
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XXXIBXFJOMJOFDPN
XXXIBXFJOMJOFDPN
0QFODJSDVJU
/PNJOBMQSFTTVSFQ
OPNNBY
 CBS
1FBLQSFTTVSFQ
NBY
 CBS
(FPNFUSJDEJTQMBDFNFOU7
NBY
 DN
SFW
5ZQF7.
7BSJBCMFEJTQMBDFNFOUBYJBMQJTUPOQVNQ
1SPEVDUEPDVNFOUBUJPO
%.


7.-
hCZ)"8&*O-JOF)ZESBVMJL(NC)
5IFGPSXBSEJOHBOESFQSPEVDUJPOPGUIJTEPDVNFOUBTXFMMBTUIFVTFBOEDPNNVOJDBUJPOPGJUTDPOUFOUT
BSFGPSCJEEFOVOMFTTFYQSFTTFMZQFSNJUUFE
"OZCSFBDIPSJOGSJOHFNFOUXJMMSFTVMUJOMJBCJMJUZGPSEBNBHFT
"MMSJHIUTSFTFSWFEDPODFSOJOHQBUFOUPSVUJMJUZNPEFMSFHJTUSBUJPOT
5ZQF7.]]%. 5ZQF7.]]%.
 


XXXIBXFJOMJOFDPN
XXXIBXFJOMJOFDPN

 0WFSWJFXWBSJBCMFEJTQMBDFNFOUBYJBMQJTUPOQVNQUZQFT7.˘˘˘˘˘˘˘˘˘˘˘˘ 
 "WBJMBCMFWFSTJPOTNBJOEBUB ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 #BTJDWFSTJPO ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 $POUSPMMFSTXJUDIJOHTZNCPMT ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 1BSBNFUFST˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 (FOFSBM˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 1MBOOJOHJOGPSNBUJPOGPSQBSBNFUFST˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 $IBSBDUFSJTUJDDVSWFT˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 $POUSPMMFSDIBSBDUFSJTUJDDVSWFT ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 %JNFOTJPOT˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 #BTJDQVNQ ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 5ZQF7.˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 5ZQF7.- ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 1JWPUJOHBOHMFJOEJDBUPS ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 *OTUBMMBUJPOJOGPSNBUJPO˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 (FOFSBMJOGPSNBUJPO ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 1PSUT ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 *OTUBMMBUJPOQPTJUJPOT˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 5BOLJOTUBMMBUJPO˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 *OTUBMMBUJPOPQFSBUJPOBOENBJOUFOBODFJOGPSNBUJPO˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 %FTJHOBUFEVTF ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 "TTFNCMZJOGPSNBUJPO ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 0QFSBUJOHJOTUSVDUJPOT ˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
 .BJOUFOBODFJOGPSNBUJPO˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘˘ 
$POUFOUT
0WFSWJFXWBSJBCMFEJTQMBDFNFOUBYJBMQJTUPOQVNQUZQFT7.
7BSJBCMFEJTQMBDFNFOUBYJBMQJTUPOQVNQTBEKVTUUIFHFPNFUSJDEFMJWFSZWPMVNFGSPNNBYJNVNUP[FSP
"TBSFTVMUUIFZWBSZUIFWPMVNFUSJDPXUIBUJTQSPWJEFEUPUIFMPBET
5IFBYJBMQJTUPOQVNQUZQF7.JTEFTJHOFEGPSPQFODJSDVJUTBDDPSEJOHUPUIFTXBTIQMBUFQSJODJQMF*UJT
BWBJMBCMFXJUIUIFPQUJPOPGBUISVTIBGUGPSPQFSBUJOHBEEJUJPOBMIZESBVMJDQVNQTJOTFSJFT
5IFTUVSEZQVNQJTQBSUJDVMBSMZTVJUBCMFGPSDPOUJOVPVTPQFSBUJPOJODIBMMFOHJOHBQQMJDBUJPOT5IFSBOHF
PGQVNQDPOUSPMMFSTBMMPXTUIFBYJBMQJTUPOQVNQUPCFVTFEJOBWBSJFUZPGBQQMJDBUJPOT
'FBUVSFTBOECFOFUT
٥8JUIDIBSHFQVNQIJHIFSTQFFE
٥)JHIOPNJOBMQSFTTVSF
٥-FTTJOTUBMMBUJPOTQBDF
٥'VMMUPSRVFBWBJMBCMFBUUIFTFDPOEQVNQ
JOUBOEFNQVNQBQQMJDBUJPOT
*OUFOEFEBQQMJDBUJPOT
٥$PBMNJOJOH
٥$PODSFUFQVNQ
٥&YUSVEFS
٥*OEVTUSJBMQMBOUT
٥.BSJOFDSBOFTBOEXJODIFT
٥1JMFESJWJOHNBDIJOF
٥1PXFSQBDLBTTFNCMZ
٥1SFTTFT
٥5VOOFMCPSJOHNBDIJOF
5ZQF7.
7BSJBCMFEJTQMBDFNFOUBYJBMQJTUPOQVNQ
5ZQF7.]]%. 5ZQF7.]]%.
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XXXIBXFJOMJOFDPN
XXXIBXFJOMJOFDPN

"WBJMBCMFWFSTJPOTNBJOEBUB
#BTJDWFSTJPO
#BTJDWFSTJPO
$JSDVJUTZNCPM
0SEFSDPEJOHFYBNQMF
7.  3- 4 ' /   99 -4/ 
$POUSPMMFS
4USPLFMJNJUBUJPO
3FMFBTF
"EEJUJPOBMGVODUJPO
)PVTJOHWFSTJPO
4FBM
'MBOHFWFSTJPO
4IBGUWFSTJPO
3PUBUJOHEJSFDUJPO
8JUIDIBSHFQVNQ
/PNJOBMTJ[F
#BTJDUZQF
1SFTTVSFTQFDJDBUJPOCBS
5BCMFB4USPLFMJNJUBUJPO
5BCMF$POUSPMMFST
3FMFBTF
5BCMF"EEJUJPOBMGVODUJPOT
5BCMF)PVTJOHWFSTJPO
5BCMF4FBMT
5BCMF'MBOHFWFSTJPOJOQVUTJEF
5BCMF4IBGUWFSTJPO
5BCMF3PUBUJOHEJSFDUJPO
5BCMF/PNJOBMTJ[F
'MBOHFWFSTJPO
QVNQ
5BCMF'MBOHFWFSTJPOT
PVUQVUTJEF
$ ;
5BCMF/PNJOBMTJ[F
5BCMF3PUBUJOHEJSFDUJPOT
5BCMF4IBGUWFSTJPOT
$PEJOH (FPNFUSJDEJTQMBDFNFOU
DNrSFW
/PNJOBMQSFTTVSF
1
OPN
CBS
1FBLQSFTTVSF
1
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   
$PEJOH %FTDSJQUJPO
- "OUJDMPDLXJTF
3 $MPDLXJTF
$PEJOH %FTDSJQUJPO %FTJHOBUJPO4UBOEBSE .BYESJWFUPSRVF/N
% 4QMJOFTIBGU 8H%*/ 
4 4QMJOFTIBGU 4"&'+5%1*40 
6 4QMJOFTIBGU 4"&%+5%1*40 
5BCMF'MBOHFWFSTJPOTJOQVUTJEF
$PEJOH %FTDSJQUJPO %FTJHOBUJPO
( 'MBOHF #)8*40
' 'MBOHF 4"&&IPMF+*40
8 'MBOHF 4"&%IPMF+*40
5BCMF4FBMT
5BCMF)PVTJOHWFSTJPOT
$PEJOH %FTDSJQUJPO
/ /#3
7 ',.
$PEJOH %FTDSJQUJPO
/PUISVTIBGU
5ISVTIBGU
$PEJOH1 $PEJOH-41
$PEJOH-1 $PEJOH--41
9
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1
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4
-
9
1
-
4
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-4
1
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4
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5ZQF7.]]%. 5ZQF7.]]%.
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XXXIBXFJOMJOFDPN
XXXIBXFJOMJOFDPN

#BTJDWFSTJPO #BTJDWFSTJPO
5BCMF$POUSPMMFS
5BCMF$POUSPMMFS
$PEJOH %FTDSJQUJPO
-
5IFQPXFSDPOUSPMMFSXJUIFYBDUIZQFSCPMJDDVSWFJTVTFEJOUIFDBTFPGHSFBUMZWBSZJOH
QSFTTVSFTXIFSFUIFESJWFNPUPSNVTUBMTPCFQSPUFDUFEBHBJOTUPWFSMPBEJOH5IFESJWF
UPSRVFJTMJNJUFEBMPOHUIFMJOF1SFTTVSF(FPNFUSJDEJTQMBDFNFOU$POTUBOUCZUIF
TQFDJBMTUSVDUVSF*GGPSFYBNQMFUIFQSFTTVSFEPVCMFTBUDPOTUBOUSPUBUJPOTQFFEUIF
EFMJWFSZPXJTBVUPNBUJDBMMZIBMWFE&YUFSOBMNFDIBOJDBMBEKVTUNFOUDBOCFNBEFUP
UIFESJWFUPSRVFBUBOZUJNF
0OMZJODPNCJOBUJPOXJUIQSFTTVSFDPOUSPMMFS1PXDPOUSPM7PSMPBETFOTJOHDPOUSPMMFS
-41
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XXXIBXFJOMJOFDPN
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1SFTTVSFCBS
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C1SFTTVSFQDPOTUBOU
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3PUBUJOHEJSFDUJPODMPDLXJTF
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1
1SFTTVSFQPSU
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3PUBUJOHEJSFDUJPODMPDLXJTF
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# TVDUJPOQPSU
3PUBUJOHEJSFDUJPOBOUJDMPDLXJTF
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 1PXFSDPOUSPMMFS
 /1-41DPOUSPMMFS
 7DPOUSPMMFS
 #MFFEJOHQPSU(
1
1SFTTVSFQPSU
4"&14*
1
1SFTTVSFQPSU
4"&14*
4
4VDUJPOQPSU
4"&14*
4
4VDUJPOQPSU
4"&14*
5ZQF7.]]%. 5ZQF7.]]%.
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XXXIBXFJOMJOFDPN
XXXIBXFJOMJOFDPN
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#MFFEJOHBOE
GMVTIJOHQPSU(
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#MFFEJOHBOE
GMVTIJOHQPSU(
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#MFFEJOHBOE
GMVTIJOHQPSU(
1JWPUJOHBOHMFJOEJDBUPS
1*/".14VQFSTFBM
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4IBGUWFSTJPOT
'MBOHFWFSTJPOT
4QMJOFTIBGU
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4QMJOFTIBGU
$PEJOH4
4"&'+5%1
4QMJOFTIBGU
$PEJOH6
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$PEJOH8
4"&%IPMF+*40
$PEJOH'
4"&&IPMF+*40
5ZQF7.-
1JWPUJOHBOHMFJOEJDBUPS 8JUIQJWPUJOHBOHMFQJDLVQ)BMMTFOTPS
5ZQF7.]]%. 5ZQF7.]]%.
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XXXIBXFJOMJOFDPN
XXXIBXFJOMJOFDPN

1PSUT
5IFOPNJOBMEJBNFUFSPGUIFDPOOFDUJOHMJOFTEFQFOETPOUIFTQFDJGJFEPQFSBUJOHDPOEJUJPOTUIF
WJTDPTJUZPGUIFIZESBVMJDVJEUIFTUBSUVQBOEPQFSBUJOHUFNQFSBUVSFTBOEUIFSPUBUJPOTQFFEPGUIF
QVNQ*OQSJODJQMFXFSFDPNNFOEUIFVTFPGIPTFMJOFTEVFUPUIFTVQFSJPSEBNQJOHDIBSBDUFSJTUJDT
#MFFEJOHBOEVTIJOHQPSU
5IF7.QVNQJTUUFEXJUIB(#411CMFFEJOHBOEVTIJOHQPSU5IJTJTVTFEUPCMFFEBOEVTI
UIFGSPOUTIBGUCFBSJOHJOUIFDBTFPGWFSUJDBMJOTUBMMBUJPO
1SFTTVSFQPSU
5IFQSFTTVSFQPSUDPOOFDUJPOJTFTUBCMJTIFEJOUIFDBTFPGUZQF7.WJB4"&QPSUTTFF$IBQUFS
%JNFOTJPOT
.FUSJDBUUBDINFOUUISFBETBSFVTFEJOEFWJBUJPOGSPNUIFTUBOEBSE
0CTFSWFUIFUJHIUFOJOHUPSRVFTQFDJFECZUIFUUJOHNBOVGBDUVSFS
4VDUJPOQPSU
5IFTVDUJPOQPSUDBOCFFTUBCMJTIFEWJB4"&QPSUTTFF$IBQUFS%JNFOTJPOT.FUSJDBUUBDINFOU
UISFBETBSFVTFEJOEFWJBUJPOGSPNUIFTUBOEBSE
*GQPTTJCMFSPVUFUIFTVDUJPOMJOFUPUIFUBOLJOTVDIBXBZUIBUJUJTTUFBEJMZSJTJOH5IJTBMMPXTUSBQQFE
BJSUPFTDBQF0CTFSWFUIFTQFDJDBUJPOTJO
$IBQUFS*OTUBMMBUJPOQPTJUJPOT5IFBCTPMVUFTVDUJPO
QSFTTVSFNVTUOPUGBMMCFMPXCBS"IPTFMJOFTIPVMEHFOFSBMMZCFVTFEJOQSFGFSFODFUPBSJHJEQJQF
%SBJOQPSU
5IF7.1VNQIBTESBJOQPSUT(#411
5IFOPNJOBMEJBNFUFSPGUIFMFBLBHFMJOFNVTUOPUCFMFTTUIBONN5IFDSPTTTFDUJPOJTEFUFSNJOFE
CZUIFNBYQFSNJTTJCMFIPVTJOHQSFTTVSF
*OUFHSBUFUIFMFBLBHFMJOFJOUIFTZTUFNJOTVDIBXBZBTUPQSFWFOUEJSFDUDPOOFDUJPOXJUIUIFTVDUJPO
MJOFPGUIFQVNQ
"MMESBJOQPSUTDBOCFVTFETJNVMUBOFPVTMZ
"TFQBSBUFMFBLBHFMJOFGSPNUIFDPOUSPMMFSUPUIFUBOLJTOPUSFRVJSFE0CTFSWFUIFTQFDJGJDBUJPOTJO
$IBQUFS*OTUBMMBUJPOQPTJUJPOT
5IFUPQESBJOQPSUDBOCFVTFEUPMMUIFIPVTJOH
-4QPSUGPSWFSTJPO-41
5IF-4MJOFJTDPOOFDUFEUPUIFDPOUSPMMFSWJBB(#411UISFBEFEDPOOFDUJPO
5IFOPNJOBMEJBNFUFSPGUIFMJOFEFQFOETPOUIFJOTUBMMBUJPOQPTJUJPOPGUIFQVNQBOETIPVMECFPG
UIFQSFTTVSFMJOFOPNJOBMWPMVNF"IPTFMJOFTIPVMEHFOFSBMMZCFVTFEJOQSFGFSFODFUPBSJHJEQJQF
˖8IFOUIFQSPQPSUJPOBMEJSFDUJPOBMTQPPMWBMWFJTJOBOFVUSBMQPTJUJPOUIF-4MJOFNVTUCFGVMMZSFMJFWFE
POMZDPOUSPMMFSUZQF-41*OUIFDBTFPGDPOUSPMMFSUZQF-415SFMJFGUBLFTQMBDFJOUFSOBMMZJOUIFDPOUSPMMFS
*OTUBMMBUJPOJOGPSNBUJPO
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5IF7.WBSJBCMFEJTQMBDFNFOUBYJBMQJTUPOQVNQJTEFTJHOFEGPSVTFJOBOPQFODJSDVJU
*UDBOCFNPVOUFEVTJOHBBOHFJOBDDPSEBODFXJUITQFDJDBUJPOT
5IFWBSJPVTDPOUSPMMFSTDBOCFUUFEBTTFQBSBUFEFWJDFTBTSFRVJSFE
5IFGPMMPXJOHFTTFOUJBMQPJOUTNVTUCFOPUFEXIFOJOTUBMMJOHUIFQVNQ
.PVOUJOHBOESFNPWBMPGUIFQVNQBOEBUUBDIFEDPNQPOFOUTNBZCFQFSGPSNFECZUSBJOFEQFSTPOT
POMZ&OTVSFBCTPMVUFDMFBOMJOFTTEVSJOHBMMXPSL$POUBNJOBUJPONBZIBWFBOBEWFSTFFGGFDUPOUIF
GVODUJPOBOETFSWJDFMJGFPGUIFQVNQ
˖3FNPWFBMMQMBTUJDQMVHTQSJPSUPJOJUJBMPQFSBUJPO
˖"WPJEJOTUBMMJOHUIFNPUPSBCPWFUIFUBOLTFF
$IBQUFS*OTUBMMBUJPOQPTJUJPOT
˖0CTFSWFUIFSFGFSFODFWBMVFTJO4FDUJPO
˖1SJPSUPJOJUJBMPQFSBUJPOMMUIFQVNQXJUIPJMBOECMFFE
"VUPNBUJDQVNQMMJOHWJBUIFTVDUJPOMJOFCZPQFOJOHUIFESBJOQPSUTJTOPUQPTTJCMF
˖1SFWFOUUIFQVNQBOETVDUJPOMJOFGSPNSVOOJOHESZ
˖"MXBZTFOTVSFBDPOTUBOUTVQQMZPGPJM
&WFOBCSJFGTIPSUBHFJOUIFTVQQMZPGIZESBVMJDVJEUPUIFQVNQNBZEBNBHFJOUFSOBMQBSUT
5IJTNBZOPUCFJNNFEJBUFMZFWJEFOUBGUFSJOJUJBMPQFSBUJPO
˖5IFIZESBVMJDPJMSFUVSOJOHUPUIFUBOLGSPNUIFTZTUFNNVTUOPUCFTVDLFECBDLJOJNNFEJBUFMZCBFT
˖3VOUIFQVNQGPSBQQSPYNJOVUFTBUNBYCBSBGUFSJOJUJBMPQFSBUJPO
˖5IPSPVHICMFFEJOHVTIJOHPGUIFFOUJSFTZTUFNJTSFDPNNFOEFECFGPSFUIFGVMMQSFTTVSFSBOHFJTVTFE
˖0CTFSWFUIFNBYQFSNJTTJCMFPQFSBUJOHSBOHFUFNQFSBUVSFTTFF
$IBQUFS1BSBNFUFSTBUBMMUJNFT
˖"MXBZTDPNQMZXJUIUIFTQFDJFEPJMQVSJUZDMBTTFTTFF
$IBQUFS1BSBNFUFST
QSPWJEFBQQSPQSJBUFIZESBVMJDVJEMUFSJOH
˖6TFPGBMUFSJOUIFTVDUJPOMJOFNVTUCFBQQSPWFECZ*O-JOF)ZESBVMJL
˖*ODMVEFBNBJOQSFTTVSFMJNJUJOHWBMWFJOUIFQSFTTVSFMJOFUPMJNJUUIFNBYTZTUFNQSFTTVSF
5ZQF7.]]%. 5ZQF7.]]%.
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XXXIBXFJOMJOFDPN
XXXIBXFJOMJOFDPN
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4VDUJPOQPSUPQFO
4VDUJPOQPSUPQFO
;
I
;
4VDUJPOQPSUPQFO
4VDUJPOQPSUPQFO
;
I
;
5BOLJOTUBMMBUJPO
5BOLJOTUBMMBUJPOQVNQCFMPXUIFNJOMMMFWFM
5IFQVNQDBOCFPQFSBUFEFJUIFSXJUIPSXJUIPVUBTVDUJPOUVCF6TJOHBTIPSUTVDUJPOJOUBLFJT
SFDPNNFOEFE
"EEJUJPOBMOPUFTSFHBSEJOHJOTUBMMBUJPOBCPWFUIFMMMFWFM
4QFDJBMNFBTVSFTBSFSFRVJSFEJGUIFQVNQJTJOTUBMMFEBCPWFUIFMMMFWFM5IFQVNQNVTUOPUSVOESZWJB
UIFQSFTTVSFJOUBLFESBJOCMFFEPSDPOUSPMMJOFT5IJTBQQMJFTJOQBSUJDVMBSUPMPOHQFSJPETPGEPXOUJNF
˖"DIFDLWBMWFPQFOJOHQSFTTVSFBQQSPYUPCBSJOUIFPWFSPXPJMMJOFDBOQSFWFOUUIFQVNQ
IPVTJOHGSPNCFJOHFNQUJFE
˖'BDJMJUBUFCMFFEJOHPGDPOOFDUJOHMJOFTWJBTFQBSBUFCMFFEPQFOJOHT
˖"EKVTUUIFCMFFEJOHTFRVFODFUPUIFTQFDJDJOTUBMMBUJPO
˖"HFBSQVNQNVTUCFQSPWJEFEJOPSEFSUPESBXBJSGSPNUIFTVDUJPOMJOF
'PSTQFDJBMJTUBEWJDFPOEFTJHOJOHBYJBMQJTUPOQVNQTUIFGPMMPXJOHDPOUBDUGPSNJTBWBJMBCMF
$IFDLMJTUGPSEFTJHOJOHWBSJBCMFEJTQMBDFNFOUBYJBMQJTUPOQVNQT#DIFDLMJTU
'PSGVSUIFSJOGPSNBUJPOPOJOTUBMMBUJPOPQFSBUJPOBOENBJOUFOBODF
TFFUIFSFMFWBOUBTTFNCMZJOTUSVDUJPOT
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4VDUJPOQPSUPQFO
4VDUJPOQPSUPQFO
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I
;
*OTUBMMBUJPOQPTJUJPOT
5IFWBSJBCMFEJTQMBDFNFOUBYJBMQJTUPOQVNQ7&DBOCFJOTUBMMFEJOBOZJOTUBMMBUJPOQPTJUJPO
)PSJ[POUBMJOTUBMMBUJPOQVNQCFMPXUIFNJOMMMFWFM
'PSIPSJ[POUBMJOTUBMMBUJPOVTFUIFVQQFSNPTUESBJOQPSU
7FSUJDBMJOTUBMMBUJPOQVNQCFMPXUIFNJOMMMFWFM
.PVOUUIFQVNQTPUIBUUIFQVNQNPVOUJOHGMBOHFJTGBDJOHVQXBSET'PSWFSUJDBMJOTUBMMBUJPOVTF
UIFVQQFSNPTUESBJOQPSU"MTPDPOOFDUUIF(#411CMFFEJOHQPSUPOUIFQVNQGMBOHF5BLF
BQQSPQSJBUFNFBTVSFTUPFOTVSFDPOUJOVPVTCMFFEJOHPGUIJTMJOFMJOFSPVUJOHCMFFEJOH
'PSJOTUBMMBUJPOXJUIUIFQVNQBOHFGBDJOHEPXOXBSETQMFBTFDPOUBDU*O-JOF)ZESBVMJL
5ZQF7.]]%. 5ZQF7.]]%.
 
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XXXIBXFJOMJOFDPN
XXXIBXFJOMJOFDPN

0QFSBUJOHJOTUSVDUJPOT
.BJOUFOBODFJOGPSNBUJPO
1SPEVDUQSFTTVSFBOEPSPXTFUUJOHT
"MMTUBUFNFOUTJOUIJTEPDVNFOUBUJPONVTUCFPCTFSWFEGPSBMMQSPEVDUQSFTTVSFBOEPSPXTFUUJOHTPO
PSJOUIFIZESBVMJDTZTUFN
'JMUFSJOHBOEQVSJUZPGUIFIZESBVMJDVJE
4PJMJOHJOUIFGJOFSBOHFFHBCSBEFENBUFSJBMBOEEVTUPSJOUIFNBDSPSBOHFFHDIJQTSVCCFS
QBSUJDMFTGSPNIPTFTBOETFBMTDBODBVTFTJHOJGJDBOUNBMGVODUJPOTJOBIZESBVMJDTZTUFN*UJTBMTP
UPCFOPUFEUIBUOFXIZESBVMJDGMVJEGSPNUIFESVNEPFTOPUOFDFTTBSJMZNFFUUIFIJHIFTUQVSJUZ
SFRVJSFNFOUT
'PSUSPVCMFGSFFPQFSBUJPOQBZBUUFOUJPOUPUIFQVSJUZPGUIFIZESBVMJDGMVJETFFBMTPQVSJUZDMBTTJO
$IBQUFS1BSBNFUFST
5IJTQSPEVDUJTMBSHFMZNBJOUFOBODFGSFF
$IFDLUIBUUIFQSPEVDUJTTFDVSFMZGBTUFOFEJOUIFNPVOUJOHIPMFBUSFHVMBSJOUFSWBMTCVUBUMFBTUPODF
QFSZFBS
$POEVDUBWJTVBMJOTQFDUJPOUPDIFDLUIFIZESBVMJDDPOOFDUJPOTGPSEBNBHFBUSFHVMBSJOUFSWBMTCVUBU
MFBTUPODFQFSZFBS*GFYUFSOBMMFBLTBSFGPVOETIVUEPXOBOESFNFEZ
$IFDLUIFEFWJDFTVSGBDFTGPSEVTUEFQPTJUTBUSFHVMBSJOUFSWBMTCVUBUMFBTUBOOVBMMZBOEDMFBOUIF
EFWJDFJGSFRVJSFE
$BVUJPO
3JTLPGJOKVSZPOPWFSMPBEJOHDPNQPOFOUTEVFUPJODPSSFDUQSFTTVSFTFUUJOHT
˖"MXBZTNPOJUPSUIFQSFTTVSFHBVHFXIFOTFUUJOHPSDIBOHJOHUIFQSFTTVSF
$BVUJPO
3JTLPGJOKVSZEVFUPVOFYQFDUFENPWFNFOUQSPDFTTFTJOUIFNBDIJOFEVFUPJODPSSFDUPXTFUUJOH
0ODIBOHJOHUIFPXTFUUJOHTMPBETXJMMNPWFNPSFTMPXMZPSNPSFRVJDLMZ
5IFDPOTFRVFODFDBOCFVOFYQFDUFENPWFNFOUT
˖0OMZNBLFPXTFUUJOHTPSDIBOHFTJOBDPOUSPMMFENBOOFS
*OTUBMMBUJPOPQFSBUJPOBOENBJOUFOBODFJOGPSNBUJPO
%FTJHOBUFEVTF
"TTFNCMZJOGPSNBUJPO
5IJTVJEQPXFSQSPEVDUIBTCFFOEFTJHOFENBOVGBDUVSFEBOEUFTUFEBDDUPTUBOEBSETBOESFHVMBUJPOT
HFOFSBMMZBQQMJDBCMFJOUIF&VSPQFBO6OJPOBOEMFGUUIFQMBOUJOBTBGFBOEGBVMUGSFFDPOEJUJPO
5PNBJOUBJOUIJTDPOEJUJPOBOEFOTVSFTBGFPQFSBUJPOPQFSBUPSTNVTUPCTFSWFUIFJOGPSNBUJPOBOE
XBSOJOHTJOUIJTEPDVNFOUBUJPO
5IJTVJEQPXFSQSPEVDUNVTUCFJOTUBMMFEBOEJOUFHSBUFEJOBIZESBVMJDTZTUFNCZBRVBMJFETQFDJBMJTU
XIPJTGBNJMJBSXJUIBOEBEIFSFTUPHFOFSBMFOHJOFFSJOHQSJODJQMFTBOESFMFWBOUBQQMJDBCMFSFHVMBUJPOT
BOETUBOEBSET
*OBEEJUJPOBQQMJDBUJPOTQFDJDGFBUVSFTPGUIFTZTUFNPSJOTUBMMBUJPOMPDBUJPONVTUCFUBLFOJOUPBDDPVOU
JGSFMFWBOU
5IJTQSPEVDUNBZPOMZCFVTFEBTBPXDPOUSPMWBMWFBTBQVNQXJUIJOPJMIZESBVMJDTZTUFNT
5IFQSPEVDUNVTUCFPQFSBUFEXJUIJOUIFTQFDJGJFEEBUB5IJTEPDVNFOUBUJPODPOUBJOTUIFUFDIOJDBM
QBSBNFUFSTGPSWBSJPVTQSPEVDUWFSTJPOT
5IFIZESBVMJDBDDVNVMBUPSNVTUCFJOUFHSBUFEJOUIFTZTUFNWJBTUBUFPGUIFBSUDPOOFDUJPODPNQPOFOUT
TDSFXUUJOHTIPTFTQJQFTFUD5IFIZESBVMJDTZTUFNNVTUCFTIVUEPXOBTBQSFDBVUJPOBSZNFBTVSF
QSJPSUPEJTNPVOUJOHUIJTBQQMJFTJOQBSUJDVMBSUPTZTUFNTXJUIIZESBVMJDBDDVNVMBUPST
/PUF
/PODPNQMJBODFXJMMWPJEBOZXBSSBOUZDMBJNTNBEFBHBJOTU*O-JOF)ZESBVMJL