(V1EXXLMEW/RYXL
-RWXMXYX%VFIMXYRH8IGLRMO +IPWIROMVGLIR
*EGLOSRJIVIR^
:SRYRWIVIR2EGLFEVRPIVRIRr-QTYPWIJ²VHMI%VFIMXWQEVOXTSPMXMOMR (IYXWGLPERH&IVPMR.YPM
8LIWIR^YV%VFIMXWKVYTTI
%VFIMXWQEVOXYRH7XVYOXYVTSPMXMO;IKI^Y-RRSZEXMSR;EGLWXYQYRH
&IWGLÇJXMKYRK
(MI:IV^ELRYRKZSR%VFIMXWQEVOXYRH7XVYOXYVTSPMXMOKIVMIXREGLHIV(IYXWGLIR )MRMKYRKZSV²FIVKILIRHMRW>IRXVYQHIVEVFIMXWQEVOXTSPMXMWGLIR(MWOYWWMSR>YQ QEWWIRLEJXIR)MRWEX^EVFIMXWQEVOXTSPMXMWGLKIJ¸VHIVXIV&IWGLÇJXMKYRKEPW4YJJIVJ²V
^YWEQQIRFVIGLIRHIMRHYWXVMIPPI7XVYOXYVIRMRHIR2IYIR&YRHIWPÇRHIVRKEFIW OIMRI%PXIVREXMZIYRHERKIWMGLXWMRHYWXVMIPPIV%PXPEWXIRYRHQEVSHIV-RJVEWXVYOXYVIR [EV¸JJIRXPMGLKIJ¸VHIVXI)VWEX^FIWGLÇJXMKYRKEPPIQEPWMRRZSPPIVEPWIRHPSWI
5YEPMJM^MIVYRKWOIXXIRJ²V%VFIMXWTPÇX^IHMIRMGLXMR7MGLX[EVIR1ERWYGLXI
&IXÇXMKYRKWJIPHIVJ²VWSK1IKE%&1YRHHIV&IHEVJMQ&IVIMGLZSR9Q[IPX YRH-RJVEWXVYOXYV[EVSJJIRWMGLXPMGLYRHWGLMIRJEWXYRFIKVIR^X
)MR[IMXIVIV*EOXSV[EVHEWWHMI%VFIMXWÇQXIVVEWGLIVLERHPYRKWJÇLMK[EVIREPW 0ERHIWVIKMIVYRKIRYRH/SQQYRIR(EWLMWXSVMWGLI)VFIZSR%&1HIVMRMLVIV /SRWXVYOXMSRFMWLIYXIJSVXPIFIRHI'LEVEOXIVEPW¸JJIRXPMGLI2SXWXERHWEVFIMXIRXVEX [MIHIVMRHIR:SVHIVKVYRHr^YPIX^XFIMQ3HIV,SGL[EWWIV(EHYVGLOEQ IW^YIMRIVIMKIREVXMKIR:IVOILVYRKHIV4SPMXMOJIPHIV(MI%&7+IWIPPWGLEJXIREPW X]TMWGLI8VÇKIVHMIWIV4SPMXMOLEXXIRHIREYWHV²GOPMGLIR%YJXVEKKIJ¸VHIVXI
&IWGLÇJXMKYRKEPW7XVYOXYVJ¸VHIVYRK^YSVKERMWMIVIR(EFIMKEFIWNIHSGLOIMR /SR^ITXYRHIWKMFXWS[IMXMGLWILIREGL[MIZSVOIMRIW[MIQERXVEKJÇLMKI [MVXWGLEJXPMGLI7XVYOXYVIRMRIMRIVYRXIV%RTEWWYRKWYRH%RWGLPYWWWGLSGO
WXILIRHIRILIQEPMKIR>IRXVEPZIV[EPXYRKW[MVXWGLEJXWGLEJJX-Q)VKIFRMWQYWWQER JIWXWXIPPIRHEWWHMIWSKIRERRXIMRZIWXMZI%VFIMXWQEVOXTSPMXMOIMRIRYVJ²VIMRI OYV^IÍFIVKERKW^IMX^YVIGLXJIVXMKIRHI2SXP¸WYRKSLRIREGLLEPXMKI
;MVOWEQOIMX[EV&IMXVEKWQMXXIPHIV&YRHIWERWXEPX[YVHIRJ²VHIR%YJFEY3WX YQKI[MHQIXYRHKPIMGL^IMXMK[YVHIHIV4IVWSREPEFFEYHIV8VIYLERH
9RXIVRILQIRJPEROMIVX)MRI7XVEXIKMIHIV^MIPKIREYIR-RJVEWXVYOXYV-RZIWXMXMSRIR OSRRXIHEWRMGLXWIMR
(EWOSR^ITXMSRIPPI:EOYYQLMRWMGLXPMGLHIV7XVYOXYVTSPMXMOFIWXILX[SLPRMGLXRYV FI^²KPMGLHIV8VERWJSVQEXMSRW¸OSRSQMIRSHIVERHIVWKIWEKX)WFIWXILXJ²VEPPI 8VERWJSVQEXMSRW¸OSRSQMIRIMRWGLPMIPMGLHIV8VERWJSVQEXMSRHIW/ETMXEPMWQYWHMI [MVKIKIR[ÇVXMKIVPIFIR(IJMRMXMSRWZIVWYGLIHIV7XVYOXYVTSPMXMOLERHIPRIRX[IHIV ZSR¸JJIRXPMGLFIVIMXKIWXIPPXIV-RJVEWXVYOXYVSHIVWMIOSQQIRWSJSVXEYJHMINIRMKIR WXEEXPMGLIR*¸VHIVTVSKVEQQI^YWTVIGLIRHMIKIQIMRLMR^YV7XVYOXYVTSPMXMO
KIVIGLRIX[IVHIR;ÇLVIRH[MVKIKIR[ÇVXMKHEQMXFIWGLÇJXMKXWMRHZSRYRWIVIR 2EGLFEVR^YPIVRIR[EW%VFIMXWQEVOXTSPMXMOMWXOIRRIR[MVFIMHIV7XVYOXYVTSPMXMO RYVHMI;²RWGLIYRH>MIPIr-RRSZEXMSR;EGLWXYQYRH&IWGLÇJXMKYRKr[MWWIR [IRMK²FIVHMI;IKIHSVXLMRYRHOIRRIRIVWXVIGLXOEYQ²FIV^IYKIRHI&IMWTMIPI HEJ²V[MIHIV7XEEXHMIWI;IKIFEYIRSHIVIFRIRO¸RRXI
%PWSLEPXIR[MVYRWMRHIV4VE\MWIFIRHSGLER(EXIREYXSFELRIR0ERHIFELRIR YRH6EH[IKIEPWHMIWXEEXPMGLIVWIMXW^YWGLEJJIRHIR;IKI^Y-RRSZEXMSR
;EGLWXYQYRH&IWGLÇJXMKYRK(MI*VEKIREGLHIQ:IVLÇPXRMWZSR%VFIMXWQEVOX YRH7XVYOXYVTSPMXMOVIHY^MIVXWMGLHERREYJHEW4VSFPIQ[MI8IMPRILQIVYRH8VÇKIV ZSREVFIMXWQEVOXTSPMXMWGLKIJ¸VHIVXIR&IWGLÇJXMKYRKWQERELQIRFIMHIV
9QWIX^YRK¸JJIRXPMGLIVSHIV¸JJIRXPMGLKIJ¸VHIVXIV-RZIWXMXMSRWZSVLEFIRFIXIMPMKX [IVHIRO¸RRIR%RKIWMGLXWHIV8EXWEGLIHEWW%VFIMXWJ¸VHIVYRKWVIGLX¸JJIRXPMGLIW :IVKEFIYRH,EYWLEPXWVIGLXYRH7XIYIVVIGLXEYJHMI4VSFPIQIZSRIMRTEEVLYRHIVX
&IWGLÇJXMKYRKWXVÇKIVRHMIWSPGLI4VSNIOXIHYVGLJ²LVIROIMRI6²GOWMGLXRILQIR YRHERKIWMGLXWHIV^IMXPMGLIR-ROSRKVYIR^ZSR-RJVEWXVYOXYVTPERYRKYRH
%VFIMXWJ¸VHIVYRKMWXHMIWIW4VSFPIQEPPIWERHIVIEPWXVMZMEP)WMWXZMIPQILVWS OSQTPI\HEWWQER²FIVHIV1IRKI^Y²FIV[MRHIRHIV7GL[MIVMKOIMXIRHMI*VEKI ZIVKIWWIRO¸RRXI[EVYQQERWMGL²FIVLEYTXHMIWIV%RWXVIRKYRKYRXIV^MILIRWSPP (MITVEKQEXMWGLI%RX[SVXHIVIMRWGLPÇKMKXÇXMKIR8VÇKIVPEYXIX*²VKIVMRK
UYEPMJM^MIVXI>MIPKVYTTIRFVEYGLIR[MVRMIHVMKWGL[IPPMKI8ÇXMKOIMXWJIPHIVHMI EYJKVYRHHIVKIWIX^PMGLIR:SVWGLVMJXIRJ²V%VFIMXWFIWGLEJJYRKWQERELQIRMQ
¸JJIRXPMGLIR-RXIVIWWIWIMRSHIVMRHIR/EXEPSKHIVJ¸VHIVYRKWJÇLMKIR
8ÇXMKOIMXWJIPHIVZSR7XVYOXYVERTEWWYRKWQERELQIRTEWWIRQ²WWIR9RHHEWMRH [MVHERRKER^EYXSQEXMWGLFIM¸JJIRXPMGLIR&EYZSVLEFIRYRHHEQMXFIM
KI[IVFPMGLIR8ÇXMKOIMXIRMQ+EVXIRYRH0ERHWGLEJXWFEYYRH&EYKI[IVFI[IMPHMI :IVFIWWIVYRKHIW%RKIFSXWFIMHIRWS^MEPIR(MIRWXIRYRHMRHIV.YKIRHLMPJI WS[MIHMI)VL¸LYRKHIW%RKIFSXWMQ&VIMXIRWTSVXYRHMRHIVJVIMIR/YPXYVEVFIMX HMIRMGLXKI[IVFPMGLIR8ÇXMKOIMXWJIPHIVHIV7XVYOXYVERTEWWYRKWQERELQIRL¸LIVI 5YEPMJMOEXMSRIRZSVEYWWIX^IREPWHMINIRMKIRHMI[MVFIMHIREVFIMXWQEVOXTSPMXMWGLIR
>MIPKVYTTIR^YQMRHIWXMR;IWXHIYXWGLPERHZSVEYWWIX^IRO¸RRIR9RHHEHMIWI
¸JJIRXPMGLIR&EYZSVLEFIRRYR[MIHIVYQEPW7XVYOXYVTSPMXMOKIPXIRF^[EYW
WXVYOXYVTSPMXMWGLIR4VSKVEQQIRJMRER^MIVX[IVHIRJ²LVIR[MV(MWOYWWMSRIR²FIVHEW :IVLÇPXRMWZSR%VFIMXWQEVOXYRH7XVYOXYVTSPMXMO(EFIMH²VJXIIWHIR.YKIRHPMGLIR HMIEQ&EYHIW6EH[IKIRIX^IWMQR¸VHPMGLIR6YLVKIFMIXFIXIMPMKXWMRH^YVIGLX LIV^PMGLIKEPWIMRSF[MVIMRWSPGLIW6EH[IKIRIX^EPW&IWXERHXIMPHIV7XVYOXYVTSPMXMO ERWILIRSHIVRMGLX
7SPERKIEOXMZI%VFIMXWJ¸VHIVYRKHIQ4EVEHMKQEQEWWIRLEJXIV)VWEX^FIWGLÇJXMKYRK J²VJILPIRHI%VFIMXWTPÇX^IJSPKXI[EVHMI6IGLXJIVXMKYRKHIVSVKERMWEXSVMWGLIR
%RWXVIRKYRKIRYRHJMRER^MIPPIR%YJ[IRHYRKIRJ²VOSQFMRMIVXI%VFIMXWYRH 7XVYOXYVJ¸VHIVYRKIMRJEGL(MI8IMPRILQIVWMRHIVWXIMRQEPFIWGLÇJXMKXYRH
EYIVHIQ[MVHJ²VHMI%PPKIQIMRLIMXIX[EW2²X^PMGLIWKIWGLEJJIR1MXHIV
)MRJ²LVYRKHIW7+&---YRXIVHIQ)MRJPYWWHIV0IMXPMRMIRHIV)YVSTÇMWGLIR
&IWGLÇJXMKYRKWTSPMXMOYRHRMGLX^YPIX^X[IKIRHIV&IPIFYRKHIV2EGLJVEKIREGL
%VFIMXWOVÇJXIRWIX^XWMGLNIHSGLIMRERHIVIW4EVEHMKQEHYVGL>YQMRHIWXMR
;IWXHIYXWGLPERHKILXIWMRHIRRÇGLWXIR.ELVIRRMGLXQILVYQIMRIR
)VWEX^EVFIMXWQEVOXWSRHIVRYQHMI*¸VHIVYRKREGLLEPXMKIV&IWGLÇJXMKYRKWJÇLMKOIMX J²VHIRÍFIVKERKMRIMRIR[MIHIVEYJRELQIJÇLMKIVIRVIKYPÇVIR%VFIMXWQEVOX (EQMXWMRHER4VSNIOXIHIVOSQFMRMIVXIR%VFIMXWYRH7XVYOXYVJ¸VHIVYRK*VEKIR[MI
HMIJSPKIRHIR^YWXIPPIR
• 3VMIRXMIVXQERQMXHIV/SR^IRXVEXMSREYJHMI&IVIMGLI+EVXIRYRH 0ERHWGLEJXWFEYYRH&EYRIFIRKI[IVFIHMI8IMPRILQIV[SQ¸KPMGLMR
7EGOKEWWIRHMIOIMRI&IWGLÇJXMKYRKWTIVWTIOXMZIRMQVIKYPÇVIR%VFIMXWQEVOX FMIXIR#7MRH*PYOXYEXMSRYRHHEQMXHIV%VFIMXWOVÇJXI)VWEX^FIHEVJMRHMIWIRNE MRWKIWEQXRMGLX[EGLWIRHIR&VERGLIRKVSKIRYKYQHMI8IMPRILQIV
^YQMRHIWXEYJQMXXPIVI7MGLXEYJ^YRILQIR#3HIVQYWWQERWEKIR(MI7GL[IPPI MWX^[EVRMIHVMKEFIVHELMRXIVFIJMRHIXWMGLOIMRI8²V#
• -R[MI[IMXLÇRKXHEWEYGLHEQMX^YWEQQIRHEWWEVFIMXWQEVOXTSPMXMWGL
KIJ¸VHIVXI&IWGLÇJXMKYRKHMIYRKIJ¸VHIVXIMRFIWXMQQXIR8ÇXMKOIMXWFIVIMGLIR ZIVHVÇRKIRWSHEWWWGLSRHIWLEPFHIVÍFIVKERKMRPIX^XIVIRMGLXKIPMRKIROERR#
(MIWI*VEKIWXIPPXWMGLZSVEPPIQMQ+E0E&IVIMGL
• ;MIOERRQERHEWIRKI8ÇXMKOIMXWWTIOXVYQHIV&IWGLÇJXMKYRKWYRH
5YEPMJM^MIVYRKWQERELQIRIV[IMXIVRMRI\TERHMIVIRHI8ÇXMKOIMXWJIPHIV#;IPGLI RMIHVMKWGL[IPPMKIR%RKIFSXIWMRHKIIMKRIXÍFIVKÇRKIMRHMI[EGLWIRHIR (MIRWXPIMWXYRKWFIVIMGLI^YWGLEJJIR#
(MIPIX^XI*VEKI[MVHLIYXIYRXIVRISPMFIVEPIR:SVEYWWIX^YRKIRMQ/SRXI\XZSR 2MIHVMKYRH/SQFMPSLRWXVEXIKMIRHMWOYXMIVX[IMPHMIXVEHMXMSRIPPIEOXMZI
%VFIMXWJ¸VHIVYRKWMIRMGLXFIEVFIMXIXLEX9RHWMIOSRRXIWMIRMGLXFIEVFIMXIR[IMP HMIOPEWWMWGLIR%VFIMXWFIWGLEJJYRKWQERELQIRQMXMLVIV,IVOYRJXZSR¸JJIRXPMGLIR 2SXWXERHWEVFIMXIRMLVIV&IWGLVÇROYRKEYJ%VFIMXIRMQ¸JJIRXPMGLIR-RXIVIWWIYRH YQKIWIX^XREGL>Y[IRHYRKWYRH>Y[IMWYRKWVIGLXWXEEXWJM\MIVXWMRH-RIMRIV>IMXMR HIVHMIWXEEXPMGLIR%VFIMXKIFIV4IVWSREPEFFEYIRYRHHEW:SPYQIR¸JJIRXPMGLIV
&EYEYJXVÇKIQMX7MGLIVLIMXRMGLX[EGLWIR[MVHOERRIMRWSPGLIW-RWXVYQIRXHMI )V[EVXYRKÍFIVKÇRKIMRVIKYPÇVI&IWGLÇJXMKYRK^YIVQ¸KPMGLIRMQQIV[IRMKIV IVJ²PPIR
(MI-RRSZEXMSRHIV%VFIMXWQEVOXTSPMXMOMWXHVMRKIRHRSX[IRHMK(MIWI2SX[IRHMKOIMX FIXVMJJXHMI-RWXVYQIRXI7XIYIVYRKWQIGLERMWQIR1IXLSHIRYRH
/SSTIVEXMSRWJSVQIRHIVEOXMZMIVIRHIR%VFIMXWJ¸VHIVYRK%FIVHMI
%VFIMXWQEVOXTSPMXMOMWXRMGLXZIVERX[SVXPMGLJ²V-RRSZEXMSRYRH;EGLWXYQHIV
;MVXWGLEJX7MIOERRRYVHE^YFIMXVEKIRHEWWHMIWI-RRSZEXMSRRMGLXER+VIR^IRHIV
:IVJ²KFEVOIMXZSR%VFIMXWOVÇJXIRWX¸X-RWSJIVRIRXLÇPXHEW8LIQEYRWIVIV
%VFIMXWKVYTTIIMRI)RKJ²LVYRKERHIVMGLQMGLIFIRWS[MIERHIVI%YXSVIRMRHIV IVWXIR,ÇPJXIHIVRIYR^MKIV.ELVIEFKIQ²LXLEFISLRIHEWWHEW^Y²FIV^IYKIRHIR 0¸WYRKIRKIJ²LVXLEX
(MIERHIVIR4SPMXMOJIPHIVO¸RRXIRIMRI1IRKI^YV:IVFIWWIVYRKHIV
,ERHPYRKWFIHMRKYRKIRHIV%VFIMXWQEVOXTSPMXMOFIMXVEKIR(MIWIW7]RIVKMITSXIR^MEP FIWGLVÇROXWMGLRMGLXEYJHMI7XVYOXYVTSPMXMO.IKPMGLI¸JJIRXPMGLI%YJXVEKWZIVKEFIr KIVEHIEYGLZSR(MIRWXPIMWXYRKIRrWSPPXIYRXIVHMI%RJSVHIVYRKKIWXIPPX[IVHIR -RXIKVEXMSRWQ¸KPMGLOIMXIRJ²VEVFIMXWQEVOXTSPMXMWGLI>MIPKVYTTIR^YIV¸JJRIR7XEXX LSLIV/STJ^ELPIRMWXLMIVFIMHMIJIMRI(SWMIVYRKIVJSVHIVPMGL(EHYVGL[MVH
ZIVLMRHIVXHEWWHMI>MIPKVYTTIRYRXIVWMGLFPIMFIR