('#674'5(70%6+105

• *KIJ5RGGF%QWPVGT

6JGDWKNVKPJKIJURGGFEQWPVGTKUCEQWPVGTDCUGFQPKPRWVUVQ%277PKV1UDWKNVKPRQKPVU
VQ6JGJKIJURGGFEQWPVGTKVUGNHJCUQPGRQKPVCPFKVECPRTQXKFGGKVJGTCPKPETGOGPVKPI
FGETGOGPVKPIQTLWUVCPKPETGOGPVKPIEQWPVFGRGPFKPIQPVJGOQFGUGVVKPI

+PRWV0Q 4GURQPUG +PRWVOQFG EQWPVXCNWG  %QPVTQN/GVJQF
5GG0QVG  HTGSWGPE[
 M*\ &KHHGTGPVKCNRJCUGKPRWVOQFG 6CTIGVXCNWGEQORCTKUQP
 VQ  KPVGTTWRVU
 M*\ 2WNUG FKTGEVKQPKPRWVOQFG 4CPIGEQORCTKUQPKPVGTTWRVU
VQ 
7RFQYPRWNUGKPRWVOQFG
VQ 
+PETGOGPVOQFG
VQ 

+PRWVRQKPVUPQVWUGFHQTEQWPVGTKPRWVUECPDGWUGFCUQTFKPCT[KPRWVU
'ZCORNGQHWUKPI*KIJ5RGGF%QWPVGT

6JG%2/#1U%277PKVJCUQPGDWKNVKPEJCPPGNHQTCJKIJURGGFEQWPVGTVJCVECPEQWPVKPRWVUCV
C OCZKOWO QH  M*\ 7UKPI VJG EQPLWPEVKQP YKVJ VJG KPVGTTWRV HWPEVKQP GPCDNGU VCTIGV XCNWG
EQORCTKUQPEQPVTQNQTTCPIGEQORCTKUQPEQPVTQNVQDGGZGEWVGFYKVJQWVFGXKCVKPIHTQOVJGE[ENG
VKOG

 +PRWV/QFG
&KHHGTGPVKCNRJCUG 2WNUG FKTGEVKQP 7RFQYPRWNUG +PETGOGPVOQFG
KPRWVOQFG QWVRWVU QWVRWVU
+PRWV  #RJCUGKPRWV %QWPVKPRWV %9KPRWV %QWPVKPRWV
PWODGT  $RJCUGKPRWV &KTGEVKQPKPRWV %%9KPRWV 5GGPQVG
 <RJCUGKPRWV 4GUGVKPRWVU 5GGPQVG 
+PRWVOGVJQF &KHHGTGPVKCNRJCUG 2JCUGKPRWVU 2JCUGKPRWVU 2JCUGKPRWVU
KPRWV Z 
4GURQPUGHTGSWGPE[ M*\ M*\ M*\ M*\
%QPVTQNXCNWG VQ VQ
%QWPVGT28UVQTCIG 9QTFU54 TKIJVOQUVFKIKV CPF54 NGHVOQUVFKIKV 
FGUVKPCVKQP UGGPQVG 
+PVGTTWRVU 6CTIGVXCNWG 7RVQVCTIGVXCNWGUCPFKPVGTTWRVUWDTQWVKPGPWODGTECPDGTGIKUVGTGFKPGKVJGT
EQORCTKUQP VJGKPETGOGPVKPIQTFGETGOGPVKPIFKTGEVKQP
4CPIG 7RVQTCPIGU YKVJWRRGTCPFNQYGTNKOKVU CPFUWDTQWVKPGPWODGTUECPDG
%QORCTKUQP TGIKUVGTGF
%QWPVGTTGUGVOGVJQF <RJCUGUKIPCN UQHVYCTGTGUGV%QWPVGTKUTGUGVYJGP+4VWTPU10
YJKNG54KU10
5QHVYCTGTGUGVEQWPVGTKUTGUGVYJGP54VWTPU10

3-12
('#674'5(70%6+105
0QVG +PRWVRQKPVUPQVWUGFHQTEQWPVGTKPRWVUECPDGWUGFCUQTFKPCT[KPRWVU
 9JGP PQV WUGF HQT EQWPVGT 28 UVQTCIG FGUVKPCVKQP VJGUG YQTFU ECP DG WUGF CU QTFKPCT[ +4
YQTFU
• 2WNUG1WVRWV(WPEVKQP

6JG%2/#JCUVYQRWNUGQWVRWVU$[OGCPUQHCUGNGEVKQPKPVJG2.%UGVWRVJGUGQWVRWVUECP
DGWUGFCUVYQUKPINGRWNUGQWVRWVUYKVJQWVCEEGNGTCVKQPCPFFGEGNGTCVKQPVYQXCTKCDNGFWV[TCVKQ
RWNUGQWVRWVUQTRWNUGQWVRWVUYKVJVTCRG\QKFCNCEEGNGTCVKQPFGEGNGTCVKQP QPGRWNUG FKTGEVKQP
QWVRWV CPF QPG WRFQYP RWNUG QWVRWV  6JG RWNUG QWVRWV 28 EQQTFKPCVG U[UVGO ECP CNUQ DG
URGEKHKGFKPVJG2.%UGVWRCUGKVJGTTGNCVKXGQTCDUQNWVG

+PQTFGTVQWVKNK\GRWNUGQWVRWVUKVKUPGEGUUCT[VQWUGC%277PKVYKVJVTCPUKUVQTQWVRWVU GKVJGTC
%2/#=?=?=?=?6=?QT%2/#=?=?=?=?6=? 


 5KPINGRJCUGRWNUG 8CTKCDNGFWV[ 5KPINGRJCUGRWNUGQWVRWVUYKVJVTCRG\QKFCN
QWVRWVUYKVJQWV TCVKQRWNUG CEEGNGTCVKQPCPFFGEGNGTCVKQP
CEEGNFGEGN QWVRWVU 2WNUG FKTGEVKQP 7RFQYPRWNUGQWVRWVU
QWVRWVU
'ZGEWVKQP+PUVTWEVKQP 27.5  CPF 29/   27.5  CPF#%%  
52'&  
1WVRWV  2WNUGQWVRWV 2WNUGQWVRWV 2WNUG 2WNUGQWVRWV 2WNUG %9RWNUG
PWODGT 5GGPQVG  5GGPQVG  QWVRWV QWVRWV QWVRWV
 2WNUGQWVRWV 2WNUGQWVRWV &KTGEVKQP %%9RWNUG
5GGPQVG  5GGPQVG  QWVRWV QWVRWV
1WVRWVHTGSWGPE[TCPIG VQM*\ VQ*\ VQM*\ VQM*\
 2KVEJ *\ *\ *\ *\
7RFQYPHTGSWGPE[RKVEJ   *\ 5GGPQVG  *\ 5GGPQVG 
5VCTVURGGFRKVEJ   *\ *\
1WVRWVOQFG %QPVKPWQWU %QPVKPWQWU %QPVKPWQWU %QPVKPWQWUKPFGRGPFGPV
KPFGRGPFGPV
 0WODGTUQH VQ  ±VQ ±VQ
RWNUGU
&WV[TCVKQ  VQ  
%QPVTQN /QXGOGPV ;GU 0Q ;GU ;GU
OGVJQF URGEKHKECVKQP
#EEGN&GEGNG 0Q 0Q ;GU ;GU
URGEKHKECVKQP
5VCTV5RGGF 0Q 0Q ;GU ;GU
URGEKHKECVKQP
&WV[ 0Q ;GU 0Q 0Q
URGEKHKECVKQP

3-13
('#674'5(70%6+105
 9KVJUKPINGRJCUGRWNUGQWVRWVURWNUGQWVRWVUCPFECPGCEJDGQWVRWVKPFGRGPFGPVN[
 2WNUGQWVRWVUECPDGCEEGNGTCVGFQTFGEGNGTCVGFKPWPKVUQH*\GXGT[OU

• 5[PEJTQPK\GF2WNUG%QPVTQN

$[EQODKPKPIVJG%2/#1UJKIJURGGFEQWPVGTHWPEVKQPYKVJVJGRWNUGQWVRWVHWPEVKQPVJGQWVRWV
RWNUGHTGSWGPE[ECPDGEQPVTQNNGFCUCURGEKHKGFOWNVKRNGQHVJGKPRWVRWNUGHTGSWGPE[

#%277PKVYKVJVTCPUKUVQTQWVRWVU %2/#=?=?%&6&QT%2/#=?=?%&65 KUTGSWKTGFKP
QTFGTVQWUGU[PEJTQPK\GFRWNUGEQPVTQN


 +PRWV/QFG
&KHHGTGPVKCNRJCUG 2WNUG FKTGEVKQP 7RFQYPRWNUG +PETGOGPVOQFG
KPRWVOQFG QWVRWVU QWVRWVU
+PRWVPWODGT  #RJCUGKPRWV %QWPVKPRWV %9KPRWV %QWPVKPRWV
 $RJCUGKPRWV &KTGEVKQP %%9KPRWV 5GGPQVG
+PRWVOGVJQF &KHHGTGPVKCNRJCUG 5KPINGRJCUGKPRWV 5KPINGRJCUGKPRWV 5KPINGRJCUGKPRWV
KPRWV \ 
+PRWVHTGSWGPE[TCPIG *\VQ*\ CEEWTCE[±*\ 
*\VQM*\ CEEWTCE[±*\ 
*\VQM*\ CEEWTCE[±*\ 5GGPQVG 
1WVRWVPWODGT  2WNUGQWVRWV
5GGPQVG   2WNUGQWVRWV
1WVRWVOGVJQF 5KPINGRJCUGQWVRWV
1WVRWVHTGSWGPE[TCPIG *\VQM*\ CEEWTCE[*\ 
(TGSWGPE[TCVKQ VQ %CPDGURGEKHKGFKPWPKVUQH 
5[PEJTQPK\GFEQPVTQNE[ENG OU

 %CPCNUQDGWUGFCUCPQTFKPCT[KPRWV
 9JGPM*\QTNGUUVJGPVJGCEEWTCE[KU±*\
 'KVJGTECPDGUGNGEVGFCUVJGQWVRWVPWODGTWUKPI5;0%  





3-14
('#674'5(70%6+105
• #PCNQI%QPVTQNU

6JG %2/# JCU VYQ CPCNQI EQPVTQNU VJCV ECP DG WUGF HQT C YKFG TCPIG QH VKOGT CPF EQWPVGT
CPCNQI UGVVKPIU #U VJGUG EQPVTQNU CTG VWTPGF XCNWGU HTQOVQ $%&  CTGUVQTGFKPVJG 54
#TGC


%QPVTQN %QTTGURQPFKPI+4YQTF 5GVVKPITCPIG $%& 
#PCNQIXQNWOGEQPVTQN 54 VQ
#PCNQIXQNWOGEQPVTQN 54

6JGUVQTCIGCTGCKUTGHTGUJGFQPEGYKVJGXGT[%2/#E[ENG

• 3WKEMTGURQPUG+PRWVU

6JG%2/#JCUHQWTKPRWVUWUGFHQTSWKEMTGURQPUGKPRWVU UJCTGFYKVJKPVGTTWRVKPRWVUCPF
M*\JKIJURGGFEQWPVGTKPRWVU 9KVJSWKEMTGURQPUGKPRWVUUKIPCNUVJCVCTGEJCPIGFYKVJKPC
UECPECPDGTGEGKXGFD[OCKPVCKPKPICPKPVGTPCNDWHHGT

 5JCTGF %CNEWNCVKQP +1TGHTGUJ 5JCTGF %CNEWNCVKQP +1TGHTGUJ
 RTQEGUUKPI RTQEGUUKPI RTQEGUUKPI RTQEGUUKPI



 +PRWVVGTOKPCN
  

 

 UECP





3-15
('#674'5(70%6+105
+PRWVPWODGT 5GGPQVG  /KPKOWOKPRWVUKIPCNYKFVJ
 µU




6JG HQNNQYKPI VCDNG UJQYU VJG TGNCVKQPUJKRU DGVYGGP KPVGTXCN VKOGT KPVGTTWRVU CPF VJG %2/#1U
QVJGTHWPEVKQPU
    
 +PVGTXCNVKOGKPVGTTWRVU
5[PEJTQPK\GFRWNUGEQPVTQN %CPDGWUGFUKOWNVCPGQWUN[
+PVGTTWRVKPRWVU 5GGPQVG
+PVGTXCNVKOGTKPVGTTWRVU %CPDGWUGFUKOWNVCPGQWUN[
*KIJURGGFEQWPVGTU %CPDGWUGFUKOWNVCPGQWUN[
+PVGTTWRVKPRWVU EQWPVGTOQFG  5GGPQVG
2WNUGQWVRWVU %CPDGWUGFUKOWNVCPGQWUN[
3WKEMTGURQPUGKPRWVU 5GGPQVG
+PRWVVKOGEQPUVCPV 5GGPQVG
%NQEM %CPDGWUGFUKOWNVCPGQWUN[

0QVG  3WKEMTGURQPUGKPRWVWVKNK\GVJGKPVGTTWRVKPRWVHWPEVKQPUQVJGUCOGKPRWVPWODGTHTQOVJG
VQECPPQVDGCUUKIPGFHQTDQVJCSWKEMTGURQPUGKPRWVCPFCPKPVGTTWRVKPRWVKP
VJG2.%UGVWR
 #SWKEMTGURQPUGKPRWVCPFCPKPVGTTWRVKPEQWPVGTOQFGECPPQVDGCUUKIPGFVJGUCOGKPRWV
PWODGTKPVJG2.%UGVWR
 6JG KPRWV PWODGTU CNNQECVGF HQT SWKEM SWKEMTGURQPUG KPRWVU CTG  VQ  6JGUG
KPRWVUECPDGUGVCPFQRGTCVGFCUSWKEMTGURQPUGKPRWVU
 +PRWVVKOGEQPUVCPVUCTGFKUCDNGHQTCNNKPRWVUVJCVCTGUGVCUSWKEMTGURQPUGKPRWVU

• /CTEQ(WPEVKQP

6JG OCETQ HWPEVKQP CNNQYU C UKPING UWDTQWVKPG RTQITCOOKPI RCVVGTP  VQ DG WUGF D[ UKORN[
EJCPIKPI VJG +1 YQTF #P PWODGT QH UKOKNCT RTQITCO UGEVKQPU ECP DG OCPCIGF YKVJ LWUV QPG
UWDTQWVKPGVJGTGD[ITGCVN[TGFWEKPIVJGPWODGTQHUVGRUKPVJGRTQITCOCPFOCMKPIVJGRTQITCO
GCUKGTVQWPFGTUVCPF

6Q WUG C OCETQ ECNN C UWDTQWVKPG D[ OGCPU QH VJG /#%41 KPUVTWEVKQP /%4%   CU UJQYP
DGNQYKPUVGCFQH5$5   57$4176+0''064; 



/%41  

 5WDTQWVKPG0Q
 (KTUVKPRWVYQTF
 (KTUVQWVRWVYQTF








3-16
70+652'%+(+%#6+105#0&%1/210'065

Y )GPGTCN5RGEKHKECVKQPUQH%2/#%27U7PKV

+VGO RQKPV+1 RQKPV+1 RQKPV+1 RQKPV+1
5WRRN[XQNVCIG #%V[RG VQ8#%*
&%V[RG 8&%
1RGTCVKPIXQNVCIG #%V[RG VQ8#%
TCPIG &%V[RG VQ8&%
2QYGTEQPUWORVKQP #%V[RG 8#OCZ 8#OCZ
&%V[RG 9OCZ 9OCZ
+PTWUJEWTTGPV #OCZ #OCZ
'ZVGTPCNRQYGT 2QYGTUWRRN[ 8&%
UWRRN[ #%V[RG XQNVCIG
QPN[  2QYGTUWRRN[ O# O#
QWVRWVECRCEKV[
+PUWNCVKQPTGUKUVCPEG /ΩOKP CV8&% DGVYGGPVJGGZVGTPCN#%VGTOKPCNU
CPFRTQVGEVKXGGCTVJVGTOKPCNU
&KGNGEVTKEUVTGPIVJ 8#%*\HQTOKPDGVYGGPVJGGZVGTPCN#%CPF
RTQVGEVKXGGCTVJVGTOKPCNUNGCMCIGEWTTGPVO#OCZ
0QKUGKOOWPKV[ 8R−RRWNUGYKFVJVQµUTKUGVKOGPU XKCPQKUG
UKOWNCVKQP 
8KDTCVKQPTGUKUVCPEG VQ*\−OOCORNKVWFGVQ*\CEEGNGTCVKQP
OU ) KP:;CPF<FKTGEVKQPUHQTOKPWVGUGCEJ
KGUYGRVHQTOKPWVGUVKOGU 
5JQEMTGUKUVCPEG OU ) VJTGGVKOGUGCEJKP:;CPF<FKTGEVKQPU
#ODKGPVVGORGTCVWTG 1RGTCVKPIVQ%
5VQTCIG−VQ%
#ODKGPV*WOKFKV[ QRGTCVKPI  VQ YKVJPQEQPFGPUCVKQP 
#ODKGPVGPXKTQPOGPV QRGTCVKPI  9KVJPQEQTTQUKXGICU
6GTOKPCNUETGYUK\G /
2QYGTUWRRN[JQNFKPIVKOG #%V[RGOUOKP&%V[RGOUOKP
#RQYGTKPVGTTWRVKQPQEEWTUKHRQYGTHCNNUDGNQYQHVJG
TCVGFXQNVCIGHQTNQPIGTVJCPVJGRQYGTKPVGTTWRVKQPVKOG 
%27YGKIJV #%V[RG IOCZ IOCZ IOCZ IOCZ
&%V[RG IOCZ IOCZ IOCZ IOCZ
 0QVG 6JGURGEKHKECVKQPUQHVJG'ZRCPUKQP+17PKVCTGVJGUCOGCUHQTVJG%27GZEGRVVJCVVJGRQYGTKU
 UWRRNKGFHTQOVJG%27CPFVJGYGKIJVKUI

















 
70+652'%+(+%#6+105#0&%1/210'065

Y %JCTCEVGTKUVKEU

+VGO RQKPV+1 RQKPV+1 RQKPV+1 RQKPV+1
%QPVTQNOGVJQF 5VQTGFRTQITCOOGVJQF
+1EQPVTQNOGVJQF %QODKPCVKQPQHVJGE[ENKEUECPCPFKOOGFKCVGTGHTGUJRTQEGUUKPIOGVJQFU
2TQITCOOKPINCPIWCIG .CFFGTFKCITCO
+PUVTWEVKQPNGPIVJ UVGRRGTKPUVTWEVKQPVQYQTFURGTKPUVTWEVKQP
6[RGUQHKPUVTWEVKQPU $CUKEKPUVTWEVKQP
5RGEKCNKPUVTWEVKQPUV[RGUKPUVTWEVKQPU
'ZGEWVKQPVKOG $CUKEKPUVTWEVKQPUVQµU
5RGEKCNKPUVTWEVKQPUµU /18KPUVTWEVKQP 
2TQITCOECRCEKV[ YQTFU
/CZKOWO %27QPN[ RQKPV  RQKPV  RQKPV  RQKPV 
+1RQKPVU KPRWVQWVRWV  KPRWVKPRWV  KPRWVQWVRWV  KPRWVQWVRWV 
9KVJ   RQKPV  RQKPV 
'ZRCPUKQP KPRWVQWVRWV  KPRWVQWVRWV 
+1WPKV
+PRWVDKVU VQ 9QTFUVQ 
1WVRWVDKVU VQ 9QTFUVQ 
9QTMDKVU +4CTGC  DKVU+4VQ 9QTFU+4VQ+4 
5RGEKCNDKVU 54CTGC  DKVU54VQ 9QTFU54VQ+4 
6GORQTCT[DKVU 64CTGC  DKVU 64VQ64 
*QNFKPIDKVU *4CTGC  DKVU*4VQ*4 9QTFU*4VQ*4 
#WZKNKCT[DKVU #4CTGC  DKVU#4VQ#4 9QTFU#4VQ#4 
.KPMDKVU .4CTGC  DKVU.4VQ.4 9QTFU.4VQ.4 
6KOGTU%QWPVGTU VKOGTUEQWPVGTU 6+/%06VQ6+/%06 
−OUVKOGTU6+/VQ6+/
−OUVKOGTU6+/VQ6+/
&GETGOGPVKPIEQWPVGTUCPFTGXGTUKDNGEQWPVGTU
&CVCOGOQT[ 4GCFYTKVGYQTFU &/VQ&/ 
4GCF−QPN[YQTFU &/VQ&/ 
+PVGTTWRVRTQEGUUKPI RQKPVU 4GURQPUG RQKPVU
VKOGOUOCZ 4GURQPUGVKOGOUOCZ 
/GOQT[RTQVGEVKQP *4#4&CVC/GOQT[CTGCEQPVGPVUCPFEQWPVGTXCNWGUOCKPVCKPGFFWTKPI
RQYGTKPVGTTWRVKQPU
/GOQT[DCEMWR (NCUJOGOQT[7UGTRTQITCOFCVCOGOQT[ 4GCFQPN[  0QPDCVVGT[
RQYGTGFUVQTCIG 
%CRCEKVQTDCEMWR&CVC/GOQT[ 4GCF9TKVG JQNFKPIDKVUCWZKNKCT[
OGOQT[DKVUEQWPVGT FC[UCVCODKGPVVGORGTCVWTGQHQ% 
5GNH−FKCIPQUVKEHWPEVKQPU %27HCKNWTG YCVEJFQIVKOGT +1DWUGTTQTCPFOGOQT[HCKNWTG
2TQITCOEJGEMU 0Q'0&KPUVTWEVKQPRTQITCOOKPIGTTQTU EQPVKPWQWUN[EJGEMGFFWTKPI
QRGTCVKQP 
*KIJ−URGGFEQWPVGT RQKPVM*\UKPING−RJCUGQTM*\VYQ−RJCUG NKPGCTEQWPVOGVJQF 
+PETGOGPVOQFGVQ DKVU 
7R&QYPOQFG−VQ DKVU 
3WKEM−TGURQPUGKPRWVU 6QIGVJGTYKVJVJGGZVGTPCNKPVGTTWRVUKPRWVU /KPRWNUGYKFVJOU 
+PRWVVKOGEQPUVCPV %CPDGUGVVQOUOUOUOUOUOUOUQTOU
#PCNQIXQNWOGUGVVKPIU EQPVTQNU VQ$%& 
0QVG$KVUPQVWUGFCUKPRWVDKVUECPWUGFCUYQTMDKVU



 
70+652'%+(+%#6+105#0&%1/210'065

Y 5VTWEVWTGQH/GOQT[#TGC

&CVCCTGC 9QTFU $KVU (WPEVKQP
+4CTGC +PRWVCTGC +4VQ+4 +4VQ+4 6JGUGDKVUECPDGCNNQECVGFVQVJGGZVGTPCN
YQTFU  DKVU  +1VGTOKPCNU
 1WVRWVCTGC +4VQ+4 +4VQ+4
YQTFU  DKVU 
 9QTMCTGC +4VQ+4 +4VQ+4 9QTMDKVUECPDGHTGGN[WUGFYKVJKPVJG
YQTFU  DKVU  RTQITCO
54CTGC 54VQ54 54VQ54 6JGUGDKVUUGTXGURGEKHKEHWPEVKQPUUWEJCU
 DKVU  HNCIUCPFEQPVTQNDKVU
YQTFU 
64CTGC  64VQ64 6JGUGDKVUCTGWUGFVQVGORQTCTKN[UVQTG
DKVU  101((UVCVWUCVRTQITCODTCPEJGU
*4CTGC *4VQ*4 *4VQ*4 6JGUGDKVUUVQTGFCVCCPFTGVCKPVJGKT
YQTFU  DKVU  101((UVCVWUYJGPRQYGTKUVWTPGFQHH
#4CTGC #4VQ*4 #4VQ*4 6JGUGDKVUUGTXGURGEKHKEHWPEVKQPUUWEJCU
YQTFU  DKVU  HNCIUCPFEQPVTQNDKVU
.4CTGC .4VQ.4 .4VQ.4 7UGFHQTCFCVCNKPMYKVJCPQVJGT2%
YQTFU  DKVU 
6KOGT%QWPVGTCTGC 6%VQ6% VKOGTEQWPVGT 6JGUCOGPWODGTUCTGWUGFHQTDQVJ
PWODGTU  VKOGTUCPFEQWPVGTU
&/CTGC 4GCFYTKVG &/VQ&/  &/CTGCFCVCECPDGCEEGUUGFKPYQTF

WPKVUQPN[9QTFXCNWGUCTGTGSWKTGF
&/VQ&/
 YJGPVJGRQYGTKUVWTPGFQHH
YQTFU 
 'TTQTNQI &/VQ&/  7UGFVQUVQTGVJGVKOGTQHQEEWTTGPEGCPF

GTTQTEQFGQHGTTQTUVJCVQEEWT6JGUG
YQTFU 
YQTFUECPDGWUGFCUQTFKPCT[TGCFYTKVG
&/YJGPVJGGTTQTNQIHWPEVKQPKUP1V
DGKPIWUGF
 4GCF−QPN[ &/VQ&/  

%CPPQVDGQXGTYTKVVGPHTQORTQITCO
YQTFU 
 2%5GVWR &/VQ&/  7UGFVQUVQTGXCTKQWURCTCOGVGTUVJCV

EQPVTQN2%QRGTCVKQP
YQTFU 

 
 0QVG +4CPF.4DKVUVJCVCTGPQVWUGFHQTVJGKTCNNQECVGFHWPEVKQPUECPDGWUGFCUYQTMDKVU

 6JG EQPVGPVU QH VJG *4 CTGC .4 CTGC %QWPVGT CTGC CPF TGCFYTKVG &/ CTGC CTG DCEMGF WR D[ C
ECRCEKVQT#VQ%VJGECRCEKVQTYKNNDCEMWROGOQT[HQTFC[U

 9JGPCEEGUUKPIC286%PWODGTUCTGWUGFCUYQTFFCVCYJGPCEEGUUKPI%QORNGVKPI(NCIUVJG[CTG
WUGFCUDKVFCVC

 &CVCKP&/VQ&/ECPPQVDGQXGTYTKVVGPHTQOVJGRTQITCODWVVJG[ECPDGEJCPIGFHTQOC
2GTKRJGTCN&GXKEG






 
70+652'%+(+%#6+105#0&%1/210'065

Y +16GTOKPCN.+4$KV#NNQECVKQP

6JGHQNNQYKPIVCDNGUJQYUYJKEJ+4DKVUCTGCNNQECVGFVQVJG+1VGTOKPCNUQPVJG%2/#1U%27
CPF'ZRCPUKQP+17PKV


0WODGTQH+1 %276GTOKPCNU 'ZRCPUKQP+17PKV 2QYGT 
6GTOKPCNUQP 6GTOKPCNU 5WRRN[ /QFGN0WODGT
VJG%27 +PRWVU 1WVRWVU +PRWVU 1WVRWVU
 RQKPVU RQKPVU   #% %2/#%&4#
VQ VQ
&% %2/#%&4&
 RQKPVU RQKPVU   #% %2/#%&4#
VQ VQ
&% %2/#%&4&
 RQKPVU RQKPVU RQKPVU RQKPVU #% %2/#%&4#
VQ VQ VQ VQ
VQ VQ &%
%2/#%&4&
VQ VQ
 RQKPVU RQKPVU VQ VQ #% %2/#%&4#
VQ VQ
VQ VQ &% %2/#%&4&




 +0276$KV0Q

            
            
            
            
            


















        
        
        
        
        
 176276$KV0Q


 
70+652'%+(+%#6+105#0&%1/210'065

Y )GPGTCN5RGEKHKECVKQPUQH%2/#%277PKVU

+VGO RQKPV+1 RQKPV+1 RQKPV+1
5WRRN[XQNVCIG #%V[RG VQ8#%*
&%V[RG 8&%
1RGTCVKPIXQNVCIG #%V[RG VQ8#%
TCPIG &%V[RG VQ8&%
2QYGTEQPUWORVKQP #%V[RG 8#OCZ
&%V[RG 9OCZ
+PTWUJEWTTGPV #%V[RG #OCZ
&%V[RG #OCZ
'ZVGTPCNRQYGT 5WRRN[XQNVCIG 8&%
UWRRN[ #%V[RG 1WVRWVECRCEKV[ O#
QPN[  9JGPVJGGZVGTPCNRQYGTUWRRN[RTQXKFGUCPQXGTEWTTGPVQTKU
UJQTVEKTEWKVGFVJGGZVGTPCNRQYGTUWRRN[XQNVCIGYKNNFTQRDWV
VJG2%YKNNEQPVKPWGQRGTCVKQP 
+PUWNCVKQPTGUKUVCPEG /ΩOKP CV8&% DGVYGGPVJGGZVGTPCN#%VGTOKPCNU
CPFRTQVGEVKXGGCTVJVGTOKPCNU
&KGNGEVTKEUVTGPIVJ 8#%*\HQTOKPDGVYGGPVJGGZVGTPCN#%CPF
RTQVGEVKXGGCTVJVGTOKPCNUNGCMCIGEWTTGPVO#OCZ
0QKUGKOOWPKV[ 8R−RRWNUGYKFVJVQµUTKUGVKOGPU XKCPQKUG
UKOWNCVKQP 
8KDTCVKQPTGUKUVCPEG VQ*\−OOCORNKVWFGVQ*\CEEGNGTCVKQP
OU ) KP:;CPF<FKTGEVKQPUHQTOKPWVGUGCEJ
KGUYGRVHQTOKPWVGUVKOGU 
5JQEMTGUKUVCPEG OU ) VJTGGVKOGUGCEJKP:;CPF<FKTGEVKQPU
#ODKGPVVGORGTCVWTG 1RGTCVKPIVQ%
5VQTCIG−VQ%
*WOKFKV[ VQ YKVJPQEQPFGPUCVKQP 
'PXKTQPOGPV 9KVJPQEQTTQUKXGICU
6GTOKPCNUETGYUK\G /
2QYGTUWRRN[JQNFKPIVKOG #%V[RGOUOKP
&%V[RGOUOKP
#RQYGTKPVGTTWRVKQPQEEWTUKHRQYGTHCNNUDGNQYQHVJG
TCVGFXQNVCIGHQTNQPIGTVJCPVJGRQYGTKPVGTTWRVKQPVKOG 
%27YGKIJV #%V[RG IOCZ IOCZ IOCZ
&%V[RG IOCZ IOCZ IOCZ
'ZRCPUKQP+17PKVYGKIJV 7PKVUYKVJ+1RQKPVUIOCZ
7PKVUYKVJQWVRWVRQKPVUIOCZ
7PKVUYKVJKPRWVRQKPVUIOCZ
#PCNQI+17PKVUIOCZ
%QORQ$WU5+1.KPM7PKVUIOCZ









 
70+652'%+(+%#6+105#0&%1/210'065

Y %JCTCEVGTKUVKEU

+VGO 5RGEKHKECVKQP
%QPVTQNOGVJQF 5VQTCIGRTQITCOOGVJQF
+1EQPVTQNOGVJQF %[ENKEUECPYKVJFKTGEVQWVRWV +OOGFKCVGTGHTGUJKPIECPDGRGTHQTOGFYKVJ
+14(   
2TQITCOOKPINCPIWCIG .CFFGTFKCITCO
+PUVTWEVKQPNGPIVJ UVGRRGTKPUVTWEVKQPVQYQTFURGTKPUVTWEVKQP
6[RGUQHKPUVTWEVKQPU $CUKEKPUVTWEVKQPU
5RGEKCNKPUVTWEVKQPUKPUVTWEVKQPUXCTKCVKQPU
'ZGEWVKQPVKOG $CUKEKPUVTWEVKQPUµU .&KPUVTWEVKQP 
5RGEKCNKPUVTWEVKQPUµU /18KPUVTWEVKQP 
2TQITCOECRCEKV[ YQTFU
/CZ+1 %27QPN[ RQKPVU RQKPVU RQKPVU
RQKPVU 9KVJ RQKPVUOCZ RQKPVUOCZ RQKPVUOCZ
'ZRCPUKQP
+17PKV
+PRWVDKVU VQ 9QTFUPQVWUGFHQTKPRWVDKVUECPDGWUGFHQTYQTMDKVU 
1WVRWVDKVU VQ 9QTFUPQVWUGFHQTKPRWVDKVUECPDGWUGFHQTYQTMDKVU 
9QTMDKVU +4CTGC  DKVU+4VQ 9QTFU+4VQ+4 
5RGEKCNDKVU 54CTGC  DKVU54VQ 9QTFU54VQ54 
6GORQTCT[DKVU 64CTGC  DKVU 64VQ64 
*QNFKPIDKVU *4CTGC  DKVU*4VQ*4 9QTFU*4VQ*4 
#WZKNKCT[DKVU #4CTGC  DKVU.4VQ#4 9QTFU4#VQ#4 
.KPMDKVU .4CTGC  DKVU.4VQ.4 9QTFU.4VQ.4 
6KOGTU%QWPVGTU VKOGTUEQWPVGTU 6+/%06VQ6+/%06 
OUVKOGTU6/**  
OUVKOGTU6+/*  
OUVKOGTU6+/
UUVKOGTU6+/.  
&GETGOGPVKPIEQWPVGTU%06
4GXGTUKDNGEQWPVGTU%064  
7UGVKOGTPWODGTUVQYJGPETGCVKPICVKOGTWUKPICJKIJURGGF
VKOGTKPUVTWEVKQP 6/**  QT6+/*  VQRGTHQTOKPVGTTWRVRTQEGUUKPI
&CVCOGOQT[ 4GCF9TKVGYQTFU &/VQ&/ 
4GCFQPN[YQTFU &/VQ&/ 
2%5GVWRYQTFU &/VQ&/ 
6JG'TTQT.QIKUEQPVCKPGFKP&/VQ&/
+PVGTTWRVRTQEGUUKPI 'ZVGTPCN+PVGTTWRVU
5JCTGFD[VJGGZVGTPCNKPRWVU EQWPVGTOQFG CPFVJGSWKEMTGURQPUGKPRWVU
+PVGTXCNVKOGTKPVGTTWRVU  5EJGFWNGF+PVGTTWRV/QFGQT5KPING+PVGTTWRV/QFG 
*KIJ5RGGF%QWPVGT 1PGJKIJURGGFEQWPVGTM*\UKPINGRJCUGQTM*\VYQRJCUG .KPGCT
*CTFYCTGEQWPVGT  EQWPVOGVJQF 
%QWPVGTKPVGTTWRV UGVXCNWGEQORCTKUQPQTUGVXCNWGTCPIGEQORCTKUQP 







 
70+652'%+(+%#6+105#0&%1/210'065
+VGO 5RGEKHKECVKQP
+PVGTTWRV+PRWVU (QWTKPRWVU UJCTGD[VJGGZVGTPCNKPVGTTWRVKPRWVU EQWPVGTOQFG CPFVJG
%QWPVGTOQFG  SWKEMTGURQPUGKPRWVU 
%QWPVGTUKPVGTTWRVU UJCTGFD[VJGGZVGTPCNKPVGTTWRVKPRWVUCPFSWKEM
TGURQPUGKPRWVU
2WNUG1WVRWV 6YQRQKPVUYKVJPQCEEGNGTCVKQPFGEGNGTCVKQP*\VQM*\GCEJCPF
PQFKTGEVKQPEQPVTQN
1PGRQKPVYKVJYCXGHQTOCEEGNGTCVKQPFGEGNGTCVKQP*\VQM*\CPF
FKTGEVKQPEQPVTQN
6YQRQKPVUYKVJXCTKCDNGFWV[TCVKQPQWVRWVU












































 
70+652'%+(+%#6+105#0&%1/210'065

Y %2/#/GOQT[#TGC5VTWEVWTG

&CVCCTGC 9QTFU $KVU (WPEVKQP
+4CTGC +PRWVCTGC +4VQ+4 +4VQ+4 6JGUGDKVUECPDGCNNQECVGFVQVJG
YQTFU  DKVU  GZVGTPCN+1VGTOKPCNU
 1WVRWVCTGC +4VQ+4 +4VQ+4
YQTFU  DKVU 
 9QTMCTGC +4VQ+4 +4VQ+4 9QTMDKVUECPDGHTGGN[WUGFYKVJKPVJG
+4VQ+4 +4VQ+4 RTQITCO
YQTFU  DKVU 
54CTGC 54VQ54 54VQ54 6JGUGDKVUUGTXGURGEKHKEHWPEVKQPUUWEJ
YQTFU   CUHNCIUCPFEQPVTQNDKVU
DKVU 
64CTGC  64VQ64 6JGUGDKVUCTGWUGFVQVGORQTCTKN[UVQTG
DKVU  101((UVCVWUCVRTQITCODTCPEJGU
*4CTGC *4VQ*4 *4VQ*4 6JGUGDKVUUVQTGFCVCCPFTGVCKPVJGKT
YQTFU  DKVU  101((UVCVWUYJGPRQYGTKUVWTPGF
QHH
#4CTGC #4VQ*4 #4VQ*4 6JGUGDKVUUGTXGURGEKHKEHWPEVKQPUUWEJ
YQTFU  DKVU  CUHNCIUCPFEQPVTQNDKVU
.4CTGC .4VQ.4 .4VQ.4 7UGFHQTCFCVCNKPMYKVJCPQVJGT
YQTFU  DKVU  2%
6KOGT%QWPVGTCTGC 6%VQ6% VKOGTEQWPVGT 6JGUCOGPWODGTUCTGWUGFHQTDQVJ
PWODGTU  VKOGTUCPFEQWPVGTU
&/CTGC 4GCFYTKVG &/VQ  &/CTGCFCVCECPDGCEEGUUGFKPYQTF
&/ WPKVUQPN[9QTFXCNWGUCTGTGVCKPGF
&/VQ YJGPVJGRQYGTKUVWTPGFQHH
&/
YQTFU 
'TTQTNQI &/VQ  7UGFVQUVQTGVJGVKOGQHQEEWTTGPEGCPF
&/ GTTQTEQFGQHGTTQTUVJCVQEEWT6JGUG
YQTFU  YQTFUECPDGWUGFCUQTFKPCT[
TGCFYTKVG&/YJGPVJGGTTQTNQI
HWPEVKQPKUP1VDGKPIWUGF
4GCF−QPN[ &/VQ  %CPPQVDGQXGTYTKVVGPHTQORTQITCO
&/
YQTFU 
 2%5GVWR &/VQ  7UGFVQUVQTGXCTKQWURCTCOGVGTUVJCV
&/ EQPVTQN2%QRGTCVKQP
YQTFU 

0QVG +4CPF.4DKVUVJCVCTGCPQVWUGFHQTVJGKTCNNQECVGFHWPEVKQPECPDGWUGFCUYQTMDKVU
6JGEQPVGPVUQHVJG*4CTGC.4CTGC%QWPVGTCTGCCPFTGCFYTKVG&/CTGDCEMGFWRD[VJG
%277PKV1UDCVVGT[+HVJGDCVVGT[KUTGOQXGFQTHCKNUVJGEQPVGPVQHVJGUGCTGCYKNNDGNQUVCPF
WPUVCDNG
 9JGP C 6% PWODGTU KU WUGF CU C YQTF QRGTCPF VJG VKOGT QT EQWPVGT 28 KU CEEGUUGF YJGP
WUGFCUDKVQRGTCPFKVU%QORNGVKQP(NCIKUCEEGUUGF
&CVCKU&/VQ&/ECPPQVDGQXGTYTKVGHTQOVJGRTQITCODWVVJG[ECPDGEJCPIGF
HTQOC2TQITCOOKPI&GXKEG
6JGRTQITCOCPFFCVCKP&/VQ&/CTGUVQTGFKPHNCUJOGOQT[



 
70+652'%+(+%#6+105#0&%1/210'065

Y +16GTOKPCN.+4$KV#NNQECVKQP

%277PKV +1 %277PKV6GTOKPCNU
%2/#%&   KPRWVU VQ +4VQ+4 CPF
VQ +4VQ+4 
 QWVRWVU VQ +4VQ+4 CPF
VQ +4VQ+4 
%2/#%&   KPRWVU VQ +4VQ+4 CPF
VQ +4VQ+4 
 QWVRWVU VQ +4VQ+4 CPF
VQ +4VQ+4 
%2/#%&   KPRWVU VQ +4VQ+4 
VQ +4VQ+4 CPF
VQ +4VQ+4 
 QWVRWVU VQ +4VQ+4 
VQ +4VQ+4 CPF
VQ +4VQ+4 

Y 'ZRCPUKQP7PKV#NNQECVKQP

7RVQ'ZRCPUKQP7PKVUECPDGEQPPGEVGFVQC%277PKV+1DKVUCTGCNNQECVGFVQVJG'ZRCPUKQP
7PKVUDGIKPPKPIYKVJVJGPGZVCXCKNCDNG+1YQTFU

6[RGQH'ZRCPUKQP7PKVCXCKNCDNG

0QQH+1 +PRWVU QWVRWVU 2QYGT /QFGN
VGTOKPCNU 5WRRN[
 RQKPVU RQKPVU &% %2/#'&4
%2/#'&6
%2/#'&6
 RQKPVU RQKPV &% %2/#'&
 RQKPV RQKPVU &% %2/#'4
%2/#'6
%2/#'6
 #PCNQI #PCNQI &% %2/#/#&
 RQKPVU RQKPVU &% %2/#546

6JGGZRCPUKQPWPKVCUUVCVGFCDQXGECPCNUQDGWUGFD[%2/#













 
70+652'%+(+%#6+105#0&%1/210'065

Y 'ZCORNGQH+1#NNQECVKQP




'ZCORNG

# %2/#'&  'ZRCPUKQP +1 WPKV  KPRWVU CPF  QWVRWVU  KU EQPPGEVGF VQ C %27 WPKV
YKVJ+1RQKPVU

7PKV #NNQECVGFKPRWVDKVU #NNQECVGFQWVRWVDKVU
 %277PKV +4VQ+4CPF +4VQ+4CPF
%2/#%&   +4VQ+4 +4VQ+4
 'ZRCPUKQP+1WPKV +4VQ+4 +4VQ+4
%2/#'& 

'ZCORNG

6JTGG'ZRCPUKQP7PKVCTGEQPPGEVGFVQC%277PKVYKVJ+1RQKPVU

7PKV #NNQECVGFKPRWVDKVU #NNQECVGFQWVRWVDKVU
 %277PKV +4VQ+4CPF +4VQ+4CPF
%2/#%&   +4VQ+4 +4VQ+4
 'ZRCPUKQP+1WPKV +4VQ+4 +4VQ+4
%2/#'& 
 #PCNQI+1WPKV +4  VQ +4  CPF +4VQ+4
%2/#/#&  +4VQ+4
 'ZRCPUKQP+17PKV +4VQ+4 +4VQ+4
%2/#'& 





 
70+652'%+(+%#6+105#0&%1/210'065

Y 'ZCORNGQH+1#NNQECVKQP EQPVKPWG 

'ZCORNG

6JTGG'ZRCPUKQP7PKVCTGEQPPGEVGFVQC%277PKVYKVJ+1RQKPVU

7PKV #NNQECVGFKPRWVDKVU #NNQECVGFQWVRWVDKVU
 %277PKV +4VQ+4CPF +4VQ+4CPF
%2/#%&   +4VQ+4 +4VQ+4
 'ZRCPUKQP+1WPKV +4VQ+4 +4VQ+4
%2/#'& 
 'ZRCPUKQP+1WPKV +4VQ+4 0QPG 
%2/#/#& 
 'ZRCPUKQP+17PKV 0QPG  +4VQ+4
%2/#'4'6'6 

0QVG +HCP'ZRCPUKQP+17PKVFQGUPQVJCXGKPRWVUPQKPRWVYQTFYKNNDGCNNQECVGF6JGUCOGKUVTWG
HQTQWVRWVU



































 
70+652'%+(+%#6+105#0&%1/210'065

Y 2TQITCOOKPI%QPUQNG

$GHQTGYGUVCTVVQRTQITCOVJG2.%NGVUHCOKNKCTK\GQWTUGNXGUYKVJVJGGUUGPVKCNQRGTCVKQPUQHVJG
MG[DQCTFCPFKPKVKCNUGVVKPIUTGSWKTGF



24




470
 /10+614
 
241)4#/
 
 
 
(70 5(6 016 5*+(6
 
  #0& 14 %06 64 .4 *4
 
  .& 176 6+/ &/ %* %106

 
     ':6 %*) 54%*

  
'

(
 2.#; &'. /1064
   5'6

   
$ %
 
&
4'% +05
   4'5'6

    
#
%.4 8'4 94+6'

  
  
   '#4 /+%
    
  
 
 6JG2%OC[DGUGVVQGKVJGT241)4#//10+614QT470OQFGU

 
 241)4#/ OQFGKUWUGFHQTRTGRCTKPIRTQITCOUQTHQTOCMKPI
  OQFKHKECVKQPUQTEQTTGEVKQPUVQGZKUVKPIRTQITCOU
 
 /10+614 OQFGKUWUGFYJGPEJCPIKPIVJGEQPVGPVUQHOGOQT[CTGCU
  YJKNGVJG2.%KUCEVWCNN[KPQRGTCVKQP
 
 470 OQFGKUWUGFVQGZGEWVGVJGRTQITCOVJCVJCUDGGPGPVGTGF
  KPVQVJG2.%0QEJCPIGUECPDGOCFGVQVJGKPVGTPCNFCVC
  KPVJGTWPOQFG
 
 
 
 






 
70+652'%+(+%#6+105#0&%1/210'065
• #NQQMCVVJG2TQITCOOKPI%QPUQNG

+PQTFGTHQTVJG2.%VQQRGTCVG[QWOWUVHKTUVRWVCRTQITCOKPVQVJGOGOQT[6JGRTQITCOKU
OCFGD[UGSWGPVKCNN[KPRWVVKPIEQOOCPFUWUKPIVJG2TQITCOOKPI%QPUQNG



2NGCUG PQVG VJCV %3/−241'%*−241' ECP DG WUGF YKVJ %2/# %2/
%3/%*5#0&%*:




          
          
   -G[DQCTF
  
   (70 5(6
 016   5*+(6  
    
   #0& 14
 %06  64 
.4 *4  
%QOOCPF
 
  .& 176 6+/ &/ %* %106


 
   ':6 %*) 54%*
 
  '
  
(
 2.#; &'. /1064
 0WOGTKECN
 5'6
1RGTCVKQP
 MG[U  $
 
%
 
&
4'% +05
4'5'6
  #

  %.4 8'4 94+6'

 
 





 
70+652'%+(+%#6+105#0&%1/210'065

Y 2CUUYQTF+PRWV

6JG2.%JCUCRCUUYQTFEQPVTQNVQRTGXGPVWPCWVJQTK\GFCEEGUUVQKVURTQITCO6JG2.%CNYC[U
RTQORVU [QW HQT VJG RCUUYQTF YJGP RQYGT KU HKTUV CRRNKGF QT CHVGT RTQITCOOKPI EQPUQNG KU
KPUVCNNGF YJGP VJG 2.% KU KP VJG QRGTCVKQP OQFG 6Q GPVGT VJG RCUUYQTF RTGUU VJG %.4
/1064%.4MG[U







241)4#/ 

 2#55914&



 
 
  %.4 /1064 %.4 241)4#/ 
 
 
















 
70+652'%+(+%#6+105#0&%1/210'065

Y %NGCTKPI#NN2TQITCO

'TCUKPI C RTGXKQWU RTQITCO KP VJG OGOQT[ QH VJG %27 KU TGHGTTGF VQ CU CP #.. %.'#4
QRGTCVKQP6JGOGOQT[CTGCUQHVJG*QNFKPI4GNC[%QWPVGTCPF&CVC/GOQT[ECPDGTGVCKPGFD[
RTGUUKPIVJGCRRTQRTKCVGMG[DGHQTGRTGUUKPIVJG/1064MG[

6JG #.. %.'#4 QRGTCVKQP ECP QPN[ DG RGTHQTOGF YKVJ VJG /QFG 5GNGEVKQP UYKVEJ UGV VQ
241)4#/OQFG


 
470 /10+614 241)4#/
 
  241)4#/ 
 
 
 


2TGUUGFVJG%.4MG[WPVKN[QWUGGFKURNC[GFQPVJGRTQITCOOKPIEQPUQNG




  %.4
 
 
 
6JG2.%OGOQT[YKNNDGENGCTGFCHVGTVJGHQNNQYKPIMG[UVTQMGU


 2.#; 4'%
 %.4 016


 /'/14;%.4
 /1064 '0&*4%06&/ 

 6JG FKURNC[ UJQWNF PQY NQQM NKMG


2#46+#.%.'#4

2TGUUVJG*4%06QT&/MG[UDGHQTGRTGUUKPI/1064MG[KH[QWYCPVVQRTGUGTXGCP[QH
VJGUGFCVCCTGCU