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AOC/APC HIGH PERFORMANCE PLAN Athlete numbers for Direct Athlete Funding Direct numbers for Athlete Athlete Olympic sports,For per the number of recipients sport London for results is based on potential 2010 (Winter)Vancouver as 2012 (Summer) and the AOC. by forecast sports, Paralympic For athlete based on performancesnumbers are in Beijing. based on performance: per athlete Payment 3 – $50,000 Top • 10th – $35,000 • 4th to 20th – $20,000 • 11th to • 21st or higher – $0 Coach and technical staff salaries Coach staff vary and technical coaches to payments The sportfrom sport to market based on international values, the National by as recommended Federations. Note: currency most appropriate has been The salaries, coach calculate used to depending on the location of origin the coach. example, For as the best Olympic ski based in the USA, are coaches the salary in US dollars. has been priced level Determined in accordance with AOC’s published with AOC’s Determined in accordance guidelines. program Allocated to sports,Allocated centrally administered for is a major area Funding Direct Athlete supportupgraded time with increasing and in some of athletes required commitment and training a full time equivalent instances load in key years.competition proposed Funding contribution grant is based on a subsistence performance by incentives. supplemented is linked support to of talent Funding to programs identification and development athletes. opportunities young more provide for Allocated to sports,Allocated sports by administered be 2000 needs to major talent loss since The be a competitive needs to and Australia arrested and technicians coaches of high level employer within the global market; a higher hence and technical coaching allocation of funding to staff remuneration. Allocated and administered centrally and administered Allocated athletes for program Funding Medal Incentive The and will be centrally the AOC is funded by directly to and remitted the AOC by administered athletes. the recipient request funding % of 2010 25.0 10.5% 34.7 14.6% request request Funding for 2010 for Calendar Year ($m) Year Description administration Proposed assumptions Costing Direct funding for the Direct funding for athletes, including rental subsidies and daily living expenses; and the AOC Funding Medal Incentive athletes for Salaries and contracts for and technical coaches personnel, Coaching Scholarships and Coach and Development Scheme Incentive Funding category Direct Athlete Funding Coaching and Technical Staff
24 AOC/APC HIGH PERFORMANCE PLAN Coach Development and Incentive Scheme and Incentive Development Coach Scheme is proposed, Incentive A Coach with the those established for guidelines similar to 2000 Gold Medal Plan. incentive receive Coaches based on the performancepayments of their on an annual basis.athletes scheme is The performance- at 15% of the equivalent budgeted Funding, Direct Athlete related the for allowing all sports. across ratio coach:athlete average Scholarship Coaching Scholarship a Coach is also included for Funding $42,000 per up to receiving Scheme – 100 coaches and program annum linked a development to of services. provision The payments to High Performance Management High Performance to payments The staff vary sport from sport to based on the market values, the National by as recommended Federations. of personnel has also been determined level The the National Federations,by HP from ranging support administrative Directors to staff, with salary set accordingly. levels Allocated and administered centrally centrally and administered Allocated must and retention development Equally coach assume a higher priority supported investment. by salaries will be coach Direct NFs for funding to Coach supported administered with a centrally and program and Incentive Development scholarships. coaching Allocated to sports,Allocated sports by administered optimise other to in order A critical overhead on focus staff to technical and allow investment with athletes. performance deliverables request funding % of 2010 10.3 4.3% request request Funding for 2010 for Calendar Year ($m) Year Description administration Proposed assumptions Costing Salaries for High Salaries for and related Performance management personnel Funding category High Performance Management
25 AOC/APC HIGH PERFORMANCE PLAN based on the Beijing or Torino Teams Teams Torino based on the Beijing or Teams Torino on the Beijing or Athlete numbers Athlete budgeted are programs training Scholarships for numbers: athlete the following for Olympic athletes,• For size 130% of the team athletes, Paralympic • For based size 120% of team Scholarship Amount is of $25,000 per athlete A Scholarship Grant of sports the cost and science cover to budgeted sports medicine, and program coaching scholarship costs management and other related in the AIS/SAS/SIS system. Equipment include personal equipment requirements The been and have requirements and program the National Federation. by determined are Costs marketbased on current values. The domestic competition costs are incurred by incurred are costs domestic competition The conduct to key national the National Federations events, such as National Championships. that National Leagues also included for are Costs a critical element of the development form National Women’s – including the pathway Football, League Basketball League,Women’s League National Youth Football, Indoor Volleyball Polo. and Water events invitational of hosting international Costs also included. are by hosted generally National Championships are self-funded. and are Federations State and some NBL Basketball costs Football A-League fully funded not included – these are are programs, Plans. the High Performance to separate network of institutes,network academies and high performance centres and development,research nationally the AIS. by coordinated Allocated to sports,Allocated centrally administered environment daily training of our athlete core The requiring: • A national scholarship program best practice services the throughout World’s • cutting edge standard led by • A program category that while this expenditure Note is on a sportallocated sport by basis, it is proposed the National this budget is not managed by Federations; the National nor is it paid to Federations. It the network to is a contribution providers. Allocated to sports,Allocated sports by administered domestic review strategically is a need to There viability ensure of local leagues to competition and championships. an essential part of Provides pathway. development the athlete request funding % of 2010 34.3 14.4% 25.6 10.8% request request Funding for 2010 for Calendar Year ($m) Year Description administration Proposed assumptions Costing Athletes training programs training Athletes – AIS, SAS/SIS or club or similar, environment and including program individual athletes equipment requirements plus sports and science sports medical requirements [This the offsets area cost of the Institute, cost and High Academy Centre Performance programs] Network National level and competitions or National Leagues similar, including any invitational international in Australia events Funding category Daily Training and Institute Programs Domestic competition
26 AOC/APC HIGH PERFORMANCE PLAN Qantas and affiliates agent travel AOC’s National training costs include training camps include training costs National training conducted in Australia. of the group, including the size Variables number of days, the set by and number of camps are National Federations. will conduct assume the National Federation Costs the camps, airfares, for rates and include standard accommodation and per diems,accommodation as per Appendix 11. and per diems,accommodation as per Appendix 11. All National Federations have a significant requirement have All National Federations and train. compete to internationally travel to group, of the travelling including the size Variables frequency of travel, been have of travel and days the National Federations. by determined international been applied to have costs Standard as follows: costs travel class airfares• Airfares economy from – quoted the through rates – quoted • Accommodation rentals van for rates – standard rentals • Car set diems – daily rate • Per set. – daily rate costs • Phone/internet in Appendix 11. is found A full schedule of rates International training includes costs involved in involved includes costs training International train, location to an overseas to travelling where included in the international not already costs. competition of the group, including the size Variables number of days, the set by and number of camps are National Federations. will conduct assume the National Federation Costs the camps, airfares, for rates and include standard Allocated to sports,Allocated sports by administered camps supported training National and State by the institutes, academies and high performance preparation be a core to will continue centres element. services Greater support for is required these camps. Allocated to sports,Allocated sports by administered Often competition, with international combined sportsincreasingly extended periods require and preparation offshore for overseas acclimatisation, additional with consequent levels.investment some sports the impact For of the training leagues makes offshore professional squads. assemble Australian to only viable way Allocated to sports,Allocated sports by administered international With substantially decreased 2000, since in Australia competition additional is one of the highest competition international most sports.priorities across request funding % of 2010 8.8 3.7% 7.2 3.1% 45.2 19.1% request request Funding for 2010 for Calendar Year ($m) Year Description administration Proposed assumptions Costing Australian based training Australian camps International training International camps additional to competition international requirements International travel to travel International and competition training including flights, accommodation, daily and other costs Funding category National Training International Training International Competition
27 AOC/APC HIGH PERFORMANCE PLAN alue alue es Scholarship v es Costing assumptions Costing thlet es Scholarship v thlet thlet er of A eloping A v e umb unior A Olympic Games N Developing Athlete and Junior Athlete Scholarship and Junior Athlete Athlete Developing based on 150% and 200% numbers are sizes team Torino of Beijing and respectively sports).Winter (Summer and D • $10,000 per athlete J • $5,000 per athlete Includes costs as defined by the National as defined by Includes costs performances. competitor monitor to Federation National Federation by travel for Includes costs based their overseas monitor personnel to athletes. the National by is determined Frequency Federation, as per International costs with travel (per Appendix 11). Competition the National Other as defined by are costs Federation. Costs are defined by the National Federation. defined by are Costs only basketball[Note has direct in this costs category]. Allocated to sports,Allocated centrally administered future of identifying Australia’s core The Olympians and Paralympians. effective A more fully integrated program nationally coordinated of with the NFs and network performanceis institutes/academies/high centres required. Note: category this cost budget for is total The the ensure to and protected managed centrally sustainability of the development overall programs. Allocated to sports,Allocated sports by administered opposition, scout to analysis is required Increased and and establish new research define trends methods.preparation lags in currently Australia limitation of funds. due to this area to sports,Allocated sports by administered be to athletes for trend is an increasing There to returns with infrequent based offshore Australia, offshore the need for giving rise to servicing and monitoring. currently Australia services sports. limited a few across provides This required. substantial gains are where is an area Allocated to sports,Allocated sports by administered and skills deal with professional Resources to essential in some sports. are athletes request funding % of 2010 1.1 0.5% 1.2 0.5% 0.1 0.1% 24.0 10.1% request request Funding for 2010 for Calendar Year ($m) Year Description administration Proposed Personnel, and systems including programs competitions, camps and daily training for environment athletes,developing and identification and of talented transition athletes Processes, and systems analyse and personnel to competitors monitor Processes, and systems monitor personnel to based overseas, athletes well including general being and injury management if required Systems, and processes to contracts if required training manage athletes in and competing to teams professional athletes to access ensure and camps key events for as required Funding category Professional athlete Talent identification and development management Competitor Analysis Monitoring and servicing athletes
28 AOC/APC HIGH PERFORMANCE PLAN alue es Scholarship v es thlet thlet er of A eloping A v e umb These are miscellaneous costs not included costs miscellaneous are These elsewhere. Most significantly, cycling has identified team, professional a Europe-based the need for has been included in this item and this cost section plan. of the cost An amount of $11.2 million has been allocated sports all Olympic and Paralympic across centrally innovation,for and special applied research initiatives. It and Innovation the Research is proposed the AIS (for by funding be managed centrally Paralympic Olympic sports) for and the Centre sports), Paralympic Studies (for with the Institute, network Centre and High Performance Academy undertaketo projects based on applied research of the National applications or recommendations Federations.The be protected to funds are innovation, for exclusively applied research. In special funding for apply for addition NFs may in the funding not otherwiseinitiatives covered allocations. Paralympic Games Paralympic N The Developing Athlete Scholarship numbers are Athlete Developing The sizes team Torino based on 120% of Beijing or sports). Paralympic Winter (Summer and D • $10,000 per athlete Allocated to sports,Allocated sports by administered category includes special investment This on an individual sportinitiatives sport by basis. allocation also includes sportThis specific not falling in other categories. requirements centrally and administered Allocated applied research, primarily to amount relates This and will be recently which has been subordinated create going forward to platform a key strategic and out-perform advantage better competitive funded nations. national applied research coordinated A centrally is required, program and development the led by AIS working in direct association with NF head and other high performancecoaches staff athletes. preparing request funding % of 2010 19.6 8.3% request request Funding for 2010 for Calendar Year ($m) Year Description administration Proposed assumptions Costing and development and and development by raised special initiatives the NFs. included are Also other HPP sport initiatives not included within the headings,above including such to but not limited support and as career programs,employment and child care [This category cost a direct offset represents of the the costs to Institute, and Academy Centre High Performance programs.TheseNetwork neither paid amounts are the nor managed by to National Federations] Funding category Other research Applied science Total 237.1 100.0% Talent identification and development (cont.)
29 %3'%4',-+,4)6*361%2')40%2
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%3'%4',-+,4)6*361%2')40%2
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©VSPPMRKSZIVª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§7TSVXTPERVIUYMVIQIRXW WXERHEVHMWIHEWETTVSTVMEXI 1SVISZIV MRQER]GEWIWLMKLTIVJSVQERGITVSKVEQW EVIHIXIVQMRIHEWEGSRWIUYIRGISJJYRHMRKHIGMWMSRW §7]WXIQ[MHIMRZIWXQIRXW VEXLIVXLERMREGGSVHERGI[MXLXLITVSKVEQW §-RZIWXQIRXMRMRRSZEXMSRERHI\TPSMXEXMSRSJ HIZIPSTIHF]XLIWTSVXW 8LMWTVSFPIQMWI\EGIVFEXIH GSQTIXMXMZIEHZERXEKI F]XLIMRGSRWMWXIRXTPERRMRKLSVM^SRWSJXLI2EXMSREP *IHIVEXMSRWERHXLIJYRHMRKFSHMIW §3XLIVZEPYIEHHIHMRZIWXQIRXW 'IRXVEPP] JI[SVRSVIWSYVGIWI\MWXXSIREFPIXLI 4IVJSVQERGIQSRMXSVMRKEKEMRWXIEGLSJXLIWI IRLERGIQIRXSJ2EXMSREP*IHIVEXMSRSVKERMWEXMSREP IPIQIRXW FILEZMSYV %REPPS[ERGIJSVXLIGIRXVEPMWIHJYRHMRKSJGSVI & 7XEOILSPHIVJIIHFEGO HIPMZIV]W]WXIQW[LIVIVIUYMVIH JSVI\EQTPIVIWIEVGL ERHHIZIPSTQIRX VIGSKRMWMRKXLIVMWOXLEXXLIWI 8LIJSPPS[MRKEWWIVXMSRWEVIVITVIWIRXEXMZISJXLIZMI[WSJ W]WXIQWEVIZYPRIVEFPIYRPIWWJYRHIHGIRXVEPP] 2EXMSREP*IHIVEXMSRW
%3'%4',-+,4)6*361%2')40%2
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
'EWIWXYH]SR&VMXMWL']GPMRK 8LIHIPMFIVEXIVIWXVYGXYVISJXLILMKLTIVJSVQERGIQEREKIQIRXSJ']GPMRKTVSKVEQWMR+VIEX&VMXEMRMR TVSZMHIWEWXVSRKGEWIWXYH]HIQSRWXVEXMRKXLIFIRIJMXWSJEQSVIWXVYGXYVIHERHXEVKIXIHETTVSEGLXSLMKL TIVJSVQERGIQEREKIQIRX &EGOKVSYRHXSXLITVSKVEQ &VMXMWL']GPMRK¬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
( 6IGSQQIRHIHSYXGSQIW %WEGVMXMGEPWXVEXIKMGJYRGXMSRSJWTSVXMRMXWS[RVMKLX HMWXMRGXERHRIGIWWEVMP]EHHMXMSREPXSXLII\IGYXMSR 6IGSQQIRHEXMSR %GORS[PIHKQIRXSJXLIGVMXMGEP JYRGXMSRSJGSEGLMRK VSPISJLMKLTIVJSVQERGIQEREKIQIRX %WEWTIGMJMGVIUYMVIQIRXJSVIQIVKMRKEW[IPPEW IWXEFPMWLIHWTSVXW -XMWVIGSQQIRHIHXLIVSPISJXLI,MKL4IVJSVQERGI %WERMRGVIEWMRKP]WSTLMWXMGEXIHJYRGXMSR VIUYMVMRK 1EREKIVFIVIGSKRMWIHEWJSPPS[W ERHJYRHIH SRKSMRKIRLERGIQIRXERHWYTTSVXTVSKVEQWMRSVHIV EGGSVHMRKP] XSVIQEMRIJJIGXMZIERHMRXIVREXMSREPP]GSQTIXMXMZI
7SYVGI 9/7TSVX 7YTTSVXMRK)PMXI%XLPIXIW 2EXMSREP%YHMX3JJMGI .ERYEV]
%3'%4',-+,4)6*361%2')40%2
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&IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW 74368 ;SVPH'LEQTMSRWLMTW ;SVPH'LEQTMSRWLMTW YRPIWWSXLIV[MWIWXEXIH YRPIWWSXLIV[MWIWXEXIH %VGLIV] 3P]QTMG+EQIW &IMNMRK 'LMRE )YVSTIER+VERH4VM\ ;SVPH%VGLIV] 7ITXIQFIV %RXEP]E8YVOI] 'LEQTMSRWLMT .YRI §2I[=SVO 97% .YP] %XLPIXMGW 3P]QTMG+EQIW )HQSRXSR'EREHE -%%*1IVMX6EROMRKW ;SVPH%XLPIXMGW %YKYWX 7ITXIQFIV 'LEQTMSRWLMTW §4EVMW *VERGI %YKYWX &EHQMRXSR 3P]QTMG+EQIW 7IZMPPI 7TEMR %PP)RKPERH3TIR ;SVPH&EHQMRXSR .YRI 1EVGL&MVQMRKLEQ 'LEQTMSRWLMT &MVQMRKLEQ 9/ .YP]%YKYWX
&EWIFEPP 3P]QTMG+EQIW ;SVPH'YT 'LMRIWI 2SZ ,EZERE ;SVPH&EWIFEPP 8EMTIM 2SZIQFIV -RXIVGSRXIRMIRXEP'YT 'LEQTMSRWLMTW 'YFE 'YFE 3GXSFIV &EWOIXFEPP 3P]QTMG+EQIW 2SFIRGLQEVO)ZIRX 7ITXIQFIV ;SVPH 6IWYPXWFEWIHSRTVIZMSYW 1IR ;SQIR MHIRXMJMIH 6IWYPXWFEWIH 'LEQTMSRWLMTW 'LMRE &IRGLQEVO)ZIRXWRS SR7]HRI]3P]QTMGW WYMXEFPIIZIRXMR
&IEGL:SPPI]FEPP 3P]QTMG+EQIW /PEKIRJYVX %YWXVME 6IWYPXWFEWIHSR *-:&;SVPH&IEGL:SPPI]FEPP %YKYWX &IRGLQEVO)ZIRX2S 'LEQTMSRWLMT6MSHI.ERIMVS WYMXEFPIIZIRXMR 3GXSFIV
&S\MRK 3P]QTMG+EQIW &IPJEWX -VIPERH 6IWYPXWFEWIHSR ;SVPH&S\MRK'LEQTMSRWLMTW .YRI &IRGLQEVO)ZIRX§2S &ERKOSO .YP] WYMXEFPIIZIRXMR
'ERSI/E]EO 3P]QTMG+EQIW 4S^RE^ 4SPERH &SYVK *VERGI ;SVPH7TVMRX'LEQTMSRWLMT §*PEX[EXIV %YKYWX %YKYWX +EMRIWZMPPI 97% 7ITXIQFIV
'ERSI/E]EO7PEPSQ 3P]QTMG+EQIW 'ERGIPPIH 7IZMPPE 7TEMR ;SVPH7PEPSQ'LEQTMSRWLMT 7ITXIQFIV %YKWFYVK +IVQER] .YP]
']GPMRK 3P]QTMG+EQIW 'SPSVEHS 97% /ETVER %YK ;SVPH1SYRXEMR&MOI 1SYRXEMR&MOI 7ITXIQFIV 7ITXIQFIV 'LEQTMSRWLMT 0YKEVRS 7[MX^IVPERH %YKYWX 7ITXIQFIV ']GPMRK6SEH 3P]QTMG+EQIW 4SVXYKEP >SPHIV &IPKMYQ ;SVPH6SEH'LEQTMSRWLMT 3GXSFIV 3GXSFIV ,EQMPXSR 'EREHE 3GXSFIV
%44)2(-<
&IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW
3P]QTMG+EQIW ;SVPH8EVKIX *-8%;SVPH'YT)YVSTIER XL;SVPH3YXHSSV 3P]QTMG+EQIW 'LEQTMSRWLMTW1EHVMH +VERH4VM\8YVOI] 8EVKIX%VGLIV] 7TEMR.YRI .YRI 'LEQTMSRWLMTW 0IMT^MK +IVQER].YP] 3P]QTMG+EQIW -%%*;SVPH -%%*8ST0MWX XL-%%*;SVPH 3P]QTMG+EQIW 'LEQTMSRWLMTW,IPWMROM ;SVPH6EROMRKEWEX 'LEQTMSRWLMTW .ETER %YKYWX (IGIQFIV %YKYWX7ITXIQFIV 3P]QTMG+EQIW -&*;SVPH'LEQTMSRWLMTW ;SVPH XL;SVPH&EHQMRXSR 3P]QTMG+EQIW %RELIMQ 'LEQTMSRWLMTW 'LEQTMSRWLMTW 'EPMJSVRME%YKYWX 1EVHVMH 7TEMR /YEPE0YQTYV 1EPE]WME 7ITXIQFIV %YKYWX
3P]QTMG+EQIW -&%*&EWIFEPP;SVPH 1ENSV0IEKYI&EWIFEPP -&%*&EWIFEPP;SVPH'YT 3P]QTMG+EQIW 'YT8LI2IXLIVPERHW ;SVPH&EWIFEPP'PEWWMG 'LMRIWI8EMTIM 7ITX 97%1EVGL 2SZIQFIV 3P]QTMG+EQIW 6IWYPXWJVSQ%XLIRW *-&%;SVPH'LEQTMSRWLMT 2SWYMXEFPI&IRGLQEVO 3P]QTMG+EQIW §RSWYMXEFPI&IRGLQEVO JSV1IR .ETER %YK IZIRXMR 6IWYPXW )ZIRX §7IT*-&% JVSQ*-&% ;SVPH'LEQTMSRWLMT ;SVPH'LEQTMSRWLMTW JSV;SQIR &VE^MP JSVQIRERH[SQIR 7ITXIQFIV EVIYWIH 3P]QTMG+EQIW ;SVPH'LEQTMSRWLMTW 7[EXGL*-:&&IEGL *-:&;SVPH 3P]QTMG+EQIW +IVQER].YRI :SPPI]FEPP;SVPH8SYV 'LEQTMSRWLMTW +VERH7PEQ)ZIRX 7[MX^IVPERH /PEKIRJYVX %YWXVME .YP] %YKYWX 3P]QTMG+EQIW %-&%<---7IRMSV 6IWYPXW&EWIHSR %-&%;SVPH 3P]QTMG+EQIW ;SVPH'LEQTMSRWLMTW &IRGLQEVO)ZIRX 'LEQTMSRWLMTW 1MER]ERK 'LMRE §2SWYMXEFPI&IRGLQEVO 'LMGEKS 97% 3GXSFIV 2SZIQFIV )ZIRXMR §2SZIQFIV 3P]QTMG+EQIW -'*;SVPH'LEQTMSRWLMT -'**PEX[EXIV -'**PEX[EXIV;SVPH 3P]QTMG+EQIW >EKVIF 'VSEXME ;SVPH'LEQTMSRWLMTW 'LEQTMSRWLMTW %YKYWX 7^IKIH ,YRKEV] (YMWFYVK +IVQER] %YKYWX %YKYWX 3P]QTMG+EQIW -'*;SVPH'LEQTMSRWLMTW -'*7PEPSQ;SVPH -'*'ERSI7PEPSQ;SVPH 3P]QTMG+EQIW 4IRVMXL%YWXVEPME 'LEQTMSRWLMTW4VEKYI 'LEQTMSRWLMTW 7ITX3GX '>)%YKYWX *S^(S-KYEWWY &VE^MP 7ITXIQFIV 3P]QTMG+EQIW ;SVPH1SYRXEMR&MOI ;SVPH1SYRXEMR&MOI ;SVPH1SYRXEMR&MOI 3P]QTMG+EQIW 'LEQTMSRWLMTW0MZMKRS 'LEQTMSRWLMTW 'LEQTMSRWLMTW -XEP]%YK7IT 6SXSVYE 2> *SVX;MPPMEQ 7GSXPERH %YKYWX 7ITXIQFIV 3P]QTMG+EQIW ;SVPH6SEH']GPMRK ;SVPH']GPMRK ;SVPH6SEH']GPMRK 3P]QTMG+EQIW 'LEQTMSRWLMTW1EHVMH 'LEQTMSRWLMTW7EP^FYVK 'LEQTMSRWLMTW 7TEMR7IT %YWXVME7ITXIQFIV 7XYXXKEVX +IVQER] 7ITXIQFIV
%44)2(-<
&IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW ']GPMRK8VEGO 3P]QTMG+EQIW %RZIVW&IPKMYQ &EPPIVYT (IRQEVO ;SVPH8VEGO'LEQTMSRWLMT 7ITXIQFIV 7ITXIQFIV 7XYXXKEVX +IVQER] .YP]
']GPMRK&1< 2SXSR3P]QTMG4VSKVEQ 2SXSR3P]QTMG4VSKVEQ 2SXSR3P]QTMG4VSKVEQ 2SXSR3P]QTMG4VSKVEQ 1IRW ;SQIRW
(MZMRK 3P]QTMG+EQIW *YOYSOE .ETER 7IZMPPE 7TEMR ;SVPH(MZMRK'LEQTMSRWLMT §%PP(MWGMTPMRIW .YP] .YP] &EVGIPSRE 7TEMR .YP]
)UYIWXVMER 3P]QTMG+EQIW %TVMP+SXIFYVK ;SVPH)UYIWXVMER+EQIW 7LS[.YQTMRK;SVPH'YT*MREP §)ZIRXMRK (VIWWEKI 7[IHIR-RGPYHIW 7LS[ .IVI^7TEMR 0EW:IKEW 97% %TVMP 7LS[.YQTMRK NYQTMRK (VIWWEKI (E] 7ITXIQFIV )ZIRXMRK8IEQVIWYPXW FEWIHSRXLI &IRGLQEVOIZIRX *IRGMRK 3P]QTMG+EQIW 2MQIW *VERGI &EPPIVYT (IRQEVO 6IWYPXWFEWIHSRTVIZMSYW 3GX2SZIQFIV %YKYWX &IRGLQEVO)ZIRXRS WYMXEFPIIZIRXMR
*SSXFEPP 3P]QTMG+EQIW 2SFIRGLQEVO)ZIRX 6IWYPXWFEWIHSR *-*%;SQIR¬W;SVPH §1IRW ;SQIRW MHIRXMJMIHJSV;SQIRVIWYPXW &IRGLQEVO)ZIRX2S 'LEQTMSRWLMT 7ITXIQFIV FEWIHSR7]HRI]3P]QTMGW WYMXEFPIIZIRXMR 3GXSFIV ;SVPH'LEQTMSRWLMTW 9.YRI1IR
+]QREWXMGW%VXMWXMG 3P]QTMG+EQIW &IPKMYQ 3GX &YHETIWX ,YRKV] ;SVPH%VXMWXMG'LEQTMSRWLMT 2SZIQFIV 2SZIQFIV %RELMIQ 97% %YKYWX
+]QREWXMGW 3P]QTMG+EQIW :MIRRE 3GXSFIV 6IWYPXWFEWIHSR ;SVPH6L]XLQMG'LEQTMSRWLMT §6L]XLQMG &IRGLQEVO)ZIRX2S &YHETIWX ,YRKEV] WYMXEFPIIZIRXMR 7ITXIQFIV
+]QREWXMGW 3P]QTMG+EQIW (IRQEVO .YP] 6IWYPXWFEWIHSR 3GXSFIV;SVPH 8VEQTSPMRI &IRGLQEVO)ZIRX2S 8VEQTSPMRI'LEQTMSRWLMT WYMXEFPIIZIRXMR §,ERSZIV +IVQER]
,ERHFEPP1IRW 3P]QTMG+EQIW *VERGI 6IWYPXWFEWIHSR 1IR¬W;SVPH'LEQTMSRWLMTW (IGIQFIV &IRGLQEVO)ZIRX2S 4SVXYKEP *IFVYEV] WYMXEFPIIZIRXMR
,ERHFEPP;SQIRW 3P]QTMG+EQIW (IGIQFIV 6IWYPXWFEWIHSR ;SQIR¬W;SVPH &IRGLQEVO)ZIRX2S 'LEQTMSRWLMTW 'VSEXME WYMXEFPIIZIRXMR (IGIQFIV
,SGOI]1IR 3P]QTMG+EQIW 2SZ6SXXIVHEQ /YEPE0YQTYV 'LEQTMSRW8VSTL] 2IXLIVPERHW 1EVGL 8SYVREQIRX %QXIPZIIR %YKYWX
%44)2(-<
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§2SWYMXEFPI&IRGLQEVO .YP] IZIRXMR;SQIRW ;SQIR*-*%;SVPH'YT §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¬W;SVPH 3P]QTMG+EQIW 'LEQTMSRWLMTW8YRMWME &IRGLQEVO)ZIRX2S 'LEQTMSRWLMTW +IVQER] .ERYEV] WYMXEFPI&IRGLQEVO)ZIRX .ERYEV]*IFVYEV] MR 3P]QTMG+EQIW ,ERHFEPP;SVPH 6IWYPXW&EWIHSR XL;SQIR¬W;SVPH 3P]QTMG+EQIW 'LEQTMSRWLMT &IRGLQEVO)ZIRX2S 'LEQTMSRWLMTW *VERGI 7X4IXIVWFYVK 6YWWME WYMXEFPI&IRGLQEVO)ZIRX (IGIQFIV (IGIQFIV MR 3P]QTMG+EQIW 'LEQTMSRW8VSTL] ,SGOI];SVPH'YT XL1IR¬W'LEQTMSRW 3P]QTMG+EQIW 8SYVREQIRX'LIRREM -RHME 1SRGLIRKPEHEGL +IVQER] 8VSTL] 0ELSVI4EOMWXER (IGIQFIV 7ITXIQFIV (IGIQFIV
%44)2(-<
&IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW ,SGOI];SQIR 3P]QTMG+EQIW %QWXIPZIIR 4IVXL %YWXVEPME 'LEQTMSRW8VSTL]8SYVREQIRX %YKYWX 2SZIQFIV 7]HRI]%YWXVEPME (IGIQFIV 2SZIQFIV(IGIQFIV .YHS 3P]QTMG+EQIW 1YRMGL +IVQER] 6IWYPXWFEWIHSR ;SVPH.YHS'LEQTMSRWLMT .YP] &IRGLQEVO)ZIRX2S 3WEOE .ETER WYMXEFPIIZIRXMR 7ITXIQFIV
1SHIVR4IRXEXLPSR 3P]QTMG+EQIW 1MPPJMIPH 9/ .YP] 7ER*VERWMWGS97% ;SVPH1SHIVR4IRXEXLPSR .YP] 'LEQTMSRWLMT 4IWEVS -XEP] .YP]
6S[MRK 3P]QTMG+EQIW 0YGIVRI 7[MX^IVPERH 7IZMPPI7TEMR ;SVPH6S[MRK'LEQTMSRWLMT %YKYWX 7ITXIQFIV 1MPERS-XEP] %YKYWX
7EMPMRK 3P]QTMG+EQIW :EVMSYWXLVSYKLSYX :EVMSYWXLVSYKLSYX ;SVPH7EMPMRK'LEQTMSRWLMT XLI]IEV XLI]IEV 'EHM^ 7TEMR 7ITXIQFIV
7LSSXMRK'PE] 3P]QTMG+EQIW 1YRMGL +IVQER] 0ELXM *MRPERH ;SVPH'YT4MWXSP 6MJPIERH 8EVKIX 4MWXSP6MJPI %YKYWXERH .YP] 4MWXSP -XEP]3GXSFIV 7LSXKYR)K]TX ERH;SVPH'LEQTMSRWLMTW %TVMP 1E] 7LSXKYR 2MGSWME 7ITXIQFIV
7SJXFEPP 3P]QTMG+EQIW ,E[EMM'YT ,E[EMM 97% 7EWOEXSSR'EREHE 'EREHE'YT 7SYXL7YVVI] .YRI .YP]%YKYWX 'EREHE .YP]
7[MQQMRK 3P]QTMG+EQIW .ETER .YP] .ETER %YKYWX *-2%;SVPH'LEQTMSRWLMT
&EVGIPSRE 7TEMR .YP]
7]RGLVS7[MQQMRK 3P]QTMG+EQIW *YOYSOE .ETER >YVMGL 7[MX^IVPERH ;SVPH7]RGLVS'LEQTMSRWLMT .YP] 7ITXIQFIV &EVGIPSRE 7TEMR .YP]
%44)2(-<
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¬W;SVPH 'LEQTMSRWLMTW.YP] ;SVPH'LEQTMSRWLMT IV;SVPH'LEQTMSRWLMTW %YKYWX7ITXIQFIV *MRR;SVPH'YT 6YWWME 7ITXIQFIV 0EWIV ;SVPH 7ITXIQFIV 0EWIV6EHMEP ;SVPH'LEQTMSRWLMTW &VE^MP (IGIQFIV 3P]QTMG+EQIW -77*;SVPH'LEQTMSRWLMTW XL-77*;SVPH 'PE]8EVKIX-77*;SVPH 3P]QTMG+EQIW 'PE]8EVKIX -77*;SVPH 'LEQTMSRWLMTW>EKVIF 'LEQTMSRWLMTW2MGSWME 'YT 'LERK[SR /SVIE '63.YP%YK ']TVYW 7ITXIQFIV %TVMP 6MJPIERH4MWXSP §-77*;SVPH'YT 7]HRI] %YWXVEPME %TVMP1E] 3P]QTMG+EQIW -RXIVREXMSREP7TSVXW -7*;SVPH'LEQTMSRWLMTW 8LI'LMRE'YT &IMNMRK 3P]QTMG+EQIW -RZMXEXMSREP7ER(MIKS &IMNMRK 'LMRE%YKYWX 'LMRE 3GXSFIV .YRI 7ITXIQFIV 3P]QTMG+EQIW *-2%;SVPH'LEQTMSRWLMTW *-2%;SVPH6EROMRKW XL*-2%;SVPH 3P]QTMG+EQIW
1SRXVIEP 'EREHE EWEX 1E] XL 'LEQTMSRWLMTW .YP] *-2%3TIR;EXIV 1IPFSYVRI %YWXVEPME 7[MQQMRK'LEQTMSRWLMTW 1EVGL%TVMP %YK7ITX 3P]QTMG+EQIW *-2%;SVPH'LEQTMSRWLMTW XL*-2%7]RGLVS XL*-2%;SVPH 3P]QTMG+EQIW 1SRXVIEP 'EREHE 7[MQQMRK;SVPH'YT 'LEQTMSRWLMTW .YP] =SOSLEQE .ETER 1IPFSYVRI %YWXVEPME 7ITXIQFIV 1EVGL%TVMP
%44)2(-<
&IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW &IRGLQEVO)ZIRXW 8EFPI8IRRMW 3P]QTMG+EQIW 3WEOE .ETER 6IWYPXWFEWIHSR 8EFPI8IRRMW;SVPH 1IR ;SQIR %TVMP1E] &IRGLQEVO)ZIRX2S 'LEQTMSRWLMTW 4EVMW WYMXEFPIIZIRXMR *VERGI 1E]
8EIO[SRHS 3P]QTMG+EQIW /SVIE 2SZ 8SO]S .ETER XL;SVPH8EIO[SRHS .YP] 'LEQTMSRWLMTW +IVQER] 7ITXIQFIV
8IRRMW 3P]QTMG+EQIW %YWXVEPMER3TIR %YWXVEPME 1IPFSYVRI %YWXVEPME %YWXVEPMER3TIR .ER .ERYEV] 1IPFSYVRI %YWXVEPME .ERYEV] 8VMEXLPSR 3P]QTMG+EQIW 'EREHE .YP] 'ERGYQ 1I\MGS ;SVPH8VMEXLPSR 2SZIQFIV 'LEQTMSRWLMT 2I[>IEPERH (IGIQFIV :SPPI]FEPP 3P]QTMG+EQIW 2SFIRGLQEVO)ZIRX ; +IVQER] ;SVPH'YT ; MHIRXMJMIH 6IWYPXWFEWIH 7ITXIQFIV 2SZIQFIV 1 SR7]HRI]3P]QTMGW 1 %VKIRXMRE 7ITX 2SZIQFIV 3GXSFIV
;EXIV4SPS 3P]QTMG+EQIW *YOYSOE .ETER 1 &IPKVEHI =9+ ;SVPH;EXIV4SPS .YP] %YKYWX ; 2SZ 'LEQTMSRWLMT &EVGIPSRE 4IVXL %YWXVEPME 7TEMR .YP]
;IMKLXPMJXMRK 3P]QTMG+EQIW %RXEP]E8YVOI] ;EVWE[ 4SPERH ;SVPH;IMKLXPMJXMRK 2SZIQFIV 2SZIQFIV 'LEQTMSRWLMT :ERGSYZIV 'EREHE 2SZIQFIV
;VIWXPMRK 3P]QTMG+EQIW 2I[=SVO 97% 1 %YK8ILVER -VER ;SVPH;VIWXPMRK 7ITX TSWXTSRIH *VIIWX]PI 2SZ1SWGS[ 'LEQTMSRWLMTW 6YWWME+VIGS6SQER 2I[=SVO'MX] 97% ; 2SZ ,EPOMHE +VIIGI 7ITXIQFIV
&IRGLQEVOIZIRXWJSV3P]QTMG;MRXIV+EQIWWMRGI
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80
Appendix 7– Current and historical ASC funding for Olympic and Paralympic sports
1994/9507/08 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 Archery 257,900 257,000 359,300 543,400 587,500 655,400 522,500 795,774 795,378 865,002 868,500 1,027,000 1,009,100 1,035,800 Athletics 3,115,900 3,523,500 2,719,300 2,928,400 2,969,800 3,042,000 2,501,200 3,378,071 3,348,219 3,769,157 3,465,000 4,564,000 5,609,100,276,400 5 Badminton 307,500 328,400 194,800 236,100 208,800 173,800 187,500 155,000 155,000 155,000 155,000 197,000 269,000 185,000 Basketball 2,081,700 2,197,200 2,176,900 2,684,000 2,633,200 2,809,500 2,505,500 3,218,676 3,139,434 3,305,512 3,300,400 3,659,000 4,310,9004,065,484 Boxing 131,500 213,300 200,100 346,300 307,400 274,100 297,400 347,815 380,857 414,221 419,900 481,000 761,400 812,200 Canoeing 1,668,300 2,000,500 1,432,400 1,872,400 1,785,000 1,841,700 1,273,100 1,805,964 1,934,254 1,983,569 1,892,000 2,172,000 2,921,300241,300 1, Cycling 2,986,700 3,450,100 2,783,700 3,204,400 3,247,600 3,362,200 2,669,100 3,396,846 3,476,430 3,549,597 3,476,700 4,889,000 5,119,60091,900 5,5 Diving 783,000 653,200 616,300 548,200 490,300 545,000 602,000 794,289 792,855 912,454 915,500 1,294,000 1,328,200 1,480,900 Equestrian 783,400 957,300 719,100 1,227,100 1,168,600 1,127,600 684,000 1,240,000 1,240,000 1,249,950 1,240,000 1,373,000 1,687,5000 2,242,00 Fencing 350,000 346,000 136,100 137,000 103,500 69,400 26,000 30,000 30,000 70,600 30,000 32,000 34,400 35,400 Football 2,059,400 2,038,900 2,075,400 2,373,600 2,480,900 2,531,400 1,783,700 2,047,989 2,180,157 2,275,992 5,303,800 2,555,000 2,816,400723,200 6, Gymnastics 1,996,300 2,069,900 1,533,100 1,296,800 1,534,400 1,548,700 1,352,000 1,916,700 1,914,058 2,037,422 2,045,000 2,184,000 2,585,9002,260,400 Handball 346,000 396,000 179,000 54,660 110,100 126,900 84,000 30,000 30,000 30,000 30,000 15,000 – – Hockey 2,676,400 2,790,800 2,982,700 3,787,900 3,650,100 3,955,800 2,974,500 4,161,800 4,141,096 4,228,454 4,204,200 4,461,000 5,054,7007,900 5,03 APPENDIX 7 Judo 348,300 422,000 250,900 315,500 289,600 275,700 315,200 385,000 385,000 393,680 385,000 447,000 588,300 467,800 Modern Pentathlon 94,200 110,600 61,500 115,300 49,000 33,200 13,000 40,000 40,000 40,000 40,000 20,000 – – Rowing 3,308,600 3,657,500 3,342,500 4,370,400 4,008,500 4,250,500 2,975,000 4,206,086 4,202,954 4,358,784 4,462,700 5,109,000 5,493,6005,700 5,46 Sailing 1,112,000 937,700 789,600 1,325,700 1,917,200 2,102,900 1,260,000 2,645,888 2,656,952 2,742,940 2,663,000 3,022,000 4,214,38700 3,655,2 Shooting – 668,900 766,800 1,503,200 1,226,900 1,163,000 778,300 1,160,000 1,160,000 1,166,721 1,160,000 1,264,000 1,420,800 1,349,800 Swimming 2,733,100 3,229,800 3,058,000 4,084,600 3,913,200 4,077,800 3,328,600 4,221,083 4,218,351 4,437,168 4,354,900 5,135,000 6,042,400662,200 5, Synchronised Swimming 200,300 233,000 207,100 253,800 183,800 107,400 45,500 60,000 60,000 60,000 60,000 25,000 – – Table Tennis 306,700 291,000 233,800 290,200 241,700 147,900 89,900 85,000 85,000 85,000 85,000 92,000 99,800 103,800 Taekwondo 168,400 237,000 357,100 498,000 516,800 542,500 329,700 625,000 625,000 644,100 625,000 683,000 760,000 – Tennis 1,061,500 1,070,400 849,000 884,800 842,300 864,900 642,200 584,998 584,128 735,625 612,700 433,000 633,000 517,900 Triathlon 271,000 31,500 529,200 698,800 630,100 650,800 723,700 1,002,208 1,007,082 1,134,258 924,400 1,282,000 1,745,300 1,411,400 Volleyball 1,700,700 1,717,300 1,313,300 1,860,900 1,725,000 1,838,500 1,367,800 1,918,687 1,953,941 2,152,988 2,130,600 1,848,000 2,732,8002,434,000 Water Polo 1,333,200 1,402,300 1,363,500 1,584,300 100,300 2,141,500 1,711,500 2,269,106 2,268,376 2,397,783 2,388,500 2,132,000 2,166,900363,500 2, Weightlifting 328,400 413,900 243,400 385,300 312,200 273,700 73,600 320,000 320,000 325,129 320,000 339,000 355,000 362,600 Wrestling 99,000 454,000 397,000 523,700 354,100 185,800 38,700 30,000 30,000 33,500 30,000 30,000 30,000 50,000 Subtotal 32,609,400 36,099,000 31,870,900 39,934,760 37,587,900 40,719,600 31,155,200 42,871,980 43,154,522 45,554,6060 47,587,800 59,789,787 50,764,00 59,831,784 Baseball 1,155,900 1,346,600 1,082,300 841,800 1,001,900 – 1,048,800 1,190,000 1,190,000 1,206,000 1,190,000 1,259,000 1,373,500 1,347,000 Softball 880,200 – 1,041,200 1,410,600 – 1,520,500 1,280,000 1,658,724 1,657,874 1,685,393 1,675,600 1,779,000 1,869,900 1,835,500 Subtotal 2,036,100 1,346,600 2,123,500 2,252,400 1,001,900 1,520,500 2,328,800 2,848,724 2,847,874 2,891,393 2,865,600182,500 3,038,000 3,243,400 3, Summer Olympic Sports34,645,500 37,445,600 33,994,400 42,187,160 38,589,800 42,240,100 33,484,000 45,720,704 46,002,396 48,445,999 50,453,400187 53,802,000 63,014,284 63,033, APPENDIX 7 487 63,864,884 787 73,639,259 498,000 745,100 711,500 817,700 592,600 600,500 578,000 757,500 937,000 1,057,000 687,000 1,081,000 915,300 850,600 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 35,143,500 38,190,700 34,705,900 43,004,860 39,182,400 42,840,600 34,062,000 46,478,204 46,939,39635,757,000 49,502,999 51,140,400 38,905,100 35,543,100 54,883,000 43,999,860 63,948, 41,157,400 44,640,100 36,152,000 49,558,204 50,439,396 53,302,999 56,890,400 60,353,000 69,271, BiathlonBobsleighCurling 22,500 HockeyIce 2,500 SkatingIce 22,600 RacingIce 47,000 5,000 5,000 14,500 Skiing 92,500 54,000 25,000 14,500 Winter 115,000 78,500Olympic Sports 13,000 127,200 - 4,000 Funding Total 213,500 67,000 125,000 - Summer & Winter 432,800 492,000 69,000 112,000 - - Paralympic - 622,200Sports 59,000 71,100 - 458,500 ASC Total - 61,000 - Funding 539,500 - - 613,500 50,000 488,000 - - - 714,400 654,000 51,000 40,000 - 837,200 820,000 - 52,000 52,500 995,000 940,000 - - 1,975,000 - 1,009,000 52,000 65,000 570,000 1,799,500 - 836,300 2,090,000 52,000 65,000 - - 3,080,000 767,600 - 3,500,000 65,000 - 3,800,000 5,750,000 - - - 72,000 5,470,000 - 5,323,300 - 79,000 9,774,375 - - - 83,000 ------Source: Sports Annual Reports Australian Commission
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APPENDIX 8 720 4,260 4,641,660 $14,105,080 00 $16,799,640 2,100 $22,730,620 51,900 $30,034,180 289,000 $35,835,800 25,606,000 $56,333,200 £26,922,700 $59,229,940 Sport Total # Sport Total 0 £23,389,800 $51,457,560 00 £27,470,000 $60,434,000 ,800 £25,110,900 $55,243,980 Talent 9,640 $18,758,304 $41,268,269 £256,588,649 $564,495,028 Development figures reflect package.Thesefigures that total of sports also include the cost figures and medicine provision science funding award as part incorporated of a sport’s not previously home nation sports their respective funded by councils Podium ^ On 1 April, and these Podium to Talent 2006 UK Sport all performance for funding from became responsible ** 1 April 2006, to Prior bodies of sports on a home nation basis within the UK were governing administered and football are not supported UK Sport by as they are deemed to be self funded Tennis £ AUD £ AUD £ AUD £ AUD £ AUD to Athletes to NGB Funding Funding n/a n/a n/a n/a £1,648,000 $3,625,600 £0 $0 £1,522,000 $3,348,400 £126,000 $277,200 £3,457,600 $7,606,720 n/a n/an/a £800,000 $1,760,000 n/a xxx xxx n/an/a £2,834,000 $6,234,800n/a n/a £1,557,800 n/a $3,427,160 £1,093,200 n/a n/a $2,405,040 £183,000 n/a £3,694,000n/a $402,600 n/a $8,126,800 £4,496,700 n/a $9,892,740 n/a £1,400,000 £0 $3,080,000 £3,074,000n/a $0 $6,762,800n/a £2,986,000 £1,008,500 £3,480,000n/a n/a $6,569,200 $7,656,000 $2,218,700n/a n/a £214,000 £1,746,500 £5,056,000 n/a $3,842,300 $11,123,200 n/a $470,800 n/a £0 £300,000 £1,537,000 £320,000 n/a £8,751,800 $3,381,400 $19,253,960 $660,000 $704,000 n/a £2,986,000 n/a £1,259,746 $0 n/a $6,569,200 $2,771,441 £2,814,000 £533,000 $6,190,800 n/a $1,172,600 £172,000 $113.3 £1,225,350 £1,686,000 $36.7 $378,400 $2,695,770 £4,112,000 £2,125,000 $3,709,200 £1,448,327 £3,147,000 $9,046,400 $4,675,000 £313,000 $3,186,319 $6,923,400 £502,000 $688,600 $1,104,400 £0 £1,212,000 £1,362,000 £0 $2,666,400 $2,996,400 £161,000 £261,000 $0 $354,200 $0 £3,772,000 $574,200 £3,001,000 $8,298,400 £680,023 £717,650 $6,602,200 £340,000 $1,496,051 $1,578,830 £146,000 $748,000 $321,200 £1,753,810 $3,858,382 £1,450,895 $3,191,969 n/a**n/a** n/a** n/a** n/a** n/a** n/a** n/a**n/a** n/a** £8,759,000 $19,269,800 £3,687,000 £5,005,000 n/a** $11,011,000 $8,111,400 £2,007,000 £4,556,000 n/a** $10,023,200 $4,415,400n/a** £516,000 £2,268,000 $1,135,200 $4,989,600 n/a** £8,631,700 £370,000 $18,989,740 $814,000 £9,882,000 n/a** £8,022,300 $21,740,400 $17,649,060 n/a** £0 $0 £9,324,000 £2,533,000 $20,512,800 $5,572,600 £558,000 $1,227,600 £14,128,700 £0 $31,083,140 $0 £2,195,000 $4,829,000 £338,000 $743,600 £1,207,848 $2,657,266 £ AUD £ AUD £900,000 $1,980,000 £1,400,000 $3,080,000 £5,873,000 $12,920,600 £2,971,000 $6,536,200 £2,533,000 $5,572,600£600,000 £368,000 $1,320,000 $809,600 £600,000 $1,320,000 £6,655,300 $1 £2,667,000 $5,867,400 £1,043,000 $2,294,600 £1,443,000 $3,174,600 £181,000 $398,200 £4,488,300 $9,87 £4,500,000 $9,900,000£5,400,000 $11,880,000 £4,700,000 $10,340,000 £8,600,000£3,000,000 $18,920,000 $6,600,000 £4,400,000£5,900,000 $12,980,000 $9,680,000 £4,100,000 $9,020,000£3,900,000 £13,622,000 £22,151,000 $29,968,400 $8,580,000 $48,732,200 £5,357,000 £4,100,000£9,600,000 £11,645,000 $11,785,400 $21,120,000 $9,020,000£5,100,000 $25,619,000 £11,727,000 £10,600,000 $11,220,000 £7,429,000 $23,320,000 $25,799,400 £9,338,000 $16,343,800 £7,600,000 $20,543,600£6,900,000 £6,213,000 £9,036,000 $16,720,000 £836,000 £1,168,000 $15,180,000 $13,668,600 $19,879,200 $1,839,200 £6,400,000 $2,569,600 £4,978,000 £2,018,000 $14,080,000 £16, $10,951,600 $4,439,600 £6,947,000 £625,000£1,400,000 £6,276,000 $15,283,400 £26,042,000 $1,375,000 $3,080,000 $13,807,200 $57,292,400 £2,365,000 £22,292,000 £13,6 £2,600,000 £12,812,000 £741,000 $5,203,000 $49,042,400 $28,186,400 $5,720,000 $1,630,200 £10,928,000 £4,094,000 £11,892,000 £20,659,000 £10,33 $24,041,600 $26,162,400 $45,449,800 $9,006,800 £10,302,000 £1,340,000 £8,837,500 $22,664,400 £487,000 $2,948,0 £1,062,000 $19,442,500 $1,071,400 $2,336,40 £8,960,500 £7,636,2 $19,713,100 £5,113,000 £2,861,000 $11,248,600 $6,294,200 £2,160,000 £ $4,752,000 £2,649,000 $5,827,800 £304 $669 £5,392,600 $11,863, £1,100,000 $2,420,000 £2,000,000 $4,400,000 £5,920,000 $13,024,000 £2,842,000 $6,252,400 £2,826,000 $6,217,200 £252,000 $554,400 £6,411,400 Sport Total Sport Total Sport Total Sport Total WCPP Sport Total Sport Total £10,600,000 $23,320,000 £11,400,000 $25,080,000 £26,513,000 $58,328,600 £11,180,000 $24,596,000 £10,734,000 $23,614,800 £4,599,000 $10,117 Funding from UK Sport’s World Class Performance Program since funding began in May 1997 funding began in May since Program Class Performance World UK Sport’s from Funding Public Accounts June 2006) The amount to the sports amount to The is £265 588 649 as at January 2009 (UK Sport June 2006) Accounts media release Public 29/01/09). 79m. sponsorship to need for in Lottery sales decreased Subsequent increase (BBC Sport Oct website 2008) activities level Talent supporting for sports and responsible Development were councils SportArchery Olympiad* Sydney Athletics Badminton Basketball Boxing Olympiad* Athens Canoeing Cycling Diving Equestrian Fencing Gymnastics Handball Hockey Judo Modern Pentathlon Rowing Sailing Shooting Swimming Swimming Synchro Tennis Table Beijing OlympiadTaekwondo Triathlon Volleyball Polo Water Weightlifting Wrestling Total £58,900,000 $129,580,000 £70,000,000 $154,000,000 £51.5 Olympiad London £16.7 £235,103,000 $517,226,600 $90,983,800 $200,164,360 $124,786,200 $274,52 NOTES: # funding = £600. Total Lottery. 300m from Govt. 200m from 100m sponsorship. of Committee (House of Commons * funding. level Podium just to Olympiads relate and Athens the Sydney for Figures During that time, the home nation UK Funding Breakdown UK Funding
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
%44)2(-<
&S\MRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI§ 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXW YWIHXSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 8LIGSQTIXMXMZIRIWWSJFS\MRKMR%YWXVEPMEMWMQTEGXIHF]XLIPS[HSQIWXMGTEVXMGMTEXMSR VEXIERHXLIJEGXXLEXXLILMKLTIVJSVQERGITVSKVEQMWPMQMXIHXSSRIGIRXVI %-7 'YFE 'LMRE 6YWWMEERH-XEP]EVIWIIREWXLIFIRGLQEVOGSYRXVMIW +VIEX&VMXEMRERH 8LEMPERHEVIIQIVKMRKTS[IVW 8LEMPERHMWIQIVKMRKMRPS[IV[IMKLXHMZMWMSRW
7XVEXIKMG-QTIVEXMZIW %XLPIXI*YRHMRK 8LIVIEVIKVIEXIVSTTSVXYRMXMIWJSVWYGGIWWMRPS[IV[IMKLXGEXIKSVMIW OKERHFIPS[ 8LIVIMWEPWSTSXIRXMEPXSEXXVEGXUYEPMX]EXLPIXIW[LSQE]RSXFISJWYJJMGMIRXWM^IXSEXXVEGX %*0 VYKF]PIEKYISVVYKF]YRMSRGSRXVEGXW ,MKL4IVJSVQERGI1EREKIQIRX +VIEXIVW]RIVK]MWRIIHIHFIX[IIR&%-ERH%-7MRVIPEXMSRXSXLI&%-,MKL4IVJSVQERGI4PER 3XLIVTSXIRXMEPGSRXVMFYXSVW§%3' %'+%ERH7-77%7§EPWSRIIHXSLEZIMRTYX (EMP]8VEMRMRK)RZMVSRQIRX 8LI&%-,MKL4IVJSVQERGI4PERMWPMQMXIHXSXLI%-7 'ERFIVVE ERHI\TERWMSRRIIHWXSFI GSRWMHIVIH -RXIVREXMSREP8VEMRMRK&EWI %XVEMRMRKFEWIMWVIUYMVIHJSVXLIREXMSREPWUYEH GSEGLIWERHWYTTSVXWXEJJMR)YVSTIERHSV %WMETVMSVXSQENSVGSQTIXMXMSRW 8EPIRX-HIRXMJMGEXMSR(IZIPSTQIRX 8LI28-(FS\MRKTVSKVEQJSVMRHMKIRSYWEXLPIXIWMWSTIVEXMRK[MXLQMRMQEPMRTYXJVSQ&%- 0MROEKIWFEGOXS&%-TEXL[E]ERHXLIREXMSREPTVSKVEQRIIHXSFIMRGSVTSVEXIHMRXSPSRKIV XIVQTPERW
%44)2(-<
'ERSI/E]EO
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI %-7 8SXEP 4EVX8MQI§ 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXW YWIHXSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW +IVQER]ERH,YRKEV]EVIXLIFIRGLQEVOREXMSRWMRWTVMRX 7PSZEOME *VERGIERH+IVQER]EVIXLIFIRGLQEVOREXMSRWMRWPEPSQ %YWXVEPMETIVJSVQIH[IPPMR&IMNMRKMRFSXLHMWGMTPMRIW 7YGGIWW[EWEGLMIZIHZMEEXEVKIXIH EXLPIXIETTVSEGL
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
%44)2(-<
']GPMRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI§ )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI§ 3XLIV -RWX%GEH,4' *YPP8MQI %-7'SEGLIW 8SXEP 4EVX8MQI
6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG 4EVEP]QTMG BB
B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH 6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH ;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXW XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW TVSKVEQMWVIZMWIHFIX[IIR+EQIW MQTEGXMRKXLIRYQFIVSJ QIHEPWEZEMPEFPI
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG 4EVEP]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW +VIEX&VMXEMRMWXLIFIRGLQEVOREXMSRMRXVEGO -XEP] 7TEMR &IPKMYQERH+IVQER]EVIXLIFIRGLQEVOREXMSRWMRVSEH 97%ERH%YWXVEPMEEVIXLIFIRGLQEVOREXMSRWMR&1< %YWXVEPMEMWVIPEXMZIP]GSQTIXMXMZIMREPPHMWGMTPMRIW +VIEX&VMXEMRMWMRZIWXMRKWMKRMJMGERXVIWSYVGIWMRXSXVEGOG]GPMRK 4VSKVEQWEVI[IPP SVKERMWIHERHGLEVEGXIVMWIHF]ERYQFIVSJLMKLTIVJSVQERGIGIRXVIW KSSHGSEGLMRK 7771WIVZMGMRKERHEXLPIXIVIQYRIVEXMSR
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
-RRSZEXMSR 8LI2*MWI\TPSVMRKXLISTTSVXYRMX]XSGVIEXIER%YWXVEPMERQIR¬WTVSJIWWMSREPXIEQ GSQTVMWMRK GSRXVEGXIHVMHIVW XSGSQTIXIMRXLI)YVSTIERTVSJIWWMSREPXSYV
%44)2(-<
(MZMRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI§ 3XLIV -RWX%GEH,4' *YPP8MQI § 8SXEP 4EVX8MQI§ 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXW YWIHXSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 'LMREMWXLIFIRGLQEVOREXMSR 1I\MGSERH+IVQER]EVIIQIVKMRKREXMSRWMRNYRMSVGSQTIXMXMSR 'LMRIWIGSEGLIWEVI[SVOMRKMRGSYRXVMIW ;LMPI%YWXVEPMEMWGSQTIXMXMZIXLIVIMWEPEGOSJHITXLMRXLIW]WXIQ
7XVEXIKMG-QTIVEXMZIW 8EPIRX-HIRXMJMGEXMSRERH(IZIPSTQIRX 8LI2*MWWIIOMRKXSMQTPIQIRXXEPIRXMHIRXMJMGEXMSRERHHIZIPSTQIRXTVSKVEQWMRIEGL WXEXIXSFYMPHHITXLMRXLIWTSVXERHJEWXXVEGO%YWXVEPMERGSEGLIW -RXIVREXMSREP'SQTIXMXMSR %YWXVEPME¬WKISKVETLMGPSGEXMSRTVIGPYHIWEGGIWWXSWMKRMJMGERXMRXIVREXMSREPGSQTIXMXMSR [LMGLMWIWWIRXMEPJSVEXLPIXIHIZIPSTQIRX 6IWIEVGLERH(IZIPSTQIRX -RGVIEWIHVIWIEVGLGSRGIVRMRKXLITVIZIRXMSRERHXVIEXQIRXSJ[VMWXMRNYVMIWMWRIIHIH
%44)2(-<
)UYIWXVMER
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI§ )PMXI§ ,MKL *YPP8MQI § .YRMSV 4IVJSVQERGI 4EVX8MQI§ 3XLIV -RWX%GEH,4' *YPP8MQI § 8SXEP 4EVX8MQI§
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL +SPH 7MPZIV &VSR^I 3P]QTMG 4EVEP]QTMG BB B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH ;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXW TVSKVEQMWVIZMWIHFIX[IIR+EQIW MQTEGXMRKXLIRYQFIVSJ QIHEPWEZEMPEFPI
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG 4EVEP]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX -RJVEWXVYGXYVI(IZIPSTQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW +IVQER]MWXLIFIRGLQEVOREXMSRMREPPHMWGMTPMRIW 8LIQENSVMX]SJMRXIVREXMSREPGSQTIXMXMSRMWLIPHMR)YVSTI *SVXLMWVIEWSR XLILMKLIWX WEPEVMIWJSVGSEGLIWEVITEMHMR)YVSTI ERHMXMWHMJJMGYPXXSEXXVEGXXLSWIXSTGSEGLIWXS %YWXVEPME 7MQMPEVP] MRSVHIVXSQEMRXEMRNYHKMRKWXERHEVHW TEVXMGYPEVP]MRNYQTMRKERHHVIWWEKI QSVI%YWXVEPMERNYHKIWEVIVIUYMVIHXSXVEZIPXS)YVSTI
7XVEXIKMG-QTIVEXMZIW %XLPIXI*YRHMRK -REHHMXMSRXSXLIKIRIVEPVIUYMVIQIRXJSVEXLPIXIJYRHMRK NYQTMRKERHHVIWWEKIEXLPIXIW RIIHWYJJMGMIRXJYRHMRKXSIREFPIXLIQXSFIFEWIHMR)YVSTIHYVMRKXLIRSVXLIVR LIQMWTLIVIWYQQIV %TVMP§7ITXIQFIV 'SEGLMRK 8LIVIMWERIIHXSMRGVIEWIXLIEZEMPEFMPMX]SJXLI+IVQERFEWIH%YWXVEPMERGSEGLXS %YWXVEPMERWUYEHQIQFIVW[LMPWXMR)YVSTI 7771 8LMWMWRSXEREVIEIQFVEGIHF]IUYIWXVMERVMHIVW8LIVIMWETVSTSWEPXSI\TERHXLI ©(IZIPSTQIRXSJXLI6MHIVEWER%XLPIXIªTVSKVEQHIZIPSTIHF]27;-7XSXLIRI\X KIRIVEXMSRSJVMHIVWXLVSYKLSYX%YWXVEPME 7771VIUYMVIQIRXWJSVLSVWIWEPWSVIUYMVI GSRWMHIVEXMSR (EMP]8VEMRMRK)RZMVSRQIRX +VIEXIVWYTTSVXMWVIUYMVIHJSVREXMSREPWUYEHQIQFIVWRSXFEWIHMR27; 8VEMRMRK'EQTW 1SVIGIRXVEPMWIHXVEMRMRKGEQTWFEWIHEVSYRHQENSVIZIRXWEVIVIUYMVIH -RXIVREXMSREP8VEMRMRK'EQTW %RMRGVIEWIHRYQFIVSJ)YVSTIERFEWIHGEQTWMWTVSTSWIHXSFVMRKXSKIXLIVEXLPIXIWFEWIH MR%YWXVEPMEERH)YVSTIFEWIHEXLPIXIW8LI2*[MPPEPWSMRZIWXMKEXIXLITSWWMFMPMX]SJYWMRKXLI %-7)YVSTIERLYFMR-XEP] 1SRMXSVMRK 7IVZMGMRK%XLPIXIW %QSVIJSVQEPERHVIKYPEVW]WXIQSJQSRMXSVMRKEXLPIXIW[LMPWXMR)YVSTIMWVIUYMVIH
-RRSZEXMSR (IZIPSTQIRXSJER3P]QTMGLSVWIS[RIVTVSKVEQMWVIGSQQIRHIHF]XLI2* XSVIGSKRMWI ERHWYTTSVXXLIFVIIHIVWERHS[RIVW[LSTVSHYGIUYEPMX]LSVWIWJSVXLI3P]QTMGXIEQ
%44)2(-<
*IRGMRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI § 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI § .YRMSV 4IVJSVQERGI 4EVX8MQI GSEGL 3XLIV -RWX%GEH,4' *YPP8MQI § 8SXEP 4EVX8MQI § 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXW YWIHXSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW -XEP] 97%ERH*VERGIEVIXLIXLVIIPIEHMRKREXMSRW [MXL'LMRE +IVQER]ERH6SQERMEMR IUYEPJSYVXLVEROMRK -XEP]ERH*VERGILEZILEHXLIQSWXWYWXEMRIHWYGGIWWEGVSWWEPPHMWGMTPMRIWERH[IETSRW SZIVXMQI )QIVKMRKREXMSRW'LMRE .ETERERH/SVIELEZILEHMRMXMEPWYGGIWWSRXLIFEWMWSJTVSKVEQW WXVYGXYVIHEVSYRHEGSQFMREXMSRSJMQTSVXIHGSEGLIWERHLSQIKVS[RGSEGLIW
7XVEXIKMG-QTIVEXMZIW 4VSKVEQ 8LIGYVVIRXTVSKVEQMWSRP]JSGYWIHSRSRIHMWGMTPMRI§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
%44)2(-<
*SSXFEPP 1IR ;SQIR
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI § 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL +SPH 7MPZIV &VSR^I 3P]QTMG §§§ 4EVEP]QTMG BB §§§ B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH ;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXW §§§ TVSKVEQMWVIZMWIHFIX[IIR+EQIW MQTEGXMRKXLIRYQFIVSJ QIHEPWEZEMPEFPI § §
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG §§ 4EVEP]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW &VE^MPERH%VKIRXMREEVIXLIFIRGLQEVOREXMSRWMRQIR¬WJSSXFEPP 97% +IVQER]ERH&VE^MPEVIXLIFIRGLQEVOREXMSRWMR[SQIR¬WJSSXFEPP 9OVEMRIERH6YWWMEEVIFIRGLQEVOREXMSRWMR4EVEP]QTMGJSSXFEPP -XMWHMJJMGYPXJSV%YWXVEPMEXSGSQTIXI[MXLREXMSRWMR[LMGLJSSXFEPPMWXLIHSQMRERX REXMSREPWTSVX[MXLTPE]IVWMRZSPZIHJVSQEZIV]]SYRKEKI
7XVEXIKMG-QTIVEXMZIW 'SEGLMRK *SVXLIQIR¬WREXMSREPXIEQEJYPPXMQI3P]VSSW'SEGLMWVIUYMVIHJSV]IEVWPIEHMRKMRXS +EQIW *SV[SQIR¬WJSSXFEPP X[SHIHMGEXIHJYPPXMQI%WWMWXERX'SEGLIWEVIVIUYMVIH *SV4EVEP]QTMGJSSXFEPPXLIVIMWTSXIRXMEPJSVEJYPPXMQI4EVEP]QTMGGSEGLXSFIWLEVIH[MXL XLINYRMSVREXMSREPXIEQ 9 %XLPIXI*YRHMRK (IHMGEXIHHMVIGXEXLPIXIJYRHMRKMWVIUYMVIHJSVXLIWIRMSV[SQIRXSMRGVIEWIXLIMV EZEMPEFMPMX]EWWIQMTVSJIWWMSREPEXLPIXIW8LMWMWIZIRQSVIMQTSVXERX[MXLXLIXVIRHSJ REXMSREPXIEQTPE]IVWFIMRKEXXVEGXIHXSSZIVWIEWREXMSREPPIEKYIW 8VEMRMRK'EQTW 8LIVIMWEVIUYMVIQIRXJSVQSVIGEQTWJSVIEGLHMWGMTPMRI %)YVSTIERFEWI -XEP] JSVXLI [SQIR¬WTVSKVEQ[MPPFIGSQIMRGVIEWMRKP]MQTSVXERX 7771 8LIQSRMXSVMRKERHWIVZMGMRKSJEXLPIXIWFEWIHMR)YVSTIMWMRGVIEWMRKP]MQTSVXERX -XMW TVSTSWIHEJYPPXMQITL]WMSXLIVETMWXFIFEWIHMR)YVSTIJSVWM\QSRXLWTVMSVXS+EQIW
%44)2(-<
+]QREWXMGW
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI § )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI § 3XLIV -RWX%GEH,4' *YPP8MQI GSEGLIW 8SXEP 4EVX8MQI § 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXW YWIHXSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 'LMRE 97% .ETERERH6YWWMEEVIXLIFIRGLQEVOGSYRXVMIWEGVSWWEPPHMWGMTPMRIW %YWXVEPMEMWGSQTIXMXMZIMRJEGMPMX]TVSZMWMSR GSEGLMRKERH7771WIVZMGMRKFYXWYJJIVWEPEGO SJHITXLSJEXLPIXIWEXXLIIPMXIPIZIPEGVSWWEPPTVSKVEQW
7XVEXIKMG-QTIVEXMZIW 'SEGLMRK %RMRGVIEWIMRXLIRYQFIVSJJYPPXMQIGSEGLIW[SVOMRKEXXLIWYFIPMXIERHHIZIPSTQIRX PIZIPWMWVIUYMVIH 8LIVIMWEPWSERIIHXSGYPXMZEXIERI[KIRIVEXMSRSJGSEGLIWJVSQJSVQIV IPMXIEXLPIXIWERHVIQYRIVEXIXLIQ[MXLGSQTIXMXMZIWEPEV]TEGOEKIW %XLPIXI*YRHMRK 8LIGYVVIRXTSSPSJLMKLTIVJSVQERGIEXLPIXIWMWXSSWQEPPMREPPHMWGMTPMRIW (MVIGXEXLPIXI EWWMWXERGIMWVIUYMVIHXSWYTTSVXQSVIEXLPIXIWMRXLIW]WXIQERHXSOIITXLIQMRXLIWTSVX JSVQSVIXLERSRI3P]QTMGGEQTEMKR ,MKL4IVJSVQERGI1EREKIQIRX 8LIGYVVIRXWXVYGXYVIMWWEXMWJEGXSV]FYXMXMWMQTIVEXMZIXLEXXLI%-7VSPIEWREXMSREPXVEMRMRK GIRXVIJSV;%+ERH1%+MWVIXEMRIHERHIRLERGIH 7%77-7TVSKVEQW -XMWMQTIVEXMZIXLEXXLI7%77-7LMKLTIVJSVQERGITVSKVEQWERHLMKLTIVJSVQERGIGPYFWEVI EHIUYEXIP]JYRHIHJSVWYWXEMRIHIPMXIERHHIZIPSTQIRXTVSKVEQW8LIW]WXIQMWGYVVIRXP] ZYPRIVEFPI MRXLIIZIRXSRIOI]WXEOILSPHIV[MXLHVE[WXLISZIVEPPTVSKVEQQE]FI NISTEVHMWIH
%44)2(-<
,SGOI] 1IR ;SQIR
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI § )PMXI ,MKL *YPP8MQI GSEGLIW .YRMSV 4IVJSVQERGI 4EVX8MQI§ 3XLIV -RWX%GEH,4' *YPP8MQI ,4 GSEGLIW 8SXEP 4EVX8MQI§ 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP § +SPH 7MPZIV &VSR^I § 3P]QTMG § § § § §
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXW YWIHXSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG § §
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW %YWXVEPMEMWVEROIHMRXLIXSTJMZIREXMSRWMRFSXLQIR¬WERH[SQIR¬WLSGOI]8LI%YWXVEPMER JEGMPMXMIW GSEGLMRK 7771TVSKVEQWERHNYRMSVHIZIPSTQIRXEVISRETEV[MXLSXLIVPIEHMRK GSYRXVMIW 8LIEHZIRXSJXLI)YVSTIER0IEKYIMWEGSQTIXMXMZIEHZERXEKIJSV)YVSTIERREXMSRW8LI IJJIGXSJVIKYPEVLMKLPIZIPGSQTIXMXMSRMWEHZERXEKISYW
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©TVSGYVIª ERETTVSTVMEXIPIZIPSJ7771TIVWSRRIPERH WIVZMGIWMRXLIHEMP]XVEMRMRKIRZMVSRQIRXERHHYVMRKMRXIVREXMSREPXVEZIP 6IWIEVGLERH(IZIPSTQIRX 3RKSMRKHIZIPSTQIRXSJKEQIEREP]WMWW]WXIQWERHXIGLRSPSK]MWVIUYMVIH *YRHMRKMWEPWS VIUYMVIHXSEPPS[VIWIEVGLERHHIZIPSTQIRXWXEJJXSXVEZIP[MXLREXMSREPXIEQW
%44)2(-<
.YHS
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI § )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI § 3XLIV -RWX%GEH,4' *YPP8MQI § 8SXEP 4EVX8MQI §
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL +SPH 7MPZIV &VSR^I 3P]QTMG 4EVEP]QTMG BB B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH ;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXW TVSKVEQMWVIZMWIHFIX[IIR+EQIW MQTEGXMRKXLIRYQFIVSJ QIHEPWEZEMPEFPI
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG 4EVEP]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW .ETERERH*VERGIEVIXLIFIRGLQEVOREXMSRWJSVFSXLQIR¬WERH[SQIR¬W.YHS 'LMREERH 'YFEEPWSLEZIWXVSRK[SQIR¬WTVSKVEQW /SVIEERH+ISVKMELEZIWXVSRKQIR¬WTVSKVEQW .ETER¬WWXVIRKXLMWHIVMZIHJVSQXLIWOMPPFEWIHJSGYWSJXLITVSKVEQW IWTIGMEPP]MRWGLSSPW ERH'LMRELEWVITPMGEXIHXLMWW]WXIQ 8LIPIEHMRK)YVSTIERREXMSRWEVIFIXXIVWXVEXIKMGJMKLXIVW ERHWXVSRKIVXLERXLI.ETERIWI %YWXVEPME¬WTEVXMGMTEXMSRRYQFIVWEVIPS[ERHYRPMOIP]XSEXXVEGXLMKLPIZIPGSEGLIWHYIXS PMQMXEXMSRWMREXLPIXIHITXL
7XVEXIKMG-QTIVEXMZIW 4VSKVEQ 8LITVSKVEQMWXEVKIXIHXSEWQEPPIPMXIWUYEHSJ§EXLPIXIW WYTTSVXIHXSIREFPIXLIQXS XVEMRERHGSQTIXIMRXIVREXMSREPP] [MXLERSXLIV§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§EXLPIXIW -RXIVREXMSREP'SQTIXMXMSRERH8VEMRMRK 8LIVIMWMRWYJJMGMIRXGSQTIXMXMSRI\TIVMIRGIEZEMPEFPIMR%YWXVEPME VIUYMVMRKEXLPIXIWXSXVEMR ERHGSQTIXISZIVWIEW8LVIIXSJSYV[IIOXSYVWEVITVSTSWIH [MXLXIRHE]VIXYVRTIVMSHWXS %YWXVEPME GVIEXMRKEWM\[IIOXVEMRMRKERHGSQTIXMXMSRG]GPIHYVMRKXLIRSVXLIVRLIQMWTLIVI GSQTIXMXMSRWIEWSR 7771 %WXLIWTSVXMWGSRXIWXIHMR[IMKLXHMZMWMSRW XLIVIMWEVIUYMVIQIRXJSVEHMIXMGMERXSXVEZIP [MXLXLIXIEQJSVMRXIVREXMSREPIZIRXWXSTVIZIRXLIEPXLTVSFPIQW
%44)2(-<
1SHIVR4IRXEXLPSR
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI§ 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW +IVQER] )EWX)YVSTIER'SYRXVMIWERH+VIEX&VMXEMR [SQIR EVIXLIHSQMRERXGSYRXVMIW
7XVEXIKMG-QTIVEXMZIW %WEVIWYPXSJPS[JYRHMRKERHTEVXMGMTEXMSRRYQFIVW1SHIVR4IRXEXLPSRHSIWRSXLEZIE GSSVHMREXIHREXMSREPLMKLTIVJSVQERGITVSKVEQ 'SEGLMRK )QTPS]QIRXSJEJYPPXMQIREXMSREPGSEGL TVIJIVEFP]JVSQER)EWX)YVSTIERGSYRXV] MW GSRWMHIVIHRIGIWWEV] -RXIVREXMSREP8VEMRMRKERH'SQTIXMXMSR 8LVIIXSYVWXS)YVSTIJSVYTXSJMZI[IIOWJSVJSYVEXLPIXIWTPYWXLIGSEGLEVITVSTSWIH %HHMXMSREPP] X[SXSYVWXS%WMESJYTXSX[S[IIOWJSVJSYVEXLPIXIWTPYWXLIGSEGL[SYPHFI FIRIJMGMEP
%44)2(-<
6S[MRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI§ )PMXI 2EXMSREP6S[MRK *YPP8MQI .YRMSV 'IRXVISJ )\GIPPIRGI 4EVX8MQI§ 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI§
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL +SPH 7MPZIV &VSR^I 3P]QTMG 4EVEP]QTMG BB B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH ;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXW TVSKVEQMWVIZMWIHFIX[IIR+EQIW MQTEGXMRKXLIRYQFIVSJ QIHEPWEZEMPEFPI
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG 4EVEP]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW +VIEX&VMXEMRMWGYVVIRXP]XLIFIRGLQEVOREXMSR %YWXVEPMEMWGSQTIXMXMZIMRQSWXFSEX GPEWWIW 7SQIGSYRXVMIWEVIXEVKIXMRKWTIGMJMGHMWGMTPMRIWFSEXWM^IW %YWXVEPMEMWGSQTIXMXMZIMRQSWXFSEXGPEWWIW
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
%44)2(-<
7EMPMRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI§ )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI § 8SXEP 4EVX8MQI§
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL +SPH 7MPZIV &VSR^I 3P]QTMG 4EVEP]QTMG BB B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH ;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXW TVSKVEQMWVIZMWIHFIX[IIR+EQIW MQTEGXMRKXLIRYQFIVSJ QIHEPWEZEMPEFPI
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG 4EVEP]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW +VIEX&VMXEMRLEWFIIRXLIFIWXTIVJSVQMRKREXMSRSZIVXLIPEWXJSYV3P]QTMGG]GPIW 4SPERH ERH'LMREEVIIQIVKMRKREXMSRW[MXLWXVSRKTVSKVEQW %YWXVEPMEMWGSQTIXMXMZIFYXPEGOWHITXLMRXVEMRMRKTEVXRIVWJSVXLIFIWXGVI[W 8LIVIMWEXVIRHXLEXEXLPIXIWEXXIRHMRKXLIMVWIGSRHSVXLMVH3P]QTMG+EQIWEVIQSWX PMOIP]XSFIWYGGIWWJYP
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
%44)2(-<
7LSSXMRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI§ )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI GSEGLIW 8SXEP 4EVX8MQI
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL +SPH 7MPZIV &VSR^I 3P]QTMG 4EVEP]QTMG BB B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH ;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXW TVSKVEQMWVIZMWIHFIX[IIR+EQIW MQTEGXMRKXLIRYQFIVSJ QIHEPWEZEMPEFPI
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG 4EVEP]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 'LMRE[EWXLIQSWXWYGGIWWJYPREXMSRMR&IMNMRK 6YWWMEERH+IVQER][IVIZIV]GSQTIXMXMZI FIGEYWISJXLIMVW]WXIQW %YWXVEPMELEWWSQISJXLIFIWXMRXIVREXMSREPGSEGLIWMRXLI[SVPH +VIEX&VMXEMRMWMRZIWXMRKLIEZMP]MRXLIWTSVXERHLEWJSVQIHEWXVEXIKMGTEVXRIVWLMT[MXL &VMXMWL%IVSWTEGI
7XVEXIKMG-QTIVEXMZIW %XLPIXI*YRHMRK 8LI2*TPERWXSXEVKIXEWQEPPIVRYQFIVSJEXLPIXIWMRXLIREXMSREPWUYEH§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
%44)2(-<
7[MQQMRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI§ )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI§ 3XLIV -RWX%GEH,4' *YPP8MQI § 8SXEP 4EVX8MQI§
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL +SPH 7MPZIV &VSR^I 3P]QTMG 4EVEP]QTMG BB B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH ;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXW TVSKVEQMWVIZMWIHFIX[IIR+EQIW MQTEGXMRKXLIRYQFIVSJ QIHEPWEZEMPEFPI
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG 4EVEP]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW ;LMPI97%MWXLIFIRGLQEVOREXMSR MRXIVREXMSREPW[MQQMRKMWFIGSQMRKQSVI GSQTIXMXMZI EWIZMHIRGIHF]XLIMRGVIEWMRKRYQFIVSJGSYRXVMIW[MRRMRKQIHEPWEXQENSV MRXIVREXMSREPQIIXW 7SQIGSYRXVMIWEVIXEVKIXMRKWTIGMJMGWXVSOIWSVIZIRXW %YWXVEPMEMWGSRWMHIVIHXLIWIGSRHWXVSRKIWXREXMSRSZIVEPP
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¬WWTVMRXI\GIPPIRGI -RXIVREXMSREP8VEMRMRK'EQTW %HHMXMSREPJYRHWEVIVIUYMVIHXSEPPS[EXLPIXIWERHGSEGLIWXSGSRHYGXXVEMRMRKGEQTWMR )YVSTI97%XSMRGVIEWIEGGIWWXSEPXMXYHIXVEMRMRKJEGMPMXMIW
-RRSZEXMSR 8LI'IRXVIWSJ)\GIPPIRGIQSHIPMWERMQTSVXERXMRRSZEXMSRTVSTSWIHXSQEREKIXLI HMZIVWMX]ERHKISKVETLMGVIEGLSJXLIWTSVX 8LIGSRGITXMRZSPZIWXLIIWXEFPMWLQIRXSJYTXS GIRXVIW WYTTSVXIHXSHIZIPSTEREXLPIXIERHGSEGLTEXL[E] ERHIUYMTTIHXSTVSZMHI 7771WIVZMGIW
%44)2(-<
7]RGLVSRMWIH7[MQQMRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI § 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI§ )PMXI ,MKL *YPP8MQI § .YRMSV 4IVJSVQERGI 4EVX8MQI GSEGL 3XLIV -RWX%GEH,4' *YPP8MQI § 8SXEP 4EVX8MQI§ 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW %WXLIFIRGLQEVOGSYRXV] 6YWWMEGSRHYGXWEWYGGIWWJYP GIRXVEPMWIHTVSKVEQ 8LIWTSVXMW GYPXYVEPP]WXVSRKMR6YWWMEERHKSSHXVEMRMRKJEGMPMXMIWI\MWX %YWXVEPMELEWEPMQMXIHTEVXMGMTEXMSRFEWI PMQMXIHJEGMPMX]EGGIWWERHQMRMQEPLMKL TIVJSVQERGITVSKVEQJYRHMRK
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¬WTVIWIRGIEGVSWWXLIWTSVX .YHKIWRIIHXSEXXIRHEQMRMQYQSJWM\MRXIVREXMSREPGSQTIXMXMSRWTIV]IEV
%44)2(-<
8EFPI8IRRMW
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL +SPH 7MPZIV &VSR^I 3P]QTMG 4EVEP]QTMG BB B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH ;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXW TVSKVEQMWVIZMWIHFIX[IIR+EQIW MQTEGXMRKXLIRYQFIVSJ QIHEPWEZEMPEFPI
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG 4EVEP]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 'LMREMWXLIFIRGLQEVOREXMSR ERH+VIEX&VMXEMRMWIQIVKMRK[MXLEWXVSRK [IPPJYRHIH TVSKVEQ 8LIWTSVXLEWEPS[TEVXMGMTEXMSRFEWIERHTVSJMPIMR%YWXVEPME
7XVEXIKMG-QTIVEXMZIW %XLPIXI*YRHMRK 'YVVIRXP]XLIVIMWRSHMVIGXJYRHMRKTVSZMHIHXSEXLPIXIW 8LI2*TVSTSWIWEREXMSREPWUYEH SJTPE]IVWJSVXLI3P]QTMGTVSKVEQERHWM\TPE]IVWJSVXLI4EVEP]QTMGTVSKVEQ 'SEGLMRK 8LIVIMWPMQMXIHJYPPXMQIGSEGLMRKTVSZMHIHJSVMRXLIGYVVIRXLMKLTIVJSVQERGITVSKVEQ 8LI2*TVSTSWIWERI[GSEGLMRKWXVYGXYVI[LMGLMRGPYHIWEJYPPXMQILIEHGSEGL EJYPPXMQI EWWMWXERXREXMSREPGSEGL EJYPPXMQI%;( EXLPIXIW[MXLHMWEFMPMXMIW LIEHGSEGL ERHJSYV HIZIPSTQIRXGSEGLIW ,MKL4IVJSVQERGI1EREKIQIRX 8LI2*TVSTSWIWELMKLTIVJSVQERGIQEREKIVERHEHQMRMWXVEXMZIEWWMWXERXFIIRKEKIHXS WYTTSVXXLITVSKVEQ (EMP]8VEMRMRK)RZMVSRQIRX 8LIGYVVIRX(8)MWTVSZMHIHSREZSPYRXEV]FEWMW -JERIRLERGIHGSEGLMRKERHLMKL TIVJSVQERGIQEREKIQIRXWXVYGXYVIMWMRTPEGI WIVZMGIWERHWYTTSVXJVSQ%-77%77-7[MPP RIIHXSFIRIKSXMEXIH 'SQTIXMXMSR 8LIPSGEPGSQTIXMXMSRSYXWMHISJ1IPFSYVRIMWSJERMREHIUYEXIWXERHEVH8LI2*TVSTSWIW ERYTKVEHISJXLIHSQIWXMGGSQTIXMXMSR MRGPYHMRKFVMRKMRKMRXIVREXMSREPTPE]IVWXS %YWXVEPME8LIVIMWEPWSXLIRIIHJSV%;(IZIRXWXSFIGSRHYGXIHMRGSRNYRGXMSR[MXL7XEXI IZIRXW -RXIVREXMSREP8VEMRMRK 8LIVIMWEVIUYMVIQIRXJSVREXMSREPWUYEHQIQFIVWXSTPE]ERHXVEMRMR'LMRESV)YVSTIJSV YTXS[IIOWERRYEPP]8LI2*TVSTSWIWXLMWETTVSEGLMWEPWSHIWMVEFPIJSVNYRMSV HIZIPSTQIRXTPE]IVW
%44)2(-<
8EIO[SRHS
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI 6IGIRX 8STXL XS XL XS 1IHEPW 4IVJSVQERGIW XL XL 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW %WXLIXVEHMXMSREP©LSQISJXLIWTSVXª/SVIEMWXLIFIRGLQEVOGSYRXV]ERHLEWEZIV]PEVKI TEVXMGMTEXMSRFEWI 97% 'LMREERH1I\MGS[IVIZIV]GSQTIXMXMZIEX 3P]QTMG+EQIW
7XVEXIKMG-QTIVEXMZIW (YIXSXLITSMRXWGSVMRKW]WXIQERHPMQMXIHIRXVMIWMRWSQI[IMKLXHMZMWMSRW XLIWTSVX GSYPHFIWYGGIWWJYPP]XEVKIXIHXSEGLMIZIQIHEPWYGGIWW
%44)2(-<
8IRRMW
'YVVIRX 8SXEP *YPP8MQI 7XEJJMRK 0IZIPW 4EVX8MQI§ ,MKL *YPP8MQI 4IVJSVQERGI 4EVX8MQI§ -RWX%GEH,4' *YPP8MQI § 4EVX8MQI§
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL +SPH 7MPZIV &VSR^I 3P]QTMG 4EVEP]QTMG BB B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH ;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXW TVSKVEQMWVIZMWIHFIX[IIR+EQIW MQTEGXMRKXLIRYQFIVSJ QIHEPWEZEMPEFPI
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG 4EVEP]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 7TEMRERH6YWWMEEVIXLIFIRGLQEVOREXMSRW FSXLMRXIVQWSJHSQIWXMGTVSKVEQWERHXLI RYQFIVWSJ[SVPHVEROIHEXLPIXIWSRXLI%84ERH;8%XSYVW ;LIIPGLEMVXIRRMW§2IXLIVPERHWERH*VERGIEVIXLIFIRGLQEVOREXMSRW TVMQEVMP]FIGEYWI XLI]LEZIQEXYVIERH[IPPJYRHIHTVSKVEQWMRTPEGIERHTVS\MQMX]XSLMKLPIZIP GSQTIXMXMSR
7XVEXIKMG-QTIVEXMZIW ;SQIR¬W4VSKVEQ %HHMXMSREPVIWSYVGIWEVIVIUYMVIHXSWYTTSVXXLI[SQIR¬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
-RRSZEXMSR 1IRXSVMRK4VSKVEQ 8IRRMW%YWXVEPMELEWMRXVSHYGIHEQIRXSVMRKTVSKVEQ[LMGLQEXGLIWTEWXGLEQTMSRWXS HIZIPSTMRKEXLPIXIWERHGSEGLIW XLIVIF]VIXEMRMRKTEWXEXLPIXIW[MXLMRXLIW]WXIQXS GETMXEPMWISRXLIMVI\TIVMIRGI
%44)2(-<
8VMEXLPSR
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP QIQFIVW TEVXMGMTERXW 4EVX8MQI
6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW %YWXVEPMEMWGYVVIRXP]XLIXSTVEROIHREXMSR ,S[IZIV+VIEX&VMXEMRVITVIWIRXWEQENSV XLVIEX[MXLWMKRMJMGERXLMKLTIVJSVQERGIMRZIWXQIRXERHXEPIRXHIZIPSTQIRXTVSKVEQW *VERGIERH+IVQER]EVIEPWSFIGSQMRKWXVSRKIVMRXLIWTSVX 4VSZMWMSRSJLMKLIWXUYEPMX]GSEGLMRKXSIPMXIEXLPIXIWMRQENSVGIRXVIWERHEVSYRH%YWXVEPME MWOI]XSQEMRXEMRMRK%YWXVEPME¬WGSQTIXMXMZIRIWW 8LIMRGVIEWMRKTVIWWYVIXSXVEZIPXSMRXIVREXMSREPGSQTIXMXMSRQE]JMRERGMEPP]HMWEHZERXEKI %YWXVEPME¬WLMKLTIVJSVQERGITVSKVEQ
7XVEXIKMG-QTIVEXMZIW 'SEGLMRK 8LI2*VIUYMVIWQSVIUYEPMX]GSEGLIWXS[SVO[MXLLMKLTIVJSVQERGIEXLPIXIW %W TVSJIWWMSREPGSEGLIWEVIEFPIXSIEVRQSVIMRGSQIGSEGLMRKRSR3P]QTMGHMWGMTPMRIW VIXIRXMSRSJ3P]QTMGHMWGMTPMRIGSEGLIWMWEGLEPPIRKI ,MKL4IVJSVQERGI1EREKIQIRX -REVIGIRXP]EHSTXIHGLERKI EPPLMKLTIVJSVQERGIQEREKIQIRXWXEJJERHGSEGLIWEVIRS[ IQTPS]IHERHQEREKIHF]XLI%-78LIWYGGIWWERHIJJIGXMZIRIWWSJXLMWETTVSEGL[MPPFI QSRMXSVIHGPSWIP] (EMP]8VEMRMRK)RZMVSRQIRX 1SWXREXMSREPWUYEHEXLPIXIWEVIWYTTSVXIHF]XLI%-7SV7%77-7JSVHEMP]XVEMRMRK IRZMVSRQIRXVIUYMVIQIRXW 7771 7771MWTVSZMHIHXLVSYKLSYXXLI%-77%77-7RIX[SVO8LIWTSVXVIUYMVIWE7771GSSVHMREXSV XSFIXXIVQSRMXSVERHGSSVHMREXIWIVZMGIWXSREXMSREPWUYEHEXLPIXIW 6IWIEVGLERH(IZIPSTQIRX -XMWTSWWMFPIXLI7771GSSVHMREXSVGSYPHEPWSHVMZIVIWIEVGLERHHIZIPSTQIRXMRMXMEXMZIW [MXLMRXLIWTSVX -RXIVREXMSREP'SQTIXMXMSR 8LITVSTSWIHGLERKISJJSVQEXJSVMRXIVREXMSREPGSQTIXMXMSR ;SVPH'LEQTMSRWLMTWIVMIW ERH;SVPH'YTW [MPPLEZIEJMRERGMEPMQTEGXSRXLI2*HYIXSMRGVIEWIHXVEZIPGSWXW 8VEMRMRK'EQTW 8LIVIMWERIIHXSQEMRXEMRGIRXVEPMWIHHSQIWXMGXVEMRMRKGEQTSTXMSRWXLVIIXSJSYVXMQIWE ]IEVMR%YWXVEPME WYTTPIQIRXIHF]XLIYWISJSJJWLSVIXVEMRMRKFEWIWMR97%ERH)YVSTI 1SRMXSVMRKERH7IVZMGMRK%XLPIXIW %WREXMSREPWUYEHEXLPIXIWWTIRHYTXSJMZIQSRXLWTIV]IEVSZIVWIEW XLIQSRMXSVMRKERH WIVZMGMRKSJEXLPIXIWMWGVMXMGEP 8EPIRX(IZIPSTQIRX 8LI2*VIPMIWSR7%77-7TVSKVEQWXSGSRHYGXXEPIRXHIZIPSTQIRXTVSKVEQW
%44)2(-<
:SPPI]FEPP &IEGL 1IR ;SQIR ERH-RHSSV 1IR
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI§ ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI § 8SXEP 4EVX8MQI§ 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW &VE^MP 'LMRE 6YWWMEERH-XEP]EVIXLIFIRGLQEVOREXMSRWMRMRHSSVZSPPI]FEPP 97 &VE^MPERH 'LMREEVIXLIFIRGLQEVOREXMSRWMRFIEGLZSPPI]FEPP +IVQER]ERHXLI2IXLIVPERHWEVI IQIVKMRKREXMSRW &IEGLZSPPI]FEPPMWFIGSQMRKMRGVIEWMRKP]TVSJIWWMSREP [MXLWSQIGSYRXVMIWWTSRWSVMRK XLIMVREXMSREPXIEQWSRXLITVSJIWWMSREPGMVGYMX
7XVEXIKMG-QTIVEXMZIW %XLPIXI*YRHMRK§-RHSSV 8LIQENSVMX]SJREXMSREPXIEQTPE]IVWFEWIHMR%YWXVEPMEEVI%-7WGLSPEVWLMTLSPHIVW %XLPIXIW TPE]MRKMRTVSJIWWMSREPPIEKYIWGERIEVRWMKRMJMGERXMRGSQIMR)YVSTI ERHEPMQMXIHRYQFIV SJREXMSREPXIEQ QIR¬W TPE]IVWEVIMRXLMWGEXIKSV] %XLPIXI*YRHMRK§&IEGL %WXLIGSWXWSRXSYVEVIZIV]WMKRMJMGERXXLI2*TVSTSWIWJYPPJYRHMRKJSVREXMSREPEXLPIXIWXS GSQTIXISRXLI4VS8SYV ERHEWERMRGIRXMZIXSXVERWMXMSRJVSQMRHSSVXSFIEGL 'SEGLMRK8IGLRMGEP 6IGVYMXQIRXSJERMRXIVREXMSREPLMKLTIVJSVQERGIGSEGLMWHIWMVEFPI ,MKL4IVJSVQERGI1EREKIQIRX 8LI2*TVSTSWIWVIWXVYGXYVMRKXLIGYVVIRXQEREKIQIRXWXVYGXYVIJVSQEQIR¬W[SQIR¬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
%44)2(-<
;EXIV4SPS 1IR ;SQIR
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI§ ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL
1IHEPW § 4IVJSVQERGI1IHEP4SXIRXMEP § +SPH 7MPZIV &VSR^I § 3P]QTMG § §
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW ,YRKEV]MWXLIHSQMRERXREXMSRERHLEW[SRXLIPEWXXLVII3P]QTMGKSPHQIHEPWMRQIR¬W [EXIVTSPS 97%MWXLIFIRGLQEVOREXMSRMR[SQIR¬W[EXIVTSPS ;EXIVTSPSMWXLIREXMSREPWTSVXMRWSQI)EWX)YVSTIERGSYRXVMIW [MXLGLMPHVIRTPE]MRK JVSQEW]SYRKEW]IEVWSJEKI %YWXVEPMEMWEXEVIPEXMZIHMWEHZERXEKIEWWOMPPEGUYMWMXMSRSJNYRMSVWSGGYVWEXEPEXIVEKI 8LIPEGOSJEGGIWWXSTSSPWJSV[EXIVTSPSMWEPWSEQENSVMWWYI 0IZIPWSJVIQYRIVEXMSRERHXLIPS[RYQFIVSJGSEGLIW[SVOMRKMRXLIW]WXIQMWER MQTIHMQIRXXS%YWXVEPME¬WGSQTIXMXMZIRIWW
7XVEXIKMG-QTIVEXMZIW %XLPIXI*YRHMRK 8LIVIMWGYVVIRXP]QMRMQEPEXLPIXIJYRHMRKSJXLIQIR¬WTVSKVEQ -HIEPP]XLIREXMSREPWUYEH WLSYPHGSQTVMWITPE]IVW -HIEPP]XLIREXMSREP[SQIR¬WWUYEHWLSYPHGSQTVMWITPE]IVW8LI2*RIIHWXSMRGIRXMZMWI [SQIRTPE]IVWMRXLILMKLTIVJSVQERGITVSKVEQXSVIXEMRXLIQJSVEXPIEWXX[S3P]QTMG GEQTEMKRW 'SEGLMRK 8LI2*TVSTSWEPMWJSVXLIHSQIWXMGGSQTIXMXMSRXSLEZIJYPP]JYRHIHGSEGLIW MREHHMXMSRXS XLII\MWXMRKLMKLTIVJSVQERGIRIX[SVOSJGSEGLIW ,MKL4IVJSVQERGI1EREKIQIRX -HIEPP]ELMKLTIVJSVQERGIQEREKIVWLSYPHFIIRKEKIHJSVIEGLSJXLIQIR¬WERH[SQIR¬W TVSKVEQW 'YVVIRXP]XLIVIMWSRP]SRIVIWSYVGIGSZIVMRKFSXL (EMP]8VEMRMRK)RZMVSRQIRX 1IR %RMRGVIEWMRKRYQFIVSJTPE]IVWEVITPE]MRKVIKYPEVP]MR)YVSTIERTVSJIWWMSREPPIEKYIW 3XLIVTPE]IVWEVIWIVZMGIHMR7%77-728'TVSKVEQW8LI2*TVSTSWIWEQIR¬WGEQTFEWIH %-7TVSKVEQJSVREXMSREPWUYEHQIQFIVWRSXMRZSPZIHMRTVSJIWWMSREPPIEKYIW 8LI2*EPWSTVSTSWIWENYRMSV%-7VIWMHIRXMEPTVSKVEQ ;SQIR 8LIVIMWGYVVIRXP]EWYGGIWWJYPGEQTFEWIH%-7TVSKVEQVYRMRGSRNYRGXMSR[MXL7%77-7 TVSKVEQW 8LI2*TVSTSWIWIRLERGIQIRXSJXLIGYVVIRXTVSKVEQTPYWMRXVSHYGXMSRSJENYRMSV [SQIR%-7VIWMHIRXMEPTVSKVEQ 7771 -XMWTVSTSWIHXLII\MWXMRK7771GSSVHMREXSVTSWMXMSRFIIRLERGIHERHEJYPPXMQI TL]WMSPSKMWXTSWMXMSRFIMRXVSHYGIHJSV[SQIR8LI2*EPWSTVSTSWIWEJYPPXMQIWTSVX TL]WMSPSKMWXWXVIRKXLERHGSRHMXMSRMRKTSWMXMSRJSVQIR -RXIVREXMSREP'SQTIXMXMSR 1IRXLI2*TVSTSWIW WIRMSVXSYVWJSV[IIOWHYVEXMSRMR)YVSTI97% -RXIVREXMSREPGSQTIXMXMSRMR%YWXVEPMEJSPPS[MRKXLI8SQ,SEH'YT NYRMSVXSYVW 3P]QTMGUYEPMJ]MRKIZIRXW ;SQIR§XLI2*TVSTSWIW XSYVWJSV[IIOW 3P]QTMGUYEPMJ]MRKIZIRXW 'SQTIXMXMSRMR%YWXVEPME NYRMSVXSYVW -RXIVREXMSREP8VEMRMRK 8LI2*TVSTSWIWXLIYWISJE)YVSTIERFEWIJSVXVEMRMRKGEQTWVIGSZIV]JSVMRXIVREXMSREP GSQTIXMXMSRW %)YVSTIERFEWI[MPPEPWSFIGVMXMGEPXSEWWMWX[MXLQSRMXSVMRKERH7771 WIVZMGMRKSJREXMSREPWUYEHQIQFIVWTPE]MRKMRTVSJIWWMSREPPIEKYIW
%44)2(-<
;IMKLXPMJXMRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI § 8SXEP 4EVX8MQI§ 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 'LMRE[SRRMRIQIHEPWJVSQXIRPMJXIVWMR&IMNMRK8LIMVWYGGIWWLEWFIIRHVMZIRF]E GIRXVEPMWIHW]WXIQ[MXLEPEVKIZSPYQISJPMJXIVWERHEZIV]WXVSRKHSQIWXMGTVSKVEQ
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
%44)2(-<
;VIWXPMRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 6YWWMEMWXLIFIRGLQEVOREXMSRMRJVIIWX]PIERH+VIGS6SQER .ETERMWXLIFIRGLQEVOREXMSRMR[SQIR¬W[VIWXPMRK %YWXVEPMELEWEPS[TEVXMGMTEXMSRFEWIERHPS[TVSJMPIGSQTEVIHXS)YVSTI %WMEERH97% 8LIVIMWQMRMQEPGSEGLMRKI\TIVXMWIGYVVIRXP]EZEMPEFPIMR%YWXVEPME
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
%44)2(-<
7YQQIV3P]QTMG7TSVXW %HHMXMSREPWTSVXWJSV§EWI\EQTPIW
&EWIFEPP
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI GSEGLIW 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI 6IGIRX 8STXL XS XL XS 1IHEPW 4IVJSVQERGIW XL XL 4IVJSVQERGI1IHEP4SXIRXMEP § § § +SPH 7MPZIV &VSR^I § § 3P]QTMG (25 (25 (25 § § § § § § § §
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG (25
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 97 'YFE .ETER ERH/SVIEEVIXLIQSWXWYGGIWWJYPREXMSRW %YWXVEPMELEWVIQEMRIHGSQTIXMXMZI QSWXVIGIRXP]EGLMIZMRKEWMPZIVQIHEP ERHWM\XL TPEGIMRXLI;SVPH'YT
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
%44)2(-<
7SJXFEPP
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI§ ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 7PS[4MXGL1EWXIVW -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI 6IGIRX 8STXL XS XL XS 1IHEPW 4IVJSVQERGIW XL XL 4IVJSVQERGI1IHEP4SXIRXMEP § § +SPH 7MPZIV &VSR^I § § 3P]QTMG § § § § § § §
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 97% .ETERERH%YWXVEPMELEZIGSRWMWXIRXP]FIIRXLIPIEHMRKWSJXFEPPREXMSRW -R.ETERXLIVIMWERI\XIRWMZIWGLSSPTVSKVEQERHTVSJIWWMSREPGSQTIXMXMSRW -RXLI97% WSJXFEPPMWEXVEHMXMSREPWTSVXTPE]IHF]QMPPMSRTISTPI§MXMWEPWSMRGPYHIHMRXLI GSPPIKIYRMZIVWMX]W]WXIQ
7XVEXIKMG-QTIVEXMZIW -RXIVREXMSREPERHREXMSREPPIEKYIGSQTIXMXMSRMWXLIQEMRTVMSVMX][MXLXLI%-7GEQTW TVSKVEQ8LISXLIVQEMREVIESJWYTTSVXMWMRXLIHIGIRXVEPMWIHXVEMRMRKGIRXVIW GSEGLMRK ERHJEGMPMXMIW GSRHYGXIHF]XLI7XEXI7SJXFEPP3VKERMWEXMSRWERHXLI7%77-7RIX[SVO PMQMXIHWMRGIWSJXFEPP¬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§ QER]]SYRKIVTPE]IVWEVIQSZMRKXSTPE]MRXLI97GSPPIKIW]WXIQ ERHXLIVIEVIEPWS EXLPIXIWQSZMRKXSTVSJIWWMSREPPIEKYIWMR)YVSTI
%44)2(-<
7YQQIV3P]QTMG7TSVXW 4VSNIGXIHRSRUYEPMJ]MRKWTSVXW
,ERHFEPP 1IR ;SQIR
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI 6IGIRX 8STXL XS XL XS 1IHEPW 4IVJSVQERGIW XL XL 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG §5
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG (25
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW -R[SQIR¬WLERHFEPP XLI7GERHMREZMERGSYRXVMIW 2SV[E]ERH(IRQEVOMRTEVXMGYPEV ERH 6YWWMEEVI[SVPHPIEHIVW /SVIELEWFIIREGSRWMWXIRXTIVJSVQIVMR[SQIR¬WLERHFEPPWMRGI 7ISYP -RQIR¬WLERHFEPP *VERGI 6YWWME 7[IHIR 'VSEXME 7TEMRERH+IVQER]EVIPIEHMRKREXMSRW
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§'SQQIRGIFYMPHMRKEJYPPXMQIEHQMRMWXVEXMSRXSIREFPIMRXVSHYGXMSRSJQEREKIQIRX W]WXIQW§TIVWSRRIPMRMXMEPP]GSYPHFIXVEMRIIWLMTWSVMRXIVRWLMTW §-HIRXMJ]WYMXEFPIGIRXVIWMRIEGL7XEXIXLEXGSYPHFIGSQI'IRXVIWSJ)\GIPPIRGI [MXL EGGIWWXSWYMXEFPIJYPPWM^IGSYVXW §;MXL'IRXVIWSJ)\GIPPIRGIMRTPEGI HIZIPSTEXEPIRXMHIRXMJMGEXMSRTPER[MXLGSEGLIW EXIEGLGIRXVIXS[SVO[MXLERHHIZIPSTXLIWXERHEVHWERHWOMPPWSJXLIMHIRXMJMIH EXLPIXIW §7IIOXSSFXEMR7771WYTTSVXXSXVEMRXLIWIEXLPIXIWERHQSRMXSVXLIMVJMXRIWWERH XVEMRMRKSYXWMHISJGEQTW §'SRWMHIVHIZIPSTMRKMRXIVREXMSREPGSQTIXMXMSRSTXMSRWMRXLI%WMERVIKMSRERH2I[ 'EPIHSRME EPVIEH]MRTPEGI XSQMRMQMWIXVEZIPXS)YVSTI[LMPIHIZIPSTMRKXLIXIEQ
:SPPI]FEPP§-RHSSV ;SQIR
7IIWIGXMSR§:SPPI]FEPP§&IEGL 1IR ;SQIR ERH-RHSSV 1IR JSVSXLIVFEGOKVSYRHMRJSVQEXMSRERH JMRERGMEPQSHIP
7UYEH (%7IPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG (25
%44)2(-<
;MRXIV3P]QTMG7TSVXW UYEPMJMIVW
&MEXLPSR
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG §§
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW 8SVMRS 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW +IVQER] 6YWWMEERH2SV[E]EVIXLIFIRGLQEVOGSYRXVMIW %XLPIXIWXVEMRJYPPXMQIERHEVI WYTTSVXIHF]XLI[SVPH¬WFIWXGSEGLIW %YWXVEPMEHSIWRSXLEZIEHIHMGEXIHJYPPXMQIGSEGL[SVOMRK[MXLREXMSREPXIEQEXLPIXIW
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
%44)2(-<
&SFWPIMKL
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP QEPIW 4EVX8MQI 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG §§
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW 8SVMRS 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 'YPXYVEPP]FSFWPIMKLMWZIV]WXVSRKMRGIRXVEP)YVSTI (YIXSXLIPSRKLMWXSV]SJXLIWTSVXMR XLIWIGSYRXVMIWXLITVSKVEQWEVI[IPPWYTTSVXIHF]KSZIVRQIRXERHSYXWMHIEKIRGMIW TVSZMHMRKXLISTTSVXYRMX]XSHIZIPSTWXVSRKTVSKVEQW %GGIWWXSXVEGOWMWGVMXMGEPJSVEGLMIZMRKWYGGIWW§XLIVIEVIJSYVMR2SVXL%QIVMGEERH MR)YVSTI
7XVEXIKMG-QTIVEXMZIW 8LI2*QSHIPTVSTSWIWJYRHMRKJSVEX[SQERXIEQPMZMRKEFVSEHJVSQ3GXSFIVXS *IFVYEV]1EVGL TPYWTVSZMWMSRJSVEWPIH PMZMRKERHXVEZIPI\TIRWIW -RSVHIVXSQE\MQMWIXLIGLERGIWSJUYEPMJMGEXMSRYRHIVXLIVIGIRXP]GLERKIHW]WXIQ E PSRKIVXIVQJYRHMRKTPERMWVIUYMVIHXSEPPS[XLI%WWSGMEXMSRXSFYMPHMXWXEPIRXTSSPERHXS GSRXMRYIXSGSQTIXIMRXLIWTSVXSREVIKYPEVFEWMW 8LITVSTSWIHTPERMRZSPZIWE;SVPH'YTWUYEHGSRWMWXMRKSJXLVIIEXLPIXIWERHER %QIVMGE¬W'YT)YVSTE'YTWUYEHSJEXLPIXIW GYVVIRXP]YRHIVHIZIPSTQIRX %HHMXMSREPJYRHMRK[MPPFIVIUYMVIHXSEPPS[EXLPIXIWXSGSRGIRXVEXISRXLIWTSVXSZIVXLI JSYVXSJMZIQSRXLGSQTIXMXMSRTIVMSH VEXLIVXLERGSQTIXMRKMRWIPIGXVEGIWHYVMRK LSPMHE]TIVMSHWJVSQXLIMVGYVVIRXIQTPS]QIRX
%44)2(-<
7OIPIXSR
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP JIQEPIW 4EVX8MQI
1IHEPW 6IGIRX 8STXL XS XL XS 4IVJSVQERGI1IHEP4SXIRXMEP 4IVJSVQERGIW XL XL +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW 8SVMRS 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 'EREHE +VIEX&VMXEMR 97%ERH+IVQER]EVIGSQTIXMXMZIMRFSXLQIRERH[SQIR¬W HMWGMTPMRIW %YWXVEPMEMWGSQTIXMXMZIMR[SQIR¬WWOIPIXSR +VIEX&VMXEMRVITSVXWMRHMGEXIJYRHMRKJSVFSFWPIMKLWOIPIXSRMRXLIG]GPI[EW +&4 QMPPMSR ERHJSVXLIG]GPIMW+&4QMPPMSR 6YWWMEETTIEVWXSFIHIZIPSTMRKWOIPIXSREXLPIXIWERHTVSKVEQWXSEQYGLLMKLIVPIZIP TSWWMFP]EWEVIWYPXSJFIMRKE[EVHIHXLI3P]QTMG+EQIWMR7SGLM ERHXLIVIEVIQSVI VIWSYVGIWETTPMIH EW[IPPEWREXMSREPTVMHIEXWXEOI
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¬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
-RRSZEXMSR -HIEPP] XLIHIZIPSTQIRXSJEXVEGOWMQYPEXSVMWVIUYMVIHXSSZIVGSQIXLIPEGOSJRIGIWWEV] MRJVEWXVYGXYVIMR%YWXVEPME %PXIVREXMZIP] EGGIWWXSXLIXVEGOW[LIVIOI]GSQTIXMXMSRWEVILIPH MWTVSTSWIH
%44)2(-<
-GI6EGMRK§7LSVX8VEGO
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW 8SVMRS 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW /SVIEXEVKIXWGLMPHVIREX ]IEVWSJEKI EWHSIW'LMRE ERHLEWFIIRXSTJMZISRXLIQIHEP XEFPI /SVIEMWTEVXMGYPEVP]HSQMRERXMRWLSVXXVEGOWOEXMRK 7TIIHWOEXMRKMWXLIRYQFIVSRI[MRXIVWTSVXGYPXYVEPP]ERHXSTXLVIIWYQQIVSV[MRXIV WTSVXMR/SVIE 'EREHELEWEHITXLSJEXLPIXIWFIGEYWISJMGIEZEMPEFMPMX] XLIEFYRHERGISJMGILSGOI] VMROWLEWIRGSYVEKIHQER]EXLPIXIWXSTYVWYIWLSVXXVEGOWOEXMRKSTXMSRW
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§XEPIRXXVERWJIV XEPIRXHIZIPSTQIRXERHIPMXIEXLPIXIW §LSYVWSJJTIEOMGIXMQI LSYVWTIVHE]SRMGIHYVMRKTVIWIEWSR MRWTPMXWIWWMSRW +]QWIWWMSRXMQI §LSYVWTIVHE]XVEMRMRK 4VIWIEWSRGEQTMR5YIIRWPERHJSVG]GPMRKHIZIPSTQIRX 3RIHE]SJJTIV[IIO &VMIJFYXJVIUYIRXMRXIVREXMSREPXVEZIPXSGSQTIXMXMSRXLVSYKLSYXXLIWIEWSR 7TSVXW7GMIRGIERH7TSVXW1IHMGMRI 8LI2*WIIOWXSFYMPHTIVJSVQERGIEREP]WMWHIWMKRJIEXYVIWMRXSXLI-GI,SYWI'IRXVIMR 1IPFSYVRI WMQMPEVXSXLITSSPMR'ERFIVVE XSIREFPIEVERKISJTIVJSVQERGIEWWIWWQIRXW MRGPYHMRKFMSQIGLERMGW )\IVGMWIWGMIRGIMRTYXMRXSTVSKVEQHIWMKRMWVIUYMVIH 7XVIRKXLERHGSRHMXMSRMRKWYTTSVXMWVIUYMVIHHYVMRKSZIVWIEWXSYVW
%44)2(-<
-GI7OEXMRK
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW 8SVMRS 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 6YWWME[EWXLIPIEHMRKQIHEP[MRRMRKREXMSRMR 6YWWMEERH97%EVIVIGSKRMWIHEWSZIVEPPPIEHMRKREXMSRW .ETERMWXLIPIEHMRK[SQIR¬W REXMSRERH'LMREXLIPIEHMRKTEMVWREXMSR
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¬WERH[SQIR¬WWMRKPIWXSEXXIRHX[SIZIRXWMR)YVSTIERHX[SIZIRXWMR97%'EREHE MRXIVWTIVWIH[MXLMRXIVREXMSREPXVEMRMRK QSRXLW 4EMVWERHHERGIXSEXXIRHX[SIZIRXWMR)YVSTIERHX[SIZIRXWMR97%'EREHE [LMPI VIQEMRMRKPSGEXIHMRXLIRSVXLIVRLIQMWTLIVIEPPWIEWSR 'SEGLMRK 8LIJSPPS[MRKGSEGLMRKJVEQI[SVOMWTVSTSWIHF]XLI2* -RXIVREXMSREPGSEGLIWEVIRIIHIHXSXVEMRERH[SVO[MXL%YWXVEPMERGSEGLIW [LSMRXYVR XVEMRMRHMZMHYEPWOEXIVW 8LIGSEGLIWHSRSXRIIHXSVIWMHIMR%YWXVEPME FYXXLI]RIIHXSFI JSVQEPP]TEVXSJXLIGSEGLHIZIPSTQIRXW]WXIQ -RXLIWLSVXXIVQXLIVIMWERIIHXSFVMRKMRERMRXIVREXMSREPGSEGLXSHIZIPSTXLITEMVW XIEQW (VEQEERHGLSVISKVETL]GSEGLIW WOEXMRKWTIGMJMGGSEGLIW EVIVIUYMVIHXSHIZIPSTE TVSKVEQJSVXLIWOEXIVW 7TSVXW7GMIRGIERH1IHMGMRI %GGIWWXSXLI7%77-7RIX[SVOMWWSYKLX IWTIGMEPP]TL]WMSXLIVET] WTSVXWTW]GLSPSK]ERH FMSQIGLERMGEPEREP]WMW
%44)2(-<
0YKI
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW 8SVMRS 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 0YKIMWEGYPXYVEPP]WMKRMJMGERXWTSVXMRQER])YVSTIERGSYRXVMIW +IVQER]MWXLI FIRGLQEVOGSYRXV]MRFSXLQIR¬WERH[SQIR¬WPYKI -XEP]ERH%YWXVMEEVIEPWSGSQTIXMXMZI 'SRZIVWIP] %YWXVEPMELEWEPS[TEVXMGMTEXMSRFEWI RSWXVSRKGYPXYVIMRXLIWTSVXERHEPEGO SJXVEMRMRKERHGSQTIXMXMSRJEGMPMXMIW
7XVEXIKMG-QTIVEXMZIW %XLPIXI*YRHMRK 8LIVIMWGYVVIRXP]SRP]SRI%YWXVEPMEREXLPIXIGSQTIXMRKEXMRXIVREXMSREPPIZIP %REXLPIXIJYRHMRKTVSKVEQQE]EWWMWXMREXXVEGXMRKSXLIVEXLPIXIW 'SEGLMRK 8LIGYVVIRXEXLPIXIMWXVEMRMRKEWTEVXSJXLI'EREHMERXIEQERHEGGIWWIWGSEGLMRKERHSXLIV WYTTSVXZMEXLI'EREHMERTVSKVEQJYRHIHF]XLIMRXIVREXMSREPFSH]YTXS 8LI2*WIIOWJYRHMRKXSIREFPIEGSRXMRYEXMSRSJEWMQMPEVTVSKVEQ -RJVEWXVYGXYVI 8LIVIEVIRSXVEMRMRKSVGSQTIXMXMSRJEGMPMXMIWMR%YWXVEPME8LI2*TVSTSWIWXLIIWXEFPMWLQIRX SJE©WXEVXªJEGMPMX][LMGLGSYPHEPWSFIYXMPMWIHF]WOIPIXSRERHFSFWPIMKLEXLPIXIW8LI%-7LEW EPWSTVSTSWIHETYWLWXEVXLMPPFIHIZIPSTIHJSVXLIWOIPIXSRTVSKVEQ [LMGLGSYPHFIYWIH JSVPYKIERHFSFWPIMKL
%44)2(-<
7OMERH7RS[FSEVH
'YVVIRX 8SXEP *YPP8MQI 7XEJJMRK 0IZIPW 4EVX8MQI ,MKL *YPP8MQI 6IGIRX 8STXL XS XL XS 4IVJSVQERGIW XL XL 4IVJSVQERGI 4EVX8MQI -RWX%GEH,4' *YPP8MQI 3;- 4EVX8MQI 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG 6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW 8SVMRS 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 8LIXVEHMXMSREPWOMHMWGMTPMRIWEVIHSQMREXIHF])YVSTIERREXMSRW[MXLXLIIRZMVSRQIRXERH GYPXYVEPLIVMXEKISJXLIWTSVX8LIVIGIRXMRRSZEXMZIIZIRXWMRGPYHMRKEIVMEPWOMMRK QSKYPW ERHWRS[FSEVHLEZITVSZMHIHSTTSVXYRMXMIWJSVREXMSRWWYGLEW%YWXVEPME ERH%YWXVEPME¬W XEVKIXIHTVSKVEQLEWFIIRZIV]WYGGIWWJYPMRXLIWIHMWGMTPMRIW
7XVEXIKMG-QTIVEXMZIW %XLPIXI*YRHMRK 8LIFMKKIWXEVIESJPSWWSJEXLPIXIWMWXLIHIZIPSTQIRXPIZIPEKIKVSYT XLISPHIVXIIREKI ]IEVW ERHXLMWEKIKVSYTMWTVSTSWIHJSVXEVKIXMRK[MXLHMVIGXEXLPIXIJYRHMRKMRSVHIVXS VIXEMRXLSWIEXLPIXIW 2SQSVIXLERXLIXSTEXLPIXIWMRXLI[SVPHGERQEOIEPMZMRKGSQTIXMRKMRXIVREXMSREPP] MR%PTMRIWOMMRKGSQTIXMXMSR <+EQIWEXLPIXIWGERQEOIEPMZMRKEXXLILMKLIWXPIZIPWMRXLI 97W]WXIQ 'SEGLMRK 8LIWTSVXVIUYMVIW§EHHMXMSREPLMKLPIZIPXIGLRMGEPGSEGLIWEGVSWWXLIHMWGMTPMRIWERH EHHMXMSREPGSEGLIWMRXLIEIVMEPERHQSKYPTVSKVEQW8LIVIMWEPWSEVIUYMVIQIRXJSVE XIGLRMGEPHMVIGXSVSJEPTMRIERHEHIZIPSTQIRXGSEGL ,MKL4IVJSVQERGI1EREKIQIRX 8LILMKLTIVJSVQERGIQEREKIQIRXXIEQRIIHWXLIEHHMXMSREPWYTTSVXSJETVSKVEQ EHQMRMWXVEXSVXSEWWMWXXLIRI\XXMIVMRHIZIPSTQIRX
%44)2(-<
;MRXIV3P]QTMG7TSVXW 4VSNIGXIHRSRUYEPMJ]MRKWTSVXW
'YVPMRK 1IR ;SQIR
'YVVIRX 8SXEP *YPP8MQI 6IGIRX 8STXL XS XL XS 7XEJJMRK 4IVJSVQERGIW XL XL 0IZIPW 4EVX8MQI ,MKL *YPP8MQI 4IVJSVQERGI 4EVX8MQI -RWX%GEH,4' *YPP8MQI 4EVX8MQI
6IGIRXTIVJSVQERGIWEVIEWTIVXLI%3'FIRGLQEVOIZIRXWYWIH 1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP XSHIXIVQMRI1IHEP-RGIRXMZI*YRHMRKTE]QIRXW +SPH 7MPZIV &VSR^I 3P]QTMG §5
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW 8SVMRS 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG (25
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 'EREHEMWXLIFIRGLQEVOREXMSRMRXLIWTSVX 'LMREMWQEOMRKVETMHTVSKVIWW TEVXMGYPEVP]MR [SQIR¬WGYVPMRK %YWXVEPMELEWPS[TEVXMGMTEXMSRRYQFIVWERHRSWXVSRKGYPXYVIMRXLIWTSVXGSQTEVIHXS 'EREHEERHSXLIV2SVXL%QIVMGERERH)YVSTIERGSYRXVMIW
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
%44)2(-<
-GI,SGOI] 1IR ;SQIR
'YVVIRX 6IKMWXIVIH 8SXEP *YPP8MQI 7IRMSV 7XEJJMRK 4EVXMGMTERXW 0IZIPW 4EVX8MQI )PMXI ,MKL *YPP8MQI .YRMSV 4IVJSVQERGI 4EVX8MQI 3XLIV -RWX%GEH,4' *YPP8MQI 8SXEP 4EVX8MQI
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 3P]QTMG §§
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW 8SVMRS 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 3P]QTMG (25
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 'EREHE 97% *MRPERHERH6YWWMEEVIXLIFIRGLQEVOGSYRXVMIW %YWXVEPMELEWEPS[TEVXMGMTEXMSRFEWIERHHMJJMGYPX]MREGGIWWMRKJEGMPMXMIW 8LIVIMWXLISTTSVXYRMX]XSFYMPHVIPEXMSRWLMTW[MXL%WMERPIEKYIW
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
%44)2(-<
4EVEP]QTMG7TSVXW7YQQIV %VGLIV]
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 4EVEP]QTMG §§ §BB
B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXWTVSKVEQMWVIZMWIHFIX[IIR +EQIW MQTEGXMRKXLIRYQFIVSJQIHEPWEZEMPEFPI
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 4EVEP]QTMG §§§§§
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW 2SEXLPIXIWUYEPMJMIHJSV&IMNMRK /SVIE 'LMREERH.ETEREVIXLIPIEHMRKREXMSRWMR4EVEP]QTMG%VGLIV] 4EVXMGYPEVP]JSV /SVIE XLMWMWQEMRP]HYIXS%VGLIV]FIMRKELMKLTVSJMPIWTSVXMRXLIMVGSYRXV] 7YGGIWWMR 4EVEP]QTMG%VGLIV]VIUYMVIW%YWXVEPMEREXLPIXIWXSWLSSXWGSVIGSQTEVEFPI[MXL3P]QTMG GSQTIXMXMSR
7XVEXIKMG-QTIVEXMZIW 'SEGL2IX[SVO §7YTTSVXMRKERIX[SVOSJGSEGLIW[SVOMRK[MXLEXLPIXIWMREHEMP] XVEMRMRKIRZMVSRQIRX8LMWGSEGLMRKRIX[SVO[MPPVIUYMVIEWMRKPITSMRXSJGSSVHMREXMSRXS TVSZMHIJSVGSEGLXVEMRMRK HIZIPSTQIRXERHRIX[SVOMRKSTTSVXYRMXMIW %XLPIXIEWWMWXERGI §4VSZMHIWGLSPEVWLMTSTTSVXYRMXMIWXSXLI,4WUYEHEXLPIXIW XS WYFWMHMWIMRGSQIERHWYTTSVXXLIMVHEMP]XVEMRMRKEGXMZMXMIW -RXIVREXMSREPGSQTIXMXMSR §7YTTSVXX[SMRXIVREXMSREPIZIRXWTIV]IEVJSVIPMXIWUYEH QIQFIVW 8EPIRX(IZIPSTQIRXERH-HIRXMJMGEXMSR § 9XMPMWMRKXLI%4'8EPIRX7IEVGLTVSKVEQERH XLII\MWXMRK%VGLIV]%YWXVEPMEGSQTIXMXMSRERHXVEMRMRKGIRXVIRIX[SVOXSMHIRXMJ]RI[ XEPIRX8LSWIEPVIEH]GSQTIXMRK[MXLMRXLIW]WXIQ EWTEVXSJEFPIFSH]TVSKVEQW EVIMHIEP GERHMHEXIW %FEWISJETTVS\MQEXIP]HIZIPSTMRKEXLPIXIWMWVIUYMVIH %WXVSRKIVPMRO[MXL %VGLIV]%YWXVEPMEERHXLI%-73P]QTMGTVSKVEQGSYPHFITSXIRXMEPEZIRYIWJSVKVS[XLMR 4EVEP]QTMG%VGLIV] 7771 §-RXVSHYGXMSRSJ7771WIVZMGMRKXSXLITVSKVEQ XLVSYKL7-77%7RIX[SVOSV[MXL PSGEPWIVZMGITVSZMHIVW 'IRXVEPGSSVHMREXMSRERHQEREKIQIRX §8LITVSKVEQVIUYMVIWREXMSREPGSSVHMREXMSRSJ XLIGSEGLMRKERHEXLPIXIRIX[SVO 8LMW[MPPGSRXMRYIXSFIQEREKIHF]XLI%4'
%44)2(-<
%XLPIXMGW§WIIWIGXMSR
&EWOIXFEPP§WIIWIGXMSR
&SGGME
1IHEPW 4IVJSVQERGI1IHEP4SXIRXMEP +SPH 7MPZIV &VSR^I 4EVEP]QTMG §§ §BB
B8LIVIEVIRSWTSVXWTIGMJMGQIHEPXEVKIXWJSVXLI7YQQIVERH;MRXIV4EVEP]QTMG+EQIWFIGEYWIXLIIZIRXWERHWTSVXWTVSKVEQMWVIZMWIHFIX[IIR +EQIW MQTEGXMRKXLIRYQFIVSJQIHEPWEZEMPEFPI
7UYEH (MVIGX%XLPIXI*YRHMRKIPMKMFMPMX] RYQFIVW &IMNMRK 7GLSPEVWLMT (IZIPSTQIRX .YRMSV WUYEHWM^I 8MIV 8MIV 8MIV WUYEH WUYEH WUYEH 4EVEP]QTMG §§ §
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHF]2* 'SEGLMRK%RH8IGLRMGEP7XEJJ ,MKL4IVJSVQERGI1EREKIQIRX (SQIWXMG'SQTIXMXMSR -RXIVREXMSREP'SQTIXMXMSR 2EXMSREP8VEMRMRK -RXIVREXMSREP8VEMRMRK 'SQTIXMXSV%REP]WMW 1SRMXSVMRK%RH7IVZMGMRK%XLPIXIW 4VSJIWWMSREP%XLPIXI1EREKIQIRX 3XLIV
%44)2(-<
&YHKIX'EXIKSV] «W &YHKIX'EXIKSVMIWHIXIVQMRIHGIRXVEPP] (MVIGX%XLPIXI*YRHMRK (EMP]8VEMRMRK %RH-RWXMXYXI4VSKVEQW 8EPIRX-HIRXMJMGEXMSR %RH(IZIPSTQIRX 8SXEP3TIVEXMRK&YHKIX
'SQTIXMXMZIRIWW (MHRSXUYEPMJ]JSV +EQIW
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%GGSQQSHEXMSR RMKLXP]X[MRWLEVIVEXIXE\IW
(SQIWXMGEGGSQQSHEXMSR WXEVHSQIWXMGEGGSQQSHEXMSR RMKLXP]VEXIXE\IW RMKLXP]VEXIXE\IW WXEVHSQIWXMGEGGSQQSHEXMSR RMKLXP]VEXIXE\IW
-RXIVREXMSREPEGGSQQSHEXMSR WXEV3GIERMEEGGSQQSHEXMSR RMKLXP]VEXIXE\IW RMKLXP]VEXIXE\IW WXEV%JVMGEEGGSQQSHEXMSR RMKLXP]VEXIXE\IW
WXEV%WMEEGGSQQSHEXMSR RMKLXP]VEXIXE\IW
WXEV)YVSTIEGGSQQSHEXMSR RMKLXP]VEXIXE\IW
WXEV2SVXL%QIVMGEEGGSQQSHEXMSR RMKLXP]VEXIXE\IW
WXEV7SYXL%QIVMGEEGGSQQSHEXMSR RMKLXP]VEXIXE\IW
+VSYRHXVERWTSVXEXMSR 'EXIKSV]HSQIWXMGKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW HEMP]VEXIXE\IW 'EXIKSV]HSQIWXMGKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV]HSQIWXMGKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV]3GIERMEKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV]3GIERMEKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV]%JVMGEKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV]%JVMGEKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV]%WMEKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
%44)2(-<
'SWX-XIQ (IWGVMTXMSR &EWIYRMX GSWX %
'EXIKSV]%WMEKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV])YVSTIKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV])YVSTIKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV]2SVXL%QIVMGEKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV]2SVXL%QIVMGEKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV]7SYXL%QIVMGEKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
'EXIKSV]7SYXL%QIVMGEKVSYRHXVERWTSVXEXMSR HEMP]VEXIXE\IW
4LSRIMRXIVRIX TIVHE] (SQIWXMGTLSRIMRXIVRIX TIVHE]
-RXIVREXMSREPTLSRIMRXIVRIX TIVHE]
4IVHMIQ (SQIWXMGTIVHMIQ
-RXIVREXMSREPTIVHMIQ EWWYQIWWSQIQIEPW[MPP MRGPYHIH[MXLMRXLIEGGSQQSHEXMSRGSWXW WSPIWWRIIH JSVSYXSJTSGOIXI\TIRWIW
*SVIMKRI\GLERKI 97( 97HSPPEV 97(!%9(
+&4 &VMXMWLTSYRH +4&!%9(
)96 )YVS )96!%9(
.4= .ETERIWI]IR .4=!%9(
'%( 'EREHMERHSPPEV '%(!%9(
9%, 9OVEMRILV]ZRE 9%,!%9(
-RJPEXMSR %RRYEPMRJPEXMSRVEXIETTPMIH
%44)2(-<
%TTIRHM\§8LI3P]QTMGERH4EVEP]QTMGWYTTSVX ERHTVSKVEQWSJSXLIVREXMSRW
'SYRXV]§'LMRE4STYPEXMSR 1IHEPW 1IHEPVEROXVIRH XSXEPQIHEPW 6EROMRK XSXEPQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 6EROMRK KSPHQIHEPW 1IHEPVEROXVIRH KSPHQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 1IHEPW;SR 7YQQIV3P]QTMG+EQIW +SPH 7MPZIV &VSR^I 8SXEP
+SZIVRQIRX*YRHMRK ;LMPIXLIJMKYVIWEVIRSXTYFPMWLIH MXMWYRHIVWXSSHXLI'LMRIWI +SZIVRQIRXTVSZMHIWEHMVIGXKVERXXS3P]QTMG7TSVXWERHEXLPIXIW 8LIVI EVIRYQIVSYWVITSVXWSJJYRHMRKIWXMQEXIWFYXXLIWIEVIRSXWYJJMGMIRXP] VIPMEFPIXSGSRJMVQXLIEQSYRXSJ+SZIVRQIRXJYRHMRK
7SYVGISJJYRHMRK 7SYVGIWSJJYRHMRKMRGPYHI (MVIGX+SZIVRQIRXMRZIWXQIRX 4VSGIIHWJVSQ0SXXIV]8MGOIX7EPIW
%VITSVXMR.YP] F]XLISJJMGMEP=SYXL(EMP]RI[WTETIVIWXMQEXIHXLI +SZIVRQIRXWTIRX97 % QMPPMSRSRTVITEVMRK'LMRE WEXLPIXIWJSV XLI&IMNMRK+EQIW 7SYVGI [[[YWEXSHE]GSQWTSVXWSP]QTMGW C\LXQ
-RXLIWEQIEVXMGPI 0MY4IRK (MVIGXSVSJ+IRIVEP%HQMRMWXVEXMSRSJ7TSVX [EW UYSXIHEWHMWQMWWMRKWTIGYPEXMSRSZIVI\GIWWMZIWXEXIWTIRHMRKSRWTSVXW WE]MRKLISZIVWE[EFYHKIXSJNYWXSZIV97 % QMPPMSRMRXS WYTTSVXWTSVXWTVSKVEQWERHTE]GSWXWJSVXLIEHQMRMWXVEXMSR W IQTPS]IIW 1SVIVIGIRXFYHKIXJMKYVIW[IVIRSXKMZIR
%44)2(-<
1IHEPTVSKVEQW 'LMRIWIKSPHQIHEP[MRRIVWEVIVITSVXIHXSIEVRERIWXMQEXIHEQSYRXSJ YTXS97 % 8LMWMWQEHIYTSJEXPIEWX97 % JVSQXLI'IRXVEP+SZIVRQIRX WYFWXERXMEPEQSYRXWJVSQ TVSZMRGMEPERHPSGEPKSZIVRQIRXWERHGSRXVMFYXMSRWJVSQGSVTSVEXMSRWERH JSYRHEXMSRW 7SYVGI LXXT EVXMGPIWPEXMQIWGSQ EYK[SVPHJKTE]SJJ
*SVXLI&IMNMRK3P]QTMG+EQIW E&IMNMRKFEWIHFIIVGSQTER]SJJIVIH %JSVIEGLKSPHQIHEPPMWXMRXLI[EXIVWTSVXWIZIRXW %JSV IEGLWMPZIVERH%JSVIEGLFVSR^I 7MQMPEVP] ETVSQMRIRX)HYGEXMSR *SYRHEXMSRSJJIVIHEOMPSKVEQSJKSPH TSYRHW [SVXLEFSYX% ERH%MRGEWL
(IZIPSTQIRX %VIGIRXEVXMGPIMR8MQI1EKE^MRIUYSXIHXLIERRYEPFYHKIXSJXLI7TSVXW 1MRMWXV]EX97 % QMPPMSR 7YFQMWWMSRXSXLI'SQQSR[IEPXL +SZIVRQIRX W-RHITIRHIRX6IZMI[SJ7TSVXMR%YWXVEPME 7SYVGI [[[XMQIGSQXMQIQEKE^MRIEVXMGPI LXQP
'LMRE¬WVIGIRXWXVEXIK]LEWFIIRXSXEVKIXWTSVXWWYGLEW[SQIR¬W [IMKLXPMJXMRK EVGLIV]ERHWLSSXMRK [LIVIXLIKPSFEPXEPIRXTSSPMWPIWWHIIT
*IEXYVIWSJ7TSVXW-RWXMXYXIW 'LMRE¬WWTSVXWW]WXIQMWEHETXIHJVSQXLEXSJXLIJSVQIV7SZMIX9RMSR -X ,MKLTIVJSVQERGIGIRXVIW VIPMIWSRERI\XIRWMZIRIX[SVOSJWGSYXWERHGSEGLIW[LSMHIRXMJ]XLIFIWX WTSVXMRKXEPIRXJVSQXLIGSYRXV] W]SYRKWXIVWWXYH]MRKMRTVMQEV]WGLSSPW
4SXIRXMEPJYXYVIGLEQTMSRWEVIKMZIRHIXEMPIHTL]WMGEPI\EQWXSXIWXXLIMV TL]WMGEPETXMXYHIJSVGIVXEMRWTSVXW 8LSWIGLSWIREVIXLIRHMVIGXIHMRXSE T]VEQMHPMOIWTSVXWXVEMRMRKWXVYGXYVI %XXLIXSTSJXLIT]VEQMHEVIWSQI IPMXIWTSVXWXVEMRMRKWGLSSPWREXMSR[MHI[LIVI]SYRKWXIVWEKIH YRHIVKSMRXIRWMZIHEMP]XVEMRMRK
&IPS[XLMWXMIVSJXSTWGLSSPWEVIETTVS\MQEXIP]PIZIPWTIGMEPMWX WTSVXWWGLSSPW[MXLEFSYXGLMPHVIRMRXVEMRMRK
%XXLIFEWI QER]SJXLIQMPPMSR]SYXLEXVIKYPEVWGLSSPWEPWS LETTIRXSWTIGMEPMWIMRSRISVERSXLIVWTSVXMRKGEXIKSV] 7SYVGI [[[EXMQIWGSQEXMQIW'LMRE.,%HLXQP
(MVIGX%XLPIXI*YRHMRK -XMWYRHIVWXSSH'LMRETVSZMHIWWYTTSVXXSQSVIXLERJYPPXMQIIPMXI EXLPIXIWEKIH ]IEVW 7SYVGI 7YFQMWWMSRXSXLI'SQQSR[IEPXL+SZIVRQIRX W-RHITIRHIRX 6IZMI[SJ7TSVXMR%YWXVEPME
-RJSVQEXMSRWSYVGIW ;IFWMXIWERHSXLIVTYFPMGWSYVGIWEWEX1EVGL RSXMRKXLEXQER]EVXMGPIWQEOIVIJIVIRGIXSPEGOSJEZEMPEFMPMX]SJ MRJSVQEXMSRSRWTSVXJYRHMRKF]XLI'LMRIWI+SZIVRQIRX
%44)2(-<
'SYRXV]§97%4STYPEXMSR 1IHEPW 1IHEPVEROXVIRH XSXEPQIHEPW 6EROMRK XSXEPQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 6EROMRK KSPHQIHEPW 1IHEPVEROXVIRH KSPHQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 1IHEPW;SR 7YQQIV3P]QTMG+EQIW +SPH 7MPZIV &VSR^I 8SXEP
+SZIVRQIRX*YRHMRK 8LI973'HSIWRSXVIGIMZIGSRXMRYSYW*IHIVEP+SZIVRQIRXWYFWMH] ERH VIPMIWSRGSVTSVEXIERHMRHMZMHYEPGSRXVMFYXMSRWERHSRXLITVSGIIHWSJMXW HMVIGXQEVOIXMRKTVSKVEQ
7SYVGISJJYRHMRK 8LIQENSVWSYVGIWSJJYRHMRKEVI 973P]QTMG*SYRHEXMSR 8:VMKLXWJIIW +PSFEPQEVOIXMRKVIZIRYIWJVSQXLI-3'
3VMKMREPP]JYRHIH[MXLWYVTPYWJYRHWJVSQXLI 0SW%RKIPIW3P]QTMG +EQIW XLI*SYRHEXMSRHMWXVMFYXIWLEPJMXWEWWIXWXS973'QIQFIV SVKERMWEXMSRW [LMPIMRZIWXMRKXLIFEPERGIXSIRWYVIMXWEFMPMX]XSEWWMWXJYXYVI EXLPIXIW
8LI973'TVSZMHIWJYRHWXSXLIQIQFIVREXMSREPKSZIVRMRKFSHMIW 2+&W XSWYTTSVXZEVMSYWXVEMRMRKERHEXLPIXIHIZIPSTQIRXTVSKVEQW 1SWXSJ XLIWI2+&WEPWSVEMWIJYRHWXSXVEMREXLPIXIW IHYGEXIGSEGLIW IRLERGI XVEMRMRKJEGMPMXMIW GSZIVXVEZIPI\TIRWIWERHHIJVE]XLIMVS[RSTIVEXMRKGSWXW
)EGL972+&JYRHWMXWSTIVEXMSRWXLVSYKLZEVMSYWWSYVGIW WYGLEW QIQFIVWLMTHYIW WERGXMSRMRKJIIWJSVGSQTIXMXMSRW WEPIWSJWTSVXW[IEV EGGIWWSVMIW IUYMTQIRX ERHTVSQSXMSREPMXIQWERHGLEVMXEFPIHSREXMSRW
%WTEVXSJEPSRKWXERHMRKHIEP[MXLXLI-RXIVREXMSREP3P]QTMG'SQQMXXII XLI973'VIGIMZIWEFSYX SJ978:VMKLXWJIIWERH SJKPSFEP QEVOIXMRKVIZIRYIW§EPQSWX97 % QMPPMSRMRXLIJSYV]IEVTIVMSH IRHMRKMR 7SYVGI [[[YWEXSHE]GSQWTSVXWSP]QTMGW C\LXQ
*IEXYVIWSJ7TSVXW-RWXMXYXIW 8LI3P]QTMG8VEMRMRK'IRXIVW(MZMWMSRSJXLI973'MWVIWTSRWMFPIJSV ,MKLTIVJSVQERGIGIRXVIW QEREKMRKXLIJSYV973P]QTMG8VEMRMRK'IRXIVW [LMGLEVIPSGEXIHMR 'SPSVEHS7TVMRKW 'SPSVEHS 7ER(MIKS 'EPMJSVRME 0EOI4PEGMH 2I[=SVO ERH1EVUYIXXI 1MGLMKER 3ZIVEXLPIXIWERHGSEGLIWEGGIWWXLIWI XVEMRMRKGIRXVIWERRYEPP] ERHEVITVSZMHIH[MXLLSYWMRK JSSH XVERWTSVXEXMSR WTSVXWQIHMGMRIERHWTSVXWWGMIRGIWWIVZMGIW 7SYVGI )PMXI7TSVX*YRHMRKMRXLI97%F]&IRMXE1SWPI] (MVIGXSV 97 3P]QTMG8VEMRMRK'IRXVIW
*SVQER]EXLPIXIWXLI9RMXIH7XEXIWGSPPIKIWERHYRMZIVWMXMIWFIGSQIXLIMV
%44)2(-<
TVMQEV]WSYVGISJXVEMRMRK 3JXIRGSQTIXMRKSRWGLSPEVWLMT XLIIJJSVXWSJ XLIWIEXLPIXIWEVIVI[EVHIHRSXSRP][MXLXSTPIZIPGSEGLMRKFYX[MXL JMRERGMEPEMHXSGSQTPIXIXLIMVIHYGEXMSR
(MVIGX%XLPIXI*YRHMRK 8LIVIMWYTXS97 % GEWLERH97 % XVEZIP EPPS[ERGIEZEMPEFPIXLVSYKL973'TVSKVEQW 7SYVGI %7'7YFQMWWMSRXSXLI'SQQSR[IEPXL+SZIVRQIRX¬W-RHITIRHIRX 6IZMI[SJ7TSVXMR%YWXVEPME
1ER]97GSVTSVEXMSRWJMRERGMEPP]WYTTSVX973P]QTMGEXLPIXIW %HHMXMSREPXS HMVIGXJYRHMRKSJEXLPIXIW WSQIFYWMRIWWIWJMRH[E]WXSEWWMWXMRHMZMHYEP EXLPIXIW 6IXEMPIV8LI,SQI(ITSX JSVMRWXERGI LEWEWWMWXIHMRHMZMHYEPP] LYRHVIHWSJEXLPIXIWF]SJJIVMRKXLIQNSFW LSYV[SVOMRK[IIOW[MXLE LSYVWEPEV] [MXLJPI\MFPIWGLIHYPIWIREFPMRKXMQISJJJSVXVEMRMRKERH GSQTIXMXMSRW SJXLI97[MRXIVXIEQ¬WQIQFIVW[IVI,SQI (ITSXIQTPS]IIW
8LI973'VYRWENSFSTTSVXYRMXMIWTVSKVEQXLEXTVSZMHIWNSFSTTSVXYRMXMIW XSEXLPIXIWXLEXEPPS[XLIQXSIEVRQSRI][LMPIGSRXMRYMRKXSXVEMRJSVXLI 3P]QTMGERH4EVEP]QTMG+EQIW 7SYVGI «)QTPS]IVWWYTTSVXMRK3P]QTMGEXLPIXIWERHZSPYRXIIVW¬ %YKYWX [[[\TIVXLVGSYOFPSKWIQTPS]QIRXMRXIPPMKIRGI [[[WTSVXFYWMRIWWGSQRI[WNYWXXLINSFJSVYWSG
'SEGLMRK -XLEWFIIRVITSVXIHXLEXJYRHMRKJSV)PMXI'SEGLIWMWEPWSVEMWIHF] MRHMZMHYEPWERHXLVSYKLGSVTSVEXIWTSRWSVWLMT
*SVI\EQTPI [LIRXLI97[EXIVTSPSXIEQ[ERXIHXSLMVIE[SVPHGPEWW GSEGL XLIXIEQVEMWIHLEPJLMWWEPEV]JVSQTVMZEXIWSYVGIW[LMPI973' TVSZMHIHXLIVIWX
7SYVGI [[[EQIVMGEKSZWX[EWLJMPIIRKPMWL*IFVYEV] NQREQHIMVJ LXQP
-RJSVQEXMSRWSYVGIW ;IFWMXIWERHSXLIVTYFPMGWSYVGIWEWEX1EVGL
%44)2(-<
'SYRXV]§6YWWME4STYPEXMSR 1IHEPW 1IHEPVEROXVIRH XSXEPQIHEPW 6EROMRK XSXEPQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 6EROMRK KSPHQIHEPW 1IHEPVEROXVIRH KSPHQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 1IHEPW;SR 7YQQIV3P]QTMG+EQIW +SPH 7MPZIV &VSR^I 8SXEP
+SZIVRQIRX*YRHMRK 8LI[IFWMXISJXLI4VIWMHIRXSJ6YWWMEVITSVXWQSVIXLER%FMPPMSRMW TVSZMHIHXSEPPWTSVXMRXLITIVMSH 7SYVGI [[[OVIQPMRVYIRKWTIIGLIW CX]TI X]TI C WLXQP
7SYVGISJJYRHMRK 8LIVIEVIX[SWSYVGIWSJJYRHMRKVITSVXIH +SZIVRQIRXJYRHMRK 6YWWMER3P]QTMG*SYRHEXMSR
8LI6YWWMER3P]QTMER*SYRHEXMSRKVERXWTVSZMHIH%QMPPMSRXS EXLPIXIW GSEGLIWERHWTIGMEPMWXWMR SJ[LMGL%QMPPMSR[EWHMVIGXIH XS&IMNMRKTVITEVEXMSR 8LI*SYRHEXMSR JSVQIHMR MWJYRHIHF]SJ 6YWWME¬W[IEPXLMIWXFYWMRIWWQIR 7SYVGI [[[SP]QTMERWVYIRWMXI\TLXQP
%REHHMXMSREP%QMPPMSR[EWHSREXIHJSV&IMNMRK3P]QTMGWTVITEVEXMSRF] TVMZEXIFYWMRIWW 7SYVGI LXXT IRVMERVYEREP]WMW LXQP
-XLEWEPWSFIIRVITSVXIHXLEXXLIXSXEP+SZIVRQIRXJYRHMRKJSVXLI&IMNMRK 3P]QTMG+EQIWTVITEVEXMSR[EW%QMPPMSR 8LIVEXMSSJ+SZIVRQIRX JYRHMRKXSTVMZEXIJYRHMRKMWETTVS\MQEXIP] 7SYVGI [[[XMQIWSRPMRIGSYOXSPWTSVXSP]QTMGWEVXMGPI IGI
*IEXYVIWSJ7TSVXW-RWXMXYXIW 8LIVIMWEGIRXVEPMWIHTVSKVEQJVSQWTSVXWWGLSSPWXLVSYKLXS9RMZIVWMX] ,MKLTIVJSVQERGIGIRXVIW ,MKL4IVJSVQERGI'IRXVIW 7SYVGI [[[XMQIWSRPMRIGSYOXSPWTSVXQSVIC WTSVXEXLPIXMGWEVXMGPIIGI
(MVIGX%XLPIXI*YRHMRK %XLPIXIWEVIE[EVHIHKVERXWFEWIHSRXLIMVPIZIPWSJEGLMIZIQIRXMR3P]QTMG +EQIW;SVPH )YVSTIERERH6YWWMER'LEQTMSRWLMTW EXLPIXIWVIGIMZIYTXS97 % TIV]IEV 7SYVGI %7'7YFQMWWMSRXSXLI'SQQSR[IEPXL+SZIVRQIRX W-RHITIRHIRX 6IZMI[SJ7TSVXMR%YWXVEPME
%44)2(-<
%XLPIXIVI[EVHWMRGIRXMZIW 8LI1IHEP6I[EVHW4VM^I*YRHJSV [EWETTVS\MQEXIP]% QMPPMSR %XLPIXIWVIGIMZIH%JSV3P]QTMGKSPH %JSVWMPZIV ERH % JSVFVSR^IQIHEPW
6YWWMER3P]QTMG'SQQMXXII1IHEP6I[EVHWEVIETTVS\MQEXIP]% % %JSVKSPH WMPZIVERHFVSR^IVIWTIGXMZIP] 7SYVGI LXXT [[[SP]QTMERWVYIRWMXI\T LXQP
8EPIRX-HIRXMJMGEXMSR 8LIVILEWFIIREZIV]IJJIGXMZIWGLSSPFEWIHXEPIRXMHIRXMJMGEXMSRTVSKVEQ 7SYVGI [[[XMQIWSRPMRIGSYOXSPWTSVXQSVICWTSVXEXLPIXMGW EVXMGPIIGI
'SEGLMRK 'SEGLIWERHWYTTSVXWTIGMEPMWXWEVIE[EVHIHKVERXWFEWIHSRXLIMVTSWMXMSR SRXLI2EXMSREP8IEQERHSRXLIEGLMIZIQIRXWSJXLIMVEXLPIXIW +VERXWXS GSEGLIWVERKIJVSQ% XS% 7SYVGI [[[XMQIWSRPMRIGSYOXSPWTSVXQSVICWTSVXEXLPIXMGWEVXMGPIIGI ERH[[[SP]QTMERWVYIRWMXI\TLXQ
-RJSVQEXMSRWSYVGIW ;IFWMXIWERHSXLIVTYFPMGWSYVGIWEWEX1EVGL
%44)2(-<
'SYRXV]§+VIEX&VMXEMR4STYPEXMSR 1IHEPW 1IHEPVEROXVIRH XSXEPQIHEPW 6EROMRK XSXEPQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 6EROMRK KSPHQIHEPW 1IHEPVEROXVIRH KSPHQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 1IHEPW;SR 7YQQIV3P]QTMG+EQIW +SPH 7MPZIV &VSR^I 8SXEP
+SZIVRQIRX*YRHMRK 8LI+SZIVRQIRXJYRHMRKSJWTSVXMR+VIEX&VMXEMRERRSYRGIHJSVXLI 3P]QTMG+EQIWTVITEVEXMSRMW%FMPPMSR 7SYVGI [[[YOWTSVXKSZYORI[W
7SYVGISJJYRHMRK 8LIWSYVGIWSJJYRHMRKEVI +SZIVRQIRXKVERXW 0SXXIV]HMWXVMFYXMSRW 4VMZEXIWIGXSVGSRXVMFYXMSRW ,SQIGSYRXV]WTSVXWGSYRGMPW 7TSVX)RKPERH 7TSVX7GSXPERH IXG
8LITVSKVEQWJYRHIHMRGPYHI ;SVPH'PEWW)ZIRXW4VSKVEQWXVEXIK]EMQIHEXWIGYVMRKIZIRXWSJ WXVEXIKMGMQTSVXERGIXLEXHIPMZIVPEWXMRKWTSVXMRK IGSRSQMGERH WSGMEPGYPXYVEPFIRIJMXW %XLPIXI4IVWSREP%[EVHW %4% TEMHHMVIGXP]XSXLIEXLPIXIWXSLIPT[MXL WTSVXMRKERHPMZMRKGSWXW XE\JVII WYFNIGXXSSXLIVMRGSQI 8EPIRXIH%XLPIXI7GLSPEVWLMT7GLIQI 8%77 ;SVPH'PEWW4IVJSVQERGI4VSKVEQWYTTSVXWXLI2EXMSREP+SZIVRMRK &SH]¬W 2+& TIVJSVQERGITPERW EWWMWXMRK[MXLXVEMRMRKERHGSQTIXMXMSR WTSVXWWGMIRGIERHQIHMGMRI ERHGSEGLMRKTVSKVEQW *YRHMRKMWXEVKIXIHSRXLIFEWMWSJPMOIPMLSSHSJQIHEPW -XMWTEMHXS2+&W FEWIHSRXLIEWWIWWQIRXF]9/7TSVXSJIEGLWTSVX¬WTIVJSVQERGIEXXLI PEWX+EQIWERHXLITSXIRXMEPXLEXI\MWXW[MXLMRXLIHIZIPSTMRKEXLPIXIW
7TSVXWEVITVMSVMXMWIHEGVSWWJSYVKVSYTW 3P]QTMG7TSVXWMRJSYVTVMSVMX]KVSYTW 4EVEP]QTMG7TSVXWMRJSYVTVMSVMX]KVSYTW 2SR3P]QTMG7TSVXW(MWGMTPMRIW 7TSVXWJYRHIHF],SQI'SYRXV]7TSVXW'SYRGMPW 7TSVX)RKPERH 7TSVX 7GSXPERHIXG
8LISZIVEPP+SZIVRQIRX7TSVX7XVEXIK]TVSZMHIWEWIEQPIWWTEXL[E]JVSQ WGLSSPXSGSQQYRMX]XSIPMXIWTSVX 7SYVGIW [[[]SVOWLMVIWTSVXSVKYOGGTVGYLXQ [[[YOWTSVXKSZYOTEKIW[SVPHCGPEWWCIZIRXWCTVSKVEQQI [[[YOWTSVXKSZYOTEKIWEXLPIXICTIVWSREPCE[EVHW [[[XEWWKSZYOHIJEYPXEWT [[[YOWTSVXKSZYO TEKIW[SVPHCGPEWWCTEXL[E]
%44)2(-<
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
7SYVGI [[[GYPXYVIKSZYO[LEXC[ICHSWTSVXEWT\
(MVIGX%XLPIXI*YRHMRK %XLPIXI4IVWSREP%[EVHW %4% EVITEMHHMVIGXP]XSXLIEXLPIXIXSGSRXVMFYXI XSXLISVHMREV]PMZMRKGSWXWERHTIVWSREPWTSVXMRKGSWXWSJIEGLEXLPIXI *YVXLIVHIXEMPSRXLI+VIEX&VMXEMR%4%TVSKVEQMWJSYRHMR%TTIRHM\
%XLPIXIWMRXLI;SVPH'PEWW4IVJSVQERGI4VSKVEQLEZIEGGIWWXS 4IVJSVQERGI0MJIWX]PI%HZMWSVW[LSTVSZMHIPMROWXSPSGEPIQTPS]IVWERH TVSZMHIEGGIWWXSWYTTSVXWYGLEW 34)2 3P]QTMGERH4EVEP]QTMG)QTPS]QIRX2IX[SVO *PI\MFPIEXLPIXINSFW %XLPIXIKVEHYEXIWGLIQIW ;SVOTPEGIQIRXW ':ERHGEVIIVEHZMGI 7TIEOMRK3TTSVXYRMXMIW &VMXMWL%XLPIXIW'SQQMWWMSR &%' 4IRWMSR4PER
7SYVGI [[[SP]QTMGWSVKYOGSRXIRXTEKIEWT\#TEKI!
8EPIRX-HIRXMJMGEXMSR %TEXL[E]TVSKVEQPMROWXEPIRXMHIRXMJMGEXMSRJVSQWGLSSPXSGSQQYRMX]XS IPMXIPIZIP8LITVSKVEQLEWWIXTVIGMWIXEPIRXTSSPXEVKIXW
7TIGMJMGXEPIRXMHIRXMJMGEXMSRTVSKVEQMRMXMEXMZIWMRGPYHI+MVPW+SPH 4MXGL4SHMYQ8EPIRX8VERWJIV 7TSVXMRK+MERXWERH7TVMRX/E]EO
8SWYTTSVX4EVEP]QTMGEXLPIXIMHIRXMJMGEXMSRXLIVIEVI GSYRX]FEWIH %XLPIXI%WWIWWQIRXERH(IZIPSTQIRX'IRXVIW [MXLEWWIWWQIRXWGSRHYGXIH EXPIEWXXLVIIXMQIWE]IEV
7SYVGI [[[YOWTSVXKSZYOTEKIWKMVPWKSPHLSQI [[[YOWTSVXKSZYO TEKIWTMXGLTSHMYQLSQI
%44)2(-<
'SEGLMRK 8LI9/'SEGLMRK*VEQI[SVO[EWPEYRGLIHMR%TVMP 8LI9/LEW GSEGLIW SJ[LSQ LSPHEKSZIVRMRKFSH]GSEGLMRKUYEPMJMGEXMSR YTJVSQ MR LSPHE0IZIPUYEPMJMGEXMSR LSPHE0IZIPUYEPMJMGEXMSR LSPHE0IZIPUYEPMJMGEXMSR LSPHE0IZIPUYEPMJMGEXMSR
7SYVGI [[[WTSVXWGSEGLYOSVK [[[WTSVXIRKPERHSVK
-RJSVQEXMSRWSYVGIW ;IFWMXIWERHSXLIVTYFPMGWSYVGIWEWEX1EVGL
%44)2(-<
'SYRXV]§+IVQER]4STYPEXMSR 1IHEPW 1IHEPVEROXVIRH XSXEPQIHEPW 6EROMRK XSXEPQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 6EROMRK KSPHQIHEPW 1IHEPVEROXVIRH KSPHQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 1IHEPW;SR 7YQQIV3P]QTMG+EQIW +SPH 7MPZIV &VSR^I 8SXEP
+SZIVRQIRX*YRHMRK -R+IVQER] XLI+SZIVRQIRXMWXLIQENSVWSYVGISJJYRHMRKJSVTEVXMGMTEXSV] WTSVX *YRHMRKJSVFVSEHTYFPMGTEVXMGMTEXMSRMRWTSVXMWTVSZMHIHF]XLI 7XEXIERH0SGEP+SZIVRQIRX [LMPI3P]QTMGERHSXLIVLMKLTIVJSVQERGI WTSVXMWJYRHIHF]XLI*IHIVEP+SZIVRQIRX
7SYVGISJJYRHMRK 8LI*IHIVEP+SZIVRQIRXTVSZMHIWJYRHMRKSJ % QMPPMSRXSLMKL TIVJSVQERGIWTSVXIEGL]IEV 7SYVGIW (MVIGXGSQQYRMGEXMSRJVSQ+IVQER23' [[[KSIXLIHI-RWYWPTKIWQSPIR LXQ
8LI+IVQER23'MWETVMZEXIP]VYRSVKERMWEXMSR[MXLWXVSRKPMROWXS KSZIVRQIRX -XMWJMRERGIHXLVSYKL ·1IQFIVWLMTJIIW ·6IGIMTXWJVSQXLIPSXXIV] ©+PGOW7TMVEPIª ·)GSRSQMGQIEWYVIW EFSZIEPPF]KMZMRKPMGIRWIW
*SVWTIGMEPXEWOWXLI23'MWTVSZMHIHWYTTSVXF]XLI*IHIVEP+SZIVRQIRX [MXLMRXLIJVEQI[SVOSJTVSQSXMSRSJTVSNIGXW JSVI\EQTPIJSVQIEWYVIW JSVXLITVSQSXMSRSJWTSVXMRHIZIPSTMRKGSYRXVMIWERHJSVWIRHMRKXIEQWXS XLI3P]QTMG+EQIW 7SYVGI LXXT [[[]SYXLWTSVXRIXMRHI\TLT#MH!
-RJVEWXVYGXYVI 8LI*IHIVEP1MRMWXV]SJXLI-RXIVMSVMWVIWTSRWMFPIJSVXLIGSRWXVYGXMSRSJ WTSVXJEGMPMXMIW %RRYEPJIHIVEPJYRHMRKSJETTVS\MQEXIP] % QMPPMSR MWEZEMPEFPIXSLIPTTE]JSVGSRWXVYGXMSREX3P]QTMGXVEMRMRKGIRXVIW XLI JIHIVEPXVEMRMRKGIRXVIWERHXLIJIHIVEPXVEMRMRKJEGMPMXMIW %WTEVXSJXLI ©+SPHIR4PERJSVXLI)EWXªJIHIVEPJYRHMRKSJ % QMPPMSRJVSQ XSJYRHIHXLIFYMPHMRKSJRI[TYFPMGWTSVXJEGMPMXMIWMRXLIJSVQIV)EWX +IVQER]ERH)EWX&IVPMR -R EREHHMXMSREP % QMPPMSRLEWFIIR QEHIEZEMPEFPI 7SYVGI -RJSVQEXMSRJVSQ«%4EVXRIVSJ,MKL4IVJSVQERGI7TSVX JP]IV [[[IRFQMFYRHHI
%44)2(-<
*IEXYVIWSJ7TSVXW-RWXMXYXIW -R+IVQER]XLIVIEVI*IHIVEP8VEMRMRK'IRXVIWERH3P]QTMG ,MKLTIVJSVQERGIGIRXVIW 8VEMRMRK'IRXVIW 7SYVGI %7'7YFQMWWMSRXSXLI'SQQSR[IEPXL+SZIVRQIRX¬W-RHITIRHIRX 6IZMI[SJ7TSVXMR%YWXVEPME
-RXLI+IVQER3P]QTMG7TSVXW*IHIVEXMSR 23' GVIEXIHEGEXIKSV]SJ ©IPMXIªWTSVXWGLSSPWXLEXEVIIPMKMFPIJSVWTIGMEPJYRHMRK ,S[IZIV WGLSSPWGER EGLMIZIIPMXIWXEXYWSRP]MJXLI]JSGYWSREXLPIXIWERHHMWGMTPMRIW[MXLQIHEP GLERGIW WYGLEWW[MQQMRKERHXVEGO %WSJ%YKYWX WGLSSPWLEZI VIGIMZIHXLIHIWMKREXMSRWGLSSPWMRXLIJSVQIV)EWX+IVQER]ERH RI[SRIWMRXLI;IWX 7SYVGI SRPMRI[WNGSQTYFPMGEVXMGPICTVMRX7& LXQP
(MVIGX%XLPIXI*YRHMRK 8LI©+IVQER7TSVXW%MH*SYRHEXMSRª TVSZMHIWJMRERGMEPWYTTSVXJSVIPMXI EXLPIXIWMREPPHMWGMTPMRIW 7MRGIMXWGVIEXMSRMR XLIJSYRHEXMSRLEW TVSZMHIHSZIVEXLPIXIW[MXL % QMPPMSR
%RRYEPJYRHMRKSJETTVS\MQEXIP] % QMPPMSRWYTTSVXW EXLPIXIWERHFSEVHMRKWGLSSPTYTMPWMRSZIVWTSVXW SJEPPQIHEPW [SREXXLI3P]QTMGW )YVSTIERERH;SVPH'LEQTMSRWLMTW[IVI[SRF] EXLPIXIW[LSLEZIFIIRWYTTSVXIHF]XLMWJSYRHEXMSR
8LIJSYRHEXMSRVEMWIWMXWQSRI]XLVSYKLHSREXMSRWERHTVSGIIHWJVSQ IZIRXW TVSQSXIVWERHFIRIJMXWEW[IPPEWPSXXIV]JYRHWERHXLITVSGIIHW JVSQEWXEQTWIVMIW 7SYVGI [[[WTSVXLMPJIHIWIVZPIXMRHI\#TEKI!
8LI*IHIVEP1MRMWXV]SJXLI-RXIVMSVTVSQSXIWLMKLTIVJSVQERGIWTSVXF] IREFPMRKTVSQMWMRKEXLPIXIWMRXLI*IHIVEP4SPMGIXSTYVWYIEXLPIXMGGEVIIVW [LMPIXVEMRMRKXSFIGSQITSPMGISJJMGIVW 7SYVGI -RJSVQEXMSRJVSQ«%4EVXRIVSJ,MKL4IVJSVQERGI7TSVX¬ JP]IV § [[[IRFQMFYRHHI¬
6IWIEVGLMRZIWXQIRX 8LI*IHIVEP-RWXMXYXISJ7TSVX7GMIRGI &-7T MR&SRR XLI-RWXMXYXIJSV%TTPMIH 8VEMRMRK7GMIRGI -%8 MR0IMT^MKERHXLI6IWIEVGLERH(IZIPSTQIRX-RWXMXYXI JSV7TSVX)UYMTQIRX *)7 MR&IVPMRIEGLVIGIMZIKSZIVRQIRXJYRHMRK
8LI&-7T¬WXEWOMWXSMRMXMEXI TVSQSXIERHGSSVHMREXIVIWIEVGLTVSNIGXWMR LMKLTIVJSVQERGIWTSVX MRGPYHMRKXLITVSQSXMSRSJ]SYRKEXLPIXIWERH XEPIRXWTSXXMRKERHIRWYVIXLEXVIWIEVGLVIWYPXWEVIXVERWPEXIHMRXSTVEGXMGI
8LI-%8ERH*)7TYVWYIXVEMRMRKERHGSQTIXMXMSRVIWIEVGLERHHIZIPST XIGLRSPSKMIWXEMPSVIHXSXLIRIIHWSJEXLPIXIWERHMRHMZMHYEPWTSVXW 7SYVGI -RJSVQEXMSRJVSQ«%4EVXRIVSJ,MKL4IVJSVQERGI7TSVX¬ JP]IV § [[[IRFQMFYRHHI
'SEGLMRK *MRERGMEPWYTTSVXJVSQXLI+SZIVRQIRXMWEPWSHMVIGXIHXSXLI8VEMRIVW¬ %GEHIQ]SJXLI+IVQER3P]QTMG7TSVXW'SRJIHIVEXMSR [LSWIXEWOMWXS TVSZMHISTXMQYQERHUYEPMJMIHFEWMG EHZERGIHERHJYVXLIVXVEMRMRKJSV XVEMRIVW 7SYVGI -RJSVQEXMSRJVSQ«%4EVXRIVSJ,MKL4IVJSVQERGI7TSVX¬ JP]IV § [[[IRFQMFYRHHI
-RJSVQEXMSRWSYVGIW ;IFWMXIWERHSXLIVTYFPMGWSYVGIWEWEX1EVGL
%44)2(-<
'SYRXV]§%YWXVEPME4STYPEXMSR 1IHEPW 1IHEPVEROXVIRH XSXEPQIHEPW 6EROMRK XSXEPQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 6EROMRK KSPHQIHEPW 1IHEPVEROXVIRH KSPHQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 1IHEPW;SR 7YQQIV3P]QTMG+EQIW +SPH 7MPZIV &VSR^I 8SXEP
+SZIVRQIRX*YRHMRK 8SXEPLMKLTIVJSVQERGIJYRHMRKMWQMPPMSRMR 8LMWGSQTVMWIW JYRHMRKJVSQ%7' 7-77%7TVSZMHIVWERHTIEOFSHMIW %3'%4'ERH%'+% MRGPYHMRKXIEQTEVXMGMTEXMSRGSWXW 7SYVGIW %RRYEP6ITSVXWJSV%7' %3' %4' %'+%ERHXLI%7' 7YFQMWWMSR XSXLI'SQQSR[IEPXL+SZIVRQIRX«W-RHITIRHIRX6IZMI[SJ7TSVXMR %YWXVEMPE
7SYVGISJJYRHMRK (MVIGX+SZIVRQIRXKVERXWERHSTIVEXMSREPHIPMZIV]GSWXWSJXLI%YWXVEPMER -RWXMXYXISJ7TSVX
1IHEPTVSKVEQW 8LISFNIGXMZISJXLI&IMNMRK%XLPIXI4VSKVEQ[EWXSQE\MQMWIXLIVIXYVRSR XLI%YWXVEPMER+SZIVRQIRX¬WMRZIWXQIRXMRWTSVXXLVSYKLEGLMIZMRK WYWXEMREFPIQIHEPWYGGIWW %OI]IPIQIRX[EWXLITVSKVEQQEREKIQIRX GSQQMXXIIW )EGLREXMSREPWTSVXMRKSVKERMWEXMSRVITVIWIRXMRKEXEVKIXIH WTSVXLEWMXWS[R&IMNMRK%XLPIXI4VSKVEQ1EREKIQIRX'SQQMXXII [MXLER %7'VITVIWIRXEXMZI XSSZIVWIIXLIHIPMZIV]SJXLILMKLTIVJSVQERGI TVSKVEQXLVSYKLXS&IMNMRKERHFI]SRH 7SYVGI %7'%RRYEP6ITSVX
%YWXVEPMER+SZIVRQIRX7TSVXW8VEMRMRK+VERX %+78+ TVSZMHIHQMR JSV3P]QTMGEXLPIXIWTPYWJSV4EVEP]QTMGEXLPIXIW
(IZIPSTQIRX 8LI%7'MWGSQQMXXIHXSWXVIRKXLIRMRK%YWXVEPME¬WLMKLTIVJSVQERGI WTSVXW W]WXIQERHFEGOMRK%YWXVEPME¬WWTSVXMRKEFMPMX]XSIREFPI%YWXVEPMEREXLPIXIW XSI\GIPEXMRXIVREXMSREPGSQTIXMXMSR8LI%7'YRHIVTMRWI\GIPPIRGIMRWTSVXW TIVJSVQERGIF]TVSZMHMRKWIVZMGIW JYRHMRKERHWYTTSVXMRSVHIVXS WXVIRKXLIRREXMSREPWTSVXMRKWXVYGXYVIW 7YGLEWWMWXERGITVSZMHIW%YWXVEPMER EXLPIXIWERHGSEGLIW[MXLXLIWYTTSVXW]WXIQWERHTVSKVEQWXSWYWXEMRERH FYMPHMRXIVREXMSREPWTSVXMRKWYGGIWW 7SYVGI %7'%RRYEP6ITSVX
8LI%7'[SVOW[MXLWTSVXWHIPMZIV]EKIRGMIW MRGPYHMRKKVEWWVSSXWWTSVXMRK GPYFW XSIRLERGIXLIMVEFMPMX]XSSJJIVMQTVSZIHTEVXMGMTEXMSR MRUYEPMX] WTSVXJSV%YWXVEPMERW [LMPIEXXLIWEQIXMQIIRWYVMRKXLEX%YWXVEPME¬WIPMXI XIEQWEVITVSZMHIH[MXLXLISTXMQEPSTTSVXYRMX]XSI\GIPMRGSQTIXMXMSRSR XLI[SVPHWXEKI 7SYVGI %7'%RRYEPVITSVX
%44)2(-<
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
8EPIRXMHIRXMJMGEXMSR 8LISFNIGXMZISJXLI2EXMSREP8EPIRX-HIRXMJMGEXMSRERH(IZIPSTQIRX TVSKVEQMWXSMHIRXMJ]ERHHIZIPSTEXLPIXIWERHGSEGLIWGETEFPISJ GSRXVMFYXMRKXS%YWXVEPME¬WREXMSREPERHMRXIVREXMSREPWTSVXMRKWYGGIWW
8LIJSGYWSJXLITVSKVEQMWXSFVMHKIWTIGMJMGKETW[MXLMRXLIHIZIPSTQIRX TEXL[E]WSJREXMSREPWTSVXMRKSVKERMWEXMSRW 8LMWMWEGLMIZIHXLVSYKLXLI MHIRXMJMGEXMSRERHHIZIPSTQIRXSJJYXYVIEXLPIXIWERHGSEGLIW IRLERGIH HEMP]XVEMRMRKIRZMVSRQIRXW LMKLPIZIPWTSVXWWGMIRGIERHWTSVXWQIHMGMRI WYTTSVX ERHRI[GSQTIXMXMSRSTTSVXYRMXMIW IWTIGMEPP][MXLMRXLI %YWXVEPEWMERVIKMSR
(YVMRKXLIVITSVXMRKTIVMSH XLI2EXMSREP8EPIRX-HIRXMJMGEXMSRERH (IZIPSTQIRXTVSKVEQWYTTSVXIHSZIVEXLPIXIWERHGSEGLIWMR 3P]QTMGWTSVXW MRGPYHMRKJMZI-RHMKIRSYWTVSKVEQW8LIJSGYWSJXLIWI WTSVXWTVSKVEQWLEWFIIRSRQENSVGSQTIXMXMSRWFI]SRH WYGLEWXLI :ERGSYZIV3P]QTMG;MRXIV+EQIW 2I[(IPLM'SQQSR[IEPXL +EQIWERHXLI0SRHSR3P]QTMG+EQIW 8LITVSKVEQLEWI\GIIHIH I\TIGXEXMSRW [MXLSYXWXERHMRKHSQIWXMGERHMRXIVREXMSREPTIVJSVQERGIW EGVSWWEFVSEHVERKISJWTSVXW MRGPYHMRKERYQFIVSJWIPIGXMSRWJSVXLI &IMNMRK 3P]QTMGXIEQ 7SYVGI %7'%RRYEP6ITSVX
*IEXYVIWSJ7TSVXW-RWXMXYXIW -R§ XLI%7'HIZIPSTIHERHI\IGYXIHJYRHMRKERHWIVZMGIPIZIP ,MKLTIVJSVQERGIGIRXVIW EKVIIQIRXW[MXLREXMSREPWTSVXMRKSVKERMWEXMSRW 8LIWIJYRHMRKERHWIVZMGI PIZIPEKVIIQIRXWTVSZMHIEGSRWSPMHEXIHETTVSEGLXSXLI%7'¬WJYRHMRKSJ REXMSREPWTSVXMRKSVKERMWEXMSRW YRHIVTMRRIHF]XLIWTSVX¬WWXVEXIKMGERH STIVEXMSREPTPERW 7SYVGI %7'%RRYEP6ITSVX
8LVSYKLXLI%-7 XLI%7'TVSZMHIWE[SVPHGPEWWXVEMRMRKIRZMVSRQIRXXS WYTTSVX%-7EXLPIXIWERHGSEGLIW MRGPYHMRKWIVZMGIWWYGLEWTPERRMRKERH IZEPYEXMSR EXLPIXIERHGSEGLWIVZMGIW ERHXIGLRMGEPHMVIGXMSR )EGL%-7 TVSKVEQLEWEYRMUYIVSPIMRXLIMRXIVREXMSREPIPMXIWTSVXTEXL[E][MXL TVSKVEQWJSGYWIHEXIMXLIVXLIIPMXIWIRMSVSVHIZIPSTQIRXPIZIP 7SYVGI %7'%RRYEP6ITSVX
'SEGLMRK 8LI)PMXI'SEGL(IZIPSTQIRX4VSKVEQ MWHIWMKRIHXSJEWXXVEGOXLI HIZIPSTQIRXSJTSXIRXMEP ERH[LIVIETTVSTVMEXI I\MWXMRKREXMSREPGSEGLIW 8LITVSKVEQTVSZMHIWEX[SXSXLVII]IEVTIVMSHSJEWWMWXERGI WYTTSVXERH QSRMXSVMRKXLVSYKLETIVWSREPMWIHTVSJIWWMSREPHIZIPSTQIRXTVSKVEQJSVE GSEGLGYVVIRXP]MRXLILMKLTIVJSVQERGIGSEGLMRKWXVYGXYVISJEXEVKIXIH WTSVX 8LITVSKVEQMWWYTTSVXIHF] ERHPMROIHXS XLI'SEGL'EVIIV 1EREKIQIRXTVSKVEQERHXLI%-7'SEGL7IVZMGIWERH;IPJEVI4VSKVEQ
8LIWTSVXWXLEXLEZIFIRIJMXIHJVSQXLMWTVSKVEQEVI%XLPIXMGW 'ERSIMRK ']GPMRK )UYIWXVMER ,SGOI] .YHS 6S[MRK 7EMPMRK 7LSSXMRK 7[MQQMRK 8EIO[SRHS8VMEXLPSRERH;EXIV4SPS %XSXEPSJGSEGLIWLEZIFIIR WYTTSVXIH
%44)2(-<
(YVMRK GSEGLMRKWGLSPEVWLMTW [IVITVSZMHIH SJ[LMGLXLVII [IVII\XIVREPP]JYRHIH X[S[IVIJYRHIHF]XLI%-7ERHSRI[EWJYRHIHF] XLI7SYXL%YWXVEPMER7TSVXW-RWXMXYXI 7SYVGI %7'%RRYEP6ITSVX
(MVIGX%XLPIXI*YRHMRK 8LI%7'EPPSGEXIHJYRHMRKXSXEPPMRKQMPPMSRXS SJ%YWXVEPME¬WQIHEP TSXIRXMEPEXLPIXIWJVSQ WTSVXWMR§ KMZMRKTVMSVMX]XSEXLPIXIWJVSQ 3P]QTMGERH4EVEP]QTMG+EQIWWTSVXWERHWIPIGX[SVPHGLEQTMSRWLMTW 7SYVGI %7'%RRYEP6ITSVX
6IWIEVGLMRZIWXQIRX 8LI%-7[EWEFPIXSGSQTPIXI ETTPMIHVIWIEVGLTVSNIGXWHYVMRK 3JXLIWI TVSNIGXW[IVITYVWYIHMRGSPPEFSVEXMSR[MXL'7-63 WSQISJ [LMGLLEZIEPVIEH]TVSHYGIHSYXGSQIWXLEX[MPPFIRIJMX%YWXVEPMEREXLPIXIW EXQENSVMRXIVREXMSREPGSQTIXMXMSRW
(YVMRK§ XLVSYKLXLI2EXMSREP)PMXI7TSVXW6IWIEVGL4VSKVEQ XLI%-7 GSRXMRYIHXSWYTTSVXMXWWTSVXWFEWIH4L(7GLSPEVWLMT4VSKVEQ
7GLSPEVWLMTW[IVIJMPPIHEGVSWWXLIVERKISJ%-7WTSVXWWGMIRGIERHWTSVXW QIHMGMRIHMWGMTPMRIW 8LVSYKLXLI2EXMSREP)PMXI7TSVXW6IWIEVGL4VSKVEQ +IRIVEPERH'SPPEFSVEXMZI6IWIEVGL XLI%-7GSRXMRYIHXSHIPMZIVVIWIEVGL SYXGSQIWXLEXEVIVIGSKRMWIHJSVXLIMVGSRXVMFYXMSRXSWGMIRXMJMGORS[PIHKI ERHXLIMVTVEGXMGEPETTPMGEXMSRXSXLITVITEVEXMSRSJ%YWXVEPME¬WIPMXIEXLPIXIW
8LISRPMRI%-76IWIEVGL4YFPMGEXMSRW(EXEFEWITVSZMHIWMRJSVQEXMSRSR VIWIEVGLSYXGSQIWTVIWIRXIHEXGSRJIVIRGIWERHSVTYFPMWLIHF]%-7 VIWIEVGLIVW 7SYVGI %7'%RRYEP6ITSVX
-RJSVQEXMSRWSYVGIW ;IFWMXIWERHSXLIVTYFPMGWSYVGIWEWEX1EVGL
%44)2(-<
'SYRXV]§/SVIE4STYPEXMSR 1IHEPW 1IHEPVEROXVIRH XSXEPQIHEPW 6EROMRK XSXEPQIHEPW 7YQQIV+EQIW ;MRXIV+EQIW 6EROMRK KSPHQIHEPW 1IHEPVEROXVIRH KSPHQIHEPW 7YQQIV+EQIW ;MRXIV+EQIW 1IHEPW;SR 7YQQIV3P]QTMG+EQIW +SPH 7MPZIV &VSR^I 8SXEP
+SZIVRQIRX*YRHMRK +SZIVRQIRXJYRHMRKJSVWTSVXGSQTVMWIW%QMPPMSRMREHHMXMSRXS GSRXVMFYXMSRWJVSQ0SGEP+SZIVRQIRXERHXLIGSVTSVEXIWIGXSV 3JXLMWEQSYRXMXMWYRHIVWXSSH%QMPPMSR[EWHMVIGXIHXSIPMXI3P]QTMG EXLPIXIW 7SYVGI %7'7YFQMWWMSRXSXLI'SQQSR[IEPXL+SZIVRQIRX¬W-RHITIRHIRX 6IZMI[SJ7TSVXMR%YWXVEPME 7SYVGISJJYRHMRK 7ISYP3P]QTMG7TSVXW4VSQSXMSR*SYRHEXMSR 737*3 TVSZMHIWXLITVSGIIHW SJPSXXIV]WEPIWXSXLI2EXMSREP7TSVXW4VSQSXMSR*YRH YWIHXSTVSZMHI JMRERGMEPWYTTSVXJSVVIGVIEXMSREPWTSVXW IPMXIWTSVXW WTSVXWJSVXLIHMWEFPIH ERHWGLSSPWTSVXW 7SYVGI [[[WSWJSSVOVIRKPMWLQEMRHIJEYPXEWT [[[PSXXIV]MRWMHIVGSQPSXXIV]WSWTJLXQ
*YRHWEVIEPWSVEMWIHXLVSYKLTVSJMXKIRIVEXMRKFYWMRIWWIWMRGPYHMRKG]GPI VEGMRKERHQSXSVFSEXVEGMRK 7SYVGI 8VERWPEXIHZIVWMSRSJLXXT[[[COMLSMPFSCGSCOVRI[W UYMGO:MI[%VXMGPI:MI[CLXQPMH\RS! QLX 1IHEPTVSKVEQW -XMWYRHIVWXSSHMRGIRXMZIWSJETTVS\MQEXIP]%JSVEKSPHQIHEP %JSVEWMPZIVQIHEPERH%FVSR^IEVISJJIVIHJVSQXLI7TSVXW 'SYRGMPERHWTSRWSVW 7SYVGI 8VERWPEXIHZIVWMSRSJLXXTRI[WCMWIK]ICGSQ QLX (IZIPSTQIRX 8LI7TSVXW-RHYWXV]0SER 737*3 MWEW]WXIQ[LIVIPSRKXIVQPSERWEVI TVSZMHIHEXPS[MRXIVIWXVEXIWJSVWTSVXMRKKSSHWQERYJEGXYVIVWERHWTSVXW JEGMPMX]GSQTERMIWMRSVHIVXSHIZIPST/SVIE¬WWTSVXWMRHYWXV]ERHI\TERH VIGVIEXMSREPWTSVXWMRJVEWXVYGXYVI 7SYVGI [[[WSWJSSVOVIRKPMWLFM^FM^CEWT 8EPIRXMHIRXMJMGEXMSR 7GLSSPWTSVXWXIEQW 737*3JYRHIH YRMZIVWMX] ERHREXMSREPWUYEHWJSVQ XLIFEWMWJSVXEPIRXHIZIPSTQIRX 8LIVIMWRSGPYFWXVYGXYVIMR/SVIE 7SYVGI [[[WSWJSSVOVIRKPMWLFM^FM^CEWT
%44)2(-<
*IEXYVIWSJ7TSVXW-RWXMXYXIW 8LITVMQEV]LMKLTIVJSVQERGIGIRXVIMWXLI2EXMSREP7TSVXW'IRXVI ,MKLTIVJSVQERGIGIRXVIW
(MVIGX%XLPIXI*YRHMRK 8LI%XLPIXI;IPJEVI&YWMRIWWMWMRXIRHIHXSTVSQSXIXLI[IPJEVISJREXMSREP EXLPIXIWERHWTSVXWTVSJIWWMSREPW[LSIRLERGIREXMSREPWXEXYVIERHTVMHI *YRHMRKMRGPYHIW 7TSVXWWOMPP-QTVSZIQIRX6IWIEVGL4IRWMSR 'SQTIXMXMSR-RWXVYGXSV6IWIEVGL7YFWMHMEV] 7TIGMEP7YFWMHMEV] %XLPIXI 'SEGL4VSXIGXMSR7YTTSVX*YRH 4IRWMSRJSVXLI(MWEFPIH 3ZIVWIEW)HYGEXMSR7YTTSVX*YRH 7TSVXW7GLSPEVWLMT ;IPJEVI 6IXMVIQIRX*YRH %RRYEP*MRERGMEP7YTTSVX(IXEMPW %RRYEP7YTTSVX%QSYRX 7SYVGI [[[WSWJSSVOVIRKPMWLFM^FM^CEWT
-RJSVQEXMSRWSYVGIW ;IFWMXIWERHSXLIVTYFPMGWSYVGIWEWEX1EVGL
%44)2(-<
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+SZIVRQIRX*YRHMRK % QMPPMSRTVSZMHIHF]+SZIVRQIRXXSXLI-XEPMER2EXMSREP3P]QTMG 'SQQMXXIIJSVXLIJSYV]IEVW 7SYVGI '32-%RRYEP&YHKIX 7SYVGISJJYRHMRK (MVIGXKSZIVRQIRXMRZIWXQIRXMWEQENSVGSQTSRIRX
'32-MWTEVXJYRHIHF]JSSXFEPPTSSPTVSGIIHW 7SYVGI '32-%RRYEP&YHKIX
'32-QEREKIWEPPEWTIGXWSJWTSVXMR-XEP]ERHTVSZMHIWJYRHMRKXS *IHIVEXMSRWJSV3P]QTMGTVITEVEXMSRW 7SYVGI '32-%RRYEP&YHKIX C[[[RSXM^MIJSXSMXW;)&HIP 3PMQTMEHM'EWE-XEPMEETKWHIP GEWE MXEPMELXQ 1IHEPTVSKVEQW 8E\I\IQTXQIHEPVI[EVHWLEZIFIIRTVSTSWIH 7SYVGI LXXTC[[[KEFVMIPQEWXIPPEVMRMGSQCIWTSVXTVSTSWXEHMPIKKITIV HIXEWWEVIKPMSPMQTMSRMGMQLX
8LIVIEVIWGLSPEVWLMTWEZEMPEFPIJSVTSXIRXMEPTSHMYQEXLPIXIWTVSZMHIH F]'32- 7SYVGI '32-%RRYEP&YHKIX
'32-1IHEP6I[EVHWEVIYRHIVWXSSHXSFI%JSVKSPH %JSV WMPZIVERH% JSVFVSR^I 7SYVGI LXXTC[[[KEFVMIPQEWXIPPEVMRMGSQCIWTSVXTVSTSWXEHMPIKKITIV HIXEWWEVIKPMSPMQTMSRMGMQLX [[[RSXM^MIJSXSMXW;)&HIP 3PMQTMEHM'EWE-XEPMEETKWHIP GEWEMXEPMELXQ (IZIPSTQIRX ,MWXSVMGEPP] SJHIZIPSTQIRXJYRHWLEZIFIIRTEMHXS*IHIVEXMSRW [MXL SRP] JSVGSQQYRMX]TEVXMGMTEXMSR 8LMWMWGLERKMRKMRPMRI[MXL )YVSTIER'SQQYRMX]PE[W 7SYVGI '32-%RRYEP&YHKIX *IEXYVIWSJ7TSVXW-RWXMXYXIW 8LIVIEVIJSYV2EXMSREP'IRXVIWJSV3P]QTMGTVITEVEXMSR§*SVQME 7GLMS ,MKLTIVJSVQERGIGIRXVIW +MYPMS3RIWXMERH8MVVIRME
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'32-LEWIWXEFPMWLIHETEVXRIVWLMT[MXL%HIGGSXSIWXEFPMWLXLI'32- %HIGGS'EVIIV4VSKVEQJSVEXLPIXIW HIWMKRIHXSWYTTSVXXLIIRXV]SJ EXLPIXIWXS[SVO 8LIVILEZIFIIR [SVOTPEGIQIRXWWMRGITPYW KYMHERGI WIQMREVWERHZSGEXMSREPXVEMRMRKJSVEXLPIXIW 7SYVGI LXXT EXLPIXIEHIGGSGSQEFSYXLXQ [[[IEWRIX[SVOIYEVGMZIW 'SYRXVMIW-XEP]TTX 6IWIEVGLMRZIWXQIRX -R XLIVI[EWJYRHMRKTVSZMHIHXSXLI-RWXMXYXISJ1IHMGMRIERH7TSVXW 7GMIRGI XLI©7GLSSPSJ7TSVXWªJSVXLIXVEMRMRKERHVIXVEMRMRKSJXIGLRMGEP WXEJJERHQEREKIQIRXSJXLI2EXMSREP7TSVXW*IHIVEXMSRWERHXLI TVSQSXMSRERHGSSVHMREXMSRSJWGMIRXMJMGVIWIEVGLETTPMIHXSWTSVXW 7SYVGI '32-%RRYEP&YHKIX -RJSVQEXMSRWSYVGIW ;IFWMXIWERHSXLIVTYFPMGWSYVGIWEWEX1EVGL
%44)2(-<
'SYRXV]§.ETER4STYPEXMSR 1IHEPW 1IHEPVEROXVIRH XSXEPQIHEPW 6EROMRK XSXEPQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 6EROMRK KSPHQIHEPW 1IHEPVEROXVIRH KSPHQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 1IHEPW;SR 7YQQIV3P]QTMG+EQIW +SPH 7MPZIV &VSR^I 8SXEP
+SZIVRQIRX*YRHMRK % 97 Q [EWTVSZMHIHMRXLVSYKLXLITL]WMGEPIHYGEXMSRERH WTSVXTSVXJSPMSTPYW.ETERIWI3P]QTMG'SQQMXXII 7SYVGI %7'7YFQMWWMSRXSXLI'SQQSR[IEPXL+SZIVRQIRX W-RHITIRHIRX 6IZMI[SJ7TSVXMR%YWXVEPME 7SYVGISJJYRHMRK 8LI1MRMWXV]SJ)HYGEXMSR 7GMIRGIERH'YPXYVITVSZMHIWWYFWMHMIWJSVE ZEVMIX]SJTVSKVEQW MRGPYHMRK EXLPIXIMQTVSZIQIRXERHMRXIVREXMSREPI\GLERKITVSNIGXWYRHIVXEOIR F]XLI.ETERIWI3P]QTMG'SQQMXXII TVSKVEQWXSJSWXIVWTSVXWMRWXVYGXSVW NYRMSVEXLPIXIHIZIPSTQIRXTVSKVEQW SZIVWIEWXIGLRMGEPGSSTIVEXMSRMRWTSVXW SJJMGMEPHIZIPSTQIRXEWWMWXERGI YRHIVXEOIRF]XLI.ETER%QEXIYV7TSVXW%WWSGMEXMSR
8LIVIMWEPWSE7TSVXW4VSQSXMSR*YRH[LMGLGSRXVMFYXIWXSIJJSVXWXS MQTVSZIGSQTIXMXMZIRIWWF]TVSZMHMRKEWWMWXERGIXSZEVMSYWWTSVXW SVKERMWEXMSRWERHXSTPIZIPEXLPIXIWERHMRWXVYGXSVW %WWMWXERGIJVSQXLMW *YRHERHJVSQXLI'IRXVEP+SZIVRQIRXMWTPE]MRKERMQTSVXERXVSPIMRXLI TVSQSXMSRSJWTSVXWMR.ETER
7SYVGI LXXT [[[QI\XKSNTFCQIRYLEOYWLSLXQPLTEI LTEI CCLXQP 1IHEP4VSKVEQW -RXLIPIEHYTXSXLI&IMNMRK3P]QTMG+EQIW.ETERJSGYWIHSRJMZIWTSVXWMR [LMGLXLI]GSRWMHIVIHXLI][IVIQSWXPMOIP]XS[MRQIHEPWSRXLIFEWMWXLEX SJXLIQIHEPW[SRMR%XLIRWGEQIJVSQJMZIWTSVXW .YHS 7[MQQMRK ;VIWXPMRK+]QREWXMGW ERH8VEGOERH*MIPH
-REHHMXMSRXSXLIWIJMZIWTSVXW TEVXMGYPEVIQTLEWMW[EWTPEGIHSRXIEQ WTSVXW FIGEYWIXLI]HVE[XLIKVIEXIWXJSPPS[MRK[MXLMR.ETER
%VKYEFP]XLMWWXVEXIK][EWRSXEWIJJIGXMZIEWERXMGMTEXIH [MXL.ETERWPMTTMRK JVSQXLXS XLVEROMRKMRKSPHQIHEPWERHXLXSXLVEROMRKSRSZIVEPP QIHEPW Z 3P]QTMG+EQIWTIVJSVQERGIW
7SYVGI LXXT [[[XSO]SSVNTIRRI[WRSC CHIZIPSTMRKC EXLPIXIWCXSCXELXQP
%44)2(-<
-RWXMXYXIW,MKLTIVJSVQERGIGIRXVIW -R .ETERWTIRXFMPPMSR]IR %QMPPMSR SRE2EXMSREP8VEMRMRK 'IRXVIHIWMKRIHXSGIRXVEPMWIVIGVYMXQIRXERHXVEMRMRK
%WTEVXSJXLIMVFMHJSVXLI3P]QTMG+EQIW.ETERMWTPERRMRKXSFYMPHE 2EXMSREP8VEMRMRK'IRXVI 28' SRPERHEHNEGIRXXSXLI.ETER-RWXMXYXISJ 7TSVXW7GMIRGIW .-77
8LI28'[MPPGSRHYGXGSRWMWXIRXEXLPIXIWXVIRKXLERHGSRHMXMSRMRKXVEMRMRK ERHHIZIPSTE]SYXLIPMXITVSKVEQ MREHHMXMSRXSERIPMXITVSKVEQJSVXST PIZIPEXLPIXIW8LIVI[MPPFIEJSGYWSR]SYRKTISTPI[LSEVII\TIGXIHXS XEOITEVXMRXLI3P]QTMG+EQIW %XLPIXIW[MPPVIWMHIEXXLI28'ERH EXXIRHRIEVF]WGLSSPW %REXMSREPGSEGLEGEHIQ][MPPEPWSFIIWXEFPMWLIH 7SYVGI [[[XSO]SSVNTIRRI[WRSC CHIZIPSTMRKCEXLPIXIWC XSCXELXQP (MVIGX%XLPIXI*YRHMRK -R MXWIXYTEREXMSREPWTSVXJYRHGLEVKIH[MXLLERHMRKSYXQMPPMSR ]IR % QMPPMSR MRERRYEPWYFWMHMIW§FYXSRP]XSEXLPIXIW[MXLQIHEP TSXIRXMEP 8LITVSKVEQTVSHYGIHHVEQEXMGVIWYPXWMR.YHS [LIVI.ETER[SR LEPJMXWKSPHQIHEPWMR EPPS[MRKMXXSFIEX+IVQER]JSVJMJXLTPEGI SZIVEPP
1SVIVIGIRXP]XLIVIMWJYPPWYTTSVXJSVREXMSREPXIEQEXLPIXIW YTXS 97 % TIV]IEVERHYRMZIVWMX]WGLSPEVWLMTWEVIEPWSEZEMPEFPI XSEXLPIXIW 7SYVGI %7'7YFQMWWMSRXSXLI'SQQSR[IEPXL+SZIVRQIRX¬W-RHITIRHIRX 6IZMI[SJ7TSVXMR%YWXVEPME
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
8LI1MRMWXV]EPWSWTSRWSVWXLI2EXMSREP7YQQMX1IIXMRKSJ7TSVXW'SEGLIW JSVGSEGLIW WTSVXWQIHMGMRIERHWGMIRGIVIWIEVGLIVW TVIJIGXYVEP KSZIVRQIRXSJJMGMEPW ERHSXLIVWMRZSPZIHMRXLIHIZIPSTQIRXERH MQTVSZIQIRXSJEXLPIXIW 7SYVGI LXXT [[[QI\XKSNTFCQIRYLEOYWLSLXQPLTEI LTEI CCLXQP -RJSVQEXMSRWSYVGIW ;IFWMXIWERHSXLIVTYFPMGWSYVGIWEWEX1EVGL
%44)2(-<
'SYRXV]§*VERGI4STYPEXMSR 1IHEPW 1IHEPVEROXVIRH XSXEPQIHEPW 6EROMRK XSXEPQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 6EROMRK KSPHQIHEPW 1IHEPVEROXVIRH KSPHQIHEPW 7YQQIV+EQIW 4EVEP]QTMG+EQIW ;MRXIV+EQIW 1IHEPW;SR 7YQQIV3P]QTMG+EQIW +SPH 7MPZIV &VSR^I 8SXEP
+SZIVRQIRX*YRHMRK ;LMPIXLIJMKYVIWEVIRSXTYFPMWLIH MXMWYRHIVWXSSHXLEXXLI*VIRGL +SZIVRQIRXTVSZMHIWEHMVIGXERHWMKRMJMGERXKVERXXS3P]QTMG7TSVXWERH EXLPIXIW
*SVLMKLTIVJSVQERGIWTSVXJYRHMRKXLIEQSYRXSJ%QMPPMSR[EWQEHI EZEMPEFPIMR XLVSYKLXLI+SZIVRQIRX 7SYVGI %7'7YFQMWWMSRXSXLI'SQQSR[IEPXL+SZIVRQIRX¬W-RHITIRHIRX 6IZMI[SJ7TSVXMR%YWXVEPME 7SYVGISJJYRHMRK -REHHMXMSRXSHMVIGXKSZIVRQIRXJYRHMRK % PIZ]SRFIXWTPEGIHMRKEQIWQEXGLIWGSRHYGXIHMR*VERGIERHXLI SZIVWIEWHITEVXQIRXW F]XLI*VERq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
-RXLI'2(7LEHEFYHKIXSJ % QMPPMSR ERMRGVIEWISJ RIEVP] SR 7SYVGI [[[NIYRIWWIWTSVXWKSYZJVLSQITEKICWTSVXWC XLI SVKERMWEXMSRSJWTSVXMRJVERGICREXMSREPWTSVXWHIZIPSTQIRX GIRXVICREXMSREPWTSVXWHIZIPSTQIRXGIRXVIC LXQP *2(7 *SRHW2EXMSREPTSYVPI(IZIPSTQIRXHY7TSVX JYRHWWTSVXEX KVEWWVSSXWPIZIPERHTVSZMHIWIUYMTQIRXJSVVIKMSREPWTSVXWGPYFW -XEPWS JYRHW[SVOEKEMRWXHVYKEFYWIMRWTSVX -XWQEMREMQWEVIEWJSPPS[W -RGVIEWMRKTEVXMGMTEXMSRMRWTSVXF]XLIKVIEXQENSVMX] &IXXIVTVITEVMRKXLIWTSVXMRKIPMXIJSVQENSVMRXIVREXMSREPGSQTIXMXMSRW 6IMRJSVGMRK*VERGI¬WMRXIVREXMSREPWTSVXWVITYXEXMSR 7SYVGI [[[NIYRIWWIWTSVXWKSYZJVLSQITEKICWTSVXWC XLI SVKERMWEXMSRSJWTSVXMRJVERGICREXMSREPWTSVXWHIZIPSTQIRX GIRXVICREXMSREPWTSVXWHIZIPSTQIRXGIRXVIC LXQP
%44)2(-<
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8LI2EXMSREP-RWXMXYXIJSV7TSVXERH4L]WMGEP)HYGEXMSR -27)4§JSYRHIH STIVEXMRKYRHIVXLI1MRMWXV]JSV=SYXL7TSVXERH%WWSGMEXMSRWSJJIVW *VERGI¬W]SYRKEXLPIXIWXLIEFMPMX]XSGSQFMRIXVEMRMRK[MXLWGLSSP YRMZIVWMX]SVZSGEXMSREPIHYGEXMSR
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