,QD+PVGTPUJKR)WKFGŖ

to
%JCRVGT#EVKQP+VGOU 9
5WEEGUUHWN do
OQTGKPHQECTGGTDGTMGNG[GFW

+PVGTXKGYKPI Ŗ9TKVGQWVCPUYGTUVQSWGUVKQPU[QW
VJKPMVJGGORNQ[GTYKNNCUMCPFMGGR
CNKUVQH[QWTUVTGPIVJUYGCMPGUUGU
CPFMG[CEEQORNKUJOGPVU

Ŗ.GCTPCDQWVVJGGORNQ[GTDTQYUG
VJGKTYGDUKVGEQPFWEVCPCTVKENG
ő+VŏUTGCNN[CPGORNQ[GTŏUOCTMGVTKIJVPQY'ORNQ[GTUNQQM UGCTEJCPFCVVGPFKPHQTOCVKQP
HQTCRGTUQPYJQYKNNDGCRNGCUWTGVQYQTMYKVJCPFYJQ UGUUKQPUCPFECTGGTHCKTU
YKNNſVKPVQVJGEQORCP[ŏUYQTMCVOQURJGTGLWUVCUOWEJ
CUVJG[NQQMHQTUMKNNU-GGRVJCVKPOKPFYJGPEQPXGTUKPI Ŗ8KGYQWT5WEEGUUHWN+PVGTXKGYKPI
YKVJRQVGPVKCNGORNQ[GTUΠ1PNKPG9QTMUJQR
0KEQNG$5QRJQOQTG2U[EJQNQI[

Ŗ5KIPWRHQT%CNNKUVQVQFQYPNQCFHTGG
ő+PVJKUOCTMGVRJQPGKPVGTXKGYUCTGWUGFOQTG 8CWNV)WKFGUQPKPVGTXKGYKPICV
ECNNKUVQDGTMGNG[GFW
QHVGP6QOGVJG[CTGNKMGQRGPDQQMVGUVU[QW
ECPYTKVGFQYPCPUYGTUCJGCFQHVKOGCPFJCXG
VJGOKPHTQPVQH[QWFWTKPIVJGRJQPGKPVGTXKGYŒ Ŗ2TCEVKEGYKVJHTKGPFUQTHCOKN[CPF
#NGZ6,WPKQT+PVGITCVKXG$KQNQI[2U[EJQNQI[ UEJGFWNGCOQEMKPVGTXKGYCVVJG
%CTGGT%GPVGT

.
Ŗ)GVFKTGEVKQPUVQVJGKPVGTXKGYUKVG
EQPſTOCVKQPQHVJGFC[CPFVKOG
QHVJGKPVGTXKGYGZVTCEQRKGUQH[QWT
KMGGZCOUKPVGTXKGYUTGSWKTGCITGCVFGCNQHRTGRCTCVKQP+P TGUWOGCPFKPVGTXKGYCVVKTG
QTFGTVQFQYGNN[QWOWUVCUUGUU[QWTEWTTGPVMPQYNGFIGCDQWVVJGRQUKVKQP
UVWF[VJGGORNQ[GTCPFCPVKEKRCVGFKHſEWNVSWGUVKQPU+PCVQWIJLQDOCTMGV
Ŗ#NNQYRNGPV[QHVKOGVQIGVVQVJG
KVŏUGUREKCNN[KORQTVCPVVQHQNNQYVJGUGUVGRUVQKPVGTXKGYUWEEGUU
KPVGTXKGYUKVGCPFCTTKXGCVNGCUV
OKPWVGUGCTN[
#PCN[\GVJG2QUKVKQP
4GUGCTEJVJG'ORNQ[GT
4GXKGY;QWT'ZRGTKGPEGU Ŗ5JQYVJGGORNQ[GTVJCV[QWCTGC
2TCEVKEG IQQFſVYKVJFGVCKNGFGZCORNGUQH
VKOGUYJGP[QWUWEEGUUHWNN[WUGF
VJGUMKNNUVJG[UGGM
#0#.;<'6*'215+6+10
 
4GXKGYCEQR[QHVJGLQDFGUETKRVKQPCPFJKIJNKIJVVJGSWCNKſECVKQPUCPF
OCKPTGURQPUKDKNKVKGU+H[QWCTGUVKNNWPENGCTCDQWVVJGPCVWTGQHVJGRQUKVKQP Ŗ5GPFCVJCPM[QWNGVVGTQTGOCKN
EJGEMQWVVJGKPHQTOCVKQPKPVJG8CWNV'ORNQ[GT+PFWUVT[)WKFGUVJCVECP YKVJKPJQWTUQH[QWTKPVGTXKGY
DGFQYPNQCFGFHQTHTGGVJTQWIJ%CNNKUVQVJG%CTGGT%GPVGTŏUICVGYC[VQ
QPNKPGUGTXKEGUCPFEQPFWEVKPHQTOCVKQPCNKPVGTXKGYUUGGR

-GGRKPOKPFVJCVGORNQ[GTUYKVJNGPIVJ[SWCNKſECVKQPUUVCVGOGPVUTCTGN[ſPF
CRRNKECPVUUVTQPIKPCNNCTGCUUQFQPQVIGVFKUEQWTCIGFKH[QWFQPQVOGGVCNN
QHVJGURGEKſGFTGSWKTGOGPVU

,QD+PVGTPUJKR)WKFGŖ 
4'5'#4%*6*''/2.1;'4
.GCTPCUOWEJCU[QWECPCDQWVVJGGORNQ[GTŏUOKUUKQP (''.+0)0'48175!
UGTXKEGURTQFWEVUCPFHWVWTGRTQURGEVU7PFGTUVCPF
JQYVJKUQTICPK\CVKQPEQORCTGUYKVJUKOKNCTQT (GGNKPIPGTXQWUCDQWVKPVGTXKGYUKUPQTOCN+PHCEV
EQORGVKPIQTICPK\CVKQPU6JGDGUVRNCEGVQUVCTV[QWT DGKPICNKVVNGPGTXQWUECPDGJGNRHWNOQVKXCVKPI[QW
TGUGCTEJKUQPVJGGORNQ[GTŏUYGDUKVG+PHQTOCVKQPECP VQRTGRCTGCPFFQ[QWTDGUV$WVYQTT[KPICDQWVDGKPI
CNUQDGQDVCKPGFHTQOVJGHQNNQYKPIUQWTEGU PGTXQWUWUWCNN[LWUVOCMGU[QWOQTGPGTXQWU(QEWU
[QWTGPGTI[QPDGKPIOQTGUGNHEQPſFGPVKPUVGCF7UG
Ŗ5GGő4GUGCTEJVJG9QTNFQH9QTMŒR VJGUGVKRUVQJCTPGUU[QWTPGTXQWUGPGTI[
Ŗ#TVKENGUGCTEJGU
UGCTEJ)QQINGQT*QQXGTUEQO
Ŗ#VVGPF'ORNQ[GT+PHQ5GUUKQPUUGGR Ŗ6JKPMQH[QWTCEEQORNKUJOGPVU6T[VQVJKPMQH
Ŗ0GVYQTMYKVJCNWOPKWUKPIVJG"%CN%CTGGT ſXGVJKPIU[QWYQWNFNKMGVJGGORNQ[GTVQMPQY
0GVYQTMUGGR CDQWV[QWCPFRTCEVKEGVGNNKPIVJGUGUVQTKGUQWV
Ŗ6CNMVQTGRTGUGPVCVKXGUCVECTGGTHCKTUUGGR NQWFUQVJCV[QWYKNNUQWPFOQTGRQNKUJGFCPF
RTGRCTGFHQT[QWTKPVGTXKGY
4'8+'9;174':2'4+'0%'5
  
9JGPTGXKGYKPI[QWTSWCNKſECVKQPUEQPUKFGTCNN Ŗ4GOGODGTVJCVKPVGTXKGYKPIKUCVYQYC[UVTGGV
GZRGTKGPEGUXCNWCDNGGXGPKHVJG[FQPQVFKTGEVN[TGNCVG -GGRKPOKPFVJCV[QWCTGPQVVJGQPN[RGTUQP
VQVJGRQUKVKQP4GXKGYVJGHQNNQYKPI DGKPIGXCNWCVGFFWTKPIVJGKPVGTXKGY;QWECP
CNUQVJKPMCDQWVYJCVKORTGUUKQPVJGKPVGTXKGYGT
Ŗ9QTMGZRGTKGPEG OCMGUQP[QWCPFXKGYJKOQTJGTCUCTGUQWTEG
Ŗ+PVGTPUJKRU VQNGCTPOQTGCDQWVVJGEQORCP[CPFVJGRQUKVKQP
Ŗ8QNWPVGGTGZRGTKGPEG 6JKUYKNNJGNRIKXG[QWCUGPUGKHVJKUGORNQ[GTKU
Ŗ%NCUURTQLGEVU QPGVJCV[QWYQWNFNKMGVQYQTMHQTCPFYJGVJGT
Ŗ%QWTUGYQTM QTPQVVJKURQUKVKQPſVUKPYKVJ[QWTIQCNU
Ŗ5VWFGPVITQWRGZRGTKGPEG
Ŗ+PVGTGUVUCPFJQDDKGU Ŗ$WKNFTCRRQTVKPVJGſTUVUGEQPFU(KTUV
KORTGUUKQPUECPUGVVJGVQPGHQTVJGTGUVQHVJG
(QTGCEJGZRGTKGPEGKFGPVKH[VJGUMKNNUCPFMPQYNGFIG KPVGTXKGY9JGP[QWTKPVGTXKGYGTEQOGUKPVQVJG
[QWFGXGNQRGF/CP[UMKNNUCTGVTCPUHGTCDNGHTQOQPG YCKVKPITQQOCPFECNNU[QWTPCOGYCNMVQYCTF
UGVVKPIVQCPQVJGT$GCDNGVQUC[JQYVJGGZRGTKGPEG VJCVRGTUQPYKVJEQPſFGPEGOCMGG[GEQPVCEV
JCURTGRCTGF[QWVQEQPVTKDWVGVQCPQTICPK\CVKQP GZVGPF[QWTJCPFHQTCJCPFUJCMGCPFUC[
(QTCUUKUVCPEGQPTGXKGYKPI[QWTUMKNNUUGGő6QR ő*GNNQ+ŏO
KPUGTV[QWTPCOGJGTGŒ6JKUUJQWNF
3WCNKVKGU'ORNQ[GTU5GGMKP,QD%CPFKFCVGUŒRCPF JGNRUGVVJGVQPGHQTCUWEEGUUHWNKPVGTXKGY
ő/CMKPIC%CTGGT6TCPUKVKQPŒR

  
24#%6+%' '6+37'66'6+25(14+06'48+'95
6T[VJGHQNNQYKPIOGVJQFUVQDQQUV[QWTKPVGTXKGYKPI
EQPſFGPEG
Ŗ$GQPVKOG'XGPDGVVGTDGGCTN[
Ŗ2TCEVKEGUC[KPI[QWTTGURQPUGUQWVNQWF#PUYGTKPI
Ŗ&QPQVEJGYIWOQTYGCTVQQOWEJHTCITCPEG
RQVGPVKCNSWGUVKQPUKPHTQPVQHCOKTTQTECPDGWUGHWN
HQTCUUGUUKPI[QWTHCEKCNGZRTGUUKQPU
Ŗ5V[NG[QWTJCKTPGCVN[CPFMGGRKVQHH[QWTHCEG
Ŗ*CXGCECTGGTEQWPUGNQTQTHTKGPFUCPFHCOKN[CUM
Ŗ&QPQVRWV[QWTDGNQPIKPIUQPVJGKPVGTXKGYFGUM
[QWCNKUVQHSWGUVKQPUCPFIKXG[QWHGGFDCEMQPVJG
HQNNQYKPIEQPVGPVCPFQTICPK\CVKQPQH[QWTCPUYGTU
Ŗ6WTPQHHEGNNRJQPGU

EQORNGVGPGUUNGXGNQHFGVCKNJQYGCU[VQHQNNQY
CPF[QWTRTGUGPVCVKQPUV[NG
RCEGXQKEGSWCNKV[VQPG
Ŗ$GTGURGEVHWNVQGXGT[QPG,QDQHHGTUJCXGDGGP
GPGTI[RQUVWTGG[GEQPVCEVJCPFIGUVWTGUGVE
FGPKGFQPJQYCRRNKECPVUVTGCVCFOKPKUVTCVKXGUVCHH
Ŗ(KNOQTVCRG[QWTTGURQPUGUCPFTGXKGY[QWT
Ŗ#NGTVTGHGTGPEGUVJCVVJG[OC[DGEQPVCEVGF
RGTHQTOCPEG#UM[QWTUGNHFKF+NQQMUQWPFEQPſFGPV
$TKPI[QWTTGHGTGPEGNKUVYKVJ[QWVQ[QWT
YJCVFQGUO[DQF[NCPIWCIGUC[FKF+NQQMUQWPF
KPVGTXKGYU(QTTGHGTGPEGUJGGVHQTOCVUGGR
TGNCZGFCPFFKF+UQWPFGPVJWUKCUVKE!

 ECTGGTDGTMGNG[GFW
6;2'51(+06'48+'95
  
+HRQUUKDNGCUM[QWTRTQURGEVKXGGORNQ[GTYJCVV[RGQHKPVGTXKGY[QWYKNNJCXG6JKUYKNNJGNR[QWRTGRCTGCPFHGGN
OQTGEQPſFGPV6[RGUQHKPVGTXKGYUKPENWFG

Ŗ1PGQPQPGLWUV[QWCPFQPGKPVGTXKGYGTVJGOQUVEQOOQPV[RGQHKPVGTXKGY
Ŗ2CPGNOQTGVJCPQPGRGTUQPKPVGTXKGYU[QWCVVJGUCOGVKOG
Ŗ)TQWRCITQWRQHECPFKFCVGUKUKPVGTXKGYGFD[CRCPGN
Ŗ/GCN[QWCTGKPVGTXKGYGFYJKNGGCVKPIWUWCNN[QXGTNWPEJ
Ŗ9QTMKPI[QWCTGRWVVQYQTMCPFQDUGTXGF
Ŗ6GNGRJQPGQHVGPWUGFCUCUETGGPKPIVQQNDGHQTGKPXKVKPI[QWVQCPQPUKVGKPVGTXKGY
Ŗ1P5KVGQT5GEQPF4QWPFCHVGT[QWJCXGOCFGKVVJTQWIJCUETGGPKPIKPVGTXKGYOCP[QTICPK\CVKQPUYKNNKPXKVG[QW
VQVJGKTUKVGHQTCPGZVGPFGFKPVGTXKGYVJCVOC[KPENWFGCUGTKGUQHFKHHGTGPVV[RGUQHKPVGTXKGYUCUKVGVQWTCPFCOGCN
)GVVKPICUGEQPFTQWPFKPVGTXKGYOGCPUVJGQTICPK\CVKQPKUUGTKQWUN[EQPUKFGTKPI[QWHQTCRQUKVKQP

to
9do 2TGRCTKPIHQTC2JQPG+PVGTXKGY

Ŗ5EJGFWNGKVHQTCVKOGYJGP[QWECPIKXGKVRGTEGPVQH[QWTCVVGPVKQPCPFVCMGVJGECNNKPCSWKGVRNCEG
Ŗ,QVFQYPRQKPVU[QWYCPVVQOCMGCNKUVQH[QWTUMKNNUCPFCEEQORNKUJOGPVUYKVJGZCORNGUCPFSWGUVKQPUVQCUM
Ŗ-GGRCEQR[QH[QWTTGUWOGCPFVJGLQDFGUETKRVKQPPGCTVJGRJQPG
Ŗ*CXG[QWTECNGPFCTKPHTQPVQH[QWKH[QWPGGFVQUGVWRCPQVJGTKPVGTXKGY
Ŗ#UMHQTENCTKſECVKQPKHPGEGUUCT[CPFVJKPMQWV[QWTTGURQPUGUENGCTN[DGHQTG[QWCPUYGT
Ŗ5JQYGPVJWUKCUOHQTVJGRQUKVKQPōDGUWTGVQUOKNGōKVECPEQOGVJTQWIJKP[QWTXQKEG
Ŗ#XQKFUC[KPIőCJGTWOŒ6JGUGPQPYQTFUCTGOQTGPQVKEGCDNGQPVJGRJQPG

to
9do 2TGRCTKPIHQTC5GEQPF4QWPF+PVGTXKGY

Ŗ%QPſTOVJGFCVGVKOGNQECVKQPCPFYJQ[QWUJQWNFCUMHQTQP[QWTCTTKXCN
Ŗ/CMGCP[PGEGUUCT[VTCXGNCTTCPIGOGPVU+HVTCXGNKPIQWVQHVJGCTGCYKNNVJGEQORCP[OCMGTGUGTXCVKQPUHQT[QW!
Ŗ-GGRCP[TGEGKRVU/QUVOGFKWOCPFNCTIGUK\GFEQORCPKGUYKNNRC[[QWTGZRGPUGU+H[QWCTGXKUKVKPIVYQ
EQORCPKGUQPVJGUCOGVTKRDGUWTGVQRTQTCVG[QWTGZRGPUGUUQVJCVVJGEQORCPKGUOC[UJCTGVJGEQUVQH[QWTVTKR
Ŗ4GUGCTEJVJGEQORCP[CJGCFQHVKOG6JGGORNQ[GTYKNNGZRGEV[QWVQDGXGT[HCOKNKCTYKVJVJGO
Ŗ5VWF[VJGLQDFGUETKRVKQPCPFMPQYGZCEVN[YJCV[QWCTGKPVGTXKGYKPIHQT
Ŗ$TKPIGZVTCEQRKGUQH[QWTTGUWOGVTCPUETKRVUTGHGTGPEGUCPFCNNGORNQ[GTHQTOUVJCV[QWJCXGDGGPCUMGFVQEQORNGVG
Ŗ$TKPICVNGCUVſXGSWGUVKQPUVQCUMUGGő3WGUVKQPUVQ#UM'ORNQ[GTUŒR&GXGNQRNKUVUQHFKHHGTGPVSWGUVKQPU
VCKNQTGFVQYJQ[QWCTGOGGVKPIYKVJ
GI[QWECPCUMCJWOCPTGUQWTEGUTGRTGUGPVCVKXGSWGUVKQPUCDQWVVJG
EQORCP[EWNVWTGYJGTGCU[QWECPCUMCRQVGPVKCNEQYQTMGTOQTGFGVCKNGFSWGUVKQPUCDQWVLQDTGURQPUKDKNKVKGU
Ŗ$GRTGRCTGFVQCPUYGTVJGUCOGSWGUVKQPUGXGTCNVKOGU&WTKPIVJGFC[[QWYKNNOQUVNKMGN[OGGVYKVJUGXGTCN
RGQRNG[QWTRQVGPVKCNUWRGTXKUQTEQYQTMGTUCPFCJWOCPTGUQWTEGUTGRTGUGPVCVKXG6JG[OC[CUM[QWVJGUCOG
SWGUVKQPU$GGPVJWUKCUVKEJQPGUVCPFEQPUKUVGPVKP[QWTCPUYGTU
Ŗ4GOGODGTVJCV[QWCTGCNYC[UDGKPIGXCNWCVGF+PITQWRCEVKXKVKGUCPFFWTKPIOGCNU[QWTCDKNKV[VQYQTMYKVJ
RGQRNGCPF[QWTőſVŒKPVJGQTICPK\CVKQPKUDGKPIQDUGTXGF
Ŗ4GOGODGTVJCVVJGKPVGTXKGYKUCVYQYC[UVTGGV$GQDUGTXCPV9JCVKUVJGCVOQURJGTGNKMG!#TGGORNQ[GGUHTKGPFN[!
Ŗ4GOGODGTVQCUMYJGP[QWECPGZRGEVVQJGCTHTQOVJGGORNQ[GTCICKP+HVJGGORNQ[GTFQGUPQVTGURQPFYKVJKP
VJCVVKOG[QWOC[RJQPGQTGOCKNVJGRGTUQPYJQKPVGTXKGYGF[QWVQCUMCDQWV[QWTUVCVWU
Ŗ-PQYYJCVVQFQKH[QWTGEGKXGCPQHHGTQPVJGURQV+POQUVECUGUKVŏUDGVVGTVQVJKPMCDQWVVJGQHHGTDGHQTG
CEEGRVKPIQTFGENKPKPI+H[QWFQTGEGKXGCXGTDCNQHHGTCPFCTGPQVTGCF[VQOCMGCFGEKUKQPCUMHQTYTKVVGP
EQPſTOCVKQPCPFVGNNVJGſTOYJGP[QWGZRGEVVQOCMGCFGEKUKQP/CKPVCKPEQOOWPKECVKQPYKVJVJGſTO
Ŗ#HVGT[QWTXKUKVUGPFCVJCPM[QWNGVVGTYKVJKPQPGQTVYQFC[UVQVJGRGTUQPKPEJCTIGQH[QWTXKUKVYKVJEQRKGUVQ
VJGQVJGTUKPXQNXGF;QWUJQWNFOGPVKQPYJCV[QWCRRTGEKCVGFHTQOVJGFC[ŏUCEVKXKVKGUCPF[QWTKPVGTGUVUKPDQVJ
VJGLQDCPFVJGQTICPK\CVKQP#YGGMCHVGTUGPFKPIVJGNGVVGT[QWOC[EQPVCEVVJGGORNQ[GTVQUJQY[QWTEQPVKPWGF
KPVGTGUVCPFCUMKHVJGTGKUCP[CFFKVKQPCNKPHQTOCVKQP[QWECPRTQXKFG

,QD+PVGTPUJKR)WKFGŖ 
6;2'51(+06'48+'937'56+105
/QUVKPVGTXKGYUEQPUKUVQHFKHHGTGPVV[RGUQHKPVGTXKGYSWGUVKQPUVJCVYKNNFGRGPFQPVJGRQUKVKQPCPFVJG
QTICPK\CVKQP6[RGUQHKPVGTXKGYSWGUVKQPUKPENWFG

3WCNKſECVKQPU
6JGUGCTGUVTCKIJVHQTYCTFSWGUVKQPUCDQWV[QWTGZRGTKGPEGDCEMITQWPFCPFRGTUQPCNVTCKVU'ZCORNGU
Ŗ9JCVCTG[QWTITGCVGUVUVTGPIVJUCPFYGCMPGUUGU!
Ŗ6GNNOGCDQWV[QWTUGNH
Ŗ9J[UJQWNF+JKTG[QW!

$GJCXKQTCN
6JGUGXGT[RQRWNCTSWGUVKQPUCTGDCUGFQPVJGRTGOKUGVJCVRCUVDGJCXKQTDGUVRTGFKEVUHWVWTGDGJCXKQT(QT
GZCORNGKH[QWJCXGUJQYPKPKVKCVKXGKPCENWDQTENCUURTQLGEV[QWCTGNKMGN[VQUJQYKPKVKCVKXGYJGP[QWCTG
YQTMKPI$GHQTGCPKPVGTXKGYGCEJRQUKVKQPKUCUUGUUGFD[VJGGORNQ[GTHQTVJGUMKNNUCPFVTCKVUVJCVTGNCVGVQ
LQDUWEEGUUCPFTGNCVGFKPVGTXKGYSWGUVKQPUCTGFGXGNQRGF'ZCORNGU
Ŗ&GUETKDGCUKVWCVKQPYJGTG[QWWUGFRGTUWCUKQPVQUWEEGUUHWNN[EQPXKPEGUQOGQPGVQUGGVJKPIU[QWTYC[
Ŗ6GNNOGCDQWVCVKOGYJGP[QWJCFVQVCMGQPCNGCFGTUJKRTQNG

;QWUJQWNFTGURQPFVQVJGUGSWGUVKQPUYKVJCURGEKſEGZCORNGYJGTG[QWJCXGFGOQPUVTCVGFVJGUMKNNVJG
KPVGTXKGYGTKUUGGMKPI+VŏUJGNRHWNVQTGOGODGTő%#4ŒVQEQORQUGCVJQWIJVHWNTGURQPUG*GTGŏUJQYKVYQTMU

%106':69JCVYCUVJGRTQDNGOPGGFQTEQPEGTP!+PENWFGQDUVCENGU[QWJCFVQQXGTEQOG
#%6+105[QWVQQM6JKUFQGUPQVOGCPYJCVVJGITQWRFKFDWVYJCV[QWFKF2TCEVKEGUC[KPIő+ŒKPUVGCFQH
ő9GŒ#UUWOGQYPGTUJKRQH[QWTCEEQORNKUJOGPVU
4'57.65[QWCEJKGXGFSWCPVKH[VJGTGUWNVUCPFTGNCVGVJGO[QWTUMKNNUCPFCEVKQPUVQVJGGORNQ[GTŏUPGGFU

*QYYKNN[QWMPQYYJCVUMKNNUCTGKORQTVCPVHQTCRCTVKEWNCTRQUKVKQPUQ[QWECPRTGRCTGVCTIGVGFGZCORNGU!
Ŗ4GCFVJGLQDKPVGTPUJKRFGUETKRVKQPCPFJKIJNKIJVUMKNNUSWCNKſECVKQPUCPFYJCV[QWYKNNFQQPVJGLQD
Ŗ4GCFQEEWRCVKQPCNKPHQTOCVKQPVJCVFGUETKDGUYJKEJUMKNNUCTGWUGFKPLQDUKPVGTPUJKRUNKMGVJGQPGU[QWYCPV
Ŗ#UMSWGUVKQPUCV'ORNQ[GT+PHQTOCVKQP5GUUKQPUQTECTGGTCPFKPVGTPUJKRHCKTU
Ŗ%QPVCEVCNWOPKQTEWTTGPVUVWFGPVUYQTMKPIKPVJGUCOGRQUKVKQP

)QVQKPVGTXKGYUYKVJUGXGTCNUVQTKGUVJCVUJQYQHH[QWTTGNGXCPVUMKNNU&GXGNQRVJGOD[CPVKEKRCVKPIVJG
UMKNNUVJCVCTGKORQTVCPVHQTVJGRQUKVKQPCPFD[TGXKGYKPIRCUVGZRGTKGPEGUHQT[QWTCEEQORNKUJOGPVU
#EEQORNKUJOGPVUECPDGHQWPFKPCNNRCTVUQH[QWTNKHG
Ŗ#ECFGOKEUKPENWFKPIENCUURTQLGEVU
Ŗ5RQTVU
9KNN[QWTIQCNQTKGPVCVKQPVTCPUHGTVQ[QWTECTGGT!9JCVFKF[QWNGCTPCDQWVDGKPICVGCORNC[GT!
Ŗ#EVKXKVKGU
*CXG[QWRWDNKUJGFCUVQT[IKXGPCURGGEJQTOCTEJGFKPVJG%CN$CPF!9GTG[QWCNGCFGT!
Ŗ8QNWPVGGTYQTMQTKPVGTPUJKRGZRGTKGPEGU
9JGPFKF[QWTRGTHQTOCPEGGZEGGFGZRGEVCVKQPU!#EJKGXG
UQOGVJKPIPGY!/CMGVJKPIUGCUKGT!5CXGQTOCMGOQPG[!

6GEJPKECN%CUG
&GRGPFKPIQPVJGKPFWUVT[VJCV[QWYCPVVQGPVGT[QWOC[TGEGKXGSWGUVKQPUTGNCVGFVQEQPEGRVUVJCV[QW
NGCTPGFHTQO[QWTEQWTUGYQTMKPFWUVT[MPQYNGFIG
GIHCOKNKCTKV[YKVJſPCPEKCNOCTMGVUQTURGEKſEUMKNNU

GIRTQITCOOKPINCPIWCIGU6GEJPKECNECUGSWGUVKQPUCTGGURGEKCNN[EQOOQPKPDWUKPGUUſGNFUUWEJCU
ſPCPEGEQPUWNVKPICPFCEEQWPVKPICPFCNUQKPGPIKPGGTKPIRJ[UKECNUEKGPEGCPFEQORWVGTUEKGPEGſGNFU

+PQTFGTVQRTGRCTGHQTVJGUGV[RGUQHSWGUVKQPUKVECPDGJGNRHWNVQCUMGORNQ[GGTGRTGUGPVCVKXGUCNWOPKQTRGGTU
YJQJCXGJCFKPVGTXKGYUKPVJCVſGNFCDQWVVJGV[RGUQHSWGUVKQPU[QWECPGZRGEV+PCFFKVKQPTGCFKPIVJTQWIJVJG
8CWNV%CTGGT)WKFGUCPF+PVGTXKGY)WKFGU
GI)WKFGVQ%CUG+PVGTXKGYUECPJGNR[QWNGCTPOQTGCDQWVVJGUMKNNU
GCEJKPFWUVT[XCNWGUCPFECPCNUQIKXG[QWCPKFGCQHKPFWUVT[URGEKſESWGUVKQPUVJCV[QWOKIJVGZRGEV
5''0':62#)'(1424#%6+%'
+06'48+'937'56+105

 ECTGGTDGTMGNG[GFW
24#%6+%'+06'48+'937'56+105
5KPEGOQUVKPVGTXKGYUEQPUKUVQHCOKZQHFKHHGTGPVSWGUVKQPV[RGURTCEVKEGTGURQPFKPIVQSWGUVKQPUHTQODQVJVJG
SWCNKſECVKQPCPFDGJCXKQTCNECVGIQTKGU#FFKPUQOGVGEJPKECNECUGSWGUVKQPUKH[QWCTGGPVGTKPICſGNFVJCVKUMPQYP
VQWUGVJGO(QTKPHQTOCVKQPQPő6[RGUQH+PVGTXKGY3WGUVKQPŒUGGR

2TCEVKEG3WCNKſECVKQP3WGUVKQPU
Ŗ9J[CTG[QWRWTUWKPIVJKUſGNF! Ŗ9J[UJQWNF+JKTG[QW!
Ŗ&GUETKDG[QWTKFGCNLQD Ŗ*QYFQGU[QWTDCEMITQWPFTGNCVGVQVJKURQUKVKQP!
Ŗ9JCVCTG[QWTECTGGTRNCPU! Ŗ9JCVECP[QWQHHGTWU!
Ŗ9JCVFQ[QWUGG[QWTUGNHFQKPIKPſXG[GCTU! Ŗ9JCVJCXG[QWNGCTPGFHTQOVJGLQDU[QWJCXGJCF!
Ŗ&Q[QWRNCPVQTGVWTPVQUEJQQNHQTHWTVJGTGFWECVKQP! Ŗ6GNNOGCDQWVCPCEEQORNKUJOGPVVJCV[QWCTGRTQWFQH
Ŗ9JCVENCUUGUFKF[QWGPLQ[OQUVNGCUVCPFYJ[! Ŗ9JCVCTG[QWTITGCVGUVUVTGPIVJU!
Ŗ9JCVQVJGTRQUKVKQPUCTG[QWKPVGTXKGYKPIHQT! Ŗ9JCVCTG[QWTITGCVGUVYGCMPGUUGU!
Ŗ9J[CTG[QWKPVGTGUVGFKPQWTQTICPK\CVKQP! Ŗ9J[FKF[QWFGEKFGVQCVVGPF7%$GTMGNG[!
Ŗ9JGTGFQ[QWUGG[QWTUGNHſVVKPIKP! Ŗ9J[FKF[QWEJQQUG[QWTOCLQT!
Ŗ9JCVFQ[QWMPQYCDQWVQWTUGTXKEGURTQFWEVU! Ŗ9JCVJCXG[QWNGCTPGFHTQO[QWTHCKNWTGU!
Ŗ*QYFQ[QWHGGNCDQWVVTCXGNKPICURCTVQH[QWTLQD! Ŗ9JCVOQVKXCVGU[QWVQFQIQQFYQTM!
Ŗ+PYJCVV[RGQHUGVVKPIFQ[QWFQ[QWTDGUVYQTM! Ŗ*QYFQ[QWRTGHGTVQDGUWRGTXKUGF!
Ŗ6GNNOGCDQWV[QWTUGNH Ŗ*QYYQWNFCHQTOGTUWRGTXKUQTFGUETKDG[QW!

2TCEVKEG$GJCXKQTCN3WGUVKQPU
+PVGTRGTUQPCNUMKNNU 2NCPPKPICPFQTICPK\CVKQP
Ŗ9JGPYQTMKPIQPCVGCORTQLGEVJCXG[QWGXGTFGCNV Ŗ*QYFQ[QWFGVGTOKPGRTKQTKVKGUKPUEJGFWNKPI[QWT
YKVJCUVTQPIFKUCITGGOGPVCOQPIVGCOOGODGTUQTC VKOG!)KXGOGCPGZCORNG
VGCOOGODGTYJQFKFPŏVFQVJGKTRCTV!9JCVFKF[QWFQ! Ŗ6GNNOGCDQWVCPKORQTVCPVIQCNQH[QWTU*QYFKF[QW
Ŗ6GNNOGCDQWVVJGOQUVFKHſEWNVQTHTWUVTCVKPIKPFKXKFWCN TGCEJKV!
VJCV[QWŏXGGXGTJCFVQYQTMYKVJCPFJQY[QW Ŗ&GUETKDGCUKVWCVKQPYJGP[QWJCFOCP[CUUKIPOGPVUQT
OCPCIGFVQYQTMYKVJJKOQTJGT RTQLGEVUFWGCVVJGUCOGVKOG9JCVUVGRUFKF[QWVCMG
Ŗ6GNNOGCDQWVCVKOGYJGP[QWJCFVQDGCUUGTVKXG VQſPKUJVJGO!
Ŗ)KXGOGCPGZCORNGQHYJCV[QWŏXGFQPGYJGP
%QOOWPKECVKQPUMKNNU [QWTVKOGUEJGFWNGQTRNCPYCUWRUGVD[WPHQTGUGGP
Ŗ6GNNOGCDQWVCVKOGYJGP[QWJCFVQRTGUGPVEQORNGZ EKTEWOUVCPEGU!
KPHQTOCVKQP*QYFKF[QWIGV[QWTRQKPVCETQUU!
Ŗ&GUETKDGCVKOGYJGP[QWWUGFRGTUWCUKQPVQEQPXKPEG (NGZKDKNKV[
UQOGQPGVQUGGVJKPIU[QWTYC[ Ŗ&GUETKDGCUKVWCVKQPKPYJKEJ[QWQXGTECOGC
Ŗ6GNNOGCDQWVCVKOGYJGP[QWWUGFYTKVVGP őRGTUQPCNKV[EQPHNKEVŒKPQTFGTVQIGVTGUWNVU
EQOOWPKECVKQPUMKNNUVQEQOOWPKECVGCPKORQTVCPV Ŗ&GUETKDGCVKOGYJGTG[QWYGTGHCEGFYKVJKUUWGUVJCV
RQKPV VGUVGF[QWTEQRKPIUMKNNU

+PKVKCVKXG %TGCVKXKV[KPPQXCVKQP
Ŗ)KXGOGCPGZCORNGQHYJGP[QWJCFVQIQCDQXGCPF Ŗ9JGPFKF[QWRTQXKFGCETGCVKXGUQNWVKQP!
DG[QPFVJGECNNQHFWV[VQIGVCLQDFQPG Ŗ9JCVKUVJGOQUVETGCVKXGVJKPI[QWJCXGFQPG!
Ŗ6GNNOGCDQWVRTQLGEVU[QWJCXGKPKVKCVGF9JCV
RTQORVGF[QWVQDGIKPVJGO! &GEKUKQPOCMKPI
Ŗ)KXGCPGZCORNGQHYJGP[QWJCFVQOCMGCFKHſEWNV
.GCFGTUJKR FGEKUKQP*QYFKF[QWCRRTQCEJKV!9JCVMKPFUQH
Ŗ6GNNOGCDQWVCVKOGYJGP[QWKPHNWGPEGFVJGQWVEQOG ETKVGTKCFKF[QWWUG!
QHCRTQLGEVD[VCMKPICNGCFGTUJKRTQNG Ŗ&GUETKDGCVKOGYJGP[QWJCFVQFGHGPF[QWTFGEKUKQP
Ŗ&GUETKDG[QWTNGCFGTUJKRUV[NGCPFIKXGOGCPGZCORNG Ŗ5WOOCTK\GCUKVWCVKQPYJGTG[QWJCFVQNQECVGTGNGXCPV
QHCUKVWCVKQPYJGTG[QWUWEEGUUHWNN[NGFCITQWR KPHQTOCVKQPFGſPGMG[KUUWGUCPFFGVGTOKPGVJGUVGRU
Ŗ)KXGOGCPGZCORNGQH[QWTCDKNKV[VQDWKNFOQVKXCVKQP VQIGVCFGUKTGFTGUWNV
KP[QWTEQYQTMGTUENCUUOCVGUQTCXQNWPVGGT
EQOOKVVGG

,QD+PVGTPUJKR)WKFGŖ 
 $GJCXKQTCN+PVGTXKGY3WGUVKQP*QYVQ5C[+V
3WGUVKQP&GUETKDGCVKOGYJGP[QWYQTMGFKPCVGCO9JCVTQNGFKF[QWRNC[!

%106':6.CUVUGOGUVGT+YCURCTVQHCVGCOQHſXGRGQRNGHQTITQWRRTQLGEVKPO[+PVTQFWEVKQPQH/CTMGVKPI
ENCUUYJGTGYGYGTGIKXGPCPCUUKIPOGPVVQFGXGNQRCOCTMGVKPIUVTCVGI[HQTCPGYNKPGQHVQ[UHQT/CVVGN#URCTV
QHVJGITQWRRTQLGEVYGYGTGTGSWKTGFVQETGCVGCRCIGOCTMGVKPIRNCPD[VJGGPFQHVJGNCUVFC[QHENCUU

#%6+10+YCUVJGVGCONGCFGTCPFYCUKPEJCTIGQHEQQTFKPCVKPICNNQHVJGITQWROGGVKPIUCPFFGNGICVKPI
VCUMU+VQQMVJGKPKVKCVKXGVQETGCVGCOGGVKPIUEJGFWNGUQVJCVQWTITQWROGVGXGT[9GFPGUFC[CHVGTPQQP
GOCKNGFVJGCIGPFCVQGCEJITQWROGODGTRTKQTVQQWTOGGVKPIUCPFMGRVCP'ZEGNURTGCFUJGGVQHCNNQHVJG
VCUMU+CNUQYQTMGFQPOCMKPIUWTGVJCVVJGVGCOYCUEQJGUKXGCPFUWRRQTVKXGQHGCEJQVJGTD[OGFKCVKPI
EQPHNKEVUD[HCEKNKVCVKPIFKUEWUUKQPNKUVGPKPIVQGCEJOGODGTCPFJGNRKPIVJGOVQYQTMVQYCTFUCEQORTQOKUG

4'57.6#UCTGUWNVQHO[GHHQTVUCUVGCONGCFGTYGYGTGCDNGVQſPKUJVJGITQWRRTQLGEVQPGYGGMCJGCFQH
UEJGFWNGCPFCNUQYGTGEJQUGPCUVJGITQWRYKVJVJGőOQUVKPPQXCVKXGŒOCTMGVKPIRNCP#NUQVJGPWODGTQH
EQPHNKEVUDGVYGGPVJGITQWROGODGTUUKIPKſECPVN[FGETGCUGFCPFYGYGTGCDNGVQCITGGWRQPCOCTMGVKPIRNCP
VJCVUCVKUſGFGXGT[QPG

2TCEVKEG6GEJPKECN%CUG3WGUVKQPU
+PVGEJPKECNECUGKPVGTXKGYU[QWYKNNDGRTGUGPVGFYKVJCEQORNGZRTQDNGOKPXQNXKPIKUUWGUQTUKVWCVKQPU
VJCVCTGPQVNKMGN[VQDGHCOKNKCT;QWYKNNDGCUMGFVQHQTOWNCVGCUQNWVKQPVQVJGRTQDNGOWPFGTVKIJVVKOG
EQPUVTCKPVU9JKNGRTKOCTKN[CPCPCN[VKECNGZGTEKUGVJGUGSWGUVKQPUCNUQVQICWIG[QWTEQOHQTVNGXGNYKVJ
RTQDNGOUQNXKPI[QWTEWTKQUKV[CDQWVVJGRTQDNGOCVJCPFCPF[QWTCDKNKV[VQCTVKEWNCVG[QWTKPUKIJVU

6KRUHQT6GEJPKECN%CUG+PVGTXKGYU
Ŗ7UGRKEVWTGUCPFFKCITCOUKHKVYKNNJGNR9JGP[QWſPKUJCUMKHVJCVYCUYJCVVJGKPVGTXKGYGTYCUNQQMKPIHQT

Ŗ1HVGP[QWYQPŏVMPQYVJGCPUYGTDWV[QWPGGFVQOCMGCPCVVGORV4GOGODGTVJGKPVGTXKGYGTKU
GXCNWCVKPIJQY[QWCRRTQCEJCRTQDNGOLWUVCUOWEJCU[QWTCPUYGT.QIKECNCPFTGCUQPCDNGVJKPMKPIKU
RTGHGTTGFQXGTCQPGNKPGTGURQPUG-GGRKPOKPFVJCVVJGTGKUQHVGPPQ4+)*6QT9410)CPUYGTGCEJ
ECPFKFCVGJCUVJGKTQRKPKQPCPFRGTURGEVKXGQPCSWGUVKQP

Ŗ+HKVKUCFKHſEWNVSWGUVKQPCUMHQTUQOGVKOGVQVJKPMCDQWVKV+H[QWFQPQVJCXGCPCPUYGTNGVVJG
KPVGTXKGYGTMPQYVJCV[QWTGCNN[FQPŏVJCXGCPCPUYGT+VKUDGVVGTVJCPOCMKPIUQOGVJKPIWR+VUJQYU
JQPGUV[YJKEJKUCVTCKVCNNGORNQ[GTUJKIJN[XCNWG

6JGTGCTGVYQRTKOCT[V[RGUQHVGEJPKECNECUGKPVGTXKGYU
)WGUUVJGPWODGTRTQDNGO $WUKPGUUECUGRTQDNGO
6JGUGSWGUVKQPUCTGFGUKIPGFVQFGVGTOKPGJQY 6JGUGEQPFV[RGQHECUGKUOQTGCPCN[VKECNN[HQEWUGF
NQIKECNN[CPFSWKEMN[[QWECPVJKPMQP[QWTHGGV CPFVTKGUVQICWIG[QWTEQOHQTVCPFEQPſFGPEGYKVJ
CPFVQUGGYJGVJGT[QWVJKPMDGHQTG[QWURGCM#P PWODGTU6QWPFGTUVCPFVJGUGECUGU[QWYKNNQHVGP
GZCORNGKUő*QYOCP[FKURQUCDNGFKCRGTUYGTGUQNF PGGFUQOGWPFGTUVCPFKPIQHVJGPWODGTUVJCVXCNKFCVG
KPVJG75NCUV[GCT!Œ6JGTGCTGPQTKIJVCPUYGTU;QW VJGJ[RQVJGUGU
OWUVYQTMQHHCUUWORVKQPU6JGUGOKIJVKPENWFG
#PGZCORNGQHCDWUKPGUUECUGRTQDNGOKUő5CXCPPCJ
Ŗ6JGRQRWNCVKQPQHVJG75KUOKNNKQP ,CPGŏUKUCEQPXGPKGPEGUVQTGHTCPEJKUGNQECVGFKP
Ŗ6JGCXGTCIGJQWUGJQNFUK\GKURGQRNG 0GGFJCO/#CETQUUVJGUVTGGVHTQOVJG*GTUG[
Ŗ6JGTGCTGOKNNKQPJQWUGJQNFUKPVJG75 EQOOWVGTTCKNTQCFUVCVKQP0GGFJCOJCUCRQRWNCVKQP
Ŗ6JGOGCPJQWUGJQNFKPEQOGKU QH+PVJGVQYPVJGTGCTGHQWTEQPXGPKGPEG
Ŗ6JG75)TQUU&QOGUVKE2TQFWEVKUVTKNNKQP UVQTGU5CXCPPCJ,CPGŏUYCPVUVQKPETGCUGUCNGUCPF
RTQſVU9JCVYQWNF[QWFQVQJGNRVJGO!Œ

 ECTGGTDGTMGNG[GFW
&+((+%7.637'56+105
  
9JGPGPEQWPVGTKPICFKHſEWNVSWGUVKQPRCWUGHQTCOQOGPVCPFCUM[QWTUGNHő9JCVKUVJGKPVGTXKGYGTTGCNN[NQQMKPI
HQT!Œ#HGYGZCORNGUHQNNQY

6GNNOGCDQWV[QWTUGNH 9JCVCTG[QWTUCNCT[GZRGEVCVKQPU!
6JKUEQOOQPN[CUMGFSWGUVKQPUGGOUUQDTQCF+VJGNRUVQ +H[QWCTGCUMGFVJKUSWGUVKQPFWTKPICPKPVGTXKGYCUUWOG
MGGRKPOKPFYJQ[QWTCWFKGPEGCPFYJCV[QWTRWTRQUG VJCVVJGGORNQ[GTKUFGEKFKPIYJGVJGTQTPQVVJG[ECP
KU-GGR[QWTEQOOGPVUHQEWUGFQPKPHQTOCVKQPVJCVYKNN CHHQTF[QWQTYQPFGTKPIKH[QWYKNNWPFGTUGNN[QWTUGNH
JGNRVJGGORNQ[GTFGVGTOKPG[QWTSWCNKſECVKQPUCPF 4GUGCTEJNQECVKQPCRRTQRTKCVGKPFWUVT[UCNCTKGU5GG
QTKPVGTGUVKPVJKURQUKVKQP6JKUECPKPENWFG[QWTHWVWTG Œ+PVGTPUJKR,QD1HHGTUŒRUQ[QWECPSWQVG[QWT
ECTGGTCURKTCVKQPUYJCV[QWJCXGICKPGFHTQO[QWT ſPFKPIUCPFUC[ő+ŏOEQOHQTVCDNGYKVJCUCNCT[VJCVŏUKP
GFWECVKQPCPFQTGZRGTKGPEGUCPF[QWTGPVJWUKCUOHQT VJKUTCPIGŒ+HVJGKPVGTXKGYGTRGTUKUVUOCMGUWTGVJCVVJG[
DGIKPPKPICLQDKP[QWTſGNFQHKPVGTGUV PCOGCſIWTGſTUV;QWECPFQVJKUD[UC[KPIő+ŏOUWTG
[QWJCXGCTCPIGKPOKPF9JCVCTG[QWYKNNKPIVQQHHGT!Œ
9JCVCTG[QWTITGCVGUVUVTGPIVJUCPFYGCMPGUUGU!
8KGYVJKUCUCPQRRQTVWPKV[VQRQKPVQWVUVTGPIVJUVJCV 6GNNOGCDQWV[QWTRCTVKEKRCVKQPKPVJKUTGNKIKQWU
TGNCVGVQDGKPIUWEEGUUHWNKPVJGRQUKVKQPHQTYJKEJ[QW RQNKVKECNEWNVWTCN.)$6CEVKXKV[!
CTGKPVGTXKGYKPI$CEMWR[QWTUVCVGOGPVUYKVJGZCORNGU 'ORNQ[GTUOC[KPSWKTGCDQWVCP[VJKPIVJCVCRRGCTUQP
QHGZRGTKGPEGUKPYJKEJ[QWJCXGFGOQPUVTCVGF[QWT [QWTTGUWOGUQKH[QWFQKPENWFGKPHQTOCVKQPCDQWV
UVTGPIVJU5VTCVGIKGUHQTCFFTGUUKPICYGCMPGUU
QPN[ DGKPICHſNKCVGFYKVJTGNKIKQWURQNKVKECNEWNVWTCNQT
OGPVKQPQPGKPENWFGEJQQUKPIQPG[QWJCXGQXGTEQOG .)$6CEVKXKVKGUDGRTGRCTGFVQVCNMCDQWVVJGO9JKNG
QTUGNGEVKPICPCTGCUMKNNVJCV[QWJCXGPQVJCFOWEJ KVKUKORQTVCPVVQDGJQPGUVCDQWV[QWTGZRGTKGPEGU
VKOGVQFGXGNQRQTCPCTGCVJCVKUPQVVJCVKORQTVCPVVQVJG [QWUJQWNFCNUQDGECWVKQWUCPFKHRQUUKDNGCXQKF
FGOCPFUQHVJGYQTM#NUQDGIGPWKPGYKVJ[QWTCPUYGTU FKUEWUUKPIEQPVTQXGTUKCNVQRKEUFWTKPI[QWTKPVGTXKGY
CPFCXQKFENKEJÃCPUYGTUUWEJCUő+YQTMVQQJCTFŒQT $GHQTGCPUYGTKPIVJGUGV[RGUQHSWGUVKQPUDGUWTGVQ
ő+ŏOCRGTHGEVKQPKUVŒ'ORNQ[GTUCTGKORTGUUGFD[RGQRNG URGPFUQOGVKOGTGUGCTEJKPIVJGEQORCP[ŏUEWNVWTGVQ
YJQECPDGJQPGUVTGEQIPK\GCTGCUHQTKORTQXGOGPVCPF FGVGTOKPGYJCVYQWNFDGCPCRRTQRTKCVGTGURQPUGCPF
QXGTEQOGRGTUQPCNEJCNNGPIGU FKUEWUUYJCV[QWICKPGFHTQOVJGGZRGTKGPEGTCVJGTVJCP
[QWTRGTUQPCNDGNKGHUQTQRKPKQPU

+06'48+'96+25
&KHſEWNV3WGUVKQP*QYVQ5C[+V
Ŗ'ZRTGUUIGPWKPGKPVGTGUVCPFGPVJWUKCUOYJGP[QW
3WGUVKQP9JCVKU[QWTITGCVGUVYGCMPGUU! CPUYGTSWGUVKQPU

5CORNG#PUYGT
OCMGUWTGVQWUG[QWTQYPYGCMPGUUCPF Ŗ$GURGEKſECPFIKXGGZCORNGU6JKUCFFUETGFKDKNKV[
[QWTQYPYQTFU VQUVCVGOGPVU[QWOCMGCDQWV[QWTSWCNKſECVKQPU+V
KUDGVVGTVQOCMGCHGYUVTQPIRQKPVUVJCPOCP[
1PGCTGCVJCV+JCXGDGGPYQTMKPIQPKUHGGNKPIOQTG DTKGHWPTGNCVGFRQKPVU)QHQTSWCNKV[QXGTSWCPVKV[
EQOHQTVCDNGYKVJRWDNKEURGCMKPI9JKNG+JCXGIKXGP
RTGUGPVCVKQPUKPENCUUQPUGXGTCNQEECUKQPU+PQVKEGFVJCV Ŗ1TICPK\G[QWTVJQWIJVUCPFUJQYCPWPFGTUVCPFKPI
+FQIGVOQTGPGTXQWUVJCP+YQWNFNKMGYJGPURGCMKPI QHVJGKUUWGU6JGGORNQ[GTOC[PQVPGEGUUCTKN[
KPHTQPVQHNCTIGITQWRUQHRGQRNG(QTVJKUTGCUQP+VQQM DGNQQMKPIHQTVJGTKIJVTGURQPUGDWVJQY[QW
VJGKPKVKCVKXGVQLQKPVJG&GDCVG5QEKGV[CV%CNVQIGVOQTG TGURQPF
GZRGTKGPEGYKVJRWDNKEURGCMKPI+TGEGPVN[RCTVKEKRCVGF
KPCTGIKQPCNFGDCVGEQORGVKVKQPYJGTG+JGNRGFO[VGCO Ŗ&QPQVFKOKPKUJ[QWTRCUVGZRGTKGPEGUFQPŏVUC[ő+
YKPUGEQPFRNCEG$GECWUGQHO[GZRGTKGPEGKPVJG&GDCVG YCULWUVCECUJKGTŒ6CNMWR[QWTVTCPUHGTCDNGUMKNNU
5QEKGV[+JCXGHGNVNGUUPGTXQWUCPFOQTGEQPſFGPVCDQWV
URGCMKPIKPRWDNKECPFHGGNVJCVVJKURQUKVKQPYQWNFDGC Ŗ#EJCNNGPIGVQ[QWTSWCNKſECVKQPUOC[PQVDGC
IQQFſVHQTOGDGECWUG+EQWNFEQPVKPWGVQFGXGNQRO[ TGLGEVKQPDWVTCVJGTCECNNHQTOQTGKPHQTOCVKQP
EQOOWPKECVKQPUMKNNU

,QD+PVGTPUJKR)WKFGŖ 
37'56+10561#5-'/2.1;'45
$TKPICVNGCUVſXGSWGUVKQPUVQCUMGORNQ[GTUVQCNNQH[QWTKPVGTXKGYU#UMKPIVJQWIJVHWNSWGUVKQPUKUCP
GZEGNNGPVYC[VQUJQY[QWTKPVGTGUVKPVJGRQUKVKQPCPFFGOQPUVTCVGVJCV[QWJCXGFQPGTGUGCTEJQPVJG
EQORCP[#XQKFSWGUVKQPUVJCV[QWECPſPFVJGCPUYGTUVQQPVJGEQORCP[ŏUYGDUKVGCPFHQEWUQPSWGUVKQPU
VJCVUJQY[QWJCXGIQPGCDQXGCPFDG[QPFVQNGCTPCDQWVVJGGORNQ[GTVJTQWIJPGYUCTVKENGUEQORCP[
TGRQTVUVCNMKPIVQEQORCP[TGRTGUGPVCVKXGUGVE+VKUWUWCNN[1-VQCUMSWGUVKQPUFWTKPIVJGKPVGTXKGYCPF
V[RKECNN[VJGKPVGTXKGYGTYKNNCUM[QWKH[QWJCXGSWGUVKQPUCVVJGGPFQHVJGKPVGTXKGY#NVJQWIJSWGUVKQPUYKNN
XCT[YKVJGCEJKPVGTXKGYVJGHQNNQYKPICTGUQOGRQUUKDNGSWGUVKQPUVQCUMGURGEKCNN[KH[QWFQPQVEQORNGVGN[
WPFGTUVCPFVJGLQDFGUETKRVKQP

Ŗ#.9#;5#5-/C[+JCXG[QWTDWUKPGUUECTF
U!6JKUYKNNIKXG[QWRTQRGTEQPVCEVKPHQTOCVKQPHQTVJCPM[QW
NGVVGTUCPFHQNNQYWRKPHQTOCVKQP5GGő6JCPM;QWHQTVJG+PVGTXKGYŒR
Ŗ#.9#;5#5-9JCVCTGVJGPGZVUVGRUKPVJGJKTKPIRTQEGUU!6JKUYKNNIKXG[QWCVKOGNKPGRGCEGQHOKPF
CPFENWGUHQTCP[RQUUKDNGHQNNQYWRCEVKQPU
Ŗ9JGPCPFJQYCTGGORNQ[GGUGXCNWCVGF!
Ŗ9JCVCTGVJGDGUVYQTUVCURGEVUQHYQTMKPIKPVJKUITQWRQTICPK\CVKQP!
Ŗ9JCVŏUVJGDKIIGUVEJCNNGPIGHCEKPIVJKUITQWRQTICPK\CVKQPTKIJVPQY!
Ŗ*QYYQWNF[QWEQORCTG[QWTQTICPK\CVKQPYKVJ[QWTOCLQTEQORGVKVQTU!9JCVCTG[QWTRNCPUHQTGZRCPUKQP
KPVGTOUQHRTQFWEVNKPGUUGTXKEGUPGYDTCPEJGUGVE!
Ŗ*QYYQWNF[QWFGUETKDGVJKUQTICPK\CVKQPŏUOCPCIGOGPVUV[NG!*QYCTGFGEKUKQPUOCFG!
Ŗ9JCVCTGUQOGV[RKECNſTUV[GCTCUUKIPOGPVU!9JCVKUVJGECTGGTRCVJHQTO[RQUKVKQP!*QYFQGUVJKU
RQUKVKQPſVKPVQVJGQXGTCNNQTICPK\CVKQPCNUVTWEVWTG!
Ŗ9JCVMKPFQHVTCKPKPIKUIKXGPVQPGYGORNQ[GGU!

#UCIGPGTCNTWNGSWGUVKQPUCDQWVUCNCT[CPFDGPGſVUCTGDGUVNGHVWPVKNCLQDQHHGTJCUDGGPGZVGPFGF

#(6'46*'+06'48+'9 9*#6619'#4

'XGT[KPVGTXKGYKUCNGCTPKPIGZRGTKGPEGUQCHVGT Ŗ7PNGUUQVJGTYKUGFKTGEVGFFTGUUEQPUGTXCVKXGN[
VJGKPVGTXKGYCUM[QWTUGNHVJGHQNNQYKPISWGUVKQPU /GPUJQWNFYGCTCFCTMUWKVCPFEQPUGTXCVKXG
VQRTGRCTGHQT[QWTPGZVQPG VKG9QOGPUJQWNFYGCTCFCTMUWKV#XQKF
OKPKUMKTVUVTGPF[QWVſVUQTNQWFEQNQTU
Ŗ*QYFKFO[KPVGTXKGYIQ!
Ŗ&KF+HGGNCVGCUGYKVJVJGKPVGTXKGYGTCHVGTO[ Ŗ;QWOC[FTGUUKPDWUKPGUUECUWCNHQTKPVGTXKGYU
KPKVKCNPGTXQWUPGUU! QPN[KHVJGGORNQ[GTKPFKECVGUVJKUKU
Ŗ&KF+JKIJNKIJVJQYO[GZRGTKGPEGCPFUMKNNU CRRTQRTKCVG5GCTEJVJG%CTGGT%GPVGTYGDUKVG
EQWNFOGGVYKVJVJGKTSWCNKſECVKQPU! HQTDWUKPGUUECUWCNFGUETKRVKQPU/CMGUWTG[QWT
Ŗ&KF+CUMSWGUVKQPUYJKEJJGNRGFOGENCTKH[VJG ENQVJGUCTGENGCPGFCPFRTGUUGF
RQUKVKQPCPFUJQYO[KPVGTGUVCPFMPQYNGFIG!
Ŗ&KF+VCMGVJGQRRQTVWPKV[VQOGPVKQPO[ Ŗ9GCTFCTMRQNKUJGFEQPUGTXCVKXGUJQGUYKVJ
UVTGPIVJUCPFUJQYYJCV+JCXGVQQHHGT! ENQUGFVQGCPFJGGN/GPUJQWNFYGCTNQPI
Ŗ9CU+RQUKVKXGCPFGPVJWUKCUVKE! FCTMUQEMUCPFYQOGPUJQWNFYGCTFCTMQT
Ŗ*QYFKF+OCMGO[UGNHUVCPFQWV! PWFGEQNQTGFP[NQPU
Ŗ9JCVRQKPVUFKF+OCMGVJCVUGGOGFVQKPVGTGUV
VJGKPVGTXKGYGT! Ŗ/KPKOK\GLGYGNT[9QOGPUJQWNFYGCTPQ
Ŗ&KF+VCNMVQQOWEJ!6QQNKVVNG!9CU+CIITGUUKXG OQTGVJCPQPGRCKTQHUOCNNGCTTKPIU/GP
PQVCIITGUUKXGGPQWIJ! CPFYQOGPUJQWNFYGCTPQCFFKVKQPCNDQF[
Ŗ9JCVFKF+NGCTPVJCV+ECPCRRN[VQO[PGZV RKGTEKPIU
KPVGTXKGY!*QYECP+KORTQXGHQTPGZVVKOG!

 ECTGGTDGTMGNG[GFW
 6*#0-;17
HQTVJG+PVGTXKGY
5GPFCVJCPM[QWGOCKNQTNGVVGTYKVJKP
JQWTUQHVJGKPVGTXKGY

5GPFKVVQVJGRTKOCT[KPVGTXKGYGTCPF
EEKVQTUGPFEQRKGUVQQVJGTU[QWOGV
YKVJVJTQWIJQWVVJGFC[
7R  'RQDOG-%URZQGME#FHQJLQHHULQJFRP!
)URP  -DPHV0RRUHMVPRRUH#EHUNHOH\HGX!
6XEMHFW  7KDQN\RXIRUWKHLQWHUYLHZ
'DWH  $SULO
&& 0RQLFD&KRLPDF#FHQJLQHHULQJFRP!0D[ZHOO)LHOGLQJPEI#FHQJLQHHULQJFRP!

'HDU0U%URZQ

7KDQN\RXIRUWKHRSSRUWXQLW\WRVSHQGODVW7KXUVGD\DW\RXUPDQXIDFWXULQJIDFLOLW\LQ6XQQ\YDOH
7KHGLVFXVVLRQZHKDGZDVSDUWLFXODUO\LQIRUPDWLYH,IRXQGWKHWRXURI\RXUSODQWDQGWKHLQIRUPDO
FRQYHUVDWLRQZLWK\RXUHQJLQHHULQJVWDIIWREHTXLWHEHQH¿FLDO,ZDVLPSUHVVHGZLWKWKHHIIHFWLYH
PDQQHULQZKLFK&RQVROLGDWHG(QJLQHHULQJKDVDGDSWHGWKHPDQDJHPHQWE\REMHFWLYHV\VWHPWRWKHLU
WHFKQLFDORSHUDWLRQV7KLVSKLORVRSK\VXLWVP\LQWHUHVWVDQGWUDLQLQJ

7KHHQWLUHH[SHULHQFHKDVFRQ¿UPHGP\LQWHUHVWLQ&RQVROLGDWHG(QJLQHHULQJDQG,ORRNIRUZDUGWR
KHDULQJIURP\RXVRRQ

+PFKECVGYJCV[QW
6LQFHUHO\ RCTVKEWNCTN[GPLQ[GF
-DPHV60RRUH HTQOVJGFC[ŏU
GXGPVUCPFJQYVJG
*UHHQYDOH5RDG KPVGTXKGYGZRGTKGPEG
.HQVLQJWRQ&$ UVTGPIVJGPU[QWT
 KPVGTGUVKPVJG
MVPRRUH#EHUNHOH\HGX RQUKVKQPCPF
QTICPK\CVKQP

#YGGMCHVGTUGPFKPICVJCPM[QWNGVVGTQTGOCKN[QWOC[EQPVCEVVJGGORNQ[GTVQUJQY
[QWTEQPVKPWGFKPVGTGUVCPFVQCUMKHVJGTGKUCP[CFFKVKQPCNKPHQTOCVKQP[QWECPRTQXKFG

,QD+PVGTPUJKR)WKFGŖ