SBM Annual Report 2022 Financial Statements

|
5$/1((5*14'#007#.4'2146
5$/1((5*14'#007#.4'2146
(+0#0%+#.+0(14/#6+10
|
(KPCPEKCN4GXKGY.....................................................................................................................................................................
4.1.1 Financial Overview.................................................................................................................................................................110
4.1.2 Financial Highlights............................................................................................................................................................... 110
4.1.3 Financial Review Directional................................................................................................................................................. 111
4.1.4 Financial Review IFRS............................................................................................................................................................ 118
4.1.5 Outlook and Guidance..........................................................................................................................................................121
%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU.....................................................................................................................................

4.2.1 Consolidated Income Statement......................................................................................................................................... 122
4.2.2 Consolidated Statement of Comprehensive Income......................................................................................................... 123
4.2.3 Consolidated Statement of Financial Position.................................................................................................................... 124
4.2.4 Consolidated Statement of Changes in Equity...................................................................................................................125
4.2.5 Consolidated Cash Flow Statement.....................................................................................................................................126
4.2.6 General Information.............................................................................................................................................................. 127
4.2.7 Accounting Principles............................................................................................................................................................127
A. Accounting Framework.....................................................................................................................................................127
B. Critical Accounting Policies.............................................................................................................................................. 129
C. Signiﬁcant Accounting Policies........................................................................................................................................135
0QVGUVQVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU...............................................................................................................

4.3.1 Financial Highlights............................................................................................................................................................... 143
4.3.2 Operating Segments and Directional Reporting................................................................................................................ 146
4.3.3 Revenue.................................................................................................................................................................................. 157
4.3.4 Other Operating Income and Expense............................................................................................................................... 159
4.3.5 Expenses by Nature...............................................................................................................................................................159
4.3.6 Employee Beneﬁt Expenses................................................................................................................................................. 160
4.3.7 Research and Development Expenses................................................................................................................................ 165
4.3.8 Net Impairment Gains/(Losses) on Financial and Contract Assets....................................................................................165
4.3.9 Net Financing Costs.............................................................................................................................................................. 166
4.3.10 Income Tax Expense.............................................................................................................................................................. 166
4.3.11 Earnings/(Loss) Per Share......................................................................................................................................................169
4.3.12 Dividends Paid and Proposed ............................................................................................................................................. 169
4.3.13 Property, Plant and Equipment.............................................................................................................................................170
4.3.14 Intangible Assets....................................................................................................................................................................173
4.3.15 Finance Lease Receivables................................................................................................................................................... 174
4.3.16 Other Financial Assets...........................................................................................................................................................175
4.3.17 Deferred Tax Assets and Liabilities.......................................................................................................................................176
4.3.18 Inventories.............................................................................................................................................................................. 177
4.3.19 Trade and Other Receivables............................................................................................................................................... 178
4.3.20 Derivative Financial Instruments...........................................................................................................................................179
4.3.21 Net Cash and Cash Equivalents........................................................................................................................................... 180
4.3.22 Equity Attributable to Shareholders.....................................................................................................................................180
4.3.23 Borrowings and Lease Liabilities.......................................................................................................................................... 183
4.3.24 Provisions................................................................................................................................................................................188
4.3.25 Trade and Other Payables.....................................................................................................................................................189
4.3.26 Commitments and Contingencies....................................................................................................................................... 189
4.3.27 Financial Instruments − Fair Values and Risk Management............................................................................................... 190
4.3.28 List of Group Companies...................................................................................................................................................... 201
4.3.29 Investment in Associates and Joint Ventures...................................................................................................................... 201
4.3.30 Information on Non-controlling Interests............................................................................................................................ 204
4.3.31 Related Party Transactions.................................................................................................................................................... 208
4.3.32 Independent Auditor’s Fees and Services........................................................................................................................... 209
4.3.33 Events After End of Reporting Period..................................................................................................................................209
%QORCP[(KPCPEKCN5VCVGOGPVU............................................................................................................................................

4.4.1 Company Balance Sheet....................................................................................................................................................... 210
4.4.2 Company Income Statement................................................................................................................................................211
4.4.3 General................................................................................................................................................................................... 212
0QVGUVQVJG%QORCP[(KPCPEKCN5VCVGOGPVU.....................................................................................................................
5$/1((5*14'#007#.4'2146
4.5.1 Investment in Group Companies......................................................................................................................................... 213
4.5.2 Deferred Tax Assets............................................................................................................................................................... 213
4.5.3 Other Receivables..................................................................................................................................................................213
4.5.4 Cash and Cash Equivalents...................................................................................................................................................214
4.5.5 Shareholders’ Equity..............................................................................................................................................................214
4.5.6 Provisions................................................................................................................................................................................215
4.5.7 Other Current Liabilities........................................................................................................................................................ 215
4.5.8 Revenue.................................................................................................................................................................................. 216
4.5.9 General and Administrative Expenses................................................................................................................................. 216
4.5.10 Financial Expenses.................................................................................................................................................................216
4.5.11 Commitments and Contingencies....................................................................................................................................... 216
4.5.12 Directors Remuneration........................................................................................................................................................ 216
4.5.13 Number of Employees.......................................................................................................................................................... 216
4.5.14 Independent Audit Fees....................................................................................................................................................... 216
4.5.15 Events After End of Reporting Period..................................................................................................................................217
1VJGTKPHQTOCVKQP..................................................................................................................................................................

4.6.1 Appropriation of Result......................................................................................................................................................... 218
4.6.2 Call option granted to Stichting Continuïteit SBM Offshore (the Foundation)................................................................218
4.6.3 Independent Auditor’s Report ............................................................................................................................................. 219
-G[(KIWTGU.............................................................................................................................................................................
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
(+0#0%+#.4'8+'9
(+0#0%+#.18'48+'9
&KTGEVKQPCN +(45
KP75OKNNKQP (; (; (; (;
4GXGPWG
.GCUGCPF1RGTCVG
6WTPMG[
7PFGTN[KPI4GXGPWG
.GCUGCPF1RGTCVG
6WTPMG[
'$+6&#
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
7PFGTN[KPI'$+6&#
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
2TQƂV NQUU CVVTKDWVCDNGVQUJCTGJQNFGTU
7PFGTN[KPIRTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTU
'$+6&#GCTPKPIU RTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTU GZENWFKPIPGVƂPCPEKPIEQUVUKPEQOGVCZGZRGPUGFGRTGEKCVKQPCOQTVK\CVKQPCPFKORCKTOGPVCUYGNN
CUUJCTGQHRTQƂV NQUU QHGSWKV[CEEQWPVGFKPXGUVGGU
)GPGTCN
6JG%QORCP[oURTKOCT[DWUKPGUUUGIOGPVUCTGo.GCUGCPF1RGTCVGoCPFo6WTPMG[o#FFKVKQPCNN[VJG%QORCP[FKUENQUGU
UGRCTCVGN[PQPCNNQECVGFEQTRQTCVGKPEQOGCPFGZRGPUGKVGOURTGUGPVGFKPVJGECVGIQT[o1VJGTo4GXGPWGCPF'$+6&#CTG
CPCN[\GFD[UGIOGPVDWVKVUJQWNFDGTGEQIPK\GFVJCVDWUKPGUUCEVKXKVKGUCTGENQUGN[TGNCVGF
&WTKPITGEGPV[GCTUVJG%QORCP[oUCYCTFGFNGCUGEQPVTCEVUYGTGU[UVGOCVKECNN[ENCUUKƂGFWPFGT+(45CUƂPCPEGNGCUGUHQT
CEEQWPVKPIRWTRQUGUYJGTGD[VJGHCKTXCNWGQHVJGNGCUGFCUUGVKUTGEQTFGFCUC6WTPMG[nUCNGoFWTKPIEQPUVTWEVKQP(QTVJG
6WTPMG[UGIOGPVVJKUCEEQWPVKPIVTGCVOGPVTGUWNVUKPVJGCEEGNGTCVKQPQHTGEQIPKVKQPQHNGCUGTGXGPWGUCPFRTQƂVUKPVQVJG
EQPUVTWEVKQPRJCUGQHVJGCUUGVYJGTGCUVJGCUUGVIGPGTCVGUVJGECUJOCKPN[QPN[CHVGTEQPUVTWEVKQPCPFEQOOKUUKQPKPI
CEVKXKVKGUJCXGDGGPEQORNGVGFCUVJCVKUVJGOQOGPVVJG%QORCP[KUGPVKVNGFVQUVCTVTGEGKXKPIVJGNGCUGRC[OGPVU+PVJG
ECUGQHCPQRGTCVKPINGCUGNGCUGTGXGPWGUCPFRTQƂVUCTGTGEQIPK\GFFWTKPIVJGNGCUGRGTKQFKPGHHGEVOQTGENQUGN[VTCEMKPI
ECUJTGEGKRVU(QNNQYKPIVJGKORNGOGPVCVKQPQHCEEQWPVKPIUVCPFCTFU+(45CPFUVCTVKPI,CPWCT[KVJCUCNUQ
DGEQOGEJCNNGPIKPIVQGZVTCEVVJG%QORCP[oURTQRQTVKQPCVGUJCTGQHTGUWNVU6QCFFTGUUVJGUGCEEQWPVKPIKUUWGUVJG
%QORCP[FKUENQUGU&KTGEVKQPCNTGRQTVKPIKPCFFKVKQPVQKVU+(45TGRQTVKPI&KTGEVKQPCNTGRQTVKPIVTGCVUCNNNGCUGEQPVTCEVUCU
QRGTCVKPINGCUGUCPFEQPUQNKFCVGUCNNEQQYPGFKPXGUVGGUTGNCVGFVQNGCUGEQPVTCEVUQPCRGTEGPVCIGQHQYPGTUJKRDCUKU
7PFGT&KTGEVKQPCNVJGCEEQWPVKPITGUWNVUOQTGENQUGN[VTCEMECUJƃQYIGPGTCVKQPCPFVJKUKUVJGDCUKUWUGFD[VJG
/CPCIGOGPV$QCTFQHVJG%QORCP[VQOQPKVQTRGTHQTOCPEGCPFHQTDWUKPGUURNCPPKPI4GHGTGPEGKUOCFGVQ
1RGTCVKPI5GIOGPVUCPF&KTGEVKQPCN4GRQTVKPIHQTHWTVJGTFGVCKNQPVJGOCKPRTKPEKRNGUQH&KTGEVKQPCNTGRQTVKPI
6JG/CPCIGOGPV$QCTFCUEJKGHQRGTCVKPIFGEKUKQPOCMGTOQPKVQTUVJGQRGTCVKPITGUWNVUQHVJG%QORCP[RTKOCTKN[DCUGF
QP&KTGEVKQPCNTGRQTVKPI6JGƂPCPEKCNKPHQTOCVKQPKPVJKUUGEVKQP(KPCPEKCN4GXKGYKURTGUGPVGFDQVJWPFGT&KTGEVKQPCN
CPF+(45YJKNGVJGƂPCPEKCNKPHQTOCVKQPRTGUGPVGFKPPQVG1RGTCVKPI5GIOGPVUCPF&KTGEVKQPCN4GRQTVKPIKURTGUGPVGF
WPFGT&KTGEVKQPCNYKVJCTGEQPEKNKCVKQPVQ+(45(QTENCTKV[VJGTGOCKPFGTQHVJGƂPCPEKCNUVCVGOGPVUCTGRTGUGPVGFUQNGN[
WPFGT+(45GZEGRVYJGTGGZRTGUUN[UVCVGFQVJGTYKUG
(+0#0%+#.*+)*.+)*65
6JGOCKPƂPCPEKCNJKIJNKIJVUQHVJG[GCTCPFVJGKTCUUQEKCVGFƂPCPEKCNKORCEVCTGTGRQTVGFKPPQVG(KPCPEKCN*KIJNKIJVU
5$/1((5*14'#007#.4'2146
(+0#0%+#.4'8+'9&+4'%6+10#.
&KTGEVKQPCN
KP75OKNNKQP (; (;
4GXGPWG
.GCUGCPF1RGTCVG
6WTPMG[
7PFGTN[KPI4GXGPWG
.GCUGCPF1RGTCVG
6WTPMG[
'$+6&#
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
7PFGTN[KPI'$+6&#
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
&KTGEVKQPCN
KP75DKNNKQP (; (;
$CEMNQI
70&'4.;+0)2'4(14/#0%'Ũ&+4'%6+10#.
7PFGTN[KPI&KTGEVKQPCN4GXGPWGCPF'$+6&#CTGCFLWUVGFHQTVJGPQPTGEWTTKPIGXGPVUFWTKPICƂPCPEKCNRGTKQFVQGPCDNG
EQORCTKUQPQHPQTOCNDWUKPGUUCEVKXKVKGUHQTVJGEWTTGPVRGTKQFKPTGNCVKQPVQVJGEQORCTCVKXGRGTKQF
&WTKPI&KTGEVKQPCN4GXGPWG'$+6&#CPFRTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTUYGTGPQVKORCEVGFD[CP[PQPTGEWTTKPI
VTCPUCEVKQP6JGTGHQTG7PFGTN[KPI&KTGEVKQPCN4GXGPWG'$+6&#CPFRTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTUJCXGPQVDGGP
CFLWUVGF
(QTTGHGTGPEGKP
Ŷ VJG7PFGTN[KPI&KTGEVKQPCN4GXGPWGCPF'$+6&#KPENWFGF75OKNNKQPTGNCVGFVQVJGƂPCNECUJTGEGKXGFKPWPFGT
VJGƂPCNUGVVNGOGPVUKIPGFYKVJVJGENKGPVHQNNQYKPIVJGTGFGNKXGT[QHVJG&GGR2CPWMG/127KP,WN[%QPUKFGTKPI
VJGCUUQEKCVGFFGRTGEKCVKQPQHVJGXGUUGNVJKUVTCPUCEVKQPQPN[PGINKIKDN[KORCEVGFVJG7PFGTN[KPI&KTGEVKQPCNITQUU
OCTIKPCPFRTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTU
Ŷ 6JG&KTGEVKQPCN'$+6&#CPFRTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTUYGTGKORCEVGFD[75 OKNNKQPTGNCVKPIVQVJGRGPCNV[
QTFGTCICKPUVVJG%QORCP[KUUWGFD[5YKUURWDNKERTQUGEWVQTKP0QXGODGT
$#%-.1)Ũ&+4'%6+10#.
%JCPIGKPQYPGTUJKRUEGPCTKQUCPFNGCUGEQPVTCEVFWTCVKQPJCXGVJGRQVGPVKCNVQUKIPKƂECPVN[KORCEVVJG%QORCP[oUHWVWTG
ECUJƃQYUPGVFGDVDCNCPEGCUYGNNCUVJGRTQƂVCPFNQUUUVCVGOGPV6JG%QORCP[VJGTGHQTGRTQXKFGUCRTQHQTOC
&KTGEVKQPCNDCEMNQIDCUGFQPVJGDGUVCXCKNCDNGKPHQTOCVKQPTGICTFKPIQYPGTUJKRUEGPCTKQUCPFNGCUGEQPVTCEVFWTCVKQPHQT
VJGXCTKQWURTQLGEVU
6JGRTQHQTOC&KTGEVKQPCNDCEMNQICVVJGGPFQHTGƃGEVUVJGHQNNQYKPIMG[CUUWORVKQPU
Ŷ 6JG(251.K\C&GUVKP[EQPVTCEVEQXGTUVJGDCUKEEQPVTCEVWCNVGTOQH[GCTUQHNGCUGCPFQRGTCVG
Ŷ 6JG(251.K\C7PKV[CPF(2512TQURGTKV[|EQPVTCEVUEQXGTCOCZKOWORGTKQFQHVYQ[GCTUQHNGCUGCPFQRGTCVGYKVJKP
YJKEJVJG(251QYPGTUJKRCPFQRGTCVKQPYKNNVTCPUHGTVQVJGENKGPV
Ŷ 6JG(25110')7;#0#EQPVTCEVCYCTFGFVQVJG%QORCP[KP#RTKNEQXGTUCOCZKOWORGTKQFQHNGCUGCPFQRGTCVG
QHVYQ[GCTUYKVJKPYJKEJVJG(251QYPGTUJKRCPFQRGTCVKQPYKNNVTCPUHGTVQVJGENKGPV
Ŷ (QT(251.K\C7PKV[(2512TQURGTKV[CPF(25110')7;#0#VJGKORCEVQHVJGUCNGQHVJQUG(251 UKUTGƃGEVGFKP
VJG6WTPMG[DCEMNQICVVJGGPFQHVJGOCZKOWOVYQ[GCTRGTKQF
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
Ŷ (QTDQVJ(25110')7;#0#CPF(2512TQURGTKV[VJGRTQHQTOCDCEMNQIUGVQWVDGNQYVCMGUVJGQRGTCVKQPCPF
OCKPVGPCPEGUEQRGWRVQCVYQ[GCTEQPVTCEVWCNRGTKQFKPVQCEEQWPVCUKVJCUDGGPCITGGFKPRTKPEKRNGRGPFKPICƂPCN
YQTMQTFGT6JKUCHHQTFUEQPUKUVGPE[YKVJRTKQT[GCTUCPFDGVVGTUTGƃGEVVJGEWTTGPVTGCNKV[
Ŷ 6JGGSWKV[FKXGUVOGPVKP(2515GRGVKDCVQ%/(.JCUPQV[GVDGGPTGƃGEVGFKPVJGDCEMNQICUVJGVTCPUCEVKQP
TGOCKPUUWDLGEVVQXCTKQWUCRRTQXCNUYJKEJKPENWFGVJGEQPUGPVHTQOEQQYPGTUNGPFGTUCPFGZRQTVETGFKVCIGPEKGU
6JGRTQHQTOC&KTGEVKQPCNDCEMNQICVVJGGPFQH&GEGODGTKPETGCUGFD[75DKNNKQPVQCVQVCNQH75DKNNKQP6JKU
KPETGCUGYCUOCKPN[VJGTGUWNVQHVJGCYCTFGFEQPVTCEVHQTVJG(25110')7;#0#RTQLGEVRCTVKCNN[QHHUGVD[VJGVWTPQXGTHQT
VJGRGTKQFYJKEJEQPUWOGF75DKNNKQPQHDCEMNQI6JGRCTVKCNFKXGUVOGPVUVQRCTVPGTUTGNCVGFVQRTQLGEVU(251
#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG)WUO¿QYJKEJYGTGEQPENWFGFKP UGGPQVG(KPCPEKCN*KIJNKIJVU
JCFPQKORCEVQPVJGRTQHQTOCDCEMNQICUFKXGUVOGPVKORCEVQHVJQUGVYQRTQLGEVUYCUCNTGCF[EQPUKFGTGFKPVJGRTQ
HQTOC&KTGEVKQPCNDCEMNQI6JG%QORCP[ UDCEMNQIRTQXKFGUECUJƃQYXKUKDKNKV[QH[GCTUWRVQ
KPDKNNKQPUQH75 6WTPMG[ .GCUG1RGTCVG 6QVCN

$G[QPF
6QVCN$CEMNQI
2TQHQTOC&KTGEVKQPCN$CEMNQI KPDKNNKQPUQH75

.GCUG
G
1RGTCVG 6WTPMG[
241(+6#$+.+6;Ũ&+4'%6+10#.
#EEQWPVKPIVTGCVOGPVQHRTQLGEVUWPFGTEQPUVTWEVKQP
+VUJQWNFDGPQVGFVJCVVJGQPIQKPI'2%YQTMUQP(2512TQURGTKV[CPFVJG(25110')7;#0#CPFƂPCNK\GF'2%YQTMUQP
(251.K\C7PKV[FKFPQVEQPVTKDWVGVQ&KTGEVKQPCNPGVKPEQOGQXGTVJGRGTKQF6JKUKUDGECWUGVJGEQPVTCEVUYGTG
QYPGFD[VJG%QORCP[CUQH&GEGODGTCPFCTGENCUUKƂGFCUQRGTCVKPINGCUGUCURGT&KTGEVKQPCNCEEQWPVKPI
RTKPEKRNGU
6JG%QORCP[JCUFGVGTOKPGFVJCVKVKUQRVKOCNHTQOCPQRGTCVKQPCNCPFƂPCPEKCNRGTURGEVKXGVQTGVCKPHWNNQYPGTUJKRCU
QRRQUGFVQRCTVPGTKPIQPVJGUGRTQLGEVU6JGTGHQTGWPFGTVJG%QORCP[oU&KTGEVKQPCNCEEQWPVKPIRQNKE[VJGTGXGPWGCPF
OCTIKPTGEQIPKVKQPQPVJGUGVYQ(251RTQLGEVUKUCUHQNNQYU
Ŷ 6JG%QORCP[FQGUPQVTGEQIPK\GCP[TGXGPWGCPFOCTIKPFWTKPIVJG6WTPMG[RJCUGQHVJGRTQLGEVWPNGUUFGƂPGF
KPXQKEKPI KHCP[ VQVJGENKGPVQEEWTTGFFWTKPIVJGEQPUVTWEVKQPRJCUGVQEQXGTURGEKƂEEQPUVTWEVKQPYQTMCPFQTUGTXKEGU

RGTHQTOGFDGHQTGVJGEQOOGPEGOGPVQHVJGNGCUG6JGWRHTQPVRC[OGPVUCTGTGEQIPK\GFCUTGXGPWGUCPFVJGEQUVQH
5$/1((5*14'#007#.4'2146
UCNGUCUUQEKCVGFYKVJVJGTGNCVGFEQPUVTWEVKQPYQTMCPFQTUGTXKEGUCTGTGEQIPK\GFCUEQUVUYKVJPQOCTIKPFWTKPI
EQPUVTWEVKQP
Ŷ 6JG%QORCP[YKNNDQQMCNNTGXGPWGCPFOCTIKPCUUQEKCVGFYKVJVJGNGCUGCPFQRGTCVGEQPVTCEVUTGNCVGFVQKVUUJCTG
FWTKPIVJGNGCUGRJCUGKPNKPGYKVJVJGECUJƃQYU
Ŷ 7RQPVTCPUHGTQHVJG(251VQVJGENKGPVCHVGTTGCEJKPIVJGGPFQHVJGNGCUGRGTKQFQTWRQPGZGTEKUKPIQHVJGRWTEJCUG
QRVKQPD[VJGENKGPVVJG%QORCP[YKNNDQQMCNNTGXGPWGCPFOCTIKPCUUQEKCVGFYKVJVJGVTCPUHGTKPVJG6WTPMG[UGIOGPV
6JGTGHQTGVJGEQPVTKDWVKQPQHVJG(2512TQURGTKV[CPFVJG(25110')7;#0#RTQLGEVUVQVJG&KTGEVKQPCNRTQƂVCPFNQUU
YKNNNCTIGN[OCVGTKCNK\GKPVJGEQOKPI[GCTUKPNKPGYKVJVJGQRGTCVKPIECUJƃQYUCURGT(251.K\C7PKV[YJKEJUVCTVGF
EQPVTKDWVKPIVQ&KTGEVKQPCNPGVKPEQOGQXGTVJGRGTKQFHQNNQYKPIKVUUVCTVQHRTQFWEVKQPCUQH(GDTWCT[
9KVJTGURGEVVQ(251#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG)WUO¿QEQPUKFGTKPIVJGRCTVKCNFKXGUVOGPVVQ
RCTVPGTUYJKEJYCUEQPENWFGFFWTKPIVJGRGTKQF
Ŷ 6JG%QORCP[UVCTVGFTGEQIPK\KPITGXGPWGCUYGNNCUOCTIKP VJGICVGRTQITGUUQHEQORNGVKQPDGKPITGCEJGFFWTKPIVJG
RGTKQF CUUQEKCVGFYKVJVJG'2%YQTMUHQTCNNVJG'2%+TGNCVGFYQTMRGTHQTOGFQPVJGUGRTQLGEVUUQHCTVQVJGGZVGPVQH
VJGRCTVPGTU QYPGTUJKRKPNGUUQTTGNCVGF528 U KGQH'2%YQTMU
Ŷ 6JG%QORCP[YKNNDQQMKVUUJCTG KG KPTGXGPWGCPFOCTIKPCUUQEKCVGFYKVJVJGNGCUGCPFQRGTCVGEQPVTCEVUFWTKPI
VJGNGCUGRJCUG
4GXGPWG
6QVCN&KTGEVKQPCNTGXGPWGKPETGCUGFD[VQ75OKNNKQPEQORCTGFYKVJ75OKNNKQPKPYKVJVJGKPETGCUG
RTKOCTKN[CVVTKDWVCDNGVQVJG6WTPMG[UGIOGPV%QPUKFGTKPIVJGCFLWUVOGPVFQPGKPHQTVJGPQPTGEWTTKPIKVGOQH75
OKNNKQP TGHGTVQRCTCITCRJ 7PFGTN[KPI2GTHQTOCPEG KPVJG.GCUGCPF1RGTCVGUGIOGPV7PFGTN[KPI&KTGEVKQPCNTGXGPWG
KPETGCUGFD[EQORCTGFYKVJ75OKNNKQPHQTVJGUCOGRGTKQFKP
4GXGPWG&KTGEVKQPCN KPOKNNKQPUQH75

PI

PI

N[K
N[K
GT
GT
PF
PF
W
W

.GCUG
G
1RGTCVG 6WTPMG[
6JKUXCTKCPEGQHVJG7PFGTN[KPI&KTGEVKQPCNTGXGPWGKUHWTVJGTFGVCKNGFD[UGIOGPVCUHQNNQYU
7PFGTN[KPI&KTGEVKQPCN6WTPMG[TGXGPWGKPETGCUGFVQ75OKNNKQPTGRTGUGPVKPIQHVQVCNWPFGTN[KPITGXGPWG
6JKUEQORCTGUYKVJ75OKNNKQPQTQHVQVCN7PFGTN[KPITGXGPWGKP6JKUTGUWNVGFHTQOCTCORWRQH6WTPMG[
CEVKXKVKGUYKVJƂXG(251UWPFGTEQPUVTWEVKQP CPFEQORNGVKQPQH(251.K\C7PKV[ FWTKPIVJGRGTKQFRCTVKCNN[QHHUGVD[NQYGT
EQPVTKDWVKQPHTQOVJGQHHUJQTGKPUVCNNCVKQPUGTXKEGUHQNNQYKPIVJGUCNGQHVJG5$/+PUVCNNGTYJKEJQEEWTTGFGCTN[
(WTVJGTOQTGVJGRCTVKCNFKXGUVOGPVQPVYQRTQLGEVUCVVJGDGIKPPKPIQH (251#NOKTCPVG6COCPFCTÅCPF(251
#NGZCPFTGFG)WUO¿Q CNNQYGFVJG%QORCP[VQTGEQIPK\GTGXGPWGHQTCNNVJG'2%+TGNCVGFYQTMRGTHQTOGFQPVJGUG
RTQLGEVUUQHCTVQVJGGZVGPVQHVJGRCTVPGTU QYPGTUJKRKPNGUUQTTGNCVGF528 U KGQH'2%YQTMU
7PFGTN[KPI&KTGEVKQPCN.GCUGCPF1RGTCVGTGXGPWGYCU75OKNNKQPCPKPETGCUGXGTUWU75OKNNKQPKPVJGRTKQT
RGTKQF6JKUTGƃGEVUOCKPN[VJGHQNNQYKPIKVGOU K (251.K\C7PKV[LQKPKPIVJGƃGGVWRQPUWEEGUUHWNFGNKXGT[QHVJG'2%+
RTQLGEVFWTKPIVJGƂTUVSWCTVGTCPF KK KPETGCUGFTGKODWTUCDNGUEQRGRCTVKCNN[QHHUGVD[ KKK VJGGPFQH&GGR2CPWMG
/127NGCUGEQPVTCEV CUVJGNCUVRC[OGPVUHTQOVJGENKGPVEQPVTKDWVGFVQVJG7PFGTN[KPI4GXGPWGQHRTGXKQWU[GCT KX VJG
GPFQHVJG(251%CRKZCDCNGCUGEQPVTCEVUKPVJGƂTUVJCNH[GCTQHCPFƂPCNN[ X NQYGTCXGTCIGUVTCKIJVNKPGFFC[TCVGQH
(251-KMGJNGCUGCHVGTGZVGPUKQPCVVJGGPFQH
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
6JGUJWVFQYPQHQRGTCVKQPUQH(251%KFCFGFG#PEJKGVCQPN[JCFCNKOKVGFKORCEVQPTGXGPWGQXGTVJGRGTKQFFWGVQVJG
GZVGPUKQPQHVJGEQPVTCEV EQTTGURQPFKPIVQVJGRGTKQFQHUJWVFQYP DG[QPFVJGQTKIKPCNGPFFCVGQHVJGNGCUG#UC
EQPUGSWGPEGVJGVQVCNEQPVTCEVWCNNGCUGTGXGPWGTGOCKPUWPEJCPIGFYJGTGCUVJGTGXGPWGQHVJGRGTKQFTGEQIPK\GFQPC
UVTCKIJVNKPGDCUKUQXGTVJGTGOCKPKPINGCUGRGTKQFJCUDGGPUNKIJVN[KORCEVGF
'$+6&#
&KTGEVKQPCN'$+6&#COQWPVGFVQ75OKNNKQPTGRTGUGPVKPICKPETGCUGEQORCTGFYKVJ75OKNNKQPKPYKVJ
VJGKPETGCUGCVVTKDWVCDNGVQVJG.GCUGCPF1RGTCVGUGIOGPV#FLWUVGFHQTVJGPQPTGEWTTKPIKVGOU UGGRCTCITCRJ
7PFGTN[KPI2GTHQTOCPEG KPVJGUCOGUGEVKQP 7PFGTN[KPI&KTGEVKQPCN'$+6&#COQWPVGFVQ75OKNNKQPKPC
KPETGCUGEQORCTGFYKVJ75OKNNKQPKP
'$+6&#&KTGEVKQPCN KPOKNNKQPUQH75

PI

PI

N[K
N[K
GT
GT
PF
PF
W
W

.GCUG
G
1RGTCVG 6WTPMG[
1VJGT
6JGXCTKCPEGQH7PFGTN[KPI&KTGEVKQPCN'$+6&#KUHWTVJGTFGVCKNGFD[UGIOGPVCUHQNNQYU
Ŷ 7PFGTN[KPI&KTGEVKQPCN6WTPMG['$+6&#FGETGCUGFHTQO75OKNNKQPKPVJG[GCTCIQRGTKQFVQ75OKNNKQPKPVJG
EWTTGPV[GCT#NVJQWIJVJG%QORCP[TGEQTFGFCUKIPKƂECPVKPETGCUGKPTGXGPWGTGNCVGFVQRTQLGEVUWPFGTEQPUVTWEVKQP
VJGTGYCUPQVCEQOOGPUWTCVGKORCEVQP'$+6&#FWGVQUGXGTCNHCEVQTU
Ŷ K (251.K\C7PKV[(2512TQURGTKV[CPF(25110')7;#0#CTGQYPGFD[VJG%QORCP[+PCEEQTFCPEGYKVJ
VJG%QORCP[RQNKE[HQT&KTGEVKQPCNTGRQTVKPIVJGFKTGEVRC[OGPVUTGEGKXGFFWTKPIEQPUVTWEVKQPHQTVJGUGWPKVUCTG
VJGTGHQTGTGEQIPK\GFCUTGXGPWGYKVJQWVEQPVTKDWVKQPVQITQUUOCTIKP
Ŷ KK (QNNQYKPIVJGRCTVKCNFKXGUVOGPVKP(251#NGZCPFTGFG)WUO¿QCPF(251#NOKTCPVG6COCPFCTÅVJGƂTUV
QHRTQITGUUQPVJG'2%+TGNCVGFYQTMJCXGDGGPTGEQIPK\GFYKVJQWVCUUQEKCVGFOCTIKPCURGTVJG%QORCP[UVCIGQH
EQORNGVKQPRQNKE[ CUUQEKCVGFOCTIKPDGKPIURTGCFQXGTVJGTGOCKPKPIEQPUVTWEVKQPRGTKQF
Ŷ KKK 1PVJG%QORCP[ UQXGTCNNRTQLGEVRQTVHQNKQUVTCVGIKEOKVKICVKQPOGCUWTGUCICKPUVKPƃCVKQPJCXGDGGPRTQXKPI
GHHGEVKXGQPEQPVTQNNKPIEQUVCPFRTQVGEVKPIUEJGFWNG0GXGTVJGNGUURCTVUQHVJGRQTVHQNKQTGOCKPUGPUKVKXGVQVJG
RTGUUWTGKPVJGINQDCNUWRRN[EJCKPCUCTGUWNVQHVJGYCTDGVYGGP4WUUKCCPF7MTCKPGCPFVJGEQPVKPWKPIKORCEVHTQO
VJG%18+&RCPFGOKE
Ŷ 7PFGTN[KPI&KTGEVKQPCN.GCUGCPF1RGTCVG'$+6&#OQXGFHTQO75OKNNKQPKPVJG[GCTCIQRGTKQFVQ75OKNNKQP
KPVJGEWTTGPV[GCTRGTKQF6JKUKPETGCUGOCKPN[TGUWNVGFHTQOVJGUCOGFTKXGTUCUHQTVJG7PFGTN[KPI.GCUGCPF1RGTCVG
TGXGPWG6JGCFFKVKQPCNEQPVTKDWVKQPHTQO(251.K\C7PKV[CPFKPETGCUGFTGKODWTUCDNGUEQRGYCURCTVKCNN[QHHUGVD[ K VJG
GPFQH&GGR2CPWMG/127 CUVJGNCUVRC[OGPVUHTQOVJGENKGPVEQPVTKDWVGFVQVJG7PFGTN[KPI'$+6&#QHVJG[GCTCIQ
RGTKQF KK VJGGPFQH(251%CRKZCDCNGCUGEQPVTCEVUCPFCUUQEKCVGFFGOQDKNK\CVKQPEQUVUCPF KKK VJGNQYGTCXGTCIG
UVTCKIJVNKPGFNGCUGFC[TCVGQH(251-KMGJ#UCTGUWNVHWNN[GCT7PFGTN[KPI&KTGEVKQPCN.GCUG1RGTCVG'$+6&#
OCTIKPYCUCNOQUVUVCDNGCVEQORCTGFYKVJKP
5$/1((5*14'#007#.4'2146
Ŷ +PTGNCVKQPVQ(251%KFCFGFG#PEJKGVCTGRCKTEQUVUQHVJGHQWTVCPMUYJKEJYGTGTGSWKTGFHQTVJGUCHGTGUVCTVQHVJGXGUUGN
FKFPQVKORCEVVJG.GCUGCPF1RGTCVG'$+6&#CUVJG[OGVVJGETKVGTKCQHECRKVCNK\CVKQPWPFGT+#5CPFVJGTGHQTGJCXG
DGGPTGEQIPK\GFCUCPKPETGCUGKPVJG2TQRGTV[RNCPVCPFGSWKROGPVXCNWGQHVJG(251%KFCFGFG#PEJKGVC6JG
KORCKTOGPVQH75OKNNKQPFKFPQVJCXGCPKORCEVQP'$+6&#DWVKUKPENWFGFKPVJGPGVKPEQOG UGGDGNQY
Ŷ 6JGQVJGTPQPCNNQECVGFEQUVUEJCTIGFVQ'$+6&#TGOCKPGFUVCDNGCV75 OKNNKQPKPVJG[GCTCIQRGTKQFCPF75
OKNNKQPKPVJGEWTTGPV[GCT
0GVKPEQOG
0GV+PEQOG&KTGEVKQPCN KPOKNNKQPUQH75

PI

PI

N[K
N[K
GT
GT
PF
PF
W
W

9GKIJVGF#XGTCIG'CTPKPIU2GT5JCTG&KTGEVKQPCN KP75

PI

PI

N[K
N[K
GT
GT
PF
PF
W
W

7PFGTN[KPI&KTGEVKQPCNFGRTGEKCVKQPCOQTVK\CVKQPCPFKORCKTOGPVKPETGCUGFD[75OKNNKQP[GCTQP[GCT6JKURTKOCTKN[
TGUWNVGFHTQO K 75OKNNKQP(251%KFCFGFG#PEJKGVCKORCKTOGPVHQNNQYKPIVJGUJWVFQYPQHVJGXGUUGNCPFVJG
ECRKVCNKUCVKQPQHCUUQEKCVGFVCPMTGRCKTEQUVU TGHGTVQUGEVKQP2TQRGTV[2NCPVCPFGSWKROGPV KK (251.K\C7PKV[
LQKPKPIVJGQRGTCVKPIƃGGVKP(GDTWCT[YJKEJOCTMGFVJGDGIKPPKPIQHVJGFGRTGEKCVKQPQHVJG7PKVRCTVKCNN[QHHUGVD[ K
(251%CRKZCDCCPF&GGR2CPWMG/127NGCXKPIVJGƃGGV KK (251-KMGJ UNGCUGGZVGPUKQPYJKEJTGUWNVGFKPCNQYGT
FGRTGEKCVKQPEJCTIGHQTVJGEWTTGPVRGTKQF
&KTGEVKQPCNPGVƂPCPEKPIEQUVUVQVCNGF75 OKNNKQPKPEQORCTGFYKVJ75 OKNNKQPKPVJG[GCTCIQRGTKQFOCKPN[

TGƃGEVKPIVJGCFFKVKQPCNKPVGTGUVIGPGTCVGFD[VJG(251.K\C7PKV[RTQLGEVNQCPRCTVKCNN[QHHUGVD[VJGUEJGFWNGFCOQTVK\CVKQP
QHTGOCKPKPIRTQLGEVUNQCPUQHXGUUGNUWPFGTQRGTCVKQP
6JG7PFGTN[KPI&KTGEVKQPCNGHHGEVKXGVCZTCVGKPETGCUGFVQXGTUWUKPVJG[GCTCIQRGTKQFRTKOCTKN[FTKXGPD[VCZGU
CRRNKGFVQEJCTVGTTGXGPWGUQH(251UKPQRGTCVKQPKP)W[CPCCPFVJGKORCKTOGPVQH(251%KFCFGFG#PEJKGVC
#UCTGUWNVVJG%QORCP[TGEQTFGFC&KTGEVKQPCNPGVRTQƂVQH75OKNNKQPQT75RGTUJCTGCCPFFGETGCUG
TGURGEVKXGN[YJGPEQORCTGFYKVJVJG7PFGTN[KPI&KTGEVKQPCNPGVRTQƂVQH75OKNNKQPQT75RGTUJCTGKPVJG[GCT
CIQRGTKQF6JKUKUOQUVN[FWGVQVJG(251%KFCFGFG#PEJKGVCKORCKTOGPVRCTVKCNN[QHHUGVD[UVTQPIQRGTCVKPIRGTHQTOCPEG
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
56#6'/'061((+0#0%+#.215+6+10Ũ&+4'%6+10#.
KPOKNNKQPUQH75
6QVCNGSWKV[
0GVFGDV
0GVECUJ
6QVCNCUUGVU
5QNXGPE[TCVKQ
0GVFGDVKUECNEWNCVGFCUVQVCNDQTTQYKPIU KPENWFKPINGCUGNKCDKNKVKGU NGUUECUJCPFECUJGSWKXCNGPVU
5QNXGPE[TCVKQKUECNEWNCVGFKPCEEQTFCPEGYKVJVJGFGƂPKVKQPRTQXKFGFKPUGEVKQP%QXGPCPVU
5JCTGJQNFGTUoGSWKV[KPETGCUGFD[75OKNNKQPHTQO75OKNNKQPCV[GCTGPFVQ75OKNNKQPCV[GCTGPF
OQUVN[FWGVQVJGHQNNQYKPIKVGOU
Ŷ #PKPETGCUGQHVJGJGFIKPITGUGTXGUQH75OKNNKQP
Ŷ #RQUKVKXGPGVTGUWNVQH75OKNNKQPKPCPF
Ŷ &KXKFGPFFKUVTKDWVGFVQVJGUJCTGJQNFGTUFGETGCUKPIGSWKV[D[75OKNNKQP
6JGOQXGOGPVKPJGFIKPITGUGTXGKUOCKPN[ECWUGFD[VJGKPETGCUGQHVJGOCTMGFVQOCTMGVXCNWGQHVJGKPVGTGUVTCVGUYCRU
FWGVQKPETGCUKPIOCTMGVKPVGTGUVTCVGUFWTKPIVJG[GCT
+VUJQWNFDGPQVGFVJCVWPFGT&KTGEVKQPCNRQNKE[VJGEQPVTKDWVKQPVQRTQƂVCPFGSWKV[QHVJG(251URTQITCOWPFGT
EQPUVTWEVKQPYKNNNCTIGNN[OCVGTKCNK\GKPVJGEQOKPI[GCTUCV%QORCP[ UUJCTGQYPGTUJKRKPNGUUQTTGNCVGF528 UUWDLGEVVQ
RTQLGEVGZGEWVKQPRGTHQTOCPEGKPNKPGYKVJVJGIGPGTCVKQPQHCUUQEKCVGFQRGTCVKPIECUJƃQYU
0GVFGDVKPETGCUGFD[75OKNNKQPVQ75OKNNKQPCV[GCTGPF9JKNGVJG.GCUGCPF1RGTCVGUGIOGPV
EQPVKPWGUVQIGPGTCVGUVTQPIQRGTCVKPIECUJƃQYVJG%QORCP[FTGYQPRTQLGEVƂPCPEGHCEKNKVKGUHQT(251.K\C7PKV[(251
2TQURGTKV[(25110')7;#0#CPF(2515GRGVKDCVQHWPFEQPVKPWGFKPXGUVOGPVKPITQYVJQPVJGUG(251UWPFGT
EQPUVTWEVKQP9KVJTGICTFUVQ(251#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG)WUO¿QHQTYJKEJDTKFIGNQCPU
YGTGHWNN[FTCYPKPCFXCPEGQHKPXGUVOGPVUKPITQYVJVJGCUUQEKCVGFGZEGUUQHƂPCPEKPIECUJƃQY CRRTQZKOCVGN[75
OKNNKQPIGPGTCVGFCUCV&GEGODGT YCUEQPUWOGFCUCTGUWNVQHRTQITGUUYKVJEQPUVTWEVKQPCPFVJGRCTVKCN
FKXGUVOGPVVQRCTVPGTUYJKEJTGUWNVGFKPVJGFGTGEQIPKVKQPQHCEQOOGPUWTCVGUJCTGQHVJGTGNCVGFECUJCPFFGDV
6JGOCLQTKV[QHVJG%QORCP[oUFGDVCUCV&GEGODGTEQPUKUVGFQHPQPTGEQWTUGRTQLGEVƂPCPEKPI 75DKNNKQP KP

URGEKCNRWTRQUGKPXGUVGGU6JKUPQPTGEQWTUGDCNCPEGKPENWFGUVJGRTQLGEVNQCPTGNCVGFVQ(251.K\C7PKV[HQTYJKEJVJGRTG
EQORNGVKQPEQORCP[IWCTCPVGGYCUTGNGCUGFQP,WPG6JGTGOCKPFGT 75DKNNKQP EQORTKUGFQHDQTTQYKPIUVQ
UWRRQTVVJGQPIQKPIEQPUVTWEVKQPQHƂXG(251UYJKEJYKNNDGEQOGPQPTGEQWTUGHQNNQYKPIRTQLGEVGZGEWVKQPƂPCNK\CVKQP
CPFTGNGCUGQHVJG2CTGPV%QORCP[)WCTCPVGG6JG%QORCP[oU4GXQNXKPI%TGFKV(CEKNKV[ 4%( YCUWPFTCYPCV[GCTGPFCPF
VJGPGVECUJDCNCPEGUVQQFCV75OKNNKQP &GEGODGT75OKNNKQP .GCUGNKCDKNKVKGUVQVCNGF75OKNNKQP
&GEGODGT75OKNNKQP
6QVCNCUUGVUKPETGCUGFVQ75DKNNKQPCUCV&GEGODGTEQORCTGFYKVJ75DKNNKQPCV[GCTGPF6JKU
TGUWNVGFHTQOVJGUWDUVCPVKCNKPXGUVOGPVUKPRTQRGTV[RNCPVCPFGSWKROGPV OCKPN[(2512TQURGTKV[(2515GRGVKDC(251
#NOKTCPVG6COCPFCTÅ(251#NGZCPFTGFG)WUO¿QCPF(25110')7;#0# CPFVJGKPETGCUGKPVJGFGTKXCVKXGCUUGVUQXGT
VJGRGTKQFFWGVQKPETGCUGFOCTMGFVQOCTMGVXCNWGQHKPVGTGUVTCVGUYCRUEQORCTGFYKVJ[GCTGPFYJKEJOCKPN[CTQUG
HTQOKPETGCUKPI75OCTMGVKPVGTGUVTCVGU
6JGTGNGXCPVEQXGPCPVU UQNXGPE[TCVKQCPFKPVGTGUVEQXGTTCVKQ CRRNKECDNGHQTVJG%QORCP[oU4%(WPFTCYPCUCV[GCTGPF

YGTGCNNOGVCV&GEGODGT+PNKPGYKVJRTGXKQWU[GCTUVJG%QORCP[JCFPQQHHDCNCPEGUJGGVƂPCPEKPI
6JG%QORCP[oUƂPCPEKCNRQUKVKQPJCUTGOCKPGFUVTQPICUCTGUWNVQHVJGECUJƃQYIGPGTCVGFD[VJGƃGGVCUYGNNCUVJG
RQUKVKXGEQPVTKDWVKQPQHVJGVWTPMG[CEVKXKVKGU
%#5*(.19.+37+&+6+'5Ũ&+4'%6+10#.
%CUJCPFWPFTCYPEQOOKVVGFETGFKVHCEKNKVKGUCOQWPVVQ75OKNNKQPCV&GEGODGTQHYJKEJ75OKNNKQPKU
EQPUKFGTGFCURNGFIGFVQURGEKƂERTQLGEVFGDVUGTXKEKPITGNCVGFVQ(2512TQURGTKV[(25110')7;#0#CPF(251
5GRGVKDCQTQVJGTYKUGTGUVTKEVGFKPKVUWVKNK\CVKQP
5$/1((5*14'#007#.4'2146
6JGEQPUQNKFCVGFECUJƃQYUVCVGOGPVWPFGT&KTGEVKQPCNTGRQTVKPIKUCUHQNNQYU
KPOKNNKQPUQH75

'$+6&#
#FLWUVOGPVUHQTPQPECUJCPFKPXGUVKPIKVGOU
#FFKVKQP TGNGCUG RTQXKUKQP
)CKP NQUUQPFKURQUCNQHRTQRGTV[RNCPVCPFGSWKROGPV
)CKP NQUUQPCESWKUKVKQPQHUJCTGUKPKPXGUVGGU
5JCTGDCUGFRC[OGPVU
%JCPIGUKPQRGTCVKPICUUGVUCPFNKCDKNKVKGU
+PETGCUG &GETGCUGKPQRGTCVKPITGEGKXCDNGU
/QXGOGPVKPEQPVTCEVCUUGVU
+PETGCUG &GETGCUGKPKPXGPVQTKGU
+PETGCUG &GETGCUG KPQRGTCVKPINKCDKNKVKGU
+PEQOGVCZGURCKF
0GVECUJƃQYUHTQO WUGFKP QRGTCVKPICEVKXKVKGU
%CRKVCNGZRGPFKVWTGU
#FFKVKQP TGRC[OGPVUQHHWPFKPINQCPU
%CUJƃQYUHTQOEJCPIGUKPKPVGTGUVUQHUWDUKFKCTKGU
%CUJTGEGKRVUHTQOUCNGQHKPXGUVOGPVUKPLQKPVXGPVWTGU
1VJGTKPXGUVKPICEVKXKVKGU
0GVECUJƃQYUHTQO WUGFKP KPXGUVKPICEVKXKVKGU
#FFKVKQPUCPFTGRC[OGPVUQHDQTTQYKPIUCPFNGCUGNKCDKNKVKGU
&KXKFGPFURCKFVQUJCTGJQNFGTU
5JCTGTGRWTEJCUGRTQITCO
+PVGTGUVRCKF
0GVECUJƃQYUHTQO WUGFKP ƂPCPEKPICEVKXKVKGU
(QTGKIPEWTTGPE[XCTKCVKQPU
0GVKPETGCUG FGETGCUG KPECUJCPFECUJGSWKXCNGPVU
6JG%QORCP[IGPGTCVGFUVTQPIQRGTCVKPIECUJƃQYUOCKPN[CUCTGUWNVQH(251.K\C7PKV[LQKPKPIVJGƃGGVCPFVJG
QRGTCVKPIECUJTGEQIPK\GFHQNNQYKPIVJGFKXGUVOGPVQH(251#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG)WUO¿Q6JKU
YCURCTVKCNN[QHHUGVD[VJG(251%KFCFGFG#PEJKGVCUJWVFQYPCUYGNNCU(251%CRKZCDCCPF&GGR2CPWMG/127NGCXKPI
VJGƃGGV
%CUJIGPGTCVGFHTQOVJGUVTQPIQRGTCVKPIECUJƃQYUCPFFTCYFQYPUQPRTQLGEVƂPCPEKPIUVQIGVJGTYKVJUQOGQHVJG
%QORCP[ UGZKUVKPIECUJYCURTKOCTKN[WUGFVQ
Ŷ +PXGUVKPVJGƂXG(251UWPFGTEQPUVTWEVKQPVJG(CUV9CTFPGYDWKNFOWNVKRWTRQUGJWNNCPFVJG(251%KFCFGFG
#PEJKGVCUJWVFQYPCUUQEKCVGFTGRCKTEQUVUKORCEVKPIECRKVCNGZRGPFKVWTGUWPFGTKPXGUVKPICEVKXKVKGU
Ŷ 6TCPUHGTRCTVKCNGZEGUUQHECUJKP(251#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG)WUO¿Q528UVQRCTVPGTUHQNNQYKPI
VJGFKXGUVOGPVQHUJCTGU
Ŷ 4GVWTPHWPFUVQVJGUJCTGJQNFGTUVJTQWIJFKXKFGPFUCPF
Ŷ 5GTXKEGVJG%QORCP[oUPQPTGEQWTUGFGDVCPFKPVGTGUVKPCEEQTFCPEGYKVJVJGTGURGEVKXGTGRC[OGPVUEJGFWNGU
#UCTGUWNVECUJCPFECUJGSWKXCNGPVUFGETGCUGFHTQO75OKNNKQPCV[GCTGPFVQ75OKNNKQPCV[GCTGPF
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
(+0#0%+#.4'8+'9+(45
+(45
KP75OKNNKQP (; (;
4GXGPWG
.GCUGCPF1RGTCVG
6WTPMG[
7PFGTN[KPI4GXGPWG
.GCUGCPF1RGTCVG
6WTPMG[
'$+6&#
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
7PFGTN[KPI'$+6&#
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
70&'4.;+0)2'4(14/#0%'
7PFGTN[KPI+(454GXGPWGCPF'$+6&#CTGCFLWUVGFHQTVJGPQPTGEWTTKPIGXGPVUFWTKPICƂPCPEKCNRGTKQFVQGPCDNG
EQORCTKUQPQHPQTOCNDWUKPGUUCEVKXKVKGUHQTVJGEWTTGPVRGTKQFKPTGNCVKQPVQVJGEQORCTCVKXGRGTKQF
&WTKPI+(454GXGPWG'$+6&#CPFRTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTUYGTGPQVKORCEVGFD[CP[PQPTGEWTTKPI
VTCPUCEVKQP6JGTGHQTG7PFGTN[KPI+(454GXGPWG'$+6&#CPFRTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTUJCXGPQVDGGPCFLWUVGF
(QTTGHGTGPEGKP
Ŷ VJG7PFGTN[KPI+(454GXGPWGCPF'$+6&#KPENWFGF75OKNNKQPTGNCVGFVQVJGƂPCNECUJTGEGKXGFKPWPFGTVJGƂPCN
UGVVNGOGPVUKIPGFYKVJVJGENKGPVHQNNQYKPIVJGTGFGNKXGT[QHVJG&GGR2CPWMG/127KP,WN[%QPUKFGTKPIVJG
CUUQEKCVGFFGRTGEKCVKQPQHVJGXGUUGNVJKUVTCPUCEVKQPQPN[PGINKIKDN[KORCEVGFVJG7PFGTN[KPI&KTGEVKQPCNITQUUOCTIKP
CPFRTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTU
Ŷ 6JG'$+6&#DCUGFQP+(45CEEQWPVKPIRQNKEKGUCPFRTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTUYGTGKORCEVGFD[75 OKNNKQP
TGNCVKPIVQVJGRGPCNV[QTFGTCICKPUVVJG%QORCP[KUUWGFD[5YKUURWDNKERTQUGEWVQTKP0QXGODGT
241(+6#$+.+6;
#EEQWPVKPIVTGCVOGPVQHRTQLGEVUWPFGTEQPUVTWEVKQP
+PEQPVTCUVVQ&KTGEVKQPCNVJGEQPUVTWEVKQPQH(2512TQURGTKV[CPFVJG(25110')7;#0#CPFƂPCNK\GF'2%YQTMUQP
(251.K\C7PKV[EQPVTKDWVGFVQDQVJ+(456WTPMG[TGXGPWGCPFITQUUOCTIKPQXGTVJGRGTKQF6JKUKUDGECWUGVJGUGEQPVTCEVU
CTGENCUUKƂGFCUƂPCPEGNGCUGUCURGT+(45CPFCTGVJGTGHQTGCEEQWPVGFHQTCUCFKTGEVUCNGWPFGT+(45
6JGUCOGVTGCVOGPVCRRNKGFVQVJGEQPUVTWEVKQPQH(2515GRGVKDC(251#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG
)WUO¿QYJKEJHWNN[EQPVTKDWVGFVQDQVJ+(456WTPMG[TGXGPWGCPFITQUUOCTIKPQXGTVJGRGTKQFIKXGPVJGUGEQPVTCEVUCTG
ENCUUKƂGFCUƂPCPEGNGCUG7PFGT&KTGEVKQPCNVJGEQPVTKDWVKQPVQ6WTPMG[TGXGPWGCPFITQUUOCTIKPHQTVJGUGRTQLGEVUKU
NKOKVGFVQVJGRQTVKQPQHVJGUCNGVQRCTVPGTUKPVJGURGEKCNRWTRQUGGPVKV[QYPKPIVJGWPKVU KGTGURGEVKXGN[CPF

4GXGPWG
6QVCN7PFGTN[KPI+(45TGXGPWGKPETGCUGFD[VQ75OKNNKQPEQORCTGFYKVJ75OKNNKQPKP
6JKUKPETGCUGYCUOCKPN[FTKXGPD[VJG6WTPMG[UGIOGPVYKVJƂXG(251UWPFGTEQPUVTWEVKQPCPFEQORNGVKQPQH(251.K\C
7PKV[SWCNKH[KPIHQTƂPCPEGNGCUGCEEQWPVKPIKPVJGEWTTGPVRGTKQFUNKIJVN[QHHUGVD[CNQYGTEQPVTKDWVKQPHTQOQHHUJQTG
KPUVCNNCVKQPUGTXKEGUHQNNQYKPIVJGUCNGQHVJG5$/+PUVCNNGTYJKEJQEEWTTGFGCTN[
5$/1((5*14'#007#.4'2146
7PFGTN[KPI|+(45|.GCUGCPF1RGTCVGTGXGPWGUNKIJVN[|KPETGCUGF|D[||VQ|75|OKNNKQPEQORCTGF|YKVJ|75
OKNNKQP|KP|VJG|[GCTCIQ|RGTKQF6JKUKPETGCUGKUOQUVN[FTKXGPD[ K (251.K\C7PKV[LQKPKPIVJGƃGGVWRQPUWEEGUUHWNFGNKXGT[
QHVJG'2%+RTQLGEVFWTKPIVJGƂTUVSWCTVGTCPF KK KPETGCUGFTGKODWTUCDNGUEQRGRCTVKCNN[QHHUGVD[ KKK VJGGPFQHVJG
&GGR2CPWMG/127NGCUGEQPVTCEV UKPEGVJGNCUVRC[OGPVUHTQOVJGENKGPVEQPVTKDWVGFVQVJG7PFGTN[KPI+(454GXGPWGQH
RTGXKQWU[GCT KX VJGGPFQH(251%CRKZCDCEQPVTCEVUKPVJGƂTUVJCNH[GCTCPFƂPCNN[ X TGIWNCTFGENKPKPIRTQƂNGQH
KPVGTGUVTGXGPWGHTQOƂPCPEGNGCUGU
#UWPFGT&KTGEVKQPCNVJGUJWVFQYPQHQRGTCVKQPUQH(251%KFCFGFG#PEJKGVC YJKEJKUENCUUKƂGFCUQRGTCVKPINGCUGWPFGT
+(45CUYGNN QPN[JCFNKOKVGFKORCEVQPTGXGPWGQXGTVJGRGTKQFFWGVQVJGGZVGPUKQPQHVJGEQPVTCEV EQTTGURQPFKPIVQVJG
RGTKQFQHUJWVFQYP DG[QPFVJGQTKIKPCNGPFFCVGQHVJGNGCUG#UCEQPUGSWGPEGVJGVQVCNEQPVTCEVWCNNGCUGTGXGPWG
TGOCKPUWPEJCPIGFYJGTGCUVJGTGXGPWGQHVJGRGTKQFTGEQIPK\GFQPCUVTCKIJVNKPGDCUKUQXGTVJGTGOCKPKPINGCUGRGTKQF
JCUDGGPUNKIJVN[KORCEVGF
'$+6&#
7PFGTN[KPI'$+6&#DCUGFQP+(45CEEQWPVKPIRQNKEKGUCOQWPVGFVQ75OKNNKQPTGRTGUGPVKPICKPETGCUG
EQORCTGFYKVJ75OKNNKQPKPVJG[GCTCIQRGTKQF
Ŷ 7PFGTN[KPI6WTPMG['$+6&#KPETGCUGFHTQO75OKNNKQPKPVJG[GCTCIQRGTKQFVQ75OKNNKQPUWRRQTVGFD[VJG
UCOGFTKXGTUCUVJGKPETGCUGKPVJG+(456WTPMG[TGXGPWGCUYGNNCUFWGVQVJGUWEEGUUHWNENQUGQWVQHVJGEQPUVTWEVKQP
CEVKXKVKGUQH(251.K\C7PKV[FGNKXGTGFQXGTVJGƂTUVSWCTVGTQH6JG7PFGTN[KPI6WTPMG['$+6&#OCTIKPUVQQFCV
QH6WTPMG[TGXGPWGFGURKVGVJGPGICVKXGGHHGEVUQHVJGRCPFGOKECPFVJG4WUUKC7MTCKPGYCTQPVJGOCETQ
GPXKTQPOGPV
Ŷ 7PFGTN[KPI.GCUGCPF1RGTCVG'$+6&#HQTVJGEWTTGPVRGTKQFUNKIJVN[KPETGCUGFD[VQ75OKNNKQPXGTUWU75
OKNNKQPKPVJGUCOGRGTKQFRTKQT[GCT6JKUTGUWNVGFHTQOVJGUCOGFTKXGTUCUVJGUNKIJVKPETGCUGKP+(45.GCUGCPF1RGTCVG
4GXGPWG
#UWPFGT&KTGEVKQPCNKPTGNCVKQPVQ(251%KFCFGFG#PEJKGVC YJKEJKUCNUQENCUUKƂGFCUCPQRGTCVKPINGCUGWPFGT+(45
TGRCKTEQUVUQHVJGHQWTVCPMUYJKEJYGTGTGSWKTGFHQTVJGUCHGTGUVCTVQHVJGXGUUGNFKFPQVKORCEVVJG.GCUGCPF1RGTCVG
'$+6&#CUVJG[OGVVJGETKVGTKCQHECRKVCNK\CVKQPWPFGT+#5CPFVJGTGHQTGJCXGDGGPTGEQIPK\GFCUCPKPETGCUGKPVJG
2TQRGTV[RNCPVCPFGSWKROGPVXCNWGQHVJG(251%KFCFGFG#PEJKGVC
0GVKPEQOG
WPFGTN[KPIEQPUQNKFCVGF+(45PGVKPEQOGCVVTKDWVCDNGVQUJCTGJQNFGTUUVQQFCV75OKNNKQPCPKPETGCUGQH75
OKNNKQPHTQOVJGRTGXKQWU[GCT6JGKPETGCUGKPVJG7PFGTN[KPI'$+6&#WPFGT+(45NKPMGFVQVJGUVTQPIQRGTCVKPI
RGTHQTOCPEGYCURCTVKCNN[QHHUGVD[
Ŷ #PKPETGCUGKPFGRTGEKCVKQPCOQTVK\CVKQPCPFKORCKTOGPVRTKOCTKN[GZRNCKPGFD[75OKNNKQP(251%KFCFGFG#PEJKGVC
KORCKTOGPVHQNNQYKPIVJGUJWVFQYPQHVJGXGUUGNCPFVJGECRKVCNKUCVKQPQHCUUQEKCVGFVCPMTGRCKTEQUVU TGHGTVQRCTCITCRJ
2TQRGTV[2NCPVCPFGSWKROGPV RCTVKCNN[QHHUGVD[(251%CRKZCDCCPF&GGR2CPWMG/127 YJKEJYGTGENCUUKƂGF
CUQRGTCVKPINGCUGWPFGT+(45 NGCXKPIVJGƃGGV
Ŷ #PKPETGCUGKPƂPCPEKPIEQUVUHQNNQYKPIVJGCFFKVKQPCNFTCYFQYPUQP K RTQLGEVƂPCPEGHCEKNKVKGUHQT(251.K\C7PKV[(251
2TQURGTKV[CPF(2515GRGVKDCCPF KK VJGPGYNQCPCEJKGXGFHQT(25110')7;#0#
Ŷ #FGETGCUGKPUJCTGQHRTQƂVUKPCUUQEKCVGURTQƂVOCKPN[FTKXGPD[VJGCFFKVKQPCNUKZ[GCTGZVGPUKQPHQTVJGNGCUGCPF
QRGTCVGEQPVTCEVUQHVJG(251-KMGJ#UCTGUWNVQHVJGTGXKUGFVGTOUCPFEQPFKVKQPUVJGNGCUGEQPVTCEVQH(251-KMGJ
TGOCKPGFENCUUKƂGFCUCƂPCPEGNGCUGWPFGT+(45CPFVJG%QORCP[TGEQIPK\GFCRTQƂVQH75OKNNKQPKP
EQTTGURQPFKPIVQKVUUJCTGQHVJGKPETGCUGKPVJGFKUEQWPVGFXCNWGQHHWVWTGNGCUGRC[OGPVU
56#6'/'061((+0#0%+#.215+6+10
KPOKNNKQPUQH75
6QVCNGSWKV[
0GVFGDV
0GVECUJ
6QVCNCUUGVU
0GVFGDVKUECNEWNCVGFCUVQVCNDQTTQYKPIU KPENWFKPINGCUGNKCDKNKVKGU NGUUECUJCPFECUJGSWKXCNGPVU
6QVCNGSWKV[KPETGCUGFHTQO75OKNNKQPCV&GEGODGTVQ75OKNNKQP0QVYKVJUVCPFKPIVJGFKXKFGPF
FKUVTKDWVGFVQVJGUJCTGJQNFGTUQH75OKNNKQPVJKUKPETGCUGOCKPN[TGUWNVGFHTQO K VJGRQUKVKXGTGUWNVQXGTVJGEWTTGPV
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
RGTKQF KK ECRKVCNEQPVTKDWVKQPHTQOPQPEQPVTQNNKPIKPVGTGUVKPURGEKCNRWTRQUGGPVKVKGUCPF KKK VJGKPETGCUGQHVJGJGFIKPI
TGUGTXGU6JGOQXGOGPVKPJGFIKPITGUGTXGKUOCKPN[ECWUGFD[VJGKPETGCUGQHVJGOCTMGFVQOCTMGVXCNWGQHKPVGTGUVTCVG
UYCRUFWGVQKPETGCUKPIOCTMGVKPVGTGUVTCVGUFWTKPIVJG[GCT
0GVFGDVKPETGCUGFD[75OKNNKQPVQ75OKNNKQPCV[GCTGPF9JKNGVJG.GCUGCPF1RGTCVGUGIOGPV
EQPVKPWGUVQIGPGTCVGUVTQPIQRGTCVKPIECUJƃQYVJG%QORCP[FTGYQPRTQLGEVƂPCPEGHCEKNKVKGUHQT(251.K\C7PKV[FWTKPI
KVUEQPUVTWEVKQPRJCUG(2512TQURGTKV[(25110')7;#0#CPF(2515GRGVKDCVQHWPFEQPVKPWGFKPXGUVOGPVKPITQYVJ
QPVJGUG(251UWPFGTEQPUVTWEVKQP9KVJTGICTFUVQ(251#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG)WUO¿QHQTYJKEJ
DTKFIGNQCPUYGTGHWNN[FTCYPKPCFXCPEGQHKPXGUVOGPVUKPITQYVJ|VJGCUUQEKCVGFGZEGUUQHƂPCPEKPIECUJƃQY
IGPGTCVGF CRRTQZKOCVGN[75OKNNKQPCUQH&GEGODGT YCUEQPUWOGFCUCTGUWNVQHRTQITGUUOCFGQP
KPXGUVOGPVUKPVJGVYQWPKVUFWTKPIVJGEWTTGPV[GCT
*CNH|QH|VJG|%QORCP[oU|FGDV|CUQH&GEGODGTEQPUKUVGF|QH|PQPTGEQWTUG|RTQLGEV|ƂPCPEKPI| 75|DKNNKQP KPURGEKCN

RWTRQUGKPXGUVGGU6JGTGOCKPFGT 75DKNNKQP EQORTKUGFDQTTQYKPIUVQUWRRQTVVJGQPIQKPIEQPUVTWEVKQPQHƂXG(251U
YJKEJYKNNDGEQOGPQPTGEQWTUGHQNNQYKPIRTQLGEVGZGEWVKQPƂPCNK\CVKQPCPFTGNGCUGQHVJGTGNCVGF2CTGPV%QORCP[
)WCTCPVGG6JG4GXQNXKPI|%TGFKV|(CEKNKV[ 4%( YCUWPFTCYPCV[GCTGPFCPF|VJG|PGV|ECUJ|DCNCPEG|UVQQFCV|75
OKNNKQP| &GEGODGT|||75OKNNKQP .GCUGNKCDKNKVKGUVQVCNGF75OKNNKQPCUQH&GEGODGT
6QVCNCUUGVUKPETGCUGFVQ75DKNNKQPCUQH&GEGODGTEQORCTGFYKVJ75DKNNKQPCV[GCTGPF6JKU
RTKOCTKN[TGUWNVGFHTQOVJGKPETGCUGQHEQPVTCEVCUUGVUTGNCVGFVQVJG(251RTQLGEVUWPFGTEQPUVTWEVKQPCPFVJGKPETGCUGQH
FGTKXCVKXGƂPCPEKCNKPUVTWOGPVU OCKPN[ECWUGFD[VJGKPETGCUGQHVJGOCTMGFVQOCTMGVXCNWGQHKPVGTGUVTCVGUYCRUFWGVQ
KPETGCUKPIOCTMGVKPVGTGUVTCVGUFWTKPIVJG[GCT 6JGUGXCTKCVKQPUYGTGRCTVKCNN[QHHUGVD[CTGFWEVKQPQHVJGITQUUCOQWPVQH
VJGƂPCPEGNGCUGTGEGKXCDNGUKPNKPGYKVJVJGTGRC[OGPVUEJGFWNGUVJGTGIWNCTFGRTGEKCVKQPQH22'CUYGNNCUVJGFGETGCUG
KPVJGPGVECUJDCNCPEG
4'674010#8'4#)''37+6;
4GVWTPQPCXGTCIGGSWKV[ 41#' OGCUWTGUVJGRGTHQTOCPEGQHVJG%QORCP[DCUGFQPVJGCXGTCIGGSWKV[CVVTKDWVCDNGVQ
VJGUJCTGJQNFGTUQHVJGRCTGPVEQORCP[41#'KUECNEWNCVGFCU7PFGTN[KPIRTQƂVCVVTKDWVCDNGVQUJCTGJQNFGTUFKXKFGFD[VJG
CPPWCNCXGTCIGQHGSWKV[CVVTKDWVCDNGVQUJCTGJQNFGTUQHVJGRCTGPVEQORCP[

4GVWTP
PQP
PCXGTCIG
GGSWKV[
41#'UVQQFCVCDQXGVJGRCUVVJTGG[GCTCXGTCIGQH6JKUKUFTKXGPD[CJKIJGTWPFGTN[KPIRTQƂV
CVVTKDWVCDNGVQUJCTGJQNFGTUOCKPN[GZRNCKPGFD[VJGKPETGCUGKPVJG6WTPMG[CEVKXKV[
5$/1((5*14'#007#.4'2146
176.11-#0&)7+&#0%'
6JG%QORCP[oU&KTGEVKQPCNTGXGPWGIWKFCPEGKUCDQXG75DKNNKQPQHYJKEJCTQWPF75DKNNKQPKUGZRGEVGFHTQO
VJG.GCUGCPF1RGTCVGUGIOGPVCPFCDQXG75DKNNKQPHTQOVJG6WTPMG[UGIOGPV
&KTGEVKQPCN'$+6&#IWKFCPEGKUCDQXG75DKNNKQPHQTVJG%QORCP[
6JKUIWKFCPEGEQPUKFGTUVJGEWTTGPVN[HQTGUGGPKORCEVUHTQODQVJVJGRCPFGOKECPFVJGYCTDGVYGGP4WUUKCCPF7MTCKPGQP
RTQLGEVUCPFƃGGVQRGTCVKQPU6JG%QORCP[JKIJNKIJVUVJCVVJGFKTGEVCPFKPFKTGEVGHHGEVUQHVJGUGGXGPVUEQWNFEQPVKPWGVQ
JCXGCOCVGTKCNKORCEVQPVJG%QORCP[oUDWUKPGUUCPFTGUWNVUCPFVJGTGCNK\CVKQPQHVJGIWKFCPEGHQT
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
%1051.+&#6'&(+0#0%+#.56#6'/'065
%1051.+&#6'&+0%1/'56#6'/'06
KPOKNNKQPUQH75 0QVGU
4GXGPWGHTQOEQPVTCEVUYKVJEWUVQOGTU
+PVGTGUVTGXGPWGHTQOƂPCPEGNGCUGECNEWNCVGFWUKPIVJGGHHGEVKXG
KPVGTGUVOGVJQF
6QVCNTGXGPWG
%QUVQHUCNGU
)TQUUOCTIKP
1VJGTQRGTCVKPIKPEQOG GZRGPUG
5GNNKPICPFOCTMGVKPIGZRGPUGU
)GPGTCNCPFCFOKPKUVTCVKXGGZRGPUGU
4GUGCTEJCPFFGXGNQROGPVGZRGPUGU
0GVKORCKTOGPVICKPU NQUUGU QPƂPCPEKCNCPFEQPVTCEVCUUGVU
1RGTCVKPIRTQƂV NQUU '$+6
(KPCPEKCNKPEQOG
(KPCPEKCNGZRGPUGU
0GVƂPCPEKPIEQUVU
5JCTGQHRTQƂV NQUU QHGSWKV[CEEQWPVGFKPXGUVGGU
2TQƂV NQUU DGHQTGKPEQOGVCZ
+PEQOGVCZGZRGPUG
2TQƂV NQUU
#VVTKDWVCDNGVQUJCTGJQNFGTUQHVJGRCTGPVEQORCP[

#VVTKDWVCDNGVQPQPEQPVTQNNKPIKPVGTGUVU
2TQƂV NQUU
'CTPKPIU NQUU RGTUJCTG
0QVGU

9GKIJVGFCXGTCIGPWODGTQHUJCTGUQWVUVCPFKPI
$CUKEGCTPKPIU NQUU RGTUJCTGKP75
(WNN[FKNWVGFGCTPKPIU NQUU RGTUJCTGKP75
5$/1((5*14'#007#.4'2146
%1051.+&#6'&56#6'/'061(%1/24'*'05+8'+0%1/'
KPOKNNKQPUQH75
2TQƂV NQUU HQTVJGRGTKQF
%CUJƃQYJGFIGU
+VGOUVJCVCTGQTOC[DGTGENCUUKƂGFVQRTQƂVQTNQUU
4GOGCUWTGOGPVUQHFGƂPGFDGPGƂVNKCDKNKVKGU
+VGOUVJCVYKNNPGXGTDGTGENCUUKƂGFVQRTQƂVQTNQUU
1VJGTEQORTGJGPUKXGKPEQOG GZRGPUG HQTVJGRGTKQFPGVQHVCZ
6QVCNEQORTGJGPUKXGKPEQOG GZRGPUG HQTVJGRGTKQFPGVQHVCZ
1HYJKEJ
QPEQPVTQNNGFGPVKVKGU
QPGSWKV[CEEQWPVGFGPVKVKGU
#VVTKDWVCDNGVQUJCTGJQNFGTUQHVJGRCTGPVEQORCP[

#VVTKDWVCDNGVQPQPEQPVTQNNKPIKPVGTGUVU
6QVCNEQORTGJGPUKXGKPEQOG GZRGPUG HQTVJGRGTKQFPGVQHVCZ
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
%1051.+&#6'&56#6'/'061((+0#0%+#.215+6+10
KPOKNNKQPUQH75 0QVGU &GEGODGT &GEGODGT
#55'65
2TQRGTV[RNCPVCPFGSWKROGPV
+PVCPIKDNGCUUGVU
+PXGUVOGPVKPCUUQEKCVGUCPFLQKPVXGPVWTGU
(KPCPEGNGCUGTGEGKXCDNGU
1VJGTƂPCPEKCNCUUGVU
&GHGTTGFVCZCUUGVU
&GTKXCVKXGƂPCPEKCNKPUVTWOGPVU
6QVCNPQPEWTTGPVCUUGVU
+PXGPVQTKGU
6TCFGCPFQVJGTTGEGKXCDNGU
+PEQOGVCZTGEGKXCDNGU
%QPVTCEVCUUGVU
%CUJCPFECUJGSWKXCNGPVU
#UUGVUJGNFHQTUCNG
6QVCNEWTTGPVCUUGVU
616#.#55'65
'37+6;#0&.+#$+.+6+'5
+UUWGFUJCTGECRKVCN
5JCTGRTGOKWOTGUGTXG
6TGCUWT[UJCTGU
4GVCKPGFGCTPKPIU
1VJGTTGUGTXGU
'SWKV[CVVTKDWVCDNGVQUJCTGJQNFGTUQHVJGRCTGPVEQORCP[
0QPEQPVTQNNKPIKPVGTGUVU
6QVCN'SWKV[
$QTTQYKPIUCPFNGCUGNKCDKNKVKGU
2TQXKUKQPU
&GHGTTGFVCZNKCDKNKVKGU
1VJGTPQPEWTTGPVNKCDKNKVKGU
6QVCNPQPEWTTGPVNKCDKNKVKGU
2TQXKUKQPU
6TCFGCPFQVJGTRC[CDNGU
+PEQOGVCZRC[CDNGU
6QVCNEWTTGPVNKCDKNKVKGU
616#.'37+6;#0&.+#$+.+6+'5
5$/1((5*14'#007#.4'2146
%1051.+&#6'&56#6'/'061(%*#0)'5+0'37+6;
+UUWGF 5JCTG #VVTKDWVCDNG 0QP
UJCTG RTGOKWO 6TGCUWT[ 4GVCKPGF 1VJGT VQ EQPVTQNNKPI 6QVCN
KPOKNNKQPUQH75 0QVGU ECRKVCN TGUGTXG UJCTGU GCTPKPIU TGUGTXGU UJCTGJQNFGTU KPVGTGUVU 'SWKV[
#V,CPWCT[
(QTGKIPEWTTGPE[VTCPUNCVKQP
4GOGCUWTGOGPVUQHFGƂPGFDGPGƂV
RTQXKUKQPU
%CUJƃQYJGFIGU
6QVCNEQORTGJGPUKXGKPEQOGHQTVJG
RGTKQF
+(45XGUVKPIEQUVQHUJCTGDCUGF
RC[OGPVU
4GKUUWCPEGVTGCUWT[UJCTGUQPVJG
UJCTGDCUGFUEJGOG
2WTEJCUGQHVTGCUWT[UJCTGU
%CUJFKXKFGPF
6TCPUCEVKQPYKVJPQPEQPVTQNNKPI
KPVGTGUVU
1VJGT
#V&GEGODGT
+UUWGF 5JCTG #VVTKDWVCDNG 0QP

UJCTG RTGOKWO 6TGCUWT[ 4GVCKPGF 1VJGT VQ EQPVTQNNKPI 6QVCN
KPOKNNKQPUQH75 0QVGU ECRKVCN TGUGTXG UJCTGU GCTPKPIU TGUGTXGU UJCTGJQNFGTU KPVGTGUVU 'SWKV[
#V,CPWCT[
(QTGKIPEWTTGPE[VTCPUNCVKQP
4GOGCUWTGOGPVUQHFGƂPGFDGPGƂV
RTQXKUKQPU
%CUJƃQYJGFIGU
6QVCNEQORTGJGPUKXGKPEQOGHQTVJG
RGTKQF
+(45XGUVKPIEQUVQHUJCTGDCUGF
RC[OGPVU
4GKUUWCPEGVTGCUWT[UJCTGUQPVJG
UJCTGDCUGFUEJGOG
2WTEJCUGQHVTGCUWT[UJCTGU
5JCTGECPEGNNCVKQP
%CUJFKXKFGPF
6TCPUCEVKQPYKVJPQPEQPVTQNNKPI
KPVGTGUVU
#V&GEGODGT
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
%1051.+&#6'&%#5*(.1956#6'/'06
KPOKNNKQPUQH75 0QVGU
%CUJƃQYHTQOQRGTCVKPICEVKXKVKGU
2TQƂV NQUU DGHQTGKPEQOGVCZ
#FLWUVOGPVUVQTGEQPEKNGRTQƂVDGHQTGVCZCVKQPVQPGVECUJƃQYU
&GRTGEKCVKQPCPFCOQTVK\CVKQP
+ORCKTOGPV
0GVƂPCPEKPIEQUVU
5JCTGPGVKPEQOGQHCUUQEKCVGUCPFLQKPVXGPVWTGU
5JCTGDCUGFEQORGPUCVKQP
0GVICKPQPUCNGQH2TQRGTV[2NCPVCPF'SWKROGPV
+PETGCUG &GETGCUGKPYQTMKPIECRKVCN
+PETGCUG &GETGCUG6TCFGCPFQVJGTTGEGKXCDNGU
+PETGCUG &GETGCUG%QPVTCEVCUUGVU
+PETGCUG &GETGCUG+PXGPVQTKGU
+PETGCUG &GETGCUG 6TCFGCPFQVJGTRC[CDNGU
+PETGCUG &GETGCUG 1VJGTRTQXKUKQPU
4GKODWTUGOGPVƂPCPEGNGCUGCUUGVU
+PEQOGVCZGURCKF
%CUJƃQYHTQOKPXGUVKPICEVKXKVKGU
+PXGUVOGPVKPRTQRGTV[RNCPVCPFGSWKROGPV
+PXGUVOGPVKPKPVCPIKDNGCUUGVU
#FFKVKQPUVQHWPFKPINQCPU
4GFGORVKQPQHHWPFKPINQCPU
+PVGTGUVTGEGKXGF
&KXKFGPFUTGEGKXGFHTQOGSWKV[CEEQWPVGFKPXGUVGGU
2TQEGGFUHTQOFKURQUCNQHRTQRGTV[RNCPVCPFGSWKROGPV
2WTEJCUGQHKPVGTGUVUKPGSWKV[CEEQWPVGFKPXGUVGGU
%CUJƃQYHTQOƂPCPEKPICEVKXKVKGU
'SWKV[HWPFKPIHTQOTGRC[OGPVVQPQPEQPVTQNNKPIKPVGTGUVU
#FFKVKQPUVQDQTTQYKPIUCPFNQCPU
4GRC[OGPVUQHDQTTQYKPIUCPFNGCUGNKCDKNKVKGU
&KXKFGPFURCKFVQUJCTGJQNFGTUCPFPQPEQPVTQNNKPIKPVGTGUVU
2C[OGPVUHTQOVQPQPEQPVTQNNKPIKPVGTGUVUHQTEJCPIGKPQYPGTUJKR
+PETGCUGKPQVJGTPQPEWTTGPVƂPCPEKCNNKCDKNKVKGU
+PVGTGUVRCKF
0GVKPETGCUG FGETGCUG KPECUJCPFECUJGSWKXCNGPVU
0GVECUJCPFECUJGSWKXCNGPVUCUCV,CPWCT[

0GVKPETGCUG FGETGCUG KPPGVECUJCPFECUJGSWKXCNGPVU
0GVECUJCPFECUJGSWKXCNGPVUCUCV&GEGODGT
5$/1((5*14'#007#.4'2146
6JGTGEQPEKNKCVKQPQHVJGPGVECUJCPFECUJGSWKXCNGPVUCUCV&GEGODGTYKVJVJGEQTTGURQPFKPICOQWPVUKPVJG
UVCVGOGPVQHƂPCPEKCNRQUKVKQPKUCUHQNNQYU
4GEQPEKNKCVKQPQHPGVECUJCPFECUJGSWKXCNGPVUCUCV&GEGODGT
KPOKNNKQPUQH75 &GEGODGT &GEGODGT

0GVECUJCPFECUJGSWKXCNGPVU
)'0'4#.+0(14/#6+10
5$/1HHUJQTG08JCUKVUTGIKUVGTGFQHƂEGKP#OUVGTFCOVJG0GVJGTNCPFUCPFKUNQECVGFCV'XGTVXCPFG$GGMUVTCCV
%.5EJKRJQNVJG0GVJGTNCPFU5$/1HHUJQTG08KUVJGJQNFKPIEQORCP[QHCITQWRQHKPVGTPCVKQPCNOCTKPG
VGEJPQNQI[QTKGPVGFEQORCPKGU6JG%QORCP[INQDCNN[RTQXKFGUUGTXKEGUKPVJGQHHUJQTGQKNCPFICUKPFWUVT[CPFPGY
GPGTI[UQWTEGU
6JG%QORCP[KUTGIKUVGTGFCVVJG&WVEJ%JCODGTQH%QOOGTEGWPFGTPWODGTCPFKUNKUVGFQPVJG'WTQPGZV
#OUVGTFCOUVQEMGZEJCPIG
6JGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUHQTVJG[GCTGPFGF&GEGODGTEQORTKUGVJGƂPCPEKCNUVCVGOGPVUQH
5$/1HHUJQTG08KVUUWDUKFKCTKGUCPFKPVGTGUVUKPCUUQEKCVGUCPFLQKPVXGPVWTGU VQIGVJGTTGHGTTGFVQCUnVJG%QORCP[o
6JG[CTGRTGUGPVGFKPOKNNKQPUQH75FQNNCTUGZEGRVYJGPQVJGTYKUGKPFKECVGF(KIWTGUOC[PQVCFFWRFWGVQTQWPFKPI
6JGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUYGTGCWVJQTK\GFHQTKUUWGD[VJG5WRGTXKUQT[$QCTFQP(GDTWCT[
#%%1706+0)24+0%+2.'5
##%%1706+0)(4#/'914-
6JGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUQHVJG%QORCP[JCXGDGGPRTGRCTGFKPCEEQTFCPEGYKVJCPFEQORN[YKVJ
+PVGTPCVKQPCN(KPCPEKCN4GRQTVKPI5VCPFCTFU o+(45o CPFKPVGTRTGVCVKQPUCFQRVGFD[VJG'WTQRGCP7PKQPYJKEJYGTGGHHGEVKXG
HQTVJGƂPCPEKCN[GCTDGIKPPKPI,CPWCT[CPFCNUQEQORN[YKVJVJGƂPCPEKCNTGRQTVKPITGSWKTGOGPVUKPENWFGFKP2CTV
QH$QQMQHVJG&WVEJ%KXKN%QFG
6JG%QORCP[ƂPCPEKCNUVCVGOGPVUKPENWFGFKPUGEVKQPCTGRCTVQHVJGƂPCPEKCNUVCVGOGPVUQH5$/1HHUJQTG08
0'956#0&#4&5#/'0&/'065#0&+06'424'6#6+105#22.+%#$.'#51(,#07#4;
6JG%QORCP[JCUCFQRVGFVJGHQNNQYKPIPGYUVCPFCTFUCUQH,CPWCT[
Ŷ #OGPFOGPVUVQ+(45Ũo4GHGTGPEGVQVJG%QPEGRVWCN(TCOGYQTMHQT(KPCPEKCN4GRQTVKPIo
Ŷ #OGPFOGPVUVQ+#5Ũo2TQRGTV[2NCPVCPF'SWKROGPV2TQEGGFUDGHQTG+PVGPFGF7UGo
Ŷ #OGPFOGPVUVQ+#5Ũo1PGTQWU%QPVTCEVU%QUVQH(WNƂNNKPIC%QPVTCEVoCPF
Ŷ #PPWCN+ORTQXGOGPVUVQ+(455VCPFCTFU +(45+(45CPF+#5
4GHGTGPEGVQVJG%QPEGRVWCN(TCOGYQTMs#OGPFOGPVUVQ+(45
6JGCOGPFOGPVUTGRNCEGCTGHGTGPEGVQCRTGXKQWUXGTUKQPQHVJG+#5$oU%QPEGRVWCN(TCOGYQTMYKVJCTGHGTGPEGVQVJG
EWTTGPVXGTUKQPKUUWGFKP/CTEJYKVJQWVUKIPKƂECPVN[EJCPIKPIKVUTGSWKTGOGPVU6JGCOGPFOGPVUCFFCPGZEGRVKQPVQ
VJGTGEQIPKVKQPRTKPEKRNGQH+(45$WUKPGUU%QODKPCVKQPUVQCXQKFVJGKUUWGQHRQVGPVKCNnFC[oICKPUQTNQUUGUCTKUKPIHQT
NKCDKNKVKGUCPFEQPVKPIGPVNKCDKNKVKGUVJCVYQWNFDGYKVJKPVJGUEQRGQH+#52TQXKUKQPU%QPVKPIGPV.KCDKNKVKGUCPF%QPVKPIGPV
#UUGVUQT+(4+%.GXKGUKHKPEWTTGFUGRCTCVGN[6JGGZEGRVKQPTGSWKTGUGPVKVKGUVQCRRN[VJGETKVGTKCKP+#5QT+(4+%
TGURGEVKXGN[KPUVGCFQHVJG%QPEGRVWCN(TCOGYQTMVQFGVGTOKPGYJGVJGTCRTGUGPVQDNKICVKQPGZKUVUCVVJGCESWKUKVKQPFCVG
6JGCOGPFOGPVUCNUQCFFCPGYRCTCITCRJVQ+(45VQENCTKH[VJCVEQPVKPIGPVCUUGVUFQPQVSWCNKH[HQTTGEQIPKVKQPCVVJG
CESWKUKVKQPFCVG
6JGUGCOGPFOGPVUJCFPQKORCEVQPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUQHVJG%QORCP[CUVJGTGYGTGPQVTCPUCEVKQP
HCNNKPIYKVJKP+(45FWTKPIVJGƂPCPEKCNRGTKQF
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
2TQRGTV[2NCPVCPF'SWKROGPV2TQEGGFUDGHQTG+PVGPFGF7UGs#OGPFOGPVUVQ+#5
6JGCOGPFOGPVRTQJKDKVUGPVKVKGUHTQOFGFWEVKPIHTQOVJGEQUVQHCPKVGOQHRTQRGTV[RNCPVCPFGSWKROGPVCP[RTQEGGFU
QHVJGUCNGQHKVGOURTQFWEGFYJKNGDTKPIKPIVJCVCUUGVVQVJGNQECVKQPCPFEQPFKVKQPPGEGUUCT[HQTKVVQDGECRCDNGQH
QRGTCVKPIKPVJGOCPPGTKPVGPFGFD[OCPCIGOGPV+PUVGCFCPGPVKV[TGEQIPK\GUVJGRTQEGGFUHTQOUGNNKPIUWEJKVGOUCPF
VJGEQUVUQHRTQFWEKPIVJQUGKVGOUKPRTQƂVQTNQUU
6JGUGCOGPFOGPVUJCFPQKORCEVQPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUQHVJG%QORCP[CUVJGTGYGTGPQUCNGUQHUWEJ
KVGOURTQFWEGFD[RTQRGTV[RNCPVCPFGSWKROGPVOCFGCXCKNCDNGHQTWUGQPQTCHVGTVJGDGIKPPKPIQHVJGGCTNKGUVRGTKQF
RTGUGPVGF
1PGTQWU%QPVTCEVUs%QUVUQH(WNƂNNKPIC%QPVTCEVs#OGPFOGPVUVQ+#5
#PQPGTQWUEQPVTCEVKUCEQPVTCEVWPFGTYJKEJVJGWPCXQKFCDNGEQUVU KGVJGEQUVUVJCVVJG%QORCP[ECPPQVCXQKFDGECWUG
KVJCUVJGEQPVTCEV QHOGGVKPIVJGQDNKICVKQPUWPFGTVJGEQPVTCEVGZEGGFVJGGEQPQOKEDGPGƂVUGZRGEVGFVQDGTGEGKXGF
WPFGTKV6JGCOGPFOGPVUURGEKH[VJCVYJGPCUUGUUKPIYJGVJGTCEQPVTCEVKUQPGTQWUQTNQUUOCMKPICPGPVKV[PGGFUVQ
KPENWFGEQUVUVJCVTGNCVGFKTGEVN[VQCEQPVTCEVVQRTQXKFGIQQFUQTUGTXKEGUKPENWFKPIDQVJKPETGOGPVCNEQUVU GIVJGEQUVU
QHFKTGEVNCDQWTCPFOCVGTKCNU CPFCPCNNQECVKQPQHEQUVUFKTGEVN[TGNCVGFVQEQPVTCEVCEVKXKVKGU GIFGRTGEKCVKQPQH
GSWKROGPVWUGFVQHWNƂNNVJGEQPVTCEVCUYGNNCUEQUVUQHEQPVTCEVOCPCIGOGPVCPFUWRGTXKUKQP )GPGTCNCPFCFOKPKUVTCVKXG
EQUVUFQPQVTGNCVGFKTGEVN[VQCEQPVTCEVCPFCTGGZENWFGFWPNGUUVJG[CTGGZRNKEKVN[EJCTIGCDNGVQVJGEQWPVGTRCTV[WPFGTVJG
EQPVTCEV
6JGUGCOGPFOGPVUJCFPQKORCEVQPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUQHVJG%QORCP[
+(45(KTUVVKOG#FQRVKQPQH+PVGTPCVKQPCN(KPCPEKCN4GRQTVKPI5VCPFCTFUs5WDUKFKCT[CUCƂTUVVKOGCFQRVGT
6JGCOGPFOGPVRGTOKVUCUWDUKFKCT[VJCVGNGEVUVQCRRN[RCTCITCRJ& C QH+(45VQOGCUWTGEWOWNCVKXGVTCPUNCVKQP
FKHHGTGPEGUWUKPIVJGCOQWPVUTGRQTVGFKPVJGRCTGPVoUEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUDCUGFQPVJGRCTGPVoUFCVGQH
VTCPUKVKQPVQ+(45KHPQCFLWUVOGPVUYGTGOCFGHQTEQPUQNKFCVKQPRTQEGFWTGUCPFHQTVJGGHHGEVUQHVJGDWUKPGUUEQODKPCVKQP
KPYJKEJVJGRCTGPVCESWKTGFVJGUWDUKFKCT[6JKUCOGPFOGPVKUCNUQCRRNKGFVQCPCUUQEKCVGQTLQKPVXGPVWTGVJCVGNGEVUVQ
CRRN[RCTCITCRJ& C QH+(45
6JGUGCOGPFOGPVUJCFPQKORCEVQPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUQHVJG%QORCP[CUKVKUPQVCƂTUVVKOGCFQRVGT
+(45(KPCPEKCN+PUVTWOGPVUs(GGUKPVJGoRGTEGPVoVGUVHQTFGTGEQIPKVKQPQHƂPCPEKCNNKCDKNKVKGU
6JGCOGPFOGPVENCTKƂGUVJGHGGUVJCVCPGPVKV[KPENWFGUYJGPCUUGUUKPIYJGVJGTVJGVGTOUQHCPGYQTOQFKƂGFƂPCPEKCN
NKCDKNKV[CTGUWDUVCPVKCNN[FKHHGTGPVHTQOVJGVGTOUQHVJGQTKIKPCNƂPCPEKCNNKCDKNKV[6JGUGHGGUKPENWFGQPN[VJQUGRCKFQT
TGEGKXGFDGVYGGPVJGDQTTQYGTCPFVJGNGPFGTKPENWFKPIHGGURCKFQTTGEGKXGFD[GKVJGTVJGDQTTQYGTQTNGPFGTQPVJG
QVJGToUDGJCNH6JGTGKUPQUKOKNCTCOGPFOGPVRTQRQUGFHQT+#5(KPCPEKCN+PUVTWOGPVU4GEQIPKVKQPCPF/GCUWTGOGPV
6JGUGCOGPFOGPVUJCFPQKORCEVQPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUQHVJG%QORCP[CUVJGTGYGTGPQOQFKƂECVKQPU
QHVJG%QORCP[ UƂPCPEKCNKPUVTWOGPVUFWTKPIVJGRGTKQF
+#5#ITKEWNVWTGs6CZCVKQPKPHCKTXCNWGOGCUWTGOGPVU
6JGCOGPFOGPVTGOQXGUVJGTGSWKTGOGPVKPRCTCITCRJQH+#5VJCVGPVKVKGUGZENWFGECUJƃQYUHQTVCZCVKQPYJGP
OGCUWTKPIVJGHCKTXCNWGQHCUUGVUYKVJKPVJGUEQRGQH+#5
6JGUGCOGPFOGPVUJCFPQKORCEVQPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUQHVJG%QORCP[CUKVFQGUPQVJCXGCUUGVUKP
UEQRGQH+#5
56#0&#4&5#0&+06'424'6#6+105016/#0&#614+.;#22.+%#$.'616*'%1/2#0;#51(,#07#4;

6JGHQNNQYKPIUVCPFCTFUCPFCOGPFOGPVURWDNKUJGFD[VJG+#5$CPFGPFQTUGFD[VJG'WTQRGCP7PKQPCTGPQVOCPFCVQTKN[
CRRNKECDNGCUQH,CPWCT[
Ŷ #OGPFOGPVUVQ+(45Ũ +PUWTCPEGEQPVTCEVU+PKVKCN#RRNKECVKQPQH+(45CPF+(45s%QORCTCVKXG+PHQTOCVKQP
Ŷ #OGPFOGPVUVQ+#5Ũo2TGUGPVCVKQPQH(KPCPEKCN5VCVGOGPVUCPF+(452TCEVKEG5VCVGOGPV&KUENQUWTGQH#EEQWPVKPI
RQNKEKGUo
Ŷ #OGPFOGPVUVQ+#5Ũ &GƂPKVKQPQH#EEQWPVKPI'UVKOCVGU CPF
Ŷ #OGPFOGPVUVQ+#5Ũ &GHGTTGF6CZTGNCVGFVQ#UUGVUCPF.KCDKNKVKGUCTKUKPIHTQOC5KPING6TCPUCEVKQP
5$/1((5*14'#007#.4'2146
6JG%QORCP[EQPVKPWGFKVUGXCNWCVKQPQHVJGKORCEVQHVJG+#5+PEQOG6CZGUCOGPFOGPVYJKEJYCUKUUWGFKP/C[
CPFKUGHHGEVKXG,CPWCT[$CNCPEGUCHHGEVGFD[VJGCOGPFOGPVCTGVJGFGHGTTGFVCZCUUGVUCPFNKCDKNKVKGUTGEQIPK\GFKP
TGURGEVQHTKIJVQHWUGCUUGVUNGCUGNKCDKNKVKGUCPFFGOQDKNK\CVKQPRTQXKUKQPU
+PRTKQTƂPCPEKCNRGTKQFUVJGWUGQHVJGKPKVKCNTGEQIPKVKQPGZGORVKQPYCUCNNQYGFCPFCUQH,CPWCT[VJKUYKNNPQNQPIGT
DGRQUUKDNG6JGCPCN[UKURGTHQTOGFYQWNFTGUWNVKPTGEQIPKVKQPQHCFFKVKQPCNFGHGTTGFVCZCUUGVUCPFFGHGTTGFNKCDKNKVKGUQP
VJGDCNCPEGUJGGVQH75OKNNKQPGCEJYKVJCPKPUKIPKƂECPVKORCEVQPVJGQRGPKPITGVCKPGFGCTPKPIDCNCPEGQHNGUUVJCP
75OKNNKQP6JKUCUUGUUOGPVKURGTHQTOGFDCUGFQPVJGDCNCPEGUJGGVRQUKVKQPUCHHGEVGFD[VJGCOGPFOGPVCURGT
&GEGODGTCPFEWTTGPVVCZNGIKUNCVKQPU
4GICTFKPIVJGTGOCKPKPICOGPFOGPVUVJG%QORCP[FQGUPQVGZRGEVCOCVGTKCNKORCEVQPVJGƂPCPEKCNUVCVGOGPVUFWGVQ
VJGKTHWVWTGCFQRVKQP
1VJGTPGYUVCPFCTFUCPFCOGPFOGPVUJCXGDGGPRWDNKUJGFD[VJG+#5$DWVJCXGPQVDGGPGPFQTUGF[GVD[VJG'WTQRGCP
%QOOKUUKQP'CTN[CFQRVKQPKUPQVRQUUKDNGWPVKN'WTQRGCP%QOOKUUKQPGPFQTUGOGPV6JQUGYJKEJOC[DGTGNGXCPVVQVJG
%QORCP[CTGUGVQWVDGNQY
Ŷ #OGPFOGPVUVQ+(45.GCUGU.GCUG.KCDKNKV[KPC5CNGCPF.GCUGDCEM
Ŷ #OGPFOGPVUVQ+#52TGUGPVCVKQPQH(KPCPEKCN5VCVGOGPVU%NCUUKƂECVKQPQH.KCDKNKVKGUCU%WTTGPVQT0QPEWTTGPV&GHGTTCN
QH'HHGEVKXG&CVG
6JG%QORCP[FQGUPQVGZRGEVCUKIPKƂECPVGHHGEVQPVJGƂPCPEKCNUVCVGOGPVUFWGVQVJGCFQRVKQPQHVJGTGOCKPKPI
COGPFOGPVU1VJGTUVCPFCTFUCPFCOGPFOGPVUCTGPQVTGNGXCPVVQVJG%QORCP[
$%4+6+%#.#%%1706+0)21.+%+'5
%TKVKECNCEEQWPVKPIRQNKEKGUKPXQNXKPICJKIJFGITGGQHLWFIGOGPVQTEQORNGZKV[QTCTGCUYJGTGCUUWORVKQPUCPFGUVKOCVGU
CTGOCVGTKCNCTGFKUENQUGFKPVJGRCTCITCRJUDGNQY
C 7UGQHGUVKOCVGUCPFLWFIGOGPV
9JGPRTGRCTKPIVJGƂPCPEKCNUVCVGOGPVUKVKUPGEGUUCT[HQTVJG/CPCIGOGPVQHVJG%QORCP[VQOCMGGUVKOCVGUCPFEGTVCKP
CUUWORVKQPUVJCVECPKPƃWGPEGVJGXCNWCVKQPQHVJGCUUGVUCPFNKCDKNKVKGUCPFVJGQWVEQOGKPVJGKPEQOGUVCVGOGPV6JG
CEVWCNQWVEQOGOC[FKHHGTHTQOVJGUGGUVKOCVGUCPFCUUWORVKQPUFWGVQEJCPIGUKPHCEVUCPFEKTEWOUVCPEGU'UVKOCVGUCPF
LWFIGOGPVUCTGEQPVKPWCNN[GXCNWCVGFCPFCTGDCUGFQPJKUVQTKECNGZRGTKGPEGCPFQVJGTHCEVQTUKPENWFKPIGZRGEVCVKQPUQH
HWVWTGGXGPVUVJCVCTGDGNKGXGFVQDGTGCUQPCDNG|
'UVKOCVGU
5KIPKƂECPVCTGCUQHGUVKOCVKQPCPFWPEGTVCKPV[KPCRRN[KPICEEQWPVKPIRQNKEKGUVJCVJCXGVJGOQUVUKIPKƂECPVKORCEVQP
COQWPVUTGEQIPK\GFKPVJGƂPCPEKCNUVCVGOGPVUCTG
6JGOGCUWTGOGPVCPFTGEQIPKVKQPQHTGXGPWGUQPEQPUVTWEVKQPEQPVTCEVUDCUGFQPVJGKPRWVOGVJQF
4GXGPWGQHVJG%QORCP[KUOGCUWTGFCPFTGEQIPK\GFDCUGFQPVJGKPRWVOGVJQF KGEQUVUKPEWTTGF %QUVUCPFTGXGPWGCV
EQORNGVKQPCTGTGXKGYGFRGTKQFKECNN[VJTQWIJQWVVJGNKHGQHVJGEQPVTCEV6JKUTGSWKTGUCNCTIGPWODGTQHGUVKOCVGU
GURGEKCNN[QHVJGVQVCNGZRGEVGFEQUVUCVEQORNGVKQPFWGVQVJGEQORNGZPCVWTGQHVJG%QORCP[oUEQPUVTWEVKQPEQPVTCEVU
,WFIGOGPVKUCNUQTGSWKTGFHQTVJGCEEQWPVKPIQHEQPVTCEVOQFKƂECVKQPUCPFENCKOUHTQOENKGPVUYJGTGPGIQVKCVKQPUQT
FKUEWUUKQPUCTGCVCUWHƂEKGPVN[CFXCPEGFUVCIG%QUVUCPFTGXGPWG CPFVJGTGUWNVKPIITQUUOCTIKP CVEQORNGVKQPTGƃGEVCV
GCEJTGRQTVKPIRGTKQFVJG/CPCIGOGPVoUEWTTGPVDGUVGUVKOCVGQHVJGRTQDCDNGHWVWTGDGPGƂVUCPFQDNKICVKQPUCUUQEKCVGF
YKVJVJGEQPVTCEV|6JGRQNKE[HQTOGCUWTGOGPVQHVTCPUCEVKQPRTKEGKPENWFKPIXCTKCDNGEQPUKFGTCVKQPU KGENCKOU
RGTHQTOCPEGDCUGFKPEGPVKXGU KUKPENWFGFDGNQYKPVJGRQKPV F 4GXGPWG
+PECUGCEQPVTCEVOGGVUVJGFGƂPKVKQPQHCPQPGTQWUEQPVTCEVCURGT+#5RTQXKUKQPUHQTCPVKEKRCVGFNQUUGUCTGOCFGKPHWNN
KPVJGRGTKQFKPYJKEJVJG[DGEQOGMPQYP
+ORCKTOGPVU
#UUWORVKQPUCPFGUVKOCVGUWUGFKPVJGFKUEQWPVGFECUJƃQYOQFGNCPFVJGCFLWUVGFPGVRTGUGPVXCNWGOQFGNVQFGVGTOKPG
VJGXCNWGKPWUGQHCUUGVUQTITQWRQHCUUGVU GIFKUEQWPVTCVGUTGUKFWCNXCNWGUCPFDWUKPGUURNCPU CTGUWDLGEVVQ
WPEGTVCKPV[6JGTGKUCRQUUKDKNKV[VJCVEJCPIGUKPEKTEWOUVCPEGUQTKPOCTMGVEQPFKVKQPUEQWNFKORCEVVJGTGEQXGTCDNGCOQWPV
QHVJGCUUGVQTITQWRQHCUUGVU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
6JGCPVKEKRCVGFWUGHWNNKHGQHVJGNGCUGFHCEKNKVKGUWPFGTCPQRGTCVKPINGCUG
/CPCIGOGPVWUGUKVUGZRGTKGPEGVQGUVKOCVGVJGTGOCKPKPIWUGHWNNKHGQHCPCUUGV6JGCEVWCNWUGHWNNKHGQHCPCUUGVOC[DG
KORCEVGFD[CPWPGZRGEVGFGXGPVVJCVOC[TGUWNVKPCPCFLWUVOGPVVQVJGECTT[KPICOQWPVQHVJGCUUGV
7PEGTVCKPKPEQOGVCZVTGCVOGPV
6JG%QORCP[KUUWDLGEVVQKPEQOGVCZGUKPOWNVKRNGLWTKUFKEVKQPU5KIPKƂECPVLWFIGOGPVKUTGSWKTGFKPFGVGTOKPKPIVJG
%QORCP[oUQXGTCNNKPEQOGVCZNKCDKNKV[6JGTGCTGOCP[VTCPUCEVKQPUCPFECNEWNCVKQPUHQTYJKEJVJGWNVKOCVGVCZFGVGTOKPCVKQP
KUWPEGTVCKPFWTKPIVJGQTFKPCT[EQWTUGQHDWUKPGUU6JG%QORCP[VCMGUKPVQCEEQWPVVJGHQNNQYKPIEQPUKFGTCVKQPUYJGP
FGVGTOKPKPIVJGNKCDKNKVKGUTGNCVGFVQWPEGTVCKPKPEQOGVCZVTGCVOGPV
Ŷ 9JGPPGEGUUCT[VJG%QORCP[GPICIGUYKVJNQECNVCZCFXKUGTUYJKEJRTQXKFGCFXKEGQPVJGGZRGEVGFXKGYQHVCZ
CWVJQTKVKGUQPVJGVTGCVOGPVQHLWFIOGPVCNCTGCUQHKPEQOGVCZ
Ŷ 6JG%QORCP[EQPUKFGTUCP[EJCPIGUKPVCZNGIKUNCVKQPCPFMPQYNGFIGDWKNVDCUGFQPRTKQTECUGUVQOCMGCPGUVKOCVG
LWFIGOGPVQPYJGVJGTQTPQVVQRTQXKFGHQTCP[VCZRC[CDNGCPF
Ŷ 6JG%QORCP[VCMGUKPVQCEEQWPVCP[FKURWVGTGUQNWVKQPUECUGNCYCPFFKUEWUUKQPUDGVYGGPRGGTEQORCPKGUCPFVJGVCZ
CWVJQTKVKGUQPUKOKNCTECUGUQXGTCPWPEGTVCKPVCZVTGCVOGPV
6JG%QORCP[EQPUKUVGPVN[OQPKVQTUGCEJKUUWGCTQWPFWPEGTVCKPKPEQOGVCZVTGCVOGPVUCETQUUVJGITQWRKPQTFGTVQGPUWTG
VJCVVJG%QORCP[CRRNKGUUWHƂEKGPVLWFIGOGPVVQVJGTGUQNWVKQPQHVCZFKURWVGUVJCVOKIJVCTKUGHTQOGZCOKPCVKQPD[
TGNGXCPVVCZCWVJQTKVKGUQHVJG%QORCP[oUVCZRQUKVKQP
6JG%QORCP[TGEQIPK\GUNKCDKNKVKGUHQTCPVKEKRCVGFVCZCWFKVKUUWGUDCUGFQPGUVKOCVGUQHYJGVJGTCFFKVKQPCNVCZGUYKNNDG
FWG6JGKPEQOGVCZNKCDKNKVKGUKPENWFGCP[RGPCNVKGUCPFKPVGTGUVVJCVEQWNFDGCUUQEKCVGFYKVJCVCZCWFKVKUUWG9JGTGVJG
ƂPCNVCZQWVEQOGQHVJGUGOCVVGTUKUFKHHGTGPVHTQOVJGCOQWPVUVJCVYGTGKPKVKCNN[TGEQTFGFUWEJFKHHGTGPEGUYKNNKPƃWGPEG
VJGKPEQOGVCZCPFFGHGTTGFVCZRTQXKUKQPUKPVJGRGTKQFKPYJKEJUWEJFGVGTOKPCVKQPKUOCFG
6JG%QORCP[oUGZRQUWTGVQNKVKICVKQPCPFPQPEQORNKCPEG
6JG%QORCP[KFGPVKƂGUCPFRTQXKFGUCPCN[UKUQPCTGIWNCTDCUKUQHEWTTGPVNKVKICVKQPCPFOGCUWTGUYJGPPGEGUUCT[
RTQXKUKQPUDCUGFQPKVUDGUVGUVKOCVGQHVJGGZRGPFKVWTGTGSWKTGFVQUGVVNGVJGQDNKICVKQPUVCMKPIKPVQCEEQWPVKPHQTOCVKQP
CXCKNCDNGCPFFKHHGTGPVRQUUKDNGQWVEQOGUCVVJGTGRQTVKPIFCVG
6JGYCTTCPV[RTQXKUKQP
#YCTTCPV[RTQXKUKQPKUCEETWGFFWTKPIVJGEQPUVTWEVKQPRJCUGQHRTQLGEVUDCUGFQPJKUVQTKECNYCTTCPV[GZRGPFKVWTGRGT
RTQFWEVV[RG#VVJGEQORNGVKQPQHCRTQLGEVCYCTTCPV[RTQXKUKQP FGRGPFKPIQPVJGPCVWTGQHVJGRTQLGEV KUVJGTGHQTG
RTQXKFGFHQTCPFTGRQTVGFCURTQXKUKQPKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQP(QNNQYKPIVJGCEEGRVCPEGQHCRTQLGEVVJG
YCTTCPV[RTQXKUKQPKUTGNGCUGFQXGTVJGYCTTCPV[RGTKQF(QTUQOGURGEKƂEENCKOUHQTOCNN[PQVKƂGFD[VJGEWUVQOGTCPFYJKEJ
ECPDGTGNKCDN[GUVKOCVGFCPCOQWPVKURTQXKFGFKPHWNNCPFYKVJQWVFKUEQWPVKPI#PQXGTCNNTGXKGYQHVJGYCTTCPV[RTQXKUKQP
KURGTHQTOGFD[/CPCIGOGPVCVGCEJTGRQTVKPIFCVG0GXGTVJGNGUUEQPUKFGTKPIVJGURGEKƂEKV[QHGCEJCUUGVCEVWCNYCTTCPV[
GZRGPFKVWTGUEQWNFXCT[UKIPKƂECPVN[HTQOQPGRTQLGEVVQCPQVJGTCPFVJGTGHQTGFKHHGTOCVGTKCNN[HTQOKPKVKCNUVCVKUVKECN
YCTTCPV[RTQXKUKQPRTQXKFGFCVVJGEQORNGVKQPQHCUCKFRTQLGEV
6JGVKOKPICPFGUVKOCVGFEQUVQHFGOQDKNK\CVKQP
6JGGUVKOCVGFHWVWTGEQUVUQHFGOQDKNK\CVKQPCTGTGXKGYGFQPCTGIWNCTDCUKUCPFCFLWUVGFYJGPCRRTQRTKCVG0GXGTVJGNGUU
EQPUKFGTKPIVJGNQPIVGTOGZRKT[FCVGQHVJGQDNKICVKQPUVJGUGEQUVUCTGUWDLGEVVQWPEGTVCKPV[%QUVGUVKOCVGUECPXCT[KP
TGURQPUGVQOCP[HCEVQTUKPENWFKPIHQTGZCORNGPGYFGOQDKNK\CVKQPVGEJPKSWGUVJG%QORCP[oUQYPGZRGTKGPEGQP
FGOQDKNK\CVKQPQRGTCVKQPUHWVWTGEJCPIGUKPNCYUCPFTGIWNCVKQPUCPFVKOKPIQHFGOQDKNK\CVKQPQRGTCVKQP
'UVKOCVGUCPFCUUWORVKQPUOCFGKPFGVGTOKPKPIVJGUGQDNKICVKQPUECPVJGTGHQTGNGCFVQUKIPKƂECPVCFLWUVOGPVUVQVJG
HWVWTGƂPCPEKCNTGUWNVU0GXGTVJGNGUUVJGEQUVQHFGOQDKNK\CVKQPQDNKICVKQPUCVVJGTGRQTVKPIFCVGTGRTGUGPVU/CPCIGOGPVoU
DGUVGUVKOCVGQHVJGRTGUGPVXCNWGQHVJGHWVWTGEQUVUTGSWKTGF
5KIPKƂECPVGUVKOCVGUCPFLWFIGOGPVUKPVJGEQPVGZVQHVJG%18+&RCPFGOKECPFVJG4WUUKC7MTCKPGYCT
&WTKPIVJGƂPCPEKCN[GCTVJG%18+&RCPFGOKEVJG4WUUKC7MTCKPGYCTCPFEWTTGPVOCETQGEQPQOKEGPXKTQPOGPV
TGUWNVGFKPVJG%QORCP[TGCUUGUUKPIUKIPKƂECPVGUVKOCVGUCPFLWFIOGPVU6JGHQNNQYKPIMG[HQEWUCTGCUYGTGKFGPVKƂGFD[
VJGTGIWNCVQTCURQVGPVKCNN[CHHGEVGFD[VJGEWTTGPVINQDCNEKTEWOUVCPEGU
Ŷ -G[CUUWORVKQPUWUGFKPVJGKORCKTOGPVVGUVQHCUUGVUQTITQWRQHCUUGVU
5$/1((5*14'#007#.4'2146
Ŷ 'ZRGEVGFETGFKVNQUUGUCPF
Ŷ #FFKVKQPCNEQUVUKPQTFGTVQUCVKUH[VJGRGTHQTOCPEGQDNKICVKQPUQPUQOGQHVJGEQPUVTWEVKQPEQPVTCEVUOCKPN[FWGVQ
GZRGEVGFFGNC[KPVJGRTQLGEVFGNKXGT[HQNNQYKPINQEMFQYPRGTKQFUKP%JKPCKPVGTPCVKQPCNVTCXGNTGUVTKEVKQPUTGOQVG
YQTMKPIRTGUUWTGQPUWRRN[EJCKPCPFIGPGTCNKPETGCUGKPINQDCNKPƃCVKQP
6JGKORCEVQH%18+&VJG4WUUKC7MTCKPGYCTCPFEWTTGPVGEQPQOKEGPXKTQPOGPVQPVJGKORCKTOGPVQHVJGVCPIKDNG
CUUGVUKUFKUENQUGFKPPQVG2TQRGTV[2NCPVCPF'SWKROGPV4GICTFKPIVJG%QORCP[oUEQPUKFGTCVKQPUHQTGUVKOCVKQPQH
GZRGEVGFETGFKVNQUUGUTGHGTVQPQVG0GV+ORCKTOGPV)CKPU .QUUGU QP(KPCPEKCNCPF%QPVTCEV#UUGVU+PTGNCVKQPVQVJG
KORCEVQHCFFKVKQPCNEQUVUKPEWTTGFFWGVQVJGUGEWTTGPVOCETQGEQPQOKEEKTEWOUVCPEGUYJGPUCVKUH[KPIVJG%QORCP[oU
RGTHQTOCPEGQDNKICVKQPUTGHGTVQPQVG4GXGPWG
(QNNQYKPIVJGCUUGUUOGPVUVJGEQORCP[FQGUPQVGZRGEVCP[UKIPKƂECPVKORCEVKPQVJGTCTGCU
,WFIGOGPVU
+PCFFKVKQPVQVJGCDQXGGUVKOCVGUVJG/CPCIGOGPVGZGTEKUGUVJGHQNNQYKPILWFIGOGPVU
.GCUGENCUUKƂECVKQPCU.GUUQT
9JGPVJG%QORCP[GPVGTUKPVQCPGYNGCUGCTTCPIGOGPVVJGVGTOUCPFEQPFKVKQPUQHVJGEQPVTCEVCTGCPCN[\GFKPQTFGTVQ
CUUGUUYJGVJGTQTPQVVJG%QORCP[TGVCKPUVJGUKIPKƂECPVTKUMUCPFTGYCTFUQHQYPGTUJKRQHVJGCUUGVUWDLGEVQHVJGNGCUG
EQPVTCEV6QKFGPVKH[YJGVJGTTKUMUCPFTGYCTFUCTGTGVCKPGFVJG%QORCP[U[UVGOCVKECNN[EQPUKFGTUCOQPIQVJGTUCNNVJG
GZCORNGUCPFKPFKECVQTUNKUVGFD[+(45QPCEQPVTCEVD[EQPVTCEVDCUKU$[RGTHQTOKPIUWEJCPCN[UKUVJG%QORCP[
OCMGUUKIPKƂECPVLWFIGOGPVVQFGVGTOKPGYJGVJGTVJGCTTCPIGOGPVTGUWNVUKPCƂPCPEGNGCUGQTCPQRGTCVKPINGCUG6JKU
LWFIGOGPVECPJCXGCUKIPKƂECPVGHHGEVQPVJGCOQWPVUTGEQIPK\GFKPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUCPFKVU
TGEQIPKVKQPQHRTQƂVUKPVJGHWVWTG6JGOQUVKORQTVCPVLWFIGOGPVCTGCUCUUGUUGFD[VJG%QORCP[CTG K FGVGTOKPCVKQPQH
VJGHCKTXCNWG KK FGVGTOKPCVKQPQHVJGWUGHWNNKHGQHVJGCUUGV KKK JKIJN[URGEKCNK\GFPCVWTGQHCP(251EQPUVTWEVGFQPDGJCNH
QHVJGENKGPVCPF KX VJGRTQDCDKNKV[QHVJGENKGPVGZGTEKUKPIVJGRWTEJCUGQTVGTOKPCVKQPQRVKQP KHTGNGXCPV
D .GCUGUCEEQWPVKPID[NGUUQT
#NGCUGKUCPCITGGOGPVYJGTGD[VJGNGUUQTEQPXG[UVQVJGNGUUGGKPTGVWTPHQTCRC[OGPVQTUGTKGUQHRC[OGPVUVJGTKIJVVQ
WUGCPCUUGVHQTCPCITGGFRGTKQFQHVKOG
.GCUGUKPYJKEJCUKIPKƂECPVRQTVKQPQHVJGTKUMCPFTGYCTFUQHQYPGTUJKRCTGTGVCKPGFD[VJGNGUUQTCTGENCUUKƂGFCU
QRGTCVKPINGCUGU7PFGTCPQRGTCVKPINGCUGVJGCUUGVKUKPENWFGFKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPCURTQRGTV[RNCPVCPF
GSWKROGPV.GCUGKPEQOGKUTGEQIPK\GFQXGTVJGVGTOQHVJGNGCUGQPCUVTCKIJVNKPGDCUKU6JKUKORNKGUVJGTGEQIPKVKQPQH
FGHGTTGFKPEQOGYJGPVJGEQPVTCEVWCNFC[TCVGUCTGPQVEQPUVCPVFWTKPIVJGKPKVKCNVGTOQHVJGNGCUGEQPVTCEV
9JGPCUUGVUCTGNGCUGFWPFGTCƂPCPEGNGCUGVJGRTGUGPVXCNWGQHVJGNGCUGRC[OGPVUKUTGEQIPK\GFCUCƂPCPEGNGCUG
TGEGKXCDNG7PFGTCƂPCPEGNGCUGVJGFKHHGTGPEGDGVYGGPVJGITQUUTGEGKXCDNGCPFVJGRTGUGPVXCNWGQHVJGTGEGKXCDNGKU
TGEQIPK\GFCUTGXGPWGFWTKPIVJGNGCUGRJCUG.GCUGKPEQOGKUCUQHVJGEQOOGPEGOGPVFCVGQHVJGNGCUGEQPVTCEV
TGEQIPK\GFQXGTVJGVGTOQHVJGNGCUGWUKPIVJGPGVKPXGUVOGPVOGVJQFYJKEJTGƃGEVUCEQPUVCPVRGTKQFKETCVGQHTGVWTP6JG
FKUEQWPVTCVGWUGFVQOGCUWTGVJGPGVKPXGUVOGPVKPVJGNGCUGKUVJGKPVGTGUVTCVGKORNKEKVKPVJGNGCUG&WTKPIVJG
EQPUVTWEVKQPRJCUGTGXGPWGKUTGEQIPK\GFQXGTVKOGCURGT+(45FWGVQVJGHCEVVJG%QORCP[KUCEVKPICUOCPWHCEVWTGT
NGUUQT TGHGTVQCEEQWPVKPIRQNKE[ F 4GXGPWG
E +ORCKTOGPVQHPQPƂPCPEKCNCUUGVU
7PFGTEGTVCKPEKTEWOUVCPEGUKORCKTOGPVVGUVUOWUVDGRGTHQTOGF#UUGVUVJCVCTGUWDLGEVVQCOQTVK\CVKQPQTFGRTGEKCVKQP
CTGVGUVGFHQTKORCKTOGPVYJGPGXGTGXGPVUQTEJCPIGUKPEKTEWOUVCPEGUKPFKECVGVJCVVJGECTT[KPICOQWPVOC[PQVDG
TGEQXGTCDNG
6JGTGEQXGTCDNGCOQWPVKUVJGJKIJGTQHCPCUUGVoU%CUJ)GPGTCVKPI7PKVoU o%)7o HCKTXCNWGNGUUEQUVUQHFKURQUCNCPFKVU

XCNWGKPWUG6JGTGEQXGTCDNGCOQWPVKUFGVGTOKPGFHQTCPKPFKXKFWCNCUUGVWPNGUUVJGCUUGVFQGUPQVIGPGTCVGECUJKPƃQYU
VJCVCTGNCTIGN[KPFGRGPFGPVQHVJQUGHTQOQVJGTCUUGVUQTITQWRQHCUUGVU#PKORCKTOGPVNQUUKUTGEQIPK\GFHQTVJGCOQWPV
D[YJKEJVJGCUUGVUQT%)7oUECTT[KPICOQWPVGZEGGFUKVUTGEQXGTCDNGCOQWPV
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
+PCUUGUUKPIXCNWGKPWUGVJGGUVKOCVGFHWVWTGECUJƃQYUCTGFKUEQWPVGFVQVJGKTRTGUGPVXCNWGWUKPICRTGVCZFKUEQWPVTCVG
VJCVTGƃGEVUEWTTGPVOCTMGVCUUGUUOGPVUQHVJGVKOGXCNWGQHOQPG[CPFTKUMUURGEKƂEVQVJGCUUGV6JG%QORCP[DCUGUKVU
HWVWTGECUJƃQYUQPFGVCKNGFDWFIGVUCPFHQTGECUVU
0QPƂPCPEKCNCUUGVUQVJGTVJCPIQQFYKNNVJCVJCXGDGGPKORCKTGFCTGTGXKGYGFHQTRQUUKDNGTGXGTUCNCVƂPCPEKCNRQUKVKQP
FCVGYJGPEKTEWOUVCPEGUYJKEJECWUGFVJGKPKVKCNKORCKTOGPVJCXGKORTQXGFQTPQNQPIGTGZKUV
F 4GXGPWG
6JG%QORCP[RTQXKFGUFGUKIPUWRRN[KPUVCNNCVKQPQRGTCVKQPNKHGGZVGPUKQPCPFFGOQDKNK\CVKQPQH(NQCVKPI2TQFWEVKQP
5VQTCIGCPF1HƃQCFKPI (251 XGUUGNU6JGXGUUGNUCTGGKVJGTQYPGFCPFQRGTCVGFD[5$/1HHUJQTGCPFNGCUGFVQKVUENKGPVU
.GCUGCPF1RGTCVGCTTCPIGOGPVU QTUWRRNKGFQPC6WTPMG[UCNGDCUKU EQPUVTWEVKQPEQPVTCEVU 'XGPKPVJGNCVVGTECUGVJG
XGUUGNUECPDGQRGTCVGFD[VJG%QORCP[WPFGTCUGRCTCVGQRGTCVKPICPFOCKPVGPCPEGCITGGOGPVCHVGTVTCPUHGTVQVJG
ENKGPVU
1VJGTRTQFWEVUQHVJG%QORCP[KPENWFG6WTTGV/QQTKPI5[UVGOU o6/5o (NQCVKPI1HHUJQTG9KPF o(19o DTQYPƂGNFCPF

QHHUJQTG QHH NQCFKPIVGTOKPCNU6JGUGRTQFWEVUCTGOQUVN[FGNKXGTGFCUEQPUVTWEVKQPNGCUGQTUGTXKEGV[RGCITGGOGPVU
5QOGEQPVTCEVUKPENWFGOWNVKRNGFGNKXGTCDNGU UWEJCU(TQPV'PF'PIKPGGTKPI&GUKIP o(''&o GPIKPGGTKPIEQPUVTWEVKQP

RTQEWTGOGPVKPUVCNNCVKQPOCKPVGPCPEGQRGTCVKPIUGTXKEGUFGOQDKNK\CVKQP 6JG%QORCP[CUUGUUGUVJGNGXGNQHKPVGITCVKQP
DGVYGGPFKHHGTGPVFGNKXGTCDNGUCPFCDKNKV[QHVJGFGNKXGTCDNGVQDGRGTHQTOGFD[CPQVJGTRCTV[$CUGFQPVJKUCUUGUUOGPVVJG
%QORCP[EQPENWFGUYJGVJGTVJGOWNVKRNGFGNKXGTCDNGUCTGQPGQTUGRCTCVGRGTHQTOCPEGQDNKICVKQP U
6JG%QORCP[FGVGTOKPGUVJGVTCPUCEVKQPRTKEGHQTKVURGTHQTOCPEGQDNKICVKQPUDCUGFQPEQPVTCEVWCNN[CITGGFRTKEGU6JG
%QORCP[JCUXCTKQWUCTTCPIGOGPVUYKVJKVUEWUVQOGTUKPVGTOUQHRTKEKPIDWVKPRTKPEKRNGK VJGEQPUVTWEVKQPEQPVTCEVUJCXG
CITGGFƂZGFRTKEKPIVGTOUKPENWFKPIƂZGFNWORUWOUCPFTGKODWTUCDNGV[RGQHEQPVTCEVUKK VJGOCLQTKV[QHVJG%QORCP[oU
NGCUGCTTCPIGOGPVUJCXGƂZGFNGCUGTCVGUCPFKKK VJGQRGTCVKPICPFUGTXKEGV[RGQHEQPVTCEVUECPDGDCUGFQPƂZGFNWOR
UWOUQTTGKODWTUCDNGV[RGQHEQPVTCEVU6JG.GCUGCPF1RGTCVGEQPVTCEVUIGPGTCNN[KPENWFGCXCTKCDNGEQORQPGPVHQTYJKEJ
VJGVTGCVOGPVKUFGUETKDGFDGNQYWPFGTo.GCUGCPF1RGTCVGEQPVTCEVUo+PTCTGECUGUYJGPVJGVTCPUCEVKQPRTKEGUCTGPQV
FKTGEVN[QDUGTXCDNGHTQOVJGEQPVTCEVVJG[CTGGUVKOCVGFDCUGFQPGZRGEVGFEQUVRNWUOCTIKP GIDCUGFQPCPQRGTCVKPI
UGTXKEGEQORQPGPVKPCNGCUGCTTCPIGOGPV
6JG%QORCP[CUUGUUGUHQTGCEJRGTHQTOCPEGQDNKICVKQPYJGVJGTVJGTGXGPWGUJQWNFDGTGEQIPK\GFQXGTVKOGQTCVCRQKPV
KPVKOGVJKUKUGZRNCKPGFOQTGKPFGVCKNWPFGTVJGDGNQYUGEVKQPUo%QPUVTWEVKQPEQPVTCEVUoCPFo.GCUGCPF1RGTCVGEQPVTCEVUo
6JG%QORCP[ECPCITGGQPXCTKQWURC[OGPVCTTCPIGOGPVUYJKEJIGPGTCNN[TGƃGEVVJGRTQITGUUQHFGNKXGTGFRGTHQTOCPEG
QDNKICVKQPU*QYGXGTKHVJG%QORCP[nUFGNKXGTGFRGTHQTOCPEGQDNKICVKQPGZEGGFUKPUVCNOGPVUKPXQKEGFVQVJGENKGPVC
EQPVTCEVCUUGVKUTGEQIPK\GF UGGPQVG4GXGPWG +HVJGKPUVCNOGPVUKPXQKEGFVQVJGENKGPVGZEGGFVJGYQTMRGTHQTOGFC
EQPVTCEVNKCDKNKV[KUTGEQIPK\GF UGGPQVG6TCFGCPF1VJGT2C[CDNGU
4GXGPWGRQNKEKGUTGNCVGFVQURGEKƂECTTCPIGOGPVUYKVJEWUVQOGTUCTGFGUETKDGFDGNQY
%QPUVTWEVKQPEQPVTCEVU
6JG%QORCP[WPFGTKVUEQPUVTWEVKQPEQPVTCEVUWUWCNN[RTQXKFGU'PIKPGGTKPI2TQEWTGOGPV%QPUVTWEVKQPCPF+PUVCNNCVKQP
o'2%+o QHXGUUGNU6JG%QORCP[CUUGUUGUVJGEQPVTCEVUQPCPKPFKXKFWCNDCUKUCURGTVJGRQNKE[FGUETKDGFCDQXG$CUGFQP
VJGCPCN[UKURGTHQTOGFHQTGZKUVKPIEQPVTCEVU
Ŷ 6JGEQPUVTWEVKQPEQPVTCEVUIGPGTCNN[KPENWFGQPGRGTHQTOCPEGQDNKICVKQPFWGVQUKIPKƂECPVKPVGITCVKQPQHVJGCEVKXKVKGU
KPXQNXGFCPF
Ŷ 4GXGPWGKUTGEQIPK\GFQXGTVKOGCUVJG%QORCP[JCUCPGPHQTEGCDNGTKIJVVQRC[OGPVHQTRGTHQTOCPEGEQORNGVGFVQ
FCVGCPFVJGCUUGVUETGCVGFJCXGPQFKTGEVCNVGTPCVKXGWUG
$CUGFQPVJGUGTGSWKTGOGPVUVJG%QORCP[EQPENWFGUVJCVKPRTKPEKRNGEQPUVTWEVKQPEQPVTCEVUOGGVVJGETKVGTKCQHTGXGPWG
VQDGTGEQIPK\GFQXGTVKOG4GXGPWGKUTGEQIPK\GFCVGCEJRGTKQFDCUGFWRQPVJGCFXCPEGOGPVQHVJGYQTMWUKPIVJGKPRWV
OGVJQF6JGKPRWVOGVJQFKUDCUGFQPVJGTCVKQQHEQUVUKPEWTTGFVQFCVGVQVQVCNGUVKOCVGFEQUVU7RVQVJGOQOGPVVJCV
VJG%QORCP[ECPTGCUQPCDN[OGCUWTGVJGQWVEQOGQHVJGRGTHQTOCPEGQDNKICVKQPTGXGPWGKUTGEQIPK\GFVQVJGGZVGPVQH
EQUVKPEWTTGF
5$/1((5*14'#007#.4'2146
%QORNGZRTQLGEVUVJCVRTGUGPVCJKIJTKUMRTQƂNGFWGVQVGEJPKECNPQXGNV[EQORNGZKV[QTRTKEKPICTTCPIGOGPVUCITGGFYKVJ
VJGENKGPVCTGUWDLGEVVQKPFGRGPFGPVRTQLGEVTGXKGYUCVCFXCPEGFFGITGGUQHEQORNGVKQPKPGPIKPGGTKPI#PKPFGRGPFGPV
RTQLGEVTGXKGYKUCPKPVGTPCNDWVKPFGRGPFGPVTGXKGYQHVJGUVCVWUQHCRTQLGEVDCUGFWRQPCPCUUGUUOGPVQHCTCPIGQH
RTQLGEVOCPCIGOGPVCPFEQORCP[HCEVQTU7PVKNVJKURQKPVCPFYJGPQVJGTUKIPKƂECPVWPEGTVCKPVKGUTGNCVGFVQVJGEQUVCV
EQORNGVKQPCTGOKVKICVGFTGXGPWGKUTGEQIPK\GFVQVJGGZVGPVQHEQUVKPEWTTGF
&WGVQVJGPCVWTGQHVJGUGTXKEGURGTHQTOGFXCTKCVKQPQTFGTUCPFENCKOUCTGEQOOQPN[DKNNGFVQENKGPVUKPVJGPQTOCNEQWTUG
QHDWUKPGUU6JGXCTKCVKQPQTFGTUCPFENCKOUCTGOQFKƂECVKQPUQHEQPVTCEVUVJCVCTGWUWCNN[PQVFKUVKPEVCPFCTGVJGTGHQTG
PQTOCNN[EQPUKFGTGFCURCTVQHVJGGZKUVKPIRGTHQTOCPEGQDNKICVKQP9JGPVJGEQPVTCEVOQFKƂECVKQP KPENWFKPIENCKOU KU
KPKVKCNN[CRRTQXGFD[QTCNCITGGOGPVQTKORNKGFD[EWUVQOCT[DWUKPGUURTCEVKEGVJG%QORCP[TGEQIPK\GUTGXGPWGQPN[VQVJG
GZVGPVQHEQPVTCEVEQUVUKPEWTTGF1PEGEQPVTCEVOQFKƂECVKQPUCPFENCKOUCTGCRRTQXGFVJGTGXGPWGKUPQNQPIGTECRRGFCV
VJGNGXGNQHEQUVUCPFKUTGEQIPK\GFDCUGFQPVJGKPRWVOGVJQF
)GPGTCNN[VJGRC[OGPVUTGNCVGFVQVJGEQPUVTWEVKQPEQPVTCEVU WPFGT'2%+CTTCPIGOGPVU CTGEQTTGURQPFKPIVQVJGYQTM

EQORNGVGFVQFCVGVJGTGHQTGVJG%QORCP[FQGUPQVCFLWUVCP[QHVJGVTCPUCEVKQPRTKEGUHQTVJGVKOGXCNWGQHOQPG[
*QYGXGTVJGVKOGXCNWGQHOQPG[KUCUUGUUGFQPCEQPVTCEVD[EQPVTCEVDCUKUCPFKPECUGVJGRGTKQFDGVYGGPVJGVTCPUHGTQH
VJGRTQOKUGFIQQFUQTUGTXKEGUVQVJGEWUVQOGTCPFRC[OGPVD[VJGEWUVQOGTGZEGGFUQPG[GCTVJGVTCPUCEVKQPRTKEGKU
CFLWUVGFHQTVJGKFGPVKƂGFCPFSWCPVKƂGFƂPCPEKPIEQORQPGPV
(WTVJGTOQTGƂPCPEGNGCUGCTTCPIGOGPVUWPFGTYJKEJVJG%QORCP[FGNKXGTUCWPKVVQCENKGPVCTGVTGCVGFCUFKTGEVUCNGU UGG
CNUQRQKPV D CDQXG VJGTGHQTGTGXGPWGKUTGEQIPK\GFQXGTVKOGFWTKPIVJGEQPUVTWEVKQPRGTKQFCUVJGRTGUGPVXCNWGQHVJG
NGCUGRC[OGPVUCEETWKPIVQVJGNGUUQTFKUEQWPVGFWUKPICOCTMGVTCVGQHKPVGTGUV+PQTFGTVQFGVGTOKPGVJGTGXGPWGVQDG
TGEQIPK\GFDCUGFQPVJKURQNKE[VJG%QORCP[FGVGTOKPGUVJGCRRNKECDNGFKUEQWPVTCVGWUKPICOCTMGVTCVGQHKPVGTGUVVJCV
VCMGUKPVQCEEQWPVCOQPIQVJGTUVKOGXCNWGQHOQPG[ƂPCPEKPIUVTWEVWTGCPFTKUMRTQƂNGQHCENKGPVCPFRTQLGEV
.GCUGCPF1RGTCVGEQPVTCEVU
6JG%QORCP[RTQXKFGUVQKVUEWUVQOGTURQUUKDKNKVKGUVQNGCUGVJGWPKVUWPFGTEJCTVGTEQPVTCEVU6JGEJCTVGTEQPVTCEVUCTG
OWNVK[GCTEQPVTCEVUCPFUQOGQHVJGOEQPVCKPQRVKQPUVQGZVGPFVJGVGTOQHVJGNGCUGQTVGTOKPCVGVJGNGCUGGCTNKGT5QOG
QHVJGEQPVTCEVUCNUQEQPVCKPRWTEJCUGQRVKQPUVJCVCTGGZGTEKUCDNGVJTQWIJQWVVJGNGCUGVGTO
%JCTVGTTCVGU
%JCTVGTTCVGUTGEGKXGFQPNQPIVGTOQRGTCVKPINGCUGEQPVTCEVUCTGTGRQTVGFQPCUVTCKIJVNKPGDCUKUQXGTVJGRGTKQFQHVJG
EQPVTCEVQPEGVJGHCEKNKV[JCUDGGPDTQWIJVKPVQUGTXKEG6JGFKHHGTGPEGDGVYGGPUVTCKIJVNKPGTGXGPWGCPFVJGEQPVTCEVWCN
FC[TCVGUYJKEJOC[PQVDGEQPUVCPVVJTQWIJQWVVJGEJCTVGTKUCEEQWPVGFHQTCUFGHGTTGFKPEQOG
4GXGPWGHTQOƂPCPEGNGCUGEQPVTCEVUKUCUQHVJGEQOOGPEGOGPVFCVGQHVJGNGCUGEQPVTCEVTGEQIPK\GFQXGTVJGVGTOQH
VJGNGCUGWUKPIVJGCOQTVK\GFEQUVOGVJQFYJKEJTGƃGEVUCEQPUVCPVRGTKQFKETCVGQHTGVWTP
1RGTCVKPIHGGU
1RGTCVKPIHGGUCTGTGEGKXGFD[VJG%QORCP[HQTHCEKNKVCVKPITGEGKRVRTQEGUUKPICPFUVQTCIGQHRGVTQNGWOUGTXKEGUQPDQCTF
QHVJGHCEKNKVKGUYJKEJQEEWTEQPVKPWQWUN[VJTQWIJVJGVGTOQHVJGEQPVTCEV#UUWEJVJG[CTGCUGTKGUQHUGTXKEGUVJCVCTG
UWDUVCPVKCNN[VJGUCOGCPFVJCVJCXGVJGUCOGRCVVGTPQHVTCPUHGTVQVJGEWUVQOGT4GXGPWGKUTGEQIPK\GFQXGTVKOGDCUGFQP
KPRWVOGVJQFUD[TGHGTGPEGVQVJGUVCIGQHEQORNGVKQPQHVJGUGTXKEGTGPFGTGFGKVJGTQPCUVTCKIJVNKPGDCUKUHQTNWORUWO
EQPVTCEVUQTKPNKPGYKVJEQUVKPEWTTGFQPTGKODWTUCDNGEQPVTCEVU
$QPWUGURGPCNVKGU
1PUQOGEQPVTCEVUVJG%QORCP[KUGPVKVNGFVQTGEGKXGDQPWUGU KPEGPVKXGU CPFKPEWTURGPCNVKGUFGRGPFKPIQPVJGNGXGNQH
KPVGTTWRVKQPQHRTQFWEVKQPQTRTQEGUUKPIQHQKN$QPWUGUCTGTGEQIPK\GFCUTGXGPWGQPEG|KVKUJKIJN[RTQDCDNGVJCVPQ
UKIPKƂECPVTGXGTUCNQHTGXGPWGTGEQIPK\GFYKNNQEEWTYJKEJKUIGPGTCNN[VJGECUGQPN[QPEGVJGRGTHQTOCPEGDQPWUKUGCTPGF
2GPCNVKGUCTGTGEQIPK\GFCUCFGFWEVKQPQHTGXGPWGYJGPVJG[DGEQOGRTQDCDNG(QTGUVKOCVKQPQHDQPWUGUCPFRGPCNVKGU
VJG%QORCP[CRRNKGUVJGnOQUVNKMGN[oOGVJQFYJGTGVJG%QORCP[CUUGUUGUYJKEJUKPINGCOQWPVKUVJGOQUVNKMGN[KPC
TCPIGQHRQUUKDNGQWVEQOGU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
%QPVTCEVEQUVU
6JGKPETGOGPVCNEQUVUQHQDVCKPKPICEQPVTCEVYKVJCEWUVQOGTCTGTGEQIPK\GFCUCPCUUGVYJGPVJGEQUVUCTGGZRGEVGFVQDG
TGEQXGTGF6JG%QORCP[WUGUCRTCEVKECNGZRGFKGPVVJCVRGTOKVUVJGEQUVUVQDGGZRGPUGFVQQDVCKPCEQPVTCEVCUKPEWTTGF
YJGPVJGGZRGEVGFCOQTVK\CVKQPRGTKQFKUQPG[GCTQTNGUU%QUVUQHQDVCKPKPICEQPVTCEVVJCVCTGPQVKPETGOGPVCNCTG
GZRGPUGFCUKPEWTTGFWPNGUUVJQUGEQUVUCTGGZRNKEKVN[EJCTIGCDNGVQVJGEWUVQOGT$KFRTQRQUCNCPFUGNNKPICPFOCTMGVKPI
EQUVUCUYGNNCUNGICNEQUVUKPEWTTGFKPEQPPGEVKQPYKVJVJGRWTUWKVQHVJGEQPVTCEVCTGPQVKPETGOGPVCNCUVJG%QORCP[
YQWNFJCXGKPEWTTGFVJQUGEQUVUGXGPKHKVFKFPQVQDVCKPVJGEQPVTCEV
+HVJGEQUVUKPEWTTGFKPHWNƂNNKPICEQPVTCEVYKVJCEWUVQOGTCTGPQV|YKVJKPVJGUEQRGQHCPQVJGT+(45UVCPFCTF GI+#5
+PXGPVQTKGU|+#52TQRGTV[2NCPVCPF'SWKROGPVQT+#5+PVCPIKDNG#UUGVU VJG%QORCP[TGEQIPK\GUCPCUUGVHQTVJG
EQUVUKPEWTTGFVQHWNƂNNCEQPVTCEV|QPN[KHVJQUGEQUVUOGGVCNNQHVJGHQNNQYKPIETKVGTKC
Ŷ 6JGEQUVUTGNCVGFKTGEVN[VQCEQPVTCEVQTVQCPCPVKEKRCVGFEQPVTCEV|VJCVVJG%QORCP[ECPURGEKƂECNN[KFGPVKH[ HQTGZCORNG
EQUVUTGNCVKPI|VQUGTXKEGUVQDGRTQXKFGFWPFGTTGPGYCNQHCPGZKUVKPIEQPVTCEVQT|EQUVUQHFGUKIPKPICPCUUGVVQDG
VTCPUHGTTGFWPFGTCURGEKƂE|EQPVTCEVVJCVJCUPQV[GVDGGPCRRTQXGF
Ŷ 6JGEQUVUIGPGTCVGQTGPJCPEGTGUQWTEGUQHVJGGPVKV[VJCVYKNNDG|WUGFKPUCVKUH[KPI QTKPEQPVKPWKPIVQUCVKUH[
RGTHQTOCPEG|QDNKICVKQPUKPVJGHWVWTGCPF
Ŷ 6JGEQUVUCTGGZRGEVGFVQDGTGEQXGTGF
#PCUUGVTGEQIPK\GFHQTEQPVTCEVEQUVUKUCOQTVK\GFQPCU[UVGOCVKEDCUKUVJCVKUEQPUKUVGPVYKVJVJGVTCPUHGTVQVJGEWUVQOGT
QHVJGIQQFUQTUGTXKEGUVQYJKEJVJGCUUGVTGNCVGU
%QPVTCEVCUUGVU
%QPVTCEVCUUGVUCUFGƂPGFKP+(45TGRTGUGPVVJG%QORCP[oUEQPUVTWEVKQPYQTMKPRTQITGUU%QPUVTWEVKQPYQTMKPRTQITGUU
KUVJG%QORCP[nUTKIJVVQEQPUKFGTCVKQPKPGZEJCPIGHQTIQQFUCPFUGTXKEGUVJCVVJG%QORCP[JCUVTCPUHGTTGFVQVJG
EWUVQOGT6JG%QORCP[nUEQPVTCEVCUUGVUCTGOGCUWTGFCUCEEWOWNCVGFTGXGPWGTGEQIPK\GFQXGTVKOGDCUGFQPRTQITGUUQH
VJGRTQLGEVPGVQHKPUVCNNOGPVUKPXQKEGFVQFCVG6JGKPXQKEGFKPUVCNNOGPVUTGRTGUGPVVJGEQPVTCEVWCNN[CITGGFWPEQPFKVKQPCN
OKNGUVQPGRC[OGPVUFWTKPIVJGEQPUVTWEVKQPRGTKQFCPFVJGUGCOQWPVUCTGENCUUKƂGFCUVTCFGTGEGKXCDNGUWPVKNVJGCOQWPVKU
RCKF6JG%QORCP[TGEQIPK\GUCP[NQUUGUHTQOQPGTQWUEQPVTCEVUWPFGTRTQXKUKQPUKPNKPGYKVJ+#5(WTVJGTVJG
KORCKTOGPVQHEQPVTCEVCUUGVUKUOGCUWTGFRTGUGPVGFCPFFKUENQUGFQPVJGUCOGDCUKUCUƂPCPEKCNCUUGVUVJCVCTGYKVJKPVJG
UEQRGQH+(456JG%QORCP[CRRNKGUVJGUKORNKƂGFCRRTQCEJKPOGCUWTKPIGZRGEVGFETGFKVNQUUGUHQTEQPVTCEVCUUGVU+P
ECUGQHEQPVTCEVCUUGVDCNCPEGUTGNCVKPIVQVJGƂPCPEGNGCUGEQPVTCEVUVJG%QORCP[CRRNKGUVJGNQYETGFKVTKUMUKORNKƂECVKQP
QH+(45HQTVJGEQORWVCVKQPQHVJGGZRGEVGFETGFKVNQUU6JGUKORNKƂECVKQPKUCRRNKGFCUVJGETGFKVTKUMRTQƂNGQHVJGUG
DCNCPEGUJCUDGGPCUUGUUGFCUNQY
+PRTKQTEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUVJG%QORCP[RTGUGPVGFEQPVTCEVCUUGVUCU%QPUVTWEVKQPYQTMKPRTQITGUUKPVJG
EQPUQNKFCVGFUVCVGOGPVQHƂPCPEKCNRQUKVKQPCUYGNNCUVJGPQVGUVQVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU
%QPVTCEVNKCDKNKVKGU
6JG%QORCP[TGEQIPK\GUCEQPVTCEVNKCDKNKV[ UGGPQVG 6TCFGCPF1VJGT2C[CDNGU YJGTGKPUVCNNOGPVUCTGTGEGKXGFKP
CFXCPEGQHUCVKUH[KPIVJGRGTHQTOCPEGQDNKICVKQPVQYCTFUVJGEWUVQOGT
G 1RGTCVKPIUGIOGPVKPHQTOCVKQP
#URGT+(45CPQRGTCVKPIUGIOGPVKUCEQORQPGPVQHCPGPVKV[VJCVGPICIGUKPDWUKPGUUCEVKXKVKGUHTQOYJKEJKVOC[GCTP
TGXGPWGUCPFKPEWTGZRGPUGUYJQUGUGIOGPVCNQRGTCVKPITGUWNVUCTGTGIWNCTN[TGXKGYGFD[VJGGPVKV[oUEJKGHQRGTCVKPI
FGEKUKQPOCMGTCPFHQTYJKEJFKUVKPEVƂPCPEKCNKPHQTOCVKQPKUCXCKNCDNG
6JG/CPCIGOGPV$QCTFCUEJKGHQRGTCVKPIFGEKUKQPOCMGTOQPKVQTUVJGQRGTCVKPITGUWNVUQHKVUQRGTCVKPIUGIOGPVU
UGRCTCVGN[HQTVJGRWTRQUGQHOCMKPIFGEKUKQPUCDQWVTGUQWTEGCNNQECVKQPCPFRGTHQTOCPEGCUUGUUOGPV5GIOGPV
RGTHQTOCPEGKUGXCNWCVGFDCUGFQPTGXGPWGITQUUOCTIKP'$+6CPF'$+6&#CPFRTGRCTGFKPCEEQTFCPEGYKVJ&KTGEVKQPCN
TGRQTVKPI|6JG%QORCP[JCUVYQTGRQTVCDNGUGIOGPVU
Ŷ 6JG.GCUGCPF1RGTCVGUGIOGPVKPENWFGUCNNGCTPGFFC[TCVGUQPQRGTCVKPINGCUGCPFQRGTCVGEQPVTCEVU
Ŷ 6JG6WTPMG[UGIOGPVKPENWFGUTGXGPWGUHTQO6WTPMG[UWRRN[EQPVTCEVUCPFCHVGTUCNGUUGTXKEGUYJKEJEQPUKUVOCKPN[QH
NCTIGRTQFWEVKQPU[UVGOUNCTIGOQQTKPIU[UVGOUFGGRYCVGTGZRQTVU[UVGOUƃWKFVTCPUHGTU[UVGOUVCPMGTNQCFKPICPF
FKUEJCTIGVGTOKPCNUFGUKIPUGTXKEGUCPFUWRRN[QHURGEKCNEQORQPGPVUCPFRTQRTKGVCT[FGUKIPUCPFGSWKROGPV6JGPGY
GPGTI[DWUKPGUUCNUQHQTOURCTVQHVJG6WTPMG[UGIOGPVVJKUOCKPN[TGNCVGUVQƃQCVKPIQHHUJQTGYKPFUQNWVKQPU
5$/1((5*14'#007#.4'2146
0QQRGTCVKPIUGIOGPVUJCXGDGGPCIITGICVGFVQHQTOVJGCDQXGTGRQTVCDNGUGIOGPVU
6JG%QORCP[oUEQTRQTCVGQXGTJGCFHWPEVKQPUFQPQVEQPUVKVWVGCPQRGTCVKPIUGIOGPVCUFGƂPGFD[+(45o1RGTCVKPI
UGIOGPVUoCPFCTGTGRQTVGFWPFGTVJGo1VJGToUGEVKQPKPPQVG1RGTCVKPI5GIOGPVUCPF&KTGEVKQPCN4GRQTVKPI
1RGTCVKPIUGIOGPVKPHQTOCVKQPKURTGRCTGFCPFGXCNWCVGFDCUGFQP&KTGEVKQPCNTGRQTVKPIHQTYJKEJVJGOCKPRTKPEKRNGUCTG
GZRNCKPGFKPPQVG1RGTCVKPI5GIOGPVUCPF&KTGEVKQPCN4GRQTVKPI
H &GOQDKNK\CVKQPQDNKICVKQPU
6JGFGOQDKNK\CVKQPQDNKICVKQPUQHVJG%QORCP[CTGGKVJGTUVCVGFKPVJGNGCUGEQPVTCEVQTFGTKXGFHTQOVJGKPVGTPCVKQPCN
EQPXGPVKQPUCPFVJGURGEKƂENGIKUNCVKQPCRRNKGFKPVJGEQWPVTKGUYJGTGVJG%QORCP[QRGTCVGUCUUGVU&GOQDKNK\CVKQPEQUVU
YKNNDGKPEWTTGFD[VJG%QORCP[CVVJGGPFQHVJGQRGTCVKPINKHGQHVJG%QORCP[oUHCEKNKVKGU
(QTQRGTCVKPINGCUGUVJGPGVRTGUGPVXCNWGQHVJGHWVWTGQDNKICVKQPUKUKPENWFGFKPRTQRGTV[RNCPVCPFGSWKROGPVYKVJC
EQTTGURQPFKPICOQWPVKPENWFGFKPVJGRTQXKUKQPHQTFGOQDKNK\CVKQP#UVJGTGOCKPKPIFWTCVKQPQHGCEJNGCUGTGFWEGUCPF
VJGFKUEQWPVKPIGHHGEVQPVJGRTQXKUKQPWPYKPFUCEETWGFKPVGTGUVKUTGEQIPK\GFCURCTVQHƂPCPEKCNGZRGPUGUCPFCFFGFVQ
VJGRTQXKUKQP6JGUWDUGSWGPVWRFCVGUQHVJGOGCUWTGOGPVQHVJGFGOQDKNK\CVKQPEQUVUCTGTGEQIPK\GFDQVJKORCEVKPIVJG
RTQXKUKQPCPFVJGCUUGV
+PUQOGECUGUYJGPVJGEQPVTCEVKPENWFGUCFGOQDKNK\CVKQPDCTGDQCVHGGVJCVVJG%QORCP[KPXQKEGUVQVJGENKGPVFWTKPIVJG
FGOQDKNK\CVKQPRJCUGCTGEGKXCDNGKUTGEQIPK\GFCVVJGDGIKPPKPIQHVJGNGCUGRJCUGHQTVJGFKUEQWPVGFXCNWGQHVJGHGG
9JGPVJGTGEGKXCDNGKUTGEQIPK\GFKVKUNKOKVGFVQVJGCOQWPVQHVJGEQTTGURQPFKPIFGOQDKNK\CVKQPQDNKICVKQP6JGUG
TGEGKXCDNGUCTGUWDLGEVVQGZRGEVGFETGFKVNQUUKORCKTOGPVYJKEJCTGCPCN[\GFVQIGVJGTYKVJVJGƂPCPEGNGCUGTGEGKXCDNG
WUKPIVJGUCOGOGVJQFQNQI[
(QTƂPCPEGNGCUGUFGOQDKNK\CVKQPQDNKICVKQPUCTGCPCN[\GFCUCEQORQPGPVQHVJGUCNGTGEQIPK\GFWPFGT+(45+VKU
FGVGTOKPGFYJGVJGTVJGFGOQDKNK\CVKQPQDNKICVKQPUJQWNFDGFGƂPGFCUCUGRCTCVGRGTHQTOCPEGQDNKICVKQP+PVJCVECUG
DGECWUGVJGFGOQDKNK\CVKQPQRGTCVKQPKURGTHQTOGFCVCNCVGTUVCIGVJGTGNCVGFTGXGPWGKUFGHGTTGFWPVKNVJGFGOQDKNK\CVKQP
QRGTCVKQPUQEEWT5WDUGSWGPVWRFCVGUQHVJGOGCUWTGOGPVQHVJGFGOQDKNK\CVKQPEQUVUCTGTGEQIPK\GFKOOGFKCVGN[VJTQWIJ
FGHGTTGFTGXGPWGHQTVJGRTGUGPVXCNWGQHVJGEJCPIG
%5+)0+(+%#06#%%1706+0)21.+%+'5
6JGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUQHVJG%QORCP[JCXGDGGPRTGRCTGFQPVJGJKUVQTKECNEQUVDCUKUGZEGRVHQTVJG
TGXCNWCVKQPQHEGTVCKPƂPCPEKCNKPUVTWOGPVU
C &KUVKPEVKQPDGVYGGPEWTTGPVCPFPQPEWTTGPVCUUGVUCPFNKCDKNKVKGU
6JG%QORCP[ENCUUKƂGUKVUCUUGVUCUEWTTGPVYJGPKVGZRGEVUVQTGCNK\GVJGCUUGVQTKPVGPFUVQUGNNQTEQPUWOGKVKPKVUPQTOCN
QRGTCVKPIE[ENG+PXGPVQT[CPFEQPVTCEVDCNCPEGUCTGENCUUKƂGFCUEWTTGPVYJKNGVJGVKOGYJGPVJGUGCUUGVUCTGUQNFQT
EQPUWOGFOKIJVDGNQPIGTVJCPVYGNXGOQPVJU(KPCPEKCNCUUGVUCTGENCUUKƂGFCUEWTTGPVYJGPVJG[CTGTGCNK\GFYKVJKPVYGNXG
OQPVJU.KCDKNKVKGUCTGENCUUKƂGFCUEWTTGPVYJGPVJG[CTGGZRGEVGFVQDGUGVVNGFYKVJKPNGUUVJCPVYGNXGOQPVJUCPFVJG
%QORCP[FQGUPQVJCXGCPWPEQPFKVKQPCNTKIJVVQFGHGTUGVVNGOGPVQHVJGNKCDKNKV[HQTCVNGCUVOQPVJUCHVGTVJGTGRQTVKPI
RGTKQF#NNQVJGTCUUGVUCPFNKCDKNKVKGUCTGENCUUKƂGFCUPQPEWTTGPV
D %QPUQNKFCVKQP
6JG%QORCP[oUEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUKPENWFGVJGƂPCPEKCNUVCVGOGPVUQHCNNEQPVTQNNGFUWDUKFKCTKGU
+PFGVGTOKPKPIWPFGT+(45YJGVJGTVJG%QORCP[EQPVTQNUCPKPXGUVGGVJG%QORCP[CUUGUUGUYJGVJGTKVJCUK RQYGTQXGT
VJGKPXGUVGGKK GZRQUWTGQTTKIJVUVQXCTKCDNGTGVWTPUHTQOKVUKPXQNXGOGPVCPFKKK VJGCDKNKV[VQWUGRQYGTQXGTKPXGUVGGUVQ
CHHGEVVJGCOQWPVQHTGVWTP6QFGVGTOKPGYJGVJGTVJG%QORCP[JCURQYGTQXGTVJGKPXGUVGGOWNVKRNGEQPVTCEVWCNGNGOGPVU
CTGCPCN[\GFCOQPIYJKEJK XQVKPITKIJVUQHVJG%QORCP[CVVJG)GPGTCN/GGVKPIKK XQVKPITKIJVUQHVJG%QORCP[CV$QCTF
NGXGNCPFKKK VJGRQYGTQHVJG%QORCP[VQCRRQKPVTGCUUKIPQTTGOQXGQVJGTMG[OCPCIGOGPVRGTUQPPGN
(QTKPXGUVGGUYJGTGD[UWEJEQPVTCEVWCNGNGOGPVUCTGPQVEQPENWUKXGDGECWUGCNNFGEKUKQPUCDQWVVJGTGNGXCPVCEVKXKVKGUCTG
VCMGPQPCOWVWCNEQPUGPVDCUKUVJGOCKPFGEKFKPIHGCVWTGTGUKFGUVJGPKPVJGFGCFNQEMENCWUGGZKUVKPIKPUJCTGJQNFGTUo
CITGGOGPVU+PECUGCFGCFNQEMUKVWCVKQPCTKUGUCVVJG$QCTFQH&KTGEVQTUQHCPGPVKV[YJGTGD[VJG$QCTFKUWPCDNGVQ
EQPENWFGQPCFGEKUKQPVJGFGCFNQEMENCWUGQHVJGUJCTGJQNFGTUoCITGGOGPVUIGPGTCNN[UVKRWNCVGUYJGVJGTCUWDUVCPVKXGTKIJV
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
KUITCPVGFVQVJG%QORCP[QTVQCNNVJGRCTVPGTUKPVJGGPVKV[VQDW[KVUUJCTGUVJTQWIJCEQORGPUCVKQPOGEJCPKUOVJCVKUHCKT
GPQWIJHQTVJG%QORCP[QTQPGQHVJGRCTVPGTUVQCESWKTGVJGUGUJCTGU+PECUGUWEJCUWDUVCPVKXGTKIJVTGUKFGUYKVJVJG
%QORCP[VJGGPVKV[YKNNDGFGƂPGFWPFGT+(45CUEQPVTQNNGFD[VJG%QORCP[+PECUGPQUWEJUWDUVCPVKXGTKIJVKUJGNFD[
CP[QHVJGUJCTGJQNFGTUVJTQWIJVJGFGCFNQEMENCWUGVJGGPVKV[YKNNDGFGƂPGFCUCLQKPVCTTCPIGOGPV
5WDUKFKCTKGU
5WDUKFKCTKGUCTGCNNGPVKVKGUQXGTYJKEJVJGITQWRJCUEQPVTQN6JGITQWREQPVTQNUCPGPVKV[YJGPVJGITQWRKUGZRQUGFVQQT
JCUTKIJVUVQXCTKCDNGTGVWTPUHTQOKVUKPXQNXGOGPVYKVJVJGGPVKV[CPFJCUVJGCDKNKV[VQCHHGEVVJQUGTGVWTPUVJTQWIJKVURQYGT
QXGTVJGGPVKV[5WDUKFKCTKGUCTGEQPUQNKFCVGFWUKPIVJGHWNNEQPUQNKFCVKQPOGVJQF
#NNTGEKRTQECNVTCPUCEVKQPUDGVYGGPVYQEQPVTQNNGFUWDUKFKCTKGUYKVJPQRTQƂVQTNQUUKORCEVCVEQPUQNKFCVKQPNGXGNCTGHWNN[
GNKOKPCVGFHQTVJGRTGRCTCVKQPQHVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU
+PVGTGUVUKPLQKPVXGPVWTGU
6JG%QORCP[JCUCRRNKGF+(45o,QKPV#TTCPIGOGPVUoVQCNNLQKPVCTTCPIGOGPVU7PFGT+(45KPXGUVOGPVUKPLQKPV
CTTCPIGOGPVUCTGENCUUKƂGFCUGKVJGTLQKPVQRGTCVKQPUQTLQKPVXGPVWTGUFGRGPFKPIQPVJGEQPVTCEVWCNTKIJVUCPFQDNKICVKQPU
QHGCEJKPXGUVQT+PFGVGTOKPKPIWPFGT+(45VJGENCUUKƂECVKQPQHCLQKPVCTTCPIGOGPVVJG%QORCP[CUUGUUGUVJCVCNNLQKPV
CTTCPIGOGPVUCTGUVTWEVWTGFVJTQWIJRTKXCVGNKOKVGFNKCDKNKV[EQORCPKGUKPEQTRQTCVGFKPXCTKQWULWTKUFKEVKQPU#UCTGUWNV
CUUGVUCPFNKCDKNKVKGUJGNFKPVJGUGUGRCTCVGXGJKENGUCTGVJQUGQHVJGUGRCTCVGXGJKENGUCPFPQVVJQUGQHVJGUJCTGJQNFGTUQH
VJGUGNKOKVGFNKCDKNKV[EQORCPKGU5JCTGJQNFGTUJCXGPQFKTGEVTKIJVUVQVJGCUUGVUPQTRTKOCT[QDNKICVKQPUHQTNKCDKNKVKGUQH
VJGUGXGJKENGU#UCTGUWNVVJG%QORCP[ENCUUKƂGUKVULQKPVCTTCPIGOGPVUVQDGLQKPVXGPVWTGU|,QKPVXGPVWTGUCTGCEEQWPVGFHQT
WUKPIVJGGSWKV[OGVJQF
+PXGUVOGPVUKPCUUQEKCVGU
#UUQEKCVGUCTGCNNGPVKVKGUQXGTYJKEJVJG%QORCP[JCUUKIPKƂECPVKPƃWGPEG5KIPKƂECPVKPƃWGPEGKUVJGRQYGTVQRCTVKEKRCVG
KPVJGƂPCPEKCNCPFQRGTCVKPIRQNKE[FGEKUKQPUQHVJGKPXGUVGGDWVKVKUPQVEQPVTQNQXGTVJQUGRQNKEKGU+PXGUVOGPVUKP
CUUQEKCVGUCTGCEEQWPVGFHQTWUKPIVJGGSWKV[OGVJQF
9JGPNQUUGUQHCPGSWKV[CEEQWPVGFGPVKV[CTGITGCVGTVJCPVJGXCNWGQHVJG%QORCP[oUPGVKPXGUVOGPVKPVJCVGPVKV[VJGUG
NQUUGUCTGPQVTGEQIPK\GFWPNGUUVJG%QORCP[JCUCEQPUVTWEVKXGQDNKICVKQPVQHWPFVJGGPVKV[6JGUJCTGQHVJGPGICVKXGPGV
GSWKV[QHVJGUGKUƂTUVCEEQWPVGFHQTCICKPUVVJGNQCPUJGNFD[VJGQYPGTVQYCTFUVJGGSWKV[CEEQWPVGFEQORCP[VJCVHQTOU
RCTVQHVJGPGVKPXGUVOGPV#P[GZEGUUKUCEEQWPVGFHQTWPFGTRTQXKUKQPU
4GEKRTQECNVTCPUCEVKQPUECTTKGFQWVDGVYGGPCUWDUKFKCT[CPFCPGSWKV[CEEQWPVGFGPVKV[CTGPQVGNKOKPCVGFHQTVJG
RTGRCTCVKQPQHVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU1PN[VTCPUCEVKQPUNGCFKPIVQCPKPVGTPCNRTQƂV GIHQTFKXKFGPFUQT
KPVGTPCNOCTIKPQPCUUGVUCNG CTGGNKOKPCVGFCRRN[KPIVJGRGTEGPVCIGQYPGFKPVJGGSWKV[CEEQWPVGFGPVKV[
6JGƂPCPEKCNUVCVGOGPVUQHVJGUWDUKFKCTKGUCUUQEKCVGUCPFLQKPVXGPVWTGUCTGRTGRCTGFHQTVJGUCOGTGRQTVKPIRGTKQFCUVJG
%QORCP[CPFVJGCEEQWPVKPIRQNKEKGUCTGKPNKPGYKVJVJQUGQHVJG%QORCP[
E 0QPFGTKXCVKXGƂPCPEKCNCUUGVU
6JG%QORCP[oUƂPCPEKCNCUUGVUEQPUKUVQHƂPCPEGNGCUGTGEGKXCDNGUNQCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGUCPFVTCFGCPF
QVJGTTGEGKXCDNGU6JGCEEQWPVKPIRQNKE[QPVTCFGCPFQVJGTTGEGKXCDNGUKUFGUETKDGFUGRCTCVGN[
(KPCPEGNGCUGTGEGKXCDNGUCTGPQPFGTKXCVKXGƂPCPEKCNCUUGVUYKVJƂZGFQTFGVGTOKPGFRC[OGPVUVJCVCTGPQVSWQVGFKPCP
CEVKXGOCTMGV
.QCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGUTGNCVGRTKOCTKN[VQKPVGTGUVDGCTKPINQCPUVQLQKPVXGPVWTGU6JGUGƂPCPEKCNCUUGVUCTG
KPKVKCNN[OGCUWTGFCVHCKTXCNWGRNWUVTCPUCEVKQPEQUVU KHCP[ CPFUWDUGSWGPVN[OGCUWTGFCVCOQTVK\GFEQUV
6JG%QORCP[ENCUUKƂGUKVUƂPCPEKCNCUUGVUCVCOQTVK\GFEQUVQPN[KHDQVJQHVJGHQNNQYKPIETKVGTKCCTGOGV
Ŷ 6JGCUUGVKUJGNFYKVJKPCDWUKPGUUOQFGNYJQUGQDLGEVKXGKUVQEQNNGEVVJGEQPVTCEVWCNECUJƃQYUCPF
Ŷ 6JGEQPVTCEVWCNVGTOUIKXGTKUGVQECUJƃQYUVJCVCTGUQNGN[RC[OGPVUQHRTKPEKRCNCPFKPVGTGUV
5$/1((5*14'#007#.4'2146
(KPCPEKCNCUUGVUCTGFGTGEQIPK\GFYJGPVJGEQPVTCEVWCNTKIJVUVQVJGECUJƃQYUHTQOVJGƂPCPEKCNCUUGVGZRKTGQTJCXGDGGP
VTCPUHGTTGFCPFVJG%QORCP[JCUVTCPUHGTTGFUWDUVCPVKCNN[CNNVJGTKUMUCPFTGYCTFUQHQYPGTUJKR
F $QTTQYKPIU DCPMCPFQVJGTNQCPU CPFNGCUGNKCDKNKVKGU

$QTTQYKPIUCTGTGEQIPK\GFQPUGVVNGOGPVFCVGDGKPIVJGFCVGQPYJKEJECUJKURCKFQTTGEGKXGF6JG[CTGKPKVKCNN[
TGEQIPK\GFCVHCKTXCNWGPGVQHVTCPUCEVKQPEQUVUKPEWTTGF VTCPUCEVKQPRTKEG UWDUGSWGPVN[OGCUWTGFCVCOQTVK\GFEQUVCPF
ENCUUKƂGFCUEWTTGPVNKCDKNKVKGUWPNGUUVJG%QORCP[JCUCPWPEQPFKVKQPCNTKIJVVQFGHGTUGVVNGOGPVQHVJGNKCDKNKV[HQTCVNGCUV
VYGNXGOQPVJUCHVGTVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPFCVG|
$QTTQYKPIEQUVUVJCVCTGFKTGEVN[CVVTKDWVCDNGVQVJGCESWKUKVKQPEQPUVTWEVKQPQTRTQFWEVKQPQHCSWCNKH[KPICUUGVCTG
ECRKVCNK\GFKPVQVJGEQUVQHVJGCUUGVKPVJGRGTKQFKPYJKEJVJG[CTGKPEWTTGF1VJGTYKUGDQTTQYKPIEQUVUCTGTGEQIPK\GFCU
CPGZRGPUGKPVJGRGTKQFKPYJKEJVJG[CTGKPEWTTGF
$QTTQYKPIUCTGFGTGEQIPK\GFYJGPVJG%QORCP[GKVJGTFKUEJCTIGUVJGDQTTQYKPID[RC[KPIVJGETGFKVQTQTKUNGICNN[
TGNGCUGFHTQORTKOCT[TGURQPUKDKNKV[HQTVJGDQTTQYKPIGKVJGTD[RTQEGUUQHNCYQTD[VJGETGFKVQT
.GCUGNKCDKNKVKGUCTKUKPIHTQONGCUGEQPVTCEVUKPYJKEJVJG%QORCP[KUVJGNGUUGGCTGKPKVKCNN[OGCUWTGFCVVJGPGVRTGUGPV
XCNWGQHVJGHQNNQYKPI
Ŷ (KZGFNGCUGRC[OGPVU KPENWFKPIKPUWDUVCPEGƂZGFRC[OGPVU NGUUCP[NGCUGKPEGPVKXGUTGEGKXCDNG
Ŷ 8CTKCDNGNGCUGRC[OGPVUVJCVCTGDCUGFQPCPKPFGZQTCTCVG
Ŷ #OQWPVUGZRGEVGFVQDGRC[CDNGWPFGTTGUKFWCNXCNWGIWCTCPVGGU
Ŷ 6JGGZGTEKUGRTKEGQHCRWTEJCUGQRVKQPKHVJG%QORCP[KUTGCUQPCDN[EGTVCKPVQGZGTEKUGVJCVQRVKQPCPF
Ŷ 2C[OGPVUQHRGPCNVKGUHQTVGTOKPCVKPIVJGNGCUGKHVJGNGCUGVGTOTGƃGEVUVJG%QORCP[GZGTEKUKPIVJCVQRVKQP
6JGNGCUGRC[OGPVUCTGFKUEQWPVGFWUKPIVJGKPVGTGUVTCVGKORNKEKVKPVJGNGCUGKHVJCVTCVGECPDGFGVGTOKPGFQTVJG
%QORCP[oUKPETGOGPVCNDQTTQYKPITCVG
'CEJNGCUGRC[OGPVKUCNNQECVGFDGVYGGPVJGNGCUGNKCDKNKV[CPFƂPCPEGEQUV(KPCPEGEQUVKUEJCTIGFVQVJGEQPUQNKFCVGF
KPEQOGUVCVGOGPVQXGTVJGNGCUGRGTKQFUQCUVQRTQFWEGCEQPUVCPVRGTKQFKETCVGQHKPVGTGUVQPVJGTGOCKPKPIDCNCPEGQHVJG
NKCDKNKV[HQTGCEJRGTKQF
G (QTGKIPEWTTGPE[VTCPUCEVKQPUCPFFGTKXCVKXGƂPCPEKCNKPUVTWOGPVU
(QTGKIPEWTTGPE[VTCPUCEVKQPUCTGVTCPUNCVGFKPVQVJGHWPEVKQPCNEWTTGPE[VJG75FQNNCTCVVJGGZEJCPIGTCVGCRRNKECDNGQP
VJGVTCPUCEVKQPFCVG#VVJGENQUKPIFCVGOQPGVCT[CUUGVUCPFNKCDKNKVKGUUVCVGFKPHQTGKIPEWTTGPEKGUCTGVTCPUNCVGFKPVQVJG
HWPEVKQPCNEWTTGPE[CVVJGGZEJCPIGTCVGRTGXCKNKPIQPVJCVFCVG4GUWNVKPIGZEJCPIGICKPUQTNQUUGUCTGFKTGEVN[TGEQTFGFKP
VJGKPEQOGUVCVGOGPV#VVJGENQUKPIFCVGPQPOQPGVCT[CUUGVUCPFNKCDKNKVKGUUVCVGFKPHQTGKIPEWTTGPE[TGOCKPVTCPUNCVGF
KPVQVJGHWPEVKQPCNEWTTGPE[WUKPIVJGGZEJCPIGTCVGCVVJGFCVGQHVJGVTCPUCEVKQP
6TCPUNCVKQPQHHQTGKIPEWTTGPE[KPEQOGUVCVGOGPVUQHHQTGKIPQRGTCVKQPU GZEGRVHQTHQTGKIPQRGTCVKQPUKPJ[RGTKPƃCVKQPCT[
GEQPQOKGU KPVQ75FQNNCTUKUEQPXGTVGFCVVJGCXGTCIGGZEJCPIGTCVGRTGXCKNKPIFWTKPIVJG[GCT5VCVGOGPVUQHƂPCPEKCN
RQUKVKQPCTGVTCPUNCVGFCVVJGGZEJCPIGTCVGCVVJGENQUKPIFCVG&KHHGTGPEGUCTKUKPIKPVJGVTCPUNCVKQPQHƂPCPEKCNUVCVGOGPVU
QHHQTGKIPQRGTCVKQPUCTGTGEQTFGFKPQVJGTEQORTGJGPUKXGKPEQOGCUHQTGKIPEWTTGPE[VTCPUNCVKQPTGUGTXG1PEQPUQNKFCVKQP
GZEJCPIGFKHHGTGPEGUCTKUKPIHTQOVJGVTCPUNCVKQPQHVJGPGVKPXGUVOGPVKPHQTGKIPGPVKVKGUCPFDQTTQYKPIUQHUWEJ
KPXGUVOGPVUCTGVCMGPVQ%QORCP[GSWKV[1PFKURQUCNQTRCTVKCNFKURQUCNQHCHQTGKIPQRGTCVKQPCP[EQTTGURQPFKPI
EWOWNCVKXGGZEJCPIGFKHHGTGPEGUCTGVTCPUHGTTGFHTQOGSWKV[VQRTQƂVQTNQUU
&GTKXCVKXGƂPCPEKCNKPUVTWOGPVUJGNFD[VJG%QORCP[CTGCKOGFCVJGFIKPITKUMUCUUQEKCVGFYKVJOCTMGVTKUMƃWEVWCVKQPU6JG
%QORCP[WUGURTKOCTKN[HQTYCTFEWTTGPE[EQPVTCEVUKPVGTGUVTCVGUYCRUCPFEQOOQFKV[EQPVTCEVUVQJGFIGHQTGKIPEWTTGPE[
TKUMKPVGTGUVTCVGTKUMCPFEQOOQFKV[RTKEGTKUM(WTVJGTKPHQTOCVKQPCDQWVVJGƂPCPEKCNTKUMOCPCIGOGPVQDLGEVKXGUCPF
RQNKEKGUKUKPENWFGFKPPQVG(KPCPEKCN+PUVTWOGPVUŨ(CKT8CNWGUCPF4KUM/CPCIGOGPV
#FGTKXCVKXGKPUVTWOGPV ECUJƃQYJGFIG SWCNKƂGUHQTJGFIGCEEQWPVKPIYJGPCNNTGNGXCPVETKVGTKCCTGOGV#ECUJƃQY

JGFIGCKOUCVTGFWEKPITKUMUKPEWTTGFD[XCTKCVKQPUKPVJGXCNWGQHHWVWTGECUJƃQYUVJCVOC[KORCEVPGVKPEQOG+PQTFGTHQT
CFGTKXCVKXGVQDGGNKIKDNGHQTJGFIGCEEQWPVKPIVJGHQNNQYKPIETKVGTKCOWUVDGOGV
Ŷ 6JGTGKUCPGEQPQOKETGNCVKQPUJKRDGVYGGPVJGJGFIKPIKPUVTWOGPVCPFVJGJGFIGFKVGO
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
Ŷ 6JGGHHGEVQHETGFKVTKUMFQGUPQVFQOKPCVGVJGXCNWGEJCPIGUTGUWNVKPIHTQOVJCVGEQPQOKETGNCVKQPUJKR
Ŷ 6JGJGFIGTCVKQQHVJGJGFIKPITGNCVKQPUJKRKUVJGUCOGCUVJCVWUGFHQTTKUMOCPCIGOGPVRWTRQUGU
#NNFGTKXCVKXGKPUVTWOGPVUCTGTGEQTFGFCPFFKUENQUGFKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPCVHCKTXCNWG2WTEJCUGUCPFUCNGU
QHFGTKXCVKXGUCTGCEEQWPVGFHQTCVVTCFGFCVG9JGTGCRQTVKQPQHCƂPCPEKCNFGTKXCVKXGKUGZRGEVGFVQDGTGCNK\GFYKVJKP
VYGNXGOQPVJUQHVJGTGRQTVKPIFCVGVJCVRQTVKQPKURTGUGPVGFCUEWTTGPVVJGTGOCKPFGTQHVJGƂPCPEKCNFGTKXCVKXGCUPQP
EWTTGPV
%JCPIGUKPHCKTXCNWGQHFGTKXCVKXGUFGUKIPCVGFCUECUJƃQYJGFIGTGNCVKQPUJKRUCTGTGEQIPK\GFCUHQNNQYU
Ŷ 6JGGHHGEVKXGRQTVKQPQHVJGICKPQTNQUUQHVJGJGFIKPIKPUVTWOGPVKUTGEQTFGFFKTGEVN[KPQVJGTEQORTGJGPUKXGKPEQOG
CPFVJGKPGHHGEVKXGRQTVKQPQHVJGICKPQTNQUUQPVJGJGFIKPIKPUVTWOGPVKUTGEQTFGFKPVJGKPEQOGUVCVGOGPV6JGICKPQT
NQUUYJKEJKUFGHGTTGFKPGSWKV[KUTGENCUUKƂGFVQVJGPGVKPEQOGKPVJGRGTKQF U KPYJKEJVJGURGEKƂGFJGFIGFVTCPUCEVKQP
CHHGEVUVJGKPEQOGUVCVGOGPV
Ŷ 6JGEJCPIGUKPHCKTXCNWGQHFGTKXCVKXGƂPCPEKCNKPUVTWOGPVUVJCVFQPQVSWCNKH[CUJGFIKPIKPCEEQWPVKPIUVCPFCTFUCTG
FKTGEVN[TGEQTFGFKPVJGKPEQOGUVCVGOGPV
6JGUQWTEGUQHJGFIGKPGHHGEVKXGPGUUCTG
Ŷ 6JGPQPQEEWTTGPEGQHVJGJGFIGFKVGO
Ŷ 6JGEJCPIGKPVJGRTKPEKRCNVGTOUQHVJGJGFIGFKVGO
Ŷ 6JGUGXGTGEJCPIGQHVJGETGFKVTKUMQHVJG%QORCP[CPFQTVJGFGTKXCVKXGEQWPVGTRCTV[
9JGPOGCUWTKPIVJGHCKTXCNWGQHCƂPCPEKCNKPUVTWOGPVVJG%QORCP[WUGUOCTMGVQDUGTXCDNGFCVCCUOWEJCURQUUKDNG(CKT
XCNWGUCTGECVGIQTK\GFKPVQFKHHGTGPVNGXGNUKPCHCKTXCNWGJKGTCTEJ[DCUGFQPVJGKPRWVUWUGFKPVJGXCNWCVKQPVGEJPKSWGU
(WTVJGTKPHQTOCVKQPCDQWVVJGHCKTXCNWGOGCUWTGOGPVQHƂPCPEKCNFGTKXCVKXGUKUKPENWFGFKPPQVG(KPCPEKCN+PUVTWOGPVU
Ũ(CKT8CNWGUCPF4KUM/CPCIGOGPV
H 2TQXKUKQPU
2TQXKUKQPUCTGTGEQIPK\GFKHCPFQPN[KHVJGHQNNQYKPIETKVGTKCCTGUKOWNVCPGQWUN[OGV
Ŷ 6JG%QORCP[JCUCPQPIQKPIQDNKICVKQP NGICNQTEQPUVTWEVKXG CUCTGUWNVQHCRCUVGXGPV
Ŷ +VKURTQDCDNGVJCVCPQWVƃQYQHTGUQWTEGUGODQF[KPIGEQPQOKEDGPGƂVUYKNNDGTGSWKTGFVQUGVVNGVJGQDNKICVKQP
Ŷ 6JGCOQWPVQHVJGQDNKICVKQPECPDGTGNKCDN[GUVKOCVGFRTQXKUKQPUCTGOGCUWTGFCEEQTFKPIVQVJGTKUMCUUGUUOGPVQTVJG
GZRQUGFEJCTIGDCUGFWRQPDGUVMPQYPHCEVU
&GOQDKNK\CVKQPRTQXKUKQPUTGNCVGVQGUVKOCVGFEQUVUHQTFGOQDKNK\CVKQPQHNGCUGFHCEKNKVKGUCVVJGGPFQHVJGTGURGEVKXGNGCUG
RGTKQFQTQRGTCVKPINKHG
9CTTCPV[RTQXKUKQPUTGNCVGVQVJG%QORCP[oUQDNKICVKQPUVQTGRNCEGQTTGRCKTFGHGEVKXGKVGOUVJCVDGEQOGCRRCTGPVYKVJKPCP
CITGGFRGTKQFUVCTVKPIHTQOƂPCNCEEGRVCPEGQHVJGFGNKXGTGFU[UVGO6JGUGCUUWTCPEGV[RGYCTTCPVKGUCTGRTQXKFGFVQ
EWUVQOGTUQPOQUV6WTPMG[UCNGU6JGUGRTQXKUKQPUCTGGUVKOCVGFQPCUVCVKUVKECNDCUKUTGICTFKPIVJG%QORCP[oURCUV
GZRGTKGPEGQTQPCPKPFKXKFWCNDCUKUKPVJGECUGQHCP[YCTTCPV[ENCKOCNTGCF[KFGPVKƂGF6JGUGRTQXKUKQPUCTGENCUUKƂGFCU
EWTTGPVD[PCVWTGCUKVEQKPEKFGUYKVJVJGRTQFWEVKQPE[ENGQHVJG%QORCP[
1VJGTRTQXKUKQPUKPENWFGRTQXKUKQPUNKMGEQOOGTEKCNENCKOUTGIWNCVQT[ƂPGUTGNCVGFVQQRGTCVKQPUCPFNQECNEQPVGPVRGPCNV[
+PTGNCVKQPVQNQECNEQPVGPVRGPCNV[$TC\KNKCPQKNCPFICUEQPVTCEVUV[RKECNN[KPENWFGNQECNEQPVGPVTGSWKTGOGPVU6JGUG
TGSWKTGOGPVUCTGKUUWGFD[VJG#IÆPEKC0CEKQPCNFQ2GVTÏNGQ)½U0CVWTCNG$KQEQODWUVÉXGKU #02 VQVJGYKPPKPI
EQPEGUUKQPCKTGEQPUQTVKCQHCWEVKQPGF$TC\KNKCPGZRNQTCVQT[DNQEMUQTCTGCUCVVJGGPFQHVJGDKFFKPITQWPFYKVJVJG
KPVGPVKQPVQUVTGPIVJGPVJGFQOGUVKE$TC\KNKCPOCTMGVCPFGZRCPFNQECNGORNQ[OGPV6JGQYPKPIEQPEGUUKQPCKTGEQPUQTVKC
PQTOCNN[EQPVTCEVWCNN[RCUUGUUWEJTGSWKTGOGPVUQPVQCOQPIQVJGTUWRRNKGTUVJGEQORCP[FGNKXGTKPIVJG(251(QTVJG
%QORCP[oU$TC\KNKCPEQPVTCEVUVJG%QORCP[CUUGUUGUVJGGZGEWVKQPUVTCVGI[CPFOC[FGEKFGVJCVGZGEWVKQPQHVJGRTQLGEVKP
NQECVKQPUQVJGTVJCP$TC\KNKUOQTGDGPGƂEKCN5WEJCFGEKUKQPVCMGUKPVQCEEQWPVHCEVQTUUWEJCUQRVKOK\CVKQPQHQXGTCNNEQUV
QHFGNKXGT[SWCNKV[CPFVKOGNKPGUU#UCTGUWNVHQNNQYKPIVJGEJQUGPGZGEWVKQPUVTCVGI[VJG%QORCP[OC[GZRGEVVQPQVOGGV
GPVKTGN[VJGCITGGFNQECNEQPVGPVTGSWKTGOGPVU+PUWEJEKTEWOUVCPEGUVJGGZRGEVGFRGPCNV[VQDGRCKFCUCTGUWNVQHPQV
OGGVKPIVJGNQECNEQPVGPVTGSWKTGOGPVUKUFGVGTOKPGFDCUGFQPOCPCIGOGPVoUDGUVGUVKOCVGCPFTGEQIPK\GFCURTQXKUKQP
FWTKPIVJGEQPUVTWEVKQPRGTKQF6JGEQTTGURQPFKPIEQUVKUGZRGPUGFQXGTVJGEQPUVTWEVKQPRGTKQFQHVJGCUUGV
5$/1((5*14'#007#.4'2146
I 2TQRGTV[RNCPVCPFGSWKROGPV
2TQRGTV[RNCPVCPFGSWKROGPVCTGUVCVGFCVEQUVNGUUCEEWOWNCVGFFGRTGEKCVKQPCPFCEEWOWNCVGFKORCKTOGPVNQUUGU
*KUVQTKECNEQUVKPENWFGUGZRGPFKVWTGVJCVKUFKTGEVN[CVVTKDWVCDNGVQVJGCESWKUKVKQPQHUWEJKVGOU6JGECRKVCNXCNWGQHCHCEKNKV[
VQDGNGCUGFCPFQRGTCVGFHQTCENKGPVKUVJGUWOQHGZVGTPCNEQUVU UWEJCUUJKR[CTFUUWDEQPVTCEVQTUCPFUWRRNKGTU KPVGTPCN
EQUVU FGUKIPGPIKPGGTKPIEQPUVTWEVKQPUWRGTXKUKQPGVE VJKTFRCTV[ƂPCPEKCNEQUVUKPENWFKPIKPVGTGUVRCKFFWTKPI
EQPUVTWEVKQPCPFCVVTKDWVCDNGQXGTJGCF
5WDUGSWGPVEQUVUCTGKPENWFGFKPCPCUUGVUoECTT[KPICOQWPVQTTGEQIPK\GFCUCUGRCTCVGCUUGVCUCRRTQRTKCVGQPN[YJGPKV
KURTQDCDNGVJCVHWVWTGGEQPQOKEDGPGƂVUCUUQEKCVGFYKVJVJGKVGOYKNNƃQYVQVJG%QORCP[CPFVJGEQUVQHVJGKVGOECPDG
OGCUWTGFTGNKCDN[6JGEQUVUQHCUUGVUKPENWFGVJGKPKVKCNGUVKOCVGQHEQUVUQHFGOQDKNK\CVKQPQHVJGCUUGVPGVQH
TGKODWTUGOGPVGZRGEVGFVQDGTGEGKXGFD[VJGENKGPV
%QUVUTGNCVGFVQOCLQTQXGTJCWNYJKEJOGGVVJGETKVGTKCHQTECRKVCNK\CVKQPCTGKPENWFGFKPVJGCUUGVoUECTT[KPICOQWPV#NN
QVJGTTGRCKTUCPFOCKPVGPCPEGCTGEJCTIGFVQVJGKPEQOGUVCVGOGPVFWTKPIVJGƂPCPEKCNRGTKQFKPYJKEJVJG[CTGKPEWTTGF
9JGPUKIPKƂECPVRCTVUQHCPKVGOQHRTQRGTV[RNCPVCPFGSWKROGPVJCXGFKHHGTGPVWUGHWNNKXGUVJQUGEQORQPGPVUCTG
CEEQWPVGFHQTCUUGRCTCVGNKPGKVGOUQHRTQRGTV[RNCPVCPFGSWKROGPV6JGFGRTGEKCVKQPEJCTIGKUECNEWNCVGFDCUGFQP
HWVWTGCPVKEKRCVGFGEQPQOKEDGPGƂVUGIDCUGFQPVJGWPKVQHRTQFWEVKQPOGVJQFQTQPCUVTCKIJVNKPGDCUKUCUHQNNQYU
Ŷ 0GYDWKNF(CUV9CTF(251WRVQ[GCTU KPENWFGFKPXGUUGNUCPFƃQCVKPIGSWKROGPV
Ŷ %QPXGTVGFVCPMGTU(251[GCTU KPENWFGFKPXGUUGNUCPFƃQCVKPIGSWKROGPV
Ŷ (NQCVKPIGSWKROGPV[GCTU KPENWFGFKPXGUUGNUCPFƃQCVKPIGSWKROGPV
Ŷ $WKNFKPIU[GCTU
Ŷ 1VJGTCUUGVU[GCTU
Ŷ .CPFKUPQVFGRTGEKCVGF
4GICTFKPIWUGHWNNKXGUHQTXGUUGNUKPQRGTCVKQPVJG[CTGWUWCNN[CNKIPGFYKVJVJGNGCUGRGTKQF7UGHWNNKXGUCPFOGVJQFUQH
FGRTGEKCVKQPCTGTGXKGYGFCVNGCUVCPPWCNN[CPFCFLWUVGFKHCRRTQRTKCVG
6JGCUUGVUoTGUKFWCNXCNWGUCTGTGXKGYGFCPFCFLWUVGFKHCRRTQRTKCVGCVGCEJUVCVGOGPVQHƂPCPEKCNRQUKVKQPFCVG#PCUUGVoU
ECTT[KPICOQWPVKUYTKVVGPFQYPKOOGFKCVGN[VQKVUTGEQXGTCDNGCOQWPVKHVJGCUUGVoUECTT[KPICOQWPVKUJKIJGTVJCPKVU
GUVKOCVGFTGEQXGTCDNGCOQWPV
)CKPUCPFNQUUGUCTKUKPIQPFKURQUCNUQTTGVKTGOGPVQHCUUGVUCTGFGVGTOKPGFD[EQORCTKPICP[UCNGURTQEGGFUCPFVJG
ECTT[KPICOQWPVQHVJGCUUGV6JGUGCTGTGƃGEVGFKPVJGKPEQOGUVCVGOGPVKPVJGRGTKQFVJCVVJGCUUGVKUFKURQUGFQHQT
TGVKTGF
4KIJVQHWUGCUUGVUTGNCVGFVQVJG%QORCP[oUNGCUGEQPVTCEVUKPYJKEJVJG%QORCP[KUCNGUUGGCTGKPENWFGFKP2TQRGTV[RNCPV
CPFGSWKROGPV4KIJVQHWUGCUUGVUCPFEQTTGURQPFKPINKCDKNKVKGUCTGTGEQIPK\GFYJGPVJGNGCUGFCUUGVKUCXCKNCDNGHQTWUGD[
VJG%QORCP[4KIJVQHWUGCUUGVUCTGOGCUWTGFCVEQUVEQORTKUKPIVJGHQNNQYKPI
Ŷ 6JGCOQWPVQHVJGKPKVKCNOGCUWTGOGPVQHVJGNGCUGNKCDKNKV[
Ŷ #P[NGCUGRC[OGPVUOCFGCVQTDGHQTGVJGEQOOGPEGOGPVFCVG
Ŷ #P[KPKVKCNFKTGEVEQUVUCPF
Ŷ 4GUVQTCVKQPEQUVU
6JGTKIJVQHWUGCUUGVKUFGRTGEKCVGFQXGTVJGUJQTVGTQHVJGCUUGVnUWUGHWNNKHGCPFVJGNGCUGVGTOQPCUVTCKIJVNKPGDCUKU
2C[OGPVUCUUQEKCVGFYKVJUJQTVVGTONGCUGUCPFNGCUGUQHNQYXCNWGCUUGVUCTGTGEQIPK\GFQPCUVTCKIJVNKPGDCUKUCUCP
GZRGPUGKPRTQƂVQTNQUU5JQTVVGTONGCUGUCTGNGCUGUYKVJCNGCUGVGTOQHOQPVJUQTNGUU
J +PVCPIKDNGCUUGVU
)QQFYKNNTGRTGUGPVUVJGGZEGUUQHVJGEQUVQHCPCESWKUKVKQPQXGTVJGHCKTXCNWGQHVJG%QORCP[oUUJCTGQHVJGPGVKFGPVKƂCDNG
CUUGVUQHVJGCESWKTGFUWDUKFKCT[CVVJGFCVGQHVJGCESWKUKVKQPNGUUCEEWOWNCVGFKORCKTOGPV
)QQFYKNNKUCNNQECVGFVQECUJIGPGTCVKPIWPKVU %)7U HQTVJGRWTRQUGQHVJGCPPWCNKORCKTOGPVVGUVKPI
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
2CVGPVUCTGTGEQIPK\GFCVJKUVQTKECNEQUVCPFRCVGPVUCESWKTGFKPCDWUKPGUUEQODKPCVKQPCTGTGEQIPK\GFCVHCKTXCNWGCVVJG
CESWKUKVKQPFCVGYJGPKPVCPIKDNGCUUGVUETKVGTKCCTGOGVCPFCOQTVK\GFQPCUVTCKIJVNKPGDCUKUQXGTVJGKTWUGHWNNKHGIGPGTCNN[
QXGT[GCTU9JGPCRRNKECDNGKORCKTOGPVNQUUGUCTGTGEQIPK\GF
5QHVYCTGKUTGEQIPK\GFCVJKUVQTKECNEQUVCPFKUCOQTVK\GFQPCUVTCKIJVNKPGDCUKUQXGTKVUWUGHWNNKHG6JGWUGHWNNKHGQHUQHVYCTG
KUIGPGTCNN[DGVYGGPCPF[GCTFGRGPFGPVQPVJGV[RGQHUQHVYCTG
4GUGCTEJEQUVUCTGGZRGPUGFYJGPKPEWTTGF+PEQORNKCPEGYKVJ+#5FGXGNQROGPVEQUVUCTGECRKVCNK\GFKHCNNQHVJG
HQNNQYKPIETKVGTKCCTGOGV
Ŷ 6JGRTQLGEVUCTGENGCTN[FGƂPGF
Ŷ 6JG%QORCP[KUCDNGVQTGNKCDN[OGCUWTGGZRGPFKVWTGUKPEWTTGFD[GCEJRTQLGEVFWTKPIKVUFGXGNQROGPV
Ŷ 6JG%QORCP[KUCDNGVQFGOQPUVTCVGVJGVGEJPKECNHGCUKDKNKV[QHVJGRTQLGEV
Ŷ 6JG%QORCP[JCUVJGƂPCPEKCNCPFVGEJPKECNTGUQWTEGUCXCKNCDNGVQCEJKGXGVJGRTQLGEV
Ŷ 6JG%QORCP[ECPFGOQPUVTCVGKVUKPVGPVKQPVQEQORNGVGVQWUGQTVQEQOOGTEKCNK\GRTQFWEVUTGUWNVKPIHTQOVJGRTQLGEV
Ŷ 6JG%QORCP[KUCDNGVQFGOQPUVTCVGVJGGZKUVGPEGQHCOCTMGVHQTVJGQWVRWVQHVJGKPVCPIKDNGCUUGVQTKHKVKUWUGF
KPVGTPCNN[VJGWUGHWNPGUUQHVJGKPVCPIKDNGCUUGV
9JGPECRKVCNK\GFFGXGNQROGPVEQUVUCTGECTTKGFCVEQUVNGUUCP[CEEWOWNCVGFCOQTVK\CVKQPCPFKORCKTOGPVNQUUGU
#OQTVK\CVKQPDGIKPUYJGPVJGRTQLGEVKUEQORNGVGCPFCXCKNCDNGHQTWUG+VKUCOQTVK\GFQXGTVJGRGTKQFQHGZRGEVGFHWVWTG
DGPGƂVYJKEJKUIGPGTCNN[DGVYGGPCPF[GCTU
K #UUGVU QTFKURQUCNITQWRU JGNFHQTUCNG

6JG%QORCP[ENCUUKƂGUCUUGVUQTFKURQUCNITQWRUCUDGKPIJGNFHQTUCNGYJGPVJGKTECTT[KPICOQWPVYKNNDGTGEQXGTGF
RTKPEKRCNN[VJTQWIJCUCNGVTCPUCEVKQPTCVJGTVJCPVJTQWIJEQPVKPWKPIWUG
L +PXGPVQTKGU
+PXGPVQTKGUCTGXCNWGFCVVJGNQYGTQHEQUVCPFPGVTGCNK\CDNGXCNWG%QUVKUFGVGTOKPGFWUKPIVJGƂTUVKPƂTUVQWVOGVJQF0GV
TGCNK\CDNGXCNWGKUVJGGUVKOCVGFUGNNKPIRTKEGKPVJGQTFKPCT[EQWTUGQHDWUKPGUUNGUUVJGGUVKOCVGFEQUVQHEQORNGVKQPCPF
UGNNKPIGZRGPUGU+PXGPVQTKGUEQORTKUGUGOKƂPKUJGFƂPKUJGFRTQFWEVUCPFVJG%QORCP[oU(CUV9CTF/WNVK2WTRQUG
(NQCVGT o/2(o XCNWGFCVEQUVKPENWFKPICVVTKDWVCDNGQXGTJGCFUCPFURCTGRCTVUUVCVGFCVVJGNQYGTQHRWTEJCUGRTKEGQT
OCTMGVXCNWG/2(UWPFGTEQPUVTWEVKQPCTGCEEQWPVGFHQTCUKPXGPVQTKGUWPVKNVJG[CTGCNNQECVGFVQCYCTFGFRTQLGEVUCPF
VJGPTGENCUUKƂGFHTQOKPXGPVQTKGUVQEQPVTCEVCUUGVU
M 6TCFGCPFQVJGTTGEGKXCDNGU
6TCFGTGEGKXCDNGUCTGCOQWPVUFWGHTQOEWUVQOGTUHQTIQQFUUQNFQTUGTXKEGURGTHQTOGFKPVJGQTFKPCT[EQWTUGQHDWUKPGUU
6JG[CTGIGPGTCNN[FWGHQTUGVVNGOGPVYKVJKPCOCZKOWOQHFC[UCPFCTGVJGTGHQTGCNNENCUUKƂGFCUEWTTGPV6TCFG
TGEGKXCDNGUCTGTGEQIPK\GFKPKVKCNN[CVHCKTXCNWG6JG%QORCP[JQNFUVJGVTCFGTGEGKXCDNGUYKVJVJGQDLGEVKXGVQEQNNGEVVJG
EQPVTCEVWCNECUJƃQYUCPFVJGTGHQTGOGCUWTGUVJGOUWDUGSWGPVN[CVCOQTVK\GFEQUVWUKPIVJGGHHGEVKXGKPVGTGUVOGVJQF6JG
%QORCP[CRRNKGUVJGUKORNKƂGFCRRTQCEJKPOGCUWTKPIGZRGEVGFETGFKVNQUUGUHQTVTCFGTGEGKXCDNGU
1VJGTTGEGKXCDNGUCTGTGEQIPK\GFKPKVKCNN[CVHCKTXCNWGCPFUWDUGSWGPVN[OGCUWTGFCVCOQTVK\GFEQUVWUKPIVJGGHHGEVKXG
KPVGTGUVTCVGOGVJQF+PVGTGUVKPEQOGVQIGVJGTYKVJICKPUCPFNQUUGUYJGPVJGTGEGKXCDNGUCTGFGTGEQIPK\GFQTKORCKTGFKU
TGEQIPK\GFKPVJGKPEQOGUVCVGOGPV
N +ORCKTOGPVQHƂPCPEGNGCUGTGEGKXCDNGU
(QTƂPCPEGNGCUGTGEGKXCDNGUVJG%QORCP[CUUWOGUVJCVVJGETGFKVTKUMJCUPQVKPETGCUGFUKIPKƂECPVN[UKPEGVJGKPKVKCN
TGEQIPKVKQPKHVJGƂPCPEGNGCUGTGEGKXCDNGKUFGVGTOKPGFVQJCXGCNQYETGFKVTKUMCVVJGTGRQTVKPIFCVG KGVJG%QORCP[
CRRNKGUVJGNQYETGFKVTKUMUKORNKƂECVKQP #UCTGUWNVKHVJGƂPCPEGNGCUGTGEGKXCDNGKUFGVGTOKPGFVQJCXGCNQYETGFKVTKUMCV
VJGTGRQTVKPIFCVGVJG%QORCP[TGEQIPK\GUCOQPVJGZRGEVGFETGFKVNQUU
O %CUJCPFECUJGSWKXCNGPVU
%CUJCPFECUJGSWKXCNGPVUEQPUKUVQHECUJKPDCPMCPFKPJCPFHWNƂNNKPIVJGHQNNQYKPIETKVGTKCCOCVWTKV[QHWUWCNN[NGUUVJCP
VJTGGOQPVJUJKIJN[NKSWKFCƂZGFGZEJCPIGXCNWGCPFCPGZVTGOGN[NQYTKUMQHNQUUQHXCNWG
5$/1((5*14'#007#.4'2146
P 5JCTGECRKVCN
1TFKPCT[UJCTGUCPFRTQVGEVKXGRTGHGTGPEGUJCTGUCTGENCUUKƂGFCUGSWKV[+PETGOGPVCNEQUVUFKTGEVN[CVVTKDWVCDNGVQVJGKUUWG
QHPGYUJCTGUCTGUJQYPKPGSWKV[CUCFGFWEVKQPPGVQHVCZHTQOVJGRTQEGGFU
Q +PEQOGVCZ
6JGVCZGZRGPUGHQTVJGRGTKQFEQORTKUGUEWTTGPVCPFFGHGTTGFVCZ6CZKUTGEQIPK\GFKPVJGKPEQOGUVCVGOGPVGZEGRVVQVJG
GZVGPVVJCVKVTGNCVGUVQKVGOUTGEQIPK\GFKPQVJGTEQORTGJGPUKXGKPEQOGQTFKTGEVN[KPGSWKV[+PVJKUECUGVJGCUUQEKCVGFVCZ
KUCNUQTGEQIPK\GFKPQVJGTEQORTGJGPUKXGKPEQOGQTFKTGEVN[KPGSWKV[
+PEQOGVCZGZRGPUGUEQORTKUGEQTRQTCVGKPEQOGVCZFWGKPEQWPVTKGUQHKPEQTRQTCVKQPQHVJG%QORCP[oUOCKPUWDUKFKCTKGU
CPFNGXKGFQPCEVWCNRTQƂVU+PEQOGVCZGZRGPUGCNUQKPENWFGUVJGEQTRQTCVGKPEQOGVCZGUYJKEJCTGNGXKGFQPCFGGOGF
RTQƂVDCUKUCPFTGXGPWGDCUKU YKVJJQNFKPIVCZGUKPVJGUEQRGQH+#5 6JKURTGUGPVCVKQPCFGSWCVGN[TGƃGEVUVJG
%QORCP[oUINQDCNVCZDWTFGP
R &GHGTTGFVCZ
&GHGTTGFVCZKUTGEQIPK\GFWUKPIVJGNKCDKNKV[OGVJQFQPVGORQTCT[FKHHGTGPEGUCTKUKPIDGVYGGPVJGVCZDCUGUQHCUUGVUCPF
NKCDKNKVKGUCPFVJGKTECTT[KPICOQWPVUKPVJGƂPCPEKCNUVCVGOGPVU&GHGTTGFVCZKUFGVGTOKPGFWUKPIVCZTCVGUCPFNCYUVJCV
JCXGDGGPGPCEVGFQTUWDUVCPVKCNN[GPCEVGFD[VJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPFCVGCPFCTGGZRGEVGFVQCRRN[YJGPVJG
TGNCVGFFGHGTTGFVCZCUUGVKUTGCNK\GFQTVJGFGHGTTGFVCZNKCDKNKV[KUUGVVNGF
&GHGTTGFVCZCUUGVUCTGTGEQIPK\GFQPN[VQVJGGZVGPVVJCVKVKURTQDCDNGVJCVHWVWTGVCZCDNGRTQƂVYKNNDGCXCKNCDNGCICKPUV
YJKEJVJGVGORQTCT[FKHHGTGPEGUECPDGWVKNK\GF&GHGTTGFVCZKURTQXKFGFHQTQPVGORQTCT[FKHHGTGPEGUCTKUKPIQPKPXGUVOGPVU
KPUWDUKFKCTKGUCPFCUUQEKCVGUGZEGRVYJGTGVJGVKOKPIQHVJGTGXGTUCNQHVJGVGORQTCT[FKHHGTGPEGKUEQPVTQNNGFD[VJG
%QORCP[CPFKVKURTQDCDNGVJCVVJGVGORQTCT[FKHHGTGPEGYKNNPQVTGXGTUGKPVJGHQTGUGGCDNGHWVWTG
S 'ORNQ[GGDGPGƂVU
2GPUKQPQDNKICVKQPUVJG%QORCP[QRGTCVGUXCTKQWURGPUKQPUEJGOGUVJCVCTGIGPGTCNN[HWPFGFVJTQWIJRC[OGPVU
FGVGTOKPGFD[RGTKQFKECEVWCTKCNECNEWNCVKQPUVQKPUWTCPEGEQORCPKGUQTCTGFGƂPGFCUOWNVKGORNQ[GTRNCPU6JG%QORCP[
JCUDQVJFGƂPGFDGPGƂVCPFFGƂPGFEQPVTKDWVKQPRNCPU
Ŷ #FGƂPGFDGPGƂVRNCPKUCRGPUKQPRNCPVJCVFGƂPGUCPCOQWPVQHRGPUKQPDGPGƂVVJCVCPGORNQ[GGYKNNTGEGKXGQP
TGVKTGOGPVWUWCNN[FGRGPFGPVQPQPGQTOQTGHCEVQTUUWEJCUCIG[GCTUQHUGTXKEGCPFEQORGPUCVKQP
Ŷ #FGƂPGFEQPVTKDWVKQPRNCPKUCRGPUKQPRNCPWPFGTYJKEJVJG%QORCP[RC[UƂZGFEQPVTKDWVKQPUVQRWDNKEQTRTKXCVG
RGPUKQPKPUWTCPEGRNCPUQPCOCPFCVQT[EQPVTCEVWCNQTXQNWPVCT[DCUKU6JG%QORCP[JCUPQNGICNQTEQPUVTWEVKXG
QDNKICVKQPVQRC[HWTVJGTEQPVTKDWVKQPUKHVJGHWPFFQGUPQVJQNFUWHƂEKGPVCUUGVUVQRC[CNNGORNQ[GGUVJGDGPGƂVUTGNCVKPI
VQGORNQ[GGUGTXKEGKPVJGEWTTGPVCPFRTKQTRGTKQFU6JGEQPVTKDWVKQPUVQFGƂPGFEQPVTKDWVKQPRNCPUCPFOWNVKGORNQ[GT
RNCPUCTGTGEQIPK\GFCUCPGZRGPUGKPVJGKPEQOGUVCVGOGPVCUKPEWTTGF
6JGNKCDKNKV[TGEQIPK\GFKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPKPTGURGEVQHFGƂPGFDGPGƂVRGPUKQPRNCPUKUVJGRTGUGPVXCNWG
QHVJGFGƂPGFDGPGƂVQDNKICVKQPCVVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPFCVGNGUUVJGHCKTXCNWGQHVJGRNCPCUUGVUVQIGVJGT
YKVJCFLWUVOGPVUHQTWPTGEQIPK\GFCEVWCTKCNICKPUCPFNQUUGUCPFRCUVUGTXKEGEQUVU6JGFGƂPGFDGPGƂVQDNKICVKQPKU
ECNEWNCVGFRGTKQFKECNN[D[KPFGRGPFGPVCEVWCTKGUWUKPIVJGRTQLGEVGFWPKVETGFKVOGVJQF6JGRTGUGPVXCNWGQHVJGFGƂPGF
DGPGƂVQDNKICVKQPKUFGVGTOKPGFD[FKUEQWPVKPIVJGGUVKOCVGFHWVWTGECUJQWVƃQYUWUKPIKPVGTGUVTCVGUQPJKIJSWCNKV[
EQTRQTCVGDQPFUVJCVJCXGOCVWTKV[FCVGUCRRTQZKOCVKPIVQVJGVGTOUQHVJG%QORCP[oUQDNKICVKQPU
6JGGZRGPUGTGEQIPK\GFYKVJKPVJG'$+6EQORTKUGUVJGEWTTGPVUGTXKEGEQUVCPFVJGGHHGEVUQHCP[EJCPIGTGFWEVKQPQT
YKPFKPIWRQHVJGRNCP6JGCEETGVKQPKORCEVQPCEVWCTKCNFGDVCPFKPVGTGUVKPEQOGQPRNCPCUUGVUCTGTGEQIPK\GFWPFGTVJG
PGVƂPCPEKPIEQUV
%WOWNCVKXGCEVWCTKCNICKPUCPFNQUUGUCTKUKPIHTQOGZRGTKGPEGCFLWUVOGPVUCPFEJCPIGUKPCEVWCTKCNCUUWORVKQPUCTG
TGEQIPK\GFKOOGFKCVGN[KPEQORTGJGPUKXGKPEQOG
5JCTGDCUGFRC[OGPVUYKVJKPVJG%QORCP[VJGTGCTGHQWTV[RGUQHUJCTGDCUGFRC[OGPVRNCPUVJCVSWCNKH[CUGSWKV[UGVVNGF
Ŷ 4GUVTKEVGF5JCTG7PKV 457
Ŷ 5JQTVVGTO+PEGPVKXG2TQITCOQH$QPWU5JCTGUCPF/CVEJKPI5JCTGU
Ŷ 8CNWG%TGCVKQP5VCMG 8%5 CPF
Ŷ 1YPGTUJKR5JCTGU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
6JGGUVKOCVGFVQVCNCOQWPVVQDGGZRGPUGFQXGTVJGXGUVKPIRGTKQFTGNCVGFVQUJCTGDCUGFRC[OGPVUKUFGVGTOKPGFD[
K TGHGTGPEGVQVJGHCKTXCNWGQHVJGKPUVTWOGPVUFGVGTOKPGFCVVJGITCPVFCVGCPF KK PQPOCTMGVXGUVKPIEQPFKVKQPUKPENWFGF
KPCUUWORVKQPUCDQWVVJGPWODGTQHUJCTGUVJCVVJGGORNQ[GGYKNNWNVKOCVGN[TGEGKXG/CKPCUUWORVKQPUHQTGUVKOCVGUCTG
TGXKUGFCVUVCVGOGPVQHƂPCPEKCNRQUKVKQPFCVG6QVCNEQUVHQTVJGRGTKQFKUEJCTIGFQTETGFKVGFVQVJGKPEQOGUVCVGOGPVYKVJ
CEQTTGURQPFKPICFLWUVOGPVVQGSWKV[
9JGPGSWKV[KPUVTWOGPVUXGUVVJG%QORCP[KUUWGUPGYUJCTGUWPNGUUVJG%QORCP[JCU6TGCUWT[UJCTGUKPUVQEM
#P[ECPEGNNCVKQPQHOCVEJKPIUJCTGUYKNNNGCFVQCPCEEGNGTCVGFGZRGPUGTGEQIPKVKQPQHVJGVQVCNHCKTXCNWGYKVJC
EQTTGURQPFKPICFLWUVOGPVVQGSWKV[
T 6TCFGRC[CDNGU
6TCFGRC[CDNGUCTGCOQWPVUFWGVQUWRRNKGTUHQTIQQFUUQNFQTUGTXKEGUTGEGKXGFKPVJGQTFKPCT[EQWTUGQHDWUKPGUU6JG[CTG
IGPGTCNN[FWGHQTUGVVNGOGPVYKVJKPCOCZKOWOQHFC[UCPFCTGVJGTGHQTGENCUUKƂGFCUEWTTGPV6TCFGRC[CDNGUCTGKPKVKCNN[
TGEQIPK\GFCVHCKTXCNWGCPFUWDUGSWGPVN[OGCUWTGFCVCOQTVK\GFEQUVWUKPIVJGGHHGEVKXGKPVGTGUVOGVJQF
5$/1((5*14'#007#.4'2146
016'5616*'%1051.+&#6'&(+0#0%+#.56#6'/'065
(+0#0%+#.*+)*.+)*65
+ORCEVQH%18+&RCPFGOKE4WUUKC7MTCKPGYCTCPFEWTTGPVGEQPQOKEGPXKTQPOGPV
&WTKPIEQPUVTWEVKQPCEVKXKVKGUHQTVJG%QORCP[oUOCLQTRTQLGEVUJCUEQPVKPWGFVQDGKORCEVGFD[VJGGHHGEVUQHVJG
RCPFGOKECPFKPRCTVKEWNCTTGURQPUGOGCUWTGUKP%JKPC
'XGPVJQWIJVJG%QORCP[FQGUPQVJCXGCP[UKIPKƂECPVDWUKPGUUCEVKXKV[KP7MTCKPGQT4WUUKCVJGEWTTGPVYCTDGVYGGPVJGUG
VYQPCVKQPUCNUQCFFGFRTGUUWTGQPRTKEGKPƃCVKQPCPFVJGINQDCNUWRRN[EJCKPPQVCDN[HTQO K TKUKPIRTKEGUCPFQTUJQTVCIG
QHEGTVCKPOCVGTKCNUCPFUGTXKEGUCPF KK FGNC[UKPNQIKUVKEU
2TQLGEVVGCOUCTGYQTMKPIENQUGN[YKVJDQVJENKGPVVGCOUCPFUWRRNKGTUVQOKVKICVGVJGKORCEVQPRTQLGEVGZGEWVKQP6JG
FGITGGVQYJKEJVJGUGEJCNNGPIGUECPDGOKVKICVGFXCTKGUHTQORTQLGEVVQRTQLGEV#UCVVJGFCVGQHVJGEQPUQNKFCVGFƂPCPEKCN
UVCVGOGPVVJGWNVKOCVGFGNKXGT[QHOCLQTRTQLGEVUKUPQVEQPUKFGTGFCVTKUMDCUGFQPEWTTGPVN[MPQYPEKTEWOUVCPEGU
4GICTFKPIVJGQRGTCVKQPQHVJGƃGGVFGURKVGVJGEQPVKPWGFEJCNNGPIGUDTQWIJVD[VJGRCPFGOKEVJGWPFGTN[KPIƃGGV
WRVKOGGZENWFKPI(251%KFCFGFG#PEJKGVCTGOCKPGFKPNKPGYKVJGZRGEVCVKQPU+PQTFGTVQCEJKGXGUWEJTGUWNVUVJG
%QORCP[EQPVKPWGFVQKORNGOGPVURGEKƂEOGCUWTGUCKOGFCVRTGXGPVKPIVJGQEEWTTGPEGQH%18+&ECUGUCPFOKPKOK\KPI
VJGKORCEVQPQRGTCVKQPUKHCPFYJGPECUGUYGTGKFGPVKƂGF
+ORNKECVKQPUQP(KPCPEKCNRGTHQTOCPEG
&WGVQVJG%18+&RCPFGOKECPFVJG4WUUKC7MTCKPGYCTVJG%QORCP[KPEWTTGFCFFKVKQPCNEQUVUKPQTFGTVQUCVKUH[KVU
RGTHQTOCPEGQDNKICVKQPUQPUQOGQHKVU6WTPMG[RTQLGEVU6JKUYCUOCKPN[FWGVQVJGQXGTCNNRTGUUWTGQPVJGINQDCNUWRRN[
EJCKPFGNC[QPRTQLGEVUEJGFWNGUHQNNQYKPINQEMFQYPRGTKQFUKP%JKPCUWDUGSWGPVCEEGNGTCVKQPRTQITCOUPGIQVKCVGFYKVJ
UWDEQPVTCEVQTUKPVGTPCVKQPCNVTCXGNTGUVTKEVKQPUTGOQVGYQTMKPICPFCIGPGTCNKPETGCUGKPEQOOQFKV[RTKEGU6JGUGEQUVU
EQPVTKDWVGFVQVJGRTQITGUUQHVTCPUHGTQHEQPVTQNQHVJGEQPUVTWEVKQPCUUGVVQVJGENKGPVQXGTVJGEQPUVTWEVKQPRGTKQF9JGP
VJGEQUVUCTGRCTVKCNN[TGEJCTIGFVQVJG%QORCP[oUENKGPVUKVKUEQPUKFGTGFCURCTVQHVJGVQVCNEQPUKFGTCVKQPHQTVJGRTQLGEV
YJKEJKUTGEQIPK\GFCUTGXGPWGQXGTVKOG6JGTGNCVGFCOQWPVTGEQIPK\GFCUTGXGPWGFWTKPIKUQHVJG%QORCP[oU
6WTPMG[TGXGPWGKPVJKURGTKQF
1PVJG.GCUGCPF1RGTCVGUGIOGPVVJGKPETGOGPVCNEQUVUHTQOVJGKORNGOGPVCVKQPQHCFFKVKQPCNOGCUWTGUNKPMGFVQVJG
UCHGOCPCIGOGPVQHVJGKORCEVQHVJG%18+&RCPFGOKEJCXGDGGPRCTVKCNN[TGEJCTIGFVQENKGPVUYKVJKPVJGEQPVTCEVWCN
VGTOUQHTGKODWTUCDNGEQPVTCEVU6JG%QORCP[VQCEGTVCKPGZVGPVJCUKPƃCVKQPCFLWUVOGPVENCWUGUYJKEJCFFKVKQPCNN[
OKVKICVGVJGEQUVUNKPMGFVQQXGTCNNEQUVKPƃCVKQP
(KPCPEKCNTKUMOCPCIGOGPV
6JG%QORCP[KURTQCEVKXGN[OQPKVQTKPIEJCNNGPIGUECWUGFD[VJG%18+&RCPFGOKEVJG4WUUKC7MTCKPGYCTCPFVJG
OCETQGEQPQOKEGPXKTQPOGPV#URCTVQHVJKUVJG%QORCP[TGIWNCTN[CUUGUUGUNKSWKFKV[ETGFKVCPFEQWPVGTRCTV[TKUMU
6JG%QORCP[oUQXGTCNNƂPCPEKCNTKUMOCPCIGOGPVRTQITCOHQEWUGUQPVJGWPRTGFKEVCDKNKV[QHƂPCPEKCNOCTMGVUCPFUGGMUVQ
OKPKOK\GRQVGPVKCNCFXGTUGGHHGEVUQPVJG%QORCP[oUƂPCPEKCNRGTHQTOCPEG6JG%QORCP[RGTHQTOGFCPCN[UGUQPVJG
OCTMGVNKSWKFKV[KPVGTGUVHQTGKIPGZEJCPIGETGFKVECRKVCNOCPCIGOGPVTKUMCPFEQWPVGTRCTV[TKUMUQHKVUENKGPVUCPFƂPCPEKCN
RCTVPGTU&WTKPIFGURKVGVJGEWTTGPVOCETQGEQPQOKEGPXKTQPOGPVVJG%QORCP[FKFPQVKFGPVKH[KPETGCUGFTKUMU
TGICTFKPIVJGTGEQXGTCDKNKV[QHCOQWPVUQWVUVCPFKPIHTQOENKGPVU6JG%QORCP[OCPCIGUKVUGZRQUWTGVQEQOOQFKV[TKUM
VJTQWIJJGFIGEQPVTCEVU&WTKPIVJKUOCKPN[TGNCVGFVQVJGTKUMQHCPKPETGCUGKPHWGNRTKEGU(QTVJGFGUETKRVKQP
GZRQUWTGCPFRQNKEKGUTGNCVGFVQVJGUGTKUMURNGCUGTGHGTVQPQVG(KPCPEKCNKPUVTWOGPVUHCKTXCNWGUCPFTKUM
OCPCIGOGPV
6JGCPCN[UKUQPEQWPVGTRCTV[TKUMUTGUWNVGFKPCPCUUGUUOGPVQHPQUKIPKƂECPVKORCEVTGƃGEVGFKPVJGPGVKORCKTOGPVQP
ƂPCPEKCNCPFEQPVTCEVCUUGVUQXGTVJGRGTKQFKPUGEVKQP0GV+ORCKTOGPV)CKPU .QUUGU QP(KPCPEKCNCPF%QPVTCEVCUUGVU
.KSWKFKV[TKUM
.KSWKFKV[TKUMKUVJGTKUMVJCVVJG%QORCP[YKNNPQVDGCDNGVQOGGVKVUƂPCPEKCNQDNKICVKQPUCUVJG[HCNNFWG6JG%QORCP[oU
CRRTQCEJVQOCPCIKPINKSWKFKV[KUVQGPUWTGCUHCTCURQUUKDNGVJCVKVYKNNCNYC[UJCXGUWHƂEKGPVNKSWKFKV[VQOGGVKVUNKCDKNKVKGU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
YJGPFWGWPFGTDQVJPQTOCNCPFCDPQTOCNEQPFKVKQPUYKVJQWVKPEWTTKPIWPCEEGRVCDNGNQUUGUQTTKUMKPIFCOCIGVQVJG
%QORCP[oUTGRWVCVKQP
6JG%QORCP[TGIWNCTN[EQPFWEVUXCTKQWUNKSWKFKV[UEGPCTKQUƂPCPEKCNUVTGUUVGUVUCPFUGPUKVKXKV[CPCN[UGU6JGEQPENWUKQPKU
VJCVVJG%QORCP[oUNGCUGRQTVHQNKQCPFVJGGZKUVKPIƂPCPEKPIHCEKNKVKGUCPFQXGTCNNƂPCPEKPIECRCEKV[CTGUWHƂEKGPVVQGPUWTG
VJCVVJG%QORCP[YKNNEQPVKPWGCUCIQKPIEQPEGTPKPVJGHQTGUGGCDNGHWVWTGCPFVJCVKVECPUWUVCKPHWVWTGITQYVJRNCPU
(WTVJGTOQTGWPFGTKVU.GCUGCPF1RGTCVGEQPVTCEVWCNCTTCPIGOGPVUYKVJENKGPVUVJG%QORCP[JCUEQPUKFGTCDNGVKOGWPFGT
EJCTVGTUVQFGCNYKVJFKUTWRVKQPUHTQOGXGPVUQWVUKFGVJG%QORCP[oUEQPVTQNVJWURTQXKFKPIKVYKVJEQPUKFGTCDNGƂPCPEKCN
RTQVGEVKQP#UCV&GEGODGTVJG%QORCP[JCFCVQVCNQH75DKNNKQPWPFTCYPETGFKVHCEKNKVKGUCPFWPWUGFETGFKV
NKPGUYJKEJKPENWFGU75DKNNKQPWPFGTKVU4GXQNXKPI%TGFKV(CEKNKV[
+ORCKTOGPVQHPQPƂPCPEKCNCUUGVU
6JGEWTTGPVGEQPQOKENCPFUECRGKORCEVGFD[VJG%18+&RCPFGOKECPF4WUUKC7MTCKPGYCTCNQPIYKVJVJGKORQUKVKQPQH
KPVGTPCVKQPCNUCPEVKQPUTGƃGEVUINQDCNNQIKUVKEKUUWGUCUYGNNCUSWCTCPVKPGOGCUWTGUCPFIGPGTCNKPETGCUGQHUWRRN[RTKEGU
&GURKVGVJGHCEVVJCVVJG%QORCP[FQGUPQVJCXGUKIPKƂECPVCUUGVUFKTGEVN[KORCEVGFD[VJGIGQRQNKVKECNVGPUKQPUCPFPQ
QRGTCVKQPJCFVQDGEGCUGFVJG%QORCP[CUUGUUGFVJGKORCEVQPKVUPQPƂPCPEKCNCUUGVUKPQTFGTVQTGƃGEVVJGNCVGUV
GEQPQOKEEQPFKVKQPUCVVJGDCNCPEGUJGGVFCVGURGEKƂECNN[VQCFFTGUUKPETGCUGFTKUMEQUVUCPFWPEGTVCKPV[6JGKORCEVQH
VJG%18+&RCPFGOKEVJG4WUUKC7MTCKPGYCTCPFVJGEWTTGPVOCETQGEQPQOKEGPXKTQPOGPVFKFPQVTGUWNVKPCURGEKƂE
KORCKTOGPVKPVJGPQPƂPCPEKCNCUUGVUQHVJG%QORCP[
6JG(251%KFCFGFG#PEJKGVCGZRGEVGFEQUVQHTGRCKTQHVCPMUHQNNQYKPIVJGUJWVFQYPQHVJG7PKVKPNGFVQCP
KORCKTOGPVYJKEJYCUCEEQWPVGFHQT75OKNNKQP TGHGTVQPQVG2TQRGTV[2NCPVCPF'SWKROGPV
(251.K\C7PKV[RTQFWEKPICPFQPJKTG
(251.K\C7PKV[RTQFWEGFƂTUVQKNQP(GDTWCT[CPFKUHQTOCNN[QPJKTG
(251.K\C7PKV[KUVJGƂTUVWPKVYKVJCFGUKIPDCUGFQPVJG%QORCP[oUKPFWUVT[NGCFKPI(CUV9CTFRTQITCOYJKEJ
KPEQTRQTCVGUVJG%QORCP[oUPGYDWKNFOWNVKRWTRQUGƃQCVGTJWNNEQODKPGFYKVJUGXGTCNUVCPFCTFK\GFVQRUKFGUOQFWNGU
6JG(251KUKPUVCNNGFCVVJG.K\CƂGNFYJKEJKUNQECVGFEKTECMKNQOGVGTUQHHUJQTG)W[CPCKPVJG5VCDTQGMDNQEM
'ZZQP/QDKNoUUWDUKFKCT['UUQ'ZRNQTCVKQPCPF2TQFWEVKQP)W[CPC.KOKVGFKUVJGQRGTCVQTCPFJQNFUCKPVGTGUVKPVJG
5VCDTQGM$NQEM*GUU)W[CPC'ZRNQTCVKQP.VFJQNFUCKPVGTGUVCPF%011%2GVTQNGWO)W[CPC.KOKVGFCYJQNN[QYPGF
UWDUKFKCT[QH%011%.KOKVGFJQNFUCKPVGTGUV
&KXGUVOGPVQHOKPQTKV[KPVGTGUVKP(251#NOKTCPVG6COCPFCTÅRTQLGEV
(QNNQYKPIVJGCPPQWPEGOGPVQP,WN[QPVJGUKIPCVWTGQHVJGEQPVTCEVUHQT(251#NOKTCPVG6COCPFCTÅVJG
%QORCP[CPPQWPEGFQP,CPWCT[VJCVKVJCUGPVGTGFKPVQCUJCTGJQNFGTCITGGOGPVYKVJKVUNQPIUVCPFKPIDWUKPGUU
RCTVPGTU/KVUWDKUJK%QTRQTCVKQP /% CPF0KRRQP;WUGP-CDWUJKMK-CKUJC 0;-
/%CPF0;-JCXGCESWKTGFCTGURGEVKXGCPFQYPGTUJKRKPVGTGUVKPVJGURGEKCNRWTRQUGEQORCPKGUTGNCVGFVQVJG
NGCUGCPFQRGTCVKQPQHVJG(251#NOKTCPVG6COCPFCTÅ6JG%QORCP[KUVJGQRGTCVQTCPFYKNNTGOCKPVJGOCLQTKV[
UJCTGJQNFGTYKVJQYPGTUJKRKPVGTGUV
(251#NOKTCPVG6COCPFCTÅKUEWTTGPVN[WPFGTEQPUVTWEVKQP6JG(251YKNNDGFGRNQ[GFCVVJG$Ö\KQUƂGNFKPVJG5CPVQU$CUKP
CRRTQZKOCVGN[MKNQOGVGTUQHHUJQTG4KQFG,CPGKTQKP$TC\KNWPFGTC[GCTNGCUGCPFQRGTCVGEQPVTCEVYKVJ2GVTÏNGQ
$TCUKNGKTQ5# 2GVTQDTCU
6JGFKXGUVOGPVKUCEEQWPVGFHQTCUCVTCPUCEVKQPYKVJCOKPQTKV[UJCTGJQNFGT4GHGTVQUGEVKQP+PHQTOCVKQPQP0QP
EQPVTQNNKPI+PVGTGUVU
&KXGUVOGPVQHOKPQTKV[KPVGTGUVKP(251#NGZCPFTGFG)WUO¿QRTQLGEV
(QNNQYKPIVJGCPPQWPEGOGPVQP0QXGODGTQPVJGUKIPCVWTGQHVJGEQPVTCEVUHQT(251#NGZCPFTGFG)WUO¿QVJG
%QORCP[JCUCPPQWPEGFQP/CTEJVJCVKVJCUGPVGTGFKPVQCUJCTGJQNFGTCITGGOGPVYKVJKVUNQPIUVCPFKPIDWUKPGUU
RCTVPGTU/KVUWDKUJK%QTRQTCVKQP /% CPF0KRRQP;WUGP-CDWUJKMK-CKUJC 0;-
5$/1((5*14'#007#.4'2146
/%CPF0;-JCXGCESWKTGFCTGURGEVKXGCPFQYPGTUJKRKPVGTGUVKPVJGURGEKCNRWTRQUGEQORCPKGUTGNCVGFVQVJG
NGCUGCPFQRGTCVKQPQHVJG(251#NGZCPFTGFG)WUO¿Q5$/1HHUJQTGKUQRGTCVQTCPFYKNNTGOCKPVJGOCLQTKV[UJCTGJQNFGT
YKVJQYPGTUJKRKPVGTGUV
(251#NGZCPFTGFG)WUO¿QKUEWTTGPVN[WPFGTEQPUVTWEVKQP6JG(251YKNNDGFGRNQ[GFCVVJG/GTQƂGNFKPVJG5CPVQU$CUKP
QHHUJQTG$TC\KNMKNQOGVGTUQHHUJQTG4KQFG,CPGKTQWPFGTC[GCTNGCUGCPFQRGTCVGEQPVTCEVYKVJ2GVTÏNGQ$TCUKNGKTQ
5# 2GVTQDTCU 6JG/GTQ7PKVK\GFƂGNFKUQRGTCVGFD[2GVTQDTCU KPRCTVPGTUJKRYKVJ5JGNN$TCUKN
6QVCN'PGTIKGU %02% %011%.KOKVGF CPF2TÅUCN2GVTÏNGQ5#s225# CUVJG(GFGTCN7PKQP
TGRTGUGPVCVKXGKPPQPEQPVTCEVGFCTGC
6JGFKXGUVOGPVKUCEEQWPVGFHQTCUCVTCPUCEVKQPYKVJCOKPQTKV[UJCTGJQNFGT4GHGTVQUGEVKQP+PHQTOCVKQPQP0QP
EQPVTQNNKPI+PVGTGUVU
#YCTFQHEQPVTCEVUHQT'ZZQP/QDKN(25110')7;#0#
'UUQ'ZRNQTCVKQPCPF2TQFWEVKQP)W[CPC.KOKVGF ''2). CPCHƂNKCVGQH'ZZQP/QDKN%QTRQTCVKQPEQPƂTOGFVJGCYCTFQH
EQPVTCEVUHQTVJG;GNNQYVCKNFGXGNQROGPVRTQLGEVNQECVGFKPVJG5VCDTQGM$NQEMKP)W[CPCKP#RTKN7PFGTVJGEQPVTCEVU
VJG%QORCP[YKNNEQPUVTWEVKPUVCNNCPFVJGPNGCUGCPFQRGTCVGVJG(25110')7;#0#HQTCRGTKQFQHWRVQVYQ[GCTUCHVGT
YJKEJVJG(251QYPGTUJKRCPFQRGTCVKQPYKNNVTCPUHGTVQ''2).6JGCYCTFHQNNQYUEQORNGVKQPQHHTQPVGPFGPIKPGGTKPICPF
FGUKIPUVWFKGUTGEGKRVQHTGSWKUKVGIQXGTPOGPVCRRTQXCNUCPFVJGƂPCNKPXGUVOGPVFGEKUKQPQPVJGRTQLGEVD['ZZQP/QDKN
CPFDNQEMEQXGPVWTGTU
6JG;GNNQYVCKNFGXGNQROGPVKUVJGHQWTVJFGXGNQROGPVYKVJKPVJG5VCDTQGMDNQEMEKTECMKNQOGVGTUQHHUJQTG)W[CPC
''2).KUVJGQRGTCVQTCPFJQNFUCKPVGTGUVKPVJG5VCDTQGMDNQEM*GUU)W[CPC'ZRNQTCVKQP.VFJQNFUCKPVGTGUV
CPF%011%2GVTQNGWO)W[CPC.KOKVGFCYJQNN[QYPGFUWDUKFKCT[QH%011%.KOKVGFJQNFUCKPVGTGUV
6JG(25110')7;#0# UFGUKIPKUDCUGFQPVJG%QORCP[oUKPFWUVT[NGCFKPI(CUV9CTFRTQITCOVJCVKPEQTRQTCVGUVJG
%QORCP[oUPGYDWKNFOWNVKRWTRQUGƃQCVGTJWNNEQODKPGFYKVJUGXGTCNUVCPFCTFK\GFVQRUKFGUOQFWNGU6JG(251YKNNDG
FGUKIPGFVQRTQFWEGDCTTGNUQHQKNRGTFC[YKNNJCXGCUUQEKCVGFICUVTGCVOGPVECRCEKV[QHOKNNKQPEWDKEHGGVRGT
FC[CPFYCVGTKPLGEVKQPECRCEKV[QHDCTTGNURGTFC[6JG(251YKNNDGURTGCFOQQTGFKPYCVGTFGRVJQHCDQWV
OGVGTUCPFYKNNDGCDNGVQUVQTGCTQWPFOKNNKQPDCTTGNUQHETWFGQKN
6JGVWTPMG[RJCUGQHVJGRTQLGEVYKNNDGGZGEWVGFD[CURGEKCNRWTRQUGEQORCP[ 52% GUVCDNKUJGFD[5$/1HHUJQTGCPF

/E&GTOQVV5$/1HHUJQTGJQNFUCPF/E&GTOQVVJQNFUGSWKV[QYPGTUJKRKPVJKU52%6JG(251YKNNDGHWNN[QYPGF
D[5$/1HHUJQTG
#(/CRRGCNQHEQWTVFGEKUKQP
1P,WPGVJGFKUVTKEVEQWTVKP4QVVGTFCOFGNKXGTGFKVUFGEKUKQPKPVJGECUGDGVYGGPVJG%QORCP[CPFVJG#(/
&WVEJ#WVJQTKV[HQTVJG(KPCPEKCN/CTMGVU TGNCVKPIVQEGTVCKPRWDNKEFKUENQUWTGUOCFGD[VJG%QORCP[KPVJGRGTKQFHTQO
6JGEQWTVJCUJQPQTGFVJGRQUKVKQPQHVJG%QORCP[KPTGNCVKQPVQVYQFKUENQUWTGUCPFTGFWEGFVJGƂPGVQ75
OKNNKQP
1P#WIWUVVJG#(/ƂNGFCPCRRGCNYKVJVJG6TCFGCPF+PFWUVT[#RRGCNU6TKDWPCN %QNNGIGXCP$GTQGRXQQTJGV
DGFTKLHUNGXGP CICKPUVVJG4QVVGTFCO&KUVTKEV%QWTV UTWNKPIKPTGURGEVQHCNNGIGFXKQNCVKQPUCPF VJGRTKPEKRCNCRRGCN 1P
,CPWCT[5$/1HHUJQTGƂNGFKVUTGURQPUGVQVJG#(/ UCRRGCNCPFCFFKVKQPCNN[ƂNGFCPCRRGCNYKVJVJG6TCFGCPF
+PFWUVT[#RRGCNU6TKDWPCNCICKPUVVJG4QVVGTFCO&KUVTKEV%QWTV UTWNKPIKPTGURGEVQHCNNGIGFXKQNCVKQPUCPF VJGKPEKFGPVCN
CRRGCN
%QORNGVKQPQH75DKNNKQPƂPCPEKPIHQT(25110')7;#0#
1P,WN[VJG%QORCP[CPPQWPEGFVJGEQORNGVKQPQH75DKNNKQPƂPCPEKPIHQT(25110')7;#0#6JGRTQLGEV
ƂPCPEKPIYCUUGEWTGFD[CEQPUQTVKWOQHKPVGTPCVKQPCNDCPMU6JG%QORCP[GZRGEVUVQFTCYVJGNQCPKPHWNNRJCUGFQXGT
VJGEQPUVTWEVKQPRGTKQFQHVJG(2516JGƂPCPEKPIYKNNDGEQOGPQPTGEQWTUGQPEGVJG(251KUEQORNGVGFCPFVJGRTG
EQORNGVKQPIWCTCPVGGJCUDGGPTGNGCUGF6JGRTQLGEVNQCPKUKPNKPGYKVJVJGFWTCVKQPQHVJGEJCTVGTJGPEGCVYQ[GCTVGPQT
RQUVEQORNGVKQPCPFECTTKGUCXCTKCDNGKPVGTGUVTCVGDCUGFQP51(4RNWUOCTIKP
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
/GOQTCPFWOQH7PFGTUVCPFKPIUKIPGFHQTQPGCFFKVKQPCN(CUV9CTFJWNN
1P0QXGODGTVJG%QORCP[CPPQWPEGFVJCVKVJCFUKIPGFC/GOQTCPFWOQH7PFGTUVCPFKPI /Q7 HQTVJG
EQPUVTWEVKQPQHVJG%QORCP[oUUGXGPVJJWNNWPFGTKVURWTEJCUGRTQITCOHQT(CUV9CTFOWNVKRWTRQUGJWNNU6JG/Q7YCU
UKIPGFYKVJ'ZZQP/QDKN)W[CPCHQTWUGQPCHWVWTGEQUVCPF%1GKPVGPUKV[EQORGVKVKXG(251RTQLGEV
(251%KFCFGFG#PEJKGVC
(251%KFCFGFG#PEJKGVCYCUUJWVFQYPQP,CPWCT[HQNNQYKPIQDUGTXCVKQPQHQKNPGCTVJGXGUUGN#FGSWCVGCPVK
RQNNWVKQPOGCUWTGUYGTGKOOGFKCVGN[FGRNQ[GFCPFYGTGGHHGEVKXGCPFKPURGEVKQPUSWKEMN[KFGPVKƂGFQKNNGCMUHTQOVYQ
VCPMU#TGRCKTRTQITCOJCUDGGPKORNGOGPVGFVQTGRCKTVJGHQWTVCPMUTGSWKTGFHQTVJGUCHGTGUVCTVQHVJGXGUUGN#U
CPPQWPEGFQP&GEGODGTVJG(251%KFCFGFG#PEJKGVCUCHGN[TGUWOGFRTQFWEVKQPHQNNQYKPIVJGKPURGEVKQP
TGRCKTCPFEGTVKƂECVKQPQHHQWTVCPMUKPCITGGOGPVYKVJVJGENKGPVCPFCRRTQXGFD[%NCUUCPFNQECNCWVJQTKVKGU#UCPPQWPEGF
QP0QXGODGTTGRCKTYQTMUQPVJGTGOCKPKPIVCPMUYKNNEQPVKPWGCVNGCUVWPVKNVJGGPFQH
+PCEEQTFCPEGYKVJVJGEQPVTCEVWCNVGTOUVJGNGCUGRGTKQFKUVQDGGZVGPFGFD[VJGPWODGTQHFC[UQHUJWVFQYP#UVJG
EQPVTCEVKUSWCNKƂGFCUCPQRGTCVKPINGCUGWPFGT+(45VJGGZVGPUKQPQHVJGNGCUGRGTKQFKUEQPUKFGTGFCUCNGCUG
TGCUUGUUOGPVCURGT+(456JKUNGFVQCPWRFCVGQHVJGNKPGCTK\GFTGXGPWGWRVQVJGPGYGPFFCVGQHVJGEQPVTCEVCPFC
TGEQIPKVKQPQHCPCEETWGFKPEQOGQH75OKNNKQP TGHGTVQPQVG1VJGT(KPCPEKCN#UUGVU
6JGOCLQTKV[QHVJGEQUVUVQDGKPEWTTGFHQTVJGHWNNUEQRGQHVJGTGRCKTUSWCNKH[HQTECRKVCNK\CVKQPCURGT+#5CUCOCLQT
QXGTJCWN6JGVQVCNGZRGEVGFEQUVQHTGRCKTUTGUWNVGFKPCPCFXGTUGECUJƃQYCPFCPKORCKTOGPVQH75OKNNKQPYCU
CEEQWPVGFHQTKPVJGHWNN[GCTTGUWNVUKORCEVKPIVJGPGVRTQƂVHQTVJG[GCT TGHGTVQPQVG2TQRGTV[2NCPVCPF
'SWKROGPV
6JGKPETGCUGKPVJGPQPEWTTGPVRQTVKQPQHQVJGTTGEGKXCDNGUTGNCVGUVQVJGGZVGPUKQPQHVJGNGCUGRGTKQFHQT(251%KFCFGFG
#PEJKGVCYJKEJKUEQPUKFGTGFCUCNGCUGTGCUUGUUOGPVCURGT+(45
12'4#6+0)5')/'065#0&&+4'%6+10#.4'2146+0)
12'4#6+0)5')/'065
6JG%QORCP[oUTGRQTVCDNGQRGTCVKPIUGIOGPVUCUFGƂPGFD[+(45n1RGTCVKPIUGIOGPVUoCTG
Ŷ .GCUGCPF1RGTCVG
Ŷ 6WTPMG[
Ŷ 1VJGT
&+4'%6+10#.4'2146+0)
5VTKEVN[HQTVJGRWTRQUGUQHVJKUPQVGVJGQRGTCVKPIUGIOGPVUCTGOGCUWTGFWPFGT&KTGEVKQPCNTGRQTVKPIYJKEJKPGUUGPEG
HQNNQYU+(45DWVYKVJVYQOCKPGZEGRVKQPU
Ŷ #NNNGCUGEQPVTCEVUCTGENCUUKƂGFCPFCEEQWPVGFHQTCUKHVJG[YGTGQRGTCVKPINGCUGEQPVTCEVUWPFGT+(455QOGNGCUG
CPFQRGTCVGEQPVTCEVUOC[RTQXKFGHQTFGƂPGFKPXQKEKPI nWRHTQPVRC[OGPVUo VQVJGENKGPVQEEWTTKPIFWTKPIVJG

EQPUVTWEVKQPRJCUGQTCVƂTUVQKN DGIKPPKPIQHVJGNGCUGRJCUG VQEQXGTURGEKƂEEQPUVTWEVKQPYQTMCPFQTUGTXKEGU
RGTHQTOGFFWTKPIVJGEQPUVTWEVKQPRJCUG6JGUGoWRHTQPVRC[OGPVUoCTGTGEQIPK\GFCUTGXGPWGUCPFVJGEQUVUCUUQEKCVGF
YKVJVJGEQPUVTWEVKQPYQTMCPFQTUGTXKEGUCTGTGEQIPK\GFCUo%QUVQHUCNGUoYKVJPQOCTIKPFWTKPIVJGEQPUVTWEVKQP#UC
EQPUGSWGPEGVJGUGEQUVUCTGPQVECRKVCNK\GFKPVJGITQUUXCNWGQHVJGCUUGVUWPFGTEQPUVTWEVKQP|
Ŷ #NNKPXGUVGGUTGNCVGFVQ.GCUGCPF1RGTCVGEQPVTCEVUCTGCEEQWPVGFHQTCVVJG%QORCP[oUUJCTGCUKHVJG[YGTGENCUUKƂGFCU
LQKPVQRGTCVKQPUWPFGT+(45YJGTGD[CNNNKPGUQHVJGKPEQOGUVCVGOGPVUVCVGOGPVQHƂPCPEKCNRQUKVKQPCPFECUJƃQY
UVCVGOGPVCTGEQPUQNKFCVGFDCUGFQP%QORCP[oURGTEGPVCIGQHQYPGTUJKR JGTGCHVGTTGHGTTGFVQCUoRGTEGPVCIGQH
QYPGTUJKREQPUQNKFCVKQPo ;CTFUCPFKPUVCNNCVKQPXGUUGNTGNCVGFLQKPVXGPVWTGUTGOCKPGSWKV[CEEQWPVGF
+PCNNQVJGTCEEQWPVKPIRTKPEKRNGUTGOCKPWPEJCPIGFEQORCTGFYKVJCRRNKECDNG+(45UVCPFCTFU
6JGCDQXGFKHHGTGPEGUVQVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUDGVYGGP&KTGEVKQPCNTGRQTVKPICPF+(45CTGJKIJNKIJVGFKP
VJGTGEQPEKNKCVKQPURTQXKFGFKPVJKUPQVGQPTGXGPWGITQUUOCTIKP'$+6CPF'$+6&#CUTGSWKTGFD[+(45o1RGTCVKPI
UGIOGPVUo6JG%QORCP[CNUQRTQXKFGUVJGTGEQPEKNKCVKQPQHVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPCPFECUJƃQYUVCVGOGPV
WPFGT+(45CPF&KTGEVKQPCNTGRQTVKPI6JGUVCVGOGPVQHƂPCPEKCNRQUKVKQPCPFVJGECUJƃQYUVCVGOGPVWPFGT&KTGEVKQPCN
TGRQTVKPICTGGXCNWCVGFTGIWNCTN[D[VJG/CPCIGOGPV$QCTFKPCUUGUUKPIVJGƂPCPEKCNRQUKVKQPCPFECUJIGPGTCVKQPQHVJG
%QORCP[6JG%QORCP[DGNKGXGUVJCVVJGUGFKUENQUWTGUUJQWNFGPCDNGWUGTUQHKVUƂPCPEKCNUVCVGOGPVUVQDGVVGTGXCNWCVGVJG
5$/1((5*14'#007#.4'2146
PCVWTGCPFƂPCPEKCNGHHGEVUQHVJGDWUKPGUUCEVKXKVKGUKPYJKEJKVGPICIGUYJKNGHCEKNKVCVKPIVJGWPFGTUVCPFKPIQHVJG
&KTGEVKQPCNTGRQTVKPID[RTQXKFKPICUVTCKIJVHQTYCTFTGEQPEKNKCVKQPYKVJ+(45HQTCNNMG[ƂPCPEKCNOGVTKEU
5')/'06*+)*.+)*65
6JG.GCUGCPF1RGTCVG&KTGEVKQPCN4GXGPWGCPF'$+6&#KPETGCUGFXGTUWUVJG[GCTCIQRGTKQFOCKPN[FTKXGPD[(251.K\C
7PKV[LQKPKPIVJGƃGGVWRQPUWEEGUUHWNFGNKXGT[QHVJG'2%+RTQLGEVFWTKPIVJGƂTUVSWCTVGTCPFVJGKPETGCUGKP
TGKODWTUCDNGUEQRGRCTVKCNN[QHHUGVD[VJGGPFQHVJG(251%CRKZCDCNGCUGEQPVTCEVUKPVJGƂTUVJCNH[GCTCPFNQYGT
CXGTCIGUVTCKIJVNKPGFFC[TCVGQH(251-KMGJNGCUGCHVGTGZVGPUKQPCVVJGGPFQH
6JG6WTPMG[&KTGEVKQPCN4GXGPWGCPF'$+6&#KPETGCUGFXGTUWUVJG[GCTCIQRGTKQFTGƃGEVKPIVJGIGPGTCNTCORWRQH
6WTPMG[CEVKXKVKGUYKVJVJGƂXG(251oUWPFGTEQPUVTWEVKQP CPFEQORNGVKQPQH(251.K\C7PKV[FWTKPIVJGRGTKQF
(WTVJGTOQTGVJGRCTVKCNFKXGUVOGPVQPVYQRTQLGEVUCVVJGDGIKPPKPIQH (251#NOKTCPVG6COCPFCTÅCPF(251
#NGZCPFTGFG)WUO¿Q CNNQYGFVJG%QORCP[VQTGEQIPK\GTGXGPWGHQTCNNVJG'2%+TGNCVGFYQTMRGTHQTOGFQPVJGUG
RTQLGEVUUQHCTVQVJGGZVGPVQHVJGRCTVPGTU QYPGTUJKRKPNGUUQTTGNCVGF528 U KGQH'2%YQTMU
QRGTCVKPIUGIOGPVU &KTGEVKQPCN
.GCUGCPF 4GRQTVGF 6QVCN&KTGEVKQPCN

1RGTCVG 6WTPMG[ UGIOGPVU 1VJGT TGRQTVKPI
6JKTFRCTV[TGXGPWG
%QUVQHUCNGU
)TQUUOCTIKP
1VJGTQRGTCVKPIKPEQOGGZRGPUG
0GVKORCKTOGPVICKPU NQUUGU QPƂPCPEKCN
CPFEQPVTCEVCUUGVU
0GVƂPCPEKPIEQUVU
5JCTGQHRTQƂVQHGSWKV[CEEQWPVGF
KPXGUVGGU
+PEQOGVCZGZRGPUG
2TQƂV .QUU

&GRTGEKCVKQPCOQTVK\CVKQPCPF
KORCKTOGPV
'$+6&#
1VJGTUGIOGPVKPHQTOCVKQP
+ORCKTOGPVEJCTIG TGXGTUCN
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
4GEQPEKNKCVKQPQHQRGTCVKPIUGIOGPVU &KTGEVKQPCNVQ+(45
4GRQTVGF
UGIOGPVUWPFGT +ORCEVQHNGCUG +ORCEVQH
&KTGEVKQPCN CEEQWPVKPI EQPUQNKFCVKQP 6QVCN%QPUQNKFCVGF
TGRQTVKPI VTGCVOGPV OGVJQFU +(45
4GXGPWG
.GCUGCPF1RGTCVG
6WTPMG[
6QVCNTGXGPWG
)TQUUOCTIKP
.GCUGCPF1RGTCVG
6WTPMG[
6QVCNITQUUOCTIKP
'$+6&#
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
6QVCN'$+6&#
'$+6
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
6QVCN'$+6
0GVƂPCPEKPIEQUVU
5JCTGQHRTQƂVQHGSWKV[CEEQWPVGFKPXGUVGGU
+PEQOGVCZGZRGPUG
2TQƂV NQUU
6JGTGEQPEKNKCVKQPHTQO&KTGEVKQPCNTGRQTVKPIVQ+(45EQORTKUGUVYQOCKPUVGRU
Ŷ +PVJGƂTUVUVGRVJQUGNGCUGEQPVTCEVUVJCVCTGENCUUKƂGFCPFCEEQWPVGFHQTCUƂPCPEGNGCUGEQPVTCEVUWPFGT+(45CTG
TGUVCVGFHTQOCPQRGTCVKPINGCUGCEEQWPVKPIVTGCVOGPVVQCƂPCPEGNGCUGCEEQWPVKPIVTGCVOGPV
Ŷ +PVJGUGEQPFUVGRVJGEQPUQNKFCVKQPOGVJQFKUEJCPIGFK HTQORGTEGPVCIGQHQYPGTUJKREQPUQNKFCVKQPVQHWNN
EQPUQNKFCVKQPHQTVJQUG.GCUGCPF1RGTCVGTGNCVGFUWDUKFKCTKGUQXGTYJKEJVJG%QORCP[JCUEQPVTQNCPFKK HTQO
RGTEGPVCIGQHQYPGTUJKREQPUQNKFCVKQPVQVJGGSWKV[OGVJQFHQTVJQUG.GCUGCPF1RGTCVGTGNCVGFKPXGUVGGUVJCVCTG
ENCUUKƂGFCULQKPVXGPVWTGUKPCEEQTFCPEGYKVJ+(45
+ORCEVQHNGCUGCEEQWPVKPIVTGCVOGPV
(QTVJG.GCUGCPF1RGTCVGUGIOGPVVJGTGUVCVGOGPVHTQOCPQRGTCVKPIVQCƂPCPEGNGCUGCEEQWPVKPIVTGCVOGPVJCUVJG
OCKPHQNNQYKPIKORCEVUHQTVJGRGTKQF
Ŷ 4GXGPWGTGFWEGFD[75 OKNNKQP&WTKPIVJGNGCUGRGTKQFWPFGT+(45VJGTGXGPWGHTQOƂPCPEGNGCUGUKUNKOKVGFVQ
VJCVRQTVKQPQHEJCTVGTTCVGUVJCVKUTGEQIPK\GFCUKPVGTGUVWUKPIVJGKPVGTGUVGHHGEVKXGOGVJQF7PFGT&KTGEVKQPCNTGRQTVKPI
KPCEEQTFCPEGYKVJVJGQRGTCVKPINGCUGVTGCVOGPVVJGHWNNEJCTVGTTCVGKUTGEQIPK\GFCUTGXGPWGQPCUVTCKIJVNKPGDCUKU
.GCUGCPF1RGTCVG'$+6&#KUUKOKNCTN[KORCEVGF TGFWEVKQPQH75 OKNNKQP HQTVJGUCOGTGCUQPU
Ŷ )TQUUOCTIKPKUTGFWEGFD[75 OKNNKQP7PFGT+(45ITQUUOCTIKPCPF'$+6HTQOƂPCPEGNGCUGUGSWCNVJGTGEQIPK\GF
TGXGPWGHQNNQYKPIVJGFGENKPKPIRTQƂNGQHVJGKPVGTGUVTGEQIPK\GFWUKPIVJGGHHGEVKXGKPVGTGUVOGVJQF1PVJGQVJGTUKFG
WPFGTVJGQRGTCVKPINGCUGVTGCVOGPVCRRNKGFWPFGT&KTGEVKQPCNVJGITQUUOCTIKPCPFVJG'$+6EQTTGURQPFVQVJGTGXGPWG
NGUUFGRTGEKCVKQPQHVJGTGEQIPK\GFRTQRGTV[RNCPVCPFGSWKROGPVDQVJCEEQWPVGFHQTQPCUVTCKIJVNKPGDCUKUQXGTVJG
NGCUGRGTKQF6JKUTGUWNVGFKPCFKHHGTGPEGQH75 OKNNKQPKP
5$/1((5*14'#007#.4'2146
(QTVJG6WTPMG[UGIOGPVVJGTGUVCVGOGPVHTQOQRGTCVKPIVQƂPCPEGNGCUGCEEQWPVKPIVTGCVOGPVJCFVJGHQNNQYKPIKORCEVU
QXGTVJGRGTKQF
Ŷ 4GXGPWGCPFITQUUOCTIKPKPETGCUGFD[75OKNNKQPCPF75OKNNKQPTGURGEVKXGN[OCKPN[FWGVQVJGCEEQWPVKPI
VTGCVOGPVQHVJG%QORCP[ U(251 UYJKEJCTGEWTTGPVN[WPFGTEQPUVTWEVKQP (2512TQURGTKV[(2515GRGVKDC(251

#NOKTCPVG6COCPFCTÅ(251#NGZCPFTGFG)WUO¿QCPFHQT(25110')7;#0# CPFCEEQWPVGFHQTCUƂPCPEGNGCUGU
WPFGT+(457PFGT+(45CƂPCPEGNGCUGKUEQPUKFGTGFCUKHKVYGTGCUCNGQHVJGCUUGVNGCFKPIVQTGEQIPKVKQPQHTGXGPWG
FWTKPIVJGEQPUVTWEVKQPQHVJGCUUGVEQTTGURQPFKPIVQVJGRTGUGPVXCNWGQHVJGHWVWTGNGCUGRC[OGPVU6JKU OQUVN[PQV[GV
ECUJ TGXGPWGKUTGEQIPK\GFYKVJKPVJG6WTPMG[UGIOGPV
Ŷ 6JGKORCEVQP6WTPMG['$+6CPF'$+6&#KUNCTIGN[KPNKPGYKVJVJGKORCEVQPITQUUOCTIKP
#UCTGUWNVVJGTGUVCVGOGPVHTQOQRGTCVKPIVQƂPCPEGNGCUGCEEQWPVKPIVTGCVOGPVTGUWNVUKPCPKPETGCUGQHPGVRTQƂVQH
75OKNNKQPWPFGT+(45YJGPEQORCTGFYKVJ&KTGEVKQPCNTGRQTVKPI
+ORCEVQHEQPUQNKFCVKQPOGVJQFU
6JGKORCEVQHEQPUQNKFCVKQPOGVJQFUKPVJGCDQXGVCDNGFGUETKDGUVJGPGVKORCEVHTQO
Ŷ 2GTEGPVCIGQHQYPGTUJKREQPUQNKFCVKQPVQHWNNEQPUQNKFCVKQPHQTVJQUG.GCUGCPF1RGTCVGTGNCVGFUWDUKFKCTKGUQXGTYJKEJ
VJG%QORCP[JCUEQPVTQNTGUWNVKPIKPCPKPETGCUGQHTGXGPWGITQUUOCTIKP'$+6CPF'$+6&#
Ŷ 2GTEGPVCIGQHQYPGTUJKREQPUQNKFCVKQPVQVJGGSWKV[CEEQWPVKPIOGVJQFHQTVJQUG.GCUGCPF1RGTCVGTGNCVGFKPXGUVGGU
VJCVCTGENCUUKƂGFCULQKPVXGPVWTGUKPCEEQTFCPEGYKVJ+(45TGUWNVKPIKPCFGETGCUGQHTGXGPWGITQUUOCTIKP'$+6CPF
'$+6&#
(QTVJG.GCUGCPF1RGTCVGUGIOGPVVJGKORCEVQHVJGEJCPIGUKPEQPUQNKFCVKQPOGVJQFUTGUWNVUKPCPGVKPETGCUGQH
TGXGPWGITQUUOCTIKP'$+6'$+6&#CPFPGVRTQƂVWPFGT+(45YJGPEQORCTGFYKVJ&KTGEVKQPCNTGRQTVKPI6JKUTGƃGEVUVJG
HCEVVJCVVJGOCLQTKV[QHVJG%QORCP[oU(251UVJCVCTGNGCUGFWPFGTƂPCPEGNGCUGEQPVTCEVUCTGQYPGFD[UWDUKFKCTKGUQXGT
YJKEJVJG%QORCP[JCUEQPVTQNCPFYJKEJCTGEQPUQNKFCVGFWUKPIVJGHWNNEQPUQNKFCVKQPOGVJQFWPFGT+(45
(QTVJG6WTPMG[UGIOGPVVJGKORCEVQHVJGEJCPIGUKPEQPUQNKFCVKQPOGVJQFUTGUWNVUKPCPGVKPETGCUGQHTGXGPWGITQUU
OCTIKP'$+6CPF'$+6&#6JKUTGƃGEVUVJGHCEVVJCVWPFGT+(45TGRQTVKPIVJG%QORCP[TGEQIPK\GUVJGHWNNTGXGPWGITQUU
OCTIKP'$+6CPF'$+6&#KPVJGUWDUKFKCTKGUYJKEJCTGCTGPQVVQVCNN[QYPGFD[VJG%QORCP[DWVQXGTYJKEJVJG%QORCP[
JCUVJGEQPVTQN
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
QRGTCVKPIUGIOGPVU &KTGEVKQPCN
.GCUGCPF 4GRQTVGF 6QVCN&KTGEVKQPCN

1RGTCVG 6WTPMG[ UGIOGPVU 1VJGT TGRQTVKPI
6JKTFRCTV[TGXGPWG
%QUVQHUCNGU
)TQUUOCTIKP
1VJGTQRGTCVKPIKPEQOGGZRGPUG
0GVKORCKTOGPVICKPU NQUUGU QPƂPCPEKCN
CPFEQPVTCEVCUUGVU
0GVƂPCPEKPIEQUVU
5JCTGQHRTQƂVQHGSWKV[CEEQWPVGF
KPXGUVGGU
+PEQOGVCZGZRGPUG
2TQƂV .QUU

&GRTGEKCVKQPCOQTVK\CVKQPCPF
KORCKTOGPV
'$+6&#
1VJGTUGIOGPVKPHQTOCVKQP
+PENWFGUPGVKORCKTOGPVNQUUGUQPƂPCPEKCNCPFEQPVTCEVCUUGVU
5$/1((5*14'#007#.4'2146
4GEQPEKNKCVKQPQHQRGTCVKPIUGIOGPVU &KTGEVKQPCNVQ+(45
4GRQTVGF
UGIOGPVUWPFGT +ORCEVQHNGCUG +ORCEVQH
4GXGPWG
.GCUGCPF1RGTCVG
6WTPMG[
6QVCNTGXGPWG
)TQUUOCTIKP
.GCUGCPF1RGTCVG
6WTPMG[
6QVCNITQUUOCTIKP
'$+6&#
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
6QVCN'$+6&#
'$+6
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
6QVCN'$+6
0GVƂPCPEKPIEQUVU
+PEQOGVCZGZRGPUG
2TQƂV NQUU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
4GEQPEKNKCVKQPQHUVCVGOGPVQHƂPCPEKCNRQUKVKQP &KTGEVKQPCNVQ+(45
4GRQTVGFWPFGT +ORCEVQHNGCUG +ORCEVQH

#55'65
2TQRGTV[RNCPVCPFGSWKROGPVCPF+PVCPIKDNGCUUGVU
%QPVTCEVCUUGVU
6TCFGTGEGKXCDNGUCPFQVJGTCUUGVU
#UUGVUJGNFHQTUCNG
6QVCN#UUGVU
'37+6;#0&.+#$+.+6+'5
'SWKV[CVVTKDWVCDNGVQRCTGPVEQORCP[
'SWKV[
2TQXKUKQPU
6TCFGRC[CDNGCPFQVJGTNKCDKNKVKGU
&GHGTTGFKPEQOG
6QVCN'SWKV[CPF.KCDKNKVKGU
7PFGT&KTGEVKQPCNVJGEQUVTGNCVGFVQVJG$TC\KNKCPNQECNEQPVGPVRGPCNV[KUECRKVCNK\GFKPNKPGYKVJEQPUVTWEVKQPRTQITGUUQHTGNCVGFCUUGVUCPFRTGUGPVGFKP
VJG&KTGEVKQPCNUVCVGOGPVQHƂPCPEKCNRQUKVKQPWPFGT 2TQRGTV[RNCPVCPFGSWKROGPVCPF+PVCPIKDNGCUUGVU 7PFGT+(45VJGUCOGEQUVKUFKTGEVN[TGEQIPK\GF
CUEQUVQHUCNGUKPVJG+(45EQPUQNKFCVGFKPEQOGUVCVGOGPV
+PENWFGU75OKNNKQPTGNCVGFVQWPKVUWPFGTEQPUVTWEVKQP KG(251U2TQURGTKV[5GRGVKDC#NOKTCPVG6COCPFCTÅ10')7;#0#CPF#NGZCPFTGFG
)WUOCQ
+PENWFGU75OKNNKQPTGNCVGFVQFGOQDKNK\CVKQPTGEGKXCDNG
+PENWFGU75OKNNKQPPQPTGEQWTUGFGDVCPF75OKNNKQPNGCUGNKCDKNKV[
%QPUKUVGPVYKVJVJGTGEQPEKNKCVKQPQHVJGMG[KPEQOGUVCVGOGPVNKPGKVGOUVJGCDQXGVCDNGFGVCKNU
Ŷ 6JGTGUVCVGOGPVHTQOVJGQRGTCVKPINGCUGCEEQWPVKPIVTGCVOGPVVQVJGƂPCPEGNGCUGCEEQWPVKPIVTGCVOGPVHQTVJQUGNGCUG
EQPVTCEVUVJCVCTGENCUUKƂGFCPFCEEQWPVGFHQTCUƂPCPEGNGCUGEQPVTCEVUWPFGT+(45CPF
Ŷ 6JGEJCPIGHTQORGTEGPVCIGQHQYPGTUJKREQPUQNKFCVKQPVQGKVJGTHWNNEQPUQNKFCVKQPQTGSWKV[CEEQWPVKPIHQTKPXGUVGGU
TGNCVGFVQ.GCUGCPF1RGTCVGEQPVTCEVU
(QTVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPVJGOCKPCFLWUVOGPVUHTQO&KTGEVKQPCNTGRQTVKPIVQ+(45CUQH&GEGODGTCTG
Ŷ (QTVJQUGNGCUGEQPVTCEVUVJCVCTGENCUUKƂGFCPFCEEQWPVGFHQTCUƂPCPEGNGCUGEQPVTCEVUWPFGT+(45FGTGEQIPKVKQPQH
RTQRGTV[RNCPVCPFGSWKROGPVTGEQIPK\GFWPFGT&KTGEVKQPCNTGRQTVKPI 75 OKNNKQP CPFUWDUGSWGPVTGEQIPKVKQPQH

K ƂPCPEGNGCUGTGEGKXCDNGU 75OKNNKQP CPF KK EQPVTCEVCUUGVU 75OKNNKQP HQTVJQUGCUUGVUUVKNNWPFGT
EQPUVTWEVKQP
Ŷ (QTQRGTCVKPINGCUGEQPVTCEVUYKVJPQPNKPGCTDCTGDQCVFC[TCVGUCFGHGTTGFKPEQOGRTQXKUKQPKUTGEQIPK\GFVQUJQYNKPGCT
TGXGPWGUWPFGT&KTGEVKQPCNTGRQTVKPI6JGRCTVQHVJGDCNCPEG 75 OKNNKQP KUFGTGEQIPK\GFHQTVJGEQPVTCEVUVJCVCTG

ENCUUKƂGFCPFCEEQWPVGFHQTCUƂPCPEGNGCUGEQPVTCEVUWPFGT+(45
Ŷ 4GUVCVGOGPVQHVJGRTQXKUKQPUHQTFGOQDKNK\CVKQPCPFCUUQEKCVGFPQPEWTTGPVTGEGKXCDNGCUUGVUOCKPN[KORCEVKPIQVJGT
ƂPCPEKCNCUUGVU 75 OKNNKQP CPFRTQXKUKQPU 75 OKNNKQP
#UCTGUWNVVJGTGUVCVGOGPVHTQOQRGTCVKPIVQƂPCPEGNGCUGCEEQWPVKPIVTGCVOGPVIKXGUTKUGVQCPKPETGCUGQHGSWKV[QH
75OKNNKQPWPFGT+(45EQORCTGFYKVJ&KTGEVKQPCNTGRQTVKPI6JKURTKOCTKN[TGƃGEVUVJGGCTNKGTOCTIKPTGEQIPKVKQPQP
ƂPCPEGNGCUGEQPVTCEVUWPFGT+(45EQORCTGFVQ&KTGEVKQPCNTGRQTVKPI
5$/1((5*14'#007#.4'2146
6JGCDQXGVCDNGQHUVCVGOGPVQHƂPCPEKCNRQUKVKQPCNUQFGUETKDGUVJGPGVKORCEVQHOQXKPIHTQORGTEGPVCIGQHQYPGTUJKR
EQPUQNKFCVKQPVQGKVJGTHWNNEQPUQNKFCVKQPHQTVJQUGNGCUGTGNCVGFKPXGUVGGUKPYJKEJVJG%QORCP[JCUEQPVTQNQTGSWKV[
CEEQWPVKPIHQTVJQUGKPXGUVGGUVJCVCTGENCUUKƂGFCULQKPVXGPVWTGUWPFGT+(456JGVYQOCKPKORCEVUCTG
Ŷ (WNNEQPUQNKFCVKQPQHCUUGVURGEKƂEGPVKVKGUVJCVOCKPN[EQORTKUGƂPCPEGNGCUGTGEGKXCDNGU TGRTGUGPVKPIVJGPGVRTGUGPV
XCNWGQHVJGHWVWTGNGCUGRC[OGPVUVQDGTGEGKXGF CPFPQPTGEQWTUGRTQLGEVFGDVU
Ŷ &GTGEQIPKVKQPQHVJGKPFKXKFWCNNKPGKVGOUHTQOVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPUHQTVJQUGGPVKVKGUVJCVCTGGSWKV[
CEEQWPVGFWPFGT+(45TQNNKPIWRKPVJGNKPGKVGOo+PXGUVOGPVKPCUUQEKCVGUCPFLQKPVXGPVWTGUo
4GEQPEKNKCVKQPQHECUJƃQYUVCVGOGPV &KTGEVKQPCNVQ+(45

'$+6&#
+PEQOGVCZGURCKF
%CRKVCNGZRGPFKVWTGU
'SWKV[RC[OGPVHTQO TGRC[OGPVVQ RCTVPGTU
#FFKVKQPUCPFTGRC[OGPVUQHDQTTQYKPIUCPFNGCUG
NKCDKNKVKGU
&KXKFGPFURCKFVQUJCTGJQNFGTUCPFPQPEQPVTQNNKPI
KPVGTGUVU
+PVGTGUVRCKF
2C[OGPVUHTQOPQPEQPVTQNNKPIKPVGTGUVUHQTEJCPIGKP
QYPGTUJKR

#VPGVECUJNGXGNVJGFKHHGTGPEGKPNGCUGCEEQWPVKPIVTGCVOGPVKUPGWVTCN6JGKORCEVQHVJGFKHHGTGPVNGCUGCEEQWPVKPI
VTGCVOGPVWPFGT&KTGEVKQPCNTGRQTVKPIXGTUWU+(45KUNKOKVGFVQTGENCUUKƂECVKQPUDGVYGGPECUJƃQYCEVKXKVKGU
#NCTIGRCTVQHVJGECRKVCNGZRGPFKVWTGU 75OKNNKQP CTGTGENCUUKƂGFHTQOKPXGUVKPICEVKXKVKGUWPFGT&KTGEVKQPCNVQPGV

ECUJƃQYUHTQOQRGTCVKPICEVKXKV[WPFGT+(45YJGTGƂPCPEGNGCUGEQPVTCEVUCTGCEEQWPVGFHQTCUEQPUVTWEVKQPEQPVTCEVU
(WTVJGTOQTGVJGƂPCPEKPIEQUVUKPEWTTGFFWTKPIVJGEQPUVTWEVKQPQHVJG(251UYJKEJCTGECRKVCNK\GFWPFGT&KTGEVKQPCNCU
RCTVQHCUUGVWPFGTEQPUVTWEVKQP CPFVJGTGHQTGRTGUGPVGFKPKPXGUVKPICEVKXKVKGU CTGTGENCUUKƂGFVQƂPCPEKPICEVKXKVKGUWPFGT
+(45
6JGKORCEVQHVJGEJCPIGQHNGCUGCEEQWPVKPIVTGCVOGPVCV'$+6&#NGXGNKUFGUETKDGFKPHWTVJGTFGVCKNKPVJGGCTNKGT
TGEQPEKNKCVKQPQHVJG%QORCP[oUKPEQOGUVCVGOGPV
6JGKORCEVQHVJGEQPUQNKFCVKQPOGVJQFQPVJGECUJƃQYUVCVGOGPVKUKPNKPGYKVJVJGKORCEVFGUETKDGFHQTVJGUVCVGOGPVQH
ƂPCPEKCNRQUKVKQP6JGHWNNEQPUQNKFCVKQPQHCUUGVURGEKƂEGPVKVKGUOCKPN[EQORTKUKPIƂPCPEGNGCUGTGEGKXCDNGUCPFVJGTGNCVGF
PQPTGEQWTUGRTQLGEVFGDVUTGUWNVUKPKPETGCUGFCFFKVKQPUCPFTGRC[OGPVUQHDQTTQYKPIUWPFGT+(45XGTUWU&KTGEVKQPCN
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
1VJGTKPXGUVKPICEVKXKVKGU 75OKNNKQP KPENWFGUVJGKORCEVQHVJGRCTVKCNFKXGUVOGPVQHOKPQTKV[KPVGTGUVUKP(251
#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG)WUO¿QQPVJGECUJDCNCPEG7PFGT+(45VJGGPVKVKGUEQPVKPWGFVQDGHWNN[
EQPUQNKFCVGF
4GEQPEKNKCVKQPQHUVCVGOGPVQHƂPCPEKCNRQUKVKQP &KTGEVKQPCNVQ+(45

#55'65
2TQRGTV[RNCPVCPFGSWKROGPVCPF+PVCPIKDNGCUUGVU
%QPVTCEVCUUGVU
6TCFGTGEGKXCDNGUCPFQVJGTCUUGVU
#UUGVUJGNFHQTUCNG
6QVCN#UUGVU
'37+6;#0&.+#$+.+6+'5
'SWKV[CVVTKDWVCDNGVQRCTGPVEQORCP[
'SWKV[
2TQXKUKQPU
6TCFGRC[CDNGCPFQVJGTNKCDKNKVKGU
&GHGTTGFKPEQOG
6QVCN'SWKV[CPF.KCDKNKVKGU
7PFGT&KTGEVKQPCNVJGEQUVTGNCVGFVQVJG$TC\KNKCPNQECNEQPVGPVRGPCNV[KUECRKVCNK\GFKPNKPGYKVJEQPUVTWEVKQPRTQITGUUQHTGNCVGFCUUGVUCPFRTGUGPVGFKP
VJG&KTGEVKQPCNUVCVGOGPVQHƂPCPEKCNRQUKVKQPWPFGT 2TQRGTV[RNCPVCPFGSWKROGPVCPF+PVCPIKDNGCUUGVU 7PFGT+(45VJGUCOGEQUVKUFKTGEVN[TGEQIPK\GF
CUEQUVQHUCNGUKPVJG+(45EQPUQNKFCVGFKPEQOGUVCVGOGPV
+PENWFGU75OKNNKQPTGNCVGFVQWPKVUWPFGTEQPUVTWEVKQP
+PENWFGU75OKNNKQPTGNCVGFVQFGOQDKNK\CVKQPTGEGKXCDNG
+PENWFGU75OKNNKQPPQPTGEQWTUGFGDVCPF75OKNNKQPNGCUGNKCDKNKV[
5$/1((5*14'#007#.4'2146
4GEQPEKNKCVKQPQHECUJƃQYUVCVGOGPV &KTGEVKQPCNVQ+(45

'$+6&#
+PEQOGVCZGURCKF
%CRKVCNGZRGPFKVWTGU
'SWKV[RC[OGPVHTQOTGRC[OGPVVQRCTVPGTU
#FFKVKQPUCPFTGRC[OGPVUQHDQTTQYKPIUCPFNQCPU
&KXKFGPFURCKFVQUJCTGJQNFGTUPQPEQPVTQNNKPIKPVGTGUVU
+PVGTGUVRCKF
2C[OGPVUVQPQPEQPVTQNNKPIKPVGTGUVUHQTEJCPIGKP
QYPGTUJKR

&GHGTTGFKPEQOG &KTGEVKQPCN
&GEGODGT &GEGODGT
9KVJKPQPG[GCT
$GVYGGPCPF[GCTU
$GVYGGPCPF[GCTU
/QTGVJCP[GCTU
$CNCPEGCV&GEGODGT
6JG&KTGEVKQPCNFGHGTTGFKPEQOGKUOCKPN[TGNCVGFVQVJGTGXGPWGQHVJQUGNGCUGEQPVTCEVUYJKEJKPENWFGCFGETGCUKPIFC[
TCVGUEJGFWNG#UTGXGPWGHTQONGCUGEQPVTCEVYKVJEWUVQOGTUKUTGEQIPK\GFKPVJGKPEQOGUVCVGOGPVQPCUVTCKIJVNKPGDCUKU
YKVJTGHGTGPEGVQ+(45n.GCUGUoVJGFKHHGTGPEGDGVYGGPVJG[GCTN[UVTCKIJVNKPGTGXGPWGCPFVJGEQPVTCEVWCNFC[TCVGUKU
KPENWFGFCUFGHGTTGFKPEQOG6JGFGHGTTCNYKNNDGTGNGCUGFVJTQWIJVJGKPEQOGUVCVGOGPVQXGTVJGTGOCKPKPIFWTCVKQPQHVJG
TGNGXCPVNGCUGEQPVTCEVU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
)'1)4#2*+%#.+0(14/#6+10
6JGENCUUKƂECVKQPD[EQWPVT[KUFGVGTOKPGFD[VJGƂPCNFGUVKPCVKQPQHVJGRTQFWEVHQTDQVJTGXGPWGUCPFPQPEWTTGPVCUUGVU
6JGTGXGPWGD[EQWPVT[KUCPCN[\GFCUHQNNQYU
IGQITCRJKECNKPHQTOCVKQP TGXGPWGD[EQWPVT[CPFUGIOGPV
&KTGEVKQPCN +(45
.GCUGCPF 4GRQTVGF .GCUGCPF 4GRQTVGF
1RGTCVG 6WTPMG[ UGIOGPVU 1RGTCVG 6WTPMG[ UGIOGPVU
$TC\KN
)W[CPC
#PIQNC
'SWCVQTKCN)WKPGC
/CNC[UKC
6JG7PKVGF5VCVGUQH#OGTKEC
(TCPEG
/Q\CODKSWG
0KIGTKC
0QTYC[
1VJGT
6QVCNTGXGPWG
IGQITCRJKECNKPHQTOCVKQP TGXGPWGD[EQWPVT[CPFUGIOGPV
&KTGEVKQPCN +(45
.GCUGCPF 4GRQTVGF .GCUGCPF 4GRQTVGF
1RGTCVG 6WTPMG[ UGIOGPVU 1RGTCVG 6WTPMG[ UGIOGPVU
$TC\KN
)W[CPC
#PIQNC
'SWCVQTKCN)WKPGC
/CNC[UKC
(TCPEG
/Q\CODKSWG
0KIGTKC
0QTYC[
)CDQP
%JKPC
1VJGT
6QVCNTGXGPWG
5$/1((5*14'#007#.4'2146
6JGPQPEWTTGPVCUUGVUD[EQWPVT[CTGCPCN[\GFCUHQNNQYU
)GQITCRJKECNKPHQTOCVKQP PQPEWTTGPVCUUGVUD[EQWPVT[
&GEGODGT &GEGODGT
+(45 &+4 +(45 &+4
$TC\KN
)W[CPC
5YKV\GTNCPF
#PIQNC
/CNC[UKC
'SWCVQTKCN)WKPGC
/QPCEQ
0GVJGTNCPFU
1VJGT
6QVCN
4'.+#0%'10/#,14%7561/'45
7PFGT&KTGEVKQPCNVYQEWUVQOGTUGCEJTGRTGUGPVOQTGVJCPQHVJGEQPUQNKFCVGFTGXGPWG6QVCNTGXGPWGHTQOVJGUGVYQ
OCLQTEWUVQOGTUCOQWPVUVQ75OKNNKQP 75OKNNKQPCPF75OKNNKQPTGURGEVKXGN[ +PVJGTGXGPWG
TGNCVGFVQVJGVYQOCLQTEWUVQOGTUYCU75OKNNKQP 75OKNNKQPCPF75OKNNKQPTGURGEVKXGN[ +PCPF
VJGTGXGPWGQHVJGUGOCLQTEWUVQOGTUYCUOCKPN[TGNCVGFVQVJG.GCUGCPF1RGTCVGUGIOGPV
7PFGT+(45VYQEWUVQOGTUGCEJTGRTGUGPVOQTGVJCPQHVJGEQPUQNKFCVGFTGXGPWG6QVCNTGXGPWGHTQOVJGUGOCLQT
EWUVQOGTUCOQWPVUVQ75OKNNKQP 75OKNNKQP75OKNNKQPTGURGEVKXGN[ +PVYQEWUVQOGTUCEEQWPVGF
HQTOQTGVJCPQHVJGEQPUQNKFCVGFTGXGPWG 75OKNNKQP TGURGEVKXGN[HQT75OKNNKQP75OKNNKQP
4'8'07'
6JG%QORCP[oUTGXGPWGOCKPN[QTKIKPCVGUHTQOEQPUVTWEVKQPEQPVTCEVUCPFNGCUGCPFQRGTCVGEQPVTCEVU4GXGPWGQTKIKPCVKPI
HTQOEQPUVTWEVKQPEQPVTCEVUKURTGUGPVGFKPVJG6WTPMG[UGIOGPVYJKNGTGXGPWGHTQONGCUGCPFQRGTCVGEQPVTCEVUKU
RTGUGPVGFKPVJG.GCUGCPF1RGTCVGUGIOGPV#TQWPFQHVJG%QORCP[oUNGCUGCPFQRGTCVGTGXGPWGKUOCFGQH
EJCTVGTTCVGUTGNCVGFVQNGCUGEQPVTCEVUYJKNGVJGTGOCKPKPICOQWPVQTKIKPCVGUHTQOQRGTCVKPIEQPVTCEVU6JG%QORCP[
TGEQIPK\GUOQUVQHKVUTGXGPWG KGOQTGVJCP QXGTVKOG
%QPUVTWEVKQPCEVKXKVKGUEQPVKPWGFVQGZRGTKGPEGKORCEVUHTQOVJGEQODKPGFGHHGEVUQHVJG%18+&RCPFGOKECPFKPFKTGEVN[
HTQOVJGYCTDGVYGGP4WUUKCCPF7MTCKPG6JGKORCEVUXCT[HTQORTQLGEVVQRTQLGEVTGƃGEVKPIINQDCNNQIKUVKEKUUWGUCUYGNNCU
QPIQKPISWCTCPVKPGOGCUWTGUQPRGTUQPPGNCPFOCVGTKCNGURGEKCNN[KP%JKPC6JQUGCFFKVKQPCNEQUVUCHHGEVVJGRTQITGUUQH
VTCPUHGTQHEQPVTQNQHVJGEQPUVTWEVKQPCUUGVVQVJGEWUVQOGTQXGTVJGEQPUVTWEVKQPRGTKQFCPFJCXGVJGTGHQTGDGGP
EQPUKFGTGFCURCTVQHVJGTGXGPWGTGEQIPKVKQPQXGTVKOG6JGTGNCVGFCOQWPVTGEQIPK\GFCUTGXGPWGKPKUNGUUVJCP
QHVQVCNTGXGPWG
6JG%QORCP[oURQNKE[TGICTFKPITGXGPWGTGEQIPKVKQPKUFGUETKDGFKPHWTVJGTFGVCKNKPPQVG$%TKVKECN#EEQWPVKPI2QNKEKGU
Ũ F 4GXGPWG(QTVJGFKUCIITGICVKQPQHVQVCNTGXGPWGD[EQWPVT[CPFD[UGIOGPVRNGCUGTGHGTVQ)GQITCRJKECN+PHQTOCVKQP
WPFGTPQVG1RGTCVKPI5GIOGPVUCPF&KTGEVKQPCN4GRQTVKPI
6JG%QORCP[oUEQPUVTWEVKQPEQPVTCEVUECPNCUVHQTUGXGTCN[GCTUFGRGPFKPIQPVJGV[RGQHRTQFWEVUEQRGCPFEQORNGZKV[QH
VJGRTQLGEVYJKNGVJG%QORCP[oU.GCUGCPF1RGTCVGEQPVTCEVUCTGIGPGTCNN[OWNVKRNG[GCTEQPVTCEVU#UCTGUWNVVJG
%QORCP[JCU RCTVKCNN[ QWVUVCPFKPIRGTHQTOCPEGQDNKICVKQPUVQKVUENKGPVU WPUCVKUƂGFRGTHQTOCPEGQDNKICVKQPU CV
&GEGODGT6JGUGWPUCVKUƂGFRGTHQTOCPEGQDNKICVKQPUTGNCVGVQ
Ŷ 1PIQKPIEQPUVTWEVKQPEQPVTCEVUKPENWFKPIVJGEQPUVTWEVKQPQHXGUUGNUWPFGTƂPCPEGNGCUGUVJCVUVKNNPGGFVQDG
EQORNGVGF
Ŷ 1PIQKPIOWNVKRNG[GCTQRGTCVKPIEQPVTCEVU0QVGVJCVHQTVJKUURGEKƂEFKUENQUWTGQPWPUCVKUƂGFRGTHQTOCPEGQDNKICVKQPU
VJGNGCUGEQORQPGPVQHVJG.GCUGCPF1RGTCVGEQPVTCEVUKUGZENWFGF VJKUEQORQPGPVDGKPIFGUETKDGFKPHWTVJGTFGVCKNKP
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
PQVGU2TQRGTV[2NCPVCPF'SWKROGPVCPF(KPCPEG.GCUG4GEGKXCDNGU #UPQVGFUQOGEQPVTCEVUKPENWFG
RGTHQTOCPEG DQPWUGUYJGPGCTPGFQTRGPCNVKGUKPEWTTGFWPFGTVJG%QORCP[oU.GCUGCPF1RGTCVGEQPVTCEVU6JGPGV
COQWPVQHRGTHQTOCPEGTGNCVGFRC[OGPVUHQTFGETGCUGFVQ75 OKNNKQP 75OKNNKQP 6JKUTGFWEVKQPKU
OQUVN[TGNCVGFVQVJGUJWVFQYPQH(251%KFCFGFG#PEJKGVC
6JGHQNNQYKPIVCDNGRTGUGPVUVJGWPUCVKUƂGFRGTHQTOCPEGQDNKICVKQPUCUCV&GEGODGT KPDKNNKQPUQH75
7PUCVKUƂGFRGTHQTOCPEGQDNKICVKQPUTGNCVGFVQ

EQPUVTWEVKQPUEQPVTCEVUKPENWFKPIƂPCPEGNGCUGU
QRGTCVKPIEQPVTCEVU
6QVCN
6JGWPUCVKUƂGFRGTHQTOCPEGQDNKICVKQPUHQTVJGEQOOKVVGFEQPUVTWEVKQPEQPVTCEVUTGNCVGOQUVN[VQƂXGOCLQTEQPUVTWEVKQP
(251EQPVTCEVU4GXGPWGTGNCVGFVQVJGUGEQPUVTWEVKQPEQPVTCEVUKUGZRGEVGFVQDGTGEQIPK\GFQXGTVJGEQOKPIHQWT[GCTUKP
NKPGYKVJVJGEQPUVTWEVKQPRTQITGUUQPVJGUGRTQLGEVU
6JGWPUCVKUƂGFRGTHQTOCPEGQDNKICVKQPUHQTVJGQRGTCVKPIEQPVTCEVUTGNCVGVQK VJG%QORCP[oUXGUUGNUNGCUGFVQENKGPVU
YJGTGVJG%QORCP[KUVJGQRGTCVQT DQVJQRGTCVKPICPFƂPCPEGNGCUGEQPVTCEVU CPFKK QPGQRGTCVKPIEQPVTCEVHQTQRGTCVKPI
UGTXKEGUQPCXGUUGNVJCVKUQYPGFD[VJGENKGPV6JGQRGTCVKPIEQPVTCEVUGPFDGVYGGPCPF6JG%QORCP[YKNN
TGEQIPK\GVJGWPUCVKUƂGFRGTHQTOCPEGQDNKICVKQPQXGTVJKURGTKQFKPNKPGYKVJVJGYQTMRGTHQTOGF
6JG%QORCP[ECPCITGGQPXCTKQWURC[OGPVCTTCPIGOGPVUYJKEJIGPGTCNN[TGƃGEVVJGRTQITGUUQHFGNKXGTGFRGTHQTOCPEG
QDNKICVKQPU*QYGXGTKHVJG%QORCP[oUFGNKXGTGFRGTHQTOCPEGQDNKICVKQPGZEGGFUKPUVCNNOGPVUKPXQKEGFVQVJGENKGPVC
EQPVTCEVCUUGVKUTGEQIPK\GF UGGPQVG4GXGPWG +HVJGKPUVCNNOGPVUKPXQKEGFVQVJGENKGPVGZEGGFVJGYQTMRGTHQTOGFC
EQPVTCEVNKCDKNKV[KUTGEQIPK\GF UGGPQVG6TCFGCPF1VJGT2C[CDNGU
#UCTGUWNVQHXCTKQWUEQOOGTEKCNFKUEWUUKQPUYKVJENKGPVUVJG%QORCP[TGEQIPK\GFTGXGPWGCOQWPVKPIVQ75OKNNKQPKP
75OKNNKQP QTKIKPCVKPIHTQORGTHQTOCPEGQDNKICVKQPUUCVKUƂGFKPRTGXKQWURGTKQFU
.GCUGTGXGPWGTGEQIPK\GFHQTNGCUGUYJGTGVJG%QORCP[KUVJGNGUUQTHQTDQVJQRGTCVKPICPFƂPCPEGNGCUGUTGNCVGUVQƂZGF
CPFXCTKCDNGNGCUGRC[OGPVU/QUVQHVJG%QORCP[oUTGXGPWGHTQONGCUGEQPVTCEVUKUDCUGFQPƂZGFFC[TCVGU6QVJGGZVGPV
VJCVNGCUGRC[OGPVUCTGFGRGPFGPVQPCPKPFGZQTCTCVGVJG[CTGGZENWFGFHTQOVJGKPKVKCNTGEQIPKVKQPQHVJGNGCUG
RC[OGPVUTGEGKXCDNG6JGKORCEVTGNCVGFVQCEJCPIGKPKPFGZQTCTCVGKUTGEQIPK\GFKPVJGEQPUQNKFCVGFKPEQOGUVCVGOGPV
YJGPCEJCPIGQEEWTU
%QPVTCEVCUUGVU
&WTKPIVJGRGTKQFGPFGF&GEGODGTVJG%QORCP[EQORNGVGFEQPUVTWEVKQPQH(251.K\C7PKV[OCTMKPIƂTUVQKNFCVG
QP(GDTWCT[#UQHVJCVFCVGVJGNGCUGQH(251.K\C7PKV[EQOOGPEGFCPFVJGEQPVTCEVCUUGVTGNCVGFVQVJKUWPKV
YCUTGENCUUKƂGFVQƂPCPEGNGCUGTGEGKXCDNGU TGHGTVQPQVGU(KPCPEKCN*KIJNKIJVUCPF(KPCPEG.GCUG4GEGKXCDNGU
#UCTGUWNVVJGEQPVTCEVCUUGVDCNCPEGCUCV&GEGODGTQH75OKNNKQP 75OKNNKQP FGETGCUGFKP

TGNCVKQPVQ(251.K\C7PKV[6JKUKUOQTGVJCPQHHUGVD[CPKPETGCUGKPEQPVTCEVCUUGVUTGNCVGFVQRTQITGUUOCFGFWTKPIVJG
RGTKQFQPVJGEQPUVTWEVKQPQH(2515GRGVKDC(2512TQURGTKV[(251#NOKTCPVG6COCPFCTÅ(251#NGZCPFTGFG)WUO¿Q
CPF(25110')7;#0#
4GICTFKPIKPHQTOCVKQPCDQWVGZRGEVGFETGFKVNQUUGUTGEQIPK\GFHQTEQPVTCEVCUUGVUTGHGTVQPQVG(KPCPEKCN+PUVTWOGPVU
s(CKT8CNWGUCPF4KUM/CPCIGOGPV
%QPVTCEVNKCDKNKVKGU
%QPVTCEVNKCDKNKVKGUQH75|OKNNKQPEQORTKUGVJGCOQWPVUQHVJQUGKPFKXKFWCNEQPVTCEVUHQTYJKEJVJGVQVCNKPUVCNNOGPVU
KPXQKEGFGZEGGFVJGTGXGPWGTGEQIPK\GFQXGTVKOG%QPVTCEVNKCDKNKVKGUCTGTGENCUUKƂGFVQQVJGTEWTTGPVNKCDKNKVKGU UGGPQVG
6TCFGCPF1VJGT2C[CDNGU
5$/1((5*14'#007#.4'2146
6JG %QPVTCEVNKCDKNKV[ TGNCVGUOCKPN[VQQPGQHVJG%QORCP[ UTGPGYCDNGRTQLGEVUCPFQVJGTOKPQTEQPUVTWEVKQPRTQLGEVU6JG
%QORCP[TGEQIPK\GFTGXGPWGQH75OKNNKQPFWTKPIVJGRGTKQFYJKEJYCUKPENWFGFKPVJGEQPVTCEVNKCDKNKV[CURGT
&GEGODGT
16*'412'4#6+0)+0%1/'#0&':2'05'

+PUWTCPEGENCKOKPEQOG
)CKPUHTQOUCNGQHƂPCPEKCNRCTVKEKRCVKQPURTQRGTV[RNCPVCPF
GSWKROGPV
1VJGTQRGTCVKPIKPEQOG
6QVCNQVJGTQRGTCVKPIKPEQOG
1VJGTQRGTCVKPIGZRGPUGU
+ORCKTOGPVQHQVJGTCUUGVUCPFQPGTQWUEQPVTCEVU
4GUVTWEVWTKPIGZRGPUGU
6QVCNQVJGTQRGTCVKPIGZRGPUG
6QVCN
+PVJGVQVCNQVJGTQRGTCVKPIKPEQOGOCKPN[KPENWFGU
Ŷ 75OKNNKQPICKPTGCNK\GFHTQOVJGFKURQUCNQHVJG5$/+PUVCNNGTUQNFVQVJGDW[GTQP,CPWCT[HQTVJGCOQWPVQH
75OKNNKQPCPFRTGXKQWUN[ENCUUKƂGFCUCPCUUGVJGNFHQTUCNGCPF
Ŷ CPKPUWTCPEGTGEQXGT[QH75OKNNKQPKPTGURGEVQHQPGQHVJG$TC\KNKCPWPKVU
1VJGTQRGTCVKPIGZRGPUGKPENWFGUCRTQXKUKQPHQTC75OKNNKQPƂPG4GHGTVQUGEVKQP2TQXKUKQPUHQTHWTVJGTFGVCKNU
':2'05'5$;0#674'
6JGVCDNGDGNQYUGVUQWVGZRGPUGUD[PCVWTGHQTCNNKVGOUKPENWFGFKP'$+6HQTVJG[GCTUCPF
0QVG

'ZRGPUGUQPEQPUVTWEVKQPEQPVTCEVU
'ORNQ[GGDGPGƂVGZRGPUGU
8GUUGNUQRGTCVKPIEQUVU
&GRTGEKCVKQPCOQTVK\CVKQPCPFKORCKTOGPV
5GNNKPIGZRGPUGU
1VJGTEQUVU
6QVCNGZRGPUGU
+P 'ZRGPUGUQPEQPUVTWEVKQPEQPVTCEVU EQPVKPWGFVQKPETGCUGCUCTGUWNVQHVJGHWTVJGTTCORWRQHCEVKXKV[QP6WTPMG[

RTQLGEVUCUVJG%QORCP[JCUƂXG(251oUWPFGTEQPUVTWEVKQPYJKEJPQYKPENWFGUVJGCYCTFGF(25110')7;#0#
'ORNQ[GGDGPGƂVGZRGPUGU KPETGCUGFOCKPN[FWGVQVJGTCORWRQHCEVKXKV[QP6WTPMG[RTQLGEVU
8GUUGNQRGTCVKPIEQUVU TGOCKPGFUVCDNGOCKPN[CUCTGUWNVQH(251.K\C7PKV[ƂTUVQKNCVVJGDGIKPPKPIQHCPFQHHUGVD[
VJGKORCEVQH(251%CRKZCDCCPF5$/+PUVCNNGTNGCXKPIVJGƃGGV
6JGKPETGCUGQH &GRTGEKCVKQPCOQTVK\CVKQPCPFKORCKTOGPV KPEQORCTKUQPVQOCKPN[TGNCVGUVQVJGKORCKTOGPVQH

75OKNNKQPQH(251%KFCFGFG#PEJKGVCFWGVQVJGCFFKVKQPCNEQUVUTGSWKTGFHQTVCPMTGRCKTUHQNNQYKPIVJGUJWVFQYPKP
TGHGTVQPQVG2TQRGTV[2NCPVCPF'SWKROGPV
'ZRGPUGUTGNCVGFVQUJQTVVGTONGCUGUCPFNGCUGUQHNQYXCNWGCUUGVUCOQWPVGFVQ75OKNNKQPKP 75OKNNKQP
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
6JGKPETGCUGFWTKPIKP 1VJGTEQUVU KUOCKPN[FTKXGPD[VJGQXGTCNNTCORWRQHCEVKXKVKGUKORCEVQPEQPUWNVCPE[CPF
EQPVTCEVQTHGGUEWTTGPE[GZEJCPIGFKHHGTGPEGUCPFD[WPEGTVCKPVCZRQUKVKQPQVJGTVJCPEQTRQTCVGKPEQOGVCZYJKEJYGTG
TGNGCUGFFWTKPI
'/2.1;''$'0'(+6':2'05'5
+PHQTOCVKQPYKVJTGURGEVVQGORNQ[GGDGPGƂVUGZRGPUGUCTGFGVCKNGFCUHQNNQYU
0QVG

9CIGUCPFUCNCTKGU
5QEKCNUGEWTKV[EQUVU
%QPVTKDWVKQPUVQFGƂPGFEQPVTKDWVKQPRNCPU
%QPVTKDWVKQPUVQFGƂPGFDGPGƂVRNCPU
5JCTGDCUGFRC[OGPVEQUV
%QPVTCEVQTU EQUVU
1VJGTGORNQ[GGDGPGƂVU
6QVCNGORNQ[GGDGPGƂVU
9CIGUCPFUCNCTKGUKPETGCUGFFWGVQ(251.K\C7PKV[LQKPKPIVJGƃGGVCPFVJGKPETGCUGFCEVKXKV[FWGVQVJGRTQLGEVUWPFGT
EQPUVTWEVKQP6JKUYCURCTVKCNN[QHHUGVD[(251%CRKZCDCPQNQPIGTEQPVTKDWVKPIVQVJGƃGGV
%QPVTCEVQTUEQUVUKPENWFGGZRGPUGUTGNCVGFVQEQPVTCEVQTUVCHHPQVQPVJG%QORCP[oURC[TQNN6JGKPETGCUGKPEQPVTCEVQTUo
EQUVUEQORCTGFYKVJRTGXKQWU[GCTTGƃGEVUVJGIGPGTCNTCORWRQH6WTPMG[CEVKXKVKGUCPFVJG%QORCP[oUUVTCVGI[QHCKOKPI
VQOCKPVCKPƃGZKDKNKV[KPKVUYQTMHQTEGOCPCIGOGPV1VJGTGORNQ[GGDGPGƂVUOCKPN[KPENWFGEQOOWVKPIVTCKPKPIGZRCVTKCVG
CPFQVJGTPQPYCIGEQORGPUCVKQPEQUVU
&'(+0'&%1064+$76+102.#0
6JGEQPVTKDWVKQPUVQFGƂPGFEQPVTKDWVKQPRNCPUKPENWFGU%QORCP[RCTVKEKRCVKQPKPVJG/GTEJCPV0CX[1HƂEGTU2GPUKQP(WPF
/012( 6JG/012(KUCFGƂPGFDGPGƂVOWNVKGORNQ[GTRNCPYJKEJKUENQUGFVQPGYOGODGTU6JGHWPFKUOCPCIGFD[C
EQTRQTCVG6TWUVGG/012(6TWUVGGU.KOKVGFCPFRTQXKFGUFGƂPGFDGPGƂVUHQTPGCTN[ /GTEJCPV0CX[
1HƂEGTUCPFVJGKTFGRGPFGPVUQWVQHYJKEJCRRTQZKOCVGN[ CTG5$/1HHUJQTGHQTOGTGORNQ[GGU
6JG6TWUVGGCRRQTVKQPUKVUHWPFKPIFGƂEKVDGVYGGP2CTVKEKRCVKPI'ORNQ[GTUDCUGFQPVJGRQTVKQPUQHVJG(WPFoUNKCDKNKVKGU
YJKEJYGTGQTKIKPCNN[CEETWGFD[OGODGTUKPUGTXKEGYKVJGCEJGORNQ[GT9JGPVJG6TWUVGGFGVGTOKPGUVJCVEQPVTKDWVKQPU
CTGWPNKMGN[VQDGTGEQXGTGFHTQOC2CTVKEKRCVKPI'ORNQ[GTKVECPTGCRRQTVKQPVJGFGƂEKVEQPVTKDWVKQPUVQQVJGT2CTVKEKRCVKPI
'ORNQ[GTU
'PVKVKGURCTVKEKRCVKPIKPVJG/012(CTGGZRQUGFVQVJGCEVWCTKCNTKUMCUUQEKCVGFYKVJVJGEWTTGPVCPFHQTOGTGORNQ[GGUQH
QVJGTGPVKVKGUVJTQWIJGZRQUWTGVQVJGKTUJCTGQHVJGFGƂEKVQHVJQUGQVJGTGPVKVKGU FGHCWNV#UVJGTGKUQPN[CPQVKQPCN
CNNQECVKQPQHCUUGVUCPFNKCDKNKVKGUVQCP[GORNQ[GTVJG%QORCP[KUCEEQWPVKPIHQTVJG/012(KPKVUƂPCPEKCNUVCVGOGPVUCUKH
KVYCUCFGƂPGFEQPVTKDWVKQPUEJGOG6JGTGCTGPQEQPVTKDWVKQPUVQVJGRNCPCITGGFCVRTGUGPV
&'(+0'&$'0'(+62.#05#0&16*'4.10)6'4/$'0'(+65
6JGGORNQ[GGDGPGƂVURTQXKUKQPUTGEQIPK\GFKPCEEQTFCPEGYKVJCEEQWPVKPIRTKPEKRNGUTGNCVGVQ
0QVG

2GPUKQPRNCP
.WORUWOUQPTGVKTGOGPV
&GƂPGFDGPGƂVRNCPU
.QPIUGTXKEGCYCTFU
1VJGTNQPIVGTODGPGƂVU
'ORNQ[GGDGPGƂVURTQXKUKQPU
5$/1((5*14'#007#.4'2146
6JGFGƂPGFDGPGƂVRNCPRTQXKUKQPKURCTVKCNN[HWPFGFCUHQNNQYU
$GPGƂVCUUGVNKCDKNKV[KPENWFGFKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQP
&GEGODGT &GEGODGT
.WORUWOUQP .WORUWOUQP
2GPUKQPRNCPU TGVKTGOGPV 6QVCN 2GPUKQPRNCPU TGVKTGOGPV 6QVCN
&GƂPGFDGPGƂVQDNKICVKQP
(CKTXCNWGQHRNCPCUUGVU
$GPGƂV CUUGV NKCDKNKV[
6JGOCKPCUUWORVKQPUWUGFKPFGVGTOKPKPIGORNQ[GGDGPGƂVQDNKICVKQPUHQTVJG%QORCP[oURNCPUCTGUJQYPDGNQY
/CKPCUUWORVKQPUWUGFKPFGVGTOKPKPIGORNQ[GGDGPGƂVQDNKICVKQPU
KP

&KUEQWPVTCVG
+PƃCVKQPTCVG
&KUEQWPVTCVGQHTGVWTPQPRNCPCUUGVUFWTKPIƂPCPEKCN[GCT
(WVWTGUCNCT[KPETGCUGU
(WVWTGRGPUKQPKPETGCUGU
6JGQXGTCNNGZRGEVGFTCVGQHTGVWTPQPCUUGVUKUFGVGTOKPGFDCUGFQPVJGOCTMGVRTKEGURTGXCKNKPIQPVJCVFCVGCRRNKECDNGVQ
VJGRGTKQFQXGTYJKEJVJGQDNKICVKQPKUVQDGUGVVNGF
4'/70'4#6+101(6*'-';/#0#)'/'062'45100'.1(6*'%1/2#0;
6JGTGOWPGTCVKQPQHVJGMG[OCPCIGOGPVRGTUQPPGNQHVJG%QORCP[RCKFFWTKPIVJG[GCTKPENWFKPIRGPUKQPEQUVUCPF
RGTHQTOCPEGTGNCVGF5JQTV6GTO+PEGPVKXGU 56+ COQWPVGFVQ75OKNNKQP 75OKNNKQP 6JGTGCTGPQ
NQCPU|QWVUVCPFKPIVQ|VJG|OGODGTUQH|VJG|MG[OCPCIGOGPVQT|IWCTCPVGGU|IKXGP|QP|DGJCNH|QH|OGODGTUQH|VJG|MG[
OCPCIGOGPV
6JGRGTHQTOCPEGTGNCVGFRCTVQHVJGTGOWPGTCVKQPQHVJG/CPCIGOGPV$QCTFEQORTKUKPI8CNWG%TGCVKQP5VCMGCPF56+
EQORQPGPVUYCU 6JG/CPCIGOGPV$QCTFoUTGOWPGTCVKQPFGETGCUGFKPXGTUWUOCKPN[GZRNCKPGF
D[ K VJGFGETGCUGHTQOVQOGODGTU KK CNQYGT56+CPF KKK VJGFGETGCUGF'74VQ75&EQPXGTUKQPTCVG
6JGFGETGCUGFTGOWPGTCVKQPQHQVJGTMG[RGTUQPPGNKUOCKPN[TGNCVGFVQVJGFGETGCUGF'74VQ75&EQPXGTUKQPTCVGCPFQPG
OGODGTQHVJG'ZGEWVKXG%QOOKVVGGLQKPKPIVJGOCPCIGOGPVDQCTF#PCFFKVKQPCNOGODGTYCUCFFGFVQVJGGZGEWVKXG
%QOOKVVGGCVVJGGPFQHVJG[GCTVQTGVWTPVQCVQVCNQHOGODGTU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
6JGVQVCNTGOWPGTCVKQPCPFCUUQEKCVGFEQUVUQHVJG/CPCIGOGPV$QCTFCPFQVJGTMG[OCPCIGOGPVRGTUQPPGN OGODGTUQH
VJG'ZGEWVKXG%QOOKVVGG KUURGEKƂGFCUHQNNQYU
4GOWPGTCVKQPMG[OCPCIGOGPVRGTUQPPGN
5JCTGDCUGF 6QVCN
KPVJQWUCPFUQH75 $CUGUCNCT[ 56+ EQORGPUCVKQP 1VJGT 2GPUKQPU TGOWPGTCVKQP
/CPCIGOGPV$QCTF/GODGTU

1VJGTMG[RGTUQPPGN

6QVCN
6QVCN
(QTVJG/CPCIGOGPV$QCTFVJKUTGRTGUGPVUVJGCEVWCN56+CRRTQXGFD[VJG5WRGTXKUQT[$QCTFYJKEJJCUDGGPCEETWGFQXGTVJGECNGPFCT[GCTRC[OGPVQH
YJKEJYKNNDGOCFGKPVJGHQNNQYKPI[GCT
6JKUUJCTGDCUGFEQORGPUCVKQPTGRTGUGPVUVJGRGTKQFGZRGPUGQHUJCTGDCUGFRC[OGPVUKPCEEQTFCPEGYKVJ+(45
%QPUKUVKPIQHUQEKCNEJCTIGUNGCUGECTGZRGPUGUCPFQVJGTCNNQYCPEGU
6JKUTGRTGUGPVUEQORCP[EQPVTKDWVKQPUVQFGƂPGFEQPVTKDWVKQPRGPUKQPRNCPUKPECUGQHCDUGPEGQHCSWCNKH[KPIRGPUKQPUEJGOGUWEJEQPVTKDWVKQPKURCKF
ITQUUYKVJJQNFKPIYCIGVCZCVUQWTEGDQTPGD[VJGKPFKXKFWCNU
6JGFGƂPKVKQPQH 1VJGTMG[RGTUQPPGN KUCNKIPGFYKVJVJG'ZGEWVKXG%QOOKVVGGCUFKUENQUGFQPVJG%QORCP[ UYGDUKVG
6JGVCDNGCDQXGTGRTGUGPVUVJGVQVCNTGOWPGTCVKQPKP75FQNNCTUDGKPIVJGTGRQTVKPIEWTTGPE[QHVJG%QORCP[
#UCV&GEGODGTVJGTGCTGPQWPXGUVGFUJCTGUQHEWTTGPVCPFHQTOGT/CPCIGOGPV$QCTFOGODGTU6JGVQVCN
PWODGTQHXGUVGFUJCTGUJGNFD[EWTTGPVCPFHQTOGT/CPCIGOGPV$QCTFOGODGTUCTGTGRQTVGFKPPQVG'SWKV[
#VVTKDWVCDNGVQ5JCTGJQNFGTU
5*1466'4/+0%'06+8'241)4#/1(6*'/#0#)'/'06$1#4&
6JG5JQTV6GTO+PEGPVKXG2TQITCOKUDCUGFWRQPUJQTVVGTOQRGTCVKQPCNRGTHQTOCPEGYJKEJKPENWFGUVJTGGUGVUQH
2GTHQTOCPEG+PFKECVQTUCUPQVGFDGNQY
Ŷ 2TQƂVCDKNKV[
Ŷ )TQYVJ
Ŷ 5WUVCKPCDKNKV[2GTHQTOCPEG
6JG5WRGTXKUQT[$QCTFOC[CFLWUVVJGQWVEQOGQHVJG56+FQYPD[#P[UWEJCFLWUVOGPVYQWNFDGTGRQTVGFKPVJG
4GOWPGTCVKQP4GRQTV0QUWEJTGFWEVKQPJCUDGGPOCFGHQTQT
(QT GSWCNVQ VJG5WRGTXKUQT[$QCTFEQPENWFGFVJCVVJG%QORCP[oURGTHQTOCPEGKPFKECVQTUJCFQWVEQOGU

TCPIKPIHTQOVJTGUJQNFVQOCZKOWO(QTVJG[GCTCVQVCNQHUGXGPRGTHQTOCPEGKPFKECVQTUYGTGGUVCDNKUJGF
UGXGP 6JG%QORCP[oURGTHQTOCPEGTGUWNVGFKPRGTHQTOCPEGQH QHUCNCT[HQTVJG%'1CPF
HQTVJGQVJGT/CPCIGOGPV$QCTFOGODGTU
8#.7'%4'#6+1056#-'5*#4'51(6*'/#0#)'/'06$1#4&
7PFGTVJG4GOWPGTCVKQP2QNKE[VJGOGODGTUQHVJG/CPCIGOGPV$QCTFCTGGPVKVNGFVQC8CNWG%TGCVKQP5VCMGDGKPIC
PWODGTQHUJCTGUFGVGTOKPGFD[CHQWT[GCTCXGTCIGUJCTGRTKEG XQNWOGYGKIJVGF 6JGUGUJCTGUXGUVKOOGFKCVGN[WRQPVJG
CYCTFFCVGCPFOWUVDGTGVCKPGFHQTƂXG[GCTUHTQOVJGXGUVKPIFCVGQTŨKPVJGGXGPVQHTGVKTGOGPVQTVGTOKPCVKQPŨVYQ
[GCTU
0WODGTQHKUUWGFUJCTGU

6QVCN
6JGPWODGTQHUJCTGUITCPVGFKUDCUGFWRQPQHVJGKPFKXKFWCNoUDCUGUCNCT[CPFFGVGTOKPGFD[VJG[GCTCXGTCIG
XQNWOGYGKIJGFUJCTGRTKEG 89#2 QXGTVJG[GCTUVJTQWIJ VJTQWIJ DGKPI'74
'74 6JGITCPVFCVGHCKTXCNWGQHVJGUGUJCTGUWRQPKUUWGYCU'74DGKPIVJGQRGPKPIUJCTGRTKEGQH,CPWCT[
'74
5$/1((5*14'#007#.4'2146
#PCFFKVKQPCNITCPVYCURGTHQTOGFHQNNQYKPIVJG#)/QP#RTKN6JGITCPVFCVGHCKTXCNWGYCU'74
4'564+%6'&5*#4'70+6 457 2.#05

6JGPWODGTQHUJCTGUITCPVGFWPFGTVJG457RNCPKPYCU YKVJVJGVJTGG[GCTGORNQ[OGPV
RGTKQFUVCTVKPIQP,CPWCT[ ,CPWCT[
6JGCPPWCN457CYCTFKUDCUGFQPKPFKXKFWCNRGTHQTOCPEG6JG457RNCPUVJGOUGNXGUJCXGPQRGTHQTOCPEGEQPFKVKQPQPN[C
UGTXKEGEQPFKVKQPCPFYKNNXGUVCVVJGGPFQHVJTGG[GCTU EQPVKPWKPIUGTXKEG6JGHCKTXCNWGKUFGVGTOKPGFDCUGFQPVJGUJCTG
RTKEGCVVJGITCPVFCVGUYKVJCPCFLWUVOGPVHQTVJGRTGUGPVXCNWGQHVJGGZRGEVGFFKXKFGPFUFWTKPIVJGXGUVKPIRGTKQF

457ITCPVFCVGHCKTXCNWGRGTUJCTG a| a|
(QT457UCXGUVKPIRTQDCDKNKV[ DCUGFQPGZRGEVCVKQPUQPHQTGZCORNGVJGPWODGTQHGORNQ[GGUNGCXKPIVJG%QORCP[
DGHQTGVJGXGUVKPIFCVGQHVJGKTTGURGEVKXG457RNCP QHKUCUUWOGF6JG%QORCP[RGTKQFKECNN[TGXKGYUVJKUGUVKOCVGCPF
CNKIPUVQVJGCEVWCNHQTHGKVWTGU
190'45*+25*#4'5
1YPGTUJKR5JCTGUKUCPCPPWCNCYCTFKPUJCTGUVQEQORGPUCVGVJGQXGTCNN56+VCTIGVTGFWEVKQPQHQHCPPWCNK\GFITQUU
UCNCT[WPFGTVJG%QORCP[oU56+RNCPCYCTFGFVQGORNQ[GGUDCUGFQPUGPKQTKV[6JG1YPGTUJKR5JCTGUJCXGPQ
RGTHQTOCPEGEQPFKVKQPUQPN[CUGTXKEGEQPFKVKQP6JG1YPGTUJKR5JCTGUCTGUWDLGEVVQCVJTGG[GCTJQNFKPITGSWKTGOGPV
CHVGTVJGITCPVFCVG6JKUOGCPUVJCVCƂZGFRQRWNCVKQPQHQPUJQTGGORNQ[GGUDCUGFQPUGPKQTKV[KPVJG%QORCP[CTG
GNKIKDNGVQVJG1YPGTUJKR5JCTGUGSWCNVQQHCPPWCNK\GFITQUUUCNCT[
6JGVQVCNPWODGTQH1YPGTUJKR5JCTGUVJCVXGUVGFFWTKPIYCUUJCTGU 6JGHCKTXCNWGQHVJG

1YPGTUJKR5JCTGUKUOGCUWTGFCVVJGQRGPKPIUJCTGRTKEGQH,CPWCT[

1YPGTUJKR5JCTGUITCPVFCVGHCKTXCNWGRGTUJCTG a| a|
/#6%*+0)5*#4'5
7PFGTVJG56+RNCPUHQTVJGOCPCIGOGPVCPFUVCHHQHVJG%QORCP[QHVJG56+KUQTECPDGRCKFKPUJCTGU5WDLGEVVQC
XGUVKPIRGTKQFQHHQWT[GCTUCPKFGPVKECNPWODGTQHUJCTGU OCVEJKPIUJCTGU YKNNDGKUUWGFVQRCTVKEKRCPVUCUUWOKPIC
RTQDCDKNKV[QH6JG%QORCP[RGTKQFKECNN[TGXKGYUVJKUGUVKOCVGCPFCNKIPUVQVJGCEVWCNHQTHGKVWTGU6JGITCPVFCVGHCKT
XCNWGKUOGCUWTGFKPFKTGEVN[DCUGFQPVJGITCPVFCVGRTKEGQHVJGGSWKV[KPUVTWOGPVYKVJCPCFLWUVOGPVHQTVJGRTGUGPVXCNWG
QHVJGGZRGEVGFFKXKFGPFUFWTKPIVJGXGUVKPIRGTKQF
6JGCUUWORVKQPUKPENWFGFKPVJGECNEWNCVKQPHQTVJGOCVEJKPIUJCTGUCTG

/CVEJKPIUJCTGUITCPVFCVGHCKTXCNWGRGTUJCTG a| a|
616#.5*#4'$#5'&2#;/'06%1565
6JGCOQWPVUTGEQIPK\GFKPQRGTCVKPIRTQƂVHQTCNNUJCTGDCUGFRC[OGPVVTCPUCEVKQPUJCXGDGGPUWOOCTK\GFD[VCMKPIKPVQ
CEEQWPVDQVJVJGRTQXKUKQPCNCYCTFUHQTVJGEWTTGPV[GCTCPFVJGCFFKVKQPCNCYCTFUTGNCVGFVQRTKQT[GCTU6QVCNUJCTGDCUGF
EQORGPUCVKQPJCUUNKIJVN[FGETGCUGFKPEQORCTKUQPVQ
2GTHQTOCPEGUJCTGUCPF /CVEJKPI
KPVJQWUCPFUQH75 4578CNWG%TGCVKQP5VCMG UJCTGU 6QVCN
+PUVTWOGPVUITCPVGF
6QVCNGZRGPUGU
2GTHQTOCPEGUJCTGUCPF /CVEJKPI
KPVJQWUCPFUQH75 4578CNWG%TGCVKQP5VCMG UJCTGU 6QVCN
+PUVTWOGPVUITCPVGF
6QVCNGZRGPUGU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
4WNGUQHEQPFWEVYKVJTGICTFVQKPUKFGKPHQTOCVKQPCTGKPRNCEGVQGPUWTGEQORNKCPEGYKVJVJGCEVQPƂPCPEKCNUWRGTXKUKQP(QT
GZCORNGVJGUGTWNGUHQTDKFVJGGZGTEKUGQHQRVKQPUQTQVJGTƂPCPEKCNKPUVTWOGPVUFWTKPIEGTVCKPRGTKQFUOQTGURGEKƂECNN[
YJGPCPGORNQ[GGKUKPRQUUGUUKQPQHRTKEGUGPUKVKXGKPHQTOCVKQP
6JGOQXGOGPVKPVJGQWVUVCPFKPIPWODGTQHUJCTGUYJKEJEQWNFRQVGPVKCNN[XGUVCVCRQKPVKPVKOGWPFGTVJG%QORCP[
UJCTGDCUGFRC[OGPVRNCPUKUKNNWUVTCVGFKPVJGHQNNQYKPIVCDNG
KPPWODGTQHUJCTGU

1WVUVCPFKPICV,CPWCT[
)TCPVGF
8GUVGF
6TWGWRCVXGUVKPI
%CPEGNNGFQTHQTHGKVGF
6QVCNOQXGOGPVU
1WVUVCPFKPICV&GEGODGT
4'/70'4#6+101(6*'572'48+514;$1#4&
6JGTGOWPGTCVKQPQHVJG5WRGTXKUQT[$QCTFCOQWPVGFVQ'74 '74 CPFECPDGURGEKƂGFCUHQNNQYU

KPVJQWUCPFUQH'74 $CUKETGOWPGTCVKQP %QOOKVVGGU 6QVCN $CUKETGOWPGTCVKQP %QOOKVVGGU 6QVCN
6QVCN
6JGTGCTGPQUJCTGDCUGFKPEGPVKXGUITCPVGFVQVJGOGODGTUQHVJG5WRGTXKUQT[$QCTF0QTCTGVJGTGCP[NQCPUQWVUVCPFKPI
VQVJGOGODGTUQHVJG5WRGTXKUQT[$QCTFQTIWCTCPVGGUIKXGPQPDGJCNHQHOGODGTUQHVJG5WRGTXKUQT[$QCTF
07/$'41('/2.1;''5
0WODGTQHGORNQ[GGU D[QRGTCVKPIUGIOGPV

$[QRGTCVKPIUGIOGPV #XGTCIG ;GCTGPF #XGTCIG ;GCTGPF
.GCUGCPF1RGTCVG
6WTPMG[
1VJGT
6QVCNGZENWFKPIGORNQ[GGUYQTMKPIHQT,8UCPF
CUUQEKCVGU
'ORNQ[GGUYQTMKPIHQT,8UCPFCUUQEKCVGU
6QVCN
0WODGTQHGORNQ[GGU D[IGQITCRJKECNCTGC

$[IGQITCRJKECNCTGC #XGTCIG ;GCTGPF #XGTCIG ;GCTGPF
VJG0GVJGTNCPFU
9QTNFYKFG
6QVCNGZENWFKPIGORNQ[GGUYQTMKPIHQT,8UCPF
CUUQEKCVGU
'ORNQ[GGUYQTMKPIHQT,8UCPFCUUQEKCVGU
6QVCN
6JGƂIWTGUGZENWFGƃGGVRGTUQPPGNJKTGFVJTQWIJETGYKPICIGPEKGUCUYGNNCUQVJGTCIGPE[CPFHTGGNCPEGUVCHHHQTYJQO
GZRGPUGUCTGKPENWFGFYKVJKPQVJGTGORNQ[GGDGPGƂVU6JGKPETGCUGKPJGCFEQWPVKURTKOCTKN[FWGVQVJGHWTVJGTTCORWRQH
CEVKXKV[QP6WTPMG[RTQLGEVUCUVJG%QORCP[JCUƂXG(251oUWPFGTEQPUVTWEVKQP
5$/1((5*14'#007#.4'2146
4'5'#4%*#0&&'8'.12/'06':2'05'5
4GUGCTEJCPFFGXGNQROGPVGZRGPUGUCOQWPVGFVQ75OKNNKQP 75OKNNKQP CPFOCKPN[TGNCVGVQVJGKPVGTPCN
RTQLGEVUHQT4GPGYCDNGUFGXGNQROGPVEQUVUGPGTI[VTCPUKVKQPEQUVUTGNCVGFVQGOKUUKQP<'41CPFo&KIKVCN(251o
6JGCOQTVK\CVKQPQHFGXGNQROGPVEQUVUTGEQIPK\GFKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPKUCNNQECVGFVQEQUVQHUCNGUYJGP
VJGFGXGNQRGFVGEJPQNQI[KUWUGFVJTQWIJQPGQTUGXGTCNRTQLGEVU1VJGTYKUGKVKUCNNQECVGFVQTGUGCTEJCPFFGXGNQROGPV
GZRGPUGU
0'6+/2#+4/'06)#+05 .155'5 10(+0#0%+#.#0&%1064#%6#55'65

+PVJGEQPVGZVQHVJG%18+&RCPFGOKECPFVJG4WUUKC7MTCKPGYCTFWTKPICTCPIGQHRQUUKDNGKORCEVUVJCVEQWNF
CTKUGHTQOVJGIGPGTCNGEQPQOKEFQYPVWTPVJGRTGUUWTGQPRTKEGKPƃCVKQPCPFQVJGTIQXGTPOGPVCNCEVKQPUEQPUGSWGPVQH
VJGIGQRQNKVKECNUKVWCVKQPYCUCPVKEKRCVGF+PTGURQPUGVQVJGUGGHHGEVUVJG%QORCP[ K TGCUUGUUGFYJGVJGTVJGTGKUC
UKIPKƂECPVKPETGCUGKPETGFKVTKUMTGNCVGFVQKVUƂPCPEKCNCUUGVUCUQH&GEGODGTCPF KK WRFCVGFGUVKOCVGUKPVGTOUQH
RTQDCDKNKV[QHFGHCWNV CPF NQUUIKXGPFGHCWNV KPQTFGTVQFGVGTOKPGVJGGZRGEVGFETGFKVNQUUGU
(KPCPEG.GCUG4GEGKXCDNGU
6JGTGYCUPQRC[OGPVFGHCWNVQPCP[ƂPCPEGNGCUGEQPVTCEVUQXGTVJGRGTKQF+PCFFKVKQPFGURKVGVJGQXGTCNNGEQPQOKE
FQYPVWTPVJG%QORCP[EQPENWFGFVJCVVJGEQWPVGTRCTVKGUQHVJGƂPCPEGNGCUGTGEGKXCDNGUUVKNNJCXGCUVTQPIECRCEKV[VQ
OGGVVJGKTEQPVTCEVWCNECUJƃQYQDNKICVKQPUDCUGFQPGZKUVKPIEQPVTCEVWCNCTTCPIGOGPVUYJKEJKPENWFGRCTGPVEQORCP[
IWCTCPVGGU$CUGFQPVJGCXCKNCDNGHQTYCTFNQQMKPIKPHQTOCVKQPTGNCVGFVQVJGQKNRTKEGKVKUCNUQCUUWOGFVJCVPQPGQHVJG
CUUGVUNGCUGFWPFGTVJG%QORCP[oUƂPCPEGNGCUGEQPVTCEVUYQWNFDGEQOGWPGEQPQOKECNVQQRGTCVGHQTENKGPVU
6JGTGHQTGVJG%QORCP[EQPENWFGUVJCV K VJGETGFKVTKUMJCUPQVKPETGCUGFUKIPKƂECPVN[UKPEGVJGKPKVKCNTGEQIPKVKQPQHVJG
ƂPCPEGNGCUGTGEGKXCDNGCPF KK VJGƂPCPEGNGCUGTGEGKXCDNGUUVKNNJCXGCNQYETGFKVTKUMCUQH&GEGODGT#UCTGUWNV
VJG%QORCP[TGEQIPK\GUCOQPVJGZRGEVGFETGFKVNQUU
%QPVTCEVCUUGVUCPF6TCFG4GEGKXCDNGU
#UHQTVJGƂPCPEGNGCUGUVJGTGYCUPQRC[OGPVFGHCWNV KPENWFKPIQXGTFWGQHOQTGVJCPFC[U QPCP[UKIPKƂECPVVTCFG
TGEGKXCDNGUQXGTVJGRGTKQF6JG%QORCP[RGTHQTOGFCUWUWCNCFGVCKNGFCPCN[UKUQHVJGETGFKVTKUMUCUUQEKCVGFYKVJ
UKIPKƂECPVVTCFGTGEGKXCDNGUDCNCPEGUCUCVVJGTGRQTVKPIFCVG6JKUFKFPQVTGUWNVKPCP[URGEKƂEUKIPKƂECPVKPETGCUGKPETGFKV
TKUMUTGNCVGFVQKVUQWVUVCPFKPIEQPVTCEVCUUGVUCPFVTCFGTGEGKXCDNGU
1VJGT(KPCPEKCN#UUGVU
1XGTCNNVJGTGCUUGUUOGPVQHVJGGZRGEVGFETGFKVNQUUGUQHQVJGTƂPCPEKCNCUUGVUTGUWNVGFKPCNKOKVGFKORCEV
&WTKPIVJG[GCTVJGHQNNQYKPIICKPU NQUUGU TGNCVGFVQETGFKVTKUMUYGTGTGEQIPK\GF

+ORCKTOGPVNQUUGU
/QXGOGPVKPNQUUCNNQYCPEGHQTVTCFGTGEGKXCDNGU
/QXGOGPVKPNQUUCNNQYCPEGHQTEQPVTCEVCUUGVU
/QXGOGPVKPNQUUCNNQYCPEGHQTƂPCPEGNGCUGTGEGKXCDNGU
+ORCKTOGPV KORCKTOGPVTGXGTUCNNQUUGUQPƂPCPEKCNNGCUGTGEGKXCDNGU
/QXGOGPVKPNQUUCNNQYCPEGHQTQVJGTCUUGVU
+ORCKTOGPV KORCKTOGPVTGXGTUCNNQUUGUQPQVJGTƂPCPEKCNCUUGVU
0GVKORCKTOGPVICKPU NQUUGU QPƂPCPEKCNCPFEQPVTCEVCUUGVU
&WTKPIVJG[GCTVJG%QORCP[TGEQIPK\GFC75OKNNKQPPGVKORCKTOGPVICKPQPƂPCPEKCNCPFEQPVTCEVCUUGVUOCKPN[
CVVTKDWVCDNGVQVJGTGXGTUCNQHCPKORCKTOGPVYJKEJYCURTGXKQWUN[TGEQIPK\GFHQTCHWPFKPINQCPRTQXKFGFVQCPGSWKV[
CEEQWPVGFGPVKV[ &GEGODGTICKPQH75OKNNKQP
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
0'6(+0#0%+0)%1565

+PVGTGUVKPEQOGQPNQCPUTGEGKXCDNGU
+PVGTGUVKPEQOGQPKPXGUVOGPVU
0GVHQTGKIPGZEJCPIGICKP
1VJGTƂPCPEKCNKPEQOG
(KPCPEKCNKPEQOG
+PVGTGUVGZRGPUGUQPƂPCPEKCNNKCDKNKVKGUCVCOQTVK\GFEQUV
+PVGTGUVGZRGPUGUQPJGFIKPIFGTKXCVKXGU
+PVGTGUVGZRGPUGUQPNGCUGNKCDKNKVKGU
+PVGTGUVCFFKVKQPVQRTQXKUKQPU
0GVECUJƃQYJGFIGUKPGHHGEVKXGPGUU
1VJGTƂPCPEKCNGZRGPUGU
(KPCPEKCNGZRGPUGU
0GVƂPCPEKPIEQUVU
6JGEQORCP[JCUKPETGCUGFKVUFGDV UGGPQVG$QTTQYKPIUCPF.GCUG.KCDKNKVKGU KPQTFGTVQƂPCPEGKVUQPIQKPI

EQPUVTWEVKQPRTQITCOQHƂXG(251U
6JGTGHQTGVJGKPETGCUGKPPGVƂPCPEKPIEQUVUKUOCKPN[FWGVQ K JKIJGTKPVGTGUVGZRGPUGUCUCTGUWNVQHVJG%QORCP[ U
RTQLGEVƂPCPEKPIQDVCKPGFHQTRTQLGEVUWPFGTEQPUVTWEVKQPOQUVN[VJGRTQLGEVƂPCPEKPIQH(25110')7;#0#(251
5GRGVKDC(2512TQURGTKV[CPFDTKFIGNQCPUHQT(251#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG)WUO¿Q
+0%1/'6#:':2'05'
6JGTGNCVKQPUJKRDGVYGGPVJG%QORCP[oUKPEQOGVCZGZRGPUGCPFRTQƂVDGHQTGKPEQOGVCZ TGHGTTGFVQCUoGHHGEVKXGVCZTCVGo
ECPXCT[UKIPKƂECPVN[HTQORGTKQFVQRGTKQFEQPUKFGTKPICOQPIQVJGTHCEVQTU K EJCPIGUKPVJGDNGPFQHKPEQOGVJCVKUVCZGF
DCUGFQPTGXGPWGUXGTUWURTQƂV KK VJGFKHHGTGPVUVCVWVQT[VCZTCVGUKPVJGNQECVKQPQHVJG%QORCP[oUQRGTCVKQPUCPF KKK VJG
RQUUKDKNKV[VQTGEQIPK\GFGHGTTGFVCZCUUGVUQPVCZNQUUGUVQVJGGZVGPVVJCVUWKVCDNGHWVWTGVCZCDNGRTQƂVUYKNNDGCXCKNCDNG
5QOGQHVJGVCZGUCTGYKVJJQNFKPIVCZGU RCKFQPTGXGPWGU 6JGCUUGUUOGPVQHYJGVJGTVJGYKVJJQNFKPIVCZKUKPUEQRGQH

+#5KULWFIOGPVCNVJG%QORCP[RGTHQTOGFVJKUCUUGUUOGPVKPVJGRCUVCPFUQOGQHVJGYKVJJQNFKPIVCZGUVJCVVJG
%QORCP[RC[UKPEGTVCKPEQWPVTKGUSWCNKH[CUKPEQOGVCZGUCUKVETGCVGUCPKPEQOGVCZETGFKVQTKVKUEQPUKFGTGFCUFGGOGF
RTQƂVVCZCVKQP
%QPUGSWGPVN[KPEQOGVCZGZRGPUGFQGUPQVEJCPIGRTQRQTVKQPCNN[YKVJRTQƂVDGHQTGKPEQOGVCZGU5KIPKƂECPVFGETGCUGUKP
RTQƂVDGHQTGKPEQOGVCZV[RKECNN[NGCFVQCJKIJGTGHHGEVKXGVCZTCVGYJKNGUKIPKƂECPVKPETGCUGUKPRTQƂVDGHQTGKPEQOGVCZGU
ECPNGCFVQCNQYGTGHHGEVKXGVCZTCVGUWDLGEVVQVJGQVJGTHCEVQTUKORCEVKPIKPEQOGVCZGZRGPUGPQVGFCDQXG#FFKVKQPCNN[
YJGTGCFGHGTTGFVCZCUUGVKUPQVTGEQIPK\GFQPCNQUUECTT[HQTYCTFVJGGHHGEVKXGVCZTCVGKUKORCEVGFD[VJGWPTGEQIPK\GF
VCZNQUU
5$/1((5*14'#007#.4'2146
6JGEQORQPGPVUQHVJG%QORCP[oUKPEQOGVCZGUYGTGCUHQNNQYU
+PEQOGVCZTGEQIPK\GFKPVJGEQPUQNKFCVGF+PEQOG5VCVGOGPV
0QVG

%QTRQTCVKQPVCZQPRTQƂVUHQTVJG[GCT
#FLWUVOGPVUKPTGURGEVQHRTKQT[GCTU
/QXGOGPVUKPWPEGTVCKPVCZRQUKVKQPU
6QVCNEWTTGPVKPEQOGVCZ
&GHGTTGFVCZ
6QVCN
6JG%QORCP[oUQRGTCVKQPCNCEVKXKVKGUCTGUWDLGEVVQVCZCVKQPCVTCVGUYJKEJTCPIGWRVQ
(QTVJG[GCTGPFGF&GEGODGTVJGTGURGEVKXGVCZTCVGUVJGEJCPIGKPVJGDNGPFQHKPEQOGVCZDCUGFQPKPEQOG
YKVJJQNFKPIVCZCPFFGGOGFRTQƂVCUUGUUOGPVXGTUWUKPEQOGVCZDCUGFQPPGVRTQƂVVJGWPTGEQIPK\GFFGHGTTGFVCZCUUGV
QPEGTVCKPVCZNQUUGUVCZGZGORVRTQƂVUCPFPQPFGFWEVKDNGEQUVUTGUWNVGFKPCPGHHGEVKXGVCZQPEQPVKPWKPIQRGTCVKQPUQH

6JGTGEQPEKNKCVKQPQHVJGGHHGEVKXGVCZTCVGKUCUHQNNQYU
4GEQPEKNKCVKQPQHVQVCNKPEQOGVCZEJCTIG

2TQƂV .QUU DGHQTGKPEQOGVCZ
2TQƂV .QUU DGHQTGKPEQOGVCZCPFUJCTGQHRTQƂVQHGSWKV[
CEEQWPVGFKPXGUVGGU
+PEQOGVCZWUKPIVJGFQOGUVKEEQTRQTCVKQPVCZTCVG HQTVJG
0GVJGTNCPFU
6CZGHHGEVUQH
&KHHGTGPVUVCVWVQT[VCZGUTGNCVGFVQUWDUKFKCTKGUQRGTCVKPIKPQVJGT
LWTKUFKEVKQPU
9KVJJQNFKPIVCZGUCPFVCZGUDCUGFQPFGGOGFRTQƂVU
0QPFGFWEVKDNGGZRGPUGU
0QPVCZCDNGKPEQOG
#FLWUVOGPVUTGNCVGFVQRTKQT[GCTU
#FLWUVOGPVUTGEQIPK\GFKPVJGEWTTGPV[GCTKPTGNCVKQPVQFGHGTTGF
KPEQOGVCZQHRTGXKQWU[GCT
'HHGEVUQHWPTGEQIPK\GFCPFWPWUGFEWTTGPVVCZNQUUGUPQVTGEQIPK\GFCU
FGHGTTGFVCZCUUGVU
/QXGOGPVUKPWPEGTVCKPVCZRQUKVKQPU
6QVCNVCZGHHGEVU
6QVCNQHVCZEJCTIGQPVJG%QPUQNKFCVGF+PEQOG5VCVGOGPV
5KOKNCTVQNCUV[GCTVJGGHHGEVKXGVCZYCUKORCEVGFD[|WPTGEQIPK\GFFGHGTTGFVCZCUUGVUEQPEGTPKPI$TC\KN75#5YKV\GTNCPF
.WZGODQWTI/QPCEQCPFVJG0GVJGTNCPFU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
&GVCKNUQHVJGYKVJJQNFKPIVCZGUCPFQVJGTVCZGUCTGCUHQNNQYU
9KVJJQNFKPIVCZGURGTEQWPVT[

9KVJJQNFKPI6CZCPF1XGTUGCU6CZGU
RGTNQECVKQP 9KVJJQNFKPIVCZ 9KVJJQNFKPIVCZ
$TC\KN
)W[CPC
1VJGT
6QVCNYKVJJQNFKPICPFQXGTUGCUVCZGU
$TC\KNYKVJJQNFKPIVCZ
6JG%QORCP[KPEWTTGFNGUUYKVJJQNFKPIVCZEJCTIGKPFWGVQVJGUJWVFQYPQH(251%KFCFGFG#PEJKGVC
)W[CPCCPFQVJGTYKVJJQNFKPIVCZ
6JG%QORCP[ UEQPUVTWEVKQPCPFNGCUGCEVKXKVKGUTGNCVGFVQ)W[CPCCTGUWDLGEVVQ)W[CPGUGYKVJJQNFKPIVCZ+POQTG
YKVJJQNFKPIVCZYCUWUGFVQQHHUGVVCZECNEWNCVGFQPPGVRTQƂVKP)W[CPCCPFKPVJG7PKVGF-KPIFQONGCFKPIVQCTGNCVKXG
FGETGCUGQHYKVJJQNFKPIVCZKPEQORCTGFVQRTKQT[GCT
6#:4'67405#0&6#:%106+0)'0%+'5
6JG%QORCP[ƂNGUHGFGTCNCPFNQECNVCZTGVWTPUKPUGXGTCNLWTKUFKEVKQPUVJTQWIJQWVVJGYQTNF6CZTGVWTPUKPVJGOCLQT
LWTKUFKEVKQPUKPYJKEJVJG%QORCP[QRGTCVGUCTGIGPGTCNN[UWDLGEVVQGZCOKPCVKQPHQTRGTKQFUTCPIKPIHTQOVJTGGVQUKZ[GCTU
6CZCWVJQTKVKGUKPEGTVCKPLWTKUFKEVKQPUCTGGZCOKPKPIVCZTGVWTPUCPFKPUQOGECUGUJCXGKUUWGFCUUGUUOGPVU6JG%QORCP[
DGNKGXGUVJGTGKUCUQWPFDCUKUHQTKVUVCZRQUKVKQPUKPVJQUGLWTKUFKEVKQPU6JG%QORCP[RTQXKFGUHQTVCZGUVJCVKVEQPUKFGTU
RTQDCDNGQHDGKPIRC[CDNGCUCTGUWNVQHVJGUGCWFKVUCPFHQTYJKEJCTGCUQPCDNGGUVKOCVGOC[DGOCFG9JKNGVJG%QORCP[
ECPPQVRTGFKEVQTRTQXKFGCUUWTCPEGCUVQVJGƂPCNQWVEQOGQHVJGUGRTQEGGFKPIUVJG%QORCP[FQGUPQVGZRGEVVJG
WNVKOCVGNKCDKNKV[VQJCXGCOCVGTKCNGHHGEVQPKVUEQPUQNKFCVGFUVCVGOGPVQHƂPCPEKCNRQUKVKQPQTTGUWNVUQHQRGTCVKQPUCNVJQWIJ
KVEQWNFJCXGCUKIPKƂECPVCFXGTUGGHHGEVQPKVUEQPUQNKFCVGFECUJƃQYU
'CEJ[GCTOCPCIGOGPVEQORNGVGUCFGVCKNGFTGXKGYQHWPEGTVCKPVCZRQUKVKQPUCETQUUVJG%QORCP[CPFOCMGURTQXKUKQPU
DCUGFQPVJGRTQDCDKNKV[QHVJGNKCDKNKV[CTKUKPI6JGRTKPEKRCNTKUMUVJCVCTKUGHQTVJG%QORCP[CTGKPTGURGEVQHRGTOCPGPV
GUVCDNKUJOGPVVTCPUHGTRTKEKPICPFQVJGTUKOKNCTKPVGTPCVKQPCNVCZKUUWGU+PEQOOQPYKVJQVJGTKPVGTPCVKQPCNITQWRUVJG
FKHHGTGPEGKPCNKIPOGPVDGVYGGPVJG%QORCP[oUINQDCNQRGTCVKPIOQFGNCPFVJGLWTKUFKEVKQPCNCRRTQCEJQHVCZCWVJQTKVKGU
QHVGPNGCFUVQWPEGTVCKPV[QPVCZRQUKVKQPU
#UCTGUWNVQHVJGCDQXGKPVJGRGTKQFVJG%QORCP[TGEQTFGFCPGVVCZFGETGCUGQH75OKNNKQPKPTGURGEVQHQPIQKPI
VCZ|CWFKVUCPFKPTGURGEVQHVJG%QORCP[oUTGXKGYQHKVUWPEGTVCKPVCZRQUKVKQPU6JKUFGETGCUGKURTKOCTKN[KPTGNCVKQPVQ
WPEGTVCKPVCZRQUKVKQPUQPEQTRQTCVGKPEQOGVCZ*QYGXGTKVKURQUUKDNGVJCVVJGWNVKOCVGTGUQNWVKQPQHVJGVCZGZRQUWTGU
EQWNFTGUWNVKPVCZEJCTIGUVJCVCTGOCVGTKCNN[JKIJGTQTNQYGTVJCPVJGCOQWPVRTQXKFGF
6JG%QORCP[|EQPFWEVU|QRGTCVKQPU|VJTQWIJ|KVU|XCTKQWUUWDUKFKCTKGU|KP|C|PWODGT|QH|EQWPVTKGU|VJTQWIJQWV|VJG|YQTNF|'CEJ
EQWPVT[|JCU|KVU|QYPVCZ|TGIKOGU|YKVJXCT[KPI|PQOKPCN|TCVGUFGFWEVKQPU|CPF|VCZCVVTKDWVGU|(TQO|VKOGVQ|VKOG|VJG%QORCP[
OC[KFGPVKH[EJCPIGUVQRTGXKQWUN[GXCNWCVGFVCZRQUKVKQPUVJCVEQWNFTGUWNVKPCFLWUVOGPVUVQKVUTGEQTFGFCUUGVUCPF
NKCDKNKVKGU|#NVJQWIJVJG|%QORCP[|KU|WPCDNG|VQ|RTGFKEV|VJG|QWVEQOG|QH|VJGUG|EJCPIGUKV|FQGU|PQV|GZRGEV|VJG|GHHGEV|KH|CP[
TGUWNVKPI|HTQO|VJGUG|CFLWUVOGPVU|VQ|JCXG|C|OCVGTKCN|GHHGEVQP|KVU|EQPUQNKFCVGF|UVCVGOGPV|QH|ƂPCPEKCN|RQUKVKQP|TGUWNVU|QH
QRGTCVKQPUQTECUJ|ƃQYU
+/2#%61(6*').1$'2+..#4691/1&'.47.'5
+P&GEGODGTVJG1'%&TGNGCUGFVJG)NQ$'2KNNCT6YQOQFGNTWNGUCNUQTGHGTTGFVQCUVJGn)NQDCN#PVK$CUG'TQUKQPoQT
n)NQ$'oTWNGUYJKEJUWDUGSWGPVN[NGFVQVJGKUUWCPEGQHVJGFTCHVRTQRQUCNHQTC)NQ$'&KTGEVKXGD[VJG'WTQRGCP
%QOOKUUKQP6JGUGTWNGUCKOVQGPUWTGNCTIGOWNVKPCVKQPCNGPVGTRTKUGU /0'U RC[COKPKOWOCOQWPVQHVCZQPKPEQOG
CTKUKPIKPGCEJLWTKUFKEVKQPKPYJKEJVJG[QRGTCVGVJTQWIJKPVTQFWEKPICINQDCNOKPKOWOEQTRQTCVGKPEQOGVCZTCVGUGVCV
6JG)NQ$'TWNGUCTGKPVGPFGFVQDGKORNGOGPVGFCURCTVQHCPCITGGFWRQPEQOOQPCRRTQCEJKPVTQFWEGFXKC
FQOGUVKEVCZNCYCPFGZRGEVGFVQDGGHHGEVKXGCUHTQO,CPWCT[|6JG&WVEJIQXGTPOGPVKUUWGFKVUFTCHVRTQRQUCNQH
5$/1((5*14'#007#.4'2146
VJG/KPKOWO6CZCVKQP#EVKP1EVQDGTHQTEQPUWNVCVKQPYJKNGQP&GEGODGTVJG%QWPEKNQHVJG'WTQRGCP
7PKQPHQTOCNN[CFQRVGFVJGFKTGEVKXGKORNGOGPVKPIVJGOKPKOWOVCZCVKQPCV'7NGXGN
6JG%QORCP[KUKPUEQRGQHVJG)NQ$'2KNNCT6YQOQFGNTWNGU7RQPCFQRVKQPQHVJG&WVEJ/KPKOWO6CZCVKQP#EV YKVJ
VJGCPVKEKRCVGFGHHGEVKXGFCVGQH,CPWCT[ VJGUGTWNGUOC[JCXGCƂPCPEKCNKORCEVFWGVQVJG%QORCP[oURTGUGPEGKPC
NKOKVGFPWODGTQHLWTKUFKEVKQPUYJGTGVJG)NQ$'GHHGEVKXGVCZTCVGKUDGNQY2GTVJG)NQ$'TWNGU5$/1HHUJQTG08KU
TGICTFGFVJG7NVKOCVG2CTGPV'PVKV[ 72' CPFYKNNDGUWDLGEVVQVJGn3WCNKƂGF+PEQOG+PENWUKQP4WNGo ++4 #UCTGUWNVVJG
%QORCP[OC[DGNKCDNGVQRC[C6QRWR6CZQPVJGCEVKXKVKGUKP6JG0GVJGTNCPFUCPFQVJGTLWTKUFKEVKQPUVJGTGD[RQVGPVKCNN[
KPETGCUKPIVJG%QORCP[oUEWTTGPVKPEQOGVCZGZRGPUGHQTVJG[GCTCPFCUCEQPUGSWGPEGCPKPETGCUGQHVJG%QORCP[oU
GHHGEVKXGVCZTCVG(WTVJGTOQTGVJGCFQRVKQPQHVJGTWNGUYKNNNGCFVQKPETGCUGFKORNGOGPVCVKQPEQUVUHQTVJG%QORCP[6JG
%QORCP[KUKPVJGRTQEGUUQHCUUGUUKPIVJGRQVGPVKCNRTQURGEVKXGƂPCPEKCNKORCEVCUCTGUWNVQHVJG)NQ$'TWNGU+VUJQWNFDG
PQVGFVJCVVJGKORCEVECPQPN[DGƂPCNN[FGVGTOKPGFYJGPƂPCNNGIKUNCVKQPKUGPCEVGFYJGTGCUVJKUKUUVKNNWPFGTEQPUWNVCVKQP
KPXCTKQWULWTKUFKEVKQPU
'#40+0)5 .155 2'45*#4'

6JGDCUKEGCTPKPIURGTUJCTGHQTVJG[GCTCOQWPVGFVQ75 75 VJGHWNN[FKNWVGFGCTPKPIURGTUJCTG
COQWPVGFVQ75 75 $CUKEGCTPKPIU NQUU RGTUJCTGCOQWPVUCTGECNEWNCVGFD[FKXKFKPIPGVRTQƂV NQUU HQT
VJG[GCTCVVTKDWVCDNGVQUJCTGJQNFGTUQHVJG%QORCP[D[VJGYGKIJVGFCXGTCIGPWODGTQHUJCTGUQWVUVCPFKPIFWTKPIVJG
[GCT
&KNWVGFGCTPKPIU NQUU RGTUJCTGCOQWPVUCTGECNEWNCVGFD[FKXKFKPIVJGPGVRTQƂVNQUUCVVTKDWVCDNGVQUJCTGJQNFGTUQHVJG

%QORCP[D[VJGYGKIJVGFCXGTCIGPWODGTQHUJCTGUQWVUVCPFKPIFWTKPIVJG[GCTRNWUVJGYGKIJVGFCXGTCIGPWODGTQH
UJCTGUVJCVYQWNFDGKUUWGFQPVJGEQPXGTUKQPQHCNNVJGRQVGPVKCNFKNWVKXGUJCTGUKPVQQTFKPCT[UJCTGU
6JGHQNNQYKPITGƃGEVUVJGUJCTGFCVCWUGFKPVJGDCUKECPFFKNWVGFGCTPKPIURGTUJCTGEQORWVCVKQPU
'CTPKPIURGTUJCTG

'CTPKPIUCVVTKDWVCDNGVQUJCTGJQNFGTU KPVJQWUCPFUQH75
0WODGTQHUJCTGUQWVUVCPFKPICV,CPWCT[ GZENWFKPIVTGCUWT[UJCTGU
#XGTCIGPWODGTQHVTGCUWT[UJCTGUVTCPUHGTTGFVQGORNQ[GGUJCTGRTQITCOU
#XGTCIGPWODGTQHUJCTGUTGRWTEJCUGFECPEGNNGF
9GKIJVGFCXGTCIGPWODGTQHUJCTGUQWVUVCPFKPI
+ORCEVUJCTGUVQDGKUUWGF
9GKIJVGFCXGTCIGPWODGTQHUJCTGU HQTECNEWNCVKQPUDCUKEGCTPKPIURGTUJCTG
2QVGPVKCNFKNWVKXGUJCTGUHTQOUVQEMQRVKQPUEJGOGCPFQVJGTUJCTGDCUGFRC[OGPVU
9GKIJVGFCXGTCIGPWODGTQHUJCTGU FKNWVGF
$CUKEGCTPKPIURGTUJCTGKP75
(WNN[FKNWVGFGCTPKPIURGTUJCTGKP75
6JGTGJCXGDGGPPQQVJGTVTCPUCEVKQPUKPXQNXKPIQTFKPCT[UJCTGUQTRQVGPVKCNQTFKPCT[UJCTGUDGVYGGPVJGTGRQTVKPIFCVGCPF
VJGFCVGQHEQORNGVKQPQHVJGUGƂPCPEKCNUVCVGOGPVUGZEGRVHQTVJGKUUWCPEGQH8CNWG%TGCVKQP5VCMGUJCTGUHQTVJG
/CPCIGOGPV$QCTF1YPGTUJKR5JCTGUHQTVJG%QORCP[oUUGPKQTOCPCIGOGPVCPFVJG/CVEJKPI5JCTGUCPF457UVJCVJCXG
XGUVGFQP,CPWCT[ UGGPQVG'ORNQ[GG$GPGƂV'ZRGPUGU
&+8+&'0&52#+&#0&241215'&
6JG%QORCP[oUFKXKFGPFRQNKE[KUVQOCKPVCKPCUVCDNGFKXKFGPFYJKEJITQYUQXGTVKOG&GVGTOKPCVKQPQHVJGFKXKFGPFKU
DCUGFQPVJG%QORCP[oUCUUGUUOGPVQHKVUWPFGTN[KPIECUJƃQYRQUKVKQP#URCTVQHVJG%QORCP[oUTGIWNCTRNCPPKPIRTQEGUU
HQNNQYKPITGXKGYQHKVUECUJƃQYRQUKVKQPCPFHQTGECUVVJG%QORCP[RTQRQUGUVQRC[QWVCFKXKFGPFQH75RGTUJCTG
GSWKXCNGPVVQE75OKNNKQPVQDGRCKFQWVQHTGVCKPGFGCTPKPIU6JKUFKXKFGPFYKNNDGRTQRQUGFCVVJG#PPWCN)GPGTCN
/GGVKPIQP#RTKN6JKUTGRTGUGPVUCPKPETGCUGQHEQORCTGFVQVJG75FKXKFGPFRGTUJCTGRCKFKP

6QVCNFKXKFGPFCOQWPVFGRGPFUQPPWODGTQHUJCTGUGPVKVNGFVQFKXKFGPFCUQH'ZFKXKFGPFFCVG6JGCOQWPVFKUENQUGFKUDCUGFQPVJGPWODGTQHUJCTGU
QWVUVCPFKPINGUUVJGVTGCUWT[UJCTGUJGNFCV&GEGODGT
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
2412'46;2.#06#0&'37+2/'06
6JGNKPGKVGOo2TQRGTV[RNCPVCPFGSWKROGPVoEQPUKUVUQHRTQRGTV[RNCPVCPFGSWKROGPVQYPGFD[VJG%QORCP[CPFTKIJV
QHWUGCUUGVU
2TQRGTV[RNCPVCPFGSWKROGPV UWOOCT[
&GEGODGT &GEGODGT
2TQRGTV[RNCPVCPFGSWKROGPVGZENWFKPINGCUGU
4KIJVQHWUGCUUGVU
6QVCN
2412'46;2.#06#0&'37+2/'06190'&$;6*'%1/2#0;
6JGOQXGOGPVQHVJG2TQRGTV[RNCPVCPFGSWKROGPVFWTKPIVJG[GCTKUUWOOCTK\GFCUHQNNQYU

8GUUGNUCPF
.CPFCPF ƃQCVKPI 1VJGTƂZGF #UUGVUWPFGT
DWKNFKPIU GSWKROGPV CUUGVU EQPUVTWEVKQP 6QVCN
%QUV
#EEWOWNCVGFFGRTGEKCVKQPCPFKORCKTOGPV
$QQMXCNWGCV,CPWCT[
#FFKVKQPU
&KURQUCNU
&GRTGEKCVKQP
+ORCKTOGPV
1VJGTOQXGOGPVU
6QVCNOQXGOGPVU
%QUV
$QQMXCNWGCV&GEGODGT

8GUUGNUCPF
.CPFCPF ƃQCVKPI 1VJGTƂZGF #UUGVUWPFGT
DWKNFKPIU GSWKROGPV CUUGVU EQPUVTWEVKQP 6QVCN
%QUV
$QQMXCNWGCV,CPWCT[
#FFKVKQPU
&KURQUCNU
&GRTGEKCVKQP
+ORCKTOGPV
1VJGTOQXGOGPVU
6QVCNOQXGOGPVU
%QUV
$QQMXCNWGCV&GEGODGT
&KURQUCNUOCKPN[TGNCVGVQVJGUCNGQHVJG)GPGXGUUGN
1VJGTOQXGOGPVUOCKPN[TGNCVGVQVJGTGENCUUKƂECVKQPQHVJG&5%8+PUVCNNGTCU#UUGV*GNF(QT5CNG
&WTKPIVJGRGTKQFVJGHQNNQYKPIOCKPGXGPVUQEEWTTGFTGICTFKPIQYPGFRTQRGTV[RNCPVCPFGSWKROGPV
5$/1((5*14'#007#.4'2146
Ŷ 75OKNNKQPQHCPPWCNFGRTGEKCVKQPEJCTIGUHQNNQYKPIVJGPQTOCNFGRTGEKCVKQPUEJGFWNG
Ŷ 75OKNNKQPCFFKVKQPUOCKPN[TGNCVGFVQECRKVCNK\GFOCLQTQXGTJCWNEQUVUTGNCVGFVQTGRCKTYQTMRGTHQTOGFQP(251
%KFCFGFG#PEJKGVCCUYGNNCUCFFKVKQPCNECRKVCNK\CVKQPQHEQUVUTGNCVGFVQCTGCUUGUUOGPVQHVJGFGEQOOKUUKQPKPI
RTQXKUKQPQH(251%CRKZCDC
Ŷ 75 OKNNKQPKORCKTOGPVTGEQIPK\GFOCKPN[GZRNCKPGFD[75OKNNKQPTGNCVGFVQ(251%KFCFGFG#PEJKGVC UGG
DGNQY CPF75OKNNKQPTGNCVGFVQ(251%CRKZCDC UGGDGNQY
2TQRGTV[RNCPVCPFGSWKROGPVCV[GCTGPFEQORTKUGUQH
Ŷ 1PG VYQ KPVGITCVGFƃQCVKPIRTQFWEVKQPUVQTCIGCPFQHƃQCFKPIU[UVGOU (251U PCOGN[(251%KFCFGFG
#PEJKGVC EQPUKUVKPIQHCEQPXGTVGFVCPMGTCRTQEGUUKPIRNCPVCPFQPGOQQTKPIU[UVGO6JKU(251KUNGCUGFVQVJKTF
RCTVKGUWPFGTCPQRGTCVKPINGCUGEQPVTCEV
Ŷ 6JGTGUKFWCNXCNWGQH(251%CRKZCDCWPFGTFGEQOOKUUKQPKPI
Ŷ 1PGUGOKUWDOGTUKDNGRTQFWEVKQPRNCVHQTOVJG6JWPFGT*CYM QPG NGCUGFVQVJKTFRCTVKGUWPFGTCPQRGTCVKPI
NGCUGEQPVTCEV
6JGFGRTGEKCVKQPEJCTIGHQTVJGUGOKUWDOGTUKDNGRTQFWEVKQPHCEKNKV[6JWPFGT*CYMKUECNEWNCVGFDCUGFQPKVUHWVWTG
CPVKEKRCVGFGEQPQOKEDGPGƂVUTGUWNVKPIKPCFGRTGEKCVKQPRNCPDCUGFQPVJGWPKVQHRTQFWEVKQPOGVJQF#NNQVJGTRTQRGTV[
RNCPVCPFGSWKROGPVKUFGRTGEKCVGFQPCUVTCKIJVNKPGDCUKU
%QORCP[QYPGFRTQRGTV[RNCPVCPFGSWKROGPVYKVJCECTT[KPICOQWPVQH75OKNNKQP 75OKNNKQP JCUDGGP

RNGFIGFCUUGEWTKV[HQTNKCDKNKVKGUOCKPN[HQTGZVGTPCNƂPCPEKPI
0QKPVGTGUVJCUDGGPECRKVCNK\GFFWTKPIVJGƂPCPEKCN[GCTCURCTVQHVJGCFFKVKQPUVQRTQRGTV[RNCPVCPFGSWKROGPV
PKN
+ORCKTOGPVQH(251%CRKZCDC
#PKORCKTOGPVCUUGUUOGPVQH(251%CRKZCDCYCURGTHQTOGFKPCPVKEKRCVKQPQHVJGFGEQOOKUUKQPKPIQHVJGCUUGV6JG
TGXKUGFGUVKOCVKQPQHVJGEQUVUGZRGEVGFHQTVJGFGOQDKNK\CVKQPCEVKXKVKGU NCTIGN[FTKXGPD[CPKPETGCUGFEQPUWORVKQPQH
OCTKPGFKGUGN CPFVJGTGCUUGUUOGPVQHVJGTGUKFWCNXCNWGQHVJGCUUGVTGUWNVGFKPCFXGTUGECUJƃQYU#PKORCKTOGPVQH
75OKNNKQPJCUVJGTGHQTGDGGPCEEQWPVGFHQTKPVJGHWNN[GCTTGUWNVU6JGKORCKTOGPVVGUVKUPQVUKIPKƂECPVN[KORCEVGF
D[VJGFKUEQWPVTCVGWUGFKPVJGKORCKTOGPVVGUVFWGVQVJGUJQTVVGTOPCVWTGQHECUJƃQYU#UCVVJGGPFQHVJGXGUUGN
JCUDGGPHWNN[FGRTGEKCVGFHQNNQYKPIVJGGPFQHVJGNGCUGRGTKQF6JGTGOCKPKPIXCNWGEQTTGURQPFUVQVJGTGUKFWCNXCNWGQH
VJGCUUGV
+ORCKTOGPVQH(251%KFCFGFG#PEJKGVC
(251%KFCFGFG#PEJKGVCYCUUJWVFQYPHTQO,CPWCT[WPVKN&GEGODGTHQNNQYKPIQDUGTXCVKQPQHQKNPGCT
VJGXGUUGN#FGSWCVGCPVKRQNNWVKQPOGCUWTGUYGTGKOOGFKCVGN[FGRNQ[GFCPFYGTGGHHGEVKXGCPFKPURGEVKQPUSWKEMN[
KFGPVKƂGFQKNNGCMUHTQOVYQVCPMU#TGRCKTRTQITCOJCUDGGPKORNGOGPVGFVQTGRCKTVJGHQWTVCPMUTGSWKTGFHQTVJGUCHG
TGUVCTVQHVJGXGUUGNKPCITGGOGPVYKVJVJGENKGPVCPFCRRTQXGFD[%NCUUCPFNQECNCWVJQTKVKGUCUYGNNCUHQTVJGTGRCKTQHQVJGT
VCPMUHQTYJKEJYQTMUYKNNEQPVKPWGCVNGCUVWPVKNVJGGPFQH6JGVQVCNGZRGEVGFPGVEQUVQHTGRCKTUTGUWNVGFKPCPCFXGTUG
ECUJƃQYCPFCPKORCKTOGPVQH75OKNNKQPYCUCEEQWPVGFHQTKPVJGHWNN[GCTTGUWNVUYKVJKPVJG.GCUGCPF1RGTCVG
UGIOGPV
6JGTGEQXGTCDNGCOQWPVQHVJGXGUUGNYCUFGVGTOKPGFWUKPIKVUXCNWGKPWUG5KIPKƂECPVGUVKOCVGUCTGRCTVQHVJGKORCKTOGPV
ECNEWNCVKQP
Ŷ +HVJGFKUEQWPVTCVG WUGFKPVJGKORCKTOGPVVGUVYGTGVQXCT[D[ VJGKORCKTOGPVYQWNFEJCPIGD[ 75
OKNNKQP
Ŷ +HVJGECUJQWVƃQYYGTGVQXCT[D[ 75OKNNKQPVJGKORCKTOGPVYQWNFEJCPIGD[ 75OKNNKQP
Ŷ +HVJGECUJKPƃQYYGTGVQXCT[D[ 75OKNNKQPVJGKORCKTOGPVYQWNFEJCPIGD[ 75OKNNKQP
Ŷ +HVJGVKOKPIQHUQOGECUJKPƃQYYQWNFXCT[D[QPG[GCTVJGKORCKTOGPVYQWNFEJCPIGD[ 75OKNNKQP
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
4+)*61(75'#55'65
#UQH&GEGODGTVJG%QORCP[NGCUGUDWKNFKPIUCPFECTU6JGOQXGOGPVQHVJGTKIJVQHWUGCUUGVUFWTKPIVJG[GCT
KUUWOOCTK\GFCUHQNNQYU

$WKNFKPIU 1VJGTƂZGFCUUGVU 6QVCN

$QQMXCNWGCV,CPWCT[
#FFKVKQPU
&KURQUCNU
&GRTGEKCVKQP
+ORCKTOGPV
1VJGTOQXGOGPVU
6QVCNOQXGOGPVU
%QUV
$QQMXCNWGCV&GEGODGT

$WKNFKPIU 1VJGTƂZGFCUUGVU 6QVCN

$QQMXCNWGCV,CPWCT[
#FFKVKQPU
&KURQUCNU
&GRTGEKCVKQP
+ORCKTOGPV KORCKTOGPVTGXGTUCN
1VJGTOQXGOGPVU
6QVCNOQXGOGPVU
%QUV
$QQMXCNWGCV&GEGODGT
&WTKPIVJG[GCTVJGOCKPOQXGOGPVUTGICTFKPITKIJVQHWUGCUUGVUTGNCVGFVQ75OKNNKQPQHFGRTGEKCVKQPEJCTIGU
RCTVKCNN[QHHUGVD[VJGNGCUGQHCFFKVKQPCNQHƂEGURCEGKP$TC\KNCPF)W[CPC
1HƂEGNGCUGU
5KIPKƂECPVEQPVTCEVUWPFGTDWKNFKPIUTGNCVGVQVJGNGCUGQHQHƂEGU6JGTGOCKPKPIEQPVTCEVRGTKQFUQHVJG%QORCP[oUQHƂEG
TGPVCNUXCT[DGVYGGPQPGCPFVGP[GCTUCPFOQUVQHVJGEQPVTCEVUKPENWFGGZVGPUKQPQRVKQPUDGVYGGPVJTGGCPFƂXG[GCTU
6JGGZVGPUKQPQRVKQPUJCXGDGGPVCMGPKPVQCEEQWPVKPVJGOGCUWTGOGPVQHNGCUGNKCDKNKVKGUYJGPVJG%QORCP[KUTGCUQPCDN[
EGTVCKPVQGZGTEKUGVJGUGQRVKQPU6JGNGCUGCITGGOGPVUFQPQVKORQUGCP[EQXGPCPVU
12'4#6+0).'#5'5#5#.'5514
6JGECVGIQT[o8GUUGNUCPFƃQCVKPIGSWKROGPVoOCKPN[TGNCVGUVQHCEKNKVKGUNGCUGFVQVJKTFRCTVKGUWPFGTXCTKQWUQRGTCVKPINGCUG
CITGGOGPVUYJKEJVGTOKPCVGDGVYGGPCPF.GCUGFHCEKNKVKGUKPENWFGFKPVJGo8GUUGNUCPFƃQCVKPIGSWKROGPVo
COQWPVVQ
.GCUGFHCEKNKVKGUKPENWFGFKPVJGXGUUGNUCPFƃQCVKPIGSWKROGPV
&GEGODGT &GEGODGT
%QUV
$QQMXCNWGCV&GEGODGT
5$/1((5*14'#007#.4'2146
#UQH&GEGODGTVJGWPKVUKPENWFGFWPFGTNGCUGFHCEKNKVKGUCTG(251%KFCFGFG#PEJKGVCCPFVJGUGOKUWDOGTUKDNG
RTQFWEVKQPHCEKNKV[6JWPFGT*CYM6JGDQQMXCNWGQHVJGNGCUGFHCEKNKVKGUKPENWFGFKPVJGXGUUGNUCPFƃQCVKPIGSWKROGPVJCU
FGETGCUGFD[75OKNNKQPOCKPN[FWGVQVJGKORCKTOGPVQPCUUGV(251%KFCFGFG#PEJKGVC
6JGPQOKPCNXCNWGUQHVJGHWVWTGGZRGEVGFDCTGDQCVTGEGKRVU WPFKUEQWPVGFNGCUGRC[OGPVU KPTGURGEVQHVJGTGOCKPKPI

QRGTCVKPINGCUGEQPVTCEVUCTG
0QOKPCNXCNWGUQHVJGHWVWTGGZRGEVGFDCTGDQCVTGEGKRVU
&GEGODGT &GEGODGT
9KVJKP[GCT
[GCTU
[GCTU
[GCTU
[GCTU
#HVGT[GCTU
6QVCN
#PWODGTQHCITGGOGPVUJCXGGZVGPUKQPQRVKQPUYJKEJJCXGPQVDGGPKPENWFGFKPVJGCDQXGVCDNG
1WVUVCPFKPIRWTEJCUGCPFVGTOKPCVKQPQRVKQPUKPQRGTCVKPINGCUGEQPVTCEVU
6JGQRGTCVKPINGCUGEQPVTCEVQHUGOKUWDOGTUKDNG6JWPFGT*CYMKPENWFGUCECNNQRVKQPHQTVJGENKGPVVQRWTEJCUGVJG
WPFGTN[KPICUUGV6JGGZGTEKUGQHVJKUECNNQRVKQPYQWNFJCXGTGUWNVGFKPCICKPHQTVJG%QORCP[CUCV&GEGODGT
+06#0)+$.'#55'65

&GXGNQROGPV +PVCPIKDNGCUUGVU
EQUVU 5QHVYCTG WPFGTEQPUVTWEVKQP 2CVGPVU 6QVCN
%QUV
#EEWOWNCVGFCOQTVK\CVKQPCPFKORCKTOGPV
$QQMXCNWGCV,CPWCT[
#FFKVKQPU
#OQTVK\CVKQP
+ORCKTOGPV KORCKTOGPVTGXGTUCN
6QVCNOQXGOGPVU
%QUV
$QQMXCNWGCV&GEGODGT

&GXGNQROGPV +PVCPIKDNGCUUGVU
EQUVU 5QHVYCTG WPFGTEQPUVTWEVKQP 2CVGPVU 6QVCN
%QUV
$QQMXCNWGCV,CPWCT[
#FFKVKQPU
#OQTVK\CVKQP
6QVCNOQXGOGPVU
%QUV
$QQMXCNWGCV&GEGODGT
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
6JGKPETGCUGKP +PVCPIKDNGCUUGVUWPFGTEQPUVTWEVKQP OCKPN[TGNCVGUVQEQUVUECRKVCNK\GFTGNCVKPIVQVJGFGUKIPCPF
KORNGOGPVCVKQPQHVJGPGYINQDCN'42U[UVGOVJGECRKVCNK\CVKQPQHUQHVYCTGNKEGPUGUCPFQVJGTECRKVCNGZRGPFKVWTGUTGNCVGF
VQVJG+6KPHTCUVTWEVWTGWRITCFGRTQLGEV
#OQTVK\CVKQPQHFGXGNQROGPVEQUVUKUKPENWFGFKPo4GUGCTEJCPFFGXGNQROGPVGZRGPUGUoKPVJGKPEQOGUVCVGOGPVKPHQT
75OKNNKQP 75OKNNKQP
#OQTVK\CVKQPQHUQHVYCTGKUKPENWFGFKPo)GPGTCNCPFCFOKPKUVTCVKXGGZRGPUGUoKPVJGKPEQOGUVCVGOGPVKPHQT75
OKNNKQP 75OKNNKQP
(+0#0%'.'#5'4'%'+8#$.'5
6JGTGEQPEKNKCVKQPDGVYGGPVJGVQVCNITQUUKPXGUVOGPVKPVJGNGCUGCPFVJGPGVKPXGUVOGPVKPVJGNGCUGCVVJGUVCVGOGPVQH
ƂPCPEKCNRQUKVKQPFCVGKUCUHQNNQYU
(KPCPEGNGCUGTGEGKXCDNGU TGEQPEKNKCVKQPITQUUPGVKPXGUVOGPV
&GEGODGT &GEGODGT
)TQUUTGEGKXCDNG
.GUUWPGCTPGFƂPCPEGKPEQOG
6QVCN
1HYJKEJ
%WTTGPVRQTVKQP
0QPEWTTGPVRQTVKQP
#UQH&GEGODGTƂPCPEGNGCUGTGEGKXCDNGUTGNCVGVQVJGƂPCPEGNGCUGQH
Ŷ (251.K\C7PKV[YJKEJUVCTVGFRTQFWEVKQPKP(GDTWCT[HQTCEJCTVGTQH[GCTU
Ŷ (251.K\C&GUVKP[YJKEJUVCTVGFRTQFWEVKQPKP&GEGODGTHQTCEJCTVGTQH[GCTU
Ŷ (251%KFCFGFG/CTKECYJKEJUVCTVGFRTQFWEVKQPKP(GDTWCT[HQTCEJCTVGTQH[GCTU
Ŷ (251%KFCFGFG5CSWCTGOCYJKEJUVCTVGFRTQFWEVKQPKP,WN[HQTCEJCTVGTQH[GCTU
Ŷ (251%KFCFGFG+NJCDGNCYJKEJUVCTVGFRTQFWEVKQPKP0QXGODGTHQTCEJCTVGTQH[GCTU
Ŷ (251%KFCFGFG2CTCV[YJKEJUVCTVGFRTQFWEVKQPKP,WPGHQTCEJCTVGTQH[GCTU
Ŷ (251#UGPIYJKEJUVCTVGFRTQFWEVKQPKP0QXGODGTHQTCEJCTVGTQH[GCTU
Ŷ (251'URKTKVQ5CPVQYJKEJUVCTVGFRTQFWEVKQPKP,CPWCT[HQTCEJCTVGTQH[GCTUWPVKN&GEGODGTCPFYJKEJ
YCUGZVGPFGFKP&GEGODGTWPVKN&GEGODGT
6JGKPETGCUGKPƂPCPEGNGCUGTGEGKXCDNGKUFTKXGPD[(251.K\C7PKV[YJKEJUVCTVGFRTQFWEVKQPKP(GDTWCT[RCTVKCNN[
QHHUGVD[TGFGORVKQPUCURGTVJGRC[OGPVRNCPU
7PIWCTCPVGGFTGUKFWCNXCNWGU
+PENWFGFKPVJGITQUUTGEGKXCDNGKUCPCOQWPVTGNCVGFVQWPIWCTCPVGGFTGUKFWCNXCNWGU KGUETCRXCNWGQHWPKVU 6JGVQVCN
COQWPVQHWPIWCTCPVGGFTGUKFWCNXCNWGUCVVJGGPFQHVJGNGCUGVGTOCOQWPVUVQ75OKNNKQPCUQH&GEGODGT
75OKNNKQP 6JGTGCUUGUUOGPVQHWPIWCTCPVGGFTGUKFWCNXCNWGUTGUWNVGFKPCPKORCKTOGPVKPETGCUGQH75
OKNNKQPFWGVQVJGFGETGCUGQHUETCRXCNWGQHWPKVU
#URGTVJGEQPVTCEVWCNVGTOUITQUUTGEGKXCDNGUUJQWNFDGKPXQKEGFVQVJGNGUUGGYKVJKPVJGHQNNQYKPIRGTKQFU
(KPCPEGNGCUGTGEGKXCDNGU ITQUUTGEGKXCDNGUKPXQKEGFVQVJGNGUUGGYKVJKPVJGHQNNQYKPIRGTKQFU
&GEGODGT &GEGODGT
.GUUVJCP[GCT
$GVYGGPCPF[GCTU
$GVYGGPCPF[GCTU
/QTGVJCP[GCTU
6QVCN)TQUUTGEGKXCDNG
5$/1((5*14'#007#.4'2146
6JGUKIPKƂECPVKPETGCUGKPVJGITQUUTGEGKXCDNG .GUUVJCP[GCT TGNCVGUVQVJGCPVKEKRCVGFGZGTEKUKPIQHCRWTEJCUGQRVKQP
TGNCVGFVQQPGQHVJGNGCUGFWPKVU
6JGHQNNQYKPIRCTVQHVJGPGVKPXGUVOGPVKPVJGNGCUGKUKPENWFGFCURCTVQHVJGEWTTGPVCUUGVUYKVJKPVJGUVCVGOGPVQHƂPCPEKCN
RQUKVKQP
(KPCPEGNGCUGTGEGKXCDNGU RCTVQHVJGPGVKPXGUVOGPVKPENWFGFCURCTVQHVJGEWTTGPVCUUGVU
&GEGODGT &GEGODGT
)TQUUTGEGKXCDNG
.GUUWPGCTPGFƂPCPEGKPEQOG
%WTTGPVRQTVKQPQHƂPCPEGNGCUGTGEGKXCDNG
6JGOCZKOWOGZRQUWTGVQETGFKVTKUMCVVJGTGRQTVKPIFCVGKUVJGECTT[KPICOQWPVQHVJGƂPCPEGNGCUGTGEGKXCDNGUVCMKPIKPVQ
CEEQWPVVJGTKUMQHTGEQXGTCDKNKV[6JG%QORCP[RGTHQTOGFCPCUUGUUOGPVYJKEJEQPENWFGFVJCVVJGETGFKVTKUMHQTVJGUG
TGEGKXCDNGUJCUPQVKPETGCUGFUKIPKƂECPVN[UKPEGVJGKPKVKCNTGEQIPKVKQP6JG%QORCP[FQGUPQVJQNFCP[EQNNCVGTCNCUUGEWTKV[
1WVUVCPFKPIRWTEJCUGCPFVGTOKPCVKQPQRVKQPU
6JGƂPCPEGNGCUGEQPVTCEVUQH(251#UGPI(251.K\C&GUVKP[CPF(251.K\C7PKV[YJGTGVJG%QORCP[KUVJGNGUUQT
KPENWFGECNNQRVKQPUHQTVJGENKGPVVQRWTEJCUGVJGWPFGTN[KPICUUGVQTVQVGTOKPCVGVJGEQPVTCEVGCTN[+HVJGENKGPVJCF
GZGTEKUGFVJGRWTEJCUGQRVKQPHQT(251#UGPICUQH&GEGODGTVJKUYQWNFJCXGTGUWNVGFKPCICKPHQTVJG%QORCP[
YJKNGVJGGZGTEKUGQHVJGGCTN[VGTOKPCVKQPQRVKQPWPFGTYJKEJVJG%QORCP[YQWNFTGVCKPVJGXGUUGNYQWNFJCXGTGUWNVGFKPC
PGCTDTGCMGXGPTGUWNV+HVJGENKGPVJCFGZGTEKUGFVJGRWTEJCUGQRVKQPHQT(251.K\C|&GUVKP[CUQH&GEGODGTVJKU
YQWNFJCXGTGUWNVGFKPCPGCTDTGCMGXGPTGUWNVHQTVJG%QORCP[YJKNGVJGGZGTEKUGQHVJGGCTN[VGTOKPCVKQPQRVKQPWPFGT
YJKEJVJG%QORCP[YQWNFTGVCKPVJGXGUUGNUYQWNFJCXGTGUWNVGFKPCICKP+HVJGENKGPVJCFGZGTEKUGFVJGRWTEJCUGQRVKQPQT
GCTN[VGTOKPCVKQPQRVKQPHQT(251.K\C|7PKV[CUQH&GEGODGTVJKUYQWNFJCXGTGUWNVGFKPCICKPHQTVJG%QORCP[
6JGƂPCPEGNGCUGEQPVTCEVQH(251'URKTKVQ5CPVQKPENWFGUCECNNQRVKQPHQTVJGENKGPVVQVGTOKPCVGVJGEQPVTCEVGCTN[YKVJQWV
QDVCKPKPIVJGWPFGTN[KPICUUGV6JGGZGTEKUGQHVJGGCTN[VGTOKPCVKQPQRVKQPYQWNFJCXGTGUWNVGFKPCNQUUHQTVJG%QORCP[CU
QH&GEGODGT
6JGƂPCPEGNGCUGEQPVTCEVUQH(2512TQURGTKV[CPF(25110')7;#0# CNNWPFGTEQPUVTWEVKQPCURGT&GEGODGT
EQPVCKPQRVKQPUHQTVJGENKGPVVQRWTEJCUGVJGWPFGTN[KPICUUGVQTVGTOKPCVGVJGEQPVTCEVGCTN[6JGUGQRVKQPUCTGGZGTEKUCDNG
CVCP[VKOGUVCTVKPIHTQOVJGFGNKXGT[FCVGQHVJGXGUUGN
16*'4(+0#0%+#.#55'65
6JGDTGCMFQYPQHVJGPQPEWTTGPVRQTVKQPQHQVJGTƂPCPEKCNCUUGVUKUCUHQNNQYU
&GEGODGT &GEGODGT
0QPEWTTGPVRQTVKQPQHQVJGTTGEGKXCDNGU
5WDNGCUGTGEGKXCDNGU
0QPEWTTGPVRQTVKQPQHNQCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGU
6QVCN
6JGKPETGCUGKPPQPEWTTGPVRQTVKQPQHQVJGTTGEGKXCDNGUTGNCVGUVQVJGGZVGPUKQPQHVJGNGCUGRGTKQFHQT(251%KFCFGFG
#PEJKGVCYJKEJKUEQPUKFGTGFCUCNGCUGTGCUUGUUOGPVCURGT+(456JKUNGCFUVQCPWRFCVGQHVJGNKPGCTK\GFTGXGPWGWRVQ
VJGPGYGPFFCVGQHVJGEQPVTCEVYJKEJNGFVQVJGTGEQIPKVKQPQHCPCEETWGFKPEQOGQH75OKNNKQP QWVQHYJKEJ75
OKNNKQPKUENCUUKƂGFCUPQPEWTTGPV
6JGEWTTGPVRQTVKQPQH K QVJGTTGEGKXCDNGUCPFUWDNGCUGTGEGKXCDNGUCPF KK NQCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGUKUKPENWFGF

YKVJKPVJGn6TCFGCPFQVJGTTGEGKXCDNGUoKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQP
+PTGNCVKQPVQVJGGZRQUWTGVQETGFKVTKUMCVVJGTGRQTVKPIFCVGQPVJGECTT[KPICOQWPVQHVJGKPVGTGUVDGCTKPINQCPUPQP
EWTTGPVRQTVKQPQHQVJGTTGEGKXCDNGUCPFUWDNGCUGTGEGKXCDNGRNGCUGTGHGTVQPQVG0GV+ORCKTOGPV)CKPU .QUUGU QP
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
(KPCPEKCNCPF%QPVTCEV#UUGVUCPFPQVG(KPCPEKCN+PUVTWOGPVUŨ(CKT8CNWGUCPF4KUM/CPCIGOGPVHQTVJGTKUMQH
TGEQXGTCDKNKV[ KGHQTGZRGEVGFETGFKVNQUUGU 6JG%QORCP[FQGUPQVJQNFCP[EQNNCVGTCNCUUGEWTKV[
6JGDTGCMFQYPQHNQCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGUKURTGUGPVGFDGNQY
.1#0561,1+068'0674'5#0&#551%+#6'5
0QVGU &GEGODGT &GEGODGT
%WTTGPVRQTVKQPQHNQCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGU
0QPEWTTGPVRQTVKQPQHNQCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGU
6QVCN
6JGDCNCPEGQHNQCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGUJCUTGOCKPGFUVCDNGEQORCTGFYKVJVJG[GCTCIQRGTKQF
6JGOCZKOWOGZRQUWTGVQETGFKVTKUMCVVJGTGRQTVKPIFCVGKUVJGECTT[KPICOQWPVQHVJGNQCPUVQLQKPVXGPVWTGUCPF
CUUQEKCVGUVCMKPIKPVQCEEQWPVVJGTKUMQHTGEQXGTCDKNKV[6JG%QORCP[FQGUPQVJQNFCP[EQNNCVGTCNCUUGEWTKV[
&'('44'&6#:#55'65#0&.+#$+.+6+'5
6JGFGHGTTGFVCZCUUGVUCPFNKCDKNKVKGUCPFCUUQEKCVGFPGVRQUKVKQPUCTGUWOOCTK\GFCUHQNNQYU
&GHGTTGFVCZRQUKVKQPU UWOOCT[
&GEGODGT &GEGODGT
#UUGVU .KCDKNKVKGU 0GV #UUGVU .KCDKNKVKGU 0GV
2TQRGTV[RNCPVCPFGSWKROGPV
6CZNQUUGU
1VJGT
$QQMXCNWGCV&GEGODGT
#NNOQXGOGPVUDGVYGGPVJGQRGPKPICPFENQUKPIDCNCPEGUYGTGTGEQIPK\GFKPVJGKPEQOGUVCVGOGPV
/QXGOGPVUKPPGVFGHGTTGFVCZRQUKVKQPU

0QVG 0GV 0GV
&GHGTTGFVCZCV,CPWCT[
&GHGTTGFVCZTGEQIPK\GFKPVJGKPEQOGUVCVGOGPV
6QVCNOQXGOGPVU
&GHGTTGFVCZCV&GEGODGT
'ZRGEVGFTGCNK\CVKQPCPFUGVVNGOGPVQHFGHGTTGFVCZRQUKVKQPUKUYKVJKP[GCTU6JGEWTTGPVRQTVKQPQHVJGPGVFGHGTTGFVCZ
RQUKVKQPCUQH&GEGODGTCOQWPVUVQ75OKNNKQP6JGFGHGTTGFVCZNQUUGUCTGGZRGEVGFVQDGTGEQXGTGFDCUGFQP
VJGCPVKEKRCVGFRTQƂVKPVJGCRRNKECDNGLWTKUFKEVKQP6JG%QORCP[JCU75OKNNKQP 75OKNNKQP QHFGHGTTGFVCZ
CUUGVUWPTGEQIPK\GFKPFWGVQEWTTGPVVCZNQUUGUPQVXCNWGF6JGVGTOKPYJKEJVJGUGWPTGEQIPK\GFFGHGTTGFVCZCUUGVU
EQWNFDGUGVVNGFFGRGPFUQPVJGTGURGEVKXGVCZLWTKUFKEVKQPCPFTCPIGUHTQOƂXG[GCTUVQCPWPNKOKVGFRGTKQFQHVKOG
6JGPQPEWTTGPVRQTVKQPQHFGHGTTGFVCZCUUGVUCOQWPVUVQ75OKNNKQP 75OKNNKQP 1PCEWOWNCVKXGDCUKUCVQVCN

COQWPVQH75OKNNKQPCVVJGGPFQH 75OKNNKQP EQTTGURQPFUVQFGHGTTGFVCZCUUGVUDCUKUWPTGEQIPK\GF
QPVGORQTCT[FKHHGTGPEGUWPWUGFVCZNQUUGUCPFVCZETGFKVU
5$/1((5*14'#007#.4'2146
&GHGTTGFVCZKPEQPPGEVKQPYKVJWPWUGFVCZNQUUGUECTTKGFHQTYCTFVGORQTCT[FKHHGTGPEGUCPFVCZETGFKVU
&GEGODGT &GEGODGT
7PWUGFVCZNQUUGUECTTKGFHQTYCTFVGORQTCT[FKHHGTGPEGUCPFVCZETGFKVUPQV
TGEQIPK\GFCUCFGHGTTGFVCZCUUGV
7PWUGFVCZNQUUGUECTTKGFHQTYCTFVGORQTCT[FKHHGTGPEGUCPFVCZETGFKVUTGEQIPK\GFCU
CFGHGTTGFVCZCUUGV
6QVCN
'ZRKT[FCVGQPFGHGTTGFVCZCUUGVUWPTGEQIPK\GFQPVGORQTCT[FKHHGTGPEGUWPWUGFVCZNQUUGUCPFVCZETGFKVU
&GEGODGT &GEGODGT
9KVJKPQPG[GCT
/QTGVJCPC[GCTDWVNGUUVJCP[GCTU
/QTGVJCP[GCTUDWVNGUUVJCP[GCTU
/QTGVJCP[GCTUDWVNGUUVJCP[GCTU
7PNKOKVGFRGTKQFQHVKOG
6QVCN
&GHGTTGFVCZCUUGVURGTNQECVKQPCTGCUHQNNQYU
&GHGTTGFVCZRQUKVKQPURGTNQECVKQP
&GEGODGT &GEGODGT
)W[CPC
/QPCEQ
5YKV\GTNCPF
VJG0GVJGTNCPFU
1VJGT
$QQMXCNWGCV&GEGODGT
+08'0614+'5
&GEGODGT &GEGODGT
/CVGTKCNUCPFEQPUWOCDNGU
)QQFUHQTTGUCNG
/WNVKRWTRQUGƃQCVGTUWPFGTEQPUVTWEVKQP
6QVCN
/WNVKRWTRQUGƃQCVGTU o/2(Uo WPFGTEQPUVTWEVKQPTGNCVGVQVJGQPIQKPI'2%RJCUGQHCP[(CUV9CTFPGYDWKNFJWNNU

(CUV9CTFJWNNUTGOCKPKPKPXGPVQT[WPVKNVJG[CTGCNNQECVGFVQCURGEKƂE(251EQPVTCEV
6JGKPETGCUGQHVJGKPXGPVQT[DCNCPEGCV[GCTGPFTGNCVGUVQVJGPGYOWNVKRWTRQUGJWNNHQTWUGQPCHWVWTG(251
RTQLGEV#URGT&GEGODGTVJG%QORCP[JCUQPG/2(WPFGTEQPUVTWEVKQPHQTWUGQPCHWVWTG(251RTQLGEV
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
64#&'#0&16*'44'%'+8#$.'5
6TCFGCPFQVJGTTGEGKXCDNGU UWOOCT[
0QVG &GEGODGT &GEGODGT

6TCFGFGDVQTU
1VJGTCEETWGFKPEQOG
2TGRC[OGPVU
#EETWGFKPEQOGKPTGURGEVQHFGNKXGTGFQTFGTU
1VJGTTGEGKXCDNGU
6CZGUCPFUQEKCNUGEWTKV[
%WTTGPVRQTVKQPQHNQCPVQLQKPVXGPVWTGUCPFCUUQEKCVGU
6QVCN
6JGFGETGCUGKP 6TCFGFGDVQTU QH75 OKNNKQPKUOCKPN[FWGVQVJGEQNNGEVKQPQHWRHTQPVRC[OGPVHQT(25110'

)7;#0#CPFVQVJGGPFQHVJGNGCUGQH(251%CRKZCDC6JKUYCURCTVKCNN[QHHUGVD[CPKPETGCUGKPTGEGKXCDNGDCNCPEGTGNCVGF
VQ(2512TQURGTKV[
6JGKPETGCUGKP 1VJGTCEETWGFKPEQOG KUOCKPN[FWGVQ(251.K\C7PKV[LQKPKPIVJGƃGGVRCTVKCNN[QHHUGVD[VJGGPFQHVJG

NGCUGQH(251%CRKZCDC
6JGKPETGCUGKPRTGRC[OGPVUQH75OKNNKQPKUOCKPN[TGNCVGFVQCFXCPEGRC[OGPVUVQ[CTFUTGNCVGFVQVJGPGYOWNVK
RWTRQUGƃQCVGTJWNN /2(
6JGKPETGCUGKP 1VJGTTGEGKXCDNGU OCKPN[TGNCVGVQCFXCPEGRC[OGPVUOCFGKPTGNCVKQPVQVJG$TC\KNKCPƃGGV
6JGECTT[KPICOQWPVUQHVJG%QORCP[oUVTCFGFGDVQTUCTGFKUVTKDWVGFKPVJGHQNNQYKPIEQWPVTKGU
6TCFGFGDVQTU EQWPVTKGUYJGTG%QORCP[oUVTCFGFGDVQTUCTGFKUVTKDWVGF
&GEGODGT &GEGODGT
#PIQNC
$TC\KN
)W[CPC
'SWCVQTKCN)WKPGC
/CNC[UKC
#WUVTCNKC
1VJGT
6QVCN
6JGVTCFGFGDVQTUDCNCPEGKUVJGPQOKPCNXCNWGNGUUCPCNNQYCPEGHQTGUVKOCVGFKORCKTOGPVNQUUGUCUHQNNQYU
6TCFGFGDVQTU VTCFGFGDVQTUDCNCPEG
&GEGODGT &GEGODGT
0QOKPCNCOQWPV
+ORCKTOGPVCNNQYCPEG
6QVCN
6JGCNNQYCPEGHQTKORCKTOGPVTGRTGUGPVUVJG%QORCP[oUGUVKOCVGQHNQUUGUKPTGURGEVQHVTCFGFGDVQTU6JGCNNQYCPEG
TGNCVGFVQETGFKVTKUMHQTUKIPKƂECPVVTCFGFGDVQTUKUDWKNVQPURGEKƂEGZRGEVGFNQUUEQORQPGPVUVJCVTGNCVGVQKPFKXKFWCN
GZRQUWTGU(WTVJGTOQTGVJG%QORCP[WUGUJKUVQTKECNETGFKVNQUUGZRGTKGPEGCUYGNNCUHQTYCTFNQQMKPIKPHQTOCVKQPVQ
FGVGTOKPGCGZRGEVGFETGFKVNQUUTCVGQPKPFKXKFWCNN[KPUKIPKƂECPVVTCFGTGEGKXCDNGDCNCPEGU6JGETGCVKQPCPFTGNGCUGHQT
KORCKTGFVTCFGFGDVQTUFWGVQETGFKVTKUMCTGTGRQTVGFKPVJGNKPGKVGOo0GVKORCKTOGPVNQUUGUQPƂPCPEKCNCPFEQPVTCEV
5$/1((5*14'#007#.4'2146
CUUGVUoQHVJGEQPUQNKFCVGFKPEQOGUVCVGOGPV#OQWPVUEJCTIGFVQVJGCNNQYCPEGCEEQWPVCTGIGPGTCNN[YTKVVGPQHHYJGP
VJGTGKUPQGZRGEVCVKQPQHTGEQXGT[
6JGCIKPIQHVJGPQOKPCNCOQWPVUQHVJGVTCFGFGDVQTUCTG
6TCFGFGDVQTU CIKPIQHVJGPQOKPCNCOQWPVUQHVJGVTCFGFGDVQTU
&GEGODGT &GEGODGT
0QOKPCN +ORCKTOGPV 0QOKPCN +ORCKTOGPV
0QVRCUVFWG
2CUVFWGFC[U
2CUVFWGFC[U
2CUVFWGFC[U
/QTGVJCPQPG[GCT
6QVCN
0QVRCUVFWGCTGVJQUGTGEGKXCDNGUHQTYJKEJGKVJGTVJGEQPVTCEVWCNQToPQTOCNoRC[OGPVFCVGJCUPQV[GVGNCRUGF2CUVFWG
CTGVJQUGCOQWPVUHQTYJKEJGKVJGTVJGEQPVTCEVWCNQTVJGoPQTOCNoRC[OGPVFCVGJCURCUUGF#OQWPVUVJCVCTGRCUVFWGDWV
PQVKORCKTGFTGNCVGVQCPWODGTQH%QORCP[LQKPVXGPVWTGUCPFKPFGRGPFGPVEWUVQOGTUHQTYJQOVJGTGKUPQTGEGPVJKUVQT[
QHFGHCWNVQTVJGTGEGKXCDNGCOQWPVECPDGQHHUGVD[COQWPVUKPENWFGFKPEWTTGPVNKCDKNKVKGU
(QTVJGENQUKPIDCNCPEGCPFOQXGOGPVUFWTKPIVJG[GCTQHCNNQYCPEGUQPVTCFGTGEGKXCDNGURNGCUGTGHGTVQPQVG
(KPCPEKCN+PUVTWOGPVUŨ(CKT8CNWGUCPF4KUM/CPCIGOGPV
&'4+8#6+8'(+0#0%+#.+05647/'065
(WTVJGTKPHQTOCVKQPCDQWVVJGƂPCPEKCNTKUMOCPCIGOGPVQDLGEVKXGUCPFRQNKEKGUVJGHCKTXCNWGOGCUWTGOGPVCPFJGFIG
CEEQWPVKPIQHƂPCPEKCNFGTKXCVKXGKPUVTWOGPVUKUKPENWFGFKPPQVG(KPCPEKCN+PUVTWOGPVUŨ(CKT8CNWGUCPF4KUM
/CPCIGOGPV
+PVJGQTFKPCT[EQWTUGQHDWUKPGUUCPFKPCEEQTFCPEGYKVJKVUJGFIKPIRQNKEKGUCUQH&GEGODGTVJG%QORCP[JGNF
OWNVKRNGHQTYCTFGZEJCPIGEQPVTCEVUFGUKIPCVGFCUJGFIGUQHGZRGEVGFHWVWTGVTCPUCEVKQPUHQTYJKEJVJG%QORCP[JCUƂTO
EQOOKVOGPVUQTHQTGECUVU(WTVJGTOQTGVJG%QORCP[JGNFUGXGTCNKPVGTGUVTCVGUYCREQPVTCEVUFGUKIPCVGFCUJGFIGUQH
KPVGTGUVTCVGƂPCPEKPIGZRQUWTG6JGOQUVKORQTVCPVƃQCVKPITCVGKUVJG75OQPVJ.+$14&GVCKNUQHKPVGTGUVRGTEGPVCIGU
QHVJGNQPIVGTOFGDVCTGKPENWFGFKPPQVG$QTTQYKPIUCPF.GCUG.KCDKNKVKGU.CUVN[VJG%QORCP[JGNFEQOOQFKV[
EQPVTCEVUKPQTFGTVQJGFIGCICKPUVVJGƃWEVWCVKQPQPQRGTCVKPIECUJƃQYUCPFHWVWTGGCTPKPIUTGUWNVKPIHTQOOQXGOGPVKP
EQOOQFKV[RTKEGU
6JGHCKTXCNWGQHVJGFGTKXCVKXGƂPCPEKCNKPUVTWOGPVUKPENWFGFKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPKUUWOOCTK\GFCUHQNNQYU
&GEGODGT &GEGODGT
+PVGTGUVTCVGUYCRUECUJƃQYJGFIG
(QTYCTFEWTTGPE[EQPVTCEVUECUJƃQYJGFIG
(QTYCTFEWTTGPE[EQPVTCEVUHCKTXCNWG
VJTQWIJRTQƂVCPFNQUU
%QOOQFKV[EQPVTCEVUECUJƃQYJGFIG
6QVCN
0QPEWTTGPVRQTVKQP
%WTTGPVRQTVKQP
6JGOQXGOGPVKPVJGPGVDCNCPEGQHFGTKXCVKXGCUUGVUCPFNKCDKNKVKGUQH75OKNNKQPQXGTVJGRGTKQFKUOQUVN[TGNCVGFVQVJG
UKIPKƂECPVKPETGCUGFOCTMGFVQOCTMGVXCNWGQHKPVGTGUVTCVGUYCRUYJKEJOCKPN[CTKUGUHTQOKPETGCUKPI75OCTMGVKPVGTGUV
TCVGU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
#PKPGHHGEVKXGRQTVKQPCTKUKPIHTQOECUJƃQYJGFIGUYCUTGEQIPK\GFKPVJGKPEQOGUVCVGOGPVKPHQT75OKNNKQP
PQPGTGHGTVQPQVG0GV(KPCPEKPI%QUVU 6JGOCZKOWOGZRQUWTGVQETGFKVTKUMCVVJGTGRQTVKPIFCVGKUVJGHCKTXCNWGQH
VJGFGTKXCVKXGCUUGVUKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQP
0QKPGHHGEVKXGPGUUYCUTGEQIPK\GFFWGVQVJG+$14VTCPUKVKQPTGHGTVQPQVG(KPCPEKCN+PUVTWOGPVUŨ(CKT8CNWGUCPF
4KUM/CPCIGOGPV
0'6%#5*#0&%#5*'37+8#.'065
&GEGODGT &GEGODGT
%CUJCPFDCPMDCNCPEGU
5JQTVVGTOKPXGUVOGPVU
%CUJCPFECUJGSWKXCNGPV
0GVECUJCPFECUJGSWKXCNGPV
6JGFGETGCUGQHVJG%CUJCPFDCPMDCNCPEGUOCKPN[TGNCVGUVQVJGUKIPKƂECPVRTQITGUUKPVJGRTQLGEVUWPFGTEQPUVTWEVKQPCPF
VJGTGNCVGFWUGQHECUJHTQOVJGƂPCPEKPIHCEKNKVKGUUGEWTGFKPRCTVKCNN[EQXGTGFD[VJGCFFKVKQPCNRTQLGEVƂPCPEKPI
ITCPVGFHQT(25110')7;#0#CPFVJGECUJIGPGTCVGFD[.GCUGCPF1RGTCVGDWUKPGUUUGIOGPV
6JGECUJCPFECUJGSWKXCNGPVUFGFKECVGFVQFGDVCPFKPVGTGUVRC[OGPVU CPFVJGTGHQTGTGUVTKEVGF COQWPVGFVQ75

OKNNKQPCURGT&GEGODGT 75OKNNKQP 5JQTVVGTOKPXGUVOGPVFGRQUKVUCTGOCFGHQTXCT[KPIRGTKQFUQHWR
VQQPG[GCTWUWCNN[NGUUVJCPVJTGGOQPVJUFGRGPFKPIQPVJGKOOGFKCVGECUJTGSWKTGOGPVUQHVJG%QORCP[CPFGCTP
KPVGTGUVCVVJGTGURGEVKXGUJQTVVGTOFGRQUKVTCVGU
6JGECUJCPFECUJGSWKXCNGPVUJGNFKPEQWPVTKGUYKVJTGUVTKEVKQPUQPEWTTGPE[QWVƃQY #PIQNC$TC\KN'SWCVQTKCN)WKPGC
)JCPCCPF0KIGTKC COQWPVGFVQ75OKNNKQP 75OKNNKQP 6JGUGTGUVTKEVKQPUFQPQVNKOKVVJGNKSWKFKV[QHVJGECUJ
DCNCPEGU
(WTVJGTFKUENQUWTGCDQWVVJGHCKTXCNWGOGCUWTGOGPVKUKPENWFGFKPPQVG(KPCPEKCN+PUVTWOGPVUŨ(CKT8CNWGUCPF4KUM
/CPCIGOGPV
'37+6;#664+$76#$.'615*#4'*1.&'45
(QTCEQPUQNKFCVGFQXGTXKGYQHEJCPIGUKPGSWKV[TGHGTGPEGKUOCFGVQVJG%QPUQNKFCVGF5VCVGOGPVQH%JCPIGUKP'SWKV[
+557'&5*#4'%#2+6#.
6JGCWVJQTK\GFUJCTGECRKVCNQHVJG%QORCP[KUVYQJWPFTGFOKNNKQPGWTQU '74 6JKUUJCTGECRKVCNKUFKXKFGFKPVQ
HQWTJWPFTGFOKNNKQP QTFKPCT[UJCTGUYKVJCPQOKPCNXCNWGQHVYGPV[ƂXGGWTQEGPVU '74 GCEJCPFHQWT
JWPFTGFOKNNKQP RTQVGEVKXGRTGHGTGPEGUJCTGUYKVJCPQOKPCNXCNWGQHVYGPV[ƂXGGWTQEGPVU '74 GCEJ
6JGRTQVGEVKXGRTGHGTGPEGUJCTGUECPDGKUUWGFCUCRTQVGEVKXGOGCUWTGCUFGUETKDGFKPPQVG5VKEJVKPI%QPVKPWËVGKV5$/
1HHUJQTG
&WTKPIVJGƂPCPEKCN[GCTVJGOQXGOGPVUKPVJGQWVUVCPFKPIPWODGTQHQTFKPCT[UJCTGUCTGCUHQNNQYU
PWODGTQHUJCTGU
1WVUVCPFKPICV,CPWCT[

6TGCUWT[UJCTGUECPEGNNGF
1WVUVCPFKPI&GEGODGT
#NNQWVUVCPFKPIUJCTGUJCXGDGGPHWNN[RCKF
64'#574;5*#4'5
#VQVCNPWODGTQHVTGCUWT[UJCTGUCTGUVKNNTGRQTVGFKPVJGQWVUVCPFKPIQTFKPCT[UJCTGUCUCV&GEGODGT
CPFCTGJGNFRTGFQOKPCPVN[HQTGORNQ[GGUJCTGRTQITCOU&WTKPICVQVCNQHUJCTGUYGTGVTCPUHGTTGFVQ
GORNQ[GGUJCTGRTQITCOU
5$/1((5*14'#007#.4'2146
14&+0#4;5*#4'5
+PVGTOUQHQTFKPCT[UJCTGUUJCTGUYGTGJGNFD[OGODGTUQH/CPCIGOGPV$QCTFKPQHƂEGCUCV&GEGODGT
&GEGODGT CUFGVCKNGFDGNQY
1TFKPCT[UJCTGUJGNFKPVJG%QORCP[D[VJG/CPCIGOGPV$QCTF
5JCTGUUWDLGEVVQ
EQPFKVKQPCNJQNFKPI 6QVCNUJCTGUCV 6QVCNUJCTGUCV
TGSWKTGOGPV 1VJGTUJCTGU &GEGODGT &GEGODGT
$TWPQ%JCDCU
&QWINCU9QQF
´KXKPF6CPIGP
2JKNKRRG$CTTKN PC PC PC
'TKM.CIGPFKLM PC PC PC
6QVCN
/CPCIGOGPV$QCTFOGODGTUKPEG#RTKN
/CPCIGOGPV$QCTFOGODGTWPVKN#WIWUV
/CPCIGOGPV$QCTFOGODGTWPVKN#RTKN
1PN[QPGOGODGTQHVJG5WRGTXKUQT[$QCTF 5KGV\G*GRMGOC JQNFUUJCTGUKPVJG%QORCP[ UJCTGUCUCV&GEGODGT

TGUWNVKPIHTQOJKURTGXKQWURQUKVKQPCUCOGODGTQHVJG/CPCIGOGPV$QCTF

#URGTVJG&WVEJ#EVQP%QPXGTUKQPQHDGCTGTUJCTGUCNNDGCTGTUJCTGUUVKNNQWVUVCPFKPICV&GEGODGTJCXGDGGPEQPXGTVGFKPVQTGIKUVGTGFUJCTGUJGNF
D[VJG%QORCP[CURGT,CPWCT[CPFCEEQTFKPIN[VJGCHQTGOGPVKQPGFUJCTGUCTGEWTTGPVN[TGRQTVGFCURCTVQHVJG6TGCUWT[UJCTGU#UJCTGJQNFGTYJQ
JCPFUKPCDGCTGTUJCTGEGTVKƂECVGVQVJG%QORCP[DGHQTG,CPWCT[KUGPVKVNGFVQTGEGKXGHTQOVJG%QORCP[CTGRNCEGOGPVTGIKUVGTGFUJCTG#
UJCTGJQNFGTOC[PQVGZGTEKUGVJGTKIJVUXGUVGFKPCUJCTGWPVKNVJGUJCTGJQNFGTJCUJCPFGFKPVJGEQTTGURQPFKPIDGCTGTUJCTGEGTVKƂECVG U VQVJG%QORCP[
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
16*'44'5'48'5
6JGQVJGTTGUGTXGUEQORTKUGUVJGJGFIKPITGUGTXGCEVWCTKCNICKPUNQUUGUVJGHQTGKIPEWTTGPE[VTCPUNCVKQPTGUGTXGCPF+(45
TGUGTXGU6JGOQXGOGPVCPFDTGCMFQYPQHVJGQVJGTTGUGTXGUECPDGUVCVGFCUHQNNQYU CNNCOQWPVUCTGGZRTGUUGFPGVQH
FGHGTTGFVCZGU
*GFIKPI #EVWCTKCN
TGUGTXG *GFIKPI ICKP NQUU QP (QTGKIP
(QTYCTF TGUGTXG FGƂPGF EWTTGPE[
EWTTGPE[ +PVGTGUVTCVG DGPGƂV VTCPUNCVKQP +(45 2TQVGEVKXG 6QVCNQVJGT
EQPVTCEVU UYCRU RTQXKUKQPU TGUGTXG 4GUGTXGU UJCTGTGUGTXG TGUGTXGU
$CNCPEGCV,CPWCT[
%CUJƃQYJGFIGU
%JCPIGKPHCKTXCNWG

6TCPUHGTVQƂPCPEKCNKPEQOGCPF
GZRGPUGU
6TCPUHGTVQEQPUVTWEVKQPEQPVTCEVU
CPFRTQRGTV[RNCPVCPFGSWKROGPV
6TCPUHGTVQQRGTCVKPIRTQƂVCPFNQUU
+(45UJCTGDCUGFRC[OGPVU
+(45XGUVKPIEQUVUHQTVJG[GCT
+(45XGUVGFUJCTGDCUGFRC[OGPVU
#EVWCTKCNICKP NQUU QPFGƂPGF
DGPGƂVRTQXKUKQP
%JCPIGKPFGƂPGFDGPGƂVRTQXKUKQP
FWGVQEJCPIGUKPCEVWCTKCN
CUUWORVKQPU
/GTIGTUCPFCESWKUKVKQPU
$CNCPEGCV&GEGODGT
%CUJƃQYJGFIGU
%JCPIGKPHCKTXCNWG
6TCPUHGTVQƂPCPEKCNKPEQOGCPF
GZRGPUGU
6TCPUHGTVQEQPUVTWEVKQPEQPVTCEVU
CPFRTQRGTV[RNCPVCPFGSWKROGPV
6TCPUHGTVQQRGTCVKPIRTQƂVCPFNQUU
+(45UJCTGDCUGFRC[OGPVU
+(45XGUVKPIEQUVUHQTVJG[GCT
+(45XGUVGFUJCTGDCUGFRC[OGPVU
#EVWCTKCNICKP NQUU QPFGƂPGF
DGPGƂVRTQXKUKQP
%JCPIGKPFGƂPGFDGPGƂVRTQXKUKQP
FWGVQEJCPIGUKPCEVWCTKCN
CUUWORVKQPU
/GTIGTUCPFCESWKUKVKQPU
1VJGTOQXGOGPVU
4GENCUUKƂECVKQP
$CNCPEGCV&GEGODGT
6JGJGFIKPITGUGTXGEQPUKUVUQHVJGGHHGEVKXGRQTVKQPQHECUJƃQYJGFIKPIKPUVTWOGPVUTGNCVGFVQJGFIGFVTCPUCEVKQPUVJCV
JCXGPQV[GVQEEWTTGFPGVQHFGHGTTGFVCZGU6JGKPETGCUGFHCKTXCNWGQHKPVGTGUVTCVGUYCRUOCKPN[CTKUGUHTQOKPETGCUKPI
OCTMGVKPVGTGUVTCVGUYJGTGCUVJGKPETGCUGFHCKTXCNWGQHHQTYCTFEWTTGPE[EQPVTCEVUKUOCKPN[FTKXGPD[VJGXCTKCVKQPQHVJG
75GZEJCPIGTCVGXGTUWUVJGJGFIGFEWTTGPEKGU
5$/1((5*14'#007#.4'2146
#EVWCTKCNICKP NQUU QPFGƂPGFDGPGƂVURTQXKUKQPUKPENWFGUVJGKORCEVQHVJGTGOGCUWTGOGPVQHFGƂPGFDGPGƂVRTQXKUKQPU
6JGHQTGKIPEWTTGPE[VTCPUNCVKQPTGUGTXGKUWUGFVQTGEQTFGZEJCPIGFKHHGTGPEGUCTKUKPIHTQOVJGVTCPUNCVKQPQHVJGƂPCPEKCN
UVCVGOGPVUQHHQTGKIPUWDUKFKCTKGU
6JG/CPCIGOGPV$QCTFYKVJVJGCRRTQXCNQHVJG5WRGTXKUQT[$QCTFJCUITCPVGFCECNNQRVKQPVQ5VKEJVKPI%QPVKPWKVGKV
5$/1HHUJQTGVQCESWKTGCPWODGTQHRTGHGTGPEGUJCTGU#UQH1EVQDGTCPFYKVJTGHGTGPEGVQCTVKENGUCPFQH
VJG#TVKENGUQH#UUQEKCVKQPQHVJG%QORCP[C 2TQVGEVKXG2TGHGTGPEG5JCTGUTGUGTXGJCUDGGPETGCVGFCVVJGGZRGPUGQHVJG
UJCTGRTGOKWOTGUGTXGCVVJGNGXGNQHVJG%QORCP[+HCPFYJGP5VKEJVKPI%QPVKPWKVGKV5$/1HHUJQTGYQWNFGZGTEKUGVJGECNN
QRVKQPVQCESWKTGRTGHGTGPEGUJCTGUVJGUGRTGHGTGPEGUJCTGUOC[CNUQDGRCKFWRHTQOVJGTGUGTXGQHVJG%QORCP[
6JG%QORCP[ UVQVCNGSWKV[CUCV&GEGODGTKU75OKNNKQPQWVQHYJKEJ75OKNNKQPTGNCVGUVQNGICN
TGUGTXGUCPF75OKNNKQPTGNCVGUVQVJGUVCVWVQT[TGUGTXGU &GEGODGT6QVCNGSWKV[QH75OKNNKQPQWVQHYJKEJ
75OKNNKQPTGNCVGUVQNGICNTGUGTXGUCPF75OKNNKQPVQVJGUVCVWVQT[TGUGTXGU (QTOQTGKPHQTOCVKQPTGHGTGPEGKU
OCFGVQPQVG5JCTGJQNFGTUo'SWKV[
$14419+0)5#0&.'#5'.+#$+.+6+'5
6JGNKPGKVGOo$QTTQYKPIUCPFNGCUGNKCDKNKVKGUoKPVJGEQPUQNKFCVGFUVCVGOGPVQHƂPCPEKCNRQUKVKQPKUHWTVJGTFGVCKNGFCU
HQNNQYU|
$QTTQYKPIUCPFNGCUGNKCDKNKVKGU UWOOCT[
&GEGODGT &GEGODGT
$QTTQYKPIU
.GCUGNKCDKNKVKGU
6QVCN0QPEWTTGPVRQTVKQPQH$QTTQYKPIUCPFNGCUGNKCDKNKVKGU
$QTTQYKPIU
.GCUGNKCDKNKVKGU
6QVCN%WTTGPVRQTVKQPQH$QTTQYKPIUCPFNGCUGNKCDKNKVKGU
$14419+0)5
6JGOQXGOGPVKPDCPMKPVGTGUVDGCTKPIDQTTQYKPIUKUCUHQNNQYU

0QPEWTTGPVRQTVKQP
#FFEWTTGPVRQTVKQP
4GOCKPKPIRTKPEKRCNCV,CPWCT[
#FFKVKQPU
4GFGORVKQPU
6TCPUCEVKQPCPFCOQTVK\GFEQUVU
6QVCNOQXGOGPVU
4GOCKPKPIRTKPEKRCNCV&GEGODGT
.GUU%WTTGPVRQTVKQP
0QPEWTTGPVRQTVKQP
6TCPUCEVKQPCPFCOQTVK\GFEQUVU

4GOCKPKPIRTKPEKRCNCV&GEGODGT GZENWFKPIVTCPUCEVKQPCPF
COQTVK\GFEQUVU
.GUU%WTTGPVRQTVKQP
0QPEWTTGPVRQTVKQP
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
6JGCFFKVKQPUKPDQTTQYKPIUQH75OKNNKQPTGNCVGOCKPN[VQFTCYFQYPUQP K RTQLGEVƂPCPEGHCEKNKVKGUHQT(251.K\C
7PKV[(2512TQURGTKV[CPF(2515GRGVKDCCPF KK VJGPGYNQCPCEJKGXGFHQT(25110')7;#0#
(QTHWTVJGTFKUENQUWTGUCDQWVVJGHCKTXCNWGOGCUWTGOGPVYGTGHGTVQPQVG(KPCPEKCN+PUVTWOGPVUŨ(CKT8CNWGUCPF4KUM
/CPCIGOGPV
6JG%QORCP[JCUPQoQHHDCNCPEGUJGGVoƂPCPEKPIVJTQWIJURGEKCNRWTRQUGGPVKVKGU#NNNQPIVGTOFGDVKUKPENWFGFKPVJG
EQPUQNKFCVGFUVCVGOGPVQHƂPCPEKCNRQUKVKQP
6JGDQTTQYKPIUGZENWFKPIVJGCOQWPVQHVTCPUCEVKQPCPFCOQTVK\GFEQUVUJCXGVJGHQNNQYKPIHQTGECUVTGRC[OGPVUEJGFWNG
&GEGODGT &GEGODGT
9KVJKPQPG[GCT
$GVYGGPCPF[GCTU
$GVYGGPCPF[GCTU
/QTGVJCP[GCTU
$CNCPEGCV&GEGODGT
5$/1((5*14'#007#.4'2146
6JGDQTTQYKPIUD[GPVKV[CTGCUHQNNQYU
.QCPU|CPF|DQTTQYKPIU|RGT|GPVKV[
0GVDQQMXCNWGCV 0GVDQQMXCNWGCV
&GEGODGT &GEGODGT
2TQLGEVPCOGQT 0QP 0QP
'PVKV[PCOG PCVWTGQHNQCP 1YPGTUJKR +PVGTGUV /CVWTKV[ EWTTGPV %WTTGPV 6QVCN EWTTGPV %WTTGPV 6QVCN
2TQLGEV(KPCPEG
HCEKNKVKGUFTCYP
(251%KFCFG
6WRK0QTFGUVG5CTN FG2CTCV[ ,WP
(251%KFCFG
5$/$CNGKC#\WN5CTN FG#PEJKGVC 5GR
(251%KFCFG
#NHC.WNC#NVQ5CTN FG/CTKEC &GE
(251%KFCFG
$GVC.WNC%GPVTCN5CTN FG5CSWCTGOC ,WP
)W[CPC&GGR9CVGT (251.K\C .KDQT
7-.KOKVGF &GUVKP[ &GE
)W[CPC&GGR9CVGT .KDQT
++7-.KOKVGF (251.K\C7PKV[ (GD
5GPKQTUGEWTGF
PQVGU
(251%KFCFG
)WCTC0QTVG5CTN FG+NJCDGNC ,WP
)WCTCPVGGFRTQLGEV
ƂPCPEGHCEKNKVKGU
FTCYP
)W[CPC&GGR9CVGT
+++7-.KOKVGF (2512TQURGTKV[ #WI
/GTQ1YPKPI$8 (2515GRGVKDC ,WP
)W[CPC&GGR9CVGT (25110'
+87-.KOKVGF )7;#0# LWN
$TKFIGNQCPHCEKNKV[
6COCPFCTG1YPKPI (251#NOKTCPVG .KDQT
$8 6COCPFCTÅ /CT
(251#NGZCPFTG .KDQT
/GTQ1YPKPI$8 FG)WUO¿Q ,WP
4GXQNXKPIETGFKV
HCEKNKV[
%QTRQTCVG
5$/*QNFKPI+PE (CEKNKV[ 8CTKCDNG (GD
1VJGT
15+PUVCNNGT.KOKVGF 5$/+PUVCNNGT ,CP
$TC\KNKCP&GGRYCVGT (251'URKTKVQ .KDQT
2TQFWEVKQP$8 5CPVQ ,CP
$TC\KNKCP&GGRYCVGT
2TQFWEVKQP
%QPVTCEVQTU.VF (251'URKTKVQ
| 5CPVQ &GE
1VJGT
0GVDQQMXCNWGQH
NQCPUCPF
DQTTQYKPIU
KPVGTGUVRGTCPPWOQPVJGTGOCKPKPINQCPDCNCPEG
(QTVJGRTQLGEVƂPCPEGHCEKNKVKGUVJGTGURGEVKXGXGUUGNUCTGOQTVICIGFVQVJGDCPMUQTVQPQVGJQNFGTU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
6JG%QORCP[JCUCXCKNCDNGHCEKNKVKGUTGUWNVKPIHTQO K VJGWPFTCYP4%( KK VJGWPFTCYPRQTVKQPQH(2515GRGVKDC(251
2TQURGTKV[CPF(25110')7;#0#RTQLGEVHCEKNKVKGUCPF KKK UJQTVVGTOETGFKVNKPGU
'ZRKT[FCVGQHVJGWPFTCYPHCEKNKVKGUCPFWPWUGFETGFKVNKPGU

'ZRKTKPIYKVJKPQPG[GCT
'ZRKTKPIDG[QPFQPG[GCT
6QVCN
6JG4%(KPRNCEGCUQH&GEGODGTJCUCOCVWTKV[FCVGQH(GDTWCT[6JG75DKNNKQPHCEKNKV[YCUUGEWTGFYKVJ
CUGNGEVGFITQWRQHEQTGTGNCVKQPUJKRDCPMUKPETGCUKPIVQDCPMUCURGTCPFJCUCPWPEQOOKVVGFQRVKQPVQ
KPETGCUGVJG4%(D[CPCFFKVKQPCN75OKNNKQP6JG%QORCP[FQGUPQVJCXGCP[QVJGTGZVGPUKQPQRVKQPTGOCKPKPI
9JGPPGGFGFVJG4%(CNNQYUVJG%QORCP[VQƂPCPEG'2%CEVKXKVKGUYQTMKPIECRKVCNDTKFIGCP[NQPIVGTOƂPCPEKPI
PGGFUCPFQTƂPCPEGIGPGTCNEQTRQTCVGRWTRQUGU1P&GEGODGTVJG4%(YCUCOGPFGFD[OGCPUQHCP
COGPFOGPVCPFTGUVCVGOGPVCITGGOGPVVQTGƃGEVCFGFKECVGFITGGPHWPFKPIVTCPEJG$[ETGCVKPIVJKUITGGPVTCPEJG75
OKNNKQPQHVJG4%(OC[QPN[DGWUGFVQHWPFCEVKXKVKGUVJCVEQORN[YKVJVJG)TGGP.QCP2TKPEKRNGU RTKOCTKN[CEVKXKVKGUTGNCVGF
VQTGPGYCDNGGPGTI[RTQLGEVU CPFVJGTGOCKPKPI75OKNNKQPECPDGWUGFKPVJGHQNNQYKPIRTQRQTVKQPU
Ŷ '2%CEVKXKVKGUYQTMKPIECRKVCNsQHVJGHCEKNKV[
Ŷ )GPGTCN%QTRQTCVG2WTRQUGUsWRVQQHVJGHCEKNKV[
Ŷ 4GƂPCPEKPIRTQLGEVFGDVsQHVJGHCEKNKV[DWVNKOKVGFVQCRGTKQFQHOQPVJU
6JGRTKEKPIQHVJG4%(KUEWTTGPVN[DCUGFQP.+$14CPFKVKPENWFGURTQXKUKQPUHQTVJGTGRNCEGOGPVQH.+$14YKVJC
EQORQWPFGFTGHGTGPEGTCVG6JGOCTIKPKUCFLWUVGFKPCEEQTFCPEGYKVJVJGCRRNKECDNGNGXGTCIGTCVKQTCPIKPIHTQOC
OKPKOWONGXGNQHRC HQTVJGITGGPVTCPEJG VQCOCZKOWOQHRC HQTVJGITGGPVTCPEJG 6JG
OCTIKPCNUQKPENWFGUC5WUVCKPCDKNKV[#FLWUVOGPV/GEJCPKUOYJGTGD[VJGOCTIKPOC[KPETGCUGQTFGETGCUGD[DCUGF
QPVJGCDUQNWVGEJCPIGKPVJG%QORCP[RGTHQTOCPEGCUOGCUWTGFCPFTGRQTVGFD[5WUVCKPCN[VKEU6JG%QORCP[oU
5WUVCKPCDKNKV[RGTHQTOCPEGKPCNNQYUVJGOCTIKPFGETGCUGVQTGOCKPCRRNKECDNGHQT
%18'0#065
6JGHQNNQYKPIMG[ƂPCPEKCNEQXGPCPVUCRRN[VQVJG4%(CUCITGGFYKVJVJGTGURGEVKXGNGPFGTUQP(GDTWCT[CPF
WPNGUUUVCVGFQVJGTYKUGTGNCVGVQVJG%QORCP[oUEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU
Ŷ 5QNXGPE[%QPUQNKFCVGF+(456CPIKDNG0GV9QTVJFKXKFGFD[%QPUQNKFCVGF+(456CPIKDNG#UUGVUOWUVDG
Ŷ +PVGTGUV%QXGT4CVKQ%QPUQNKFCVGF&KTGEVKQPCN7PFGTN[KPI'$+6&#FKXKFGFD[%QPUQNKFCVGF&KTGEVKQPCN0GV+PVGTGUV
2C[CDNGOWUVDG
6JG.GCUG$CEMNQI%QXGT4CVKQ .$%4 KUWUGFVQFGVGTOKPGVJGOCZKOWOHWPFKPICXCKNCDKNKV[WPFGTVJG4%(6JG

OCZKOWOHWPFKPICXCKNCDKNKV[KUFGVGTOKPGFD[ECNEWNCVKPIVJGPGVRTGUGPVXCNWGQHVJGHWVWTGEQPVTCEVGFPGVECUJCHVGTFGDV
UGTXKEGQHCFGƂPGFRQTVHQNKQQHQRGTCVKQPCNQHHUJQTGWPKVUKPVJGFKTGEVKQPCNDCEMNQI6JGOCZKOWOVJGQTGVKECNCOQWPV
CXCKNCDNGWPFGTVJG4%(KUVJGPFGVGTOKPGFD[FKXKFKPIVJKUPGVRTGUGPVXCNWGD[6JGCEVWCNCXCKNCDKNKV[WPFGTVJG4%(
YKNNDGVJGNQYGTQHVJKUCOQWPVCPFVJGCRRNKECDNG(CEKNKV[#OQWPV#UCV&GEGODGTCFFKVKQPCNJGCFTQQOCDQXG
VJG75DKNNKQPECRCEKV[WPFGTVJG4%(GZEGGFGF75OKNNKQP
(QTVJGRWTRQUGQHEQXGPCPVUECNEWNCVKQPUVJGHQNNQYKPIUKORNKƂGFFGƂPKVKQPUCRRN[
Ŷ +(456CPIKDNG0GV9QTVJ6QVCNGSWKV[ KPENWFKPIPQPEQPVTQNNKPIKPVGTGUVU QHVJG%QORCP[KPCEEQTFCPEGYKVJ+(45
GZENWFKPIVJGOCTMGFVQOCTMGVXCNWCVKQPQHEWTTGPE[CPFKPVGTGUVFGTKXCVKXGUWPFGTVCMGPHQTJGFIKPIRWTRQUGUD[VJG
%QORCP[VJTQWIJQVJGTEQORTGJGPUKXGKPEQOGFKXKFGPFUFGENCTGFXCNWGQHKPVCPIKDNGCUUGVUCPFFGHGTTGFVCZGU
Ŷ %QPUQNKFCVGF+(456CPIKDNG#UUGVU6JG%QORCP[ UVQVCNCUUGVU GZENWFKPIKPVCPIKDNGCUUGVU KPCEEQTFCPEGYKVJVJG
+(45EQPUQNKFCVGFUVCVGOGPVQHƂPCPEKCNRQUKVKQPNGUUVJGOCTMGFVQOCTMGVXCNWCVKQPQHEWTTGPE[CPFKPVGTGUVFGTKXCVKXGU
WPFGTVCMGPHQTJGFIKPIRWTRQUGUD[VJG%QORCP[VJTQWIJQVJGTEQORTGJGPUKXGKPEQOG
Ŷ %QPUQNKFCVGF&KTGEVKQPCN7PFGTN[KPI'$+6&#%QPUQNKFCVGFRTQƂVQHVJG%QORCP[CFLWUVGFHQTPGVKPVGTGUVRC[CDNG
VCZCPFFGRTGEKCVKQPQHCUUGVUCPFKORCKTOGPVUCP[GZEGRVKQPCNQTGZVTCQTFKPCT[KVGOUCPFD[CFFKPIDCEM K VJG

5WUVCKPCN[VKEUKUCRTQXKFGTQH'PXKTQPOGPVCN5QEKCNCPF)QXGTPCPEGCPF%QTRQTCVG)QXGTPCPEGTGUGCTEJCPFTCVKPIU
5$/1((5*14'#007#.4'2146
CPPWCNK\GFRTQFWEVKQP'$+6&#HQTWPKVUYJKEJUVCTVGFQRGTCVKQPUFWTKPIVJGƂPCPEKCN[GCTCPF KK VJGCESWKUKVKQP
CPPWCNK\GF'$+6&#HQTWPKVUCESWKTGFFWTKPIVJGƂPCPEKCN[GCT
Ŷ %QPUQNKFCVGF&KTGEVKQPCN0GV+PVGTGUV2C[CDNG#NNKPVGTGUVCPFQVJGTƂPCPEKPIEJCTIGURCKFWRRC[CDNG QVJGTVJCP
ECRKVCNK\GFKPVGTGUVFWTKPICEQPUVTWEVKQPRGTKQFCPFKPVGTGUVRCKFQTRC[CDNGDGVYGGPYJQNN[QYPGFOGODGTUQHVJG
%QORCP[ QTKPEWTTGFD[VJG%QORCP[NGUUCNNKPVGTGUVCPFQVJGTƂPCPEKPIEJCTIGUTGEGKXGFQTTGEGKXCDNGD[VJG
%QORCP[CURGT&KTGEVKQPCNTGRQTVKPI
%QXGPCPVU

+(456CPIKDNG0GV9QTVJ

%QPUQNKFCVGF+(456CPIKDNG#UUGVU
5QNXGPE[TCVKQ
#FLWUVGF &KTGEVKQPCN 7PFGTN[KPI'$+6&#
%QPUQNKFCVGF&KTGEVKQPCN0GV+PVGTGUV2C[CDNG
+PVGTGUVEQXGTTCVKQ
0QGZEGRVKQPCNKVGOUKORCEV'$+6&##FLWUVGF&KTGEVKQPCN7PFGTN[KPI'$+6&#KPENWFGUVJGCPPWCNK\GFRTQFWEVKQP'$+6&#HQT(251.K\C7PKV[
'ZEGRVKQPCNKVGOUTGUVCVGFKP%QPUQNKFCVGF&KTGEVKQPCN7PFGTN[KPI'$+6&#YGTGOCKPN[TGNCVGFVQVJG75OKNNKQPCPVKEKRCVGFTGXGPWGTGEQIPKVKQP
HQNNQYKPIVJGGCTN[TGFGNKXGT[QHVJG&GGR2CPWMG/127+PCFFKVKQPVJG%QPUQNKFCVGF&KTGEVKQPCN7PFGTN[KPI'$+6&#FKFPQVKPENWFGVJG75OKNNKQP
TGNCVKPIVQVJGRGPCNV[QTFGTCICKPUVVJG%QORCP[KUUWGFD[5YKUURWDNKERTQUGEWVQTKP0QXGODGT
6JG.GXGTCIGTCVKQDCUGFQPTGRQTVGF&KTGEVKQPCNƂIWTGUKUWUGFVQFGVGTOKPGVJGRTKEKPIQPN[
6JG%QORCP[OQPKVQTUKVUƂPCPEKCNCPFPQPƂPCPEKCNEQXGPCPVUHQTDQTTQYKPIUYJKEJCTGKPENWFGFKPVJGEQPUQNKFCVGF
ƂPCPEKCNUVCVGOGPVEQPVKPQWUN[VJTQWIJQWVVJG[GCT0QPGQHVJGDQTTQYKPIUKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPYGTGKP
FGHCWNVCUCVVJGTGRQTVKPIFCVGQTCVCP[VKOGFWTKPIVJGRGTKQF
.'#5'.+#$+.+6+'5
6JGNGCUGNKCDKNKVKGUOQUVN[TGNCVGVQVJGNGCUKPIQHQHƂEGDWKNFKPIUCUQH&GEGODGT
6JGOQXGOGPVKPVJGNGCUGNKCDKNKVKGUKUCUHQNNQYU

2TKPEKRCNTGEQIPK\GFCV,CPWCT[
#FFKVKQPU
4GFGORVKQPU
1VJGT
6QVCNOQXGOGPVU
4GOCKPKPIRTKPEKRCNCV&GEGODGT
1HYJKEJ
%WTTGPVRQTVKQP
0QPEWTTGPVRQTVKQP
6JGOQXGOGPVUKPNGCUGNKCDKNKVKGUQXGTVJGRGTKQFYGTGOCKPN[TGNCVGFVQKPETGCUGFWGVQVJGGZVGPUKQPQHNGCUGEQPVTCEVHQT
QHƂEGUCPFVJGTGIWNCTTGFGORVKQPUCPFHQTGKIPEWTTGPE[VTCPUNCVKQPU
6JGOCVWTKV[QHVJGNGCUGNKCDKNKVKGUKUCPCN[\GFKPUGEVKQPƂPCPEKCNKPUVTWOGPVUHCKTXCNWGUCPFTKUMOCPCIGOGPV
RCTCITCRJFGFKECVGFVQNKSWKFKV[TKUM
6JGVQVCNECUJQWVƃQYHQTNGCUGUKPYCU75OKNNKQPYJKEJKPENWFGUTGFGORVKQPUQHRTKPEKRCNCPFKPVGTGUVRC[OGPVU
6QVCNKPVGTGUVHQTVJGRGTKQFCOQWPVGFVQ75OKNNKQP
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
2418+5+105
6JGOQXGOGPVCPFV[RGQHRTQXKUKQPUFWTKPIVJG[GCTCTGUWOOCTK\GFCUHQNNQYU
2TQXKUKQPU OQXGOGPVU
'ORNQ[GG
&GOQDKNKUCVKQP 9CTTCPV[ DGPGƂVU 1VJGT 6QVCN
$CNCPEGCV,CPWCT[
#TKUKPIFWTKPIVJG[GCT
7PYKPFKPIQHKPVGTGUV
7VKNK\GF
4GNGCUGFVQRTQƂV
1VJGTOQXGOGPV
$CNCPEGCV&GEGODGT
QHYJKEJ
0QPEWTTGPVRQTVKQP
%WTTGPVRQTVKQP
&GOQDKNK\CVKQP
6JGRTQXKUKQPHQTFGOQDKNK\CVKQPTGNCVGUVQVJGEQUVUHQTFGOQDKNK\CVKQPQHVJGXGUUGNUCPFƃQCVKPIGSWKROGPVCVVJGGPFQH
VJGTGURGEVKXGQRGTCVKPINGCUGRGTKQFU6JGQDNKICVKQPUCTGXCNWGFCVPGVRTGUGPVXCNWGCPFC[GCTN[DCUKUKPVGTGUVKUCFFGF
VQVJKURTQXKUKQP6JGTGEQIPK\GFKPVGTGUVKUKPENWFGFKPVJGNKPGKVGOo(KPCPEKCNGZRGPUGUoQHVJGEQPUQNKFCVGFKPEQOG
UVCVGOGPV TGHGTVQPQVG0GV(KPCPEKPI%QUVU
6JGOQXGOGPVKPVJGRTQXKUKQPHQTFGOQDKNK\CVKQPTGNCVGUOCKPN[VQVJGTGCUUGUUOGPVQHVJGEQUVUQPVJGQPIQKPI
FGOQDKNK\CVKQPQH(251%CRKZCDCCPFVJGFGETGCUGKUFWGVQKVUWVKNK\CVKQPKPTGNCVKQPVQVJGRTQITGUUQHVJG
FGEQOOKUUKQPKPICEVKXKVKGU
'ZRGEVGFQWVƃQYYKVJKPQPG[GCTKU75OKNNKQPCPFCOQWPVUVQ75OKNNKQPDGVYGGPQPGCPFƂXG[GCTUCPF75
OKNNKQPCHVGTƂXG[GCTU
9CTTCPV[
(QTOQUV6WTPMG[UCNGUVJG%QORCP[IKXGUYCTTCPVKGUVQKVUENKGPVU7PFGTVJGVGTOUQHVJGEQPVTCEVUVJG%QORCP[
WPFGTVCMGUVQOCMGIQQFD[TGRCKTQTTGRNCEGOGPVFGHGEVKXGKVGOUVJCVDGEQOGCRRCTGPVYKVJKPCPCITGGFRGTKQFUVCTVKPI
HTQOVJGƂPCNCEEGRVCPEGD[VJGENKGPV6JGKPETGCUGQHVJGYCTTCPV[RTQXKUKQPEQPUKUVUQHPGYRTQXKUKQPUCEETWGFQPRTQLGEVU
WPFGTEQPUVTWEVKQPQXGTVJGRGTKQF
1VJGT
1VJGTRTQXKUKQPUOCKPN[TGNCVGVQENCKOUTGIWNCVQT[ƂPGUTGNCVGFVQQRGTCVKQPUQPGTQWUEQPVTCEVUCPFRNCPPGFNQECNEQPVGPV
RGPCNV[QPEQPUVTWEVKQPRTQLGEVU6JGNCVVGTYCUVJGOCKPFTKXGTQHVJGKPETGCUGKP1VJGTRTQXKUKQPUFWTKPI
5$/1((5*14'#007#.4'2146
64#&'#0&16*'42#;#$.'5
6TCFGCPFQVJGTRC[CDNGU UWOOCT[
0QVGU &GEGODGT &GEGODGT

6TCFGRC[CDNGU
#EETWCNUQPRTQLGEVU
#EETWCNUTGICTFKPIFGNKXGTGFQTFGTU
1VJGTRC[CDNGU
%QPVTCEVNKCDKNKV[
2GPUKQPVCZCVKQP
6CZCVKQPCPFUQEKCNUGEWTKV[EQUVU
%WTTGPVRQTVKQPQHFGHGTTGFKPEQOG
1VJGTPQPVTCFGRC[CDNGU
6QVCN
6JG VTCFGRC[CDNGU CPF CEETWCNUQPRTQLGEVU VQIGVJGTKPETGCUGFFWGVQVJGJKIJGT6WTPMG[RTQLGEVCEVKXKVKGUFWTKPI

OCKPN[TGNCVGFVQ(251#NGZCPFTGFG)WUO¿QCPF(25110')7;#0#
(QT %QPVTCEVNKCDKNKV[ TGHGTVQPQVG4GXGPWGYJGTGVJGOQXGOGPVKPEQPVTCEVNKCDKNKVKGUKUGZRNCKPGF
2C[CDNGUTGNCVGFVQ 6CZCVKQPCPFUQEKCNUGEWTKV[ EQPEGTPUWPEGTVCKPVCZRQUKVKQPUTGNCVGFOCKPN[VQXCTKQWUVCZGUQVJGTVJCP

EQTRQTCVGKPEQOGVCZ
1VJGTPQPVTCFGRC[CDNGU KPENWFGOQUVN[KPVGTGUVRC[CDNGCPFVJGUJQTVVGTORQTVKQPQHVJGQWVUVCPFKPIRC[OGPVUTGNCVGF
VQVJG.GPKGPE[#ITGGOGPVCPFVJGUGVVNGOGPVYKVJ$TC\KNKCP(GFGTCN2TQUGEWVQToU1HƂEG /KPKUVÅTKQ2ÖDNKEQ(GFGTCNso/2(o
6JGNQPIVGTORQTVKQPQHVJGQWVUVCPFKPIRC[OGPVUTGNCVGFVQVJGUGCITGGOGPVUKURTGUGPVGFKPVJGNKPGKVGOo1VJGTPQP
EWTTGPVNKCDKNKVKGUoKPVJG%QORCP[oUUVCVGOGPVQHƂPCPEKCNRQUKVKQP
6JGNKPGKVGOo1VJGTPQPEWTTGPVNKCDKNKVKGUoKPVJGEQPUQNKFCVGFUVCVGOGPVQHƂPCPEKCNRQUKVKQP TGHGTVQ%QPUQNKFCVGF
5VCVGOGPVQH(KPCPEKCN2QUKVKQP CNUQKPENWFGUCRTGRC[OGPVQH75OKNNKQPTGNCVKPIVQVJGHWVWTGRQVGPVKCNRCTVKEKRCVKQPQH
RCTVPGTUVQEJCTVGTEQPVTCEVU
6JGEQPVTCEVWCNOCVWTKV[QHVJGVTCFGRC[CDNGUKUCPCN[\GFKPVJGNKSWKFKV[TKUMUGEVKQPKP(KPCPEKCN+PUVTWOGPVUŨ(CKT
8CNWGUCPF4KUM/CPCIGOGPV
%1//+6/'065#0&%106+0)'0%+'5
2#4'06%1/2#0;)7#4#06''5
5$/1HHUJQTG08CUVJGRCTGPVEQORCP[KUEQOOKVVGFVQHWNƂNNXCTKQWUV[RGUQHQDNKICVKQPUCTKUKPIHTQOEWUVQOGT
EQPVTCEVUUWEJCUHWNNRGTHQTOCPEGCPFYCTTCPV[QDNKICVKQPU
+PVJGRCUVVJGRCTGPVEQORCP[JCUKUUWGFIWCTCPVGGUHQTEQPVTCEVWCNQDNKICVKQPUKPTGURGEVQHUGXGTCN)TQWREQORCPKGU
KPENWFKPIGSWKV[CEEQWPVGFLQKPVXGPVWTGUYKVJTGURGEVVQNQPIVGTONGCUGCPFQRGTCVGEQPVTCEVU6JGHGYTGOCKPKPI
IWCTCPVGGUUVKNNCEVKXGCUQH&GEGODGTTGNCVGVQVJG&GGR2CPWMG/127WPKV6JWPFGT*CYMUGOKUWDOGTUKDNG
RNCVHQTO(251/QPFQCPF(2515CZK$CVWSWG6JGUGJCXGDGGPUKIPGFRTKQTVQ
$#0-)7#4#06''5
#UQH&GEGODGTVJG%QORCP[JCURTQXKFGFDCPMIWCTCPVGGUVQWPTGNCVGFVJKTFRCTVKGUHQTCPCOQWPVQH
75OKNNKQP 75OKNNKQP 0QNKCDKNKV[KUGZRGEVGFVQCTKUGWPFGTVJGUGIWCTCPVGGU
6JG%QORCP[JQNFUKPKVUHCXQT75OKNNKQPQHDCPMIWCTCPVGGUHTQOWPTGNCVGFVJKTFRCTVKGU0QYKVJFTCYCNWPFGTVJGUG
IWCTCPVGGUKUGZRGEVGFVQQEEWT
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
%1//+6/'065
#UCV&GEGODGTVJGTGOCKPKPIEQPVTCEVWCNEQOOKVOGPVUHQTCESWKUKVKQPQHKPVCPIKDNGCUUGVURTQRGTV[RNCPVCPF
GSWKROGPVCPFKPXGUVOGPVKPNGCUGUCOQWPVGFVQ75OKNNKQP &GEGODGT75OKNNKQP +PXGUVOGPV
EQOOKVOGPVUJCXGKPETGCUGFRTKPEKRCNN[FWGVQVJGRTQITGUUOCFGQPVJGEQPUVTWEVKQPQH(2512TQURGTKV[(2515GRGVKDC
(251#NGZCPFTGFG)WUO¿Q(251#NOKTCPVG6COCPFCTÅCPF(25110')7;#0#|
%106+0)'06.+#$+.+6;
#UCV&GEGODGTVJG%QORCP[FKFPQVKFGPVKH[CP[EQPVKPIGPVNKCDKNKVKGU
(+0#0%+#.+05647/'065Ũ(#+48#.7'5#0&4+5-/#0#)'/'06
6JKUPQVGRTGUGPVUKPHQTOCVKQPCDQWVVJG%QORCP[oUGZRQUWTGVQTKUMTGUWNVKPIHTQOKVUWUGQHƂPCPEKCNKPUVTWOGPVUVJG
%QORCP[oUQDLGEVKXGURQNKEKGUCPFRTQEGUUGUHQTOGCUWTKPICPFOCPCIKPITKUMCPFVJG%QORCP[oUOCPCIGOGPVQHECRKVCN
(WTVJGTSWCNKVCVKXGFKUENQUWTGUCTGKPENWFGFVJTQWIJQWVVJGUGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU
#%%1706+0)%.#55+(+%#6+105#0&(#+48#.7'5
6JG%QORCP[WUGUVJGHQNNQYKPIHCKTXCNWGJKGTCTEJ[HQTƂPCPEKCNKPUVTWOGPVUVJCVCTGOGCUWTGFCVHCKTXCNWGKPVJGUVCVGOGPV
QHƂPCPEKCNRQUKVKQPYJKEJTGSWKTGFKUENQUWTGQHHCKTXCNWGOGCUWTGOGPVUD[NGXGN
Ŷ 3WQVGFRTKEGU WPCFLWUVGF KPCEVKXGOCTMGVUHQTKFGPVKECNCUUGVUQTNKCDKNKVKGU .GXGN
Ŷ +PRWVUQVJGTVJCPSWQVGFRTKEGUKPENWFGFYKVJKP.GXGNVJCVCTGQDUGTXCDNGHQTVJGCUUGVQTNKCDKNKV[GKVJGTFKTGEVN[ VJCVKU
CURTKEGU QTKPFKTGEVN[ VJCVKUFGTKXGFHTQORTKEGU .GXGN

Ŷ +PRWVUHQTVJGCUUGVQTNKCDKNKV[VJCVCTGPQVDCUGFQPQDUGTXCDNGOCTMGVFCVC VJCVKUWPQDUGTXCDNGKPRWVU .GXGN
6JGHQNNQYKPIVCDNGUJQYUVJGECTT[KPICOQWPVUCPFHCKTXCNWGUQHƂPCPEKCNCUUGVUCPFƂPCPEKCNNKCDKNKVKGUKPENWFKPIVJGKT
NGXGNUKPVJGHCKTXCNWGJKGTCTEJ[+VFQGUPQVKPENWFGHCKTXCNWGKPHQTOCVKQPHQTƂPCPEKCNCUUGVUCPFƂPCPEKCNNKCDKNKVKGUPQV
OGCUWTGFCVHCKTXCNWGKHVJGECTT[KPICOQWPVKUCTGCUQPCDNGCRRTQZKOCVKQPQHHCKTXCNWG
#EEQWPVKPIENCUUKƂECVKQPCPFHCKTXCNWGU
&GEGODGT &GEGODGT
(CKT
6QVCNDQQM 6QVCNHCKT 6QVCNDQQM 6QVCNHCKT
XCNWG
0QVGU XCNWG XCNWG XCNWG XCNWG
NGXGN
(KPCPEKCNCUUGVUOGCUWTGFCVCOQTVK\GFEQUV
.QCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGU
6QVCN
(KPCPEKCNNKCDKNKVKGUOGCUWTGFCVCOQTVK\GFEQUV
75RTQLGEVƂPCPEGHCEKNKVKGUFTCYP
.GCUGNKCDKNKVKGU
1VJGTFGDV
6QVCN
#FFKVKQPCNKPHQTOCVKQP
Ŷ +PVJGCDQXGVCDNGVJG%QORCP[JCUFKUENQUGFVJGHCKTXCNWGQHGCEJENCUUQHƂPCPEKCNCUUGVUCPFƂPCPEKCNNKCDKNKVKGUHQT
YJKEJVJGDQQMXCNWGKUFKHHGTGPVVJCPHCKTXCNWGKPCYC[VJCVRGTOKVUVJGKPHQTOCVKQPVQDGEQORCTGFYKVJVJGECTT[KPI
COQWPVU
Ŷ 6JGTGCTGƂPCPEKCNCUUGVUCPFƂPCPEKCNNKCDKNKVKGUOGCUWTGFCVHCKTXCNWGPCOGN[VJGKPVGTGUVTCVGUYCRUHQTYCTFEWTTGPE[
EQPVTCEVUCPFEQOOQFKV[EQPVTCEVUYJKEJCTGENCUUKƂGFCVC.GXGNQPVJGHCKTXCNWGJKGTCTEJ[.GXGNKUDCUGFQPKPRWVU
QVJGTVJCPSWQVGFRTKEGUKPENWFGFYKVJKP.GXGNVJCVCTGQDUGTXCDNGHQTVJGCUUGVQTNKCDKNKV[GKVJGTFKTGEVN[ VJCVKUCU
RTKEGU QTKPFKTGEVN[ VJCVKUFGTKXGFHTQORTKEGU 6JGECTT[KPICOQWPVHQTVJGUGƂPCPEKCNCUUGVUCPFNKCDKNKVKGU
CRRTQZKOCVGUVJGHCKTXCNWGCUCV&GEGODGT
Ŷ 6JG%QORCP[JCUPQVFKUENQUGFVJGHCKTXCNWGUHQTƂPCPEKCNKPUVTWOGPVUUWEJCUUJQTVVGTOVTCFGTGEGKXCDNGUCPFRC[CDNGU
DGECWUGVJGKTECTT[KPICOQWPVUCTGCTGCUQPCDNGCRRTQZKOCVKQPQHHCKTXCNWGUCUVJGKORCEVQHFKUEQWPVKPIKUKPUKIPKƂECPV
Ŷ %NCUUGUQHƂPCPEKCNKPUVTWOGPVUVJCVCTGPQVWUGFCTGPQVFKUENQUGF
Ŷ 0QKPUVTWOGPVUYGTGVTCPUHGTTGFDGVYGGP.GXGNCPF.GXGN
Ŷ 0QKPUVTWOGPVUYGTGVTCPUHGTTGFDGVYGGP.GXGNCPF.GXGN
5$/1((5*14'#007#.4'2146
Ŷ 0QPGQHVJGKPUVTWOGPVUQHVJG.GXGNJKGTCTEJ[CTGECTTKGFCVHCKTXCNWGKPVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQP
Ŷ 0QƂPCPEKCNKPUVTWOGPVUYGTGUWDLGEVVQQHHUGVVKPICUQH&GEGODGTCPF&GEGODGT
6JGGHHGEVUQHVJGHQTGKIPEWTTGPE[TGNCVGFJGFIKPIKPUVTWOGPVUQPVJG%QORCP[oUƂPCPEKCNRQUKVKQPCPFRGTHQTOCPEG
KPENWFKPITGNCVGFKPHQTOCVKQPCTGKPENWFGFKPVJGVCDNGDGNQY
'HHGEVQHVJGHQTGKIPEWTTGPE[KPVGTGUVUYCRUCPFEQOOQFKV[EQPVTCEVUTGNCVGFJGFIKPIKPUVTWOGPVU

(QTGKIPEWTTGPE[HQTYCTFU
%CTT[KPICOQWPV
0QVKQPCNCOQWPV
/CVWTKV[FCVG
*GFIGTCVKQ
%JCPIGKPFKUEQWPVGFURQVXCNWGQHQWVUVCPFKPIJGFIKPIKPUVTWOGPVUUKPEG,CPWCT[
%JCPIGKPXCNWGJGFIGFTCVGHQTVJG[GCT KPENWFKPIHQTYCTFRQKPVU
+PVGTGUVTCVGUYCRU
%CTT[KPICOQWPV
0QVKQPCNCOQWPV
/CVWTKV[FCVG
*GFIGTCVKQ
%QOOQFKV[EQPVTCEVU
%CTT[KPICOQWPV
0QVKQPCNCOQWPV
/CVWTKV[FCVG
*GFIGTCVKQ
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
/'#574'/'061((#+48#.7'5
6JGHQNNQYKPIVCDNGUJQYUVJGXCNWCVKQPVGEJPKSWGUWUGFKPOGCUWTKPI.GXGNCPF.GXGNHCKTXCNWGUCUYGNNCUVJG
UKIPKƂECPVWPQDUGTXCDNGKPRWVUWUGF
.GXGNCPFNGXGN
KPUVTWOGPVU .GXGNKPUVTWOGPVU
+PVGTTGNCVKQPUJKRDGVYGGPUKIPKƂECPVWPQDUGTXCDNGKPRWVU
6[RG 8CNWCVKQPVGEJPKSWG 5KIPKƂECPVWPQDUGTXCDNGKPRWVU CPFHCKTXCNWGOGCUWTGOGPV
(KPCPEKCNKPUVTWOGPV
OGCUWTGFCVHCKTXCNWG
+PVGTGUVTCVGUYCRU +PEQOGCRRTQCEJŨ 0QVCRRNKECDNG 0QVCRRNKECDNG
2TGUGPVXCNWG
VGEJPKSWG
%QOOQFKV[EQPVTCEVU +PEQOGCRRTQCEJŨ 0QVCRRNKECDNG 0QVCRRNKECDNG
2TGUGPVXCNWG
VGEJPKSWG
(QTYCTFEWTTGPE[ +PEQOGCRRTQCEJŨ 0QVCRRNKECDNG 0QVCRRNKECDNG
EQPVTCEVU 2TGUGPVXCNWG
VGEJPKSWG
(KPCPEKCNKPUVTWOGPVPQV
OGCUWTGFCVHCKTXCNWG
.QCPUVQLQKPVXGPVWTGU +PEQOGCRRTQCEJŨ Ŷ (QTGECUVTGXGPWGU 6JGGUVKOCVGFHCKTXCNWGYQWNFKPETGCUG
CPFCUUQEKCVGU 2TGUGPVXCNWG Ŷ 4KUMCFLWUVGFFKUEQWPV FGETGCUG KH
VGEJPKSWG TCVG Ŷ VJGTGXGPWGYCUJKIJGT NQYGT
Ŷ VJGTKUMCFLWUVGFFKUEQWPVTCVGYCUNQYGT
JKIJGT
(KPCPEGNGCUG +PEQOGCRRTQCEJŨ Ŷ (QTGECUVTGXGPWGU 6JGGUVKOCVGFHCKTXCNWGYQWNFKPETGCUG
TGEGKXCDNGU 2TGUGPVXCNWG Ŷ 4KUMCFLWUVGFFKUEQWPV FGETGCUG KH
VGEJPKSWG TCVG Ŷ VJGTGXGPWGYCUJKIJGT NQYGT
Ŷ VJGTKUMCFLWUVGFFKUEQWPVTCVGYCUNQYGT
JKIJGT
.QCPUCPFDQTTQYKPIU +PEQOGCRRTQCEJŨ 0QVCRRNKECDNG 0QVCRRNKECDNG
2TGUGPVXCNWG
VGEJPKSWG
1VJGTNQPIVGTOFGDV +PEQOGCRRTQCEJŨ 0QVCRRNKECDNG 0QVCRRNKECDNG
2TGUGPVXCNWG
VGEJPKSWG
5$/1((5*14'#007#.4'2146
&'4+8#6+8'#55'65#0&.+#$+.+6+'5&'5+)0#6'&#5%#5*(.19*'&)'5
6JGHQNNQYKPIVCDNGKPFKECVGUVJGRGTKQFKPYJKEJVJGECUJƃQYUCUUQEKCVGFYKVJVJGECUJƃQYJGFIGUCTGGZRGEVGFVQQEEWT
CPFVJGECTT[KPICOQWPVUQHVJGTGNCVGFJGFIKPIKPUVTWOGPVU6JGCOQWPVUFKUENQUGFKPVJGVCDNGCTGVJGEQPVTCEVWCN
WPFKUEQWPVGFECUJƃQYU6JGHWVWTGKPVGTGUVECUJƃQYUHQTKPVGTGUVTCVGUYCRUCTGGUVKOCVGFWUKPIVJGHQTYCTFTCVGUCUCVVJG
TGRQTVKPIFCVG
%CUJƃQYU
.GUUVJCP $GVYGGP /QTGVJCP

%CTT[KPICOQWPV [GCT CPF[GCTU [GCTU 6QVCN
&GEGODGT
+PVGTGUVTCVGUYCRU 75&.+$14/QPVJU
(QTYCTFEWTTGPE[EQPVTCEVU
%QOOQFKV[EQPVTCEVU
&GEGODGT
6JGHQNNQYKPIVCDNGKPFKECVGUVJGRGTKQFKPYJKEJVJGECUJƃQYUJGFIGUCTGGZRGEVGFVQKORCEVRTQƂVQTNQUUCPFVJG
ECTT[KPICOQWPVUQHVJGTGNCVGFJGFIKPIKPUVTWOGPVU
'ZRGEVGFRTQƂVQTNQUUKORCEV
.GUUVJCP $GVYGGP /QTGVJCP

%CTT[KPICOQWPV [GCT CPF[GCTU [GCTU 6QVCN
&GEGODGT
%QOOQFKV[EQPVTCEVU
&GEGODGT
+PVGTGUVTCVGUYCRU
)CKPUCPFNQUUGUTGEQIPK\GFKPVJGJGFIKPITGUGTXGKPGSWKV[QPKPVGTGUVTCVGUYCREQPVTCEVUYKNNDGEQPVKPWQWUN[TGNGCUGFVQ
VJGKPEQOGUVCVGOGPVWPVKNVJGƂPCNTGRC[OGPVQHVJGJGFIGFKVGOU RNGCUGTGHGTVQPQVG'SWKV[#VVTKDWVCDNGVQ
5JCTGJQNFGTU
)CKPUCPFNQUUGUTGEQIPK\GFKPVJGJGFIKPITGUGTXGQPHQTYCTFEWTTGPE[EQPVTCEVUCTGTGEQIPK\GFKPVJGKPEQOGUVCVGOGPVKP
VJGRGTKQFQTRGTKQFUFWTKPIYJKEJVJGJGFIGFVTCPUCEVKQPCHHGEVUVJGKPEQOGUVCVGOGPV6JKUKUOCKPN[YKVJKPVYGNXGOQPVJU
HTQOVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPFCVGWPNGUUVJGICKPQTNQUUKUKPENWFGFKPVJGKPKVKCNCOQWPVTGEQIPK\GFKPVJG
ECTT[KPICOQWPVQHƂZGFCUUGVUKPYJKEJECUGTGEQIPKVKQPKUQXGTVJGNKHGVKOGQHVJGCUUGV+HVJGICKPQTNQUUKUKPENWFGFKPVJG
KPKVKCNCOQWPVTGEQIPK\GFKPVJGECTT[KPICOQWPVQHVJGEQUVKPEWTTGFQPEQPUVTWEVKQPEQPVTCEVUVJGPVJGTGEQIPKVKQPKUQXGT
VKOG
%QOOQFKVKGU
)CKPUCPFNQUUGUTGEQIPK\GFKPVJGJGFIKPITGUGTXGQPEQOOQFKV[EQPVTCEVUCTGTGEQIPK\GFKPVJGKPEQOGUVCVGOGPVKPVJG
RGTKQFQTRGTKQFUFWTKPIYJKEJVJGJGFIGFVTCPUCEVKQPCHHGEVUVJGKPEQOGUVCVGOGPV+HVJGJGFIGFVTCPUCEVKQP
UWDUGSWGPVN[TGUWNVUKPVJGTGEQIPKVKQPQHPQPƂPCPEKCNCUUGVU UWEJCUKPXGPVQT[CUUGVWPFGTEQPUVTWEVKQP QTPQPƂPCPEKCN
NKCDKNKV[VJGICKPQTNQUUKUKPENWFGFKPVJGKPKVKCNEQUVQTQVJGTECTT[KPICOQWPVQHVJGCUUGV+PUWEJECUGVJKUCOQWPVKU
TGEQIPK\GFKPRTQƂVQTNQUUCVVJGUCOGVKOGCUVJGJGFIGFKVGOCHHGEVURTQƂVQTNQUU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
.155#..19#0%'10(+0#0%+#.#55'65#0&%1064#%6#55'65
6JGOQXGOGPVQHNQUUCNNQYCPEGFWTKPIVJG[GCTKUUWOOCTK\GFCUHQNNQYU
(KPCPEGNGCUGTGEGKXCDNG %QPVTCEVCUUGVU 6TCFGTGEGKXCDNGU 1VJGTƂPCPEKCNCUUGVU

1RGPKPINQUUCNNQYCPEGCU
CV,CPWCT[
+PETGCUGKPNQUUCNNQYCPEG
TGEQIPK\GFKPRTQƂVQTNQUU
FWTKPIVJG[GCT
4GEGKXCDNGUYTKVVGPQHH
FWTKPIVJG[GCTCU
WPEQNNGEVKDNG
7PWUGFCOQWPVTGXGTUGF
#V&GEGODGT
(+0#0%+#.4+5-/#0#)'/'06
6JG%QORCP[oUCEVKXKVKGUGZRQUGKVVQCXCTKGV[QHƂPCPEKCNTKUMUOCTMGVTKUMU KPENWFKPIEWTTGPE[TKUMKPVGTGUVTCVGTKUMCPF
EQOOQFKV[TKUM ETGFKVTKUMCPFNKSWKFKV[TKUM6JG%QORCP[oUQXGTCNNTKUMOCPCIGOGPVRTQITCOHQEWUGUQPVJG
WPRTGFKEVCDKNKV[QHƂPCPEKCNOCTMGVUCPFUGGMUVQOKPKOK\GRQVGPVKCNCFXGTUGGHHGEVUQPVJG%QORCP[oUƂPCPEKCNRGTHQTOCPEG
6JG%QORCP[WUGUFGTKXCVKXGƂPCPEKCNKPUVTWOGPVUVQJGFIGEGTVCKPTKUMGZRQUWTGU6JG%QORCP[DW[UCPFUGNNUFGTKXCVKXGU
KPVJGQTFKPCT[EQWTUGQHDWUKPGUUCPFCNUQKPEWTUƂPCPEKCNNKCDKNKVKGUKPQTFGTVQOCPCIGOCTMGVTKUMU#NNUWEJVTCPUCEVKQPUCTG
ECTTKGFQWVYKVJKPVJGIWKFGNKPGUUGVKPVJG%QORCP[RQNKE[)GPGTCNN[VJG%QORCP[UGGMUVQCRRN[JGFIGCEEQWPVKPIKP
QTFGTVQOCPCIGXQNCVKNKV[KPVJGKPEQOGUVCVGOGPVCPFUVCVGOGPVQHEQORTGJGPUKXGKPEQOG6JGRWTRQUGKUVQOCPCIGVJG
KPVGTGUVTCVGEWTTGPE[CPFEQOOQFKV[RTKEGTKUMCTKUKPIHTQOVJG%QORCP[oUQRGTCVKQPUCPFKVUUQWTEGUQHƂPCPEG&GTKXCVKXGU
CTGQPN[WUGFVQJGFIGENQUGN[EQTTGNCVGFWPFGTN[KPIDWUKPGUUVTCPUCEVKQPU
6JG%QORCP[oURTKPEKRCNƂPCPEKCNKPUVTWOGPVUQVJGTVJCPFGTKXCVKXGUEQORTKUGVTCFGFGDVQTUCPFETGFKVQTUDCPMNQCPUCPF
QXGTFTCHVUECUJCPFECUJGSWKXCNGPVU KPENWFKPIUJQTVVGTOFGRQUKVU CPFƂPCPEKCNIWCTCPVGGU6JGOCKPRWTRQUGQHVJGUG
ƂPCPEKCNKPUVTWOGPVUKUVQƂPCPEGVJG%QORCP[oUQRGTCVKQPU6TCFGFGDVQTUCPFETGFKVQTUTGUWNVFKTGEVN[HTQOVJGDWUKPGUU
QRGTCVKQPUQHVJG%QORCP[
(KPCPEKCNTKUMOCPCIGOGPVKUECTTKGFQWVD[CEGPVTCNVTGCUWT[FGRCTVOGPVWPFGTRQNKEKGUCRRTQXGFD[VJG/CPCIGOGPV
$QCTF6TGCUWT[KFGPVKƂGUGXCNWCVGUCPFJGFIGUƂPCPEKCNTKUMUKPENQUGEQQRGTCVKQPYKVJVJGUWDUKFKCTKGUCPFVJG%JKGH
(KPCPEKCN1HƂEGT %(1 FWTKPIVJGSWCTVGTN[#UUGVCPF.KCDKNKV[%QOOKVVGG6JG/CPCIGOGPV$QCTFRTQXKFGUYTKVVGP
RTKPEKRNGUHQTQXGTCNNTKUMOCPCIGOGPVCUYGNNCUYTKVVGPRQNKEKGUEQXGTKPIURGEKƂECTGCUUWEJCUHQTGKIPGZEJCPIGTKUM
KPVGTGUVTCVGTKUMETGFKVTKUMWUGQHFGTKXCVKXGƂPCPEKCNKPUVTWOGPVUCPFPQPFGTKXCVKXGƂPCPEKCNKPUVTWOGPVUCPFKPXGUVOGPV
QHGZEGUUNKSWKFKV[+VKUCPFJCUDGGPVJTQWIJQWVVJG[GCTWPFGTTGXKGYVJG%QORCP[oURQNKE[VJCVPQURGEWNCVKQPKPƂPCPEKCN
KPUVTWOGPVUUJCNNDGWPFGTVCMGP6JGOCKPTKUMUCTKUKPIHTQOVJG%QORCP[oUƂPCPEKCNKPUVTWOGPVUCTGOCTMGVTKUMNKSWKFKV[TKUM
CPFETGFKVTKUM
/CTMGVTKUM
/CTMGVTKUMKUVJGTKUMVJCVEJCPIGUKPOCTMGVRTKEGUUWEJCUHQTGKIPGZEJCPIGTCVGUKPVGTGUVTCVGUCPFEQOOQFKV[RTKEGUYKNN
CHHGEVVJG%QORCP[oUKPEQOGQTVJGXCNWGQHKVUJQNFKPIQHƂPCPEKCNKPUVTWOGPVU6JGQDLGEVKXGQHOCTMGVTKUMOCPCIGOGPVKU
VQOCPCIGCPFEQPVTQNOCTMGVTKUMGZRQUWTGUYKVJKPCEEGRVCDNGRCTCOGVGTUYJKNGQRVKOK\KPIVJGTGVWTPQPTKUM
(QTGKIPGZEJCPIGTKUM
6JG%QORCP[QRGTCVGUKPVGTPCVKQPCNN[CPFKUGZRQUGFVQHQTGKIPGZEJCPIGTKUMCTKUKPIHTQOVTCPUCEVKQPCNEWTTGPE[
GZRQUWTGURTKOCTKN[YKVJTGURGEVVQVJGGWTQ5KPICRQTGFQNNCTCPF$TC\KNKCPTGCN6JGGZRQUWTGCTKUGUHTQOUCNGUQT
RWTEJCUGUKPEWTTGPEKGUQVJGTVJCPVJG%QORCP[oUHWPEVKQPCNEWTTGPE[6JG%QORCP[WUGUHQTYCTFEWTTGPE[EQPVTCEVUVQ
GNKOKPCVGVJGEWTTGPE[GZRQUWTGQPEGVJG%QORCP[JCUGPVGTGFKPVQCƂTOEQOOKVOGPVQHCRTQLGEVEQPVTCEV
(QTHQTGKIPEWTTGPE[TKUMVJGRTKPEKRNGVGTOUQHVJGHQTYCTFEWTTGPE[EQPVTCEV PQVKQPCNCPFUGVVNGOGPVFCVG CPFVJGHWVWTG

GZRGPUGQTTGXGPWG PQVKQPCNCPFGZRGEVGFECUJƃQYFCVG CTGKFGPVKECN6JG%QORCP[JCUGUVCDNKUJGFCJGFIGTCVKQQH
HQTCNNKVUJGFIKPITGNCVKQPUJKRU
5$/1((5*14'#007#.4'2146
6JGOCKP%QORCP[oUGZRQUWTGVQHQTGKIPEWTTGPE[TKUMKUCUHQNNQYUDCUGFQPPQVKQPCNCOQWPVU
(QTGKIPGZEJCPIGTKUM UWOOCT[
&GEGODGT &GEGODGT
KPOKNNKQPUQHNQECNEWTTGPE[ '74 5)& $4. '74 5)& $4.
(KZGFCUUGVU

%WTTGPVCUUGVU
.QPIVGTONKCDKNKVKGU
%WTTGPVNKCDKNKVKGU
)TQUUDCNCPEGUJGGVGZRQUWTG
'UVKOCVGFHQTGECUVUCNGU
'UVKOCVGFHQTGECUVRWTEJCUGU
)TQUUGZRQUWTG
(QTYCTFGZEJCPIGEQPVTCEVU
0GVGZRQUWTG
6JGKPETGCUGQHVJG'74CPF5)&GZRQUWTGTGUWNVUHTQO(25110')7;#0#WPFGTEQPUVTWEVKQPKP|6JGFGETGCUGQH
VJG$4.GZRQUWTGKUVJGTGUWNVQHRTQITGUUQP(2515GRGVKDC(251#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG)WUO¿Q
6JGGUVKOCVGFHQTGECUVRWTEJCUGUTGNCVGVQRTQLGEVGZRGPFKVWTGCPFQXGTJGCFGZRGPUGUHQTWRVQVJTGG[GCTU6JGOCKP
EWTTGPE[GZRQUWTGUQHQXGTJGCFGZRGPUGUCPF$TC\KNKCPQRGTCVKQPUCTGJGFIGFCVHQTVJGEQOKPI[GCTDGVYGGP
CPFHQTVJG[GCTCHVGTCPFDGVYGGPCPFHQTVJGUWDUGSWGPV[GCTFGRGPFKPIQPKPVGTPCNTGXKGYQHVJGHQTGKIP
GZEJCPIGOCTMGVEQPFKVKQPU
(QTGKIPGZEJCPIGTKUM GZEJCPIGTCVGUCRRNKGF

#XGTCIGTCVG %NQUKPITCVG
'74

5)&
$4.
6JGUGPUKVKXKV[QPGSWKV[CPFVJGKPEQOGUVCVGOGPVTGUWNVKPIHTQOCEJCPIGQHQHVJG75FQNNCToUXCNWGCICKPUVVJG
HQNNQYKPIEWTTGPEKGUCV&GEGODGTYQWNFJCXGKPETGCUGF FGETGCUGF RTQƂVQTNQUUCPFGSWKV[D[VJGCOQWPVUUJQYP
DGNQY6JKUCPCN[UKUCUUWOGUVJCVCNNQVJGTXCTKCDNGUKPRCTVKEWNCTKPVGTGUVTCVGUTGOCKPEQPUVCPV6JGCPCN[UKUKURGTHQTOGFQP
VJGUCOGDCUKUCUHQT
(QTGKIPGZEJCPIGTKUM UGPUKVKXKV[
2TQƂVQTNQUU 'SWKV[
KPETGCUG FGETGCUG KPETGCUG FGETGCUG
&GEGODGT
'74
5)&
$4.
&GEGODGT
'74
5)&
$4.
#UUGVQWVCDQXGD[OCPCIKPIHQTGKIPEWTTGPE[TKUMVJG%QORCP[CKOUVQTGFWEGVJGKORCEVQHUJQTVVGTOOCTMGVRTKEG
ƃWEVWCVKQPUQPVJG%QORCP[oUGCTPKPIU1XGTVJGNQPIVGTOJQYGXGTRGTOCPGPVEJCPIGUKPHQTGKIPEWTTGPE[TCVGUYQWNF
JCXGCPKORCEVQPEQPUQNKFCVGFGCTPKPIU
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
+PVGTGUVTCVGTKUM
6JG%QORCP[oUGZRQUWTGVQTKUMHTQOEJCPIGUKPOCTMGVKPVGTGUVTCVGUTGNCVGURTKOCTKN[VQVJG%QORCP[oUNQPIVGTOFGDV
QDNKICVKQPUYKVJCƃQCVKPIKPVGTGUVTCVG+PTGURGEVQHEQPVTQNNKPIKPVGTGUVTCVGTKUMVJGƃQCVKPIKPVGTGUVTCVGUQHNQPIVGTO
NQCPUCTGJGFIGFD[ƂZGFTCVGUYCRUHQTVJGGPVKTGOCVWTKV[RGTKQF6JGTGXQNXKPIETGFKVHCEKNKV[KUKPVGPFGFHQTVJG
ƃWEVWCVKPIPGGFUQHEQPUVTWEVKQPƂPCPEKPICPFDGCTUKPVGTGUVCVƃQCVKPITCVGUYJKEJKUCNUQUYCRRGFHQTƂZGFTCVGUYJGP
GZRQUWTGKUUKIPKƂECPV
(QTKPVGTGUVTCVGTKUMVJGRTKPEKRNGVGTOUQHVJGKPVGTGUVTCVGUYCR PQVKQPCNCOQTVK\CVKQPTCVGUGVRGTKQFU CPFVJGƂPCPEKPI

TGRC[OGPVUEJGFWNGTCVGUGVRGTKQFU CTGKFGPVKECN6JG%QORCP[JCUGUVCDNKUJGFCJGFIGTCVKQQHCUVJGJGFIKPINC[GT
EQORQPGPVOCVEJGUVJGPQOKPCNCOQWPVQHVJGKPVGTGUVTCVGUYCRHQTCNNKVUJGFIKPITGNCVKQPUJKRU
+PVGTGUVTCVGDGPEJOCTMTGHQTO
6JGTGHQTOCPFTGRNCEGOGPVQHDGPEJOCTMKPVGTGUVTCVGUUWEJCU75&.+$14/CPFQVJGTKPVGTDCPMQHHGTGFTCVGU n+$14Uo
JCUDGEQOGCRTKQTKV[HQTINQDCNTGIWNCVQTU1P/CTEJ.+$14oUCFOKPKUVTCVQT +$# UGVQWVENGCTGPFFCVGUHQTPGYWUG
QH75&.+$14CPFKVUEGUUCVKQPCUCTGRTGUGPVCVKXGTCVG
Ŷ &GEGODGTEGUUCVKQPQH75&.+$149CPF/VGPQTUFGCFNKPGHQTOQUVQHPGYEQPVTCEVVQWUG75&.+$14CU
UQNGTGHGTGPEG
Ŷ ,WPGEGUUCVKQPQHTGOCKPKPI75&.+$14VGPQTU
6QVTCPUKVKQPGZKUVKPIEQPVTCEVUCPFCITGGOGPVUVJCVTGHGTGPEG75&.+$14VQ5GEWTGF1XGTPKIJV(KPCPEKPI4CVG o51(4o CU

VJGDGPEJOCTMHQT75FGPQOKPCVGFFGTKXCVKXGUCPFNQCPUCFLWUVOGPVUHQTVGTOFKHHGTGPEGUCPFETGFKVFKHHGTGPEGUOKIJV
PGGFVQDGCRRNKGFVQ51(4VQGPCDNGVJGVYQDGPEJOCTMTCVGUVQDGGEQPQOKECNN[GSWKXCNGPVQPVTCPUKVKQP
6JG%QORCP[oU6TGCUWT[FGRCTVOGPVKURTQITGUUKPIQP5$/1HHUJQTGoU+$14VTCPUKVKQPRNCPYKVJVJGUWRRQTVQHVJG
%QORCP[oU.GICNFGRCTVOGPV6JGITGCVGUVEJCPIGYKNNDGCOGPFOGPVUVQVJGEQPVTCEVWCNVGTOUQHVJG75&.+$14
TGHGTGPEGFƃQCVKPITCVGFGDVCPFVJGCUUQEKCVGFKPVGTGUVTCVGUYCRUCPFVJGEQTTGURQPFKPIWRFCVGQHVJGJGFIG
FGUKIPCVKQP*QYGXGTVJGEJCPIGFTGHGTGPEGTCVGOC[CNUQCHHGEVQVJGTU[UVGOURTQEGUUGUTKUMCPFXCNWCVKQPOQFGNU
+PVJG%QORCP[JCUUVCTVGFJGFIKPIHWVWTGFGDVKPVGTGUVTCVGTKUMYKVJ51(4KPVGTGUVTCVGFGTKXCVKXGU(QTVJG(251
2TQURGTKV[ƂPCPEKPI OCVWTKPIDG[QPF,WPG +$14VTCPUKVKQPVQ51(4RTKPEKRNGUJCXGDGGPCITGGFYKVJNGPFGTU
(QTVJG(25110')7;#0#ƂPCPEKPI ENQUGFQP,WN[ VJGRTQLGEVNQCPECTTKGUCXCTKCDNGKPVGTGUVTCVGDCUGFQP

51(4RNWUOCTIKP
4GNKGHCRRNKGF
6JG%QORCP[JCUCRRNKGFVJGHQNNQYKPITGNKGHUVJCVYGTGKPVTQFWEGFD[VJGCOGPFOGPVUOCFGVQ+(45(KPCPEKCN
+PUVTWOGPVUKP5GRVGODGT
Ŷ 9JGPEQPUKFGTKPIVJGnJKIJN[RTQDCDNGoTGSWKTGOGPVVJG%QORCP[JCUCUUWOGFVJCVVJG75&.+$14/KPVGTGUVTCVGQP
YJKEJVJG%QORCP[oUJGFIGFFGDVKUDCUGFFQGUPQVEJCPIGCUCTGUWNVQH+$14TGHQTO
Ŷ +PCUUGUUKPIYJGVJGTVJGJGFIGKUGZRGEVGFVQDGJKIJN[GHHGEVKXGQPCHQTYCTFNQQMKPIDCUKUVJG%QORCP[JCUCUUWOGF
VJCVVJG75&.+$14KPVGTGUVTCVGQPYJKEJVJGECUJƃQYUQHVJGJGFIGFFGDVCPFVJGKPVGTGUVTCVGUYCRVJCVJGFIGUKVCTG
DCUGFKUPQVCNVGTGFD[.+$14TGHQTO
Ŷ 6JG%QORCP[JCUPQVTGE[ENGFVJGECUJƃQYJGFIGTGUGTXGTGNCVKPIVQVJGRGTKQFCHVGTVJGTGHQTOUCTGGZRGEVGFVQVCMG
GHHGEV
4GNKGHUVJCVYGTGKPVTQFWEGFD[VJGCOGPFOGPVUOCFGVQ+(45(KPCPEKCN+PUVTWOGPVUKP#WIWUVCTGCRRNKGFQPEG
COGPFOGPVUVQƂPCPEKCNEQPVTCEVUDGEQOGGHHGEVKXG
Ŷ %JCPIGUKPVJGDCUKUHQTFGVGTOKPKPIEQPVTCEVWCNECUJƃQYUQHƂPCPEKCNCUUGVUCPFƂPCPEKCNNKCDKNKVKGUYKNNDGTGXKGYGFCPF
TGƃGEVGFKPWRFCVGFGHHGEVKXGKPVGTGUVTCVGQPEGVJG[DGEQOGGHHGEVKXG
Ŷ %QORCP[YKNNCOGPFVJGHQTOCNFGUKIPCVKQPQHCJGFIKPITGNCVKQPUJKRVQTGƃGEVVJGEJCPIGUVJCVCTGTGSWKTGFD[VJG
TGHQTO6JGTGHQTOKUPQVGZRGEVGFVQTGUWNVKPCFKUEQPVKPWCVKQPQHVJGJGFIGQTFGUKIPCVKQPQHCPGYJGFIKPI
TGNCVKQPUJKR9JGPVJGKPVGTGUVTCVGDGPEJOCTMQPYJKEJVJGJGFIGFHWVWTGECUJƃQYUJCFDGGPDCUGFKUEJCPIGFCU
TGSWKTGFD[+$14TGHQTOHQTVJGRWTRQUGQHFGVGTOKPKPIYJGVJGTVJGJGFIGFHWVWTGECUJƃQYUCTGGZRGEVGFVQQEEWTVJG
)TQWRYKNNFGGOVJCVVJGJGFIKPITGUGTXGTGEQIPK\GFKP1%+HQTVJCVJGFIKPITGNCVKQPUJKRKUDCUGFQPVJGCNVGTPCVKXG
DGPEJOCTMTCVGQPYJKEJVJGJGFIGFHWVWTGECUJƃQYUYKNNDGDCUGF
5$/1((5*14'#007#.4'2146
#UUWORVKQPUOCFG
6JGEQWPVGTRCTVKGUVQVJG%QORCP[oUKPVGTGUVTCVGUYCRUCTGCNUQEQWPVGTRCTVKGUVQVJGƃQCVKPINQCPVJG[CTGJGFIKPI+VKU
VJGPCUUWOGFVJCVVJGTGUWNVQHVJGPGIQVKCVKQPUYKVJGZVGTPCNDCPMUCPFVJGKORNGOGPVCVKQPQH51(4YKNNPQVJCXGOCVGTKCN
KORCEVUQPVJG%QORCP[oUHWVWTGƂPCPEKCNTGUWNVU
#VVJGTGRQTVKPIFCVGVJGKPVGTGUVTCVGRTQƂNGQHVJG%QORCP[oUKPVGTGUVDGCTKPIƂPCPEKCNKPUVTWOGPVU GZENWFKPIVTCPUCEVKQP
EQUVU YCU
+PVGTGUVTCVGTKUM UWOOCT[

(KZGFTCVGKPUVTWOGPVU
(KPCPEKCNCUUGVU
(KPCPEKCNNKCDKNKVKGU
6QVCN
8CTKCDNGTCVGKPUVTWOGPVU 75&.+$14/QPVJU
(KPCPEKCNCUUGVU
(KPCPEKCNNKCDKNKVKGU 75&.+$14/QPVJU
(KPCPEKCNNKCDKNKVKGU 51(4
(KPCPEKCNNKCDKNKVKGU HWVWTG 75&.+$14/QPVJU
(KPCPEKCNNKCDKNKVKGU HWVWTG 51(4
6QVCN
+PVGTGUVTCVGTKUM GZRQUWTG

8CTKCDNGTCVGKPUVTWOGPVU 51(4
.GUU4GKODWTUCDNGKVGOU 75&.+$14/QPVJU
.GUU4GKODWTUCDNGKVGOU 51(4
.GUU+45EQPVTCEVU 75&.+$14/QPVJU
.GUU+45EQPVTCEVU 51(4
'ZRQUWTG
+PVGTGUVTCVGTKUM UGPUKVKXKV[
2TQƂVQTNQUU 'SWKV[
DRKPETGCUG DRFGETGCUG DRKPETGCUG DRFGETGCUG
&GEGODGT
8CTKCDNGTCVGKPUVTWOGPVU 51(4
+PVGTGUVTCVGUYCR 75&.+$14/QPVJU
+PVGTGUVTCVGUYCR 51(4
5GPUKVKXKV[ PGV
&GEGODGT
+PVGTGUVTCVGUYCR 75&.+$14/QPVJU
+PVGTGUVTCVGUYCR 51(4
5GPUKVKXKV[ PGV
6JGGZRQUWTGQH75OKNNKQPKURTKOCTKN[CTKUKPIHTQOVJGDTKFIGNQCPHCEKNKVKGUHQT(251#NOKTCPVG6COCPFCTÅCPF(251
#NGZCPFTGFG)WUO¿Q6JGKPVGTGUVTCVGGZRQUWTGCTKUKPIHTQOVJGDTKFIGNQCPUKUOCKPN[QHHUGVD[VJG%CUJCPF%CUJ
'SWKXCNGPVUCV&GEGODGT
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
6JGUGPUKVKXKV[QPGSWKV[CPFVJGKPEQOGUVCVGOGPVTGUWNVKPIHTQOCEJCPIGQHDCUKURQKPVUKPKPVGTGUVTCVGUCVVJG
TGRQTVKPIFCVGYQWNFJCXGKPETGCUGF FGETGCUGF GSWKV[CPFRTQƂVQTNQUUD[VJGCOQWPVUUJQYPCDQXG6JKUCPCN[UKU
CUUWOGUVJCVCNNQVJGTXCTKCDNGUKPRCTVKEWNCTHQTGKIPEWTTGPE[TCVGUTGOCKPEQPUVCPV6JGCPCN[UKUKURGTHQTOGFQPVJGUCOG
DCUKUCUHQT
#V&GEGODGTKVKUGUVKOCVGFVJCVCIGPGTCNKPETGCUGQHDCUKURQKPVUKPKPVGTGUVTCVGUYQWNFFGETGCUGVJG
%QORCP[oURTQƂVDGHQTGVCZHQTVJG[GCTD[CRRTQZKOCVGN[75OKNNKQP FGETGCUGQH75OKNNKQP OCKPN[TGNCVGFVQ
VJGGZRQUWTGQPVJGDTKFIGNQCPHCEKNKVKGUHQT(251#NOKTCPVG6COCPFCTÅCPF(251#NGZCPFTGFG)WUO¿QCPFVJGTGUKFWCN
GZRQUWTGQPWPJGFIGFƂPCPEKCNNKCDKNKVKGU
#UUGVQWVCDQXGVJG%QORCP[CKOUVQTGFWEGVJGKORCEVQHUJQTVVGTOOCTMGVRTKEGƃWEVWCVKQPUQPVJG%QORCP[oU
GCTPKPIU1XGTVJGNQPIVGTOJQYGXGTRGTOCPGPVEJCPIGUKPKPVGTGUVTCVGUEQWNFJCXGCPKORCEVQPEQPUQNKFCVGFGCTPKPIU
%QOOQFKV[TKUM
%QOOQFKV[GZRQUWTGKUFGƂPGFD[VJG%QORCP[CUVJGTKUMQHTGCNK\KPICFXGTUGGHHGEVUQPQRGTCVKPIECUJƃQYUCPFHWVWTG
GCTPKPIUTGUWNVKPIHTQOOQXGOGPVKPEQOOQFKV[RTKEGU6JG%QORCP[GUVCDNKUJGUJGFIGUVTCVGIKGUKPQTFGTVQNKOKVVJGKT
EQOOQFKV[TKUMGZRQUWTGKPVJGHQNNQYKPI
Ŷ 1KNGZRQUWTGKUOQUVN[CUUQEKCVGFVQVTCPURQTVCVKQPHWGNUGOGTIKPIHTQOVQVJG%QORCP[oURTQURGEVKXGEQPVTCEVCYCTFU
EQPUVTWEVKQPEQPVTCEVUCPFHWVWTGFGEQOOKUUKQPKPI
Ŷ #NWOKPWOUVGGNEQRRGTCPFKTQPQTGGZRQUWTGUCTKUGHTQOVJGEQPUVTWEVKQPTGHWTDKUJOGPVTGRCKTQHVJGRTQFWEVU
GODGFFGFKPVJG%QORCP[oURTQURGEVKXGEQPVTCEVCYCTFUEQPUVTWEVKQPEQPVTCEVUCPFQRGTCVKQPEQPVTCEVU
+PEQOKPINGCUGRC[OGPVUHQNNQYKPIVJG%QORCP[ UEQPVTCEVWCNCTTCPIGOGPVUYKVJKVUENKGPVUCTGPQVKORCEVGFD[VJGQKN
RTKEG
%TGFKVTKUM
%TGFKVTKUMKUVJGTKUMQHƂPCPEKCNNQUUVQVJG%QORCP[KHCEWUVQOGTQTEQWPVGTRCTV[VQCƂPCPEKCNKPUVTWOGPVHCKNUVQOGGVKVU
EQPVTCEVWCNQDNKICVKQPUCPFCTKUGURTKPEKRCNN[HTQOVJG%QORCP[oUQVJGTƂPCPEKCNCUUGVUVTCFGCPFQVJGTTGEGKXCDNGU
KPENWFKPIEQOOKVVGFVTCPUCEVKQPU FGTKXCVKXGƂPCPEKCNKPUVTWOGPVUCPFECUJCPFECUJGSWKXCNGPVU
%TGFKVTKUM

4CVKPI #UUGVU .KCDKNKVKGU #UUGVU .KCDKNKVKGU
##
##
#
#
$$$
0QPKPXGUVOGPVITCFG
###
##
##
#
#
#
0QPKPXGUVOGPVITCFG
%CUJCPFECUJGSWKXCNGPVUCPFDCPMQXGTFTCHVU
5$/1((5*14'#007#.4'2146
6JG%QORCP[OCKPVCKPUCPFTGXKGYUKVURQNKE[QPECUJKPXGUVOGPVUCPFNKOKVURGTKPFKXKFWCNEQWPVGTRCTV[CTGUGVVQ
Ŷ $$$VQ$$$ TCVKPI75OKNNKQPQTQHECUJCXCKNCDNG
Ŷ #VQ# TCVKPI75OKNNKQPQTQHECUJCXCKNCDNG
Ŷ ##VQ## TCVKPI75OKNNKQPQTQHECUJCXCKNCDNG
Ŷ #DQXG## TCVKPIPQNKOKV
#URGT&GEGODGTECUJKPXGUVOGPVUCDQXG## TCVKPIFQPQVGZEGGF75OKNNKQPRGTKPFKXKFWCNEQWPVGTRCTV[
%CUJJGNFKPDCPMUTCVGF# JCUDGGPFKXGTUKƂGFKPECUJKPXGUVOGPVUCDQXG## TCVKPIUKPEG[GCTGPF
%CUJJGNFKPDCPMUTCVGF##KUOCKPN[NKPMGFVQECUJRNGFIGFVQNQCPTGKODWTUGOGPVUVQVJQUGUCOGDCPMU%CUJJGNFKP
DCPMUTCVGFDGNQY#KUOCKPN[TGNCVGFVQVJG%QORCP[oUCEVKXKVKGUKP$TC\KN 75OKNNKQP %CUJJGNFKP#PIQNCJCU
UKIPKƂECPVN[FGETGCUGFUKPEGHQNNQYKPIECUJTGRCVTKCVKQP
(QTVTCFGFGDVQTUVJGETGFKVSWCNKV[QHGCEJEWUVQOGTKUCUUGUUGFVCMKPIKPVQCEEQWPVKVUƂPCPEKCNRQUKVKQPRCUVGZRGTKGPEG
CPFQVJGTHCEVQTU$CPMQTRCTGPVEQORCP[IWCTCPVGGUCTGPGIQVKCVGFYKVJEWUVQOGTU|+PFKXKFWCNTKUMNKOKVUCTGUGVDCUGFQP
KPVGTPCNQTGZVGTPCNTCVKPIUKPCEEQTFCPEGYKVJNKOKVUUGVD[VJG/CPCIGOGPV$QCTF#VVJGFCVGQHVJGƂPCPEKCNUVCVGOGPVU
VJGTGCTGVYQEWUVQOGTUVJCVJCXGCPQWVUVCPFKPIDCNCPEGYKVJCRGTEGPVCIGQXGTQHVJGVQVCNQHVTCFGCPFQVJGT
TGEGKXCDNGU4GHGTGPEGKUOCFGVQPQVG6TCFGCPF1VJGT4GEGKXCDNGUHQTKPHQTOCVKQPQPVJGFKUVTKDWVKQPQHVJG
TGEGKXCDNGUD[EQWPVT[CPFCPCPCN[UKUQHVJGCIGKPIQHVJGTGEGKXCDNGU(WTVJGTOQTGNKOKVGFTGEQWTUGRTQLGEVƂPCPEKPI
TGOQXGUCUKIPKƂECPVRQTVKQPQHVJGETGFKVTKUMQPƂPCPEGNGCUGTGEGKXCDNGU
(QTQVJGTƂPCPEKCNCUUGVUVJGETGFKVSWCNKV[QHGCEJEQWPVGTRCTVKUCUUGUUGFVCMKPIKPVQCEEQWPVKVUETGFKVCIGPE[TCVKPIYJGP
CXCKNCDNGQTCEQORCTCDNGRTQZ[
4GICTFKPINQCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGUVJGOCZKOWOGZRQUWTGVQETGFKVTKUMKUVJGECTT[KPICOQWPVQHVJGUG
KPUVTWOGPVU#UVJGEQWPVGTRCTVKGUQHVJGUGKPUVTWOGPVUCTGLQKPVXGPVWTGUVJG%QORCP[JCUXKUKDKNKV[QXGTVJGGZRGEVGFECUJ
ƃQYUCPFECPOQPKVQTCPFOCPCIGETGFKVTKUMVJCVOCKPN[CTKUGUHTQOVJGLQKPVXGPVWTGoUƂPCNENKGPV
.KSWKFKV[TKUM
.KSWKFKV[TKUMKUVJGTKUMVJCVVJG%QORCP[YKNNPQVDGCDNGVQOGGVKVUƂPCPEKCNQDNKICVKQPUCUVJG[HCNNFWG6JG%QORCP[oU
CRRTQCEJVQOCPCIKPINKSWKFKV[KUVQGPUWTGCUHCTCURQUUKDNGVJCVKVYKNNCNYC[UJCXGUWHƂEKGPVNKSWKFKV[VQOGGVKVUNKCDKNKVKGU
YJGPFWGWPFGTDQVJPQTOCNCPFCDPQTOCNEQPFKVKQPUYKVJQWVKPEWTTKPIWPCEEGRVCDNGNQUUGUQTTKUMKPIFCOCIGVQVJG
%QORCP[oUTGRWVCVKQP
+PVJG%QORCP[CICKPEQPFWEVGFXCTKQWUNKSWKFKV[UEGPCTKQUƂPCPEKCNUVTGUUVGUVUCPFUGPUKVKXKV[CPCN[UGU6JG
EQPENWUKQPTGOCKPGFVJCVVJG%QORCP[oUNGCUGRQTVHQNKQCPFVJGGZKUVKPIƂPCPEKPIHCEKNKVKGUCPFQXGTCNNƂPCPEKPIECRCEKV[CTG
UWHƂEKGPVVQGPUWTGVJCVVJG%QORCP[YKNNEQPVKPWGCUCIQKPIEQPEGTPKPVJGHQTGUGGCDNGHWVWTGCPFKVECPUWUVCKPHWVWTG
ITQYVJRNCPU(WTVJGTOQTGWPFGTKVU.GCUGCPF1RGTCVGEQPVTCEVWCNCTTCPIGOGPVUYKVJENKGPVUVJG%QORCP[JCU
EQPUKFGTCDNGVKOGWPFGTEJCTVGTUKPYJKEJVQFGCNYKVJFKUTWRVKQPUHTQOGXGPVUQWVUKFGVJG%QORCP[oUEQPVTQNVJWU
RTQXKFKPIKVYKVJEQPUKFGTCDNGƂPCPEKCNRTQVGEVKQP6QFCVGVJG%QORCP[JCUDGGPCDNGVQOCPCIGVJG%18+&UKVWCVKQP
YKVJQWVVJGPGGFVQWUGUWEJRTQVGEVKQP
.KSWKFKV[KUOQPKVQTGFWUKPITQNNKPIHQTGECUVUQHVJG%QORCP[oUNKSWKFKV[TGUGTXGUDCUGFQPGZRGEVGFECUJƃQYU(NGZKDKNKV[KU
UGEWTGFD[OCKPVCKPKPICXCKNCDKNKV[WPFGTEQOOKVVGFETGFKVNKPGU
6JGVCDNGDGNQYCPCN[UGUVJG%QORCP[oUPQPFGTKXCVKXGƂPCPEKCNNKCDKNKVKGUFGTKXCVKXGƂPCPEKCNNKCDKNKVKGUCPFFGTKXCVKXG
ƂPCPEKCNCUUGVUKPVQTGNGXCPVOCVWTKV[ITQWRKPIUDCUGFQPVJGTGOCKPKPIRGTKQFCVVJGUVCVGOGPVQHƂPCPEKCNRQUKVKQPFCVGVQ
VJGEQPVTCEVWCNOCVWTKV[FCVG6JGCOQWPVUFKUENQUGFKPVJGVCDNGCTGVJGEQPVTCEVWCNWPFKUEQWPVGFECUJƃQYU6JGHWVWTG
KPVGTGUVECUJƃQYUHQTDQTTQYKPIUCPFFGTKXCVKXGƂPCPEKCNKPUVTWOGPVUCTGDCUGFQPVJG75&.+$1451(4OQPVJTCVGUCU
CVVJGTGRQTVKPIFCVG
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
.KSWKFKV[TKUM
0QVG .GUUVJCP[GCT $GVYGGPCPF[GCTU 1XGT[GCTU 6QVCN

&GEGODGT
$QTTQYKPIU
.GCUGNKCDKNKVKGU
&GTKXCVKXGƂPCPEKCNNKCDKNKVKGU
&GTKXCVKXGƂPCPEKCNCUUGVU
6QVCN
.KSWKFKV[TKUM
0QVG .GUUVJCP[GCT $GVYGGPCPF[GCTU 1XGT[GCTU 6QVCN

&GEGODGT
$QTTQYKPIU
.GCUGNKCDKNKVKGU
&GTKXCVKXGƂPCPEKCNNKCDKNKVKGU
&GTKXCVKXGƂPCPEKCNCUUGVU
6QVCN
%CRKVCNTKUMOCPCIGOGPV
6JG%QORCP[oUQDLGEVKXGUYJGPOCPCIKPIECRKVCNCTGVQUCHGIWCTFVJG%QORCP[oUCDKNKV[VQEQPVKPWGCUCIQKPIEQPEGTPKP
QTFGTVQRTQXKFGTGVWTPUHQTUJCTGJQNFGTUDGPGƂVUHQTQVJGTUVCMGJQNFGTUCPFVQOCKPVCKPCECRKVCNUVTWEVWTGYJKEJQRVKOK\GU
VJG%QORCP[oUEQUVQHECRKVCNYJKNGCVVJGUCOGVKOGGPUWTKPIFKXGTUKƂECVKQPQHUQWTEGUQHGZVGTPCNHWPFU
6JG%QORCP[IGPGTCNN[WUGUKVUEQTRQTCVGTGXQNXKPIETGFKVHCEKNKV[ 4%(75DKNNKQP VQDTKFIGƂPCPEKPITGSWKTGOGPVUQP

RTQLGEVUWPFGTEQPUVTWEVKQP|RTKQTVQRWVVKPICFGFKECVGFRTQLGEVƂPCPEGHCEKNKV[KPRNCEG9JGPCRTQLGEVƂPCPEGHCEKNKV[KU
CTTCPIGFCPFFTCYFQYPUJCXGUVCTVGFVJG4%(KUTGRCKF|CPFCEQTRQTCVGIWCTCPVGGHTQOVJG%QORCP[KURWVKPRNCEGHQT
VJGEQPUVTWEVKQPRGTKQF|9JGPVJGRTQLGEVHCEKNKV[KUFTCYPKPHWNNCPFVJGCUUQEKCVGF(251KURTQFWEKPIVJGEQTRQTCVG
IWCTCPVGGKUTGEQXGTGFCPFVJGRTQLGEVƂPCPEGDGEQOGUPQPTGEQWTUGFGDV
#URGT&GEGODGTCNNVJGFGDVCUUQEKCVGFYKVJQRGTCVKPI(251UKUPQPTGEQWTUG
6JG%QORCP[JCUNKOKVGFCRRGVKVGVQFGETGCUGVJGGZKUVKPIFGDVKPKVUUVTWEVWTGCUVJKUYQWNFKPXQNXGDTGCMCIGEQUVVJTQWIJ
YKPFKPIFQYPVJGJGFIGUCPFKVYQWNFFGETGCUGVJG%QORCP[oUTGVWTPQPGSWKV[(TQOVKOGVQVKOGKVOC[FGEKFGVQ
TGƂPCPEGGZKUVKPIHCEKNKVKGUKPQTFGTVQKPETGCUGCPFQTGZVGPFVJGVGPQTQHNGXGTCIGUWDLGEVVQUWHƂEKGPVEJCTVGTVGPQTCPF
KPEQOG
)KXGPVJGPQPTGEQWTUGPCVWTGQHCNCTIGRCTVQHKVUFGDVVJG%QORCP[OQPKVQTUKVUECRKVCNTKUMDCUGFQPVJG.GCUG$CEMNQI
%QXGT4CVKQYJKEJKUCNUQWUGFD[VJGDCPMEQPUQTVKWOUWRRQTVKPIVJG%QORCP[oU4%()GPGTCNN[VJKUTCVKQKUECNEWNCVGFCU
VJGPGVRTGUGPVXCNWGQHVJGHWVWTGEQPVTCEVGFPGVECUJ|CHVGTFGFWEVKPIVJGRTQLGEVƂPCPEGFGDVCPFKPVGTGUVRC[OGPVUQHC
UGNGEVGFITQWRQH(251QYPKPIGPVKVKGUFKXKFGF|D[ UGGPQVG$QTTQYKPIUCPF.GCUG.KCDKNKVKGU
5$/1((5*14'#007#.4'2146
6JGIGCTKPITCVKQUCV&GEGODGTCPFYGTGCUHQNNQYU
%CRKVCNTKUMOCPCIGOGPV

6QVCNDQTTQYKPIUCPFNGCUGNKCDKNKVKGU
.GUUPGVECUJCPFECUJGSWKXCNGPVU
0GVFGDV
6QVCNGSWKV[
6QVCNECRKVCN
)GCTKPITCVKQ
%NKOCVGTGNCVGFTKUMU
6JG%QORCP[JCUCFQRVGFVYQENKOCVGEJCPIGUEGPCTKQUVQHWVWTGRTQQHEWTTGPVUVTCVGI[CPFVCMGCRRTQRTKCVGCEVKQP6JG
UEGPCTKQUCTGDCUGFQPVJG+PVGTPCVKQPCN'PGTI[#IGPE[ +'# CPFVJG+PVGTIQXGTPOGPVCN2CPGNQP%NKOCVG%JCPIG +2%%
FCVCCUGZRNCKPGFKPUGEVKQP6CUMHQTEGHQT%NKOCVGTGNCVGF&KUENQUWTG 6%(&
Ŷ #5VGCF[%NKOCVG%JCPIG5EGPCTKQYKVJCRQUKVKXGKORCEVQPENKOCVGEJCPIGDWVYJKEJHCNNUUJQTVQHOGGVKPIVJG2CTKU
#ITGGOGPVIQCNU
Ŷ #$QNF%NKOCVG#EVKQP5EGPCTKQRTQXKFKPIHQTUVTQPIEQOOKVOGPVVQYCTFUVCTIGVUCURGTVJG2CTKU#ITGGOGPV
6JTQWIJKVUUVTCVGI[RTQEGUUVJG%QORCP[VGUVUVJGTGUKNKGPEGQHKVURQTVHQNKQCPFDWUKPGUUOQFGNCICKPUVGCEJQHVJGUG
UEGPCTKQU(KPCPEKCNCPFPQPƂPCPEKCNKPHQTOCVKQPCTGCNKIPGFKPQTFGTVQGPUWTGVJCVƂPCPEKCNKORCEVQHENKOCVGTGNCVGFTKUMU
KUKFGPVKƂGF6JG%QORCP[CUUGUUGFVJGRJ[UKECNCPFVTCPUKVKQPCNTKUMYJKEJCTGFKUENQUGFKP%NKOCVG%JCPIG4KUM
1RRQTVWPKV[HTQOCƂPCPEKCNUVCVGOGPVRGTURGEVKXG$CUGFQPVJGTGCUQPCDNGCPFUWRRQTVCDNGKPHQTOCVKQPCXCKNCDNGVQFCVG
CPFVJGQWVEQOGQHTKUMCUUGUUOGPVUVJG%QORCP[FKFPQVKFGPVKH[CP[EKTEWOUVCPEGUYJKEJJCFCPKORCEVQPKORCKTOGPV
QHPQPƂPCPEKCNCUUGVURTQXKUKQPUPQTEQPVKPIGPVNKCDKNKVKGUCPFCUUGVUKPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU
#NVJQWIJENKOCVGTGNCVGFTKUMUCTGMG[FTKXGTUQHVJG%QORCP[UVTCVGI[DWFIGVKPIGZGTEKUGECRKVCNCNNQECVKQPCPFRTQURGEVU
UGNGEVKQPVJG%QORCP[FKFPQVGZRGTKGPEGCP[UKIPKƂECPVKORCEVQPVJGƂPCPEKCNTGUWNVQHVJGRGTKQF
6JGTKUMUYKNNJQYGXGTTGOCKPMG[RQKPVUQHCVVGPVKQPHQTCTGCUUWEJCUKORCKTOGPVVGUVKPIGUVKOCVKQPQHTGOCKPKPIWUGHWNNKHG
GZRGEVGFETGFKVNQUUGUCPFRTQXKUKQPUHQTHWVWTGRGTKQFU
1VJGTTKUMU
+PTGURGEVQHEQPVTQNNKPIRQNKVKECNTKUMVJG%QORCP[JCUCRQNKE[QHVJQTQWIJN[TGXKGYKPITKUMUCUUQEKCVGFYKVJEQPVTCEVU
YJGVJGT6WTPMG[QTNQPIVGTONGCUGU9JGTGRQNKVKECNTKUMEQXGTKUFGGOGFPGEGUUCT[CPFCXCKNCDNGKPVJGOCTMGVKPUWTCPEGKU
QDVCKPGF
.+561()4172%1/2#0+'5
+PCEEQTFCPEGYKVJNGICNTGSWKTGOGPVUCNKUVQHVJG%QORCP[oUGPVKVKGUVJCVCTGKPENWFGFKPVJGEQPUQNKFCVGFƂPCPEKCN
UVCVGOGPVUQH5$/1HHUJQTG08JCUDGGPFGRQUKVGFCVVJG%JCODGTQH%QOOGTEGKP#OUVGTFCO
+08'56/'06+0#551%+#6'5#0&,1+068'0674'5
6JG%QORCP[JCUUGXGTCNLQKPVXGPVWTGUCPFCUUQEKCVGU
OCKP
,QKPVXGPVWTG QH %QWPVT[ TGRQTVKPI
'PVKV[PCOG 2CTVPGTU #UUQEKCVG QYPGTUJKR TGIKUVTCVKQP UGIOGPV 2TQLGEVPCOG
5QPCUKPI:KMQODC.VF 5QEKGFCF0CEKQPCNFG ,QKPV $GTOWFC .GCUG (251
%QODWUVKXGKUFG#PIQNC XGPVWTG 1RGTCVG 0 )QOC
'ORTGUC2WDNKEC5QPCPIQN
'2#PIQNC1HHUJQTG5GTXKEGU
.KOKVCFC
1255GTXKÃQUFG 5QEKGFCF0CEKQPCNFG ,QKPV $GTOWFC .GCUG #PIQNC
2TQFWÃ¿QFG2GVTÏNGQU %QODWUVKXGKUFG#PIQNC XGPVWTG 1RGTCVG QRGTCVKQPU
.VF 'ORTGUC2WDNKEC5QPCPIQN
'2
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
OCKP
,QKPVXGPVWTG QH %QWPVT[ TGRQTVKPI
'PVKV[PCOG 2CTVPGTU #UUQEKCVG QYPGTUJKR TGIKUVTCVKQP UGIOGPV 2TQLGEVPCOG
1255GTXKÃQUFG 5QEKGFCF0CEKQPCNFG ,QKPV #PIQNC .GCUG #PIQNC
2TQFWÃ¿QFG2GVTÏNGQU %QODWUVKXGKUFG#PIQNC XGPVWTG 1RGTCVG QRGTCVKQPU
.VF$TCPEJ 'ORTGUC2WDNKEC5QPCPIQN
'2
5QPCUKPI5CPJC.VF 5QEKGFCF0CEKQPCNFG ,QKPV $GTOWFC .GCUG (2515CPJC
%QODWUVKXGKUFG#PIQNC XGPVWTG 1RGTCVG
.KOKVCFC
5QPCUKPI-WKVQ.VF 5QEKGFCF0CEKQPCNFG ,QKPV $GTOWFC .GCUG (251-WKVQ
.KOKVCFC
5QPCUKPI/QPFQ.VF 5QEKGFCF0CEKQPCNFG ,QKPV $GTOWFC .GCUG (251/QPFQ
'2
5QPCUKPI5CZK$CVWSWG 5QEKGFCF0CEKQPCNFG ,QKPV $GTOWFC .GCUG (2515CZK
.VF %QODWUVKXGKUFG#PIQNC XGPVWTG 1RGTCVG $CVWSWG
'2
1252TQFWEVKQP.VF 5QEKGFCF0CEKQPCNFG ,QKPV $GTOWFC .GCUG #PIQNC
%QODWUVKXGKUFG#PIQNC XGPVWTG 1RGTCVG QRGTCVKQPU
'2
#PEJQT5VQTCIG.VF /CGTUMITQWR ,QKPV $GTOWFC .GCUG 0MQUUC++(51
XGPVWTG 1RGTCVG
)CU/CPCIGOGPV /CGTUMITQWR ,QKPV $CJCOCU .GCUG 0MQUUC++(51
%QPIQ .VF XGPVWTG 1RGTCVG
/CNC[UKC&GGRYCVGT /CNC[UKC+PVGTPCVKQPCN ,QKPV /CNC[UKC .GCUG (251-KMGJ
(NQCVKPI6GTOKPCN 5JKRRKPI%QTRQTCVKQP$GJCTF XGPVWTG 1RGTCVG
-KMGJ .VF
/CNC[UKC&GGRYCVGT /CNC[UKC+PVGTPCVKQPCN ,QKPV /CNC[UKC .GCUG (251-KMGJ
2TQFWEVKQP%QPVTCEVQTU 5JKRRKPI%QTRQTCVKQP$GJCTF XGPVWTG 1RGTCVG
5FP$JF
(NQXGPVKU'PGTI[ %+'4%1.6& ,QKPV 7PKVGF 6WTPMG[ %KGTEQ
.KOKVGF XGPVWTG -KPIFQO
.NŋT(NQCVKPI9KPF %+'4%1.6& ,QKPV 5EQVNCPF 6WTPMG[ %KGTEQ
.KOKVGF XGPVWTG
%#&'/1%QTRQTCVKQP %+'4%1.6& ,QKPV 7PKVGFUVCVGU 6WTPMG[ %KGTEQ
XGPVWTG QH#OGTKEC
0QTOCPF+PUVCNNGT5# 6JG5QNUVCFITQWR ,QKPV 5YKV\GTNCPF 6WTPMG[ 0QTOCPF
XGPVWTG +PUVCNNGT
5$/5JKR;CTF.VF 5QEKGFCF0CEKQPCNFG #UUQEKCVG $GTOWFC 6WTPMG[ #PIQNCP[CTF
%QODWUVKXGKUFG#PIQNC
'2&CGYQQ5JKRDWKNFKPI
/CTKPG'PIKPGGTKPI%Q.VF
2#'0#.2QTVQ 5QEKGFCF0CEKQPCNFG #UUQEKCVG #PIQNC 6WTPMG[ #PIQNCP[CTF
#ODQKO'UVCNGKTQU %QODWUVKXGKUFG#PIQNC
0CXCKU.VFC 'ORTGUC2WDNKEC5QPCPIQN
'25$/5JKR[CTF
6JG%QORCP[JCUPQLQKPVQRGTCVKQPCURGTFGƂPKVKQPRTQXKFGFD[+(45n,QKPVCTTCPIGOGPVUo
5$/1((5*14'#007#.4'2146
6JGOQXGOGPVUKPKPXGUVOGPVUKPCUUQEKCVGUCPFLQKPVXGPVWTGUCTGCUHQNNQYU
0QVG
+PXGUVOGPVUKPCUUQEKCVGUCPFLQKPVXGPVWTGUCV,CPWCT[
&KXKFGPFU
%CUJƃQYJGFIGU
%CRKVCNKPETGCUG FGETGCUG
5JCTGKPPGICVKXGPGVGSWKV[TGENCUUKƂECVKQPVQNQCPUVQLQKPVXGPVWTGUCPF
CUUQEKCVGU
+PXGUVOGPVUKPCUUQEKCVGUCPFLQKPVXGPVWTGUCV&GEGODGT
5JCTGQHRTQƂVKPGSWKV[CEEQWPVGFKPXGUVGGU
#UCV#WIWUVFWGVQVJGCRRTQXCNHTQO$GTOWFC/QPGVCT[#WVJQTKV[VJG%QORCP[KPETGCUGFKVUUJCTGJQNFKPIKPVJG
KPXGUVGGUHQT(2515CZK$CVWSWGCPF(251/QPFQ6JG%QORCP[PQYQYPU RTGXKQWUN[ QHVJGKUUWGFUJCTGUQH
VJGKPXGUVGGU#NVJQWIJVJKUUJCTGJQNFKPITGRTGUGPVUCUKIPKƂECPVRQTVKQPQHVJGKUUWGFUJCTGUVJGVTCPUCEVKQPFKFPQVKORCEV
VJGCUUGUUOGPVQHLQKPVEQPVTQNVJGTGHQTGVJGKPXGUVGGUUJCNNEQPVKPWGVQDGTGEQIPK\GFCUCPGSWKV[CEEQWPVGFKPXGUVGGCPF
VJGKORCEVQPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVJCUDGGPCUUGUUGFCUPQVUKIPKƂECPV
1WVUVCPFKPIRWTEJCUGCPFVGTOKPCVKQPQRVKQPUKPƂPCPEGNGCUGEQPVTCEVUŨ,QKPVXGPVWTGUCPFCUUQEKCVGU
6JGƂPCPEGNGCUGEQPVTCEVUQH(2510o)QOC(2515CZK$CVWSWGCPF(251/QPFQYJGTGVJG%QORCP[KUVJGNGUUQT
KPENWFGECNNQRVKQPUHQTVJGENKGPVVQRWTEJCUGVJGWPFGTN[KPICUUGVQTVQVGTOKPCVGVJGEQPVTCEVGCTN[
6JGGZGTEKUGQHVJGRWTEJCUGQRVKQPQP(251U0o)QOC5CZK$CVWSWGCPF/QPFQCURGT&GEGODGTYQWNFJCXG
TGUWNVGFKPCICKPQTCPGCTDTGCMGXGPTGUWNVHQTVJG%QORCP[6JGGZGTEKUGQHVJGQRVKQPVQVGTOKPCVGVJGEQPVTCEVGCTN[KP
YJKEJECUGVJG%QORCP[TGVCKPUQYPGTUJKRQHVJGXGUUGNYQWNFTGUWNVKPCPGCTDTGCMGXGPTGUWNV
6JGHQNNQYKPIVCDNGURTGUGPVVJGƂIWTGUCV
+PHQTOCVKQP|QP|UKIPKƂECPV|LQKPV|CTTCPIGOGPVU|CPF|CUUQEKCVGU||
0QP 0QP
6QVCN EWTTGPV EWTTGPV %WTTGPV &KXKFGPFU
2TQLGEVPCOG 2NCEGQHVJGDWUKPGUU CUUGVU CUUGVU %CUJ .QCPU NKCDKNKVKGU NKCDKNKVKGU RCKF 4GXGPWG
(2510 )QOC #PIQNC
#PIQNCQRGTCVKQPU #PIQNC
(251-KMGJ /CNC[UKC
#PIQNCP[CTF #PIQNC
0QPOCVGTKCNLQKPV
XGPVWTGUCUUQEKCVGU
6QVCNCV
+PHQTOCVKQP|QP|UKIPKƂECPV|LQKPV|CTTCPIGOGPVU|CPF|CUUQEKCVGU||
0QP 0QP
2TQLGEVPCOG 2NCEGQHVJGDWUKPGUU CUUGVU CUUGVU %CUJ .QCPU NKCDKNKVKGU NKCDKNKVKGU RCKF 4GXGPWG
(2510 )QOC #PIQNC
#PIQNCQRGTCVKQPU #PIQNC
(251-KMGJ /CNC[UKC
#PIQNCP[CTF #PIQNC
0QPOCVGTKCNLQKPV
XGPVWTGUCUUQEKCVGU
6QVCNCV
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
6JGDCPMKPVGTGUVDGCTKPINQCPUCPFQVJGTDQTTQYKPIUJGNFD[LQKPVXGPVWTGUCPFCUUQEKCVGUCTGCUHQNNQYU
+PHQTOCVKQPQPNQCPUCPFDQTTQYKPIUQHLQKPVXGPVWTGUCPFCUUQEKCVGU
0GVDQQMXCNWGCV 0GVDQQMXCNWGCV
&GEGODGT &GEGODGT
0QP 0QP
'PVKV[PCOG 1YPGTUJKR +PVGTGUV /CVWTKV[ EWTTGPV %WTTGPV 6QVCN EWTTGPV %WTTGPV 6QVCN
752TQLGEV(KPCPEGHCEKNKVKGUFTCYP
5QPCUKPI:KMQODC.VF
.KDQT
0QTOCPF+PUVCNNGT5#
.QCPUHTQOUWDUKFKCTKGUQH
5$/1HHUJQTG08
.QCPUHTQOQVJGTUJCTGJQNFGTUQHVJG
LQKPVXGPVWTGUCPFCUUQEKCVGU
.QCPUHTQOQVJGTLQKPVXGPVWTGU
0GVDQQMXCNWGQHNQCPUCPFDQTTQYKPIU
2NGCUGTGHGTVQPQVG .QCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGU HQTRTGUGPVCVKQPQHVJGECTT[KPICOQWPVQHVJGUGNQCPUKPVJG%QORCP[ U%QPUQNKFCVGF
5VCVGOGPVQHƂPCPEKCNRQUKVKQP
/CKPN[NQCPUHTQOVJGLQKPVXGPVWTGU5$/5JKR[CTF.VFVQVJG,82#'0#.2QTVQ#ODQKO'UVCNGKTQU0CXCKU.VFC
#IITGICVGFKPHQTOCVKQPQPLQKPVXGPVWTGUCPFCUUQEKCVGU

0GVTGUWNVCV
4GEQPEKNKCVKQPGSWKV[CVYKVJKPXGUVOGPVKPCUUQEKCVGUCPFLQKPVXGPVWTGU

'SWKV[CV
2CTVPGTQYPGTUJKR
5JCTGKPPGICVKXGPGVGSWKV[TGENCUUKƂECVKQPVQNQCPUVQLQKPVXGPVWTGU
CPFCUUQEKCVGU
+PXGUVOGPVUKPCUUQEKCVGUCPFLQKPVXGPVWTGU
+0(14/#6+1010010%10641..+0)+06'4'565
6JG%QORCP[JCUUGXGTCNLQKPVN[QYPGFUWDUKFKCTKGU
OCKP
QH %QWPVT[ TGRQTVKPI
'PVKV[PCOG 2CTVPGTU QYPGTUJKR TGIKUVTCVKQP UGIOGPV 2TQLGEVPCOG
#UGPI2TQFWEVKQP%QORCP[.VF )'2GVTQN %C[OCP .GCUG (251#UGPI
KUNCPF 1RGTCVG
)GRUKPI.VF )'2GVTQN %C[OCP .GCUG (251#UGPI
KUNCPF 1RGTCVG (251
5GTRGPVKPC
)GRUKPI.VF'SWCVQTKCN)WKPGC )'2GVTQN 'SWCVQTKCN .GCUG (251#UGPI
$TCPEJ )WKPGC 1RGTCVG (251
5GTRGPVKPC
$TC\KNKCP&GGRYCVGT2TQFWEVKQP /CNC[UKC+PVGTPCVKQPCN5JKRRKPI $GTOWFC .GCUG (251'URKTKVQ
.VF %QTRQTCVKQP$GJCTF 1RGTCVG 5CPVQ
$TC\KNKCP&GGRYCVGT2TQFWEVKQP /CNC[UKC+PVGTPCVKQPCN5JKRRKPI $GTOWFC .GCUG (251'URKTKVQ
%QPVTCEVQTU.VF %QTRQTCVKQP$GJCTF 1RGTCVG 5CPVQ
$TC\KNKCP&GGRYCVGT2TQFWEVKQP /CNC[UKC+PVGTPCVKQPCN5JKRRKPI 6JG .GCUG (251'URKTKVQ
$8 %QTRQTCVKQP$GJCTF 0GVJGTNCPFU 1RGTCVG 5CPVQ
1RGTCÃÑGU/CTÉVKOCUGO/CT QYPGFD[$TC\KNKCP&GGRYCVGT $TC\KN .GCUG (251'URKTKVQ
2TQHWPFQ$TCUKNGKTQ.VFC 2TQFWEVKQP%QPVTCEVQTU UGG 1RGTCVG 5CPVQ
KPHQTOCVKQPCDQXG
5$/1((5*14'#007#.4'2146
OCKP
#NHC.WNC#NVQ5¼TN /KVUWDKUJK%QTRQTCVKQP0KRRQP .WZGODQWTI 6WTPMG[ (251%KFCFG
;WUGP-CDWUJKMK-CKUJC FG/CTKEC
#NHC.WNC#NVQ*QNFKPI.VF /KVUWDKUJK%QTRQTCVKQP0KRRQP $GTOWFC .GCUG (251%KFCFG
;WUGP-CDWUJKMK-CKUJC 1RGTCVG FG/CTKEC
#NHC.WNC#NVQ1RGTCÃÑGU /KVUWDKUJK%QTRQTCVKQP0KRRQP $TC\KN .GCUG (251%KFCFG
/CTÉVKOCU.VFC ;WUGP-CDWUJKMK-CKUJC 1RGTCVG FG/CTKEC
#NHC.WNC#NVQ5¼TN $TC\KNKCP /KVUWDKUJK%QTRQTCVKQP0KRRQP $TC\KN .GCUG (251%KFCFG
DTCPEJG ;WUGP-CDWUJKMK-CKUJC 1RGTCVG FG/CTKEC
$GVC.WNC%GPVTCN5¼TN /KVUWDKUJK%QTRQTCVKQP0KRRQP .WZGODQWTI 6WTPMG[ (251%KFCFG
;WUGP-CDWUJKMK-CKUJC FG
5CSWCTGOC
$GVC.WNC%GPVTCN*QNFKPI.VF /KVUWDKUJK%QTRQTCVKQP0KRRQP $GTOWFC .GCUG (251%KFCFG
;WUGP-CDWUJKMK-CKUJC 1RGTCVG FG
5CSWCTGOC
$GVC.WNC%GPVTCN1RGTCÃÑGU /KVUWDKUJK%QTRQTCVKQP0KRRQP $TC\KN .GCUG (251%KFCFG
/CTÉVKOCU.VFC ;WUGP-CDWUJKMK-CKUJC 1RGTCVG FG
5CSWCTGOC
$GVC.WNC%GPVTCN5¼TN $TC\KNKCP /KVUWDKUJK%QTRQTCVKQP0KRRQP $TC\KN .GCUG (251%KFCFG
DTCPEJG ;WUGP-CDWUJKMK-CKUJC 1RGTCVG FG
5CSWCTGOC
6WRK0QTFGUVG5¼TN 0KRRQP;WUGP-CDWUJKMK-CKUJC .WZGODQWTI .GCUG (251%KFCFG
+VQEJW%QTRQTCVKQP 1RGTCVG FG2CTCV[
6WRK0QTFGUVG1RGTCÃÑGU 0KRRQP;WUGP-CDWUJKMK-CKUJC $TC\KN .GCUG (251%KFCFG
/CTÉVKOCU.VFC +VQEJW%QTRQTCVKQP 1RGTCVG FG2CTCV[
6WRK0QTFGUVG*QNFKPI.VF 0KRRQP;WUGP-CDWUJKMK-CKUJC $GTOWFC .GCUG (251%KFCFG
+VQEJW%QTRQTCVKQP 1RGTCVG FG2CTCV[
6WRK0QTFGUVG5¼TN $TC\KNKCP 0KRRQP;WUGP-CDWUJKMK-CKUJC $GTOWFC .GCUG (251%KFCFG
DTCPEJG +VQEJW%QTRQTCVKQP 1RGTCVG FG2CTCV[
)WCTC0QTVG5¼TN /KVUWDKUJK%QTRQTCVKQP .WZGODQWTI .GCUG (251%KFCFG
1RGTCVG FG+NJCDGNC
)WCTC0QTVG*QNFKPI.VF /KVUWDKUJK%QTRQTCVKQP $GTOWFC .GCUG (251%KFCFG
1RGTCVG FG+NJCDGNC
)WCTC0QTVG1RGTCÃÑGU/CTÉVKOCU /KVUWDKUJK%QTRQTCVKQP $TC\KN .GCUG (251%KFCFG
.VFC 1RGTCVG FG+NJCDGNC
)WCTC0QTVG5¼TN $TC\KNKCP /KVUWDKUJK%QTRQTCVKQP $TC\KN .GCUG (251%KFCFG
DTCPEJG 1RGTCVG FG+NJCDGNC
/GTQ1RGTCEQGU/CTKVKOC.VF /KVUWDKUJK%QTRQTCVKQP0KRRQP $TC\KN .GCUG (251
;WUGP-CDWUJKMK-CKUJC 1RGTCVG 5GRGVKDC
/GTQ1RGTCEQGU*QNFKPI5# /KVUWDKUJK%QTRQTCVKQP0KRRQP 5YKV\GTNCPF .GCUG (251
;WUGP-CDWUJKMK-CKUJC 1RGTCVG 5GRGVKDC
/GTQ1YPKPI$8 /KVUWDKUJK%QTRQTCVKQP0KRRQP 6JG .GCUG (251
;WUGP-CDWUJKMK-CKUJC 0GVJGTNCPFU 1RGTCVG 5GRGVKDC
/GTQ$8 /KVUWDKUJK%QTRQTCVKQP0KRRQP 6JG .GCUG (251
/'41$8 $TC\KNKCP$TCPEJ /KVUWDKUJK%QTRQTCVKQP0KRRQP 6JG .GCUG (251
;65/,85# %$+0GFGTNCPF$8 5YKV\GTNCPF .GCUG (25110'
1RGTCVG )7;#0#
5$/0CWXCVC2TKXCVG.KOKVGF 0CWXCVC'PIKPGGTKPI2TKXCVG +PFKC 6WTPMG[ 'PIKPGGTKPI
.KOKVGF UGTXKEGU
6COCPFCTG1YPKPI$8 /KVUWDKUJK%QTRQTCVKQP0KRRQP 6JG .GCUG (251
;WUGP-CDWUJKMK-CKUJC 0GVJGTNCPFU 1RGTCVG #NOKTCPVG
6COCPFCTÅ
6COCPFCTG$8 /KVUWDKUJK%QTRQTCVKQP0KRRQP 6JG .GCUG (251
;WUGP-CDWUJKMK-CKUJC 0GVJGTNCPFU 1RGTCVG #NOKTCPVG
6COCPFCTÅ
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
OCKP
6COCPFCTG1RGTCVKQPU*QNFKPI /KVUWDKUJK%QTRQTCVKQP0KRRQP 5YKV\GTNCPF .GCUG (251
5# ;WUGP-CDWUJKMK-CKUJC 1RGTCVG #NOKTCPVG
6COCPFCTÅ
6COCPFCTÅ1RGTCÃÑGU/CTÉVKOCU /KVUWDKUJK%QTRQTCVKQP0KRRQP $TC\KN .GCUG (251
.VFC ;WUGP-CDWUJKMK-CKUJC 1RGTCVG #NOKTCPVG
6COCPFCTÅ
/'411YPKPI$8 /KVUWDKUJK%QTRQTCVKQP0KRRQP 6JG .GCUG (251
;WUGP-CDWUJKMK-CKUJC 0GVJGTNCPFU 1RGTCVG #NGZCPFTGFG
)WUO¿Q
/'41$8 /KVUWDKUJK%QTRQTCVKQP0KRRQP 6JG .GCUG (251
;WUGP-CDWUJKMK-CKUJC 0GVJGTNCPFU 1RGTCVG #NGZCPFTGFG
)WUO¿Q
/GTQ1RGTCVKQPU*QNFKPI5# /KVUWDKUJK%QTRQTCVKQP0KRRQP 5YKV\GTNCPF .GCUG (251
;WUGP-CDWUJKMK-CKUJC 1RGTCVG #NGZCPFTGFG
)WUO¿Q
/GTQ1RGTCÃÑGU/CTÉVKOCU.VFC /KVUWDKUJK%QTRQTCVKQP0KRRQP $TC\KN .GCUG (251
;WUGP-CDWUJKMK-CKUJC 1RGTCVG #NGZCPFTGFG
)WUO¿Q
6TCPUCEVKQPYKVJPQPEQPVTQNNKPIKPVGTGUVU
6JG75OKNNKQPTGRQTVGFKP%QPUQNKFCVGF5VCVGOGPVQH%JCPIGUKP'SWKV[OCKPN[TGNCVGUVQOWNVKRNGGSWKV[
EQPVTKDWVKQPUHTQOVJGRCTVPGTUKPVJGUWDUKFKCTKGU/GTQ/GTQCPF6COCPFCTÅTGNCVGFVQTGURGEVKXGN[(2515GRGVKDC
(251#NGZCPFTGFG)WUO¿QCPF(251#NOKTCPVG6COCPFCTÅ
&KXGUVOGPVU
/KVUWDKUJK%QTRQTCVKQP /% CPF0KRRQP;WUGP-CDWUJKMK-CKUJC 0;- JCXGCESWKTGFCTGURGEVKXGCPFQYPGTUJKR
KPVGTGUVKPVJGURGEKCNRWTRQUGEQORCPKGUTGNCVGFVQVJGNGCUGCPFQRGTCVKQPQHVJG(251#NGZCPFTGFG)WUO¿QCPF(251
#NOKTCPVG6COCPFCTÅ6JKUJCUDGGPCEEQWPVGFCUCPGSWKV[VTCPUCEVKQPYKVJUJCTGJQNFGTU
+PHQTOCVKQPQPPQPEQPVTQNNKPIKPVGTGUVU 0%+
+PENWFGFKPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUCTGVJGHQNNQYKPIKVGOUVJCVTGRTGUGPVVJG%QORCP[oUKPVGTGUVKPVJG
TGXGPWGUCUUGVUCPFNQCPUQHVJGRCTVKCNN[QYPGFUWDUKFKCTKGU
(KIWTGUCTGRTGUGPVGFCVDGHQTGGNKOKPCVKQPQHKPVGTEQORCP[VTCPUCEVKQPU
5$/1((5*14'#007#.4'2146

0QP 0QP
2TQLGEVPCOG 2NCEGQHDWUKPGUU CUUGVU CUUGVU %CUJ .QCPU NKCDKNKVKGU NKCDKNKVKGU VQ0%+ 4GXGPWG
(251#UGPI(251
'SWCVQTKCN)WKPGC
5GTRGPVKPC
(251'URKTKVQ5CPVQ $TC\KN
(251%KFCFGFG/CTKEC $TC\KN
(251%KFCFGFG
$TC\KN
5CSWCTGOC
(251%KFCFGFG2CTCV[ $TC\KN
(251%KFCFGFG
$TC\KN
+NJCDGNC
(2515GRGVKDC $TC\KN
(251#NOKTCPVG
$TC\KN
6COCPFCTÅ
(251#NGZCPFTGFG
$TC\KN
)WUO¿Q
(25110')7;#0# )W[CPC
0QPOCVGTKCN0%+
6QVCN

0QP 0QP
2TQLGEVPCOG 2NCEGQHDWUKPGUU CUUGVU CUUGVU %CUJ .QCPU NKCDKNKVKGU NKCDKNKVKGU VQ0%+ 4GXGPWG
(251#UGPI(251
'SWCVQTKCN)WKPGC
5GTRGPVKPC
(251'URKTKVQ5CPVQ $TC\KN
(251%KFCFGFG/CTKEC $TC\KN
(251%KFCFGFG
$TC\KN
5CSWCTGOC
(251%KFCFGFG2CTCV[ $TC\KN
(251%KFCFGFG
$TC\KN
+NJCDGNC
(2515GRGVKDC $TC\KN
0QPOCVGTKCN0%+
6QVCN
4GHGTGPEGKUOCFGVQPQVG$QTTQYKPIUCPF.GCUG.KCDKNKVKGUHQTCFGUETKRVKQPQHVJGDCPMKPVGTGUVDGCTKPINQCPUCPF
QVJGTDQTTQYKPIURGTGPVKV[
6JGTKUMUCUUQEKCVGFYKVJKPVGTGUVUKPUWDUKFKCTKGULQKPXGPVWTGUCPFCUUQEKCVGFCTGFGUETKDGFKPUGEVKQP(KPCPEKCN
+PUVTWOGPVU(CKT8CNWGUCPF4KUM/CPCIGOGPV6JGTKUMUKFGPVKƂGFCTGFGGOGFVQDGKPJGTGPVVQVJGQRGTCVKQPUQHVJG
%QORCP[CUCYJQNGCPFKPENWFGUVJGTKUMRTQƂNGUQHKPVGTGUVUKPQVJGTGPVKVKGU
+PENWFGFKPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUCTGVJGHQNNQYKPIKVGOUVJCVTGRTGUGPVVJGCIITGICVGEQPVTKDWVKQPQHVJG
RCTVKCNN[QYPGFUWDUKFKCTKGUVQVJG%QORCP[EQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU
+PVGTGUVKPPQPEQPVTQNNKPIKPVGTGUV UWOOCT[

0GVTGUWNV
#EEWOWNCVGFCOQWPVQH0%+
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
4GEQPEKNKCVKQPGSWKV[CVYKVJ0QPEQPVTQNNKPIKPVGTGUVUQPRCTVKCNN[QYPGFUWDUKFKCTKGU

'SWKV[CV
%QORCP[QYPGTUJKR
#EEWOWNCVGFCOQWPVQH0%+
4'.#6'&2#46;64#05#%6+105
&WTKPIVJG%QORCP[OCFGGSWKV[EQPVTKDWVKQPUVQYCTFUKPXGUVGGUTGNCVGFVQ(251#NOKTCPVG6COCPFCTÅ(251
5GRGVKDCCPF(251#NGZCPFTGFG)WUO¿Q EQODKPGF75OKNNKQP RTQLGEVU6JGTGYGTGPQQVJGTOCLQTTGNCVGFRCTV[
VTCPUCEVKQPUTGSWKTKPICFFKVKQPCNFKUENQUWTGKPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU
(QTTGNCVKQPUYKVJ5WRGTXKUQT[$QCTFOGODGTU/CPCIGOGPV$QCTFOGODGTUCPFQVJGTMG[RGTUQPPGNTGHGTGPEGKUOCFGVQ
PQVG'ORNQ[GG$GPGƂV'ZRGPUGU
6JG%QORCP[JCUVTCPUCEVKQPUYKVJLQKPVXGPVWTGUCPFCUUQEKCVGUYJKEJCTGTGEQIPK\GFCUHQNNQYUKPVJG%QORCP[oU
EQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU
4GNCVGFRCTV[VTCPUCEVKQPU
0QVG

4GXGPWG
%QUVQHUCNGU
.QCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGU
6TCFGTGEGKXCDNGU
6TCFGRC[CDNGU
.GCUGNKCDKNKVKGU
6JG%QORCP[JCURTQXKFGFNQCPUVQLQKPVXGPVWTGUCPFCUUQEKCVGUUWEJCUUJCTGJQNFGTNQCPUCPFHWPFKPINQCPUCVTCVGU
EQORCTCDNGVQVJGEQOOGTEKCNTCVGUQHKPVGTGUV
&WTKPIVJGRGTKQFVJG%QORCP[GPVGTGFKPVQVTCFKPIVTCPUCEVKQPUYKVJLQKPVXGPVWTGUCPFCUUQEKCVGUQPVGTOUGSWKXCNGPVVQ
VJQUGVJCVRTGXCKNKPCTOoUNGPIVJVTCPUCEVKQPU
#FFKVKQPCNKPHQTOCVKQPTGICTFKPIVJGLQKPVXGPVWTGUCPFCUUQEKCVGUKUCXCKNCDNGKPPQVG+PXGUVOGPVKP#UUQEKCVGUCPF
,QKPV8GPVWTGU
5$/1((5*14'#007#.4'2146
+0&'2'0&'06#7&+614o5(''5#0&5'48+%'5
(GGUKPENWFGFKPQVJGTQRGTCVKPIEQUVUTGNCVGFVQ2Y%VJGCPF%QORCP[oUGZVGTPCNKPFGRGPFGPVCWFKVQTCTG
UWOOCTK\GFCUHQNNQYU
KPVJQWUCPFUQH75

#WFKVQHƂPCPEKCNUVCVGOGPVU
1WVQHYJKEJ
KPXQKEGFD[2Y%#EEQWPVCPVU08
KPXQKEGFD[2Y%PGVYQTMƂTOU
6CZCFXKUQT[UGTXKEGUD[2Y%PGVYQTMƂTOU
1VJGTCUUWTCPEGUGTXKEGU
6QVCN
+PDQVJCPFVJGQVJGTCUUWTCPEGUGTXKEGUYGTGOCKPN[TGNCVGFVQVJGTGXKGYQHVJG%QORCP[UWUVCKPCDKNKV[TGRQTV
0QQVJGTPQPCUUWTCPEGUGTXKEGUYGTGEQPFWEVGF
'8'065#(6'4'0&1(4'2146+0)2'4+1&
&+8+&'0&
6JG%QORCP[oUFKXKFGPFRQNKE[KUVQOCKPVCKPCUVCDNGFKXKFGPFYJKEJITQYUQXGTVKOG&GVGTOKPCVKQPQHVJGFKXKFGPFKU
DCUGFQPVJG%QORCP[oUCUUGUUOGPVQHKVUWPFGTN[KPIECUJƃQYRQUKVKQP#URCTVQHVJG%QORCP[oUTGIWNCTRNCPPKPIRTQEGUU
HQNNQYKPITGXKGYQHKVUECUJƃQYRQUKVKQPCPFHQTGECUVVJG%QORCP[RTQRQUGUVQRC[QWVCFKXKFGPFQH75RGTUJCTG
GSWKXCNGPVVQE75OKNNKQPVQDGRCKFQWVQHTGVCKPGFGCTPKPIU6JKUFKXKFGPFYKNNDGRTQRQUGFCVVJG#PPWCN)GPGTCN
/GGVKPIQP#RTKN6JKUTGRTGUGPVUCPKPETGCUGQHEQORCTGFVQVJG75FKXKFGPFRGTUJCTGRCKFKP
24'(70&+0)#)4''/'06
+P&GEGODGTVJG%QORCP[GPVGTGFKPVQCRTGHWPFKPICITGGOGPVTGNCVKPIVQHWVWTGRQVGPVKCNƂPCPEKPIQHVJGJQNFKPI
EQORCP[QH(251%KFCFGFG+NJCDGNC+P,CPWCT[VJG%QORCP[TGEGKXGFC75OKNNKQPRC[OGPVKPTGNCVKQPVQVJKU
RTGHWPFKPICITGGOGPVYJKNGƂPCNHWPFKPICITGGOGPVKUGZRGEVGFVQDGUKIPGFFWTKPIVJGEQWTUGQH6JKUVTCPUCEVKQPKU
KPNKPGYKVJVJG%QORCP[oUCKOVQFKXGTUKH[KVUUQWTEGUQHFGDVCPFGSWKV[HWPFKPICPFVQCEEGNGTCVGGSWKV[ECUJƃQYHTQOVJG
DCEMNQI

6QVCNFKXKFGPFCOQWPVFGRGPFUQPPWODGTQHUJCTGUGPVKVNGFVQFKXKFGPFCUQH'ZFKXKFGPFFCVG6JGCOQWPVFKUENQUGFKUDCUGFQPVJGPWODGTQHUJCTGU
QWVUVCPFKPINGUUVJGVTGCUWT[UJCTGUJGNFCV&GEGODGT
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
%1/2#0;(+0#0%+#.56#6'/'065
%1/2#0;$#.#0%'5*''6
%QORCP[DCNCPEGUJGGV
$GHQTGCRRTQRTKCVKQPQHRTQƂV 0QVGU &GEGODGT &GEGODGT

#55'65
+PXGUVOGPVKP)TQWREQORCPKGU
6QVCNƂPCPEKCNƂZGFCUUGVU
&GHGTTGFVCZCUUGV
6QVCNPQPEWTTGPVCUUGVU
1VJGTTGEGKXCDNGU
6QVCNEWTTGPVCUUGVU
616#.#55'65
'37+6;#0&.+#$+.+6+'5
'SWKV[CVVTKDWVCDNGVQUJCTGJQNFGTU
+UUWGFUJCTGECRKVCN
5JCTGRTGOKWOTGUGTXG
6TGCUWT[UJCTGU
.GICNTGUGTXGU
5VCVWVQT[TGUGTXGU
4GVCKPGFGCTPKPIU
2TQƂVQHVJG[GCT
5JCTGJQNFGTU GSWKV[
2TQXKUKQPU
6QVCNPQPEWTTGPVNKCDKNKVKGU
1VJGTEWTTGPVNKCDKNKVKGU
616#.'37+6;#0&.+#$+.+6+'5
5$/1((5*14'#007#.4'2146
%1/2#0;+0%1/'56#6'/'06
%QORCP[KPEQOGUVCVGOGPV
(QTVJG[GCTUGPFGF&GEGODGT 0QVG

4GXGPWG
1VJGTQRGTCVKPIGZRGPUG
(KPCPEKCNGZRGPUGU
2TQƂV .QUU DGHQTGKPEQOGVCZ
+PEQOGVCZ GZRGPUG KPEQOG
4GUWNVQH)TQWREQORCPKGU
2TQƂV .QUU CHVGTKPEQOGVCZ
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
)'0'4#.
6JG%QORCP[ƂPCPEKCNUVCVGOGPVUCTGRCTVQHVJGƂPCPEKCNUVCVGOGPVUQH5$/1HHUJQTG084GHGTGPEGKUOCFGVQ
UGEVKQP)GPGTCN+PHQTOCVKQPHQTCFFKVKQPCNFGVCKNUQPVJG%QORCP[
5$/1HHUJQTG08EQUVUOCKPN[EQORTKUGQHOCPCIGOGPVCEVKXKVKGUCPFEQUVQHVJGJGCFSWCTVGTUQHƂEGCV5EJKRJQNQHYJKEJ
RCTVKUTGEJCTIGFVQ)TQWREQORCPKGU
24+0%+2.'5(146*'/'#574'/'061(#55'65#0&.+#$+.+6+'5#0&6*'&'6'4/+0#6+101(6*'
4'57.6
6JGUVCPFCNQPGƂPCPEKCNUVCVGOGPVUYGTGRTGRCTGFKPCEEQTFCPEGYKVJVJGUVCVWVQT[RTQXKUKQPUQH2CTV$QQMQHVJG
&WVEJ%KXKN%QFGCPFVJGƂTORTQPQWPEGOGPVUKPVJG&WVEJ#EEQWPVKPI5VCPFCTFUCURWDNKUJGFD[VJG&WVEJ#EEQWPVKPI
5VCPFCTFU$QCTF 4CCFXQQTFG,CCTXGTUNCIIGXKPIo 5$/1HHUJQTG08WUGUVJGQRVKQPRTQXKFGFKPUGEVKQP QHVJG
&WVEJ%KXKN%QFGKPVJCVVJGRTKPEKRNGUHQTVJGTGEQIPKVKQPCPFOGCUWTGOGPVQHCUUGVUCPFNKCDKNKVKGUCPFFGVGTOKPCVKQPQH
TGUWNV JGTGKPCHVGTTGHGTTGFVQCURTKPEKRNGUHQTTGEQIPKVKQPCPFOGCUWTGOGPV QHVJGUGRCTCVGƂPCPEKCNUVCVGOGPVUQH
5$/1HHUJQTG08CTGVJGUCOGCUVJQUGCRRNKGFHQTVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU6JGUGRTKPEKRNGUCNUQKPENWFGVJG
ENCUUKƂECVKQPCPFRTGUGPVCVKQPQHƂPCPEKCNKPUVTWOGPVUDGKPIGSWKV[KPUVTWOGPVUQTƂPCPEKCNNKCDKNKVKGU6JGEQPUQNKFCVGF
ƂPCPEKCNUVCVGOGPVUCTGRTGRCTGFCEEQTFKPIVQVJGUVCPFCTFUUGVD[VJG+PVGTPCVKQPCN#EEQWPVKPI5VCPFCTFU$QCTFCPF
CFQRVGFD[VJG'WTQRGCP7PKQP TGHGTTGFVQCU'7+(45 4GHGTGPEGKUOCFGVQVJGPQVGUVQVJGEQPUQNKFCVGFƂPCPEKCN
UVCVGOGPVU n#EEQWPVKPI2TKPEKRNGUo HQTCFGUETKRVKQPQHVJGUGRTKPEKRNGU
+PXGUVOGPVUKPITQWREQORCPKGUQXGTYJKEJEQPVTQNKUGZGTEKUGFCTGUVCVGFQPVJGDCUKUQHVJGPGVCUUGVXCNWG
4GUWNVUQPVTCPUCEVKQPUKPXQNXKPIVJGVTCPUHGTQHCUUGVUCPFNKCDKNKVKGUDGVYGGP5$/1HHUJQTG08CPFKVURCTVKEKRCVKPI
KPVGTGUVUQTDGVYGGPRCTVKEKRCVKPIKPVGTGUVUVJGOUGNXGUCTGPQVKPEQTRQTCVGFKPUQHCTCUVJG[CTGFGGOGFVQDGWPTGCNK\GF
5$/1((5*14'#007#.4'2146
016'5616*'%1/2#0;(+0#0%+#.56#6'/'065
+08'56/'06+0)4172%1/2#0+'5
6JGOQXGOGPVUKPVJGKVGO+PXGUVOGPVKP)TQWREQORCPKGUCTGCUHQNNQYU

$CNCPEGCV,CPWCT[
.QCPUKUUWGFVQUWDUKFKCT[
+PXGUVOGPVUPGVXCNWG
4GUWNVQH)TQWREQORCPKGU
%CRKVCNEQPVTKDWVKQPU
%CRKVCNTGRC[OGPVU
&KXKFGPFUTGEGKXGF
1VJGTEJCPIGU
/QXGOGPVU
$CNCPEGCV&GEGODGT
.QCPUKUUWGFVQUWDUKFKCT[
+PXGUVOGPVUPGVXCNWGCV&GEGODGT
/CKPN[TGNCVGUVQ%CUJƃQYJGFIGUCPFVTCPUCEVKQPYKVJPQPEQPVTQNNKPIKPVGTGUVU RNGCUGTGHGTVQPQVG %QORCP[ U%QPUQNKFCVGF5VCVGOGPVQHEJCPIGU
KPGSWKV[
#PQXGTXKGYQHVJGKPHQTOCVKQPQPRTKPEKRCNUWDUKFKCT[WPFGTVCMKPIUTGSWKTGFWPFGTCTVKENGUQHVJG&WVEJ%KXKN%QFGKU
IKXGPDGNQY6JGUWDUKFKCTKGUQH5$/1HHUJQTG08CTGVJGHQNNQYKPI CNNQHYJKEJCTGQYPGF
Ŷ 5$/1HHUJQTG*QNFKPI$8#OUVGTFCOVJG0GVJGTNCPFU
Ŷ 5$/*QNFKPI+PE5#/CTN[5YKV\GTNCPF
Ŷ 5$/*QNFKPI.WZGODQWTI5¼TN.WZGODQWTI.WZGODQWTI
Ŷ 5$/5EJKGFCO$84QVVGTFCOVJG0GVJGTNCPFU
Ŷ 5$/*QNNCPF$84QVVGTFCOVJG0GVJGTNCPFU
Ŷ (251%CRKZCDC*QNFKPI$8oU)TCXGPJCIGVJG0GVJGTNCPFU
&'('44'&6#:#55'65
5$/1HHUJQTG08KUJGCFQHCƂUECNWPKV[KPYJKEJCNN&WVEJGPVKVKGUCTGKPENWFGFGZEGRVHQTVJGGPVKVKGUVJCVCTGJGNFD[
5$/*QNFKPI+PE5#CPFVJGLQKPVXGPVWTGGPVKVKGU(QTOQTGFGVCKNUTGHGTVQPQVG)GPGTCN
#FGHGTTGFVCZCUUGVKUTGEQIPK\GFHQTVCZNQUUGUQHVJGƂUECNWPKV[YJKEJECPDGECTTKGFHQTYCTFCPFCTGGZRGEVGFVQDG
TGEQXGTGFDCUGFQPCPVKEKRCVGFHWVWTGVCZCDNGRTQƂVUYKVJKPVJG&WVEJƂUECNWPKV[&WGVQCEJCPIGKPVCZNGIKUNCVKQPCUQH
VJGVCZNQUUGUQHVJGƂUECNWPKV[KPEWTTGFDGVYGGPECPDGECTTKGFHQTYCTFKPFGƂPKVGN[%QOOGTEKCNN[VJKUJCU
PQVTGUWNVGFKPCFKHHGTGPVXCNWCVKQPVJGFGHGTTGFVCZCUUGVHQTVCZNQUUGUDTQWIJVHQTYCTFHTQORTKQT[GCTUCOQWPVUVQ75
OKNNKQP 75OKNNKQP
16*'44'%'+8#$.'5
&GEGODGT &GEGODGT
6TCFGTGEGKXCDNGU
#OQWPVUQYGFD[)TQWREQORCPKGU
1VJGTFGDVQTU
6QVCN
1VJGTTGEGKXCDNGUHCNNFWGKPNGUUVJCPQPG[GCT6JGHCKTXCNWGQHVJGTGEGKXCDNGUTGCUQPCDN[CRRTQZKOCVGUVJGDQQMXCNWG
FWGVQVJGKTUJQTVVGTOEJCTCEVGT
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
#UCV&GEGODGTVJG%QORCP[JCUCTGEGKXCDNGFWGHTQO5$/*QNFKPI+PE5# VJGECUJRQQNNGCFGTQH
5$/1HHUJQTGITQWR COQWPVKPIVQ75OKNNKQP RC[CDNGCOQWPVKPIVQ75OKNNKQP 6JGNGPFKPIEQPFKVKQPU
CRRNKGFVQVJGQWVUVCPFKPICOQWPVUDGVYGGPVJGECUJRQQNNGCFGTCPFVJG%QORCP[CTGCUHQNNQYU
Ŷ (KZGFHGG6JGECUJRQQNNGCFGTEJCTIGUCJCPFNKPIHGGQHVQVJG%QORCP[CPF
Ŷ +PVGTGUVTCVG#P[TGEGKXCDNGCPFRC[CDNGDCNCPEGVJCVKUQWVUVCPFKPIHQTOQTGVJCPFC[UKUUWDLGEVVQCPKPVGTGUVTCVGQH
&GRGPFKPIQPYJGVJGTKVKUCTGEGKXCDNGQTCRC[CDNGDCNCPEGKVYKNNDGGKVJGTKPHCXQTQHVJG

%QORCP[QTKPHCXQTQHVJGECUJRQQNNGCFGT
+PVGTEQORCP[TGEGKXCDNGHTQOITQWREQORCPKGUQWVUKFGQHVJGECUJRQQNCTGHTGGQHKPVGTGUV+PTGURGEVQHTGRC[OGPVPQ
HQTOCNCITGGOGPVUJCXGDGGPOCFG
%#5*#0&%#5*'37+8#.'065
%CUJCPFECUJGSWKXCNGPVUCTGCV5$/1HHUJQTG08oUHTGGFKURQUCN
5*#4'*1.&'45o'37+6;
6JGUJCTGJQNFGTUoGSWKV[KPVJGRCTGPVEQORCP[ƂPCPEKCNUVCVGOGPVUGSWCNUVJGGSWKV[CVVTKDWVCDNGVQEQOOQPUJCTGJQNFGTU
RTGUGPVGFKPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUGZEGRVHQTNGICNCPFUVCVWVQT[TGUGTXGU6JGEWTTGPE[VTCPUNCVKQPTGUGTXG
ECUJƃQYJGFIKPITGUGTXGECRKVCNK\GFFGXGNQROGPVGZRGPFKVWTGCPFKPXGUVGGUGSWKV[PQPFKUVTKDWVCDNGTGUGTXGCTGNGICN
TGUGTXGUVJCVCTGTGSWKTGFD[&WVEJNCY(WTVJGTOQTGQPVJGUVCVWVQT[TGUGTXGURWTUWCPVVQVJG%QORCP[oU#TVKENGUQH
#UUQEKCVKQPC 2TQVGEVKXG2TGHGTGPEG5JCTGU TGUGTXGKUTGSWKTGFVQDGOCKPVCKPGFD[VJG%QORCP[
.GICNTGUGTXG
&GEGODGT &GEGODGT
+PXGUVGGUGSWKV[PQPFKUVTKDWVCDNG
%CRKVCNK\GFFGXGNQROGPVGZRGPFKVWTG
6TCPUNCVKQPTGUGTXG
%CUJƃQYJGFIGU
6QVCN
6JGo+PXGUVGGUGSWKV[PQPFKUVTKDWVCDNGoNGICNTGUGTXGTGNCVGUOCKPN[VQPQPFKUVTKDWVCDNGRTQƂVUIGPGTCVGFD[VJGEQQYPGF
GPVKVKGU TGHGTVQPQVG+PXGUVOGPVKP#UUQEKCVGUCPF,QKPV8GPVWTGUCPF+PHQTOCVKQPQP0QPEQPVTQNNKPI+PVGTGUVU
6JGCITGGFRTKPEKRNGKPVJGCRRNKECDNGUJCTGJQNFGTUoCITGGOGPVUKUVJCVVJGUJCTGJQNFGTUUJCNNRTQEWTGVJCVCP[CXCKNCDNG
TGUGTXGU|CTGFKUVTKDWVCDNGCHVGTRC[KPICP[GZRGPUGUFWGCPFVCMKPIKPVQCEEQWPVEQQYPGFGPVKV[CPFCRRNKECDNGNGICN
TGSWKTGOGPVU*QYGXGTCUWPCPKOQWUFGEKUKQPQHUJCTGJQNFGTUCITGGOGPVUKPOQUVQHVJGEQQYPGFGPVKVKGUKUTGSWKTGFVQ
FKUVTKDWVGVJGRTQƂVUIGPGTCVGFVJGGSWKV[QHVJGUGGPVKVKGUKUENCUUKƂGFCUCPQPFKUVTKDWVCDNGTGUGTXGWPFGT&WVEJ
IWKFGNKPGUHQTƂPCPEKCNTGRQTVKPI1PCTGIWNCTDCUKUVJG%QORCP[GPUWTGUVJCVFKXKFGPFUCTGCRRTQXGFD[VJGRCTVPGTUCPF
FKUVTKDWVGFCEEQTFKPIN[VQVJGUJCTGJQNFGTU
6JGNGICNTGUGTXGHQT KPXGUVGGUGSWKV[PQPFKUVTKDWVCDNG CPF ECRKVCNK\GFFGXGNQROGPVGZRGPFKVWTG CTGHQTOGFD[

YKVJFTCYCNHTQOVJGFKUVTKDWVCDNGTGVCKPGFGCTPKPIU+PVJGGXGPVQHFGRTGEKCVKQPQTKORCKTOGPVVJGECRKVCNK\GFFGXGNQROGPV
GZRGPFKVWTGYKNNDGTGFWEGFD[CFFKPIKVVQVJGTGVCKPGFGCTPKPIUTGUGTXGUKPVJGCOQWPVQHVJGFGRTGEKCVKQPQTKORCKTOGPV
+HGKVJGTVJGEWTTGPE[VTCPUNCVKQPTGUGTXGQTVJGECUJƃQYJGFIKPITGUGTXGJCUCPGICVKXGDCNCPEGFKUVTKDWVKQPUHTQOVJG
TGVCKPGFGCTPKPIUECPPQVDGOCFGVQVJG%QORCP[oUUJCTGJQNFGTUGSWKXCNGPVVQVJGCOQWPVQHVJCVPGICVKXGDCNCPEG
5VCVWVQT[TGUGTXG
6JG/CPCIGOGPV$QCTFYKVJVJGCRRTQXCNQHVJG5WRGTXKUQT[$QCTFJCUITCPVGFCECNNQRVKQPVQ5VKEJVKPI%QPVKPWKVGKV
5$/1HHUJQTGVQCESWKTGCPWODGTQHRTGHGTGPEGUJCTGU#UQH1EVQDGTCPFYKVJTGHGTGPEGVQCTVKENGUCPFQH
VJG#TVKENGUQH#UUQEKCVKQPQHVJG%QORCP[C 2TQVGEVKXG2TGHGTGPEG5JCTGU TGUGTXGCOQWPVKPIVQ75OKNNKQP 75
OKNNKQP JCUDGGPETGCVGFCVVJGGZRGPUGQHVJGUJCTGRTGOKWOTGUGTXGCVVJGNGXGNQHVJG%QORCP[+HCPFYJGP5VKEJVKPI
%QPVKPWKVGKV5$/1HHUJQTGYQWNFGZGTEKUGVJGECNNQRVKQPVQCESWKTGRTGHGTGPEGUJCTGUVJGUGRTGHGTGPEGUJCTGUOC[CNUQDG
RCKFWRHTQOVJGTGUGTXGQHVJG%QORCP[+PCFFKVKQPVQVJGNGICNTGUGTXGUFKUVTKDWVKQPUVQVJG%QORCP[oUUJCTGJQNFGTUCTG
TGUVTKEVGFVQVJGCOQWPVQHVJGUVCVWVQT[TGUGTXGU
5$/1((5*14'#007#.4'2146
4GVCKPGFGCTPKPIU
6JGn4GVCKPGFGCTPKPIUoCNUQKPENWFGUVJGn+(45UJCTGDCUGFRC[OGPVUoCOQWPVKPIVQ75OKNNKQP 75OKNNKQP
6JGn+(45UJCTGDCUGFRC[OGPVUoITCPVGFDWVUVKNNWPXGUVGFCTGPQPFKUVTKDWVCDNGD[PCVWTG
6JG%QORCP[ UVQVCNGSWKV[CUCV&GEGODGTKU75OKNNKQPQWVQHYJKEJ75OKNNKQPTGNCVGUVQNGICN
TGUGTXGUCPF75OKNNKQPTGNCVGUVQVJGUVCVWVQT[TGUGTXGU &GEGODGT6QVCNGSWKV[QH75OKNNKQPQWVQHYJKEJ
75OKNNKQPTGNCVGUVQNGICNTGUGTXGUCPF75OKNNKQPVQVJGUVCVWVQT[TGUGTXGU (QTOQTGKPHQTOCVKQPQPVJGFKXKFGPFU
QPEQOOQPUJCTGUTGHGTGPEGKUOCFGVQPQVG&KXKFGPFURCKFCPFRTQRQUGF
(QTCPGZRNCPCVKQPQHVJGUJCTGJQNFGTU GSWKV[TGHGTGPEGKUOCFGVQPQVG%QPUQNKFCVGF5VCVGOGPVQH%JCPIGUKP'SWKV[
CPFPQVG'SWKV[#VVTKDWVCDNGVQ5JCTGJQNFGTU
241215'&#224124+#6+101(4'57.6
9KVJVJGCRRTQXCNQHVJG5WRGTXKUQT[$QCTFKVKURTQRQUGFVJCVVJGTGUWNVUJQYPKP5$/1HHUJQTG08KPEQOGUVCVGOGPVDG
CRRTQRTKCVGFCUHQNNQYU KP75
#RRTQRTKCVKQPQHTGUWNV

2TQƂV .QUU CVVTKDWVCDNGVQUJCTGJQNFGTU
+PCEEQTFCPEGYKVJPQVGVQDGVTCPUHGTTGFVQVJG 4GVCKPGFGCTPKPIU
#VVJGFKURQUCNQHVJG)GPGTCN/GGVKPIQH5JCTGJQNFGTU
+VKURTQRQUGFVJCV75RGTUJCTGQWVQHTGVCKPGFGCTPKPIUKUFKUVTKDWVGFCOQPIVJGUJCTGJQNFGTU2NGCUGTGHGTVQPQVG
'XGPVU#HVGT'PFQH4GRQTVKPI2GTKQF
2418+5+105
1P,WPGVJGFKUVTKEVEQWTVKP4QVVGTFCOFGNKXGTGFKVUFGEKUKQPKPVJGECUGDGVYGGPVJG%QORCP[CPFVJG#(/
&WVEJ#WVJQTKV[HQTVJG(KPCPEKCN/CTMGVU TGNCVKPIVQEGTVCKPRWDNKEFKUENQUWTGUOCFGD[VJG%QORCP[KPVJGRGTKQFHTQO
6JGEQWTVJCUJQPQTGFVJGRQUKVKQPQHVJG%QORCP[KPTGNCVKQPVQVYQFKUENQUWTGUCPFTGFWEGFVJGƂPGVQ75
OKNNKQP
1P#WIWUVVJG#(/ƂNGFCPCRRGCNYKVJVJG6TCFGCPF+PFWUVT[#RRGCNU6TKDWPCN %QNNGIGXCP$GTQGRXQQTJGV
DGFTKLHUNGXGP CICKPUVVJG4QVVGTFCO&KUVTKEV%QWTV UTWNKPIKPTGURGEVQHCNNGIGFXKQNCVKQPUCPF VJGRTKPEKRCNCRRGCN 1P
,CPWCT[5$/1HHUJQTGƂNGFKVUTGURQPUGVQVJG#(/ UCRRGCNCPFCFFKVKQPCNN[ƂNGFCPCRRGCNYKVJVJG6TCFGCPF
+PFWUVT[#RRGCNU6TKDWPCNCICKPUVVJG4QVVGTFCO&KUVTKEV%QWTV UTWNKPIKPTGURGEVQHCNNGIGFXKQNCVKQPUCPF VJGKPEKFGPVCN
CRRGCN
16*'4%744'06.+#$+.+6+'5
&GEGODGT &GEGODGT
6TCFGRC[CDNGU
#OQWPVUQYGFVQ)TQWREQORCPKGU
6CZCVKQPCPFUQEKCNUGEWTKV[EQUVU
1VJGTNKCDKNKVKGU
6JGQVJGTEWTTGPVNKCDKNKVKGUHCNNFWGKPNGUUVJCPQPG[GCT6JGHCKTXCNWGQHQVJGTEWTTGPVNKCDKNKVKGUCRRTQZKOCVGUVJGDQQM
XCNWGFWGVQVJGKTUJQTVVGTOEJCTCEVGT
+PVGTEQORCP[RC[CDNGHTQOITQWREQORCPKGUQWVUKFGQHVJGECUJRQQNDCNCPEGUCTGHTGGQHKPVGTGUV#UCV&GEGODGT
VJG%QORCP[JCUCTGEGKXCDNGFWGHTQO5$/*QNFKPI+PE5#TGHGTGPEGKUOCFGVQPQVG1VJGT4GEGKXCDNGUHQT
VJGCRRNKECDNGNGPFKPIEQPFKVKQPU+PTGURGEVQHTGRC[OGPVPQHQTOCNCITGGOGPVUJCXGDGGPOCFG
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
4'8'07'
6JGTGXGPWGEQORTKUGUQHOCPCIGOGPVHGGUEJCTIGFVQ)TQWREQORCP[5KPING$WQ[/QQTKPIU+PE5#YJKEJKUVJGOCKP
'2%EQPVTCEVQT
)'0'4#.#0&#&/+0+564#6+8'':2'05'5

'ORNQ[GG$GPGƂVU
1VJGTEQUVU
6QVCN
6JGGORNQ[GGDGPGƂVUKPENWFGVJG/CPCIGOGPV$QCTFTGOWPGTCVKQPCPFTGEJCTIGQHQVJGTRGTUQPPGNEQUVUCVVJG
JGCFSWCTVGTUCUYGNNCUUJCTGDCUGFRC[OGPVUHQTVJGGPVKTG)TQWR(QTHWTVJGTFGVCKNUQPVJG/CPCIGOGPV$QCTF
TGOWPGTCVKQPTGHGTGPEGKUOCFGVQPQVG'ORNQ[GG$GPGƂV'ZRGPUGU
6JGQVJGTEQUVUKPENWFGCWFKVHGGUNGICNEQORNKCPEGEQTRQTCVGIQXGTPCPEGCPFKPXGUVQTTGNCVKQPEQUVU(QTVJGCWFKVHGGU
TGHGTGPEGKUOCFGVQPQVG+PFGRGPFGPV#WFKVQToU(GGUCPF5GTXKEGU
(+0#0%+#.':2'05'5
6JGƂPCPEKCNGZRGPUGUTGNCVGOCKPN[VQHQTGKIPEWTTGPE[TGUWNVUCPFKPVGTGUVGZRGPUGUEJCTIGFD[)TQWREQORCPKGUVQ
5$/1HHUJQTG08
%1//+6/'065#0&%106+0)'0%+'5
%1/2#0;)7#4#06''5
5$/1HHUJQTG08JCUKUUWGFRGTHQTOCPEGIWCTCPVGGUHQTEQPVTCEVWCNQDNKICVKQPUVQEQORNGVGCPFFGNKXGTRTQLGEVUKP
TGURGEVQHUGXGTCN)TQWREQORCPKGUCPFHWNƂNNOGPVQHQDNKICVKQPUYKVJTGURGEVVQNQPIVGTONGCUGQRGTCVGEQPVTCEVU
(WTVJGTOQTGVJG%QORCP[JCUKUUWGFRCTGPVEQORCP[IWCTCPVGGUKPTGURGEVQHUGXGTCN)TQWREQORCPKGUoƂPCPEKPI
CTTCPIGOGPVU2NGCUGTGHGTVQPQVG%QOOKVOGPVUCPF%QPVKPIGPEKGU
(+5%#.70+6;
5$/1HHUJQTG08KUJGCFQHCƂUECNWPKV[KPYJKEJCNN&WVEJGPVKVKGUCTGKPENWFGFGZEGRVHQTVJGGPVKVKGUVJCVCTGJGNFD[
5$/*QNFKPI+PE5#CPFVJGLQKPVXGPVWTGGPVKVKGU#NNVCZNKCDKNKVKGUCPFVCZCUUGVUCTGVTCPUHGTTGFVQVJGƂUECNWPKV[RCTGPV
JQYGXGTCNNOGODGTUQHVJGƂUECNWPKV[ECPDGJGNFNKCDNGHQTCNNVCZNKCDKNKVKGUEQPEGTPKPIVJGƂUECNWPKV[
%QTRQTCVGKPEQOGVCZKUNGXKGFCVVJGJGCFQHVJGƂUECNWPKV[DCUGFQPVJGƂUECNTGUWNVUCNNQECVGFD[VJGOGODGTUVQ
5$/1HHUJQTG08VCMKPIKPVQCEEQWPVCPCNNQECVKQPQHVJGDGPGƂVUQHVJGƂUECNWPKV[VQVJGFKHHGTGPVOGODGTU6JG
UGVVNGOGPVCOQWPVKHCP[KUGSWCNVQVJGEQTRQTCVGKPEQOGVCZEJCTIGKPENWFGFKPVJG%QORCP[KPEQOGUVCVGOGPV
&+4'%61454'/70'4#6+10
(QTHWTVJGTFGVCKNUQPVJG&KTGEVQTUTGOWPGTCVKQPTGHGTGPEGKUOCFGVQPQVG'ORNQ[GG$GPGƂV'ZRGPUGUQHVJG
07/$'41('/2.1;''5
6JGOGODGTUQHVJG/CPCIGOGPV$QCTFCTGVJGQPN[GORNQ[GGUQH5$/1HHUJQTG08
+0&'2'0&'06#7&+6(''5
(QTVJGCWFKVHGGUTGNCVKPIVQVJGRTQEGFWTGUCRRNKGFVQ5$/1HHUJQTG08CPFKVUEQPUQNKFCVGFITQWRGPVKVKGUD[CEEQWPVKPI
ƂTOUCPFCPGZVGTPCNKPFGRGPFGPVCWFKVQTTGHGTGPEGKUOCFGVQPQVG+PFGRGPFGPV#WFKVQToU(GGUCPF5GTXKEGUQHVJG
5$/1((5*14'#007#.4'2146
'8'065#(6'4'0&1(4'2146+0)2'4+1&
(QTKPHQTOCVKQPCDQWVVJGUWDUGSWGPVGXGPVUTGHGTGPEGKUOCFGVQUGEVKQP'XGPVU#HVGT'PFQH4GRQTVKPI2GTKQFQH
VJGPQVGUVQVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVU
5EJKRJQNVJG0GVJGTNCPFU
(GDTWCT[
/CPCIGOGPV$QCTF
$TWPQ%JCDCU%JKGH'ZGEWVKXG1HƂEGT
´KXKPF6CPIGP%JKGH1RGTCVKPI1HƂEGT
&QWINCU9QQF%JKGH(KPCPEKCN1HƂEGT
5WRGTXKUQT[$QCTF
4QGNCPF$CCP%JCKTOCP
$GTPCTF$CLQNGV8KEG%JCKTOCP
+PIGNKUG#TPVUGP
5KGV\G*GRMGOC
*KNCT[/GTEGT
%JGT[N4KEJCTF
,CCRXCP9KGEJGP
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
16*'4+0(14/#6+10
#224124+#6+101(4'57.6
#46+%.'51(#551%+#6+10)18'40+0)241(+6#224124+#6+10
9KVJTGICTFVQVJGCRRTQRTKCVKQPQHTGUWNVCTVKENGQHVJG#TVKENGUQH#UUQEKCVKQPUVCVGU
9JGPFTCYKPIWRVJGCPPWCNCEEQWPVUVJG/CPCIGOGPV$QCTFUJCNNEJCTIGUWEJUWOUHQTVJGFGRTGEKCVKQPQH
5$/1HHUJQTG08oUƂZGFCUUGVUCPFOCMGUWEJRTQXKUKQPUHQTVCZGUCPFQVJGTRWTRQUGUCUUJCNNDGFGGOGFCFXKUCDNG
#P[FKUVTKDWVKQPQHRTQƂVURWTUWCPVVQVJGRTQXKUKQPUQHVJKUCTVKENGUJCNNDGOCFGCHVGTVJGCFQRVKQPQHVJGCPPWCNCEEQWPVU
HTQOYJKEJKVCRRGCTUVJCVVJGUCOGKURGTOKVVGF6JG%QORCP[OC[OCMGFKUVTKDWVKQPUVQVJG5JCTGJQNFGTUCPFVQQVJGT
RGTUQPUGPVKVNGFVQFKUVTKDWVCDNGRTQƂVUQPN[VQVJGGZVGPVVJCVKVUUJCTGJQNFGTU GSWKV[GZEGGFUVJGUWOQHVJGCOQWPVQH
VJGRCKFCPFECNNGFWRRCTVQHVJGUJCTGECRKVCNCPFVJGTGUGTXGUYJKEJOWUVDGOCKPVCKPGFWPFGTVJGNCY#FGƂEKVOC[
DGQHHUGVCICKPUVVJGUVCVWVQT[TGUGTXGUQPN[VQVJGGZVGPVRGTOKVVGFD[NCYYKVJVJGRTQXKUQVJCVCFGƂEKVUJCNNPQVDG
QHHUGVCICKPUVVJG2TQVGEVKXG2TGHGTGPEG5JCTGU4GUGTXG
C 6JGRTQƂVUJCNNKHUWHƂEKGPVDGCRRNKGFƂTUVKPRC[OGPVVQVJGJQNFGTUQH2TQVGEVKXG2TGHGTGPEG5JCTGUKPCEEQTFCPEG
YKVJUWDRCTCITCRJDQHVJKUCTVKENGRCTCITCRJ
D (QT2TQVGEVKXG2TGHGTGPEG5JCTGURCKFWRKPCEEQTFCPEGYKVJVJGRTQXKUKQPUQHCTVKENGRCTCITCRJVJGRC[OGPVUJCNN
DGQPGVJQWUCPFGWTQ '74 HQTVJGCIITGICVGQWVUVCPFKPI2TQVGEVKXG2TGHGTGPEG5JCTGURCKFWRKPCEEQTFCPEG
YKVJVJGRTQXKUKQPUQHCTVKENGRCTCITCRJ+PCNNQVJGTKPUVCPEGUVJGRC[OGPVUJCNNDGCRGTEGPVCIGQHVJGEQORWNUQT[
COQWPVRCKFQPVJG2TQVGEVKXG2TGHGTGPEG5JCTGUQVJGTVJCPKPCEEQTFCPEGYKVJCTVKENGRCTCITCRJCUCVVJG
EQOOGPEGOGPVQHVJGƂPCPEKCN[GCTHQTYJKEJVJGFKUVTKDWVKQPKUOCFG6JGRGTEGPVCIGTGHGTTGFVQCDQXGUJCNNDG
GSWCNVQVJGCXGTCIGQHVJG'WTKDQTKPVGTGUVEJCTIGFHQTNQCPUYKVJCVGTOQHVYGNXG OQPVJUCURWDNKUJGFD[VJG
CFOKPKUVTCVQTQH'74+$14VJG'WTQRGCP/QPG[/CTMGVU+PUVKVWVG '//+ QTCP[QVJGTRGTUQPVJCVVCMGUQXGTVJG
CFOKPKUVTCVKQPQH'74+$14QTKPCDUGPEGQH'74+$14CUDGPEJOCTMCPQVJGTKPVGTGUVDGPEJOCTMVJCVKUQHƂEKCNN[
FGVGTOKPGFCRRQKPVGFQTTGEQOOGPFGFCUTGRNCEGOGPVQHVYGNXG OQPVJU'74+$14D[ K VJG'WTQRGCP%GPVTCN
$CPMQTCPQVJGTUWRGTXKUKPICWVJQTKV[QTKPCDUGPEGQHVJKU KK VJG'//+CHQTGOGPVKQPGFQTKVUNGICNUWEEGUUQT U
YGKIJVGFD[VJGPWODGTQHFC[UHQTYJKEJVJKUKPVGTGUVYCUCRRNKECDNGFWTKPIVJGƂPCPEKCN[GCTHQTYJKEJVJG
FKUVTKDWVKQPKUOCFGKPETGCUGFD[CVOQUVƂXGJWPFTGF DCUKURQKPVU
E +HKPVJGEQWTUGQHVJGƂPCPEKCN[GCTHQTYJKEJVJGFKUVTKDWVKQPKUOCFGVJGEQORWNUQT[COQWPVVQDGRCKFQPVJG
2TQVGEVKXG2TGHGTGPEG5JCTGUJCUDGGPFGETGCUGFQTRWTUWCPVVQCTGUQNWVKQPHQTCFFKVKQPCNRC[OGPVUKPETGCUGFVJGP
VJGFKUVTKDWVKQPUJCNNDGFGETGCUGFQTKHRQUUKDNGKPETGCUGFD[CPCOQWPVGSWCNVQVJGCHQTGOGPVKQPGFRGTEGPVCIGQH
VJGCOQWPVQHVJGFGETGCUGQTKPETGCUGCUVJGECUGOC[DGECNEWNCVGFHTQOVJGFCVGQHVJGFGETGCUGQTHTQOVJGFC[
YJGPVJGCFFKVKQPCNRC[OGPVDGECOGEQORWNUQT[CUVJGECUGOC[DG
F +HKPVJGEQWTUGQHCP[ƂPCPEKCN[GCT2TQVGEVKXG2TGHGTGPEG5JCTGUJCXGDGGPKUUWGFVJGFKXKFGPFQP2TQVGEVKXG
2TGHGTGPEG5JCTGUHQTVJCVƂPCPEKCN[GCTUJCNNDGFGETGCUGFRTQRQTVKQPCVGN[WRVQVJGFC[QHKUUWGYKVJCRCTVQHC
OQPVJVQDGTGICTFGFCUCHWNNOQPVJ
G +HVJGRTQƂVHQTCƂPCPEKCN[GCTKUDGKPIFGVGTOKPGFCPFKHKPVJCVƂPCPEKCN[GCTQPGQTOQTG2TQVGEVKXG2TGHGTGPEG
5JCTGUJCXGDGGPECPEGNNGFVJGRGTUQPUYJQCEEQTFKPIVQVJGUJCTGJQNFGTU TGIKUVGTTGHGTTGFVQKPCTVKENGCVVJG
VKOGQHUWEJECPEGNNCVKQPYGTGTGEQTFGFCUVJGJQNFGTUQHVJGUG2TQVGEVKXG2TGHGTGPEG5JCTGUUJCNNJCXGCPKPCNKGPCDNG
TKIJVVQCFKUVTKDWVKQPQHRTQƂVCUFGUETKDGFJGTGKPCHVGT6JGRTQƂVYJKEJKHUWHƂEKGPVUJCNNDGFKUVTKDWVGFVQUWEJC
RGTUQPUJCNNDGGSWCNVQVJGCOQWPVQHVJGFKUVTKDWVKQPVQYJKEJJGYQWNFDGGPVKVNGFRWTUWCPVVQVJGRTQXKUKQPUQHVJKU
RCTCITCRJKHCVVJGVKOGQHVJGFGVGTOKPCVKQPQHVJGRTQƂVUJGJCFUVKNNDGGPVJGJQNFGTQHVJG2TQVGEVKXG2TGHGTGPEG
5JCTGUTGHGTTGFVQCDQXGECNEWNCVGFQPCVKOGRTQRQTVKQPCVGDCUKUHQTVJGRGTKQFFWTKPIYJKEJJGJGNF2TQVGEVKXG
2TGHGTGPEG5JCTGUKPVJCVƂPCPEKCN[GCTYKVJCRCTVQHCOQPVJVQDGTGICTFGFCUCHWNNOQPVJ+PTGURGEVQHCP
COGPFOGPVQHVJGRTQXKUKQPUNCKFFQYPKPVJKURCTCITCRJVJGTGUGTXCVKQPTGHGTTGFVQKPUGEVKQPQHVJG&WVEJ%KXKN
%QFGKUJGTGD[GZRNKEKVN[OCFG
H +HKPCP[QPGƂPCPEKCN[GCTVJGRTQƂVTGHGTTGFVQCDQXGKPUWDRCTCITCRJCKUPQVUWHƂEKGPVVQOCMGVJGFKUVTKDWVKQPU
TGHGTTGFVQKPVJKUCTVKENGVJGPVJGRTQXKUKQPUQHVJKURCTCITCRJCPFVJQUGNCKFFQYPJGTGKPCHVGTKPVJKUCTVKENGUJCNNKPVJG
UWDUGSWGPVƂPCPEKCN[GCTUPQVCRRN[WPVKNVJGFGƂEKVJCUDGGPOCFGIQQF
I (WTVJGTRC[OGPVQWVQHVJGRTQƂVUQPVJG2TQVGEVKXG2TGHGTGPEG5JCTGUUJCNNPQVVCMGRNCEG
6JG/CPCIGOGPV$QCTFKUCWVJQTK\GFUWDLGEVVQVJGCRRTQXCNQHVJG5WRGTXKUQT[$QCTFVQFGVGTOKPGGCEJ[GCTYJCVRCTV
QHVJGRTQƂVUUJCNNDGVTCPUHGTTGFVQVJGTGUGTXGUCHVGTVJGRTQXKUKQPUQHVJGRTGEGFKPIRCTCITCRJJCXGDGGPCRRNKGF
6JGTGUKFWGQHVJGRTQƂVUJCNNDGCVVJGFKURQUCNQHVJG)GPGTCN/GGVKPI|
6JG)GPGTCN/GGVKPIOC[QPN[TGUQNXGVQFKUVTKDWVGCP[TGUGTXGUQVJGTVJCPVJG2TQVGEVKXG2TGHGTGPEG5JCTGU4GUGTXG
WRQPVJGRTQRQUCNQHVJG/CPCIGOGPV$QCTFUWDLGEVVQVJGCRRTQXCNQHVJG5WRGTXKUQT[$QCTF
%#..126+10)4#06'&6156+%*6+0)%106+07«6'+65$/1((5*14' 6*'

(170&#6+10
6JG/CPCIGOGPV$QCTFYKVJVJGCRRTQXCNQHVJG5WRGTXKUQT[$QCTFJCUITCPVGFCECNNQRVKQPVQVJG(QWPFCVKQPVQCESWKTG
CPWODGTQHRTGHGTGPEGUJCTGUKPVJG%QORCP[oUUJCTGECRKVCN6JGRTQVGEVKXGRTGHGTGPEGUJCTGUECPDGKUUWGFCUC
RTQVGEVKXGOGCUWTGCUFGUETKDGFKPPQVG5VKEJVKPI%QPVKPWËVGKV5$/1HHUJQTG
5$/1((5*14'#007#.4'2146
+0&'2'0&'06#7&+614o54'2146
6QVJGIGPGTCNOGGVKPICPFVJG5WRGTXKUQT[$QCTFQH5$/1HHUJQTG08
4GRQTVQPVJGƂPCPEKCNUVCVGOGPVU
1WTQRKPKQP
+PQWTQRKPKQP
Ŷ VJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUQH5$/1HHUJQTG08VQIGVJGTYKVJKVUUWDUKFKCTKGU nVJG)TQWRo IKXGCVTWGCPFHCKT
XKGYQHVJGƂPCPEKCNRQUKVKQPQHVJG)TQWRCUCV&GEGODGTCPFQHKVUTGUWNVCPFECUJƃQYUHQTVJG[GCTVJGPGPFGF
KPCEEQTFCPEGYKVJ+PVGTPCVKQPCN(KPCPEKCN4GRQTVKPI5VCPFCTFUCUCFQRVGFD[VJG'WTQRGCP7PKQP '7+(45 CPFYKVJ2CTV
QH$QQMQHVJG&WVEJ%KXKN%QFG
Ŷ VJG%QORCP[ƂPCPEKCNUVCVGOGPVUQH5$/1HHUJQTG08 nVJG%QORCP[o IKXGCVTWGCPFHCKTXKGYQHVJGƂPCPEKCNRQUKVKQP
QHVJG%QORCP[CUCV&GEGODGTCPFQHKVUTGUWNVHQTVJG[GCTVJGPGPFGFKPCEEQTFCPEGYKVJ2CTVQH$QQMQH
VJG&WVEJ%KXKN%QFG
9JCVYGJCXGCWFKVGF
9GJCXGCWFKVGFVJGCEEQORCP[KPIƂPCPEKCNUVCVGOGPVUQH5$/1HHUJQTG08#OUVGTFCOCUKPENWFGFKPUGEVKQPU
WRVQCPFKPENWFKPI6JGƂPCPEKCNUVCVGOGPVUKPENWFGVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUQHVJG)TQWRCPFVJG
EQORCP[ƂPCPEKCNUVCVGOGPVU
6JGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUEQORTKUG
Ŷ VJGEQPUQNKFCVGFUVCVGOGPVQHƂPCPEKCNRQUKVKQPCUCV&GEGODGT
Ŷ VJGHQNNQYKPIUVCVGOGPVUHQTVJGEQPUQNKFCVGFKPEQOGUVCVGOGPVVJGEQPUQNKFCVGFUVCVGOGPVQHEQORTGJGPUKXG
KPEQOGVJGEQPUQNKFCVGFUVCVGOGPVQHEJCPIGUKPGSWKV[VJGEQPUQNKFCVGFECUJƃQYUVCVGOGPVCPF
Ŷ VJGPQVGUEQORTKUKPICUWOOCT[QHVJGUKIPKƂECPVCEEQWPVKPIRQNKEKGUCPFQVJGTGZRNCPCVQT[KPHQTOCVKQP
6JG%QORCP[ƂPCPEKCNUVCVGOGPVUEQORTKUG
Ŷ VJG%QORCP[DCNCPEGUJGGVCUCV&GEGODGT
Ŷ VJG%QORCP[KPEQOGUVCVGOGPVHQTVJG[GCTVJGPGPFGF
Ŷ VJGPQVGUEQORTKUKPIVJGCEEQWPVKPIRQNKEKGUCRRNKGFCPFQVJGTGZRNCPCVQT[KPHQTOCVKQP
6JGƂPCPEKCNTGRQTVKPIHTCOGYQTMCRRNKGFKPVJGRTGRCTCVKQPQHVJGƂPCPEKCNUVCVGOGPVUKU'7+(45CPFVJGTGNGXCPV
RTQXKUKQPUQH2CTVQH$QQMQHVJG&WVEJ%KXKN%QFGHQTVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUCPF2CTVQH$QQMQHVJG
&WVEJ%KXKN%QFGHQTVJG%QORCP[ƂPCPEKCNUVCVGOGPVU
6JGDCUKUHQTQWTQRKPKQP
9GEQPFWEVGFQWTCWFKVKPCEEQTFCPEGYKVJ&WVEJNCYKPENWFKPIVJG&WVEJ5VCPFCTFUQP#WFKVKPI9GJCXGHWTVJGT
FGUETKDGFQWTTGURQPUKDKNKVKGUWPFGTVJQUGUVCPFCTFUKPVJGUGEVKQPn1WTTGURQPUKDKNKVKGUHQTVJGCWFKVQHVJGƂPCPEKCN
UVCVGOGPVUoQHQWTTGRQTV
9GDGNKGXGVJCVVJGCWFKVGXKFGPEGYGJCXGQDVCKPGFKUUWHƂEKGPVCPFCRRTQRTKCVGVQRTQXKFGCDCUKUHQTQWTQRKPKQP
+PFGRGPFGPEG
9GCTGKPFGRGPFGPVQH5$/1HHUJQTG08KPCEEQTFCPEGYKVJVJG'WTQRGCP7PKQP4GIWNCVKQPQPURGEKƂETGSWKTGOGPVU
TGICTFKPIUVCVWVQT[CWFKVQHRWDNKEKPVGTGUVGPVKVKGUVJGn9GVVQG\KEJVCEEQWPVCPVUQTICPKUCVKGUo 9VC#WFKVƂTOUUWRGTXKUKQP
CEV VJGn8GTQTFGPKPIKP\CMGFGQPCHJCPMGNKLMJGKFXCPCEEQWPVCPVUDKLCUUWTCPEGQRFTCEJVGPo 8K1%QFGQH'VJKEUHQT
2TQHGUUKQPCN#EEQWPVCPVUCTGIWNCVKQPYKVJTGURGEVVQKPFGRGPFGPEG CPFQVJGTTGNGXCPVKPFGRGPFGPEGTGIWNCVKQPUKPVJG
0GVJGTNCPFU(WTVJGTOQTGYGJCXGEQORNKGFYKVJVJGn8GTQTFGPKPIIGFTCIUGPDGTQGRUTGIGNUCEEQWPVCPVUo 8)$#&WVEJ
%QFGQH'VJKEU
1WTCWFKVCRRTQCEJ
9GFGUKIPGFQWTCWFKVRTQEGFWTGUYKVJTGURGEVVQVJGMG[CWFKVOCVVGTUHTCWFCPFIQKPIEQPEGTPCPFVJGOCVVGTUTGUWNVKPI
HTQOVJCVKPVJGEQPVGZVQHQWTCWFKVQHVJGƂPCPEKCNUVCVGOGPVUCUCYJQNGCPFKPHQTOKPIQWTQRKPKQPVJGTGQP6JG
KPHQTOCVKQPKPUWRRQTVQHQWTQRKPKQPUWEJCUQWTƂPFKPIUCPFQDUGTXCVKQPUTGNCVGFVQKPFKXKFWCNMG[CWFKVOCVVGTUVJGCWFKV
CRRTQCEJHTCWFTKUMCPFVJGCWFKVCRRTQCEJIQKPIEQPEGTPYCUCFFTGUUGFKPVJKUEQPVGZVCPFYGFQPQVRTQXKFGCUGRCTCVG
QRKPKQPQTEQPENWUKQPQPVJGUGOCVVGTU
1XGTXKGYCPFEQPVGZV
5$/1HHUJQTG08UGTXGUVJGQHHUJQTGQKNCPFICUKPFWUVT[D[UWRRN[KPIGPIKPGGTGFRTQFWEVUXGUUGNUCPFU[UVGOUCUYGNNCU
QHHUJQTGQKNCPFICURTQFWEVKQPUGTXKEGU6JKUKPENWFGUVJGEQPUVTWEVKQPCPFVJGNGCUKPICPFQRGTCVKPIQHNCTIGCPFEQORNGZ
QHHUJQTGƃQCVKPIRTQFWEVKQPUVQTCIGCPFQHƃQCFKPIXGUUGNU (251U 6JG)TQWRKUEQORTKUGFQHUGXGTCNEQORQPGPVUCPF
VJGTGHQTGYGEQPUKFGTGFQWTITQWRCWFKVUEQRGCPFCRRTQCEJCUUGVQWVKPVJGUGEVKQPn6JGUEQRGQHQWTITQWRCWFKVo9G
RCKFURGEKƂECVVGPVKQPVQVJGCTGCUQHHQEWUFTKXGPD[VJGQRGTCVKQPUQHVJG)TQWRCUUGVQWVDGNQY
5$/1((5*14'#007#.4'2146
|(+0#0%+#.+0(14/#6+10
#URCTVQHFGUKIPKPIQWTCWFKVYGFGVGTOKPGFOCVGTKCNKV[CPFCUUGUUGFVJGTKUMUQHOCVGTKCNOKUUVCVGOGPVKPVJGƂPCPEKCN
UVCVGOGPVU+PRCTVKEWNCTYGEQPUKFGTGFYJGTGVJGOCPCIGOGPVDQCTFOCFGKORQTVCPVLWFIGOGPVUHQTGZCORNGKPTGURGEV
QHUKIPKƂECPVCEEQWPVKPIGUVKOCVGUVJCVKPXQNXGFOCMKPICUUWORVKQPUCPFEQPUKFGTKPIHWVWTGGXGPVUVJCVCTGKPJGTGPVN[
WPEGTVCKP+PVJGUGEQPUKFGTCVKQPUYGRCKFCVVGPVKQPVQCOQPIUVQVJGTUVJGCUUWORVKQPUWPFGTN[KPIVJGRJ[UKECNCPF
VTCPUKVKQPKORCEVUQHENKOCVGTGNCVGFTKUMU
+PRCTCITCRJQHVJGƂPCPEKCNUVCVGOGPVUVJG%QORCP[FGUETKDGUVJGCTGCUQHLWFIGOGPVKPCRRN[KPICEEQWPVKPI
RQNKEKGUCPFVJGMG[UQWTEGUQHGUVKOCVKQPWPEGTVCKPV[)KXGPVJGUKIPKƂECPVLWFIGOGPVUGUVKOCVKQPQHWPEGTVCKPV[CPFVJG
TGNCVGFJKIJGTKPJGTGPVTKUMUQHOCVGTKCNOKUUVCVGOGPVKPEQPUVTWEVKQPEQPVTCEVUYGEQPUKFGTVJKUCUMG[CWFKVOCVVGTCUUGV
QWVKPVJGUGEVKQPn-G[CWFKVOCVVGTUoQHVJKUTGRQTV
+P(251%KFCFGFG#PEJKGVCYCUUJWVFQYPHTQO,CPWCT[WPVKN&GEGODGTHQNNQYKPIQDUGTXCVKQPQH
QKNPGCTVJGXGUUGN#UCTGUWNVQHVJKUGXGPVCPFDCUGFQPVJGOCPCIGOGPVCUUGUUOGPVCPKORCKTOGPVYCUCEEQWPVGFHQTKP
VJG[GCTGPFTGUWNVU)KXGPVJGOCIPKVWFGQHVJGCOQWPVUKPXQNXGFVJGEQORNGZPCVWTGQHVJGKORCKTOGPVCUUGUUOGPV
CPFVJGUKIPKƂECPVLWFIGOGPVUCPFGUVKOCVGUCRRNKGFD[VJGOCPCIGOGPVYGEQPUKFGTGFVJKUCUMG[CWFKVOCVVGTCUYGNN
5$/1HHUJQTG08CUUGUUGFVJGRQUUKDNGGHHGEVUQHENKOCVGEJCPIGCPFKVURNCPUVQOGGVVJGGOKUUKQP<'41|EQOOKVOGPVU
QPKVUƂPCPEKCNRQUKVKQP+PRCTCITCRJQHVJGCPPWCNTGRQTVCPFQHVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUVJG
OCPCIGOGPVDQCTFTGƃGEVUQPENKOCVGTGNCVGFTKUMCPFQRRQTVWPKVKGU/CPCIGOGPVEQPENWFGFVJCVVJGENKOCVGEJCPIGJCU
PQKORCEVQPVJGECTT[KPICOQWPVUQHCUUGVUCPFNKCDKNKVKGUCUQH&GEGODGT+VKUOCPCIGOGPVoUCUUGUUOGPVVJCVVJG
HWVWTGGUVKOCVGUCPFLWFIGOGPVUWPFGTN[KPIVJGECTT[KPICOQWPVUQHCUUGVUQTNKCDKNKVKGUYKNNDGKPƃWGPEGFD[KVUTGURQPUGVQ
CPFCUUGUUOGPVQHENKOCVGTGNCVGFTKUMU9GFKUEWUUGFOCPCIGOGPVoUCUUGUUOGPVCPFIQXGTPCPEGVJGTGQHCPFGXCNWCVGFVJG
RQVGPVKCNKORCEVQPVJGƂPCPEKCNRQUKVKQPKPENWFKPIWPFGTN[KPICUUWORVKQPUCPFGUVKOCVGU&WTKPIVJGCWFKVYGKPXQNXGFQWT
UWUVCKPCDKNKV[URGEKCNKUVUVQCUUGUUVJGENKOCVGTGNCVGFTKUMU$CUGFQPQWTFKUEWUUKQPUCPFGXCNWCVKQPCUFGUETKDGFCDQXGYG
JCFPQKPFKECVKQPVJCVENKOCVGEJCPIGKUCMG[CWFKVOCVVGTQTVJCVKVKORCEVGFQWTMG[CWFKVOCVVGTU
1VJGTCTGCUQHHQEWUVJCVYGTGPQVEQPUKFGTGFCUMG[CWFKVOCVVGTUYGTGVJGNGCUGENCUUKƂECVKQPQHCYCTFGFEQPVTCEVU
XCNWCVKQPQHƂPCPEGNGCUGTGEGKXCDNGUUGIOGPVTGRQTVKPIFKUENQUWTGCPFCEEQWPVKPIHQTWPEGTVCKPVCZRQUKVKQPU6JGTGYGTG
CNUQKPVGTPCNEQPVTQNOCVVGTUKFGPVKƂGFTGNCVKPIVQVJG+6GPXKTQPOGPVCPF+6OKITCVKQPVQVJGPGY'42U[UVGO n+(5o VJCV
TGSWKTGFCFFKVKQPCNCWFKVGHHQTVDWVVJGUGYGTGPQVEQPUKFGTGFMG[CWFKVOCVVGTU
9GGPUWTGFVJCVVJGCWFKVVGCOUCVDQVJITQWRCPFEQORQPGPVNGXGNKPENWFGFVJGCRRTQRTKCVGUMKNNUCPFEQORGVGPEGUYJKEJ
CTGPGGFGFHQTVJGCWFKVQHC%QORCP[RTQXKFKPIƃQCVKPIRTQFWEVKQPUQNWVKQPUVQVJGQHHUJQTGGPGTI[KPFWUVT[QXGTVJGHWNN
RTQFWEVNKHGE[ENG9GKPENWFGFOGODGTUYKVJTGNGXCPVKPFWUVT[GZRGTVKUGCPFURGEKCNKUVUKPVJGCTGCUQH+6EQTRQTCVGKPEQOG
VCZXCNWCVKQPUWUVCKPCDKNKV[CPFGORNQ[GGDGPGƂVUKPQWTCWFKVVGCO9GCNUQKPXQNXGFHQTGPUKEUURGEKCNKUVUKPQWT
CUUGUUOGPVQHHTCWFTKUMHCEVQTU
6JGQWVNKPGQHQWTCWFKVCRRTQCEJYCUCUHQNNQYU
Materiality
Materiality Ŷ 1Xerall materiality 7S millioP
Audit scope
Ŷ 9e coPducted audit YorM iP tJree locatioPs oP Hour compoPePts
Audit Scope
Ŷ 9e coPducted tJe Iroup audit Hrom tJe 0etJerlaPds Site Xisits Yere coPducted iP
oPe couPtry s MoPaco 9e also Jeld Xirtual meetiPIs
Ŷ Audit coXeraIe oH coPsolidated reXePue oH coPsolidated total assets aPd
oH coPsolidated proƂt DeHore taZ
Key audit
matters
Key audit matters
Ŷ 'stimates aPd LudIemePts iP coPstructioP coPtracts
Ŷ 'stimates aPd LudIemePts iP impairmePt assessmePt oH (2S1 %idade de APcJieta
Materiality
6Je scope oH our audit Yas iPƃuePced Dy tJe applicatioP oH materiality YJicJ is HurtJer eZplaiPed iP tJe sectioP n1ur
respoPsiDilities Hor tJe audit oH tJe ƂPaPcial statemePtso
$ased oP our proHessioPal LudIemePt Ye determiPed certaiP SuaPtitatiXe tJresJolds Hor materiality iPcludiPI tJe oXerall
materiality Hor tJe ƂPaPcial statemePts as a YJole as set out iP tJe taDle DeloY 6Jese toIetJer YitJ SualitatiXe
coPsideratioPs Jelped us to determiPe tJe Pature timiPI aPd eZtePt oH our audit procedures oP tJe iPdiXidual ƂPaPcial
statemePt liPe items aPd disclosures aPd to eXaluate tJe eHHect oH idePtiƂed misstatemePts DotJ iPdiXidually aPd iP
aIIreIate oP tJe ƂPaPcial statemePts as a YJole aPd oP our opiPioP
5$/1((5*14'#007#.4'2146
1Xerall Iroup materiality 7S millioP 7S millioP
$asis Hor determiPiPI 9e used our proHessioPal LudIemePt to determiPe oXerall materiality As a Dasis Hor our
materiality LudIemePt Ye used oH proƂt DeHore iPcome taZ
1ur calculated oXerall materiality Dased oP tJe actual results oH tJe compaPy Yould De 7S
millioP +P aIreemePt YitJ tJe superXisory Doard Ye maiPtaiPed tJe leXel oH 7S millioP as
iPcluded iP our audit plaP
4atioPale Hor DePcJmarM 9e used tJis DePcJmarM aPd tJe rule oH tJumD Dased oP our aPalysis oH tJe commoP
applied iPHormatioP Peeds oH users oH tJe ƂPaPcial statemePts iPcludiPI Hactors sucJ as tJe Jeadroom
oP coXePaPts aPd tJe ƂPaPcial positioP oH tJe )roup 1P tJis Dasis Ye DelieXe tJat proƂt DeHore
taZ is aP importaPt metric Hor tJe ƂPaPcial perHormaPce oH tJe )roup
%ompoPePt materiality 6o eacJ compoPePt iP our audit scope Ye Dased oP our LudIemePt allocated materiality tJat
is less tJaP our oXerall Iroup materiality 6Je raPIe oH materiality allocated across compoPePts
Yas DetYeeP 7S millioP aPd 7S millioP
9e also taMe misstatemePts aPdor possiDle misstatemePts iPto accouPt tJat iP our LudIemePt are material Hor SualitatiXe
reasoPs
9e aIreed YitJ tJe superXisory Doard tJat Ye Yould report to tJem aPy misstatemePt idePtiƂed duriPI our audit aDoXe
7S millioP 7S millioP Hor DalaPce sJeet reclassiƂcatioPs aPd 7S millioP Hor proƂt DeHore taZ impact
7S millioP as Yell as misstatemePts DeloY tJat amouPt tJat iP our XieY YarraPted reportiPI Hor SualitatiXe reasoPs
6JGUEQRGQHQWTITQWRCWFKV
S$M 1HHsJore 08 is tJe parePt compaPy oH a Iroup oH ePtities 6Je ƂPaPcial iPHormatioP oH tJis Iroup is iPcluded iP tJe
coPsolidated ƂPaPcial statemePts oH S$M 1HHsJore 08
9e tailored tJe scope oH our audit to ePsure tJat Ye iP aIIreIate proXide suHƂciePt coXeraIe oH tJe ƂPaPcial statemePts Hor
us to De aDle to IiXe aP opiPioP oP tJe ƂPaPcial statemePts as a YJole taMiPI iPto accouPt tJe maPaIemePt structure oH tJe
)roup tJe Pature oH operatioPs oH its compoPePts tJe accouPtiPI processes aPd coPtrols aPd tJe marMets iP YJicJ tJe
compoPePts oH tJe )roup operate +P estaDlisJiPI tJe oXerall Iroup audit strateIy aPd plaP Ye determiPed tJe type oH YorM
reSuired to De perHormed at compoPePt leXel Dy tJe Iroup ePIaIemePt team aPd Dy eacJ compoPePt auditor
6Je Iroup audit Hocused oP tYo compoPePts iP MoPaco 6urPMey as Yell as 1peratioPs tJe treasury sJared serXice cePter
iP Marly SYit\erlaPd aPd oPe otJer compoPePt )roup %orporate &epartmePts located iP Amsterdam tJe 0etJerlaPds
6Je 6urPMey as Yell as 1peratioPs compoPePts iP MoPaco Yere suDLect to audits oH tJeir complete ƂPaPcial iPHormatioP as
tJose compoPePts are iPdiXidually ƂPaPcially siIPiƂcaPt to tJe )roup
6Je processes aPd ƂPaPcial statemePt liPe items maPaIed Dy tJe treasury sJared serXice cePter iP Marly SYit\erlaPd Yere
suDLect to speciƂed audit procedures (or tJe )roup %orporate &epartmePts compoPePt iP Amsterdam tJe Iroup
ePIaIemePt team perHormed audit YorM oP speciƂed DalaPces to acJieXe appropriate coXeraIe oP ƂPaPcial liPe items iP tJe
coPsolidated ƂPaPcial statemePts
+P total iP perHormiPI tJese procedures Ye acJieXed tJe HolloYiPI coXeraIe oP tJe ƂPaPcial liPe items
Revenue 100%
.................................................................................................................................................................................................................................................................................................................................................................................................................
Total assets 99%

.................................................................................................................................................................................................................................................................................................................................................................................................................
Profit before tax 91%
0oPe oH tJe remaiPiPI compoPePts represePted more tJaP oH total Iroup reXePue or total Iroup assets (or tJose
remaiPiPI compoPePts Ye perHormed amoPI otJer tJiPIs aPalytical procedures to corroDorate our assessmePt tJat tJere
Yere Po siIPiƂcaPt risMs oH material misstatemePts YitJiP tJose compoPePts
(or tJe compoPePts iP MoPaco aPd tJe treasury sJared serXice cePter iP Marly SYit\erlaPd Ye used compoPePt auditors
YJo are Hamiliar YitJ tJe local laYs aPd reIulatioPs to perHorm tJe audit YorM 6Je audit Yas perHormed DotJ remotely aPd
at cliePt oHƂces (or tJe Mey meetiPIs aPd audit procedures DotJ tJe Iroup aPd compoPePt ePIaIemePt teams Xisited tJe
cliePt oHƂces (or remote audit procedures Ye used Xideo coPHerePciPI aPd diIital sJariPI oH screePs aPd documePts
9Jere compoPePt auditors perHormed tJe YorM Ye determiPed tJe leXel oH iPXolXemePt Ye Peeded to JaXe iP tJeir YorM to
De aDle to coPclude YJetJer Ye Jad oDtaiPed suHƂciePt aPd appropriate audit eXidePce as a Dasis Hor our opiPioP oP tJe
coPsolidated ƂPaPcial statemePts as a YJole
9e issued iPstructioPs to tJe compoPePt audit teams iP our audit scope 6Jese iPstructioPs iPcluded amoPIst otJers our risM
aPalysis materiality aPd tJe scope oH tJe YorM 9e eZplaiPed to tJe compoPePt audit teams tJe structure oH tJe )roup tJe
maiP deXelopmePts tJat Yere releXaPt Hor tJe compoPePt auditors tJe risMs idePtiƂed tJe materiality leXels to De applied
aPd our IloDal audit approacJ 9e Jad iPdiXidual calls YitJ eacJ oH tJe iPscope compoPePt audit teams DotJ duriPI tJe
year aPd upoP coPclusioP oH tJeir YorM &uriPI tJese calls Ye discussed tJe siIPiƂcaPt accouPtiPI aPd audit issues
idePtiƂed Dy tJe compoPePt auditors tJeir reports tJe ƂPdiPIs oH tJeir procedures aPd otJer matters tJat could De oH
releXaPce Hor tJe coPsolidated ƂPaPcial statemePts
S$M 1((S*14' A007A. 4'2146

|(+0#0%+#.+0(14/#6+10
6Je Iroup ePIaIemePt team Xisited DotJ tJe 6urPMey as Yell as 1peratioPs compoPePts iP MoPaco IiXeP tJe importaPce
oH tJese compoPePts Hor tJe coPsolidated ƂPaPcial statemePts as a YJole aPd LudIemePts iPXolXed iP tJe estimates iP
coPstructioP coPtracts reHer to tJe respectiXe Mey audit matter (or tJe compoPePts iP MoPaco Ye reXieYed selected
YorMiPI papers oH tJe respectiXe compoPePt auditors (or tJe treasury sJared serXice cePter iP Marly SYit\erlaPd tJe Iroup
audit team Jeld Xirtual meetiPIs| 9e remotely reXieYed selected YorMiPI papers oH tJe respectiXe compoPePt auditor
+P additioP to tJe YorM oP tJe )roup %orporate &epartmePts compoPePt tJe Iroup ePIaIemePt team perHormed tJe audit
YorM oP tJe Iroup coPsolidatioP ƂPaPcial statemePt disclosures aPd a PumDer oH compleZ accouPtiPI matters at tJe Jead
oHƂce 6Jese iPcluded impairmePt assessmePts accouPtiPI implicatioP assessmePts oH lease eZtePsioPs aPd modiƂcatioPs
as Yell as DusiPess comDiPatioPs sJareDased paymePts taZes iPcludiPI deHerred taZes aPd uPcertaiP taZ proXisioPs aPd
directioPal reportiPI as part oH tJe seImePt reportiPI disclosures
$y perHormiPI tJe procedures outliPed aDoXe at tJe compoPePts comDiPed YitJ additioPal procedures eZercised at Iroup
leXel Ye JaXe DeeP aDle to oDtaiP suHƂciePt aPd appropriate audit eXidePce oP tJe )roupos ƂPaPcial iPHormatioP to proXide
a Dasis Hor our opiPioP oP tJe ƂPaPcial statemePts
#WFKVCRRTQCEJHTCWFTKUMU
9e idePtiƂed aPd assessed tJe risMs oH material misstatemePts oH tJe ƂPaPcial statemePts due to Hraud &uriPI our audit Ye
oDtaiPed aP uPderstaPdiPI oH tJe ePtity aPd its ePXiroPmePt aPd tJe compoPePts oH tJe system oH iPterPal coPtrol 6Jis
iPcluded tJe maPaIemePt Doardos risM assessmePt process tJe maPaIemePt Doardos process Hor respoPdiPI to tJe risMs oH
Hraud aPd moPitoriPI tJe iPterPal coPtrol system aPd JoY tJe superXisory Doard eZercised oXersiIJt as Yell as tJe
outcomes
9e eXaluated tJe desiIP aPd releXaPt aspects oH tJe system oH iPterPal coPtrol aPd iP particular tJe Hraud risM assessmePt as
Yell as amoPI otJers tJe code oH coPduct YJistle DloYer procedures aPd iPcidePt reIistratioP 9e eXaluated tJe desiIP
aPd tJe implemePtatioP aPd YJere coPsidered appropriate tested tJe operatiPI eHHectiXePess oH iPterPal coPtrols desiIPed
to mitiIate Hraud risMs
9e asMed memDers oH tJe maPaIemePt Doard aPd tJe superXisory Doard YJetJer tJey are aYare oH aPy actual or suspected
Hraud
As part oH our process oH idePtiHyiPI Hraud risMs Ye iP cooperatioP YitJ our HorePsic specialists eXaluated Hraud risM Hactors
YitJ respect to ƂPaPcial reportiPI Hraud misappropriatioP oH assets aPd DriDery aPd corruptioP 9e eXaluated YJetJer tJese
Hactors iPdicate tJat a risM oH material misstatemePt due to Hraud is presePt
9e idePtiƂed tJe HolloYiPI Hraud risMs aPd perHormed tJe HolloYiPI speciƂc procedures
+FGPVKƂGFHTCWFTKUMU 1WTCWFKVYQTMCPFQDUGTXCVKQPU
MaPaIemePt oXerride oH coPtrols
MaPaIemePt is iP a uPiSue positioP to perpetrate Hraud 9Jere releXaPt to our audit Ye eXaluated tJe desiIP oH tJe
Decause oH maPaIemePtos aDility to maPipulate accouPtiPI iPterPal coPtrol measures tJat are iPtePded to mitiIate tJe
records aPd prepare HraudulePt ƂPaPcial statemePts Dy risM oH maPaIemePt oXerride oH coPtrols aPd assessed tJe
oXerridiPI coPtrols tJat otJerYise appear to De operatiPI eHHectiXePess oH tJe measures iP tJe processes IePeratiPI
eHHectiXely 6Jat is YJy iP all our audits Ye pay attePtioP to LourPal ePtries maMiPI estimates aPd moPitoriPI proLects
tJe risM oH maPaIemePt oXerride oH coPtrols iP 9e also paid speciƂc attePtioP to tJe access saHeIuards iP
Ŷ 6Je appropriatePess oH LourPal ePtries aPd otJer tJe +6 system aPd tJe possiDility tJat tJese lead to XiolatioPs
adLustmePts made iP tJe preparatioP oH tJe ƂPaPcial oH tJe seIreIatioP oH duties
statemePts
Ŷ 'stimates
9e perHormed LourPal ePtry testiPI procedures oP tJe
Ŷ SiIPiƂcaPt traPsactioPs iH aPy outside tJe Pormal course oH
HolloYiPI criteria uPeZpected accouPt comDiPatioPs uPusual
DusiPess Hor tJe ePtity Yords uPusual times aPd uPeZpected users| +P additioP Ye
also tested maPual coPsolidatioP adLustmePts
9itJ reIard to maPaIemePtos accouPtiPI estimates Ye

eXaluated Mey estimates aPd LudIemePts Hor Dias iPcludiPI
retrospectiXe reXieYs oH prior yearos estimates 9e perHormed
suDstaPtiXe audit procedures Hor tJe estimates iP reXePue
aPd coPstructioP coPtracts 2lease reHer to Mey audit matters
sectioPs pKey audit matters 'stimates aPd LudIemePts iP
coPstructioP coPtractsq aPd p'stimates aPd LudIemePts iP
impairmePt assessmePt oH (2S1 %idade de APcJietaq
1ur audit procedures did Pot lead to speciƂc iPdicatioPs oH

Hraud or suspicioPs oH Hraud YitJ respect to maPaIemePt
oXerride oH coPtrols
S$M 1((S*14' A007A. 4'2146

4isM oH Hraud iP reXePue recoIPitioP s coPstructioP coPtracts
)iXeP tJe listed status oH S$M 1HHsJore 08 tJe siIPiƂcaPt 9Jere releXaPt to our audit Ye assessed tJe desiIP oH tJe
sJareJoldiPIs oH maPaIemePt iP S$M 1HHsJore 08 as a iPterPal coPtrol measures aPd tJe eHHectiXePess oH tJese
result oH sJareDased paymePt plaPs aPd ƂPaPcial tarIets Hor measures iP tJe processes Hor recordiPI costs aPd reXePues
maPaIemePt tJe compleZ Pature oH tJe %ompaPyos relatiPI to coPstructioP coPtracts 6Jis iPcludes proLect
coPstructioP coPtracts aPd tJe siIPiƂcaPt LudIemePts aPd HorecastiPI measuremePt oH tJe proIress toYards complete
estimates tJe reXePue recoIPitioP oH coPstructioP coPtracts satisHactioP oH tJe perHormaPce oDliIatioP to determiPe tJe
Yas particularly suDLect to tJe risM oH a material misstatemePt timiPI oH reXePue recoIPitioP aPd tJe %ompaPyos iPterPal
due to Hraud proLect reXieYs 9e coPcluded tJat Ye iP tJe coPteZt oH our
audit could rely oP tJe iPterPal coPtrol procedures releXaPt
6Je determiPatioP oH tJe turPMey seImePt result Dased oP to tJis risM
oXer time recoIPitioP is aP eZercise reSuiriPI siIPiƂcaPt
LudIemePt aPd maPaIemePt could use tJis estimate iP order 9itJ respect to tJe satisHactioP oH tJe perHormaPce
to maPipulate tJe ƂIures to sJiHt DetYeeP year s &ue to tJis oDliIatioPs oXer time aPd tJe cutoHH aPd accuracy Hor
Ye deem tJe risM siIPiƂcaPt Hor tJe cutoHH aPd accuracy iPdiXidual proLects uPder coPstructioP Ye eZamiPed
assertioP Hor reXePue discussed aPd cJallePIed proLect documePtatioP oP tJe
status proIress aPd Horecasts YitJ maPaIemePt leIal
ƂPaPce aPd tecJPical staHH oH tJe %ompaPy 9e eXaluated
aPd suDstaPtiated tJe outcome oH tJese discussioPs Dy
eZamiPiPI modiƂcatioPs oH coPtracts YJere applicaDle sucJ
as claims aPd XariatioP orders DetYeeP tJe %ompaPy
suDcoPtractors aPd cliePts aPd respoPses tJereto
+P additioP Ye perHormed suDstaPtiXe procedures sucJ as a

detailed eXaluatioP oH Horecasts aPd oPIoiPI assessmePt oH
maPaIemePtos LudIemePt oP issues eXaluatioP oH DudIet
XariaPces aPd oDtaiPiPI corroDoratiPI eXidePce eXaluatioP
oH proLect coPtiPIePcies aPd milestoPes aPd recalculatioP oH
tJe proIress toYards complete satisHactioP oH tJe
perHormaPce oDliIatioP +P additioP Ye eXaluated YJetJer
tJere Yere iPdicatioPs oH possiDle maPaIemePt Dias
9e perHormed audit procedures iP respect to tJe siIPiƂcaPt

accouPtiPI estimates 2lease reHer to sectioP pKey audit
mattersq
+P additioP at tJe ePd oH tJe year Ye coPducted speciƂc

suDstaPtiXe audit procedures reIardiPI tJe cutoHH oH
coPstructioP coPtracts to determiPe tJat tJere Yere Po sJiHts
iP results per iPdiXidual proLect aPdor DetYeeP tJe currePt
aPd PeZt ƂPaPcial year
(iPally Ye perHormed LourPal ePtry testiPI procedures oP tJe

HolloYiPI criteria uPeZpected accouPt comDiPatioPs|
1ur audit procedures did Pot idePtiHy aPy material

misstatemePts iP tJe iPHormatioP proXided Dy maPaIemePt
iP tJe ƂPaPcial statemePts|

Hraud or suspicioPs oH Hraud YitJ respect to reXePue
recoIPitioP s coPstructioP coPtracts
S$M 1((S*14' A007A. 4'2146

|(+0#0%+#.+0(14/#6+10
4isM oH Hraud iP reXePue recoIPitioP s lease aPd operate
AltJouIJ tJe lease coPtracts aPd maPy oH tJe operate 9Jere releXaPt to our audit Ye assessed tJe desiIP oH tJe
coPtracts itselH speciHy speciƂc dayrates per Xessel aPd iPterPal coPtrol measures aPd tJe eHHectiXePess oH tJese
periodic operatiPI Hees aPd tJereHore tJe reXePue is Xery measures iP tJe processes Hor recordiPI costs aPd reXePues
predictaDle aPd relatiXely certaiP tJere are elemePts iP YJicJ relatiPI to tJe lease aPd operate coPtracts 6Jis iPcludes
maPaIemePt could maPipulate tJe lease aPd operate IaiPiPI aP uPderstaPdiPI oH tJe uPderlyiPI coPtracts malus
reXePue sucJ as tJe recoIPitioP oH maluses arraPIemePts aPd Mey perHormaPce iPdicators liMe up aPd
doYPtime to determiPe tJe possiDle impact oP tJe reXePue
9e coPsider accuracy eZistePce aPd occurrePce as assertioPs recoIPitioP 9e coPcluded tJat Ye iP tJe coPteZt oH our
releXaPt Hor tJe risM oH Hraud iP reXePue recoIPitioP Hor lease audit could rely oP tJe iPterPal coPtrol procedures releXaPt
operate reXePues to tJis risM
9itJ respect to tJe satisHactioP oH tJe perHormaPce

oDliIatioPs Hor iPdiXidual coPtracts Ye eZamiPed discussed
aPd cJallePIed S$M 1HHsJore 08 oP tJe recoIPitioP oH
maluses YitJ maPaIemePt leIal ƂPaPce aPd tecJPical staHH
oH tJe %ompaPy 9e eXaluated aPd suDstaPtiated tJe
outcome oH tJese discussioPs Dy eZamiPiPI tJe
completePess oH recoIPi\ed claims aPd maluses Dy tJe
%ompaPy aPd respoPses tJereto perHormiPI suDstaPtiXe
procedures sucJ as oDtaiPiPI corroDoratiPI eXidePce
eXaluatioP oH Xessels report +P additioP as part oH our
suDstaPtiXe audit procedures Ye eXaluated YJetJer tJere
Yere iPdicatioPs oH possiDle maPaIemePt Dias
(iPally Ye perHormed LourPal ePtry testiPI procedures oP tJe

HolloYiPI criteria uPeZpected accouPt comDiPatioPs

misstatemePt iP tJe iPHormatioP proXided Dy maPaIemePt iP
tJe ƂPaPcial statemePts

Hraud or suspicioPs oH Hraud YitJ respect to reXePue
recoIPitioP s lease aPd operate
4isM oH DriDery aPd corruptioP

6Je compaPy operates iP couPtries YitJ a JiIJer risM oH 9Jere releXaPt to our audit Ye assessed tJe desiIP aPd
corruptioP Dased oP tJe %orruptioP 2erceptioP +PdeZ oH eHHectiXePess oH tJe iPterPal coPtrol measures YitJ respect to
6raPsparePcy +PterPatioPal (or tJis reasoP Ye paid particular coPtracts YitJ cliePts aPd aIePts aPd tJe reXieY oH tJe YorM
attePtioP to tJe risM oH tJe paymePt oH DriDes Dy aPd at tJe Dy aIePts 9e coPcluded tJat Ye iP tJe coPteZt oH our audit
iPitiatiXe oH aIePts iP traPsactioPs coPcluded usiPI aIePts could rely oP tJe iPterPal coPtrol procedures releXaPt to tJis
risM
9e Jeld Xarious meetiPIs YitJ maPaIemePt aPd otJer S$M

1HHsJore 08 staHH to discuss tJe risM oH DriDery aPd
corruptioP AmoPIst otJers Ye spoMe to tJe Iroup
compliaPce aPd leIal director iPterPal audit director %(1
%11 aPd %'1 9e assessed tJat Po PeY coPtracts YitJ
aIePts JaXe DeeP aIreed iP
+P additioP aPd amoPIst otJers Ye perHormed tJe HolloYiPI

procedures
Ŷ 9Jere applicaDle Ye eXaluated miPutes oH meetiPIs Jeld
to idePtiHy potePtial traPsactioPs YitJ aIePts aPd Dy aIePts
itselH
Ŷ 9Jere applicaDle Ye assessed YJetJer tJe commissioP is
calculated correctly paid correctly aPd completely to a
DaPM accouPt Jeld Dy tJe aIePt as Yell as YJetJer tJe
traPsactioPs are at armos lePItJ
S$M 1((S*14' A007A. 4'2146

Ŷ 'Xaluated iPterPal audit reports aPd iPterPal reportiPIos to
tJe audit committee
Ŷ 4eXieYed YJistleDloYer PotiƂcatioPs aPd HolloY up
procedures Dy maPaIemePt
(iPally Ye selected LourPal ePtries Dased oP speciƂc risM
criteria aPd perHormed suDstaPtiXe audit procedures

misstatemePt iP tJe iPHormatioP proXided Dy maPaIemePt iP
tJe ƂPaPcial statemePts

Hraud or suspicioPs oH Hraud YitJ respect to tJe risM oH DriDery
aPd corruptioP
9e reXieYed laYyeros letters aPd correspoPdePce YitJ reIulators YJere applicaDle 9e iPcorporated aP elemePt oH
uPpredictaDility iP our audit &uriPI tJe audit Ye remaiPed alert to iPdicatioPs oH Hraud 9e also coPsidered tJe outcome oH
our otJer audit procedures aPd eXaluated YJetJer aPy ƂPdiPIs Yere iPdicatiXe oH Hraud or PoPcompliaPce oH laYs aPd
reIulatioPs 9JePeXer Ye idePtiHy aPy iPdicatioPs oH Hraud Ye reeXaluate our Hraud risM assessmePt aPd its impact oP our
audit procedures
#WFKVCRRTQCEJIQKPIEQPEGTP
As disclosed iP paraIrapJ iP tJe ƂPaPcial statemePts MaPaIemePt perHormed tJeir assessmePt oH tJe ePtityos aDility
to coPtiPue as a IoiPI coPcerP Hor at least moPtJs Hrom tJe date oH preparatioP oH tJe ƂPaPcial statemePts aPd Jas Pot
idePtiƂed eXePts or coPditioPs tJat may cast siIPiƂcaPt douDt oP tJe ePtityos aDility to coPtiPue as a IoiPI coPcerP
JereaHter IoiPI coPcerP risMs
1ur procedures to eXaluate tJe maPaIemePtos IoiPI coPcerP assessmePt iPcluded amoPIst otJers
Ŷ %oPsideratioPs YJetJer maPaIemePtos IoiPI coPcerP assessmePt iPcluded all releXaPt iPHormatioP oH YJicJ Ye are aYare
as a result oH our audit aPd iPSuiriPI YitJ maPaIemePt reIardiPI maPaIemePtos most importaPt assumptioPs uPderlyiPI
its IoiPI coPcerP assessmePt
Ŷ 'XaluatiPI maPaIemePtos currePt operatiPI plaP iPcludiPI casJ ƃoYs Hor at least moPtJs Hrom tJe date oH preparatioP
oH tJe ƂPaPcial statemePts taMeP iPto accouPt currePt deXelopmePts iP tJe iPdustry aPd all releXaPt iPHormatioP oH YJicJ
Ye are aYare as a result oH our audit
Ŷ APalysiPI YJetJer tJe currePt aPd tJe reSuired ƂPaPciPI Jas DeeP secured to ePaDle tJe coPtiPuatioP oH tJe ePtirety oH
tJe ePtityos operatioPs iPcludiPI compliaPce YitJ releXaPt coXePaPts
Ŷ 2erHormiPI iPSuiries oH maPaIemePt as to its MPoYledIe oH IoiPI coPcerP risMs DeyoPd tJe period oH maPaIemePtos
assessmePt
1ur procedures did Pot result iP outcomes coPtrary to tJe maPaIemePtos assumptioPs aPd LudIemePts used iP tJe
applicatioP oH tJe IoiPI coPcerP assumptioP
-G[CWFKVOCVVGTU
Key audit matters are tJose matters tJat iP our proHessioPal LudIemePt Yere oH most siIPiƂcaPce iP tJe audit oH tJe
ƂPaPcial statemePts 9e JaXe commuPicated tJe Mey audit matters to tJe superXisory Doard 6Je Mey audit matters are Pot a
compreJePsiXe reƃectioP oH all matters idePtiƂed Dy our audit aPd tJat Ye discussed +P tJis sectioP Ye descriDed tJe Mey
audit matters aPd iPcluded a summary oH tJe audit procedures Ye perHormed oP tJose matters
+P currePt year Ye coPsidered tJat p%ompleZ lease accouPtiPIq Yas Pot a Mey audit matter as tJe )roup did Pot iPcur
compleZ lease traPsactioPs tJat reSuired siIPiƂcaPt LudIemePts iP tJe applicatioP oH lease accouPtiPI Hrom a lessor
perspectiXe Dy maPaIemePt
S$M 1((S*14' A007A. 4'2146

|(+0#0%+#.+0(14/#6+10
-G[CWFKVOCVVGT 1WTCWFKVYQTMCPFQDUGTXCVKQPU
'stimates aPd LudIemePts iP coPstructioP coPtracts
0ote aPd to tJe coPsolidated ƂPaPcial statemePts
6Je accouPtiPI Hor coPtracts YitJ customers uPder +(4S 9e assessed YJetJer tJe satisHactioP oH tJe perHormaPce
n4eXePue Hrom coPtracts YitJ customerso is compleZ aPd oDliIatioPs to De recoIPi\ed as reXePue recoIPitioP sJould
depePdePt oP tJe speciƂc arraPIemePts DetYeeP tJe )roup De as eitJer poiPt iP time or oXer time
aPd its cliePts as aIreed upoP iP tJe coPtracts
9e perHormed looMDacM procedures as part oH our risM
)iXeP tJe uPiSue Pature oH eacJ separate proLect aPd assessmePt procedures Dy compariPI tJe estimates iPcluded
coPtract maPaIemePt perHormed a coPtract aPalysis oP a iP tJe currePt proLects YitJ past proLects oH similar Pature aPd
caseDycase Dasis to determiPe tJe applicaDle accouPtiPI preXious estimates oH tJe same proLect as tJis proXides
aPd reXePue recoIPitioP SiIPiƂcaPt maPaIemePt LudIemePt iPsiIJt iP tJe aDility oH maPaIemePt to proXide reliaDle
applied iP idePtiHyiPI tJe perHormaPce oDliIatioPs aPd estimates 6Je outcome oH tJese looMDacM procedures
determiPiPI YJetJer tJey are distiPct tJe metJod oH reXePue coPƂrmed our uPderstaPdiPI aPd risM assessmePt related to
recoIPitioP as eitJer poiPt iP time or oXer time coPtract proLect estimates
modiƂcatioPs aPd XariaDle coPsideratioP are compleZ aPd
suDLectiXe 9e IaiPed aP uPderstaPdiPI oH processes eXaluated aPd
tested tJe releXaPt coPtrols tJe )roup desiIPed aPd
$ased oP our risM assessmePt tJe most critical aPd implemePted YitJiP its process to record costs aPd reXePues
LudIemePtal estimates to determiPe satisHactioP oH tJe relatiPI to coPstructioP coPtracts 6Jis iPcludes proLect
perHormaPce oDliIatioPs oXer time is tJe estimate oH tJe cost HorecastiPI measuremePt oH tJe proIress toYards complete
to complete aPd tJe measuremePt oH proIress toYards satisHactioP oH tJe perHormaPce oDliIatioP to determiPe tJe
complete satisHactioP oH tJe perHormaPce oDliIatioP timiPI oH reXePue recoIPitioP aPd tJe )roupos iPterPal
iPcludiPI tJe suDLectiXity aPd estimatioP uPcertaiPty iP tJe proLect reXieYs 9e HouPd tJat Ye iP tJe coPteZt oH our
assessmePt oH remaiPiPI risMs aPd coPtiPIePcies tJat a audit could rely oP tJese iPterPal coPtrol procedures
proLect is or could De HaciPI
9itJ respect to tJe satisHactioP oH tJe perHormaPce
+P tJe )roup coPtiPued to Hace %18+& IloDal oDliIatioPs oXer time Ye eZamiPed proLect documePtatioP
macroecoPomic turmoil aPd operatioPal cJallePIes 6Jese oP tJe status proIress aPd Horecasts oH proLects uPder
iPclude price iPƃatioP oH materials aPd serXices yard closures coPstructioP aPd discussed aPd cJallePIed tJose YitJ
aPd supplier capacity coPstraiPts 6Je deIree to YJicJ tJese maPaIemePt ƂPaPce aPd tecJPical staHH oH tJe )roup 9e
cJallePIes iPƃuePced tJe cost to complete Xaried Hrom eXaluated aPd suDstaPtiated tJe outcome oH tJese
proLect to proLect aPd caP De siIPiƂcaPt discussioPs Dy eZamiPiPI modiƂcatioPs oH coPtracts YJere
applicaDle sucJ as claims aPd XariatioP orders DetYeeP tJe
)iXeP tJe maIPitude oH tJe amouPts iPXolXed 7S DillioP )roup suDcoPtractors aPd cliePts aPd respoPses tJereto +P
oH turPMey reXePue aPd 7S DillioP oH coPstructioP YorMiP additioP Ye perHormed procedures sucJ as a detailed
proIress tJe compleZ Pature oH tJe %ompaPyos coPstructioP eXaluatioP oH Horecasts aPd oPIoiPI assessmePt oH
coPtracts aPd tJe siIPiƂcaPt LudIemePts aPd estimates maPaIemePtos LudIemePt oP issues eXaluatioP oH DudIet
tJese areas Yere particularly suDLect to tJe siIPiƂcaPt risM oH XariaPces aPd oDtaiPiPI corroDoratiPI eXidePce eXaluatioP
misstatemePt related to eitJer error or Hraud $ased oP tJe oH proLect coPtiPIePcies aPd milestoPes aPd recalculatioP oH
aDoXe coPsideratioPs Ye coPsidered tJis area to De a Mey tJe proIress toYards complete satisHactioP oH tJe
audit matter perHormaPce oDliIatioP +P additioP as part oH our
suDstaPtiXe audit procedures Ye eXaluated YJetJer tJere
Yere iPdicatioPs oH possiDle maPaIemePt Dias
1ur audit procedures did Pot iPdicate material ƂPdiPIs YitJ

respect to tJe estimates aPd LudIemePts iP coPstructioP
coPtracts
'stimates aPd LudIemePts iP impairmePt assessmePt oH

(2S1 %idade de APcJieta
0ote aPd to tJe coPsolidated ƂPaPcial
statemePts
6Je assessmePt oH impairmePt uPder +AS p+mpairmePt oH 9e assessed maPaIemePt s accouPtiPI paper oP tJe
Assetsq reSuires a detailed aPalysis aPd is depePdePt oP impairmePt calculatioP aPd related assumptioPs Hor tJe (2S1
multiple siIPiƂcaPt maPaIemePt LudIemePts aPd estimates %idade de APcJieta|
tJat are applied iP determiPatioP oH assetos Xalue iP use
As part oH our eXaluatioP oH tJe accouPtiPI paper Ye
+P (2S1 %idade de APcJieta Yas sJut doYP Hrom perHormed tJe HolloYiPI
,aPuary uPtil &ecemDer HolloYiPI Ŷ recoPciliatioP oH tJe estimates applied iP tJe impairmePt
oDserXatioP oH oil Pear tJe Xessel A repair proIram Jas DeeP calculatioP to uPderlyiPI documePts sucJ as coPtracts aPd
implemePted to repair tJe taPMs reSuired Hor tJe saHe Jistorical iPHormatioP
restart oH tJe Xessel as Yell as Hor tJe repair oH otJer taPMs Hor Ŷ accuracy oH tJe impairmePt model applied
YJicJ YorM Yill coPtiPue at least uPtil tJe ePd oH
S$M 1((S*14' A007A. 4'2146

-G[CWFKVOCVVGT 1WTCWFKVYQTMCPFQDUGTXCVKQPU
MaPaIemePt prepared aP impairmePt assessmePt aPalysis +P additioP Ye perHormed suDstaPtiXe audit procedures to
aPd coPcluded tJat tJe total eZpected cost oH repairs Yill suDstaPtiate tJe impairmePt calculatioP
result iP aP adXerse casJ ƃoY AP impairmePt oH 7S Ŷ tJe appropriate applicatioP oH +AS
millioP Yas accouPted Hor iP tJe yearePd results Ŷ suDstaPtiXe testiPI oH tJe releXaPt casJ outƃoYs aPd timiPI
tJereoH amoPIst otJers testiPI oH tJe Jistorical repair
$ased oP our risM assessmePt tJe most critical aPd costs iP relatioP to tJe eZpected repair costs Hor tJe
LudIemePtal estimates to determiPe Xalue iP use oH (2S1 remaiPiPI taPMs
Ŷ suDstaPtiXe testiPI oH tJe releXaPt casJ iPƃoYs aPd tJe
%idade de APcJieta are related to
Ŷ 4ecoXeraDility oH iPsuraPce claims casJ iPƃoY timiPI tJereoH amoPIst otJer recoPciliatioP to uPderlyiPI
Ŷ 'Zpected repair costs Hor tJe remaiPiPI taPMs casJ coPtracts
Ŷ eXaluated YJetJer tJere Yere iPdicatioPs oH possiDle
outƃoY
Ŷ 6imiPI oH tJe related casJ iP aPd| outƃoYs maPaIemePt Dias aPd
Ŷ reXieYed tJe sePsitiXity aPalysis prepared Dy maPaIemePt
9e coPsider tJis area to De a Mey audit matter IiXeP tJe

maIPitude oH tJe amouPts iPXolXed tJe compleZ Pature oH 1ur audit procedures did Pot iPdicate material ƂPdiPIs YitJ
tJe impairmePt assessmePt aPd tJe siIPiƂcaPt LudIemePts respect to tJe estimates aPd LudIemePts made iP
aPd estimates applied Dy tJe maPaIemePt impairmePt assessmePt
4GRQTVQPVJGQVJGTKPHQTOCVKQPKPENWFGFKPVJGCPPWCNTGRQTV
6Je aPPual report coPtaiPs otJer iPHormatioP 6Jis iPcludes all iPHormatioP iP tJe aPPual report iP additioP to tJe ƂPaPcial
statemePts aPd our auditoros report tJereoP
$ased oP tJe procedures perHormed as set out DeloY Ye coPclude tJat tJe otJer iPHormatioP
Ŷ is coPsistePt YitJ tJe ƂPaPcial statemePts aPd does Pot coPtaiP material misstatemePts aPd
Ŷ coPtaiPs all tJe iPHormatioP reIardiPI tJe directorso report aPd tJe otJer iPHormatioP tJat is reSuired Dy 2art oH $ooM
aPd reIardiPI tJe remuPeratioP report reSuired Dy tJe sectioPs D aPd suDsectioP oH tJe &utcJ %iXil %ode
9e JaXe read tJe otJer iPHormatioP $ased oP our MPoYledIe aPd tJe uPderstaPdiPI oDtaiPed iP our audit oH tJe ƂPaPcial
statemePts or otJerYise Ye JaXe coPsidered YJetJer tJe otJer iPHormatioP coPtaiPs material misstatemePts
$y perHormiPI our procedures Ye comply YitJ tJe reSuiremePts oH 2art oH $ooM aPd sectioP D suDsectioP oH tJe
&utcJ %iXil %ode aPd tJe &utcJ StaPdard 6Je scope oH sucJ procedures Yas suDstaPtially less tJaP tJe scope oH tJose
procedures perHormed iP our audit oH tJe ƂPaPcial statemePts
6Je maPaIemePt Doard is respoPsiDle Hor tJe preparatioP oH tJe otJer iPHormatioP iPcludiPI tJe directorso report aPd tJe
otJer iPHormatioP iP accordaPce YitJ 2art oH $ooM oH tJe &utcJ %iXil %ode 6Je maPaIemePt Doard aPd tJe superXisory
Doard are respoPsiDle Hor ePsuriPI tJat tJe remuPeratioP report is draYP up aPd puDlisJed iP accordaPce YitJ sectioPs
D aPd suDsectioP oH tJe &utcJ %iXil %ode
4GRQTVQPQVJGTNGICNCPFTGIWNCVQT[TGSWKTGOGPVUCPF'5'(
1ur appoiPtmePt
9e Yere PomiPated as auditors oH S$M 1HHsJore 08 oP |0oXemDer| Dy tJe SuperXisory $oard aPd appoiPted
tJrouIJ tJe passiPI oH a resolutioP Dy tJe sJareJolders at tJe aPPual meetiPI Jeld oP April 1ur appoiPtmePt Jas
DeeP rePeYed oP April Hor a period oH tJree years Dy tJe sJareJolders 1ur appoiPtmePt represePts a total period oH
uPiPterrupted ePIaIemePt oH PiPe years
'uropeaP SiPIle 'lectroPic (ormat 'S'(
S$M 1HHsJore 08 Jas prepared tJe aPPual report iPcludiPI tJe ƂPaPcial statemePts iP 'S'( 6Je reSuiremePts Hor tJis are
set out iP tJe &eleIated 4eIulatioP '7 YitJ reIard to reIulatory tecJPical staPdards oP tJe speciƂcatioP oH a
siPIle electroPic reportiPI Hormat JereiPaHter tJe 46S oP 'S'(
+P our opiPioP tJe aPPual report prepared iP :*6M. Hormat iPcludiPI tJe partially marMedup coPsolidated ƂPaPcial
statemePts as iPcluded iP tJe reportiPI pacMaIe Dy S$M 1HHsJore 08 complies iP all material respects YitJ tJe 46S oP
'S'(
6Je maPaIemePt Doard is respoPsiDle Hor prepariPI tJe aPPual report iPcludiPI tJe ƂPaPcial statemePts iP accordaPce YitJ
tJe 46S oP 'S'( YJereDy tJe maPaIemePt Doard comDiPes tJe Xarious compoPePts iPto a siPIle reportiPI pacMaIe
1ur respoPsiDility is to oDtaiP reasoPaDle assuraPce Hor our opiPioP oP YJetJer tJe aPPual report iP tJis reportiPI pacMaIe
complies YitJ tJe 46S oP 'S'(
9e perHormed our eZamiPatioP iP accordaPce YitJ &utcJ laY iPcludiPI &utcJ StaPdard 0 oAssuraPceopdracJteP
iP\aMe Jet XoldoeP aaP de criteria Xoor Jet opstelleP XaP eeP diIitaal XeraPtYoordiPIsdocumePto assuraPce ePIaIemePts
relatiPI to compliaPce YitJ criteria Hor diIital reportiPI
S$M 1((S*14' A007A. 4'2146

|(+0#0%+#.+0(14/#6+10
1ur eZamiPatioP iPcluded amoPI otJers
Ŷ 1DtaiPiPI aP uPderstaPdiPI oH tJe ePtityos ƂPaPcial reportiPI process iPcludiPI tJe preparatioP oH tJe reportiPI pacMaIe
Ŷ +dePtiHyiPI aPd assessiPI tJe risMs tJat tJe aPPual report does Pot comply iP all material respects YitJ tJe 46S oP 'S'(
aPd desiIPiPI aPd perHormiPI HurtJer assuraPce procedures respoPsiXe to tJose risMs to proXide a Dasis Hor our opiPioP
iPcludiPI
Ŷ 1DtaiPiPI tJe reportiPI pacMaIe aPd perHormiPI XalidatioPs to determiPe YJetJer tJe reportiPI pacMaIe coPtaiPiPI
tJe +PliPe :$4. iPstaPce documePt aPd tJe :$4. eZtePsioP taZoPomy Ƃles JaXe DeeP prepared iP accordaPce YitJ tJe
tecJPical speciƂcatioPs as iPcluded iP tJe 46S oP 'S'(
Ŷ 'ZamiPiPI tJe iPHormatioP related to tJe coPsolidated ƂPaPcial statemePts iP tJe reportiPI pacMaIe to determiPe
YJetJer all reSuired marMups JaXe DeeP applied aPd YJetJer tJese are iP accordaPce YitJ tJe 46S oP 'S'(
0o proJiDited PoPaudit serXices
6o tJe Dest oH our MPoYledIe aPd DelieH Ye JaXe Pot proXided proJiDited PoPaudit serXices as reHerred to iP article oH
tJe 'uropeaP 4eIulatioP oP speciƂc reSuiremePts reIardiPI statutory audit oH puDliciPterest ePtities
SerXices rePdered
6Je serXices iP additioP to tJe audit tJat Ye JaXe proXided to tJe %ompaPy or its coPtrolled ePtities Hor tJe period to
YJicJ our statutory audit relates are disclosed iP Pote to tJe ƂPaPcial statemePts
4GURQPUKDKNKVKGUHQTVJGƂPCPEKCNUVCVGOGPVUCPFVJGCWFKV
4espoPsiDilities oH tJe maPaIemePt Doard aPd tJe superXisory Doard Hor tJe ƂPaPcial statemePts
6Je maPaIemePt Doard is respoPsiDle Hor
Ŷ tJe preparatioP aPd Hair presePtatioP oH tJe ƂPaPcial statemePts iP accordaPce YitJ '7+(4S aPd 2art oH $ooM oH tJe
&utcJ %iXil %ode aPd Hor
Ŷ sucJ iPterPal coPtrol as tJe maPaIemePt Doard determiPes is Pecessary to ePaDle tJe preparatioP oH tJe ƂPaPcial
statemePts tJat are Hree Hrom material misstatemePt YJetJer due to Hraud or error
As part oH tJe preparatioP oH tJe ƂPaPcial statemePts tJe maPaIemePt Doard is respoPsiDle Hor assessiPI tJe %ompaPyos
aDility to coPtiPue as a IoiPIcoPcerP $ased oP tJe ƂPaPcial reportiPI HrameYorMs mePtioPed tJe maPaIemePt Doard
sJould prepare tJe ƂPaPcial statemePts usiPI tJe IoiPIcoPcerP Dasis oH accouPtiPI uPless tJe maPaIemePt Doard eitJer
iPtePds to liSuidate tJe %ompaPy or to cease operatioPs or Jas Po realistic alterPatiXe Dut to do so 6Je maPaIemePt Doard
sJould disclose iP tJe ƂPaPcial statemePts aPy eXePt aPd circumstaPces tJat may cast siIPiƂcaPt douDt oP tJe %ompaPyos
aDility to coPtiPue as a IoiPI coPcerP
6Je superXisory Doard is respoPsiDle Hor oXerseeiPI tJe %ompaPyos ƂPaPcial reportiPI process
1WTTGURQPUKDKNKVKGUHQTVJGCWFKVQHVJGƂPCPEKCNUVCVGOGPVU
1ur respoPsiDility is to plaP aPd perHorm aP audit ePIaIemePt iP a maPPer tJat alloYs us to oDtaiP suHƂciePt aPd
appropriate audit eXidePce to proXide a Dasis Hor our opiPioP 1ur oDLectiXes are to oDtaiP reasoPaDle assuraPce aDout
YJetJer tJe ƂPaPcial statemePts as a YJole are Hree Hrom material misstatemePt YJetJer due to Hraud or error aPd to issue
aP auditoros report tJat iPcludes our opiPioP 4easoPaDle assuraPce is a JiIJ Dut Pot aDsolute leXel oH assuraPce YJicJ
maMes it possiDle tJat Ye may Pot detect all material misstatemePts MisstatemePts may arise due to Hraud or error 6Jey are
coPsidered material iH iPdiXidually or iP tJe aIIreIate tJey could reasoPaDly De eZpected to iPƃuePce tJe ecoPomic
decisioPs oH users taMeP oP tJe Dasis oH tJe ƂPaPcial statemePts
Materiality aHHects tJe Pature timiPI aPd eZtePt oH our audit procedures aPd tJe eXaluatioP oH tJe eHHect oH idePtiƂed
misstatemePts oP our opiPioP
A more detailed descriptioP oH our respoPsiDilities is set out iP tJe appePdiZ to our report
4otterdam (eDruary

2riceYaterJouse%oopers AccouPtaPts 08
AA MeiLer 4A
S$M 1((S*14' A007A. 4'2146

#RRGPFKZVQQWTCWFKVQToUTGRQTVQPVJGƂPCPEKCNUVCVGOGPVUQH5$/1HHUJQTG08
+P additioP to YJat is iPcluded iP our auditoros report Ye JaXe HurtJer set out iP tJis appePdiZ our respoPsiDilities Hor tJe
audit oH tJe ƂPaPcial statemePts aPd eZplaiPed YJat aP audit iPXolXes
6Je auditoros respoPsiDilities Hor tJe audit oH tJe ƂPaPcial statemePts
9e JaXe eZercised proHessioPal LudIemePt aPd JaXe maiPtaiPed proHessioPal scepticism tJrouIJout tJe audit iP accordaPce
YitJ &utcJ StaPdards oP AuditiPI etJical reSuiremePts aPd iPdepePdePce reSuiremePts 1ur audit coPsisted amoPI otJer
tJiPIs oH tJe HolloYiPI
Ŷ +dePtiHyiPI aPd assessiPI tJe risMs oH material misstatemePt oH tJe ƂPaPcial statemePts YJetJer due to Hraud or error
desiIPiPI aPd perHormiPI audit procedures respoPsiXe to tJose risMs aPd oDtaiPiPI audit eXidePce tJat is suHƂciePt aPd
appropriate to proXide a Dasis Hor our opiPioP 6Je risM oH Pot detectiPI a material misstatemePt resultiPI Hrom Hraud is
JiIJer tJaP Hor oPe resultiPI Hrom error as Hraud may iPXolXe collusioP HorIery iPtePtioPal omissioPs misrepresePtatioPs
or tJe iPtePtioPal oXerride oH iPterPal coPtrol
Ŷ 1DtaiPiPI aP uPderstaPdiPI oH iPterPal coPtrol releXaPt to tJe audit iP order to desiIP audit procedures tJat are
appropriate iP tJe circumstaPces Dut Pot Hor tJe purpose oH eZpressiPI aP opiPioP oP tJe eHHectiXePess oH tJe %ompaPyos
iPterPal coPtrol
Ŷ 'XaluatiPI tJe appropriatePess oH accouPtiPI policies used aPd tJe reasoPaDlePess oH accouPtiPI estimates aPd related
disclosures made Dy tJe maPaIemePt Doard
Ŷ %oPcludiPI oP tJe appropriatePess oH tJe maPaIemePt Doardos use oH tJe IoiPIcoPcerP Dasis oH accouPtiPI aPd Dased
oP tJe audit eXidePce oDtaiPed coPcludiPI YJetJer a material uPcertaiPty eZists related to eXePts aPdor coPditioPs tJat
may cast siIPiƂcaPt douDt oP tJe %ompaPyos aDility to coPtiPue as a IoiPI coPcerP +H Ye coPclude tJat a material
uPcertaiPty eZists Ye are reSuired to draY attePtioP iP our auditoros report to tJe related disclosures iP tJe ƂPaPcial
statemePts or iH sucJ disclosures are iPadeSuate to modiHy our opiPioP 1ur coPclusioPs are Dased oP tJe audit eXidePce
oDtaiPed up to tJe date oH our auditoros report aPd are made iP tJe coPteZt oH our opiPioP oP tJe ƂPaPcial statemePts as a
YJole *oYeXer Huture eXePts or coPditioPs may cause tJe %ompaPy to cease to coPtiPue as a IoiPI coPcerP
Ŷ 'XaluatiPI tJe oXerall presePtatioP structure aPd coPtePt oH tJe ƂPaPcial statemePts iPcludiPI tJe disclosures aPd
eXaluatiPI YJetJer tJe ƂPaPcial statemePts represePt tJe uPderlyiPI traPsactioPs aPd eXePts iP a maPPer tJat acJieXes Hair
presePtatioP
%oPsideriPI our ultimate respoPsiDility Hor tJe opiPioP oP tJe coPsolidated ƂPaPcial statemePts Ye are respoPsiDle Hor tJe
directioP superXisioP aPd perHormaPce oH tJe Iroup audit +P tJis coPteZt Ye JaXe determiPed tJe Pature aPd eZtePt oH tJe
audit procedures Hor compoPePts oH tJe )roup to ePsure tJat Ye perHormed ePouIJ YorM to De aDle to IiXe aP opiPioP oP
tJe ƂPaPcial statemePts as a YJole &etermiPiPI Hactors are tJe IeoIrapJic structure oH tJe )roup tJe siIPiƂcaPce aPdor
risM proƂle oH Iroup ePtities or actiXities tJe accouPtiPI processes aPd coPtrols aPd tJe iPdustry iP YJicJ tJe )roup
operates 1P tJis Dasis Ye selected Iroup ePtities Hor YJicJ aP audit or reXieY oH ƂPaPcial iPHormatioP or speciƂc DalaPces
Yas coPsidered Pecessary
9e commuPicate YitJ tJe superXisory Doard reIardiPI amoPI otJer matters tJe plaPPed scope aPd timiPI oH tJe audit
aPd siIPiƂcaPt audit ƂPdiPIs iPcludiPI aPy siIPiƂcaPt deƂciePcies iP iPterPal coPtrol tJat Ye idePtiHy duriPI our audit +P tJis
respect Ye also issue aP additioPal report to tJe audit committee iP accordaPce YitJ article oH tJe '7 4eIulatioP oP
speciƂc reSuiremePts reIardiPI statutory audit oH puDliciPterest ePtities 6Je iPHormatioP iPcluded iP tJis additioPal report is
coPsistePt YitJ our audit opiPioP iP tJis auditoros report
9e proXide tJe superXisory Doard YitJ a statemePt tJat Ye JaXe complied YitJ releXaPt etJical reSuiremePts reIardiPI
iPdepePdePce aPd to commuPicate YitJ tJem all relatioPsJips aPd otJer matters tJat may reasoPaDly De tJouIJt to Dear
oP our iPdepePdePce aPd YJere applicaDle related actioPs taMeP to elimiPate tJreats or saHeIuards applied
(rom tJe matters commuPicated YitJ tJe superXisory Doard Ye determiPe tJose matters tJat Yere oH most siIPiƂcaPce iP
tJe audit oH tJe ƂPaPcial statemePts oH tJe currePt period aPd are tJereHore tJe Mey audit matters 9e descriDe tJese matters
iP our auditoros report uPless laY or reIulatioP precludes puDlic disclosure aDout tJe matter or YJeP iP eZtremely rare
circumstaPces Pot commuPicatiPI tJe matter is iP tJe puDlic iPterest
S$M 1((S*14' A007A. 4'2146

|(+0#0%+#.+0(14/#6+10
-';(+)74'5
-G[+(45ƂPCPEKCNƂIWTGU

6urPoXer 7S millioP
4GUWNVU 75OKNNKQP
0et proƂt loss coPtiPuiPI operatioPs
&iXidePd
1peratiPI proƂt '$+6
'$+6&A
7PderlyiPI 1peratiPI proƂt '$+6
7PderlyiPI proƂt attriDutaDle to
sJareJolders
SJareJolderso eSuity at &ecemDer
%apital employed
0et deDt
%apital eZpePditure
&epreciatioP amorti\atioP aPd impairmePt
0umDer oH employees aXeraIe
'mployee DePeƂts
4CVKQU
SJareJolders eSuity total assets
currePt liaDilities
%urrePt ratio currePt assets currePt
liaDilities
4eturP oP aXeraIe capital employed
4eturP oP aXeraIe sJareJolders eSuity
1peratiPI proƂt '$+6 Pet turPoXer
0et proƂt loss Pet turPoXer
0et deDt total eSuity
'Pterprise Xalue '$+6&A
+PHQTOCVKQPRGT5JCTG 75
0et proƂt loss
&iXidePd
SJareJolders eSuity at &ecemDer
5JCTGRTKEG '74
&ecemDer &ecemDer
JiIJest close
loYest close
2rice earPiPIs ratio
0umDer oH sJares outstaPdiPI Z
MarMet capitali\atioP 7S millioP
8olume oH traded sJares Z
0eY sJares issued iP tJe year Z
$ased oP tJe PumDer oH sJares outstaPdiPI less tJe PumDer oH treasury sJares Jeld at yearePd times tJe diXidePd per sJare 6otal diXidePd amouPt
depePds oP PumDer oH sJares ePtitled to diXidePd as oH 'ZdiXidePd date
%alculated Dased oP YeiIJted aXeraIe sJares outstaPdiPI
6Je diXidePd tJat Yill De proposed to tJe APPual )ePeral MeetiPI to De paid out iP
Source 'uroPeZt data oP sJare prices marMet capitali\atioP aPd Xolume oH traded sJares
S$M 1((S*14' A007A. 4'2146

-G[&KTGEVKQPCNƂPCPEKCNƂIWTGU

6WTPQXGT 75OKNNKQP
.ease aPd 1perate
6urPMey
'$+6 75OKNNKQP

.ease aPd 1perate
6urPMey
1tJer
'$+6&# 75OKNNKQP
0GV2TQƂV 75OKNNKQP
S$M 1((S*14' A007A. 4'2146

SBM Annual Report 2022 Financial Statements

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

SBM Annual Report 2022 Financial Statements

Uploaded by

Copyright:

Available Formats

|

 %QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU..................................................................................................................................... 

 0QVGUVQVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU............................................................................................................... 

 %QORCP[(KPCPEKCN5VCVGOGPVU............................................................................................................................................ 

 0QVGUVQVJG%QORCP[(KPCPEKCN5VCVGOGPVU..................................................................................................................... 

 1VJGTKPHQTOCVKQP.................................................................................................................................................................. 

 -G[(KIWTGU............................................................................................................................................................................. 

KPDKNNKQPUQH75 6WTPMG[ .GCUG1RGTCVG 6QVCN

KPXQKEKPI KHCP[ VQVJGENKGPVQEEWTTGFFWTKPIVJGEQPUVTWEVKQPRJCUGVQEQXGTURGEKƂEEQPUVTWEVKQPYQTMCPFQTUGTXKEGU

  

   

&KTGEVKQPCNPGVƂPCPEKPIEQUVUVQVCNGF75  OKNNKQPKPEQORCTGFYKVJ75  OKNNKQPKPVJG[GCTCIQRGTKQFOCKPN[

6JGOCLQTKV[QHVJG%QORCP[oUFGDVCUCV&GEGODGTEQPUKUVGFQHPQPTGEQWTUGRTQLGEVƂPCPEKPI 75DKNNKQP KP

6JGTGNGXCPVEQXGPCPVU UQNXGPE[TCVKQCPFKPVGTGUVEQXGTTCVKQ CRRNKECDNGHQTVJG%QORCP[oU4%(WPFTCYPCUCV[GCTGPF

KPOKNNKQPUQH75  

*CNH|QH|VJG|%QORCP[oU|FGDV|CUQH&GEGODGTEQPUKUVGF|QH|PQPTGEQWTUG|RTQLGEV|ƂPCPEKPI| 75|DKNNKQP KPURGEKCN

  

   

#VVTKDWVCDNGVQUJCTGJQNFGTUQHVJGRCTGPVEQORCP[  

'CTPKPIU NQUU RGTUJCTG

0QVGU  

#VVTKDWVCDNGVQUJCTGJQNFGTUQHVJGRCTGPVEQORCP[  

+UUWGF 5JCTG #VVTKDWVCDNG 0QP

0GVECUJCPFECUJGSWKXCNGPVUCUCV,CPWCT[  

KPOKNNKQPUQH75 &GEGODGT &GEGODGT

6JGTGEQXGTCDNGCOQWPVKUVJGJKIJGTQHCPCUUGVoU%CUJ)GPGTCVKPI7PKVoU o%)7o HCKTXCNWGNGUUEQUVUQHFKURQUCNCPFKVU

1VJGTRTQFWEVUQHVJG%QORCP[KPENWFG6WTTGV/QQTKPI5[UVGOU o6/5o (NQCVKPI1HHUJQTG9KPF o(19o DTQYPƂGNFCPF

5QOGEQPVTCEVUKPENWFGOWNVKRNGFGNKXGTCDNGU UWEJCU(TQPV'PF'PIKPGGTKPI&GUKIP o(''&o GPIKPGGTKPIEQPUVTWEVKQP

)GPGTCNN[VJGRC[OGPVUTGNCVGFVQVJGEQPUVTWEVKQPEQPVTCEVU WPFGT'2%+CTTCPIGOGPVU CTGEQTTGURQPFKPIVQVJGYQTM

F $QTTQYKPIU DCPMCPFQVJGTNQCPU CPFNGCUGNKCDKNKVKGU

#FGTKXCVKXGKPUVTWOGPV ECUJƃQYJGFIG SWCNKƂGUHQTJGFIGCEEQWPVKPIYJGPCNNTGNGXCPVETKVGTKCCTGOGV#ECUJƃQY

)QQFYKNNKUCNNQECVGFVQECUJIGPGTCVKPIWPKVU %)7U HQTVJGRWTRQUGQHVJGCPPWCNKORCKTOGPVVGUVKPI

K #UUGVU QTFKURQUCNITQWRU JGNFHQTUCNG

Ŷ 8CNWG%TGCVKQP5VCMG 8%5 CPF

6JGVWTPMG[RJCUGQHVJGRTQLGEVYKNNDGGZGEWVGFD[CURGEKCNRWTRQUGEQORCP[ 52% GUVCDNKUJGFD[5$/1HHUJQTGCPF

CPFQRGTCVGEQPVTCEVUOC[RTQXKFGHQTFGƂPGFKPXQKEKPI nWRHTQPVRC[OGPVUo VQVJGENKGPVQEEWTTKPIFWTKPIVJG

.GCUGCPF 4GRQTVGF 6QVCN&KTGEVKQPCN

1RGTCVKPIRTQƂV NQUU '$+6     

+ORCKTOGPVEJCTIG TGXGTUCN    

VTGCVOGPVQHVJG%QORCP[ U(251 UYJKEJCTGEWTTGPVN[WPFGTEQPUVTWEVKQP (2512TQURGTKV[(2515GRGVKDC(251

.GCUGCPF 4GRQTVGF 6QVCN&KTGEVKQPCN

1RGTCVKPIRTQƂV NQUU '$+6     

4GRQTVGFWPFGT +ORCEVQHNGCUG +ORCEVQH

RTQRGTV[RNCPVCPFGSWKROGPVTGEQIPK\GFWPFGT&KTGEVKQPCNTGRQTVKPI 75  OKNNKQP CPFUWDUGSWGPVTGEQIPKVKQPQH

TGXGPWGUWPFGT&KTGEVKQPCNTGRQTVKPI6JGRCTVQHVJGDCNCPEG 75  OKNNKQP KUFGTGEQIPK\GFHQTVJGEQPVTCEVUVJCVCTG

ƂPCPEKCNCUUGVU 75  OKNNKQP CPFRTQXKUKQPU 75  OKNNKQP 

4GRQTVGFWPFGT +ORCEVQHNGCUG +ORCEVQH

0GVECUJCPFECUJGSWKXCNGPVUCUCV,CPWCT[    

#NCTIGRCTVQHVJGECRKVCNGZRGPFKVWTGU 75OKNNKQP CTGTGENCUUKƂGFHTQOKPXGUVKPICEVKXKVKGUWPFGT&KTGEVKQPCNVQPGV

4GRQTVGFWPFGT +ORCEVQHNGCUG +ORCEVQH

4GRQTVGFWPFGT +ORCEVQHNGCUG +ORCEVQH

0GVECUJCPFECUJGSWKXCNGPVUCUCV,CPWCT[    

7PUCVKUƂGFRGTHQTOCPEGQDNKICVKQPUTGNCVGFVQ  

#UCTGUWNVVJGEQPVTCEVCUUGVDCNCPEGCUCV&GEGODGTQH75OKNNKQP 75OKNNKQP FGETGCUGFKP

0QVG  

+P 'ZRGPUGUQPEQPUVTWEVKQPEQPVTCEVU EQPVKPWGFVQKPETGCUGCUCTGUWNVQHVJGHWTVJGTTCORWRQHCEVKXKV[QP6WTPMG[

6JGKPETGCUGQH &GRTGEKCVKQPCOQTVK\CVKQPCPFKORCKTOGPV KPEQORCTKUQPVQOCKPN[TGNCVGUVQVJGKORCKTOGPVQH

0QVG  

0QVG  

KP  

(QT GSWCNVQ VJG5WRGTXKUQT[$QCTFEQPENWFGFVJCVVJG%QORCP[oURGTHQTOCPEGKPFKECVQTUJCFQWVEQOGU

0WODGTQHKUUWGFUJCTGU  

4'564+%6'&5*#4'70+6 457 2.#05

%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU.....................................................................................................................................

0QVGUVQVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU...............................................................................................................

%QORCP[(KPCPEKCN5VCVGOGPVU............................................................................................................................................

0QVGUVQVJG%QORCP[(KPCPEKCN5VCVGOGPVU.....................................................................................................................

1VJGTKPHQTOCVKQP..................................................................................................................................................................

-G[(KIWTGU.............................................................................................................................................................................

KPDKNNKQPUQH75 6WTPMG[ .GCUG1RGTCVG 6QVCN

KPXQKEKPI KHCP[ VQVJGENKGPVQEEWTTGFFWTKPIVJGEQPUVTWEVKQPRJCUGVQEQXGTURGEKƂEEQPUVTWEVKQPYQTMCPFQTUGTXKEGU

&KTGEVKQPCNPGVƂPCPEKPIEQUVUVQVCNGF75 OKNNKQPKPEQORCTGFYKVJ75 OKNNKQPKPVJG[GCTCIQRGTKQFOCKPN[

6JGOCLQTKV[QHVJG%QORCP[oUFGDVCUCV&GEGODGTEQPUKUVGFQHPQPTGEQWTUGRTQLGEVƂPCPEKPI 75DKNNKQP KP

6JGTGNGXCPVEQXGPCPVU UQNXGPE[TCVKQCPFKPVGTGUVEQXGTTCVKQ CRRNKECDNGHQTVJG%QORCP[oU4%(WPFTCYPCUCV[GCTGPF

KPOKNNKQPUQH75

*CNH|QH|VJG|%QORCP[oU|FGDV|CUQH&GEGODGTEQPUKUVGF|QH|PQPTGEQWTUG|RTQLGEV|ƂPCPEKPI| 75|DKNNKQP KPURGEKCN

#VVTKDWVCDNGVQUJCTGJQNFGTUQHVJGRCTGPVEQORCP[

'CTPKPIU NQUU RGTUJCTG

0QVGU

#VVTKDWVCDNGVQUJCTGJQNFGTUQHVJGRCTGPVEQORCP[

+UUWGF 5JCTG #VVTKDWVCDNG 0QP

0GVECUJCPFECUJGSWKXCNGPVUCUCV,CPWCT[

KPOKNNKQPUQH75 &GEGODGT &GEGODGT

1VJGTRTQFWEVUQHVJG%QORCP[KPENWFG6WTTGV/QQTKPI5[UVGOU o6/5o (NQCVKPI1HHUJQTG9KPF o(19o DTQYPƂGNFCPF

5QOGEQPVTCEVUKPENWFGOWNVKRNGFGNKXGTCDNGU UWEJCU(TQPV'PF'PIKPGGTKPI&GUKIP o(''&o GPIKPGGTKPIEQPUVTWEVKQP

)GPGTCNN[VJGRC[OGPVUTGNCVGFVQVJGEQPUVTWEVKQPEQPVTCEVU WPFGT'2%+CTTCPIGOGPVU CTGEQTTGURQPFKPIVQVJGYQTM

#FGTKXCVKXGKPUVTWOGPV ECUJƃQYJGFIG SWCNKƂGUHQTJGFIGCEEQWPVKPIYJGPCNNTGNGXCPVETKVGTKCCTGOGV#ECUJƃQY

)QQFYKNNKUCNNQECVGFVQECUJIGPGTCVKPIWPKVU %)7U HQTVJGRWTRQUGQHVJGCPPWCNKORCKTOGPVVGUVKPI

Ŷ 8CNWG%TGCVKQP5VCMG 8%5 CPF

1RGTCVKPIRTQƂV NQUU '$+6

+ORCKTOGPVEJCTIG TGXGTUCN

VTGCVOGPVQHVJG%QORCP[ U(251 UYJKEJCTGEWTTGPVN[WPFGTEQPUVTWEVKQP (2512TQURGTKV[(2515GRGVKDC(251

1RGTCVKPIRTQƂV NQUU '$+6

RTQRGTV[RNCPVCPFGSWKROGPVTGEQIPK\GFWPFGT&KTGEVKQPCNTGRQTVKPI 75 OKNNKQP CPFUWDUGSWGPVTGEQIPKVKQPQH

TGXGPWGUWPFGT&KTGEVKQPCNTGRQTVKPI6JGRCTVQHVJGDCNCPEG 75 OKNNKQP KUFGTGEQIPK\GFHQTVJGEQPVTCEVUVJCVCTG

ƂPCPEKCNCUUGVU 75 OKNNKQP CPFRTQXKUKQPU 75 OKNNKQP

0GVECUJCPFECUJGSWKXCNGPVUCUCV,CPWCT[

#NCTIGRCTVQHVJGECRKVCNGZRGPFKVWTGU 75OKNNKQP CTGTGENCUUKƂGFHTQOKPXGUVKPICEVKXKVKGUWPFGT&KTGEVKQPCNVQPGV

0GVECUJCPFECUJGSWKXCNGPVUCUCV,CPWCT[

7PUCVKUƂGFRGTHQTOCPEGQDNKICVKQPUTGNCVGFVQ

#UCTGUWNVVJGEQPVTCEVCUUGVDCNCPEGCUCV&GEGODGTQH75OKNNKQP 75OKNNKQP FGETGCUGFKP

0QVG

+P 'ZRGPUGUQPEQPUVTWEVKQPEQPVTCEVU EQPVKPWGFVQKPETGCUGCUCTGUWNVQHVJGHWTVJGTTCORWRQHCEVKXKV[QP6WTPMG[

6JGKPETGCUGQH &GRTGEKCVKQPCOQTVK\CVKQPCPFKORCKTOGPV KPEQORCTKUQPVQOCKPN[TGNCVGUVQVJGKORCKTOGPVQH

0QVG

0QVG

KP

(QT GSWCNVQ VJG5WRGTXKUQT[$QCTFEQPENWFGFVJCVVJG%QORCP[oURGTHQTOCPEGKPFKECVQTUJCFQWVEQOGU

0WODGTQHKUUWGFUJCTGU

6JGVQVCNPWODGTQH1YPGTUJKR5JCTGUVJCVXGUVGFFWTKPIYCUUJCTGU 6JGHCKTXCNWGQHVJG

KPPWODGTQHUJCTGU

0'6+/2#+4/'06)#+05 .155'5 10(+0#0%+#.#0&%1064#%6#55'65

&WTKPIVJG[GCTVJGHQNNQYKPIICKPU NQUUGU TGNCVGFVQETGFKVTKUMUYGTGTGEQIPK\GF

6JGEQORCP[JCUKPETGCUGFKVUFGDV UGGPQVG$QTTQYKPIUCPF.GCUG.KCDKNKVKGU KPQTFGTVQƂPCPEGKVUQPIQKPI

5QOGQHVJGVCZGUCTGYKVJJQNFKPIVCZGU RCKFQPTGXGPWGU 6JGCUUGUUOGPVQHYJGVJGTVJGYKVJJQNFKPIVCZKUKPUEQRGQH

0QVG

'#40+0)5 .155 2'45*#4'

&KNWVGFGCTPKPIU NQUU RGTUJCTGCOQWPVUCTGECNEWNCVGFD[FKXKFKPIVJGPGVRTQƂVNQUUCVVTKDWVCDNGVQUJCTGJQNFGTUQHVJG

Ŷ 1PGUGOKUWDOGTUKDNGRTQFWEVKQPRNCVHQTOVJG6JWPFGT*CYM QPG NGCUGFVQVJKTFRCTVKGUWPFGTCPQRGTCVKPI

%QORCP[QYPGFRTQRGTV[RNCPVCPFGSWKROGPVYKVJCECTT[KPICOQWPVQH75OKNNKQP 75OKNNKQP JCUDGGP

Ŷ +HVJGECUJKPƃQYYGTGVQXCT[D[ 75OKNNKQPVJGKORCKTOGPVYQWNFEJCPIGD[ 75OKNNKQP

6JGPQPEWTTGPVRQTVKQPQHFGHGTTGFVCZCUUGVUCOQWPVUVQ75OKNNKQP 75OKNNKQP 1PCEWOWNCVKXGDCUKUCVQVCN

/WNVKRWTRQUGƃQCVGTU o/2(Uo WPFGTEQPUVTWEVKQPTGNCVGVQVJGQPIQKPI'2%RJCUGQHCP[(CUV9CTFPGYDWKNFJWNNU

0QVG &GEGODGT &GEGODGT

6JGFGETGCUGKP 6TCFGFGDVQTU QH75 OKNNKQPKUOCKPN[FWGVQVJGEQNNGEVKQPQHWRHTQPVRC[OGPVHQT(25110'

6JGKPETGCUGKP 1VJGTCEETWGFKPEQOG KUOCKPN[FWGVQ(251.K\C7PKV[LQKPKPIVJGƃGGVRCTVKCNN[QHHUGVD[VJGGPFQHVJG

6JGKPETGCUGKP 1VJGTTGEGKXCDNGU OCKPN[TGNCVGVQCFXCPEGRC[OGPVUOCFGKPTGNCVKQPVQVJG$TC\KNKCPƃGGV

6JGECUJCPFECUJGSWKXCNGPVUFGFKECVGFVQFGDVCPFKPVGTGUVRC[OGPVU CPFVJGTGHQTGTGUVTKEVGF COQWPVGFVQ75

PWODGTQHUJCTGU

1WVUVCPFKPICV,CPWCT[

1PN[QPGOGODGTQHVJG5WRGTXKUQT[$QCTF 5KGV\G*GRMGOC JQNFUUJCTGUKPVJG%QORCP[ UJCTGUCUCV&GEGODGT

%JCPIGKPHCKTXCNWG

6TCPUCEVKQPCPFCOQTVK\GFEQUVU

6JG.GCUG$CEMNQI%QXGT4CVKQ .$%4 KUWUGFVQFGVGTOKPGVJGOCZKOWOHWPFKPICXCKNCDKNKV[WPFGTVJG4%(6JG

+(456CPIKDNG0GV9QTVJ

0QVGU &GEGODGT &GEGODGT

6JG VTCFGRC[CDNGU CPF CEETWCNUQPRTQLGEVU VQIGVJGTKPETGCUGFFWGVQVJGJKIJGT6WTPMG[RTQLGEVCEVKXKVKGUFWTKPI

(QT %QPVTCEVNKCDKNKV[ TGHGTVQPQVG4GXGPWGYJGTGVJGOQXGOGPVKPEQPVTCEVNKCDKNKVKGUKUGZRNCKPGF

CURTKEGU QTKPFKTGEVN[ VJCVKUFGTKXGFHTQORTKEGU .GXGN

(QTHQTGKIPEWTTGPE[TKUMVJGRTKPEKRNGVGTOUQHVJGHQTYCTFEWTTGPE[EQPVTCEV PQVKQPCNCPFUGVVNGOGPVFCVG CPFVJGHWVWTG

(KZGFCUUGVU

'74

(QTKPVGTGUVTCVGTKUMVJGRTKPEKRNGVGTOUQHVJGKPVGTGUVTCVGUYCR PQVKQPCNCOQTVK\CVKQPTCVGUGVRGTKQFU CPFVJGƂPCPEKPI