.QCF&GRGPFGPV% (NKPFGT - KPGT .&%.: 2wtrqug

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.QCF&GRGPFGPV%[NKPFGT.KPGT
.&%.
%QQNKPI9CVGT5[UVGOU

+PQTFGTVQRTGXGPVEQNFEQTTQUKQPKPVJGE[NKPFGTNKPGT.QCF&GRGPFGPV%[NKPFGT
.KPGT
.&%. JCUDGGPKPVTQFWEGFQPCPWODGTQHGPIKPGFGUKIPU
5GGFTCYKPI

2WTRQUG


7PFGTXGT[NQYGPIKPGNQCFVJGVGORGTCVWTGKPVJGE[NKPFGTDGEQOGUTGNCVKXGN[NQY
CPFVJKUECWUGUVJGUWNRJWTHTQOVJGHWGNQKNVQEQPFGPUCVGQPVJGE[NKPFGTNKPGT
YCNNYJKEJYKNNECWUGEQTTQUKQP
6JGRWTRQUGQHVJG.&%.EQQNKPIYCVGTU[UVGOKUVQTCKUGVJGVGORGTCVWTGQPVJG
E[NKPFGTNKPGTYCNNVQRTGXGPVVJGEQPFGPUCVKQPQHVJGUWNRJWT4CKUKPIVJGVGORGTC
VWTGQHVJGE[NKPFGTNKPGTYCNNKUFQPGD[TCKUKPIVJGLCEMGVEQQNKPIYCVGTVGORGTC
VWTGCVNQYNQCF6JKUYKNNECWUGVJGE[NKPFGTNKPGTYCNNVQJCXGCJKIJGTVGORGTCVWTG
CPFVJWUVJGEQPFGPUCVKQPQHUWNRJWTYKNNDGTGFWEGF

(WPEVKQP


6JG.&%.EQQNKPIYCVGTU[UVGOFKHHGTUHTQOVJGPQTOCNU[UVGOD[JCXKPICEKTEW
NCVKQPEKTEWKVQHEQQNKPIYCVGTQXGTVJGE[NKPFGTNKPGTU
6JGEKTEWNCVKQPKUFTKXGPD[CEKTEWNCVKQPRWORVQGPUWTGCJKIJHNQYQXGTVJGNKPGTU
6JGEKTEWNCVKQPEKTEWKVKUEQQNGFD[TGOQXKPIJQVYCVGTHTQOVJGEKTEWKVCPFCFFKPI
EQNFEQTTGURQPFKPIVQVJGJGCVTGNGCUGQHVJGE[NKPFGTNKPGTCPFVJGVGORGTCVWTG
UGVRQKPVKPVJGEQPVTQNU[UVGO

6JGJKIJVGORGTCVWTGEKTEWNCVKQPKUQPN[QRGTCVKXGWRVQGIGPIKPGNQCF

QRGTCVKQPRQKPVKUGPIKPGFGRGPFGPV #VVJKURQKPVVJGEKTEWNCVKQPRWORKUUVQR
RGFCPFVJGYC[OKZKPIXCNXGKUOQXGFVQHWNNQRGP
$ s
#$ RQUKVKQP+PVJKU
RQUKVKQPVJGHWNNHNQYQHEQQNKPIYCVGTHTQOVJGUJKRKUUGPVVJTQWIJVJGNKPGTU
5GGFTCYKPI(KI

+PECUGQHHCKNWTGKPVJGU[UVGOVJGEKTEWNCVKQPRWORYKNNUVQRCPFVJGYC[OKZKPI
XCNXGYKNNOQXGVQHCKNUCHGRQUKVKQPYJKEJKUHWNNQRGP
$ s
#$ CPFVJGEQQNKPI
YCVGTVGORGTCVWTGYKNNDGEQPVTQNNGFD[VJGUJKRUEQQNKPIYCVGTUWRRN[

%QPVTQN


6JG%QQNKPI9CVGT%QPVTQN7PKV
%9%7 OGCUWTGUKPNGVCPFQWVNGVVGORGTCVWTGU
KPNGVCPFQWVNGVRTGUUWTGUHQTVJGEKTEWNCVKQPRWORCPFVJGCEVWCNGPIKPGNQCF

$CUGFQPVJGUGKPRWVUVJGYC[OKZKPIXCNXGKUOQXGFVQCRQUKVKQPYJGTGVJG
VGORGTCVWTGQHVJGEKTEWNCVKPIEQQNKPIYCVGTOCVEJGUVJGKPNGVCPFQWVNGVVGORGTC
VWTGUFGHKPGFD[VJGU[UVGOURCTCOGVGTU
5GGFTCYKPI(KI
GP

&GUETKRVKQP

+PCFFKVKQPVJG%9%7YKNNQTFGTCPKPNGVVGORGTCVWTGHTQOVJGUJKRUEQQNKPIYCVGT
U[UVGOYJKEJCICKPKUFGHKPGFD[VJGU[UVGOURCTCOGVGTU
KPFKECVGFKPHKIWTG 

+PECUGQHCUGPUQTHCKNWTGQTKHVJGEKTEWNCVKQPRWORUVCTVGTECDKPGVKURWVKP.QECN
%QPVTQNCPCNCTOYKNNDGTCKUGFCPFVJGU[UVGOTGVWTPUVQHCKNUCHGUVCVG


 


7UGTKPVGTHCEG

%QQNKPI9CVGT5[UVGOU


6JGUVCPFCNQPGKORNGOGPVCVKQPQHVJG%9%7JCUCUKPINGEQOOQPCNCTOQWVRWV
HQTVJGUJKRUCNCTOU[UVGOCPFCNQECNUVCVWUKPFKECVKQP

6JGUVCVWUKPFKECVKQPEQPUKUVUQHNCORUCPFDWVVQPU

#NCTO
#TGFNKIJVKPFKECVGUCPCEVKXGCNCTO6JGEKTEWNCVKQPRWORKUUVQRRGF
CPFVJGJKIJVGORGTCVWTGEKTEWNCVKQPKUKPQRGTCVKXG#EVKQPTGSWKTGFVQHKPF
CPFEQTTGEVVJGRTQDNGO
7PCEMPQYNGFIGFCNCTO
#PCNCTOJCUQEEWTTGFDWVVJGCNCTOEQPFKVKQPKUPQNQPIGTRTGUGPV
#EVKQPTGSWKTGFVQCEMPQYNGFIGVJGCNCTOD[RTGUUKPIVJGDNWGDWVVQPVQ
TGCEVKXCVGVJGU[UVGO
5[UVGO1-
0QCNCTOUCPFVJGU[UVGOKUQRGTCVKXG

#EMPQYNGFIGDWVVQP
QPQTKPUKFGVJGECDKPGV 
#HVGTCPCNCTOEQPFKVKQPJCUDGGPTGEVKHKGFVJGDWVVQPOWUVDGRTGUUGF
VQTGCEVKXCVGVJGU[UVGO

.CORVGUVDWVVQP

2NGCUGPQVGVJCVCEMPQYNGFIKPICPWPCEMPQYNGFIGFCNCTOYKNNUVCTV
VJGEKTEWNCVKQPRWORKHPQQVJGTCNCTOUCTGCEVKXG
GP


&GUETKRVKQP


 



4GFWEKPI5GTXKEG&KHHKEWNVKGU

%QQNKPI9CVGT6TGCVOGPV


6QTGFWEGUGTXKEGFKHHKEWNVKGUVQCOKPKOWOYGUVTQPIN[TGEQOOGPF
r GHHGEVKXGRTQVGEVKQPCICKPUVEQTTQUKQPQHVJGEQQNKPIYCVGTU[UVGOD[CFFKPICEJGOK
EQTTQUKQPKPJKDKVQT5GG+VGO
ECNE
r EQQNKPIYCVGTSWCNKV[5GG+VGO
WUKPIVJGEQTTGEVE
r GHHGEVKXGXXGPVKPIQHVJGU[UVGO5GG+VGO
r %JGEMKPIVJGU[UVGOCPFYCVGTFWTKPIUGTXKEG5GG+VGO
r 7UKPIVJGEQTTGEVENGCPKPICPFKPJKDKVKPIRTQEGFWTG5GG+VGOUCPF

6[RGUQH&COCIG


+HVJGCDQXGOGPVKQPGFRTGECWVKQPUCTGPQVVCMGPVJGHQNNQYKPIV[RGUQHFCOCIG
OC[QEEWT
r EQTTQUKQPYJKEJTGOQXGUOCVGTKCNHTQOVJGCVVCEMGFUWTHCEGD[CEJGOKECNRTQEGUU
r EQTTQUKQPHCVKIWGYJKEJOC[FGXGNQRKPVQETCEMUDGECWUGQHUKOWNVCPGQWUEQTTQUKQP
CPFF[PCOKEUVTGUUGU
r ECXKVCVKQPYJKEJTGOQXGUOCVGTKCNDGECWUGQHNQECNUVGCOHQTOCVKQPCPFUWDUGSWGPV
EQPFGPUCVKQPKPVJGEQQNKPIYCVGTFWGVQJKIJYCVGTXGNQEKV[QTXKDTCVKQPU
r UECNGHQTOCVKQPYJKEJTGFWEGUVJGJGCVVTCPUHGTOQUVN[FWGVQNKOGFGRQUKVU

%QTTQUKQPCPFECXKVCVKQPOC[TGFWEGVJGNKHGVKOGCPFUCHGV[HCEVQTUQHVJGRCTVU
EQPEGTPGF&GRQUKVUYKNNKORCKTVJGJGCVVTCPUHGTCPFOC[TGUWNVKPVJGTOCNQXGT
NQCFQHVJGEQORQPGPVUVQDGEQQNGF

%QTTQUKQP+PJKDKVQTU


8CTKQWUV[RGUQHKPJKDKVQTUCTGCXCKNCDNGDWVIGPGTCNN[QPN[PKVTKVGDQTCVGDCUGF
KPJKDKVQTUCTGTGEQOOGPFGF

#PWODGTQHRTQFWEVUOCTMGVGFD[OCLQTEQORCPKGUCTGURGEKHKGFKPVJGVCDNGQP
2CIG6JGTGNGXCPVFQUCIGUCTGCNUQOGPVKQPGFCPFYGTGEQOOGPFVJCV
VJGUGFKTGEVKQPUCTGUVTKEVN[QDUGTXGF

%QQNKPIYCVGTVTGCVOGPVWUKPIKPJKDKVKPIQKNUKUPQVTGEQOOGPFGFCUUWEJVTGCV
OGPVKPXQNXGUVJGTKUMQHWPEQPVTQNNGFFGRQUKVUDGKPIHQTOGFQPGZRQUGFUWTHCEGU
CPFHWTVJGTOQTGTGRTGUGPVUCPGPXKTQPOGPVCNRTQDNGO

6JGNGIKUNCVKQPHQTFKURQUCNQHYCUVGYCVGTKPENEQQNKPIYCVGT
RTQJKDKVUVJGWUGQHEJTQOCVGHQTEQQNKPIYCVGTVTGCVOGPV
GP



%JTQOCVGKPJKDKVQTUOWUVPQVDGWUGFKPRNCPVUEQPPGEVGFVQC
&GUETKRVKQP

HTGUJYCVGTIGPGTCVQT






 



%QQNKPI9CVGT3WCNKV[
%QQNKPI9CVGT6TGCVOGPV

+VKUKORQTVCPVVQWUGVJGEQTTGEVEQQNKPIYCVGTSWCNKV[9GTGEQOOGPFVQWUG
FGKQPK\GFQTFKUVKNNGFYCVGT
HQTGZCORNGRTQFWEGFKPVJGHTGUJYCVGTIGPGTCVQT CU
EQQNKPIYCVGT

6JKURTGXGPVUVQCYKFGGZVGPVVJGHQTOCVKQPQHNKOGUVQPGQPE[NKPFGTNKPGTUCPFKP
E[NKPFGTEQXGTUYJKEJYQWNFKORCKTVJGJGCVVTCPUHGTCPFTGUWNVKPWPCEEGRVCDN[
JKIJOCVGTKCNVGORGTCVWTGU

$GHQTGWUGEJGEMVJCVVJGHQNNQYKPIXCNWGUCTGPQVGZEGGFGF
r *CTFPGUUOCZŒF*
RRO%C1
r R*
CVŒ%
r %JNQTKFGRRO
OINKVTG
r 5WNRJCVGRRO
OINKVTG
r 5KNKECVGRRO
OINKVTG

%JGEMVJCVVJGTGKUPQEQPVGPVQH
r 5WNRJKFG
r 5WNRJKFG
r #OOQPKC

5QHVGPKPIQHVJGYCVGTFQGUPQVTGFWEGKVUUWNRJCVGCPF
EJNQTKFGEQPVGPVU


+HFGKQPK\GFQTFKUVKNNGFYCVGTECPPQVDGQDVCKPGFPQTOCNFTKPMKPIYCVGTECPDG
WUGFKPGZEGRVKQPCNECUGU

4CKPYCVGTGVEOWUVPQVDGWUGFCUKVECPDGJGCXKN[EQPVCOKPCVGF

8GPVKPI


6JGU[UVGOKUHKVVGFYKVJCFGCGTCVKPIVCPMYKVJCNCTOCPFYKVJXGPVKPIRKRGUYJKEJ
NGCFVQVJGGZRCPUKQPVCPM5GGFGUETKRVKQP

%JGEMKPIVJG5[UVGOCPF9CVGTFWTKPI5GTXKEG
GP

&GUETKRVKQP

9GTGEQOOGPFVQMGGRCTGEQTFQHCNNVGUVUVQHQNNQYVJGEQPFKVKQPCPFVTGPFQH
VJGEQQNKPIYCVGT

%JGEMVJGEQQNKPIYCVGTU[UVGOCPFVJGYCVGTCVVJGKPVGTXCNUIKXGPDGNQY


 

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