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4SWWMFPIWSPYXMSRWXSXLIWITVSFPIQWMRGPYHIPMQMXEXMSRWSR
VIEGXMZI GSRWXMXYIRXW MR XLI EKKVIKEXI PMQMXEXMSRW SR XLI
EPOEPMGSRXIRXSJGIQIRXERHXLIEHHMXMSRSJEWEXMWJEGXSV]
TS^^SPERMGQEXIVMEPSVEGSQFMREXMSRSJXLIWI8LITSXIRXMEP
JSVWSQII\TERWMZIVIEGXMSRWWYGLEWEPOEPMGEVFSREXIMWRSX
VIHYGIHF]TS^^SPERMGEHQM\XYVIW%'-6ERH;SSHW
KMZIHIXEMPWSRMHIRXMJMGEXMSRERHIZEPYEXMSRSJEKKVI
KEXIVIEGXMZMX]%'-6KMZIWKYMHIPMRIWSRXLIEPOEPM
EKKVIKEXI VIEGXMSR ERH WIPIGXMZMX] TVSGIWW JSV QM\XYVI
TVSTSVXMSRMRKERHHYVEFMPMX]
&EWIH SR %'- 6 %'- 6 %'- 6 ERH
1EXLIV XLILE^EVHSJYWMRKGEPGMYQGLPSVMHI
[LMGL QE] MRMXMEXI GSVVSWMSR [EVVERXW E VIGSQQIRHEXMSR
EKEMRWXMXWYWI[LIRGVEGOGSRXVSPMWEQENSVJEGXSVEJJIGXMRK
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%PWS XLI YWI SJ GEPGMYQ GLPSVMHI MR VIMRJSVGIH WXVYGXYVIW
I\TSWIHXSQSMWXIRZMVSRQIRXWWLSYPHFIEZSMHIHVIKEVHPIWW
SJXLITVIWIRGISVEFWIRGISJ[EXIVWSPYFPIWEPXWMREHNEGIRX
[EXIVWERHWSMP
(IXVMQIRXEPGSRHMXMSRWGEREPWSVIWYPXJVSQXLIETTPMGEXMSR
SJHIMGMRKWEPXWXSXLIWYVJEGISJLEVHIRIHGSRGVIXI'SRGVIXI
XSFIWYFNIGXIHXSHIMGIVWSVWMQMPEVGLIQMGEPWWLSYPHFIEMV
IRXVEMRIH ERH TVSTIVP] TVSTSVXMSRIH ERH GYVIH XS TVSHYGI
PS[TIVQIEFMPMX]
{9WISJTSP]QIVWMRMQTVSZMRKGVEGOMRK
GLEVEGXIVMWXMGW
)\XIRWMZI [SVO MW EZEMPEFPI SR XLI YWI SJ TSP]QIVW MR
QSHMJ]MRK XLI GLEVEGXIVMWXMGW SJ GSRGVIXI &VSSOLEZIR
2EXMSREP 0EFSVEXSV] %'- 74 %'- 74 %'6 4SP]QIVTSVXPERH GIQIRX GSRGVIXIW LEZI E PEVKI
HIJSVQEXMSR GETEGMX] LMKL XIRWMPI ERH GSQTVIWWMZI
WXVIRKXLWERHRIKPMKMFPITIVQIEFMPMX]8LIXIRWMPIWTPMXXMRK
WXVIRKXL GER FI EW LMKL EW 14E TWM 2E[]
9OEHMOI ERH 7EYIV 4SP]QIV MQTVIKREXMSR XLSYKL
VEVIP]YWIHXSHE]MWERSXLIVQIXLSHSJMRXVSHYGMRKFIRIJM
GMEP TSP]QIV W]WXIQW MRXS GSRGVIXI 8LIWI QEXIVMEPW EVI
HMWGYWWIHMRKVIEXIVHIXEMPMR'LETXIV
',%48)6{'3286303*'6%'/-2+
-23:)60%=7
{-RXVSHYGXMSR
%R SZIVPE] GER FI GSRWXVYGXIH F] TPEGMRK QSVXEV SV
GSRGVIXI SZIV E GSRGVIXI WYVJEGI 8LI YWI SJ SZIVPE]W LEW
VETMHP] MRGVIEWIH WMRGI XLI IEVP] W 8LI] EVI RS[
6
GSQQSRP] YWIH JSV VILEFMPMXEXMSR SJ HIXIVMSVEXIH FVMHKI
HIGOW WXVIRKXLIRMRK SV VIRSZEXMRK TEZIQIRXW [EVILSYWI
JPSSVW [EPO[E]W ERH SXLIV GSRGVIXI JPEX[SVO ERH MR RI[
X[SGSYVWIGSRWXVYGXMSR
3ZIVPE]W GER FI HMZMHIH MRXS XLVII KVSYTW 8LI JMVWX
KVSYT MW [LIR TSVXPERH GIQIRX MW YWIH 8LIWI SZIVPE]W
GERFIPS[WPYQTHIRWIGSRGVIXI 07(' TSP]QIVQSHM
JMIHGSRGVIXI EPWSGEPPIHPEXI\QSHMJMIHGSRGVIXI?01'A ERHJMFIVVIMRJSVGIHGSRGVIXI *6' 8LIWISZIVPE]WQE]EPWS
GSRXEMRWMPMGEJYQIJP]EWLSVKVERYPEXIHFPEWXJYVREGIWPEK
8LI WIGSRH KVSYT MRGPYHIW TSP]QIV ERH ITS\] QSVXEVW SV
GSRGVIXIW 8LI XLMVH KVSYT MRGPYHIW TSP]QIVMQTVIKREXIH
GSRGVIXI 4-' [LMGL LEW RSX FIGSQI KIRIVEPP] IJJIGXMZI
IGSRSQMGEPSVTVEGXMGEP-RE4-'W]WXIQLEVHIRIHGSRGVIXI
MWMQTVIKREXIH[MXLEPS[QSPIGYPEV[IMKLXQSRSQIVXLEX
JMPPWWQEPPGVEGOWERHZSMHWXSEWLEPPS[HITXL EFSYXQQ
?MRA FIRIEXLXLIWYVJEGI8LIQSRSQIVMWXLIRTSP]QIV
M^IHERHEVIPEXMZIP]MQTIVZMSYWWYVJEGIPE]IVVIWYPXW
-JXLIFEWIWPEFMWVIPEXMZIP]GVEGOJVIISVMJXLISZIVPE]MW
WYJJMGMIRXP]XLMGOERHWXVSRKXSVIWMWXXLII\XIRWMSRSJGVEGOW
MRXLISVMKMREPWPEFE[IPPFSRHIHPE]IV[MXLQEXGLIHNSMRXW
MWKIRIVEPP]XLIFIWXETTVSEGL-JXLISZIVPE]LEWWYJJMGMIRX
XLMGORIWWEXSXEPP]YRFSRHIHSZIVPE]MWKIRIVEPP]FIWX[LIVI
WIZIVIGVEGOMRKMWTVIWIRXSV[LIVIMXGERPEXIVHIZIPSTMRXLI
FEWIWPEF7]WXIQWXLEXEVIIWWIRXMEPP]YRFSRHIHLEZIFIIR
GSRWXVYGXIHWEXMWJEGXSVMP][LIVIXLISZIVPE]MWTPEGIHSZIVER
EWTLEPXPE]IV8LIEWTLEPXMXWIPJEGXWEWEHIFSRHMRKPE]IVMJ
MXLEWEVIEWSREFP]WQSSXLWYVJEGI[MXLSYXTSXLSPIW8LMWX]TI
SJGSRWXVYGXMSRPIRHWTEVXMGYPEVP][IPPXSHIXIVMSVEXIHEMVJMIPH
WPEFW XLEX LEZI FIIR VIWYVJEGIH [MXL EWTLEPXMG GSRGVIXI FYX
VIUYMVIEHHMXMSREPVMKMHTEZIQIRXXSXEOIXLIMRGVIEWIHPSEHW
SJLIEZ]EMVGVEJX%RSXLIVXIGLRMUYIXLEXLEWFIIRYWIH[LIR
XLIQEXIVMEPXSFISZIVPEMHMWVIEWSREFP]WQSSXLGSRWMWXWSJ
TPEGMRKXLISZIVPE]SZIVETSP]IXL]PIRIWLIIX3RMVVIKYPEV
WTEPPIHSVTSXLSPIHWYVJEGIWEXLMRPIZIPMRKERHHIFSRHMRK
PE]IVSJEWTLEPXMWHIWMVEFPIYRHIVXLITSP]IXL]PIRIWLIIX
8LIQEMRGEYWIWSJGVEGOMRKMRSZIVPE]WEVI
e 4PEWXMGWLVMROEKIGEYWIHF]I\GIWWMZIIZETSVEXMSRHYI
XSIRZMVSRQIRXEPGSRHMXMSRW[LMPIXLIGSRGVIXIMWMRMXW
JVIWLSVTPEWXMGWXEXI
e (MJJIVIRXMEP HV]MRK WLVMROEKI FIX[IIR QEXIVMEP MR XLI
PE]IVERHXLIWYFWXVEXIGSRGVIXI
e (MJJIVIRXMEP XLIVQEP WXVIWWIW FIX[IIR XLI SZIVPE] ERH
XLIWYFWXVEXIGSRGVIXI8LMWGERFIGEYWIHF]EHMJJIVIRX
XIQTIVEXYVI MR XLI PE]IV EW GSQTEVIH XS XLI WYFWXVEXI
ERHGEREPWSFIGEYWIHSVEKKVEZEXIHF]HMJJIVIRXGSIJ
JMGMIRXWSJXLIVQEPI\TERWMSRERHIPEWXMGTVSTIVXMIW
e 6IJPIGXMZIGVEGOMRKJVSQGVEGOWMRXLIWYFWXVEXI
e )HKIERHGSVRIVGYVPMRKWXVIWWIWXLEXGERPIEHXSHIPEQ
MREXMSRWERHSXLIVGVEGOMRKERH
e 4SSVGSRWXVYGXMSRTVEGXMGIW
0SRKXIVQSFWIVZEXMSRW 7GLVEHIVERH1YRGL&MWL
EVE7LELERH7OEVIRHELP SJQER]SZIVPE]WLEZI
WLS[RXLEXGVEGOMRKHYIXSHMJJIVIRXMEPWLVMROEKIMWXLIQSWX
GSQQSRTVSFPIQ8LIWIGVEGOWEVIEPWSQSVIPMOIP]XSMR
GVIEWISV[MHIR[MXLXMQI%RSXLIVTVSFPIQHIPEQMREXMSRSJ
XLI SZIVPE] LEW FIIR JSYRH XS SGGYV SRP]EX GVEGOW MRXLI
6
1%29%03*'32'6)8)46%'8-')
SZIVPE]SVEXFSYRHEVMIWRSVQEPP]EXZIV]IEVP]EKIW8LIWI
HIPEQMREXMSRW[MPPWTVIEH[MXLXMQI
8SVIHYGIXLIMRGMHIRGISJGVEGOMRKMRVMKMHGSRGVIXISZIV
PE]WXLIJSPPS[MRKTVSGIHYVIWEVIVIGSQQIRHIH
e 8LIWYVJEGISJXLIYRHIVP]MRKGSRGVIXIWLSYPHFIXLSV
SYKLP] TVITEVIH XS IRWYVI EHIUYEXI FSRHMRK SJ XLI
SZIVPE] 8LMW GER FI EGGSQTPMWLIH F] QIGLERMGEP
QIXLSHWWYGLEWWLSXFPEWXMRKWGEFFPMRKLERHGLMT
TMRK SVWERHFPEWXMRKERHL]HVEYPMGEPP]F]LMKLTVIW
WYVI [EXIVFPEWXMRK L]HVSHIQSPMXMSR 7GEVMJ]MRK
QIXLSHWXLEXMQTEGXXLIWYVJEGIGERGEYWIGVEGOMRKMR
XLIWYFWXVEXIXLEXGERVIWYPXMRHIPEQMREXMSR4VSGIHYVIW
JSV IEGL TVSNIGX WLSYPH FI WIPIGXIH GSRWMHIVMRK XLI
GSRHMXMSRSJXLIGSRGVIXIXLIEZEMPEFMPMX]SJIUYMTQIRX
ERH XLI IRZMVSRQIRXEP GSRHMXMSRW 8LI IRH VIWYPX
WLSYPHFIEGPIERWSYRHGSRGVIXIWYVJEGI
e %PPIUYMTQIRX YWIH JSVQM\MRKTPEGMRKERHJMRMWLMRK
WLSYPHFIHIWMKRIHJSVXLIX]TISJSZIVPE]FIMRKYWIH
ERHWLSYPHFIEGGYVEXIP]GEPMFVEXIHERHMRKSSH[SVO
MRKSVHIV&SXLXLIGSRXVEGXSVERHMRWTIGXMRKTIVWSRRIP
WLSYPHFIXVEMRIHMRXLITVSTIVGSRWXVYGXMSRXIGLRMUYIW
SJXLITEVXMGYPEVSZIVPE]W]WXIQ
e 1EXIVMEPUYERXMXMIWMRGPYHMRKXSXEP[EXIVGSRXIRX[GQ
ERH EQSYRX SJ TSP]QIV WLSYPH FI GPSWIP] QSRMXSVIH
ERHVIGSVHIH
e 8VEJJMGGSRXVSPWLSYPHFIIZEPYEXIHJSVLMKL[E]ETTPM
GEXMSRW 8LI QEMRXIRERGI SJ XVEJJMG HYVMRK VIGSRWXVYG
XMSR GEYWIW HIJPIGXMSRW ZMFVEXMSRW SV FSXL MR FVMHKI
HIGOW'SRWMHIVEXMSRWLSYPHFIKMZIRXSTPEGMRKSZIV
PE]W [LIR XVEJJMG MW PS[ [LIR ZILMGPI WTIIH MW
VIWXVMGXIHSVFSXL
e 'SRXVEGXMSR NSMRXW MR XLI HIGO WLSYPH RSX FI SZIVPEMH
YRPIWW E NSMRX SV WE[ GYX MW MQQIHMEXIP] TVSZMHIH
(IPE]IHWE[GYXXMRK[MPPYWYEPP]VIWYPXMREGVEGOMRXLI
SZIVPE]SZIVXLINSMRXERHUYMXITSWWMFP]WSQIHIFSRHMRK
EHNEGIRXXSXLI NSMRX 8LITVIJIVVIH QIXLSHMWXSJSVQ
XLI NSMRX [MXL E GSQTVIWWMFPI QEXIVMEP ERH TPEGI XLI
SZIVPE]EKEMRWXMX%JXIVGYVMRKXLIGSQTVIWWMFPIQEXI
VMEP GER FI VIQSZIH ERH VITPEGIH [MXL XLI JMREP NSMRX
QEXIVMEP
e -R RI[ X[SGSYVWI GSRWXVYGXMSR SJ FVMHKI HIGOW XLI
SZIVPE]WLSYPHFITPEGIHEJXIVVIQSZMRKXLIHIGOJSVQW
ERH WLSVMRK JVSQ XLI FEWI GSRGVIXI WS XLEX WXVIWWIW
GEYWIHF]XLI[IMKLXSJXLISZIVPE]EVIGEVVMIHF]XLI
YRHIVP]MRK GSRGVIXI -J TPEGIH FIJSVI XLI JSVQW EVI
VIQSZIHXLISZIVPE][MPPLEZIXSGEVV]ETSVXMSRSJMXW
S[R[IMKLXERHGERGVEGOMRRIKEXMZIQSQIRXVIKMSRW
e 3ZIVPE]W WLSYPH FI TPEGIH SRP] [LIR XLI EQFMIRX
[IEXLIVGSRHMXMSRWEVIJEZSVEFPIEWHIJMRIHMR%'-
SV [LIR ETTVSTVMEXI EGXMSRW EVI XEOIR JSV LSX[IEXLIV
%'- 6 SV GSPH[IEXLIV GSRGVIXMRK %'-6 )ZETSVEXMSR VEXIW SJ EFSYX OKQ L ?PFJXAL EWQIEWYVIHJVSQEJVII[EXIVWYVJEGIGERGEYWITPEWXMG
WLVMROEKIGVEGOMRKXLEXGERMRGVIEWIXLII\XIRXSJGVEGOMRK
ERH MRGVIEWI XLI TVSFEFMPMX] SJ HIPEQMREXMSR 'YVMRK
TVSGIHYVIWWYGLEW[IXQEXWERHJSKWTVE]MRKGERFI
VIUYMVIH *SV PEVKI GSRWXVYGXMSR TVSNIGXW WYGL EW
TEZIQIRX SZIVPE]W XLI IZETSVEXMSR VEXI WLSYPH FI
e
QSRMXSVIH XS HIXIVQMRI [LIRQSVIWXVMRKIRX GYVMRK
TVSGIHYVIWWLSYPHFIYWIHERH
1IGLERMGEPWLIEVVIMRJSVGIQIRXMWIJJIGXMZIMRVIHYGMRK
GVEGOMRK MR SZIVPE]W TPEGIH HYVMRK TIVMSHW SJ LMKL
IZETSVEXMSRVEXIW
{*MFIVVIMRJSVGIHGSRGVIXI *6' SZIVPE]W
;LIRTVSTIVP]TVSTSVXMSRIHQM\IHERHTPEGIHEGVEGO
VIWMWXERXXSTTMRKPE]IVSJ*6'GERFIXLIWSPYXMSRXSGIVXEMR
JMIPH TVSFPIQW *MFVSYW GSRGVIXI SZIVPE]W SJ LMKL[E]W
EMVJMIPHW [EVILSYWIJPSSVW ERH [EPO[E]W LEZI FIIR YWIH
WMRGIXLIQMHW*MFIVWEVIYWYEPP]WXIIPSVTSP]TVST]
PIRI[MXLPIRKXLWFIX[IIRERHQQ ERHMR 8LI IJJIGXW SJ JMFVSYW GSRGVIXI SR GVEGOMRK MR ER SZIVPE]
HITIRH PEVKIP] SR XLI JMIPH GSRHMXMSRW MR IEGL WMXYEXMSR
7GLVEHIVERH1YRGL7LELERH7OEVIRHELP7LEL
ERH&EXWSR%'-6%'-6%'-6 8LIFEWMGGSRGITXSJ*6'{XLEXJMFIVWEVVIWXXLIKVS[XLSJ
QMGVSGVEGOW MR GSRGVIXI{MW ETTPMGEFPI XS WXIIP W]RXLIXMG
WYGLEWTSP]TVST]PIRI ERHQMRIVEP WYGLEWKPEWW JMFIVW
7XIIPJMFIVWLEZIEWMKRMJMGERXIJJIGXSRXLIXSYKLRIWWSJXLI
GSRGVIXI 7]RXLIXMG VIWMR JMFIVW LEZI E PS[IV QSHYPYW SJ
IPEWXMGMX]ERHETSSVIVFSRHGSQTEVIH[MXLWXIIPJMFIVWXLI]
HSRSXGSVVSHIFYXGERVIHYGIFPIIHMRKERHTPEWXMGWLVMROEKI
GVEGOMRK+PEWWJMFIVWEVIYWIHTVMQEVMP]MRGPEHHMRKTERIPW
ERH SXLIV TVIGEWX TVSHYGXW XLEX EVI JSVQIH F] WTVE]MRK
GLSTTIHKPEWWJMFIVWERHQSVXEVWPYVV]MRXSJSVQWEXETVIGEWX
TPERX+PEWWJMFIVWHSRSXQM\[IPPMRGSRZIRXMSREPGSRGVIXI
QM\IVW8LIVIEVIWMKRMJMGERXPSRKXIVQHYVEFMPMX]TVSFPIQW
EWWSGMEXIH[MXLKPEWWJMFIVW ,SJJ7LEL0YHMVNEERH
(ERMIP 7XIIPJMFIVGSRGVIXIFSRHXSYRHIVP]MRKGSRGVIXI{-R
MRMXMEPWXYHMIWSJ*6'MX[EWFIPMIZIHXLEXETEVXMEPP]FSRHIH
PE]IV[EWXLIMHIEPW]WXIQ8LIXIVQTEVXMEPP]FSRHIHQIERW
XLEXRSHIPMFIVEXIEXXIQTXMWQEHIXSMQTVSZIXLIFSRHMRK
FIX[IIR XLI XSTTMRK PE]IV ERH XLI YRHIVP]MRK QEXIVMEP
XLVSYKLFSRHMRKEKIRXWJEWXIRIVWERHTSP]IXL]PIRIWLIIXW
8LIWYVJEGIXSFISZIVPEMHMWGPIERIHSJEPPPSSWIQEXIVMEP
YWYEPP]F]LSWMRKERHPIJXMREHEQTGSRHMXMSR)ZEPYEXMSRW
SJ TEVXMEPP] FSRHIH TVSNIGXW LEZI MRHMGEXIH XLEX XLMW MW XLI
PIEWXHIWMVEFPI XIGLRMUYI XS YWI 3ZIV E TIVMSH SJ ]IEVW
QER]TEVXMEPP]FSRHIH*6'SZIVPE]WLEZIWLS[RRSXMGIEFPI
EQSYRXWSJVIJPIGXMZIGVEGOMRKERHIHKIGYVPMRK'YVPIHIHKIW
EVIX]TMGEPMRXLMRSZIVPE]W PIWWXLEREFSYXQQ?MRA ERH
XLI]GERVIWYPXMRGVEGOW
*MFIV WM^I ERH ZSPYQI{8LI XLISV] SJ *6' MW
FEWIH SR E GVEGOEVVIWXMRK QIGLERMWQ XLEX HITIRHW SR
QER]TEVEQIXIVW 7LELERH2EEQER7LELERH&EXWSR
7SQISJXLITEVEQIXIVWXLEXMRJPYIRGIXLIVIMRJSVGMRK
IJJIGX SJ JMFIVW MRGPYHI XLI JMFIVvW QIGLERMGEP TVSTIVXMIW
EWTIGXVEXMS VEXMSSJJMFIVPIRKXLXSJMFIVHMEQIXIV ERHXLI
ZSPYQIJVEGXMSRSJJMFIVW VEXMSSJZSPYQISJJMFIVWXSZSPYQI
SJGSRGVIXI -RGVIEWMRKXLIEWTIGXVEXMSSVXLIZSPYQIJVEG
XMSR SJ JMFIVW GER IRLERGI XLI GVEGOEVVIWXMRK QIGLERMWQ
TVSZMHIHXLEXJMFIVWEVIYRMJSVQP]HMWXVMFYXIH-JXLIRYQFIV
SJ JMFIVW GVSWWMRK E GVEGO MW VIPEXMZIP] WQEPP XLIR XLI
GVEGOEVVIWXMRKQIGLERMWQMWPMQMXIH
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*MFIVX]TIERHWLETI{&IGEYWIXLIMVVIWMWXERGIXS
TYPPSYXMWKVIEXIVHIJSVQIHWXIIPJMFIVWLEZIEWMKRMJMGERX
EHZERXEKISZIVWQSSXLSRIW[MXLVIKEVHXSFSXLTVIGVEGO
MRKERHTSWXGVEGOMRKFILEZMSV
*MFIVWMRSTIRGVEGOW{8LIVILEWFIIRGSRWMHIVEFPI
HMWGYWWMSR EFSYX XLI GSRHMXMSR ERH IJJIGXMZIRIWW SJ WXIIP
JMFIVWXLEXGVSWWEGVEGO%XXLIXMQISJGVEGOMRKJMFIVWPSWI
XLIMV EHLIWMSR XS XLI GSRGVIXI FYX GSRXMRYI XS TVSZMHI E
QIGLERMGEPVIWMWXERGIXSTYPPSYX8LMWTSWXGVEGOMRKWXVIRKXL
MWSRISJXLIQSWXMQTSVXERXGLEVEGXIVMWXMGWSJ*6'ERHMX
GERFIWMKRMJMGERXJSVHIJSVQIHJMFIVW8LIGSRGIVRMWXLEX
EJXIVGVEGOMRKWXIIPJMFIVW[MPPS\MHM^IERHTVSZMHIRSPSRK
XIVQFIRIJMX-RZIWXMKEXMSRW 7GLVEHIVERH1YRGL%'6%'-6 LS[IZIVLEZIWLS[RXLEXMJXLIGVEGO
[MHXLWEVIWQEPP XSQQ?XSMRA XLI
JMFIVW [MPP RSX GSVVSHI IZIR EJXIV ]IEVW SJ I\TSWYVI
7GLVEHIVERH1YRGL7GLYTEGO 1M\XYVITVSTSVXMSRMRKGSRWMHIVEXMSRW{)ZIR[MXLE
LMKLVERKI[EXIVVIHYGIV XLI[EXIVVIUYMVIQIRX JSVJMFVSYW
GSRGVIXIMWLMKLIVXLERXLEXSJXLIWEQIQM\XYVI[MXLSYXJMFIVW
HYIXSVIHYGIHWPYQTXLEXEGGSQTERMIWXLITVIWIRGISJJMFIVW
8LI LMKLIV [EXIVHIQERH SJ*6' XIRHWXS GEYWI WLVMROEKI
GVEGOW 8LVSYKL XLI YWI SJ RSVQEP SV LMKLVERKI [EXIV
VIHYGMRKEHQM\XYVIWXLIQM\XYVI[EXIVGERFILIPHXSVIEWSR
EFPIPIZIPW ;EPOIVERH0EROEVH %HQM\XYVIWWLSYPHFI
YWIHXSEHNYWXQM\XYVITVSTSVXMSRMRKJSVFSRHIHSZIVPE]WWS
XLEXXLI[GQERHGIQIRXGSRXIRXETTVSEGLXLIWEQIZEPYIWEW
YWIHMRXLIYRHIVP]MRKQEXIVMEP-JTSWWMFPIXLISZIVPE]WLSYPH
LEZI EKKVIKEXIW SJ WMQMPEV TL]WMGEP TVSTIVXMIW YRPIWW XLI
SVMKMREPEKKVIKEXIWEVIYRWYMXEFPI
3ZIVPE]WSZIVNSMRXW{(MJJIVIRXQIXLSHWSJTPEGMRK
YRNSMRXIH SZIVPE]W SZIV NSMRXW MR XLI YRHIVP]MRK GSRGVIXI
LEZIFIIRXVMIHQSWXLEZIFIIRYRWYGGIWWJYP %'-6 %W[MXLGSRZIRXMSREPGSRGVIXISZIVPE]WMJNSMRXWI\MWXMRE
FEWIWPEFXLI]WLSYPHFIQEMRXEMRIHXLVSYKLXLISZIVPE]
{0EXI\ERHITS\]QSHMJMIHGSRGVIXISZIVPE]W
&SRHIH SZIVPE]W SJ WX]VIRIFYXEHMIRI PEXI\QSHMJMIH
QSVXEVERHGSRGVIXI[MXLEQMRMQYQXLMGORIWWSJXSQQ
XSMR VIWTIGXMZIP]LEZIFIIRYWIHMRXLIVIRSZEXMSR
SJFVMHKIHIGOWERHMRRI[X[SGSYVWIGSRWXVYGXMSRXSIJJIG
XMZIP] VIWMWX XLI TIRIXVEXMSR SJ GLPSVMHI MSRW JVSQ HIMGMRK
WEPXWERHTVIZIRXXLIWYFWIUYIRXGSVVSWMSRSJXLIVIMRJSVGMRK
WXIIPERHWTEPPMRKSJXLIGSRGVIXIHIGO &MWLEVEERH8ERXE]
ERSRHOYP'PIEV 3ZIVPE]WGSRXEMRMRK[EXIV
HMWTIRWEFPIITS\]QSHMJMIVWLEZIEPWSFIIRYWIHWYGGIWWJYPP]
FYXSREQYGLQSVIPMQMXIHFEWMW0EXI\ERHITS\]QSHMJMIH
SZIVPE]WEVIHMWGYWWIHMR%'-6ERH%'-6
-RWTIGXMSRSJEPEVKIRYQFIVSJFVMHKIHIGOWSZIVPEMH[MXL
PEXI\QSHMJMIH GSRGVIXI &MWLEVE VIZIEPIH JMRI
VERHSQ WLVMROEKI GVEGOW MR WSQI TVSNIGXW 8LMW X]TI SJ
GVEGOMRKMWRSXEWI\XIRWMZIMRRI[X[SGSYVWIGSRWXVYGXMSR
8LIVERHSQWLVMROEKIGVEGOWHIWIVZIWTIGMEPGSQQIRX%X
XMQIW XLI] GERFI EXXVMFYXIHXS TSSV GSRXVSPSVGSRWXVYGXMSR
TVEGXMGIW WYGL EW XLI YWI SJ GSRGVIXI [MXL E LMKL [EXIV
GSRXIRX4PEGIQIRXSJERSZIVPE]MRLSX[IEXLIV[MXLSYX
EHIUYEXITVSXIGXMSREKEMRWXIEVP]HV]MRKMWEPWSEGEYWISJ
TPEWXMGWLVMROEKIGVEGOMRK
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7XVYGXYVIWx 4'-.SYVREP:2STT
0MRWFEYIV,2-RKVEJJIE%66SWWQERMXL,4ERH
;E[V^]RIO4%Ew7MQYPEXMSRSJ'VEGOMRKMR0EVKI
%VGL (EQ 4EVX -x .SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR
%7'):2S*IFTT
0MRWFEYIV,2-RKVEJJIE%66SWWQERMXL,4ERH
;E[V^]RIO4%Fw7MQYPEXMSRSJ'VEGOMRKMR0EVKI
%VGL (EQ 4EVX --x .SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR
%7'):2S*IFTT
0MY8''EQTFIPP60ERH&SQFMGL%%
w:IVMJMGEXMSR SJ 8IQTIVEXYVI ERH 8LIVQEP 7XVIWW %REP
]WMW'SQTYXIV4VSKVEQWJSV1EWW'SRGVIXI7XVYGXYVIWx
1MWGIPPERISYW 4ETIV 2S 70 97 %VQ] )RKMRIIV
;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOWFYVK1MWW%TV
0MY 8 ' ERH1G(SREPH .) w4VIHMGXMSR SJ
8IRWMPI 7XVEMR 'ETEGMX] SJ 1EWW 'SRGVIXIx %'- .3962%0
4VSGIIHMRKW:2S1E]TT
0SVQER;6w8LI8LISV]SJ'SRGVIXI'VIITx
4VSGIIHMRKW%781:TT
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
0YX^0%7LEVQE2/ERH+IVKIP]4w-RGVIEWI
MR'VEGO;MHXLMR6IMRJSVGIH'SRGVIXI&IEQWYRHIV7YWXEMRIH
0SEHMRKx%'-.3962%0 4VSGIIHMRKW:2S7ITX
TT
1ELIV%ERH(EV[MR(w%*MRMXI)PIQIRX1SHIP
XS7XYH]XLI1MGVSWGSTMG&ILEZMSVSJ4PEMR'SRGVIXIx'6-2'
6ITSVX 709RMZIVWMX]SJ/ERWEW'IRXIVJSV6IWIEVGL
-RG0E[VIRGI/ERW2SZTT
1ELIV%ERH(EV[MR(w1MGVSWGSTMG*MRMXI
)PIQIRX1SHIPSJ'SRGVIXIx4VSGIIHMRKW*MVWX-RXIVRE
XMSREP'SRJIVIRGISR1EXLIQEXMGEP1SHIPMRK 7X0SYMW
%YK7ITX 9RMZIVWMX]SJ1MWWSYVM6SPPE:---
TT
1ELIV%ERH(EV[MR(w1SVXEV'SRWXMXYIRXSJ
'SRGVIXIMR'SQTVIWWMSRx%'-.3962%0 4VSGIIHMRKW:
2S1EV%TVTT
1ENM % / ERH 7LEL 7 4 w4VSGIWW >SRI ERH
%GSYWXMG)QMWWMSR1IEWYVIQIRXWMR'SRGVIXIx)\TIVMQIRXEP
1IGLERMGW7)14ETIV2S
1EVWLEPP ; 8 ERH 1EXXSGO % , w'SRXVSPSJ
,SVM^SRXEP 'VEGOMRKMR XLI)RHW SJ4VIXIRWMSRIH'SRGVIXI
+MVHIVWx .SYVREP4VIWXVIWWIH'SRGVIXI-RWXMXYXI:2S
%YK3GXTT
1EVXMR.0(EV[MR(ERH8IVV]6)w'IQIRX
4EWXI1SVXEVERH'SRGVIXIMR'SQTVIWWMSRx716ITSVX
2S 9RMZIVWMX] SJ /ERWEW 'IRXIV JSV 6IWIEVGL
0E[VIRGI/ERWTT
1EXLIV&w*EGXSVW%JJIGXMRK(YVEFMPMX]SJ'SRGVIXI
MR'SEWXEP7XVYGXYVIWx8IGLRMGEP1IQSVERHYQ2S&IEGL
)VSWMSR&SEVH;EWLMRKXSR('.YRI
1EXLIV & w'VEGOMRK -RHYGIH F] )RZMVSRQIRXEP
)JJIGXWx 'EYWIW 1IGLERMWQ ERH 'SRXVSP SJ 'VEGOMRK MR
'SRGVIXI74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1MGLTT
1G'S] ) ) .V 8LSVXSR , 8 ERH %PPKSSH . /
w'SRGVIXI 0EFSVEXSV] 7XYHMIW ([SVWLEO &VYGIvW
)HH] (EQ 2SVXL *SVO 'PIEV[EXIV 6MZIV RIEV 3VSJMRS
-HELS 'VIIO 8IWXWx 1MWGIPPERISYW 4ETIV 2S 6ITSVX 97 %VQ] )RKMRIIV ;EXIV[E]W )\TIVMQIRX
7XEXMSR:MGOWFYVK1MWW(IG
1G(SREPH . ) &SQFMGL % % ERH 7YPPMZER & 6
w9PXMQEXI7XVEMR'ETEGMX]ERH8IQTIVEXYVI6MWI7XYHMIW
8VYQFYPP 4SRH (EQx 1MWGIPPERISYW 4ETIV ' 97
%VQ])RKMRIIV;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOWFYVK
1MWW%YK
1IMIV 7 ; ERH +IVKIP] 4 w*PI\YVEP 'VEGO
;MHXL MR 4VIWXVIWWIH 'SRGVIXI &IEQWx .SYVREP SJ XLI
7XVYGXYVEP(MZMWMSR%7'):2S78TT
1I]IVW&07PEXI*3ERH;MRXIV+w6IPEXMSRWLMT
FIX[IIR 8MQI (ITIRHIRX (IJSVQEXMSR ERH 1MGVSGVEGOMRK
SJ4PEMR'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S
.ERTT
2EPPEXLEQFM4ERH/EVMLEPSS&0w-RJPYIRGISJ
7PS['VEGO+VS[XLSRXLI *VEGXYVI 8SYKLRIWWSJ4PEMR
'SRGVIXIx *VEGXYVI8SYKLRIWWERH*VEGXYVI)RIVK]*
,;MXXQERRIH)PWIZMIV7GMIRGI4YFPMWLIVW8LI2IXLIV
PERHWTT
6
2EYW(.ERH0SXX.0w*VEGXYVI8SYKLRIWWSJ
4SVXPERH'IQIRX'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:
2S.YRITT
2E[] ) + w'VEGO 'SRXVSP MR 6IMRJSVGIH
'SRGVIXI 7XVYGXYVIWx %'- .3962%0 4VSGIIHMRKW : 2S3GXTT
2E[])+w'VEGO'SRXVSPXLVSYKL6IMRJSVGIQIRX
(MWXVMFYXMSRMR8[S;E]%GXMRK7PEFWERH4PEXIWx%'.3962%0 4VSGIIHMRKW:2S%TVTT
2E[])+ERH&PEMV/;w*YVXLIV7XYHMIWSR
*PI\YVEP'VEGO'SRXVSPMR7XVYGXYVEP7PEF7]WXIQWx'VEGOMRK
(IJPIGXMSRERH9PXMQEXI0SEHSJ'SRGVIXI7PEF7]WXIQW
74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW
1MGLTT
2E[])+ERH,YERK48w'VEGOERH(IJPIG
XMSR 'SRXVSP SJ 4VIXIRWMSRIH 4VIWXVIWWIH &IEQWx 4'.SYVREP:2S1E].YRITT
2E[] ) + ERH 2IY[IVXL + ) w&ILEZMSV SJ
'SRGVIXI7PEFW4PEXIWERH&IEQW[MXL*MFIV+PEWWEW1EMR
6IMRJSVGIQIRXx 4VSGIIHMRKW%7'):78*IF
TT
2E[])+9OEHMOI11ERH7EYIV.%w,MKL
7XVIRKXL *MIPH 4SP]QIV 1SHMJMIH 'SRGVIXIWx 4VSGIIHMRKW
%7'):78(IGTT
2E[])+Ew*PI\YVEP'VEGOMRK&ILEZMSVSJ4EVXMEPP]
4VIWXVIWWIH4VIXIRWMSRIHERH4SWX8IRWMSRIH&IEQW{7XEXISJ
XLI%VXx'VEGOMRKMR4VIWXVIWWIH'SRGVIXI7XVYGXYVIW74
+ 8 ,EPZSVWIR ERH 2 , &YVRW IHW %QIVMGER 'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
2E[] ) + F w7XVIWWIW 7XVEMRW ERH &YVWXMRK
'VEGOW MR %RGLSVEKI >SRIW SJ 4SWX8IRWMSRIH &IEQWx
'VEGOMRKMR4VIWXVIWWIH'SRGVIXI7XVYGXYVIW74+8
,EPZSVWIR ERH 2 , &YVRW IHW %QIVMGER 'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
2E[])+ *YRHEQIRXEPWSJ,MKL4IVJSVQERGI
'SRGVIXI.SLR;MPI]ERH7SRW2I[=SVOTT
2ITTIV'LVMWXIRWIR 4 ERH 2MIPWIR 8 4 , w1SHEP(IXIVQMREXMSRSJXLI)JJIGXSJ&SRHFIX[IIR'SEVWI
%KKVIKEXI ERH 1SVXEV SR XLI 'SQTVIWWMZI 7XVIRKXL SJ
'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S.ER
TT
2IZMPPI%1ERH,MVWX+%w1IGLERMWQSJ
']GPMG'VIITSJ'SRGVIXIx(SYKPEW1G,IRV]7]QTSWMYQ
SR'SRGVIXIERH'SRGVIXI7XVYGXYVIW74&&VIWPIVIH
%QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL
TT
2IZMPPI % 1 ERH &VSSOW . . 'SRGVIXI 8IGL
RSPSK].SLR;MPI] 7SRW-RG2I[=SVO
2KEF%77PEXI*3ERH2MPWSR%,w1MGVS
GVEGOMRK ERH 8MQI(ITIRHIRX 7XVEMRW MR ,MKL7XVIRKXL
'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S.YP]
%YKTT
2MPWSR%,(IWMKRSJ4VIWXVIWWIH'SRGVIXIRH
)HMXMSR.SLR;MPI]ERH7SRW2I[=SVOTT
3HQER78%w)JJIGXWSJ:EVMEXMSRWMR:SPYQI
7YVJEGI %VIE )\TSWIH XS (V]MRK ERH 'SQTSWMXMSR SJ
'SRGVIXI SR 7LVMROEKIx 6-0)1')1&96)%9 -RXIV
6
1%29%03*'32'6)8)46%'8-')
REXMSREP'SPPSUYMYQSRXLI7LVMROEKISJ,]HVEYPMG'SRGVIXIW
1EHVMHTT
3L&,ERH/ERK=.w2I[*SVQYPEWJSV
1E\MQYQ'VEGO;MHXLERH'VEGO7TEGMRKMR6IMRJSVGIH
'SRGVIXI*PI\YVEP1IQFVERIWx%'-7XVYGXYVEP.SYVREP
:2S1EV%TVTT
4IVV]'ERH+MPPSXX.)w8LI-RJPYIRGISJ1SVXEV
%KKVIKEXI &SRH 7XVIRKXL SR XLI &ILEZMSV SJ 'SRGVIXI MR
9RME\MEP'SQTVIWWMSRx'IQIRXERH'SRGVIXI6IWIEVGL
:2S7ITXTT
4MGOIXX+w)JJIGXSJ%KKVIKEXISR7LVMROEKISJ
'SRGVIXI ERH ,]TSXLIWMW 'SRGIVRMRK 7LVMROEKIx %'.3962%0 4VSGIIHMRKW:2S.ERTT
4SPMZOE61ERH;MPWSR)0w*MRMXI)PIQIRX
%REP]WMWSJ2SRPMRIEV,IEX8VERWJIV4VSFPIQWx6ITSVX2S
9'7)71(ITEVXQIRXSJ'MZMP)RKMRIIVMRK9RMZIVWMX]
SJ'EPMJSVRME&IVOIPI]'EPMJ.YRI
4SWXSR6;'EVVEWUYMPPS60ERH&VIIR.)
w(YVEFMPMX] SJ 4SWX8IRWMSRIH &VMHKI (IGOWx %'- 1EXI
VMEPW.SYVREP:2S.YP]%YKTT
4SWXSR6;ERH7GLYTEGO1w(YVEFMPMX]SJE
4VIGEWX4VIWXVIWWIH'SRGVIXI'SRZI]SV&VMHKI7XVYGXYVIEXE
7EPX1MRIEJXIV=IEVWSJ7IVZMGIx4EYP/PMIKIV7]QTSWMYQ
SR 4IVJSVQERGI SJ 'SRGVIXI 74 ( ;LMXMRK IH
%QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL
TT
6ES % +ERHSXVE / ERH 6EQEW[EQ] + 7 w*PI\YVEP8IWXWSR&IEQW4VIWXVIWWIHXS(MJJIVIRX(IKVIIW
SJ4VIWXVIWWx.SYVREP-RWXMXYXMSRSJ)RKMRIIVW 'EPGYXXE :1E]
6IJEM81)ERH7[EVX^7)w-RJPYIRGISJ7M^I
)JJIGXWSR3TIRMRK1SHI*VEGXYVI4EVEQIXIVWJSV4VIGVEGOIH
'SRGVIXI&IEQWMR&IRHMRKx4VSGIIHMRKW7)16-0)1
-RXIVREXMSREP 'SRJIVIRGI SR *VEGXYVI SJ 'SRGVIXI ERH
6SGO747LELERH7)7[EVX^IHW,SYWXSR8I\
6ILQ+ERH)PMKILEYWIR6w0ETTIH7TPMGIWSJ
(IJSVQIH&EVW9RHIV6ITIEXIH0SEHMRKW 9FIVKVIMJYRKWW
XS&I ZSR 6MTTIRWXELPIR YRXIV RMGLX VYLIRHIV &IPEWXYRK x
&IXSR9RH7XELPFIXSRFEY &IVPMR 2STT
6SWLSVI)'w*MIPH)\TSWYVI8IWXWSJ6IMRJSVGIH
'SRGVIXI&IEQWx%'-.3962%0 4VSGIIHMRKW:2S
1E]TT
7ERHIVW(,&VIIR.)ERH(YRGER---66
w7XVIRKXLERH&ILEZMSVSJ'PSWIP]7TEGIH4SWX8IRWMSRIH
1SRSWXVERH%RGLSVEKIWx48-6ITSVX3GXTT
7GLPEMGL . 7GLEJIV / ERH .IRRI[IMR 1 w8S[EVH E 'SRWMWXIRX (IWMKR SJ 7XVYGXYVEP 'SRGVIXIx
4'-.SYVREP:2S1E].YRITT
7GLVEHIV ) / ERH 1YRGL % : w(IGO 7PEF
6ITEMVIH F] *MFVSYW 'SRGVIXI 3ZIVPE]x 4VSGIIHMRKW
%7'):2S'31EVTT
7GLVEHIV)/*S[PIV(;/EHIR6%ERH7XIF
FMRW6.w4SP]QIV-QTVIKREXMSR9WIHMR'SRGVIXI
6ITEMVW SR 'EZMXEXMSR)VSWMSR (EQEKIx 4SP]QIVW MR
'SRGVIXI 74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1MGLTT
7GLYTEGO1w(YVEFMPMX]SJ7*6')\TSWIHXS
7IZIVI)RZMVSRQIRXWx7XIIP*MFIV'SRGVIXI747LEL
ERH%7OEVIRHELPIHW)PWIZMIV%TTPMIH7GMIRGI4YFPMWLIVW
0SRHSRTT
7LEL74ERH&EXWSR+&IHW*MFIV6IMRJSVGIH
'SRGVIXI 4VSTIVXMIW ERH %TTPMGEXMSRW 74 %QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
7LEL74ERH'LERHVE7w*VEGXYVISJ'SRGVIXI
7YFNIGXIHXS']GPMGERH7YWXEMRIH0SEHMRKx%'-.3962%0
4VSGIIHMRKW:2S3GX
7LEL740YHMVNE(ERH(ERMIP.-w8SYKLRIWW
SJ +PEWW *MFIV 6IMRJSVGIH'SRGVIXI 4ERIPW 7YFNIGXIHXS
%GGIPIVEXIH%KMRKx 4'-.SYVREP:2S 7ITX3GX
TT
7LEL74ERH1G+EVV]*.w+VMJJMXL*VEGXYVI
'VMXIVMEERH'SRGVIXIx.SYVREPSJXLI)RKMRIIVMRK1IGLERMGW
(MZMWMSR 4VSGIIHMRKW %7') : 2S )1 (IG
TT
7LEL74ERH2EEQER%)w1IGLERMGEP4VST
IVXMIW SJ +PEWW ERH 7XIIP *MFIV 6IMRJSVGIH 1SVXEVx %'.3962%0 4VSGIIHMRKW.ERTT
7LEL74ERH7OEVIRHELP%7XIIP*MFIV'SRGVIXI
)PWIZMIV%TTPMIH7GMIRGI4YFPMWLIVW0SRHSRTT
7LEL 7 4 ERH 7PEXI * 3 w-RXIVREP 1MGVSG
VEGOMRK 1SVXEV%KKVIKEXI &SRH ERH XLI 7XVIWW7XVEMR
'YVZISJ'SRGVIXIx4VSGIIHMRKW-RXIVREXMSREP'SRJIVIRGI
SRXLI7XVYGXYVISJ'SRGVIXI 0SRHSR7ITX 'IQIRX
ERH'SRGVIXI%WWSGMEXMSR0SRHSRTT
7LEL74ERH;MRXIV+w-RIPEWXMG&ILEZMSVERH
*VEGXYVI SJ 'SRGVIXIx %'- .3962%0 4VSGIIHMRKW : 2S7ITXTT
7PEXI*3ERH1EXLIYW6)w:SPYQI'LERKIW
SR7IXXMRKERH'YVMRKSJ'IQIRX4EWXIERH'SRGVIXIJVSQ
>IVSXS7IZIR(E]Wx%'-.3962%0 4VSGIIHMRKW:2S
.ERTT
7TSSRIV('w8LI7XVIWW7XVEMR6IPEXMSRWLMTJSV
,EVHIRIH 'IQIRX 4EWXIW MR 'SQTVIWWMSRx 1EKE^MRI SJ
'SRGVIXI6IWIEVGL0SRHSR:2S.YRITT
7TSSRIV('ERH(SYKMPP.;w%5YERXMXEXMZI
%WWIWWQIRX SJ (EQEKI 7YWXEMRIH MR 'SRGVIXI HYVMRK
'SQTVIWWMZI0SEHMRKx1EKE^MRISJ'SRGVIXI6IWIEVGL
0SRHSR:2S7ITXTT
7TSSRIV('4SQIVS]'(ERH(SYKMPP.;
w(EQEKI ERH )RIVK] (MWWMTEXMSR MR 'IQIRX 4EWXIW MR
'SQTVIWWMSRx 1EKE^MRISJ'SRGVIXI6IWIEVGL0SRHSR:
2S1EVTT
7XIZIRW6*w8IWXWSR4VIWXVIWWIH6IMRJSVGIH
'SRGVIXI&IEQWx'SRGVIXI0SRHSR:2S2SZ
TT
7XSRI;'ERH&VIIR.)Ew&ILEZMSVSJ4SWX
8IRWMSRIH+MVHIV%RGLSVEKI>SRIWx4'-.SYVREP:
2S.ER*IFTT
7XSRI;'ERH&VIIR.)Fw(IWMKRSJ4SWX
8IRWMSRIH+MVHIV %RGLSVEKI >SRIWx 4'- .SYVREP : 2S1EV%TVTT
7XYVQER+17LEL74ERH;MRXIV+w)JJIGXW
SJ *PI\YVEP 7XVEMR +VEHMIRXW SR 1MGVS'VEGOMRK ERH 7XVIWW
7XVEMR&ILEZMSVSJ'SRGVIXIx %'-.3962%0 4VSGIIHMRKW
:2S.YP]TT
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
7YEVMW ; ERH *IVRERHS : w9PXVEWSRMG 4YPWI
%XXIRYEXMSREWE1IEWYVISJ(EQEKI+VS[XLHYVMRK']GPMG
0SEHMRKSJ'SRGVIXIx%'-1EXIVMEPW.SYVREP:2S
1E].YRITT
7YVM/1ERH(MPKIV;,w'VEGO;MHXLSJ
4EVXMEPP]4VIWXVIWWIH'SRGVIXI1IQFIVWx%'- .3962%0
4VSGIIHMRKW:2S7ITX3GXTT
7Y^YOM / ERH =SWLMXIVY 3 w'EPGYPEXMSR SJ
'VEGO;MHXLERH'VEGO'SRXVSP(IWMKRSJ44'1IQFIVWx
2%83%HZERGIH6IWIEVGL;SVOWLSTSR4EVXMEP4VIWXVIWWMRK
4EVMWTT
7[EVX^7)ERH+S'+w:EPMHMX]SJ'SQTPMERGI
'EPMFVEXMSRXS'VEGOIH'SRGVIXI&IEQWMR&IRHMRKx)\TIV
MQIRXEP1IGLERMGW7)1:2STT
8EQ/7ERH7GERPSR%w(IJPIGXMSRSJ8[S
;E]7PEFWERH8VERWZIVWI0SEHWx%'-.3962%0 4VSGIIHMRKW
:2S7ITX3GXTT
8IWXE6&ERH7XYFFW2w&SRH*EMPYVIERH
-RIPEWXMG 6IWTSRWISJ 'SRGVIXIx .SYVREP SJ XLI )RKMRIIVMRK
1IGLERMGW(MZMWMSR%7'):2S)1%TV
TT
8VS\IPP+)6ETLEIP.1ERH(EZMW6)w0SRK
8MQI 'VIIT ERH 7LVMROEKI 8IWXW SJ 4PEMR ERH 6IMRJSVGIH
'SRGVIXIx4VSGIIHMRKW%781:TT
97&6'SRGVIXI1ERYEPXL)HMXMSR97&YVIEY
SJ6IGPEQEXMSRTT
:IVFIGO+.w'EVFSREXMSRSJ,]HVEXIH4SVXPERH
'IQIRXx 'IQIRX ERH 'SRGVIXI 784 %QIVMGER
7SGMIX] JSV 8IWXMRK ERH 1EXIVMEPW ;IWX 'SRWLSLSGOIR
4IRRTT
;EPOIV%.ERH0EROEVH(6w&VMHKI(IGO
6ILEFMPMXEXMSR[MXL7XIIP*MFVSYW'SRGVIXIx4VIWIRXIHEX
XLI8LMVH-RXIVREXMSREP)\TSWMXMSRSR'SRGVIXI'SRWXVYGXMSR
2I[3VPIERW0%.ER &EXXIPPI'SPYQFYW0EFSVEXSVMIW
;MXXQERR*,*VEGXYVI8SYKLRIWWERH*VEGXYVI
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2IXLIVPERHW
;MPWSR)0w8LI(IXIVQMREXMSRSJ8IQTIVEXYVIW
[MXLMR1EWW'SRGVIXI7XVYGXYVIWx6ITSVX2S7XVYGXYVEP
)RKMRIIVMRK 0EFSVEXSV] 9RMZIVWMX] SJ 'EPMJSVRME &IVOIPI]
'EPMJ(IG
;SSHW , (YVEFMPMX] SJ 'SRGVIXI 'SRWXVYGXMSR
1SRSKVETL2S%QIVMGER'SRGVIXI-RWXMXYXI-S[E7XEXI
9RMZIVWMX]*EVQMRKXSR,MPPW1MGLTT
=ERK7ERH'LIR.w&SRH7PMTERH'VEGO;MHXL
'EPGYPEXMSRWSJ8IRWMSR1IQFIVWx%'-7XVYGXYVEP.SYVREP
:2S.YP]%YKTT
=IVPMGM:%w1MRMQYQ;EPP8LMGORIWWSJ'MVGYPEV
'SRGVIXI8EROWx4YFPMGEXMSR 2S---RXIVREXMSREP%WWSGME
XMSRJSV&VMHKIERH7XVYGXYVEP)RKMRIIVMRK>YVMGLT
6
=SWLMQSXS % 3KMRS 7 ERH /E[EOEQM 1 w1MGVSGVEGOMRK)JJIGXSR*PI\YVEP7XVIRKXLSJ'SRGVIXI
EJXIV 6ITIEXIH 0SEHMRKx %'- .3962%0 4VSGIIHMRKW: 2S%TVTT
=SWLMQSXS % 3KMRS 7 ERH /E[EOEQM 1 w1MGVSWGSTMG'VEGOWMR'IQIRX1EXVM\ERH(IJSVQEXMSR
&ILEZMSVSJ'SRGVIXIx 4VSGIIHMRKWXL.ETER'SRKVIWW
SR1EXIVMEPW6IWIEVGLTT
=XXIVFIVK6*w7LVMROEKIERH'YVPMRKSJ7PEFWSR
+VEHIx 'SRGVIXI-RXIVREXMSREP (IWMKR ERH 'SRWXVYGXMSR
:2S%TVTT
>MIPMRWOM.0ERH6S[I6)w%R-RZIWXMKEXMSR
SJXLI7XVIWW(MWXVMFYXMSRMRXLI%RGLSVEKI>SRIWSJ4SWX
8IRWMSRIH'SRGVIXI1IQFIVWx8IGLRMGEP6ITSVX2S
'IQIRXERH'SRGVIXI%WWSGMEXMSR0SRHSR7ITXTT
{3XLIVVIJIVIRGIW
%'- 'SQQMXXII w6IGSQQIRHIH 4VEGXMGI JSV
)ZEPYEXMSR SJ 7XVIRKXL 8IWX 6IWYPXW SJ 'SRGVIXI x
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
%'- 'SQQMXXII w'SRXVSP SJ 'VEGOMRK MR
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