,]HVEYPMG ,EQQIVW ,]HVEYPMG ,EQQIVW

,]HVEYPMG
,]HVEYPMG
,EQQIVW
,EQQIVW
1SWX'SQTPIXI0MRIMRXLI
-RHYWXV]
'SQTPIXI,]HVEYPMG/MXW
(IWMKRIHXSJMX=SYV'EVVMIV
-RHYWXV]vW1SWX'SQTVILIRWMZI
*MIPH7IVZMGI'SVTW
)\XIRWMZI4EVXW(MWXVMFYXMSR
7]WXIQ
2IX[SVOSJ2IEVP]
(MWXVMFYXSV3YXPIXW
24/%88%',1)287HIWMKRIHFYMPXERHFEGOIHF]24/
24/%88%',1)287HIWMKRIHFYMPXERHFEGOIHF]24/
(YVEFMPMX]4VSHYGXMZMX]ERH6IFYMPHEFMPMX]
(YVEFMPMX]4VSHYGXMZMX]ERH6IFYMPHEFMPMX]
+,
+,
+,
+,
+,
+,
+,
1SVILEQQIVGLSMGIW
JSVWOMHWXIIVWFEGOLSIW
PSEHIVWI\GEZEXSVWERH
QMRMI\GEZEXSVW
*SVQEGLMRIWJVSQXLIWQEPPIWXQSWXRMQFPISJGEVVMIVW
XSXLIPEVKIVPSEHIVFEGOLSI24/SJJIVWEGLSMGISJIMKLXQSHIPW
VERKMRKJVSQXLI+,XLVSYKLXLI)
[MXLERMQTEGXIRIVK]GPEWWVEXMRKSJJXPFW
8LIWILEQQIVWEVILMKLP]IJJIGXMZIMRE[MHIVERKISJ
HIQSPMXMSRSTIVEXMSRWJVSQFVIEOMRKRSRVIMRJSVGIHGSRGVIXI[MXL
E+,SREQMRMI\GEZEXSVXSVIQSZMRKEVIMRJSVGIHGSRGVIXITEH
[MXLE+,SREWOMHWXIIV0EVKIVGSRGVIXIWXVYGXYVIW
ERHVSGONSFWGERFILERHPIHUYMGOP][MXLXLIYWISJXLI
+,XLVSYKL)SRE[MHIZEVMIX]SJQMRMI\GEZEXSVW
PSEHIVFEGOLSIQEGLMRIWERHI\GEZEXSVW
%PP24/L]HVEYPMGLEQQIVWEVIHIWMKRIH[MXL
EKVIEXIVTMWXSRXSWPIIZIFIEVMRKEVIEERHMQTVSZIH
TMWXSRXSWIEPPYFVMGEXMSR[LMGLEPPS[WJSVI\XIRHIHWIEPPMJI
24/L]HVEYPMGLEQQIVWEVI
HIWMKRIHXSIPMQMREXIXLIRIIH
JSVFPEHHIVX]TIEGGYQYPEXSVW
XLEXEVIWYWGITXMFPI
XSYRI\TIGXIHJEMPYVI
ERHLMKLQEMRXIRERGI
GSWX&YMPX[MXLSRP]
X[SQSZMRKTEVXW
24/L]HVEYPMGLEQQIVW
TVSZMHIXLIMRGVIEWIH
TVSHYGXMZMX]]SY[ERX
ERHXLIVIPMEFMPMX]
]SYRIIH
+,
7IVZMGI4EVXWERHXLI&IWX(IEPIV2IX[SVO
7IVZMGI4EVXWERHXLI&IWX(IEPIV2IX[SVO
+,
+,
+,
+,
8LIQSWXTS[IVJYP
LEQQIVWMRXLI[SVPH
24/FVIEOWRI[KVSYRHMRL]HVEYPMGLEQQIVXIGLRSPSK]
[MXLWIZIVEPRI[QSHIPWXLEXHIPMZIVI\GIPPIRXFPS[IRIVK]
8LI2I[24/w+,x7IVMIWMRGPYHIWXLI[SVPHvW
QSWXTS[IVJYPL]HVEYPMGLEQQIVW
1SHIPvWVERKIJVSQXLI+,
MQTEGXIRIVK]VEXIHEX
JXPFW XSXLIKMERX+,
[MXLMXWJXPFW VEXMRK
9XMPM^MRKWXEXISJXLIEVXGSQTYXIV
QSHIPMRK24/LEWHIWMKRIHE
PMKLXIV[IMKLXLEQQIVXLEXHIPMZIVW
LMKLMQTEGXIRIVK]1ERYJEGXYVIH
ERHXIWXIHXS24/vWLMKLWXERHEVHW
SJUYEPMX]24/FEGOWEPPQSHIPW[MXL
XLIMRHYWXV]vWFIWXWIVZMGIERH
WYTTSVXWXEJJ
-REHHMXMSR24/QEMRXEMRWER
I\XIRWMZIRIX[SVOSJQSVIXLER
HMWXVMFYXSVSYXPIXWXLIMRHYWXV]vWQSWX
GSQTVILIRWMZIJMIPHWIVZMGIGSVTWERH
ERI\XIRWMZITEVXWHMWXVMFYXMSRRIX[SVO
XSEWWYVI]SYVIGIMZIXLIFIWXVIWYPXW
[MXL24/L]HVEYPMGLEQQIVW
+,
8LI6MKLX,EQQIVJSV)ZIV].SF
8LI6MKLX,EQQIVJSV)ZIV].SF
+,
+,
+,
+,
8LIQSWXI\XIRWMZI
PMRISJLEQQIVWJSVI\GEZEXSVW
8LIWIVYKKIHLEQQIVW[MXLWLSGOEFWSVFMRK
QSYRXMRKW]WXIQWEVIGETEFPISJLMKLTVSHYGXMSRVEXIWMREPPJSVQWSJ
GSRGVIXIEW[IPPEWQIHMYQERHLEVHVSGO
8LIWILEQQIVWJIEXYVIEGSQTEGXHIWMKRERHEPSRKTMWXSRWXVSOIGSYTPIH
[MXLKVIEXIVL]HVEYPMGIJJMGMIRG]IREFPMRKWQEPPGEVVMIVWXSHIPMZIVELMKL
MQTEGXLMKLP]TVSHYGXMZILEQQIV-REHHMXMSR
XLI2I[w+,x7IVMIW,EQQIVWGSQIIUYMTTIH
[MXLWITEVEXITSVXWJSVXLI24/%YXS0YFIW]WXIQ
ERHEREMVPMRIJSVYRHIV[EXIVETTPMGEXMSRW
0S[STIVEXMRKRSMWIPIZIPWXLEXEVI
JVMIRHPMIVXSFSXLSTIVEXSVERHGSQQYRMX]
EVIEGLMIZIHF]WTIGMEPGYWLMSRMRKERHXLI
FVEGOIXHIWMKRWYVVSYRHMRKXLILEQQIV
%PPXLI6MKLX%XXEGLQIRXW
%PPXLI6MKLX%XXEGLQIRXW
%FIXXIVHIWMKRXLEXGSQFMRIW
)**-'-)2'= 6)0-%&-0-8= 7)6:-')%&-0-8=
%
&
'
(
)
*
+
,
-
%
&
)\GIPPIRXTS[IVXS[IMKLXVEXMS
9RMUYIKEWGLEVKIHTMWXSRQE\MQM^IWLEQQIVIJJMGMIRG]
7MQTPIX[SQSZMRKTEVXWHIWMKRJSVVIPMEFMPMX]
7ITEVEXITSVXWJSVXLI24/%YXS0YFIW]WXIQERHEREMV
PMRIJSVYRHIV[EXIVYWI
&SXXSQXMIVSHRYXWJSVIEWMIVWIVZMGIEFMPMX]+,1SHIPW
5YMGOGLERKIXSSPW]WXIQ[MXLWMRKPIVSYRHVIXEMRIVTMR
:EVMIX]SJXSSPGSRJMKYVEXMSRWEZEMPEFPI
6ITPEGIEFPIG]PMRHIVWPIIZIWJSVIEW]IGSRSQMGEPVIFYMPH
8SSPFYWLMRKWIRKMRIIVIHJSVUYMGOIEW]VITPEGIQIRX
:MFVEXMSRGSRXVSPXLEXMRGVIEWIWSTIVEXSV
GSQJSVXXSMRGVIEWI)**-'-)2'=
(
&VEGOIX
%KVIEWITSVXMWTVSZMHIHJSVEYXSQEXMGERHSVQERYEP
KVIEWMRKSJXLIHIQSPMXMSRXSSP8LMWTVIZIRXWHEQEKI
SVTVIQEXYVI[IEVGEYWIHF]EPEGOSJKVIEWI
6YFFIV
1SYRX
7MQTPMJMIHPYFVMGEXMSRJSV
KVIEXIV6)0-%&-0-8=
,
,EQQIV
7XERHEVHSREPPQIHMYQERHPEVKI24/LEQQIVW
SYVWLSGOEFWSVFMRKQSYRXMRKFVEGOIXYWIW
WTIGMEPLIEZ]HYX]VYFFIVQSYRXWXSEFWSVF
WLSGOVIGSMPERHMQTYPWIZMFVEXMSR8LIMV
YRMUYISRITMIGIHIWMKRIPMQMREXIWXLIRIIH
JSVQIGLERMGEPWTVMRKWERHSZIVP]LIEZ]
QSYRXMRKFVEGOIXW8LIRIXVIWYPXMWXLEX]SY
QMRMQM^IQEGLMRI[IEVERHMQTVSZISTIVEXSV
GSQJSVXJSVKVIEXIVVIPMEFMPMX]ERHTVSHYGXMZMX]
'
)
*YPP7)6:-')%&-0-8= SJXLIMRHYWXV]vWIEWMIWX
PS[IWXGSWXFSH]VIFYMPHW]WXIQ
,EQQIVWEVIRvXQIERXXSLEZIERIEW]PMJI8LI]SGGEWMSREPP]RIIH
XSFIVIFYMPX;LIRXLILEQQIVFSH]MWMRZSPZIH24/vWVITPEGIEFPI
WPIIZIHIWMKRGERVIHYGI]SYVGSWXWF]EJEGXSVSJJMZIXSXIR,IVI
EVIXLIX]TMGEPGSWXWMRZSPZIHXSVIWPIIZIXLIFSH]SJER24/
LEQQIVERHVITPEGIXLIQEMRFSH]SJELEQQIVJVSQERSXLIV
QENSVQERYJEGXYVIV
*
7PIIZIZW1EMR&SH]6ITPEGIQIRX'SWX'SQTEVMWSR
JXPFW
'PEWW
JXPFW
'PEWW
+
24/,EQQIVW'SQTIXMXMZI,EQQIVW
-
,=(6%90-',%11)67
8LIVMKLXQSHIPJSVIZIV]QEGLMRI
7TIGMJMGEXMSRW
24/
1SHIP
-QTEGX)RIVK]
'PEWW
JXPFW
+,
-QTEGX
*VIUYIRG]
FTQ
6IGSQQIRHIH
'EVVMIV;IMKLX
XSRW
+,
+,
+,
+,
+,
+,
+,
+,
+,
+,
+,
+,
+,
+,
+,
+,
3MP
*PS[
KTQPTQ
3TIVEXMRK
4VIWWYVI
TWMFEV
;SVOMRK
;IMKLX
PFOK
8SSP
(MEQIXIV
MRQQ
8SSP;SVOMRK
0IRKXL
MRQQ
w-QTEGX)RIVK]'PEWWxMWEQEVOIXMRKVEXMRKERHHSIWRSXVIPEXIXSQIEWYVIHMQTEGXIRIVK]
;SVOMRK[IMKLXWQE]ZEV][MXLFVEGOIXGSRJMKYVEXMSR7TIGMJMGEXMSRWWYFNIGXXSGLERKI[MXLSYXRSXMGI
24/ %PPXLI6MKLX%XXEGLQIRXW ;MXLMRRSZEXMSRXLVSYKLSYXGSRWXVYGXMSRvWQSWXI\XIRWMZIPMRI
'SQTEGXSV(VMZIVW
4VMQEV]7IGSRHEV]'VYWLIVW
&VIEOIV&YGOIXW
1EXIVMEP4VSGIWWSVW
24/'SRWXVYGXMSR)UYMTQIRX-RG
-RHITIRHIRGI(VMZI
;EPXSR,MPPW3,
4LSRI
8SPPJVII
*E\
-RXIVRIX[[[RTOGIGSQ
,IEZ](YX]+VETTPIW
4IHIWXEP&VIEOIVW
5YMGO%XXEGL'SYTPIVW
7SPHERH7IVZMGIHF]
)EGLTVSHYGXWSPHF]24/MWWYFNIGXXSERI\TVIWW[VMXXIR[EVVERX]24/QEOIWRSSXLIV[EVVERX]I\TVIWWSVMQTPMIHMRGPYHMRKER][EVVERX]SJQIVGLERXEFMPMX]SVJMXRIWWJSVER]
TEVXMGYPEVTYVTSWI24/MWRSXPMEFPIJSVER]MRGMHIRXEPSVGSRWIUYIRXMEPHEQEKIW
4VMRXIHMR97%*SVQ2S&'ST]VMKLX24/'SRWXVYGXMSR)UYMTQIRX-RG