More Related Content Similar to CSDRM.PM&E draft for consultation 10-02-11 Similar to CSDRM.PM&E draft for consultation 10-02-11 (20) More from Strengthening Climate Resilience More from Strengthening Climate Resilience (20) CSDRM.PM&E draft for consultation 10-02-111. !
!
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"
21.'3$*.2%1"#$%7'&&'&"%)"82&*&.'$"92&-":*1*3'+'1.4";02+*.'";/*13'"
!(*#.*.2%1"*1("8'5'0%#+'1.""
<*60*"=205*">200*16'5*""
"#$%&!'()!*(+,-./0/1(+!
2343545322!
<=">1.$%(67.2%1""
D/2&"#*#'$"2&"21.'1('(".%"&6##%$."./'"('5'0%#+'1."%)"*"<0*11213":%12.%$213"E"F5*06*.2%1"G<:EFH"
#$%7'&&" )%$" ./'" ;02+*.'" =+*$." 82&*&.'$" 92&-" :*1*3'+'1." G;=89:H" *##$%*7/?" I1" $'&#%1&'" .%" ./'"
1''(" )%$" *1" 21.'3$*.'(" *##$%*7/" .%" (2&*&.'$&4" ('5'0%#+'1." *1(" 702+*.'" 7/*13'4" ./'" ;=89:"
*##$%*7/"2&J""
*1" 21.'3$*.'(" &%72*0" ('5'0%#+'1." *1(" (2&*&.'$" $2&-" +*1*3'+'1." *##$%*7/" ./*." *2+&" &2+60.*1'%6&0K" .%"
.*7-0'" 7/*13213" (2&*&.'$" $2&-&4" '1/*17'" *(*#.25'" 7*#*72.K4" *(($'&&" #%5'$.K4" 'L#%&6$'4" 5601'$*M202.K" *1("
./'2$" &.$67.6$*0" 7*6&'&" *1(" #$%+%.'" '152$%1+'1.*00K" &6&.*21*M0'" ('5'0%#+'1." 21" *" 7/*13213" 702+*.'"
G:2.7/'00!6/!0.4"BACAH?"
"
D/'"*##$%*7/"#$%52('&"*"362('".%"&.$*.'327"#0*112134"#$%3$*++'"('5'0%#+'1."*1("#%027K+*-213"
*1(" &/%60(" M'" 6&'(" .%" *&&'&&" ./'" '))'7.25'1'&&" %)" 'L2&.213" 82&*&.'$" 92&-" :*1*3'+'1." G89:H"
#%0272'&4" #$%N'7.&" *1(" #$%3$*++'&" 21" ./'" 7%1.'L." %)" *" 7/*13213" 702+*.'?" I." 2&" 21.'1('(" )%$" ./%&'"
$'&#%1&2M0'")%$"+*1*3213"(2&*&.'$"$2&-&"*."1*.2%1*04"&6MO1*.2%1*0"%$"7%++612.K"0'5'0"*1("/*&"M''1"
('5'0%#'(" ./$%63/" 'L.'1&25'" 7%1&60.*.2%1" ,2./" #%027K+*-'$&" *1(" #$*7.2.2%1'$&" *." &67/" &7*0'&"
G:2.7/'00!6/!0.4"BACAH?"
"
:*1K"%)"./'"'0'+'1.&"%)"./'"*##$%*7/"*$'"1%."1',?"P%,'5'$4",/*."2&"1',"*M%6."./'"*##$%*7/"2&"
./*."2."M$213&"*"702+*.'"0'1&".%".$*(2.2%1*0"82&*&.'$"92&-":*1*3'+'1."MK"'+#/*&2&213"./'"1''(")%$"
21.'3$*.2%1" #$%7'&&'&?" I1" #*$.2760*$" 2." 2H" I1.'3$*.'&" 702+*.'" 21)%$+*.2%1" *1(" 617'$.*21.K" 21.%"
#0*11213Q" 22H" $'7%312R'&" ./*." 617'$.*21.K" $'S62$'&" 1'," ,*K&" %)" ,%$-213" T" '0*M%$*.'(" 61('$"
*(*#.25'" 7*#*72.KQ" 222H" /23/023/.&" ./*." *1K" 21.'$5'1.2%1" +6&." 7%1&2('$" 7*$M%1" '+2&&2%1&" .%" M'"
702+*.'"&+*$."*1("25H"2&"*"7*00".%"$')%76&"89:"'))%$.&"%1".*7-0213"#%5'$.K"*1("%./'$"$%%."7*6&'&"%)"
5601'$*M202.K?" D/'" ;=89:" *##$%*7/" &''-&" .%" 21.'3$*.'" ./'&'" *$'*&" %)" ,%$-" ./$%63/" &633'&.'("
*7.2%1&" *7$%&&" U" #200*$&J" .*7-0'" 7/*13213" (2&*&.'$" $2&-" *1(" 617'$.*21.2'&Q" '1/*17'" *(*#.25'"
7*#*72.2'&" *1(" *(($'&&" #%5'$.K" *1(" 5601'$*M202.K" *1(" ./'2$" &.$67.6$*0" 7*6&'&" G&''" #*3'" BH?" D/'"
*##$%*7/" 215%05'&" M$'*-213" %$3*12&*.2%1*0" &20%&4" ./'+*.27" M%61(*$2'&" *1(" M$213213" .%3'./'$"
(2))'$'1."#%027K"*$'1*&?"I."*0&%"#0*7'&"*(('("'+#/*&2&"%1"M620(213"*(*#.25'"7*#*72.K"*1("&.$*.'32'&"
.%"+*1*3'"617'$.*21.K"./$%63/"211%5*.2%1"*1("0'*$1213?""
"
V%$-" &.200" $'+*21&" 21" $')21213" ./'" 61('$&.*1(213" %)" ./'" ;=89:" *##$%*7/" 21" #$*7.27'" *1(" <:EF"
#0*K&4".%"./2&"'1(4"*"7$2.27*0"$%0'?"D/'"<:EF"7%1&2('$*.2%1&"*1("21(27*.%$&"#$'&'1.'("21"./2&"#*#'$"
*$'"21"021'",2./"./'"1''(")%$"21.'3$*.213"82&*&.'$"92&-"9'(67.2%14";02+*.'";/*13'"!(*#.*.2%1"*1("
8'5'0%#+'1." #$%7'&&'&?" !" &'." %)" #$2172#0'&" 2&" $'7%++'1('(" )%$" '&.*M02&/213" *" ;=89:" <:EF"
#$%7'&&?" D/'" %6.7%+'" %)" *##0K213" ./'&'" 7%1&2('$*.2%1&" 21" ./'" ;=89:" 7%1.'L." 2&" $')0'7.'(" 21" ./'"
<:EF" )$*+',%$-" *1(" ./'" 21(27*.%$&" #$'&'1.'(" 21" &'7.2%1" .,%?" D/'" #$2172#0'&4" )$*+',%$-" *1("
21(27*.%$&" #$'&'1.'(" /'$',2./" *$'" &633'&.'(" *&" *" M*&2&" )$%+" ,/27/" .%" )%$+" ./'" ;=89:" <:EF"
#$%7'&&?""
"
D/2&" #*#'$" M'321&" MK" *&&'&&213" ./'" 702+*.'" 7/*13'" 2+#027*.2%1&" )%$" #0*112134" +%12.%$213" *1("
'5*06*.2%1" #$%7'&&'&" 21" ./'" 7%1.'L." %)" ;=89:" #$%3$*++'&W#%0272'&?" I." ./'1" #$'&'1.&" ./'"
&633'&.'(";=89:"<:EF")$*+',%$-"*1("3$2("%)"21(27*.%$&?"D/'"+*.'$2*0"#$'&'1.'("21"./2&"$'52',"2&"
($*,1" )$%+" *1*0K&2&" %)" ./'" 76$$'1." 02.'$*.6$'" *1(" ('M*.'" %1" +%12.%$213" *1(" '5*06*.2%1" 21" *"
7/*13213" 702+*.'4" 7%1&60.*.2%1" ,2./" *" &'$2'&" %)" =;9" 7%1&%$.26+" +'+M'$&" *1(" )$%+" ./'" *6./%$&X"
%,1"'L#'$2'17'&"%)",%$-213"21"./'&'")2'0(&?""
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"#$%7'&&'&"%)"89:4";;!"*1("8'5'0%#+'1." C"
<*60*"=205*">200*16'5*?"8$*).")%$"7%1&60.*.2%1"@?AB?BACC?"
!
2. The Climate Smart Disaster
Risk Management Approach
Strengthening Climate Resilience
The questions in the approach are suggestions only and
there may well be others
1. Tackle changing disaster
risks and uncertainties 2. Enhance adaptive capacity
3. Address poverty & vulnerability
and their structural causes
1a 2a 3a
Strengthen collaboration and integration Strengthen the ability of people, Promote more socially just and
between diverse stakeholders working on organisations and networks to equitable economic systems
disasters, climate and development experiment and innovate
How are interventions challenging
To what extent are climate change How are the institutions, organisations injustice and exclusion and providing
adaptation, disaster risk management and and communities involved in equitable access to sustainable
development integrated across sectors and tackling changing disaster risks and livelihood opportunities? Have climate
scales? How are organisations working on uncertainties creating and strengthening change impacts been considered and
disasters, climate change and development opportunities to innovate and integrated into these interventions?
collaborating? experiment?
1b 2b 3b
Periodically assess the effects of Promote regular learning and reflection Forge partnerships to ensure the rights
climate change on current and future to improve the implementation of and entitlements of people to access
disaster risks and uncertainties policies and practices basic services, productive assets and
common property resources
How is knowledge from meteorology, Have disaster risk management policies
climatology, social science, and and practices been changed as a result What networks and alliance are in
communities about hazards, of reflection and learning-by-doing? Is place to advocate for the rights and
vulnerabilities and uncertainties being there a process in place for information entitlements of people to access basic
collected, integrated and used at and learning to flow from communities to services, productive assets and common
different scales? organisations and vice versa? property resources?
1c 2c 3c
Integrate knowledge of changing risks Ensure policies and practices to tackle Empower communities and local
and uncertainties into planning, policy changing disaster risk are flexible, authorities to influence the decisions
and programme design to reduce the integrated across sectors and scale and of national governments, NGOs,
vulnerability and exposure of people’s have regular feedback loops international and private sector
lives and livelihoods organisations and to promote
What are the links between people
accountability and transparency
How is knowledge about changing and organisations working to reduce
disaster risks being incorporated into changing disaster risks and uncertainties To what extent are decision-making
and acted upon within interventions? at community, sub-national, national structures de-centralised, participatory
How are measures to tackle uncertainty and international levels? How flexible, and inclusive? How do communities,
being considered in these processes? accountable and transparent are these including women, children and other
How are these processes strengthening people and organisations? marginalised groups, influence decisions?
partnerships between communities, How do they hold government and other
governments and other stakeholders? organisations to account?
1d 2d 3d
Increase access of all stakeholders Use tools and methods to plan for Promote environmentally sensitive
to information and support services uncertainty and unexpected events and climate smart development
concerning changing disaster
What processes are in place to support How are environmental impact assessments
risks, uncertainties and broader
governments, communities and other including climate change? How are
climate impacts
stakeholders to effectively manage development interventions, including
How are varied educational approaches, the uncertainties related to climate ecosystem-based approaches, protecting and
early warning systems, media and change? How are findings from scenario restoring the environment and addressing
community-led public awareness planning exercises and climate-sensitive poverty and vulnerability? To what extent are
programmes supporting increased vulnerability assessments being the mitigation of greenhouse gases and low
access to information and related integrated into existing strategies? emissions strategies being integrated within
support services? development plans?
Figure 1: The Climate Smart Disaster Risk Management Approach
Strengthening Climate Resilience 4
3. !
!
?="!&&'&&213"./'"702+*.'"7/*13'"2+#027*.2%1&")%$"#0*112134"+%12.%$213"*1("'5*06*.2%1"#$%7'&&'&"
21"./'"7%1.'@."%)";A89:""
<0*112134":%12.%$213"*1("F5*06*.2%1"G<:EFH"/*&"M''1"7%1&.*1.0K"'5%05213"*&"2."/*&"/*(".%"$'&#%1("
.%" 7/*13213" 7%17'#.6*02R*.2%1&" %)" ('5'0%#+'1." *1(" ./'" 5*$2%6&" .K#'&" %)" *3'17K" 215%05'(" GF13'0"
*1(" ;*$0&&%1" BAABH?" D$*(2.2%1*00K4" :EF" ,*&" *1" *7.252.K" M*&'(" +*1*3'+'1." .%%0" )%76&'(" %1"
*&&'&&213"%6.#6.&?"9'7'1."K'*$&"/*5'"&''1"*"+*N%$"#6&/".%,*$(&"3$'*.'$"*77%61.*M202.K"*1("$'&60.O
M*&'("+*1*3'+'1."*##$%*7/'&"21"./'"('025'$K"%)"('5'0%#+'1."7%%#'$*.2%1"#$%N'7.&"GYZ8<"BAA[H?""
"
D/'"YZ8<":EF"/*1(M%%-"GYZ8<"BAA@H"(2))'$'1.2*.'&"+%12.%$213")$%+"'5*06*.2%1"*&")%00%,&J""
7(+1/()1+8"2&"*"7%1.216213")617.2%1"./*."#$%52('&"./'"+*1*3'+'1."*1("+*21"&.*-'/%0('$&"%)"
*1"%13%213"21.'$5'1.2%1",2./"'*$0K"21(27*.2%1&"%)"#$%3$'&&4"%$"0*7-"./'$'%)4"21"./'"*7/2'5'+'1."%)"
$'&60.&?"D/'"+*21"%MN'7.25'"%)"./'"+%12.%$213")617.2%1"2&".%".$*7-"7/*13'&")$%+"M*&'021'"7%1(2.2%1&?"!
9:0.-0/1(+" 2&" *" &'0'7.25'" 'L'$72&'" ./*." *..'+#.&" .%" &K&.'+*.27*00K" *1(" %MN'7.25'0K" *&&'&&"
#$%3$'&&".%,*$(&"*1("./'"*7/2'5'+'1."%)"*1"%6.7%+'?"F5*06*.2%1"2&"1%."*"%1'O.2+'"'5'1.4"M6."*1"
'L'$72&'"215%05213"*&&'&&+'1.&"%)"(2))'$213"&7%#'"*1("('#./"7*$$2'("%6."*."&'5'$*0"#%21.&"21".2+'"21"
$'&#%1&'".%"'5%05213"1''(&")%$"'5*06*.25'"-1%,0'(3'"*1("0'*$1213"(6$213"./'"'))%$.".%"*7/2'5'"*1"
%6.7%+'?""
" "
I1"&/%$.4"+%12.%$213"#$%52('&"21)%$+*.2%1"%1",/'$'"*"#$%3$*++'"2&"*."*"325'1".2+'"$'0*.25'".%"./'"
$'&#'7.25'" .*$3'.&?" F5*06*.2%1" 325'&" ./'" '52('17'" %)" ,/*." .*$3'.&" /*5'" M''1" *7/2'5'(" *1(" ./'"
2+#*7."%)"./%&'"21"./'"#$%3$*++'"*$'*"*1("2."*2+&".%"'5*06*.'"./'"&677'&&"%)"21.'$5'1.2%1&?":EF"
)$*+',%$-&" *$'" ('5'0%#'(" %1" ./'" M*&2&" %)" 21(27*.%$&" ,/27/" #$%52('" ./'" +'*1&" .%" +'*&6$'"
*7/2'5'+'1." GF;8" BAABH?" I1(27*.%$&" 7*1" M'" S6*02.*.25'" %$" S6*1.2.*.25'" *1(" ./'&'" *$'" 6&'(" .%"
+'*&6$'" %6.#6.&4" #$%3$'&&" *1(" %6.7%+'&" %)" *" #*$.2760*$" #$%3$*++'?" V2./21" ('5'0%#+'1."
#$%3$*++'&4" ./'" &.*1(*$(2R'(" )%$+" %)" ('&231213" 21(27*.%$&" 2&" M*&'(" %1" ./'" =:!9D" 7$2.'$2*" G]F^"
BAA_4"8^I8"BACA4"YZ8<"BAA@HJ"=#'72)274":'*&6$*M0'4"!..*21*M0'4"9'0'5*1."*1("D2+'OM%61(?""
!&"*"$'&60.4":EF"2&",2('0K"#'$7'25'("*1("6&'("*&"*"``.$*7-213".%%0XX4",/27/".'00&"6&"/%,")*$",'"*$'"
)$%+"%6$"%MN'7.25'4"*1("*0&%"*&"*"``+'*&6$213".%%0XX4",/27/".'00&"6&"/%,"&677'&&)60",'"/*5'"M''1"21"
%6$",%$-?"I1"./'"7%1.'L."%)"702+*.'"7/*13'4"/%,'5'$4".,%"7$2.27*0"2+#027*.2%1&"*$2&'?"^2$&.4"./'$'"2&"
./'"61('$0K213"*&&6+#.2%1"./*.",'"-1%,"*1("7*1"+'*&6$'"2+#*7."*1("#$%3$'&&"./$%63/"%MN'7.25'"
5*$2*M0'&" *1(" ,'" 7*14" .%" *" $'*&%1*M0'" ('3$''4" #$'(27." ./'" 2+#*7." %)" ./'" #$%3$*++'&" (6$213" ./'"
('&231"&.*3'&?"P%,'5'$4"702+*.'"7/*13'"+'*1&"025213",2./"/23/"0'5'0&"%)"617'$.*21.K"*1("`&6$#$2&'"
'5'1.&X"*1("./'$')%$'"*&&6+213"./*.",/*.";6!<+(;"+*K"1%"0%13'$"M'"5*02(?"a25213",2./"617'$.*21.K"
7/*00'13'&" %6$" #0*112134" #$%3$*++213" *1(" +%12.%$213" *1(" '5*06*.2%1" G<:EFH" #$*7.27'&?" I1"
#*$.2760*$4",/*."(%'&"025213",2./"617'$.*21.K"+'*1")%$"%6$".$*(2.2%1*0"<:EF"*##$%*7/'&"./*.")%76&"
%1"+'*&6$213"#$%3$'&&"*3*21&."M*&'021'&4"21(27*.%$&"*1("#$'O('.'$+21'("$'&60.&b"""
"
D/'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)";=89:"21.'$5'1.2%1&"$'S62$'&"$'7%312R213"./'"&#'72)27"
)'*.6$'&" %)" ,%$-213" 21" *" 7/*13213" 702+*.'" *1(" ./'1" *77%++%(*.213" ./'&'" +'./%(%0%327*00K?" I1"
%./'$",%$(&4"21"%$('$".%"+'*1213)600K"#0*14"+%12.%$"*1("'5*06*.'";=89:"2."2&"$'S62$'(".%"$'O./21-"
%6$" :EF" #$*7.27'&?" c*&'(" 6#%1" $'7'1." 02.'$*.6$'" 'L#0%$213" :EF" #$%7'&&'&" 21" *" 7/*13213" 702+*.'"
G!(3'$! 6/! 0.4" BAAd4" YZ8<" *1(" ]F^" BAAe4" >*0'172*" BAA@4" P'(3'$! 6/! 0.4" BAAf4" c'*602'6! 6/! 0.4" BAA@4"
c*$1'.."*1("gZ'20"BACA4"V%$0("c*1-"BACA4"=205*O>200*16'5*"BACAH4"2."2&"#$%#%&'("./*."./'";=89:"
<:EF")$*+',%$-4"#$%7'&&"*1("2.&"21(27*.%$&"&/%60("'+M$*7'"./'")%00%,213"!8!<D"#$2172#0'&"=>1.:0?
@1..0+-6:0!5323A?""
!B0C/1:6!?!%(D-,6,!(+!0B0C/1:6!.60)+1+8!;E1DE!6FCE0,1G6,!/E6!+66B!'()!F6/E(B(.(81D0.!'.6H1I1.1/J!
0+B!/)10+8-.0/1(+!=#66B!6/!0.4!533KA!0+B!0B0C/1+8!/E6!L7M9!')0F6;()<!/(!BJ+0F1D!0+B!
E6/6)(86+6(-,!.(D0.!D(+B1/1(+,4!
"
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"#$%7'&&'&"%)"89:4";;!"*1("8'5'0%#+'1." U"
<*60*"=205*">200*16'5*?"8$*).")%$"7%1&60.*.2%1"@?AB?BACC?"
!
4. !
!
D/'"0*7-"%)"'+#2$27*0"'52('17'"*&".%",/*."(%'&"*1("(%'&"1%.",%$-"21"*"7/*13213"702+*.'"$'S62$'&"
+%12.%$213" *1(" '5*06*.2%1" G:EFH" +'./%(%0%32'&" ./*." *$'" )0'L2M0'" *1(" '+#/*&2R'" 0'*$1213?"
P%,'5'$4".$*(2.2%1*0":EF")$*+',%$-&".'1(".%")%76&"%1"./'"2+#*7.&"*1("%6.7%+'&"%)"('5'0%#+'1."
21.'$5'1.2%1&?" P%,'5'$4" ./'" 617'$.*21.2'&" *1(" 0'13./K" .2+'&7*0'&" *&&%72*.'(" ,2./" 702+*.'" 7/*13'"
2+#*7.&" (%" 1%." #'$+2." .%" '5*06*.'" ./'" ;=89:" +'*&6$'&" *1(" &.$*.'32'&" 0%13O.'$+" G!(3'$! 6/! 0.4"
BAAe4" P'(3'$! 6/! 0.4" BAAf4" ^$*1-'0O9''(! 6/! 0.4" BAA@H?" I1" *((2.2%14" *" )%76&" %1" %6.7%+'&" .'1(&" .%"
&.$'&&" ./'" '5*06*.2%1" %)" ./'" `('025'$KX" %)" #$%3$*++'" 21.'$5'1.2%1&" '?3?" /%," +*1K" .$*21213"
#$%3$*++'&" /*5'" M''1" 7*$$2'(" %6." %$" /%," +*1K" #*$.272#*1.&" /*5'" M''1" .$*21'(4" &2('021213" ./'"
0%13O.'$+"('5'0%#+'1.*0"7%1.'L."2('1.2)K213")*7.%$&"./*."'1*M0'"%$"7%1&.$*21"7%++612.K"*7.2%1?"
"
I1"%$('$".%"&6##%$."*(*#.25'"+*1*3'+'1."*1("0'*$1213"./'"<:EF")%$"./'";=89:"*##$%*7/"1''(&"
.%" )%76&" %1" %1'" &#'72)27" .K#'" %)" $'&60.J" %6.7%+'&" *&" 7/*13'&" 21" 89:" #$*7.27'?" 6.7%+'&" *$'"
(')21'("/'$'"*&"7/*13'&"21"89:"#$%7'&&'&4"#$*7.27'4"#%027K"*1("*7.2%1?"D/'&'"7/*13'&"*$'"*2+'("*."
2+#$%5213" 21.'3$*.2%1" #$%7'&&'&4" ,/27/" ,200" 21" .6$1" '1*M0'" ./'" *7/2'5'+'1." %)" ('5'0%#+'1."
%MN'7.25'&" 61('$" 7/*13213" 702+*.'" 7%1(2.2%1&?" " !" &/2)." 21" )%76&" .%" ./'" 7/*13'&" 21" ./'" #$%7'&&'&"
*00%,&")%$"*"/%02&.27"+%12.%$213"*1("'5*06*.2%1"*##$%*7/"./*."*77%61.&")%$"7%+#0'L"*1("617'$.*21"
&7'1*$2%&",2./21",/27/";=89:"#$%7'&&'&",200".*-'"#0*7'?"FS6*00K"2+#%$.*1.4"*")%76&"%1"#$%7'&&'&"
'1*M0'&")0'L2M0'"C.0++1+8"%)"#$%3$*++'&"*1("#%0272'&"./*."7*1"('*0",2./"617'$.*21.K"*1("7/*13213"
&7'1*$2%&?""
"
Y1('$&.*1(213" %6.7%+'&" *&" 7/*13'&" 21" 89:" #$*7.27'" *1(" #%027K" 7*00&" )%$" ./'" 1''(" %)" +%12.%$213"
*1(" '5*06*.213" ./'" #$%7'&&'&" *1(" %6.7%+'&" ./*." 7%+'" *M%6." *&" *" $'&60.?" D/*." 2&4" .%" +%12.%$" ./'"
*7.6*0" #$%7'&&'&" W" ,*K&" %)" ,%$-213" *1(" ./'" %6.7%+'&" ./*." '1&6'?" D/'$'" *$'" *" 16+M'$" %)"
*##$%*7/'&" ./*." 7%60(" M'" 6&'(" .%" ('5'0%#" ;=89:" :EF" 21(27*.%$&" M*&'(" %1" ./'" 899" *1("
*(*#.*.2%1" :EF" 02.'$*.6$'" Gc'*602'6! 6/! 0.4" BAA@4" YZ8<" BAAd4" YZ8<" *1(" ]F^" BAAe4" D,233" BAAe4"
P*$0'K! 6/! 0.4" BAAf4" V%$0(" c*1-" BACAHH?" P%,'5'$4" )%$" ./'" $'*&%1&" &#'72)2'(" *M%5'4" *" /KM$2("
)$*+',%$-"%)"%6.7%+'"*1("#$%7'&&OM*&'(!21(27*.%$&",200"*00%,"./'"21.$%(67.2%1"%)"1',"21)%$+*.2%1"
*1(" *7.252.2'&" .%" &/*#'" ./'" 7%6$&'" %)" *(*#.*.2%1" *." 0*.'$" &.*3'&" )%00%,213" 217$'+'1.*0" $'52',&"
G*(*#.25'"+*1*3'+'1.H"*1(".%"'5*06*.'"./'"#$%3$'&&"%)";=89:"21.'$5'1.2%1&?"D/'"61('$&.*1(213"
%)"%6.7%+'&"*&"7/*13'&"21"#$*7.27'"*0&%"$'S62$'&"#*K213"*..'1.2%1".%"./'"('72&2%1O+*-213"#$%7'&&'&"
*1("./'"760.6$*0"*1("M'/*52%6$*0")*7.%$&"./*."+*K")*7202.*.'"%$"7%1&.$*21";=89:"#$%7'&&'&?""
"
"
#J+0F1D!?!9,/0I.1,E6,!BJ+0F1D!I0,6.1+6,!0+B!C)(:1B6,!)60.!/1F6!'66BI0D<!/(!1+'()F!C)0D/1D6!!
"
;=89:" #$%7'&&'&" ,200" .*-'" #0*7'" *3*21&." *" M*7-($%#" %)" '5%05213" 702+*.'" /*R*$(&4" ,/27/" +*K"
M'7%+'"+%$'")$'S6'1.4"&'5'$'"*1("61#$'(27.*M0'?""^$%+"*"<:EF"#'$&#'7.25'4"M*&'021'"21)%$+*.2%1"
1''(&".%"21706('"702+*.'"5*$2*M202.K"*1("/*R*$(&?"P%,'5'$4"/*R*$(&"*$'"*0,*K&"7/*13213"21"./'"023/."
%)" 1'," 702+*.27" 7%1(2.2%1&" T&%" ./*." <:EF" ,200" .*-'" #0*7'" *3*21&." *" `+%5213" .*$3'.X?" h'K"
2+#027*.2%1&J" 2H" ;=89:" +6&." M'" *&&'&&'(" *3*21&." 7/*13213" /*R*$(" #$%)20'&Q" 22H" ;02+*.'" (*.*" 2&"
21(2&#'1&*M0'"21"&'..213"./'"7%1.'L."%)"*"#$%N'7.W#%027K"*1("#0*11213Q"222H"617'$.*21.K"*M%6."702+*.'"
(*.*"+'*1&"./*.";=89:",200".*-'"#0*7'"21"/23/0K"617'$.*21"&7'1*$2%&?"";%1.216%6&0K".$*7-213"702+*.'"
(*.*" 1''(&" .%" M'" *" -'K" #*$." %)" ./'" ;=89:" *##$%*7/4" ,/27/" 1''(&" .%" M'" )0'L2M0'" '1%63/" .%"
217%$#%$*.'"*1K"$'S62$'("7/*13'&"M')%$'4"(6$213"*1("*).'$"#$%3$*++'"2+#0'+'1.*.2%1?"D/'"*M202.K"
.%"('*0",2./"617'$.*21.K"*1("./'"(K1*+27&"%)"./'"7/*13213"'152$%1+'1."./'$')%$'"M'7%+'&"*"-'K"
7%+#%1'1."%)"./'"<:EF"#$%7'&&?""
"
!D/1:6! ?! $+! (+8(1+8! C)(D6,,! /E0/! 6:(.:6,! 0,! -+B6),/0+B1+8! ('! /E6! ,1/-0/1(+! 1FC)(:6,N! DE6D<,! 0+B!
)6D/1'16,!C(,,1I.6!F0.0B0C/0/1(+!0+B!,60)DE6,!'()!1++(:0/1:6!,/)0/6816,!"
!
D/'"1*.6$'"%)";=89:"$'S62$'&"*7.25'"$*./'$"./*1"&.*.27"<:EF"#$%7'&&'&?"!1"*7.25'"#$%7'&&".*-'&"
21.%"*77%61."./'"G%$2321*00KH"#0*11'("*7.252.2'&4"*&",'00"*&"./'"61#0*11'(4"61'L#'7.'("'5'1.&"*1("
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"#$%7'&&'&"%)"89:4";;!"*1("8'5'0%#+'1." ["
<*60*"=205*">200*16'5*?"8$*).")%$"7%1&60.*.2%1"@?AB?BACC?"
!
5. !
!
217%$#%$*.'&"1',"21)%$+*.2%1"*1("-1%,0'(3'4",/27/"+*K"$'S62$'"*"&.$*.'327"7/*13'"%)"./'"%5'$*00"
&.$*.'3K" %$" *##$%*7/?" ]25'1" ./'" /23/" ('3$''" %)" 617'$.*21.K" 21" M%./" 702+*.'" *1(" &%72%O'7%1%+27"
&7'1*$2%&4" *&" 1'," 21)%$+*.2%1" M'7%+'&" *5*20*M0'" *1(" %6$" 61('$&.*1(213" %)" ;=89:" #$%7'&&'&"
2+#$%5'&4" 'L2&.213" &.$*.'32'&" ,200" 1''(" .%" M'" $'52','(" *1(" 6#(*.'(?" ^6$./'$+%$'4" ./'" #0*112134"
+%12.%$213" *1(" '5*06*.2%1" %)" ;=89:" /*&" .%" 7%1&2('$" #%&&2M0'" .$*('O%))&" *1(" &K1'$32'&" 215%05'("
,2./" ./'" 2+#0'+'1.*.2%1" %)" ;=89:" *7.2%1&?" Z%" &2130'" *7.%$" %$" 21.'$5'1.2%1" 7%60(" #%&&2M0K"
21.'3$*.'"'5'$K"%1'"%)"./'".,'05'"*7.2%1&"%)"./'"*##$%*7/?"P%,'5'$4"2."M'7%+'&"7$672*0".%"70%&'0K"
+%12.%$",/'./'$"*1"2+#$%5'+'1."*3*21&."*"#*$.2760*$"*7.2%1"#%21."$'&60.&"21"*"#%&2.25'"%$"1'3*.25'"
'))'7." %1" %./'$&?" !" )600K" *7.25'" *1(" )0'L2M0'" *##$%*7/" 2&" $'S62$'(" .%" *5%2(" ;=89:"
#$%3$*++'&W#%0272'&" )$%+" M'7%+213" `0%7-'(" 21.%X" #%0272'&" *1(" #$%7'(6$'&" ./*." +*K" #$%5'"
21*##$%#$2*.'"21"./'"+2(O".%"0%13O.'$+"Gc$%%-&"*1("!(3'$"BAA[H"
$0)/1D1C0/()J!?!9+,-)6,!0D/1:6!1+:(.:6F6+/!1+!/E6!C.0++1+8N!F(+1/()1+8!0+B!6:0.-0/1(+!C)(D6,,!('!
C0)/+6),N!D(..0I()0/(),!0+B!('!/E(,6!;1/E!0!,/0<6!1+!/E6!C)(8)0FO!Y1('$&.*1(&"./'"&%72*04"760.6$*0"
*1("#'$&%1*0"2&&6'&"&67/"*&"5*06'&4"7%1)2('17'4"+%.25*.2%14"$2&-"#'$7'#.2%1")$%+",/27/"M%..%+"6#"
21(27*.%$&"+*K"M'"('5'0%#'(Q!
"
!."./'"7%$'"%)"./'";=89:"*##$%*7/"02'&"./'"$'7%312.2%1"./*."21"./'"7%1.'L."%)"./'"7/*13213"702+*.'4"
./'$'" 2&" *" 1''(" .%" 7/*13'" 76$$'1." 89:" #$*7.27'&" *1(" ,*K&" %)" ,%$-213" G:2.7/'00! 6/! 0.4" BACAH?" I1"
%./'$" ,%$(&4" ;=89:" 2&" *M%6." 7/*13'?" a'*$1213" *M%6." 0%7*0" 7%1(2.2%1&" *1(" 0%7*0" #'%#0'X&"
#'$&#'7.25'&"*1("#$2%$2.2'&"2&"-'K".%"('&231213"+%$'"$'&#%1&25'"*1("&6&.*21*M0'";=89:"*##$%*7/'&?"
cK" '17%6$*3213" &.*-'/%0('$" #*$.272#*.2%1" M'K%1(" (*.*" 3*./'$2134" #*$.272#*.%$K" <:EF" &/%60("
#$%+%.'" &'0)O$'02*17'" 21" ('72&2%1" +*-213" *1(" #$%M0'+" &%05213" T" ./'$'MK" &.$'13./'1213" #'%#0'g&"
7*#*72.2'&".%".*-'"*7.2%1"*1("#$%+%.'"7/*13'"G]*5'1.*"*1("c0*6'$."BAAA4"]62N."BAAeH?"<*$.272#*.%$K"
<:EF"&.$25'&".%"M'"*1"21.'$1*0"0'*$1213"#$%7'&&"./*."'1*M0'&"#'%#0'".%"$')0'7."%1"#*&."'L#'$2'17'4"
'L*+21'"#$'&'1."$'*02.2'&4"$'52&2."%MN'7.25'&4"*1("(')21'")6.6$'"&.$*.'32'&4"MK"$'7%312R213"(2))'$'1."
1''(&"%)"&.*-'/%0('$&"*1("1'3%.2*.213"./'2$"(25'$&'"70*2+&"*1("21.'$'&.&"GF&.$'00*"BAAAH?"I1"&/%$.4"*"
#*$.272#*.%$K" <:EF" #$%7'&&" 2&" )0'L2M0'" *1(" *(*#.25'" .%" 0%7*0" 7%1.'L.&" *1(" *(($'&&'&" ./'"
72$76+&.*17'&"*1("./'"7%17'$1&"%)"&.*-'/%0('$&?""
"
%E()(-8E! ?! *0C/-)6,! /E6! ;1B6)! (C6)0/1(+0.! 6+:1)(+F6+/! 0+B! 0DD(-+/,! '()! -+B6).J1+8! D0-,6,! ('!
:-.+6)0I1.1/J!!
"
D/'" 'L.'1." .%" ,/27/" ;=89:" #$%7'&&'&" *$'" .*-'1" 6#" +*K" ('#'1(" %1" #$%7'&&'&" %5'$" *" $*13'" %)"
&7*0'&?" !0./%63/" ./'" ;=89:" *##$%*7/" /*&" M''1" ('&231'(" .%" &6##%$." #%027K" *1(" #$%3$*++213" *."
(2))'$'1." 0'5'0&4" ;=89:" #$%7'&&'&" *7$%&&" (2))'$'1." 0'5'0&" *$'" 1%." 21('#'1('1.?" ^%$" 'L*+#0'4"
;=89:"#$%7'&&'&"*."#$%3$*++'"0'5'0"('#'1(".%"&%+'"('3$''"%1"./'"'1*M0213"'152$%1+'1."%)"./'"
)61(213" 7%++612.K" *1(W%$" 1*.2%1*0" #%027K" )$*+',%$-&?" ^%$" ./2&" .%" M'" 7*#.6$'(4" <:EF" 1''(&" .%"
$')0'7."21(27*.%$&"./*."-''#".$*7-"%)"./'"0*$3'$"%#'$*.2%1*0"'152$%1+'1.",2./21",/27/";=89:".*-'&"
#0*7'?""D/2&",200"&6##%$."*"(''#'$"61('$&.*1(213"%)",/'./'$";=89:".*-'&"#0*7'"*1(".%",/*."'L.'1."
*1(",/K?""
?="8'5'0%#213"./'";A89:"B:CD")$*+',%$-"*1("2.&"21(27*.%$&""
542!PIQ6D/1:6!!
D/'";=89:"<:EF"21.'3$*.'&"#0*112134"+%12.%$213"*1("'5*06*.2%1"21"%$('$".%")*7202.*.'"21.'3$*.2%1"
#$%7'&&'&"*7$%&&"./'"./$''"#200*$&"%)"./'";=89:"*##$%*7/?"D/'"-'K"%MN'7.25'&"%)"./'";=89:"<:EF"
*$'J"
O .%" &6##%$." #0*11213" #$%7'&&" %)" %13%213" %$" 1'," 89:" #%0272'&" *1(" #$*7.27'" .%" 21.'3$*.'"
*7.2%1&"*7$%&&"./'"./$''"#200*$&"%)"./'"*##$%*7/""
O .%" )*7202.*.'" ./'" +%12.%$213" *1(" '5*06*.2%1" #$%7'&&'&" ./*." &6##%$." 0'*$1213" *$%61("
21.'3$*.2%1"*1(".%"3'1'$*.'"*1"'52('17'OM*&'("%)";=89:"21"#$*7.27'?""
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"#$%7'&&'&"%)"89:4";;!"*1("8'5'0%#+'1." d"
<*60*"=205*">200*16'5*?"8$*).")%$"7%1&60.*.2%1"@?AB?BACC?"
!
6. !
!
"
D/'";=89:"<:EF")$*+',%$-"*1("2.&"21(27*.%$&"/*5'"M''1"('&231'(".%"#0*14"+%12.%$"*1("'5*06*.'"
M%./" #%027K" *1(" *7.2%1&?" D/'&'" *$'" 21.'1('(" .%" &6##%$." &.$*.'327" #0*112134" #%027K+*-213" *1("
#$%3$*++'"&.*))".%"*&&'&&"./'"'))'7.25'1'&&"%)"'L2&.213"89:"#%0272'&4"#$%N'7.&"*1("#$%3$*++'&"21"
./'" 7%1.'L." %)" *" 7/*13213" 702+*.'?" I." ,200" (%" &%" MK" #$%52(213" *" &'." %)" 21(27*.%$&" ./*." )*7202.*.'" ./'"
#0*11213"#$%7'&&"*1("+'*&6$'"#$%3$'&&"*3*21&."./'";=89:"*7.2%1"*$'*&"*1("0'5'0&"%)"21.'3$*.2%1?"
I1"./2&",*K4"./'"<:EF"%))'$&"*1"%##%$.612.K".%"+%5'".%,*$(&"*"#$*7.27*0"*##027*.2%1"%)";=89:"*1("
.%"*"M'..'$"61('$&.*1(213"%)"./'"#$%7'&&'&"./*."&/*#'"2.?""
"
545!&E6!*>"#7!L7M9!')0F6;()<!!
!"<:EF")$*+',%$-"#$%52('&"*"+'./%(".%")$*+'4"%$3*12R'"*1("7%00'7."(*.*?"D/'"&.*$.213"#%21.")%$"
./'"('5'0%#+'1."%)"*1("<:EF")$*+',%$-"2&"1*.6$*00K".%"*&-")2$&.J",/*."*$'",'".$K213".%"*7/2'5'b"
*1("&'7%1(4"/%,"*$'",'".$K213".%"*7/2'5'"2.b""
"
D/'" %5'$*$7/213" 3%*0" %)" ./'" ;=89:" *##$%*7/" 2&" .%" M620(" 702+*.'" $'&202'17'" MK" &2+60.*1'%6&0K"
.*7-0213" 7/*13213" (2&*&.'$" $2&-&4" '1/*17213" *(*#.25'" 7*#*72.K4" *(($'&&213" #%5'$.K4" 'L#%&6$'4"
5601'$*M202.K"*1("./'2$"&.$67.6$*0"7*6&'&"*1("#$%+%.213"'152$%1+'1.*00K"&6&.*21*M0'"('5'0%#+'1."
21" *" 7/*13213" 702+*.'?" D%" ./2&" '1(4" ./'" ;=89:" *##$%*7/" &633'&.&" &2+60.*1'%6&" *7.2%1" *7$%&&" CB"
*7.2%1"#%21.&"*7$%&&"./'"./$''"#200*$&?"I1"%$('$".%"+'*1213)600K"#0*14"+%12.%$"*1("'5*06*.'";=89:"
#$%7'&&'&4"./'";=89:"<:EF")$*+',%$-"&/%60("&6##%$."./'J""
"
CH !&&'&&+'1.4"+%12.%$213"*1("'5*06*.2%1"%)";=89:"
GUH">F9!aa";=89:""
*7.2%1"#%21.&"
BH !&&'&&+'1.4"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"
%)"*7.2%1"#%21.&"*7$%&&"G/%$2R%1.*0"21.'3$*.2%1H"*1(" GBH"I1.'3$*.2%1"#$%7'&&'&"
,2./21"G5'$.27*0"21.'3$*.2%1H"./'"./$''"#200*$&"" *7$%&&"*1(",2./21"#200*$&""
UH F5*06*.2%1"%)"%5'$*00"0'5'0&"%)"21.'3$*.2%1"21"#%027K4"
#0*11213"*1("#$%3$*++213?"I1"%./'$",%$(&4",'"*$'" GCH";=89:"*7.2%1"
1%."%10K"21.'$'&.'("21"+%12.%$213"*1("'5*06*.213"./'" #%21.&""
#$%3$'&&"%1"2+#0'+'1.*.2%1"%)"./'"*##$%*7/"M6."*0&%"
21"'5*06*.213"./'"#$%3$*++'&XW%$3*12R*.2%1&X"%5'$*00"
702+*.'"&+*$."*##$%*7/"T"./*."2&"T"./'"0'5'0"%)"21.'3$*.2%1?"
""
"
!&"/23/023/.'("21"./'"&'7.2%1"*M%5'"*"-'K")'*.6$'"%)";=89:"#$%7'&&'&"*1("#$*7.27'&"2&"./*."./'&'"
*$'" ('#'1('1." %1" ./'" M$%*('$" %#'$*.2%1*0" '152$%1+'1." ,2./21" ,/27/" %$3*12R*.2%1&" %#'$*.'?"
<0*112134" :%12.%$213" *1(" F5*06*.213" 21.'3$*.2%1" #$%7'&&'&" 1''(&" *0&%" .%" .*-'" %1" M%*$(" ./'"
61'L#'7.'(" '5'1.&" *1(" *7.2%1&" MK" %./'$&" ./*." +*K" 7/*13'" ./'" 7%1.'L." 21" ,/27/" ;=89:" %776$&?""
P'17'4" 21" %$('$" .%" '1&6$'" ./*." ./'" ;A89:" B:CD" )$*+',%$-" &6##%$.&" 0'*$1213" *1(" #$%52('&"
&#*7'")%$"3*./'$213"'52('17'E&F4"./'$'"2&"*"7$672*0"1''(".%"61('$&.*1(4"+%12.%$"*1("'5*06*.'"./'"
G$%*('$" %#'$*.2%1*0" '152$%1+'1." ,2./21" ,/27/" 7%++612.2'&H" 025'I#$%3$*++'&" .*-'" #0*7'="
!1*0KR213" 21.'$1*0" *1(" 'L.'$1*0" (*.*" ,200" $'S62$'" $')0'7.2%1" %1" ./'" '152$%1+'1." ,2./21" ,/27/"
%$3*12R*.2%1&" %#'$*.'" 21" %$('$" .%" 7%1.'L.6*02R'" ./'" ;=89:" #$%7'&&'&" *1(" ./'" *7/2'5'+'1.&" %$"
)*206$'&"./*."7%+'"*&"*"$'&60.?"P'17'4"*"702+*.'"&+*$."89:"#$%3$*++'W%$3*12R*.2%1",200"$'360*$0K"
+%12.%$" 2.&" 21.'$1*0" *1(" 'L.'$1*0" '152$%1+'1." )%$" 21)%$+*.2%1" *1(" 2&" #$%*7.25'" 21" *(*#.213" 2.&"
&.$*.'3K"*77%$(2130K?"I."2&"#$%#%&'("./*."(*.*"7%00'7.2%1"#$%7'&&'&"*1("./'"*1*0K&2&"%)"'*7/"%)"./'"
2('1.2)2'(";=89:"21(27*.%$&"G&''"#*3'"fH4"*$'"7%+#0'+'1.'("MK"*"$'52',"%)"./'")%00%,213J"!
"
"
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"#$%7'&&'&"%)"89:4";;!"*1("8'5'0%#+'1." _"
<*60*"=205*">200*16'5*?"8$*).")%$"7%1&60.*.2%1"@?AB?BACC?"
!
7. !
!
• B%,'$"8J1*+27&K"P%,"/*&"./'"'L.'$1*0"7%1.'L."O"./'"/2&.%$27*04"760.6$*04"#%02.27*0"*1("
21&.2.6.2%1*0" '152$%1+'1.4" *1(" ./'" 7%1&.$*21.&" *1(" %##%$.612.2'&" ./'K" 7$'*.'" O"
21)06'17'("./'"2+#0'+'1.*.2%1"%)";=89:b"P%,"/*5'"%6.&2('$&"21)06'17'("./'"#$%7'&&"
%)"7/*13'b"
"
• A.*-'/%0('$&" E7%312.25'IG'/*52%6$*0" )*7.%$&FJ" V/*." /*&" M''1" ./'" 21)06'17'" %)"
&.*-'/%0('$&" &67/" *&" M'1')272*$2'&4" &6##02'$&" *1(" &6##%$.'$&4" *1(" ./'2$" (2))'$'1."
21.'$'&.&4" 'L#'7.*.2%1&4" +%('&" %)" M'/*52%6$4" 760.6$*0" M'02')&4" $'&%6$7'&4"
21.'$$'0*.2%1&/2#&"*1("21.'1&2.K"%)"215%05'+'1.b"
"
• >1.'$1*0")'*.6$'&"*1("-'J"$'&%6$7'&K"V/*."*$'"./'"#*..'$1&"%)"21.'$1*0")'*.6$'&"&67/"
*&")%$+*0"*1("21)%$+*0"$%0'&4"&.$67.6$'&4"$'&%6$7'&4"760.6$'4"&.$*.'32'&"*1("5*06'&4"*1("
,/*." 21)06'17'" /*5'" ./'K" /*(" *." M%./" ./'" %$3*12R*.2%1*0" *1(" +60.2O%$3*12R*.2%1*0"
0'5'0&b"
!
"
"
"
^236$'"C"#$'&'1.&"./'"&633'&.'("&.$67.6$'"%)"./'";=89:"<:EF")$*+',%$-?""
"
"
""""""""""^236$'C"
!
! ! <%,'$" =.*-'/%0('$&"T"5*06'&"
8K1*+27&" *1("#'$7'#.2%1&"
! >F9!aa";=89:""
!
! I1.'3$*.2%1"*7$%&&"
! *1(",2./21"#200*$&""
!
! ;=89:"
! *7.2%1"#%21.&""
!
!
!
!
! I1.'$1*0"
! $'&%6$7'&W7*#*72.K"
!
"
I1" 2.&" +%&." M*&27" )%$+" ./'" )$*+',%$-" 2006&.$*.'&" ./'" ./$''" +*21" 0'5'0&" *." ,/27/" %$3*12R*.2%1&" ,200"
1''(" .%" #0*14" +%12.%$" *1(" '5*06*.'" ./'2$" #$%3$*++'&" %$" #%0272'&? !&" *" $'&60.4" (2))'$'1." .K#'&" %)"
21(27*.%$&"+*K"M'"$'S62$'("*."'*7/"0'5'0?"D/'&'"*$'"#$'&'1.'("21"./'"&'7.2%1"M'0%,?"D/'")$*+',%$-"
'L#0272.0K" 2006&.$*.'&" ./*." ./'" <:EF" #$%7'&&" 2&" (K1*+27" 21" 1*.6$'4" *&" 2." ,200" M'" 7%1&.*1.0K" '5%05213"
,2./21"./'"%#'$*.2%1*0"'152$%1+'1.",2./21",/27/"21.'$5'1.2%1&",200".*-'"#0*7'?"
54R!"6:6.(C1+8!/E6!*>"#7!1+B1D0/(),!
D/'";=89:"*##$%*7/"2&"M620."%1"%13%213"#$%7'&&'&"*1("+*1K"%)"2.&"'0'+'1.&"*$'"1%."1',?"I1"+%&."
7*&'&" 'L2&.213" :EF" $'#%$.213" &K&.'+&" ./*." *(($'&&" 7%+#%1'1.&" %)" ./'" *##$%*7/" *$'" *0$'*(K" 21"
#0*7'?" ^%$" 'L*+#0'4" 7%++%10K" 6&'(" 21(27*.%$&" )%$" 5601'$*M202.K" *1(" &6&.*21*M0'" 025'02/%%(&" +*K"
#$%52('"./'"(*.*".%"+'*&6$'"./'";=89:"*7.2%1"#%21.&?"D/'"%MN'7.25'"%)";=89:"3$2("%)"21(27*.%$&"2&"
1'2./'$".%"(6#027*.'"1%$".%"7$'*.'"*"1',"&'."%)"21(27*.%$&?"Z'5'$./'0'&&4"./'"*##$%*7/"#0*7'&"*(('("
'+#/*&2&" %1" 21.'3$*.2%1" #$%7'&&'&4" %1" M620(213" *(*#.25'" 7*#*72.K" *1(" %1" &.$*.'32'&" .%" +*1*3'"
617'$.*21.K"./$%63/"211%5*.2%1"*1("0'*$1213?"I1"%./'$",%$(&4"./'"*##$%*7/"'+M$*7'&",%$-213",2./"
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"#$%7'&&'&"%)"89:4";;!"*1("8'5'0%#+'1." e"
<*60*"=205*">200*16'5*?"8$*).")%$"7%1&60.*.2%1"@?AB?BACC?"
!
8. !
!
617'$.*21.K"*1("./'"1',"#$*7.27'&"*1("*##$%*7/'&"./*."*$'"$'S62$'(")%$"2.?"D/'";=89:"21(27*.%$&"
21706('" *1" '0'+'1." %)" 21.'$#$'.213" ./'" 'L.'1." .%" ,/27/" 'L2&.213" 89:" #%027K" *1(" #$*7.27'" 2&"
21.'3$*.213"702+*.'"7/*13'"21)%$+*.2%1"*1("7%1.$2M6.213".%"M'..'$"('5'0%#+'1."%6.7%+'&?"
;A89:">1(27*.%$&"%)"*7.2%1"#%21.&""
I1" %$('$" .%" ('5'0%#" ;=89:" 21(27*.%$&" )%$" '*7/" %)" ./'" *7.2%1" #%21.&" %)" ./'" *##$%*7/4" *"
7%+#$'/'1&25'"$'52',"%)",2('0K"6&'("21(27*.%$&"./*."7%60("+'*&6$'"#$%3$'&&"*3*21&."'*7/"%)"./'"
*7.2%1"#%21.&"%)"./'"*##$%*7/",*&"7*$$2'("%6.?"D/'";=89:"21(27*.%$&4"02&.'("M'0%,4"#$'&'1."*"&'."%)"
;=89:"#$%7'&&'&"./*."'+M$*7'"./'"!8!<D"#$2172#0'&"('&7$2M'("*M%5'"*1("*$'"*2+'(".%"362('"*1("
&6##%$."./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"'*7/"%)"./'"*7.2%1"#%21.&"%)"./'"*##$%*7/?""
"
D/'" ;=89:" 21(27*.%$&" #$'&'1.'(" /'$'" &/%60(" M'" *##027*M0'" *7$%&&" 0'5'0&" *1(" &7*0'&?" D/'" ;=89:"
*##$%*7/" /*&" M''1" ('&231'(" )%$" ./%&'" $'&#%1&2M0'" )%$" +*1*3213" $2&-" *." $'32%1*04" 1*.2%1*04" &6MO
1*.2%1*0"*1("7%++612.K"0'5'0&?"D/'$')%$'"./'";=89:"<:EF")$*+',%$-"*1("2.&"21(27*.%$&"&/%60("
M'" *##027*M0'" *." *00" 0'5'0&?" P%,'5'$4" )6$./'$" $'&'*$7/" *1(" ./'" .'&.213" %)" ./'" )$*+',%$-" *1(" 2.&"
21(27*.%$&"*."(2))'$'1."0'5'0&"*1("&7*0'&"*1(",2./"(2))'$'1."*7.%$&",%60("#$%52('"6&')60"21&23/.&"%1"
2.&"*##027*M202.K"*1("./'"*##$%#$2*.'1'&&"%)"./'"21(27*.%$&?""
"
L*7-0'"7/*13213"(2&*&.'$"$2&-&"*1("617'$.*21.2'&""
C!H"D/$%63/"#*$.1'$&/2#&""
" FL.'$1*0"*1("21.'$1*0"M*$$2'$&")%$"5'$.27*0"*1("/%$2R%1.*0"21.'3$*.2%1"%)"702+*.'"21)%$+*.2%1"*1("-1%,0'(3'"*$'"$'(67'("%$"
$'+%5'(""
" <*$.1'$&/2#&"*$'"'&.*M02&/'(",2./"+'.'%$%0%327*0"*1("&72'1.2)27"('#*$.+'1.&")%$"2+#$%5'("7%%$(21*.2%1"*1("21)%$+*.2%1"
&/*$213"
" ;%%$(21*.2%1"+'7/*12&+&"M'.,''1"%13%213"*1("1',"#*$.1'$&4"7%00*M%$*.%$&"*1("7%++612.2'&"*$'"21"#0*7'"./*."'1&6$'"
#'$2%(27*0"+''.213&"*1("(2*0%36'""
" i%21."#%0272'&4"#0*11213"*1("#$%3$*++213"*$'"61('$.*-'1",2./"&.*-'/%0('$&"*7$%&&"&'7.%$&"
CcH"V2./"=.*-'/%0('$&""
" ;02+*.'"5*$2*M202.K"2&"#'$2%(27*00K"+%12.%$'("*1("+'7/*12&+&"*$'"'&.*M02&/'(")%$"&/*$213"&'*&%1*0")%$'7*&.&"*1("702+*.'"
21)%$+*.2%1""
" =72'1.2)27"*1("21(23'1%6&W0%7*0"702+*.'"-1%,0'(3'"2&".$2*1360*.'("*1("21.'3$*.'("*1("21)%$+&"#%027K"*1("#$*7.27'""
" =#'72)27"5601'$*M202.K"%)"7%++612.K"3$%6#&"*$'"2('1.2)2'("M*&'("%1"3'1('$"(2&*33$'3*.'("(*.*"*1("*$'"*(($'&&'("21"#%027K4"
#0*11213"*1("#$%3$*++213"
" c%./4"+'1"*1(",%+'1"61('$&.*1(213"%)"./'"702+*.'"7/*13'&"*$'".*-'1"21.%"*77%61."21"#%027K4"#0*11213"*1("*."
2+#0'+'1.*.2%1"0'5'0?""
" `Z%1O.$*(2.2%1*0X"#*$.1'$&"*7.25'0K"'13*3'("21"*&&'&&213"76$$'1."*1(")6.6$'"702+*.'"&7'1*$2%&"
C;H"I1";$%&&O='7.%$*0"<%027K"*1("<0*11213""
" 89:"#0*1&"217%$#%$*.'"702+*.'"7/*13'"&7'1*$2%&W"0%7*0"702+*.'"-1%,0'(3'"*1("*$'"#'$2%(27*00K"$'52','("*1("7/*13'(""
" V%+'1X&"-1%,0'(3'4"&-200&"*1("7*#*72.2'&"*$'"$'7%312R'("*1("7*#2.*02R'("21"#%027K"*1("#$%3$*++'"21.'$5'1.2%1&?""
" <0*1&W&.$*.'32'&"*$'"6&'("*7$%&&"&7*0'&"*1(")''(M*7-"0%%#&"&6##%$."7%%$(21*.2%14"6#(*.'"M*&'("%1"1',"21)%$+*.2%1"*1("
0'*$1213"
" ;%%$(21*.2%1"+'7/*12&+&"*$'"21"#0*7'"*1("+''.213&"*$'"/'0(",2./"+'.'%$%0%3K"('#*$.+'1.4"&72'1.2)27"*1("0%7*0"7%++612.2'&"
*1("('5'0%#+'1."*7.%$&")%$".$2*1360*.2%1"%)"21)%$+*.2%1",/27/"21)%$+&"#%027K"*1("#$%3$*++213?""
" !(*#.*.2%14"89:"*1("('5'0%#+'1."#%0272'&4"#0*1&"%$"#$%3$*++'&"*$'"21.'3$*.'("*7$%&&"&'7.%$&W('#*$.+'1.&"*1("#'$2%(27*00K"
6#(*.'("
C8H"I1"&6##%$."&'$527'&""
" I1)%$+*.2%1"*1(";%++6127*.2%1"&K&.'+&"*$'"21"#0*7'".%"$'*7/"0%7*0"7%++612.2'&4"21706(213"$'+%.'"*$'*&"
" ;%++612.2'&"/*5'"*77'&&".%"*1("6&'"702+*.'"21)%$+*.2%1"21"./'2$"('72&2%1O+*-213"#$%7'&&'&"
" ;02+*.'"21)%$+*.2%1"2&"$'0'5*1.".%"0%7*0"1''(&"
" ;%++6127*.2%1"&.$*.'32'&".*-'"21.%"*77%61."0%7*0"#'$7'#.2%1&"%$"$2&-"*1("617'$.*21.K""
"
"
"
"
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"#$%7'&&'&"%)"89:4";;!"*1("8'5'0%#+'1." f"
<*60*"=205*">200*16'5*?"8$*).")%$"7%1&60.*.2%1"@?AB?BACC?"
!
9. !
!
D1/*17'"!(*#.25'";*#*72.J""
B!H"./$%63/"'L#'$2+'1.*.2%1"*1("211%5*.2%1""
" Z',"2('*&"*1("'L#'$2+'1.*.2%1"*$'"'17%6$*3'("*1("&/*$'("./$%63/",%$-".'*+&"*1("#'$&%11'0W&.*-'/%0('$&"+''.213&"*1("
./'&'"0'*(".%"#'$2%(27"$'52&2%1"%)"&.$*.'32'&"*1("*7.2%1&"
" FL#'$2+'1.*.2%1"*1("211%5*.25'".'7/12S6'&W&.$*.'32'&"215%05'"0%7*0"7%++612.2'&"*1("$')0'7."0%7*0"21(23'1%6&"-1%,0'(3'"
" Z',"2('*&W'L#'$2+'1.*.2%1"*$'"61('$.*-'1"./$%63/"N%21."*7.2%1&"*7$%&&"('#*$.+'1.4"&'7.%$&"*1("#*$.1'$&/2#&"
" 825'$&'"V%$-213"$*13'"%)"&.*-'/%0('$&"&/*$'"1',"2('*&"./$%63/"1'.,%$-213"*1("7$%&&"&'7.%$*0"+''.213&"*1("./'&'"*$'"
21.'3$*.'("21.%")6.6$'"*7.2%1&W#%0272'&W&.$*.'32'&"
" <$%3$*++'W&.$*.'32'&W#%0272'&"*1("*7.252.2'&"*$'"$'360*$0K"7/*13213W+%(2)2'("M*&'("%1"0'*$1213"*1("211%5*.2%1"
BcH"MK"#$%+%.213"0'*$1213"*1("$')0'7.2%1"21"%$3*12R*.2%1*0"#$%7'&&'&"
" =.$*.'327"52',"%)"0'*$1213"2&"*$.2760*.'("*1("21706('("21"52&2%1W+2&&2%1"&.*.'+'1.&4"#%027K"*1("#0*11213""
" =.*))W&.*-'/%0('$&"/*5'"*"70'*$"61('$&.*1(213"%)"%$3*12R*.2%1"%MN'7.25'&"*1("61('$&.*1("/%,"./'K"7%1.$2M6.'"21"./'2$"
('5'0%#+'1."
" !"#$%7'&&"2&"21"#0*7'".%"+%.25*.'"0'*$1213"*1("$')0'7.25'"#$*7.27'",2./21"./'"%$3*12R*.2%1"%$"#$%3$*++'"*1("*7$%&&"
('#*$.+'1.&W&'7.%$&"*1("0%7*0"7%++612.2'&"
" 82&76&&2%1"&#*7'&"*$'"21"#0*7'")%$"('M*.213"*1("&/*$213"1',"2('*&")$%+"&.*))")$%+"*"5*$2'.K"%)"M*7-3$%61(&""
" a'&&%1&"0'*$1."*$'"7%00'7.'("*1("&/*$'("21.'$1*00K"*1("21)%$+"('72&2%1"+*-213"*1("%#'$*.2%1&""
B;H"D/$%63/")0'L2M0'"#$%7'&&'&""
" ]%5'$1*17'"+*##213"'L'$72&'&"21)%$+"./'"7%1.'L.",2./21",/27/"*1"21.'$5'1.2%1"*1("#%027K"2&"'+M'(('(""
" P%$2R%1.*0"*1("5'$.27*0")''(M*7-"0%%#&"*$'"21"#0*7'4")%&.'$"(2*0%36'"*1("('M*.'"*7$%&&"('#*$.+'1.&"*1("&'7.%$&"*1("&7*0'&"*1("
21)%$+"#%027K"*1("#0*11213"
" ;%1&60.*.25'"('72&2%1O+*-213"#$%7'&&'&"*$'"M*&'("%1"%#'1"362('021'&"$*./'$"./*1"#$'&7$2M'("*7.2%1""
" :%12.%$213"&.$*.'32'&"'5*06*.'"*7.2%1&"*$'"7%1.216*00K"$'52',"*1("$'O*&&'&&'("0%13O.'$+"52&2%1"
B8H"I1".%%0&"*1("+'./%(%0%32'&""
" FL2&.213".%%0&"*$'"+%(2)2'(".%"217%$#%$*.'"7/*13213"(2&*&.'$"$2&-&"*1("*$'"#'$2%(27*00K"$'52','("
" >601'$*M202.K"*1("$2&-"*1*0K&2&"*$'"#'$2%(27*00K"$'52','("M*&'("%1"702+*.'"21)%$+*.2%1""
" c*&'021'&"*1("(*.*"7%00'7.2%1"$')0'7."7/*13213"702+*.'"7%1(2.2%1&"*1("*$'"#'$2%(27*00K"$'52','(4"*1("21)%$+"#$%3$*++'"
#0*11213"*1("*7.2%1""
"
!(($'&&"#%5'$.J"*1("5601'$*G202.J"*1("./'2$"&.$67.6$*0"7*6&'&""
U!"O"FS62.K""
" !&&'&&+'1."*1("*1*0K&2&"%)")%$+*0"*1("21)%$+*0"21&.2.6.2%1&"*1("%$3*12R*.2%1&"T")$%+".'16$'"$'32+'&".%"+*$-'."1'.,%$-&"
7$'(2."*$$*13'+'1.&"T"2&"7*$$2'("%6."*1("#$%3$*++'&"&6##%$."'7%1%+27*00K"'L706('("3$%6#&"21"*77'&&213"217%+'"3'1'$*.2%1"
025'02/%%("*1("(25'$&2)27*.2%1?""
" =%72%O'7%1%+27"M*&'021'&"*$'"21"#0*7'".%"21)%$+"#%027K"*1("#0*11213"*1("*$'"'5*06*.'("M')%$'4"(6$213"*1("*).'$"#$%3$*++'"
2+#0'+'1.*.2%1"
" FL2&.213"&'7.%$*04"$'32%1*0"*1("&%72'.*0"21'S6*02.2'&"*$'".*-'1"21.%"7%1&2('$*.2%14"*7.'("6#%1"*1("./'&'"*$'"1%."$'.25'"2+#*7.&"
%1"&%72*04"'7%1%+27"*1("#%02.27*0"7%1.'L."2&"*1.272#*.'(4"$'+%5'("%$"$'(67'("
" ;%1)027."&'1&2.25'"*##$%*7/'&"*$'"*(%#.'("21"#$%3$*++'4"#$%N'7."*1("#%027K"('&231"
Uc"O"!77'&&"
" <*$.1'$&/2#&"*$'"21"#0*7'".%"*(($'&&"7%++612.2'&g"$23/.&".%"*77'&&"$'&%6$7'&4"*&&'.&"*1("7%++%1"#$%#'$.K"
" :'7/*12&+&"*$'"21"#0*7'".%"21)%$+"0%7*0"7%++612.2'&"*M%6."./'2$"$23/.&"*1("'1.2.0'+'1.&""
" =.*-'/%0('$&"W"0%7*0"7%++612.2'&"/*5'"7%1.216%6&"*77'&&".%"702+*.'"21)%$+*.2%1"*1("&6##%$."&'$527'&"
" a%7*0"7%++612.2'&"/*5'"*77'&&"*1("7%1.$%0"%5'$"025'02/%%("*&&'.&"*1("$'&%6$7'&?"
U;"O"D$*1&#*$'17K"*1("*77%61.*M202.K"
" :'7/*12&+")%$"72.2R'1"#*$.272#*.2%1"21"#%027K"+*-213"*$'"21"#0*7'""
" <6M027"7%1&60.*.2%1&"*1("#*$.272#*.%$K"('72&2%1"+*-213"#$%7'&&'&"*$'"/'0("%1"#%027K4"#0*11213"*1("M6(3'."#$%#%&*0&""
" a%7*0"7%++612.2'&"21)06'17'"*1("7%1.$2M6.'".%"#%027K"(2*0%36'"*1("('72&2%1O+*-213"#$%7'&&'&"*."*00"0'5'0&?"
" Z*.2%1*04"$'32%1*04"(2&.$27."*1("0%7*0"0'5'0"M6(3'."*1("#0*1&"*$'"*77'&&2M0'".%"./'"#6M027""
U8"O"F152$%1+'1.*0"*&&'&&+'1.&"
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"#$%7'&&'&"%)"89:4";;!"*1("8'5'0%#+'1." @"
<*60*"=205*">200*16'5*?"8$*).")%$"7%1&60.*.2%1"@?AB?BACC?"
!
10. !
!
" ;%%$(21*.2%1"M'.,''1"'152$%1+'1.*0"&72'1.2&.&4"'1'$3K"*1("89:"%1"0%,"7*$M%1"*1("+2.23*.2%1"2&&6'&"2&"$')0'7.'("21"('72&2%1O
+*-213"*1("#%0272'&""
" <%0272'&4"#$%3$*++'&"*1("#0*1&"7*$$K"%6."'152$%1+'1.*0"*&&'&&+'1."./$%63/"%6."#0*11213"7K70'&"
" ;B"*1("%./'$"]P]"'+2&&2%1&"*$'"7*0760*.'("*1("./'2$"$2&-"*&&'&&'("*1("7*$M%1"7%1&2('$*.2%1&"*$'"'+M'(('("21"89:"
7%1.213'17K"#0*11213"*1(")21*172*0"$'#%$.213"
" =.*-'/%0('$&"215%05'("21"./'"#$%3$*++'"*$'"*,*$'"%)"./'"#%.'1.2*0"$2&-&"*1("2+#*7.&"%)"#$%3$*++'"21.'$5'1.2%1&"21"./'"
'7%0%327*0"'152$%1+'1."
a%,"7*$M%1"('5'0%#+'1.""
" <$%(67.&"%$"&'$527'&"#6$7/*&'("MK"./'"%$3*12R*.2%1"*$'"'152$%1+'1.*00K"&%61("*1("7*$M%1")%%.#$21.&"7*0760*.'("*1("%))O&'.""
" =.$67.6$*0"%$"$'7%1&.$67.2%1"21.'$5'1.2%1&"21706('"*1*0K&2&"%)"0%,"7*$M%1"&7'1*$2%&"*1("#$2%$2.2R'"./'"6&'"%)"0%7*0"0%,"7*$M%1"
$'1',*M0'"'1'$3K".'7/1%0%3K""
" a%,"7*$M%1"*0.'$1*.25'&"*$'"7%1&2('$'("21";=89:"21.'$5'1.2%1&"*1("0%7*0"7%++612.2'&"('72('",/*.".'7/1%0%32'&"*$'"
('5'0%#'("%$"&'0'7.'("
"
D/'"&633'&.'(";=89:"21(27*.%$&"$')0'7."*"&'."%)"%13%213"#$%7'&&'&"$*./'$"./*1"&#'72)27"%6.7%+'&?"
<$%7'&&" 21(27*.%$&" 7*1" #$%52('" *" M'..'$" #27.6$'" %)" ./'" S6*02.K" %)" #$%3$*++'&" *1(" #%0272'&" *1("
M'..'$" 21)%$+*.2%1" .%" 21)%$+" 0'*$12134" 2+#$%5'+'1." *1(" 211%5*.2%1? ^6$./'$+%$'4" ./'$'" 2&" *"
(*13'$" ./*." MK" &'..213" 6#" %6.7%+'&" *." ./'" 212.2*0" #%21." %)" *" #$%3$*++'" %$" #%027K4" M*&'(" %1"
217%+#0'.'"21)%$+*.2%1"*."./'"%6.&'.4"7%60("7%1&.$*21"'))'7.25'";=89:"&%"./*.",/*."$'&60.&"2&"1%."
*1"2('1.2)2'("%6.7%+'?""
"
D/'";=89:"#$%7'&&OM*&'("21(27*.%$&"*$'"1%."*"$232("7/'7-02&."M6."$*./'$"*"&'."%)"(K1*+27"#$%7'&&'&"
.%"M'"7%1.'L.6*02R'(4"+%(2)2'("%$"$'O7$'*.'("MK"&.*-'/%0('$&"./$%63/"#*$.272#*.%$K"*##$%*7/'&?"c6."
617'$.*21.K" 2&" 21/'$'1." 21" *00" %)" ./'&'" #$%7'&&'&?" D/2&" 617'$.*21.K" +*-'&" 2." (2))2760." .%" &'." &#'72)27"
#0*1&" *1(" #$%7'&&'&" *." ./'" %6.&'.4" M'7*6&'" ./'" %#'$*.2%1*0" '152$%1+'1." 7%60(" &/2)." %5'$" .2+'?"
D/6&4"2)"*"#$%7'&&"2&W"*$'"1%"0%13'$"$'0'5*1."21(27*.%$&"%)"7/*13'4"./'K"&/%60("M'"$'52&'(".%"$')0'7."
1'," 7%1(2.2%1&?" I1" ./2&" ,*K4" 21)%$+*.2%1" 3*./'$213" #$%7'&&" ,200" *77%61." )%$" ./'" 7/*13213" 7%1.'L."
*1("61'L#'7.'("$'&60.&?"
"
L/'" ;A89:" >1(27*.%$" M$2(" N" #0*11213" +%12.%$213" *1(" '5*06*.213" 21.'3$*.2%1" *7$%&&" *1(" ,2./21"
./'"#200*$&""
"
P*5213"2('1.2)2'("./'"#$%7'&&OM*&'("21(27*.%$&")%$"'*7/"%)"./'"*7.2%1"#%21.&4"./'"1'L."&.'#",*&".%"
2('1.2)K"*"#$%7'&&".%J""
O )*7202.*.'"./'"2('1.2)27*.2%1"%)";=89:"#*./,*K&""
O &6##%$."./'"+%12.%$213"%)"#$%3$'&&"*3*21&."21.'3$*.2%1"#$%7'&&'&"*7$%&&"#200*$&"
O +'*&6$'"./'"S6*02.K"*1("0'5'0&"%)"21.'3$*.2%1?""
"
D%"(%"&%"*1"21(27*.%$"3$2("GM'0%,H",*&"('5'0%#'("MK"6&213"./'";=89:"362(213"S6'&.2%1&"*&"#%21.'$&"
%)"21.'3$*.2%1?"I1"%./'$",%$(&4"./'"362(213"S6'&.2%1&"&'$5'("*&"./'"M*&2&".%"#%21."*."./'"#%.'1.2*0"
;=89:"#*./,*K&")%$"21.'3$*.2%1"*7$%&&"./'"#200*$&?""
"
D*M0'"CJ";=89:"362(213"S6'&.2%1&""
"
%&'()*+,"'-&+,*+," D%" ,/*." 'L.'1." *$'" 702+*.'" 7/*13'" *(*#.*.2%14" (2&*&.'$" $2&-" +*1*3'+'1." *1(" ('5'0%#+'1."
.*/&/012"2*/("! 21.'3$*.'(" *7$%&&" &'7.%$&" *1(" &7*0'&b" P%," 2&" -1%,0'(3'" *M%6." /*R*$(&4" 5601'$*M202.2'&" *1("
617'$.*21.2'&" )$%+" +'.'%$%0%3K4" 702+*.%0%3K4" &%72*0" &72'17'4" *1(" 7%++612.2'&" M'213" 7%00'7.'(4"
21.'3$*.'(" *1(" 6&'(" *." (2))'$'1." &7*0'&b" P%," *$'" %$3*12R*.2%1&" ,%$-213" %1" (2&*&.'$&4" 702+*.'"
7/*13'" *1(" ('5'0%#+'1." 7%00*M%$*.213b" V/*." *$'" ./'" 021-&" GM'.,''1" #'%#0'" *1(" %$3*12R*.2%1&H"
,%$-213" .%" $'(67'" 7/*13213" (2&*&.'$" $2&-&" *1(" 617'$.*21.2'&" *." 7%++612.K4" &6MO1*.2%1*04" 1*.2%1*0"
*1(" 21.'$1*.2%1*0" 0'5'0&b" P%," )0'L2M0'4" *77%61.*M0'" *1(" .$*1&#*$'1." *$'" ./'&'" #'%#0'" *1("
%$3*12R*.2%1&b!
3+-&+'*+,"!.&40*51" P*5'" (2&*&.'$" $2&-" +*1*3'+'1." #%0272'&" *1(" #$*7.27'&" M''1" 7/*13'(" *&" *" $'&60." %)" $')0'7.2%1" *1("
6&4&'*07"! 0'*$1213OMKO(%213b" I&" ./'$'" *" #$%7'&&" 21" #0*7'" )%$" 21)%$+*.2%1" *1(" 0'*$1213" .%" )0%," )$%+"
7%++612.2'&" .%" %$3*12&*.2%1&" *1(" 527'" 5'$&*b" P%," *$'" ./'" 21&.2.6.2%1&4" %$3*12&*.2%1&" *1("
7%++612.2'&" 215%05'(" 21" .*7-0213" 7/*13213" (2&*&.'$" $2&-&" *1(" 617'$.*21.2'&4" 7$'*.213" *1("
&.$'13./'1213"%##%$.612.2'&".%"211%5*.'"*1("'L#'$2+'1.b!
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"#$%7'&&'&"%)"89:4";;!"*1("8'5'0%#+'1." CA"
<*60*"=205*">200*16'5*?"8$*).")%$"7%1&60.*.2%1"@?AB?BACC?"
!
11. !
!
!..21//*+,"4851207"9" P%," *$'" '152$%1+'1.*0" 2+#*7." *&&'&&+'1.&" 21706(213" 702+*.'" 7/*13'b" P%," *$'" ('5'0%#+'1."
5:)+12&;*)*07"&+."0-1*2" 21.'$5'1.2%1&4" 21706(213" '7%&K&.'+OM*&'(" *##$%*7/'&4" #$%.'7.213" *1(" $'&.%$213" ./'" '152$%1+'1."
2880/"'&:/1/"! *1("*(($'&&213"#%5'$.K"*1("5601'$*M202.Kb"D%",/*."'L.'1."*$'"./'"+2.23*.2%1"%)"3$''1/%6&'"3*&'&"
*1("0%,"'+2&&2%1&"&.$*.'32'&"M'213"21.'3$*.'(",2./21"('5'0%#+'1."#0*1&b!
V/*."1'.,%$-&"*1("*002*17'&"*$'"21"#0*7'".%"*(5%7*.'")%$"./'"$23/.&"*1("'1.2.0'+'1.&"%)"#'%#0'".%"
*77'&&" M*&27" &'$527'&4" #$%(67.25'" *&&'.&" *1(" 7%++%1" #$%#'$.K" $'&%6$7'&b" P%," *$'" 5*$2%6&"
'(67*.2%1*0" *##$%*7/'&4" '*$0K" ,*$1213" &K&.'+&4" +'(2*" *1(" 7%++612.KO0'(" #6M027" *,*$'1'&&"
#$%3$*++'&4" &6##%$.213" 217$'*&'(" *77'&&" .%" 21)%$+*.2%1" *1(" $'0*.'(" &6##%$." &'$527'&b" D%" ,/*."
'L.'1." *$'" ('72&2%1O+*-213" &.$67.6$'&" ('O7'1.$*02&'(4" #*$.272#*.%$K" *1(" 21706&25'b" P%," (%"
7%++612.2'&4"21706(213",%+'14"7/20($'1"*1("%./'$"+*$321*02&'("3$%6#&4"21)06'17'"('72&2%1&b"P%,"
(%"./'K"/%0("3%5'$1+'1."*1("%./'$"%$3*12&*.2%1&".%"*77%61.b!
"
F*7/" *7.2%1" #%21." ,*&" $'52','(" *3*21&." 2.&" $'&#'7.25'" 362(213" S6'&.2%1&" 21" %$('$" .%" 2('1.2)K"
#%.'1.2*0"21.'3$*.2%1"#*./,*K&"*7$%&&"*1(",2./21"./'"#200*$&?"^%$"'L*+#0'4")%$"*7.2%1"#%21."C!"./'"
21(27*.%$&" 2('1.2)2'(" *M%5'" ,%60(" /'0#" 6&" .%" +'*&6$'" #$%3$'&&" *3*21&." ./2&" #*$.2760*$" *7.2%1?"
P%,'5'$4" ,/'1" *..'+#.213" .%" *1*0K&'" #$%3$'&&" *3*21&." ./'" 21.'3$*.2%1" %)" ./2&" *7.2%1" *7$%&&" ./'"
#200*$&4" ./'" 362(213" S6'&.2%1&" /'0#" 6&" MK" *&-213J" &(! ;E0/! 6H/6+/! 0)6! D.1F0/6! DE0+86! 0B0C/0/1(+N!
B1,0,/6)! )1,<! F0+086F6+/! 0+B! B6:6.(CF6+/! 1+/68)0/6B! 0D)(,,! ,6D/(),! 0+B! ,D0.6,SO" *1(" T(;! 0)6!
()80+1G0/1(+,!;()<1+8!(+!B1,0,/6),N!D.1F0/6!DE0+86!0+B!B6:6.(CF6+/!D(..0I()0/1+8S""
"
I1(27*.%$&"./*."7%60("+'*&6$'"#$%3$'&&"*3*21&."./'&'"7*14")%$"'L*+#0'4"M'")%61("61('$"*7.2%1"#%21."
Cc"O"I1.'3$*.'"-1%,0'(3'"%)"7/*13213"$2&-"*1("617'$.*21.2'&"21.%"#0*112134"#%027K"*1("#$%3$*++'"
('&231'(Q"B;"O"'1&6$'"#%0272'&"*1("#$*7.27'&".%".*7-0'"7/*13213"(2&*&.'$"$2&-"*$'")0'L2M0'4"21.'3$*.'("
*7$%&&" &'7.%$&" *1(" &7*0'&" *1(" /*5'" $'360*$" )''(M*7-" 0%%#&Q" *1(" U8" O" #$%+%.'" '152$%1+'1.*00K"
&'1&2.25'" *1(" 702+*.'" &+*$." ('5'0%#+'1.?" " P'17'4" 6&213" ./'" 362(213" S6'&.2%1&" *&" #%21.'$&" %)"
21.'3$*.2%1" '1*M0'&" ./'" 2('1.2)27*.2%1" %)" ./'" 21.'3$*.2%1" #*./,*K&" G21" ./2&" 'L*+#0'" *" #%.'1.2*0"
#*./,*K" 7%60(" M'" .%" &2+60.*1'%6&0K" ,%$-" *7$%&&" C!Q" CcQ" B;Q" *1(" U8H" *1(" ./'" 7%+M21*.2%1" %)"
21(27*.%$&"$'S62$'(".%"+'*&6$'"./'"0'5'0&"*1("S6*02.K"%)"./'"21.'3$*.2%1"#$%7'&&?"cK"$'2.'$*.213"./2&"
#$%7'&&" )%$" '*7/" %)" ./'" *7.2%1" #%21.&" *1(" 2.&" $'&#'7.25'" 362(213" S6'&.2%1&4" ./'" 3$2(" M'0%," ,*&"
('5'0%#'(?""
"
D/'" ;=89:" *7.2%1" #%21.&" /*5'" M''1" +*##'(" %6." 21" /%$2R%1.*0" *1(" 5'$.27*0" *L'&?" !7$%&&" ./'" .%#"
G./'"/%$2R%1.*0"*L2&H"'*7/"*7.2%1"#%21."2&"$'#$'&'1.'("GC*4"CM"C7"'.7H?""9'*(213"(%,1"./'"3$2(J""
D/'"(*$-"7'00&"&/%,"./'"#$2+*$K"21(27*.%$&")%$"'*7/"%)"./'"*7.2%1"#%21.&"G*&"02&.'("*M%5'H?""
D/'" 3$'K" &/*('(" 7'00&" %)" ./'" 3$2(" 2006&.$*.'" ,/'$'" *" &'7%1(" &'." %)" 21(27*.%$&" $'0*.'(" .%"
%./'$"*7.2%1"#%21.&"1''(".%"M'"*(($'&&'("21"%$('$".%"2+#$%5'W*7/2'5'"21.'3$*.2%1"O"2."2&"1%."
#%&&2M0'".%"*(($'&&"./'"%$2321*0"*7.2%1"#%21.",2./%6."*(($'&&213"./'"%./'$?""
D/'" ,/2.'" 7'00" 2('1.2)2'&" 21(27*.%$&" *1(" *7.2%1" #%21.&" ./*." *$'" 1%." 7%1&2('$'(" -'K" .%"
*7/2'5213"21.'3$*.2%1""
"
!"#$%#%&'(")$*+',%$-")%$"./'"#0*112134"+%12.%$213"*1("'5*06*.2%1"%)"21.'3$*.2%1"#$%7'&&'&"%)"89:4";;!"*1("8'5'0%#+'1." CC"
<*60*"=205*">200*16'5*?"8$*).")%$"7%1&60.*.2%1"@?AB?BACC?"
!
12. CSDRM INDICATOR GRID
1a 1b 1c 1d 2a 2b 2c 2d 3a 3b 3c 3d
-*$12'+$)*(3.(3+%.4*4-'5+5.41+*(%+6($'5-*.(-.'4+
!*#)T3%/953);'%#&$%-3+;-)
!"#$%&'()'&*)+&#$%&'(),'%%+$%-)./%)0$%12'()'&*)3/%+4/&#'()+&#$5%'1/&)/.)2(+6'#$)+&./%6'1/&)
'&*)7&/8($*5$)'%$)%$*92$*)/%)%$6/0$*)
:'%#&$%-3+;-)'%$)$-#',(+-3$*)8+#3)6$#$/%/(/5+2'()'&*)-2+$&1<2)*$;'%#6$&#-)./%)+6;%/0$*)
2//%*+&'1/&)'&*)+&./%6'1/&)-3'%+&5
=//%*+&'1/&)6$23'&+-6-),$#8$$&)/&5/+&5)'&*)&$8);'%#&$%->)2/((',/%'#/%-)'&*)
2/669&+1$-)'%$)+&);('2$)#3'#)$&-9%$);$%+/*+2'()6$$1&5-)'&*)*+'(/59$)
?/+&#);/(+2+$->);('&&+&5)'&*);%/5%'66+&5)'%$)9&*$%#'7$&)8+#3)-#'7$3/(*$%-)'2%/--)-$2#/%-
!"#)E+#3)A#'7$3/(*$%-)
=(+6'#$)0'%+',+(+#@)+-);$%+/*+2'((@)6/&+#/%$*)'&*)6$23'&+-6-)'%$)$-#',(+-3$*)./%)-3'%+&5)
-$'-/&'()./%$2'-#-)'&*)2(+6'#$)+&./%6'1/&)
A2+$&1<2)'&*)+&*+5$&/9-B(/2'()2(+6'#$)7&/8($*5$)+-)#%+'&59('#$*)'&*)+&#$5%'#$*)'&*)
+&./%6-);/(+2@)'&*);%'212$)
A;$2+<2)09(&$%',+(+#@)/.)2/669&+#@)5%/9;-)'%$)+*$&1<$*),'-$*)/&)5$&*$%)*+-'55%$5'#$*)
*'#')'&*)'%$)'**%$--$*)+&);/(+2@>);('&&+&5)'&*);%/5%'66+&5
C/#3>)6$&)'&*)8/6$&)9&*$%-#'&*+&5)/.)#3$)2(+6'#$)23'&5$-)'%$)#'7$&)+&#/)'22/9&#)+&)
;/(+2@>);('&&+&5)'&*)'#)+6;($6$&#'1/&)($0$(D)
E/6$&F-)7&/8($*5$>)-7+((-)'&*)2';'2+1$-)'%$)%$2/5&+4$*)'&*)2';+#'(+4$*)+&);/(+2@)'&*)
;%/5%'66$)+&#$%0$&1/&-D)
GH/&I#%'*+1/&'(F);'%#&$%-)'210$(@)$&5'5$*)+&)'--$--+&5)29%%$&#)'&*).9#9%$)2(+6'#$)
-2$&'%+/-
!$#)N&)=%/--IA$2#/%'():/(+2@)'&*):('&&+&5)
JKL);('&-)+&2/%;/%'#$)2(+6'#$)23'&5$)-2$&'%+/-B)(/2'()2(+6'#$)7&/8($*5$)'&*)'%$)
;$%+/*+2'((@)%$0+$8$*)'&*)23'&5$*)
:('&-B-#%'#$5+$-)'%$)9-$*)'2%/--)-2'($-)'&*).$$*,'27)(//;-)-9;;/%#)2//%*+&'1/&>)9;*'#$)
,'-$*)/&)&$8)+&./%6'1/&)'&*)($'%&+&5
=//%*+&'1/&)6$23'&+-6-)'%$)+&);('2$)'&*)6$$1&5-)'%$)3$(*)8+#3)6$#$/%/(/5@)
*$;'%#6$&#>)-2+$&1<2)'&*)(/2'()2/669&+1$-)'&*)*$0$(/;6$&#)'2#/%-)./%)#%+'&59('1/&)/.)
+&./%6'1/&)83+23)+&./%6-);/(+2@)'&*);%/5%'66+&5D)
M*';#'1/&>)JKL)'&*)*$0$(/;6$&#);/(+2+$->);('&-)/%);%/5%'66$-)'%$)+&#$5%'#$*)'2%/--)
-$2#/%-B*$;'%#6$&#-)'&*);$%+/*+2'((@)9;*'#$*
!%#)N&)-9;;/%#)-$%0+2$-)
N&./%6'1/&)'&*)=/669&+2'1/&)-@-#$6-)'%$)+&);('2$)#/)%$'23)(/2'()2/669&+1$->)
+&2(9*+&5)%$6/#$)'%$'-
=/669&+1$-)3'0$)'22$--)#/)'&*)9-$)2(+6'#$)+&./%6'1/&)+&)#3$+%)*$2+-+/&I6'7+&5)
;%/2$--$-
=(+6'#$)+&./%6'1/&)+-)%$($0'&#)#/)(/2'()&$$*-
=/669&+2'1/&)-#%'#$5+$-)#'7$)+&#/)'22/9&#)(/2'();$%2$;1/&-)/%)%+-7)'&*)9&2$%#'+&#@)
'()*($'+*%*,-./'+$*,*$.-0+
&*#)#3%/953)$";$%+6$&#'1/&)'&*)+&&/0'1/&)
H$8)+*$'-)'&*)$";$%+6$&#'1/&)'%$)$&2/9%'5$*)'&*)-3'%$*)#3%/953)8/%7)#$'6-)'&*)
;$%-/&&$(B-#'7$3/(*$%-)6$$1&5-)'&*)#3$-$)($'*)#/);$%+/*+2)%$0+-+/&)/.)-#%'#$5+$-)'&*)
'21/&-
!";$%+6$&#'1/&)'&*)+&&/0'10$)#$23&+O9$-B-#%'#$5+$-)+&0/(0$)(/2'()2/669&+1$-)'&*)
%$P$2#)(/2'()+&*+5$&/9-)7&/8($*5$
H$8)+*$'-B$";$%+6$&#'1/&)'%$)9&*$%#'7$&)#3%/953)Q/+&#)'21/&-)'2%/--)*$;'%#6$&#>))
-$2#/%-)'&*);'%#&$%-3+;-
J+0$%-$)E/%7+&5)%'&5$)/.)-#'7$3/(*$%-)-3'%$)&$8)+*$'-)#3%/953)&$#8/%7+&5)'&*)2%/--)
-$2#/%'()6$$1&5-)'&*)#3$-$)'%$)+&#$5%'#$*)+&#/).9#9%$)'21/&-B;/(+2+$-B-#%'#$5+$-
:%/5%'66$B-#%'#$5+$-B;/(+2+$-)'&*)'210+1$-)'%$)%$59('%(@)23'&5+&5B6/*+<$*)),'-$*)/&)
($'%&+&5)'&*)+&&/0'1/&
&"#),@);%/6/1&5)($'%&+&5)'&*)%$P$21/&)+&)/%5'&+4'1/&'();%/2$--$-
A#%'#$5+2)0+$8)/.)($'%&+&5)+-)'%129('#$*)'&*)+&2(9*$*)+&)0+-+/&B6+--+/&)-#'#$6$&#->);/(+2@)
'&*);('&&+&5)
A#'RB-#'7$3/(*$%-)3'0$)')2($'%)9&*$%-#'&*+&5)/.)/%5'&+4'1/&)/,Q$210$-)'&*)9&*$%-#'&*)
3/8)#3$@)2/&#%+,9#$)+&)#3$+%)*$0$(/;6$&#
M);%/2$--)+-)+&);('2$)#/)6/10'#$)($'%&+&5)'&*)%$P$210$);%'212$)8+#3+&)#3$)/%5'&+4'1/&)
/%);%/5%'66$)'&*)'2%/--)*$;'%#6$&#-B-$2#/%-)'&*)(/2'()2/669&+1$-
J+-29--+/&)-;'2$-)'%$)+&);('2$)./%)*$,'1&5)'&*)-3'%+&5)&$8)+*$'-).%/6)-#'R).%/6)')
0'%+$#@)/.),'275%/9&*-)
S$--/&-)($'%&#)'%$)2/(($2#$*)'&*)-3'%$*)+&#$%&'((@)'&*)+&./%6)*$2+-+/&)6'7+&5)'&*)
/;$%'1/&-)
13. &$#+#3%/953)P$"+,($);%/2$--$-)
U/0$%&'&2$)6';;+&5)$"$%2+-$-)+&./%6)#3$)2/&#$"#)8+#3+&))83+23)'&)+&#$%0$&1/&)'&*)
;/(+2@)+-)$6,$**$*)
V/%+4/&#'()'&*)0$%12'().$$*,'27)(//;-)'%$)+&);('2$>))./-#$%)*+'(/59$)'&*)*$,'#$)'2%/--)
*$;'%#6$&#-)'&*)-$2#/%-)'&*)-2'($-)'&*)+&./%6);/(+2@)'&*);('&&+&5
=/&-9(#'10$)*$2+-+/&I6'7+&5);%/2$--$-)'%$),'-$*)/&)/;$&)59+*$(+&$-)%'#3$%)#3'&)
;%$-2%+,$*)'21/&)
L/&+#/%+&5)-#%'#$5+$-)$0'(9'#$)'21/&-)'%$)2/&1&9'((@)%$0+$8)'&*)%$I'--$--$*)(/&5I#$%6)
0+-+/&
&%#)N&)#//(-)'&*)6$#3/*/(/5+$-)
!"+-1&5)#//(-)'%$)6/*+<$*)#/)+&2/%;/%'#$)23'&5+&5)*+-'-#$%)%+-7-)'&*)'%$);$%+/*+2'((@)
%$0+$8$*
W9(&$%',+(+#@)'&*)%+-7)'&'(@-+-)'%$);$%+/*+2'((@)%$0+$8$*),'-$*)/&)2(+6'#$)+&./%6'1/&)
C'-$(+&$-)'&*)*'#')2/(($21/&)%$P$2#)23'&5+&5)2(+6'#$)2/&*+1/&-)'&*)'%$);$%+/*+2'((@)
%$0+$8$*>)'&*)+&./%6);%/5%'66$);('&&+&5)'&*)'21/&)
*%%5'44+,8/'5-0+*(%+/62('5*".2.-0+*(%+-)'.5+6(%'520.(3+$*64'4
7*#)!O9+#@)
M--$--6$&#)'&*)'&'(@-+-)/.)./%6'()'&*)+&./%6'()+&-1#91/&-)'&*)/%5'&+4'1/&-)X).%/6)
#$&9%$)%$5+6$-)#/)6'%7$#)&$#8/%7-)#/)2%$*+#)'%%'&5$6$&#-)X)+-)2'%%+$*)/9#)'&*)+&./%6-)
;/(+2@)'&*);%/5%'66+&5)
))
:/(+2@)'&*);%/5%'66$-)-9;;/%#)$2/&/6+2'((@)$"2(9*$*)5%/9;-)+&)'22$--+&5)+&2/6$)
5$&$%'1/&)(+0$(+3//*)'&*)*+0$%-+<2'1/&D)
A/2+/I$2/&/6+2),'-$(+&$-)'%$)+&);('2$)#/)+&./%6);/(+2@)'&*);('&&+&5)'&*)'%$)$0'(9'#$*)
,$./%$>)*9%+&5)'&*)'Y$%);%/5%'66$)+6;($6$&#'1/&
!"+-1&5)-$2#/%'(>)%$5+/&'()'&*)-/2+$#'()+&$O9'(+1$-)'%$)#'7$&)+&#/)2/&-+*$%'1/&>)'2#$*)
9;/&)'&*)#3$-$)'%$)&/#)%$+&./%2$*D)
K+-7)/.)&$5'10$)+6;'2#-)/&)-/2+'(>)$2/&/6+2)'&*);/(+12'()2/&#$"#)+-)'&12+;'#$*>)%$6/0$*)
/%)%$*92$*
=/&P+2#)-$&-+10$)';;%/'23$-)'%$)'*/;#$*)+&);%/5%'66$>);%/Q$2#)'&*);/(+2@)*$-+5&
7"#)M22$--
:'%#&$%-3+;-)'%$)+&);('2$)#/)'**%$--)2/669&+1$-Z)%+53#-)#/)'22$--)%$-/9%2$->)'--$#-)'&*)
2/66/&);%/;$%#@
L$23'&+-6-)'%$)+&);('2$)#/)+&./%6)(/2'()2/669&+1$-)',/9#)#3$+%)%+53#-)'&*)$&1#($6$&#-)
A#'7$3/(*$%-)B)(/2'()2/669&+1$-)3'0$)2/&1&9/9-)'22$--)#/)2(+6'#$)+&./%6'1/&)'&*)
-9;;/%#)-$%0+2$-
S/2'()2/669&+1$-)3'0$)'22$--)'&*)2/&#%/()/0$%)(+0$(+3//*)'--$#-)'&*)%$-/9%2$-D
7$#)T%'&-;'%$&2@)'&*)'22/9&#',+(+#@
L$23'&+-6)./%)2+14$&);'%12+;'1/&)+&);/(+2@)6'7+&5)'%$)+&);('2$)
:9,(+2)2/&-9(#'1/&-)'&*);'%12+;'#/%@)*$2+-+/&)6'7+&5);%/2$--$-)'%$)3$(*)/&);/(+2@>)
;('&&+&5)'&*),9*5$#);%/;/-'(-)
S/2'()2/669&+1$-)+&P9$&2$)'&*)2/&#%+,9#$)#/);/(+2@)*+'(/59$)'&*)*$2+-+/&I6'7+&5)
;%/2$--$-)'#)'(()($0$(-D
H'1/&'(>)%$5+/&'(>)*+-#%+2#)'&*)(/2'()($0$(),9*5$#)'&*);('&-)'%$)'22$--+,($)#/)#3$);9,(+2)
7%#+!&0+%/&6$&#'()'--$--6$&#-
=//%*+&'1/&),$#8$$&)$&0+%/&6$&#'()-2+$&1-#->)$&$%5@)'&*)JKL)/&)(/8)2'%,/&)'&*)
6+15'1/&)+--9$-)+-)%$P$2#$*)+&)*$2+-+/&I6'7+&5)'&*);/(+2+$-)
:/(+2+$->);%/5%'66$-)'&*);('&-)2'%%@)/9#)$&0+%/&6$&#'()'--$--6$&#)#3%/953)/9#)
;('&&+&5)2@2($-
=[)'&*)/#3$%)UVU)$6+--+/&-)'%$)2'(29('#$*)'&*)#3$+%)%+-7)'--$--$*)'&*)'%,/&)
2/&-+*$%'1/&-)'%$)$6,$**$*)+&)JKL)2/&1&5$&2@);('&&+&5)'&*)<&'&2+'()%$;/%1&5
A#'7$3/(*$%-)+&0/(0$*)+&)#3$);%/5%'66$)'%$)'8'%$)/.)#3$);/#$&1'()%+-7-)'&*)+6;'2#-)/.)
;%/5%'66$)+&#$%0$&1/&-)+&)#3$)$2/(/5+2'()$&0+%/&6$&#
S/8)2'%,/&)*$0$(/;6$&#)
:%/*92#-)/%)-$%0+2$-);9%23'-$*),@)#3$)/%5'&+4'1/&)'%$)$&0+%/&6$&#'((@)-/9&*)'&*)
2'%,/&).//#;%+&#-)2'(29('#$*)'&*)/RI-$#)
A#%92#9%'()/%)%$2/&-#%921/&)+&#$%0$&1/&-)+&2(9*$)'&'(@-+-)/.)(/8)2'%,/&)-2$&'%+/-)'&*)
;%+/%+14$)#3$)9-$)/.)(/2'()(/8)2'%,/&)%$&$8',($)$&$%5@)#$23&/(/5@)
S/8)2'%,/&)'(#$%&'10$-)'%$)2/&-+*$%$*)+&)=AJKL)+&#$%0$&1/&-)'&*)(/2'()2/669&+1$-)
*$2+*$)83'#)#$23&/(/5+$-)'%$)*$0$(/;$*)/%)-$($2#$*
• )) ))T3$)*'%7)2$((-)-3/8)#3$);%+6'%@)+&*+2'#/%-)./%)$'23)/.)#3$)'21/&);/+&#-)
• ))) )T3$)5%$@)-3'*$*)2$((-)/.)#3$)5%+*)+((9-#%'#$)83$%$)')-$2/&*)-$#)/.)+&*+2'#/%-)%$('#$*)#/)/#3$%)'21/&);/+&#-)&$$*)#/)
,$)'**%$--$*)+&)/%*$%)#/)+6;%/0$B'23+$0$)+&#$5%'1/&)I)+#)+-)&/#);/--+,($)#/)'**%$--)#3$)/%+5+&'()'21/&);/+&#)8+#3/9#)
'**%$--+&5)#3$)/#3$%D))
• ))) )T3$)83+#$)2$(()+*$&1<$-)+&*+2'#/%-)'&*)'21/&);/+&#-)#3'#)'%$)&/#)2/&-+*$%$*)7$@)#/)'23+$0+&5)+&#$5%'1/&))