You are on page 1of 26

%'-6

6IQSZEPERH6IYWISJ,EVHIRIH'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII
.SWITL *0EQSRH
'LEMVQER
6S]0'EQTFIPP7V

%PQIVMKS+MVEPHM

8MQSXL]6'EQTFIPP

;MPPMEQ,EPG^EO

2MGLPSEW.8.IROMRW
6E]QSRH1MPPIV

.SWITL%'E^EVIW

,IVFIVX',EPI.V

4LMPMT 87IEFVSSO


8SR]'0MYQIQFIVERHGLEMVQERSJ%'-'SQQMXXIIEWSJ1EVGLEPWSGSRXVMFYXIHWMKRMJMGERXP]XSXLIGSQTPIXMSR
SJXLMWHSGYQIRX

8LMW VITSVX TVIWIRXW MRJSVQEXMSR SR VIQSZEP ERH VIYWI SJ LEVHIRIH GSR
GVIXI+YMHERGIJSVEWWIWWQIRXSJGSRGVIXIWXVYGXYVIWJSVGSQTPIXISVTEV
XMEPHIQSPMXMSRMWTVSZMHIH8LIETTPMGEFMPMX]EHZERXEKIWPMQMXEXMSRWERH
WEJIX]GSRWMHIVEXMSRWSJZEVMSYWX]TIWSJGSRGVIXIVIQSZEPQIXLSHWMRGPYH
MRK LERH XSSPW LERHSTIVEXIH TS[IV XSSPW ZILMGPIQSYRXIH IUYMTQIRX
I\TPSWMZI FPEWXMRK HVMPPW ERH WE[W RSRI\TPSWMZI HIQSPMXMSR EKIRXW
QIGLERMGEP WTPMXXIVW LIEXMRK ERH XLIVQEP XSSPW ERH L]HVSHIQSPMXMSR
[EXIVNIXFPEWXMRK EVITVSZMHIH8LIEZEMPEFPIWYVJEGIVIQSZEPW]WXIQW
XLIMVTVSFEFPIETTPMGEXMSRWERHEHZERXEKIWERHHMWEHZERXEKIWSJZEVMSYW
X]TIWSJWYVJEGIVIQSZEPW]WXIQWEVIHMWGYWWIH'SRWMHIVEXMSRWJSVIZEPYEX
MRKERHTVSGIWWMRK[EWXIGSRGVIXIJSVTVSHYGXMSRSJEKKVIKEXIWWYMXEFPIJSV
VIYWIWMRGSRGVIXIGSRWXVYGXMSREVITVIWIRXIH
/I][SVHW EKKVIKEXIW GSRGVIXI VIQSZEP GSRHMXMSR WYVZI] HIQSPMXMSR
HMEQSRHWE[HVSTLEQQIVI\TPSWMZIFPEWXMRKLEVHIRIHGSRGVIXIL]HVS
HIQSPMXMSR MQTEGX FVIEOIV NIXJPEQI GYXXIV QIGLERMGEP WTPXXIV QM\XYVI
TVSTSVXMSR RSRI\TPSWMZI HIQSPMXMSR EKIRX VIG]GPIH EKKVIKEXIW VIG]GPIH
GSRGVIXIVSXEXMRKGYXXIVLIEHWTVMRKEGXMSRFVIEOIVXLIVQEPPERGI[EXIV
NIXFPEWXMRK[VIGOMRKFEPP

'328)287
'LETXIV{-RXVSHYGXMSRT6
{7GSTI
{3FNIGXMZI

'LETXIV{/MRHWSJGSRGVIXIERHHIKVIISJ
VIQSZEPT6
{-RXVSHYGXMSR
{%WWIWWQIRX SJ GSRGVIXI WXVYGXYVIW JSV GSQTPIXI SV
TEVXMEPHIQSPMXMSR
{8]TIWERHHIKVIIWSJVIQSZEP
{8]TIWSJGSRGVIXIERHIJJIGXWSRVIQSZEPERHVIYWI
{1SRMXSVMRKERHWEJIX]GSRWMHIVEXMSRW
'LETXIV{6IQSZEPQIXLSHWT6
{-RXVSHYGXMSR
{,ERHXSSPW
{,ERHSTIVEXIHTS[IVXSSPW
{:ILMGPIQSYRXIHIUYMTQIRX
{)\TPSWMZIFPEWXMRK
{(VMPPWERHWE[W
{2SRI\TPSWMZIHIQSPMXMSREKIRXW
{1IGLERMGEPWTPMXXIVW
{(IQSPMXMSRSJGSRGVIXIWXVYGXYVIWF]LIEX
{,]HVSHIQSPMXMSR [EXIVNIXFPEWXMRK
'LETXIV{7YVJEGIVIQSZEPT6
{-RXVSHYGXMSR
{4YVTSWISJWYVJEGIVIQSZEP
{7]WXIQWEZEMPEFPIJSVWYVJEGIVIQSZEP
{(IJMRMXMSRSJJMREPWYVJEGI
{6IUYMVIQIRXWJSVWYVJEGITVITEVEXMSR
{'SRGVIXITEZIQIRXWYVJEGIVIQSZEP
{-RJPYIRGISJWYVJEGIGSRHMXMSRWSRFSRHTVSTIVXMIW
'LETXIV{4VSHYGXMSRSJGSRGVIXIJVSQVIG]GPIH
GSRGVIXIT6
{-RXVSHYGXMSR
%'-6FIGEQIIJJIGXMZI3GXSFIV
'ST]VMKLX 1%QIVMGER'SRGVIXI-RWXMXYXI
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEP W]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW

6

6

%'-'311-88))6)4368

{%KKVIKEXITVSHYGXMSRTVSGIWW
{%KKVIKEXIUYEPMX]
{)JJIGXWSJVIG]GPIHEKKVIKEXIWSRGSRGVIXITVSTIVXMIW
{1M\XYVITVSTSVXMSRMRK
{'SRGVIXITVSHYGXMSR
'LETXIV{6IJIVIRGIWT6
{6IJIVIRGIHWXERHEVHWERHVITSVXW
{'MXIHVIJIVIRGIW
',%48)6{-2863(9'8-32
{7GSTI
8LMWVITSVXTVSZMHIWEZEMPEFPIMRJSVQEXMSRSRGSRGVIXIVI
QSZEPQIXLSHW[MXLHIXEMPIHHMWGYWWMSRWSRWYVJEGIVIQSZ
EP6IYWISJVIQSZIHGSRGVIXIEWGSRGVIXIEKKVIKEXIMWEPWS
EHHVIWWIH 8LI X]TI ERH OMRH SJ GSRGVIXI ERH MXW PSGEXMSR
[MXLMREWXVYGXYVIHMVIGXP]EJJIGXXLIVIQSZEPQIXLSHWXSFI
YWIH7IPIGXMSRSJTVSTIVXSSPWERHIUYMTQIRXEVIGVMXMGEPJSV
EGSWXIJJIGXMZIERHWEJIGSRGVIXIVIQSZEPTVSNIGX
{3FNIGXMZI
(VMZIRF]GSWXRIIHERHPMQMXIHVIWSYVGIWXLIXIGLRSPS
K]JSVGSRGVIXIVIQSZEPERHVIYWIMWVETMHP]EHZERGMRK4EV
XMEP VIQSZEP SJ GVMXMGEP WXVYGXYVEP GSQTSRIRXW JSV VITEMV
VEXLIVXLERVITPEGIQIRXKISKVETLMGEPGSRWXVEMRXWEGGIWWXS
WXVYGXYVIW TPERRIH JSV VIQSZEP IRZMVSRQIRXEP VIKYPEXMSRW
ERH [SVOIV ERH WXVYGXYVI WEJIX] [MPP GSRXMRYI XS IJJIGX ER
IZSPYXMSRSJHIZIPSTMRKQIXLSHWERHIUYMTQIRX
;MXL WEJIX] EW E JSVIQSWX GSRWMHIVEXMSR XLSVSYKL TPER
RMRK MW IWWIRXMEP [LIR IRKEKIH MR E VIQSZEP TVSNIGX 8LI
WGSTIERHX]TISJGSRGVIXIXSFIVIQSZIHWLSYPHFIIZEPYEX
IH ERH I\EQMRIH MR HIXEMP XS HIXIVQMRI XLI QSWX EHZERXE
KISYW W]WXIQ W  8LMW VITSVX TVSZMHIW MRJSVQEXMSR SR
WIPIGXMRKXLIQSWXETTVSTVMEXIW]WXIQW
'SRGVIXIVIYWIMWTVMQEVMP]VIPEXIHXSETVSNIGXvWPSGEXMSR
*SVI\EQTPIPMQMXIHEZEMPEFMPMX]SJQEXIVMEPWMRETEVXMGYPEV
VIKMSRQE]VIWYPXMREGSWXIJJIGXMZIYWISJIUYMTQIRXERH
QERTS[IVXSVIQSZIRIEVF]GSRGVIXIWXVYGXYVIW[MXLXLI
MRXIRXSJVIYWMRKXLIVIQSZIHQEXIVMEPWEWEVSEH[E]FEWI
SVEWGSEVWIEKKVIKEXIJSVGSRGVIXI8LMWVITSVXMWGSRJMRIH
XSXLIIZEPYEXMSRERHTVSGIWWMRKSJLEVHIRIHGSRGVIXIYWIH
EWGSRGVIXIGSEVWIEKKVIKEXIW
;SVO GSRXMRYIW MR E RYQFIV SJ GSYRXVMIW XS MQTVSZI
IUYMTQIRXERHQIXLSHWMRGPYHMRKXLIYWISJVSFSXMGW4VS
GIIHMRKWJVSQXLI6-0)17]QTSWMYQLIPHMR3GXSFIV
MR3HIRWI(IRQEVOERHSXLIV6-0)1TYFPMGEXMSRWTVSZMHI
EHHMXMSREPMRJSVQEXMSR8LIWITYFPMGEXMSRWMRGPYHI(IQSPM
XMSR ERH 6IYWI SJ 'SRGVIXI ERH 1EWSRV] /EWEM  
(IQSPMXMSRERH6IYWISJ'SRGVIXIERH1EWSRV] 0EYVMX^IR
 w(MWEWXIV4PERRMRK7XVYGXYVEP%WWIWWQIRX(IQSPM
XMSRERH6IG]GPMRKx (I4EY[ERH0EYVMX^IR w6IG]
GPMRKSJ(IQSPMWLIH'SRGVIXIERH1EWSRV]x ,ERWIR 
ERHw7TIGMJMGEXMSRJSV'SRGVIXI;MXL6IG]GPIH%KKVIKEXIWx
6-0)1 8IGLRMGEP 'SQQMXXII    8LI 7XVEXIKMG
,MKL[E] 6IWIEVGL 4VSKVEQ 7,64  MR XLI 9RMXIH 7XEXIW
WXYHMIHTVSFPIQWXLEXLEZIERMRJPYIRGISRXLIVIQSZEPSJ
GSRGVIXIJSVFVMHKIW :SVWXIVIXEP 

',%48)6{/-2(73*'32'6)8)%2(
()+6))3*6)13:%0
{-RXVSHYGXMSR
8LMWGLETXIVEHHVIWWIWGSQTPIXIERHTEVXMEPVIQSZEPJVSQ
HMJJIVIRXX]TIWSJWXVYGXYVIWERHEWWIWWQIRXSJWXVYGXYVIGSR
WMHIVMRKWEJIX]WXEFMPMX]GSWXGSRWXVYGXMFMPMX]ERHIRZMVSR
QIRXEP MQTEGX 8LI GSQTPIXI SV TEVXMEP VIQSZEP SJ
TVIWXVIWWIHVIMRJSVGIHERHYRVIMRJSVGIHGSRGVIXIWXVYGXYVIW
WLSYPHFIEWWIWWIHF]EGSQTIXIRXXIEQI\TIVMIRGIHMREPP
TLEWIWSJXLIGSRGVIXIVIQSZEPSTIVEXMSR
3RIWLSYPHMHIRXMJ]WSYRHGSRGVIXIERHI\EQMRI[LEX
IJJIGXXLI VIQSZEP QE]LEZI SR VIQEMRMRK GSRGVIXIERH
VIMRJSVGIQIRX[LIRTEVXMEPVIQSZEPMWYRHIVXEOIR1SWX
MQTSVXERXP] GSRGVIXI VIQSZEP SV HIQSPMXMSR WLSYPH FI
TIVJSVQIH YRHIV ETTVSTVMEXI WYTIVZMWMSR VIKEVHPIWW SJ
XLI TVSNIGXWM^I
{%WWIWWQIRXSJGSRGVIXIWXVYGXYVIWJSV
GSQTPIXISVTEVXMEPHIQSPMXMSR
 +IRIVEPGSRWMHIVEXMSRW{+YMHERGISRTIVJSVQMRKE
GSRHMXMSRWYVZI]SJGSRGVIXIWXVYGXYVIWMWGSZIVIHI\XIRWMZI
P]MR%'-60MWXIHFIPS[EVISXLIVKIRIVEPMXIQWXS
GSRWMHIVFIJSVIIMXLIVTEVXMEPSVGSQTPIXIGSRGVIXIVIQSZEP
-JXLIHIGMWMSRXSVIQSZIGSRGVIXIMWFEWIHSRIGSRSQMGSV
VIEWSRWSXLIVXLERGSRGVIXIHIXIVMSVEXMSREHIXEMPIHGSRHM
XMSRWYVZI]QMKLXRSXFIRIGIWWEV]
 7EJIX]{%TVIHIQSPMXMSRWYVZI]WLSYPHFITIV
JSVQIH XS HIXIVQMRI MJ XLI TPERRIH [SVO GSYPH GEYWI ER]
WXVYGXYVIXSGSPPETWI&IJSVIXSWXEVXMRK[SVOEWYVZI]SJXLI
NSF WMXI WLSYPH FI QEHI XS HIXIVQMRI XLI LE^EVHW ERH XLI
WEJIKYEVHWRIGIWWEV]XSIRWYVIXLEX[SVOMWTIVJSVQIHWEJIP]
'SRXMRYEPP] GLIGO JSV LE^EVHW HYI XS [IEOIRMRK SJ XLI
WXVYGXYVI
 )RZMVSRQIRXEPMQTEGX{%[SVOTPERVIUYMVMRKXLI
VIQSZEPSJEWXVYGXYVIIMXLIVTEVXMEPP]SVXSXEPP]WLSYPHEHHVIWW
XLIMQTEGXSRXLIWYVVSYRHMRKIRZMVSRQIRX-QTEGXWSRXLI
IRZMVSRQIRX MRGPYHI RIMKLFSVMRK XIRERXW ERH WYVVSYRHMRK
WXVYGXYVIWRSMWITSPPYXMSRHYWXTSPPYXMSR[EXIVVYRSJJWHYIXS
[SVOWXSVQWSVFSXLERHSXLIVIRZMVSRQIRXEPJEGXSVWWYGLEW
EWFIWXSWERHLE^EVHSYWGLIQMGEPW%RMRZIRXSV]SJTSXIRXMEP
IRZMVSRQIRXEP MQTEGXW WLSYPH FI HIZIPSTIH ERH YWIH EW E
GLIGOPMWXHYVMRKGSRGVIXIVIQSZEPSTIVEXMSRW
 4PERWTVSZMHIHSVHVE[RJSVEWWIWWQIRXHSGYQIR
XEXMSR{(YVMRKXLIGSRHMXMSRWYVZI]SJXLIGSRGVIXIWXVYGXYVI
TVITEVIHVE[MRKWSVWOIXGLIWXLEXVIJPIGXI\MWXMRKGSRHMXMSRW
8LIWIHVE[MRKWSVWOIXGLIWFIGSQITEVXSJXLIGSRHMXMSRWYV
ZI]VITSVXXSTVSZMHITVIVIQSZEPHSGYQIRXEXMSR
 'SQTPIXI WIX SJ WXVYGXYVEP ERH EVGLMXIGXYVEP
HVE[MRKW{-R TIVJSVQMRK E GSRHMXMSR WYVZI] SJ GSRGVIXI
WXVYGXYVIW XLI YWI SJ EWFYMPX WXVYGXYVEP ERH EVGLMXIGXYVEP
HVE[MRKWMWWXVSRKP]VIGSQQIRHIHJSV[SVOTPERHIZIPSTQIRX
8LIHVE[MRKWGERFIVIZMI[IHERHIZEPYEXIHJSVEWWIWWMRK
I\MWXMRKGSRHMXMSRWEVIEWSJHMWXVIWWSVTSXIRXMEPLE^EVHWHIZIP
STQIRXSJ[SVOTPERWERHGSRGVIXIVIQSZEPSTIVEXMSRW;MXL
EGGYVEXIERHXLSVSYKLHVE[MRKWE[SVOTPERGERFIHIZIPSTIH
WEJIP] ERH IJJIGXMZIP] [LMPI QMRMQM^MRK IRZMVSRQIRXEP
MQTEGXWERHGSWXP]IVVSVW-JSVMKMREPHVE[MRKWEVIRSXEZEMP
EFPISVMJQSHMJMGEXMSRWETTIEVXSLEZIFIIRQEHIWTSXHI

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

WXVYGXMZI I\TPSVEXMSR QE] RIIH XS FI HSRI XS EWGIVXEMR


VIMRJSVGIQIRXPSGEXMSRWM^IERHGSRHMXMSR
 &YHKIXEV]ERH PSKMWXMG GSRWXVEMRXW{&YHKIXEV]
ERHPSKMWXMGGSRWXVEMRXWWLSYPHFIMHIRXMJMIHERHMRGSVTSVEXIH
MRXSXLI[SVOTPER
 )ZEPYEXMSRSJGSRGVIXI
 *MIPHHSGYQIRXEXMSR ZMWYEPI\EQMREXMSR {6IJIV
XS%'-6XSHIZIPSTEGLIGOPMWXJSVJMIPHHSGYQIRXEXMSR
SJXLIWXVYGXYVI%'-6TVSZMHIWMRJSVQEXMSRSRI\EQM
REXMSRSJYRMJSVQMX]ERHVEXMRKSJHMWXVIWWQERMJIWXEXMSRW
 (IXEMPIHI\EQMREXMSR
M  4IXVSKVETL]{8LI YWIJYPRIWW SJ ER] TIXVSKVETLMG
I\EQMREXMSRTVSGIHYVISRXLISFNIGXMZIWSJXLIMRZIWXMKEXMSR
TVSTSWIH SV YRHIV[E] GERFIHIXIVQMRIH F] E HMWGYWWMSR
[MXLERI\TIVMIRGIHTIXVSKVETLIV%781'GERFIYWIH
XSHIZIPSTHEXEXLEX[MPPI\TPEMR[L]JVII^MRKERHXLE[MRK
VIPEXIHHEQEKILEWSGGYVVIH%781'KMZIWXLIJSPPS[
MRKTYVTSWIWJSVTIXVSKVETLMGI\EQMREXMSRSJGSRGVIXI
y (IXIVQMRI MR HIXEMP XLI GSRHMXMSR SJ GSRGVIXI MR E
WXVYGXYVI
y (IXIVQMRIMRJIVMSVUYEPMX]HMWXVIWWSVHIXIVMSVEXMSRSJ
GSRGVIXIMREWXVYGXYVI
y (IXIVQMRI [LIXLIV EPOEPMWMPMGE SV EPOEPMGEVFSREXI
VIEGXMSR SV GIQIRXEKKVIKEXI VIEGXMSR SV VIEGXMSRW
FIX[IIRGSRXEQMRERXWERHXLIQEXVM\LEZIXEOIRTPEGI
ERHXLIMVIJJIGXWYTSRXLIGSRGVIXI
y (IXIVQMRI[LIXLIVXLIGSRGVIXILEWFIIRWYFNIGXIHXS
ERH EJJIGXIH F] WYPJEXI EXXEGO SXLIV GLIQMGEP EXXEGO
IEVP] JVII^MRK SV XS SXLIV LEVQJYP IJJIGXW SJ JVII^MRK
ERHXLE[MRKERH
y (IXIVQMRI[LIXLIVGSRGVIXIWYFNIGXIHXSJMVIMWIWWIR
XMEPP]YRHEQEKIHSVQSHIVEXIP]SVWIVMSYWP]HEQEKIH
MM  2SRHIWXVYGXMZI XIWXMRK 2(8 {8LIVI EVI RYQIV
SYW RSRHIWXVYGXMZI XIWX QIXLSHW JSV IWXMQEXMRK WXVIRKXL SJ
GSRGVIXIEJI[SJ[LMGLEVIPMWXIHEWJSPPS[W
E 7YVJEGILEVHRIWWQIXLSHW
F 4IRIXVEXMSRVIWMWXERGIXIGLRMUYIW
G 4YPPSYXXIWXWERH
H 9PXVEWSRMGTYPWIZIPSGMX]QIXLSH
8LIVI EVI EPWS SXLIV RSRHIWXVYGXMZI XIWX QIXLSHW JSV
HIXIVQMRMRK TVSTIVXMIW SXLIV XLER WXVIRKXL E JI[ EVI
PMWXIHEWJSPPS[W
E 1EKRIXMGQIXLSHW{VIMRJSVGIQIRXGSZIVERHPSGEXMSR
F  )PIGXVMGEP QIXLSHW{VIMRJSVGIQIRX GSVVSWMSR XLMGO
RIWWSJGSRGVIXITEZIQIRXWQSMWXYVIGSRXIRXERHQSMWXYVI
TIRIXVEXMSR
G 6EHMSEGXMZIQIXLSHW{HIRWMX]ZSMHWGSQTSWMXMSRERH
WIKVIKEXMSRERH
H 9PXVEWSRMGTYPWIZIPSGMX]ERHTYPWIIGLSXIGLRMUYIW{
XSHIXIVQMRIGVEGOWERHZSMHWMRQEWWGSRGVIXI
*SVEHHMXMSREPXIWXQIXLSHWERHXLIMVETTPMGEXMSRERHPMQMXE
XMSRWVIJIVXS%'-6ERH%'-74 1EPLSXVE 
 'EYWISJHMWXVIWW{-RHIZIPSTMRKVIQSZEPTVSGI
HYVIWGSRWMHIVXLIGEYWISJHMWXVIWWSRXLIVIQSZEPTVSGIWW
EWMXQE]EJJIGXXLIWXVYGXYVIvWMRXIKVMX]
 6IYWISJGSRGVIXIVYFFPI{6IJIVXS'LETXIV
 8VERWTSVXERHHITSWMXSJ[EWXIQEXIVMEP{:IV]
PMXXPI SJ XLI ETTVS\MQEXIP]  QMPPMSR XSRW  QMPPMSR

6

XSRRIW SJVIQSZIHGSRGVIXIVYFFPIMR)YVSTIERGSQQYRM
XMIW9RMXIH7XEXIWERH.ETERMWVIYWIH(YIXSXLIHIGPMRMRK
EZEMPEFMPMX]SJHMWTSWEPWMXIWVIG]GPMRKEPXIVREXMZIWWLSYPHFI
IZEPYEXIHEWUYEPMX]EKKVIKEXIWSYVGIW
 6ITSVX
 7YQQEV]SJWGSTISJ[SVO{(IJMRITYVTSWIERH
PMQMXEXMSRWSJTVIPMQMREV]MRZIWXMKEXMSRERHJMRHMRKWGSR
GVIXI VIQSZEP [SVO TPER WEJIX] WGLIHYPI VIUYMVIQIRXW
IRZMVSRQIRXEPEWTIGXWSVVIG]GPMRKTPER
 *MRHMRKW{(IWGVMFI XLI WXVYGXYVI MXW TVIWIRX
GSRHMXMSRREXYVISJPSEHMRKERHHIXVMQIRXEPIPIQIRXWSVMKM
REPGSRHMXMSRSJXLIWXVYGXYVIQEXIVMEPWYWIHMRGSRWXVYGXMSR
ERHTVEGXMGIWYWIHMRGSRWXVYGXMRKXLIWXVYGXYVI4LSXSKVETLW
WLSYPHFIYWIHXSMPPYWXVEXIXLIGSRHMXMSRW
 6IGSQQIRHEXMSRW{-RGPYHIGSQTPIXISVTEVXMEP
HIQSPMXMSRWEPZEKIVIQSZEPQIXLSHWWEJIX]ERHIRZMVSR
QIRXEPGSRWMHIVEXMSRWERHJYVXLIVMRZIWXMKEXMSRSVXIWXMRKEW
VIUYMVIH
 8SXEPIWXMQEXIHGSWX{4VSZMHIGSWXIWXMQEXIWJSV
ZEVMSYW VIQSZEP QIXLSHW TEVXMEP SV GSQTPIXI GSRGVIXI VI
QSZEP VIYWI XVERWTSVXEXMSR ERH [EWXI HMWTSWEP ERH EHHM
XMSREPMRWTIGXMSRERHXIWXMRK3XLIVEWWSGMEXIHGSWXWWLSYPH
FIMHIRXMJMIHERHIWXMQEXIH[LIVITVEGXMGEPMRGPYHMRKTVS
XIGXMSRSJEHNEGIRXGSRWXVYGXMSR
 4LSXSWERHHVE[MRKW{9WISJHVE[MRKWMPPYWXVEX
MRKEWFYMPXGYVVIRXGSRHMXMSRWERHEVIEWSJGSRGIVR JSVI\
EQTPI GSRGVIXI UYEPMX] HMWXVIWW PSEHMRK ERH YXMPMXMIW  MW
VIUYMVIH XS HIQSRWXVEXI XLI RIIH JSV GSRGVIXI VIQSZEP XLI
PSKMGJSVXLIQIXLSHERHEQSYRXSJVIQSZEPVIGSQQIRHIH
4LSXSKVETLWGERMPPYWXVEXIHMWXVIWWQERMJIWXEXMSRWERHTVSZMHI
HSGYQIRXEXMSR SJ I\MWXMRK GSRHMXMSRW ;LIVI TSWWMFPI MR
GPYHIWSQIQIERWJSVMHIRXMJ]MRKWGEPIWYGLEWMRGPYHMRKE
VYPIVSVSXLIVVIGSKRM^IHSFNIGXPMOIETIRGMPSVGSMR
 7YTTSVXMRK HEXE MR GSQTVILIRWMZI JSVQ{8S
WYTTSVXJMRHMRKWERHVIGSQQIRHEXMSRWXLIHEXEHIZIPSTIH
XLVSYKLZMWYEPI\EQMREXMSRGSVMRKRSRHIWXVYGXMZIXIWXMRK
TIXVSKVETL]TLSXSKVETLWHVE[MRKWERHWOIXGLIWWLSYPHFI
EVVERKIHMREGSQTVILIRWMZIJSVQEXXLEXGERVIEHMP]FIJSP
PS[IH *SV I\EQTPI TPERW GSYPH FI PEFIPIH [MXL W]QFSPW
MHIRXMJ]MRK[LIVIWEQTPIWSVTLSXSW[IVIXEOIR[MXLIEGL
WEQTPISVTLSXSGSRXEMRMRKEFVMIJFYXGSRGMWIHIWGVMTXMSR-X
MWIWWIRXMEPXLEXXLII\XIRXSJHEQEKIFIIWXEFPMWLIHVIKEVH
PIWWSJXLIGEYWI;LIXLIVGSRGVIXIUYEPMX]SJXLIVIQEMRMRK
WXVYGXYVIMWWYJJMGMIRXXSWYTTSVXEWSYRHVITEMVWLSYPHFIHI
XIVQMRIH
 )RKMRIIVMRKWYVZI]{&IJSVIWXEVXMRKER]HIQSPMXMSR
STIVEXMSRWERIRKMRIIVMRKWYVZI]SJXLIWXVYGXYVIGSRHYGXIH
F] E GSQTIXIRX MRHMZMHYEP MW VIUYMVIH 8LI TYVTSWI SJ XLI
WYVZI]MWXSHIXIVQMRIXLIGSRHMXMSRSJXLIWXVYGXYVIWSXLEX
TVIGEYXMSREV]QIEWYVIWGERFIXEOIRMJRIGIWWEV]XSTVIZIRX
TVIQEXYVIGSPPETWISVJEMPYVISJER]TSVXMSRSJXLIWXVYGXYVI
 ,IEPXL ERH WEJIX] WEJIKYEVHW{% RYQFIV SJ WXITW
WLSYPHFIXEOIRXSWEJIKYEVHXLILIEPXLERHWEJIX]SJ[SVOIVW
EX XLI NSF WMXI 8LIWI TVITEVEXSV] STIVEXMSRW MRZSPZI XLI
SZIVEPPTPERRMRKSJXLIHIQSPMXMSRNSFMRGPYHMRKXLIQIXL
SHWYWIHXSHIQSPMWLXLIWXVYGXYVIXLIRIGIWWEV]IUYMTQIRX
ERHXLIQIEWYVIWXSTIVJSVQXLI[SVOWEJIP]4PERRMRKJSV
HIQSPMXMSRMWEWMQTSVXERXEWEGXYEPP]HSMRKXLI[SVO

6

%'-'311-88))6)4368

{8]TIWERHHIKVIISJVIQSZEP
 4YVTSWISJVIQSZEP
 1EXIVMEPGSRHMXMSRW{'SRGVIXIVIQSZEPJVSQE
WXVYGXYVIQE]FIVIUYMVIHHYIXSWXVYGXYVIHMWXVIWW[LIVIXLI
MRXIKVMX]SJXLIGSRGVIXILEWHIXIVMSVEXIHSV[LIVIYTKVEH
MRK SV QSHMJMGEXMSR SJ E WXVYGXYVI [LIVI WSYRH GSRGVIXI
RIIHW XS FI VIQSZIH JSV ER EHHMXMSR -R WSQI MRWXERGIW
[LIVIGSRGVIXIVIQSZEPMWRIGIWWEV]HYIXSHMWXVIWWWSYRH
GSRGVIXIQE]RIIHXSFIVIQSZIHJSVERGLSVMRKTYVTSWIW
 'SQTPIXIHIQSPMXMSR SRITMIGIQYPXMTPITMIGI
VYFFPI GVYWLIH {7IZIVEP QIXLSHW ERH ZEVMSYW X]TIW SJ
IUYMTQIRXGERFIYWIHMRGSRGVIXIVIQSZEP(ITIRHMRKSR
XLIWM^IGSQTPI\MX]EZEMPEFPIIUYMTQIRXERHWEJIX]EWTIGXW
GSRGVIXIIPIQIRXWGERFIVIQSZIHEWWMRKPISVQYPXMTPITMIGIW
JSVHMWTSWEPSVGVYWLIHERHVIHYGIHXSVYFFPIJSVKIRIVEP
HMWTSWEPSVVIG]GPMRK
 4EVXMEP VIQSZEP{-R TEVXMEP HIQSPMXMSR SJ GSR
GVIXIWXVYGXYVIWWEPZEKMRKSVYXMPM^MRKXLIVIQEMRMRKMRXEGX
WXVYGXYVIWLSYPHFITVSTIVP]IZEPYEXIH
y 6ITPEGI [LEX MW VIQSZIH{E TSVXMSR SJ E WXVYGXYVI
WLSYPH FI VIQSZIH ERH VITPEGIH MR OMRH [MXL TVSTIV
EHNYWXQIRXWXSXLIEHHIHIPIQIRXXSTVIZIRXER]TVIZM
SYWHMWXVIWW
y (S RSX VITPEGI [LEX MW VIQSZIH{E WIGXMSR SJ E GSR
GVIXIIPIQIRXMWVIQSZIHERHMWRSXGVMXMGEPXSXLISZIV
EPP MRXIKVMX] SJ XLI VIQEMRMRK WXVYGXYVI %R I\EQTPI
[SYPH FI VIQSZEP SJ EVGLMXIGXYVEP SV VIHYRHERX IPI
QIRXWXLEXEVIRSXIWWIRXMEPXSXLIWXVYGXYVEPMRXIKVMX]
y 'VIEXI STIRMRK SV ZSMH{TEVXMEP HIQSPMXMSR QE] FI
VIUYMVIHXSTVSZMHIXIQTSVEV]SVTIVQERIRXEGGIWWJSV
IUYMTQIRX JM\XYVIW JVEQMRK SV SXLIV TYVTSWIW 8LI
WXVYGXYVIMWXLSVSYKLP]IZEPYEXIHXSHIXIVQMRI[LIXLIV
TEVXMEP HIQSPMXMSR GER FI TIVJSVQIH [MXL SV [MXLSYX
XIQTSVEV]SVTIVQERIRXI\XIVREPWYTTSVXW
;MXLHMQMRMWLMRKRYQFIVWSJHMWTSWEPWMXIW[EWXIQER
EKIQIRX LEW FIGSQI [MHIWTVIEH-R XLI HIZIPSTQIRX SJ E
[SVOTPERJSVGSRGVIXIVIQSZEPXLIVIG]GPMRKSJXLIGSRGVIXI
[EWXI{JSVI\EQTPIVIMRJSVGMRKWXIIPEKKVIKEXIWERHGSR
GVIXI{[MPP RIIH XS FI IZEPYEXIH JSV TVEGXMGEPMX] ERH IGS
RSQMGW'VIEXMZIVIYWISJGSRGVIXIGERFIGLEPPIRKMRKERH
VI[EVHMRK6IJIVXS'LETXIVSJXLMWVITSVXJSVVIYWISJLEVH
IRIHGSRGVIXIMRXLITVSHYGXMSRSJVIEH]QM\GSRGVIXI
 (IKVIIWSJVIQSZEP
y 'SQTPIXIHIQSPMXMSR
y 4EVXMEPHIQSPMXMSRQE]FITIVJSVQIHXSGSVVIGXEREPMKR
QIRX HIJIGX SV SXLIV HIJMGMIRG] MR RI[ GSRWXVYGXMSR SV
VIQSZIHIXIVMSVEXIHGSRGVIXIMRERI\MWXMRKWXVYGXYVI
M0E]IV SZIVPE]GSZIVJMRMWL {ETEVXMEPHIQSPMXMSR
PE]IVYWYEPP]MRZSPZIWVIQSZEPXSEGIVXEMRHITXLKVIEX
IVXLERMR QQ
 4L]WMGEPP]HIJMRIHPMQMX HMJJIVIRXQM\XYVIWFEVVM
IVQEXIVMEPMRXIKVMX]
 %VFMXVEV]PMQMX WTIGMJMGHITXL
MM7YVJEGI{EWYVJEGIHIQSPMXMSRYWYEPP]MWEWYVJEGI
VIQSZEPSJPIWWXLERMR QQ
 &MRHIVERHJMRIWSRP]
 %PPGSRWXMXYIRXW
y 4MIGISJWIGXMSR

M)RXMVIIPIQIRX
MM4SVXMSRSJIPIQIRX
 4L]WMGEPP]HIJMRIHPMQMX NSMRXHMJJIVIRXQM\XYVIW
FEVVMIVQEXIVMEPMRXIKVMX]
 %VFMXVEV]PMQMX WTIGMJMIHWM^I
 6IMRJSVGIQIRX
{8]TIWSJGSRGVIXIERHIJJIGXWSRVIQSZEP
ERHVIYWI
+IRIVEP{'SRGVIXIWXVYGXYVIWGERFIGPEWWMJMIHKIR
IVEPP] MRXS JSYV KVSYTW QEWW GSRGVIXI WXVYGXYVIW YRHIV
KVSYRH WXVYGXYVIW VIMRJSVGIH GSRGVIXI WXVYGXYVIW ERH
TVIWXVIWWIHTSWXXIRWMSRIH WXVYGXYVIW ;MXL XLI RYQIVSYW
HIQSPMXMSRXIGLRMUYIWEZEMPEFPIWYGLEWGVYWLMRKGLSTTMRK
WTPMXXMRK FPEWXMRK GYXXMRKHVMPPMRK PEWIV IPIGXVMG LIEXMRK
ERHQMGVS[EZMRKWIPIGXMRKXLIETTVSTVMEXIQIXLSHMWMQTSV
XERX;LIRWIPIGXMRKEVIQSZEPQIXLSHXLIJSPPS[MRKGSRWMH
IVEXMSRWWLSYPHFIIZEPYEXIH
y 7EJIX]
y *MRERGI
y 8MQIPMQMXW
y 5YEPMX] SJ GSRGVIXI ERH KISQIXV] SJ XLI HIQSPMWLIH
SFNIGX
y 5YERXMXMIWPSGEXMSRERHEFVIEOMRKFSYRHEV]
y %KKVIKEXILEVHRIWW
y 'SRGVIXIGSQTVIWWMZIWXVIRKXL
y )RZMVSRQIRX
y 7TIGMJMGVMWOW
y 9XMPMX]PSGEXMSRWERH
y %HNSMRMRKGSRWXVYGXMSR
 1EWWGSRGVIXIWXVYGXYVIW{1EWWGSRGVIXIWXVYGXYVIW
MRGPYHI L]HVEYPMG WXVYGXYVIW HEQW PEVKI QEX JSYRHEXMSRW
FVMHKI TMIVW XLMGO [EPPW ERH VIEGXSV JSYRHEXMSRW 8]TMGEP
GSRGVIXIVIQSZEPQIXLSHWYWIHEVII\TPSWMZIFPEWXMRKHME
QSRH[MVIWE[MRKTVIWTPMXXMRKYWMRKRSRI\TPSWMZIHIQSPM
XMSR EKIRXW ERH QIGLERMGEP WTPMXXIVW ZILMGPIQSYRXIH
MQTEGX LEQQIVMRK ERH VSXEV] LIEH GYXXMRK WXMXGL GYXXMRK
ERHHVMPPMRK1IXLSHWPIWWYWIHFYXEZEMPEFPIMRGPYHIVIQSXI
GSRXVSPPIHXLIVQEPPERGIGYXXMRKEFVEWMZI[EXIVNIXFPEWXMRK
IPIGXVMGEP LIEXMRK SJ WXIIP VIMRJSVGIQIRX ERH QMGVS[EZI
LIEXMRKSJGSZIVGSRGVIXI
 9RHIVKVSYRHWXVYGXYVIW{6IQSZEPSJYRHIVKVSYRH
WXVYGXYVIWMWQSVIHMJJMGYPXVIUYMVMRKXLIRIIHJSVLSVM^SRXEP
WYTTSVXERHMRHMZMHYEPWI\TIVMIRGIHMRFSXLTPERRMRKERH
WYTIVZMWMRKXLIVIQSZEP9RHIVKVSYRHWXVYGXYVIWQE]FI
VIQSZIH YWMRK L]HVEYPMG FVIEOIVW PEVKI LEQQIVW FPEWXMRK
GVYWLMRKEYKIVWHMEQSRH[MVIWE[WERHGLIQMGEPWTPMXXMRK
 6IMRJSVGIHGSRGVIXIWXVYGXYVIW{1SWXSJXLIQIXL
SHWHMWGYWWIHMR'LETXIVEVIETTPMGEFPIXSVIMRJSVGIHGSR
GVIXIWXVYGXYVIWHITIRHMRKSRXLIX]TIWM^IYWIERHHIKVII
SJVIQSZEP
 4VIWXVIWWIHTSWXXIRWMSRIHWXVYGXYVIW{4VIWXVIWWIH
TSWXXIRWMSRIHGSRGVIXIWXVYGXYVEPIPIQIRXWQE]FIVIQSZIH
YWMRKXLIVQEPPERGIL]HVEYPMGFVIEOIVHVSTFEPPERHNEGO
LEQQIV4EVXMGYPEVGEVIWLSYPHFIXEOIRMRHIQSPMXMSREWXLI
WXSVIHIRIVK]MRXLIXIRHSRWGERMJVIPIEWIHWYHHIRP]GEYWI
WXVYGXYVEP GSPPETWI SV [LMTPEWL SJ XIRWMSRW SR ERGLSVEKI
GSQTSRIRXW 3GGYTEXMSREP 7EJIX] ERH ,IEPXL %HQMRMWXVE

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

XMSRF 2IZIVEPPS[[SVOIVWXSFIRIEVERGLSVEKIWHYV
MRKER]JSVQSJVIQSZEPSXLIVXLERGSRXVSPPIHHIXIRWMSRMRK
8LI 37,% 8IGLRMGEP 1ERYEP 3GGYTEXMSREP 7EJIX] ERH
,IEPXL%HQMRMWXVEXMSRF MHIRXMJMIWJSYVQEMRGEXIKS
VMIW SJ TVIWXVIWWIH QIQFIVW 8LI GEXIKSV] SV GEXIKSVMIW
WLSYPHFIMHIRXMJMIHFIJSVIEXXIQTXMRKER]HIQSPMXMSRFIEV
MRKMRQMRHXLEXER]TVIWXVIWWIHWXVYGXYVIQE]GSRXEMRIPI
QIRXWSJQSVIXLERSRIGEXIKSV]
y 'EXIKSV] {1IQFIVW TVIWXVIWWIH FIJSVI XLI ETTPMGE
XMSRSJXLIWYTIVMQTSWIHPSEHWERHLEZMRKEPPXIRHSRW
JYPP]FSRHIHXSXLIGSRGVIXISVKVSYXIH[MXLMRHYGXW
y 'EXIKSV]{%W 'EXIKSV]  FYX [MXLXLI XIRHSRW PIJX
YRKVSYXIH8LMWX]TISJGSRWXVYGXMSRGERWSQIXMQIWFI
VIGSKRM^IHJVSQXLIEGGIWWTSMRXWXLEXQE]LEZIFIIR
TVSZMHIH JSV MRWTIGXMSR SJ XLI GEFPIW ERH ERGLSVW
9RFSRHIHXIRHSRWLEZIFIIRYWIHMRXLIGSRWXVYGXMSR
SJFIEQWWPEFWERHSXLIVQIQFIVW8LIWIXIRHSRWEVI
TVSXIGXIHF]KVIEWIERHQE]FIWYVVSYRHIHF]TPEWXMG
WLIEXLMRKMRWXIEHSJXLIYWYEPQIXEPHYGX
y 'EXIKSV]{1IQFIVWXLEXEVITVIWXVIWWIHTVSKVIWWMZIP]
EWXLIFYMPHMRKGSRWXVYGXMSRTVSGIIHWERHXLIHIEHPSEH
MRGVIEWIWYWMRKFSRHIHXIRHSRWEW'EXIKSV]
y 'EXIKSV] {%W 'EXIKSV]  FYX YWMRK YRFSRHIH XIR
HSRWEW'EXIKSV]
)\EQTPIWSJGSRWXVYGXMSRYWMRKQIQFIVWSJ'EXIKSVMIW
ERH  QE] FI JSYRH JSV I\EQTPI MR XLI TSHMYQ SJ E XEPP
FYMPHMRKSVWSQIX]TIWSJFVMHKIW8LI]VIUYMVIXLEXTEVXMGY
PEV GEVI FI XEOIR MR HIQSPMXMSR 3GGYTEXMSREP 7EJIX] ERH
,IEPXL%HQMRMWXVEXMSRF 
 4VIXIRWMSRIH QIQFIV{7MQTPI TVIXIRWMSRIH
FIEQWERHWPEFWSJWTERWYTXSEFSYXJX Q LEZIFIIRHI
QSPMWLIHMREQERRIVWMQMPEVXSSVHMREV]VIMRJSVGIHGSRGVIXI
4VIXIRWMSRIHFIEQWERHWPEFWQE]FIPMJXIHERHPS[IVIHXSXLI
KVSYRHEWGSQTPIXIYRMXWEJXIVXLIVIQSZEPSJER]GSQTSWMXI
GSRGVIXIGSZIVMRKJVSQXSTWERHIRHWSJXLIYRMXW-JYRMXWEVI
XSSPEVKIXSFIVIQSZIHMRSRIWIGXMSRETPERXLEXQE]MRZSPZI
XIQTSVEV]WYTTSVXWLSYPHFIHIZIPSTIHF]ETVSJIWWMSREPIR
KMRIIVI\TIVMIRGIHMRTVIWXVIWWIHGSRGVIXIVIQSZEP
 7ITEVEXIP] WXVIWWIH TVIGEWX YRMXW{-J TSWWMFPI
YRMXW SJ XLMW X]TI WLSYPH FI PS[IVIH XS XLI KVSYRH FIJSVI
FVIEOMRKYTMJTSWWMFPI6IUYMVIQIRXWHMGXEXIHF]ERI\TI
VMIRGIH IRKMRIIV WLSYPH FI EHLIVIH XS GPSWIP] IWTIGMEPP]
[LIVIXLIVIEVIYRKVSYXIHXIRHSRW
 1SRSPMXLMGWXVYGXYVIW{%TVSJIWWMSREPIRKMRIIV
I\TIVMIRGIHMRTVIWXVIWWIHGSRGVIXIGSRWXVYGXMSRWLSYPHFI
GSRWYPXIHFIJSVIER]EXXIQTXMWQEHIXSI\TSWIXLIXIRHSRW
SV ERGLSVEKIW SJ WXVYGXYVIW [LIVI X[S SV QSVI QIQFIVW
LEZIFIIRWXVIWWIHXSKIXLIV8IQTSVEV]WYTTSVXWEVIYWYEPP]
VIUYMVIHWSXLIXIRHSRWERHXLIERGLSVEKIGERFIGEYXMSYWP]
I\TSWIH -R XLIWI GMVGYQWXERGIW MX MW IWWIRXMEP XLEX MRHMW
GVMQMREXI EXXIQTXW XS I\TSWI ERH HIWXVIWW XLI XIRHSRW ERH
ERGLSVEKIWEVIRSXQEHI
 4VSKVIWWMZIP] TVIWXVIWWIH WXVYGXYVIW{8LI
EHZMGISJETVSJIWWMSREPIRKMRIIVMWVIUYMVIHJSVVIQSZEP
SJ TVSKVIWWMZIP] TVIWXVIWWIH WXVYGXYVIW 8LI IRKMRIIVvW
VIGSQQIRHIHVIQSZEPQIXLSHWWLSYPHFIWXVMGXP]EHLIVIH
XS8LIWXSVIHIRIVK]MRXLMWX]TISJWXVYGXYVIMWPEVKI

6

{1SRMXSVMRKERHWEJIX]GSRWMHIVEXMSRW
 1IXLSHW XS QSRMXSV XLI HIQSPMXMSR{&IGEYWI IEGL
QIXLSHSJVIQSZEPMWHMJJIVIRXEWITEVEXIEREP]WMWWLSYPHFI
TVITEVIHJSVIEGLQIXLSH3YXPMRIHEWJSPPS[WMWEKIRIVEP
KYMHIPMRIXSEWWMWXMRHIZIPSTMRKEWEJIX]TVSKVEQ)EGLNSF
[MPPRIIHXSFIIZEPYEXIHMRHMZMHYEPP]ERHGSSVHMREXIH[MXL
EJJIGXIH KSZIVRQIRXEP EKIRGMIW 8LI JSPPS[MRK TVSZMWMSRW
EVIRSXEPPMRGPYWMZI
 4PERRMRKJSVGSRWXVYGXMSR{)EGLSTIVEXMSRERH
WXEKISJETVSNIGXWLSYPHFITPERRIHMREHZERGIFIKMRRMRK
FIJSVI XLI TVITEVEXMSR SJ FMHW ERH XLIR XLVSYKLSYX XLI
TVSNIGX7YTIVMRXIRHIRXWERHJSVIQIRWLSYPHTEVXMGMTEXIMR
XLMW TPERRMRK TVSGIWW 8LSVSYKL TPERRMRK [MPP TVSZMHI E
[IPPSVKERM^IHNSFIPMQMREXMRKXLITSXIRXMEPJSVWSQIEGGM
HIRXW 8LI JSPPS[MRK MXIQW WLSYPH FI GSRWMHIVIH HYVMRK
TPERRMRK
y 0SGEXMSRSJYXMPMXMIWERHWIVZMGIW
E 6IZMI[ PSGEXMSRW SJ EPP YXMPMXMIW ;LIRIZIV STIVE
XMSRWEVIVIUYMVIHXSFI[MXLMRXLIQMRMQYQHMWXERGIW
SJTS[IVPMRIWIWXEFPMWLIHMRXLI37,%VIKYPEXMSR 3G
GYTEXMSREP 7EJIX] ERH ,IEPXL %HQMRMWXVEXMSR E 
EVVERKIQIRXWWLSYPHFIQEHIXSLEZIXLIPMRIQSZIH
SVHIIRIVKM^IHIVIGXFEVVMIVWSVWIXYTWTIGMEP[SVO
MRK TVSGIHYVIW)\GITX SRTVMZEXI IEWIQIRXW XLIET
TVSTVMEXI VIKMSREP RSXMJMGEXMSR GIRXIV WLSYPH FI
GSRXEGXIHXSHIXIVQMRIXLIPSGEXMSRSJWYFWYVJEGIYXMPM
X]MRWXEPPEXMSRWMRXLIEVIEFIJSVII\GEZEXMSRERH
F0SGEXIIUYMTQIRX XSSP WLIHW ERH SJJMGIMREWEJI
ERHGSRZIRMIRXTPEGI
y )QTPS]II EGGIWW TVSFPIQW WLSYPH FI VIWSPZIH F] XLI
MRHMZMHYEPMRGLEVKIEXXLITVSNIGX
E%HIUYEXI[SVOEVIEW
F%HIUYEXI[EPO[E]WERHVYR[E]W
G%HIUYEXIPEHHIVWWXEMV[E]SVIPIZEXSVW
H;SVOEVIEWERHTEWWEKI[E]WGPIEVSJVYFFMWLHI
FVMWERHREMPW
I4VSXIGXMSRSJJPSSVERHVSSJSTIRMRKWERH
J%HIUYEXIMPPYQMREXMSR
y 7GLIHYPI[SVOJSVWEJIX]
E ,EZI WEJIX] IUYMTQIRX LEVH LEXW KSKKPIW IEV
TPYKWXVIRGLNEGOWWEJIX]FIPXWERHVIWTMVEXSV]TVS
XIGXMSR SRWMXI[LIRRIIHIH
F4PER[SVOWSXLEXXLIVIEVIRSXXSSQER]XVEHIWMRE
WQEPPEVIEEXXLIWEQIXMQIERH
G7GLIHYPI[SVOGVI[WWSXLIJPS[SJIUYMTQIRXERH
QERTS[IVHSIWRSXGVIEXIEWEJIX]LE^EVH
y ;SVOTVSGIHYVI
E1EXIVMEPLERHPMRK{
 4PERJSVQIXLSHWSJIPIZEXMRKPS[IVMRKERHLER
HPMRK QEXIVMEPW EHIUYEXI WTEGI TVSTIV EY\MPMEV]
IUYMTQIRX WYGL EW GVERIW LSMWXW IPIZEXSVW ERH
XVYGOW ERH
 4PERJSVQIXLSHWSJPSEHMRKERHYRPSEHMRK EHI
UYEXI WTEGI TVSTIV EY\MPMEV] IUYMTQIRX WYGL EW
PSEHIVWGVERIWVMKKMRKERHJSVOPMJXW 
F4PERJSVXLIYWISJXSSPWERHIUYMTQIRX{
 6ITEMVQEMRXIRERGIERHGEVI
 -RWTIGXMSRERH

6

%'-'311-88))6)4368

 %HIUYEXIWYTTPMIWSJXLIVMKLXXSSPWJSVIEGLTEVXSJ
XLINSF
 +IRIVEPWEJIX]TVIGEYXMSRW{8LIJSPPS[MRKEVI
KIRIVEPWEJIX]TVIGEYXMSRW
y )ZIV] VIEWSREFPI IJJSVX WLSYPH FI XEOIR XS IRWYVI XLI
WEJIX]SJ[SVOIVWMREPPWMXYEXMSRW[LIXLIVSVRSXTVS
ZMHIHJSVMREGSQTER]vWVYPIWERHWEJIX]TVSKVEQ
y 2S[SVOIVWLSYPHFIVIUYMVIHSVORS[MRKP]TIVQMXXIH
XS [SVO MR ER YRWEJI TPEGI YRPIWW JSV XLI TYVTSWI SJ
QEOMRKMXWEJIERHXLIRSRP]EJXIVTVSTIVTVIGEYXMSRW
LEZIFIIRXEOIRXSTVSXIGXXLI[SVOIVHSMRKWYGL[SVO
y &IJSVI XLI WXEVX SJ [SVO XLI WYTIVZMWSV SV WEJIX]
SJJMGIVSVFSXLWLSYPHWYVZI]WMXIGSRHMXMSRWJSVVMWOW
SV LE^EVHW ERH HIXIVQMRI WEJIKYEVHW RIGIWWEV] XS
EGGSQTPMWLXLI[SVOMREWEJIQERRIV
y % XVEMRMRK TVSKVEQ WLSYPH FI HIWMKRIH ERH MQTPI
QIRXIHHYVMRKXLITVSNIGXXLEX[MPPMRWXVYGX[SVOIVWMR
KIRIVEPWEJI[SVOTVEGXMGIWEW[IPPEWQIXLSHWXSEZSMH
XLIYRMUYILE^EVHWSJXLI[SVOIVWvWTIGMJMGNSFEWWMKR
QIRXW
y 4IVMSHMG MRWTIGXMSRW WLSYPH FI GSRHYGXIH HYVMRK XLI
TVSNIGX XS MHIRXMJ] YRWEJI GSRHMXMSRW ERH [SVO TVEG
XMGIW 8LSWI YRWEJI GSRHMXMSRW ERH [SVO TVEGXMGIW
WLSYPHFIGSVVIGXIHMQQIHMEXIP]ERH
y %PPVIUYMVIHWEJIX]ERHLIEPXLRSXMGIWWLSYPHFITSWXIH
EXXLINSFWMXIEWVIUYMVIHSVFISXLIV[MWIEZEMPEFPIEX
XLIWMXI
 7EJIX] TVSKVEQ SFNIGXMZIW{8LI JSPPS[MRK EVI
WEJIX]TVSKVEQSFNIGXMZIW
y 8STVSZMHIEWEJIX]ERHLIEPXLTVSKVEQGSRWMWXIRX[MXL
KSSHGSRWXVYGXMSRHIQSPMXMSRTVEGXMGIW
y 8STVIZIRXEGGMHIRXWMRNYVMIWERHMPPRIWWIW
y 8S GVIEXI ER EXXMXYHI SJ WEJIX] GSRWGMSYWRIWW EQSRK
KIRIVEPQEREKIQIRXJMIPHWYTIVZMWMSRERHEPPGVEJXW
y 8S EWWMKR WTIGMJMG VIWTSRWMFMPMXMIW JSV IJJIGXMZI MQTPI
QIRXEXMSRERHGSRXMRYEXMSRSJXLIWEJIX]TVSKVEQERH
y 8STVSZMHIGSRXMRYIHHIZIPSTQIRXSJWEJIX]ERHLIEPXL
IHYGEXMSRXVEMRMRKERHXIWXMRK
 7EJIX]TVSKVEQMQTPIQIRXEXMSR{8LIJSPPS[MRK
GERLIPTMQTPIQIRXEWEJIX]TVSKVEQ
y 4PERRMRK JSV WEJIX] MR XLI GSRGVIXI VIQSZEP STIVEXMSR
XLVSYKL NSF LE^EVH EREP]WMW (VE[ YTSR EZEMPEFPI SV
LMVIHI\TIVMIRGIERHI\TIVXMWIXSERXMGMTEXIERHIPMQM
REXIEGGMHIRXTVSRIGSRHMXMSRW
y 4VSZMHMRK QIGLERMGEP ERH TL]WMGEP WEJIKYEVHW XS XLI
QE\MQYQI\XIRXTSWWMFPI
y 'SRHYGXMRK E TVSKVEQ SJ VSYXMRI WEJIX] ERH LIEPXL
MRWTIGXMSRWXSMHIRXMJ]ERHGSVVIGXYRWEJI[SVOMRKGSR
HMXMSRWSVTVEGXMGIWGSRXVSPLIEPXLLE^EVHWERHGSQTP]
JYPP][MXLXLIWEJIX]ERHLIEPXLWXERHEVHWJSVIZIV]NSF
y 8VEMRMRK EPP MRHMZMHYEPW MR TVSTIV WEJIX] ERH LIEPXL
TVEGXMGIW
y 4VSZMHMRKRIGIWWEV]TIVWSREPTVSXIGXMZIIUYMTQIRXERH
MRWXVYGXMSRWJSVMXWTVSTIVYWIERHGEVI
y 4VSZMHMRK E QIERW JSV IQTPS]IIW XS MRJSVQ XLIMV
WYTIVZMWSVWSJLE^EVHWEXXLI[SVOWMXI
y -RZIWXMKEXMRKTVSQTXP]ERHXLSVSYKLP]IZIV]EGGMHIRX
XSHIXIVQMRIXLIGEYWIERHGSVVIGXXLITVSFPIQXSTVI

ZIRXMXWVIGYVVIRGIERH
4VSZMHMRK JMVWXEMH QEXIVMEPW ERH XVEMRIH JMVWXEMH TIV
WSRRIPSRNSFWMXIW
 7EJIX] TVSKVEQ VIUYMVIQIRXW{8LI JSPPS[MRK
EVIVIUYMVIQIRXWJSVEWEJIX]TVSKVEQ
y (IZIPST ERH MQTPIQIRX E WEJIX] TVSKVEQ [MXL VYPIW
ERHEWWMKRIHVIWTSRWMFMPMXMIW
y 1EOIXLIWIVYPIWERHTSPMGMIWORS[RXSEPPIQTPS]IIW
ERHWYFGSRXVEGXSVW
y %TTSMRXEWEJIX]GSSVHMREXSV
y )WXEFPMWL E WEJIX] XVEMRMRK TVSKVEQ XS IRWYVI XLEX
IQTPS]IIW EVI XVEMRIH MR FEWMG LE^EVHW SJ XLI NSF WMXI
ERH WTIGMJMG LE^EVHW YRMUYI XS IEGL IQTPS]IIvW NSF
EWWMKRQIRX
y 4VSZMHI WYTIVMRXIRHIRXW [MXL ETTVSTVMEXI WEJIX] VYPIW
ERHVIKYPEXMSRWJVSQKSZIVRQIRXEKIRGMIW
y (MWGMTPMRI IQTPS]IIW [LS [MPPJYPP] HMWVIKEVH XLMW
TVSKVEQERH
y 6I[EVHIQTPS]IIWJSVKSSHWEJIX]TIVJSVQERGI

',%48)6{6)13:%01)8,3(7
{-RXVSHYGXMSR
(YVMRKXLIWERHWXLIGSRXVEGXSVKIRIVEPP][EW
PMQMXIHXSLERHLIPHFVIEOIVWERHNEGOLEQQIVWSTIVEXIHF]
GSQTVIWWIH EMV GSVI HVMPPW [EPOFILMRH HMEQSRH WE[W
[VIGOMRK FEPPW WQEPP L]HVEYPMG LEQQIVW ERH GSRXVEGXSV
FYMPXHVSTLEQQIVWJSVFVIEOMRKYTGSRGVIXI%JI[WTIGMEP
X]HIQSPMXMSRGSRXVEGXSVWVIQSZIH[LSPIWXVYGXYVIW
8SHE]XLMWLEWEPPGLERKIH)UYMTQIRXERHQIXLSHWHI
ZIPSTIHMRSRIGSYRXV]EVIWSSRQEVOIXIH[SVPH[MHIERHEH
ZIVXMWIHMRXLIZEVMSYWXVEHIQEKE^MRIW8VEHIEWWSGMEXMSRW
TVSZMHIEKSSHWSYVGISJJMVQWTIVJSVQMRKETEVXMGYPEVX]TI
SJ[SVOERHGSRXVEGXSVWOIITI\XIRWMZIPMWXWSJWYFGSRXVEG
XSVW XLEX HS [SVO MR TEVXMGYPEV GMXMIW )UYMTQIRX HIEPIVW
HIQSPMXMSR GSRXVEGXSVW GSRGVIXI WE[MRK ERH HVMPPMRK GSR
XVEGXSVW ERH E [MHI VERKI SJ GSRWXVYGXMSR QEKE^MRIW EVI
LIPTJYPXSWXE]EFVIEWXSJIUYMTQIRXXLEXMWEZEMPEFPIJSVGSR
GVIXIVIQSZEP(YIXSXLILMKLGSWXSTIVEXSVXVEMRMRKERH
WOMPPIHWYTIVZMWMSRVIUYMVIHQER]MXIQWSJIUYMTQIRXERH
QIXLSHW[MPPFITVSZMHIHF]WTIGMEPX]GSRXVEGXSVW 4IYVMJS]
ERH0IHFIXXIV 
8LMW GLETXIV TVSZMHIW KIRIVEP HIWGVMTXMSR ERH WYQQEV]
MRJSVQEXMSRSRGSRGVIXIVIQSZEPW]WXIQWERHQIXLSHW8LI
EHZERXEKIW ERH PMQMXEXMSRW SJ ZEVMSYW GSRGVIXI VIQSZEP
QIXLSHWGERFIJSYRHMR%'-6
{,ERHXSSPW
%RYQFIVSJLERHXSSPWYWIHMRWXSRIERHQEWSRV][SVO
JSV QER] ]IEVW EVI KSSH JSV VIQSZMRK GSRGVIXI MR WQEPP
EQSYRXW 4V] FEVW FYWL LEQQIVW WPIHKILEQQIVW HVMPPW
TSMRXWERHZEVMSYWGLMWIPWEVINYWXEJI[SJXLIWIXSSPW6I
WLETMRKERHLEVHIRMRKSJXLIFMXWMWRIIHIH
{,ERHSTIVEXIHTS[IVXSSPW
 ,ERHLIPHTRIYQEXMG XSSPW{,ERHLIPH TRIYQEXMG
XSSPWEVIEZEMPEFPIMRE[MHIVERKISJWM^IW TEZIQIRXFVIEO
IVWERHNEGOLEQQIVWFIMRKXLIQSWXGSQQSR 8LIWIX]TIW
SJXSSPWLEZIFIIRMRYWIJSVEPQSWX]IEVWERHEVISJVYK

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

6

*MK {:ILMGPIQSYRXIH MQTEGX FVIEOIV FVMHKI HIGO


HIQSPMXMSR 
*MK{(VSTFPEHI LMKL[E]TEZIQIRXHIQSPMXMSR 
KIH GSRWXVYGXMSR 'SQTVIWWIH EMV MW YWYEPP] EZEMPEFPI SR
QSWXGSRWXVYGXMSRWMXIW0MKLXIVGLMTTMRKLEQQIVWEVIEPWS
EZEMPEFPI-XMWRIGIWWEV]XSIRWYVIEREHIUYEXIWYTTP]SJEMV
TVIWWYVIERHZSPYQIEW[IPPEWTVSZMWMSRWJSVQSMWXYVIGSP
PIGXMSRERHPYFVMGEXMSR 1ERRMRK 
 ,ERHLIPHL]HVEYPMGXSSPW{,]HVEYPMGTS[IVMWTVS
ZMHIHF]WQEPPPMKLX[IMKLXTS[IVTEGOWXLEXGEREPWSSTIV
EXI E RYQFIV SJ SXLIV XSSPW 8LI ,]HVEYPMG 8SSP
1ERYJEGXYVIVvW %WWSGMEXMSR ,81%  GPEWWMJMIW L]HVEYPMG
XSSPWEW8]TI---SV---[MXLQMRMQYQJPS[VEXIWSJERH
KTQ ERHPTQ VIWTIGXMZIP]%[MHIVERKISJ
XSSPW MW EZEMPEFPI MRGPYHMRK WQEPP MQTEGX LEQQIVW HVMPPW
WE[WERHKVMRHIVWJSVYWIMRGSRGVIXIVIQSZEP
 ,ERHLIPH IPIGXVMGEP XSSPW{,ERHLIPH IPIGXVMGEP
XSSPWEVIXLIWQEPPIWXX]TISJLERHLIPHTS[IVXSSPWEZEMP
EFPILEZIPS[IVIRIVK]SYXTYXERHEVIYWYEPP]PMQMXIHXSYWI
MRGSRJMRIHEVIEW
 +EWSPMRITS[IVIH XSSPW{+EWSPMRITS[IVIH XSSPW
EVIMHIEPJSVWQEPPHVMPPMRKERHFVIEOMRKNSFWMRLEVHXSVIEGL
PSGEXMSRW8LIWIXSSPWEVIEZEMPEFPIMRX[SQSHIPWSRIJSV
HVMPPMRKERHTIVGYWWMSRXLISXLIV[MXLTIVGYWWMSRSRP]&SXL
XSSPW[IMKLPIWWXLERPF OK [MXLERYQFIVSJHVMPP
WXIIPWERHSXLIVXSSPFMXWEZEMPEFPI
 (VST LEQQIVWFPEHIW{(VST LEQQIVWFPEHIW EVI
YWIHXSHIQSPMWLGSRGVIXILMKL[E]TEZIQIRXWTEVOMRKPSXW
ERHSXLIVWPEFWSRKVEHI *MK ;IMKLXERHHVSTLIMKLX
EVIFEPERGIHXSXLMGORIWWERHWXVIRKXLSJGSRGVIXIERHHIKVII
SJFVIEOEKIVIUYMVIH7IZIVEPJMVQWQERYJEGXYVIWQEPPXLVII
[LIIPIH L]HVEYPMG TS[IVIH WIPJGSRXEMRIH HVST LEQQIV
GSRGVIXIFVIEOIVWXLEXEVISTIVEXIHF]SRITIVWSR8LI]EVI
EZEMPEFPIMRWIZIVEPWM^IW8LIWIYRMXWEVIJEWXIVXLERLERH
STIVEXIHTEZIQIRXFVIEOIVWERHEVIEZEMPEFPI[MXLWIZIVEP
IRKMRISTXMSRWERHEREWWSVXQIRXSJXSSPFMXW8LI]EVIJEWXIV
XLERENEGOLEQQIVSVPF OK TEZIQIRXFVIEOIV8LI]
TVSHYGIZIV]PMXXPIHYWX8LI]SRP]VIUYMVISRISTIVEXSVERH
XLIYRMXWEVIWIPJTVSTIPPIHERHIEWMP]TSVXEFPI8LIYRMXWEVI
MHIEPJSVVIQSZMRKWQEPPEVIEWSJWPEFSRKVEHIYTXSMR
QQ XLMGO(ITIRHMRKSRXLIQSHIPYRMXWEVIEZEMPEFPI
[MXLEFVIEOMRKJSVGIYTXSJXPF 2Q 

{:ILMGPIQSYRXIHIUYMTQIRX
(IQSPMXMSREXXEGLQIRXWSJE[MHIVERKISJWM^IWERHX]TIW
EVIEZEMPEFPIXSQSYRXSRWQEPPFEGOLSIWWOMHPSEHIVWERH
IUYMTQIRXVIUYMVMRKGEVVMIVWSJSZIVPF OK
MR [IMKLX % [VIGOMRK FEPP VIUYMVIW E GVERI FSSQ 3XLIV
HIQSPMXMSREXXEGLQIRXWRIIHXSLEZIEGEVVMIVIUYMTTIHEWE
FEGOLSISVI\GEZEXSV
8LIZILMGPIWGERFIVYFFIVXMVIHSVGVE[PIVQSYRXIH8LI
YRMXWLSYPHLEZIWYJJMGMIRXL]HVEYPMGGETEGMX]XSSTIVEXIFSXL
XLIFSSQERHXLIEXXEGLQIRX7QEPPYRMXWLEZIFIIRVEMWIH
[MXLPEVKIGVERIWXSYTTIVPIZIPWSJFYMPHMRKW;LIVIYWIHSR
IPIZEXIHWPEFWGEVIRIIHWXSFIXEOIRRSXXSSZIVPSEHXLIWPEF
SVXSVIQSZIWXVYGXYVEPWYTTSVXWLSPHMRKYTXLIWPEFWYTTSVX
MRKXLIIUYMTQIRXHYVMRKHIQSPMXMSR
 ,]HVEYPMGTRIYQEXMG MQTEGX FVIEOIVWLEQQIVW{
,]HVEYPMGTRIYQEXMG MQTEGX FVIEOIVWLEQQIVW *MK 
EVIGSQQSRTMIGIWSJIUYMTQIRXEZEMPEFPIJVSQQER]QER
YJEGXYVIVW 7IZIVEP QERYJEGXYVIVW QEVOIX WIZIVEP HMJJIVIRX
WM^IW [MXLMQTEGX IRIVK] GPEWWIW JVSQ  JXPF  . XS
SZIVJXPF . 
8LILEQQIVWIPIGXIHWLSYPHFIQEXGLIHXSXLIGEVVMIVMX
[MPPFIQSYRXIHSRERHXLIJVIUYIRG]SVMQTEGXVEXIL]
HVEYPMGTVIWWYVI[SVOMRK[IMKLXERHHIWMKRHIXEMPWRIIHXS
FI GSRWMHIVIH [LIR WIPIGXMRK E LEQQIV 7SQI WTIGMJMGE
XMSRWPMQMXXLIMQTEGXIRIVK][LIVISRP]TEVXMEPVIQSZEPSJ
ERI\MWXMRKWXVYGXYVIMWVIUYMVIH%HZERXEKIWSJXLIMQTEGX
LEQQIVWEVIXLI[MHIVERKISJWM^IWERHXLIVIEH]EZEMPEFMPMX]
8LIWIYRMXWLEZIIWWIRXMEPP]VITPEGIHXLI[VIGOMRKFEPP
4RIYQEXMG FVIEOIVW EVI EZEMPEFPI MR JI[IV WM^IW ERH F]
JI[IVQERYJEGXYVIVW8LIFVIEOIVWTS[IVIHF]GSQTVIWWIH
EMVGERFIYWIH[LIVIXLIGEVVMIVHSIWRSXLEZIWYJJMGMIRX
L]HVEYPMG GETEFMPMX] &SXL TRIYQEXMG ERH L]HVEYPMG
FVIEOIVW GERFIYWIHJSVYRHIV[EXIV[SVO
 7TVMRKEGXMSR LEQQIVW{7TVMRKEGXMSR LEQQIVW
WSQIXMQIW VIJIVVIH XS EW QIGLERMGEP WPIHKILEQQIVW  EVI
FSSQQSYRXIHXSSPWXLEXEVIETTPMGEFPIJSVFVIEOMRKGSRGVIXI
TEZIQIRXWHIGOW[EPPWERHSXLIVXLMRQIQFIVW8LIEVQSJ
XLILEQQIVMWL]HVEYPMGEPP]TS[IVIHERHXLIMQTEGXLIEHMW
WTVMRKTS[IVIH8LIWTVMRKMWGSQTVIWWIHF]XLIHS[R[EVH
QSZIQIRXSJXLIEVQSJXLIFEGOLSISVI\GEZEXSVERHMXWIR
IVK] MW VIPIEWIH NYWX TVMSV XS MQTEGX 8LIVI EVI XVYGO YRMXW

6

%'-'311-88))6)4368

*MK{7TVMRKEGXMSRFVIEOIV FVMHKIHIGOHIQSPMXMSR 

*MK{7MRKPIHVYQVSXEV]GYXXIVLIEH TPERIV 

*MK{8[MRHVYQVSXEV]GYXXIVLIEH

WMRKPI HVYQ 8LI HVYQ JSV XLI MRPMRI GYXXIV LIEH VSXEXIW
EVSYRHXLIE\MWSJXLIFSSQERH[SVOWWMQMPEVXSEPEVKIHVMPP
8LIHVYQWEVIEZEMPEFPI[MXLJPEXSVVSXEXMRKGSRMGEPFMXW
7OMHPSEHIVWEVIYWIHXSVIQSZIGSRGVIXIJVSQXSTJEGIWSJ
HIGOWWPEFWERHPSGO[EPPW[LIVIEWI\GEZEXSVWEVIX]TMGEPP]
YWIHXSVIQSZIGSRGVIXIJVSQZIVXMGEPERHSZIVLIEHJEGIW7OMH
PSEHIVWYWIEWMRKPIXVERWZIVWIHVYQEXXEGLQIRX *MK 
 'SRGVIXIGVYWLIVW{'SRGVIXIGVYWLIVWMRERYQFIV
SJWM^IWERHGYXXMRKNE[GSRJMKYVEXMSRWEVIMHIEPJSVVIQSZ
MRKGYVFWTEVETIXWWPEFWERHFIEQERH[EPPWIGXMSRWERH
JSVGVYWLMRKPEVKITMIGIWSJGSRGVIXIVIQSZIHF]SXLIVQIXL
SHW1SHIPWEVIEZEMPEFPI[MXLSRIL]HVEYPMGG]PMRHIVSXLIVW
[MXL X[S G]PMRHIVW ERH E [MHI VERKI SJ WM^IW JVSQ WQEPP
YRMXW [MXL SRP] E JI[ XSRW XS PEVKI SRIW [MXL  XSRW
O2 SJGVYWLMRKTS[IV
 6MTTIV{8LI VMTTIV MW E PEVKI FPEHI EXXEGLIH XS E
FEGOLSIYWIHXSFVIEOYTWPEFWSRKVEHIERHXSWITEVEXIXLI
VIMRJSVGMRKWXIIPJVSQXLIGSRGVIXI6MTTIVFPEHIWLEZIEPWS
FIIRQSYRXIHSRPEVKIGVE[PIVXVEGXSVWXSVIQSZIVIMRJSVG
MRKWXIIPEJXIVXLIGSRGVIXIMWFVSOIRYTF]SXLIVQIXLSHW
8LIVMTTIVMWMHIEPJSVVIQSZMRKPEVKIEVIEWSJWPEFSRKVEHI
ERHGSRGVIXITEZIQIRX
 6IWSRERXJVIUYIRG]FVIEOIV{8LIVIWSRERXJVIUYIR
G]FVIEOIVJVEGXYVIWSVFVIEOWGSRGVIXILMKL[E]TEZIQIRX
YWMRK E WIPJTVSTIPPIH JSYV[LIIP VYFFIVXMVIH TS[IV YRMX
XLEXYWIWVIWSRERXFIEQXIGLRSPSK]XSETTP]IRIVK]XLVSYKL
E LMKLJVIUYIRG] VIWSRERX MQTEGX FVIEOIV XS XLI GSRGVIXI
TEZIQIRX *MK 8LIYRMXLEWFIIRYWIHWYGGIWWJYPP]SR
MRXIVWXEXILMKL[E][SVO[MXLRSVQEPFVIEOMRKVEXIWEZIVEK
MRK]HHE] QHE] 

EZEMPEFPIXLEXQEOIMXIEWMIVXSQSZIFIX[IIRTVSNIGXW8LI
STIVEXMSRSJXLILEQQIVERHEHZERGIQIRXSJXLIXVYGOHYVMRK
VIQSZEPEVIGSRXVSPPIHJVSQEGEFEXXLIVIEVSJXVYGO7TVMRK
EGXMSRLEQQIVW *MK EVIEZEMPEFPIMRWIZIVEPWM^IW[MXL
FPS[IRIVKMIWYTXSJXPF O.  1ERRMRK 
8LMW IUYMTQIRX MW QYGL JEWXIV XLER XLI MQTEGX LEQQIVW
[LIVIXLIXLMGORIWWSJXLIGSRGVIXITEZIQIRXTIVQMXWMXWYWI
;LIRXLIIUYMTQIRXMWXVYGOQSYRXIHSRVYFFIVXMVIWMXGER
FIIEWMP]QSZIHJVSQNSFWMXIXSNSFWMXI
 ;VIGOMRKFEPPERHGVERI{8LI[VIGOMRKFEPPMWEX
XEGLIHXSEGVERIERHMWIMXLIVHVSTTIHSVW[YRKMRXSXLIGSR
GVIXI8LI[IMKLXSJXLIFEPPGERZEV]HITIRHMRKSRXLIGVERI
GETEGMX]8LMWQIXLSHVIUYMVIWELMKLP]WOMPPIHSTIVEXSVJSV
WEJISTIVEXMSR8LIVIGSQQIRHEXMSRWJSV[VIGOMRKFEPPZIV
WYWGVERIGETEGMX]WEJIX]JEGXSVWFVIEOMRKWXVIRKXLSJWYT
TSVXMRK PMZI PSEH ERH SXLIV WEJIX] GSRWMHIVEXMSRW GER FI
JSYRHMRXLI2EXMSREP'SSTIVEXMZI,MKL[E]6IWIEVGL4VS
KVEQ7]RXLIWMWSJ,MKL[E]4VEGXMGI 1ERRMRK 
 6SXEXMRKGYXXIVLIEHW{6SXEXMRKGYXXIVLIEHEXXEGL
QIRXWTVSZMHIGSRXMRYSYWGYXXMRKF]XLIVSXEXMSRSJXLIGYXXIV
HVYQ W [MXLWM^IWXLEXJMXZEVMSYWL]HVEYPMGI\GEZEXSVWERH
WOMHPSEHIVW8[SWX]PIWSJGYXXIVLIEHWEVIEZEMPEFPIJSVI\
GEZEXSVW  XVERWZIVWIX[MRHVYQW *MK ERH  MRPMRI

{)\TPSWMZIFPEWXMRK
)\TPSWMZIFPEWXMRKLEWFIIRWYGGIWWJYPP]YWIHJSVVIQSZEP
SJPEVKIZSPYQIWSJHMWXVIWWIHERHHIXIVMSVEXIHGSRGVIXIF]
XLI 'SVTW SJ )RKMRIIVW SR E RYQFIV SJ PSGOW ERH HEQW
*MK   &PEWXMRK LEW FIIR YWIH JSV GSQTPIXI FYMPHMRK
HIQSPMXMSRERHJSVYRHIV[EXIVHIQSPMXMSR /EWEM 
'SRGVIXIMWEHMJJMGYPXQEXIVMEPXSFPEWXFIGEYWISJXLIZEVM
EXMSR MR WXVIRKXL ERH EQSYRX SJ VIMRJSVGMRK WXIIP TVIWIRX
,IQTLMPP 7EJIX]VIKYPEXMSRWIRZMVSRQIRXEPGSRWMH

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

6

*MK{)\TPSWMZIFPEWXMRK VIQSZEPSJPSGOGLEQFIVJEGI 
*MK {6IWSRERX JVIUYIRG] FVIEOIV LMKL[E] TEZIQIRX
HIQSPMXMSR 
IVEXMSRWERHXLIRIIHXSQSRMXSVJSVKVSYRHZMFVEXMSRWPMQMX
ETTPMGEFPI PSGEXMSRW JSV XLMW QIXLSH 'SRXVSPPIH FPEWXMRK
XIGLRMUYIWLEZIFIIRHIZIPSTIHXSQMRMQM^IHEQEKI8LI
 6-0)1 7]QTSWMYQ MRGPYHIH  TETIVW SR FPEWXMRK
ERHVIPEXIHQIXLSHW /EWEM 
%RI\TPSWMZIFPEWXMRKXIGLRMUYIVIJIVVIHXSEWQMRMFPEWX
MRK 0EYVMX^IRERH4IXIVWIR LEWFIIRYWIHJSVTEVXMEP
HIQSPMXMSR SJ GSRGVIXI WXVYGXYVEP QIQFIVW 8LI XIGLRMUYI
VIUYMVIW E PMGIRWIH [SVOIV ERH GSRXVSPPIH FPEWXMRK XIGL
RMUYIWXSQEMRXEMRWEJIX]ERHQMRMQM^IHEQEKIXSXLIGSR
GVIXI XLEX VIQEMRW ERH XLI WYVVSYRHMRK IRZMVSRQIRX
&PEWXMRKQEXWEVIYWIHXSQMRMQM^IJP]VSGOERHXI\XMPIJMFIV
QEXWEVIYWIHXSPS[IVHYWXERHRSMWIPIZIPW
{(VMPPWERHWE[W
(VMPPWERHWE[WYWMRKLEVHGYXXMRKHMEQSRHXSSPWTVSZMHI
WQSSXLLSPIWSVWYVJEGIW8LIWIXSSPWLEZIQMRMQEPZMFVE
XMSR ERH [LIR [EXIVGSSPIH QMRMQM^I HYWX ,EVH EKKVI
KEXIWSVLMKLGSRGIRXVEXMSRWSJVIMRJSVGMRKWXIIPGERKVIEXP]
VIHYGIXLIGYXXMRKWTIIHERHPMJISJHVMPPFMXSVWE[
 'SVIHVMPPW{'SRWXVYGXMSRKVEHIGSVIHVMPPWKIRIVEPP]
EVIEZEMPEFPIMRWM^IWJVSQPIWWXLERMR QQ YTXSMR
QQ HMEQIXIV8LIHVMPPWGERFITS[IVIHF]IPIGXVMGMX]
GSQTVIWWIHEMVSVL]HVEYPMGTS[IVTEGOW,IEZMIVYRMXWEVI
YWYEPP] TS[IVIH [MXL KEWSPMRI SV HMIWIP IRKMRIW SV GSQ
TVIWWIHEMVERHEVIXVYGOSVWOMHQSYRXIH'SQTVIWWIHEMV
SVRMXVSKIRLEZIEPWSFIIRYWIHXSGSSPXLIFMX[LIVIXLIYWI
SJ[EXIVMWETVSFPIQ
 (MEQSRH WE[W{8LI QSWX GSQQSR X]TI SJ WE[
FPEHIJSVGYXXMRKGSRGVIXIMWXLI[IXGYXXMRKHMEQSRHFPEHI
(V]GYXXMRKHMEQSRHFPEHIWERHEFVEWMZIFPEHIWEVIEPWSEZEMP
EFPI 8LIVI EVI ERYQFIVSJFPEHIQERYJEGXYVIVW[MXL WSQI
TVSHYGMRKWIZIVEPHMJJIVIRXUYEPMX]PIZIPW8LIGSQTSWMXMSRSJ
XLIFSRHX]TIWM^IERHGSRGIRXVEXMSRSJHMEQSRHWZEVMIW
*SVGYXXMRKWPEFWERHTEZIQIRXWXLIVIEVILERHLIPH[EPO
FILMRHERHVMHMRKWE[W8VEGOQSYRXIHWE[WEVIEZEMPEFPI
JSVGYXWMR[EPPWERHXLIYRHIVWMHISJWPEFW

 ,ERHLIPHHMEQSRHWE[W{,ERHLIPHHMEQSRH
WE[WKIRIVEPP]EVIEZEMPEFPI[MXLSVMR 
SVQQ HMEQIXIVFPEHIWERHTS[IVIHF]IPIGXVMGMX]KEW
SPMRI IRKMRIW GSQTVIWWIH EMV SV L]HVEYPMG TS[IV TEGOW
8LIWIEVIPMKLX[IMKLXYRMXWHIWMKRIHJSVMRXIVQMXXIRXWE[MRK
7TIGMEPLERHLIPHWE[WEVIRS[EZEMPEFPIXLEXYWIEGLEMR
WE[ GYXXMRK FEV XLEX GER QMRMQM^I SZIVGYXXMRK EX GSVRIVW
[LMPITVSZMHMRKGYXWYTXSMR QQ HIIT%RSXLIV
QERYJEGXYVIV LEW LERHLIPH L]HVEYPMG WE[W XLEX YWI VMRK
WLETIHFPEHIWXLEXGERQEOIEMR QQ HIITGYX[MXL
EMR QQ HMEQIXIVFPEHI
 ;EPOFILMRHHMEQSRHWE[W{;EPOFILMRHHME
QSRHWE[WEVIXLIQSWXGSQQSRP]YWIHTS[IVWE[W8LIVI
EVIX[SX]TIWEPMKLXHYX]WE[JSVWQEPPNSFWERHLIEZMIV
QSHIPW[MXLYTXSLT O; IRKMRIW*SVYWIMRGSR
JMRIHEVIEWWSQIQSHIPWLEZIFPEHIWXLEXGERFIQSYRXIHSR
IMXLIVXLIVMKLXSVPIJXWMHI
 6MHIEFPI TEZIQIRXWE[W{6MHIEFPITEZIQIRX
WE[W TVSZMHI LMKL TVSHYGXMZMX] [MXL FPEHIW YT XS  MR
QQ MRHMEQIXIV
 ;EPPWE[W{;EPPWE[W *MK QEOIEGGYVEXI
GYXW MR [EPPW F] VMHMRK SR E XVEGO FSPXIH XS XLI GSRGVIXI
1IERWEVIEPWSTVSZMHIHXSQEMRXEMRTVIWWYVISJXLIFPEHISR
XLIWYVJEGIFIMRKGYX&PEHIWWM^IWYWIHEVIMRXLIWEQIVERKI
EWJPSSVWE[W8LIWE[WEVITS[IVIHF]EVIQSXIWSYVGIYW
MRKIMXLIVGSQTVIWWIHEMVL]HVEYPMGWSVERIPIGXVMGEPW]WXIQ
0E^IRF]ERH4LMPPMTW 
 (MEQSRH [MVI WE[W{% HMEQSRH[MVI WE[ MW E
GSRXMRYSYW PSST SJ QYPXMWXVERH [MVI GEFPI WXVYRK [MXL WXIIP
FIEHWFSRHIH[MXLHMEQSRHEFVEWMZIXLEXMWTYPPIHXLVSYKLXLI
GSRGVIXI 1G+SZIVR   8LI FIEHW EVI WITEVEXIH [MXL
WTVMRKWSVWTEGIVW(MVIGXMSRSJXLIGEFPIMWGLERKIH[MXLMHPIV
TYPPI]W *MK 8LITS[IVYRMXHVMZIWERHTVSZMHIWXIRWMSR
MRKSJXLIGEFPI9WISJXLMWQIXLSHLEWMRGVIEWIHEWQSVIWTI
GMEPX]GSRXVEGXSVWHSMRKXLMW[SVOLEZIFIGSQIEZEMPEFPI8LMW
QIXLSHMWMHIEPJSVQEWWGSRGVIXIERHSXLIVWIGXMSRWXSSXLMGO
JSVHMEQSRHXMTTIHGMVGYPEVWE[WERH[LIVIRSMWISVZMFVEXMSR
QE]FIETVSFPIQ EWMRLSWTMXEPW 
4MPSXLSPIWEVIHVMPPIHXLVSYKLXLIGSRGVIXI[MXLXLI[MVI
GEFPI TEWWIH XLVSYKL ERH GSYTPIH XS JSVQ XLI GSRXMRYSYW
PSST(VMZIYRMXWGERFIIMXLIVL]HVEYPMGEPP]SVIPIGXVMGEPP]
TS[IVIH;LIRXLIPMQMXSJQSZIQIRXSJXLIHVMZIYRMXMW

6

%'-'311-88))6)4368

*MK{;EPPWE[ XETIVMRKSJGSVRIVEXQSRSPMXLNSMRX 

*MK{6IWYPXWJVSQYWISJRSRI\TPSWMZIEKIRX PSGO[EPP 
 7XMXGLHVMPPMRK{7XMXGLHVMPPMRKMWEXIGLRMUYIYWIH
XSTVSHYGIGYXWMRGSRGVIXIF]SZIVPETTMRKHVMPPIHLSPIW
*MK 7XMXGLHVMPPMRKQE]FIYWIH[LIVIHITXLSJGYX
VIUYMVIH MW KVIEXIV XLER GER FI GYX [MXL E HMEQSRH WE[
0E^IRF]ERH4LMPPMTW 8LIHITXLSJGYXMWPMQMXIH
F]XLIHVMPPMRKIUYMTQIRXvWEGGYVEG]MRQEMRXEMRMRKSZIVPET
FIX[IIREHNEGIRXLSPIW

*MK {(MEQSRH [MVI GYXXMRK MHPI [LIIP VIHMVIGXMRK


[MVI 

*MK{7XMXGLHVMPPIHGYX HEQSZIVJPS[WIGXMSR 
VIEGLIHXLIYRMXGERFIQSZIHSVXLI[MVIGEFPIWLSVXIRIH
;EXIVMWYWIHJSVXLIGSSPMRKERHVIQSZEPSJGYXXMRKW7IZ
IVEP EVXMGPIW LEZI FIIR TYFPMWLIH SR HMEQSRH [MVI WE[W
*VEROPMRERH(YWWIEYPX,YPMGOERH&IGOQER
ERH1ERRMRK 8LIWM^ISJXLIGSRGVIXIFPSGOVIQSZIH
MWSRP]PMQMXIHF]XLIGPIEVERGIWVIUYMVIHERHXLIGETEGMX]SJ
EZEMPEFPIPMJXMRKIUYMTQIRX

{2SRI\TPSWMZIHIQSPMXMSREKIRXW
2SRI\TPSWMZIHIQSPMXMSREKIRXW 2)(% [IVIHIZIPSTIH
MR.ETERERHJMVWXQEVOIXIHEFSYX%TVSTVMIXEV]QM\XYVI
GSRWMWXMRKTVMQEVMP]SJGEPGMYQS\MHIERHGEPGMYQWMPMGEXIMW
QM\IH[MXL[EXIVTSYVIHMRXSTVIHVMPPIHLSPIWERHEJXIVETI
VMSH SJ XMQI XLI QM\XYVI I\TERHW ERH I\IVXW ER I\TERWMSR
JSVGIWYJJMGMIRXXSGVEGOXLIGSRGVIXI 7YTVIRERX 8LI
VIWYPXWSJXLIYWISJ2)(%EVIWLS[RMR*MK
'EVIJYPTPERRMRKSJXLIHIQSPMXMSR[SVOMRGPYHMRKLSPI
WM^IWTEGMRKERHTEXXIVREQSYRXSJ[EXIVYWIHXIQTIVEXYVI
QM\MRKSJQEXIVMEPWPSEHMRKSJLSPIWGYVMRKERHWEJIX]TVS
ZMWMSRWRIIHXSFIEHHVIWWIH8LIHVMPPIHLSPIWEVIYWYEPP]
XSMR XSQQ MRHMEQIXIV[MXLEWTEGMRKSJ
XSMR XSQQ JSVTPEMRGSRGVIXIERHXSMR
XSQQ JSVVIMRJSVGIHGSRGVIXI;LMPII\GIPPIRX
VIWYPXW LEZIFIIRSFXEMRIHXLIEKIRXQYWXFIYWIHMRWSYRH
GSRGVIXI XS EGLMIZI XLI HIWMVIH GVEGO TVSTEKEXMSR 3XLIV
IUYMTQIRXMWVIUYMVIHJSVGSQTPIXIVIQSZEPSJXLIGSRGVIXI
QEXIVMEP7EJIX]GSRWMHIVEXMSRWMRGPYHIGEYXMSRHYVMRKQM\MRK
ERHTPEGMRKERHHERKIVJVSQTSWWMFPIFPS[SYXSJEKIRXJVSQ
XLI LSPI (ERKIV SJ FPS[SYX MRGVIEWIW [MXL PEVKIVHMEQIXIV
LSPIW
3RGITPEGIHMRXLILSPIWXLIQM\XYVIQYWXFITVSXIGXIH
JVSQ VYRRMRK [EXIV 4PEWXMG WPIIZIW LEZI FIIR YWIH [LIVI
[EXIVMWMR XLILSPI8LIQEXIVMEPQYWXFIEPPS[IHXSGYVI
WMQMPEVXSGSRGVIXISXLIV[MWIXLIFVIEOMRKJSVGIQE]RSX
HIZIPSTJSVSVQSVILSYVW8LIQEXIVMEPGSRXMRYIWXS
FIMQTVSZIHERHERYQFIVSJX]TIWEVIRS[EZEMPEFPIJSV
HMJJIVIRX XIQTIVEXYVIGSRHMXMSRWERHVIEGXMSRXMQIW
)MKLX TETIVW HMWGYWW 2)(% [IVI TVIWIRXIH EX XLI RH
6-0)1 'SRJIVIRGI /EWEM   1SWX SJ XLIWI HIEPX [MXL
WTPMXXMRKQIGLERMWQSJXLIGSRGVIXIYRHIVI\TERWMZITVIWWYVI
SXLIVW[MXLGLIQMGEPGSQTSWMXMSRTVSTIVXMIWERHETTPMGEXMSRW

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

6

*MK{4PYKERHJIEXLIVQIGLERMGEPWTPMXXIV
{1IGLERMGEPWTPMXXIVW
1IGLERMGEPSVL]HVEYPMGWTPMXXIVWEVITPEGIHMRTVIHVMPPIH
LSPIW[MXLXLIWTPMXXMRKEGXMSRHIZIPSTIHF]EWXIIPTPYKSV
[IHKI TSWMXMSRIH FIX[IIR X[S LEVHIRIH WXIIP WLMQW SV
JIEXLIVW *MK 4PEGIHMRXLIVIXVEGXIHTSWMXMSRL]HVEY
PMGTVIWWYVIETTPMIHXSXLITMWXSRTPYKEHZERGIWMXERHXLI
JIEXLIVWEVIJSVGIHEKEMRWXXLIWMHIWSJXLILSPITVSHYGMRK
XLIWTPMXXMRKEGXMSR[MXLEJSVGISJYTXSPF O2 
HITIRHMRKSRXLIWM^ISJXLIYRMX3RIQERYJEGXYVIVLEWWIZIVEP
QSHIPW[MXLVIGSQQIRHIHTVIHVMPPIHLSPIHMEQIXIVWJVSQ
XSMR XSQQ [MXLWTEGMRKSJLSPIWJVSQ
XSMR XSQQ  1ERRMRK/EWEM 
3RIWTPMXXIVQERYJEGXYVIHMR+IVQER]XLEXGERFIVIMRWIVXIH
MRXS LSPIW *MK   [EW YWIH XS VIQSZI GSRGVIXI JVSQ
GLEQFIVJEGIWEX(EWLMIPHW0SGO 1IPI] 8LMWYRMXVI
UYMVIWMRHMEQIXIV QQ LSPIW
8LMWQIXLSHMWEHETXEFPIXSE[MHIVERKISJNSFGSRHMXMSRW
%RSTIRJEGISVWTEGIMWRIIHIHSREXPIEWXSRIWMHIXSEPPS[
JSV QSZIQIRX SJ XLI FVSOIR GSRGVIXI 8[S JVII WYVJEGIW
[SYPHFIQSVIIJJMGMIRX;LIRXLIWTPMXXIVMWYWIHXSGYXER
STIRMRKMRE[EPPSVWPEFEWXEVXIVLSPITVSZMHIHF]EGSVIHVMPP
SVSXLIVQIERWMWRIIHIH 8LI LSPIW HVMPPIHJSVXLI WTPMXXIVW
QYWXFIWXVEMKLXERHSJEWTIGMJMIHHMEQIXIV 7YTVIRERX 
{(IQSPMXMSRSJGSRGVIXIWXVYGXYVIWF]LIEX
7IZIVEPTETIVWSRNIXJPEQIGYXXIVQIXLSHXLIVQEPGYXXMRK
ERHI\TIVMQIRXEXMSRF]ETTP]MRKIPIGXVMGEPGYVVIRXXLVSYKL
VIMRJSVGMRK WXIIP PEWIV FIEQ ERH YWI SJ QMGVS[EZI IRIVK]
[IVITVIWIRXIHEX6-0)17]QTSWMYQ /EWEM 
 .IXJPEQIGYXXIVQIXLSH{8LINIXJPEQIGYXXIVQIXL
SH GSRWMWXW SJ E GYXXMRK YRMX JSV KIRIVEXMRK E WYTIVWSRMG
JPEQIEGSRXVSPPIVXSGSRXVSPVEXIERHTVIWWYVISJS\]KIROIV
SWIRIERHGSSPMRK[EXIVWXSXLIGYXXIV%HVMZIYRMXLSPHWERH
QSZIWXLIYRMX8LMWQIXLSHLEWEPWSFIIRYWIHYRHIV[EXIV
 8LIVQEPPERGI{8LIVQEPPERGIWLEZIFIIRYWIHJSV
ERYQFIVSJ]IEVWXSGYXQEWWGSRGVIXI8LIPERGIGSRWMWXWSJ
ETMTIJMPPIH[MXLMVSR[MVIXLVSYKL[LMGLS\]KIRMWTEWWIH
3RGIMKRMXIHXLITMTI[MVIERHS\]KIREVIGSRWYQIHTVS
HYGMRKELMKLXIQTIVEXYVI:EVMSYWQEXIVMEPWLEZIFIIRYWIH
MRXLITMTIXSTVSHYGIE[MHIVERKISJXIQTIVEXYVIW(YIXS
WEJIX] GSRWMHIVEXMSRW XLMW QIXLSH LEW LEH PMQMXIH YWI MR
KIRIVEPGSRGVIXIGSRWXVYGXMSRFYXLEWJSYRHYWIMRLIEZ]MR
HYWXVMEPJEGMPMXMIWERHRYGPIEVJEGMPMXMIW 1ERRMRK0E
^IRF]ERH4LMPPMTW/EWEM 
 )PIGXVMGEPLIEXMRKSJVIMRJSVGMRKWXIIP{8LIQIXLSH
SJIPIGXVMGEPLIEXMRKSJVIMRJSVGMRKWXIIPMWYWIHXSHIFSRHXLI

*MK{4MWXSRNEGOQIGLERMGEPWTPMXXIV
GSRGVIXIJVSQEVSYRHXLIVIMRJSVGIQIRX'VEGOWHIZIPSTMR
XLI GSRGVIXI GSZIV XLEX JEGMPMXEXI MXW VIQSZEP 8LI QIXLSH
YWIWEPXIVREXMRKGYVVIRX
{,]HVSHIQSPMXMSR [EXIVNIXFPEWXMRK 
,]HVSHIQSPMXMSR EPWS GEPPIH [EXIVNIX FPEWXMRK  MW X]TM
GEPP]YWIH[LIVIXLITVIWIVZEXMSRSJXLIVIMRJSVGMRKWXIIPMW
HIWMVIHJSVVIYWIMRXLIVITPEGIQIRXGSRGVIXIWYGLEWMRXLI
VILEFMPMXEXMSRSJFVMHKIERHTEVOMRKKEVEKIHIGOW WIIEPWS
WIGXMSR   *MK   ,ERHLIPH [EXIVNIX KYRW LEZI
FIIRYWIHXSGYXGSRGVIXI8LMWQIXLSHMWZMFVEXMSRJVIIERH
EZSMHW HERKIV EWWSGMEXIH [MXL JMVI [MXL XLI JPEQI GYXXMRK
QIXLSHW6IMRJSVGMRKFEVWEVIRSXGYXSVHEQEKIH 1ERRMRK
/EWEM 
;EXIVNIXW]WXIQWLEZIFIIRYWIH[MXLEFVEWMZIWXSGYXVI
MRJSVGMRKWXIIPMR.ETER8LVIIHIQSPMXMSRTVSNIGXWEVITVI
WIRXIH MR /EWEMvW   VITSVX [LIVI EFVEWMZI [EXIVNIX
GYXXMRK[EWYWIH
',%48)6{796*%')6)13:%0
{-RXVSHYGXMSR
7YVJEGIVIQSZEPSJGSRGVIXIMWGSQQSRJSVRI[ERHSPH
GSRWXVYGXMSR8]TMGEPP]MXMWVIUYMVIHXSGSVVIGXEREPMKRQIRX
HIJIGX SV TVITEVI XLI WYVJEGI JSV E WYFWIUYIRX XVIEXQIRX
;SVOQE]FISREWQEPPERHGVYHIWGEPI[MXLLERHXSSPWSV
E PEVKI WGEPI [MXL QSXSV HVMZIR IUYMTQIRX ERH EYXSQEXMG
WIRWSVW
8LIXIGLRSPSK]SJVIQSZEPLEWEHZERGIHWYFWXERXMEPP]MR
VIGIRXHIGEHIW8LIEHZERGIQIRXWLEZIFIIRHVMZIRF]EHI
WMVIXSVIHYGIYRMXPEFSVGSWXWXSMQTVSZIFSXL[SVOIVGSQ
JSVXERHWEJIX]ERHXSVIHYGIIRZMVSRQIRXEPGSRXEQMREXMSR
8LMW GLETXIVTVIWIRXW E HIWGVMTXMSR SJ XLI EZEMPEFPI W]W
XIQWXLIMVTVSFEFPIETTPMGEXMSRERHEHZERXEKIWERHHMWEH
ZERXEKIWSJZEVMSYWX]TIWSJVIQSZEP7SQISJXLIW]WXIQW
EVI TVSTVMIXEV] SV HIZIPSTQIRXEP 8LIVIJSVI SRP] PMQMXIH
HEXEEVIEZEMPEFPI

6

%'-'311-88))6)4368

*MK{'LMWIPW
*MK {6IMRJSVGMRK WXIIP I\TSWIH F] L]HVSHIQSPMXMSR
QIXLSH
'SRGVIXIWYVJEGIVIQSZEPGERETTP]XSLSVM^SRXEPZIVXMGEP
ERHSZIVLIEHWYVJEGIW7SQIW]WXIQWLS[IZIV[MPPSRP]FI
WYMXEFPIJSVSRIQSHIX]TMGEPP]LSVM^SRXEP
7]WXIQW EZEMPEFPI JSV WYVJEGI VIQSZEP GER FI KIRIVEPP]
WITEVEXIHMRXS
y 1IGLERMGEPVIQSZEP VSYXMRKSVKVSSZMRK 
y -QTEGXSJLEVHTEVXMGPIW EFVEHMRK ERH
y ,]HVEYPMGVIQSZEP L]HVSHIQSPMXMSR 
-REHHMXMSRXLIVIEVIGLIQMGEPVIQSZEPW]WXIQWGSQQSRP]
EGMHIXGLMRK XLEX GER FI YWIH JSV GSRGVIXI VIQSZEP 8LIMV
YWILS[IZIVLEWFIIRHMWGSYVEKIHMRVIGIRX]IEVWHYIXS
WEJIX]ERHIRZMVSRQIRXEPGSRWMHIVEXMSRW
7IPIGXMSRSJEW]WXIQ[MPPZEV][MXLEGGIWWMFMPMX]WM^ISJ
XLI [SVO PSGEPP] EZEMPEFPI IUYMTQIRX ERH I\TIVXMWI ERH
QSWXMQTSVXERXP]XLIIRHYWISJXLIWYVJEGI-RQER]GEWIW
QSVIXLERSRIW]WXIQGERFIGSRWMHIVIH
8LI TVSTVMIXEV] REXYVI SJ W]WXIQW GSQFMRIH [MXL XLI
VERKISJJMREPWYVJEGITVSJMPIWXLEX[MPPVIWYPXSJXIRRIGIWWM
XEXIW GSRWYPXEXMSR [MXL VIQSZEP GSRXVEGXSVW HYVMRK W]WXIQ
WIPIGXMSR
{4YVTSWISJWYVJEGIVIQSZEP
'SQQSRVIEWSRWJSVWYVJEGIVIQSZEPSJGSRGVIXIMRGPYHI
y 8SGSVVIGXYRWSYRHWXEMRIHSVHEQEKIHGSRGVIXIWYGL
EW[IEOERHHYWXMRKWYVJEGIW
y 8S GSVVIGX EPMKRQIRXW XLEX QE] LEZI FIIR GEYWIH F]
GSRWXVYGXMSR IVVSVW WYGL EW FYPKIW ERH LMKL WTSXW SR
WPEFW SV JMRW JVSQ JSVQ[SVO PIEOEKI XLIWI EVI X]TM
GEPP]TPERIRIWWGSVVIGXMSRW
y 8S TVITEVI XLI WYVJEGI JSV WYFWIUYIRX PE]IVW WYGL EW
SZIVPE]WXSTTMRKWXMPIERHGSEXMRKWERH
y 8SMQTVSZIWOMHVIWMWXERGI
{7]WXIQWEZEMPEFPIJSVWYVJEGIVIQSZEP
8LIVIEVIE[MHIVERKISJW]WXIQWEZEMPEFPIIZIR[MXLMRE
TEVXMGYPEV KIRIVMG X]TI SJ VIQSZEP IUYMTQIRX 6IGIRXP]
XLIVILEWFIIREQSZIQIRXXSPEVKIVERHWIPJTVSTIPPIHYRMXW
EWXLIGSRWXVYGXMSRMRHYWXV]FIGSQIWQSVIMRZSPZIHMRGSR
GVIXIVILEFMPMXEXMSR8LMWWIGXMSRHIWGVMFIWXLIKIRIVEPREXYVI
SJXLIIUYMTQIRX[MXLWYKKIWXMSRWSREHZERXEKIWERHHMWEH
ZERXEKIWEW[IPPEWTSWWMFPIYWIW%HHMXMSREPMRJSVQEXMSRSR

VIQSZMRK GSRGVIXIJVSQ FVMHKIW GER FIJSYRHMR1ERRMRK


 ERH:SVWXIVIXEP  
 1IGLERMGEPVIQSZEP
 +IRIVEP{1IGLERMGEPVIQSZEPMWEKIRIVEPXIVQ
MRZSPZMRK E [MHI VERKI SJ VIQSZEP IUYMTQIRX ERH XIGL
RMUYIW,MWXSVMGEPP]QSWXVIQSZEP[EWHSRIF]QIGLERMGEP
QIERWERHXSHE]XLIPEVKIWXZSPYQISJVIQSZEPMWWXMPPYWMRK
XLIQIGLERMGEPVIQSZEPW]WXIQ,ERHSTIVEXMSRWLEZIFIIR
WPS[P]VITPEGIHF]QIGLERM^IHW]WXIQW
3RIGSRGIVREFSYXQIGLERMGEPW]WXIQWMWXLEX[LIRYWIH
JSVWYVJEGITVITEVEXMSRXSSPWGERPIEZIEwFVYMWIHxWYVJEGI
XLEXMRXYVRGERVIHYGIXLIFSRHWXVIRKXLXSWYFWIUYIRXSZIV
PE]W WII7IGXMSR 8LIwFVYMWMRKxGSRGIVRMWTEVXMGYPEVP]
VIPIZERX[MXLGLMTTMRKXSSPW
 'LMTTMRK{'LMTTMRK XSSPW MRGPYHMRK LEQQIV
HVMZIR ERH LERHLIPH TIVGYWWMSR FVIEOIVW EVI XLI QSWX
[MHIP] YWIH VIQSZEP XSSPW 8LI] EVI EZEMPEFPI MR E [MHI
VERKI SJ WM^IW XMT X]TIW LEVHIRIH WXIIPW ERH GEVFMRI  ERH
WX]PIW GLMWIPSVQSMPTSMRX  *MK 
,ERHLIPHTRIYQEXMGFVIEOIVWEVI[MHIP]YWIHERH[IPP
IWXEFPMWLIHXSSPWJSVVIQSZMRKGSRXEQMREXIHERHHIXIVMSVEXIH
GSRGVIXI 8LIMV PMKLX[IMKLX ERH I\GIPPIRX QERIYZIVEFMPMX]
QEOIXLIQMHIEPP]WYMXIHXSVIQSZIHEQEKIHGSRGVIXIJVSQ
WQEPPMWSPEXIHEVIEWERHJVSQZIVXMGEPERHSZIVLIEHWYVJEGIW
8LI]GERFIYWIHSRGVEGOIHWTEPPIHSVHIPEQMREXIHGSR
GVIXIERHSRGLPSVMHIGSRXEQMREXIHGSRGVIXI[LIRXLIHITXL
SJVIQSZEPMWORS[RJVSQXLIIZEPYEXMSRSJXLIWXVYGXYVI
8LI TVSGIHYVI MW XIHMSYW ERH XLI UYEPMX] SJ XLI [SVO MW
WXVSRKP]HITIRHIRXSRXLIGEVIERHEXXMXYHISJXLISTIVEXSV
8LITVSGIWWLEWERYQFIVSJHMWEHZERXEKIW
y %PP XLI HIXIVMSVEXIH SV YRWSYRH GSRGVIXI QE] RSX FI
VIQSZIH
y 8LI WYVJEGI SJ XLI VIQEMRMRK GSRGVIXI QE] FI I\XIR
WMZIP]QMGVSGVEGOIHF]XLIFPS[WJVSQXLIFVIEOIVW
y 7XVMOMRKXLIVIMRJSVGIQIRX[MXLXLIFVIEOIVWQE]RMGO
XLIFEVERHSJKVIEXIVGSRGIVRQE]HIWXVS]XLIFSRH
EHNEGIRXXSXLIVIQSZEPEVIEERH
y 8LITVSGIHYVIMWWPS[RSMW]ERHHYWX]
4VSHYGXMSRVEXIWJEPPMRE[MHIVERKIERHEVIMRJPYIRGIHF]
XLIUYEPMX]SJXLIGSRGVIXIXLIIEWISJEGGIWWERHXLIEQSYRX
SJGSRGVIXIXLEXWLSYPHFIVIQSZIH
 &YWLLEQQIVMRK{&YWLLEQQIVMRKMWX]TMGEPP]
TIVJSVQIHYWMRKEGLMTTMRKLEQQIV[MXLEFYWLMRKXSSP FMX

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

LEZMRKEWIVVEXIHJEGI[MXLVS[WSJT]VEQMHEPTSMRXWSVSJ
TEVEPPIP:WLETIHKVSSZIW *MK 
&YWLLEQQIVMRKGEREPWSFIEGGSQTPMWLIH[MXLLEQQIV
FPS[WSREGLMWIPPMOIXSSPSV[MXLEKERKLEQQIVXLEXYWIW
QYPXMTPI MRHITIRHIRX FMXW % KERK LEQQIV JSV LSVM^SRXEP
WYVJEGIWMWSJXIRORS[REWEWGEFFPIV
8LIHITXLSJTIRIXVEXMSRERHXLIVSYKLRIWWSJXLIJMRMWLIH
WYVJEGIMWGSRXVSPPIHF]XLIWM^IERHWLEVTRIWWSJXLITSMRXW
SRXLIFMXW
3TIVEXMSRWEVIRSMW]ERHHYWX]FYXKSSHGSRXVSPSJVIQSZ
EPHITXLMWRSVQEPP]EGLMIZIH%KEMRwFVYMWMRKxMWEGSRGIVR
FYXI\GIPPIRXQIGLERMGEPVSYKLRIWWJSVFSRHSJWYFWIUYIRX
PE]IVWGERFIEGLMIZIH
 2IIHPIWGEPIVW{2IIHPIWGEPIVWEVIXSSPWTVMQEVMP]
YWIHJSVQIXEPGPIERMRKLS[IZIVXLI]EPWSJMRHYWIMRWIPIG
XMZIGSRGVIXIWYVJEGIVIQSZEP8LIWIXSSPWEVIRSVQEPP]TRIY
QEXMGEPP] HVMZIR ERH LEZI YT[EVH SJ  WXIIP RIIHPIW
ETTVS\MQEXIP]MR QQ MRHMEQIXIV7SQIQSHIPWLEZI
RIIHPIWSJQSVIXLERSRIWM^I8LIXSSPWVERKIMRWM^IJVSQ
QSHIPW[IMKLMRKPF OK ERHHIPMZIVMRKFPS[WQMR
XSEQSHIP[IMKLMRKPF OK ERHHIPMZIVMRKFPS[WQMR
8LIXSSPWVIUYMVIETTVS\MQEXIP]JXQMR QQMR SJGSQ
TVIWWMZIEMVEXTWM O4E 8LI]EVIEPWSEZEMPEFPIEWL]
HVEYPMGXSSPWHIPMZIVMRKEFSYXFPS[WQMR
2IIHPIWGEPIVWEVIIWTIGMEPP][IPPWYMXIHJSVYWISRYRIZIR
WYVJEGIWFIGEYWIXLIRIIHPIWGSRJSVQXSXLIGSRXSYVSJXLI
[SVO8LIQEMRETTPMGEXMSRJSVGSRGVIXI[SVOMWXLIVIQSZEP
SJWQEPPUYERXMXMIWSJGSRGVIXIMREVIEW[LIVIEGGIWWMWHMJJM
GYPXSV[LIVIWTIGMEPGEVIMWVIUYMVIH-RWYGLGEWIWXLIPMKLX
[IMKLX SJ XLI XSSP MW E HMWXMRGX EHZERXEKI ERH XLI PS[
TVSHYGXMSRVEXIWEVIEGGITXEFPI8LIXSSPWGEREPWSFIJMXXIH
[MXLEGLMWIPTSMRXWSXLEXXLIGSRGVIXIGERFIVIQSZIHXS
EPQSWXXLIJYPPHITXLYWMRKXLIGLMWIP[MXLSRP]XLIJMREP
GSRGVIXIFIMRKVIQSZIHF]XLIRIIHPIW
3RIIJJIGXMZIYWISJRIIHPIKYRWMWMRXLIXSYGLYTSJRSR
YRMJSVQ I\TSWIH EKKVIKEXI EVGLMXIGXYVEP GSRGVIXI -R XLI
LERHW SJ ER I\TIVMIRGIH GIQIRX QEWSR GSPSV ERH XI\XYVI
ZEVMEXMSRWGERFIVIHYGIH
 7GEVMJMIVW{7GEVMJMIVW WSQIXMQIW GEPPIH QMPPMRK
QEGLMRIW VIQSZI GSRGVIXI F] ETTP]MRK E VSXEXMRK GYXXMRK
[LIIPXSXLIWYVJEGI-RWSQISJXLIIEVP]QSHIPWXLIGYXXMRK
LIEH[EWLIPHEKEMRWXXLIGSRGVIXIWYVJEGIF]L]HVEYPMGTVIW
WYVIERH[EWVSXEXIHF]XLIJSV[EVHQSXMSRSJXLIQEGLMRI-R
VIGIRXQSHIPWLS[IZIVXLIGYXXMRKLIEHVSXEXIWMRHITIRHIRXP]
YWYEPP]MREHMVIGXMSRTVSHYGMRKERYT[EVHGYXXMRKEGXMSRSRXLI
GSRGVIXI7GEVMJMIVWVERKIMRWM^IJVSQ[EPOFILMRHYRMXW[MXL
ESVMR SVQQ GYXXMRKTEXLHIWMKRIHTVMQEVMP]JSV
XLI VIQSZEP SJ TEZIQIRX QEVOMRKW ERH WYVJEGI GSEXMRKW XS
XVEGOQSYRXIH YRMXW XLEX [IMKL MR I\GIWW SJ  PF
OK [MXLEGYXXMRKLIEHYTXSJX Q [MHI
*MKYVIWLS[WEFSSQQSYRXIHX[MRHVYQVSXEV]LIEH
GYXXIVXLEX[EWEHETXIHMRXLIQMHWJVSQEQMRMRKXSSP
XSEXSSPJSVVIQSZEPJVSQQEWWGSRGVIXIWXVYGXYVIW*MKYVI 
WLS[WEWMRKPIHVYQGYXXIV TPERIV YWIHJSVVIQSZEPJVSQ
LSVM^SRXEPWYVJEGIW&SXLXLIYRMXWYXMPM^IHXYRKWXIRGEVFMHI
FMXW
7GEVMJMIVW EVI[MHIP] YWIH MR FVMHKIVILEFMPMXEXMSRIWTI
GMEPP]XSTVITEVIXLIGSRGVIXIWYVJEGIFIJSVIXLIETTPMGEXMSR

6

*MK{&YWLLEQQIVW
SJEGSRGVIXISZIVPE]8LIWMRKPIPEVKIWXTVSFPIQMRYWMRKE
WGEVMJMIVSRVIMRJSVGIHGSRGVIXIMWMREVIEWSJPS[GSRGVIXI
GSZIV[LIVIXLIWGEVMJMIVQE]VMTSYXXLIVIMRJSVGMRKFEVW
ERHXLIYRMXQE]FIHEQEKIH7GEVMJMIVWEVIRSXWYMXEFPIJSV
ZIVXMGEPSVSZIVLIEHWYVJEGIWI\GITXJSVFSSQQSYRXIHVS
XEV] LIEH GYXXIVW XLEX LEZI FIIR YWIH XS VIQSZI GSRGVIXI
JVSQPSGOGLEQFIVWERH[EPPJEGIW
8LIHITXLSJEGYXGERFIQSVIIEWMP]GSRXVSPPIH[MXLE
WGEVMJMIVXLEREWGEFFPIVFIGEYWIXLIGYXXMRKLIEHGERFIEH
NYWXIHXSEVIJIVIRGITSWMXMSRIMXLIVSRXLIQEGLMRISVJSV
XLIPEVKIYRMXWF]ETVSJMPIPMRI8LIWYVJEGIVSYKLRIWWMWHI
XIVQMRIHF]XLIWTEGMRKERHWLETISJXLIXIIXLQEXGLIHXSMXW
YWIWYGLEWVIQSZMRKZEVMSYWWYVJEGMRKGPIERMRKERHPMKLX
SVLIEZ]QMPPMRK8LIXIIXL[LMGLYWYEPP]LEZIXYRKWXIRGEV
FMHIXMTW[IEVSYXERHWLSYPHFIVITPEGIHWSQIXMQIWEJXIV
SRP]EJI[LSYVWSJYWI
7GEVMJMIVWEVIRSMW]ERHWSQIQEGLMRIWQE]GVIEXIWMKRMJ
MGERXZMFVEXMSR8LIPEVKIVQEGLMRIWEVIIUYMTTIH[MXL[EXIV
XEROWJSVGSSPMRKFMXW TVIZIRXMRKXLIVQEPHEQEKI ERHGSR
ZI]SVW]WXIQWJSVPSEHMRKXLIWGEVMJMIHQEXIVMEPHMVIGXP]MRXS
XVYGOW8LIYWISJ[EXIVGERVIWYPXMREXMKLXP]EHLIVMRKPE]IV
SJWYVJEGIHYWXXLEXMWHMJJMGYPXXSVIQSZI
1MPPMRKMWEGETMXEPMRXIRWMZIQIXLSHSJGSRGVIXIVIQSZEP
YWMRK LMKLTVSHYGXMSR QEGLMRIW XS WXVMT GSRXEQMREXIH ERH
HIXIVMSVEXIHGSRGVIXIJVSQEFSZIXLIVIMRJSVGMRKWXIIP1MPP
MRKQEGLMRIWEVIMHIEPP]WYMXIHXSFVMHKIHIGOVILEFMPMXEXMSR
TVSNIGXW VIUYMVMRK XLI VIQSZMRK SJ PEVKI ZSPYQIW SJ GSR
GVIXI8LIMVMREFMPMX]XSVIQSZIHIXIVMSVEXIHGSRGVIXIJVSQ
FIPS[XLIVIMRJSVGMRKWXIIPSVJVSQMREGGIWWMFPIEVIEWWYGLEW
EXNSMRXJEGIWHVEMRWSVEVSYRHSXLIVSFWXEGPIWQIERWXLEX
QIXLSHWWYGLEWTRIYQEXMGFVIEOIVWEVIMRZEVMEFP]VIUYMVIH
XS WYTTSVX XLI STIVEXMSRW ERH GSQTPIXI XLI HIXEMP [SVO
:SVWXIVIXEP  TVIWIRXWEHIXEMPIHHIWGVMTXMSRSJQMPP
MRKSTIVEXMSRW
 4EVXMGPIMQTEGXVIQSZEP{%JIEXYVISJW]WXIQWMR
ZSPZMRKTEVXMGPIMQTEGXMWXLEXVIQSZEPMWTVIHSQMRERXP]F]
EFVEHMRKSJXLIQSVXEVTLEWISJXLIGSRGVIXI8LIVIJSVIX[S
EWTIGXWEVI

6

%'-'311-88))6)4368

*MK{8VEGXSVQSYRXIHL]HVSQMPPMRKSJFVMHKIHIGO
8EFPI{7XIIPWLSXWIPIGXMSR
*MK{7LSXFPEWXMRK

*MK{,MKLTVIWWYVI[EXIVPERGI
y
y

8LIVIWYPXMRKVIPMIJMWQYGLLMKLIVERH
8LIVIMWEXIRHIRG]XSFIWIPJMRWTIGXMRK[MXLVIKEVHXS
VIQSZEP SJ WSJXIV EVIEW FIGEYWI XLIWI REXYVEPP] EVI
VIQSZIHHIITIV[MXLXLIWEQIIJJSVX
 7LSXFPEWXMRK{% WLSXFPEWXMRK QEGLMRI *MK 
QE]FIQERYEPSVWIPJTVSTIPPIH8LIEFVEWMZIYWIHMWWXIIPWLSX
8LIWLSXMWTVSTIPPIHF]EVSXEXMRK[LIIPXLEXLMXWXLIGSRGVIXI
WYVJEGIERHVIFSYRHWMRXSEVIGSZIV]YRMX%ZEGYYQW]WXIQ
GSPPIGXWHYWXERHWLSX7LSXMWWITEVEXIHF]EQEKRIXERHVI
QSZIH%QEKRIXMGFVSSQGERFIYWIHXSTMGOYTWXVE]WLSX
'YXHITXLMWHIXIVQMRIHF]WM^ISJXLIWLSX JSVI\EQTPI
MR?QQAHMEQIXIVJSVGSRGVIXIVIQSZEPERHMR
?QQAJSVVIQSZEPSJXLIWYVJEGIWOMRSRP] 3RIQERYJEG
XYVIVVIGSQQIRHWWIPIGXMSRSJWLSXWM^IEWWLS[RMR8EFPI
8LIEHZERXEKIWSJXLMWQIXLSHSJVIQSZEPEVIKSSHHYWX
GSRXVSPPMXXPIZMFVEXMSRERHPEGOSJQENSVGPIERYT:EVMEFPI
WYVJEGITVSJMPIWGERFISFXEMRIH[MXLXLIVERKISJWLSXWM^IW
 7ERHFPEWXMRK{7ERHFPEWXMRK MW XLI XVEHMXMSREP
QIXLSHSJGSRGVIXIWYVJEGITVITEVEXMSRFYXMXWYWILEWFIIR
VIHYGIHFIGEYWISJGSRGIVRSZIVIRZMVSRQIRXEPERHLIEPXL
EWTIGXW;IXWERHFPEWXMRKMR[LMGL[EXIVMWMRNIGXIHMRXSXLI
EFVEWMZIWXVIEQGERFIYWIHXSGSVVIGXXLIHYWXTVSFPIQFYX
XLIIJJMGMIRG]SJVIQSZEPMWVIHYGIH

(MEQIXIVMR QQ

4VSJMPI

%TTPMGEXMSR

 

:IV]JMRI

2I[GSRGVIXI

 

*MRIQIHMYQ

'SRGVIXIWIEPIVXLMR
TEMRXGSEXW

 

*MRIQIHMYQ

8LMRYVIXLERIGSEXW

 

1IHMYQ

8LMGOFYMPHYTXLMGO
YVIXLERIVIQSZEP

 

'SEVWI

,IEZ]FYMPHYTITS\]
TVSJMPI

 

)\XVIQIP]GSEVWI

6IQSZMRKXSMR
XSQQ SJWYVJEGI

+VMXJSVWERHFPEWXMRKVERKIWJVSQREXYVEPWERHXSWPEKXLIPEX
XIV RS[ TVIJIVVIH FIGEYWI SJ WYTIVMSV LEVHRIWW ERH TEVXMGPI
WLETI
7ERHFPEWXMRKMWZIVWEXMPI%VERKISJVIPEXMZIP]JMRIWYVJEGI
TVSJMPIWGERVIWYPXHITIRHMRKSRXLIKVMXYWIHERHXLILEVH
RIWWSJXLIQSVXEVTLEWI&VYMWMRKMWRSXETVSFPIQ
+SSHWYVJEGITVITEVEXMSRGERFIEGLMIZIH[MXLWERHFPEWX
MRKLS[IZIVMXWYWIMWRSVQEPP]GSRJMRIHXSWQEPPEVIEWSV
GEWIW[LIVIEGGIWWJSVSXLIVW]WXIQWMWHMJJMGYPX7ERHFPEWX
MRKMWERIJJIGXMZIQIXLSHSJWMQYPXERISYWP]GPIERMRKGSVVS
WMSRTVSHYGXJVSQVIMRJSVGMRKWXIIPERHTVITEVMRKEHNEGIRX
GSRGVIXIWYVJEGIWMRVILEFMPMXEXMSR[SVO
 ,]HVSHIQSPMXMSR{,]HVSHIQSPMXMSR *MK  ERH
 MWEPWSGEPPIH[EXIVNIXFPEWXMRKL]HVSQMPPMRKSVTS[IV
[EWLMRK-XMWKIRIVEPP]YWIHJSVWYVJEGITVITEVEXMSR[LIRXLI
I\MWXMRKWXIIPVIMRJSVGIQIRXMWXSFIVIYWIHMRXLIVITEMV
*MK ERH[LIVIEGGIWWERHTVIWIRGISJ[EWL[EXIV
TIVQMX
)UYMTQIRXVERKIWJVSQLERHLIPH[ERHWXSPEVKIXVEGXSV
QSYRXIHYRMXWSVSXLIVWSRVIQSXISTIVEXIHVEMPW
8LIIJJIGXMZIRIWWSJETEVXMGYPEVW]WXIQMWHITIRHIRXSR
y 2S^^PIX]TI *MK 
y 2S^^PMRKTEXXIVRERHHMWXERGIXSWYVJEGI
y ;EXIVTVIWWYVIERH
y 'SRXEGXXMQI
8LI[EXIVNIXEGGSQTPMWLIWMXWHIWXVYGXMZIEGXMSRF]QIERW
SJXLVIIWITEVEXIQIGLERMWQW  HMVIGXMQTEGX  TVIWWYV
M^EXMSRSJGVEGOWERH  GEZMXEXMSR 1IHISX 8LIWI
XLVII TVSGIWWIW VIEGL XLIMV QE\MQYQ IJJMGMIRG] [LIR XLI
[EXIVNIXWXVMOIWXLIGSRGVIXITEWXI8LIRS^^PIMWXLYWTPE]IH
VETMHP]ERHGSRXMRYEPP]SZIVXLIEVIEXSFIVIQSZIHERHI\

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

*MK{,]HVSQMPPMRKRS^^PI
GIWW[EXIVEPPS[IHXSHVEMRE[E].IXIJJMGMIRG]MWQE\MQYQ
[LIR XLI NIX MXWIPJ MW WXEFPI ERHWXEFMPMX]MW HIXIVQMRIH F]
WLETI ERH GSRJMKYVEXMSR SJ JIIHMRK TMTI ERH RS^^PI I\MX
WTIIHSJ[EXIVERHHMWXERGIJVSQTSMRXSJMQTEGX
7MQTP]WXEXMRKERSTIVEXMRKTVIWWYVISJEGIVXEMREQSYRXEW
MWGSQQSRP]HSRIMWRSXWYJJMGMIRX*SVQENSVSVHIITVIQSZEP
STIVEXMRK TVIWWYVIW ZEV] EQSRK QERYJEGXYVIVW 3RI W]WXIQ
QE]STIVEXIEXETVIWWYVISJTWM 14E ERHEJPS[
VEXI SJ  KTQ  0QMR  ERH ERSXLIV EX E TVIWWYVI SJ
TWM 14E ERHEJPS[VEXISJKTQ 0QMR 
9RMXWLEZMRKTVIWWYVIWYTXSTWM 14E EVIVI
TSVXIH-JXLITVIWWYVIMWPIWWXLERTWM 14E WYV
JEGIGPIERMRKVEXLIVXLERVIQSZEPMWKIRIVEPP]EGLMIZIH
,]HVSHIQSPMXMSRGERVIEHMP]VIQSZIYTXSMR QQ
SJ KSSH UYEPMX] GSRGVIXI -X MW TSWWMFPI XS GEPMFVEXI KERK
QSYRXIH [EXIVNIXW JSVETEVXMGYPEV HITXL SJVIQSZEPF]
EHNYWXQIRX SJ XLI JSYV JEGXSVW RSXIH TVIZMSYWP] :EVME
XMSRW[MPPFII\TIVMIRGIHLS[IZIVMJXLIVIMWEZEVMEXMSRMR
GSRGVIXI WXVIRKXL *MKYVI  MPPYWXVEXIW XLI EJJIGX SJ MQ
TMRKIQIRXXMQISRVIQSZEPHITXL
%W[MXLTEVXMGPIMQTEGXW]WXIQW WII 7IGXMSR L]
HVSHIQSPMXMSRMWXSEHIKVIIWIPJMRWTIGXMRK[MXLVIKEVHXS
VIQSZEPSJWSJXIVSVYRWSYRHGSRGVIXI6IWMHYEPTVSXVYHMRK
EKKVIKEXIQE]VIUYMVIWITEVEXIVIQSZEP
 1MGVS[EZI LIEXMRK{8LI QMGVS[EZI LIEXMRK QIXLSH
VIWYPXWMRVIQSZEPSJWLEPPS[WTEPPWERHXLMWQIXLSHLEWTSXIRXMEP
YWIJSVVIQSZMRKGSRXEQMREXIHGSRGVIXIWYVJEGIW /EWEM 
 'SQTEVMWSRSJW]WXIQWERHGSQFMRIHW]WXIQW{8LI
VIWIEVGL[SVOF] :SVWXIVIXEP EPXLSYKLJSGYWIHSR
FVMHKIVILEFMPMXEXMSRMWVIPIZERXXSXLMWVITSVX'SRGVIXIVI
QSZEPXIGLRMUYIWWXYHMIH[IVITRIYQEXMGFVIEOIVWQMPPMRK
QEGLMRIW ERH L]HVSHIQSPMXMSR -X [EW JSYRH XLEX IEGL SJ
XLIWIQIXLSHWEVIMRJEGXRSXGSQTIXMXSVWMRER]KMZIRXEWO
ERH IEGL LEW FSXL WXVIRKXLW ERH [IEORIWWIW 4RIYQEXMG
FVIEOIVWEVII\XVIQIP]JPI\MFPIMRXIVQWSJWM^IERHHITXLSJ
VIQSZEPXEWOWXS[LMGLXLI]EVIWYMXIHXLI]EVIEPWSXLIQSWX
I\TIRWMZISJ XLI XLVII XIGLRMUYIW %PXLSYKL QMPPMRK MWXLI
GLIETIWXSREYRMXGSWXFEWMWMXMWXLIQSWXMRJPI\MFPIEWMXGER
SRP]FIYWIHXSVIQSZIGSRGVIXIEFSZIXLIVIMRJSVGMRKWXIIP
SRPEVKILSVM^SRXEPWYVJEGIW ,]HVSHIQSPMXMSRMW VIPEXMZIP]

6

*MK{)JJIGXMQTMRKIQIRXXMQISRVIQSZEPHITXL 2SXI
XSGSRZIVXMRXSQQQYPXMTP]F]
MRI\TIRWMZIMXMWJPI\MFPI[MXLVIKEVHXSHITXLSJVIQSZEP
FYXMWPMQMXIHXSPEVKILSVM^SRXEPWYVJEGIWERHVIWYPXMRKIRZM
VSRQIRXEPMQTEGXSJ[EWXI[EXIV
{(IJMRMXMSRSJJMREPWYVJEGI
 +IRIVEP{8LI VIUYMVIH JIEXYVIW SJ XLI GSQTPIXIH
WYVJEGIVIQSZEP[MPPMRGPYHISRISVEGSQFMREXMSRSJ
y 4VSJMPISVTPERIRIWW
y )PIZEXMSRSVJEGIHMQIRWMSR
y (IKVIISJEKKVIKEXII\TSWYVISVHITXLSJVIPMIJERH
y (IKVIISJQMGVSGVEGOMRKMRWYVJEGI
7SQISJXLIWIGERFIHIJMRIH[MXLEVIEWSREFPIHIKVIISJ
HIJMRMXMSRERHXSPIVERGIFYXQSWXEVIWYFNIGXMZIERHHMJJMGYPXXS
HIJMRIERHXLIVIJSVIFIGSQIXLIWYFNIGXSJGSRXVEGXHMWTYXIW
 7TIGMJMGEXMSRW]WXIQW{8LIVIEVIX[SFEWMGETTVSEGL
IWXSWTIGMJMGEXMSRWTIVJSVQERGIWTIGMJMGEXMSRWERHTVIWGVMT
XMZIWTIGMJMGEXMSRW-RXLIJSVQIVXLIGSRXVEGXSVMWXSPH[LEXMW
VIUYMVIH EW XLI JMREP WYVJEGI LS[ MX MW XS FIQIEWYVIH ERH
[LEX[MPPFIXLIGVMXIVMEJSVEGGITXERGI-RXLIPEXXIVXLIGSR
XVEGXSVMWXSPHLS[XSHSXLI[SVOWYGLEWX]TISJIUYMTQIRX
XSYWITVSGIHYVIWXSJSPPS[SVFSXLERHMWKMZIREKIRIVEP
HIJMRMXMSRSJJMREPWYVJEGIVIUYMVIQIRXW-XIQWWYGLEWQIE
WYVIQIRXSVEGGITXERGIQE]FIMRGPYHIHMRXLIVIGMTIQIXLSH
FYXEVISJXIRRSX8LITIVJSVQERGIETTVSEGLMWVIGSQQIRHIH
[LIVITVEGXMGEP
 9WISJNSFWMXIQSGOYT{6IKEVHPIWWSJXLIETTVSEGL
XSWTIGMJMGEXMSRWMXMWWXVSRKP]VIGSQQIRHIHXLEXERSRWMXI
UYEPMJMGEXMSRQSGOYTFIGSRWXVYGXIH3RGIETTVSZIHXLMW
JSVQW XLI VIJIVIRGI JSV EGGITXEFMPMX] SJ XLI JIEXYVIW MR
7IGXMSR7YGLQSGOYTWGERFIGSRHYGXIHEWWITE
VEXI EWWIQFPMIW SV MRXIKVEXIH MRXS XLI MRMXMEP [SVO 8S FI
QIERMRKJYPXLIQSGOYTWLSYPHFITVITEVIH[MXLXLIWEQI
[SVOQIR ERH IUYMTQIRX EW MW XS FI YWIH JSV XLI EGXYEP
GSRWXVYGXMSR8LIVIJSVIXLIXIWXEVIEWLSYPHFISJWYJJMGMIRX
WM^IXSQEOIXLMW[SVOEFPI
 7SQI ETTVSEGLIW XS WTIGMJMGEXMSR{8LI JSPPS[MRK
EVIETTVSEGLIWXLEXLEZIFIIRYWIHF]WTIGMJ]MRKEYXLSVMXMIW
1SWX EVI MRXIRHIH XSETTP] XS JSVQIH SVJMRMWLIHGSRGVIXI
WYVJEGIWWSXLIMVYWIMRWTIGMJ]MRKWYVJEGIGSRHMXMSRWEJXIV
VIQSZEPQE]VIUYMVIQSHMJMGEXMSR

6

%'-'311-88))6)4368

 4PERIRIWWLSVM^SRXEP{8LIQIXLSHWSJWTIGMJ]
MRKTPERIRIWWSJLSVM^SRXEPWYVJEGIW JPEXRIWWERHPIZIPRIWW
EVITVSFEFP]FIXXIVHIZIPSTIHXLERXLISXLIVWYVJEGIJIEXYVIW
1IXLSHW MRGPYHI XLI YWI SJ MRGVIQIRXEP QIEWYVIQIRXW *
2YQFIV7]WXIQ ERHXLIWXVEMKLXIHKI %'- *PSSHMRK
ERHSFWIVZMRK[EXIVTSRHMRKGEREPWSFIIJJIGXMZIJSVWSQI
JPEX[SVO4VSGIHYVIWJSVQIEWYVMRKTPERIRIWWYWMRKMRGVI
QIRXEPQIEWYVIQIRXW *2YQFIV7]WXIQ GERFIJSYRHMR
%781)
8LIWXVEMKLXIHKIGERTVSZMHIVIEWSREFPIGSRXVSPSJTPERI
RIWWMJ
y )\XVIQIP]JMRIXSPIVERGIWEVIRSXVIUYMVIHERH
y 8LIQIXLSHSJYWIMWHIJMRIH8LMWMRGPYHIWPIRKXLSJ
WXVEMKLXIHKIJVIUYIRG]ERHSVMIRXEXMSRSJETTPMGEXMSR
ERHQIXLSHSJWYTTSVX IRH FPSGOW SVVIWXMRKSRLMKL
WTSXW %'-TVSZMHIWKYMHERGI
 4PERIRIWWZIVXMGEP{7XVMRKPMRIWSVWXVEMKLXIHK
IWEVIWEXMWJEGXSV]MJQIXLSHSJYWIMWHIJMRIH
 7YVJEGIXI\XYVI{8LIWYVJEGIXI\XYVIMWSRIJIE
XYVI XLEX WYJJIVW JVSQ WYFNIGXMZIRIWW -J PMKLX VIQSZEP F]
LERH XSSPW TS[IV XSSPW SV WERHFPEWXMRK MW WTIGMJMIH XLI
7XIIP 7XVYGXYVEP 4EMRXMRK 'SYRGMP 774'  7XERHEVHW 74
74SV74VIWTIGXMZIP]QE]FIYWIH;LMPIXLIHITXLSJ
VIQSZEPMWSJXIRWTIGMJMIHMXMWHMJJMGYPXXSQIEWYVIXSER]HI
KVIISJEGGYVEG]
7YVJEGIXI\XYVILEWFIIRWTIGMJMIHF]XLIWIGVYHIVIQSZEP
JEGIXW
y 7YVJEGIWOMRVIQSZEP
y 8SEHITXLSJQSVXEV XLEXMWRSI\TSWIHEKKVIKEXI ERH
y 8SEHIKVIISJI\TSWYVISJGSEVWIEKKVIKEXITEVXMGPIW
-REPPGEWIWEKVIIQIRXSRXLIHIWMKRIVvWRIIHWERHGSR
XVEGXSVWTIVJSVQERGIGERSRP]FIVIEGLIHF]XLIQSGOYT
ETTVSEGLHIWGVMFIHMR7IGXMSR
3RIYRMUYIQIXLSHSJUYERXMJ]MRKLSVM^SRXEPWYVJEGIXI\
XYVI %781) MWXSTSYVEKMZIRZSPYQISJHV]WERH
YWYEPP]SRIWM^IWMPMGEWERH SRXSXLIWYVJEGIERHHIXIVQMRI
[LIRWTVIEH[MXLEWUYIIKII[LEXEVIEMXGSZIVW
 'PIERPMRIWW{-XMWGSQQSRMRWTIGMJMGEXMSRWXSVI
UYMVIWYVJEGIWXSFIwGPIERx+EYP  ERH%781(
TVSZMHIMRJSVQEXMSRSRGPIERPMRIWWFIJSVIGSEXMRKETTPMGEXMSR
%WMQTPITVEGXMGEPXIWXJSVGPIERPMRIWWMWXS[MTIEHEVO
GPSXL EGVSWW XLI GSRGVIXI WYVJEGI XLIVI WLSYPH FI RS IZM
HIRGISJ[LMXITS[HIVSRXLIGPSXL3MP]WYVJEGIWQE]FIHI
XIGXIH F] WTVMROPMRK [EXIV ERH SFWIVZMRK MJ HVSTPIXW EVI
JSVQIH
 7SYRHRIWWSJWYVJEGI{%GSQQSRWTIGMJMGEXMSR
GPEYWI MR VIQIHMEP [SVO MW XS VIQSZI wEPP YRWSYRH GSR
GVIXIx[LMGLMWJEVJVSQHIJMRMXMZIFYXYRHIVWXSSHXSKIR
IVEPP]QIEREPPZSMHIHSVGVEGOIHGSRGVIXISFZMSYWF]ZMWYEP
I\EQMREXMSR SV WSYRHMRK 9RJSVXYREXIP] XLMW [MPP RSX
EHHVIWWER]GSRGVIXIXLEXGSRXEMRWQMGVSGVEGOWFVYMWIHEW
EVIWYPXSJXLIVIQSZEPTVSGIWW-RETVEGXMGEPWIRWIEWSYRH
WYVJEGIMWSRIXLEX[MPPVIWMWXWXVIWWXLEXQE]FII\IVXIHF]XLI
VITEMVQEXIVMEPFIMXJVSQWLVMROEKIHYVMRKGYVMRKHMJJIVIR
XMEPXLIVQEPWXVEMRWSVWXVYGXYVEPPSEHMRK

{6IUYMVIQIRXWJSVWYVJEGITVITEVEXMSR
%781LEWERYQFIVSJWXERHEVHWERHXIWXQIXLSHWVIPI
ZERX XS WYVJEGI TVITEVEXMSR 8LIMV WGSTI MW WYQQEVM^IH EW
JSPPS[W
y %781({8LMWTVEGXMGIMRGPYHIWWYVJEGIGPIER
MRKSJGSRGVIXIXSVIQSZIKVIEWIHMVXERHPSSWIQEXIVMEP
FIJSVI XLI ETTPMGEXMSR SJ GSEXMRKW 4VSGIHYVIW MRGPYHI
FVSSQ GPIERMRK ZEGYYQ GPIERMRK EMVFPEWX GPIERMRK
[EXIV GPIERMRK HIXIVKIRX [EXIV GPIERMRK ERH WXIEQ
GPIERMRK8LMWTVEGXMGIMWRSXMRXIRHIHXSEPXIVXLIWYVJEGI
TVSJMPISJXLIGSRGVIXIFYXXSGPIERXLIWYVJEGI
y %781({8LMWTVEGXMGIMRGPYHIWWYVJEGITVITE
VEXMSRSJGSRGVIXIFIJSVIETTPMGEXMSRSJGSEXMRKWERHMX
VIGSKRM^IWXLIXLVIIKIRIVMGX]TIWSJWYVJEGIVIQSZEP{
QIGLERMGEP [EXIVNIX FPEWXMRK ERH EFVEWMZI FPEWXMRK
8LIEGGITXERGIMWFEWIHSRZMWYEPI\EQMREXMSRERHER
STXMSREP TYPPSJJ XIWX JSV GSEXMRKW (   -RXIVIWX
MRKP] (  WYKKIWXW XLEX [EXIVNIX FPEWXMRK MW JSV
GPIERMRK[LMPISXLIVQIXLSHWEVIJSVEFVEHMRK-RJEGX
GYVVIRXTVEGXMGIMRXLIMRHYWXV]MWXSYWI[EXIVNIXFPEWX
MRK L]HVSQMPPMRK  I\XIRWMZIP] JSV VIQSZEP TVSFEFP]
QSVIWSXLERXLISXLIVX[SQIXLSHW
y %781({8LMWTVEGXMGIMRGPYHIWWYVJEGITVITE
VEXMSRSJGSRGVIXIXSTVITEVIXLIWYVJEGIFIJSVIETTPMGE
XMSRSJGSEXMRKWERHMXMWMRXIRHIHXSEPXIVXLIWYVJEGI
TVSJMPISJXLIGSRGVIXIERHXSVIQSZIJSVIMKRQEXIVMEPW
ERH[IEOWYVJEGIPEMXERGI
y %781 ( {8LMWXIWX QIXLSHGSZIVW E TVSGIHYVI
ERHETTEVEXYWJSVIZEPYEXMRKXLITYPPSJJWXVIRKXL GSQ
QSRP] VIJIVVIH XS EW EHLIWMSR  SJ E GSEXMRK F] HIXIV
QMRMRK IMXLIV XLI KVIEXIWX TIVTIRHMGYPEV JSVGI MR
XIRWMSR  XLEX E WYVJEGI EVIE GER FIEV FIJSVI E TPYK SJ
QEXIVMEP MW HIXEGLIH SV [LIXLIV XLI WYVJEGI VIQEMRW
MRXEGX EX E TVIWGVMFIH JSVGI TEWWJEMP  *EMPYVI [MPP
SGGYVEPSRKXLI[IEOIWXTPERI[MXLMRXLIW]WXIQGSQ
TVMWMRK XLI XIWX JM\XYVI EHLIWMZI GSEXMRK W]WXIQ ERH
WYFWXVEXI XLEX [MPP FI I\TSWIH F] XLI JVEGXYVI WYVJEGI
8LMW XIWX QIXLSH HMVIGXP] QIEWYVIW XIRWMPI WXVIWW EW
GSQTEVIHXS XLI WLIEV WXVIWW XIWXIH F] SXLIV QIXLSHW
WYGLEWWGVEXGLSVORMJIEHLIWMSRERHVIWYPXWQE]RSX
FIGSQTEVEFPI8LIETTEVEXYWMWWLS[RMR*MK
{'SRGVIXITEZIQIRXWYVJEGIVIQSZEP
8LITYVTSWISJGSRGVIXITEZIQIRXWYVJEGIVIQSZEPQE]FI
y 8SGSVVIGXWOMHVIWMWXERGISJVYXXIHSVTSPMWLIHWYVJEGIWSV
y 8SVIQSZIYRWSYRHGSRGVIXIWYVJEGIPE]IVW
7]WXIQWYWIHKIRIVEPP]MRZSPZIQIGLERMGEPVIQSZEP WII
EPWS 7IGXMSR 3RIW]WXIQYWIW[IXGYXXMRK[MXLHME
QSRHFPEHIW *MK 
'SRGVIXI VSEH WYVJEGIW GER FI TVSZMHIH [MXL REVVS[
KVSSZITEXXIVRW MR?QQA[MHIMR?QQAHIIT
ERHWTEGIHXSMR?XSQQAETEVX F][IXGYXXMRK[MXL
HMEQSRHFPEHIW+VSSZMRKF]HV]QMPPMRKMWRSXVIGSQQIRHIH
EWXLMWXIRHWXSGEYWIWXVYGXYVEPHMWMRXIKVEXMSRSJXLIVMHKIWFI
X[IIRXLIKVSSZIW
-XMWEPWSTSWWMFPIXSI\XIRHTEZIQIRXWIVZMGIPMJIF]VI
QSZEPSJEHIXIVMSVEXIHWYVJEGI,MKL[E]KVMRHMRKQE]FI
GSRWMHIVIH[LIVIRSQSVIXLER SJXLIWPEFWRIIHJYPP

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

6

HITXLVITPEGIQIRXERH[LIVIXLIWYVJEGIHEQEKIHSIWRSX
I\GIIHEFSYXMR QQ MRHITXL;LIVIXLIWIGSRHM
XMSRWETTP]VIWXSVEXMSRMWKIRIVEPP]QSVIIGSRSQMGEPXLERER
SZIVPE]SJEWTLEPXSVGSRGVIXISVJYPPVITPEGIQIRXSJXLIVSEH
WYVJEGI1SWXGSRGVIXIVSEHWGERFIKVSYRHEXPIEWXSRGIEW
XLIQENSVMX]SJLMKL[E]KVMRHMRKSTIVEXMSRWVIQSZIWSRP]
XSMR XSQQ SJGSRGVIXI-RKIRIVEPWYVJEGI
MQTVSZIQIRXMWXLIQSWXGSWXIJJIGXMZIEPXIVREXMZIJSVTEZI
QIRXWXLEXEVIWXVYGXYVEPP]EHIUYEXIERHHSRSXLEZIGSRGVIXI
HYVEFMPMX]TVSFPIQW
{-RJPYIRGISJWYVJEGIGSRHMXMSRWSR
FSRHTVSTIVXMIW
 6IPEXIHVIWIEVGL{*IPX   GSRGPYHIH XLEX WYV
JEGIXI\XYVIHSIWRSXLEZIETVIHMGXEFPISVGSRWMWXIRXMRJPY
IRGISRFSRHMRK*SVI\EQTPILISFXEMRIHTSSVVIWYPXWSR
WERHFPEWXIHWYVJEGIW[LIVIXLIIJJIGXSJXLIWERHFPEWXMRK[EW
XSTSPMWLXLIWYVJEGI*IPXGSRGPYHIHXLEXJEGXSVWMRJPYIRGMRK
FSRHSJRI[ERHSPHGSRGVIXI[IVIRSXIEWMP]MWSPEXIHERH
GSRXVSPPIH8LIQSWXMQTSVXERXJEGXSV[EWXLIGSRHMXMSRSJ
XLISPHWYVJEGI{MXWGPIERPMRIWWVSYKLRIWWERHWXVIRKXLSV
WSYRHRIWW-JXLIWYVJEGI[EWGPIERWPMKLXP]VSYKLERHJVII
SJ[IEOSYXIVWOMRKSSHFSRH[EWKIRIVEPP]SFXEMRIHSXL
IV[MWIVIPEXMZIP]TSSVFSRH[EWSFXEMRIH
8EPFSX  EWWIWWIHXLIFSRHSJWLSXGVIXIXSGSRGVIXI
WYVJEGIW TVITEVIH [MXL ZEVMSYW TVSGIHYVIW{WERHFPEWXMRK
GLMTTMRK[MXLNEGOLEQQIVWKVMRHMRKSVL]HVSHIQSPMXMSR-X
[EW GSRGPYHIH XLEX XLI X]TI SJ WYVJEGI TVITEVEXMSR LEW E
WXVSRKMRJPYIRGISRXLIWXVIRKXLERHHYVEFMPMX]SJXLIFSRH
MRK ERH XLEX L]HVSHIQSPMXMSR MW TVSFEFP]XLI FIWX X]TI SJ
WYVJEGI TVITEVEXMSR 8LI WLSXGVIXI QM\XYVI GSQTSWMXMSR
LS[IZIV [EW JSYRH XS LEZI VIPEXMZIP] PMXXPI MRJPYIRGI SR
FSRHMRK 8EPFSX EWWIWWIH FSXL [IXQM\ ERH HV]QM\ WLSX
GVIXIWERHJSYRHPMXXPIHMJJIVIRGIMRXLIFSRHWXVIRKXLW8LI
EWWIWWQIRX [EW FEWIH SR TYPPSJJXIWXW HIWGVMFIH MR '%2
'7% %& 7IGXMSR   8EPFSXvW HEXE EPWS WLS[IH
XLEXXLIVIGERFIWSQIVIHYGXMSRMRFSRHWXVIRKXL[MXLXMQI
XIWXWFIX[IIRERHQSRXLW 
,MRHS  VITSVXIHETYPPSJJXIWXETTEVEXYWWMQMPEVXS
XLI'7%XIWXTVSGIHYVIHIWGVMFIHMR7IGXMSR[EWYWIH
XSGSQTEVIXLIFSRHWXVIRKXLHIZIPSTIHFIX[IIRNEGOLEQ
QIVMRKERHL]HVSHIQSPMXMSR,IJSYRHWMKRMJMGERXP]LMKLIV
FSRHWXVIRKXLW[IVISFXEMRIHF]L]HVSHIQSPMXMSRERHEXXVMF
YXIHMXXSXLIJSPPS[MRK
y 0EGOSJEFVYMWIHPE]IV
y -VVIKYPEV[EZ]WYVJEGITVSJMPI
y -RGVIEWIHRYQFIVSJQMGVSTSVIWERH
y +VIEXIVWYVJEGIEVIE
8LITETIVF],MRHSGSRXEMRWWSQIQMGVSKVETLWXLEXWLS[
XLIFVYMWIHPE]IVTLIRSQIRSRERHGSRGPYHIWXLEXw8LIYWI
SJ TRIYQEXMG LEQQIVW JSV GSRGVIXI VIQSZEP ERH WYVJEGI
TVITEVEXMSRWLSYPHFIHMWGSYVEKIHERHVITPEGIH[LIVIETTPM
GEFPI[MXLEL]HVSHIQSPMXMSRQIXLSHx
,MRHSvWHEXEWLS[FSRHWXVIRKXLWETTVS\MQEXIP]TWM
 14E  F] XLI NEGOLEQQIVMRK QIXLSH ERH  TWM
 14E  F] XLI L]HVSHIQSPMXMSR QIXLSH ;MXL FSXL
TVSGIHYVIW JEMPYVIWJVIUYIRXP] SGGYVVIHFIPS[XLIFSRH
MRXIVJEGI-RIJJIGXMX[EWPEVKIP]XLIFEWIGSRGVIXIXIRWMPI

*MK{7GLIQEXMGTYPPSJJEHLIWMSRXIWXIV %781( 

*MK{4EZIQIRXKVSSZMRK
WXVIRKXLXLEX[EWFIMRKEWWIWWIHERHXLIVIJSVIXLIWMKRMJMGERX
IJJIGXSJXLIWYFWYVJEGIQMGVSGVEGOMRKSRFSRHWXVIRKXL
 8IWX TVSGIHYVIW{%RYQFIVSJTYPPSJJXIWXTVSGI
HYVIW LEZI FIIR WYKKIWXIH 1SWX EVI FEWIH SR XLI wSZIV
GSVIxETTVSEGL%WTIGMJMIHWXERHEVHXIWXTVSGIHYVIMWTVI
WIRXIH MR '%2'7% %& *MKYVI  WLS[W GSVIW
JVSQTYPPSJJXIWXMRK
%781(JSVHIXIVQMRMRKXLIFSRHWXVIRKXLSJGSEX
MRKWETTPMIHXSGSRGVIXIMWHIWGVMFIHMR7IGXMSR
 7TIGMJMGEXMSRW{%'-  VIGSQQIRHW E TYPPSJJ
WXVIRKXL SJ  TWM  14E  JSV ITS\]FEWIH QSVXEVW
'%2'7%%VIGSQQIRHWTWM 14E JSVFSRHIH
XSTTMRKW[LIRXIWXIHXSXLITVSGIHYVIWHIWGVMFIHMR'%2
'7%%&
6IWYPXWVITSVXIHMRXLIPMXIVEXYVIVERKIJVSQXSTWM
 XS  14E  ,MKLIV ZEPYIW SJXIR EVI EWWSGMEXIH [MXL
JEMPYVIMRXLIFEWIGSRGVIXI[LIVIEWPS[IVZEPYIWEVIEWWS

6

%'-'311-88))6)4368

*MK{4YPPSJJXIWXGSVIJEMPYVIW
GMEXIH[MXLJEMPYVIEXXLIFSRHPMRI%LMKLHIKVIISJZEVMEFMP
MX]MRTYPPSYXFSRHXIWXVIWYPXWMWXSFII\TIGXIH
',%48)6{463(9'8-323*'32'6)8)
*6316)'='0)('32'6)8)
{-RXVSHYGXMSR
8LITVSFPIQJEGMRKQSWXYVFERM^IHREXMSRWMWXLIHIGPMRI
SJEZEMPEFPIHMWTSWEPWMXIW8LIWIWMXIWEVIHIGPMRMRKJSVEZE
VMIX]SJVIEWSRWIWTIGMEPP]IRZMVSRQIRXEP-RQER]YVFEREV
IEW MR XLI 9RMXIH 7XEXIW I\MWXMRK HMWTSWEP WMXIW EVI FIMRK
I\LEYWXIH%PWSWSYVGIWSJKSSHUYEPMX]EKKVIKEXIWEVIVET
MHP]FIGSQMRKHITPIXIH6IYWISJGSRGVIXIEWEKKVIKEXIWMWE
TVSGIWW[LSWIXMQILEWEVVMZIH
8LMWGLETXIVHMWGYWWIWWSQISJXLIGSRWMHIVEXMSRWJSVIZEP
YEXMRKERHTVSGIWWMRK[EWXIGSRGVIXIJSVTVSHYGXMSRSJEK
KVIKEXIWWYMXEFPIJSVVIYWIMRGSRGVIXIGSRWXVYGXMSR
{%KKVIKEXITVSHYGXMSRTVSGIWW
 7MXI{4VSHYGXMSRSJVIG]GPIHGSRGVIXIFIKMRWEXXLI
HIQSPMXMSRWMXI-RKIRIVEPGSRGVIXITEZIQIRXWEVIJMVWXFVS
OIRMRXSEFSYXMR QQ TMIGIW[MXLEPEVKIL]HVEYPMG
LEQQIV 8LIR XLI TEZIQIRXW EVI FVSOIR YT [MXL E PEVKI
LSSOIH MRWXVYQIRX GEPPIH E VLMRSLSVR HYI XS MXW WLETI
QSYRXIHSREVYFFIVXMVIHPSEHIVSVI\GEZEXSVMRPMIYSJXLI
WXERHEVHFYGOIX%WXLILSSOMWTYPPIHXLVSYKLXLITEZIQIRX
XLIWPEFWEVIFVSOIRYTERHQSWXSJXLIVIMRJSVGIQIRXMWVI
QSZIH (IQSPMXMSR SJ IPIQIRXW JVSQ FYMPHMRKW SV SXLIV
WXVYGXYVIW EVI KIRIVEPP] JMVWX FVSOIR [MXL ZILMGPIQSYRXIH
MQTEGX LEQQIVW 3RGI E VYFFPI TMPI MW TVSHYGIH SR XLI
KVSYRHL]HVEYPMGFVIEOIVWGERFIYWIHXSVIHYGIXLIVYFFPI
XSEWYMXEFPIWM^IJSVJYVXLIVLERHPMRK
,]HVEYPMG WLIEVW ERH XSVGLIW EVI YWIH XS VIQSZI  XS
 SJXLIVIMRJSVGIQIRX8LIVIQEMRMRKWXIIPMWVIQSZIH
JVSQ XLI GSRGVIXI EX XLI JMREP TVSGIWWMRK TPERX .E[X]TI
GVYWLIVW LEZI TVSZIR WYGGIWWJYP JSV TVSGIWWMRK QEXIVMEPW
[MXLWXIIPMRXLIQ8LIWXIIPMXWIPJMWEPWSVIG]GPEFPI
(IQSPMWLIHGSRGVIXIMWXLIRPSEHIHMRXSXVYGOWERHXVERW
TSVXIHXSETPERXJSVJYVXLIVTVSGIWWMRK8LMWTPERXQE]IMXLIV
FI HMVIGXP]EWWSGMEXIH [MXLXLI WTIGMJMG HIQSPMXMSR ERH VI
QSZEPGSRWXVYGXMSRSVQE]FIEWITEVEXIIRXMX]WIXYTXSHMW
TSWI SJ XLI GSRGVIXI WMQMPEV XS JEGMPMXMIW JSV VIG]GPMRK
EPYQMRYQGERW

 4PERXSTIVEXMSR{9TSREVVMZEPEXXLITPERXXLIGSR
GVIXI[MPPIMXLIVHMVIGXP]IRXIVXLIGVYWLMRKERHVITVSGIWWMRK
STIVEXMSRSVMXQE]FIFVSOIRHS[RJYVXLIV[MXLL]HVEYPMG
FVIEOIVWQSYRXIHSRXVEGOIHSV[LIIPIHI\GEZEXSVW8LIVI
EVIWXERHEVHEXXEGLQIRXWEZEMPEFPIJSVQSWXZEVMIXMIWSJI\
GEZEXSVW 8LI TVIJIVVIH QIXLSH SJ VIHYGMRK XLI TVMQEV]
[EWXIJIIHMWXSTVSGIWWMXXLVSYKLENE[GVYWLIV
8LIYRTVSGIWWIHQEXIVMEPXLEXMWKIRIVEPP]MRXLIVERKISJ
XSMR XSQQ MWVIHYGIHXSXSMR 
XSQQ %JXIVHMWGLEVKIJVSQXLIJMVWXGVYWLMRKSTIVEXMSR
MRXLITPERXXLIVIQEMRMRKVIMRJSVGMRKWXIIPGERIEWMP]FIVI
QSZIH[MXLEWIPJGPIERMRKQEKRIXVYRSZIVXLITVSHYGX8LI
TVSHYGXMWXLIRJYVXLIVVIHYGIH[MXLEWQEPPIVNE[GVYWLIV
GSRIGVYWLIVSVMQTEGXGVYWLIVXSTVSHYGIEJMRMWLIHTVSHYGX
SJXSMR XSQQ XSTWM^I8LIJMREPEKKVIKEXI
TVSHYGIH RSVQEPP] LEW PIWW XLER   TEWWMRK XLI 2S 
QQ WMIZI ,ERWIR 
%JXIVXLIVIMRJSVGIQIRXMWVIQSZIHTEZIQIRXGSRGVIXIMW
VIPEXMZIP]GPIER&YXXLMWMWRSXXLIGEWI[MXLEPPHIQSPMWLIH
GSRGVIXI3RGIXLIWXIIPMWVIQSZIHJVSQXLIGSRGVIXIXLIVI
MWWXMPPRSKYEVERXIIXLEXXLIQEXIVMEPTVSHYGIH[MPPFISJWYMX
EFPIUYEPMX]JSVYWIEWGSRGVIXIEKKVIKEXIW3XLIVGSRXEQM
RERXW QE] WXMPP FI TVIWIRX MR XLI QEXIVMEP ERH WLSYPH FI
VIQSZIH8LIWIGSRXEQMRERXWGSYPHMRGPYHITPEWXIV[SSH
TPEWXMGSMPHVSTTMRKWERHSXLIVRSRQIXEPPMGFYMPHMRKQEXIVMEPW
7EPXGSRXEQMREXIHTEZIQIRXGSRGVIXIWLSYPHRSXFIYWIH
EWVIG]GPIHEKKVIKEXIWJSVVIMRJSVGIHGSRGVIXIXSFII\TSWIHMR
EQSMWXIRZMVSRQIRX0EVKIVTEVXMGPIWGERFIVIQSZIHF]LERH
SVQIGLERMGEPMQTPIQIRXWFYXEHHMXMSREPHV]SV[IXTVS
GIWWMRK [MPP FI RIGIWWEV] XS VIQSZI EPP SJ XLI TSXIRXMEP
GSRXEQMRERXW%TMPSXWXYH]GEVVMIHSYXMR(IRQEVOWLS[IH
XLEX[LIRTVSTIVP]SVKERM^IHHIQSPMXMSRVYFFPIGERFI
WSVXIHSRWMXIERHWSPHEWIGSRSQMGEPP]EWHMWTSWEPSJEPP
XLIHIFVMW ,ERWIR 
 4PERX HIWMKR{4PERXW JSV TVSGIWWMRK VIG]GPIH GSR
GVIXIEVIZIV]WMQMPEVXSXLSWITPERXW[LIVIZMVKMRQEXIVMEPW
EVITVSGIWWIH8LIIJJIGXWSJTVSGIWWMRKLERHPMRKERHFIR
IJMGMEXMSR EVI HMWGYWWIH MR %'- 6 %PQSWX XLI WEQI
IUYMTQIRXMWYWIH[MXLSRP]QMRSVZEVMEXMSRWJSVXLIVIQSZEP
SJGSRXEQMRERXWXLEXEVIRSXYWYEPP]JSYRHMRVIKYPEVEKKVI
KEXIHITSWMXW8LIEKKVIKEXITVSGIWWMRKTPERXQE]FIIMXLIV
ERSTIRSVGPSWIHW]WXIQ8LIGPSWIHW]WXIQMWTVIJIVVIHFI
GEYWI MX EPPS[W KVIEXIV GSRXVSP SZIV XLI QE\MQYQ TEVXMGPI
WM^ITVSHYGIH-XTVSHYGIWELMKLIVYRMJSVQMX]XSXLIJMRMWLIH
TVSHYGX ,ERWIR 8]TMGEPWGLIQIWJSVEKKVIKEXITVS
GIWWMRKEVIWLS[RMR*MKERH8LIWIHMEKVEQWVITVI
WIRX [LEX EVI VIJIVVIH XS EW wJMVWXKIRIVEXMSR TPERXWx
7IGSRHKIRIVEXMSRTPERXWEVIGETEFPISJLERHPMRKHIFVMWERH
VIQSZEPSJYRWYMXEFPIQEXIVMEPW8LIJPS[HMEKVEQJSVEX]T
MGEPWIGSRHKIRIVEXMSRTPERXMWWLS[RMR*MK
 'VYWLIVW{.E[ GVYWLIVW TVSZMHI XLI TEVXMGPIWM^I
HMWXVMFYXMSRSJVIG]GPIHEKKVIKEXIVIUYMVIHJSVUYEPMX]GSR
GVIXITVSHYGXMSR'SRIGVYWLIVWGERFIIJJIGXMZIP]YWIHSR
GSRGVIXIYTXSMR QQ QE\MQYQJIIHWM^I7[MRK
LEQQIV QMPPW EVI WIPHSQ YWIH -QTEGX GVYWLIVW WYTTP]
FIXXIVTEVXMGPIWM^IHMWXVMFYXMSRJSVVSEHGSRWXVYGXMSRTYVTSWIW
ERHXLI]EVIPIWWWIRWMXMZIXSQEXIVMEPXLEXGERRSXFIGVYWLIH
WYGL EW VIMRJSVGMRK FEVW 'SQQMWWMI ZSSV 9MXZSIVMRK ZER

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

6

*MK{*PS[GLEVXSJX]TMGEPTPERXJSVGPSWIHW]WXIQTVS
HYGXMSR SJ VIG]GPIH EKKVIKEXI JVSQ GSRGVIXI HIFVMW XLEX MW
JVIIJVSQJSVIMKRQEXXIV 2SXIXSGSRZIVXQQXSMRHMZMHI
F]

*MK{4VSGIWWMRKTVSGIHYVIJSVFYMPHMRKERHHIQSPMXMSR
[EWXI 2SXIXSGSRZIVXQQXSMRHMZMHIF]

*MK{*PS[GLEVXSJX]TMGEPTPERXJSVSTIRW]WXIQTVS
HYGXMSR SJ VIG]GPIH EKKVIKEXI JVSQ GSRGVIXI HIFVMW XLEX MW
JVIIJVSQJSVIMKRQEXXIV 2SXIXSGSRZIVXQQXSMRHMZMHI
F]
8EFPI{3ZIVEPPKVEHMRKSJGVYWLIVTVSHYGXW
7MIZISTIRMRKWMR QQ

%QSYRXJMRIVXLERIEGLPEFSVEXSV]
WMIZIQEWWTIVGIRX

" 



 



 



 



 



 



 

6IWIEVGL?'96A -QTEGXGVYWLIVWRSXSRP]FVIEOYT
XLI GSRGVIXI FYX [MPP EPWS FVIEO XLI EKKVIKEXI TEVXMGPIW
&YMPHMRK'SRXVEGXSVW7SGMIX]SJ.ETER 
-JHIQSPMXMSR[EWXIMWXSFIVIG]GPIHQIXLSHWSJHIQSPM
XMSRWLSYPHFIYWIHXSVIHYGIXLIQE\MQYQTEVXMGPIWM^IXS
ETTVS\MQEXIP]MR QQ JSVJM\IHTPERXWERHXS
MR XSQQ JSVQSFMPITPERXW
 4VSGIWWMRKERHFIRIJMGMEXMSR{1SWXJMRIMQTYVMXMIW
WYGL EW HMVX K]TWYQ ERH TPEWXIV GER FI IPMQMREXIH F]
WGVIIRMRK2M\  VITSVXIHXLEXQSWXPMKLX[IMKLXQEXIVM
EPW[IVIVIQSZIHJVSQGVYWLIHHIFVMWERHFVSYKLXXSEGGIT
XERGI F] [IX WGVIIRMRK TVSGIWW ,IMQWSXL   GPEMQIH
XLEXXLIWEQI[EWEGLMIZIHF]HV]WGVIIRMRKTVSGIWW[LIR

*MK{'SVVIPEXMSRFIX[IIRGVYWLIVWIXXMRKERHTEVXMGPI
WM^IHMWXVMFYXMSRSJGVYWLIVTVSHYGXW 2SXIXSGSRZIVXQQ
XSMRHMZMHIF]
MQTYVMXMIWEVILIEZMIVXLER[EXIV3XLIVFIRIJMGMEXMSRWITE
VEXMSRHIZMWIWJSVVIQSZMRKPMKLX[IMKLXGSRXEQMRERXWGERFI
JSYRHMR%'-6
 +VEHMRKSJGVYWLIVTVSHYGXW{8LIQEXIVMEPWM^IWTVS
HYGIHMRGVYWLIVWEVIEWWYQIHXSLEZIEPMRIEVTEVXMGPIWM^IHMW
XVMFYXMSREWWLS[RMR*MK8LMWMWRIZIVEGXYEPP]XLIGEWI
'SRGVIXIVIHYGIHF]ENE[GVYWLIVWIXXSERSTIRMRKSJMR 
QQ RSVQEPP]WYTTPMIWETVSHYGXEWWLS[RMR8EFPI
{%KKVIKEXIUYEPMX]
 %KKVIKEXIWM^I{3RGIXLIQEXIVMEPWLEZIFIIRTVS
GIWWIHXLI]WLSYPHFIWM^IHJSVTVSTIVYWI,ERWIR 

6

%'-'311-88))6)4368

*MK{6ERKISJKVEHMRKWSJMR QQ GSEVWIVIG]GPIHEKKVIKEXIWTVSHYGIHF]


NE[GVYWLIVMRSRITEWW 2SXIXSGSRZIVXQQXSMRHMZMHIF] 

*MK{6ERKISJKVEHMRKWSJGVYWLIVJMRIW MR QQ SFXEMRIH[LIRXSMR


XSQQ QE\MQYQWM^IGSEVWIVIG]GPIHEKKVIKEXIWEVITVSHYGIHF]NE[GVYWLIVMR
SRITEWW 2SXIXSGSRZIVXQQXSMRHMZMHIF] 
VITSVXIHEREP]WMW SJ HEXEJVSQ X[S WXYHMIW[LIVIGSEVWI
EKKVIKEXIW [IVI TVSHYGIH %JXIV WGVIIRMRK SR E 2S 
 QQ  WGVIIR XLI TVSHYGXW TVSHYGIH EVI WLS[R MR
*MK  ,ERWIR   GSRGPYHIH XLEX FSXL EKKVIKEXIW
QIIXXLIWTIGMJMGEXMSRVERKIF]EHNYWXMRKXLIWIXXMRKSJXLI
GVYWLIVSTIRMRKERHXLEXMXMWVIEWSREFP]IEW]XSTVSHYGIEG
GITXEFPIGSEVWIEKKVIKEXIWJVSQVIG]GPIHGSRGVIXI
%RMRZIWXMKEXMSR[EWQEHIMRXSJMRIEKKVIKEXITVSHYGXMSR
[LIVI HEXE JVSQ XLVII HMJJIVIRX MRZIWXMKEXMSRW TVSHYGIH
QEXIVMEPWJEPPMRK[MXLMRXLIEVIEWLS[RSR*MK8LIWI
QEXIVMEPW EVIGSEVWIVXLERXLSWIWTIGMJMIHJSV%781'-R
JEGXXLI]EVIGSEVWIVXLERKIRIVEPP]EPPWXERHEVHWERHWYWIHMR
TVSHYGXMSRSJGSRGVIXI,ERWIR  GSRGPYHIHXLEXVIG]GPIH
JMRIEKKVIKEXIWEWXLI]GSQIJVSQXLIGVYWLIVEVIWSQI[LEX
GSEVWIVERHQSVIERKYPEVXLERXLEXRIIHIHXSTVSHYGIKSSH
UYEPMX]GSRGVIXI%PWSXLI VIWYPXW SJXLIWIWXYHMIWMRHMGEXIH
XLEXXLMWGSEVWIRIWWERHMRGVIEWIHERKYPEVMX]EVIXLIVIEWSRW
XLEXGSRGVIXIQEHI[MXLXLIWIQEXIVMEPWXIRHXSFIWSQI[LEX
LEVWL ERH YR[SVOEFPI %HHMRK E TSVXMSR SJ E JMRIV REXYVEP

FPIRHMRKWERHXSXLIVIG]GPIHWERHGERTVSHYGIQEXIVMEPW[MXL
WYMXEFPIGSRGVIXIQEOMRKTVSTIVXMIW ,ERWIR 
%HHMXMSREPEVIEWSJGSRGIVREVIXLITIVGIRXEKISJJMRITEV
XMGPIWVIQEMRMRKMRXLIEKKVIKEXIW%RYQFIVSJWXYHMIWLEZI
FIIRTIVJSVQIHXSHIXIVQMRIXLIEQSYRXSJJMRIQEXIVMEPWVI
XEMRIH SR GSEVWI EKKVIKEXI JVEGXMSRW ,ERWIR   GSR
GPYHIHXLEXQSWXVIG]GPIHEKKVIKEXIWGSYPHFIYWIH[MXLSYX
[EWLMRK
 (IRWMX]{6IG]GPIHEKKVIKEXIWKIRIVEPP]LEHHIRWM
XMIWWPMKLXP]PIWWXLERXLISVMKMREPQEXIVMEPWYWIH8LMWMWEVI
WYPXSJXLIPS[HIRWMX]SJXLIGIQIRXQSVXEVXLEXVIQEMRIH
EXXEGLIHXSXLIEKKVIKEXIW &YMPHMRK'SRXVEGXSVW7SGMIX]SJ
.ETER,ERWIR :EVMEXMSRWMR[EXIVGIQIRXVE
XMSWSJXLIGSRGVIXIHSRSXETTIEVXSLEZIEWMKRMJMGERXMQTEGX
SRXLIHIRWMXMIW ,ERWIR 
 ;EXIVEFWSVTXMSR{3RISJXLIQSWXQEVOIHTL]WMGEP
HMJJIVIRGIW FIX[IIR VIG]GPIH EKKVIKEXIW ERH ZMVKMR EKKVI
KEXIWMWLMKLIV[EXIVEFWSVTXMSR8LI&YMPHMRK'SRXVEGXSVW
7SGMIX]SJ.ETER  ERH,ERWIR  GSRGPYHIHXLEX
XLILMKLIV[EXIVEFWSVTXMSRSJXLIGSEVWIEKKVIKEXIWMWEVI

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

6

8EFPI{:SPYQITIVGIRXEKIWSJMQTYVMXMIW
0MQI
-QTYVMXMIW TPEWXIV 7SMP
4IVGIRXSJ
EKKVIKEXI
F]ZSPYQI

;SSH
.ETERIWI
G]TVIWW

,]HVEXIH
K]TWYQ

%WTLEPX

4EMRXQEHI
SJZMR]P
EGIXEXI




6IWYPXMRKMR SVKVIEXIVVIHYGXMSRWSJGSQTVIWWMZIWXVIRKXLEWGSQTEVIHXSGSR
XVSPGSRGVIXI

8EFPI{1E\MQYQEPPS[EFPIEQSYRXWSJ
HIPIXIVMSYWMQTYVMXMIWMRVIG]GPIHEKKVIKEXIW
%WTLEPXTPEWXMGWTEMRXWGPSXL
TETIV[SSHERHWMQMPEVQEXIVMEP
4PEWXIVWGPE]PYQTWERH TEVXMGPIWVIXEMRIHSREMR
SXLIVMQTYVMXMIWSJHIRWMXMIW QQ WMIZI EPWSSXLIVMQTYVM



8]TISJ PF]H  OKQ  XMIWSJHIRWMXMIW PF]H
?OKQAPF]H OKQ 
PF]H OKQ
EKKVIKEXI
6IG]GPIH
GSEVWI

 

 

6IG]GPIH
JMRI

 

 

WYPXSJXLIEFWSVTXMSRSJXLISPHGIQIRXQSVXEVEXXEGLIHXSXLI
EKKVIKEXITEVXMGPIW
 0SW %RKIPIWEFVEWMSR PSWW{%781 '  MRHMGEXIW
XLEXEKKVIKEXIWJSVYWIMRGSRGVIXIGSRWXVYGXMSRWLSYPHLEZI
EFVEWMSRPSWWSJPIWWXLER JSVKIRIVEPGSRWXVYGXMSRERH
JSVGVYWLIHWXSRIYWIHYRHIVTEZIQIRXWWLSYPHLEZIPSWWIW
PIWWXLER &EWIHSRHEXEEZEMPEFPI,ERWIR  GSR
GPYHIHXLEXVIG]GPIHGSRGVIXIEKKVIKEXIWTVSHYGIHJVSQEPP
FYXXLITSSVIWXUYEPMX]VIG]GPIHGSRGVIXIGERFII\TIGXIHXS
TEWW%781VIUYMVIQIRXWJSVGSRGVIXIEKKVIKEXIW
 7YPJEXIWSYRHRIWW{7YPJEXIWSYRHRIWWXIWXW %781
' EVIVIUYMVIHF]%781'ERHVIG]GPIHGSRGVIXIJMRI
ERHGSEVWIEKKVIKEXIWQE]FIXIWXIHF]%781'XSIR
WYVIXLEXETTVSTVMEXIVIWMWXERGIXSJVII^MRKERHXLE[MRK SJ
XLIVIG]GPIHEKKVIKEXIW
 'SRXEQMRERXW{8LI ZEVMIX] SJ GSRXEQMRERXW XLEX
GSYPHFIJSYRHMRVIG]GPIHEKKVIKEXIWEWEVIWYPXSJHIQSPM
XMSRSJI\MWXMRKWXVYGXYVIWGERWIZIVIP]HIKVEHIXLIWXVIRKXLW
SJXLIGSRGVIXIQEHI[MXLXLIQ7SQISJXLIWIQEXIVMEPWEVI
TPEWXIV WSMP [SSH K]TWYQ EWTLEPX TPEWXMG SV VYFFIV
8EFPIWYQQEVM^IWWXVIRKXLPSWWIWFEWIHSRMRGPYWMSR
SJGSRXEQMRERXWMRXLIVIG]GPIHEKKVIKEXIW8EFPITVSZMHIW
XLIEPPS[EFPIEQSYRXWSJHIPIXIVMSYWMQTYVMXMIWMRVIG]GPIH
EKKVIKEXIW ,ERWIR 
{)JJIGXWSJVIG]GPIHEKKVIKEXIWSRGSRGVIXI
TVSTIVXMIW
 'SEVWI VIG]GPIH ERH REXYVEP WERH{% RYQFIV SJ
WXYHMIWLEZIMRZIWXMKEXIHXLIWXVIRKXLWSJGSRGVIXIQEHI[MXL
VIG]GPIH EKKVIKEXIW 1SWX JSYRH VIHYGXMSRW MR WXVIRKXLW
JVSQ ETTVS\MQEXIP]  XS   YWMRK VIG]GPIH EKKVIKEXIW
,ERWIR (EXEEVIWYQQEVM^IHMR*MK
,ERWIRERH2EVYH  JSYRHXLEXVIG]GPIHEKKVIKEXI
GSRGVIXISFXEMRIHETTVS\MQEXIP]XLIWEQIWXVIRKXLWEWXLI
SVMKMREP GSRGVIXI JVSQ XLI] [IVI QEHI &IVRMIV 1EPMIV
ERH1E^EVW  JSYRHWMQMPEVVIWYPXWI\GITXXLEXMRXLI
GEWISJLMKLWXVIRKXLGSRGVIXITVSHYGIHJVSQPS[WXVIRKXL
VIG]GPIH GSEVWI EKKVIKEXIW XLI] JSYRH XLEX XLI GSQTVIW

*MK{'SQTVIWWMZIWXVIRKXLWSJVIG]GPIHEKKVIKEXIGSR
GVIXIW EW E JYRGXMSR SJ XLI WXVIRKXLWSJSVMKMREP GSRGVIXIW
2SXIXSGSRZIVX14EXSTWMQYPXMTP]F]
WMZI WXVIRKXL [EW   PS[IV XLER XLI LMKLWXVIRKXL GSR
GVIXI TVSHYGIH JVSQ LMKLWXVIRKXL VIG]GPIH EKKVIKEXIW
(EXEEVIWYQQEVM^IHMR8EFPI
,ERWIRERH2EVYH  GSRGPYHIHXLEXXLIGSQTVIWWMZI
WXVIRKXLSJVIG]GPIHGSRGVIXIHITIRHWSRXLIWXVIRKXLSJXLI
SVMKMREPGSRGVIXIERHMXMWPEVKIP]GSRXVSPPIHF]EGSQFMRE
XMSRSJXLI[EXIVGIQIRXVEXMS [G SJXLISVMKMREPGSRGVIXI
ERHXLI[GSJXLIVIG]GPIHGSRGVIXI6ITSVXWF],ERWIRERH
2EVYH   ERH &YGO   GSRGPYHIH XLEX LMKLIV
WXVIRKXLGSRGVIXIGSYPHFIQEHIJVSQ VIG]GPIHEKKVIKEXIW
JVSQPS[IVWXVIRKXLGSRGVIXI
 'SEVWIERHJMRIVIG]GPIHEKKVIKEXIW{'SRGVIXIQER
YJEGXYVIHJVSQFSXLGSEVWIERHJMRIVIG]GPIHEKKVIKEXIWLEW
FIIRMRZIWXMKEXIH8LIQENSVMX]SJVIWIEVGLIVWJSYRHXLEXXLI
GSQTVIWWMZIWWXVIRKXLWJSVGSRGVIXIQERYJEGXYVIHJVSQVIG]
GPIHGSEVWIERHJMRIEKKVIKEXIW[IVIPS[IVF]XS SJ
WXVIRKXLWSJGSRGVIXIQEHI[MXLEPPREXYVEPP]SGGYVVMRKQEXI
VMEPW&PIRHWSJ REXYVEPERH VIG]GPIHWERHWTVSHYGIH
WXVIRKXLWXS PIWWXLERVIG]GPIHGSRGVIXIQEHI[MXLEPP
REXYVEPWERHW(EXEJVSQXLI&YMPHMRK'SRXVEGXSVW7SGMIX]SJ
.ETER  EVIWYQQEVM^IHMR8EFPI
*YVXLIVI\EQMREXMSRVIZIEPWXLEXGIVXEMRTSVXMSRWSJXLIJMRI
VIG]GPIHEKKVIKEXIWETTIEVXSMRLMFMXVIG]GPIHGSRGVIXITIVJSV
QERGI7XYHMIWMRHMGEXIXLEXXLIQENSVMX] SJ WXVIRKXL PSWWMW
FVSYKLXEFSYXF]XLEXTSVXMSRSJXLIVIG]GPIHEKKVIKEXIWQEPPIV
XLERQQ8LIVIJSVIXLIYWISJER]VIG]GPIHJMRIWMRGSRGVIXI
TVSHYGXMSRQE]FITVSLMFMXIH ,ERWIR 
 7XVIRKXLZEVMEXMSRW{'SRGVIXIQERYJEGXYVIHJVSQVI
G]GPIH EKKVIKEXIW JVSQ HMJJIVIRX WSYVGIW ERH HMJJIVIRX GSR
GVIXIW[MPPLEZIKVIEXIVZEVMEXMSRWXLERGSRGVIXIQERYJEGXYVIH
JVSQ EKKVIKEXIW TVSHYGIH JVSQ SRP] SRI WSYVGI (I 4EY[
  JSYRH ZEVMEXMSRW MR HE] GSQTVIWWMZI WXVIRKXLW SJ
XSTWM XS14E [LIRGSRGVIXISJMHIRXMGEP
QM\XYVITVSTSVXMSRW[IVITVSHYGIHJVSQVIG]GPIHGSRGVIXI
SJHMJJIVIRXWSYVGIW

6

%'-'311-88))6)4368

*MK{1SHYPYWSJIPEWXMGMX]EWEJYRGXMSRSJ[EXIVGIQIRXVEXMSSJSVMKMREPERHVIG]
GPIHEKKVIKEXIGSRGVIXI
8EFPI{'SQTVIWWMZIWXVIRKXLSJSVMKMREPERHVIG]GPIHEKKVIKEXIGSRGVIXI &IVRMIVIXEP
'SQTVIWWMZIWXVIRKXLSJSVMKMREPERHVIG]GPIHEKKVIKEXIGSRGVIXIWTWM 14E
7IVMIW

,1

,1

,0

1,

11

10

0,

01

00










































































%JXIVHE]WSJEGGIPIVEXIHGYVMRK
7]QFSPW,1ERH0MRHMGEXIHSVMKMREPLMKLWXVIRKXLQIHMYQWXVIRKXLERHPS[WXVIRKXLGSRGVIXIQEHI[MXLREXYVEPKVEZIP7]QFSP,1MRHMGEXIWELMKLWXVIRKXLVIG]GPIHGSR
GVIXIQEHI[MXLGSEVWIVIG]GPIHEKKVIKEXITVSHYGIHJVSQQIHMYQWXVIRKXLGSRGVIXI

8EFPI{'SQTVIWWMZIWXVIRKXLSJSVMKMREPGSRGVIXIERHVIG]GPIHEKKVIKEXIGSRGVIXI
'SQTVIWWMZIWXVIRKXLSJGSRGVIXITWM 14E

[G

6IG]GPIHGSEVWIEKKVIKEXI
2EXYVEPGSEVWIERHJMRI
6IG]GPIHGSRGVIXIEKKVIKEXI  VIG]GPIHJMRIEKKVIKEXI 6IG]GPIHGSEVWIEKKVIKEXIERH
EKKVIKEXI SVMKMREPGSRGVIXI
ERH REXYVEPWERH
ERH REXYVEPWERH
 VIG]GPIHJMRIEKKVIKEXI



 

 

 

 



 

 

 

 



 

 

 

 

1EHIJVSQXLIWEQISVMKMREPGSRGVIXIYWMRKVIG]GPIHGSEVWIEKKVIKEXIERHZEVMSYWTVSTSVXMSRWSJVIG]GPIHJMRIEKKVIKEXIERHREXYVEPWERH

8EFPIWLS[WXLIGSQTVIWWMZIWXVIRKXLWSJVIG]GPIHEK
KVIKEXIGSRGVIXITVSHYGIHJVSQSPHGSRGVIXISJZEVMSYWUYEP
MXMIW8LIWXERHEVHHIZMEXMSR[EWTWM 14E ERHXLI
GSIJJMGMIRXSJZEVMEXMSR[EW  ,ERWIR 8LIQENSV
MX]SJXIWXHEXEEGGYQYPEXIHEVIFEWIHSRPEFSVEXSV]XIWXWERH
YRHSYFXIHP] XLIWI ZEVMEXMSRW [MPP MRGVIEWI EW QSVI EGXYEP
JMIPHETTPMGEXMSRHEXEEVIVIGIMZIH
6IG]GPMRK TPERXW XLEX EPPS[ YRVIWXVMGXIH MRTYX QEXIVMEPW
[MPPTVSHYGIGSRGVIXIEKKVIKEXIWXLEX[MPPLEZILMKLIVZEVM
EXMSRWMRUYEPMX]8LIQENSVTVSFPIQ[MXLXLMWMWXLEXMRSVHIV
XSTVSHYGIGSRGVIXISJEGGITXEFPIUYEPMX]KVIEXIVWXERHEVH
HIZMEXMSRWEVIXSFIYWIHMRTVITEVMRKGSRGVIXIQM\XYVITVS
TSVXMSRW8LIVI[MPPEPWSFIEGSVVIWTSRHMRKGSWXMRGVIEWIMR
XLIGSRGVIXI ,ERWIR 
 1SHYPYWSJIPEWXMGMX]{&YMPHMRK'SRXVEGXSVW7SGMIX]
SJ.ETER  MRZIWXMKEXIHXLIGLERKIMRQSHYPYWSJIPEW
XMGMX]SJGSRGVIXIQEHIYWMRKVIG]GPIHGSRGVIXIEKKVIKEXIW
8LI] VITSVXIH XLEX XLI VIHYGXMSRW MR QSHYPYW SJ IPEWXMGMX]
QEHI[MXLVIG]GPIHGSEVWIERHJMRIEKKVIKEXIWZEVMIHJVSQ

XS 8LI]EPWSVITSVXIHXLEXXLIVIHYGXMSRWMRQSHYPYW
SJ GSRGVIXI QEHI [MXL VIG]GPIH GSEVWI EKKVIKEXIW ZEVMIH
SRP]JVSQXS 8]TMGEPVIWYPXWJVSQ&YMPHMRK'SRXVEG
XSVW7SGMIX]SJ.ETER  EVIWLS[RMR*MK
 'VIIT{:EVMSYW VIWIEVGLIVW ,ERWIR   LEZI
JSYRHGVIITJSVGSRGVIXIQERYJEGXYVIHJVSQVIG]GPIHEKKVI
KEXIWXSFIXS KVIEXIVXLERJSVGSRGVIXIQERYJEGXYVIH
JVSQ ZMVKMR QEXIVMEPW 8LIWI VIWYPXW EVI RSX WYVTVMWMRK FI
GEYWIGSRGVIXIGSRXEMRMRKVIG]GPIHEKKVIKEXIWLEWYTXS
QSVITEWXIZSPYQIERHGVIITSJGSRGVIXIMWTVSTSVXMSREPXS
XLIGSRXIRXSJTEWXISVQSVXEVMRGSRGVIXI
 (V]MRKWLVMROEKI{'SRGVIXIQEHI[MXLVIG]GPIH
GSEVWIEKKVIKEXIWERHREXYVEPWERHWTVSHYGIHWLVMROEKIW
SJXS KVIEXIVXLERGSRGVIXIQEHI[MXLEPPREXYVEP
EKKVIKEXIW &YMPHMRK'SRXVEGXSVW7SGMIX]SJ.ETER 'SR
GVIXI QEHI [MXL VIG]GPIH GSEVWI ERH JMRI EKKVIKEXIW TVS
HYGIH WLVMROEKIW XLEX EVI  XS   KVIEXIV XLER XLEX SJ
GSVVIWTSRHMRKREXYVEPEKKVIKEXIW &YMPHMRK'SRXVEGXSVW7S
GMIX]SJ.ETER ,ERWIR  JSYRHXLEXWLVMROEKIW

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

6

8EFPI{'SQTVIWWMZIWXVIRKXLWSJVIG]GPIH
EKKVIKEXIGSRGVIXI
[GSJ
SVMKMREP
GSRGVIXI

[GSJ
'SQTVIWWMZIWXVIRKXL VIG]GPIH
SJ]IEVSPHGSR
EKKVIKEXI
GVIXITWM 14E
GSRGVIXI

'SQTVIWWMZIWXVIRKXLSJ
VIG]GPIHEKKVIKEXI
GSRGVIXIEXHE]WTWM
14E



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 

*MK {,EPJGIPP TSXIRXMEPW SJ WXIIP FEVW IQFIHHIH MR


WTIGMQIRWQEHIJVSQVIG]GPIHERHGSRZIRXMSREPEKKVIKEXI
GSRGVIXIW

4VSHYGIHJVSQSPHGSRGVIXISJZEVMSYWUYEPMXMIW

[IVI KVIEXIV JSV LMKLIVWXVIRKXL GSRGVIXI XLER JSV PS[IV


WXVIRKXLGSRGVIXI
 8IRWMPIERH JPI\YVEP WXVIRKXL{:EVMSYWVIWIEVGLIVW
LEZIMRZIWXMKEXIHXLIIJJIGXSJVIG]GPIHEKKVIKEXIWSRJPI\
YVEPERHXIRWMPIWXVIRKXLW8LIQENSVMX]SJJMRHMRKWMRHMGEXIW
XLEXGSRGVIXIQEHIJVSQVIG]GPIHGSEVWIEKKVIKEXIWERHREX
YVEP JMRI EKKVIKEXIW LEW KIRIVEPP] XLI WEQI SV EX QSWX E
 VIHYGXMSRMRXIRWMPIWXVIRKXL+IRIVEPP]GSRGVIXIQEHI
JVSQVIG]GPIHGSEVWIERHJMRIEKKVIKEXIWLEWVIHYGXMSRWMR
XIRWMPIWXVIRKXLWSJPIWWXLER ERHEQE\MQYQSJ VI
HYGXMSRJSVXLI[SVWXGEWI ,ERWIR 8LIWIVIWYPXWGSR
XVEHMGXMRJSVQEXMSREZEMPEFPIJVSQ1EPLSXVE  
 4IVQIEFMPMX]{'SRGVIXIQEHIJVSQVIG]GPIHEKKVI
KEXIW [GWSJXSLEWTIVQIEFMPMX]X[SXSJMZIXMQIW
XLEX SJ GSRGVIXI QEHI [MXL REXYVEP EKKVIKEXIW ,ERWIR
  6EWLIIHY^^EJEV   JSYRH XLEX XLI PS[ WXVIRKXL
ERHGSVVIWTSRHMRKLMKL[EXIVEFWSVTXMSRJSVVIG]GPIHGSR
GVIXIGSYPHFISJJWIXF]PS[IVMRKXLI[GSJXLIVIG]GPIHGSR
GVIXIF]XS
 *VII^MRKERHXLE[MRKVIWMWXERGI{1ER]WXYHMIWSJ
JVII^MRKERHXLE[MRKVIWMWXERGIMRHMGEXIXLEXXLIVIMWEPQSWX
RSHMJJIVIRGIFIX[IIRXLEXSJGSRGVIXIQEHI[MXLZMVKMREK
KVIKEXIWERH[MXLVIG]GPIHEKKVIKEXIW ,ERWIR %VI
TSVXF]XLI&YMPHMRK'SRXVEGXSVW7SGMIX]SJ.ETER  
LS[IZIVMRHMGEXIHXLEXGSRGVIXIQEHIJVSQVIG]GPIHGSEVWI
ERHJMRIEKKVIKEXIWLEHWMKRMJMGERXP]VIHYGIHVIWMWXERGIXS
JVII^MRKERHXLE[MRK HEQEKI 8LI] EPWSJSYRH XLEX MJXLI
JMRI EKKVIKEXIW [IVI VITPEGIH [MXL ZMVKMR QEXIVMEPW XLI
JVII^MRKERHXLE[MRK VIWMWXERGI [EW GSQTEVEFPI XS XLI
SVMKMREPGSRGVIXI%RSXLIV.ETERIWIWXYH]MRHMGEXIHXLEXEMV
IRXVEMRIHGSRGVIXIQEHI[MXLVIG]GPIHEKKVIKEXIWLEWPIWW
JVII^MRKERHXLE[MRK VIWMWXERGI XLER XLI GSRGVIXI QEHI
[MXLZMVKMRQEXIVMEPW ,EWEFEIXEP 3RISJXLIHMJJIV
IRGIWFIX[IIRQSWXSJXLI.ETERIWIERH%QIVMGERWXYHMIWMW
XLIUYEPMX]SJXLIGSRGVIXIJVSQ[LMGLXLIVIG]GPIHEKKVIKEXIW
[IVIQEHI8LI%QIVMGER[SVOLEWFIIRFEWIHTVMQEVMP]SR
VIG]GPIHTEZIQIRXW[LMPIXLI.ETERIWI[SVO[EWJVSQJEMV
P]PS[UYEPMX]GSRGVIXI

 'EVFSREXMSRGLPSVMHITIRIXVEXMSRERHVIMRJSVGI
QIRXGSVVSWMSR{8LI&YMPHMRK'SRXVEGXSVW7SGMIX]SJ.ETER
 GSRGPYHIHXLEXXLIVEXISJGEVFSREXMSRSJEVIG]GPIH
EKKVIKEXIGSRGVIXIQEHI[MXLGSRGVIXIXLEXLEHEPVIEH]WYJ
JIVIHGEVFSREXMSR[EW LMKLIVXLERXLIGSRXVSPGSRGVIXI
QEHI[MXLGSRZIRXMSREPEKKVIKEXIW8LI&YMPHMRK'SRXVEG
XSVW7SGMIX]SJ.ETEREPWSGSRGPYHIHXLEXVIMRJSVGIQIRXMR
VIG]GPIH GSRGVIXIQE] GSVVSHI JEWXIV XLERMR GSRZIRXMSREP
GSRGVIXI8LMWEGGIPIVEXIHGSVVSWMSRLS[IZIVGSYPHFISJJ
WIXF]VIHYGMRKXLI[GSJXLIVIG]GPIHGSRGVIXI%HHMXMSREP
WXYHMIWF]6EWLIIHY^^EJEV  GSRJMVQIHXLIWIGSRGPY
WMSRW-XGERFIWIIRMRXLI*MKXLEXEVIHYGXMSRMR[GVIHYG
IWGSVVSWMSRTSXIRXMEPSJVIG]GPIHGSRGVIXI ,ERWIR 
{1M\XYVITVSTSVXMSRW
 ;EXIVGIQIRXVEXMS{7IPIGXMSRSJXLI[GMWXLIQSWX
GVMXMGEPTEVXSJGSRXVSPPMRKXLIGSRGVIXIWXVIRKXL8LIVIMWI\
GIPPIRXGSVVIPEXMSRFIX[IIR[GERHGSQTVIWWMZIERHJPI\YV
EPWXVIRKXL,ERWIRGSRGPYHIHXLI[GMWZEPMHJSVVIG]GPIH
EKKVIKEXIGSRGVIXIEWMXMWJSVGSRGVIXIQEHI[MXLZMVKMRQE
XIVMEPWFYXSRP]XLIPIZIPSJWXVIRKXLHIZIPSTQIRX[SYPHFI
VIHYGIH *MK  ,ERWIR 
8STVSHYGIEWMQMPEV[SVOEFMPMX]1YOEMIXEP  JSYRH
XLEX QSVI[EXIV[EWVIUYMVIHJSVEVIG]GPIHGSEVWIEKKVI
KEXIGSRGVIXI&YGO  LEWJSYRHXLEXETTVS\MQEXIP]
QSVI[EXIV[EWRIIHIHXSTVSHYGIXLIWEQI[SVOEFMPMX]JSV
FSXLJMRIERHGSEVWIVIG]GPIHEKKVIKEXIGSRGVIXI
1YOEMIXEP  ERH,ERWIRERH2EVYH  JSYRH
XLEXFPIIHMRKJVSQVIG]GPIHEKKVIKEXIGSRGVIXIXSFIWPMKLXP]
PIWWXLERXLEXSJXLSWIYWMRKZMVKMREKKVIKEXIW
 9RMX [IMKLX ERH EMV GSRXIRX{1YOEM IX EP 
ERH,ERWIRERH2EVYH  GSRGPYHIHXLEXYRMX[IMKLXWSJ
GSRGVIXI QEHI YWMRK VIG]GPIH GSRGVIXI EW EKKVIKEXI [IVI
[MXLMRXS ERH VIWTIGXMZIP]SJXLISVMKMREPGSRGVIXI
QM\XYVI1YOEMIXEP  JSYRHXLEXEMVGSRXIRXWSJJVIWLP]
VIG]GPIHGSRGVIXI[IVILMKLIVERHZEVMIHQSVIXLEREMVGSR
XIRXW SJ JVIWL GSRXVSP QM\XYVIW ,ERWIR ERH 2EVYH 
JSYRHXLEXEMVGSRXIRXWSJVIG]GPIHEKKVIKEXIGSRGVIXI[IVI
YTXS LMKLIV,ERWIR  GSRGPYHIHXLEXXLIEMVGSR

6

%'-'311-88))6)4368

*MK {6IPEXMSRWLMT FIX[IIR [EXIVGIQIRX VEXMS ERH


GSQTVIWWMZI WXVIRKXL SJ GSRGVIXIW QEHI [MXL REXYVEP ERH
VIG]GPIHEKKVIKEXIW
XIRXWSJVIG]GPIHEKKVIKEXIGSRGVIXI[IVIWPMKLXP]LMKLIVERH
XLEXHIRWMXMIWGERFIXS PS[IV
 *MRIXSGSEVWIEKKVIKEXIVEXMS{*VSQXLITSMRXSJ
ZMI[SJFSXLIGSRSQ]ERHGSLIWMSRSJJVIWLGSRGVIXI&YMPH
MRK'SRXVEGXSVW7SGMIX]SJ.ETER  JSYRHXLEXXLISTXM
QYQ VEXMS SJ JMRIXSGSEVWI EKKVIKEXI MW XLI WEQI JSV
VIG]GPIHEKKVIKEXIGSRGVIXIEWMXMWJSVGSRGVIXIQEHIJVSQ
ZMVKMRQEXIVMEPW ,ERWIR 
1M\IVWXYHMIWF]/EWEM  MRHMGEXIXLEXXLIJMRIRIWWSJ
VIG]GPIHGSRGVIXIEKKVIKEXIWHIGVIEWIW[MXLXMQISJQM\MRK
8LMWMWQSWXPMOIP]EVIWYPXSJQIGLERMGEPVIQSZEPSJGIQIRX
TEWXIJVSQXLIVIG]GPIHGSEVWIEKKVIKEXIW
 1M\XYVI TVSTSVXMSRMRK{8LI JSPPS[MRK EVI KYMHI
PMRIWJSVHIZIPSTMRKJSVQM\XYVITVSTSVXMSRWYWMRKVIG]GPIH
GSRGVIXIEKKVIKEXIW
y 8S HIXIVQMRIE XEVKIX QIER WXVIRKXL SR XLI FEWMWSJE
VIUYMVIHWXVIRKXLELMKLIVWXERHEVHHIZMEXMSR TWM
?14EA WLSYPHFIYWIH[LIRHIWMKRMRKEGSRGVIXI
[MXL VIG]GPIH GSRGVIXI EKKVIKEXIW SJ ZEVMEFPI UYEPMX]
XLER[LIRVIG]GPIHEKKVIKEXISJYRMJSVQUYEPMX]SVZMV
KMREKKVIKEXIWEVIYWIH
y %XXLIHIWMKRWXEKIMXQE]FIEWWYQIHXLEXXLI[GJSV
E VIUYMVIH GSQTVIWWMZI WXVIRKXL [MPP FI XLI WEQI JSV
VIG]GPIHEKKVIKEXIGSRGVIXIEWJSVEGSRZIRXMSREPGSR
GVIXI[LIRGSEVWIVIG]GPIHEKKVIKEXIMWYWIH[MXLGSR
ZIRXMSREP WERH -J XVMEP QM\XYVIW WLS[ XLEX XLI
GSQTVIWWMZIWXVIRKXLMWPS[IVXLEREWWYQIHEREHNYWX
QIRXXSEPS[IV[GWLSYPHFIQEHI
y *SVXLIWEQIWPYQTXLIJVII[EXIVVIUYMVIQIRXSJVIG]
GPIH GSEVWI EKKVIKEXI GSRGVIXI MW   QSVI XLER JSV
GSRZIRXMSREPGSRGVIXI
y 7TIGMJMGKVEZMX]YRMX[IMKLXERHEFWSVTXMSRSJEKKVI
KEXIW WLSYPH FI HIXIVQMRIH FIJSVI QM\XYVI TVSTSVXMSR
WXYHMIW
y 8LI QM\XYVI TVSTSVXMSR WLSYPH FI FEWIH SR XLI QIE
WYVIHHIRWMX]SJXLIVIG]GPIHEKKVIKEXIWMRXIRHIHMRXLI
NSFGSRGVIXI
y 8LIWERHXSEKKVIKEXIVEXMSJSVVIG]GPIHEKKVIKEXIGSR
GVIXIMWXLIWEQIEW[LIRYWMRKZMVKMRQEXIVMEPWERH

8VMEPQM\XYVIWEVIEFWSPYXIP]QERHEXSV]-JXLITPEGMRK
[MPPMRGPYHIGSRJMRIHWTEGIWERHMVVIKYPEVJSVQWLETIW
XVMEPTPEGIQIRXWWLSYPHEPWSFIMRGPYHIH

{'SRGVIXITVSHYGXMSR
%PXLSYKL GSRGVIXI TVSHYGXMSR FEXGLMRK QM\MRK XVERW
TSVXMRKERHTPEGMRK SJVIG]GPIHEKKVIKEXIGSRGVIXIMWWMQM
PEV XSXLI GSRZIRXMSREP GSRGVIXI EHHMXMSREP GEVIWLSYPH FI
XEOIR[LIRQERYJEGXYVMRKVIG]GPIHEKKVIKEXIGSRGVIXI8LI
JSPPS[MRKMXIQWEVIVIGSQQIRHIHJSVTVSHYGXMSRSJVIG]GPIH
EKKVIKEXIGSRGVIXI
  %R MQTSVXERX VIUYMVIQIRX SJ EPP VIG]GPIH EKKVIKEXI
GSRGVIXIMWTVIWSEOMRKXLIEKKVIKEXIWXSSJJWIXXLILMKL[EXIV
EFWSVTXMSRSJXLIVIG]GPIHEKKVIKEXIW ,ERWIR ERH
 1EXIVMEPWWQEPPIVXLER2SWMIZI ETTVS\MQEXIP]QQ
FIIPMQMREXIHJVSQEKKVIKEXIWTVMSVXSTVSHYGXMSR
',%48)6{6)*)6)2')7
{6IJIVIRGIHWXERHEVHWERHVITSVXW
8LIWXERHEVHWERHVITSVXWPMWXIHFIPS[[IVIXLIPEXIWXIHM
XMSRWEXXLIXMQIXLMWHSGYQIRX[EWTVITEVIH&IGEYWIXLIWI
HSGYQIRXW EVI VIZMWIH JVIUYIRXP] XLI VIEHIV MW EHZMWIH XS
GSRXEGXXLITVSTIVWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIVXS
XLIPEXIWXZIVWMSR
%QIVMGER'SRGVIXI-RWXMXYXI

7XERHEVH 7TIGMJMGEXMSRW JSV 8SPIVERGIW JSV
'SRGVIXI'SRWXVYGXMSRERH1EXIVMEPW
6
+YMHI JSV 1EOMRK E 'SRHMXMSR 7YVZI] SJ
'SRGVIXI
6
+YMHI JSV 1EOMRK E 'SRHMXMSR 7YVZI] SJ
'SRGVIXI4EZIQIRXW
6
+YMHIJSV9WISJ2SVQEP;IMKLXERH,IEZ]
[IMKLX%KKVIKEXIWMR'SRGVIXI
6
-R4PEGI 1IXLSHW JSV (IXIVQMREXMSR SJ
7XVIRKXLSJ'SRGVIXI

7TIGMJMGEXMSRW JSV 7XVYGXYVEP 'SRGVIXI JSV
&YMPHMRKW
6
9WISJ)TS\]'SQTSYRHW[MXL'SRGVIXI
6
'SRGVIXI6ITEMV+YMHI
%QIVMGER2EXMSREP7XERHEVHW-RWXMXYXI
%
'SRWXVYGXMSR ERH (IQSPMXMSR 3TIVEXMSRW{
7EJIX]6IUYMVIQIRXW
%
(IQSPMXMSR{7EJI +YEVHMRK &YMPHMRK 'SR
WXVYGXMSRERH(IQSPMXMSR3TIVEXMSRW
%QIVMGER7SGMIX]JSV8IWXMRKERH1EXIVMEPW
'
7XERHEVH 7TIGMJMGEXMSRW JSV 'SRGVIXI
%KKVIKEXIW
'
7XERHEVH8IWX1IXLSHJSV7SYRHRIWWSJ%K
KVIKEXIWF]9WISJ7SHMYQ7YPJEXISV1EKRI
WMYQ7YPJEXI
'
7XERHEVH8IWX1IXLSHJSV1MGVSWGSTMGEP(I
XIVQMREXMSR SJ 4EVEQIXIVW SJ XLI %MV:SMH
7]WXIQMR,EVHIRIH'SRGVIXI
'
7XERHEVH4VEGXMGIJSV4IXVSKVETLMG)\EQMRE
XMSRSJ,EVHIRIH'SRGVIXI

6)13:%0%2(6)97)3*,%6()2)('32'6)8)

(
(
(
(
)

)

7XERHEVH4VEGXMGIJSV7YVJEGI'PIERMRK'SR
GVIXIJSV'SEXMRK
7XERHEVH4VEGXMGIJSV%FVEHMRK'SRGVIXI
7XERHEVH4VEGXMGIJSV%GMH)XGLMRK'SRGVIXI
7XERHEVH8IWX1IXLSHJSV4YPP3JJ7XVIRKXL
SJ'SEXMRKWYWMRK4SVXEFPI%HLIWMSR8IWXIVW
7XERHEVH8IWX1IXLSHJSV1IEWYVMRK7YVJEGI
1EGVSXI\XYVI (ITXL YWMRK E :SPYQIXVMG
8IGLRMUYI
7XERHEVH8IWX1IXLSHJSV(IXIVQMRMRK*PSSV
*PEXRIWW ERH 0IZIPRIWWYWMRKXLI *2YQFIV
7]WXIQ

'EREHMER7XERHEVHW%WWSGMEXMSR
%&
1IXLSH SJ 8IWX XS (IXIVQMRI %HLIWMSR F]
8IRWMPI0SEH
7XIIP7XVYGXYVIW4EMRXMRK'SYRGMP
74
7YVJEGI 4VITEVEXMSR 7TIGMJMGEXMSR 2S 
,ERH8SSP'PIERMRK
74
7YVJEGI 4VITEVEXMSR 7TIGMJMGEXMSR 2S 
4S[IV8SSP'PIERMRK
74
7YVJEGI 4VITEVEXMSR 7TIGMJMGEXMSR 2S 
'SQQIVGMEP&PEWX'PIERMRK
8LIWITYFPMGEXMSRWQE]FISFXEMRIHJVSQXLIWISVKERM^E
XMSRW
%QIVMGER'SRGVIXI-RWXMXYXI
43&S\
*EVQMRKXSR,MPPW1-
%QIVMGER2EXMSREP7XERHEVHW-RWXMXYXI
&VSEH[E]
2I[=SVO2=
%QIVMGER7SGMIX]JSV8IWXMRK1EXIVMEPW
&EVV,EVFSV(V
;IWX'SRWLSLSGOIR4%
'EREHMER7XERHEVHW%WWSGMEXMSR
6I\HEPI&PZH
6I\HEPI3RXEVMS1;6'EREHE
7XIIP7XVYGXYVIW4EMRXMRK'SYRGMP
*MJXL%ZI
4MXXWFYVKL4%
{'MXIHVIJIVIRGIW
%QIVMGER'SRGVIXI-RWXMXYXIw6ITEMVERH6ILEFMPM
XEXMSRSJ'SRGVIXI7XVYGXYVIWx %QIVMGER'SRGVIXI-RWXMXY
XMSR'SQTMPEXMSRTT
&YMPHMRK 'SRXVEGXSVW 7SGMIX] SJ .ETER  w7XYH] SR
6IG]GPIH %KKVIKEXI ERH 6IG]GPIH %KKVIKEXI 'SRGVIXIx
'SRGVIXI.SYVREP:2STT MR.ETERIWI
&IVRMIV+1EPMIV=ERH1E^EVW.w2I[1EXIVMEP
JVSQ'SRGVIXI(IQSPMXMSR;EWXIx8LI&MFIXSR4VSGIIHMRKW
-RXIVREXMSREP 'SRJIVIRGI SR XLI 9WI SJ &]4VSHYGXW ERH
;EWXIMR'MZMP)RKMRIIVMRK4EVMWTT MR*VIRGL

6

&VMXMWL7XERHEVHW-RWXMXYXMSRw'SHISJ4VEGXMGIJSV
(IQSPMXMSRx&7
&YGO%(w6IG]GPIH'SRGVIXIx1MWGIPPERISYW
4ETIV '6ITSVX97%VQ])RKMRIIV;EXIV[E]W
)\TIVMQIRX7XEXMSR:MGOWFYVK1MWWTT
'EREHMER4EMRX'SRXVEGXSVW%WWSGMEXMSR%VGLMXIG
XYVEP4EMRXMRK7TIGMJMGEXMSR1ERYEP
'SQQMWWMIZSSV9MXZSIVMRKZER6IWIEVGLw+VERY
PEXXZER&IXSRIR1IXWIP[IVOTYMREPW8SIWPEKWQEXIVMEEPZER
&IXSRx-RKIWXIHHSSVHI&IXSRZIVIRMKMRK MR(YXGL
(I4EY['w*VEKQIRXEXMSRERH6IG]GPMRKSJ6I
MRJSVGIH 'SRGVIXI{7SQI 6IWIEVGL 6IWYPXWx %HLIWMSR
4VSFPIQWMRXLI6IG]GPMRKSJ'SRGVIXI2EXS'SRJIVIRGI7I
VMIW -: 1EXIVMEPW 7GMIRGI  'LETXIV  4PIRYQ 4VIWW
2I[=SVOTT
(I4EY['ERH0EYVMX^IR)/IHWw(MWEWXIV
4PERRMRK 7XVYGXYVEP %WWIWWQIRX (IQSPMXMSR ERH 6IG]
GPMRKx 6-0)16ITSVX 8EWO*SVGISJ6-0)18IGLRMGEP
'SQQMXXII(6+'LEQTQERERH,EPP0SRHSRTT
)RZMVSRQIRXEP 6IWSYVGIW 0MQMXIH  w(IQSPMXMSR
;EWXI ER)\EQMREXMSRSJXLI%VMWMRK)RH9WIWERH(MWTSW
EPSJ(IQSPMXMSR;EWXIWMR)YVSTIERHXLI4SXIRXMEPJSV*YV
XLIV 6IGSZIV] SJ 1EXIVMEP JVSQ 8LIWI ;EWXIW x (+
'SQQMWWMSR SJ XLI )YVSTIER 'SQQYRMXMIW 0SRHSR 8LI
'SRWXVYGXMSR4VIWW0ERGEWXIV0SRHSR
*IPX)w6IWYVJEGMRKERH4EXGLMRK'SRGVIXI4EZI
QIRX[MXL&SRHIH'SRGVIXIx 4VSGIIHMRKWSJXL%RRYEP
1IIXMRKSJXLI,MKL[E]6IWIEVGL&SEVH;EWLMRKXSR('
TT
*VEROPMR .% ERH (YWWIEYPX 1 &  6SGO )RKM
RIIVMRK%TTPMGEXMSRW1G+VE[,MPP2I[=SVOT
+EYP 6  w4VITEVMRK 'SRGVIXI 7YVJEGIW JSV 'SEX
MRKWx 'SRGVIXI-RXIVREXMSREP:2S.YP]TT
,ERWIR8'w8LI7IGSRH6-0)17XEXISJXLI%VX
6ITSVX SR 6IG]GPIH %KKVIKEXIW ERH 6IG]GPIH %KKVIKEXI
'SRGVIXIx 1EXIVMEPW ERH7XVYGXYVIW : 2S 1E]
.YRITT
,ERWIR8'IHw6IG]GPMRKSJ(IQSPMWLIH'SR
GVIXIERH1EWSRV]x6-0)16ITSVX'LEQTQERERH,EPP
0SRHSR
,ERWIR8'ERH2EVYH,w7XVIRKXLSJ6IG]GPIH
'SRGVIXI1EHIJVSQ'VYWLIH'SRGVIXI'SEVWI%KKVIKEXIx
'SRGVIXI-RXIVREXMSREP:2S.ERTT
,EWEFE7/E[EQYVE18SVMMO/ERH8EOIQSXS/
 w(V]MRK 7LVMROEKI ERH (YVEFMPMX] SJ XLI 'SRGVIXI
1EHI SJ 6IG]GPIH 'SRGVIXI %KKVIKEXIx 8LI .ETER 'SR
GVIXI-RWXMXYXI:TT
,IMQWSXL;  w)VJELVYRKIR QMX IMRIV 8VSGOIRIR
&EYWGLYXXx%YJFIVIMXYRKWERPEKI4VSGIIHMRKWXL-RXIVRE
XMSREP6IG]GPMRK'SRKVIWW&IVPMRTT
,IQTLMPP + &  &PEWXMRK 3TIVEXMSRW 1G+VE[
,MPP2I[=SVOT
,MRHS /  w-R4PEGI &SRH 8IWXMRK ERH 7YVJEGI
4VITEVEXMSRSJ'SRGVIXIx'SRGVIXI-RXIVREXMSREP:2S
%TVT
,YPMGO61ERH&IGOQER86w(MEQSRH;MVI
'YXXMRKSJ'SRGVIXIx'SRGVIXI-RXIVREXMSREP:2S
1EVTT

6

%'-'311-88))6)4368

/EWEM=)w7XYHMIWMRXSXLI6IYWISJ(IQSPMWLIH
'SRGVIXIMR.ETERx 6IYWISJ'SRGVIXIERH&VMGO1EXIVM
EPW 4VSGIIHMRKW -- )(%6-0)1 (IQS6IG]GPMRK 'SR
JIVIRGI6SXXIVHEQ)YVSTIER(IQSPMXMSR%WWSGMEXMSRXLI
2IXLIVPERHW
/EWEM = )  w(IQSPMXMSR 1IXLSHW ERH 4VEGXMGIx
(IQSPMXMSRERH6IYWISJ'SRGVIXIERH1EWSRV]4VSGIIH
MRKW SJ XLI 7IGSRH -RXIVREXMSREP 7]QTSWMYQ ,IPH F]
6-0)1MR.ETER'LEQTQERERH,EPP0SRHSR
0EYVMX^IR ) /  w(IQSPMXMSR 1IXLSHW ERH 4VEG
XMGIx (IQSPMXMSRERH6IYWISJ'SRGVIXIERH1EWSRV]4VS
GIIHMRKW SJ XLI 8LMVH -RXIVREXMSREP 7]QTSWMYQ 6-0)1
3HIRWI(IRQEVO'LEQTQERERH,EPP0SRHSR
0EYVMX^IR)/ERH4IXIVWIR1w4EVXMEP(IQSPM
XMSRF]1MRM&PEWXMRKx'SRGVIXI-RXIVREXMSREP:2S
.YRITT
0E^IRF](ERH4LMPPMTW4'YXXMRKJSV'SRWXVYG
XMSR8LI%VGLMXIGXYVEP4VIWW0SRHSR
1EPLSXVE : 1  w9WI SJ 6IG]GPIH 'SRGVIXI EW E
2I[%KKVIKEXIx6ITSVX'EREHE'IRXIVJSV1MRIVEP
ERH)RIVK]8IGLRSPSK]3XXE[E'EREHE
1EPLSXVE:1IH-R7MXY2SRHIWXVYGXMZI8IWXMRK
SJ'SRGVIXI74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRK
XSR,MPPW1MGLTT
1ERRMRK(+w6IQSZMRK'SRGVIXIJVSQ&VMHK
IWx2EXMSREP'SSTIVEXMZI,MKL[E]6IWIEVGL4VSKVEQ7]R
XLIWMW SJ ,MKL[E] 4VEGXMGI  8VERWTSVXEXMSR 6IWIEVGL
&SEVH;EWLMRKXSR('TT
1G+SZIVR 1 7  w'SRGVIXI 'LEMR 7E[Wx 'SR
GVIXI6ITEMV(MKIWX3GX2SZTT
1IHISX6w,MWXSV]8LISV]ERH4VEGXMGISJ,]
HVSHIQSPMXMSRxXL%QIVMGER;EXIV.IX'SRJIVIRGI8SVSR
XS'EREHE97;EXIV.IX8IGLRSPSK]%WWSGMEXMSR%YK
1IPI] 1  w1IGLERMGEP 4VIWTPMXXMRK 8IGLRMUYI
9WIHMR6IQSZEPSJ'SRGVIXIJVSQ'LEQFIV*EGIEX(EWL
MIPHW0SGOx8LI6)16&YPPIXMR:2STT
1YOEMIXEPw7XYH]SR6IYWISJ;EWXI'SRGVIXIJSV
%KKVIKEXIJSV'SRGVIXIx4ETIV4VIWIRXIHEXE7IQMREVSR
)RIVK]ERH6IWSYVGIW'SRWIVZEXMSRMR'SRGVIXI8IGLRSPS
K] .ETER97 'SSTIVEXMZI 7GMIRGI 4VSKVEQ 7ER *VER
GMWGS'EPMJ

2EXMSREP%WWSGMEXMSRSJ(IQSPMXMSR'SRXVEGXSVW 2%(' 
 (IQSPMXMSR7EJIX]1ERYEP,MPPWMHI-PP
2IPWSR ) )  w,ERH,IPH ,]HVEYPMG 8SSPW JSV
'SRXVEGXSVWx 'SRGVIXI'SRWXVYGXMSR1EVT
2M\,w)VJELVYRKIRQMX)MRIV2EWWIR&EYWGLYXXx
%YJFIVIMXYRKEWERPEKI 4VSGIIHMRKWXL-RXIVREXMSREP6IG]
GPMRK'SRKVIWW&IVPMR3GX2SZTT
3GGYTEXMSREP 7EJIX] ERH ,IEPXL %HQMRMWXVEXMSR E
37,%7EJIX]ERH,IEPXL7XERHEVHW'SRWXVYGXMSR '%6
 97+SZIVRQIRX4VMRXMRK3JJMGI;EWLMRKXSR('
3GGYTEXMSREP 7EJIX] ERH ,IEPXL %HQMRMWXVEXMSR F
37,%8IGLRMGEP1ERYEP97+SZIVRQIRX4VMRXMRK3JJMGI
;EWLMRKXSR(''LETXIV
4IXIVWSR0w7SQIXMQIW8LIVIvW2S'SQTEVMWSRx
)UYMTQIRX8SHE]%TVT
4IYVMJS]60ERH0IHFIXXIV;&'SRWXVYGXMSR
4PERRMRK )UYMTQIRX ERH 1IXLSHW 1G+VE[,MPP 2I[
=SVOTT
6EWLIIHY^^EJEV / %  w6IG]GPIH 'SRGVIXI{%
7SYVGISJ2I[%KKVIKEXIx'IQIRX'SRGVIXIERH%KKVI
KEXIW:2STT
6-0)18IGLRMGEP'SQQMXXIIw7TIGMJMGEXMSRW
JSV'SRGVIXI[MXL6IG]GPIH1EXIVMEPWx (VEJX 4EVMW
7YTVIRERX&%w(IQSPMWL'SRGVIXI[MXLSYX*P]
MRK(IFVMWx'SRGVIXI6ITEMV(MKIWX%YK7ITXT
8EPFSX '  w-RJPYIRGI SJ 7YVJEGI 4VITEVEXMSR SR
0SRK8IVQ&SRHMRKSJ7LSXGVIXIx%'-1EXIVMEPW.SYVREP
:2S2SZ(IGTT
:SVWXIV1'1IVVMKER.40I[MW6;ERH;I]IVW
6 )  w8IGLRMUYIW JSV 'SRGVIXI 6IQSZEP ERH &EV
'PIERMRKSR&VMHKI6ILEFMPMXEXMSR4VSNIGXWx6ITSVX7
7XVEXIKMG ,MKL[E] 6IWIEVGL 4VSKVEQ ;EWLMRKXSR ('
TT
;MPWSR(+*SPI]4;MIWQER6*VSRHMWXY=ERREW
7w(IQSPMXMSR(IFVMW5YERXMXMIW'SQTSWMXMSRERH
4SWWMFMPMXMIW JSV 6IG]GPMRKx 4VSGIIHMRKW XL 1MRIVEP
;EWXI 9XMPM^EXMSR 7]QTSWMYQ 'LMGEKS ) %PIWLMR IH
97&YVIEYSJ1MRIW'LMGEKS%TV

You might also like