Catalogo Generale Progettiamo Autonomia

INDICE
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)PEGEVVS^^MREWYTIVPIKKIVETIVMTMTMGGSPMHEEERRM)RSXEPMQTSVXERÊHM
TSXIVIWTPSVEVIPEQFMIRXIMREYXSRSQMETIVXVSZEVISGGEWMSRMHMGVIWGMXEIWXMQSPM
TIVPETTVIRHMQIRXSIPIWIVGM^MSHIPPITVSTVMIEFMPMX
+%00)6-%-11%+-2-

10
()7'6->-32)463(3883
%KMPIIWGSVVIZSPI
*EGMPMWWMQE HE KYMHEVI ,E YRE WSPE VYSXMRE ERXIVMSVI GSQI QSPXI GEVVS^^MRI TIV MP XIRRMW TIV JEGMPMXEVI PE
VSXE^MSRI IH M GEQFM HM HMVI^MSRI &EQFMRM GSR TEXSPSKMI QYWGSPEVM ERGLI GSR VMHSXXE JSVÊ VIWMHYE WSRS MR KVEHS
HMIWTPSVEVIPEQFMIRXIEGGVIWGIVIPEPSVSGYVMSWMXIJEZSVMVIPIWTVIWWMSRIHIPPITVSTVMIEFMPMX
0IKKIVMWWMQE
-P XIPEMS HIPPE GEVVS^^MRE GSWXVYMXS MR GVSQS QSPMFHIRS PE TIHERE I MP GSVVMQERS MR XMXERMS 5YIWXM QEXIVMEPM
VIRHSRS PE GEVVS^^MRE PIKKIVMWWMQE I MRGVIHMFMPQIRXI JEGMPI HE QERSZVEVI 0I VYSXI TSWXIVMSVM WSRS PI WXIWWI YWEXI
TIVPIGEVVS^^MRIWTSVXMZI
%WWIXXSIVIKSPE^MSRM
4ERXLIVE 1MGVS PE GEVVS^^MRE TIV FEQFMRM TM PIKKIVE HMWTSRMFMPI WYP QIVGEXS 0E TSWWMFMPMX HM VIKSPEVI PEWWI
TSWXIVMSVI I PE GEQTEREXYVE HIPPI VYSXI TSWXIVMSVM TIVQIXXSRS HM VIEPM^ÊVI MP GSVVIXXS FMPERGMEQIRXS HIPPE
GEVVS^^MRE
'EVEXXIVMWXMGLI
-R ZIVWMSRI WXERHEVH LE VYSXI TSWXIVMSVM HE S GSR GSTIVXSRM EH EPXE TVIWWMSRI I WIRÊ GSVVMQERS JSHIVE
WGLMIREPI VIKSPEFMPI VYSXE ERXIVMSVI VMKMHE HE HMWTSWMXMZS ERXMVMFEPXEQIRXS GSR XIPEMS EH 9 MR XMXERMS TIHERE
VIKSPEFMPIMREPXI^Ê
(%8-8)'2-'-
(%8-8)'2-'-
1-'63 1-'63032+
0%6+,)>>%7)(98% IGQ IGQ
0%6+,)>>%838%0) IGQ IGQ
092+,)>>%838%0) GQ GQ
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%08)>>%%28)6-36)7)(98% GQ GQ
463*32(-8%7)(98% GQ GQ
4368%8%1%77-1% OK OK
1-796)4)6-086%743683
1-'63 1-'63032+
0%6+,)>>% IGQ IGQ
092+,)>>% GQ GQ
%08)>>% GQ GQ
4)73'3140)77-:31-'63 OKIOK OKIOK
4)737)2>%6938) OKIOK OKIOK
11
%$0%,12
4ERXLIVE&EQFMRSREWGITIVFEQFMRMEXXMZMHEEERRMHMIXGLIRIGIWWMXERS
HMYREGEVVS^^MREJEGMPIHEKIWXMVITIVEJJVSRXEVIEPQIKPMSPEUYSXMHMERMX8VEXXM
HMWXMRXMZMPIKKIVI^ÊQERSZVEFMPMXGSQJSVX7SRSHMWTSRMFMPMQSPXMEGGIWWSVMIH
EPXVIXXERXIST^MSRMHMVIKSPE^MSRIVIRHIRHSEHEXXEFMPIPEYWMPMSEFEQFMRMGSR
RIGIWWMXIEWWIXXMTSWXYVEPMQSPXSHMJJIVIRXM
+%00)6-%-11%+-2-

12
()7'6->-32)463(3883
-RXYMXMZE
*EGMPI HE KYMHEVI JEGMPI HE EHEXXEVI JEGMPI HE WSPPIZEVI ) PE GEVVS^^MRE HE FEQFMRM TIV YR YWS UYSXMHMERS GSR PI
WXIWWIGEVEXXIVMWXMGLIITIGYPMEVMXHIPPIGEVVS^^MRIHEEHYPXSWYTIVFIPEJPYMHMXIPEQERIKKIZSPI^Ê
:IVWEXMPI
4SWWMFMPMX HM ZEVMEVI PEWWIXXS 6IKSPERHS MP TSWM^MSREQIRXS HIPPI VYSXI QSXVMGM I PMRGPMRE^MSRI HIPPS WGLMIREPI
TSWWMFMPI QSHMJMGEVI MP FMPERGMEQIRXS I PIJJMGEGME HIPPE^MSRI TVSTYPWMZE HIPPE GEVVS^^MRE (MWTSRMFMPI ERGLI GSR
XIPEMSEFHSXXS
'SRJMKYVE^MSRIWXERHEVH
8IPEMS MR GVSQS QSPMFHIRS TIHERE VIKSPEFMPI MR EPXI^Ê TVSJSRHMX IH ERKSPE^MSRI VYSXI TSWXIVMSVM HE S
GSR FMPERGMEQIRXS ZEVMEFMPI GSVVMQERS MR XMXERMS VYSXI ERXIVMSVM HE WIQMVMKMHI HMWTSWMXMZS ERXM
VMFEPXEQIRXSWGLMIREPIEHERKSPE^MSRIVIKSPEFMPIMQFSXXMXYVEHMWGLMIREPIIWIHMPIVIKSPEFMPIJVIRMEWTMRXE
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ
092+,)>>%838%0) GQ GQ GQ GQ
%08)>>%838%0) GQ GQ GQ GQ
%2+3037)(98% q q q q
%08)>>%4378)6-36)7)(98% GQ GQ GQ GQ
%08)>>%%28)6-36)7)(98% GQ GQ GQ GQ
463*32(-8%7)(98% GQ GQ GQ GQ
%2+3037',-)2%0) qq qq qq qq
%08)>>%7',-)2%0) GQ GQ GQ GQ
%2+3034)(%2% q q q q
4368%8%1%77-1% OK OK OK OK
1-796)4)6-086%743683
0%6+,)>>% GQ GQ GQ GQ
092+,)>>% GQ GQ GQ GQ
%08)>>% GQ GQ GQ GQ
4)73838%0) OK OK OK OK
4)737)2>%6938) OK OK OK OK
13
6
7PEGEVVS^^MREWXERHEVHHIPPEPMRIE4ERXLIVE)GGIPPIRXMTVIWXE^MSRMHMKYMHE
EWWIXXSTSWXYVEPIGSRJSVXIZSPIIJYR^MSREPIJEGMPMXHMWSPPIZEQIRXSHIPPEYWMPMS
+%00)6-%-11%+-2-

14
()7'6->-32)463(3883
1MRMQSMRKSQFVS
4ERXLIVE 7 LE MP XIPEMS ERXIVMSVI E TMIRE PEVKLI^Ê IH YR MRKSQFVS GSQTPIWWMZS QSPXS GSRXIRYXS 0I VYSXI
ERXIVMSVMWSRSTSWM^MSREXITMEPPIWXIVRSIZMXERHSWGSQSHMGSRXEXXMGSMTMIHM
4IHERIETVMFMPM
(MWTSRMFMPI GSR TIHERI ETVMFMPM M XYFM HIP XIPEMS WSRS WXEXM VMQSHIPPEXM TIV PEWGMEVI QEKKMSVI WTE^MS EPPI KEQFI
EWTIXXSTEVXMGSPEVQIRXIYXMPITIVGLMWMWTMRKIGSRMTMIHM
%GGIWWSVM
%RXMVMFEPXEQIRXS E^MSREFMPI MR QERMIVE IWXVIQEQIRXI WIQTPMGI WIRÊ PEMYXS HM RIWWYRE YPXIVMSVI TIVWSRE
&VEGGMSPMVIKSPEFMPMMREPXI^ÊITVSJSRHMXWIRÊEPGYREGLMEZI
:IVWMSRIWXERHEVH
8IPEMS MR GVSQS QSPMFHIRS TIHERE MR XMXERMS MR EPPYQMRMS RIPPE 7 GQ VYSXI TSWXIVMSVM HE GSR VIKSPE^MSRI
EWWI TSWXIVMSVI GSVVMQERS MR XMXERMS VYSXI ERXIVMSVM HE WIQMVMKMHI WGLMIREPI EH ERKSPE^MSRI VIKSPEFMPI RSR
JMWWEMQFSXXMXYVEHMWGLMIREPIIWIHMPIVIKSPEFMPIJEWGMEETTSKKMETSPTEGGMJVIRMEWTMRXE
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ GQ GQ
092+,)>>%838%0) GQ GQ GQ GQ GQ GQ
%08)>>%838%0) GQ GQ GQ GQ GQ GQ
%2+3037)(98% q q q q q q
%08)>>%43787)(98% GQ GQ GQ GQ GQ GQ
%08)>>%%287)(98% GQ GQ GQ GQ GQ GQ
463*32(-8%7)(98% GQ GQ GQ GQ GQ GQ
%2+3037',-)2%0) qq qq qq qq qq qq
%08)>>%7',-)2%0) GQ GQ GQ GQ GQ GQ
092+,)>>%4)(%2) GQ GQ GQ GQ GQ GQ
%2+3034)(%2) q q q q q q
4368%8%1%< OK OK OK OK OK OK
1-796)4)6-086%743683
0%6+,)>>% GQ GQ GQ GQ GQ GQ
092+,)>>% GQ GQ GQ GQ GQ GQ
%08)>>% GQ GQ GQ GQ GQ GQ
4)73'326938) OK OK OK OK OK OK
4)737)2>%6938) OK OK OK OK OK OK
15
66+257
4ERXLIVE77LSVXYREGEVVS^^MREHIPPEPMRIE4ERXLIVEMHIEXETIVEHSPIWGIRXMI
EHYPXMGLIRIGIWWMXERSHMYREGEVVS^^MREGSQTEXXEGSRIGGIPPIRXMTVIWXE^MSRMHM
KYMHEEWWIXXSHMKYMHETIVWSREPM^ÊFMPIIJEGMPMXHMWSPPIZEQIRXSHIPPEYWMPMS
+%00)6-%-11%+-2-

16
()7'6->-32)463(3883
4VSJSRHMXWIHYXEVMHSXXE
) YR EHEXXEQIRXS HIPPE 7 WXERHEVH TVSTSRI PE WXIWWE WXVYXXYVE I PS WXIWWS HIWMKR -P XIPEMS TM GSVXS HM GQ
GQ VIEPM^ÊXSTIVEHEXXEVWMEPPIIWMKIRÎHMYRYXIRÊGSRYREQMRSVIEPXI^Ê
8IPEMSERXIVMSVI
4ERXLIVE 7 7LSVX TVMZE HM GSRZIVKIRÊ ERXIVMSVI TIV PEWGMEVI QEKKMSVI WTE^MS EPPI KEQFI 0I VYSXI ERXIVMSVM
WSRS TSWM^MSREXI EPPIWXIVRS IZMXERHS WGSQSHM GSRXEXXM GSM TMIHM TIVQIXXIRHS YRE TM WIQTPMGI EYXSWTMRXE GSR M
TMIHM
:IVWMSRIWXERHEVH
8IPEMS MR GVSQS QSPMFHIRS VYSXI TSWXIVMSVM HE GSR FMPERGMEQIRXS ZEVMEFMPI GSVVMQERS MR XMXERMS VYSXI ERXIVMSVM
HE WIQMVMKMHI WGLMIREPI EH ERKSPE^MSRI VIKSPEFMPI MQFSXXMXYVE HM WGLMIREPI I WIHMPI VIKSPEFMPI JEWGME ETTSKKME
TSPTEGGMJVIRM
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ GQ GQ
092+,)>>%838%0) GQ GQ GQ GQ GQ GQ
%08)>>%838%0) GQ GQ GQ GQ GQ GQ
%2+3037)(98% q q q q q q
%08)>>%43787)(98% GQ GQ GQ GQ GQ GQ
%08)>>%%287)(98% GQ GQ GQ GQ GQ GQ
463*32(-8%7)(98% GQ GQ GQ GQ GQ GQ
%2+3037',-)2%0) qq qq qq qq qq qq
%08)>>%7',-)2%0) GQ GQ GQ GQ GQ GQ
%2+3034)(%2) q q q q q q
1-796)4)6-086%743683
4)737)2>%6938) OK OK OK OK OK OK
17
66:,1*
4ERXLIVE77[MRKYREGEVVS^^MREWYTIVPIKKIVEEXXMZEMRHMGEXETIVGLMVMGIVGEMP
GSQTVSQIWWSJVEYREGEVVS^^MREWXEFMPIGSRYRSXXMQSGSQJSVXHMWIHYXEI
YRSXXMQEVIEXXMZMX
+%00)6-%-11%+-2-

18
()7'6->-32)463(3883
-FVMHE
7 7[MRK MRXIKVE PI GEVEXXIVMWXMGLI TSWMXMZI HM YRE GEVVS^^MRE EXXMZE WYTIVPIKKIVE QERIKKIZSPI^Ê I JPYMHMX GSR
YR HIWMKR GSQTEXXS QE GSR M WYTTSVXM KEQFI VIQSZMFMPM W[MRK E[E] I VIKSPEFMPM TIV JEGMPMXEVI PEGGIWWS MR
GEVVS^^MRE
4IVJSVQERXI
(MQIRWMSRM IWXIVRI IWXVIQEQIRXI GSRXIRYXI MP QSHIPPS GSR TIHERI W[MRK E[E] TM PIKKIVS WYP QIVGEXS 0EWWI
TSWXIVMSVI HMWIKREXS TIV JEGMPMXEVI PE TVIWE I HM GSRWIKYIRÊ PS WTSWXEQIRXS HIPPE GEVVS^^MRE HIRXVS I JYSVM
PEYXS 0ERKSPS HM WIHYXE TPEREVI HM q I MP JVIRS TSWXS E VMHSWWS HIP TMERS MRJIVMSVI HM WIHYXE WSRS WXEXM MHIEXM TIV
RSRMRXVEPGMEVIHYVERXIMPTEWWEKKMSWYPPEGEVVS^^MRE
8IPEMS MR GVSQS QSPMFHIRS TIHERI TMIKLIZSPM VYSXI TSWXIVMSVM HE GSR FMPERGMEQIRXS ZEVMEFMPI GSVVMQERS MR
XMXERMS VYSXI ERXIVMSVM HE WIQMVMKMHI WGLMIREPI EH ERKSPE^MSRI VIKSPEFMPI MQFSXXMXYVE HM WGLMIREPI I WIHMPI
VIKSPEFMPIJEWGMEETTSKKMETSPTEGGMJVIRM
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ
092+,)>>%838%0) GQ GQ GQ GQ
%08)>>%838%0) GQ GQ GQ GQ
%2+3037)(98% q q q q
%08)>>%43787)(98% GQ GQ GQ GQ
%08)>>%%287)(98% GQ GQ GQ GQ
463*32(-8%7)(98% GQ GQ GQ GQ
%2+3037',-)2%0) qq qq qq qq
%08)>>%7',-)2%0) GQ GQ GQ GQ
%2+3034)(%2% q q q q
4368%8%1%< OK OK OK OK
1-796)4)6-086%743683
0%6+,)>>% GQ GQ GQ GQ
092+,)>>% GQ GQ GQ GQ
%08)>>% GQ GQ GQ GQ
4)73838%0) OK OK OK OK
4)737)2>%6938) OK OK OK OK
19
66:,1*6+257
4ERXLIVE77[MRK7LSVXYREGEVVS^^MREWYTIVPIKKIVEEXXMZEMRHMGEXETIVGLM
VMGIVGEMPGSQTVSQIWWSJVEYREGEVVS^^MREWXEFMPIGSRYRSXXMQSGSQJSVXHM
WIHYXEIYRSXXMQEVIEXXMZMX
+%00)6-%-11%+-2-

20
()7'6->-32)463(3883
'SQTEXXE
%HEXXEQIRXS HIPPE 7 7[MRK TVSTSRI PE WXIWWE WXVYXXYVE I PS WXIWWS HIWMKR -P XIPEMS TM GSVXS HM GQ VIEPM^ÊXS
TIV EHEXXEVWM EPPI IWMKIRÎ HM YRYXIRÊ GSR YRE QMRSVI EPXI^Ê (MQIRWMSRM IWXIVRI GSRXIRYXI MP QSHIPPS GSR
TIHERIQSFMPMTMPIKKIVSWYPQIVGEXS
+IWXMFMPI
-P JVIRS TSWXS E VMHSWWS HIP TMERS MRJIVMSVI HM WIHYXE MR QSHS HE RSR MRXVEPGMEVI HYVERXI MP TEWWEKKMS WYPPE
GEVVS^^MRE TY IWWIVI VIKSPEXS WIRÊ EPGYR EXXVI^^S 0EWWI TSWXIVMSVI HMWIKREXS TIV JEGMPMXEVI PE TVIWE I HM
GSRWIKYIRÊPSWTSWXEQIRXSHIPPEGEVVS^^MREHIRXVSIJYSVMPEYXS
'SRJMKYVE^MSRI7XERHEVH
8IPEMS MR GVSQS QSPMFHIRS TIHERI TMIKLIZSPM VYSXI TSWXIVMSVM HE GSR FMPERGMEQIRXS ZEVMEFMPI GSVVMQERS MR
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ
092+,)>>%838%0) GQ GQ GQ GQ
%08)>>%838%0) GQ GQ GQ GQ
%2+3037)(98% q q q q
%08)>>%43787)(98% GQ GQ GQ GQ
%08)>>%%287)(98% GQ GQ GQ GQ
463*32(-8%7)(98% GQ GQ GQ GQ
%2+3037',-)2%0) qq qq qq qq
%08)>>%7',-)2%0) GQ GQ GQ GQ
%2+3034)(%2) q q q q
4368%8%1%< OK OK OK OK
1-796)4)6-086%743683
0%6+,)>>% GQ GQ GQ GQ
092+,)>>% GQ GQ GQ GQ
%08)>>% GQ GQ GQ GQ
4)73838%0) OK OK OK OK
4)737)2>%6938) OK OK OK OK
21
8
4ERXLIVE9YREGEVVS^^MREQSHIVREEXXMZEIHIWXVIQEQIRXIWGSVVIZSPI0E
TEVXIERXIVMSVIWXVIXXEIGSQTEXXEEMYXEEQERXIRIVIKEQFIITMIHMMRTSWM^MSRII
TIVQIXXIEPXVIWYRQEKKMSVIEZZMGMREQIRXSJEGMPMXERHSMPXVEWJIVMQIRXSHEPPEEPPE
GEVVS^^MRE
+%00)6-%-11%+-2-

22
()7'6->-32)463(3883
6IWMWXIRXI
-P HIWMKR GEVEXXIVM^ÊXS HE YR XIPEMS GMVGSPEVI VIRHI PE 4ERXLIVE 9 YRE GEVVS^^MRE IWXVIQEQIRXI VIWMWXIRXI MR
KVEHS HM EXXYXMVI I HMWXVMFYMVI IZIRXYEPM YVXM WIRÊ PE GSQTVSQMWWMSRI HIPPEWWIXXS I HIP FMPERGMEQIRXS GSQTPIWWMZS
HIPPE GEVVS^^MRE (MWTSRMFMPI GSR WTSRHMRI PEXIVEPM FVIZIXXEXI E WXVYXXYVE FMGSQTSRIRXI PE TEVXI MRJIVMSVI VMKMHE I PE
TEVXIWYTIVMSVIQSVFMHETIVIZMXEVIPIWMSRMEPTEPQSHIPPEQERSIJEGMPMXEVIMXVEWJIVMQIRXMHEPPEGEVVS^^MRE
6IEXXMZE
8IPEMS VMKMHS MR GVSQSQSPMFHIRS TSKKMETMIHM I GSVVMQERS MR XMXERMS VIRHSRS PE 9 QSPXS PIKKIVE VIEXXMZE IH
IWXVIQEQIRXI QERIKKIZSPI YRE GEVVS^^MRE ZIVWEXMPI GSR PE TSWWMFMPMX HM ZEVMEVI PEWWIXXS TIV VMWTSRHIVI EPPI
IWMKIRÎ HM YRYXIRÊ IXIVSKIRIE 6IKSPERHS MP TSWM^MSREQIRXS HIPPI VYSXI QSXVMGM PMRGPMRE^MSRI HIPPS WGLMIREPI I
MP TSWM^MSREQIRXS WYPPE GEVVS^^MRE WM TY QSHMJMGEVI PIJJMGEGME HIPPE^MSRI TVSTYPWMZE SXXIRIRHS YRE HMZIVWE
WGSVVIZSPI^Ê
8IPEMS MR GVSQS QSPMFHIRS TIHERE MR XMXERMS VYSXI TSWXIVMSVM HE GSR FMPERGMEQIRXS ZEVMEFMPI GSVVMQERS MR
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ GQ
092+,)>>%838%0) GQ GQ GQ GQ GQ
%08)>>%838%0) GQ GQ GQ GQ GQ
%2+3037)(98% q q q q q
%08)>>%43787)(98% GQ GQ GQ GQ GQ
%08)>>%%287)(98% GQ GQ GQ GQ GQ
463*32(-87)(98% GQ GQ GQ GQ GQ
%2+3037',-)2%0) qq qq qq qq qq
%08)>>%7',-)2%0) GQ GQ GQ GQ GQ
%2+3034)(%2) q q q q q
4368%8%1%< OK OK OK OK OK
1-796)4)6-086%743683
0%6+,)>>% GQ GQ GQ GQ GQ
092+,)>>% GQ GQ GQ GQ GQ
%08)>>% GQ GQ GQ GQ GQ
4)73'326938) /K /K /K /K /K
4)737)2>%6938) /K /K /K /K /K
23
8/,*+7
'EVVS^^MREWXYHMEXETIVYRYXIRÊEXXMZEIHIWTIVXEMRKVEHSHMKIWXMVIYREYWMPMS
IWXVIQEQIRXITIVJSVQERXI
+%00)6-%-11%+-2-

24
()7'6->-32)463(3883
)WWIR^MEPI
0E 9 0MKLX PE GEVVS^^MRE MR GVSQS QSPMFHIRS HIPPE PMRIE 4ERXLIVE TM PIKKIVE I GSQTEXXE 8IPEMS ERXIVMSVI
GSQTEXXS EWWIXXS ZEVMEFMPI ) WXEXE TVSKIXXEXE TIV EMYXEVI E VMHYVVI IS TVIZIRMVI TEXSPSKMI WIGSRHEVMI E PMZIPPS HIP
GMRKSPS WGETSPEVI -P VMWYPXEXS YRE GEVVS^^MRE WGSVVIZSPI I PIKKIVMWWMQE GSR YR TIWS HM XVEWTSVXS HM OK GLI
JEGMPMXEMPTEWWEKKMSHIRXVSIJYSVMHEPPEYXSKVERHIQERSZVEFMPMXIWGSVVIZSPI^Ê
4IVJSVQERXI
6YSXI 7TMRIVK] 7TS\ %WWI TSWXIVMSVI MR JMFVE HM GEVFSRMS JMWWS (MWTSRMFMPI GSR HYI WIXYT EPXIVREXMZM TIV MP
GSVVIXXS FMPERGMEQIRXS HIP XIPEMS 9 PMKLX I 9 0MKLX 0 0EXXEGGS TSWXIVMSVI VIKSPEFMPI MR HMZIVWI TSWM^MSRM S
QQ GSVVMWTSRHIRXM EM JSVM TVIWIRXM RIP XYFSPEVI HIP WIHMPI UYIWXS GSRWIRXI PE HIJMRM^MSRI HIP FMPERGMEQIRXS
TMEHEXXS
8IPEMS MR GVSQS QSPMFHIRS EWWI TSWXIVMSVI MR JMFVE HM GEVFSRMS TIHERE MR XMXERMS VYSXI TSWXIVMSVM HE 7TS\
PIKKIVI GSVVMQERS MR XMXERMS VYSXI ERXIVMSVM HE WIQMVMKMHI WGLMIREPI EH ERKSPE^MSRI VIKSPEFMPI MQFSXXMXYVE HM
WGLMIREPIIWIHMPIVIKSPEFMPIJEWGMEETTSKKMETSPTEGGMJVIRM
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ GQ
092+,)>>%838%0) GQ GQ GQ GQ GQ
%08)>>%838%0) GQ GQ GQ GQ GQ
%2+3037)(98% q q q q q
%08)>>%43787)(98% GQ GQ GQ GQ GQ
%08)>>%%287)(98% GQ GQ GQ GQ GQ
463*32(-87)(98% GQ GQ GQ GQ GQ
%2+3037',-)2%0) qq qq qq qq qq
%08)>>%7',-)2%0) GQ GQ GQ GQ GQ
%2+3034)(%2) q q q q q
1-796)4)6-086%743683
4)73838%0) OK OK OK OK OK
4)737)2>%6938) OK OK OK OK OK
25
3$17+(5$;
0ETMPIKKIVEGEVVS^^MREVMKMHEQEMGSWXVYMXE1EXIVMEPMWSJMWXMGEXMIXIGRSPSKME
EZERÊXELERRSTIVQIWWSHMSXXIRIVIYREPIKKIVI^ÊMRGVIHMFMPIWIRÊ
GSQTVSQIXXIVIWXEFMPMXIGSQJSVX4IVYRYXIRÊEPXEQIRXIIWTIVXEIHEXXMZE
+%00)6-%-11%+-2-

26
()7'6->-32)463(3883
0ETMPIKKIVEEPQSRHS
4IWS GSQTPIWWMZS /K 4IWS XIPEMS WIRÊ VYSXI TIV MP XVEWTSVXS MR EYXS OK 4ERXLIVE < YR TVSHMKMS HIPPE
XIGRMGEGLILEVMGLMIWXSFIRERRMHMVMGIVGLITIVPETVIWIRXE^MSRIEPTYFFPMGS
-RXIVEQIRXIMRJMFVEHMGEVFSRMS
-P XIPEMS MR JMFVE HM GEVFSRMS I PS WTIGMJMGS MRXVIGGMS HM JMFVI YRMGS RIP WYS KIRIVI KEVERXMWGI QEKKMSVI VMKMHMX
VMWTIXXS EM XIPEM GLI ZIRKSRS XVEHM^MSREPQIRXI YXMPM^ÊXM 0E QERGERÊ HM JPIWWMFMPMX WM XVEHYGI MR YRE QMRSVI
HMWTIVWMSRI HM IRIVKME HYVERXI PE TVSTYPWMSRI GSQTSVXERHS QERIKKIZSPI^Ê I PE TSWWMFMPMX HM TIVGSVVIVI HMWXERÎ
TM PYRKLI GSR YR QMRSVI HMWTIRHMS HM IRIVKMI 0E TIHERE GSWXVYMXE MR GEVFSRMS VMRJSVÊXE GSR XMXERMS I MP
GSVVMQERSMREPPYQMRMS
%HEXXEFMPI
4IV SXXIRIVI MP GSVVIXXS FMPERGMEQIRXS WM EKMWGI WYPPI UYEXXVS TSWM^MSRM HM EXXEGGS HIPPS WGLMIREPI 5YIWXYPXMQS
VIKSPEFMPI MR ERKSPE^MSRI IH TSWWMFMPI WGIKPMIVPS HM HMZIVWI EPXI^Î HE E GQ GSR TVSKVIWWMSRI HM GQ 0E
TIHEREVIKSPEFMPIMREPXI^Ê
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ GQ
092+,)>>%838%0) GQ GQ GQ GQ GQ
%08)>>%838%0) GQ GQ GQ GQ GQ
%2+3037)(98% q q q q q
%08)>>%43787)(98% GQ GQ GQ GQ GQ
%08)>>%%287)(98% GQ GQ GQ GQ GQ
463*32(-8%7)(98% GQ GQ GQ GQ GQ
%2+3037',-)2%0) qq qq qq qq qq
%08)>>%7',-)2%0) GQ GQ GQ GQ GQ
%2+3034)(%2% q q q q q
1-796)4)6-086%743683
4)73838%0) OK OK OK OK OK
4)737)2>%6938) OK OK OK OK OK
27
$&7,21
'EVVS^^MREWYTIVPIKKIVEWSPY^MSRITIVJIXXETIVGLMVMGIVGEQERIKKIZSPI^ÊI
TVEXMGMXHMXVEWTSVXS%GXMSRYREGEVVS^^MREMHIEPITIVYXIRXMEXXMZMGLI
EJJVSRXERSPEUYSXMHMERMXGSRYRSWXMPIHMREQMGS
+%00)6-%-11%+-2-

28
()7'6->-32)463(3883
4IVWSREPM^ÊFMPI
-RZEGEVI %GXMSR YRE GEVVS^^MRE EPXEQIRXI TIVWSREPM^ÊFMPI TIV HEVI PE TSWWMFMPMX HM VIEPM^ÊVI PE GEVVS^^MRE
WIGSRHS HMZIVWI XMTSPSKMI HM WXMPM ,E YR XIPEMS MR EPPYQMRMS HMWTSRMFMPI MR HMJJIVIRXM GSPSVM IH HSXEXE HM YR
WMWXIQE HM GLMYWYVE FVIZIXXEXS E EPM MR EPPYQMRMS ERSHM^ÊXS 5YIWXE WXVYXXYVE ZE E MVVMKMHMVI MP XIPEMS PEXIVEPQIRXI I
TIVQIXXI HM VIEPM^ÊVI YRE WGSVVIZSPI^Ê VSFYWXI^Ê I YRE TIVJSVQERGI HM KYMHE GSQTEVEFMPM WSPS EH YRE
GEVVS^^MREVMKMHE
'SQTEXXEIVIKSPEFMPI
-P HIWMKR MRRSZEXMZS I MP WMWXIQE HM GLMYWYVE FVIZIXXEXS GSRWIRXI EP XIPEMS HM VMHYVWM RSXIZSPQIRXI MRSPXVI TSWWMFMPI
VMTMIKEVI PS WGLMIREPI VIRHIRHS PE GEVVS^^MRE IWXVIQEQIRXI GSQTEXXE -HIEPI TIV GLM VMGIVGE SXXMQI TVIWXE^MSRM HM
KYMHEIYRIPIZEXEQERIKKIZSPI^ÊITVEXMGMXHMXVEWTSVXSGSRMRKSQFVMVMHSXXM
%HEXXEESKRMIX
+VE^MIEPPIRYQIVSWIGSRJMKYVE^MSRM%GXMSRHMWTSRMFMPIWMETIVPYXIRÊTIHMEXVMGEGLITIVUYIPPEEHYPXE
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ GQ GQ
092+,)>>%838%0) GQ GQ GQ GQ GQ GQ
%08)>>%838%0) GQ GQ GQ GQ GQ GQ
%2+3037)(98% q q q q q q
%08)>>%43787)(98% GQ GQ GQ GQ GQ GQ
%08)>>%%287)(98% GQ GQ GQ GQ GQ GQ
463*32(-8%7)(98% GQ GQ GQ GQ GQ GQ
%2+3037',-)2%0) qq qq qq qq qq qq
%08)>>%7',-)2%0) GQ GQ GQ GQ GQ GQ
092+,)>>%4)(%2) GQ GQ GQ GQ GQ GQ
%2+3034)(%2) q q q q q q
1-796)4)6-086%743683
4)737)2>%6938) OK OK OK OK OK OK
29
(;(//(
'EVVS^^MREWYTIVPIKKIVEGSRWMWXIQEHMGLMYWYVEEGVSGMIVETIVYWSMRXIVRS
IHIWXIVRSGEVEXXIVM^ÊXEHEEVQSRMEHIPPIJSVQIVSFYWXI^ÊIHEJJMHEFMPMX
+%00)6-%-11%+-2-

30
()7'6->-32)463(3883
7XVYXXYVEEPPIKKIVMXEEJJMHEFMPMXMQQYXEXE
)\IPPI YRS HIM TVMQM QSHIPPM REXM MR GEWE 463+)3 ERGSVE EXXYEPI TIV PEVQSRME HIPPI JSVQI I TIV PE TVSZEXE
VSFYWXI^Ê IH EJJMHEFMPMX +VE^MI E WSPY^MSRM XIGRMGLI HEZERKYEVHME ERGSVE WM VMRRSZE EXXVEZIVWS PMRII TM
WPERGMEXI I HMREQMGLI 0E WXVYXXYVE TYV QERXIRIRHS PI SVMKMREPM VIWMWXIRÎ VMWYPXE IWWIVI TM PIKKIVE HM UYEWM /K
VMWTIXXSEPQSHIPPSTVIGIHIRXI
(MWTSRMFMPIMRHMZIVWIGSRJMKYVE^MSRM
8IPEMS WXERHEVH GSR ERKSPM I PYRKLI^Î 8IPEMS TSWXIVMSVI (]REQMG STXMSREP MRGPYHI WTSRHMRE VSXEXMZE I
VIKSPE^MSRI MRGPMRE^MSRI WGLMIREPI 8IPEMS 81%< STXMSREP MR XMXERMS WTE^^SPEXS QEWWMQE VIWMWXIRÊ I
GSRWMHIVIZSPIVMHY^MSRIHMTIWS
'EVEXXIVMWXMGLI
'VSGMIVE HM RYSZS HIWMKR SXXMQE VIWMWXIRÊ I VMKMHMX GEVVS^^MRE GLMYWE IWXVIQEQIRXI GSQTEXXE XIPEMS GSR
QSPXITPMGM TSWWMFMPMX HM VIKSPE^MSRI WMWXIQE TIV MP JMWWEKKMS JVIRS I WTSRHMRE WMWXIQE TIV PE VIKSPE^MSRI ERKSPS I
EPXI^ÊERXIVMSVIGSRJSVGIPPEEPPIKKIVMXE
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ
%08)>>%7',-)2%0) HEEGQVIKSPEFMPI
-2+31&63 GQGMVGEGSRGEQTEREXYVEq
463*32(-87)(98% GQ
%2+3038)0%-3%28)6-36) qq
%2+3037',-)2%0)8)0%-34378)6-36)78( qEPPEWIHYXE
8)0%-34378)6-36)(=2%1-' HEqEqEPPEWIHYXEVIKSPEFMPI
%08)>>%7)(98% %RXGQWXH VIKSPEFMPI

4SWXGQWXH VIKSPEFMPI
092+,)>>%838%0) GQGMVGEGSRJWXH
'%14%2%896%8)0%-34378)6-36)78( qqq
8)0%-34378)6-36)(=2%1-' qqqq
(-78%2>%4)(%2% VIKSPEFMPI
0%6+,)>>%838%0) PEVKLI^ÊWIHYXEGQGSRGEQTEREXYVEq
4)73'%663>>-2% OKGMVGEGSRJTMPIKKIVE

OKGMVGEGSRJWXH
4)7373038)0%-3 OKGSRJTMPIKKIVE

OKGSRJWXH
'%6-'31%77-13 OK
31
(;(//(9$5,2
4VSKIS)\IPPI:EVMSGEVVS^^MREWYTIVPIKKIVEGSRWMWXIQEHMGLMYWYVEEGVSGMIVE
TIVYWSMRXIVRSIHIWXIVRS
+%00)6-%-11%+-2-

32
()7'6->-32)463(3883
4IHERIIWXVEMFMPM
) IUYMTEKKMEXE HM YR WMWXIQE QSPXS JYR^MSREPI TIV PIWXVE^MSRI I PE VSXE^MSRI MRXIVRS IWXIVRS HIPPI TIHERI GLI
VMHYGIRSXIZSPQIRXIKPMMRKSQFVMIHEQTPMEPITSWWMFMPMXHIPPYXIRXIRIPPEKIWXMSRIHIPPITVSTVMIVMWSVWI
(MJJIVIRXMGSRJMKYVE^MSRM
'SQTEXXE IPIKERXI I TIVWSREPM^ÊFMPI KVE^MI EM RYQIVSWM EGGIWWSVM I GSPSVM HMWTSRMFMPM 4SWWMFMPMX HM WGIKPMIVI JVE
MP XIPEMS WXERHEVH HMWTSRMFMPI GSR XVI ERKSPM I XVI PYRKLI^Î I MP XIPEMS TSWXIVMSVI (]REQMG GSR WMWXIQE
QYPXMVIKSPE^MSRIVYSXETSWXIVMSVIWGLMIREPIVIKSPEFMPIMRMRGPMRE^MSRIIWTSRHMREVSXEXMZE
8IPEMS TMIKLIZSPI XVI ERKSPM TIV MP XIPEMS ERXIVMSVI q q I q TIHERI IWXVEMFMPM I KMVIZSPM MRXIVRSIWXIVRS PIZE
HMWFPSGGSTIHEREEHE^MSREQIRXSJEGMPMXEXS
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ
463*32(-87)(98% GQ
%2+3038)0%-3%28)6-36) qqq
%2+3037',-)2%0)8)0%-34378)6-36)78( qEPPEWIHYXE
%08)>>%7)(98% %RXGQWXH VIKSPEFMPI4SWXGQWXH VIKSPEFMPI
092+,)>>%838%0) GQGMVGEWIRÊTIHERIGQGMVGEWXH
'%14%2%896%8)0%-34378)6-36)78( qqq
8)0%-34378)6-36)(=2%1-' qqqq
4)73'%663>>-2% OKGMVGEGSRJTMPIKKIVE OKGMVGEGSRJWXH
4)7373038)0%-3 OKGSRJTMPIKKIVE OKGSRJWXH
'%6-'31%77-13 OK
33
(;(//(-81,25
'EVVS^^MREWYTIVPIKKIVETIHMEXVMGEHIPPE4VSKISGSRWMWXIQEHMGLMYWYVEE
GVSGMIVETIVYWSMRXIVRSIHIWXIVRS
+%00)6-%-11%+-2-

34
()7'6->-32)463(3883
%XXMZEITIVWSREPM^ÊFMPI
) YRE GEVVS^^MRE EXXMZE TIV FEQFMRM GEVEXXIVM^ÊXE HE YR HIWMKR MRRSZEXMZS I HEPPE TSWWMFMPMX HM
TIVWSREPM^Ê^MSRIHIPPETSWXYVEERGLIMRJYR^MSRIHIPPEGVIWGMXEHIPFEQFMRS
(MWTSRMFMPIMRXIPEM
4SWWMFMPMX HM WGIPXE JVE HYI HMZIVWI XMTSPSKMI HM XIPEMS 7XERHEVH GSR PYRKLI^Ê I TVSJSRHMX HIPPE WIHYXE VIKSPEFMPM
STTYVI (]REQMG GSR WMWXIQE QYPXMVIKSPE^MSRI VYSXE TSWXIVMSVI WGLMIREPI VIKSPEFMPI MR MRGPMRE^MSRI I WTSRHMRE
VSXEXMZE
6YSXE ERXMVMFEPXEQIRXS KMVIZSPI IH IWXVEMFMPI XIPEMS TMIKLIZSPI GSR QSPXITPMGM TSWWMFMPMX HM VIKSPE^MSRI XIPEMS
ERXIVMSVIEFHSXXSGSRTIHEREYRMGESWHSTTMEXEEQTMEVIKSPE^MSRIHIPPEPXI^ÊERXIVMSVI
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ
463*32(-87)(98% GQ
%2+3038)0%-3%28)6-36) q
%2+3037',-)2%0)8)0%-34378)6-36)78( qEPPEWIHYXE
%08)>>%7)(98% %RXGQWXH VIKSPEFMPI

4SWXGQWXH VIKSPEFMPI
092+,)>>%838%0) GQGMVGEGSRJWXH
'%14%2%896%8)0%-34378)6-36)78( qqq
8)0%-34378)6-36)(=2%1-' qqqq
4)73'%663>>-2% OKGMVGEGSRJTMPIKKIVE

OKGMVGEGSRJWXH
4)7373038)0%-3 OKGSRJTMPIKKIVE

OKGSRJWXH
'%6-'31%77-13 OK
35
02817$,175,.(
1SYRXEMR8VMOIYREGEVVS^^MREVIEPM^ÊXETIVGSRWIRXMVIEPPYXMPM^ÊXSVIXSXEPI
PMFIVX2IWWYREPXVEGEVVS^^MREQERYEPISJJVSEHSJJVIPMZIPPMTEVEKSREFMPMMR
QERIKKIZSPI^ÊTVIWXE^MSRMIGSQJSVX1SYRXEMR8VMOIYREGEVVS^^MRETIV
UYEPWMEWMPYSKSMHIEPITIVPEGMXXPEGEQTEKREPEQSRXEKREIMPQEVI
+%00)6-%-11%+-2-

36
()7'6->-32)463(3883
9XMPM^ÊFMPIWYSKRMXIVVIRS
1SYRXEMR 8VMOI TIVQIXXI HM KYMHEVI GSR IWXVIQS HMZIVXMQIRXS HM IWTPSVEVI PE REXYVE I HM WJMHEVI PYSKLM GLI GSR
YRE UYEPWMEWM EPXVE GEVVS^^MRE QERYEPI S IPIXXVSRMGE RSR WEVIFFI TSWWMFMPI VEKKMYRKIVI +YMHEVI 1SYRXEMR 8VMOI
VMWYPXE IWXVIQEQIRXI JEGMPI IH MRXYMXMZS WM GYVZE E^MSRERHS PE XIVÊ VYSXE TSWXIVMSVI I GM TIVQIXXI HM KYMHEVI
ERGLIWSPSGSRYREQERS3XXMQEWMEEPPMRXIVRSGLIEPPIWXIVRSWYXIVVIRMRSVQEPMIWYXIVVIRMQSPXSEGGMHIRXEXM
-RRSZEXMZSWMWXIQEHMTVSTYPWMSRI
0MRRSZEXMZS WMWXIQE HM TVSTYPWMSRI XVEQMXI PIZI WXYHMEXS TIV VMHYVVI PE JSVÊ RIGIWWEVME TIV P EYXS
TVSTYPWMSRI %XXVEZIVWS PMRIHMXS WMWXIQE HM KYMHE TSWWMFMPI IJJIXXYEVI EP QIKPMS HMWGIWI ERGLI QSPXS
MQTIKREXMZI GSR PE WMGYVI^Ê HM JVIRM MHVEYPMGM TIV GSRXVSPPEVI PE ZIPSGMX IH MP GSQJSVX HM XVI WSWTIRWMSRM
TRIYQEXMGLI
-RZIVWMSRIWXERHEVHTVIZIHI
6YSXI HE QSYRXEMR FMOI JVIRM MHVEYPMGM WGLMIREPI I GYWGMRS EZZSPKIRXM 7SWTIRWMSRM TRIYQEXMGLI HMWTSWMXMZS
ERXMVMFEPXEQIRXSERXIVMSVITIHEREVIKSPEFMPIMREPXI^ÊXIPEMSVMHYGMFMPIGSRKEVER^MEHMERRM
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ
0%6+,)>>%838%0) GQ
%08)>>%7)(98%(%8)66% GQ
%08)>>%7',-)2%0) GQ
%2+3037)(98% q
463*32(-8%7)(98% HEEGQ
%08)>>%4)(%2% HEEGQ
4368%8%1%77-1% OK
4)73 OK
37
1;7
6SFYWXEIVIWMWXIRXIGSQTEXXEIPIKKIVMWWMQEJEGMPIHEYWEVI7IKYIPEGVIWGMXE
HIPFEQFMRS3KRMQMWYVEHMXIPEMSMRGVIQIRXEFMPIMRPEVKLI^ÊITVSJSRHMX
GSQITYVIPERKSPSHIPPSWGLMIREPI
+%00)6-%-11%+-2-

38
()7'6->-32)463(3883
8IPEMSVMKMHSSTMIKLIZSPI
2<8 YRE GEVVS^^MRE HMWTSRMFMPI GSR XIPEMS VMKMHS S TMIKLIZSPI EHEXXE TIV GLM HIWMHIVE YRE GEVVS^^MRE EJJMHEFMPI I
IWXVIQEQIRXIZIVWEXMPI
7MWXIQEHMFEWGYPE^MSRITIVWSREPM^ÊXS
-P WMWXIQE HM FEWGYPE^MSRI q TY IWWIVI EXXMZEXS E WGIPXE S EXXVEZIVWS YR TIHEPI RIPPE TEVXI TSWXIVMSVI MRXIVRE
HIWXVE HIP XIPEMS S XVEQMXI YR GSQERHS E HSTTME PIZE %RGLI MP JVIRS E^MSREFMPI XVEQMXI TIHEPI S PIZE ) HSXEXE
HMERXMVMFEPXEQIRXSIHMYREPIZETIVJEGMPMXEVIMPWYTIVEQIRXSHIMGSVHSPM
-RKSQFVMVMHSXXMIJEGMPMXHMXVEWTSVXS
*EGMPI HE XVEWTSVXEVI TIVGL XSXEPQIRXI GLMYHMFMPI I TSGS MRKSQFVERXI +VE^MI EPPE FEWI IWXVEMFMPI PS WGLMIREPI
EFFEXXMFMPI MP XIPEMS TMIKLIZSPI M FVEGGMSPM I PI VYSXI IWXVEMFMPM 2<8 SGGYTE YR ZSPYQI MRJIVMSVI E UYIPPS HM YR
TEWWIKKMRS -RSPXVI SQSPSKEXE TIV MP XVEWTSVXS WY ZIMGSPM MP WMWXIQE HM ERGSVEKKMS JMWWEXS EPPI TEVXM TM VSFYWXI
HIPXIPEMS
8IPEMS VMKMHS S TMIKLIZSPI FEWGYPE^MSRI E q GSR E^MSREQIRXS E PIZE S TIHEPI TIHERE q S q TMEXXS HIPPE
TIHERE MR EPPYQMRMS S MR TPEWXMGE ERXMVMFEPXEQIRXS JVIRM E PIZE I JVIRS HM WXE^MSREQIRXS E TIHEPI WGLMIREPI EH
ERKSPE^MSRIVIKSPEFMPI
(%8-8)'2-'-
(%8-8)'2-'- (%8-8)'2-'-
0%6+,)>>%7)(98% (%'1%'1
463*32(-8%7)(98% 8)0%-31-2-(%%

8)0%-34-''303(%
8)0%-31)(-3(%%
8)0%-3+6%2()(%%
%08)>>%7)(98% 3+2-7)(98%(%%'1'327)28)'1%++-928-:-(-
6)+30%>-32)
8-4303+-%8)0%-3 6-+-(334-)+,):30)
%2+3034)(%2% qSq
&%7'90%>-32) q
4368%8%1%77-1% OK
4)73 ETEVXMVIHEOK
'3036- '3036-(-7432-&-0-
39
352
463YREGEVVS^^MREFEWGYPERXIMHIEPITIVMPTSWM^MSREQIRXSHMWMWXIQM
TSWXYVEPMTVIHMWTSWXMIWYQMWYVE)WXVIQEQIRXIEJJMHEFMPIWIQTPMGIHEKIWXMVII
GSRVMHSXXEQERYXIR^MSRI
+%00)6-%-11%+-2-

40
()7'6->-32)463(3883
&EWGYPE^MSRIIWXVIQE
8IPEMS VMKMHS I VSFYWXS GSR EWWIXXS VIKSPEFMPI 0E 463 '+ 4VIGMWI 6SXEXMSREP 3VMIRXEXMSR EWWMGYVE YRSXXMQE
WXEFMPMX I WIQTPMGMX HM FEWGYPEQIRXS HE q E q KEVERXMXE HEKPM GYWGMRIXXM HIHMGEXM -P VMWYPXEXS YR
FEWGYPEQIRXSIWXVIQEQIRXIPIKKIVSIWMGYVS
'SQTEXXEITIVWSREPM^ÊFMPI
463 GEVEXXIVM^ÊXE HE YR XIPEMS MR EPPYQMRMS GSQTEXXS ERGLI GSR PE GEVVS^^MRE FEWGYPEXE E q PMRKSQFVS
GSQTPIWWMZS VMWYPXE VMHSXXS 3JJVI HMZIVWM EGGIWWSVM I TSWWMFMPMX HM TIVWSREPM^Ê^MSRI TIV EWWIGSRHEVI ERGLI PI TM
GSQTPIWWIIWMKIRÎ
'EVEXXIVMWXMGLIHMWXMRXMZI
%RKSPS WIHYXE VIKSPEFMPI TIHERI QYPXMJYR^MSREPM W[MRK E[E] TSWWMFMPMX HM VIKSPEVI MP XIPEMS MR PEVKLI^Ê I
TVSJSRHMXWGLMIREPIIWIHMPIVIKSPEFMPMMRQSHSMRHMTIRHIRXI
(%8-8)'2-'-
(%8-8)'2-'-
8)0%-3 6MKMHSFEWGYPERXI
0%6+,)>>%7)(98% GQGQ
GQGQ
GQGQ
GQGQ
463*32(-8%7)(98% GQGQ

GQGQ
GQGQ
GQGQ
6)+30%>-32)%2+3037',-)2%0) qqqqq
%08)>>%()04%:-1)283 GQGQ
6%2+)(-&%7'90%1)283 qEq
%2+3034)(%2% qIq
4368%8% /+
4)73'%663>>-2% OK
6938)%28)6-36-
6938)4378)6-36-
41
+'%$/$1&(
,(&%0%2')GEVVS^^MREFEWGYPERXIWZMPYTTEXEMRPSKMGEHMQERIKKIZSPI^Ê
JYR^MSREPMXIVSFYWXI^Ê
+%00)6-%-11%+-2-

42
()7'6->-32)463(3883
5YEPMXHIM1EXIVMEPM
2IPPE GSWXVY^MSRI HIPPE GEVVS^^MRE WM YXMPM^ÊRS IWGPYWMZEQIRXI QEXIVMEPM I GSQTSRIRXM HM EPXMWWMQE UYEPMX 0E
TVMRGMTEPI TIGYPMEVMX PE VMHSXXE HMWXERÊ JVE PI VYSXI ERXIVMSVM I UYIPPI TSWXIVMSVM I PE GSQTEXXI^Ê GSQTPIWWMZE HIP
XIPEMS2IVMWYPXEYREGEVVS^^MREQERIKKIZSPIGSRYRSXXMQEWGSVVIZSPI^Ê
6IKSPE^MSRM+VEHYEXI
,( &EPERGI GSQTPIXEQIRXI VIKSPEFMPI WIRÊ PYXMPM^^S HM TEVXMGSPEVM EXXVI^^M 8YXXI PI VIKSPE^MSRM WSRS KVEHYEXI
MR QSHS HE QERXIRIVI QSRMXSVEXS GSR MP TEWWEVI HIP XIQTS YR GSWXERXI I GSVVIXXS TSWM^MSREQIRXS -P TIVRS HM
FEWGYPE^MSRI TSWM^MSREXS E VMHSWWS HIP GIRXVS HM KVEZMX HIP TE^MIRXI TIVQIXXIRHS GSW YRE VIKSPE^MSRI GSR
VMHSXXS WJSV^S ERGLI RIM TE^MIRXM TM TIWERXM I PE TSWWMFMPMX HM EYQIRXEVI MP KVEHS HM FEWGYPE^MSRI MR GEWM
TEVXMGSPEVM - FVEGGMSPM LERRS YR WSPS TYRXS HM ERGSVEKKMS WSRS JEGMPM HE XSKPMIVI I HE MRWIVMVI I WSRS VIKSPEFMPM MR
EPXI^Ê I TVSJSRHMX (MWTSRKSRS MRSPXVI HM YRE KYMHE HM QSRXEKKMS EPPE UYEPI TSWWMFMPI EKKMYRKIVI RYQIVSWM
EGGIWWSVMGSQIEHIWIQTMSMPXEZSPS(MWTSRMFMPIRIPPEZIVWMSRIEHEYXSWTMRXESHEXVERWMXS
-P XIPEMS HM GSPSVI RIVS GSQTPIXS HM YRMX TSWXYVEPI WGLMIREPI JPI\M GYWGMRS TSKKMEXIWXE I XEZSPMRS XVEWTEVIRXI HE
QQ - JVIRM E HMWGS WSRS E^MSREFMPM HEPPEGGSQTEKREXSVI 0I TIHERI WITEVEXI WSRS VIKSPEFMPM MR EPXI^Ê I
MRGPMRE^MSRI q q GSR ETTSTSKKME TSPTEGGM 7M TSWWSRS EZIVI VYSXI TSWXIVMSVM MR TSPMYVIXERS HE S
GSR QERMKPMI HM WTMRXE MR EPPYQMRMS PI VYSXI ERXIVMSVM WSRS HE ,( &EPERGI HMWTSRI HM YRE FEWGYPE^MSRI RIKEXMZE
HE q JMRS E YRE FEWGYPE^MSRI EXXMZE HM q ERGLI PS WGLMIREPI VIKSPEFMPI HE q E q MRSPXVI GSQTVIWS YR
ERXMVMFEPXEQIRXS
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ
(-%1)8636938) I
&%7'90%>-32) (Eqq7XERHEVH

(Eqq3TXMSREP
%2+3037',-)2%0) (Eqq
%2+3034)(%2) qq
4)73 OK
4368%8%1%77-1% OK
43
,1129
6$
4SPXVSRIKIVMEXVMGLIFEWGYPERXMqq GSRWIHYXEEREXSQMGEEPXI^Ê

VIKSPEFMPIIVYSXEGIRXVEPIHMVI^MSREPI4SVXEXEOK8VIQSHIPPMHMWTSRMFMPM
+%00)6-%-11%+-2-

44
()7'6->-32)463(3883
1SHIPPS1SRXQEVXVI
2YSZSVMZIWXMQIRXS8-7'%6)oIWGPYWMZE-223:7% XIWWYXSXIGRMGSTIVPEXIVQSVIKSPE^MSRIIQEKKMSVGSQJSVX
1SHIPPS3TXMQEP
'EVEXXIVMWXMGLI :IVWMSRI 7XERHEVH 7MWXIQE HM &EWGYPEQIRXS HE q E q TIV YR SXXMQS VMPEWWEQIRXS I YR
EMYXS EH EPÊVWM VIKSPE^MSRI HIP TSKKMETMIHM MR EPXI^Ê XEZSPMRS XIVETIYXMGS WMWXIQE HM FVIXIPPEKKMS XIPEMS
GSQTEXXSWYVYSXIJEGMPIHEQERSZVEVI
1SHIPPS)PMWII
0E ZIVWMSRI WXERHEVH HIPPE TSPXVSRE )PMWII LE WIHYXE EREXSQMGE WMWXIQE HM FVIXIPPEKKMS TIHERE TSKKMETMIHM
VIKSPEFMPI MR EPXI^Ê (SXEXE HM WMWXIQE JVIRERXI EYXSQEXMGS TY IWWIVI TIVWSREPM^ÊXE GSR YRE ZEWXE KEQQE HM
EGGIWWSVM WIHYXE TIV GYWGMRS ERXMHIGYFMXS TIPSXXI XSVEGEPM XEZSPMRS VIQSZMFMPI TSVXE WXEQTIPPI XEWGLI PEXIVEPM
,EVYSXIHEXVERWMXS
'SPSVMHMWTSRMFMPM
'MSGGSPEXS'EGES)FERS&PY6SWWS0EQTSRI
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%&%7) %08)>>%'1 %08)>>%'1 %08)>>%SPXVI'1
GQ 8 8 8
GQ 8 8 8
GQ 8 8 8
GQ 8 8 8
GQ 8 8 8
45
6,67(0$',1$0,&2717
828YRWMWXIQEHMREQMGSWXYHMEXSVIEPM^ÊXSIFVIZIXXEXSHE4VSKIXXMEQS
%YXSRSQMEETTPMGEFMPIEUYEPWMEWMFEWITIVMRXIVRSIHIWXIVRS
+%00)6-%-11%+-2-

46
()7'6->-32)463(3883
-HIEPITIVTE^MIRXMWTEWXMGSHMWXSRMGM
-P HMWTSWMXMZS WXEXS GSRGITMXS TIV EGGSKPMIVI TE^MIRXM WTEWXMGS HMWXSRMGM GEVEXXIVM^ÊXM HE JVIUYIRXM IH MRXIRWM
WTEWQMIWXIRWSVM
-P4VMRGMTMSHM+VEZMX
&EWEXS WYP TVMRGMTMS HIPPE KVEZMX 828 VMWTIXXERHS M TYRXM EVXMGSPEVM HIP GSVTS YQERS VIRHI TSWWMFMPI MP VMXSVRS EPPE
GSVVIXXE TSWM^MSRI WIHYXE MR QSHS REXYVEPI WIRÊ PMRXIVZIRXS HM HMWTSWMXMZM HM GSRXVSPPS IS EGGSQTEKREQIRXS HIP
QSZMQIRXSQSPPITMWXSRIEKEW EHE^MSRIGSQYRUYIERXEKSRMWXEIHMWSPPIGMXE^MSRIHIPPSWGLIQEIWXIRWSVMS
7XVYXXYVEIJYR^MSREQIRXS
0S WTEWQS WM IWTVMQI WIRÊ MRGSRXVEVI VIWMWXIRÎ GLI TSXVIFFIVS EKKVEZEVPS S WXMQSPEVPS MP TE^MIRXI XSVRE UYMRHM
MR TSWM^MSRI RSVQEPI TIV MP WSPS IJJIXXS HIPPE JSVÊ HM KVEZMX E XYXXM KPM IJJIXXM YR HMWTSWMXMZS WY QMWYVE TSMGL PE
WXVYXXYVE FEWI JYRKI HE WYTTSVXS E QSHYPM IH EGGIWWSVM TSWXYVEPM GLI HIZSRS IWWIVI HIJMRMXM I VIEPM^ÊXM MR
JYR^MSRIHIPPIGEVEXXIVMWXMGLIIHIPPIRIGIWWMXHIPTE^MIRXI
47
48
'%663>>-2))0)88632-',)
49
0$-$
0EGEVVS^^MRETIHMEXVMGE1ENETVSKIXXEXETIVKEVERXMVIMPQEWWMQSGSQJSVXHM
XYXXIPITSWWMFMPMWSPY^MSRMHMTSWXYVEIKYMHE4VSTSRIMRSPXVIYRHIWMKRGSQTEXXS
IHEGGEXXMZERXI
+%00)6-%-11%+-2-

50
()7'6->-32)463(3883
)PIXXVSRMGETIHMEXVMGE
(SXEXE HM IPIXXVSRMGE 50SKMG XVEHYGI YR TVSKIXXS GSQTPIXS GLI WTE^ME HEPPE QSFMPMX EPPE GSQYRMGE^MSRI EPPE
KIWXMSRIIJVYM^MSRIHIPPEQFMIRXIMREYXSRSQME
'EVEXXIVMWXMGLI
7IHYXE VIKSPEFMPI HE GQ E GQ IPIXXVSRMGE 50SKMG FEWGYPE IPIXXVMGE HM WIVMI I VIGPMRS VIKSPEFMPI
QERYEPQIRXI XIPEMS FMERGS I HMZIVWM WIX HM EHIWMZM TIV GEQFMEVI GSPSVI EM XYFSPEVM IWXIVRM IPIZE^MSRI IPIXXVMGE
GQSTXMSREPHEEGQ OMXPYGMEP0)(HMWIVMI
'SQERHSHMKYMHE50SKMGEGSPSVM
0IPIXXVSRMGE IWTERHMFMPI SJJVI GSRRIXXMZMX &PYIXSSXL HM WIVMI WIRÊ RIGIWWMX HM STXMSREP 4SWWMFMPMX HM ETTPMGEVI
GSQERHMWTIGMEPMGSQERHSEGGSQTEKREXSVIZMWSVI50SKMG
(%8-8)'2-'-
(%8-8)'2-'-
4368%8%1%77-1% OK
:)03'-81%77-1% *MRSEOQL
%08)>>%(%8)66% GQ
6%++-3(-78)6>%8% GQ
092+,)>>%838%0) GQ
0%6+,)>>%838%0) GQ
6938)1386-'- GQTRIYQEXMGLI
%28-6-&%08%1)283 GQTSWXIVMSVMTMIRI
6938)4-63)88%28- GQTRIYQEXMGLIERXIVMSVM
)0):%>-32) GQHEEGQ
7374)27-32- 4SWXIVMSVI
86%>-32) 8VE^MSRI4SWXIVMSVI
7-78)1%(-*6)2%8% *VIRMIPIXXVSRMGMEHMWGSVMKIRIVEXMZM
)0)88632-'% 50SKMG
7)(98% &EWGYPEIPIXXVMGEHMWIVMI
'31%2(-74)'-%0- 73T^MSREPM
'%6-'%&%88)6-) )WXIVRSEQT
&%88)6-) ZSPXEQT
51
0,52
1-6GEVVS^^MREIPIXXVSRMGETIVYWSIWXIVRSEXVE^MSRITSWXIVMSVIHMWTSRMFMPI
RIPPEZIVWMSRIWXERHEVHGSRFEWGYPEIPIXXVMGEHMWIVMIMRGPYWERIPTVI^^SSTTYVIMR
ZIVWMSRIJYPPSTXMSREPGSRFEWGYPEIPIXXVMGEVIGPMRSIPIXXVMGSITIHERI
IPIZEFMPMIPIXXVMGLI
+%00)6-%-11%+-2-

52
()7'6->-32)463(3883
7XVYXXYVE
(MQIRWMSRM GSQTEXXI I HMREQMGLI XVE^MSRI TSWXIVMSVI 3XXMQI TVIWXE^MSRM MR IWXIVRS WMWXIQE HM WIHYXE VIKSPEFMPI
MRXIKVEXSGSRPEFEWI
'EVEXXIVMWXMGLI
7GLMIREPI XIRWMSREFMPI GYWGMRS MR WGLMYQE OMX PYGM 0)( EH EPXE ZMWMFMPMX HMYVRE I RSXXYVRE WXERHEVH FEXXIVMI %L
TIHERI WITEVEXI q FVEGGIXXS VIXVEXXMPI TIV NS]WXMG ZIPSGMX QEWWMQE JMRS E OQL QSXSVM TVSKIXXEXM TIV PE
QEWWMQEIJJMGMIRÊ
(%8-8)'2-'-
(%8-8)'2-'-
4368%8%1%77-1% OK
:)03'-81%77-1% *MRSE/QL
%08)>>%(%8)66% GQ
6%++-3(-78)6>%8% GQ
092+,)>>% GQ
0%6+,)>>% GQVYSXITSWXIVMSVM
6938) 1SXVMGMGQTRIYQEXMGLI4MVSIXXERXMGQTRIYQEXMGLI
%RXMVMFEPXEQIRXSGQTMIRITSWXIVMSVM
86%>-32) TSWXIVMSVI
7-78)1%*6)2%28) *VIRMMRXIPPMKIRXMJVIRMEHMWGSIPIXXVSRMGMVMKIRIVEXMZM
)0)88632-'% EQT4+:6
'%6-'%&%88)6-) )WXIVRSMRHSXE^MSRIEQT
6)59-7-8-&%88)6-) ZSPXEGMGPSGSRXMRYS
8-43&%88)6-) +VYTTS2*%L
4)73&%88)6-% OKGMVGE
&%88)6-) ZSPXEQT
53
/8,*,
0YMKMGEVVS^^MREIPIXXVSRMGEEXVE^MSRITSWXIVMSVIWXVYXXYVEGSQTEXXESJJVI
QMKPMSVEXITVIWXE^MSRMRIPWYTIVEQIRXSHIKPMSWXEGSPMIHYREKYMHETMJPYMHE
+%00)6-%-11%+-2-

54
()7'6->-32)463(3883
7IQTPMGMXHMKYMHE
)GGI^MSREPI QERSZVEFMPMX MR WTE^M VMWXVIXXM GSQTEXXE TY EGGSKPMIVI HMZIVWM WMWXIQM TSWXYVEPM IH EXXYEXSVM
IPIXXVSRMGM 7XYHMEXE TIV YXIRXM JSVXIQIRXI SVMIRXEXM EPPEYXSRSQME IH EPPMRXIVE^MSRI GSR PEQFMIRXI VEKKMYRKI YRE
ZIPSGMXHMOQL
%QTMEKEQQEHMSTXMSREP
&EWGYPE^MSRI IPIXXVMGE HM WIVMI VIGPMRE^MSRI IPIXXVMGE IPIZE^MSRI I FEWGYPE^MSRI TSKKMEXIWXE WIHYXE 'SQJSVX
NS]WXMGOW[MRKE[E]
%GGSVKMQIRXM8IGRMGM
8IPEMS E HSTTMS WXVEXS TIV YRE KVERHMWWMQE GETEGMX HM WYTIVEQIRXS HIKPM SWXEGSPM I TIV YRE KYMHE IWXVIQEQIRXI
QSVFMHEIGSRJSVXIZSPI%GGIWWSEPPIFEXXIVMIJEGMPMXEXSKVE^MIEPGEVVIPPSEWGSVVMQIRXS
(%8-8)'2-'-
(%8-8)'2-'-
6938)1386-'- 4RIYQEXMGLIGQ
6938)4-''30) 4SWXIVMSVMGQWXHGQSTXMSREP
%28-6-&%08%1)283 GQ
7374)27-32- %8<
:)03'-8%1%< OQL
*6)2- EHMWGSIPIXXVSRMGMVMKIRIVEXMZM
%08)>>%0-&)6%(%079303 GQ
6%++-3(-638%>-32) GQ
1-796)+03&%0- 0YRKLI^ÊGQ\PEVKLI^ÊGQ
7)(98%6)+30%&-0)-20%6+,)>>% GQ
7)(98%6)+30%&-0)-2463*32(-8% GQ
7-78)1%13836) (YIQSXSVMXVE^MSRITSWXIVMSVI
&%88)6-) \:%L
)0)88632-'% q4+:6
4368%8% OK
4)73()00%&%7) OK
4)73()00)&%88)6-) OK
55
4('*(7%4/2*,&
5)HKIGEVVS^^MREIPIXXVSRMGEEXVE^MSRIGIRXVEPIGEVEXXIVM^ÊXEHEP
VMZSPY^MSREVMSWMWXIQEHMTSWM^MSREQIRXS869&EPERGIo*EGMPIHEVIKSPEVI
IHIWXVIQEQIRXIZIVWEXMPI'VIWGIJEGMPQIRXIMRWMIQIEPPYXIRXI7SWTIRWMSRM%8<
MRHMGEXITIVEJJVSRXEVIERGLIXIVVIRMRSRPMRIEVM
+%00)6-%-11%+-2-

56
()7'6->-32)463(3883
-HIEPITIVYXIRXMEXXMZM
0E 5 )HKI PE GEVVS^^MRE MHIEPI TIV YXIRXM EXXMZM GLI VMGIVGERS WXMPI I TVIWXE^MSRM 2EWGI GSQI GEVVS^^MRE HE
IWXIVRSQEKVE^MIEPPEKYMHEGIRXVEPITYIWWIVIJEGMPQIRXIYXMPM^ÊXEERGLIEPPMRXIVRSMRWTE^MVMWXVIXXM
7IHYXE8&GSRWMWXIQEM0IZIP
+VE^MI EPPE WIHYXE 8& I EPPE TVIHMWTSWM^MSRI EPPE XIGRSPSKME M0IZIP PE 5 )HKI PE TMEXXEJSVQE HM PEZSVS TM
IJJMGMIRXI TIV WSPY^MSRM EH EPXE TIVWSREPM^Ê^MSRI 0MRRSZEXMZS WMWXIQE M0IZIP TIVQIXXI EPPE GEVVS^^MRE HM IPIZEVI PE
WIHYXEMRWSPMWIGSRHMIHMTVSGIHIVIGSRPEGEVVS^^MREIPIZEXEEPPEZIPSGMXHMOQL
'EVEXXIVMWXMGLI
'EVVS^^MRE E XVE^MSRI GIRXVEPI VYSXI QSXVMGM VYSXI TMVSIXXERXM TVIHMWTSWXE TIV XIGRSPSKME M0IZIP IPIZE^MSRI
HM GQ MR WIGSRHM I GSR TSWWMFMPMX HM ZIPSGMX HM ERHEXYVE OQL GSR WIHMPI GSQTPIXEQIRXI
IPIZEXS &EWGYPE IPIXXVSRMGE q HM WIVMI WGLMIREPI VIGPMREFMPI GSR GSQTIRWE^MSRI q q STXMSREP GYWGMRS I
WGLMIREPI 869 &EPERGI o TIHERI WITEVEXI IWXVEMFMPM q TEGGLIXXS PYGM E 0)( TSVXEXE QEWWMQE
OK 6IKSPE^MSRI EYXSQEXMGE HIP GIRXVS HM KVEZMX I FVEGGMSPM QYPXMHMVI^MSREFMPM HM WIVMI TIV SXXIRIVI YR SXXMQEPI
TSWM^MSREQIRXS(MWTSRMFMPIMRHMZIVWMGSPSVM
(%8-8)'2-'-
(%8-8)'2-'-
6938)1386-'- TRIYQEXMGLISTMIRI
0%6+,)>>%7)(98%1-796%&%1&-23 HEEGQ
0%6+,)>>%7)(98%1-796%%(9083 HEEGQ
7374)27-32- %8<%GXMZI8VEGO
:)03'-81%77-1% OQL
*6)2- IPIXXVSJVIRS
%08)>>%0-&)6%(%079303 GQ
6%++-3(-638%>-32) GQ
1-796)+03&%0- 0YRKLI^ÊGQ\0EVKLI^ÊGQ
&%88)6-) (YIHE:SPX%L
6%2+)4)6'%6-'% OQETTVS\
'%6-'%836) )WXIVRS%L
)0)88632-'% 50SKMG
4)73&%7) OK
4)73()00)&%88)6-) OK
4368%8% OK
57
4/2*,&
50SKMG7]WXIQ(VMZI'SRXVSPPYTKVEHIHIP50SKMGIVETTVIWIRXEMPTEGGLIXXS
HMIPIXXVSRMGETMEZERÊXSTIVGEVVS^^MRI)YRWMWXIQEHMGSRXVSPPSJPIWWMFMPI
IWTERHMFMPIGLIVMWTSRHIEPPIIWMKIRÎTMGSQTPIWWISJJVIRHSEPPSWXIWWS
XIQTSYREWIVMIHMGEVEXXIVMWXMGLIIWGPYWMZI
+%00)6-%-11%+-2-

58
()7'6->-32)463(3883
*YR^MSRMMRXIVEXXMZI50SKMG
-P RYSZS NS]WXMGO LE MP FPYIXSSXL MRXIKVEXS SJJVI QEKKMSVM ST^MSRM HM TVSKVEQQE^MSRI EYQIRXERHS GSW MP PMZIPPS
HM GYWXSQM^Ê^MSRI IH YR QMKPMSVI EGGIWWS EPPI JYR^MSRM HM GSQTYXIV QSYWI XEFPIX GIPPYPEVI M4LSRI I M4EH
9R WIRWSVI HM PYQMRSWMX MRXIKVEXS GEQFME EYXSQEXMGEQIRXI MP GSRXVEWXS TIV KEVERXMVI WIQTVI PE QEWWMQE
PIKKMFMPMX
2YSZSZMWSVI50SKMG
-P:MWSVITMKVERHIIPEWGSGGEVIQSZMFMPIGVSQEXMGEQIRXITIVWSREPM^ÊFMPI
59
-2<67,&.029,6
.S]WXMGOTVSTSV^MSREPMTVSKVEQQEFMPMMHIEXMTIVVMWTSRHIVIEPPIWTIGMJMGLI
IWMKIRÎHMKYMHEIVIEPM^ÊVIPEKYMHEERGLIMRGEWSHMPMQMXEXEJSVÊQYWGSPEVII
QSZMQIRXMVIWMHYMVMHSXXM
+%00)6-%-11%+-2-

60
()7'6->-32)463(3883
1MGVS.S]WXMGO
.S]WXMGO KVEQQM YR TMGGSPS NS]WXMGO TVSTSV^MSREPI ETTSWMXEQIRXI TVSKIXXEXS TIV PI TIVWSRI GSR PMQMXEXM
QSZMQIRXM VIWMHYM I HIFSPI JSVÊ QYWGSPEVI *SVRMXS GSR HYI IWXVIQMX YRE TEPPMRE I YR JYRKS -RHMGEXS TIV
TIVWSRI GSR TEXSPSKMI RIYVSQYWGSPEVM TVSTVMS TIV PIPIZEXE WIRWMFMPMX 4VSKVEQQEFMPI TIV TSXIV IWWIVI EHEXXEFMPI
EGMEWGYREWTIGMJMGEIWMKIRÊ
1YPXM.S]WXMGO
.S]WXMGO KVEQQM YR NS]WXMGO TVSTSV^MSREPI TVSKVEQQEFMPI 4VSKIXXEXS TIV IWWIVI YXMPM^ÊXS GSR YRE KYMHE E
GSQERHS E QIRXS KVE^MI EPPE WYE JPIWWMFMPMX TY IWWIVI JEGMPQIRXI YXMPM^ÊXS HE EPXVI TEVXM HIP GSVTS HMXS PEFFVS
IGG .S]WXMGO HMWGVIXS I GSQTEXXS TVIWIRXE PEXIVEPQIRXI PE TVIHMWTSWM^MSRI HM HYI MRKVIWWM NEGO HE QQ TIV
TSXIV GSPPIKEVI TYPWERXM SRSJJ I QSHI -RHMGEXS TIV TIVWSRI GSR XIXVETPIKME S QEPEXXMI RIYVSQYWGSPEVM 70% I
71
1YPXM7[MRK
&VEGGMS QSXSVM^ÊXS SVMIRXEFMPI IPIXXVMGEQIRXI I TVSKVEQQEFMPI 2EXS TIV IWWIVI GSPPSGEXS WY GEVVS^^MRI
IPIXXVSRMGLI I TIV IWWIVI YXMPM^ÊXS GSR MP 1YPXM .S]WXMGO I VIEPM^ÊVI YRE KYMHE E QIRXS KIWXIRHS PE GEVVS^^MRE
IPIXXVSRMGEMRXSXEPIEYXSRSQME
61
&20$1',63(&,$/,
4SWWSRSIWWIVITVSTSV^MSREPMSZZIVSEREPSKMGMVIKSPEFMPMMRXIVQMRMHMMRXIRWMXI
HMVI^MSRISTTYVIRSRTVSTSV^MSREPMSZZIVSHMKMXEPMGLIEHSKRMMQTYPWS
IWIKYSRSPIHMVI^MSRMTVMRGMTEPM
+%00)6-%-11%+-2-

62
()7'6->-32)463(3883
'31%2(-463436>-32%0-%2%03+-'-%08)62%8-:-%0'0%77-'3.3=78-'/
'SQERHS TIV HMWXSRMGMNS]WXMGO VMRJSVÊXS GLI KEVERXMWGI QEKKMSVI VIWMWXIRÊ EPPI WSPPIGMXE^MSRM IH YR YXMPM^^S
TVSPYRKEXS RIP XIQTS 'SQERHS E HMXSVMPIZE PE TSWM^MSRI HIP HMXS EPPMRXIVRS HM YR GEQTS QEKRIXMGS PS
WTSWXEQIRXS HIP HMXS ZMIRI XVEHSXXS MR QSZMQIRXS HMVI^MSREPI HIPPE GEVVS^^MRE 'SQERHS QMRM NS]WXMGO JYR^MSRE
GSQI YR RSVQEPI GSQERHS NS]WXMGO IWWIRHS EPXEQIRXI WIRWMFMPI MRHMGEXS TIV TIVWSRI GSR VMHSXXMWWMQI QSFMPMX
I JSVÊ TSXIRÊ RIGIWWEVME KV E^MSREQIRXS XVEQMXI WMRKSPS HMXS 'SQERHS WSJX XSYGLGSQERHS E
WJMSVEQIRXSHIPHMXSWYPXSYGLTEH%PXVMGSQERHMHMWTSRMFMPMEXIWXEEQIRXSGSRSWIRÊQMRMNS]WXMGO ETMIHI
'31%2(-232463436>-32%0-(-+-8%0-
'SQERHS E XIWXEMP TSKKMEXIWXE HSXEXS HM XVI WIRWSVM E WJMSVEQIRXS GLI MRXIVGIXXERHS MP QSZMQIRXS HIPPE XIWXE
H\ W\ EZERXM I MRHMIXVS MRHYGSRS PS WTSWXEQIRXS HIPPE GEVVS^^MRE 'SQERHS E XEZSPS E WIRWSVMWYP XEZSPMRS
WSRS TSWM^MSREXM WIRWSVM GLI GSVVMWTSRHSRS EPPI HMVI^MSRM TM YR XEWXS QSHI TIV IRXVEVI RIPPI JYR^MSRM
EPXIVREXMZI 'SQERHS WSJJMSWYGGLMSWIRWSVI E QIQFVERE GLI VIEKMWGI EPPE TVIWWMSRI IWIVGMXEXE HEP WSJJMS S HEP
WYGGLMS PE GSQFMRE^MSRI WSJJMSWYGGLMS ZMIRI MRXIVTVIXEXE HEPPE GIRXVEPMRE GLI EKMWGI WYM QSXSVM WIGSRHS UYERXS
MQTSWXEXS TVSKVEQQEXS (MWTSWMXMZM MRXIKVEXMZM GSQI MP GSQERHS VEHMS E HMWXERÊ I PS WTIKRMQIRXS E HMWXERÊ
WSRS JYR^MSREPM EPPEHHIWXVEQIRXS IH EPPE WMGYVI^Ê WSTVEXXYXXS RIM FEQFMRM 8YXXM UYIWXM GSQERHM YXMPM^ÊRS YR
HMWTPE] IH YR TYPWERXI TIV KIWXMVI PI JYR^MSRM HIPPE GEVVS^^MRE PYGM EXXYEXSVM ZIPSGMX HMVI^MSRI TEVXMGSPEVI
EXXIR^MSRI ZMIRI TSWXE WYP XMTS HM TYPWERXI GLI MR JYR^MSRI HIPPI GEVEXXIVMWXMGLI HMQIRWMSRM KVEHS HM WIRWMFMPMX
HMZIRXE TEVXI MRXIKVERXI I HMWXMRXMZE HIP WMWXIQE HM GSQERHS 1MGVS PMKLX IKK W[MXGL ÎVS XSYGL W[MXGL MRJVEVIH
W[MXGL
63
9,9$
0IGEVVS^^MRIIPIXXVSRMGLI7/7WMFEWERSWYPGSRGIXXSGSWXVYXXMZSHIPPEQSHYPEVMX
IHIPPEGSQTEXXI^Ê-WMRKSPMGSQTSRIRXMWSRSMRXIVGEQFMEFMPMKEVERXIRHS
ZIVWEXMPMXIHIGSRSQMGMX
+%00)6-%-11%+-2-

64
()7'6->-32)463(3883
%XXIR^MSRIEMHIXXEKPM
3KRM GEVVS^^MRE :MZE GSWXVYMXE GSR PE QEWWMQE EXXIR^MSRI EH SKRM QMRMQS TEVXMGSPEVI ) TSWWMFMPI UYEPWMEWM
TIVWSREPM^Ê^MSRI IWXIXMGE IS JYR^MSREPI0E GEVVS^^MRE 7[MWW :-:% EHEXXE TIV YWS WME MRXIVRS GLI IWXIVRS
1SPXS GSRJSVXIZSPI KVE^MI EH IGGIPPIRXM WSWTIRWMSRM EH EVME VIKSPEFMPM I EP WMWXIQE HM WIHYXE I WGLMIREPI QSHYPEVI
(MQIRWMSRMVMHSXXI
%WWSPYXEQIRXI GSQTEXXE GSRWIRXI PEGGIWWS ERGLI EKPM WTE^M TM ERKYWXM RSR VEKKMYRKMFMPM HE EPXVI GEVVS^^MRI
IPIXXVMGLI UYERHS M WYTTSVXM TIV PI KEQFI WSRS VYSXEXM EPPMRHMIXVS PE PYRKLI^Ê XSXEPI HIPPEYWMPMS HM GQ I PE
PEVKLI^ÊXSXEPIHMGQ
7MWXIQEHMVSXE^MSRIFVIZIXXEXS
1SPXS ZIVWEXMPI I QERIKKIZSPI TSMGL MP TIWS WTSWXEXS WYKPM EWWM TSWXIVMSVM HSXEXE HM YR WMWXIQE HM VSXE^MSRI
FVIZIXXEXS7/70EGEVVS^^MRETYUYMRHMVYSXEVIWYPWYSWXIWWSEWWI
'EVEXXIVMWXMGLI
%XXYEXSVM IPIXXVSRMGM TIV HMZIVWI JYR^MSRM FEWGYPE^MSRI IPIZE^MSRI TIHERI IGG ST^MSRM ERGLI TIV M GSQERHM
WTIGMEPM IH MP GSRXVSPPS EQFMIRXEPI PMZIPPM HM GSRXVSPPS NS]WXMGO TVSKVEQQEFMPI EH SKRM PMZIPPS GSRXVSPPS E XEZSPS
GSRXVSPPSEQIRXSGSRXVSPPSETMIHIGSRXVSPPSEWSJJMSYRSSTMTYPWERXMHMGSRXVSPPSIKIWXMSRIHIPPIJYR^MSRM
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% HEEGQ
463*32(-8%7)(98% HEEGQ
%08)>>%7)(98% HEEGQ
%08)>>%7',-)2%0) GQVIKSPEFMPI
%08)>>%&6%''-30- HEEGQ
%14-)>>%838%0) GQ
092+,)>>%838%0) GQGQUYERHSKPMETTSKKMEKEQFIWSRSVYSXEXM

EPPMRHMIXVS
4)73 OKMRGSRJMKYVE^MSRIWXERHEVH
4368%8% QE\OK
:)03'-8% QE\OQL
%983231-% OQWYWYTIVJMGMTMERIOK
4)2()2>%794)6%&-0) QE\ MRGSRHM^MSRMRSVQEPMHIPPEWXVEHE
7374)27-32- WSWTIRWMSRMEHEVMERIPPIVYSXITSWXIVMSVM
&%88)6-) QEMRXIRERGIJVII
'%6-'%836) MRGSVTSVEXSEHEPXEXIGRSPSKME
65
9,9$-81,25
0E7[MWW:-:%.YRMSVYREGEVVS^^MREIPIXXVSRMGETIHMEXVMGEGLIGVIWGIGSR
PYXMPM^ÊXSVIITYIWWIVIGSRZIVXMXETVSKVIWWMZEQIRXIMRYREGEVVS^^MREHE
EHYPXM)YREGEVVS^^MREGLIWMFEWEWYPGSRGIXXSHIPPEQSHYPEVMXIHIPPE
ZIVWEXMPMX
+%00)6-%-11%+-2-

66
()7'6->-32)463(3883
TIVWSREPM^Ê^MSRI IWXIXMGE IS JYR^MSREPI 0E GEVVS^^MRE 7[MWW :-:% EHEXXE TIV YWS WME MRXIVRS GLI IWXIVRS
1SPXS GSRJSVXIZSPI KVE^MI EH IGGIPPIRXM WSWTIRWMSRM EH EVME VIKSPEFMPM I EP XMTS HM MQFSXXMXYVE I WSPMHMX HIPPE
WIHYXEIHIPPSWGLMIREPI
(MQIRWMSRMVMHSXXI
PEVKLI^ÊXSXEPIHMGQ
'EVEXXIVMWXMGLI
%XXYEXSVM IPIXXVSRMGM TIV HMZIVWI JYR^MSRM IPIZE^MSRI E TEVXMVI HE YRE PEVKLI^Ê HM WIHYXE HM GQ FEWGYPE^MSRI
IPIZE^MSRI TIHERI IGG ST^MSRM ERGLI TIV M GSQERHM WTIGMEPM IH MP GSRXVSPPS EQFMIRXEPI PMZIPPM HM GSRXVSPPS
NS]WXMGO TVSKVEQQEFMPI EH SKRM PMZIPPS GSRXVSPPS E XEZSPS GSRXVSPPS E QIRXS GSRXVSPPS E TMIHI GSRXVSPPS E
WSJJMS YRS S TM TYPWERXM HM GSRXVSPPS I KIWXMSRI HIPPI JYR^MSRM WEGGE TSVXE SKKIXXM YXMPMWWMQE TIV PE WGYSPE -R
GSRJMKYVE^MSRI WXERHEVH TVIZIHI WGLMIREPI VIKSPEFMPI MR EPXI^Ê I MRGPMRE^MSRI WIHYXE VIKSPEFMPI MR PEVKLI^Ê I
TVSJSRHMX TSKKMEKEQFI VIQSZMFMPI I XSXEPQIRXI VIKSPEFMPI TRIYQEXMGM ERXM JSVEXYVI WSWTIRWMSRM WYPPI VYSXI
QSXVMGMGEVMGEFEXXIVMIMRGSVTSVEXS
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% HEEHEEGQ
463*32(-8%7)(98% HEEGQ
%08)>>%7)(98% HEEGQ
)0):%>-32)7)(98% STXMSREP
%08)>>%7',-)2%0) GQVIKSPEFMPI
%08)>>%&6%''-30- HEEGQ
0%6+,)>>%838%0) GQ
092+,)>>%838%0) GQGQUYERHSMTSKKMEKEQFIWSRSVYSXEXMEPPMRHMIXVS
4)73%97-0-3 OKZIVWMSRIWXERHEVH
4368%8% QE\OK
:)03'-8% QE\OQL
%983231-% TMHMOQWYWYTIVJMGMTMERI
4)2()2>%794)6%&-0) QE\ WYWXVEHIMRGSRHM^MSRMRSVQEPM
7374)27-32- EHEVMEWYPPIVYSXITSWXIVMSVM
'%6-'%&%88)6-) MRGSVTSVEXSEHEPXEXIGRSPSKME
67
9,9$3/86
:-:%4PYWIPIZEFMPIEXXVEZIVWSYRWMWXIQEXIPIWGSTMGSFVIZIXXEXSSJJVIYREQTMS
VERKIHMST^MSRMSTIVEXMZIWMEIPIXXVMGLIWMEQIGGERMGLISPXVIEKPMEGGIWWSVMTIVPE
GYWXSQM^Ê^MSRI
+%00)6-%-11%+-2-

68
()7'6->-32)463(3883
TIVWSREPM^Ê^MSRI IWXIXMGE IS JYR^MSREPI0E GEVVS^^MRE 7[MWW :-:% EHEXXE TIV YWS WME MRXIVRS GLI IWXIVRS
1SPXS GSRJSVXIZSPI KVE^MI EH IGGIPPIRXM WSWTIRWMSRM EH EVME VIKSPEFMPM I EP XMTS HM MQFSXXMXYVE I WSPMHMX HIPPE
WIHYXEIHIPPSWGLMIREPI
(MQIRWMSRMVMHSXXIIHIPIZEFMPI
PEVKLI^Ê XSXEPI HM GQ 6MTVSTSRI PI WXIWWI GEVEXXIVMWXMGLI HIPPE 7[MWW :MZE MR XIVQMRM HM QSHYPEVMX
GSQTEXXI^ÊTIVJSVQERGI3JJVIMRTMPEJYR^MSRIHMIPIZE^MSRI
'EVEXXIVMWXMGLI
%XXYEXSVM IPIXXVSRMGM TIV HMZIVWI JYR^MSRM IPIZE^MSRI FEWGYPE^MSRI IPIZE^MSRI TIHERI IGG ST^MSRM ERGLI TIV M
GSQERHM WTIGMEPM IH MP GSRXVSPPS EQFMIRXEPI PMZIPPM HM GSRXVSPPS NS]WXMGO TVSKVEQQEFMPI EH SKRM PMZIPPS GSRXVSPPS E
XEZSPS GSRXVSPPS E QIRXS GSRXVSPPS E TMIHI GSRXVSPPS E WSJJMS YRS S TM TYPWERXM HM GSRXVSPPS I KIWXMSRI HIPPI
JYR^MSRM
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% HEEGQ
463*32(-87)(98% HEEGQ
%08)>>%7)(98% HEEGQ
)0):%>-32) GQ
%08)>>%7',-)2%0) GQGSRXMRYS
%08)>>%&6%''-30- HEEGQ
838%0)0%6+,)>>% GQ
838%0)092+,)>>% GQGQUYERHSKPMETTSKKMETMIHMWSRSVYSXEXMEPP MRHMIXVS
4)73 OKWXERHEVH
4368%8% QE\OK
:)03'-8 QE\OQL
%983231-% OQWYWYTIVJMGMTMERIOK
4)2()2>%7378)2-&-0) QE\ WYWXVEHIMRGSRHM^MSRMRSVQEPM
7374)27-32- EHEVMEWYPPIVYSXITSWXIVMSVM
'%6-'%&%88)6-) MRGSVTSVEXSEHEPXEXIGRSPSKME
69
9,9$*5$1'
'EVVS^^MREIPIXXVSRMGEQSHYPEVIZIVWEXMPIEPXEQIRXITIVJSVQERXIEWWSGME
JYR^MSREPMXEQMRY^MSWEGYVEHIMHIXXEKPM
+%00)6-%-11%+-2-

70
()7'6->-32)463(3883
'SQTEXXE
)WXVIQEQIRXI GSQTEXXE LE YREPXI^Ê WIHYXE HE XIVVE HM GQ GSR GYWGMRS 7GLMIREPI EREXSQMGS GSR
JSHIVE(8I\XMPIEHIJJIXXSGPMQEXM^ÊRXI
7XEFMPIITIVJSVQERXI
*VIRM IPIXXVSQEKRIXMGM HM WIVMI MRXIKVEXM RIPPI JSVGIPPI HIPPI VYSXI ERXIVMSVM TIV KEVERXMVI QEKKMSVI WXEFMPMX WY
UYEPWMEWM XIVVIRS (MWTSRMFMPI GSR ZIPSGMX HM S OQL WYTIVE SWXEGSPM HM GQ 7SWTIRWMSRM GSR VIKSPE^MSRI
MRHMTIRHIRXIEWWMGYVERSGSQJSVXHMKYMHEIHSXXMQEWXEFMPMXRIPPEKYMHEMRIWXIVRS
'EVEXXIVMWXMGLIHMWXMRXMZI
7MWXIQE TIV PE GSQTIRWE^MSRI FMSHMREQMGE HIPPE PYRKLI^Ê TSWWMFMPMX HM VIKSPE^MSRI HIP GIRXVS HM
KVEZMX 4IHERI MR EPPYQMRMS VIKSPEFMPM MR PYRKLI^Ê PEVKLI^Ê IH ERKSPE^MSRI WM TSWWSRS VYSXEVI EPPMRHMIXVS I
WSRS GSQTPIXEQIRXI E WGSQTEVWE &VEGGMSPM EH MRRIWXS VIKSPEFMPM MR EPXI^Ê VMFEPXEFMPM I HSXEXM HM QSVFMHM
GYWGMRIXXM PEXIVEPM 'IRXVEPMRE HM GSQERHS E WGSQTEVWE TY VYSXEVI MRHMIXVS I ZIVWS MP FEWWS GEVMGEFEXXIVMI MRXIVRS
EHEPXEXIGRSPSKMETIVVMGEVMGEVIPIFEXXIVMIMRUYEPWMEWMPYSKS
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% WIHYXEEGQ
463*32(-8%7)(98% EGQ
%08)>>%7)(98% GQWIRÊGYWGMRS GQGSRGYWGMRSWXH7/7
%14-)>>%838%0) GQ
092+,)>>%838%0) GQGSRTIHERI WIRÊTIHERI
4368%8%1%< OK
:)03'-8% OQL
7374)27-32- -RHMTIRHIRXMWYSKRMVYSXE
%08)>>%1%<794)6%&-0) GQ0
13836- <;
&%88)6-) WIRÊQERYXIR^MSRI \:%L'
'%6-'%836) -RXIVRSHMWTSWMXMZSEHEPXEXIGRSPSKME
4368%8%1%< OK
71
723&+$,5
834',%-6YREGEVVS^^MREIPIXXVSRMGEHEIWXIVRSMRKVEHSHMWEPMVIIWGIRHIVI
WGEPI4IVQIXXIHMEFFEXXIVIPIFEVVMIVIEVGLMXIXXSRMGLIKEVERXIRHSXVERUYMPPMXIH
EYXSRSQMERIKPMWTSWXEQIRXMKVE^MIEPPMRRSZEXMZSQIGGERMWQSGLIMRXIKVEMRYRE
GEVVS^^MREIPIXXVSRMGEPEJYR^MSRIHMQSRXEWGEPI
+%00)6-%-11%+-2-

72
()7'6->-32)463(3883
%YQIRXEPEXYEPMFIVXIPMQMRERHSPIFEVVMIVI
834',%-6 EWWSGME XYXXI PI JYR^MSREPMX HM YRE GEVVS^^MRE IPIXXVSRMGE HE IWXIVRSMRXIVRS GSR UYIPPI HM YR
QSRXEWGEPITIVGLHSXEXEHMGMRKSPM4IVQIXXIHMWYTIVEVIMRTMIREEYXSRSQMEPIWGEPI
%YXSRSQMEMRGSQTPIXEWMGYVI^Ê
0IPIXXVSRMGE EZERÊXE VEGGLMYHI WIRWSVM TIV KEVERXMVI PE XSXEPI WMGYVI^Ê HIPPYXIRXI MR KVEHS HM GSRXVSPPEVI
EYXSQEXMGEQIRXI MP WSPPIZEQIRXS HIPPI VYSXI VMPIZEVI PE TVIWIRÊ HM KVEHMRM EXXMZEVI MP JYR^MSREQIRXS HIM GMRKSPM I
GSRXVSPPEVI PE HMVI^MSRI GSR PE UYEPI ZMIRI EJJVSRXEXE PE WEPMXEHMWGIWE HIPPI WGEPI -P WYTIVEQIRXS HIPPI WGEPI
EZZMIRI MR VIXVSQEVGME I PE HMWGIWE EZZMIRI MR HMVI^MSRI JVSRXEPI (YVERXI UYIWXM TEWWEKKM WM ZIVMJMGE PEYXS
FMPERGMEQIRXS HIPPE TSWM^MSRI HIPPE WIHYXE GLI QERXMIRI MP WMWXIQE TSWXYVEPI TIVJIXXEQIRXI SVM^^SRXEPI MR YR
EWWIXXSHMWMGYVI^ÊEWWSPYXE
'EVEXXIVMWXMGLI
&EWGYPE^MSRI TSWXIVMSVI q ERXIVMSVI q TIV JEGMPMXEVI PEGGIWWS EPPE GEVVS^^MRE WGLIVQS 0'( TIV PE
ZMWYEPM^Ê^MSRI MR VIEP XMQI HIPPE TSWM^MSRI HIPPE GEVVS^^MRE RIPPS WTE^MS 6EKKMS HM WXIVÊXE HM GQ JVIRM
IPIXXVSQEKRIXMGM 4IRHIRÊ EJJVSRXEFMPI QE\ SWXEGSPM JMRS E GQ QE\ FEXXIVMI %, OQ HM
EYXSRSQME:IPSGMXOQL
(%8-8)'2-'-
(%8-8)'2-'-
6938)1386-'- 4RIYQEXMGLIGQ
6938)%28)6-36- 4RIYQEXMGLIGQ
:)03'-8%1%< OQL
:)03'-8%1%<'-2+30- OQL
*6)2- IPIXXVSRMGM
6%++-3(-638%>-32) GQ
1-796)+03&%0- 0YRKLI^ÊGQ \PEVKLI^ÊGQ
0%6+,)>>%7)(98% GQ
463*32(-8%7)(98% GQ
%08)>>%7)(98% GQ
%08)>>%7',-)2%0) GQ
&%7'90%>-32) (%q%q
378%'3031%77-13794)6%&-0) '1
4)2()2>%1%77-1%794)6%&-0)
7-78)1%13836) (YIQSXSVMXVE^MSRITSWXIVMSVI;
&%88)6-) %L
%983231-% (%%/1
4368%8% OK
4)73()00%&%7) OK
73
/,*+7'5,9(
%XXVEZIVWSMPWMWXIQEHMTVSTYPWMSRI0MKLX(VMZITSWWMFMPIQSXSVM^ÊVIPETVSTVME
GEVVS^^MREQERYEPIIGSRXVSPPEVPEEXXVEZIVWSYRNS]WXMGOWJVYXXERHSPE
QERIKKIZSPI^ÊMPTIWSIPIHMQIRWMSRMHMYREGEVVS^^MREQERYEPIIPETSXIRÊHM
YREGEVVS^^MREIPIXXVMGE
+%00)6-%-11%+-2-

74
()7'6->-32)463(3883
*EGMPQIXIETTPMGEFMPIEHSKRMGEVVS^^MRE
(MWTSRMFMPI TIV PEVKLI^Ê HM WIHYXE GEVVS^^MRE E TEVXMVI HE GQ -P WMWXIQE XIPIWGSTMGS UYMRHM YXMPM^ÊFMPI WY
HMZIVWI GEVVS^^MRI 0ETTPMGE^MSRI HIP WMWXIQE RSR GSQTSVXE QSHMJMGLI S PEKKMYRXE HM EGGIWWSVM UYMRHM YRE ZSPXE
WKERGMEXSPEGEVVS^^MREQERXMIRIMREPXIVEXMTIWSGEVEXXIVMWXMGLIJYR^MSREPMXIHEWWIXXS
8VEWJSVQEPEXYEGEVVS^^MREQERYEPIMRIPIXXVSRMGEMRTSGLMWIGSRHM
0MKLX (VMZI GSWXMXYMXS HE IPIQIRXM +VYTTS QSXSVM I NS]WXMGO FEXXIVME I ERXMVMFEPXEQIRXS I TY IWWIVI ETTPMGEXS
MR QSHS XSXEPQIRXI EYXSRSQS GSR TSGLI I WIQTPMGM STIVE^MSRM 9RE ZSPXE WGSPPIKEXS MP 0MKLX (VMZI HEPPE
GEVVS^^MRE UYIWXE VMEGUYMWXE XYXXI PI WYI GEVEXXIVMWXMGLI SVMKMREVMI 0E GIRXVEPMRE TVSKVEQQEFMPI TIV EHEXXEVWM
EPPI RIGIWWMX HIKPM YXIRXM I TY VEKKMYRKIVI PE ZIPSGMX HM OQL ) TSWWMFMPI WFPSGGEVI PE JVM^MSRI I YXMPM^ÊVI PE
GEVVS^^MREMRQSHEPMXQERYEPI
'EVEXXIVMWXMGLI
7IQTPMGI I ZIPSGI HE MRWXEPPEVI IWXVIQEQIRXI WIQTPMGI HE YXMPM^ÊVI 2SR RIGIWWEVMS MP XVEWJIVMQIRXS TIV
GSPPIKEVI I WGSPPIKEVI MP WMWXIQE 4SWWMFMPMX HM MRWXEPPE^MSRI WY HMZIVWI XMTSPSKMI HM GEVVS^^MRI
PIKKIVI I WYTIVPIKKIVI 7SPS GSR VYSXI TRIYQEXMGLI (MWTSRMFMPI GSR HYI HMZIVWI TSXIRÎ HM QSXSVI IX IZSPYXMZE
;GSRWMKPMEXSJMRSOK IHEEHYPXS;
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98%'%663>>-2% %TEVXMVIHEGQ
438)2>%13836- \Z\[
\Z\[
)0)88632-'% :6
%983231-% /Q
:)03'-8%1%77-1% /QL
4)2()2>%1%77-1%
4368%8%1%77-1% OK
4)73 OK
75
75,5,'(
8VMVMHIYRYRMXHMTVSTYPWMSRIIPIXXVMGEGLITIVQIXXIHMQYSZIVWMMREWWSPYXE
PMFIVXEHEXXSTIVXYXXMGSPSVSGLIYWERSPEGEVVS^^MRE*EGMPIHEYXMPM^ÊVI
WIQTPMGIIZIPSGIHEEKKERGMEVIEPPETVSTVMEGEVVS^^MRE
+%00)6-%-11%+-2-

76
()7'6->-32)463(3883
86-6-()&%7)
*EGMPIHEETTPMGEVI
*EGMPI HE YXMPM^ÊVI ZIPSGI HE EKKERGMEVI EHEXXS E UYEWM XYXXM M QSHIPPM HM GEVVS^^MRI TMIKLIZSPM S E XIPEMS VMKMHS
WYTIVPIKKIVI S WMQMPEVM 8VMVMHI QSPXS TM HM YRE GEVVS^^MRE S HM YRS WGSSXIV IPIXXVMGS YRE RYSZE PMFIVX I
GSRWIRXIHMQYSZIVWMMREYXSRSQMEWYUYEPWMEWMTIVGSVWS
4IVJSVQERGIIEYXSRSQMEIPIZEXI
:IVWEXMPI PIKKIVS EKMPI I TIVJSVQERXI EHEXXS E XYXXI PI WMXYE^MSRM TIWE TSGS TM HM /K KEVERXMWGI YREYXSRSQME
HM GMVGE /Q WY TIVGSVWS TMERIKKMERXI GSRWIRXI HM WYTIVEVI TMGGSPM SWXEGSPM I TIVGSVWM WGSRRIWWM YRE ZIVE I
TVSTVMEVMZSPY^MSRIRIPPEQSFMPMXHIKPMYXMPM^ÊXSVMHMGEVVS^^MRI
(MJJIVIRXMGSPSVM
) HMWTSRMFMPI MR UYEXXVS HMZIVWM GSPSVM PE HSXE^MSRI HM WIVMI TY IWWIVI EVVMGGLMXE HE HMZIVWM STXMSREP IH IWMWXSRS
XERXMQEKRMJMGMEGGIWWSVM
86-6-()74)'-%0
-PXSTHMKEQQEHIPPEJEQMKPME8VMVMHI
%PPE JEGMPMX HM YXMPM^^S I EPPE PIKKIVI^Ê HIP 8VMVMHI &EWI EKKMYRKI YR QSXSVI ERGSVE TM TSXIRXI MR KVEHS HM
KEVERXMVIMPQEWWMQSHIPPITVIWXE^MSRMIWSHHMWJEVIERGLIKPMYXIRXMTMIWMKIRXM
4VSKVEQQEFMPIIHSXEXSHMVIXVSQEVGME
4VSKVEQQEFMPI GSR GSQTYXIV VIXVSQEVGME GVYMWI GSRXVSP I JVIRS QSXSVI TIVJIXXS RIKPM WTE^M MRXIVRM
TEVXMGSPEVQIRXI EQTM MRIKYEKPMEFMPI RIKPM WTE^M IWXIVRM I GSRWIRXI YRE PMFIVX HM WTSWXEQIRXS GLI RSR LE IKYEPM
GSREPXVMEYWMPM
(%8-8)'2-'-
(%8-8)'2-'-
86-6-()
%983231-% SPXVIOQWYTIVGSVWMTMERIKKMERXM
4)73 OK
6938%1386-') GIVGLMSMREPPYQMRMSVMRJSVÊXSHE
13836) QS^^SHIPPEVYSXETSXIRÊRSQMREPIETEVXMVIHE;
&%88)6-% -SRMHMPMXMSHE:%L%L
*6)23 HMWGSHMEQIXVSQQ
77
)285;'/
)YREGEVVS^^MREWIRÊPMQMXM'SRWIRXIEPPETIVWSREHMIWWIVIEXXMZEEYXSRSQEI
HMEKMVIWTE^MIHSGGEWMSRMHMZMXEIWSGMEPMXEPXVMQIRXMMREGGIWWMFMPM
+%00)6-%-11%+-2-

78
()7'6->-32)463(3883
3JJ6SEH\
- TSXIRXM QSXSVM HIPPI VYSXI PI WSWTIRWMSRM FVIZIXXEXI IH MP WMWXIQE HM WIHYXE GLI TIVQIXXI PE ZEVME^MSRI HIP GIRXVS
HM KVEZMX QMKPMSVERHS MP FMPERGMEQIRXS HIPPE GEVVS^^MRE IPIXXVMGE \ IH MP PEZSVS HIPPI VYSXI GSRWIRXSRS
PEHEXXEQIRXSHIPPEWWIXXSEPPEXMTSPSKMEHMXIVVIRSIHMEQFMIRXIGLIHMZSPXEMRZSPXEWMZERRSEHEJJVSRXEVI
4SXIRÊI7MGYVI^Ê
'SR PE *SYV < (0 MR VIKMQI HM QEWWMQE WMGYVI^Ê WEPMXI HMWGIWI SWXEGSPM I KVEHMRM RSR VETTVIWIRXERS TM YR
TVSFPIQE 5YEXXVS VYSXI QSXVMGM QSXSVM TSXIRXM XIPEMS JPIWWMFMPI WIHYXE GSR ZEVME^MSRI HIP GIRXVS HM KVEZMX
WSWTIRWMSRMYRMGLITIVPEWWSVFMQIRXSHIKPMYVXM:IPSGMXQEWWMQEOQL
'EVEXXIVMWXMGLI
:IPSGMX OQL VYSXI HE 4+ 62IX 'SQERHS HM KYMHE .S]WXMGO 7XERHEVH GSR WIKREPI HM EZZIVXMQIRXS QSXSVM
1MGVS1SXSV ; WIHYXE 1IGGERMGE '; S WIHYXE 6IGEVS TIHERE QIGGERMGE TSKKMETMIHM FVEGGMSPM 49
%FEWGYPE^MSRIIPIXXVMGEGMRXYVETIPZMGEPYGMIJVIGGITEVEJERKLMGSQTPIXSFEXXIVMIIGEVMGEFEXXIVMI
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>% GQ
%08)>>% GQ
092+,)>>% GQ
4)73 OKOK
6%++-3(-78)6>%8% Q
%983231-%'3292%'%6-'% 'MVGEOQ
6)+30%>-32)')2863(-+6%:-8 -RXSXEPIGQ
:)03'-8 OQL
4)2()2>% q
79
)285;'/(/(9$%,/(
*SYV<(0)0):%&-0)VMTVSTSRIPIWXIWWIGEVEXXIVMWMXMGLIHIPPE*SYV<(0GSRMR
TMPETSWWMFMPMXHIPPIPIZE^MSRI
+%00)6-%-11%+-2-

80
()7'6->-32)463(3883
3JJ6SEH\IPIZEFMPI
PEHEXXEQIRXS HIPPEWWIXXS EPPE XMTSPSKME HM XIVVIRS I HM EQFMIRXI GLI HM ZSPXE MR ZSPXE WM ZERRS EH EJJVSRXEVI
7MWXIQEHMWIHYXEIPIZEFMPI
4SXIRÊI7MGYVI^Ê
'EVEXXIVMWXMGLI
:IPSGMX OQL VYSXI HE 4+ 62IX GSQERHS HM KYMHE .S]WXMGO 7XERHEVH GSR WIKREPI HM EZZIVXMQIRXS QSXSVM
1MGVS1SXSV ; WIHYXE 1IGLERMG'; S 6IGEVS TIHERE 1IGLERMG GSR TSKKMETMIHM FVEGGMSPM 49% GMRXYVE
TIPZMGEPYGMIJVIGGITEVEJERKLMGSQTPIXMFEXXIVMIIGEVMGEFEXXIVMI
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>% GQ
%08)>>% GQ
092+,)>>% GQ
4)73 OKOK
6%++-3(-78)6>%8% Q
%983231-%'3292%'%6-'% 'MVGEOQ
6)+30%>-32)')2863(-+6%:-8 -RXSXEPIGQ
:)03'-8% OQL
4)2()2>% q
81
6&227(548(673,(*+(92/(
0SWGSSXIVTMIKLIZSPI5YIWXWMGLMYHIQSPXSJEGMPQIRXITIVIWWIVIXVEWTSVXEXSHE
TEVXIHMXYXXMGSPSVSGLIZSKPMSRSGSRHYVVIYREZMXEEXXMZEWIRÊVMRYRGMEVIEPPE
GSQSHMXHMWTSWXEQIRXMWYYRSWGSSXIVIPIXXVMGS
+%00)6-%-11%+-2-

82
()7'6->-32)463(3883
1MRMQSMRKSQFVS
0E KYMHE WIQTPMGI IH IVKSRSQMGEQIRXI GSRJSVXIZSPI 9RE ZSPXE TMIKEXS MP 5YIWX TY IWWIVI JEGMPQIRXI VMTSWXS
MRYRSWXER^MRSMRYRERKSPSHIPPEGEWESMRUYEPWMEWMZERSTSWXIVMSVIHIPPEYXS
'EVEXXIVMWXMGLI
(IWMKR )WGPYWMZS WM TMIKE MR WIQTPMGM KIWXM IH JEGMPI HE XVEWTSVXEVI -P QERYFVMS VIKSPEFMPI I PE TEVXI ERXIVMSVI
EVXMGSPEXEKEVERXMWGIYRSXXMQEWXEFMPMX/MXPYGMEPPIHEHEPXEZMWMFMPMX
(%8-8)'2-'-
(%8-8)'2-'-
4368%8%1%77-1% OK
:)03'-8%1%77-1% *MRSEOQL
%08)>>%(%8)66% GQWIQMEWWI
6%++-3(-78)6>%8% GQ
092+,)>>% GQ
0%6+,)>>% GQ
6938)%28)6-36- GQ\GQTMIRI
6938)4378)6-36- GQ\GQTMIRI
%983231-% *MRSE/QGSRFEXXIVMIEPPMXMS
4)73838%0)7)2>%&%88)6-) OK
(-1)27-32-7)(98% PEVKLGQTVSJGQ
86%>-32) 8VE^MSRITSWXIVMSVIQSRSQSXSVIGSRHMJJIVIR^MEPI
&%88)6-) \ZSPX%,
4)73&%88)6-) 'MVGEOKGEH
'%6-'%&%88)6-) EQTIWXIVRS
83
6&227(59,&725</;
0YWWSIHIWMKRRIPPEGEXIKSVMEHIKPMWGSSXIVHMQIHMIHMQIRWMSRMTIVYWSWME
MRXIVRSGLIIWXIVRS
+%00)6-%-11%+-2-

84
()7'6->-32)463(3883
'SQTEXXSIJEGMPQIRXIXVEWTSVXEFMPI
+VE^MIEPXIPEMSEWQSRXEKKMSVETMHSIWIRÊPYXMPM^^SHMEXXVI^^M:MGXSV]P\WIQTPMGIHEXVEWTSVXEVIMREYXS
6MGGSHMEGGIWWSVMHMWIVMI
7MWXIQE HM MPPYQMRE^MSRI 0)( EH EPXE ZMWMFMPMX ERXIVMSVI I TSWXIVMSVI WME HM KMSVRS GLI HM RSXXI WSWTIRWMSRM '87
ERXIVMSVM I TSWXIVMSVM MRHMTIRHIRXM VYSXI RIVI MR QEXIVMEPI ERXMJSVEXYVE -P QEXIVMEPI HIPPI VYSXI RSR PEWGME WTMEGIZSPM
WIKRM RIVM WY TMEWXVIPPI I TEZMQIRXM QERYFVMS IVKSRSQMGS ()08% TIV KYMHE GSQJSVX EH EPXI^Ê VIKSPEFMPI
IPIXXVSRMGE WIQTPMJMGEXE I MRHMGEXSVI HM GEVMGE HIPPE FEXXIVMI VIXVSMPPYQMREXS TIV QEWWMQE ZMWMFMPMX HYVERXI PE KYMHE
WIHMPIVIKSPEFMPIGSRJYR^MSRIHMVSXE^MSRITIVYREWEPMXEIHYREHMWGIWEJEGMPMXEXI
(%8-8)'2-'-
(%8-8)'2-'-
4368%8%1%77-1% OK
:)03'-8%1%77-1% *MRSEOQL
6%++-3(-78)6>%8% GQ
092+,)>>% GQ
0%6+,)>>% GQ
6938)%28)6-36- GQ\GQTMIRI
6938)4378)6-36- GQ\GQTMIRI
%11368->>%836- %RXIVMSVMI4SWXIVMSVM
%983231-% *MRSE/QGSRFEXXIVMIHE%L
'%4%'-8%(-794)6%1)283378%'30- GQ
4)73838%0)7)2>%&%88)6-) OK
4)>>34-94)7%28) 7I^MSRIJVSRXEPIOK
7)(98%(-7)6-) 8MTS.YRMSV/%&GSRTSKKMEXIWXEIFVEGGMSPMVMFEPXEFMPM
1%8)6-%0) :MRMPI
(-1)27-32-7)(98% PEVKLGQTVSJGQ
86%>-32) 8VE^MSRITSWXIVMSVIQSRSQSXSVIGSRHMJJIVIR^MEPI
7-78)1%*6)2%28)(344-3 )PIXXVSRMGSVMKIRIVEXMZSIHIPIXXVSQIGGERMGS
&%88)6-) (YIZSPXEGMGPSGSRXMRYSEQTLGEH
4)73&%88)6-) 'MVGEOKGEH
85
6&227(59,&725<;/
-P:MGXSV]<0YRSWGSSXIVEPXIQTSWXIWWSWTSVXMZSIHIPIKERXI(SXEXSHM
YRQSXSVIHE/QLMP:MGXSV]<0ZERXEWSPY^MSRMWXMPMWXMGLIEPPEZERKYEVHME
+%00)6-%-11%+-2-

86
()7'6->-32)463(3883
8VEWTSVXEFMPIMREYXS
0SWGSSXIVHSXEXSHMYRWMWXIQEHMWQSRXEKKMSVETMHSIEKKERGMJIVQEWGSSXIVTIVMPXVEWTSVXSMREYXS
'SQJSVXIWMGYVI^Ê
6YSXI QEKKMSVEXI WMWXIQE HM MPPYQMRE^MSRI EH EPXE ZMWMFMPMX WME ERXIVMSVI GLI TSWXIVMSVI QERYFVMS IVKSRSQMGS
GSR ETTSKKMS TIV M TSPWM 'IWXMRS TSVXESKKIXXM I WTIGGLMIXXS VIXVSZMWSVI HM WIVMI JVIRM ERXIVMSVM E HMWGS WMWXIQE
GSQTPIXSHMEQQSVXM^ÊXSVM
'SPSVMHMWTSRMFMPM
(MWTSRMFMPIRIMGSPSVMVSWWSQIPEGERHMXEIRIVSSRMGI
(%8-8)'2-'-
(%8-8)'2-'-
4368%8%1%77-1% OK
:)03'-8%1%77-1% *MRSE/QL
6%++-3(-78)6>%8% GQ
092+,)>>% GQ
0%6+,)>>% GQ
6938)%28)6-36- GQ\GQ
6938)4378)6-36- GQ\GQ
7)(-0)4)(%2% GQ
7)(-0)8)66% GQGQ
%983231-% *MRSE/QGSRFEXXIVMIHE%LHMWIVMI
4)73838%0)7)2>%&%88)6-) OK
4)>>34-94)7%28)4%68)*6328%0) OK
7)(98%(-7)6-) -RGPMRE^MSRIWGLMIREPIVIKSPEFMPIITSKKMEXIWXE
4)73 /K
1%8)6-%0) :MRMPI
(-1)27-32- PEVKLGQTVSJGQ
86%>-32) 4SWXIVMSVIQSRSQSXSVIGSRHMJJIVIR^MEPI
7-78)1%*6)2%28) )PIXXVSRMGSVMKIRIVEXMZSIHIPIXXVSQIGGERMGS
&%88)6-) (YIZSPXEGMGPSGSRXMRYSEQTGEHHMWIVMI
4)73 OKGEH
87
6&227(59,&725<
-PQEWWMQSHIPPITVIWXE^MSRMGSRYRMRGSRJSRHMFMPIIPIKERÊIPSSOWTSVXMZS
+%00)6-%-11%+-2-

88
()7'6->-32)463(3883
'SQJSVXHMKYMHE
1EWWMQS GSQJSVX KVE^MI EPPI WSWTIRWMSRM ERXIVMSVM I TSWXIVMSVM 7SWTIRWMSRM TSWXI WSXXS PE WIHYXE TIV
YRERHEXYVE GSRJSVXIZSPI ERGLI WY XIVVIRM HMWWIWXEXM 1ERYFVMS IVKSRSQMGS (IPXE TIV QEKKMSV GSQJSVX I
VMTSWSHIKPMEVXMWYTIVMSVMHYVERXIPEKYMHE
7MGYVI^Ê
7MWXIQE HM JVIRM MHVEYPMGM TIV PE QEWWMQE WMGYVI^Ê I PYGM EH EPXE ZMWMFMPMX HMYVRE I RSXXYVRE GSR PYGM TSWXIVMSVM HM
7834EPPEJVIREXE
(%8-8)'2-'-
(%8-8)'2-'-
4368%8%1%77-1% OK
:)03'-8%1%77-1% /QL
%08)>>%(%8)66% GQEPP EPXI^ÊHIPQSXSVIWIQMEWWI
6%++-3(-78)6>%8% GQHIWXVE GQWMRMWXVE
092+,)>>% GQ
0%6+,)>>% GQ
6938)%28)6-36- GQ\GQTRIYQEXMGLI
6938)4378)6-36- GQ\GQTRIYQEXMGLI
%983231-% *MRSEOQ
4)73838%0)7)2>%&%88)6-) OK
7)(-0)78%2(%6( 7IHMPI/%&GSRHSTTMSGYWGMRSHMWIVMI
4)73 OK
1%8)6-%0) :MRMPIRIVS
(-1)27-32- 0EVKLI^ÊGMVGEGQ
463*32(-8% 'MVGEGQ
86%>-32) 4SWXIVMSVIGSRWIQMEWWIIQSXSVIEZSPX('
(344-37-78)1%*6)2%28) )PIXXVSRMGMVMKIRIVEXMZMIHIPIXXVSQIGGERMGM
&%88)6-) (YIZSPXEGMGPSGSRXMRYS
%14)6%++-3 +VYTTSWXERHEVH
4)73 OKGEH
'%6-'%&%88)6-) )WXIVRSMRHSXE^MSRI
89
90
'%663>>-2)
:)68-'%0->>%28-
91
/6
'EVVS^^MREQERYEPIGSRJYR^MSRIHMZIVXMGEPM^Ê^MSRIMRXIKVEXE4IVQIXXIHM
VEKKMYRKIVIPETSWM^MSRIIVIXXEYXMPM^ÊRHSPETVSTVMEJSVÊQYWGSPEVI9RE
GEVEXXIVMWXMGEIWGPYWMZEHM07HMTIVQIXXIVIPEZIVXMGEPM^Ê^MSRIGSRYRWIQTPMGI
KIWXSIGSRMPQEWWMQSGSRXVSPPSKVE^MIEPQSZMQIRXSREXYVEPIHIPPEWTMRXEHIPPI
QERM
+%00)6-%-11%+-2-

92
()7'6->-32)463(3883
:IVXMGEPM^Ê^MSRIQERYEPIWIRÊWJSV^S
3KRM WJSV^S I YPXIVMSVQIRXI VMHSXXS HE YR WMWXIQE TRIYQEXMGS VIKSPEXS MR FEWI EP TIWS IH EPPE JSVÊ
MRHMZMHYEPI HIPPYXIRXI 0E TSWM^MSRI ZIVXMGEPI EWWMWXMXE HE TMWXSRM E KEW GSPPIKEXM E HYI PIZI HM EXXYE^MSRI PE GYM
VIWMWXIRÊZMIRIEHEXXEXEEPPIGEVEXXIVMWXMGLIHIPPYXMPM^ÊXSVI
0MFIVXMRWMGYVI^Ê
5YERHS PE TSWM^MSRI HE WIHYXS YR HSTTMS FPSGGEKKMS HIPPI PIZI HM ZIVXMGEPM^Ê^MSRI IZMXE GLI WM EXXMZM
EGGMHIRXEPQIRXI MP QIGGERMWQS HM ZIVXMGEPM^Ê^MSRI HYVERXI M XVEWJIVMQIRXM 9RE ZSPXE MR TSWM^MSRI IVIXXE PI PIZI WM
FPSGGERS EYXSQEXMGEQIRXI KEVERXIRHS WXEFMPMX I WMGYVI^Ê HIPPE TSWM^MSRI I PMFIVX HM QSZMQIRXS HIKPM EVXM
WYTIVMSVM7SRSHMWTSRMFMPMHYIHMZIVWIPYRKLI^ÎHMPIZITIVEHEXXEVWMEPPEQMWYVEHIPPIFVEGGMEHIPPYXMPM^ÊXSVI
1MRMQSMRKSQFVSTIVMPXVEWTSVXS
0S WGLMIREPI EFFEXXMFMPI I PI VYSXI IWXVEMFMPM VIRHSRS 07 JEGMPQIRXI XVEWTSVXEFMPI MR UYEPWMEWM FEKEKPMEMS 0E
GEVVS^^MREIMRSPXVIHSXEXEHMHYIXEWGLIWYPPEWIHYXEIWYPPSWGLMIREPITIVTSVXEVISKKIXXMTIVWSREPM
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ
%08)>>%%28)6-36)7)(98% GQ GQ GQ GQ
(-%1)8636938)4378)6-36- GQ GQ GQ GQ
(-%1)8636938)%28)6-36- GQ GQ GQ GQ
463*32(-87)(98% GQ GQ GQ GQ
092+,)>>%838%0)%77)8837)(983 GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ
%08)>>%7',-)2%0) GQ GQ GQ GQ
%08)>>%+03&%0) GQ GQ GQ GQ
4368%8%1%77-1% OK OK OK OK
4)73%97-0-3 OK OK OK OK
93
/6(
0E07)YREGEVVS^^MREQERYEPITIVUYERXSVMKYEVHEPEYXSTVSTYPWMSRIQE
TIVQIXXIHMVEKKMYRKIVIPEWXE^MSRIIVIXXEGSRYRHMWTSWMXMZSIPIXXVMGS
+%00)6-%-11%+-2-

94
()7'6->-32)463(3883
4VSTYPWMSRIQERYEPI:IVXMGEPM^Ê^MSRIIPIXXVMGE
0E GEVVS^^MRE 07) LE XYXXM M FIRIJMGM HIPPE QERYEPI 07 IH M ZERXEKKM HIPPE GSQSHMX GLI TYS SJJVMVI YRE
ZIVXMGEPM^Ê^MSRI EWWMWXMXE SZZIVS IPIXXVMGE 0I FEXXIVMI WSRS MR KVEHS HM WSTTSVXEVI GMVGE YR GIRXMREMS HM
ZIVXMGEPM^Ê^MSRM TVMQE HM WGEVMGEVWM - FVEGGMSPM VYSXERS HM q HMZIRXERHS WYTTSVXM TIV MP XVSRGS HYVERXI PE
ZIVXMGEPM^Ê^MSRIIRIPPETSWM^MSRIIVIXXE
&VEGGMSPMQYPXMJYR^MSRI
&VEGGMSPM HM PYRKLI^Î VIKSPEFMPM MR TVSJSRHMX IH EPXI^Ê W[MRK E[E] TIV JEZSVMVI MP XVEWJIVMQIRXS ,ERRS
JYR^MSRIHMFVEGGMSPSZIVSITVSTVMSMRTSWM^MSRIWIHYXEIHMWYTTSVXSXSVEGMGSHMWMGYVI^ÊMRTSWM^MSRIIVIXXE
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ
%08)>>%%28)6-36)7)(98% GQ GQ GQ GQ
(-%1)8636938)4378)6-36- GQ GQ GQ GQ
(-%1)8636938)%28)6-36- GQ GQ GQ GQ
463*32(-87)(98% GQ GQ GQ GQ
092+,)>>%838%0)(%7)(983 GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ
%08)>>%7',-)2%0) GQ GQ GQ GQ
%08)>>%838%0)'7',-)2%0) GQ GQ GQ GQ
4368%8%1%77-1% OK OK OK OK
4)73838%0) OK OK OK OK
95
/6$
07%,IPMYQVIEPM^ÊXETIVTIVWSRIEXXMZIIWTSVXMZI-PWIHMPIIPSWGLMIREPIWSRS
TVIVIKSPEXMWYTIWSIHEPXI^ÊHIPPYXIRXI4IVVEKKMYRKIVIPETSWM^MSRIIVIXXE
PYXIRXIEJJIVVEPIQERMKPMIIVMTVSHYGIMPQSZMQIRXSHMEYXSTVSTYPWMSRIGLI
RSVQEPQIRXIWMIWIVGMXEWYPGSVVMQERSHIPPEGEVVS^^MRE
+%00)6-%-11%+-2-

96
()7'6->-32)463(3883
%YXSTVSTYPWMSRII:IVXMGEPM^Ê^MSRI
:IRKSRS YXMPM^ÊXM KPM WXIWWM QYWGSPM GLI WM EXXMZERS RIPPEYXSTVSTYPWMSRI 5YIWXS QSZMQIRXS HIPPI FVEGGME EMYXEXS
HEM TMWXSRM E KEW JEGMPMXE PE ZIVXMGEPM^Ê^MSRI IH MP QERXIRMQIRXS HIPPE TSWM^MSRI 4IV QEKKMSVI WMGYVI^Ê I GSQJSVX
WSRSMRHSXE^MSRIGYWGMRIXXMJIVQEKMRSGGLMEIGMRXYVEXSVEGMGE
6IKSPE^MSRM
07% ,IPMYQ SJJVI EQTMI VIKSPE^MSRM HIPPERKSPE^MSRI HIPPS WGLMIREPI WME HE TSWM^MSRI WIHYXE GLI ZIVXMGEPI -P
WMWXIQE E PIZE WGSVVIZSPI GSR HSTTME GLMYWYVE MR TSWM^MSRI EFFEWWEXE IZMXE UYEPWMEWM MRZSPSRXEVME EXXMZE^MSRI
HIPPE ZIVXMGEPM^Ê^MSRI HYVERXI PI JEWM HM XVEWJIVMQIRXS -R TSWM^MSRI IVIXXE YR QIGGERMWQS HM FPSGGEKKMS WIQTPMGI
MRWIUYIRÊGSPQSZMQIRXSHMZIVXMGEPM^Ê^MSRITIVQIXXIKVERHIPMFIVXHMQSZMQIRXSMRGSQTPIXEWMGYVI^Ê
7YTTSVXSTIVKMRSGGLME
%VXMGSPEXS TIV EWWIGSRHEVI MP QSZMQIRXS HIP KMRSGGLMS HYVERXI PE WXE^MSRI IVIXXE MP WYTTSVXS WM TSWM^MSRE S WM
XSKPMI MR YR MWXERXI 0E GSQFMRE^MSRI HM GYWGMRIXXM VMTSWM^MSREFMPM WY TMEWXVI MR GEVFSRMS KEVERXMWGI MP QEWWMQS
GSQJSVXIPETSWWMFMPMXHMTIVWSREPM^ÊVIPEWWIXXSTSWXYVEPIGSVVIXXS
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ GQ GQ
%08)>>%%28)6-36)7)(98%-2'0-2%>-32) GQ GQ GQ GQ GQ GQ

7)(-0)q
(-%1)8636938)4378)6-36- GQ GQ GQ GQ GQ GQ
(-%1)8636938)%28)6-36- GQ GQ GQ GQ GQ GQ
092+,)>>%838%0)(%7)(983-2'1 HEE MHIQ MHIQ MHIQ MHIQ MHIQ
0%6+,)>>%838%0) GQ GQ GQ GQ GQ GQ
%08)>>%7',-)2%0)-2'1 HEE MHIQ MHIQ MHIQ MHIQ MHIQ

092+,)>>%838%0)-2437->-32):)68-'%0) HEE MHIQ MHIQ MHIQ MHIQ MHIQ

4368%8%1%77-1%-2/+
4)73838%0)-2/+
4)73()-'31432)28-4-94)7%28--2/+
%08)>>%838%0)7',-)2%0))7'0973 -2'1 (EE MHIQ MHIQ MHIQ MHIQ MHIQ
%08)>>%838%0)7',-)2%0)-2'0973 -2'1 (EE MHIQ MHIQ MHIQ MHIQ MHIQ
97
/65
'EVVS^^MREQERYEPIGSRJYR^MSRIHMZIVXMGEPM^Ê^MSRIIVIGPMRE^MSRIIPIXXVMGE
EHEXXEEYRYXIRÊEXXMZE
+%00)6-%-11%+-2-

98
()7'6->-32)463(3883
7SPMHEIVIKSPEFMPI
,E YR XIPEMS VMKMHS MR EGGMEMS IH EPPYQMRMS GSR ZIVRMGI ITSWWMHMGE 0E TVSJSRHMX HIPPE WIHYXE VIKSPEFMPI PS
WGLMIREPI VIGPMREFMPI IH EFFEXXMFMPI TIV MP XVEWTSVXS MR EYXS PI TIHERI WSRS VIKSPEFMPM MR EPXI^Ê (SXEXE HM VYSXI
TSWXIVMSVMEHIWXVE^MSRIVETMHE4SVXEXEQEWWMQEOK
*YR^MSRM)PIXXVMGLI
0E ZIVXMGEPM^Ê^MSRI I PE VIGPMRE^MSRI WM EXXMZERS EXXVEZIVWS YR YRMGS XIPIGSQERHS - FVEGGMSPM QYPXMHMVI^MSREPM
JYR^MSRERS GSQI WYTTSVXS XSVEGMGS EZZSPKIRXI M JIVQE KMRSGGLME GSR WMWXIQE HM FPSGGEKKMS I PE GMRXYVE XSVEGMGE
KEVERXMWGSRSGSQJSVXWXEFMPMXIWMGYVI^Ê(SXEXEHMFEXXIVMIHE%L
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQ GQ GQ GQ
%08)>>%%28)6-36)7)(98% GQ GQ GQ GQ
(-%1)8636938)4378)6-36-
(-%1)8636938)%28)6-36-
463*32(-8%7)(98%6)+30%&-0) HEEGQ HEEGQ HEEGQ HEEGQ
092+,)>>%838%0)%77)8837)(983 GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ
%08)>>%7',-)2%0) GQ GQ GQ GQ
%08)>>%+03&%0) GQ GQ GQ GQ
4368%8%1%77-1% OK OK OK OK
4)73%97-0-3 OK OK OK OK
99
/6&
'EVVS^^MREIPIXXVSRMGEEHEPXEQERSZVEFMPMXGSQTEXXEIQSPXSTIVJSVQERXI
+%00)6-%-11%+-2-

100
()7'6->-32)463(3883
07'TIV)WXIVRSIH-RXIVRS
'EVVS^^MRE MR ZIVWMSRI QMWXE TIV YWS WME MRXIVRS GLI IWXIVRS HSXEXE HM IPIXXVSRMGE 62IX 4+ (VMZI 8IGLRSPSK] )
QSHYPEVISZZIVSGSRWIRXIHMEKKMYRKIVIHMZIVWMGSQERHMWTIGMEPMSGGMTMXEPIMRJVEVSWWSEQIRXSIQSPXMEPXVM
%RGLITIVFEQFMRM
-P QSHIPPS HIPPE GEVVS^^MRE IPIXXVMGE 07' 'SQTEGX E XIPEMS ZIVXMGEPM^ÊFMPI MRSPXVI HMWTSRMFMPI RIPPE ZIVWMSRI TIV
FEQFMRM
(%8-8)'2-'-
(%8-8)'2-'-
07'%(9083 07'/-(
0%6+,)>>%7)(98% GQ GQ

GQ
GQ
%08)>>%%28)6-36)7)(98% GQ GQ
(-%1)8636938)4378)6-36- QQ QQ
(-%1)8636938)%28)6-36-
0%6+,)>>%838%0) GQ GQ
463*32(-8%7)(98% VIKSPEFMPIHEEGQ VIKSPEFMPIHEEGQ
092+,)>>%838%0)(%437->-32)7)(98% GQ GQ
092+,)>>%838%0)-2437->-32):)68-'%0) GQ GQ
%08)>>%7',-)2%0) HEEGQ HEEGQ
%08)>>%838%0) HEEGQ HEEGQ
4368%8%1%77-1% OK OK
4)73838%0)'32&%88)6-) OK OK
&%88)6-) \%L: \%L:
438)2>%13836- <[EXXW <[EXXW
101
/6&7
'EVVS^^MREIPIXXVSRMGEZIVXMGEPM^ÊRXITIVYWSIWXIVRSGLIEWWSGMESXXMQI
TIVJSVQERGIHMKYMHEERGLIMRTSWM^MSRIZIVXMGEPM^ÊXE IYREPXEQERSZVEFMPMX
KVE^MIEPPIHMQIRWMSRMIWXVIQEQIRXIGSQTEXXI
+%00)6-%-11%+-2-

102
()7'6->-32)463(3883
1YSZIVWMWIRÊPMQMXM
(SXEXE HM HYI TSXIRXM QSXSVM HE [EXX I HYI FEXXIVMI HE EQTL PYRE KEVERXMWGI YREYXSRSQME JMRS E OQ
0I VYSXI QSRSJSVGIPPE JEGMPMXERS KPM WTSWXEQIRXM MR EQFMIRXI IWXIVRS I TIVQIXXSRS HM SPXVITEWWEVI SWXEGSPM JMRS E
GQ 0E PEVKLI^Ê GSRXIRYXE GQ TIVQIXXI HM QYSZIVWM MR MRXIVRS WIRÊ HMJJMGSPX PEPXI^Ê HE XIVVE HM WSPM
GQTIVQIXXIHMEZZMGMREVWMEKIZSPQIRXIEXEZSPM
-RTMIHMMRTSGLMWIGSRHM
0E TSWM^MSRI ZIVXMGEPI WM VEKKMYRKI MR WSPM WIGSRHM I TIVQIXXI YRERHEXYVE HM OQL +VE^MI EPPE VIXVS
ZIVXMGEPM^Ê^MSRI MP FEVMGIRXVS VMQERI EPPMRXIVRS HIPPE GEVVS^^MRE KEVERXIRHS YR SXXMQS JIIPMRK I TVIGMWMSRI HM
KYMHEERGLIMRTSWM^MSRIZIVXMGEPM^ÊXE
1YPXMTSWMXMSR7XERHEVH
&EWGYPE^MSRI q VIGPMRE^MSRI HIPPS WGLMIREPI JMRS E q TIHERI IPIZEFMPM GSR GSQTIRWE^MSRI HM
GQTSWM^MSRIVIPE\WYTMRE
(%8-8)'2-'-
(%8-8)'2-'-
07'8
0%6+,)>>%7)(98% HEEGQ
463*32(-8%7)(98% HEEGQ
0%6+,)>>%838%0) GQ
092+,)>>%838%0) GQ
%08)>>%7',-)2%0) GQSGQ
%08)>>%838%0) HEGQ
:)03'-8%1%77-1% /1,
4368%8%1%77-1% OK
4)73838%0)'32&%88)6-) OK
&%88)6-) \%L
%983231-% /1
438)2>%13836- <[EXXW
103
)285;'/666
YREGEVVS^^MREWIRÊPMQMXM'SRWIRXIEPPETIVWSREHMIWWIVIEXXMZEEYXSRSQEI
HMEKMVIWTE^MIHSGGEWMSRMHMZMXEIWSGMEPMXEPXVMQIRXMMREGGIWWMFMPMKVE^MIERGLI
EPWMWXIQEHMZIVXMGEPM^Ê^MSRI
+%00)6-%-11%+-2-

104
()7'6->-32)463(3883
3JJ6SEH\ZIVXMGEPM^ÊFMPI
PEHEXXEQIRXS HIPPEWWIXXS EPPE XMTSPSKME HM XIVVIRS I HM EQFMIRXI GLI HM ZSPXE MR ZSPXE WM ZERRS EH EJJVSRXEVI
7MWXIQE HM WIHYXE ZIVXMGEPM^ÊFMPI 0S WXERH WYTTSVX W]WXIQ SJJVI YPXIVMSVM JYR^MSRM VMWTIXXS EPPE *SYV < IH EPPE
*SYV < (0 IPIZEFMPI WYTTSVXS MR TSWM^MSRI IVIXXE HMWTSWMXMZS HM IPIZE^MSRI IH MRGPMRE^MSRI E q +VE^MI E UYIWXS
TSWWMFMPI JVYMVI MR QSHS GSQTPIXS HIM TVSTVM WTE^M HM ZMXE VEKKMYRKIVI TVSHSXXM MR WGEJJEPM EPXM EP WYTIVQIVGEXS
EGGIHIVI EM TIRWMPM HIPPE TVSTVME GYGMRE -P WMWXIQE TY IWWIVI ETTPMGEXS EPPI FEWM *SYV < I *SYV < (0 TIV EZIVI
QEKKMSVMIQMKPMSVMTIVJSVQERGI
4SXIRÊI7MGYVI^Ê
'EVEXXIVMWXMGLI
'EVVS^^MRE IPIXXVMGE *SYV < '; :IVXMGEPM^ÊFMPI ZIPSGMX OQL GSQERHS HM KYMHE 4+ 62IX .S]WXMGO 7XERHEVH
GSR WIKREPI HM EZZIVXMQIRXS '; QSXSVM 1MGVS1SXSV ; 6YSXI HE FVEGGMSPM 49% GMRXYVE TIPZMGE HM
WMGYVI^ÊIJEWGMEXSVEGMGEHMWMGYVI^Ê0YGMIJVIGGITEVEJERKLMGSQTPIXMWYTTSVXSKMRSGGLME
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>% GQ
%08)>>% GQ
092+,)>>% GQ
4)73 OKOK
6%++-3(-78)6>%8% Q
%983231-%'3292%'%6-'% 'MVGEOQ
6)+30%>-32)')2863(-+6%:-8 -RXSXEPIGQ
:)03'-8 OQL
4)2()2>% q
105
106
)0)1)28-437896%0-
107
*(1,86
+IRMYWYRYRMXTSWXYVEPIVIEPM^ÊXEWYQMWYVEEHEXXEXEEPPIWTIGMJMGLI
RIGIWWMXHIPTE^MIRXI4YEZIVIJYR^MSRIHMGSRXIRMQIRXSWSWXIKRSWYTTSVXS
GSQTIRWE^MSRIITVIZIR^MSRIHEHIGYFMXS
+%00)6-%-11%+-2-

108
()7'6->-32)463(3883
'VIEXSWYQMWYVE
,E FEWI EREXSQMGE TVIJSVQEXE QE KVE^MI EM WYSM GSQTSRIRXM TIVWSREPM^ÊFMPM TY IWWIVI QSHIPPEXS WY QMWYVE
TIVPIWTIGMJMGLIIWMKIRÎHIPPYXIRXI
)PIQIRXMTIVGSRJMKYVE^MSRITIVWSREPM^ÊXE
+IRMYW YR SXXMQS IPIQIRXS TSWXYVEPI TVSTVMS KVE^MI EPPE TSWWMFMPMX HM TIVWSREPM^ÊVI SKRM WYE GSQTSRIRXI
6IEPM^ÊXS RIM RSWXVM PEFSVEXSVM KEVERXMWGI YRE GSVVIXXE TSWXYVE TIV YXIRXM WME EHYPXM GLI TIHMEXVMGM E TVIWGMRHIVI
HEPPE TEXSPSKME 2EWGI GSR HIXIVQMREXI GSRJMKYVE^MSRM FEWI QE TY IWWIVI QSHMJMGEXS RIPPI WIKYIRXM TEVXM FEWI
WIQMVMKMHE GYWGMRS GYRIS EFHY^MSRI GYRIM EHHYXXSVM WSWXIKRM PEXIVEPM TIV MP FEGMRS QEXIVMEPI XVEWTMVERXI (<
^SRE MWGLMEXMGE QEXIVMEPI ERXMHIGYFMXS ^SRE MWGLMEXMGE GSTIVXYVE XSXEPI GYWGMRS MR QEXIVMEPI ERXMHIGYFMXS JSHIVE
TIVMRGSRXMRIRÊ
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%<463*32(-8%'1 <
<
<
<
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<
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109
*(1,86;
+IRMYW<YRGYWGMRSMHIEPITIVTIVWSRIEXXMZIGSQTSWXSHEHMZIVWMQEXIVMEPMERXM
HIGYFMXSGSRHMJJIVIRXMHIRWMXWXEXSWXYHMEXSETTSWMXEQIRXITIVKEVERXMVIYRE
FYSRETSWXYVEIYRSXXMQEPIHMWXVMFY^MSRIHIMGEVMGLM
+%00)6-%-11%+-2-

110
()7'6->-32)463(3883
'SRJSVXIZSPIIPIKKIVS
+IRMYW < WM GSRJMKYVE GSQI GYWGMRS ERXMHIGYFMXS VIPEXMZEQIRXI TSWXYVEPI PIKKIVQIRXI WEKSQEXS RIP TVSJMPS
ERXIVMSVIGSQTSWXSHEHMZIVWMQEXIVMEPMSKRYRSHIMUYEPMEHMZIVWEMRXIRWMX
8VEWTMVERXI
0E JSHIVE XVEWTMVERXI I M HMJJIVIRXM QEXIVMEPM YXMPM^ÊXM MRXIVREQIRXI WSRS WXEXM WXYHMEXM TIV KEVERXMVI MP QEWWMQS
HIPPEXVEWTMVE^MSRI
(MJJIVIRXMEPXI^ÎIQMWYVI
TSWWMFMPI EGUYMWXEVI MP GYWGMRS RIPPI QMWYVI WXERHEVH STTYVI VMGLMIHIVI YRE HIPPI QMWYVI TIVWSREPM^ÊXI
0EPXI^ÊHIPGYWGMRSTYIWWIVIHMGQSTTYVIGQ
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%<463*32(-8%'1 \
\
\
\
\
\
\
\
\
\
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111
0
-PGYWGMRS1HIPPE'SQJSVX'SQTER]YXMPM^ÊYREGSQFMRE^MSRIJVEXIGRSPSKME
+IPIWGLMYQEIHWXEXSWXYHMEXSTIVGSPSVSGLIRIGIWWMXERSHMYRIPIZEXE
TVIZIR^MSRIHEPIWMSRMHEHIGYFMXSIHEPPETSWWMFMPMXHMWSHHMWJEVIPITM
GSQTPIWWIIWMKIRÎHMTSWM^MSREQIRXS
+%00)6-%-11%+-2-

112
()7'6->-32)463(3883
'SQTSWXSHEWGLMYQEIKIP
-P GYWGMRS 1 SJJVI XYXXI PI GEVEXXIVMWXMGLI HM YR GYWGMRS GSR FEWI HM WGLMYQE WEKSQEXE HM EPXE UYEPMX GSR MR TM
PEKKMYRXEHMYRMRWIVXSEUYEXXVSWIXXSVMHMKIP
&EWIVIKSPEFMPITIVSXXMQM^ÊVIPETSWXYVE
9RE FEWI FVIZIXXEXE XSXEPQIRXI VIKSPEFMPI TIV GVIEVI TSWM^MSREQIRXM TIVWSREPM^ÊXM I VIEPM^ÊVI WTMRXI TIV
GSVVIKKIVI KPM IJJIXXM HIPPI HIJSVQE^MSRM GSR YRE GSRWIKYIRXI SXXMQM^Ê^MSRI HIPPE TSWXYVE I HIPPE GSQSHMX
GSQTPIWWMZE WYPPE GEVVS^^MRE -P WMWXIQE FVIZIXXEXS %8- TY IWWIVI YXMPM^ÊXS TIV QSHMJMGEVI I WTSWXEVI M TYRXM HM
TVIWWMSRI WYP GYWGMRS TVSXIKKIVI UYEPWMEWM EVIE WIRWMFMPI S HMJJSRHIVI YRMJSVQIQIRXI PE TVIWWMSRI WYPPMRXIVS
GYWGMRS
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%<463*32(-8%'1 <
<
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113
&86&,1,67$5
-PQMKPMSVIPIQIRXSTIVPETVIZIR^MSRIHIPPITMEKLIHEHIGYFMXSITIVMPPSVS
XVEXXEQIRXSPEVMEEWWSGMEXEEHYREQTMEWYTIVJMGMIHMETTSKKMSGLIGSRWIRXIHM
VMHYVVIPETVIWWMSRIEPMZIPPSHIPPIXYFIVSWMXMWGLMEXMGLIEGGSKPMIRHSPI
TVSQMRIRÎSWWIIIJEZSVIRHSPEHMWTIVWMSRIHMGEPSVIIYQMHMX
+%00)6-%-11%+-2-

114
()7'6->-32)463(3883
6MHY^MSRIHIPPIJSVÎHMXEKPMS
-P TVMRGMTMS XIVETIYXMGS HIM GYWGMRM HIPPE 7XEV WM FEWE WYPPE XIGRSPSKME (]REQMG %MV *PS[ GLI YXMPM^Ê PMRXIVWGEQFMS
HEVMEJVEPIGIPPITIVVMHYVVIEPQMRMQSPIJSVÎHMXEKPMSIJVM^MSRITVMRGMTEPMGEYWIHMHERRMXMWWYXEPM
%PXI^ÎHMZIVWI
-PGYWGMRS7XEVHMWTSRMFMPIMRHMJJIVIRXMEPXI^ÎGQ7LSVX'SRXSYVGQ1MH'SRXSYVGQ'SRXSYV
4IVTVIZIR^MSRMHMZIVWI
-P QSHIPPS 7LSVX MP GYWGMRS TIVJIXXS TIV KPM ETTEWWMSREXM HM WTSVX MR KVEHS HM JSVRMVI YREHIKYEXE TVIZIR^MSRI GSR
YR MRKSQFVS I TIWS GSRXIRYXM -P QSHIPPS 1MH MP GYWGMRS MHIEPI TIV YRYXIRÊ TIHMEXVMGE JSVRIRHS YRE TVSJSRHE
MQQIVWMSRI HIPPI XYFIVSWMX MWGLMEXMGLI GSR GSRWIKYIRXI HMWXVMFY^MSRI HIP GEVMGS WY WYTIVJMGM EQTMI -P QSHIPPS
'SRXSYV EPXS GQ JSVRMWGI YRE TVSJSRHE MQQIVWMSRI RIP GYWGMRS GSR GSRWIKYIRXI FEWWE TVIWWMSRI HMJJYWE WY
XYXXEPEWYTIVJMGMIHMGSRXEXXSHIPPE^SREMWGLMSWEGVEPI
(%8-8)'2-'-
(%8-8)'2-'-
78%6
0%6+,)>>%<463*32(-8%'1 \ \ \ \
\ \ \ \
\ \ \ \
\ \ \ \
115
&86&,1,67$5/2&.
-PGYWGMRS7XEVPSGOYRTVSHSXXSFVIZIXXEXSIHPYRMGSGYWGMRSHMWTSRMFMPIWYP
QIVGEXSGSRPETSWWMFMPMXHMFPSGGEVIMRHMZMHYEPQIRXIGMEWGYREGIPPE7XEVPSGO
IWXVIQEQIRXIZIVWEXMPIITIVQIXXIHMEHEXXEVWMEGMEWGYREIWMKIRÊTSWXYVEPI
HIPPYXIRXIVMHYGIRHSEPQMRMQSKPMEXXVMXMIPIJVM^MSRMTVMRGMTEPMGEYWIHMTMEKLIHE
HIGYFMXS
+%00)6-%-11%+-2-

116
()7'6->-32)463(3883
4VIZIR^MSRIWXEFMPM^Ê^MSRIWYTTSVXS
-P GYWGMRS 7XEV0SGO EWWSGME PE JYR^MSRI ERXMHIGYFMXS GSR WYTTSVXS I WXEFMPM^Ê^MSRI TSWXYVEPI 'SRWIRXI HM
PMQMXEVI JMRS E FPSGGEVI PMRXIVWGEQFMS HEVME TVIWIRXI RIPPI HMZIVWI GIPPI HIP GYWGMRS MR QSHS WIPIXXMZS 0E
XIGRSPSKME PSGOTSGOIXW TSWXE EPPE FEWI HIP GYWGMRS TIVQIXXI HM SXXIRIVI YRE TSWXYVE TIVWSREPM^ÊXE ERGLI GSR
HMWXVMFY^MSRIEWMQQIXVMGEHIPTIWS
(MWTSRMFMPIMRHMZIVWIEPXI^Î
-P GYWGMRS 7XEV0SGO HMWTSRMFMPI MR HMJJIVIRXM EPXI^Î GQ GQ GQ I GQ -P XVEXXS HMWXMRXMZS WSRS PI GIPPI
MRHMTIRHIRXM
'EVEXXIVMWXMGLI8IGRSPSKME0SGO
'SRWIRXI HM MWSPEVI PI GIPPI HSZI WM ZYSPI I HM KIWXMVI PE HMWXVMFY^MSRI HIP TIWS IPMQMRERHS PS WGEVMGS HIPPE
TVIWWMSRI RIM TYRXM E QEKKMSVI GVMXMGMX GVIE^MSRI HIP ZYSXS HSZI RIGIWWEVME PEWWIRÊ HM GSRXEXXS 3JJVI
QEWWMQE WMGYVI^Ê MR UYERXS MR GEWS HM JSVEXYVE HM YRE S TM GIPPI UYIWXI WM TSWWSRS MWSPEVI QERXIRIRHS MRXIKVE
PE JYR^MSREPMX KIRIVEPI HIP GYWGMRS 0E TSWWMFMPMX HM MWSPEVI I KIWXMVI MP JPYWWS HEVME JVE PI GIPPI EYQIRXE PE WXEFMPMX
I TIVQIXXI PE HIJMRM^MSRI HM YR EWWIXXS TSWXYVEPI GSRXIRMXMZS I WXEFMPM^ÊRXI GSRXVSPPS XVSRGS 1ERXMIRI PMRXIKVMX
HIPPE TIPPI GSR YRE^MSRI TVIZIRXMZE PIRMXMZE I XIVETIYXMGE -QTIHMWGI PS WGMZSPEQIRXS I PI GSRWIKYIRXM JVM^MSRM
4IWSOK
(%8-8)'2-'-
(%8-8)'2-'-
78%603'/
0%6+,)>>%<463*32(-8%'1 \ \ \ \
\ \ \ \
\ \ \ \
\ \ \ \
78%603'/%083
\ \ \
\ \ \ \
\ \ \ \ \
\ \ \ \ \
\ \ \ \
\ \ \ \
117
&86&,1,67$%,/$,5
YRGYWGMRSMRRSZEXMZSGLIYRMWGIEPPEXIGRSPSKMEHIPPIFSPPIHEVMEYRWMWXIQE
(]REQMG%MV*PS[GSRMRWIVXSWEKSQEXSMRWGLMYQEEPPMRXIVRSHMGMEWGYREGIPPE
HEVME
+%00)6-%-11%+-2-

118
()7'6->-32)463(3883
2SRWSPSEVME
-P GYWGMRS 7XEFMP%MV PE TM VIGIRXI MRRSZE^MSRI HIM GYWGMRM HIPPE 7XEV PE QMWGIPE TIVJIXXE HM YR GYWGMRS HEVME
(]REQMG%MV*PS[GSRMRWIVXSWEKSQEXSMRWGLMYQEEPPMRXIVRSHMGMEWGYREGIPPIHEVME
0EWXEFMPMXHIPJSEQ
-P JSEQ MRXIVRS JSVRMWGI HYI ZERXEKKM MRGVIHMFMPM MR TVMQS PYSKS PE WGLMYQE MRXIVRE WEKSQEXE MR QSHS HE
KEVERXMVI YR WYTTSVXS TSWXYVEPI ERGLI GSR GIPPI TVMZI HM EVME -P JSEQ WEKSQEXS MR QSHS HE EGGSKPMIVI PI KEQFI
M KPYXIM I MP GSGGMKI GSRXIRIVI I WXEFMPM^ÊVI M XVSGERXIVM TVSQYSZIRHS MP GSVVIXXS TSWM^MSREQIRXS JIQSVEPI 5YIWXS
WXVEXS WEKSQEXS HM WGLMYQE JSVRMWGI YRE QEKKMSVI WXEFMPMX VMWTIXXS EM GSQYRM GYWGMRM EH EVME I JEGMPMXE M
XVEWJIVMQIRXMHIPPEGEVVS^^MRE
*YR^MSREWIQTVI
-P WIGSRHS ZERXEKKMS GLI PE WGLMYQE JSVRMWGI YRE TVSXI^MSRI HM WIGSRHS PMZIPPS 'M WMKRMJMGE GLI PE TIVWSRE TY
EZIVI PE XVERUYMPPMX HM WETIVI GLI WI MP GYWGMRS EH EVME WYFMWWI YRE JSVEXYVE PMRXIKVMX I MP WYTTSVXS TSWXYVEPI
WEVIFFIVSTVIWIVZEXM7XEFMP%MVPERYSZEKIRIVE^MSRIHMGYWGMRSMFVMHS
(%8-8)'2-'-
(%8-8)'2-'-
78%678%&-0%-6
0%6+,)>>%<463*32(-8%'1 \ \ \ \
\ \ \ \
\ \ \ \
\ \ \ \
119
*$/$;<
'YWGMRSTSWXYVEPIEZEPZSPIITSWWMFMPMGSRJMKYVE^MSRMTIVPEHIKYEXE
HIJMRM^MSRIHIPPEWWIXXSTSWXYVEPI0EJSHIVETYIWWIVIWXERHEVHSTIV
MRGSRXMRIRÊ
+%00)6-%-11%+-2-

120
()7'6->-32)463(3883
'YWGMRSEREXSQMGSEFSPPIHEVME
-P +EPE\] YR GYWGMRS MR RISTVIRI RSR MRJMEQQEFMPI GLI GSQFMRE YRIPIZEXE XIGRSPSKME GSR YR HIWMKR QSHIVRS
IHEREXSQMGS%WWSGMEPITVIWXE^MSRMHMYRGYWGMRSEFSPPIHEVMEGSRYRGSVVIXXSWYTTSVXSTSWXYVEPI
7XVYXXYVEIJYR^MSRMYRMGMRIPWYSKIRIVI
7YTTSVXM 4IPZMGM YREVIE HM WYTTSVXS GLI EHHYGI M XVSGERXIVM GVIERHS YR EQFMIRXI MHVSWXEXMGS EXXSVRS EM XIWWYXM
GSMRZSPXM RIPPE WIHYXE %HHYXXSVM WTMRKSRS ZIVWS PE PMRIE QIHMERE HIP GYWGMRS 'SGGMKI4IVMRIS WSPPIZEXM HEPPE
TVIWWMSRI KPM IGGIWWM HM TVIWWMSRI ZIRKSRS HMWXSPXM HEPPI EVII GVMXMGLI 'VIWXE 4VIMWGLMEXMGE PI GIPPI TSWXIVMSVM
GSR MP KSRJMEKKMS WIPIXXMZS TVIZIRKSRS PS WGMZSPEQIRXS MR EZERXM %FHYXXSVM PE GSRJMKYVE^MSRI EREXSQMGE TIVQIXXI
PE KIWXMSRI GSVVIXXE HM KMRSGGLME I JIQSVM 4SWM^MSRI *IQSVEPI EVIE GSRJSVQEXE GLI GSRHYGI EPPE TSWM^MSRI
QIHMEPIPEXIVEPIGSVVIXXE
(%8-8)'2-'-
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121
$&7$(0%5$&(%$&.
%GXE)QFVEGIYRSWGLMIREPITSWXYVEPITVIHMWTSWXSQYPXMVIKSPEFMPIMRKVEHSHM
JSVRMVIYRWYTTSVXSTIVQSPXITPMGMIWMKIRÎTSWXYVEPM0EWEKSQEXYVEPEXIVEPI
MRXIKVEXEEHYRKYWGMSMREPPYQMRMSTPEREVIVIKSPEFMPIMREPXI^ÊIPEVKLI^Ê
TIVQIXXIRHSHMGVIEVIYRWYTTSVXSTSWXYVEPITIVWSREPM^ÊXS
+%00)6-%-11%+-2-

122
()7'6->-32)463(3883
%HEXXEFMPI
%GXE)QFVEGIWXEXSWXYHMEXSTIVWIKYMVIPEGVIWGMXEIMGEQFMEQIRXMTSWXYVEPMHIKPMYXIRXM
%TTPMGEFMPIESKRMGEVVS^^MRE
0E TEVXMGSPEVMX HIKPM EXXEGGLM 'SQTEWW ,EVH[EVI TIVQIXXI PI VIKSPE^MSRM MR EPXI^Ê TVSJSRHMX I ERKSPE^MSRI
HIPPS WGLMIREPI ERGLI GSR MP TE^MIRXI MR GEVVS^^MRE I WIRÊ GSQTVSQIXXIVI S EPXIVEVI PEWWIXXS HE WIHYXS
HIJMRMXS TVSJSRHMX ERKSPE^MSRI +VE^MI E UYIWXM EXXEGGLM JEGMPM HE EKKERGMEVI I WKERGMEVI PS WGLMIREPI
ETTPMGEFMPIEGEVVS^^MRIGSRXYFMHEIHIVETMHEQIRXIVMQSZMFMPI
7YTTSVXMPEXIVEPMITSKKMEXIWXE
%GXE )QFVEGI GSQTEXMFMPI GSR M WYTTSVXM PEXIVEPM W[MRK E[E] SJJVI YR GSRXVSPPS PEXIVEPI I YRE TMIRE WYTIVJMGMI HM
GSRXEXXS VIKSPEFMPI MR EPXI^Ê PEVKLI^Ê TVSJSRHMX ERKSPE^MSRI I VSXE^MSRI SPXVI EH IWWIVI QSHIPPEFMPI 0E
WXVYXXYVE TSWXIVMSVI QYPXMJSVEXE TIV TIVQIXXIVI MP TSWM^MSREQIRXS HIP TSKKMEXIWXE I EWWMGYVEVI GSQJSVX WXEFMPMX
IYRGSRXVSPPSTSWXYVEPIGSQTPIXS
(%8-8)'2-'-
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0%6+,)>>%
7',-)2%0))<86%&%773%08)>>%'1 GQ
7',-)2%0)&%773%08)>>%'1 GQ
7',-)2%0)1)(-3%08)>>%'1 GQ
7',-)2%0)78%2(%6(%08)>>%'1 GQ
7',-)2%0)%083%08)>>%'1 GQ
7',-)2%0))<86%%083%08)>>%'1 GQ
123
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124
()7'6->-32)463(3883
4IVWSREPM^ÊFMPI
%GXE &EGO TY EGGSKPMIVI GSR IJJMGEGME RIGIWWMX WTIGMJMGLI PIKEXI E WMXYE^MSRM HM WGSPMSWM GMJSWM MTIVPSVHSWM IGG
WGEVMGERHS PE GSPSRRE HEM TYRXM HM IGGIWWMZE TVIWWMSRI 9R KYWGMS MR EPPYQMRMS PIKKIVMWWMQS I MRHMWXVYXXMFMPI
TIVQIXXI PE TIVWSREPM^Ê^MSRI HIPPS WGLMIREPI TVIHMWTSWXS TIV EGGSKPMIVI TSKKMEXIWXE I WYTTSVXM PEXIVEPM
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125
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+%00)6-%-11%+-2-

126
()7'6->-32)463(3883
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9RE WI^MSRI GIRXVEPI QSHIPPEFMPI TIVQIXXI HM EHEXXEVI TIVJIXXEQIRXI PS WGLMIREPI EPPE GSPSRRE ZIVXIFVEPI
WGEVMGERHS M TYRXM HM TVIWWMSRI IGGIWWMZE %GXE &EGO (IIT VMWTSRHI GSR IJJMGEGME EPPI RIGIWWMX PIKEXI E WMXYE^MSRM
HM WGSPMSWM GMJSWM MTIVPSVHSWM IGG (MWTSRMFMPI MR HMZIVWI EPXI^Î I PEVKLI^Î *SHIVE XVEWTMVERXI IH ERXMYQMHMX
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HIPPS WGLMIREPI ERGLI GSR MP TE^MIRXI MR GEVVS^^MRE WIRÊ GSQTVSQIXXIVI S EPXIVEVI PEWWIXXS HE WIHYXS
HIJMRMXS TVSJSRHMX ERKSPE^MSRI 5YIWXM EXXEGGLM VIRHSRS PS WGLMIREPI ETTPMGEFMPI E GEVVS^^MRI GSR XYFM HE
IH*EGMPMHEEKKERGMEVIIWKERGMEVITIVQIXXSRSPEVMQS^MSRIVETMHEHIPPSWGLMIREPI
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TVIGMWETIVWSREPM^Ê^MSRITSWXYVEPIIYRTMIJJMGEGMIWYTTSVXSPEXIVEPIHIPXVSRGS
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127
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WYTTSVXSTSWXYVEPITIVWSREPM^ÊXS
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128
()7'6->-32)463(3883
8IGRSPSKME&SE'PSWYVI7]WXIQ
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'PSWYVI 7]WXIQ 5YIWXE GSQFMRE^MSRI GSRWIRXI YRE GSQTPIXE MQQIVWMSRI I WSWXIKRS HIP VEGLMHI -P WMWXIQE &
' 7 TIVQIXXI HM VIEPM^ÊVI QMGVS VIKSPE^MSRM WGEVMGEVI XSXEPQIRXI ^SRI HM TVIWWMSRI IGGIWWMZE WSWXIRIVI I HEVI
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HIPPS WGLMIREPI ERGLI GSR MP TE^MIRXI MR GEVVS^^MRE WIRÊ GSQTVSQIXXIVI S EPXIVEVI PEWWIXXS HE WIHYXS HIJMRMXS
+VE^MI E UYIWXM EXXEGGLM PS WGLMIREPI ETTPMGEFMPI E GEVVS^^MRI GSR XYFM HE IH IH VETMHEQIRXI
VMQSZMFMPI - WYTTSVXM PEXIVEPM W[MRK E[E] GSR WMWXIQE HM EXXEGGS YRMZIVWEPI MQMXERS MP QSZMQIRXS HIPPI QERM I
SJJVSRS YRE WYTIVJMGMI HM GSRXEXXS TMIRE 7SRS VIKSPEFMPM MR EPXI^Ê PEVKLI^Ê TVSJSRHMX ERKSPE^MSRI I VSXE^MSRI
SPXVIGLIQSHIPPEFMPM
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1-'636)+30%&-0) SKRM GPMG HIPPE FSFMRE &SE SJJVI YR QMPPMQIXVS HM EHEXXEQIRXS TIVQIXXI HM VIKSPEVI PE TSWXYVE
EYQIRXERHS S HMQMRYIRHS PI WTMRXI MR GMEWGYRE WTIGMJMGE ^SRE 7-'963 MP FPSGGS MR TSWM^MSRI HIPPE FSFMRE &SE
KEVERXMWGI MP QERXIRMQIRXS RIP XIQTS HIPPEWWIXXS HIJMRMXS 4)6732%0->>%>-32) ()00% 437896% MP WMWXIQE
&SE EWWMGYVE YRE TSWXYVE TIVWSREPM^ÊXE GSRJIVIRHS MP QEWWMQS GSQJSVX *3()6% XVEWTMVERXI IH ERXMYQMHMX
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129
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+%00)6-%-11%+-2-

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%ZZSPKIRXI
0S WGLMIREPI TY IWWIVI EHEXXEXS WYP TE^MIRXI -P QSHIPPS 7TPMX ;MRK LE HYI TERRIPPM WITEVEXM TIV YRE TM
TVIGMWE TIVWSREPM^Ê^MSRI TSWXYVEPI %RGLI PE ZIVWMSRI &I%RKYPEV TVIZIHI HYI TERRIPPM WITEVEXM I GSRWIRXI PE
VIKSPE^MSRIMRETIVXYVEHIPPSWGLMIREPI
%TTPMGEFMPIWYPPEQEKKMSVTEVXIHIPPIGEVVS^^MRI
-P WMWXIQE HM EKKERGMS E WKERGMS VETMHS TIVQIXXI EPPS WGLMIREPI HM IWWIVI QSRXEXS I WQSRXEXS VETMHEQIRXI HEPPE
QEKKMSVTEVXIHIPPIGEVVS^^MRI
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+%00)6-%-11%+-2-

132
()7'6->-32)463(3883
7YTTSVXSITSWM^MSREQIRXS
8VE M WYTTSVXM WIQTPMGM EFFMEQS TEHW HM HMZIVWI KVERHI^Î TM S QIRS WEKSQEXM GSR S WIRÊ EPIXXI PEXIVEPM -
WMWXIQM HM TSWM^MSREQIRXS VMWYPXERS TM EVXMGSPEXM I VMWTSRHSRS E RIGIWWMX HM EHEXXEQIRXM I GSVVI^MSRM TSWXYVEPM
TEVXMGSPEVQIRXI GSQTPIWWI 4VIZIHSRS WYTTSVXM SGGMTMXEPM WYFSGGMTMXEPM GYWGMRIXXM PEXIVEPM I TSWWSRS
MRXIKVEVI GSQERHM EPXIVREXMZM TIV PE KIWXMSRI HIPPE GEVVS^^MRE IPIXXVSRMGE (M YPXMQE KIRIVE^MSRI YRS WXVYQIRXS
XIVETIYXMGS GLI PEZSVE WYP GSRXVSPPS EXXMZS HIP GETS EKIRHS EXXVEZIVWS MP WSWXIKRS HIP GSPPS
6IGYTIVEGSRGIXXYEPQIRXIMPHMWTSWMXMZSHMERGSVEKKMSHIMTMPSXMHMJSVQYPEYRS
%TTPMGE^MSRM
4E^MIRXM XVSTTS HIFSPM TIV WSWXIRIVI MP GETS RIP XIQTS -TIVXSRS I WTEWQM IWXIRWSVM EWWSGMEXM E WGEVWS
GSRXVSPPS HIP GETS WTSWXEQIRXM PEXIVEPM I GEHYXI HIP GETS GSR TSKKMEXIWXE RSVQEPI RIGIWWEVMS YR GSWXERXI
VMTSWM^MSREQIRXS - TSKKMEXIWXE +23 JSVRMWGSRS YR WYTTSVXS GSWXERXI IH EQTMS -P WYTTSVXS PEXIVEPI I TSWXIVMSVI
JE W GLI MR JEWI HM WTEWQS IWXIRWSVMS HIP GSPPS MP TE^MIRXI WME MRZMXEXS EH YRE TSWM^MSRI QIHMERE 2SR G MRSPXVI
YRWYTTSVXSTSWXIVMSVIMRKSQFVERXIXEPIHEMRHYVVITIVGSRXVEWXSPMTIVIWXIRWMSRI
,EVH[EVIVIKSPEFMPI
6YSPSJSRHEQIRXEPILEPLEVH[EVIHMQSRXEKKMSHEPUYEPIHMTIRHSRSPITSWWMFMPMXJYR^MSREPMIHMVIKSPE^MSRI
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KEVERXMWGIGSQJSVXIHYVEXERIPXIQTS
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%HYIIUYEXXVSTYRXMHMERGSVEKKMS
0I GMRXYVI E HYI TYRXM WSRS MRHMWTIRWEFMPM EH YR WMQQIXVMGS TSWM^MSREQIRXS IZMXERHS PE VIXVSZIVWMSRI HM
FEGMRS 0I GMRXYVI E TYRXM KVE^MI EPPI HYI YPXIVMSVM JEWGIXXI HM ERGSVEKKMS TIVQIXXSRS HM IZMXEVI PS WGMZSPEQIRXS
ZIVWS PEPXS HIPPE GMRXYVE TIPZMGE SXXIRIRHS YRE IJJMGEGI VMWTSWXE PEHHSZI WM HIWMHIVE PMQMXEVI PERXMZIVWMSRI HM
FEGMRS(MWTSRMFMPIERGLIPEGMRKLMETIVEFHY^MSRI
'EVEXXIVMWXMGLI
'MRXYVI E TYRXM EHEXXI TIV TE^MIRXM MTSXSRMGM ERGSVEKKMS XVE q I q 'MRXYVI E TYRXM PI JEWGI WIGSRHEVMI TM
TMGGSPI LERRS PE JYR^MSRI HM WXEFMPM^ÊVI I QERXIRIVI MR TSWM^MSRI PI TVMQEVMI TM KVERHM TIV IZMXEVI GLI WGMZSPMRS
ZIVWS PEHHSQI S TIVHERS PE TSWM^MSRI GSVVIXXE 7M XVEXXE HM YR GSRXIRMQIRXS TM MRGMWMZS TIV TE^MIRXM GSR QSPXI
HMWXSRMIWTEWQMQSZMQIRXMMRGSRXVSPPEXMSTIVGEWMHMVSXE^MSRIHMFEGMRSIHSFPMUYMXTIPZMGE
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'-2+,-%(-:%6-'%86-') 710
135
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EREXSQMGMIHSXEXMHMGSRJSVXIZSPMGYWGMRIXXMERXIVMSVM6IEPM^ÊXMMRRISTVIRI
QEXIVMEPIHMEPXEUYEPMXGLIKEVERXMWGIGSQJSVXIHYVEXERIPXIQTS
+%00)6-%-11%+-2-

136
()7'6->-32)463(3883
'SRXVSPPSTSWXYVEPI
(IFMXEQIRXI VIKSPEXM WSRS WTIGMJMGM TIV MP GSRXVSPPS TSWXYVEPI HIP XVSRGS - FVIXIPPEKKM TIV MP XVSRGS SPXVI EPPE
WXEFMPM^Ê^MSRI GSRWIRXSRS YRE FYSRE VIWTMVE^MSRI GSVVIKKSRS PE TSWM^MSRI HIP GETS I QERXIRKSRS PE
JYR^MSREPMXKIRIVEPI
%QTMEWGIPXEHMQSHIPPM
4VSKIXXMEQS %YXSRSQME TVSTSRI HMJJIVIRXM QSHIPPM HM FVIXIPPEKKM SKRYRS HM HMJJIVIRXM QMWYVI MR QSHS HE EHEXXEVWM
EP QIKPMS E SKRM XMTSPSKME HM YXIRXI UYIPPM EH , JMWWM S HMREQMGM WSRS MHIEPM TIV GSRXIRIVI M QSZMQIRXM
WTEWXMGM KVE^MI EPPE GMRKLME TSWXE RIPPE TEVXI GIRXVEPI E PMZIPPS HIPPS WXIVRS QIRXVI UYIPPM E *EVJEPPE HMWTSRMFMPM
MR HYI HMJJIVIRXM JSVQI TIV YSQS I TIV HSRRE IZMXERS TVIWWMSRM WYPPS WXIVRS I JEGMPMXERS PE VIWTMVE^MSRI MRSPXVI
IZMXERSPEGEHYXEHIPPEFVIXIPPEMRTVSWWMQMXHIPPEWTEPPE
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137
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QMGVSFMGSIHIWXVIQEQIRXIQSVFMHSEPXEXXS
+%00)6-%-11%+-2-

138
()7'6->-32)463(3883
&VEGGMSPMTSWXYVEPM
0E GEVEXXIVMWXMGE XVEQE QYPXMHMQIRWMSREPI HM 7SPEGI TIVQIXXI HM EPPIZMEVI PE TVIWWMSRI WYPPI TVSQMRIRÎ SWWII
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7YTTSVXSHMJMWWEKKMSFVEGGMSPM
7SRS HMWTSRMFMPM HMZIVWI XMTSPSKMI HM LEVH[EVI TIV YR QMKPMSVI JMWWEKKMS HIM FVEGGMSPM E WIGSRHE HIPPI
WTIGMJMGLI RIGIWWMX 7YTTSVXS WGSVVIZSPI 7YTTSVXS W[MRKE[E] 7YTTSVXS EP XYFS VIKSPEFMPI MR
MRGPMRE^MSRITVSJSRHMXIW[MRKE[E]
7YTTSVXMPEXIVEPMHIPXVSRGS
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HMQIRWMSRM \ \ I \GQ +PM LEVH[EVI W[MRK E[E] TSWWSRS IWWIVI TSWM^MSREXM WME WYM XYFM HIPPE
GEVVS^^MREWMEWYPPEWGSGGETSWXIVMSVIHIKPMWGLMIREPMHIPPE'SQJSVX'SQTER]
139
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HMVIXXEQIRXIWYPTE^MIRXI4SWWSRSERGLIIWWIVIYXMPM^ÊXMMREQFMXSXIVETIYXMGSI
VMEFMPMXEXMZS
+%00)6-%-11%+-2-

142
()7'6->-32)463(3883
8MTSPSKMI
9RMX TSWXYVEPI FEWWE TIV GSRXVSPPS FEGMRS XVEQMXI HMZEVMGE^MSRI MRHMTIRHIRXI WXYHMEXE TIV PE GIRXVEXYVE HIPPE
JSWWE EGIXEFSPEVI MRGPMRE^MSRI WGIPXE TIV IWIVGM^MS XIVETIYXMGS 9RMX TSWXYVEPI EPXE TIV GSRXVSPPS XVSRGSFEGMRS
GLI EKKMYRKI MP GSRXIRMQIRXS HIPPI HIJSVQMX XSVEGMGSPSQFEVM 9RMX TSWXYVEPI GETSXVSRGSFEGMRS GLI GSRWIRXI
PE TSWM^MSRI FEWGYPEXE XVEQMXI PSXXMQEPI ETTSKKMS EREXSQMGS ETIVXE STTYVI GLMYWE TIV MP GSRXVSPPS HIPPE GVIWGMXE
S TIV JEZSVMVI MP QMKPMSVI TSWM^MSREQIRXS HIP GETS MR FEWI EPPIZSPY^MSRI HIPPE TEXSPSKME 9RMX TSWXYVEPI WHVEMEXE
TIV PI TEXSPSKMI KVEZM SZI TSWWMFMPI MP GSRXVSPPS EVXM MRJIVMSVMWYTIVMSVM FEGMRSXVSRGSXIWXE 9RMX TSWXYVEPI TIV
WSPSXVSRGSTIVYRSXXMQEPIETTSKKMSEREXSQMGSIMPGSRXIRMQIRXSHIPPIHIJSVQMX
*EWMHMVIEPM^Ê^MSRI
7XYHMS TSWXYVE I VMPIZEQIRXS QMWYVI 6IEPM^Ê^MSRI TSWMXMZS 'SWXVY^MSRI TSWXYVE KVI^Ê 4VSZE WYP TE^MIRXI
*MRMXYVI - XIWWYXM TIV MP VMZIWXMQIRXS WSRS MR GSXSRI I QSRXEXM WY YRE FEWI RISTVIRMGE GLI
GSRJIVMWGI GEVEXXIVMWXMGLI HM MQTIVQIEFMPMX EP XIWWYXS WXIWWS 7SRS EREPPIVKMGM IH MKMIRM^ÊFMPM GSR EGUYE I
WETSRI 1EXIVMEPI XVEWTMVERXI E RMHS HETI GEVEXXIVM^ÊXI HE GSQTVMQMFMPMX HMJJIVIR^MEXE MR FEWI EPPE
GSRJMKYVE^MSRI MRHMGEXS GSQI JSHIVE WYTTPIQIRXEVI TIV SXXMQM^ÊVI PE GMVGSPE^MSRI HEVME EPPMRXIVRS HIPPE
TSWXYVEJYR^MSRIERXMHIGYFMXS 7SRSEGGIWWSVMEFMPMGSRGMRXYVIFVIXIPPEKKMXEZSPMRSTSKKMEXIWXETIHERI
7SRSETTPMGEFMPME
7IKKMSPSRM4EWWIKKMRM'EVVS^^MRI7IHMI5YEPWMEWMFEWITIVMRXIVRSIHIWXIVRS
143
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XSKPMIVIPEZEVI
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144
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TVIWMHMS GLI WME IJJMGEGI RIP GSRXIRMQIRXS HIPPE TEXSPSKME I GSRXIWXYEPQIRXI FIR XSPPIVEXS -P &2& RSR TIVQIXXI
PE JPIWWMSRI PEXIVEPI GSRXVEWXE PE GSQTVIWWMSRI QE GSRWIRXI PE XSVWMSRI 3JJVI YR WSWXIKRS TVIZEPIRXIQIRXI WYP
TMERSWEKMXXEPIER^MGLJVSRXEPILEYREFYSREXSPPIVERÊHIPPSWGLIQE
4IGYPMEVMX
0E WYE ZIWXMFMPMX I JPIWWMFMPMX EKIZSPERS M XVEWJIVMQIRXM HIP TE^MIRXI I JEGMPMXERS MP GSVVIXXS TSWM^MSREQIRXS MR
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145
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3VXIWMWTMREPMMRQEXIVMEPIVMKMHSSWIQMVMKMHSTIVMPXVEXXEQIRXSSPEKIWXMSRIHIPPI
HIJSVQMXHIPXVSRGSVIEPM^ÊXITVIZMSVMPIZEQIRXSHMGEPGSKIWWEXSSGSR
WGERWMSRIIPIXXVSRMGEHIPXVSRGS
+%00)6-%-11%+-2-

146
()7'6->-32)463(3883
'SVWIXXS'LIRIEY
6IEPM^ÊXS GSR QEXIVMEPI XIVQSTPEWXMGS QSHIPPEXS WYP TSWMXMZS GSR STTSVXYRI EPPEGGMEXYVI MRHMGEXS RIM GEWM HM
WGSPMSWM VMKYEVHERXI MP WIXXSVI HSVWSPSQFEVI RIPPI WGSPMSWM MHMSTEXMGLI 'SRWIRXI YRE VMHY^MSRI HIPPMTIVPSVHSWM
PSQFEVI YRE WXEFMPM^Ê^MSRI HIPPE GSPSRRE I PSTTSVXYRMX HM ETTPMGEVI WTMRXI MR GSRGSQMXERÊ HIPPI GYVZI
WGSPMSXMGLI
&7)
6IEPM^ÊXS GSR QEXIVMEPI XIVQSTPEWXMGS QSHIPPEXS WYP TSWMXMZS GSR STTSVXYRI EPPEGGMEXYVI TVIZIHI YR JSVEQI
EHHSQMREPI IH IZIRXYEPI TERGIVE TIV GSRWIRXMVI PE VIWTMVE^MSRI RIPPI TEXSPSKMI RIYVSPSKMGLI TSWWMFMPI EFFMREVI
YR TSKKMEXIWXE S YRE KSVKMIVE TIV WSWXIRIVI PEPPMRIEQIRXS HIP GETS S YR TVSPYRKEQIRXS MR ^SRE MWGLMEXMGE TIV MP
GSRXVSPPS HIP FEGMRS 5YIWXS GSVWIXXS JEZSVMWGI TSWM^MSRM HIP GSVTS TVSKVIWWMZEQIRXI ERXMKVEZMXEVMI MP GSRXVSPPS HIP
GETSIHMPQMKPMSVEQIRXSHIPPIJYR^MSRMJMWMSPSKMGLIIHIPPEQSFMPMXHIKPMEVXM
'SVWIXXS0MSRIWI
-R QEXIVMEPI XIVQSTPEWXMGS WY WYTTSVXM MR EPPYQMRMS ERSHM^ÊXS GSR STTSVXYRM VEGGSVHM I GIVRMIVI MR EGGMEMS MRS\
QSHIPPEXS WYP TSWMXMZS -RHMGEXS RIM GEWM HM WGSPMSWM MHMSTEXMGE VMKYEVHERXI MP WIXXSVI HSVWSPSQFEVI MR GYM
WM TVIWIRXMRS KVEZM GYVZI GSR VSXE^MSRI HIM QIXEQIVM ZIVXIFVEPM 'SRWIRXI YRE VMHY^MSRI HIPPI GYVZI I HIPPI
KMFFSWMX SVMKMREXI HEPPI VSXE^MSRM ZIVXIFVEPM QIHMERXI PETTPMGE^MSRI HM TIPSXXI HM GSRXIRMQIRXS I WTMRXE HIPPI
WXIWWI
(SVWS'YVZS1EKYIPSRI
-R QEXIVMEPI XIVQSTPEWXMGS GSR WYTTSVXM MR EGGMEMS STTSVXYRM VEGGSVHM I GIVRMIVI QSHIPPEXS WYP TSWMXMZS -RHMGEXS
RIM GEWM HM MTIVGMJSWM HSVWEPM 'SRWIRXI YRE VMHY^MSRI HIPPMTIVGMJSWM WXEFMPM^Ê PE GSPSRRE GSRWIRXI PS WXMQSPS MR
GSVVI^MSRIHMPMIZMGYVZIPSQFEVMIHSVWEPM
8YXSVITIVXVSRGSXMTS1MP[EYOII
-R QEXIVMEPI XIVQSTPEWXMGS WYTTSVXM MR EPPYQMRMS ERSHM^ÊXS I STTSVXYRI EPPEGGMEXYVI -RHMGEXS RIM GEWM HM WGSPMSWM
MHMSTEXMGE KVEZI GIVZMGSHSVWEPIPSQFEVI GSR VSXE^MSRM EGGIRXYEXI HIM QIXEQIVM ZIVXIFVEPM 'SRWIRXI YR
EPPYRKEQIRXS HIPPE GSPSRRE MR XYXXE PE WYE PYRKLI^Ê IJJIXXYERHS YRS WXMQSPS EPPE FEWI HIPPSGGMTMXI I WSXXS MP
QIRXS TIVQIXXI YRE IWXIRWMSRI EXXMZE HIP XVSRGS VMHYGIRHS PIRXMX HIPPI GYVZI HSVWEPI I PSQFEVI ZMIRI
GSEHMYZEXS HM TIPSXXI JPSXXERXM QSRXEXI WY GMRXYVMRM GLI GSRWIRXSRS PE VMHY^MSRI HIPPI GYVZI WIRÊ MQTIHMVI M
QSZMQIRXMEPPMRXIVRSHIPXYXSVI
8YXSVITIVXVSRGSXMTS&SWXSR
-R QEXIVMEPI XIVQSTPEWXMGS I STTSVXYRI EPPEGGMEXYVI -RHMGEXS RIM GEWM HM GYVZI WGSPMSXMGLI HSVWSPSQFEVM 'SRWIRXI
YRE WXEFMPM^Ê^MSRI HIPPE GSPSRRE VMHY^MSRI HIPPI GYVZI HSVWS PSQFEVM QIHMERXI PETTPMGE^MSRI HM WTMRXI EPPMRXIVRS
HIPGSVWIXXS
147
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*PI\EYRMRHYQIRXSHMHEXXMGSYRSVXIWMIPEWXSGSQTVIWWMZEREXETIVXVEXXEVIPE
TSWXYVEPIEPXIVE^MSRMHIPXSRSIQMKPMSVEVIPIEFMPMXJYR^MSREPMHIMTE^MIRXMEJJIXXM
HETEXSPSKMESVXSTIHMGESRIYVSPSKMGE%YQIRXEPEWXEFMPMXTVSWWMQEPI
+%00)6-%-11%+-2-

148
()7'6->-32)463(3883
9RMRHYQIRXSVMEFMPMXEXMZS
:MIRI VIEPM^ÊXS WY TVSKIXXS MRHMZMHYEPI WY QMWYVE MR JYR^MSRI HIPPI WTIGMJMGLI RIGIWWMX HIP TE^MIRXI I TY
IWWIVI GSRJI^MSREXS TIV XYXXM M WIKQIRXM GSVTSVIM GSWXMXYIRHS YR MQTSVXERXI WXVYQIRXS HM PEZSVS TIV QIHMGM
JMWMSXIVETMWXM I XIVETMWXM SGGYTE^MSREPM GLI MRXIVZIRKSRS EXXMZEQIRXI RIPPE TVSKIXXE^MSRI HIP XYXSVI 1SHIPPERHSWM
TIVJIXXEQIRXI WY XVSRGS FEGMRS IH EVXM MR QSHS EPXEQIRXI MRXIVEXXMZS QMKPMSVE PEFMPMX QSXSVME I PEWWIXXS
TSWXYVEPI HIP TE^MIRXI -P XYXSVI TVIZIHI MP GSMRZSPKMQIRXS HMVIXXS HIPPYXIRXI I HIPPE WYE JEQMKPME RIP TVSGIWWS
VMEFMPMXEXMZS ) GSWXMXYMXS HE YR XIWWYXS IPEWXMGS HM FEWI WYP UYEPI ZIRKSRS GYGMXM VMRJSV^M IPEWXMGM HM *PI\E +VE^MI
EPPE WYE GETEGMX GSRXIRMXMZE MP XIWWYXS HM FEWI GSWXMXYMWGI YRE WXMQSPE^MSRI TVSTVMSGIXXMZE :E WIQTVI YXMPM^ÊXS
EPPMRXIVRSHMYRTVSKVEQQEHMVMEFMPMXE^MSRIHIXXEKPMEXS
7SWXIKRSI7XMQSPE^MSRI
- VMRJSV^M E WIGSRHE HIPPE PSVS XMTSPSKME I MR FEWI EPPSFMIXXMZS TSWXS TSWWSRS EZIVI YRE JYR^MSRI HM WSWXIKRS
TSWXYVEPI S TSWWSRS ETTSVXEVI YRE WXMQSPE^MSRI FMSQIGGERMGE HMREQMGE EXXE E QSHMJMGEVI MR QSHS TVSKVIWWMZS
KPM EXXIKKMEQIRXM TEXSPSKMGM 7M TSWWSRS ERGLI ETTPMGEVI JEWGI QSFMPM MR ZIPGVS IPEWXMGM^ÊXS GLI YXMPM^ÊXI MRWMIQI
EMVMRJSV^MGPEWWMGMRIIRJEXM^ÊRSIQSHYPERSPIJJIXXS
-RXIKVEFMPI
7MTYMRXIKVEVIGSREPXVMEYWMPM4YIWWIVIYREPXIVREXMZEMREPGYRIWMXYE^MSRMGLIRSRXSPPIVERSEPXVMXMTMHMXYXSVI
&IRIJMGMRIPPYXMPM^^SHIPXYXSVIHMREQMGS*PI\E
%YQIRXS HIPPE TIVGI^MSRI HIP WIKQIRXS GSVTSVIS XYXSVM^ÊXS HIPPE WXEFMPMX TVSWWMQEPI HIPPI EFMPMX
JYR^MSREPM6MHY^MSRIHIMQSZMQIRXMMRZSPSRXEVM
%VXM7YTIVMSVM
4Y JEGMPMXEVI PIWXIRWMSRI HIPPI HMXE I HIP TSPWS PE WXEFMPM^Ê^MSRI HIP TSPWS PSTTSWM^MSRI S EFHY^MSRI HIP
TSPPMGI PE WYTMRE^MSRITVSRE^MSRI HIPPEZEQFVEGGMS PIWXIRWMSRIJPIWWMSRI HIP KSQMXS PIPIZE^MSRI I
PI\XVEVSXE^MSRIHIPPIWTEPPEIIPEWXEFMPM^Ê^MSRIHIPGMRKSPSWGETSPSSQIVEPI
%VXM-RJIVMSVM
4Y JEGMPMXEVI PE WXEFMPM^Ê^MSRI HIP FEGMRS PEFHY^MSRI IH I\XVEVSXE^MSRI HIPPI ERGLI PE GSVVI^MSRI HIP VIGYVZEXS
HIPPI KMRSGGLME PIWXIRWMSRI HIPPI KMRSGGLME MP GSRXVSPPS HIP ZEVMWQS S ZEPKMWQS HIPPI
KMRSGGLME PI\XVEVSXE^MSRIMRXVEVSXE^MSRI HIPPI KMRSGGLME I PE HSVWM JPIWWMSRI HIPPEZEQTMIHI IH MP GSRXVSPPS HIM
ZEVMWQSSZEPKMWQSHIPPIGEZMKPMIMRWSKKIXXMRSRQSPXSTIWERXM
8VSRGS
4Y JEGMPMXEVI PE GSVVI^MSRI HM MTIVGMJSWM HSVWEPM IS PSVHSWM PSQFEVM I MP VEHHVM^ÊQIRXS HIP XVSRGS I MP GSRXVSPPS HM
WGSPMSWMRIYVSPSKMGLITYJEGMPMXEVIERGLIPEWXEFMPM^Ê^MSRIHIPXVSRGS
149
257(6,3(5$572,1)(5,25(
4VIWMHMWYQMWYVETIVPEGSRXIR^MSRIMPWSWXIKRSMPGSRXVSPPSPEWXEFMPM^Ê^MSRIIPE
GSVVI^MSRIHIKPMEVXMIHIPXVSRGS7SRSVIEPM^ÊXMMREGGMEMSMRS\SPIKEPIKKIVEMR
QEXIVMEPMGSQTSWMXMGSQIMPGEVFSRMSSMRQEXIVMEPMWMRXIXMGMXIVQSTPEWXMGM4SWWSRS
IWWIVIWXEXMGLIHSGGIHMTSWM^MSRI STTYVIHMREQMGLIGSRTVIZEPIRXIJYR^MSRI
VMEFMPMXEXMZE
+%00)6-%-11%+-2-

150
()7'6->-32)463(3883
8IGRMGLIHMVIEPM^Ê^MSRI
% KMSVRS SVXIWM VMKMHE JEFFVMGEXE GSR QEXIVMEPM QIXEPPMGM KPM IPIQIRXM HM GSRXIR^MSRI WSRS MRZIGI MR WMRXIXMGS GYSMS
STTYVIWXSJJE EZEPZESVXIWMVMKMHESIPEWXMGEVIEPM^ÊXEGSRQEXIVMEPMXIVQSTPEWXMGM
89836)+%1&%4-)()6-+-(3
6IEPM^ÊXS TVIZMS VMPIZEQIRXS HM GEPGS KIWWEXS GSR QEXIVMEPI XIVQSTPEWXMGS I STTSVXYRI EPPEGGMEXYVI -RHMGEXS MR
TEXSPSKMI GLI VMGLMIHSRS YR GSRXIRMQIRXS WYPPE XMFMSXEVWMGE MRMFIRHS S GSRXVSPPERHS JIRSQIRM HM IUYMRMWQS I
WYTMRE^MSRIHIPPEGEZMKPMEYXMPIERGLIRIPGSRXVSPPSHMKMRSGGLMEVIGYVZEXI
89836)'37'-%+%1&%4-)()8-43(9&3;-8>
6IEPM^ÊXS HE GEPGS KIWWEXS GSR VIWMRI EGVMPMGLI S QEXIVMEPI XIVQSTPEWXMGS GSR STTSVXYRI EPPEGGMEXYVI 'SRWIRXI MP
QERXIRMQIRXS HIPPE TSWM^MSRI IVIXXE MR TE^MIRXM RIM UYEPM WGEVWS S EWWIRXI MP GSRXVSPPS HIPPI EVXMGSPE^MSRM HM
KMRSGGLMSIXMFMSXEVWMGLI)YRXYXSVIEVXMGSPEXSEPKMRSGGLMSGSRWFPSGGSEHERIPPS
89836)'37'-%+%1&%4-)()
6IEPM^ÊXS TVIZMS VMPIZEQIRXS HM GEPGS KIWWEXS GSR QEXIVMEPI XIVQSTPEWXMGS I STTSVXYRI EPPEGGMEXYVI 'SRWIRXI MP
QERXIRMQIRXS HIPPE TSWM^MSRI IVIXXE MR TE^MIRXM RIM UYEPM WGEVWS S EWWIRXI MP GSRXVSPPS HIPPI EVXMGSPE^MSRM HM
KMRSGGLMSIXMFMSXEVWMGLI
89836)&%'-23'37'-%+%1&%4-)()&-0%8)6%0)8-437%0)6%
6IEPM^ÊXS TVIZMS VMPIZEQIRXS HM GEPGS KIWWEXS GSR QEXIVMEPI XIVQSTPEWXMGS STTSVXYRI EPPEGGMEXYVI IH
EVXMGSPE^MSRM EP KMRSGGLMS I EPPE XMFMSXEVWMGE 'SRWIRXI MP QERXIRMQIRXS HIPPE TSWXYVE IVIXXE YRE HIEQFYPE^MSRI
TM GSVVIXXE GSEHMYZERHS PI EVXMGSPE^MSRM HIPPI KMRSGGLME I HIPPE XMFMSXEVWMGE GSRWIRXIRHS PSVS YRE TEV^MEPI S XSXEPI
QSFMPMX
89836)&%'-23'37'-%+%1&%4-)()&-0%8)6%0)8-437:->>)63
6IEPM^ÊXS TVIZMS VMPIZEQIRXS HM GEPGS KIWWEXS GSR QEXIVMEPI XIVQSTPEWXMGS STTSVXYRI EPPEGGMEXYVI I EVXMGSPE^MSRM
GS\SJIQSVEPM I EPPE XMFMSXEVWMGLI 'SRWIRXI QIHMERXI PIPEWXMGMX I PE VIKSPE^MSRI XSVWMSREPI HIM HMZIVWM IPIQIRXM
XVE HM PSVS MP QERXIRMQIRXS TSWXYVEPI GSVVIXXS HIPPI ERGLI HIP KMRSGGLMS HIPPI GEZMKPMI IZMXERHS JIRSQIRM HM
WYFPYWWE^MSRI HIM JIQSVM EXXIKKMEQIRXM MR ZEVSZEPKS HIPPI KMRSGGLME I PIUYMRMWQS HIP TMIHI +VE^MI EPPE WYE
IPEWXMGMXGSRWIRXIERGLIYREZEWXEKEQQEHMQSZMQIRXMVMHYGIRHSEPQMRMQSMJEWXMHM
89836)(-2%1-'32%2'=,-0832
6IEPM^ÊXS TVIZMS VMPIZEQIRXS HM GEPGS KIWWEXS YR XYXSVI GLI EKMWGI WYP WMWXIQE TVSTVMSGIXXMZS %TTSKKM
GSPPSGEXM WYPPE TEVXI TPERXEVI IWIVGMXERS YRE WSPPIGMXE^MSRI RIYVSWIRWSVMEPI GLI MRJPYMWGI WYPPEXXMZMX QSXSVME
QMKPMSVERHS PE GSSVHMRE^MSRI XVE TIVGI^MSRI I HMREQMGE HIP QSZMQIRXS 'SRXIWXYEPQIRXI VMWTSRHI EPPI RIGIWWMX
HM WXEFMPM^Ê^MSRI I GSVVI^MSRI EVXMGSPEVI 4Y IWWIVI FEWWS GSQYRUYI WSZVEQEPPISPEVI STTYVI EPXS TIV
YRE^MSRI IWXIWE JMRS EP KMRSGGLMS -RHMGEXS TIV PE VMHY^MSRI HM MTIVXSRS I HM VIE^MSRM QYWGSPS WGLIPIXVMGLI
IGGIWWMZIRIPPITEXSPSKMIRIYVSQSXSVMI
151
3/$17$5,
-TPERXEVMIPIGEPÊXYVIWSRSTVIWMHMGVIEXMTIVGSRXIRIVIGSRXVSPPEVIGSVVIKKIVI
IWXMQSPEVIMPTMIHIGEVEXXIVM^ÊXSHETEXSPSKMISEXXIKKMEQIRXMWGSVVIXXM
HIVMZERXMHETEXSPSKMIRISREXEPMSVXSTIHMGLIRIYVSPSKMGLIIHIPPMRZIGGLMEQIRXS
+%00)6-%-11%+-2-

152
()7'6->-32)463(3883
-RHMGE^MSRM
7SRS MRHMGEXM RIM GEWM MR GYM MP TMIHI TVIWIRXE WMXYE^MSRM HSPSVSWI WSZVEGGEVMGLM HIJSVQMX HSZYXI E TEXSPSKMI
TVIWIRXM RIP TMIHI S MR EPXVM WIKQIRXM HIP GSVTS GLI GSWXVMRKSRS MP TMIHI WXIWWS E HIEQFYPEVI MR QSHS
WGSVVIXXS:IRKSRSVIEPM^ÊXMWYFEWMTVIHMWTSWXIHEGEPGSKIWWEXSHEVMPIZEQIRXSKVEJMGSSWGERWMSRIGEHGEQ
40%28%6)46)(-743783
6IEPM^ÊXS TVIZMS VMPIZEQIRXS HM MQTVSRXE WY GEVXE TSHSKVEJMGE ETTSVXERHS HSZYXI QSHMJMGLI E FEWM
WXERHEVH-RHMGEXSRIPPITEXSPSKMITMWIQTPMGMGSQIQIXEXEVWEPKMIPMIZMSXIRHIRÎEPTMEXXMWQSMRJERXMPI
40%28%6)4)6(-786-&9>-32)'%6-'3
6IEPM^ÊXS TVIZMS VMPIZEQIRXS HM MQTVSRXE GSR WGLMYQE JIRSPMGE I WYGGIWWMZE WXMPM^Ê^MSRI HIP TSWMXMZS
XIVQSJSVQEXYVEHIPQEXIVMEPIIWTERWSIVMJMRMXYVE-RHMGEXSRIPPITEXSPSKMISZIWMTVIWIRXMRSWSZVEGGEVMGLM
40%28%6)%::30+)28)
XIVQSJSVQEXYVE HIP QEXIVMEPI IWTERWS I VMJMRMXYVE -RHMGEXS RIPPI TEXSPSKMI SZI WM TVIWIRXMRS WSZVEGGEVMGLM I WM
HIFFERSSXXIRIVIGSVVI^MSRMMRZEVSZEPKSHIPXEPPSRI
40%28%6)*0)&303+-'3
XIVQSJSVQEXYVE HIP QEXIVMEPI IWTERWS I VMJMRMXYVE -RHMGEXS RIM GEWM MR GYM WM TVIWIRXM YR HIJMGMX ZIRSWS +VE^MI EPPE
WYETEVXMGSPEVIIPEWXMGMXWXMQSPEPETSQTEHMVMWEPMXEHIPWERKYIWMXYEXEWSXXSMPTMIHI
40%28%6)%::30+)28)%0837346%-1%00)30-
6IEPM^ÊXS TVIZMS VMPIZEQIRXS HE GEPGS KIWWEXS HMVIXXEQIRXI WYP TE^MIRXI 7XMPM^Ê^MSRI HIP TSWMXMZS I
XIVQSJSVQEXYVE HIM QEXIVMEPM -RHMGEXS RIM GEWM MR GYM WM TVIWIRXM YRE TEXSPSKME WYTMREXSVME I TVSREXSVME HIP
VIXVSTMIHI MR TE^MIRXM WMRS EPPIX EHSPIWGIR^MEPI 0E WYE TEVXMGSPEVI JSVQE GSRWIRXI HM QERXIRIVI YR TIVJIXXS
EPPMRIEQIRXS HIP XEPPSRI VMWTIXXS EPPE XMFME GSVVIKKIRHS GSW PE GEYWE TVMRGMTEPI HIP TMIHI TMEXXS S GEZS HM UYIWXM
TE^MIRXM
40%28%6-4)6(-%&)8-'-
XIVQSJSVQEXYVE HIP QEXIVMEPI IWTERWS I VMJMRMXYVE -RHMGEXS RIM GEWM MR GYM WM TVIWIRXM YR HIJMGMX ZIRSWS I EVXIVMSWS
(IZI KEVERXMVI YRE TIVJIXXE VMTEVXM^MSRI HIP TIWS GSVTSVIS WYPPE WYTIVJMGMI HIP TMIHI WGEVMGEVI PI IZIRXYEPM ^SRI
YPGIVEXI I WJVYXXERHS PE ZMWGSWMX HIM WYSM QEXIVMEPM IPMQMREVI PE^MSRI QIGGERMGE XVE TMIHI I TPERXEVI GEYWE
WSZIRXI HM EFVEWMSRM I YPGIVI EPPE TIPPI - QEXIVMEPM YXMPM^ÊXM WSRS E GIPPYPE GLMYWE TIV MQTIHMVI PMRWIHMEQIRXS HM
GSPSRMIJYRKMRI*EGMPQIRXIMKMIRM^ÊFMPI
40%28)6)7)27313836-3
6IEPM^ÊXS HE GEPGS MR KIWWS UYIWXS TPERXEVI KIRIVE YRS WXMQSPS WIRWSVMEPI EP 7MWXIQE 2IVZSWS 'IRXVEPI
WSPPIGMXERHS M VIGIXXSVM HIPPE TMERXE HIP TMIHI IH MRJPYIRHS WYPPEXXMZMX QYWGSPEVI 5YIWXS EZZMIRI EXXVEZIVWS
ETTSKKM RIYVSWIRWSVMEPM TSWXM WYP TPERXEVI 0E JYR^MSRI TVIZEPIRXI RSR HM GSVVI^MSRI QE HM MRXIVE^MSRI GSR PE
HMREQMGE HIP QSZMQIRXS 7M TY EZIVI YRE^MSRI ERGLI WXEFMPM^ÊRXI VIEPM^ÊRHS YR TPERXEVI WSXXSQEPPISPEVI IH
EZZSPKIRXI
153
3527(6,$572683(5,25(
0IIWMKIRÎHIKPMEQTYXEXMHMEVXSWYTIVMSVIRIMGSRJVSRXMHIPPEPSVSTVSXIWMWSRS
WIQTVITMEQTMIIVMKYEVHERSPMRXIKVE^MSRIRIPPEZMXERSVQEPIPIQEKKMSVM
TVIWXE^MSRMHEMWMRKSPMGSQTSRIRXMHIPPETVSXIWMPEHEXXEQIRXSMRHMZMHYEPII
PIVKSRSQMGMX
+%00)6-%-11%+-2-

154
()7'6->-32)463(3883
'SQJSVX7XEFMPMXI(YVEXE
0E TVSXIWM HIZI IWWIVI EHEXXEXE MR QSHS SXXMQEPI HIZI VMWTSRHIVI EPPI RIGIWWMX HIPPEQTYXEXS I WSHHMWJEVI
PI IWMKIRÎ MRHMZMHYEPM UYERXS E WXEFMPMX HYVEXE RIP XIQTS I GSQJSVX 2IPPE WGIPXE HIM GSQTSRIRXM MQTSVXERXI
XIRIVI GSRXS HM RYQIVSWM JEXXSVM TIWS XMTS HM EQTYXE^MSRI GSRHM^MSRM HIP QSRGSRI IWMKIRÎ JYR^MSREPM
HIPPEQTYXEXSRIMGSRJVSRXMHIPPETVSXIWMIXGEFMXYHMRMHMZMXETVSJIWWMSRILEFMXEXMQTMIKSHIPXIQTSPMFIVSIXG
*YR^MSREPMX
4VSXIWM IWXIXMGLI VMTVMWXMRERS PEWTIXXS IWXIXMGS IWXIVMSVI HIPPEVXS EQTYXEXS 4VSXIWM GMRIQEXMGLI TVSXIWM
E^MSREXIHEIRIVKMEGSVTSVIE 4VSXIWMQMSIPIXXVMGLIIPIXXVSQIGGERMGLIEHIRIVKMEI\XVEGSVTSVIE
8MTSPSKMI
4VSXIWMHMQERS4VSXIWMXVERWVEHMEPM4VSXIWMXVERWSQIVEPM4VSXIWMMRXIVWGETSPSXSVEMGLI
155
3527(6,$572,1)(5,25(
46394WMMRWIVMWGIWYPQIVGEXSRIPPETVSHY^MSRIHMTVSXIWMHEVXSMRJIVMSVI
9RIWTIVMIRÊTPYVMHIGIRREPIPIGSRJIVMWGIYRJSVXIWETIVITVEXMGSRSR
XVEWGYVERHSPEXIGRSPSKMETMEZERÊXEQEXIVMEPMEPPEZERKYEVHMEI
GSQTSRIRXMWXMGEHIGGIPPIRÊ
+%00)6-%-11%+-2-

156
()7'6->-32)463(3883
-RXIKVE^MSRIITIVJSVQERGI
-RXIKVE^MSRI RIPPE ZMXE RSVQEPI 1EKKMSVM TVIWXE^MSRM HEM WMRKSPM GSQTSRIRXM HIPPE TVSXIWM %HEXXEQIRXS MRHMZMHYEPI
IHEQMWYVEHYSQS
5YEPMXIJYR^MSREPMX
%REPMWM HIP TEWWS I MRKIKRIVME TSVXERS EPPE GSWXVY^MSRI HM GSQTSRIRXM IJJMGMIRXM I HM WIQTVI QMKPMSVI UYEPMX 0E
TVSXIWM HIZI IWWIVI EHEXXEXE MR QSHS SXXMQEPI HIZI VMWTSRHIVI EPPI RIGIWWMX HIPPEQTYXEXS I WSHHMWJEVI PI
IWMKIRÎ MRHMZMHYEPM UYERXS E WXEFMPMX HYVEXE RIP XIQTS I GSQJSVX 2IPPE WGIPXE HIM GSQTSRIRXM MQTSVXERXI
XIRIVI GSRXS WME HIM JEXXSVM UYEPM TIWS XMTS HM EQTYXE^MSRI GSRHM^MSRM HIP QSRGSRI IWMKIRÎ JYR^MSREPM
HIPPEQTYXEXS RIM GSRJVSRXM HIPPE TVSXIWM IXG WME HIM GVMXIVM VIPEXMZM EPPI EFMXYHMRM HM ZMXE TVSJIWWMSRI LEFMXEX
MQTMIKSHIPXIQTSPMFIVSIXG
157
158
()%1&90%836-
159
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(IEQFYPEXSVIVIGMTVSGERXI1SSR[EPOIVYRKEMXXVEMRIVEYWMPMSTIVPEWXE^MSRI
IVIXXEGSRGEVMGSKVEZMXEVMSITIVPEPSGSQS^MSRI9XMPM^ÊIJEZSVMWGIPSWZMPYTTS
HIPPIVMWSVWIJYR^MSREPMVIWMHYIEJJMRGLWMTSWWEVIEPM^ÊVIMPGMGPSHIPGEQQMRSMR
FEQFMRMGSRHMWEFMPMXRIYVSQSXSVME
+%00)6-%-11%+-2-

160
()7'6->-32)463(3883
(YITEVXMWITEVEXIIWSPMHEPM
1332;%0/)6 JSVQEXS HE HYI YRMX JYR^MSREPM YRE TEVXI SVXIWMGE XVSRGSFEGMRSGSWGMEKEQFETMIHI GSPPIKEXE
EHYRSWXEFMPM^ÊXSVIHIEQFYPEXSVIEVYSXI
)WIVGMXEVIMPGEQQMRS
0E TVMRGMTEPI MRRSZE^MSRI HM 1; PE TSWWMFMPMX TIV MP FEQFMRS HM QERXIRIVI MP GEVMGS WYKPM EVXM MRJIVMSVM UYMRHM HM
WTSWXEVWM WIRÊ PEYWMPMS HIKPM EVXM WYTIVMSVM KEVERXIRHS WXEFMPMX WMGYVI^Ê IH YR EWWIXXS GSVTSVIS JYR^MSREPI -P
GEVMGS RSR ZMIRI ZMGEVMEXS QE JEZSVMXS 0E QSPPE E XIRWMSRI VIKSPEFMPI QSHYPE PE WTMRXE MR TVSTYPWMSRI VMWTIXXS EPPI
GEVEXXIVMWXMGLI HIPPE HIEQFYPE^MSRI HIP TE^MIRXI -P WMWXIQE HM VIGMTVSGE^MSRI EH EWWIXXS ZEVMEFMPI TIVQIXXI PS
WGLIQEHIPTEWWS
)WTPSVEVIIWSGMEPM^ÊVI
-P 8VEMRMRK EXXVEZIVWS 1332;%0/)6 TIVQIXXI EP FEQFMRS HM IWIVGMXEVI PE HIEQFYPE^MSRI I PIWTPSVE^MSRI HIPPS
WTE^MS JEZSVIRHS PI EXXMZMX HM ZMXE UYSXMHMERE UYMRHM PEYXSRSQME GSR KPM EVXM WYTIVMSVM WZMRGSPEXM HE GSQTMXM HM
WSWXIKRS 0EXXMZMX VIKSPEVI EWWSGMEXE E XVEMRMRK STTSVXYRS QMKPMSVE MRSPXVI PE TIVJSVQERGI KIRIVEPI HIP FEQFMRS
JMXRIWW PEQMRIVEPM^Ê^MSRISWWIEPEJSVÊIPIWXIRWMFMPMXQYWGSPEVI
(%8-8)'2-'-
(%8-8)'2-'-
%08)>>%98)28) (EE'Q
4368%8%1%77-1% /K
092+,)>>%838%0) 'Q
0%6+,)>>%838%0) 'Q
161
7200<581
8SQQ]YRHIEQFYPEXSVIWXEFMPM^ÊXSVIGLITIVQIXXIEPFEQFMRSHMQERXIRIVI
PETSWM^MSRIIVIXXEEWWMWXMXEIHMQYSZIVWMMREYXSRSQME2EWGITIVPYXMPM^^SMR
EFFMREQIRXSEMXYXSVM7EPIVE'SRWIRXIPEHIEQFYPE^MSRIIPIWTPSVE^MSRI
HIPPEQFMIRXIRSRSWXERXIPIHMJJMGSPXGLIPEXYXSVM^Ê^MSRITYHIXIVQMREVIMRXEP
WIRWS
+%00)6-%-11%+-2-

162
()7'6->-32)463(3883
0IKKIVI^ÊIWGSVVIZSPI^Ê
)VKSRSQMGS IH EPXEQIRXI QERSZVEFMPI WM VIKSPE WYPPYXMPM^ÊXSVI 0MHIE EPPE FEWI HM 8SQQ] UYIPPE HM WZMPYTTEVI
YR TVSHSXXS EPXEQIRXI WGSVVIZSPI I PIKKIVMWWMQS KVE^MI EPPYXMPM^^S HM VYSXI YPXVE PMKLX IH YR XIPEMS MR TVSJMPM HM
EPPYQMRMS
(MJJIVIRXMQMWYVI
(MWTSRMFMPIMRXVIQMWYVITIVEHEXXEVWMEPPIIWMKIRÎIEPPEGVIWGMXEHIPPYXMPM^ÊXSVI
%GGIWWSVMHMWTSRMFMPM
4SWWMFMPMX HM MRWIVMVI YR WYTTSVXS KMRSGGLME QYPXMVIKSPEFMPI TIV SXXIRIVI YR QMKPMSV TSWM^MSREQIRXS HIPPYXIRXI
-RSPXVIHMWTSRMFMPIYRWMWXIQEHMIPIXXVMJMGE^MSRIGLITIVQIXXIPYXMPM^^SHM8SQQ]6YRXVEQMXINS]WXMGO
(%8-8)'2-'-
(%8-8)'2-'-
1-796% 1-796% 1-796%
(-%1)8636938)+6%2(-
%08)>>%1-298-0->>%836) GQ GQ GQ
%08)>>%1%<98-0->>%836) GQ GQ GQ
%08)>>%1%<*%7'-%(-*-77%++-3 GQ GQ GQ
'367%*%7'-%(-*-77%++-3 GQ GQ GQ
'367%4)(%2) GQ GQ GQ
%08)>>%1-24)(%2)(%8)66% GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ
092+,)>>%838%0) GQ GQ GQ
0%6+,)>>%%28-6-&%08%1)283 GQ GQ GQ
%08)>>%4-%2832) GQ GQ GQ
0%6+,)>>%%88%''36938% GQ GQ GQ
4368%8%1%< OK OK OK
163
W*2
(IEQFYPEXSVIGEVEXXIVM^ÊXSHEJSVQIEVVSXSRHEXIIHEYRHIWMKRQMRMQEPITY
IWWIVIYXMPM^ÊXSEKIZSPQIRXIERGLIMRWTE^MWXVIXXM
+%00)6-%-11%+-2-

164
()7'6->-32)463(3883
0IKKIVI^ÊIWXEFMPMX
-P TIWS VMHSXXS IH MP WIPPMRS HMREQMGS TIVQIXXSRS TMIRE PMFIVX RIM QSZMQIRXM MRGIRXMZERHS PE
HIEQFYPE^MSRI1EWWMQIWXEFMPMXIWMGYVI^ÊKVE^MIEPPMRRSZEXMZSGSRXIRMQIRXSTIVXVSRGSIFEGMRS
7YTTSVXMTIVWSREPM^ÊFMPM
- 4%( TSWWSRS IWWIVI GSQTPIXEQIRXI TIVWSREPM^ÊXM PE TSWM^MSRI HM GMEWGYRE MQFSXXMXYVE TY IWWIVI QSHMJMGEXE
WMRKSPEVQIRXI
*VIRM HM WXE^MSREQIRXS QERMKPMI VIKSPEFMPM MR MRGPMRE^MSRI I EPXI^Ê WIPPMRS HMREQMGS VIKSPEFMPI MR EPXI^Ê I
MRGPMRE^MSRI MQFSXXMXYVI QSVFMHI TIV XVSRGS FEGMRS GMRKLME HM WMGYVI^Ê TIV MP XSVEGI VYSXI ERXIVMSVM TMVSIXXERXM GSR
FPSGGSYRMHMVI^MSREPI
(%8-8)'2-'-
(%8-8)'2-'-
X+S 1-796% 1-796%
%08)>>%7)(98% GQ GQ
-2+31&63838%0)092+,)>>%<0%6+,)>>% \GQ \GQ
092+,)>>%7)00-23 GQ GQ
%08)>>%-149+2%896% GQ GQ
%08)>>%794436834)0:-'3 GQ GQ
6938)%28)6-36-
6938)4378)6-36-
4)73 /K /K
4368%8%1%77-1% /K /K
165
.$<(
/%=)4SWXYVI;EPOIVYRHIEQFYPEXSVITSWXIVMSVIEGSRXVSPPSTSWXYVEPIJEGMPMXEMP
GEQQMRSTVSQYSZIRHSPIWXIRWMSRIHIPXVSRGSQMKPMSVERHSPEPPMRIEQIRXSI
VMHYGIRHSMPHMWTIRHMSHMIRIVKME-REPPYQMRMSQERIKKIZSPIIPIKKIVSQE
IWXVIQEQIRXIWXEFMPI6IKSPEFMPIMREPXI^ÊHSXEXSHMMQTYKREXYVEERXMWGMZSPS
+%00)6-%-11%+-2-

166
()7'6->-32)463(3883
8ERXIQMWYVI
'SQTPIXEQIRXI TMIKLIZSPI JEGMPI HE XVEWTSVXEVI (MWTSRMFMPI MR QMWYVI TIV YXIRXM HE QIWM JMRS EPPIX EHYPXE
(YI'SRJMKYVE^MSRM
;&6 GSR VYSXI ERXIVMSVM JMWWI ;&7 GSR VYSXI ERXIVMSVM TMVSIXXERXM EHEXXI EPPYXMPM^^S MR EQFMIRXM MRXIVRM GLI
TVSQYSZSRSPEQERSZVEFMPMXIHMPQSZMQIRXSEXXSVRSEKPMSWXEGSPM
%GGIWWSVM
4SWWMFMPMX HM GSRJMKYVEVI MP HIEQFYPEXSVI GSR HMZIVWM EGGIWWSVM VYSXI TM KVERHM TIV YR YWS IWXIVRS WYTTSVXM TIV
EVXMWYTIVMSVMIWXEFMPM^ÊXSVITIPZMGSTIVEYQIRXEVIMPWSWXIKRSTSWXYVEPI
(%8-8)'2-'-
%'')7736-
6YSXIKVERHM
7XEFMPM^ÊXSVITIPZMGS
6YSXIYRMHMVI^MSREPM
&PSGGSHMVI^MSREPI
7YTTSVXMFVEGGME
7SWXIKRSTIXXSVEPI
&VEKLIXXE
(%8-8)'2-'-
/%=)437896)'328630;&7 %08)>>%()0+098)3 74%>-3-28)623 4368%8%
;&7&6 GQ \GQ OK
;&7&6 GQ \GQ OK
;&7&6 GQ \GQ OK
;&7&6 GQ \GQ OK
;&7&6 GQ \GQ OK
167
:$/.$%287 %$%<:$/.
;EPOEFSYXYRHIEQFYPEXSVIWXEFMPM^ÊXSVIEWYTTSVXSTSWXIVMSVIEXXMZSGLI
JSVRMWGIWXEFMPMXPEXIVEPIITSWXIVMSVI
+%00)6-%-11%+-2-

168
()7'6->-32)463(3883
'EQQMREVIMRWMGYVI^Ê
HSXEXS HM WYTTSVXM TIV MP XVSRGS I HM YR WMWXIQE HMREQMGS TIV MP WSWXIKRS HIP TIWS HIP GSVTS MR QSHS HE
WXEFMPM^ÊVIPEPPMRIEQIRXSGETSWTEPPIXVSRGSFEGMRSIJEZSVMVIPEWXE^MSRIIVIXXE
*EGMPMXEMPGEQQMRS
0E WTMRXE ZIVWS PEPXS JSVRMXE XVEQMXI QSPPE EH MRXIRWMX VIKSPEFMPI JEGMPMXE PS WTSWXEQIRXS TIVQIXXIRHS HM
ETTVIRHIVI I VEJJSVÊVI KPM WGLIQM QSXSVM HIPPE HIEQFYPE^MSRI I M KVYTTM QYWGSPEVM EWWSGMEXM %TIVXYVE ERXIVMSVI
GLIPMFIVEMPQSZMQIRXSHIKPMEVXMWYTIVMSVMJEZSVIRHSGSWPIWTPSVE^MSRIIHMPGSRXEXXSGSRPEQFMIRXI
(IEQFYPEXSVIQYPXMJYR^MSRI
7M EHIKYE E QSPXITPMGM YXMPM^^M TY IWWIVI EZZMGMREXS EH YR XEZSPS I FPSGGEXS TIV EMYXEVI RIPPS WZMPYTTS HIPPE JSVÊ
I HIPPE WXEFMPMX STTYVI IWWIVI YXMPM^ÊXS MR QSHS VMEFMPMXEXMZS JSVRIRHS EP FEQFMRS YR WYKKIVMQIRXS JMWMGS S
ZIVFEPI TIV GEQQMREVI S WXEVI MR TSWM^MSRI IVIXXE &EWI VIKSPEFMPI MR PYRKLI^Ê YXMPM^ÊFMPI MR HMZIVWM
EQFMIRXMEPPIWXIVRSSEPPMRXIVRS
(%8-8)'2-'-
(%8-8)'2-'-
;%0/%&398 &%&=;%0/ 1-796% 1-796% 1-796%
4368%8%1%< /K OK OK /K
4)73%97-0-3 /K OK OK /K
%08)>>%7)(98% GQ GQ GQ GQ
6)+30%>-32)-2'0-2%>-32) qq qq qq qq
092+,)>>%838%0) GQ GQ GQ GQ
0%6+,)>>%838%0) GQ GQ GQ GQ
6%++-3(-638%>-32) q qq
'3036)8)0%-3 %WGIPXE 6SWWS &PY 2IVS
169
02:(*2
1S[I+SEYQIRXEMPFIRIWWIVIJMWMGSIQIRXEPIWYTTSVXEYREWXE^MSRIIVIXXE
EXXMZEPMFIVXHMQSZMQIRXSIPETTVIRHMQIRXSHIPGEQQMRS
+%00)6-%-11%+-2-

170
()7'6->-32)463(3883
%PPIREVWMEPGEQQMRS
%XXVEZIVWS PE TSWXYVE IVIXXE IH MP WYTTSVXS HIP XVSRGS MP GSVTS PE QYWGSPEXYVE I PSVKERMWQS MR KIRIVEPI
WM VEJJSVÊRS -P WIHMPI GSR WSWTIRWMSRM E QSPPE JEGMPMXE PEPPIREQIRXS EP GEQQMRS -P HMWTSWMXMZS HM EFFEWWEQIRXS
JEGMPMXEPEGGIWWSEPPEYWMPMS
(IRXVSIJYSVMGEWE
7MTVIWXEEPPYWSMRMRXIVRSIHMRIWXIVRSTEVXIGMTE^MSRIWSGMEPIITVSQS^MSRIHIPPIEFMPMXMRXIPPIXXYEPM
)WTPSVEVIPEQFMIRXI
-PTE^MIRXIWTIVMQIRXEPIWTERWMSRIHIPPITVSWTIXXMZIPETIVGI^MSRIIJVYM^MSRIHIPPEQFMIRXI
(%8-8)'2-'-
(%8-8)'2-'-
13;)+3 1-796%' 1-796%' 1-796%. 1-796%% 1MWYVE%
%08)>>%7)(-0) GQ GQ GQ GQ

GQ
%08)>>%%2)003836%'-'3 GQ GQ GQ GQ

GQ
'-6'32*)6)2>%%2)003 GQ GQ

GQ GQ GQ
6938)%28)6-36- \GQ \GQ \GQ \GQ \GQ
6938)4378)6-36- \GQ \GQ \GQ \GQ \GQ
4)73%97-0-3 OK OK OK OK OK
'%4%'-8%(-74-28%()00%1300%78%2(%6( 1MROK 1MR 1MR 1MR 1MR

1MROK OK OK OK OK
1MROK 1MR 1MR 1MR
1MR OK OK OK
OK QMR QMR QMR
OK OK OK
1MR QMR 1MR QMR
OK OK OK OK
1MR 1MR QMR
OK OK OK
171
172
78%8-',)
173
:$9(
7XEFMPM^ÊXSVITIVTSWM^MSRIIVIXXETVSREIWYTMRE-PVEKKMYRKMQIRXSHIPPIHMZIVWI
TSWM^MSRMEZZMIRIXVEQMXITMWXSRIEKEWTSWWMFMPIJIVQEVIMPHMWTSWMXMZSMR
UYEPWMEWMTSWM^MSRIMRXIVQIHMETIVMPTVSKVIWWMZSGSRWIKYMQIRXSHIPPETSWM^MSRI
HIWMHIVEXE
+%00)6-%-11%+-2-

174
()7'6->-32)463(3883
9RSWXEFMPM^ÊXSVITIVXYXXIPITSWM^MSRM
3PXVI PE VIKSPE^MSRI HIPPMRGPMRE^MSRI HIPPS 7XERHIV TIV MP VEKKMYRKMQIRXS HIPPE TSWM^MSRI TVSRS I WYTMRS TSWWMFMPI
VIKSPEVI MRHMTIRHIRXIQIRXI PEPXI^Ê HIM WYTTSVXM TMIHM TIV EWWIGSRHEVI HMWQIXVMI S HMWXVMFYMVI EWMQQIXVMGEQIRXI
MP GEVMGS WYKPM EVXM MRJIVMSVM - WYTTSVXM TMIHM TSWWS IWWIVI VIKSPEXM MR MRXVEI\XVE VSXE^MSRI JPIWWMSRI TPERXEVI I
JPIWWMSRI HSVWEPI 4IV EWWIGSRHEVI IZIRXYEPM VIXVE^MSRM QYWGSPEVM TSWWMFMPI VIKSPEVI PERKSPS HM JPIWWMSRI HIPPI
KMRSGGLME
(MWTSRMFMPIMRQMWYVIIGSQTPIXSHMEGGIWWSVM
HSXEXS MR GSRJMKYVE^MSRI WXERHEVH HM XYXXM M WYTTSVXM I EGGIWWSVM TIV YR GSVVIXXS TSWM^MSREQIRXS -QFSXXMXYVI
GSRJSVXIZSPM GMRXYVI I MQFVEGEXYVI JEGMPQIRXI PEZEFMPM 1MWYVE TIV YXIRXM HE E GQ HM EPXI^Ê 1MWYVE
YXIRXMHEEGQHMEPXI^Ê1MWYVEYXIRXMHEEGQHMEPXI^Ê
&EWIXIPIWGSTMGE
;EZI GEVEXXIVM^ÊXE HE YRYRMGE FEWI XIPIWGSTMGE MR KVEHS HM GVIWGIVI JEGMPQIRXI 'M TIVQIXXI HM TEWWEVI HEPPE
QMWYVEEPPEQMWYVEWSWXMXYIRHSIWGPYWMZEQIRXIMPTVSJMPEXSMREPPYQMRMSGIRXVEPI
(%8-8)'2-'-
(%8-8)'2-'-
1-796% 1-796% 1-796%
%08)>>%98)28)'1
0%6+,)>>%&%'-23'1
0%6+,)>>%836%')'1
092+,)>>%&%7)'1
0%6+,)>>%&%7)'1
+6%(3*0)77-32)+-23'',-3q q q q
+6%(3*0)77-32)4-)()794-2346323 q q q q
4368%8%1%77-1%/+
175
92,772
7XEFMPM^ÊXSVITIHMEXVMGSTIVWXE^MSRIIVIXXESTVSREEHEXXSEFEQFMRMGLIRSR
VMGLMIHSRSYRWYTTSVXSTEVXMGSPEVQIRXIEVXMGSPEXSIGSQTPIWWS
+%00)6-%-11%+-2-

176
()7'6->-32)463(3883
-RTMIHMEGEWEIEWGYSPE
:SMXXS YRE WXEXMGE PIKKIVE I WIQTPMGI HE KIWXMVI I VIKSPEVI ) PE WGIPXE MHIEPI TIV PEQFMIRXI HSQIWXMGS I
WGSPEWXMGS
8ERXMFIRIJMGM
:SMXXS TIVQIXXI HM TVIZIRMVI PEXVSJME QYWGSPEVI HIKPM EVXM MRJIVMSVM HM VMHYVVI PI GSRXVEXXYVI IH LE YRIJJIXXS TSWMXMZS
WYPPEGMVGSPE^MSRIIPEHIRWMXSWWIE
'EVEXXIVMWXMGLI
(MWTSRMFMPI MR YRE YRMGE QMWYVE TIV YXIRXM HE E GQ HM EPXI^Ê FEWI HE MRXIVRS GSR FEWGYPEQIRXS HM q
WYTTSVXMXVSRGSVIKSPEFMPMJSHIVIVIQSZMFMPMIPEZEFMPMMRPEZEXVMGI
(%8-8)'2-'-
(%8-8)'2-'-
%08)>>%98-0->>%836) GQ
0%6+,)>>%-1&388-896)836%') GQ
0%6+,)>>%-1&388-896)&%'-23 GQ
&%7'90%1)283 q
177
(//$
7XEXMGEQYPXMJYR^MSRITVSRSWYTMRS)00%LEYREFEWGYPE^MSRIHMqXVEQMXI
TMWXSRIEKEW0EFEWITMIKLIZSPITIVQIXXIEPPEWXVYXXYVEHMVMTMIKEVWMIHMVMHYVVI
KPMMRKSQFVMGEVEXXIVMWXMGEGLIJEGMPMXEERGLIMPXVEWTSVXS
+%00)6-%-11%+-2-

178
()7'6->-32)463(3883
&EWITMIKLIZSPI
2I[ )PPE YRE QYPXMWXERHIV GSR FEWI TMIKLIZSPI GEVEXXIVMWXMGE IWXVIQEQIRXI YXMPI TIV VMHYVVI KPM MRKSQFVM MR
EQFMIRXIHSQIWXMGSITIVXVEWTSVXEVIPEYWMPMSMREYXSQSFMPI
6IKSPEFMPIXVEQMXITMWXSRIKEWSIPIXXVMGEQIRXI
0E VIKSPE^MSRI HIPPE TVSRSWYTMRE^MSRI HIPPS WXERHIV TY IWWIVI IJJIXXYEXE XVEQMXI TMWXSRI E KEW S EXXYEXSVI
IPIXXVMGS WXERHEVH RIPPE QMWYVE I 2IPPE ZIVWMSRI QERYEPI TVIWIRXI YR FPSGGS HM WMGYVI^Ê TIV MQTIHMVI
PEXXMZE^MSRIEGGMHIRXEPIHIPTMWXSRI
7IQTPMGI
0I RYQIVSWI VIKSPE^MSRM HM )PPE WSRS IWXVIQEQIRXI WIQTPMGM IH MQQIHMEXI I TIVQIXXSRS HM VIEPM^ÊVI MP QMKPMSVI
WYTTSVXS HIP XVSRGS FEGMRS I EVXM MRJIVMSVM 0E VIKSPE^MSRI MR EPXI^Ê HIM WYTTSVXM XVSRGS I FEGMRS WM VIEPM^Ê GSR
YRE WSPE GLMEZI IWGPYWMZEQIRXI HEP PEXS WMRMWXVS HIPPS WXERHIV 0I MQFSXXMXYVI GSRJSVXIZSPM TIVQIXXSRS HM
EWWIGSRHEVIEPQIKPMSVIXVE^MSRMIHMWQIXVMI
(%8-8)'2-'-
(%8-8)'2-'-
1-796% 1-796% 1-796% 1-796%
%08)>>%98)28)'1
092+,)>>%%2'%4-)()'1
092+,)>>%%7')00%4-)()'1
092+,)>>%+-23'',-34-)()'1
0%6+,)>>%&%'-23'1
0%6+,)>>%836%')'1
+6%(3(-:%6-'%>-32)+%1&)Iq q q q q
%08)>>%)00%-2437->-32)794-2%'1
092+,)>>%&%7)'1
0%6+,)>>%&%7)'1
+6%(3*0)77-32)+-23'',-3q q q q q
4368%8%1%77-1%/+
179
211,
7XEFMPM^ÊXSVI322-GSRHSTTMEJYR^MSRIWYTMRSTVSRSLEYREFEWGYPE^MSRIHM
qXVEQMXITMWXSRIEKEWIHHSXEXSHMWYTTSVXSGETSWYTTSVXSTMIHMEWXETIVMP
XEZSPMRS
+%00)6-%-11%+-2-

180
()7'6->-32)463(3883
4IVXYXXIPIIX
1MWYVE YXIRXM HE E GQ HM EPXI^Ê 1MWYVE YXIRXM HE E GQ HM EPXI^Ê 1MWYVE YXIRXM HE E
GQ1MWYVEYXIRXMHEEGQ
4IVWSREPM^ÊFMPI
*IVQE KMRSGGLME I TIHERE VIKSPEFMPM MR %PXI^Ê TVSJSRHMX PEVKLI^Ê ERKSPS JPIWWMSRI KMRSGGLME ERKSPS HM
EFHY^MSRIERKSPSJPIWWMSRIGEZMKPMI
'EVEXXIVMWXMGLI
3RRM HSXEXS HM JSHIVI VIQSZMFMPM I PEZEFMPM MR PEZEXVMGI TSKKMEXIWXE WEKSQEXS I QSHIPPEFMPI I WYTTSVXM XVSRGS
VIKSPEFMPMJEGMPIHEEWWIQFPEVIIVIKSPEVI
(%8-8)'2-'-
(%8-8)'2-'-
1-796% 1-796% 1-796% 1-796%
%08)>>%98)28)'1
092+,)>>%%2'%4-)()'1
092+,)>>%%7')00%4-)()'1
092+,)>>%+-23'',-34-)()'1
0%6+,)>>%&%'-23'1
0%6+,)>>%836%')'1
+6%(3(-:%6-'%>-32)+%1&) q q q q
%08)>>%322--2437->-32)794-2%'1
092+,)>>%&%7)'1
0%6+,)>>%&%7)'1
+6%(3*0)77-32)+-23'',-3 q q q q
+6%(3*0)77-32)4-)()794-2346323 q qq q q q
+6%(3)78)27-32)4-)()794-2346323 q qq q q q
4368%8%1%77-1%/+
181
=,1*
7XEXMGETIHMEXVMGEQYPXMWXERHIVTIVQIXXIHMTEWWEVIHEPPETSWM^MSRIWYTMREEPPE
TSWM^MSRITVSREMRGSRXMRYMXIWIRÊEPGYREXMTSPSKMEHMQSHMJMGEHIPPEWWIXXSIS
GEQFMSHIPPEGSRJMKYVE^MSRI
+%00)6-%-11%+-2-

182
()7'6->-32)463(3883
1YPXMWXERHIVGSRVIKSPE^MSRMHEZERKYEVHME
>MRK GEVEXXIVM^ÊXE HE YRE FEWI MR EPPYQMRMS EH , GSR VYSXI TMVSIXXERXM GSR JVIRS 0EPXI^Ê HM XVEWJIVMQIRXS
E GQ JEGMPMXE MP TSWM^MSREQIRXS HIP FMQFS 0E QSZMQIRXE^MSRI TVSRSWYTMRS VIEPM^ÊXE XVEQMXI TMWXSRI E KEW I
TY IWWIVI VIKSPEXE XVEQMXI TIHEPI S PIZE TSWXE WYP QERMKPMSRI -P GSRXVSPPS HIPPEFHY^MSRI HIPPI ERGLI TY IWWIVI
IJJIXXYEXS MR QERMIVE EWMQQIXVMGE I TIVQIXXI JMRS E q HM VIKSPE^MSRI MP JYPGVS TSWXS E PMZIPPS HIPPEVXMGSPE^MSRI
GS\SJIQSVEPI GSR YRYRMGE STIVE^MSRI WM VIKSPERS GSRXIQTSVERIEQIRXI ERGLI KMRSGGLME I WYTTSVXS HIP TMIHI
-PXEZSPSMRHSXE^MSRIJEGMPMXEIWYTTSVXEMPFEQFMRS
-R ZIVWMSRI WXERHEVH TVIZIHI VYSXI TMVSIXXERXM GSR JVIRS TMWXSRI MHVEYPMGS GSR FPSGGS HM WMGYVI^Ê TIHERI I
JIVQEKMRSGGLMEQYPXMVIKSPEFMPMXEZSPSWLEHS[RIVSWYTTSVXSGETSGMRXYVEXSVEGMGE
(%8-8)'2-'-
'%6%88)6-78-',)
71%00
6%2+)%08)>>% GQ
4368%8%1%77-1% /K
%08)>>%86%7*)6-1)283 GQ
6)+30%>-32)%&(9>-32) q
(-1)27-32)&%7) \GQ
4)7378%8-'% OK
6%2+)7)(-0)4)(%2) GQ
0%6+,)>>%*)61%+-23'',-% GQ
6%2+)463*32(-8%*)61%+-23'',-% GQ
6%2+)%08)>>%*)61%+-23'',-% GQ
437->-32%1)283794-23 q
437->-32%1)28346323 q
1-796%8%:3037,%(3; \GQ
6%2+)463*32(-8%794436830%8)6%0) GQ
6%2+)%08)>>%794436830%8)6%0) GQ
183
%$17$0
7XEFMPM^ÊXSVITIHMEXVMGSITIVPIXIZSPYXMZEEZIVXMGEPM^Ê^MSRIKVEHYEPI
VMWTSRHIEPPEPSKMGEHIPPMRXIVZIRXSTVIGSGIIHLEYREPXSZEPSVIVMEFMPMXEXMZS
(MWTSRMFMPIMRZIVWMSRI<77IH1
+%00)6-%-11%+-2-

184
()7'6->-32)463(3883
:IVXMGEPM^Ê^MSRIKVEHYEPI
%WWSGME PI TVIWXE^MSRM WMXXSWXERH TEWWEKKMS KVEHYEPI HEPPE TSWM^MSRI WIHYXE EPPE TSWM^MSRI IVIXXE EPPE
TSWWMFMPMX HM TSWM^MSRI WYTMRE MP XEZSPS MR HSXE^MSRI JEGMPMXE I WYTTSVXE MP FEQFMRS RIP TEWWEKKMS HE WIHYXS EH
IVIXXS0EWIHYXETYIWWIVITPEREVISEREXSQMGE
*EGMPIKIWXMSRIHIMXVEWJIVMQIRXM
0EWWMWXIRXI TY KIWXMVI JEGMPQIRXI MP XVEWJIVMQIRXS HIP FEQFMRS HEPPE GEVVS^^MRE EPPE WXEXMGE QERXIRIRHS PE
TSWM^MSRI WIHYXE STTYVI WHVEMEXE YRE ZSPXE WYPPE WXEXMGE WM JMWWERS M WMWXIQM HM WMGYVI^Ê GMRXYVI WYTTSVXM XEZSPS
%XXVEZIVWS YR TMWXSRI MHVEYPMGS WM QSHMJMGE PE TSWM^MSRI HIPPS WXERHIV RIPPS WTE^MS MR UYIWXS QSHS WM TY KIWXMVI MP
KVEHSHMZIVXMGEPM^Ê^MSRIMRJYR^MSRIHIPPIRIGIWWMXIHIPPITSWWMFMPMXHIPPYXIRXI
1YPXMTSWMXMSR
-P VERKI HM TSWM^MSRM QSPXS EQTMS TIV UYIWXS &ERXEQ TY IWWIVI GSRWMHIVEXS YR EYWMPMS 1YPXMTSWMXMSR YRS
WXEFMPM^ÊXSVI HM XVERWM^MSRI ZMWXS GLI KEVERXMWGI EM FEQFMRM PE TSWWMFMPMX HM MRM^MEVI HE YRE TSWM^MSRI WYTMRE I HM
TSXIVTVSKVIHMVIIGSRUYMWXEVITVSKVIWWMZEQIRXIPEWXE^MSRIIVIXXE
(%8-8)'2-'-
'%6%88)6-78-',)
)<86%71%00 71%00 1)(-91
6%2+)%08)>>% GQ GQ GQ
4368%8%1%77-1% /K /K OK
463*32(-8%7)(-0) GQ GQ GQGQ

GWIHMPIEZZSPKIRXI
(-1)27-32-7)(-0) \GQ \GQ GQGQ
%08)>>%7)(-0) GQ GQ GQGQGWIHMPI

EZZSPKIRXI
6%2+)7)(-0)4)(%2) GQ GQ GQ
(-1)27-32)4)(%2) \GQ \GQ \GQ
0%6+,)>>%*)61%+-23'',-% GQ GQ GQ
6%2+)463*32(-8%*)61%+-23'',-% GQ GQ GQ
6%2+)%08)>>%*)61%+-23'',-% GQ GQ GQ
437->-32%1)283794-2) q q q
*0)773)78)27-32)4)(%2) q q q
1-796%8%:3037,%(3; \GQ \GQ \GQ
6%2+)463*32(-8%79443683836%'-'3 GQ GQ GQ

GQWGLMIREPIEZZ
6%2+)%08)>>%79443683836%'-'3 GQ GQ GQ
6%2+)0%6+,)>>%7944368-4)6&%'-23 GQ GQ GQ
6%2+)0%6+,)>>%7944368-0%8)6%0- GQ GQ GQ
4)7378%8-'% OK OK OK
-2+31&63%8)66% \GQ \GQ \GQ
185
(92/9
0EXIGRSPSKMEWMXXSWXERHYRWMWXIQEHMREQMGSGLITIVQIXXIMPTEWWEKKMS
KVEHYEPIHEPPETSWM^MSRIWIHYXEEUYIPPEIVIXXE3JJVIMZERXEKKMJYR^MSREPM
JMWMSPSKMGMFMSQIGGERMGMITWMGSPSKMGMHIPPSWXEVIMRTMIHMITVSQYSZIPSWZMPYTTS
HIPPIEFMPMXQSXSVMIIJYR^MSREPM
+%00)6-%-11%+-2-

186
()7'6->-32)463(3883
+IWXMVIMREYXSRSQMEPETVSTVMEZIVXMGEPM^Ê^MSRI
7XEXMGE ZIVWEXMPI QSHYPEVI I HM JEGMPI VIKSPE^MSRI GLI GSRWIRXI MP XVEWJIVMQIRXS HEPPEEPPE GEVVS^^MRE I PE KIWXMSRI
HIM XIQTM I HIM QSHM HIPPE TVSTVME ZIVXMGEPM^Ê^MSRI MR EYXSRSQME ERGLI YRS WXVYQIRXS HM EKIZSPI KIWXMSRI TIV MP
GEVIKMZIV -R JYR^MSRI HIPPI EFMPMX I HIPPEYXSRSQME HIPPYXIRXI TY EZIVI YRE GSRJMKYVE^MSRI IWWIR^MEPI S IWWIVI
MQTPIQIRXEXE GSR EGGIWWSVM HM GSRXIRMQIRXS I HM WYTTSVXS -P GSVVIXXS EPPMRIEQIRXS HM ERGLI I KMRSGGLME WM
QERXMIRI MR TSWM^MSRI WME WIHYXE WME IVIXXE M XVEWJIVMQIRXM WSRS JEGMPM I WMGYVM I PE XVERWM^MSRI HE YRE TSWM^MSRI
EPPEPXVERSRXVEYQEXMGE
0IGSRJMKYVE^MSRMFEWI
)ZSPZ 7IHMPI WEKSQEXS JIVQE KMRSGGLME VMFEPXEFMPM KYMHI TIV FEGMRS WGLMIREPI EPXS WEKSQEXS XEZSPS
XVEWTEVIRXI TIHERI VIKSPEFMPM GMRXYVMRM JIVQE TMIHM GMRKLME TIPZMGE GMRXYVE XSVEGMGE )ZSPZ =SYXL )ZSPZ
7LEHS[ 7IHMPI WEKSQEXS JIVQE KMRSGGLME VMFEPXEFMPM MRHMTIRHIRXM XEZSPS WLEHS[ GSR WYTTSVXS XSVEGMGS KYMHI
TIV FEGMRS GMRXYVE TIPZMGE WGLMIREPI EPXS WEKSQEXS GSR QERSZIPPE HM VIKSPE^MSRI WYTTSVXM PEXIVEPM XVSRGS TIHERI
VIKSPEFMPM GMRXYVMRM JIVQE TMIHM )ZSPZ 4S[IV 9T)ZSPZ =SYXL TS[IV YT 7IHMPI WEKSQEXS JIVQEKMRSGGLME
VMFEPXEFMPM MRHMTIRHIRXM IPIZE^MSRI GSR EXXYEXSVI IPIXXVMGS WYTTSVXS XEZSPS WLEHS[ KYMHI TIV FEGMRS GMRXYVE
TIPZMGEWGLMIREPIEPXSWEKSQEXSWYTTSVXMPEXIVEPMXVSRGSTIHERIVIKSPEFMPMGMRXYVMRMJIVQETMIHM
(%8-8)'2-'-
(%8-8)'2-'-
463*32(-8-1&388-896%836%'-'%78( GQ
463*32(-8-1&388-896%836%'-'%)<86% GQ
%08)>>%8%:3031-2 GQ
%08)>>%8%:3031%< GQ
4)73%97-0-3'308%:303 OK
%08)>>%-1&388-896%836%'-'%1-2 GQ
%08)>>%-1&388-896%836%'-'%1%< GQ
(%8-8)'2-'-
13()003 =398, %(908 <8
%08)>>%98-0->>%836) GQ GQ GQ
4368%8%1%< OK OK OK
6)+30%>-32)463*32(-8%7)(98% GQ GQ GQ
(-78%2>%86%7)(98%)4)(%2% GQ GQ GQ
6)+30%>-32)463*32(-8%*)61%+-23'',-% GQ GQ GQ
%08)>>%7)(98% GQ GQ GQ
6)+30%>-32)463*32(-8%8%:3034)0388% GQ GQ GQ
6)+30%>-32)%08)>>%8%:303 GQ GQ GQ
0%6+,)>>%+-23'',-% GQ GQ GQ
4)73()00%97-0-3 OK OK OK
(-1)27-32)&%7) \GQ \GQ \GQ
(-1)27-32)8%:303 \ \ \
187
*/,'(5
7XEFMPM^ÊXSVIIQSZMQIRXEXSVIEXXMZS%HMJJIVIRÊHIPPIEPXVIWXEXMGLIGSQFMREPE
XIGRSPSKMEWMXXSWXERHEPQSZMQIRXSEXXMZSTEWWMZSHIKPMEVXMWYTIVMSVMIHMRJIVMSVM
+%00)6-%-11%+-2-

188
()7'6->-32)463(3883
7XEVIMRTMIHMEXXMZEQIRXI
(YI EXXYEXSVM MHVEYPMGM HSXEXM HM GMPMRHVM E VIWMWXIRÊ VIKSPEFMPI ZIRKSRS E^MSREXM HEPPI FVEGGME KIRIVERHS MP
VIGMTVSGS QSZMQIRXS HIPPI KEQFI I EXXMZERHS ERGLI MP FEGMRS I PI GEZMKPMI 2YQIVSWI VMGIVGLI I WXYHM HMQSWXVERS
GLI PYXMPM^^S HM YR XIPEMS WXERHMRK EXXMZS TY MRJPYIRÊVI TSWMXMZEQIRXI PE WEPYXI HIPPYXIRXI 0E VIKSPE^MSRI HIPPE
VIWMWXIRÊHIMTMWXSRMTIVQIXXIHMEHEXXEVI+PMHIVEPPIIWMKIRÎIEPPITSWWMFMPMXHIKPMYXIRXM
*EGMPMXRIPXVEWJIVMQIRXS
-P XVEWJIVMQIRXS EKIZSPEXS KVE^MI EPPEQTME WIHYXE MQFSXXMXE EM WYTTSVXM TIV PI KMRSGGLME *PMT9T I EPPE FEVVE HM
TSWM^MSREQIRXSGLIJSVRMWGIYRTYRXSHMERGSVEKKMSWXEFMPI
-RZIVWMSRIWXERHEVH
7IHMPI WEKSQEXS JIVQEKMRSGGLME VMFEPXEFMPM MRHMTIRHIRXM KYMHI TIV FEGMRS WGLMIREPI FEWWS 1SZMQIRXEXSVI
TEWWMZSTIVEVXMMRJIVMSVM
(%8-8)'2-'-
(%8-8)'2-'-
(-78%2>%7)(98%4)(%2% GQ
%08)>>%7)(98% GQ
463*32(-84)0388%836%'-'% GQ
463*32(-8*)61%+-23'',-% GQ
-2+31&63()00%&%7) \GQ
4)73%97-0-3 OK
1-796%8%:303 \GQ
092+,)>>%4%773 GQ
%08)>>%0):)(%00%7)(98% =398, GQ
%08)>>%0):)(%00%7)(98% %(908 GQ
189
190
7)(98)
8%:30-
191
1,02
7IKKMSPSRITSWXYVEPIQYPXMJYR^MSREPITIVFEQFMRMHEQIWMEERRMGSQTSWXS
HEYREFEWIHEMRXIVRM,MPS[IYREWIHYXETSWXYVEPIFEWGYPERXIIVIGPMREFMPI
+%00)6-%-11%+-2-

192
()7'6->-32)463(3883
-HIEPITIVMTMTMGGSPM
9R WMWXIQE HM KIWXMSRI TSWXYVEPI TIV FEQFMRM GSR FMWSKRM QSHIVEXM MR KVEHS HM EGGSKPMIVI YXIRXM JMR HEM TVMQM QIWM
HMZMXEKVE^MIEPPIQMWYVIVMHSXXIHIPPEWIHYXEGLITEVXIHEYREHMQIRWMSRIHMGQ
'SQTPIXSHMSKRMEGGIWWSVMS
2MQS REWGI TIV SJJVMVI EPPYXIRXI YR WIX GSQTPIXS HM EGGIWWSVM KM MR GSRJMKYVE^MSRI WXERHEVH MRJEXXM HSXEXS HM
YR XIPEMS E = GSR VYSXI HE QQ GSR JVIRS WGLMIREPI I WIHMPI EZZSPKIRXM QERMKPME HM WTMRXE FVEGGMSPM I TIHERI
JPMTYT VIKSPEFMPM WME MR EPXI^Ê GLI MR ERKSPE^MSRI XEZSPS EH IWXVE^MSRI VETMHE GSR GSTVM XEZSPS GMRXYVE TIPZMGE
TYRXM EFHYXXSVI TVSPYRKE HIP WIHMPI WYTTSVXM FEGMRS VIKSPEFMPM MR PEVKLI^Ê KYMHI JIQSVEPM VIKSPEFMPM MR PEVKLI^Ê
IH ERKSPE^MSRI GYWGMRIXXS TIV TIHERE GYWGMRIXXS WEGVEPI TVSPYRKE TIV PS WGLMIREPI JIVQE KSQMXM VIKSPEFMPM MR
TVSJSRHMX I ERKSPE^MSRI WYTTSVXM XSVEGMGM GSR JEWGME WXIVREPI VIKSPEFMPM MR EPXI^Ê I PEVKLI^Ê QMW I
TSKKMEXIWXEQYPXMKVMTIWYTTSVXSWTEPPIVIKSPEFMPMMREPXI^ÊERKSPE^MSRITVSJSRHMXITVSJMPS
(%8-8)'2-'-
(%8-8)'2-'-
2-13 1-2 1%<
6%2+)(-)8% QIWM ERRM
%08)>>%7)(98%(%8)66%11
092+,)>>%8-&-%0)11
463*32(-8%7)(98%11
6)'0-2%>-32)7',-)2%0) 7YTMRSq4VSRSq 7YTMRSq4VSRSq
&%7'90%>-32) 7YTMRSq4VSRSq 7YTMRSq4VSRSq
%08)>>%7',-)2%0)11
092+,)>>%)0%6+,)>>%&%7)11 \ \
4368%8%1%77-1%/+
4)73()0463(3883/+
0%6+,)>>%836%')11 1-796%
0%6+,)>>%836%')11 1-796%
0%6+,)>>%79443683&%'-2311
463*32(-8%7)(98%'32463092+%11
193
+(/0,
,IPQMYRWMWXIQETSWXYVEPIGSRFEWILMPS[HEMRXIVRMIVETTVIWIRXEYRE
WSPY^MSRIWIQTPMGITIVVIRHIVIJEGMPIERGLIMPTSWM^MSREQIRXSTMGSQTPIWWS4IV
FEQFMRMHEMEMERRM
+%00)6-%-11%+-2-

194
()7'6->-32)463(3883
*EGMPMXHMVIKSPE^MSRI
9RE WSPE QMWYVE TIV YR VERKI HM YXIRÊ HE E GQ HM EPXI^Ê -P WMWXIQE HM WIHYXE ,IPQM MRSPXVI QSPXS JEGMPI
HE YXMPM^ÊVI I KIWXMVI TSMGL XYXXI PI VIKSPE^MSRM IWWIR^MEPM TSWWSRS IWWIVI JEXXI GSR PYXIRXI WIHYXS WYPPEYWMPMS
XVEQMXIPYXMPM^^SHMYRWSPSEXXVI^^SMRHSXE^MSRI -QFSXXMXYVIIJSHIVIVIQSZMFMPMIPEZEFMPMMRPEZEXVMGI
7GLMIREPIHMREQMGS
HSXEXS HM YRS WGLMIREPI HMREQMGS GSR WYTTSVXS PSQFEVI GLI TIVQIXXI HM ZEVMEVI PMRGPMRE^MSRI HIP FEGMRS -R GEWS
HMRIGIWWMXMPQIGGERMWQSTYIWWIVIFPSGGEXS
4SWM^MSREQIRXSEZERÊXS
3PXVI EPPS WGLMIREPI HMREQMGS ,IPQM TIVQIXXI HM IWIKYMVI QSPXITPMGM VIKSPE^MSRM XVE GYM EFHY^MSRI KEQFI GSPTS HM
ZIRXSJPIWWMSRIHIPPERGETIVIRXVEQFMMPEXMTSWM^MSREQIRXSTMIHM(
(%8-8)'2-'-
(%8-8)'2-'-
%08)>>%98)28) HEEGQ
0%6+,)>>%7)(98% HEEGQ
463*32(-8%7)(98% HEEGQ
%08)>>%7',-)2%0) HE%GQ
%08)>>%()00%7)(98% HEEGQ
&%7),-03
&%7'90%>-32)&%7),-03 HEqEq
6)'0-2%>-32)7',-)2%0) HEqEq
0%6+,)>>%*)136%0) HE%GQ
%((9>-32)*)136%0) JMRSEq
%&(9>-32)*)136%0) JMRSEq
%08)>>%&6%''-30- HEEGQ
-2'0-2%>-32)&6%''-30- HEqEq
195
'(/),352
7MWXIQEHMWIHYXEHMREQMGSMRKVEHSHMSJJVMVIEKPMYXIRXMUYIPPEWXEFMPMXTSWXYVEPI
RIGIWWEVMERIPPETVMQEMRJER^ME
+%00)6-%-11%+-2-

196
()7'6->-32)463(3883
'SRXVSPPSTSWXYVEPI
()0*- 463 HSXEXS WME HM WYTTSVXM HMREQMGM WME HM WYTTSVXM VMKMHM - TVMQM KEVERXMWGSRS MP GSRXVSPPS HIM QSZMQIRXM I
EXXIRYERS KPM IJJIXXM HIPPE WTEWXMGMX M WIGSRHM TIVQIXXSRS EPPYXIRXI HM VEKKMYRKIVI YRE TSWM^MSRI
WIHYXE SXXMQEPI 2IPPE WIHYXE TVIWIRXI YR EZZEPPEQIRXS TIV QMKPMSVEVI MP GSRXVSPPS TSWXYVEPI I VMHYVVI PI
TVIWWMSRM 0E WIHYXE TY IWWIVI VIKSPEXE MR TVSJSRHMX JMRS E GQ MRSPXVI TSWWMFMPI VIKSPEVI MP KVEHS HM
EHHY^MSRIEFHY^MSRIHIPPIGSWGI
*EGMPMXHYWSIHMVIKSPE^MSRI
%QTMS VERKI HM QMWYVI JEGMPMX HYWS I HM VIKSPE^MSRI 0E JEWGME HYXIRÊ UYIPPE HIM FEQFMRM HM IX GSQTVIWE XVE
QIWM I ERRM - WYTTSVXM PEXIVEPM WSRS GEVEXXIVM^ÊXM HE YRE VIKSPE^MSRI TPYVMEWWMEPI E XVI ZMI TIV GSQTIRWEVI PI
HIJSVQMXQYWGSPSWGLIPIXVMGLIITIVQERXIRIVIYRETSWM^MSRIWIHYXEJYR^MSREPI
(%8-8)'2-'-
(%8-8)'2-'-
1-796% 1-796% 1-796% 1-796% 1-796%
%08)>>%1%77-1%98)28) GQ GQ GQ GQ GQ
%14-)>>%7)(98% GQ GQ GQ GQ GQ

HEGSRM HEGSRM
WYTTSVXM WYTTSVXM
TIPZMGM TIPZMGM
463*32(-8%7)(98% GQ GQ GQ GQ GQ
%08)>>%7',-)2%0)%00)%7')00) GQ GQ GQ GQ GQ
6)'0-2%>-32)7',-)2%0) qq qq qq qq qq
%&(9>-32)%((9>-32)'37') HEqEq HEqEq HEqEq HEqEq HEqEq
463*32(-8%'3140)77-:% GQ GQ GQ GQ GQ
0%6+,)>>%'3140)77-:% GQ GQ GQ GQ GQ
%08)>>%'3140)77-:% GQ GQ GQ GQ GQ
4)73 OK OK /K /K /K
197
,QGL*2
)YREWIHMEIPIKERXIIVEJJMREXEMHIEPITIVEHSPIWGIRXMIEHYPXMWMEEWGYSPEGLIE
GEWE3JJVIEPPSWXIWWSXIQTSMPRIGIWWEVMSGSQJSVXIHMPWYTTSVXSTSWXYVEPI
EXXVEZIVWSHMWGVIXMWYTTSVXMPSQFEVMIXSVEGMGMMRXIKVEXM-PWYSHIWMKRPEVIRHI
EHEXXEEUYEPWMEWMXMTSHMEQFMIRXI
+%00)6-%-11%+-2-

198
()7'6->-32)463(3883
%GGIWWSVMEXE
-RKM+3 TIVWSREPM^ÊFMPI WME RIP GSPSVI &PY S 2IVS WME RIPPI HMQIRWMSRM QMWYVE I -RHMGEXE TIV FEQFMRM GSR
QSHIVEXI RIGIWWMX TSWXYVEPM WSRS HMWTSRMFMPM ZEVM EGGIWWSVM TIV GSVVIKKIVI PEWWIXXS HE WIHYXS 8YXXI PI
VIKSPE^MSRM TSWWSRS IWWIVI JEXXI JEGMPQIRXI WIRÊ PYWS HM EXXVI^^M TEVXMGSPEVM %H IWIQTMS MP JVIRS TY IWWIVI
E^MSREXSHEPPYXIRXIMRQSHSEYXSRSQSWIRÊPEMYXSHMEPGYREVIWMWXIRÊ
4IVWSREPM^ÊFMPI
-P TYRXS GLMEZI TIV PE KIWXMSRI TSWXYVEPI PEVIE TIPZMGE -P WIHMPI EZZSPKIRXI RI KEVERXMWGI MP GSVVIXXS
TSWM^MSREQIRXS (YI M WIHMPM HMWTSRMFMPM WXERHEVH I EZZSPKIRXI - WYTTSVXM XSVEGMGM WSRS VIKSPEFMPM GSR GLMEZI E
FVYKSPE TIV HEVI EPPYXIRXI PE KMYWXE UYERXMX HM WYTTSVXS VMWTIXXS EPPI WYI RIGIWWMX 'SW GSQI MP WYTTSVXS
PSQFEVI GLI GSRWIRXI EP XIVETMWXE HM GEQFMEVI JSVQE EPPS WGLMIREPI SJJVIRHS YR TSWM^MSREQIRXS TM
GSRJSVXIZSPI - FVEGGMSPM WSRS VIKSPEFMPM MR EPXI^Ê I TSWWSRS IWWIVI VMQSWWM UYERHS RSR RIGIWWEVM S TIV JEGMPMXEVI
PISTIVE^MSRMHMXVEWJIVMQIRXS
199
5($/&+,/'
7IHYXETIHMEXVMGEQSHYPEVIWIKYIPEGVIWGMXEITIVQIXXIEFEQFMRMGSRHMWEFMPMX
JYR^MSREPMIGSRRIGIWWMXHMWYTTSVXSTSWXYVEPIHMWIHIVIMRQSHSEXXMZSHEZERXM
EHYRXEZSPS
+%00)6-%-11%+-2-

200
()7'6->-32)463(3883
7IHYXEEXXMZE
0E WIHME TY IWWIVI QERYEPI STTYVI IPIXXVMGE VIKSPEFMPI MR EPXI^Ê IH ERKSPE^MSRI FEWGYPERXI IH LE YRE FEWI
QSPXSGSQTEXXEMPJVIRSE^MSREFMPIEQERSSETIHEPI4SVXEXEQEWWMQEOK
6MGGEHMSTXMSREP
6MWTIXXS EH EPXVM TVSHSXXM WMQMPM TIVQIXXI HM EZIVI YRE TSWXYVE SXXMQEPI KVE^MI EM RYQIVSWM EGGIWWSVM GLI PE
VIRHSRS EHEXXEFMPI ERGLI EPPI IWMKIRÎ TM GSQTPIWWI 4Y EZIVI PS WGLMIREPI FEWWS STTYVI EPXS I M FVEGGMSPM
TSWWSRS IWWIVI S QIRS E GSQTIRWE^MSRI +EVERXMWGI QEWWMQE WXEFMPMX I GSQJSVX 6YSXI HMWTSRMFMPM HE QQ
MRZIVWMSRIWXERHEVHSHEQQIQQGSQISTXMSREP
%QTMSVERKIHMQMWYVIIVIKSPE^MSRM
6IEP QERYEPI IH IPIXXVMGE QMWYVE HIPPE FEWI GQ \ GQ 6IEP QMRM QMWYVE HIPPE FEWI GQ \ GQ %RKSPS
WIHYXE6IEPQERYEPIIHIPIXXVMGE qq
(%8-8)'2-'-
6%2+)(-6)+30%>-32)%08)>>%
78%2(%6(1%29%0) GQ
78%2(%6()0)886-'% GQ
'327)(98%6-&%77%8%1%29%0) GQ
'327)(98%6-&%77%8%)0)886-'% GQ
7)(98% 0%6+,<463* 7',-)2%0)0%6+,< &6%''-30-

,
1-2-%22- \GQ &EWWS\GQ%PXS GQ
\GQ
',-0(%22- \GQ &EWWS\GQ%PXS GQ

\GQ
',-0(%22- \GQ &EWWS\GQ%PXS GQ

\GQ
.92-36%22- \GQ &EWWS\GQ%PXS GQ

\GQ

\GQ

\GQ
201
5($/$'8/7
6)%0%HYPXRSVQEPISGS\MXSZZIVSGSRTMERSHMWIHYXEGSQTSWXSHEHYIQSHYPM
VIKSPEFMPMMRQSHSMRHMTIRHIRXIKEVERXMWGIJYR^MSREPMXUYEPMXIVKSRSQMEI
HIWMKR
+%00)6-%-11%+-2-

202
()7'6->-32)463(3883
6IKSPE^MSRIQERYEPISIPIXXVMGE
0E WIHME TY IWWIVI QERYEPI STTYVI IPIXXVMGE VIKSPEFMPI MR EPXI^Ê IH ERKSPE^MSRI FEWGYPERXI IH LE YRE FEWI
QSPXSGSQTEXXEMPJVIRSE^MSREFMPIEQERSSETIHEPI4SVXEXEQEWWMQEOK
4SWWMFMPMXHMEYXSTVSTYPWMSRI
+VE^MI EPPE FEWI ETIVXE PE WIHYXE 1IVGEHS 6IEP %HYPX GSRWIRXI PEYXSTVSTYPWMSRI GSR M TMIHM 5YIWXS JEGMPMXE KPM
WTSWXEQIRXMWMEMRGEWEGLIMRYJJMGMS
6MGGEHMSTXMSREP
6MWTIXXS EH EPXVM TVSHSXXM WMQMPM TIVQIXXI HM EZIVI YRE TSWXYVE SXXMQEPI KVE^MI EM RYQIVSWM EGGIWWSVM GLI PE
VIRHSRS EHEXXEFMPI ERGLI EPPI IWMKIRÎ TM GSQTPIWWI 4Y EZIVI PS WGLMIREPI FEWWS STTYVI EPXS I M FVEGGMSPM
TSWWSRS IWWIVI S QIRS E GSQTIRWE^MSRI +EVERXMWGI QEWWMQE WXEFMPMX I GSQJSVX 6YSXI HMWTSRMFMPM HE QQ
MRZIVWMSRIWXERHEVH
%QTMSVERKIHMQMWYVIIVIKSPE^MSRM
6IEP EHYPX I GS\MX WME QERYEPI GLI IPIXXVMGE QMWYVE HIPPE FEWI GQ \ GQ ERKSPS WIHYXE 6IEP EHYPX I GS\MX
QERYEPIIHIPIXXVMGE qq
(%8-8)'2-'-
6%2+)(-6)+30%>-32)%08)>>%
78%2(%6(1%29%0) GQ
78%2(%6()0)886-'% GQ
'327)(98%6-&%77%8%1%29%0) GQ
'327)(98%6-&%77%8%)0)886-'% GQ
7)(98% 0%6+,<463* 7',-)2%0)0%6+,< &6%''-30-

,
%(908)'3<-8 \GQ &EWWS\GQ%PXS GQ
\GQ

\GQ

\GQ
%(908 \GQ &EWWS\GQ%PXS GQ

\GQ

\GQ

\GQ
203
-81,
.92-WIKKMSPMRETIHMEXVMGEVIKSPEFMPIMREPXI^ÊTIVFEQFMRMGLIRSRVMGLMIHSRS
YRWYTTSVXSTSWXYVEPIGSQTPIWWS
+%00)6-%-11%+-2-

204
()7'6->-32)463(3883
7IQTPMGIIGSPSVEXE
&IR GSRXIWXYEPM^ÊFMPI E WGYSPE S E GEWE KVE^MI EP HIWMKR KVEHIZSPI LE WIHMPI I WGLMIREPI EZZSPKIRXM TIV
TVSQYSZIVI YR EWWIXXS TSWXYVEPI GSVVIXXS GSQJSVX WXEFMPMX I WMGYVI^Ê 0S WGLMIREPI VIGPMREFMPI PE WIHYXE
VIKSPEFMPI MR TVSJSRHMX M FVEGGMSPM I PI KEQFI WSRS VIKSPEFMPM MR EPXI^Ê -R ZIVWMSRI WXERHEVH TVIZIHI PE GMRXYVE
TIPZMGE
'EVEXXIVMWXMGLI
.YRM VIKSPEFMPI MR EPXI^Ê LE WIHMPI I WGLMIREPI EZZSPKIRXM WGLMIREPI VIGPMREFMPI GSR WYTTSVXS PSQFEVI I GMRXYVE
TIPZMGE
%GGIWWSVM
%QTME KEQQE HM EGGIWWSVM XVE GYM TIHERI WGSVVIZSPM QERMKPME HM WTMRXE VIKSPEFMPI MR EPXI^Ê XEZSPS VIQSZMFMPI
JMERGLIXXMPEXIVEPMMQFSXXMXMFVIXIPPEKKMSETYRXMHMZEVMGEXSVIFEWIGSRIWIRÊVYSXIXEZSPSVIKSPEFMPI
(%8-8)'2-'-
(%8-8)'2-'-
1-796% %08)>>% 0%6+,)>> 463*32(- %08)>>% %2+303 4368%8%
% 8 7',-)2%0 7',-)2%0 1%77-1%
) )
GQ GQ GQ GQ OK

GQ GQ GQ GQ OK

GQ GQ GQ GQ OK

GQ GQ GQ GQ OK

(%8-8)'2-'-
1-796% %08)>>% 0%6+,)>>%092+,)>> 463*32(-8
8%:303 %
GQ GQ GQ
GQ GQ GQ
205
%522.),(/'
&VSSOJMIPHYREWIKKMSPMREVSFYWXETIVMFEQFMRMETEVXMVIHEPPIXHMERRMGLI
VMGLMIHSRSYRQSHIVEXSWSWXIKRSTSWXYVEPI-PWYSHIWMKRMRPIKRSWMEHEXXEWMEEH
EQFMIRXMWGSPEWXMGMGLIEGEWE
+%00)6-%-11%+-2-

206
()7'6->-32)463(3883
(IWMKR2EXYVEPI
&VSSOJMIPH GSQTVIRHI WGLMIREPI I WIHMPI WEKSQEXS GMRKLME TIPZMGE I EPXI^Ê FVEGGMSPM VIKSPEFMPI PEPXI^Ê HIP
WIHMPIIPETVSJSRHMXTSWWSRSIWWIVIVIKSPEXMTIVTIVQIXXIVIMPQMKPMSVITSWM^MSREQIRXSTSWWMFMPI
'EVEXXIVMWXMGLI
7IHYXE VIKSPEFMPI MR EPXI^Ê IH MR TVSJSRHMX TSWWMFMPMX HM WGIPXE XVE WGLMIREPI EPXS S FEWWS HMWTSRMFMPI MR
HMJJIVIRXMQMWYVIIHMJJIVIRXMGSPSVM
8ERXMWWMQMEGGIWWSVM
&VSSOJMIPH HMWTSRI HM YREQTME KEQQE HM EGGIWWSVM XVE GYM MQFSXXMXYVE TIV WGLMIREPI EPXS GYWGMRIXXM TIV VMHYVVI PE
PEVKLI^Ê HIPPE WIHYXE GYWGMRIXXM TIV WYTTSVXS XVSRGS FVIXIPPEKKMS TYRXM FVIXIPPEKKMS E KMPIX JIVQE KMRSGGLME
GMRXYVE MRKYMREPI GYWGMRIXXS PSQFEVI GYWGMRIXXS WEGVEPI FEWI (SPP] TIHERE GSR WERHEPMRM TIHERE VIKSPEFMPI MR
EPXI^ÊHMZEVMGEXSVIXEZSPMRS
(%8-8)'2-'-
(%8-8)'2-'-
1-796% %08)>>% 0%6+,)>>% 463*32(-8 %08)>>% 4368%8%
7',-)2%0)
7& QQ QQ QQ QQ /+
7% QQ QQ QQ QQ /+
7& QQ QQ QQ QQ /+
7% QQ QQ QQ QQ /+
7& QQ QQ QQ QQ /+
7& QQ QQ QQ QQ /+
7% QQ QQ QQ QQ /+
7% QQ QQ QQ QQ /+
207
+($7+),(/'
,IEXLJMIPHYREWIKKMSPMREWIQTPMGITIVFEQFMRMGLIVMGLMIHSRSYRWYTTSVXS
QSPXSGSRXIRYXS7XVYXXYVEXEMRPIKRSVIKSPEFMPIMREPXI^ÊGSQTSVXEPETTSKKMS
HIMTMIHMEXIVVEWSRSGSQYRUYIHMWTSRMFMPMHMJJIVIRXMQSHIPPMHMTIHERIXEPMHE
WYTTSVXEVIHMZIVWIITMGSQTPIWWIRIGIWWMXTSWXYVEPM
+%00)6-%-11%+-2-

208
()7'6->-32)463(3883
'EVEXXIVMWXMGLI
0E WIHYXE ,IEXLJMIPH VIKSPEFMPI MR EPXI^Ê I MR TVSJSRHMX UYIWXS GSRWIRXI HM WIKYMVI PE GVIWGMXE HIP FMQFS I
EZIVIYRGSVVIXXSTSWM^MSREQIRXSHMWTSRMFMPIMRHMJJIVIRXMQMWYVITIVFEQFMRMHEMQIWMJMRSEPPIXEHYPXE
%GGIWWSVM
,IEXLJMIPH HMWTSRI HM YREQTME KEQQE HM EGGIWWSVM XVE GYM MQFSXXMXYVE TIV WGLMIREPI EPXS GYWGMRIXXM TIV VMHYVVI PE
PEVKLI^Ê HIPPE WIHYXE FVIXIPPEKKMS TYRXM FVIXIPPEKKMS E KMPIX JIVQE KMRSGGLME GMRXYVE MRKYMREPI GYWGMRIXXS
PSQFEVI GYWGMRIXXS WEGVEPI FEWI (SPP] TIHERE GSR WERHEPMRM TIHERE VIKSPEFMPI MR EPXI^Ê HMZEVMGEXSVI XEZSPMRS
XEZSPMRSGSRGSVVMQERSHMWTSRMFMPIWSPSTIV,IEXLJMIPHGSRFVEGGMSPMJMWWM
(%8-8)'2-'-
(%8-8)'2-'-
1-796% %08)>>% 0%6+,)>>% 463*32(-8 %08)>>%
7',-)2%0) 7',-)2%0)
QQ QQ QQ QQ
QQ QQ QQ QQ
QQ QQ QQ QQ
QQ QQ QQ QQ
QQ QQ QQ QQ
QQ QQ QQ QQ
209
7$92/,60,57+:$,7(
8EZSPMVIKSPEFMPMMREPXI^ÊHMWIKREXMMRQSHSHEMRGSVEKKMEVIPIWXIRWMSRIHIP
XVSRGSIPEGUYMWM^MSRIQERXIRMQIRXSHMYRETSWXYVEGSVVIXXE%FFMREFMPMEXYXXI
PIWIKKMSPMRI7QMVXL[EMXI
+%00)6-%-11%+-2-

210
()7'6->-32)463(3883
*YR^MSREPIIEGGEXXMZERXI
8EZSPM HEP HIWMKR KVEHIZSPI VETTVIWIRXERS ERGLI YRS WXVYQIRXS TIV MP KMSGS I TIV MP PEZSVS - XEZSPM LERRS TMERS
VIXXERKSPEVIGSRMRGEZSIVKSRSQMGS(MWTSRMFMPMMRHYIQMWYVITSWWSRSIWWIVIGSRSWIRÊVYSXI
1SHIPPM
7XYH] HIWO I MP XEZSPS MRGPMREFMPI WSRS IRXVEQFM VIKSPEFMPM MR EPXI^Ê I MRGPMRE^MSRI TIV TIVQIXXIVI EP FEQFMRS HM
TEVXIGMTEVI EPPI HMZIVWI EXXMZMX RIPPEVGS HIPPE KMSVREXE 7XYH] (IWO HSXEXS HM YR EQTMS WTE^MS TIV VMTSVVI PMFVM I
KMSGEXXSPM -P XEZSPS EGXMZMX] LE YRE FEWI MR EGGMEMS VIKSPEFMPI MR EPXI^Ê TIV KEVERXMVI YRE FYSRE TSWXYVE TY IWWIVI
JEGMPQIRXIVMTMIKEXSTIVVMHYVVIKPMMRKSQFVMIJEGMPMXEVIPEXVEWTSVXEFMPMX
(%8-8)'2-'-
8%:3037)2>%6938)
(%8-8)'2-'-
1-796% 6%2+)%08)>>% 463*32(-8 0%6+,)>>%
QQ QQ QQ
QQ QQ QQ
8%:303'326938)
(%8-8)'2-'-
1-796% 6%2+)%08)>>% 463*32(-8 0%6+,)>>%
QQ QQ QQ
QQ QQ QQ
211
3$92/2
&ERGSWYQMWYVETVSKIXXEXSWIGSRHSGVMXIVMWGMIRXMJMGM7SRSTSWWMFMPMHMZIVWI
GSQFMRE^MSRMHEPXI^ÊIHMRGPMRE^MSRITIVEGGSQTEKREVIPEGVIWGMXEHIPPS
WXYHIRXIHYVERXIPMRXIVSTIVGSVWSJSVQEXMZS
+%00)6-%-11%+-2-

212
()7'6->-32)463(3883
)VKSRSQMGS
0EPXI^Ê VIKSPEFMPI WIGSRHS PI QMWYVI WXYHMEXI HE YR 'IRXVS HM VMGIVGE -RXIVYRMZIVWMXEVMS 0E VIKSPE^MSRI
ERXVSTSQIXVMGEHIPPEPXI^ÊTIVQIXXIHMWGVMZIVIQERXIRIRHSYREGSWXERXITSWXYVEGSVVIXXE
6IKSPEFMPI
,E WIM VIKSPE^MSRM HMRGPMRE^MSRI TIV PI HMZIVWI EXXMZMX TIVQIXXIRHS HM QERXIRIVI PE WGLMIRE HVMXXE I PMFVM
I UYEHIVRM EH YRE HMWXERÊ GSVVIXXE (MWTSRI HM WTMKSPM EVVSXSRHEXM WGEREPEXYVE TIV MQTIHMVI PE GEHYXE HIP
QEXIVMEPIHYWSQEXMXITIRREVIPPMIGG WYTIVJMGMIQEKRIXMGEITMIHMRMERXMWGMZSPS
%GGIWWMFMPI
0YRMGE KEQFE GIRXVEPI MP TMERS WXSRHEXS I PE VIKSPE^MSRI QMPPMQIXVMGE HIP FERGS GSRWIRXSRS YR JEGMPI
EGGIWWSGSRPEGEVVS^^MREIHMPVEKKMYRKMQIRXSHIPPEQMKPMSVITSWXYVETSWWMFMPI
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%&%7) GQ
463*32(-8%&%7) GQ
0%6+,)>>%794)6*-'-)8%:303 GQ
463*32(-8%794)6*-'-)8%:303 GQ
0%6+,)>>%6-)286%2>% GQ
463*32(-8%6-)286%2>% GQ
%08)>>%(%8)66% HEEGQ
-2'0-2%>-32)8%:303 HEqEq
0%6+,)>>%'3140)77-:% GQ
%08)>>%'3140)77-:% GQ
4)73 OK
213
7$92/,9,6,21
)PEPMRIETMMRRSZEXMZEIJYR^MSREPIHMXEZSPMIVKSRSQMGMTIVMPPEZSVSPEPIXXYVEPE
GEWEPEWGYSPE
+%00)6-%-11%+-2-

214
()7'6->-32)463(3883
)VKSRSQME,M8IGL
+PM ERKSPM WSRS EVVSXSRHEXM IH TSWWMFMPI WGIKPMIVI JVE YRE ZEWXE KEQQE HM GSPSVM -P TMERS HM PEZSVS TY IWWIVI
JMWWS MRGPMREFMPI q MRGPMREFMPI E HIWXVE E WMRMWXVE EP GIRXVS S GSR TMERS GSQFMREXS EGGIWWSVMEFMPI GSR
WYTTSVXS QEKRIXMGS VMKLIPPS WYTTSVXM EWTSVXEFMPM TIV EVXM WYTIVMSVM TIV JEGMPMXEVI PEGGIWWMFMPMX EPPEVIE HM PEZSVS I
KEVERXMVIYRETSWXYVEGSVVIXXE0IVYSXMRIEWGSQTEVWEVMWTIXXERSPIRIGIWWMXHMQSZMQIRXE^MSRIIHMHIWMKR
6IKSPE^MSRIQERYEPISIPIXXVMGE
0E VIKSPE^MSRI HIPPEPXI^Ê TY IWWIVI QERYEPI S IPIXXVMGE I WM TY WGIKPMIVI JVE YRE VIKSPE^MSRI HE E GQ
STTYVIHEEGQ
(%8-8)'2-'-
(%8-8)'2-'-
(-1)27-32- \\\\\\GQ
%08)>>% GQ GQ
'3036- &MERGSKVMKMSGLMEVSIWGYVSVSWEVSWWSFPYE^^YVVSZIVHI
1%8)6-%0) PEQMREXS
-2'0-2%>-32) q
4-%23 *MWWSMRGPMREFMPIGSQFMREXS
215
7$92/,(5*2
-PXEZSPS)VKSHEPEZSVSIHEPIXXYVEHMWTSRMFMPIWMEGSRTMERSJMWWSGLIGSR
TMERSMRGPMREFMPIJMRSEq
+%00)6-%-11%+-2-

216
()7'6->-32)463(3883
)VKSRSQMEIWXMPI
VIKSPEFMPI QERYEPQIRXI MR EPXI^Ê HE E GQ XVEQMXI YRE QERSZIPPE RSR TVIWIRXE EPGYRE FEVVMIVE RIPPE
TEVXI WSXXSWXERXI TIV YREWWSPYXE PMFIVX HM EGGIWWS -P XIPEMS KVMKMS WGYVS IVKSRSQMGS HMWTSRMFMPI GSR TMERS MR
PEQMREXS KVMKMS GLMEVS (MZIVWM M QSHIPPM HIP TMERS YRMGS JMWWS YRMGS GSR MRGPMRE^MSRI TMERS GSQFMREXS JMWWS I
MRGPMREFMPI E HIWXVE GIRXVEPI STTYVI E WMRMWXVE 8VE KPM EGGIWWSVM WSRS HMWTSRMFMPM FEVVE QEKRIXMGEVYSXI GSR
JVIRS WYTTSVXS ERXMFVEGLMEPI TSVXETIRRI I TSVXEVMZMWXE -P QSHIPPS +VSYT HMWTSRMFMPI WSPS GSR TMERS JMWWS SJJVI
YREQEKKMSVIWYTIVJMGMIHETTSKKMS\GQ\I\
(%8-8)'2-'-
(%8-8)'2-'-
)6+3
%08)>>% GQ
(-1)27-32- \GQ\GQ\GQ\\GQ
-2'0-2%>-32) q
217
02%,/,$
%YWMPMSWXYHMEXSTIVMPTSWM^MSREQIRXSHMYRYXIRÊGSRKVEZMTVSFPIQMQSXSVMI
QYWGSPSWGLIPIXVMGMTIVPEUYEPIMQTSWWMFMPIPETSWM^MSRIWIHYXE7MGSRJMKYVE
GSQIGYPPETSWXYVEPIJEZSVIRHSQSPXIHIPPIJYR^MSRMUYSXMHMERIIHMPQSQIRXSHIP
VMTSWS
+%00)6-%-11%+-2-

218
()7'6->-32)463(3883
9REGYPPEZIVWEXMPI
0E ZIVWMSRI 18 QERYEPI QIRXVI PE 18 XVEQMXI TYPWERXMIVE TIVQIXXI PE VIKSPE^MSRI IPIXXVMGE HIPPEPXI^Ê I
HIPPERKSPS HIPPS WGLMIREPI JEGMPMXERHS MP PEZSVS HM EWWMWXIRÊ HIKPM STIVEXSVM 0E WXVYXXYVE HSXEXE HM VYSXI I
QERMKPME HM WTMRXE IH EGGSKPMI YR GYWGMRS TSWXYVEPI PI GYM GEVEXXIVMWXMGLI HIRWMX JSVQE WM HIJMRMWGSRS MR
JYR^MSRI HIPPE TEXSPSKME I HIPPI RIGIWWMX HIPPYXMPM^ÊXSVI HMWTSRMFMPI MR ZIVWMSRI WXERHEVH GSR S WIRÊ TVSPYRKE
TMIHM
'YWGMRMTIVHMZIVWIIWMKIRÎ
- GYWGMRM TSWWSRS IWWIVI HM HYI XMTSPSKMI 891&0) S (3403 TIV WMXYE^MSRM TM HIPMGEXI GLI VMGLMIHSRS QEKKMSVI
ZIVWEXMPMXMRSPXVIHMWTSRMFMPIYREZEWXEKEQQEHMGYWGMRMHMZEVMIJSVQITIVTIVWSREPM^Ê^MSRMWYPPETSWXYVE
(%8-8)'2-'-
(%8-8)'2-'-
18 18
092+,)>>%'1%29&6-3(-74-28% QQ QQ
092+,)>>%71%29&6-3(-74-28%)74)(%2% QQ
0%6+,)>>% QQ QQ
794)6*-'-)(-%443++-3 QQ
%08)>>%1%<'327',-)2%0)'1%29&6-3 % QQ QQ

q
%08)>>%1%<'327',-)2%0)%q7)2>% QQ
'97'-23
%08)>>%1-2-1%7)2>%'97'-23 QQ
%08)>>%1-2-1%7)2>%1%29&6-3 QQ
%08)>>%1-2-1%'321%29&6-3 QQ QQ
%08)>>%1%<794)6*-'-)(-%443++-3 QQ
%08)>>%1-2-1%794)6*-'-)(-%443++-3 QQ
4)73838%0)7)2>%'97'-234)(%2% OK OK
4)731%77-1398)28) OK OK
(-%1)8636938)%28)6-36- QQ QQ
(-%1)8636938)4378)6-36- QQ QQ
4-7832)4)6&%7'90%>-32) 2
4-7832)4)66)+30%>-32)%08)>>% 2
%889%836)4)6&%7'90%>-32)7',-)2%0) 2
0-2%/0%
%889%836)4)66)+30%>-32)%08)>>%0-2%/ 2
0%
&03''3&%88)6-)0-2%/'& :
'%6-'%836)-27)6-832)0&03''3&%88)6-% ::
'300)+%6)%46)7%
219
220
4%77)++-2-
221
80%5(//$
5YIWXSTEWWIKKMRSGSQTPIXEQIRXIGLMYHMFMPIPMHIEPITIVGLMRIGIWWMXEHMYR
HMWTSWMXMZSPIKKIVSHMWIQTPMGIKIWXMSRIGLIKEVERXMWGEYRHMWGVIXSWYTTSVXS
TSWXYVEPI
+%00)6-%-11%+-2-

222
()7'6->-32)463(3883
0IKKIVS
9QFVIPPE WM TY GSQTPIXEQIRXI VMTMIKEVI GSR YRE WSPE QERSZVE TIV VMHYVVI KPM MRKSQFVM I JEGMPMXEVI MP XVEWTSWXS MR
EYXS-PTEWWIKKMRSLEYRTIWSGSQTPIWWMZSHMWSPMOKIWXVIQEQIRXIEKMPIIQERIKKIZSPI
(SXE^MSRIHMFEWI
) HSXEXS MR ZIVWMSRI WXERHEVH HM XYXXM M WYTTSVXM TSWXYVEPM RIGIWWEVM E KEVERXMVI YR TIVJIXXS GSQJSVX GSW GSQI HM
XYXXM KPM EGGIWWSVM GETTSXXMRE TEVETMSKKME GETTSXXMRE TEVEWSPI WEGGS E TIPS IGG (MWTSRMFMPI MR YRE WSPE QMWYVE
7MEPEWIHYXEGLIPSWGLMIREPIWSRSJEGMPMHEVIKSPEVIMREPXI^ÊIPEVKLI^Ê
'EVEXXIVMWXMGLI
&EWI TMIKLIZSPI GSR WXVYXXYVE MR EGGMEMS I EPPYQMRMS TIHERE VIKSPEFMPI MR EPXI^Ê VYSXI ERXIVMSVM TMVSIXXERXM GSR
WMWXIQEHMWKERGMSVETMHSTSKKMEXIWXEVIKSPEFMPIMREPXI^ÊGYRISHMZEVMGEXSVIHMWTSRMFMPIMRZIVHISMRFPY
(%8-8)'2-'-
(%8-8)'2-'-
91&6)00% 1-796%
463*32(-8%7)(98% GQ
0%6+,)>>%7)(98% GQ
%08)>>%4)(%2% GQ
%08)>>%7',-)2%0) GQ
6)'0-2%>-32)7',-)2%0) q
-2+31&63838%0)0%6+,)>>% GQ
-2+31&63838%0)092+,)>>% GQ
%08)>>%838%0)4%77)++-23 GQ
-2+31&63(%',-973 \\GQ
6938)%28)6-36- GQ
6938)4378)6-36- GQ
4)73 OK
4368%8%1%< OK
223
-81,25
4EWWIKKMRSTIVSKRMIWMKIRÊTSMGLXYXXMKPMIPIQIRXMHMTSWM^MSREQIRXSIKPM
EGGIWWSVMWSRSMRGPYWMRIPPEZIVWMSRIWXERHEVH
+%00)6-%-11%+-2-

224
()7'6->-32)463(3883
%GGSKPMIRXI
.YRMSV GEVEXXIVM^ÊXS HE YR EGGSKPMIRXI I VIWMWXIRXI QSHYPS TSWXYVEPI I HE YRE FEWI EQQSVXM^ÊXE
GSQTPIXEQIRXI EFFEXXMFMPI 0S WGLMIREPI MQFSXXMXS VIGPMREFMPI IH MRGPYHI YR TSKKMEXIWXE EZZSPKIRXI 4IV
EYQIRXEVIMPGSQJSVXWSRSHMWTSRMFMPMGSRXIRMQIRXMJIQSVEPMITIVMPXVSRGS
%QQSVXM^ÊXSIEGGIWWSVMEXS
0I VYSXI ERXIVMSVM TMVSIXXERXM TSWWSRS IWWIVI FPSGGEXI TIV EJJVSRXEVI XIVVIRM EGGMHIRXEXM PI VYSXI TSWXIVMSVM HSXEXI
HM WSWTIRWMSRM WSRS JEGMPQIRXI IWXVEMFMPM IH TVIWIRXI YR YRMGS JVIRS TIV IRXVEQFI 0I QERMKPMI HM WTMRXE WSRS
VIKSPEFMPM MR MRGPMRE^MSRI MRSPXVI TVIWIRXI YR FVIXIPPEKKMS E TYRXM (SXE^MSRI WXERHEVH GSR GETTSXXMRE TEVEWSPI
WEGGSETIPSMRZIVREPITEVETMSKKMEWEGGETSVXESKKIXXM
'EVEXXIVMWXMGLI
&EWI TMIKLIZSPI GSR WXVYXXYVE MR EGGMEMS IH EPPYQMRMS WGLMIREPI VIGPMREFMPI VIKSPEFMPI MR EPXI^Ê I
PEVKLI^Ê WIHYXE VIKSPEFMPI MR PEVKLI^Ê I TVSJSRHMX WYTTSVXM PEXIVEPM TIV XVSRGS I FEGMRS VIKSPEFMPM MR PEVKLI^Ê
7IHYXE MRXIVWGEQFMEFMPI GSR TSWWMFMPMX HM KYMHE JVSRXI QEQQE S JVSRXI WXVEHE TIHERE VIKSPEFMPI MR
EPXI^Ê MQTYKREXYVE VIKSPEFMPI MR MRGPMRE^MSRI VYSXI ERXIVMSVM TMVSIXXERXM GSR WMWXIQE HM WKERGMS VETMHS VYSXI
TSWXIVMSVM EQQSVXM^ÊXI GSR WMWXIQE HM WKERGMS VETMHS TSKKMEXIWXE VIKSPEFMPI MR EPXI^Ê %GGIWWSVM MR
GSJMKYVE^MSRITVSXI^MSRIERXIVMSVIFVIXIPPEKKMSEKMPIXIGYRISHMZEVMGEXSVIGSPSVMHMWTSRMFMPMZIVHISFPY
(%8-8)'2-'-
(%8-8)'2-'-
.92-36 1-796%
463*32(-8%7)(98% GQ
0%6+,)>>%7)(98% GQ
%08)>>%4)(%2% GQ
%08)>>%7',-)2%0) GQ
6)'0-2%>-32)7',-)2%0) HEqEq
-2+31&63838%0)0%6+,)>>% GQ
-2+31&63838%0)092+,)>>% GQ
%08)>>%838%0)4%77)++-23 GQ
-2+31&63(%',-973 \\GQ
6938)%28)6-36- GQ
6938)4378)6-36- GQ
4)73 OK
4368%8%1%< OK
225
6:,)7<
-HIXXEKPMVIRHSRSYRMGSUYIWXSTEWWIKKMRSHSXEXSHMYREWIHYXEIYRSWGLMIREPI
WSPMHMTIVYRETSWXYVEWXEFMPI0IKKIVSQERIKKIZSPIJEGMPIHEGLMYHIVIVIKSPEVI
ITYPMVIMHIEPITIVYREZMXEEXXMZE7GLMIREPIVIGPMREFMPITIHEREVMFEPXEFMPIWIHMPI
VIKSPEFMPIMRTVSJSRHMX
+%00)6-%-11%+-2-

226
()7'6->-32)463(3883
1ERIKKIZSPIIEGGIWWSVMEFMPI
8VE KPM EGGIWWSVM TSWXYVEPM GYRIS EFHYXXSVI GMRXYVI I FVIXIPPEKKM WYTTSVXM TIV MP XVSRGS I TIV MP GETS FEVVE HM
TVSXI^MSRIGIWXMRSXEZSPMRSGETTSXXETEVEWSPIITMSKKME
%HEXXEFMPIERGLIEMTMTMGGSPM
4SWWMFMPMXHMMRWIVMVIYRVMHYXXSVIHMWIHYXETIVEGGSKPMIVIERGLIMFEQFMRMTMTMGGSPM
(%8-8)'2-'-
(%8-8)'2-'-
1-796))4)7-
463*32(-8%7)(98% GQ
0%6+,)>>%7)(98% GQ
%08)>>%7',-)2%0) GQ
092+,)>>%8-&-%0) GQ
%2+30%>-32)%2'% HEqEq
%2+30%>-32)4)(%2% q
6938)%28)6-36-
6938)4378)6-36-
6)'0-2%>-32) q
(-1)27-32-4)(%2% \GQ
(-1)27-32-838%0- \\GQ
(-1)27-32-4-)+%83 \\GQ
%08)>>%1%2-+0-%(-74-28% GQ
4368%8% OK
4)73 OK
227
W5,'(
4EWWIKKMRSTVSKIXXEXSTIVWIQTPMJMGEVIPEUYSXMHMERMXWIRÊGSQTVSQIXXIVIPE
JYR^MSREPMXIHMPGSQJSVX
+%00)6-%-11%+-2-

228
()7'6->-32)463(3883
(IWMKR
(YIMQSHYPMYREFEWIGSRVYSXIERXIVMSVMTMVSIXXERXMGSRFPSGGSYRMHMVI^MSREPI IHYRWMWXIQEHMTSWXYVE(IWMKR
4EGOEKIHMWTSRMFMPIMRHMZIVWMGSPSVMVSWEZIHIIKVMKMS -PQSHYPSTSWXYVEPIVYSXEFMPIHMqJVSRXIQEQQE
IJVSRXIWXVEHE IHYXMPM^ÊFMPIWYHMZIVWIFEWMTIVIWXIVRSITIVMRXIVRS
'SQTEXXS
0EFEWIWMTYGSQTPIXEQIRXIVMTMIKEVITIVVMHYVVIKPMMRKSQFVMIJEGMPMXEVIMPXVEWTSVXSMREYXS
6IKSPEFMPI
8YXXI PI VIKSPE^MSRM WM TSWWSRS IJJIXXYEVI MR QSHS VETMHS I WIQTPMGI GSR YRE WSPE QERS TSWWMFMPI
VIKSPEVI PERKSPS HM WIHYXE STTYVI IWXVEVVI MP WMWXIQE HM TSWXYVE HEP XIPEMS 4SKKMEXIWXE VIKSPEFMPI WGLMIREPI
VIGPMREFMPIWIHYXEVIKSPEFMPIMRPEVKLI^ÊITVSJSRHMXVIEPM^ÊFMPIWIRÊPEYWMPMSHMEPGYREXXVI^^S
(%8-8)'2-'-
(%8-8)'2-'-
437896% 1-796% 1-796%
463*32(-8%7)(98% GQ GQ
0%6+,)>>%7)(98% GQ GQ
%08)>>%7',-)2%0) GQ GQ
%08)>>%838%0)7-78)1%(-437896% GQ GQ
%2+303&%'-23 HEqEq HEqEq
%2+3034-)(- HEqEq HEqEq
6)+30%>-32)-2%08)>>%&6%''-30- GQ GQ
(-1)27-32-&6%''-30-0%6+,)>>%\%08)>>% \GQ \GQ
(-1)27-32-4)(%2%0%6+,)>>%\ \GQ \GQ

463*32(-8%
-2+31&63838%0)092+\0%6+\%08 \\GQ \\
-2+31&63(%',-9737)2>%4)(%2% \\GQ \\GQ
4)73838%0)7-78)1%(-437896% /K /K
4368%8%1%77-1% /K /K
8)0%-3
&%7'90%>-32) HEqEq HEqEq
%08)>>%1%2-+0-%(-74-28% GQ GQ
-2+31&63838%0)092+\0%6+\%08 \\GQ \\GQ
6938)%28)6-36-
6938)4378)6-36-
4)73 OK OK
4368%8%1%< OK OK
-2+31&638)0%-37-78)1%(-437896% \\GQ \\GQ
-2+31&63(%',-9738)0%-37-78)1%(- \\GQ \\GQ

437896%
229
($6<6
)%7]7TEWWIKKMRSTSWXYVEPITMIKLIZSPIGEVEXXIVM^ÊXSHEPQIGGERMWQSHM
WPMXXEQIRXSFVIZIXXEXSIGIVXMJMGEXS&EPERGI7EJIX]7]WXIQ&77o MTYRXMGEVHMRI
TIVPEVIKSPE^MSRIHIPPERKSPSHIPPIERGLIIHIPPIKMRSGGLMEWSRSJMWMSPSKMGEQIRXI
TSWM^MSREXMTIVIWWIVITEVEPPIPMEPGSVVIXXSEWWIHMQSZMQIRXS
+%00)6-%-11%+-2-

230
()7'6->-32)463(3883
7XEFMPMXIWMGYVI^Ê
5YERHS PYRMX TSWXYVEPI WGMZSPE MR EZERXM MR JEWI HM VIGPMRE^MSRI MP FEVMGIRXVS VMQERI WIQTVI EPPMRXIVRS HIPPI
UYEXXVS VYSXI KEVERXIRHS YRE QEKKMSVI WMGYVI^Ê I WXEFMPMX GSQTPIWWMZE -P WMWXIQE HM JMWWEKKMS GPMGO JM\
TIVQIXXI HM EKKERGMEVI PE WIHYXE EP XIPEMS S VMPEWGMEVPE MR QSHS WIQTPMGI I VETMHS WIRÊ WJSV^M HE TEVXI HIP
KIRMXSVI-PQSHYPSTSWXYVEPIVYSXEFMPIHMqIHYXMPM^ÊFMPIWYHMZIVWIFEWMTIVIWXIVRSITIVMRXIVRS
&EWIHEIWXIVRSEGGIWWSVMEXE
0E FEWI HE IWXIVRM MR EPPYQMRMS HSXEXE HM QERMKPME HM WTMRXE VIKSPEFMPI MR EPXI^Ê JVIRS E TIHEPI VYSXI ):%
TMVSIXXERXMSJMWWIGIWXMRSVIQSZMFMPIHMWTSWMXMZSHMFEWGYPEQIRXSWSWTIRWMSRMEHMZIVWEVIWMWXIRÊHMWEXXMZEFMPM
4VIZIHI YRYRMX TSWXYVEPI GSR &EPERGI 7EJIX] 7]WXIQ &77o ERKSPE^MSRI JMWMSPSKMGE HIPPEVXMGSPE^MSRI HM ERGLI
I KMRSGGLME XIWWYXS XVEWTMVERXI GSR WXVMWGI GEXEVMJVERKIRXM GMRXYVE TIPZMGE JMERGLIXXM PEXIVEPM VIKSPEFMPM MR
ERKSPE^MSRIWGLMIREPIVIKSPEFMPIMREPXI^ÊIVIGPMREFMPIWIHYXEVIKSPEFMPIMRTVSJSRHMX
(%8-8)'2-'-
(%8-8)'2-'-
92-8%437896%0))%7=7 7->) 7->)
463*32(-8%7)(98% GQ GQ
0%6+,)>>%7)(98% GQ GQ
%08)>>%7',-)2%0) GQ GQ
092+,)>>%8-&-%0) GQ GQ
6)'0-2%>-32)7',-)2%0) q q
(-1)27-32-4)(%2% \GQ \GQ
(-1)27-32-+03&%0- \\GQ \\GQ
(-1)27-32-4-)+%8% \\GQ \\GQ
4368%8% OK OK
4)73 OK OK
8)0%-3(%)78)62- 8)0%-3% 8)0%-3%
&%7'90%1)283 (EqEq (EqEq
%08)>>%7)(98% GQ GQ
(-1)27-32-838%0-'3292-8%437896%0) \\GQ \\GQ
(-1)27-32-4-)+%83'3292-8%437896%0) \\GQ <<GQ
%08)>>%1%2-+0-%(-74-28% GQ GQ
6938)4378)6-36-
6938)%28)6-36-4-63)88%28-
4)737)2>%92-8%437896%0) /K /K
4368%8%1%<-2'092-8%437896%0) /K /K
231
%$6,08/7,)81=,21$/,
9REPMRIEGSQTPIXEHMFEWMQYPXMJYR^MSREPMHEMRXIVRSTIVXYXXIPIIWMKIRÎGLI
GSQTVIRHIPEPMRIE5,M0S[I>7XERHEVHIRXVEQFIHMWTSRMFMPMMRHYIQMWYVI
-HIEPMTIVPERGSVEKKMSHMQSPXITPMGMWMWXIQMHMTSWXYVE
+%00)6-%-11%+-2-

232
()7'6->-32)463(3883
&EWMZIVWEXMPM
0I FEWM HE MRXIVRM 8SQEWLMPJIR TIVQIXXSRS PERGSVEKKMS HM HMZIVWM WMWXIQM HM WIHYXI 2EWGSRS TIV EGGSKPMIVI M
WMWXIQM HM WIHYXE 8SQEWLMPJIR I VIRHSRS WIQTPMGI MP PSVS XVEWJIVMQIRXS XVE PE FEWI HE MRXIVRS I PE FEWI HE IWXIVRS
EWIGSRHEHIPPIRIGIWWMXHIPPYXIRÊ
%GEWEIEWGYSPE
+VE^MI EPPEQTME TSWWMFMPMX HM VIKSPE^MSRI HIPPI FEWM HE MRXIVRS MP FEQFMRS TY IWWIVI WIQTVI WIHYXS EPPE KMYWXE
EPXI^ÊHEMXEZSPMTMFEWWMHIPPEWMPSEUYIPPMHMGEWE
5,M0S[
2IPPE ZIVWMSRI 5 LMPS[ PIPIZE^MSRI HIPPE WIHYXE JEGMPQIRXI VIKSPEFMPI XVEQMXI YR TMWXSRI E KEW ERGLI UYERHS MP
FEQFMRS WIHYXS RIPPYRMX TSWXYVEPI TVSZZMWXE HM VYSXI TMVSIXXERXM HM GYM HYI GSR JVIRS %RGLI MP
FEWGYPEQIRXSHIPPYRMXTSWXYVEPIVIKSPEFMPIXVEQMXITMWXSRIEKEW
>7XERHEVH
2IPPEZIVWMSRI>WXERHEVHPEFEWIVIKSPEFMPIMREPXI^ÊQIGGERMGEQIRXIIHMWTSRIHMVYSXITMVSIXXERXM
(%8-8)'2-'-
(%8-8)'2-'-
&%7-(%-28)623 5,-03; >78%2(%6(
1-796% 1-796% 1-796% 1-796%
&%7'90%1)283 (EqEq (EqEq (EqEq (EqEq
-2'097%92-8%437896%0) GQ GQ GQ GQ
(-1)27-32- \\GQ \\GQ \ \ \ \

GQ GQ
(-1)27-32-4-)+%83 \\GQ \\GQ
%(%88%836)%08)>>% GQ GQ
6938)%28)43784-63)88%28-
4368%8% OK OK OK OK
4)737)2>%92-8%437896%0) OK OK OK OK
233
81,52//(5
YRTEWWIKKMRSEPXEQIRXIJPIWWMFMPIIPIKKIVSGSRYREFEWIWSPMHEEHEXXEEPPE
UYEWMXSXEPMXHIMWMWXIQMHMWIHYXEWYPQIVGEXS
+%00)6-%-11%+-2-

234
()7'6->-32)463(3883
0IKKIVSIZIVWEXMPI
0E ZIVWMSRI FEWI HM 9RM6SPPIV GSR PE XIPE TIWE GMVGE OK IH JEGMPQIRXI VMHYGMFMPI TIV MP XVEWTSVXS HSXEXS HM
VYSXI MRXIVGEQFMEFMPM TIV YWS WME IWXIVRS WME MRXIVRS I TY IWWIVI GSPPIKEXS EPPE FMGMGPIXXE XVEQMXI FEVVE HM XVE^MSRI
0EGSRJMKYVE^MSRIWXERHEVHGSQTVIRHIYREFEWIIHYREXIPEGSRERKSPSWGLMIREPIVIKSPEFMPI
4SWWMFMPMXHMSWTMXEVIWIHYXI
7YP TEWWIKKMRS TSWWMFMPI JMWWEVI HMJJIVIRXM WIHYXI TSWXYVEPM GSQI )EW]W QMWYVE I 7[MJX] QMWYVE
TSWWMFPIMRSPXVIQSRXEVIHMZIVWMQSHIPPMHMWIKKMSPSRMHEEYXSGSQIEHIWIQTMS'EVVSX---
9REWSPEQMWYVEHYITSWWMFMPMEWWIXXM
7IX XIPEMS GSR HYI VYSXI TMVSIXXERXM JVIRS I WIHYXE MR XIPE 7IX XIPEMS GSR HYI VYSXI TMVSIXXERXM JVIRS FEWI HM
WSWXIKRSTIVTSWXYVEIWGLMIREPIMRGPMREFMPIqq
%GGIWWSVM
TSWWMFMPI EZIVI QSPXITPMGM EGGIWWSVM GSQI FVIXIPPI E I TYRXM TIHERE TSKKMETMIHM VIKSPEFMPI I VMFEPXEFMPI JVIRM
E XEQFYVS GETTSXXMRE TEVETMSKKME SQFVIPPMRS TEVEWSPI TSKKMEXIWXE VYSXE ERXIVMSVI NSKKIV EKKERGMS TIV
FMGMGPIXXE
(%8-8)'2-'-
(%8-8)'2-'-
%08)>>%7',-)2%0) GQWIX GQWIX
463*32(-8%7)(98% GQWIX GQWIX
0%6+,)>>%7)(98% GQ
4368%8% /K
'3036) %VKIRXS
4)73 %TEVXMVIHEOK
235
236
7)++-30-2-%983
237
1,&2
2MGSYRWIKKMSPSRIHEEYXSGSQSHSIWMGYVSKVE^MIEPPEWYEJSVQEEZZSPKIRXI
IHEPPIQSPXITPMGMVIKSPE^MSRMHIPPSWGLMIREPIIHIPPEWIHYXE
+%00)6-%-11%+-2-

238
()7'6->-32)463(3883
7IQTPMGMXIWMGYVI^Ê
(SXEXS HM TSKKMEXIWXE I GMRXYVE E TYRXM GSR WSWXIKRS XSVEGEPI MP WIKKMSPSRI HE EYXS 2MGS EWWMGYVE YRE TSWXYVE
SXXMQEPI7GLMIREPIHSXEXSHMIPIQIRXMKYMHEGMRXYVIMRTPEWXMGEGSRHIRXIHMWMGYVI^Ê
'EVEXXIVMWXMGLI
4SKKMEXIWXE VIKSPEFMPI MR EPXI^Ê MR TSWM^MSRM GSR VERKI HM VIKSPE^MSRI HM GQ I VIKSPEFMPI MR ETIVXYVE MR
TSWM^MSRM KVYTTS GMRXYVI E TYRXM GSR VIKSPE^MSRI ERXIVMSVI GIRXVEPM^ÊXE TVSXI^MSRM WYTTPIQIRXEVM WYPPE JMFFME
MRXIVKEQFEPI WGLMIREPI VIKSPEFMPI MR EPXI^Ê MR TSWM^MSRM GSR VERKI HM VIKSPE^MSRI HM GQ EWTSVXEFMPI TIV
FEQFMRMHMTIWSGSQTVIWSXVEIOK
-R GSRJMKYVE^MSRI WXERHEVH MP WIKKMSPMRS GSQTVIRHI YR FVIXIPPEKKMS E TYRXM I TSKKMEXIWXE VIKSPEFMPI MR EPXI^Ê I
PEVKLI^ÊYRETVSPYRKEWIHYXEFVIXIPPIWSWXMXYXMZITVSPYRKEXIIGMRKLMIHMERGSVEKKMSEPZIMGSPS
(%8-8)'2-'-
(%8-8)'2-'-
%08)>>%7',-)2%0) GQ
0%6+,)>>%7)(98% GQ
0%6+,)>>%7',-)2%0) GQ
463*32(-87)(98% GQ
GQGSRTVSPYRKE
4368%8% HEEOK
4)73 OK
239
&$5527,,,
7IKKMSPSRITSWXYVEPIHEEYXSTIVFEQFMRMIVEKE^^METEVXMVIHEMERRMHMIX
7IKYIPEGVIWGMXEHIPPYXIRXIKVE^MIEPPETSWWMFMPMXHMMRWIVMVIHMZIVWITVSPYRKLITIV
PSWGLMIREPIIPEWIHYXE
+%00)6-%-11%+-2-

240
()7'6->-32)463(3883
:IVWEXMPI7MGYVS*YR^MSREPI
(SXEXS HM WYTTSVXM PEXIVEPM TIV MP GSRXVSPPS HM GETS XVSRGS FEGMRS I WIKQIRXS JIQSVEPI GMRXYVE E TYRXM GSR EQTMS
GYWGMRIXXS WXIVREPI WYTTSVXM TIV MP XVSRGS FPSGGS TIV PEFHY^MSRI I GYWGMRIXXM KVMKM TSWM^MSREFMPM SZYRUYI RIP
QSHYPS HM WIHYXE KVE^MI EP JMWWEKKMS E ZIPGVS -P 'EVVSX GVIWGI GSP FEQFMRS KVE^MI EPPE TSWWMFMPMX HM ZEVMEVI PE
TVSJSRHMX HIPPE WIHYXE I PEPXI^Ê HIPPS WGLMIREPI 4IV M FEQFMRM TM TMGGSPM TSWWMFMPI ETTSKKMEVI KEQFI I TMIHM
WYPGYWGMRSHMTVSPYRKEQIRXSHIPWIHMPIQIRXVIMRIXTMIZSPYXEHMWTSRMFMPIYRETIHEREVIKSPEFMPIMREPXI^Ê
*MWWEKKMSEPPEYXS
-73*-< YRS WXERHEVH MRXIVRE^MSREPI TIV ERGSVEVI MP WIKKMSPSRI EP ZIMGSPS -73&EWI 3TXMSREP TIV GSPPIKEVI
WIKKMSPSRI I ZIMGSPS 0YRKLI^Ê \ 0EVKLI^Ê \ %PXI^Ê \ \ GQ -738YVR 3TXMSREP TMERS KMVIZSPI
TIVQIXXI HM VYSXEVI MP 'EVVSX HM I q YXMPI UYERHS TIWS IH EPXI^Ê HIP FEQFMRS VIRHSRS HMJJMGMPI WSPPIZEVPS I
WTSWXEVPS 0E VIGPMRE^MSRI HIPPS WGLMIREPI VIWXE EHEXXEFMPI TIVGL JYR^MSRE MR QSHS MRHMTIRHIRXI 0YRKLI^Ê \
0EVKLI^Ê\%PXI^Ê\\GQ 4MIHMWXEPPSOKGQ
%GGIWWSVM
)WXIRWMSRI WIHYXE GSR EWXI HM JMWWEKKMS 0 07 QQ IWXIRWMSRI WIHYXE QQ I QQ VIKSPEXSVI ERKSPS
WIHYXE 4IHERE QMWYVI 7 1 0 VIKSPEFMPI MR EPXI^Ê VIKSPE^MSRI MR ZIPGVS TIV KEQFI I TMIHM 8EZSPMRS
EFHYXXSVI WYTTSVXM TIV MP XVSRGS IWXIRWMSRI WGLMIREPI QQ I QQ JMFFME VMRJSVÊXE HE 2Q WXERHEVH E
2Q4VSXI^MSRIJMFFME
(%8-8)'2-'-
(%8-8)'2-'-
463*32(-8%7)(98% QQ
0%6+,)>>%7)(98% QQ
%08)>>%7',-)2%0) QQ
%08)>>%4)(%2% QQ
4)737)++-3032) ETTVS\/K
4368%8%7)++-3032) ETTVS\/K
%08)>>%98)28) JMRSEGQ
'3036- VSWWSFPYRIVS
241
5(&$52021=$129$5(+$
MPWIKKMSPMRSTMZIVWEXMPIIGSQSHSHIPPEWYEGEXIKSVME-QEXIVMEPMYXMPM^ÊXMTIVMP
VMZIWXMQIRXSWSRSHMEPXEUYEPMXMRQMGVSJMFVEMRRSZEXMZEWJSHIVEFMPMIPEZEFMPM
MRPEZEXVMGIEq'
+%00)6-%-11%+-2-

242
()7'6->-32)463(3883
'EVEXXIVMWXMGLI
7IHYXE I WGLMIREPI GSR TSKKMEXIWXE MRXIKVEXS VIKSPEFMPI MR EPXI^Ê TSWM^MSRI RERRE WMGYVE GMRXYVE HM WMGYVI^Ê E
TYRXM FVEGGMSPM -WSJM\ MRXIKVEXM TIV YRSXXMQE TVSXI^MSRI MR GEWS HM MRGMHIRXM KVE^MI EPPERGSVEKKMS EM TYRXM
-WSJM\ HIPPE ZIXXYVE MQFSXXMXYVE ZIRXMPEXE IH IVKSRSQMGE MQFSXXMXYVE XVSRGSJMERGLM VMQSZMFMPI JEGMPI I ZIPSGI HE
XVEWTSVXEVI KVE^MI EP TIWS VMHSXXS (MWTSRMFMPI RIPPE ZIVWMSRI KMVIZSPI TIV EKIZSPEVI PEGGIWWS I PYWGMXE HIP
FEQFMRSHEPPEYXS
-QTMERXSWSRSVSMRXIKVEXS
-QTMERXS WSRSVS 6IGEVS HM WIVMI GSR EPXSTEVPERXM RIP TSKKMEXIWXE I WIX HM GSRRIWWMSRI EP TVSTVMS MQTMERXS 1T
GLITIVQIXXIHMWJVYXXEVIMFIRIJMGMHIPPEQYWMGSXIVETMEERGLIMREYXS
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%7)(98% GQERX GQTSWX GQGSRGYRIMMRWIVMXM
463*32(-8%7)(98% GQGQGSRIWXIRWMSRITVSJSRHMX
%08)>>%7',-)2%0) GQ
-2+31&63838%0)0%6+,<%08<463* \\GQ
4368%8% /K
4)73 /K
243
244
0)88-
1%8)6%77-
245
.187
0IXXSTIHMEXVMGSHSXEXSHMUYEXXVSTSVXIWGSVVIZSPMGSRFPSGGSHMWMGYVI^Ê
FVIZIXXEXSIVIKSPE^MSRIIPIXXVMGEHIPPEPXI^Ê
+%00)6-%-11%+-2-

246
()7'6->-32)463(3883
'EVEXXIVMWXMGLIIEGGIWWSVM
*SVRMXS GSR QEXIVEWWS MR TSPMYVIXERS IWTERWS I ERXI VMFEPXEFMPM JVSRXEPQIRXI HM WIVMI 0E WYTIVJMGMI MR PIKRS
XVEXXEXE MR QSHS EXSWWMGS(-2 8S] 7EJIX] +EVERXMWGI EPXE WXEFMPMX I EJJMHEFMPMX HMWTSRMFMPI MR ZEVMI QMWYVI
JMRSE\GQ GSRTVSXI^MSRIGSRXVSPYQMHMXFEVVMIVIPEXIVEPMGSREPXI^ÊQMRMQEHMGQ
HMJJIVIRXMQSHIPPM
13()003%6)+'113()003&6)+'113()003'6)+'1
(%8-8)'2-'-
(%8-8)'2-'-
(-1)27-32--28)62) \GQ
\GQ
\GQ
\GQ
\GQ
(-1)27-32-)78)62) \GQ
\GQ
\GQ
\GQ
\GQ
%08)>>%&%7)()00)883 GQ
GQ
GQ
%08)>>%7432()0%8)6%0- GQHMWIVMI

GQEGGIWWSVMS
GQEGGIWWSVMS
4368%8% OK
247
6$92,59,95(
-P7EZSMV:MZVIGSWXVYMXSMRPIKRSHMTMRSYRPIXXSTIHMEXVMGSWXEFMPIIHEJJMHEFMPI
+%00)6-%-11%+-2-

248
()7'6->-32)463(3883
'EVEXXIVMWXMGLIIEGGIWWSVM
4SVXI GSR FPSGGS HM WMGYVI^Ê FVIZIXXEXS VIKSPE^MSRI IPIXXVMGE HIPPEPXI^Ê VERKI GQ 0E WYTIVJMGMI MR PIKRS
XVEXXEXE MR QSHS EXSWWMGS (-2 8S] 7EJIX] GSR TVSXI^MSRI GSRXVS PYQMHMX LE YRE TSVXEXE QEWWMQE HM
OK *SVRMXS GSR QEXIVEWWS MR TSPMYVIXERS IWTERWS I FEVVMIVI PEXIVEPM GSR EPXI^Ê QMRMQE HM GQ (MWTSRMFMPI MR
ZEVMIQMWYVIGSRTSWWMFMPMXHMEKKMYRKIVIEGGIWWSVM
(MJJIVIRXMWTSRHIHMWTSRMFMPM
7TSRHI7TSRHI7TSRHI7TSRHI
(%8-8)'2-'-
(%8-8)'2-'-
(-1)27-32--28)62)GQ \\\\
(-1)27-32-)78)62)GQ \\\\
249
7+(9262)7
-PQEXIVEWWS8LIZS7SJXEWWMGYVEYRSXXMQEPIHMWXVMFY^MSRIHIMTYRXMHMTVIWWMSRI
IHYRETIVJIXXEUYEPMXHIPVMTSWSKVE^MIEPPETVIZIR^MSRIIHEPXVEXXEQIRXSHIPPI
PIWMSRMHEHIGYFMXSMRTE^MIRXMEQIHMSFEWWSVMWGLMS-KVEHSWGEPE7IMPIV
+%00)6-%-11%+-2-

250
()7'6->-32)463(3883
7MWXIQEHMXVEWTMVE^MSRIEGIPPI
0I GIPPI HEVME KEVERXMWGSRS ZIRXMPE^MSRI IH IZETSVE^MSRI HIPPYQMHMX EXXVEZIVWS YR GSVVIXXS WMWXIQE HM
XVEWTMVE^MSRI GLI KEVERXMWGI YR EQFMIRXI WEPYFVI -P QEXIVEWWS 8LIZS 7SJX VIEPM^ÊXS WSPS MR JSEQ GLI EWWMGYVE M
TM IPIZEXM PMZIPPM UYEPMXEXMZM -P *SEQ HSXEXS HM WTIGMEPM WXVEXM GLI TIVQIXXSRS YR SXXMQEPI HMWXVMFY^MSRI HIM TYRXM
HM TVIWWMSRI I HE WTIGMEPM GIPPI HEVME GLI KEVERXMWGSRS YRIJJMGEGI ZIRXMPE^MSRI HYVERXI MP VMTSWS IH IZETSVE^MSRI
HIPPYQMHMX5YIWXEYREHIPPITMMQTSVXERXMGSRHM^MSRMTIVPETVIZIR^MSRIHIPPITMEKLIHEHIGYFMXS
(MZIVWIHIRWMX
-P QEXIVEWWS WJSHIVEFMPI IH HMWTSRMFMPI MR HMZIVWI HIRWMX I GSR HMZIVWI HMQIRWMSRM 0E GSZIV VIQSZMFMPI GSR
^MTHMWTSRMFMPIMRGSXSRISTIVMRGSRXMRIRÊ
(%8-8)'2-'-
(%8-8)'2-'-
()27-8*3()6%78(
()27-8*3()6%-2'328
()27-8*3()6%78(
()27-8*3()6%-2'328
()27-8*3()6%78(
()27-8*3()6%-2'328
251
252
13:-1)28%>-32)
253
62//(9$725,$%,1$5,2
-WMWXIQMHMWSPPIZEQIRXSEFMREVMSTIVQIXXSRSHMIJJIXXYEVIMPWSPPIZEQIRXSMP
XVEWJIVMQIRXSIPEQSZMQIRXE^MSRIHIPTE^MIRXIWIRÊEPGYRSWJSV^STIVMPGEVI
KMZIV
+%00)6-%-11%+-2-

254
()7'6->-32)463(3883
7SPY^MSRMHEZERKYEVHME
-P TVSKIXXS JSGEPM^ÊXS WY WMWXIQM HM WSPPIZEQIRXS HEZERKYEVHME WXVYXXYVI EYXSTSVXERXM S WXVYXXYVI HM
WSPPIZEQIRXSEWSJJMXXSQSXSVMJMWWMTSVXEXMPMSEHSTTMEGMRKLME
4IVWSREPM^ÊFMPM
7SRS GSWXMXYMXM HE YRS S TM FMREVM JMWWEXM E WSJJMXXS S E TEVIXI I HE YR QSXSVI IPIXXVSQIGGERMGS GLI WGSVVI WY HM
IWWM 0S WTSWXEQIRXS PYRKS MP FMREVMS TY IWWIVI IJJIXXYEXS QERYEPQIRXI S IPIXXVMGEQIRXI MR SKRM GEWS MP QSHYPS
HM WSPPIZEQIRXS WM TY JIVQEVI MR UYEPWMEWM TYRXS HIP FMREVMS - WSPPIZEXSVM E WSJJMXXS WSRS WMWXIQM QSHYPEVM GM
TIVQIXXI PE TSWWMFMPMX HM VIEPM^ÊVI WSPY^MSRM WY QMWYVE -P FMREVMS WY GYM WGSVVI MP QSXSVI TY IWWIVI HM HMZIVWM
XMTM 1SRSFMREVMS E VSXEME WMRKSPE 'EVVSTSRXI WMWXIQE EH , GSTIVXYVE XSXEPI HIPPE WXERÊ 'SQFMRE^MSRI HIP
QSRSFMREVMSIHIPGEVVSTSRXI
2IWWYR-RKSQFVS
-P WMWXIQE HM WSPPIZEQIRXS E FMREVMS TIVQIXXI HM VMWSPZIVI UYEPWMEWM IWMKIRÊ HM XVEWJIVMQIRXS IPMQMRERHS KPM
MRKSQFVM I PI HMJJMGSPX HM KIWXMSRI HIM WSPPIZEXSVM QSFMPM 3KRM WMWXIQE YRMGS I ZMIRI GSRJMKYVEXS MRWMIQI EP
GPMIRXIEXXVEZIVWSYRVMPMIZSIHYRTVSKIXXSTVIPMQMREVI
255
62//(9$725($//,121(
%PPMR3RIPYRMGSWSPPIZEXSVIEXXMZSGLITYJEGMPQIRXIIWWIVIGSRZIVXMXSHE
WSPPIZEXSVIEZIVXMGEPM^ÊXSVIWIRÊYXMPM^ÊVIEPGYREXXVI^^S
+%00)6-%-11%+-2-

256
()7'6->-32)463(3883
*YR^MSREPMX
%PPMR3RI TIVQIXXI HM QSZMQIRXEVI MP TE^MIRXI GSR HMZIVWI QSHEPMX HM XVEWJIVMQIRXS MR TSWM^MSRI ZIVXMGEPI S
WIHYXE -P WMWXIQE %PPMR3RI JEGMPMXE PE JEWI HM ZIWXM^MSRI HIPPYXIRXI I GSRXIQTSVERIEQIRXI KPM EWWMGYVE YR
XVEWJIVMQIRXSEXXMZSIGSRJSVXIZSPI
'SRZIVXMFMPI
0E GSRZIVWMSRI HIP WMWXIQE HE WSPPIZEXSVI E ZIVXMGEPM^ÊXSVI JEGMPI FEWXE WSWXMXYMVI MP FVEGGMS HIP WSPPIZEXSVI
GSR MP WYTTSVXS HIP ZIVXMGEPM^ÊXSVI I MRWIVMVI MP JIVQEKMRSGGLME GSQTPIXS HM TIHERE 7SRS HMWTSRMFMPM ERGLI PI
ZIVWMSRMWITEVEXI
(%8-8)'2-'-
7300):%836)
(%8-8)'2-'-
4368%8% /K
%08)>>%1%<&%66%(-46)7% GQ
%08)>>%1-2&%66%(-46)7% GQ
092+,)>>%()00%&%7) GQ
0%6+,)>>%&%7)',-97% GQ
:)68-'%0->>%836)
(%8-8)'2-'-
4368%8% /K
%08)>>%1%<7944:)68-'%0->>%28) GQ
%08)>>%1-27944:)68-'%0->>%28) GQ
092+,)>>%()00%&%7) GQ
0%6+,)>>%&%7)',-97% GQ
0%6+,)>>%&%7)%4)68% GQ
(-78%2>%(%079303 GQ
(-%1)8636938)%28)6-36- GQ
(-%1)8636938)4378)6-36-'32*6)23 GQ
4)73838%0) OK
291)637300):%1)28-4)6'%6-'%
257
,0%5$*$785(
0IMQFVEGEXYVI6STS\WSRSVIEPM^ÊXIMRXIWWYXSXVEWTMVERXITSPMIWXIVI EH

EPXSWGSVVMQIRXSTIVJEGMPMXEVIMPTSWM^MSREQIRXSIPSWJMPEQIRXSSTTYVIMRVIXI
TIVPYXMPM^^SMREGUYE
+%00)6-%-11%+-2-

258
()7'6->-32)463(3883
'SQJSVXI7GYVI^Ê
- FSVHM MR GSXSRI SPXVI EH IWWIVI GSRJSVXIZSPM TIV MP TE^MIRXI KPM TIVQIXXSRS HM RSR WGMZSPEVI +EVERXMWGSRS GSQJSVX
IWMGYVI^Ê8YXXIPIMQFVEGEXYVIWSRSMKRMJYKLI
(31-23'0%77-'
HIWXMREXEETIVWSRIGSRVMHSXXSGSRXVSPPSHIPGSVTSIHIPGETS-QFSXXMXYVETIVKEQFIGSVTSIXIWXE
(31-23%'8-:)
WYTTSVXEMPXVSRGS*EWGITIVKEQFIIWGLMIREMQFSXXMXI'MRXYVEHMWMGYVI^ÊGSQIEGGIWWSVMS
(31-23%1498%83
PEWXVYXXYVEWTIGMEPIJSVRMWGIYRSXXMQSWYTTSVXSIFMPERGMEQIRXS'MRXYVEHMWMGYVI^ÊGSQIEGGIWWSVMS
(31-23836%'-'%
MQFVEGEXYVETIVZIVXMGEPM^ÊXSVI'SRSWIRÊMQFSXXMXYVE
(304,-2,=+-)2)
GSQTVIRHIPEGMRXYVEHMWMGYVI^Ê%HEXXETIVWSPPIZEQIRXMHETSWM^MSRIWIHYXE
(304,-2'0%77-'
HIWXMREXEETIVWSRIGSRYRVMHSXXSGSRXVSPPSHIPGSVTSIHIPGETS
(%8-8)'2-'-
8-4303+-) 7 1 0 <0 <<0
GQ GQ GQ GQ GQ
(31-23,=+-)2)
(31-23%'8-:)
(31-23'31&-
(31-23'0%77-'
(31-23%1498%83
(31-23836%'-'%
(304,-2,=+-)2)
(304,-2'0%77-'
(31-23&09,=+-)2)
(31-23&09%'8-:)
(31-23&09'0%77-'
259
0217$6&$/($&,1*2/,7
6SF]8MPQSRXEWGEPIQSFMPIEGMRKSPMGLIGSRWIRXIEPPITIVWSRIMRGEVVS^^MRE
HMWYTIVEVIPIFEVVMIVIEVGLMXIXXSRMGLIRIKPMWTSWXEQIRXMWMEHSQIWXMGMGLIIWXIVRM
WIRÊEPGYREMRWXEPPE^MSRIJMWWE
+%00)6-%-11%+-2-

260
()7'6->-32)463(3883
%HEXXEFMPIEHSKRMGEVVS^^MRE
%HEXXEFMPI E HMZIVWM XMTM HM GEVVS^^MRE QIHMERXI EGGIWWSVM ETTSWMXEQIRXI WXYHMEXM - 'SQERHM TIV WEPMXE I HMWGIWE
WSRS TSWXM WYP XMQSRI 9R TYPWERXI HM WIVZM^MS TIV GEVMGEVI HE WSPM PE TEVXI GMRKSPEXE WY YREYXS TSWXS WYP GSVTS
QEGGLMRE
*EGMPI1SZMQIRXE^MSRI
-P QSRXEWGEPI WQSRXEFMPI MR TEVXM GSR YR YRMGE QERSZVE WIRÊ WJSV^S PYRMX QSXVMGI HSXEXE HM QERMKPMSRM
TIVMPWSPPIZEQIRXSXVEWTSVXEFMPIRIPFEYPIHMYRERSVQEPIEYXSZIXXYVE
:IVWMSRM
7XERHEVH %64 4IV GEVVS^^MRI GSR VYSXI TMGGSPI I WGLMIREPI TSWXYVEPI FEWGYPERXI 44 GSR TIHERE TSPMJYR^MSREPI
TIVEYWMPMGLIVMGLMIHSRSERGSVEKKMWTIGMEPM
(%8-8)'2-'-
(%8-8)'2-'-
4)73 /KHMGYMHMYRMXQSFMPIIHMXMQSRI
%0-1)28%>-32) :QIHMERXIFEXXIVMIEPKIPWIRÊQERYXIR^MSRIMRWIVMIHE
:%L'EVMGEFEXXIVMIIPIXXVSRMGSMRGSVTSVEXSHE:%L
:)03'-8% QMRWEPMXEQMRHMWGIWEWXIWWEZIPSGMXERGLIEZYSXS
%983231-%%4-)23'%6-'3 TMERMVIEPM(MGYMTMERMWMRSEPPEQTIKKMEQIRXSHIPPIH
:)6()TSWXSWYPXMQSRIGLIEZZIVXIHMVMGEVMGEVIPIFEXXIVMII
TMERSWMRSEPPEVVIWXSHIPPEQEGGLMRE
'-2+30- MRKSQQEERXMXVEGGMEEHEPXSGSIJJMGMIRXIHMEXXVMXSERGLIWY
WGEPIGSRKVEHMRMQSPXSWXSRHEXMGLIKEVERXMWGSRSEHIVIRÊI
RSRPEWGMERSXVEGGIWYPTIVGSVWS
4)2()2>% qQE\PMRHMGEXSVIHMTIRHIRÊHIPPEWGEPEMRGSVTSVEXSWYP
XMQSRI
4368%8% /K
463*32(-8%1-2-1%4-%2)6388303 QQGSRGEVVS^^MREGSRTIHERITSKKMETMIHMIHYXIRXIE

FSVHSTIVZIVWMSRIWXERHEVHI%64QQTIVZIVWMSRI44
0%6+,)>>%1-2-1%7'%0% QQ
261
0217$6&$/($5827(7
87GEPEGSQFMYRQSRXEWGEPIQSFMPIEVYSXIMHIEPITIVWGEPIWXVIXXITVEXMGSI
WMGYVSHIHMGEXSEPPITIVWSRIGLILERRSHMJJMGSPXRIPJEVIPIWGEPI
+%00)6-%-11%+-2-

262
()7'6->-32)463(3883
:IVWEXMPMX
0EWWMWXMXS TY EGGSQSHEVWM WY YRE GSQSHE I GSRJSVXIZSPI WIKKMSPE MQFSXXMXE HSXEXE HM TIHERE TSKKMETMIHM
VIKSPEFMPI - FVEGGMSPM VMFEPXEFMPM EMYXERS E WEPMVI I E WGIRHIVI MR QSHS QSPXS WIQTPMGI JEGMPQIRXI I VETMHEQIRXI
WQSRXEFMPIMRTEVXMTIVTSXIVPSGEVMGEVIRIPFEKEKPMEMSHIPPEYXS
%HEXXSERGLIEPPIWGEPITMGSQTPIWWI
8 YR QSRXEWGEPI E VYSXI MHIEPI TIV WGEPI HIGMWEQIRXI WXVIXXI JMRS E GQ GSR TMERIVSXXSPM TMGGSPM "
GQ ISGSRTMHSGEWGEPMRMEZIRXEKPMS IHMRKVEHSHMWYTIVEVITIRHIRÎJMRSEq
'EVEXXIVMWXMGLI
(SXEXS HM GEVMGE FEXXIVME GSQTVIWS RIPPE JSVRMXYVE GSQERHM E YSQS TVIWIRXI TSWXM WYP XMQSRI XVEWQMWWMSRI
FVIZIXXEXE GSQERHM VMXEVHEXM HYI JVIRM QIGGERMGM I MRHMTIRHIRXM GLMEZI IPIXXVSRMGE MRHMGEXSVI HM FEXXIVME
WGEVMGEFVEGGMSPMEPPEVKEFMPMTIHEREVIKSPEFMPIMRTVSJSRHMXGMRXYVEWYFEHHSQMREPIITSKKMEXIWXE
(%8-8)'2-'-
(%8-8)'2-'-
4)73 /KHMGYM/KGSVTSQSXSVI/KXMQSRIGSRWGLMIREPI
/KWIHMPIFVEGGMSPMITSKKMETMIHM
%0-1)28%>-32) :QIHMERXIFEXXIVMEHE%L0SWXEXSHMGEVMGEHIPPEFEXXIVME
TYIWWIVIZMWYEPM^ÊXSQIHMERXIYRMRHMGEXSVIPYQMRSWS
:)03'-8% KVEHMRMEPQMRYXS
%983231-% KVEHMRMMRHMGEXMZEQIRXITMERM
%0>%8%1%77-1% QQ
4)(%8%1-2-1% QQ
4)2()2>%1%77-1% qSPXVI
4368%8% /K
463*32(-8%1-2-1%4-%2)6388303 QQ
0%6+,)>>%1-2-1%7'%0) QQ
263
264
-+-)2)
265
:+((/$%/(
;LIIPEFPIYRMRRSZEXMZEWIHME;'IWXVIQEQIRXIGSQTEXXEVIEPM^ÊXETIV
VIRHIVIEGGIWWMFMPMWIVZM^MMKIRMGMWSPMXEQIRXIHMJJMGMPQIRXIVEKKMYRKMFMPM
+%00)6-%-11%+-2-

266
()7'6->-32)463(3883
4MIKLIZSPIPIKKIVEIGSQTEXXE
;LIIPEFPI WXEXE TVSKIXXEXE TIV IWWIVI GSRJSVXIZSPI I JEGMPI HE YWEVI 0E TSWWMFMPMX HM VMTMIKEVI GSQTPIXEQIRXI
PEYWMPMS JEGMPMXE PE XVEWTSVXEFMPMX I PE TSWWMFMPMX HM GSPPSGEVI PE WIHME [G MR UYEPWMEWM ZIMGSPS S EVQEHMS I HM TSXIVPE
TSVXEVIGSRWHYVERXIMZMEKKM6MTMIKEXEPMRKSQFVSGSQTPIWWMZSHMWSPM\\GQ
1ERSZVEFMPMXMRWTE^MVMWXVIXXM
0I HMQIRWMSRM HIPPI VYSXI I PE TSWM^MSRI WSXXS MP WIHMPI VIRHI PEQTMI^Ê GSQTPIWWMZE TEVXMGSPEVQIRXI VMHSXXE WSPS
GQJSVRIRHSYRZERXEKKMSWMKRMJMGEXMZSRIMTEWWEKKMWXVIXXMIRIPPEQERSZVEFMPMXMRFEKRMHMTMGGSPIHMQIRWMSRM
7IQTPMGMXHMXVEWJIVMQIRXS
-P FVEGGMSPS EFFEXXMFMPI PI VYSXI WSXXS PE WIHYXE I MP JVIRS MRXIKVEXS RIP XIPEMS JEGMPMXERS MP XVEWJIVMQIRXS HE
GEVVS^^MREEWIHME[GSHEPPIXXSEPPEWIHME[G
(%8-8)'2-'-
(%8-8)'2-'-
0%6+,)>>%'3140)77-:% GQ
463*32(-8%'3140)77-:% GQ
%08)>>%7)(98% GQ
%08)>>%7',-)2%0) GQ
4)73 /K
(-1)27-32-(%',-97% <<0EVK%PX4VSJ
267
0$11+(,0(5
7IHYXEHEPPEJSVQESVXSHMREQMGETIVQIXXIYRETSWM^MSRIWMGYVEIGSRJSVXIZSPI
SJJVIRHSMPQEWWMQSWYTTSVXSRIGIWWEVMSRIPFEKRSIMRKIRIVEPITIVPMKMIRI
TIVWSREPI
+%00)6-%-11%+-2-

268
()7'6->-32)463(3883
-HIEPITIVPMKMIRITIVWSREPI
4Y IWWIVI JEGMPQIRXI TSWM^MSREXE WSTVE PE XE^Ê [G S MP FMHIX I PE WM TY YWEVI ERGLI TIV PE HSGGME TSMGL
GSWXVYMXE MR EGGMEMS MRSWWMHEFMPI TSWWMFMPI HSXEVPE HM GYWGMRM MR WGLMYQE MQTIVQIEFMPI %UYEXIG ER^MGL MR
RISTVIRI
'EVEXXIVMWXMGLI
4MERS HM WIHYXE MR JMFVE HM ZIXVS FEWGYPERXI QERYEPQIRXI VIKSPEFMPI MR EPXI^Ê VYSXI QQ XYXXI GSR JVIRS
HM WXE^MSREQIRXS TSVXEXE QE\ OK HMWTSRMFMPI YRE GMRXYVE HM WMGYVI^Ê EWWSGMEFMPI E JEWGI TIV PE VIXVE^MSRI
HIPFEGMRSTIVIZMXEVIPSWGMZSPEQIRXS
(%8-8)'2-'-
%'')7736-
&EVVEHMWTMRXEVIKSPEFMPIMREPXI^ÊITVSJSRHMX
&EVVEMQFSXXMXEHMWMGYVI^Ê
'MRKLMETIPZMGE
-RRIWXSTIVWYTTSVXSGETSVIKSPEFMPIMREPXI^ÊITVSJSRHMX
4SKKMEXIWXEEZZSPKIRXI
7YTTSVXSGSPPS
7YTTSVXMPEXIVEPMGETS
4SKKMEXIWXEWYQMWYVE
&VEGGMSPMMQFSXXMXMVIKSPEFMPMMREPXI^ÊIHERKSPE^MSRI
6IXVEXXSVITIVFEGMRS
4IHEREVIKSPEFMPIMREPXI^Ê
'YWGMRMTIVWIHYXEIWGLMIREPIJMWWEXMGSRZIPGVS
6MRJSV^STIVYXIRXMHEEOKMRGPYWSRIPPEQMWYVE
4Y IWWIVIYWEXEWIRÊKEQFIFEWIGSQIQSHYPSHMWYTTSVXSHETSWM^MSREVIHMVIXXEQIRXIWSTVEPEXE^Ê
(%8-8)'2-'-
7->) 0%6+,)>>% 0%6+,)>>% 463*32(-8% %08)>>%
7)(98%4)0:- %28)6-36) 7)(98% 7',-)2%0)
7)(98%
GQ GQ GQ GQ
GQ GQ GQ GQ
GQ GQ GQ GQ
GQ GQ GQ GQ
GQ GQ GQ GQ
GQ GQ GQ GQ
GQ GQ GQ GQ
269
5$=$75(+$%
0E6%>%8YREHIPPIWIHMIHEHSGGMEFEWGYPERXMTMJEGMPMHEKIWXMVIVIKSPEVII
YXMPM^ÊVI-PVERKIHMFEWGYPE^MSRIJMRSEqTIVQIXXIYREQEKKMSVIVMHY^MSRI
HIPPETVIWWMSRIIHEYQIRXEMPGSQJSVX
+%00)6-%-11%+-2-
270
()7'6->-32)463(3883
'EVEXXIVMWXMGLIIJYR^MSRM
0E 6%>%8 MR ZIVWMSRI WXERHEVH TVIZIHI WMWXIQE HM EPPMRIEQIRXS -WGLMEXMGS4IPZMGS -4%7 GQ HM VIKSPE^MSRI
HIPPEPXI^Ê WGLMIREPI GSR JEWGI XIRWMSREFMPM TSKKMEXIWXE WEKSQEXS VIKSPEFMPI WYTTSVXM XSVEGMGM W[MRK E[E] VYSXI
TSPPMGM HYEPPSGOMRK FVEGGMSPM MQFSXXMXM JPMTYT 0E 4EHIPPE [G GSWXMXYMXE HE QERMGS I FIGGYGGMS TIV JEGMPMXEVI PS
WZYSXEQIRXS I PE TYPM^ME -P WIHMPI WM VIKSPE HM GQ MR EZERXM S MRHMIXVS MR QSHS HE GIRXVEVI PETIVXYVE EXXSVRS
EPPIXYFIVSWMXMWGLMEXMGLIJEZSVIRHSPEWXEFMPM^Ê^MSRITIPZMGEIHMPGSQJSVX
8IPEMSMREGGMEMS
-P XIPEMS MR EGGMEMS -23< PYGMHS JEGMPI HE TYPMVI WM EHEXXE EPPE QEKKMSV TEVXI HIM WIVZM^M MKMIRMGM IH WXEXS WXYHMEXS
TIV YR JEGMPI EGGIWWS PEXIVEPI I JVSRXEPI WME TIV PYXIRXI GLI TIV PEWWMWXIRXI HSXEXS HM TMWXSRM GSR WMWXIQE HM
FPSGGEKKMSGLIJEGMPMXERSMPWSPPIZEQIRXSHIPPEWIHYXEJMRSEPPETSWM^MSRIHVMXXEEq
(%8-8)'2-'-
(%8-8)'2-'-
&%7'90%'324-7832)%+%7 *MRSEq
0%6+,)>>%7)(98% GQGQ
463*32(-8%7)(98% GQSGQ
6)+30%>-32)7)(98% GQMREZERXMIMRHMIXVS
%08)>>%7)(98%(%4%68)%28)6-36)%4%:-1)283 GQGQ
'324%()00% GQGQ
7)2>%4%()00% GQGQ
7)2>%%88%'',-4)64%()00% GQGQ
7',-)2%0)78%2(%6( GQ
7',-)2%0)'%08)>>%*-77%&6%''-309*0-494 GQ
7',-)2%0)6)+30%&-0)
'%08)>>%)%2+3036)+30%&-0-&6%''-30-*0-494 GQ
&6%''-30-&03''%&-0- GQ
GQ
(-78%2>%86%-&6%''-30- GQ
6)+30%>-32)7944368-0%8)6%0- GQMREPXI^ÊMRTVSJSRHMX
GQGQPEVKLI^ÊrqERKSPE^MSRI
6)+30%>-32)4)(%2)(%7)(98%%43++-%4-)(- GQGQ
6938)4-63)88%28-%(344-3*6)23
0%6+,)>>%838%0)'32&6%''-30-78( GQ
0%6+,)>>%838%0)'32&6%''-30-> GQ
092+,)>>%838%0)'324)(%2) GQ
092+,)>>%838%0)7)2>%4)(%2) GQ
4368%8%1%77-1% OK
4)73%97-0-3 OK
271
72,/(76($73277<&+$,5
7IHYXIMRXIVEQIRXIMRVIWMREHSXEXIHMTVSXI^MSRIERXMWGLM^^MTSWWSRSEZIVIPS
WGLMIREPIEPXSSTTYVIFEWWSMRJYR^MSRIHIPPIRIGIWWMXHMQEKKMSVISQMRSVI
WYTTSVXSTSWXYVEPIHIPFEQFMRS
+%00)6-%-11%+-2-

272
()7'6->-32)463(3883
4SVXEXMPI
*EGMPM HE XVEWTSVXEVI KVE^MI EPPI HMQIRWMSRM I EP TIWS VMHSXXM WM JMWWERS EP [G XVEQMXI JEWGIXXE MR R]PSR S XVEQMXI
YRGMRSIQERSTSPEEJEVJEPPETSWXMWYPVIXVSHIPPSWGLMIREPIEWIGSRHEHIPPIQMWYVI
(STTMEZIVWMSRI
TSWWMFMPI EZIVI PE ZIVWMSRI WXERHEVH TIV MP TSWM^MSREQIRXS HMVIXXS EP ;' STTYVI PE ZIVWMSRI 4SXX] GLI GSQTVIRHI
TMIHMWXEPPMXIPIWGSTMGMIZEWGLIXXEVMQSZMFMPI(MWTSRMFMPIMRZEVMIQMWYVI
(%8-8)'2-'-
83-0)87)%8
(%8-8)'2-'-
1-796% 1-796% 1-796%
)8 ERRM ERRM 3PXVIERRM
(-1)27-32-7)(98) \GQ \GQ \GQ
(-1)27-32-*363 \GQ \GQ \GQ
(-1)27-32-*363 \GQ \GQ \GQ
%08)>>%7',-)2%0)&%773 GQ GQ GQ
%08)>>%7',-)2%0)%083 GQ GQ GQ
4388=',%-6
(%8-8)'2-'-
1-796% 1-796%
(-1)27-32-7)(98% \GQ \GQ
(-1)27-32-*363 \GQ \GQ
%08)>>% GQ GQ
273
7(/$,2'2&&,$
8IPEMSHSGGMEEQYVSMHIEPITIVPISTIVE^MSRMHMMKMIRIJMWWEXSETEVIXIHEYR
PEXSQIRXVIPEPXVSTYIWWIVIETTSKKMEXSWYPPEZEWGESEPTEZMQIRXSXVEQMXI
PEGGIWWSVMSKEQFIETEZMQIRXS
+%00)6-%-11%+-2-

274
()7'6->-32)463(3883
6MZIWXMQIRXSTIVHMJJIVIRXMIWMKIRÎ
6MZIWXMXS MR R]PSR E VIXI TIVQIEFMPI PEZEFMPI MR PEZEXVMGI q' - WYTTSVXM MRJIVMSVM HIZSRS IWWIVI SVHMREXM
WITEVEXEQIRXI 0E GSZIV HIP QEXIVEWWS EKKERGMEXE EP XIPEMS MRGPYWE RIPPE ZIVWMSRI WXERHEVH ERGLI
HMWTSRMFMPI MP QEXIVEWWS HSGGME QSVFMHS GSR FSVHS HM GQ GLI LE PE JYR^MSRI HM TVSXI^MSRI
ERXMWGMZMSPEQIRXSGEHYXE4SWWMFMPMXHMEZIVIGSQIEGGIWWSVMSYRGYWGMRS
%WGSQTEVWE
-P XIPEMS HSGGME VMFEPXEFMPI UYMRHM E WGSQTEVWE WXYHMEXS ETTSWMXEQIRXI TIV VMHYVVI KPM MRKSQFVM UYERHS RSR ZMIRI
YXMPM^ÊXS*EGMPIHEETVMVIRIPQSQIRXSMRGYMHIZIIWWIVIYXMPM^ÊXS
%HEXXEFMPI
TSWWMFMPIVMGLMIHIVIQMWYVIWTIGMEPM4VMQEHIPPMRWXEPPE^MSRIGSRWYPXEVIYRXIGRMGS
(%8-8)'2-'-
(%8-8)'2-'-
(-1)27-32-1%8)6%773GQ <
<
1-796)78%2(%6(8)0%-3GQ <
<
%08)>>%(-0%:363 GQ
4368%8%1%77-1% /K
275
+8'621
0IXXMRSTSPMZEPIRXIYWSHSGGMEIJEWGMEXSMSEQYVSGLMYHMFMPI6IKSPE^MSRI
IPIXXVMGEHIPPEPXI^ÊHEGQEGQJEGMPMXEMXVEWJIVMQIRXMIHMPPEZSVS
HIPPEWWMWXIRXI
+%00)6-%-11%+-2-

276
()7'6->-32)463(3883
:IVWEXMPI
0I HSKLI VMZIWXMXI MR TSPMYVIXERS WSRS WSPPIZEFMPM E HSTTME JEGGME I UYMRHM JEGMPM HE TYPMVI HSTS PYWS TSWWMFMPI
YXMPM^ÊVI YR QEXIVEWWMRS MR KSQQE TM QSVFMHE KMVERHS PI HSKLI 0I MQFSXXMXYVI WSRS JEGMPQIRXI VMQSZMFMPM TIV
GSRWIRXMVI PE TYPM^ME HIPPMRXIVS PIXXMRS 7SRS YXMPM^ÊFMPM WY IRXVEQFM M PEXM GLI LERRS HMJJIVIRXM HIRWMX MR UYIWXS
QSHSWMTYHIGMHIVIWIYXMPM^ÊVIMPPEXSTMVMKMHSSUYIPPSTMQSVFMHSEWIGSRHEHIPPIRIGIWWMXHIPPYXIRXI
'EVEXXIVMWXMGLI
HMWTSRMFMPI MR HMZIVWI QMWYVI HSXEXS HM YR ZERS VEGGSPXE EGUYE %QTMS WTE^MS WSXXSWXERXI TIV YR QEKKMSVI
EZZMGMREQIRXSEPPYXIRXIGLMYHMFMPIETEVIXIUYERHSRSRMRYWSILETSVXEXEQEWWMQEHMOK
%GGIWWSVM
7TSRHEHMWMGYVI^ÊVMFEPXEFMPIHMPYRKLI^ÊGQ8IPIGSQERHSMRGPYWSGSPTVSHSXXS
277
)$6&,$72,
6STS\TVSTSRIYREQTMEKEQQEHMJEWGMEXSMGSRHMJJIVIRXMGEVEXXIVMWXMGLITIV
VMWTSRHIVIESKRMIWMKIRÊHIPPYXIRXI
+%00)6-%-11%+-2-

278
()7'6->-32)463(3883
13&-0-3
*EWGMEXSMS QSFMPI VYSXI GSR JVIRS VIKSPEFMPI MR EPXI^Ê IPIXXVMGEQIRXI VERKI GQ 4SVXEXE
OK 0YRKLI^Ê TMERS HM ETTSKKMS HE GQ E GQ 0EVKLI^Ê TMERS HM ETTSKKMS E WGIPXE GQ STTYVI
GQ%GGIWWSVMHMWTSRMFMPMQEXIVEWWMHMHMZIVWEKVERHI^ÊWMWXIQEHMWMGYVI^ÊJVSRXEPIIPEXIVEPI
:%6-3
*MWWEXS E QYVS XVEQMXI GSRWSPPI VIKSPEFMPI MR EPXI^Ê IPIXXVMGEQIRXI HE E GQ GLMYHMFMPI UYERHS RSR MR YWS
4SVXEXE OK 0YRKLI^Ê TMERS HM ETTSKKMS HE GQ E GQ 0EVKLI^Ê TMERS HM ETTSKKMS E WGIPXE GQ
STTYVIGQ(MQIRWMSRIGSRWSPPIGQ\GQ
1%<-
*EWGMEXSMS E QYVS GSR S WIRÊ PEZERHMRS PEXIVEPI I HYI GIWXMRM WSXXSWXERXM 6IKSPEFMPI MR EPXI^Ê HE GQ E
GQIPIXXVMGEQIRXI4SVXEXEOK
1)(-
*EWGMEXSMS QSFMPI HE EHHSWWEVI EP QYVS6IKSPEFMPI MR EPXI^Ê GSR XIPIGSQERHS E JMPS (MWTSRMFMPI GSR S WIRÊ
PEZEFS QSRXEXS E H\ 6IKSPE^MSRI EPXI^Ê GQ GQ 4SVXEXE OK %GGIWWSVM QEXIVEWWMRS KVEHMRM
WMWXIQEHMWMGYVI^ÊGSTIVXYVEPEXIVEPIPEZEFS
279
/$9$%,
6STS\TVSTSRIYREPMRIEHMPEZEFMEHEXXMESKRMIWMKIRÊIEHEXXEFMPMESKRM
EQFMIRXI
+%00)6-%-11%+-2-

280
()7'6->-32)463(3883
*0)<-
0EZEFS E VIKSPE^MSRI QERYEPI XVEQMXI QERSZIPPE STTYVI IPIXXVMGE XVEQMXI TYPWERXMIVE -P WMWXIQE GSQTVIRHI
PEZERHMRS QM\IV WMRKSPS I JPIWWMFMPM 6ERKI HM VIKSPE^MSRI MR EPXI^Ê GQ HE GQ E GQ 0YRKLI^Ê GQ
STTYVIGQTVSJSRHMXGQ4SVXEXEOK
*)0<--2
% VIKSPE^MSRI IPIXXVMGE XVEQMXI TYPWERXMIVE LE YRE IWGYVWMSRI HM GQ HE GQ E GQ 0I HMQIRWMSRM HIPPYRMX
HM IPIZE^MSRI WSRS GQ HM PEVKLI^Ê I GQ HM TVSJSRHMX 0EVKLI^Ê QSHYPS GSQTPIXS GQ TVSJSRHMX
GQSTTYVIGQ7MTYEZIVIWIRÊPEZERHMRS4SVXEXEOK4YEZIVIMPPEZEFSMRGPMREFMPI
1%<-
% VIKSPE^MSRI IPIXXVMGE GSR TYPWERXMIVE IWGYVWMSRI GQ HE GQ E GQ -P QSHYPS GSQTPIXS HM PEZERHMRS
HMWTIRWIV XYFM WTIGGLMS XST QIRWSPE WXST HM WMGYVI^Ê 4SVXEXE OK (MQIRWMSRM EPXI^Ê GQ PEVKLI^Ê
GQTVSJSRHMXYRMXHMIPIZE^MSRIGQTVSJSRHMXXSXEPIGQ
&%7-7
% VIKSPE^MSRI IPIXXVMGE GSR TYPWERXMIVE 6ERKI GQ HE GQ E GQ -P QSHYPS GSQTVIRHI PEZERHMRS
WTIGGLMS TMERS HMWTIRWIV JPIWWMFMPM I WXST HM WMGYVI^Ê %PXI^Ê GQ PEVKLI^Ê GQ STTYVI
GQ4VSJSRHMXGQSTTYVIGQ4YSEZIVIMPPEZEFSMRGPMREFMPI4SVXEXEOK
281
0$1,*/,21,
-PTVSJMPSSZEPITIVQIXXIYRIJJMGEGIKVMTWIQTPMJMGERHSPYXMPM^^SHIMQERMKPMSRMIH
MPPSVSWTSWXEQIRXS*EGMPMHEWSPPIZEVIIEFFEWWEVIVIWXERSRIPPETSWM^MSRIMRGYM
PMWMQIXXI
+%00)6-%-11%+-2-

282
()7'6->-32)463(3883
0MRIEGSQTPIXETIVSKRMIWMKIRÊ
7SRSHMWTSRMFMPMMRHMJJIVIRXMQSHIPPMIJSVQEXMMRQSHSHEWSHHMWJEVIPIRIGIWWMXHIPPEQEKKMSVTEVXIHIKPMYXIRXM
(IWMKRITVEXMGMX
-P HIWMKR E SRHE I KPM EXXEGGLM WSWTIWM TSWWSRS ZMVXYEPQIRXI IPMQMREVI PE RIGIWWMX HM VIKSPE^MSRM MR EPXI^Ê 3KRM
QERMKPMSRI LE PE TEVXI ERXIVMSVI VMEPÊXE UYMRHM WI JMWWEXM EH GQ HM EPXI^Ê WM EHEXXERS TVIWWSGL E XYXXM
M XVEWJIVMQIRXM HEPPE TSWM^MSRI IVIXXE % JMERGS HIPPE XE^Ê [G KVE^MI EPPE JSVQE IVKSRSQMGE JEGMPMXERS PI
STIVE^MSRM HM EFFEWWEQIRXS I WSPPIZEQIRXS HE TEVXI HIPPYXIRXI 'SRWIRXSRS ERGLI YR GSQSHS XVEWJIVMQIRXS
PEXIVEPI
(%8-8)'2-'-
%'')736-
1ERMKPMETIVWIHIVWMEPÊVWM
4SVXEWEPZMIXXE
4SVXEVSXSPS
4MEWXVEEQYVS
1ERMKPMSRIGSRKEQFEHMWYTTSVXSXIPIWGSTMGE
1ERMKPMSRIGSRWYTTSVXSETEVIXI
1ERMKPMSRIJVIIWXERHMRK
4MEWXVEHMJMWWEKKMS\GQ
&YPPSRMWTIGMEPMWIXHM
+ERGMSTIVGEVXE
13()00-)(-1)27-32-
1ERMKPMSRI0SMVEHVMXXS6MFEPXEFMPIQSRXEXSEQYVSWWXEJJEHMWYTTSVXS
1ERMKPMSRIESRHE0SMVE6MFEPXEFMPIQSRXEXSEQYVSWWXEJJEHMWYTTSVXS
1ERMKPMSRI0SMVEHVMXXS6MFEPXEFMPIQSRXEXSEQYVSWWXEJJEHMWYTTSVXSGKEQFEVIKSPEFMPI
1ERMKPMSRI0SMVEESRHE6MFEPXEFMPIQSRXEXSEQYVSWWXEJJEHMWYTTSVXSGKEQFEVIKSPEFMPI
1ERMKPMSRI0SMVEHVMXXS6MFEPXEFMPIQSRXEXSEQYVSGWXEJJEHMWYTTSVXS
1ERMKPMSRI0SMVEESRHE6MFEPXEFMPIQSRXEXSEQYVSGWXEJJEHMWYTTSVXS
283
0,66,66,33,
YREWSPY^MSRIJYR^MSREPIHEPHIWMKRIPIKERXIGLIIZMXEMRXIVZIRXMWXVYXXYVEPM
YRPEZERHMRSGLIWMQYSZIRIPPSWTE^MS
+%00)6-%-11%+-2-

284
()7'6->-32)463(3883
&VEGGMSVSXERXI
0S WM TY EZZMGMREVI EPPE TIVWSRE MR GEVVS^^MRE STTYVI TSWM^MSREVI WYP [G IZMXERHS PS WTSWXEQIRXS JMWMGS
HIPPYXIRXI I JEZSVIRHS PI JYR^MSRM MKMIRMGLI 'LM EWWMWXI PYXIRXI EP XIVQMRI HIPPYXMPM^^S TY EPPSRXEREVPS GVIERHS PS
WTE^MSRIGIWWEVMSTIVMPXVEWJIVMQIRXSHIPTE^MIRXIMRWMGYVI^Ê
*EGMPIHEMRWXEPPEVI
0EZERHMRS SZEPI TIV PEGGIWWS JVSRXEPI S PEXIVEPI 1EXIVMEPI MWSPERXI MR TSPMYVIXERS QSVFMHS EP XEXXS RSR WM VSQTI
ERGLI E JVSRXI HM YVXM -P FSVHS VMEPÊXS JEGMPMXE PE VIKSPE^MSRI HIP PEZERHMRS HE UYEPWMEWM ERKSPE^MSRI 0MQTMERXS
MHVEYPMGS JPIWWMFMPI MRXIKVEXS EPPMRXIVRS HIP FVEGGMS %RGLI WXERÎ TMGGSPI HMZIRXERS JYR^MSREPM IH
EGGIWWMFMPM EXXVEZIVWS MP 1MWWMWWMTTM 0EZERHMRS KMVIZSPI \ GQ MRGP VYFMRIXXS QM\IV XYFM JPIWWMFMPM HM
GSRRIWWMSRI I JIVQE WGSVMI JPIWWMFMPI XYXXI PI TEVXM WSRS MRXIKVEXI TSWWMFMPI EZIVI YR TERRIPPS TVSPYRKEXS TIV
GSTVMVIPIMRWXEPPE^MSRMMHVEYPMGLI6YFMRIXXSQSRSFPSGGS3VEW0YRKLGQ
285
286
&%6-%86-'3
287
'($0%8/$725,
(IEQFYPEXSVMTMIKLIZSPMPIKKIVMQEWSPMHMIGSRKVERHIWXEFMPMX*EGMPMHE
QERSZVEVILERRSTSVXEXEHEOKEOK
+%00)6-%-11%+-2-

288
()7'6->-32)463(3883
1SHIPPS<<06ILEF
TSVXEXEOKTYRXEPMTMIKLIZSPIIVIKSPEFMPIMREPXI^ÊHEEGQ4IWSOK
1SHIPPS<<06ILEFPS[
TSVXEXE OK VYSXI I TYRXEPM EQTME FEWI TIV QEWWMQE WXEFMPMX I WMGYVI^Ê VIKSPEFMPI MR EPXI^Ê HE E
GQWQSRXEFMPIMRHYITEVXM
1SHIPPS<<06ILEFVSPPEXSV
TSVXEXE OK VYSXI JVIRM QERYEPM EQTME WIHYXE I XYFM VMRJSVÊXM TMIKLIZSPI VIKSPEFMPI MR EPXI^Ê HE E
GQ4IWSOK
1SHIPPS<<06ILEFVSPPEXSVOMRK
TSVXEXE OK TMIKLIZSPI VYSXI JVIRM QERYEPM EQTME WIHYXE I XYFM VMRJSVÊXM VIKSPEFMPI MR EPXI^Ê HE E
GQ4IWSOK
1SHIPPS<<06ILEF7XERH8EPP
TSVXEXE OK VIKSPEFMPI MR EPXI^Ê HE E GQ 7YTTSVXS QYPXMJYR^MSREPI TY IWWIVI YXMPM^ÊXS TIV
GEQQMREVI I TIV MP XVEWJIVMQIRXS HEPPE TSWM^MSRI WIHYXE E UYIPPE IVIXXE 0I WXVYXXYVI PEXIVEPM HIP XIPEMS WSRS
VIKSPEFMPM MR PEVKLI^Ê IH ERKSPE^MSRI - JVIRM WSRS TSWXM RIPPE FEVVE ERXIVMSVI JEGMPM HE E^MSREVI IH YXMPM RIP
GSRXVSPPSHIPPEZIPSGMXIHIPPIWXIVÊXI
289
;;/62//(9$725(
7SPPIZEXSVIWIQTPMGIHEQERSZVEVIIHEWWSPYXEQIRXIWMGYVSWMETIVPYXIRXIWME
TIVPEWWMWXIRXIPEFEWIGSWXMXYMXEHEKEQFIGLIWMTSWWSRSEPPEVKEVI
IPIXXVMGEQIRXI,EYRETSVXEXEHMOKTSWWMFMPIEZIVIGSQISTXMSREPPE
FMPERGMEMRGSVTSVEXE
+%00)6-%-11%+-2-

290
()7'6->-32)463(3883
'EVEXXIVMWXMGLI
<<0 YR WSPPIZEXSVI IPIXXVMGS GLI TIVQIXXI MP WSPPIZEQIRXS HIPPYXIRXI KVE^MI E YR TMWXSRI GIRXVEPI EXXYEXS HE YR
XIPIGSQERHS 'SR PS WXIWWS XIPIGSQERHS TSWWMFMPI MRSPXVI EPPEVKEVI S WXVMRKIVI PI KEQFI HIPPE FEWI ,E YRE
TSVXEXEHM/K
'SQJSVXIWMGYVI^Ê
0I MQFVEGEXYVI SJJVSRS GSQJSVX I WMGYVI^Ê RIM XVEWJIVMQIRXM WME TEVXIRHS HEPPE TSWM^MSRI WIHYXE GLI
WHVEMEXE 4SWWSRS MRSPXVI IWWIVI YXMPM^ÊXI GSR UYEPWMEWM EPXVS WSPPIZEXSVI TYVGL HSXEXS HM FEVVE HM TVIWE GSR EWSPI
PEXIVEPMTIVPEKKERGMSHIPPIJEWGIHIPPMQFVEKEXYVEWXIWWE
(MWTSRMFMPIMRHYIQSHIPPM
- QSHIPPM HMWTSRMFMPM IRXVEQFM EHEXXM E TSVXEVI OK WSRS MQFVEGEXYVE FEWWE ERGLI MR ZIVWMSRI YWSHSGGME
MQFVEGEXYVEYRMZIVWEPIGSRWYTTSVXSGETSERGLIWWEHMWTSRMFMPIMRZIVWMSRIYWSHSGGME
291
6(',(&202'( '2&&,$
(MWIKREXETIVYRJEGMPIEGGIWWSSJJVIMRHMTIRHIRÊIWMGYVI^Ê0SWTE^MSPMFIVS
XVEWIHYXEIFVEGGMSPMJEWGLIPEQEWWEGSVTSVIERSRWMGSQTVMQEQETSWWE
IWTERHIVWM
+%00)6-%-11%+-2-

292
()7'6->-32)463(3883
+VERHIWIHYXEQMRMQSMRKSQFVS
9RS WTE^MS MRXIVRS EQTMS WM EWWSGME E YR MRKSQFVS IWXIVRS QMWYVEXS MRJEXXM PE WIHME TEWWE EXXVEZIVWS PE QEKKMSV
TEVXI HIPPI TSVXI 0I TIHERI TSVXERS OK PYRE I WSRS VIKSPEFMPM PEXIVEPQIRXI HMZEVMGE^MSRI HIPPI KEQFI JMRS E
GQ 'SEHMYZERXIEPPYWSERGLIPEWIHYXEETIVXEGQ\GQ (MWTSRMFMPIERGLIGSRVYSXITMGGSPI
(MJJIVIRXMFVEGGMSPM
9PXIVMSVI JEGMPMXE^MSRI TIV KPM YXIRXM WSRS M FVEGGMSPM PYRKLM GQ HM GYM GQ IWXIVRM EPPE WIHYXE (MWTSRMFMPM ERGLI M
FVEGGMSPMEJEVJEPPEGLIEYQIRXERSPEQTMI^ÊMRXIVREHMGQ0SWTE^MSXVEFVEGGMSPMIWIHYXEGQ
(%8-8)'2-'-
(%8-8)'2-'-
13( 13(
4368%8%1%77-1% OK OK
0%6+,)>>%7)(98% GQ GQ
463*32(-8%7)(98% GQ GQ
%08)>>%7)(98% GQ GQ
7',-)2%0) GQ GQ
0%6+,)>>%838%0) GQ GQ
(-78%2>%7)(98%4%:-1)283 GQ GQ
0%6+,)>>%43++-%4-)(- GQ GQ
(-78%2>%1%2-+0-%4%:-1)283 GQ GQ
0%6+,)>>%86%-&6%''-30- GQ GQ
%08)>>%7',-)2%0) GQ GQ
%08)>>%4)(%2) GQ GQ
09')86%4%:-1)283)7)(98% GQ GQ
092+,)>>%838%0) GQ GQ
4)73838%0) OK OK
293
6(',$%('6,'(
-FVEGGMSPMWSRSGSWXVYMXMTIVWXEVISPXVIPEWIHYXEEYQIRXERHSPEJYR^MSRIHMTVIWE
IWYTTSVXSRIPPIJEWMHMMRKVIWWSIHYWGMXEHEPPEWIHME
+%00)6-%-11%+-2-

294
()7'6->-32)463(3883
6IKSPEFMPI
0EPXI^Ê HIPPE WIHYXE VIKSPEFMPI HE E GQ I PS WGLMIREPI TY IWWIVI VIKSPEXS MR TVSJSRHMX HM GQ
UYIWXS GSRWIRXI PEHEXXEQIRXS EP TE^MIRXI IH EPPI WYI RIGIWWMX HM GSQJSVX -P XIPEMS VMWYPXE IWWIVI PIKKIVS
RSRSWXERXIPEWYEVSFYWXI^Ê
*EGMPIHETYPMVI
0IMQFSXXMXYVIWSRSVIQSZMFMPMYREYWMPMSJEGMPIHEMKMIRM^ÊVIIHEQSZMQIRXEVI
(%8-8)'2-'-
(%8-8)'2-'-
13( 13(
4368%8% OK OK
0%6+,)>>%7)(98% GQ GQ
463*32(-87)(98% GQ GQ
6)+30%>-32)%08)>>% GQ GQ
%08)>>%7',-)2%0) GQ GQ
09')86%4%:-1)283)7)(98% GQ GQ
092+,)>>%838%0) GQ GQ
0%6+,)>>%838%0) GQ GQ
%08)>>%838%0) GQ GQ
0%6+,)>>%'3140)77-:% GQ GQ
4)73 OK OK
295
(&/,36(
'EVVS^^MREFEVMEXVMGEGSRWMWXIQEERXMVMFEPXEQIRXSERXIVMSVIITSWXIVMSVI
+%00)6-%-11%+-2-

296
()7'6->-32)463(3883
&MPERGMEQIRXS
,E YR XIPEMS VMKMHS WXYHMEXS MR QSHS HE WTSWXEVI PE QEKKMSV TEVXI HIP TIWS HIPPYXIRXI RIPPE TEVXI TSWXIVMSVI TIV
UYIWXEVEKMSRIPIVYSXITSWXIVMSVMWSRSI\XVEHYVIIWSPMHIJEGMPMXERHSPETVSTYPWMSRI
4SWXYVEIFEWGYPEQIRXS
-P 'YWGMRS *PS[XLIGL GSR MRWIVXS MR KIP KEVERXMWGI JVIWGLI^Ê I GSQJSVX )WMWXI ERGLI PE ZIVWMSRI FEWGYPERXI GSR
TSVXEXEQE\OKPEVKLI^ÊWIHYXEHEEGQPEVKLI^ÊXSXEPIGQ TIWSEYWMPMSOK
(%8-8)'2-'-
(%8-8)'2-'-
4368%8%1%77-1% SOK
0%6+,)>>%7)(98% IGQ
463*32(-87)(98% GQ
%08)>>%7)(98% GQ
%08)>>%&6%''-30- GQ
0%6+,)>>%838%0) 0EVKLI^ÊWIHYXEGQ
4)73 OK
297
&219(57,%/(
0ITSPXVSRIFEVMEXVMGLI-I-TIVQIXXSRSHMTEWWEVIHEPPETSWM^MSRIWIHYXEE
UYIPPEWYTMREEXXVEZIVWSYRRYQIVSMRJMRMXSHMWXITMRXIVQIHM'MJEGMPMXE
IRSVQIQIRXIPIEXXMZMXHMQSZMQIRXE^MSRIHIPTE^MIRXI0ITMGGSPIVYSXI
GSRWIRXSRSYREKIWXMSRIHIPPEWIHMEJPYMHEIGSRJSVXIZSPI
+%00)6-%-11%+-2-

298
()7'6->-32)463(3883
*EGMPMXHMXVEWJIVMQIRXS
)RXVEQFM M QSHIPPM TIVQIXXSRS YR XVEWJIVMQIRXS PEXIVEPI HE XYXXM M PIXXM WXERHEVH WIRÊ VMWGLMS HMRGMHIRXI WME TIV MP
TE^MIRXI GLI TIV PEWWMWXIRXI - TE^MIRXM TSWWSRS YWGMVI HEP PIXXS GSR QEKKMSV JVIUYIRÊ I WIQTPMGMX QMKPMSVERHS
PEUYEPMXHIPPEZMXE
'EVEXXIVMWXMGLI
0E WIVMI - GSWXMXYMXE HE YR XIPEMS QSPXS VSFYWXS QE PIKKIVS I TY IWWIVI YWEXE WME MR GEWE WME MR SWTIHEPI 0I
'SRZIVXMFPI WSRS EHEXXEFMPM MR XYXXI PI TSWM^MSRM FEWGYPEQIRXS GSQTVIWS 0ETTSKKMEXIWXE VIKSPEFMPI MR EPXI^Ê MR
TVSJSRHMX IH TVSZZMWXS HM EPIXXI PEXIVEPM SVMIRXEFMPM IH EZZSPKIRXM - QEXIVMEPM HM VMZIWXMQIRXS XVEWTMVERXM WSRS
PEZEFMPM4SVXEXEHE/KI/K
*YR^MSRMYRMGLI
'SRZIVXMFPI TY IWWIVI YWEXE GSQI FEVIPPE GEVVS^^MRE TIV PE QSFMPMX S WIHYXE WYTTSVXERXI %YWMPMS QYPXMJYR^MSRI
TIV YWS MR SWTIHEPI GEWI HM VMTSWS GIRXVM HM HIKIRÊ GEWE +VE^MI EPPI TEVXMGSPEVM MQFSXXMXYVI MP TE^MIRXI TY WXEVI
WIHYXSTIVPYRKSXIQTSWIRÊMPVMWGLMSHMPIWMSRMHEHIGYFMXSTIVIGGIWWMZETVIWWMSRI
%GGIWWSVM
4SKKMEXIWXEVIKSPEFMPIETTSKMEKEQFIIFVEGGMSPMWYTTSVXMPEXIVEPMVIKSPE^MSRIHIPPEPXI^Ê
299
PROGETTIAMO
AUTONOMIA
Emilia-Romagna
Centro PA Reggio Emilia Service PA Centro PA Bologna
Barbieri Srl Sede Operativa Sede Operativa
Sede Centrale Via A. B. Nobel, 88 - 42124 Via del Triumvirato, 7 -
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Area Emilia Area Ravenna/Rimini Area Ravenna/Rimini

Tecnici e Agenti di zona Tecnici e Agenti di zona Tecnici e Agenti di zona
+39 334 6238717 +39 338 9233522 +39 348 7742572
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Area Abruzzo
Tecnici e Agenti di zona
+39 340 2350067
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Basilicata e Calabria
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Catalogo Generale Progettiamo Autonomia

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INDICE

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092+,)>>%838%0) GQ GQ

%08)>>%838%0) GQ GQ

%08)>>%4378)6-36)7)(98% GQ GQ

%08)>>%%28)6-36)7)(98% GQ GQ

463*32(-8% 7)(98% GQ GQ

4368%8%1%77-1% OK OK

0%6+,)>>% IGQ IGQ

092+,)>>% GQ GQ

%08)>>% GQ GQ

4)73'3140)77-:31-'63 OKIOK OKIOK

4)737)2>%6938) OKIOK OKIOK

0%6+,)>>%838%0) GQ GQ GQ GQ

092+,)>>%838%0) GQ GQ GQ GQ

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%08)>>%7',-)2%0) GQ GQ GQ GQ

%2+3034)(%2% q q q q

4368%8%1%77-1% OK OK OK OK

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%08)>>% GQ GQ GQ GQ

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4)737)2>%6938) OK OK OK OK

0%6+,)>>%838%0) GQ GQ GQ GQ GQ GQ

092+,)>>%838%0) GQ GQ GQ GQ GQ GQ

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%2+3034)(%2) q q q q q q

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%08)>>% GQ GQ GQ GQ GQ GQ

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4)737)2>%6938) OK OK OK OK OK OK

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4368%8%1%77-1% OK OK

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4)73'3140)77-:31-'63 OKIOK OKIOK

4)737)2>%6938) OKIOK OKIOK

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4368%8%1%77-1% OK OK OK OK

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4)73838%0) OK OK OK OK

4)737)2>%6938) OK OK OK OK

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4)73'326938) OK OK OK OK OK OK

4)737)2>%6938) OK OK OK OK OK OK

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4368%8%1%< OK OK OK OK OK OK

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4)73'326938) OK OK OK OK OK OK

4)737)2>%6938) OK OK OK OK OK OK

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092+,)>>%838%0) GQ GQ GQ GQ

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4368%8%1%< OK OK OK OK

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4)73838%0) OK OK OK OK

4)737)2>%6938) OK OK OK OK

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4368%8%1%< OK OK OK OK