guia monografía
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Guía de la monografía del Bachillerato InternacionalTRANSCRIPT
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Gua de la MonografaPrimeros exmenes: 2013
Programa del Diploma
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Gua de la Monografa
Programa del Diploma
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International Baccalaureate, Baccalaurat International y Bachillerato Internacional son marcas registradas de la Organizacin del Bachillerato Internacional.
Publicada en marzo de 2007 Actualizada en noviembre de 2008, febrero de 2009 diciembre de 2010ZNBZPEF
Publicada en nombre de la Organizacin del Bachillerato Internacional, una fundacin educativa sin fines de lucro con sede en 15 Route des Morillons, 1218 Le Grand-Saconnex, Ginebra (Suiza), por
International Baccalaureate Organization Ltd (Reino Unido)Peterson House, Malthouse Avenue, Cardiff Gate
Cardiff, Wales CF23 8GLReino Unido
Tel.: + 44 29 2054 7777Fax: +44 29 2054 7778
Sitio web: www.ibo.org
Organizacin del Bachillerato Internacional, 2007
La Organizacin del Bachillerato Internacional (conocida como IB) ofrece tres programas educativos exigentes y de calidad a una comunidad de colegios en todo el mundo, con el propsito de crear un mundo mejor y ms pacfico. Esta publicacin forma parte de una gama de materiales producidos con el fin de apoyar dichos programas.
El IB puede utilizar diversas fuentes en su trabajo y comprueba la informacin para verificar su exactitud y autora original, en especial al hacer uso de fuentes de conocimiento comunitario, como Wikipedia. El IB respeta la propiedad intelectual, y hace denodados esfuerzos por identificar y obtener la debida autorizacin de los titulares de los derechos antes de la publicacin de todo material protegido por derechos de autor utilizado. El IB agradece la autorizacin recibida para utilizar el material incluido en esta publicacin y enmendar cualquier error u omisin lo antes posible.
El uso del gnero masculino en esta publicacin no tiene un propsito discriminatorio y se justifica nicamente como medio para hacer el texto ms fluido. Se pretende que el espaol utilizado sea comprensible para todos los hablantes de esta lengua y no refleje una variante particular o regional de la misma.
Todos los derechos reservados. Esta publicacin no puede reproducirse, almacenarse o distribuirse de forma total o parcial, en manera alguna ni por ningn medio, sin la previa autorizacin por escrito del IB, sin perjuicio de lo estipulado expresamente por la ley o por la poltica y normativa de uso de la propiedad intelectual del IB. Vase la pgina http://www.ibo.org/es/copyright del sitio web pblico del IB para ms informacin.
Los artculos promocionales y las publicaciones del IB pueden adquirirse en la tienda virtual del IB, disponible en http://store.ibo.org. Las consultas sobre pedidos deben dirigirse al departamento de marketing y ventas en Cardiff.
Tel.: +44 29 2054 7746Fax: +44 29 2054 7779
Correo-e: [email protected]
Programa del DiplomaGua de la Monografa
Versin en espaol del documento publicado en marzo de 2007 con el ttulo Extended essay guide
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Organizacin del Bachillerato Internacional, 2007
Declaracin de principios del IBEl Bachillerato Internacional (IB) tiene como meta formar jvenes solidarios, informados y vidos de conocimiento, capaces de contribuir a crear un mundo mejor y ms pacfico, en el marco del entendimiento mutuo y el respeto intercultural.
En pos de este objetivo, la organizacin colabora con establecimientos escolares, gobiernos y organizaciones internacionales para crear y desarrollar programas de educacin internacional exigentes y mtodos de evaluacin rigurosos.
Estos programas alientan a estudiantes del mundo entero a adoptar una actitud activa de aprendizaje durante toda su vida, a ser compasivos y a entender que otras personas, con sus diferencias, tambin pueden estar en lo cierto.
Perfil de la comunidad de aprendizaje del IBEl objetivo fundamental de los programas del IB es formar personas con mentalidad internacional que, conscientes de la condicin que las une como seres humanos y de la responsabilidad que comparten de velar por el planeta, contribuyan a crear un mundo mejor y ms pacfico.
Los miembros de la comunidad de aprendizaje del IB se esfuerzan por ser:
Indagadores Desarrollan su curiosidad natural. Adquieren las habilidades necesarias para indagar y realizar investigaciones, y demuestran autonoma en su aprendizaje. Disfrutan aprendiendo y mantendrn estas ansias de aprender durante el resto de su vida.
Informados e instruidos
Exploran conceptos, ideas y cuestiones de importancia local y mundial y, al hacerlo, adquieren conocimientos y profundizan su comprensin de una amplia y equilibrada gama de disciplinas.
Pensadores Aplican, por propia iniciativa, sus habilidades intelectuales de manera crtica y creativa para reconocer y abordar problemas complejos, y para tomar decisiones razonadas y ticas.
Buenos comunicadores
Comprenden y expresan ideas e informacin con confianza y creatividad en diversas lenguas, lenguajes y formas de comunicacin. Estn bien dispuestos a colaborar con otros y lo hacen de forma eficaz.
ntegros Actan con integridad y honradez, poseen un profundo sentido de la equidad, la justicia y el respeto por la dignidad de las personas, los grupos y las comunidades. Asumen la responsabilidad de sus propios actos y las consecuencias derivadas de ellos.
De mentalidad abierta
Entienden y aprecian su propia cultura e historia personal, y estn abiertos a las perspectivas, valores y tradiciones de otras personas y comunidades. Estn habituados a buscar y considerar distintos puntos de vista y dispuestos a aprender de la experiencia.
Solidarios Muestran empata, sensibilidad y respeto por las necesidades y sentimientos de los dems. Se comprometen personalmente a ayudar a los dems y actan con el propsito de influir positivamente en la vida de las personas y el medio ambiente.
Audaces Abordan situaciones desconocidas e inciertas con sensatez y determinacin y su espritu independiente les permite explorar nuevos roles, ideas y estrategias. Defienden aquello en lo que creen con elocuencia y valor.
Equilibrados Entienden la importancia del equilibrio fsico, mental y emocional para lograr el bienestar personal propio y el de los dems.
Reflexivos Evalan detenidamente su propio aprendizaje y experiencias. Son capaces de reconocer y comprender sus cualidades y limitaciones para, de este modo, contribuir a su aprendizaje y desarrollo personal.
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5
-
r MFBMPTMUJNPTJOGPSNFTTPCSFMBTNPOPHSBGBTFOMBBTJHOBUVSBFMFHJEB
r EFEJRVFFOUSFUSFTZDJODPIPSBTBDBEBBMVNOPJODMVJEBMBFOUSFWJTU OBM
r WFSJ RVFRVFFMQSPCMFNBEFJOWFTUJHBDJOFMFHJEPTFBBEFDVBEPBMBBTJHOBUVSB
r PGSF[DBDPOTFKPZPSJFOUBDJOBMBMVNOPTPCSF
r FMBDDFTPBGVFOUFTZSFDVSTPTBQSPQJBEPTUBMFTDPNPQFSTPOBTVOBCJCMJPUFDBVOMBCPSBUPSJP
r MBTUDOJDBTEFPCUFODJOZBOMJTJTEFJOGPSNBDJOQSVFCBTPEBUPT
r MBSFEBDDJOEFMSFTVNFO
r MBEPDVNFOUBDJOEFGVFOUFT
r SFBMJDFVOBCSFWFFOUSFWJTU OBMDPOFMBMVNOPBOUFTEFDPNQMFUBSFMJOGPSNFEFMTVQFSWJTPS
&MBMVNOPQVFEFUSBCBKBSDPOQFSTPOBTFYUFSOBTBMDPMFHJPPDPOTVMUBSDPOFMMBTQFSPFTSFTQPOTBCJMJEBEEFMTVQFSWJTPSEFOUSPEFMDPMFHJPDVNQMJSDPOUPEPTMPTSFRVJTJUPTJOEJDBEPTBOUFSJPSNFOUF
3FTQPOTBCJMJEBEFTEFMBMVNOP&T EFMBMVNOP
r FMFHJSVOUFNBRVFDPSSFTQPOEBBVOBEFMBTBTJHOBUVSBTBQSPCBEBTQBSBMBSFBMJ[BDJOEFNPOPHSBGBTJOEJDBEBTFOFM
r DVNQMJSDPOMPTSFRVJTJUPTFTUBCMFDJEPTQBSBFTUFUSBCBKP
r SFTQFUBSMPTQMB[PTFTUBCMFDJEPT
r DJUBSUPEBTMBTGVFOUFTEFJOGPSNBDJOFJEFBTVUJMJ[BOEPVONUPEPBDBENJDPBDFQUBEP
4F BMBMVNOPRVF
r DPNJFODFBUSBCBKBSFOMBNPOPHSBGBDPOUJFNQPTV DJFOUF
r QJFOTFEFUFOJEBNFOUFDVMTFSFMQSPCMFNBEFJOWFTUJHBDJOQBSBMBNPOPHSBGB
r QMBOJ RVFDNPDVOEPZEOEFPCUFOESFMNBUFSJBMOFDFTBSJP
r FMBCPSFVOQMBOEFUSBCBKPQBSBMBJOWFTUJHBDJOZMBSFEBDDJOEFMBNPOPHSBGBRVFJODMVZBUJFNQPBEJDJPOBMOFDFTBSJPTJTVSHFOSFUSBTPTZQSPCMFNBTJNQSFWJTUPT
r SFHJTUSFMPTEBUPTEFMBTGVFOUFTDPOTVMUBEBTBNFEJEBRVFBWBO[BFOMBJOWFTUJHBDJOFOMVHBSEFUSBUBSEFSFDPOTUSVJSVOBMJTU OBM
r FMBCPSFVOBFTUSVDUVSBDMBSBQBSBMBNPOPHSBGBBOUFTEFDPNFO[BSBFTDSJCJSMB
r WFSJ RVFZSFWJTFMBWFSTJ OBMDVJEBEPTBNFOUF
r TFBTFHVSFEFIBCFSDVNQMJEPDPOUPEPTMPTSFRVJTJUPTCTJDPTEFFTFNPEPQPSFKFNQMPQPESPCUFOFSMBQVOUVBDJONYJNBDPSSFTQPOEJFOUFBMSFTVNFO
"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBT
6
-
$POTFKPTEFMPTFYBNJOBEPSFTQBSBMPTBMVNOPT
&OMPTJOGPSNFTEFMPTFYBNJOBEPSFTGSFDVFOUFNFOUFTFBDPOTFKBBMPTBMVNOPTTFHVJSMBTQSDUJDBTRVFTFJOEJDBOBDPOUJOVBDJO
"OUFTEFDPNFO[BSBUSBCBKBSFOMBNPOPHSBGBTFSFDPNJFOEBBMPTBMVNOPT
r MFFSMPTDSJUFSJPTEFFWBMVBDJO
r MFFSNPOPHSBGBTEFDVSTPTBOUFSJPSFTQBSBJEFOUJ DBSMPTQVOUPTGVFSUFTZMPTQPTJCMFTQSPCMFNBT
r EFEJDBSUJFNQPTV DJFOUFBEFUFSNJOBSFMQSPCMFNBEFJOWFTUJHBDJOJNBHJOBSDNPTFSBFMUSBCBKPUFSNJOBEP
r FMBCPSBSVOBFTUSVDUVSBQBSBMBNPOPHSBGB
%VSBOUFFMQSPDFTPEFJOWFTUJHBDJOZNJFOUSBTSFEBDUBOMBNPOPHSBGBTFSFDPNJFOEBBMPTBMVNOPT
r DPNFO[BSBUSBCBKBSDPOUJFNQPTV DJFOUFZSFTQFUBSMPTQMB[PTFTUBCMFDJEPT
r NBOUFOFSVOBCVFOBSFMBDJOEFUSBCBKPDPOFMTVQFSWJTPS
r FMBCPSBSVOBSHVNFOUPRVFTFBKVTUFBMQSPCMFNBEFJOWFTUJHBDJO
r VUJMJ[BSMBCJCMJPUFDBZDPOTVMUBSBMPTCJCMJPUFDBSJPTQBSBPCUFOFSPSJFOUBDJOZDPOTFKP
r SFHJTUSBSMPTEBUPTEFMBTGVFOUFTDPOTVMUBEBTBNFEJEBRVFBWBO[BOFOFMUSBCBKPFOMVHBSEFUSBUBSEFSFDPOTUSVJSVOBMJTU OBM
r TJFYJTUFVOQSPCMFNBDPOFMUFNBPSJHJOBMNFOUFFMFHJEPFMFHJSVOOVFWPUFNBZVOOVFWPQSPCMFNBEFJOWFTUJHBDJORVF BCPSEBSZSFTQPOEFS
r VTBSFMMFOHVBKFBEFDVBEPBMBBTJHOBUVSB
r EFNPTUSBSTVJOUFSTZTVFOUVTJBTNP
6OBWF[UFSNJOBEPFMUSBCBKPEFCFSO
r SFEBDUBSFMSFTVNFO
r WFSJ DBSZSFWJTBSMBWFSTJ OBMDVJEBEPTBNFOUF
&OMPTJOGPSNFTUBNCJOFTDPNOIBMMBSPCTFSWBDJPOFTTPCSFMBTTJHVJFOUFTQSDUJDBTRVFEFCFOFWJUBSTFQPSUPEPTMPTNFEJPT
-PTBMVNOPT USBCBKBSDPOVOQSPCMFNBEFJOWFTUJHBDJORVFTFBEFNBTJBEPBNQMJPJNQSFDJTPSFTUSJDUJWPEJGDJMPJOBQSPQJBEP6OCVFOQSPCMFNBEFJOWFTUJHBDJOFTBRVFMRVFQMBOUFBVOBDVFTUJORVFWBMFMBQFOBJOWFTUJHBSZRVFQVFEFBCPSEBSTFF DB[NFOUFEFEJDBOEPIPSBTEFUSBCBKPFOVOBFYUFOTJONYJNBEFQBMBCSBT%FCFSFTVMUBSDMBSPDVMFTTPOMBTQSVFCBTRVFTFQSFTFOUBSOQBSBSFTQBMEBSFMFTUVEJPZEFCFTFSQPTJCMFPCUFOFSMBTFOFMDVSTPEFMBJOWFTUJHBDJO4JFMBMVNOPOPTBCFRVQSVFCBTOFDFTJUBSPOPMBTQVFEFPCUFOFSOPMFTFSQPTJCMFBCPSEBSFMQSPCMFNBEFJOWFTUJHBDJOQMBOUFBEP
-PTBMVNOPT
r PMWJEBSTFEFBOBMJ[BSFMQSPCMFNBEFJOWFTUJHBDJO
"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBT
7
-
r IBDFSDBTPPNJTPEFMPTDSJUFSJPTEFFWBMVBDJO
r SFDPQJMBSNBUFSJBMRVFOPTFBQFSUJOFOUFBMQSPCMFNBEFJOWFTUJHBDJO
r VUJMJ[BSMPTSFDVSTPTRVFPGSFDF*OUFSOFUTJOVODSJUFSJPDSUJDP
r DPNFUFSQMBHJP
r MJNJUBSTFBEFTDSJCJSPOBSSBSFMBSHVNFOUP FTUBSGVOEBNFOUBEPFOQSVFCBTFNQSJDBTPUFSJDBT
r SFQFUJSMBJOUSPEVDDJOFOMBDPODMVTJO
r DJUBSGVFOUFTRVFOPTFFNQMFBSPO
$PNPMUJNPDPOTFKPTFSFDVFSEBRVFDVBOUPNBZPSDPOPDJNJFOUPUFOHBFMBMVNOPEFMBBTJHOBUVSBFMFHJEBNTQSPCBCJMJEBEFTUFOESEFFMBCPSBSVOBCVFOBNPOPHSBGB$POGSFDVFODJBMPTBMVNOPTRVFSFBMJ[BOMBNPOPHSBGBFOVOBBTJHOBUVSBRVFOPFTUOFTUVEJBOEPDPNPQBSUFEFM1SPHSBNBEFM%JQMPNBOPMPHSBOCVFOBTDBMJ DBDJPOFT
*OWFTUJHBDJOZSFEBDDJOEFMBNPOPHSBGB4FSFDPNJFOEBBMPTQSPGFTPSFTRVFSFDVFSEFOMPTQVOUPTRVFTFNFODJPOBOBDPOUJOVBDJOBMBIPSBEFBDPOTFKBSBMPTBMVNOPTTPCSFMBJOWFTUJHBDJOZSFEBDDJOEFMBNPOPHSBGB
&OFMQSPDFTPEFJOWFTUJHBDJOMPTBMVNOPTEFCFO
&MFHJSVOBBTJHOBUVSBBQSPCBEBDPNPBTJHOBUVSBEFM1SPHSBNBEFM%JQMPNB
r -FFSMPTDSJUFSJPTEFFWBMVBDJOZMBPSJFOUBDJOQSPQPSDJPOBEBQBSBMBBTJHOBUVSBDPSSFTQPOEJFOUF
&MFHJSVOUFNB
'PSNVMBSVOQSPCMFNBEFJOWFTUJHBDJOCJFOEFMJNJUBEP
1MBOJ DBSFMQSPDFTPEFJOWFTUJHBDJOZSFEBDDJO
r *EFOUJ DBSDNPZEOEFPCUFOESOFMNBUFSJBM
r *EFOUJ DBSRVNUPEPVUJMJ[BSOQBSBDJUBSMBTGVFOUFTTFHOMBBTJHOBUVSBFOMBRVFSFBMJDFOMBNPOPHSBGB
r &TUBCMFDFSGFDIBTMNJUFZQMB[PTRVFMFTQFSNJUBODVNQMJSDPOMPTSFRVJTJUPTEFMDPMFHJP
1MBOJ DBSMBFTUSVDUVSBFTRVFNBEFMPTFODBCF[BNJFOUPTPTVCUUVMPTEFMBNPOPHSBGB&TUBQVFEFDBNCJBSBNFEJEBRVFTFEFTBSSPMMBMBJOWFTUJHBDJOQFSPEFUPEPTNPEPTSFTVMUBUJMDPOUBSDPOVOBJEFBHFOFSBMEFMBFTUSVDUVSB
3FBMJ[BSMFDUVSBTQSFQBSBUPSJBT
r 4JFODVFOUSBORVFOPFTQPTJCMFPCUFOFSMBTQSVFCBTOFDFTBSJBTFOFMUJFNQPEFMRVFEJTQPOFOEFCFSODBNCJBSFMQSPCMFNBEFJOWFTUJHBDJOMPBOUFTQPTJCMFOPEFCFOQFSEFSUJFNQPFTQFSBOEPFODPOUSBSBMHP&OFTFDBTPEFCFSOWPMWFSBMPTQBTPTPZFMFHJSPUSPQSPCMFNBEFJOWFTUJHBDJORVFQVFEBOBCPSEBS
3FBMJ[BSMBJOWFTUJHBDJOQSPQJBNFOUFEJDIB
r &MNBUFSJBMSFDPQJMBEPEFCFPSHBOJ[BSTFEFVONPEPMHJDPZRVFTFBKVTUFBMBFTUSVDUVSBEFMBNPOPHSBGB4PMPBTMPTBMVNOPTTBCSOTJDVFOUBODPOMBTQSVFCBTTV DJFOUFTQBSBDBEBFUBQBEFMBSHVNFOUP OEFQPEFSQBTBSBMBFUBQBTJHVJFOUF
"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBT
8
-
r %FCFOFTUBSQSFQBSBEPTQBSBFOGSFOUBSEJ DVMUBEFT&TQPTJCMFRVFFOVOBGBTFBWBO[BEBEFMBJOWFTUJHBDJOEFTDVCSBOBMHPRVFDPOUSBEJHBMPRVFDSFBOIBCFSFTUBCMFDJEPBOUFSJPSNFOUF4JFTUPTVDFEFFTOFDFTBSJPNPEJ DBSFMQMBOEFMBJOWFTUJHBDJO
-BFTUSVDUVSBEFMBNPOPHSBGBFTNVZJNQPSUBOUFZBRVFBZVEBBMPTBMVNOPTBPSHBOJ[BSFMBSHVNFOUPZVUJMJ[BSEFMBNFKPSNBOFSBQPTJCMFMBTQSVFCBTPCUFOJEBT
"DPOUJOVBDJOTFJOEJDBOMPTFMFNFOUPTRVFEFCFOFTUBSQSFTFOUFTFOMBWFSTJ OBM&OMBTFDDJOi1SFTFOUBDJOGPSNBMEFMBNPOPHSBGBuTFUSBUBFTQFD DBNFOUFDBEBFMFNFOUP$BCFEFTUBDBSRVFFMPSEFOFORVFBQBSFDFOBDPOUJOVBDJOOPOFDFTBSJBNFOUFFTFMPSEFOFORVFEFCFOTFSSFEBDUBEPT
r 1HJOBEFMUUVMP
r 3FTVNFO
r OEJDF
r (FOFSBMJEBEFT
r 4FDDJOQSJODJQBMPDVFSQPEFTBSSPMMPEFMUFNBNUPEPTSFTVMUBEPT
r $PODMVTJO
r 3FGFSFODJBTZCJCMJPHSBGB
r "QOEJDFT
-PTBMVNOPTEFCFOFMFHJSVONUPEPQBSBDJUBSMBTGVFOUFTVUJMJ[BEBTFODVBOUPDPNJFODFOBFTDSJCJSFMUSBCBKP%FFTFNPEPFTNFOPTQSPCBCMFRVFPMWJEFOJODMVJSEJDIBJOGPSNBDJOZFTNTGDJMRVFUSBUBSEFBHSFHBSMBFOVOBFUBQBQPTUFSJPS-BNBZPSQBSUFEFMPTQSPDFTBEPSFTEFUFYUPSFTVMUBOEFVUJMJEBEFOFTUFTFOUJEP
"WFDFTMPTBMVNOPTPQUBOQPSSFEBDUBSQSJNFSPVOCPSSBEPSEFMBJOUSPEVDDJO4JBTMPIBDFOEFCFOUFOFSFODVFOUBRVFEFCFSOSFWJTBSM OBMJ[BSFMUSBCBKP
-BUBSFBNTJNQPSUBOUFFTSFEBDUBSMBTFDDJOQSJODJQBMEFMBNPOPHSBGBRVFEFCFQSFTFOUBSTFFOGPSNBEFBSHVNFOUPSB[POBEP-BNBOFSBEFQSFTFOUBSMPWBSBTFHOMBBTJHOBUVSBEFRVFTFUSBUFQFSPTJFNQSFBNFEJEBRVFTFEFTBSSPMMBFMBSHVNFOUPEFCFSFTVMUBSDMBSPQBSBFMMFDUPSDVMFTTPOMBTQSVFCBTQFSUJOFOUFTRVFTFIBOFODPOUSBEPEOEFZDNPTFIBOPCUFOJEPZEFRVNPEPTJSWFOEFGVOEBNFOUPBMBSHVNFOUP&OMBNBZPSBEFMBTBTJHOBUVSBTFMVTPEFTVCUUVMPTPFODBCF[BNJFOUPTEFOUSPEFMBTFDDJOQSJODJQBMEFMBNPOPHSBGBBZVEBBMMFDUPSBDPNQSFOEFSFMBSHVNFOUPZUBNCJOBZVEBBMBMVNOPBNBOUFOFSMBFTUSVDUVSB
6OBWF[RVFMBTFDDJOQSJODJQBMEFMBNPOPHSBGBFTUMJTUBFTQPTJCM OBMJ[BSMBJOUSPEVDDJORVFJOEJDBBMMFDUPSEFRVTFUSBUBFMUSBCBKPZMBDPODMVTJORVFFYQSFTBMPRVFTFIBMPHSBEPFJODMVZFPCTFSWBDJPOFTTPCSFMBTQPTJCMFTMJNJUBDJPOFTZMBTDVFTUJPOFTRVFOPTFIBZBOSFTVFMUP
5PEBJOGPSNBDJOJNQPSUBOUFQBSBFMEFTBSSPMMPEFMBSHVNFOUPOPEFCFJODMVJSTFFOMPTBQOEJDFTOJFOOPUBTBQJFEFQHJO OBMEFMUSBCBKP-PTFYBNJOBEPSFTOPFTUOPCMJHBEPTBMFFSMBTOPUBTPMPTBQOEJDFTQPSMPUBOUPVOBNPOPHSBGBRVFOPFTUDPNQMFUBFOTNJTNBQFSEFSQVOUPT
&MSFTUPEFMBTFUBQBTEFSFEBDDJOUPNBOUJFNQPQFSPOPTPOEJGDJMFT-PTBMVNOPTEFCFOWFSJ DBSRVFIBODJUBEPMBTGVFOUFTEFUPEPFMNBUFSJBMRVFOPFTQSPQJPRVFIBOJODMVJEPUPEBMBJOGPSNBDJOOFDFTBSJBZTFIBOBKVTUBEPBMNUPEPFMFHJEPQBSBFMMP-BCJCMJPHSBGBEFCFJODMVJSTPMBNFOUFMBTGVFOUFTVUJMJ[BEBTFOMBNPOPHSBGB'JOBMNFOUFEFCFSFWJTBSTFDVJEBEPTBNFOUFUPEPFMUSBCBKPMBWFSJ DBDJOPSUPHS DBZHSBNBUJDBMSFBMJ[BEBQPSDPNQVUBEPSFTUJMQFSPOPFTTV DJFOUF4FEFCFOVNFSBSMBTQHJOBTZPSHBOJ[BSFMOEJDF(FOFSBMNFOUFFMMUJNPQBTPFTMBSFEBDDJOEFMSFTVNFO
"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBT
9
-
1SFTFOUBDJOGPSNBMEFMBNPOPHSBGB-BNPOPHSBGBEFCFSFEBDUBSTFFOVOFTUJMPBDBENJDPGPSNBMDMBSPZDPSSFDUPBEFDVBEPBMBBTJHOBUVSBBMBRVFQFSUFOFDFFMUFNB4FSFDPNJFOEBFMVTPEFQSPDFTBEPSFTEFUFYUP
-BFYUFOTJONYJNBQBSBUPEBTMBTNPOPHSBGBTFTEFQBMBCSBT&TUFNYJNPJODMVZFMBJOUSPEVDDJOMBTFDDJOQSJODJQBMMBDPODMVTJOZMBTDJUBTQFSP JODMVZF
r FMSFTVNFO
r MPTBHSBEFDJNJFOUPTZSFDPOPDJNJFOUPT
r FMOEJDF
r MPTNBQBTDVBESPTEJBHSBNBTUBCMBTFJMVTUSBDJPOFTBOPUBEBT
r MBTFDVBDJPOFTGSNVMBTZDMDVMPT
r MBTSFGFSFODJBTCJCMJPHS DBTZBTFBFOUSFQBSOUFTJTPOVNFSBEBT
r MBTOPUBTBQJFEFQHJO OBM
r MBCJCMJPHSBGB
r MPTBQOEJDFT
-BTNPOPHSBGBTDVZBFYUFOTJOTVQFSFMBTQBMBCSBTTFQFOBMJ[BOFOMBQVOUVBDJOZMPTFYBNJOBEPSFTOPFTUOPCMJHBEPTBMFFSFMNBUFSJBMRVFFYDFEBFTFMNJUF
-PTBMVNOPTRVFQSFTFOUFOMBNPOPHSBGBFOKBQPOTPDIJOPEFCFOVUJMJ[BSMBTTJHVJFOUFTFRVJWBMFODJBT
+BQPOTQBMBCSBBQSPYJNBEBNFOUFDBSBDUFSFTKBQPOFTFT
$IJOPQBMBCSBBQSPYJNBEBNFOUFDBSBDUFSFTDIJOPT
&MUUVMPEFCFEBSVOBJEFBDMBSBEFMUFNBRVFUSBUBMBNPOPHSBGB%FCFTFSQSFDJTPZOPFTOFDFTBSJPRVFFTUSFEBDUBEPFOGPSNBEFQSFHVOUB
%FCFJODMVJSTFVOSFTVNFODPOVOBFYUFOTJONYJNBEFQBMBCSBT/PUJFOFDPN OBMJEBETFSWJSEFJOUSPEVDDJOTJOPQSFTFOUBSVOBTJOPQTJTEFMBNPOPHSBGBZQPSMPUBOUPTFEFCFSFEBDU OBM
-BSFEBDDJOEFMSFTVNFOIBEFTFSWJSQBSBRVFFMBMVNOPFYBNJOFEFUFOJEBNFOUFFMEFTBSSPMMPEFMBSHVNFOUPZMBQFSUJOFODJBEFMBTDPODMVTJPOFTBMBTRVFIBZBMMFHBEP5BNCJOUJFOFFMQSPQTJUPEFQFSNJUJSRVFFMMFDUPSFOUJFOEBSQJEBNFOUFFMDPOUFOJEPEFMBNPOPHSBGBRVFWBBMFFS
$PNPSFRVJTJUPNOJNPFMSFTVNFOEFCFJOEJDBSDMBSBNFOUF
r FMQSPCMFNBFTQFD DPRVFTFJOWFTUJHB
r FMBMDBODFEFMBJOWFTUJHBDJO
r MBDPODMVTJOPDPODMVTJPOFTEFMBNPOPHSBGB
%FCFQSFTFOUBSTFNFDBOPHS BEPPJNQSFTPNFEJBOUFVOQSPDFTBEPSEFUFYUPFOVOBTPMBDBSBEFVOBIPKBZEFCFJODMVJSTFJONFEJBUBNFOUFEFTQVTEFMBQHJOBEFMUUVMP
"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBT
10
-
"MQSJODJQJPEFMBNPOPHSBGBEFCFJODMVJSTFVOOEJDFHFOFSBMZUPEBTMBTQHJOBTEFCFOFTUBSOVNFSBEBT/PFTOFDFTBSJPJODMVJSVOOEJDFBMGBCUJDP
&TJNQPSUBOUFRVFMBQSFTFOUBDJOTFBBEFDVBEBZDVJEBEBZFTFTFODJBMRVFFMNBUFSJBMJMVTUSBUJWPRVFTFJODMVZBTFQSFTFOUFZTFVUJMJDFDPSSFDUBNFOUF-BTHS DBTEJBHSBNBTUBCMBTZNBQBTTPMPSFTVMUBOF DBDFTTJFTUOCJFOSPUVMBEPTZQVFEFOJOUFSQSFUBSTFDPOGBDJMJEBE5PEPNBUFSJBMEFFTUFUJQPRVFTFJODPSQPSFBMBNPOPHSBGBEFCFUFOFSSFMBDJOEJSFDUBDPOFMUFYUPZEFCFJOEJDBSTFMBGVFOUFEPOEFTFIBPCUFOJEP4FBDFQUBFMVTPEFGPUPHSBGBTZPUSBTJNHFOFTTPMPTJMMFWBOMPTSUVMPTZMFZFOEBTDPSSFTQPOEJFOUFTZTFVUJMJ[BOQBSBJMVTUSBSVOQVOUPFTQFD DPNFODJPOBEPFOFMUFYUP
-BNPOPHSBGBEFCFEFNPTUSBSQSPCJEBEJOUFMFDUVBMFOMBTQSDUJDBTEFJOWFTUJHBDJOZGBDJMJUBSBMMFDUPSNFEJBOUFVOBCJCMJPHSBGBZSFGFSFODJBTCJCMJPHS DBTDPSSFDUBTZEFUBMMBEBTMBTGVFOUFT EFEPOEFQSPWJFOFOMBTDJUBTJEFBTZQVOUPTEFWJTUB&OFTUFTFOUJEPVOPEFMPTPCKFUJWPTEFMPTBMVNOPTEFCFTFSQFSGFDDJPOBSMBTIBCJMJEBEFTOFDFTBSJBTQBSBJODMVJSSFGFSFODJBTCJCMJPHS DBTZCJCMJPHSBGBTDPSSFDUBT&TGVOEBNFOUBMEPDVNFOUBSMBJOWFTUJHBDJOEFFTUFNPEPZBRVFQFSNJUFBMMFDUPSFWBMVBSMBTQSVFCBTZEFNVFTUSBRVFFMBMVNOPDPNQSFOEFMBJNQPSUBODJBEFMBTGVFOUFTVUJMJ[BEBT
-BCJCMJPHSBGBFTVOBMJTUBFOPSEFOBMGBCUJDPEFUPEBTMBTGVFOUFTVUJMJ[BEBTQBSBMMFWBSBDBCPMBJOWFTUJHBDJOZSFEBDUBSMBNPOPHSBGB"RVFMMBTRVFOPTFDJUBOFOMBTFDDJOQSJODJQBMEFMUSBCBKPQFSPRVFFOBMHVOBNFEJEBEFUFSNJOBOFMFOGPRVFBEPQUBEPEFCFONFODJPOBSTFFOMBJOUSPEVDDJOPFOVOBHSBEFDJNJFOUPPSFDPOPDJNJFOUP-BCJCMJPHSBGBTPMPEFCFJODMVJSMBTGVFOUFTDJUBEBT
&YJTUFOEJTUJOUPTNUPEPTQBSBEPDVNFOUBSMBCJCMJPHSBGBFOMPTUSBCBKPTEFJOWFTUJHBDJOBMHVOPTSFTVMUBOBQSPQJBEPTQBSBBMHVOBTEJTDJQMJOBTBDBENJDBTQFSPOPQBSBPUSBT&MTVQFSWJTPSEFCFBZVEBSBMBMVNOPBEFDJEJSDVMFTFMNTBEFDVBEPBMBBTJHOBUVSBFOMBRVFSFBMJ[BMBNPOPHSBGB&TJNQPSUBOUFSFDPSEBSRVFDVBMRVJFSBTFBFMNUPEPFMFHJEPEFCFBQMJDBSTFEFGPSNBTJTUFNUJDBZMPTBMVNOPTEFCFOTBCFSDNPVUJMJ[BSMPBOUFTEFDPNFO[BSMBMBCPSEFJOWFTUJHBDJO/PTPMPEFCFBQMJDBSTFFOMBWFSTJ OBMEFMBNPOPHSBGBTJOPUBNCJOFOMBTFUBQBTJOJDJBMFTEVSBOUFMBTDVBMFTFMBMVNOPUPNBOPUBT&TUBQSDUJDBBZVEBBMBMVNOPBMPHSBSVOUSBCBK OBMEFDBMJEBEZBSFEVDJSMBTPQPSUVOJEBEFTZMBUFOUBDJOEFDPNFUFSQMBHJP
-PTTJHVJFOUFTTPOFKFNQMPTEFFTUJMPTBDFQUBEPTQBSBMBSFEBDDJOEFDJUBTZSFGFSFODJBTFOFTQBPM
/PSNB6/&USBEVDDJOBMFTQBPMEFMBOPSNB*40FOJOHMT
6OJWFSTJEBE$BSMPT***EF.BESJEm&TQBBy$NPDJUBSCJCMJPHSBGB
"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBT
11
-
3FWJTUBEFMSFBEF1TJDPQBUPMPHBEFMB'BDVMUBEEF1TJDPMPHBEFMB6EFMB3m6SVHVBZ/PSNBT"1"QBSBMBTSFGFSFODJBTCJCMJPHS DBT
6OJWFSTJEBEEF4FWJMMBm&TQBB$NPFMBCPSBSSFGFSFODJBTCJCMJPHS DBTEPDVNFOUPTJNQSFTPT
5FDOPMHJDPEF.POUFSSFZm.YJDP3FTVNFOEFQPMUJDBTEFMB"1"QBSBDJUBTZSFGFSFODJBTCJCMJPHS DBT
.BSUOF[EF4PVTB+PT (JKO&EJDJPOFT5SFB4-7BTFFMBQBSUBEPi-BTSFGFSFODJBTCJCMJPHS DBTZMBTCJCMJPHSBGBTuFOQHT
/PFTEJGDJMFODPOUSBSJOGPSNBDJOTPCSFFTUPTNUPEPT4JTFJOHSFTBVOBGSBTFDPNPiFTUJMPTCJCMJPHS DPTuPiDNPDJUBSCJCMJPHSBGBuFOVONPUPSEFCTRVFEBEF*OUFSOFUTFQVFEFPCUFOFSHSBODBOUJEBEEFNBUFSJBMUJM"MHVOBTVOJWFSTJEBEFTPGSFDFODPNQBSBDJPOFTEFMPTEJGFSFOUFTNUPEPTRVFTFNBOUJFOFOQVCMJDBEBTFOMOFBEVSBOUFVOUJFNQP6OFKFNQMPEFFMMPBMRVFTFBDDFEJFMEFNBS[PEFTFFODVFOUSBFOMBQHJOBXFCIUUQXXXVDNFTCJCMJPUFDB(6*"DJUBTCJCMJPHS DBTIUNM&YJTUFONVDIBTHVBTTPCSFMBDSFBDJOEFCJCMJPHSBGBTQVCMJDBEBTFO*OUFSOFUBEFNTEFNBOVBMFTZMJCSPTJNQSFTPT
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12
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$VBOEPFMQSPCMFNBEFJOWFTUJHBDJOOPTFQSFTUBBMUJQPEFJOWFTUJHBDJOTJTUFNUJDBRVFSFRVJFSFVOBNPOPHSBGBFOMBBTJHOBUVSBFOMBRVFTFQSFTFOUBFMOJWFMEFMPHSPNYJNPRVFTFPUPSHBSFOFTUFDSJUFSJPTFS1PSiDPOUFYUPBDBENJDPuTFFOUJFOEFFMFTUBEPBDUVBMEFMBJOWFTUJHBDJOTPCSFFMUFNBPCKFUPEFFTUVEJP&MOJWFMBDBENJDPEFMBSFTFBEFCFTFSOPPCTUBOUFFMRVFQVFEBFYJHJSTFSB[POBCMFNFOUFBVOBMVNOPRVFDVSTBFTUVEJPTEFOJWFMQSFVOJWFSTJUBSJP1PSFKFNQMPQBSBPCUFOFSVOOJWFMOPFTOFDFTBSJPIBDFSVOBSFTFBEFUBMMBEBRVFEFOPUFVODPOPDJNJFOUPFYUFOTPTPCSFFMFTUBEPBDUVBMEFMBJOWFTUJHBDJOTPCSFFMUFNB#BTUBDPOFTUBCMFDFSSFMBDJPOFTFOUSFMBJOWFTUJHBDJOZMBTQSJODJQBMFTMOFBTEFJOWFTUJHBDJOFOFMNCJUPFODVFTUJO
-BNPOPHSBGBOPEFNVFTUSBVOWFSEBEFSPDPOPDJNJFOUPPDPNQSFOTJOEFMUFNB
-BNPOPHSBGBEFNVFTUSBDJFSUPDPOPDJNJFOUPQFSPQPDBDPNQSFOTJOEFMUFNBZBQFOBTTFDPOTJEFSBFMDPOUFYUPBDBENJDPEFMBJOWFTUJHBDJO
-BNPOPHSBGBEFNVFTUSBVODPOPDJNJFOUPBEFDVBEPZDJFSUBDPNQSFOTJOEFMUFNBTFDPOTJEFSBFODJFSUBNFEJEBFMDPOUFYUPBDBENJDPEFMBJOWFTUJHBDJO
-BNPOPHSBGBEFNVFTUSBVOCVFODPOPDJNJFOUPZVOBCVFOBDPNQSFOTJOEFMUFNB$VBOEPSFTVMUBBEFDVBEPTFJOEJDBEFNBOFSBHFOFSBMQFSPBEFDVBEBFMDPOUFYUPBDBENJDPEFMBJOWFTUJHBDJO
-BNPOPHSBGBEFNVFTUSBVONVZCVFODPOPDJNJFOUPZVOBNVZCVFOBDPNQSFOTJOEFMUFNB$VBOEPSFTVMUBBEFDVBEPTFJOEJDBDPODMBSJEBEZQSFDJTJOFMDPOUFYUPBDBENJDPEFMBJOWFTUJHBDJO
0CKFUJWPTZ
$POFTUFDSJUFSJPTFFWBMBMBNFEJEBFORVFTFEFTBSSPMMBVOBSHVNFOUPSB[POBEPFOSFMBDJODPOFMQSPCMFNBEFJOWFTUJHBDJOZTFVUJMJ[BOMPTNBUFSJBMFTSFDPQJMBEPTQBSBQSFTFOUBSJEFBTEFNBOFSBMHJDBZDPIFSFOUF$VBOEPFMQSPCMFNBEFJOWFTUJHBDJOOPTFQSFTUBBMUJQPEFJOWFTUJHBDJOTJTUFNUJDBRVFSFRVJFSFVOBNPOPHSBGBFOMBBTJHOBUVSBFOMBRVFTFQSFTFOUBFMOJWFMEFMPHSPNYJNPRVFTFPUPSHBSFOFTUFDSJUFSJPTFS
/PTFJOUFOUBEFTBSSPMMBSVOBSHVNFOUPSB[POBEPFOSFMBDJODPOFMQSPCMFNBEFJOWFTUJHBDJO
4FJOUFOUBEFNPEPMJNJUBEPZTVQFS DJBMQSFTFOUBSJEFBTEFNBOFSBMHJDBZDPIFSFOUFZEFTBSSPMMBSVOBSHVNFOUPSB[POBEPFOSFMBDJODPOFMQSPCMFNBEFJOWFTUJHBDJO
4FJOUFOUBQSFTFOUBSJEFBTEFNBOFSBMHJDBZDPIFSFOUFZEFTBSSPMMBSVOBSHVNFOUPSB[POBEPFOSFMBDJODPOFMQSPCMFNBEFJOWFTUJHBDJOQFSPTPMPTFMPHSBQBSDJBMNFOUF
"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBT
18
-
-BTJEFBTTFQSFTFOUBOEFNBOFSBMHJDBZDPIFSFOUFZTFEFTBSSPMMBVOBSHVNFOUPSB[POBEPFOSFMBDJODPOFMQSPCMFNBEFJOWFTUJHBDJOBVORVFDPOBMHVOBTEJ DVMUBEFT
-BTJEFBTTFQSFTFOUBOEFNBOFSBDMBSBMHJDBZDPIFSFOUF4FMPHSBEFTBSSPMMBSVOBSHVNFOUPSB[POBEPZDPOWJODFOUFFOSFMBDJODPOFMQSPCMFNBEFJOWFTUJHBDJO
0CKFUJWP
-BNPOPHSBGBOPEFNVFTUSBMBBQMJDBDJOEFIBCJMJEBEFTEFBOMJTJTZFWBMVBDJOBQSPQJBEBT
-BNPOPHSBGBEFNVFTUSBVOBBQMJDBDJONOJNBEFIBCJMJEBEFTEFBOMJTJTZFWBMVBDJOBQSPQJBEBT
-BNPOPHSBGBEFNVFTUSBMBBQMJDBDJOEFBMHVOBTIBCJMJEBEFTEFBOMJTJTZFWBMVBDJOBQSPQJBEBTQFSPFTUBBQMJDBDJOFOBMHVOPTDBTPTQVFEFSFTVMUBSF DB[TPMPQBSDJBMNFOUF
-BNPOPHSBGBEFNVFTUSBVOBBQMJDBDJODPNQFUFOUFEFIBCJMJEBEFTEFBOMJTJTZFWBMVBDJOBQSPQJBEBT
-BNPOPHSBGBEFNVFTUSBVOBBQMJDBDJOF DB[ZTP TUJDBEBEFIBCJMJEBEFTEFBOMJTJTZFWBMVBDJOBQSPQJBEBT
0CKFUJWP
&MMFOHVBKFVUJMJ[BEPDBSFDFEFQSFDJTJOZDMBSJEBE/PTFBQSFDJBVOVTPF DB[EFMBUFSNJOPMPHBBQSPQJBEBQBSBMBBTJHOBUVSB
&MMFOHVBKFVUJMJ[BEPBWFDFTDPNVOJDBMBTJEFBTDPODMBSJEBE-BUFSNJOPMPHBBQSPQJBEBQBSBMBBTJHOBUVSBTFFNQMFBDPSSFDUBNFOUFTPMPFOBMHVOPTDBTPT
&MMFOHVBKFVUJMJ[BEPDPNVOJDBMBTJEFBTDPODMBSJEBEFOMBNBZPSBEFMPTDBTPT-BUFSNJOPMPHBBQSPQJBEBQBSBMBBTJHOBUVSBHFOFSBMNFOUFTFFNQMFBDPSSFDUBNFOUF
&MMFOHVBKFVUJMJ[BEPDPNVOJDBMBTJEFBTDPODMBSJEBE-BUFSNJOPMPHBBQSPQJBEBQBSBMBBTJHOBUVSBTFFNQMFBDPSSFDUBNFOUFBVORVFFMMPOPTFMPHSBFOBMHVOPTDBTPTBJTMBEPT
&MMFOHVBKFVUJMJ[BEPDPNVOJDBMBTJEFBTDPODMBSJEBEZQSFDJTJO-BUFSNJOPMPHBBQSPQJBEBQBSBMBBTJHOBUVSBTFFNQMFBDPSSFDUBNFOUFEFNPTUSBOEPEFTUSF[BZDPNQSFOTJO
0CKFUJWPTZ
$POFTUFDSJUFSJPTFFWBMBMBNFEJEBFORVFMBNPOPHSBGBPGSFDFVOBDPODMVTJOQFSUJOFOUFBMQSPCMFNBEFJOWFTUJHBDJOZDPIFSFOUFDPOMBTQSVFCBTQSFTFOUBEBTFOFMUSBCBKP
"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBT
19
-
/PTFPGSFDFPBQFOBTTFIBJOUFOUBEPPGSFDFSVOBDPODMVTJOQFSUJOFOUFBMQSPCMFNBEFJOWFTUJHBDJO
4FPGSFDFVOBDPODMVTJOQFSUJOFOUFBMQSPCMFNBEFJOWFTUJHBDJOQFSPOPSFTVMUBUPUBMNFOUFDPIFSFOUFDPOMBTQSVFCBTQSFTFOUBEBTFOFMUSBCBKP
4FGPSNVMBDMBSBNFOUFVOBDPODMVTJOF DB[RVFFTQFSUJOFOUFBMQSPCMFNBEFJOWFTUJHBDJOZDPIFSFOUFDPOMBTQSVFCBTQSFTFOUBEBTFOFMUSBCBKP4FJODMVZFODVFTUJPOFTOPSFTVFMUBTDVBOEPSFTVMUBBQSPQJBEPTFHOMBBTJHOBUVSBEFRVFTFUSBUB
0CKFUJWP
$POFTUFDSJUFSJPTFFWBMBMBNFEJEBFORVFMBQSFTFOUBDJOMBPSHBOJ[BDJOZMPTFMFNFOUPTGPSNBMFTEFMBNPOPHSBGBTJHVFOVOGPSNBUPFTUOEBS-PTFMFNFOUPTGPSNBMFTTPOQHJOBEFMUUVMPOEJDFOVNFSBDJOEFQHJOBTNBUFSJBMJMVTUSBUJWPDJUBTEPDVNFOUBDJOJODMVJEBTMBTSFGFSFODJBTDJUBTCJCMJPHS DBTZCJCMJPHSBGBZBQOEJDFTTJDPSSFTQPOEF
-BQSFTFOUBDJOGPSNBMFTJOBDFQUBCMFPMBFYUFOTJOEFMBNPOPHSBGBTVQFSBMBTQBMBCSBT
-BQSFTFOUBDJOGPSNBMFTJOTBUJTGBDUPSJB
-BQSFTFOUBDJOGPSNBMFTTBUJTGBDUPSJB
-BQSFTFOUBDJOGPSNBMFTCVFOB
-BQSFTFOUBDJOGPSNBMFTFYDFMFOUF
0CKFUJWP
&OFMSFTVNFOTFEFCFJOEJDBSDMBSBNFOUFFMQSPCMFNBFTQFD DPTPNFUJEPBFTUVEJPDNPTFSFBMJ[MBJOWFTUJHBDJOZMBDPODMVTJOPDPODMVTJPOFTEFMBNPOPHSBGB
-BFYUFOTJOEFMSFTVNFOTVQFSBMBTQBMBCSBT GBMUBOVOPPNTEFMPTFMFNFOUPTSFRVFSJEPTNFODJPOBEPTBOUFSJPSNFOUF
&MSFTVNFOJODMVZFMPTFMFNFOUPTSFRVFSJEPTQFSPOPTFIBOFYQSFTBEPDPODMBSJEBE
-PTFMFNFOUPTSFRVFSJEPTTFFYQSFTBODPODMBSJEBE
0CKFUJWP
$POFTUFDSJUFSJPTFFWBMBFORVNFEJEBVOBNPOPHSBGBQSFTFOUBDVBMJEBEFTRVFMBEJTUJOHVFODPNPVOUSBCBKPTVQFSJPSBMBNFEJBJOJDJBUJWBJOUFMFDUVBMQSPGVOEJEBEEFMBDPNQSFOTJOZSF FYJOQFSTQJDB["VORVFMBQSFTFODJB
"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBT
20
-
EFFTUBTDVBMJEBEFTTFBQSFDJBSGDJMNFOUFFOMPTNFKPSFTUSBCBKPTUBNCJOTFPCTFSWBSFONBZPSPNFOPSNFEJEBFOBRVFMMBTNPOPHSBGBTNFOPTMPHSBEBTZMPTBMVNOPTEFCFOSFDJCJSSFDPOPDJNJFOUPQPSFMMP
/PTFBQSFDJBONVFTUSBTEFMBTDVBMJEBEFTNFODJPOBEBT
4FBQSFDJFONVZQPDBTNVFTUSBTEFMBTDVBMJEBEFTNFODJPOBEBT
4FBQSFDJBOBMHVOBTNVFTUSBTEFMBTDVBMJEBEFTNFODJPOBEBT
4FBQSFDJBONVFTUSBTDMBSBTEFMBTDVBMJEBEFTNFODJPOBEBT
4FBQSFDJBONVFTUSBTBCVOEBOUFTEFMBTDVBMJEBEFTNFODJPOBEBT
3FHMBNFOUP&M FTUBCMFDFRVFBEFNTEFMPTSFRVJTJUPTSFMBUJWPTBMBTBTJHOBUVSBTFYJTUFOSFRVJTJUPTBEJDJPOBMFTQBSBMBPCUFODJOEFMEJQMPNBFOUSFMPTRVFTFJODMVZFMBQSFTFOUBDJOEFVOBNPOPHSBGBFOVOBBTJHOBUVSBBQSPCBEBQBSBFMMP%JDIPSFHMBNFOUPUBNCJOJOEJDBRVFMPTDPMFHJPTEFCFODVNQMJSDPOMPTQSPDFEJNJFOUPTFTUBCMFDJEPTFOFM FMNBOVBMEFQSPDFEJNJFOUPTQBSBMPTDPPSEJOBEPSFTZQSPGFTPSFTEFM1SPHSBNBEFM%JQMPNB
RVFQSPQPSDJPOBJOGPSNBDJOQPSNFOPSJ[BEBTPCSFMBBENJOJTUSBDJOEFFTUFSFRVJTJUPQBSBMBPCUFODJOEFMEJQMPNB
5PEPTMPTBMVNOPTRVFFTUVEJBOFM1SPHSBNBEFM%JQMPNBEFCFOQSFTFOUBSVOBNPOPHSBGB&OSFMBDJODPOMBTDBUFHPSBTEFNBUSJDVMBDJOQPESOQSFTFOUBSNPOPHSBGBTMPTBMVNOPTEFMBTDBUFHPSBTEF%JQMPNBZ3FQFUJEPS-PTBMVNOPTEFMBDBUFHPSB3FQFUJEPSQVFEFOQSFTFOUBSMBNJTNBNPOPHSBGBSFWJTBEBPVOBNPOPHSBGBOVFWBFOMBNJTNBBTJHOBUVSBRVFMBBOUFSJPSPFOPUSB
&TSFTQPOTBCJMJEBEEFMDPMFHJPWFSJ DBSRVFDBEBBMVNOPRVFQSFTFOUFVOBNPOPHSBGBTFBTVQFSWJTBEPQPSVOQSPGFTPSEFMDPMFHJPEPOEFFMBMVNOPFTUNBUSJDVMBEPQBSBMPTFYNFOFTEFM1SPHSBNBEFM%JQMPNB%JDIPQSPGFTPSEFCFUFOFSMBUJUVMBDJORVFDPSSFTQPOEBPFYQFSJFODJBTV DJFOUFFOMBBTJHOBUVSBFTDPHJEBQPSFMBMVNOPZEFCFFTUBSGBNJMJBSJ[BEPDPOFM1SPHSBNBEFM%JQMPNB&MQSPGFTPSRVFTVQFSWJTFMBNPOPHSBGBRVFEFOPNJOBNPTiTVQFSWJTPSuOPQVFEFTFSGBNJMJBSEFMBMVNOP
-BTNPOPHSBGBTQSFTFOUBEBTFOVOBBTJHOBUVSBEFMFOHVBEFMPTHSVQPTPEFCFSOFTUBSSFEBDUBEBTFOFTBMFOHVBDPOMBFYDFQDJOEF-BUOZ(SJFHP$MTJDP-BTNPOPHSBGBTFOBTJHOBUVSBTEFMPTHSVQPT BZFO-BUOZ(SJFHP$MTJDPEFCFSOFTUBSSFEBDUBEBTFOJOHMTGSBODTPFTQBPM
&MBMVNOPFTSFTQPOTBCMFFOMUJNBJOTUBODJBEFMBBVUPSBPSJHJOBMEFTVNPOPHSBGBZEFNFODJPOBSEFCJEBNFOUFMBGVFOUFEFMBTJEFBTZFMUSBCBKPEFPUSPT"TJNJTNPFTSFTQPOTBCJMJEBEEFMTVQFSWJTPSDPO SNBSRVFFOSFMBDJODPODBEBVOPEFMPTBMVNOPTRVFIBTVQFSWJTBEPBTVMFBMTBCFSZFOUFOEFSMBWFSTJOEFMBNPOPHSBGBRVFTFIBFOUSFHBEPQBSBMBFWBMVBDJOFTFMUSBCBKPPSJHJOBMEFMBMVNOP
"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBT
21
-
&MQMBHJPZMBDPMVTJODPOTUJUVZFODPOEVDUBGSBVEVMFOUBZDPOMMFWBOTBODJPOFT/PQPESQSFTFOUBSTFVONJTNPUSBCBKPPEPTWFSTJPOFTEFMNJTNPUSBCBKPQBSBDVNQMJSMPTSFRVJTJUPTEFMB.POPHSBGBZEFPUSPDPNQPOFOUFEFFWBMVBDJOEFVOBBTJHOBUVSBEFMEJQMPNBPEFVODFSUJ DBEPBEJDJPOBM
/PFTPCMJHBUPSJPRVFMBBTJHOBUVSBFMFHJEBQBSBQSFTFOUBSMBNPOPHSBGBTFBVOBEFMBTRVFFMBMVNOPFTUVEJBQBSBFMPCUFOFSFMEJQMPNB-BMJTUBEFBTJHOBUVSBTEJTQPOJCMFTQBSBMBSFBMJ[BDJOEFMBTNPOPHSBGBTJODMVJEBTMBTEFMPTHSVQPTZTFQVCMJDBFOFM /PTFQVFEFOQSFTFOUBSNPOPHSBGBTFO5FPSBEFM$POPDJNJFOUP1SPHSBNBTEF&TUVEJPEFM$PMFHJPOJBTJHOBUVSBTQJMPUPBVORVFFOMPTMUJNPTEPTDBTPTQPESOFYJTUJSFYDFQDJPOFTRVFTFQVCMJDBSOFOFM
(SVQP &TUBTQBVUBTFTQFD DBTQBSBMBBTJHOBUVSBTFEFCFOMFFSKVOUPDPOMBTTFDDJPOFTi*OUSPEVDDJOui"TQFDUPTHFOFSBMFTuZi"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBTuEFFTUBHVB
-BNPOPHSBGBFOFM(SVQPFTUQFOTBEBQBSBBMVNOPTRVFMBSFEBDUBOFOMBMFOHVBRVFNFKPSEPNJOBOFTEFDJSBMVNOPTRVFQPESBONBUSJDVMBSTFFOMBMFOHVBFODVFTUJODPNP-FOHVB "EFM1SPHSBNBEFM%JQMPNB-BNPOPHSBGBEFCFSFEBDUBSTFFOMBMFOHVBEFM(SVQP FOMBRVFTFQSFTFOUBFMUSBCBKP-PTBMVNOPTRVFDVSTFOVOBBTJHOBUVSBEFM(SVQP JOUFSFTBEPTFOSFBMJ[BSMBNPOPHSBGBTPCSFMBMJUFSBUVSBEFFTBMFOHVBEFCFOMFFSMBTFDDJO(SVQP EFFTUBHVB/PQVFEFSFBMJ[BSTFVOBNPOPHSBGBFOFM(SVQP FOVOBMFOHVBRVFTFFTUDVSTBOEPFOFM(SVQP
&YJTUFOUSFTDBUFHPSBTQBSBMBTNPOPHSBGBTEFM(SVQP
r $BUFHPSB &TUVEJPEFVOBPCSBVPCSBTMJUFSBSJBTFTDSJUBTPSJHJOBSJBNFOUFFOMBMFOHVBEFMBNPOPHSBGB
r $BUFHPSB &TUVEJPEFVOBPCSBVPCSBTMJUFSBSJBTFTDSJUBTPSJHJOBSJBNFOUFFOMBMFOHVBEFMBNPOPHSBGBDPNQBSBEBTDPOVOBPCSBVPCSBTMJUFSBSJBTFTDSJUBTPSJHJOBSJBNFOUFFOPUSBMFOHVB
r $BUFHPSB &TUVEJPTEFMFOHVB
-PTBMVNOPTEFCFOJOEJDBSFOMBQPSUBEBEFMBNPOPHSBGBMBBTJHOBUVSBZMBDBUFHPSBDPSSFTQPOEJFOUFTBMUSBCBKPQSFTFOUBEPQPSFKFNQMP*OHMT "DBUFHPSB "MFNO "DBUFHPSB &TQBPM "DBUFHPSB
6OBNPOPHSBGBEFMBTDBUFHPSBT ZMJUFSBUVSBFOFM(SVQP PGSFDFBMPTBMVNOPTMBPQPSUVOJEBEEF
r &TUVEJBSFOQSPGVOEJEBEVOUFNBMJUFSBSJPBEFDVBEPQPSTVOBUVSBMF[BZBMDBODFQBSBTVUSBUBNJFOUPFOVOBNPOPHSBGB
r 3FBMJ[BSVOBDSUJDBMJUFSBSJBJOEFQFOEJFOUFFJODMVJSDVBOEPQSPDFEBDPNFOUBSJPTEFDSUJDPTSFDPOPDJEPT
r %FTBSSPMMBSMBDBQBDJEBEEFQSFTFOUBSTVTQVOUPTEFWJTUBEFGPSNBQFSTVBTJWBZFTUSVDUVSBEBVUJMJ[BOEPVOSFHJTUSPBQSPQJBEPQBSBFMFTUVEJPEFMBMJUFSBUVSB
6OBNPOPHSBGBEFMBDBUFHPSB FTUVEJPTEFMFOHVBFOFM(SVQP PGSFDFBMPTBMVNOPTMBPQPSUVOJEBEEF
r %FTBSSPMMBSIBCJMJEBEFTEFBOMJTJTEFUFYUPTUFOJFOEPFODVFOUBFMNPEPFORVFMBMFOHVBMBDVMUVSBZFMDPOUFYUPJO VZFOFOMBTGPSNBTFORVFTFDPOTUSVZFTJHOJ DBEPFOMPTUFYUPT
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
22
-
r 1FOTBSEFNBOFSBDSUJDBTPCSFMBTEJGFSFOUFTJOUFSBDDJPOFTRVFFYJTUFOFOUSFMPTUFYUPTMPTSFDFQUPSFTZMPTQSPQTJUPT
r %FTBSSPMMBSMBDBQBDJEBEEFQSFTFOUBSTVTQVOUPTEFWJTUBEFGPSNBQFSTVBTJWBZFTUSVDUVSBEBVUJMJ[BOEPVOSFHJTUSPBDBENJDPBQSPQJBEP
-BNPOPHSBGBQVFEFFTUBSSFMBDJPOBEBDPOBMHVOBPCSBFTUVEJBEBFODMBTFQFSPFOUPEPTMPTDBTPTMPTBMVNOPTEFCFOEFNPTUSBSRVFIBOBNQMJBEPTVTMFDUVSBTZSFBMJ[BEPVOFTUVEJPJOEJWJEVBM
-PTBMVNOPTQVFEFOFMFHJSMBTPCSBTMJUFSBSJBTMJCSFNFOUFJODMVTPEFMBMJTUBEFBVUPSFTQSFTDSJUPTEFM1SPHSBNBEFM%JQMPNB$BCFEFTUBDBSRVFMPTUFYUPTEFCFOUFOFSFMTV DJFOUFWBMPSMJUFSBSJPDPNPQBSBQFSNJUJSBMPTBMVNOPTSFBMJ[BSVOBOMJTJTMJUFSBSJPGVOEBNFOUBEP
-BNPOPHSBGBFOVOBMFOHVBDPODSFUBEFCFCBTBSTFFOMBMJUFSBUVSBEFMPTQBTFTFOMPTRVFTFIBCMFEJDIBMFOHVBFTEFDJSUPEBTMBTPCSBTBCPSEBEBTEFCFOIBCFSTJEPFTDSJUBTPSJHJOBSJBNFOUFFOMBMFOHVBEFMBNPOPHSBGB
-PTDJODPFKFNQMPTTJHVJFOUFTEFQSPCMFNBTEFJOWFTUJHBDJOQBSBMBTNPOPHSBGBTEFDBUFHPSB FOFM(SVQP TFPGSFDFOTPMBNFOUFDPNPPSJFOUBDJO
5FNB &MCBJMFFOMBTOPWFMBTEF+BOF"VTUFO
1SPCMFNBEFJOWFTUJHBDJO
y2VQBQFMFJNQPSUBODJBEFTFNQFBFMCBJMFFO ZFO
5FNB -BNVFSUFFOMBQPFTBEF&NJMZ#SPOUZEF&NJMZ%JDLJOTPO
1SPCMFNBEFJOWFTUJHBDJO
y$NPTFUSBUBFMUFNBEFMBNVFSUFFOBMHVOPTQPFNBTTFMFDDJPOBEPTEF&NJMZ#SPOUZ&NJMZ%JDLJOTPO
5FNB 'JDDJOFIJTUPSJBFO EF#MBJTF$FOESBST
1SPCMFNBEFJOWFTUJHBDJO
y$NPZQPSRVNPEJ DBMPTIFDIPTZSFTDSJCFMBIJTUPSJB$FOESBSTFOTVQSJNFSBOPWFMB
5FNB -BQSFTFOUBDJOEFMBOBUVSBMF[BFOMBQPFTB
1SPCMFNBEFJOWFTUJHBDJO
1FSDFQDJPOFTTPCSFMBOBUVSBMF[BFOMBQPFTBEBOFTBE OBMFTEFMTJHMP 9*9
5FNB *NHFOFTZUFNBTSFDVSSFOUFTFOMBPCSBEF(JPWBOOJ1BTDPMJ
1SPCMFNBEFJOWFTUJHBDJO
&MOJEPDPNPUFNBSFDVSSFOUFFOMBQPFTBEF(JPWBOOJ1BTDPMJ
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
23
-
&OFTUBDBUFHPSBMBNPOPHSBGBEFCFDPOTJTUJSFOMBDPNQBSBDJOFOUSFBMNFOPTVOBPCSBFTDSJUBPSJHJOBSJBNFOUFFOMBMFOHVBEFMBNPOPHSBGBZPUSBPCSBVPCSBTFTDSJUBTPSJHJOBSJBNFOUFFOPUSBMFOHVBZFTUVEJBEBTFOUSBEVDDJO
-PTUSFTFKFNQMPTTJHVJFOUFTEFQSPCMFNBTEFJOWFTUJHBDJOQBSBMBTNPOPHSBGBTEFDBUFHPSB FOFM(SVQP TFPGSFDFOTPMBNFOUFDPNPPSJFOUBDJO
5FNB -BQSFTFOUBDJOEFMISPFFOMBMJUFSBUVSB
1SPCMFNBEFJOWFTUJHBDJO
y%FRVNBOFSBTEJTUJOUBTQSFTFOUBO4IBX"OPVJMIZ4DIJMMFSB+VBOBEF"SDPFOTVTSFTQFDUJWBTPCSBTEFUFBUSP
5FNB "VUPSFTNBTDVMJOPTZQFSTPOBKFTGFNFOJOPT
1SPCMFNBEFJOWFTUJHBDJO
y2VSFDVSTPTVUJMJ[BOMPTBVUPSFTEF ZEF QBSBQSFTFOUBSBTVTIFSPOBTEFGPSNBRVFHFOFSFOVOBTFOTBDJOE OJEBEFOFMMFDUPS y&ORVNFEJEBMPDPOTJHVFO
5FNB &MVTPEFMBUSBEJDJOMJUFSBSJB
1SPCMFNBEFJOWFTUJHBDJO
5FNBTZSFDVSTPTFTUJMTUJDPTEBOUFTDPTFO Z EF54 &MJPU
&MUFNBFMFHJEPEFCFTFSEFDBSDUFS ZMBNPOPHSBGBQVFEFDFOUSBSTFFOVOBTQFDUPFTQFD DPPDPOTJTUJSFOVOFTUVEJPDPNQBSBUJWPEFVOBPCSBVPCSBTBVUPSQFSPEPPHOFSP
-PTTJHVJFOUFTFKFNQMPTEFUUVMPTEFNPOPHSBGBTTPCSFMJUFSBUVSBFOFM(SVQPTFPGSFDFOTPMBNFOUFDPNPPSJFOUBDJO4FEBOEPTWFSTJPOFTEFDBEBUUVMPQBSBJMVTUSBSRVFEFCFQSPDVSBSTFRVFMPTUFNBTTFBOFTQFD DPTZCJFOEFMJNJUBEPTDPNPFOFMQSJNFSDBTPFOMVHBSEFBNQMJPTZHFOFSBMFTDPNPFOFMTFHVOEPDBTP
*OHMTi-BTJNHFOFTSFMJHJPTBTFO u i-BSFMJHJOFOMBPCSBEFMBTIFSNBOBT#SPOUu
*OHMTi$PNQBSBDJOFOUSFMBSFQSFTFOUBDJOEFMDPO JDUPSBDJBMFOVOBPCSBEF+BNFT#BMEXJOZVOBPCSBEF3JDIBSE8SJHIUu i&MDPO JDUPSBDJBMFOMBTPCSBTEFFTDSJUPSFTBNFSJDBOPTu
'SBODTi&MSFUSBUPEFMBNVKFSFOMBTPCSBTEF;PMBu i-BTPCSBTEF;PMBu
'SBODTi&MFYJTUFODJBMJTNPFO Z EF4BSUSFu iy2VFTFMFYJTUFODJBMJTNP u
&TQBPMi&MUSBUBNJFOUPEFMDPO JDUPTPDJBMFO EF1P#BSPKBu i&MDPO JDUPTPDJBMFOMBMJUFSBUVSBNPEFSOBu
$VBOEPDPSSFTQPOEBMPTBMVNOPTQVFEFODPNQBSBSZDPOUSBTUBSEJTUJOUBTMFOHVBTZDVMUVSBT4JOFNCBSHPMBTNPOPHSBGBTEFDBUFHPSB EFCFODFOUSBSTFFOMBMFOHVBZDVMUVSBPDVMUVSBTEFMBMFOHVBFOMBRVFTFQSFTFOUBFMUSBCBKP
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
24
-
-BTNPOPHSBGBTEFDBUFHPSB IBDFOIJODBQJFOMBQSPEVDDJOZSFDFQDJOEFUFYUPTFOTVDPOUFYUPDVMUVSBMZQPSMPUBOUPMBTNPOPHSBGBTTPCSFUFNBTDVMUVSBMFTHFOFSBMFTOPTPOBEFDVBEBT&TUBTEFCFOQSFTFOUBSVOBOMJTJTUFYUVBMEFUBMMBEP&TJNQPSUBOUFEFTUBDBSRVFMPTUFYUPTTFDPOTUSVZFOZFOUJFOEFOFODPOUFYUPTDVMUVSBMFTFIJTUSJDPTFTQFD DPTTVTJHOJ DBEPQVFEFDVFTUJPOBSTF
-PTFKFNQMPTRVFTFPGSFDFOBDPOUJOVBDJOBFYDFQDJOEFMFKFNQMP TPOFTQFD DPTEFVOBMFOHVBZBRVFFTJNQPSUBOUFGPSNVMBSVOQSPCMFNBEFJOWFTUJHBDJOQSFDJTP/PPCTUBOUFUBNCJOQVFEFOTFSBEFDVBEPTDPNPSFBEFFTUVEJPFOPUSBMFOHVBPDPOUFYUP&TUPTFKFNQMPTEFQSPCMFNBTEFJOWFTUJHBDJOQBSBMBTNPOPHSBGBTEFDBUFHPSB FOFM(SVQP TFPGSFDFOTPMBNFOUFDPNPPSJFOUBDJO
-PTBMVNOPTUJFOFOMBPQPSUVOJEBEEFFYQMPSBSDNPTFEFTBSSPMMBMBMFOHVBFODPOUFYUPTDVMUVSBMFTDPODSFUPTFMJNQBDUPRVFUJFOFFOFMNVOEPZDNPDPO HVSBMBJEFOUJEBEEFMJOEJWJEVPZEFMHSVQP
5FNB &MJNQBDUPEFMBTUFDOPMPHBTEFDPNVOJDBDJOFMFDUSOJDBFOFMTJHOJ DBEP
1SPCMFNBEFJOWFTUJHBDJO
"OMJTJTEFMEFTBSSPMMPZMBTSFQFSDVTJPOFTEFMBTSFBDDJPOFTFO5XJUUFSBMBDBNQBBFMFDUPSBMEFFO(SBO#SFUBB
5FNB &MVTPEFMMFOHVBKFQFSTVBTJWPFOMPTEJTDVSTPTQPMUJDPT
1SPCMFNBEFJOWFTUJHBDJO
y)BTUBRVQVOUPFMVTPEFMBSFUSJDBBVNFOUBMBF DBDJBEFMPTEJTDVSTPTEF#BSBDL0CBNB
5FNB &MVTPEFMMFOHVBKFQFSTVBTJWPFOMPTEJTDVSTPTQPMUJDPT
1SPCMFNBEFJOWFTUJHBDJO
y$NPZFORVNFEJEBDBNCJBSPOMBTFTUSBUFHJBTSFUSJDBTEFMPTEJTDVSTPTQPMUJDPTEF%F(BVMMFDPOFMQBTPEFMUJFNQP
-PTBMVNOPTFTUVEJBODNPTFVUJMJ[BMBMFOHVBFOMPTNFEJPTEFDPNVOJDBDJOZBCPSEBODNPMBQSPEVDDJOZSFDFQDJOEFUFYUPTFTUOJO VFODJBEBTQPSFMNFEJPFOFMRVFTFFTDSJCFO
5FNB $PCFSUVSBEFOPUJDJBT
1SPCMFNBEFJOWFTUJHBDJO
y$NPTFQSFTFOUBSPOFOMBQSFOTBQPQVMBSBMFNBOBMBTPQJOJPOFTFOBQPZPEF(SFDJBBEPQUBEBTQPSEJTUJOUPTHSVQPTEVSBOUFMBDSJTJTFDPONJDBRVFBUSBWFTFTFQBTFO
5FNB $PCFSUVSBEFOPUJDJBT
1SPCMFNBEFJOWFTUJHBDJO
y$NPIBOQSFTFOUBEPMPTNFEJPTEFDPNVOJDBDJOFTDSJUBFTQBPMFTMBJONJHSBDJOJMFHBMEFGSJDBB&TQBBEFTEF
5FNB 1VCMJDJEBE
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
25
-
1SPCMFNBEFJOWFTUJHBDJO
y%FRVNBOFSBMBQVCMJDJEBEEFBSUDVMPTEFMVKPFO$IJOBVUJMJ[BFMMFOHVBKFZMBJNBHFOQBSBDPOTUSVJSVOBWJTJOEFUFSNJOBEBEF0DDJEFOUF
$VBMRVJFSMFOHVBBEFDVBEB
5FNB *OGPSNBDJOQCMJDB
1SPCMFNBEFJOWFTUJHBDJO
y$NPGVODJPOBMBVUJMJ[BDJOEFJNHFOFTWJTVBMFTDIPDBOUFTFODBNQBBTJOGPSNBUJWBTEFTBMVEQCMJDBQPSFKFNQMPTPCSFFMDPOTVNPEFUBCBDP y2VSFWFMBBDFSDBEFMBTJEFBTDVMUVSBMFTQSFQPOEFSBOUFTBDFSDBEFMDVFSQPZMBTBMVE
&OMBT MBTPCSBTMJUFSBSJBTBNFOVEPBCPSEBODVFTUJPOF MPT DBTQPMUJDBTPTPDJBMFT/PPCTUBOUFMBNPOPHSBGBEFCFDFOUSBSTFQSJODJQBMNFOUFFOFMUSBUBNJFOUPMJUFSBSJPEFEJDIBTDVFTUJPOFT-BTPCSBTMJUFSBSJBTOPEFCFOTFSVOQSFUFYUPQBSBVOFTUVEJPJOUFSEJTDJQMJOBSJPZOPEFCFOUSBUBSTFTJNQMFNFOUFDPNPQSVFCBTEPDVNFOUBMFTFOFMEFCBUFEFDVFTUJPOFTEFOEPM MPT DBQPMUJDBPTPDJBM-PTBMVNOPTEFCFODPOTJEFSBSTJFNQSFMPTUFYUPTEFTEFVOBQFSTQFDUJWBMJUFSBSJBUSBUBOEPBTQFDUPTDPNPMPTFGFDUPTRVFMPHSBOFOFMMFDUPSMPTSFDVSTPTFNQMFBEPTZDNPFTUOFTDSJUPT
-PTBMVNOPTOPEFCFOVUJMJ[BSMBNPOPHSBGBDPNPVONFSPWFIDVMPQBSBFYQSFTBSTVTJEFBTTJOFNCBSHPVOBWF[BOBMJ[BEBTDVJEBEPTBNFOUFMBTJEFBTEFMBVUPSEFCFOQSFTFOUBSTVPQJOJOQFSTPOBMTPCSFFMNPEPFORVFFMBVUPSIBUSBUBEPFMUFNB%FCFSIBCFSVOFRVJMJCSJPFOUSFMBVUJMJ[BDJOEFMBTPQJOJPOFTEFDSUJDPTFYQFSJNFOUBEPTZMBBQPSUBDJOQFSTPOBMEFOVFWPTFMFNFOUPT-BNFSBSFQFUJDJOEFMBTPQJOJPOFTEFDSUJDPTMJUFSBSJPTSFDPOPDJEPTOPSFTVMUBSFOVOBNPOPHSBGBTBUJTGBDUPSJB
-BTNPOPHSBGBTRVFJOUFOUBOJOUFSQSFUBSMBTPCSBTDPNPVOSF FKPEFMBWJEBEFTVTBVUPSFTOPTVFMFOPCUFOFSCVFOPTSFTVMUBEPTZBRVFUJFOEFOBQSPEVDJSUSBCBKPTRVFDPOTUJUVZFOJOUFSQSFUBDJPOFTTJNQMJ DBEBTEFMBTPCSBTCBTBEBTFOJOGPSNBDJOEFTFHVOEBNBOP1PSFMMPFOHFOFSBMFTNFKPSFWJUBSMPTUFNBTCJPHS DPT
&OMB JOEFQFOEJFOUFNFOUFEFMSFBEFFTUVEJPEFMBMFOHVBRVFMPTBMVNOPTFMJKBOQBSBTVNPOPHSBGBFTUPTEFCFOSFBMJ[BSVOBOMJTJTDSUJDPZDFOUSBEPEFMUFYUPPUFYUPTFTUVEJBEPT&TUFBOMJTJTEFUBMMBEPEFCFJOUFHSBSTFFOVOBEJTDVTJONTBNQMJBTPCSFMPTDPOUFYUPTFORVFTFQSPEVDFZDPNQSFOEFFMUFYUPPMPTUFYUPT
4FBMJFOUBBMPTBMVNOPTBRVFBEPQUFOVOBQPTUVSBDSUJDBZBOBMUJDBZBRVFEFNVFTUSFOTFSDPODJFOUFTEFQPTJCMFTQVOUPTEFWJTUBDPOUSBQVFTUPTTPCSFMPTUFYUPTZEFTVTJHOJ DBEPFOVODPOUFYUPTPDJBMNTBNQMJP-BTNPOPHSBGBTQVSBNFOUFEFTDSJQUJWBTOPTPOBEFDVBEBT-PTBMVNOPTEFCFOUSBUBSEFQSFTFOUBSVOUSBCBKPFRVJMJCSBEPDPOVOBSHVNFOUPDPIFSFOUFZFKFNQMPTBEFDVBEPT
-PTBMVNOPTEFCFOGPSNVMBSVOQSPCMFNBEFJOWFTUJHBDJOCJFOEFMJNJUBEPZGBDUJCMFZBCPSEBSMPEFNBOFSBDSUJDBFJOEFQFOEJFOUF
1BSBMBTNPOPHSBGBTEFDBUFHPSB TFFOUJFOEFQPSUFYUPUPEBMBWBSJFEBEEFNBUFSJBMFTPSBMFTFTDSJUPTZWJTVBMFTQSFTFOUFTFOMBTPDJFEBE&OFTBWBSJFEBEQVFEFOFODPOUSBSTF
r 6OBPWBSJBTJNHFOFTDPOPTJOUFYUP
r 5FYUPTZQBTBKFTFTDSJUPTMJUFSBSJPT
r 5FYUPTQSPDFEFOUFTEFNFEJPTEFDPNVOJDBDJOQPSFKFNQMPQFMDVMBTQSPHSBNBTEFSBEJPZUFMFWJTJOZTVTHVJPOFT
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
26
-
r %PDVNFOUPTFOGPSNBUPFMFDUSOJDPRVFDPNQBSUFOBTQFDUPTEFWBSJPTUFYUPTEFMPTNFEJPTEFDPNVOJDBDJOQPSFKFNQMPTJUJPTXFCEPOEFTFJOUFSDBNCJBOWJEFPTQHJOBTXFCNFOTBKFTEFUFYUPCMPHTTJUJPTXJLJZNFOTBKFTCSFWFTQVCMJDBEPTFOTJUJPTEF DPNP5XJUUFS
r 5FYUPTPSBMFTRVFQVFEFOJODMVJSMFDUVSBTFOWP[BMUBEJTDVSTPTUSBOTNJTJPOFTEFQSPHSBNBTEFSBEJPPUFMFWJTJOZUSBOTDSJQDJPOFTEFDPOWFSTBDJPOFTHSBCBEBT
"MSFEBDUBSMBNPOPHSBGBMPTBMVNOPTEFCFOUFOFSFODVFOUBRVFUPEPNBUFSJBMOBSSBUJWPPEFTDSJQUJWPJODMVJEPEFCFFTUBSEJSFDUBNFOUFSFMBDJPOBEPDPOFMBOMJTJTDSUJDP/PCBTUBDPOIBDFSVOSFTVNFOEFMBTMFDUVSBTSFBMJ[BEBT
1BSBMBTUSFTDBUFHPSBTEFMBTNPOPHSBGBTFOFM(SVQP TJCJFOFTNFKPSGPSNVMBSFMQSPCMFNBEFJOWFTUJHBDJOFOGPSNBEFQSFHVOUBUBNCJOFTQPTJCMFFYQSFTBSMPDPNPVO SNBDJOPVOBQSPQVFTUBQBSBMBEJTDVTJO
&MQSPCMFNBEFJOWFTUJHBDJOEFCF
r 4FSFTQFD DPZFTUBSCJFOEFMJNJUBEP
r 'PSNVMBSTFDMBSBNFOUFFOMBJOUSPEVDDJOEFMBNPOPHSBGBPFOMBQHJOBEFMUUVMP
r &TUBSSFMBDJPOBEPDPOMBPCSBPMFOHVBPCKFUPEFFTUVEJP
&MQSPCMFNBEFJOWFTUJHBDJOOPEFCF
r 4FSEFNBTJBEPMJNJUBEPPEFNBTJBEPPCWJP
&OMBTNPOPHSBGBTEFDBUFHPSBZMJUFSBUVSB
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
&OMBTNPOPHSBGBTEFDBUFHPSB MFOHVB
MBJOUSPEVDDJOEFCFTFSCSFWFZDFOUSBSTFFOFMQSPCMFNBEFJOWFTUJHBDJOZFOMBNBOFSBFORVFFTUFTFSFMBDJPOBDPOMPTFTUVEJPTFYJTUFOUFTTPCSFMBDVFTUJO-BJOUSPEVDDJOEFCFBDMBSBSDNPFMUFNBFMFHJEPTFSF FSFFTQFD DBNFOUFBMBMFOHVBZDVMUVSBPDVMUVSBTPCKFUPEFFTUVEJPPDNPFTEFFTQFDJBMJOUFSTQBSBFTUBT
&OMBTNPOPHSBGBTEFDBUFHPSB ZMJUFSBUVSB
MBTGVFOUFTJODMVZFOFOQSJNFSBJOTUBODJBMPTUFYUPTQSJNBSJPTPCKFUPEFFTUVEJPZQPTJCMFNFOUFPUSPTUFYUPTFTDSJUPTQPSFMBVUPSPBVUPSFTFODVFTUJODPNPFOTBZPTEJBSJPTZDBSUBTZDPODBSDUFSDPNQMFNFOUBSJPGVFOUFTTFDVOEBSJBTDPNPUFYUPTEFDSUJDBMJUFSBSJBTPCSFMBTPCSBTFTUVEJBEBT6OBQMBOJ DBDJODPSSFDUBEFMBNPOPHSBGBEFCFJNQMJDBSDPOTVMUBSMBTGVFOUFTTFDVOEBSJBTFOSFMBDJODPOFMQSPCMFNBEFJOWFTUJHBDJOEFGPSNBRVFMBTPQJOJPOFTEFMPTDSUJDPTTFVUJMJDFOQBSBGVOEBNFOUBSFMBSHVNFOUPZOPDPNPTVTUJUVUPEFMNJTNP"TQVFEFSFTVMUBSUJMSFCBUJSMBPQJOJOEFVODSUJDPFOMVHBSEFEBSMFTJNQMFNFOUFMBSB[O&OFMDPOUFYUPEFMBMJUFSBUVSBMPTEBUPTSFDPHJEPTFTUODPOTUJUVJEPTQSJODJQBMNFOUFQPSMBTQSVFCBTRVFFMQSPQJPBMVNOPIBQPEJEPFODPOUSBSFOMPTUFYUPTQSJNBSJPTQBSBGVOEBNFOUBSTVBSHVNFOUPFOMBNPOPHSBGB4JMPTBMVNOPTEFDJEFOVUJMJ[BSGVFOUFTEF*OUFSOFUEFCFOIBDFSMPDPODBVUFMBZEFGPSNBDSUJDBTJFOEPDPOTDJFOUFTEFTVQPTJCMFGBMUBE BCJMJEBE
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
27
-
-BTNPOPHSBGBTEFDBUFHPSB MFOHVBQSFTVQPOFOVOBOMJTJTDSUJDPZEFUBMMBEPEFVOUFYUPPUFYUPTQSJNBSJPTFMUSNJOPUFYUPUJFOFVOTFOUJEPBNQMJPFYQMJDBEPBOUFSJPSNFOUF%JDIPTUFYUPTEFCFOTFSBVUOUJDPTFTUBSDMBSBNFOUFJEFOUJ DBEPTZTFSBQSPQJBEPTQBSBMBMFOHVBZMBDVMUVSBPDVMUVSBTEFMBNPOPHSBGB-BTGVFOUFTTFDVOEBSJBTTFVUJMJ[BSOQBSBQSPQPSDJPOBSVONBSDPBMBOMJTJTEFMPTUFYUPTQSJNBSJPTSFWFMBOEPDNPMBMFOHVBMBDVMUVSBZFMDPOUFYUPJO VZFOFOMBDPOTUSVDDJOEFMTJHOJ DBEP-PTBMVNOPTEFCFOUSBUBSEFEFTBSSPMMBSTVQSPQJPBSHVNFOUPFOMVHBSEFMJNJUBSTFBBEPQUBSMBTPQJOJPOFTEFMPTDSUJDPT5BNCJOTFMFTBOJNBBBTVNJSVOBQFSTQFDUJWBDSUJDBFOSFMBDJODPOMBTGVFOUFTTFDVOEBSJBT4JMPTBMVNOPTEFDJEFOVUJMJ[BSGVFOUFTEF*OUFSOFUEFCFOIBDFSMPDPODBVUFMBZEFGPSNBDSUJDBTJFOEPDPOTDJFOUFTEFTVQPTJCMFGBMUBE BCJMJEBE
&OMBTNPOPHSBGBTEFDBUFHPSB ZMJUFSBUVSB
FMUFNBPCKFUPEFFTUVEJPFTQSJODJQBMNFOUFMBPCSBVPCSBTQSJNBSJBTFOMBTRVFTFCBTBMBNPOPHSBGB&TUFDSJUFSJPFWBMBFTFODJBMNFOUFMPTDPOPDJNJFOUPTEFMBMVNOPTPCSFMPTUFYUPTQSJNBSJPT-BVUJMJ[BDJOEFGVFOUFTTFDVOEBSJBTOPFTVOSFRVJTJUPFTFODJBMQVFEFSFTVMUBSUJMFOFMDBTPEFPCSBTDMTJDBTBMQFSNJUJSJOJDJBSMBEJTDVTJOBVOBMUPOJWFMQFSPOPEFCFSFFNQMB[BSFMFTUVEJPQFSTPOBMEFMBTPCSBTQSJNBSJBTQPSQBSUFEFMBMVNOP
&OMBTNPOPHSBGBTEFDBUFHPSBMFOHVB
FMUFNBPCKFUPEFFTUVEJPFTVOUFYUPPUFYUPTQSJNBSJPTRVFTFFYQMPSBOZDPNQSFOEFONFEJBOUFVOBOMJTJTDSUJDPEFTVQSPEVDDJOZSFDFQDJOFOVODPOUFYUPDVMUVSBMFTQFD DP-PTBMVNOPTEFCFOBOBMJ[BSMBTDBSBDUFSTUJDBTMJOHTUJDBTEFMUFYUPPUFYUPTQSJNBSJPTZUBNCJOMBTDJSDVOTUBODJBTTPDJBMFTZDVMUVSBMFTFOMBTRVFTFQSPEVDFZDPNQSFOEFEJDIPUFYUPPUFYUPT%FFTUBNBOFSBFMDPOPDJNJFOUPZMBDPNQSFOTJOTFEFNVFTUSBOFOMBGPSNBFOMBRVFFMBMVNOPFTDBQB[EFDPNQSFOEFSZTJUVBSVOUFYUPPUFYUPTFOTVDPOUFYUPDVMUVSBM-PTBMVNOPTEFCFOEFNPTUSBSTFSDPOTDJFOUFTEFRVFFMTJHOJ DBEPFTVOBFOUJEBEDPOTUSVJEBZBNFOVEPDVFTUJPOBEB
1BSBMBTUSFTDBUFHPSBTEFNPOPHSBGBTFOFM(SVQP MPTBMVNOPTEFCFOTFSDPOTDJFOUFTEFRVFFMODMFPEFMBNPOPHSBGBFTFMEFTBSSPMMPEFVOBSHVNFOUP-BTPQJOJPOFTQFSTPOBMFTOPEFCFOFYQSFTBSTFTJONTTJOPRVFEFCFOBQPZBSTFFOVOBSHVNFOUPSB[POBEPQBSBQFSTVBEJSBMMFDUPSEFTVWBMJEF[
&OFMDBTPEFMBTNPOPHSBGBTEFDBUFHPSB ZMJUFSBUVSB
MBTJNQMFEFTDSJQDJOEFVOUFYUPMJUFSBSJPBQBSUJSEFMSFTVNFOEFMBUSBNBPMBOBSSBDJOEFMBBDDJOOPTVFMFQFSNJUJSFMEFTBSSPMMPEFVOBSHVNFOUPZFOHFOFSBMEFCFFWJUBSTFBVORVFTJTFUSBUBEFVOBPCSBQPDPDPOPDJEBQVFEFSFTVMUBSBQSPQJBEBVOBCSFWFEFTDSJQDJO
&OMBTNPOPHSBGBTEFDBUFHPSB MFOHVB
MBTEFTDSJQDJPOFTPFYQMJDBDJPOFTOBSSBUJWBTEFVOUFYUPPUFYUPTRVFDBSFDFOEFVOBOMJTJTDSUJDPOPTVFMFOQFSNJUJSFMEFTBSSPMMPEFVOBSHVNFOUPZEFCFOFWJUBSTF
1BSBMBTUSFTDBUFHPSBTEFNPOPHSBGBTFOFM(SVQP MBBQMJDBDJOBQSPQJBEBEFMBTIBCJMJEBEFTEFBOMJTJTZFWBMVBDJOTFFOUJFOEFDPNPFMVTPEFVOBOMJTJTZBSHVNFOUPQFSTVBTJWPTQBSBGVOEBNFOUBSVOBJOUFSQSFUBDJOQFSTPOBM-BTJOUFSQSFUBDJPOFTFYUSBEBTFYDMVTJWBNFOUFEFGVFOUFTTFDVOEBSJBTQFSEFSOQVOUPTFOFTUFDSJUFSJPZMPNJTNPPDVSSJSDPOMBTNPOPHSBGBTQVSBNFOUFEFTDSJQUJWBTRVFFOVNFSBOFKFNQMPTEFUFNBTMJUFSBSJPTDBUFHPSBT ZPEFMFOHVBDBUFHPSB QFSPOPMPTBOBMJ[BOEFGPSNBDSUJDB
/PIBZVOOJDPFTUJMPBDFQUBCMFQBSBMBTNPOPHSBGBTEFMBTUSFTDBUFHPSBTFOFM(SVQP RVFQVFEFOFTUBSCJFOSFEBDUBEBTFOVOBWBSJFEBEEFGPSNBT1PSFKFNQMPQVFEFWBSJBSFMHSBEPEFOGBTJTQFSTPOBMBMHVOPTBMVNOPTVUJMJ[BOMBQSJNFSBQFSTPOBZPUSPTQSF FSFOVOBGPSNBEFFYQSFTJONTJNQFSTPOBM-BDMBSJEBEZQSFDJTJOEFMBDPNVOJDBDJOFOVOBNPOPHSBGBFOFM(SVQPJODMVZFFMVTPDPSSFDUPEFMBMFOHVB
1BSBMBTUSFTDBUFHPSBTEFNPOPHSBGBTFOFM(SVQP MBQBMBCSBDMBWFFOSFMBDJODPOFTUFDSJUFSJPFTiDPIFSFODJBuMBDPODMVTJOEFCFEFTQSFOEFSTFEFMBSHVNFOUPZOPJOUSPEVDJSDVFTUJPOFTOVFWBTPDBSFOUFTEFSFMBDJODPOFTUF
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
28
-
/PEFCFDPOTJTUJSFOVOBSFQFUJDJOEFMNBUFSJBMEFMBJOUSPEVDDJOTJOPQSFTFOUBSVOBOVFWBTOUFTJTEFSJWBEBEFMBEJTDVTJOMMFWBEBBDBCP
&OMBTUSFTDBUFHPSBTEFNPOPHSBGBTFOFM(SVQP DPOFTUFDSJUFSJPTFFWBMBMBNFEJEBFORVFMBNPOPHSBGBTFBKVTUBBMBTOPSNBTBDBENJDBTEFQSFTFOUBDJOEFUSBCBKPTEFJOWFTUJHBDJO"RVFMMBTNPOPHSBGBTFOMBTRVFTFPNJUBMBCJCMJPHSBGBPRVFOPQSFTFOUFOSFGFSFODJBTEFMBTDJUBTFNQMFBEBTTFDPOTJEFSBSOJOBDFQUBCMFTOJWFMEFMPHSP-BTNPOPHSBGBTFOMBTRVFTFPNJUBVOPEFMPTFMFNFOUPTPCMJHBUPSJPTQHJOBEFMUUVMPOEJDFOVNFSBDJOEFQHJOBTTFDPOTJEFSBSODPNPNYJNPTBUJTGBDUPSJBTOJWFM
ZBRVFMMBTRVFPNJUBOEPTEFEJDIPTFMFNFOUPTTFDPOTJEFSBSOJOTBUJTGBDUPSJBTOJWFMTFHOFTUFDSJUFSJP
&OMBTUSFTDBUFHPSBTEFNPOPHSBGBTFOFM(SVQP FMSFTVNFOTFKV[HBQPSMBDMBSJEBEDPOMBRVFTFQSFTFOUBOMPTUSFTFMFNFOUPTSFRVFSJEPTOPQPSMBDBMJEBEEFMQSPCMFNBEFJOWFTUJHBDJOFMBSHVNFOUPPMBDPODMVTJOFOTNJTNPT
&OMBTUSFTDBUFHPSBTEFNPOPHSBGBTFOFM(SVQP FTUFDSJUFSJPQFSNJUFBMPTFYBNJOBEPSFTSFDPNQFOTBSMPTUSBCBKPTRVFEFNVFTUSBOJOJDJBUJWBDSFBUJWJEBEZS YJOQFSTQJDB[JODMVTPTJMBNPOPHSBGBOPDPOTJHVFMB
SBGBTSFBMJ[BEBTEFGPSNBNFDOJDBTPCSFUFNBTQPDPPSJHJOBMFTOPPCUFOES FDSJUFSJP
(SVQPBMBBTJHOBUVSBTFEFCFOMFFSKVOUPDPOMBTTFDDJPOFTi*OUSPEVDDJOui"TQFDUPT
HFOFSBMFTuZi"TQFDU PTUPEBTMBTNPOPHSBGBTuEFFTUBHVB
-BNPOPHSBGBFOFM(SVQPFTUQFOTBEBQBSB TEFVOBTFHVOEBMFOHVBNPEFSOB-PTBMVNOPTQVFEFOSFBMJ[BSVOBNPOPHSBGBFOFM(SVQPFOVOBMFOHVBRVFFTUODVSTBOEPDPNP-FOHVB"FOTVTFTUVEJPTEFM1SPHSBNBEFM%JQMPNB
&YJTUFOUSFTDBUFHPSBTQBSBMBTNPOPHSBGBTEFM(SVQP
r $BUFHPSB-FOHVB
r $BUFHPSB$VMUVSBZTPDJFEBEBPC
r $BUFHPSB-JUFSBUVSB
-PTBMVNOPTEFCFOJOEJDBSFOMBQPSUBEBEFMBNPOPHSBGBMBBTJHOBUVSBZMBDBUFHPSBDPSSFTQPOEJFOUFTBMUSBCBKPQSFTFOUBEPQPSFKFNQMP*OHMT #DBUFHPSB C"MFNO #DBUFHPSB &TQBPM #DBUFHPSB
-BNPOPHSBGBFOFM(SVQPPGSFDFBMPTBMVNOPTMBPQPSUVOJEBEEFBQSFDJBSZDPOPDFSMBMFOHVBFTUVEJBEBZDPNQSFOEFSTVDVMUVSB&TUPTFMPHSBQFSNJUJFOEPBMPTBMVNOPTQSPGVOEJ[BSFOMPTBTQFDUPTEFMBMFOHVBRVFMFJOUFSFTBOBUSBWTEFVOBJOWFTUJHBDJOCBTBEBFOUFYUPTQPSUFYUPTFFOUJFOEFDVBMRVJFSGPSNBEFFYQSFTJOPSBMPFTDSJUBEPUBEBEFTJH QPSFKFNQMPVOBSUDVMPVOMJCSPVOBPCSBEFUFBUSPVOQPFNBPFOBMHOQSPEVDUPDVMUVS PDPNPQPSFKFNQMPPCSBTQMTUJDBTBSRVJUFDUVSBDJOFSBEJPQSPHSBNBTEFUFMFWJTJOPNTJDBQPQVMBS
-BNPOPHSBGBEFCFFTUBSFTDSJUBFOMBMFOHVBFOMBRVFTFIBZBNBUSJDVMBEPMBMFOHVBPCKFUPEFFTUVEJPZEFCFPDVQBSTFEFDVFTUJPOFTSFMBDJPOBEBTDPOMBDVMUVSBBTPDJBEBDPOEJDIBMFOHVB
"TQFDU PTQPSBTJHOBUVSB
29
-
-BNPOPHSBGBFTVO ZMPTDSJUFSJPTEFFWBMVBDJOEFTUBDBOMBJNQPSUBODJBEFMBTIBCJMJEBEFTEFJOWFTUJHBDJONTRVFMBDPNQFUFODJBMJOHTUJDB"VORVFPCWJBNFOUFFTEFTFBCMFUFOFSDJFSUPOJWFMEFDPNQFUFODJBFOMBMFOHVBQBSBQPEFSSFBMJ[BSVOBNPOPHSBGBFOFM(SVQPM VJEF[OPFTVOQSFSSFRVJTJUPOJVOBHBSBOUBEFYJUP%FIFDIPMPTBMVNOPTRVFTFFYQSFTFODP VJEF[QFSPRVFOPEFNVFTUSFOMBTIBCJMJEBEFTEFJOWFTUJHBDJOSFRVFSJEBTPCUFOESOVOBDBMJ DBDJONTCBKBRVFPUSPTBMVNOPTDPONFOP VJEF[QFSPRVFDVNQMBODPOMPTEFNTSFRVJTJUPTEFMPTDSJUFSJPTEFFWBMVBDJO
$PNPTFIBJOEJDBEPFOMBTFDDJOi(FOFSBMJEBEFTuVOBNPOPHSBGBFOFM(SVQPUJFOFDPNPPCKFUJWPEFTBSSPMMBSMPTDPOPDJNJFOUPTZMBDPNQSFOTJOEFMBMFOHVBZDVMUVSBPCKFUPEFFTUVEJPQPSQBSUFEFMPTBMVNOPT4FEFCFSFDIB[BSDVBMRVJFSUFNBQSPQVFTUPRVFOPTJSWBBFTUFQSPQTJUP-BNPOPHSBGBEFCFDPOTJTUJSFOFMFTUVEJPEFVOBDVFTUJORVFQFSUFOF[DBBVOBEFFTUBTUSFTDBUFHPSBTMFOHVBDVMUVSBZTPDJFEBEMJUFSBUVSBPDPNCJOBDJPOFTEFFTUBT$BEBDBUFHPSBUJFOFSFRVJTJUPTFTQFD DPTRVFTFEFTDSJCFOFOFMBQBSUBEPTJHVJFOUF"EFNTMPTBMVNOPTEFCFOBTFHVSBSTFEFRVFFMUFNBFMFHJEP
r .FSF[DBTFSJOWFTUJHBEP1PSFKFNQMPiy5JFOFGVUVSPFMUVSJTNPFO4VJ[B uPiy&TMBJOEVTUSJBEFMWJOPVOBGVFOUFEFJOHSFTPTJNQPSUBOUFQBSB'SBODJB uSFTVMUBODVFTUJPOFTEFNBTJBEPUSJWJBMFTQBSBVOBNPOPHSBGBEFQBMBCSBT
r /PTFBEFNBTJBEPBNQMJPZQFSNJUBVOUSBUBNJFOUPF DB[EFOUSPEFMMNJUFEFQBMBCSBT5FNBTDPNPi&MSBDJTNPFO'SBODJBui&MUFBUSPEFMBCTVSEPuPi-BIJTUPSJBEFMBMFOHVBGSBODFTBuTPOEFNBTJBEPHFOFSBMFTZUFOESBORVFDPODSFUBSTFNT
r 1PTJCJMJUFFMEFTBSSPMMPEFVOBSHVNFOUPPEFVOBOMJTJTDSUJDPZVOKVJDJPQFSTPOBMNTRVFMBNFSBEFNPTUSBDJOEFDPOPDJNJFOUPT%FCFOFWJUBSTFMPTUFNBTQVSBNFOUFEFTDSJQUJWPTPOBSSBUJWPTPRVFDPOTJTUBOFOVONFSPSFTVNFOEFGVFOUFTTFDVOEBSJBTDPNPi-PTRVFTPTGSBODFTFTui-BSFHJOEF1SPWFO[BuPi-PTBDPOUFDJNJFOUPTEFNBZPEFFO1BSTu
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5FNB -BTMFZFTMJOHTUJDBTFO2VCFD
1SPCMFNBEFJOWFTUJHBDJO
y&ORVNFEJEBIBDPOUSJCVJEPMBMFZ$BSUBEFMBMFOHVBGSBODFTBBBVNFOUBSMBQSFQPOEFSBODJBEFMGSBODTFO2VCFD
&OGPRVF *OWFTUJHBDJOTPCSFMBJO VFODJBEFMBMFZFOFMFTUBUVTEFMGSBODTFO2VCFD
5FNB -BTQBMBCSBTFYUSBOKFSBT FOFMKBQPOT
1SPCMFNBEFJOWFTUJHBDJO
y6UJMJ[BOMPTKWFOFTNTQBMBCSBTEFPSJHFOFYUSBOKFSPRVFMPTBODJBOPT
&OGPRVF 3FBMJ[BDJOEFFODVFTUBTBKWFOFTZBODJBOPTZDPNQBSBDJOEFMPTSFTVMUBEPTFODVBOUPBMDPOPDJNJFOUPEFQBMBCSBTFYUSBOKFSBTGSFDVFODJBDPORVFTFVUJMJ[BOZBDUJUVEIBDJBTVVTP
5FNB "MUFSOBODJBTEFMBTGPSNBTiWPTuZiVTUFEuFOFMFTQBPMEFM3PEFMB1MBUB
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
30
-
1SPCMFNBEFJOWFTUJHBDJO
y&ORVNFEJEBIBOEFTBQBSFDJEPMBTEJGFSFODJBTEFVTPFOUSFMFOHVBGPSNBMFJOGPSNBMFOMBMFOHVBVUJMJ[BEBFOMBSFHJOEFM3PEFMB1MBUB
&OGPRVF *OWFTUJHBDJOTPCSFFMMFOHVBKFEFMPTKWFOFTEF#VFOPT"JSFTFOMBSFHJOEFM3PEFMB1MBUBFOEJGFSFOUFTTJUVBDJPOFTDPNVOJDBUJWBT
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5FNB -FOHVBKFZGFNJOJTNP
1SPCMFNBEFJOWFTUJHBDJO
y%FCFSBODSFBSTFNTGPSNBTGFNFOJOBTEFDBSHPTMBCPSBMFTFOGSBODTQBSBSF FKBSMPTDBNCJPTFOMPTSPMFTEFHOFSP
&OGPRVF &YBNFOEFMPTBSHVNFOUPTMJOHTUJDPTZTPDJPMHJDPTBGBWPSZFODPOUSBEFMBGFNJOJ[BDJOEFMPTDBSHPTMBCPSBMFTFOGSBODT
5FNB &MMFOHVBKFQBSBEFTJHOBSBMPTNJFNCSPTEFMBGBNJMJB
1SPCMFNBEFJOWFTUJHBDJO
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&OGPRVF $PNFOUBSJPTPCSFDNPIBDBNCJBEPFMVTPEFQBMBCSBTDPNP Z BTDPNPVOFYBNFOEFMPTGBDUPSFTTPDJBMFTRVFQVFEFOSFRVFSJSMBDSFBDJOEFOVFWPTUSNJOPTMJOHTUJDPTQBSBMBTSFMBDJPOFTEFQBSFOUFTDP
5FNB -FOHVBKFZEJTDSJNJOBDJO
1SPCMFNBEFJOWFTUJHBDJO
y&ORVNFEJEBFMMFOHVBKFVUJMJ[BEPQPSHSVQPTEFKWFOFTFTUVEJBOUFTEFVOBJOTUJUVDJOEFFEVDBDJOTFDVOEBSJBEF#VFOPT"JSFTSF FKBMBEJTDSJNJOBDJOSBDJBM
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5FNB -BDSUJDBTPDJBMFOMBTDBODJPOFTEF.$4PMBBS
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
31
-
1SPCMFNBEFJOWFTUJHBDJO
y2VUJQPEFDSUJDBIBDFFMSBQFSP.$4PMBBSBMBTPDJFEBEGSBODFTBDPOUFNQPSOFB
&OGPRVF *OWFTUJHBDJOEFMDPOUFOJEPUFNUJDPEFMBTDBODJPOFTEF.$4PMBBS
5FNB -PTBOVODJPTFOMPTNFEJPTEFDPNVOJDBDJOKBQPOFTFT
1SPCMFNBEFJOWFTUJHBDJO
y$NPZQPSRVVUJMJ[BOMBTBHFODJBTQVCMJDJUBSJBTEF+BQOVOQPSDFOUBKFUBOBMUPEFNPEFMPTOPKBQPOFTFT
&OGPRVF "OMJTJTEFMPTBOVODJPTEJSJHJEPTBMNFSDBEPKVWFOJMFNJUJEPTEVSBOUFVONFTKVOUPBVOBOMJTJTEFMPTSFDVSTPTVUJMJ[BEPTQBSBJOUFOUBSDBQUBSBMQCMJDPKVWFOJMZQPTJCMFTSB[POFTQPSMBTRVFTFIBOFMFHJEPFTBTJNHFOFT
5FNB 3FQSFTFOUBDJOEFMBNVKFSFOFMUBOHP
1SPCMFNBEFJOWFTUJHBDJO
y2VSPMFTEFTFNQFBMBNVKFSFOMBTMFUSBTEFUBOHP
&OGPRVF "OMJTJTDSUJDPZUFNUJDPEFVODPSQVTEFMFUSBTEFUBOHPQBSBSFWFMBSSPMFTGFNFOJOPT
-BNPOPHSBGBEFCFTFSVOBOMJTJTEFUJQPMJUFSBSJPCBTBEPFOVOBPCSBVPCSBTMJUFSBSJBTFYDMVTJWBNFOUFEFMBMFOHVBPCKFUPEFFTUVEJP&OMPTDBTPTFOMPTRVFTFDPNQBSFOWBSJBTPCSBT EFCFSOIBCFSTJEPFTDSJUBTPSJHJOBSJBNFOUFFOEJDIBMFOHVB
5FNB -BQPMUJDBIBJUJBOBUBMZDPNPTFEFTDSJCFFOMBTPCSBTEF%BOZ-BGFSSJSFZ(BSZ7JDUPS
1SPCMFNBEFJOWFTUJHBDJO
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5FNB -BTSFGFSFODJBTQBTUPSJMFTFOMBPCSBEF,FOKJ.JZB[BXB
1SPCMFNBEFJOWFTUJHBDJO
y2VQBQFMEFTFNQFBMBOBUVSBMF[BFO
&OGPRVF $PNFOUBSJPTPCSFMPTSFDVSTPTMJUFSBSJPTVUJMJ[BEPTQPSFMBVUPSZTVFGFDUPFOMBPCSB
5FNB 'JDDJPOBMJ[BDJOEFMBIJTUPSJBFOMBTOPWFMBTEF"CFM1PTTF
1SPCMFNBEFJOWFTUJHBDJO
y$NPMBIJTUPSJBQVFEFTFSVOBDPOTUSVDDJOJNBHJOBSJBFOMBOPWFMBEF"CFM1PTTF
&OGPRVF "OMJTJTUFYUVBMRVFSFWFMFMPTQSPDFEJNJFOUPTOBSSBUJWPTVUJMJ[BEPTQPSFMBVUPSQBSBIBDFSRVFFMPSEFOEFMSFMBUPE DDJOTFBEJTDPSEBOUFEFMPSEFOEFMBIJTUPSJBDSPOPMHJDB
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
32
-
&MBMVNOPEFCFEFNPTUSBSVOBDPNQSFOTJOEFMBTDVFTUJPOFTTVSHJEBTBQBSUJSEFMQSPCMFNBEFJOWFTUJHBDJOZPGSFDFSVOBOMJTJTPCKFUJWPZFRVJMJCSBEPEFMBTNJTNBT-BNPOPHSBGBEFCFQSFTFOUBSTFDPNPVOBSHVNFOUPDPIFSFOUFBQPZBEPDPOFKFNQMPTQFSUJOFOUFT-PTUSBCBKPTNFSBNFOUFEFTDSJQUJWPTUJFOFOQPDBTQSPCBCJMJEBEFTEFPCUFOFSVOBDBMJ DBDJOBMUB
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'SFDVFOUFNFOUFMBNFKPSNBOFSBEFEF OJSFMUFNBEFMBJOWFTUJHBDJOFTFOGPSNBEFQSFHVOUB4JOFNCBSHPUBNCJOQVFEFQMBOUFBSTFDPNPVO SNBDJOPVOBQSPQVFTUBQBSBMBEJTDVTJO%FCF
r TFSFTQFD DPZFTUBSCJFOEFMJNJUBEP
r JOEJDBSTFDMBSBNFOUFBMQSJODJQJPEFMBNPOPHSBGB
r QFSUFOFDFSBVOBEFMBTDBUFHPSBTMFOHVBDVMUVSBZTPDJFEBEMJUFSBUVSB
PBVOBDPNCJOBDJOEFFMMBT
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"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
33
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-PTBMVNOPTEFCFOVUJMJ[BSGVFOUFTPSJHJOBMFTQSJODJQBMNFOUFBRVFMMBTFTDSJUBTFOMBMFOHVBPCKFUPEFFTUVEJP&OMPTDBTPTFOMPTRVFTFDPNQBSFOWBSJBTPCSBTUPEBTEFCFSOIBCFSTJEPFTDSJUBTPSJHJOBSJBNFOUFFOMBMFOHVBPCKFUPEFFTUVEJP-BTDJUBTMJUFSBSJBTEFCFOFYUSBFSTFEFMBTPCSBTPSJHJOBMFTZOPEFUSBEVDDJPOFT
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34
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/PIBZVOOJDPFTUJMPBDFQUBCMFQBSBMBTNPOPHSBGBTRVFQVFEFOFTUBSCJFOSFEBDUBEBTFOVOBWBSJFEBEEFGPSNBT1PSFKFNQMPQVFEFWBSJBSFMHSBEPEFOGBTJTQFSTPOBMBMHVOPTBMVNOPTVUJMJ[BOMBQSJNFSBQFSTPOBZPUSPTQSF FSFOVOBGPSNBEFFYQSFTJONTJNQFSTPOBM-BEFUFSNJOBDJOEFTJFMFTUJMPFTPOPBEFDVBEPEFQFOEFEFDVMTFBMBQSDUJDBDPSSJFOUFFOFTBMFOHVBPDVMUVSBQBSUJDVMBS
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r *OJDJBUJWBJOUFMFDUVBMFOVOBNPOPHSBGBEFM(SVQPTFQVFEFEFNPTUSBSBUSBWTEFMBFMFDDJOEFMUFNBZMBQSFHVOUBEFJOWFTUJHBDJOEFMBCTRVFEBZVUJMJ[BDJOEFVOBBNQMJBWBSJFEBEEFGVFOUFTJODMVTPBMHVOBTQPDPVUJMJ[BEBTDPOBOUFSJPSJEBEPDSFBEBTFTQFD DBNFOUFQBSBMBJOWFTUJHBDJOQPSFKFNQMPUSBOTDSJQDJPOFTEFFOUSFWJTUBTPSBMFT
r 3F FYJOQFSTQJDB[ZQSPGVOEJEBEEFMBDPNQSFOTJOQSPCBCMFNFOUFMBNFKPSNBOFSBEFEFNPTUSBSMBTFTDPNPDPOTFDVFODJBEFVOBJOWFTUJHBDJOEFUBMMBEBVOBSF FYJOSJHVSPTBZCJFOGVOEBEBZVOBSHVNFOUPSB[POBEPRVFBCPSEFFMQSPCMFNBEFJOWFTUJHBDJOEFGPSNBDPIFSFOUFZFGFDUJWB
r $SFBUJWJEBEFOMBTNPOPHSBGBTSFBMJ[BEBTFOFM(SVQPQVFEFEFNPTUSBSTFVUJMJ[BOEPUDOJDBTJNBHJOBUJWBTQBSBBOBMJ[BSBTQFDUPTMJOHTUJDPTDVMUVSBMFTPMJUFSBSJPTZBQMJDBOEPOVFWPTFOGPRVFTBMBOMJTJTEFUFNBTGSFDVFOUFNFOUFUSBUBEPTFOMBNBUFSJB
"OUSPQPMPHB4PDJBMZ$VMUVSBM&TUBTQBVUBTFTQFD DBTQBSBMBBTJHOBUVSBTFEFCFOMFFSKVOUPDPOMBTTFDDJPOFTi*OUSPEVDDJOui"TQFDUPTHFOFSBMFTuZi"TQFDUPTFTQFD DPTUPEBTMBTNPOPHSBGBTuEFFTUBHVB
-BNPOPHSBGBFO"OUSPQPMPHB4PDJBMZ$VMUVSBMPGSFDFBMPTBMVNOPTMBPQPSUVOJEBEEFJEFOUJ DBSZDPNQSFOEFSMBTDBSBDUFSTUJDBTRVFEJTUJOHVFOBVOFOGPRVFJOUSOTFDBNFOUFBOUSPQPMHJDPEFMBPSHBOJ[BDJOEFMBWJEBIVNBOBFOMBTPDJFEBEZMBDVMUVSB-BTNPOPHSBGBTEFCFOCBTBSTFFOJOWFTUJHBDJPOFTFUOPHS DBTQVCMJDBEBT4F
"TQFDUPTFTQFD DPTQPSBTJHOBUVSB
35
-
FTQFSBRVFMPTBMVNOPTEFNVFTUSFOFOMBQSFTFOUBDJOEFTVJOWFTUJHBDJODPOPDJNJFOUPZDPNQSFOTJOEFMPTNUPEPTZPCKFUJWPTEFMBBOUSPQPMPHBTPDJBMZDVMUVSBM
"OUSPQPMPHB4PDJBMZ$VMUVSBMOPFTVOBDBUFHPSBiSFTJEVBMuQBSBMBTNPOPHSBGBTRVFOPFODBKBOFOOJOHVOBPUSBBTJHOBUVSB-PTBMVNOPTEFCFOFMFHJSUFNBTRVFTFQSFTUFOBVOBJOWFTUJHBDJOZVOBOMJTJTBOUSPQPMHJDPTZDPOTJEFSBSDVJEBEPTBNFOUFMBFMFDDJOEFMUFNBFOSFMBDJODPOMPTDSJUFSJPTEFFWBMVBDJO
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-BTNPOPHSBGBTRVFBCPSEFODVFTUJPOFTQSPQJBTEFTVCEJTDJQMJOBTEFMBBOUSPQPMPHBEJTUJOUBTBMBBOUSPQPMPHBTPDJPDVMUVSBMDPNPMBBSRVFPMPHBMBQSJNBUPMPHBPFMFTUVEJPEFMBFWPMVDJOIVNBOBOPTPOBQSPQJBEBT-BTNPOPHSBGBTFOBOUSPQPMPHBMJOHTUJDBTPOBDFQUBCMFTTJFNQSFRVFEFNVFTUSFOMBDBQBDJEBEEFMBMVNOPQBSBBOBMJ[BSFMMFOHVBKFFOTVDPOUFYUPTPDJPDVMUVSBM-PTBMVNOPTJOUFSFTBEPTFOSFBMJ[BSMBJOWFTUJHBDJOFOBOUSPQPMPHBMJOHTUJDBEFCFOUFOFSFODVFOUBRVFFTFUJQPEFUSBCBKPOPSNBMNFOUFFYJHFDPOPDJNJFOUPTEFBOUSPQPMPHBTPDJBMZDVMUVSBMZEFMJOHTUJDB
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&MUUVMPEFMBNPOPHSBGBEFCFTVHFSJSVOFOGPRVFZVOQSPCMFNBFTQFD DPTZEPOEFTFBQPTJCMFIBDFSSFGFSFODJBBVOHSVQPFTQFD DP-PTUUVMPTEFNBTJBEPHFOFSBMFTEFSJWBSODBTJJOFWJUBCMFNFOUFFOVOBEJTDVTJOEFTDSJQUJWBZTVQFS DJBMRVFOPFTBQSPQJBEB&ODBNCJPMPTUUVMPTNTEFMJNJUBEPTGPNFOUBOMBTFYQPTJDJPOFTDMBSBTEFJOWFTUJHBDJPOFTFUOPHS DBTSFBMJ[BEBTTPCSFHSVQPTFTQFD DPTBUFOEJFOEPBMBTJNQMJDBDJPOFTUFSJDBT
-PTTJHVJFOUFTFKFNQMPTEFUUVMPTQBSBNPOPHSBGBTFO"OUSP