An International Failure - The Syrian Refugee Crisis

#/0'56;+06'40#6+10#.
$4+'(+0)
#++PFGZ#%6
&GEGODGT
#P+PVGTPCVKQPCN(CKNWTG6JG5[TKCP4GHWIGG%TKUKU
5[TKCJCUDGEQOGVJGITGCVVTCIGF[QHVJKUEGPVWT[sCFKUITCEGHWNJWOCPKVCTKCPECNCOKV[
YKVJUWHHGTKPICPFFKURNCEGOGPVWPRCTCNNGNGFKPTGEGPVJKUVQT[q
#PVÏPKQ)WVGTTGU7PKVGF0CVKQPU*KIJ%QOOKUUKQPGTHQT4GHWIGGUQP5[TKC5GRVGODGT
+PVTQFWEVKQP
+PVJGURCEGQHOQPVJUOKNNKQPRGQRNGHNGFVJGCTOGFEQPHNKEVKP5[TKC$[5GRVGODGT
VJGVGTTKDNGOKNGUVQPGQHVYQOKNNKQPTGHWIGGUJCFDGGPTGCEJGFCUOGPYQOGPCPFEJKNFTGP
EQPVKPWGFVQRQWTQWVQHVJGEQWPVT[#UQH&GEGODGTVJGPWODGTUVQQFCVQXGTOKNNKQP
TGIKUVGTGFTGHWIGGURGTEGPVQHYJQOCTGEJKNFTGP+PCFFKVKQPCVNGCUVOKNNKQPRGQRNGCTG
FKURNCEGFKPUKFGVJGEQWPVT[+PVQVCNOQTGVJCPOKNNKQPRGQRNGJCXGDGGPHQTEGFVQNGCXGVJGKT
JQOGUKP5[TKCPGCTN[CVJKTFQHVJGEQWPVT[oURQRWNCVKQP+P,WN[VJG7PKVGF0CVKQPU*KIJ
%QOOKUUKQPGTHQT4GHWIGGU
70*%4UCKFVJCVp9GJCXGPQVUGGPCTGHWIGGQWVHNQYGUECNCVGCVUWEJ
CHTKIJVGPKPITCVGUKPEGVJG4YCPFCPIGPQEKFGCNOQUV[GCTUCIQq
(KXGEQWPVTKGUPGKIJDQWTKPI5[TKC.GDCPQP,QTFCP6WTMG[+TCSCPF'I[RVJQUVQHVJG
TGHWIGGU+P,QTFCPCPF.GDCPQPTGHWIGGUHTQO5[TKCJCXGCFFGFRGTEGPVCPFRGTEGPVVQVJG
EQWPVTKGUoRQRWNCVKQPUTGURGEVKXGN[
&GURKVGVJGGPQTOQWUUECNGQHVJGTGHWIGGETKUKUVJGKPVGTPCVKQPCNEQOOWPKV[JCUHCKNGFOKUGTCDN[VQ
UWRRQTVTGHWIGGUHTQO5[TKCQTVJGOCKPEQWPVTKGUQHTGHWIG6JG70JWOCPKVCTKCPCRRGCNHQT
TGHWIGGUHTQO5[TKCKPVJGTGIKQPsYJKEJTGRTGUGPVUQHVJG5[TKCJWOCPKVCTKCPCRRGCNVJG
NCTIGUVUWEJCRRGCNKP70JKUVQT[JCUTGOCKPGFNGUUVJCPHWPFGFHQTOQUVQH#VVJG
VKOGQHRWDNKUJKPIKVYCUQPN[HWPFGF
6JGRTQXKUKQPQHTGUGVVNGOGPVCPFJWOCPKVCTKCPCFOKUUKQPRNCEGUsQPGQHVJGRTKPEKRCNOGCPUD[
YJKEJVJGKPVGTPCVKQPCNEQOOWPKV[ECPUJQYUQNKFCTKV[YKVJEQWPVTKGUJQUVKPINCTIGPWODGTQH
TGHWIGGUCPFRTQXKFGWTIGPVUCHGV[CPFRTQVGEVKQPOGCUWTGUHQTVJGOQUVXWNPGTCDNGTGHWIGGU
TGOCKPUGZVTGOGN[NKOKVGF70*%4JCUUGVCIQCNQHUGEWTKPIRNCEGUHQT5[TKCPTGHWIGGUQP
TGUGVVNGOGPVJWOCPKVCTKCPCFOKUUKQPQTQVJGTHQTOUQHCFOKUUKQPHTQOVQVJGGPFQH
9JKNG70*%4EQPVKPWGUVQTGEGKXGRNGFIGUHTQOEQWPVTKGUKPQTFGTVQOGGVVJKUIQCNQPN[
RNCEGUHQTVGORQTCT[QTRGTOCPGPVTGNQECVKQPQHTGHWIGGUHTQO5[TKCJCXGDGGPRNGFIGFUQHCT
6JGUGRNGFIGUYGTGOCFGD[HQWTVGGPEQWPVTKGUKP'WTQRG
'WTQRGCP7PKQP
'7EQWPVTKGUCPF
HQWTPQP'7EQWPVTKGU#WUVTCNKCCPF%CPCFC6JG75YJKEJJCUVJGNCTIGUVCPPWCNTGUGVVNGOGPV
RTQITCOOGQHCP[EQWPV[D[CYKFGOCTIKPsOC[QHHGTCFFKVKQPCNRNCEGU
1WVQHVJGRNCEGUQHHGTGFD['WTQRG#WUVTCNKCCPF%CPCFCVJG'7YJQUGPGCTGUVECRKVCNKU
QPN[OKNGUHTQO&COCUEWUJCURNGFIGFCVQVCNQH6JKUTGRTGUGPVULWUVRGT
EGPVQHVJGVQVCNPWODGTQHTGHWIGGUHTQO5[TKC+VKUTQWIJN[VJGPWODGTQHTGHWIGGUTGIKUVGTGFKP
.GDCPQPKPVJGNCUVHKXGFC[UQH0QXGODGT
#OQPIVJGRNCEGUQHHGTGFD['7EQWPVTKGUVJGXCUVOCLQTKV[RNCEGUYGTGQHHGTGFD[
)GTOCP[KPVJGHQTOQHCJWOCPKVCTKCPCFOKUUKQPRTQITCOOG'ZENWFKPI)GTOCP[VJGTGOCKPKPI
'7EQWPVTKGUJCXGRNGFIGFCOGTGRNCEGU'KIJVGGP'7/GODGT5VCVGUKPENWFKPIVJG7-
CPF+VCN[JCXGPQVOCFGCP[TGUGVVNGOGPVQTJWOCPKVCTKCPCFOKUUKQPRNGFIGU
1
+VKUPQVLWUVVJG'7VJCVKUHCKNKPIVQOCMGTGUGVVNGOGPVRNCEGUCXCKNCDNG%QWPVTKGUQHVJG)WNH
%QQRGTCVKQP%QWPEKN
)%%JCXGPQVQHHGTGFCP[TGUGVVNGOGPVQTJWOCPKVCTKCPCFOKUUKQPRNCEGUVQ
TGHWIGGUHTQO5[TKC
5QOGQHVJGIQXGTPOGPVUVJCVJCXGDGGPVJGOQUVRTQOKPGPVUWRRQTVGTUQHOKNKVCT[CEVKQPKP5[TKC
JCXGCNUQDGGPVJGNGCUVHQTVJEQOKPIYJGPKVEQOGUVQOCMKPITGUGVVNGOGPVRNCEGUCXCKNCDNGVQ
TGHWIGGUHTQO5[TKC6JG7-5CWFK#TCDKCCPF3CVCTJCXGPQVQHHGTGFVQVCMGCP[TGHWIGGUHTQO
5[TKC(TCPEGQHHGTGFVQVCMGTGHWIGGUQTQHVJQUGKPVJGOCKPJQUVEQWPVTKGU
#OPGUV[+PVGTPCVKQPCNKUECNNKPIQPVJGKPVGTPCVKQPCNEQOOWPKV[VQGPUWTGVJGTGKUCFGSWCVGCPF
UWUVCKPGFHWPFKPIHQTJWOCPKVCTKCPCRRGCNUHQT5[TKCCPFVQUWRRQTVVJGOCKPJQUVEQWPVTKGUVQ
GPCDNGVJGOVQMGGRVJGKTDQTFGTUQRGPCPFRTQXKFGCFGSWCVGRTQVGEVKQPCPFCUUKUVCPEGVQTGHWIGGU
#OPGUV[+PVGTPCVKQPCNKUCNUQECNNKPIHQTCPWTIGPVCPFUKIPKHKECPVKPETGCUGKPVJGPWODGTQHRNCEGU
CXCKNCDNGHQTTGUGVVNGOGPVCPFJWOCPKVCTKCPCFOKUUKQPVQTGHWIGGUHTQO5[TKCQXGTCPFCDQXG
GZKUVKPITGUGVVNGOGPVSWQVCU
(WTVJGTOQTGVJGQTICPK\CVKQPECNNUQPCNNUVCVGUVQMGGRVJGKTDQTFGTUQRGPVQVJQUGHNGGKPIVJG
EQPHNKEVKP5[TKCsCUYGNNCUVQQVJGTTGHWIGGUsCPFVQGPUWTGVJCVVJQUGVT[KPIVQTGCEJVJGKTDQTFGTU
CTGVTGCVGFYKVJFKIPKV[
(QEWUQHVJKUDTKGHKPICPFOGVJQFQNQI[
6JKUDTKGHKPIRTQXKFGUCPQXGTXKGYQHVJGEQPFKVKQPUQHTGHWIGGUHTQO5[TKCKPVJGOCKPJQUVEQWPVTKGU
.GDCPQP,QTFCP6WTMG[+TCSCPF'I[RV+VVJGPHQEWUGUQPVJGFKHHKEWNVKGUCPFJWOCPTKIJVU
XKQNCVKQPUHCEGFD[TGHWIGGUHTQO5[TKCKPVJGKTCVVGORVUVQTGCEJVJG'7CPFOCMGU
TGEQOOGPFCVKQPUVQVJGKPVGTPCVKQPCNEQOOWPKV[CPF'7/GODGT5VCVGUKPRCTVKEWNCT
9JKNG#OPGUV[+PVGTPCVKQPCNoUECNNUHQTKPVGTPCVKQPCNUQNKFCTKV[KPFGCNKPIYKVJVJG5[TKCTGHWIGETKUKU
IQDG[QPFVJG'7VJKUDTKGHKPIHQEWUGUQPRTCEVKEGUKPUQOG'7EQWPVTKGUCUYGNNCUVJG
TGUGVVNGOGPVEQPVTKDWVKQPQH'7OGODGTUVCVGUDGECWUGQHVJGDNQEMoURTQZKOKV[VQ5[TKCCPFVJGHCEV
VJCVOCP[TGHWIGGUHTQO5[TKCCTGVT[KPIVQTGCEJVJG'7
6JQWUCPFUQHRGQRNGYJQJCXGHNGFJQTTQTUKP5[TKCJCXGVTKGFVQTGCEJVJG'7sQHVGPDGECWUGVJG[
JCXGHCEGFHWTVJGTJCTFUJKRUKPVJGEQWPVT[VQYJKEJVJG[HNGFQTDGECWUGVJG[CTGVT[KPIVQTGCEJ
HCOKN[CPFHTKGPFUCPFVJGJQRGQHUCHGV[+PVJGKTFGURGTCVKQPVJG[JCXGVCMGPVGTTKDNGTKUMUsTKUMU
VJCVVJGRQNKEKGUQHVJG'7CPFKVU/GODGT5VCVGUJCXGETGCVGFQTGZCEGTDCVGF
6JGKPHQTOCVKQPKPVJGDTKGHKPIKUDCUGFQPFGUMCPFHKGNFTGUGCTEJEQPFWEVGFD[#OPGUV[
+PVGTPCVKQPCN5KPEG,WN[VJGQTICPK\CVKQPJCUEQPFWEVGFHKGNFTGUGCTEJOKUUKQPUNQQMKPICV
VJGUKVWCVKQPQHTGHWIGGUKPCOQPIQVJGTU$WNICTKC'I[RV)TGGEG+VCN[,QTFCPVJG-WTFKUVCP
TGIKQPQH+TCS.GDCPQP.KD[CCPF6WTMG[
&CVCCDQWVVJGPWODGTQHTGHWIGGUKPVJGOCKPJQUVEQWPVTKGUCPFKP'7EQWPVTKGUKUVCMGPHTQO
RWDNKEN[CXCKNCDNGKPHQTOCVKQPRTQXKFGFD[70*%4CPF'WTQUVCVVJGUVCVKUVKECNQHHKEGQH'WTQRGCP
7PKQP&CVCCDQWVTGUGVVNGOGPVRNGFIGUCPFJWOCPKVCTKCPCRRGCNHWPFKPIKUVCMGPHTQORWDNKEN[
CXCKNCDNGKPHQTOCVKQPRTQXKFGFD[70*%4CPFVJG7PKVGF0CVKQPU1HHKEGHQTVJG%QQTFKPCVKQPQH
*WOCPKVCTKCP#HHCKTU
1%*#
6JGHKIWTGHQTVJGPWODGTQHTGHWIGGUKPVJGOCKPJQUVEQWPVTKGU
.GDCPQP,QTFCP6WTMG[+TCSCPF
'I[RVWUGFKPVJKUDTKGHKPIKUOKNNKQP6JGHKIWTGWUGFHQTVJGVQVCNPWODGTQHTGHWIGGUHTQO
5[TKCINQDCNN[KUOKNNKQP*QYGXGTVJKUKUQPN[VJGPWODGTQHVJQUGYJQJCXGTGIKUVGTGF6JG
CEVWCNPWODGTQHTGHWIGGUHTQO5[TKCKUDGNKGXGFVQDGUKIPKHKECPVN[JKIJGTCUJWPFTGFUQHVJQWUCPFU
CTGDGNKGXGFPQVVQJCXGTGIKUVGTGFYKVJCPCU[NWOCWVJQTKV[
2
$CEMITQWPFVQVJG5[TKCPTGHWIGGETKUKU
6JGVYQ[GCTEQPHNKEVDGVYGGPVJG5[TKCPIQXGTPOGPVCPFCTOGFQRRQUKVKQPITQWRUJCUNGHV
OQTGVJCPRGQRNGFGCFCPFJWPFTGFUQHVJQWUCPFUQHEKXKNKCPUKPLWTGF6JG
EQPHNKEVJCUCNUQECWUGFOCUUKXGFGUVTWEVKQPQHEKXKNKCPRTQRGTV[CPFVJGFKURNCEGOGPVQHCV
NGCUVOKNNKQPRGQRNGKPVGTPCNN[/QTGVJCPOKNNKQPRGQRNGJCXGHNGFVJGEQWPVT[
6JGKPHNWZQHTGHWIGGUKP5[TKCoUPGKIJDQWTKPIEQWPVTKGUJCURWVCPKOOGPUGUVTCKPQPVJG
NKOKVGFTGUQWTEGUCXCKNCDNGKPVJQUGEQWPVTKGURCTVKEWNCTN[KP,QTFCPCPF.GDCPQPYJGTGOCP[
TGHWIGGUCTGNKXKPIKPRTGECTKQWUEQPFKVKQPUKPQXGTETQYFGFTGHWIGGECORUQTKPJQUV
EQOOWPKVKGUKPENWFKPIKPKPHQTOCNUGVVNGOGPVU
+PQTFGTVQRTQXKFGCFGSWCVGRTQVGEVKQPCPFJWOCPKVCTKCPCUUKUVCPEGVQTGHWIGGUHTQO5[TKC
CPFVJQUGKPPGGFYKVJKP5[TKCKP,WN[VJG70OCFGVJGNCTIGUVJWOCPKVCTKCPCRRGCNKPKVU
JKUVQT[ECNNKPIHQTCTQWPFDKNNKQPKPCUUKUVCPEGVQ70CIGPEKGUCPF0)1UYQTMKPIYKVJ
TGHWIGGUOKNNKQPHQTVJGIQXGTPOGPVUQH.GDCPQPCPF,QTFCPCPFDKNNKQPHQTRGQRNG
KPUKFG5[TKC1PN[QHVJGDKNNKQPJCFDGGPEQOOKVVGFCUQH&GEGODGT+P
5GRVGODGTVJG70YCTPGFVJCVHWPFKPIUJQTVHCNNUEQWNFTGUWNVKPCEWVDCEMKPCKFVQ
TGHWIGGU
&WGVQVJGPCVWTGQHVJGEQPHNKEVKP5[TKCYJKEJKPENWFGUYKFGURTGCFJWOCPTKIJVUXKQNCVKQPUYCTETKOGUCPFETKOGU
CICKPUVJWOCPKV[DGKPIRGTRGVTCVGF#OPGUV[+PVGTPCVKQPCNEQPUKFGTUVJCVCNNCU[NWOUGGMGTUHTQO5[TKCUJQWNFDG
EQPUKFGTGFVQDGKPPGGFQHKPVGTPCVKQPCNRTQVGEVKQP6JKUKUKPNKPGYKVJ70*%4oUUVCVGOGPVQP1EVQDGTVJCV
pOQUV5[TKCPUUGGMKPIKPVGTPCVKQPCNRTQVGEVKQPCTGNKMGN[VQHWNHKNVJGTGSWKTGOGPVUQHVJGTGHWIGGFGHKPKVKQPEQPVCKPGF
KP#TVKENG#
QHVJG%QPXGPVKQPTGNCVKPIVQVJG5VCVWUQH4GHWIGGUUKPEGVJG[YKNNJCXGCYGNNHQWPFGFHGCTQH
RGTUGEWVKQPNKPMGFVQQPGQHVJG%QPXGPVKQPITQWPFUq
(QTEKPICP[QPGVQTGVWTPVQ5[TKCYQWNFCOQWPVVQCXKQNCVKQPQHVJGRTKPEKRNGQHPQPTGHQWNGOGPVYJKEJRTQJKDKVUVJG
HQTEKDNGTGVWTPQHCP[QPGVQCEQWPVT[YJGTGVJG[TKUMUGTKQWUJWOCPTKIJVUCDWUGU6JGRTKPEKRNGQHPQPTGHQWNGOGPV
CRRNKGUVQUKVWCVKQPUQHIGPGTCNKUGFXKQNGPEGFWGVQCTOGFEQPHNKEVUWEJCUKPVJGECUGQH5[TKCCPFKUDKPFKPIQPCNN
UVCVGU
1XGTXKGYQHEQPFKVKQPUKPVJGOCKPJQUVEQWPVTKGU
#OQPIVJGHKXGOCKPJQUVEQWPVTKGUHQTTGHWIGGUHTQO5[TKC.GDCPQPCPF,QTFCPJQUVVJG
NCTIGUVPWODGTQHTGHWIGGUDQVJKPCDUQNWVGVGTOUCPFCUCRTQRQTVKQPQHVJGKTQYP
RQRWNCVKQPU
.GDCPQPEWTTGPVN[JQUVUQXGTTGHWIGGUHTQO5[TKCCUQH&GEGODGTCPF
,QTFCPJQUVUQXGTTGHWIGGUHTQO5[TKCCUQH&GEGODGT+P/CTEJVJG
.GDCPGUGIQXGTPOGPVJCFGUVKOCVGFVJGCEVWCNPWODGTQH5[TKCPUKPVJGEQWPV[VQDGQPG
OKNNKQP
+P,QTFCPCTQWPFQPGVJKTFQHVJGTGHWIGGRQRWNCVKQPNKXGKPUKZTGHWIGGECORU/QUVQHVJGO
NKXGKP<CCVCTKVJGUGEQPFNCTIGUVTGHWIGGECORKPVJGYQTNFYKVJCRQRWNCVKQPQH
RGQRNG6JGTGUVNKXGKPVQYPUCPFEKVKGUOQUVN[KPPQTVJGTPIQXGTPQTCVGUDQTFGTKPI5[TKCCPF
KPVJGECRKVCN#OOCP6JGTGCTGPQQHHKEKCNTGHWIGGECORUKP.GDCPQPGZEGRVNQPIUVCPFKPI
2CNGUVKPKCPTGHWIGGECORUTGHWIGGUHTQO5[TKCPNKXGKPVQYPUCPFEKVKGUKPENWFKPIKP
OCMGUJKHVKPHQTOCNECORUVJTQWIJQWVVJGEQWPVT[
6JGKPHTCUVTWEVWTGQH,QTFCPsYJKEJJCUVQKORQTVOWEJQHKVUGPGTI[YCVGTCPFITCKPsKU
QXGTUVTGVEJGFYKVJOWEJKPETGCUGFFGOCPFHQTYCVGTGNGEVTKEKV[JQWUKPIUEJQQNUJGCNVJECTG
CPFHQQF+VYQWNFTGRQTVGFN[EQUV,QTFCP75&OKNNKQPCPPWCNN[VQOGGVVJKUKPETGCUGF
FGOCPFHQTYCVGT5QOGTGUKFGPVKCNCTGCUCTGUVTWIINKPIVQCEEQOOQFCVGRCTVKEWNCTN[NCTIG
TGHWIGGRQRWNCVKQPUCPFHTWUVTCVKQPUCOQPIOCP[UGEVQTUQHVJGRQRWNCVKQPJCXGITQYPCU
TGPVUKPETGCUGCPFVJGTGKUKPETGCUGFEQORGVKVKQPHQTLQDU
+P.GDCPQPVJGPWODGTQHTGHWIGGUJCURWVCUVTCKPQPCNTGCF[NKOKVGFTGUQWTEGUKPENWFKPI
YCVGTCPFUGYCIGHCEKNKVKGURWDNKEUEJQQNUJQURKVCNUCPFQVJGTWVKNKVKGU#EEQTFKPIVQVJG
9QTNF$CPMVJGITQYKPITGHWIGGRQRWNCVKQPKUGZRGEVGFVQKPETGCUGRQXGTV[CPFWPGORNQ[OGPV
KP.GDCPQPCPFHWTVJGTUVTGVEJVJGDWFIGVUKVWCVKQPKPVJGEQWPVT[YJKEJEWTTGPVN[HCEGUQPG
QHVJGJKIJGUVFGDVTCVKQUINQDCNN[6JGEQPHNKEVKP5[TKCJCUCUKIPKHKECPVKORCEVQPVJG
RQNKVKECNCPFUGEWTKV[GPXKTQPOGPVKP.GDCPQPYKVJWRUWTIGUKPXKQNGPEGKPCTGCUQH.GDCPQP
DQTFGTKPI5[TKCKPENWFKPI#TUCNKPPQTVJGCUV.GDCPQPKP0QXGODGTCPFKP6TKRQNKKP
PQTVJ.GDCPQPOQUVTGEGPVN[KP0QXGODGTCPF&GEGODGTVJGNCVVGTQHYJKEJJCU
TGUWNVGFKPCVNGCUVRGQRNGFGCFCPFKPLWTGF
&GURKVGVJGEJCNNGPIGUHCEGFFWGVQVJGNCTIGPWODGTQHTGHWIGGUKPDQVJEQWPVTKGU,QTFCP
CPF.GDCPQPJCXGDTQCFN[OCKPVCKPGFCPpQRGPDQTFGTqRQNKE[EQPVKPWKPIVQCNNQYTGHWIGGU
HTQO5[TKCVQGPVGTCPFJCXGIGPGTCNN[FGOQPUVTCVGFHCXQWTCDNGRQNKEKGUVQYCTFUTGHWIGGU
YJKEJCTGCRRTGEKCVGFCPFCEMPQYNGFIGFD[70*%4CPFVJGYKFGTKPVGTPCVKQPCNEQOOWPKV[
*QYGXGTDQVJEQWPVTKGUJCXGTGRQTVGFN[RTGXGPVGFUQOGECVGIQTKGUQHRGQRNGHNGGKPIHTQOVJG
EQPHNKEVKP5[TKCHTQOGPVGTKPIVJGKTVGTTKVQTKGUYJKEJYQWNFEQPUVKVWVGCXKQNCVKQPQH
KPVGTPCVKQPCNNCY+P.GDCPQPVKIJVGTDQTFGTEQPVTQNUJCXGDGGPTGRQTVGFUKPEG#WIWUV
YKVJ2CNGUVKPKCPTGHWIGGUNKXKPIKP5[TKCCPFUGGMKPIVQHNGGVJGEQPHNKEVDGKPIFGPKGFGPVT[
+P,QTFCPUGXGTCNECVGIQTKGUQHKPFKXKFWCNUCTGIGPGTCNN[DGKPIFGPKGFGPVT[KPVQVJGEQWPVT[
KPENWFKPI2CNGUVKPKCPCPF+TCSKTGHWIGGUHTQO5[TKCCRQNKE[VJCVVJG,QTFCPKCPCWVJQTKVKGU
EQPHKTOGFVQ#OPGUV[+PVGTPCVKQPCNKP,WPG+PCFFKVKQPCEEQTFKPIVQKPHQTOCVKQP
TGEGKXGFHTQOPCVKQPCNCPFKPVGTPCVKQPCN0)1URGQRNGYKVJQWVKFGPVKV[FQEWOGPVUCPF
WPCEEQORCPKGFOGPYJQECPPQVRTQXGVJG[JCXGHCOKN[VKGUKP,QTFCPCTGCNUQIGPGTCNN[
FGPKGFGPVT[HCOKNKGUYKVJ[QWPIEJKNFTGPJCXGCNUQDGGPFGPKGFGPVT[6JGTGJCXGDGGP
KPUVCPEGUQH5[TKCPCPF2CNGUVKPKCPTGHWIGGUDGKPIHQTEKDN[TGVWTPGFHTQO,QTFCPVQ5[TKCKP
XKQNCVKQPQHKPVGTPCVKQPCNNCY
6WTMG[KUCNUQJQUVKPICNCTIGPWODGTQHTGHWIGGUHTQO5[TKCYKVJTGHWIGGUTGIKUVGTGF
CUQH&GEGODGT/QTGVJCPQHVJGOCTGDGKPICEEQOOQFCVGFKPUVCVGTWP
TGHWIGGECORU6JGIQXGTPOGPVGUVKOCVGUVJGVQVCNPWODGTQH5[TKCPTGHWIGGUTGUKFKPIKP
6WTMG[VQDG
6WTMG[JCUTGEGKXGFXGT[NKVVNGKPVGTPCVKQPCNUWRRQTVCPFJCUDQTPGPGCTN[CNNQHVJGEQUVUQHKVU
TGURQPUGVQVJGTGHWIGGETKUKUCOQWPVKPIVQUQOG75DKNNKQPD[5GRVGODGT+PVJG
UGEQPFJCNHQH6WTMG[TGHWUGFGPVT[VQVJQWUCPFUQHTGHWIGGUHTQO5[TKCRCTVKEWNCTN[
VJQUGYKVJQWVCRCUURQTVQTCPWTIGPVOGFKECNPGGFCEEQTFKPIVQWPQHHKEKCNUVCVGOGPVUHTQO
6WTMKUJQHHKEKCNUVJKUYCUFWGVQVJGHCEVVJCVTGHWIGGECORUYGTGHWNN5KPEGVJCVVKOG
6WTMG[JCUEQPVKPWGFVQFGP[GPVT[CVQHHKEKCNDQTFGTRQUVUVQOCP[5[TKCPTGHWIGGUYJQFQPQV
RQUUGUUCRCUURQTVQTYJQFQPQVJCXGCPWTIGPVOGFKECNPGGFFGURKVGRTQHGUUKPIVQEQPVKPWG
CPQRGPFQQTRQNKE[VQ5[TKCPTGHWIGGU+P/CTEJWRVQ5[TKCPTGHWIGGUYGTG
TGRQTVGFN[TGVWTPGFHTQO6WTMG[VQ5[TKC5KPEGVJCVVKOG#OPGUV[+PVGTPCVKQPCNJCUTGEGKXGF
OWNVKRNGTGRQTVUQHHWTVJGTUOCNNGTUECNGHQTEGFTGVWTPUQHTGHWIGGUVQ5[TKCCUCRWPKUJOGPV
HQTETKOKPCNEQPFWEVQTOKUFGOGCPQWTUCNNGIGFN[EQOOKVVGFD[VJGO
+P+TCSVJGTGYGTGTGHWIGGUHTQO5[TKCTGIKUVGTGFCUQH&GEGODGTVJGXCUV
OCLQTKV[QHVJGOKPVJG-WTFKUVCPTGIKQPQH+TCS/QTGVJCPCTTKXGFKPOKF#WIWUV
XKCWPQHHKEKCNDQTFGTETQUUKPIU*QYGXGTCEEQTFKPIVQCIGPEKGUCPF0)1UQRGTCVKPIKP
VJGTGIKQPVJGWPQHHKEKCNDQTFGTJCUUKPEGDGGPENQUGFCICKPCPFVJGQHHKEKCNDQTFGTYKVJ5[TKC
CVCN3CKOKUCNUQENQUGF6JG-WTFKUJ4GIKQPCN)QXGTPOGPVCPFVJGNQECNRQRWNCVKQPJCXG
OCKPVCKPGFCIGPGTCNN[RQUKVKXGRQNKE[CPFCVVKVWFGVQYCTFUVJGTGHWIGGUYJQCTG
RTGFQOKPCPVN[-WTFKUJDWVKPTGEGPVOQPVJUVJGTGJCXGDGGPEJCPIGUVJCVTGUVTKEVTGHWIGGU
CEEGUUVQTGUKFGPE[RGTOKVUCPFHTGGFQOQHOQXGOGPVYJKEJNKOKVVJGKTCDKNKV[VQYQTMCPFVQ
CEEGUUUGTXKEGU
#OPGUV[+PVGTPCVKQPCNTGEGKXGFTGRQTVUQHUQOGPQP-WTFKUJ5[TKCPUDGKPITGHWUGFGPVT[VQ
+TCSK-WTFKUVCPCPFQHVGPUQHKPFKXKFWCNUKPENWFKPI#TCDUDGKPIHQTEKDN[TGVWTPGFVQ5[TKC
5GXGTCNVJQWUCPFTGHWIGGUHTQO5[TKCTGUKFGKPCN3CKOECORKP#PDCTRTQXKPEGYJGTG
HTGGFQOQHOQXGOGPVKUXGT[VKIJVN[EQPVTQNNGF
+P'I[RVVJGTGYGTGTGIKUVGTGFTGHWIGGUCUQH&GEGODGTDWVVJGIQXGTPOGPV
GUVKOCVGUVJGCEVWCNPWODGTCV'I[RVOCKPVCKPGFCPQRGPFQQTRQNKE[VQTGHWIGGU
HTQO5[TKCWPVKNOKF*QYGXGTQP,WN[UVTKEVGTGPVT[TGSWKTGOGPVUYGTG
KORQUGFQP5[TKCPPCVKQPCNUGPVGTKPI'I[RVTGSWKTKPIVJGOVQQDVCKPGPVT[XKUCURTKQTVQCTTKXCN
&WGVQVJGUGPGYTWNGUQP,WN[UQOGKPFKXKFWCNUYGTGTGRQTVGFN[UGPVDCEMHTQO
%CKTQVQ5[TKC.GDCPQPCPFQVJGTEQWPVTKGU
5KPEGVJGUWOOGTQHOQTGVJCP5[TKCPCPF2CNGUVKPKCPTGHWIGGU
HTQO5[TKCs
KPENWFKPIEJKNFTGPYQOGPCPFOGPsYGTGCTTGUVGFCHVGTCVVGORVKPIVQTGCEJ'WTQRGHTQO
'I[RVD[DQCVVJG[YGTGCTDKVTCTKN[FGVCKPGFKPRQNKEGUVCVKQPUCETQUU'I[RVoU/GFKVGTTCPGCP
EQCUV*WPFTGFUQHVJGOCTGDGNKGXGFVQJCXGDGGPFGRQTVGFUQOGQHYJQOYGTGTGRQTVGFN[
TGVWTPGFVQ5[TKC
+P+UTCGNCEEQTFKPIVQOGFKCTGRQTVUUEQTGUQH5[TKCPPCVKQPCNUJCXGTGEGKXGFOGFKECN
VTGCVOGPVKPUKFGVJG+UTCGNKQEEWRKGF)QNCPQTCVJQURKVCNUKPUKFG+UTCGN4GRQTVUKPFKECVGVJCV
CHVGTOGFKECNVTGCVOGPVOGODGTUQHVJG+UTCGN&GHGPUG(QTEGUJCXGVJGPGUEQTVGFVJG
KPFKXKFWCNUCETQUUVJGDQTFGTVQ5[TKC
+P,WN[VJGVJGP+UTCGNK/KPKUVGTQH&GHGPEGTGRQTVGFN[UCKFpKHYGJCXGVQUVQRYCXGUQH
TGHWIGGUYGYKNNUVQRVJGOq#OPGUV[+PVGTPCVKQPCNYTQVGVQVJG/KPKUVGTQH&GHGPEGWTIKPI
JKOVQGPUWTGVJCVCP[QPGHNGGKPI5[TKCDGCNNQYGFVQDGPGHKVHTQORTQVGEVKQPRTQEGFWTGUCPF
UCHGIWCTFUVQRTGXGPVVJGKTHQTEKDNGTGVWTPVQ5[TKC#OPGUV[+PVGTPCVKQPCNFKFPQVTGEGKXGC
TGURQPUGVQKVUNGVVGT
(QTVTGUU'WTQRG-GGRKPI4GHWIGGU1WV
#UVJGECRCEKV[QH5[TKCoUPGKIJDQWTKPIEQWPVTKGUVQJQUVTGHWIGGUDGEQOGUHWTVJGTUVTCKPGF
CPFEQPFKVKQPUHQTTGHWIGGRQRWNCVKQPUYQTUGPKPETGCUKPIPWODGTUQHRGQRNGCTGCVVGORVKPIVQ
TGCEJ'WTQRGKPVJGJQRGQHHKPFKPIUCHGV[CPFCPGYNKHG+PVJGVYQ[GCTUVQVJGGPFQH
1EVQDGTRGQRNGHTQO5[TKCJCXGFKTGEVN[UQWIJVCU[NWOKPVJG'7
UGG#RRGPFKZ
COQWPVKPIVQQHTGHWIGGUHTQO5[TKC
6QOCMGKVVQVJG'7TGHWIGGUHTQO5[TKCJCXGVQDTGCEJp(QTVTGUU'WTQRGqVJGEQNNGEVKXGUGV
QHRQNKEKGUCPFRTCEVKEGUVJCVVJG'7CPFKVUOGODGTUVCVGUGORNQ[VQMGGRTGHWIGGUCU[NWO
UGGMGTUCPFKTTGIWNCTOKITCPVUQWVQHVJGKTVGTTKVQTKGU
+VKUPGCTN[KORQUUKDNGHQTTGHWIGGUQTCU[NWOUGGMGTUVQTGCEJ'WTQRGNCYHWNN[#UCTGUWNV
VJG[CTGHQTEGFKPVQCTFWQWULQWTPG[UTKUMKPIVJGKTNKXGUQPDQCVUQTCETQUUNCPFVQUGGMUCHGV[
CPFRTQVGEVKQPKP'WTQRG/CP[JCXGWPFGTVCMGPDQCVLQWTPG[UHTQO.KD[CQT'I[RVVQ+VCN[QT
HTQO6WTMG[CETQUUVJG#GIGCP5GCVQ)TGGEG1VJGTUJCXGVTKGFVQETQUUVJGNCPFDQTFGTHTQO
6WTMG[VQVJG'XTQUTGIKQPKP)TGGEGQTVQOCMGKVHTQO6WTMG[VQ$WNICTKCD[NCPF
4GUGCTEJD[#OPGUV[+PVGTPCVKQPCNJCUHQWPFVJCVTGHWIGGUCVVGORVKPIVQGPVGTVJG'7KP
VJGUGYC[UCTGOGVYKVJCNCTOKPIJWOCPTKIJVUXKQNCVKQPU+PVYQQHVJGOCKPICVGYC[UVQVJG
'7$WNICTKCCPF)TGGEGTGHWIGGUHTQO5[TKCCTGOGVYKVJFGRNQTCDNGVTGCVOGPVKPENWFKPI
FGVGPVKQPHQTYGGMUKPRQQTEQPFKVKQPUKP$WNICTKCCPFNKHGVJTGCVGPKPIRWUJDCEMQRGTCVKQPU
KPVJGECUGQH)TGGEG
/CP[TGHWIGGUHTQO5[TKCYJQJCXGCVVGORVGFFCPIGTQWUDQCVLQWTPG[UVQTGCEJ+VCN[JCXG
FKGF
.+$;#
#UQH0QXGODGTUQOG5[TKCPTGHWIGGUYGTGTGIKUVGTGFYKVJ70*%4KP.KD[CCNVJQWIJVJG5[TKCP
EQOOWPKV[KP.KD[CGUVKOCVGUVJGCEVWCNPWODGTCV#EEGUUKPVQ.KD[CHQT5[TKCPUJCFDGGPITCFWCNN[
TGUVTKEVGFUKPEGVJG5GRVGODGTCVVCEMQPVJG75%QPUWNCVGKP$GPIJC\KHQNNQYKPIYJKEJUKPING5[TKCPOGP
YKVJQWVCXKUCYGTGDCTTGFHTQOGPVGTKPI.KD[C4GUVTKEVKQPUYGTGHWTVJGTVKIJVGPGFKP,CPWCT[YJGPXKUC
TGSWKTGOGPVUYGTGKORQUGFQPCNN5[TKCPUHQTEKPIJWPFTGFUQHTGHWIGGUVQUGGMGPVT[KPVQVJGEQWPVT[VJTQWIJ
WPQHHKEKCNTQWVGUCPFGZRQUKPIVJGOVQFCPIGTCPFGZRNQKVCVKQPD[UOWIINGTUCPFXCTKQWUOKNKVKCUQRGTCVKPIKPVJG
EQWPVT[
.KD[CFQGUPQVJCXGCPCVKQPCNCU[NWOU[UVGOVJGOCLQTKV[QHTGHWIGGUHTQO5[TKCYJQCTGKP.KD[CCTGKPCPKTTGIWNCT
OKITCVKQPUVCVWUFGURKVGC/KPKUVT[QH+PVGTKQTFGEKUKQPVQKUUWGTGUKFGPEGRGTOKVUHQTVJQUGVJCVTGIKUVGTYKVJVJG
2CUURQTV1HHKEG9JKNGVJGOQXGVQTGIWNCTKUGVJGUVCVWUQHTGHWIGGUHTQO5[TKCKURQUKVKXGKPRTCEVKEGTGHWIGGU
EQPVKPWGVQHCEGUGTKQWUFKHHKEWNVKGUKP.KD[C#EEQTFKPIVQ5[TKCPTGHWIGGUKP.KD[CKPVGTXKGYGFD[#OPGUV[
+PVGTPCVKQPCNKP0QXGODGTTGUKFGPEGRGTOKVUCTGPQVCNYC[UTGEQIPK\GFD[NQECNCWVJQTKVKGUQTVJGXCTKQWU
OKNKVKCUYJKEJJCXGQRGTCVGFKPVJGEQWPVT[UKPEGVJGGPFQHVJGCTOGFEQPHNKEVCPFKPUQOGECUGU5[TKCP
TGHWIGGUJCXGDGGPCTDKVTCTKN[FGVCKPGFKPKOOKITCVKQPFGVGPVKQPEGPVTGUHQTKTTGIWNCTUVC[KP.KD[C
5[TKCPTGHWIGGUYJQJCXGUQWIJVTGHWIGKP.KD[CKPVJGJQRGQHHKPFKPILQDQRRQTVWPKVKGUCPFCDGVVGTUVCPFCTFQH
NKXKPIVJCPKPPGKIJDQWTKPIEQWPVTKGUUWEJCU,QTFCPCPF.GDCPQPCTGPQYUGCTEJKPIHQTYC[UVQNGCXGVJGEQWPVT[
.KMGQVJGTTGHWIGGUVJG[JCXGDGGPKPETGCUKPIN[CHHGEVGFD[VJGEWTTGPVNCYNGUUPGUUCPFVJGTKUGQHETKOKPCNKV[KP
.KD[C9KVJQWVRTQRGTFQEWOGPVCVKQPCPFKPVJGCDUGPEGQHCHWPEVKQPKPIRQNKEGCPFLWFKEKCT[5[TKCPTGHWIGGUNKMG
QVJGTHQTGKIPPCVKQPCNUCTGXWNPGTCDNGVQCDWUG6JQUGKPVGTXKGYGFD[#OPGUV[+PVGTPCVKQPCNFWTKPIKVUXKUKVKP
0QXGODGTTGRQTVGFKPEKFGPVUQHRJ[UKECNCUUCWNVUD[CTOGFOGPVJGHVXGTDCNJCTCUUOGPVCPFKPUQOGECUGU
CDFWEVKQPU1VJGTUCNNGIGFGZRNQKVCVKQPUC[KPIVJG[YGTGHQTEGFVQYQTMHQTNQYGTYCIGUQTYGTGUQOGVKOGUWPRCKF
5[TKCPYQOGPVQNF#OPGUV[+PVGTPCVKQPCNVJCVVJG[TCTGN[NGCXGVJGKTJQOGUCHVGTFCTMQWVQHHGCTQHCDFWEVKQPU
JCTCUUOGPVCPFVJGIGPGTCNUGPUGQHKPUGEWTKV[#OPGUV[+PVGTPCVKQPCNJCUTGEGKXGFTGRQTVUQHCTTGUVUQH5[TKCPUQXGT
VJGKTRGTEGKXGFCNNGIKCPEGVQVJG5[TKCPIQXGTPOGPVDWVYCUPQVCDNGVQXGTKH[VJGOKPFGRGPFGPVN[
#UCTGUWNVQHVJGUGEQPFKVKQPUCITQYKPIPWODGTQHTGHWIGGUHTQO5[TKCPTGHWIGGUJCXGUVCTVGFVQETQUUVJG
/GFKVGTTCPGCPKPTGEGPVOQPVJU
6JGLQWTPG[VQ+VCN[
(QT[GCTUTGHWIGGUCPFCU[NWOUGGMGTUJCXGOCFGVJGFCPIGTQWULQWTPG[HTQO0QTVJ#HTKECVQ
+VCN[D[UGCNCTIGN[DGECWUGVJGTGCTGXKTVWCNN[PQNGICNTQWVGUHQTVJGOVQVCMGKPVQGPVGT
'WTQRGVQUGGMCU[NWOJWPFTGFUFKGCVVGORVKPIVQETQUUVJG/GFKVGTTCPGCPGXGT[[GCT+PVJG
URCEGQHPKPGFC[UKP1EVQDGTCVNGCUVCPFRQUUKDN[QXGTTGHWIGGUCPFOKITCPVU
FKGFYJGPVJTGGDQCVUUCPMCVVGORVKPIVQTGCEJ'WTQRGHTQO0QTVJ#HTKEC(TQO,CPWCT[VQ
1EVQDGTCPGUVKOCVGFTGHWIGGUHTQO5[TKCCTGTGRQTVGFVQJCXGCTTKXGFCNQPI
+VCN[oUEQCUVHTQORQTVUKP'I[RVCPF.KD[CCUYGNNCU6WTMG[CPF5[TKC
1P1EVQDGTCDQCVVJCVCEEQTFKPIVQUWTXKXQTUECTTKGFVQRGQRNG
RTGFQOKPCPVN[TGHWIGGUHTQO5[TKCUCPMYJKNGQPKVUYC[HTQO.KD[CVQ+VCN[#EEQTFKPIVQ
TGRQTVUVJGTGOC[JCXGCNUQDGGPUEQTGUQHRGQRNGNQEMGFCVVJGDQVVQOQHVJGXGUUGN
#EEQTFKPIVQUWTXKXQTUKPVGTXKGYGFD[#OPGUV[+PVGTPCVKQPCNVJGDQCVYCUFCOCIGFYJKNG
NGCXKPI.KD[CPYCVGTUYJGPC.KD[CPXGUUGNQRGPGFHKTGQPKV6JGFCOCIGFDQCVDGICPVQ
VCMGKPYCVGTSWKEMN[CPFUWDUGSWGPVN[UCPMVCMKPIJWPFTGFUQHOGPYQOGPCPFEJKNFTGP
FQYPYKVJKV6JQUGYJQUWTXKXGFTGRQTVGFVJCVVJG[JCFTGOCKPGFKPVJGYCVGTHQTJQWTUDGHQTG
/CNVGUGCPF+VCNKCPXGUUGNUTGCEJGFVJGO
#YCFC[GCTQNFDQ[QH2CNGUVKPKCPQTKIKPHTQO;CTOQWMECORKP&COCUEWUFGUETKDGFJQY
JGYCURWNNGFFQYPYKVJVJGDQCVDWVOCPCIGFVQUYKOVJTQWIJCYKPFQYWRVQVJGUWTHCEG
1PVJGUWTHCEGQHVJGYCVGTJGUCYRGQRNGENKPIKPIVQFGCFDQFKGUCPFDQCVYTGEMCIGVQUVC[
CHNQCVYJKNGQVJGTUHQWIJVQXGTNKHGLCEMGVU+PVJGKPEKFGPV#YCFNQUVJKUOQVJGTCUYGNNCU
QVJGTHCOKN[OGODGTU*GUVKNNFQGUPQVJCXGCP[HQTOCNEQPHKTOCVKQPQHYJGVJGTVJG[CTGFGCF
QTCNKXG*GVQNF#OPGUV[+PVGTPCVKQPCN
p+JCXGPQKFGCYJGTGO[HCOKN[CTGe+WUGFVQJCXGCODKVKQPDWVPQY+JCXGNQUVO[
OQVJGT+FQPVYCPVCP[VJKPI+LWUVYCPVUVCDKNKV[GXGT[VJKPIGNUGKUUGEQPFVQVJCVq
#PQVJGTDQ[HTQO5[TKCYJQNQUVDQVJJKUHCVJGTCPFPKPG[GCTQNFDTQVJGTKPVJGDQCVFKUCUVGT
VQNF#OPGUV[+PVGTPCVKQPCNp/[GZRGTKGPEGFKFPoVLWUVFGUVTQ[O[FTGCOUKVFGUVTQ[GFO[
HCOKNKGUoFTGCOU+COFGUVTQ[GFEQORNGVGN[q
#EEQTFKPIVQOGFKCTGRQTVUKP/CNVCCPF+VCN[DCUGFQPPWOGTQWUUWTXKXQTUoVGUVKOQPKGUQXGT
RGQRNGOC[JCXGFTQYPGFKPVJGKPEKFGPV
6JQUGNWEM[GPQWIJVQUWTXKXGVJGVTGCEJGTQWULQWTPG[D[DQCVGKVJGTCTTKXGKPQTCTG
VTCPUHGTTGFD[EQCUVIWCTFUVQVJG+VCNKCPKUNCPFUQH.CORGFWUCQT5KEKN[YJGTGVJG[CTG
JQUVGFKPTGEGRVKQPEGPVGTU(QTOCP[+VCN[KUPQVKPVGPFGFVQDGVJGKTHKPCNFGUVKPCVKQPCPFCU
UQQPCUVJG[ECPOCP[VTCXGND[VTCKPVQ/KNCPKPQTFGTVQEQPVKPWGVJGKTLQWTPG[PQTVJ/CP[
JQRGVQIQQPVQ5YGFGP0QTYC[)GTOCP[CPFQVJGT'WTQRGCPEQWPVTKGUYJGTGVJG[JCXG
HCOKN[CPFHTKGPFUQTYJGTGVJG[DGNKGXGVJGEQPFKVKQPUHQTTGHWIGGUYKNNDGDGVVGTVJCPKP+VCN[
#DWUGUCVVJG'7oUDQTFGTU
6JG'7oUDQTFGTEQPVTQNRQNKEKGUCTGKPETGCUKPIN[FGVTKOGPVCNVQVJGTKIJVUQHTGHWIGGUCU[NWO
UGGMGTUCPFOKITCPVU$QTFGTEQPVTQNOGCUWTGUKPVTQFWEGFQXGTVJGTGEGPV[GCTUKPENWFKPIVJG
GZVGTPCNK\CVKQPQHKOOKITCVKQPHWPEVKQPUCPFVJGDWKNFKPIQHHGPEGUJCXGHCKNGFVQVCMGCEEQWPV
QHVJGKORCEVQPVJGTKIJVUQHVJQUGUGGMKPIVQGPVGTVJG'79JKNGVJG'7JCUVJGTKIJVVQ
EQPVTQNKVUDQTFGTUVJGOCPPGTKPYJKEJKVFQGUUQECPPQVTGUWNVKPJWOCPTKIJVUXKQNCVKQPUs
[GVVJCVKUGZCEVN[YJCVKUJCRRGPKPI
(QTGZCORNGKPVJGNCUVHGY[GCTUVJG'7JCURTQXKFGFUKIPKHKECPVHWPFKPIVQ)TGGEGKPQTFGT
VQUVTGPIVJGPVJGEQWPVT[oUGZVGTPCNDQTFGTU(QTVJGRGTKQFQHVQVJG'WTQRGCP
%QOOKUUKQPWPFGTVJG4GVWTP(WPFCPFVJG'ZVGTPCN$QTFGTU(WPFRTQXKFGF)TGGEGYKVJ
aVQGPJCPEGDQTFGTEQPVTQNOGCUWTGUCPFKPETGCUGVJGECRCEKV[VQFGVCKP
RGQRNGDGNKGXGFVQJCXGKTTGIWNCTN[GPVGTGFVJGEQWPVT[+PEQORCTKUQPHQTVJGUCOGVKOG
RGTKQFaYCUCNNQECVGFVQ)TGGEGWPFGTVJG'WTQRGCP4GHWIGG(WPFYJKEJ
UWRRQTVUGHHQTVUKPTGEGKXKPITGHWIGGU
)TGGEGRWUJKPIDCEMTGHWIGGU
p6JG[RWVCNNVJGOGPN[KPIQPVJGDQCVVJG[UVGRRGFQPWUCPFJKVWUYKVJVJGKTYGCRQPUHQT
VJTGGJQWTU6JGPCVCTQWPFKPVJGOQTPKPICHVGTTGOQXKPIVJGOQVQTVJG[RWVWUDCEMVQ
QWTRNCUVKEDQCVCPFVQYGFWUDCEMVQVJG6WTMKUJYCVGTUCPFNGHVWUKPVJGOKFFNGQHVJGUGCoo
'HTQO5[TKCFGUETKDGUJQYJGCPFJKUOQVJGTYGTGRWUJGFDCEMVQ6WTMG[D[VJG)TGGMEQCUVIWCTFQPVJGOQTPKPIQH
1EVQDGT6JG[YGTGRCTVQHCITQWRQHRGQRNGKPENWFKPI[QWPIEJKNFTGP
)TGGEGoUGHHQTVUVQUGCNQHHKVUDQTFGTUVQTGHWIGGUCPFOKITCPVUJCXGKPENWFGFVJGEQPUVTWEVKQP
QHCMOHGPEGCNQPIVJGMONQPI)TGGM6WTMKUJNCPFDQTFGTCPFVJGFGRNQ[OGPVQH
PGCTN[CFFKVKQPCNDQTFGTIWCTFUUKPEGUWOOGTVJG)TGGMEQCUVIWCTFEQPVTQNVJG
UGCTQWVGU#EEQTFKPIVQ(TQPVGZVJG'7CIGPE[VCUMGFYKVJEQQTFKPCVKPICPFFGXGNQRKPI
'WTQRGCPDQTFGTOCPCIGOGPVVJKUTGUWNVGFKPVJGPWODGTQHRGQRNGGPVGTKPI)TGGEGD[NCPF
CPFUGCFTQRRKPIHTQORGTYGGMKPGCTN[#WIWUVVQNGUUVJCPRGTYGGMCVVJG
GPFQH1EVQDGT
6JGNCVGUVHKIWTGUUJQYCUJCTRFGETGCUGKPVJGPWODGTQHGPVTKGUXKCVJG)TGGM6WTMKUJ
DQTFGTU&WTKPIVJGHKTUVOQPVJUQHCVQVCNQHRGQRNGYGTGCRRTGJGPFGFCNQPI
VJG)TGGEG6WTMKUJDQTFGTU
NCPFCPFUGCYJKNGFWTKPIVJGUCOGRGTKQFKPYGTG
CRRTGJGPFGF(QTVJGUCOGRGTKQFVJGPWODGTQHCRRTGJGPUKQPUKPVJGNCPFDQTFGTFTQRRGF
HTQOVQ
6JGUGOGCUWTGUQHVGPOGCPVJCVTGHWIGGUCTGHQTEGFVQVT[KPETGCUKPIN[FCPIGTQWUTQWVGU
CETQUUVJG#GICP5GC+PVJGKTFGURGTCVGCVVGORVUVQTGCEJUCHGV[KP'WTQRGOCP[TGHWIGGU
KPENWFKPIHCOKNKGUYKVJDCDKGUCPF[QWPIEJKNFTGPURGPFVJGKTNCUVUCXKPIUVQRC[UOWIINGTUKP
QTFGTVQDQCTFUOCNNWPUGCYQTVJ[CPFQXGTETQYFGFDQCVU/CP[JCXGFTQYPGFVT[KPI
5KPEG#WIWUVCVNGCUVTGHWIGGUVJGOCLQTKV[QHYJQOYGTG5[TKCPCPF#HIJCPNQUV
VJGKTNKXGUKPCVNGCUVGNGXGPMPQYPKPEKFGPVUCVVGORVKPIVQTGCEJ)TGGEGD[DQCVHTQO
6WTMG[
7PUGCYQTVJ[XGUUGNUCTGPQVVJGQPN[FCPIGTVJCVTGHWIGGUHCEGYJGPVT[KPIVQTGCEJ'7
VGTTKVQT[4GHWIGGUKPENWFKPIHCOKNKGUCPFEJKNFTGPJCXGVQNF#OPGUV[+PVGTPCVKQPCNJQY)TGGM
RQNKEGQTEQCUVIWCTFUKPUQOGECUGURQKPVKPIIWPUCPFYGCTKPIHWNNHCEGJQQFUKNNVTGCVGF
VJGOQPDQCTFDQCVUQTCVRNCEGUQHFGVGPVKQPUVTKRRGFVJGOQHVJGKTDGNQPIKPIUCPF
GXGPVWCNN[UGPVVJGODCEMVQ6WTMG[
#VCTQWPFQTQoENQEMKPVJGOQTPKPIYGCTTKXGFVQVJGTKXGTUKFGCPFVJG[=VJG)TGGM
RQNKEG?JCPFGFWUQXGTVQRGQRNGYGCTKPIDNCEMJQQFUCPFDNCEMQTFCTMDNWGWPKHQTOU6JG[
VQQMQWTOQPG[CPFRCUURQTVU6JGPKPITQWRUECTTKGFWUYKVJUOCNNDQCVUQXGTVQVJG6WTMKUJ
UKFGYKVJPQVJKPIDWVQWTENQVJGUNGHVQPWUoo
,CPF55[TKCPTGHWIGGUYJQENCKOGFVQJCXGDGGPRWUJGFDCEMD[VJG)TGGMCWVJQTKVKGUVQ6WTMG[QP0QXGODGT
KPVGTXKGYGFD[#OPGUV[+PVGTPCVKQPCNKP+UVCPDWNKP0QXGODGT6JG[YGTGRCTVQHVJGITQWRQHRGQRNGCNNGIGFN[
UGPVDCEMVQ6WTMG[CHVGTVJG[UQWIJVUJGNVGTKPCEJWTEJEQWTV[CTFKPVJGXKNNCIGQH2TCIIKKP'XTQUTGIKQP)TGGEG
6JGPWODGTQHUWEJECUGUYJKEJTGUWNVKPWPNCYHWNEQNNGEVKXGGZRWNUKQPUHTQO)TGGEGKUPQV
MPQYP*QYGXGT#OPGUV[+PVGTPCVKQPCNoUTGUGCTEJRQKPVUVQVJGEQPVKPWQWUWUGQHRWUJDCEMU
CNNCNQPIVJG)TGGM6WTMKUJDQTFGTYJKEJCHHGEVJWPFTGFUQHRGQRNG
#NOQUVGXGT[QPGYJQENCKOGFVQJCXGGZRGTKGPEGFRWUJDCEMQRGTCVKQPUVQNF#OPGUV[
+PVGTPCVKQPCNVJCVVJG[JCXGFKTGEVN[GZRGTKGPEGFQTYKVPGUUGFKNNVTGCVOGPVD[)TGGMCWVJQTKVKGU
6JKUKPENWFGFDGKPIUNCRRGFCPFDGCVGPKPCFFKVKQPVQJCXKPIVJGKTDGNQPIKPIUEQPHKUECVGF
YKVJQWVCP[FWGRTQEGUU
p+YCUUJQWVKPIVQVJGOVJCVJGKUO[UQP6JG[RWVOGCUKFGCPF+UCYVJGODGCVKPIO[UQP
HQTVQJQWTU9JGP+CUMGFHQTYCVGTVJG[ICXGOGVQFTKPMYCVGTHTQOVJGUGCoo
#[GCTQNFYQOCPFGUETKDGFVQ#OPGUV[+PVGTPCVKQPCNJGTUQPoUKNNVTGCVOGPVQPDQCTFC)TGGM%QCUV)WCTFXGUUGNVJG
OQTPKPIQH1EVQDGT
&GVGPVKQPKP$WNICTKC
#PGUVKOCVGFTGHWIGGUKPENWFKPITGHWIGGUHTQO5[TKCJCXGCTTKXGFKP$WNICTKC
DGVYGGP,CPWCT[CPF0QXGODGT6JGOCLQTKV[CTGNKXKPIKPIQXGTPOGPVTWPTGEGRVKQP
EGPVTGU6JKUKUVJGNCTIGUVKPHNWZQHTGHWIGGUVQ$WNICTKCKPTGEGPV[GCTUsQXGTVJGNCUV
[GCTU$WNICTKCJCUTGEGKXGFCPCPPWCNCXGTCIGQHTGHWIGGU
4GHWIGGUHTQO5[TKCCPFQVJGTUENCKOKPICU[NWOCTGJQWUGFKPGOGTIGPE[EGPVTGU6JGNCTIGUV
QPGKUKPVJGVQYPQH*CTOCPNKCDQWVMKNQOGVTGUHTQOVJG6WTMKUJDQTFGT#OPGUV[
+PVGTPCVKQPCNXKUKVGFVJGEGPVTGKP0QXGODGTCPFQDUGTXGFVJGNKXKPIEQPFKVKQPU6JKU
ENQUGFEGPVTGGHHGEVKXGN[CFGVGPVKQPEGPVTGCEEQOOQFCVGUCU[NWOUGGMGTUOCKPN[HTQO5[TKC
CPF#HIJCPKUVCPKPVGPVUEQPVCKPGTUCPFCFKNCRKFCVGFDWKNFKPI#NVJQWIJVJGTGCTGHQWT
VQKNGVUKPCDWKNFKPICVVJGGPVTCPEGQHVJGEGPVTGVJG[CTGHTGSWGPVN[DNQEMGFCPFJCTFN[
CFGSWCVGHQTVJGJWPFTGFUQHTGUKFGPVU6JGVGPVUCTGWPJGCVGFCPFVJGTGUKFGPVUUNGGRGKVJGT
QPVJKPOCVVTGUUGUQTQPQNFHQNFCDNGDGFU#DQWVRGQRNGCEEQOOQFCVGFKPCFKUWUGF
DWKNFKPIUNGGRKPVYQNCTIGTQQOUHKNNGFYKVJUOQMGHTQOKORTQXKUGFUVQXGU2TGIPCPVYQOGP
EJKNFTGPCUYGNNCUOGPCPFYQOGPQHXCTKQWUCIGUJCXGVQEQRGYKVJNCEMQHDGFUCPF
DNCPMGVUNCEMQHCEEGUUVQOGFKEKPGCPFHQQF
6JGEGPVTGKP*CTOCPNKJQUVUCNCTIGPWODGTQHRGQRNGKPPGGFQHOGFKECNECTGKPENWFKPI
YQOGPKPCFXCPEGFUVCIGUQHVJGKTRTGIPCPEKGURGQRNGKPLWTGFKPEQPHNKEVCPFKPFKXKFWCNU
UWHHGTKPIEJTQPKEFKUGCUGUCPFOGPVCNJGCNVJRTQDNGOU&GURKVGVJKUVJGTGKUPQOGFKECNECTG
RTQXKFGFsGZEGRVHQTGOGTIGPE[UGTXKEGUsCPFPQCEEGUUVQRU[EJQNQIKECNEQWPUGNKPI
5QOGQHVJGTGHWIGGUKP*CTOCPNKVJCV#OPGUV[+PVGTPCVKQPCNURQMGVQKP0QXGODGTJCF
DGGPFGVCKPGFVJGTGHQTYGGMU
6JGCWVJQTKVKGUKP$WNICTKCCEMPQYNGFIGVJCVVJGUKVWCVKQPCV*CTOCPNKKUXGT[KPCFGSWCVG+P
CPKPVGTXKGYYKVJ#OPGUV[+PVGTPCVKQPCNKP0QXGODGT$WNICTKCPFGRWV[/KPKUVGTQH
+PVGTKQT2NCOGP#PIGNQXUVCVGFp*CTOCPNKKUVJGNCUVTGUQTVDWVEWTTGPVN[KVoUVJGQPN[UQNWVKQP
YGJCXGq
6*'/70+%+2#.+6;1(/+.#0*'.2+0)#66*'.1%#..'8'.
+P5GRVGODGTCPF1EVQDGTQHNCTIGPWODGTUQHTGHWIGGUHTQO5[TKCYGTGEQPXGTIKPIQP+VCN[oUPQTVJGTPEKV[QH/KNCP
CVVGORVKPIVQVCMGVTCKPUVQPQTVJGTP'WTQRG#VVJGDGIKPPKPIQH1EVQDGTPWODGTUDGICPVQKPETGCUGUKIPKHKECPVN[
CEEQTFKPIVQ%QOOWPKV[QH5CPVo'IKFKQCNQECNPQPIQXGTPOGPVCNQTICPK\CVKQPYQTMKPIYKVJTGHWIGGUKPVJGHQNNQYKPIYGGMU
CRRTQZKOCVGN[TGHWIGGUKPENWFKPIEJKNFTGPYGTGUNGGRKPIQPVJGHNQQTQHVJGEGPVTCNVTCKPUVCVKQP#URQMGURGTUQP
QHVJG/KNCP/WPKEKRCNKV[VQNF#OPGUV[+PVGTPCVKQPCNVJCVOCP[QHVJGTGHWIGGUUVTCPFGFCVVJGEGPVTCNVTCKPUVCVKQPCVVJCV
VKOGYGTGGKVJGTYCKVKPIVQIQVQPQTVJGTP'WTQRGQTJCFDGGPUVQRRGFCVQTPGCTVJG#WUVTKCPCPF)GTOCPDQTFGTUD[RQNKEG
QTQVJGTQHHKEKCNUCPFUGPVDCEMVQ/KNCP
6JGEKV[QH/KNCPSWKEMN[OQDKNK\GF8QNWPVGGTUCPFQTICPK\CVKQPUDGICPDTKPIKPIDNCPMGVUHQQFCPFENQVJGUVQVJGUVCVKQP
6JGNQECNCWVJQTKVKGUTGURQPFGFD[UGVVKPIWRVYQEGPVTGUHQTTGHWIGGUTWPD[NQECN0)1UCPFYKVJECRCEKV[HQTRGQRNG
#OPGUV[+PVGTPCVKQPCNXKUKVGFQPGQHVJGVYQEGPVTGUKP0QXGODGT
VJGUGEQPFEGPVTGJCFENQUGF#EEQTFKPIVQVJG
/KNCP/WPKEKRCNKV[CNOQUVTGHWIGGUHTQO5[TKCJCXGDGGPJQUVGFKPVJGEGPVTGU1PEGCVCEGPVTGTGHWIGGUTGEGKXGC
DGFVJTGGOGCNUCFC[OGFKECNCVVGPVKQPCPFCRNCEGVQTGUV6QKVUETGFKVVJG/WPKEKRCNKV[QH/KNCPJCUVTGCVGFVJGKPHNWZQH
TGHWIGGUHTQO5[TKCCUCJWOCPKVCTKCPGOGTIGPE[TCVJGTVJGPCUCPKOOKITCVKQPQTUGEWTKV[KUUWG
*QYGXGTHQTOQUVVKOGKPVJGUJGNVGTUKP/KNCPKUCTCTGOQOGPVQHTGURKVGCPFCDTKGHQPG(QTUQOGCHVGTQPN[COCVVGTQH
FC[UVJG[CVVGORVVJGLQWTPG[PQTVJUQOGVKOGUWUKPIWPUETWRWNQWUCPFGZRGPUKXGUOWIINGTUQWVQHFGURGTCVKQP#OPGUV[
+PVGTPCVKQPCNURQMGYKVJQPGHCOKN[YJQUCKFVJG[JCFRCKF'WTQUGCEJVQDGVCMGPD[ECTVQ#WUVTKC*QYGXGTCVVJG
DQTFGTVJG[YGTGUVQRRGFD[VJG+VCNKCPRQNKEG6JGKTHKPIGTRTKPVUYGTGVCMGPCPFVJGUOWIINGTYCUCTTGUVGF6JGHCOKN[
FGEKFGFVQIQQPVQ#WUVTKCJQYGXGTVJG[YGTGECWIJVCICKPQPCVTCKPKP#WUVTKCCPFTGVWTPGFD[ECTVQCRQNKEGUVCVKQPKP
+VCN[
5[TKCPTGHWIGGU#UJCTGFTGURQPUKDKNKV[
+VKUXGT[KORQTVCPVVJCV'WTQRGCPEQWPVTKGUCNNQXGTVJGEQPVKPGPVMGGRVJGKTDQTFGTU
QRGPCPF=RTQXKFG?CFGSWCVGCUUKUVCPEG
70*KIJ%QOOKUUKQPGTHQT4GHWIGGU#PVÏPKQ)WVGTTGU0QXGODGT
#UVJGPWODGTUQHTGHWIGGUHTQO5[TKCEQPVKPWGUVQITQYVJG'7CPFKVU/GODGT5VCVGUOWUV
FQOQTGVQRTQXKFGCUUKUVCPEGCPFRTQVGEVKQPVQVJQUGYJQCTTKXGKP'WTQRGCPFVQUJCTGVJG
TGURQPUKDKNKV[HQTJQUVKPITGHWIGGUOQTGGSWCNN[4GHWIGGUHTQO5[TKCKPENWFKPIVJQUGUGGMKPI
VQLQKPHCOKN[OGODGTUCNTGCF[KPVJG'7OWUVDGCDNGVQHKPFUCHGV[D[NGICNN[VTCXGNNKPIVQ
'WTQRG
6JGKPVGTPCVKQPCNEQOOWPKV[KPENWFKPIVJG'7CPFKVU/GODGT5VCVGUUJQWNFKPETGCUGUWRRQTV
VJTQWIJVJG70JWOCPKVCTKCPCRRGCNUCPFDKNCVGTCNN[VQEQWPVTKGUJQUVKPIVJGNCTIGUVPWODGTU
QHTGHWIGGURCTVKEWNCTN[,QTFCPCPF.GDCPQP
4GUGVVNGOGPVRNCEGUOWUVDGUKIPKHKECPVN[KPETGCUGFRTQXKFKPICPKORQTVCPVQRRQTVWPKV[HQT
VJQUGOQUVKPPGGFVQGPCDNGVJGOVQTGEGKXGCFGSWCVGUWRRQTVCPFTGUVCTVVJGKTNKXGU
4GEQOOGPFCVKQPU
6QVJGKPVGTPCVKQPCNEQOOWPKV[KPENWFKPIVJG'7CPFKVUOGODGTUVCVGUVJG75#WUVTCNKC
%CPCFCVJG)WNH%QQRGTCVKQP%QWPEKNCPFQVJGTEQWPVTKGUCDNGVQRTQXKFGUWRRQTV
„
5JCTGTGURQPUKDKNKV[HQTTGHWIGGUHTQO5[TKCOQTGGSWCNN[KPRCTVKEWNCTVJTQWIJ
UKIPKHKECPVN[KPETGCUKPIVJGPWODGTQHTGUGVVNGOGPVCPFJWOCPKVCTKCPCFOKUUKQPRNCEGUQXGT
CPFCDQXGCPPWCNTGUGVVNGOGPVSWQVCU
„
'PUWTGVJCVVJG70JWOCPKVCTKCPCRRGCNUHQT5[TKCCTGHWNN[CPFUWUVCKPCDN[HWPFGF
„
5WRRQTVEQWPVTKGUHCEGFYKVJNCTIGKPHNWZGUQHTGHWIGGUHTQO5[TKCVQGPCDNGVJGOVQEQRG
YKVJVJGRTGUUWTGQPVJGKTKPHTCUVTWEVWTGCPFRTQXKFGGUUGPVKCNUGTXKEGUVQTGHWIGGUKPENWFKPI
CFGSWCVGJGCNVJECTGJQWUKPICPFHQQF
6Q'7OGODGTUVCVGUCPFVJG'7
„
5VTGPIVJGPUGCTEJCPFTGUEWGECRCEKV[KPVJG/GFKVGTTCPGCPVQKFGPVKH[DQCVUKPFKUVTGUU
CPFCUUKUVVJQUGQPDQCTF
„
'PUWTGVJCVVJQUGTGUEWGFCTGVTGCVGFYKVJFKIPKV[CPFVJCVVJGKTJWOCPTKIJVUs
KPENWFKPIVJGTKIJVVQUGGMCU[NWOsCTGHWNN[TGURGEVGF
„
'PUWTGVJGGPFQHWPNCYHWNRWUJDCEMQRGTCVKQPUVJCVFGP[TGHWIGGUCPFOKITCPVUVJGKT
TKIJVURCTVKEWNCTN[QPVJG)TGGEG6WTMKUJDQTFGT
6QCNNEQWPVTKGUTGEGKXKPITGHWIGGUHTQO5[TKC
„
#WVQOCVKECNN[RTQXKFGCNNRGQRNGHNGGKPI5[TKCKPENWFKPI2CNGUVKPKCPTGHWIGGUYJQYGTG
TGUKFGPVKP5[TKCYKVJCUVCVWUIKXKPIVJGOKPVGTPCVKQPCNRTQVGEVKQP
„
(CEKNKVCVGHCOKN[TGWPKHKECVKQPHQTTGHWIGGUHTQO5[TKCKPENWFKPID[CRRN[KPIHNGZKDNG
ETKVGTKCVQVCMGKPVQCEEQWPVVJGPCVWTGCPFPGGFUQHFKHHGTGPVHCOKNKGU
6Q5[TKCoUPGKIJDQWTKPIEQWPVTKGU
KPRCTVKEWNCT.GDCPQP,QTFCP6WTMG[+TCSCPF'I[RV
„
/CKPVCKPQRGPDQTFGTUVQCNNRGQRNGHNGGKPIVJGEQPHNKEVKP5[TKCYKVJQWVFKUETKOKPCVKQP
„
'PUWTGVJCVCNNRGQRNGHNGGKPI5[TKCCTGPQVHQTEKDN[TGVWTPGFVQ5[TKCKPNKPGYKVJVJG
RTKPEKRNGQHPQPTGHQWNGOGPV
#RRGPFKZ
0GYCU[NWOCRRNKECPVUQH5[TKCPEKVK\GPUJKRHTQO0QXGODGTVQ1EVQDGTUQWTEG
'WTQUVCVQPNKPGCVJVVRGRRGWTQUVCVGEGWTQRCGW
6QVCNHQT'7/GODGT5VCVGUDGVYGGP0QXGODGTCPF1EVQDGT
)'16+/'
'WTQRGCP7PKQP
EQWPVTKGU
/ /
$GNIKWO
$WNICTKC
%\GEJ4GRWDNKE
&GPOCTM
)GTOCP[
'UVQPKC
+TGNCPF
)TGGEG
5RCKP
(TCPEG
%TQCVKC
+VCN[
%[RTWU
/ / / / / / / / / /
.CVXKC
.KVJWCPKC
.WZGODQWTI
*WPICT[
/CNVC
0GVJGTNCPFU
#WUVTKC
2QNCPF
2QTVWICN
4QOCPKC
5NQXGPKC
5NQXCMKC
(KPNCPF
5YGFGP
7PKVGF-KPIFQO
0GYCU[NWOCRRNKECPVUQH5[TKCPEKVK\GPUJKRHTQO0QXGODGTVQ1EVQDGTUQWTEG
'WTQUVCVQPNKPGCVJVVRGRRGWTQUVCVGEGWTQRCGW
)'16+/'
'WTQRGCP7PKQP
EQWPVTKGU
/
/
/
/
/
/
/
/
/
/
$GNIKWO
$WNICTKC
%\GEJ4GRWDNKE
&GPOCTM
)GTOCP[
'UVQPKC
+TGNCPF
)TGGEG
5RCKP
(TCPEG
%TQCVKC
+VCN[
%[RTWU
.CVXKC
.KVJWCPKC
.WZGODQWTI
*WPICT[
#WUVTKC
2QNCPF
/CNVC
0GVJGTNCPFU
2QTVWICN
4QOCPKC
5NQXGPKC
5NQXCMKC
(KPNCPF
5YGFGP
7PKVGF-KPIFQO
/
/
#RRGPFKZ
2NGFIGUHQTTGUGVVNGOGPVJWOCPKVCTKCPCFOKUUKQPCPFRTKXCVGURQPUQTUJKRD[EQWPVT[
%QWPVT[
2NGFIG
RGTUQPU
#WUVTCNKCC
TGUGVVNGOGPV
'7 C
#WUVTKC JWOCPKVCTKCPCFOKUUKQP
%CPCFCC
TGUGVVNGOGPVCPFRTKXCVGURQPUQTUJKR
(KPNCPF'7C
TGUGVVNGOGPV
(TCPEG'7C
JWOCPKVCTKCPCFOKUUKQP
)GTOCP['7D
JWOCPKVCTKCPCFOKUUKQP
*WPICT['7C
TGUGVVNGOGPV
+TGNCPF'7C
TGUGVVNGOGPV
.KEJVGPUVGKPE
TGUGVVNGOGPV
.WZGODQWTI'7C
TGUGVVNGOGPV
/QNFQXCC
TGUGVVNGOGPV
0GVJGTNCPFU'7C
TGUGVVNGOGPV
0QTYC[C
TGUGVVNGOGPV
5RCKP'7C
TGUGVVNGOGPV
5YGFGP'7C
TGUGVVNGOGPV
5YKV\GTNCPFC
TGUGVVNGOGPV
C
75# 1RGPGPFGFPWODGTQPTGUGVVNGOGPV
'7VQVCN
'7VQVCNGZENWFKPI)GTOCP[
6QVCN
RNWUCPCFFKVKQPCNPWODGTVQVJG75#
UQWTEG70*%4(KPFKPIUQNWVKQPUHQT5[TKCPTGHWIGGU4GUGVVNGOGPV*WOCPKVCTKCP#FOKUUKQPCPF
(COKN[4GWPKHKECVKQP1EVQDGTCXCKNCDNGCVJVVRYYYWPJETQTIERFH
D
KPENWFKPICPCFFKVKQPCNRNCEGUCPPQWPEGFKPGCTN[&GEGODGT5GG70*%4(KPFKPI
UQNWVKQPUHQT5[TKCPTGHWIGGU4GUGVVNGOGPV*WOCPKVCTKCP#FOKUUKQPCPF(COKN[4GWPKHKECVKQP
1EVQDGTCXCKNCDNGCVJVVRYYYWPJETQTIERFHCPF.ÀPFGTHQTFGTPOGJT5QNKFCTKVÀV
WPF'KPJGKVKPFGT'7(NØEJVNKPIURQNKVKMQPNKPGCV
JVVRYYYKOMPKGFGTUCEJUGPFGRQTVCNNKXGRJR!PCXKICVKQPAKFCTVKENGAKFARUOC
PF
E
UQWTEG70*%4GOCKNHTQO70*%4VQ#OPGUV[+PVGTPCVKQPCN&GEGODGT
C
70*%470*%46YQOKNNKQP5[TKCPUCTGTGHWIGGU5GRVGODGTQPNKPGCV
JVVRYYYWPJETQTIHEJVON
$CUGFQP70*%4HKIWTGUHQTTGHWIGGUHTQO5[TKCKPPGKIJDQTKPIEQWPVTKGUCPF0QTVJ#HTKECYJKEJUVQQF
CVCUQH&GEGODGTQPNKPGCVJVVRFCVCWPJETQTIU[TKCPTGHWIGGUTGIKQPCNRJR+P
CFFKVKQP5[TKCPUJCXGUQWIJVCU[NWOKPVJG'7DGVYGGP0QXGODGTCPF1EVQDGT
UGG
CRRGPFKZUOCNNGTPWODGTUJCXGUQWIJVCU[NWOGNUGYJGTG6JGCEVWCNPWODGTQH5[TKCPTGHWIGGUKU
NKMGN[VQDGUWDUVCPVKCNN[JKIJGTCUOCP[JCXGPQVTGIKUVGTGFYKVJCPCU[NWOCWVJQTKV[
7PKVGF0CVKQPU*KIJ%QOOKUUKQPGTHQT4GHWIGGU6JG(WVWTGQH5[TKC4GHWIGG%JKNFTGPKP%TKUKU
0QXGODGTRQPNKPGCVJVVRWPJETQTI(WVWTG1H5[TKC
701HHKEGHQTVJG%QQTFKPCVKQPQH*WOCPKVCTKCP#HHCKTUQPNKPGCVJVVRU[TKCWPQEJCQTI
6JG9QTNF$CPMGUVKOCVGF5[TKCoURQRWNCVKQPCVOKNNKQPHQTQPNKPGCV
JVVRFCVCYQTNFDCPMQTIEQWPVT[U[TKCPCTCDTGRWDNKENCUVXKUKVGF0QXGODGT
70*%4EJKGHWTIGUUVCVGUVQOCKPVCKPQRGPCEEGUUHQTHNGGKPI5[TKCPUQPNKPGCV
JVVRYYYWPJETQTIGEHJVON
70*%4CPFJQUVEQWPVTKGUVQRWUJHQTITGCVGTKPVGTPCVKQPCNJGNRQP5[TKCPTGHWIGGUQPNKPGCV
JVVRYYYWPJETQTIJVON
(QT,QTFCPDCUGFQPC9QTNF$CPMGUVKOCVGFRQRWNCVKQPQHOKNNKQPKP
UQWTEG
JVVRFCVCYQTNFDCPMQTIKPFKECVQT52212616.DGHQTGVJGOCLQTTGHWIGGQWVHNQYHTQO5[TKCUVCTVGF
CPFC5[TKCTGHWIGGRQRWNCVKQPQHCUQH&GEGODGT
UQWTEG
JVVRFCVCWPJETQTIU[TKCPTGHWIGGUEQWPVT[RJR!KF(QT.GDCPQP$CUGFQPC9QTNF$CPM
GUVKOCVGFRQRWNCVKQPQHKP
UQWTEGJVVRFCVCYQTNFDCPMQTIKPFKECVQT52212616.
DGHQTGVJGOCLQTTGHWIGGQWVHNQYHTQO5[TKCUVCTVGFCPFC5[TKCTGHWIGGRQRWNCVKQPQHCUQH
&GEGODGT
UQWTEGJVVRFCVCWPJETQTIU[TKCPTGHWIGGUEQWPVT[RJR!KF
$CUGFQPCHKIWTGQHDKNNQPQWVQHCVQVCNQHDKNNKQP7PKVGF0CVKQPU0GYU%GPVTG70
CPPQWPEGUNCTIGUVGXGTJWOCPKVCTKCPCRRGCNHQTEQPHNKEVVQTP5[TKCQPNKPGCVJVVRDKVN[K(8V1:
6JGCRRGCNKUHQTQHYJKEJYGTGTGEGKXGF(WPFKPIFCVCCXCKNCDNG
QPNKPGCVJVVRUFQEUIQQINGEQOURTGCFUJGGVRWD!MG[#WU)WWYDVV
F'RG*4\E9F8FJ$3OR$89YZ7*4LE7'UKPINGVTWGIKFQWVRWVJVONUQWTEG7PKVGF0CVKQPU
1HHKEGHQTVJG%QQTFKPCVKQPQH*WOCPKVCTKCP#HHCKTU
1%*#(KIWTGUSWQVGFQP&GEGODGT
1PGQHVJGOQUVKORQTVCPVOGVJQFUD[YJKEJUVCVGUECPEQPVTKDWVGVQTGHWIGGETKUGUKUTGUGVVNGOGPV
YJGTGD[CEQWPVT[QHHGTUTGUKFGPE[CPFCUUKUVCPEGVQTGHWIGGUHTQOVJGOCKPJQUVEQWPVTKGU6JKUJGNRU
TGHWIGGUVJCVJCXGRCTVKEWNCTXWNPGTCDKNKVKGUVQTGGUVCDNKUJVJGOUGNXGUKPCEQWPVT[VJCVKUCDNGVQUWRRQTV
VJGOOQTGEQORTGJGPUKXGN[CPFCNUQTGFWEGUVJGDWTFGPQPJQUVEQWPVTKGU#PWODGTQHCNVGTPCVKXGUVQ
TGUGVVNGOGPVGZKUVCPFCTGDGKPIWUGFUWEJCUJWOCPKVCTKCPCFOKUUKQPYJKEJQHHGTUUJQTVGTTGUKFGPE[
RGTKQFUYKVJNKOKVUQHHCOKN[TGWPKHKECVKQPCPFRTKXCVGURQPUQTUJKRXKUCU
70*%4(KPFKPIUQNWVKQPUHQT5[TKCPTGHWIGGU4GUGVVNGOGPV*WOCPKVCTKCP#FOKUUKQPCPF(COKN[
4GWPKHKECVKQP1EVQDGTQPNKPGCVJVVRYYYWPJETQTIERFH
5GGCRRGPFKZ
(KPFKPIUQNWVKQPUHQT5[TKCPTGHWIGGU4GUGVVNGOGPV*WOCPKVCTKCP#FOKUUKQPCPF(COKN[
4GWPKHKECVKQP70*%41EVQDGTQPNKPGCVJVVRYYYWPJETQTIERFH
6JG75JCUUCKFVJCVKVYKNNVCMGCPQRGPGPFGFPWODGTQHTGHWIGGUHTQO5[TKCHQTTGUGVVNGOGPV
(KPFKPIUQNWVKQPUHQT5[TKCPTGHWIGGU4GUGVVNGOGPV*WOCPKVCTKCP#FOKUUKQPCPF(COKN[4GWPKHKECVKQP
70*%41EVQDGTQPNKPGCVJVVRYYYWPJETQTIERFH
6JGFKUVCPEGDGVYGGP&COCUEWU5[TKCCPF0KEQUKC%[RTWUKUOKNGUUQWTEG9QNHTCO#NRJC
QPNKPGCVJVVRYYYYQNHTCOCNRJCEQOKPRWV!KFCOCUEWUPKEQUKCFKUVCPEG
6JGUGCTG#WUVTKC
RNCEGU(KPNCPF
(TCPEG
)GTOCP[
*WPICT[
+TGNCPF
.WZGODQWTI
0GVJGTNCPFU
5RCKP
CPF5YGFGP
+PCFFKVKQPVJGHQNNQYKPI
RNGFIGUYGTGOCFGD[VJTGGPQP'7'WTQRGCPEQWPVTKGU0QTYC[
/QNFQXC
CPF5YKV\GTNCPF
#EEQTFKPIVQ70*%4FCVC5[TKCPTGHWIGGUYGTGTGIKUVGTGFKP.GDCPQPDGVYGGPCPF
0QXGODGTQPNKPGCVJVVRFCVCWPJETQTIU[TKCPTGHWIGGUEQWPVT[RJR!KF
#OPGUV[+PVGTPCVKQPCNJCURWDNKUJGFCPWODGTQHTGRQTVUQPJWOCPTKIJVUKUUWGUHCEKPITGHWIGGUHTQO
5[TKCKPJQUVEQWPVTKGUUGG#OPGUV[+PVGTPCVKQPCN)TQYKPITGUVTKEVKQPUVQWIJEQPFKVKQPU6JGRNKIJVQH
VJQUGHNGGKPI5[TKCVQ,QTFCP
/&'1EVQDGTQPNKPGCV
JVVRYYYCOPGUV[QTIGPNKDTCT[KPHQ/&'GP#OPGUV[+PVGTPCVKQPCNn9GECPPQVNKXGJGTG
CP[OQTGo4GHWIGGUHTQO5[TKCKP'I[RV
/&'1EVQDGTQPNKPGCV
JVVRYYYCOPGUV[QTIGPNKDTCT[CUUGV/&'GPCGHEEGCCD
DFGHEOFGGPRFH#OPGUV[+PVGTPCVKQPCN6WTMG[0CVKQPCNCWVJQTKVKGUCPFVJG
KPVGTPCVKQPCNEQOOWPKV[OWUVCEVKPRCTVPGTUJKRVQOGGVVJGPGGFUQH5[TKCPTGHWIGGU
'74
#RTKNQPNKPGCV
JVVRYYYCOPGUV[QTIGPNKDTCT[CUUGV'74GPHCFFH
EFFHGWTGPRFH
6JGUGHKIWTGUYGTG'I[RV
CUQH&GEGODGT+TCS
CUQH&GEGODGT,QTFCP
CUQH&GEGODGT.GDCPQP
CUQH&GEGODGT6WTMG[
CUQH
&GEGODGT&CVCTGVTKGXGFQP&GEGODGTHTQOJVVRFCVCWPJETQTIU[TKCPTGHWIGGUTGIKQPCNRJR
$CUGFQP70*%4HKIWTGUHQTTGHWIGGUHTQO5[TKCKPPGKIJDQTKPIEQWPVTKGUCPF0QTVJ#HTKECYJKEJ
UVQQFCVCUQH&GEGODGTQPNKPGCVJVVRFCVCWPJETQTIU[TKCPTGHWIGGUTGIKQPCNRJR
+PCFFKVKQP5[TKCPUJCXGUQWIJVCU[NWOKPVJG'7DGVYGGP0QXGODGTCPF1EVQDGT
UGGCRRGPFKZUOCNNGTPWODGTJCXGUQWIJVCU[NWOGNUGYJGTG
$$%5[TKCFGCVJVQNNPQYCDQXGUC[U70%JKGH$CP,WN[QPNKPGCV
JVVRYYYDDEEQWMPGYUYQTNFOKFFNGGCUV
5GGHQTGZCORNGVJGHQNNQYKPI#OPGUV[+PVGTPCVKQPCNTGRQTVUQPVJGJWOCPTKIJVUUKVWCVKQPKP5[TKC
#OPGUV[+PVGTPCVKQPCN&GCFN[TGRTKUCNU&GNKDGTCVGMKNNKPIUCPFQVJGTCDWUGUD[5[TKCoUCTOGFHQTEGU
/&',WPG#OPGUV[+PVGTPCVKQPCN#NNQWVTGRTGUUKQP2WTIKPIFKUUGPVKP#NGRRQ
5[TKC
/&'#WIWUV#OPGUV[+PVGTPCVKQPCN)QXGTPOGPVDQODUTCKPQPEKXKNKCPU
/&'/CTEJCNNQPNKPGCVJVVRCOPGUV[QTI
701HHKEGHQTVJG%QQTFKPCVKQPQH*WOCPKVCTKCP#HHCKTUQPNKPGCVJVVRU[TKCWPQEJCQTI
7PKVGF0CVKQPU0GYU%GPVTG70CPPQWPEGUNCTIGUVGXGTJWOCPKVCTKCPCRRGCNHQTEQPHNKEVVQTP5[TKC
QPNKPGCVJVVRDKVN[K(8V1:
6JGCRRGCNKUHQTQHYJKEJYGTGTGEGKXGF(WPFKPIFCVCCXCKNCDNG
QPNKPGCVJVVRUFQEUIQQINGEQOURTGCFUJGGVRWD!MG[#WU)WWYDVV
F'RG*4\E9F8FJ$3OR$89YZ7*4LE7'UKPINGVTWGIKFQWVRWVJVONUQWTEG7PKVGF0CVKQPU
1HHKEGHQTVJG%QQTFKPCVKQPQH*WOCPKVCTKCP#HHCKTU
1%*#(KIWTGUSWQVGFQP&GEGODGT
70CRRGCNUHQTHWPFUVQCXGTVEWVKPHQQFCKFVQ5[TKCPTGHWIGGUKP.GDCPQP5GRVGODGT
QPNKPGCVJVVRYYYWPQTICRRUPGYUUVQT[CUR!0GYU+&%TU[TKC%T7S9DT+R9.NCUV
CEEGUUGFQP&GEGODGT
70*%4+PVGTPCVKQPCN2TQVGEVKQP%QPUKFGTCVKQPUYKVJTGICTFVQRGQRNGHNGGKPIVJG5[TKCP#TCD4GRWDNKE
7RFCVG++1EVQDGTQPNKPGCVJVVRYYYTGHYQTNFQTIFQEKFHJVON
$CUGFQP70*%4KPHQTOCVKQPQPNKPGCVJVVRFCVCWPJETQTIU[TKCPTGHWIGGUTGIKQPCNRJR
#EEQTFKPIVQ70*%4KPHQTOCVKQPQPNKPGCVJVVRFCVCWPJETQTIU[TKCPTGHWIGGUEQWPVT[RJR!KF
#EEQTFKPIVQ70*%4KPHQTOCVKQPQPNKPGJVVRFCVCWPJETQTIU[TKCPTGHWIGGUEQWPVT[RJR!KF
6JGIQXGTPOGPVGUVKOCVGKPENWFGU5[TKCPYQTMGTUCPFVJGKTHCOKNKGUCPFQVJGT5[TKCPUQHOGCPUYJQ
JCXGPQVTGIKUVGTGFYKVJ70*%4QPNKPGCVJVVRFCVCWPJETQTIU[TKCPTGHWIGGUEQWPVT[RJR!KF
6JGTGYGTGTGHWIGGUKP<CCVCTKCUQH&GEGODGTQPNKPGCV
JVVRFCVCWPJETQTIU[TKCPTGHWIGGUTGIKQPRJR!KFEQWPVT[
2CNGUVKPKCPTGHWIGGUKPENWFKPI2CNGUVKPKCPUYJQJCFWPVKNTGEGPVN[DGGPTGUKFGPVUQH5[TKC
QHVGP
TGHGTTGFVQCU2CNGUVKPKCP5[TKCPUQHYJKEJVJGTGCTGCPGUVKOCVGFFKURNCEGFYKVJKP5[TKCCPF
QWVUKFGQH5[TKCJCXGVJGKTUGTXKEGCPFRTQVGEVKQPPGGFURTQXKFGFHQTD[VJG704GNKGHCPF9QTMU
#IGPE[HQT2CNGUVKPG4GHWIGGU
7049#(QTOQTGKPHQTOCVKQPUGGJVVRYYYWPTYCQTICEVKXKV[TUU
U[TKC
#N,C\GGTC4GHWIGGKPHNWZYQTUGPU,QTFCPUYCVGTYQGU/C[
JVVRYYYCNLC\GGTCEQOKPFGRVJHGCVWTGUJVON
+PVGTPCVKQPCN%TKUKU)TQWR6QQ%NQUGHQT%QOHQTV5[TKCPUKP.GDCPQP/C[RQPNKPGCV
JVVRYYYETKUKUITQWRQTIGPTGIKQPUOKFFNGGCUVPQTVJCHTKECGI[RVU[TKCNGDCPQPNGDCPQPVQQENQUG
HQTEQOHQTVU[TKCPUKPNGDCPQPCURZ
6JG9QTNF$CPM.GDCPQP$GCTUVJG$TWPVQHVJG'EQPQOKECPF5QEKCN5RKNNQXGTUQHVJG5[TKCP%QPHNKEV
5GRVGODGTQPNKPGCVJVVRYYYYQTNFDCPMQTIGPPGYUHGCVWTGNGDCPQPDGCTUVJG
DTWPVQHVJGGEQPQOKECPFUQEKCNURKNNQXGTUQHVJGU[TKCPEQPHNKEV
6JG&CKN[5VCT5[TKCPIWPUJKRUTCKFQWVUMKTVUQH.GDCPQPoU#TUCNUQWTEG0QXGODGTQPNKPGCV
JVVRYYYFCKN[UVCTEQOND0GYU.GDCPQP0GYU0QXU[TKCPIWPUJKRHKTGUTQEMGVUCV
NGDCPQPUCTUCNUQWTEGCUJZCZ\\O.%0CP
$$%.GDCPQPEKV[QH6TKRQNKJKVD[FGCFN[ENCUJGU&GEGODGTQPNKPGCV
JVVRYYYDDEEQWMPGYUYQTNFOKFFNGGCUV
70*%45[TKC4GIKQPCN4GURQPUG2NCP
442,CPWCT[VQ&GEGODGTQPNKPGCV
JVVRFCVCWPJETQTIU[TKCPTGHWIGGUTGIKQPCNRJR
#OPGUV[+PVGTPCVKQPCN)TQYKPITGUVTKEVKQPUVQWIJEQPFKVKQPU6JGRNKIJVQHVJQUGHNGGKPI5[TKCVQ
,QTFCP
/&'1EVQDGTRCXCKNCDNGCV
JVVRYYYCOPGUV[QTIGPNKDTCT[KPHQ/&'GP
+PCOGGVKPIYKVJ#OPGUV[+PVGTPCVKQPCNKP,WPG,QTFCPKCP/KPKUVT[QH+PVGTKQTQHHKEKCNUUCKFVJCV
2CNGUVKPKCPCPF+TCSKTGHWIGGUYGTGIGPGTCNN[PQVCNNQYGFCEEGUUCPFVJGTGYGTGTGUVTKEVKQPUQPUKPING
OGPCPFVJQUGYKVJQWVKFGPVKV[FQEWOGPVU
#OPGUV[+PVGTPCVKQPCN,QTFCP%JKNFTGPCOQPI5[TKCPTGHWIGGUFGPKGFGPVT[#WIWUVQPNKPG
CVJVVRYYYCOPGUV[QTIGPHQTOGFKCRTGUUTGNGCUGULQTFCPEJKNFTGPCOQPIU[TKCPTGHWIGGUFGPKGF
GPVT[
)TQYKPITGUVTKEVKQPUVQWIJEQPFKVKQPU6JGRNKIJVQHVJQUGHNGGKPI5[TKCVQ,QTFCP#OPGUV[
+PVGTPCVKQPCN
/&'1EVQDGTRQPNKPGCV
JVVRYYYCOPGUV[QTIGPNKDTCT[KPHQ/&'GP
#EEQTFKPIVQ70*%4KPHQTOCVKQPQPNKPGCVJVVRFCVCWPJETQTIU[TKCPTGHWIGGUEQWPVT[RJR!KF
#EEQTFKPIVQ70*%4KPHQTOCVKQPQPNKPGCVJVVRFCVCWPJETQTIU[TKCPTGHWIGGUEQWPVT[RJR!KF
70*%4%QWPVTKGU*QUVKPI5[TKCP4GHWIGGU5QNKFCTKV[CPF$WTFGP5JCTKPI5GRVGODGTR
QPNKPGCVJVVRYYYWPJETQTIHGGRFH
5GGHQTGZCORNG6WTMG[oUTGHWIGGECORUHWNNVQECRCEKV[YKVJ5[TKCPUHNGGKPIDNQQFUJGFQPNKPGCV
JVVRYYYVGNGITCRJEQWMPGYUYQTNFPGYUOKFFNGGCUVU[TKC6WTMG[UTGHWIGGECORUHWNNVQ
ECRCEKV[YKVJ5[TKCPUHNGGKPIDNQQFUJGFJVON
*WOCP4KIJVU9CVEJ+TCS,QTFCP6WTMG[5[TKCPU$NQEMGFHTQO(NGGKPI9CT,WN[QPNKPGCV
JVVRYYYJTYQTIPGYUKTCSLQTFCPVWTMG[U[TKCPUDNQEMGFHNGGKPIYCT
#OPGUV[+PVGTPCVKQPCN6WTMG[HQTEGUJWPFTGFUQH5[TKCPTGHWIGGUDCEMCETQUUDQTFGT/CTEJ
QPNKPGCVJVVRYYYCOPGUV[QTIGPHQTOGFKCRTGUUTGNGCUGUVWTMG[HQTEGUJWPFTGFUU[TKCPTGHWIGGU
DCEMCETQUUDQTFGT
#EEQTFKPIVQ70*%4KPHQTOCVKQPQPNKPGCVJVVRFCVCWPJETQTIU[TKCPTGHWIGGUEQWPVT[RJR!KF
#OPGUV[+PVGTPCVKQPCNEQPFWEVGFCTGUGCTEJOKUUKQPKPVJG-WTFKUVCPTGIKQPQH+TCSKP
0QXGODGT&GEGODGT
+PVGTXKGYUYKVJTGHWIGGUCPF0)1U+TCSK-WTFKUVCP0QXGODGT&GEGODGT
#EEQTFKPIVQ70*%4KPHQTOCVKQPQPNKPGCVJVVRFCVCWPJETQTIU[TKCPTGHWIGGUEQWPVT[RJR!KF
#OPGUV[+PVGTPCVKQPCN'I[RVVWTPUCYC[5[TKCPU,WN[QPNKPGCV
JVVRYYYCOPGUV[QTIGPPGYUGI[RVVWTPUCYC[U[TKCPCU[NWOUGGMGTU
5GGHQTGZCORNG#OPGUV[+PVGTPCVKQPCNn9GECPPQVNKXGJGTGCP[OQTGo4GHWIGGUHTQO5[TKCKP'I[RV
/&'1EVQDGTQPNKPGCV
JVVRYYYCOPGUV[QTIGPNKDTCT[KPHQ/&'GP*WOCP4KIJVU9CVEJ'I[RV5[TKC
4GHWIGGU&GVCKPGF%QGTEGFVQ4GVWTP0QXGODGTQPNKPGCV
JVVRYYYJTYQTIPGYUGI[RVU[TKCTGHWIGGUFGVCKPGFEQGTEGFTGVWTP
#OPGUV[+PVGTPCVKQPCNn9GECPPQVNKXGJGTGCP[OQTGo4GHWIGGUHTQO5[TKCKP'I[RV
/&'
1EVQDGTQPNKPGCVJVVRYYYCOPGUV[QTIGPNKDTCT[KPHQ/&'GP
(QTGZCORNG9CNNC(TQOVJGDGIKPPKPIQHVJGEQPHNKEV5[TKCPKPLWTGFJCXGDGGPVTGCVGFKP+UTCGN
KP*GDTGY5GRVGODGT
JVVRPGYUYCNNCEQKN!YCPF024#PWPNKMGN[TGHWIG
5QOGYQWPFGF5[TKCPUVTGCVGFKP+UTCGN5GRVGODGTQPNKPGCV
JVVRYYYPRTQTIDNQIURCTCNNGNUCPWPNKMGN[TGHWIGUQOGYQWPFGFU[TKCPU
IGVVTGCVGFKPKUTCGN
(QTGZCORNG+UTCGNYKNNUVQRCP[HNQQFQH5[TKCPTGHWIGGU$CTCM,WN[QPNKPGCV
JVVRYYYTGWVGTUEQOCTVKENGWUKUTCGNU[TKCKF75$4'+/(
#OPGUV[+PVGTPCVKQPCN+UTCGN)QXGTPOGPVWTIGFVQCNNQYCNNHTQO5[TKCUGGMKPITGHWIGVQGPVGT)QNCP
*GKIJVU,WN[QPNKPGCVJVVRYYYCOPGUV[QTIRVDTNKDTCT[KPHQ/&'GP
2WUJDCEMQRGTCVKQPUQTRWUJDCEMUTGHGTVQWPNCYHWNN[RWUJKPIDCEMCPKPFKXKFWCNQTCITQWRQH
KPFKXKFWCNUYJKNGVJG[CTGCVVGORVKPIVQETQUUCDQTFGTQTUQQPCHVGTYCTFUVQYCTFUVJGEQWPVT[VJG[ECOG
HTQO6JG[CTGWPNCYHWNDGECWUGVJG[VCMGRNCEGYKVJQWVRTQEGFWTCNUCHGIWCTFUCPFYKVJQWVTGURGEVKPI
VJGTKIJVQHKPFKXKFWCNUVQEJCNNGPIGVJGKTGZRWNUKQPQTCRRN[HQTCU[NWO+HVJG[NGCFVQRGQRNGDGKPI
TGVWTPGFVQCEQWPVT[YJGTGVJG[TKUMUGTKQWUJWOCPTKIJVUCDWUGUVJGPVJG[CNUQCOQWPVVQTGHQWNGOGPV
YJKEJKURTQJKDKVGFWPFGTKPVGTPCVKQPCNNCY
5GG#OPGUV[+PVGTPCVKQPCN$WNICTKCn+PJWOCPEQPFKVKQPUoURCTMRTQVGUVCVTGHWIGGECOR
0QXGODGTQPNKPGCVJVVRYYYCOPGUV[QTIGPHQTOGFKCRTGUUTGNGCUGUDWNICTKCKPJWOCP
EQPFKVKQPUURCTMRTQVGUVTGHWIGGECORCPF#OPGUV[+PVGTPCVKQPCN(TQPVKGT'WTQRG*WOCP
TKIJVUCDWUGUQP)TGGEGoUDQTFGTYKVJ6WTMG[,WN[
QPNKPGCV
JVVRCOPGUV[QTIGPNKDTCT[KPHQ'74GP
70*%4.KD[C'ZVGTPCN7RFCVGs0QXGODGTQPNKPGCVJVVRTGNKGHYGDKPVTGRQTVNKD[CWPJET
NKD[CGZVGTPCNWRFCVGPQXGODGT
5GGJVVRHCTCYC[U[TKCQTI
#OPGUV[+PVGTPCVKQPCN5ECRGIQCVUQH(GCT4KIJVUQH4GHWIGGU#U[NWO5GGMGTUCPF/KITCPVU#DWUGF
KP.KD[C
+PFGZ/&',WPGQPNKPGCV
JVVRYYYCOPGUV[QTIGPNKDTCT[KPHQ/&'GP
(QTOQTGKPHQTOCVKQPQPVJGUKVWCVKQPQHTGHWIGGUCPFOKITCPVUKP.KD[CUGG#OPGUV[+PVGTPCVKQPCN
5ECRGIQCVUQH(GCT4KIJVUQH4GHWIGGU#U[NWO5GGMGTUCPF/KITCPVU#DWUGFKP.KD[C
+PFGZ/&'
,WPGQPNKPGCVJVVRYYYCOPGUV[QTIGPNKDTCT[KPHQ/&'GP
+PVJGHKTUVQHVJGUGKPEKFGPVUCVNGCUVRGQRNGFKGFYJGPCDQCVHTQO.KD[CECTT[KPIJWPFTGFUUCPM
QP1EVQDGT1PGKPEKFGPVQP1EVQDGTNGFVQVJGFGCVJUQHCVNGCUVRGQRNGQHHVJGEQUVQH
#NGZCPFTKC
'I[RV1PGVJGUCOGFC[CPQVJGTDQCVUCPMCHVGTKVNGHV.KD[CHQT.CORGFWUC
+VCN[
GUVKOCVGUXCT[EQPUKFGTCDN[DGVYGGPQHHKEKCNHKIWTGUDCUGFQPDQFKGUTGVTKGXGFCPFVGUVKOQPKGUQH
UWTXKXQTU'UVKOCVGUQHFGCVJUHQTVJKURCTVKEWNCTKPEKFGPVUTCPIGDGVYGGPCPF4GHWIGGUYJQ
YGTGQPVJCVDQCVUCKFVJG[YGTGRGQRNGQPVJGDQCV(QTOQTGKPHQTOCVKQPUGGHQTGZCORNG
$$%0GYU/KITCPVDQCVpUJQVCVqCUKVNGHV.KD[CJVVRYYYDDEEQWMPGYUYQTNFGWTQRG
CPF$$%0GYU'I[RVDQCVECRUK\GOKITCPVUFKGQHH#NGZCPFTKCJVVRYYYDDEEQWMPGYUYQTNF
OKFFNGGCUV
70*%4'I[RV9GGMN[7RFCVG5[TKC1RGTCVKQP0QXGODGTCXCKNCDNGCV
JVVRUFCVCWPJETQTIU[TKCPTGHWIGGUFQYPNQCFRJR!KF
#OPGUV[+PVGTPCVKQPCNURQMGVQUGXGTCNTGHWIGGUYJQUWTXKXGFVJKUKPEKFGPVKP/KNCP
+VCN[KP0QXGODGT
5GGCNUQ(CDTK\KQ)CVVK.CORGFWUCRCUUKPIVJGDWEMQHTGURQPUKDKNKVKGUVJKUKUJQYVJG[NGHV
5[TKCPEJKNFTGPVQFTQYP0QXGODGT1PNKPGCV
JVVRGURTGUUQTGRWDDNKECKVKPVGTPC\KQPCNGPGYUNCORGFWUCDWEMRCUUKPIQPVJGOCUUCETG
UQVJG[NGHVU[TKCPUEJKNFTGPFTQYP
(CDTK\KQ)CVVK.CORGFWUCNCUVTCIGUGP\CHKPGEGWPCNVTQDCTEQPGCHHQPFCVQ1EVQDGT
QPNKPGCVJVVRGURTGUUQTGRWDDNKECKVCVVWCNKVCPGYUNCORGFWUCNCUVTCIGUGP\CHKPGEGWP
CNVTQDCTEQPGCHHQPFCVQ
6JGTGCTGEQPHNKEVKPITGRQTVUCDQWVYJQUJQVCVVJGDQCVYKVJUWIIGUVKQPUVJCVKVOKIJVJCXGDGGPGKVJGT
.KD[CPEQCUVIWCTFOKNKVKCOGPQTUOWIINGTU6JG.KD[CPCWVJQTKVKGUJCXGNCWPEJGFCPKPXGUVKICVKQPKPVQ
VJGCNNGICVKQPUOCFGD[UWTXKXQTU6JGHWNNTGUWNVUQHVJGKPXGUVKICVKQPJCXG[GVVQDGTGXGCNGFDWV
CEEQTFKPIVQVJG.KD[CP2TKOG/KPKUVGTVJGEQCUVIWCTFYGTGPQVKPXQNXGFKPVJGUJQQVKPI
+PVGTXKGYEQPFWEVGFD[#OPGUV[+PVGTPCVKQPCNTGUGCTEJGTUKP/KNCP+VCN[0QXGODGT
+PVGTXKGYEQPFWEVGFD[#OPGUV[+PVGTPCVKQPCNTGUGCTEJGTUKP/KNCP+VCN[0QXGODGT
+PVGTXKGYEQPFWEVGFD[#OPGUV[+PVGTPCVKQPCNTGUGCTEJGTUKP/KNCP+VCN[0QXGODGT
5GG.CORGFWUCRCUUKPIVJGDWEMQHTGURQPUKDKNKVKGUVJKUKUJQYVJG[NGHV5[TKCPEJKNFTGPVQFTQYP
0QXGODGTQPNKPGCVJVVRGURTGUUQTGRWDDNKECKVKPVGTPC\KQPCNGPGYUNCORGFWUC
DWEMRCUUKPIQPVJGOCUUCETGUQVJG[NGHVU[TKCPUEJKNFTGPFTQYP5GGCNUQTGNCVGF
KPHQTOCVKQPKP70*%4%JKGHGZRTGUUGUUJQEMCVPGY/GFKVGTTCPGCPDQCVVTCIGF[1EVQDGT
QPNKPGCVJVVRYYYWPJETQTIECJVON
'WTQRGCP%QOOKUUKQPQPNKPGCVJVVRGEGWTQRCGWFIUJQOGCHHCKTUHKPCPEKPIHWPFKPIUOCRRKPI
HWPFUEQWPVTKGUITGGEGKPFGZAGPJVO
'WTQRGCP%QOOKUUKQPQPNKPGCVJVVRGEGWTQRCGWFIUJQOGCHHCKTUHKPCPEKPIHWPFKPIUOCRRKPI
HWPFUEQWPVTKGUITGGEGKPFGZAGPJVO
(TQPVGZ#PPWCN4KUM#PCN[UKU#RTKNRIQPNKPGCV
JVVRHTQPVGZGWTQRCGWCUUGVU2WDNKECVKQPU4KUMA#PCN[UKU(4#0A3ARFH
#EEQTFKPIVQVJG)TGGM2QNKEGQPNKPGCV
JVVRYYYCUV[PQOKCITKOCIGUUVQTKGUUVCVKUVKEUUVCVACNNQFOGVJQTKQ,2)
#EEQTFKPIVQVJG)TGGM2QNKEGQPNKPGCV
JVVRYYYCUV[PQOKCITKOCIGUUVQTKGUUVCVKUVKEUUVCVACNNQFOGVJQTKQ,2)
+P,WN[#OPGUV[+PVGTPCVKQPCNGUVKOCVGFVJCVKPFKXKFWCNUJCFNQUVVJGKTNKXGUETQUUKPIVJG
#GICP5GC5GG#OPGUV[+PVGTPCVKQPCN(TQPVKGT'WTQRG*WOCPTKIJVUCDWUGUQP)TGGEGoUDQTFGTYKVJ
6WTMG[,WN[
'74QPNKPGCVJVVRCOPGUV[QTIGPNKDTCT[KPHQ'74GP
5KPEGVJGPTGRQTVUJCXGKPFKECVGFVJCVCVNGCUVOQTGJCXGNQUVVJGKTNKXGUKPUGXGTCNKPEKFGPVUDGVYGGP
,WN[CPF0QXGODGT5GGHQTGZCORNG#OPGUV[+PVGTPCVKQPCN6YQDQCVVTCIGFKGUNGCXGOKITCPVU
FGCFCPFOKUUKPIQHH'WTQRGoUUJQTGU,WN[QPNKPGCVJVVRYYYCOPGUV[QTIGPHQT
OGFKCRTGUUTGNGCUGUVYQDQCVVTCIGFKGUNGCXGOKITCPVUFGCFCPFOKUUKPIGWTQRGUUJQTGU
'IGFGIÒÃOGPVGMPGUKDCVVČÒNØ,WN[QPNKPGCV
JVVRYYYEPPVWTMEQOVWTMK[GGIGFGIQEOGPVGMPGUKDCVVKQNWKPFGZJVON
CPF(KXGFGCFCUKOOKITCPVDQCVUKPMUQHH6WTMG[0QXGODGTQPNKPGCV
JVVRYYYVGNGITCRJEQWMPGYUYQTNFPGYUGWTQRGVWTMG[(KXGFGCFCUKOOKITCPVDQCVUKPMU
QHH6WTMG[JVON
%QNNGEVKXGGZRWNUKQPUYJGTGITQWRUQHRGQRNGCTGFGRQTVGFYKVJQWVVCMKPIKPVQEQPUKFGTCVKQPVJG
KPFKXKFWCNEKTEWOUVCPEGQHGCEJRGTUQPUGRCTCVGN[XKQNCVGKPVGTPCVKQPCNPCVKQPCNCPF'7NCY
#OPGUV[+PVGTPCVKQPCN(TQPVKGT'WTQRG*WOCPTKIJVUCDWUGUQP)TGGEGoUDQTFGTYKVJ6WTMG[,WN[
RIQPNKPGCVJVVRCOPGUV[QTIGPNKDTCT[KPHQ'74GP
70*%470*%4EJKGHWTIGU'WTQRGVQJGNR$WNICTKCEQRGYKVJ5[TKCPTGHWIGGKPHNWZ0QXGODGT
QPNKPGCVJVVRYYYWPJETQTIHJVON
70*%470*%4EJKGHWTIGU'WTQRGVQJGNR$WNICTKCEQRGYKVJ5[TKCPTGHWIGGKPHNWZ0QXGODGT
QPNKPGCVJVVRYYYWPJETQTIHJVON
+PVGTXKGYYKVJ#OPGUV[+PVGTPCVKQPCN0QXGODGT
/GGVKPIYKVJ#OPGUV[+PVGTPCVKQPCN/KNCP0QXGODGT
'OCKNUGPVVQ#OPGUV[+PVGTPCVKQPCNQP&GEGODGT
'OCKNUGPVVQ#OPGUV[+PVGTPCVKQPCNQP&GEGODGT
+PVGTXKGYYKVJVJGHCOKN[/KNCP0QXGODGT
70*%470*%4EJKGHWTIGU'WTQRGVQJGNR$WNICTKCEQRGYKVJ5[TKCPTGHWIGGKPHNWZ0QXGODGT
QPNKPGCVJVVRYYYWPJETQTIHJVON