3
2.#;5'6/#+06'0#0%'
6KIJVGPCNNJCTFYCTG
.WDTKECVGCNNOGVCNNKEOQXKPIRCTVURGTOCPWHCEVWTGTUKPUVTWEVKQPU
%JGEMCNNRTQVGEVKXGEQXGTKPIUQPDQNVURKRGUGFIGUCPFEQTPGTU4GRNCEGKHVJG[CTGNQQUGETCEMGFQTOKUUKPI
%JGEMCNNOQXKPIRCTVUKPENWFKPIUYKPIUGCVUTQRGUECDNGUCPFEJCKPUHQTYGCTTWUVQTQVJGTFGVGTKQTCVKQP4GRNCEGCUPGGFGF
%JGEMOGVCNRCTVUHHQWPFUCPFCPFTGRCKPVWUKPICPQPNGCFGFÄDCUGFRCKPVOGGVKPIVJGTGSWKTGOGPVUQH%(4
%JGEMCNNYQQFOGODGTUHQTFGVGTKQTCVKQPCPFURNKPVGTU5CPFFQYPURNKPVGTUCPFTGRNCEGFGVGTKQTCVKPIYQQFOGODGTU
4GKPUVCNNCP[RNCUVKERCTVUUWEJCUUYKPIUGCVUQTCP[QVJGTKVGOUVJCVYGTGTGOQXGFHQTVJGEQNFUGCUQP
4CMGCPFEJGEMFGRVJQHNQQUGHKNNRTQVGEVKXGUWTHCEKPIOCVGTKCNUVQRTGXGPVEQORCEVKQPCPFVQOCKPVCKPCRRTQRTKCVGFGRVJ4GRNCEGCUPGEGUUCT[
6KIJVGPCNNJCTFYCTG
%JGEMCNNRTQVGEVKXGEQXGTKPIUQPDQNVURKRGUGFIGUCPFEQTPGTU4GRNCEGKHVJG[CTGNQQUGETCEMGFQTOKUUKPI
4CMGCPFEJGEMFGRVJQHNQQUGHKNNRTQVGEVKXGUWTHCEKPIOCVGTKCNUVQRTGXGPVEQORCEVKQPCPFVQOCKPVCKPCRRTQRTKCVGFGRVJ4GRNCEGCUPGEGUUCT[
.WDTKECVGCNNOGVCNNKEOQXKPIRCTVURGTOCPWHCEVWTGTUKPUVTWEVKQPU
%JGEMCNNOQXKPIRCTVUKPENWFKPIUYKPIUGCVUTQRGUECDNGUCPFEJCKPUHQTYGCTTWUVQTQVJGTFGVGTKQTCVKQP4GRNCEGCUPGGFGF
4GOQXGRNCUVKEUYKPIUGCVUVGPVUUCPFDQZEQXGTVKTGUYKPIUNKFGCPFQVJGTKVGOUCUURGEKHKGFD[VJGOCPWHCEVWTGTCPFVCMGKPFQQTUQT
FQPQVWUG
4CMGCPFEJGEMFGRVJQHNQQUGHKNNRTQVGEVKXGUWTHCEKPIOCVGTKCNUVQRTGXGPVEQORCEVKQPCPFVQOCKPVCKPCRRTQRTKCVGFGRVJ4GRNCEGCUPGEGUUCT[
1YPGTUJCNNDGTGURQPUKDNGHQTOCKPVCKPIVJGNGIKDKNKV[QHYCTPKPINCDGNU
9JGP[QWCTGTGCF[VQFKURQUGQH[QWTRNC[UGVOCMGUWTGVJCVCNNOGVCNRNCUVKECPFYQQFEQORQPGPVUCTGFKURQUGFQHKPCEEQTFCPEG
YKVJNQECNYCUVGQTFKPCPEGU
$W[GTCPFQTQYPGTUJQWNFFKUCUUGODNGCPFFKURQUGQHVJGRNC[ITQWPFGSWKROGPVKPUWEJCYC[VJCVPQWPTGCUQPCDNGJC\CTFUYKNN
GZKUVCVVJGVKOGVJGUYKPIUGVKUFKUECTFGF&QPQVDWTP[QWTRNC[UGVURTGUGTXGFYQQF
#VVJGDGIKPPKPIQHGCEJRNC[UGCUQP
6YKEGCOQPVJFWTKPIRNC[UGCUQP
1PEGCOQPVJFWTKPIRNC[UGCUQP
2.#;5'6%*'%-.+56
(QTHWTVJGTKPHQTOCVKQPQPRNC[ITQWPFUCHGV[VJG%QPUWOGT2TQFWEV5CHGV[%QOOKUUKQP%25%RWDNKUJGUVJG1WVFQQT
*QOG2NC[ITQWPF5CHGV[*CPFDQQMYJKEJECPDGFQYPNQCFGFHQTHTGGHTQOYYYERUEIQX#PCFFKVKQPCNTGUQWTEGKUVJG
#OGTKECP5QEKGV[QH6GUVKPICPF/CVGTKCNU#56/
5VCPFCTF%QPUWOGT5CHGV[2GTHQTOCPEG5RGEKHKECVKQPHQT*QOG2NC[Ä
ITQWPF'SWKROGPV#56/(YJKEJECPDGRWTEJCUGFCPFFQYPNQCFGFHTQOYYYCUVOQTI
%QUOGVKEFGHGEVUVJCVFQPQVCHHGEVVJGUVTWEVWTCNKPVGITKV[QHVJGRTQFWEVQTPCVWTCNFGHGEVUQHYQQFUWEJCUYCTRKPI
URNKVVKPIEJGEMKPIVYKUVKPIUJTKPMCIGUYGNNKPIQTCP[QVJGTRJ[UKECNRTQRGTVKGUQHYQQFVJCVFQPQVRTGUGPVCUCHGV[
JC\CTFCTGPQVEQXGTGFD[QWTYCTTCPV[
6QJGNROKPKOK\GVJGUGPCVWTCNFGHGEVUYGTGEQOOGPFCRRN[KPICUGCNGTQTUVCKPGXGT[VYQQTVJTGG[GCTUQTOQTGQHVGP
CUVJGENKOCVGFKEVCVGU2QYGTYCUJKPIUCPFKPIQTQVJGTRTGRCTCVQT[OGVJQFUUJQWNFDGWUGFRTKQTVQUGCNKPIQTUVCKPKPI
2GTKQFKEOCKPVGPCPEGKUTGSWKTGFVQGPUWTGUCHGGPLQ[OGPVQH[QWTRNC[UGVCPFCEEGUUQTKGU4GCFCPFHQNNQYVJG2NC[UGV
%JGEMNKUVDGNQYVQTGFWEGVJGNKMGNKJQQFQHUGTKQWUQTHCVCNKPLWT[7UGVJGEJGEMNKUVUCUCIWKFGHQTRTQRGTRNC[UGVECTG
CPFOCKPVGPCPEG
#VVJGGPFQHGCEJRNC[UGCUQPQTYJGPVJGVGORGTCVWTGFTQRUDGNQY(