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0WVTKVKQP)CEVU
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9J[&G[NQP
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9G HKPF VJG GXKFGPEG DCEMGF YKVJ TGUGCTEJ EKVCVKQPU QP YJ[ &KPPCOQP 5RKEG OC[DG VJG UQNWVKQP HQT 'KCDGVGU&CPFKFC 9GKIJV NQUU
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U 5VQOCEJ HNW CPF OWEJ OQTG 6CMG C ENQUGT NQQM CV VJG GXKFGPEG 6JG DGPGHKVU QH
EKPPCOQPCTGEQORGNNKPI

6JG)'$JCUPQVCRRTQXGF&KPPCOQPVQEWTGCP[OGFKECNEQPFKVKQP6JKUKPHQTOCVKQPKURTGUGPVGFHQTKPHQTOCVKQPCNRWTRQUGUCPF
KUPQVKPVGPFGFVQVTGCVFKCIPQUGQTEWTGCP[KNNPGUU&QPUWNVCRJ[UKEKCPDGHQTGVCMKPICP[&KPPCOQP

 %NQQF5WICT&QPVTQNÃ5GXGTCN UVWFKGU JVVRYYYPEDKPNOPKJIQXROECTVKENGU2/&  JCXG HQWPF VJCV &KPPCOQP JCU


RTQRGTVKGUVJCVJGNRVJQUGYKVJKPUWNKPTGUKUVCPEGØVKUVJGTGHQTGXGT[RQRWNCTYKVJ6[RGFKCDGVKEUYJQVCMGKVVQEQPVTQNVJGKTDNQQF
UWICTXCTKCVKQPU

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EKPPCOQP EQORCTGFVQ&CUUKC&KPPCOQPHQWPFKP[QWTITQEGT[UVQTGØPECUG[QWFKFPQVMPQY&QWOCTKPKPJKIJFQUGUECPECWUG
NKXGTFCOCIG6JKUUVWF[ JVVRYYYPEDKPNOPKJIQXRWDOGF  HQWPF &CUUKC &KPPCOQP YCU OQTG GHHGEVKXG VJCP &G[NQP
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&KPPCOQPUKPEGGXGPFQWDNKPIVJGFQUCIGYKNNPQVEQOGENQUGVQVJGJKIJ&QWOCTKPNGXGNUHQWPFKP&CUUKC&KPPCOQP

ØPCPQVJGTUVWF[ JVVRYYYPEDKPNOPKJIQXROECTVKENGU2/& &G[NQP&KPPCOQPYCUHQWPFVQJCXGCPGHHGEVQPDNQQF

UWICTEQPVTQNKPCTCVOQFGNØH[QWCTGVCMKPI&G[NQP&KPPCOQPHQTFKCDGVGUVCMGKVKPOQFGTCVKQPCURCTVQHCJGCNVJ[RTQITCOQH
FKGVRTQRGTPWVTKVKQPCPFOQFGTCVGGZGTEKUG

$EEQTFKPIVQ2CWN'CXKFCV7&'CXKUKPVJKU024UVQT[QH JVVRYYYPRTQTIDNQIUVJGUCNVEKPPCOQP
ECPJGNRNQYGTDNQQFUWICTDWVQPGXCTKGV[OC[DGDGUV"
HV  H  WVOAEQPVGPV UQEKCNHNQY WVOAECORCKIP PRTJGCNVJ WVOAUQWTEG JGCNVJ WVOAOGFKWO VYKVVGT  &KPPCOQP JCU C 
GHHGEVQPDNQQFUWICTNGXGNUUKOKNCTVQCPaQNFGTIGPGTCVKQPQHFKCDGVGUFTWIU6JCVEQWNFOCMGKVCPKFGCNQRVKQPHQTRTGFKCDGVKEU)QT
UGXGTG 6[RG  FKCDGVKEU YJGVJGT [QW ECP VCMG GPQWIJ EKPPCOQP VQ OCMG C FKHHGTGPEG KU C FGEKUKQP [QW UJQWNF OCMG KP EQPUWNVCVKQP
UGXGTG6[RGFKCDGVKEUYJGVJGT[QWECPVCMGGPQWIJEKPPCOQPVQOCMGCFKHHGTGPEGKUCFGEKUKQP[QWUJQWNFOCMGKPEQPUWNVCVKQP
YKVJ[QWTFQEVQT

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UGGOUVQDGGHHGEVKXGHQTDNQQFUWICTEQPVTQN6JKUUVWF[ JVVRYYYPEDKPNOPKJIQXRWDOGF HQWPFKVVJGOQUVGHHGEVKXG
EQORCTGF VQ a DGTDGTKPG %GT  CPF OGVHQTOKP /GV  CV EQPVTQNNKPI DNQQF UWICT NGXGNU $PQVJGT UVWF[
JVVRYYYPEDKPNOPKJIQXRWDOGF  HQWPF &KPPCNCFJ[FG HTQO &G[NQP &KPPCOQP %CTM 1KN &KPPCOQPWO \G[NCPKEWO a
TGFWEGFRNCUOCINWEQUGEQPEGPVTCVKQPUKIPKHKECPVN[ R KPCFQUGFGRGPFGPVOCPPGT  

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(UEJGTKEJKC EQNK DCEVGTKC CPF &CPFKFC CNDKECPU HWPIWU 6JKU UVWF[ JVVRYYYPEDKPNOPKJIQXRWDOGF FKUEQXGTGF VJCV
&KPPCOQP 1KN YCU QPG QH VJTGG NGCFKPI GUUGPVKCN QKNU GHHGEVKXG CICKPUV &CPFKFC $ UGEQPF UVWF[
JVVRYYYPEDKPNOPKJIQXRWDOGF  HQWPF VJCV &KPPCOQP 1KN YCU GHHGEVKXG CICKPUV VJTGG UVTCKPU QH &CPFKFC &CPFKFC
CNDKECPU&CPFKFCVTQRKECNKUCPF&CPFKFCMTWUGK4GCN&G[NQP&KPPCOQP6GCKPHWUGFYKVJ&KPPCOQP%CTM1KNEQWNFDGCPGZEGNNGPVYC[
VQ HKIJV KPVGTPCN &CPFKFC KPHGEVKQPU CPF DQQUV [QWT KOOWPG U[UVGO )QT VQRKECN CRRNKECVKQPU GZEGRV IGPKVCN CTGCU CPF OWEQWU
OGODTCPGU &G[NQP&KPPCOQP.GCH1KNOKZGFYKVJCECTTKGTQKNEQWNFDGCPGZVTGOGN[GHHGEVKXGVTGCVOGPVQRVKQP

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RQYGTHWNCPVKDCEVGTKCN4GUGCTEJJCUUJQYP&KPPCOQPKUQPGQHVJGOQUVGHHGEVKXGUWDUVCPEGUCICKPUV ENKEMVJGNKPMUHQTVJGTGUGCTEJ
a (EQNK JVVRYYYPEDKPNOPKJIQXRWDOGF  CPF a 5CNOQPGNNC JVVRYYYPEDKPNOPKJIQXRWDOGF  CU YGNN
CUa&COR[NQDCEVGTa JVVRYYYPEDKPNOPKJIQXRWDOGF $PQVJGTUVWF[HQWPF&KPPCOCNFGJ[FGHTQO&KPPCOQP%CTM1KN
KPKVUXCTKQWUHQTOUKUGHHGEVKXGCICKPUVaCFGPQXKTWU JVVRNCDOGFCUERLQWTPCNUQTIEQPVGPVHWNN  $PQVJGT TGCUQP VQ JCXG
QWT&KPPCOQPVGCYJKEJKUKPHWUGFYKVJ&KPPCOQP%CTM1KNVJCVJCUJKIJNGXGNUQH&KPPCOCNFGJ[FG DGVYGGP 4GCFQWT%NQI
RQUV JVVREKPPCOQPXQIWGEQODNQIDGUVEWTGHQTUVQOCEJDWIUCPFHNWYKVJEKPPCOQP QPJQYVQVCMG&KPPCOQPHQTUVQOCEJ
DWIUCPFHNW

 ØTTKVCDNG %QYGN 5[PFTQOG Ø%5 Ã$UCFKIGUVKXGEKPPCOQPFTCOCVKECNN[TGFWEGUVJGWPEQOHQTVCDNGHGGNKPIUCUUQEKCVGFYKVJØ%5


GURGEKCNN[VJGDNQCVKPIØVFQGUVJKUD[MKNNKPIDCEVGTKCCPF JGCNKPI KPHGEVKQPU KP VJG *Ø VTCEV CPF GPCDNKPI VJG ICUVTKE LWKEGU VQ YQTM
PQTOCNN[$,CRCPGUGUVWF[CRRCTGPVN[UJQYGFKVVQEWTGWNEGTUDWVVJKUECPPQVDGXGTKHKGF%WVKH[QWFQJCXGUVQOCEJETCORUQT
WRUGVUCEWRQH&KPPCOQPVGCVKOGUaRGTFC[YKNNFTCOCVKECNN[TGFWEGVJGRCKP

 &CPEGT2TGXGPVGTÃ4GUGCTEJUJQYU JVVRYYYPEDKPNOPKJIQXRWDOGF VJCV&KPPCOQPQKNKUCRTQOKUKPIUQNWVKQPKP


VJGVTGCVOGPVQH6WOQTU*CUVTKE&CPEGTUCPF/GNCPQOCU4GUGCTEJUVWFKGU JVVRYYYFWMGJGCNVJQTIJGCNVJANKDTCT[PGYU
UJQYVJCVUWICTOC[DGECWUKPIQTUWUVCKPKPIECPEGTEGNNUCPFEKPPCOQPOC[JCXGCOKVKICVKPIGHHGEVD[EQPVTQNNKPIDNQQFUWICTNGXGNU
KPVJGDQF[$PQVJGTUVWF[HQWPFIQQFTGUWNVUYKVJNGWMGOKCCPFN[ORJQOCECPEGTEGNNU

&KPPCOQPKPKVUXCTKQWUHQTOUJCUVYQEJGOKECNEQPUVKVWGPVUECNNGF&KPPCOCNFGJ[FGaCPF(WIGPQN )TQO&KPPCOQP1KN 6JGUGJCXG


DGGP WUGF VQ FGXGNQR PWVTCEGWVKECNU KP VJKU UVWF[ JVVRGDOTUOLQWTPCNUEQOEQPVGPVHWNN  VJCV JCXG RTQXGP HCKTN[
GHHGEVKXGKPHKIJVKPI+WOCP&QNQP&CPEGT&GNNU (WIGPQN CPF+WOCPJGRCVQOCEGNNU &KPPCOCNFGJ[FG 5QVJGGXKFGPEGUGGOUVQ
UWIIGUV VJCV &KPPCOQP KU UVCTXKPI ECPEGT EGNNU QH VJG UWICT PGGFGF VQ UWUVCKP VJGO 6JKU 7PKXGTUKV[ QH $TK\QPC UVWF[
JVVRECPEGTRTGXGPVKQPTGUGCTEJCCETLQWTPCNUQTIEQPVGPVCDUVTCEV  HQWPF VJCV VJG EKPPCOCNCFGJ[G EQORQPGPV QH
EKPPCOQPYCUCRQVGPVEQNNGEVQTCNECPEGTHKIJVGT

 $TVJTKVKU1UVGQRQTQUKU Ãa  6JG YKFGN[ EKVGF &QRGPJCIGP WPKXGTUKV[ UVWF[ KU C JQCZ /QUV QH VJG GXKFGPEG VJCV &KPPCOQP JGNRU
CTVJTKVKUKUHTQORGTUQPCNVGUVKOQPKCNU5QOGRGQRNGENCKOFTKPMKPI&KPPCOQPVGCJGNRUVJGRCKPHTQOCTVJTKVKUYJKNGQVJGTUENCKOC
&KPPCOQP1KNDCUGFOCUUCIGQKNJGNRUGCUGVJGRCKP

9JCV YG FQ MPQY KU VJCV &KPPCOQP JCU JKIJ NGXGNU  '8 KP VYQ UVKEMU QH &KPPCOQP  QH /CPICPGUG
JVVRYYYNKXGUVTQPIEQOCTVKENGYJCVCTGVJGDGPGHKVUQHOCPICPGUGUGNGPKWOKPQWTDQFKGU  YJKEJ KU WUGF VQ DWKNF
DQPGUDNQQFCPFQVJGTEQPPGEVKXGVKUUWGUCEEQTFKPIVQVJG7PKXGTUKV[QH/CT[NCPF/GFKECN&GPVGT6JGDQF[PGGFUOCPICPGUGHQT
QRVKOCN DQPG JGCNVJ UQ RGQRNG YJQ CTG FGHKEKGPV KP VJG OKPGTCN CTG OQTG NKMGN[ VQ FGXGNQR QUVGQRQTQUKU 1H EQWTUG CPQVJGT HCEVQT
QRVKOCNDQPGJGCNVJUQRGQRNGYJQCTGFGHKEKGPVKPVJGOKPGTCNCTGOQTGNKMGN[VQFGXGNQRQUVGQRQTQUKU1HEQWTUGCPQVJGTHCEVQT
ECWUKPI1UVGQRQTQUKUOC[DGGZEGUUKXGFCKT[EQPUWORVKQP JVVREKPPCOQPXQIWGEQODNQIVJGGXKNQHFCKT[ 

$UVWF[KPNKUVGFKPVJKURFH '190.1$'5&G[NQP&KPPCOQPGHHGEVUQPCVJTKVKURFH HQWPFVJCV$NFGTJ[FGEQORQPGPVUQH&G[NQP


&KPPCOQPDCTMGZVTCEVUWRRTGUUGU4$0-.KPFWEGFQUVGQENCUVQIGPGUKUVJTQWIJ0)$6EFQYPTGIWNCVKQP

 $PVK%CEVGTKCN$PVK /KETQDKCN  &G[NQP &KPPCOQP .GCH 1KN KU C RQYGTHWN CPVKDCEVGTKCN CPF OCMGU C ITGCV PCVWTCN FKUKPHGEVCPV
JVVREKPPCOQPXQIWGEQODNQIJQYVQOCMGCJQOGOCFGCNNPCVWTCNFKUKPHGEVCPVURTC[  &KPPCOQP QKN JCF VJG DGUV CPVK
OKETQDKCNCEVKXKV[COQPIVJTGGQKNUCICKPUV(UEJGTKEJKCEQNK5VCRJ[NQEQEEWUCWTGWU$URGTIKNNWU QT[\CG  CPF 2GPKEKNNKWO FKIKVCVWO
CEEQTFKPIVQVJKUCDUVTCEV JVVRYYYPEDKPNOPKJIQXRWDOGF

&KPPCOQP %CTM 1KN 1KN KU CNUQ CP GZVTGOGN[ RQYGTHWN CPVK DCEVGTKCN 6JKU UVWF[
JVVRYYYPEDKPNOPKJIQXROECTVKENGU2/&  HQWPF VJG EKPPCOCNFGJ[FG NGXGNU QH EKPPCOQP %CTM 1KN YCU GHHGEVKXG
CICKPUV.KUVGTKCOQPQE[VQIGPGU5CNOQPGNNCa6[RJKOWTKWOCPFGPVGTQJGOQTTJCIKEa(UEJGTKEJKCEQNK

'KNWVGGKVJGTEKPPCOQPQKNYKVJYCVGTVQFKUKPHGEVMKVEJGPEQWPVGTVQRU UKPMU [QWT TGHTKIGTCVQT FQQT MPQDU VQ[U CPF OCP[ QVJGT
VJKPIUØH[QWJCXG[QWPIEJKNFTGPCPFFQP
VYCPVVQWUGJCTUJECPEGTECWUKPIEJGOKECNUWUG&KPPCOQP1KN&KPPCOQPUVKEMUCTGCNUQC
IQQFCPVKDCEVGTKCNDWV[QWYQWNFPGGFCNQVQHKVVQOCMGCFKHHGTGPEGØH[QWYCPVCOKNFFKUKPHGEVNKMGVQYCUJ[QWTHCEGVJGPC
EQWRNGQH&KPPCOQPUVKEMUDQKNGFKPJQVYCVGTOKIJVDGCPKFGC

 )QQF 2TGUGTXCVKXG Ã &KPPCOQP KU GHHGEVKXG KP KPJKDKVKPI DCEVGTKCN ITQYVJ 6JKU OC[DG QPG TGCUQP YJ[ KV KU YKFGN[ WUGF KP HQQF
RTGRCTCVKQPKPJQV$UKCPEQWPVTKGUØP5TK.CPMCXKTVWCNN[GXGT[FKUJJCUCRKPEJQH&KPPCOQPKPKVØPCFFKVKQPVQITGCVHNCXQT&G[NQP
&KPPCOQPKPEQODKPCVKQPYKVJQVJGTURKEGUNKMG6WTOGTKECPF&JKNKOC[JCXGDGGPCPKPFKIGPQWUUQNWVKQPVQRTGUGTXGHQQFYKVJQWVC
TGHTKIGTCVQT 6JKU UVWF[ JVVRYYYPEDKPNOPKJIQXRWDOGF  HQT WUKPI &KPPCOQP 1KN EQCVGF RCRGT CU C RTGUGTXCVKXG
HQWPFC&KPPCOQP1KNUQNWVKQPYCUTGURQPUKDNGHQTEQORNGVGKPJKDKVKQPQHOQNFKPUNKEGFDTGCFRCEMCIKPI6JKUUVWF[NKUVGFQP)GD
 JVVRYYYPEDKPNOPKJIQXRWDOGF  CNUQ HQWPF EKPPCOQP QKN GHHGEVKXG KP FGXGNQRKPI KPUGEV TGUKUVCPV HQQF
RCEMCIKPIHKNO&KPPCOQPCNUQECOGQPVQR JVVRYYYPEDKPNOPKJIQXRWDOGF KPVJKUUVWF[GXGPCICKPUV$NNURKEGCPF
&NQXG1KNCUXGT[GHHGEVKXGHQTOCMKPIGFKDNGHQQFHKNO

 1FQT0GWVTCNK\GTÃ2WTG&KPPCOQP.GCHQKNPQVQPN[UOGNNUITGCVDWVKUCPGHHGEVKXGQFQTPGWVTCNK\GTCUKVMKNNUDCEVGTKCVJCVETGCVGU
DCFQFQTUCPFPQVLWUVOCUMQFQTU$NN[QWPGGFKUFTQRUQH&KPPCOQPNGCHQKNOKZGFYKVJYCVGTQPCFKHHWUGTCPFYKVJKPOKPWVGU
CNN QFQTU CTG PGWVTCNK\GF $NVGTPCVKXGN[ URTC[ FKNWVGF &KPPCOQP .GCH 1KN CPF YKRG FQYP VQKNGVU HNQQTU CPF MKVEJGP EQWPVGT VQRU
ICTDCIGECPUCPFVJGKPVGTKQTQHXGJKENGUVQTCRKFN[TGOQXGHQWNQFQTU)CTDGVVGTVJCPCP[EJGOKECNURTC[UØVCNUQJCUVJGGHHGEVQH
KORTQXKPI[QWTOQQF(URGEKCNN[ITGCVCUCEWTGHQTVJGYKPVGTDNWGU

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K0GYUØ'  UVT%CEM CDQWVCFOAPGYUACTEJKXGCUR D['T%T[CP4CWFGPDWUJ'KTGEVQTQH7PFGTITCFWCVG4GUGCTEJCPFCUUQEKCVG
RTQHGUUQT QH RU[EJQNQI[ CV 9JGGNKPI ,GUWKV 7PKXGTUKV[ KP 9JGGNKPI 98 &KPPCOQP OC[ MGGR [QW OQTG CNGTV CPF FGETGCUG [QWT
HTWUVTCVKQPYJGP[QWCTGDGJKPFVJGYJGGN

6JKU JCTF VQ XGTKH[ *GTOCP UVWF[ EKVGF KP VJKU CTVKENG JVVRYYYNKHGGPJCPEGOGPVEQOOCIC\KPGCTVKENGKPUWNKPKORTQXGU
EQIPKVKXGHWPEVKQPKPJGCNVJ[CFWNVU VJQUGVCMKPI&KPPCOQPKORTQXGFVJGKTTGURQPUGVKOGUCPFOGOQT[TGECNN9JKNGPQVUEKGPVKHKE
QWTRGTUQPCNGZRGTKGPEGUWIIGUVURTGVV[IQQFTGUWNVUKPCNGTVPGUUCPFEQPEGPVTCVKQP

 $PVKQZKFCPVÃ9KVJ CP 14$& XCNWG QH  HOQN 6(I 75'$   EKPPCOQP KU QPG QH VJG VQR UGXGP CPVKQZKFCPVU KP VJG
YQTNF 6JG UWIIGUVKQP KU VJCV $PVKQZKFCPVU TGFWEG VJG HQTOCVKQP QH  )TGG 4CFKECNU  VJCV ECWUG ECPEGT 6JKU UVWF[
JVVRYYYPEDKPNOPKJIQXRWDOGF  HQWPF &KPPCOQP JCU UWHHKEKGPV CPVKQZKFCPV RTQRGTVKGU CPF OCMGU HQT KORTQXGF
HQQFRCNCVCDKNKV[6JKUFGVCKNGFØPFKCPUVWF[ '190.1$'5CPVKQZKFCPVCPFCPVKOKETQDKCNUVWFKGUQHEKPPCOQPNGCHCPFDCTMXQNCVKNG
QKNUQNGQTGUKPURFH  RFH  CNUQ HQWPF RQVGPVKCN CPVK OKETQDKCN CPF CPVKQZKFCPV RTQRGTVKGU QH VJG XQNCVKNG QKNU CPF QNGQTGUKPU QH
EKPPCOQPNGCHCPFDCTM%WVEQPUKFGTCPVKQZKFCPVUCUIQQFHQT[QWTYJQNGDQF[TGRCKTKPIFCOCIGVQXKTVWCNN[CNNRCTVUQH[QWTDQF[
HTQOUMKPVQQTICPU

 9GKIJV.QUUÃ&KPPCOQPCRRCTGPVN[JCUVJGGHHGEVQHVJKPPKPI[QWTDNQQFVJGTGD[KPETGCUKPIDNQQFEKTEWNCVKQPØPETGCUGFDNQQFHNQY
IGPGTCNN[DQQUVU[QWTOGVCDQNKUOYJKEJKUYJ[KVOC[DGJGNRHWNKPYGKIJVNQUU6JKUDNQQFVJKPPKPIRTQRGTV[QH&KPPCOQPCNUQJGNRU
KVKPCEVKPICUCPCPVKENQVVKPICIGPVGURGEKCNN[HQTVJQUGUWHHGTKPIHTQOJGCTVFKUGCUG&CTGOWUVDGVCMGPVQ016VQ&KPPCOQPYKVJ
QVJGTDNQQFVJKPPKPIOGFKECVKQP6JGOCKPKPITGFKGPVVJCVECWUGU[QWTDNQQFVQVJKPKU&QWOCTKPYJKEJKURTGUGPVKPJKIJFQUGUKP
&CUUKC&KPPCOQP  DWVPQVKP&G[NQP&KPPCOQP  +QYGXGT&QWOCTKPECWUGUNKXGTFCOCIG5QVCMKPI&CUUKC&KPPCOQPHQT
YGKIJVNQUUOC[GPFWRECWUKPINKXGTFCOCIG

6JKU CTVKENG JVVRYYYDQUVQPEQOPGYUGFWECVKQPJKIJGTCTVKENGUEKPPCOQPALQKPUAEJQNGUVGTQNADCVVNG EKVGU 'T


*TGGPDWTI QH 6WHVU 7PKXGTUKV[ CU UC[KPI KV JQNFU RTQOKUKPI RQUUKDKNKVKGU HQT YGKIJV NQUU 9G VCMG C OQTG KP FGRVJ NQQM JGTG
EKPPCOQPAHQTAYGKIJVANQUUJVON

 /CUUCIG 6JGTCR[ Ã &KPPCOQP KU C YGNN MPQYP YCTOKPI CIGPV &QODKPGF YKVJ C ECTTKGT QKN KV KU JKIJN[ GHHGEVKXG KP TGNCZKPI CPF
TGNKGXKPIOWUENGRCKP5QOGRWVCHGYFTQRUKPVJGKTDCVJVQTGNCZCPFVQUQQVJVKTGFCPFCEJKPIOWUENGU

 6QGPCKN)WPIWUÃ*QVCDCFECUGQHVJGVQGPCKNHWPIWUQTCVJNGVGUHQQV"&KPPCOQP.GCH1KNKUCRQYGTHWNCPVKHWPICNHCTUWRGTKQTVQ
EQOOGTEKCNVQRKECNVTGCVOGPVU;QWECPWUG&KPPCOQPUVKEMUVGCQTRQYFGTHQTKPVGTPCNVTGCVOGPVCPFCHGYFTQRUQH&G[NQP
&KPPCOQP.GCH1KNCPFUQCM[QWTHGGVVQVTGCVVJGVQGPCKNHWPIWUQTCVJNGVGUHQQV5JQEMKPIN[GHHGEVKXGHCUVTGUWNVU&NKEMJGTG
JVVRYYYEKPPCOQPXQIWGEQOVQGPCKNAHWPIWUAVTGCVOGPVAPCVWTCNAJQOGATGOGF[JVON VQTGCFOQTG

 .QYGTKPI .'. EJQNGUVGTQN  VTKIN[EGTKFGU Ã $EEQTFKPI VQ C /C[Q ENKPKE CTVKENG JVVRYYYOC[QENKPKEEQOJGCNVJEKPPCOQP
NQYGTEJQNGUVGTQN$0 VJGQPN[RQUUKDNGYC[&KPPCOQPEQWNFNQYGTEJQNGUVGTQNKUKPFKTGEVN[XKCJQYVJGDQF[RTQEGUUGUUWICT
CPFHCV%WVVJGTGKUPQFKTGEVGHHGEVQPEJQNGUVGTQN5VKNNCPQVJGTUVWF[KP2CMKUVCP JVVRYYYPEDKPNOPKJIQXRWDOGF
HQWPF &KPPCOQP TGFWEGF VTKIN[EGTKFG   .'. EJQNGUVGTQN   CPF VQVCN EJQNGUVGTQN   $ TGXKGY KP 
JVVRYYYPEDKPNOPKJIQXRWDOGF  HQWPF 6JG EQPUWORVKQP QHa EKPPCOQPa KU CUUQEKCVGF YKVJ C UVCVKUVKECNN[ UKIPKHKECPV
FGETGCUG KP NGXGNU QH VQVCN EJQNGUVGTQN .'.& CPF VTKIN[EGTKFG NGXGNU CPF CP KPETGCUG KP +'.& VJG IQQF EJQNGUVGTQN  NGXGNU DWV
SWCNKHKGFKVD[UC[KPIVJCVCRRN[KPIKVVQRCVKGPVECTGKUFKHHKEWNV5VKNNYQTVJCVT[KPQWTDQQM

 (EQNK)KIJVGT5CNOQPGNNCÃ1PGQHVJGOQUVGHHGEVKXG(EQNKHKIJVGTUDGECWUGQHKVUCPVKOKETQDKCNRTQRGTVKGU/KZEKPPCOQPQKNYKVJ
J[FTQIGPRGTQZKFGCPFURTC[[QWTEWVVKPIDQCTFCPFMKVEJGPUKPMGURGEKCNN[CHVGT[QWJCXGEWVOGCVU5RTC[KVKP[QWTTGHTKIGTCVQTØVÆU
UCHGCPFPCVWTCN6JKUUVWF[ JVVRYYYPEDKPNOPKJIQXRWDOGF HQWPFCEQPEGPVTCVKQPQHOKETQNONHTQOEKPPCOQP
YCUGPQWIJVQKPCEVKXCVG5CNOQPGNNC(PVGTKVKFKU(EQNKCPF.KPPQEWCKPCRRNGCPFRGCTLWKEGUCPFCPFOKETQNONHTQOEKPPCOQP
HQTOGNQPLWKEGCPFVT[RVQPGUQ[DTQVJ

 6QQVJ 'GEC[ CPF *WO 'KUGCUG Ã $ICKP VJG CPVKDCEVGTKCN RTQRGTVKGU QH &KPPCOQP RNC[ C ETWEKCN TQNG KP IGVVKPI TKF QH JCTOHWN
DCEVGTKC YKVJQWV FCOCIKPI [QWT VGGVJ QT IWOU ØVÆU QPG QH VJG TGCUQPU VJCV &KPPCOQP 1KN KU QHVGP WUGF KP EJGYKPI IWOU
OQWVJYCUJGUVQQVJRCUVGCPFDTGCVJOKPVU

 0WVTKGPVUÃa1PGVGCURQQPQH&KPPCOQP2QYFGT CTGCNKUVKEFQUG JCUOI '8 /CPICPGUGOI '8 ØTQPOI


'8 &CNEKWO6JKUFCVCYCUECNEWNCVGFHTQOVJKUUKVG JVVRYYYGNQQMQTIPWVTKVKQPJGTDUJVON 9GJCXGCNUQRTGUGPVGF
75'$HKIWTGUYKVJ4'$ UGGEJCTVJGTG JVVREKPPCOQPXQIWGEQOEKPPCOQPAPWVTKVKQPCNADGPGHKVUJVON YJKEJYGVJKPMKU
OQTG CEEWTCVG CNVJQWIJ YG ECPPQV EQPHKTO VJG /CPICPGUG NGXGNU KP &KPPCOQP HTQO CP[ TGNKCDNG UQWTEG /CPICPGUG CRRCTGPVN[
YQTMUCUCPGP\[OGCEVKXCVQTCPFRNC[UCPKORQTVCPVTQNGKPDWKNFKPIIQQFUVTWEVWTGCPFDQPGOGVCDQNKUO$EEQTFKPIVQ9GD/'
JVVRYYYYGDOFEQOXKVCOKPUUWRRNGOGPVUKPITGFKGPVOQPQ/$0*$0(5(CURZ"
CEVKXGØPITGFKGPVØF  CEVKXGØPITGFKGPV0COG /$0*$0(5(  OCPICPGUG KU VJGTGHQTG WUGHWN HQT YGCM DQPGU QUVGQRQTQUKU
JVVRYYYYGDOFEQOQUVGQRQTQUKUFGHCWNVJVO  C V[RG QH ÈVKTGF DNQQF JVVRYYYYGDOFEQOJGCTVCPCVQO[RKEVWTGQH
DNQQF É CPGOKC JVVRYYYYGDOFEQOCVQ\IWKFGUWPFGTUVCPFKPICPGOKCDCUKEU  CPF U[ORVQOU QH RTGOGPUVTWCN U[PFTQOG
JVVRYQOGPYGDOFEQOIWKFGUGZWCNJGCNVJ[QWTIWKFGVQRTGOGPUVTWCNU[PFTQOG  2/5 

 ØPUGEV4GRGNNCPVÃ6JGCPVKOKETQDKCNSWCNKVKGUQH&KPPCOQP.GCHQKNKUQHVGPWUGFHQTJGCFNKEGVTGCVOGPVDNCEMCPVEQPVTQNDGF
DWIUFWUVOKVGUCPFTQCEJGUØVKUYGNNMPQYPCUCFGHGPUGCICKPUVOQUSWKVQGU
6JKU9GD/'CTVKENG JVVRYYYYGDOFEQOUMKP
RTQDNGOUCPFVTGCVOGPVUPGYUEKPPCOQPQKNMKNNUOQUSWKVQNCTXCG UKVGUC6CKYCPGUGUVWF[YJKEJHQWPFVJCVKVPQVQPN[
MKNNU /QUSWKVQ NCTXCG DWV CNUQ CEVU CU C DWI TGRGNNCPV 6JKU RCRGT JVVRYYYUETKDFEQOFQE$PVKOKETQDKCN$EVKXKV[QH
&KPPCOQP UWIIGUVUVJCVTGCN&KPPCOQP1KNCUQRRQUGFVQ&KPPCOQPGZVTCEVKUVJGDGUVHQTCDTQCFTCPIGCPVKOKETQDKCNCEVKXKV[

 &QNF5QTG6JTQCVCPF&QWIJÃ$VVJGHKTUVUKIP YKVJKPOKPWVGU QHUPKHHNGUQTCPKVEJKP[QWTVJTQCVVCMGUQOG&KPPCOQP6GC


QT&KPPCOQPUVKEM6GCØVKUUCKFVQUVQRCPKORGPFKPIKNNPGUUKPKVUVTCEMU$ICKPVJKUKUTGNCVGFVQVJGCPVKDCEVGTKCNRTQRGTVKGUCPF
YCTOKPIRTQRGTVKGUQH&KPPCOQPCPFKVURTQRGPUKV[VQKPETGCUGDNQQFHNQYCPFVJGTGD[KORTQXGDNQQFQZ[IGPNGXGNUVQHKIJVKNNPGUU
&JKPGUGVTCFKVKQPCNOGFKEKPGEQOOQPN[TGEQOOGPFU&KPPCOQPHQTRJNGIOEQWIJU

 $N\JGKOGTÆU'KUGCUGÃ6JKUCTVKENGEKVGU JVVRKUTCGNEQTIJGCNVJEKPPCOQPVJGNCVGUVJQRGHQTCN\JGKOGTU CPØUTCGNKUVWF[FQPG


CVVJG7PKXGTUKV[QH6GN$XKXVJCVHQWPFUWHHKEKGPVGXKFGPEGVQEQPENWFGVJCV&KPPCOQPECPFGNC[VJGGHHGEVUQHHKXGCIITGUUKXGUVTCKPUQH
$N\JGKOGT
U KPFWEKPI IGPGU $PQVJGT UVWF[ JVVRYYYPEDKPNOPKJIQXROECTVKENGU2/&  CNUQ HKPFU VJCV QTCNN[
CFOKPKUVGTGF&KPPCOQPGZVTCEVJCUJCFIQQFUWEEGUUKPEQTTGEVKPI&QIPKVKXGØORCKTOGPVKP$N\JGKOGT
U'KUGCUGKP$PKOCN/QFGNU

6JG NCVGUV HKPFKPIU KPFKECVG VJCV VYQ EQORQWPFU HQWPF KP EKPPCOQP Ä EKPPCOCNFGJ[FG CPF GRKECVGEJKP Ä OC[ DG GHHGEVKXG KP
HKIJVKPI $N\JGKOGT
U $EEQTFKPI VQ C UVWF[ JVVRYYYLCN\EQOPQFG  D[ 4QUJPK *GQTIG CPF 'QPCNF *TCXGU KP  VYQ
UEKGPVKUVU CV 7& 5CPVC %CTDCTC &KPPCOQP JCU DGGP UJQYP VQ RTGXGPV VJG FGXGNQROGPV QH VJG HKNCOGPVQWU ÈVCPINGUÉ HQWPF KP VJG
DTCKPEGNNUVJCVEJCTCEVGTK\G$N\JGKOGTÆU

 2/5  $ICKP DGECWUG QH VJG JKIJ NGXGNU QH /CPICPGUG &KPPCOQP OC[ DG CP GZEGNNGPV ECPFKFCVG VQ OKVKICVG VJG GHHGEVU QH 2/5
$EEQTFKPIVQVJG7PKXGTUKV[QH/CT[NCPF JVVRYYYWOOGFWCNVOGFCTVKENGUOCPICPGUGJVO YGDUKVGYQOGPYJQCVG
OIQHOCPICPGUGKPVJGKTFKGVUGCEJFC[JCFHGYGTOQQFUYKPIUCPFETCORUEQORCTGFVQVJQUGYJQCVGQPN[OIQHOCPICPGUG
6JGUGTGUWNVUUWIIGUVVJCVCOCPICPGUGTKEJFKGVOC[JGNRTGFWEGU[ORVQOUQH2/5$PQVJGTENKPKECNUVWF[HQWPFVJCVRCVKGPVU
YKVJ2/5JCFUKIPKHKECPVN[NQYGTCOQWPVUQHECNEKWOEJTQOKWOEQRRGTCPFOCPICPGUGKPVJGKTDNQQF;QWUJQWNFPQVEQPUWOG
OQTG VJCP  OI QH /CPICPGUG RGT FC[ CDQWV  EKPPCOQP UVKEMU  CEEQTFKPI 0;7 JVVRYYYOGFP[WGFWEQPVGPV"
&JWPMØØ'   )'$ IWKFGNKPGU
JVVRYYYHFCIQX)QQF*WKFCPEG4GIWNCVKQP*WKFCPEG'QEWOGPVU4GIWNCVQT[ØPHQTOCVKQP.CDGNKPI0WVTKVKQPWEOJVO
GUVCDNKUJGUCFCKN[XCNWGQHOI CDQWV&KPPCOQPUVKEMU 

 'GRTGUUKQP4GFWEGFKTTKVCDKNKV[/QQF(PJCPEGT$PEKGPVHQNMNQTGUC[UVJGUOGNNQH&KPPCOQPKUVJGDGUVEWTGHQTVJGYKPVGT
DNWGU6JGQPN[UEKGPVKHKEGXKFGPEGYGECPHKPFVQUWRRQTVVJKUVJGQT[KUVJKUUVWF[ JVVRYYYYLWGFWCDQWVCFOAPGYUAUVQT[CUR"

K0GYUØ'  UVT%CEM CDQWVCFOAPGYUACTEJKXGCUR D['T%T[CP4CWFGPDWUJ'KTGEVQTQH7PFGTITCFWCVG4GUGCTEJCPFCUUQEKCVG


RTQHGUUQTQHRU[EJQNQI[CV9JGGNKPI,GUWKV7PKXGTUKV[KP9JGGNKPI986JGUVWF[HQWPFVJCVVJGUEGPVQH&KPPCOQPTGFWEGFFTKXGT
KTTKVCDKNKV[

%WV &KPPCOQP OC[ DG CP GZEGNNGPV EWTG HQT FGRTGUUKQP KP C OQTG TQWPF CDQWV YC[ 6JGTG KU UQOG GXKFGPEG
JVVRYYYNKXGUEKGPEGEQOJQYDCEVGTKCCHHGEVOGPVCNJGCNVJJVON  VJCV EGTVCKP V[RGU QH IWV DCEVGTKC OC[ OCMG [QW OQTG
UWUEGRVKDNG VQ FGRTGUUKQP &KPPCOQP CU C RQYGTHWN UVQOCEJ CPVK DCEVGTKCN OC[ JGNR [QW TGOQXG VJG DCF DCEVGTKC +QYGXGT UKPEG
&KPPCOQP TGOQXGU DQVJ DCF CPF IQQF DCEVGTKC HTQO [QWT UVQOCEJ [QW YQWNF DG CFXKUGF VQ TGRQRWNCVG [QWT DQF[ YKVJ IQQF
DCEVGTKC D[ FTKPMKPI C IQQF RTQDKQVKE QT GCVKPI HGTOGPVGF HQQF CHVGT VCMKPI &KPPCOQP 4GCF QWT DNQI RQUV QP IWV JGCNVJ JGTG
JVVREKPPCOQPXQIWGEQODNQIIWVJGCNVJ

 8KTWU )KIJVGT  ØV KU CNUQ DGEQOKPI CRRCTGPV VJCV &KPPCOQP KU CNUQ C RQVGPV XKTWU HKIJVGT $P ØPFKCP UVWF[
JVVRYYYTGVTQXKTQNQI[EQOEQPVGPV52  DCUGF QWV QH 2WPG ØPFKC ENCKOGF VJCV C &KPPCOQP FGTKXGF RTQE[CPKFKP
RQN[OGTaECPVWTP+Ø8KPHGEVGFRGQRNGKPVQ+Ø8EQPVTQNNGTU VJQUGYJQECTT[VJG8KTWUDWVFQPQVFGXGNQRHWNNDNQYP$Ø'5 6JKUUVWF[
JVVRYYYPEDKPNOPKJIQXRWDOGF  HQWPF VJCV (WIGPQN VJG RTKOCT[ KPITGFKGPV KP &G[NQP &KPPCOQP .GCH 1KN YCU
GHHGEVKXGU CICKPUV +GTRGU $PF &KPPCOCNFGJ[G VJG RTKOCT[ KPITGFKGPV KP &G[NQP &KPPCOQP %CTM 1KN  YCU GHHGEVKXG CICKPUV VJG
CFGPQXKTWU KP VJKU UVWF[ JVVRNCDOGFCUERLQWTPCNUQTIEQPVGPVHWNN  CP KPHGEVKQP VJCV KU VJG OQUV EQOOQP ECWUG QH
KNNPGUU KP VJG TGURKTCVQT[ U[UVGO 9G VCMG C ENQUGT NQQM KP QWT DNQI RQUV JGTG JVVREKPPCOQPXQIWGEQODNQIEKPPCOQPMKNNU
XKTWUGU 

 2CTMKPUQPU'KUGCUG$NVJQWIJXGT[NKVVNGTGUGCTEJJCUDGGPFQPGQP&KPPCOQPCUCUQNWVKQPHQT2CTMKPUQP
U'KUGCUG&KPPCOQP
UJQWNF RTGUGPV CP GZEKVKPI RQUUKDKNKV[ 6JKU ,WN[  UVWF[ D[ 4WUJ 7PKXGTUKV[ /GFKECN &GPVGT
JVVRYYYUEKGPEGFCKN[EQOTGNGCUGUJVO  HQWPF VJCV WUKPI EKPPCOQP ECP TGXGTUG VJG DKQOGEJCPKECN
EGNNWNCTCPFCPCVQOKECNEJCPIGUVJCVQEEWTKPVJGDTCKPUQHOKEGYKVJ2CTMKPUQPÆUFKUGCUG 2' 

 &KPPCOQPCPF$'+'5QOGRCTGPVUCTGDGIKPKPIVQWUG&KPPCOQPCUCUWRRNGOGPVCT[VTGCVOGPVQRVKQPHQTVJGKTEJKNFTGPYKVJ
$'+'QT$'+'NKMGU[ORVQOU6JGDGUVMPQYPUVWF[QHKUUWGKUVJKUUVWF[ '190.1$'5$'+'ACPFAEKPPCOQPAUVWF[RFH  QWV QH
6CKYCPGUG UVWF[ YJKEJ WUGF EKPPCOQP QKN CTQOVJGTCR[ 9G VCMG C FGVCKNGF NQQM QP QWT DNQI RQUV
JVVREKPPCOQPXQIWGEQODNQIEKPPCOQPHQTCFJF
a

+QOG 6GC
JVVRYYYEKPPCOQPXQIWGEQOKPFGZJVON &CTV JVVREKPPCOQPXQIWGEQOEKPPCOQPVGCJVON

JVVRYYYEKPPCOQPXQIWGEQOECTVRJR 2QYFGT
&QPVCEV75 JVVREKPPCOQPXQIWGEQOEG[NQPAEKPPCOQPARQYFGTJVON

JVVRYYYEKPPCOQPXQIWGEQOEQPVCEVAWUJVON 5VKEMU

6GTOU 5JKRRKPI JVVREKPPCOQPXQIWGEQOEKPPCOQPUVKEMUJVON

JVVRUYYYEKPPCOQPXQIWGEQORTKXCE[AVGTOUAUJKRRKPIJVON .GCH1KN
'KUENCKOGT JVVREKPPCOQPXQIWGEQOEKPPCOQPNGCHQKNJVON
JVVRUYYYEKPPCOQPXQIWGEQOFKUENCKOGTAUVCVGOGPVJVON %CTM1KN

5GCTEJ JVVREKPPCOQPXQIWGEQOEG[NQPAEKPPCOQPADCTMAQKNJVON
JVVREKPPCOQPXQIWGEQOUGCTEJRJR )CEG/CUM
4GUGCTEJ JVVREKPPCOQPXQIWGEQOEKPPCOQPAHCEGAOCUMNJVON

JVVREKPPCOQPXQIWGEQOFQYPNQCFUJVON 6QQVJKRKEMU

%GPGHKVU JVVREKPPCOQPXQIWGEQOEKPPCOQPVQQVJRKEMUJVON
JVVREKPPCOQPXQIWGEQOEKPPCOQPEQOOQPWUGUJVON &CPFNGU
%NQI JVVREKPPCOQPXQIWGEQODNQI JVVREKPPCOQPXQIWGEQOEKPPCOQPECPFNGUJVON
&NKGPV.QIKP *KHVU 1VJGT

JVVREKPPCOQPXQIWGEQOENKGPVNQIKPRJR JVVREKPPCOQPXQIWGEQOEKPPCOQPAIKHVUACPFAQVJGTJVON

     

&QR[TKIJV&KPPCOQP8QIWGØPE$NNTKIJVUTGUGTXGF

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