.QCF&GRGPFGPV% (NKPFGT - KPGT .&%.: 2wtrqug
.QCF&GRGPFGPV% (NKPFGT - KPGT .&%.: 2wtrqug
.QCF&GRGPFGPV% (NKPFGT - KPGT .&%.: 2wtrqug
.QCF&GRGPFGPV%[NKPFGT.KPGT
.&%.
%QQNKPI9CVGT5[UVGOU
+PQTFGTVQRTGXGPVEQNFEQTTQUKQPKPVJGE[NKPFGTNKPGT.QCF&GRGPFGPV%[NKPFGT
.KPGT
.&%.JCUDGGPKPVTQFWEGFQPCPWODGTQHGPIKPGFGUKIPU
5GGFTCYKPI
2WTRQUG
7PFGTXGT[NQYGPIKPGNQCFVJGVGORGTCVWTGKPVJGE[NKPFGTDGEQOGUTGNCVKXGN[NQY
CPFVJKUECWUGUVJGUWNRJWTHTQOVJGHWGNQKNVQEQPFGPUCVGQPVJGE[NKPFGTNKPGT
YCNNYJKEJYKNNECWUGEQTTQUKQP
6JGRWTRQUGQHVJG.&%.EQQNKPIYCVGTU[UVGOKUVQTCKUGVJGVGORGTCVWTGQPVJG
E[NKPFGTNKPGTYCNNVQRTGXGPVVJGEQPFGPUCVKQPQHVJGUWNRJWT4CKUKPIVJGVGORGTC
VWTGQHVJGE[NKPFGTNKPGTYCNNKUFQPGD[TCKUKPIVJGLCEMGVEQQNKPIYCVGTVGORGTC
VWTGCVNQYNQCF6JKUYKNNECWUGVJGE[NKPFGTNKPGTYCNNVQJCXGCJKIJGTVGORGTCVWTG
CPFVJWUVJGEQPFGPUCVKQPQHUWNRJWTYKNNDGTGFWEGF
(WPEVKQP
6JG.&%.EQQNKPIYCVGTU[UVGOFKHHGTUHTQOVJGPQTOCNU[UVGOD[JCXKPICEKTEW
NCVKQPEKTEWKVQHEQQNKPIYCVGTQXGTVJGE[NKPFGTNKPGTU
6JGEKTEWNCVKQPKUFTKXGPD[CEKTEWNCVKQPRWORVQGPUWTGCJKIJHNQYQXGTVJGNKPGTU
6JGEKTEWNCVKQPEKTEWKVKUEQQNGFD[TGOQXKPIJQVYCVGTHTQOVJGEKTEWKVCPFCFFKPI
EQNFEQTTGURQPFKPIVQVJGJGCVTGNGCUGQHVJGE[NKPFGTNKPGTCPFVJGVGORGTCVWTG
UGVRQKPVKPVJGEQPVTQNU[UVGO
6JGJKIJVGORGTCVWTGEKTEWNCVKQPKUQPN[QRGTCVKXGWRVQGIGPIKPGNQCF
QRGTCVKQPRQKPVKUGPIKPGFGRGPFGPV#VVJKURQKPVVJGEKTEWNCVKQPRWORKUUVQR
RGFCPFVJGYC[OKZKPIXCNXGKUOQXGFVQHWNNQRGP
$s
#$RQUKVKQP+PVJKU
RQUKVKQPVJGHWNNHNQYQHEQQNKPIYCVGTHTQOVJGUJKRKUUGPVVJTQWIJVJGNKPGTU
5GGFTCYKPI(KI
+PECUGQHHCKNWTGKPVJGU[UVGOVJGEKTEWNCVKQPRWORYKNNUVQRCPFVJGYC[OKZKPI
XCNXGYKNNOQXGVQHCKNUCHGRQUKVKQPYJKEJKUHWNNQRGP
$s
#$CPFVJGEQQNKPI
YCVGTVGORGTCVWTGYKNNDGEQPVTQNNGFD[VJGUJKRUEQQNKPIYCVGTUWRRN[
%QPVTQN
6JG%QQNKPI9CVGT%QPVTQN7PKV
%9%7OGCUWTGUKPNGVCPFQWVNGVVGORGTCVWTGU
KPNGVCPFQWVNGVRTGUUWTGUHQTVJGEKTEWNCVKQPRWORCPFVJGCEVWCNGPIKPGNQCF
$CUGFQPVJGUGKPRWVUVJGYC[OKZKPIXCNXGKUOQXGFVQCRQUKVKQPYJGTGVJG
VGORGTCVWTGQHVJGEKTEWNCVKPIEQQNKPIYCVGTOCVEJGUVJGKPNGVCPFQWVNGVVGORGTC
VWTGUFGHKPGFD[VJGU[UVGOURCTCOGVGTU
5GGFTCYKPI(KI
GP
&GUETKRVKQP
+PCFFKVKQPVJG%9%7YKNNQTFGTCPKPNGVVGORGTCVWTGHTQOVJGUJKRUEQQNKPIYCVGT
U[UVGOYJKEJCICKPKUFGHKPGFD[VJGU[UVGOURCTCOGVGTU
KPFKECVGFKPHKIWTG
+PECUGQHCUGPUQTHCKNWTGQTKHVJGEKTEWNCVKQPRWORUVCTVGTECDKPGVKURWVKP.QECN
%QPVTQNCPCNCTOYKNNDGTCKUGFCPFVJGU[UVGOTGVWTPUVQHCKNUCHGUVCVG
7UGTKPVGTHCEG
%QQNKPI9CVGT5[UVGOU
6JGUVCPFCNQPGKORNGOGPVCVKQPQHVJG%9%7JCUCUKPINGEQOOQPCNCTOQWVRWV
HQTVJGUJKRUCNCTOU[UVGOCPFCNQECNUVCVWUKPFKECVKQP
6JGUVCVWUKPFKECVKQPEQPUKUVUQHNCORUCPFDWVVQPU
#NCTO
#TGFNKIJVKPFKECVGUCPCEVKXGCNCTO6JGEKTEWNCVKQPRWORKUUVQRRGF
CPFVJGJKIJVGORGTCVWTGEKTEWNCVKQPKUKPQRGTCVKXG#EVKQPTGSWKTGFVQHKPF
CPFEQTTGEVVJGRTQDNGO
7PCEMPQYNGFIGFCNCTO
#PCNCTOJCUQEEWTTGFDWVVJGCNCTOEQPFKVKQPKUPQNQPIGTRTGUGPV
#EVKQPTGSWKTGFVQCEMPQYNGFIGVJGCNCTOD[RTGUUKPIVJGDNWGDWVVQPVQ
TGCEVKXCVGVJGU[UVGO
5[UVGO1-
0QCNCTOUCPFVJGU[UVGOKUQRGTCVKXG
#EMPQYNGFIGDWVVQP
QPQTKPUKFGVJGECDKPGV
#HVGTCPCNCTOEQPFKVKQPJCUDGGPTGEVKHKGFVJGDWVVQPOWUVDGRTGUUGF
VQTGCEVKXCVGVJGU[UVGO
.CORVGUVDWVVQP
2NGCUGPQVGVJCVCEMPQYNGFIKPICPWPCEMPQYNGFIGFCNCTOYKNNUVCTV
VJGEKTEWNCVKQPRWORKHPQQVJGTCNCTOUCTGCEVKXG
GP
&GUETKRVKQP
4GFWEKPI5GTXKEG&KHHKEWNVKGU
%QQNKPI9CVGT6TGCVOGPV
6QTGFWEGUGTXKEGFKHHKEWNVKGUVQCOKPKOWOYGUVTQPIN[TGEQOOGPF
r GHHGEVKXGRTQVGEVKQPCICKPUVEQTTQUKQPQHVJGEQQNKPIYCVGTU[UVGOD[CFFKPICEJGOK
EQTTQUKQPKPJKDKVQT5GG+VGO
ECNE
r EQQNKPIYCVGTSWCNKV[5GG+VGO
WUKPIVJGEQTTGEVE
r GHHGEVKXGXXGPVKPIQHVJGU[UVGO5GG+VGO
r %JGEMKPIVJGU[UVGOCPFYCVGTFWTKPIUGTXKEG5GG+VGO
r 7UKPIVJGEQTTGEVENGCPKPICPFKPJKDKVKPIRTQEGFWTG5GG+VGOUCPF
6[RGUQH&COCIG
+HVJGCDQXGOGPVKQPGFRTGECWVKQPUCTGPQVVCMGPVJGHQNNQYKPIV[RGUQHFCOCIG
OC[QEEWT
r EQTTQUKQPYJKEJTGOQXGUOCVGTKCNHTQOVJGCVVCEMGFUWTHCEGD[CEJGOKECNRTQEGUU
r EQTTQUKQPHCVKIWGYJKEJOC[FGXGNQRKPVQETCEMUDGECWUGQHUKOWNVCPGQWUEQTTQUKQP
CPFF[PCOKEUVTGUUGU
r ECXKVCVKQPYJKEJTGOQXGUOCVGTKCNDGECWUGQHNQECNUVGCOHQTOCVKQPCPFUWDUGSWGPV
EQPFGPUCVKQPKPVJGEQQNKPIYCVGTFWGVQJKIJYCVGTXGNQEKV[QTXKDTCVKQPU
r UECNGHQTOCVKQPYJKEJTGFWEGUVJGJGCVVTCPUHGTOQUVN[FWGVQNKOGFGRQUKVU
%QTTQUKQPCPFECXKVCVKQPOC[TGFWEGVJGNKHGVKOGCPFUCHGV[HCEVQTUQHVJGRCTVU
EQPEGTPGF&GRQUKVUYKNNKORCKTVJGJGCVVTCPUHGTCPFOC[TGUWNVKPVJGTOCNQXGT
NQCFQHVJGEQORQPGPVUVQDGEQQNGF
%QTTQUKQP+PJKDKVQTU
8CTKQWUV[RGUQHKPJKDKVQTUCTGCXCKNCDNGDWVIGPGTCNN[QPN[PKVTKVGDQTCVGDCUGF
KPJKDKVQTUCTGTGEQOOGPFGF
#PWODGTQHRTQFWEVUOCTMGVGFD[OCLQTEQORCPKGUCTGURGEKHKGFKPVJGVCDNGQP
2CIG6JGTGNGXCPVFQUCIGUCTGCNUQOGPVKQPGFCPFYGTGEQOOGPFVJCV
VJGUGFKTGEVKQPUCTGUVTKEVN[QDUGTXGF
%QQNKPIYCVGTVTGCVOGPVWUKPIKPJKDKVKPIQKNUKUPQVTGEQOOGPFGFCUUWEJVTGCV
OGPVKPXQNXGUVJGTKUMQHWPEQPVTQNNGFFGRQUKVUDGKPIHQTOGFQPGZRQUGFUWTHCEGU
CPFHWTVJGTOQTGTGRTGUGPVUCPGPXKTQPOGPVCNRTQDNGO
6JGNGIKUNCVKQPHQTFKURQUCNQHYCUVGYCVGTKPENEQQNKPIYCVGT
RTQJKDKVUVJGWUGQHEJTQOCVGHQTEQQNKPIYCVGTVTGCVOGPV
GP
%JTQOCVGKPJKDKVQTUOWUVPQVDGWUGFKPRNCPVUEQPPGEVGFVQC
&GUETKRVKQP
HTGUJYCVGTIGPGTCVQT
%QQNKPI9CVGT3WCNKV[
%QQNKPI9CVGT6TGCVOGPV
+VKUKORQTVCPVVQWUGVJGEQTTGEVEQQNKPIYCVGTSWCNKV[9GTGEQOOGPFVQWUG
FGKQPK\GFQTFKUVKNNGFYCVGT
HQTGZCORNGRTQFWEGFKPVJGHTGUJYCVGTIGPGTCVQTCU
EQQNKPIYCVGT
6JKURTGXGPVUVQCYKFGGZVGPVVJGHQTOCVKQPQHNKOGUVQPGQPE[NKPFGTNKPGTUCPFKP
E[NKPFGTEQXGTUYJKEJYQWNFKORCKTVJGJGCVVTCPUHGTCPFTGUWNVKPWPCEEGRVCDN[
JKIJOCVGTKCNVGORGTCVWTGU
$GHQTGWUGEJGEMVJCVVJGHQNNQYKPIXCNWGUCTGPQVGZEGGFGF
r *CTFPGUUOCZF*
RRO%C1
r R*
CV%
r %JNQTKFGRRO
OINKVTG
r 5WNRJCVGRRO
OINKVTG
r 5KNKECVGRRO
OINKVTG
%JGEMVJCVVJGTGKUPQEQPVGPVQH
r 5WNRJKFG
r 5WNRJKFG
r #OOQPKC
5QHVGPKPIQHVJGYCVGTFQGUPQVTGFWEGKVUUWNRJCVGCPF
EJNQTKFGEQPVGPVU
+HFGKQPK\GFQTFKUVKNNGFYCVGTECPPQVDGQDVCKPGFPQTOCNFTKPMKPIYCVGTECPDG
WUGFKPGZEGRVKQPCNECUGU
4CKPYCVGTGVEOWUVPQVDGWUGFCUKVECPDGJGCXKN[EQPVCOKPCVGF
8GPVKPI
6JGU[UVGOKUHKVVGFYKVJCFGCGTCVKPIVCPMYKVJCNCTOCPFYKVJXGPVKPIRKRGUYJKEJ
NGCFVQVJGGZRCPUKQPVCPM5GGFGUETKRVKQP
%JGEMKPIVJG5[UVGOCPF9CVGTFWTKPI5GTXKEG
GP
&GUETKRVKQP
9GTGEQOOGPFVQMGGRCTGEQTFQHCNNVGUVUVQHQNNQYVJGEQPFKVKQPCPFVTGPFQH
VJGEQQNKPIYCVGT
%JGEMVJGEQQNKPIYCVGTU[UVGOCPFVJGYCVGTCVVJGKPVGTXCNUIKXGPDGNQY