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  9. WANDERS NORMANDIE User manual

WANDERS NORMANDIE User manual

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$GYCCT\G
$KLFGEQPUVTWEVKGXCPQP\GMCEJGNUJGDDGPYKLPKGVCNNGGPFGITQQVUVGCCPFCEJVDGUVGGFCCP
WKVXQGTKPIGPWKVGTNKLMOCCTQQMCCPGGPOCZKOCNGIGDTWKMUXTKGPFGNKLMJGKFGPDGFTKLHU\GMGTJGKF
9KLJGDDGPGTFCPQQMJGVXQNUVGXGTVTQWYGPKPFCVWLCTGPNCPIRNG\KGT\WNVJGDDGPXCPFGFQQTW
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%QPVTQNGGTQHFGMCEJGNXQQTFGLWKUVGICUUQQTVIGNGXGTFKUFKVKUCCPIGIGXGPQRJGV
V[RGRNCCVLG
%QPVTQNGGTQHFGICUFTWMLWKUVKUFKVKUCCPIGIGXGPQRJGVV[RGRNCCVLG
&GXGTDTCPFKPIUNWEJVYQTFVWKVFGTWKOVGIGJCCNF\QTIFCCTQOXQQTXQNFQGPFGXGPVKNCVKG
&GXGTDTCPFKPIUICUUGPFKGPGPFQQTGGPFCCTXQQTIGUEJKMVCHXQGTMCPCCNCHIGXQGTFVGYQTFGP
&GMCEJGNFKGPVIGRNCCVUVCCPIGUNQVGPGPIGEQPVTQNGGTFVGYQTFGPFQQTGGPGTMGPFICU
VGEJPKUEJKPUVCNNCVGWT
+PUVGNYCCTFGPXGTCPFGTGPGPQXGTKIGCCPRCUUKPIGPOQIGPCNNGGPIGDGWTGPFQQTGGPGTMGPF
KPUVCNNCVGWTGPCNNGGPXQNIGPUFGXQQTUEJTKHVGP
*GVVQGUVGNFKGPVIGRNCCVUVVGYQTFGPKPGGPQPDTCPFDCTGPKU
+PFKGPWIGDTWKMVOCCMVXCPGGPDGUVCCPFTQQMMCPCCNRNCCVUVWOKPKOCCNOGVGT
TQGUVXCUVUVCNGPDWKUXCPTQPFOOQRFGMCEJGN
.CCVWYUEJQQTUVGGPMCPCCNVGCNNGPVKLFGXQQTRNCCVUKPIXCPFGICUJCCTFXCMMWPFKITGKPKIGP
*QWFWCCPFGIGNFGPFGCNIGOGPGICUKPUVCNNCVKGXQQTUEJTKHVGP
+PDQWYOCVGPJQQIVGDTGGFVGFKGRVG
$KLJGVKPDQWYGPXCPJGVVQGUVGNFKGPVGTQPIGXGGTEOTWKOVGVWUUGPFGKPDQWYMCUVGPFG
UEJQWYVG\KVVGP
2NCCVUJGVVQGUVGNXQNIGPUFGIGNFGPFGTGIKQPCNGGPNQMCNGXQQTUEJTKHVGP
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5EJQQTUVGGP
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9CPPGGTCCPFGUEJQQTUVGGPGGPMQNGPQHQNKGMCEJGNJGGHVIGDTCPFNCCVJGVUEJQQTUVGGPMCPCCNFCP
GGTUVXCMMWPFKITGKPKIGPJQGYGNGGPICUMCEJGNMCPYGTMGPOGVGGPIGTKPIGUEJQQTUVGGPVTGM
CFXKUGTGPYKLGGPLCCTNKLMUGEQPVTQNGXCPFGUEJQQTUVGGPQRGXGPVWGNGXGTUVQRRKPIGPGP\
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$GYCCT\G
$KLFGEQPUVTWEVKGXCPQP\GMCEJGNUJGDDGPYKLPKGVCNNGGPFGITQQVUVGCCPFCEJVDGUVGGFCCP
WKVXQGTKPIGPWKVGTNKLMOCCTQQMCCPGGPOCZKOCNGIGDTWKMUXTKGPFGNKLMJGKFGPDGFTKLHU\GMGTJGKF
9KLJGDDGPGTFCPQQMJGVXQNUVGXGTVTQWYGPKPFCVWLCTGPNCPIRNG\KGT\WNVJGDDGPXCPFGFQQTW
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6GEJPKUEJGCCPYKL\KPIGP
%QPVTQNGGTQHFGMCEJGNXQQTFGLWKUVGICUUQQTVIGNGXGTFKUFKVKUCCPIGIGXGPQRJGV
V[RGRNCCVLG
%QPVTQNGGTQHFGICUFTWMLWKUVKUFKVKUCCPIGIGXGPQRJGVV[RGRNCCVLG
&GXGTDTCPFKPIUNWEJVYQTFVWKVFGTWKOVGIGJCCNF\QTIFCCTQOXQQTXQNFQGPFGXGPVKNCVKG
&GXGTDTCPFKPIUICUUGPFKGPGPFQQTGGPFCCTXQQTIGUEJKMVCHXQGTMCPCCNCHIGXQGTFVGYQTFGP
&GMCEJGNFKGPVIGRNCCVUVCCPIGUNQVGPGPIGEQPVTQNGGTFVGYQTFGPFQQTGGPGTMGPFICU
VGEJPKUEJKPUVCNNCVGWT
+PUVGNYCCTFGPXGTCPFGTGPGPQXGTKIGCCPRCUUKPIGPOQIGPCNNGGPIGDGWTGPFQQTGGPGTMGPF
KPUVCNNCVGWTGPCNNGGPXQNIGPUFGXQQTUEJTKHVGP
*GVVQGUVGNFKGPVIGRNCCVUVVGYQTFGPKPGGPQPDTCPFDCTGPKU
+PFKGPWIGDTWKMVOCCMVXCPGGPDGUVCCPFTQQMMCPCCNRNCCVUVWOKPKOCCNOGVGT
TQGUVXCUVUVCNGPDWKUXCPTQPFOOQRFGMCEJGN
.CCVWYUEJQQTUVGGPMCPCCNVGCNNGPVKLFGXQQTRNCCVUKPIXCPFGICUJCCTFXCMMWPFKITGKPKIGP
*QWFWCCPFGIGNFGPFGCNIGOGPGICUKPUVCNNCVKGXQQTUEJTKHVGP
+PDQWYOCVGPJQQIVGDTGGFVGFKGRVG
$KLJGVKPDQWYGPXCPJGVVQGUVGNFKGPVGTQPIGXGGTEOTWKOVGVWUUGPFGKPDQWYMCUVGPFG
UEJQWYVG\KVVGP
2NCCVUJGVVQGUVGNXQNIGPUFGIGNFGPFGTGIKQPCNGGPNQMCNGXQQTUEJTKHVGP

5EJQQTUVGGP

9CPPGGTCCPFGUEJQQTUVGGPGGPMQNGPQHQNKGMCEJGNJGGHVIGDTCPFNCCVJGVUEJQQTUVGGPMCPCCNFCP
GGTUVXCMMWPFKITGKPKIGPJQGYGNGGPICUMCEJGNMCPYGTMGPOGVGGPIGTKPIGUEJQQTUVGGPVTGM
CFXKUGTGPYKLGGPLCCTNKLMUGEQPVTQNGXCPFGUEJQQTUVGGPQRGXGPVWGNGXGTUVQRRKPIGPGP\


+PUVCNNGTGPXCPFGMCEJGN
8GTYKLFGTFGXGTRCMMKPI

8GTYKLFGTFGVYGGUEJTQGXGPCEJVGTFGDGFKGPKPIUFGWT\KGHKIGPJGVINCUTCCOGTCHDGWTGP
8GTYKLFGTFGXKGTUEJTQGXGPXCPFGUKGTNKLUVGPFGUKGTNKLUVYGIPGOGP\KGHKI
8GTYKLFGTFGVYGGUEJTQGXGPXCPJGVUEJQQTUVGGPCCPUNWKVUVWMGPUEJWKHFGRNCCVWKVFGTCKNU\KG
HKI
/QPVGGTFGHNGZKDGNGDWKUCCPJGVCCPUNWKVUVWM
2NCCVUFGMCEJGNPWKPFGQODQWYGPUEJWKHJGVUEJQQTUVGGPCCPUNWKVUVWMYGGTQR\KLPRNCCVU

/CCMPWFGICUCCPUNWKVKPIXQNIGPUFGXQQTUEJTKHVGP\KGICUCCPUNWKVKPI
%QPVTQNGGTCNNGICUCCPUNWKVKPIGPQRICUFKEJVJGKFIGDTWKMJKGTXQQT\GGRYCVGTQHGGPICUNGM
FGVGEVQT
/QPVGGTPWFGQPVXCPIGTXCPFGCHUVCPFUDGFKGPKPI\KGCHUVCPFUDGFKGPKPI
2NCCVUPWFGUKGTNKLUV
2NCCVUFGJQWVUGV\KGRNCCVUGPXCPFGJQWVUGV
2NCCVUJGVINCUTCCOFGPMGTCCPJGVINCUPKGVCCPVGTCMGPQOFCVXKPIGTCHFTWMMGPPKGVOGGTVG
XGTYKLFGTGP\KLPCNUFGMCEJGNGGPOCCNJGGHVIGDTCPF
ILJ
ILJ
)LJ


+PUVCNNGTGPXCPFGMCEJGN
8GTYKLFGTFGXGTRCMMKPI

8GTYKLFGTFGVYGGUEJTQGXGPCEJVGTFGDGFKGPKPIUFGWT\KGHKIGPJGVINCUTCCOGTCHDGWTGP
8GTYKLFGTFGXKGTUEJTQGXGPXCPFGUKGTNKLUVGPFGUKGTNKLUVYGIPGOGP\KGHKI
8GTYKLFGTFGVYGGUEJTQGXGPXCPJGVUEJQQTUVGGPCCPUNWKVUVWMGPUEJWKHFGRNCCVWKVFGTCKNU\KG
HKI
/QPVGGTFGHNGZKDGNGDWKUCCPJGVCCPUNWKVUVWM
2NCCVUFGMCEJGNPWKPFGQODQWYGPUEJWKHJGVUEJQQTUVGGPCCPUNWKVUVWMYGGTQR\KLPRNCCVU

/CCMPWFGICUCCPUNWKVKPIXQNIGPUFGXQQTUEJTKHVGP\KGICUCCPUNWKVKPI
%QPVTQNGGTCNNGICUCCPUNWKVKPIGPQRICUFKEJVJGKFIGDTWKMJKGTXQQT\GGRYCVGTQHGGPICUNGM
FGVGEVQT
/QPVGGTPWFGQPVXCPIGTXCPFGCHUVCPFUDGFKGPKPI\KGCHUVCPFUDGFKGPKPI
2NCCVUPWFGUKGTNKLUV
2NCCVUFGJQWVUGV\KGRNCCVUGPXCPFGJQWVUGV
2NCCVUJGVINCUTCCOFGPMGTCCPJGVINCUPKGVCCPVGTCMGPQOFCVXKPIGTCHFTWMMGPPKGVOGGTVG
XGTYKLFGTGP\KLPCNUFGMCEJGNGGPOCCNJGGHVIGDTCPF
ILJ
ILJ
)LJ


5.+&+0)2.#6'
176'4%#5+0)
$740'45'6
).#55
9+0&19
&'%14#6+8'
(4#/'
%1/$756+10%*#/$'4

#CPUNWKVGPXCPFGUEJQQTUVGGP

&GICUJCCTFKUUVCPFCCTFXQQT\KGPXCPGGPQRGPVTGMQPFGTDTGMGTOGVXCNYKPFCHNGKFGT
)GDTWKMXQQTFGXGTDKPFKPIXCPCHJGVVQGUVGNVQVUEJQQTUVGGPMCPCCNEQTTQUKGXCUVOCVGTKCCN
&GDKPPGPFKCOGVGTXCPFGRKLROQGVOKPKOCCNOO\KLP
&GCCPUNWKVKPIXCPJGVVQGUVGNQRJGVUEJQQTUVGGPMCPCCNFKGPVFGWIFGNKLMGPNGMMCIGXTKLVG\KLP

#CPUNWKVKPIXCPFGICUNGKFKPI

+PFGICUNGKFKPIXQQTJGVTGIGNDNQMFKGPVGGPIQGFIGMGWTFGICUMTCCPXCPRIGRNCCVUVVGYQTFGP
OCMMGNKLMDGTGKMDCCT
&GCCPUNWKVKPIQRJGVICUDNQMKUR
0CCCPUNWKVKPIXCPFGICUNGKFKPIJGVIGJGGNOGV\GGRYCVGTQHGGPICUNGMFGVGEVQTEQPVTQNGTGP
8QQTMQOVKLFGPUOQPVCIGXCPFGICUNGKFKPIURCPPKPIGPQRJGVICUDNQM

1PFGTJQWF

1OFGXGKNKIJGKFGPFGIQGFGYGTMKPIXCPFGMCEJGNVGMWPPGPICTCPFGTGPFKGPVFGMCEJGNLCCTNKLMU
FQQTGGPGTMGPFXCMOCPIGEQPVTQNGGTFGPIGTGKPKIFVGYQTFGP
*GVDTCPFGTIGFGGNVGFGYCCMXNCOGPFGXGTDTCPFKPIUMCOGT
*GVMGTCOKUEJINCUMCPIGTGKPKIFYQTFGPOGVGGPURGEKCCNUEJQQPOCCMOKFFGNXQQTMGTCOKUEJG
MQQMRNCVGP
+PFKGPGGPJQWVDNQMUVWMKUFKGPVFG\GXGTXCPIGPVGYQTFGP
+PFKGPGTURTCMGKUXCPGGPDCTUVKPFGTWKVQHCNUFGTWKVIGDTQMGPKUFKGPFG\GXGTXCPIGPVGYQTFGP
CNXQTGPUFGICUJCCTFYGGTKPIGDTWKMOCIYQTFGPIGPQOGP
.GVQRDKLJGVVGTWIRNCCVUGPXCPFGJQWVDNQMMGPFCV\GYGGTKPFGLWKUVGRQUKVKGYQTFGPIGRNCCVUV
\KGRNCCVUGPJQWVUGV

66$

&KVVQGUVGNKUUVCPFCCTFXQQT\KGPXCPGGPQRGPVTGMQPFGTDTGMGTXCNYKPFCHNGKFGTGPGGPVJGTOKUEJG
VGTWIUNCIDGXGKNKIKPI66$

*QWVUGV#CTFICU

8WNGGTUVFGDTCPFGTRNCCVOGVFGDKLIGNGXGTFGMQTTGNU\KGHKIC
.GVQRPQQKVOGGTMQTTGNUIGDTWKMGPFCPFGDKLIGNGXGTFGJQGXGGNJGKF
2NCCVUPWFGJQWVDNQMMGPXQNIGPUHKIDGPE
.GVQRFCVDKLJGVRNCCVUGPXCPFGJQWVDNQMMGPIGGPDNQMQRFGYCCMXNCOIGRNCCVUVYQTFV
&GPMGTYGNCCPFCVFGDNQMMGPGZCEVXQNIGPUJGVXQQTDGGNFIGRNCCVUVYQTFGPQOFGXNCOOGP\Q
OKPOQIGNKLMCHVGFGMMGPGP\QXGTUVQTKPIXCPJGVXNCODGGNFQHTQGVGPVGXQQTMQOGP
<QTIGTXQQTFCVJGVINCUTCCOIQGFIGUNQVGPYQTFVCNXQTGPUFGMCEJGNCCPVGUVGMGP

*QWVUGVRTQRCCP

$KLGGPRTQRCCPWKVXQGTKPIKUJGVPKGVVQGIGUVCCPQOMQTTGNUQRFGDTCPFGTVG
RNCCVUGP
2NCCVUFGDNQMMGPXQNIGPUHKICDGPE
&GPMGTYGNCCPFCVFGDNQMMGPGZCEVXQNIGPUJGVXQQTDGGNFIGRNCCVUVYQTFGPQOFGXNCOOGP\Q
OKPOQIGNKLMCHVGFGMMGPGP\QXGTUVQTKPIXCPJGVXNCODGGNFQHTQGVGPVGXQQTMQOGP
.GVQRFCVDKLJGVRNCCVUGPXCPFGJQWVDNQMMGPIGGPDNQMQRFGYCCMXNCOIGRNCCVUVYQTFV
<QTIGTXQQTFCVJGVINCUTCCOIQGFIGUNQVGPYQTFVCNXQTGPUFGMCEJGNCCPVGUVGMGP

5.+&+0)2.#6'
176'4%#5+0)
$740'45'6
).#55
9+0&19
&'%14#6+8'
(4#/'
%1/$756+10%*#/$'4

#CPUNWKVGPXCPFGUEJQQTUVGGP

&GICUJCCTFKUUVCPFCCTFXQQT\KGPXCPGGPQRGPVTGMQPFGTDTGMGTOGVXCNYKPFCHNGKFGT
)GDTWKMXQQTFGXGTDKPFKPIXCPCHJGVVQGUVGNVQVUEJQQTUVGGPMCPCCNEQTTQUKGXCUVOCVGTKCCN
&GDKPPGPFKCOGVGTXCPFGRKLROQGVOKPKOCCNOO\KLP
&GCCPUNWKVKPIXCPJGVVQGUVGNQRJGVUEJQQTUVGGPMCPCCNFKGPVFGWIFGNKLMGPNGMMCIGXTKLVG\KLP

#CPUNWKVKPIXCPFGICUNGKFKPI

+PFGICUNGKFKPIXQQTJGVTGIGNDNQMFKGPVGGPIQGFIGMGWTFGICUMTCCPXCPRIGRNCCVUVVGYQTFGP
OCMMGNKLMDGTGKMDCCT
&GCCPUNWKVKPIQRJGVICUDNQMKUR
0CCCPUNWKVKPIXCPFGICUNGKFKPIJGVIGJGGNOGV\GGRYCVGTQHGGPICUNGMFGVGEVQTEQPVTQNGTGP
8QQTMQOVKLFGPUOQPVCIGXCPFGICUNGKFKPIURCPPKPIGPQRJGVICUDNQM

1PFGTJQWF

1OFGXGKNKIJGKFGPFGIQGFGYGTMKPIXCPFGMCEJGNVGMWPPGPICTCPFGTGPFKGPVFGMCEJGNLCCTNKLMU
FQQTGGPGTMGPFXCMOCPIGEQPVTQNGGTFGPIGTGKPKIFVGYQTFGP
*GVDTCPFGTIGFGGNVGFGYCCMXNCOGPFGXGTDTCPFKPIUMCOGT
*GVMGTCOKUEJINCUMCPIGTGKPKIFYQTFGPOGVGGPURGEKCCNUEJQQPOCCMOKFFGNXQQTMGTCOKUEJG
MQQMRNCVGP
+PFKGPGGPJQWVDNQMUVWMKUFKGPVFG\GXGTXCPIGPVGYQTFGP
+PFKGPGTURTCMGKUXCPGGPDCTUVKPFGTWKVQHCNUFGTWKVIGDTQMGPKUFKGPFG\GXGTXCPIGPVGYQTFGP
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$[RTGUUKPIVJGKIPKVKQPDWVVQP#NKIJVN[CPFVWTPKPIKVHWTVJGTENQEMYKUG[QW
YKNNFGCEVKXCVGVJGRKNQVHNCOG

7UGTKPUVTWEVKQPU

&QPQVRNCEGCP[EQODWUVKDNGQDLGEVUKPHTQPVQHQTKPUKFGVJGICUHKTGRNCEG
9JGPVJGHKTGJCUGZVKPIWKUJGF[QWOWUVYCKVCVNGCUVOKPWVGUDGHQTG[QW
KIPKVGKVCICKPEJGEMVCMKPIVJGHKTGRNCEGKPVQQRGTCVKQP
6QGPUWTGCIQQFHWPEVKQPKPIQHVJGICUHKTGRNCEGYGCFXKUG[QWVQJCXGKV
ENGCPGFCPFEJGEMGFD[CPCWVJQTKUGFHKVVGTCVNGCUVQPEGC[GCT
+HVJGHKTGKPVJGICUHKTGRNCEGGZVKPIWKUJGUTGRGCVGFN[[QWUJQWNFEQPUWNV[QWT
HKVVGT
6JGHTQPVQHVJGICUHKTGRNCEGKUTGICTFGFCUVJGJGCVGZEJCPIKPIUWTHCEG
9CTPKPIVJGHKTGRNCEGOC[PQVDGWUGFYJGPVJGINCUUYKPFQYKUDTQMGPQT
YJGPVJGFQQTKUQRGP6JGHKTGRNCEGOC[QPN[DGTGRCKTGFWUKPIQTKIKPCNRCTVU
UWRRNKGFD[VJGOCPWHCEVWTGTCPFTGRCKTUOC[QPN[DGFQPGD[CPCWVJQTKUGF
HKVVGT
;QWECPPQVCNVGTQTCFFCP[VJKPIVQVJGNQIUGVWPFGTCP[EKTEWOUVCPEG+HC
NQIKUDTQMGPKVUJQWNFDGTGRNCEGFD[CPQTKIKPCNQPGUWRRNKGFD[VJG
OCPWHCEVWTGT6QGZENWFGFCPIGTQHHKTGVJGFKUVCPEGDGVYGGPVJGHKTGRNCEG
CPFEQODWUVKDNGQDLGEVUQTHWTPKVWTGUJQWNFDGCVNGCUVEO6JGFKUVCPEG
DGVYGGPVJGDCEMQHVJGHKTGRNCEGCPFVJGYCNNUJQWNFDGCVNGCUVEO
+VKUKORQTVCPVVJCV[QWFQPQVWUGVJGHKTGRNCEGUJQTVN[CHVGTCTGPQXCVKQP
QTKPCPGYN[DWKNVJQWUG6JGCKTEKTEWNCVKQPUWEMUOQKUVWTGCPF
WPJCTFGPGFXQNCVKNGGNGOGPVUQHUVWEEQRCKPVHNQQTEQXGTKPIUCPFQVJGT
OCVGTKCNUKPVQVJGHKTGRNCEG6JKUOC[ECWUGUQQVUVCKPUQPEQNFUWTHCEGU

.12%'
.12%(

)GDTWKMUCCPYKL\KPICHUVCPFUDGFKGPKPI

+PUVGNNGPXCPFGFKURNC[XCP(JPCCT%JGPQOIGMGGTF
0CJGVRNCCVUGPXCPFGDCVVGTKLXCNMCNKPGQHFQQTJGVVGIGNKLMVKLFKIKPFTWMMGPXCPFGMPQRRGP
#761GP6+/'4DGIKPVFGCCPFWKFKPIVGMPKRRGTGPVKLFGPUJGVMPKRRGTGPXCPFGFKURNC[MCPOGP
QOUEJCMGNGPXCP(PCCT%FQQTJGVKPFTWMMGPXCPFG#761MPQRMCPOGPQOUEJCMGNGP
&GFKURNC[\CNPCGPKIGVKLFXCP\GNHYGGTQRJCPFDGFKGPKPIVGTWIMGTGPOGPMCPQQMFGMPQR
6+/'4KPFTWMMGP

+PUVGNNGPXCPFGVKLF
0CJGVRNCCVUGPXCPFGDCVVGTKLQHFQQTJGVIGNKLMVKLFKIKPFTWMMGPXCPFG#761GP6+/'4MPQR
DGIKPVFGFKURNC[VGMPKRRGTGPQOFGVKLFKPVGUVGNNGPOQGVOGPKPFTWMMGPQOFGWTGPKPVG
UVGNNGPGPOGVFGMPQRMCPOGPFGOKPWVGPKPUVGNNGPCCPUNWKVGPFYCEJVGPQHQRMPQR6+/'4
FTWMMGPQOYGGTQRJCPFDGFKGPKPIVGTWIVGMGTGP

+PUVGNNGPXCPFGIGYGPUVGVGORGTCVWWT

&G#761VQGVUPGV\QNCPIKPIGFTWMVJQWFGPVQVFGVGORCCPFWKFKPIMPKRRGTVFCPOGVVQGVU
QHFGVGORGTCVWWTJQIGTQHNCIGTKPUVGNNGP&CCTPCYCEJVGPQHMPQR#761KPFTWMMGPQOKP
FGCWVQOCVKUEJOQFWUVGMQOGP
&GUGPUQTKPFGCHUVCPFUDGFKGPKPIOGGVFGVGORGTCVWWTKPFGTWKOVGFG\GYQTFVOGVFGKPIGUVGNFG
VGORGTCVWWTXGTIGNGMGPFGQPVXCPIGTMTKLIVGGPUKIPCCNGPUVGNVFGXNCOJQQIVGKPPCCTIGNCPIFG
VGORGTCVWWTKPFGTWKOVG

2TQITCOOGTKPIXCPFGVKOGTHWPEVKG

&G6+/'4MPQR\QNCPIKPIGFTWMVJQWFGPVQVCCPFWKFKPI2MPKRRGTV
&CPOGVMPQRXQQTWTGPGPMPQRXQQTOKPWVGPFGKPUEJCMGNVKLFKPUVGNNGPGPFCPPQIOCCNU
6+/'4KPFTWMMGPVQV2XGTUEJKLPVFCPMCPOGPFGWKVUEJCMGNVKLFKPUVGNNGPFQQTPQIOCCNU
6+/'4VGFTWMMGPMCPOGPFGVKLFGPXQQTJGVVYGGFGRTQITCOOC22KPUVGNNGPCCPUNWKVGPF
OGV6+/'4DGXGUVKIGP$WKVGPFGIGRTQITCOOGGTFGVKLFGPXGTUEJKLPVJGVU[ODQQNKPDGGNF

)GDTWKMXCPFGXGTUEJKNNGPFGOQIGNKLMJGFGP

*CPFDGFKGPKPIXCPFGXNCOJQQIVG
KPFTWMMGPQOJGVXWWTKPVGUEJCMGNGPQHQOFGXNCOOGPVGXGTJQIGPKPFTWMMGPQOFG
XNCOOGPVGXGTMNGKPGPQHQOJGVVQGUVGNQRYCCMXNCOVG\GVVGP
$KLJGVKPFTWMMGPXCPFG\GMPQRRGPXGTUEJKLPVNKPMUDQXGPQRFGFKURNC[JGV\GPFVGMGPKUJGV
ICUXGPVKGNQR\KLPGKPFCCPUNCIFCPDGIKPVJGVNGFXCPFGQPVXCPIGTVGMPKRRGTGPOGPYGGVFCPFCV
OGPFGJQQIUVGQHNCCIUVGUVCPFDGTGKMVJGGHV
6GORGTCVWWTTGIGNKPI#761
#761MQTVKPFTWMMGPKPFGFKURNC[XGTUEJKLPVMQTVFGKPIGUVGNFGVGORGTCVWWTFCCTPCFGTWKOVG
VGORGTCVWWT


6JGDWTPGTECPCNUQDGFGCEVKXCVGFD[VWTPKPIVJGKIPKVKQPDWVVQP#
ENQEMYKUGCNNVJGYC[VQVJGGPFUVQR

&GCEVKXCVKPIVJGRKNQVHNCOG

$[RTGUUKPIVJGKIPKVKQPDWVVQP#NKIJVN[CPFVWTPKPIKVHWTVJGTENQEMYKUG[QW
YKNNFGCEVKXCVGVJGRKNQVHNCOG

7UGTKPUVTWEVKQPU

&QPQVRNCEGCP[EQODWUVKDNGQDLGEVUKPHTQPVQHQTKPUKFGVJGICUHKTGRNCEG
9JGPVJGHKTGJCUGZVKPIWKUJGF[QWOWUVYCKVCVNGCUVOKPWVGUDGHQTG[QW
KIPKVGKVCICKPEJGEMVCMKPIVJGHKTGRNCEGKPVQQRGTCVKQP
6QGPUWTGCIQQFHWPEVKQPKPIQHVJGICUHKTGRNCEGYGCFXKUG[QWVQJCXGKV
ENGCPGFCPFEJGEMGFD[CPCWVJQTKUGFHKVVGTCVNGCUVQPEGC[GCT
+HVJGHKTGKPVJGICUHKTGRNCEGGZVKPIWKUJGUTGRGCVGFN[[QWUJQWNFEQPUWNV[QWT
HKVVGT
6JGHTQPVQHVJGICUHKTGRNCEGKUTGICTFGFCUVJGJGCVGZEJCPIKPIUWTHCEG
9CTPKPIVJGHKTGRNCEGOC[PQVDGWUGFYJGPVJGINCUUYKPFQYKUDTQMGPQT
YJGPVJGFQQTKUQRGP6JGHKTGRNCEGOC[QPN[DGTGRCKTGFWUKPIQTKIKPCNRCTVU
UWRRNKGFD[VJGOCPWHCEVWTGTCPFTGRCKTUOC[QPN[DGFQPGD[CPCWVJQTKUGF
HKVVGT
;QWECPPQVCNVGTQTCFFCP[VJKPIVQVJGNQIUGVWPFGTCP[EKTEWOUVCPEG+HC
NQIKUDTQMGPKVUJQWNFDGTGRNCEGFD[CPQTKIKPCNQPGUWRRNKGFD[VJG
OCPWHCEVWTGT6QGZENWFGFCPIGTQHHKTGVJGFKUVCPEGDGVYGGPVJGHKTGRNCEG
CPFEQODWUVKDNGQDLGEVUQTHWTPKVWTGUJQWNFDGCVNGCUVEO6JGFKUVCPEG
DGVYGGPVJGDCEMQHVJGHKTGRNCEGCPFVJGYCNNUJQWNFDGCVNGCUVEO
+VKUKORQTVCPVVJCV[QWFQPQVWUGVJGHKTGRNCEGUJQTVN[CHVGTCTGPQXCVKQP
QTKPCPGYN[DWKNVJQWUG6JGCKTEKTEWNCVKQPUWEMUOQKUVWTGCPF
WPJCTFGPGFXQNCVKNGGNGOGPVUQHUVWEEQRCKPVHNQQTEQXGTKPIUCPFQVJGT
OCVGTKCNUKPVQVJGHKTGRNCEG6JKUOC[ECWUGUQQVUVCKPUQPEQNFUWTHCEGU

.12%'
.12%(

)GDTWKMUCCPYKL\KPICHUVCPFUDGFKGPKPI

+PUVGNNGPXCPFGFKURNC[XCP(JPCCT%JGPQOIGMGGTF
0CJGVRNCCVUGPXCPFGDCVVGTKLXCNMCNKPGQHFQQTJGVVGIGNKLMVKLFKIKPFTWMMGPXCPFGMPQRRGP
#761GP6+/'4DGIKPVFGCCPFWKFKPIVGMPKRRGTGPVKLFGPUJGVMPKRRGTGPXCPFGFKURNC[MCPOGP
QOUEJCMGNGPXCP(PCCT%FQQTJGVKPFTWMMGPXCPFG#761MPQRMCPOGPQOUEJCMGNGP
&GFKURNC[\CNPCGPKIGVKLFXCP\GNHYGGTQRJCPFDGFKGPKPIVGTWIMGTGPOGPMCPQQMFGMPQR
6+/'4KPFTWMMGP

+PUVGNNGPXCPFGVKLF
0CJGVRNCCVUGPXCPFGDCVVGTKLQHFQQTJGVIGNKLMVKLFKIKPFTWMMGPXCPFG#761GP6+/'4MPQR
DGIKPVFGFKURNC[VGMPKRRGTGPQOFGVKLFKPVGUVGNNGPOQGVOGPKPFTWMMGPQOFGWTGPKPVG
UVGNNGPGPOGVFGMPQRMCPOGPFGOKPWVGPKPUVGNNGPCCPUNWKVGPFYCEJVGPQHQRMPQR6+/'4
FTWMMGPQOYGGTQRJCPFDGFKGPKPIVGTWIVGMGTGP

+PUVGNNGPXCPFGIGYGPUVGVGORGTCVWWT

&G#761VQGVUPGV\QNCPIKPIGFTWMVJQWFGPVQVFGVGORCCPFWKFKPIMPKRRGTVFCPOGVVQGVU
QHFGVGORGTCVWWTJQIGTQHNCIGTKPUVGNNGP&CCTPCYCEJVGPQHMPQR#761KPFTWMMGPQOKP
FGCWVQOCVKUEJOQFWUVGMQOGP
&GUGPUQTKPFGCHUVCPFUDGFKGPKPIOGGVFGVGORGTCVWWTKPFGTWKOVGFG\GYQTFVOGVFGKPIGUVGNFG
VGORGTCVWWTXGTIGNGMGPFGQPVXCPIGTMTKLIVGGPUKIPCCNGPUVGNVFGXNCOJQQIVGKPPCCTIGNCPIFG
VGORGTCVWWTKPFGTWKOVG

2TQITCOOGTKPIXCPFGVKOGTHWPEVKG

&G6+/'4MPQR\QNCPIKPIGFTWMVJQWFGPVQVCCPFWKFKPI2MPKRRGTV
&CPOGVMPQRXQQTWTGPGPMPQRXQQTOKPWVGPFGKPUEJCMGNVKLFKPUVGNNGPGPFCPPQIOCCNU
6+/'4KPFTWMMGPVQV2XGTUEJKLPVFCPMCPOGPFGWKVUEJCMGNVKLFKPUVGNNGPFQQTPQIOCCNU
6+/'4VGFTWMMGPMCPOGPFGVKLFGPXQQTJGVVYGGFGRTQITCOOC22KPUVGNNGPCCPUNWKVGPF
OGV6+/'4DGXGUVKIGP$WKVGPFGIGRTQITCOOGGTFGVKLFGPXGTUEJKLPVJGVU[ODQQNKPDGGNF

)GDTWKMXCPFGXGTUEJKNNGPFGOQIGNKLMJGFGP

*CPFDGFKGPKPIXCPFGXNCOJQQIVG
KPFTWMMGPQOJGVXWWTKPVGUEJCMGNGPQHQOFGXNCOOGPVGXGTJQIGPKPFTWMMGPQOFG
XNCOOGPVGXGTMNGKPGPQHQOJGVVQGUVGNQRYCCMXNCOVG\GVVGP
$KLJGVKPFTWMMGPXCPFG\GMPQRRGPXGTUEJKLPVNKPMUDQXGPQRFGFKURNC[JGV\GPFVGMGPKUJGV
ICUXGPVKGNQR\KLPGKPFCCPUNCIFCPDGIKPVJGVNGFXCPFGQPVXCPIGTVGMPKRRGTGPOGPYGGVFCPFCV
OGPFGJQQIUVGQHNCCIUVGUVCPFDGTGKMVJGGHV
6GORGTCVWWTTGIGNKPI#761
#761MQTVKPFTWMMGPKPFGFKURNC[XGTUEJKLPVMQTVFGKPIGUVGNFGVGORGTCVWWTFCCTPCFGTWKOVG
VGORGTCVWWT


6KOGT6+/'4

#NUFGVKOGTOQFWUKUKPIGUEJCMGNFKUFGVGORGTCVWWTTGIGNKPIJGV\GNHFGCNUKPFG#761
OQFWUVKLFGPUFGWKVUEJCMGNVKLFGPUEJCMGNVFGOQVQTJGNVQGUVGNQRYCCMXNCO
6GTEQPVTQNGXCPFGKPIGUVGNFGVGORGTCVWWT#761KPFTWMMGPGPCCPUNWKVGPFKPFG6+/'4OQFWU
VGTWIMGTGP
6KLFGPUFGWKVUEJCMGNVKLFXKPFGTIGGPVGORGTCVWWTEQPVTQNGRNCCVUJGVDCVVGTKLXGTDTWKMXCPFG
\GPFGTKUFCCTFQQT\GGTIGTKPI
/GVFGVQGVUGPGPMQOVOGPXCPWKVGNMGOQFWUKPJCPFDGFKGPKPI
*GVYQTFVCCPDGXQNGPQOWKVVGUEJCMGNGPOGVFGVQGVUFG\GPFGTKUFCPPKGVCEVKGHGPDGNCUV
FCCTOGGFGDCVVGTKLGPPKGVQPPQFKI

9KUUGNGPXCPFGDCVVGTKLGP

#NUGT$#66TGEJVUDQXGPKPJGVFKURNC[XGTUEJKLPVQHCNUJGVNGFNCORLGQRFGQPVXCPIGTOKPFGT
FWKFGNKLMYQTFVOQGVFGDCVVGTKLXGTXCPIGPYQTFGP

8GKNKIJGKFUWKVUEJCMGNKPI
1PVXCPIVFGQPVXCPIGTWWTNCPIIGGPUKIPCCNFCPYQTFVJGVVQGUVGNCWVQOCVKUEJQRYCCMXNCO
IGFTCCKFCNUGTNCVGTYGGTGGPUKIPCCNMQOVYQTFVJGVVQGUVGNYGGTKPIGUEJCMGNF

#CPYKL\KPIGP

8QQTFCVOGP#761QH6+/'4KPUEJCMGNVOQGVOGPOGVFGVQGVUGPGPFGQPVXCPIUV
VGUVGPCNUQRFG\GPFGTJGV\GPFU[ODQQNXGTUEJKLPVOQGVQRFGQPVXCPIGTJGVNGFMPKRRGTGP

/GVFGVGORGTCVWWTTGIGNKPIYQTFVQXGTFGVKLFFCVFGOQVQTFTCCKVFGXNCOJQQIVGKPIGUVGNFFG\G
VKLFKUCHJCPMGNKLMXCPFGITQQVVGXCPJGVXGTVTGMYCCTJGVVQGUVGNUVCCVQRIGUVGNFXCPJGVXGTOQIGP
XCPJGVVQGUVGNGPDCVVGTKLUVGTMVGGVE
'GPOKETQRTQEGUUQTOGGVFGVGORGTCVWWTXGTJQIKPIRGTVKLFGPEQTTKIGGTVFGFTCCKVKLFXCPFGOQVQT
VKLFGPUFGXQNIGPFGXGTYCTOKPIUVKLFQOFGXNCOJQQIVGCCPFGYCTOVGDGJQGHVGCCPVGRCUUGP
#NUFGMNGKPUVCPFXQNFQGPFGKUQOJGVXGTVTGMQRVGYCTOGP\CNJGVVQGUVGNPCGPMGNGMGTGPQR
CWVQOCCVVGJGDDGPIGDTCPFVWUUGPMNGKPUVCPFGPWKVICCPDTCPFGP\QFCVJGVOQIGNKLMKUNCPIGTG
DTCPFVKLFGPGPGGPIGNKLMOCVKIGTGVGORGTCVWWTVGDGTGKMGP

$GPQFKIFGDCVVGTKLGPZXCNMCNKPGCHUVCPFDGFKGPKPIZCCXRGPNKVGQPVXCPIGT


+05647%6+10/#07#.
+PVJGOKFFNGQHVJGCRRCTCVWUDGJKPFVJGJCVEJCTGVJGOCKPEQPVTQNUQHVJGHKTGRNCEG

6CMKPIVJGHKTGRNCEGKPVQQRGTCVKQP

1RGPVJGICUVCRYJKEJKUOQWPVGFKPVJGICURKRGNGCFKPIVQVJGHKTGRNCEG
6WTPVJGKIPKVKQPDWVVQP#CPVKENQEMYKUGKPVJGFKTGEVKQPQHKIPKVGCNNVJG
YC[VQVJGGPFUVQRVJGPRTGUUKVCPFYCKVCHGYUGEQPFU0QYMGGRKVRTGUUGF
CPFVWTPKVHWTVJGTCPVKENQEMYKUGWPVKN[QWJGCTCENKEM
;QWYKNNDGCDNGVQUGGVJQWIJVJGINCUUYKPFQYKHVJGRKNQVHNCOGQPVJGNGHV
KPUKFGVJGHKTGRNCEGKUDWTPKPI
+HVJKUKUPQVVJGECUGTGRGCVVJGRTGXKQWUUGSWGPEG
+HVJGRKNQVHNCOGKUDWTPKPIMGGRVJGKIPKVKQPDWVVQPRTGUUGFHQTVJKTV[
UGEQPFUVJGPNGVKVIQ
6JGRKNQVHNCOGUJQWNFUVKNNDGDWTPKPI
0QYVWTPDWVVQP#HWTVJGTCPVKENQEMYKUGQPVJGDKIHNCOG
$WVVQP$ECPPQYDGUGVEQPVKPWQWUN[XCTKCDNGCVVJGFGUKTGFUGVVKPIDGVYGGP
JKIJCPFNQYWUKPIVJGTGOQVGEQPVTQN
;QWYKNNNGCTPYJKEJUGVVKPIKUOQUVUWKVCDNGHQT[QWTTQQOVJTQWIJGZRGTKGPEG
1RGTCVKPIVJGTGOQVGEQPVTQNKUGCU[2TGUUDWVVQP&VQUGVVJGHNCOGJKIJGT
RTGUUDWVVQP'VQUGVKVNQYGTQTUOQVJGTKV

&GCEVKXCVKPIVJGOCKPDWTPGT
-GGRDWVVQP'QHVJGOCKPEQPVTQNWPKVRTGUUGFWPVKNVJGNGFQPVJGTGEGKXGT
UVCTVUHNCUJKPI

.123$
.123%

6KOGT6+/'4

#NUFGVKOGTOQFWUKUKPIGUEJCMGNFKUFGVGORGTCVWWTTGIGNKPIJGV\GNHFGCNUKPFG#761
OQFWUVKLFGPUFGWKVUEJCMGNVKLFGPUEJCMGNVFGOQVQTJGNVQGUVGNQRYCCMXNCO
6GTEQPVTQNGXCPFGKPIGUVGNFGVGORGTCVWWT#761KPFTWMMGPGPCCPUNWKVGPFKPFG6+/'4OQFWU
VGTWIMGTGP
6KLFGPUFGWKVUEJCMGNVKLFXKPFGTIGGPVGORGTCVWWTEQPVTQNGRNCCVUJGVDCVVGTKLXGTDTWKMXCPFG
\GPFGTKUFCCTFQQT\GGTIGTKPI
/GVFGVQGVUGPGPMQOVOGPXCPWKVGNMGOQFWUKPJCPFDGFKGPKPI
*GVYQTFVCCPDGXQNGPQOWKVVGUEJCMGNGPOGVFGVQGVUFG\GPFGTKUFCPPKGVCEVKGHGPDGNCUV
FCCTOGGFGDCVVGTKLGPPKGVQPPQFKI

9KUUGNGPXCPFGDCVVGTKLGP

#NUGT$#66TGEJVUDQXGPKPJGVFKURNC[XGTUEJKLPVQHCNUJGVNGFNCORLGQRFGQPVXCPIGTOKPFGT
FWKFGNKLMYQTFVOQGVFGDCVVGTKLXGTXCPIGPYQTFGP

8GKNKIJGKFUWKVUEJCMGNKPI
1PVXCPIVFGQPVXCPIGTWWTNCPIIGGPUKIPCCNFCPYQTFVJGVVQGUVGNCWVQOCVKUEJQRYCCMXNCO
IGFTCCKFCNUGTNCVGTYGGTGGPUKIPCCNMQOVYQTFVJGVVQGUVGNYGGTKPIGUEJCMGNF

#CPYKL\KPIGP

8QQTFCVOGP#761QH6+/'4KPUEJCMGNVOQGVOGPOGVFGVQGVUGPGPFGQPVXCPIUV
VGUVGPCNUQRFG\GPFGTJGV\GPFU[ODQQNXGTUEJKLPVOQGVQRFGQPVXCPIGTJGVNGFMPKRRGTGP

/GVFGVGORGTCVWWTTGIGNKPIYQTFVQXGTFGVKLFFCVFGOQVQTFTCCKVFGXNCOJQQIVGKPIGUVGNFFG\G
VKLFKUCHJCPMGNKLMXCPFGITQQVVGXCPJGVXGTVTGMYCCTJGVVQGUVGNUVCCVQRIGUVGNFXCPJGVXGTOQIGP
XCPJGVVQGUVGNGPDCVVGTKLUVGTMVGGVE
'GPOKETQRTQEGUUQTOGGVFGVGORGTCVWWTXGTJQIKPIRGTVKLFGPEQTTKIGGTVFGFTCCKVKLFXCPFGOQVQT
VKLFGPUFGXQNIGPFGXGTYCTOKPIUVKLFQOFGXNCOJQQIVGCCPFGYCTOVGDGJQGHVGCCPVGRCUUGP
#NUFGMNGKPUVCPFXQNFQGPFGKUQOJGVXGTVTGMQRVGYCTOGP\CNJGVVQGUVGNPCGPMGNGMGTGPQR
CWVQOCCVVGJGDDGPIGDTCPFVWUUGPMNGKPUVCPFGPWKVICCPDTCPFGP\QFCVJGVOQIGNKLMKUNCPIGTG
DTCPFVKLFGPGPGGPIGNKLMOCVKIGTGVGORGTCVWWTVGDGTGKMGP

$GPQFKIFGDCVVGTKLGPZXCNMCNKPGCHUVCPFDGFKGPKPIZCCXRGPNKVGQPVXCPIGT


+05647%6+10/#07#.
+PVJGOKFFNGQHVJGCRRCTCVWUDGJKPFVJGJCVEJCTGVJGOCKPEQPVTQNUQHVJGHKTGRNCEG

6CMKPIVJGHKTGRNCEGKPVQQRGTCVKQP

1RGPVJGICUVCRYJKEJKUOQWPVGFKPVJGICURKRGNGCFKPIVQVJGHKTGRNCEG
6WTPVJGKIPKVKQPDWVVQP#CPVKENQEMYKUGKPVJGFKTGEVKQPQHKIPKVGCNNVJG
YC[VQVJGGPFUVQRVJGPRTGUUKVCPFYCKVCHGYUGEQPFU0QYMGGRKVRTGUUGF
CPFVWTPKVHWTVJGTCPVKENQEMYKUGWPVKN[QWJGCTCENKEM
;QWYKNNDGCDNGVQUGGVJQWIJVJGINCUUYKPFQYKHVJGRKNQVHNCOGQPVJGNGHV
KPUKFGVJGHKTGRNCEGKUDWTPKPI
+HVJKUKUPQVVJGECUGTGRGCVVJGRTGXKQWUUGSWGPEG
+HVJGRKNQVHNCOGKUDWTPKPIMGGRVJGKIPKVKQPDWVVQPRTGUUGFHQTVJKTV[
UGEQPFUVJGPNGVKVIQ
6JGRKNQVHNCOGUJQWNFUVKNNDGDWTPKPI
0QYVWTPDWVVQP#HWTVJGTCPVKENQEMYKUGQPVJGDKIHNCOG
$WVVQP$ECPPQYDGUGVEQPVKPWQWUN[XCTKCDNGCVVJGFGUKTGFUGVVKPIDGVYGGP
JKIJCPFNQYWUKPIVJGTGOQVGEQPVTQN
;QWYKNNNGCTPYJKEJUGVVKPIKUOQUVUWKVCDNGHQT[QWTTQQOVJTQWIJGZRGTKGPEG
1RGTCVKPIVJGTGOQVGEQPVTQNKUGCU[2TGUUDWVVQP&VQUGVVJGHNCOGJKIJGT
RTGUUDWVVQP'VQUGVKVNQYGTQTUOQVJGTKV

&GCEVKXCVKPIVJGOCKPDWTPGT
-GGRDWVVQP'QHVJGOCKPEQPVTQNWPKVRTGUUGFWPVKNVJGNGFQPVJGTGEGKXGT
UVCTVUHNCUJKPI

.123$
.123%

6KOGT6+/'4

9JGPVJGCRRCTCVWUKUKPVKOGTOQFGVJGVGORGTCVWTGEQPVTQNYKNNDGVJGUCOGCUKPVJG#761
OQFG&WTKPIVJGVKOGVJGCRRCTCVWUKUUYKVEJGFQHHKVYKNNIQKPVQRKNQVHNCOGOQFG
6QEJGEMVJGUGVVGORGTCVWTGRTGUU#761CPFCHVGTVJCVTGVWTPVQVKOGTOQFG
&WTKPIVJGVKOGVJGCRRCTCVWUKUUYKVEJGFQHHVJGVGORGTCVWTGYKNNPQVDGEJGEMGF6JGRQYGT
EQPUWORVKQPQHVJGVTCPUOKVVGTYKNNVJGPDGXGT[NQY
$[RTGUUKPIVJGCPFDWVVQPU[QWECPUYKVEJDCEMVQOCPWCNEQPVTQNHTQOGXGT[OQFG
+VKUTGEQOOGPFGFVQUYKVEJVJGCRRCTCVWUQHHWUKPIVJGDWVVQPVJGVTCPUOKVVGTYKNNVJGPCNUQ
DGUYKVEJGFQHHCPFVJGDCVVGTKGUYKNNDGURCTGF

%JCPIKPIVJGDCVVGTKGU

9JGPVJG$#66KPFKECVKQPCRRGCTUKPVJGVQRTKIJVEQTPGTQHVJGFKURNC[QTYJGPVJGNGFQPVJG
TGEGKXGTDGEQOGUNGUUDTKIJVVJGDCVVGT[PGGFUVQDGTGRNCEGF

5CHGV[UJWVQHH

+HVJGTGEGKXGTFQGUPQVTGEGKXGCUKIPCNHQTJQWTUVJGCRRCTCVWUYKNNUYKVEJVQRKNQVHNCOG+HKV
FQGUTGEGKXGCUKIPCNCHVGTVJKUVJGCRRCTCVWUYKNNDGUYKVEJGFDCEMQP

+PUVTWEVKQPU

$GHQTGUYKVEJKPIVQ#761QT6+/'4OQFGVJGTGEGRVKQPJCUVQDGVGUVGFWUKPIVJGCPF
$WVVQPU+HVJGUGPFU[ODQNCRRGCTUQPVJGVTCPUOKVVGTVJGNGFQPVJGTGEGKXGTUJQWNFHNCUJ

&WTKPIVJGVKOGVJCVVJGCRRCTCVWUKUQRGTCVKQPCNVJGHNCOGJGKIJVKUUGVWUKPIVJGVGORGTCVWTG
EQPVTQN6JGVKOGVJGCRRCTCVWUKUQRGTCVKQPCNKUFGRGPFGPVQHVJGFKOGPUKQPUQHVJGTQQOKPYJKEJ
KVKURNCEGFVJGECRCEKV[QHVJGHKTGRNCEGVJGECRCEKV[QHVJGDCVVGT[GVE
#OKETQRTQEGUUQTOGCUWTGUVJGTKUGKPVGORGTCVWTGRGTVKOGWPKVCPFCFLWUVUVJGVWTPKPIVKOGQH
VJGOQVQTFWTKPIVJGPGZVRGTKQFQHJGCVKPIVQCFLWUVVJGHNCOGJGKIJVCEEQTFKPIVQVJGPGGFHQT
YCTOVJ
+HVJGOKPKOCNUGVVKPIHQTVJGHNCOGJGKIJVKUGPQWIJVQJGCVVJGTQQOVJGCRRCTCVWUYKNNUGVC
HNCOGJGKIJVDGVYGGPOKPKOCNCPFQHHCHVGTJCXKPIQRGTCVGFKP#761OQFGHQTUGXGTCNVKOGU6JKU
OCMGUKVRQUUKDNGVQJCXGCNQPIGTDWTPKPIRGTKQFCPFVJWUCOQTGEQPUVCPVVGORGTCVWTG

4GSWKTGFDCVVGTKGUZXCNMCNKPGHQTVJGTGOQVGEQPVTQNCPFZCCXRGPNKIJVHQTVJGTGEGKXGT


)'$47+-'45*#0&.'+&+0)
+PJGVOKFFGPXCPJGVVQGUVGNCEJVGTFGMNGRDGXKPFGP\KEJFGDGFKGPKPIUMPQRRGPXCPFGMCEJGN
.123$
.123%
+PIGDTWKMUVGNNGPXCPFGMCEJGN
1RGPFGICUMTCCPYGNMGKPFGICUVQGXQGTNGKFKPIPCCTFGICUMCEJGNKUIGOQPVGGTF
&TCCKFGQPVUVGMKPIUMPQR#NKPMUQOKPFGTKEJVKPIXCPQPVUVGMGPVQVCCPFGCCPUNCI
XGTXQNIGPUKPFTWMMGPGPGPMGNGUGEQPFGPYCEJVGP
8CPWKVKPIGFTWMVGRQUKVKGXGTFGTPCCTNKPMUFTCCKGPVQVOGPGGPMNKMJQQTV
&QQTFGINCUTWKVMWPV7CCPFGNKPMGTMCPVXCPFGMCEJGN\KGPQHFGYCCMXNCODTCPF
+UFKVPKGVJGVIGXCNFCPFKGPV7FG\GJCPFGNKPIGPVGJGTJCNGP
+PFKGPFGYCCMXNCODTCPFFGQPVUVGMKPIUMPQRPQIUGEQPFGPKPIGFTWMVJQWFGP
'PFCCTPCNQUNCVGPFGYCCMXNCOOQGVPWDNKLXGPDTCPFGP
&CPFGMPQR#PQIXGTFGTFQQTFTCCKGPPCCTNKPMUGPQRJGVITQVGXNCOOGVLG\GVVGP
&GMPQR$MCPPWFQQTOKFFGNXCPFGCHUVCPFDGFKGPKPIKPFGIGYGPUVGUVCPF
+PIGUVGNFYQTFGPVTCRNQQUVWUUGPJQQIGPNCCI
'TXCTKPINGGTVYGNMGUVCPFXQQTWYMCOGTJGVOGGUVIGUEJKMVKU
&GDGFKGPKPIXCPFGCHUVCPFUDGFKGPKPIKUGGPXQWFKIMPQRL&QOFGXNCOJQIGTKPVGUVGNNGP
GPMPQRL'QOFGXNCONCIGTKPVGUVGNNGPQHQOFGXNCOIGJGGNVGFQXGP
$WKVGPYGTMKPIUVGNNGPXCPFGJQQHFDTCPFGT
&QQTFGMPQRL'XCPFGCHUVCPFUDGFKGPKPIKPIGFTWMVVGJQWFGPVQVFGNGFNCORQRFG
QPVXCPIGTDGIKPVVGMPKRRGTGP

6KOGT6+/'4

9JGPVJGCRRCTCVWUKUKPVKOGTOQFGVJGVGORGTCVWTGEQPVTQNYKNNDGVJGUCOGCUKPVJG#761
OQFG&WTKPIVJGVKOGVJGCRRCTCVWUKUUYKVEJGFQHHKVYKNNIQKPVQRKNQVHNCOGOQFG
6QEJGEMVJGUGVVGORGTCVWTGRTGUU#761CPFCHVGTVJCVTGVWTPVQVKOGTOQFG
&WTKPIVJGVKOGVJGCRRCTCVWUKUUYKVEJGFQHHVJGVGORGTCVWTGYKNNPQVDGEJGEMGF6JGRQYGT
EQPUWORVKQPQHVJGVTCPUOKVVGTYKNNVJGPDGXGT[NQY
$[RTGUUKPIVJGCPFDWVVQPU[QWECPUYKVEJDCEMVQOCPWCNEQPVTQNHTQOGXGT[OQFG
+VKUTGEQOOGPFGFVQUYKVEJVJGCRRCTCVWUQHHWUKPIVJGDWVVQPVJGVTCPUOKVVGTYKNNVJGPCNUQ
DGUYKVEJGFQHHCPFVJGDCVVGTKGUYKNNDGURCTGF

%JCPIKPIVJGDCVVGTKGU

9JGPVJG$#66KPFKECVKQPCRRGCTUKPVJGVQRTKIJVEQTPGTQHVJGFKURNC[QTYJGPVJGNGFQPVJG
TGEGKXGTDGEQOGUNGUUDTKIJVVJGDCVVGT[PGGFUVQDGTGRNCEGF

5CHGV[UJWVQHH

+HVJGTGEGKXGTFQGUPQVTGEGKXGCUKIPCNHQTJQWTUVJGCRRCTCVWUYKNNUYKVEJVQRKNQVHNCOG+HKV
FQGUTGEGKXGCUKIPCNCHVGTVJKUVJGCRRCTCVWUYKNNDGUYKVEJGFDCEMQP

+PUVTWEVKQPU

$GHQTGUYKVEJKPIVQ#761QT6+/'4OQFGVJGTGEGRVKQPJCUVQDGVGUVGFWUKPIVJGCPF
$WVVQPU+HVJGUGPFU[ODQNCRRGCTUQPVJGVTCPUOKVVGTVJGNGFQPVJGTGEGKXGTUJQWNFHNCUJ

&WTKPIVJGVKOGVJCVVJGCRRCTCVWUKUQRGTCVKQPCNVJGHNCOGJGKIJVKUUGVWUKPIVJGVGORGTCVWTG
EQPVTQN6JGVKOGVJGCRRCTCVWUKUQRGTCVKQPCNKUFGRGPFGPVQHVJGFKOGPUKQPUQHVJGTQQOKPYJKEJ
KVKURNCEGFVJGECRCEKV[QHVJGHKTGRNCEGVJGECRCEKV[QHVJGDCVVGT[GVE
#OKETQRTQEGUUQTOGCUWTGUVJGTKUGKPVGORGTCVWTGRGTVKOGWPKVCPFCFLWUVUVJGVWTPKPIVKOGQH
VJGOQVQTFWTKPIVJGPGZVRGTKQFQHJGCVKPIVQCFLWUVVJGHNCOGJGKIJVCEEQTFKPIVQVJGPGGFHQT
YCTOVJ
+HVJGOKPKOCNUGVVKPIHQTVJGHNCOGJGKIJVKUGPQWIJVQJGCVVJGTQQOVJGCRRCTCVWUYKNNUGVC
HNCOGJGKIJVDGVYGGPOKPKOCNCPFQHHCHVGTJCXKPIQRGTCVGFKP#761OQFGHQTUGXGTCNVKOGU6JKU
OCMGUKVRQUUKDNGVQJCXGCNQPIGTDWTPKPIRGTKQFCPFVJWUCOQTGEQPUVCPVVGORGTCVWTG

4GSWKTGFDCVVGTKGUZXCNMCNKPGHQTVJGTGOQVGEQPVTQNCPFZCCXRGPNKIJVHQTVJGTGEGKXGT


)'$47+-'45*#0&.'+&+0)
+PJGVOKFFGPXCPJGVVQGUVGNCEJVGTFGMNGRDGXKPFGP\KEJFGDGFKGPKPIUMPQRRGPXCPFGMCEJGN
.123$
.123%
+PIGDTWKMUVGNNGPXCPFGMCEJGN
1RGPFGICUMTCCPYGNMGKPFGICUVQGXQGTNGKFKPIPCCTFGICUMCEJGNKUIGOQPVGGTF
&TCCKFGQPVUVGMKPIUMPQR#NKPMUQOKPFGTKEJVKPIXCPQPVUVGMGPVQVCCPFGCCPUNCI
XGTXQNIGPUKPFTWMMGPGPGPMGNGUGEQPFGPYCEJVGP
8CPWKVKPIGFTWMVGRQUKVKGXGTFGTPCCTNKPMUFTCCKGPVQVOGPGGPMNKMJQQTV
&QQTFGINCUTWKVMWPV7CCPFGNKPMGTMCPVXCPFGMCEJGN\KGPQHFGYCCMXNCODTCPF
+UFKVPKGVJGVIGXCNFCPFKGPV7FG\GJCPFGNKPIGPVGJGTJCNGP
+PFKGPFGYCCMXNCODTCPFFGQPVUVGMKPIUMPQRPQIUGEQPFGPKPIGFTWMVJQWFGP
'PFCCTPCNQUNCVGPFGYCCMXNCOOQGVPWDNKLXGPDTCPFGP
&CPFGMPQR#PQIXGTFGTFQQTFTCCKGPPCCTNKPMUGPQRJGVITQVGXNCOOGVLG\GVVGP
&GMPQR$MCPPWFQQTOKFFGNXCPFGCHUVCPFDGFKGPKPIKPFGIGYGPUVGUVCPF
+PIGUVGNFYQTFGPVTCRNQQUVWUUGPJQQIGPNCCI
'TXCTKPINGGTVYGNMGUVCPFXQQTWYMCOGTJGVOGGUVIGUEJKMVKU
&GDGFKGPKPIXCPFGCHUVCPFUDGFKGPKPIKUGGPXQWFKIMPQRL&QOFGXNCOJQIGTKPVGUVGNNGP
GPMPQRL'QOFGXNCONCIGTKPVGUVGNNGPQHQOFGXNCOIGJGGNVGFQXGP
$WKVGPYGTMKPIUVGNNGPXCPFGJQQHFDTCPFGT
&QQTFGMPQRL'XCPFGCHUVCPFUDGFKGPKPIKPIGFTWMVVGJQWFGPVQVFGNGFNCORQRFG
QPVXCPIGTDGIKPVVGMPKRRGTGP

.123(
.123'
$WKVGPYGTMKPIUVGNNGPXCPFGYCCMXNCO

&QQTFGQPVUVGMKPIUMPQR#NKEJVKPVGFTWMMGPGPXGTFGTTGEJVUQOVGFTCCKGPUEJCMGNVWFG
YCCMXNCOWKV
8QQTUEJTKHVGPXQQTFGIGDTWKMGT
2NCCVUIGGPDTCPFDCTGXQQTYGTRGPXQQTQHQPFGTKPFGICUJCCTF
#NUFGICUJCCTFKUWKVIGICCPFCPFKGPVOGPOKPKOCCNOKPWVGPVGYCEJVGPCNXQTGPUFGICUJCCTF
QRPKGWYVGQPVUVGMGP\KGKPIGDTWKMUVGNNGPXCPJGVVQGUVGN
1OGGPIQGFHWPEVKQPGTGPXCPFGICUJCCTFVGYCCTDQTIGPCFXKUGTGPYKLQOFG\GOKPKOCCN
MGGTRGTLCCTVGNCVGPTGKPKIGPGPEQPVTQNGTGPFQQTGGPGTMGPFKPUVCNNCVGWT
+PFKGPFGICUJCCTFJGTJCCNFGNKLMCHUNCCVFCPFKGPVOGPFGKPUVCNNCVGWTVGYCCTUEJWYGP
#NUYCTOVGYKUUGNGPFQRRGTXNCMYQTFVIG\KGPFGXQQTMCPV
9CCTUEJWYKPIFGMCEJGNOCIPKGVIGDTWKMVYQTFGPCNUFGINCUTWKVIGDTQMGPKUQHCNUFGFGWTQRGP
UVCCV&GMCEJGNOCICNNGGPIGTGRCTGGTFYQTFGPOGVQTKIKPGNGQPFGTFGNGPIGNGXGTFFQQTFG
HCDTKMCPVGPTGRCTCVKGUOQIGPCNNGGPWKVIGXQGTFYQTFGPFQQTGGPGTMGPFKPUVCNNCVGWT
#CPFGJQWVUGVOCIQPFGTIGGPGPMGNGQOUVCPFKIJGKFKGVUXGTCPFGTFQHVQGIGXQGIFYQTFGPCNU
GTGGPJQWVDNQMUVWMKUFKGPVFG\GXGTXCPIGPVGYQTFGPFQQTGGPQTKIKPGGNFQQTFGHCDTKMCPV
IGNGXGTFGZGORNCCT1ODTCPFIGXCCTWKVVGUNWKVGPFKGPVFGOKPKOWOCHUVCPFVQVDTCPFDCTG
FGNGPGPOGWDGNUOKPKOCCNEOVGDGFTCIGPFGOKPKOWOCHUVCPFVWUUGPFGCEJVGTMCPVXCPFG
MCEJGNGPFGOWWTFKGPVOKPKOCCNEOVG\KLP
*GVKUXCPDGNCPIFCVWFGMCEJGNPKGVMQTVPCGGPXGTDQWYKPIQHPKGWYDQWYUVQQMVFQQTFG
NWEJVEKTEWNCVKGYQTFGPXQEJVGPPQIPKGVWKVIGJCTFGXNWEJVKIGDGUVCPFFGNGPWKVUKGTRNGKUVGTUXGTH
XNQGTDGFGMMKPIGPGPCPFGTGOCVGTKCNGPCCPIG\QIGP
&KVMCPQRMQWFGQRRGTXNCMVGPTQGVXNGMMGPXGTQQT\CMGP
&GDTCPFGTMCPQQMWKVIGUEJCMGNFYQTFGPFQQTFGQPVUVGMKPIUMPQR
#TGEJVUQOVG FTCCKGPVQVCCPFGCCPUNCI

+PUVTWEVKQPOCPWCNTGOQVGEQPVTQN

%JCPIKPIVJGFKURNC[UGVVKPIHTQO(JVQ%JCPFXKEGXGTUC
6JGKPFKECVKQPYKNNUVCTVHNCUJKPICHVGTRWVVKPIKPVJGDCVVGT[XCNMCNKPGQTCHVGTUKOWNVCPGQWUN[
RTGUUKPIVJGDWVVQPU#761CPF6+/'49JGPVJGFKURNC[KUHNCUJKPIQPGECPEJCPIGHTQOVJG(
OQFGVQVJG%OQFGD[RTGUUKPIVJG#761DWVVQP
6JGFKURNC[YKNNEJCPIGVQOCPWCNEQPVTQNCWVQOCVKECNN[CHVGTUQOGVKOGEJCPIKPIDCEMVQOCPWCN
EQPVTQNECPCNUQDGFQPGD[RTGUUKPIVJG6+/'4DWVVQP
5GVVKPIVJGVKOG
6JGKPFKECVKQPYKNNUVCTVHNCUJKPICHVGTRNCEKPIVJGDCVVGT[XCNMCNKPGQTCHVGTUKOWNVCPGQWUN[
RTGUUKPIVJGDWVVQPU#761CPF6+/'4+PQTFGTVQUGVVJGJQWTURTGUUKPQTFGTVQUGVVJG
OKPWVGURTGUU6JGFKURNC[YKNNEJCPIGVQOCPWCNEQPVTQNCWVQOCVKECNN[CHVGTUQOGVKOG
EJCPIKPIDCEMVQOCPWCNEQPVTQNECPCNUQDGFQPGD[RTGUUKPIVJG6+/'4DWVVQP

5GVVKPIVJGFGUKTGFVGORGTCVWTG

2TGUUVJG#761DWVVQPWPVKNVJGVGORGTCVWTGKPFKECVKQPUVCTVUHNCUJKPIVJGPWUGVJGQT
DWVVQPVQTCKUGQTNQYGTVJGVGORGTCVWTG+PQTFGTVQTGVWTPVQVJGCWVQOCVKEOQFWUGKVJGTYCKVQT
RTGUUVJG#761DWVVQP
6JGUGPUQTKPVJGTGOQVGEQPVTQNOGCUWTGUVJGVGORGTCVWTGKPVJGTQQOVJKUVGORGTCVWTGKU
EQORCTGFVQVJGUGVVGORGTCVWTG#UKIPCNYKNNVJGPDGUGPVVQVJGTGEGKXGTYJKEJYKNNCFLWUVVJG
HNCOGJGKIJVUQVJCVVJGFGUKTGFVGORGTCVWTGKUGKVJGTTGCEJGFQTOCKPVCKPGF

2TQITCOOKPIVJGVKOGT

2TGUUVJG6+/'4DWVVQPWPVKNVJG2KPFKECVKQPCRRGCTUHNCUJKPIQPVJGFKURNC[5GVVJGUYKVEJQP
VKOGWUKPIVJGDWVVQPVQUGVVJGJQWTUCPFVJGDWVVQPVQUGVVJGOKPWVGU6JGPRTGUU
6+/'4CICKPWPVKN2CRRGCTUQPVJGFKURNC[[QWECPPQYUGVVJGUYKVEJQHHVKOG$[RTGUUKPI
6+/'4CICKP[QWECPUGVVJGUYKVEJQPVKOGCPFUYKVEJQHHVKOGHQTVJGUGEQPFRTQITCO22
EQPHKTO[QWEQOOCPFD[RTGUUKPI6+/'4+PVJGPQTOCNOQFGVJGU[ODQNCRRGCTUQPVJG
FKURNC[

7UKPIVJGFKHHGTGPVQRVKQPU

/CPWCNEQPVTQNQHVJGHNCOGJGKIJV
6QUYKVEJQPVJGHKTGQTKPETGCUGVJGHNCOGJGKIJVRTGUUVQNQYGTVJGHNCOGJGKIJVQTIQVQ
RKNQVHNCOGOQFGRTGUU9JGPVJGUGDWVVQPUCTGRTGUUGFVJGUGPFKPFKECVKQPYKNNCRRGCTKPVJG
WRRGTNGHVEQTPGTQHVJGFKURNC[9JGPVJGICUXCNXGJCUTGCEJGFKVUGPFUVQRVJGNGFQPVJG
TGEGKXGTYKNNUVCTVHNCUJKPIYJKEJOGCPUVJCVVJGJKIJGUVQTNQYGUVHNCOGUGVVKPIJCUDGGPTGCEJGF

#WVQOCVKEVGORGTCVWTGEQPVTQN
5JQTVN[RTGUUVJG#761DWVVQP6JGUGVVGORGTCVWTGYKNNCRRGCTQPVJGFKURNC[HQTCUJQTV
VKOGVJGVGORGTCVWTGQHVJGTQQOYKNNCRRGCTDCEMQP


.123(
.123'
$WKVGPYGTMKPIUVGNNGPXCPFGYCCMXNCO

&QQTFGQPVUVGMKPIUMPQR#NKEJVKPVGFTWMMGPGPXGTFGTTGEJVUQOVGFTCCKGPUEJCMGNVWFG
YCCMXNCOWKV
8QQTUEJTKHVGPXQQTFGIGDTWKMGT
2NCCVUIGGPDTCPFDCTGXQQTYGTRGPXQQTQHQPFGTKPFGICUJCCTF
#NUFGICUJCCTFKUWKVIGICCPFCPFKGPVOGPOKPKOCCNOKPWVGPVGYCEJVGPCNXQTGPUFGICUJCCTF
QRPKGWYVGQPVUVGMGP\KGKPIGDTWKMUVGNNGPXCPJGVVQGUVGN
1OGGPIQGFHWPEVKQPGTGPXCPFGICUJCCTFVGYCCTDQTIGPCFXKUGTGPYKLQOFG\GOKPKOCCN
MGGTRGTLCCTVGNCVGPTGKPKIGPGPEQPVTQNGTGPFQQTGGPGTMGPFKPUVCNNCVGWT
+PFKGPFGICUJCCTFJGTJCCNFGNKLMCHUNCCVFCPFKGPVOGPFGKPUVCNNCVGWTVGYCCTUEJWYGP
#NUYCTOVGYKUUGNGPFQRRGTXNCMYQTFVIG\KGPFGXQQTMCPV
9CCTUEJWYKPIFGMCEJGNOCIPKGVIGDTWKMVYQTFGPCNUFGINCUTWKVIGDTQMGPKUQHCNUFGFGWTQRGP
UVCCV&GMCEJGNOCICNNGGPIGTGRCTGGTFYQTFGPOGVQTKIKPGNGQPFGTFGNGPIGNGXGTFFQQTFG
HCDTKMCPVGPTGRCTCVKGUOQIGPCNNGGPWKVIGXQGTFYQTFGPFQQTGGPGTMGPFKPUVCNNCVGWT
#CPFGJQWVUGVOCIQPFGTIGGPGPMGNGQOUVCPFKIJGKFKGVUXGTCPFGTFQHVQGIGXQGIFYQTFGPCNU
GTGGPJQWVDNQMUVWMKUFKGPVFG\GXGTXCPIGPVGYQTFGPFQQTGGPQTKIKPGGNFQQTFGHCDTKMCPV
IGNGXGTFGZGORNCCT1ODTCPFIGXCCTWKVVGUNWKVGPFKGPVFGOKPKOWOCHUVCPFVQVDTCPFDCTG
FGNGPGPOGWDGNUOKPKOCCNEOVGDGFTCIGPFGOKPKOWOCHUVCPFVWUUGPFGCEJVGTMCPVXCPFG
MCEJGNGPFGOWWTFKGPVOKPKOCCNEOVG\KLP
*GVKUXCPDGNCPIFCVWFGMCEJGNPKGVMQTVPCGGPXGTDQWYKPIQHPKGWYDQWYUVQQMVFQQTFG
NWEJVEKTEWNCVKGYQTFGPXQEJVGPPQIPKGVWKVIGJCTFGXNWEJVKIGDGUVCPFFGNGPWKVUKGTRNGKUVGTUXGTH
XNQGTDGFGMMKPIGPGPCPFGTGOCVGTKCNGPCCPIG\QIGP
&KVMCPQRMQWFGQRRGTXNCMVGPTQGVXNGMMGPXGTQQT\CMGP
&GDTCPFGTMCPQQMWKVIGUEJCMGNFYQTFGPFQQTFGQPVUVGMKPIUMPQR
#TGEJVUQOVG FTCCKGPVQVCCPFGCCPUNCI

+PUVTWEVKQPOCPWCNTGOQVGEQPVTQN

%JCPIKPIVJGFKURNC[UGVVKPIHTQO(JVQ%JCPFXKEGXGTUC
6JGKPFKECVKQPYKNNUVCTVHNCUJKPICHVGTRWVVKPIKPVJGDCVVGT[XCNMCNKPGQTCHVGTUKOWNVCPGQWUN[
RTGUUKPIVJGDWVVQPU#761CPF6+/'49JGPVJGFKURNC[KUHNCUJKPIQPGECPEJCPIGHTQOVJG(
OQFGVQVJG%OQFGD[RTGUUKPIVJG#761DWVVQP
6JGFKURNC[YKNNEJCPIGVQOCPWCNEQPVTQNCWVQOCVKECNN[CHVGTUQOGVKOGEJCPIKPIDCEMVQOCPWCN
EQPVTQNECPCNUQDGFQPGD[RTGUUKPIVJG6+/'4DWVVQP
5GVVKPIVJGVKOG
6JGKPFKECVKQPYKNNUVCTVHNCUJKPICHVGTRNCEKPIVJGDCVVGT[XCNMCNKPGQTCHVGTUKOWNVCPGQWUN[
RTGUUKPIVJGDWVVQPU#761CPF6+/'4+PQTFGTVQUGVVJGJQWTURTGUUKPQTFGTVQUGVVJG
OKPWVGURTGUU6JGFKURNC[YKNNEJCPIGVQOCPWCNEQPVTQNCWVQOCVKECNN[CHVGTUQOGVKOG
EJCPIKPIDCEMVQOCPWCNEQPVTQNECPCNUQDGFQPGD[RTGUUKPIVJG6+/'4DWVVQP

5GVVKPIVJGFGUKTGFVGORGTCVWTG

2TGUUVJG#761DWVVQPWPVKNVJGVGORGTCVWTGKPFKECVKQPUVCTVUHNCUJKPIVJGPWUGVJGQT
DWVVQPVQTCKUGQTNQYGTVJGVGORGTCVWTG+PQTFGTVQTGVWTPVQVJGCWVQOCVKEOQFWUGKVJGTYCKVQT
RTGUUVJG#761DWVVQP
6JGUGPUQTKPVJGTGOQVGEQPVTQNOGCUWTGUVJGVGORGTCVWTGKPVJGTQQOVJKUVGORGTCVWTGKU
EQORCTGFVQVJGUGVVGORGTCVWTG#UKIPCNYKNNVJGPDGUGPVVQVJGTGEGKXGTYJKEJYKNNCFLWUVVJG
HNCOGJGKIJVUQVJCVVJGFGUKTGFVGORGTCVWTGKUGKVJGTTGCEJGFQTOCKPVCKPGF

2TQITCOOKPIVJGVKOGT

2TGUUVJG6+/'4DWVVQPWPVKNVJG2KPFKECVKQPCRRGCTUHNCUJKPIQPVJGFKURNC[5GVVJGUYKVEJQP
VKOGWUKPIVJGDWVVQPVQUGVVJGJQWTUCPFVJGDWVVQPVQUGVVJGOKPWVGU6JGPRTGUU
6+/'4CICKPWPVKN2CRRGCTUQPVJGFKURNC[[QWECPPQYUGVVJGUYKVEJQHHVKOG$[RTGUUKPI
6+/'4CICKP[QWECPUGVVJGUYKVEJQPVKOGCPFUYKVEJQHHVKOGHQTVJGUGEQPFRTQITCO22
EQPHKTO[QWEQOOCPFD[RTGUUKPI6+/'4+PVJGPQTOCNOQFGVJGU[ODQNCRRGCTUQPVJG
FKURNC[
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7UKPIVJGFKHHGTGPVQRVKQPU
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/CPWCNEQPVTQNQHVJGHNCOGJGKIJV
6QUYKVEJQPVJGHKTGQTKPETGCUGVJGHNCOGJGKIJVRTGUUVQNQYGTVJGHNCOGJGKIJVQTIQVQ
RKNQVHNCOGOQFGRTGUU9JGPVJGUGDWVVQPUCTGRTGUUGFVJGUGPFKPFKECVKQPYKNNCRRGCTKPVJG
WRRGTNGHVEQTPGTQHVJGFKURNC[9JGPVJGICUXCNXGJCUTGCEJGFKVUGPFUVQRVJGNGFQPVJG
TGEGKXGTYKNNUVCTVHNCUJKPIYJKEJOGCPUVJCVVJGJKIJGUVQTNQYGUVHNCOGUGVVKPIJCUDGGPTGCEJGF

#WVQOCVKEVGORGTCVWTGEQPVTQN
5JQTVN[RTGUUVJG#761DWVVQP6JGUGVVGORGTCVWTGYKNNCRRGCTQPVJGFKURNC[HQTCUJQTV
VKOGVJGVGORGTCVWTGQHVJGTQQOYKNNCRRGCTDCEMQP


4GOQVGEQPVTQN
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2NCEGVJGTGOQVGEQPVTQNTGEGKXGTKPVJGDQVVQONGHVEQTPGTQHVJGCRRCTCVWUDGHQTG[QWOQWPVVJG
FGEQTCVKXGHTCOGEJGEMHKI
5NKFGVJGECDNGDGVYGGPVJGQWVGTECUKPICPFVJGDQVVQORNCEGQHVJGEQODWUVKQPEJCODGT
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&GMCEJGNKUXQQT\KGPXCPGGPVJGTOKUEJGVGTWIUNCIDGXGKNKIKPI66$FKVKUGGPVGORGTCVWWT
UEJCMGNCCTFKGKPYGTMKPIVTGGFVCNUJGVCHXQGTMCPCCNQPXQNFQGPFGVTGMJGGHV\QFCVFGTQQMICUUGPKP
JGVXGTVTGMMQOGPCNUFKVJGVIGXCNKU\CNJGVVQGUVGNWKVUNCCP
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&G66$OCIPQQKVDWKVGPYGTMKPIIGUVGNFYQTFGP
$KLGGPFGHGEVG66$FKGPVFG\GOGVQTKIKPGNGQPFGTFGNGPXGTXCPIGPVGYQTFGP
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#NUFG66$FGMCEJGNJGGHVWKVIGUEJCMGNFFCPFKGPVOGPOKPUVGPUOKPWVGPVGYCEJVGPVQVFG
MCEJGNYGGTCCPIGUVQMGPOCIYQTFGP
#NUFGMCEJGNJGTJCCNFGNKLMWKVUNCCVFKGPVOGPGGPKPUVCNNCVGWTVGTCCFRNGIGP
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)GDTWKMFGMCEJGNPKGVVQVGGPGTMGPVKPUVCNNCVGWT\GIVFCVJGVXGKNKIKU
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'GTUVGMGGTUVQMGP
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6KLFGPUFGGGTUVGOCCNUVQMGPMCPGTGGPQPCCPIGPCOGIGWTQPVUVCCPFKGYQTFVXGTQQT\CCMVFQQT
JGVKPDTCPFGPXCPFGJKVVGDGUVGPFKIGNCM&KVXGTFYKLPVPCGPMGNGWTGPFCCTQOTCFGPYKLCCPJGV
VQGUVGNFGGGTUVGOCCNQRFGJQQIUVGUVCPFVGUVQMGPVGTYKLNWVGXGPUJGVXGTVTGMYCCTKPJGVVQGUVGN
UVCCVIQGFXGPVKNGGTV
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1PFGTJQWF
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1OFGXGKNKIJGKFGPFGIQGFGYGTMKPIXCPFGMCEJGNVGMWPPGPICTCPFGTGPFKGPVFGMCEJGNLCCTNKLMU
FQQTGGPGTMGPFXCMOCPIGEQPVTQNGGTFGPIGTGKPKIFVGYQTFGP
*GVDTCPFGTIGFGGNVGFGYCCMXNCOGPFGXGTDTCPFKPIUMCOGT
*GVMGTCOKUEJINCUMCPIGTGKPKIFYQTFGPOGVGGPURGEKCCNUEJQQPOCCMOKFFGNXQQTMGTCOKUEJG
MQQMRNCVGP
+PFKGPGGPJQWVDNQMUVWMKUFKGPVFG\GXGTXCPIGPVGYQTFGP
+PFKGPGTURTCMGKUXCPGGPDCTUVKPFGTWKVQHCNUFGTWKVIGDTQMGPKUFKGPFG\GXGTXCPIGPVGYQTFGP
CNXQTGPUFGICUJCCTFYGGTKPIGDTWKMOCIYQTFGPIGPQOGP
.GVQRDKLJGVVGTWIRNCCVUGPXCPFGJQWVDNQMMGPFCV\GYGGTKPFGLWKUVGRQUKVKGYQTFGPIGRNCCVUV
\KGRNCCVUGPJQWVUGV
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8GPVKNCVKG
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&GMCEJGNKUGGP\QIGPCCOFQRGPXGTDTCPFKPIUVQGUVGNFCVYKN\GIIGPFCVFGNWEJVPQFKIXQQT
XGTDTCPFKPIWKVFGTWKOVGIGJCCNFYQTFVYCCTJGVVQGUVGNUVCCVVGDTCPFGP\QTIFCCTQOCNVKLFXQQT
XQNFQGPFGXGPVKNCVKG
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9CCTUEJWYKPI#FXKGU
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$+,)'$47+-8#0&'-#%*'.<7..'0$'2##.&'&'.'0<''4*''6914&'0.'6
&##41/8114#.12-.'+0'-+0&'4'0'017&'4'0<1&#6<'<+%*0+'6
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2NCEGVJGTGOQVGEQPVTQNTGEGKXGTKPVJGDQVVQONGHVEQTPGTQHVJGCRRCTCVWUDGHQTG[QWOQWPVVJG
FGEQTCVKXGHTCOGEJGEMHKI
5NKFGVJGECDNGDGVYGGPVJGQWVGTECUKPICPFVJGDQVVQORNCEGQHVJGEQODWUVKQPEJCODGT
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UEJCMGNCCTFKGKPYGTMKPIVTGGFVCNUJGVCHXQGTMCPCCNQPXQNFQGPFGVTGMJGGHV\QFCVFGTQQMICUUGPKP
JGVXGTVTGMMQOGPCNUFKVJGVIGXCNKU\CNJGVVQGUVGNWKVUNCCP

&G66$OCIPQQKVDWKVGPYGTMKPIIGUVGNFYQTFGP
$KLGGPFGHGEVG66$FKGPVFG\GOGVQTKIKPGNGQPFGTFGNGPXGTXCPIGPVGYQTFGP
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#NUFG66$FGMCEJGNJGGHVWKVIGUEJCMGNFFCPFKGPVOGPOKPUVGPUOKPWVGPVGYCEJVGPVQVFG
MCEJGNYGGTCCPIGUVQMGPOCIYQTFGP
#NUFGMCEJGNJGTJCCNFGNKLMWKVUNCCVFKGPVOGPGGPKPUVCNNCVGWTVGTCCFRNGIGP
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)GDTWKMFGMCEJGNPKGVVQVGGPGTMGPVKPUVCNNCVGWT\GIVFCVJGVXGKNKIKU
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'GTUVGMGGTUVQMGP
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6KLFGPUFGGGTUVGOCCNUVQMGPMCPGTGGPQPCCPIGPCOGIGWTQPVUVCCPFKGYQTFVXGTQQT\CCMVFQQT
JGVKPDTCPFGPXCPFGJKVVGDGUVGPFKIGNCM&KVXGTFYKLPVPCGPMGNGWTGPFCCTQOTCFGPYKLCCPJGV
VQGUVGNFGGGTUVGOCCNQRFGJQQIUVGUVCPFVGUVQMGPVGTYKLNWVGXGPUJGVXGTVTGMYCCTKPJGVVQGUVGN
UVCCVIQGFXGPVKNGGTV
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1PFGTJQWF
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1OFGXGKNKIJGKFGPFGIQGFGYGTMKPIXCPFGMCEJGNVGMWPPGPICTCPFGTGPFKGPVFGMCEJGNLCCTNKLMU
FQQTGGPGTMGPFXCMOCPIGEQPVTQNGGTFGPIGTGKPKIFVGYQTFGP
*GVDTCPFGTIGFGGNVGFGYCCMXNCOGPFGXGTDTCPFKPIUMCOGT
*GVMGTCOKUEJINCUMCPIGTGKPKIFYQTFGPOGVGGPURGEKCCNUEJQQPOCCMOKFFGNXQQTMGTCOKUEJG
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9CPFGTU/GVCCNRTQFWEVGPDX#OVYGI#.0GVVGTFGP
5VQTKPIGPYGNMG\KLPQPVUVCCPFQQTQPQQTFGGNMWPFKIIGDTWKMPKGVLWKUVGPCNG
XKPIXCPFGKPUVCNNCVKGGPIGDTWKMUXQQTUEJTKHVGPCCPUNWKVGPGPTGRCTCVKGUFQQT
PKGVGTMGPFGKPUVCNNCVGWTUXGTYCCTNQ\KPIQHQODQWYGPQRGGPCPFGTGICUUQQTV
FCPYCCTXQQTJGVVQGUVGNKUDGUVGOFXCNNGPDWKVGPKGFGTGXQTOXCPICTCPVKG
-NCEJVGPYQTFGPGGTUVFCPKPDGJCPFGNKPIIGPQOGPPCFCVFGNGXGTCPEKGT
KPUVCNNCVGWTXCPJGVVQGUVGNQHJGVICUDGFTKLHFGMNCEJVJGGHVKPIGFKGPFQPFGT
QRICXGPXCPCCPMQQRFCVWOGPMQRKGXCPFGCCPMQQRDQP
4GRCTCVKGUIGXGPIGGPTGEJVQRXGTNGPIKPIXCPFGICTCPVKGVGTOKLP#NNGIG
XQNIUEJCFGYQTFVWKVIGUNQVGP

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5+'4.+,56
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5%*7+(2.##6

2WVVJGNQIUGVKPRNCEGEJGEMVJGEJCRVGTUQPVJGNQIUGVU
2WVVJGINCUUYKPFQYKPRNCEG4GOGODGTPQVVQVQWEJVJGINCUUDGECWUGHKPIGTRTKPVUECPPQVDG
TGOQXGFCHVGTVJGHKTGRNCEGJCUDGGPUVQMGFWR

(KVVKPIVJGEJKOPG[
6JGICUHKTGKUHKVVGFYKVJCPQRGPFTCYDTGCMGTCPFCFGUEGPFKPIYKPFFKXGTVGT
7UGEQTTQUKQPHTGGOCVGTKCNHQTVJGEQPPGEVKQPDGVYGGPVJGCRRCTCVWUCPFVJGEJKOPG[EJCPPGN
6JGKPPGTFKCOGVGTQHVJGRKRGUJQWNFDGCVNGCUVOO
6JGEQPPGEVKQPDGVYGGPVJGCRRCTCVWUCPFVJGEJKOPG[EJCPPGNUJQWNFDGUQWPFCPFHTGGQH
NGCMCIG

(KVVKPIVJGICURKRG

#PCRRTQXGFOICUVCRUJQWNFDGHKVVGFKPVJGICURKRGVJCVNGCFUVQVJGTGIWNCVKPIDNQEMVJKU
VCRUJQWNFDGGCUKN[CEEGUUKDNG
6JGOGCUWTGOGPVQHVJGHKVVKPIQPVJGICUDNQEMKUO
%JGEMVJGGPVKTGWPKVHQTICUNGCMUCHVGTHKVVKPIVJGICURKRG7UGUQCRYCVGTQTCICUNGCMFGVGEVQT
#XQKFVGPUKQPQPVJGICUDNQEMFWTKPIVJGHKVVKPIQHVJGICURKRG

/CKPVGPCPEG

+PQTFGTVQGPUWTGVJGUCHGV[CPFIQQFQRGTCVKQPQHVJGICUHKTGRNCEGKVUJQWNFDGEJGEMGFCPF
ENGCPGFD[CPCWVJQTKUGFRTQHGUUKQPCNCPPWCNN[
6JKUIQGUHQTVJGDWTPGTWPKVVJGRKNQVHNCOGCPFVJGEQODWUVKQPEJCODGT
6JGEGTCOKEINCUUECPDGENGCPGFYKVJCURGEKCNENGCPKPIRTQFWEVHQTEGTCOKEEQQMKPITKPIU
+HCNQIKUDTQMGPKVUJQWNFDGTGRNCEGF
+HVJGTGKUCETCEMKPVJGINCUUYKPFQYQTKHVJGYKPFQYKUDTQMGPKVUJQWNFDGTGRNCEGFDGHQTGVJG
ICUHKTGRNCEGECPDGUVQMGFWRCICKP
+H[QWRWVVJGNQIUDCEMKPVQVJGHKTGRNCEGOCMGUWTGVJCVVJG[CTGKPVJGTKIJVRQUKVKQPEJGEMVJG
EJCRVGTUQPVJGNQIUGVU

66$
6JKUCRRCTCVWUKUGSWKRRGFYKVJCP66$UCHGV[OGEJCPKUOYJKEJUJWVUQHHVJGICUUWRRN[VQVJG
DWTPGTYJGPVJGEJKOPG[KUDNQEMGF+HVJKUKUVJGECUGVJGCRRCTCVWUYKNNUJWVFQYP
9JGPVJKUJCRRGPUKVKUWUWCNN[CPKPFKECVKQPQHCRTQDNGOYKVJVJGEJKOPG[

.QIUGVPCVWTCNICU
(KTUVN[HKNNVJGDWTPGTRNCVGYKVJVJGGPENQUGFITCKPUEJGEMHKIC
%CWVKQPPGXGTWUGOQTGITCKPUVJGPVJGUWRRNKGFCOQWPV
0QYRWVVJGNQIUKPRNCEGCEEQTFKPIVQHKIDCPFE
/CMGUWTGVJCVYJGP[QWCTGRWVVKPIVJGNQIUKPRNCEG[QWFQPOVRWVQPGQPVJGRKNQVHNCOG
4GOGODGTVQRWVVJGNQIUKPGZCEVN[CEEQTFKPIVQVJGGZCORNG6JKUKUKPQTFGTVQGPUWTGVJCVVJG
HNCOGUCTGEQXGTGFCUNKVVNGCURQUUKDNGCPFVJWURTGXGPVKPIVJGFKUVWTDCPEGQHVJGHNCOGRCVVGTPCPF
UQQVKPI
/CMGUWTGVJCVVJGINCUUYKPFQYKUHKTON[UJWVDGHQTG[QWUVQMGWRVJGHKTGRNCEG

.QIUGVRTQRCPGICU

(QTVJGRTQRCPGXGTUKQPQHVJGHKTGRNCEGKVKUPQVCNNQYGFVQRNCEGVJGITCKPUQPVJGDWTPGT
2WVVJGNQIUKPRNCEGCEEQTFKPIVQHKICDCPFE
4GOGODGTVQRWVVJGNQIUKPGZCEVN[CEEQTFKPIVQVJGGZCORNG6JKUVQGPUWTGVJCVVJGHNCOGUCTG
EQXGTGFCUNKVVNGCURQUUKDNGCPFVJWURTGXGPVKPIVJGFKUVWTDCPEGQHVJGHNCOGRCVVGTPCPFUQQVKPI
/CMGUWTGVJCVYJGP[QWCTGRWVVKPIVJGNQIUKPRNCEG[QWFQPOVRWVQPGQPVJGRKNQVHNCOG
/CMGUWTGVJCVVJGINCUUYKPFQYKUHKTON[UJWVDGHQTG[QWNKIJVVJGHKTGRNCEG

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2WVVJGNQIUGVKPRNCEGEJGEMVJGEJCRVGTUQPVJGNQIUGVU
2WVVJGINCUUYKPFQYKPRNCEG4GOGODGTPQVVQVQWEJVJGINCUUDGECWUGHKPIGTRTKPVUECPPQVDG
TGOQXGFCHVGTVJGHKTGRNCEGJCUDGGPUVQMGFWR

(KVVKPIVJGEJKOPG[
6JGICUHKTGKUHKVVGFYKVJCPQRGPFTCYDTGCMGTCPFCFGUEGPFKPIYKPFFKXGTVGT
7UGEQTTQUKQPHTGGOCVGTKCNHQTVJGEQPPGEVKQPDGVYGGPVJGCRRCTCVWUCPFVJGEJKOPG[EJCPPGN
6JGKPPGTFKCOGVGTQHVJGRKRGUJQWNFDGCVNGCUVOO
6JGEQPPGEVKQPDGVYGGPVJGCRRCTCVWUCPFVJGEJKOPG[EJCPPGNUJQWNFDGUQWPFCPFHTGGQH
NGCMCIG

(KVVKPIVJGICURKRG

#PCRRTQXGFOICUVCRUJQWNFDGHKVVGFKPVJGICURKRGVJCVNGCFUVQVJGTGIWNCVKPIDNQEMVJKU
VCRUJQWNFDGGCUKN[CEEGUUKDNG
6JGOGCUWTGOGPVQHVJGHKVVKPIQPVJGICUDNQEMKUO
%JGEMVJGGPVKTGWPKVHQTICUNGCMUCHVGTHKVVKPIVJGICURKRG7UGUQCRYCVGTQTCICUNGCMFGVGEVQT
#XQKFVGPUKQPQPVJGICUDNQEMFWTKPIVJGHKVVKPIQHVJGICURKRG

/CKPVGPCPEG

+PQTFGTVQGPUWTGVJGUCHGV[CPFIQQFQRGTCVKQPQHVJGICUHKTGRNCEGKVUJQWNFDGEJGEMGFCPF
ENGCPGFD[CPCWVJQTKUGFRTQHGUUKQPCNCPPWCNN[
6JKUIQGUHQTVJGDWTPGTWPKVVJGRKNQVHNCOGCPFVJGEQODWUVKQPEJCODGT
6JGEGTCOKEINCUUECPDGENGCPGFYKVJCURGEKCNENGCPKPIRTQFWEVHQTEGTCOKEEQQMKPITKPIU
+HCNQIKUDTQMGPKVUJQWNFDGTGRNCEGF
+HVJGTGKUCETCEMKPVJGINCUUYKPFQYQTKHVJGYKPFQYKUDTQMGPKVUJQWNFDGTGRNCEGFDGHQTGVJG
ICUHKTGRNCEGECPDGUVQMGFWRCICKP
+H[QWRWVVJGNQIUDCEMKPVQVJGHKTGRNCEGOCMGUWTGVJCVVJG[CTGKPVJGTKIJVRQUKVKQPEJGEMVJG
EJCRVGTUQPVJGNQIUGVU

66$
6JKUCRRCTCVWUKUGSWKRRGFYKVJCP66$UCHGV[OGEJCPKUOYJKEJUJWVUQHHVJGICUUWRRN[VQVJG
DWTPGTYJGPVJGEJKOPG[KUDNQEMGF+HVJKUKUVJGECUGVJGCRRCTCVWUYKNNUJWVFQYP
9JGPVJKUJCRRGPUKVKUWUWCNN[CPKPFKECVKQPQHCRTQDNGOYKVJVJGEJKOPG[

.QIUGVPCVWTCNICU
(KTUVN[HKNNVJGDWTPGTRNCVGYKVJVJGGPENQUGFITCKPUEJGEMHKIC
%CWVKQPPGXGTWUGOQTGITCKPUVJGPVJGUWRRNKGFCOQWPV
0QYRWVVJGNQIUKPRNCEGCEEQTFKPIVQHKIDCPFE
/CMGUWTGVJCVYJGP[QWCTGRWVVKPIVJGNQIUKPRNCEG[QWFQPOVRWVQPGQPVJGRKNQVHNCOG
4GOGODGTVQRWVVJGNQIUKPGZCEVN[CEEQTFKPIVQVJGGZCORNG6JKUKUKPQTFGTVQGPUWTGVJCVVJG
HNCOGUCTGEQXGTGFCUNKVVNGCURQUUKDNGCPFVJWURTGXGPVKPIVJGFKUVWTDCPEGQHVJGHNCOGRCVVGTPCPF
UQQVKPI
/CMGUWTGVJCVVJGINCUUYKPFQYKUHKTON[UJWVDGHQTG[QWUVQMGWRVJGHKTGRNCEG

.QIUGVRTQRCPGICU

(QTVJGRTQRCPGXGTUKQPQHVJGHKTGRNCEGKVKUPQVCNNQYGFVQRNCEGVJGITCKPUQPVJGDWTPGT
2WVVJGNQIUKPRNCEGCEEQTFKPIVQHKICDCPFE
4GOGODGTVQRWVVJGNQIUKPGZCEVN[CEEQTFKPIVQVJGGZCORNG6JKUVQGPUWTGVJCVVJGHNCOGUCTG
EQXGTGFCUNKVVNGCURQUUKDNGCPFVJWURTGXGPVKPIVJGFKUVWTDCPEGQHVJGHNCOGRCVVGTPCPFUQQVKPI
/CMGUWTGVJCVYJGP[QWCTGRWVVKPIVJGNQIUKPRNCEG[QWFQPOVRWVQPGQPVJGRKNQVHNCOG
/CMGUWTGVJCVVJGINCUUYKPFQYKUHKTON[UJWVDGHQTG[QWNKIJVVJGHKTGRNCEG

+PUVCNNCVKQPQHVJGHKTGRNCEG

4GOQXGVJGRCEMCIKPI

4GOQXGVJGVYQUETGYUDGJKPFVJGQRGTCVKQPFQQTHKICPFNKHVQHVJGINCUUYKPFQY
4GOQXGVJGHQWTUETGYUQHVJGFGEQTCVKQPCNHTCOGCPFVCMGKVQHHHKI
4GOQXGVJGVYQUETGYUQHVJGEJKOPG[EQPPGEVKQPRKGEGCPFUNKFGVJGRNCVGQWVQHVJGTCKNUHKI

(KZVJGHNGZKDNGVWDGVQVJGEQPPGEVKQPRKGEG
0QYRNCEGVJGHKTGRNCEGKPVJGTGEGUUCPFUNKFGVJGEJKOPG[EQPPGEVKQPRKGEGDCEMKPVQKVURNCEG
0QYOCMGVJGICUHKVVKPICEEQTFKPIVQVJGTGSWKTGOGPVUEJGEMNHKVVKPIVJGICURKRGO
/CMGUWTGCNNICUHKVVKPIUCTGICURTQQH7UGUQCRYCVGTQTCICUNGCMFGVGEVQT
0QYHKZVJGTGOQVGEQPVTQNTGEGKXGTEJGEMNTGOQVGEQPVTQNO
/QWPVVJGFGEQTCVKQPCNHTCOG
ILJ
ILJ
)LJ


+PUVCNNCVKQPQHVJGHKTGRNCEG

4GOQXGVJGRCEMCIKPI

4GOQXGVJGVYQUETGYUDGJKPFVJGQRGTCVKQPFQQTHKICPFNKHVQHVJGINCUUYKPFQY
4GOQXGVJGHQWTUETGYUQHVJGFGEQTCVKQPCNHTCOGCPFVCMGKVQHHHKI
4GOQXGVJGVYQUETGYUQHVJGEJKOPG[EQPPGEVKQPRKGEGCPFUNKFGVJGRNCVGQWVQHVJGTCKNUHKI

(KZVJGHNGZKDNGVWDGVQVJGEQPPGEVKQPRKGEG
0QYRNCEGVJGHKTGRNCEGKPVJGTGEGUUCPFUNKFGVJGEJKOPG[EQPPGEVKQPRKGEGDCEMKPVQKVURNCEG
0QYOCMGVJGICUHKVVKPICEEQTFKPIVQVJGTGSWKTGOGPVUEJGEMNHKVVKPIVJGICURKRGO
/CMGUWTGCNNICUHKVVKPIUCTGICURTQQH7UGUQCRYCVGTQTCICUNGCMFGVGEVQT
0QYHKZVJGTGOQVGEQPVTQNTGEGKXGTEJGEMNTGOQVGEQPVTQNO
/QWPVVJGFGEQTCVKQPCNHTCOG
ILJ
ILJ
)LJ



6'%*0+%#.+05647%6+105(14(+66'4

+ORQTVCPV
+VKUKORQTVCPVVQTGCFVJGUGKPUVTWEVKQPUDGHQTG[QWKPUVCNNVJGHKTGRNCEGCPFVCMGKVKPVQQRGTCVKQP
5VQTGVJGKPUVTWEVKQPOCPWCNKPCUCHGRNCEG
9JKNGYGCTGEQPUVTWEVKPIQWTHKTGRNCEGUYGFQPQVQPN[RC[VJGITGCVGUVCVVGPVKQPVQFGUKIPCPF
CRRGCTCPEGDWVCNUQVQOCZKOCNWUGTHTKGPFNKPGUUCPFTGNKCDKNKV[
9GCTGVJGTGHQTHWNN[EQPHKFGPVVJCV[QWYKNNGPLQ[VJGICUHKTGRNCEGQH[QWTEJQKEGHQT[GCTUCPF
[GCTUVQEQOG

+05647%6+105(14+056#..#6+10

6GEJPKECNKPUVTWEVKQPU
%JGEMYJGVJGTVJGHKTGRNCEGKUUWKVCDNGHQTVJGV[RGQHICU[QWCTGRNCPPKPIVQWUGVJKU
KUKPFKECVGFQP
V[RGRNCVG
%JGEMHQTRTQRGTICURTGUUWTGVJKUKUKPFKECVGFQPVJGV[RGRNCVG
6JGCKTPGGFGFHQTVJGEQODWUVKQPRTQEGUUKUGZVTCEVGFHTQOVJGTQQOKPYJKEJ
VJG
HKTGRNCEGKUKPUVCNNGF/CMGUWTGVJCVVJGTGKUGPQWIJXGPVKNCVKQP
6JGEQODWUVKQPICUUGUPGGFVQDGFKUEJCTIGFVJTQWIJCPCRRTQ RTKCVGHNWG
6JGHKTGRNCEGUJQWNFDGRNCEGFEQPPGEVGFCPFEJGEMGFD[CPCWVJQTKUGFICUHKVVGT
6JGEJCPIKPIQHUGVVKPIXCNWGUCPFQVJGTCFLWUVOGPVUECPQPN[DGFQPGD[CP
CWVJQTKUGF
HKVVGTCPFQPN[CEEQTFKPIVQVJGTGSWKTGOGPVU
6JGCRRCTCVWUUJQWNFDGKPUVCNNGFKPCHKTGRTQQHTGEGUU
9JGP[QWWUGCPGZKUVKPIUOQMGEJCPPGN[QWUJQWNFRNCEGCHNGZKDNGTWUVRTQQH
UVGGNVWDGQHCVNGCUVOGVGTQPVJGHKTGRNCEG
*CXG[QWTEJKOPG[EJCPPGNENGCPGFD[CRTQHGUUKQPCNDGHQTG[QWKPUVCNNVJGICU
HKTGRNCEG
-GGRVQVJGIGPGTCNICUHKVVKPITGSWKTGOGPVU
1XGTCNNUK\GJGKIJVYKFVJFGRVJ
6JGTGUJQWNFDGCRRTQZKOCVGN[EOTQQODGVYGGPVJGTGEGUUCPFVJGHKTGRNCEG 

%JKOPG[

9JGPCEQCNQTQKNHKTGRNCEGJCURTGXKQWUN[DGGPEQPPGEVGFVQVJGEJKOPG[JCXGVJGEJKOPG[
ENGCPGFD[CRTQHGUUKQPCN#NVJQWIJCICUHKTGRNCEGECPQRGTCVGYGNNQPCNKVVNGEJKOPG[FTCY
YGCFXKUG[QWVQJCXGVJGEJKOPG[EJGEMGFHQTRQUUKDNGDNQEMCIGCPPWCNN[


6'%*0+%#.+05647%6+105(14(+66'4

+ORQTVCPV
+VKUKORQTVCPVVQTGCFVJGUGKPUVTWEVKQPUDGHQTG[QWKPUVCNNVJGHKTGRNCEGCPFVCMGKVKPVQQRGTCVKQP
5VQTGVJGKPUVTWEVKQPOCPWCNKPCUCHGRNCEG
9JKNGYGCTGEQPUVTWEVKPIQWTHKTGRNCEGUYGFQPQVQPN[RC[VJGITGCVGUVCVVGPVKQPVQFGUKIPCPF
CRRGCTCPEGDWVCNUQVQOCZKOCNWUGTHTKGPFNKPGUUCPFTGNKCDKNKV[
9GCTGVJGTGHQTHWNN[EQPHKFGPVVJCV[QWYKNNGPLQ[VJGICUHKTGRNCEGQH[QWTEJQKEGHQT[GCTUCPF
[GCTUVQEQOG

+05647%6+105(14+056#..#6+10

6GEJPKECNKPUVTWEVKQPU
%JGEMYJGVJGTVJGHKTGRNCEGKUUWKVCDNGHQTVJGV[RGQHICU[QWCTGRNCPPKPIVQWUGVJKU
KUKPFKECVGFQP
V[RGRNCVG
%JGEMHQTRTQRGTICURTGUUWTGVJKUKUKPFKECVGFQPVJGV[RGRNCVG
6JGCKTPGGFGFHQTVJGEQODWUVKQPRTQEGUUKUGZVTCEVGFHTQOVJGTQQOKPYJKEJ
VJG
HKTGRNCEGKUKPUVCNNGF/CMGUWTGVJCVVJGTGKUGPQWIJXGPVKNCVKQP
6JGEQODWUVKQPICUUGUPGGFVQDGFKUEJCTIGFVJTQWIJCPCRRTQ RTKCVGHNWG
6JGHKTGRNCEGUJQWNFDGRNCEGFEQPPGEVGFCPFEJGEMGFD[CPCWVJQTKUGFICUHKVVGT
6JGEJCPIKPIQHUGVVKPIXCNWGUCPFQVJGTCFLWUVOGPVUECPQPN[DGFQPGD[CP
CWVJQTKUGF
HKVVGTCPFQPN[CEEQTFKPIVQVJGTGSWKTGOGPVU
6JGCRRCTCVWUUJQWNFDGKPUVCNNGFKPCHKTGRTQQHTGEGUU
9JGP[QWWUGCPGZKUVKPIUOQMGEJCPPGN[QWUJQWNFRNCEGCHNGZKDNGTWUVRTQQH
UVGGNVWDGQHCVNGCUVOGVGTQPVJGHKTGRNCEG
*CXG[QWTEJKOPG[EJCPPGNENGCPGFD[CRTQHGUUKQPCNDGHQTG[QWKPUVCNNVJGICU
HKTGRNCEG
-GGRVQVJGIGPGTCNICUHKVVKPITGSWKTGOGPVU
1XGTCNNUK\GJGKIJVYKFVJFGRVJ
6JGTGUJQWNFDGCRRTQZKOCVGN[EOTQQODGVYGGPVJGTGEGUUCPFVJGHKTGRNCEG 

%JKOPG[

9JGPCEQCNQTQKNHKTGRNCEGJCURTGXKQWUN[DGGPEQPPGEVGFVQVJGEJKOPG[JCXGVJGEJKOPG[
ENGCPGFD[CRTQHGUUKQPCN#NVJQWIJCICUHKTGRNCEGECPQRGTCVGYGNNQPCNKVVNGEJKOPG[FTCY
YGCFXKUG[QWVQJCXGVJGEJKOPG[EJGEMGFHQTRQUUKDNGDNQEMCIGCPPWCNN[


6'%*0+%#.+05647%6+105(14(+66'4

+ORQTVCPV
+VKUKORQTVCPVVQTGCFVJGUGKPUVTWEVKQPUDGHQTG[QWKPUVCNNVJGHKTGRNCEGCPFVCMGKVKPVQQRGTCVKQP
5VQTGVJGKPUVTWEVKQPOCPWCNKPCUCHGRNCEG
9JKNGYGCTGEQPUVTWEVKPIQWTHKTGRNCEGUYGFQPQVQPN[RC[VJGITGCVGUVCVVGPVKQPVQFGUKIPCPF
CRRGCTCPEGDWVCNUQVQOCZKOCNWUGTHTKGPFNKPGUUCPFTGNKCDKNKV[
9GCTGVJGTGHQTHWNN[EQPHKFGPVVJCV[QWYKNNGPLQ[VJGICUHKTGRNCEGQH[QWTEJQKEGHQT[GCTUCPF
[GCTUVQEQOG

+05647%6+105(14+056#..#6+10

6GEJPKECNKPUVTWEVKQPU
%JGEMYJGVJGTVJGHKTGRNCEGKUUWKVCDNGHQTVJGV[RGQHICU[QWCTGRNCPPKPIVQWUGVJKU
KUKPFKECVGFQP
V[RGRNCVG
%JGEMHQTRTQRGTICURTGUUWTGVJKUKUKPFKECVGFQPVJGV[RGRNCVG
6JGCKTPGGFGFHQTVJGEQODWUVKQPRTQEGUUKUGZVTCEVGFHTQOVJGTQQOKPYJKEJ
VJG
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6JGHKTGRNCEGUJQWNFDGRNCEGFEQPPGEVGFCPFEJGEMGFD[CPCWVJQTKUGFICUHKVVGT
6JGEJCPIKPIQHUGVVKPIXCNWGUCPFQVJGTCFLWUVOGPVUECPQPN[DGFQPGD[CP
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ENGCPGFD[CRTQHGUUKQPCN#NVJQWIJCICUHKTGRNCEGECPQRGTCVGYGNNQPCNKVVNGEJKOPG[FTCY
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9GCTGVJGTGHQTHWNN[EQPHKFGPVVJCV[QWYKNNGPLQ[VJGICUHKTGRNCEGQH[QWTEJQKEGHQT[GCTUCPF
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6JGCKTPGGFGFHQTVJGEQODWUVKQPRTQEGUUKUGZVTCEVGFHTQOVJGTQQOKPYJKEJ
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6JGEQODWUVKQPICUUGUPGGFVQDGFKUEJCTIGFVJTQWIJCPCRRTQ RTKCVGHNWG
6JGHKTGRNCEGUJQWNFDGRNCEGFEQPPGEVGFCPFEJGEMGFD[CPCWVJQTKUGFICUHKVVGT
6JGEJCPIKPIQHUGVVKPIXCNWGUCPFQVJGTCFLWUVOGPVUECPQPN[DGFQPGD[CP
CWVJQTKUGF
HKVVGTCPFQPN[CEEQTFKPIVQVJGTGSWKTGOGPVU
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9JGP[QWWUGCPGZKUVKPIUOQMGEJCPPGN[QWUJQWNFRNCEGCHNGZKDNGTWUVRTQQH
UVGGNVWDGQHCVNGCUVOGVGTQPVJGHKTGRNCEG
*CXG[QWTEJKOPG[EJCPPGNENGCPGFD[CRTQHGUUKQPCNDGHQTG[QWKPUVCNNVJGICU
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6JGTGUJQWNFDGCRRTQZKOCVGN[EOTQQODGVYGGPVJGTGEGUUCPFVJGHKTGRNCEG 
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ENGCPGFD[CRTQHGUUKQPCN#NVJQWIJCICUHKTGRNCEGECPQRGTCVGYGNNQPCNKVVNGEJKOPG[FTCY
YGCFXKUG[QWVQJCXGVJGEJKOPG[EJGEMGFHQTRQUUKDNGDNQEMCIGCPPWCNN[
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4GOQXGVJGVYQUETGYUQHVJGEJKOPG[EQPPGEVKQPRKGEGCPFUNKFGVJGRNCVGQWVQHVJGTCKNUHKI
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/CMGUWTGCNNICUHKVVKPIUCTGICURTQQH7UGUQCRYCVGTQTCICUNGCMFGVGEVQT
0QYHKZVJGTGOQVGEQPVTQNTGEGKXGTEJGEMNTGOQVGEQPVTQNO
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