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1DUGTXCEKPKORQTVCPVG
2TGECWEKQPGUFGUGIWTKFCFFWTCPVGKPUVCNCEKP
'NHCDTKECPVGFGENKPCVQFCTGURQPUCDKNKFCFRQTEWCNSWKGTFCQQNGUKP
TGUWNVCPVGFGNPQEWORNKOKGPVQFGGUVCURTGECWEKQPGUQFGNCPQ
QDUGTXCEKPFGNCRTGECWEKPJCDKVWCN[GNFGDKFQEWKFCFQGPNCKPUVCNCEKP
OCPGLQOCPVGPKOKGPVQQTGRCTCEKPCWPSWGPQUGJC[COGPEKQPCFQ
GZRTGUCOGPVG
2TGECWEKQPGUIGPGTCNGU
'NQRGTCTKQFGDGNNGXCTCNCRTEVKECNCUPQTOCUFGUGIWTKFCFKPFKECFCURCTCGUVGVTCDCLQ[QDUGTXCT
VQFCUNCUQTFGPCP\CU[TGSWGTKOKGPVQUNQECNGUGUVCDNGEKFQUGPOCVGTKCFGUGIWTKFCF
5KEWCNSWKGTKPFKECEKPFGNCUSWGUGEKVCPCEQPVKPWCEKPPQEWORNKGTCEQPNCNGIKUNCEKPNQECNUG
CRNKECTNCOUGUVTKEVC
.CKPUVCNCEKPHWPEKQPCOKGPVQOCPVGPKOKGPVQ[TGRCTCEKQPGUUNQUGNNGXCTPCECDQRQTRGTUQPCN
CWVQTK\CFQ[EQORGVGPVG
0QUGEQPUKFGTCCNEQORTGUQTECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTGTGURKTCDNGGN
CKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCUPQTOCU[NG[GU
NQECNGU
#PVGUFGGORG\CTGNVTCDCLQFGOCPVGPKOKGPVQTGRCTCEKPQCLWUVGQEQORTQDCEKPFKUVKPVCFGNC
CVGPEKPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN
XQNVCLG[FGURTGUWTKEGGNEQORTGUQT#FGOUUGCDTKT[UGDNQSWGCTGNKPVGTTWRVQTUGRCTCFQTFG
GPGTICGNEVTKEC
0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKSWGCNCRKGNPKFKTKLCEJQTTQUFGCKTGCPKPIWPC
RGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ
JICNQEQPOWEJQEWKFCFQ[RTQVLCUGNQUQLQU
/CPWCNFGKPUVTWEEKQPGU
2TGECWEKQPGUFWTCPVGNCKPUVCNCEKP
.COSWKPCUNQFGDGNGXCPVCTUGWVKNK\CPFQGNGSWKRQCRTQRKCFQEQPHQTOGCNCUPQTOCVKXCUXKIGPVGU
GPOCVGTKCFGUGIWTKFCF6QFCUNCURKG\CUUWGNVCUQRKXQVCPVGUFGDGPUWLGVCTUGEQPUGIWTKFCFCPVGU
FGNGXCPVCT'UVVGTOKPCPVGOGPVGRTQJKDKFQSWGFCTUGQRCUCTGPNC\QPCFGTKGUIQRQTFGDCLQFG
WPCECTICNGXCPVCFC.CCEGNGTCEKP[FGUCEGNGTCEKPFGGNGXCEKPFGDGPCLWUVCTUGCNQUNOKVGUFG
UGIWTKFCF2PICUGGNECUEQFGUGIWTKFCFCNVTCDCLCTEGTECFGGSWKRQGNGXCFQTQCTGQ
%QNQSWGNCOSWKPCFQPFGGNCKTGCODKGPVGUGCNQOUHTGUEQ[NKORKQRQUKDNG5KGUPGEGUCTKQ
KPUVCNGWPEQPFWEVQFGUWEEKP0WPECQDUVTW[CNCVQOCFGCKTG&GDGTGFWEKTUGCNOPKOQNC
GPVTCFCFGNCJWOGFCFSWGCEQORCCCNCKTGFGCURKTCEKP
&GDGTGVKTCTEWCNSWKGTDTKFCQDVWTCFQTCVCRPVCRCQDQNUCUFGFGUGECPVGCPVGUFGEQPGEVCTNCU
VWDGTCU
.CUOCPIWGTCUFGCKTGFGDGTPUGTFGNVCOCQEQTTGEVQ[CFGEWCFCUCNCRTGUKPFGVTCDCLQ0WPEC
WUGOCPIWGTCUFGUICUVCFCUFGVGTKQTCFCUQFGUJKNCEJCFCU.CUVWDGTCUFGFKUVTKDWEKP[UWU
EQPGZKQPGUFGDGTPUGTFGNVCOCQEQTTGEVQ[CFGEWCFCUCNCRTGUKPFGVTCDCLQ
'NCKTGCURKTCFQGUVCTNKDTGFGJWOQUQXCRQTGUKPHNCOCDNGURGLFKUQNXGPVGUFGRKPVWTCSWG
RQFTCPRTQFWEKTWPKPEGPFKQQGZRNQUKPKPVGTPC
%QNQSWGNCVQOCFGCKTGGPWPUKVKQFQPFGPQRWGFCCURKTCTTQRCUUWGNVCUFGNCURGTUQPCU
%QORTWGDGSWGNCVWDGTCFGFGUECTICSWGXCFGUFGGNEQORTGUQTCNTGHTKIGTCFQTRQUVGTKQTQCNCTGF
FGCKTGRWGFGFKNCVCTRQTGHGEVQUFGNECNQT[PQGUVGPEQPVCEVQEQPOCVGTKCNKPHNCOCDNGQEGTECFG
UVG
0QUGRWGFGGLGTEGTPKPIWPCHWGT\CGZVGTPCUQDTGNCXNXWNCFGUCNKFCFGCKTGGNVWDQEQPGEVCFQPQ
RWGFGGUVCTUQOGVKFQCGUHWGT\Q
5KUGKPUVCNCWPEQPVTQNTGOQVQNCOSWKPCNNGXCTWPECTVGNGPRQUKEKPXKUKDNGKPFKECPFQ2'.+)41
'UVCOSWKPCVKGPGEQPVTQNTGOQVQ[RWGFGRQPGTUGGPOCTEJCUKPRTGXKQCXKUQ
'NQRGTCFQTFGDGCUGIWTCTUGFGSWGNCOSWKPCGUVRCTCFC[FGSWGGNKPVGTTWRVQTUGRCTCFQTGUV
CDKGTVQ[DNQSWGCFQCPVGUFGTGCNK\CTEWCNSWKGTOCPVGPKOKGPVQQTGRCTCEKP2CTCOC[QTUGIWTKFCF
NCURGTUQPCUSWGCEEKQPCPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU
RCTCCUGIWTCTUGFGSWGPCFKGGUVXGTKHKECPFQNCOSWKPCQVTCDCLCPFQGPGNNC#GUVGHKPUG
EQNQECTWPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKPCTTCPECRQTEQPVTQNTGOQVQ
CFKUVCPEKC
.CUOSWKPCUTGHTKIGTCFCURQTCKTGFGDGPKPUVCNCTUGFGOCPGTCSWGUGFKURQPICFGWPHNWLQ
CFGEWCFQFGCKTGFGTGHTKIGTCEKP[SWGGNCKTGFGGUECRGPQTGEKTEWNGCNCGPVTCFC
.CUEQPGZKQPGUGNEVTKECUFGDGPTGCNK\CTUGFGCEWGTFQEQPNQUEFKIQUNQECNGU.CKPUVCNCEKPFGDG
TGCNK\CTUGCVKGTTC[RTQVGIGTUGFGEQTVQEKTEWKVQURQTOGFKQFGHWUKDNGUGPVQFCUNCUHCUGU&GDG
KPUVCNCTUGWPKPVGTTWRVQTUGRCTCFQTFGGPGTICGNEVTKECEQPEKGTTGEGTECFGNEQORTGUQT
'POSWKPCUEQPUKUVGOCFGCTTCPSWGRCTCFCCWVQOVKEQQUKGUVCEVKXCFCNCHWPEKPFG
TGCTTCPSWGCWVQOVKEQFGURWUFGKPVGTTWREKPFGNXQNVCLGUGHKLCTEGTECFGNVCDNGTQFG
KPUVTWOGPVQUWPECTVGNSWGFKIC'UVCOSWKPCRWGFGRQPGTUGGPOCTEJCUKPRTGXKQCXKUQ
'PNQUUKUVGOCUHQTOCFQURQTXCTKQUEQORTGUQTGUFGDGPKPUVCNCTUGXNXWNCUOCPWCNGURCTCCKUNCT
ECFCEQORTGUQT0QFGDGEQPHKCTUGGPNCUXNXWNCUCPVKTTGVQTPQ
XNXWNCUFGTGVGPEKPRCTCCKUNCT
UKUVGOCUCRTGUKP
0WPECCPWNGPKOCPKRWNGNQUFKURQUKVKXQUFGUGIWTKFCFPKNCURTQVGEEKQPGUQNQUCKUNCOKGPVQU
OQPVCFQUGPNCOSWKPC%CFCTGEKRKGPVGCRTGUKPQFKURQUKVKXQCWZKNKCTKPUVCNCFQHWGTCFGNC
OSWKPCSWGXC[CCEQPVGPGTCKTGCRTGUKPUWRGTKQTCNCCVOQUHTKECUGRTQVGIGTEQPWP
FKURQUKVKXQQFKURQUKVKXQURCTCGXCEWCTFKEJCRTGUKPUKGUVQHWGTCPGEGUCTKQ
&GDGRTQVGIGTQCKUNCTNCUVWDGTCUWQVTCURCTVGUSWGCNECPEGPVGORGTCVWTCUUWRGTKQTGUCNQUu%
u(SWGRWGFCVQECTCEEKFGPVCNOGPVGGNRGTUQPCNFWTCPVGGNHWPEKQPCOKGPVQPQTOCN.CUQVTCU
VWDGTCUCVGORGTCVWTCGNGXCFCUGOCTECTPCFGEWCFCOGPVG
/CPWCNFGKPUVTWEEKQPGU
2CTCXGTUKQPGUTGHTKIGTCFCURQTCIWCGNUKUVGOCFGCIWCFGTGHTKIGTCEKPKPUVCNCFQHWGTCFGNC
OSWKPCFGDGGUVCTRTQVGIKFQRQTWPFKURQUKVKXQFGUGIWTKFCFEQPRTGUKPFGCLWUVGEQPHQTOGCNC
RTGUKPOZKOCFGGPVTCFCFGCIWCFGTGHTKIGTCEKP
5KGNUWGNQPQGUVPKXGNCFQQRWGFGGUVCTUWLGVQCKPENKPCEKPXCTKCDNGEQPUWNVGCNHCDTKECPVG
%QPUWNVGVCODKPNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU2TGECWEKQPGUFGUGIWTKFCF
FWTCPVGHWPEKQPCOKGPVQ[2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQ
.CURTGUGPVGURTGECWEKQPGUUQPXNKFCURCTCOSWKPCUSWGVTCVGPQEQPUWOCPCKTGQ
ICUKPGTVG'NVTCVCOKGPVQFGQVTQUVKRQUFGICUGZKIGRTGECWEKQPGUCFKEKQPCNGURTQRKCU
FGNCCRNKECEKPSWGPQHKIWTCPGPGNVGZVQCNRKG
#NIWPCURTGECWEKQPGUUQPFGECTEVGTIGPGTCN[UQPXNKFCURCTCXCTKQUVKRQUFG
OSWKPCU[GSWKRQURQTEQPUKIWKGPVGRWGFGSWGCNIWPCUKPFKECEKQPGUPQTGUWNVGP
UKGORTGCRNKECDNGUCNCOSWKPC
2TGECWEKQPGUFGUGIWTKFCFFWTCPVGHWPEKQPCOKGPVQ
'NHCDTKECPVGFGENKPCVQFCTGURQPUCDKNKFCFRQTEWCNSWKGTFCQQNGUKP
TGUWNVCPVGFGNPQEWORNKOKGPVQFGGUVCURTGECWEKQPGUQFGNCPQ
QDUGTXCEKPFGNCRTGECWEKPJCDKVWCN[GNFGDKFQEWKFCFQGPNCKPUVCNCEKP
OCPGLQOCPVGPKOKGPVQQTGRCTCEKPCWPSWGPQUGJC[COGPEKQPCFQ
GZRTGUCOGPVG
2TGECWEKQPGUIGPGTCNGU
'NQRGTCTKQFGDGNNGXCTCNCRTEVKECNCUPQTOCUFGUGIWTKFCFKPFKECFCURCTCGUVGVTCDCLQ[QDUGTXCT
VQFCUNCUQTFGPCP\CU[TGSWGTKOKGPVQUNQECNGUGUVCDNGEKFQUGPOCVGTKCFGUGIWTKFCF
5KEWCNSWKGTKPFKECEKPFGNCUSWGUGEKVCPCEQPVKPWCEKPPQEWORNKGTCEQPNCNGIKUNCEKPNQECNUG
CRNKECTNCOUGUVTKEVC
.CKPUVCNCEKPHWPEKQPCOKGPVQOCPVGPKOKGPVQ[TGRCTCEKQPGUUNQUGNNGXCTPCECDQRQTRGTUQPCN
CWVQTK\CFQ[EQORGVGPVG
0QUGEQPUKFGTCCNEQORTGUQTECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTGTGURKTCDNGGN
CKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCUPQTOCU[NG[GU
NQECNGU
#PVGUFGGORG\CTGNVTCDCLQFGOCPVGPKOKGPVQTGRCTCEKPQCLWUVGQEQORTQDCEKPFKUVKPVCFGNC
CVGPEKPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN
XQNVCLG[FGURTGUWTKEGGNEQORTGUQT#FGOUUGCDTKT[UGDNQSWGCTGNKPVGTTWRVQTUGRCTCFQTFG
GPGTICGNEVTKEC
0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKSWGCNCRKGNPKFKTKLCEJQTTQUFGCKTGCPKPIWPC
RGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ
JICNQEQPOWEJQEWKFCFQ[RTQVLCUGNQUQLQU
/CPWCNFGKPUVTWEEKQPGU
2TGECWEKQPGUFWTCPVGHWPEKQPCOKGPVQ
7UGUQNCOGPVGGNVKRQ[VCOCQEQTTGEVQUFGEQPGZKQPGU[CEEGUQTKQU#NUQRNCTCKTGCVTCXUFG
WPCOCPIWGTCQVWDGTCCUGITGUGFGSWGUGUWLGVCHKTOGOGPVGGNGZVTGOQCDKGTVQ7PGZVTGOQ
NKDTGIQNRGCTEQOQWPNVKIQ[RQFTECWUCTNGUKQPGU#UGITGUGFGSWGNCUOCPIWGTCUGUVP
EQORNGVCOGPVGFGURTGUWTK\CFCUCPVGUFGFGUEQPGEVCTNCU
.CURGTUQPCUSWGCEEKQPCPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU
RCTCCUGIWTCTUGFGSWGPCFKGGUVXGTKHKECPFQNCOSWKPCQVTCDCLCPFQGPGNNC#GUVGHKPUG
EQNQECTWPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKPCTTCPECRQTEQPVTQNTGOQVQ
CFKUVCPEKC
0WPECJCICHWPEKQPCTNQUITWRQUGPNWICTGUFQPFGGZKUVCNCRQUKDKNKFCFFGCURKTCTGOCPCEKQPGU
KPHNCOCDNGUQVZKECU
0WPECJCICHWPEKQPCTNCOSWKPCRQTFGDCLQQGPEKOCFGUWUNOKVGU
/CPVGPICEGTTCFCUVQFCUNCURWGTVCUFGNCECTTQEGTCFWTCPVGGNHWPEKQPCOKGPVQ5NQRWGFGP
CDTKTUGRQTDTGXGVKGORQRGLRCTCGHGEVWCTEQORTQDCEKQPGU7UGRTQVGEVQTGUFGQFQUCNCDTKTWPC
RWGTVC
.CURGTUQPCUSWGRGTOCPG\ECPGPWPCODKGPVGQWPCUCNCFQPFGGNPKXGNFGUQPKFQCNECPEGQ
GZEGFCF$
#FGDGPWUCTRTQVGEVQTGUFGQFQU
%QORTWGDGRGTKFKECOGPVGSWG
6QFCUNCURTQVGEEKQPGUUGGPEWGPVTCPGPUWNWICTRGTHGEVCOGPVGCUGIWTCFCU
6QFCUNCUOCPIWGTCU[QVWDGTCUFGPVTQFGNITWRQUGGPEWGPVTCPGPDWGPCUEQPFKEKQPGUDKGP
UWLGVCU[SWGPQUGTQ\CP
0QGZKUVGPHWICU
6QFQUNQUVGPUQTGUGUVPCRTGVCFQU
6QFQUNQUECDNGUGNEVTKEQUUGGPEWGPVTCPUGIWTQU[GPDWGPCUEQPFKEKQPGU
.CUXNXWNCUFGUGIWTKFCF[NQUQVTQUFKURQUKVKXQUFGGXCEWCEKPFGRTGUKPPQGUVPCVCUECFQU
RQTGUECOCUQRKPVWTC
.CXNXWNCFGUCNKFC[TGFFGCKTGGUFGEKTVWDQUCEQRNCOKGPVQUEQNGEVQTGUXNXWNCU
OCPIWGTCUGVEUGGPEWGPVTCPGPDWGPGUVCFQUKPFGUICUVGUCPQTOCNGU[VTCVCFQU
CFGEWCFCOGPVG
5KUGWUCGNCKTGFGTGHTKIGTCEKPECNKGPVGFGEQORTGUQTGUGPWPUKUVGOCFGECNGHCEEKPRQTCKTG
RGLRCTCECNGPVCTWPVCNNGTJC[SWGVQOCTRTGECWEKQPGUEQPVTCNCRQNWEKP[EQPVCOKPCEKP
GXGPVWCNFGNCKTGTGURKTCDNG
0QSWKVGPKPIWPCRCTVGFGNOCVGTKCNKPUQPQTK\CPVGPKNQECODKGFGUKVKQ
0WPECCPWNGPKOCPKRWNGNQUFKURQUKVKXQUFGUGIWTKFCFPKNCURTQVGEEKQPGUQNQUCKUNCOKGPVQU
OQPVCFQUGPNCOSWKPC%CFCFGRUKVQCRTGUKPQFKURQUKVKXQCWZKNKCTKPUVCNCFQHWGTCFGNC
OSWKPCSWGXC[CCEQPVGPGTCKTGCRTGUKPUWRGTKQTCNCCVOQUHTKECUGRTQVGIGTEQPWP
FKURQUKVKXQQFKURQUKVKXQURCTCGXCEWCTFKEJCRTGUKPUKGUVQHWGTCPGEGUCTKQ
%QPUWNVGVCODKPNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU2TGECWEKQPGUFGUGIWTKFCF
FWTCPVGKPUVCNCEKP[2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQ
.CURTGUGPVGURTGECWEKQPGUUQPXNKFCURCTCOSWKPCUSWGVTCVGPQEQPUWOCPCKTGQ
ICUKPGTVG'NVTCVCOKGPVQFGQVTQUGURGEKGUFGICUGZKIGRTGECWEKQPGUCFKEKQPCNGU
RTQRKCUFGNCCRNKECEKPSWGPQHKIWTCPGPGNVGZVQCNRKG
#NIWPCURTGECWEKQPGUUQPFGECTEVGTIGPGTCN[UQPXNKFCURCTCXCTKQUVKRQUFG
OSWKPCU[GSWKRQURQTEQPUKIWKGPVGRWGFGSWGCNIWPCUKPFKECEKQPGUPQTGUWNVGP
UKGORTGCRNKECDNGUCNCOSWKPC
/CPWCNFGKPUVTWEEKQPGU
2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQQ
TGRCTCEKQPGU
'NHCDTKECPVGFGENKPCVQFCTGURQPUCDKNKFCFRQTEWCNSWKGTFCQQNGUKP
TGUWNVCPVGFGNPQEWORNKOKGPVQFGGUVCURTGECWEKQPGUQFGNCPQ
QDUGTXCEKPFGNCRTGECWEKPJCDKVWCN[GNFGDKFQEWKFCFQGPNCKPUVCNCEKP
OCPGLQOCPVGPKOKGPVQQTGRCTCEKPCWPSWGPQUGJC[COGPEKQPCFQ
GZRTGUCOGPVG
2TGECWEKQPGUIGPGTCNGU
'NQRGTCTKQFGDGNNGXCTCNCRTEVKECNCUPQTOCUFGUGIWTKFCFKPFKECFCURCTCGUVGVTCDCLQ[QDUGTXCT
VQFCUNCUQTFGPCP\CU[TGSWGTKOKGPVQUNQECNGUGUVCDNGEKFQUGPOCVGTKCFGUGIWTKFCF
5KEWCNSWKGTKPFKECEKPFGNCUSWGUGEKVCPCEQPVKPWCEKPPQEWORNKGTCEQPNCNGIKUNCEKPNQECNUG
CRNKECTNCOUGUVTKEVC
.CKPUVCNCEKPHWPEKQPCOKGPVQOCPVGPKOKGPVQ[TGRCTCEKQPGUUNQUGNNGXCTPCECDQRQTRGTUQPCN
CWVQTK\CFQ[EQORGVGPVG
0QUGEQPUKFGTCCNEQORTGUQTECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTGTGURKTCDNGGN
CKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCUPQTOCU[NG[GU
NQECNGU
#PVGUFGGORG\CTGNVTCDCLQFGOCPVGPKOKGPVQTGRCTCEKPQCLWUVGQEQORTQDCEKPFKUVKPVCFGNC
CVGPEKPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN
XQNVCLG[FGURTGUWTKEGGNEQORTGUQT#FGOUUGCDTKT[UGDNQSWGCTGNKPVGTTWRVQTUGRCTCFQTFG
GPGTICGNEVTKEC
0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKSWGCNCRKGNPKFKTKLCEJQTTQUFGCKTGCPKPIWPC
RGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ
JICNQEQPOWEJQEWKFCFQ[RTQVLCUGNQUQLQU
2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQQTGRCTCEKQPGU
2PICUGUKGORTGWPCUICHCUFGUGIWTKFCF
7UGUQNCOGPVGNCUJGTTCOKGPVCUCFGEWCFCUCNVTCDCLQFGOCPVGPKOKGPVQ[TGRCTCEKP
5NQRQFTPWVKNK\CTUGTGRWGUVQUQTKIKPCNGU
.QUVTCDCLQUFGOCPVGPKOKGPVQUGNNGXCTPCECDQPKECOGPVGEWCPFQNCOSWKPCUGJC[CGPHTKCFQ
#FGOUGNGSWKRQFGCTTCPSWGFGDGNNGXCTWPECTVGNSWGFKICRGLUGGUVVTCDCLCPFQPQRQPGTGP
OCTEJC
.CURGTUQPCUSWGCEEKQPCPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU
RCTCCUGIWTCTUGFGSWGPCFKGGUVXGTKHKECPFQNCOSWKPCQVTCDCLCPFQGPGNNC#GUVGHKPUG
EQNQECTWPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKPCTTCPECRQTEQPVTQNTGOQVQ
CFKUVCPEKC
%KGTTGNCXNXWNCFGUCNKFCFGCKTGCPVGUFGEQPGEVCTQFGUEQPGEVCTWPCVWDGTC
#PVGUFGFGUOQPVCTEWCNSWKGTEQORQPGPVGRTGUWTK\CFQCUNGGNITWRQFGVQFCUNCUHWGPVGUFG
RTGUKP[CNKXKGVQFQGNUKUVGOCFGRTGUKP
0WPECWUGFKUQNXGPVGUKPHNCOCDNGUPKVGVTCENQTWTQFGECTDQPQRCTCNKORKCTNCURKG\CU6QOGOGFKFCU
FGUGIWTKFCFEQPVTCXCRQTGUVZKEQUFGNSWKFQUFGNKORKG\C
'ZVTGOGNCNKORKG\CFWTCPVGNQUVTCDCLQUFGOCPVGPKOKGPVQ[TGRCTCEKP%WDTCNCURKG\CU[NCU
CDGTVWTCUEQPWPRCQNKORKQRCRGNQEKPVCCFJGUKXCGXKVCPFQCUSWGRGPGVTGRQNXQ
/CPWCNFGKPUVTWEEKQPGU
0WPECUWGNFGPKNNGXGCECDQPKPIWPCQRGTCEKPSWGKORNKSWGGNWUQFGECNQTEGTECFGNUKUVGOCFG
CEGKVG.QUVCPSWGUFGCEGKVGFGDGPRWTICTUGEQORNGVCOGPVGEQPXCRQTRQTGLGORNQCPVGUFG
GHGEVWCTVCNGUQRGTCEKQPGU0QUWGNFGPKOQFKHKSWGPWPECTGEKRKGPVGUCRTGUKP
#NCOGPQTUGCNQUQURGEJCFGUQDTGECNGPVCOKGPVQFGWPCRCTVGKPVGTPCFGWPCOSWKPCFGDG
RCTCTUGUVC[PQCDTKTPKPIWPCVCRCFGKPURGEEKPJCUVCWPCXG\VTCPUEWTTKFQDCUVCPVGVKGORQFG
GPHTKCOKGPVQCHKPFGGXKVCTGNTKGUIQFGKIPKEKPGURQPVPGCFGNXCRQTFGCEGKVGCNGPVTCTGP
EQPVCEVQEQPGNCKTG
0WPECWVKNKEGWPCHWGPVGFGKNWOKPCEKPEQPNNCOCNKDTGRCTCKPURGEEKQPCTGNKPVGTKQTFGWPCOSWKPC
TGEKRKGPVGCRTGUKPGVE
#UGITGUGFGSWGPQJCPSWGFCFQJGTTCOKGPVCURKG\CUUWGNVCUQVTCRQUFGPVTQQGPEKOCFGNC
OSWKPC
6QFQUNQUFKURQUKVKXQUTGIWNCFQTGU[FGUGIWTKFCFFGDGPOCPVGPGTUGEQPGNFGDKFQEWKFCFQRCTC
ICTCPVK\CTSWGHWPEKQPCPEQTTGEVCOGPVG'UVRTQJKDKFQCRCICTGUVQUFKURQUKVKXQU
#PVGUFGFGLCTNCOSWKPCNKUVCRCTCWUQFGURWUFGNOCPVGPKOKGPVQQTGXKUKPEQORTWGDGSWGNCU
RTGUKQPGU[VGORGTCVWTCUFGHWPEKQPCOKGPVQ[NQUCLWUVGUFGVKGORQUQPEQTTGEVQU%QORTWGDGSWG
NQUFKURQUKVKXQUFGEQPVTQN[RCTCFCGUVPKPUVCNCFQU[HWPEKQPCPEQTTGEVCOGPVG5KUGJCSWKVCFQGN
IWCTFCCEQRNCOKGPVQFGNGLGFGCEEKQPCOKGPVQFGNEQORTGUQTEQORTWGDGSWGGUVTGKPUVCNCFQ
'ZCOKPGGNVWDQFGKORWNUKP[GNKPVGTKQTFGNFGRUKVQUGRCTCFQTFGCEGKVGECFCXG\SWGUGECODKG
GNGNGOGPVQUGRCTCFQTRCTCXGTUKGZKUVGPTGEKRKGPVGUUGRCTCFQTGUFGCEGKVGRCTCFGRUKVQUFG
ECTDP5KUQPGZEGUKXQUFGDGPTGVKTCTUG
2TQVGLCGNOQVQTGNHKNVTQFGCKTGNQUEQORQPGPVGUGNEVTKEQU[TGIWNCFQTGUGVEFGNCGPVTCFCFG
JWOGFCFRGLFWTCPVGNCNKORKG\CEQPXCRQT
#UGITGUGFGSWGVQFQGNOCVGTKCNKPUQPQTK\CPVGRGLGPNCECTTQEGTC[NQUUKUVGOCUFGGPVTCFC[
UCNKFCFGCKTGFGNEQORTGUQTUGJCNNCGPDWGPGUVCFQ'PECUQFGFCQTGGORNEGNQRQTOCVGTKCN
QTKIKPCNFGNHCDTKECPVGRCTCGXKVCTSWGCWOGPVGGNPKXGNFGRTGUKPFGUQPKFQ
0WPECWVKNKEGFKUQNXGPVGUEWUVKEQUSWGRWGFCPQECUKQPCTFCQCNOCVGTKCNFGNCTGFFGCKTGRGLNCU
VC\CUFGRQNKECTDQPCVQ
5GJCEGJKPECRKGPNCUUKIWKGPVGURTGECWEKQPGUFGUGIWTKFCFCNOCPGLCTGNTGHTKIGTCPVG
0WPECCURKTGNQUXCRQTGUFGNTGHTKIGTCPVG%QORTWGDGSWGGNTGCFGVTCDCLQGUVXGPVKNCFC
CFGEWCFCOGPVGWVKNKEGWPCOUECTCRTQVGEVQTCUKHWGTCPGEGUCTKQ
7UGUKGORTGIWCPVGUGURGEKCNGU'PECUQFGEQPVCEVQFGNTGHTKIGTCPVGEQPNCRKGNGPLWCIWGEQP
CDWPFCPVGCIWC'PECUQFGEQPVCEVQFGNTGHTKIGTCPVGNSWKFQEQPNCRKGNCVTCXUFGNCTQRCPQ
CTTCPSWGPKUGGZVTCKICNCRTGPFCOQLGNCTQRCCDWPFCPVGOGPVGEQPCIWCJCUVCSWGJC[C
FGUCRCTGEKFQVQFQGNTGHTKIGTCPVGCRNKSWGFGURWUNQURTKOGTQUCWZKNKQU
2PICUGUKGORTGIWCPVGURTQVGEVQTGURCTCGNKOKPCTGNTKGUIQFGNGUKQPGUECWUCFCURQTRKG\CUFG
OSWKPCUUQDTGECNGPVCFCURGLCNUCECTCEGKVG
%QPUWNVGVCODKPNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU2TGECWEKQPGUFGUGIWTKFCF
FWTCPVGKPUVCNCEKP[2TGECWEKQPGUFGUGIWTKFCFFWTCPVGHWPEKQPCOKGPVQ
.CURTGUGPVGURTGECWEKQPGUUQPXNKFCURCTCOSWKPCUSWGVTCVGPQEQPUWOCPCKTGQ
ICUKPGTVG'NVTCVCOKGPVQFGQVTQUGURGEKGUFGICUGZKIGRTGECWEKQPGUCFKEKQPCNGU
RTQRKCUFGNCCRNKECEKPSWGPQHKIWTCPGPGNVGZVQCNRKG
#NIWPCURTGECWEKQPGUUQPFGECTEVGTIGPGTCN[UQPXNKFCURCTCXCTKQUVKRQUFG
OSWKPCU[GSWKRQURQTEQPUKIWKGPVGRWGFGSWGCNIWPCUKPFKECEKQPGUPQTGUWNVGP
UKGORTGCRNKECDNGUCNCOSWKPC
/CPWCNFGKPUVTWEEKQPGU
&GUETKREKPIGPGTCN
+PVTQFWEEKP
+PVTQFWEEKP
)#85&[)#85&UQPEQORTGUQTGUFGVQTPKNNQFGGVCRCPKECEQPKP[GEEKPFGCEGKVG[
CEEKQPCOKGPVQRQTOQVQTGNEVTKEQ.QUEQORTGUQTGUUQPTGHTKIGTCFQURQTCKTG
.QUOQFGNQUTGHTKIGTCFQURQTCIWC)#85&[)#85&UQPEQORTGUQTGUFGVQTPKNNQFGGVCRCPKEC
EQPKP[GEEKPFGCEGKVG[CEEKQPCOKGPVQRQTOQVQTGNEVTKEQ
)#9QTMRNCEG
.QUOQFGNQU)#9QTMRNCEGGUVPCNQLCFQUFGPVTQFGWPCECTTQEGTCKPUQPQTK\CPVG.QUEQORTGUQTGU
GUVPEQPVTQNCFQURQTGNTGIWNCFQT'NGMVTQPKMQPs++FG#VNCU%QREQ'NOFWNQFGEQPVTQNGNGEVTPKEQGUV
KPUVCNCFQGPNCRWGTVCNCVGTCNFGTGEJC&GVTUFGGUVGRCPGNJC[WPCTOCTKQGNEVTKEQEQPHWUKDNGU
VTCPUHQTOCFQTGUTGNUGVE5GUWOKPKUVTCPEQPWPUKUVGOCFGFTGPCLGCWVQOVKEQFGNEQPFGPUCFQ
8KUVCHTQPVCN)#85&[)#85&9QTMRNCEG
/CPWCNFGKPUVTWEEKQPGU
8KUVCVTCUGTC)#85&[)#85&9QTMRNCEG
4GHGTGPEKC &GUKIPCEKP
#4 4GEGRVQTFGCKTG
#8 8NXWNCFGUCNKFCFGCKTG
%C 4GHTKIGTCFQTFGCKTG
%Q 4GHTKIGTCFQTFGCEGKVG
%88U 8NXWNCFGTGVGPEKPXNXWNCFGEKGTTGFGCEGKVG
&C 5CNKFCCWVQOVKECFGEQPFGPUCFQ
' 'NGOGPVQEQORTGUQT
'4 4GIWNCFQT'NGMVTQPKMQP++
(0 8GPVKNCFQTFGGPHTKCOKGPVQ
/6 %QNGEVQTFGEQPFGPUCFQ
/ /QVQTFGCEEKQPCOKGPVQ
1( (KNVTQFGCEGKVG
5 $QVPFGRCTCFCFGGOGTIGPEKC
82 6CRPFGXGPVKNCEKP
#TOCTKQGNEVTKEQ
/CPWCNFGKPUVTWEEKQPGU
)#9QTMRNCEG(WNN(GCVWTG
.QUOQFGNQU)#9QTMRNCEG(WNN(GCVWTG
((GUVPCNQLCFQUFGPVTQFGWPCECTTQEGTCKPUQPQTK\CPVG.QU
EQORTGUQTGUGUVPEQPVTQNCFQURQTGNTGIWNCFQT'NGMVTQPKMQPs++FG#VNCU%QREQ'NOFWNQFGEQPVTQN
GNGEVTPKEQGUVKPUVCNCFQGPNCRWGTVCNCVGTCNFGTGEJC&GVTUFGGUVGRCPGNJC[WPCTOCTKQGNEVTKEQEQP
HWUKDNGUVTCPUHQTOCFQTGUTGNUGVE5GUWOKPKUVTCPEQPWPUKUVGOCFGFTGPCLGCWVQOVKEQFGN
EQPFGPUCFQ
#FGOUGUVPFQVCFQUFGWPUGECFQTFGCKTGKPVGITCFQGPNCECTTQEGTCKPUQPQTK\CPVG'NUGECFQTGNKOKPC
GNEQPFGPUCFQFGNCKTGEQORTKOKFQGPHTKPFQNQCEGTECFGNRWPVQFGEQPIGNCEKP
8KUVCHTQPVCN)#85&[)#85&9QTMRNCEG(WNN(GCVWTG
/CPWCNFGKPUVTWEEKQPGU
8KUVCVTCUGTC)#85&[)#85&9QTMRNCEG(WNN(GCVWTG
4GHGTGPEKC &GUKIPCEKP
#( (KNVTQFGCKTG
#4 4GEGRVQTFGCKTG
#8 8NXWNCFGUCNKFCFGCKTG
%C 4GHTKIGTCFQTFGCKTG
%Q 4GHTKIGTCFQTFGCEGKVG
%88U 8NXWNCFGTGVGPEKPXNXWNCFGEKGTTGFGCEGKVG
&C 5CNKFCCWVQOVKECFGEQPFGPUCFQ
&C 5CNKFCCWVQOVKECFGEQPFGPUCFQUGECFQT
&4 5GECFQT
' 'NGOGPVQEQORTGUQT
'4 4GIWNCFQT'NGMVTQPKMQP++
(0 8GPVKNCFQTFGGPHTKCOKGPVQ
/6 %QNGEVQTFGEQPFGPUCFQ
/ /QVQTFGCEEKQPCOKGPVQ
1( (KNVTQFGCEGKVG
5 $QVPFGRCTCFCFGGOGTIGPEKC
82 6CRPFGXGPVKNCEKP
%WDEWNQGNEVTKEQ
/CPWCNFGKPUVTWEEKQPGU
4GHTKIGTCFQTGUGPEQORTGUQTGUTGHTKIGTCFQURQTCIWC
4GHTKIGTCFQTFGCKTG[TGHTKIGTCFQTFGCEGKVGTGHTKIGTCFQURQTCIWC
4GHGTGPEKC &GUKIPCEKP
%C 4GHTKIGTCFQTFGCKTG
%Q 4GHTKIGTCFQTFGCEGKVG
(NWLQFGCKTG
&KCITCOCFGHNWLQ
)#85&[)#85&9QTMRNCEG
/CPWCNFGKPUVTWEEKQPGU
)#85&[)#85&9QTMRNCEG(WNN(GCVWTG
4GHGTGPEKC &GUETKREKP
# 'PVTCFCFGCKTG
$ /G\ENCFGCKTGCEGKVG
% #EGKVG
& %QPFGPUCFQ
( #KTGEQORTKOKFQJOGFQ
) #KTGUGEQ
0QVCGNXGPVKNCFQTFGGPHTKCOKGPVQPQUGRTQRQTEKQPCGPEQORTGUQTGUTGHTKIGTCFQURQTCIWC
&GUETKREKP
&GN)#85&CN)#85&UGEQORTKOGGNCKTGCURKTCFQRQTGNHKNVTQ
#([NCXNXWNCFGTGVGPEKP
%8GPGNGNGOGPVQEQORTGUQT
'
'NCKTGEQORTKOKFQ[GNCEGKVGRCUCPCNFGRUKVQFGCKTGUGRCTCFQTFGCEGKVG
#4'NCKTGUGFGUECTICC
VTCXUFGNCXNXWNCFGUCNKFCOGFKCPVGNCXNXWNCFGRTGUKPOPKOC
8RGNTGHTKIGTCFQTFGCKTG
%C[GN
EQNGEVQTFGEQPFGPUCFQ
/6
.CXNXWNCFGRTGUKPOPKOC
8RKORKFGSWGNCRTGUKPFGNFGRUKVQECKICRQTFGDCLQFGNCRTGUKP
OPKOCGKPENW[GWPCXNXWNCFGTGVGPEKPSWGGXKVCGNTGVTQEGUQFGCKTGEQORTKOKFQFGUFGNCTGFFGCKTG
/CPWCNFGKPUVTWEEKQPGU
.QUEQORTGUQTGU(WNN(GCVWTGGUVPRTQXKUVQUFGUGECFQT
&4
5KUVGOCFGCEGKVG
&KCITCOCUFGHNWLQ
4GHGTGPEKC &GUETKREKP
# 'PVTCFCFGCKTG
$ /G\ENCFGCKTGCEGKVG
% #EGKVG
& #KTGEQORTKOKFQJOGFQ
( %QPFGPUCFQ
5KUGVTCVCFGWPCWPKFCF9QTMRNCEGCNCXNXWNCFGUCNKFCFGCKTG
5KUGVTCVCFGWPCWPKFCF(WNN(GCVWTGCNUGECFQT
0QVCGNXGPVKNCFQTFGGPHTKCOKGPVQPQUGRTQRQTEKQPCGPEQORTGUQTGUTGHTKIGTCFQURQTCIWC
&GUETKREKP
'PGNFGRUKVQFGCKTG
#4NCOC[QTRCTVGFGNCEGKVGUGUGRCTCFGNCOG\ENCFGCKTGCEGKVGFGHQTOC
EGPVTHWIC'NTGUVQNQFGUGEJCGNUGRCTCFQTFGCEGKVG
15'NCEGKVGUGTGEQIGGPGNHQPFQFGNFGRUKVQ
FGCKTGUGRCTCFQTFGCEGKVG
#4SWGUKTXGFGVCPSWGFGCEGKVG
'NUKUVGOCFGCEGKVGXCRTQXKUVQFGWPCXNXWNCFGFGTKXCEKP
$8#NDCLCTNCVGORGTCVWTCFGNCEGKVGDCLQ
u%
u(NCXNXWNCFGFGTKXCEKP
$8EQTVCTNCCNKOGPVCEKPFGCEGKVGFGUFGGNTGHTKIGTCFQT
%Q.CRTGUKPFGNCKTGKORWNUCGNCEGKVGFGUFGGNFGRUKVQFGCKTG
#4CVTCXUFGNHKNVTQFGCEGKVG
1(
[NCXNXWNCFGEKGTTG
8UJCUVCGNGNGOGPVQEQORTGUQT
'[NQURWPVQUFGNWDTKECEKP5GFGLCHWGTCFGN
EKTEWKVQGNTGHTKIGTCFQTFGCEGKVG
%Q
.CXNXWNCFGFGTKXCEKP
$8UGXCCDTKGPFQRCTCRGTOKVKTNCCFOKUKPFGCEGKVGFGNTGHTKIGTCFQT
%QCN
UWDKTNCVGORGTCVWTCFGNCEGKVGCu%
u(#WPQUu%
u(VQFQGNCEGKVGRCUCRQTGN
TGHTKIGTCFQT
/CPWCNFGKPUVTWEEKQPGU
5KUVGOCFGTGHTKIGTCEKP
&GUETKREKP
'NUKUVGOCFGTGHTKIGTCEKPXKGPGFQVCFQFGWPTGHTKIGTCFQTFGCKTG
%C[QVTQFGCEGKVG
%Q
.QUEQORTGUQTGUTGHTKIGTCFQURQTCKTGVKGPGPWPXGPVKNCFQTFGTGHTKIGTCEKP
(0
.QUEQORTGUQTGUTGHTKIGTCFQURQTCIWCGUVPFQVCFQUFGWPUKUVGOCFGCIWCFGTGHTKIGTCEKP'NCIWC
RCUCRQTGNVWDQFGGPVTCFCNQUTGHTKIGTCFQTGU[GNVWDQFGUCNKFC
5KUVGOCFGEQPFGPUCFQ
&KURQUKVKXQUGNGEVTPKEQUFGFTGPCLGFGCIWC
2WPVQUFGFTGPCLGFGEQPFGPUCFQ
GLGORNQVRKEQ
7DKECEKPFGNQUFKURQUKVKXQUGNGEVTPKEQUFGFTGPCLGFGEQPFGPUCFQ
.QUEQORTGUQTGU)#9QTMRNCEG[9QTMRNCEG(WNN(GCVWTGVKGPGPWPFKURQUKVKXQGNGEVTPKEQFGFTGPCLGFG
CIWC
'9&'NEQPFGPUCFQFGNTGHTKIGTCFQTFGCKTGUGCEWOWNCGPWPEQNGEVQT%WCPFQUVGCNECP\CWP
PKXGNFGVGTOKPCFQUGFGUECTICCVTCXUFGNCUCNKFCFGFTGPCLG
&C
'PNQUEQORTGUQTGU)#9QTMRNCEG(WNN(GCVWTGUGRTQRQTEKQPCWPFKURQUKVKXQGNGEVTPKEQFGFTGPCLGFG
CIWC
'9&CFKEKQPCNSWGTGEQIGGNEQPFGPUCFQFGNUGRCTCFQTFGNUGECFQTUVGUGFGUECTIC
RQUVGTKQTOGPVGCVTCXUFGNCUCNKFCFGFTGPCLG
&C
%QPUWNVGVCODKPNCUGEEKP(NWLQFGCKTG
5GRWGFGRTQDCTGNFKURQUKVKXQGNGEVTPKEQFGFTGPCLGFGCIWCRWNUCPFQGNDQVPFGRTWGDC
SWGUG
GPEWGPVTCUQDTGN
/CPWCNFGKPUVTWEEKQPGU
5KUVGOCFGTGIWNCEKP
&GUETKREKP
5KGNEQPUWOQFGCKTGGUKPHGTKQTCNSWGUWOKPKUVTCGNEQORTGUQTNCRTGUKPFGNCTGFCWOGPVCT%WCPFQ
NCRTGUKPFGNCTGFGUUWRGTKQTCNCFGNRWPVQFGCLWUVG
RTGUKPFGUGCFCFGNCTGFGNTGIWNCFQTTGFWEGNC
XGNQEKFCFFGNOQVQT5KNCRTGUKPFGNCTGFUKIWGGPCWOGPVQEQPGNOQVQTCNCXGNQEKFCFOPKOCGN
TGIWNCFQTFGVKGPGGNOQVQT5KGNOQVQTUGFGVKGPGCWVQOVKECOGPVG[NCRTGUKPFGNCTGFCNECP\CGN
RWPVQFGCLWUVGGNTGIWNCFQTXQNXGTCCTTCPECTGNOQVQT
5KUVGOCGNEVTKEQ
)GPGTCNKFCFGU
%QPUWNVGVCODKPNCUUGEEKQPGU&KCITCOCUGNEVTKEQU[%QPGZKQPGUGNEVTKECU
#TOCTKQGNEVTKEQ
'NUKUVGOCGNEVTKEQEQPUVCFGWPEQPXGTVKFQTFGHTGEWGPEKC[FGNQUEQORQPGPVGUUKIWKGPVGU
#TOCTKQGNEVTKEQRCTC)#85&[)#85&GLGORNQVRKEQ
/CPWCNFGKPUVTWEEKQPGU
4GHGTGPEKCU
4GHGTGPEKC &GUKIPCEKP
( (WUKDNGU
( (WUKDNGU
- %QPVCEVQTFGVTKPIWNQ
... $QTPGUUWOKPKUVTQFGGPGTIC
3 &KU[WPVQT
6 6TCPUHQTOCFQT
&KCITCOCUGNEVTKEQU
&KCITCOCU
&KCITCOCFGUGTXKEKQRCTC)#85&[)#85&
/CPWCNFGKPUVTWEEKQPGU
4GHGTGPEKC &GUKIPCEKP
2CTCFCFGGOGTIGPEKC
#TTCPSWGRCTCFCCFKUVCPEKC
5QDTGECTICOQVQTFGXGPVKNCFQT
(CNNQ'9&
&RFGHKNVTQ&&
&RFGHKNVTQ2&
5GNGEEKPFGDCPFCFGRTGUKPCFKUVCPEKC
5QDTGECTICOQVQTFGNXGPVKNCFQT
XGTUKP+6
2CTCFCFGGOGTIGPEKCCFKUVCPEKC
%QPVCEVQUCWZKNKCTGU
(WPEKQPCOKGPVQOCPWCN
(WPEKQPCOKGPVQCWVQOVKEQ
#XKUQIGPGTCN
2CTCFCFGCNCTOCIGPGTCN
&GUKIPCEKQPGU
4GHGTGPEKC %QORTGUQT
# 5GECFQT
$ &KURQUKVKXQGNGEVTPKEQFGFTGPCLGFGCIWC
'9&
/ /QVQTFGNEQORTGUQT
/ /QVQTFGXGPVKNCFQT
2&6 5GPUQTFGRTGUKPFKHGTGPEKCFGRTGUKPUQDTGUGRCTCFQTFGCEGKVG
26 5GPUQTFGRTGUKPCKTGFGUWOKPKUVTQ
66 5GPUQTFGVGORGTCVWTCCODKGPVG
66 5GPUQTFGVGORGTCVWTCUCNKFCFGNGNGOGPVQ
66 5GPUQTFGVGORGTCVWTCGPVTCFCFGCIWCFGTGHTKIGTCEKP
EQORTGUQTGUTGHTKIGTCFQU
RQTCIWC
66 5GPUQTFGVGORGTCVWTCUCNKFCFGCIWCFGTGHTKIGTCEKP
EQORTGUQTGUTGHTKIGTCFQU
RQTCIWC
66 5GPUQTFGVGORGTCVWTCGPVTCFCUCNKFCFGCIWCFGTGEWRGTCEKPFGGPGTIC
66 5GPUQTFGVGORGTCVWTCRWPVQFGTQEQ
(WNN(GCVWTG
; 8NXWNCFGUQNGPQKFGFGECTIC
4GHGTGPEKC %WDEWNQFGCTTCPSWG
(( (WUKDNGU
- %QPVCEVQTCWZKNKCTRCTCUGECFQT
(WNN(GCVWTG
- %QPVCEVQTOQVQTFGNXGPVKNCFQT
- %QPVCEVQTRTKPEKRCN
. (KNVTQ
3 &KU[WPVQTOQVQTFGXGPVKNCFQT
55 +PVGTTWRVQTFGUGTXKEKQ
/CPWCNFGKPUVTWEEKQPGU
4GHGTGPEKC %WDEWNQFGCTTCPSWG
6 6TCPUHQTOCFQT
7 %QPXGTVKFQTFGHTGEWGPEKC
< '/%HKNVTQ
:: 4GINGVCUFGDQTPGU
:: %QPGEVQTGU
4GHGTGPEKC /FWNQFGEQPVTQN
+ $QVPFGCTTCPSWG
- 4GNCWZKNKCTOQVQTFGNXGPVKNCFQT
- 4GNCWZKNKCT
- 4GNCWZKNKCT
- 4GNCWZKNKCTECTICFGUECTIC
- 4GNCWZKNKCT85&
- 4GNCWZKNKCTEQPVTQNFGUGECFQT
- 4GNCWZKNKCTHWPEKQPCOKGPVQOCPWCNCWVQOVKEQ
- 4GNCWZKNKCTCXKUQIGPGTCN
- 4GNCWZKNKCTRCTCFCFGCNCTOCIGPGTCN
1 $QVPFGRCTCFC
5 $QVPFGRCTCFCFGGOGTIGPEKC
4GHGTGPEKC 'SWKRQQREKQPCN
#+' 'PVTCFCCPCNIKECOFWNQFGGZRCPUKP
$ &KURQUKVKXQGNGEVTPKEQFGFTGPCLGFGCIWC
'9&
(WNN(GCVWTG
2&5 +PVGTTWRVQT&RRCTCHKNVTQ&&KPVGITCFQ
2&5 +PVGTTWRVQT&RRCTCHKNVTQ2&KPVGITCFQ
444 2TQVGEEKPEQPVTCEQPIGNCEKP
44 %CNGPVCFQTGUEQPXGTVKFQT
4 %CNGPVCFQTCPVKEQPFGPUCEKP
5 +PVGTTWRVQTUGRCTCFQTRTKPEKRCNFGGPGTICGNEVTKEC
65.. 6GTOQUVCVQRTQVGEEKPEQPVTCEQPIGNCEKPFGEWDEWNQ
65.. 6GTOQUVCVQRTQVGEEKPEQPVTCEQPIGNCEKPFGEQPXGTVKFQT
66 5GPUQTFGVGORGTCVWTCRTQVGEEKPEQPVTCEQPIGNCEKPFGEWDEWNQ
66 5GPUQTFGVGORGTCVWTCRTQVGEEKPEQPVTCEQPIGNCEKPFGEQPXGTVKFQT
; 8NXWNCFGEKGTTGFGCIWC
EQORTGUQTGUTGHTKIGTCFQURQTCIWC
/CPWCNFGKPUVTWEEKQPGU
5GECFQTFGCKTG
&KCITCOCFGHNWLQ
5GECFQTFGCKTG
4GHGTGPEKC &GUKIPCEKP
#+ 'PVTCFCFGCKTG
#1 5CNKFCFGCKTG
+PVGTECODKCFQTFGECNQTCKTGCKTG
+PVGTECODKCFQTFGECNQTGXCRQTCFQTCKTGTGHTKIGTCPVG
5GRCTCFQTFGEQPFGPUCFQ
5CNKFCFGEQPFGPUCFQ
%QORTGUQTFGTGHTKIGTCPVG
%QPFGPUCFQTFGTGHTKIGTCPVG
5GECFQTHKNVTQFGTGHTKIGTCPVGNSWKFQ
8NXWNCFGGZRCPUKPVGTOQUVVKEC
8NXWNCFGFGTKXCEKPFGICUECNKGPVG
8GPVKNCFQTFGTGHTKIGTCEKPFGEQPFGPUCFQT
2TGUQUVCVQEQPVTQNFGNXGPVKNCFQT
%KTEWKVQFGCKTGEQORTKOKFQ
'NCKTGEQORTKOKFQGPVTCGPGNKPVGTECODKCFQTFGECNQT
[UGGPHTCOGFKCPVGGNCKTGUGECFQ[HTQSWG
UCNG'NCIWCFGNCKTGSWGGPVTCGORKG\CCEQPFGPUCTUG.WGIQGNCKTGHNW[GCVTCXUFGNKPVGTECODKCFQT
FGECNQTGXCRQTCFQT
FQPFGGNTGHTKIGTCPVGUGGXCRQTCJCEKGPFQSWGGNCKTGEQPVKPGGPHTKPFQUG
JCUVCCEGTECTUGCNCVGORGTCVWTCFGGXCRQTCEKPFGNTGHTKIGTCPVG5GEQPFGPUCOUCIWCGPGNCKTG'N
CKTGHTQRCUCGPUGIWKFCCVTCXUFGNUGRCTCFQT
FQPFGVQFQGNEQPFGPUCFQUGUGRCTCFGNCKTG'N
EQPFGPUCFQUGRWTICCWVQOVKECOGPVGCVTCXUFGNCUCNKFC
'NCKTGUGECFQ[HTQRCUCCVTCXUFGNKPVGTECODKCFQTFGECNQT
FQPFGUGECNKGPVCOGFKCPVGGNCKTGSWG
GPVTC
/CPWCNFGKPUVTWEEKQPGU
%KTEWKVQFGTGHTKIGTCPVG
'NEQORTGUQT
FGUECTICICUTGHTKIGTCPVGECNKGPVGCCNVCRTGUKPSWGHNW[GCVTCXUFGNEQPFGPUCFQT
FQPFGUGEQPFGPUCNCOC[QTRCTVGFGNTGHTKIGTCPVG
'NNSWKFQRCUCCVTCXUFGNUGECFQTHKNVTQFGTGHTKIGTCPVGNSWKFQ
CNVWDQECRKNCT
'NTGHTKIGTCPVGUCNG
FGNVWDQECRKNCTCRTGUKPFGGXCRQTCEKP
'NTGHTKIGTCPVGGPVTCGPGNGXCRQTCFQT
FQPFGSWKVCECNQTCNCKTGEQORTKOKFQOGFKCPVGWPCPWGXC
GXCRQTCEKPCRTGUKPEQPUVCPVG'NTGHTKIGTCPVGECNGPVCFQUCNGFGNGXCRQTCFQT[GUCURKTCFQRQTGN
EQORTGUQT
.CXNXWNCFGFGTKXCEKP
TGIWNCGNHNWLQFGTGHTKIGTCPVG'NXGPVKNCFQT
NQEQPGEVCQFGUEQPGEVCGN
KPVGTTWRVQT
UGIPGNITCFQFGECTICFGNEKTEWKVQFGTGHTKIGTCPVG
/CPWCNFGKPUVTWEEKQPGU
4GIWNCFQT'NGMVTQPKMQP++
4GIWNCFQT'NGMVTQPKMQPs++
2CPGNFGEQPVTQN
)GPGTCNKFCFGU
'NTGIWNCFQT'NGMVTQPKMQPIQDKGTPCCNEQORTGUQTOGFKCPVGNCUUKIWKGPVGUQRGTCEKQPGU
#FCRVCEKPFGNCUCNKFCFGNEQORTGUQTCNEQPUWOQFGCKTG
2CTCFCFGNEQORTGUQTECFCXG\SWGUGCPGEGUCTKQ
4GCTTCPSWGFGNEQORTGUQTEWCPFQUGTGSWKGTC
'PIGPGTCNGNTGIWNCFQT'NGMVTQPKMQPGLGEWVCNCUUKIWKGPVGUHWPEKQPGU
%QPVTQNCTGNEQORTGUQT
2TQVGIGTGNEQORTGUQT
/QPKVQTK\CTNQUEQORQPGPVGUUWLGVQUCUGTXKEKQ
#TTCPSWGCWVQOVKEQFGURWUFGKPVGTTWREKPFGNXQNVCLG
JGEJQKPCEVKXQ
%QPVTQNFGNEQORTGUQT
'NTGIWNCFQTCFCRVCGNUWOKPKUVTQFGCKTGFGNEQORTGUQTCNEQPUWOQFGCKTGCLWUVCPFQNCXGNQEKFCFFGN
OQVQT'NTGIWNCFQTVKGPGGPEWGPVCWPPOGTQFGCLWUVGURTQITCOCDNGUGPVTGQVTQU
2WPVQFGCLWUVGFGRTGUKPFGNCTGF
&KUETGRCPEKCFGRCTCFCKPFKTGEVC
&KUETGRCPEKCFGRCTCFCFKTGEVC
$CPFCRTQRQTEKQPCN
6KGORQFGKPVGITCEKP
8GNQEKFCFOPKOC
6KGORQFGRCTCFCOPKOQ
.OKVGFGXGNQEKFCFOZKOC
6KGORQFGTGUVCDNGEKOKGPVQFGRQVGPEKC
UKGUVCEVKXCFQ
'NTGIWNCFQTFGVKGPGGNEQORTGUQTECFCXG\SWGUGCRTGEKUQ
/CPWCNFGKPUVTWEEKQPGU
2CTCFCKPFKTGEVCGUFGEKTGNEQORTGUQTOCTEJCCXGNQEKFCFOPKOC[NCRTGUKPFGNCTGFUWDGCNPKXGN
FGRCTCFCKPFKTGEVC
%QPUWNVGNCUGEEKP#LWUVGURTQITCOCDNGU
2CTCFCFKTGEVCGUFGEKTGNEQORTGUQTOCTEJCCWPCXGNQEKFCFGPVTGGNOPKOQ[OZKOQ[NCRTGUKP
FGNCTGFUWDGRQTGPEKOCFGNRWPVQFGCLWUVGFGRCTCFCFKTGEVC
%QPUWNVGNCUGEEKP#LWUVGURTQITCOCDNGU
'URQUKDNGRTQITCOCTWPPOGTQFGOCPFQUFGCTTCPSWGCWVQOVKEQRCTCFCSWG
CEVCPGPWPVKGORQFCFQ6GPICGPEWGPVCSWGUGGLGEWVCTWPOCPFQFGCTTCPSWG
UKGUVRTQITCOCFQ[CEVKXCFQKPENWUQFGURWUFGRCTCTGNEQORTGUQT
OCPWCNOGPVG
2TQVGIGTGNEQORTGUQT
2CTCFCFGCNCTOC
5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGRCTCFCFGCNCTOCRTQITCOCFQUG
RCTCTGNEQORTGUQT'UVQUGKPFKECGPGNFKURNC[
[RCTRCFGCTGN.'&FGCNCTOCIGPGTCN
'N
EQORTGUQTUGFGVGPFTVCODKPGPECUQFGUQDTGECTICFGNOQVQTFGNXGPVKNCFQT
5QNWEKQPGGNRTQDNGOC[TGCTOGNCPQVKEKC%QPUWNVGCFGOUNCUGEEKP/GP&CVQUFGGUVCFQ
#PVGUFGKPVGPVCTUQNWEKQPCTPCFCEQPUWNVGNCUUGEEKQPGU2TGECWEKQPGUFGUGIWTKFCF
[5QNWEKPFGRTQDNGOCU
#XKUQFGRCTCFCFGCNCTOC
7PPKXGNFGCXKUQFGRCTCFCFGCNCTOCGUWPPKXGNRTQITCOCDNGDCLQGNPKXGNFGRCTCFCFGCNCTOC
5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTUWRGTCGNPKXGNFGCXKUQFGRCTCFCRTQITCOCFQ
CRCTGEGTWPOGPUCLGGPGNFKURNC[
[UGGPEGPFGTGN.'&FGCNCTOCIGPGTCN
EQPQDLGVQFGCXKUCT
CNQRGTCFQTFGSWGUGGZEGFGGNPKXGNFGCXKUQFGRCTCFC
'NOGPUCLGFGUCRCTGEGGPEWCPVQFGUCRCTGEGNCEQPFKEKPFGCXKUQ
#XKUQFGUGTXKEKQ
7PCUGTKGFGCEEKQPGUFGUGTXKEKQUGCITWRCP
GPNQUNNCOCFQU2NCPGUFG5GTXKEKQ#$%GVE%CFC
2NCPFG5GTXKEKQVKGPGWPKPVGTXCNQFGVKGORQRTQITCOCFQ5KUGGZEGFGCNIPKPVGTXCNQCRCTGEGTWPC
PQVKEKCGPGNFKURNC[
EQPQDLGVQFGCXKUCTCNQRGTCFQTFGSWGNNGXGCECDQNCUCEEKQPGUFGUGTXKEKQ
RGTVGPGEKGPVGUCFKEJQRNCP
#XKUQ
6CODKPCRCTGEGWPCPQVKEKCFGCXKUQUK
'PEQORTGUQTGUTGHTKIGTCFQURQTCIWCNCVGORGTCVWTCFGUCNKFCFGNCIWCFGTGHTKIGTCEKPGZEGFGGN
PKXGNFGCXKUQ
'PEQORTGUQTGU(WNN(GCVWTGNCVGORGTCVWTCFGNRWPVQFGTQEQGZEGFGGNPKXGNFGCXKUQ
4GCTTCPSWGCWVQOVKEQFGURWUFGKPVGTTWREKPFGNXQNVCLG
'NTGIWNCFQTKPEQTRQTCWPCHWPEKPFGCTTCPSWGCWVQOVKEQFGNEQORTGUQTCNTGUVCDNGEGTUGGNXQNVCLG
FGURWUFGWPCKPVGTTWREKPGNEVTKEC&KEJCHWPEKPGUVFGUCEVKXCFCGPNQUEQORTGUQTGUSWGUCNGPFG
NCHDTKEC0QQDUVCPVGGURQUKDNGCEVKXCTNCUKCUUGFGUGC%QPUWNVGC#VNCU%QREQ
/CPWCNFGKPUVTWEEKQPGU
5KGUVCEVKXCFCNCHWPEKP[UKGORTGSWGGNTGIWNCFQTUGGPEWGPVTGGPGNOQFQFG
HWPEKQPCOKGPVQCWVQOVKEQGNEQORTGUQTXQNXGTCCTTCPECTCWVQOVKECOGPVGUKGN
XQNVCLGFGUWOKPKUVTQCNOFWNQUGTGUVCDNGEGFGPVTQFGNRGTQFQRTQITCOCFQ
'NVKGORQFGTGUVCDNGEKOKGPVQFGRQVGPEKC
GNRGTQFQGPGNSWGFGDGTGUVCDNGEGTUGGN
XQNVCLGRCTCRQFGTCTTCPECTCWVQOVKECOGPVGRWGFGCLWUVCTUGGPVTG[
UGIWPFQUQCN+PHKPKVQ5KGNVKGORQFGTGUVCDNGEKOKGPVQFGRQVGPEKCUGGPEWGPVTC
CLWUVCFQCN+PHKPKVQGNEQORTGUQTXQNXGTCCTTCPECTUKGORTGFGURWUFGWPC
KPVGTTWREKPFGNXQNVCLGKPFGRGPFKGPVGOGPVGFGNQSWGUGVCTFGGPTGUVCDNGEGTNQ
6CODKPGURQUKDNGRTQITCOCTWPTGVTCUQFGTGCTTCPSWGJCEKGPFQSWGXWGNXCPC
CTTCPECTRQTGLGORNQFQUEQORTGUQTGUFGHQTOCEQPUGEWVKXC
2CPGNFGEQPVTQN
4GIWNCFQT'NGMVTQPKMQP
2CTVGU[HWPEKQPGU
/CPWCNFGKPUVTWEEKQPGU
6GENCUFGHWPEKP
2CPGNFGEQPVTQN
6GENCUFGHWPEKP
.CUVGENCU
UGWUCPRCTC
+PXQECTQRTQITCOCTCLWUVGU
4GCTOCTWPCPQVKEKCFGUQDTGECTICFGNOQVQTRCTCFCFGCNCTOCQUGTXKEKQQWPCRCTCFCFG
GOGTIGPEKC
#EEGFGTCVQFQUNQUFCVQUTGEQIKFQURQTGNTGIWNCFQT
.CUHWPEKQPGUFGNCUVGENCUXCTCPUGIPGNOGPSWGUGOWGUVTC.CHWPEKPTGCNUGKPFKECLWUVQGPEKOC
FGNCVGENCEQTTGURQPFKGPVG#EQPVKPWCEKPUGEKVCPNCUHWPEKQPGUOUEQOWPGU
&GUKIPCEKP (WPEKP
#CF #CFGEQOCPFQUFGCTTCPSWGRCTCFCFGNEQORTGUQT
FCJQTC
#VT 8WGNXGCWPCQREKPQWPOGPSWGUGJCOQUVTCFQCPVGU
%CPE %CPEGNCWPCLWUVGRTQITCOCFQCNRTQITCOCTRCTOGVTQU
$QTT $QTTCEQOCPFQUFGCTTCPSWGRCTCFCFGNEQORTGUQT
#[WF 8CCNCFKTGEEKPFG#VNCU%QREQGP+PVGTPGV
/CPWCNFGKPUVTWEEKQPGU
&GUKIPCEKP (WPEKP
.O /WGUVTCNQUNOKVGURCTCWPCLWUVGRTQITCOCDNG
2TKP 8QNXGTFGUFGWPOGPCNCRCPVCNNCRTKPEKRCN
/GP 'ORG\CPFQFGUFGNCRCPVCNNCRTKPEKRCNQDVKGPGCEEGUQCNQUUWDOGPU
/GP 'ORG\CPFQFGUFGWPUWDOGPXWGNXGCWPOGPCPVGTKQT
/QF /QFKHKECCLWUVGURTQITCOCDNGU
2TQI 2TQITCOCCLWUVGUOQFKHKECFQU
4GCT 4GCTOCWPVGORQTK\CFQTQWPOGPUCLG
8NXT 8WGNXGCWPCQREKPQWPOGPSWGUGJCOQUVTCFQCPVGU
'ZVT 'PEQPVTCTNCEQPHKIWTCEKPFGNOFWNQFGNTGIWNCFQT
6GENCUFGFGURNC\COKGPVQ
2CPGNFGEQPVTQN
.CUVGENCU
RGTOKVGPSWGGNWUWCTKQUGFGURNCEGRQTGNFKURNC[
/KGPVTCUUGOWGUVTGGPNCRQUKEKPFGTGEJCFGNFKURNC[WPCHNGEJCSWGUGCNGJCEKCCDCLQRWGFGWUCTUG
NCVGENCFGFGURNC\COKGPVQEQPGNOKUOQUODQNQRCTCFGURNC\CTUGCNEQORQPGPVGUKIWKGPVG
/KGPVTCUUGOWGUVTGGPNCRQUKEKPFGTGEJCFGNFKURNC[WPCHNGEJCSWGUGCNGJCEKCCTTKDCRWGFGWUCTUG
NCVGENCFGFGURNC\COKGPVQEQPGNOKUOQUODQNQRCTCFGURNC\CTUGCNEQORQPGPVGCPVGTKQT
$QVPFGRCTCFCFGGOGTIGPEKC
2CPGNFGEQPVTQN
2CTCRCTCTGNEQORTGUQTKPOGFKCVCOGPVGGPECUQFGGOGTIGPEKCRWNUGGNDQVPFGRCTCFCFGGOGTIGPEKC
5
/CPWCNFGKPUVTWEEKQPGU
#XKUQ
#PVGUFGNNGXCTCECDQEWCNSWKGTQRGTCEKPFGOCPVGPKOKGPVQTGRCTCEKPQCLWUVG
RTQEGFCFGNCUKIWKGPVGOCPGTC
'URGTGJCUVCSWGUGJC[CFGVGPKFQGNEQORTGUQT
%KGTTGNCXNXWNCFGUCNKFCFGCKTG&GUDNQSWGGGNDQVPVKTCPFQFGN2WNUGGN
DQVPFGRTWGDCSWGUGGPEWGPVTCUQDTGNQUFKURQUKVKXQUGNGEVTPKEQUFGFTGPCLG
FGCIWCJCUVCSWGGNUKUVGOCFGCKTGSWGUGGPEWGPVTCGPVTGGNTGEGRVQTFGCKTG[
NCXNXWNCFGUCNKFCGUVEQORNGVCOGPVGFGURTGUWTK\CFQ
#DTCGNKPVGTTWRVQTUGRCTCFQT
KPUVCNCEKPFGNENKGPVGRCTCFGUEQPGEVCTGNXQNVCLG
FGNEQORTGUQT
&GURTGUWTKEGGNUKUVGOCFGCKTG
2CTCQDVGPGTKPUVTWEEKQPGUFGVCNNCFCUEQPUWNVG5QNWEKPFGRTQDNGOCU
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
2TQITCOCUFGEQPVTQN
&GUETKREKP
#HKPFGHCEKNKVCTNCRTQITCOCEKP[GNEQPVTQNUGJCPKORNGOGPVCFQRTQITCOCUFGEQPVTQNOCPFCFQURQT
OGPUGPGNTGIWNCFQT
/CPWCNFGKPUVTWEEKQPGU
(NWLQFGOGPU
UKORNKHKECFQ
/CPWCNFGKPUVTWEEKQPGU
/GP2CPVCNNCRTKPEKRCN
(WPEKP
2CPGNFGEQPVTQN
'NOGPFGNCRCPVCNNCRTKPEKRCNOWGUVTCGNGUVCFQFGHWPEKQPCOKGPVQFGNEQORTGUQT[HQTOCNCRWGTVCFG
GPVTCFCCVQFCUNCUHWPEKQPGUKORNGOGPVCFCUGPGNTGIWNCFQT
2TQEGFKOKGPVQ
.CRCPVCNNCRTKPEKRCNCRCTGEGCWVQOVKECOGPVGCNEQPGEVCTNCEQTTKGPVG
5KPQUGWUCPPKNCUVGENCUFGHWPEKPPKNCUVGENCUEQPHNGEJC
[FWTCPVGCNIWPQUOKPWVQUGN
TGIWNCFQTXQNXGTCWVQOVKECOGPVGCNC2CPVCNNCRTKPEKRCN
5KGORTGSWGCRCTG\ECGPNCRCPVCNNCFGWPUWDOGPRWNUGNCVGENC 2TKP
(RCTCXQNXGTCNC2CPVCNNC
RTKPEKRCN
'LGORNQFG2CPVCNNCRTKPEKRCN
5CNKFC%QORTGU
DCT
TRO
/GP
( ( (
'NFKURNC[KPFKEC
.CFGUKIPCEKPFGNUGPUQT[NCKPFKECEKPCEVWCN
0QVKEKCUFGNGUVCFQFGHWPEKQPCOKGPVQFGNEQORTGUQT
,WUVQGPEKOCFGNCUVGENCUFGHWPEKP
NCHWPEKPCEVWCNFGFKEJCUVGENCU
/CPWCNFGKPUVTWEEKQPGU
+PXQECEKPFGOGPU
&GUETKREKP
2CPGNFGEQPVTQN
.CRCPVCNNCRTKPEKRCNCRCTGEGCWVQOVKECOGPVGCNEQPGEVCTUGGNXQNVCLG
5CNKFC%QORTGU
DCT
TRO
/GP
( ( (
.CVGENCEQPHNGEJCCDCLQ
UGRWGFGWVKNK\CTRCTCWPCEQPUWNVCTRKFCFGNCUKVWCEKPCEVWCNFGN
EQORTGUQT
&GURWUFGRWNUCTNCVGENC /GP
(NCQREKP &CVQUFGGUVCFQ CRCTGEGTUGIWKFCFGWPCHNGEJC
JQTK\QPVCN
2WNUGNCVGENCFGVCDWNCEKP
RCTCUGNGEEKQPCTGUVGOGP
1DKGPWVKNKEGNCVGENCEQPHNGEJCCDCLQ
JCUVCSWGGNUWDOGPFGUGCFQXC[CUGIWKFQFGWPCHNGEJC
JQTK\QPVCN[CEQPVKPWCEKPRWNUGNCVGENCFGVCDWNCEKP
RCTCUGNGEEKQPCTGUVGOGP
/CPWCNFGKPUVTWEEKQPGU
%QPUWNVCTRKFCFGNGUVCFQCEVWCNFGNEQORTGUQT
2TQEGFKOKGPVQ
2CPGNFGEQPVTQN
'ORG\CPFQFGUFGNC2CPVCNNCRTKPEKRCN
EQPUWNVGNCUGEEKP/GPFG2CPVCNNCRTKPEKRCNRWNUGNCVGENCEQP
HNGEJCCDCLQ
CRCTGEGTWPCRCPVCNNCRCTGEKFCCNCSWGUGKNWUVTCCEQPVKPWCEKP
'LGORNQFGNCRCPVCNNCFGGUVCFQFGNEQORTGUQT
1RGTCEKPCWVQOV
%QPVTQN.QECN
6GORQTK\CEVKXQ
2TKP #[WF 'ZVT
( ( (
.CNPGCKPFKECGNGUVCFQFGNHWPEKQPCOKGPVQCWVQOVKEQQOCPWCNFGNTGIWNCFQT 1RGTCEKPCWVQOV
UKIPKHKECSWGGNTGIWNCFQTCFCRVCCWVQOVKECOGPVGGNHWPEKQPCOKGPVQFGNEQORTGUQTGUFGEKTCFCRVCGN
UWOKPKUVTQFGCKTGFGNEQORTGUQTCNEQPUWOQ
.CNPGCKPFKECUKGNTGIWNCFQTHWPEKQPCEQPGNOQFQFGEQPVTQNNQECNQTGOQVQ %QPVTQN.QECN UKIPKHKEC
SWGNQUDQVQPGUFGCTTCPSWGRCTCFCFGNVGENCFQGUVPCEVKXCFQU %QPVTQN4GOQVQ UKIPKHKECSWGGUVCU
HWPEKQPGUUGEQPVTQNCPFGHQTOCTGOQVC
.CNPGCKPFKECUKGUVCEVKXCFQQPQGNVGORQTK\CFQTSWGIGPGTCOCPFQUFGCTTCPSWG[RCTCFCDCUCFQU
GPVKGORQ
2WNUGNCVGENCEQPHNGEJCCDCLQ
RCTCQDVGPGTQVTQUFCVQU
EQPFKEKQPGUCEVWCNGUFGNEQORTGUQT
%QPUWNVGNCUGEEKP2TQITCOCUFGEQPVTQN
/CPWCNFGKPUVTWEEKQPGU
/GP&CVQUFGGUVCFQ
#XKUQ
#PVGUFGGORG\CTGNOCPVGPKOKGPVQQTGRCTCEKPRWNUGGNDQVPFGRCTCFC
[
GURGTGJCUVCSWGJC[CRCTCFQGNEQORTGUQT%KGTTGNCXNXWNCFGUCNKFCFGCKTG[
RWNUGGNDQVPFGRTWGDCUQDTGNQUFKURQUKVKXQUGNGEVTPKEQUFGFTGPCLGFGCIWC
JCUVCSWGGNUKUVGOCFGCKTGGPVTGGNTGEGRVQTFGCKTG[NCXNXWNCFGUCNKFCGUV
EQORNGVCOGPVGFGURTGUWTK\CFQ2WNUGGNDQVPTQLQFGRCTCFCFGGOGTIGPEKC[CDTC
GNKPVGTTWRVQTUGRCTCFQT
KPUVCNCEKPFGNENKGPVGRCTCFGUEQPGEVCTGNXQNVCLGCN
EQORTGUQT
#PVGUFGKPVGPVCTUQNWEKQPCTPCFCEQPUWNVGNCUUGEEKQPGU2TGECWEKQPGUFGUGIWTKFCF
[5QNWEKPFGRTQDNGOCU
&GURTGUWTKEGGNUKUVGOCFGCKTG
(WPEKP
2CPGNFGEQPVTQN
'NUWDOGPFG&CVQUFGGUVCFQFCKPHQTOCEKPUQDTGGNGUVCFQFGNCUHWPEKQPGUFGRTQVGEEKPFGN
EQORTGUQT
RCTCFCFGCNCTOCCXKUQFGRCTCFCFGCNCTOCCXKUQFGUGTXKEKQ[CXKUQ[RGTOKVGSWGUG
TGCTOGWPCRCTCFCFGCNCTOCUQDTGECTICFGNOQVQT[EQPFKEKPFGUGTXKEKQ
2TQEGFKOKGPVQ
'ORG\CPFQFGUFGNC2CPVCNNCRTKPEKRCN
XCUGGNOGPFG2CPVCNNCRTKPEKRCN
2WNUGNCVGENC/GP
(NCQREKP&CVQUFGGUVCFQUGTUGIWKFCFGWPCHNGEJCJQTK\QPVCN
2WNUGNCVGENCFGVCDWNCEKP
0QGZKUVGPQVKEKC
'N.'&
FGCNCTOCIGPGTCNGUVCRCICFQ[NCPQVKEKCGPGNFKURNC[KPFKECSWGVQFCUNCUEQPFKEKQPGU
UQPPQTOCNGU
6QFCUNCUEQPFEUQP1-
/GP
( ( (
/CPWCNFGKPUVTWEEKQPGU
'ZKUVGWPOGPUCLGFGRCTCFCFGCNCTOC
'PECUQFGRCTCFCFGCNCTOCFGNEQORTGUQTRCTRCFGCTGN.'&
'PECUQFGWPCRCTCFCFGCNCTOCFGDKFQCWPCVGORGTCVWTCFGOCUKCFQCNVCGPNCUCNKFCFGNGNGOGPVQ
EQORTGUQT
5CNKFCGNGOGPVQ
u%
2TF /CZ
/GP 4GCT
( ( (
.QUKPFKECFQTGU
RCTRCFGCP.CRCPVCNNCOWGUVTCNCNGEVWTCCEVWCN
u%GNSWGGNEQORTGUQT
UGGPEWGPVTGRCTCFQ
2TF [GNCLWUVGFGRCTCFC
u%
5KIWGUKGPFQRQUKDNGFGURNC\CTUGRQTQVTQUOGPURGLRCTCEQORTQDCTNQUXCNQTGUFGQVTQU
RCTOGVTQU
#NXQNXGTCNOGPFG &CVQUFGGUVCFQ RCTRCFGCTNCQREKP 2CTCFCU &KEJCQREKPRWGFG
UGNGEEKQPCTUGRWNUCPFQNCVGENCFGVCDWNCEKP
RCTCXQNXGTCNCRCPVCNNCFGRCTCFCFGCTTKDC
4GCTOGFGRCTCFCFGCNCTOC
&GUEQPGEVGGNXQNVCLG[JCICNCUIGUVKQPGUPGEGUCTKCURCTCTGOGFKCTNCCXGTC&GURWUFGTGOGFKCT[
FGUCRCTGEKFCNCEQPFKEKPFGRCTCFCFGCNCTOCEQPGEVGGNXQNVCLG[RWNUGNCVGENC4GCT
(
2WNUGNCUVGENCU /GP [ 2TKP RCTCXQNXGTCNC2CPVCNNCRTKPEKRCN[TGCTTCPSWGGNEQORTGUQTRQTOGFKQ
FGNDQVPFGCTTCPSWG
4GUVCDNGEKOKGPVQFGUQDTGECTICFGNOQVQTFGNXGPVKNCFQT
&GUEQPGEVGGNXQNVCLG[JCICNCUIGUVKQPGUPGEGUCTKCURCTCTGOGFKCTNCCXGTC'NFKU[WPVQTFGNOQVQT
FGNXGPVKNCFQT
3FGDGTGUVCDNGEGTUGOCPWCNOGPVG%QPGEVGGNXQNVCLG[RWNUGNCVGENC4GCT
(
2WNUGNCUVGENCU /GP [ 2TKP RCTCXQNXGTCNC2CPVCNNCRTKPEKRCN[TGCTTCPSWGGNEQORTGUQTRQTOGFKQ
FGNDQVPFGCTTCPSWG
'ZKUVGWPOGPUCLGFGCXKUQFGRCTCFCFGCNCTOC
7PPKXGNFGCXKUQFGRCTCFCFGCNCTOCGUWPPKXGNRTQITCOCDNGDCLQGNPKXGNFGRCTCFCFGCNCTOC
5KGZKUVGWPCXKUQFGRCTCFCFGCNCTOCGUVGPEGPFKFQGN.'&
.CRCPVCNNCRTKPEKRCNUGECODKCTC
WPCRCPVCNNCRCTGEKFCCNCSWGUKIWG
5CNKFC%QORTGU
DCT
2TF #XKUQ
/GP
( ( (
.QUKPFKECFQTGU
RCTRCFGCP
2WNUGNCVGENC /GP
([NCVGENCFGVCDWNCEKP
RCTCUGNGEEKQPCTGNOGPFG &CVQUFGGUVCFQ
RCTRCFGCNCQREKP 2TQVGEEKP
/CPWCNFGKPUVTWEEKQPGU
&GURNEGUGCFKEJCQREKP[UGNGEEKPGNCRWNUCPFQNCVGENCFGVCDWNCEKP
#RCTGEGWPCRCPVCNNC
RCTGEKFCCNCSWGUGOWGUVTCCDCLQ
5CNKFCGNGOGPVQ
u%
2CT /CZ
/GP
( ( (
.CRCPVCNNCKPFKECSWGNCVGORGTCVWTCGPNCUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGCXKUQFG
RCTCFCFGCNCTOCRTQITCOCFQ
5KGURTGEKUQRCTGGNEQORTGUQTRQTOGFKQFGNDQVPFGRCTCFC
[GURGTGJCUVCSWGUGRCTGGN
EQORTGUQT
&GUEQPGEVGGNXQNVCLGTGXKUG[TGCNKEGNCUQRGTCEKQPGUPGEGUCTKCU
'NOGPUCLGFGCXKUQFGUCRCTGEGTCWVQOVKECOGPVGGPEWCPVQFGUCRCTG\ECNCEQPFKEKPFGCXKUQ
'ZKUVGWPCXKUQFGUGTXKEKQ
'N.'&GUVGPEGPFKFQ
.CRCPVCNNCRTKPEKRCNUGECODKCTCWPCRCPVCNNCRCTGEKFCCNCSWGUKIWG
5CNKFC%QORTGU
DCT
5GTXPGEGUCTKQ
/GP
( ( (
.QUKPFKECFQTGU
RCTRCFGCP[CRCTGEGGNOGPUCLGFGCXKUQFGUGTXKEKQ
2WNUGNCVGENC /GP
([NCVGENCFGVCDWNCEKP
RCTCUGNGEEKQPCTGNOGPFG &CVQUFGGUVCFQ
RCTRCFGCNCQREKP 5GTXKEKQ
&GURNEGUGCFKEJCQREKP[UGNGEEKPGNCRWNUCPFQNCVGENCFGVCDWNCEKP
RWGFGSWGRCTRCFGGP
FQUQREKQPGU
'PVTCFCU UKUGGZEGFGGNPKXGNFGUGTXKEKQRTQITCOCFQFGWPEQORQPGPVG
RGLNCECFCFG
RTGUKPOZKOCFGNUGRCTCFQTFGCEGKVG
2NCPGU UKUGGZEGFGGNKPVGTXCNQFGWPRNCPFGUGTXKEKQ
2CTGGNEQORTGUQT[FGUEQPGEVGGNXQNVCLG
5KNCPQVKEKCFGUGTXKEKQUGTGHKTKC 'PVTCFCU
UGRCTCFQTFGCEGKVGTGGORNCEGGNUGRCTCFQTEQPGEVG
GNXQNVCLGFGURNEGUGGPGNOGPFG &CVQUFGGUVCFQ C 'PVTCFCU [RWNUGNCVGENC 4GCT RCTC
TGCTOCTNCPQVKEKCFGUGTXKEKQ
5KGNCXKUQFGUGTXKEKQJCECTGHGTGPEKCC 2NCP TGCNKEGNCUCEEKQPGUFGUGTXKEKQTGNCVKXCUCNQURNCPGU
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7VKNKEGNCUVGENCUFGFGURNC\COKGPVQ
JCUVCSWGGNFCRCTCGNSWGFGDGRTQITCOCTUGWPOCPFQ
CRCTG\ECUGIWKFQFGWPCHNGEJCCNCFGTGEJC2WNUGNCVGENCFGVCDWNCEKP
UGOWGUVTCNCRCPVCNNC
UKIWKGPVG
/GP /QF $QTT
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2WNUGNCVGENC/QF
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RCTCKPVTQFWEKT2WNUGNCVGENCFGVCDWNCEKP
RCTCFGURNC\CTUGCNCUFQUTC[CUSWGUKIWGP2WNUG
NCUVGENCUFGFGURNC\COKGPVQRCTCKPVTQFWEKT2WNUGNCVGENCFGVCDWNCEKPRCTCFGURNC\CTUGCNCHKNC
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/GP /QF $QTT
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.#0
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UGRCTCTNCOC[QTRCTVGFGGUVGCEGKVGFGNEQPFGPUCFQ[TGEQIGTNQGPWPEQNGEVQT'NEQPFGPUCFQEWORNG
VQFQUNQUTGSWKUKVQUFGNCNGIKUNCEKPOGFKQCODKGPVCN
5GRWGFGWVKNK\CTWP15&FG)#
C)#[FG)#85&C)#85&
8KUVCIGPGTCNFG15&GLGORNQVRKEQ
4GHGTGPEKC &GUKIPCEKP
4GEKRKGPVG
/CPOGVTQHKNVTQ
(KNVTQFGCEGKVG
%QNGEVQTFGCEGKVG
'PVTCFCFGEQPFGPUCFQ
/CPWCNFGKPUVTWEEKQPGU
4GHGTGPEKC &GUKIPCEKP
&RFGHKNVTQ
5CNKFCFGEQPFGPUCFQNKORKQ
5CNKFCFGCEGKVG
%WDKGTVC
2TGHKNVTQ
(WPEKQPCOKGPVQFG15&
'NEQPFGPUCFQSWGEQPVKGPGIQVCUFGCEGKVGHNW[GCVTCXUFGWPRTGHKNVTQ
JCEKCGNEQNCFQT
'N
EQPFGPUCFQHNW[GCVTCXUFGNHKNVTQ
GPGNSWGNCUIQVCUUGWPGPHQTOCPFQIQVCUOC[QTGU'UVGCEGKVG
UGEQPFWEGCNTGEKRKGPVGFGCIWC
FQPFGHNQVCCECWUCFGNCFKHGTGPEKCFGOCUCGURGEHKEC'N
TGEKRKGPVGGUVFQVCFQFGFQUUCNKFCUKPFGRGPFKGPVGUWPCRCTCEQPFGPUCFQ
SWGUGFKTKIGCNGZVGTKQT
FGNCECTTQEGTC[QVTCRCTCGNCEGKVGUGRCTCFQ
SWGSWGFCCVTCRCFQGPGNEQNGEVQT
+PUVCNCEKP
7DKECEKPFG15&
&G)# C)#)#85&[)#85&
/CPWCNFGKPUVTWEEKQPGU
2WPVQUFGFTGPCLGFGEQPFGPUCFQ
&G)# C)#9QTMRNCEG[FG)#85&C)#85&9QTMRNCEG
&G)# C)#(WNN(GCVWTG[FG)#85&C)#85&(WNN(GCVWTG
2TQEGFKOKGPVQ
2CTGGNEQORTGUQT[EKGTTGNCXNXWNCFGUCNKFCFGCKTG&GURTGUWTKEGGNUKUVGOCFGUCNKFCFGCKTG
RWNUCPFQGNDQVPFGRTWGDCSWGUGGPEWGPVTCUQDTGNQUFKURQUKVKXQUGNGEVTPKEQUFGFTGPCLGFG
CIWC&GUEQPGEVGGNXQNVCLG
+PUVCNGWPCWPKFCF15&RCTCEQORTGUQTGU9QTMRNCEG
+PUVCNGFQUWPKFCFGU15&RCTCEQORTGUQTGU(WNN(GCVWTG
%QPUWNVGNCUGEEKP5KUVGOCFGEQPFGPUCFQRCTCEQPQEGTNCWDKECEKPFGNQURWPVQUFGFTGPCLG[FG
NQUFKURQUKVKXQUGNGEVTPKEQUFGFTGPCLGFGCIWC
#HNQLGGNVWDQFGFTGPCLGFGEQPFGPUCFQFGNEQNGEVQTFGNEQORTGUQTFGUFGUWCEQRNCOKGPVQ
&C
#EQPVKPWCEKPCHNQLGGNVWDQFGFTGPCLGFGEQPFGPUCFQFGNEQNGEVQTFGEQPFGPUCFQFGNUGECFQT
FGUFGUWCEQRNCOKGPVQ
&C
%QNQSWGGNMKVUGRCTCFQTEQOQUGOWGUVTC[HLGNQEQPRGTPQU
(KLGGNUQRQTVG
EQPRGTPQU
%QPGEVGGNVWDQFGFTGPCLGUWGNVQFGUFGGNRWPVQFGFTGPCLGFGEQPFGPUCFQ
&CJCUVCNCEQPGZKP
FGNRTGHKNVTQ
%QPGEVGGNVWDQFGFTGPCLGUWGNVQFGUFGGNRWPVQFGFTGPCLGFGEQPFGPUCFQ
&CJCUVCNCEQPGZKP
FGNRTGHKNVTQ
'ZVTCKICGNCEQRNCFQT
&CGKPUVCNGNQUCEQRNCOKGPVQUUWOKPKUVTCFQUEQPGNMKVUGRCTCFQT
%QPGEVGGNVWDQFGCIWC
CNNCFQRQUVGTKQTFGNCEQRNCOKGPVQ
&E&KTKLCGNVWDQHNGZKDNGFGUCNKFC
FGEQPFGPUCFQFGUFGGNCEQRNCOKGPVQ
&EJCEKCGNUKUVGOCFGFTGPCLGFGEQPFGPUCFQ
2CTCNQUEQORTGUQTGU9QTMRNCEG(WNN(GCVWTGTGRKVCGUVCCEEKPOGFKCPVGNCGZVTCEEKPFGN
CEQRNCFQT
&C[NCKPUVCNCEKP[EQPGZKPFGWPCEQRNCFQT
&EFGNUGIWPFQ15&
'ZVTCKICNCVCRC
[TGNNGPGGNTGEKRKGPVG
EQPCIWCJCUVCSWGUVCHNW[CCVTCXUFGNCUCNKFCFG
CIWCFGN15&
8WGNXCCKPUVCNCTNCVCRC
/CPWCNFGKPUVTWEEKQPGU
+PUVTWEEKQPGUFGHWPEKQPCOKGPVQ[OCPVGPKOKGPVQ
2TGECWEKQPGUFGUGIWTKFCF
#PVGUFGNNGXCTCECDQEWCNSWKGTQRGTCEKPFGOCPVGPKOKGPVQTGRCTCEKPQCLWUVG
RTQEGFCFGNCUKIWKGPVGOCPGTC
2CTGGNEQORTGUQT
%KGTTGNCXNXWNCFGUCNKFCFGCKTG[RWNUGGNDQVPFGRTWGDCSWGUGGPEWGPVTC
UQDTGGNFKURQUKVKXQGNGEVTPKEQFGFTGPCLGFGCIWCJCUVCSWGGNUKUVGOCFGCKTG
SWGUGGPEWGPVTCGPVTGGNTGEGRVQTFGCKTG[NCXNXWNCFGUCNKFCGUV
EQORNGVCOGPVGFGURTGUWTK\CFQ
2WNUGGNDQVPFGRCTCFCFGGOGTIGPEKC
&GUEQPGEVGGNXQNVCLG
&GURTGUWTKEGGNEQORTGUQT
2CTCQDVGPGTKPUVTWEEKQPGUFGVCNNCFCUEQPUWNVG5QNWEKPFGRTQDNGOCU
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
+PUVTWEEKQPGUFGHWPEKQPCOKGPVQ
+PVGTKQTFG15&
#PVGUFGCTTCPECTEQORTWGDGSWGGNTGEKRKGPVG
GUVNNGPQ5KGUPGEGUCTKQXKGTVCCIWCGPGN
EQPFWEVQFGTGNNGPQ
JCUVCSWGHNW[CCVTCXUFGNVWDQ
8WGNXCCKPUVCNCTNCVCRC
&WTCPVGGNHWPEKQPCOKGPVQFGNEQORTGUQTUGCEWOWNCWPCECRCFGCEGKVGUQDTGGNPKXGNFGNCIWCFGN
TGEKRKGPVG
'PHWPEKPFGNCECRCEKFCFFGNEQORTGUQT[FGUWEKENQQRGTCVKXQNCJWOGFCFFGNCKTG
FGGPVTCFC[GNEQPVGPKFQFGCEGKVGFGNCKTGEQORTKOKFQRWGFGPRCUCTXCTKCUUGOCPCUQOGUGUCPVGU
FGSWGUGRWGFCQDUGTXCTWPPKXGNFGCEGKVGGPGNEQNGEVQT
2GTKFKECOGPVGEQORTWGDGSWGGNTGEKRKGPVG
GUVNNGPQ5KGUPGEGUCTKQXKGTVCCIWCGPGN
EQPFWEVQFGTGNNGPQ
JCUVCSWGHNW[CCVTCXUFGNVWDQ
/CPVGPICNCVCRCKPUVCNCFC
2WPVQUFGFTGPCLGFGEQPFGPUCFQ
&G)# C)#9QTMRNCEG)#85&[)#85&9QTMRNCEG
/CPWCNFGKPUVTWEEKQPGU
&G)# C)#(WNN(GCVWTG)#85&[)#85&(WNN(GCVWTG
+PUVTWEEKQPGUFGOCPVGPKOKGPVQ
%QPUWNVGNCUGEEKP7PKFCF15&RCTCEQPQEGTNCUTGHGTGPEKCU
2KEVQITCOCU
2KEVQITCOCUOQUVTCFQUGP15&
4GHGTGPEKC &GUETKREKP
#EGKVG
5CNKFCFGCEGKVG
5CNKFCFGEQPFGPUCFQ
2TGUKP
/CPWCNFGKPUVTWEEKQPGU
4GHGTGPEKC &GUETKREKP
'PVTCFC
2WPVQFGUGTXKEKQ
2TGUKPFGGPVTCFCFGNUGRCTCFQT
.WDTKSWGNCLWPVCCVQTPKNNGGNHKNVTQ[CRTKGVGCOCPQ
CRTQZKOCFCOGPVGOGFKCXWGNVC
%QPUWNVGGNHQNNGVQFGKPUVTWEEKQPGUCPVGUFGTGCNK\CTTGRCTCEKQPGUQOCPVGPKOKGPVQ
/CPWCNFGKPUVTWEEKQPGU
+PUVCNCEKP
&KDWLQUFGFKOGPUKQPGU
/QFGNQU)#85&[)#85&
/QFGNQU)#85&[)#85&
/CPWCNFGKPUVTWEEKQPGU
%GPVTQFGITCXGFCF
&KOGPUKQPGUGPOO
OO
RWNICFCU
2GUQ
2GUQUGPMI
CEGKVGKPENWKFQ
MI
NKDTCU
4GHGTGPEKC &GUKIPCEKP
2CUQFGECDNGGNEVTKEQ
5CNKFCFGCIWCFGTGHTKIGTCEKP
'PVTCFCFGCIWCFGTGHTKIGTCEKP
5CNKFCFGCKTGFGTGHTKIGTCEKPFGNEQORTGUQT
5CNKFCFGCKTGFGTGHTKIGTCEKPFGNUGECFQT
5CNKFCFGCKTGEQORTKOKFQ
'PVTCFCFGCKTGFGTGHTKIGTCEKP
5CNKFCFGTGEWRGTCEKPFGGPGTIC
'PVTCFCFGTGEWRGTCEKPFGGPGTIC
#KTGEQORTKOKFQUCNKFCFGFGTKXCEKPFGNUGECFQT
&TGPCLGCWVQOVKEQUGECFQT
GPWPKFCFGU9QTMRNCEG(WNN(GCVWTG
5CNKFCFGFTGPCLGCWVQOVKEQTGHTKIGTCFQTRQUVGTKQT
&TGPCLGWPKFCF15&
QREKQPCN
/CPWCNFGKPUVTWEEKQPGU
2TQRWGUVCFGKPUVCNCEKP
'LGORNQFGUCNCFGEQORTGUQTGU
'LGORNQFGUCNCFGEQORTGUQTGU
/CPWCNFGKPUVTWEEKQPGU
6GZVQGPFKDWLQ
'URCEKQNKDTGOPKOQSWGFGDGTGUGTXCTRCTCNCKPUVCNCEKPFGNEQORTGUQT
2TQRWGUVCUFGXGPVKNCEKP
EQORTGUQTGUTGHTKIGTCFQURQTCKTG
5KUVGOCUFGTGHTKIGTCEKP
EQORTGUQTGUTGHTKIGTCFQURQTCIWC
&GUETKREKP
+PUVCNGGNEQORTGUQTUQDTGWPUWGNQPKXGNCFQ[UNKFQSWGRWGFCUQRQTVCTUWRGUQ
2QUKEKPFGNCXNXWNCFGUCNKFCFGCKTGEQORTKOKFQ
'NNCTIQOZKOQFGNCUVWDGTCUVQVCNGU
KPENWUQNCVWDGTCFGKPVGTEQPGZKPGPVTGGN
EQORTGUQT[GNFGRUKVQUGECNEWNCFGNCHQTOCUKIWKGPVG
FR
.ZZ3E
FZR
FFKOGVTQKPVGTKQTFGNVWDQFGUCNKFCGPOO
FRECFCFGRTGUKP
OZKOQTGEQOGPFCFQDCTRUK
.NQPIKVWFFGNVWDQFGUCNKFCGPO
RRTGUKPCDUQNWVCGPNCUCNKFCFGNEQORTGUQTGPDCT
C
3EUWOKPKUVTQFGCKTGNKDTGFGNEQORTGUQTGPNU
8GPVKNCEKPNCURCTTKNNCUFGCURKTCEKP[GNXGPVKNCFQTFGDGPKPUVCNCTUGFGHQTOCSWG
UGGXKVGNCTGEKTEWNCEKPFGNCKTGFGTGHTKIGTCEKPCNEQORTGUQTQCNUGECFQT.C
XGNQEKFCFOZKOCFGNCKTGCVTCXUFGNCURCTTKNNCUGUFGOU
HVU
.CVGORGTCVWTCOZKOCFGNCKTGGPNCVQOCFGNEQORTGUQTGUFGu%
u(
NC
OPKOCGUFGu%u(
2CTCNCUCNVGTPCVKXCU[FGNQUEQORTGUQTGUTGHTKIGTCFQURQTCKTGOQFGNQUFGN)#
85&CN)#85&NCECRCEKFCFFGXGPVKNCEKPPGEGUCTKCRCTCNKOKVCTNC
VGORGTCVWTCGPNCUCNCFGEQORTGUQTGURWGFGECNEWNCTUGFGNCOCPGTCUKIWKGPVG
3X0F6RCTCEQORTGUQTGU)#85&9QTMRNCEG
3X
0
F6RCTCEQORTGUQTGU)#85&9QTMRNCEG(WNN(GCVWTG
'NCKTGFGTGHTKIGTCEKPFGNUGECFQTRWGFGEQPFWEKTUGCNGZVGTKQT
3XECRCEKFCFFGXGPVKNCEKPTGSWGTKFCGPOU
0GPVTCFCCNGLGFGNEQORTGUQTGPM9
F6CWOGPVQFGVGORGTCVWTCGPUCNCFGNEQORTGUQT
2CTCNCUCNVGTPCVKXCU[NCECRCEKFCFFGNXGPVKNCFQTFGDGKIWCNCTNCECRCEKFCFFGN
XGPVKNCFQTFGNEQORTGUQTCWPCECTICFGRTGUKPKIWCNCNCECFCFGRTGUKPUQDTGNQU
EQPFWEVQUFGCKTG
2CTCNQUEQORTGUQTGUTGHTKIGTCFQURQTCIWCOQFGNQUFGN)#85&CN)#85&
NCECRCEKFCFFGXGPVKNCEKPPGEGUCTKCRCTCNKOKVCTNCVGORGTCVWTCGPNCUCNCFG
EQORTGUQTGURWGFGECNEWNCTUGFGNCOCPGTCUKIWKGPVG
3X0F6RCTCEQORTGUQTGU)#85&9QTMRNCEG
3X
0
F6RCTCEQORTGUQTGU)#85&9QTMRNCEG(WNN(GCVWTG
.QUVWDQUFGFTGPCLGCNEQNGEVQTPQFGDGPGPVTCTGPEQPVCEVQEQPGNCIWCFGN
EQNGEVQT#VNCU%QREQFKURQPGFGUGRCTCFQTGUFGCEGKVGCIWC
VKRQ15&RCTC
UGRCTCTNCOC[QTRCTVGFGNCEGKVGFGNEQPFGPUCFQCHKPFGCUGIWTCTSWGGN
EQPFGPUCFQEWORNGNQUTGSWKUKVQUFGNCNGIKUNCEKPOGFKQCODKGPVCN
/FWNQFGEQPVTQNEQPRCPGNFGOQPKVQTK\CEKP
7PGNGEVTKEKUVCFGDGCLWUVCTGKPUVCNCTGNECDNGFGUWOKPKUVTQFGGPGTIC
'PECUQFGSWGFGUGGKPUVCNCTWPCTGF+6EQPUWNVGC#VNCU%QREQ
'SWKRCOKGPVQRCTCUKUVGOCFGTGEWRGTCEKPFGGPGTIC
/CPWCNFGKPUVTWEEKQPGU
(KNVTQVKRQ&&EQPHKPGUIGPGTCNGU'NHKNVTQGNKOKPCRCTVEWNCUUNKFCUJCUVC
OKETOGVTQ[EQPVGPKFQUFGCEGKVGTGUKFWCNOZKOQUFGOIO'URQUKDNG
KPUVCNCTWPHKNVTQFGCNVCGHKEKGPEKCVKRQ2&EQPRQUVGTKQTKFCFCWPHKNVTQ&&'UVG
HKNVTQGNKOKPCRCTVEWNCUUNKFCUJCUVCOKETCUEQPWPCTTCUVTGFGCEGKVGOZKOQ
FGOIO2CTCGXKVCTQNQTGU[XCRQTGUFGCEGKVGJC[SWGKPUVCNCTWPHKNVTQVKRQ
3&EQPRQUVGTKQTKFCFCNHKNVTQ2&
5GTGEQOKGPFCKPUVCNCTVWDQUFGFGTKXCEKPEQPXNXWNCUFGDQNCUQDTGECFCHKNVTQ
EQPQDLGVQFGCKUNCTNQUHKNVTQUFWTCPVGNQUVTCDCLQUFGUGTXKEKQUKPGPVQTRGEGTGN
UWOKPKUVTQFGCKTGEQORTKOKFQ
8NXWNCFGUGIWTKFCF
5KUVGOCFGFGTKXCEKPRCTCFGLCTHWGTCFGNEKTEWKVQGNUGECFQTFWTCPVGNQUVTCDCLQUFG
UGTXKEKQ
QREKQPCNEQPUWNVGC#VNCU%QREQ
'PEQORTGUQTGUTGHTKIGTCFQURQTCIWC
'NHNWLQFGCIWC[NCRTGUKPFGDGPCLWUVCTUGGPHWPEKPFGNCUEQPFKEKQPGUNQECNGU
2CTCEQPQEGTNCECNKFCFFGNCIWCFGTGHTKIGTCEKPEQPUWNVGNCUGEEKP4GSWKUKVQUFGN
CIWCFGTGHTKIGTCEKP
'NENKGPVGRWGFGKPUVCNCTWPCXNXWNCFGEKGTTG[QVTCFGFTGPCLGGPNQUVWDQUFG
GPVTCFC[UCNKFCFGCIWCFGNEQORTGUQT5KUGKPUVCNCPXNXWNCUFGEKGTTGGPNQUVWDQU
FGGPVTCFC[UCNKFCFGCIWCFGNEQORTGUQTFGDGKPUVCNCTUGWPFKURQUKVKXQFG
UGIWTKFCFEQPWPCRTGUKPFGCLWUVGCFGEWCFCCNCRTGUKPOZKOCFGGPVTCFCFGN
CIWCFGTGHTKIGTCEKP
EQPUWNVGNCUGEEKP%QPFKEKQPGUFGTGHGTGPEKC[NOKVGUGPVTG
GNVWDQFGUCNKFCFGCIWCFGNEQORTGUQT[NCXNXWNCFGEKGTTG#NCEEKQPCTNCWPKFCF
GNQRGTCFQTFGDGCUGIWTCTUGFGSWGGNUKUVGOCFGCIWCFGTGHTKIGTCEKPPQRWGFG
DNQSWGCTUG.QFGUETKVQCPVGTKQTOGPVGUGCRNKECVCODKPCNUKUVGOCFGCIWCFG
TGHTKIGTCEKPRCTCTGEWRGTCEKPFGGPGTIC'ZVTCKICNQUVCRQPGUFGRNUVKEQ
UKGUVP
KPUVCNCFQUFGNQUVWDQUFGCIWCFGNEQORTGUQT[EQPGEVGNQUVWDQUCNEKTEWKVQFG
CIWCFGTGHTKIGTCEKP
2CTTKNNCFGNCKTGFGTGHTKIGTCEKPUGECFQT
#VGPEKP
'NVTCDCLQEQPOCSWKPCTKCEQPVTQNCFCRQTWPEQPXGTVKFQTFGHTGEWGPEKCTGSWKGTG
RTGECWEKQPGUFGUGIWTKFCFGURGEKCNGU'UVCURTGECWEKQPGUFGUGIWTKFCFFGRGPFGP
FGNVKRQFGTGFWUCFC
UKUVGOC6066Q+6%QPUWNVGC#VNCU%QREQ
/CPWCNFGKPUVTWEEKQPGU
%QPGZKQPGUGNEVTKECU
%QPGZKQPGUGNEVTKECURCTC)#85&[)#85&
/CPWCNFGKPUVTWEEKQPGU
4GHGTGPEKC &GUKIPCEKP
+PUVCNCEKPFGNENKGPVG
1REKPUGECFQT
2CTCEQOWPKECEKPEQP/QFDWU
%QPGZKPGPGUVTGNNCVQFQUNQUFGOUXQNVCLGU
%QPGZKPGPGUVTGNNCFGXGTUKP+6VQFQUNQUQVTQUXQNVCLGU
&GUETKREKP
+PUVCNGWPKPVGTTWRVQTUGRCTCFQT
%QORTWGDGSWGGUVPDKGPUWLGVQUCUWUDQTPGUNQUECDNGUGJKNQUFGNOQVQTGPGNCTOCTKQGNEVTKEQ
%QORTWGDGNQUHWUKDNGU%QPUWNVGNCUGEEKP#LWUVGUFGNQUHWUKDNGU
%QPGEVGNQUECDNGUFGUWOKPKUVTQFGGPGTICGNEVTKECCNQUDQTPGU
[FGNEQPVCEVQT
-
%QPGEVGGNEQPFWEVQTFGRWGUVCCVKGTTCCNRGTPQFGVKGTTC
2'
4GSWKUKVQUFGNCIWCFGTGHTKIGTCEKP
)GPGTCNKFCFGU
5GKPFKECPNQUTGSWKUKVQUUKIWKGPVGUEQOQPQTOCIGPGTCNRCTCRTGXGPKTRTQDNGOCUEQPGNCIWCFG
TGHTKIGTCEKP'PECUQFGFWFCEQPUWNVGC#VNCU%QREQ
/CPWCNFGKPUVTWEEKQPGU
1DUGTXCEKP
'NENQTWTQ[GNUWNHCVQUQPKPVGTCEVKXQU'PWPUKUVGOCFGRCUQEQPVKPWQNCUWOCFGNQUEWCFTCFQUPQ
RWGFGGZEGFGTFG2CTCWPUKUVGOCFGTGEKTEWNCEKPEQPGNVTCVCOKGPVQ[NQUEQPVTQNGUFGDKFQUUG
RGTOKVGWPCUWOCFGNQUEWCFTCFQUFGJCUVC1DUTXGUGSWGGNXCNQTFGUWNHCVQFGDGKPENWKTGN
UWNHKVQGXGPVWCNOGPVGRTGUGPVG
#FKVKXQU
5KHWGTCPGEGUCTKQWVKNK\CTCFKVKXQUGPGNCIWCFGTGHTKIGTCEKPVGPICGPEWGPVCSWGNCECRCEKFCFFG
TGHTKIGTCEKPUGXGTCOQFKHKECFC
2KEVQITCOCU
/QFGNQUFGN)#85&CN)#85&
2KEVQITCOCUOQFGNQUFGN)#85&CN)#85&
4GHGTGPEKC &GUKIPCEKP
&GUEQPGEVGGNXQNVCLG[FGURTGUWTKEGGNEQORTGUQTCPVGUFGTGCNK\CTVCTGCUFG
TGRCTCEKPQOCPVGPKOKGPVQ
/CPVGPICEGTTCFCUNCURWGTVCUFWTCPVGGNHWPEKQPCOKGPVQ
&GUEQPGEVGGNXQNVCLGCPVGUFGSWKVCTNCEWDKGTVCRTQVGEVQTCFGPVTQFGNEWDEWNQ
GNEVTKEQ
#XKUQXQNVCLG
2WPVQFGFTGPCLGCWVQOVKEQFGEQPFGPUCFQ
&GVGPICGNEQORTGUQTCPVGUFGNKORKCTNQUTGHTKIGTCFQTGU
#EGKVGNKIGTCOGPVGNCLWPVCFGNHKNVTQFGCEGKVGCVQTPKNNG[CRTKGVGEQPNCOCPQ
OGFKC
XWGNVCCRTQZKOCFCOGPVG
/CPWCNFGKPUVTWEEKQPGU
4GHGTGPEKC &GUKIPCEKP
%QPUWNVGGN.KDTQFGKPUVTWEEKQPGURCTCEQPQEGTGNUGPVKFQFGIKTQFGNOQVQTCPVGUFG
EQPGEVCTGNEQORTGUQTGNEVTKECOGPVG
'NEQORTGUQTUKIWGRTGUWTK\CFQFWTCPVGUGIWPFQUFGURWUFGFGUEQPGEVCTGN
XQNVCLG
2CTGUFGCRTKGVGRCTCRGTPQUFGCEGTQ
(GQNCVP
%W<P
&GUEQPGEVGGNXQNVCLG[GURGTGOKPWVQUEQOQOPKOQCPVGUFGSWKVCTNCTGLKNNC
5CNKFCFGCEGKVG
QREKPHKNVTQ&&2&
2KEVQITCOCUFGEQORTGUQTGUTGHTKIGTCFQURQTCIWC
4GHGTGPEKC &GUKIPCEKP
'PVTCFCFGCIWCFGTGHTKIGTCEKP
5CNKFCFGCIWCFGTGHTKIGTCEKP
/CPWCNFGKPUVTWEEKQPGU
+PUVTWEEKQPGUFGHWPEKQPCOKGPVQ
#PVGUFGNCTTCPSWGKPKEKCN
5GIWTKFCF
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCURTGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGUKPENWKFCU
NCUSWGUGKPFKECPGPGNRTGUGPVGOCPWCN
(WPEKQPCOKGPVQGPCNVKVWFGZVGTKQTGU
5KGNEQORTGUQTUGGPEWGPVTCKPUVCNCFQGPGZVGTKQTGUQUKGURQUKDNGSWGNCVGORGTCVWTCFGCURKTCEKPFGN
CKTGFGUEKGPFCRQTFGDCLQFG%(JC[SWGVQOCTRTGECWEKQPGU%QPUWNVGC#VNCU%QREQGPVCN
ECUQ[VCODKPUKHWPEKQPCCWPCCNVKVWFUWRGTKQTCO
HV
&GURNC\COKGPVQNGXCPVCOKGPVQ
'URQUKDNGFGURNC\CTGNEQORTGUQTEQPC[WFCFGWPCECTTGVKNNCGNGXCFQTCGPNCUTCPWTCUFGNDCUVKFQT
2TQEWTGPQFCCTNCECTTQEGTCFWTCPVGGNNGXCPVCOKGPVQQVTCPURQTVG#PVGUFGNGXCPVCTGNEQORTGUQT
XWGNXCCKPUVCNCTNQURGTPQUFGVTCPURQTVG
%QPUWNVGNCUGEEKP#TTCPSWGKPKEKCN
#UGITGUGFGSWGNCUJQTSWKNNCUUQDTGUCNGPFGUFGGNQVTQNCFQFGNDCUVKFQT6CODKPGURQUKDNGNGXCPVCT
GNEQORTGUQTFGURWUFGKPVTQFWEKTXKICUGPNCUTCPWTCU#UGITGUGFGSWGNCUXKICUPQUGFGUNK\CP[SWG
UQDTGUCNGPFGUFGGNDCUVKFQTFGOCPGTCWPKHQTOG.CUECFGPCUFGDGPOCPVGPGTUGRCTCNGNCUCNC
ECTTQEGTCEQPC[WFCFGUGRCTCFQTGUFGECFGPCRCTCPQFCCTCNEQORTGUQT'NGSWKRQFGGNGXCEKPFGDG
GUVCTEQNQECFQFGHQTOCSWGGNEQORTGUQTUGNGXCPVGRGTRGPFKEWNCTOGPVG.GXPVGNQEQPUWCXKFCF
RTQEWTCPFQSWGPQUGVWGT\C
#TTCPSWGKPKEKCN
5GIWTKFCF
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU%QPUWNVG
VCODKPNCUGEEKP5QNWEKPFGRTQDNGOCU
2TQEGFKOKGPVQ
2CTCEQPQEGTNCRQUKEKPFGNCXNXWNCFGUCNKFCFGCKTG[NCUEQPGZKQPGUFGFTGPCLG
EQPUWNVGNCUUGEEKQPGU+PVTQFWEEKP[5KUVGOCFGEQPFGPUCFQ
/CPWCNFGKPUVTWEEKQPGU
(KLCEKQPGUFGVTCPURQTVGFGNTGEGRVQTFGCKTGFG)#85&[)#85&
(KLCEKQPGUFGVTCPURQTVGFGNOQVQT[FGNCECLCFGGPITCPCLGUFG)#85&[)#85&
/CPWCNFGKPUVTWEEKQPGU
#TOCTKQGNEVTKEQFG)#85&[)#85&GLGORNQVRKEQ
%QPUWNVGNCUUGEEKQPGU6COCQFGECDNGUGNEVTKEQU2TQRWGUVCUFGKPUVCNCEKP[&KDWLQUFG
FKOGPUKQPGU
*C[SWGSWKVCTNQUHKLCFQTGUFGVTCPURQTVGRKPVCFQUFGTQLQUKIWKGPVGU
2GTPQU
%CUSWKNNQU
5QRQTVGU
%QORTWGDGSWGGUVPJGEJCUNCUEQPGZKQPGUGNEVTKECUEQPHQTOGCNQUEFKIQUNQECNGU[SWG
VQFQUNQUECDNGUGUVPDKGPUWLGVQUCUWUDQTPGU
'NGSWKRQFGDGRQPGTUGCVKGTTC[RTQVGIGTUGFGEQTVQEKTEWKVQURQTOGFKQFGHWUKDNGUFGVKRQ
KPGTVGGPVQFCUNCUHCUGU&GDGKPUVCNCTUGWPKPVGTTWRVQTUGRCTCFQTEGTECFGNEQORTGUQT
%QORTWGDGNQUJKNQUUGNGEVQTGUFGXQNVCLGRQTGNNCFQRTKOCTKQFGNVTCPUHQTOCFQT6
%QORTWGDGGNCLWUVGFGNFKU[WPVQT
3%QORTWGDGVCODKPSWGGNKPVGTTWRVQTGPGNFKU[WPVQT
UGJCNNCGPNCRQUKEKP+
+PUVCNGNCXNXWNCFGUCNKFCFGCKTG
#8EQPUWNVGNCUGEEKP+PVTQFWEEKPRCTCEQPQEGTNC
RQUKEKPFGNCXNXWNC
%KGTTGNCXNXWNC
%QPGEVGNCTGFFGCKTGCNCXNXWNC
'PEQORTGUQTGUGSWKRCFQUEQPWPCFGTKXCEKPFGUGECFQTKPUVCNGNCXNXWNCFGUCNKFCFGCKTGGP
GNVWDQFGFGTKXCEKPFGNUGECFQT
/CPWCNFGKPUVTWEEKQPGU
%QPGEVGNCUUCNKFCUFGFTGPCLGFGNEQPFGPUCFQCWPEQNGEVQTFGFTGPCLG%QPUWNVGNCUGEEKP
5KUVGOCFGEQPFGPUCFQ[RCTCGNECUQFGWP15&EQPUWNVGNCUGEEKP+PUVCNCEKP
2CTCWPKFCFGU(WNNHGCVWTGEQPGEVGVCODKPNCUCNKFCFGFTGPCLGFGEQPFGPUCFQFGNUGECFQTCWP
EQNGEVQTFGFTGPCLG
.QUVWDQUFGFTGPCLGCNEQNGEVQTPQFGDGPGPVTCTGPEQPVCEVQEQPGNCIWC2CTCUCECTCIWC
EQPFGPUCFCRWTCJC[SWGKPUVCNCTWPUGRCTCFQTFGCEGKVGCIWCFGXGPVCEQOQQREKPGP#VNCU
%QREQEQPUWNVGNCUGEEKP7PKFCF15&5KNCUVWDGTCUUGJCPKPUVCNCFQGPGNGZVGTKQTFGNCUCNC
FQPFGRWGFCPSWGFCTGZRWGUVCUCJGNCFCUFGDGPCKUNCTUG
2CTCEQORTGUQTGUEQPWPCEQPGZKPFGHKNVTQ&&Q&&[2&FTGPCLGCWVQOVKEQFGNQUHKNVTQUCN
EQNGEVQTFGFTGPCLGCFGEWCFQ
'PEQORTGUQTGUTGHTKIGTCFQURQTCIWCGNENKGPVGFGDGKPUVCNCTGPNCVWDGTCFGCIWCFG
TGHTKIGTCEKPXNXWNCUFGFTGPCLGXNXWNCUFGEKGTTG[WPCXNXWNCFGTGIWNCEKP
%QORTWGDGGNPKXGNFGCEGKVG
.CCIWLCFGNKPFKECFQTFGPKXGN
)+FGDGGPEQPVTCTUGGPGNECORQUWRGTKQTFGNC\QPCXGTFGQGP
NC\QPCPCTCPLC
2TQXCUGFGCFJGUKXQUSWGCXKUGPCNQRGTCFQTFGSWG
'URQUKDNGSWGGNEQORTGUQTXWGNXCCCTTCPECTCWVQOVKECOGPVGFGURWUFGKPVGTTWREKPFGN
XQNVCLG
UKGUVCEVKXCFQEQPUWNVGC#VNCU%QREQ
'NEQORTGUQTXCEQPVTQNCFQCWVQOVKECOGPVG[RWGFGSWGCTTCPSWGGPEWCNSWKGTOQOGPVQ
'URQUKDNGSWGGNEQORTGUQTXC[COCPFCFQCFKUVCPEKC
'PEQORTGUQTGUTGHTKIGTCFQURQTCIWCEKGTTGNCUXNXWNCUFGFTGPCLGFGCIWCFGTGHTKIGTCEKP
#DTCNCXNXWNCFGGPVTCFCFGNCIWCFGTGHTKIGTCEKP[NCXNXWNCFGTGIWNCEKP
%QPGEVGGNXQNVCLG#TTCPSWGGNEQORTGUQT[RTGNQCNKPUVCPVG
'PEQORTGUQTGUTGHTKIGTCFQURQTCKTGEQORTWGDGNCFKTGEEKPFGTQVCEKPFGNOQVQTFGN
XGPVKNCFQT5GGPEWGPVTCPRTQXKUVCUHNGEJCUFGTQVCEKPXKUKDNGUCVTCXUFGNCTGLKNNCGPGNVGEJQ
GPNCRNCECFGNXGPVKNCFQT5KNCFKTGEEKPFGTQVCEKPGUKPEQTTGEVCCDTCGNKPVGTTWRVQTUGRCTCFQT
FGNCNPGCFGUWOKPKUVTQFGXQNVCLGGKPXKGTVCFQUNPGCUGNEVTKECUFGGPVTCFC
%QORTWGDGNQUCLWUVGURTQITCOCFQU%QPUWNVGNCUGEEKP#LWUVGURTQITCOCDNGU
2QPICGNEQORTGUQTGPOCTEJC[FGLGSWGHWPEKQPGFWTCPVGCNIWPQUOKPWVQU%QORTWGDGSWGGN
EQORTGUQTHWPEKQPCEQPPQTOCNKFCF
#PVGUFGCTTCPECT
1DUGTXCEKQPGU
5KGNEQORTGUQTPQUGJCWVKNK\CFQFWTCPVGNQUNVKOQUOGUGUUGTGEQOKGPFC
GPECTGEKFCOGPVGSWGUGOGLQTGNCNWDTKECEKPFGNGNGOGPVQEQORTGUQTCN
CTTCPECT
#HNQLGNCCDTC\CFGTC
[FGUEQPGEVGNCOCPIWGTCFGGPVTCFC
'P)#85&[)#85&NGXCPVGNCOCPIWGTCFGGPVTCFC
CDTCNC
XNXWNCFGTGVGPEKP
%8[XKGTVCN
75ICN+ORICNFGCEGKVG
GPGNGNGOGPVQEQORTGUQT
8WGNXCCKPUVCNCTNCOCPIWGTCFGGPVTCFC
2CTCEQORTGUQTGU(WNNHGCVWTGEQPGEVGGNXQNVCLGJQTCUCPVGUFGCTTCPECTCHKP
FGGPGTIK\CTGNECNGPVCFQTFGNETVGTFGNEQORTGUQTFGTGHTKIGTCPVGFGNUGECFQT
/CPWCNFGKPUVTWEEKQPGU
7DKECEKPFGNFGUECTICFQTGP)#85&[)#85&
2TQEGFKOKGPVQ
%QPUWNVGNCUGEEKP#TTCPSWGKPKEKCNRCTCEQPQEGTNCWDKECEKPFGNQUEQORQPGPVGUFGNUKUVGOCFG
CEGKVG
%QORTWGDGGNPKXGNFGCEGKVG
)+[CCFCUKGURTGEKUQ.CCIWLCFGDGGPEQPVTCTUGGPGNECORQ
UWRGTKQTFGNC\QPCXGTFGQGPNC\QPCCPCTCPLCFC5KNCCIWLCUGGPEWGPVTCGPNC\QPC.19
$#,1FGURTGUWTKEGGNUKUVGOCFGCEGKVG
EQPUWNVGNCUGEEKP5QNWEKPFGRTQDNGOCU'URGTGC
SWGGNEQORTGUQTUGFGURTGUWTKEG#HNQLGGNVCRPFGNNGPCFQFGCEGKVG
(%FGUCVQTPKNNCPFQUNQ
EQPWPCXWGNVCRCTCSWGGUECRGNCRTGUKPSWGRWGFCJCDGTUGCEWOWNCFQGPGNUKUVGOC'ZVTCKIC
GNVCRPFGNNGPCFQ[CCFCCEGKVGJCUVCSWGGNPKXGNCNECPEGGNEWGNNQFGNNGPCFQ#RTKGVGGN
VCRP
5KGURTGEKUQXCEGGNEQNGEVQTFGRQNXQFGNHKNVTQEQPUWNVGNCUGEEKP(KNVTQFGCKTG
5KGUVEQORNGVCOGPVGGZVTCFCNCRCTVGTQLCFGNKPFKECFQTFGUGTXKEKQFGNHKNVTQFGCKTGTGGORNCEG
GNGNGOGPVQFGNHKNVTQFGCKTG4GUVCDNG\ECGNKPFKECFQTFGUGTXKEKQ
8+CRTGVCPFQGNDQVPWDKECFQ
GPGNGZVTGOQFGNEWGTRQ[TGCTOGGNCXKUQFGUGTXKEKQ
EQPUWNVGNCUGEEKP/GP5GTXKEKQ
'PEQORTGUQTGUTGHTKIGTCFQURQTCIWCVCODKP
%QORTWGDGSWGGUVPEGTTCFCUNCUXNXWNCUFGFTGPCLGFGNCIWCFGTGHTKIGTCEKPGPNCU
VWDGTCUFGGPVTCFC[UCNKFC
#DTCNCXNXWNCFGGPVTCFCFGNCIWCFGTGHTKIGTCEKP
#DTCNCXNXWNCFGTGIWNCEKPFGNHNWLQFGCIWC'UVGRCUQUGRWGFGQOKVKTUKPQUGJC
OQFKHKECFQGNCLWUVGFGFKEJCXNXWNCVTCUWPHWPEKQPCOKGPVQCPVGTKQT
/CPWCNFGKPUVTWEEKQPGU
#TTCPSWG
2TQEGFKOKGPVQ
2CTCEQPQEGTNCRQUKEKPFGNCXNXWNCFGUCNKFCFGCKTG[NCUEQPGZKQPGUFGFTGPCLG
%QPUWNVGNCUUGEEKQPGU+PVTQFWEEKP[5KUVGOCFGEQPFGPUCFQ
2CPGNFGEQPVTQN
%QPGEVGGNXQNVCLG%QORTWGDGSWGUGGPEKGPFGGN.'&FGXQNVCLGEQPGEVCFQ
#RCTGEGGN
OGPUCLG%QORTGUQTQHH
#DTCNCXNXWNCFGUCNKFCFGCKTG
#8
2WNUGGNDQVPFGCTTCPSWG
FGNRCPGNFGEQPVTQN'NEQORTGUQTUGRQPGGPOCTEJC[GN.'&
FGHWPEKQPCOKGPVQCWVQOVKEQ
UGGPEKGPFG
'PEQORTGUQTGUTGHTKIGTCFQURQTCIWCTGIWNGGNHNWLQFGCIWCFGTGHTKIGTCEKPEQPGNEQORTGUQT
CNCOZKOCXGNQEKFCF#LWUVGGNHNWLQFGCIWCRCTCQDVGPGTWPCVGORGTCVWTCRVKOCGPNCUCNKFC
FGNGNGOGPVQGUFGEKTGPVTG[u%
[u(RQTGPEKOCFGNCVGORGTCVWTC
EQTTGURQPFKGPVGKPFKECFCGPNCUKIWKGPVGHKIWTC
2CTCNQITCTWPHWPEKQPCOKGPVQRVKOQNCVGORGTCVWTCFGUCNKFCFGNCIWCFGTGHTKIGTCEKPPQ
FGDGTUQDTGRCUCTPWPECGNXCNQTGURGEKHKECFQGPNCUGEEKP&CVQUFGNEQORTGUQT
%QPUWNVGC#VNCU%QREQUKUGHQTOCTCEQPFGPUCFQFWTCPVGRGTKQFQUFGFGUECTICHTGEWGPVGU
/CPWCNFGKPUVTWEEKQPGU
6GORGTCVWTCOPKOCFGNGNGOGPVQEQORTGUQTRCTCWPKFCFGUTGHTKIGTCFCURQTCIWC
#VGORGTCVWTCFGGPVTCFCFGCKTG
$VGORGTCVWTCFGEQPFGPUCEKP
%RTGUKPFGVTCDCLQ
&JWOGFCFTGNCVKXCFGCKTG
'LGORNQUKUGVTCDCLCCWPCRTGUKPFGDCT
G
RUKIGPWPCVGORGTCVWTCCODKGPVGFGu%
u([WPCJWOGFCFTGNCVKXCFGNCKTGFGWPNCVGORGTCVWTCOPKOCRCTCKORGFKTSWGUGHQTOG
EQPFGPUCFQGUFGu%
u(*C[SWGTGIWNCTGNHNWLQFGCIWCFGTGHTKIGTCEKPFWTCPVGGN
HWPEKQPCOKGPVQGPECTICRCTCNQITCTWPCVGORGTCVWTCGPVTGu%[CRTQZ%
[CRTQZu(
GPNCUCNKFCFGNGNGOGPVQEQORTGUQT
&WTCPVGGNHWPEKQPCOKGPVQ
2TQEGFKOKGPVQ
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU%QPUWNVG
VCODKPNCUGEEKP5QNWEKPFGRTQDNGOCU
/CPVGPICNCURWGTVCUEGTTCFCUFWTCPVGGNHWPEKQPCOKGPVQRWGFGCDTKTNCUPKECOGPVG
RQTDTGXGURGTQFQURCTCNNGXCTCECDQEQORTQDCEKQPGU
5KNQUOQVQTGUGUVPFGVGPKFQU[GN.'&
GPEGPFKFQNQUOQVQTGURQFTCPRQPGTUGGP
OCTEJCCWVQOVKECOGPVG
/CPWCNFGKPUVTWEEKQPGU
2CPGNFGEQPVTQN
7DKECEKPFGNCOKTKNNCFGPKXGNFGCEGKVGGP)#85&[)#85&
/CPWCNFGKPUVTWEEKQPGU
2QUKEKPFGNKPFKECFQTFGUGTXKEKQGP)#85&[)#85&
%QORTWGDGGNPKXGNFGCEGKVGFWTCPVGGNHWPEKQPCOKGPVQNCCIWLCFGNKPFKECFQTFGPKXGN
)NFGDG
GPEQPVTCTUGGPNC\QPCXGTFGFGNQEQPVTCTKQRWNUGGNDQVPFGRCTCFC
%KGTTGNCXNXWNCFGUCNKFCFGCKTG
#8[RWNUGGNDQVPFGRTWGDCUQDTGGNFKURQUKVKXQGNGEVTPKEQFG
FTGPCLGFGCIWCJCUVCSWGGNUKUVGOCFGCKTGGPVTGGNTGEGRVQTFGCKTG[NCXNXWNCFGUCNKFCGUV
EQORNGVCOGPVGFGURTGUWTK\CFC
EQPUWNVGNCUUGEEKQPGU+PVTQFWEEKP[5KUVGOCFGEQPFGPUCFQRCTC
EQPQEGTUWWDKECEKP
2CTC)#85&CN)#85&(WNN(GCVWTGRWNUGVCODKPGNDQVPFGRTWGDCSWGUGGPEWGPVTCUQDTGGN
FKURQUKVKXQGNGEVTPKEQFGFTGPCLGFGCIWCFGNUGECFQTJCUVCSWGGNUKUVGOCFGCKTGGPVTGGNTGEGRVQTFG
CKTG[NCXNXWNCFGUCNKFCGUVEQORNGVCOGPVGFGURTGUWTK\CFC
2WNUGGNDQVPFGRCTCFCFGGOGTIGPEKC
'URGTGCSWGGNEQORTGUQTUGFGURTGUWTKEG#HNQLGGNVCRPFGNNGPCFQFGCEGKVG
(%FGUCVQTPKNNCPFQUNQ
EQPWPCXWGNVCRCTCSWGGUECRGNCRTGUKPSWGRQFTCJCDGTUGCEWOWNCFQGPGNUKUVGOC'ZVTCKICGN
VCRP[CCFCCEGKVGJCUVCSWGGNPKXGNCNECPEGNCCDGTVWTCFGNVCRPFGNNGPCFQ+PUVCNG[CRTKGVGGN
VCRP
(%
5KNCRCTVGEQNQTGCFCFGNKPFKECFQTFGUGTXKEKQ
8+GUVEQORNGVCOGPVGGZVTCFCRCTGGNEQORTGUQT
FGUEQPGEVGGNXQNVCLG[TGGORNCEGGNGNGOGPVQFGNHKNVTQFGCKTG4GRQUKEKQPGGNKPFKECFQTFGUGTXKEKQ
CRTGVCPFQGNDQVPGPGNGZVTGOQFGNEWGTRQ
5KGUVGPEGPFKFQGN.'&FGHWPEKQPCOKGPVQCWVQOVKEQ
GNTGIWNCFQTEQPVTQNCGNEQORTGUQT
CWVQOVKECOGPVGGUFGEKTCLWUVCNCXGNQEKFCFFGNEQORTGUQTCNCRTGUKPFGNCTGFCTTCPECPFQ[
FGVGPKGPFQGNEQORTGUQTEWCPFQUGCPGEGUCTKQ
%QORTWGDGSWGUGFGUECTICEQPFGPUCFQFWTCPVGGNHWPEKQPCOKGPVQCKPVGTXCNQUTGIWNCTGU%QPUWNVGNC
UGEEKP5KUVGOCFGEQPFGPUCFQ[GPECUQFGWP15&EQORTWGDGVCODKPGNPKXGNFGNEQNGEVQTFG
CEGKVGEQPUWNVGNCUGEEKP+PUVTWEEKQPGUFGOCPVGPKOKGPVQ[HWPEKQPCOKGPVQFG15&.CECPVKFCFFG
EQPFGPUCFQFGRGPFGFGNCUEQPFKEKQPGUFGVTCDCLQ[NCUEQPFKEKQPGUOGFKQCODKGPVCNGU
/CPWCNFGKPUVTWEEKQPGU
%QORTQDCTGNFKURNC[
2TQEGFKOKGPVQ
2CPGNFGEQPVTQN
%QORTWGDGGNFKURNC[
TGIWNCTOGPVGRCTCEQPQEGTNCUNGEVWTCU[OGPUCLGU0QTOCNOGPVGGNFKURNC[
OWGUVTCNCRTGUKPFGUCNKFCFGNEQORTGUQTNCXGNQEKFCFFGNOQVQT[NCUCDTGXKCVWTCUFGNCUHWPEKQPGUFG
NCUVGENCUFGDCLQFGNFKURNC[
%QORTWGDGUKGORTGGNFKURNC[
[UQNWEKQPGNCUCXGTCUUKGUVGPEGPFKFQQRCTRCFGCGN.'&FGCNCTOC
%QPUWNVGNCUGEEKP/GP&CVQUFGGUVCFQ
'PGNFKURNC[
CRCTGEGTWPOGPUCLGFGUGTXKEKQUKUGJCGZEGFKFQWPKPVGTXCNQFGNRNCPFGUGTXKEKQQGN
PKXGNFGUGTXKEKQFGWPQFGNQUEQORQPGPVGUOQPKVQTK\CFQU.NGXGCECDQNCUCEEKQPGUFGUGTXKEKQFGNQU
RNCPGUKPFKECFQUQTGGORNCEGGNEQORQPGPVG[TGUVCDNG\ECGNVGORQTK\CFQTGPEWGUVKPEQPUWNVGNC
UGEEKP/GP&CVQUFGGUVCFQ
2WNUGTGIWNCTOGPVGNCVGENCEQPHNGEJCCDCLQ
GPNCRCPVCNNCRTKPEKRCNRCTCQDVGPGTKPHQTOCEKPCEGTEC
FGNGUVCFQCEVWCNFGNEQORTGUQT%QPUWNVGNCUGEEKP%QPUWNVCTRKFCFGNGUVCFQCEVWCNFGNEQORTGUQT
2CTCFC
4GIWNCFQT'NGMVTQPKMQP
2CPGNFGEQPVTQN
/CPWCNFGKPUVTWEEKQPGU
2TQEGFKOKGPVQ
2WNUGGNDQVPFGRCTCFC
'N.'&FGHWPEKQPCOKGPVQCWVQOVKEQ
UGCRCIC'N
EQORTGUQTUGFGVKGPG
2CTCFGVGPGTGNEQORTGUQTCNKPUVCPVGGPECUQFGGOGTIGPEKCRWNUGGNDQVPFG
RCTCFCFGGOGTIGPEKC
'N.'&FGCNCTOC
RCTRCFGC
&GURWUFGUQNWEKQPCTNCCXGTCVKTGFGNDQVPRCTCFGUDNQSWGCTNQ[RWNUGNCVGENC
4GCT
CPVGUFGXQNXGTCCTTCPECT
%KGTTGNCXNXWNCFGUCNKFCFGCKTG
#8
EQPUWNVGNCUGEEKP+PVTQFWEEKP
2WNUGGNDQVPFGRTWGDCUQDTGNQUFKURQUKVKXQUGNGEVTPKEQUFGFTGPCLGFGCIWC
JCUVCSWGGNUKUVGOCFGCKTGGPVTGGNTGEGRVQTFGCKTG[NCXNXWNCFGUCNKFCGUV
EQORNGVCOGPVGFGURTGUWTK\CFQ%QPUWNVGNCUGEEKP5KUVGOCFGEQPFGPUCFQ
&GUEQPGEVGGNXQNVCLG
'PEQORTGUQTGUTGHTKIGTCFQURQTCIWC
%KGTTGNCXNXWNCFGGPVTCFCFGNCIWCFGTGHTKIGTCEKP
5KUGRTGXPVGORGTCVWTCUFGEQPIGNCEKPXCEGEQORNGVCOGPVGGNUKUVGOCFG
TGHTKIGTCEKP
2WGUVCHWGTCFGUGTXKEKQ
#XKUQ
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
2TQEGFKOKGPVQ
2CTGGNEQORTGUQT[EKGTTGNCXNXWNCFGUCNKFCFGCKTG
2WNUGGNDQVPFGRTWGDCUQDTGNQUFKURQUKVKXQUGNGEVTPKEQUFGFTGPCLGFGCIWC
JCUVCSWGGNUKUVGOCFGCKTGGPVTGGNTGEGRVQTFGCKTG[NCXNXWNCFGUCNKFCGUV
EQORNGVCOGPVGFGURTGUWTK\CFQ%QPUWNVGNCUGEEKP5KUVGOCFGEQPFGPUCFQ
FGUCVQTPKNNGGNVCRPFGNNGPCFQFGCEGKVGWPCUQNCXWGNVCPQOUCHKPFGRGTOKVKT
SWGGUECRGNCRTGUKPGXGPVWCNFGNUKUVGOC%QPUWNVGNCUGEEKP%CODKQFGCEGKVG[
HKNVTQUFGCEGKVGRCTCNQECNK\CTGNVCRPFGNNGPCFQ
2WNUGGNDQVPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGNXQNVCLG[FGUEQPGEVGGN
EQORTGUQTFGNCTGFGNEVTKEC
%KGTTG[FGURTGUWTKEGNCRCTVGFGNCTGFFGCKTGEQPGEVCFCCNCXNXWNCFGUCNKFC
5GRCTGGNVWDQFGUCNKFCFGCKTGFGNEQORTGUQTFGNCTGFFGCKTG
'PEQORTGUQTGUTGHTKIGTCFQURQTCIWC
#UNG[UGRCTGGNUKUVGOCFGCIWCFGNCTGFFGCIWCFGTGHTKIGTCEKP
5CSWGGNCEGKVGFGNEKTEWKVQ
8CEGGNCEGKVG
8CEGGNEKTEWKVQFGEQPFGPUCFQ[FGUEQPGEVGNQUVWDQUFGEQPFGPUCFQFGNCTGFFG
EQPFGPUCFQ
/CPWCNFGKPUVTWEEKQPGU
/CPVGPKOKGPVQ
2TQITCOCFGOCPVGPKOKGPVQRTGXGPVKXQ
2CPGNFGEQPVTQN
2CPGNFGEQPVTQN
#XKUQ
#PVGUFGNNGXCTCECDQEWCNSWKGTQRGTCEKPFGOCPVGPKOKGPVQTGRCTCEKPQCLWUVG
RTQEGFCFGNCUKIWKGPVGOCPGTC
2CTGGNEQORTGUQT
%KGTTGNCXNXWNCFGUCNKFCFGCKTG[RWNUGGNDQVPFGRTWGDCUQDTGNQU
FKURQUKVKXQUGNGEVTPKEQUFGFTGPCLGFGCIWCJCUVCSWGGNUKUVGOCFGCKTGGPVTGGN
TGEGRVQTFGCKTG[NCXNXWNCFGUCNKFCGUVEQORNGVCOGPVGFGURTGUWTK\CFQ
2WNUGGNDQVPFGRCTCFCFGGOGTIGPEKC
&GUEQPGEVGGNXQNVCLG
&GURTGUWTKEGGNEQORTGUQT
2CTCQDVGPGTKPUVTWEEKQPGUFGVCNNCFCUEQPUWNVG5QNWEKPFGRTQDNGOCU
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
#PVGUFGNOCPVGPKOKGPVQOGEPKEQ
%KGTTGNCXNXWNCFGUCNKFCFGCKTG[RWNUGGNDQVPFGRTWGDCUQDTGNQUFKURQUKVKXQU
GNGEVTPKEQUFGFTGPCLGFGCIWCJCUVCSWGGNUKUVGOCFGCKTGGPVTGGNTGEGRVQTFGCKTG
[NCXNXWNCFGUCNKFCGUVEQORNGVCOGPVGFGURTGUWTK\CFQ
2CTCEQPQEGTNCWDKECEKPFGNQUEQORQPGPVGUEQPUWNVGNCUGEEKP5KUVGOCFG
EQPFGPUCFQ
#PVGUFGNOCPVGPKOKGPVQGNEVTKEQ
'URGTGFWTCPVGOKPWVQURQTNQOGPQUCPVGUFGGORG\CTGNOCPVGPKOKGPVQ[CSWG
GUVPDCLQCNVCVGPUKPNQUEQPFGPUCFQTGUFGNCWPKFCFFGTGIWNCEKPFGXGNQEKFCF[
CTTCPSWGFWTCPVGOKPWVQUFGURWUFGKPVGTTWORKTGNXQNVCLG
/CPWCNFGKPUVTWEEKQPGU
)CTCPVC[TGURQPUCDKNKFCFFGNRTQFWEVQ
7VKNKEGPKECOGPVGRKG\CUCWVQTK\CFCU%WCNSWKGTFCQQCXGTCTGUWNVCPVGFGNWUQFGRKG\CUPQ
CWVQTK\CFCUPQGUVEWDKGTVQRQTNC)CTCPVCPKRQTNC4GURQPUCDKNKFCFFGN2TQFWEVQ
,WGIQUFGUGTXKEKQ
UGTXKEGMKVU
5GGPEWGPVTCPFKURQPKDNGU UGTXKEGMKVU RCTCTGXKUKQPGUQOCPVGPKOKGPVQRTGXGPVKXQ
XCUGNC
UGEEKP,WGIQUFGUGTXKEKQ
UGTXKEGMKVU
%QPVTCVQUFGUGTXKEKQ
#VNCU%QREQQHTGEGXCTKQUVKRQUFGEQPVTCVQUFGUGTXKEKQGXKVPFQNGCUEWCNSWKGTVTCDCLQFG
OCPVGPKOKGPVQRTGXGPVKXQ%QPUWNVGCN%GPVTQFG5GTXKEKQC%NKGPVGUFG#VNCU%QREQ
)GPGTCNKFCFGU
#NTGXKUCTECODKGVQFCUNCULWPVCULWPVCUVTKECU[CTCPFGNCUFGUOQPVCFCU
+PVGTXCNQU
'N%GPVTQFG5GTXKEKQC%NKGPVGUFG#VNCU%QREQNQECNRWGFGQDXKCTGNRTQITCOCFGOCPVGPKOKGPVQ
GURGEKCNOGPVGGPNQSWGUGTGHKGTGCNQUKPVGTXCNQUFGUGTXKEKQGPHWPEKPFGNCUEQPFKEKQPGUCODKGPVCNGU
[FGVTCDCLQFGNEQORTGUQT
.CUEQORTQDCEKQPGUFGNQUKPVGTXCNQUNCTIQUFGDGPVCODKPKPENWKTNCUFGNQUKPVGTXCNQUEQTVQU
2NCPGUFGUGTXKEKQ
#FGOUFGNCUEQORTQDCEKQPGUFKCTKCU[VTKOGUVTCNGUNCUQRGTCEKQPGUFGUGTXKEKQUG
CITWRCPGPRNCPGUNNCOCFQU2NCPGUFG5GTXKEKQ#$GVEEQOQUGGURGEKHKECGPGN
RTQITCOCUKIWKGPVG
%CFCRNCPVKGPGWPKPVGTXCNQFGVKGORQRTQITCOCFQCNSWGFGDGPNNGXCTUGCECDQ
VQFCUNCUCEEKQPGUFGUGTXKEKQRGTVGPGEKGPVGUCFKEJQRNCP#NCNECP\CTGNKPVGTXCNQ
CRCTGEGTWPOGPUCLGGPNCRCPVCNNCSWGKPFKECSW2NCPGUFGUGTXKEKQFGDGP
TGCNK\CTUGEQPUWNVGNCUGEEKP/GP&CVQUFGGUVCFQ*C[SWGTGCTOCTNQU
KPVGTXCNQUFGURWUFGNUGTXKEKQEQPUWNVGNCUGEEKP/GP5GTXKEKQ
2TQITCOCFGOCPVGPKOKGPVQRTGXGPVKXQ
)GPGTCNKFCFGU
2GTQFQ 1RGTCEKP
&KCTKQ %QORTWGDGGNPKXGNFGNCEGKVG
%QORTWGDGNCUKPFKECEKQPGUGPGNFKURNC[
%QORTWGDGGNKPFKECFQTFGUGTXKEKQFGNHKNVTQFGCKTG
/CPWCNFGKPUVTWEEKQPGU
2GTQFQ 1RGTCEKP
'PEQORTGUQTGUTGHTKIGTCFQURQTCIWCEQORTWGDGGNHNWLQFGCIWCFGTGHTKIGTCEKP
%CFCOGUGU %QORTWGDGNQUTGHTKIGTCFQTGUNORKGNQUGPECUQRTGEKUQ
'PEQORTGUQTGUEQPUGECFQTKPVGTPQEQORTWGDGGNEQPFGPUCFQTFGNUGECFQT[
NORKGNQGPECUQPGEGUCTKQ
4GVKTG[GZCOKPGGNGNGOGPVQFGNHKNVTQFGCKTG5KGUPGEGUCTKQKPUWHNGCKTGRCTC
NKORKCTNQ[GZCOPGNQCEQPVKPWCEKP
/UCOGPWFQUKUGVTCDCLCGPWPCODKGPVGRQNXQTKGPVQ
4GGORNCEGGNGOGPVQUFCCFQUQOW[EQPVCOKPCFQU
%QORTWGDGSWGUGFGUECTICEQPFGPUCFQCNRWNUCTGNDQVPFGRTWGDCUQDTGGN
FKURQUKVKXQGNGEVTPKEQFGFTGPCLGFGCIWC
/CPWCNFGKPUVTWEEKQPGU
+ORQTVCPVG
%QPUWNVGUKGORTGC#VNCU%QREQRCTCOQFKHKECTGNCLWUVGFGWPVGORQTK\CFQT
2CTCEQPQEGTGNKPVGTXCNQFGECODKQFGCEGKVG[HKNVTQFGCEGKVGGPEQPFKEKQPGU
GZVTGOCUFGVGORGTCVWTCJWOGFCFQCKTGFGTGHTKIGTCEKPEQPUWNVGC#VNCU
%QREQ
&GDGTGRCTCTEWCNSWKGTHWICKPOGFKCVCOGPVG*C[SWGUWUVKVWKTVWDGTCUQLWPVCU
HNGZKDNGUFCCFCU
/QVQTFGCEEKQPCOKGPVQ
/QFGNQU)#85&[)#85&
'NEQLKPGVGFGNNCFQUKPCEEKQPCOKGPVQGUVGPITCUCFQFGRQTXKFC
'NEQLKPGVGFGNNCFQFGCEEKQPCOKGPVQGUVNWDTKECFQRQTGNUKUVGOCFGCEGKVG
'URGEKHKECEKQPGUFGNCEGKVG
0QOG\ENGPWPECCEGKVGUFGOCTECUQVKRQUFKHGTGPVGU
2CTCCUGIWTCTWPCDWGPCECNKFCFFGNCEGKVGFTGPGGNEQORTGUQTGPVQFQUNQURWPVQU
FGFTGPCLG.QUCEGKVGUWUCFQUSWGUGFGLCPGPGNEQORTGUQTRWGFGPEQPVCOKPCTGN
UKUVGOCFGCEGKVG
5GTGEQOKGPFCOW[GPECTGEKFCOGPVGSWGWVKNKEG#VNCU%QREQ(NWKF%QPUWNVGNCUGEEKP2TQITCOCFG
OCPVGPKOKGPVQRTGXGPVKXQ
/CPWCNFGKPUVTWEEKQPGU
#VNCU%QREQ4QVQ+PLGEV(NWKF
#EGKVGRCTCWPKFCFGU+'%[WPKFCFGU%5#7.EQPWPXQNVCLGFGOQVQTFG8
#VNCU%QREQ4QVQ+PLGEV(NWKFGUWPCEGKVGGURGEKCNRCTCEQORTGUQTGUFGGURKTCN[VQTPKNNQEQPKP[GEEKP
FGCEGKVGSWGOCPVKGPGGNEQORTGUQTGPGZEGNGPVGGUVCFQ4QVQ+PLGEV(NWKFRWGFGWVKNK\CTUGRCTC
EQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu%
u([u%
u(
EQPUWNVGNCUGEEKP,WGIQUFGUGTXKEKQ
#VNCU%QREQ*&4QVQ(NWKF2NWU
#EGKVGRCTCWPKFCFGU%5#7.GZEGRVQRCTCWPKFCFGUEQPWPXQNVCLGFGOQVQTFG8
#EGKVGGURGEKCNUWOKPKUVTCFQEQOQQREKPRCTCWPKFCFGU+'%[WPKFCFGU%5#7.EQPWPXQNVCLGFG
OQVQTFG8
#VNCU%QREQ*&4QVQ(NWKF2NWUGUWPCEGKVGGURGEKCNRCTCEQORTGUQTGUFGGURKTCN[VQTPKNNQEQPKP[GEEKP
FGCEGKVGSWGOCPVKGPGGNEQORTGUQTGPGZEGNGPVGGUVCFQ*&4QVQ(NWKF2NWURWGFGWVKNK\CTUGRCTC
EQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu%
u([u%
u(
EQPUWNVGNCUGEEKP,WGIQUFGUGTXKEKQ
#VNCU%QREQ4QVQ'ZVTGOG&WV[
#EGKVGGURGEKCNUWOKPKUVTCFQEQOQQREKP
#VNCU%QREQ*&4QVQ'ZVTGOG&WV[(NWKFGUWPCEGKVGGURGEKCNRCTCEQORTGUQTGUFGGURKTCN[VQTPKNNQEQP
KP[GEEKPFGCEGKVGSWGOCPVKGPGGNEQORTGUQTGPGZEGNGPVGGUVCFQ#VNCU%QREQ*&4QVQ'ZVTGOG&WV[
(NWKFRWGFGWVKNK\CTUGRCTCEQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu%
u
([u%
u(
EQPUWNVGNCUGEEKP,WGIQUFGUGTXKEKQ
#VNCU%QREQ(QQF)TCFG
#EGKVGGURGEKCNUWOKPKUVTCFQEQOQQREKP
#VNCU%QREQ(QQF)TCFG(NWKFGUWPNWDTKECPVGUKPVVKEQFGCNVCECNKFCFGZENWUKXQETGCFQGURGEKCNOGPVG
RCTCEQORTGUQTGUFGVQTPKNNQEQPKP[GEEKPFGCEGKVGSWGUWOKPKUVTCPCKTGRCTCNCKPFWUVTKCFG
CNKOGPVCEKP'UVGNWDTKECPVGOCPVKGPGGNEQORTGUQTGPRGTHGEVQGUVCFQ'NCEGKVG(QQF)TCFGRWGFG
WVKNK\CTUGRCTCEQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu%
u([u%
u(
EQPUWNVGNCUGEEKP,WGIQUFGUGTXKEKQ
#VNCU%QREQ5[PVJGVKE2#1(NWKFRCTCCRNKECEKQPGUFGOGODTCPC
#EGKVGGURGEKCNUWOKPKUVTCFQEQOQQREKP
#VNCU%QREQ5[PVJGVKE2#1(NWKFRCTCCRNKECEKQPGUFGOGODTCPCGUWPNWDTKECPVGUKPVVKEQFGCNVC
ECNKFCFGZENWUKXQETGCFQGURGEKCNOGPVGRCTCCRNKECEKQPGUFGOGODTCPC'UVGNWDTKECPVGOCPVKGPGGN
EQORTGUQTGPRGTHGEVQGUVCFQ5[PVJGVKE2#1(NWKFRCTCCRNKECEKPFGOGODTCPCRWGFGWVKNK\CTUGRCTC
EQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu%
u([u%
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EQPUWNVGNCUGEEKP,WGIQUFGUGTXKEKQ
1DUGTXCEKP
'NFGRUKVQFGCKTGVCPSWGFGCEGKVGNNGXCWPCGVKSWGVCSWGKPFKECGNVKRQFGCEGKVG
NNGPCFQGPHDTKEC
/CPWCNFGKPUVTWEEKQPGU
%CODKQFGCEGKVG[HKNVTQUFGCEGKVG
#XKUQ
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
2TQEGFKOKGPVQ
%QORQPGPVGUFGNUKUVGOCFGCEGKVGFG)#85&[)#85&
6CRQPGUFGFTGPCLGFGCEGKVGFG)#85&[)#85&
/CPWCNFGKPUVTWEEKQPGU
2QPICGPOCTEJCGNEQORTGUQT[GURGTGCSWGUGECNKGPVGEKGTTGNCXNXWNCFGUCNKFCFGCKTG[
FGLGHWPEKQPCTGNEQORTGUQTFWTCPVGOKPWVQUCNCXGNQEKFCFOPKOC&GVGPICGNEQORTGUQT
RWNUGGNDQVPFGRCTCFCFGGOGTIGPEKC[GURGTGCSWGGNEQORTGUQTUGFGURTGUWTKEG
#HNQLGGNVCRPFGNNGPCFQFGCEGKVG
(%FGUCVQTPKNNCPFQUNQEQPWPCXWGNVCRCTCSWGGUECRG
NCRTGUKPSWGRQFTCJCDGTUGCEWOWNCFQGPGNUKUVGOC
#HNQLGGNVCRPFGXGPVKNCEKPFGNTGHTKIGTCFQTFGCEGKVG[GURGTGOKPWVQU
%QPUWNVGNCUGEEKP+PVTQFWEEKPRCTCEQPQEGTNCRQUKEKPFGNVCRPFGXGPVKNCEKP
82
'ZVTCKICGNVCRPFGFTGPCLG
&2[CDTCNCXNXWNCFGFTGPCLG
&O
+IWCNOGPVGFTGPGGNCEGKVGSWKVCPFQNQUVCRQPGUFGFTGPCLG
GPNCXNXWNCFGTGVGPEKP
&2
GPNCECLCFGGPITCPCLGU
&2
4GEQLCGNCEGKVGGPWPTGEKRKGPVG[GPVTIWGNQCNUGTXKEKQFGTGEQIKFCFGCEGKVG4GKPUVCNG[
CRTKGVGNQUVCRQPGUFGFTGPCLG[XGPVKNCEKPFGURWUFGNFTGPCLG
%KGTTGNCXNXWNCFGFTGPCLG
&O
&GUCVQTPKNNGNQURGTPQUFGNCVCRC
[GZVTKICNC5CSWGGNGNGOGPVQFGNHKNVTQFGCKTGFGNC
ECLCFGNHKNVTQFGCEGKVG
1(+PUVCNGWPPWGXQHKNVTQFGCEGKVG.WDTKSWGEQPCEGKVGNCPWGXC
LWPVC+PUVCNGNCVCRC[CVQTPKNNGNQURGTPQU
CNCECLCFGNHKNVTQFGCEGKVG
'ZVTCKICGNVCRPFGNNGPCFQ
(%
.NGPGGNFGRUKVQFGCKTG
#4EQPCEGKVGJCUVCSWGGNPKXGNNNGIWGCNEWGNNQFGNNGPCFQ
%WKFGFGSWGPQECKICUWEKGFCFGPGNUKUVGOC4GKPUVCNG[CRTKGVGGNVCRPFGNNGPCFQ
(%
*CICHWPEKQPCTGNEQORTGUQTGPECTICWPQUOKPWVQU2CTGGNEQORTGUQT[GURGTGWPQU
OKPWVQUCHKPFGRGTOKVKTSWGUGTGRQUGGNCEGKVG
&GURTGUWTKEGGNUKUVGOCFGUCVQTPKNNCPFQGNVCRPFGNNGPCFQ
(%WPCUQNCXWGNVCRCTCRGTOKVKT
SWGGUECRGNCRTGUKPSWGRQFTCJCDGTUGCEWOWNCFQGPGNUKUVGOC'ZVTCKICGNVCRP
.NGPGGNFGRUKVQFGCKTGEQPCEGKVGJCUVCSWGGNPKXGNNNGIWGCNEWGNNQFGNNGPCFQ
#RTKGVGGNVCRPFGNNGPCFQ
4GUVCDNG\ECGNVGORQTK\CFQTFGUGTXKEKQ
7PCXG\TGCNK\CFCUVQFCUNCUCEEKQPGUFGUGTXKEKQEQPHQTOGCNRNCPFGUGTXKEKQ
EQTTGURQPFKGPVGTGUVCDNG\ECGNCXKUQFGUGTXKEKQ
EQPUWNVGNCUGEEKP/GP5GTXKEKQ
#NOCEGPCOKGPVQFGURWUFGNCKPUVCNCEKP
2TQEGFKOKGPVQ
2QPICGPOCTEJCGNEQORTGUQTRQTGLGORNQFQUXGEGUCNCUGOCPCJCUVCSWGUGECNKGPVG
5KGNEQORTGUQTUGXCCCNOCEGPCTUKPHWPEKQPCTFGXG\GPEWCPFQVQOGNCUOGFKFCU
FGRTQVGEEKPSWGEQTTGURQPFCP%QPUWNVGC#VNCU%QREQ
,WGIQUFGUGTXKEKQ
UGTXKEGMKVU
&GUETKREKP
5GGPEWGPVTCPFKURQPKDNGULWGIQUFGUGTXKEKQ
UGTXKEGMKVU SWGQHTGEGPNCUXGPVCLCUFGNCURKG\CU
QTKIKPCNGUFG#VNCU%QREQ[CNOKUOQVKGORQOCPVKGPGPDCLQUWRTGUWRWGUVQFGOCPVGPKOKGPVQ.QU
LWGIQUEQPVKGPGPVQFCUNCURKG\CUPGEGUCTKCURCTCGNUGTXKEKQ
/CPWCNFGKPUVTWEEKQPGU
5GTXKEGMKV RCTCHKNVTQUFGCEGKVG[HKNVTQUFGCKTG
5GTXKEGMKV RCTCUGRCTCFQTFGCEGKVG
#VNCU%QREQ4QVQ+PLGEV(NWKF
%QPUWNVGVCODKPNCUGEEKP'URGEKHKECEKPFGCEGKVG
0OGTQFGRGFKFQ
.CVCFGNKVTQU
75ICN+ORICN
.CVCFGNKVTQU
75ICN+ORICN
$CTTKNFGNKVTQU
75ICN+ORICN
#VNCU%QREQ*&4QVQ(NWKF2NWU
%QPUWNVGVCODKPNCUGEEKP'URGEKHKECEKPFGCEGKVG
0OGTQFGRGFKFQ
.CVCFGNKVTQU
75ICN+ORICN
$CTTKNFGNKVTQU
75ICN+ORICN
#VNCU%QREQ4QVQ'ZVTGOG&WV[
%QPUWNVGVCODKPNCUGEEKP'URGEKHKECEKPFGCEGKVG
0OGTQFGRGFKFQ
.CVCFGNKVTQU
75ICN+ORICN
.CVCFGNKVTQU
75ICN+ORICN
#VNCU%QREQ(QQF)TCFG
%QPUWNVGVCODKPNCUGEEKP'URGEKHKECEKPFGCEGKVG
0OGTQFGRGFKFQ
.CVCFGNKVTQU
75ICN+ORICN
$CTTKNFGNKVTQU
75ICN+ORICN
/CPWCNFGKPUVTWEEKQPGU
#VNCU%QREQ5[PVJGVKE2#1(NWKFRCTCCRNKECEKQPGUFGOGODTCPC
%QPUWNVGVCODKPNCUGEEKP'URGEKHKECEKPFGCEGKVG
0OGTQFGRGFKFQ
.CVCFGNKVTQU
75ICN+ORICN
/CPWCNFGKPUVTWEEKQPGU
#LWUVGU[RTQEGFKOKGPVQUFGUGTXKEKQ
(KNVTQFGCKTG
7DKECEKPFGNHKNVTQFGCKTG
(KNVTQFGCKTG)#85&[)#85&
4GEQOGPFCEKQPGU
0QGZVTCKICPWPECGNGNGOGPVQEQPGNEQORTGUQTGPOCTEJC
2CTCTGFWEKTCNOPKOQGNVKGORQFGRCTCFCFGNEQORTGUQTECODKGGNGNGOGPVQUWEKQRQTQVTQPWGXQ
&GUGEJGEWCNSWKGTGNGOGPVQSWGGUVFCCFQ
2TQEGFKOKGPVQ
2CTGGNEQORTGUQT&GUEQPGEVGGNXQNVCLG
5WGNVGNCUCDTC\CFGTCUFGNHKNVTQFGCKTG
#([GZVTCKICGNEQNGEVQTFGRQNXQ[GNGOGPVQHKNVTCPVGFG
CKTG.KORKGGNEQNGEVQT&GUGEJGGNGNGOGPVQHKNVTCPVG
+PUVCNGGNPWGXQGNGOGPVQ[EQNGEVQT
4GCTOGGNKPFKECFQTFGUGTXKEKQ
CRTGVCPFQGNDQVPGPGNGZVTGOQFGNEWGTRQ
4GCTOGGNCXKUQFGUGTXKEKQFGNHKNVTQFGCKTG
7PCXG\TGCNK\CFCUVQFCUNCUCEEKQPGUFGUGTXKEKQEQPHQTOGCNRNCPFGUGTXKEKQEQTTGURQPFKGPVG
TGUVCDNG\ECGNCXKUQFGUGTXKEKQ
EQPUWNVGNCUGEEKP/GP5GTXKEKQ
4GHTKIGTCFQTGU
.KORKG\C
/CPVGPICNKORKQUNQUTGHTKIGTCFQTGURCTCTGVGPGTNCGHKEKGPEKCFGTGHTKIGTCEKP
'PEQORTGUQTGUTGHTKIGTCFQURQTCKTG
/CPWCNFGKPUVTWEEKQPGU
2CTGGNEQORTGUQTEKGTTGNCXNXWNCFGUCNKFCFGCKTG[FGUEQPGEVGGNXQNVCLG
%WDTCVQFCUNCURKG\CUFGDCLQFGNQUTGHTKIGTCFQTGU
'ZVTCKICGNFGHNGEVQTNCVGTCNSWGEWDTGGNEQORCTVKOGPVQFGNXGPVKNCFQT
'ZVTCKICVQFQGNRQNXQFGNQUTGHTKIGTCFQTGUEQPWPEGRKNNQFGEGTFCU%GRKNNGGPNCFKTGEEKPFGNCU
CNGVCUFGGPHTKCOKGPVQ
'NKOKPGVCODKPVQFQGNRQNXQFGNXGPVKNCFQTEQPWPEGRKNNQFGHKDTCU
5GIWKFCOGPVGUQRNGEQPCKTGEQORTKOKFQGPUGPVKFQQRWGUVQCNHNWLQPQTOCN7VKNKEGCKTGFGDCLC
RTGUKP5KGUPGEGUCTKQUGRWGFGKPETGOGPVCTNCRTGUKPJCUVCDCT
G
RUKI
5KGURTGEKUQSWGUGNKORKGPNQUTGHTKIGTCFQTGUEQPC[WFCFGWPFGVGTIGPVGEQPUWNVGC#VNCU%QREQ
4GVKTGGNRCQSWGJCWVKNK\CFQFWTCPVGNCNKORKG\C
%QNQSWGGNFGHNGEVQTNCVGTCNSWGEWDTGGNEQORCTVKOGPVQFGNXGPVKNCFQT
'PEQORTGUQTGUTGHTKIGTCFQURQTCIWC
%QPUWNVGC#VNCU%QREQRCTCNCNKORKG\C
8NXWNCFGUGIWTKFCF
2QUKEKPFGXNXWNCFGUGIWTKFCF
/QFGNQU)#85&[)#85&
#EEKQPCOKGPVQ
#EEKQPGNCXNXWNCFGUGIWTKFCFFGUCVQTPKNNCPFQNCVCRCWPCQFQUXWGNVCU[CVQTPKNNPFQNCFGPWGXQ
2TWGDC
#PVGUFGSWKVCTNCXNXWNCFGURTGUWTKEGGNEQORTGUQT%QPUWNVGNCUGEEKP5QNWEKPFGRTQDNGOCU
.CXNXWNC
58RWGFGRTQDCTUGGPWPCNPGCFGCKTGEQORTKOKFQUGRCTCFC5KPQUGCDTGNCXNXWNCCNC
RTGUKPKPFKECFCGPNCOKUOCEQPUWNVGC#VNCU%QREQ
/CPWCNFGKPUVTWEEKQPGU
#XKUQ
0QUGRGTOKVGPKPIPCLWUVG0WPECFGLGHWPEKQPCTGNEQORTGUQTUKPNCXNXWNCFG
UGIWTKFCF
/CPWCNFGKPUVTWEEKQPGU
5QNWEKPFGRTQDNGOCU
5QNWEKPFGRTQDNGOCU
#XKUQ
#PVGUFGGORG\CTGNVTCDCLQFGOCPVGPKOKGPVQTGRCTCEKPQCLWUVGRWNUGGNDQVP
FGRCTCFC[GURGTGJCUVCSWGUGRCTGGNEQORTGUQT
%KGTTGNCXNXWNCFGUCNKFCFGCKTG[RWNUGGNDQVPFGRTWGDCUQDTGNQUFKURQUKVKXQU
GNGEVTPKEQUFGFTGPCLGFGCIWCJCUVCSWGGNUKUVGOCFGCKTGGPVTGGNTGEGRVQTFGCKTG
[NCXNXWNCFGUCNKFCGUVEQORNGVCOGPVGFGURTGUWTK\CFQ
2WNUGGNDQVPFGRCTCFCFGGOGTIGPEKC[FGUEQPGEVGGNXQNVCLG
&GURTGUWTKEGGNEQORTGUQTCDTKGPFQGNVCRPFGNNGPCFQFGCEGKVGWPCXWGNVC
2CTCKPHQTOCTUGUQDTGGNGORNC\COKGPVQFGNQUEQORQPGPVGUEQPUWNVGNCU
UGEEKQPGU
+PVTQFWEEKP
5KUVGOCFGEQPFGPUCFQ
#TTCPSWGKPKEKCN
#DTC[DNQSWGGGNKPVGTTWRVQTUGRCTCFQT
.CXNXWNCFGUCNKFCFGCKTGRWGFGUGTDNQSWGCFCFWTCPVGGNOCPVGPKOKGPVQQ
TGRCTCEKQPGUFGNCOCPGTCUKIWKGPVG
%KGTTGNCXNXWNC
'ZVTCKICGNVQTPKNNQSWGUWLGVCGNOCPIQEQPNCNNCXGSWGUGGPVTGICEQPGN
EQORTGUQT
.GXCPVGGNOCPIQ[ITGNQJCUVCSWGGNTGDQTFGFGDNQSWGQGPGNEWGTRQFGNC
XNXWNCGPECLGGPNCTCPWTCFGNOCPIQ
+PUVCNGGNVQTPKNNQ
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
#PVGUFGNOCPVGPKOKGPVQOGEPKEQ
2WNUGGNDQVPFGRTWGDCUQDTGNQUFKURQUKVKXQUGNGEVTPKEQUFGFTGPCLGFGCIWC
JCUVCSWGGNUKUVGOCFGCKTGGPVTGGNTGEGRVQTFGCKTG[NCXNXWNCFGUCNKFCGUV
EQORNGVCOGPVGFGURTGUWTK\CFQ
2CTCEQPQEGTNCWDKECEKPFGNQUEQORQPGPVGUEQPUWNVGNCUGEEKP5KUVGOCFG
EQPFGPUCFQ
#PVGUFGNOCPVGPKOKGPVQGNEVTKEQ
'URGTGWPOPKOQFGOKPWVQUCPVGUFGGORG\CTEWCNSWKGTTGRCTCEKPGNEVTKEC[C
SWGWPCXG\FGUEQPGEVCFQGNXQNVCLGNQUEQPFGPUCFQTGUFGNCWPKFCFFGTGIWNCEKP
FGXGNQEKFCF[CTTCPSWGTGVKGPGPNCCNVCVGPUKPFWTCPVGOKPWVQUOU
(CNNQU[UQNWEKQPGU
5KGN.'&FGCNCTOCGUVGPEGPFKFQQRCTRCFGCEQPUWNVGNCUUGEEKQPGU/GP&CVQUFGGUVCFQ[/GP
5GTXKEKQ
/CPWCNFGKPUVTWEEKQPGU
/CPWCNFGKPUVTWEEKQPGU
/CPWCNFGKPUVTWEEKQPGU
&CVQUVEPKEQU
+PFKECEKQPGUGPGNFKURNC[
&KURNC[FGNTGIWNCFQT'NGMVTQPKMQP
4GIWNCFQT'NGMVTQPKMQP++
+ORQTVCPVG
.CUNGEVWTCUOGPEKQPCFCUCPVGTKQTOGPVGUQPXNKFCUDCLQNCUEQPFKEKQPGUFG
TGHGTGPEKC
XCUGNCUGEEKP%QPFKEKQPGUFGTGHGTGPEKC[NOKVGU
4GHGTGPEKC .GEVWTC
2TGUKPFGUCNKFCFG &GRGPFGFGNRWPVQFGCLWUVG
RTGUKPFGUGCFCFGNCTGF
CKTG
6GORGTCVWTCFGUCNKFC #RTQZu%
u(UWRGTKQTCNCVGORGTCVWTCCODKGPVG
FGNGNGOGPVQ
EQORTGUQT
6GORGTCVWTCFGNRWPVQ #RTQZu%
u(
FGTQEQ
6GORGTCVWTCFGUCNKFC #RTQZu%
u(
FGNCIWCFG
TGHTKIGTCEKP
EQORTGUQTGU
TGHTKIGTCFQURQTCIWC
/CPWCNFGKPUVTWEEKQPGU
6COCQFGECDNGUGNEVTKEQU
#VGPEKP
.CUTGINCUNQECNGUUKIWGPGPXKIQTUKUQPOUGUVTKEVCUSWGNQUXCNQTGURTQRWGUVQU
CDCLQ
.CECFCFGXQNVCLGPQFGDGGZEGFGTWPFGNXQNVCLGPQOKPCN2WGFGSWGUGC
PGEGUCTKQWVKNK\CTECDNGUFGVCOCQOC[QTSWGNQUGURGEKHKECFQUCHKPFGEWORNKTEQP
GUVCGZKIGPEKC
7UGNCGPVTCFCRCTCECDNGQTKIKPCN%QPUWNVGNCUGEEKP&KDWLQUFGFKOGPUKQPGU
'NXQNVCLGGPNQUDQTPGUFGNEQORTGUQTPQRWGFGFGUXKCTUGGPOUFGWPFGN
XQNVCLGPQOKPCN
6COCQFGECDNGU
/PKOQRCTCECDNGUFGCNKOGPVCEKPFGXCTKQUPENGQUCu%
u(
/PKOQRCTCECDNGUFGCNKOGPVCEKPFGXCTKQUPENGQUCu%
u(
/CPWCNFGKPUVTWEEKQPGU
/PKOQRCTCECDNGUFGCNKOGPVCEKPFGXCTKQUPENGQUCu%
u(
#LWUVGUFGNFKU[WPVQTFGNOQVQTFGNXGPVKNCFQT
&KU[WPVQT
)#85& )#85&
(TGEWGPEKC
*\ 8QNVCLG
8 &KU[WPVQTFGNOQVQT &KU[WPVQTFGNOQVQT
FGNXGPVKNCFQT3
# FGNXGPVKNCFQT3
#
+'%
%5#7.
#LWUVGUFGNQUHWUKDNGU
(WUKDNGU
2CTCNCUWPKFCFGU+'%
%QPUWNVGNCUGEEKP6COCQFGECDNGUGNEVTKEQU[NCVCDNCSWGUGOWGUVTCCEQPVKPWCEKPRCTCEQPQEGT
GNXCNQTEQTTGEVQFGHWUKDNGU
6COCQFGECDNGU (WUKDNG
OO
#
/CPWCNFGKPUVTWEEKQPGU
2CTCNCUWPKFCFGU%5#7.
%QPFKEKQPGUFGTGHGTGPEKC[NKOKVCEKQPGU
%QPFKEKQPGUFGTGHGTGPEKC
2TGUKP
CDUQNWVCFGGPVTCFCFGCKTG DCT
2TGUKP
CDUQNWVCFGGPVTCFCFGCKTG RUK
6GORGTCVWTCFGGPVTCFCFGCKTG u%
6GORGTCVWTCFGGPVTCFCFGCKTG u(
*WOGFCFTGNCVKXC
2TGUKPFGVTCDCLQRCTC)#[)#85& %QPUWNVGNCUGEEKP&CVQUFGN
EQORTGUQT
'PWPKFCFGUTGHTKIGTCFCURQTCIWCVCODKP
6GORGTCVWTCFGGPVTCFCFGNCIWCFGTGHTKIGTCEKP u%
6GORGTCVWTCFGGPVTCFCFGNCIWCFGTGHTKIGTCEKP u(
.OKVGU
2TGUKPFGVTCDCLQOZKOCRCTC)#C)#85& %QPUWNVGNCUGEEKP&CVQUFGN
EQORTGUQT
2TGUKPOPKOCFGVTCDCLQ DCT
G
2TGUKPOPKOCFGVTCDCLQ RUKI
6GORGTCVWTCOZKOCFGGPVTCFCFGCKTG u%
6GORGTCVWTCOZKOCFGGPVTCFCFGCKTG u(
6GORGTCVWTCOPKOCFGGPVTCFCFGCKTG u%
6GORGTCVWTCOPKOCFGGPVTCFCFGCKTG u(
/CPWCNFGKPUVTWEEKQPGU
'PWPKFCFGUTGHTKIGTCFCURQTCIWCVCODKP
6GORGTCVWTCOZKOCFGUCNKFCFGNCIWCFG u%
TGHTKIGTCEKP
6GORGTCVWTCOZKOCFGUCNKFCFGNCIWCFG u(
TGHTKIGTCEKP
2TGUKPOZKOCFGGPVTCFCFGNCIWCFGTGHTKIGTCEKP DCT
G
2TGUKPOZKOCFGGPVTCFCFGNCIWCFGTGHTKIGTCEKP RUKI
&CVQUFGNEQORTGUQT
0QVC
6QFQUNQUFCVQUGURGEKHKECFQUCEQPVKPWCEKPUGCRNKECPDCLQEQPFKEKQPGUFG
TGHGTGPEKCEQPUWNVGNCUGEEKP%QPFKEKQPGUFGTGHGTGPEKC[NOKVGU
)#85&
/CPWCNFGKPUVTWEEKQPGU
/CPWCNFGKPUVTWEEKQPGU
/CPWCNFGKPUVTWEEKQPGU
)#85&
/CPWCNFGKPUVTWEEKQPGU
/CPWCNFGKPUVTWEEKQPGU
/CPWCNFGKPUVTWEEKQPGU
+PUVTWEEKQPGURCTCGNWUQFGNFGRUKVQFGCKTG
+PUVTWEEKQPGUFGNFGRUKVQFGCKTG
+PUVTWEEKQPGU
'UVGTGEKRKGPVGRWGFGEQPVGPGTCKTGRTGUWTK\CFQVGPICGPEWGPVCGNRGNKITQRQVGPEKCN
SWGGUVQUWRQPGUKPQNQWVKNK\CEQTTGEVCOGPVG
'UVGTGEKRKGPVGUGWUCTPKECOGPVGGPECNKFCFFGUGRCTCFQTFGCKTGEQORTKOKFQCEGKVG
[HWPEKQPCTFGPVTQFGNQUNOKVGUGURGEKHKECFQUGPNCRNCECFGFCVQU
0QFGDGOQFKHKECTGUVGTGEKRKGPVGEQPRTQEGFKOKGPVQOGEPKEQCNIWPQ[CUGC
UQNFCPFQVCNCFTCPFQQEWCNSWKGTQVTQOVQFQUKPGNRGTOKUQGUETKVQFGNHCDTKECPVG
5GKPFKECTPENCTCOGPVGNCRTGUKP[VGORGTCVWTCFGGUVGTGEKRKGPVG
.CXNXWNCFGUGIWTKFCFFGDGEQTTGURQPFGTEQPRKEQUVTCPUKVQTKQUFGRTGUKPFG
XGEGUNCOZKOCRTGUKPRGTOKUKDNGFGVTCDCLQ&GDGICTCPVK\CTSWGNCRTGUKPPQ
GZEGFGTRGTOCPGPVGOGPVGNCOZKOCRTGUKPRGTOKUKDNGFGVTCDCLQFGNTGEKRKGPVG
7VKNKEGUNQGNCEGKVGGURGEKHKECFQRQTGNHCDTKECPVG
'UVGTGEKRKGPVGUGJCFKUGCFQ[HCDTKECFQEQPGNHKPFGICTCPVK\CTWPCXKFCFGUGTXKEKQ
FGOUFGCQU[WPPOGTQKPHKPKVQFGEKENQUFGECTICFGRTGUKP2QTNQVCPVQPQ
JC[PGEGUKFCFKORNEKVCFGTGCNK\CTKPURGEEKQPGUFGUGTXKEKQFGNTGEKRKGPVGUKUVGUG
WVKNK\CFGPVTQFGNQUNOKVGUFGFKUGQ[NQUHKPGUFGWUQRTGXKUVQU0QQDUVCPVGGU
RQUKDNGSWGNCNGIKUNCEKPFGECFCRCUQDNKIWGCTGCNK\CTKPURGEEKQPGUFGUGTXKEKQ
5GWUCTPPKECOGPVGRGTPQUQTKIKPCNGUFGURWUFGCDTKTRCTCWPCKPURGEEKP&GDGT
EQPUKFGTCTUGGNRCTOZKOQRCTCRGTPQU/0O
NDHHV
RCTCRGTPQU/0O
NDHHV
/CPWCNFGKPUVTWEEKQPGU
2'&
&KTGEVKXCUFGNGSWKRQFGRTGUKP
%QORQPGPVGUUWLGVQUCNC&KTGEVKXCUQDTGGSWKRQUCRTGUKP%'
%QORQPGPVGUUWLGVQUCNC&KTGEVKXCUQDTGGSWKRQUCRTGUKP%'UWRGTKQTGUQGSWKXCNGPVGUCNC
ECVGIQTC++
%NCUKHKECEKPIGPGTCN
.QUEQORTGUQTGUEWORNGPNC&KTGEVKXCUQDTGGSWKRQUCRTGUKP
2'&%CVGIQTC++
GA 75 VSD, GA 90 VSD
Manual de Instrucciones
Atlas Copco se distingue como empresa por nuestra
conviccin de que slo podremos destacar en lo que
hacemos si ofrecemos la mejor experiencia tecnolgica
posible para ayudar realmente a nuestros clientes a
producir, crecer y triunfar.