Recoil

4GEQKN
/ÌUUDCWGT5RGEVTCN#PCN[UKU5QHVYCTG
HQT9KPFQYU
XGTUKQP
EQFGCPFFQEWOGPVCVKQPYTKVVGPD[-GP.CICTGE
UQHVYCTGRTQFWEGFD[VJG/ÌUUDCWGT)TQWR
WPFGTVJGFKTGEVKQPQH2TQH&GPKU)4CPEQWTV
&GRCTVOGPVQH2J[UKEU
7PKXGTUKV[QH1VVCYC
l-GP.CICTGECPF&)4CPEQWTV
6CDNGQH%QPVGPVU
%JCRVGT)GVVKPI5VCTVGF
7UKPI6JKU&QEWOGPV
2TQITCO4GSWKTGOGPVUCPF+PUVCNNCVKQP
/KPKOWO2TQITCO4GSWKTGOGPVU
2TQITCO+PUVCNNCVKQP
7PKPUVCNNKPI4GEQKN
*QYVQ4GCEJVJG#WVJQTU
4GEQKN&GUKIP
/ÌUUDCWGT5RGEVTQUEQR[2CTCOGVGTU0COGUCPF5[ODQNUWUGFKP4GEQKN
)GPGTCN#PCN[UKU
2CTCOCIPGVKE/CVGTKCNU
/CIPGVKE/CVGTKCNUVJG(KTUV1TFGT2GTVWTDCVKQP6JGQT[4GUWNVU
%JCRVGT#PCN[UKU/QFGNU
8QKIV2GCM(KV
&QOCKPUQH#RRNKECDKNKV[
/QFGN2CTCOGVGTU
4GHGTGPEGU
(KNG(QTOCV
.QTGPV\KCP/WNVKRNGV#PCN[UKU
/QFGN2CTCOGVGTU
4GHGTGPEGU
(KNG(QTOCV
8QKIVDCUGF(KVVKPI 8$( #PCN[UKU
/QFGN2CTCOGVGTU
4GHGTGPEGU
(KNG(QTOCV
'ZVGPFGF8QKIVDCUGF(KVVKPI Z8$( #PCN[UKU
/QFGN2CTCOGVGTU
4GHGTGPEGU
(KNG(QTOCV
(WNN5VCVKE*COKNVQPKCP5KVG#PCN[UKU
/QFGN2CTCOGVGTU
4GHGTGPEGU
(KNG(QTOCV
&[PCOKE.KPG5JCRG5KVG#PCN[UKU
/QFGN2CTCOGVGTU
2CTCOGVGT%QPUVTCKPVUCPF+ORNGOGPVCVKQP&GVCKNU
4GHGTGPEGU
(KNG(QTOCV
5QWTEG*9*/'ZVTCEVKQP
/QFGN2CTCOGVGTU
4GEQKN4GHGTGPEG KKK
%TQUUUGEVKQPHKNG
4GHGTGPEGU
(KNG(QTOCV
%JCRVGT7VKNKVKGU
&GD[G/QFGN%CNEWNCVKQPU
+FGCN6JKEMPGUU%CNEWNCVKQPU
6JG/ÌUUDCWGT6JKEMPGUU
4GHGTGPEGU
%JCRVGT*QY&Q+
#PCN[UGCURGEVTWO!
%TGCVGCECNKDTCVKQPHKNG!
(QNFCURGEVTWO!
%CNEWNCVGVJGKFGCNVJKEMPGUUHQTCUCORNG!
%CNEWNCVGVJG/ÌUUDCWGTVJKEMPGUUQHCUCORNG!
%JCRVGT%QPHKIWTKPI4GEQKN
6JGKUQVQRGUKPK(KNG
6JGECNKDTCVKPK(KNG
)GPGTCN2TQITCO1RVKQPU
7PKVUQHVJG/CIPGVKE*[RGTHKPG(KGNF
(KVVKPI1RVKQPU
/ÌUUDCWGT5QWTEG
%JCRVGT'TTQT%CNEWNCVKQPU
P6QRQNQI[/GVJQFU
7UKPIVJG%QXCTKCPEG/CVTKZ
7UKPIVJG%QPUVCPVP$QWPFCT[
/QPVG%CTNQ/GVJQFU
7UKPIVJG$QQVUVTCR/GVJQF
7UKPI%QWPVKPI5VCVKUVKEU
%JCRVGT&KHHGTGPEGU$GVYGGP4GEQKNCPF/15/1&
7UKPI+UQVQRGU1VJGT6JCP(G
&KHHGTGPEGUKPVJG+ORNGOGPVCVKQPUQHVJG#PCN[UGU
0NKPGHKVVKPIYKVJ8QKIVUQT.QTGPV\KCPU /15/1&
6JKEMPGUU%QTTGEVKQP /15/1&
.QTGPV\KCP5KVG#PCN[UKU /15/1&
(WNN5VCVKE*COKNVQPKCP5KVG#PCN[UKU /15/1&
$NWOGCPF6LQP&[PCOKE.KPG5JCRG5KVG#PCN[UKU /15/1&
8QKIVDCUGF(KVVKPI /15/1&CPF
&KHHGTGPEGUKPVJG7VKNKVKGU /15/1&CPF
%JCRVGT(KNG(QTOCVU
(QNFGF/ÌUUDCWGT&CVC(KNGU
4CY/ÌUUDCWGT&CVC(KNGU
#PCN[UKU&QEWOGPVU
(KV5RGEVTWO(KNGU
2TQDCDKNKV[&GPUKV[&KUVTKDWVKQP(KNGU
4GEQKN4GHGTGPEG
%JCRVGT
)GVVKPI5VCTVGF
7UKPI6JKU&QEWOGPV
6JKUFQEWOGPVKURTQXKFGFCUCIWKFGVQGZRNCKPVJGHWPEVKQPCNKV[QH4GEQKNDWVKVKUPQVCPGZJCWUVKXG
TGHGTGPEGQHCNNQHKVUECRCDKNKVKGU/CP[QH4GEQKN UFCVCKPRWVCPFHQTOCVVKPIQRVKQPUCTGPQVGZRNKEKVN[
FGUETKDGFKPVJKUOCPWCNDWVVJGCWVJQTJCUVTKGFVQOCMGVJGOCUEQPUKUVGPVCURQUUKDNGYKVJUVCPFCTF
9KPFQY UDGJCXKQWT
+PIGPGTCNENKEMKPICPKVGOYKVJVJGTKIJVOQWUGDWVVQP C TKIJVENKEM CEVKXCVGUCRQRWROGPWUJQYKPI

VJGRQUUKDNGCEVKQPUCXCKNCDNGQPVJCVKVGO&QWDNGENKEMKPICPKVGOYKVJVJGNGHVOQWUGDWVVQPYKNNRGTHQTO
VJGFGHCWNVCEVKQP QRGPQTFKURNC[RTQRGTVKGU 6JGWUGTKUGPEQWTCIGFVQGZRGTKOGPVYKVJVJGRTQITCOKP
QTFGTVQFKUEQXGTKVUGZVGPFGFECRCDKNKVKGU6T[GXGT[VJKPI[QWVJKPMUJQWNFDGCXCKNCDNGCPFKVOKIJVDG
+PVGTOUQHQTICPK\CVKQPVJKUFQEWOGPV UEJCRVGTUEQTTGURQPFVQVJGDCUKEGNGOGPVUPGGFGFVQWUGVJKU
UQHVYCTGCPKPVTQFWEVKQP EJCRVGT YJKEJFGUETKDGUKVUWUGCPFVJGRJKNQUQRJ[DGJKPFKVUFGUKIPCFGVCKNGF
FGUETKRVKQPQHVJGCPCN[UGUVJCVECPDGRGTHQTOGF EJCRVGT C*QY6QIWKFGHQTRGTHQTOKPIDCUKECPF
GUUGPVKCNVCUMU EJCRVGT CTGHGTGPEGVQVJGWVKNKVKGUCXCKNCDNGVQJGNRVJG/ÌUUDCWGTWUGTKPUQOGGXGT[FC[
VCUMU EJCRVGT CPFCFGUETKRVKQPQHVJGEQPHKIWTCVKQPQRVKQPUYJKEJCTGCXCKNCDNGVQVJGWUGT EJCRVGT
2TQITCO4GSWKTGOGPVUCPF+PUVCNNCVKQP
/KPKOWO2TQITCO4GSWKTGOGPVU
4GEQKNKUCDKVRTQITCOFGUKIPGFVQTWPQP9KPFQYUsQT9KPFQYU06sQPVJG+PVGNRNCVHQTO*GTG
CTGVJGOKPKOWORTQITCOTGSWKTGOGPVU
<9KPFQYUsQT9KPFQYU06s
<2% 2GPVKWOQTJKIJGTTGEQOOGPFGF
</$QHJCTFFKUMURCEG KPUVCNNCVKQP
</$4#/ /$TGEQOOGPFGF
<8)#CFCRVGTCPFOQPKVQT EQNQWT58)#TGEQOOGPFGF
<2QKPVKPIFGXKEG OQWUGQTGSWKXCNGPV TGSWKTGFHQTUQOGQRGTCVKQPU
<9KPFQYUEQORCVKDNGRTKPVGTHQTJCTFEQR[QWVRWV
%JCRVGT+PVTQFWEVKQP
2TQITCO+PUVCNNCVKQP
+H[QWCTGKPUVCNNKPIQXGTCPGZKUVKPIXGTUKQPQH4GEQKNKVKUTGEQOOGPFGFVJCV[QWDCEMWRVJGUGVVKPIU
HKNGU TGEQKNKPKKUQVQRGUKPKCPFECNKDTCVKPK KH[QWJCXGOCPWCNN[OQFKHKGFVJGOHQT[QWTRWTRQUGUCPF
WPKPUVCNNVJGXGTUKQPQH4GEQKN[QWCNTGCF[JCXG;QWECPVJGPGFKVVJGPGYUGVVKPIUHKNGUVQTGHNGEV[QWT
OQFKHKECVKQPU
4GEQKNKUUWRRNKGFYKVJC9KPFQYUsEQORCVKDNGKPUVCNNCPFWPKPUVCNNRTQEGUU6QKPUVCNN4GEQKNFQWDNG
ENKEMQPVJGUGVWRGZGRTQITCOQP[QWTFKUMGVVGHTQOYKVJKP9KPFQYU'ZRNQTGT(QNNQYVJGUKORNG
KPUVTWEVKQPUVQRTQEGGFYKVJVJGKPUVCNNCVKQP+H[QWTGEGKXGFCUKPINGUGNHGZVTCEVKPIHKNGFQWDNGENKEMQPVJG
HKNGCPFHQNNQYVJGKPUVTWEVKQPU
&WTKPIVJGKPUVCNNRTQEGUU4GEQKNYKNNTGIKUVGTUGXGTCNKEQPUHQTVJGHKNGGZVGPUKQPUKVWUGU5JQWNFVJGUG
UGVVKPIUDGGTCUGF[QWECPTGTGIKUVGTVJGOD[TWPPKPI4GEQKNHTQOVJGEQOOCPFRTQORVYKVJVJGTGIKUVGT
QRVKQP
&?3URJUDP)LOHV?5HFRLO!5HFRLOUHJLVWHU
+H[QWFQPQVYCPVVJGUGGZVGPUKQPUTGIKUVGTGFTWP4GEQKNHTQOVJGEQOOCPFRTQORVYKVJVJGWPTGIKUVGT
QRVKQP
&?3URJUDP)LOHV?5HFRLO!5HFRLOXQUHJLVWHU
5JQWNF[QWGPEQWPVGTCP[RTQDNGOUHGGNHTGGVQEQPUWNVVJGYGDRCIGQTEQPVCEVVJGCWVJQTUHQT
CUUKUVCPEG
7PKPUVCNNKPI4GEQKN
5JQWNF[QWFGUKTGVQWPKPUVCNN4GEQKNQRGPVJG#FF4GOQXG2TQITCOUCRRNGVUQHVJG%QPVTQN2CPGN 6WDUW
_6HWWLQJV_&RQWURO3DQHO UGNGEV4GEQKNCPFRTGUUVJG7PKPUVCNNDWVVQP6JGWPKPUVCNNRTQITCOOKIJVPQVDG
CDNGVQGTCUGGXGT[VJKPIKPVJGKPUVCNNCVKQPFKTGEVQT[KHPGYHKNGUYGTGETGCVGFVJGTGUQ[QWOKIJVJCXGVQFQ
VJKUOCPWCNN[
*QYVQ4GCEJVJG#WVJQTU
6JKUIWKFGYCUYTKVVGPVQGZRNCKPJQYVJGRTQITCOYQTMUCPFYJCV[QWECPFQYKVJKV+VKUPQVJQYGXGT
EQORNGVGCPF[QWOC[JCXGTGCUQPUVQEQPVCEVVJGCWVJQTUKH[QWJCXGRTQDNGOUQTKH[QWJCXGHQWPFCDWI
[QWYKUJVQTGRQTV6JGRWDNKUJGFCTVKENGUFGUETKDKPIVJGCPCN[UKUOGVJQFUUJQWNFDGEQPUWNVGFCPF
WPFGTUVQQFDGHQTGWUKPIVJKUUQHVYCTGCNNQHVJGOGVJQFUTGSWKTGVJGKPVGTXGPVKQPQHCWUGTYJQMPQYUYJCV
JG UFQKPI
5JQWNF[QWPGGFVQEQPVCEVWUYGECPDGTGCEJGFD[GOCKNCV
TGEQKN"RJ[UKEUWQVVCYCEC
+H[QWFQPQVJCXGCEEGUUVQCPGOCKNCEEQWPV[QWOC[CNUQYTKVGRJQPGQTHCZWU
(QTVGEJPKECNUWRRQTVCPFVJGTGRQTVKPIQHDWIU
-GP.CICTGE
&GRCTVOGPVQH2J[UKEU
4GEQKN4GHGTGPEG
7PKXGTUKV[QH1VVCYC
.QWKU2CUVGWT1VVCYC10
%#0#&#-00
VGN Z
HCZ
(QTIGPGTCNGPSWKTGUCPFUCNGUKPHQTOCVKQP
&T&GPKU4CPEQWTV
&GRCTVOGPVQH2J[UKEU
7PKXGTUKV[QH1VVCYC
.QWKU2CUVGWT1VVCYC10
%#0#&#-00
VGN Z
HCZ
+PCFFKVKQPRTQFWEVKPHQTOCVKQPHTGSWGPVN[CUMGFSWGUVKQPU (#3 CPFRCVEJGUYKNNDGRQUVGFQPVJG

YGDCV
JVVRYYYRJ[UKEUWQVVCYCEC`TGEQKN
4GEQKN&GUKIP
4GEQKNKUDWKNVCTQWPFCFQEWOGPVXKGYCTEJKVGEVWTGGCEJCPCN[UKUEQTTGURQPFUVQCFKHHGTGPV CPCN[UKU
FQEWOGPV 6JGRCTCOGVGTUCPFUQOGQVJGTKPHQTOCVKQPCTGUVQTGFKPVJGHKNGDWVKVKUWRVQVJGXKGYUVQ
FKURNC[VJGKPHQTOCVKQP
$[FGHCWNVVYQXKGYUCTGQRGPGFYJGPCPCPCN[UKUKUUVCTVGFVJG2CTCOGVGTU8KGYYJKEJKUVJGRTKOCT[
XKGYNKUVUVJGOQFGNRCTCOGVGTUCUYGNNCUUQOGHKVVKPIRCTCOGVGTU PWODGTQHFCVCRQKPVUPWODGTQH
RCTCOGVGTUTGFWEGPGVE +PCFFKVKQPVJG2NQV8KGYFKURNC[UVJGQDUGTXGFCPFHKVVGFURGEVTCKPENWFKPIUWD
URGEVTCNUKVGEQPVTKDWVKQPUCPFVJGTGUKFWCNU'XGT[FQEWOGPVECPCNUQJCXGC4GRQTV8KGYYJKEJKUCVGZV
CEEQWPVQHVJGOQFGNCPFHKVVKPIRCTCOGVGTUYJKEJECPDGRTKPVGFQTUCXGFVQCP#5%++QT4KEJ6GZV(QTOCV
MGGRUHQTOCVVKPICPFECPDGKORQTVGFKPCP[YQTFRTQEGUUQT HKNG+PUQOGUKVWCVKQPUC&KUVTKDWVKQP8KGYKU
CNUQCXCKNCDNGVQFKURNC[VJGFKUVTKDWVKQPUQHRCTCOGVGTUQDVCKPGFHTQOVJGOQFGN
9JGPCFQEWOGPVKUQRGPPGYXKGYUECPDGETGCVGFD[WUKPIVJG9LHZV_1HZ9LHZOGPWEQOOCPF
YJKEJFKURNC[UVJGNKUVQHCXCKNCDNGXKGYUKPCRQRWROGPWQTD[RTGUUKPIVJGURGGFDWVVQPCUUQEKCVGFYKVJ
VJCVXKGYV[RGQPVJGEQPVTQNDCT8KGYUECPDGQRGPGFCPFENQUGFCVYKNNGZEGRVHQTVJG2CTCOGVGTU8KGY
YJKEJYJGPENQUGFYKNNRTQORVVJGWUGTVQUCXGQTFKUECTFVJGKPHQTOCVKQPKHKVJCUEJCPIGF6JGQVJGT
XKGYUECPDGUCXGFKPFGRGPFGPVN[VJGRNQVCPFFKUVTKDWVKQPXKGYUUCXGVJGKTURGEVTC QDUGTXGFCPF
ECNEWNCVGF QTVJGKTFKUVTKDWVKQPUVQCHKNGCPFVJGTGRQTVXKGYUCXGUKVUEQPVGPVVQCYQTFRTQEGUUQTTGCFCDNG
HKNGHQTHWTVJGTGFKVKPI
#PQVJGTWUGHWNEQPEGRVWUGFKP4GEQKNKUVJGRTQLGEV#RTQLGEVFQEWOGPVKUVJGRCTGPVQHCP[FQEWOGPV
ETGCVGFCPFECPDGWUGFVQOCPCIGITQWRUQHHKNGUVJCVCTGTGNCVGFVQGCEJQVJGT6JG2TQLGEV8KGYNKUVUCNNVJG
HKNGUKPVJGRTQLGEVKPC6TGG8KGYEQPVTQN JKGTCTEJKECNFKURNC[QHFGRGPFCPEKGU &CVCHKNGUQEEWTCURCTGPV
PQFGUVQVJGXCTKQWUCPCN[UKUFQEWOGPVUYJKEJEQTTGURQPFVQGCEJFCVCHKNG+PVJKUYC[KVKUGCU[VQMGGR
VTCEMQHYJKEJCPCN[UGUYGTGRGTHQTOGF9JGPCFQEWOGPVKUQRGPKVUPQFG UVGZVCRRGCTUKPDQNFV[RGHQT
GCU[KFGPVKHKECVKQP#NNOGPWEQOOCPFUQPVJGRTQLGEVOWUVDGGZGEWVGFVJTQWIJVJGTKIJVENKEMRQRWROGPW
%JCRVGT+PVTQFWEVKQP
/ÌUUDCWGT5RGEVTQUEQR[2CTCOGVGTU0COGUCPF5[ODQNUWUGFKP
4GEQKN
+PIGPGTCNQPN[VJTGGV[RGUQHKPVGTCEVKQPUCTGEQPUKFGTGFVQCHHGEVVJGRTQDGPWENGWUKPC/ÌUUDCWGT
GZRGTKOGPV YGQPN[EQPUKFGT+VQVTCPUKVKQPU
VJGGNGEVTKEOQPQRQNGKPVGTCEVKQP+VKUEJCTCEVGTK\GFD[CUJKHVQHVJGEQORNGVGURGEVTWOTGNCVKXGVQVJG
TGHGTGPEG ECNKDTCVKQP OCVGTKCN6JKUUJKHVKUVJGMPQYPCUVJGKUQOGTUJKHV+PCFFKVKQPVJGURGEVTWOKUUJKHVGF
D[CVGORGTCVWTGCPFUCORNGFGRGPFGPVSWCPVKV[VJGUGEQPFQTFGT&QRRNGTUJKHV 51& TGUWNVKPIKPCPGV
UJKHVTGNCVKXGVQCECNKDTCVKQPOCVGTKCNMPQYPCUVJGEGPVGTUJKHV
VJGGNGEVTKESWCFTWRQNGKPVGTCEVKQP+VQEEWTUYJGP VJGPWENGWUJCUCSWCFTWRQNGOQOGPVCPF VJG

GNGEVTQPKEFGPUKV[RTQFWEGUCPGNGEVTKEHKGNFITCFKGPV '() CVVJGPWENGWU6JKUECWUGUCURNKVVKPIQHVJG
GZEKVGF + PWENGCTUVCVGKPVQVJGOvCPFOvDTCPEJGUTGUWNVKPIKPVYQFKUVKPEVURGEVTCNNKPGU
UKPEGVJG+UVCVGJCUPQSWCFTWRQNGOQOGPV
VJGOCIPGVKEFKRQNGKPVGTCEVKQP+VQEEWTUDGVYGGPCPGHHGEVKXGOCIPGVKEJ[RGTHKPGHKGNFCVVJGPWENGWUCPF
VJGOCIPGVKEOQOGPVQHVJGPWENGWU6JKUKPVGTCEVKQPNKHVUCNNFGIGPGTCE[DGVYGGPPWENGCTNGXGNUCPFVJWU
RQUUKDN[TGUWNVUKPURGEVTCNNKPGU JQYGXGTQPN[VTCPUKVKQPUCTGCNNQYGFHQTCRWTGN[OCIPGVKEFKRQNG
KPVGTCEVKQPVJGQVJGTVYQQPN[QEEWTKPVJGRTGUGPEGQHOKZGFKPVGTCEVKQPU
*KIJGTQTFGTKPVGTCEVKQPUQEEWTDWVVJG[CTGPGINKIKDNGEQORCTGFVQVJGUGVJTGG#NUQKPVJGHQNNQYKPI
FGUETKRVKQPYGEQPUKFGTGHHGEVKXGN[UVCVKEDGJCXKQWTOQFGNNGFD[CUVCVKE*COKNVQPKCPJCXKPIQPN[VKOG
KPFGRGPFGPVKPVGTCEVKQPU#URGEKCNV[RGQHCPCN[UKUCXCKNCDNGKP4GEQKNKUWUGFVQVTGCVF[PCOKEGHHGEVU
)GPGTCN#PCN[UKU
(QTCUKPINGIKXGPGNGEVTQPKEGPXKTQPOGPVQHVJGRTQDGPWENGWUVJGUVCVKEKPVGTCEVKQPUCTGEJCTCEVGTK\GF
D[VJGHQNNQYKPIUGVQHJ[RGTHKPGRCTCOGVGTUYJKEJKPIGPGTCNRTQFWEGCUGVQHGKIJV.QTGPV\KCPNKPGU
%5QT* VJGEGPVGTUJKHV
GSQT8\\ VJGRTKPEKRCNEQORQPGPVQHVJG'()VGPUQT KVFGHKPGUVJG\CZKUQHVJG'()VGPUQT

U[UVGO
3 VJGPWENGCTSWCFTWRQNGOQOGPVQHVJGGZEKVGF + UVCVG
0 VJGCU[OOGVT[RCTCOGVGTQHVJG'()0 ^8ZZ^^8[[^ ^8\\^UWEJVJCV#0#
\ QT*JH VJGJ[RGTHKPG<GGOCPURNKVVKPIQHVJGHKTUVGZEKVGFUVCVG\I z0*JHYJGTG*JHKUVJG

GHHGEVKXGOCIPGVKEJ[RGTHKPGHKGNF
N*S2*S VJGC\KOWVJCNCPFRQNCTCPINGUQHVJGOCIPGVKEJ[RGTHKPGHKGNFKPVJG'()VGPUQT
RTKPEKRCNCZGUEQQTFKPCVGU[UVGO
N(S2(S VJGC\KOWVJCNCPFRQNCTCPINGUQHVJG(TC[KPVJG'()VGPUQTRTKPEKRCNCZGUEQQTFKPCVG
U[UVGO
4GEQKN4GHGTGPEG
2CTCOCIPGVKE/CVGTKCNU
+PVJGECUGQHRCTCOCIPGVKEUWDUVCPEGUYJGPVJGJ[RGTHKPGOCIPGVKEHKGNFKUPKN QTGHHGEVKXGN[PKNVJG
URGEVTWOKUGKVJGTCUKPINGVQTCFQWDNGVCPFQPN[VJGHQNNQYKPIRCTCOGVGTUCTGPGGFGF
G S3

35QT) VJGSWCFTWRQNGURNKVVKPI ) ' % 0 9JGPVJKURCTCOGVGTKUPKNVJGURGEVTWO

KUCUKPINGV
N(S2(S VJGC\KOWVJCNCPFRQNCTCPINGUQHVJGKPEKFGPV(TC[KPVJG'()EQQTFKPCVGU[UVGO6JKU
QPN[CHHGEVUVJGTGNCVKXGKPVGPUKVKGUQHVJGVYQRGCMU+PRTCEVKEGVJGRGCMCTGCTCVKQUCTG
WUGFVQEJCTCEVGTK\GUWEJGHHGEVU(QTCRGTHGEVN[TCPFQON[QTKGPVGFCDUQTDGTVJGTCVKQKU
PGINGEVKPIVJG)QNFCPUMKK-CT[CIKPGHHGEV
/CIPGVKE/CVGTKCNUVJG(KTUV1TFGT2GTVWTDCVKQP6JGQT[4GUWNVU
+HCJ[RGTHKPGOCIPGVKEHKGNFRTQFWEGUVJGFQOKPCPVKPVGTCEVKQPYJGPVJGHKTUVQTFGTRGTVWTDCVKQP
CUUWORVKQPKUTGURGEVGF G S3 n \ VJGURGEVTWOKUCUGZVGVYKVJRGCMUPWODGTGFVJTQWIJYKVJ

KPETGCUKPIXGNQEKV[6JGTGSWKTGFRCTCOGVGTUCTGVJGPNKOKVGFVQ
\ QT*JH VJGJ[RGTHKPG<GGOCPURNKVVKPIQHVJGGZEKVGFUVCVG QTVJGOCIPGVKEJ[RGTHKPGHKGNF

G S3
g VJGSWCFTWRQNGUJKHV g ' & &0 EQU N*S UKP 2*S

2(* VJGCPINGDGVYGGPVJGKPEKFGPV(TC[CPF*JH1PGGHHGEVQHVJKUCPINGKUVQXCT[VJG
TGNCVKXGKPVGPUKVKGUQHRGCMUCPFYKVJTGURGEVVQVJGQVJGTU9JGPCRQYFGTCXGTCIG
KURGTHQTOGF 2(*KUCXGTCIGF VJGRGCMCTGCTCVKQUDGEQOG+PIGPGTCNVJG
VJGTGNCVKXGKPVGPUKVKGUQHVJGNKPGUCUCHWPEVKQPQH2(*CTG
UKP 2(* %EQU 2(* UKP 2(* %EQU 2(* PGINGEVKPIVJG)QNFCPUMKK-CT[CIKP

GHHGEV
6JKUTGUWNVKUCNUQXCNKFQWVUKFGQHVJGHKTUVQTFGTRGTVWTDCVKQPNKOKVKH0 VJG'()JCUCPCZKCNU[OOGVT[ CPF

2*S VJG*JHFKTGEVKQPKUCNQPIVJG\CZKUQHVJG'()VGPUQTEQQTFKPCVGU[UVGO
%JCRVGT
#PCN[UKU/QFGNU
4GEQKNKURTKOCTKN[CRTQITCOWUGFVQCPCN[UG/ÌUUDCWGTURGEVTCWUKPIXCTKQWUOQFGNU6JKUEJCRVGTKU
FGFKECVGFVQDTKGHN[FGUETKDKPICPFGZRNCKPKPIVJGCPCN[UKUOGVJQFU6JGHKNGHQTOCVUCTGCNUQGZRNCKPGFHQT
TGHGTGPEGRWTRQUGUVJGRWDNKUJGFUEKGPVKHKECTVKENGUTGNGXCPVVQGCEJOGVJQFCTGNKUVGF
8QKIV2GCM(KV
+PEGTVCKPECUGUCURGEKHKEHWNNURGEVTWOCPCN[UKUKUGKVJGTWPYCPVGFQTWPPGEGUUCT[+PUVGCFKVECPDGWUGHWN
VQHKVKPFKXKFWCNRGCMUVQ8QKIVNKPGUJCRGUVQIGVVJGKTKPFKXKFWCNEJCTCEVGTKUVKEU6JCVKUVJGRWTRQUGQHVJKU
CPCN[UKUOQFGN+PCFFKVKQPVJGCNIQTKVJOVQRGTHQTOEQTTGEVKQPUQHVJKEMPGUUGHHGEVUTGSWKTGUVJGURGEVTWOVQ
DGTGRTGUGPVGFD[CUWOQH8QKIVRGCMUCPFVJGTGHQTGTGSWKTGUVJCVVJG8QKIVRGCMOQFGNDGCRRNKGFVQVJG
TCYHQNFGFFCVCCUCHKTUVUVGR
5KPEGVJG8QKIVNKPGUJCRGKUVJGEQPXQNWVKQPQHC)CWUUKCPCPFC.QTGPV\KCPHWPEVKQPCRWTG.QTGPV\KCPNKPG
UJCRGECPDGOQFGNNGFD[UGVVKPIVJG)CWUUKCPYKFVJVQ6JKUKUVJGRTQEGFWTGKHHKVUWUKPIKPFKXKFWCN
.QTGPV\KCPUCTGTGSWKTGF
C 6JKUOQFGNOCMGUPQCUUWORVKQPQPVJGRGCMRCTCOGVGTUGZEGRVVJCVVJG.QTGPV\KCP*9*/OWUVDG
NCTIGTVJCPVJG*GKUGPDGTI*9*/QHVJGUQWTEG HQTRJ[UKECNTGCUQPUVJKUKUCNYC[UVTWGKPCTGCN
URGEVTWO 6JKUTGUVTKEVKQPKURWTGN[OCVJGOCVKECNCPFKUFWGVQVJGHCEVVJCVC.QTGPV\KCPQH*9*/GSWCN
VQVJG*GKUGPDGTI*9*/OWUVDGFGEQPXQNWVGFHTQOVJGHKVVGFURGEVTWO
/QFGN2CTCOGVGTU
)NQDCN2CTCOGVGTU
$CEMITQWPF KPEQWPVURGT VJGKPVGTEGRVQHVJGQHHTGUQPCPEGDCEMITQWPFQHVJGURGEVTWO
EJCPPGN EQPUVCPVVGTO
DMIUNQRG KPEQWPVURGT VJGUNQRGQHVJGQHHTGUQPCPEGDCEMITQWPFYKVJTGURGEVVQVJG
EJCPPGN OOU &QRRNGTXGNQEKV[ NKPGCTVGTO
DMIEWTXCVWTG KPEQWPVURGT VJGEWTXCVWTGQHVJGQHHTGUQPCPEGDCEMITQWPFYKVJTGURGEVVQ
EJCPPGN OOU VJG&QRRNGTXGNQEKV[ SWCFTCVKEVGTO
4GEQKN4GHGTGPEG
2GCM2CTCOGVGTU RCTCOGVGTUHQTGCEJUKVG
Z KPOOU VJGRGCMRQUKVKQP
JYJO KPOOU VJG*9*/QHVJG.QTGPV\KCPEQPVTKDWVKQPVQVJGRGCM
UKIOC KPOOU VJGYKFVJQHVJG)CWUUKCPEQPVTKDWVKQPVQVJGRGCM
#TGC KPEQWPVOOU URGEVTCNCTGCQHVJGRGCM
4GHGTGPEGU
L 2WGTVC,CPF/CTVKP26JTGGCPFHQWTIGPGTCNK\GF.QTGPV\KCPCRRTQZKOCVKQPUHQTVJG8QKIVNKPGUJCRG
#RRN1RV
6JKUCTVKENGFGUETKDGUVJGPWOGTKECNCRRTQZKOCVKQPWUGFKP4GEQKNVQIGPGTCVGC8QKIVNKPGUJCRG
5GXGTCNV[RQITCRJKECNGTTQTUYGTGTGRQTVGFKP4CPEQWTV&),;0WEN+PUVTWO/GVJ2J[U4GU
$
L 2TGUU9*6GWMQNUM[5#8GVVGTNKPI96CPF(NCPPGT[$TKCP20WOGTKECNTGEKRGUKP%VJGCTVQH
UEKGPVKHKEEQORWVKPIPFGFKVKQP%CODTKFIG7PKXGTUKV[2TGUU
6JKUTGHGTGPEGKUVJGUVCTVKPIRQKPVHQTVJGHKVVKPICNIQTKVJOUCPFGTTQTCPCN[UKUOGVJQFU EJCRVGT
4GCFVJKUTGHGTGPEGHQTCFKUEWUUKQPQPGTTQTCPCN[UKU
(KNG(QTOCV
4GEQKNWUGUVJGXQHGZVGPUKQPVQFGPQVGHKNGUHTQOVJKUV[RGQHCPCN[UKU6JQWIJKVECPTGCF/15/1&RCX
HKNGUVJGPGYHQTOCVKUSWKVGFKHHGTGPVFWGVQVJGKORNGOGPVCVKQPFKHHGTGPEGU
6JGHKTUVNKPGUVCVGUVJGV[RGQHHKNGYKVJCXGTUKQPKFGPVKHKGT6JGHQNNQYKPIKUCFGUETKRVKQPQHXGTUKQPQH
VJGHKNGHQTOCV
5HFRLO9RLJW3HDN)LWY
'RFQDPH
'DWDQDPH
ENJVLJBENJILWBENJ
ENJOVLJBENJOILWBENJO
ENJTVLJBENJTILWBENJT
FKLVT
XQFHUWDLQWLHVBPHWKRG
>3HDN/LVW@
QXPBSHDNV
SHDNB

>&RPPHQW@
FRPPHQW

HQGFRPPHQW
'CEJRGCMKUHQTOCVVGFCUHQNNQYU
[VLJB[ILWB[
KZKPVLJBKZKPILWBKZKP
VLJPDVLJBVLJPDILWBVLJPD
$UHDVLJB$UHDILWB$UHD
+PCNNECUGUVLJBSTGRTGUGPVUVJGEQPHKFGPEGKPVGTXCNQPRCTCOGVGTSCPFILWBSKVUHKVVKPIUVCVWU KH
HTQ\GPKHCFLWUVGF
.QTGPV\KCP/WNVKRNGV#PCN[UKU
6JG.QTGPV\KCPOWNVKRNGVCPCN[UKUKUCUVCPFCTFCPCN[UKUVJCVRGTOKVUVJGWUGTVQHKVUGXGTCN.QTGPV\KCPUKPINGVU
FQWDNGVUQTUGZVGVUEQTTGURQPFKPIVQRCTCOCIPGVKEUKVGUYKVJQTYKVJQWVCSWCFTWRQNGURNKVVKPICPFUKVGUYKVJ
COCIPGVKEJ[RGTHKPGHKGNFCPFCSWCFTWRQNGUJKHV YKVJKPVJGHKTUVQTFGTRGTVWTDCVKQPNKOKV
C VJKUOQFGNCUUWOGUVJGJ[RGTHKPGKPVGTCEVKQPUCTGGHHGEVKXGN[UVCVKE
C VJKUOQFGNCUUWOGUVJCVVJGQDUGTXGFNKPGUJCRGUECPDGOQFGNNGFCU.QTGPV\KCPNKPGU6JKUOC[PQVDG
VJGECUGHQTVJKEMCDUQTDGTUQTKPVJGRTGUGPEGQHPQP.QTGPV\KCPJ[RGTHKPGRCTCOGVGTFKUVTKDWVKQPU+H
UWEJKPJQOQIGPGQWUDTQCFGPKPIQEEWTUVJG8$( UGEVKQP QTZ8$( UGEVKQP OGVJQFUUJQWNFDG
WUGFVQKPENWFGCTDKVTCTKN[UJCRGFJ[RGTHKPGRCTCOGVGTFKUVTKDWVKQPU
C HQTOCIPGVKEUKVGUVJGHKTUVQTFGTRGTVWTDCVKQPTGUWNVKUWUGFUQVJGSWCFTWRQNGUJKHVUJQWNFDGOWEJ
G S3
UOCNNGTVJCPVJGOCIPGVKE<GGOCPURNKVVKPI n I (z0*JH QT[QWOC[CUUWOGVJCV*JHKUCNKIPGF
CNQPIVJG'()\CZKUCPFVJCVVJG'()JCUCPCZKCNU[OOGVT[0

C PQVJKEMPGUUGHHGEVUCTGVCMGPKPVQCEEQWPVUQVJGRGCMYKFVJUQDVCKPGFD[VJKUOGVJQFYKNNFGRGPFQP
VJGCDUQTDGTVJKEMPGUU+HCDUQNWVG KPVTKPUKE YKFVJUCTGFGUKTGFVJKEMPGUUEQTTGEVKQPUJQWNFDG
RGTHQTOGFQTCVJKPCDUQTDGT VCn UJQWNFDGWUGF
/QFGN2CTCOGVGTU
)NQDCN2CTCOGVGTU
$CEMITQWPF KPEQWPVU VJGQHHTGUQPCPEGDCEMITQWPFQHVJGURGEVTWO
5KPINGV5KVGU RCTCOGVGTUHQTGCEJUKVG
%5 KPOOU VJGEGPVGTUJKHV
#TGC KPEQWPVUOOU VQVCNURGEVTCNCTGCQHVJGUKVG RTQRQTVKQPCNVQVJGUKVGRQRWNCVKQP
Y KPOOU VJG*9*/QHVJGRGCM
&QWDNGV5KVGU RCTCOGVGTUHQTGCEJUKVG
35 KPOOU VJGSWCFTWRQNGURNKVVKPI ∆
## PQWPKVU VJGTCVKQQHVJGURGEVTCNCTGCUQHVJGNQYXGNQEKV[RGCMVQVJGJKIJXGNQEKV[
RGCM
Y KPOOU VJG*9*/QHVJGJKIJXGNQEKV[RGCM
4GEQKN4GHGTGPEG
YY PQWPKVU VJGTCVKQQHVJG*9*/UQHVJGNQYXGNQEKV[RGCMVQVJGJKIJXGNQEKV[

RGCM
5GZVGV5KVGU RCTCOGVGTUHQTGCEJUKVG
GRUKNQP KPOOU VJGSWCFTWRQNGUJKHV ε
\ KPOOU QT VJGJ[RGTHKPG<GGOCPURNKVVKPI I µ0* QTVJGJ[RGTHKPGOCIPGVKEHKGNF
* KP6QTM1G
## PQWPKVU TCVKQQHVJGURGEVTCNCTGCUQHRGCMVQRGCM
## PQWPKVU TCVKQQHVJGURGEVTCNCTGCUQHRGCMVQRGCM
Y OOU VJG*9*/QHRGCMUCPF
YY PQWPKVU VJGTCVKQQHVJG*9*/UQHRGCM CPF VQRGCM CPF
YY PQWPKVU VJGTCVKQQHVJG*9*/UQHRGCM CPF VQRGCM CPF
4GHGTGPEGU
C 2TGUU9*6GWMQNUM[5#8GVVGTNKPI96CPF(NCPPGT[$TKCP20WOGTKECNTGEKRGUKP%VJGCTVQH
(KNG(QTOCV
4GEQKNWUGUVJGNQTGZVGPUKQPVQFGPQVGHKNGUQHVJKUV[RGQHCPCN[UKU6JQWIJKVECPTGCF/15/1&RCNHKNGU
VJGPGYHQTOCVKUSWKVGFKHHGTGPVFWGVQVJGKORNGOGPVCVKQPFKHHGTGPEGU
VJGHKNGHQTOCV
5HFRLO/RUHQW]LDQ6LWH$QDO\VLVY
'RFQDPH
'DWDQDPH
ENJVLJBENJILWBENJ
FKLVT
>6LQJOHW6LWHV@
QXPBVLWHV
VLWHB

>'RXEOHW6LWHV@
QXPBVLWHV
VLWHB

>6H[WHW6LWHV@
QXPBVLWHV
VLWHB

>&RPPHQW@
FRPPHQW

HQGFRPPHQW
'CEJUKPINGVUKVGKUHQTOCVVGFCUHQNNQYU
&6VLJB&6ILWB&6
ZVLJBZILWBZ
'CEJFQWDNGVUKVGKUHQTOCVVGFCUHQNNQYU
&6VLJB&6ILWB&6
46VLJB46ILWB46
$$VLJB$$ILWB$$
ZVLJBZILWBZ
ZZVLJBZZILWBZZ
'CEJUGZVGVKUHQTOCVVGFCUHQNNQYU
&6VLJB&6ILWB&6
HSVLORQVLJBHSVLORQILWBHSVLORQ
]VLJB]ILWB]
$$VLJB$$ILWB$$
$$VLJB$$ILWB$$
ZVLJBZILWBZ
ZZVLJBZZILWBZZ
ZZVLJBZZILWBZZ
HTQ\GPKHCFLWUVGF
8QKIVDCUGF(KVVKPI 8$( #PCN[UKU
6JG8QKIVDCUGFHKVVKPIOGVJQF 8$( RTQXKFGUVJGOGCPUVQQDVCKPTGNKCDNGFKUVTKDWVKQPUQHJ[RGTHKPG

RCTCOGVGTUHQTOWNVKRNGIGPGTCNK\GFUKVGUKPCURGEVTWO6YQV[RGUQHIGPGTCNK\GFUKVGUCTGEQPUKFGTGF
RCTCOCIPGVKEIGPGTCNK\GFUKVGUYJKEJECPJCXGCFKUVTKDWVKQPQHSWCFTWRQNGURNKVVKPIUCPFOCIPGVKE
IGPGTCNK\GFUKVGUYJKEJECPJCXGCFKUVTKDWVKQPQHOCIPGVKEJ[RGTHKPGHKGNFU
6JGRTKOCT[J[RGTHKPGRCTCOGVGT UFKUVTKDWVKQPKUTGRTGUGPVGFD[CUWOQH)CWUUKCPEQORQPGPVUGPCDNKPIKV
VQJCXGPGCTN[CP[UJCRG
5GEQPFCT[ QTUNCXG J[RGTHKPGRCTCOGVGTUUWEJCUVJGEGPVGTUJKHVHQTRCTCOCIPGVKEIGPGTCNK\GFUKVGUQTVJG

EGPVGTUJKHVCPFSWCFTWRQNGUJKHVHQTOCIPGVKEIGPGTCNK\GFUKVGUECPDGNKPGCTN[EQWRNGFVQVJGRTKOCT[
J[RGTHKPGRCTCOGVGT
4GEQKN4GHGTGPEG
C HQTOCIPGVKEUKVGUVJGHKTUVQTFGTRGTVWTDCVKQPTGUWNVKUWUGFUQVJGSWCFTWRQNGUJKHVOWUVCNYC[UDGOWEJ
G S3
UOCNNGTVJCPVJGOCIPGVKE<GGOCPURNKVVKPI n I (z0*JH QT[QWOC[CUUWOGVJCV*JHKUCNKIPGF
CNQPIVJG'()\CZKUCPFVJCVVJG'()JCUCZKCNU[OOGVT[0

C VJGVJKPCDUQTDGTNKOKVKUCUUWOGFDWVUNKIJVVJKEMPGUUDTQCFGPKPIECPDGOQFGNNGFD[KPETGCUKPIVJG
GZRGTKOGPVCN.QTGPV\KCP*9*/5KPEGVJKEMPGUUGHHGEVUECPUWDUVCPVKCNN[CNVGTGZVTCEVGFFKUVTKDWVKQPUKV
KUTGEQOOGPFGFVQRGTHQTOCVJKEMPGUUEQTTGEVKQPCPFQPN[CPCN[UGVJKPNKOKVURGEVTCVQQDVCKPTGNKCDNG
FKUVTKDWVKQPU
/QFGN2CTCOGVGTU
)NQDCN2CTCOGVGTU
.QTGPV\KCP*9*/ KPOOU VJGGNGOGPVCNOWNVKRNGV.QTGPV\KCP*9*/CNUQECNNGF9
35&5KVGU RCTCOGVGTUHQTGCEJUKVG
FGNVC KPOOU
FGNVC PQWPKVU EQWRNKPIRCTCOGVGTUDGVYGGPVJGEGPVGTUJKHV*CPFVJGSWCFTWRQNG
URNKVVKPI) * ' * % * )


## PQWPKVU TCVKQQHVJGURGEVTCNCTGCUQHVJGNQYGPGTI[RGCMVQVJGJKIJGPGTI[RGCM
'CEJEQORQPGPVQHVJGSWCFTWRQNGURNKVVKPIFKUVTKDWVKQPJCUVJTGGRCTCOGVGTU
R PQWPKVU VJGYGKIJVQHVJGEQORQPGPV UWOQHR UKU
35 KPOOU VJGCXGTCIGSWCFTWRQNGURNKVVKPIQHVJGEQORQPGPV QTVJG
RQUKVKQPQHVJG)CWUUKCPEQORQPGPV
UKIOC KPOOU VJG)CWUUKCPYKFVJ UVFFGX QHVJGEQORQPGPV
*(&5KVGU RCTCOGVGTUHQTGCEJUKVG
FGNVC KPOOU
FGNVC PQWPKVU EQWRNKPIRCTCOGVGTUDGVYGGPVJGEGPVGTUJKHV*CPFVJG<GGOCP
OCIPGVKEURNKVVKPI\ * ' * % * \

GRUKNQP KPOOU
GRUKNQP PQWPKVU EQWRNKPIRCTCOGVGTUDGVYGGPVJGSWCFTWRQNGUJKHVgCPFVJG<GGOCP
OCIPGVKEURNKVVKPI\ g ' g % g \


## PQWPKVU TCVKQQHVJGURGEVTCNCTGCUQHRGCMVQVJGRGCM
'CEJEQORQPGPVQHVJG<GGOCPURNKVVKPI\ QTJ[RGTHKPGOCIPGVKEHKGNF* FKUVTKDWVKQPJCUVJTGG
RCTCOGVGTU
\ KPOOU QT VJGCXGTCIG<GGOCPURNKVVKPI \I z0* QTOCIPGVKEHKGNFQHVJG
* KP6QTM1G EQORQPGPV QTVJGRQUKVKQPQHVJG)CWUUKCPEQORQPGPV
UKIOC KPOOU6QT VJG)CWUUKCPYKFVJ UVFFGX QHVJGEQORQPGPV
M1G
4GHGTGPEGU
C 4CPEQWTV&)CPF2KPI,;8QKIVDCUGFOGVJQFUHQTCTDKVTCT[UJCRGUVCVKEJ[RGTHKPGRCTCOGVGT
FKUVTKDWVKQPUKP/ÌUUDCWGTURGEVTQUEQR[0WEN+PUVTWO/GVJ2J[U4GU$
6JKUKUVJGQTKIKPCNCTVKENGFGUETKDKPIVJGOGVJQFCPFKVUCRRNKECVKQP#OWUVTGCFVQWUGVJKUOGVJQF
C 2WGTVC,CPF/CTVKP26JTGGCPFHQWTIGPGTCNK\GF.QTGPV\KCPCRRTQZKOCVKQPUHQTVJG8QKIVNKPGUJCRG
#RRN1RV
5GXGTCNV[RQITCRJKECNGTTQTUYGTGTGRQTVGFKP4CPEQWTV&)0WEN+PUVTWO/GVJ2J[U4GU$

4GCFKVHQTCFKUEWUUKQPQPGTTQTCPCN[UKU
(KNG(QTOCV
4GEQKNWUGUVJGXDHGZVGPUKQPVQFGPQVGHKNGUQHVJKUV[RGQHCPCN[UKU6JQWIJKVECPTGCF/15/1&RCERCS
CPFRCJHKNGUVJGPGYHQTOCVKUSWKVGFKHHGTGPVFWGVQVJGKORNGOGPVCVKQPFKHHGTGPEGU
VJGHKNGHQTOCV
5HFRLO9%)$QDO\VLVY
'RFQDPH
'DWDQDPH
ENJVLJBENJILWBENJ
FKLVT
>46'6LWHV@
QXPBVLWHV
46'VLWH

>+)'6LWHV@
QXPBVLWHV
+)'VLWH

>&RPPHQW@
FRPPHQW

HQGFRPPHQW
'CEJ35& RCTCOCIPGVKE UKVGKUUCXGFKPVJGHQNNQYKPIHQTOCV

VLWHBQDPH
DUHDVLJBDUHDILWBDUHD
$$VLJB$$ILWB$$
GHOWDVLJBGHOWDILWBGHOWD
4GEQKN4GHGTGPEG
QXPBFRPSRQHQWV
FRPSB

9JGTGGCEJEQORQPGPVKUUCXGFCU
SVLJBSILWBS
46!VLJB46!ILWB46!
'CEJ*(& OCIPGVKE UKVGKUUCXGFKPVJGHQNNQYKPIHQTOCV

VLWHBQDPH
$$VLJB$$ILWB$$
$$VLJB$$ILWB$$
QXPBFRPSRQHQWV
FRPSB

9JGTGGCEJEQORQPGPVKUUCXGFCU
SVLJBSILWBS
]!VLJB]!ILWB]!
HTQ\GPKHCFLWUVGF
'ZVGPFGF8QKIVDCUGF(KVVKPI Z8$( #PCN[UKU
6JGGZVGPFGF8QKIVDCUGFHKVVKPIOGVJQF Z8$( RTQXKFGUVJGOGCPUVQQDVCKPTGNKCDNGOWNVKFKOGPUKQPCN

FKUVTKDWVKQPUQHJ[RGTHKPGRCTCOGVGTUHQTOWNVKRNGIGPGTCNK\GFUKVGUKPCURGEVTWO6YQV[RGUQHIGPGTCNK\GF
UKVGUCTGEQPUKFGTGF
C RCTCOCIPGVKEIGPGTCNK\GFUKVGUYJKEJECPJCXGUKOWNVCPGQWUFKUVTKDWVKQPUQHEGPVGTUJKHVUCPFSWCFTWRQNG
URNKVVKPIUCPF
C OCIPGVKEIGPGTCNK\GFUKVGUYJKEJECPJCXGUKOWNVCPGQWUFKUVTKDWVKQPUQHEGPVGTUJKHVUSWCFTWRQNGUJKHVU
CPFOCIPGVKEJ[RGTHKPGHKGNFU
'CEJJ[RGTHKPGRCTCOGVGTFKUVTKDWVKQPKUTGRTGUGPVGFD[CUWOQH)CWUUKCPEQORQPGPVUGPCDNKPIKVVQJCXG
PGCTN[CP[UJCRG
9KVJKPCIGPGTCNK\GFUKVGRCKTUQHFKUVTKDWVKQPUQHJ[RGTHKPGRCTCOGVGTUCTGEQTTGNCVGFD[CEQTTGNCVKQP
RCTCOGVGTD
C HQTOCIPGVKEUKVGUVJGHKTUVQTFGTRGTVWTDCVKQPTGUWNVKUWUGFUQVJGSWCFTWRQNGUJKHVOWUVCNYC[UDGOWEJ
G S3
UOCNNGTVJCPVJGOCIPGVKE<GGOCPURNKVVKPI n I (z0*JH QT[QWOC[CUUWOGVJG*JHKUCNKIPGFCNQPI
VJG'()\CZKUCPFVJCV02C[ENQUGCVVGPVKQPVQVJKUNKOKVYJGPVJGFKUVTKDWVKQPUURCPCNCTIGTCPIG

C VJGVJKPCDUQTDGTNKOKVKUCUUWOGFDWVUNKIJVVJKEMPGUUDTQCFGPKPIECPDGOQFGNNGFD[KPETGCUKPIVJG
GNGOGPVCNOWNVKRNGV.QTGPV\KCP*9*/5KPEGVJKEMPGUUGHHGEVUECPUWDUVCPVKCNN[CNVGTGZVTCEVGF
FKUVTKDWVKQPUKVKUTGEQOOGPFGFVQRGTHQTOCVJKEMPGUUEQTTGEVKQPCPFQPN[CPCN[UGVJKPNKOKVURGEVTCVQ
QDVCKPTGNKCDNGFKUVTKDWVKQPU
/QFGN2CTCOGVGTU
)NQDCN2CTCOGVGTU
.QTGPV\KCP*9*/ KPOOU VJGGNGOGPVCNOWNVKRNGV.QTGPV\KCP*9*/CNUQECNNGF9
2CTCOCIPGVKE5KVGU RCTCOGVGTUHQTGCEJUKVG
## PQWPKVU TCVKQQHVJGURGEVTCNCTGCUQHVJGNQYGPGTI[RGCMVQVJGJKIJGPGTI[RGCM
T%535 PQWPKVU VJGEQTTGNCVKQPRCTCOGVGTD*)DGVYGGPVJG%5 * FKUVTKDWVKQPCPFVJG35
) FKUVTKDWVKQP
'CEJEQORQPGPVQHVJGEGPVGTUJKHVFKUVTKDWVKQPJCUVJTGGRCTCOGVGTU
%5 KPOOU VJGCXGTCIGEGPVGTUJKHVQHVJGEQORQPGPV
'CEJEQORQPGPVQHVJGSWCFTWRQNGURNKVVKPIFKUVTKDWVKQPJCUVJTGGRCTCOGVGTU
35 KPOOU VJGCXGTCIGSWCFTWRQNGURNKVVKPIQHVJGEQORQPGPV
/CIPGVKE5KVGU RCTCOGVGTUHQTGCEJUKVG
T%535 EQTTGNCVKQPRCTCOGVGTD*gDGVYGGPVJGEGPVGTUJKHVFKUVTKDWVKQPCPFVJG
SWCFTWRQNGUJKHVFKUVTKDWVKQP
T%5*( EQTTGNCVKQPRCTCOGVGTD*\DGVYGGPVJGEGPVGTUJKHVFKUVTKDWVKQPCPFVJG
<GGOCPURNKVVKPIFKUVTKDWVKQP
T35*( EQTTGNCVKQPRCTCOGVGTDg\DGVYGGPVJGSWCFTWRQNGUJKHVFKUVTKDWVKQPCPF
VJG<GGOCPURNKVVKPIFKUVTKDWVKQP
RCTCOGVGTU
%5 KPOOU VJGCXGTCIGEGPVGTUJKHVQHVJGEQORQPGPV
'CEJEQORQPGPVQHVJGSWCFTWRQNGUJKHVFKUVTKDWVKQPJCUVJTGGRCTCOGVGTU
4GEQKN4GHGTGPEG

35 KPOOU VJGCXGTCIGSWCFTWRQNGUJKHVQHVJGEQORQPGPV
RCTCOGVGTU
\ KPOOU QT VJGCXGTCIG<GGOCPURNKVVKPIQTOCIPGVKEHKGNFQHVJGEQORQPGPV
* KP6QTM1G
UKIOC KPOOU6QT VJG)CWUUKCPYKFVJ UVFFGX QHVJGEQORQPGPV
M1G
4GHGTGPEGU
C .CICTGE-CPF4CPEQWTV&)'ZVGPFGF8QKIVDCUGFCPCN[VKENKPGUJCRGOGVJQFHQTFGVGTOKPKPI0
FKOGPUKQPCNEQTTGNCVGFJ[RGTHKPGRCTCOGVGTFKUVTKDWVKQPUKP/ÌUUDCWGTURGEVTQUEQR[0WEN+PUVTWO
/GVJ2J[U4GU$
6JKUKUVJGQTKIKPCNCTVKENGFGUETKDKPIVJGOGVJQFCPFKVUCRRNKECVKQP#OWUVTGCFVQWUGVJKUOGVJQF
C 2WGTVC,CPF/CTVKP26JTGGCPFHQWTIGPGTCNK\GF.QTGPV\KCPCRRTQZKOCVKQPUHQTVJG8QKIVNKPGUJCRG
#RRN1RV
5GXGTCNV[RQITCRJKECNGTTQTUYGTGTGRQTVGFKP4CPEQWTV&)0WEN+PUVTWO/GVJ2J[U4GU$

(KNG(QTOCV
4GEQKNWUGUVJGZXHGZVGPUKQPVQFGPQVGHKNGUQHVJKUV[RGQHCPCN[UKU
VJGHKNGHQTOCV
5HFRLO[9%)$QDO\VLVY
'RFQDPH
'DWDQDPH
ENJVLJBENJILWBENJ
FKLVT
>46'6LWHV@
QXPBVLWHV
46'VLWH

>+)'6LWHV@
QXPBVLWHV
+)'VLWH

>&RPPHQW@
FRPPHQW

HQGFRPPHQW
'CEJ35& RCTCOCIPGVKE UKVGKUUCXGFKPVJGHQNNQYKPIHQTOCV

VLWHBQDPH
QXPB&6BFRPSQXPB46BFRPS
$$VLJB$$ILWB$$
U&646!VLJBU&646!ILWBU&646!
&6BFRPSB

46BFRPSB

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TGRTGUGPVKPI
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C VJGET[UVCNNKPGRQYFGTCXGTCIGYJGTGVJG(TC[CPINGUCTGCXGTCIGFQWVDWVVJG*JHQTKGPVCVKQPTGNCVKXGVQ
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C VJGTCPFQON[QTKGPVGF'()CXGTCIGYJGTGVJG'()QTKGPVCVKQPKUCXGTCIGFQWVDWVVJGQTKGPVCVKQPQHVJG
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ET[UVCNNKPGRQYFGTKPCPCRRNKGFOCIPGVKEHKGNFYJGPCNNVJGOQOGPVUCTGCNKIPGFKPVJGUCOGFKTGEVKQP
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C CRRNKECDNGHQTCNNOCIPKVWFGUQHJ[RGTHKPGKPVGTCEVKQPU KPENWFKPIGNGEVTKEOQPQRQNGSWCFTWRQNGCPF
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C CUUWOGUVJCVVJGJ[RGTHKPGKPVGTCEVKQPUCTGGHHGEVKXGN[UVCVKE
C FQGUPQVCFOKVFKUVTKDWVKQPUQHJ[RGTHKPGRCTCOGVGTU PQVGCPINGCXGTCIGUCTGGSWKXCNGPVVQCWPKHQTO
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6JKUCTVKENGRTGUGPVUCFGTKXCVKQPQHCPCPCN[VKECNGZRTGUUKQPHQTVJGNKPGUJCRGHQTVJGUVCVKEOKZGF
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]VLJB]ILWB]
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]VLJB]ILWB]
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CZKU+VUHNWEVWCVKQPECPDGEJCTCEVGTK\GFD[CP[QHVJGHQNNQYKPIRCKTUQHRCTCOGVGTU
C J% CPF J& VJGCXGTCIGFYGNNVKOGUCNQPIVJG CPFFKTGEVKQPUDGVYGGPHNKRU
C H CPFHVJGCXGTCIGLWORHTGSWGPEKGU H% ' J% H& ' J& QT
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C VJKUOQFGNCUUWOGUVJGJ[RGTHKPGHKGNFHNWEVWCVGUUVQEJCUVKECNN[DGVYGGP *CPF*CNQPIVJG'()\CZKU
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C PQRCTCOGVGTFKUVTKDWVKQPUCTGKPENWFGFUQQPN[JQOQIGPGQWUDTQCFGPKPIKUVCMGPKPVQCEEQWPV5NKIJV
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TGUQNXGFHTQOVJKEMPGUUGHHGEVUCPFVJGOQFGNOKIJVRTQFWEGGTTQPGQWUTGUWNVU+HEQTTGEVOQFGNNKPIKU
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35 KPOOU VJGSWCFTWRQNGUJKHV
\ KPOOU QT VJGOCIPGVKE<GGOCPURNKVVKPI \ ' I (z0* QTVJGOCIPGVKEJ[RGTHKPG
* KP6QTM1G HKGNF*
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Y KPOOU VJGKPVTKPUKE.QTGPV\KCP*9*/
## PQWPKVU VJGTCVKQQHVJGURGEVTCNCTGCUQHRGCM QT VQRGCM QT
## PQWPKVU VJGTCVKQQHVJGURGEVTCNCTGCUQHRGCM QT VQRGCM QT
H KPOOU VJGCXGTCIGHNKRHTGSWGPE[ H ' H%%H&
TJQ KPOOU VJGJCNHFKHHGTGPEGQHVJGHNKRHTGSWGPEKGU D ' H%&H&
2CTCOGVGT%QPUVTCKPVUCPF+ORNGOGPVCVKQP&GVCKNU
6JGHQNNQYKPIEQPUVTCKPVUCTGKORQUGFKPVJKUOQFGN
C VJG<GGOCPURNKVVKPI \ QTVJGOCIPGVKEJ[RGTHKPGHKGNF * OWUVDGRQUKVKXGQTPKN
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C VJGCTGCTCVKQU ##CPF## OWUVDGRQUKVKXGQTPKN
C VJGCXGTCIGHNKRHTGSWGPE[ H OWUVDGRQUKVKXG$GECWUGQHVJGFGVCKNUQHVJGKORNGOGPVCVKQPCXCNWGQH
KUPQVCEEGRVGFCPFYKNNDGTGRNCEGFD[VJGGHHGEVKXGN[PKNXCNWGQH
C UKPEGVJGHTGSWGPEKGUOWUVDGRQUKVKXGVJGCDUQNWVGXCNWGQHHUJQWNFDGITGCVGTVJCPVJGCDUQNWVGXCNWGQH
D 6JKUKUPQVKORQUGFFWTKPIVJGHKVUQ[QWOWUVEJGEMKV[QWTUGNH
6JGHQNNQYKPIOCVJGOCVKECNGZRTGUUKQPKUWUGFVQGXCNWCVGVJGURGEVTCNEQPVTKDWVKQPQHGCEJRGCMHQTGCEJ
UKVG
4GEQKN4GHGTGPEG
4GHGTGPEGU
C $NWOG/CPF6LQP,#/ÌUUDCWGTURGEVTCKPCHNWEVWCVKPIGPXKTQPOGPV2J[U4GX
6JKUKUVJGTGHGTGPEGYJGTGVJGCPCN[VKECNGZRTGUUKQPHQTVJGNKPGUJCRGKUFGTKXGFCPFYJGTGCNNVJG
VJGQT[CPFCUUWORVKQPUCDQWVVJGOQFGNCTGGZRNCKPGF+VCNUQEQPVCKPUOCP[WUGHWNTGHGTGPEGU
TGICTFKPIVJKUVQRKE
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5GEVKQPQHVJGCTVKENGFKUEWUUGUVJGTCPIGQHCRRNKECDKNKV[QHGHHGEVKXGN[UVCVKEDGJCXKQWT
C 4CPEQWTV&)#PCN[VKECN/GVJQFUHQT/ÌUUDCWGT5RGEVTCN#PCN[UKUQH%QORNGZ/CVGTKCNUKP
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CPF()TCPFLGCP2NGPWO2TGUU0GY;QTM
6JKUEJCRVGTKPENWFGUOCP[UKOWNCVKQPUQHF[PCOKEURGEVTCVQUJQYVJGGHHGEVQHVJGXCTKQWU
RCTCOGVGTU
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4GEQKNWUGUVJGFNUGZVGPUKQPVQFGPQVGHKNGUQHVJKUV[RGQHCPCN[UKU6JQWIJKVECPTGCF/15/1&RCDHKNGU
VJGHKNGHQTOCV
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FKLVT
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HCEVVJGUQWTEGGOKUUKQPNKPGUJCRGECPDGPQP.QTGPV\KCP FWGVQKPJQOQIGPGQWUDTQCFGPKPIHTQOET[UVCN
FGHGEVUGXGPKPYGNNUWKVGFOCVGTKCNUUWEJCU4JCPF%W HQT%Q VJCVCTGFGUKIPGFVQIKXGUKPINGNKPGF
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9JGP[QWYKUJVQFGVGTOKPGVJGGZRGTKOGPVCN*CNH9KFVJCV*CNH/CZKOWO *9*/ QH[QWTUQWTEG[QW

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MPQYP7UKPIVJGUGRCTCOGVGTUVJG*9*/QHVJGUQWTEGKUQDVCKPGFD[HKVVKPIVJGURGEVTWOVQVJGVJKP
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6QGZVTCEVVJGUQWTEGNKPGYKFVJKVKUTGEQOOGPFGFVJCV[QWGPVGTCPFHTGG\GVJGXCNWGHQTVCYJKNGTGHKPKPI
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OCUUCDUQTRVKQP 7UWCNN[NGHVCUCHKVVKPIRCTCOGVGT
6C PQWPKVU VJG/ÌUUDCWGTVJKEMPGUUQHVJGCDUQTDGT6JKUECPDGECNEWNCVGF
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PQTOCNK\GFVQFVJGETQUUUGEVKQPCVTGUQPCPEGHQTVJGKUQVQRG;QWECPHKPFVJGXCNWGQHFKPVJG
KUQVQRGUKPKEQPHKIWTCVKQPHKNG5CORNGETQUUUGEVKQPHKNGUCTGRTQXKFGFHQTEQOOQPTGHGTGPEGCDUQTDGTU
6JGHKTUVNKPGEQPVCKPUVJGPWODGTQHRQKPVUEQPVCKPGFKPVJGURGEVTWOCPFVJGHQNNQYKPINKPGUEQPVCKPVJG
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4GEQKN4GHGTGPEG
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YJGVJGTVJGUGNGEVGFKUQVQRGUJQWNFDGWUGFCUVJGFGHCWNVYJGPUVCTVKPI4GEQKN5QWTEGKPHQTOCVKQPKUPQV
YTKVVGPVQVJGRCTCOGVGTHKNGUQHVJGCPCN[UKUUQKVOWUVDGUGNGEVGFGXGT[VKOGVJGKUQVQRGWUGFKUPQVVJG
FGHCWNVKUQVQRG VJKUYKNNRTQDCDN[PQVDGVJGECUGKPHWVWTGXGTUKQPUQH4GEQKN 5GGVJGUGEVKQPQPVJG
KUQVQRGUKPKEQPHKIWTCVKQPHKNGCPFVJGHKNGKVUGNHHQTOQTGKPHQTOCVKQP KVKUTGCFCDNGCPFYTKVGCDNGKP#5%++
HQTO
4GEQKN4GHGTGPEG
%JCRVGT
'TTQT%CNEWNCVKQPU
9GPQYFGUETKDGVJGHQWTOGVJQFUVJCVCTGWUGFVQQDVCKPTGNKCDNGGTTQTGUVKOCVGU#P[QPGQHVJG
OGVJQFUECPDGUGNGEVGFCHVGTCHKVKURGTHQTOGFCPFKVYKNNDGVJGFGHCWNVUGNGEVKQPHQTVJGPGZVHKV
6JGHKTUVVYQOGVJQFUTGN[QPVJGUJCRGQHVJGPHWPEVKQPCVVJGOKPKOWOVJCVYCUHQWPFYJGTGCUVJG
QVJGTVYQCTGDCUGFQP/QPVG%CTNQVGEJPKSWGU/QTGFGVCKNUCPFTGHGTGPEGUCTGIKXGPKPEJCRVGTQH
0WOGTKECN4GEKRGU 9KNNKCOGVCN0WOGTKECNTGEKRGUKP%VJGCTVQHUEKGPVKHKEEQORWVKPIPFGF%CODTKFIG
7PKXGTUKV[2TGUU
P6QRQNQI[/GVJQFU
7PFGTEGTVCKPEKTEWOUVCPEGUKVKURQUUKDNGVQQDVCKPRCTCOGVGTWPEGTVCKPVKGUDCUGFQPVJGUJCRGQHVJGP
HWPEVKQPCTQWPFKVUOKPKOWO
C VJGOGCUWTGOGPVGTTQTUOWUVDGPQTOCNN[FKUVTKDWVGF
D VJGRCTCOGVGTGTTQTUOWUVPQVDGVQQNCTIGCUVQGZVGPFQWVUKFGCTGIKQPYJGTGCNKPGCTK\CVKQPQHVJG
OQFGNKUPWOGTKECNN[XCNKF
+PUWEJCECUGVJGGTTQTQPCUKPINGRCTCOGVGTECPDGQDVCKPGFD[FGVGTOKPKPICVYJCVXCNWGQHVJCV
RCTCOGVGTVJGPHWPEVKQPTGCEJGUCEGTVCKPDQWPFCT[ )PHQTEQPHKFGPEG YJGPCNNQVJGT
RCTCOGVGTUCTGQRVKOK\GF6YQOGVJQFUCTGCXCKNCDNGVQFGVGTOKPGVJKUXCNWG
K D[WUKPIVJGOCVTKZQHUGEQPFFGTKXCVKXGUQHPCVVJGOKPKOWOCPFECNEWNCVKPIVJGGTTQTD[CUUWOKPIVJG
HWPEVKQPKURCTCDQNKECTQWPFVJGOKPKOWO YJKEJUJQWNFDGIWCTCPVGGFD[EQPFKVKQP D CDQXG
KK D[VJG DTWVGHQTEG OGVJQFYJKEJUQNXGUVJGDQWPFCT[GSWCVKQPHQTGCEJRCTCOGVGT
$QVJOGVJQFUCTGCXCKNCDNGKP4GEQKNHQT[QWTEQPXGPKGPEGDWVUJQWNFQPN[DGWUGFYJGPVJGHKVKUEQTTGEV
VJCVKUYJGPVJGTGUKFWCNUCTGWPEQTTGNCVGFCPFPQTOCNN[FKUVTKDWVGFCTQWPFCPFVJGPXCNWGKUYKVJKPQPG
UKIOCQTUQQHKVUKFGCNXCNWG
7UKPIVJG%QXCTKCPEG/CVTKZ
9JGPCPCPCN[VKECNOQFGNKUCXCKNCDNGVJG.GXGPDGTI/CTSWCTFVCNIQTKVJOKUWUGFVQNQECVGVJGOKPKOWO
QHVJGPHWPEVKQPCPFKVKPVGTPCNN[WUGUVJGEQXCTKCPEGOCVTKZCVGCEJKVGTCVKQP+VKUVJGPPCVWTCNVQWUGVJCV
KPHQTOCVKQPVQQDVCKPGTTQTGUVKOCVGU
6JGPHWPEVKQPKUFGHKPGFCU
%JCRVGT'TTQT%CNEWNCVKQPU
0 [K&H ZK
P ' j

K' FK

YJKEJIKXGUVJGHQNNQYKPI*GUUKCPEQORQPGPVU OCVTKZQHVJGUGEQPFFGTKXCVKXGUYKVJTGURGEVVQVJGOQFGN
RCTCOGVGTU
0
MP

MH MH MH
* LM ' ' j & [K&H ZK

MRLMRM K' F MRL MRM
MRLMRM
L

+PRTCEVKEGQPN[VJGHKTUVFGTKXCVKXGUQHVJGOQFGNHWPEVKQPCTGECNEWNCVGFCPFVJGUGEQPFVGTOKU
EQPUKFGTGFVQDGPKN+HVJGOQFGNVTWN[FGUETKDGUVJGQDUGTXGFFCVCVJGFGXKCVKQPU [K&H ZK UJQWNFDGTCPFQO
CPFKPFGRGPFGPVQHVJGOQFGNHWPEVKQPUQVJGUGEQPFVGTOUJQWNFCXGTCIGVQ
6JGEQXCTKCPEGOCVTKZKUVJGPECNEWNCVGFCUVJGKPXGTUGQHVJG*GUUKCPQHVJGPHWPEVKQPCVKVUOKPKOWO
=%? ' =*?&

+VUFKCIQPCNGNGOGPVUTGRTGUGPVVJGXCTKCPEG FL ' %LL EQPHKFGPEG QHGCEJQHVJGHKVVKPIRCTCOGVGTU

YJKNGGCEJQHHFKCIQPCNGNGOGPVTGRTGUGPVUVJGEQXCTKCPEGQHVJGEQTTGURQPFKPIRCKTQHRCTCOGVGTU6JGUGQHH
FKCIQPCNVGTOUCTGTGRTGUGPVCVKXGQHVJGEQTTGNCVKQPUDGVYGGPVJGRCTCOGVGTU9JGPECNEWNCVKPIVJGGTTQTQPC
HWPEVKQPQHOWNVKRNGRCTCOGVGTUVJGEQXCTKCPEGOWUVDGVCMGPKPVQCEEQWPV
+P4GEQKNEQPHKFGPEGGTTQTUCTGUVCVGFUQVJGXCNWGKUOWNVKRNKGFD[
7UKPIVJG%QPUVCPVP$QWPFCT[
#UFGUETKDGFCDQXGVJGEQPHKFGPEGKPVGTXCNQPCRCTCOGVGTKUIKXGPD[VJGXCNWGUCVYJKEJVJGP
KPETGCUGCTQWPFVJGOKPKOWOKUD[CIKXGPXCNWG)P(QTEQPHKFGPEGYJGPCUKPINGRCTCOGVGTKPVGTXCN
KUFGUKTGF VJGFGUKTGFRCTCOGVGTKUHTQ\GPYJKNGCNNQVJGTUCTGQRVKOK\GFVQUQNXGHQTVJGPGYPOKPKOWO
)P6JGTQWVKPGUKORN[UQNXGUHQTP RL POKP HQTGCEJRCTCOGVGTQPVJGNQYCPFJKIJUKFG
VJGPTGRQTVUVJGCXGTCIGXCNWG
9JGPVJGQRVKQPVQUCXGVJGGTTQTECNEWNCVKQPFGVCKNUVQHKNGKUGPCDNGFVJGNQYCPFJKIJUKFGGTTQTUECP
DGHQWPFKPVJGHKNG
/QPVG%CTNQ/GVJQFU
/QPVG%CTNQOGVJQFUWUGCEQORNGVGN[FKHHGTGPVCRRTQCEJVQVJGQPGURTGUGPVGFCDQXGUKPEGVJG[FQPQV
FGRGPFQPVJGPHWPEVKQPQTVJGHKVVKPICNIQTKVJO+PDQVJQHVJGOGVJQFURTGUGPVGFJGTGVJGDCUKEKFGCKUVQ
RTQFWEG0U[PVJGVKEFCVCUGVUYJKEJCTGUVCVKUVKECNN[GSWKXCNGPVVQVJGQDUGTXGFFCVCUGV'CEJU[PVJGVKEFCVC
UGVKUHKVVGFRTQFWEKPI0UGVUQHVJGOQFGNRCTCOGVGTU+VUKUVJGPRQUUKDNGVQGZVTCEVYJCVGXGTKPHQTOCVKQPKU
TGSWKTGFHTQOVJGFKUVTKDWVKQPUQHGCEJRCTCOGVGT+PRCTVKEWNCTVJGUVCPFCTFFGXKCVKQPQHGCEJRCTCOGVGTKU
ECNEWNCVGFHTQOVJGFKUVTKDWVKQPCPFOWNVKRNKGFD[VQRTQFWEGCEQPHKFGPEGKPVGTXCN
6JGVYQOGVJQFUUKORN[FKHHGTKPVJGYC[VJG[RTQFWEGVJGU[PVJGVKEFCVCUGVU
7UKPIVJG$QQVUVTCR/GVJQF
6JG$QQVUVTCROGVJQFKUCUCORNKPIOGVJQFVJCVKUWUGFVQRTQFWEGCUVCVKUVKECNN[GSWKXCNGPVU[PVJGVKE
FCVCUGVHTQOVJGQDUGTXGFFCVCUGVKTTGURGEVKXGQHCP[OQFGN6QWUGVJKUOGVJQFVJGTGKUCTGSWKTGOGPV
TGICTFKPIVJGPCVWTGQHVJGFCVCDWVKVKUTGURGEVGFKPVJGECUGQHCEQOOQP/ÌUUDCWGTURGEVTWOVJGFCVC
RQKPVUOWUVDGKPFGRGPFGPVCPFKFGPVKECNN[FKUVTKDWVGF VJKUKUVTWGUKPEGCURGEVTWOECPDGEQPUVTWEVGFCUC
UGVQHOGCUWTGOGPVUCVTCPFQOXGNQEKVKGU KVKUPQVPGEGUUCT[OCVJGOCVKECNN[PQTRJ[UKECNN[VQOGCUWTGVJG
4GEQKN4GHGTGPEG
XGNQEKVKGUUGSWGPVKCNN[KVKUUKORN[GCUKGT CPFKVKUPQVWPRJ[UKECNVQOCMGVYQOGCUWTGOGPVUCVVJGUCOG
XGNQEKV[VJG[ECPDGKPENWFGFKPVJGPHWPEVKQPCUVYQFKUVKPEVRQKPVU#UKORNGGZCORNGYJGTGVJKU
TGSWKTGOGPVKUPQVTGURGEVGFKUCOGCUWTGOGPVYJGTGC(QWTKGTVTCPUHQTOQHVJGFCVCKUQDVCKPGF GI(QWTKGT
VTCPUHQTOKPHTCTGFURGEVTQUEQR[ +PUWEJCECUGVJGQTFGTQHVJGRQKPVUOCVVGTUUKPEGVJGTGKUCVGORQTCN
EQTTGNCVKQPDGVYGGPVJGFCVCRQKPVU
+PUJQTVVJG$QQVUVTCROGVJQFRTQFWEGUCU[PVJGVKEFCVCUGVD[TGRNCEKPIFCVCRQKPVUKPVJGQDUGTXGFFCVC
UGVD[QVJGTRQKPVUHTQOVJGQDUGTXGFFCVCUGV#UUWEJVJGPGYUGVQHRQKPVUYKNNEQPVCKPRQKPVUVJCVCTG
TGFWPFCPVCPFUQOGYJKEJCTGOKUUKPI6JKUKU1-UKPEGPQVJKPIRTGXGPVUWUHTQOTGOQXKPIFCVCRQKPVUCUKH
VJG[YGTGPGXGTOGCUWTGFCPFCFFKPICRQKPVVYKEGKUNKMGOGCUWTKPIVJGKPVGPUKV[VYKEGCVVJGUCOGXGNQEKV[
CPFUKPEGVJGQDUGTXGFKPVGPUKV[YCUOGCUWTGFYKVJQWVCPWPFGTN[KPIOQFGNYGECPQPN[CUUWOGVJCVKVKU
VJGOQUVRTQDCDNGXCNWGHQTCUGEQPFOGCUWTGOGPV
6JGTGRNCEGOGPVFCVCUGVKUIGPGTCVGFD[TCPFQON[MGGRKPIQTEJQQUKPICTGRNCEGOGPVFCVCRQKPVUWEJ
VJCV` G QHVJGRQKPVUCTGFWRNKECVGF'CEJU[PVJGVKEFCVCUGVKUVJGPHKVVQQDVCKPUVCVKUVKEUCDQWVVJG
RCTCOGVGTFKUVTKDWVKQPU
6JGCFXCPVCIGQHVJKUOGVJQFKUVJCVKVFQGUPQVTGN[QPCPWPFGTN[KPIOQFGNUQKVYKNNIKXGCIQQF
GUVKOCVGHQTVJGTQDWUVPGUUQHVJGRCTCOGVGTUHQTCIKXGPOQFGNVQCFCVCUGVGXGPKHVJGHKVKUPQVUVCVKUVKECNN[
EQTTGEV
7UKPI%QWPVKPI5VCVKUVKEU
#OQTGPCVWTCNCPFFKTGEVCRRTQCEJECPCNUQDGWUGFKH[QWCTGEQPHKFGPVVJCVVJGOQFGNKUEQTTGEV5KPEG
VJGQPN[WPCXQKFCDNGOGCUWTGOGPVGTTQTUVJCVQEEWTKP/ÌUUDCWGTURGEVTQUEQR[OGCUWTGOGPVUCTGFWGVQ
EQWPVKPIUVCVKUVKEUKVKURQUUKDNGVQIGPGTCVGU[PVJGVKEFCVCUGVUHTQOVJGKFGCNHKVVGFOQFGND[UKORN[CFFKPI
PQKUGYJKEJKUFKUVTKDWVGFCEEQTFKPIVQVJGEQTTGEVFKUVTKDWVKQP(QTKPVGPUKV[OGCUWTGOGPVUVJGEQWPVKPI
RTQEGUURTQFWEGUC2QKUUQPFKUVTKDWVKQPQHKPVGPUKVKGUYJKEJKUYGNNCRRTQZKOCVGFD[CPQTOCN )CWUUKCP
FKUVTKDWVKQPHQT+ YKVJ F ' +
4GEQKNUKORN[WUGUVJGTGHKPGFOQFGNVQIGPGTCVGU[PVJGVKEURGEVTCYJKEJCTGTGHKPGFVQQDVCKPUVCVKUVKEUQP
VJGRCTCOGVGTFKUVTKDWVKQPU6JKUKUCNUQCXGT[IQQFOGVJQFVQFGVGTOKPGVJGRTGEKUKQP FWGVQUVCVKUVKECN
PQKUG [QWECPQDVCKPHQTCIKXGPOGCUWTGOGPVFWTCVKQP CIKXGPUKIPCNVQPQKUGTCVKQ
%JCRVGT&KHHGTGPEGUDGVYGGP4GEQKNCPF/15/1&
%JCRVGT
&KHHGTGPEGU$GVYGGP4GEQKNCPF/15/1&
(QTCPCN[UKURWTRQUGUCP[VJKPIVJCVYCUFQPGYKVJVJG&15DCUGF/15/1&RTQITCOECPCNUQDGFQPG
KP4GEQKN+PCFFKVKQPPGYHGCVWTGUJCXGDGGPCFFGFVQ4GEQKNVQOCMGKVOQTGRQYGTHWNCPFGCUKGTVQWUG
9GYKNNPQYFKUEWUUVJGFKHHGTGPEGUDGVYGGPVJGVYQRTQITCOUVJCVTGNCVGVQVJGKTEQOOQPHGCVWTGU
7UKPI+UQVQRGU1VJGT6JCP(G
4GEQKNECPPQYFGCNYKVJCP[KUQVQRGYJKEJJCUC+VQ+VTCPUKVKQP6JGRCTCOGVGTUHQTGCEJ
KUQVQRGCTGMGRVKPCHKNGECNNGFKUQVQRGUKPK6JGTGCTGVYQRCTCOGVGTUHQTVJG(GKUQVQRGYJKEJCTGFKHHGTGPV
DGVYGGP4GEQKNCPF/15/1&
4GEQKN /15/1& FGUETKRVKQPCPFEQOOGPV

/QH(G IEO CVQOKEOCUUQH(GWUGFKPVJKEMPGUUECNEWNCVKQPU6JG4GEQKN
XCNWGKUHTQOVJG%4%*CPFDQQM VJGFKVKQP
<^II ^ TCVKQQHPWENGCTIHCEVQTUQHITQWPFCPFGZEKVGFUVCVGU VJG
WPEGTVCKPV[QPVJG4GEQKNRCTCOGVGTQDVCKPGFHTQOVJG/'&%
PWENGCTI[TQOCIPGVKEHCEVQTUKUYJGTGCUVJG
WPEGTVCKPV[QPVJG/15/1&XCNWGQDVCKPGFHTQOVJG
UVCPFCTFURNKVVKPI /'&%XCNWG QH"(GKUUQVJG
PGYXCNWGYCURTGHGTTGF 6JKUTGRTGUGPVUCFKHHGTGPEGQHQPN[
M1GHQTCURNKVVKPIQHM1GCPFKUWUWCNN[UOCNNGTVJCP
VJGUVCVKUVKECNGTTQT
&KHHGTGPEGUKPVJG+ORNGOGPVCVKQPUQHVJG#PCN[UGU
0NKPGHKVVKPIYKVJ8QKIVUQT.QTGPV\KCPU /15/1&
+PUVGCFQHFKUVKPIWKUJKPIDGVYGGPVJGVYQNKPGUJCRGUVJGIGPGTCN8QKIVNKPGUJCRGKUCNYC[UWUGF*QYGXGT
D[FGHCWNVVJG)CWUUKCPYKFVJKUUGVCUPKNYJKEJOCMGUKVCRWTG.QTGPV\KCPNKPGUJCRG*GTGCTGCFFKVKQPCN
FKHHGTGPEGU
C VJGTGCTGPQNKOKVUQPVJGPWODGTQHRGCMUQTTGHKPGFRCTCOGVGTU
C VJGCTGCQHGCEJRGCMKUHKVPQVKVU.QTGPV\KCPJGKIJV6JKUOCMGUKVGCUKGTVQEQORCTGDGVYGGPRGCMUVJCV
JCXGFKHHGTGPVYKFVJU
4GEQKN4GHGTGPEG
C VJG.QTGPV\KCP*9*/KUPQVEQPUVTCKPGFVQDGVJGUCOGHQTCNNRGCMUCUYCUVJGECUGYJGPHKVVKPIVQ
8QKIVNKPGU+PVJKUPGYKORNGOGPVCVKQPCNNRGCMRCTCOGVGTUCTGEQORNGVGN[KPFGRGPFGPV
C UGXGTCNRCTCOGVGTUCTGGPUWTGFVQDGRJ[UKECNN[CEEGRVCDNG
C VJGYKFVJQHCRGCMOWUVDGCVNGCUVCUNCTIGCUVJGKPUVTKPUKE *GKUGPDGTI .QTGPV\KCP*9*/
UKPEGVJKUKUVJGOCVJGOCVKECNNKOKVHQTVJKEMPGUUEQTTGEVKQPU+PRTCEVKEGRGCMYKFVJUUJQWNFDG
NCTIGTVJCPVJGGZRGTKOGPVCN.QTGPV\KCP*9*/YJKEJKUFQWDNGVJGKPVTKPUKE.QTGPV\KCP
*9*/
6JKEMPGUU%QTTGEVKQP /15/1&
6JGECNEWNCVKQPURGTHQTOGFKPVJKUOQFWNGCTGPQYOGPWQRVKQPUHQTVJG8QKIVRGCM(KVVKPICPCN[UKU
FQEWOGPV6JGQPN[FKHHGTGPEGYKVJ/15/1&KUVJGCDKNKV[VQWUGCP[NKPGUJCRGRTQFWEGFD[8QKIVHKVVKPI
GXGPKHVJGRGCMUCTGCNN.QTGPV\KCPQTCOKZVWTGQHRWTG.QTGPV\KCPRGCMUCPF8QKIVRGCMU
.QTGPV\KCP5KVG#PCN[UKU /15/1&
C VJGTGCTGPQNKOKVUQPVJGPWODGTQHUKVGUQTTGHKPGFRCTCOGVGTU
C VJGVQVCNCTGCQHVJGUKVGKUTGHKPGFKPUVGCFQHVJG.QTGPV\KCPJGKIJVQHCRGCM6JKURTQXKFGUUKORNGTUKVG
RQRWNCVKQPEQORCTKUQPUDGVYGGPUKVGUCPFOQTGTGNKCDNGGTTQTECNEWNCVKQPUCXQKFKPIGTTQTRTQRCICVKQP
HTQOOWNVKRNGRCTCOGVGTU
C VJGTCVKQQHRGCMYKFVJUECPPQYDGTGHKPGFVQRQUUKDN[OQFGNJ[RGTHKPGRCTCOGVGTFKUVTKDWVKQPU KPVJG
ECUGQHUGZVGVU QTEQTTGNCVKQPU KPVJGECUGQHFQWDNGVU $[FGHCWNVVJGTCVKQQHYKFVJUKUCNYC[U CUKP
/15/1&
C VJGSWCFTWRQNGURNKVVKPIQHCFQWDNGVOWUVDGRQUKVKXG
C VJG<GGOCPURNKVVKPI QTOCIPGVKEJ[RGTHKPGHKGNF QHCUGZVGVOWUVDGRQUKVKXG
C VJGYKFVJQHCRGCMOWUVDGCVNGCUVCUNCTIGCUVYKEGVJG*GKUGPDGTI*9*/QHVJGUQWTEG
C CTGCTCVKQUQHRGCMUCTGHQTEGFVQDGRQUKVKXG
(WNN5VCVKE*COKNVQPKCP5KVG#PCN[UKU /15/1&
6JKUV[RGQHCPCN[UKUJCUDGGPEQORNGVGN[TGFGUKIPGFVQOCMGWUGQHVJGCPCN[VKECNGZRTGUUKQPHQTVJG
GZCEVNKPGUJCRGOCMKPIKVOWEJHCUVGTCPFOQTGXGTUCVKNG*GTGCTGCHGYFKHHGTGPEGU5GGVJGCPCN[UKU
FGUETKRVKQPHQTKPHQTOCVKQPQPVJGCFFGFCPCN[UKUQRVKQPU
C VJGUKVG U*9*/KUHQTEGFVQDGNCTIGTVJCPVYKEGVJG*GKUGPDGTI*9*/QHVJGUQWTEG
C VJG<GGOCPURNKVVKPI QTOCIPGVKEJ[RGTHKPGHKGNF KUHQTEGFVQDGRQUKVKXG
%JCRVGT&KHHGTGPEGUDGVYGGP4GEQKNCPF/15/1&
$NWOGCPF6LQP&[PCOKE.KPG5JCRG5KVG#PCN[UKU /15/1&
C VJGCXGTCIGURKPHNKRHTGSWGPE[HCPFJCNHFKHHGTGPEGHTGSWGPE[DCTGWUGFCURCTCOGVGTUKPUVGCFQHVJG
FKTGEVHNKRHTGSWGPEKGU6JKUOCMGUKVGCUKGTVQRGTHQTOCHKVYJKNGIWCTCPVGGKPIVJCVEGTVCKPEQPUVTCKPVUCTG
TGURGEVGFUWEJCUD H H
C VJGUKVG U*9*/KUHQTEGFVQDGNCTIGTVJCPVYKEGVJG*GKUGPDGTI*9*/QHVJGUQWTEG
C VJG<GGOCPURNKVVKPI QTOCIPGVKEJ[RGTHKPGHKGNF KUHQTEGFVQDGRQUKVKXG
8QKIVDCUGF(KVVKPI /15/1&CPF
#NNVJTGGOQFWNGUCTGEQODKPGFKPVQQPGCPCN[UKUFQEWOGPVGSWKXCNGPVVQ/15/1&
C VJGTGCTGPQNKOKVUQPVJGPWODGTQHUKVGUEQORQPGPVUQTTGHKPGFRCTCOGVGTU
C VJGEQORQPGPV UJGKIJVKUPQNQPIGTWUGF+PUVGCFVJGTGNCVKXGEQPVTKDWVKQPQHVJGEQORQPGPVVQVJG
J[RGTHKPGRCTCOGVGTFKUVTKDWVKQP 35&QT*(& QHKVUIGPGTCNK\GFUKVGKUWUGFYJKNGGPUWTKPIVJCVVJGUWO
QHVJGEQORQPGPVEQPVTKDWVKQPUKU6JKUGPUWTGUVJCVCEQORNGVGIGPGTCNK\GFUKVGECPDGVTCPUHGTTGFHTQO
QPGURGEVTWOVQCPQVJGTYKVJCUQPN[TGHKPGFRCTCOGVGTVJGCTGCQHVJGUKVG+P/15/1&CNN
EQORQPGPVJGKIJVUJCFVQDGNGHVQRVKOK\GFYJGPCIGPGTCNK\GFUKVGYCUVTCPUHGTTGFDGVYGGPURGEVTC
RQUUKDN[EJCPIKPIVJGVQVCNJ[RGTHKPGRCTCOGVGTFKUVTKDWVKQPQHVJGIGPGTCNK\GFUKVG
C VJGUKVG UVQVCNCTGCKUPQYTGHKPGFKPUVGCFQHVJG.QTGPV\KCPJGKIJVQHCUKPINGRGCM6JKUYC[CFKTGEV
EQORCTKUQPQHVJGCTGCUQHUKVGURTQXKFGUUKVGRQRWNCVKQPTCVKQUTGICTFNGUUQHVJGRGCMCTGCTCVKQUQTVJG
UJCRGUQHVJGRGCMU#NUQVJKURTQXKFGUCEEWTCVGGTTQTECNEWNCVKQPUQPVJGCTGCVQCXQKFGTTQTRTQRCICVKQP
C UGXGTCNRCTCOGVGTUCTGPQYGPUWTGFVQDGRJ[UKECNN[CEEGRVCDNG
C VJG.QTGPV\KCP*9*/KUHQTEGFVQDGCVNGCUVCUNCTIGCUVYKEGVJG*GKUGPDGTI*9*/QHVJG
UQWTEG
C VJGCTGCTCVKQUQHRGCMUCTGHQTEGFVQDGRQUKVKXG
C VJG)CWUUKCPYKFVJUQHFKUVTKDWVKQPEQORQPGPVUCTGHQTEGFVQDGRQUKVKXG
&KHHGTGPEGUKPVJG7VKNKVKGU /15/1&CPF
6JGCNYC[UCXCKNCDNG7VKNKVKGUOGPWRTQXKFGUVJGWUGTYKVJVJGCDKNKV[VQIGVECNKDTCVKQPRCTCOGVGTUHTQOC
ECNKDTCVKQPHKNGHQNFCURGEVTWOWUKPIECNKDTCVKQPRCTCOGVGTU HTQOC4GEQKNQTC/15/1&ECNKDTCVKQPQTC
UKOKNCTECNKDTCVKQPHKNGEQPVCKPKPIRCTCOGVGTUHTQOCNCUGTECNKDTCVKQP 8CTKQWUECNEWNCVKQPUDCUGFQPVJG
&GD[G/QFGNECPCNUQDGRGTHQTOGFCUKP/15/1&DWVKPCOQTGKPVGTCEVKXGYC[%CNEWNCVKQPUQHCMPQYP
CDUQTDGT U/ÌUUDCWGTVJKEMPGUUQTKVUKFGCN/ÌUUDCWGTVJKEMPGUUECPCNUQDGFQPGOQTGGCUKN[VJCPDGHQTG
4GEQKN4GHGTGPEG
%JCRVGT
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