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HQT#RRNG68
#RRNG%CTG
2TQVGEVKQP2NCP
3WKEM4GHGTGPEG)WKFG
6GTOUCPF%QPFKVKQPU
/QFCNKVoU
)WKFGFGToHoTGPEGTCRKFG
(KEJGFKPHQTOCVKQPU
(CEV5JGGV
%QPVGPVU
'PINKUJ
-GGR[QWT2TQQHQH%QXGTCIGFQEWOGPVVJGQTKIKPCN#RRNG68UCNGU
TGEGKRVCPFVJG#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG68TGEGKRV#RRNG
OC[TGSWKTGRTQQHQHRWTEJCUGKHCP[SWGUVKQPUCTKUGCDQWVVJGGNKIKDKNKV[
QH[QWT#RRNG68HQT#RRNG%CTG2TQVGEVKQP2NCP
%QXGTCIGKPHQTOCVKQP
6JKUEQORTGJGPUKXGRNCPKUCXCKNCDNGHQTCNN#RRNG68OQFGNUYKVJKPVJGKT
QPG[GCTNKOKVGFYCTTCPV[+H[QWUGNNVJGEQXGTGF#RRNG68DGHQTGVJG
#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG68GZRKTGU[QWOC[VTCPUHGTVJG
RNCPVQVJGPGYQYPGT(QTGCEJ#RRNG68[QWYCPVVQEQXGT[QWOWUV
RWTEJCUGCUGRCTCVG#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG68
5GTXKEGCPFUWRRQTVHTQOVJGRGQRNGYJQMPQY[QWT#RRNG68DGUV
6JG#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG68GZVGPFUVJGEQORNKOGPVCT[
EQXGTCIGQP[QWT#RRNG68VQWRVQVYQ[GCTUQHYQTNFENCUUUWRRQTV
6JGRNCPRTQXKFGUCEEGUUVQ#RRNG68GZRGTVUCPFIKXGU[QWCP[VKOG
CEEGUUVQYGDDCUGFTGUQWTEGUCVYYYCRRNGEQOUWRRQTVCRRNGVX+H
[QWT#RRNG68QTVJGKPENWFGFCEEGUUQTKGUPGGFUGTXKEG#RRNGYKNNTGRCKT
QTTGRNCEGVJGO
(CEV5JGGV
#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG68
'PINKUJ
(TQOVJGQTKIKPCNRWTEJCUGFCVGQH[QWT#RRNG68
5GGVJGGPENQUGF#RRNG%CTG2TQVGEVKQP2NCP6GTOUCPF%QPFKVKQPUHQT
EQORNGVGFGVCKNU
'KVJGTVJGECTT[KPQTFKTGEVOCKNKPUGTXKEGQRVKQPOC[CRRN[YJGP
[QWQDVCKPUGTXKEG4GHGTVQVJG3WKEM4GHGTGPEG)WKFGHQTCFFKVKQPCN
FGVCKNUCDQWVQDVCKPKPIUGTXKEG6JGTGRNCEGOGPVGSWKROGPVVJCV#RRNG
RTQXKFGUCURCTVQHVJGTGRCKTQTTGRNCEGOGPVUGTXKEGOC[DGPGYQT
GSWKXCNGPVVQPGYKPDQVJRGTHQTOCPEGCPFTGNKCDKNKV[
*CTFYCTGUGTXKEG
6JKURNCPGZVGPFUTGRCKTCPFTGRNCEGOGPVUGTXKEGHTQOVJG#RRNGQPG
[GCTYCTTCPV[VQWRVQVYQ[GCTUHTQO[QWT#RRNG68RWTEJCUGFCVG
6GEJPKECNUWRRQTVQRVKQPU
+H[QWGZRGTKGPEGFKHHKEWNVKGUYKVJ[QWT#RRNG68TGHGTVQVJG3WKEM
4GHGTGPEG)WKFGHQTVTQWDNGUJQQVKPIVKRU+H[QWCTGPQVCDNGVQTGUQNXG
VJGKUUWG#RRNG%CTGTGRTGUGPVCVKXGUECPJGNRVTQWDNGUJQQV[QWT#RRNG
68KVUEQPPGEVKQPYKVJK6WPGUCPFKVUEQPPGEVKQPVQ[QWTVGNGXKUKQP
#RRNGVGEJPKECNUWRRQTVEQPVCEVKPHQTOCVKQPCPFJQWTUQHQRGTCVKQPCTG
NKUVGFKPVJG3WKEM4GHGTGPEG)WKFG7PFGTVJG#RRNG%CTG2TQVGEVKQP2NCP
HQT#RRNG68#RRNGQHHGTUVJGUCOGEQORNGVGUGTXKEGHQTDQVJ/CECPF
9KPFQYUWUGTU
'PINKUJ
8KUKVVJG#RRNG685WRRQTVYGDUKVG
6JG#RRNG685WRRQTVYGDUKVGJCUNKPMUVQUGTXKEGQRVKQPCXCKNCDKNKV[
CP#RRNG68VWVQTKCNFKUEWUUKQPUCPFQVJGTTGUQWTEGUVQCPUYGT
XCTKQWUJQYVQSWGUVKQPUYJKEJCTGCXCKNCDNGJQWTUCFC[CV
YYYCRRNGEQOUWRRQTVCRRNGVXKPVJG75CPF
YYYCRRNGEQOECUWRRQTVCRRNGVXKP%CPCFC
8GTKH[VJCV[QWJCXGVJGNCVGUVK6WPGU
;QWECPFQYPNQCFVJGNCVGUVK6WPGUCVYYYCRRNGEQOKVWPGUFQYPNQCF
KPVJG75QTYYYCRRNGEQOECKVWPGUFQYPNQCFKP%CPCFC
6T[VJGUGUKORNGUVGRUDGHQTGEQPVCEVKPI#RRNGHQTJGNR
+H[QWGZRGTKGPEGRTQDNGOUYKVJ[QWT#RRNG68VT[VJGVTQWDNGUJQQVKPI
UVGRUDGNQY#UCRTGECWVKQPDCEMWRCNNEQPVGPVQP[QWTEQORWVGT
DGHQTG[QWRGTHQTOVJGUGUVGRU
3WKEM4GHGTGPEG)WKFG
#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG68
+P%CPCFC
5GXGPFC[UCYGGM
#/VQ2/'CUVGTPVKOG
'PINKUJ
6GNGRJQPGPWODGTUCPFJQWTUQHQRGTCVKQPOC[XCT[CPF
CTGUWDLGEVVQEJCPIG;QWECPHKPFVJGOQUVWRVQFCVG
NQECNCPFKPVGTPCVKQPCNEQPVCEVKPHQTOCVKQPCV
YYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVUJVON
+PVJG75
#2.%#4'
5GXGPFC[UCYGGM
#/VQ2/%GPVTCNVKOG
%QPVCEV#RRNGHQTOQTGCUUKUVCPEG
+HVJGUVGRUKPVJKUIWKFGFQPQVTGUQNXG[QWTKUUWGEQPVCEV#RRNG#P
#RRNGTGRTGUGPVCVKXGYKNNCUM[QWHQT[QWT#RRNG%CTG2TQVGEVKQP2NCPHQT
#RRNG68CITGGOGPVPWODGTQT[QWT#RRNG68UGTKCNPWODGTYJKEJKU
NQECVGFQPVJGDQVVQOQH[QWT#RRNG68
'PINKUJ
;QWT#RRNG%CTG2TQVGEVKQP2NCP
#22#RRNG%CTG2TQVGEVKQP2NCP
HQTK2QF
#22HQTK2QF#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG&KURNC[
#22HQT#RRNG&KURNC[QT#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG68
#22HQT#RRNG68
GCEJTGHGTTGFVQJGTGKPCUVJG2NCPKUIQXGTPGF
D[VJGUG6GTOUCPF%QPFKVKQPUCPFEQPUVKVWVGU[QWTEQPVTCEVYKVJ
VJG#RRNGGPVKV[FGUETKDGFKPUGEVKQPNDGNQY
#RRNG5WDLGEVVQ
VJGUG6GTOUCPF%QPFKVKQPU[QWT2NCP
KEQXGTUFGHGEVUHQTVJG#RRNG
DTCPFGFRTQFWEV
UNKUVGFKP[QWT2NCPU%GTVKHKECVGQT2TQQHQH%QXGTCIG
FQEWOGPV
2NCP%QPHKTOCVKQPCPFVJGCEEGUUQTKGUVJCVCTGEQPVCKPGF
KPVJGRTQFWEV
UQTKIKPCNRCEMCIKPI
%QXGTGF'SWKROGPVCPF
KK
RTQXKFGU[QWYKVJCEEGUUVQVGNGRJQPGVGEJPKECNUWRRQTVCPFYGD
DCUGFUWRRQTVTGUQWTEGUHQTVJG%QXGTGF'SWKROGPV6QQDVCKPVJG
2NCP%QPHKTOCVKQP[QWOWUVTGIKUVGT[QWT2NCPUWPKSWGCITGGOGPVQT
TGIKUVTCVKQPPWODGT
2NCP#ITGGOGPV0WODGTCUFGUETKDGFKPVJG
KPUVTWEVKQPUKPENWFGFKPVJG2NCPURCEMCIKPI%WUVQOGTUEJQQUKPIVJG
#WVQ4GIKUVTCVKQPQRVKQPYJGTGCXCKNCDNGYKNNCWVQOCVKECNN[TGEGKXG
6GTOUCPF%QPFKVKQPU
#RRNG%CTG2TQVGEVKQP2NCP
#RRNG%CTG2TQVGEVKQP2NCPHQTK2QF
#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG&KURNC[
#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG68
'PINKUJ
4GRCKT%QXGTCIG
C 5EQRGQH%QXGTCIG;QWTEQXGTCIGHQTFGHGEVUDGIKPUQPVJGFCVG
[QWT%QXGTGF'SWKROGPVU#RRNGJCTFYCTGYCTTCPV[GZRKTGUCPF
VGTOKPCVGUCVVJGGPFQHVJG%QXGTCIG2GTKQF
4GRCKT%QXGTCIG
2GTKQF#RRNGYKNNRTQXKFGDQVJRCTVUCPFNCDQTDWVOC[
TGSWKTG[QWVQTGRNCEGEGTVCKPTGCFKN[KPUVCNNCDNGRCTVU[QWTUGNHCU
FGUETKDGFDGNQY#RRNGOC[RTQXKFGTGRNCEGOGPVRTQFWEVQTRCTVU
VJCVCTGOCPWHCEVWTGFHTQORCTVUVJCVCTGPGYQTGSWKXCNGPVVQ
PGYKPDQVJRGTHQTOCPEGCPFTGNKCDKNKV[6JGTGRNCEGOGPVRTQFWEV
QTRCTVUYKNNDGHWPEVKQPCNN[GSWKXCNGPVVQVJGTGRNCEGFRTQFWEVU
QTRCTVUCPFYKNNCUUWOGVJGTGOCKPKPIEQXGTCIGWPFGTVJG2NCP
6JGRTQFWEVUQTRCTVUVJCVCTGTGRNCEGFDGEQOG#RRNGURTQRGTV[
#RRNGUVTQPIN[CFXKUGU[QWVQTGEQTFCUCDCEMWRFCVCCPF
UQHVYCTGTGUKFKPIQTTGEQTFGFKPVJG%QXGTGF'SWKROGPVDGHQTG
JCXKPIVJG%QXGTGF'SWKROGPVCXCKNCDNGHQTTGRCKTQTTGRNCEGOGPV
UGTXKEGU6JGUEQRGQHUWRRQTVRTQXKFGFVQ[QWYKNNXCT[CEEQTFKPI
VQVJG2NCP[QWRWTEJCUGFCUHQNNQYU
K 7PFGT#22#RRNGEQXGTUVJG%QXGTGF'SWKROGPVCPFQPG
EQORCVKDNG#RRNGDTCPFGFFKURNC[KHRWTEJCUGFCVVJGUCOG
VKOGCPFTGIKUVGTGFYKVJCEQXGTGF/CEEQORWVGT#P#RRNG
VJGKT2NCP%QPHKTOCVKQP6JGFWTCVKQPQHVJG2NCP
%QXGTCIG2GTKQFKU
HQTVJGRGTKQFGPFKPIQPVJGFCVGURGEKHKGFKP[QWT2NCP%QPHKTOCVKQP
6JGRTKEGQHVJG2NCPKUNKUVGFQPVJG2NCPUQTKIKPCNUCNGUTGEGKRV
'PINKUJ
DTCPFGFOQWUGCPFMG[DQCTFCTGCNUQEQXGTGFWPFGT#22
KHKPENWFGFYKVJVJG%QXGTGF'SWKROGPV
QTRWTEJCUGFYKVJ
C/CEOKPK#P#KT2QTV'ZVTGOG%CTFCP#KT2QTV'ZRTGUUQT
#KT2QTV'ZVTGOG$CUG5VCVKQP6KOG%CRUWNGCP#RRNGDTCPFGF
&8+VQ#&%FKURNC[CFCRVGT#RRNG4#/OQFWNGUCPF/CE$QQM
#KT5WRGT&TKXGCTGCNUQEQXGTGFWPFGT#22KHWUGFYKVJVJG
EQORCVKDNG%QXGTGF'SWKROGPVCPFQTKIKPCNN[RWTEJCUGFD[
[QWWRVQVYQ[GCTUDGHQTG[QWT/CERWTEJCUGQTFWTKPIVJG
VGTOQH[QWT#22+HFWTKPIVJG4GRCKT%QXGTCIG2GTKQFVJGTG
KUCFGHGEVKPVJGOCVGTKCNUQTYQTMOCPUJKRQHVJG%QXGTGF
'SWKROGPVQTVJGQVJGTEQXGTGFKVGOUFGUETKDGFCDQXG#RRNG
YKNNCVKVUQRVKQPTGRCKTQTTGRNCEGVJGCHHGEVGFKVGO
KK 7PFGT#22HQTK2QF#RRNGYKNNCVKVUQRVKQPTGRCKTQTTGRNCEG
VJGCHHGEVGF%QXGTGF'SWKROGPVKH
CFWTKPIVJG4GRCKT
%QXGTCIG2GTKQFVJGTGKUCFGHGEVKPVJG%QXGTGF'SWKROGPVU
OCVGTKCNUQTYQTMOCPUJKRQT
DFWTKPIVJG%QXGTCIG2GTKQF
VJGECRCEKV[QHVJGEQXGTGFK2QFDCVVGT[VQJQNFCPGNGEVTKECN
EJCTIGJCUFGRNGVGFHKHV[
RGTEGPVQTOQTGHTQOKVU
QTKIKPCNURGEKHKECVKQPCHVGTDGKPIHWNN[EJCTIGFCPFVJG
EQXGTGFK2QFKURNC[KPIOWUKEYKVJCNNUGVVKPIUTGUGV
KKK 7PFGT#22HQT#RRNG&KURNC[QT#22HQT#RRNG68#RRNGYKNNCV
KVUQRVKQPTGRCKTQTTGRNCEGVJGCHHGEVGF%QXGTGF'SWKROGPV
KHFWTKPIVJG4GRCKT%QXGTCIG2GTKQFVJGTGKUCFGHGEVKPVJG
'PINKUJ
%QXGTGF'SWKROGPVUOCVGTKCNUQTYQTMOCPUJKR#P#KT2QTV
'ZVTGOG%CTFCP#KT2QTV'ZRTGUUQT#KT2QTV'ZVTGOG$CUG
5VCVKQPCPF6KOG%CRUWNGCTGCNUQEQXGTGFWPFGT#22HQT
#RRNG68KHWUGFYKVJVJG%QXGTGF'SWKROGPVCPFQTKIKPCNN[
RWTEJCUGFD[[QWWRVQVYQ[GCTUDGHQTG[QWT#RRNG68QT
FWTKPIVJGVGTOQH[QWT#22HQT#RRNG68EQXGTCIG
D .KOKVCVKQPU6JG2NCPFQGUPQVEQXGT
K +PUVCNNCVKQPTGOQXCNQTFKURQUCNQHVJG%QXGTGF'SWKROGPV
QTKPUVCNNCVKQPTGOQXCNTGRCKTQTOCKPVGPCPEGQHPQP
%QXGTGF'SWKROGPV
KPENWFKPICEEGUUQTKGUCVVCEJOGPVUQT
QVJGTFGXKEGUUWEJCUGZVGTPCNOQFGOUQTGNGEVTKECNUGTXKEG
GZVGTPCNVQVJG%QXGTGF'SWKROGPV
KK &COCIGVQVJG%QXGTGF'SWKROGPVECWUGFD[CEEKFGPV
CDWUGPGINGEVOKUWUG
KPENWFKPIHCWNV[KPUVCNNCVKQPTGRCKT
QTOCKPVGPCPEGD[CP[QPGQVJGTVJCP#RRNGQTCP#RRNG
#WVJQTK\GF5GTXKEG2TQXKFGTWPCWVJQTK\GFOQFKHKECVKQP
GZVTGOGGPXKTQPOGPV
KPENWFKPIGZVTGOGVGORGTCVWTGQT
JWOKFKV[GZVTGOGRJ[UKECNQTGNGEVTKECNUVTGUUQTKPVGTHGTGPEG
HNWEVWCVKQPQTUWTIGUQHGNGEVTKECNRQYGTNKIJVPKPIUVCVKE
GNGEVTKEKV[HKTGCEVUQH)QFQTQVJGTGZVGTPCNECWUGU
KKK %QXGTGF'SWKROGPVYKVJCUGTKCNPWODGTVJCVJCUDGGP
CNVGTGFFGHCEGFQTTGOQXGF
'PINKUJ
KX 2TQDNGOUECWUGFD[CFGXKEGVJCVKUPQVVJG%QXGTGF
'SWKROGPVKPENWFKPIGSWKROGPVVJCVKUPQV#RRNGDTCPFGF
YJGVJGTQTPQVRWTEJCUGFCVVJGUCOGVKOGCUVJG%QXGTGF
'SWKROGPV
X 5GTXKEGPGEGUUCT[VQEQORN[YKVJVJGTGIWNCVKQPUQHCP[
IQXGTPOGPVDQF[QTCIGPE[CTKUKPICHVGTVJGFCVGQHVJKU2NCP
XK 6JGRTQXKUKQPQHTGRNCEGOGPVGSWKROGPVFWTKPIVJGRGTKQF
YJGPVJG%QXGTGF'SWKROGPVKUDGKPITGRCKTGF
XKK %QXGTGF'SWKROGPVVJCVJCUDGGPNQUVQTUVQNGP6JKU2NCP
QPN[EQXGTU%QXGTGF'SWKROGPVVJCVKUTGVWTPGFVQ#RRNGKP
KVUGPVKTGV[
XKKK %QUOGVKEFCOCIGVQVJG%QXGTGF'SWKROGPVKPENWFKPIDWV
PQVNKOKVGFVQUETCVEJGUFGPVUCPFDTQMGPRNCUVKEQPRQTVU
KZ %QPUWOCDNGRCTVUUWEJCUDCVVGTKGUGZEGRVKPTGURGEVQH
DCVVGT[EQXGTCIGWPFGT#22HQTK2QFQTWPNGUUHCKNWTGJCU
QEEWTTGFFWGVQCFGHGEVKPOCVGTKCNUCPFYQTMOCPUJKR
Z 2TGXGPVCVKXGOCKPVGPCPEGQPVJG%QXGTGF'SWKROGPV
ZK &GHGEVUECWUGFD[PQTOCNYGCTCPFVGCTQTQVJGTYKUGFWGVQ
PQTOCNCIKPIQHVJGRTQFWEVQT
ZKK &COCIGVQQTNQUUQHCP[UQHVYCTGQTFCVCTGUKFKPIQT
TGEQTFGFKPVJG%QXGTGF'SWKROGPV9JGPRTQXKFKPITGRCKT
QTTGRNCEGOGPVUGTXKEG#RRNGYKNNWUGTGCUQPCDNGGHHQTVU
'PINKUJ
VQTGKPUVCNNVJG%QXGTGF'SWKROGPVUQTKIKPCNUQHVYCTG
EQPHKIWTCVKQPCPFUWDUGSWGPVWRFCVGTGNGCUGUDWVYKNN
PQVRTQXKFGCP[TGEQXGT[QTVTCPUHGTQHUQHVYCTGQTFCVC
EQPVCKPGFQPVJGUGTXKEGFWPKVPQVQTKIKPCNN[KPENWFGFKPVJG
%QXGTGF'SWKROGPV&74+0)K21&5'48+%'6*'%106'065
1(;174K21&9+..$'&'.'6'�&6*'5614#)'/'&+#
4'(14/#66'&;QWTK2QFQTCTGRNCEGOGPVK2QFYKNNDG
TGVWTPGFVQ[QWCU[QWTK2QFYCUEQPHKIWTGFYJGPQTKIKPCNN[
RWTEJCUGFUWDLGEVVQCRRNKECDNGWRFCVGU#RRNGOC[KPUVCNN
U[UVGOUQHVYCTG
K2QF15WRFCVGUCURCTVQH[QWTUGTXKEG
VJCVYKNNRTGXGPVVJGK2QFHTQOTGXGTVKPIVQCPGCTNKGTXGTUKQP
QHVJGK2QF156JKTFRCTV[CRRNKECVKQPUKPUVCNNGFQPVJGK2QF
OC[PQVDGEQORCVKDNGQTYQTMYKVJVJGK2QFCUCTGUWNVQH
VJGK2QF15WRFCVG;QWYKNNDGTGURQPUKDNGHQTTGKPUVCNNKPICNN
QVJGTUQHVYCTGRTQITCOUFCVCCPFRCUUYQTFU4GEQXGT[CPF
TGKPUVCNNCVKQPQHUQHVYCTGRTQITCOUCPFWUGTFCVCCTGPQV
EQXGTGFWPFGTVJKU2NCP
E 5GTXKEG1RVKQPU#RRNGOC[RTQXKFGUGTXKEGVJTQWIJQPGQTOQTGQH
VJGHQNNQYKPIQRVKQPU
K %CTT[KPUGTXKEGKUCXCKNCDNGHQTOQUV%QXGTGF'SWKROGPV
4GVWTPVJG%QXGTGF'SWKROGPVTGSWKTKPIUGTXKEGVQCP#RRNG
QYPGFTGVCKNUVQTGQTCP#RRNG#WVJQTK\GF5GTXKEG2TQXKFGT
NQECVKQPQHHGTKPIECTT[KPUGTXKEG5GTXKEGYKNNDGRGTHQTOGF
'PINKUJ
CVVJGNQECVKQPQTVJGUVQTGQTUGTXKEGRTQXKFGTOC[UGPFVJG
%QXGTGF'SWKROGPVVQCP#RRNGTGRCKTUGTXKEGNQECVKQPVQDG
TGRCKTGF1PEG[QWCTGPQVKHKGFVJCVUGTXKEGKUEQORNGVG[QW
YKNNRTQORVN[TGVTKGXGVJGRTQFWEV
KK 1PUKVGUGTXKEGKUCXCKNCDNGHQTOCP[FGUMVQREQORWVGTUKH
VJGNQECVKQPQHVJG%QXGTGF'SWKROGPVKUYKVJKPOKNGU
MKNQOGVGTUTCFKWUQHCP#RRNGCWVJQTK\GFQPUKVGUGTXKEG
RTQXKFGTNQECVGFKPVJG7PKVGF5VCVGUQT%CPCFC1PUKVG
UGTXKEGKUPQVCXCKNCDNGHQTUQOGRCTVU6JGUGTXKEGHQTRCTVU
VJCVECPPQVDGTGRCKTGFD[QPUKVGUGTXKEGOC[DGTGRCKTGF
WPFGT&Q+V;QWTUGNH2CTVUUGTXKEGCUFGUETKDGFDGNQY
#RRNGYKNNFKURCVEJCUGTXKEGVGEJPKEKCPVQVJGNQECVKQPQH
VJG%QXGTGF'SWKROGPV5GTXKEGYKNNDGRGTHQTOGFCVVJG
NQECVKQPQTVJGUGTXKEGVGEJPKEKCPYKNNVTCPURQTVVJG%QXGTGF
'SWKROGPVVQCP#RRNG#WVJQTK\GF5GTXKEG2TQXKFGTQT#RRNG
TGRCKTUGTXKEGNQECVKQPHQTTGRCKT+HVJG%QXGTGF'SWKROGPV
KUTGRCKTGFCVCP#RRNG#WVJQTK\GF5GTXKEG2TQXKFGTQT#RRNG
TGRCKTUGTXKEGNQECVKQP#RRNGYKNNCTTCPIGHQTVTCPURQTVCVKQP
QHVJG%QXGTGF'SWKROGPVVQ[QWTNQECVKQPHQNNQYKPIUGTXKEG
+HVJGUGTXKEGVGEJPKEKCPKUPQVITCPVGFCEEGUUVQVJG%QXGTGF
'SWKROGPVCVVJGCRRQKPVGFVKOGCP[HWTVJGTQPUKVGXKUKVU
OC[DGUWDLGEVVQCPCFFKVKQPCNEJCTIG
'PINKUJ
KKK &KTGEVOCKNKPUGTXKEGKUCXCKNCDNGHQTOQUV%QXGTGF
'SWKROGPV+H#RRNGFGVGTOKPGUVJCV[QWT%QXGTGF
'SWKROGPVKUGNKIKDNGHQTOCKNKPUGTXKEG#RRNGYKNNUGPF[QW
RTGRCKFYC[DKNNU
CPFKH[QWPQNQPIGTJCXGVJGQTKIKPCN
RCEMCIKPI#RRNGOC[UGPF[QWRCEMCIKPIOCVGTKCNCPF[QW
YKNNUJKRVJG%QXGTGF'SWKROGPVVQ#RRNGUTGRCKTUGTXKEG
NQECVKQPKPCEEQTFCPEGYKVJKVUKPUVTWEVKQPU1PEGUGTXKEGKU
EQORNGVGVJG#RRNGTGRCKTUGTXKEGNQECVKQPYKNNTGVWTPVJG
%QXGTGF'SWKROGPVVQ[QW#RRNGYKNNRC[HQTUJKRRKPIVQ
CPFHTQO[QWTNQECVKQPKHCNNKPUVTWEVKQPUCTGHQNNQYGF
KX &Q+V;QWTUGNH2CTVUUGTXKEGKUCXCKNCDNGHQTOCP[%QXGTGF
'SWKROGPVRCTVUCNNQYKPI[QWVQUGTXKEG[QWTQYP
RTQFWEV+H&Q+V;QWTUGNH2CTVUUGTXKEGKUCXCKNCDNGKPVJG
EKTEWOUVCPEGUVJGHQNNQYKPIRTQEGUUYKNNCRRN[
# &Q+V;QWTUGNH2CTVUUGTXKEGYJGTG#RRNGTGSWKTGUTGVWTP
QHVJGTGRNCEGFRCTV#RRNGOC[TGSWKTGCETGFKVECTF
CWVJQTK\CVKQPCUUGEWTKV[HQTVJGTGVCKNRTKEGQHVJG
TGRNCEGOGPVRCTVCPFCRRNKECDNGUJKRRKPIEQUVU+H[QWCTG
WPCDNGVQRTQXKFGETGFKVECTFCWVJQTK\CVKQP&Q+V;QWTUGNH
2CTVUUGTXKEGOC[PQVDGCXCKNCDNGVQ[QWCPF#RRNGYKNN
QHHGTCNVGTPCVKXGCTTCPIGOGPVUHQTUGTXKEG#RRNGYKNNUJKR
CTGRNCEGOGPVRCTVVQ[QWYKVJKPUVCNNCVKQPKPUVTWEVKQPU
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RCTVCPFUJKRRKPIVQCPFHTQO[QWTNQECVKQP+H[QWHCKNVQ
TGVWTPVJGTGRNCEGFRCTVCUKPUVTWEVGFQTTGVWTPCTGRNCEGF
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EJCTIGCTGRNCEGOGPVRCTVCEEQORCPKGFD[KPUVTWEVKQPU
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VJGTGRNCEGFRCTV
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VGNGRJQPGPWODGTNKUVGFDGNQY
#RRNGTGUGTXGUVJGTKIJVVQEJCPIGVJGOGVJQFD[YJKEJ#RRNG
OC[RTQXKFGTGRCKTQTTGRNCEGOGPVUGTXKEGVQ[QWCPF[QWT
%QXGTGF'SWKROGPVUGNKIKDKNKV[VQTGEGKXGCRCTVKEWNCTOGVJQFQH
UGTXKEGKPENWFKPIDWVPQVNKOKVGFVQQPUKVGUGTXKEGCVCP[VKOG
5GTXKEGYKNNDGNKOKVGFVQVJGQRVKQPUCXCKNCDNGKPVJGEQWPVT[
YJGTGUGTXKEGKUTGSWGUVGF5GTXKEGQRVKQPURCTVUCXCKNCDKNKV[
CPFTGURQPUGVKOGUOC[XCT[CEEQTFKPIVQEQWPVT[;QWOC[DG
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TGURQPUKDNGHQTCNNEWUVQOFWVKGU8#6CPFQVJGTCUUQEKCVGF
VCZGUCPFEJCTIGU(QTKPVGTPCVKQPCNUGTXKEG#RRNGOC[TGRCKTQT
GZEJCPIGFGHGEVKXGRTQFWEVUCPFRCTVUYKVJEQORCTCDNGRTQFWEVU
CPFRCTVUVJCVEQORN[YKVJNQECNUVCPFCTFU
F 1DVCKPKPI4GRCKTQT4GRNCEGOGPV5GTXKEG6QQDVCKPUGTXKEGWPFGT
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PWODGTUOC[XCT[CEEQTFKPIVQ[QWTNQECVKQP9JGPCEEGUUKPI
VJGYGDUKVGHQNNQYVJGKPUVTWEVKQPUHQTTGSWGUVKPITGRCKT
UGTXKEGRTQXKFGFD[#RRNG+HECNNKPICP#RRNGVGEJPKECNUWRRQTV
TGRTGUGPVCVKXGYKNNCPUYGTTGSWGUV[QWT2NCP#ITGGOGPV0WODGT
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2TQQHQHRWTEJCUGOC[DGTGSWKTGFKHVJGTGKUCP[SWGUVKQPCUVQ
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#RRNGYKNNRTQXKFG[QWYKVJCEEGUUVQVGNGRJQPGVGEJPKECNUWRRQTV
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K 7PFGT#22#RRNGYKNNRTQXKFGVGEJPKECNUWRRQTVHQTVJG
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OCPCIGOGPVKUUWGUQP#RRNGUQRGTCVKPIU[UVGOUGTXGT
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KUUWRRQTVGFD[VJG%QXGTGF'SWKROGPV#RRNGYKNNRTQXKFG
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CPFVJGRTKQTUWRRQTVGF/CLQT4GNGCUG
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CTGRTGKPUVCNNGFYKVJVJG%QXGTGF'SWKROGPV
#RRNG68
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D .KOKVCVKQPU6JG2NCPFQGUPQVEQXGT
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VJGPEWTTGPVXGTUKQP
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5QHVYCTGKPCOCPPGTHQTYJKEJVJG%QXGTGF'SWKROGPVQT
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5QHVYCTG#RRNG685QHVYCTGQT%QPUWOGT5QHVYCTG
X ;QWTWUGQHCEQORWVGTQTQRGTCVKPIU[UVGOWPFGT#22HQT
K2QFVJCVKUWPTGNCVGFVQK2QF5QHVYCTGQTEQPPGEVKXKV[KUUWGU
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EQPPGEVKXKV[KUUWGUYKVJVJG%QXGTGF'SWKROGPV
XKKK #RRNGUQHVYCTGQVJGTVJCPVJG/CE15/CE155GTXGT
K2QF5QHVYCTG#RRNG685QHVYCTGQT%QPUWOGT5QHVYCTGCU
EQXGTGFWPFGTVJGCRRNKECDNG2NCP
KZ /CE15UQHVYCTGHQTUGTXGTUGZEGRVYJGPWUKPIVJGITCRJKECN
WUGTKPVGTHCEGHQTUGTXGTCFOKPKUVTCVKQPCPFPGVYQTM
OCPCIGOGPVKUUWGUQP/CE155GTXGTRTGKPUVCNNGFQPC/CE
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PGEGUUCT[HQTVJGKTWUGQT
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D 2TQXKFGKPHQTOCVKQPCDQWVVJGU[ORVQOUCPFECWUGUQHVJG
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E 4GURQPFVQTGSWGUVUHQTKPHQTOCVKQPKPENWFKPIDWVPQVNKOKVGF
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QRGTCVKPIU[UVGOCPFUQHVYCTGKPUVCNNGFCP[RGTKRJGTCNUFGXKEGU
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OGUUCIGUFKURNC[GFCEVKQPUVCMGPDGHQTGVJG%QXGTGF'SWKROGPV
GZRGTKGPEGFVJGKUUWGCPFUVGRUVCMGPVQTGUQNXGVJGKUUWG
ZKK &COCIGVQQTNQUUQHCP[UQHVYCTGQTFCVCTGUKFKPIQT
TGEQTFGFKPVJG%QXGTGF'SWKROGPV
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D[ECNNKPIVJGVQNNHTGGVGNGRJQPGPWODGTNKUVGFDGNQY6JG#RRNG
VGEJPKECNUWRRQTVTGRTGUGPVCVKXGYKNNRTQXKFG[QWVGEJPKECN
UWRRQTV#RRNGUJQWTUQHUGTXKEGCTGFGUETKDGFDGNQY#RRNG
TGUGTXGUVJGTKIJVVQEJCPIGKVUJQWTUQHVGEJPKECNUGTXKEGCPF
VGNGRJQPGPWODGTUCVCP[VKOG9GDDCUGFUWRRQTVTGUQWTEGUCTG
QHHGTGFVQ[QWCVVJG#RRNGYGDUKVG
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CTGPQVUWDLGEVVQTGRCKTQTTGRNCEGOGPVUGTXKEGCPFRCEMKPIVJG
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CHWNNTGHWPFNGUUVJGXCNWGQHCP[UGTXKEGRTQXKFGFWPFGTVJG2NCP
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RCTV[RTQXKFGFVJCV
CVJGVTCPUHGTOWUVKPENWFGVJGQTKIKPCN2TQQH
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E
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CPF%QPFKVKQPUQHVJG2NCP9JGPPQVKH[KPI#RRNGQHVJGVTCPUHGTQH
VJG2NCP[QWOWUVRTQXKFGVJG2NCP#ITGGOGPV0WODGTVJGUGTKCN
PWODGTUQHVJG%QXGTGF'SWKROGPVDGKPIVTCPUHGTTGFCPFVJGPCOG
CFFTGUUVGNGRJQPGPWODGTCPFGOCKNCFFTGUUQHVJGPGYQYPGT
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FQKPIUQ
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F 6JKU2NCPKUQHHGTGFCPFXCNKFQPN[KPVJGHKHV[UVCVGUQHVJG7PKVGF
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PQVQHHGTGFVQRGTUQPUYJQJCXGPQVTGCEJGFVJGCIGQHOCLQTKV[
6JKU2NCPKUPQVCXCKNCDNGYJGTGRTQJKDKVGFD[NCY
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UQNGN[HQTVJGRWTRQUGUQHOQPKVQTKPIVJGSWCNKV[QH#RRNGU
TGURQPUGTGEQTFRCTVQTCNNQHVJGECNNUDGVYGGP[QWCPF#RRNG
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FQOKEKNGRCTVTCPURQTVGWTQWFGUGTXKEGCRTpUXGPVGGPOCICUKPUQPV
CRRNKECDNGU4GRQTVG\XQWUCW)WKFGFGToHoTGPEGTCRKFGRQWTGPUCXQKT
5GTXKEGOCVoTKGN
%GRTQITCOOGoVGPFNGUUGTXKEGUFGToRCTCVKQPGVFGTGORNCEGOGPVFG
NCICTCPVKGFWPCPCUUWToGRCT#RRNGiWPGCUUKUVCPEGRQWXCPVFWTGT
LWUSWiFGWZCPUiEQORVGTFGNCFCVGFCEJCVFGXQVTG#RRNG68
1RVKQPUFCUUKUVCPEGVGEJPKSWG
5KFGURTQDNpOGUUGRToUGPVGPVNQTUFGNWVKNKUCVKQPFGXQVTG#RRNG68
UWKXG\NGUKPUVTWEVKQPUFW)WKFGFGToHoTGPEGTCRKFGRQWTUWKXTGNGUCUVWEGU
FGFoRCPPCIG5KXQWUPGRCTXGPG\RCUiToUQWFTGNGRTQDNpOGUGWNNG
RGTUQPPGN#RRNG%CTGRGWVXQWUCKFGTiFKCIPQUVKSWGTNGRTQDNpOGCXGE
XQVTG#RRNG68UCEQPPGZKQPCXGEK6WPGUGVUQPDTCPEJGOGPViXQVTG
VoNoXKUGWT8QWUVTQWXGTG\NCNKUVGFGUEQPVCEVUGVFGUJQTCKTGUFWUGTXKEG
FCUUKUVCPEGVGEJPKSWGF#RRNGFCPUNG)WKFGFGToHoTGPEGTCRKFG
VTCXGTUNGRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCPRQWT#RRNG68#RRNG
CUUWTGNGOqOGUGTXKEGRQWTNGUWVKNKUCVGWTU/CEGV9KPFQYU
%QPUGTXG\NGFQEWOGPV2TGWXGFGICTCPVKGNGUHCEVWTGUFQTKIKPG
EQTTGURQPFCPViN#RRNG68GVNGTGnWFWRTQITCOOG#RRNG%CTG
2TQVGEVKQP2NCPRQWT#RRNG68#RRNGRQWTTCKVToENCOGTWPGRTGWXG
FCEJCVGPECUFGFQWVGEQPEGTPCPVNGFTQKViEQWXGTVWTGFGXQVTG
#RRNG68RCTNGRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCP
(TCPnCKU
RCTVKTFGNCFCVGFCEJCVFQTKIKPGFGXQVTG#RRNG68
2QWTFGRNWUCORNGUKPHQTOCVKQPUEQPUWNVG\NGU%QPFKVKQPU)oPoTCNGU
FWRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCPEKLQKPVGU
RNWUUWTNQDVGPVKQPFGEGUUGTXKEGU.GOCVoTKGNFGTGORNCEGOGPVHQWTPK
RCT#RRNGEQOOGRCTVKGKPVoITCPVGFWUGTXKEGFGToRCTCVKQPQWFG
TGORNCEGOGPVRGWVqVTGPGWHQWGPVGTOGUFGRGTHQTOCPEGUGVFG
HKCDKNKVooSWKXCNGPVCWPGWH
(TCPnCKU
8KUKVG\NGUKVGYGDFCUUKUVCPEGVGEJPKSWGFGN#RRNG68
%GUKVGEQPVKGPVFGUNKGPUFQPPCPVCEEpUCWZFKHHoTGPVGUQRVKQPUFG
UGTXKEGOKUGUiXQVTGFKURQUKVKQPiFGUIWKFGUFKPKVKCVKQPUWTN#RRNG
68iFGUHQTWOUFGFKUEWUUKQPGViFGPQODTGWUGUCWVTGUTGUUQWTEGUFG
V[RGSWGUVKQPUGVToRQPUGUVQWUFKURQPKDNGUJGWTGUUWTiNCFTGUUG
YYYCRRNGEQOECHTUWRRQTVCRRNGVXRQWTNG%CPCFC
8oTKHKG\SWGXQWUFKURQUG\FGNCFGTPKpTGXGTUKQPFK6WPGU
8QWURQWXG\VoNoEJCTIGTNCFGTPKpTGXGTUKQPFK6WPGUiRCTVKTFG
NCFTGUUGYYYCRRNGEQOECHTKVWPGUFQYPNQCFRQWTNG%CPCFC
'UUC[G\NGUQRoTCVKQPUUWKXCPVGUHCEKNGUiToCNKUGTCXCPVFCRRGNGT
#RRNGRQWTQDVGPKTFGNCKFG
2QWTVQWVRTQDNpOGEQPEGTPCPVN#RRNG68UWKXG\NGURTQEoFWTGU
FGFoRCPPCIGOGPVKQPPoGUEKCRTpU2CTOGUWTGFGRToECWVKQP
UCWXGICTFG\VQWVGUNGUFQPPoGUFGXQVTGQTFKPCVGWTCXCPVFGRTQEoFGT
CWFoRCPPCIG
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#RRNG%CTG2TQVGEVKQP2NCPRQWT#RRNG68
#W%CPCFC
LQWTUUWT
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RGWXGPVXCTKGTGVUQPVUWUEGRVKDNGUFqVTGOQFKHKoU8QWUVTQWXGTG\
NCVQWVGFGTPKpTGNKUVGFGUEQPVCEVUPCVKQPCWZGVKPVGTPCVKQPCWZi
NCFTGUUGYYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVUJVON
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5KNGURTQEoFWTGUFGEGIWKFGPGXQWURGTOGVVGPVRCUFGToUQWFTG
NGRTQDNpOGTGPEQPVToEQPVCEVG\#RRNG7PVGEJPKEKGP#RRNGXQWU
FGOCPFGTCNGPWOoTQFGXQVTGEQPVTCV#RRNG%CTG2TQVGEVKQP2NCPRQWT
#RRNG68QWDKGPNGPWOoTQFGUoTKGFGXQVTG#RRNG68UKVWoGPDCUFG
XQVTGCRRCTGKN
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8QVTGRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCP
EKCRTpU#22
RTQITCOOG#RRNG%CTG2TQVGEVKQP2NCPRQWTK2QF
EKCRTpU#22RQWT
K2QFRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCPRQWT#RRNG&KURNC[
EKCRTpU#22RQWT#RRNG&KURNC[QWRTQITCOOG#RRNG%CTG
2TQVGEVKQP2NCPRQWT#RRNG68
EKCRTpU#22RQWT#RRNG68
EJCEWPoVCPVFoUKIPoEKCRTpUEQOOGNG2TQITCOOGGUVToIKRCT
NGURToUGPVGUOQFCNKVoUGVEGUOQFCNKVoUEQPUVKVWGPVXQVTGEQPVTCV
CWRTpUFGNGPVKVo#RRNGFoETKVGFCPUNCTVKENGNEKFGUUQWU
EKCRTpU
#RRNG5WLGVCWZRToUGPVGUOQFCNKVoUXQVTG2TQITCOOG
KEQWXTG
NGUXKEGUFWQWFGURTQFWKVUFGOCTSWG#RRNGoPWOoToUFCPUNG
%GTVKHKECVQWNC2TGWXGFGICTCPVKGFGXQVTG2TQITCOOG
EKCRTpU
%QPHKTOCVKQPFCFJoUKQPCW2TQITCOOGGVNGUCEEGUUQKTGUKPENWU
FCPUNGODCNNCIGQTKIKPCNFWQWFGURTQFWKVU
EKCRTpUNG2TQFWKV
EQWXGTVGV
KKXQWUHQWTPKVWPGCUUKUVCPEGVoNoRJQPKSWGGVNCEEpU
iFGUTGUUQWTEGUFCKFG+PVGTPGVRQWTNG2TQFWKVEQWXGTV2QWTQDVGPKT
NC%QPHKTOCVKQPFCFJoUKQPCW2TQITCOOGXQWUFGXG\GPTGIKUVTGT
/QFCNKVoU
2TQITCOOG#RRNG%CTG2TQVGEVKQP2NCP
2TQITCOOG#RRNG%CTG2TQVGEVKQP2NCPRQWTK2QF
2TQITCOOG#RRNG%CTG2TQVGEVKQP2NCPRQWT#RRNG&KURNC[
2TQITCOOG#RRNG%CTG2TQVGEVKQP2NCPRQWT#RRNG68
(TCPnCKU
)CTCPVKGFGToRCTCVKQP
C 2QTVoGFGNC)CTCPVKG8QVTGICTCPVKGEQWXTCPVNGUXKEGURTGPF
GHHGViNCFCVGFGZRKTCVKQPGVFGVGTOKPCKUQPFGXQVTGICTCPVKG
OCVoTKGNNG#RRNGRQWTNG2TQFWKVEQWXGTV
2oTKQFGFGNCICTCPVKG
FGToRCTCVKQP#RRNGHQWTPKTCNGURKpEGUGVNCOCKPFWXTGOCKU
RQWTTCXQWUFGOCPFGTFGTGORNCEGTXQWUOqOGEGTVCKPGURKpEGU
HCEKNGUiKPUVCNNGT%GRTQEGUUWUGUVFoETKVEKFGUUQWU.GRTQFWKV
FGTGORNCEGOGPVGVNGURKpEGUFGTGEJCPIGHQWTPKURCT#RRNG
RGWXGPVqVTGHCDTKSWoUiRCTVKTFGRKpEGUPGWXGUQWoSWKXCNGPVGU
iPGWHFWRQKPVFGXWGFGTGPFGOGPVGVHKCDKNKVo6QWVGRKpEGFG
TGEJCPIGQWRTQFWKVFGTGORNCEGOGPVUGTCoSWKXCNGPVFWRQKPVFG
XWGHQPEVKQPPGNiNCRKpEGQWCWRTQFWKVTGORNCEoGVFGOGWTGTC
EQWXGTVRQWTNC2oTKQFGFGICTCPVKGTGUVCPViEQWTKTGPXGTVWFW
2TQITCOOG6QWVGRKpEGQWRTQFWKVTGORNCEoFGXKGPVNCRTQRTKoVo
XQVTGPWOoTQWPKSWGFGEQPVTCVQWFCFJoUKQP
EKCRTpU0WOoTQ
FGEQPVTCVFW2TQITCOOGVGNSWGKPFKSWoCWZKPUVTWEVKQPUKPENWUGU
FCPUNGODCNNCIGFW2TQITCOOG.GU%NKGPVUSWKQPVEJQKUKNQRVKQP
FCFJoUKQPCWVQOCVKSWG
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QHHGTVGTGEGXTQPVCWVQOCVKSWGOGPVWPG%QPHKTOCVKQPFCFJoUKQP
CW2TQITCOOG.GVGTOGFGEG2TQITCOOG
EKCRTpU2oTKQFGFG
ICTCPVKGGUVRQWTNCRoTKQFGVGTOKPCPViNCFCVGKPFKSWoGiNC
%QPHKTOCVKQPFCFJoUKQPCW2TQITCOOG.GRTKZFW2TQITCOOGHKIWTG
UWTNQTKIKPCNFGNCHCEVWTGFW2TQITCOOG
(TCPnCKU
F#RRNG#RRNGXQWUTGEQOOCPFGHQTVGOGPVFGPTGIKUVTGTEQOOG
EQRKGFGUCWXGICTFGFGUFQPPoGUGVNQIKEKGNUSWKToUKFGPVQWUQPV
UVQEMoUFCPUNG2TQFWKVEQWXGTVCXCPVFCUUWTGTNCFKURQPKDKNKVoFW
2TQFWKVEQWXGTVRQWTNGUGTXKEGFGToRCTCVKQPQWFGTGORNCEGOGPV
.CRQTVoGFGUQWVKGPSWKXQWUUGTCHQWTPKGXCTKGTCUGNQPNG
2TQITCOOGSWGXQWUCEJGVG\EQOOGUWKV
K 2QWTN#22#RRNGEQWXTGNG2TQFWKVEQWXGTVGVWPoETCPFG
OCTSWG#RRNGiEQPFKVKQPSWKNCKVoVoCEJGVoGVGPTGIKUVTo
GPOqOGVGORUSWWPQTFKPCVGWT/CEEQWXGTV7PGUQWTKU
GVWPENCXKGTFGOCTSWG#RRNGUQPVoICNGOGPVEQWXGTVUUK
EGWZEKHQPVRCTVKGFW2TQFWKVEQWXGTV
QWUQPVCEJGVoUCXGE
WP/CEOKPK7PGECTVG#KT2QTV'ZVTGOGFGUDQTPGUFCEEpU
#KT2QTV'ZRTGUUQW#KT2QTV'ZVTGOGGV6KOG%CRUWNGWPGECTVG
XKFoQ&8+%#0FGOCTSWG#RRNGCKPUKSWGFGUOQFWNGUFG
OoOQKTGXKXG/CE$QQM#KT5WRGT&TKXGFGOCTSWG#RRNG
UQPVoICNGOGPVEQWXGTVUUQWUN#22UKNUUQPVWVKNKUoUCXGENG
2TQFWKVEQWXGTVGVUQPVCEJGVoUiNQTKIKPGRCTXQWULWUSWi
FGWZ
CPUCXCPVNCEJCVFGXQVTG/CEQWRGPFCPVNG
VGTOGFGN#225KCWEQWTUFGNC2oTKQFGFGNCICTCPVKGFG
ToRCTCVKQPNG2TQFWKVEQWXGTVQWWPCWVTGKVGOEQWXGTVVGN
SWKPFKSWoEKFGUUWURToUGPVGFGUXKEGUFGOCVoTKCWQWFG
OCKPFWXTG#RRNGUGPICIGiUCFKUEToVKQPiToRCTGTQWi
TGORNCEGTNKVGOEQWXGTVFoHGEVWGWZ
(TCPnCKU
KK 2QWTN#22RQWTK2QF#RRNGUGPICIGiUCFKUEToVKQPi
ToRCTGTQWiTGORNCEGTNG2TQFWKVEQWXGTVCHHGEVo
CUKCW
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EQWXGTVRToUGPVGFGUXKEGUFGOCVoTKCWQWFGOCKPFWXTG
QW
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NCRKNGK2QFEQWXGTVGFGOCKPVGPKTWPGEJCTIGoNGEVTKSWG
CFKOKPWoFGEKPSWCPVGRQWTEGPV
QWRNWUFGUGU
ECTCEVoTKUVKSWGUQTKIKPCNGUCRTpUCXQKToVoGPVKpTGOGPV
TGEJCTIoGVNGOCVoTKGNK2QFEQWXGTVLQWGFGNCOWUKSWG
SWCPFVQWVGUNGUQRVKQPUUQPViNGWToVCVKPKVKCN
KKK 2QWTN#22RQWT#RRNG&KURNC[QWN#22RQWT#RRNG68#RRNG
UGPICIGiUCFKUEToVKQPiToRCTGTQWiTGORNCEGTNG2TQFWKV
EQWXGTVCHHGEVoUKCWEQWTUFGNC2oTKQFGFGNCICTCPVKGFG
ToRCTCVKQPNG2TQFWKVEQWXGTVRToUGPVGFGUXKEGUFGOCVoTKCW
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6KOG%CRUWNGUQPVoICNGOGPVEQWXGTVURCTN#22RQWT#RRNG
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NGUOQFGOUGZVGTPGUQWNGUUGTXKEGUoNGEVTKSWGUSWKPGUQPV
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KK NGUFQOOCIGUCW2TQFWKVEQWXGTVCVVTKDWCDNGUiWPCEEKFGPV
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HQWFTGNoNGEVTKEKVoUVCVKSWGWPKPEGPFKGWPECUHQTVWKVQW
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#RRNGSWKNCKVoVoQWPQPCESWKUCWOqOGOQOGPVSWGNG
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EG2TQITCOOG
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XKK NG2TQFWKVEQWXGTVSWKCWTCKVoVoRGTFWQWXQNo%G
2TQITCOOGPGEQWXTGSWGNG2TQFWKVEQWXGTVSWKGUV
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XKKK NGUFQOOCIGUGUVJoVKSWGUECWUoUCW2TQFWKVEQWXGTV
PQVCOOGPVNGUoITCVKIPWTGUNGDQUUGNNGOGPVGVNGDTKUFGU
RKpEGUGPRNCUVKSWGFGURQTVU
KZ NGUEQPUQOOCDNGUEQOOGNGURKNGUUCWHNCRKNGK2QFEQWXGTVG
UQWUN#22RQWTK2QFQWUCWHUKNGFoHCWVGUVUWTXGPWGP
TCKUQPFWPXKEGFGOCVoTKCWQWFGOCKPFWXTG
Z NGPVTGVKGPRToXGPVKHFW2TQFWKVEQWXGTV
ZK NGUFoHCWVUToUWNVCPVFWUWTGPQTOCNGQWCWVTGOGPVFW
XKGKNNKUUGOGPVPQTOCNFWRTQFWKVQW
(TCPnCKU
ZKK NGUFQOOCIGUCHHGEVCPVQWRGTVGFGUNQIKEKGNUQWFQPPoGU
SWKToUKFGPVQWUQPVUVQEMoUFCPUNG2TQFWKVEQWXGTV&CPU
NGECFTGFGNCRTGUVCVKQPFGUGTXKEGUFGToRCTCVKQPQWFG
TGORNCEGOGPV#RRNGGORNQKGTCVQWUUGUGHHQTVUTCKUQPPCDNGU
RQWTToKPUVCNNGTNCEQPHKIWTCVKQPQTKIKPCNGFWNQIKEKGNFW
OCVoTKGNEQWXGTVCKPUKSWGNGUOKUGUiLQWTWNVoTKGWTGUOCKU
PGHQWTPKTCCWEWPUGTXKEGFGTGRTKUGQWFGVTCPUHGTVRQWT
FGUNQIKEKGNUQWFQPPoGUEQPVGPWUFCPUNGRTQFWKVTGORNCEo
SWKPCWTCKGPVRCUoVoKPUVCNNoUiNQTKIKPGUWTNG2TQFWKV
EQWXGTV.'5%106'075&'8164'K21&5'41062'4&75
'6.'5722146&'561%-#)'5'4#4'(14/#6d&74#06
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FGTGEJCPIGXQWUUGTCTGVQWTPoUGNQPNCEQPHKIWTCVKQPSWK
GZKUVCKVCWOQOGPVFGUQPCEJCVUQWUToUGTXGFGUOKUGUi
LQWTCRRNKECDNGU#RRNGRQWTTCKVCWVKVTGFWUGTXKEGKPUVCNNGT
FGUOKUGUiLQWTFWNQIKEKGNFGDCUG
K2QF15SWK
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FGNK2QF15.GUCRRNKECVKQPUFGVKGTUKPUVCNNoGUUWTNK2QF
RGWXGPVPGRCUqVTGEQORCVKDNGUPKHQPEVKQPPGTiNCUWKVG
FGNCOKUGiLQWTFGNK2QF158QWUqVGUTGURQPUCDNGFGNC
ToKPUVCNNCVKQPFGUCWVTGURTQITCOOGUNQIKEKGNUFQPPoGU
GVOQVUFGRCUUG.CToEWRoTCVKQPGVNCToKPUVCNNCVKQPFGU
RTQITCOOGUNQIKEKGNUGVFQPPoGUFGNWVKNKUCVGWTPGUQPVRCU
EQWXGTVGURCTNGRToUGPV2TQITCOOG
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#RRNGRQWTTCHQWTPKTNCRTGUVCVKQPFGUUGTXKEGUGPSWGUVKQP
OQ[GPPCPVNWPGQWRNWUKGWTUFGUOoVJQFGUUWKXCPVGU
K 5GTXKEGCRTpUXGPVGGPOCICUKPGUVQHHGTVRQWTNCRNWRCTV
FGUEQORQUCPVUFW2TQFWKVEQWXGTV8QWUFGXG\TGOGVVTG
NG2TQFWKVEQWXGTVFoHGEVWGWZiWPOCICUKPFGFoVCKN
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#RRNGSWKQHHTGWPUGTXKEGCRTpUXGPVGGPOCICUKP.GU
UGTXKEGUFGToRCTCVKQPQWFGTGORNCEGOGPVUGTQPVToCNKUoU
UWTRNCEGQWFCPUWPEGPVTGFGToRCTCVKQP#RRNGCWSWGNNG
OCICUKPQWNGRTGUVCVCKTGFGUGTXKEGUCWTCHCKVRCTXGPKTNG
2TQFWKVEQWXGTVSWKFGXTCKVqVTGToRCTo8QWUFGXG\ToEWRoTGT
NG2TQFWKVRTQORVGOGPVCRTpUCXQKToVoCXKUoFGUCToRCTCVKQP
QWFGUQPTGORNCEGOGPV
KK .GUGTXKEGUWTRNCEGGUVQHHGTVRQWTFGPQODTGWZQTFKPCVGWTU
RGTUQPPGNUiEQPFKVKQPSWGNG2TQFWKVEQWXGTVUQKVUKVWoFCPU
WPTC[QPFGOKNNGUQWFGMKNQOpVTGUFWPRTGUVCVCKTGFG
UGTXKEGUWTRNCEGCITooUKVWoCWZdVCVU7PKUF#OoTKSWGQW
CW%CPCFC.GUGTXKEGUWTRNCEGPGUVRCUQHHGTVRQWTEGTVCKPGU
RKpEGU.GURKpEGUPGRQWXCPVRCUqVTGToRCToGURCTNGUGTXKEG
UWTRNCEGRGWXGPVqVTGToRCToGUFCPUNGECFTGFWUGTXKEGFG
ToRCTCVKQPRCTGPXQKFGRKpEGUiKPUVCNNGTXQWUOqOGFoETKV
EKFGUUQWU#RRNGGPXGTTCWPVGEJPKEKGPiNGPFTQKVQ~UG
(TCPnCKU
VTQWXGNG2TQFWKVEQWXGTVCWZHKPUFGNCRTGUVCVKQPFWUGTXKEG
FGToRCTCVKQPQWFGTGORNCEGOGPV5QKVNGUGTXKEGUGTCToCNKUo
UWTRNCEGUQKVNGVGEJPKEKGPVTCPURQTVGTCNG2TQFWKVEQWXGTV
iWPRTGUVCVCKTGFGUGTXKEGUCIToG#RRNGQWiWPEGPVTGFG
ToRCTCVKQP#RRNGRQWTHKPUFGToRCTCVKQP5KNG2TQFWKVEQWXGTV
GUVToRCToEJG\WPRTGUVCVCKTGFGUGTXKEGUCIToG#RRNGQWi
WPEGPVTGFGToRCTCVKQP#RRNG#RRNGHGTCNGPoEGUUCKTGRQWT
SWGNG2TQFWKVEQWXGTVUQKVVTCPURQTVoiXQUNQECWZiNCUWKVG
FWUGTXKEG5KNGVGEJPKEKGPPGUVRCUFQPPoCEEpUCW2TQFWKV
%QWXGTViNJGWTGEQPXGPWGVQWVUGTXKEGUWTRNCEGCFFKVKQPPGN
RQWTTCKVqVTGCUUWLGVVKCWZHTCKUFGUGTXKEGUWRRNoOGPVCKTGU
KKK .GUGTXKEGFGToRCTCVKQPRCTGPXQKFWOCVoTKGNGPRCPPG
RCTEQWTTKGTGUVQHHGTVRQWTNCRNWRCTVFGU2TQFWKVUEQWXGTVU
.QTUSWG#RRNGFoEKFGSWGXQVTG2TQFWKVEQWXGTVRGWVqVTG
ToRCToOQ[GPPCPVEGUGTXKEG#RRNGXQWUGPXGTTCFGUNGVVTGU
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EGUUKQPRGTOCPGPVGFGVQWUXQWUFTQKVUGPXGTVWFW2TQITCOOG
XQVTGRTGWXGFCEJCVFW2TQITCOOGFGXTCKVCEEQORCIPGTXQVTG
CXKU5QWUToUGTXGFGUFKURQUKVKQPUFGNCNQKNQECNGCWECUQ~NC
ToUKNKCVKQPUGTCKVGHHGEVWoGFCPUNGUVTGPVG
LQWTUFGNCFCVGFG
XQVTGCFJoUKQPCW2TQITCOOGQWFGEGNNGFGNCToEGRVKQPFGU
RToUGPVGUOQFCNKVoUUGNQPNCFCVGNCRNWUVCTFKXGXQWUTGEGXTG\
WPTGODQWTUGOGPVEQORNGVFoFWEVKQPHCKVGFGNCXCNGWTFGVQWV
UGTXKEGHQWTPKFCPUNGECFTGFWRToUGPV2TQITCOOG#WECUQ~NC
ToUKNKCVKQPUGTCKVGHHGEVWoGRNWUFGVTGPVG
LQWTUiRCTVKTFGNC
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CWRTQTCVCFWRTKZFCEJCVQTKIKPCNFWRToUGPV2TQITCOOGECNEWNo
GPHQPEVKQPFWRQWTEGPVCIGFGNCFWToGFGNC2oTKQFGFGNCICTCPVKG
TGUVCPVFoFWEVKQPHCKVG
CFGHTCKUFGToUKNKCVKQPFGXKPIVEKPSFQNNCTU
75QWFGFKZRQWTEGPV
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NGOQPVCPVNGOQKPUoNGXoFGUFGWZGV
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ToUGTXGUFGUFKURQUKVKQPUFGNCNQKNQECNG#RRNGRGWVToUKNKGTNGRToUGPV
2TQITCOOGUKNGURKpEGUFGTGEJCPIGRQWTNG2TQFWKVEQWXGTVPGUQPV
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2TQITCOOGSWKUGTCKGPVCVVTKDWCDNGUiFGUoXoPGOGPVUSWGNNGPG
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KORTKOoUGVEGUOQFCNKVoUHCUUGPVRCTVKGFGNCEGUUKQP
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NCEGUUKQPFW2TQITCOOGXQWUFGXG\HQWTPKTXQVTG0WOoTQFGEQPVTCV
FW2TQITCOOGNGUPWOoTQUFGUoTKGFW2TQFWKVEQWXGTVHCKUCPV
NQDLGVFGNCEGUUKQPWPGRTGWXGFCEJCVFW2TQITCOOGCKPUKSWGNG
PQONCFTGUUGNGPWOoTQFGVoNoRJQPGGVNCFTGUUGoNGEVTQPKSWGFW
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RToUGPV2TQITCOOG
F .GRToUGPV2TQITCOOGGUVQHHGTVGVXCNCDNGWPKSWGOGPVFCPUNGU
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H 8QWUEQPXGPG\SWGVQWVGKPHQTOCVKQPFQPPoGQWFKXWNIWoGi
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UGTXKEG#KPUK#RRNGRGWVqVTGCOGPoGiVTCPUOGVVTGFGUFQPPoGU
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FGUGTXKEGUKVWoUFCPUFGURC[UQ~NGUNQKUUWTNCRTQVGEVKQPFGU
FQPPoGUQHHTGPVWPGRTQVGEVKQPOQKPUoVGPFWGSWGFCPUXQVTG
RC[UFGToUKFGPEGPQVCOOGPVGP#WUVTCNKGCW%CPCFCFCPU
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2TQITCOOGRGPFCPVNCRoTKQFGFGNCICTCPVKGNKOKVoGWPCP#RRNG
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FGNCIGUVKQPFGUToENCOCVKQPUFCPUNGECFTGFW2TQITCOOG
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UQWUETKVUCWZdVCVU7PKUF#OoTKSWGUCWHFCPUNGULWTKFKEVKQPU
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N1PVCTKQToIKUUGPVNGU2TQITCOOGUUQWUETKVUCW%CPCFCUCWHFCPU
NGULWTKFKEVKQPUFCPUNGUSWGNNGUKNUGTCKVKPVGTFKVRCTNCNQK5KNGUNQKU
FWPGLWTKFKEVKQPFCPUNCSWGNNGNGRToUGPV2TQITCOOGGUVUQWUETKV
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NGUNQKUFGEGVVGLWTKFKEVKQPRToXCWFTQPV
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RQWTTCKGPVqVTGFKURQPKDNGUWPKSWGOGPVGPCPINCKUGVHTCPnCKU
R 'PECUFGToENCOCVKQPGPXGTVWFWRToUGPV2TQITCOOGCWEWP
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OQFCNKVoUGVSWGPQWUHCKUQPUFoHCWVFGXQWUTGODQWTUGTNGRTKZ
FCEJCVFCPUNGUVTGPVG
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NGOQPVCPVKORC[oSWGPQWUXQWUFGXQPU.GFTQKVFCPPWNGTGVFG
TGEGXQKTEGVVGRoPCNKVoPGUCRRNKSWGSWCWRTQRTKoVCKTGQTKIKPCNFW
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FoEQWNCPVFWRToUGPVEQPVTCVFGUGTXKEGUQPVICTCPVKGUFGRNGKPGHQK
RCTNGHQWTPKUUGWT#RRNG%CTG5GTXKEG%QORCP[+PE
8CTKCPVGUGPHQPEVKQPFGUdVCVU
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CXGENWPGSWGNEQPSWGFGUFKURQUKVKQPUFWRToUGPV2TQITCOOG
S .G2TQITCOOGPGUGTCRCUToUKNKoiECWUGFGEQPFKVKQPU
RToGZKUVCPVGUFCPUNG2TQFWKVEQWXGTVSWKGUVCFOKUUKDNGiNC
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NCRQUUGUUKQPF#RRNGRQWTqVTGToRCTo4pINGOGPVFGUFKHHoTGPFU
NGUFKHHoTGPFURGWXGPVqVTGToUQNWURCTCTDKVTCIG.GUFKHHoTGPFUQW
RNCKPVGUSWKPCWTCKGPVRCUoVoToUQNWUFQKXGPVqVTGEQPUKIPoURCT
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RToUGPV2TQITCOOGCW5VCVGQH%QPPGEVKEWV+PUWTCPEG&GRV21$QZ
*CTVHQTF%6#VVP%QPUWOGT#HHCKTU
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QWNG7PHCKT2TCEVKEGU#EV#TVKENGUGVFW6KVTG%45
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EQORNGVFoFWEVKQPHCKVGFGNCXCNGWTFGVQWVUGTXKEGHQWTPKGPXGTVW
FWRToUGPV2TQITCOOG
(TCPnCKU
4oUKFGPVUFW0GXCFC
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FKZ
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XKIWGWTFW2TQITCOOGUGNQPNCRTGOKpTGFGUFGWZUCWHRQWTNGU
OQVKHUUWKXCPVU
C FoHCWVRCTNGVKVWNCKTGFGRC[GTWPGUQOOGFWG
D EQPFCOPCVKQPFWVKVWNCKTGiWPETKOGSWKCWTCKVRQWTGHHGVFGHCKTG
CWIOGPVGTNCRTGUVCVKQPFGUGTXKEGTGSWKUG
E FoEQWXGTVGFWPGHTCWFGQWFWPGHCWUUGFoENCTCVKQPKORQTVCPVG
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ToENCOCVKQPFGUGTXKEGGPXGTVWFW2TQITCOOG
F FoEQWXGTVGFWPCEVGQWFWPGQOKUUKQPRCTNGVKVWNCKTGQW
FWPGXKQNCVKQPRCTNGVKVWNCKTGFWPGSWGNEQPSWGFGUOQFCNKVoU
FW2TQITCOOGSWKCGWNKGWCRTpUNCFCVGFGPVToGGPXKIWGWT
GHHGEVKXGFW2TQITCOOGGVSWKCWTCKVRQWTGHHGVFCWIOGPVGT
FGOCPKpTGUWDUVCPVKGNNGGVKORQTVCPVGNCRTGUVCVKQPFGUGTXKEG
TGSWKUGGPXGTVWFWRToUGPV2TQITCOOG
4oUKFGPVUFW/KEJKICP
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WPGITpXGQWWPCTTqVFGVTCXCKNiNCRNCEGFCHHCKTGUFGNCUQEKoVo
NCRoTKQFGGHHGEVKXGFGEGEQPVTCVFGUGTXKEGUGTCRTQNQPIoGFGNC
RoTKQFGFGITpXGQWFCTTqVFGVTCXCKN
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RQWTGHHGVFCWIOGPVGTNGUGTXKEGQWNCToRCTCVKQPTGSWKUGFG
OCPKpTGUWDUVCPVKGNNGQWKORQTVCPVGRCTTCRRQTViEGSWKCXCKVoVo
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/QVKHUFGToUKNKCVKQPFCVGGHHGEVKXGFGToUKNKCVKQP#WEWPGToUKNKCVKQP
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RTKZFCEJCVSWKPGUVRCUCESWKUG#RRNGRGWVFoFWKTGVQWV
UQNFGGPUQWHHTCPEGFGXQVTGEQORVGFWOQPVCPVFWRTKZ
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iTGODQWTUGT5K#RRNGToUKNKGWPEQPVTCVEQPHQTOoOGPVi
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KK 5QWUToUGTXGFGEGSWKUGTCKVCWVTGOGPVRToXWFCPUEGV
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oETKVFGToUKNKGTNG2TQITCOOGEQPHQTOoOGPVCWZOQFCNKVoU
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NCRQUVGCW5VCVG1H0GY*CORUJKTG+PUWTCPEG&GRCTVOGPV
5QWVJ(TWKV5VTGGV5WKVG%QPEQTF0*QWRCTVoNoRJQPGXKC
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RNGKPGHQKXKUiXKUFGUToUKFGPVUFW0GXCFC
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FWVGTOGEQPXGPWQWWPGCPPoGCRTpUNCFCVGGHHGEVKXGFGPVToGGP
XKIWGWTFW2TQITCOOGUGNQPNCRTGOKpTGFGUFGWZUCWHRQWTNGU
OQVKHUUWKXCPVU
C FoHCWVRCTNGVKVWNCKTGFGRC[GTWPGUQOOGFWG
D EQPFCOPCVKQPFWVKVWNCKTGiWPETKOGSWKCWTCKVRQWTGHHGVFGHCKTG
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E FoEQWXGTVGFWPGHTCWFGQWFWPGHCWUUGFoENCTCVKQPKORQTVCPVG
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ToENCOCVKQPFGUGTXKEGGPXGTVWFW2TQITCOOG
F FoEQWXGTVGFWPCEVGQWFWPGQOKUUKQPRCTNGVKVWNCKTGQW
FWPGXKQNCVKQPRCTNGVKVWNCKTGFWPGSWGNEQPSWGFGUOQFCNKVoU
FW2TQITCOOGSWKCGWNKGWCRTpUNCFCVGFGPVToGGPXKIWGWT
GHHGEVKXGFW2TQITCOOGGVSWKCWTCKVRQWTGHHGVFCWIOGPVGT
FGOCPKpTGUWDUVCPVKGNNGGVKORQTVCPVGNCRTGUVCVKQPFGUGTXKEG
TGSWKUGGPXGTVWFWRToUGPV2TQITCOOG
G WPEJCPIGOGPVKORQTVCPVFCPUNCPCVWTGQWNoVGPFWGFW
UGTXKEGQWFGNCToRCTCVKQPTGSWKUGSWKUGTCKVUWTXGPWCRTpUNC
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5GTXKEGU9KPVGT5VTGGV0'5CNGO14QWRCTVoNoRJQPGXKC
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NQDVGPVKQPFGHKPCPEGOGPVRQWTOCVoTKGNKPHQTOCVKSWGUCWHGPECU
FGFoHCWVFGRC[GTNGRTKZFCEJCVFW2TQITCOOG#RRNGPGToUKNKGTC
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OCPKpTGUWDUVCPVKGNNGQWKORQTVCPVGRCTTCRRQTViEGSWKCXCKVoVo
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TGODQWTUGOGPVEQORNGV5KXQWUToUKNKG\NG2TQITCOOGRNWUFGVTGPVG
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WPTGODQWTUGOGPVCWRTQTCVCFWRTKZFCEJCVQTKIKPCNFWRToUGPV
2TQITCOOGECNEWNoGPHQPEVKQPFWRQWTEGPVCIGFGNCFWToGFGNC
4oUKFGPVUFW6GZCU
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RQWTECWUGFGPQPRCKGOGPVFCUUGTVKQPKPGZCEVGQWFGXKQNCVKQP
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EQWXGTVQWUQPWVKNKUCVKQP6QWVGRNCKPVGPQPToUQNWGQWVQWVG
SWGUVKQPTGNCVKXGiNCToINGOGPVCVKQPGPOCVKpTGEQPVTCEVWGNNGRGWV
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NGRTQFWKVRCTEGSWKNUGVTQWXGGPToRCTCVKQPRNWUFGWZ
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FCXKURToCNCDNGGPECUFGToUKNKCVKQPRQWTECWUGFGPQPRCKGOGPV
FW2TQITCOOGFCUUGTVKQPKPGZCEVGOCVoTKGNNGRCTXQWUi#RRNGFG
XKQNCVKQPOCVoTKGNNGFGXQUQDNKICVKQPUFCPUNGECFTGFW2TQITCOOG
QWFGXKQNCVKQPOCVoTKGNNGFGXQUQDNKICVKQPUEQPEGTPCPVNG2TQFWKV
EQWXGTVQWUQPWVKNKUCVKQP&GUEQPHNKVUUWTXGPCPVFCPUNGECFTGFGEG
2TQITCOOGRGWXGPVqVTGToINoUUGNQPNG9[QOKPI#TDKVTCVKQP#EV
2oTKQFGFGNCICTCPVKGTGUVCPVFoFWEVKQPHCKVGFGHTCKUFGToUKNKCVKQP
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FGUGTXKEGTGnWPGUGTCFoFWKVFWTGODQWTUGOGPV#RRNGPGToUKNKGTC
RCUEG2TQITCOOG5#7(GPECUFGFoHCWVFGRC[GTNGRTKZFCEJCV
FW2TQITCOOG5K#RRNGToUKNKGEG2TQITCOOGXQWUTGEGXTG\WP
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RNWUToEGPVGUWTPQUTGRToUGPVCPVUUKVWoUFCPUXQVTGToIKQPQWFCPU
NGOQPFGGPVKGTiYYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVUJVON
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#KT/CE15/CEKPVQUJ5WRGT&TKXGCPF6KOG%CRUWNGCTGVTCFGOCTMU
QH#RRNG+PETGIKUVGTGFKPVJG75CPFQVJGTEQWPVTKGU#RRNG%CTGKUC
UGTXKEGOCTMQH#RRNG+PETGIKUVGTGFKPVJG75CPFQVJGTEQWPVTKGU
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