU)OOŽ
RQWTEQWTCPVPQOKPCNLWUSWo¼#QW)OOŽ
RQWTƂNPQOK
PCNGQWRNWUCEVWGNNGRNWUFG#¼#GVNCNQPIWGWTFWEQTFQPPGFQKVRCUGZEÅFGTOFQKVÆVTGWVKNKUÅ

6JG*[RQVOWUVDGEQPPGEVGFVQCIQQFITQWPF$GEGTVCKPVJCVVJGRQYGTYKTKPIKURTQRGTN[RQNCT
>(9505. K\GFCPFVJCVVJGRTQRGTNQYTGUKUVCPEGDQPFKPIVQITQWPFKUKPRNCEG

.o*[RQVFQKVÆVTGTGNKżWPDQPUQN#UUWTG\XQWUSWGNGE¾DNCIGFoCNKOGPVCVKQPGUVEQTTGEVGOGPVRQNCTKUÅGVSWGNCDQPPGTÅUKU
VCPEG¼NCVGTTGGUVGPRNCEG

2QYGT%CDNG

6JGKPUVTWOGPVKUUJKRRGFYKVJCNKPGEQTFEQPVCKPKPICRTQVGEVKXGGCTVJITQWPF9JGPVJGNKPGEQTFKUEQPPGEVGFVQCP
CRRTQRTKCVG#%RQYGTUQWTEGVJGECDNGYKNNEQPPGEVVJGEJCUUKUVQGCTVJITQWPF

1PN[KPUGTVVJGOCKPRNWIKPCUQEMGVQWVNGVYKVJCRTQVGEVKXGITQWPF
GCTVJEQPVCEV6JKURTQVGEVKXG
>(9505. ITQWPFOWUVPQVDGFGHGCVGFD[VJGWUGQHCPGZVGPUKQPEQTFYKVJQWVCRTQVGEVKXGEQPFWEVQT

.CƂEJGRTKPEKRCNGPGFQKVÆVTGKPUÅTÅGFCPUWPGRTKUGFGEQWTCPVCXGEWPGOCUUG
VGTTGCXGEU[UVÄOGFGRTQVGEVKQP%GVVGVGTTG
FGRTQVGEVKQPPGFQKVRCUÆVTGXCKPEWRCTNoWVKNKUCVKQPFoWPGTCNNQPIGUCPUEQPFWEVGWTFGRTQVGEVKQP

6JKUKPUVTWOGPVKUUJKRRGFYKVJCVJTGGYKTGRQYGTECDNG9JGPVJKUECDNGKUEQPPGEVGFVQCPCRRTQRTKCVG#%RQYGTUQWTEGVJKU
ECDNGEQPPGEVUVJGEJCUUKUVQGCTVJITQWPF6JGV[RGQHRQYGTECDNGUJKRRGFYKVJGCEJKPUVTWOGPVFGRGPFUQPVJGEQWPVT[QH
FGUVKPCVKQP


…#UUQEKCVGF4GUGCTEJ 
1RGTCVKPI'PXKTQPOGPV
6JKUGSWKROGPVKUKPVGPFGFHQTKPFQQTWUGQPN[6JGGSWKROGPVJCUDGGPGXCNWCVGFCEEQTFKPIVQ+PUVCNNCVKQP%CVGIQT[++
CPF2QNNWVKQP&GITGGCUURGEKƂGFKP+'%

1RGTCVGVJKUKPUVTWOGPVKPGPXKTQPOGPVUYKVJVJGHQNNQYKPINKOKVU
 6GORGTCVWTG ŒŒ(
ŒŒ%
 4GNCVKXGJWOKFKV[ s
 #NVKVWFG HGGV
OGVGTU

&QPQVDNQEMCP[XGPVKNCVKQPQRGPKPIUVQRTGXGPVQXGTJGCVKPIQHVJGGSWKROGPV-GGRVJGXGPVKNCVKQP
>(9505. UNKVUWPEQXGTGFFWTKPIQRGTCVKQP(CKNWTGVQFQUQEQWNFECWUGVJGKPUVTWOGPVVQQXGTJGCVCPFOC[
FCOCIGKPVGTPCNEQORQPGPVU

0GRCUDNQSWGTNGUQWXGTVWTGUFGXGPVKNCVKQPRQWTÅXKVGTNCUWTEJCWHHGFGNoÅSWKRGOGPV)CTFG\NGUHGPVGUFGXGPVKNCVKQPFÅEQW
XGTVUCWEQWTUFGNoQRÅTCVKQP0GRCUNGHCKTGRQWTTCKVGPVTCÊPGTNoKPUVTWOGPVFGUWTEJCWHHGTGVGPFQOOCIGTNGUEQORQUCPVU
KPVGTPGU

5VQTCIGCPF5JKROGPV
5VQTGQTUJKRVJKUKPUVTWOGPVKPGPXKTQPOGPVUYKVJVJGHQNNQYKPINKOKVU
 6GORGTCVWTG ŒŒ(
ŒŒ%
 #NVKVWFG HGGV
OGVGTU
#NUQRTQVGEVVJKUKPUVTWOGPVCICKPUVVGORGTCVWTGGZVTGOGUVJCVOC[ECWUGEQPFGPUCVKQPYKVJKPVJGKPUVTWOGPV

(CKNWTGVQQRGTCVGVJKUKPUVTWOGPVYKVJKPVJGURGEKƂGFEQPFKVKQPUEQWNFTGUWNVKPFCOCIG
*(<;065
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FGUFQOOCIGU

+HVJGKPUVTWOGPVKUWUGFKPCOCPPGTPQVURGEKƂGFD[VJGOCPWHCEVWTGTVJGRTQVGEVKQPRTQXKFGFD[VJGKPUVTWOGPVOC[DG
KORCKTGF

/QTG+PHQTOCVKQP
(QTOQTGKPHQTOCVKQPQPVGUVQRGTCVQTCPFYQTMUVCVKQPUCHGV[RNGCUGXKUKVVJG'XGPVUCPF6TCKPKPIUGEVKQPQHQWTYGDUKVGCV
YYYCTKUCHGV[EQO

6GUV1RGTCVQTCPF5CHGV[%QPUKFGTCVKQPU

3WCNKƂECVKQPU
6JKUKPUVTWOGPVIGPGTCVGUXQNVCIGUCPFEWTTGPVUVJCVECPECWUGJCTOHWNQTHCVCNGNGEVTKEUJQEMCPF
>(9505. OWUVQPN[DGQRGTCVGFD[CUMKNNGFYQTMGTVTCKPGFKPKVUWUG6JGQRGTCVQTUJQWNFWPFGTUVCPFVJG
GNGEVTKECNHWPFCOGPVCNUQHXQNVCIGEWTTGPVCPFTGUKUVCPEG

%GVKPUVTWOGPVRTQFWKVFGUVGPUKQPUGVFGUEQWTCPVUSWKRGWXGPVECWUGTFGUEJQEUÅNGEVTKSWGU
FCPIGTGWZQWOQTVGNGVPGFQKXGPVÆVTGGZRNQKVÅGURCTWPVTCXCKNNGWTSWCNKƂÅHQTOżUQPQNCTK\GXG.oQRÅTCVGWTFQKVEQORTGPFTG
NGURTKPEKRGUHQPFCOGPVCWZÅNGEVTKSWGUFGVGPUKQPEQWTCPVGVNC
TÅUKUVCPEG

&QPQVVQWEJVJGFGXKEGWPFGTVGUVJKIJXQNVCIGVGUVNGCFCNNKICVQTENKRQTENKRKPUWNCVQTQPEGVJGVGUV
>(9505. JCUDGGPUVCTVGF

0GVQWEJG\RCUNoCRRCTGKNUQWUVGUVNGƂNFGVGUVJCWVGVGPUKQPNGETQEQFKNGQWNoKUQNCVGWTFGENKRWPGHQKUNGVGUVNCPEÅ


…#UUQEKCVGF4GUGCTEJ 
 &QPQVVQWEJVJGHTQPVRCPGNYJGPVGUVKPIQTCHVGTCOCNHWPEVKQPJCUQEEWTTGF
>(9505.
0GQNCTK\RCUNCHCEGCXCPVNQTUFGNoGUUCKQWCRTÄUWPF[UHQPEVKQPPGOGPVUoGUVRTQFWKV

6JGQRGTCVQTUJQWNFWPFGTUVCPFVJGGNGEVTKECNHWPFCOGPVCNUQHXQNVCIGEWTTGPVCPFTGUKUVCPEG

5CHGV[2TQEGFWTGU
1RGTCVQTUUJQWNFDGVJQTQWIJN[VTCKPGFVQHQNNQYVJGUGCPFCNNQVJGTCRRNKECDNGUCHGV[TWNGUCPFRTQEGFWTGUDGHQTGVJG[DGIKP
CVGUV&GHGCVKPICP[UCHGV[U[UVGOUJQWNFDGVTGCVGFCUCUGTKQWUQHHGPUGCPFUJQWNFTGUWNVKPUGXGTGRGPCNVKGUUWEJCUTGOQX
CNHTQOVJG*KRQVVGUVKPILQD#NNQYKPIWPCWVJQTK\GFRGTUQPPGNKPVJGCTGCFWTKPICVGUVUJQWNFCNUQDGFGCNVYKVJCUCUGTKQWU
QHHGPUG

4GHGTVQVJGHQNNQYKPIUVCPFCTFUHQTOQTGKPHQTOCVKQP
 r0(2#'
 r15*#UWDRCTV
5
 r'0

&TGUU
1RGTCVQTUUJQWNFPQVYGCTLGYGNT[VJCVEQWNFCEEKFGPVCNN[EQORNGVGCEKTEWKV
>(9505. &QPQVQDUGTXG'5&RTQVQEQNUYJKNGRGTHQTOKPIGNGEVTKECNUCHGV[VGUVU+PVGPVKQPCNN[ITQWPFKPIVJG
VGUVQRGTCVQTEQWNFNGCFVQCJCTOHWNQTHCVCNGNGEVTKEUJQEM

2TQVQEQNGUFGNo'&&PGFGXTCKGPVRCUÆVTGTGURGEVÅGUNQTUFGNoGZÅEWVKQPFGUVGUVUFGUÅEWTKVÅÅNGEVTKSWG+PVGPVKQPPGNNGOGPV¼NC
VGTTG¼NoQRÅTCVGWTFGVGUVRQWTTCKVEQPFWKTG¼WPEJQEÅNGEVTKSWGFCPIGTGWZQWOQTVGN

/GFKECN4GUVTKEVKQPU
+PHQTORGTUQPPGNYKVJJGCTVCKNOGPVUQTFGXKEGUUWEJCURCEGOCMGTUVJCVVJGXQNVCIGUCPFEWTTGPVUIGPGTCVGFD[VJGKPUVTWOGPV
CTGXGT[FCPIGTQWU+HEQPVCEVGFVJGKPUVTWOGPVOC[ECWUGJGCTVTGNCVGFRTQDNGOU2NGCUGJCXGVJGVGUVQRGTCVQTEQPUWNVCRJ[
UKEKCPHQTTGEQOOGPFCVKQPU

6GUV5VCVKQP
.QECVKQP
5GNGEVCPCTGCCYC[HTQOVJGOCKPUVTGCOQHCEVKXKV[YJKEJGORNQ[GGUFQPQVYCNMVJTQWIJKPRGTHQTOKPIVJGKTPQTOCNFWVKGU
+HVJKUKUPQVRTCEVKECNDGECWUGQHRTQFWEVKQPNKPGƃQYVJGPVJGCTGCUJQWNFDGTQRGFQHHCPFOCTMGFHQT*+)*81.6#)'
6'56+0)0QGORNQ[GGUQVJGTVJCPVJGVGUVQRGTCVQTUUJQWNFDGCNNQYGFKPUKFG+HDGPEJGUCTGRNCEGFDCEMVQDCEMDG
GURGEKCNN[ECTGHWNCDQWVVJGWUGQHVJGDGPEJQRRQUKVGVJGVGUVUVCVKQP5KIPUUJQWNFDGRQUVGFp&#0)'4*+)*81.6#)'
6'56+0241)4'5570#76*14+<'&2'45100'.-''2#9#;q

6JGOCKPURNWIKUWUGFCUVJGFKUEQPPGEVKPIFGXKEGCPFUJCNNTGOCKPTGCFKN[QRGTCDNG6JGUQEMGVQWV
>(9505. NGVUJCNNDGKPUVCNNGF0GCTVJGGSWKROGPVCPFUJCNNDGGCUKN[CEEGUUKDNG

.CƂEJGUGEVGWTGUVWVKNKUÅGEQOOGFKURQUKVKHFGFÅEQPPGZKQPGVFQKVTGUVGTHCEKNGOGPVQRÅTCVKQPPGNNG.CRTKUGFGEQWTCPVFQKV
ÆVTGKPUVCNNÅG2TÄUFGNoÅSWKRGOGPVGVFQKVÆVTGHCEKNGOGPVCEEGUUKDNG


…#UUQEKCVGF4GUGCTEJ 
9QTM5VCVKQP
2GTHQTOVJGVGUVUQPCPQPEQPFWEVKPIVCDNGQTYQTMDGPEJKHRQUUKDNG

6JGTGUJQWNFPQVDGCP[OGVCNKPVJGYQTMCTGCDGVYGGPVJGQRGTCVQTCPFVJGNQECVKQPYJGTGRTQFWEVUDGKPIVGUVGFYKNNDG
RQUKVKQPGF

2QUKVKQPVJGKPUVTWOGPVUQVJGQRGTCVQTFQGUPQVJCXGVQTGCEJQXGTVJGRTQFWEVWPFGTVGUVVQCEVKXCVGQTCFLWUVVJGKPUVTWOGPV+H
VJGRTQFWEVQTEQORQPGPVDGKPIVGUVGFKUUOCNNKVOC[DGRQUUKDNGVQEQPUVTWEVIWCTFUQTCPGPENQUWTGOCFGQHC
PQPEQPFWEVKPIOCVGTKCNUWEJCUENGCTCET[NKEUWEJVJCVVJGKVGODGKPIVGUVGFKUYKVJKPVJGIWCTFUQTGPENQUWTGFWTKPIVJGVGUV
CPFƂVVJGOYKVJUYKVEJGUUQVJCVVJGKPUVTWOGPVYKNNPQVQRGTCVGWPNGUUVJGIWCTFUCTGKPRNCEGQTVJGGPENQUWTGENQUGF6JG
QWVNGVYJKEJKUWUGFVQRTQXKFGRQYGTVQVJGKPUVTWOGPVUJQWNFDGGCUKN[CEEGUUKDNG

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