$QQV%COR

)WKFCCNN¨KPUVCNNC\KQPG
GCNNCEQP°IWTC\KQPG
 +PFKEG

 +PVTQFW\KQPG
 %QUCVKQEEQTTG
 2CPQTCOKECFGNN¨KPUVCNNC\KQPG
 2CUUQXGTK°ECNCRTGUGP\CFKCIIKQTPCOGPVK
 2CUUQCRTK#UUKUVGPVG$QQV%COR
 2CUUQKPUVCNNC9KPFQYU
 2CUUQKPUVCNNCKFTKXGTFK$QQV%CORUWNVWQXQNWOG9KPFQYU
 2CUUQXGTK°ECNCRTGUGP\CFKCIIKQTPCOGPVK
 2CUUQCRTK#UUKUVGPVG$QQV%COR
 %TGCTGWPCRCTVK\KQPGRGT9KPFQYU
 5GTKUEQPVTKFGKRTQDNGOKPGNNCETGC\KQPGFKWPCRCTVK\KQPG
 2CUUQKPUVCNNC9KPFQYU
 5GNG\KQPCTGGHQTOCVVCTGNCRCTVK\KQPG9KPFQYU
 %QP°IWTCTG9KPFQYU
 5GTKUEQPVTKFGKRTQDNGOKFWTCPVGN¨KPUVCNNC\KQPGFK9KPFQYU
 5GSWCPFQKPUVCNNK9KPFQYUXKGPGXKUWCNK\\CVQKNOGUUCIIKQ¥+PUVCNNGT&KUE0QV
(QWPF¦
+ORQUUKDKNGVTQXCTGKNFKUEQFKKPUVCNNC\KQPG
 5GKNRTQITCOOCFKKPUVCNNC\KQPGFK9KPFQYUPQPTKURQPFG
 5G9KPFQYUPQPUKpKPUVCNNCVQEQTTGVVCOGPVG
 5GKPUGTKUEKKNFKUEQUDCINKCVQFWTCPVGN¨KPUVCNNC\KQPG
 2CUUQKPUVCNNCKFTKXGTFK$QQV%CORRGT9KPFQYU
 5GTKUEQPVTKFGKRTQDNGOKFWTCPVGN¨KPUVCNNC\KQPGFGKFTKXGTFGNFKURQUKVKXQ
 #XXKCTGKNEQORWVGTWVKNK\\CPFQ/CE15:Q9KPFQYU
 +ORQUVCTGKNUKUVGOCQRGTCVKXQFKFGHCWNV
 5GNG\KQPCTGWPUKUVGOCQRGTCVKXQCNN¨CXXKQ
 5GTKUEQPVTKFGKRTQDNGOKPGNN¨WUQFK9KPFQYUUWN/CE
 5GCNN¨CXXKQFGNEQORWVGTXKUWCNK\\KKNOGUUCIIKQ¥0Q$QQV&KUM#VVCEJGF¦
0GUUWP
FKUEQFKCXXKQEQNNGICVQ
 .QUEJGTOQpXWQVQQNCXKUWCNK\\C\KQPGpFKUVQTVC
 5GPQPTKGUEKCTKPQOKPCTGNCRCTVK\KQPG9KPFQYU
 5GFKURQPKFKWPCEQP°IWTC\KQPG4#+&
 4KOWQXGTG9KPFQYUFCNEQORWVGT
 #IIKQTPCOGPVQ

  
  #IIKQTPCTGKFTKXGTFK$QQV%COR
 'ÒGVVWCTGN¨CIIKQTPCOGPVQC9KPFQYU8KUVCQ9KPFQYU
 5GTKUEQPVTKFGKRTQDNGOKFWTCPVGN¨CIIKQTPCOGPVQFK9KPFQYU
 5GFWTCPVGN¨CIIKQTPCOGPVQFK9KPFQYUXKUWCNK\\KKNOGUUCIIKQ¥9KPFQYUYCU
WPCDNGVQETGCVGCTGSWKTGFKPVCNNCVKQPHQNFGT¦
9KPFQYUPQPJCRQVWVQETGCTG
WPCECTVGNNCFKKPUVCNNC\KQPGTKEJKGUVC
 7NVGTKQTKKPHQTOC\KQPKUWRRQTVQGHGGFDCEM

  
 %QP°IWTCTG$QQV%COR

3WGUVQFQEWOGPVQVKOQUVTCEQOGKPUVCNNCTGGEQP°IWTCTG
$QQV%CORRGTWVKNK\\CTG/KETQUQHV9KPFQYUUWWPEQORWVGT
EQPRTQEGUUQTG+PVGN

+PVTQFW\KQPG
#88+51GUGIWKWPDCEMWRFKVWVVKKVWQKFCVKRTKOCFKWVKNK\\CTG$QQV%CORGTKRGVKNQ
UWEEGUUKXCOGPVGCKPVGTXCNNKTGIQNCTKOGPVTGWVKNK\\KKNUQHVYCTG

$QQV%CORVKEQPUGPVGFKKPUVCNNCTG9KPFQYUUWWPEQORWVGT/CEWVKNK\\CPFQWPFKUEQ
FKKPUVCNNC\KQPGFK/KETQUQHV9KPFQYUEJGVKFQXTCKRTQEWTCTGUGRCTCVCOGPVG9KPFQYU
pKPUVCNNCVQUWWPCRCTVK\KQPGRTQRTKC7PCXQNVCEQORNGVCVCN¨KPUVCNNC\KQPGRQVTCK
WVKNK\\CTGUKC9KPFQYUEJG/CE15:UWNEQORWVGT/CE

.¨CRRNKEC\KQPG#UUKUVGPVG$QQV%CORVKRGTOGVVGFKETGCTGNCRCTVK\KQPGFK9KPFQYU
GTKCXXKCTGKNVWQ/CEVTCOKVGKNVWQFKUEQFKKPUVCNNC\KQPGFK9KPFQYU5GIWKSWKPFKNG
KUVTW\KQPKRGTKPUVCNNCTG9KPFQYUGKFTKXGTFGNUQHVYCTGEJGEQPUGPVQPQC9KPFQYUFK
HWP\KQPCTGEQPKNVWQJCTFYCTG/CE

5GJCKIKiKPUVCNNCVQ9KPFQYUUWNVWQ/CEEQP$QQV%CORGFGUKFGTKCIIKQTPCTG
C9KPFQYU8KUVCQ9KPFQYUPQPFGXKWVKNK\\CTG#UUKUVGPVG$QQV%COR5GIWKNG
KUVTW\KQPKEQPVGPWVGKP¥'ÒGVVWCTGN¨CIIKQTPCOGPVQC9KPFQYU8KUVCQ9KPFQYU¦
CRCIKPC

+ORQTVCPVGRTKOCFKWVKNK\\CTG#UUKUVGPVG$QQV%CORUVCORCSWGUVQFQEWOGPVQ
%QPVKGPGKPHQTOC\KQPKEJGVKUGTXKTCPPQFWTCPVGN¨KPUVCNNC\KQPGFK9KPFQYU

 
 %QUCVKQEEQTTG
 7PEQORWVGT/CEEQPRTQEGUUQTG+PVGNG/CE15:QXGTUKQPGUWEEGUUKXC
 .CVCUVKGTCGKNOQWUGQVTCEMRCFQTKIKPCNKKPFQVC\KQPGEQPKNEQORWVGT
5GPQP
UQPQFKURQPKDKNKWVKNK\\CWPCVCUVKGTCGWPOQWUG75$
 /CE15:XGTUKQPGQUWEEGUUKXC
UKTCEEQOCPFCNCXGTUKQPGRK~TGEGPVGFK/CE15:
 7P¨WPKViCFKUEQQVVKEQKPVGITCVCQGUVGTPCEQORCVKDKNG
2GTKPHQTOC\KQPKUWNN¨WVKNK\\QFGNEQORWVGTEQPWP¨WPKViQVVKECGUVGTPCEQPUWNVCNC
FQEWOGPVC\KQPGKPFQVC\KQPGEQPKNEQORWVGT
 7PFKUEQFKKPUVCNNC\KQPGFK/CE15:XGTUKQPG
 7PQFGKUGIWGPVK
 9KPFQYU:2*QOG'FKVKQPQ2TQHGUUKQPCNEQP5GTXKEG2CEMQXGTUKQPGUWEEGUUKXC

UQNQXGTUKQPGCDKV
 9KPFQYU8KUVC*QOG$CUKE*QOG2TGOKWO$WUKPGUUQ7NVKOCVG
 9KPFQYU*QOG2TGOKWO2TQHGUUKQPCNQ7NVKOCVG

+ORQTVCPVGFGXKWVKNK\\CTGWPUQNQFKUEQRGTN¨KPUVCNNC\KQPGEQORNGVCFK9KPFQYU0QP
RWQKWVKNK\\CTGWPCXGTUKQPGFKCIIKQTPCOGPVQFK9KPFQYU5GKPUVCNNK9KPFQYU:2
VKQEEQTTG5GTXKEG2CEMQXGTUKQPGUWEEGUUKXC0QPRWQKKPUVCNNCTGWPCXGTUKQPG
RTGEGFGPVGFK9KPFQYU:2GRQKVGPVCTGFKCIIKQTPCTNC

2GTUCRGTGSWCPVQURC\KQFKURQPKDKNGVKQEEQTTGUWNFKUEQRGT9KPFQYUEQPUWNVCNC
FQEWOGPVC\KQPGHQTPKVCEQP9KPFQYU

2WQKWVKNK\\CTGWPCXGTUKQPGCDKVFK9KPFQYU:2Q9KPFQYU8KUVCUWSWCNUKCUK
EQORWVGT/CEEQPRTQEGUUQTG+PVGN0QPRWQKWVKNK\\CTGWPCXGTUKQPGCDKVFK
9KPFQYU:2UWSWCNUKCUKEQORWVGT/CEEQPRTQEGUUQTG+PVGN

2WQKWVKNK\\CTGWPCXGTUKQPGCDKVFK9KPFQYUUWWPQSWCNUKCUKFGKUGIWGPVK
EQORWVGT/CE
 K/CEQ/CE$QQM2TQKOOGUUKUWNOGTECVQPGNQUWEEGUUKXCOGPVG
 3WCNUKCUKEQORWVGT/CE2TQ/CE$QQMQ/CEOKPKEQPRTQEGUUQTG+PVGN

2WQKWVKNK\\CTGWPCXGTUKQPGCDKVFK9KPFQYU8KUVCQ9KPFQYUUWWPQSWCNUKCUKFGK
UGIWGPVKEQORWVGT/CE
 /CE2TQQ/CE$QQM2TQKOOGUUKUWNOGTECVQCNN¨KPK\KQFGNQUWEEGUUKXCOGPVG
 K/CEQ/CE$QQM2TQKOOGUUKUWNOGTECVQCNNC°PGFGNQUWEEGUUKXCOGPVG

5GPQPEQPQUEKEQPGUCVVG\\CNCFCVCFKEQOOGTEKCNK\\C\KQPGFGNVWQEQORWVGT/CE
EQPUWNVCJVVRYYYCRRNGEQOKVUWRRQTVJCTFYCTGHCKENKEUWNOQFGNNQFGNVWQ/CE
GEGTECN¨CTVKEQNQTGNCVKXQCNNCUWCKFGPVK°EC\KQPG

  
 2CPQTCOKECFGNN¨KPUVCNNC\KQPG
.¨KPUVCNNC\KQPGFK9KPFQYUUWNVWQEQORWVGT/CERTGXGFGNGUGIWGPVKQRGTC\KQPK

2CUUQXGTK°ECNCRTGUGP\CFKCIIKQTPCOGPVK
2CUUQCRTK#UUKUVGPVG$QQV%COR
#UUKUVGPVG$QQV%CORETGCWPCRCTVK\KQPG9KPFQYUGCXXKCKNRTQITCOOCFK
KPUVCNNC\KQPGFK9KPFQYU

2CUUQKPUVCNNC9KPFQYU
2CUUQKPUVCNNCKFTKXGTFK$QQV%CORUWNVWQXQNWOG9KPFQYU
+ORQTVCPVGRTKOCFKKPK\KCTGCUUKEWTCVKFKCXGTGGÒGVVWCVQKNDCEMWRFGKFCVKKORQTVCPVK
RTGUGPVKUWNEQORWVGT

2CUUQXGTK°ECNCRTGUGP\CFKCIIKQTPCOGPVK
+P/CE15:XCKUWJVVRYYYCRRNGEQOKVUWRRQTVDQQVECORGEQPVTQNNCUGFGXK
CIIKQTPCTGKNUQHVYCTGRTKOCFKRQVGTKPUVCNNCTG9KPFQYU

2CUUQCRTK#UUKUVGPVG$QQV%COR
#UUKUVGPVG$QQV%CORVKEQPUGPVGFKETGCTGWPCPWQXCRCTVK\KQPGRGT9KPFQYUGFK
CXXKCTGN¨KPUVCNNC\KQPGFK9KPFQYU

+ORQTVCPVGUGUVCKWVKNK\\CPFQWPEQORWVGTRQTVCVKNGEQNNGICN¨CNKOGPVCVQTGRTKOCFK
RTQUGIWKTG

2GTWVKNK\\CTG#UUKUVGPVG$QQV%COR
  'UGIWKKNNQIKPUWNVWQEQORWVGTEQPWPCEEQWPVFKCOOKPKUVTCVQTGGUEKFCVWVVGNG
CRRNKEC\KQPKCRGTVGGFGUGIWKKNNQIQWVFKVWVVKINKCNVTKWVGPVKUWNVWQEQORWVGT
  5EGINK#RRNG
Ñ #IIKQTPCOGPVQ5QHVYCTG

+PUVCNNCVWVVKINKCIIKQTPCOGPVKFKURQPKDKNK5GKNEQORWVGTUKTKCXXKCFQRQN¨KPUVCNNC\KQPG
FGNN¨CIIKQTPCOGPVQUEGINK#RRNG
Ñ #IIKQTPCOGPVQ5QHVYCTGPWQXCOGPVGRGT
KPUVCNNCTGGXGPVWCNKCIIKQTPCOGPVKCIIKWPVKXK
  #RTK#UUKUVGPVG$QQV%COR
PGNNCECTVGNNC7VKNKV[CNN¨KPVGTPQFGNNCECTVGNNC#RRNKEC\KQPK

%TGCTGWPCRCTVK\KQPGRGT9KPFQYU
#UUKUVGPVG$QQV%CORVKEQPUGPVGFKUEGINKGTGNGFKOGPUKQPKFGNNCRCTVK\KQPG9KPFQYU
SWKPFKETGCVCNGRCTVK\KQPGUWNVWQFKUEQKPVGTPQUGP\CKPK\KCNK\\CTGPGUUWPFCVQ

 
 0QVCUGKNVWQEQORWVGTFKURQPGFKRK~FKWPFKUEQKPVGTPQGFGUKFGTKKPUVCNNCTG$QQV
%CORUWWPFKUEQEJGPQPUKVTQXCPGNRTKOQCNNQIIKCOGPVQFGNFKUEQTKIKFQTKOWQXKNG
WPKViPGINKCNNQIIKCOGPVKEQPPWOGTC\KQPGKPHGTKQTG&QRQCXGTKPUVCNNCVQ$QQV%COR
RWQKTGKPUVCNNCTGNGWPKVi

2GTTGRGTKTGKPHQTOC\KQPKUWNNGFKOGPUKQPKFKRCTVK\KQPGQVVKOCNKRGTKNUKUVGOCHCK
TKHGTKOGPVQCNNCFQEWOGPVC\KQPGFGNRTQITCOOCF¨KPUVCNNC\KQPGFK9KPFQYU9KPFQYU
8KUVCG9KPFQYUTKEJKGFQPQWPCSWCPVKViOCIIKQTGFKURC\KQUWFKUEQTKURGVVQC
9KPFQYU:2

5GKPUVCNNK9KPFQYU:2GFKURQPKFK)$
QOGPQFKURC\KQRGTNCVWCRCTVK\KQPG
9KPFQYURWQKUEGINKGTGVTCFWGHQTOCVKRGTVCNGRCTVK\KQPG2QVTCKOQFK°ECTGKNHQTOCVQ
KPWPRCUUQUWEEGUUKXQOCFGXKFGEKFGTPGWPQCFGUUQKPOQFQFCRQVGTGUEGINKGTG
FGNNGFKOGPUKQPKCFGIWCVGRGTNCRCTVK\KQPG+FWGHQTOCVKUQPQ
 06(5HQTPKUEGWPCOKINKQTGCÓFCDKNKViGRTQVG\KQPGOCPQPVKEQPUGPVKTiFK
TGIKUVTCTGFQEWOGPVKUWNXQNWOG9KPFQYUFC/CE15:3WGUVCRCTVK\KQPGRWy
GUUGTGFKSWCNWPSWGFKOGPUKQPG
 (#6ICTCPVKUEGWPCOCIIKQTGEQORCVKDKNKViGRGTOGVVGFKNGIIGTGGUETKXGTG
FQEWOGPVKUWNXQNWOG9KPFQYUFC/CE15:3WGUVCRCTVK\KQPGFGXGGUUGTG
FK)$QOGPQ

5GKPUVCNNK9KPFQYU8KUVCQ9KPFQYUNCRCTVK\KQPG9KPFQYUFGXGGUUGTGKPHQTOCVQ06(5

5GTKUEQPVTKFGKRTQDNGOKPGNNCETGC\KQPGFKWPCRCTVK\KQPG
5GTKUEQPVTKFGKRTQDNGOKPGNNCETGC\KQPGFKWPCRCTVK\KQPG9KPFQYUEQPVTQNNCSWCPVQUGIWG
 +NFKUEQFGXGGUUGTGWPCRCTVK\KQPGWPKECHQTOCVVCVCEQOG/CE15'UVGUQ

,QWTPCNGF5GKNFKUEQRQUUKGFGIKiRK~FKWPCRCTVK\KQPGFGXKUWFFKXKFGTNQ
PWQXCOGPVGKPRCTVK\KQPK
 +NFKUEQFGXGGUUGTGKPVGTPQ0QPRWQKWVKNK\\CTG#UUKUVGPVG$QQV%CORRGTKPUVCNNCTG
9KPFQYUUWWPFKUEQGUVGTPQ
 5GXKGPGXKUWCNK\\CVCWPC°PGUVTCFKFKCNQIQKPEWKUKNGIIGEJG¥+NFKUEQPQPRWy
GUUGTGUWFFKXKUQKPRCTVK\KQPKRGTEJoNCXGTK°ECJCCXWVQGUKVQPGICVKXQ¦EGTECFK
TKRCTCTGKNFKUEQWVKNK\\CPFQNC7VKNKV[&KUEQGFKCRTKTGFKPWQXQ#UUKUVGPVG$QQV
%COR5GEQUtPQPTKGUEKGÒGVVWCWPCEQRKCFKDCEMWRFGNNGKPHQTOC\KQPKRTGUGPVK
UWNEQORWVGTCXXKCFCNFKUEQFKKPUVCNNC\KQPGFK/CE15:GKPK\KCNK\\CKNFKUEQWUCPFQ
7VKNKV[&KUEQ4KRTKUVKPCNGKPHQTOC\KQPKUWNEQORWVGTFCNNCEQRKCFKDCEMWRGEGTECFK
CRTKTGFKPWQXQ#UUKUVGPVG$QQV%COR

2CUUQKPUVCNNC9KPFQYU
#VVKGPKVKCNNGUGIWGPVKKUVTW\KQPKRGTKPUVCNNCTG9KPFQYUUWNVWQEQORWVGT/CE
%QPUWNVCNCFQEWOGPVC\KQPGFK9KPFQYURGTKPHQTOC\KQPKIGPGTCNKUWNN¨KPUVCNNC\KQPGG
NCEQP°IWTC\KQPGFK9KPFQYU

  
 2GTKPUVCNNCTG9KPFQYUUWNEQORWVGT/CE
  5GUGKIKiWUEKVQFC#UUKUVGPVG$QQV%CORUGP\CKPUVCNNCTG9KPFQYU
 C#RTK#UUKUVGPVG$QQV%COR
 D 5GNG\KQPC¥#XXKCN¨KPUVCNNGTFK9KPFQYU¦
 E (CKENKEUW%QPVKPWC
  +PUGTKUEKKNFKUEQFKKPUVCNNC\KQPGFK9KPFQYU
  +P#UUKUVGPVG$QQV%CORHCKENKEUW¥+PK\KCKPUVCNNC\KQPG¦
+NEQORWVGTUKCXXKGTiFCNFKUEQFKKPUVCNNC\KQPGFK9KPFQYU
  5GIWKNGKUVTW\KQPKUWUEJGTOQ2GTWNVGTKQTKKPHQTOC\KQPKEQPUWNVCNGUG\KQPKUGIWGPVK
5GVKXKGPGTKEJKGUVQFKUEGINKGTGVTCWPCIIKQTPCOGPVQGWP¨KPUVCNNC\KQPG
RGTUQPCNK\\CVCUEGINKN¨KPUVCNNC\KQPGRGTUQPCNK\\CVC

5GNG\KQPCTGGHQTOCVVCTGNCRCTVK\KQPG9KPFQYU
»KORQTVCPVGUGNG\KQPCTGNCRCTVK\KQPGEQTTGVVCFWTCPVGN¨KPUVCNNC\KQPGFK9KPFQYURGT
PQPUQXTCUETKXGTG/CE15:UWNEQORWVGT5EGINKSWKPFKKNHQTOCVQEQTTGVVQ

#88+51PQPETGCTGPQPGNKOKPCTGWPCRCTVK\KQPGGPQPUGNG\KQPCTGRCTVK\KQPKFKXGTUG
FCSWGNNCKPFKECVCFKUGIWKVQ(CEGPFQNQRQVTGUVKECPEGNNCTGVWVVKKEQPVGPWVKPGNNC
RCTVK\KQPGFK/CE15:

2GTUGNG\KQPCTGGHQTOCVVCTGNCEQTTGVVCRCTVK\KQPGRGT9KPFQYU8KUVCQ9KPFQYU
  5GNG\KQPC¥&KUM2CTVKVKQP$116%#/2¦

  (CKENKEUW¥&TKXGQRVKQPU
CFXCPEGF¦

 
  (CKENKEUW(QTOCVSWKPFKUW1-

  (CKENKEUW0GZV

.CRCTVK\KQPG9KPFQYUXKGPGHQTOCVVCVCWVKNK\\CPFQKN°NGU[UVGO06(5

2GTUGNG\KQPCTGGHQTOCVVCTGNCEQTTGVVCRCTVK\KQPGRGT9KPFQYU:2
  5GNG\KQPC¥%2CTVKVKQP$116%#/2 =(#6?¦

  
   5GNG\KQPCWPHQTOCVQ06(5Q(#6
 06(5HQTPKUEGWPCOKINKQTGCÓFCDKNKViGRTQVG\KQPGOCPQPVKEQPUGPVKTiFK
TGIKUVTCTGFQEWOGPVKUWNXQNWOG9KPFQYUFC/CE15:
 (#6ICTCPVKUEGWPCOCIIKQTGEQORCVKDKNKViGRGTOGVVGFKNGIIGTGGUETKXGTG
FQEWOGPVKUWNXQNWOG9KPFQYUFC/CE15:3WGUVCQR\KQPGpFKURQPKDKNGUQNQUG
NCRCTVK\KQPG9KPFQYUPQPUWRGTCK)$

+ORQTVCPVGPQPUGNG\KQPCTGN¨QR\KQPG¥.GCXGVJGEWTTGPV°NGU[UVGOKPVCEV¦2GT
KPUVCNNCTGEQTTGVVCOGPVG9KPFQYU:2FGXKUGNG\KQPCTGWPCFGNNGCNVTGQR\KQPK

%QP°IWTCTG9KPFQYU
&QRQCXGTGKPUVCNNCVQKNUQHVYCTG9KPFQYUKNEQORWVGTUKTKCXXKCCWVQOCVKECOGPVGKP
9KPFQYU7VKNK\\CNGUEJGTOCVGFKEQP°IWTC\KQPGFK9KPFQYURGTKORQUVCTG9KPFQYU

5GTKUEQPVTKFGKRTQDNGOKFWTCPVGN¨KPUVCNNC\KQPGFK9KPFQYU
5GTKUEQPVTKFGKRTQDNGOKFWTCPVGN¨KPUVCNNC\KQPGFKWPCRCTVK\KQPG9KPFQYURTQXCNG
UGIWGPVKUQNW\KQPK

5GSWCPFQKPUVCNNK9KPFQYUXKGPGXKUWCNK\\CVQKNOGUUCIIKQ¥+PUVCNNGT&KUE0QV
(QWPF¦
+ORQUUKDKNGVTQXCTGKNFKUEQFKKPUVCNNC\KQPG
#UUKEWTCVKFKCXGTGUGIWKVQKNNQIKPC/CE15:EQOGCOOKPKUVTCVQTG

5GKNRTQITCOOCFKKPUVCNNC\KQPGFK9KPFQYUPQPTKURQPFG
#UUKEWTCVKFKWVKNK\\CTGNCVCUVKGTCGKNOQWUGQTKIKPCNKKPFQVC\KQPGEQPKNEQORWVGT

5GWVKNK\\KWPOQWUG#RRNGKNRTQITCOOCFKKPUVCNNC\KQPGFK9KPFQYURQVTGDDGPQP
TKURQPFGTGUGKNOQWUGpEQNNGICVQFKTGVVCOGPVGCNEQORWVGT+PVCNECUQEQNNGICKN
OQWUGCNNCRQTVC75$FGNNCVCUVKGTC

 
 5G9KPFQYUPQPUKpKPUVCNNCVQEQTTGVVCOGPVG
#UUKEWTCVKFKWVKNK\\CTGWPCXGTUKQPGQTKIKPCNGGEQORNGVCFKWPQFGKUGIWGPVKGNGOGPVK
 9KPFQYU:2*QOG'FKVKQPQ2TQHGUUKQPCNEQP5GTXKEG2CEMQXGTUKQPGUWEEGUUKXC
 9KPFQYU8KUVC*QOG$CUKE*QOG2TGOKWO$WUKPGUUQ7NVKOCVG
 9KPFQYU*QOG2TGOKWO2TQHGUUKQPCNQ7NVKOCVG
.GXGTUKQPK/GFKC%GPVGT1'/GINKCIIKQTPCOGPVKFK9KPFQYU:2UQPQUEQPUKINKCVK

4KCXXKCKNEQORWVGTGVKGPKRTGOWVQKNVCUVQ1R\KQPG°PQCSWCPFQWPCQRK~
KEQPGFGKFKUEJKPQPCRRCKQPQUWNNQUEJGTOQ+PUGTKUEKKNFKUEQFKKPUVCNNC\KQPGFK
9KPFQYU5GNG\KQPCN¨KEQPCFGNFKUEQFKKPUVCNNC\KQPGFK9KPFQYUSWKPFKHCKENKEUWNNC
HTGEEKCUQVVQUVCPVG2TGOKTCRKFCOGPVGWPVCUVQSWCNUKCUKUWNNCVCUVKGTCRGTCXXKCTGKN
RTQITCOOCFKKPUVCNNC\KQPG5GIWKNGKUVTW\KQPKUWNNQUEJGTOQRGTTKRCTCTGQTGKPUVCNNCTG
9KPFQYU

5GKPUGTKUEKKNFKUEQUDCINKCVQFWTCPVGN¨KPUVCNNC\KQPG
'URGNNKKNFKUEQVGPGPFQRTGOWVQKNVCUVQ'URGNNKFGNNCVCUVKGTCOGPVTGTKCXXKKKNEQORWVGT

2CUUQKPUVCNNCKFTKXGTFK$QQV%CORRGT9KPFQYU
&QRQCXGTGKPUVCNNCVQ9KPFQYUFGXKKPUVCNNCTGKFTKXGT/CEURGEK°EKGCNVTKUQHVYCTGRGT
9KPFQYUWVKNK\\CPFQKNFKUEQFKKPUVCNNC\KQPGFK/CE15:

+NFKUEQFK/CE15:KPUVCNNCKFTKXGTEJGUWRRQTVCPQKEQORQPGPVK/CEEQORTGUQ
#KT2QTVNCXKFGQECOGTCK5KIJVKPVGITCVCKNVGNGEQOCPFQ#RRNG4GOQVGKNVTCEMRCFFGK
EQORWVGTRQTVCVKNK/CEGKVCUVKHWP\KQPGFGNNCVCUVKGTC#RRNG-G[DQCTF

+NFKUEQFK/CE15:KPUVCNNCCPEJGKNRCPPGNNQFKEQPVTQNNQ$QQV%CORRGT9KPFQYUG
N¨GNGOGPVQ#RRNG$QQV%CORFGNNCDCTTCFGNNGCRRNKEC\KQPK

2GTKPUVCNNCTGKFTKXGTFK$QQV%COR
  'URGNNKKNFKUEQFKKPUVCNNC\KQPGFK9KPFQYU
  +PUGTKUEKKNFKUEQFK/CE15:

5GKNRTQITCOOCFKKPUVCNNC\KQPGPQPUKCXXKCCWVQOCVKECOGPVGUHQINKCKNFKUEQ
WVKNK\\CPFQ'URNQTCTKUQTUGGHCKFQRRKQENKEUWNFQEWOGPVQUGVWRGZGPGNNCFKTGEVQT[
FK$QQV%COR
  5GIWKNGKUVTW\KQPKUWUEJGTOQ

5GXKGPGXKUWCNK\\CVQWPOGUUCIIKQRGTCXXKUCTVKEJGKNUQHVYCTGEJGUVCKKPUVCNNCPFQ
PQPJCUWRGTCVQKNVGUVKPIFGNRTQITCOOC9KPFQYU.QIQHCKENKEUW%QPVKPWC

.G°PGUVTGEJGCRRCKQPQDTGXGOGPVGFWTCPVGN¨KPUVCNNC\KQPGPQPTKEJKGFQPQCNEWPKPRWV

  
 5GPQPUGODTCUWEEGFGTGPWNNCRQVTGDDGGUUGTEKWPC°PGUVTCPCUEQUVCCEWKFGXK
TKURQPFGTG%QPVTQNNCNCDCTTCFGNNGCRRNKEC\KQPKGIWCTFCFKGVTQNG°PGUVTGCRGTVG
+ORQTVCPVGPQPHCTGENKEUWNRWNUCPVG#PPWNNCKPPGUUWPCFGNNG°PGUVTGFKFKCNQIQFGN
RTQITCOOCFKKPUVCNNC\KQPG
  &QRQKNTKCXXKQFGNEQORWVGTUGIWKNGKUVTW\KQPKFK¥+PUVCNNC\KQPGIWKFCVCPWQXQ
JCTFYCTG¦RGTCIIKQTPCTGKFTKXGT
UQNQRGT9KPFQYU:2
  5GIWKNGKUVTW\KQPKFKQIPKKPUVCNNC\KQPGIWKFCVCEJGXKGPGXKUWCNK\\CVC
  %GTECKFTKXGTCIIKQTPCVKFK$QQV%CORWVKNK\\CPFQ#RRNG5QHVYCTG7RFCVGQCPFCPFQ
UWYYYCRRNGEQOKVUWRRQTVDQQVECOR

5GTKUEQPVTKFGKRTQDNGOKFWTCPVGN¨KPUVCNNC\KQPGFGKFTKXGTFGN
FKURQUKVKXQ
5GKFTKXGTFK$QQV%CORPQPUQPQUVCVKKPUVCNNCVKEQTTGVVCOGPVGRTQXCCTKRCTCTNK

2GTTKRCTCTGKFTKXGTFK$QQV%COR
  #XXKCKNEQORWVGTKP9KPFQYU
  +PUGTKUEKKNFKUEQFKKPUVCNNC\KQPGFK/CE15:
  5GKNRTQITCOOCFKKPUVCNNC\KQPGPQPUKCXXKCCWVQOCVKECOGPVGUHQINKCKNFKUEQ
WVKNK\\CPFQ'URNQTCTKUQTUGGHCKFQRRKQENKEUWNFQEWOGPVQUGVWRGZGPGNNCFKTGEVQT[FK
$QQV%COR
  (CKENKEUW4KRCTCGUGIWKNGKUVTW\KQPKUWUEJGTOQ

5GXKGPGXKUWCNK\\CVQWPOGUUCIIKQRGTCXXKUCTVKEJGKNUQHVYCTGEJGUVCKKPUVCNNCPFQ
PQPJCUWRGTCVQKNVGUVKPIFGNRTQITCOOC9KPFQYU.QIQHCKENKEUW%QPVKPWC

5GFGXKTGKPUVCNNCTGFGKFTKXGTURGEK°EKRWQKKPUVCNNCTPGWPQCNNCXQNVC#FGUGORKQUG
NCXKFGQECOGTCK5KIJVKPVGITCVCPQPHWP\KQPCRWQKTGKPUVCNNCTGUQNCOGPVGKNFTKXGTRGT
K5KIJV

+FTKXGTUKPIQNKUKVTQXCPQPGNNCECTVGNNC&TKXGTFGNFKUEQFKKPUVCNNC\KQPGFK/CE15:

2GTTGKPUVCNNCTGWPFTKXGTURGEK°EQ
  +PUGTKUEKKNFKUEQFKKPUVCNNC\KQPGFK/CE15:
  'UEKFC#WVQ4WPUGUKCRTG
  &C'URNQTCTKUQTUGKPFKXKFWCKNFTKXGTEJGFGUKFGTKTGKPUVCNNCTG
  #RTKKNFTKXGTRGTCXXKCTGN¨KPUVCNNC\KQPG

 
 #XXKCTGKNEQORWVGTWVKNK\\CPFQ/CE15:Q9KPFQYU
&QRQCXGTGKPUVCNNCVQ9KPFQYUGKFTKXGTFK$QQV%CORRWQKKPK\KCTGCWVKNK\\CTG
9KPFQYUUWNEQORWVGT/CE$QQV%CORHCEKNKVCN¨CXXKQFGNEQORWVGTUKCWVKNK\\CPFQ
/CE15:EJG9KPFQYU2WQKUGTXKTVKFGNRCPPGNNQ&KUEQFKCXXKQPGNNG2TGHGTGP\GFK
5KUVGOC
/CE15:QFGN2CPPGNNQFKEQPVTQNNQ$QQV%COR
9KPFQYURGTKORQUVCTG
KNUKUVGOCQRGTCVKXQRTGFG°PKVQFCWVKNK\\CTGCNN¨CXXKQFGNEQORWVGT2WQKCPEJG
UGNG\KQPCTGWPUKUVGOCQRGTCVKXQOGPVTGKNEQORWVGTUKUVCCXXKCPFQ

+ORQUVCTGKNUKUVGOCQRGTCVKXQFKFGHCWNV
2WQKUGTXKTVKFGNRCPPGNNQ&KUEQFKCXXKQPGNNG2TGHGTGP\GFK5KUVGOCFK/CE15:RGT
KORQUVCTGKNUKUVGOCQRGTCVKXQRTGFG°PKVQFCWVKNK\\CTGRGTN¨CXXKQFGNEQORWVGT$QQV
%CORKPUVCNNCCPEJGKNRCPPGNNQFKEQPVTQNNQ$QQV%COREJGVKEQPUGPVGFKKORQUVCTGKN
UKUVGOCQRGTCVKXQFKFGHCWNVSWCPFQUVCKWVKNK\\CPFQ9KPFQYU

2GTKORQUVCTGKNUKUVGOCQRGTCVKXQFKFGHCWNVKP/CE15:
  +P/CE15:UEGINKOGPW#RRNG 2TGHGTGP\GFK5KUVGOCGHCKENKEUW&KUEQFKCXXKQ
  5GNG\KQPCKNFKUEQFKCXXKQEQPKNUKUVGOCQRGTCVKXQEJGFGUKFGTKWVKNK\\CTGEQOGUKUVGOC
RTGFG°PKVQ
  5GFGUKFGTKCXXKCTGUWDKVQKNUKUVGOCQRGTCVKXQKPSWGUVKQPGHCKENKEUW4KCXXKC

2GTKORQUVCTGKNUKUVGOCQRGTCVKXQFKFGHCWNVKP9KPFQYU
  +P9KPFQYUHCKENKEUWNN¨KEQPC$QQV%CORFGNNCDCTTCFGNNGCRRNKEC\KQPKGUEGINK
¥2CPPGNNQFKEQPVTQNNQ$QQV%COR¦

0QVCKNVWQUEJGTOQRQVTGDDGCXGTGWPCURGVVQFKXGTUQCUGEQPFCFGNEQORWVGTEJG
WVKNK\\K
  5GNG\KQPCKNFKUEQFKCXXKQEQPKNUKUVGOCQRGTCVKXQEJGFGUKFGTKWVKNK\\CTGEQOGUKUVGOC
RTGFG°PKVQ
  5GFGUKFGTKCXXKCTGUWDKVQKNUKUVGOCQRGTCVKXQKPSWGUVKQPGHCKENKEUW4KCXXKC

2GTTKCXXKCTGKP/CE15:WVKNK\\CPFQN¨KEQPC$QQV%CORFGNNCDCTTCFGNNG
CRRNKEC\KQPK
m +P9KPFQYUHCKENKEUWNN¨KEQPC$QQV%CORFGNNCDCTTCFGNNGCRRNKEC\KQPKGUEGINK¥4KCXXKC
KP/CE15:¦

%QUtKPQNVTGKNUKUVGOCQRGTCVKXQFKFGHCWNVXKGPGKORQUVCVQUW/CE15:

5GNG\KQPCTGWPUKUVGOCQRGTCVKXQCNN¨CXXKQ
2WQKUGNG\KQPCTGKNUKUVGOCQRGTCVKXQFCWVKNK\\CTGFWTCPVGN¨CXXKQVGPGPFQRTGOWVQKN
VCUVQ1R\KQPG+PSWGUVQOQFQXGTTCPPQXKUWCNK\\CVGNGKEQPGRGTVWVVKKFKUEJKFKCXXKQ
FKURQPKDKNKGRQVTCKUQXTCUETKXGTGN¨KORQUVC\KQPGRTGFG°PKVCRGTKNFKUEQFKCXXKQPGNNG
RTGHGTGP\G&KUEQFKCXXKQ
/CE15:QPGNRCPPGNNQFKEQPVTQNNQ$QQV%COR
9KPFQYU
UGP\COQFK°ECTGVCNGKORQUVC\KQPG

  
 2GTUGNG\KQPCTGWPUKUVGOCQRGTCVKXQCNN¨CXXKQ
  4KCXXKCKNEQORWVGTGVKGPKRTGOWVQKNVCUVQ1R\KQPG°PEJoNGKEQPGFGKFKUEJKPQP
CRRCKQPQUWNNQUEJGTOQ
  5GNG\KQPCKNFKUEQFKCXXKQEQPKNUKUVGOCQRGTCVKXQEJGFGUKFGTKWVKNK\\CTGSWKPFKHCKENKE
UWNNCHTGEEKCUQVVQN¨KEQPC

5GTKUEQPVTKFGKRTQDNGOKPGNN¨WUQFK9KPFQYUUWN/CE
5GTKUEQPVTKRTQDNGOKWVKNK\\CPFQ9KPFQYUUWN/CERTQXCNGUQNW\KQPKUQVVQUVCPVK

2GTWNVGTKQTKKPHQTOC\KQPKUWNNCTKUQNW\KQPGFGKRTQDNGOKVGEPKEKEQPUWNVCKNUKVQYYY
CRRNGEQOKVUWRRQTVDQQVECOR

5GCNN¨CXXKQFGNEQORWVGTXKUWCNK\\KKNOGUUCIIKQ¥0Q$QQV&KUM#VVCEJGF¦
0GUUWP
FKUEQFKCXXKQEQNNGICVQ
2QVTGUVKCXGTHQTOCVVCVQNCRCTVK\KQPGFK$QQV%CORKPOQFQGTTQPGQGEJGKORGFKUEC
SWKPFKN¨CXXKQFGNEQORWVGT#XXKCKNEQORWVGTEQP/CE15:GCRTK+ORQUVC\KQPG
#UUKUVKVC$QQV%COR4KOWQXKNCRCTVK\KQPGFK$QQV%CORGTKETGCNC+PUVCNNCFKPWQXQ
9KPFQYUCUUKEWTCPFQVKFKHQTOCVVCTGNCRCTVK\KQPG

.QUEJGTOQpXWQVQQNCXKUWCNK\\C\KQPGpFKUVQTVC
#NEWPGUEJGFGITC°EJGRQUUQPQPQPHWP\KQPCTGEQP/CE15:G9KPFQYUUWWP
EQORWVGT/CE5GTKUEQPVTKRTQDNGOKFKXKUWCNK\\C\KQPGFGNNQUEJGTOQWVKNK\\CPFQ
9KPFQYURTQXCCGUGIWKTGNGQRGTC\KQPKUGIWGPVK
 7VKNK\\CNCUEJGFCITC°ECHQTPKVCEQPKNEQORWVGT/CE
 #UUKEWTCVKFKCXGTGKPUVCNNCVQKFTKXGTFK$QQV%COR8GFK¥2CUUQKPUVCNNCKFTKXGTFK
$QQV%CORRGT9KPFQYU¦CRCIKPC
 #WOGPVCN¨KORQUVC\KQPGFGNNCTKUQNW\KQPGFGNFGUMVQRPGNRCPPGNNQFKEQPVTQNNQ
/QPKVQT
 8CKUWJVVRYYYCRRNGEQOKVUWRRQTVDQQVECORRGTEQPVTQNNCTGNGKPHQTOC\KQPK
FKEQORCVKDKNKViGNCRTGUGP\CFKUQHVYCTGCIIKQTPCVQRGTKNEQORWVGT

5GPQPTKGUEKCTKPQOKPCTGNCRCTVK\KQPG9KPFQYU
2WQKTKPQOKPCTGNCRCTVK\KQPG9KPFQYUUQNCOGPVGFC9KPFQYU#XXKCKP9KPFQYU
GHCKENKEEQNVCUVQFGUVTQUWNN¨WPKVi%KP'URNQTCTKUQTUG3WKPFKKPUGTKUEKWPPQOG

5GFKURQPKFKWPCEQP°IWTC\KQPG4#+&
.GEQP°IWTC\KQPK4#+&PQPUQPQUWRRQTVCVGKP$QQV%COR2GTWNVGTKQTKKPHQTOC\KQPK
EQPUWNVCKNUKVQYYYCRRNGEQOKVUWRRQTVDQQVECOR
KPKPINGUGGEGTEC¥4#+&¦

 
 4KOWQXGTG9KPFQYUFCNEQORWVGT
.CRTQEGFWTCFCUGIWKTGRGTTKOWQXGTG9KPFQYUFCNEQORWVGTFKRGPFGFCNVKRQ
FKKPUVCNNC\KQPGGUGIWKVCUWWPFKUEQEQPVGPGPVGWPUQNQXQNWOGQUWNNCUGEQPFC
RCTVK\KQPGFKWPFKUEQ

5GJCKKPUVCNNCVQ9KPFQYUUWNNCUGEQPFCRCTVK\KQPGFKWPFKUEQWVKNK\\CPFQ#UUKUVGPVG
$QQV%COREQOGFGUETKVVQCEQPVKPWC\KQPGTKOWQXK9KPFQYUGNKOKPCPFQNCRCTVK\KQPG
9KPFQYUGTKRTKUVKPCPFQKNFKUEQUWWPXQNWOGEQPWPCRCTVK\KQPG/CE15:WPKEC

5GKNEQORWVGTFKURQPGFKFKXGTUKFKUEJKGJCKKPUVCNNCVQ9KPFQYUUWWPFKUEQEJGEQPVKGPGWPC
UQNCRCTVK\KQPGCXXKCKP/CE15:GWUC7VKNKV[&KUEQ
PGNNCECTVGNNC7VKNKV[CNN¨KPVGTPQFGNNC
ECTVGNNC#RRNKEC\KQPKRGTKPK\KCNK\\CTGKNFKUEQGTKHQTOCVVCTNQEQOGXQNWOG/CE15:

2GTGNKOKPCTG9KPFQYUGNCRCTVK\KQPG9KPFQYU
  #XXKCKP/CE15:
  'UEKFCVWVVGNGCRRNKEC\KQPKCRGTVGGFGUGIWKKNNQIQWVFGINKCNVTKWVGPVKUWNEQORWVGT
  #RTK#UUKUVGPVG$QQV%COR
  5GNG\KQPC¥%TGCQTKOWQXKWPCRCTVK\KQPG9KPFQYU¦SWKPFKHCKENKEUW%QPVKPWC
  'UGIWKWPCFGNNGQRGTC\KQPKUGIWGPVK
 5GKNEQORWVGTJCWPWPKEQFKUEQKPVGTPQHCKENKEUW4KRTKUVKPC
 5GKNEQORWVGTJCRK~FKUEJKKPVGTPKUGNG\KQPCKNFKUEQEJGEQPVKGPG9KPFQYUG
UGNG\KQPC¥4KRTKUVKPCKNFKUEQEQOGWP¨WPKECRCTVK\KQPG15¦SWKPFKHCKENKEUW%QPVKPWC

#IIKQTPCOGPVQ
3WGUVGUG\KQPKFGUETKXQPQKNOQFQKPEWKCIIKQTPCTG9KPFQYUQNCXGTUKQPGFK$QQV%COR

#IIKQTPCTGKFTKXGTFK$QQV%COR
5GJCKIKiKPUVCNNCVQ9KPFQYUUWNEQORWVGTRWQKKPUVCNNCTGKFTKXGT/CERGT9KPFQYU
CIIKQTPCVK

+ORQTVCPVGUGJCKRGTUQPCNK\\CVQN¨CODKGPVG9KPFQYURTGPFKPQVCFGNNGKORQUVC\KQPK
RTKOCFKGUGIWKTGN¨CIIKQTPCOGPVQFGKFTKXGT

2GTCIIKQTPCTGKFTKXGT$QQV%CORRGT9KPFQYU
  4KCXXKCKNEQORWVGT/CEWVKNK\\CPFQ9KPFQYU
  (CKENKEUWNN¨KEQPC$QQV%CORFGNNCDCTTCFGNNGCRRNKEC\KQPKGUEGINK¥+PHQTOC\KQPKUW
$QQV%COR¦
  5GNCXGTUKQPGpNCQUWEEGUUKXCWVKNK\\C#RRNG5QHVYCTG7RFCVGRGTXGTK°ECTGNC
RTGUGP\CFKFTKXGTCIIKQTPCVK
  5GNCXGTUKQPGpRTGEGFGPVGCNNCKPUGTKUEKKNFKUEQFKKPUVCNNC\KQPGFK/CE15:
XGTUKQPG3WCPFQUKCRTGKNRTQITCOOCFKKPUVCNNC\KQPGHCKENKEUW4KRCTC

  
 5GKNRTQITCOOCFKKPUVCNNC\KQPGPQPUKCXXKCCWVQOCVKECOGPVGUHQINKCKNFKUEQ
WVKNK\\CPFQ'URNQTCTKUQTUGGHCKFQRRKQENKEUWNFQEWOGPVQUGVWRGZGPGNNCFKTGEVQT[FK
$QQV%COR

'ÒGVVWCTGN¨CIIKQTPCOGPVQC9KPFQYU8KUVCQ9KPFQYU
2WQKCIIKQTPCTG9KPFQYU:2C9KPFQYU8KUVCQRRWTG9KPFQYU8KUVCC9KPFQYU

0QVCUGWVKNK\\K9KPFQYU:2PQPRWQKCIIKQTPCTGC9KPFQYU2WQKTGCNK\\CTG
WP¨KPUVCNNC\KQPGRWNKVC
EJKCOCVCCPEJGKPUVCNNC\KQPGRGTUQPCNK\\CVCEJGKPK\KCNK\\C
NCRCTVK\KQPGFK$QQV%COR2TKOCFKTGCNK\\CTGWP¨KPUVCNNC\KQPGRWNKVCCUUKEWTCVKFK
RQUUGFGTGKFKUEJKFKKPUVCNNC\KQPGRGTVWVVKKRTQITCOOKGWPCEQRKCFKDCEMWRFGKVWQK
FQEWOGPVKGFGNNGKORQUVC\KQPKRGTUQPCNK%QUtRQVTCKTKRTKUVKPCTNKFQRQN¨KPUVCNNC\KQPG

2GTGÒGVVWCTGN¨CIIKQTPCOGPVQFC9KPFQYU8KUVCC9KPFQYU
2GTCIIKQTPCTGC9KPFQYUVKQEEQTTG
 9KPFQYU8KUVCKPUVCNNCVQUWNNCRCTVK\KQPGFK$QQV%COR
 7PCEQRKCEQPEGUUCKPNKEGP\CFK9KPFQYU*QOG2TGOKWO2TQHGUUKQPCNQ7NVKOCVG
 #RRNGA9+PA7RITCFGA7VKNKV[GZGFKURQPKDKNGUW
JVVRYYYCRRNGEQOKVUWRRQTVDQQVECOR+NRTQITCOOCFKKPUVCNNC\KQPGFK
9KPFQYURQVTGDDGPQPGUUGTGKPITCFQFKKPUVCNNCTG9KPFQYUUGNCRCTVK\KQPG
FK/CE15:pCVVKXC3WGUVCWVKNKV[FKUCVVKXCNCRCTVK\KQPG/CE15:8GTTiCVVKXCVC
PWQXCOGPVGSWCPFQUECTKEJKKNUQHVYCTGCIIKQTPCVQRGT9KPFQYU
  +P/CE15:XCKUWJVVRYYYCRRNGEQOKVUWRRQTVDQQVECORGEQPVTQNNCUGFGXK
CIIKQTPCTGKNUQHVYCTGRTKOCFKRQVGTCIIKQTPCTGC9KPFQYU#NEWPKEQORWVGT/CE
TKEJKGFQPQFGINKCIIKQTPCOGPVKURGEK°EKRTKOCEJGUKCRQUUKDKNGKPUVCNNCTG9KPFQYU
  #XXKCKN/CEKP9KPFQYU
  7VKNK\\C#RRNG5QHVYCTG7RFCVGRGTXGTK°ECTGNCFKURQPKDKNKViFKFTKXGTCIIKQTPCVKRGT
9KPFQYU8KUVC
  8CKUWNUKVQYGD
JVVRYYYCRRNGEQOKVUWRRQTVDQQVECORGUECTKEC#RRNGA9+PA7RITCFGA7VKNKV[GZG
  #RTK#RRNG9KP7VKNKV[GZGGUGIWKNGKUVTW\KQPKUWUEJGTOQ
#RRNGA9+PA7RITCFGA7VKNKV[GZGFKUCVVKXCNCRCTVK\KQPG/CE15:
  +PUGTKUEKKNFKUEQFKKPUVCNNC\KQPGQFKCIIKQTPCOGPVQFK9KPFQYU
  5GIWKNGKUVTW\KQPKHQTPKVGEQP9KPFQYU
  &QRQCXGTCXXKCVQKNEQORWVGTKP9KPFQYUWVKNK\\C#RRNG5QHVYCTG7RFCVGRGT
XGTK°ECTGNCFKURQPKDKNKViFKUQHVYCTGCIIKQTPCVQRGT9KPFQYU.CRCTVK\KQPG/CE15:
pFKPWQXQCVVKXC

 
 2GTGÒGVVWCTGN¨CIIKQTPCOGPVQFC9KPFQYU:2C9KPFQYU8KUVC
2GTCIIKQTPCTGC9KPFQYU8KUVCVKQEEQTTG
 9KPFQYU:2KPUVCNNCVQUWNNCRCTVK\KQPGFK$QQV%COR
 7PCEQRKCEQPEGUUCKPNKEGP\CFK9KPFQYU8KUVC*QOG$CUKE*QOG2TGOKWO
$WUKPGUUQ7NVKOCVG
  +P/CE15:XCKUWJVVRYYYCRRNGEQOKVUWRRQTVDQQVECORGEQPVTQNNCUGFGXK
CIIKQTPCTGKNUQHVYCTGRTKOCFKRQVGTCIIKQTPCTGC9KPFQYU8KUVC#NEWPKEQORWVGT
/CETKEJKGFQPQFGINKCIIKQTPCOGPVKURGEK°EKRTKOCEJGUKCRQUUKDKNGRTQEGFGTG
CNN¨KPUVCNNC\KQPGFK9KPFQYU8KUVC
  #XXKCKN/CEKP9KPFQYU
  +PUGTKUEKKNFKUEQFKKPUVCNNC\KQPGQFKCIIKQTPCOGPVQFK9KPFQYU8KUVC
  5GIWKNGKUVTW\KQPKHQTPKVGEQP9KPFQYU8KUVC
  &QRQCXGTGEQORNGVCVQN¨KPUVCNNC\KQPGKPUGTKUEKKNFKUEQFKKPUVCNNC\KQPGFK/CE15:

5GKNRTQITCOOCFKKPUVCNNC\KQPGPQPUKCXXKCCWVQOCVKECOGPVGUHQINKCKNFKUEQWVKNK\\CPFQ
'URNQTCTKUQTUGGHCKFQRRKQENKEUWNFQEWOGPVQUGVWRGZGPGNNCFKTGEVQT[FK$QQV%COR
  %GTECKFTKXGTCIIKQTPCVKFK$QQV%CORWVKNK\\CPFQ#RRNG5QHVYCTG7RFCVGQCPFCPFQ
UWJVVRYYYCRRNGEQOKVUWRRQTVDQQVECOR

2GTTGCNK\\CTGWP¨KPUVCNNC\KQPGRWNKVC
  +P/CE15:XCKUWJVVRYYYCRRNGEQOKVUWRRQTVDQQVECORGEQPVTQNNCUGFGXK
CIIKQTPCTGKNUQHVYCTGRTKOCFKRQVGTCIIKQTPCTG9KPFQYU
  #XXKCKN/CEKP9KPFQYU
  'ÒGVVWCWPDCEMWRFGKVWQKFCVKGCUUKEWTCVKFKFKURQTTGFGKFKUEJKFKKPUVCNNC\KQPGRGTNG
CRRNKEC\KQPKEJGWVKNK\\K
  +PUGTKUEKKNFKUEQFKKPUVCNNC\KQPGQFKCIIKQTPCOGPVQFK9KPFQYU
  5GIWKNGKUVTW\KQPKHQTPKVGEQP9KPFQYU8KUVCQ9KPFQYU
  &QRQCXGTGEQORNGVCVQN¨KPUVCNNC\KQPGKPUGTKUEKKNFKUEQFKKPUVCNNC\KQPGFK/CE15:

5GKNRTQITCOOCFKKPUVCNNC\KQPGPQPUKCXXKCCWVQOCVKECOGPVGUHQINKCKNFKUEQWVKNK\\CPFQ
'URNQTCTKUQTUGGHCKFQRRKQENKEUWNFQEWOGPVQUGVWRGZGPGNNCFKTGEVQT[FK$QQV%COR
  %GTECKFTKXGTCIIKQTPCVKFK$QQV%CORWVKNK\\CPFQ#RRNG5QHVYCTG7RFCVGQCPFCPFQ
UWJVVRYYYCRRNGEQOKVUWRRQTVDQQVECOR
  4KRTKUVKPCKFCVKRGTUQPCNKGNGCRRNKEC\KQPK

  
 5GTKUEQPVTKFGKRTQDNGOKFWTCPVGN¨CIIKQTPCOGPVQFK9KPFQYU
5GTKUEQPVTKRTQDNGOKCIIKQTPCPFQ9KPFQYUUWN/CERTQXCNCUQNW\KQPGUQVVQUVCPVG

2GTWNVGTKQTKKPHQTOC\KQPKUWNNCTKUQNW\KQPGFGKRTQDNGOKVGEPKEKEQPUWNVCKNUKVQ
YYYCRRNGEQOKVUWRRQTVDQQVECOR

5GFWTCPVGN¨CIIKQTPCOGPVQFK9KPFQYUXKUWCNK\\KKNOGUUCIIKQ¥9KPFQYUYCU
WPCDNGVQETGCVGCTGSWKTGFKPVCNNCVKQPHQNFGT¦
9KPFQYUPQPJCRQVWVQETGCTGWPC
ECTVGNNCFKKPUVCNNC\KQPGTKEJKGUVC
2QVTGUVKXKUWCNK\\CTGSWGUVQCXXKUQUGKPUVCNNK$QQV%CORQXGTUKQPGUWEEGUUKXCG
RTQXKSWKPFKCFCIIKQTPCTGC9KPFQYU2TKOCFKRQVGTGCIIKQTPCTGC9KPFQYU
UECTKEC#RRNGA9+PA7RITCFGA7VKNKV[GZGFKURQPKDKNGUW
JVVRYYYCRRNGEQOKVUWRRQTVDQQVECOR2GTWNVGTKQTKKPHQTOC\KQPKEQPUWNVC
¥'ÒGVVWCTGN¨CIIKQTPCOGPVQC9KPFQYU8KUVCQ9KPFQYU¦CRCIKPC

7NVGTKQTKKPHQTOC\KQPKUWRRQTVQGHGGFDCEM
2GTWNVGTKQTKKPHQTOC\KQPKUW$QQV%CORXCKUWYYYCRRNGEQODQQVECOR

2GTKNUWRRQTVQRGT$QQV%COREQPUWNVCKNUKVQYGD
YYYCRRNGEQOUWRRQTVDQQVECOR
KPKPINGUG

#RRNGpNKGVCFKTKEGXGTGKVWQKEQOOGPVKUW$QQV%COR2GTKPXKCTGWPEQOOGPVQXCK
UWNUKVQYYYCRRNGEQOOCEQUZHGGFDCEM
KPKPINGUG

#RRNGPQPHQTPKUEGCUUKUVGP\CRGTN¨KPUVCNNC\KQPGQN¨WUQFGNUQHVYCTG/KETQUQHV
9KPFQYU2GTCUUKUVGP\CUWKRTQDNGOKEQTTGNCVKC9KPFQYUXCKCNUKVQ
YYYOKETQUQHVEQOYKPFQYU

Š#RRNG+PE6WVVKKFKTKVVKTKUGTXCVK
#RRNGKNNQIQ#RRNG#KT2QTV$QQV%CORK/CEK5KIJV/CE/CE$QQMG/CE15UQPQOCTEJKFK
#RRNG+PETGIKUVTCVKPGINK5VCVK7PKVKGKPCNVTKRCGUK+PVGN+PVGN%QTGG:GQPUQPQOCTEJKFK+PVGN
%QTRPGINK5VCVK7PKVKGKPCNVTKRCGUK)NKCNVTKPQOKRQVTGDDGTQGUUGTGOCTEJKQOCTEJKTGIKUVTCVK
FK#RRNGPGINK5VCVK7PKVKGKPCNVTKRCGUK

6