)GVVKPI5VCTVGF)WKFG

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2TQVGEVKQP2NCP

(CEV5JGGV
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 /QFCNKVoU

 )WKFGFGToHoTGPEGTCRKFG

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 6GTOUCPF%QPFKVKQPU

%QPVGPVU



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'PINKUJ

-GGR[QWT2TQQHQH%QXGTCIGFQEWOGPVVJGQTKIKPCNFKURNC[UCNGU
TGEGKRVCPFVJG#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG&KURNC[TGEGKRV
#RRNGOC[TGSWKTGRTQQHQHRWTEJCUGKHCP[SWGUVKQPUCTKUGCDQWVVJG
GNKIKDKNKV[QH[QWTFKURNC[HQT#RRNG%CTG2TQVGEVKQP2NCP

%QXGTCIGKPHQTOCVKQP
6JKUEQORTGJGPUKXGRNCPKUCXCKNCDNGHQTCNN#RRNGFKURNC[OQFGNUYKVJKP
VJGKTQPG[GCTNKOKVGFYCTTCPV[+H[QWUGNNVJGEQXGTGF#RRNGFKURNC[
DGHQTGVJG#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG&KURNC[GZRKTGU[QWOC[
VTCPUHGTVJGRNCPVQVJGPGYQYPGT

5GTXKEGCPFUWRRQTVHTQOVJGRGQRNGYJQMPQY[QWT#RRNGFKURNC[DGUV
6JG#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG&KURNC[GZVGPFUVJG
EQORNKOGPVCT[EQXGTCIGQP[QWT#RRNGFKURNC[VQVJTGG[GCTUQHYQTNF
ENCUUUWRRQTV6JGRNCPKPENWFGUGZRGTVVGNGRJQPGCUUKUVCPEGCPF
EQPXGPKGPVUGTXKEGQRVKQPU

(CEV5JGGV

#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG&KURNC[


'PINKUJ

 (TQOVJGFKURNC[URWTEJCUGFCVG
 5GGVJGGPENQUGF#RRNG%CTG2TQVGEVKQP2NCP6GTOUCPF%QPFKVKQPUHQT
EQORNGVGFGVCKNU

*CTFYCTGTGRCKTUGTXKEG
1PN[VJG#RRNG%CTG2TQVGEVKQP2NCPGPUWTGUVJCV#RRNGCWVJQTK\GF
VGEJPKEKCPUYKNNRGTHQTOSWCNKHKGFTGRCKTUWUKPIIGPWKPG#RRNGRCTVU
9KVJVJKURNCPRCTVUCPFNCDQTYKNNDGEQXGTGFHQTVJTGG[GCTUHTQO
VJGQTKIKPCNRWTEJCUGFCVGQH[QWT#RRNGFKURNC[1PGQTOQTGQHVJG
HQNNQYKPIUGTXKEGQRVKQPUOC[CRRN[ECTT[KPUGTXKEGFKTGEVOCKNKP
UGTXKEGCPF&Q+V;QWTUGNHRCTVU
YJKEJCNNQY[QWVQUGTXKEG[QWTQYP
RTQFWEV

6GEJPKECNUWRRQTVQRVKQPU
+H[QWGZRGTKGPEGFKHHKEWNVKGUYKVJ[QWTFKURNC[TGHGTVQVJG3WKEM
4GHGTGPEG)WKFGHQTVTQWDNGUJQQVKPIVKRU+H[QWCTGPQVCDNGVQTGUQNXG
VJGKUUWG#RRNG%CTGTGRTGUGPVCVKXGUECPJGNRVTQWDNGUJQQV[QWTFKURNC[
CPFKVUEQPPGEVKQPVQ[QWTEQORWVGT#RRNGVGEJPKECNUWRRQTVEQPVCEV
KPHQTOCVKQPCPFJQWTUQHQRGTCVKQPCTGNKUVGFKPVJG3WKEM4GHGTGPEG
)WKFG#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG&KURNC[QHHGTUVJGUCOG
UGTXKEGHQTDQVJ/CECPF9KPFQYUWUGTU

'PINKUJ

+HVJGUETGGPKUFKO
 /CMGUWTGVJGFKURNC[DTKIJVPGUUEQPVTQNUCTGUGVRTQRGTN[%JQQUG
#RRNG
 5[UVGO2TGHGTGPEGUCPFENKEM&KURNC[U&TCIVJG
$TKIJVPGUUUNKFGTVQCFLWUVVJGDTKIJVPGUU

+HVJGUETGGPFQGUPVJCXGCPKOCIG
 %JGEMVJGECDNGUCPFEQPPGEVQTUCICKPVQOCMGUWTGVJG[CTG
EQPPGEVGFRTQRGTN[VQ[QWTEQORWVGTCPFVJGFKURNC[
 /CMGUWTG[QWTEQORWVGTKUVWTPGFQPCPFKUPQVKPUNGGROQFG
+H[QWTEQORWVGTUFKURNC[KUENQUGFWUGVJGGZVGTPCNMG[DQCTFQT
OQWUGVQYCMGVJGEQORWVGTHTQOUNGGR
4GUGVVJG24#/D[TGUVCTVKPI[QWTEQORWVGTYJKNGJQNFKPIFQYP
VJG%QOOCPF
x1RVKQP2CPF4MG[UWPVKN[QWJGCTVJGUVCTVWR
UQWPFCUGEQPFVKOG

6T[VJGUGUKORNGUVGRUDGHQTGEQPVCEVKPI#RRNGHQTJGNR
$GHQTGRGTHQTOKPICP[QHVJGHQNNQYKPIUVGRUOCMGUWTG[QWTEQORWVGT
KUVWTPGFQPVJGFKURNC[KURNWIIGFKPVQCPQWVNGVCNNVJGECDNGUCTG
EQPPGEVGFRTQRGTN[VQ[QWTEQORWVGTCPFFKURNC[CPF[QWTEQORWVGTKU
PQVKPUNGGROQFG

3WKEM4GHGTGPEG)WKFG

#RRNG%CTG2TQVGEVKQP2NCPHQT#RRNG&KURNC[


'PINKUJ

%QPVCEV#RRNGHQTCUUKUVCPEG
+HVJGUVGRUKPVJKUIWKFGFQPQVTGUQNXG[QWTKUUWGEQPVCEV#RRNG#P
#RRNGTGRTGUGPVCVKXGYKNNCUM[QWHQT[QWT#RRNG%CTG2TQVGEVKQP2NCPHQT
#RRNG&KURNC[CITGGOGPVPWODGTQTVJGUGTKCNPWODGTQH[QWT#RRNG
FKURNC[

4GHGTVQ#RRNGU5WRRQTVYGDUKVG
#RRNGU-PQYNGFIG$CUG&KUEWUUKQPUCPFQVJGTVGEJPKECNTGUQWTEGUCTG
CXCKNCDNGJQWTUCFC[CVYYYCRRNGEQOUWRRQTVFKURNC[UKPVJG75
QTYYYCRRNGEQOECUWRRQTVFKURNC[UKP%CPCFC

+HVJGDWKNVKPK5KIJVECOGTCOKETQRJQPGURGCMGTUQT75$RQTVUQP
VJGFKURNC[CTGPVYQTMKPI
/CMGUWTGVJG75$ECDNGHTQOVJGFKURNC[KUHKTON[RNWIIGFKPVQVJG75$
RQTVQP[QWTEQORWVGT6JGFKURNC[UECOGTCOKETQRJQPGURGCMGTUCPF
75$RQTVUYQTMQPN[YJGPVJKUECDNGKUCVVCEJGFVQ[QWTEQORWVGT

+H[QWTRQTVCDNGEQORWVGTKUPVEJCTIKPI
/CMGUWTGVJG/CI5CHGEQPPGEVQTHTQO[QWTFKURNC[KUUGCVGFRTQRGTN[
KPVJG/CI5CHGRQYGTRQTVQP[QWTEQORWVGT

 +HVJGEQNQTUQPVJGFKURNC[CTGVQQUCVWTCVGFQTPQVEQTTGEV[QWOC[
PGGFVQECNKDTCVG[QWTFKURNC[1RGP&KURNC[URTGHGTGPEGUENKEM%QNQT
ENKEM%CNKDTCVGCPFHQNNQYVJGKPUVTWEVKQPU

+P%CPCFC

5GXGPFC[UCYGGM
#/VQ2/'CUVGTPVKOG

'PINKUJ

 6GNGRJQPGPWODGTUCPFJQWTUQHQRGTCVKQPOC[XCT[CPFCTGUWDLGEV
VQEJCPIG;QWECPHKPFVJGOQUVWRVQFCVGNQECNCPFKPVGTPCVKQPCN
EQPVCEVKPHQTOCVKQPCVYYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVUJVON

+PVJG75
#2.%#4'

5GXGPFC[UCYGGM
#/VQ2/%GPVTCNVKOG


'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'ZRTGUU
QT#KT2QTV'ZVTGOG$CUG5VCVKQP6KOG%CRUWNGCP#RRNG
DTCPFGF&8+VQ#&%FKURNC[CFCRVGT#RRNG4#/OQFWNGU
CPF/CE$QQM#KT5WRGT&TKXGCTGCNUQEQXGTGFWPFGT#22KH
WUGFYKVJVJGEQORCVKDNG%QXGTGF'SWKROGPVCPFQTKIKPCNN[
RWTEJCUGFD[[QWWRVQVYQ[GCTUDGHQTG[QWT/CERWTEJCUG
QTFWTKPIVJGVGTOQH[QWT#22+HFWTKPIVJG4GRCKT%QXGTCIG
2GTKQFVJGTGKUCFGHGEVKPVJGOCVGTKCNUQTYQTMOCPUJKRQH
VJG%QXGTGF'SWKROGPVQTVJGQVJGTEQXGTGFKVGOUFGUETKDGF
CDQXG#RRNGYKNNCVKVUQRVKQPTGRCKTQTTGRNCEGVJGCHHGEVGF
KVGO

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#RRNG
YKNNCVKVUQRVKQPTGRCKTQTTGRNCEGVJGCHHGEVGF%QXGTGF

'PINKUJ

'SWKROGPVKHFWTKPIVJG4GRCKT%QXGTCIG2GTKQFVJGTGKUC
FGHGEVKPVJG%QXGTGF'SWKROGPVUOCVGTKCNUQTYQTMOCPUJKR
#P#KT2QTV'ZVTGOG%CTFCP#KT2QTV'ZRTGUUQT#KT2QTV
'ZVTGOG$CUG5VCVKQPCPF6KOG%CRUWNGCTGCNUQEQXGTGF
WPFGT#22HQT#RRNG68KHWUGFYKVJVJG%QXGTGF'SWKROGPV
CPFQTKIKPCNN[RWTEJCUGFD[[QWWRVQVYQ[GCTUDGHQTG
[QWT#RRNG68QTFWTKPIVJGVGTOQH[QWT#22HQT#RRNG68
EQXGTCIG
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
KPENWFKPIGZVTGOGVGORGTCVWTG
QTJWOKFKV[GZVTGOGRJ[UKECNQTGNGEVTKECNUVTGUUQT
KPVGTHGTGPEGHNWEVWCVKQPQTUWTIGUQHGNGEVTKECNRQYGT
NKIJVPKPIUVCVKEGNGEVTKEKV[HKTG
CEVUQH)QFQTQVJGTGZVGTPCNECWUGU



'PINKUJ

KKK %QXGTGF'SWKROGPVYKVJCUGTKCNPWODGTVJCVJCUDGGP
CNVGTGFFGHCEGFQTTGOQXGF

KX 2TQDNGOUECWUGFD[CFGXKEGVJCVKUPQVVJG%QXGTGF
'SWKROGPVKPENWFKPIGSWKROGPVVJCVKUPQV#RRNGDTCPFGF
YJGVJGTQTPQVRWTEJCUGFCVVJGUCOGVKOGCUVJG%QXGTGF
'SWKROGPV

X 5GTXKEGPGEGUUCT[VQEQORN[YKVJVJGTGIWNCVKQPUQH
CP[IQXGTPOGPVDQF[QTCIGPE[CTKUKPICHVGTVJGFCVG
QHVJKU2NCP

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

'PINKUJ

ZKK &COCIGVQQTNQUUQHCP[UQHVYCTGQTFCVCTGUKFKPIQT
TGEQTFGFKPVJG%QXGTGF'SWKROGPV9JGPRTQXKFKPITGRCKT
QTTGRNCEGOGPVUGTXKEG#RRNGYKNNWUGTGCUQPCDNGGHHQTVU
VQTGKPUVCNNVJG%QXGTGF'SWKROGPVUQTKIKPCNUQHVYCTG
EQPHKIWTCVKQPCPFUWDUGSWGPVWRFCVGTGNGCUGUDWVYKNN
PQVRTQXKFGCP[TGEQXGT[QTVTCPUHGTQHUQHVYCTGQTFCVC
EQPVCKPGFQPVJGUGTXKEGFWPKVPQVQTKIKPCNN[KPENWFGFKPVJG
%QXGTGF'SWKROGPV&74+0)K21&5'48+%'6*'%106'065
1(;174K21&9+..$'&'.'6'&#0&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



'PINKUJ

QYPGFTGVCKNUVQTGQTCP#RRNG#WVJQTK\GF5GTXKEG2TQXKFGT
NQECVKQPQHHGTKPIECTT[KPUGTXKEG5GTXKEGYKNNDGRGTHQTOGF
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

'PINKUJ

'SWKROGPVCVVJGCRRQKPVGFVKOGCP[HWTVJGTQPUKVGXKUKVU
OC[DGUWDLGEVVQCPCFFKVKQPCNEJCTIG

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#RRNGTGSWKTGU
TGVWTPQHVJGTGRNCEGFRCTV#RRNGOC[TGSWKTGCETGFKV
ECTFCWVJQTK\CVKQPCUUGEWTKV[HQTVJGTGVCKNRTKEGQH
VJGTGRNCEGOGPVRCTVCPFCRRNKECDNGUJKRRKPIEQUVU
+H[QWCTGWPCDNGVQRTQXKFGETGFKVECTFCWVJQTK\CVKQP
&Q+V;QWTUGNH2CTVUUGTXKEGOC[PQVDGCXCKNCDNGVQ
[QWCPF#RRNGYKNNQHHGTCNVGTPCVKXGCTTCPIGOGPVUHQT



'PINKUJ

UGTXKEG#RRNGYKNNUJKRCTGRNCEGOGPVRCTVVQ[QWYKVJ
KPUVCNNCVKQPKPUVTWEVKQPUCPFCP[TGSWKTGOGPVUHQTVJG
TGVWTPQHVJGTGRNCEGFRCTV+H[QWHQNNQYVJGKPUVTWEVKQPU
#RRNGYKNNECPEGNVJGETGFKVECTFCWVJQTK\CVKQPUQ[QW
YKNNPQVDGEJCTIGFHQTVJGRCTVCPFUJKRRKPIVQCPF
HTQO[QWTNQECVKQP+H[QWHCKNVQTGVWTPVJGTGRNCEGFRCTV
CUKPUVTWEVGFQTTGVWTPCTGRNCEGFRCTVVJCVKUKPGNKIKDNG
HQTUGTXKEG#RRNGYKNNEJCTIGVJGETGFKVECTFHQTVJG
CWVJQTK\GFCOQWPV

$ &Q+V;QWTUGNH2CTVUUGTXKEGYJGTG#RRNGFQGUPQVTGSWKTG
TGVWTPQHVJGTGRNCEGFRCTV#RRNGYKNNUJKR[QWHTGGQH
EJCTIGCTGRNCEGOGPVRCTVCEEQORCPKGFD[KPUVTWEVKQPU
QPKPUVCNNCVKQPCPFCP[TGSWKTGOGPVUHQTVJGFKURQUCNQH
VJGTGRNCEGFRCTV

% #RRNGKUPQVTGURQPUKDNGHQTCP[NCDQTEQUVU[QWKPEWT
TGNCVKPIVQ&Q+V;QWTUGNH2CTVUUGTXKEG5JQWNF[QW
TGSWKTGHWTVJGTCUUKUVCPEGEQPVCEV#RRNGCVVJGVQNNHTGG
VGNGRJQPGPWODGTNKUVGFDGNQY
#RRNGTGUGTXGUVJGTKIJVVQEJCPIGVJGOGVJQFD[YJKEJ#RRNG
OC[RTQXKFGTGRCKTQTTGRNCEGOGPVUGTXKEGVQ[QWCPF[QWT
%QXGTGF'SWKROGPVUGNKIKDKNKV[VQTGEGKXGCRCTVKEWNCTOGVJQFQH
UGTXKEGKPENWFKPIDWVPQVNKOKVGFVQQPUKVGUGTXKEGCVCP[VKOG
5GTXKEGYKNNDGNKOKVGFVQVJGQRVKQPUCXCKNCDNGKPVJGEQWPVT[

'PINKUJ

YJGTGUGTXKEGKUTGSWGUVGF5GTXKEGQRVKQPURCTVUCXCKNCDKNKV[
CPFTGURQPUGVKOGUOC[XCT[CEEQTFKPIVQEQWPVT[;QWOC[DG
TGURQPUKDNGHQTUJKRRKPICPFJCPFNKPIEJCTIGUKHVJG%QXGTGF
'SWKROGPVECPPQVDGUGTXKEGFKPVJGEQWPVT[KVKUKP+H[QWUGGM
UGTXKEGKPCEQWPVT[VJCVKUPQVVJGEQWPVT[QHRWTEJCUG[QWYKNN
EQORN[YKVJCNNCRRNKECDNGGZRQTVNCYUCPFTGIWNCVKQPUCPFDG
TGURQPUKDNGHQTCNNEWUVQOFWVKGU8#6CPFQVJGTCUUQEKCVGF
VCZGUCPFEJCTIGU(QTKPVGTPCVKQPCNUGTXKEG#RRNGOC[TGRCKTQT
GZEJCPIGFGHGEVKXGRTQFWEVUCPFRCTVUYKVJEQORCTCDNGRTQFWEVU
CPFRCTVUVJCVEQORN[YKVJNQECNUVCPFCTFU
F 1DVCKPKPI4GRCKTQT4GRNCEGOGPV5GTXKEG6QQDVCKPUGTXKEGWPFGT
VJKU2NCPCEEGUUVJG#RRNGYGDUKVG
YYYCRRNGEQOUWRRQTV
QTECNNVJGVQNNHTGGVGNGRJQPGPWODGTNKUVGFDGNQY6GNGRJQPG
PWODGTUOC[XCT[CEEQTFKPIVQ[QWTNQECVKQP9JGPCEEGUUKPI
VJGYGDUKVGHQNNQYVJGKPUVTWEVKQPUHQTTGSWGUVKPITGRCKT
UGTXKEGRTQXKFGFD[#RRNG+HECNNKPICP#RRNGVGEJPKECNUWRRQTV
TGRTGUGPVCVKXGYKNNCPUYGTTGSWGUV[QWT2NCP#ITGGOGPV0WODGT
QT%QXGTGF'SWKROGPVUGTKCNPWODGTCFXKUG[QWCPFFGVGTOKPG
YJCVUGTXKEGKUPGEGUUCT[HQTVJG%QXGTGF'SWKROGPV#NNUGTXKEGKU
UWDLGEVVQ#RRNGURTKQTCRRTQXCN.QECVKQPQHUGTXKEGOC[XCT[FWG
VQ[QWTNQECVKQP-GGR[QWT2NCP%QPHKTOCVKQPFQEWOGPVCPFVJG
QTKIKPCNUCNGUTGEGKRVHQT[QWT%QXGTGF'SWKROGPVCPF[QWT2NCP
2TQQHQHRWTEJCUGOC[DGTGSWKTGFKHVJGTGKUCP[SWGUVKQPCUVQ
[QWTRTQFWEVUGNKIKDKNKV[HQT2NCPEQXGTCIG



'PINKUJ

6GEJPKECN5WRRQTV
C 6GNGRJQPGCPF9GD5WRRQTV;QWTGNKIKDKNKV[HQTVGEJPKECNUWRRQTV
DGIKPUQPVJGFCVG[QWT%QXGTGF'SWKROGPVUEQORNKOGPVCT[
VGEJPKECNUWRRQTVGZRKTGUQTVJGFCVG[QWT%QXGTCIG2GTKQFDGIKPU
YJKEJGXGTKUNCVGTCPFVGTOKPCVGUCVVJGGPFQHVJG%QXGTCIG
2GTKQF
6GEJPKECN%QXGTCIG2GTKQF&WTKPIVJG6GEJPKECN
%QXGTCIG2GTKQF#RRNGYKNNRTQXKFG[QWYKVJCEEGUUVQVGNGRJQPG
VGEJPKECNUWRRQTVCPFYGDDCUGFVGEJPKECNUWRRQTVTGUQWTEGU
6GEJPKECNUWRRQTVOC[KPENWFGCUUKUVCPEGYKVJKPUVCNNCVKQP
NCWPEJEQPHKIWTCVKQPVTQWDNGUJQQVKPICPFTGEQXGT[
GZEGRV
HQTFCVCTGEQXGT[KPENWFKPIUVQTKPITGVTKGXKPICPFOCPCIKPI
HKNGUKPVGTRTGVKPIU[UVGOGTTQTOGUUCIGUCPFFGVGTOKPKPIYJGP
JCTFYCTGTGRCKTUCTGTGSWKTGF6JGUEQRGQHVGEJPKECNUWRRQTV
RTQXKFGFVQ[QWYKNNXCT[CEEQTFKPIVQVJG2NCP[QWRWTEJCUGFCU
HQNNQYU

K 7PFGT#22#RRNGYKNNRTQXKFGVGEJPKECNUWRRQTVHQTVJG
%QXGTGF'SWKROGPV#RRNGUQRGTCVKPIU[UVGOUQHVYCTG
/CE
15CPF#RRNGDTCPFGFEQPUWOGTCRRNKECVKQPURTGKPUVCNNGF
YKVJVJG%QXGTGF'SWKROGPV
%QPUWOGT5QHVYCTG#RRNG
YKNNCNUQRTQXKFGVGEJPKECNUWRRQTVWUKPIVJGITCRJKECN
WUGTKPVGTHCEGHQTUGTXGTCFOKPKUVTCVKQPCPFPGVYQTM
OCPCIGOGPVKUUWGUQP#RRNGUQRGTCVKPIU[UVGOUGTXGT

'PINKUJ

UQHVYCTG
/CE155GTXGTRTGKPUVCNNGFQPC/CE#RRNGYKNN
RTQXKFGUWRRQTVHQTVJGVJGPEWTTGPVXGTUKQPQHVJG/CE15
/CE155GTXGTCPF%QPUWOGT5QHVYCTGCPFVJGRTKQT/CLQT
4GNGCUG(QTRWTRQUGUQHVJKUUGEVKQP/CLQT4GNGCUGOGCPUC
UKIPKHKECPVXGTUKQPQHUQHVYCTGVJCVKUEQOOGTEKCNN[TGNGCUGF
D[#RRNGKPCTGNGCUGPWODGTHQTOCVUWEJCUQTCPF
YJKEJKUPQVKPDGVCQTRTGTGNGCUGHQTO

KK 7PFGT#22HQTK2QF#RRNGYKNNRTQXKFGVGEJPKECNUWRRQTVHQT
VJG%QXGTGF'SWKROGPVK2QF15CPFUQHVYCTGCRRNKECVKQPU
VJCVCTGRTGKPUVCNNGFYKVJVJG%QXGTGF'SWKROGPV
DQVJ
TGHGTTGFVQCUK2QF5QHVYCTGCPFEQPPGEVKXKV[KUUWGU
DGVYGGPVJG%QXGTGF'SWKROGPVCPFCUWRRQTVGFEQORWVGT
OGCPKPICEQORWVGTVJCVOGGVUVJG%QXGTGF'SWKROGPVU
EQPPGEVKXKV[URGEKHKECVKQPUCPFTWPUCPQRGTCVKPIU[UVGOVJCV
KUUWRRQTVGFD[VJG%QXGTGF'SWKROGPV#RRNGYKNNRTQXKFG
UWRRQTVHQTVJGVJGPEWTTGPVXGTUKQPQHVJGK2QF5QHVYCTG
CPFVJGRTKQTUWRRQTVGF/CLQT4GNGCUG

KKK 7PFGT#22HQT#RRNG&KURNC[#RRNGYKNNRTQXKFGVGEJPKECN
UWRRQTVHQTVJG%QXGTGF'SWKROGPVCPFEQPPGEVKXKV[KUUWGU
DGVYGGPVJG%QXGTGF'SWKROGPVCPFCUWRRQTVGFEQORWVGT
OGCPKPICEQORWVGTVJCVOGGVUVJG%QXGTGF'SWKROGPVU
EQPPGEVKXKV[URGEKHKECVKQPUCPFTWPUCPQRGTCVKPIU[UVGO
VJCVKUUWRRQTVGFD[VJG%QXGTGF'SWKROGPV#RRNGYKNN



'PINKUJ

RTQXKFGUWRRQTVHQTVJGVJGPEWTTGPVXGTUKQPQHVJGQRGTCVKPI
U[UVGOVJCVKVRTQXKFGUEQPPGEVKXKV[CUUKUVCPEGHQTWPFGT#22
HQT#RRNG&KURNC[CPFVJGRTKQTUWRRQTVGF/CLQT4GNGCUG

KX 7PFGT#22HQT#RRNG68#RRNGYKNNRTQXKFGVGEJPKECN
UWRRQTVHQTVJG%QXGTGF'SWKROGPVUQHVYCTGCRRNKECVKQPU
VJCVCTGRTGKPUVCNNGFYKVJVJG%QXGTGF'SWKROGPV

#RRNG685QHVYCTGCPFEQPPGEVKXKV[KUUWGUDGVYGGP
VJG%QXGTGF'SWKROGPVCUWRRQTVGFEQORWVGTCPFC
UWRRQTVGFVGNGXKUKQP#RRNGYKNNRTQXKFGUWRRQTVHQTVJG
VJGPEWTTGPVXGTUKQPQHVJG#RRNG685QHVYCTGCPFVJG
RTKQTUWRRQTVGF/CLQT4GNGCUG(QTRWTRQUGUQHVJKUUGEVKQP
CUWRRQTVGFEQORWVGTOGCPUCEQORWVGTVJCVOGGVU
VJG%QXGTGF'SWKROGPVUEQPPGEVKXKV[URGEKHKECVKQPU
CPFTWPUCPQRGTCVKPIU[UVGOVJCVKUUWRRQTVGFD[VJG
%QXGTGF'SWKROGPVCPFCUWRRQTVGFVGNGXKUKQPOGCPUC
VGNGXKUKQPVJCVOGGVUVJG%QXGTGF'SWKROGPVUEQPPGEVKXKV[
URGEKHKECVKQPU
D .KOKVCVKQPU6JG2NCPFQGUPQVEQXGT

K ;QWTWUGQHVJG/CE15CPF%QPUWOGT5QHVYCTGCUUGTXGT
DCUGFCRRNKECVKQPU

KK +UUWGUVJCVEQWNFDGTGUQNXGFD[WRITCFKPIUQHVYCTGVQVJG
VJGPEWTTGPVXGTUKQP

KKK ;QWTWUGQHQTOQFKHKECVKQPVQVJG%QXGTGF'SWKROGPVVJG

'PINKUJ

/CE15K2QF5QHVYCTG#RRNG685QHVYCTGQT%QPUWOGT
5QHVYCTGKPCOCPPGTHQTYJKEJVJG%QXGTGF'SWKROGPVQT
UQHVYCTGKUPQVKPVGPFGFVQDGWUGFQTOQFKHKGF

KX 6JKTFRCTV[RTQFWEVUQTVJGKTGHHGEVUQPQTKPVGTCEVKQPUYKVJ
VJG%QXGTGF'SWKROGPVVJG/CE15/CE155GTXGTK2QF
5QHVYCTG#RRNG685QHVYCTGQT%QPUWOGT5QHVYCTG

X ;QWTWUGQHCEQORWVGTQTQRGTCVKPIU[UVGOWPFGT#22HQT
K2QFVJCVKUWPTGNCVGFVQK2QF5QHVYCTGQTEQPPGEVKXKV[KUUWGU
YKVJVJG%QXGTGF'SWKROGPV

XK ;QWTWUGQHCEQORWVGTQTQRGTCVKPIU[UVGOWPFGT#22HQT
#RRNG&KURNC[VJCVKUWPTGNCVGFVQEQPPGEVKXKV[KUUWGUYKVJ
VJG%QXGTGF'SWKROGPV

XKK ;QWTWUGQHCEQORWVGTQTQRGTCVKPIU[UVGOWPFGT#22
HQT#RRNG68VJCVKUWPTGNCVGFVQ#RRNG685QHVYCTGQT
EQPPGEVKXKV[KUUWGUYKVJVJG%QXGTGF'SWKROGPV

XKKK #RRNGUQHVYCTGQVJGTVJCPVJG/CE15K2QF5QHVYCTG#RRNG
685QHVYCTGQT%QPUWOGT5QHVYCTGCUEQXGTGFWPFGTVJG
CRRNKECDNG2NCP

KZ /CE15UQHVYCTGHQTUGTXGTUGZEGRVYJGPWUKPIVJGITCRJKECN
WUGTKPVGTHCEGHQTUGTXGTCFOKPKUVTCVKQPCPFPGVYQTM
OCPCIGOGPVKUUWGUQP/CE155GTXGTRTGKPUVCNNGFQPC/CE

Z /CE15UQHVYCTGQTCP[#RRNGDTCPFGFUQHVYCTGFGUKIPCVGF
CUDGVCRTGTGNGCUGQTRTGXKGYQTUKOKNCTN[NCDGNGFUQHVYCTG



'PINKUJ

 ;QWT4GURQPUKDKNKVKGU
6QTGEGKXGUGTXKEGQTUWRRQTVWPFGTVJG2NCP[QWCITGGVQEQORN[
YKVJVJGHQNNQYKPI
C 2TQXKFG[QWT2NCP#ITGGOGPV0WODGTCPFUGTKCNPWODGTQHVJG
%QXGTGF'SWKROGPV
D 2TQXKFGKPHQTOCVKQPCDQWVVJGU[ORVQOUCPFECWUGUQHVJG
RTQDNGOUYKVJVJG%QXGTGF'SWKROGPV
E 4GURQPFVQTGSWGUVUHQTKPHQTOCVKQPKPENWFKPIDWVPQVNKOKVGF
VQVJG%QXGTGF'SWKROGPVUGTKCNPWODGTOQFGNXGTUKQPQHVJG
QRGTCVKPIU[UVGOCPFUQHVYCTGKPUVCNNGFCP[RGTKRJGTCNUFGXKEGU

ZK 6JKTFRCTV[YGDDTQYUGTUGOCKNCRRNKECVKQPUCPF+PVGTPGV
UGTXKEGRTQXKFGTUQHVYCTGQTVJG/CE15EQPHKIWTCVKQPU
PGEGUUCT[HQTVJGKTWUGQT

ZKK &COCIGVQQTNQUUQHCP[UQHVYCTGQTFCVCTGUKFKPIQT
TGEQTFGFKPVJG%QXGTGF'SWKROGPV
E 1DVCKPKPI6GEJPKECN5WRRQTV;QWOC[QDVCKPVGEJPKECNUWRRQTV
D[ECNNKPIVJGVQNNHTGGVGNGRJQPGPWODGTNKUVGFDGNQY6JG#RRNG
VGEJPKECNUWRRQTVTGRTGUGPVCVKXGYKNNRTQXKFG[QWVGEJPKECN
UWRRQTV#RRNGUJQWTUQHUGTXKEGCTGFGUETKDGFDGNQY#RRNG
TGUGTXGUVJGTKIJVVQEJCPIGKVUJQWTUQHVGEJPKECNUGTXKEGCPF
VGNGRJQPGPWODGTUCVCP[VKOG9GDDCUGFUWRRQTVTGUQWTEGUCTG
QHHGTGFVQ[QWCVVJG#RRNGYGDUKVG
YYYCRRNGEQOUWRRQTV

'PINKUJ

.KOKVCVKQPQH.KCDKNKV[
616*'/#:+/7/':6'062'4/+66'&$;#22.+%#$.'.#9
#22.'#0&+65'/2.1;''5#0&#)'0659+..70&'401
%+4%7/56#0%'5$'.+#$.'61;1714#0;57$5'37'06190'4
(14#0;+0&+4'%614%105'37'06+#.&#/#)'5+0%.7&+0)
$76016.+/+6'&61%15651(4'%18'4+0)4'241)4#//+0)
144'241&7%+0)#0;241)4#/14&#6#146*'(#+.74'61
/#+06#+06*'%10(+&'06+#.+6;1(&#6##0;.1551($75+0'55
241(+654'8'07'14#06+%+2#6'&5#8+0)54'57.6+0)(41/
#22.'51$.+)#6+10570&'46*+52.#0616*'/#:+/7/':6'06
2'4/+66'&$;#22.+%#$.'.#96*'.+/+61(#22.'#0&+65
'/2.1;''5#0&#)'065.+#$+.+6;61;17#0�57$5'37'06
190'4#4+5+0)70&'46*'2.#05*#..016':%''&6*'
14+)+0#.24+%'2#+&(146*'2.#0#22.'52'%+(+%#..;&1'5016

EQPPGEVGFQTKPUVCNNGFQPVJG%QXGTGF'SWKROGPVCP[GTTQT
OGUUCIGUFKURNC[GFCEVKQPUVCMGPDGHQTGVJG%QXGTGF'SWKROGPV
GZRGTKGPEGFVJGKUUWGCPFUVGRUVCMGPVQTGUQNXGVJGKUUWG
F (QNNQYKPUVTWEVKQPU#RRNGIKXGU[QWKPENWFKPIDWVPQVNKOKVGF
VQTGHTCKPKPIHTQOUGPFKPI#RRNGRTQFWEVUCPFCEEGUUQTKGUVJCV
CTGPQVUWDLGEVVQTGRCKTQTTGRNCEGOGPVUGTXKEGCPFRCEMKPIVJG
%QXGTGF'SWKROGPVKPCEEQTFCPEGYKVJUJKRRKPIKPUVTWEVKQPUCPF
G 7RFCVGUQHVYCTGVQEWTTGPVN[RWDNKUJGFTGNGCUGURTKQTVQUGGMKPI
UGTXKEG




'PINKUJ

 %CPEGNNCVKQP
;QWOC[ECPEGNVJKU2NCPCVCP[VKOGHQTCP[TGCUQP+H[QWFGEKFGVQ
ECPEGNGKVJGTECNN#RRNGCVVJGVGNGRJQPGPWODGTDGNQYQTUGPFQT
HCZYTKVVGPPQVKEGYKVJ[QWT2NCP#ITGGOGPV0WODGTVQ#RRNG%CTG
#FOKPKUVTCVKQP21$QZ#WUVKP6:75
HCZPWODGT
#EQR[QHVJG2NCPUQTKIKPCNRTQQHQHRWTEJCUGOWUV
CEEQORCP[[QWTPQVKEG7PNGUUNQECNNCYRTQXKFGUQVJGTYKUGKH[QW
ECPEGNYKVJKPVJKTV[
FC[UQH[QWT2NCPURWTEJCUGQTTGEGKRVQH
VJGUG6GTOUCPF%QPFKVKQPUYJKEJGXGTQEEWTUNCVGT[QWYKNNTGEGKXG

9#44#066*#6+69+..$'#$.'61
K4'2#+4144'2.#%'%18'4'&
'37+2/'069+6*1764+5-6114.1551(241)4#/514&#6#
#0&
KK/#+06#+06*'%10(+&'06+#.+6;1(&#6#
(14%1057/'45+0,74+5&+%6+1059*1*#8'6*'$'0'(+61(
%1057/'42416'%6+10.#95144')7.#6+1056*'$'0'(+65
%10('44'&$;6*+52.#0#4'+0#&&+6+1061#..4+)*65#0&
4'/'&+'52418+&'&70&'457%*.#95#0&4')7.#6+10561
6*'':6'066*#6.+#$+.+6;70&'457%*.#95#0&4')7.#6+105
/#;$'.+/+6'&#22.'5.+#$+.+6;+5.+/+6'&#6+6551.'126+10
614'2.#%'144'2#+41(6*'%18'4'&'37+2/'06145722.;
1(6*'5'48+%'51/'56#6'5142418+0%'5&1016#..196*'
':%.75+1014.+/+6#6+101(+0%+&'06#.14%105'37'06+#.
&#/#)'55151/'14#..1(6*'#$18'.+/+6#6+105/#;016
#22.;61;17

'PINKUJ

6TCPUHGTQH2NCP
5WDLGEVVQVJGTGUVTKEVKQPUUGVHQTVJDGNQY[QWOC[OCMGCQPGVKOG
RGTOCPGPVVTCPUHGTQHCNNQH[QWTTKIJVUWPFGTVJG2NCPVQCPQVJGT
RCTV[RTQXKFGFVJCV
CVJGVTCPUHGTOWUVKPENWFGVJGQTKIKPCN2TQQH
QH2WTEJCUGVJG2NCPU%GTVKHKECVGCPFCNNQHVJG2NCPURCEMCIKPI
OCVGTKCNKPENWFKPIRTKPVGFOCVGTKCNUCPFVJGUG6GTOUCPF%QPFKVKQPU

D[QWPQVKH[#RRNGQHVJGVTCPUHGTD[UGPFKPIHCZKPIQTGOCKNKPI
PQVKEGQHVTCPUHGTVQ#RRNG+PE#660#ITGGOGPV#FOKPKUVTCVKQP
/5#%.CIWPC$NXF'NM)TQXG%#75HCZPWODGT
QTCIOVUAVTCPUHGT"CRRNGEQOTGURGEVKXGN[CPF
E
VJGRCTV[TGEGKXKPIVJG2NCPTGCFUCPFCITGGUVQCEEGRVVJG6GTOU
CPF%QPFKVKQPUQHVJG2NCP9JGPPQVKH[KPI#RRNGQHVJGVTCPUHGTQH

CHWNNTGHWPFNGUUVJGXCNWGQHCP[UGTXKEGRTQXKFGFWPFGTVJG2NCP
+H[QWECPEGNOQTGVJCPVJKTV[
FC[UCHVGT[QWTTGEGKRVQHVJKU
2NCP[QWYKNNTGEGKXGCRTQTCVCTGHWPFQHVJGQTKIKPCNRWTEJCUGRTKEG
DCUGFQPVJGRGTEGPVCIGQHWPGZRKTGF%QXGTCIG2GTKQFNGUU
CC
ECPEGNNCVKQPHGGQHVYGPV[HKXG
75&FQNNCTUQTVGPRGTEGPV

QHVJGRTQTCVCCOQWPVYJKEJGXGTKUNGUUCPF
DVJGXCNWGQHCP[
UGTXKEGRTQXKFGFVQ[QWWPFGTVJG2NCP7PNGUUCRRNKECDNGNQECNNCY
RTQXKFGUQVJGTYKUG#RRNGOC[ECPEGNVJKU2NCPKHUGTXKEGRCTVUHQTVJG
%QXGTGF'SWKROGPVDGEQOGWPCXCKNCDNGWRQPVJKTV[
FC[URTKQT
YTKVVGPPQVKEG+H#RRNGECPEGNUVJKU2NCP[QWYKNNTGEGKXGCRTQTCVC
TGHWPFHQTVJG2NCPUWPGZRKTGFVGTO




'PINKUJ

 )GPGTCN6GTOU
C #RRNGOC[UWDEQPVTCEVQTCUUKIPRGTHQTOCPEGQHKVUQDNKICVKQPUVQ
VJKTFRCTVKGUDWVUJCNNPQVDGTGNKGXGFQHKVUQDNKICVKQPUVQ[QWKP
FQKPIUQ
D #RRNGKUPQVTGURQPUKDNGHQTCP[HCKNWTGUQTFGNC[UKPRGTHQTOKPI
WPFGTVJG2NCPVJCVCTGFWGVQGXGPVUQWVUKFG#RRNGUTGCUQPCDNG
EQPVTQN
E ;QWCTGPQVTGSWKTGFVQRGTHQTORTGXGPVCVKXGOCKPVGPCPEGQPVJG
%QXGTGF'SWKROGPVVQTGEGKXGUGTXKEGWPFGTVJG2NCP
F 6JKU2NCPKUQHHGTGFCPFXCNKFQPN[KPVJGHKHV[UVCVGUQHVJG7PKVGF
5VCVGUQH#OGTKECVJG&KUVTKEVQH%QNWODKCCPF%CPCFC6JKU2NCPKU
PQVQHHGTGFVQRGTUQPUYJQJCXGPQVTGCEJGFVJGCIGQHOCLQTKV[
6JKU2NCPKUPQVCXCKNCDNGYJGTGRTQJKDKVGFD[NCY
G +PECTT[KPIQWVKVUQDNKICVKQPU#RRNGOC[CVKVUFKUETGVKQPCPF
UQNGN[HQTVJGRWTRQUGUQHOQPKVQTKPIVJGSWCNKV[QH#RRNGU
TGURQPUGTGEQTFRCTVQTCNNQHVJGECNNUDGVYGGP[QW
CPF#RRNG

VJG2NCP[QWOWUVRTQXKFGVJG2NCP#ITGGOGPV0WODGTVJGUGTKCN
PWODGTUQHVJG%QXGTGF'SWKROGPVDGKPIVTCPUHGTTGFCPFVJGPCOG
CFFTGUUVGNGRJQPGPWODGTCPFGOCKNCFFTGUUQHVJGPGYQYPGT

'PINKUJ

H ;QWCITGGVJCVCP[KPHQTOCVKQPQTFCVCFKUENQUGFVQ#RRNGWPFGT
VJKU2NCPKUPQVEQPHKFGPVKCNQTRTQRTKGVCT[VQ[QW(WTVJGTOQTG
[QWCITGGVJCV#RRNGOC[EQNNGEVCPFRTQEGUUFCVCQP[QWTDGJCNH
YJGPKVRTQXKFGUUGTXKEG6JKUOC[KPENWFGVTCPUHGTTKPI[QWTFCVC
VQCHHKNKCVGFEQORCPKGUQTUGTXKEGRTQXKFGTUNQECVGFKPEQWPVTKGU
YJGTGFCVCRTQVGEVKQPNCYUOC[DGNGUUEQORTGJGPUKXGVJCP
[QWTEQWPVT[QHTGUKFGPEGKPENWFKPIDWVPQVNKOKVGFVQ#WUVTCNKC
%CPCFCEQWPVTKGUQHVJG'WTQRGCP7PKQP+PFKC,CRCPVJG
2GQRNGU4GRWDNKEQH%JKPCCPFVJG75
I #RRNGJCUUGEWTKV[OGCUWTGUYJKEJUJQWNFRTQVGEV[QWTFCVC
CICKPUVWPCWVJQTK\GFCEEGUUQTFKUENQUWTGCUYGNNCUWPNCYHWN
FGUVTWEVKQP;QWYKNNDGTGURQPUKDNGHQTVJGKPUVTWEVKQPU[QWIKXG
VQ#RRNGTGICTFKPIVJGRTQEGUUKPIQHFCVCCPF#RRNGYKNNUGGMVQ
EQORN[YKVJVJQUGKPUVTWEVKQPUCUTGCUQPCDN[PGEGUUCT[HQTVJG
RGTHQTOCPEGQHVJGUGTXKEGCPFUWRRQTVQDNKICVKQPUWPFGTVJG
2NCP+H[QWFQPQVCITGGYKVJVJGCDQXGQTKH[QWJCXGSWGUVKQPU
TGICTFKPIJQY[QWTFCVCOC[DGKORCEVGFD[DGKPIRTQEGUUGFKP
VJKUYC[EQPVCEV#RRNGCVVJGVGNGRJQPGPWODGTURTQXKFGF




'PINKUJ

K 6JG6GTOUCPF%QPFKVKQPUQHVJKU2NCPRTGXCKNQXGTCP[EQPHNKEVKPI
CFFKVKQPCNQTQVJGTVGTOUQHCP[RWTEJCUGQTFGTQTQVJGT
FQEWOGPVCPFEQPUVKVWVG[QWTCPF#RRNGUGPVKTGWPFGTUVCPFKPI
YKVJTGURGEVVQVJG2NCP
L ;QWTTKIJVUWPFGTVJG2NCPCTGKPCFFKVKQPVQCP[YCTTCPV[TKIJVU
[QWOC[DGGPVKVNGFVQ;QWOWUVRWTEJCUGCPFTGIKUVGTVJG2NCP
YJKNG[QWT%QXGTGF'SWKROGPVKUYKVJKP#RRNGU1PG;GCT.KOKVGF
YCTTCPV[#RRNGKUPQVQDNKICVGFVQTGPGYVJKU2NCP+H#RRNGFQGU
QHHGTCTGPGYCNKVYKNNFGVGTOKPGVJGRTKEGCPFVGTOU
M 6JGTGKUPQKPHQTOCNFKURWVGUGVVNGOGPVRTQEGUUCXCKNCDNGWPFGT
VJKU2NCP
N (QT2NCPUUQNFKPVJG7PKVGF5VCVGU#RRNGKU#RRNG%CTG5GTXKEG
%QORCP[+PECP#TK\QPCEQTRQTCVKQPYKVJKVUTGIKUVGTGFQHHKEGCV
EQ%6%QTRQTCVKQP5[UVGO'CUV%COGNDCEM4QCF2JQGPKZ
#TK\QPCFQKPIDWUKPGUUKPVJGUVCVGQH6GZCUCU#RRNG
%5%+PECPFVJGQDNKICVKQPUQHUWEJ2NCPUCTGDCEMGFD[VJG

J #RRNGYKNNRTQVGEV[QWTKPHQTOCVKQPKPCEEQTFCPEGYKVJ
#RRNG%WUVQOGT2TKXCE[2QNKE[CXCKNCDNGCV74.
YYYCRRNGEQONGICNRTKXCE[+H[QWYKUJVQJCXGCEEGUUVQVJG
KPHQTOCVKQPVJCV#RRNGJQNFUEQPEGTPKPI[QWQTKH[QWYCPVVQ
OCMGEJCPIGUCEEGUU74.YYYCRRNGEQOEQPVCEVO[KPHQVQ
WRFCVG[QWTRGTUQPCNEQPVCEVRTGHGTGPEGUQT[QWOC[EQPVCEV
#RRNGCVRTKXCE["CRRNGEQO

'PINKUJ

HWNNHCKVJCPFETGFKVQHVJGRTQXKFGT#RRNG%CTG5GTXKEG%QORCP[
+PE(QT2NCPUUQNFKP%CPCFC#RRNGKU#RRNG%CPCFC+PE
$KTEJOQWPV4QCF/CTMJCO1PVCTKQ.4)%CPCFC#RRNG
%CPCFC+PEKUVJGNGICNCPFHKPCPEKCNQDNKIQTHQT2NCPUUQNF
KP%CPCFC
O 6JG#FOKPKUVTCVQTHQT2NCPUUQNFKPVJG7PKVGF5VCVGUKU#RRNG
+PE
VJG#FOKPKUVTCVQTC%CNKHQTPKCEQTRQTCVKQPYKVJKVU
TGIKUVGTGFQHHKEGCV+PHKPKVG.QQR%WRGTVKPQ%CNKHQTPKC
6JG#FOKPKUVTCVQTKUTGURQPUKDNGHQTVJGEQNNGEVKQPCPFVTCPUHGTVQ
#RRNG%CTG5GTXKEG%QORCP[+PEQHVJGRWTEJCUGRTKEGHQTVJG2NCP
CPFHQTVJGCFOKPKUVTCVKQPQHENCKOUWPFGTVJG2NCP
P 'ZEGRVYJGTGRTQJKDKVGFD[NCYVJGNCYUQHVJGUVCVGQH%CNKHQTPKC
IQXGTP2NCPURWTEJCUGFKPVJG7PKVGF5VCVGU'ZEGRVYJGTG
RTQJKDKVGFD[NCYVJGNCYUQHVJGRTQXKPEGQH1PVCTKQIQXGTP
2NCPURWTEJCUGFKP%CPCFC+HVJGNCYQHCP[LWTKUFKEVKQPYJGTG
VJKU2NCPKURWTEJCUGFKUKPEQPUKUVGPVYKVJVJGUGVGTOUKPENWFKPI
VJGLWTKUFKEVKQPUQH#TK\QPC(NQTKFC)GQTIKC0GXCFC1TGIQP
8GTOQPV9CUJKPIVQPCPF9[QOKPIVJGNCYQHVJCVLWTKUFKEVKQP
YKNNEQPVTQN
Q 5WRRQTVUGTXKEGUWPFGTVJKU2NCPOC[DGCXCKNCDNGKP'PINKUJCPF
(TGPEJQPN[
R 6JGTGKUPQFGFWEVKDNGRC[OGPVFWGKPTGURGEVQHCENCKOOCFG
WPFGTVJKU2NCP



'PINKUJ

 #NCDCOC%CNKHQTPKC*CYCKK/CT[NCPF/KPPGUQVC/KUUQWTK0GY
/GZKEQ0GY;QTM0GXCFC5QWVJ%CTQNKPC6GZCU9CUJKPIVQPCPF
9[QOKPI4GUKFGPVU
+H[QWECPEGNVJKU2NCPRWTUWCPVVQ5GEVKQPQHVJGUG6GTOUCPF
%QPFKVKQPUCPFYGHCKNVQTGHWPFVJGRWTEJCUGRTKEGVQ[QWYKVJKP
VJKTV[
FC[UHQT%CNKHQTPKC0GY;QTM/KUUQWTKCPF9CUJKPIVQP
TGUKFGPVUYKVJKPHQTV[HKXG
FC[UHQT#NCDCOC*CYCKK/CT[NCPF
/KPPGUQVC0GXCFC5QWVJ%CTQNKPC6GZCUCPF9[QOKPITGUKFGPVUCPF
YKVJKPUKZV[
FC[UHQT0GY/GZKEQTGUKFGPVUYGCTGTGSWKTGFVQ
RC[[QWCRGPCNV[QHRGTOQPVJHQTVJGWPRCKFCOQWPVFWGCPF
QYKPIVQ[QW6JGTKIJVVQECPEGNCPFTGEGKXGVJKURGPCNV[RC[OGPV
QPN[CRRNKGUVQVJGQTKIKPCNQYPGTQHVJG#ITGGOGPVCPFOC[PQVDG
VTCPUHGTTGFQTCUUKIPGF6JGQDNKICVKQPUQHVJGRTQXKFGTWPFGTVJKU
UGTXKEGEQPVTCEVCTGDCEMGFD[VJGHWNNHCKVJCPFETGFKVQHVJGRTQXKFGT
#RRNG%CTG5GTXKEG%QORCP[+PE

5VCVG8CTKCVKQPU
6JGHQNNQYKPIUVCVGXCTKCVKQPUYKNNEQPVTQNKHKPEQPUKUVGPVYKVJCP[
QVJGTRTQXKUKQPUQHVJKU2NCP

S 6JG2NCPYKNNPQVDGECPEGNNGFFWGVQRTGGZKUVKPIEQPFKVKQPU
KPVJG%QXGTGF'SWKROGPVVJCVCTGGNKIKDNGHQTUGTXKEGWPFGT
VJKU2NCP

'PINKUJ

 (NQTKFC4GUKFGPVU
6JGNCYUQHVJG5VCVGQH(NQTKFCYKNNIQXGTPVJKU2NCPCPFCP[FKURWVGU
CTKUKPIWPFGTKV6JGTCVGEJCTIGFHQTVJGEQPVTCEVKUPQVUWDLGEVVQ
TGIWNCVKQPD[VJG(NQTKFC1HHKEGQH+PUWTCPEG4GIWNCVKQP

 %QPPGEVKEWV4GUKFGPVU
6JGGZRKTCVKQPFCVGQHVJG2NCPYKNNCWVQOCVKECNN[DGGZVGPFGFD[
VJGRGTKQFVJCVVJG%QXGTGF'SWKROGPVKUKP#RRNGUEWUVQF[YJKNG
DGKPIUGTXKEGF4GUQNWVKQPQH&KURWVGU&KURWVGUOC[DGTGUQNXGFD[
CTDKVTCVKQP7PTGUQNXGFFKURWVGUQTEQORNCKPVUOC[DGOCKNGFYKVJ
CEQR[QHVJKU2NCPVQ5VCVGQH%QPPGEVKEWV+PUWTCPEG&GRV21$QZ
*CTVHQTF%6#VVP%QPUWOGT#HHCKTU

 %QNQTCFQ4GUKFGPVU
0QVKEG6JKU2NCPKUUWDLGEVVQVJG%QNQTCFQ%QPUWOGT2TQVGEVKQP#EV
QTVJG7PHCKT2TCEVKEGU#EV#TVKENGUCPFQH6KVNG%45

 %CNKHQTPKC4GUKFGPVU
+H[QWECPEGNYKVJKPVJKTV[
FC[UQH[QWT2NCPTGEGKRV[QWYKNN
TGEGKXGCHWNNTGHWPFNGUUVJGXCNWGQHCP[UGTXKEGRTQXKFGFWPFGT
VJG2NCP




'PINKUJ

 0GXCFC4GUKFGPVU
%CPEGNNCVKQPU0Q2NCPVJCVJCUDGGPKPGHHGEVHQTCVNGCUVFC[UOC[
DGECPEGNGFD[VJGRTQXKFGTDGHQTGVJGGZRKTCVKQPQHVJGCITGGFVGTO
QTQPG[GCTCHVGTVJGGHHGEVKXGFCVGQHVJG2NCPYJKEJGXGTQEEWTUHKTUV
GZEGRVQPVJGHQNNQYKPIITQWPFU
C (CKNWTGD[VJGJQNFGTVQRC[CPCOQWPVFWG
D %QPXKEVKQPQHVJGJQNFGTQHCETKOGYJKEJTGUWNVUKPCPKPETGCUGKP
VJGUGTXKEGTGSWKTGF
E &KUEQXGT[QHHTCWFQTOCVGTKCNOKUTGRTGUGPVCVKQPD[VJGJQNFGTKP
QDVCKPKPIVJG2NCPQTKPRTGUGPVKPICENCKOHQTUGTXKEGVJGTGWPFGT
F &KUEQXGT[QHCPCEVQTQOKUUKQPD[VJGJQNFGTQTCXKQNCVKQPD[
VJGJQNFGTQHCP[EQPFKVKQPQHVJG2NCPYJKEJQEEWTTGFCHVGTVJG
GHHGEVKXGFCVGQHVJG2NCPCPFYJKEJUWDUVCPVKCNN[CPFOCVGTKCNN[
KPETGCUGUVJGUGTXKEGTGSWKTGFWPFGTVJG2NCP
G #OCVGTKCNEJCPIGKPVJGPCVWTGQTGZVGPVQHVJGTGSWKTGFUGTXKEG
QTTGRCKTYJKEJQEEWTUCHVGTVJGGHHGEVKXGFCVGQHVJG2NCPCPF
YJKEJECWUGUVJGTGSWKTGFUGTXKEGQTTGRCKTVQDGUWDUVCPVKCNN[CPF

 /KEJKICP4GUKFGPVU
+HRGTHQTOCPEGQHVJGUGTXKEGEQPVTCEVKUKPVGTTWRVGFDGECWUGQHC
UVTKMGQTYQTMUVQRRCIGCVVJGEQORCP[URNCEGQHDWUKPGUUVJG
GHHGEVKXGRGTKQFQHVJGUGTXKEGEQPVTCEVUJCNNDGGZVGPFGFHQTVJG
RGTKQFQHVJGUVTKMGQTYQTMUVQRRCIG

'PINKUJ

OCVGTKCNN[KPETGCUGFDG[QPFVJCVEQPVGORNCVGFCVVJGVKOGVJCV
VJG2NCPYCUKUUWGFQTUQNF
)TQWPFUHQTECPEGNNCVKQPFCVGECPEGNNCVKQPGHHGEVKXG0QECPEGNNCVKQP
QHCUGTXKEGEQPVTCEVOC[DGEQOGGHHGEVKXGWPVKNCVNGCUVFC[U
CHVGTVJGPQVKEGQHECPEGNNCVKQPKUOCKNGFVQVJGJQNFGT
%CPEGNNCVKQPQHEQPVTCEV4GHWPFQHRWTEJCUGRTKEGECPEGNNCVKQPHGG

K +H#RRNGECPEGNUVJKU2NCP#RRNGUJCNNTGHWPFVQ0GXCFC
EQPUWOGTUVJGRQTVKQPQHVJGRWTEJCUGRTKEGVJCVKU
WPGCTPGF#RRNGOC[FGFWEVCP[QWVUVCPFKPIDCNCPEGQP
[QWTCEEQWPVHTQOVJGCOQWPVQHVJGRWTEJCUGRTKEGVJCV
KUWPGCTPGFYJGPECNEWNCVKPIVJGCOQWPVQHVJGTGHWPF+H
#RRNGECPEGNUCEQPVTCEVRWTUWCPVVQ045%KVOC[
PQVKORQUGCECPEGNNCVKQPHGG

KK 'ZEGRVCUQVJGTYKUGRTQXKFGFKPVJKUUGEVKQPC0GXCFC
TGUKFGPVYJQKUVJGQTKIKPCNRWTEJCUGTQHVJKU2NCPYJQ
UWDOKVUVQ#RRNGCTGSWGUVKPYTKVKPIVQECPEGNVJG2NCPKP
CEEQTFCPEGYKVJVJGVGTOUQHVJG2NCPUJCNNTGEGKXGCTGHWPF
QHVJGRQTVKQPQHVJG2NCPURWTEJCUGRTKEGVJCVKUWPGCTPGF

KKK +H[QWTGSWGUVVJGECPEGNNCVKQPQHVJKU2NCP#RRNGOC[
KORQUGVJGECPEGNNCVKQPHGGFGUETKDGFKPVJG2NCPDWVYKNN
PQVFGFWEVVJGXCNWGQHCP[UGTXKEGRTQXKFGF

KX 9JGP#RRNGECNEWNCVGUVJGCOQWPVQHCTGHWPFRWTUWCPV
VQUWDUGEVKQP
KKKVOC[FGFWEVHTQOVJGRQTVKQPQHVJG



'PINKUJ

 0GY/GZKEQ4GUKFGPVU
%CPEGNNCVKQPU0Q2NCPVJCVJCUDGGPKPGHHGEVHQTCVNGCUVFC[UOC[
DGECPEGNGFD[VJGRTQXKFGTDGHQTGVJGGZRKTCVKQPQHVJGCITGGFVGTO
QTQPG[GCTCHVGTVJGGHHGEVKXGFCVGQHVJG2NCPYJKEJGXGTQEEWTUHKTUV
GZEGRVQPVJGHQNNQYKPIITQWPFU
C (CKNWTGD[VJGJQNFGTVQRC[CPCOQWPVFWG
D %QPXKEVKQPQHVJGJQNFGTQHCETKOGYJKEJTGUWNVUKPCPKPETGCUGKP
VJGUGTXKEGTGSWKTGF
E &KUEQXGT[QHHTCWFQTOCVGTKCNOKUTGRTGUGPVCVKQPD[VJGJQNFGTKP
QDVCKPKPIVJG2NCPQTKPRTGUGPVKPICENCKOHQTUGTXKEGVJGTGWPFGT

 0GY*CORUJKTG4GUKFGPVU
+PVJGGXGPV[QWFQPQVTGEGKXGUCVKUHCEVKQPWPFGTVJKUEQPVTCEV[QW
OC[EQPVCEVVJG0GY*CORUJKTGKPUWTCPEGFGRCTVOGPVD[OCKN
CV5VCVG1H0GY*CORUJKTG+PUWTCPEG&GRCTVOGPV5QWVJ(TWKV
5VTGGV5WKVG%QPEQTF0*QTD[VGNGRJQPGXKC%QPUWOGT
#UUKUVCPEGCV

RWTEJCUGRTKEGVJCVKUWPGCTPGF
CCP[QWVUVCPFKPIDCNCPEG
QPVJGCEEQWPVCPF
DCP[ECPEGNNCVKQPHGGKORQUGF
RWTUWCPVVQVJKU2NCP
#RRNG%CTG5GTXKEG%QORCP[+PEDCEMUVJKU2NCPHQT0GXCFCTGUKFGPVU
D[KVUHWNNHCKVJCPFETGFKV

'PINKUJ

 1TGIQP4GUKFGPVU
+PVJGGXGPV[QWFQPQVTGEGKXGUCVKUHCEVKQPWPFGTVJKUEQPVTCEV[QW
OC[EQPVCEVVJG1TGIQP&GRCTVOGPVQH%QPUWOGTCPF$WUKPGUU
5GTXKEGUD[OCKNCVVJG&GRCTVOGPVQH%QPUWOGTCPF$WUKPGUU
5GTXKEGU1TGIQP+PUWTCPEG&KXKUKQP9KPVGT5VTGGV0'5CNGO14
QTD[VGNGRJQPGXKC%QPUWOGT#FXQECE[CV

 0QTVJ%CTQNKPC4GUKFGPVU
6JGRWTEJCUGQHVJKU2NCPKUPQVTGSWKTGFGKVJGTVQRWTEJCUGQTVQ
QDVCKPHKPCPEKPIHQTEQORWVGTGSWKROGPV#RRNGYKNNPQVECPEGNVJKU
RNCP':%'26HQTHCKNWTGVQRC[VJGRWTEJCUGRTKEGHQTVJG2NCP

F &KUEQXGT[QHCPCEVQTQOKUUKQPD[VJGJQNFGTQTCXKQNCVKQPD[
VJGJQNFGTQHCP[EQPFKVKQPQHVJG2NCPYJKEJQEEWTTGFCHVGTVJG
GHHGEVKXGFCVGQHVJG2NCPCPFYJKEJUWDUVCPVKCNN[CPFOCVGTKCNN[
KPETGCUGUVJGUGTXKEGTGSWKTGFWPFGTVJG2NCP
G #OCVGTKCNEJCPIGKPVJGPCVWTGQTGZVGPVQHVJGTGSWKTGFUGTXKEG
QTTGRCKTYJKEJQEEWTUCHVGTVJGGHHGEVKXGFCVGQHVJG2NCPCPF
YJKEJECWUGUVJGTGSWKTGFUGTXKEGQTTGRCKTVQDGUWDUVCPVKCNN[CPF
OCVGTKCNN[KPETGCUGFDG[QPFVJCVEQPVGORNCVGFCVVJGVKOGVJCV
VJG2NCPYCUKUUWGFQTUQNF




'PINKUJ

 9KUEQPUKP4GUKFGPVU
6*+59#44#06;+557$,'%661.+/+6'&4')7.#6+10$;6*'
1((+%'1(6*'%1//+55+10'41(+0574#0%'
+H[QWECPEGNYKVJKPVJKTV[
FC[UQH[QWT2NCPURWTEJCUGQTTGEGKRV
QHVJGUG6GTOUCPF%QPFKVKQPUYJKEJGXGTQEEWTUNCVGT[QWYKNNTGEGKXG
CHWNNTGHWPF+H[QWECPEGNOQTGVJCPVJKTV[
FC[UCHVGT[QWTTGEGKRV

 6GZCU4GUKFGPVU
6JGRTQXKFGTOC[ECPEGNVJKU2NCPYKVJPQRTKQTPQVKEGHQTPQP
RC[OGPVOKUTGRTGUGPVCVKQPQTCUWDUVCPVKCNDTGCEJQHCFWV[D[
VJGJQNFGTTGNCVKPIVQVJG%QXGTGF'SWKROGPVQTKVUWUG7PTGUQNXGF
EQORNCKPVUQT%QPVTCEVTGIWNCVKQPSWGUVKQPUOC[DGCFFTGUUGFVQVJG
6:&GRVQH.KEGPUKPICPF4GIWNCVKQP21$QZ#WUVKP6:
75

 6GPPGUUGG4GUKFGPVU
6JKU2NCPUJCNNDGGZVGPFGFCUHQNNQYU
VJGPWODGTQHFC[UVJG
EQPUWOGTKUFGRTKXGFQHVJGWUGQHVJGRTQFWEVDGECWUGVJGRTQFWEV
KUKPTGRCKTRNWUVYQ
CFFKVKQPCNYQTMFC[U

 5QWVJ%CTQNKPC4GUKFGPVU
7PTGUQNXGFEQORNCKPVUQT2NCPTGIWNCVKQPSWGUVKQPUOC[DG
CFFTGUUGFVQVJG5QWVJ%CTQNKPC&GRCTVOGPVQH+PUWTCPEG21$QZ
%QNWODKC5QWVJ%CTQNKPC6GN

'PINKUJ

 9[QOKPI4GUKFGPVU
+H#RRNGECPEGNUVJKU2NCP#RRNGYKNNOCKNVQ[QWYTKVVGPPQVKEGQHVJG
ECPEGNNCVKQPCV[QWTNCUVMPQYPCFFTGUUEQPVCKPGFKP#RRNGUTGEQTFU
PQNGUUVJCPVGP
FC[URTKQTVQVJGGHHGEVKXGECPEGNNCVKQPFCVG6JG
RTKQTYTKVVGPPQVKEGYKNNEQPVCKPVJGGHHGEVKXGFCVGQHECPEGNNCVKQPCPF
VJGTGCUQPUHQTECPEGNNCVKQP#RRNGKUPQVQDNKICVGFVQRTQXKFGRTKQT
PQVKEGKHECPEGNNCVKQPKUFWGVQPQPRC[OGPVQHVJG2NCPCOCVGTKCN
OKUTGRTGUGPVCVKQPD[[QWVQ#RRNGCUWDUVCPVKCNDTGCEJQH[QWT
FWVKGUWPFGTVJG2NCPQTCUWDUVCPVKCNDTGCEJQH[QWTFWVKGUTGNCVKPI
VQVJG%QXGTGF'SWKROGPVQTKVUWUG
&KURWVGUCTKUKPIWPFGTVJKU2NCPOC[DGUGVVNGFKPCEEQTFCPEGYKVJ
VJG9[QOKPI#TDKVTCVKQP#EV

QHVJG2NCP[QWYKNNTGEGKXGCRTQTCVCTGHWPFQHVJGQTKIKPCNRWTEJCUG
RTKEGDCUGFQPVJGRGTEGPVCIGQHWPGZRKTGF%QXGTCIG2GTKQFNGUUC
ECPEGNNCVKQPHGGQHVYGPV[HKXG
75&FQNNCTUQTVGPRGTEGPV

QHVJGRTQTCVCCOQWPVYJKEJGXGTKUNGUU0QFGFWEVKQPUJCNNDGOCFG
HTQOVJGTGHWPFHQTVJGEQUVQHCP[UGTXKEGTGEGKXGF#RRNGYKNNPQV
ECPEGNVJKURNCP':%'26HQTHCKNWTGVQRC[VJGRWTEJCUGRTKEGHQTVJG
RNCP+H#RRNGECPEGNUVJG2NCP[QWYKNNTGEGKXGCRTQTCVCTGHWPFHQT
VJG2NCPUWPGZRKTGFVGTO





+P%CPCFC

5GXGPFC[UCYGGM
#/VQ2/'CUVGTPVKOG

'PINKUJ



#220#X

 6GNGRJQPGPWODGTUCPFJQWTUQHQRGTCVKQPOC[XCT[CPFCTGUWDLGEV
VQEJCPIG;QWECPHKPFVJGOQUVWRVQFCVGNQECNCPFKPVGTPCVKQPCN
EQPVCEVKPHQTOCVKQPCVYYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVU
JVON6QNNHTGGPWODGTUCTGPQVCXCKNCDNGKPCNNEQWPVTKGU

+PVJG75
#2.%#4'

5GXGPFC[UCYGGM
#/VQ2/%GPVTCNVKOG

 6QNN(TGG0WODGTU

(TCPnCKU

+PHQTOCVKQPUUWTNCEQWXGTVWTG
%GRTQITCOOGEQORNGVGUVFKURQPKDNGRQWTVQWUNGUOQFpNGUFoETCP
#RRNGFWTCPVNCRoTKQFGFGICTCPVKGNKOKVoGFWPCP5KXQWUXGPFG\
NoETCP#RRNGEQWXGTVCXCPVGZRKTCVKQPFWRTQITCOOG#RRNG%CTG
2TQVGEVKQP2NCPRQWToETCP#RRNGXQWURQWXG\VTCPUHoTGTNGRTQITCOOG
CWPQWXGCWRTQRTKoVCKTG
%QPUGTXG\NGFQEWOGPV2TGWXGFGEQWXGTVWTGNGUHCEVWTGUFQTKIKPG
EQTTGURQPFCPViNoETCPGVNGTGnWFWRTQITCOOG#RRNG%CTG2TQVGEVKQP
2NCPRQWToETCP#RRNG#RRNGRQWTTCKVToENCOGTWPGRTGWXGFCEJCV
GPECUFGFQWVGEQPEGTPCPVNGFTQKViEQWXGTVWTGFGXQVTGoETCPRCTNG
RTQITCOOG#RRNG%CTG2TQVGEVKQP2NCP

&GUUGTXKEGUGVWPGCUUKUVCPEGHQWTPKURCTNGURGTUQPPGUSWKEQPPCKUUGPV
NGOKGWZXQVTGOQPKVGWT#RRNG
.GRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCPRQWToETCP#RRNGoVGPF
NCEQWXGTVWTGEQORNoOGPVCKTGFGXQVTGoETCP#RRNGiVTQKUCPU
FCUUKUVCPEGiNoEJGNNGKPVGTPCVKQPCNG+NKPENWVNCUUKUVCPEGVoNoRJQPKSWG
CUUWToGRCTFGUGZRGTVUGVFGUQRVKQPUFGUGTXKEGRTCVKSWGU

(KEJGFKPHQTOCVKQPU

#RRNG%CTG2TQVGEVKQP2NCPRQWToETCP#RRNG




(TCPnCKU

 RCTVKTFGNCFCVGFCEJCVFGNQTFKPCVGWT
 2QWTFGRNWUCORNGUKPHQTOCVKQPUEQPUWNVG\NGU%QPFKVKQPU)oPoTCNGU
FWRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCPEKLQKPVGU

5GTXKEGFGToRCTCVKQPFGOCVoTKGN
.GRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCPGUVNGUGWNiICTCPVKTWP
UGTXKEGFGToRCTCVKQPRTQHGUUKQPPGNCUUWToRCTFGUVGEJPKEKGPUCITooU
#RRNGCXGEFGURKpEGU#RRNGFQTKIKPG)TjEGiEGRTQITCOOGNGU
RKpEGUGVNCOCKPFWXTGUGTQPVEQWXGTVURGPFCPVVTQKUCPUiEQORVGT
FGNCFCVGFCEJCVFQTKIKPGFGXQVTGoETCP#RRNG7PGQWRNWUKGWTUFGU
QRVKQPUFGUGTXKEGUWKXCPVGURGWXGPVUCRRNKSWGTUGTXKEGCRTpUXGPVG
GPOCICUKPUGTXKEGFGPNpXGOGPViFQOKEKNGRCTVTCPURQTVGWTGVRKpEGU
KPUVCNNCDNGURCTNGENKGPV
XQWURGTOGVVCPVCKPUKFGFoRCPPGTXQWUOqOG
NGRTQFWKV

1RVKQPUFCUUKUVCPEGVGEJPKSWG
'PECUFGRTQDNpOGCXGEXQVTGoETCPUWKXG\NGUKPUVTWEVKQPUFW
)WKFGFGToHoTGPEGTCRKFGRQWTQDVGPKTFGUCUVWEGUFGFoRCPPCIG5K
XQWUPGRCTXGPG\RCUiToUQWFTGNGRTQDNpOGNGUCIGPVU#RRNG%CTG
RGWXGPVXQWUCKFGTGPXoTKHKCPVXQVTGoETCPGVUCEQPPGZKQPiXQVTG
QTFKPCVGWT8QWUVTQWXGTG\NCNKUVGFGUEQPVCEVUGVFGUJQTCKTGUFWUGTXKEG
FCUUKUVCPEGVGEJPKSWGF#RRNGFCPUNG)WKFGFGToHoTGPEGTCRKFG.G
RTQITCOOG#RRNG%CTG2TQVGEVKQP2NCPRQWToETCP#RRNGQHHTGNGOqOG
UGTXKEGRQWTNGUWVKNKUCVGWTU/CEGV9KPFQYU

(TCPnCKU

5KCWEWPGKOCIGPCRRCTCuVUWTNoETCP
 8oTKHKG\iPQWXGCWSWGNGUEjDNGUGVNGUEQPPGEVGWTUUQPVDKGP
DTCPEJoUUWTXQVTGQTFKPCVGWTGVUWTXQVTGOQPKVGWT
 #UUWTG\XQWUSWGXQVTGQTFKPCVGWTGUVCNNWOoGVPGUVRCUGPOQFG
XGKNNG5KNGOQPKVGWTGUVUCPUCEVKXKVoWVKNKUG\NGENCXKGTQWNCUQWTKU
GZVGTPGRQWTToCEVKXGTNQTFKPCVGWT
4oKPKVKCNKUG\NC24#/GPHCKUCPVTGFoOCTTGTXQVTGQTFKPCVGWTVQWVGP
OCKPVGPCPVGPHQPEoGUNGUVQWEJGU%QOOCPFG
x1RVKQP2GV4
LWUSWiNoOKUUKQPFWUQPFGFoOCTTCIG

'UUC[G\NGUQRoTCVKQPUUWKXCPVGUHCEKNGUiToCNKUGTCXCPVFCRRGNGT#RRNG
RQWTQDVGPKTFGNCKFG
#XCPVVQWVGEJQUGCUUWTG\XQWUSWGXQVTGQTFKPCVGWTGUVCNNWOoGVSWG
NGOQPKVGWTGUVDTCPEJoUWTWPGRTKUGSWGVQWUNGUEjDNGUUQPVDKGP
EQPPGEVoUiNQTFKPCVGWTGViNoETCPGVSWGXQVTGQTFKPCVGWTPGUVRCUGP
XGKNNG

)WKFGFGToHoTGPEGTCRKFG

#RRNG%CTG2TQVGEVKQP2NCPRQWToETCP#RRNG




(TCPnCKU

%QPUWNVG\NGUKVGYGDFCUUKUVCPEG#RRNG
.CDCUGFGEQPPCKUUCPEGU#RRNG-PQYNGFIG$CUGNGUHQTWOUFG
FKUEWUUKQPGVFCWVTGUTGUUQWTEGUVGEJPKSWGUHQWTPKGURCT#RRNGUQPV

5KNCECOoTCK5KIJVKPVoIToGNGOKETQNGUJCWVRCTNGWTUQWNGURQTVU
75$FWOQPKVGWTPGHQPEVKQPPGPVRCU
#UUWTG\XQWUSWGNGEjDNG75$FWOQPKVGWTGUVHGTOGOGPVDTCPEJoUWT
NGRQTV75$FGXQVTGQTFKPCVGWT.CECOoTCNGOKETQNGUJCWVRCTNGWTUQW
NGURQTVU75$FWOQPKVGWTHQPEVKQPPGPVUGWNGOGPVNQTUSWGEGEjDNGGUV
EQPPGEVoiXQVTGQTFKPCVGWT

5KXQVTGQTFKPCVGWTRQTVCDNGPGUGTGEJCTIGRCU
#UUWTG\XQWUSWGNGEQPPGEVGWT/CI5CHGGUVKPUoToEQTTGEVGOGPVFCPU
NGRQTVFCNKOGPVCVKQP/CI5CHGFGXQVTGQTFKPCVGWT

5KNCHHKEJCIGGUVVGTPG
 #UUWTG\XQWUSWGNGUEQPVTzNGUFGNWOKPQUKVoFGNoETCPUQPV
EQTTGEVGOGPVFoHKPKU%JQKUKUUG\#RRNG
 2ToHoTGPEGU5[UVpOG
GVENKSWG\UWT/QPKVGWTU(CKVGUINKUUGTNGEWTUGWTRQWTToINGTNC
NWOKPQUKVo
 5KNGUEQWNGWTUFWOQPKVGWTUQPVVTQRUCVWToGUQWPGUQPVRCU
EQTTGEVGUKNUGRGWVSWGXQWUFGXKG\oVCNQPPGTXQVTGOQPKVGWT
1WXTG\NGURToHoTGPEGU/QPKVGWTUENKSWG\UWT%QWNGWTUWTdVCNQPPGT
RWKUUWKXG\NGUKPUVTWEVKQPU

(TCPnCKU

 .GUPWOoTQUFGVoNoRJQPGGVNGUJGWTGUFQWXGTVWTGCWRWDNKE
RGWXGPVXCTKGTGVUQPVUWUEGRVKDNGUFqVTGOQFKHKoU8QWUVTQWXGTG\
NCVQWVGFGTPKpTGNKUVGFGUEQPVCEVUPCVKQPCWZGVKPVGTPCVKQPCWZi
NCFTGUUGYYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVUJVON

#WZdVCVU7PKU
#W%CPCFC

#2.%#4'


LQWTUUWT
LQWTUUWT
&G*i*
*GWTGFWEGPVTG&G*i*
*GWTGFGN'UV

#FTGUUG\XQWUi#RRNGRQWTQDVGPKTFGNCKFG
5KNGURTQEoFWTGUFGEGIWKFGPGXQWURGTOGVVGPVRCUFGToUQWFTGNG
RTQDNpOGTGPEQPVToGPVTG\GPEQPVCEVCXGE#RRNG7PTGRToUGPVCPV
F#RRNGXQWUFGOCPFGTCNGPWOoTQFGEQPVTCVFGXQVTGRTQITCOOG
#RRNG%CTG2TQVGEVKQP2NCPRQWToETCP#RRNGQWNGPWOoTQFGUoTKGFG
XQVTGoETCP#RRNG

FKURQPKDNGUJGWTGUUWTiNCFTGUUGYYYCRRNGEQOECHTUWRRQTV
FKURNC[URQWTNG%CPCFC




(TCPnCKU

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
EJCEWP
oVCPVFoUKIPoEKCRTpUEQOOGNG2TQITCOOGGUVToIKRCTNGU
RToUGPVGUOQFCNKVoUGVEGUOQFCNKVoUEQPUVKVWGPVXQVTGEQPVTCVCWRTpU
FGNGPVKVo#RRNGFoETKVGFCPUNCTVKENGNEKFGUUQWU
EKCRTpU#RRNG
5WLGVCWZRToUGPVGUOQFCNKVoUXQVTG2TQITCOOG
KEQWXTGNGUXKEGU
FWQWFGURTQFWKVUFGOCTSWG#RRNGoPWOoToUFCPUNG%GTVKHKECVQW
NC2TGWXGFGICTCPVKGFGXQVTG2TQITCOOG
EKCRTpU%QPHKTOCVKQP
FCFJoUKQPCW2TQITCOOGGVNGUCEEGUUQKTGUKPENWUFCPUNGODCNNCIG
QTKIKPCNFWQWFGURTQFWKVU
EKCRTpUNG2TQFWKVEQWXGTVGV
KK
XQWUHQWTPKVWPGCUUKUVCPEGVoNoRJQPKSWGGVNCEEpUiFGUTGUUQWTEGU
FCKFG+PVGTPGVRQWTNG2TQFWKVEQWXGTV2QWTQDVGPKTNC%QPHKTOCVKQP
FCFJoUKQPCW2TQITCOOGXQWUFGXG\GPTGIKUVTGTXQVTGPWOoTQWPKSWG

/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#RRNGHQWTPKTCNGURKpEGUGVNCOCKPFWXTG
OCKURQWTTCXQWUFGOCPFGTFGTGORNCEGTXQWUOqOGEGTVCKPGU
RKpEGUHCEKNGUiKPUVCNNGT%GRTQEGUUWUGUVFoETKVEKFGUUQWU.G
RTQFWKVFGTGORNCEGOGPVGVNGURKpEGUFGTGEJCPIGHQWTPKU
RCT#RRNGRGWXGPVqVTGHCDTKSWoUiRCTVKTFGRKpEGUPGWXGUQW
oSWKXCNGPVGUiPGWHFWRQKPVFGXWGFGTGPFGOGPVGVHKCDKNKVo
6QWVGRKpEGFGTGEJCPIGQWRTQFWKVFGTGORNCEGOGPVUGTC
oSWKXCNGPVFWRQKPVFGXWGHQPEVKQPPGNiNCRKpEGQWCWRTQFWKV
TGORNCEoGVFGOGWTGTCEQWXGTVRQWTNC2oTKQFGFGICTCPVKG
TGUVCPViEQWTKTGPXGTVWFW2TQITCOOG6QWVGRKpEGQWRTQFWKV

FGEQPVTCVQWFCFJoUKQP
EKCRTpU0WOoTQFGEQPVTCVFW2TQITCOOG
VGNSWGKPFKSWoCWZKPUVTWEVKQPUKPENWUGUFCPUNGODCNNCIGFW
2TQITCOOG.GU%NKGPVUSWKQPVEJQKUKNQRVKQPFCFJoUKQPCWVQOCVKSWG

#WVQ4GIKUVTCVKQPFCPUNGUECUQ~GNNGGUVQHHGTVGTGEGXTQPV
CWVQOCVKSWGOGPVWPG%QPHKTOCVKQPFCFJoUKQPCW2TQITCOOG.G
VGTOGFGEG2TQITCOOG
EKCRTpU2oTKQFGFGICTCPVKGGUVRQWT
NCRoTKQFGVGTOKPCPViNCFCVGKPFKSWoGiNC%QPHKTOCVKQPFCFJoUKQP
CW2TQITCOOG.GRTKZFW2TQITCOOGHKIWTGUWTNQTKIKPCNFGNCHCEVWTG
FW2TQITCOOG




(TCPnCKU

TGORNCEoFGXKGPVNCRTQRTKoVoF#RRNG#RRNGXQWUTGEQOOCPFG
HQTVGOGPVFGPTGIKUVTGTEQOOGEQRKGFGUCWXGICTFGFGUFQPPoGU
GVNQIKEKGNUSWKToUKFGPVQWUQPVUVQEMoUFCPUNG2TQFWKVEQWXGTV
CXCPVFCUUWTGTNCFKURQPKDKNKVoFW2TQFWKVEQWXGTVRQWTNGUGTXKEG
FGToRCTCVKQPQWFGTGORNCEGOGPV.CRQTVoGFGUQWVKGPSWK
XQWUUGTCHQWTPKGXCTKGTCUGNQPNG2TQITCOOGSWGXQWUCEJGVG\
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
EQWTUFGNC2oTKQFGFGNCICTCPVKGFGToRCTCVKQPNG2TQFWKV
EQWXGTVRToUGPVGFGUXKEGUFGOCVoTKCWQWFGOCKPFWXTG
QW
DUKCWEQWTUFGNC2oTKQFGFGNCICTCPVKGNCECRCEKVoFG
NCRKNGK2QFEQWXGTVGFGOCKPVGPKTWPGEJCTIGoNGEVTKSWG
CFKOKPWoFGEKPSWCPVGRQWTEGPV
QWRNWUFGUGU
ECTCEVoTKUVKSWGUQTKIKPCNGUCRTpUCXQKToVoGPVKpTGOGPV
TGEJCTIoGVNGOCVoTKGNK2QFEQWXGTVLQWGFGNCOWUKSWG
SWCPFVQWVGUNGUQRVKQPUUQPViNGWToVCVKPKVKCN

KKK 2QWTN#22RQWT#RRNG&KURNC[QWN#22RQWT#RRNG68#RRNG
UGPICIGiUCFKUEToVKQPiToRCTGTQWiTGORNCEGTNG2TQFWKV
EQWXGTVCHHGEVoUKCWEQWTUFGNC2oTKQFGFGNCICTCPVKGFG
ToRCTCVKQPNG2TQFWKVEQWXGTVRToUGPVGFGUXKEGUFGOCVoTKCW
QWFGOCKPFWXTG7PGECTVG#KT2QTV'ZVTGOGFGUDQTPGU
FCEEpU#KT2QTV'ZRTGUUQW#KT2QTV'ZVTGOG$CUG5VCVKQPGV
6KOG%CRUWNGUQPVoICNGOGPVEQWXGTVURCTN#22RQWT#RRNG
68UKNUUQPVWVKNKUoUCXGENG2TQFWKVEQWXGTVGVUQPVCEJGVoUi
NQTKIKPGRCTXQWULWUSWiFGWZ
CPUCXCPVNCEJCVFGXQVTG
#RRNG68QWRGPFCPVNGVGTOGFGXQVTG#22RQWT#RRNG68




(TCPnCKU

D 'ZENWUKQPU%G2TQITCOOGPGEQWXTGRCU

K NKPUVCNNCVKQPNGPNpXGOGPVQWNGFoRNCEGOGPVFW2TQFWKV
EQWXGTVNKPUVCNNCVKQPNGPNpXGOGPVNGFoRNCEGOGPVNC
ToRCTCVKQPQWNGPVTGVKGPFWPRTQFWKVPQPEQWXGTV
[EQORTKU
NGUCEEGUUQKTGURoTKRJoTKSWGUQWCWVTGUFKURQUKVKHUVGNUSWG
NGUOQFGOUGZVGTPGUQWNGUUGTXKEGUoNGEVTKSWGUSWKPGUQPV
RCUKPJoTGPVUCW2TQFWKVEQWXGTV

KK NGUFQOOCIGUCW2TQFWKVEQWXGTVCVVTKDWCDNGUiWPCEEKFGPV
iWPCDWUiWPGPoINKIGPEGiWPGOCWXCKUGWVKNKUCVKQP

PQVCOOGPVNKPUVCNNCVKQPNCToRCTCVKQPQWNGPVTGVKGP
KPCRRTQRTKoUToCNKUoURCTSWGNSWWPFCWVTGSW#RRNGQW
SWWPRTGUVCVCKTGFGUGTXKEGUCIToo#RRNGNCOQFKHKECVKQP
PQPCWVQTKUoGWPGPXKTQPPGOGPVKPCFCRVo
PQVCOOGPVWPG
VGORoTCVWTGQWWPGJWOKFKVoKPCFoSWCVGUFGUEQPVTCKPVGU
QWFGUKPVGTHoTGPEGURJ[UKSWGUQWoNGEVTKSWGUKPJCDKVWGNNGU
WPGXCTKCVKQPQWUWTVGPUKQPFGNCNKOGPVCVKQPoNGEVTKSWGNC
HQWFTGNoNGEVTKEKVoUVCVKSWGWPKPEGPFKGWPECUHQTVWKVQW
WPGCWVTGECWUGoVTCPIpTG

KKK NG2TQFWKVEQWXGTVFQPVNGPWOoTQFGUoTKGCoVoOQFKHKo
FoITCFoQWUWRRTKOo

KX FGURTQDNpOGUECWUoURCTWPFKURQUKVKHoVTCPIGTCW2TQFWKV
EQWXGTV[EQORTKUNGOCVoTKGNSWKPGUVRCUFGOCTSWG#RRNGSWKN
CKVoVoQWPQPCESWKUCWOqOGOQOGPVSWGNG2TQFWKVEQWXGTV

(TCPnCKU

X NGUGTXKEGPoEGUUCKTGRQWTCUUWTGTNCEQPHQTOKVoCXGE
NCToINGOGPVCVKQPFWPGCIGPEGQWFWPQTICPKUOG
IQWXGTPGOGPVCNSWKCWTCKVoVoCFQRVoGCRTpUNCFCVG
FGEG2TQITCOOG

XK NCOKUGiFKURQUKVKQPFWPRTQFWKVFGTGORNCEGOGPVCW
EQWTUFGNCRoTKQFGFGToRCTCVKQPFW2TQFWKVEQWXGTV

XKK NG2TQFWKVEQWXGTVSWKCWTCKVoVoRGTFWQWXQNo%G
2TQITCOOGPGEQWXTGSWGNG2TQFWKVEQWXGTVSWKGUV
TGVQWTPoi#RRNGFCPUUQPKPVoITCNKVo

XKKK NGUFQOOCIGUGUVJoVKSWGUECWUoUCW2TQFWKVEQWXGTV

PQVCOOGPVNGUoITCVKIPWTGUNGDQUUGNNGOGPVGVNGDTKU
FGURKpEGUGPRNCUVKSWGFGURQTVU

KZ NGUEQPUQOOCDNGUEQOOGNGURKNGUUCWHNCRKNGK2QFEQWXGTVG
UQWUN#22RQWTK2QFQWUCWHUKNGFoHCWVGUVUWTXGPWGPTCKUQP
FWPXKEGFGOCVoTKCWQWFGOCKPFWXTG

Z NGPVTGVKGPRToXGPVKHFW2TQFWKVEQWXGTV

ZK NGUFoHCWVUToUWNVCPVFWUWTGPQTOCNGQWCWVTGOGPVFW
XKGKNNKUUGOGPVPQTOCNFWRTQFWKVQW

ZKK NGUFQOOCIGUCHHGEVCPVQWRGTVGFGUNQIKEKGNUQWFQPPoGU
SWKToUKFGPVQWUQPVUVQEMoUFCPUNG2TQFWKVEQWXGTV&CPU
NGECFTGFGNCRTGUVCVKQPFGUGTXKEGUFGToRCTCVKQPQWFG
TGORNCEGOGPV#RRNGGORNQKGTCVQWUUGUGHHQTVUTCKUQPPCDNGU
RQWTToKPUVCNNGTNCEQPHKIWTCVKQPQTKIKPCNGFWNQIKEKGNFW



(TCPnCKU

OCVoTKGNEQWXGTVCKPUKSWGNGUOKUGUiLQWTWNVoTKGWTGUOCKU
PGHQWTPKTCCWEWPUGTXKEGFGTGRTKUGQWFGVTCPUHGTVRQWT
FGUNQIKEKGNUQWFQPPoGUEQPVGPWUFCPUNGRTQFWKVTGORNCEo
SWKPCWTCKGPVRCUoVoKPUVCNNoUiNQTKIKPGUWTNG2TQFWKV
EQWXGTV.'5%106'075&'8164'K21&5'41062'4&75
'6.'5722146&'561%-#)'5'4#4'(14/#6d&74#06
.#24'56#6+10&75'48+%'&K21&8QVTGK2QFQWWPK2QF
FGTGEJCPIGXQWUUGTCTGVQWTPoUGNQPNCEQPHKIWTCVKQPSWK
GZKUVCKVCWOQOGPVFGUQPCEJCVUQWUToUGTXGFGUOKUGUi
LQWTCRRNKECDNGU#RRNGRQWTTCKVCWVKVTGFWUGTXKEGKPUVCNNGT
FGUOKUGUiLQWTFWNQIKEKGNFGDCUG
K2QF15SWK
GORqEJGTQPVNK2QFFGTGXGPKTiWPGXGTUKQPRToEoFGPVG
FGNK2QF15.GUCRRNKECVKQPUFGVKGTUKPUVCNNoGUUWTNK2QF
RGWXGPVPGRCUqVTGEQORCVKDNGUPKHQPEVKQPPGTiNCUWKVG
FGNCOKUGiLQWTFGNK2QF158QWUqVGUTGURQPUCDNGFGNC
ToKPUVCNNCVKQPFGUCWVTGURTQITCOOGUNQIKEKGNUFQPPoGU
GVOQVUFGRCUUG.CToEWRoTCVKQPGVNCToKPUVCNNCVKQPFGU
RTQITCOOGUNQIKEKGNUGVFQPPoGUFGNWVKNKUCVGWTPGUQPVRCU
EQWXGTVGURCTNGRToUGPV2TQITCOOG
E 1RVKQPUQHHGTVGURQWTNGUGTXKEGFGToRCTCVKQPQWFGTGORNCEGOGPV
#RRNGRQWTTCHQWTPKTNCRTGUVCVKQPFGUUGTXKEGUGPSWGUVKQP
OQ[GPPCPVNWPGQWRNWUKGWTUFGUOoVJQFGUUWKXCPVGU

(TCPnCKU

5GTXKEGCRTpUXGPVGGPOCICUKPGUVQHHGTVRQWTNCRNWRCTV
FGUEQORQUCPVUFW2TQFWKVEQWXGTV8QWUFGXG\TGOGVVTG
NG2TQFWKVEQWXGTVFoHGEVWGWZiWPOCICUKPFGFoVCKN
CRRCTVGPCPVi#RRNGQWiWPRTGUVCVCKTGFGUGTXKEGUCIToo
#RRNGSWKQHHTGWPUGTXKEGCRTpUXGPVGGPOCICUKP.GU
UGTXKEGUFGToRCTCVKQPQWFGTGORNCEGOGPVUGTQPVToCNKUoU
UWTRNCEGQWFCPUWPEGPVTGFGToRCTCVKQP#RRNGCWSWGN
NGOCICUKPQWNGRTGUVCVCKTGFGUGTXKEGUCWTCHCKVRCTXGPKT
NG2TQFWKVEQWXGTVSWKFGXTCKVqVTGToRCTo8QWUFGXG\
ToEWRoTGTNG2TQFWKVRTQORVGOGPVCRTpUCXQKToVoCXKUoFGUC
ToRCTCVKQPQWFGUQPTGORNCEGOGPV

KK .GUGTXKEGUWTRNCEGGUVQHHGTVRQWTFGPQODTGWZQTFKPCVGWTU
RGTUQPPGNUiEQPFKVKQPSWGNG2TQFWKVEQWXGTVUQKVUKVWoFCPU
WPTC[QPFGOKNNGUQWFGMKNQOpVTGUFWPRTGUVCVCKTGFG
UGTXKEGUWTRNCEGCITooUKVWoCWZdVCVU7PKUF#OoTKSWGQW
CW%CPCFC.GUGTXKEGUWTRNCEGPGUVRCUQHHGTVRQWTEGTVCKPGU
RKpEGU.GURKpEGUPGRQWXCPVRCUqVTGToRCToGURCTNGUGTXKEG
UWTRNCEGRGWXGPVqVTGToRCToGUFCPUNGECFTGFWUGTXKEGFG
ToRCTCVKQPRCTGPXQKFGRKpEGUiKPUVCNNGTXQWUOqOGFoETKV
EKFGUUQWU#RRNGGPXGTTCWPVGEJPKEKGPiNGPFTQKVQ~UG
VTQWXGNG2TQFWKVEQWXGTVCWZHKPUFGNCRTGUVCVKQPFWUGTXKEG
FGToRCTCVKQPQWFGTGORNCEGOGPV5QKVNGUGTXKEGUGTCToCNKUo
UWTRNCEGUQKVNGVGEJPKEKGPVTCPURQTVGTCNG2TQFWKVEQWXGTV
iWPRTGUVCVCKTGFGUGTXKEGUCIToG#RRNGQWiWPEGPVTGFG

K




(TCPnCKU

ToRCTCVKQP#RRNGRQWTHKPUFGToRCTCVKQP5KNG2TQFWKVEQWXGTV
GUVToRCToEJG\WPRTGUVCVCKTGFGUGTXKEGUCIToG#RRNGQWi
WPEGPVTGFGToRCTCVKQP#RRNG#RRNGHGTCNGPoEGUUCKTGRQWT
SWGNG2TQFWKVEQWXGTVUQKVVTCPURQTVoiXQUNQECWZiNCUWKVG
FWUGTXKEG5KNGVGEJPKEKGPPGUVRCUFQPPoCEEpUCW2TQFWKV
%QWXGTViNJGWTGEQPXGPWGVQWVUGTXKEGUWTRNCEGCFFKVKQPPGN
RQWTTCKVqVTGCUUWLGVVKCWZHTCKUFGUGTXKEGUWRRNoOGPVCKTGU

KKK .GUGTXKEGFGToRCTCVKQPRCTGPXQKFWOCVoTKGNGPRCPPG
RCTEQWTTKGTGUVQHHGTVRQWTNCRNWRCTVFGU2TQFWKVUEQWXGTVU
.QTUSWG#RRNGFoEKFGSWGXQVTG2TQFWKVEQWXGTVRGWVqVTG
ToRCToOQ[GPPCPVEGUGTXKEG#RRNGXQWUGPXGTTCFGUNGVVTGU
FGVTCPURQTVRToRC[oGU
GVCWECUQ~XQWUPGRQUUoFGTKG\
RNWUNGODCNNCIGQTKIKPCN#RRNGRGWVXQWUHCKTGRCTXGPKT
WPGODCNNCIGCHKPSWGXQWUGZRoFKG\NG2TQFWKVEQWXGTVi
NWPFGUEGPVTGUFGToRCTCVKQP#RRNGEQPHQTOoOGPViUGU
KPUVTWEVKQPU.QTUSWGNCToRCTCVKQPGUVVGTOKPoGNGEGPVTG
FGToRCTCVKQP#RRNGXQWUTGPXQKGNG2TQFWKVEQWXGTV#RRNG
RCKGTCNGUHTCKUFGZRoFKVKQPCNNGTTGVQWTiRCTVKTFGNGPFTQKV
Q~GUVUKVWoNG2TQFWKVEQWXGTViNCEQPFKVKQPSWGXQWU
TGURGEVKG\VQWVGUNGUKPUVTWEVKQPUHQWTPKGURCT#RRNG

KX .GUGTXKEGFGToRCTCVKQPRCTGPXQKFGRKpEGUiKPUVCNNGT
XQWUOqOGGUVQHHGTVRQWTWPITCPFPQODTGFGRKpEGUFW
2TQFWKVEQWXGTVCHKPSWGXQWUToRCTKG\XQVTGRTQRTGRTQFWKV

(TCPnCKU

.QTUSWGNGUEKTEQPUVCPEGURGTOGVVGPVEGUGTXKEGNCRTQEoFWTG
UWKXCPVGUCRRNKSWG

# .GUGTXKEGFGToRCTCVKQPRCTGPXQKFGRKpEGUiKPUVCNNGT
XQWUOqOGRQWTNGSWGN#RRNGGZKIGNGTGVQWTFGURKpEGU
TGORNCEoGU#RRNGRGWVGZKIGTWPGCWVQTKUCVKQPFGFoDKV
FWEQORVGFGXQVTGECTVGFGEToFKVEQOOGICTCPVKG
FWRTKZFGFoVCKNFGNCRKpEGFGTGEJCPIGGVFGUHTCKU
FGZRoFKVKQPCRRNKECDNGU5KXQWUPqVGURCUGPOGUWTG
FGHQWTPKTWPGVGNNGCWVQTKUCVKQPNGUGTXKEGFGToRCTCVKQP
RCTGPXQKFGRKpEGUiKPUVCNNGTXQWUOqOGRGWVXQWU
qVTGTGHWUoGV#RRNGXQWURTQRQUGTCFCWVTGUUQNWVKQPU
RQWTNCToRCTCVKQP#RRNGXQWUGZRoFKGTCWPGRKpEGFG
TGEJCPIGCXGEFGUKPUVTWEVKQPUUWTUQPKPUVCNNCVKQPGV
VQWVGGZKIGPEGTGNCVKXGCWTGVQWTFGNCRKpEGTGORNCEoG
5KXQWUXQWUEQPHQTOG\CWZKPUVTWEVKQPU#RRNGCPPWNGTC
NCWVQTKUCVKQPFGFoDKVFWEQORVGFGXQVTGECTVGFG
EToFKVFGUQTVGSWGXQVTGEQORVGPGUGTCRCUFoDKVo
RQWTNGRTKZFGNCRKpEGGVNGUHTCKUFGVTCPURQTVCNNGT
TGVQWTiRCTVKTFGNGPFTQKVQ~NG2TQFWKVEQWXGTVGUV
UKVWo5KXQWUQOGVVG\FGTGVQWTPGTNCRKpEGTGORNCEoG
FGNCOCPKpTGRTGUETKVGQWUKXQWUTGVQWTPG\WPGRKpEG
SWKPGUVRCUCFOKUUKDNGCWUGTXKEG#RRNGHCEVWTGTC
NGEQORVGFGXQVTGECTVGFGEToFKVRQWTNGOQPVCPV
CWVQTKUo



(TCPnCKU

$ .GUGTXKEGFGToRCTCVKQPRCTGPXQKFGRKpEGUiKPUVCNNGT
XQWUOqOGRQWTNGSWGN#RRNGPGZKIGRCUNGTGVQWTFGU
RKpEGUTGORNCEoGU#RRNGXQWUGPXGTTCITCVWKVGOGPVWPG
RKpEGFGTGEJCPIGCEEQORCIPoGFGUKPUVTWEVKQPURQWT
NKPUVCNNCVKQPGVVQWVGEQPFKVKQPTGNCVKXGiNCFKURQUKVKQPFG
NCRKpEGTGORNCEoG

% #RRNGPGUVRCUTGURQPUCDNGFWEQVFGNCOCKPFWXTG
TGNKoCWUGTXKEGFGToRCTCVKQPRCTGPXQKFGRKpEGUi
KPUVCNNGTXQWUOqOG5KXQWUGZKIG\WPGCUUKUVCPEG
UWRRNoOGPVCKTGXGWKNNG\EQOOWPKSWGTCXGE#RRNGCW
PWOoTQFGVoNoRJQPGUCPUHTCKUKPFKSWoEKFGUUQWU
#RRNGUGToUGTXGNGFTQKVFGOQFKHKGTiVQWVOQOGPVNCOoVJQFG
RCTNCSWGNNG#RRNGRGWVXQWUHQWTPKTNGUGTXKEGFGToRCTCVKQP
QWFGTGORNCEGOGPVGVNGFTQKVFGXQVTG2TQFWKVEQWXGTVi
DoPoHKEKGTFWPGOoVJQFGRCTVKEWNKpTGFGUGTXKEGPQVCOOGPVNG
UGTXKEGUWTRNCEG.GUOoVJQFGUFGUGTXKEGUGTQPVNKOKVoGUCWZ
OoVJQFGUFKURQPKDNGUFCPUNGRC[UQ~NGUGTXKEGGUVFGOCPFo
8QVTGFTQKViDoPoHKEKGTFWPGOoVJQFGRCTVKEWNKpTGFGUGTXKEG
NCFKURQPKDKNKVoFGURKpEGUFGTGEJCPIGGVNGVGORUFGToRQPUG
UQPVUWUEGRVKDNGUFGXCTKGTFWPRC[UiNCWVTG8QWURQWTTG\qVTG
TGURQPUCDNGFGUHTCKUFGVTCPURQTVGVFGOCPWVGPVKQPUKNGUGTXKEG
PGRGWVRCUqVTGHQWTPKFCPUNGRC[UQ~NG2TQFWKVEQWXGTVUG
VTQWXG5KXQWUToENCOG\WPUGTXKEGFCPUWPRC[USWKPGUVRCUNG

(TCPnCKU

RC[UFCEJCVXQWUFGXTG\XQWUEQPHQTOGTiVQWVGUNGUNQKUGVi
VQWUNGUTpINGOGPVUCRRNKECDNGUGPOCVKpTGFGZRQTVCVKQPGVXQWU
CUUWOGTG\VQWUNGUFTQKVUFGFQWCPG68#GVCWVTGVCZGUGVHTCKU
EQPPGZGU2QWTNGUGTXKEGKPVGTPCVKQPCN#RRNGRGWVToRCTGTQW
oEJCPIGTFGURTQFWKVUGVFGURKpEGUFoHGEVWGWZRCTFGURTQFWKVU
GVRKpEGUEQORCTCDNGUSWKUQPVEQPHQTOGUCWZPQTOGUNQECNGU
F 1DVGPVKQPFWPUGTXKEGFGToRCTCVKQP2QWTQDVGPKTWPUGTXKEG
FGToRCTCVKQPGPXGTVWFWRToUGPV2TQITCOOGXGWKNNG\XKUKVGT
NGUKVGYGDF#RRNG
YYYCRRNGEQOUWRRQTVQW
YYYCRRNGEQOECHTUWRRQTVQWEQORQUGTNGPWOoTQFG
VoNoRJQPGUCPUHTCKUKPFKSWoEKFGUUQWU.GUPWOoTQUFG
VoNoRJQPGRGWXGPVXCTKGTUGNQPXQVTGNQECNKUCVKQP.QTUSWGXQWU
CEEoFGTG\CWUKVGYGDUWKXG\NGUKPUVTWEVKQPUHQWTPKGURCT#RRNG
5KXQWUCRRGNG\NGPWOoTQFGVoNoRJQPGWPTGRToUGPVCPVFW
UGTXKEGFCUUKUVCPEGVGEJPKSWGToRQPFTCFGOCPFGTCXQVTG
0WOoTQFGEQPVTCVFW2TQITCOOGQWNGPWOoTQFGUoTKGFW
2TQFWKVEQWXGTVXQWUEQPUGKNNGTCGVFoVGTOKPGTCSWGNUGTXKEG
GUVTGSWKURQWTNG2TQFWKVEQWXGTV6QWVUGTXKEGGUVUWLGVi
NCRRTQDCVKQPRToCNCDNGF#RRNG.GPFTQKVFGUGTXKEGRGWVXCTKGT
iECWUGFGXQVTGNQECNKUCVKQP%QPUGTXG\XQVTG%QPHKTOCVKQP
FCFJoUKQPCW2TQITCOOGCKPUKSWGNQTKIKPCNFGNCHCEVWTG
CHHoTGPVGCW2TQFWKVEQWXGTVGViXQVTGCFJoUKQPCW2TQITCOOG
7PGRTGWXGFCEJCVRGWVXQWUqVTGFGOCPFoGGPECUFGFQWVG
EQPEGTPCPVNCEQWXGTVWTGFGXQVTGRTQFWKVRCTNG2TQITCOOG



(TCPnCKU

#UUKUVCPEGVGEJPKSWG
C #UUKUVCPEGVGEJPKSWGRCTVoNoRJQPGQW+PVGTPGV8QVTGCFOKUUKDKNKVo
iNCUUKUVCPEGVGEJPKSWGRTGPFGHHGViNCFCVGFGZRKTCVKQPFG
NCUUKUVCPEGVGEJPKSWGITCVWKVGQWNCFCVGFGEQOOGPEGOGPV
FGXQVTG2oTKQFGFGNCICTCPVKGUGNQPNCFCVGNCRNWUVCTFKXG
GVVGTOKPGiNCHKPFGNC2oTKQFGFGNCICTCPVKG
2oTKQFGFG
NCICTCPVKGVGEJPKSWG#WEQWTUFGNC2oTKQFGFGNCICTCPVKG
VGEJPKSWG#RRNGXQWUHQWTPKVWPGCUUKUVCPEGVGEJPKSWGRCT
VoNoRJQPGCKPUKSWGFGUTGUUQWTEGU+PVGTPGV%GVVGCUUKUVCPEG
RGWVEQORTGPFTGNCUUKUVCPEGCXGENKPUVCNNCVKQPNGNCPEGOGPV
NCEQPHKIWTCVKQPNGFoRCPPCIGGVNCTGRTKUG
iNGZENWUKQPFGNC
TGRTKUGFGFQPPoGU[EQORTKUNGUVQEMCIGNCToEWRoTCVKQPGVNC
IGUVKQPFGHKEJKGTUNKPVGTRToVCVKQPFGOGUUCIGUFGTTGWTU[UVpOG
GVNCFoVGTOKPCVKQPFGNQRRQTVWPKVoFGToRCTGTFWOCVoTKGN
KPHQTOCVKSWG.CRQTVoGFGNCUUKUVCPEGVGEJPKSWGSWKXQWUUGTC
HQWTPKGXCTKGTCUGNQPNG2TQITCOOGCEJGVoEQOOGUWKV

K 2QWTN#22#RRNGHQWTPKTCWPGCUUKUVCPEGVGEJPKSWGRQWTNG
2TQFWKVEQWXGTVNGU[UVpOGFGZRNQKVCVKQP#RRNG
EKCRTpU
/CE15GVNGUCRRNKECVKQPUITCPFRWDNKEFGOCTSWG
#RRNGRToKPUVCNNoGUCXGENG2TQFWKVEQWXGTV
EKCRTpUNGU
.QIKEKGNUITCPFRWDNKE&GRNWU#RRNGHQWTPKTCWPG
CUUKUVCPEGVGEJPKSWGRQWTNGUSWGUVKQPUFCFOKPKUVTCVKQP
FGUGTXGWTQWFGToUGCWRCTNGPVTGOKUGFGNKPVGTHCEG

(TCPnCKU

FWVKNKUCVGWTITCRJKSWGUGVTQWXCPVUWTNGNQIKEKGNFWU[UVpOG
FGZRNQKVCVKQPFGUGTXGWT#RRNG
/CE155GTXGTRTo
KPUVCNNoUWTWP/CE#RRNGHQWTPKTCWPGCUUKUVCPEGVGEJPKSWG
RQWTNCFGTPKpTGXGTUKQPFKURQPKDNGFW/CE15FW/CE15
5GTXGTGVFGU.QIKEKGNUITCPFRWDNKEGVRQWTNCRTKPEKRCNG
XGTUKQPRToEoFGPVG2QWTNGUHKPUFGEGVCTVKENGRTKPEKRCNG
XGTUKQPUKIPKHKGWPGXGTUKQPKORQTVCPVGFWNQIKEKGN
EQOOGTEKCNKUoGRCT#RRNGRQTVCPVWPPWOoTQFGXGTUKQPFG
HQTOCVEQOOGQWOCKUSWKPGUVRCUFGXGTUKQP
DqVCQWRToXGTUKQP

KK 2QWTN#22RQWTK2QF#RRNGHQWTPKTCWPGCUUKUVCPEG
VGEJPKSWGRQWTNG2TQFWKVEQWXGTVRQWTNK2QF15GVNGU
NQIKEKGNURToKPUVCNNoUCXGENG2TQFWKVEQWXGTV
VQWUFGWZoVCPV
FoUKIPoUEQOOGNGU.QIKEKGNUK2QFGVRQWTFGUSWGUVKQPU
FGEQPPGEVKXKVoGPVTGNG2TQFWKVEQWXGTVGVWPQTFKPCVGWT
UQWVGPWEiFWPQTFKPCVGWTSWKUCVKUHCKVCWZURoEKHKECVKQPU
FGEQPPGEVKXKVoFW2TQFWKVEQWXGTVGVSWKWVKNKUGWPU[UVpOG
FGZRNQKVCVKQPUQWVGPWRCTNG2TQFWKVEQWXGTV#RRNGHQWTPKTC
WPGCUUKUVCPEGVGEJPKSWGRQWTNCFGTPKpTGXGTUKQPFGU
.QIKEKGNUK2QFGVRQWTNCXGTUKQPRTKPEKRCNGRToEoFGPVG
UQWVGPWG




(TCPnCKU

KKK 2QWTN#22RQWT#RRNG&KURNC[#RRNGHQWTPKTCWPGCUUKUVCPEG
VGEJPKSWGRQWTNG2TQFWKVEQWXGTVGVRQWTFGUSWGUVKQPU
FGEQPPGEVKXKVoGPVTGNG2TQFWKVEQWXGTVGVNQTFKPCVGWT
UQWVGPWEiFWPQTFKPCVGWTSWKUCVKUHCKVCWZURoEKHKECVKQPU
FGEQPPGEVKXKVoFW2TQFWKVEQWXGTVGVSWKWVKNKUGWPU[UVpOG
FGZRNQKVCVKQPUQWVGPWRCTNG2TQFWKVEQWXGTV#RRNGHQWTPKTC
WPGCUUKUVCPEGVGEJPKSWGRQWTNCFGTPKpTGXGTUKQPFW
U[UVpOGFGZRNQKVCVKQPRQWTNGSWGNGNNGHQWTPKVFCUUKUVCPEG
FGEQPPGEVKXKVoFCRTpUN#22RQWT#RRNG&KURNC[GVRQWTNC
XGTUKQPRTKPEKRCNGRToEoFGPVGUQWVGPWG

KX 2QWTN#22RQWT#RRNG68#RRNGHQWTPKTCWPGCUUKUVCPEG
VGEJPKSWGRQWTNG2TQFWKVEQWXGTVNGUNQIKEKGNURToKPUVCNNoU
CXGENG2TQFWKVEQWXGTV
EKCRTpU.QIKEKGNU#RRNG68
GVRQWTFGUSWGUVKQPUFGEQPPGEVKXKVoGPVTGNG2TQFWKV
EQWXGTVWPQTFKPCVGWTUQWVGPWGVWPVoNoXKUGWTUQWVGPW
#RRNGHQWTPKTCWPGCUUKUVCPEGVGEJPKSWGRQWTNCFGTPKpTG
XGTUKQPFGU.QIKEKGNU#RRNG68GVRQWTNCXGTUKQPRTKPEKRCNG
RToEoFGPVGUQWVGPWG2QWTNGUHKPUFGEGVCTVKENGWP
QTFKPCVGWTUQWVGPWFoUKIPGWPQTFKPCVGWTSWKUCVKUHCKV
CWZURoEKHKECVKQPUFGEQPPGEVKXKVoFW2TQFWKVEQWXGTVGV
SWKWVKNKUGWPU[UVpOGFGZRNQKVCVKQPUQWVGPWRCTNG2TQFWKV
EQWXGTVGVWPVoNoXKUGWTUQWVGPWFoUKIPGWPVoNoXKUGWT
SWKUCVKUHCKVCWZURoEKHKECVKQPUFGEQPPGEVKXKVoFW2TQFWKV
EQWXGTV

(TCPnCKU

D 'ZENWUKQPU.G2TQITCOOGPGEQWXTGRCU

K XQVTGWVKNKUCVKQPFWU[UVpOGFGZRNQKVCVKQP/CE15GVFG
.QIKEKGNUITCPFRWDNKEEQOOGFGUCRRNKECVKQPUUGTXGWT

KK NGURTQDNpOGURQWXCPVqVTGToUQNWURCTWPGOKUGiLQWTFG
NQIKEKGNUCXGENCFGTPKpTGXGTUKQPFKURQPKDNG

KKK XQVTGWVKNKUCVKQPQWOQFKHKECVKQPFW2TQFWKVEQWXGTVFW
U[UVpOGFGZRNQKVCVKQP/CE15FGU.QIKEKGNUK2QFFGU
.QIKEKGNU#RRNG68QWFGU.QIKEKGNUITCPFRWDNKEFWPG
OCPKpTGRQWTNCSWGNNGNG2TQFWKVEQWXGTVQWEGUNQIKEKGNU
PQPVRCUoVoEQPnWUQWRQWTNCSWGNNGNCOQFKHKECVKQPPoVCKV
RCURToXWG

KX NGURTQFWKVUFGVKGTEGURCTVKGUQWNGWTUGHHGVUUWTQW
KPVGTCEVKQPUCXGENG2TQFWKVEQWXGTVNGU[UVpOGFGZRNQKVCVKQP
/CE15NG/CE155GTXGTNGU.QIKEKGNUK2QFNGU.QIKEKGNU
#RRNG68QWNGU.QIKEKGNUITCPFRWDNKE

X XQVTGWVKNKUCVKQPFWPQTFKPCVGWTQWU[UVpOGFGZRNQKVCVKQP
UQWUN#22RQWTK2QFSWKPCCWEWPTCRRQTVCXGENGU.QIKEKGNU
K2QFQWFGUSWGUVKQPUFGEQPPGEVKXKVoFW2TQFWKVEQWXGTV

XK XQVTGWVKNKUCVKQPFWPQTFKPCVGWTQWU[UVpOGFGZRNQKVCVKQP
UQWUN#22RQWT#RRNG&KURNC[SWKPCCWEWPTCRRQTVCXGEFGU
SWGUVKQPUFGEQPPGEVKXKVoFW2TQFWKVEQWXGTV




(TCPnCKU

XKK XQVTGWVKNKUCVKQPFWPQTFKPCVGWTQWU[UVpOGFGZRNQKVCVKQP
UQWUN#22RQWT#RRNG68SWKPCCWEWPTCRRQTVCXGENGU
.QIKEKGNU#RRNG68QWFGUSWGUVKQPUFGEQPPGEVKXKVoFW
2TQFWKVEQWXGTV

XKKK NGUNQIKEKGNU#RRNGCWVTGUSWGNGU[UVpOGFGZRNQKVCVKQP
/CE15NG/CE155GTXGTNGU.QIKEKGNUK2QFGVNGU.QIKEKGNU
ITCPFRWDNKEFCRTpUNCEQWXGTVWTGRToXWGCW2TQITCOOG
CRRNKECDNG

KZ NGNQIKEKGN/CE15RQWTUGTXGWTUCWHNWVKNKUCVKQPFGNKPVGTHCEG
FWVKNKUCVGWTITCRJKSWGRToKPUVCNNoUWTWP/CE155GTXGTGP
ECUFGSWGUVKQPUUWTNCFOKPKUVTCVKQPFGUGTXGWTQWFGToUGCW

Z NGNQIKEKGN/CE15QWVQWVCWVTGNQIKEKGNFGOCTSWG#RRNGFG
XGTUKQPDqVCRToXGTUKQPXGTUKQPRToNKOKPCKTGQWFG
FoPQOKPCVKQPUGODNCDNG

ZK NGUPCXKICVGWTUGVCRRNKECVKQPUFGEQWTTKGToNGEVTQPKSWG
FGVKGTEGURCTVKGUCKPUKSWGNGUNQIKEKGNUFGHQWTPKUUGWTUFG
UGTXKEGU+PVGTPGVQWNGUEQPHKIWTCVKQPUFG/CE15PoEGUUCKTGU
iNGWTWVKNKUCVKQPQW

ZKK FGUFQOOCIGUiQWRGTVGFGUNQIKEKGNUQWFQPPoGUSWK
ToUKFGPVQWUQPVUVQEMoUFCPUNG2TQFWKVEQWXGTV
E 1DVGPVKQPFWPGCUUKUVCPEGVGEJPKSWG8QWURQWXG\QDVGPKTWPG
CUUKUVCPEGVGEJPKSWGGPEQORQUCPVNGPWOoTQFGVoNoRJQPGUCPU
HTCKUKPFKSWoEKFGUUQWU.GTGRToUGPVCPVFWUGTXKEGFCUUKUVCPEG

(TCPnCKU

 8QUQDNKICVKQPU
#HKPFGTGEGXQKTNCRTGUVCVKQPFGUGTXKEGRToXWGQWNGUQWVKGPRToXW
CW2TQITCOOGXQWUEQPXGPG\FGXQWUEQPHQTOGTCWZGZKIGPEGU
UWKXCPVGU
C HQWTPKTXQVTG0WOoTQFGEQPVTCVFW2TQITCOOGGVNGPWOoTQFG
UoTKGFW2TQFWKVEQWXGTV
D HQWTPKTFKPHQTOCVKQPUWTNGUU[ORVzOGUGVNGUECWUGUFGU
RTQDNpOGUKPJoTGPVUCW2TQFWKVEQWXGTV
E ToRQPFTGCWZFGOCPFGUFKPHQTOCVKQPPQVCOOGPVNGPWOoTQ
FGUoTKGFW2TQFWKVEQWXGTVNGOQFpNGNCXGTUKQPFWU[UVpOG
FGZRNQKVCVKQPGVFGUNQIKEKGNUKPUVCNNoUVQWVRoTKRJoTKSWGEQPPGEVo
CWQWKPUVCNNoUWTNG2TQFWKVEQWXGTVVQWVOGUUCIGFGTTGWT
CHHKEJoNGUFoOCTEJGURTKUGUCXCPVSWGNGRTQDNpOGUGRTQFWKVUWT
2TQFWKVEQWXGTVGVNGUOGUWTGURTKUGURQWTToUQWFTGNGRTQDNpOG
F UWKXTGNGUKPUVTWEVKQPUSWGXQWUFQPPG#RRNGPQVCOOGPVPG
RCUTGPXQ[GTi#RRNGNGURTQFWKVUGVNGUCEEGUUQKTGURQWTNGUSWGNU
NGUGTXKEGFGToRCTCVKQPQWFGTGORNCEGOGPVPGUVRCUQHHGTVGV

VGEJPKSWGF#RRNGXQWUQHHTKTCFCUUKUVCPEGVGEJPKSWG.GUJQTCKTGU
FGUGTXKEG#RRNGUQPVKPFKSWoUEKFGUUQWU%GUJQTCKTGURGWXGPVqVTG
OQFKHKoUFGVGORUGPVGORU#RRNGUGToUGTXGNGFTQKVFGEJCPIGTEGU
JQTCKTGUFGUGTXKEGGVNGUPWOoTQUFGVoNoRJQPGiVQWVOQOGPV&GU
TGUUQWTEGUFCUUKUVCPEGGPNKIPGUQPVQHHGTVGUUWTNGUKVGYGDF#RRNG

YYYCRRNGEQOUWRRQTVQWYYYCRRNGEQOECHTUWRRQTV




(TCPnCKU

.KOKVGFGTGURQPUCDKNKVo
&#056176'.#/'574'2'4/+5'2#4.#.1+#22.+%#$.'#22.'
5'5'/2.1;d5'6/#0&#6#+4'50'5#74#+'06'0#7%70%#5
64'6'0754'52105#$.'5'08'45817517617624124+d6#+4'
7.6d4+'74&'5&1//#)'5+0&+4'%6517#%%'551+4'54d57.6#06
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(TCPnCKU

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NGPWOoTQFGVoNoRJQPGKPFKSWoEKFGUUQWUQWGPHCKUCPVRCTXGPKT
QWGPXQ[CPVRCTVoNoEQRKGWTWPCXKUoETKVKPFKSWCPVXQVTG0WOoTQ
FGEQPVTCVFW2TQITCOOGiNCFTGUUGUWKXCPVG#RRNG%CTG
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(TCPnCKU

%GUUKQPFW2TQITCOOG
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EGUUKQPRGTOCPGPVGFGVQWUXQWUFTQKVUGPXGTVWFW2TQITCOOG
iWPGCWVTGRCTVKGGVEGEKiEQPFKVKQPSWG
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QWFGEGNNGFGNCToEGRVKQPFGURToUGPVGUOQFCNKVoUUGNQPNCFCVGNC
RNWUVCTFKXGXQWUTGEGXTG\WPTGODQWTUGOGPVEQORNGVFoFWEVKQP
HCKVGFGNCXCNGWTFGVQWVUGTXKEGHQWTPKFCPUNGECFTGFWRToUGPV
2TQITCOOG#WECUQ~NCToUKNKCVKQPUGTCKVGHHGEVWoGRNWUFGVTGPVG

LQWTUiRCTVKTFGNCToEGRVKQPFWRToUGPV2TQITCOOGXQWU
TGEGXTG\WPTGODQWTUGOGPVCWRTQTCVCFWRTKZFCEJCVQTKIKPCNFW
RToUGPV2TQITCOOGECNEWNoGPHQPEVKQPFWRQWTEGPVCIGFGNCFWToG
FGNC2oTKQFGFGNCICTCPVKGTGUVCPVFoFWEVKQPHCKVG
CFGHTCKUFG
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75QWFGFKZRQWTEGPV

FWOQPVCPVCWRTQTCVCUGNQPNGOQPVCPVNGOQKPUoNGXoFGUFGWZGV

DFGNCXCNGWTFGVQWVUGTXKEGSWKXQWUCoVoHQWTPKFCPUNGECFTGFG
EG2TQITCOOG5QWUToUGTXGUFGUFKURQUKVKQPUFGNCNQKNQECNG#RRNG
RGWVToUKNKGTNGRToUGPV2TQITCOOGUKNGURKpEGUFGTGEJCPIGRQWT
NG2TQFWKVEQWXGTVPGUQPVRNWUFKURQPKDNGUOQ[GPPCPVWPCXKUoETKV
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C #RRNGRGWVUQWUVTCKVGTQWEQPHKGTNGZoEWVKQPFGUGUQDNKICVKQPU
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E 8QWUPqVGURCUVGPWFGToCNKUGTWPGPVTGVKGPRToXGPVKHFW2TQFWKV
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QTKIKPCNGNG%GTVKHKECVFW2TQITCOOG[EQORTKUNGUFQEWOGPVU
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NCEGUUKQPFW2TQITCOOGXQWUFGXG\HQWTPKTXQVTG0WOoTQFGEQPVTCV
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PQONCFTGUUGNGPWOoTQFGVoNoRJQPGGVNCFTGUUGoNGEVTQPKSWGFW
PQWXGCWRTQRTKoVCKTG


(TCPnCKU

F .GRToUGPV2TQITCOOGGUVQHHGTVGVXCNCDNGWPKSWGOGPVFCPUNGU
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RGTUQPPGSWKPCRCUCVVGKPVUCOCLQTKVo.GRToUGPV2TQITCOOG
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RCTNCNQK
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VoNoRJQPKSWGUGPVTGXQWUGV#RRNG
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UGTXKEG#KPUK#RRNGRGWVqVTGCOGPoGiVTCPUOGVVTGFGUFQPPoGU
XQWUCRRCTVGPCPViFGUUQEKoVoUCHHKNKoGUQWiFGUHQWTPKUUGWTU
FGUGTXKEGUKVWoUFCPUFGURC[UQ~NGUNQKUUWTNCRTQVGEVKQPFGU
FQPPoGUQHHTGPVWPGRTQVGEVKQPOQKPUoVGPFWGSWGFCPUXQVTG
RC[UFGToUKFGPEGPQVCOOGPVGP#WUVTCNKGCW%CPCFCFCPU
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I #RRNGFKURQUGFGFKURQUKVKHUFGUoEWTKVoRTQVoIGCPVEQPVTGNCEEpU
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(TCPnCKU

K .GUOQFCNKVoUFWRToUGPV2TQITCOOGRToXCNGPVUWTVQWVGOQFCNKVo
EQPVTCKTGUWRRNoOGPVCKTGQWCWVTGFGVQWVDQPFGEQOOCPFGQW
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CUUWOG\NCTGURQPUCDKNKVoFGUKPUVTWEVKQPUSWGXQWUVTCPUOGVVG\
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UGHHQTEGTCFGNGUTGURGEVGTFCPUNCOGUWTGFWTCKUQPPCDNGCWZ
HKPUFGZoEWVKQPFWUGTXKEGFGToRCTCVKQPGVFGUQDNKICVKQPUFG
UQWVKGPRToXWURCTNGRToUGPV2TQITCOOG5KXQWUPGEQPUGPVG\
RCUiEGSWKXKGPVFqVTGoPQPEoQWUKXQWUCXG\FGUSWGUVKQPU
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NCFTGUUGoNGEVTQPKSWGUWKXCPVGRTKXCE["CRRNGEQO




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L 8QUFTQKVUGPXGTVWFW2TQITCOOGUCLQWVGPViVQWVFTQKVFG
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2TQITCOOGRGPFCPVNCRoTKQFGFGNCICTCPVKGNKOKVoGWPCP#RRNG
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KPEQTRQToGGPXGTVWFGUNQKUFGNC%CNKHQTPKGC[CPVUQPDWTGCW
GPTGIKUVToi+PHKPKVG.QQR%WRGTVKPQ%CNKHQTPKC.G

(TCPnCKU

8CTKCPVGUGPHQPEVKQPFGUdVCVU
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CXGENWPGSWGNEQPSWGFGUFKURQUKVKQPUFWRToUGPV2TQITCOOG

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FGNCIGUVKQPFGUToENCOCVKQPUFCPUNGECFTGFW2TQITCOOG
.GUNQKUFGNdVCVFGNC%CNKHQTPKGToIKUUGPVNGU2TQITCOOGU
UQWUETKVUCWZdVCVU7PKUF#OoTKSWGUCWHFCPUNGULWTKFKEVKQPU
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N1PVCTKQToIKUUGPVNGU2TQITCOOGUUQWUETKVUCW%CPCFCUCWHFCPU
NGULWTKFKEVKQPUFCPUNGUSWGNNGUKNUGTCKVKPVGTFKVRCTNCNQK5KNGUNQKU
FWPGLWTKFKEVKQPFCPUNCSWGNNGNGRToUGPV2TQITCOOGGUVUQWUETKV
UQPVKPEQORCVKDNGUCXGENGURToUGPVGUOQFCNKVoU[EQORTKU
EGNWKFGULWTKFKEVKQPUFGN#TK\QPCFGNC(NQTKFGFGNC)oQTIKGFW
0GXCFCFGN1TGIQPFW8GTOQPVFG9CUJKPIVQPQWFW9[QOKPI
NGUNQKUFGEGVVGLWTKFKEVKQPRToXCWFTQPV
.GUUGTXKEGUFCUUKUVCPEGRToXWURCTNGRToUGPV2TQITCOOG
RQWTTCKGPVqVTGFKURQPKDNGUWPKSWGOGPVGPCPINCKUGVHTCPnCKU
'PECUFGToENCOCVKQPGPXGTVWFWRToUGPV2TQITCOOGCWEWP
RCKGOGPVFGHTCPEJKUGPGUVGZKIKDNG
.G2TQITCOOGPGUGTCRCUToUKNKoiECWUGFGEQPFKVKQPU
RToGZKUVCPVGUFCPUNG2TQFWKVEQWXGTVSWKGUVCFOKUUKDNGiNC
RTGUVCVKQPFGUGTXKEGFW2TQITCOOG




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 4oUKFGPVUFGNC%CNKHQTPKG
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EQORNGVFoFWEVKQPHCKVGFGNCXCNGWTFGVQWVUGTXKEGHQWTPKGPXGTVW
FWRToUGPV2TQITCOOG

 4oUKFGPVUF#NCDCOCFGNC%CNKHQTPKGFG*CYCvFW/CT[NCPF
FW/KPPGUQVCFW/KUUQWTKFW0QWXGCW/GZKSWGFG0GY;QTM
FW0GXCFCFGNC%CTQNKPGFW5WFFW6GZCUFG9CUJKPIVQPGVFW
9[QOKPI
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OQFCNKVoUGVSWGPQWUHCKUQPUFoHCWVFGXQWUTGODQWTUGTNGRTKZ
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LQWTURQWTNGUToUKFGPVUFGNC%CNKHQTPKGFG
0GY;QTMFW/KUUQWTKGVFG9CUJKPIVQPGVSWCTCPVGEKPS
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FW0GXCFCFGNC%CTQNKPGFW5WFFW6GZCUGVFW9[QOKPIGV
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PQWUGPICIGQPUiXQWUXGTUGTWPGRoPCNKVoFGRCTOQKURQWT
NGOQPVCPVKORC[oSWGPQWUXQWUFGXQPU.GFTQKVFCPPWNGTGVFG
TGEGXQKTEGVVGRoPCNKVoPGUCRRNKSWGSWCWRTQRTKoVCKTGQTKIKPCNFW
EQPVTCVGVPGRGWVqVTGCNKoPoQWEoFo.GUQDNKICVKQPUFWHQWTPKUUGWT
FoEQWNCPVFWRToUGPVEQPVTCVFGUGTXKEGUQPVICTCPVKGUFGRNGKPGHQK
RCTNGHQWTPKUUGWT#RRNG%CTG5GTXKEG%QORCP[+PE

(TCPnCKU

 4oUKFGPVUFW/KEJKICP
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WPGITpXGQWWPCTTqVFGVTCXCKNiNCRNCEGFCHHCKTGUFGNCUQEKoVo
NCRoTKQFGGHHGEVKXGFGEGEQPVTCVFGUGTXKEGUGTCRTQNQPIoGFGNC
RoTKQFGFGITpXGQWFCTTqVFGVTCXCKN

 4oUKFGPVUFGNC(NQTKFG
%G2TQITCOOGGVVQWVFKHHoTGPFSWKUWTXKGPVGPXGTVWFW2TQITCOOG
UGTQPVToIKVRCTNGUNQKUFGNoVCVFG(NQTKFG.GVCTKHFWEQPVTCVPGUVRCU
UWLGViWPGToINGOGPVCVKQPFG(NQTKFC1HHKEGQH+PUWTCPEG4GIWNCVKQP

 4oUKFGPVUFW%QPPGEVKEWV
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FGNCRoTKQFGRGPFCPVNCSWGNNGNGOCVoTKGNEQWXGTVUGVTQWXGTCGP
NCRQUUGUUKQPF#RRNGRQWTqVTGToRCTo4pINGOGPVFGUFKHHoTGPFU
NGUFKHHoTGPFURGWXGPVqVTGToUQNWURCTCTDKVTCIG.GUFKHHoTGPFUQW
RNCKPVGUSWKPCWTCKGPVRCUoVoToUQNWUFQKXGPVqVTGEQPUKIPoURCT
oETKVGVCEJGOKPoURCTNCRQUVGCEEQORCIPoUFWPGRJQVQEQRKGFW
RToUGPV2TQITCOOGCW5VCVGQH%QPPGEVKEWV+PUWTCPEG&GRV21$QZ
*CTVHQTF%6#VVP%QPUWOGT#HHCKTU

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QWNG7PHCKT2TCEVKEGU#EV#TVKENGUGVFW6KVTG%45




(TCPnCKU

 4oUKFGPVUFW0GXCFC
4oUKNKCVKQP#WEWP2TQITCOOGGPXKIWGWTFGRWKUCWOQKPUUQKZCPVG
FKZ
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FWVGTOGEQPXGPWQWWPGCPPoGCRTpUNCFCVGGHHGEVKXGFGPVToGGP
XKIWGWTFW2TQITCOOGUGNQPNCRTGOKpTGFGUFGWZUCWHRQWTNGU
OQVKHUUWKXCPVU
C FoHCWVRCTNGVKVWNCKTGFGRC[GTWPGUQOOGFWG
D EQPFCOPCVKQPFWVKVWNCKTGiWPETKOGSWKCWTCKVRQWTGHHGVFGHCKTG
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E FoEQWXGTVGFWPGHTCWFGQWFWPGHCWUUGFoENCTCVKQPKORQTVCPVG
RCTNGVKVWNCKTGCHKPFGUQWUETKTGNG2TQITCOOGQWFGRToUGPVGTWPG
ToENCOCVKQPFGUGTXKEGGPXGTVWFW2TQITCOOG
F FoEQWXGTVGFWPCEVGQWFWPGQOKUUKQPRCTNGVKVWNCKTGQW
FWPGXKQNCVKQPRCTNGVKVWNCKTGFWPGSWGNEQPSWGFGUOQFCNKVoU
FW2TQITCOOGSWKCGWNKGWCRTpUNCFCVGFGPVToGGPXKIWGWT
GHHGEVKXGFW2TQITCOOGGVSWKCWTCKVRQWTGHHGVFCWIOGPVGT
FGOCPKpTGUWDUVCPVKGNNGGVKORQTVCPVGNCRTGUVCVKQPFGUGTXKEG
TGSWKUGGPXGTVWFWRToUGPV2TQITCOOG
G WPEJCPIGOGPVKORQTVCPVFCPUNCPCVWTGQWNoVGPFWGFW
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FCVGFGPVToGGPXKIWGWTGHHGEVKXGFW2TQITCOOGGVSWKCWTCKV
RQWTGHHGVFCWIOGPVGTNGUGTXKEGQWNCToRCTCVKQPTGSWKUGFG

(TCPnCKU

OCPKpTGUWDUVCPVKGNNGQWKORQTVCPVGRCTTCRRQTViEGSWKCXCKVoVo
GPXKUCIoCWOQOGPVQ~NG2TQITCOOGCoVooOKUQWXGPFW
/QVKHUFGToUKNKCVKQPFCVGGHHGEVKXGFGToUKNKCVKQP#WEWPGToUKNKCVKQPFWP
EQPVTCVFGUGTXKEGPGRGWVRTGPFTGGHHGVCXCPVCWOQKPUSWKP\G

LQWTUCRTpUNGPXQKRCTNCRQUVGFGNCXKUFGToUKNKCVKQPCWVKVWNCKTG
4oUKNKCVKQPFWEQPVTCVTGODQWTUGOGPVFWRTKZFCEJCVHTCKUFGToUKNKCVKQP

K 'PECUFGToUKNKCVKQPFWRToUGPV2TQITCOOGRCT#RRNG#RRNG
TGODQWTUGTCCWZEQPUQOOCVGWTUFW0GXCFCNCRQTVKQPFWRTKZ
FCEJCVSWKPGUVRCUCESWKUG#RRNGRGWVFoFWKTGVQWVUQNFGGP
UQWHHTCPEGFGXQVTGEQORVGFWOQPVCPVFWRTKZFCEJCVSWKPGUV
RCUCESWKUGiNCFCVGFGECNEWNFGNCUQOOGiTGODQWTUGT5K
#RRNGToUKNKGWPEQPVTCVEQPHQTOoOGPVi045%GNNGPG
RGWVRCUGZKIGTFGUHTCKUFGToUKNKCVKQP

KK 5QWUToUGTXGFGEGSWKUGTCKVCWVTGOGPVRToXWFCPUEGVCTVKENGWP
ToUKFGPVFW0GXCFCSWKGUVNCEJGVGWTQTKIKPCNFGEG2TQITCOOG
SWKHCKVRCTXGPKTi#RRNGWPGFGOCPFGRCToETKVFGToUKNKGTNG
2TQITCOOGEQPHQTOoOGPVCWZOQFCNKVoUFGEGNWKEKTGEGXTC
WPTGODQWTUGOGPVFGNCRQTVKQPFWRTKZFCEJCVSWKPGUVRCU
CESWKUG

KKK5KXQWUFGOCPFG\NCToUKNKCVKQPFGEG2TQITCOOG#RRNGRGWV
GZKIGTNGUHTCKUFGToUKNKCVKQPFoETKVUCW2TQITCOOGOCKUPG
FoFWKTCRCUNCXCNGWTFGVQWVUGTXKEG



(TCPnCKU

 4oUKFGPVUFW0QWXGCW/GZKSWG
4oUKNKCVKQP#WEWP2TQITCOOGGPXKIWGWTFGRWKUCWOQKPUUQKZCPVG
FKZ
LQWTUPGRGWVqVTGToUKNKoRCTNGHQWTPKUUGWTCXCPVNGZRKTCVKQP
FWVGTOGEQPXGPWQWWPGCPPoGCRTpUNCFCVGGHHGEVKXGFGPVToGGP
XKIWGWTFW2TQITCOOGUGNQPNCRTGOKpTGFGUFGWZUCWHRQWTNGU
OQVKHUUWKXCPVU
C FoHCWVRCTNGVKVWNCKTGFGRC[GTWPGUQOOGFWG
D EQPFCOPCVKQPFWVKVWNCKTGiWPETKOGSWKCWTCKVRQWTGHHGVFGHCKTG
CWIOGPVGTNCRTGUVCVKQPFGUGTXKEGTGSWKUG

 4oUKFGPVUFW0QWXGCW*CORUJKTG
5KXQWUPQDVGPG\RCUToRCTCVKQPGPXGTVWFGEGEQPVTCVXQWURQWXG\
EQOOWPKSWGTCXGENG0GY*CORUJKTGKPUWTCPEGFGRCTVOGPVRCT
NCRQUVGCW5VCVG1H0GY*CORUJKTG+PUWTCPEG&GRCTVOGPV
5QWVJ(TWKV5VTGGV5WKVG%QPEQTF0*QWRCTVoNoRJQPGXKC
%QPUWOGT#UUKUVCPEGCW

KX.QTUSWG#RRNGECNEWNGNGOQPVCPVFWPTGODQWTUGOGPV
EQPHQTOoOGPVCWRCTCITCRJG
KKGNNGRGWVFoFWKTGFGNCRQTVKQP
FWRTKZFCEJCVSWKPGUVRCUCESWKUG
CVQWVUQNFGKORC[o
FWEQORVGGV
DVQWUHTCKUFGToUKNKCVKQPGZKIoUGPXGTVWFGEG
2TQITCOOG
#RRNG%CTG5GTXKEG%QORCP[+PEGPFQUUGNGRToUGPV2TQITCOOGFG
RNGKPGHQKXKUiXKUFGUToUKFGPVUFW0GXCFC

(TCPnCKU

 4oUKFGPVUFGN1TGIQP
5KXQWUPQDVGPG\RCUToRCTCVKQPGPXGTVWFGEGEQPVTCVXQWURQWXG\
EQOOWPKSWGTCXGENG1TGIQP&GRCTVOGPVQH%QPUWOGTCPF$WUKPGUU

 4oUKFGPVUFGNC%CTQNKPGFW0QTF
.CEJCVFGEG2TQITCOOGPGUVTGSWKUPKRQWTNCEJCVPKRQWT
NQDVGPVKQPFGHKPCPEGOGPVRQWTOCVoTKGNKPHQTOCVKSWGUCWHGPECU
FGFoHCWVFGRC[GTNGRTKZFCEJCVFW2TQITCOOG#RRNGPGToUKNKGTC
RCUNG2TQITCOOG

E FoEQWXGTVGFWPGHTCWFGQWFWPGHCWUUGFoENCTCVKQPKORQTVCPVG
RCTNGVKVWNCKTGCHKPFGUQWUETKTGNG2TQITCOOGQWFGRToUGPVGTWPG
ToENCOCVKQPFGUGTXKEGGPXGTVWFW2TQITCOOG
F FoEQWXGTVGFWPCEVGQWFWPGQOKUUKQPRCTNGVKVWNCKTGQW
FWPGXKQNCVKQPRCTNGVKVWNCKTGFWPGSWGNEQPSWGFGUOQFCNKVoU
FW2TQITCOOGSWKCGWNKGWCRTpUNCFCVGFGPVToGGPXKIWGWT
GHHGEVKXGFW2TQITCOOGGVSWKCWTCKVRQWTGHHGVFCWIOGPVGT
FGOCPKpTGUWDUVCPVKGNNGGVKORQTVCPVGNCRTGUVCVKQPFGUGTXKEG
TGSWKUGGPXGTVWFWRToUGPV2TQITCOOG
G WPEJCPIGOGPVKORQTVCPVFCPUNCPCVWTGQWNoVGPFWGFW
UGTXKEGQWFGNCToRCTCVKQPTGSWKUGSWKUGTCKVUWTXGPWCRTpUNC
FCVGFGPVToGGPXKIWGWTGHHGEVKXGFW2TQITCOOGGVSWKCWTCKV
RQWTGHHGVFCWIOGPVGTNGUGTXKEGQWNCToRCTCVKQPTGSWKUGFG
OCPKpTGUWDUVCPVKGNNGQWKORQTVCPVGRCTTCRRQTViEGSWKCXCKVoVo
GPXKUCIoCWOQOGPVQ~NG2TQITCOOGCoVooOKUQWXGPFW




(TCPnCKU

 4oUKFGPVUFW6GZCU
.GHQWTPKUUGWTRGWVToUKNKGTNGRToUGPV2TQITCOOGUCPUCXKURToCNCDNG
RQWTECWUGFGPQPRCKGOGPVFCUUGTVKQPKPGZCEVGQWFGXKQNCVKQP
UWDUVCPVKGNNGFWPGQDNKICVKQPRCTNGFoVGPVGWTEQPEGTPCPVNG2TQFWKV
EQWXGTVQWUQPWVKNKUCVKQP6QWVGRNCKPVGPQPToUQNWGQWVQWVG
SWGUVKQPTGNCVKXGiNCToINGOGPVCVKQPGPOCVKpTGEQPVTCEVWGNNGRGWV
qVTGCFTGUUoGCW6:&GRVQH.KEGPUKPICPF4GIWNCVKQP21$QZ
#WUVKP6:75

 4oUKFGPVUFW6GPPGUUGG
%G2TQITCOOGUGTCRTQNQPIoVGNSWKUWKV
FWPQODTGFGLQWTU
RGPFCPVNGUSWGNUNGEQPUQOOCVGWTPGUVRCUGPOGUWTGFWVKNKUGT
NGRTQFWKVRCTEGSWKNUGVTQWXGGPToRCTCVKQPRNWUFGWZ
LQWTU
QWXTCDNGUUWRRNoOGPVCKTGU

 4oUKFGPVUFGNC%CTQNKPGFW5WF
6QWVGRNCKPVGPQPToUQNWGQWVQWVGSWGUVKQPTGNCVKXGiNC
ToINGOGPVCVKQPFW2TQITCOOGRGWXGPVqVTGCFTGUUoGCW5QWVJ
%CTQNKPC&GRCTVOGPVQH+PUWTCPEG21$QZ%QNWODKC5QWVJ
%CTQNKPC6GN

5GTXKEGURCTNCRQUVGCW&GRCTVOGPVQH%QPUWOGTCPF$WUKPGUU
5GTXKEGU9KPVGT5VTGGV0'5CNGO14QWRCTVoNoRJQPGXKC
%QPUWOGT#FXQECE[CW

(TCPnCKU

 4oUKFGPVUFW9[QOKPI
5K#RRNGToUKNKGNGRToUGPV2TQITCOOG#RRNGXQWUGZRoFKGTCWPCXKU
oETKVFGToUKNKCVKQPiXQVTGFGTPKpTGCFTGUUGEQPPWGEQPVGPWGFCPU
NGUFQUUKGTUFG#RRNGCWOQKPUFKZ
LQWTUCXCPVNCFCVGGHHGEVKXG
FCPPWNCVKQP.CXKUoETKVRToCNCDNGEQPVKGPFTCNCFCVGGHHGEVKXGFG

 4oUKFGPVUFW9KUEQPUKP
%'66')#4#06+''5657,'66'70'4d).'/'06#6+10.+/+6d'&'
.1((+%'1(6*'%1//+55+10'41(+0574#0%'
5KXQWUToUKNKG\NG2TQITCOOGFCPUNGUVTGPVG
LQWTUFGNC
FCVGFGNCEJCVFGXQVTG2TQITCOOGQWFGNCToEGRVKQPFGU
RToUGPVGUOQFCNKVoUUGNQPNCFCVGNCRNWUVCTFKXGXQWUTGEGXTG\WP
TGODQWTUGOGPVEQORNGV5KXQWUToUKNKG\NG2TQITCOOGRNWUFGVTGPVG

LQWTUCRTpUXQVTGToEGRVKQPFWRToUGPV2TQITCOOGXQWUTGEGXTG\
WPTGODQWTUGOGPVCWRTQTCVCFWRTKZFCEJCVQTKIKPCNFWRToUGPV
2TQITCOOGECNEWNoGPHQPEVKQPFWRQWTEGPVCIGFGNCFWToGFGNC
2oTKQFGFGNCICTCPVKGTGUVCPVFoFWEVKQPHCKVGFGHTCKUFGToUKNKCVKQP
FGXKPIVEKPSFQNNCTU
75QWFGFKZRQWTEGPV
FWOQPVCPV
CWRTQTCVCUGNQPNGOQPVCPVNGOQKPUoNGXoFGUFGWZ#WEWPEQV
FGUGTXKEGTGnWPGUGTCFoFWKVFWTGODQWTUGOGPV#RRNGPGToUKNKGTC
RCUEG2TQITCOOG5#7(GPECUFGFoHCWVFGRC[GTNGRTKZFCEJCV
FW2TQITCOOG5K#RRNGToUKNKGEG2TQITCOOGXQWUTGEGXTG\WP
TGODQWTUGOGPVCWRTQTCVCFGNCFWToGFW2TQITCOOGTGUVCPV
iEQWTKT





#W%CPCFC

5GRVLQWTURCTUGOCKPG
&GJiJJGWTGFGNCEzVGGUV
COoTKECKPG

(TCPnCKU



#220#X

 .GUPWOoTQUFGVoNoRJQPGGVNGUJQTCKTGUFGUGTXKEGRGWXGPVXCTKGTGV
UQPVUWLGVUiFGUOQFKHKECVKQPU8QWUVTQWXGTG\NKPHQTOCVKQPNCRNWU
ToEGPVGUWTPQUTGRToUGPVCPVUUKVWoUFCPUXQVTGToIKQPQWFCPUNG
OQPFGGPVKGTiYYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVUJVON.GU
PWOoTQUUCPUHTCKUPGUQPVRCUFKURQPKDNGUFCPUVQWUNGURC[U

#WZ'7
#2.%#4'

5GRVLQWTURCTUGOCKPG
&GJiJJGWTGFWEGPVTG


 0WOoTQUUCPUHTCKU

ToUKNKCVKQPGVNGUOQVKHUFGToUKNKCVKQP#RRNGPGUVRCUQDNKIoFGHQWTPKT
FCXKURToCNCDNGGPECUFGToUKNKCVKQPRQWTECWUGFGPQPRCKGOGPV
FW2TQITCOOGFCUUGTVKQPKPGZCEVGOCVoTKGNNGRCTXQWUi#RRNGFG
XKQNCVKQPOCVoTKGNNGFGXQUQDNKICVKQPUFCPUNGECFTGFW2TQITCOOG
QWFGXKQNCVKQPOCVoTKGNNGFGXQUQDNKICVKQPUEQPEGTPCPVNG2TQFWKV
EQWXGTVQWUQPWVKNKUCVKQP&GUEQPHNKVUUWTXGPCPVFCPUNGECFTGFGEG
2TQITCOOGRGWXGPVqVTGToINoUUGNQPNG9[QOKPI#TDKVTCVKQP#EV

YYYCRRNGEQO
#RRNG+PE#NNTKIJVUTGUGTXGF#RRNGVJG#RRNGNQIQ#KT2QTV
#KT2QTV'ZRTGUU#KT2QTV'ZVTGOG#RRNG68+2QF/CE/CE$QQM/CE$QQM
#KT/CE15/CEKPVQUJ5WRGT&TKXGCPF6KOG%CRUWNGCTGVTCFGOCTMU
QH#RRNG+PETGIKUVGTGFKPVJG75CPFQVJGTEQWPVTKGU#RRNG%CTGKU
CUGTXKEGOCTMQH#RRNG+PETGIKUVGTGFKPVJG75CPFQVJGTEQWPVTKGU
1VJGTRTQFWEVCPFEQORCP[PCOGUOGPVKQPGFJGTGKPOC[DG
VTCFGOCTMUQHVJGKTTGURGEVKXGEQORCPKGU
<#
2TKPVGFKP::::