2016/2: Übrige Teilgebiete gegliedert nach Basisklassifikation

Anuncio
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
)GUEJKEJVGFGT9KUUGPUEJCHVWPF-WNVWT
.CUEKGPEKCUGPNCHQTOCEKºQPFGNCUPCEKQPGUCOGTKECPCU5CPFTC%CTTGTCU-CVLC%CTTKNNQ<GKVGTGFU¸(TCPMHWTVCO/CKP
8GTXWGTV¸5
$KDNKQVJGEC+DGTQ¸#OGTKECPC
%QNNGEVGFGUUC[U
+5$0¸¸¸¸+DGTQCOGTKECPC
5EJNCIY¨TVGT*KURCPQCOGTKMC+&IPF¸0CVKQPGPDKNFWPI+&IPF¸9KUUGPUEJCHV+&
IPF¸^\^)GUEJKEJVG¸^H^-QPITGUU^I^$GTNKP 5EJNCIY¨TVGT.CVGKPCOGTKMC+&IPF¸0CVKQPCNUVCCV+&IPF¸'PVUVGJWPI+&IPF¸
9KUUGPUEJCHV+&IPF¸^\^)GUEJKEJVG¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT9KUUGPUEJCHVWPF-WNVWT
#
.KPIC#
,QTIG,WCP[NCEKGPEKCKNWUVTCFCGP'URC¼PC:.8++,QTPCFCUFG*KUVQTKC/CTºKVKOCEKENQFGEQPHGTGPEKCUPQXKGODTG
+PUVKVWVQFG*KUVQTKC[%WNVWTC0CXCN¸/CFTKF/KPKUVGTKQFG&GHGPUC=?¸5\CJNT+NN-VEO
=-QPIT?,QTPCFCUFG*KUVQTKC/CTºKVKOC/CFTKF
%WCFGTPQOQPQITºCHKEQ
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0
5EJNCIY¨TVGT,WCP[5CPVCEKNKC,QTIG¸+&IPF5RCPKGP+&IPF¸9KUUGPUEJCHV
+&IPF¸^\^)GUEJKEJVG¸^H^-QPITGUU^I^/CFTKF 5CEJITWRRGP)GUEJKEJVGFGT9KUUGPUEJCHVWPF-WNVWT
#
9KUUGPUEJCHVURQNKVKM-WNVWTRQNKVKM
/CTSWGU(GTPCPFQ2GTGKTC+&IPF
%WNVWTCGRQNºKVKECU(GTPCPFQ2GTGKTC/CTSWGU¸GF¸.KUDQC»#PEQTC¸R
'UVWFQUGFQEWOGPVQU
'UUC[¸(/CTSWGUVGCEJGUCVVJG7PKXGTUKFCFG.WUºQHQPC
+5$0¸¸¸¸'74
5EJNCIY¨TVGT-WNVWT+&IPF¸2QNKVKM+&IPF¸-WNVWTRQNKVKM+&IPF¸
5CEJITWRRGP9KUUGPUEJCHVURQNKVKM-WNVWTRQNKVKM
#
2TQEGUUGUQHJGTKVCIGOCMKPIKPIGQITCRJKECNURCEGEQQTFKPCFQTCU$GNºGP/C%CUVTQ(GTPºCPFG\.WETG\KC.QRG\/CTºKC,QUºG
2K¼PGKTC/CPVK¼PºCP¸5CPVKCIQFG%QORQUVGNC7PKXGTUKFCFGFG5CPVKCIQFG%QORQUVGNC5GTXK\QFG2WDNKECEKQPUG+PVGTECODKQ
%KGPVKHKEQ¸5+NNITCRJ&CTUV-VEO
%WTUQUGEQPITGUQUFC7PKXGTUKFCFGFC5CPVKCIQFG%QORQUVGNC
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU¸2CRGTUKP'PINKUJQT(TGPEJ
+5$0
5EJNCIY¨TVGT.CPFUEJCHV+&IPF¸)GQITCHKUEJGT4CWO+&IPF¸-WNVWTGTDG+&IPF¸
^H^-QPITGUU^I^5CPVKCIQFG%QORQUVGNC 5CEJITWRRGP9KUUGPUEJCHVURQNKVKM-WNVWTRQNKVKM&GPMOCNRHNGIG5VCFVDKNFRHNGIG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
9KUUGPUEJCHVNKEJGWPFMWNVWTGNNG<WUCOOGPCTDGKV
$TCOCPVGGP4QOC4QOCGP'URC¼PCWPLWGIQFGGURGLQUGPNCVGORTCPC'FCF/QFGTPC:KOQ%QORCP[$QTLC(TCPEQ+XºCP
4GIC%CUVTQGFU¸.NGKFC%GPVTGF
#TVF
'ITCXGRQEC/QFGTPC%#'/¸5\CJNT+NNEO
%QNNGEVGFGUUC[UUQOGRTGUGPVGFCVCEQPHGTGPEG4QOG+VCN[¸&QPCVQ$TCOCPVG!¸¸$GKVTKPURCP
5RTCEJGGKP$GKVTKPKVCN5RTCEJG
+5$0¸¸¸¸
5EJNCIY¨TVGT$TCOCPVG&QPCVQ¸+&IPF:4QO+&IPF¸#TEJKVGMVWT+&
IPF¸5RCPKGT+&IPF¸/§\GPCVGPVWO+&IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI
5CEJITWRRGP9KUUGPUEJCHVNKEJGWPFMWNVWTGNNG<WUCOOGPCTDGKV-WPUVH¨TFGTWPI#TEJKVGMVGP$CWOGKUVGT
$
.GUGHQTUEJWPI
%CTVQITCHºKCUNGEVQTCU[QVTQUGUVWFKQUFGNGEVWTCNGEVWTCUGPNCUWPKXGTUKFCFGURºWDNKECUCPFCNW\CU/CT%CORQU
(GTPºCPFG\¸(ºKICTGU'NQ[/CTVQU0ºW¼PG\EQQTFU¸/CFTKF=WC?/CTEKCN2QPU¸5+NNITCRJ&CTUV-V
%QNGEEKºQP7PKXGTUKFCF[NGEVWTC
+5$0¸¸¸¸'74
5EJNCIY¨TVGT#PFCNWUKGP+&IPF¸7PKXGTUKV§V+&IPF¸.GMV©TG+&IPF¸-CTVQITCHKG
+&IPF¸9GDUKVG+&IPF¸
5CEJITWRRGP.GUGHQTUEJWPI0GWGGNGMVTQPKUEJG/GFKGP-QOOWPKMCVKQPUYKUUGPUEJCHV
#
-QOOWPKMCVKQPWPF)GUGNNUEJCHV
.QLC4QDGTVQ$TWPQ/GKLGT+&IPF
.KDGTFCFGUFGKORTGPUCPC/CFGKTCCVGPVCÆE¼CQFQEQPVTQNGFQUOºGFKC4QDGTVQ$TWPQ/GKLGT.QLC¸(WPEJCN0QXC&GNRJK
¸R
+5$0¸¸¸¸'74
5EJNCIY¨TVGT/CFGKTC+&IPF¸2TGUUG+&IPF¸,QWTPCNKUOWU+&IPF¸2TGUUGHTGKJGKV
+&IPF¸
5CEJITWRRGP-QOOWPKMCVKQPWPF)GUGNNUEJCHV2QNKVKUEJG-QOOWPKMCVKQP
#
™HHGPVNKEJMGKV-QOOWPKMCVKQPUYKUUGPUEJCHV
2ºGTG\5ºCPEJG\,CXKGT+&IPF
#WVQRTQOQEKQPGUVGNGXKUKXCUGP'URC¼PC,CXKGT2ºGTG\5ºCPEJG\¸GF¸2CORNQPC'705#'F7PKXFG0CXCTTC
¸5+NNITCRJ&CTUVEO
%QNGEEKºQP%QOWPKECEKºQP
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸(GTPUGJRTQITCOO+&IPF¸'KIGPYGTDWPI+&IPF¸
5CEJITWRRGP™HHGPVNKEJMGKV-QOOWPKMCVKQPUYKUUGPUEJCHV
#
™HHGPVNKEJG/GKPWPI
1NKXCTK/KEJGNG+&IPF
#XKUQURCUSWKPGU[TWOQTGUNQUEQOKGP\QUFGNCQRKPKºQPRºWDNKECGPNC'URC¼PCFGNUKINQ:8++/KEJGNG1NKXCTK6TCFWEEKºQP
FG%CTNQ%CTCPEK[4QUC)CTEºKC¸GF¸/CFTKF'F%ºCVGFTC¸REO
*KUVQTKC5GTKGOGPQT
+PENW[GTGHGTGPEKCUDKDNKQITºCHKECU
+5$0¸¸¸¸¸¸¸
5EJNCIY¨TVGT5RCPKGP+&IPF¸2QNKVKM+&IPF¸™HHGPVNKEJG/GKPWPI+&IPF¸
^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG™HHGPVNKEJG/GKPWPI
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
*¨THWPM-QOOWPKMCVKQPUYKUUGPUEJCHV
+FGPVKVCVUPCEKQPCNUCN
GUVCVGURCP[QNGNEKPGOCKNCVGNGXKUKºQ%QQTF/CTVC)%CTTKºQP,QUºG%CTNQU4WGFC¸%CVCTTQLC
#HGTU¸¸5EO
#HGTU0T
%QNNGEVGFGUUC[U¸*CNHVKVNG+550¸¸6GZVKP%CVCNCP¸6JGUGTKGUKUCRGTKQFKECN
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸(KNO+&IPF¸(GTPUGJHKNO+&IPF¸
0CVKQPCNDGYWUUVUGKP/QVKX+&IPF¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP0CVKQPCNKUOWU*¨THWPM-QOOWPKMCVKQPUYKUUGPUEJCHV
#
(GTPUGJGP-QOOWPKMCVKQPUYKUUGPUEJCHV
)WVKºGTTG\.Q\CPQ,WCP(EQ+&IPF
'NGPEGPFKFQCPCNºQIKEQNQUKPKEKQUFGNCVGNGXKUKºQPGP#PFCNWEºKCCVTCXºGUFGNCRTGPUC,WCP(TCPEKUEQ)WVKºGTTG\.Q\CPQ¸
5GXKNNC#NHCT¸RKNN
%QNGEEKºQP#NHCT7PKXGTUKFCF
+5$0¸¸¸¸'74
5EJNCIY¨TVGT#PFCNWUKGP+&IPF¸(GTPUGJGP+&IPF¸(GTPUGJRTQITCOO+&IPF¸
4G\GRVKQP+&IPF¸2TGUUG+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP(GTPUGJGP-QOOWPKMCVKQPUYKUUGPUEJCHV
#
0GWGGNGMVTQPKUEJG/GFKGP-QOOWPKMCVKQPUYKUUGPUEJCHV
%CTVQITCHºKCUNGEVQTCU[QVTQUGUVWFKQUFGNGEVWTCNGEVWTCUGPNCUWPKXGTUKFCFGURºWDNKECUCPFCNW\CU/CT%CORQU
(GTPºCPFG\¸(ºKICTGU'NQ[/CTVQU0ºW¼PG\EQQTFU¸/CFTKF=WC?/CTEKCN2QPU¸5+NNITCRJ&CTUV-V
%QNGEEKºQP7PKXGTUKFCF[NGEVWTC
+5$0¸¸¸¸'74
5EJNCIY¨TVGT#PFCNWUKGP+&IPF¸7PKXGTUKV§V+&IPF¸.GMV©TG+&IPF¸-CTVQITCHKG
+&IPF¸9GDUKVG+&IPF¸
5CEJITWRRGP.GUGHQTUEJWPI0GWGGNGMVTQPKUEJG/GFKGP-QOOWPKMCVKQPUYKUUGPUEJCHV
#
$WEJRTQFWMVKQP$WEJTGUVCWTKGTWPI
4QFTºKIWG\4QFTºKIWG\$GIQ¼PC+&IPF
&GNQTKIKPCNFGKORTGPVCCNNKDTQKORTGUQCPVKIWQ$GIQ¼PC4QFTºKIWG\4QFTºKIWG\¸GF¸/CFTKF1NNGTQ[4COQU
¸5EO
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR=?¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5CPFQXCN$GTPCTFKPQ¸+&IPF6TCEVCFQFGNEW[FCFQSWGUGFGWGVGPGTFGNQURTGUQU
RQDTGU+&IPF&TWEMYGTM+&IPF¸'FKVKQP+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP$WEJRTQFWMVKQP$WEJTGUVCWTKGTWPI
$
$WEJJCPFGN
)CNºCP%GDQNNC/CTºKC,QUºG
.CEGPUWTCEKXKNGPNQUUKINQU:8+[:8++/CTºKC,QUºG)CNºCP%GDQNNC¸8CNGPEKC$TºWHQN¸5+NNEO
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGURCIGU¸
+5$0¸¸¸¸
5EJNCIY¨TVGT5RCPKGP+&IPF¸<GPUWT+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP$WEJJCPFGN
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
9KUUGPUEJCHVNKEJG$KDNKQVJGMGP
8CTGNC1TQN%QPEGREKºQP
%TGDCUGPCWHTCZKQUCDKDNKQVGECFQEQNGZKQFG(QPUGECPQUUºGEWNQU:8+++G:+:%QPEGREKºQP8CTGNC1TQN¸#%QTW¼PC7PKXGTUKFCFG
FC%QTW¼PC5GTXFG2WDN¸REO
/QPQITCHºKCU7PKXGTUKFCFGFC%QTW¼PC
6GZVKP)CNKEKCP
+5$0'74
5EJNCIY¨TVGT%QNGIKQFG(QPUGEC5CPVKCIQFG%QORQUVGNC$KDNKQVGEC+&IPF^\^)GUEJKEJVG¸
5CEJITWRRGP9KUUGPUEJCHVNKEJG$KDNKQVJGMGP$KDNKQVJGMUMCVCNQIG
#
$KDNKQVJGMUMCVCNQIG
8CTGNC1TQN%QPEGREKºQP
%TGDCUGPCWHTCZKQUCDKDNKQVGECFQEQNGZKQFG(QPUGECPQUUºGEWNQU:8+++G:+:%QPEGREKºQP8CTGNC1TQN¸#%QTW¼PC7PKXGTUKFCFG
FC%QTW¼PC5GTXFG2WDN¸REO
/QPQITCHºKCU7PKXGTUKFCFGFC%QTW¼PC
6GZVKP)CNKEKCP
+5$0'74
5EJNCIY¨TVGT%QNGIKQFG(QPUGEC5CPVKCIQFG%QORQUVGNC$KDNKQVGEC+&IPF^\^)GUEJKEJVG¸
5CEJITWRRGP9KUUGPUEJCHVNKEJG$KDNKQVJGMGP$KDNKQVJGMUMCVCNQIG
#
2JKNQUQRJKGFGT4GPCKUUCPEG
(TCPEKUEQFG8KVQTKCGPNC'UEWGNCFG5CNCOCPEC[UWRTQ[GEEKºQPGP0WGXC'URC¼PC8KTIKPKC#URG#TOGNNC/C+FQ[C<QTTQ\C
GFKVQTCU¸GF¸2CORNQPC'WPUC'FKEKQPGU7PKXGTUKFCFFG0CXCTTC¸REO
%QNGEEKºQPFGRGPUCOKGPVQOGFKGXCN[TGPCEGPVKUVC
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸¸¸¸
5EJNCIY¨TVGT8KVQTKC(TCPEKUEQFG¸+&IPF
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG2JKNQUQRJKGFGT
4GPCKUUCPEG
#
'VJKM
/CTSWGU#PVºQPKQ+&IPF
#HKNQUQHKCGQOCNDCPCNKFCFGGTCFKECNKFCFGFQOCNFG*CPPCJ#TGPFVC-CPV#PVºQPKQ/CTSWGU¸.KUDQC4GNºQIKQF
º#WC
¸5
+5$0¸¸¸¸
5EJNCIY¨TVGT#TGPFV*CPPCJ¸+&IPF:-CPV+OOCPWGN¸+&IPF
&CU"$¨UG+&IPF¸
5CEJITWRRGP'VJKM
#
2QNKVKUEJG2JKNQUQRJKG
%CNCHCVG2GFTQ
'UEQNC+DºGTKECFC2C\CEQPUEK»GPEKCETºKVKECFCEQPSWKUVCGEQNQPK\CE¼CQFC#OºGTKEC¸'UEWGNC+DºGTKECFGNC2C\
2GFTQ%CNCHCVG4COºQP'OKNKQ/CPFCFQ)WVKºGTTG\¸5CPVCPFGT'F7PKXGTUKFCF%CPVCDTKC¸5+NN(CMU
EO
$QWPF¸6GZVKP2QTVWIWGUGCPF5RCPKUJ
+5$0¸¸¸¸'74
5EJNCIY¨TVGT.CVGKPCOGTKMC+&IPF¸-QNQPKCNKUOWU+&IPF¸+PFKIGPGU8QNM+&IPF¸
4GEJVUUVGNNWPI+&IPF¸-QNQPKCNTGEJV+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG2QNKVKUEJG2JKNQUQRJKG
%
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
)GKUVGUYKUUGPUEJCHVGPCNNIGOGKP#NNIGOGKPGU
'N#VNºCPVKEQEQOQHTQPVGTCOGFKCEKQPGUEWNVWTCNGUGPVTG%WDC['URC¼PC&COCTKU2W¼PCNGU#NRºK\CTGF¸/CFTKF'F8GTDWO
¸REO
%QNGEEKºQPGPUC[Q
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸'74
5EJNCIY¨TVGT-WDC+&IPF¸5RCPKGP+&IPF¸5RCPKUEJ+&IPF¸.KVGTCVWT+&
IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI
5CEJITWRRGP)GKUVGUYKUUGPUEJCHVGPCNNIGOGKP#NNIGOGKPGU/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
(CNJCTOGNJQT=&KT%CTNQU8C\/CTSWGU?¸.KUDQC6KPVCFC%JKPC¸5+NN
)TCPVC2QTVWICN
+5$0¸¸¸¸
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^H^#PVJQNQIKG
5CEJITWRRGP)GKUVGUYKUUGPUEJCHVGPCNNIGOGKP#NNIGOGKPGU
#
2QPEG%ºCTFGPCU,GUºWU+&IPF
º'EHTCUKUXKUKºQP[GUETKVWTC,GUºWU2QPEG%ºCTFGPCU¸/CFTKF(TCIWC¸5+NNEO
%QNGEEKºQP(TCIWCGUETKVWTCETGCVKXC
,2QPEG%ºCTFGPCUVGCEJGUCVVJG7PKXGTUKFCF%QORNWVGPUGFG/CFTKF¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR¸
+5$0¸¸¸¸'74
5CEJITWRRGP)GKUVGUYKUUGPUEJCHVGPCNNIGOGKP#NNIGOGKPGU
#
5CPVKCIQFG%QORQUVGNC¸2KNIGTCTEJKVGMVWTWPFDKNFNKEJG4GRT§UGPVCVKQPKPPGWGT2GTURGMVKXG8GTCPUVCNVWPI$GTP
+&IPF8GTHCUUGT+PCWV
5CPVKCIQFG%QORQUVGNC¸2KNIGTCTEJKVGMVWTWPFDKNFNKEJG4GRT§UGPVCVKQPKPPGWGT2GTURGMVKXG5CPVKCIQFG%QORQUVGNC¸
RKNITKOUCTEJKVGEVWTGCPFXKUWCNTGRTGUGPVCVKQPKPCPGYRGTURGEVKXGJGTCWUIGIGDGPXQP$GTPF0KMQNCK-NCWU4JGKFVFKG$GKVT§IG
GPVUVCPFGPKO<WUCOOGPJCPIOKVFGOINGKEJPCOKIGPCPFGT7PKXGTUKV§V$GTPXQO¸XGTCPUVCNVGVGP
-QNNQSWKWO¸$GTP$GTNKP(TCPMHWTVCO/CKP9KGP2GVGT.CPI¸5GKVGP+NNWUVTCVKQPGPEO
=-QPIT?5CPVKCIQFG%QORQUVGNC¸2KNIGTCTEJKVGMVWTWPFDKNFNKEJG4GRT§UGPVCVKQPKPPGWGT2GTURGMVKXG$GTP
+5$0¸¸¸¸¸¸¸(GUVGKPDCPF
5EJNCIY¨TVGT-CVJGFTCNG5CPVKCIQFG%QORQUVGNC5CPVKCIQFG%QORQUVGNC+&IPF¸$CWCDNCWH+&
IPF¸$CWRNCUVKM+&IPF¸$CWHQTUEJWPI+&IPF¸
5CEJITWRRGP)GKUVGUYKUUGPUEJCHVGPCNNIGOGKP#NNIGOGKPGU)GUEJKEJVGFGT5CMTCNDCWMWPUV
$
)GUEJKEJVGFGT)GKUVGUYKUUGPUEJCHVGP
5KVGUQHOGOQT[KP5RCKPCPF.CVKP#OGTKECVTCWOCRQNKVKEUCPFTGUKUVCPEGGFD[?#ºKFC&ºKC\FG.GºQP¸.CPJCO=WC?
.GZKPIVQP$QQMU¸8+5
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUCPFKPFGZ
+5$0¸¸¸¸ENQVJCNMCNKPGRCRGT
+5$0=HQTOCNHCNUEJ?
5EJNCIY¨TVGT5RCPKGP+&IPF¸.CVGKPCOGTKMC+&IPF¸2QNKVKUEJGU&GNKMV+&IPF¸
)GUEJKEJVUUEJTGKDWPI+&IPF¸'TKPPGTWPI+&IPF¸-QNNGMVKXGU)GF§EJVPKU+&IPF¸
^H^#WHUCV\UCOONWPI
5CEJITWRRGP)GUEJKEJVGFGT)GKUVGUYKUUGPUEJCHVGP
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
-KTEJGPIGUEJKEJVG&QIOGPIGUEJKEJVG
%GTF¹CK$CNNGUVGT,QUGR¸
.QUECDCNNGTQU[TGNKIKQUQUFGNC1TFGPFG/QPVGUCGPVKGORQFGNQU#WUVTKCU¸,QUGR%GTF¹CK$CNNGUVGT¸/CFTKF
%QPUGLQ5WRGTKQTFG+PXGUVKICEKQPGU%KGPVºKHKECU¸5=?$N+NNITCRJ&CTUV-VEO
$KDNKQVGECFGJKUVQTKC
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR=?¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT/QPVGUCQTFGP+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-KTEJGPIGUEJKEJVG&QIOGPIGUEJKEJVG
#
'PUKPVQPºKCEQP5CPVC6GTGUC,WCPFG2CNCHQZ[NQUECTOGNKVCUFGUECN\QUFQEGGUVWFKQU4KECTFQ(GTPºCPFG\)TCEKCEQQTF
¸2CORNQPC)QDKGTPQFG0CXCTTC¸5+NN
%QNNGEVGFGUUC[U¸$QWPF¸6GTGUCQH#XKNC¸5CKPV,WCPFG2CNCHQZ[/GPFQ\C¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT6GTGUCFG,GUºWU¸+&IPF2CNCHQZ[/GPFQ\C,WCPFG¸+&
IPF-CTOGNKVKPPGP+&IPF¸7PDGUEJWJVG-CTOGNKVKPPGP+&IPF¸^\^)GUEJKEJVG
¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG-KTEJGPIGUEJKEJVG
&QIOGPIGUEJKEJVG
#
,KOºGPG\2CDNQ'UVJGT
.CHQTLCFGWPCKFGPVKFCFNC%QORC¼PºKCFG,GUºWU¸'UVJGT,KOºGPG\2CDNQ¸/CFTKF'F2QNKHGOQ¸
5+NN-VEO
.CEQTVGGP'WTQRC
4GXKUGFVJGUKU¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR=?¸CPFKPFGZ
+5$0¸¸¸¸'74
5EJNCIY¨TVGT,GUWKVGP+&IPF¸^\^-KTEJGPIGUEJKEJVG¸
5CEJITWRRGP-KTEJGPIGUEJKEJVG&QIOGPIGUEJKEJVG
#
2ºGTG\,WNKC+&IPF:
8CUEQFG3WKTQIC,WNKC2ºGTG\¸/CFTKF(WPFCEKºQP'OOCPWGN/QWPKGT¸REO
%QNGEEKºQP5KPGTIKC5GTKGXGTFG
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGURCIGU¸
+5$0¸¸¸¸
5EJNCIY¨TVGT3WKTQIC8CUEQFG¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG-KTEJGPIGUEJKEJVG
&QIOGPIGUEJKEJVG
#
/KVVGNCNVGTNKEJGU%JTKUVGPVWO
.QUECTVWNCTKQUFG8CNRWGUVCGUVWFKQUGFKEKºQPCECTIQFG,QUºG#$CTVQN*GTPºCPFG\#PVQPKQº#NXCTG\6GLGFQT,QUºG4COºQP
/QTCNC¸5CNCOCPEC.WUQ¸'URC¼PQNCFG'FKEKQPGU¸5+NN-VEO
%QNNGEVGFGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸'74
5EJNCIY¨TVGT8CNRWGUVC+&IPF&K¨\GUG+&IPF¸-QRKCNDWEJ+&IPF¸
^H^#WHUCV\UCOONWPI
5CEJITWRRGP/KVVGNCNVGTNKEJGU%JTKUVGPVWO5RCPKGP2QTVWICN)GUEJKEJVG&KCNGMVQNQIKG
.CVGKPKUEJG5RTCEJG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
-CVJQNK\KUOWU
(GTPºCPFG\/GNNºGP%QPUQNCEKºQP
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¸$KNDCQ7PKXGTUKFCFFGN2CºKU8CUEQ¸5+NN-VEO
*KUVQTKCOGFKGXCN[OQFGTPC
,,&ºKC\FG'URCFC¸5RCPKUJDKUJQR
+5$0¸¸¸¸'74
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5CEJITWRRGP-CVJQNK\KUOWU5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
,WGWUEQPXGTUQU+PSWKUKEKºQWPCEQPXKX¹GPEKCRGTOCPGPVOGPVHTWUVTCFCEQQTFKPCEKQ(GTTCP)CTEKC¸1NKXGT¸%CVCTTQLC#HGTU
¸¸5+NNEO
#HGTU0T
%QNNGEVGFGUUC[U¸*CNHVKVNG+550¸¸+PENCDUVTCEVUKP%CVCNCPCPF'PINKUJ¸6GZVKP%CVCNCP¸6JGUGTKGUKU
CRGTKQFKECN¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU¸%CVCNCP'PINKUJ
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸,WFGP+&IPF¸,WFGPVWO+&IPF¸/CTTCPGP+&
IPF¸+PSWKUKVKQP+&IPF¸^\^)GUEJKEJVG¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG)GUEJKEJVGFGUL©FKUEJGP8QNMGUCW•GTJCNDFGU5VCCVGU+UTCGN
-CVJQNK\KUOWU
#
3WGTQ(CDTKEG
,WCP/CTVºKPG\5KNKEGQ¸GVNCURKTKVWCNKVºGFGN
'URCIPGRTºG¸VTKFGPVKPG(CDTKEG3WGTQ¸2CTKU*%JCORKQP
¸5=?$N+NNEO
$KDNKQVJ¹GSWGNKVVºGTCKTGFGNC4GPCKUUCPEG5ºGTKG
+5$0¸¸¸¸'74
5EJNCIY¨TVGT/CTVºKPG\5KNºKEGQ,WCP¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-CVJQNK\KUOWU
#
+UNCO5QPUVKIGU
.CCNVGTKFCFKOCIKPCFCGNRºCPKEQOQTCN[NCEQPUVTWEEKºQPFGNQOWUWNOºCPGP'URC¼PC[(TCPEKCº#PIGNGU4COºKTG\GF¸$CTEGNQPC
'F$GNNCVGTTC¸5+NNEO
5GTKGIGPGTCNWPKXGTUKVCTKC
2CRGTURTGUGPVGFCVVJGOGGVKPIJGNFKP.KUDQP2QTVWICN&GECPFQVJGTGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸'74
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5CEJITWRRGP+UNCO5QPUVKIGU'VJPKUEJG$G\KGJWPIGP/KPFGTJGKVGPRTQDNGO
#
&CFUQP6TGXQT,+&IPF
.QUOQTKUEQUFG8KNNCTTWDKCFGNQU1LQUUKINQU:8¸:8+++JKUVQTKCFGWPCOKPQTºKCCUKOKNCFCGZRWNUCFC[TGKPVGITCFC6TGXQT
,&CFUQP¸GFKEKºQPTGXKUCFC[CEVWCNK\CFC¸/CFTKF+DGTQCOGTKECPC=WC?¸5ITCRJ&CTUVEO
6KGORQGOWNCFQ
(KTUVRWDNPQYTGXKUGFCPFWRFCVGF
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5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG+UNCO5QPUVKIGU
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
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FG2CRGN¸5=?$N+NN-V
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5CEJITWRRGP2QNKVKUEJG)GYCNV+UNCO5QPUVKIGU5RCPKGP2QTVWICN)GUEJKEJVG
#
2KPVQ,CKOG0QIWGKTC+&IPF
1KUN¼CQGQQEKFGPVGCITCPFGFKUEºQTFKC,CKOG0QIWGKTC2KPVQ%QOCEQNCDQTCÆE¼CQFG+P»GU2KPVQ$CUVQ¸GF¸#NHTCIKFG
&QO3WKZQVG¸5+NN
+5$0¸¸¸¸
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#
4ºKQU%COCEJQ:QUºG¸%CTNQU
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:.8+REO
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$
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5CEJITWRRGP$CWIGUEJKEJVG#NNIGOGKPGU+UNCO5QPUVKIGU
#
-WNVWTIGUEJKEJVG
%KTEWNCVKQPCTVKUVKSWGUFCPUNCEQWTQPPGF
#TCIQPNGT»QNGFGUEJCRKVTGUECVJºGFTCWZ:8+G¸:8+++GUK¹GENGU,WNKGP.WICPF
FKTGEVQT¸2GTRKIPCP2TGUUWPKXFG2GTRKIPCP¸5+NNEO
%QNNGEVKQP*KUVQKTGFGN
CTV
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%KTEWNCVKQPUCTVKUVKSWGUFCPUNCEQWTQPPGF
#TCIQPNGT»QNGFGUEJCRKVTGUECVJºGFTCWZ:8+G¸:8+++GUK¹GENGU
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'OKNKQ¸.GKFGP
=WC?$TKNN¸:.+++5
6JGOGFKGXCNCPFGCTN[OQFGTP+DGTKCPYQTNF
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUCPFKPFGZ
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5EJNCIY¨TVGT)CNKEKGP+&IPF¸-WNVWT+&IPF¸4GNKIKQP+&IPF¸-WPUV+&
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#
#
4G[GU[RTGNCFQUNCETGCEKºQPCTVºKUVKECGPNQUTGKPQUFG.GºQP[%CUVKNNC¸/CTKC&QNQTGU6GKLGKTC/CTKC8KEVQTKC
*GTTºCG\[/CTKC%QPEGREKºQP%QUOGPGFU¸/CFTKF5ºKNGZ¸5+NN-VEO
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^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-WNVWTIGUEJKEJVG-WPUVIGUEJKEJVG#NNIGOGKPGU
#
5Q\KCNIGUEJKEJVG
.CUEKWFCFGUGURC¼PQNCUGPNC'FCF/QFGTPCQNKICTSWºKCUWTDCPCU[IQDKGTPQOWPKEKRCN/CTºKCº#PIGNGU(C[C&ºKC\EQQTF
/CTºKCº#NXCTG\(GTPºCPFG\¸1XKGFQ-4-¸5=?$N+NNITCRJ&CTUV-VEO
%QNNGEVGFGUUC[U
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5CEJITWRRGP5Q\KCNIGUEJKEJVG5RCPKGP2QTVWICN)GUEJKEJVG-QOOWPCNXGTYCNVWPI
#
)QP\ºCNG\¸8CTCU+IPCEKQ
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5CNCU%CTNQ.ºQRG\¸3WGUCFC¸/CFTKF6WTPGT¸5\CJNT+NNEO
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/WLGTGUGUENCXCU[CDQNKEKQPKUVCUGPNC'URC¼PCFGNQUUKINQU:8+CN:+:#WTGNKC/CTVºKP%CUCTGU[4QEºKQ2GTKºC¼PG\)ºQOG\
GFU¸/CFTKF(TCPMHWTV/+DGTQCOGTKECPC8GTXWGTV¸5+NNEOI
6KGORQGOWNCFQ
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5EJNCIY¨TVGT5RCPKGP+&IPF¸5MNCXKP+&IPF¸#DQNKVKQPKUOWU+&IPF¸
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5CEJITWRRGP5Q\KCNIGUEJKEJVG5RCPKGP2QTVWICN)GUEJKEJVG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
4QFTºKIWG\1TVK\8KEVQTKC
'NCDQTVQJCUVCHKPGUFGNNC'FCF/GFKCECUVGNNCPCUWEQPUKFGTCEKºQPUQEKCN[LWTºKFKEC8KEVQTKC4QFTºKIWG\1TVK\¸GF¸%K\WT
/GPQT#TCP\CFK¸R
'UVWFKQU
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5EJNCIY¨TVGT5EJYCPIGTUEJCHVUCDDTWEJ+&IPF¸5Q\KCNG5KVWCVKQP+&IPF¸4GEJVUUVGNNWPI
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5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG5Q\KCNIGUEJKEJVG
#
9KTVUEJCHVUIGUEJKEJVG
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5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG9KTVUEJCHVUIGUEJKEJVG
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2ºGTG\¸#ºKPUWC/ºGPFG\0CVCNKC+&IPF
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5GETFG2WDN¸5\CJNT+NNEO
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#
#TEJ§QNQIKG
.
CTSWGQNQIKCFGNOºQPOQFGTPKEQPVGORQTCPKPQXGURGTURGEVKXGUEQQTFKPCEKºQ3WGTCNV5QNºG¹1UECT,CPºG¸%CVCTTQLC#HGTU
¸5+NN-VEO
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5EJNCIY¨TVGT5RCPKGP+&IPF¸#TEJ§QNQIKG+&IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG#TEJ§QNQIKG
#
/KVVGNCNVGTNKEJG#TEJ§QNQIKGPGW\GKVNKEJG#TEJ§QNQIKG
6JGCTEJCGQNQI[QHOGFKGXCN5RCKP¸GFD[/CIFCNGPC8CNQT¸5JGHHKGNF=WC?'SWKPQZ¸:+8
5+NNITCRJ&CTUV-V
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$
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)GUEJKEJVGFGT'PVFGEMWPIGP
%QNQODQ%TKUVQHQTQ+&IPF
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EO
'NNKDTQFGDQNUKNNQ*KUVQTKC
&KG8QTNCIGGPVJKPUIGUCOV9GTMG
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5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT
'PVFGEMWPIGP
#
/CTVºKP4WDKQ/CTºKCFGN%CTOGP+&IPF
(TCPEKUEQ2K\CTTQGNJQODTGFGUEQPQEKFQ/CTºKCFGN%CTOGP/CTVºKP4WDKQ¸=1XKGFQ?'FKEKQPGU0QDGN¸R
KNNEO
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5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT
'PVFGEMWPIGP
#
<YGKVGT9GNVMTKGI
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%TºKVKEC¸:+:5+NN-VEO
%TºKVKECEQPVTCUVGU
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR=?¸CPFKPFGZ
+5$0
5EJNCIY¨TVGT$NCWG&KXKUKQP+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP<YGKVGT9GNVMTKGI5RCPKGP2QTVWICN)GUEJKEJVG
#
/QTGPQ,WNKºC:CXKGT+&IPF:
.GIKºQPC\WN[UGIWPFCIWGTTCOWPFKCNJWPFKOKGPVQJKURCPQ¸CNGOºCPGPHTGPVGFGN'UVG¸:CXKGT/QTGPQ,WNKºC
¸GF¸5CP5GDCUVKºCPFGNQU4G[GU#EVCU¸5+NNEO
$QWPF
+5$0'74
5EJNCIY¨TVGT$NCWG&KXKUKQP+&IPF¸1UVHTQPV+&IPF¸^\^)GUEJKEJVG¸
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$
*QEJ¸WPF5R§VOKVVGNCNVGT
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GFU¸GF¸.QITQ¼PQ+PUVFG'UVWFKQU4KQLCPQU¸5+NNITCRJ&CTUV-V
%QNGEEKºQPEKGPEKCUJKUVºQTKECU
2TQEGGFKPIU0ºCLGTC¸$GKVTVGKNYKPGPINHTCP\RQTVWIWPFURCP
+5$0'74
5EJNCIY¨TVGT9GUVGWTQRC+&IPF¸#VNCPVKMM©UVG+&IPF¸*CHGPUVCFV+&IPF¸
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#
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FGNCTCKUQPRQNKVKSWGQTICPKUºGFWCWPQXGODTGCWZCTEJKXGUFWOKPKUV¹GTGFGU#HHCKTGUºGVTCPI¹GTGUGVGWTQRºGGPPGU
CW%QNN¹GIGF
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WPKXGTUKVºG2CTKU¸5QTDQPPG¸2CTKU+8?UQWUNCFKTFG.WEKGP$ºGN[¸2CTKU%NCUUKSWGU)CTPKGT
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=-QPIT?%QNNQSWG2CTKU¸
*KUVQKTGFGUVGORUOQFGTPGU
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#
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.CRCKZFGU2[TºGPºGGUQWNGVTKQORJGFGNCTCKUQPRQNKVKSWG=CEVGUFWEQNNQSWG.CRCKZFGU2[TºGPºGGUQWNGVTKQORJG
FGNCTCKUQPRQNKVKSWGQTICPKUºGFWCWPQXGODTGCWZCTEJKXGUFWOKPKUV¹GTGFGU#HHCKTGUºGVTCPI¹GTGUGVGWTQRºGGPPGU
CW%QNN¹GIGF
'URCIPGGV¹CN
WPKXGTUKVºG2CTKU¸5QTDQPPG¸2CTKU+8?UQWUNCFKTFG.WEKGP$ºGN[¸2CTKU%NCUUKSWGU)CTPKGT
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#
5RCPKGP2QTVWICN)GUEJKEJVG
-CTN8*GKNKIGU4¨OKUEJGU4GKEJ-CKUGT+&IPF
%ºQOQUGTTG[KPUVTWEEKQPGUFGNGORGTCFQT%CTNQU8CUWJKLQ(GNKRGOC[QFG4CEJCGN$CNN¸'FETºKVKEC¸/CFTKF
%GPVTQFG'UVWFKQU'WTQRC*KURºCPKEC=WC?¸5+NN-V\CJNT(CMUEO
=%QNGEEKºQP.QU#WUVTKCU?
6GZVURCPWPFGPIN
+5$0¸¸¸¸=HQTOCNHCNUEJ?
5EJNCIY¨TVGT-CTN8*GKNKIGU4¨OKUEJGU4GKEJ-CKUGT¸+&IPF#PYGKUWPI+&IPF¸
2JKNKRR++5RCPKGP-¨PKI¸+&IPF^\^)GUEJKEJVG^H^3WGNNG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
%
#NDGTQNC4QOºC#TOCPFQ+&IPF:
.QUECODKQUENKOºCVKEQUNCRGSWG¼PCGFCFFGNJKGNQGP'URC¼PC#TOCPFQ#NDGTQNC4QOºC¸/CFTKF%ºCVGFTC¸5
+NN(CMU-V
.CJKUVQTKCFG
##NDGTQNC4QOºCVGCEJGUCVVJG7PKXGTUKFCFFG#NKECPVG
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸-NKOC§PFGTWPI+&IPF¸-NGKPG'KU\GKV+&IPF¸
^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-NKOCVQNQIKG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
#NºKC/KTCPFC(TCPEKUEQ+&IPF
.CCIQPºKCFGNC4GRºWDNKECGNHKPCNFGNCIWGTTCEKXKNGURC¼PQNC¸(TCPEKUEQ#NºKC/KTCPFC¸GF¸$CTEGNQPC
%TºKVKEC¸REO
%QPVTCUVGU
(#NºKC/KTCPFCVGCEJGUCVVJG7PKXGTUKFCFFG%CUVKNNC¸.C/CPEJC¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR¸CPF
KPFGZ
+5$0'74
5EJNCIY¨TVGT5RCPKUEJGT$©TIGTMTKGI¸+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
#PIWKCPQ/CPWGN/CTºKC
%TºQPKECFGNCOW[PQDNG[OW[NGCNEKWFCFFG0ºCLGTCRQT/CPWGN/CTºKC#PIWKCPQ¸GF¸=4GRTQFFGNCGFKEKºQP?.QITQ¼PQ
¸.C%QTW¼PCº1TDKIQ¸REO
+5$0
5EJNCIY¨TVGT0ºCLGTC+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
6JGCTEJCGQNQI[QHOGFKGXCN5RCKP¸GFD[/CIFCNGPC8CNQT¸5JGHHKGNF=WC?'SWKPQZ¸:+8
5+NNITCRJ&CTUV-V
5VWFKGUKPVJGCTEJCGQNQI[QH/GFKGXCN'WTQRG
.KVGTCVWTXGT\5¸
+5$0¸¸¸¸JD
5EJNCIY¨TVGT5RCPKGP+&IPF¸#TEJ§QNQIKG+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP/KVVGNCNVGTNKEJG#TEJ§QNQIKGPGW\GKVNKEJG#TEJ§QNQIKG5RCPKGP2QTVWICN)GUEJKEJVG
$
.
CTSWGQNQIKCFGNOºQPOQFGTPKEQPVGORQTCPKPQXGURGTURGEVKXGUEQQTFKPCEKºQ3WGTCNV5QNºG¹1UECT,CPºG¸%CVCTTQLC#HGTU
¸5+NN-VEO
#HGTU0T
%QNNGEVGFGUUC[U¸6JGUGTKGUKUCRGTKQFKECN
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸#TEJ§QNQIKG+&IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG#TEJ§QNQIKG
#
$CTEGNQPC¸NNQVLCFTCUUCPGUK5CPVC/CTKCFGN/CT=-CVCNQI\WT#WUUVGNNWPI&KG*WORKUKP$CTEGNQPC4QVG-QTCNNGH©T
ICP\'WTQRCKO/WUGWO*WORKU¸3WCTVKGT4CXGPUDWTI/CK¸0QXGODGT?/GKMG-PKVVGN¸#WHN¸4CXGPUDWTI
/WUGWO*WORKU¸3WCTVKGT¸5\CJNT+NN-V
&KG*WORKUKP'WTQRC/WUGWO*WORKU¸3WCTVKGT4CXGPUDWTI
+5$0¸¸¸¸
5EJNCIY¨TVGT*WORKU(COKNKGECUGKVF,J+&IPF$CTEGNQPC+&IPF¸^H^#WUUVGNNWPI
^I^4CXGPUDWTI 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
$CTEGNQPCGPRQUVIWGTTC¸FG'WN¹CNKC2ºGTG\K8CNNXGTFºWFKT¸GF¸$CTEGNQPC'HCFQU=WC?¸
5\CJNT+NN-V(CMUEO
$QWPF¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0'74
5EJNCIY¨TVGT$CTEGNQPC+&IPF¸(TCPSWKUOWU+&IPF¸^\^)GUEJKEJVG¸^H^$KNFDCPF
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
$
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
$GHQTGOKFFNGRCUUCIGVTCPUNCVGF2QTVWIWGUGOCPWUETKRVUQH#VNCPVKEUNCXGVTCFKPIHTQO9GUV#HTKECVQ+DGTKCPVGTTKVQTKGU
¸VTCPUNCPFGFD[6TGXQT2*CNN¸(CTPJCO=WC?#UJICVG¸:++5ITCRJ&CTUV-V
'PVJ$GKVT
+5$0¸¸¸¸
5EJNCIY¨TVGT2QTVWICN+&IPF¸5MNCXGPJCPFGN+&IPF¸^\^)GUEJKEJVG¸^H^3WGNNG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG#HTKMCU©FNKEJFGT5CJCTC)GUEJKEJVG
#
$GTPKPK4QOC[NCOQPCTSWºKCJKURºCPKEC/WUGQ0CEKQPCNFGN2TCFQ'FKEKºQPCECTIQFG&GNHºKP4QFTºKIWG\4WK\¸/CFTKF
¸5\CJNT+NNEO
=-QPIT?'ZRQUKEKºQP$GTPKPK¸4QOC[NC/QPCTSWºKC*KURºCPKEC/CFTKF¸
)KCP.QTGP\Q$GTPKPK¸
+5$0¸¸¸¸'74
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-WPUVYKUUGPUEJCHVGP#NNIGOGKPGU
%
%CNCHCVG2GFTQ
'UEQNC+DºGTKECFC2C\CEQPUEK»GPEKCETºKVKECFCEQPSWKUVCGEQNQPK\CE¼CQFC#OºGTKEC¸'UEWGNC+DºGTKECFGNC2C\
2GFTQ%CNCHCVG4COºQP'OKNKQ/CPFCFQ)WVKºGTTG\¸5CPVCPFGT'F7PKXGTUKFCF%CPVCDTKC¸5+NN(CMU
EO
$QWPF¸6GZVKP2QTVWIWGUGCPF5RCPKUJ
+5$0¸¸¸¸'74
5EJNCIY¨TVGT.CVGKPCOGTKMC+&IPF¸-QNQPKCNKUOWU+&IPF¸+PFKIGPGU8QNM+&IPF¸
4GEJVUUVGNNWPI+&IPF¸-QNQPKCNTGEJV+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG2QNKVKUEJG2JKNQUQRJKG
%
%COCTGTQ2CUEWCN4CSWGN+&IPF
.CIWGTTCFGTGEWRGTCEKºQPFG%CVCNW¼PC¸4CSWGN%COCTGTQ2CUEWCN¸GF¸5CP5GDCUVKºCPFGNQU4G[GU/CFTKF
'F#EVCU¸5
2CUCFQXKXQ
+5$0
5EJNCIY¨TVGT-CVCNQPKGP+&IPF¸(TCP\¨UKUEJ¸5RCPKUEJGT-TKGI¸+&IPF¸-CVCNQPKGP
#WHUVCPF+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
%CTOQ+UCDGNFQ+&IPF
+UCDGNFQ%CTOQCNWVCVCODºGOEWTC+UCDGNFQ%CTOQ&KºCNQIQEQO,QUºG,QTIG.GVTKC¸GF¸.KUDQC)WGTTC2C\
¸5+NN
1HKQFCOGOºQTKC
+PVGTXKGYVQ+FQ%CTOQ2QTVWIWGUGRJ[UKEKCP
+5$0¸¸¸¸'74
5EJNCIY¨TVGT%CTOQ+UCDGNFQ¸+&IPF^H^+PVGTXKGY
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG2QNKVKUEJG2TQ\GUUG#NNIGOGKPGU
#
%CTQ$CTQLC,WNKQ+&IPF
%QPNGVTCCIWFC[HKPC0CXCTTCGPNQUVGZVQUFG,WNKQ%CTQ$CTQLC/CVºKCU/ºWIKECEQORKNCFQT¸2CORNQPC)QDKGTPQFG
0CXCTTC&GRCTVCOGPVQFG%WNVWTC6WTKUOQ[4GNCEKQPGU+PUVKVWEKQPCNGU¸:+85+NN-VEO
+5$0¸¸¸¸
5EJNCIY¨TVGT0CXCTTC+&IPF¸'VJPQNQIKG+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG4GIKQPCNG8QNMUMWPFG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
.QUECTVWNCTKQUFG8CNRWGUVCGUVWFKQUGFKEKºQPCECTIQFG,QUºG#$CTVQN*GTPºCPFG\#PVQPKQº#NXCTG\6GLGFQT,QUºG4COºQP
/QTCNC¸5CNCOCPEC.WUQ¸'URC¼PQNCFG'FKEKQPGU¸5+NN-VEO
%QNNGEVGFGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸'74
5EJNCIY¨TVGT8CNRWGUVC+&IPF&K¨\GUG+&IPF¸-QRKCNDWEJ+&IPF¸
^H^#WHUCV\UCOONWPI
5CEJITWRRGP/KVVGNCNVGTNKEJGU%JTKUVGPVWO5RCPKGP2QTVWICN)GUEJKEJVG&KCNGMVQNQIKG
.CVGKPKUEJG5RTCEJG
#
%CUVGNNCPQ[$CTºQPº+¼PKIQ¸
.CCNOQJCFC/CFTKFETºQPKECFGWPUKINQº+¼PKIQ%CUVGNNCPQ[$CTºQPEQPFGFG(WGPENCTC¸#UVQTIC.GºQP%5'&'FKVQTKCN
¸RKNNEO
%5'&ETºQPKECU
+5$0¸¸¸¸
5EJNCIY¨TVGT/CFTKF+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
%CVCNQPKCCPF2QTVWICNVJG+DGTKCPRGPKPUWNCHTQOVJGRGTKRJGT[(NQEGN5CDCVºG.WºKU#F¼CQFC(QPUGECGFU¸$GTP=WC?
.CPI¸5-VEOI
+FGPVKVKGU8QN
.KVGTCVWTCPICDGP¸$GKVTVGKNYGPINHTCP\WPFURCP
+5$0¸¸¸:¸¸¸¸MCTV
5EJNCIY¨TVGT-CVCNQPKGP+&IPF¸2QTVWICN+&IPF¸^\^)GUEJKEJVG^H^-QPITGUU^I^.ºGTKFC 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
%GTF¹CK$CNNGUVGT,QUGR¸
.QUECDCNNGTQU[TGNKIKQUQUFGNC1TFGPFG/QPVGUCGPVKGORQFGNQU#WUVTKCU¸,QUGR%GTF¹CK$CNNGUVGT¸/CFTKF
%QPUGLQ5WRGTKQTFG+PXGUVKICEKQPGU%KGPVºKHKECU¸5=?$N+NNITCRJ&CTUV-VEO
$KDNKQVGECFGJKUVQTKC
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR=?¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT/QPVGUCQTFGP+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-KTEJGPIGUEJKEJVG&QIOGPIGUEJKEJVG
#
%KTEWNCVKQPCTVKUVKSWGUFCPUNCEQWTQPPGF
#TCIQPNGT»QNGFGUEJCRKVTGUECVJºGFTCWZ:8+G¸:8+++GUK¹GENGU,WNKGP.WICPF
FKTGEVQT¸2GTRKIPCP2TGUUWPKXFG2GTRKIPCP¸5+NNEO
%QNNGEVKQP*KUVQKTGFGN
CTV
2TQEGGFKPIUQHVJGEQPHGTGPEGJGNFKP)KTQPC5RCKP(GDTWCT[¸¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU¸0GDGPV
%KTEWNCVKQPUCTVKUVKSWGUFCPUNCEQWTQPPGF
#TCIQPNGT»QNGFGUEJCRKVTGUECVJºGFTCWZ:8+G¸:8+++GUK¹GENGU
+5$0¸¸¸¸
5EJNCIY¨TVGT#TCIQPKGP+&IPF¸&QOMCRKVGN+&IPF¸-WPUVOCTMV+&IPF¸
^\^)GUEJKEJVG¸^H^-QPITGUU^I^)ºGTQPG 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-WNVWTIGUEJKEJVG-WPUVIGUEJKEJVG#NNIGOGKPGU
$
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
.CUEKWFCFGUGURC¼PQNCUGPNC'FCF/QFGTPCQNKICTSWºKCUWTDCPCU[IQDKGTPQOWPKEKRCN/CTºKCº#PIGNGU(C[C&ºKC\EQQTF
/CTºKCº#NXCTG\(GTPºCPFG\¸1XKGFQ-4-¸5=?$N+NNITCRJ&CTUV-VEO
%QNNGEVGFGUUC[U
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸5VCFVHQTUEJWPI+&IPF¸5VCFVXGTYCNVWPI+&IPF¸
)GOGKPFGXGTYCNVWPI+&IPF¸^H^#WHUCV\UCOONWPI^\^5Q\KCNIGUEJKEJVG¸
5CEJITWRRGP5Q\KCNIGUEJKEJVG5RCPKGP2QTVWICN)GUEJKEJVG-QOOWPCNXGTYCNVWPI
#
%QNQODQ%TKUVQHQTQ+&IPF
.QUEWCVTQXKCLGU%TKUVºQDCN%QNºQP'FKEKºQPFG%QPUWGNQ8CTGNC¸GF¸/CFTKF#NKCP\C'FKVQTKCN¸5-V
EO
'NNKDTQFGDQNUKNNQ*KUVQTKC
&KG8QTNCIGGPVJKPUIGUCOV9GTMG
+5$0¸¸¸¸
5EJNCIY¨TVGT%QNQODQ%TKUVQHQTQ¸+&IPF#OGTKMC+&IPF¸'PVFGEMWPIUTGKUG
+&IPF¸^H^4GKUGDGTKEJV¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT
'PVFGEMWPIGP
#
%QORTQOGVKFQUEQPNCJKUVQTKCFQPCEKQPGU[FGRºQUKVQUGPGN/WUGQFGN%CTNKUOQGZRQUKEKºQPFGNFGCDTKNFGCN
FGHGDTGTQFG/WUGQFGN%CTNKUOQ'UVGNNC¸.K\CTTC0CXCTTC/WUGQFGN%CTNKUOQ=6GZVQU5WUCPC+TKICTC[5QVQ
?¸=2CORNQPC?)QDKGTPQFG0CXCTTC¸5\CJNT+NN(CMUEO
=-QPIT?'ZRQUKEKºQP%QORTQOGVKFQUEQPNC*KUVQTKC'UVGNNC¸.K\CTTC0CXCTTC¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT-CTNKUOWU+&IPF¸^\^)GUEJKEJVG^H^#WUUVGNNWPI^I^'UVGNNC¸.K\CTTC 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
$
%QPHNKEVQU[EKECVTKEGUHTQPVGTCU[OKITCEKQPGUGPGNOWPFQJKURºCPKEQ#NOWFGPC&GNICFQ.CTKQUEQQTF¸GF¸/CFTKF
&[MKPUQP¸5+NNITCRJ&CTUV-VEO
%QNNGEVGFGUUC[U¸$GKVTVGKNYURCPVGKNYHTCP\
+5$0¸¸¸¸
5EJNCIY¨TVGT5VCCVUITGP\G+&IPF¸'KPYCPFGTWPI+&IPF¸#WUYCPFGTWPI+&IPF¸
^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
.CEWGUVKºQPCITCTKCGPNCJKUVQTKCFG#PFCNWEºKCPWGXCURGTURGEVKXCU/CPWGN)QP\ºCNG\FG/QNKPCEQQTF¸GF¸5GXKNNC
%GPVTQFG'UVWFKQU#PFCNWEGU¸5+NNITCRJ&CTUVEO
%WCFGTPQUFG#PFCNWEºKCGPNCJKUVQTKCEQPVGORQTºCPGC
%QNNGEVGFGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR=?¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT#PFCNWUKGP+&IPF¸)TQ•ITWPFDGUKV\+&IPF¸$QFGPTGHQTO+&IPF¸
#ITCTTGHQTO+&IPF¸5Q\KCN¨MQNQIKG+&IPF¸#ITCT¨MQNQIKG+&IPF¸^\^)GUEJKEJVG
¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
%WNVWTGCPFUQEKGV[KPOGFKGXCN)CNKEKCCEWNVWTCNETQUUTQCFUCVVJGGFIGQH'WTQRGGFCPFVTCPUND[,COGU&
'OKNKQ¸.GKFGP
=WC?$TKNN¸:.+++5
6JGOGFKGXCNCPFGCTN[OQFGTP+DGTKCPYQTNF
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUCPFKPFGZ
+5$0¸¸¸¸JCTFDCEMCEKF¸HTGGRCRGT
+5$0=HQTOCNHCNUEJ?
5EJNCIY¨TVGT)CNKEKGP+&IPF¸-WNVWT+&IPF¸4GNKIKQP+&IPF¸-WPUV+&
IPF¸^\^)GUEJKEJVG¸^H^-QPITGUU^I^-CNCOC\QQ 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-WNVWTIGUEJKEJVG
#
#
&CFUQP6TGXQT,+&IPF
.QUOQTKUEQUFG8KNNCTTWDKCFGNQU1LQUUKINQU:8¸:8+++JKUVQTKCFGWPCOKPQTºKCCUKOKNCFCGZRWNUCFC[TGKPVGITCFC6TGXQT
,&CFUQP¸GFKEKºQPTGXKUCFC[CEVWCNK\CFC¸/CFTKF+DGTQCOGTKECPC=WC?¸5ITCRJ&CTUVEO
6KGORQGOWNCFQ
(KTUVRWDNPQYTGXKUGFCPFWRFCVGF
+5$0¸¸¸¸'74
5EJNCIY¨TVGT8KNNCTTWDKCFGNQU1LQU+&IPF¸/QTKUMGP+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG+UNCO5QPUVKIGU
#
&GTJCO/KEJCGN
#UVWF[QHKOOKITCVKQPHTQO5RCKPKPVQ8GPG\WGNC/KEJCGN&GTJCO¸.GYKUVQP0;=WC?'FYKP/GNNGP2TGUU
¸8++5
.KVGTCVWTXGT\5¸¸+PFGZ
+5$0¸¸¸¸
5EJNCIY¨TVGT8GPG\WGNC+&IPF¸5RCPKGT+&IPF¸'KPYCPFGTWPI+&IPF¸
^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG&GOQITCRJKG
)GQITCRJKG
#
'IWKNW\4QOGTQ/KTGP#KPV\CPG
%QPVQFCHKGUVC[TGIQEKLQCTVG[HKGUVCGPNCUXKNNCUXK\ECºKPCUFGNQUUKINQU:8++[:8+++/KTGP#KPV\CPG'IWKNW\4QOGTQ
¸$KNDCQ7PKXFGN2CºKU8CUEQ5GTXKEKQ'F¸5+NN-VEO
5GTKGFGJKUVQTKCOGFKGXCN[OQFGTPC
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU¸6GKNY\WIN$KNDCQ7PKX&KUU
+5$0
5EJNCIY¨TVGT8K\EC[C+&IPF¸(GUV+&IPF¸-WNVWT+&IPF¸-WPUV+&
IPF¸^\^)GUEJKEJVG¸^H^*QEJUEJWNUEJTKHV
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG5RKGNG(GUVG$GYGIWPIUMWNVWT'VJPQNQIKG
#
'PUKPVQPºKCEQP5CPVC6GTGUC,WCPFG2CNCHQZ[NQUECTOGNKVCUFGUECN\QUFQEGGUVWFKQU4KECTFQ(GTPºCPFG\)TCEKCEQQTF
¸2CORNQPC)QDKGTPQFG0CXCTTC¸5+NN
%QNNGEVGFGUUC[U¸$QWPF¸6GTGUCQH#XKNC¸5CKPV,WCPFG2CNCHQZ[/GPFQ\C¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT6GTGUCFG,GUºWU¸+&IPF2CNCHQZ[/GPFQ\C,WCPFG¸+&
IPF-CTOGNKVKPPGP+&IPF¸7PDGUEJWJVG-CTOGNKVKPPGP+&IPF¸^\^)GUEJKEJVG
¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG-KTEJGPIGUEJKEJVG
&QIOGPIGUEJKEJVG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
'PVKGORQFGTWKFQUGDCPFQUPWGXQUVGZVQURCTCGNGUVWFKQFGNQUNKPCLGUXK\ECºKPQUNQU$CTTQGVCFGNCOGTKPFCFFG/CTSWKPC
¸,QUºG#PVQPKQ/WPKVC.QKPC\¸$KNDCQ7PKXGTUKFCFFGN2CºKU8CUEQ¸5+NNITCRJ&CTUV
EO
+PºGFKVQUFGJKUVQTKC
%QNNGEVGFGUUC[U¸+PENWFGUFQEWOGPVU¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUCPFKPFGZ
+5$0'74
5EJNCIY¨TVGT$CTTQGVC(COKNKG+&IPF/CTSWKPC+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
'PTºKSWG\%CTOGP+&IPF
(GNKRG[.GVK\KCTG[GUFG'URC¼PCWPCOQPCTSWKCRCTCGNUKINQ::+%CTOGP'PTºKSWG\'OKNKQ1NKXC¸GFTGXKUCFC[CEVWCNK\CFC
¸/CFTKF#IWKNCT¸5+NN
$QWPF
+5$0¸¸¸¸
5EJNCIY¨TVGT(GNKRG8+5RCPKGP-¨PKI¸+&IPF.GVK\KC5RCPKGP-¨PKIKP¸+&
IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG+PPGTG$G\KGJWPIGPFGU5VCCVGU#NNIGOGKPGU
#
'TTC\MKP+¼PCMK¸
,WCP%CTNQUWPTG[EQPCPVGEGFGPVGU+¼PCMK'TTC\MKP¸/CFTKF'F#MCN¸REO
#HQPFQ
,WCP%CTNQU+¸-KPIQH5RCKP
+5$0¸¸¸¸'74
5EJNCIY¨TVGT,WCP%CTNQU+5RCPKGP-¨PKI¸+&IPF
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG+PPGTG$G\KGJWPIGPFGU5VCCVGU#NNIGOGKPGU
#
(GKPGT/WTKGN+&IPF
4GOGFºKP)CIQ[UW/CPQNQXºC\SWG\WPCJKUVQTKCFGCOQT[FGVQTQU¸$CTEGNQPC$GNNCVGTTC¸5=?$N\CJNT
+NN
$KQITCRJKECNCEEQWPVQPVJGDWNNHKIJVGT/CPQNQ8ºC\SWG\CPFJKUYKHG
+5$0¸¸¸¸'74
5EJNCIY¨TVGT8ºC\SWG\/CPQNQ¸+&IPF)CIQ4GOGFºKP¸+&IPF
^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG5RKGNG(GUVG$GYGIWPIUMWNVWT'VJPQNQIKG
#
(GTPºCPFG\/GNNºGP%QPUQNCEKºQP
+INGUKC[RQFGTGP.C*CDCPC,WCP,QUºG&ºKC\FG'URCFCWPQDKURQKNWUVTCFQ¸%QPUQNCEKºQP(GTPºCPFG\/GNNºGP
¸$KNDCQ7PKXGTUKFCFFGN2CºKU8CUEQ¸5+NN-VEO
*KUVQTKCOGFKGXCN[OQFGTPC
,,&ºKC\FG'URCFC¸5RCPKUJDKUJQR
+5$0¸¸¸¸'74
5EJNCIY¨TVGT&ºKC\FG'URCFC[(GTPºCPFG\FG.CPFC,WCP,QUºG¸+&IPF^\^)GUEJKEJVG¸
5CEJITWRRGP-CVJQNK\KUOWU5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
(GTTGKTC#NGZCPFTC
*QTºCEKQ4QSWG#NGZCPFTC(GTTGKTC¸GF¸.KUDQC*QTK\QPVG¸5+NN
$KQITCRJ[QH*4QSWG¸2QTVWIWGUGDWUKPGUUOCPHQWPFGTQHVJG$CPEQ+PVGTPCEKQPCNFQ(WPEJCN$#0+(
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5KNXC4QSWG*QTºCEKQFC¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG#HTKMCU©FNKEJFGT5CJCTC)GUEJKEJVG
#
(TCIC+TKDCTPG/CPWGN+&IPF
&KUEWTUQURCTNCOGPVCTKQUFG/CPWGN(TCIC+TKDCTPGRTGUGPVCEKºQP,GUºWU2QUCFC/QTGPQ'UVWFKQRTGNKOKPCT/CPWGN(TCKNG
%NKXKNNºGU¸/CFTKF%QTVGU)GPGTCNGU¸REO
º+PFKEGU
+5$0¸¸¸¸
5EJNCIY¨TVGT(TCIC+TKDCTPG/CPWGN¸+&IPF2QNKVKUEJG4GFG+&IPF¸^\^)GUEJKEJVG
¸^H^3WGNNG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG2QNKVKUEJG-QOOWPKMCVKQP
#
(TCPEKUEQFG8KVQTKCGPNC'UEWGNCFG5CNCOCPEC[UWRTQ[GEEKºQPGP0WGXC'URC¼PC8KTIKPKC#URG#TOGNNC/C+FQ[C<QTTQ\C
GFKVQTCU¸GF¸2CORNQPC'WPUC'FKEKQPGU7PKXGTUKFCFFG0CXCTTC¸REO
%QNGEEKºQPFGRGPUCOKGPVQOGFKGXCN[TGPCEGPVKUVC
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸¸¸¸
5EJNCIY¨TVGT8KVQTKC(TCPEKUEQFG¸+&IPF
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG2JKNQUQRJKGFGT
4GPCKUUCPEG
#
(TCPEQ*WIQ¸
1ULKCFKUVCURQTVWIWGUGUCJKUVºQTKCFGSWGONWVCPQ'UVCFQ+UN»COKEQ*WIQ(TCPEQG4CSWGN/QNGKTQ¸GF¸#NHTCIKG.WC
FG2CRGN¸5=?$N+NN-V
+5$0¸¸¸¸
5EJNCIY¨TVGT2QTVWICN+&IPF¸&LKJCF+&IPF¸+UNCO+&IPF¸(WPFCOGPVCNKUOWU
+&IPF¸+UNCOKUEJGT5VCCV+&IPF
5CEJITWRRGP2QNKVKUEJG)GYCNV+UNCO5QPUVKIGU5RCPKGP2QTVWICN)GUEJKEJVG
#
(WUVGT$GTPCTFQ
'NEQPVCFQTFGCDGLCUOWGTVCUOGOQTKCUFGWPOºWUKEQENCPFGUVKPQ$GTPCTFQ(WUVGT¸GF¸/CFTKF8CTCUGM'F
¸5+NN
1PVJGTQCF
+5$0¸¸¸¸
5EJNCIY¨TVGT5RCPKGP+&IPF¸/WUKMGT+&IPF¸^\^)GUEJKEJVG¸^H^'TNGDPKUDGTKEJV
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-QORQPKUVGP/WUKMGT5§PIGT
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
)ºCNXG\$CTTC\C,WNKQ+&IPF
9KPPKRGIVGUVKOQPKQUFGWPGZKNKQ,WNKQ)ºCNXG\$CTTC\C¸5GXKNNC4GPCEKOKGPVQ¸5EO
$KDNKQVGECFGN'ZKNKQ#PGLQU
9KPPKRGIYCUC(TGPEJUJKRYJKEJKPECTTKGF5RCPKUJ4GRWDNKECPTGHWIGGUVQ%JKNG
+5$0¸¸¸¸'74
5EJNCIY¨TVGT%JKNG+&IPF¸5RCPKUEJGT(N©EJVNKPI+&IPF¸9KPPKRGI5EJKHH+&IPF
^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
)CTEºKC(KV\(TCPEKUEQ+&IPF
%TW\CFQUGPNC4GEQPSWKUVC(TCPEKUEQ)CTEºKC(KV\(GNKEKCPQ0QXQC2QTVGNC¸/CFTKF/CTEKCN2QPU¸5EO
/CTEKCN2QPUJKUVQTKC'UVWFKQU
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR=?¸CPFKPFGZGU
+5$0¸¸¸¸
5EJNCIY¨TVGT4GEQPSWKUVC+&IPF¸-TGW\\©IG+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
)GC/C+UCDGN+&IPF
&KEEKQPCTKQDTGXGFG/CFTKF/C+UCDGN)GC1TVKICU¸/CFTKF'F.C.KDTGTºKC¸5\CJNT+NN-V
&KEVKQPCT[¸(KTUVRWDNYKVJVJGVKVNG&KEEKQPCTKQGPEKENQRºGFKEQFG/CFTKFPQYTGXKUGFCPFCDTKIGF
+5$0'74
5EJNCIY¨TVGT/CFTKF+&IPF¸^H^9¨TVGTDWEJ
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG'WTQRC)GQITCRJKG
#
)KOºGPG\5QNGT#PFTºGU+&IPF
(GTPCPFQGN%CVºQNKEQ#PFTºGU)KOºGPG\5QNGT'FKEKºQPFG#TVWTQ%QORºGU%NGOGPVG¸<CTCIQ\C+PUVKVWEKºQP(GTPCPFQGN%CVºQNKEQ
¸.:::8+5+NNITCRJ&CTUV
%QNGEEKºQP*KUVQTKCFQTGUFG#TCIºQP
2WDNKECEKQPFGNC+PUVKVWEKºQP(GTPCPFQGN%CVºQNKEQQTICPKUOQCWVºQPQOQFGNC'ZEOC&KRWVCEKºQPFG<CTCIQ\C
$KQITCRJ[QH(GTFKPCPF8¸-KPIQH5RCKP
+5$0'74
5EJNCIY¨TVGT(GTFKPCPF++#TCIQPKGP-¨PKI¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
)KPGT$TWPQ+&IPF
.GUOWUKSWGURGPFCPVNCIWGTTGF
'URCIPG$TWPQ)KPGT(TCPÆEQKU2QTEKNG¸2CTKU$GTI+PVGTPCV¸5+NN0QVGP
EO
+5$0¸¸¸¸DT'74
5EJNCIY¨TVGT5RCPKUEJGT$©TIGTMTKGI¸+&IPF¸/WUKM+&IPF¸2QNKVKM+&
IPF¸^\^)GUEJKEJVG
5CEJITWRRGP*KUVQTKUEJG/WUKMYKUUGPUEJCHV5RCPKGP2QTVWICN)GUEJKEJVG
#
)QP\ºCNG\¸8CTCU+IPCEKQ
'NJKRºQFTQOQFGNC%CUVGNNCPCFGRQTVGCTSWKVGEVWTC[UQEKGFCF¸=VGZVQU?+IPCEKQ)QP\ºCNG\¸8CTCU(TCPEKUEQ
5CNCU%CTNQ.ºQRG\¸3WGUCFC¸/CFTKF6WTPGT¸5\CJNT+NNEO
+5$0¸¸¸¸'74
5EJNCIY¨TVGT*KRºQFTQOQFGNC%CUVGNNCPC/CFTKF+&IPF:^\^)GUEJKEJVG^H^$KNFDCPF
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG5Q\KCNIGUEJKEJVG)GUEJKEJVG¨HHGPVNKEJGT$CWVGP
%
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
)TCEKC#NQPUQ(TCPEKUEQ+&IPF
'NVGUQTQFGN8KVCNCRTQVGEEKºQP[GNGZRQNKQFGNRCVTKOQPKQJKUVºQTKEQ¸CTSWGQNºQIKEQFWTCPVGNC)WGTTC%KXKN(TCPEKUEQ)TCEKC
#NQPUQ)NQTKC/WPKNNC¸$CTEGNQPC7PKXGTUKVCVFG$CTEGNQPC2WDNKECEKQPUK'FKEKQPU¸5+NNEO
$KDNKQITCHºKCR=?¸º+PFKEG
+5$0¸¸¸¸
5EJNCIY¨TVGT5RCPKGP+&IPF¸-WNVWTI©VGTUEJWV\+&IPF¸-QPHKUMCVKQP+&IPF¸
^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG&GPMOCNRHNGIG5VCFVDKNFRHNGIG
#
*KUVQTKCFGNCCTVKNNGTºKCFGNC%QUVC'URC¼PQNCEQQTF#WTGNKQ8CNFºGU5ºCPEJG\¸/CFTKF/KPKUVGTKQFG&GHGPUC¸
5+NN-VEO-V¸$GKN
%QNNGEVGFGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸-©UVGPCTVKNNGTKG+&IPF¸^\^)GUEJKEJVG¸
^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KNKV§TYGUGP#NNIGOGKPGU
%
*WODNG(GTTGKTC5WUCPPCJ
6JGETQYPVJGEQWTVCPFVJG%CUCFCº+PFKCRQNKVKECNEGPVTCNK\CVKQPKP2QTVWICN¸D[5WUCPPCJ*WODNG(GTTGKTC
¸.GKFGP=WC?$TKNN¸8+++5+NN-VEO
/GFKGXCNCPFGCTN[OQFGTPKDGTKCPYQTNF
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGURCIGU¸CPFKPFGZ
+5$0¸¸¸¸JCTFDCEMCEKF¸HTGGRCRGT
+5$0=HQTOCNHCNUEJ?
5EJNCIY¨TVGT2QTVWICN+&IPF¸-¨PKI+&IPF¸*QH+&IPF¸2CVTQPCIG+&
IPF¸2QNKVKUEJG4GHQTO+&IPF¸'ZRCPUKQPURQNKVKM+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
#
+,QTPCFCUFG2CVTKOQPKQ&GHGPUKXQFGº'RQEC/QFGTPCKPOGOQTKCO#IWUVºK8GJºK%CUVGNNºQCEVCU&COK¹C#DGNNC2NCPVºGU
)GOOC%CTFQPC)ºQOG\(:CXKGT*GTPCPFG\%CTFQPC¸/CFTKF/KPKUVGTKQFG&GHGPUC¸5\CJNT+NNITCRJ
&CTUV-VEO
=-QPIT?,QTPCFCUFG2CVTKOQPKQ&GHGPUKXQFGº'RQEC/QFGTPC(KIWGTCU¸
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0'74
5EJNCIY¨TVGT-CVCNQPKGP+&IPF¸$GHGUVKIWPI+&IPF¸^\^)GUEJKEJVG¸^H^-QPITGUU
^I^(KIWGTCU 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG)GUEJKEJVG¨HHGPVNKEJGT$CWVGP
#
+TCP\Q%QOCUº#NXCTQFG¸
,QCSWºKP/CTºKCFG(GTTGT[%CHTCPICWPNKDGTCNXCUEQGPNC'URC¼PCFGNUKINQ:+:º#NXCTQFG+TCP\Q%QOCU¸/CFTKF5ºKNGZ
¸5=?$N+NNEO
+5$0¸¸¸¸'74
5EJNCIY¨TVGT(GTTGT[%CHTCPIC,QCSWºKP/CTKC¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
,WGWUEQPXGTUQU+PSWKUKEKºQWPCEQPXKX¹GPEKCRGTOCPGPVOGPVHTWUVTCFCEQQTFKPCEKQ(GTTCP)CTEKC¸1NKXGT¸%CVCTTQLC#HGTU
¸¸5+NNEO
#HGTU0T
%QNNGEVGFGUUC[U¸*CNHVKVNG+550¸¸+PENCDUVTCEVUKP%CVCNCPCPF'PINKUJ¸6GZVKP%CVCNCP¸6JGUGTKGUKU
CRGTKQFKECN¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU¸%CVCNCP'PINKUJ
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸,WFGP+&IPF¸,WFGPVWO+&IPF¸/CTTCPGP+&
IPF¸+PSWKUKVKQP+&IPF¸^\^)GUEJKEJVG¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG)GUEJKEJVGFGUL©FKUEJGP8QNMGUCW•GTJCNDFGU5VCCVGU+UTCGN
-CVJQNK\KUOWU
#
,WPSWGTC/CVQ,WCP,QUºG+&IPF
)Q[CHTGPVGCNC)WGTTCFGNC+PFGRGPFGPEKCWPFWFQUQRCVTKQVKUOQWPQUEWCFTQUUQURGEJQUCU[WPRKPVQTPWGXQ,WCP,QUºG
,WPSWGTC¸GFTGKORT¸/CFTKF'F2GTUQPCN¸5+NN(CMUEO
(TCPEKUEQ)Q[C¸¸,,,WPSWGTCVGCEJGUCVVJG7PKXGTUKFCF%QORNWVGPUGFG/CFTKF¸+PENWFGUDKDNKQITCRJKECN
TGHGTGPEGU
+5$0'74
5EJNCIY¨TVGT)Q[C[.WEKGPVGU(TCPEKUEQ,QUºGFG¸+&IPF5RCPKUEJGT7PCDJ§PIKIMGKVUMTKGI
+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP$KNFGPFG-©PUVNGT5RCPKGP2QTVWICN)GUEJKEJVG
#
-COGP*GPT[+&IPF
'URC¼PC[%CVCNW¼PCJKUVQTKCFGWPCRCUKºQP*GPT[-COGP¸GF¸/CFTKF.C'UHGTCFGNQU.KDTQU¸5
+5$0¸¸¸¸=HQTOCNHCNUEJ?
+5$0=HQTOCNHCNUEJ?
5EJNCIY¨TVGT5RCPKGP+&IPF¸-CVCNQPKGP+&IPF¸0CVKQPCNKUOWU+&IPF¸
^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG0CVKQPCNKUOWU
#
.CRCKZFGU2[TºGPºGGUQWNGVTKQORJGFGNCTCKUQPRQNKVKSWG=CEVGUFWEQNNQSWG.CRCKZFGU2[TºGPºGGUQWNGVTKQORJG
FGNCTCKUQPRQNKVKSWGQTICPKUºGFWCWPQXGODTGCWZCTEJKXGUFWOKPKUV¹GTGFGU#HHCKTGUºGVTCPI¹GTGUGVGWTQRºGGPPGU
CW%QNN¹GIGF
'URCIPGGV¹CN
WPKXGTUKVºG2CTKU¸5QTDQPPG¸2CTKU+8?UQWUNCFKTFG.WEKGP$ºGN[¸2CTKU%NCUUKSWGU)CTPKGT
¸5+NN
=-QPIT?%QNNQSWG2CTKU¸
*KUVQKTGFGUVGORUOQFGTPGU
+5$0¸¸¸¸
5EJNCIY¨TVGT2[TGP§GPHTKGFG+&IPF¸^H^-QPITGUU^I^2CTKU 5CEJITWRRGP'WTQR§KUEJG)GUEJKEJVG¸(TCPMTGKEJ)GUEJKEJVG5RCPKGP2QTVWICN)GUEJKEJVG
#
.NCXKPC,QTFK+&IPF
.CXKP[CKGNXKC%CVCNWP[C,QTFK.NCXKPC¸GF¸$CTEGNQPC#PING'F¸5©DGTY+NNEO
=%CVCNWP[CGPDNCPEKPGITG?
+5$0¸¸¸¸¸¸¸
5EJNCIY¨TVGT-CVCNQPKGP+&IPF¸9GKPDCW+&IPF¸5EJYCT\YGK•HQVQITCHKG+&IPF¸
^\^)GUEJKEJVG^H^$KNFDCPF
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG9KTVUEJCHVUIGUEJKEJVG
%
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
/CTVºKP4WDKQ/CTºKCFGN%CTOGP+&IPF
(TCPEKUEQ2K\CTTQGNJQODTGFGUEQPQEKFQ/CTºKCFGN%CTOGP/CTVºKP4WDKQ¸=1XKGFQ?'FKEKQPGU0QDGN¸R
KNNEO
$KQITCRJ[¸(2K\CTTQ¸
+5$0¸¸¸¸¸¸¸
5EJNCIY¨TVGT2K\CTTQ(TCPEKUEQ¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT
'PVFGEMWPIGP
#
/QC2ºKQ+&IPF
.QUOKVQUFGNHTCPSWKUOQWPCTGXKUKºQPGPRTQHWPFKFCFFGWPCºGRQECETWEKCN2ºKQ/QC¸GF¸/CFTKF.C'UHGTCFGNQUNKDTQU
¸5=?$N+NN
+5$0¸¸¸¸
5EJNCIY¨TVGT(TCPSWKUOWU+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
$
/QLKEC&ºKC\%NCTC%GEKNKC+&IPF
'NOWPFQJKURCPQJCDNCPVGEQPVGORQTºCPGQJKUVQTKCRQNºKVKECUQEKGFCFGU[EWNVWTCU%NCTC/QLKEC¸&ºKC\CPF.QWTFGU
5ºCPEJG\¸.ºQRG\¸.QPFQP=WC?4QWVNGFIG¸=+:?5+NN
.KVGTCVWTXGT\5=?¸
+5$0¸¸¸¸JCTFDCEMCNMCNKPGRCRGT
5EJNCIY¨TVGT5RCPKUEJGU5RTCEJIGDKGV+&IPF¸)NQDCNKUKGTWPI+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
/QTGPQ,WNKºC:CXKGT+&IPF:
.C&KXKUKºQP#\WNUCPITGGURC¼PQNCGP4WUKC¸:CXKGT/QTGPQ,WNKºC¸GFGPGUVCPWGXCRTGUGPVCEKºQP¸$CTEGNQPC
%TºKVKEC¸:+:5+NN-VEO
%TºKVKECEQPVTCUVGU
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR=?¸CPFKPFGZ
+5$0
5EJNCIY¨TVGT$NCWG&KXKUKQP+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP<YGKVGT9GNVMTKGI5RCPKGP2QTVWICN)GUEJKEJVG
#
/QTGPQ,WNKºC:CXKGT+&IPF:
.GIKºQPC\WN[UGIWPFCIWGTTCOWPFKCNJWPFKOKGPVQJKURCPQ¸CNGOºCPGPHTGPVGFGN'UVG¸:CXKGT/QTGPQ,WNKºC
¸GF¸5CP5GDCUVKºCPFGNQU4G[GU#EVCU¸5+NNEO
$QWPF
+5$0'74
5EJNCIY¨TVGT$NCWG&KXKUKQP+&IPF¸1UVHTQPV+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP<YGKVGT9GNVMTKGI5RCPKGP2QTVWICN)GUEJKEJVG
$
/WLGTGUGUENCXCU[CDQNKEKQPKUVCUGPNC'URC¼PCFGNQUUKINQU:8+CN:+:#WTGNKC/CTVºKP%CUCTGU[4QEºKQ2GTKºC¼PG\)ºQOG\
GFU¸/CFTKF(TCPMHWTV/+DGTQCOGTKECPC8GTXWGTV¸5+NNEOI
6KGORQGOWNCFQ
+5$0¸¸¸¸8GTXWGTVMCTV
5EJNCIY¨TVGT5RCPKGP+&IPF¸5MNCXKP+&IPF¸#DQNKVKQPKUOWU+&IPF¸
^\^)GUEJKEJVG¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5Q\KCNIGUEJKEJVG5RCPKGP2QTVWICN)GUEJKEJVG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
/W¼PQ\[4QOGTQ6QOºCU
&GNGUVCFQFGRGTUQPCUGPNQUTGKPQUFG#UVWTKCU[.GºQPGPNQURTKOGTQUUKINQURQUVGTKQTGUCNCKPXCUKºQPFGNQUºCTCDGURQT
6QOºCU/W¼PQ\[4QOGTQ¸GF¸=4GRTQFFGNC?GF/CFTKF¸.C%QTW¼PCº1TDKIQ¸REO
+5$0
5EJNCIY¨TVGT#UVWTKGP+&IPF¸-¨PKITGKEJ.GºQP+&IPF¸-¨PKITGKEJ-CUVKNKGP¸.GºQP+&
IPF¸2GTUQP+&IPF¸4GEJVUUVGNNWPI+&IPF¸^\^5Q\KCNIGUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
0KEQNCW&
1NYGT.NWºKU+&IPF
.CNNKÆEºQFGNCFKEVCFWTC.NWºKU0KEQNCWF
1NYGT'FFG5GTIK)TCW¸GF¸$CTEGNQPC4$#¸R
$KDNKQVGECFGNECVCNCPKUOG
+5$0¸¸¸¸'74
5EJNCIY¨TVGT-CVCNQPKGP+&IPF¸0CVKQPCNKUOWU+&IPF¸2QNKVKM+&IPF¸
^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG0CVKQPCNKUOWU
#
1NKXCTK/KEJGNG+&IPF
#XKUQURCUSWKPGU[TWOQTGUNQUEQOKGP\QUFGNCQRKPKºQPRºWDNKECGPNC'URC¼PCFGNUKINQ:8++/KEJGNG1NKXCTK6TCFWEEKºQP
FG%CTNQ%CTCPEK[4QUC)CTEºKC¸GF¸/CFTKF'F%ºCVGFTC¸REO
*KUVQTKC5GTKGOGPQT
+PENW[GTGHGTGPEKCUDKDNKQITºCHKECU
+5$0¸¸¸¸¸¸¸
5EJNCIY¨TVGT5RCPKGP+&IPF¸2QNKVKM+&IPF¸™HHGPVNKEJG/GKPWPI+&IPF¸
^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG™HHGPVNKEJG/GKPWPI
#
2G¼PCTCPFC,WCP/CFG+&IPF
.QUUGTXKEKQUUGETGVQUFG%CTTGTQ$NCPEQNQUQTºKIGPGUFGN%0+,WCP/CTºKCFG2G¼PCTCPFC¸/CFTKF'URCUC.KDTQU¸
RKNNEO
%0+%GPVTQ0CEKQPCNFG+PVGNKIGPEKC¸.WKU%CTTGTQ$NCPEQ¸5RCPKUJCFOKTCN¸+PENWFGUDKDNKQITCRJKECN
TGHGTGPEGUR¸CPFKPFGZ
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸)GJGKOFKGPUV+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG0CEJTKEJVGPFKGPUVGOKNKV§TKUEJG0CEJTKEJVGPFKGPUVG
#
.CRºGPKPUWNG+DºGTKSWGGVNGOQPFGCPPºGGU¸CPPºGGURTºGHFG.WEKGP$ºGN[¸2CTKU2TGUUGUFGN
7PKXGTUKVºG
2CTKU¸5QTDQPPG¸5+NN-VITCRJ&CTUVEO
$WNNGVKPFGN
#UUQEKCVKQPFGUJKUVQTKGPUOQFGTPKUVGUFGUWPKXGTUKVCKTGUHTCPÆECKUGU
%QNNGEVGFGUUC[U
+5$0¸¸¸¸'74
5EJNCIY¨TVGT+DGTKUEJG*CNDKPUGN+&IPF¸#W•GPRQNKVKM+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
2ºGTG\,WNKC+&IPF:
8CUEQFG3WKTQIC,WNKC2ºGTG\¸/CFTKF(WPFCEKºQP'OOCPWGN/QWPKGT¸REO
%QNGEEKºQP5KPGTIKC5GTKGXGTFG
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGURCIGU¸
+5$0¸¸¸¸
5EJNCIY¨TVGT3WKTQIC8CUEQFG¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG-KTEJGPIGUEJKEJVG
&QIOGPIGUEJKEJVG
#
2ºGTG\¸#ºKPUWC/ºGPFG\0CVCNKC+&IPF
&GUGNNQUJGTºCNFKEC[CNGIQTºKCUGNRCRGNUGNNCFQGP'URC¼PC0CVCNKC2ºGTG\¸#ºKPUWC/ºGPFG\¸5GXKNNC7PKXGTUKFCFFG5GXKNNC
5GETFG2WDN¸5\CJNT+NNEO
5GTKG*KUVQTKC[IGQITCHºKC
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸2T§IGFTWEM+&IPF¸$TKGHOCTMG+&IPF¸*GTCNFKM
+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG)GPGCNQIKG*GTCNFKM
#
2QFGT[VGTTKVQTKQGPNC'URC¼PCFGNUKINQ:+:FGNCU%QTVGUFG%ºCFK\CNCTGUVCWTCEKºQPGFCECTIQFG,WUVQ$GTQOGPFK:QUºG
4COºQP8GKIC¸5CPVKCIQFG%QORQUVGNC7PKXFG5CPVKCIQFG%QORQUVGNC¸5-VEO
2WDNKECEKºQPUFC%ºCVGFTC,WCPCFG8GIC5GTKG#EVCU
2TQEGGFKPIU
+5$0¸¸¸¸
5EJNCIY¨TVGT5RCPKGP+&IPF¸%ºCFK\%QTVGU+&IPF¸:^\^)GUEJKEJVG¸^H^-QPITGUU
^I^5CPVKCIQFG%QORQUVGNC 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
2TCFGTC,CXKGT+&IPF
.CVTCPUKEKºQPGURC¼PQNC[NCFGOQETCEKC,CXKGT2TCFGTC'FKEKºQPGKPVTQFWEEKºQPFG,QCSWºKP'UVGHCPºKC¸GF¸/CFTKF(QPFQ
FG%WNVWTC'EQPºQOKEC¸5EO
%GPV\QPVNG
,2TCFGTC¸5RCPKUJCPVK¸(TCPEQCEVKXKUVLQWTPCNKUVRQNKVKECNCPCN[UVCPFRWDNKUJGT¸+PENWFGUDKDNKQITCRJKECN
TGHGTGPEGUR¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸&GOQMTCVKUKGTWPI+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
'NURTGIG¹QITCHUXCNGPEKCPU&GN4GPCKZGOGPVCNCFCTTGTCIWGTTCEKXKN%QQTF8KEGPÆE/4QUUGNNºQK8GTIGT¸%CVCTTQLC#HGTU
¸REO
#HGTU0T
6GZVKP%CVCNCP¸6JGUGTKGUKUCRGTKQFKECN
+5$0¸¸¸¸'74
5EJNCIY¨TVGT8CNGPEKC4GIKQP+&IPF¸)GQITCHKG+&IPF¸^\^)GUEJKEJVG¸
^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG*KUVQTKUEJG)GQITCRJKG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
2WNRKNNQ.GKXC%CTNQU
1TºKIGPGUFGNHTCPSWKUOQNCEQPUVTWEEKºQPFGNC0WGXC'URC¼PC¸WPCXKUKºQPCVTCXºGUFGN0QVKEKGTQFG'URC¼PC
%CTNQU2WNRKNNQ.GKXC¸#UVQTIC.GºQP%5'&¸5+NN-VEO
%5'&JKUVQTKC
#MTºQP
+5$0¸¸¸¸
5EJNCIY¨TVGT5RCPKGP+&IPF¸5VCCV+&IPF¸2QNKVKM+&IPF¸9KTVUEJCHV+&
IPF¸-CVJQNKUEJG-KTEJG+&IPF¸(TCPSWKUOWU+&IPF¸2TGUUG+&IPF¸
^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
3WGTQ(CDTKEG
,WCP/CTVºKPG\5KNKEGQ¸GVNCURKTKVWCNKVºGFGN
'URCIPGRTºG¸VTKFGPVKPG(CDTKEG3WGTQ¸2CTKU*%JCORKQP
¸5=?$N+NNEO
$KDNKQVJ¹GSWGNKVVºGTCKTGFGNC4GPCKUUCPEG5ºGTKG
+5$0¸¸¸¸'74
5EJNCIY¨TVGT/CTVºKPG\5KNºKEGQ,WCP¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-CVJQNK\KUOWU
#
3WKUºQE!3WKºGU!KPFKXKFWKXKPENGUUQEKCNUCN
GRQECOQFGTPC%QQTF/¹QPKEC$QNWHGT¸%CVCTTQLC#HGTU¸R
#HGTU0T
%QNNGEVGFGUUC[U
+5$0¸¸¸¸'74
5EJNCIY¨TVGT-CVCNQPKGP+&IPF¸<YKUEJGPOGPUEJNKEJG$G\KGJWPI+&IPF¸5Q\KCNGT9CPFGN
+&IPF¸0CVKQPCNDGYWUUVUGKP+&IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
4CKOWPFQ1TNCPFQ
#PVºQPKQ(GTTQQKPXGPVQTFQUCNC\CTKUOQOKVQUGHCNUKECÆE¼QGUFQJQOGOFCRTQRCICPFCFCFKVCFWTC1TNCPFQ4CKOWPFQ¸
GF¸#NHTCIKFG&QO3WKZQVG¸5=?$N+NNEO
#(GTTQ¸2QTVWIWGUGLQWTPCNKUVCPFRQNKVKEKCP
+5$0¸¸¸¸'74
5EJNCIY¨TVGT(GTTQ#PVºQPKQ¸+&IPF:^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
4GKPCUFG0CXCTTC,WNKC2CXºQPFKT¸GF¸/CFTKF5ºKNGZ=WC?¸RKNNEO
4GIKPCGGVTGIGU
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR¸
+5$0¸¸¸¸¸¸¸
5EJNCIY¨TVGT-¨PKITGKEJ0CXCTTC+&IPF¸-¨PKIKP+&IPF¸^\^)GUEJKEJVG¸
^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
4G[GU[RTGNCFQUNCETGCEKºQPCTVºKUVKECGPNQUTGKPQUFG.GºQP[%CUVKNNC¸/CTKC&QNQTGU6GKLGKTC/CTKC8KEVQTKC
*GTTºCG\[/CTKC%QPEGREKºQP%QUOGPGFU¸/CFTKF5ºKNGZ¸5+NN-VEO
%QNNGEVGFGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGURCIGU¸CPFKPFGZ
+5$0¸¸¸¸'74
5EJNCIY¨TVGT-¨PKITGKEJ-CUVKNKGP¸.GºQP+&IPF¸-WPUV+&IPF¸^\^)GUEJKEJVG¸
^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-WNVWTIGUEJKEJVG-WPUVIGUEJKEJVG#NNIGOGKPGU
#
4ºKQU%COCEJQ:QUºG¸%CTNQU
/Q\ºCTCDGUGPNC)CNNCGEKCOQPºCUVKECUKINQU8+++¸:+:QUºG¸%CTNQU4ºKQU%COCEJQ¸GF¸#%QTW¼PCº1TDKIQ¸
:.8+REO
+5$0
5EJNCIY¨TVGT)CNKEKGP+&IPF¸/Q\CTCDGT+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG+UNCO5QPUVKIGU
$
4QFTºKIWG\1TVK\8KEVQTKC
'NCDQTVQJCUVCHKPGUFGNNC'FCF/GFKCECUVGNNCPCUWEQPUKFGTCEKºQPUQEKCN[LWTºKFKEC8KEVQTKC4QFTºKIWG\1TVK\¸GF¸%K\WT
/GPQT#TCP\CFK¸R
'UVWFKQU
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5EJYCPIGTUEJCHVUCDDTWEJ+&IPF¸5Q\KCNG5KVWCVKQP+&IPF¸4GEJVUUVGNNWPI
+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG5Q\KCNIGUEJKEJVG
#
4WK\¸&QO¹GPGE,QUºG'PTKSWG+&IPF:
5WEGUKºQPQUGEGUKºQPWPCJKUVQTKCFGNRTGUGPVG,QUºG'PTKSWG4WK\¸&QO¹GPGE¸GF¸$CTEGNQPC4$#¸R
EO
4$#GPUC[Q
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGUR=?¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT-CVCNQPKGP+&IPF¸0CVKQPCNKUOWU+&IPF¸#WVQPQOKGDGYGIWPI+&
IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG0CVKQPCNKUOWU
#
5EJTGKDGT-T[UV[PC
&KGšDGTUGV\WPIFGT7PCDJ§PIKIMGKVYKGFKG-CVCNCPGPGUGTMN§TGPYKGYKTGUXGTUVGJGP+PVGTXKGYUOKVH©JTGPFGP
2GTU¨PNKEJMGKVGPWPF'ZRGTVGP©DGT-CVCNQPKGPU#PNKGIGP-T[UV[PC5EJTGKDGT¸#WHN¸&TGUFGP*KNNG¸5
EOZEOI
+5$0¸¸¸¸
5EJNCIY¨TVGT-CVCNQPKGP+&IPF¸#WVQPQOKGDGYGIWPI+&IPF¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG0CVKQPCNKUOWU
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
5KNXC[/GPFQ\C&KGIQFG+&IPF
&KGIQFG5KNXC[/GPFQ\CEQPFGFG5CNKPCU[OCTSWºGUFG#NGPSWGTECTVCU[OGOQTKCNGU¸WPCGFFG6TGXQT
,&CFUQP¸GF¸/CFTKF%GPVTQFG'UVWFKQU'WTQRC*KURºCPKEC¸5EO
%QNGEEKºQP.QUJQODTGUFGNTG[&QEWOGPVQU
.GVVGTU¸%TKVKECNGF
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5KNXC[/GPFQ\C&KGIQFG¸+&IPF^H^$TKGHUCOONWPI¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
5QTKCPQ,KOºGPG\+IPCEKQ%NGOGPVG+&IPF
8KEVQTKCPQ%TºGOGT#NQPUQGPGNCPCTSWKUOQ[QVTQUECOKPQU+IPCEKQ%5QTKCPQ,KOºGPG\¸$WTIQU'F&QUUQNGU¸
5+NN
%QNGEEKºQP&QUUQNGUCPFCTKXGN
+5$0¸¸¸¸
5EJNCIY¨TVGT%TºGOGT8KEVQTKCPQ¸+&IPF
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG#PCTEJKUOWU
#
8CKNN#OCPFC+&IPF8GTHCUUGT+PCWV
*QVGN(NQTKFC9CJTJGKV.KGDGWPF8GTTCVKO5RCPKUEJGP$©TIGTMTKGI#OCPFC8CKNNCWUFGO#OGTKMCPKUEJGPXQP5WUCPPG
*GNF¸5VWVVICTV-NGVV¸%QVVC=?¸5GKVGP+NNWUVTCVKQPGP-CTVGP
'56*QVGN(NQTKFC
.KVGTCVWTXGT\GKEJPKU5GKVG¸
+5$0¸¸¸¸¸¸¸)D
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
8GPVGQ&CPKGN+&IPF
#WVQDKQITCHKCFG$CTEGNQPCNCJKUV¹QTKCFGNCEKWVCVCVTCXºGUFGNUFQEWOGPVUFGN
#TZKW/WPKEKRCNFG$CTEGNQPC&CPKGN8GPVGQ
¸GFTGKORT¸'N2CRKQN$CTEGNQPC'F'HCFºQU=WC?¸5\CJNT+NNITCRJ&CTUV-V(CMUEO
+5$0¸¸¸¸'F'HCFºQU
5EJNCIY¨TVGT$CTEGNQPC+&IPF¸^\^)GUEJKEJVG^H^$KNFDCPF
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
%
9CVUQP-GKVJ5EQVV¸
4WODQJCEKCWPC'URC¼PCGPIWGTTC-GKVJ5EQVV9CVUQP'FKEKºQPFG,CXKGT5ºCPEJG\<CRCVGTQ¸GF¸5CNCOCPEC#OCTºW
'F¸5+NN-VEO
%QNGEEKºQP#TOCU[NGVTCU5GTKG6GZVQU
'565KPINGVQ5RCKPURCP $KDNKQITCHºKCR¸
+5$0¸¸¸¸
5EJNCIY¨TVGT5RCPKUEJGT$©TIGTMTKGI¸+&IPF¸+PVGTPCVKQPCNG$TKICFGP+&IPF¸
$TKVKUEJGT5QNFCV+&IPF¸^H^'TNGDPKUDGTKEJV
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
<WDKNNCIC%CTNQU+&IPF
0K¼PQUFGNCIWGTTCUQNKFCTKFCFWTWIWC[CEQPNC4GRºWDNKEC'URC¼PQNC¸%CTNQU<WDKNNCIC¸GF¸/QPVGXKFGQ
.KPCTFK[4KUUQ¸5+NN(CMUEO
+5$0¸¸¸¸
5EJNCIY¨TVGT7TWIWC[+&IPF¸5RCPKUEJGU-KPF+&IPF¸(N©EJVNKPIUMKPF+&IPF¸
5RCPKUEJGT$©TIGTMTKGI¸+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
'N#VNºCPVKEQEQOQHTQPVGTCOGFKCEKQPGUEWNVWTCNGUGPVTG%WDC['URC¼PC&COCTKU2W¼PCNGU#NRºK\CTGF¸/CFTKF'F8GTDWO
¸REO
%QNGEEKºQPGPUC[Q
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸'74
5EJNCIY¨TVGT-WDC+&IPF¸5RCPKGP+&IPF¸5RCPKUEJ+&IPF¸.KVGTCVWT+&
IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI
5CEJITWRRGP)GKUVGUYKUUGPUEJCHVGPCNNIGOGKP#NNIGOGKPGU/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
%CNCHCVG2GFTQ
'UEQNC+DºGTKECFC2C\CEQPUEK»GPEKCETºKVKECFCEQPSWKUVCGEQNQPK\CE¼CQFC#OºGTKEC¸'UEWGNC+DºGTKECFGNC2C\
2GFTQ%CNCHCVG4COºQP'OKNKQ/CPFCFQ)WVKºGTTG\¸5CPVCPFGT'F7PKXGTUKFCF%CPVCDTKC¸5+NN(CMU
EO
$QWPF¸6GZVKP2QTVWIWGUGCPF5RCPKUJ
+5$0¸¸¸¸'74
5EJNCIY¨TVGT.CVGKPCOGTKMC+&IPF¸-QNQPKCNKUOWU+&IPF¸+PFKIGPGU8QNM+&IPF¸
4GEJVUUVGNNWPI+&IPF¸-QNQPKCNTGEJV+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG2QNKVKUEJG2JKNQUQRJKG
%
.CUEKGPEKCUGPNCHQTOCEKºQPFGNCUPCEKQPGUCOGTKECPCU5CPFTC%CTTGTCU-CVLC%CTTKNNQ<GKVGTGFU¸(TCPMHWTVCO/CKP
8GTXWGTV¸5
$KDNKQVJGEC+DGTQ¸#OGTKECPC
%QNNGEVGFGUUC[U
+5$0¸¸¸¸+DGTQCOGTKECPC
5EJNCIY¨TVGT*KURCPQCOGTKMC+&IPF¸0CVKQPGPDKNFWPI+&IPF¸9KUUGPUEJCHV+&
IPF¸^\^)GUEJKEJVG¸^H^-QPITGUU^I^$GTNKP 5EJNCIY¨TVGT.CVGKPCOGTKMC+&IPF¸0CVKQPCNUVCCV+&IPF¸'PVUVGJWPI+&IPF¸
9KUUGPUEJCHV+&IPF¸^\^)GUEJKEJVG¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT9KUUGPUEJCHVWPF-WNVWT
#
.KPIC#
%QNQODQ%TKUVQHQTQ+&IPF
.QUEWCVTQXKCLGU%TKUVºQDCN%QNºQP'FKEKºQPFG%QPUWGNQ8CTGNC¸GF¸/CFTKF#NKCP\C'FKVQTKCN¸5-V
EO
'NNKDTQFGDQNUKNNQ*KUVQTKC
&KG8QTNCIGGPVJKPUIGUCOV9GTMG
+5$0¸¸¸¸
5EJNCIY¨TVGT%QNQODQ%TKUVQHQTQ¸+&IPF#OGTKMC+&IPF¸'PVFGEMWPIUTGKUG
+&IPF¸^H^4GKUGDGTKEJV¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT
'PVFGEMWPIGP
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
%QPHNKEVQU[EKECVTKEGUHTQPVGTCU[OKITCEKQPGUGPGNOWPFQJKURºCPKEQ#NOWFGPC&GNICFQ.CTKQUEQQTF¸GF¸/CFTKF
&[MKPUQP¸5+NNITCRJ&CTUV-VEO
%QNNGEVGFGUUC[U¸$GKVTVGKNYURCPVGKNYHTCP\
+5$0¸¸¸¸
5EJNCIY¨TVGT5VCCVUITGP\G+&IPF¸'KPYCPFGTWPI+&IPF¸#WUYCPFGTWPI+&IPF¸
^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
&GTJCO/KEJCGN
#UVWF[QHKOOKITCVKQPHTQO5RCKPKPVQ8GPG\WGNC/KEJCGN&GTJCO¸.GYKUVQP0;=WC?'FYKP/GNNGP2TGUU
¸8++5
.KVGTCVWTXGT\5¸¸+PFGZ
+5$0¸¸¸¸
5EJNCIY¨TVGT8GPG\WGNC+&IPF¸5RCPKGT+&IPF¸'KPYCPFGTWPI+&IPF¸
^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG&GOQITCRJKG
)GQITCRJKG
#
'PUKPVQPºKCEQP5CPVC6GTGUC,WCPFG2CNCHQZ[NQUECTOGNKVCUFGUECN\QUFQEGGUVWFKQU4KECTFQ(GTPºCPFG\)TCEKCEQQTF
¸2CORNQPC)QDKGTPQFG0CXCTTC¸5+NN
%QNNGEVGFGUUC[U¸$QWPF¸6GTGUCQH#XKNC¸5CKPV,WCPFG2CNCHQZ[/GPFQ\C¸
+5$0¸¸¸¸'74
5EJNCIY¨TVGT6GTGUCFG,GUºWU¸+&IPF2CNCHQZ[/GPFQ\C,WCPFG¸+&
IPF-CTOGNKVKPPGP+&IPF¸7PDGUEJWJVG-CTOGNKVKPPGP+&IPF¸^\^)GUEJKEJVG
¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG-KTEJGPIGUEJKEJVG
&QIOGPIGUEJKEJVG
#
(GTPºCPFG\/GNNºGP%QPUQNCEKºQP
+INGUKC[RQFGTGP.C*CDCPC,WCP,QUºG&ºKC\FG'URCFCWPQDKURQKNWUVTCFQ¸%QPUQNCEKºQP(GTPºCPFG\/GNNºGP
¸$KNDCQ7PKXGTUKFCFFGN2CºKU8CUEQ¸5+NN-VEO
*KUVQTKCOGFKGXCN[OQFGTPC
,,&ºKC\FG'URCFC¸5RCPKUJDKUJQR
+5$0¸¸¸¸'74
5EJNCIY¨TVGT&ºKC\FG'URCFC[(GTPºCPFG\FG.CPFC,WCP,QUºG¸+&IPF^\^)GUEJKEJVG¸
5CEJITWRRGP-CVJQNK\KUOWU5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
(TCPEKUEQFG8KVQTKCGPNC'UEWGNCFG5CNCOCPEC[UWRTQ[GEEKºQPGP0WGXC'URC¼PC8KTIKPKC#URG#TOGNNC/C+FQ[C<QTTQ\C
GFKVQTCU¸GF¸2CORNQPC'WPUC'FKEKQPGU7PKXGTUKFCFFG0CXCTTC¸REO
%QNGEEKºQPFGRGPUCOKGPVQOGFKGXCN[TGPCEGPVKUVC
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸¸¸¸
5EJNCIY¨TVGT8KVQTKC(TCPEKUEQFG¸+&IPF
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG2JKNQUQRJKGFGT
4GPCKUUCPEG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
)ºCNXG\$CTTC\C,WNKQ+&IPF
9KPPKRGIVGUVKOQPKQUFGWPGZKNKQ,WNKQ)ºCNXG\$CTTC\C¸5GXKNNC4GPCEKOKGPVQ¸5EO
$KDNKQVGECFGN'ZKNKQ#PGLQU
9KPPKRGIYCUC(TGPEJUJKRYJKEJKPECTTKGF5RCPKUJ4GRWDNKECPTGHWIGGUVQ%JKNG
+5$0¸¸¸¸'74
5EJNCIY¨TVGT%JKNG+&IPF¸5RCPKUEJGT(N©EJVNKPI+&IPF¸9KPPKRGI5EJKHH+&IPF
^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
/CTVºKP4WDKQ/CTºKCFGN%CTOGP+&IPF
(TCPEKUEQ2K\CTTQGNJQODTGFGUEQPQEKFQ/CTºKCFGN%CTOGP/CTVºKP4WDKQ¸=1XKGFQ?'FKEKQPGU0QDGN¸R
KNNEO
$KQITCRJ[¸(2K\CTTQ¸
+5$0¸¸¸¸¸¸¸
5EJNCIY¨TVGT2K\CTTQ(TCPEKUEQ¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT
'PVFGEMWPIGP
#
/QLKEC&ºKC\%NCTC%GEKNKC+&IPF
'NOWPFQJKURCPQJCDNCPVGEQPVGORQTºCPGQJKUVQTKCRQNºKVKECUQEKGFCFGU[EWNVWTCU%NCTC/QLKEC¸&ºKC\CPF.QWTFGU
5ºCPEJG\¸.ºQRG\¸.QPFQP=WC?4QWVNGFIG¸=+:?5+NN
.KVGTCVWTXGT\5=?¸
+5$0¸¸¸¸JCTFDCEMCNMCNKPGRCRGT
5EJNCIY¨TVGT5RCPKUEJGU5RTCEJIGDKGV+&IPF¸)NQDCNKUKGTWPI+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
2ºGTG\,WNKC+&IPF:
8CUEQFG3WKTQIC,WNKC2ºGTG\¸/CFTKF(WPFCEKºQP'OOCPWGN/QWPKGT¸REO
%QNGEEKºQP5KPGTIKC5GTKGXGTFG
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGURCIGU¸
+5$0¸¸¸¸
5EJNCIY¨TVGT3WKTQIC8CUEQFG¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG-KTEJGPIGUEJKEJVG
&QIOGPIGUEJKEJVG
#
<WDKNNCIC%CTNQU+&IPF
0K¼PQUFGNCIWGTTCUQNKFCTKFCFWTWIWC[CEQPNC4GRºWDNKEC'URC¼PQNC¸%CTNQU<WDKNNCIC¸GF¸/QPVGXKFGQ
.KPCTFK[4KUUQ¸5+NN(CMUEO
+5$0¸¸¸¸
5EJNCIY¨TVGT7TWIWC[+&IPF¸5RCPKUEJGU-KPF+&IPF¸(N©EJVNKPIUMKPF+&IPF¸
5RCPKUEJGT$©TIGTMTKGI¸+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
#HTKMCU©FNKEJFGT5CJCTC)GUEJKEJVG
$GHQTGOKFFNGRCUUCIGVTCPUNCVGF2QTVWIWGUGOCPWUETKRVUQH#VNCPVKEUNCXGVTCFKPIHTQO9GUV#HTKECVQ+DGTKCPVGTTKVQTKGU
¸VTCPUNCPFGFD[6TGXQT2*CNN¸(CTPJCO=WC?#UJICVG¸:++5ITCRJ&CTUV-V
'PVJ$GKVT
+5$0¸¸¸¸
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5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG#HTKMCU©FNKEJFGT5CJCTC)GUEJKEJVG
#
(GTTGKTC#NGZCPFTC
*QTºCEKQ4QSWG#NGZCPFTC(GTTGKTC¸GF¸.KUDQC*QTK\QPVG¸5+NN
$KQITCRJ[QH*4QSWG¸2QTVWIWGUGDWUKPGUUOCPHQWPFGTQHVJG$CPEQ+PVGTPCEKQPCNFQ(WPEJCN$#0+(
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5KNXC4QSWG*QTºCEKQFC¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG#HTKMCU©FNKEJFGT5CJCTC)GUEJKEJVG
#
)GUEJKEJVGFGUL©FKUEJGP8QNMGUCW•GTJCNDFGU5VCCVGU+UTCGN
,WGWUEQPXGTUQU+PSWKUKEKºQWPCEQPXKX¹GPEKCRGTOCPGPVOGPVHTWUVTCFCEQQTFKPCEKQ(GTTCP)CTEKC¸1NKXGT¸%CVCTTQLC#HGTU
¸¸5+NNEO
#HGTU0T
%QNNGEVGFGUUC[U¸*CNHVKVNG+550¸¸+PENCDUVTCEVUKP%CVCNCPCPF'PINKUJ¸6GZVKP%CVCNCP¸6JGUGTKGUKU
CRGTKQFKECN¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU¸%CVCNCP'PINKUJ
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸,WFGP+&IPF¸,WFGPVWO+&IPF¸/CTTCPGP+&
IPF¸+PSWKUKVKQP+&IPF¸^\^)GUEJKEJVG¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG)GUEJKEJVGFGUL©FKUEJGP8QNMGUCW•GTJCNDFGU5VCCVGU+UTCGN
-CVJQNK\KUOWU
#
)GUEJKEJVGFGT5RTCEJ¸WPF.KVGTCVWTYKUUGPUEJCHV
-QGTPGT'TPUV(-+&IPF
3WCVTQFºGECFCUFGJKUVQTKQITCHKCNKPIWºKUVKECGUVWFQUUGNGEKQPCFQU'(--QGTPGT5GNGGFFGVGZVQUFG4QNH-GOONGT
¸8KNC4GCN%GPVTQFG'UVWFQUGO.GVTCU7PKXFG6TºCU¸QU¸/QPVGUG#NVQ&QWTQ¸5ITCRJ&CTUV
%QNGÆE¼CQ.KPIWºKUVKEC
+5$0¸¸¸¸
5EJNCIY¨TVGT.KPIWKUVKM+&IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI
5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP)GUEJKEJVGFGT5RTCEJ¸WPF.KVGTCVWTYKUUGPUEJCHV
#
&KCNGMVQNQIKG
.QUECTVWNCTKQUFG8CNRWGUVCGUVWFKQUGFKEKºQPCECTIQFG,QUºG#$CTVQN*GTPºCPFG\#PVQPKQº#NXCTG\6GLGFQT,QUºG4COºQP
/QTCNC¸5CNCOCPEC.WUQ¸'URC¼PQNCFG'FKEKQPGU¸5+NN-VEO
%QNNGEVGFGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸'74
5EJNCIY¨TVGT8CNRWGUVC+&IPF&K¨\GUG+&IPF¸-QRKCNDWEJ+&IPF¸
^H^#WHUCV\UCOONWPI
5CEJITWRRGP/KVVGNCNVGTNKEJGU%JTKUVGPVWO5RCPKGP2QTVWICN)GUEJKEJVG&KCNGMVQNQIKG
.CVGKPKUEJG5RTCEJG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
5Q\KQNKPIWKUVKM#NNIGOGKPGU
$QTVQPK¸4KECTFQ5VGNNC/CTKU+&IPF
/CPWCNFGUQEKQNKPIWºKUVKEC5VGNNC/CTKU$QTVQPK¸4KECTFQ¸5¼CQ2CWNQ%QPVGZVQ¸5
+5$0¸¸¸¸
5EJNCIY¨TVGT5Q\KQNKPIWKUVKM+&IPF¸^H^'KPH©JTWPI
5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP5Q\KQNKPIWKUVKM#NNIGOGKPGU
#
%QGNJQ+\GVG.GJOMWJN+&IPF
2CTCEQPJGEGTUQEKQNKPIWºKUVKEC+\GVG.GJOMWJN%QGNJQ'FCKT/CTKC)¨TUMK%JTKUVKCPG/CTKC0FG5QW\C)WKNJGTOG*GPTKSWG
/C[¸5¼CQ2CWNQ%QPVGZVQ¸5
%QNGÆE¼CQRCTCEQPJGEGT
+5$0¸¸¸¸
5EJNCIY¨TVGT5Q\KQNKPIWKUVKM+&IPF¸^H^.GJTDWEJ
5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP5Q\KQNKPIWKUVKM#NNIGOGKPGU
#
)TWRRGPURTCEJGP(CEJURTCEJGP5QPFGTURTCEJGP
.CEKGPEKCEQOQFKºCNQIQGPVTGVGQTºKCUVGZVQU[NGPIWCU,GPP[$TWOOG%CTOGP.ºQRG\(GTTGTQGFU%QPNCEQNCDQTCEKºQP
FG(CP%QPI¸$GTNKP(TCPM6KOOG¸5ITCRJ&CTUVOOZOO
=-QPIT?%QNQSWKQ+PVGTPCEKQPCNUQDTGNC*KUVQTKCFGNQU.GPIWCLGU+DGTQTTQOºCPKEQUFG'URGEKCNKFCF$CTEGNQPC
¸
(QTWOH©T(CEJURTCEJGPHQTUEJWPI
$GKVT©DGTYURCPVGKNYGPINVGKNYHTCP\
+5$0¸¸¸¸¸¸¸2D'74&'
5EJNCIY¨TVGT9KUUGPUEJCHVUURTCEJG+&IPF¸^H^-QPITGUU^I^$CTEGNQPC 5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP)TWRRGPURTCEJGP(CEJURTCEJGP5QPFGTURTCEJGP
šDGTUGV\WPIUYKUUGPUEJCHV
#
šDGTUGV\WPIUYKUUGPUEJCHV
.CEKGPEKCEQOQFKºCNQIQGPVTGVGQTºKCUVGZVQU[NGPIWCU,GPP[$TWOOG%CTOGP.ºQRG\(GTTGTQGFU%QPNCEQNCDQTCEKºQP
FG(CP%QPI¸$GTNKP(TCPM6KOOG¸5ITCRJ&CTUVOOZOO
=-QPIT?%QNQSWKQ+PVGTPCEKQPCNUQDTGNC*KUVQTKCFGNQU.GPIWCLGU+DGTQTTQOºCPKEQUFG'URGEKCNKFCF$CTEGNQPC
¸
(QTWOH©T(CEJURTCEJGPHQTUEJWPI
$GKVT©DGTYURCPVGKNYGPINVGKNYHTCP\
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šDGTUGV\WPIUYKUUGPUEJCHV
#
.KVGTCVWTIGUEJKEJVG
'NCTVGFGETGCTOGOQTKC(GUVUEJTKHV\WO)GDWTVUVCIXQP*CPU¸1VVQ&KNNJTUIXQP&QTQVJGG4¨UGDGTI¸#WHNCIG
¸$GTNKP6TCHQ9KUUGPUEJCHVUXGTNCI¸5GKVGP+NNWUVTCVKQPGPEO
#DJCPFNWPIGPFGT.GKDPK\¸5Q\KGV§VFGT9KUUGPUEJCHVGP
$GKVT©DGTYFVVGKNYGKUGURCP¸+PENWFGUDKDNKQITCRJ[QH*CPU¸1VVQ&KNN¸)GTOCP5RCPKUJEQPVTKDWVKQPU¸+PENWFGU
DKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸RDM³
5EJNCIY¨TVGT4QOCPKUEJG5RTCEJGP+&IPF¸.KVGTCVWT+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP.KVGTCVWTIGUEJKEJVG4QOCPKUEJG5RTCEJGPWPF.KVGTCVWTGP#NNIGOGKPGU
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
.KVGTCVWTMTKVKM
8KNC¸5CPLWºCP5GTIKQ+&IPF
%ºQFKIQDGUVUGNNGT5GTIKQ8KNC¸5CPLWºCP¸/CFTKF#NKCP\C'FKVQTKCN¸5EO
'NNKDTQFGDQNUKNNQ*WOCPKFCFGU
+5$0¸¸¸¸
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5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP.KVGTCVWTMTKVKM
#
.KVGTCVWTUQ\KQNQIKG
2CNCXTCGUEWVCGUKN»GPEKQHKNQUQHKCVGQNQIKCGNKVGTCVWTC%QQTF,QTIG%WPJC/CTKC%GNGUVG0CVºCTKQ4GPCVQ'RKH»CPKQ¸2QTVQ
7PKXGTUKFCFG%CVºQNKEC¸5EO
#VCU
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+5$0¸¸¸¸'74
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^H^-QPITGUU^I^2QTVQ 5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP.KVGTCVWTUQ\KQNQIKG.KVGTCTKUEJG5VQHHG
NKVGTCTKUEJG/QVKXGNKVGTCTKUEJG6JGOGP
#
.KVGTCTKUEJG5VQHHGNKVGTCTKUEJG/QVKXGNKVGTCTKUEJG6JGOGP
2CNCXTCGUEWVCGUKN»GPEKQHKNQUQHKCVGQNQIKCGNKVGTCVWTC%QQTF,QTIG%WPJC/CTKC%GNGUVG0CVºCTKQ4GPCVQ'RKH»CPKQ¸2QTVQ
7PKXGTUKFCFG%CVºQNKEC¸5EO
#VCU
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+5$0¸¸¸¸'74
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#
'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP
$QTVQPK¸4KECTFQ5VGNNC/CTKU+&IPF
/CPWCNFGUQEKQNKPIWºKUVKEC5VGNNC/CTKU$QTVQPK¸4KECTFQ¸5¼CQ2CWNQ%QPVGZVQ¸5
+5$0¸¸¸¸
5EJNCIY¨TVGT5Q\KQNKPIWKUVKM+&IPF¸^H^'KPH©JTWPI
5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP5Q\KQNKPIWKUVKM#NNIGOGKPGU
#
.CEKGPEKCEQOQFKºCNQIQGPVTGVGQTºKCUVGZVQU[NGPIWCU,GPP[$TWOOG%CTOGP.ºQRG\(GTTGTQGFU%QPNCEQNCDQTCEKºQP
FG(CP%QPI¸$GTNKP(TCPM6KOOG¸5ITCRJ&CTUVOOZOO
=-QPIT?%QNQSWKQ+PVGTPCEKQPCNUQDTGNC*KUVQTKCFGNQU.GPIWCLGU+DGTQTTQOºCPKEQUFG'URGEKCNKFCF$CTEGNQPC
¸
(QTWOH©T(CEJURTCEJGPHQTUEJWPI
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šDGTUGV\WPIUYKUUGPUEJCHV
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
%QGNJQ+\GVG.GJOMWJN+&IPF
2CTCEQPJGEGTUQEKQNKPIWºKUVKEC+\GVG.GJOMWJN%QGNJQ'FCKT/CTKC)¨TUMK%JTKUVKCPG/CTKC0FG5QW\C)WKNJGTOG*GPTKSWG
/C[¸5¼CQ2CWNQ%QPVGZVQ¸5
%QNGÆE¼CQRCTCEQPJGEGT
+5$0¸¸¸¸
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5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP5Q\KQNKPIWKUVKM#NNIGOGKPGU
#
-QGTPGT'TPUV(-+&IPF
3WCVTQFºGECFCUFGJKUVQTKQITCHKCNKPIWºKUVKECGUVWFQUUGNGEKQPCFQU'(--QGTPGT5GNGGFFGVGZVQUFG4QNH-GOONGT
¸8KNC4GCN%GPVTQFG'UVWFQUGO.GVTCU7PKXFG6TºCU¸QU¸/QPVGUG#NVQ&QWTQ¸5ITCRJ&CTUV
%QNGÆE¼CQ.KPIWºKUVKEC
+5$0¸¸¸¸
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5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP)GUEJKEJVGFGT5RTCEJ¸WPF.KVGTCVWTYKUUGPUEJCHV
#
2CNCXTCGUEWVCGUKN»GPEKQHKNQUQHKCVGQNQIKCGNKVGTCVWTC%QQTF,QTIG%WPJC/CTKC%GNGUVG0CVºCTKQ4GPCVQ'RKH»CPKQ¸2QTVQ
7PKXGTUKFCFG%CVºQNKEC¸5EO
#VCU
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+5$0¸¸¸¸'74
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#
8KNC¸5CPLWºCP5GTIKQ+&IPF
%ºQFKIQDGUVUGNNGT5GTIKQ8KNC¸5CPLWºCP¸/CFTKF#NKCP\C'FKVQTKCN¸5EO
'NNKDTQFGDQNUKNNQ*WOCPKFCFGU
+5$0¸¸¸¸
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5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP.KVGTCVWTMTKVKM
#
4QOCPKUEJG5RTCEJGPWPF.KVGTCVWTGP#NNIGOGKPGU
'NCTVGFGETGCTOGOQTKC(GUVUEJTKHV\WO)GDWTVUVCIXQP*CPU¸1VVQ&KNNJTUIXQP&QTQVJGG4¨UGDGTI¸#WHNCIG
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#DJCPFNWPIGPFGT.GKDPK\¸5Q\KGV§VFGT9KUUGPUEJCHVGP
$GKVT©DGTYFVVGKNYGKUGURCP¸+PENWFGUDKDNKQITCRJ[QH*CPU¸1VVQ&KNN¸)GTOCP5RCPKUJEQPVTKDWVKQPU¸+PENWFGU
DKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸RDM³
5EJNCIY¨TVGT4QOCPKUEJG5RTCEJGP+&IPF¸.KVGTCVWT+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP.KVGTCVWTIGUEJKEJVG4QOCPKUEJG5RTCEJGPWPF.KVGTCVWTGP#NNIGOGKPGU
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
.CVGKPKUEJG5RTCEJG
.QUECTVWNCTKQUFG8CNRWGUVCGUVWFKQUGFKEKºQPCECTIQFG,QUºG#$CTVQN*GTPºCPFG\#PVQPKQº#NXCTG\6GLGFQT,QUºG4COºQP
/QTCNC¸5CNCOCPEC.WUQ¸'URC¼PQNCFG'FKEKQPGU¸5+NN-VEO
%QNNGEVGFGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸'74
5EJNCIY¨TVGT8CNRWGUVC+&IPF&K¨\GUG+&IPF¸-QRKCNDWEJ+&IPF¸
^H^#WHUCV\UCOONWPI
5CEJITWRRGP/KVVGNCNVGTNKEJGU%JTKUVGPVWO5RCPKGP2QTVWICN)GUEJKEJVG&KCNGMVQNQIKG
.CVGKPKUEJG5RTCEJG
#
-WPUVYKUUGPUEJCHVGP#NNIGOGKPGU
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¸5\CJNT+NNEO
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6JGOCLGUV[QH5RCKPTQ[CNEQNNGEVKQPUHTQOVJG/WUGQFGN2TCFQCPFVJG2CVTKOQPKQ0CEKQPCN/KUUKUUKRRK#TVU2CXKNKQP
/CTEJ5GRVGODGTRTGUGPVGFD[VJG/KUUKUUKRRK%QOOKUUKQPHQT+PVGTPCVKQPCN%WNVWTCN'ZEJCPIG¸,CEMUQP/KUU
/KUUKUUKRRK%QOOKUUKQPHQT+PVGTPCV%WNVWTCN'ZEJCPIG¸5\CJNT+NN
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$
6GUQTQUFGNCTVGGURC¼PQN=5GXKNNC2CDGNNºQPFG'URC¼PC'ZRQU7PKXGTUCN¸?VGZVQUFG,QCP#KPCWFFG.CUCTVG
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#
-WPUVWPF)GUGNNUEJCHV
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&CVCWVQT
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#
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$
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FKTGEVQT¸2GTRKIPCP2TGUUWPKXFG2GTRKIPCP¸5+NNEO
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TGHGTGPEGU
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R\CJNT+NNEO
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NC7PKXFG5GXKNNC¸8+++5©DGTY+NNEO
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^H^-QPITGUU^I^5CPVKCIQFG%QORQUVGNC 5CEJITWRRGP9KUUGPUEJCHVURQNKVKM-WNVWTRQNKVKM&GPMOCNRHNGIG5VCFVDKNFRHNGIG
#
&CTUVGNNGPFG-©PUVNGT
%CTCPVQ¼PC#NGLCPFTQ¸
%WGUVKºQPFGQHKEKQWPCUOGOQTKCUCTVºKUVKECUFG'OKNKQ5CIK#NGLCPFTQ%CTCPVQ¼PC¸)KLºQP'F6TGC¸RKNN
EO
6TGC#TVGU
'5CIK5RCPKUJVJGCVTGFKTGEVQT
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5EJNCIY¨TVGT5CIK'OKNKQ+&IPF1RGT+&IPF¸
5CEJITWRRGP&CTUVGNNGPFG-©PUVNGT
#
%QTTGKC4WVG5KNXC
/CPQGNFG1NKXGKTCQJQOGOFCOºCSWKPCFGHKNOCT4WVG5KNXC%QTTGKC¸GF¸#NHTIKFG1HKEKPCFQNKXTQ¸R
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/FG1NKXGKTC¸2QTVWIWGUGHKNOFKTGEVQT
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5EJNCIY¨TVGT1NKXGKTC/CPWGNFG¸+&IPF:^H^$KQITCRJKG
5CEJITWRRGP&CTUVGNNGPFG-©PUVNGT
#
/WLGTGUFGEKPGNCOKTCFCFGFKTGEVQTCUGURC¼PQNCU'PTKSWG%JWXKGEQGF¸/CFTKF4KCNR¸RKNNEO
.KDTQUFGEKPG
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5EJNCIY¨TVGT5RCPKGP+&IPF¸(KNO+&IPF¸(KNOTGIKUUGWTKP+&IPF¸^H^$KQITCRJKG
5CEJITWRRGP5[UVGOCVKUEJG(KNOYKUUGPUEJCHV&CTUVGNNGPFG-©PUVNGT
#
5[UVGOCVKUEJG(KNOYKUUGPUEJCHV
#TTCP\&CXKF(GNKRG¸
.CUEKGPOGLQTGURGNºKEWNCUUQDTGOKITCEKºQP&CXKF(GNKRG#TTCP\¸=/CFTKF?%CEKVGN¸RKNNEO
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5EJNCIY¨TVGT(KNO+&IPF¸'KPYCPFGTWPI/QVKX+&IPF¸#WUYCPFGTWPI/QVKX+&
IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5[UVGOCVKUEJG(KNOYKUUGPUEJCHV
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
(KNOCPFQGNECODKQUQEKCNNCURGNºKEWNCUFGNCVTCPUKEKºQP,QUºG.WKU5ºCPEJG\0QTKGICGF¸GF¸$CTEGNQPC.CGTVGU
¸5+NNEO
-CRNCP
%QNNGEVGFGUUC[U
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¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5[UVGOCVKUEJG(KNOYKUUGPUEJCHV
#
/WLGTGUFGEKPGNCOKTCFCFGFKTGEVQTCUGURC¼PQNCU'PTKSWG%JWXKGEQGF¸/CFTKF4KCNR¸RKNNEO
.KDTQUFGEKPG
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5EJNCIY¨TVGT5RCPKGP+&IPF¸(KNO+&IPF¸(KNOTGIKUUGWTKP+&IPF¸^H^$KQITCRJKG
5CEJITWRRGP5[UVGOCVKUEJG(KNOYKUUGPUEJCHV&CTUVGNNGPFG-©PUVNGT
#
5RCKPGFD[.QTGP\Q,6QTTGU*QTVGNCPQ¸$TKUVQN=WC?+PVGNNGEV¸5+NN
&KTGEVQT[QHYQTNFEKPGOC
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5EJNCIY¨TVGT5RCPKGP+&IPF¸(KNO+&IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI
5CEJITWRRGP5[UVGOCVKUEJG(KNOYKUUGPUEJCHV
#
(KNOIGUEJKEJVG
#IWKNCT,QUºG+&IPF
0WGUVTQUICNCPGUFGEKPG=,QUºG#IWKNCT?¸/CFTKF0QVQTKQWU'F¸RKNNEO
$QWPF¸+PENWFGUHKNOQITCRJKGU
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5CEJITWRRGP(KNOIGUEJKEJVG
$
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*KURCPQUEQRGNKDTQU
,FG1TFW¼PC¸5RCPKUJHKNOFKTGEVQT
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5CEJITWRRGP(KNOIGUEJKEJVG
$
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%CUVCPJGKTC6GTGUC
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¸REO
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#NNIGOGKPGU
#
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*KUVQTKUEJG/WUKMYKUUGPUEJCHV
)KPGT$TWPQ+&IPF
.GUOWUKSWGURGPFCPVNCIWGTTGF
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EO
+5$0¸¸¸¸DT'74
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5CEJITWRRGP*KUVQTKUEJG/WUKMYKUUGPUEJCHV5RCPKGP2QTVWICN)GUEJKEJVG
#
5ºCPEJG\5ºCPEJG\8ºKEVQT+&IPF
8GTFK['URC¼PC8ºKEVQT5ºCPEJG\5ºCPEJG\¸/CFTKF'F#MCN¸50QVGPDGKUR
#MCNOºWUKEC
)KWUGRRG8GTFK¸¸$QWPF
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5EJNCIY¨TVGT8GTFK)KWUGRRG¸+&IPF5RCPKGP+&IPF¸
5CEJITWRRGP*KUVQTKUEJG/WUKMYKUUGPUEJCHV
#
-QORQPKUVGP/WUKMGT5§PIGT
(WUVGT$GTPCTFQ
'NEQPVCFQTFGCDGLCUOWGTVCUOGOQTKCUFGWPOºWUKEQENCPFGUVKPQ$GTPCTFQ(WUVGT¸GF¸/CFTKF8CTCUGM'F
¸5+NN
1PVJGTQCF
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5EJNCIY¨TVGT5RCPKGP+&IPF¸/WUKMGT+&IPF¸^\^)GUEJKEJVG¸^H^'TNGDPKUDGTKEJV
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-QORQPKUVGP/WUKMGT5§PIGT
#
)QPÆECNXGU/KIWGN
,QUºG%+&=QNCFQ$FGWORTQXQECFQT?/KIWGN)QPÆECNXGU¸GF¸#NHTCIKFG%CUCFCU.GVTCU¸5=?$N
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5EJNCIY¨TVGT%KF,QUºG¸+&IPF^H^$KQITCRJKG
5CEJITWRRGP-QORQPKUVGP/WUKMGT5§PIGT
#
-NKOCVQNQIKG
#NDGTQNC4QOºC#TOCPFQ+&IPF:
.QUECODKQUENKOºCVKEQUNCRGSWG¼PCGFCFFGNJKGNQGP'URC¼PC#TOCPFQ#NDGTQNC4QOºC¸/CFTKF%ºCVGFTC¸5
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.CJKUVQTKCFG
##NDGTQNC4QOºCVGCEJGUCVVJG7PKXGTUKFCFFG#NKECPVG
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^\^)GUEJKEJVG¸
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-NKOCVQNQIKG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
(KUEJGTGK.CPF¸WPF(QTUVYKTVUEJCHV
5ºCPEJG\(GTPºCPFG\,WCP1NKXGT+&IPF
2GUECFQTGUFGN%CPVºCDTKEQGEQNQIºKCGEQPQOºKC[GUVTCVGIKCUUQEKCNGU,WCP1NKXGT5ºCPEJG\(GTPºCPFG\¸GF¸/CFTKF'UEQNCT
[/C[Q'F¸R
%QNGEEKºQPFGCPºCNKUKU[ETºKVKEC
+5$0¸¸¸¸'74
5EJNCIY¨TVGT%WFKNNGTQ+&IPF¸)QNHXQP$KUMC[C+&IPF¸(KUEJGT+&IPF¸5Q\KCNG
5KVWCVKQP+&IPF¸9KTVUEJCHVNKEJG.CIG+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP(KUEJGTGK.CPF¸WPF(QTUVYKTVUEJCHV
#
#TEJKVGMVWTVJGQTKG#TEJKVGMVWTGPVYKEMNWPI
'ZRQUKEKºQP#TSWKVGEVWTCTGEKGPVG8CNGPEKC¸¸=%6#8%QNGIKQ6GTTKVQTKCNFG#TSWKVGEVQUFG8CNGPEKC%QQTFKPCEKºQP
2CDNQ2G¼PºKP.NQDGNN?¸GF¸=8CNGPEKC?¸5\CJNT+NNEO
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8CNGPEKC
5CEJITWRRGP#TEJKVGMVWTVJGQTKG#TEJKVGMVWTGPVYKEMNWPI
#
.CEWGUVC4CSWGN+&IPF
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4CSWGN.CEWGUVC%QPVTGTCUK:CXKGT)QP\ºCNG\6QTCP
+5$0¸¸¸¸'F$CUG
5EJNCIY¨TVGT$CTEGNQPC+&IPF¸#TEJKVGMVWT+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP)GUEJKEJVGFGT2JQVQITCRJKG#TEJKVGMVWTVJGQTKG#TEJKVGMVWTGPVYKEMNWPI
%
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.C$CTEGNQPCFGN
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IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP#TEJKVGMVWTVJGQTKG#TEJKVGMVWTGPVYKEMNWPI
%
#TEJKVGMVGP$CWOGKUVGT
$TCOCPVGGP4QOC4QOCGP'URC¼PCWPLWGIQFGGURGLQUGPNCVGORTCPC'FCF/QFGTPC:KOQ%QORCP[$QTLC(TCPEQ+XºCP
4GIC%CUVTQGFU¸.NGKFC%GPVTGF
#TVF
'ITCXGRQEC/QFGTPC%#'/¸5\CJNT+NNEO
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5RTCEJGGKP$GKVTKPKVCN5RTCEJG
+5$0¸¸¸¸
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5CEJITWRRGP9KUUGPUEJCHVNKEJGWPFMWNVWTGNNG<WUCOOGPCTDGKV-WPUVH¨TFGTWPI#TEJKVGMVGP$CWOGKUVGT
$
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5QEKQNQIºKC[UQEKGFCF,QUGR2KEºQ'PTKE5CPEJKU¸GF¸/CFTKF6GEPQU¸UITCRJ&CTUVEO
%QNGEEKºQPFGEKGPEKCUUQEKCNGU5GTKGFGEKGPEKCRQNºKVKEC
#WHFGT*CWRVVKVGNUGKVGH§NUEJNKEJGF¸+PENW[GTGHGTGPEKCUDKDNKQITºCHKECU
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5CEJITWRRGP5Q\KQNQIKG#NNIGOGKPGU
#
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¸,WCPC/CTKC4WKNQDC0ºW¼PG\¸/CFTKF%QPITGUQFGNQU&KRWVCFQU¸5ITCRJ&CTUVEO
%QNGEEKºQP/WLGT[IºGPGTQ
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(©JTWPIUUVKN+&IPF¸^\^)GUEJKEJVG¸
5CEJITWRRGP-QOOWPCNXGTYCNVWPI)GUEJNGEJVGTWPFKJT8GTJCNVGP
#
(TCW5Q\KQNQIKG
'NNCUUGXCPOWLGTGUOKITCPVGUGP'UVCFQU7PKFQU['URC¼PC/CTVJC,WFKVJ5ºCPEJG\)ºQOG\+POCEWNCFC5GTTC;QNFK
EQQTFKPCFQTCU¸GF¸/ºGZKEQ&(7PKXGTUKFCF0CEKQPCN#WVºQPQOCFG/ºGZKEQ+PUVKVWVQFG+PXGUVKICEKQPGU5QEKCNGU
¸5ITCRJ&CTUV
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5EJNCIY¨TVGT75#+&IPF¸5RCPKGP+&IPF¸.CVGKPCOGTKMCPKUEJG'KPYCPFGTKP+&
IPF¸#TDGKVPGJOGTKP+&IPF¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP&GOQITCRJKG)GQITCRJKG(TCW5Q\KQNQIKG
#
'VJPKUEJG$G\KGJWPIGP
.CCNVGTKFCFKOCIKPCFCGNRºCPKEQOQTCN[NCEQPUVTWEEKºQPFGNQOWUWNOºCPGP'URC¼PC[(TCPEKCº#PIGNGU4COºKTG\GF¸$CTEGNQPC
'F$GNNCVGTTC¸5+NNEO
5GTKGIGPGTCNWPKXGTUKVCTKC
2CRGTURTGUGPVGFCVVJGOGGVKPIJGNFKP.KUDQP2QTVWICN&GECPFQVJGTGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
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5EJNCIY¨TVGT5RCPKGP+&IPF¸(TCPMTGKEJ+&IPF¸+UNCOQRJQDKG+&IPF¸+UNCODKNF
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5CEJITWRRGP+UNCO5QPUVKIGU'VJPKUEJG$G\KGJWPIGP/KPFGTJGKVGPRTQDNGO
#
/KPFGTJGKVGPRTQDNGO
.CCNVGTKFCFKOCIKPCFCGNRºCPKEQOQTCN[NCEQPUVTWEEKºQPFGNQOWUWNOºCPGP'URC¼PC[(TCPEKCº#PIGNGU4COºKTG\GF¸$CTEGNQPC
'F$GNNCVGTTC¸5+NNEO
5GTKGIGPGTCNWPKXGTUKVCTKC
2CRGTURTGUGPVGFCVVJGOGGVKPIJGNFKP.KUDQP2QTVWICN&GECPFQVJGTGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸(TCPMTGKEJ+&IPF¸+UNCOQRJQDKG+&IPF¸+UNCODKNF
+&IPF¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP+UNCO5QPUVKIGU'VJPKUEJG$G\KGJWPIGP/KPFGTJGKVGPRTQDNGO
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
5Q\KCN5EJYCEJG
5KNXC#TFCPW[(TCPEKUEQ/CPWGN
2QDTG\CGPGTIºGVKECGP'URC¼PCCNECPEG[RTQVGEEKºQPEQPUVKVWEKQPCN(TCPEKUEQ/CPWGN5KNXC#TFCPW[2TºQNQIQFG,WCP(GTPCPFQ
.ºQRG\#IWKNCT¸%K\WT/GPQT#TCP\CFK¸5ITCRJ&CTUV-V
'UVWFKQU
2TKPVXQNWOGCPFCEEGUUEQFGHQTGNGEVTQPKEXGTUKQP
+5$0¸¸¸¸'74
5EJNCIY¨TVGT5RCPKGP+&IPF¸#TOWV+&IPF¸7PVGTRTKXKNGIKGTWPI+&IPF¸
'PGTIKGMQUVGP+&IPF¸'PGTIKGXGTDTCWEJ+&IPF¸5Q\KCNG5KEJGTJGKV+&IPF¸
8GTHCUUWPIUTGEJV+&IPF¸'PGTIKGRQNKVKM+&IPF¸
5CEJITWRRGP5Q\KCN5EJYCEJG8GTUQTIWPIUYKTVUEJCHV
#
5Q\KCNRQNKVKM#NNIGOGKPGU
6TCPUHQTOCEKQPGUFGNGUVCFQUQEKCN[FGTGEJQFGNVTCDCLQNKDTQJQOGPCLGCNRTQHGUQT/CPWGNº#NXCTG\FGNC4QUCECVGFTºCVKEQ
FGFGTGEJQFGNVTCDCLQ[FGNCUGIWTKFCFUQEKCNEQPOQVKXQFGUWLWDKNCEKºQP/CTICTKVC4COQU)NQTKC4QLCUEQQTF¸)TCPCFC
%QOCTGU¸:++RKNN
%QNGEEKºQP6TCDCLQ[UGIWTKFCFUQEKCN
$KDNKQVGEC%QOCTGUFG%KGPEKC,WTºKFKEC
+PENW[GTGHGTGPEKCUDKDNKQITºCHKECU
+5$0¸¸¸¸¸¸¸
5EJNCIY¨TVGTº#NXCTG\FGNC4QUC/CPWGN+&IPF5RCPKGP+&IPF¸5Q\KCNUVCCV+&
IPF¸#TDGKVUTGEJV+&IPF¸^H^#WHUCV\UCOONWPI
5CEJITWRRGP5Q\KCNRQNKVKM#NNIGOGKPGU#TDGKVUTGEJV#NNIGOGKPGU
#
5RKGNG(GUVG$GYGIWPIUMWNVWT'VJPQNQIKG
'IWKNW\4QOGTQ/KTGP#KPV\CPG
%QPVQFCHKGUVC[TGIQEKLQCTVG[HKGUVCGPNCUXKNNCUXK\ECºKPCUFGNQUUKINQU:8++[:8+++/KTGP#KPV\CPG'IWKNW\4QOGTQ
¸$KNDCQ7PKXFGN2CºKU8CUEQ5GTXKEKQ'F¸5+NN-VEO
5GTKGFGJKUVQTKCOGFKGXCN[OQFGTPC
+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU¸6GKNY\WIN$KNDCQ7PKX&KUU
+5$0
5EJNCIY¨TVGT8K\EC[C+&IPF¸(GUV+&IPF¸-WNVWT+&IPF¸-WPUV+&
IPF¸^\^)GUEJKEJVG¸^H^*QEJUEJWNUEJTKHV
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG5RKGNG(GUVG$GYGIWPIUMWNVWT'VJPQNQIKG
#
(GKPGT/WTKGN+&IPF
4GOGFºKP)CIQ[UW/CPQNQXºC\SWG\WPCJKUVQTKCFGCOQT[FGVQTQU¸$CTEGNQPC$GNNCVGTTC¸5=?$N\CJNT
+NN
$KQITCRJKECNCEEQWPVQPVJGDWNNHKIJVGT/CPQNQ8ºC\SWG\CPFJKUYKHG
+5$0¸¸¸¸'74
5EJNCIY¨TVGT8ºC\SWG\/CPQNQ¸+&IPF)CIQ4GOGFºKP¸+&IPF
^H^$KQITCRJKG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG5RKGNG(GUVG$GYGIWPIUMWNVWT'VJPQNQIKG
#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
4GIKQPCNG8QNMUMWPFG
%CTQ$CTQLC,WNKQ+&IPF
%QPNGVTCCIWFC[HKPC0CXCTTCGPNQUVGZVQUFG,WNKQ%CTQ$CTQLC/CVºKCU/ºWIKECEQORKNCFQT¸2CORNQPC)QDKGTPQFG
0CXCTTC&GRCTVCOGPVQFG%WNVWTC6WTKUOQ[4GNCEKQPGU+PUVKVWEKQPCNGU¸:+85+NN-VEO
+5$0¸¸¸¸
5EJNCIY¨TVGT0CXCTTC+&IPF¸'VJPQNQIKG+&IPF¸^\^)GUEJKEJVG
5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG4GIKQPCNG8QNMUMWPFG
#
4GKUGDGUEJTGKDWPIGP)GUEJKEJVGFGU4GKUGPU
%CTPGT¸4KDCNVC,QUGR+&IPF
2QTVQN¹C[NCGZRGFKEKºQPFGNQUECVCNCPGUGP%CNKHQTPKC,%CTPGT¸4KDCNVC'FKEKºQPVTCFWEEKºQP[RTºQNQIQFG#PIºGNKEC2GTGITKPC
¸GF¸.NGKFC'FKVQTKCN/KNGPKQ¸REO
#NHC
'56%CVCNCPUGPNCFGUEQDGTVCKEQNQPKV\CEKºQFG%CNKHºQTPKCURCP +5$0
5EJNCIY¨TVGT2QTVQN¹C)CURCTFG¸+&IPF-CNKHQTPKGP+&IPF¸'PVFGEMWPIUTGKUG
+&IPF¸^H^4GKUGDGTKEJV¸
5CEJITWRRGP4GKUGDGUEJTGKDWPIGP)GUEJKEJVGFGU4GKUGPU
#
*KUVQTKUEJG)GQITCRJKG
'NURTGIG¹QITCHUXCNGPEKCPU&GN4GPCKZGOGPVCNCFCTTGTCIWGTTCEKXKN%QQTF8KEGPÆE/4QUUGNNºQK8GTIGT¸%CVCTTQLC#HGTU
¸REO
#HGTU0T
6GZVKP%CVCNCP¸6JGUGTKGUKUCRGTKQFKECN
+5$0¸¸¸¸'74
5EJNCIY¨TVGT8CNGPEKC4GIKQP+&IPF¸)GQITCHKG+&IPF¸^\^)GUEJKEJVG¸
^H^#WHUCV\UCOONWPI
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5EJTGKDGT-T[UV[PC
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5CEJITWRRGP0CVKQPCNKUOWU+PPGTG$G\KGJWPIGPFGU5VCCVGU#NNIGOGKPGU
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#
šDTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$-
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¸RKNEO
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5CEJITWRRGP+PPGTG$G\KGJWPIGPFGU5VCCVGU#NNIGOGKPGU
#
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(QECKPXGUVKICEKºQP
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#
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5CEJITWRRGP0CVKQPCNKUOWU+PPGTG$G\KGJWPIGPFGU5VCCVGU#NNIGOGKPGU
#
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#EVWCNKFCF
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5CEJITWRRGP+PPGTG$G\KGJWPIGPFGU5VCCVGU#NNIGOGKPGU
#
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#
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#
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#
.QLC4QDGTVQ$TWPQ/GKLGT+&IPF
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#
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#
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#
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RKNNEO
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#
+PVGTPCVKQPCNG$G\KGJWPIGP5QPUVKIGU
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#HQPFQ
#DQWVKOOKITCVKQPKP'WTQRGHTQOVJGFGXGNQRKPIEQWPVTKGU
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5CEJITWRRGP&GOQITCRJKG)GQITCRJKG+PVGTPCVKQPCNG$G\KGJWPIGP5QPUVKIGU
#
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