LG Electronics USA C710H Cellular/PCS GSM/WCDMA/EDGE Phone with WLAN and Bluetooth User Manual
LG Electronics USA Cellular/PCS GSM/WCDMA/EDGE Phone with WLAN and Bluetooth
Users Manual
Part 15.21 statement
" Change or Modifications that are not expressly approved by the manufacturer could void
the user's authority to operate the equipment. “
Part 15.105 statement
This equipment has been tested and found to comply with the limits for a class B digital
device, pursuant to Part 15 of the FCC Rules.
These limits are designed to provide reasonable protection against harmful interference in
a residential installation. This equipment generates uses and can radiate radio frequency
energy and, if not installed and used in accordance with the instructions, may cause harmful
interference to radio communications. However, there is no guarantee that interference will
not occur in a particular installation. If this equipment does cause harmful interference or
television reception, which can be determined by turning the equipment off and on, the user
is encouraged to try to correct the interference by one or more of the following measures:
- Reorient or relocate the receiving antenna.
- Increase the separation between the equipment and receiver.
- Connect the equipment into an outlet on a circuit different from that to
which the receiver is connected.
- Consult the dealer or an experienced radio/TV technician for help.
This device is not intended for sale in the USA.
Part 15 Class B Compliance
This device and its accessories comply with part15 of FCC rules and ICES-003 Class B
digital apparatus requirements for Industry Canada.
Operation is subject to the following two conditions:
(1) This device & its accessories may not cause harmful interference.
(2) This device & its accessories must accept any interference received,
including interference that may cause undesired operation.
Body-worn Operation
This device has been tested for typical body-worn operations
with the distance of 0.79inches (2.0cm) from the user’s body.
To comply with FCC RF exposure requirements, a minimum separation distance
of 0.79inches(2.0cm) must be maintained from the user's body.
Additionally, Belt clips, holsters & other body-worn accessories may not contain
metallic components.
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8LI,SQIWGVIIRMW]SYVWXEVXMRKTSMRXXSEGGIWWEPPXLIJIEXYVIWSR
]SYVTLSRI-XHMWTPE]WETTPMGEXMSRMGSRW[MHKIXWWLSVXGYXWERH
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ERH
0+,SQI
8LI][SVOIWWIRXMEPP]XLIWEQI[MXL
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]SYVHIZMGI
%RHVSMH,SQI 0+,SQI
7XEXYW&EV
7LS[WHIZMGIWXEXYWMRJSVQEXMSR
MRGPYHMRKXLIXMQIWMKREPWXVIRKXL
FEXXIV]WXEXYWERHQSVI%PWS
HMWTPE]WRSXMJMGEXMSRMGSRW
;MHKIXW
%TTPMGEXMSRWYWIHHMVIGXP]SRXLI
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8SYGLERMGSR ETTPMGEXMSRJSPHIV
IXGXSSTIRERHYWIMX
0EYRGL-GSR
8SYGLXSSTIR
XLI0EYRGL
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MGSRWJSVEPP
MRWXEPPIH
ETTPMGEXMSRW
0EYRGL5YMGO
/I]
8SYGLXSSTIR
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MGSRWJSVEPP
MRWXEPPIH
ETTPMGEXMSRW
5YMGO/I]W
4VSZMHIIEW]SRIXSYGLEGGIWWXS
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5YMGO/I]W
5YMGO/I]WEVIPSGEXIHEXXLIFSXXSQSJ0+,SQISRP]-J]SY
GLSSWI
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STIRWXLI4LSRIETTPMGEXMSR[LMGLHMWTPE]WEHMEPTEHWS]SY
GERHMEPQERYEPP]%PWSTVSZMHIWEHHMXMSREPXEFWXSEGGIWW'EPP
PSK'SRXEGXWERH*EZSVMXIWJSVQIQSV]HMEPMRK
STIRW]SYV'SRXEGXWPMWX
STIRWXLI0EYRGLWGVIIRERHHMWTPE]WMGSRWJSVEPPMRWXEPPIH
ETTPMGEXMSRW
STIRWXLI1IWWEKMRKETTPMGEXMSR
STIRWXLI&VS[WIVETTPMGEXMSR
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WGVIIRXSGLERKIMX
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3R%RHVSMH,SQIXSYGL
3R0+,SQIXSYGL
8SYGLXLI8LIQIWMGSR
8SYGLIMXLIV
%RHVSMH,SQI
SV
0+,SQI
HITIRHMRKSR]SYV
TVIJIVIRGI
8SVIXYVRXSXLI,SQIWGVIIR
4VIWWXLI
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EXER]XMQIMRER]ETTPMGEXMSR
8LI&EWMGW
8LI&EWMGW
5;)68=/I]FSEVH
=SYVHIZMGILEWEFYMPXMRWPMHISYX5;)68=OI]FSEVHWTIGMJMGEPP]
HIWMKRIHJSVIEW]ERHGSQJSVXEFPIXI\XIRXV]8LI5;)68=
OI]FSEVHYWIWXLIWEQIPE]SYXERH[SVOWNYWXPMOIXLIOI]FSEVHSR
]SYVGSQTYXIV8LIIEWMIWX[E]XSIRXIVXI\XMWF]YWMRK]SYV
XLYQFWXSX]TISRXLI5;)68=OI]FSEVH
7PMHIXLI5;)68=OI]FSEVHSYX[LIR]SYEVIVIEH]XSIRXIVXI\X
7II
q
7PMHI3YX5;)68=/I]FSEVH
r
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3RWGVIIR/I]FSEVH
=SYGEREPWSIRXIVXI\XYWMRKXLISRWGVIIROI]FSEVH8LISRWGVIIR
OI]FSEVHHMWTPE]WEYXSQEXMGEPP]SRXLII\XIVMSV0'([LIR]SYSTIR
GIVXEMRETTPMGEXMSRW8SQERYEPP]HMWTPE]XLIOI]FSEVHWMQTP]XSYGL
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8LI&EWMGW
8S Y G L W G V I I R
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XLEXVITVIWIRXWEFYXXSRXSFITVIWWIHQIRYMXIQW[SVHWMRE
WIPIGXMSRPMWXERHSXLIVMXIQWSRXLIXSYGLWGVIIR=SYGEREPWS
GLERKIXLIWGVIIRWSVMIRXEXMSR
8SYGL %WMRKPIJMRKIVXSYGLWIPIGXWMXIQW*SVI\EQTPIXSYGLER
MGSRIKETTPMGEXMSRSVFYXXSRKVETLMGXSYGL[SVHWIKQIRY
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8SYGLERHLSPH 8SYGLERHLSPHERMXIQSRXLIWGVIIRF]
XSYGLMRKMXERHRSXPMJXMRK]SYVJMRKIVYRXMPEREGXMSRSGGYVW*SV
I\EQTPIXSSTIRETSTYTQIRYJSVGYWXSQM^MRKXLI,SQI
WGVIIRXSYGLERIQTX]EVIESRXLI,SQIWGVIIRYRXMPXLIQIRY
TSTWYT
(VEK 8SYGLERHLSPHERMXIQJSVEQSQIRXERHXLIR[MXLSYX
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VITSWMXMSRXLIQEWHIWGVMFIHMR
q
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r
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HIWGVMFIHMR
q
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r
SRTEKI
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7[MTISVWPMHI 8SW[MTISVWPMHIUYMGOP]QSZI]SYVJMRKIVEGVSWW
XLIWYVJEGISJXLIWGVIIR[MXLSYXTEYWMRK[LIR]SYJMVWXXSYGLMX
WS]SYHSR
t
XHVEKERMXIQMRWXIEH*SVI\EQTPI]SYWPMHIXLI
WGVIIRYTSVHS[RXSWGVSPPEPMWXERHMRWSQI'EPIRHEVZMI[W]SY
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(SYFPIXET (SYFPIXETXS^SSQE[IFTEKISVEQET*SV
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GSRXVSPXLI'EQIVE^SSQMR1ETWERHMRSXLIVETTPMGEXMSRW
6SXEXIXLIWGVIIR 3RQSWXWGVIIRWXLISVMIRXEXMSRSJXLIWGVIIR
VSXEXIW[MXLXLITLSRIEW]SYXYVRMXJVSQYTVMKLXXSWMHI[E]WERH
FEGOEKEMR=SYGERXYVRXLMWJIEXYVISRERHSJJEWHIWGVMFIHMR
q
7SYRHHMWTPE]WIXXMRKW
r
SRTEKI
8LI&EWMGW
8LI&EWMGW
5;)68=/I]FSEVH
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HIWMKRIHJSVIEW]ERHGSQJSVXEFPIXI\XIRXV]8LI5;)68=
OI]FSEVHYWIWXLIWEQIPE]SYXERH[SVOWNYWXPMOIXLIOI]FSEVHSR
]SYVGSQTYXIV8LIIEWMIWX[E]XSIRXIVXI\XMWF]YWMRK]SYV
XLYQFWXSX]TISRXLI5;)68=OI]FSEVH
7PMHIXLI5;)68=OI]FSEVHSYX[LIR]SYEVIVIEH]XSIRXIVXI\X
7II
q
7PMHI3YX5;)68=/I]FSEVH
r
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JYRGXMSRW
3RWGVIIR/I]FSEVH
=SYGEREPWSIRXIVXI\XYWMRKXLISRWGVIIROI]FSEVH8LISRWGVIIR
OI]FSEVHHMWTPE]WEYXSQEXMGEPP]SRXLII\XIVMSV0'([LIR]SYSTIR
GIVXEMRETTPMGEXMSRW8SQERYEPP]HMWTPE]XLIOI]FSEVHWMQTP]XSYGL
EXI\XJMIPH[LIVI]SY[ERXXSIRXIVXI\X
)RXIVMRK8I\X
9WMRKXLI5;)68=OI]FSEVH
7PMHIXLI5;)68=OI]FSEVHSYXXSIRXIVXI\X
9WI]SYVXLYQFWXSIRXIVXI\X
4VIWW XSHIPIXIGLEVEGXIVWXSXLIPIJXSJXLIGYVWSV
4VIWW SRGIXSGETMXEPM^IXLIRI\XPIXXIV]SYX]TI
4VIWW X[MGIJSVEPPGETWTVIWWMXEKEMRXSW[MXGLFEGO
4VIWWERHLSPHEZS[IPSVXLI'2SV7OI]XSSTIRE
WQEPPTSTYT[MRHS[[LIVI]SYGERXSYGLSXLIV
ZEVMEXMSRWJSVXLIPIXXIVIKEGGIRXWXMPHEIXG
4VIWW ERH XSSTIRETSTYT[MRHS[[MXLEWIX
SJGSQQSRP]YWIHW]QFSPOI]W
4VIWW XSIRXIVEPXIVREXIGLEVEGXIVWWYGLEW$JSVXLI
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EKEMRXSW[MXGLFEGO
9WMRKXLISRWGVIIROI]FSEVH
8SYGLEXI\XJMIPH[LIVI]SY[ERXXSX]TI8LISRWGVIIR
OI]FSEVHSTIRW
*SVQSWXXI\XJMIPHWXLIOI]FSEVHWXEVXW[MXLPIXXIVW
HMWTPE]IH8I\XJMIPHWJSVTLSRIRYQFIVWERHSXLIVWTIGMEP
TYVTSWIWQE]HMWTPE]RYQFIVWERHW]QFSPWSVSXLIV
GYWXSQOI]FSEVHWXSQEOIMXIEWMIVXSIRXIVXLIVIUYMVIH
MRJSVQEXMSR
8SYGLXLIOI]WSRXLIOI]FSEVHXSWXEVXX]TMRK;LIR]SY
XSYGLEOI]EPEVKIVZIVWMSRHMWTPE]WFVMIJP]SZIVXLI
OI]FSEVH
8SYGL XSHIPIXIGLEVEGXIVWXSXLIPIJXSJXLIGYVWSV
8SYGL SRGIXSGETMXEPM^IXLIRI\XPIXXIV]SYX]TI
8LI&EWMGW
8SYGLERHLSPH JSVEPPGETW8SYGLEKEMRXSW[MXGLFEGO
XSRSVQEPIRXV]
8SYGLERHLSPHEZS[IPSVXLI'2SV7OI]XSSTIRE
WQEPPTSTYT[MRHS[[LIVI]SYGERXSYGLSXLIV
ZEVMEXMSRWJSVXLIPIXXIVIKEGGIRXWXMPHEIXG
8SYGLERHLSPH XSSTIRETSTYT[MRHS[[MXLEWIXSJ
GSQQSRP]YWIHW]QFSPOI]W
8SYGL XSW[MXGLXSXLIRYQFIVWERHW]QFSPWOI]FSEVH
8SYGL XSZMI[EHHMXMSREPW]QFSPWXSYGLMXEKEMRXS
W[MXGLFEGO
8SYGLERHLSPHEPQSWXER]SJXLIRYQFIVERHW]QFSPOI]W
XSSTIRE[MRHS[SJEHHMXMSREPW]QFSPW
;LIR]SYVIJMRMWLIHX]TMRKXSYGLXLI
&EGO/I]
XS
GPSWIXLIOI]FSEVH
238)
8SGLERKIXLIOI]FSEVHSVMIRXEXMSRXYVRXLITLSRIWMHI[E]WSVYTVMKLX
8LIOI]FSEVHMWVIHVE[RXSXEOIFIWXEHZERXEKISJXLIRI[TLSRI
SVMIRXEXMSR1ER]TISTPIJMRHXLIPEVKIVLSVM^SRXEPSRWGVIIROI]FSEVH
IEWMIVXSYWI
=SYGERGSRXVSP[LIXLIVXLIWGVIIRGLERKIWSVMIRXEXMSREYXSQEXMGEPP]
[LIR]SYXYVRXLITLSRI7IIq0ERKYEKIOI]FSEVHWIXXMRKWrSRTEKI
=SYGERGSRXVSP[LIXLIVXLIWGVIIR
GLERKIWSVMIRXEXMSREYXSQEXMGEPP]
[LIR]SYXYVRXLITLSRI7II
q0ERKYEKIOI]FSEVHWIXXMRKWrSR
TEKI
8LI&EWMGW
%TTPMGEXMSRW,S[XS0MWX3TIRERH7[MXGL
%PPSJXLIETTPMGEXMSRWSR]SYVTLSRIMRGPYHMRKER]ETTPMGEXMSRWXLEX
]SYHS[RPSEHIHERHMRWXEPPIHJVSQ%RHVSMH1EVOIXSVSXLIV
WSYVGIWEVIKVSYTIHXSKIXLIVSRSRI0EYRGLWGVIIRXLEX]SY
EGGIWWJVSQ]SYV,SQIWGVIIR-J]SYLEZIQSVIETTPMGEXMSRWXLER
GERJMXSRXLI0EYRGLWGVIIR]SYGERWPMHIXLIWGVIIRYTSVHS[R
XSZMI[QSVI
238)
=SYGERGLERKIXLITSWMXMSRSJETTPMGEXMSRMGSRWSRXLI0EYRGLWGVIIRWSXLEXXLI
ETTPMGEXMSRW]SYYWIQSWXSJXIREVIZMI[IHMQQIHMEXIP]
8LI&EWMGW
0EYRGLWGVIIR 0EYRGLWGVIIR
%RHVSMH,SQIWGVIIR 0+,SQIWGVIIR
7XEXYWFEV
7IEVGLFEV
5YMGO/I]W
8SYGLERETTPMGEXMSRWGVIIRMGSR
XSSTIRMX
7PMHIXLIWGVIIRYTSVHS[RXS
FVMRKQSVIMGSRWMRXSZMI[
8SYGLXSGPSWI0EYRGLWGVIIR
8SYGLXSGPSWI0EYRGLWGVIIR
3ZIVZMI[
8SYGLXSSTIR0EYRGLWGVIIR
3TIRMRKERH'PSWMRKXLI0EYRGLWGVIIR
3TIRMRKXLI0EYRGLWGVIIR
8SYGLXLI0EYRGLMGSRSR]SYV,SQIWGVIIR
3R%RHVSMH,SQIXSYGL
3R0+,SQIXSYGL
'PSWMRKXLI0EYRGLWGVIIR
8SQERYEPP]GPSWIXLI0EYRGLWGVIIRTVIWWXLI
,SQI/I]
SV
3R%RHVSMH,SQIXSYGL
3R0+,SQIXSYGL
238)
8LI0EYRGLWGVIIRGPSWIWEYXSQEXMGEPP][LIR]SYXSYGLERMGSRXSSTIR
MXWETTPMGEXMSR(VEKKMRKERMGSRSRXS]SYV,SQIWGVIIREPWSGPSWIWXLI
0EYRGLWGVIIREYXSQEXMGEPP]
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
1YPXMXEWOMRKMWIEW][MXL%RHVSMHFIGEYWISTIRETTPMGEXMSRWOIIT
VYRRMRKIZIR[LIR]SYSTIRERSXLIVETTPMGEXMSR8LIVItWRSRIIH
XSUYMXERETTPMGEXMSRFIJSVISTIRMRKERSXLIV9WIERHW[MXGL
EQSRKWIZIVEPSTIRETTPMGEXMSRW%RHVSMHQEREKIWIEGL
ETTPMGEXMSRWXSTTMRKERHWXEVXMRKXLIQEWRIIHIHXSIRWYVIXLEX
MHPIETTPMGEXMSRWHSRtXGSRWYQIVIWSYVGIWYRRIGIWWEVMP]
3TIRMRKERETTPMGEXMSR
3TIRERETTPMGEXMSRWMQTP]F]XSYGLMRKMXWMGSRSRXLI
WGVIIR
8-4
=SYGERGYWXSQM^I]SYV,SQIWGVIIR[MXLXLIETTPMGEXMSRMGSRW]SYYWI
QSWXSJXIR%TTPMGEXMSRWVIWMHISRXLI0EYRGLWGVIIRFYX]SYGERHVEKE
GST]SJER]ETTPMGEXMSRMGSRXS]SYV,SQIWGVIIRJSVJEWXIVSRIXSYGL
EGGIWW2SQEXXIV[LIVIXLIMGSRMWSRXLI0EYRGLWGVIIRSV]SYV,SQI
WGVIIRNYWXXSYGLMXXSEYXSQEXMGEPP]STIRERHYWIMX
8LI&EWMGW
3TIRMRKQYPXMTPIETTPMGEXMSRW
8SYGLERETTPMGEXMSRMGSRXSSTIRMX
4VIWWXLI
,SQI/I]
238)
-JXLIETTPMGEXMSRMGSR]SY[ERXMWSR]SYV,SQIWGVIIRWMQTP]XSYGLXLI
MGSRXSSTIRERHYWIMX
8SYGLXLI0EYRGLMGSR
3R%RHVSMH,SQIXSYGL
3R0+,SQIXSYGL
8SYGLXLIETTPMGEXMSRMGSR]SY[ERXXSSTIR
7[MXGLMRKFIX[IIRQYPXMTPIETTPMGEXMSRW
4VIWWERHLSPHXLI
,SQI/I]
%WQEPP[MRHS[STIRW[MXLMGSRWSJETTPMGEXMSRWXLEX
]SYtZIYWIHVIGIRXP]
8SYGLXLIETTPMGEXMSRMGSR]SY[ERXXSSTIR
3VXSYGLXLI
&EGO/I]
XSVIXYVRXSXLIGYVVIRX
ETTPMGEXMSR
8LI&EWMGW
8SYGLERMGSRXSSTIRERETTPMGEXMSR
]SY
ZIYWIHVIGIRXP]
%HHMRKETTPMGEXMSRMGSRWXSXLI,SQIWGVIIR
'YWXSQM^I]SYV,SQIWGVIIR[MXLXLIETTPMGEXMSRW]SYYWIQSWX
SJXIR
%GGIWWXLI0EYRGLWGVIIR
8SYGLERHLSPHXLIETTPMGEXMSRMGSR]SY[ERXXSEHHXS]SYV
,SQIWGVIIR=SY[MPPJIIPMXZMFVEXIERHXLIWGVIIR
GLERKIWXS]SYV,SQIWGVIIR
0MJX]SYVJMRKIVXSTPEGIMXSVHVEKXLIMGSRXS[LIVI]SY
[ERXMXSRXLIWGVIIRXLIRPMJX]SYVJMRKIV
;SVOMRK[MXL1IRYW
8LIVIEVIX[SOMRHWSJ%RHVSMHQIRYWSTXMSRWQIRYWERHGSRXI\X
QIRYW
3TXMSRWQIRYW
3TXMSRWQIRYWGSRXEMRXSSPWXLEXETTP]XSXLIEGXMZMXMIWSJXLI
GYVVIRXWGVIIRSVETTPMGEXMSRRSXXSER]WTIGMJMGMXIQSRXLI
WGVIIR8SSTIRSTXMSRWQIRYWTVIWWXLI
1IRY/I]
2SXEPP
WGVIIRWLEZISTXMSRWQIRYWMJ]SYTVIWWXLI
1IRY/I]
SRE
WGVIIRXLEXLEWRSSTXMSRWQIRYRSXLMRKLETTIRW
7SQIWGVIIRWLEZIQSVISTXMSRWQIRYMXIQWXLERGERJMXMRXLI
QEMRQIRYXSYGL
1SVI
XSSTIREQIRYSJEHHMXMSREPMXIQW
8LI&EWMGW
8SYGLXSSTIRQSVIQIRYMXIQW
3TXMSRWQIRYWGSRXEMRMXIQWXLEX
ETTP]XSXLIGYVVIRXWGVIIRSV
XSXLIETTPMGEXMSREWE[LSPI
-RWIVXMRKXLIQMGVS7(GEVH
+IRXP]YRGSZIVXLIQMGVS7(
81
WPSXPSGEXIHSRXLIVMKLXWMHISJXLI
TLSRI4SWMXMSRXLIQMGVS7(GEVHJEGMRKYTERHKIRXP]WPMHIMXMRXS
TPEGIYRXMPMXMWJYPP]MRWIVXIHERHPSGOIHMRTPEGI
238)
8LIQMGVS7(GEVHGERFIIEWMP]HEQEKIHF]MQTVSTIVSTIVEXMSR4PIEWIFI
GEVIJYP[LIRMRWIVXMRKVIQSZMRKSVLERHPMRKMX
6IQSZMRKXLIQMGVS7(GEVH
9RGSZIVXLIQMGVS7(
81
WPSXPSGEXIHSRXLIVMKLXWMHISJXLITLSRI
+IRXP]TYWLXLII\TSWIHIHKISJXLIQMGVS7(GEVH[MXL]SYV
JMRKIVXMTXSVIPIEWIMXJVSQXLIWPSX'EVIJYPP]TYPPXLIQMGVS7(GEVH
SYXSJXLIWPSX
238)
8SWEJIP]VIQSZIXLIQMGVS7(GEVHJVSQ]SYVTLSRIXYVRSJJXLITLSRISV
YRQSYRXXLIWXSVEKIGEVHJVSQXLITLSRIJMVWX
8SYRQSYRXXLIQMGVS7(GEVH
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW"
WGVSPPXLIWGVIIRYT"
7(GEVHTLSRI
WXSVEKI
8SYGL
9RQSYRX7(GEVH
8LI&EWMGW
8LI&EWMGW
+IXXMRKXS/RS[XLI,SQI7GVIIR
8LI,SQIWGVIIRMW]SYVWXEVXMRKTSMRXXSEGGIWWEPPXLIJIEXYVIWSR
]SYVTLSRI-XHMWTPE]WETTPMGEXMSRMGSRW[MHKIXWWLSVXGYXWERH
SXLIVJIEXYVIW'LSSWIFIX[IIRX[S,SQIWGVIIRPE]SYXW
%RHVSMH,SQI
ERH
0+,SQI
8LI][SVOIWWIRXMEPP]XLIWEQI[MXL
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]SYVHIZMGI
%RHVSMH,SQI 0+,SQI
7XEXYW&EV
7LS[WHIZMGIWXEXYWMRJSVQEXMSR
MRGPYHMRKXLIXMQIWMKREPWXVIRKXL
FEXXIV]WXEXYWERHQSVI%PWS
HMWTPE]WRSXMJMGEXMSRMGSRW
;MHKIXW
%TTPMGEXMSRWYWIHHMVIGXP]SRXLI
,SQIWGVIIR8SYGLE[MHKIXXS
STIRERHYWIMX
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8SYGLERMGSR ETTPMGEXMSRJSPHIV
IXGXSSTIRERHYWIMX
0EYRGL-GSR
8SYGLXSSTIR
XLI0EYRGL
WGVIIRXSZMI[
MGSRWJSVEPP
MRWXEPPIH
ETTPMGEXMSRW
0EYRGL5YMGO
/I]
8SYGLXSSTIR
XLI0EYRGL
WGVIIRXSZMI[
MGSRWJSVEPP
MRWXEPPIH
ETTPMGEXMSRW
5YMGO/I]W
4VSZMHIIEW]SRIXSYGLEGGIWWXS
XLIJYRGXMSRW]SYYWIXLIQSWX
8SGPSWIXLIRSXMJMGEXMSRWTERIP
(VEKXLIXEFEXXLIFSXXSQSJXLI2SXMJMGEXMSRWTERIPXSXLIXSTSJ
XLIWGVIIR3VNYWXXSYGLXLI
&EGO/I]
8LITERIPEPWSGPSWIW[LIR]SYXSYGLERSXMJMGEXMSRXSVIWTSRHXSMX
7IEVGLMRK=SYV4LSRIERHXLI;IF
=SYGERWIEVGLJSVMRJSVQEXMSRSR]SYVTLSRIERHSRXLI[IFF]
X]TMRKSVWTIEOMRKYWMRK5YMGO7IEVGL&S\JSV%RHVSMHSV+SSKPI
WIEVGL
7SQIETTPMGEXMSRWWYGLEW'SRXEGXW+QEMPERH1ETWLEZIXLIMV
S[RWIEVGLFS\IW[LMGL]SYGERYWIXSWIEVGL[MXLMRXLSWI
WTIGMJMGETTPMGEXMSRW
238)
=SYGEREPWSHMEPETLSRIRYQFIV[MXLXLI:SMGI7IEVGLETTPMGEXMSREWHIWGVMFIH
MR
q
(MEPMRKF]:SMGI
r
SRTEKI
4LSRIERH;IFWIEVGLYWMRKXI\XIRXV]
8SYGLXLI
7IEVGL/I]
;LIR]SYXSYGLXLI
7IEVGL/I]
SRXLI,SQIWGVIIRSV
MRQER]SXLIVETTPMGEXMSRWXLI5YMGO7IEVGL&S\STIRW
EYXSQEXMGEPP]
238)
-J]SYVIYWMRKXLITLSRI[MXLXLIWPMHISTIRTVIWWXLI7IEVGL/I] XSSTIR
XLI5YMGO7IEVGL&S\XSWIEVGL]SYVTLSRIERHXLI[IFYWMRKXI\XIRXV]
8LI&EWMGW
7TIIGLEGXMZEXIHWIEVGL
8SYGLXSWIEVGLF]ZSMGI
6IGIRXWIEVGLVIWYPXW
4VSZMHIWSRIXSYGLWLSVXGYXXS
ZMI[TVIZMSYWP]GLSWIRWIEVGL
VIWYPXW
-RWSQIETTPMGEXMSRWWYGLEW+QEMP'SRXEGXWERH&VS[WIV
XLIETTPMGEXMSRWS[RWIEVGLFS\STIRW[LIR]SYXSYGLXLI
7IEVGL/I]
8LMWMWMRHMGEXIHF]XLIETTPMGEXMSRWMGSRSR
XLIPIJXWMHISJXLIWIEVGLFS\7IIXLIWIGXMSRWEFSYX
XLSWIETTPMGEXMSRWJSVMRJSVQEXMSREFSYXWIEVGLMRKMRXLIQ
8SGLERKIJVSQXLIETTPMGEXMSRWWIEVGLJIEXYVIXSYGLXLI
7IEVGL/I]
EKEMRXSW[MXGLXSXLI5YMGO7IEVGL&S\2S
QEXXIV[LEXETTPMGEXMSR]SYVI[SVOMRKMRXSYGLMRKXLI
7IEVGL/I]
X[MGISTIRWXLI5YMGO7IEVGL&S\
)RXIVXLIXI\X]SYVIWIEVGLMRKJSVMRXLI5YMGO7IEVGL&S\
%W]SYX]TIQEXGLMRKMXIQWSR]SYVTLSRIERHWYKKIWXMSRW
JVSQ+SSKPI[IFWIEVGLEVIEHHIHXSXLIPMWXSJTVIZMSYWP]
GLSWIRWIEVGLVIWYPXW
=SYGERYWIXLI7IEVGLTVIJIVIRGIWXSGSRJMKYVIWSQI
EWTIGXWSJ+SSKPI[IFWIEVGLJSVI\EQTPI[LIXLIVMX
QEOIWWYKKIWXMSRWFIPS[XLI5YMGO7IEVGL&S\EW]SY
X]TIERH[LEXTLSRIJIEXYVIW]SY[ERXXSMRGPYHIMR
WIEVGLIW=SYGEREPWSGPIEVXLIPMWXSJVIGIRXP]GLSWIR
WIEVGLIW7II
q
7IEVGL7IXXMRKW
r
SRTEKI
-J[LEX]SYVIWIEVGLMRKJSVMWMRXLIPMWXSJWYKKIWXMSRW
TLSRIWIEVGLVIWYPXWSVTVIZMSYWP]GLSWIRWIEVGLVIWYPXW
XSYGLMXMRXLIPMWX
8LIMXIQSTIRWMRXLIETTVSTVMEXIETTPMGEXMSRWYGLEW
'SRXEGXWSVXLI&VS[WIV
8LI&EWMGW
8SYGLXSWIEVGLXLI[IF
%W]SYX]TIWIEVGLVIWYPXWJVSQ
]SYVTLSRITVIZMSYWP]GLSWIR
WIEVGLVIWYPXWERH[IFWIEVGL
WYKKIWXMSRWETTIEV8SYGLE
VIWYPXXSSTIRMX
-J[LEX]SYVIWIEVGLMRKJSVMWRSXMRXLIPMWXXSYGLXLI
WIEVGLMGSR MRXLI5YMGO7IEVGL&S\SVSRXLIXSYGL
OI]FSEVHXSWIEVGLXLI[IF
8LI&VS[WIVSTIRWHMWTPE]MRKVIWYPXWSJE+SSKPIWIEVGLSR
XLI[IF*SVQSVIMRJSVQEXMSRWII
q
&VS[WIV
r
SRTEKI
;IFWIEVGLYWMRKZSMGIGSQQERH
8SYGLERHLSPHXLI
7IEVGL/I]
36
8SYGLXLI1MGVSTLSRIMGSR MRXLI5YMGO7IEVGL&S\
-J]SYXSYGLXLI1MGVSTLSRIMGSRMRERETTPMGEXMSRWWIEVGL
FS\XLIETTPMGEXMSRMWWIEVGLIHJSV]SYV[SVHWRSXXLI[IF
%HMEPSKFS\STIRWTVSQTXMRK]SYXSWTIEOXLI[SVHWXLEX
]SY[ERXXSWIEVGLJSV
;LIR]SYWXSTWTIEOMRK+SSKPIWIEVGLF]ZSMGIEREP]^IW
]SYVWTIIGLERHHMWTPE]WXLIVIWYPXWSJ]SYVWIEVGL
-J+SSKPIWIEVGLF]ZSMGIQMWYRHIVWXSSH]SY5YMGO7IEVGL
&S\TVIWIRXWEPMWXSJWMQMPEVWSYRHMRKWIEVGLXIVQWJSV]SY
XSXSYGLXSWIPIGX
=SYGEREPWSTVIJEGI]SYVWIEVGL[MXLWTIGMJMGEGXMSR[SVHW
7E]
q
'EPP
r
JSPPS[IHF]EREQIJVSQ]SYVGSRXEGXW
JSPPS[IHF]XLIOMRHSJTLSRIRYQFIV
q
QSFMPI
rq
[SVO
r
ERHWSSR*SVI\EQTPI
q
'EPP1MOILSQI
r
-JXLIVIMWE
WMRKPIQEXGLXLIRYQFIVMWHMEPIHEYXSQEXMGEPP]7II
q
(MEPMRKF]:SMGI
r
SRTEKI
7E]
q
(MVIGXMSRWXS
r
JSPPS[IHF]EREHHVIWWREQI
FYWMRIWWREQIX]TISJFYWMRIWWSVSXLIVHIWXMREXMSRXS
KIXHMVIGXMSRWXSXLEXPSGEXMSRJVSQ+SSKPI1ETW
7E]
q
2EZMKEXIXS
r
JSPPS[IHF]EREHHVIWWREQI
FYWMRIWWREQIX]TISJFYWMRIWWSVSXLIVHIWXMREXMSRXS
KIXWTSOIRXYVRF]XYVRHMVIGXMSRWXSXLEXHIWXMREXMSR
8LI&EWMGW
7E]
q
1ETSJ
r
JSPPS[IHF]EREHHVIWWREQIFYWMRIWW
REQIX]TISJFYWMRIWWSVSXLIVPSGEXMSRXSZMI[XLEX
PSGEXMSRSR+SSKPI1ETW
0SGOMRKXLI7GVIIR
=SYGERPSGO]SYVWGVIIRWSXLEXSRP]]SYGERYRPSGOMXXSQEOI
GEPPWEGGIWW]SYVHEXEFY]ETTPMGEXMSRWERHWSSR7II
q
0SGEXMSR
WIGYVMX]
r
SRTEKIJSVSXLIV[E]WXSTVSXIGX]SYVTLSRIERH
TVMZEG]
8SPSGO]SYVWGVIIR
3RXLI,SQIWGVIIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW" 0SGEXMSRWIGYVMX]
8SYGL
7IXYRPSGOTEXXIVR
YRHIVXLI
7GVIIRYRPSGOTEXXIVR
WIGXMSRSJXLIWIXXMRKW8LIJMVWXXMQI]SYHSXLMWEWLSVX
XYXSVMEPEFSYXGVIEXMRKERYRPSGOTEXXIVRETTIEVW
238)
=SYGERTVIWWXLI1IRY/I] XLIRXSYGL,IPTEXER]XMQIJSVE
VIJVIWLIV
=SYVITVSQTXIHXSHVE[ERHVIHVE[]SYVS[RTEXXIVR
8LIRI\XXMQI]SYXYVRSR]SYVTLSRISV[EOIYTXLIWGVIIR
]SYVITVSQTXIHXSHVE[]SYVYRPSGOTEXXIVRXSYRPSGOXLI
WGVIIR
8LI&EWMGW
(VE[]SYVYRPSGOTEXXIVR
8SYGL'SRXMRYI XSHVE[]SYV
TEXXIVREKEMRXSGSRJMVQMX
'YWXSQM^MRKXLI,SQI7GVIIR
=SYGERTIVWSREPM^I]SYV,SQIWGVIIRF]EHHMRKETTPMGEXMSRMGSRW
WLSVXGYXW[MHKIXWERHSXLIVMXIQWXSER],SQIWGVIIRTERI=SY
GEREPWSGLERKIXLI[EPPTETIV
8SEHHERMXIQXSXLI,SQIWGVIIR
3TIRXLI,SQIWGVIIRTERI[LIVI]SY[ERXXSEHHXLI
MXIQ*SVERMRXVSHYGXMSRXS[SVOMRK[MXLXLI,SQIWGVIIR
WII
q
+IXXMRKXS/RS[XLI,SQI7GVIIR
r
SRTEKI
4VIWWXLI
1IRY/I]
XLIRXSYGL
%HH
3VNYWXXSYGLERHLSPHERIQTX]WTSXSRXLI,SQIWGVIIR
238)
-JXLIVIEVIRSIQTX]WTSXWSRXLI,SQIWGVIIRTERI%HHMWHMQQIH
]SYQYWXHIPIXISVQSZIERMXIQFIJSVI]SYGEREHHERSXLIVMXIQSV
W[MXGLXSERSXLIVTERISJXLI,SQIWGVIIR
-RXLIQIRYXLEXSTIRWXSYGLXLIX]TISJMXIQXSEHH
=SYGEREHHXLIJSPPS[MRKX]TIWSJMXIQWXSXLI,SQIWGVIIR
7LSVXGYXW
%HHWLSVXGYXWXSETTPMGEXMSRWEFSSOQEVOIH[IFTEKI
EJEZSVMXIGSRXEGXEHIWXMREXMSRMR1ETWE+QEMPPEFIPEQYWMG
TPE]PMWXERHQER]SXLIVMXIQW8LIWLSVXGYXWEZEMPEFPIHITIRHSR
XLIETTPMGEXMSRW]SYLEZIMRWXEPPIH
;MHKIXW
%HHER]SJEZEVMIX]SJQMRMEXYVIETTPMGEXMSRW[MHKIXW
XS]SYV,SQIWGVIIRMRGPYHMRKEGPSGOEQYWMGTPE]IVETMGXYVI
JVEQI+SSKPIWIEVGLFEVETS[IVQEREKIVEGEPIRHIVSJ
YTGSQMRKETTSMRXQIRXWE2I[WERH;IEXLIV[MHKIXERHQSVI
=SYGEREPWSHS[RPSEH[MHKIXWJVSQ%RHVSMH1EVOIX
*SPHIVW
%HHEJSPHIV[LIVI]SYGERSVKERM^I,SQIWGVIIRMXIQW
SVJSPHIVWXLEXGSRXEMREPP]SYVGSRXEGXWGSRXEGXW[MXLTLSRI
RYQFIVWSVWXEVVIHGSRXEGXW=SYVJSPHIVWGSRXIRXWEVIOITXYT
XSHEXIEYXSQEXMGEPP]
8LI&EWMGW
8SQSZIERMXIQSRXLI,SQIWGVIIR
8SYGLERHLSPHXLIMXIQXSQSZIYRXMPMXZMFVEXIW(SRXPMJX
]SYVJMRKIV
(VEKXLIMXIQXSERI[PSGEXMSRSRXLIWGVIIR
4EYWIEXXLIPIJXSVVMKLXIHKISJXLIWGVIIRXSHVEKXLIMXIQ
SRXSERSXLIV,SQIWGVIIRTERI
;LIRXLIMXIQMW[LIVI]SY[ERXMXPMJX]SYVJMRKIV
8SVIQSZIERMXIQ3RXLI,SQIWGVIIR
8SYGLERHLSPHXLIMXIQXSVIQSZIYRXMPMXZMFVEXIW(SRXPMJX
]SYVJMRKIV8LI0EYRGLMGSRGLERKIWXSEXVEWLGER
(VEKXLIMXIQXSXLI8VEWL'ERMGSR
;LIRXLIMGSRXYVRWVIHPMJX]SYVJMRKIV
8SGLERKIXLI,SQIWGVIIR[EPPTETIV
4VIWWXLI
1IRY/I]
XLIRXSYGL
;EPPTETIV
=SYGEREPWSXSYGLERHLSPHERIQTX]WTSXSRXLI,SQI
WGVIIRXLIRXSYGL
;EPPTETIVW
MRXLIQIRYXLEXSTIRW
8SYGL
+EPPIV]
0MZI[EPPTETIVW
SV
;EPPTETIVW
8SYGL
+EPPIV]
XSYWIETMGXYVIXLEX]SYZIXEOIR[MXLXLI
GEQIVESVGSTMIHXS]SYVTLSRIEWE[EPPTETIV=SYGER
GVSTXLITMGXYVIFIJSVIWIXXMRKMXEWE[EPPTETIV;SVOMRK
[MXLTMGXYVIWMWHIWGVMFIHMR
q
+EPPIV]
r
SRTEKI
8SYGL
0MZI[EPPTETIVW
XSSTIREWGVSPPMRKPMWXSJERMQEXIH
[EPPTETIVWMRWXEPPIHSR]SYVTLSRI7SQIPMZI[EPPTETIVW
GLERKIEGGSVHMRKXSXLIXMQISJHE]MRVIWTSRWIXSXSYGLMRK
XLIWGVIIRXIPPXLIXMQISVSJJIVSXLIVMRJSVQEXMSR7SQI
PMZI[EPPTETIVWLEZIE
7IXXMRKW
FYXXSR
8SYGL
;EPPTETIVW
XSSTIREWGVIIRSJ[EPPTETIVMQEKIW
XLEXGSQI[MXLXLITLSRI7PMHIXLIQMRMEXYVIMQEKIWPIJX
ERHVMKLXXSZMI[XLIWEQTPIW8SYGLEWEQTPIXSZMI[E
PEVKIVZIVWMSR
8SYGL
7IX[EPPTETIV
SV
7EZI
8LI&EWMGW
8SVIREQIEJSPHIV
8SYGLXLIJSPHIVMGSRXSSTIRMX
8SYGLERHLSPHXLIJSPHIV[MRHS[WXMXPIFEV
8SYGLXLIGYVVIRXJSPHIVREQIMRXLIHMEPSKFS\XLEX
ETTIEVWXLIRIRXIVXLIRI[JSPHIVREQI
8SYGL
3/
'SRRIGXMRK5YMGOP];MXL=SYV'SRXEGXW
%W]SYFYMPHYT]SYVPMWXSJGSRXEGXWSR]SYVTLSRI]SYGERYWI
5YMGO'SRXEGXJSV%RHVSMHXSUYMGOP]WXEVXEGLEXIQEMPSVXI\X
QIWWEKIXSTPEGIEGEPPSVXSPSGEXI]SYVGSRXEGXW5YMGO'SRXEGX
JSV%RHVSMHMWEWTIGMEPMGSRXLEX]SYGERXSYGLXSSTIRE
GSQQYRMGEXMSRFYFFPI[MXLSTXMSRWJSVUYMGOP]MRMXMEXMRKE
GSRRIGXMSRXSXLEXGSRXEGX
-HIRXMJ]E5YMGO'SRXEGXMGSRF]MXWJVEQI
'SRXEGXWXLEX]SYGEREGGIWW[MXL5YMGO'SRXEGXEVIYWYEPP]
HMWTPE]IH[MXLETMGXYVIJVEQI[MXLXLITIVWSRWMQEKI]SY
WIXSV%RHVSMHMQEKIMJMQEKIMWRSXWIXFYXHMJJIVIRX
ETTPMGEXMSRWQE]HMWTPE]XLIQHMJJIVIRXP]%RI\EQTPISJE
5YMGO'SRXEGXMGSRPSSOWPMOIXLMW
8SYGLE5YMGO'SRXEGXMGSRXSSTIREGSQQYRMGEXMSRFYFFPI
[MXLMGSRWJSVEPPXLI[E]W]SYGERGSQQYRMGEXI[MXLXLI
GSRXEGX
8LIGSQQYRMGEXMSRMGSRWEVIHITIRHIRXSRXLIMRJSVQEXMSR
]SYLEZIWXSVIHJSVXLIGSRXEGX-JXLIVIEVIQSVIMGSRWXLER
GERJMXMRXLIFYFFPIHVEKXLIQPIJXERHVMKLXXSZMI[XLIQEPP
8LI&EWMGW
8SYGLERMGSRXSSTIRMXWETTPMGEXMSR[LIVI]SYGERWXEVX
GSQQYRMGEXMRK[MXL]SYVGSRXEGXVMKLXE[E]
=SYGEREPWSXSYGLERMGSRXSIHMXXLIGSRXEGXWMRJSVQEXMSR
MR'SRXEGXWXSZMI[XLIGSRXEGXWEHHVIWWMR+SSKPI1ETW
ERHWSSRHITIRHMRKSR[LMGLETTPMGEXMSRWERHEGGSYRXW
EVIGSRJMKYVIHSR]SYVTLSRI
=SYGEREHHEWLSVXGYXJSVEGSRXEGXXS]SYV,SQIWGVIIR[LMGL
]SYGERXLIRXSYGLXSSTIR5YMGO'SRXEGXJSV%RHVSMHJSVXLEX
GSRXEGX*SVQSVIMRJSVQEXMSREFSYXEHHMRKWLSVXGYXWXSXLI,SQI
WGVIIRWII
q
'YWXSQM^MRKXLI,SQI7GVIIR
r
SRTEKI
3TXMQM^MRK&EXXIV]0MJI
=SYGERI\XIRH]SYVFEXXIV]WPMJIFIX[IIRGLEVKIWF]XYVRMRKSJJ
JIEXYVIWXLEX]SYHSRXRIIHXSVYRGSRWXERXP]MRXLIFEGOKVSYRH
=SYGEREPWSQSRMXSVLS[ETTPMGEXMSRWERHW]WXIQVIWSYVGIW
GSRWYQIFEXXIV]TS[IV
8SI\XIRHXLIPMJISJ]SYVFEXXIV]
8YVRSJJVEHMSGSQQYRMGEXMSRWXLEX]SYEVIRXYWMRK
-J]SYEVIRXYWMRK;M*M&PYIXSSXLSV+47YWIXLI7IXXMRKW
ETTPMGEXMSRXSXYVRXLIQSJJ7II
q
;MVIPIWWRIX[SVOW
r
SR
TEKIERH
q
0SGEXMSRWIGYVMX]
r
SRTEKI8LI+47
VIGIMZIVMWSRP]XYVRIHSR[LIR]SYVIYWMRKERETTPMGEXMSR
XLEXQEOIWYWISJMX
8YVRHS[RWGVIIRFVMKLXRIWWERHWIXEWLSVXIVWGVIIRXMQISYX
7II
q
7SYRHHMWTPE]WIXXMRKWWGVIIR
r
SRTEKI
-J]SYHSRXRIIHXLIQXYVRSJJEYXSQEXMGW]RGMRKJSV+QEMP
'EPIRHEV'SRXEGXWERHSXLIVETTPMGEXMSRW
7II
q
'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRW
r
SRTEKI
9WIXLI4S[IV'SRXVSP[MHKIXXSGLIGOERHGSRXVSPXLI
WXEXYWSJVEHMSGSQQYRMGEXMSRWXLIHMWTPE]FVMKLXRIWWERH
W]RGMRK
%HHMRK[MHKIXWMWHIWGVMFIHMR
q
'YWXSQM^MRKXLI,SQI
7GVIIR
r
SRTEKI
8LI&EWMGW
8SGLIGOXLIFEXXIV]GLEVKIPIZIP
3RXLI,SQIWGVIIRTVIWWXLI
1IRY/I]
XLIRXSYGL
7IXXMRKW"
WGVSPPXLIWGVIIRYT
"%FSYXTLSRI"7XEXYW
8LIFEXXIV]WXEXYWGLEVKMRKHMWGLEVKMRKERHPIZIPEWE
TIVGIRXEKISJJYPP]GLEVKIHEVIHMWTPE]IHEXXLIXSTSJXLI
WGVIIR
8SQSRMXSVERHGSRXVSP[LEXYWIWXLIFEXXIV]
8LI&EXXIV]9WIWGVIIREPPS[W]SYXSWII[LMGLETTPMGEXMSRWEVI
GSRWYQMRKXLIQSWXFEXXIV]TS[IV-RJSVQEXMSRSRXLMWWGVIIR
EPPS[W]SYXSMHIRXMJ]HS[RPSEHIHETTPMGEXMSRW]SYQE][ERXXS
XYVRSJJ[LIRRSXFIMRKYWIHWS]SYGERKIXXLIQSWXSYXSJ]SYV
FEXXIV]TS[IV
3RXLI,SQIWGVIIRTVIWWXLI
1IRY/I]
XLIRXSYGL
7IXXMRKW"
WGVSPPXLIWGVIIRYT
"%FSYXTLSRI" &EXXIV]YWI
8LIXSTSJXLIWGVIIRHMWTPE]WFEXXIV]YWEKIXMQI)MXLIV
LS[PSRKWMRGIPEWXGSRRIGXIHXSETS[IVWSYVGISVMJ
GSRRIGXIHXSETS[IVWSYVGILS[PSRK]SY[IVIPEWX
VYRRMRKSRFEXXIV]TS[IV
8LIFSH]SJXLIWGVIIRPMWXWETTPMGEXMSRWSVWIVZMGIWYWMRK
FEXXIV]TS[IVJVSQKVIEXIWXEQSYRXXSPIEWX
8SYGLERETTPMGEXMSRMRXLI&EXXIV]9WIWGVIIRXSPIEVR
HIXEMPWEFSYXMXWTS[IVGSRWYQTXMSR
(MJJIVIRXETTPMGEXMSRWSJJIVHMJJIVIRXOMRHWSJMRJSVQEXMSRERH
XLI]QE]IZIRMRGPYHIFYXXSRWXLEXSTIRWIXXMRKW]SYGER
YWIXSVIHYGITS[IVGSRWYQTXMSRF]XLEXETTPMGEXMSR
8LI&EWMGW
'SRRIGXMRKXS1SFMPI2IX[SVOW
;LIR]SYFY]]SYVTLSRIERHWMKRYTJSVWIVZMGI]SYVTLSRIMW
GSRJMKYVIHXSYWI]SYVTVSZMHIVWQSFMPIRIX[SVOWJSVZSMGIGEPPW
ERHJSVXVERWQMXXMRKHEXE
(MJJIVIRXPSGEXMSRWQE]LEZIHMJJIVIRXQSFMPIRIX[SVOWEZEMPEFPI
-RMXMEPP]]SYVTLSRIMWGSRJMKYVIHXSYWIXLIJEWXIWXQSFMPIRIX[SVO
EZEMPEFPIJSVHEXE&YX]SYGERGSRJMKYVI]SYVTLSRIXSYWISRP]E
WPS[IV+RIX[SVOJSVHEXEXSI\XIRHXLIPMJISJ]SYVFEXXIV]
FIX[IIRGLEVKIW=SYGEREPWSGSRJMKYVI]SYVTLSRIXSEGGIWWE
HMJJIVIRXWIXSJRIX[SVOWIRXMVIP]SVXSFILEZIMRWTIGMJMG[E]W
[LIRVSEQMRK
8LIMGSRWMRXLI7XEXYWFEVMRHMGEXI[LMGLOMRHSJHEXERIX[SVO
]SYVIGSRRIGXIHXSERHXLIZSMGIERHHEXERIX[SVOWMKREPWXVIRKXL
;LIR]SYVIGSRRIGXIHXSWPS[IVRIX[SVOW]SYQE][ERXXS
TSWXTSRIYWMRK]SYVTLSRIJSVHEXEMRXIRWMZIXEWOWYRXMP]SYEVI
GSRRIGXIHXSEJEWXIVRIX[SVOEKEMRSVJMRHE;M*MRIX[SVOXS
GSRRIGXXS7II
q
'SRRIGXMRKXS;M*M2IX[SVOW
r
SRTEKI
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'SRRIGXIHXSXLILMKLWTIIH):(3
'SRRIGXIHXSXLI\HEXERIX[SVO
8LIQSVIFEVWEVIPMXXLIWXVSRKIVXLI[MVIPIWWWMKREP
'SRRIGXIHXSERSXLIV[MVIPIWWWIVZMGITVSZMHIV
WRIX[SVOVSEQMRK
8SHMWEFPIHEXE[LIRVSEQMRK
=SYGERTVIZIRX]SYVTLSRIJVSQXVERWQMXXMRKHEXESZIVSXLIV
GEVVMIVWQSFMPIRIX[SVOW[LIR]SYPIEZIEREVIEXLEXMWGSZIVIH
F]]SYVGEVVMIVWRIX[SVOW8LMWMWYWIJYPJSVGSRXVSPPMRKI\TIRWIW
MJ]SYVGIPPTPERHSIWRXMRGPYHIHEXEVSEQMRK
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW";MVIPIWWRIX[SVOW"1SFMPIRIX[SVOW
8SYGL
(EXEVSEQMRK
XSVIQSZIXLIGLIGOQEVOJVSQXLI
FS\
;MXL
(EXEVSEQMRK
YRGLIGOIH]SYGERWXMPPXVERWQMXHEXE
[MXLE;M*MGSRRIGXMSR7II
q
'SRRIGXMRKXS;M*M2IX[SVOW
r
SRTEKI
8SPMQMX]SYVHEXEGSRRIGXMSRXS+RIX[SVOW
=SYGERI\XIRH]SYVFEXXIV]PMJIF]PMQMXMRK]SYVHEXEGSRRIGXMSRW
XS+RIX[SVOW)Z(S;LIR]SYEVIGSRRIGXIHXSE+
RIX[SVO]SYQE][ERXXSTSWXTSRIEGXMZMXMIWXLEXXVERWQMXEPSX
SJHEXEWYGLEWWIRHMRKYTPSEHMRKSVHS[RPSEHMRKTMGXYVIWSV
ZMHISYRXMP]SYEVIGSRRIGXIHXSEJEWXIVQSFMPISVSXLIV[MVIPIWW
RIX[SVO
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW";MVIPIWWRIX[SVOW"1SFMPIRIX[SVOW"
2IX[SVOQSHI
8SYGL
)Z(SSRP]
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'SRRIGXMRKXS;M*M2IX[SVOW
;M*MMWE[MVIPIWWRIX[SVOMRKXIGLRSPSK]XLEXGERTVSZMHI-RXIVRIX
EGGIWWEXHMWXERGIWSJYTXSQIXIVWHITIRHMRKSRXLI;M*M
VSYXIVERH]SYVWYVVSYRHMRKW
8SYWI;M*MSR]SYVTLSRI]SYEGGIWWE[MVIPIWWEGGIWWTSMRXSV
q
LSXWTSX
r
7SQIEGGIWWTSMRXWEVISTIRERH]SYGERWMQTP]
GSRRIGXXSXLIQ3XLIVWEVILMHHIRSVMQTPIQIRXSXLIVWIGYVMX]
JIEXYVIWWS]SYQYWXGSRJMKYVI]SYVTLSRIWSMXGERGSRRIGXXS
XLIQ
8YVRSJJ;M*M[LIR]SYVIRSXYWMRKMXXSI\XIRHXLIPMJISJ]SYV
FEXXIV]
8LI7XEXYWFEVHMWTPE]WMGSRWXLEXMRHMGEXI;M*MWXEXYW
;LIR]SYGSRRIGXXSE;M*MRIX[SVOXLITLSRISFXEMRWERIX[SVO
EHHVIWWERHSXLIVMRJSVQEXMSRMXRIIHWJVSQXLIRIX[SVOYWMRKXLI
(,'4TVSXSGSP8SGSRJMKYVIXLITLSRI[MXLEWXEXMG-4EHHVIWWERH
SXLIVEHZERGIHWIXXMRKWTVIWWXLI
1IRY/I]
XLIRXSYGL
%HZERGIH
7II
q
%HZERGIH;M*MWIXXMRKWWGVIIR
r
SRTEKI
8SXYVR;M*MSRERHGSRRIGXXSE;M*MRIX[SVO
-J]SYVIEHHMRKE;M*MRIX[SVO[LIRJMVWXWIXXMRKYT]SYVTLSRI
;M*MMWXYVRIHSREYXSQEXMGEPP]WS]SYGERWOMTXSWXIT
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW";MVIPIWWRIX[SVOW";M*MWIXXMRKW
8SYGL
;M*M
XSXYVRMXSRERHFIKMRWGERJSVEZEMPEFPI;M*M
RIX[SVOW
0MWXSJEZEMPEFPI;M*MRIX[SVOWMWHMWTPE]IH7IGYVIH
RIX[SVOWEVIMRHMGEXIHF]EPSGOMGSR
-JXLITLSRIJMRHWERIX[SVOXLEX]SYGSRRIGXIHXS
TVIZMSYWP]MXEYXSQEXMGEPP]GSRRIGXWXSMX
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'SRRIGXIHXSXLIJEWXIWXRIX[SVOW
8SYGLERIX[SVOXSGSRRIGXXSMX
-JXLIRIX[SVOMWSTIR]SYEVITVSQTXIHXSGSRJMVQXLEX
]SY[ERXXSGSRRIGXXSXLEXRIX[SVOF]XSYGLMRK
'SRRIGX
-JXLIRIX[SVOMWWIGYVIH]SYVITVSQTXIHXSIRXIVE
TEWW[SVHSVSXLIVGVIHIRXMEPW%WO]SYVRIX[SVO
EHQMRMWXVEXSVJSVHIXEMPW
;LIR]SYVIGSRRIGXIHXSERIX[SVO]SYGERXSYGLMXW
REQIMRXLI;M*MWIXXMRKWWGVIIRJSVHIXEMPWEFSYXXLI
WTIIHWIGYVMX]EHHVIWWERHVIPEXIHWIXXMRKW
8SVIGIMZIRSXMJMGEXMSRW[LIRSTIRRIX[SVOWEVIMRVERKI
&]HIJEYPX[LIR;M*MMWSR]SYVIGIMZIRSXMJMGEXMSRWMRXLI
7XEXYWFEV[LIR]SYVTLSRIHIXIGXWERSTIR;M*MRIX[SVO
8YVRSR;M*MMJMXWRSXEPVIEH]SR
-RXLI;M*MWIXXMRKWWGVIIRXSYGL
2IX[SVORSXMJMGEXMSR
XS
GLIGOQEVOMXWFS\
8SYGLEKEMRVIQSZIWXLIGLIGOQEVOXSWXSTVIGIMZMRK
RSXMJMGEXMSRW
8SEHHE;M*MRIX[SVO
=SYGEREHHE;M*MRIX[SVOWSXLITLSRI[MPPVIQIQFIVMXEPSRK
[MXLER]WIGYVMX]GVIHIRXMEPWERHGSRRIGXXSMXEYXSQEXMGEPP][LIR
MXMWMRVERKI=SYQYWXEPWSEHHE;M*MRIX[SVOXSGSRRIGXXSMX
MJMXHSIWRSXFVSEHGEWXMXWREQI77-(SVXSEHHE;M*MRIX[SVO
[LIR]SYEVISYXSJMXWVERKI
8SNSMREWIGYVIHRIX[SVO]SYRIIHXSGSRXEGXXLIRIX[SVOW
EHQMRMWXVEXSVXSPIEVR[LEXWIGYVMX]WGLIQIMWHITPS]IHSRMXERH
XSSFXEMRXLITEWW[SVHSVSXLIVVIUYMVIHWIGYVMX]GVIHIRXMEPW*SV
QSVIMRJSVQEXMSREFSYXMRWXEPPMRKWIGYVIGIVXMJMGEXIWWII
q
;SVOMRK
;MXL7IGYVI'IVXMJMGEXIW
r
SRTEKI
8YVRSR;M*MMJMXWRSXEPVIEH]SR
-J]SYVIEHHMRKE;M*MRIX[SVO[LIRJMVWXWIXXMRKYT]SYV
TLSRI;M*MMWXYVRIHSREYXSQEXMGEPP]
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
-RXLI;M*MWIXXMRKWWGVIIRXSYGL
%HH ;M*M RIX[SVO
EX
XLIFSXXSQSJXLIPMWXSJHMWGSZIVIHRIX[SVOW
)RXIVXLI77-(REQISJXLIRIX[SVO-JXLIRIX[SVOMW
WIGYVIHXSYGLXLI7IGYVMX]QIRYERHXLIRXSYGLXLIX]TI
SJWIGYVMX]HITPS]IHSRXLIRIX[SVO
)RXIVER]VIUYMVIHWIGYVMX]GVIHIRXMEPW
8SYGL
7EZI
8LITLSRIGSRRIGXWXSXLI[MVIPIWWRIX[SVO%R]
GVIHIRXMEPWXLEX]SYIRXIVIHEVIWEZIHWS]SYEVI
GSRRIGXIHEYXSQEXMGEPP]XLIRI\XXMQI]SYGSQI[MXLMR
VERKISJXLMWRIX[SVO
8S J S V K I X E ; M * M R I X [ S V O
=SYGERQEOIXLITLSRIJSVKIXEFSYXXLIHIXEMPWSJE;M*M
RIX[SVOXLEX]SYEHHIH*SVI\EQTPIMJ]SYHSRX[ERXXLITLSRI
XSGSRRIGXXSMXEYXSQEXMGEPP]SVMJMXMWERIX[SVOXLEX]SYRS
PSRKIVYWI
8YVRSR;M*MMJMXWRSXEPVIEH]SR
-RXLI;M*MWIXXMRKWWGVIIRXSYGLERHLSPHXLIREQISJXLI
RIX[SVO
8SYGL
*SVKIX RIX[SVOW
MRXLIHMEPSKFS\XLEXSTIRW
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'SRRIGXMRKXS&PYIXSSXL(IZMGIW
&PYIXSSXLMWEWLSVXVERKI[MVIPIWWGSQQYRMGEXMSRWXIGLRSPSK]XLEX
HIZMGIWGERYWIXSI\GLERKIMRJSVQEXMSRSZIVEHMWXERGISJEFSYX
QIXIVW8LIQSWXGSQQSR&PYIXSSXLHIZMGIWEVILIEHTLSRIWJSV
QEOMRKGEPPWSVPMWXIRMRKXSQYWMGLERHWJVIIOMXWJSVGEVWERHSXLIV
TSVXEFPIHIZMGIWMRGPYHMRKPETXSTWERHGIPPTLSRIW
8LIVIEVIWIZIVEP&PYIXSSXLTVSJMPIWXLEXHIJMRIXLIJIEXYVIWERH
GSQQYRMGEXMSRWWXERHEVHWJSV&PYIXSSXLHIZMGIW*SVEPMWXSJXLI
TVSJMPIWWYTTSVXIHF]]SYVTLSRIWII
q
7TIGMJMGEXMSRW
r
SRTEKI
8SGSRRIGXXSE&PYIXSSXLHIZMGI]SYQYWXXYVRSR]SYVTLSRIW
&PYIXSSXLVEHMS8LIJMVWXXMQI]SYYWIERI[HIZMGI[MXL]SYV
TLSRI]SYQYWX
q
TEMV
r
XLIQWSXLEXXLI]ORS[LS[XSGSRRIGX
WIGYVIP]XSIEGLSXLIV%JXIVXLEX]SYGERWMQTP]GSRRIGXXSE
TEMVIHHIZMGI
8YVRSJJ&PYIXSSXL[LIR]SYVIRSXYWMRKMXXSI\XIRHXLIPMJISJ
]SYVFEXXIV]FIX[IIRGLEVKIW=SYQE]EPWSFIVIUYMVIHXSXYVR
&PYIXSSXLSJJMRWSQIPSGEXMSRW&PYIXSSXLMWXYVRIHSJJMR%MVTPERI
QSHI
8LI7XEXYWFEVHMWTPE]WMGSRWXLEXMRHMGEXI&PYIXSSXLWXEXYW
8SXYVR&PYIXSSXLSRSVSJJ
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW";MVIPIWWRIX[SVOW
8SYGL
&PYIXSSXL
XSXYVRSRSVSJJ'LIGOQEVOMRHMGEXIW
JYRGXMSREPMX]MWSR
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
&PYIXSSXLMWSR
'SRRIGXIHXSE&PYIXSSXLHIZMGI
8SGLERKI]SYVTLSRItW&PYIXSSXLREQI
=SYVTLSRILEWEKIRIVMG&PYIXSSXLREQIF]HIJEYPX[LMGLMW
ZMWMFPIXSSXLIVHIZMGIW[LIR]SYGSRRIGXXLIQ=SYGERGLERKI
XLIREQIWSXLEXMXMWQSVIVIGSKRM^EFPI
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW";MVIPIWWRIX[SVOW"&PYIXSSXLWIXXMRKW
-J&PYIXSSXLMWSJJXSYGL
&PYIXSSXL
XSXYVRMXSR
8SYGL
(IZMGI REQI
IRXIVEREQIERHXSYGL
3/
8STEMV]SYVTLSRI[MXLE&PYIXSSXLHIZMGI
=SYQYWXTEMV]SYVTLSRI[MXLERSXLIVHIZMGIFIJSVI]SYGER
GSRRIGXXSMX=SYRIIHXSHSXLMWSRP]XLIJMVWXXMQIXLEX]SY
GSRRIGXXSEHIZMGI
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW";MVIPIWWRIX[SVOW"&PYIXSSXLWIXXMRKW
-J&PYIXSSXLMWSJJXSYGL
&PYIXSSXL
XSXYVRMXSR
=SYVTLSRIWGERWJSVERHHMWTPE]WXLI-(WSJEPPEZEMPEFPI
&PYIXSSXLHIZMGIWMRVERKI
-JXLIHIZMGI]SY[ERXXSTEMV[MXLMWRXMRXLIPMWXXSYGL
(MWGSZIVEFPI
XSWIX]SYVTLSRIXSFIVIGSKRM^IHF]XLI
HIZMGI]SY[ERXXSTEMV
-J]SYVTLSRIWXSTWWGERRMRKFIJSVI]SYQEOIXLISXLIV
HIZMGIHMWGSZIVEFPIXSYGL
7GERJSVHIZMGIW
8SYGLXLI-(SJXLIHIZMGI]SY[ERXXSTEMV[MXL]SYVTLSRI
8LIHIZMGIWTEMV[MXLIEGLSXLIV
-J]SYVITVSQTXIHXSIRXIVETEWWGSHIXV]IRXIVMRK
SVXLIQSWXGSQQSRTEWWGSHIWSVGSRWYPXXLI
HSGYQIRXEXMSRXLEXGEQI[MXLXLIHIZMGIXSPIEVRMXW
TEWWGSHI
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
-JXLITEMVMRKMWWYGGIWWJYP]SYVTLSRIGSRRIGXWXSXLI
HIZMGI
8SGSRRIGXXSE&PYIXSSXLHIZMGI
3RGITEMVIH]SYGERGSRRIGXXSE&PYIXSSXLHIZMGIEWRIIHIH
*SVI\EQTPI[LIR]SY[ERXXSW[MXGLHIZMGIWSVVIGSRRIGX
[LIRXLITLSRIERHHIZMGIGSQIFEGOMRXSVERKI
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW";MVIPIWWRIX[SVOW"&PYIXSSXLWIXXMRKW
-J&PYIXSSXLMWSJJXSYGL
&PYIXSSXL
XSXYVRMXSR
-RXLIPMWXSJ&PYIXSSXLHIZMGIWXSYGLETEMVIHFYX
YRGSRRIGXIHHIZMGIMRXLIPMWX
-JXLIHIZMGI]SYI\TIGXIHMWRXHMWTPE]IHXSYGL
7GERJSV
HIZMGIW
;LIRXLITLSRIERHXLIHIZMGIEVIGSRRIGXIHXLIHIZMGI
MWHMWTPE]IHEWGSRRIGXIHMRXLIPMWX
8SGSRJMKYVIXLI&PYIXSSXLJIEXYVIW]SY[ERXXSYWI
7SQI&PYIXSSXLHIZMGIWLEZIQYPXMTPITVSJMPIW4VSJMPIWGER
MRGPYHIWXLIEFMPMX]XSXVERWQMX]SYVTLSRIGSRZIVWEXMSRWXSTPE]
QYWMGMRWXIVISSVXSXVERWJIVJMPIWSVSXLIVHEXE=SYGERWIPIGX
[LMGLTVSJMPIW]SY[ERXXSYWI[MXL]SYVTLSRI
8SYGLERHLSPHXLIHIZMGIPMWXIHMRXLI&PYIXSSXLWIXXMRKW
WGVIIR
8SYGL
3TXMSRW
MRXLIQIRYXLEXSTIRW
%WGVIIRSTIRW[MXLEPMWXSJXLIHIZMGIWTVSJMPIW
8SYGLETVSJMPIXSGLIGOQEVOMXXSFIYWIHSVXSYGLEKEMRXS
YRGLIGOXSI\GPYHIMX
;LIR]SYVIJMRMWLIHXSYGLXLI
&EGO/I]
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SHMWGSRRIGXJVSQE&PYIXSSXLHIZMGI
8SYGLXLIHIZMGIMRXLI&PYIXSSXLWIXXMRKWWGVIIR
8SYGL
3/
XSGSRJMVQXLEX]SY[ERXXSHMWGSRRIGX
8SYRTEMVE&PYIXSSXLHIZMGI
=SYGERYRTEMVE&PYIXSSXLHIZMGIERHIVEWIEPPTEMVMRKMRJSVQEXMSR
EFSYXMX
8SYGLERHLSPHXLIHIZMGIPMWXIHMRXLI&PYIXSSXLWIXXMRKW
WGVIIR
8SYGL
9RTEMV
SV
(MWGSRRIGXERHYRTEMV
MRXLIQIRYXLEX
STIRW
'SRRIGXMRKXSE'SQTYXIVZME97&
=SYGERGSRRIGX]SYVTLSRIXSEGSQTYXIV[MXLE97&GEFPIXS
XVERWJIVQYWMGTMGXYVIWERHSXLIVJMPIWFIX[IIR]SYVTLSRIW
QMGVS7(GEVHERHXLIGSQTYXIV
;%62-2+
;LIRGSRRIGXMRK]SYVTLSRIXSEGSQTYXIVERHQSYRXMRKMXWQMGVS7(GEVH
]SYQYWXJSPPS[]SYVGSQTYXIVWMRWXVYGXMSRWJSVGSRRIGXMRKERH
HMWGSRRIGXMRK97&HIZMGIWXSEZSMHHEQEKMRKSVGSVVYTXMRKXLIJMPIWSR
]SYVQMGVS7(GEVH
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SGSRRIGX]SYVTLSRIXSEGSQTYXIVZME97&
9WIXLI97&GEFPIXLEXGEQI[MXL]SYVTLSRIXSGSRRIGX
XLITLSRIXSE97&TSVXSR]SYVGSQTYXIV
=SYVIGIMZIERSXMJMGEXMSRXLEXXLI97&MWGSRRIGXIH
3TIRXLI2SXMJMGEXMSRWTERIPERHXSYGL
97&GSRRIGXIH
*SVHIXEMPWSR[SVOMRK[MXLXLI2SXMJMGEXMSRWTERIPWII
q
1EREKMRK2SXMJMGEXMSRW
r
SRTEKI
8SYGL
1SYRX
MRXLIHMEPSKFS\XLEXSTIRWXSGSRJMVQXLEX
]SY[ERXXSXVERWJIVJMPIW
;LIRXLITLSRIMWGSRRIGXIHEW97&WXSVEKI]SYVIGIMZI
ERSXMJMGEXMSR
=SYTLSRIWQMGVS7(GEVHMWQSYRXIHEWEHVMZISR]SYV
GSQTYXIV=SYGERRS[GST]JMPIWXSERHJVSQXLI
QMGVS7(GEVH*SVQSVIMRJSVQEXMSRWIIXLI
HSGYQIRXEXMSRJSV]SYVGSQTYXIV
(YVMRKXLMWXMQI]SYGERXEGGIWWXLIQMGVS7(GEVHJVSQ
]SYVTLSRIWS]SYGERXYWIETTPMGEXMSRWXLEXVIP]SRXLI
QMGVS7(GEVHWYGLEW'EQIVE+EPPIV]ERH1YWMG
8SHMWGSRRIGX]SYVTLSRIJVSQXLIGSQTYXIV
;%62-2+
'EVIJYPP]JSPPS[]SYVGSQTYXIVWMRWXVYGXMSRWXSYRQSYRXXLI
QMGVS7(GEVHERHHMWGSRRIGX97&HIZMGIWGSVVIGXP]XSEZSMH
PSWMRKMRJSVQEXMSRSRXLIGEVH
9RQSYRXXLIQMGVS7(GEVHSR]SYVGSQTYXIV
3TIRXLI2SXMJMGEXMSRWTERIPXLIRXSYGL
8YVRSJJ97&
WXSVEKI
8SYGL
8Y VR S JJ
MRXLIHMEPSKFS\XLEXSTIRW
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SWEJIP]VIQSZIXLIQMGVS7(GEVHJVSQ]SYVTLSRI
=SYGERWEJIP]VIQSZIXLIQMGVS7(GEVHJVSQ]SYVTLSRIER]
XMQIXLITLSRIMWXYVRIHSJJ-J]SYRIIHXSVIQSZIXLIQMGVS7(
GEVH[LMPIXLITLSRIMWSR]SYQYWXYRQSYRXXLIWXSVEKIGEVH
JVSQXLITLSRIJMVWXXSTVIZIRXGSVVYTXMRKSVHEQEKMRKXLI
WXSVEKIGEVH
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW "
WGVSPPXLIWGVIIRYT
"7(GEVHTLSRI
WXSVEKI
8SYGL
9YQSYRX 7(GEVH
=SYGERRS[WEJIP]VIQSZIXLIQMGVS7(GEVHJVSQXLITLSRI
8SJSVQEXEQMGVS7(GEVH
-J]SYTYVGLEWIERI[QMGVS7(GEVH]SYQE]RIIHXSJSVQEXMX
FIJSVI]SYGERYWIMX[MXL]SYVTLSRI=SYGEREPWSJSVQEXE
QMGVS7(GEVHXSIVEWIMXWGSRXIRXW
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW "
WGVSPPXLIWGVIIRYT
"7(GEVHTLSRI
WXSVEKI
238)
=SYGERSRP]JSVQEXEQMGVS7(GEVHSRP][LIRMXMWYRQSYRXIH-J
RIGIWWEV]XSYGL9RQSYRX7( GEVH FIJSVITVSGIIHMRK
8SYGL
*SVQEX 7(GEVH
8SYGL
*SVQEX7(GEVH
SRXLI[EVRMRKWGVIIRXSJSVQEX
XLI7(GEVH
36
8SYGLXLI
&EGO/I]
XSI\MX7(GEVHJSVQEX
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'SRRIGXMRKXS:MVXYEP4VMZEXI2IX[SVOW
:MVXYEPTVMZEXIRIX[SVOW:42WEPPS[]SYXSGSRRIGXXSXLI
VIWSYVGIWMRWMHIEWIGYVIHPSGEPRIX[SVOJVSQSYXWMHIXLEX
RIX[SVO:42WEVIGSQQSRP]HITPS]IHF]GSVTSVEXMSRWWGLSSPW
ERHSXLIVMRWXMXYXMSRWWSXLEXXLIMVYWIVWGEREGGIWWPSGEPRIX[SVO
VIWSYVGIW[LIRRSXSRGEQTYWSV[LIRGSRRIGXIHXSE[MVIPIWW
RIX[SVO
8LIVIEVIRYQIVSYWW]WXIQWJSVWIGYVMRK:42GSRRIGXMSRW
MRGPYHMRKWSQIXLEXVIP]SRWIGYVIGIVXMJMGEXIWSVSXLIVWGLIQIWXS
IRWYVIXLEXSRP]EYXLSVM^IHYWIVWGERGSRRIGX*SVMRJSVQEXMSR
EFSYXMRWXEPPMRKWIGYVIGIVXMJMGEXIWWII
q
;SVOMRK;MXL7IGYVI
'IVXMJMGEXIW
r
SRTEKI
8SGSRJMKYVI:42EGGIWWJVSQ]SYVTLSRI]SYQYWXSFXEMRXLI
HIXEMPWJVSQ]SYVRIX[SVOEHQMRMWXVEXSV
8SEHHE:42
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW";MVIPIWWRIX[SVOW":42WIXXMRKW
8SYGL
%HH:42
8SYGLXLIX]TISJ:42XSEHH
-RXLIWGVIIRXLEXSTIRWJSPPS[XLIMRWXVYGXMSRWJVSQ]SYV
RIX[SVOEHQMRMWXVEXSVXSGSRJMKYVIIEGLGSQTSRIRXSJXLI
:42WIXXMRKW
4VIWWXLI
1IRY/I]
XLIRXSYGL
7EZI
8LI:42MWEHHIHXSXLIPMWXSRXLI:42WIXXMRKWWGVIIR
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SGSRRIGXXSE:42
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW";MVIPIWWRIX[SVOW":42WIXXMRKW
8LI:42W]SYZIEHHIHEVIPMWXIHSRXLI:42WIXXMRKW
WGVIIR
8SYGLXLI:42XS[LMGL]SY[ERXXSGSRRIGX
-RXLIHMEPSKFS\XLEXSTIRWIRXIVER]VIUYIWXIHGVIHIRXMEPW
ERHXSYGL
'SRRIGX
;LIR]SYVIGSRRIGXIHXSE:42]SYVIGIMZIERSRKSMRK
RSXMJMGEXMSRMRXLI7XEXYWFEV
-J]SYEVIHMWGSRRIGXIH]SYVIGIMZIERSXMJMGEXMSRXLEX]SY
GERYWIXSVIXYVRXSXLI:24WIXXMRKWWGVIIRWSXLEX]SY
GERVIGSRRIGXXSMX7II
q
1EREKMRK2SXMJMGEXMSRW
r
SRTEKI
8SHMWGSRRIGXJVSQE:42
3TIRXLI2SXMJMGEXMSRWTERIPXLIRXSYGLXLISRKSMRK
RSXMJMGEXMSRJSVXLI:42GSRRIGXMSR
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
;SVOMRK;MXL7IGYVI'IVXMJMGEXIW
-J]SYVSVKERM^EXMSRW:42SV;M*MRIX[SVOVIPMIWSRWIGYVI
GIVXMJMGEXIW]SYQYWXSFXEMRXLIGIVXMJMGEXIWERHWXSVIXLIQMR]SYV
TLSRIWWIGYVIGVIHIRXMEPWXSVEKIFIJSVI]SYGERGSRJMKYVIEGGIWW
XSXLEX:42SV;M*MRIX[SVOSR]SYVTLSRI
-J]SYVRIX[SVOEHQMRMWXVEXSVMRWXVYGXW]SYXSHS[RPSEHXLI
GIVXMJMGEXIWJVSQE[IFWMXI]SYEVITVSQTXIHXSWIXETEWW[SVHJSV
XLIGVIHIRXMEPWXSVEKI[LIR]SYHS[RPSEHXLIGIVXMJMGEXIW
*SVQSVIMRJSVQEXMSREFSYX[SVOMRK[MXLGVIHIRXMEPWXSVEKIWII
q
0SGEXMSRWIGYVMX]
r
SRTEKI
8SMRWXEPPEWIGYVIGIVXMJMGEXIJVSQXLIQMGVS7(GEVH
'ST]XLIGIVXMJMGEXIJVSQ]SYVGSQTYXIVXSXLIVSSXSJXLI
QMGVS7(GEVHXLEXMWRSXMREJSPHIV
7II
q
'SRRIGXMRKXSE'SQTYXIVZME97&
r
SRTEKIJSV
MRJSVQEXMSREFSYXGSRRIGXMRK]SYVTLSRIXSEGSQTYXIVERH
GST]MRKJMPIWXSXLIQMGVS7(GEVH
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
1IRY/I]
8SYGL
7IXXMRKW"0SGEXMSRWIGYVMX]
7GVSPPXLIWGVIIRYTXLIRXSYGL
-RWXEPPJVSQ7(GEVH
8SYGLXLIJMPIREQISJXLIGIVXMJMGEXIXSMRWXEPP
3RP]XLIREQIWSJGIVXMJMGEXIWXLEX]SYLEZIRSXEPVIEH]
MRWXEPPIHSR]SYVTLSRIEVIHMWTPE]IH
-JTVSQTXIHIRXIVXLIGIVXMJMGEXIWTEWW[SVHXLIRXSYGL
3/
)RXIVEREQIJSVXLIGIVXMJMGEXIERHXSYGL
3/
-J]SYLEZIRSXEPVIEH]WIXETEWW[SVHJSV]SYVTLSRIW
GVIHIRXMEPWXSVEKI]SYVITVSQTXIHXSIRXIVETEWW[SVHJSV
MXX[MGIXLIRXSYGL
3/
*SVQSVIMRJSVQEXMSREFSYX
GVIHIRXMEPWXSVEKIWII
q
0SGEXMSRWIGYVMX]
r
SRTEKI
=SYGERRS[YWIXLIGIVXMJMGEXIXLEX]SYMRWXEPPIH[LIR
GSRRIGXMRKXSEWIGYVIRIX[SVO*SVWIGYVMX]XLIGIVXMJMGEXI
MWHIPIXIHJVSQXLIQMGVS7(GEVH
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
4PEGMRKERH)RHMRK'EPPW
=SYGERTPEGIGEPPWYWMRKXLI4LSRIETTPMGEXMSR;MXLMRXLI4LSRI
ETTPMGEXMSRXLIVIEVIJSYVXEFWEWWSGMEXIH[MXLGEPPMRK=SYGERHMEP
GEPPWQERYEPP]YWMRKXLI
4LSRI
XEF=SYGERHMEPJVSQ]SYVTLSRIW
QIQSV]YWMRKXLI
'EPPPSK
XEFWII;SVOMRK[MXLXLI'EPP0SKSR
TEKI
'SRXEGXW
XEFWII'SQQYRMGEXMRK[MXL=SYV'SRXEGXWSR
TEKISV
*EZSVMXIW
XEF'SQQYRMGEXMRK[MXL=SYV'SRXEGXWSR
TEKI
8SSTIRXLI4LSRIETTPMGEXMSR
8SYGLXLI4LSRIMGSR SRXLI,SQIWGVIIR5YMGOOI]SVMR
XLI0EYRGLWGVIIR
36
-J]SYVIEPVIEH][SVOMRK[MXL'SRXEGXW'EPPPSKSV
*EZSVMXIWXSYGLXLI
4LSRI
XEF
36
4VIWWXLI7IRHOI]?WIRHOI]KVETLMGAXLIRXSYGL
4LSRI
XEF
8STPEGIEGEPPF]HMEPMRK
3TIRXLI4LSRIETTPMGEXMSR4LSRIXEF
4PEGMRKERH6IGIMZMRK'EPPW
8SYGLERHLSPHXSIRXIVJSV
MRXIVREXMSREPGEPPW
8SYGLXSIVEWIEHMKMX8SYGLERHLSPH
XSIVEWIXLIIRXMVIRYQFIV
8SYGLXLIOI]WSRXLI
4LSRI
XEFXSIRXIVXLITLSRI
RYQFIV
-J]SYIRXIVE[VSRKRYQFIVXSYGL XSIVEWIHMKMXWSRI
F]SRI
8SIVEWIXLIIRXMVIRYQFIVXSYGLERHLSPH
8SHMEPERMRXIVREXMSREPRYQFIVXSYGLERHLSPHXLI
OI]
XSIRXIVXLITPYW
W]QFSP8LIRIRXIVXLIMRXIVREXMSREP
TVIJM\JSVXLIGSYRXV]JSPPS[IHF]XLIJYPPTLSRIRYQFIV
8SYGLXLIKVIIR
'EPP
FYXXSR XSHMEPXLIRYQFIVXLEX]SY
IRXIVIH
=SYGERSTIRSXLIVETTPMGEXMSRWHYVMRKEGEPP*SVI\EQTPI
XSPSSOYTMRJSVQEXMSRYWMRKXLI&VS[WIV8LIKVIIRTLSRI
MGSRETTIEVWMRXLI7XEXYWFEV[LMPIXLIGEPPMWYRHIV[E]
4VIWWXLI
:SPYQI 9T(S[R
OI]XSEHNYWXXLIGEPPZSPYQI
9WIXLISRWGVIIRFYXXSRWXSTPEGIXLIGYVVIRX'EPPXSEHH
EGEPPIVERHJSVSXLIVSTXMSRWEWHIWGVMFIHMR
q
3TXMSRW
(YVMRKE'EPP
r
SRTEKI
8SIRHEGEPP
8SYGLXLI
)RH
FYXXSR
238)
-J]SYSTIRIHSXLIVETTPMGEXMSRW[LMPISREGEPPTVIWWXLI7IRHOI]
XSVIHMWTPE]XLI4LSRIOI]TEH
4PEGMRKERH6IGIMZMRK'EPPW
-RJSVQEXMSRJVSQ'SRXEGXWEFSYXXLI
TIVWSR]SY
VIGEPPMRK
8LIHYVEXMSRSJXLIGEPP
8SYGLXSIRXIVEHHMXMSREPRYQFIVW
HYVMRK]SYVGEPP
8SHMWEFPITLSRIGEPPW%MVTPERIQSHI
7SQIPSGEXMSRWQE]VIUYMVI]SYXSXYVRSJJ]SYVTLSRIW[MVIPIWW
GSRRIGXMSRWF]TPEGMRK]SYVTLSRIMR%MVTPERIQSHI
4VIWWERHLSPHXLI
4S[IV0SGO/I]
8SYGL
%MVTPERIQSHI
=SYGEREPWSYWIXLI7IXXMRKWETTPMGEXMSRXSXYVR%MVTPERI
QSHISRERHSJJERHXSGSRJMKYVISXLIVQSFMPIERHRIX[SVO
WIXXMRKW7II
q
;MVIPIWWRIX[SVOW
r
SRTEKI
%RW[IVMRKSV6INIGXMRK'EPPW
;LIR]SYVIGIMZIETLSRIGEPPXLI-RGSQMRK'EPPWGVIIRSTIRW
[MXLXLIGEPPIV-(ERHER]EHHMXMSREPMRJSVQEXMSREFSYXXLIGEPPIVXLEX
]SYLEZIIRXIVIHMR'SRXEGXW7II
q
'SRXEGXW
r
SRTEKI
%PPMRGSQMRKGEPPWEVIVIGSVHIHMRXLI'EPPPSK7II
q
;SVOMRK[MXL
XLI'EPPPSK
r
SRTEKI-J]SYQMWWEGEPP]SYVIGIMZIE
RSXMJMGEXMSR7II
q
1EREKMRK2SXMJMGEXMSRW
r
SRTEKI
8S E R W [ I V E G E P P
(VEKXLIKVIIR
%RW[IV
FYXXSRXSXLIVMKLX
-J]SY[IVIEPVIEH]SREGEPPXLIJMVWXGEPPMWTPEGIHSRLSPH
[LMPI]SYERW[IVXLIRI[GEPP
8SWMPIRGIXLIVMRKIVFIJSVIERW[IVMRKXLIGEPPTVIWWXLI
:SPYQI(S[R
OI]
4PEGMRKERH6IGIMZMRK'EPPW
(VEKXLIKVIIR%RW[IV FYXXSRXSXLI
VMKLXXSERW[IVXLIGEPP
8SHIGPMRIEGEPPERHHMZIVXMXXSZSMGIQEMP
(VEKXLIVIH
6INIGXGEPP
FYXXSRXSXLIPIJX
8LIGEPPIVMWWIRXHMVIGXP]XS]SYVZSMGIQEMPFS\XSPIEZIE
QIWWEKI
;SVOMRK[MXLXLI'EPP0SK
8LI'EPPPSKMWEPMWXSJEPPXLIGEPPW]SYZITPEGIHVIGIMZIHSV
QMWWIH-XSJJIVWEGSRZIRMIRX[E]XSVIHMEPERYQFIVVIXYVREGEPP
SVEHHERYQFIVXS]SYV'SRXEGXW
8S S T I R X L I ' E P P P S K
4VIWWXLI7IRHOI]
3VMJ]SYLEZIXLI
4LSRI'SRXEGXW
SV
*EZSVMXIW
XEFSTIR
XSYGLXLI
'EPP PSK
XEF
'EPPWEVIPMWXIH[MXLXLIQSWXVIGIRXEXXLIXST7GVSPPXS
ZMI[IEVPMIVIRXVMIWMRXLIPSK
4PEGMRKERH6IGIMZMRK'EPPW
(VEKXLIVIH6INIGXGEPP FYXXSRXSXLI
PIJXXSVINIGXXLIGEPPERHWIRHXS
ZSMGIQEMP
8SYGLXSGEPPFEGO
3YXKSMRKGEPP
1MWWIHGEPP
-RGSQMRKGEPP
8SYGLERHLSPHERIRXV]JSVQSVISTXMSRW
8SHMEPERYQFIVMRXLI'EPPPSK
8SYGLXLIKVIIR
(MEP
FYXXSR EXXLIVMKLXSJXLIIRXV]
=SYGEREPWSXSYGLERHLSPHXLIIRXV]XSSTIREQIRY[MXL
STXMSRWJSVGSQQYRMGEXMRK[MXLXLEXGSRXEGXMRSXLIV[E]W
8SEHHERIRXV]tWRYQFIVXS]SYV'SRXEGXW
8SYGLERHLSPHXLIIRXV]
8SYGL
%HHXSGSRXEGXW
MRXLIQIRYXLEXSTIRW
-RXLIPMWXSJGSRXEGXWXLEXSTIRWXSYGL
'VIEXIRI[GSRXEGX
EXXLIXSTSVWGVSPPXSJMRHXLIRXSYGLERI\MWXMRKGSRXEGXXS
[LMGL]SY[ERXXSEHHXLIRYQFIV
*SVQSVIMRJSVQEXMSREFSYXGVIEXMRKERHIHMXMRKGSRXEGXW
WII
q
'SRXEGXW
r
SRTEKI
8SXEOISXLIVEGXMSRWSRE'EPPPSKIRXV]
8SYGLE'EPPPSKIRXV]XSSTIREWGVIIR[LIVI]SYGERGEPP
XLIGSRXEGXEKEMRWIRHXLIGSRXEGXEQIWWEKIEHHXLI
RYQFIVXS]SYV'SRXEGXWERHPIEVRQSVIEFSYXXLISVMKMREP
GEPP
8SYGLERHLSPHE'EPPPSKIRXV]XSSTIREQIRY[LIVI]SY
GERGEPPXLIGSRXEGXZMI[GSRXEGXMRJSVQEXMSRIHMXXLI
RYQFIVFIJSVI]SYVIHMEPERHQSVI
8SGPIEVXLI'EPPPSK
;LMPIZMI[MRKXLI'EPPPSKTVIWWXLI
1IRY/I]
XLIR
XSYGL
(IPIXI'EPP0SKW
=SYGEREPWSXSYGLERHLSPHERIRXV]MRXLIPSK-RXLIQIRY
XLEXSTIRWXSYGL
6IQSZIJVSQGEPPPSK
XSVIQSZINYWXXLEX
IRXV]JVSQXLIPSK
4PEGMRKERH6IGIMZMRK'EPPW
'EPPMRK=SYV'SRXEGXW
-RWXIEHSJQERYEPP]HMEPMRKTLSRIRYQFIVWYWMRKXLI
4LSRI
XEF
]SYGERWIPIGXTLSRIRYQFIVWXSHMEPEYXSQEXMGEPP]
=SYGEREPWSUYMGOP]GEPPEGSRXEGXF]YWMRK5YMGO'SRXEGX7II
q
'SRRIGXMRK5YMGOP];MXL=SYV'SRXEGXW
r
SRTEKI
%HHMRKIHMXMRKERHTIVJSVQMRKSXLIVXEWOW[MXL]SYVGSRXEGXWMW
HIWGVMFIHMR
q
'SRXEGXW
r
SRTEKI-J]SYLEZIGSRXEGXWSRXLI
[IFXLI]VIW]RGLVSRM^IH[MXL]SYVTLSRI[LIR]SYJMVWXGSRRIGX
XS]SYV+SSKPI%GGSYRX
8SGEPPEGSRXEGX
3TIR]SYV'SRXEGXWETTPMGEXMSR
*SVI\EQTPISRXLI,SQIWGVIIRXSYGLXLI'SRXEGXWMGSR
3VXSYGLXLI
'SRXEGXW
XEFMRXLI4LSRIETTPMGEXMSR
8SYGLXLIGSRXEGXXSGEPP
=SYGERWIEVGLJSVSVWGVSPPXSJMRHEGSRXEGX
8SYGLXLITLSRIRYQFIVXSYWIXSGEPPXLIGSRXEGX
7II
q
'SQQYRMGEXMRK[MXL]SYVGSRXEGXW
r
SRTEKIJSV
QSVISTXMSRW
8SGEPPEJEZSVMXIGSRXEGX
3TIR]SYV*EZSVMXIWETTPMGEXMSR
*SVI\EQTPISRXLI,SQIWGVIIRXSYGLXLI'SRXEGXWMGSR
XLIRXSYGLXLI
*EZSVMXIW
XEF
8LIPMWXSJ]SYVJEZSVMXIGSRXEGXWMWJSPPS[IHF]EPMWXSJXLI
RYQFIVWXLEX]SYGEPPQSWXSJXIR
=SYGEREHHERHVIQSZIJEZSVMXIWF]XSYGLMRKXLIWXEVRI\X
XSXLIMVREQIW[LMPI]SYVIZMI[MRKMRJSVQEXMSREFSYXXLI
GSRXEGX7II
q
%HHMRKE'SRXEGXXS=SYV*EZSVMXIW
r
SRTEKI
8SYGLXLIJEZSVMXIXSGEPP
8SYGLXLITLSRIRYQFIVXSYWIXSGEPPXLIGSRXEGX
4PEGMRKERH6IGIMZMRK'EPPW
0MWXIRMRKXS=SYV:SMGIQEMP
;LIR]SYLEZIERI[ZSMGIQEMPQIWWEKIXLIZSMGIQEMPMGSR
ETTIEVWMRXLI7XEXYWFEV-J]SYLEZIRSXWIXYT]SYVZSMGIQEMP
RYQFIVSVMJ]SYRIIHXSGLERKIMX]SYGERHSXLEX[MXLXLI'EPP
WIXXMRKW7II
q
'EPPWIXXMRKW
r
SRTEKI
8SPMWXIRXS]SYVZSMGIQEMP
3TIRXLI2SXMJMGEXMSRWTERIPERHXSYGL
2I[ZSMGIQEMP
6IWTSRHMRKXSRSXMJMGEXMSRWMWHIWGVMFIHMR
q
1EREKMRK
2SXMJMGEXMSRW
r
SRTEKI
36
3TIRXLI4LSRIETTPMGEXMSRERHXSYGLXLIZSMGIQEMPFYXXSR
SRXLI
4LSRI
XEF3TIRMRKXLI4LSRIETTPMGEXMSRMW
HIWGVMFIHMR
q
4PEGMRKERH)RHMRK'EPPW
r
SRTEKI8]TMGEPP]
]SYVGEVVMIVWZSMGIQEMPW]WXIQKYMHIW]SYXLVSYKLXLI
TVSGIWWSJPMWXIRMRKXSERHQEREKMRK]SYVZSMGIQEMP8LI
JMVWXXMQI]SYGEPP]SYVZSMGIQEMPMXEPWSKYMHIW]SYXLVSYKL
XLITVSGIWWSJVIGSVHMRKKVIIXMRKWWIXXMRKETEWW[SVHERH
WSSR
(MEPMRKF]:SMGI
=SYGERWIEVGLJSVERHHMEPEGSRXEGXF]WTIEOMRKVEXLIVXLERF]
YWMRKXLI
4LSRI
XEFSVXSYGLMRKEGSRXEGXWRYQFIV
8STPEGIEGEPPF]WTIEOMRK
=SYGERGEPPEGSRXEGXF]YWMRK+SSKPIWIEVGLF]ZSMGI
8SYGLERHLSPHXLI
7IEVGL/I]
=SYVITVSQTXIHXSWTIEO
7E]
q
'EPP
r
JSPPS[IHF]XLIREQISJXLIGSRXEGXXSGEPP
-J+SSKPIWIEVGLF]ZSMGIJMRHWEQEXGLMXHMEPWXLI
GSRXEGXWHIJEYPXRYQFIV
*SVHIXEMPWEFSYXWIXXMRKEGSRXEGXWHIJEYPXRYQFIVWII
q
)HMXMRK'SRXEGX(IXEMPW
r
SRTEKI
4PEGMRKERH6IGIMZMRK'EPPW
3TXMSRW(YVMRKE'EPP
;LIREGEPPMWMRTVSKVIWW]SYGERTYXEGEPPSRLSPHGVIEXIE
TLSRIGSRJIVIRGIQYXI]SYVQMGVSTLSRIERHQSVI7II
q
1EREKMRK1YPXMTPI'EPPW
r
SRTEKI
8SQYXIXLIQMGVSTLSRIHYVMRKEGEPP
8SYGLXLI
1YXI
FYXXSR
8LI1YXIFYXXSRPMKLXWYTKVIIRXSMRHMGEXIXLEXXLI
QMGVSTLSRIMWQYXIH
8LI1YXIMGSRETTIEVWMRXLI7XEXYWFEVXSVIQMRH]SYXLEX
XLIQMGVSTLSRIMWXYVRIHSJJ
;LIRZMI[MRKXLIGYVVIRXGEPPWGVIIR]SYGERYRQYXIXLI
QMGVSTLSRIF]XSYGLMRKXLI
1YXI
FYXXSREKEMR
8LIQMGVSTLSRIMWYRQYXIHEYXSQEXMGEPP][LIRXLIGYVVIRX
GEPPIRHW
8SXYVRXLIWTIEOIVTLSRISRSVSJJ
8SYGLXLI
7TIEOIV
FYXXSR
8LI7TIEOIVFYXXSRPMKLXWYTKVIIRXSMRHMGEXIXLEXXLI
WTIEOIVTLSRIMWSR
8LI7TIEOIVMGSRETTIEVWMRXLI7XEXYWFEVERHXLIWSYRH
JVSQ]SYVGEPPMWTPE]IHXLVSYKLXLITLSRIWWTIEOIV
;LIRZMI[MRKXLIGYVVIRXGEPPWGVIIR]SYGERXYVRXLI
WTIEOIVTLSRISJJF]XSYGLMRKXLI
7TIEOIV
FYXXSRMGSREKEMR
8LIWTIEOIVMWXYVRIHSJJEYXSQEXMGEPP][LIR]SYVGYVVIRX
GEPPIRHW
;%62-2+
8SEZSMHHEQEKIXS]SYVLIEVMRKHSRSXLSPHXLITLSRIEKEMRWX
]SYVIEV[LIRXLIWTIEOIVTLSRIMWXYVRIHSR
4PEGMRKERH6IGIMZMRK'EPPW
8SW[MXGLFIX[IIRE&PYIXSSXLLIEHWIXERHXLITLSRI
;LIRE&PYIXSSXLLIEHWIXMWTEMVIHERHGSRRIGXIHXS]SYVTLSRI
]SYGERGSRHYGXEPPGEPPWSRXLILIEHWIXJSVLERHWJVII
GSRZIVWEXMSR
*SVHIXEMPWEFSYXGSRJMKYVMRKXLITLSRIXSYWIE&PYIXSSXL
LIEHWIXWII
q
'SRRIGXMRKXS&PYIXSSXL(IZMGIW
r
SRTEKI
;LIRYWMRKXLI&PYIXSSXLLIEHWIXHYVMRKEGEPPXLIGYVVIRXGEPP
WGVIIRLEWEFPYIFSVHIVERHXLI3RKSMRK'EPPMGSRXYVRWFPYIMR
XLI7XEXYWFEV
8SYGLXLI
&PYIXSSXL
FYXXSR SRXLI
4LSRI
XEFXSW[MXGL
JVSQXLILIEHWIXXSXLITLSRISVZMGIZIVWE
4PEGMRKERH6IGIMZMRK'EPPW
1EREKMRK1YPXMTPI'EPPW
-J]SYEGGITXERI[GEPP[LIR]SYVIEPVIEH]SREGEPP]SYGER
W[MXGLFIX[IIRXLIX[SGEPPIVWSVQIVKIXLIX[SGEPPWMRXSEWMRKPI
GSRJIVIRGIGEPP=SYGEREPWSWIXYTEGSRJIVIRGIGEPP[MXLQYPXMTPI
GEPPIVW
8SW[MXGLFIX[IIRGYVVIRXGEPPW
8SYGLXLI
7[ET
FYXXSR
8LIGYVVIRXGEPPMWTYXSRLSPHERH]SYNSMRXLISXLIVGEPP
4PEGMRKERH6IGIMZMRK'EPPW
8SYGLXSW[ETGEPPW
8LIGEPPSRLSPH
8SYGLXSQIVKIXLIGEPPWMRXSE
GSRJIVIRGIGEPP
8SWIXYTEGSRJIVIRGIGEPP
'SRXEGX]SYV[MVIPIWWWIVZMGITVSZMHIVXSPIEVR[LIXLIVXLI]
WYTTSVXGSRJIVIRGIGEPPWERHLS[QER]TEVXMGMTERXW]SYGER
MRGPYHI
4PEGIEGEPPXSXLIJMVWXTEVXMGMTERX
;LIR]SYVIGSRRIGXIHXSYGLXLI
%HHGEPP
FYXXSR
8LIJMVWXTEVXMGMTERXMWTYXSRLSPHERH]SYVITVSQTXIHXS
HMEPXLIWIGSRHGEPPIV
4PEGIXLIRI\XGEPPYWMRKXLI
4LSRI
'EPPPSK
'SRXEGXW
SV
*EZSVMXIW
XEF
;LIR]SYVIGSRRIGXIHXSYGLXLI
1IVKIGEPPW
FYXXSR
8LITEVXMGMTERXMWEHHIHXSXLIGSRJIVIRGIGEPP
=SYGEREHHEWQER]GEPPIVWEW]SYVGEVVMIVWYTTSVXW
(YVMRKEGSRJIVIRGIGEPPXSYGLXLI
1EREKI
FYXXSRXSHVSTE
GSRJIVIRGIGEPPTEVXMGMTERXSVXSXEPOTVMZEXIP][MXLSRISJXLI
TEVXMGMTERXW
8SIRHEGSRJIVIRGIGEPPERHHMWGSRRIGXEPPGEPPIVW
8SYGLXLI
)RH
FYXXSR
238)
-J]SYSTIRIHSXLIVETTPMGEXMSRW[LMPISREGEPPTVIWWXLI7IRHOI]
XSVIHMWTPE]XLI4LSRIOI]TEH
4PEGMRKERH6IGIMZMRK'EPPW
3TIRMRK=SYV'SRXEGXW
3TIRXLI
'SRXEGXW
ETTPMGEXMSRXSEHHZMI[ERHGSQQYRMGEXI[MXL
]SYVJVMIRHWERHEGUYEMRXERGIW
8SSTIR]SYV'SRXEGXWETTPMGEXMSR
8SYGLXLI'SRXEGXWMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
238)
=SYGEREPWSEGGIWW]SYVGSRXEGXWF]YWMRK5YMGO'SRXEGX7II
q'SRRIGXMRK5YMGOP];MXL=SYV'SRXEGXWrSRTEKI
%PPSJ]SYVGSRXEGXWEVIHMWTPE]IHEPTLEFIXMGEPP]MREWGVSPPMRK
PMWX)EGLGSRXEGXMWJSPPS[IHF]XLIHIJEYPXTLSRIRYQFIV
-J]SYLEZIERI[TLSRIERHLEZIRXEHHIHER]GSRXEGXW]IX
'SRXEGXWHMWTPE]WEQIWWEKI[MXLLMRXWSRLS[XSWXEVXEHHMRK
GSRXEGXWXS]SYVTLSRI
=SYGERHVEKXLIPMWXYTSVHS[RXSWGVSPPMXSVWPMHI]SYV
JMRKIVYTSVHS[RXSWGVSPPUYMGOP]
8SSTIREPMWXSJ]SYVJEZSVMXIGSRXEGXW
3TIR]SYV
'SRXEGXW
ETTPMGEXMSRERHXSYGLXLI
*EZSVMXIW
XEF
8LI
*EZSVMXIW
XEFPMWXWXLIGSRXEGXW]SYZIEHHIHXSXLIPMWX
WII
q
%HHMRKE'SRXEGXXS=SYV*EZSVMXIW
r
SRTEKI
JSPPS[IHF]EPMWXSJ]SYVQSWXJVIUYIRXP]GEPPIHGSRXEGXW
'SRXEGXW
8SYGLXSZMI[SRP]]SYVJEZSVMXIGSRXEGXW
8SYGLEGSRXEGXXSZMI[MXWHIXEMPW
8SYGLMGSRXSSTIR5YMGO'SRXEGXJSVXLEXGSRXEGX
8SZMI[HIXEMPWEFSYXEGSRXEGX
3TIR]SYV
'SRXEGXW
ETTPMGEXMSR
8SYGLXLIGSRXEGX[LSWIHIXEMPW]SY[ERXXSZMI[
)RXVMIWJSVGSQQYRMGEXMRK[MXLXLIGSRXEGXEVIJSPPS[IHF]
HIXEMPW
8SYGLEGSQQYRMGEXMSRQIXLSHXSWXEVXHMEPMRKXI\XMRKSV
IQEMPMRKXLIGSRXEGXF]YWMRKXLIPMWXIHRYQFIVEHHVIWW
ERHWSSR
8SYGLEREHHVIWWXSZMI[MXSR+SSKPI1ETW7II
q
1ETW
r
SR
TEKI
=SYGEREPWSTVIWWXLI
1IRY/I]
XLIRXSYGL
)HMX
GSRXEGX
XSIHMXXLIGSRXEGXWMRJSVQEXMSRWII
q
)HMXMRK
'SRXEGX(IXEMPW
r
SRTEKISVXSYGL
(IPIXIGSRXEGX
XS
HIPIXIEPPMRJSVQEXMSREFSYXXLIGSRXEGX
'SRXEGXW
8SYGLXSSTIR5YMGO'SRXEGX
8SYGLEGSRXEGXQIXLSHXSWXEVX
GSQQYRMGEXMRK[MXLXLIGSRXEGX
8SYGLEREHHVIWWXSZMI[MXSR+SSKPI
1ETW
%HHMRK'SRXEGXW
=SYGEREHHGSRXEGXWSR]SYVTLSRIERHW]RGLVSRM^IXLIQ[MXLXLI
GSRXEGXWMR]SYV+SSKPI%GGSYRX1MGVSWSJX)\GLERKI%GXMZI7]RG
EGGSYRXSVSXLIVEGGSYRXWXLEXWYTTSVXW]RGMRKGSRXEGXW
;LIR]SYVITP]XSSVJSV[EVHERIQEMPQIWWEKIXSERIQEMP
EHHVIWWXLEXMWRSXMR]SYV'SRXEGXWXLIIQEMPEHHVIWWMWEHHIHEW
EGSRXEGX8LI
'SRXEGXW
ETTPMGEXMSRXVMIWXSNSMRRI[EHHVIWWIW[MXL
I\MWXMRKGSRXEGXWXSGVIEXIEWMRKPIIRXV]=SYGEREPWSQEREKIXLEX
TVSGIWWQERYEPP]7II
q
.SMRMRK'SRXEGXW
r
SRTEKIERH
q
7ITEVEXMRK'SRXEGX-RJSVQEXMSR
r
SRTEKI
8SEHHERI[GSRXEGX
3TIR]SYV
'SRXEGXW
ETTPMGEXMSR
4VIWWXLI
1IRY/I]
XLIRXSYGL
2I[GSRXEGX
-J]SYLEZIQSVIXLERSRIEGGSYRX[MXLGSRXEGXWXSYGLXLI
EGGSYRXXS[LMGL]SY[ERXXSEHHXLIGSRXEGX
)RXIVXLIGSRXEGXWREQI
8SYGLEGEXIKSV]SJGSRXEGXMRJSVQEXMSRWYGLEWTLSRI
RYQFIVWERHIQEMPEHHVIWWIWXSIRXIVXLEXOMRHSJ
MRJSVQEXMSREFSYX]SYVGSRXEGX
7GVSPPXLITEKIXSZMI[EPPGEXIKSVMIW
8SYGLEGEXIKSV]W
TPYW
FYXXSR XSEHHQSVIXLERSRI
IRXV]JSVXLEXGEXIKSV]*SVI\EQTPIMRXLITLSRIRYQFIV
GEXIKSV]EHHE[SVORYQFIVERHELSQIRYQFIV8SYGL
XLIPEFIPFYXXSRXSXLIPIJXSJXLIIRXV]MXIQMRJSVQEXMSRXS
STIREHVSTHS[RQIRYSJTVIWIXPEFIPW*SVI\EQTPI
1SFMPI
ERH
;SVO
JSVETLSRIRYQFIVSVXSYGL
'YWXSQ
MR
XLIQIRYXSGVIEXI]SYVS[RPEFIP
8SYGLXLI
4MGXYVI*VEQI
FYXXSR XSWIPIGXETMGXYVIXS
HMWTPE]RI\XXSXLIREQIMR]SYVPMWXWSJGSRXEGXWERHMR
SXLIVETTPMGEXMSRW
;LIR]SYVIJMRMWLIHXSYGL
(SRI
'SRXEGXW
-QTSVXMRK)\TSVXMRKERH7LEVMRK'SRXEGXW
-J]SYLEZIGSRXEGXWWXSVIHMRZ'EVHJSVQEXSREQMGVS7(GEVHSV
7-1]SYGERMQTSVXXLIQMRXS]SYV
'SRXEGXW
ETTPMGEXMSRSR]SYV
TLSRI=SYGERI\TSVXGSRXEGXWMRZ'EVHJSVQEXSRXSEQMGVS7(
GEVHXSFEGOXLIQYTXSEGSQTYXIVSVSXLIVHIZMGI%RH]SYGER
WIRHEGSRXEGXZMEIQEMP
8SMQTSVXGSRXEGXWJVSQ]SYV7-1GEVH
=SYVWIVZMGITVSZMHIVQE]WXSVIWSQIGSRXEGXWSR]SYV7-1GEVH
WYGLEWGYWXSQIVGEVIERHZSMGIQEMPRYQFIVW=SYQE]EPWSLEZI
WXSVIHGSRXEGXWSRXLI7-1GEVHMJ]SYVIQSZMRKMXJVSQERSXLIV
TLSRI=SYGEREHHWSQISVEPPSJXLIWIGSRXEGXWXSXLI'SRXEGXW
ETTPMGEXMSR
3TIR]SYV
'SRXEGXW
ETTPMGEXMSR
4VIWWXLI
1IRY/I]
XLIRXSYGL
-QTSVX)\TSVX
8SYGL
-QTSVXJVSQ7-1
-J]SYLEZIQSVIXLERSRIEGGSYRXSR]SYVTLSRIXSYGLXLI
EGGSYRXMRXS[LMGL]SY[ERXXSMQTSVXXLIGSRXEGXW
%PMWXSJXLIGSRXEGXWSRXLI7-1ETTIEVW
8SYGLERHLSPHEGSRXEGXERHXSYGL
-QTSVX
MRXLIQIRYXLEX
STIRW3VTVIWWXLI
1IRY/I]
XLIRXSYGL
-QTSVX EPP
8SMQTSVXGSRXEGXWJVSQ]SYVQMGVS7(GEVH
=SYGERGST]MRHMZMHYEPSVKVSYTGSRXEGXWMRZ'EVHJSVQEXSRXS
]SYVQMGVS7(GEVHERHXLIRMQTSVXXLIQMRXSSRISJ]SYV
EGGSYRXWSRXLITLSRI7II
q
'SRRIGXMRKXSE'SQTYXIVZME97&
r
SRTEKIJSVHIXEMPWEFSYXGST]MRKJMPIWXSEQMGVS7(GEVHJVSQ
]SYVGSQTYXIV=SYQE]EPWSLEZIGSRXEGXWWXSVIHSREQMGVS7(
GEVHJVSQERSXLIVHIZMGI
3TIR]SYV
'SRXEGXW
ETTPMGEXMSR
4VIWWXLI
1IRY/I]
XLIRXSYGL
-QTSVX)\TSVX
'SRXEGXW
8SYGL
-QTSVXJVSQ7(GEVH
-J]SYLEZIQSVIXLERSRIEGGSYRXSR]SYVTLSRIXSYGLXLI
EGGSYRXMRXS[LMGL]SY[ERXXSMQTSVXXLIGSRXEGXW
-J]SYLEZIQSVIXLERSRIZ'EVHJMPISRXLIQMGVS7(GEVH
XSYGLXLISTXMSRXSMQTSVXEWMRKPIGSRXEGXJMPIQYPXMTPI
GSRXEGXJMPIWSVEPPSJXLIGSRXEGXJMPIWSRXLIQMGVS7(GEVH
8LIGSRXEGXWEVIMQTSVXIH
8SI\TSVXGSRXEGXWXS]SYVQMGVS7(GEVH
=SYGERI\TSVXEPPSJXLIGSRXEGXWSR]SYVTLSRIXS]SYVQMGVS7(
GEVHEWEKVSYTZ'EVHJMPI=SYGERXLIRGST]XLMWJMPIXSE
GSQTYXIVSVERSXLIVHIZMGIXLEXGER[SVO[MXLJMPIWMRXLMWJSVQEX
WYGLEWEREHHVIWWFSSOETTPMGEXMSR7II
q
'SRRIGXMRKXSE
'SQTYXIVZME97&
r
SRTEKI
3TIR]SYV
'SRXEGXW
ETTPMGEXMSR
4VIWWXLI
1IRY/I]
XLIRXSYGL
-QTSVX)\TSVX
8SYGL
)\TSVXXS7(GEVH
8SYGL
3/
XSGSRJMVQ'SRXEGXWGVIEXIWEJMPI[MXLXLIZGJ
I\XIRWMSRSR]SYVQMGVS7(GEVH8LMWJMPIGSRXEMRWEPPSJ]SYV
GSRXEGXW
8SWLEVIEGSRXEGX
=SYGERWLEVIEGSRXEGX[MXLWSQISRIF]IQEMPMRKMXXSXLIQMR
Z'EVHJSVQEX
3TIR]SYV
'SRXEGXW
ETTPMGEXMSR
3TIRXLIGSRXEGX]SY[ERXXSWLEVI
4VIWWXLI
1IRY/I]
XLIRXSYGL
7LEVI
%+QEMPGSQTSWIQIWWEKIWGVIIRSTIRW[MXLXLIGSRXEGX
EXXEGLIHEWEZ'EVHZGJJMPI
%HHVIWW[VMXIERHWIRHXLIIQEMPEWHIWGVMFIHMR
q
'SQTSWMRKERH7IRHMRKE1IWWEKI
r
SRTEKI
'SRXEGXW
%HHMRKE'SRXEGXXS=SYV*EZSVMXIW
8LI
*EZSVMXIW
XEFGSRXEMRWEWLSVXPMWXSJXLIGSRXEGXW]SY
GSQQYRMGEXI[MXLQSWXSJXIR
8SEHHEGSRXEGXXS]SYVJEZSVMXIW
3TIR]SYV
'SRXEGXW
ETTPMGEXMSR
8SYGLEGSRXEGXXSZMI[MXWHIXEMPW
8SYGLXLIWXEVXSXLIVMKLXSJXLIGSRXEGXWREQI
8LIWXEVXYVRWKSPH
8SVIQSZIEGSRXEGXJVSQ]SYVJEZSVMXIWPMWX
3TIR]SYV
'SRXEGXW
ETTPMGEXMSRERHXSYGLXLI
*EZSVMXIW
XEF
8SYGLEGSRXEGXXSZMI[MXWHIXEMPW
8SYGLXLIKSPHWXEVXSXLIVMKLXSJXLIGSRXEGXWREQI
8LIWXEVXYVRWKVE]ERHXLIGSRXEGXMWVIQSZIHJVSQ]SYV
JEZSVMXIW
7IEVGLMRKJSVE'SRXEGX
=SYGERWIEVGLJSVEGSRXEGXF]REQI
8SWIEVGLJSVEGSRXEGX
3TIR]SYV
'SRXEGXW
ETTPMGEXMSR
8SYGLXLI
7IEVGL/I]
7XEVXIRXIVMRKXLIREQISJXLIGSRXEGX]SYVIWIEVGLMRKJSV
%W]SYX]TIGSRXEGXW[MXLQEXGLMRKREQIWETTIEVFIPS[
XLIWIEVGLFS\
8SYGLEQEXGLMRKGSRXEGXMRXLIPMWXXSSTIRMXW(IXEMPW
WGVIIR3VXSYGLXLI7IEVGLFYXXSR SRXLIXSYGL
OI]FSEVHXSSTIREWGVIIR[MXLEPMWXSJQEXGLMRKGSRXEGXW
'SRXEGXW
)HMXMRK'SRXEGX(IXEMPW
=SYGERGLERKISVEHHHIXEMPWEFSYX]SYVGSRXEGXW=SYGEREPWSWIX
XLIVMRKXSRIJSV[LIREWTIGMJMGGSRXEGXGEPPWSVHMZIVXEPPGEPPWJVSQ
EGSRXEGXXS]SYVZSMGIQEMP
7SQIGSRXEGXIRXVMIWGSRXEMRMRJSVQEXMSRJVSQQYPXMTPIWSYVGIW
MRJSVQEXMSRXLEX]SYEHHIHQERYEPP]MRJSVQEXMSRXLEX'SRXEGXW
NSMRIHJVSQQYPXMTPIEGGSYRXWXSGSRWSPMHEXIHYTPMGEXIWERHWSSR
;LIR]SYIHMXEGSRXEGXIRXV]XLIMRJSVQEXMSRJVSQIEGLWSYVGIMW
KVSYTIHMRMXWS[RGSPSVGSHIHPEFIPIHWIGXMSR-J]SYJMRHHYTPMGEXI
IRXVMIWMR'SRXEGXW]SYGERNSMRXLIQMRXSEWMRKPIIRXV]EW
HIWGVMFIHMR
q
.SMRMRK'SRXEGXW
r
SRTEKI-J]SYXLEXJMRH
MRJSVQEXMSRJVSQYRVIPEXIHGSRXEGXW[EWNSMRIHMRIVVSV]SYGER
WITEVEXIXLIQEWHIWGVMFIHMR
q
7ITEVEXMRK'SRXEGX-RJSVQEXMSR
r
SR
TEKI
'LERKIWXLEX]SYQEOIXSMRJSVQEXMSRJVSQSRIWSYVGIHSRSX
EJJIGXXLIMRJSVQEXMSRJVSQSXLIVWSYVGIW*SVI\EQTPIMJ]SYLEZI
MRJSVQEXMSREFSYXEGSRXEGXJVSQE+SSKPI%GGSYRXERHER
)\GLERKI%GXMZI7]RGEGGSYRXERHFSXLEVIGSRJMKYVIHXSW]RG
GSRXEGXWIHMXWXSXLIMRJSVQEXMSRJVSQXLI+SSKPI%GGSYRXEVI
W]RGIHXSXLEXEGGSYRXSRXLI[IFFYXXLIMRJSVQEXMSRJVSQXLI
)\GLERKI%GXMZI7]RGEGGSYRXVIQEMRWYRGLERKIH
*SVQSVIMRJSVQEXMSREFSYX[SVOMRK[MXLQYPXMTPIEGGSYRXWWII
q
%GGSYRXW
r
SRTEKI
8SIHMXGSRXEGXHIXEMPW
3TIR]SYV
'SRXEGXW
SV
*EZSVMXIW
ETTPMGEXMSR
8SYGLERHLSPHXLIGSRXEGX[LSWIHIXEMPW]SY[ERXXSIHMX
-RXLIQIRYXLEXSTIRWXSYGL
)HMXGSRXEGX
=SYGEREPWSTVIWWXLI
1IRY/I]
XLIRXSYGL
)HMX
GSRXEGX
[LMPIZMI[MRKEGSRXEGXWHIXEMPW
)HMXXLIGSRXEGXMRJSVQEXMSRYWMRKXLIWEQIGSRXVSPWEW
[LIR]SYGVIEXIEGSRXEGX
7II
q
%HHMRK'SRXEGXW
r
SRTEKI
8SYGLXLI
(SRI
FYXXSR
'SRXEGXW
8SGLERKIEGSRXEGXtWHIJEYPXTLSRIRYQFIV
%HIJEYPXTLSRIRYQFIVETTIEVWFIPS[XLIGSRXEGXWREQIMRXLI
'SRXEGXWPMWX8LIHIJEYPXTLSRIRYQFIVMWYWIH[LIR]SYMRMXMEXI
EGEPPSVWIRHEXI\XQIWWEKIJVSQXLIPMWXF]XSYGLMRKERH
LSPHMRKEGSRXEGX
3TIR]SYV
'SRXEGXW
SV
*EZSVMXIW
ETTPMGEXMSR
8SYGLXLIREQISJEGSRXEGXMRXLIPMWXXSZMI[MXWHIXEMPW
8SYGLERHLSPHXLITLSRIRYQFIVXSYWIEWXLIGSRXEGXW
HIJEYPXTLSRIRYQFIV
8SYGL
1EOIHIJEYPXRYQFIV
MRXLIQIRYXLEXSTIRW
8LIHIJEYPXTLSRIRYQFIVMWQEVOIH[MXLEGLIGOQEVO
8SHMZIVXEPPSJEGSRXEGXtWGEPPWXS]SYVZSMGIQEMP
3TIR]SYV
'SRXEGXW
SV
*EZSVMXIW
ETTPMGEXMSR
8SYGLXLIREQISJEGSRXEGXMRXLIPMWXXSZMI[MXWHIXEMPW
4VIWWXLI
1IRY/I]
XLIRXSYGL
3TXMSRW
8SYGL
-RGSQMRK'EPPW
XSGLIGOQEVOMX
4VIWWXLI
&EGO/I]
;LIRXLMWGSRXEGXGEPPW]SY]SYVTLSRIHSIWRXVMRKERH
XLIGEPPIVMWWIRXHMVIGXP]XS]SYVZSMGIQEMP
'SRXEGXW
8SWIXEVMRKXSRIJSVEGSRXEGX
3TIR]SYV
'SRXEGXW
SV
*EZSVMXIW
ETTPMGEXMSR
8SYGLXLIREQISJEGSRXEGXMRXLIPMWXXSZMI[MXWHIXEMPW
4VIWWXLI
1IRY/I]
XLIRXSYGL
3TXMSRW
8SYGL
6MRKXSRI
XLIWGVSPPMRKPMWXSJVMRKXSRIWXLEXSTIRW
XSYGLXLISRIXSTPE][LIRXLIGSRXEGXGEPPW
8LIVMRKXSRITPE]WEWEQTPI
8SYGLXLI
3/
FYXXSR
8SHIPIXIEGSRXEGX
3TIR]SYV
'SRXEGXW
SV
*EZSVMXIW
ETTPMGEXMSR
8SYGLXLIREQISJEGSRXEGXMRXLIPMWXXSZMI[MXWHIXEMPW
4VIWWXLI
1IRY/I]
XLIRXSYGL
(IPIXIGSRXEGX
-JXLIGSRXEGXGSRXEMRWMRJSVQEXMSRJVSQEVIEHSRP]EGGSYRX
]SYGERXHIPIXIMX]SYGERSRP]GLERKIXLIW]RGWIXXMRKW
JSVXLEXEGGSYRXSVHIPIXIXLIEGGSYRXMXWIPJ
-JXLIGSRXEGXGSRXEMRWMRJSVQEXMSRNSMRIHJVSQEVIEHSRP]
EGGSYRXEHMEPSKMRJSVQW]SYXLEX]SYQYWXWITEVEXIXLI
GSRXEGXIRXV]MRXSMRHMZMHYEPGSRXEGXWXSHIPIXIXLIGSRXEGX
8SYGLXLI
3/
FYXXSRXSGSRJMVQXLEX]SY[ERXXSHIPIXIXLI
GSRXEGX
'SQQYRMGEXMRK[MXL=SYV'SRXEGXW
*VSQXLI
'SRXEGXW
SV
*EZSVMXIW
XEF]SYGERUYMGOP]GEPPSVWIRHE
XI\X717SVQYPXMQIHMEQIWWEKI117XSEGSRXEGXWHIJEYPX
TLSRIRYQFIV=SYGEREPWSSTIRHIXEMPWXSZMI[EPMWXSJEPPXLI
[E]W]SYGERGSQQYRMGEXI[MXLXLEXGSRXEGX
8LMWWIGXMSRHIWGVMFIW[E]WXSMRMXMEXIGSQQYRMGEXMSR[LIR
ZMI[MRK]SYVPMWXSJGSRXEGXW8LI'SRXEGXWETTPMGEXMSRWLEVIW]SYV
GSRXEGXW[MXLQER]SXLIVETTPMGEXMSRWWYGLEW+QEMPWII
q
+QEMP
r
SRTEKIERH1IWWEKMRKWII
q
1IWWEKMRK
r
SRTEKI
'SRXEGXW
8SGSRRIGXF]YWMRK5YMGO'SRXEGXJSV%RHVSMH
8SYGLEGSRXEGXWTMGXYVIXSSTIR5YMGO'SRXEGXJSV%RHVSMH
8SYGLXLIMGSRJSVXLI[E]]SY[ERXXSGSRRIGX
8LIMGSRWEZEMPEFPIHITIRHSRXLIMRJSVQEXMSR]SYLEZIJSV
XLIGSRXEGXERHXLIETTPMGEXMSRWERHEGGSYRXWSR]SYV
TLSRI
*SVQSVIMRJSVQEXMSRWII
q
'SRRIGXMRK5YMGOP];MXL=SYV
'SRXEGXW
r
SRTEKI
8SGSQQYRMGEXI[MXLEGSRXEGX
3TIR]SYV
'SRXEGXW
SV
*EZSVMXIW
ETTPMGEXMSR
8SYGLXLIGSRXEGX[MXL[LSQ]SY[ERXXSGSQQYRMGEXI
-RXLIGSRXEGXWHIXEMPWWGVIIRXSYGLXLI[E]XSWXEVX
GSQQYRMGEXMRK[MXLXLIGSRXEGX
8SYGLXLIKVIIR
4LSRI
FYXXSR RI\XXSXLIRYQFIV]SY
[ERXXSGEPPXSEYXSQEXMGEPP]
STIRXLI4LSRIETTPMGEXMSREWXLIRYQFIVMWGEPPIH
8SYGLXLI
1IWWEKIFEPPSSR
FYXXSR RI\XXSXLIRYQFIV
]SY[ERXXSWIRHEQIWWEKIXS
ERHXLI1IWWEKMRKETTPMGEXMSREYXSQEXMGEPP]STIRW
8SYGL8SYGLXLI
)RZIPSTI
FYXXSR RI\XXSXLIIQEMP
EHHVIWW]SY[ERXXSWIRHXSERH
XLI)QEMPETTPMGEXMSREYXSQEXMGEP]STIRW
'SRXEGXW
8SYGLEGSRXEGX
W
TMGXYVI 8SYGLXLIMGSRJSVXLI
[E]]SY[ERXXS
GSRRIGX
238)
%R]XMQI]SYWIIXLIKVIIR4LSRI FYXXSR RI\XXSERYQFIVWYGLEW
MR]SYV*EZSVMXIWSV'EPPPSKNYWXXSYGLMXXSGEPPXLEXRYQFIV
8SGEPPEGSRXEGXtWHIJEYPXRYQFIV
3TIR]SYV
'SRXEGXW
SV
*EZSVMXIW
ETTPMGEXMSR
8SYGLERHLSPHXLIIRXV]JSVXLIGSRXEGXXSGEPP
8SYGL
'EPPGSRXEGX
MRXLIQIRYXLEXSTIRW
8LIEGXYEPQIRYMXIQHITIRHWSRXLIHIJEYPXRYQFIV]SY
WIXJSV]SYVGSRXEGXWSMXQE]FI
'EPP QSFMPI
'EPP [SVO
ERHWSSR
=SYW[MXGLXSXLI4LSRIETTPMGEXMSREYXSQEXMGEPP]EWXLI
RYQFIVMWGEPPIH*SVQSVIMRJSVQEXMSREFSYXTPEGMRKTLSRI
GEPPWWII
q
4PEGMRKERH6IGIMZMRK'EPPW
r
SRTEKI
8SWIRHEXI\XSVQYPXMQIHMEQIWWEKIXSEGSRXEGXtW
HIJEYPXRYQFIV
3TIR]SYV
'SRXEGXW
SV
*EZSVMXIW
ETTPMGEXMSR
8SYGLERHLSPHXLIGSRXEGXXSGEPP
8SYGL
8I\XGSRXEGX
MRXLIQIRYXLEXSTIRW
=SYW[MXGLEYXSQEXMGEPP]XSXLI1IWWEKMRKETTPMGEXMSR[MXL
XLIGSRXEGXWTLSRIRYQFIVIRXIVIHMRERI[QIWWEKI*SV
QSVIMRJSVQEXMSREFSYXWIRHMRKXI\XERHQYPXMQIHME
QIWWEKIWWII
q
1IWWEKMRK
r
SRTEKI
=SYGEREPWSYWI5YMGO'SRXEGXXSWXEVXWIRHMRKEXI\XSV
QYPXMQIHMEQIWWEKI7II
q
'SRRIGXMRK5YMGOP];MXL=SYV
'SRXEGXW
r
SRTEKI
'SRXEGXW
'LERKMRK[LMGL'SRXEGXWEVI(MWTPE]IH
=SYGERLMHIGSRXEGXWXLEXHSRXLEZITLSRIRYQFIVW=SYGEREPWS
GSRJMKYVI[LMGLKVSYTWSJGSRXEGXWJSVIEGLEGGSYRX]SY[ERXXS
HMWTPE]MRXLI'SRXEGXWPMWX
8SWIX[LIXLIVGSRXEGXW[MXLSYXTLSRIRYQFIVWEVI
HMWTPE]IH
-J]SYYWI]SYVPMWXSJGSRXEGXWSRP]XSGEPPTISTPI]SYGERLMHI
ER]GSRXEGXWXLEXHSRXLEZITLSRIRYQFIVW
3TIR]SYVPMWXSJ
'SRXEGXW
ETTPMGEXMSR
4VIWWXLI
1IRY/I]
XLIRXSYGL
(MWTPE] STXMSRW
8SYGL
3RP]GSRXEGXW[MXLTLSRIW
XSGLIGOQEVOMXSV
YRGLIGO
8SGLERKI[LEXKVSYTWEVIHMWTPE]IH
3TIR]SYV
'SRXEGXW
ETTPMGEXMSR
4VIWWXLI
1IRY/I]
XLIRXSYGL
(MWTPE] STXMSRW
8SYGLEREGGSYRXXSSTIRMXWPMWXSJKVSYTW
%REGGSYRXWKVSYTWHITIRHSRXLIOMRHSJEGGSYRX
'SRXEGXW
8SYGLIEGLKVSYT[LSWIGSRXEGXW]SY[ERXXSZMI[MR]SYV
'SRXEGXWETTPMGEXMSRXSGLIGOQEVOMXSVYRGLIGO
8LMWEGXMSREJJIGXWSRP]XLIHMWTPE]SJKVSYTWSJGSRXEGXW
[MXLXLMWWGVIIR=SYVW]RGWIXXMRKWEVIRSXEJJIGXIH
8SYGLXLI
(SRI
FYXXSR
%QIWWEKIETTIEVW[LMPI]SYVGLERKIWEVIQEHI-J]SYV
GLERKIEJJIGXWEKVIEXQER]GSRXEGXWXLMWGERXEOIEWLSVX
[LMPI
.SMRMRK'SRXEGXW
;LIR]SYEHHEREGGSYRXSVEHHGSRXEGXWMRSXLIV[E]WWYGLEW
F]I\GLERKMRKIQEMPWXLI
'SRXEGXW
ETTPMGEXMSREXXIQTXWXSEZSMH
HYTPMGEXMSRF]NSMRMRKER]RI[GSRXEGXMRJSVQEXMSR[MXLI\MWXMRK
GSRXEGXWYRHIVEWMRKPIIRXV]=SYGEREPWSNSMRGSRXEGXWQERYEPP]
8SNSMRGSRXEGXW
3TIR]SYV
'SRXEGXW
SV
*EZSVMXIW
ETTPMGEXMSR
8SYGLXLIGSRXEGXIRXV]XS[LMGL]SY[ERXXSEHH
MRJSVQEXMSR
8LMWMWXLIGSRXEGX]SY[MPPWIIMR'SRXEGXWEJXIVXLINSMR
4VIWWXLI
1IRY/I]
XLIRXSYGL
)HMXGSRXEGX
4VIWWXLI
1IRY/I]
XLIRXSYGL
.SMR
0MOIP]GSRXEGXWEVIHMWTPE]IHEXXLIXSTSJXLIWGVIIR=SY
GERXSYGL
7LS[EPPGSRXEGXW
XSTMGOEGSRXEGXJVSQ]SYVJYPP
PMWXSJGSRXEGXW
'SRXEGXW
8SYGLXLIGSRXEGX[LSWIMRJSVQEXMSR
]SY[ERXXSNSMR
8SYGLXLIGSRXEGX[LSWIMRJSVQEXMSR]SY[ERXXSNSMR[MXL
XLIJMVWXGSRXEGX8LIMRJSVQEXMSRJVSQXLIWIGSRHGSRXEGXMW
EHHIHXSXLIJMVWXGSRXEGXERHXLIWIGSRHGSRXEGXMWRS
PSRKIVHMWTPE]IHMRXLI'SRXEGXWPMWX
7II
q
)HMXMRK'SRXEGX(IXEMPW
r
SRTEKIJSVHIXEMPWEFSYX
LS[XSZMI[[LIVIEGSRXEGXWMRJSVQEXMSRGEQIJVSQ
MRGPYHMRKEYXSQEXMGERHQERYEPP]NSMRIHMRJSVQEXMSR7II
q
7ITEVEXMRK'SRXEGX-RJSVQEXMSR
r
SRTEKIJSVMRJSVQEXMSR
EFSYXLS[XSWITEVEXIGSRXEGXWNSMRIHMRIVVSV
7ITEVEXMRK'SRXEGX-RJSVQEXMSR
)EGLGSRXEGXIRXV]SR]SYVTLSRIQE]GSRXEMRMRJSVQEXMSRJVSQE
ZEVMIX]SJWSYVGIW]SYQE]LEZIIRXIVIHMX'SRXEGXWQE]LEZI
NSMRIHMRJSVQEXMSREYXSQEXMGEPP][LIR]SYEHHIHEREGGSYRX]SY
QE]LEZINSMRIHGSRXEGXWERHWSSR
-JGSRXEGXMRJSVQEXMSRJVSQHMJJIVIRXWSYVGIW[EWNSMRIHMRIVVSV
]SYGERWITEVEXIXLIMRJSVQEXMSRFEGOMRXSMRHMZMHYEPGSRXEGXWSR
]SYVTLSRI
8SWITEVEXIGSRXEGXMRJSVQEXMSR
3TIR]SYV
'SRXEGXW
SV
*EZSVMXIW
ETTPMGEXMSR
8SYGLXLIGSRXEGXIRXV][LSWIMRJSVQEXMSR]SY[ERXXS
WITEVEXI
4VIWWXLI
1IRY/I]
XLIRXSYGL
)HMXGSRXEGX
4VIWWXLI
1IRY/I]
XLIRXSYGL
7ITEVEXIGSRXEGX
8SYGLXLI
=IW
FYXXSRXSGSRJMVQ]SY[ERXXSWITEVEXIXLI
IRXVMIW8LIGSRXEGXMRJSVQEXMSRMWWITEVEXIHMRXSMRHMZMHYEP
GSRXEGXWMRXLIPMWXSJGSRXEGXW
'SRXEGXW
%HHMRKERH6IQSZMRK%GGSYRXW
=SYGEREHHQYPXMTPI+SSKPI%GGSYRXWERH)\GLERKI%GXMZI7]RG
EGGSYRXW=SYQE]EPWSFIEFPIXSEHHSXLIVOMRHWSJEGGSYRXW
HITIRHMRKSR]SYVETTPMGEXMSRW
;LIR]SYEHHEREGGSYRXXLI
'SRXEGXW
ETTPMGEXMSRGSQTEVIWER]
RI[GSRXEGXWXLEX]SYW]RGXS]SYVTLSRI[MXL]SYVI\MWXMRK
GSRXEGXWERHEXXIQTXWXSNSMRHYTPMGEXIWMRXSEWMRKPIIRXV]MR
'SRXEGXW8LMWHSIWRSXNSMRXLEXHEXEJSVXLIEGGSYRXWXLIQWIPZIW
MXNYWXTVIWIRXWMXEWEWMRKPIGSRXEGX7II
q
.SMRMRK'SRXEGXW
r
SR
TEKIJSVMRJSVQEXMSREFSYXNSMRMRKGSRXEGXWQERYEPP]
7II
q
'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRW
r
SRTEKIXS
PIEVRLS[XSWITEVEXIGSRXEGXMRJSVQEXMSRXLEX[EWNSMRIH
MRGSVVIGXP]
8SEHHEREGGSYRX
8SEHHWSQIEGGSYRXW]SYQE]RIIHXSSFXEMRHIXEMPWJVSQER-8
WYTTSVXVITVIWIRXEXMZIEFSYXXLIWIVZMGIXS[LMGLXLIEGGSYRX
GSRRIGXW*SVI\EQTPI]SYQE]RIIHXSORS[XLIEGGSYRXW
HSQEMRSVWIVZIVEHHVIWW
3TIRXLI%GGSYRXWW]RGWIXXMRKWWGVIIR
=SYGERHSXLMWMRXLI
'SRXEGXW
ETTPMGEXMSRF]TVIWWMRKXLI
1IRY/I]
XLIRXSYGLMRK
%GGSYRXW
SVHMVIGXP]MRXLI
7IXXMRKWETTPMGEXMSR
8LI%GGSYRXWW]RGWIXXMRKWWGVIIRHMWTPE]W]SYVGYVVIRX
W]RGWIXXMRKWERHEPMWXSJ]SYVGYVVIRXEGGSYRXW
7II
q
'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRW
r
SR
TEKI
%GGSYRXW
8SYGLXSEHHEREGGSYRX
8SYGLXLI
%HHEGGSYRX
FYXXSR
8SYGLXLIOMRHSJEGGSYRXXSEHH
*SPPS[XLISRWGVIIRWXITWXSIRXIVXLIVIUYMVIHERHSTXMSREP
MRJSVQEXMSREFSYXXLIEGGSYRX
1SWXEGGSYRXWVIUYMVIEYWIVREQIERHTEWW[SVHFYXXLI
HIXEMPWHITIRHSRXLIOMRHSJEGGSYRXERHXLIGSRJMKYVEXMSR
SJXLIWIVZMGI]SYVIGSRRIGXMRKXS
*SVHIXEMPWEFSYXEHHMRKEGGSYRXWFEWIHSR1MGVSWSJX
)\GLERKI%GXMZI7]RGWII
q
%HHMRKERH)HMXMRK)QEMP
%GGSYRXW
r
SRTEKIERHXLIHIXEMPIHXEFPIWMR
q
'LERKMRK
)QEMP%GGSYRX7IXXMRKW
r
SRTEKI8LIWIWIGXMSRWEPWS
HIWGVMFILS[XSEHHERIQEMPEGGSYRXFEWIHSR-1%4
434SV7184YWMRKXLI)QEMPETTPMGEXMSR
'SRJMKYVIXLIEGGSYRX
(ITIRHMRKSRXLIOMRHSJEGGSYRX]SYQE]FIEWOIHXS
GSRJMKYVI[LEXOMRHWSJHEXE]SY[ERXXSW]RGXSXLITLSRI
REQIXLIEGGSYRXERHSXLIVHIXEMPW
;LIR]SYVIJMRMWLIHXLIEGGSYRXMWEHHIHXSXLIPMWXMRXLI
%GGSYRXWW]RGWIXXMRKWWGVIIR(ITIRHMRKSRLS[]SY
GSRJMKYVIHXLIEGGSYRXIQEMPGSRXEGXWERHSXLIV
MRJSVQEXMSRWXEVXW]RGMRKXS]SYVTLSRI
7II
q
'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRW
r
SR
TEKIJSVHIXEMPWEFSYXGLERKMRKLS[XLIEGGSYRXMW
GSRJMKYVIH
%GGSYRXW
8SYGLXLIOMRHSJEGGSYRXXSEHH
8SVIQSZIEREGGSYRX
=SYGERVIQSZIEREGGSYRXXSHIPIXIMXERHEPPMRJSVQEXMSR
EWWSGMEXIH[MXLMXJVSQ]SYVTLSRIMRGPYHMRKIQEMPGSRXEGXW
WIXXMRKWERHWSSR
=SYGERXVIQSZIWSQIEGGSYRXWWYGLXLIJMVWX+SSKPI%GGSYRX
]SYWMKRIHMRXSSRXLITLSRII\GITXF]HIPIXMRKEPPTIVWSREP
MRJSVQEXMSRJVSQ]SYVTLSRI7II
q
4VMZEG]WIXXMRKW
r
SRTEKI
XSPIEVRLS[XSHSXLEX
3TIRXLI%GGSYRXWW]RGWIXXMRKWWGVIIR
=SYGERHSXLMWMRXLI
'SRXEGXW
ETTPMGEXMSRF]TVIWWMRKXLI
1IRY/I]
XLIRXSYGLMRK
%GGSYRXW
SVHMVIGXP]MRXLI
7IXXMRKWETTPMGEXMSR
8LI%GGSYRXWW]RGWIXXMRKWWGVIIRHMWTPE]W]SYVGYVVIRX
W]RGWIXXMRKWERHEPMWXSJ]SYVGYVVIRXEGGSYRXW
8SYGLXLIEGGSYRXXSHIPIXI
8SYGLXLI
6IQSZIEGGSYRX
FYXXSR
8SYGLXLI
6IQSZIEGGSYRX
FYXXSREKEMRXSGSRJMVQXLEX]SY
[ERXXSVIQSZIXLIEGGSYRX
%GGSYRXW
'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRW
=SYGERGSRJMKYVIFEGOKVSYRHHEXEYWIERHW]RGLVSRM^EXMSRSTXMSRW
JSVEPPSJXLIETTPMGEXMSRWSR]SYVTLSRI=SYGEREPWSGSRJMKYVI
[LEXOMRHWSJHEXE]SYW]RGLVSRM^IJSVIEGLEGGSYRX7SQI
ETTPMGEXMSRWWYGLEW+QEMPERH'EPIRHEVLEZIXLIMVS[R
W]RGLVSRM^EXMSRWIXXMRKW
7SQIETTPMGEXMSRWWYGLEW'SRXEGXWERH+QEMPGERW]RGHEXEJVSQ
QYPXMTPIETTPMGEXMSRW3XLIVWWYGLEW'EPIRHEVW]RGHEXESRP]JVSQ
XLIJMVWX+SSKPI%GGSYRX]SYWMKRMRXSSR]SYVTLSRISVJVSQER
EGGSYRXEWWSGMEXIHWTIGMJMGEPP][MXLXLEXETTPMGEXMSR
*SVWSQIEGGSYRXWW]RGMRKMWX[SHMVIGXMSREPGLERKIWXLEX]SY
QEOIXSXLIMRJSVQEXMSRSR]SYVTLSRIEVIQEHIXSXLIGST]SJ
XLEXMRJSVQEXMSRSRXLI[IF=SYV+SSKPI%GGSYRX[SVOWXLMW[E]
3XLIVEGGSYRXWWYTTSVXSRP]SRI[E]W]RGXLIMRJSVQEXMSRSR]SYV
TLSRIMWVIEHSRP]=SYGERYWIXLI
'SRXEGXW
ETTPMGEXMSRHMWTPE]
STXMSRWXSGSRJMKYVIXLIOMRHWSJGSRXEGXWXLEXEVIHMWTPE]IHEW
HIWGVMFIHMR
q
'LERKMRK[LMGL'SRXEGXWEVI(MWTPE]IH
r
SRTEKI
8SGSRJMKYVIKIRIVEPW]RGWIXXMRKW
3TIRXLI%GGSYRXWW]RGWIXXMRKWWGVIIR
=SYGERHSXLMWMRXLI
'SRXEGXW
ETTPMGEXMSRF]TVIWWMRKXLI
1IRY/I]
XLIRXSYGLMRK
%GGSYRXW
SVHMVIGXP]MRXLI
7IXXMRKWETTPMGEXMSRTVIWWXLI
,SQI/I]
TVIWWXLI
1IRY/I]
XLIRXSYGL
7IXXMRKW
8LIWGVIIRHMWTPE]W]SYVGYVVIRXW]RGWIXXMRKWERHEPMWXSJ
]SYVGYVVIRXEGGSYRXW
%GGSYRXW
8SYGLXLIEGGSYRXXSGSRJMKYVI
7SQISVEPPMRJSVQEXMSRJVSQXLMW
EGGSYRXMWGSRJMKYVIHXSW]RG
EYXSQEXMGEPP][MXL]SYVTLSRI
2SMRJSVQEXMSRJVSQXLMWEGGSYRX
W]RGWEYXSQEXMGEPP][MXL]SYVTLSRI
MRHMGEXIWXLEXWSQISVEPPSJEREGGSYRXWMRJSVQEXMSRMW
GSRJMKYVIHXSW]RGEYXSQEXMGEPP][MXL]SYVTLSRI
MRHMGEXIWXLEXRSRISJEREGGSYRXWMRJSVQEXMSRMW
GSRJMKYVIHXSW]RGEYXSQEXMGEPP][MXL]SYVTLSRI
8SYGL
&EGOKVSYRHHEXE
XSGLIGOQEVOMXSVYRGLIGOMXXS
GSRXVSP[LIXLIVETTPMGEXMSRWERHWIVZMGIWGERXVERWQMXHEXE
[LIR]SYEVIRSX[SVOMRK[MXLXLIQHMVIGXP]XLEXMW[LIR
XLI]EVIVYRRMRKMRXLIFEGOKVSYRH
-J]SYYRGLIGOXLMWSTXMSR+QEMPWXSTWVIGIMZMRKRI[QEMP
'EPIRHEVWXSTWW]RGMRKIZIRXWERHWSSRYRXMP]SYXSYGL
XLI
6IJVIWL
QIRYMXIQSVWIRHERIQEMP
8SYGL
%YXSW]RG
XSGLIGOQEVOMXSVYRGLIGOMXXSGSRXVSP
[LIXLIVGLERKIW]SYQEOIXSMRJSVQEXMSRSRXLITLSRISV
SRXLI[IFEVIEYXSQEXMGEPP]W]RGIH[MXLIEGLSXLIV
*SVI\EQTPI[LIRXLMWSTXMSRMWGLIGOIHGLERKIWXLEX]SY
QEOIMRXLI
'SRXEGXW
ETTPMGEXMSRSRXLITLSRIEVI
EYXSQEXMGEPP]QEHIMR+SSKPI'SRXEGXWSRXLI[IF
-J]SYYRGLIGOXLMWSTXMSR]SYQE]FIEFPIXSYWIER
ETTPMGEXMSRWXSSPWXSW]RGHEXEQERYEPP]7IIXLIJSPPS[MRK
q
8SW]RGMRJSVQEXMSRQERYEPP]
8SW]RGMRJSVQEXMSRQERYEPP]
3TIRXLI%GGSYRXWW]RGWIXXMRKWWGVIIR
8SYGLXLIEGGSYRX[LSWIHEXE]SY[ERXXSW]RG
4VIWWXLI
1IRY/I]
XLIRXSYGL
7]RGRS[
%GGSYRXW
8SGLERKIEREGGSYRXtWW]RGWIXXMRKW
3TIRXLI%GGSYRXWW]RGWIXXMRKWWGVIIR
8SYGLXLIEGGSYRX[LSWIW]RGWIXXMRKW]SY[ERXXS
GLERKI
8LI(EXEERHW]RGLVSRM^EXMSRWGVIIRSTIRWHMWTPE]MRKEPMWX
SJXLIOMRHWSJMRJSVQEXMSRXLIEGGSYRXGERW]RG
'LIGOIHMXIQWEVIGSRJMKYVIHXSW]RGXS]SYVTLSRI
8SYGLIEGLW]RGMRJSVQEXMSRX]TIXSGLIGOQEVOMXSV
YRGLIGOMX
9RGLIGOMRKERSTXMSRHSIWRSXVIQSZIXLIMRJSVQEXMSRJVSQ
]SYVTLSRIMXWMQTP]WXSTWMXJVSQW]RGMRKEYXSQEXMGEPP]8S
VIQSZIXLIMRJSVQEXMSRTVIZMSYWP]W]RGIHJSVXLIEGGSYRX
]SYQYWXVIQSZIXLIEGGSYRX
%GGSYRXW
+QEMPMW(MJJIVIRX
+QEMPMW[IFFEWIH
=SYVQIWWEKIWEVIWXSVIHSR+SSKPI
WIVZIVWFYX]SYVIEH[VMXIERHSVKERM^IQIWWEKIWF]YWMRKXLI
+QEMPETTPMGEXMSRSR]SYVTLSRISVF]YWMRKE[IFFVS[WIVSRE
GSQTYXIV&IGEYWI]SYVQEMPMWWXSVIHSR+SSKPIWIVZIVW]SYGER
WIEVGL]SYVIRXMVIQIWWEKILMWXSV]FEGOIHF]XLIWTIIHERH
TS[IVSJ+SSKPIWIEVGL
%GXMSRWXLEX]SYXEOIMRSRITPEGIEVIVIJPIGXIHIZIV][LIVI*SV
I\EQTPIMJ]SYVIEHEQIWWEKIMR+QEMPSR]SYVTLSRIMXW
QEVOIHEWVIEHMRE[IFFVS[WIV%RHEQIWWEKIXLEX]SYWIRH
YWMRKEFVS[WIVSVIZIREHVEJXSJEQIWWEKIMWZMWMFPIMR+QEMP
SRXLITLSRI
+QEMPMWGSRZIVWEXMSRFEWIH
)EGLQIWWEKIERHEPPVITPMIWXSMX
EVIKVSYTIHMR]SYV-RFS\EWEWMRKPIGSRZIVWEXMSR-RSXLIVIQEMP
ETTPMGEXMSRWVITPMIWXSQIWWEKIWEVIWTVIEHEGVSWW]SYV-RFS\
X]TMGEPP]F]HEXIVIGIMZIHWSEQIWWEKIERHXLIVITPMIWXSMXEVI
WITEVEXIHF]SXLIVQIWWEKIW+QEMPQEOIWMXIEW]XSJSPPS[XLI
XLVIEHSJEGSRZIVWEXMSR
+QEMPMWSVKERM^IHF]PEFIPWRSXF]JSPHIVW
&]XEKKMRK
QIWWEKIW[MXLPEFIPW]SYGERSVKERM^I]SYVGSRZIVWEXMSRWMR
QER]HMJJIVIRX[E]W-RSXLIVIQEMPETTPMGEXMSRWIEGLQIWWEKI
GERPMZIMRSRP]SRIJSPHIV*SVI\EQTPI[MXL+QEMP]SYGERPEFIP
EGSRZIVWEXMSR[MXL]SYVQSXLIVEFSYX]SYVFVSXLIVWFMVXLHE]
TVIWIRX[MXLFSXL
q
1SQ
r
ERH
q
(EZI
r
0EXIV]SYGERPSSOJSVXLI
QIWWEKIYRHIVIMXLIVPEFIP9WMRKJSPHIVW]SYHLEZIXSWXSVIXLI
QIWWEKIMRXLI
q
1SQ
r
JSPHIVSVXLI
q
(EZI
r
JSPHIVRSXFSXL
+QEMPJSVXLITLSRIMWSTXMQM^IHJSVQSFMPI9WIXLI[IFXS
SVKERM^I+QEMP
8LIFIWXTPEGIXSSVKERM^IERHPIEVREFSYX+QEMP
MWXLI[IF*SVI\EQTPI]SYGERXYWIXLI+QEMPETTPMGEXMSRSR
XLITLSRIXSGVIEXIXLIPEFIPWERHJMPXIVWXLEX]SYYWIXSSVKERM^I
]SYVQIWWEKIWFYX]SYGERPEFIPEQIWWEKI+QEMPSRXLI[IF
SJJIVWGSQTPIXIMRJSVQEXMSREFSYXXLIWIVZMGIWSMXWXLIFIWX
TPEGIXSPIEVREFSYXEPPSJXLIJIEXYVIWSJ+QEMP
+QEMP
+QEMPMWJSV+QEMP
3JGSYVWI]SYGERYWI+QEMPXSWIRHIQEMPXS
ER]IQEMPEHHVIWWERHER]SRIGERWIRHIQEMPXS]SYEX]SYV
+QEMPEHHVIWW&YXMJ]SY[ERXXSVIEHQIWWEKIWJVSQERSXLIV
IQEMPWIVZMGITVSZMHIVYWMRK]SYV%30=ELSSSVSXLIVIQEMP
EGGSYRX]SYYWIXLI)QEMPETTPMGEXMSR7II
q
)QEMP
r
SRTEKI
3TIRMRK+QEMPERH=SYV-RFS\
;LIR]SYSTIRXLI
+QEMP
ETTPMGEXMSRXLIQSWXVIGIRX
GSRZIVWEXMSRWEVIHMWTPE]IHMR]SYV-RFS\
;LIR]SYVIXYVRXS+QEMPEJXIVYWMRKSXLIVETTPMGEXMSRWXLIPEWX
WGVIIR]SY[IVI[SVOMRK[MXLMWHMWTPE]IH
8SSTIRXLI+QEMPETTPMGEXMSR
8SYGLXLI+QEMPMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
=SYV-RFS\HMWTPE]WGSRZIVWEXMSRW[MXLXLIRI[IWX
QIWWEKIWEXXLIXST%PPSJ]SYVGSRZIVWEXMSRWEVIHMWTPE]IH
MR]SYV-RFS\YRPIWW]SYHIPIXIEVGLMZISVJMPXIVXLIQ
8LIGYVVIRX+SSKPI%GGSYRXMWHMWTPE]IHEXXLIXSTVMKLXSJ
XLI-RFS\-J]SYLEZIQSVIXLERSRIEGGSYRX]SYGER
W[MXGLEGGSYRXWXSZMI[XLIQIWWEKIWMRIEGL-RFS\EW
HIWGVMFIHMR
q
8SW[MXGLEGGSYRXW
r
SRTEKI%HHMRKERH
[SVOMRK[MXLEGGSYRXWMWHIWGVMFIHMR
q
%GGSYRXW
r
SRTEKI
'SRZIVWEXMSRW[MXLRI[QIWWEKIWLEZIFSPHWYFNIGXPMRIW
8SVIEHEQIWWEKIMREGSRZIVWEXMSRXSYGLMXWWYFNIGX7II
q
6IEHMRK=SYV1IWWEKIW
r
SRTEKI
+QEMP
MRHMGEXIWQIWWEKIWWIRXHMVIGXP]XS]SY
MRHMGEXIWQIWWEKIWXLEX]SY[IVI''HSR
3XLIVQIWWEKIW[IVIWIRXXS]SYEWTEVXSJEKVSYT
8SSTIR]SYV-RFS\[LIR+QEMPMWVYRRMRK
8SYGLXLI
&EGO/I]
YRXMP]SYVIXYVRXS]SYV-RFS\
36
;LIRVIEHMRKEQIWWEKITVIWWXLI
1IRY/I]
XLIR
XSYGL
&EGOXS-RFS\
36
;LIRZMI[MRKEPMWXSJPEFIPIHGSRZIVWEXMSRWTVIWWXLI
1IRY/I]
XLIRXSYGL
1SVI" &EGOXS-RFS\
8SW[MXGLEGGSYRXW
+QEMPHMWTPE]WGSRZIVWEXMSRWERHQIWWEKIWJVSQSRI+SSKPI
%GGSYRXEXEXMQI-J]SYLEZIQSVIXLERSRIEGGSYRX]SYGER
STIRXLI%GGSYRXWWGVIIRXSZMI[LS[QER]YRVIEHQIWWEKIW
]SYLEZIMRIEGLEGGSYRXERHXSW[MXGLEGGSYRXW
*VSQ]SYV-RFS\TVIWWXLI
1IRY/I]
XLIRXSYGL
%GGSYRX
+QEMP
=SYVEGGSYRX
&SPHWYFNIGXPMRIWMRHMGEXI
GSRZIVWEXMSRW[MXLRI[
YRVIEHQIWWEKIW
8LIVIEVIQIWWEKIWMR
XLMWGSRZIVWEXMSR
8LIRYQFIVSJYRVIEH
QIWWEKIWMR]SYV-RFS\
8SYGLEGSRZIVWEXMSRXSSTIR
MXERHVIEHMXWQIWWEKIW
8SYGLXLIEGGSYRXXLEXGSRXEMRWXLIIQEMP]SY[ERXXSVIEH
6IEHMRK=SYV1IWWEKIW
;LIRZMI[MRKEPMWXSJGSRZIVWEXMSRWMR]SYV-RFS\SVMRER]PMWXSJ
PEFIPIHGSRZIVWEXMSRW]SYGERSTIREGSRZIVWEXMSRXSVIEHMXW
QIWWEKIW
8S V I E H E Q I W W E K I
8SYGLEGSRZIVWEXMSRXLEXGSRXEMRWXLIQIWWEKI]SY[ERXXS
VIEH
%GSRZIVWEXMSRSTIRWXSXLIJMVWXRI[YRVIEHQIWWEKISV
XSXLIJMVWXWXEVVIHQIWWEKIMJ]SYZITVIZMSYWP]WXEVVIHE
QIWWEKIMRXLIGSRZIVWEXMSR7II
q
7XEVVMRKE1IWWEKI
r
SR
TEKI
+QEMP
8LMWGSRZIVWEXMSRLEWSRIPEFIP
8SYGLXSZMI[XLIWIRHIVERHXLI
JMVWXPMRISJQIWWEKIWXLEX]SYZI
EPVIEH]VIEH
8SYGLEWIRHIVW8EPO7XEXYWMGSR
XSSTIR5YMGO'SRXEGX
=SYGEREVGLMZISVHIPIXIXLI
IRXMVIGSRZIVWEXMSRSVVIEH]SYV
RI\XSPHIWXYRVIEHQIWWEKI
8LI+SSKPI8EPOSRPMRIWXEXYW MWWLS[RRI\XXSXLIREQI
SJXLIWIRHIVSJIEGLQIWWEKI8SYGLXLEXWXEXYWMRHMGEXSV
XSSTIR5YMGO'SRXEGX7II
q
'SRRIGXMRK5YMGOP];MXL
=SYV'SRXEGXW
r
SRTEKI
;LIRVIEHMRKQIWWEKIWMREGSRZIVWEXMSR]SYGERYWIXLI
FYXXSRWEXXLIFSXXSQSJXLIWGVIIRXSEVGLMZIXLIIRXMVI
GSRZIVWEXMSRWII
q
%VGLMZMRK'SRZIVWEXMSRW
r
SRTEKISV
XSHIPIXIMX-J]SYHIPIXIEGSRZIVWEXMSR]SYGERXSYGL
9RHS
MRXLI]IPPS[FEVEXXLIXSTSJXLIWGVIIRXSYRHIPIXI
MX
=SYGEREPWSXSYGL
3PHIV
XSVIEHXLIRI\XSPHIWXYRVIEH
QIWWEKIMREGSRZIVWEXMSRMR]SYV-RFS\SVXLIGSRZIVWEXMSR
PMWX]SYVI[SVOMRKMR8SYGLXLI
&EGO/I]
XSVIVIEHXLI
PEWXQIWWEKIXLEX]SYVIEH
=SYGERWGVSPPXSXLIFSXXSQSJEQIWWEKIXSZMI[FYXXSRW
JSVVITP]MRKXSSVJSV[EVHMRKXLIQIWWEKIEWHIWGVMFIHMR
q
6ITP]MRKXSSV*SV[EVHMRKE1IWWEKI
r
SRTEKI
+QEMP
8SVIVIEHEQIWWEKI
;LIR]SYSTIREGSRZIVWEXMSRQIWWEKIWXLEX]SYZIEPVIEH]
VIEHEVILMHHIRMREXEFXLEXMRHMGEXIWXLIRYQFIVSJLMHHIR
QIWWEKIW
8SYGLXLIXEFXLEXMRHMGEXIWXLIRYQFIVSJTVIZMSYWP]VIEH
QIWWEKIW
8LIXEFI\TERHWMRXSXEFWXLEXPMWXXLIWIRHIVERHXLIJMVWX
PMRISJIEGLVIEHQIWWEKI
8SYGLERI\TERHIHXEFXSVIVIEHXLIQIWWEKI
;LIRVIEHMRKEQIWWEKISV[LIRMXWXEFMWWIPIGXIH]SYGER
TVIWWXLI
1IRY/I]
XLIRXSYGL
1EVOVIEH
XSVIXYVREVIEH
QIWWEKIXSXLIYRVIEHWXEXI*SVI\EQTPIXSVIQMRH]SYVWIPJXS
VIEHMXEKEMRPEXIV
+QEMP
8SYGLXLIXEFXLEXMRHMGEXIW
XLIRYQFIVSJYRVIEH
QIWWEKIWXSZMI[XLIMV
WYQQEV]XEFW
8SYGLXLIXEFSJEQIWWEKI
]SYZIEPVIEH]VIEHXSSTIR
MXWS]SYGERVIEHMXEKEMR
'SQTSWMRKERH7IRHMRKE1IWWEKI
=SYGERGSQTSWIERHWIRHEQIWWEKIXSTISTPISVKVSYTW[MXL
+QEMPEHHVIWWIWSVSXLIVIQEMPEHHVIWWIW
8SGSQTSWIERHWIRHEQIWWEKI
%GGIWWXLI1IWWEKMRKETTPMGEXMSRTVIWWXLI
1IRY/I]
XLIRXSYGL
'SQTSWI
%HHVIWWXLIQIWWEKI
%W]SYIRXIVXI\XQEXGLMRKEHHVIWWIWEVISJJIVIHJVSQ]SYV
'SRXEGXWPMWX7II
q
'SRXEGXW
r
SRTEKI=SYGERXSYGLE
WYKKIWXIHEHHVIWWSVIRXIVERI[SRI
4VIWWXLI
1IRY/I]
XLIRXSYGL
%HH'G&GG
XSEHHVIWW
EGST]SVEFPMRHGST]SJXLIQIWWEKI
)RXIVEWYFNIGXJSVXLIQIWWEKI
)RXIVXLIXI\XSJXLIQIWWEKI
*SVMRJSVQEXMSREFSYXIRXIVMRKERHIHMXMRKXI\XWII
q
9WMRK
XLISRWGVIIROI]FSEVH
r
SRTEKI
4VIWWXLI
1IRY/I]
XLIRXSYGL
%XXEGL
XSWIRHETLSXS
[MXLXLIQIWWEKI
7II
q
+EPPIV]
r
SRTEKIXSPIEVREFSYX[SVOMRK[MXL
TLSXSW
8SYGL
7IRH
-J]SYVIRSXVIEH]XSWIRHXLIQIWWEKIXSYGL
7EZIEW
HVEJX
MRWXIEH=SYGERVIEH]SYVHVEJXWF]STIRMRK
QIWWEKIW[MXLXLI(VEJXPEFIP7II
q
:MI[MRK'SRZIVWEXMSRW
F]0EFIP
r
SRTEKI
8SYGL
(MWGEVH
XSEFERHSRXLIQIWWEKIMRGPYHMRKER]WEZIH
HVEJXW
-J]SYEVIRXGSRRIGXIHXSERIX[SVOJSVI\EQTPIMJ]SYVI
[SVOMRKMR%MVTPERIQSHIXLIQIWWEKIWXLEX]SYWIRHEVI
WXSVIHSR]SYVTLSRI[MXLXLI3YXFS\PEFIPYRXMP]SY
GSRRIGXXSERIX[SVOEKEMR
+QEMP
6ITP]MRKXSSV*SV[EVHMRKE1IWWEKI
=SYGERGSRXMRYIERIQEMPGSRZIVWEXMSRF]VITP]MRKXSEQIWWEKISV
F]JSV[EVHMRKMX
8SVITP]XSSVJSV[EVHEQIWWEKI
7GVSPPXSXLIFSXXSQSJEQIWWEKI
8SYGL
6ITP]
6ITP]XSEPP
SV
*SV[EVH
6ITP]MRKXSSVJSV[EVHMRKQIWWEKIW[MXLSYXGLERKMRKXLI
WYFNIGXEHHW]SYVVITP]XSXLIGYVVIRXGSRZIVWEXMSR
'LERKMRKXLIWYFNIGXWXEVXWERI[GSRZIVWEXMSR
8LIQIWWEKISTIRWMRERI[WGVIIR[LIVI]SYGEREHHSV
VIQSZIEHHVIWWIWIHMXXLIWYFNIGXERHEHHSVVIQSZIXI\X
SVEXXEGLQIRXWEWHIWGVMFIHMR
q
'SQTSWMRKERH7IRHMRKE
1IWWEKI
r
SRTEKI
=SYGEREHHSRISVQSVITISTPIXSERSRKSMRKGSRZIVWEXMSR
F]VITP]MRKXSEPPERHXLIREHHMRKXLIRI[TISTPIW
EHHVIWWIWXSXLIVITP]
%PPSJXLIQIWWEKIWMRXLIGSRZIVWEXMSRYTXSXLISRI]SY
EVIVITP]MRKXSSVJSV[EVHMRKEVIMRGPYHIHMRXLIRI[
QIWWEKIER]QIWWEKIWXLEXJSPPS[XLIQIWWEKI]SY
JSV[EVHEVISQMXXIH
8SYGL
7IRH
+QEMP
8SYGL6ITP] XSVITP]NYWXXSXLIWIRHIVSJ
XLIQIWWEKI8SYGL6ITP]XSEPP XS
MRGPYHIEPPVIGMTMIRXWSJXLIQIWWEKI
8SYGL*SV[EVH XSWIRHXLIGSRZIVWEXMSR
XSWSQISRIRI[
;SVOMRK[MXL'SRZIVWEXMSRWMR&EXGLIW
=SYGEREVGLMZIPEFIPHIPIXISVTIVJSVQSXLIVEGXMSRWSREFEXGL
SJGSRZIVWEXMSRWEXSRGIMR]SYV-RFS\SVMRERSXLIVPEFIPIHPMWXSJ
GSRZIVWEXMSRW
-RXLI-RFS\SVSXLIVGSRZIVWEXMSRPMWXGLIGOXLI
GSRZIVWEXMSRWXLEX]SY[ERXXS[SVO[MXLEWEFEXGL
;LIR]SYGLIGOEGSRZIVWEXMSRXLI
%VGLMZI
0EFIP
ERH
(IPIXI
ETTIEVEXXLIFSXXSQSJXLIWGVIIR
8SYGL
%VGLMZI
0EFIP
SV
(IPIXI
3VTVIWWXLI
1IRY/I]
XLIRXSYGL
%HHWXEV
6ITSVXWTEQ
QYXI
1EVOVIEH
1EVOYRVIEH
SV
(IWIPIGXEPP
=SYEGXMSREJJIGXWXLIIRXMVIFEXGLSJQIWWEKIW
-J]SYHIPIXIEFEXGLSJGSRZIVWEXMSRW]SYGERXSYGL
9RHS
MRXLI]IPPS[FEVEXXLIXSTSJXLIWGVIIRXSYRHIPIXIXLIQ
=SYGEREPWSYWI
9RHS
EJXIVQYXMRKEVGLMZMRKERHVITSVXMRK
WTEQ
-J]SYRIZIV[SVO[MXLFEXGLIWSJQIWWEKIW]SYGERLMHIXLI
GLIGOFS\IWXSPIEZIQSVIVSSQJSVXLIWYFNIGXWSJGSRZIVWEXMSRW
7II
q
'LERKMRK+QEMP7IXXMRKW
r
SRTEKI
+QEMP
8SYGLEFYXXSRXSEGXSRXLIFEXGLSVTVIWWXLI
1IRY/I] XSEGXSRXLIFEXGLMRSXLIV[E]W
'LIGOGSRZIVWEXMSRWXSEHHXLIQXSXLIFEXGL
0EFIPMRKE'SRZIVWEXMSR
=SYSVKERM^IGSRZIVWEXMSRWF]PEFIPMRKXLIQ+QEMPLEWWIZIVEP
FYMPXMRPEFIPW=SYGEREPWSEHH]SYVS[RF]YWMRK+QEMPSRXLI
[IF
:MI[MRKPEFIPIHGSRZIVWEXMSRWMWHIWGVMFIHEPSRK[MXLEPMWXSJ
WXERHEVHPEFIPWMR
q
:MI[MRK'SRZIVWEXMSRWF]0EFIP
r
SRTEKI
8SPEFIPEGSRZIVWEXMSR
;LIRVIEHMRKEGSRZIVWEXMSRWQIWWEKIWTVIWWXLI
1IRY
/I]
XLIRXSYGL
'LERKIPEFIPW
-RXLIHMEPSKFS\XLEXSTIRWGLIGOXLIPEFIPWXSEWWMKRXS
XLIGSRZIVWEXMSR
8SPEFIPEFEXGLSJGSRZIVWEXMSRWEXSRGI
=SYGEREWWMKRSVGLERKIXLIPEFIPWSJSRISVQSVIGSRZIVWEXMSRW
EXSRGI
-R]SYV-RFS\SVSXLIVGSRZIVWEXMSRPMWXGLIGOXLI
GSRZIVWEXMSRWXSPEFIP
7II
q
;SVOMRK[MXL'SRZIVWEXMSRWMR&EXGLIW
r
SRTEKI
8SYGL
0EFIPW
EXXLIFSXXSQSJXLIWGVIIR
-RXLIHMEPSKFS\XLEXSTIRWGLIGOXLIPEFIPWXSEWWMKRXS
XLIGSRZIVWEXMSR
8SYGL
3/
8SGLERKIEGSRZIVWEXMSRtWPEFIPW
;LIRVIEHMRKEGSRZIVWEXMSRWQIWWEKIWTVIWWXLI
1IRY
/I]
XLIRXSYGL
'LERKIPEFIPW
=SYGEREPWSGLERKIXLIPEFIPWSJEFEXGLSJGSRZIVWEXMSRW
MRXLIWEQI[E]XLEX]SYPEFIPEFEXGLSJGSRZIVWEXMSRWF]
XSYGLMRKXLI
0EFIPW
-RXLIHMEPSKFS\XLEXSTIRWGLIGOSVYRGLIGOXLIPEFIPW
8SYGL
3/
+QEMP
7XEVVMRKE1IWWEKI
=SYGERWXEVERMQTSVXERXQIWWEKIXSQEOIMXIEW]XSPSGEXIEKEMR
'SRZIVWEXMSRW[MXLWXEVVIHQIWWEKIWHMWTPE]EWXEVMR]SYV-RFS\
ERHSXLIVGSRZIVWEXMSRPMWXW8SZMI[NYWXGSRZIVWEXMSRW[MXLWXEVVIH
QIWWEKIWWII
q
:MI[MRK'SRZIVWEXMSRWF]0EFIP
r
SRTEKI
8S W X E V E Q I W W E K I
;LIRVIEHMRKEQIWWEKIXSYGLXLIWXEV MRMXWLIEHIV
36
;LIRZMI[MRKEGSRZIVWEXMSRXSYGLMXWWXEV XSWXEVXLI
RI[IWXQIWWEKIMRXLIGSRZIVWEXMSR
8S Y R W X E V E Q I W W E K I
8SYGLMXWWXEVEKEMR
8SYRWXEVEPPQIWWEKIWMREGSRZIVWEXMSR
8SYGLEWXEVMREGSRZIVWEXMSRPMWX
+QEMP
:MI[MRK'SRZIVWEXMSRWF]0EFIP
=SYGERZMI[EPMWXSJXLIGSRZIVWEXMSRWXLEXLEZIXLIWEQIPEFIP
MRGPYHMRKGSRZIVWEXMSRW[MXLWXEVVIHQIWWEKIW
=SYGERGSRXVSPLS[QER]GSRZIVWEXMSRWEVIOITXGYVVIRXSR]SYV
TLSRIF]PEFIPERHF]XMQIEWHIWGVMFIHMR
q
7]RGLVSRM^MRK=SYV
1IWWEKIW
r
SRTEKI
7II
q
0EFIPMRKE'SRZIVWEXMSR
r
SRTEKISV
q
7XEVVMRKE1IWWEKI
r
SRTEKIJSVMRJSVQEXMSREFSYXEWWMKRMRKPEFIPWERHWXEVW
;LIRZMI[MRK]SYV-RFS\SVERSXLIVGSRZIVWEXMSRPMWXTVIWW
XLI
1IRY/I]
XLIRXSYGL0EFIPW
=SYVPEFIPWEVITVIWIRXIHMREWGVSPPMRKPMWX
8SYGLEPEFIPXSZMI[EPMWXSJGSRZIVWEXMSRW[MXLXLEXPEFIP
8LIGSRZIVWEXMSRPMWXVIWIQFPIW]SYV-RFS\FYXXLIPEFIP
VITPEGIW
q
-RFS\
r
MRXLIXMXPIFEV=SY[SVO[MXLPEFIPIH
GSRZIVWEXMSRPMWXWMRXLIWEQI[E]XLEX]SY[SVO[MXL]SYV
-RFS\
+QEMP
0EFIPWETTPMIHXSGSRZIVWEXMSRW[MXLYRVIEH
QIWWEKIWEVIFSPHERHLEZIEKVIIRFEVEXPIJX
8LIRYQFIVSJGSRZIVWEXMSRW[MXLXLMWPEFIPXLEX
LEZIYRVIEHQIWWEKIW
6ITSVXMRK7TEQ
8LI+QEMP[IFQEMPWIVZMGIMWUYMXIIJJIGXMZIEXTVIZIRXMRKWTEQ
NYROQEMPJVSQVIEGLMRK]SYV-RFS\&YX[LIRWTEQHSIWQEOIMX
XLVSYKL]SYGERLIPTMQTVSZIXLI+QEMPWIVZMGIF]VITSVXMRKXLI
GSRZIVWEXMSREWWTEQ
8SVITSVXEGSRZIVWEXMSREWWTEQ
;LMPIVIEHMRKXLIGSRZIVWEXMSRWQIWWEKIWTVIWWXLI
1IRY
/I]
XLIRXSYGL
1SVI"6ITSVXWTEQ
36
'LIGOSRISVEFEXGLSJGSRZIVWEXMSRWMR]SYV-RFS\SVSXLIV
GSRZIVWEXMSRPMWXTVIWWXLI
1IRY/I]
XLIRXSYGL
6ITSVX EWWTEQ
7II
q
;SVOMRK[MXL'SRZIVWEXMSRWMR&EXGLIW
r
SRTEKI
;LIR]SYVITSVXEGSRZIVWEXMSREWWTEQXLIGSRZIVWEXMSR
ERHEPPMXWQIWWEKIWEVIVIQSZIHJVSQ]SYV-RFS\=SYGER
ZMI[XLIQIWWEKIW]SYZIQEVOIHEWWTEQF]ZMI[MRK
QIWWEKIW[MXLXLI7TEQPEFIP7II
q
:MI[MRK'SRZIVWEXMSRW
F]0EFIP
r
SRTEKI
7IEVGLMRKJSV1IWWEKIW
=SYGERWIEVGLJSVQIWWEKIWXLEXGSRXEMRSRISVQSVI[SVHWMR
XLIMVGSRXIRXWSVMRXLIMVEHHVIWWIWWYFNIGXWPEFIPWERHWSSR
;LIR]SYWIEVGLJSVQIWWEKIWEPPSJXLIQIWWEKIWMR]SYV+QEMP
EGGSYRXSRXLI[IFEVIMRGPYHIHI\GITXXLSWIPEFIPIH8VEWLSV
7TEQRSXNYWXXLSWIXLEX]SYZIW]RGLVSRM^IHSRXS]SYVTLSRI
=SYGEREPWSYWIXLIEHZERGIHWIEVGLSTXMSRWXLEXEVIHIWGVMFIHSR
XLI+QEMP[IFWMXI
-RXLI-RFS\TVIWWXLI
1IRY/I]
XLIRXSYGL
7IEVGL
3VXSYGLXLI
7IEVGL/I]
+QEMP
)RXIVXLI[SVHSV[SVHWXSWIEVGLJSVERHXSYGL
7IEVGL
%GSRZIVWEXMSRPMWXSTIRWHMWTPE]MRKEPPSJXLIGSRZIVWEXMSRW
[MXLQIWWEKIWXLEXGSRXEMRXLI[SVHW]SYWIEVGLIHJSV
8LI[SVHW]SYWIEVGLIHJSVEVIHMWTPE]IHMRXLIXMXPIFEV
=SY[SVO[MXLXLIGSRZIVWEXMSRWMRXLMWPMWXNYWXEW]SY
[SYPH[MXLXLIGSRZIVWEXMSRWMR]SYV-RFS\SVER]SXLIV
GSRZIVWEXMSRPMWX
%VGLMZMRK'SRZIVWEXMSRW
=SYGEREVGLMZIGSRZIVWEXMSRWXSQSZIXLIQSYXSJ]SYV-RFS\
[MXLSYXHIPIXMRKXLIQ%VGLMZIHGSRZIVWEXMSRWEVIEWWMKRIHXLI%PP
1EMPPEFIPERHXLI]VIXEMRER]SXLIVPEFIPW]SYZIEWWMKRIHXSXLIQ
7II
q
:MI[MRK'SRZIVWEXMSRWF]0EFIP
r
SRTEKI8LI]VIEPWS
MRGPYHIHMRWIEVGLVIWYPXW-JWSQISRIVITPMIWXSEQIWWEKIXLEX
]SYZIEVGLMZIHMXWGSRZIVWEXMSRMWVIWXSVIHXS]SYV-RFS\
;LMPIZMI[MRKEPMWXSJGSRZIVWEXMSRWXSYGLERHLSPHE
GSRZIVWEXMSRERHXSYGL
%VGLMZI
MRXLIQIRYXLEXSTIRW
36
'LIGOSRISVEFEXGLSJGSRZIVWEXMSRWMR]SYV-RFS\SVSXLIV
GSRZIVWEXMSRPMWXERHXSYGL
%VGLMZI
7II
q
;SVOMRK[MXL'SRZIVWEXMSRWMR&EXGLIW
r
SRTEKI
36
;LIRVIEHMRKEQIWWEKIXSYGL
%VGLMZI
EXXLIFSXXSQSJ
XLIWGVIIR
+QEMP
7]RGLVSRM^MRK=SYV1IWWEKIW
8LI+QEMP[IFQEMPWIVZMGILEWXLIVIWSYVGIWXSWXSVIEPPXLI
QIWWEKIW]SYZIIZIVWIRXSVVIGIMZIH]SYVTLSRIHSIWRSX8S
WEZIWTEGI+QEMPHS[RPSEHWSRP]WSQISJ]SYVQIWWEKIWXS]SYV
TLSRI=SYGERWIX[LMGLGSRZIVWEXMSRWEVIOITXGYVVIRXSR]SYV
TLSRIF]PEFIPERH[LEXTSVXMSRSJXLSWIGSRZIVWEXMSRWF]XMQI
=SYYWIXLI7IXXMRKWETTPMGEXMSRXSGSRXVSPLS[ERH[LIR
ETTPMGEXMSRWW]RGLVSRM^IXLIMVHEXE7II
q
%GGSYRXWW]RG
r
SRTEKI
8SWIPIGX[LMGLGSRZIVWEXMSRWXSW]RGLVSRM^I
3TIR]SYV-RFS\
4VIWWXLI
1IRY/I]
XLIRXSYGL
7IXXMRKW"0EFIPW
8LI7]RGLVSRM^EXMSRWIXXMRKWWGVIIRSTIRWHMWTPE]MRKE
WGVSPPMRKPMWXSJ]SYV+QEMPPEFIPW&IPS[IEGLPEFIPMWMXW
GYVVIRXW]RGLVSRM^EXMSRWIXXMRK
7]RGEPP
7]RG HE]W
SVRS
PEFIP'SRZIVWEXMSRW[MXLRSPEFIPEVIRSXW]RGLVSRM^IH
8SYGLEGSRZIVWEXMSRPEFIP[LSWIW]RGLVSRM^EXMSRWIXXMRKW
]SY[ERXXSGLERKI
%HMEPSKFS\JSVXLEXGSRZIVWEXMSRPEFIPSTIRW[MXLXLVIISTXMSRW
7]RG RSRI
(SRXHS[RPSEHER]GSRZIVWEXMSRWXLEXLEZISRP]XLMW
PEFIP
7]RGHE]W
(S[RPSEHXLITVIZMSYWSVRYQFIVSJHE]W]SY
WIXSJGSRZIVWEXMSRW
7]RGEPP
(S[RPSEHEPPGSRZIVWEXMSRW[MXLXLMWPEFIP
+QEMP
8SWIXLS[QER]HE]WSJGSRZIVWEXMSRWXSW]RGLVSRM^I
3TIR]SYV-RFS\
4VIWWXLI
1IRY/I]
XLIRXSYGL
7IXXMRKW"0EFIPW
8SYGL
2YQFIVSJHE]WXS7]RG
)RXIVXLIRYQFIVSJHE]WERHXSYGL
3/
%TTIRHMRKE7MKREXYVIXS=SYV1IWWEKIW
=SYGERETTIRHSRISVEJI[PMRIWSJXI\XXSIZIV]QIWWEKI]SY
WIRHWYGLEW]SYVREQIGSRXEGXMRJSVQEXMSRSVIZIR
q
7IRXF]ER
ERHVSMHr
3TIR]SYV-RFS\SVERSXLIVPEFIPIHPMWXSJGSRZIVWEXMSRW
4VIWWXLI
1IRY/I]
XLIRXSYGL
7IXXMRKW" 7MKREXYVI
)RXIVEWMKREXYVISVSXLIVMRJSVQEXMSR
8SYGLXLI
3/
FYXXSR
+QEMP
0EFIPWETTPMIHXSGSRZIVWEXMSRW[MXLYRVIEH
QIWWEKIWEVIFSPHERHLEZIEKVIIRFEVEXPIJX
'LERKMRK+QEMP7IXXMRKW
=SYGERGLERKIERYQFIVSJWIXXMRKWJSV+QEMP)EGL+QEMPEGGSYRX
LEWMXWS[RWIXXMRKWWS]SYVGLERKIWEJJIGXSRP]XLIGYVVIRX
EGGSYRX7II
q
8SW[MXGLEGGSYRXW
r
SRTEKI
2SXMJMGEXMSRZSPYQIWERHWSQIW]RGLVSRM^EXMSRWIXXMRKWEVI
GLERKIHMRXLI7IXXMRKWETTPMGEXMSR7II
q
7IXXMRKW
r
SRTEKI
8SGLERKI+QEMPWIXXMRKWSTIR]SYV-RFS\TVIWWXLI
1IRY
/I]
XLIRXSYGL
7IXXMRKW
+IRIVEP7IXXMRKW
7MKREXYVI
3TIRWEHMEPSKFS\[LIVI]SYGERIRXIVXI\XXS
ETTIRHXSIZIV]QIWWEKI]SYWIRH7II
q
%TTIRHMRKE7MKREXYVI
XS=SYV1IWWEKIW
r
SRTEKI
'SRJMVQHIPIXI
'LIGOQEVOXLMWWIXXMRKXSSTIREHMEPSKFS\IEGL
XMQI]SYHIPIXIQIWWEKIWEWOMRK]SYXSGSRJMVQXLEX]SY[ERXXS
HIPIXIXLIQ
&EXGLSTIVEXMSRW
'LIGOQEVOXLMWWIXXMRKXSEHHEGLIGOFS\XS
XLIPIJXSJIEGLGSRZIVWEXMSRWS]SYGEREHHMXXSEFEXGL7II
q
;SVOMRK[MXL'SRZIVWEXMSRWMR&EXGLIW
r
SRTEKI
'PIEVWIEVGLLMWXSV]
6IQSZIWXLILMWXSV]SJXLIVIWYPXW]SYZI
XSYGLIH[LIRWIEVGLMRKJSVQIWWEKIW
0EFIPW
3TIRWXLI0EFIPWWGVIIR[LIVI]SYGERQEREKI[LMGL
GSRZIVWEXMSRWEVIW]RGLVSRM^IH7II
q
7]RGLVSRM^MRK=SYV
1IWWEKIW
r
SRTEKI
2SXMJMGEXMSRWIXXMRKW
)QEMPRSXMJMGEXMSRW
'LIGOQEVOXLMWWIXXMRKXSVIGIMZIE
RSXMJMGEXMSR[LIRIZIV]SYVIGIMZIRI[IQEMP7II
q
1EREKMRK
2SXMJMGEXMSRW
r
SRTEKI
7IPIGXVMRKXSRI
3TIRWEHMEPSKFS\XSWIPIGXXLIVMRKXSRIXS
WSYRH[LIR]SYVIGIMZIERI[IQEMPRSXMJMGEXMSR
:MFVEXI
'LIGOQEVOXLMWWIXXMRKXSZMFVEXIXLITLSRI[LIR]SY
VIGIMZIERI[IQEMPRSXMJMGEXMSR
+QEMP
:MI[MRK=SYV'EPIRHEVERH)ZIRXW
3TIR'EPIRHEVXSZMI[XLIIZIRXW]SYLEZIWGLIHYPIHMRXLI
GSQMRKHE]W[IIOWSVQSRXLW
8SSTIR]SYV'EPIRHEVETTPMGEXMSR
8SYGLXLI'EPIRHEVMGSRSRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
-J]SYLEZIGVIEXIHSVWYFWGVMFIHXSQSVIXLERSRIGEPIRHEV
F]YWMRK+SSKPI'EPIRHEVSRXLI[IFIZIRXWJVSQIEGL
GEPIRHEVEVIHMWTPE]IHMREHMJJIVIRXGSPSV*SVMRJSVQEXMSR
EFSYX[LMGLGEPIRHEVWEVIHMWTPE]IHSR]SYVTLSRIWII
q
(MWTPE]MRKERH7]RGLVSRM^MRK'EPIRHEVW
r
SRTEKI
238)
8SKSXSXLIGYVVIRXHE]MRER]'EPIRHEVZMI[TVIWWXLI1IRY/I]
XLIRXSYGL8S HE ]
'EPIRHEV
%KIRHEZMI[
-R%KIRHE(E]SV;IIOZMI[XSYGLERIZIRXXSZMI[MXWHIXEMPW
1SRXLZMI[;IIOZMI[
8SYGLEHE]MR
1SRXLZMI[XSSTIR
XLEXHE]tWIZIRXW
(E]ZMI[
8SGLERKI]SYVGEPIRHEVZMI[
4VIWWXLI
1IRY/I]
XLIRXSYGL
%KIRHE
(E]
;IIO
SV
1SRXL
)EGLZMI[HMWTPE]WXLIIZIRXWMR]SYVGEPIRHEVJSVXLITIVMSH
SJXMQIXLEX]SYWTIGMJ]*SVHIXEMPWWII
q
;SVOMRKMR%KIRHE:MI[
r
SRTEKI
q
;SVOMRKMR(E]:MI[
r
SRTEKI
q
;SVOMRKMR;IIO:MI[
r
SRTEKI
q
;SVOMRKMR1SRXL:MI[
r
SRTEKI
8SZMI[QSVIMRJSVQEXMSREFSYXERIZIRXMR%KIRHEZMI[
XSYGLXLIIZIRX
8SZMI[QSVIMRJSVQEXMSREFSYXERIZIRXMR(E]SV;IIO
ZMI[XSYGLXLIIZIRXXSSTIREUYMGOZMI[WYQQEV]8SYGL
XLIUYMGOZMI[JSVIZIRQSVIMRJSVQEXMSR
8SZMI[XLIIZIRXWSJEHE]MR1SRXLZMI[XSYGLEHE]
'EPIRHEV
;SVOMRKMR%KIRHE:MI[
%KIRHEZMI[MWEPMWXSJ]SYVIZIRXWMRGLVSRSPSKMGEPSVHIV%PPHE]
ERHQYPXMHE]IZIRXWEVIPMWXIHEXXLIWXEVXSJIEGLHE]
8SW[MXGLXS%KIRHEZMI[
4VIWWXLI
1IRY/I]
XLIRXSYGL
%KIRHE
8SPIEVRQSVIEFSYXIZIRXWMR%KIRHEZMI[
8SYGLERIZIRX
%WGVIIR[MXLHIXEMPWEFSYXXLIIZIRXSTIRW7II
q
:MI[MRK
)ZIRX(IXEMPW
r
SRTEKI
'EPIRHEV
8SYGLERIZIRXXSZMI[MXWHIXEMPW
(VEKYTSVHS[RXSZMI[IEVPMIVSVPEXIVIZIRXW
8LMWIZIRXVITIEXW
;SVOMRKMR(E]:MI[
(E]ZMI[HMWTPE]WEGLEVXSJXLIIZIRXWSJSRIHE]MREXEFPISJ
SRILSYVVS[W%PPHE]ERHQYPXMHE]IZIRXWEVIHMWTPE]IHEXXLIXST
4EVXSJXLIXMXPISJIEGLIZIRXMWHMWTPE]IHMRXLIVS[WXLEX
GSVVIWTSRHXS[LIRMXSGGYVW
8SW[MXGLXS(E]ZMI[
4VIWWXLI
1IRY/I]
XLIRXSYGL
(E]
8SPIEVRQSVIEFSYXIZIRXWMR(E]ZMI[
8SYGLERIZIRXXSZMI[MXWHIXEMPW
7II
q
:MI[MRK)ZIRX(IXEMPW
r
SRTEKI
8SYGLERHLSPHERIZIRXXSSTIREQIRY[MXLSTXMSRWJSV
ZMI[MRKIHMXMRKSVHIPIXMRKXLIIZIRXERHJSVGVIEXMRKERI[
IZIRXEXXLEXXMQI
8SEHHERIZIRXMR(E]ZMI[
8SYGLERHLSPHERIQTX]WTSXSVERIZIRXMRXLIHE]XS
STIREQIRY[MXLXLISTXMSRJSVGVIEXMRKERI[IZIRXEX
XLEXXMQI
7II
q
'VIEXMRKER)ZIRX
r
SRTEKI
'EPIRHEV
(VEKPIJXSVVMKLXXSZMI[IEVPMIVSVPEXIVHE]W
8SYGLERIZIRXXSZMI[MXWHIXEMPW
8SYGLERHLSPHEXMQIWPSXSVERIZIRXXSGVIEXIE
RI[IZIRXEXXLEXXMQI
;SVOMRKMR;IIO:MI[
;IIOZMI[HMWTPE]WEGLEVXSJXLIIZIRXWSJSRI[IIO%PPHE]ERH
QYPXMHE]IZIRXWEVIHMWTPE]IHEXXLIXST
8SW[MXGLXS;IIOZMI[
4VIWWXLI
1IRY/I]
XLIRXSYGL
;IIO
8SPIEVRQSVIEFSYXIZIRXWMR;IIOZMI[
8SYGLERIZIRXXSZMI[MXWHIXEMPW
7II
q
:MI[MRK)ZIRX(IXEMPW
r
SRTEKI
8SYGLERHLSPHERIZIRXXSSTIREQIRY[MXLSTXMSRWJSV
ZMI[MRKIHMXMRKSVHIPIXMRKXLIIZIRXERHJSVGVIEXMRKE
RI[IZIRXEXXLEXXMQI
8SEHHERIZIRXMR;IIOZMI[
8SYGLERHLSPHERIQTX]WTSXSVERIZIRXMRXLI[IIOXS
STIREQIRY[MXLXLISTXMSRJSVGVIEXMRKERI[IZIRXEX
XLEXXMQI
7II
q
'VIEXMRKER)ZIRX
r
SRTEKI
'EPIRHEV
8SYGLERHLSPHEXMQIWPSXSVERIZIRXXSGVIEXIE
RI[IZIRXEXXLEXXMQI
8SYGLERIZIRXXSZMI[MXWHIXEMPW
(VEKPIJXSVVMKLXXSZMI[IEVPMIVSVPEXIVHE]W
;SVOMRKMR1SRXL:MI[
1SRXLZMI[HMWTPE]WEGLEVXSJXLIIZIRXWSJXLIQSRXL7IKQIRXW
SJIEGLHE][MXLWGLIHYPIHIZIRXWEVIKVIIRMRXLIHE]WZIVXMGEP
FEV
8SW[MXGLXS1SRXLZMI[
4VIWWXLI
1IRY/I]
XLIRXSYGL
1SRXL
8SZMI[QSVIMRJSVQEXMSREFSYXIZIRXWMR1SRXLZMI[
8SYGLEHE]XSZMI[MXWIZIRXWMR(E]ZMI[
7II
q
;SVOMRKMR(E]:MI[
r
SRTEKI
8SEHHERIZIRXMR1SRXLZMI[
8SYGLERHLSPHERIQTX]WTSXSVERIZIRXMRXLIQSRXLXS
STIREQIRY[MXLXLISTXMSRJSVGVIEXMRKERI[IZIRX
7IIq'VIEXMRKER)ZIRXrSRTEKI
'EPIRHEV
(VEKYTSVHS[RXSZMI[IEVPMIVSVPEXIVQSRXLW
8SYGLEHE]XSZMI[XLIIZIRXWSJXLEXHE]
:MI[MRK)ZIRX(IXEMPW
=SYGERZMI[QSVIMRJSVQEXMSREFSYXERIZIRXMRERYQFIVSJ
[E]WHITIRHMRKSRXLIGYVVIRXZMI[
8SZMI[MRJSVQEXMSREFSYXERIZIRX
-R%KIRHE(E]SV;IIOZMI[XSYGLERIZIRXXSZMI[MXW
HIXEMPW
-R1SRXLZMI[XSYGLEHE]XSW[MXGLXS(E]ZMI[8LIR
XSYGLERIZIRXXSSTIREWYQQEV]ERHXSYGLXLIWYQQEV]
XSZMI[XLIHIXEMPW
=SYGERWIXSVGLERKI[LIXLIV]SY[MPPEXXIRHXLIIZIRXF]YWMRK
XLI
%XXIRHMRK
#QIRY
3XLIVEXXIRHIIWWXEXYWMWHMWTPE]IHFIPS[]SYVS[R
=SYGLERKIER]IZIRXVIQMRHIVWSVXSYGLXLITPYWFYXXSR XS
EHHSRI7II
q
7IXXMRKER)ZIRX6IQMRHIV
r
SRTEKI
-J]SYLEZITIVQMWWMSRXSGLERKIIZIRXW]SYGERTVIWWXLI
1IRY
/I]
XSIHMXSVHIPIXIXLIIZIRXEWHIWGVMFIHMR
q
)HMXMRKSV
(IPIXMRKER)ZIRX
r
SRTEKI
'EPIRHEV
8SYGLXSWIX[LIXLIV]SYtPPEXXIRHXLMWIZIRX
3XLIVEXXIRHIIWtWXEXYWMWWLS[RFIPS[]SYVW
8SYGLXSGLERKI[LIR]SY[ERXXSFIVIQMRHIH
EFSYXXLMWIZIRX
8SYGLXSHIPIXIXLMWVIQMRHIV
8SYGLXSEHHERSXLIVVIQMRHIVJSVXLMWIZIRX
'VIEXMRKER)ZIRX
=SYGERYWI'EPIRHEVSR]SYVTLSRIXSGVIEXIIZIRXWXLEXETTIEV
SR]SYVTLSRIERHMR]SYV+SSKPI'EPIRHEVSRXLI[IF
8SGVIEXIERIZIRX
-RER]'EPIRHEVZMI[TVIWWXLI
1IRY/I]
XLIRXSYGL
2I[IZIRX
XSSTIRXLI)ZIRXHIXEMPWWGVIIR
=SYGEREPWSXSYGLERHLSPHEWTSXMR(E];IIOSV1SRXL
ZMI[-RXLIQIRYXLEXSTIRWXSYGL
2I[IZIRX
XSSTIRXLI
)ZIRXHIXEMPWWGVIIR[MXLXLEXHE]ERHXMQIEPVIEH]IRXIVIH
%HHHIXEMPWEFSYXXLIIZIRX
)RXIVEREQIXMQIERHSTXMSREPEHHMXMSREPHIXEMPWEFSYXXLI
IZIRXNYWXEW]SYHSMR+SSKPI'EPIRHEVSRXLI[IF
-J]SYLEZIQSVIXLERSRIGEPIRHEV]SYGERGLSSWIXLI
GEPIRHEVXS[LMGLXSEHHXLIIZIRX
8SYGLXLITPYWFYXXSR XSEHHQSVIVIQMRHIVW7II
q
7IXXMRKER)ZIRX6IQMRHIV
r
SRTEKI
-RZMXIKYIWXWXSXLIIZIRX
-RXLI+YIWXWJMIPHIRXIVXLIIQEMPEHHVIWWIWSJIZIV]SRI
]SY[ERXXSMRZMXIXSXLIIZIRX7ITEVEXIQYPXMTPIEHHVIWWIW
[MXLGSQQEW-JXLITISTPIXS[LSQ]SYWIRH
MRZMXEXMSRWYWI+SSKPI'EPIRHEVXLI]PPVIGIMZIERMRZMXEXMSR
MR'EPIRHEVERHF]IQEMP
4VIWWXLI
1IRY/I]
XLIRXSYGL
7LS[I\XVESTXMSRW
XS
EHHEHHMXMSREPIZIRXHIXEMPW
7GVSPPXSXLIFSXXSQSJXLI)ZIRXHIXEMPWWGVIIRXLIRXSYGL
XLI
(SRI
FYXXSR
8LIIZIRXMWEHHIHXS]SYV'EPIRHEV
8SGSRJMKYVIEHHMXMSREPHIXEMPWSTIRXLIIZIRXMR+SSKPI
'EPIRHEVSRXLI[IF
'EPIRHEV
)HMXMRKSV(IPIXMRKER)ZIRX
=SYGERERIHMXSVHIPIXIERIZIRXXLEX]SYGVIEXIHSRXLITLSRISV
SRXLI[IF=SYGEREPWSIHMXSVHIPIXIIZIRXWGVIEXIHF]SXLIVWMJ
XLI]LEZIKMZIR]SYTIVQMWWMSR
8SIHMXERIZIRX
3TIRXLIWYQQEV]SJXLIIZIRX
7II
q
:MI[MRK)ZIRX(IXEMPW
r
SRTEKI
4VIWWXLI
1IRY/I]
XLIRXSYGL
)HMX IZIRX
8LI)ZIRX(IXEMPWWGVIIRSTIRW8LMWMWXLIWEQIWGVIIR
HIWGVMFIHMR
q
'VIEXMRKER)ZIRX
r
SRTEKI
238)
4VIWWXLI1IRY/I] XLIRXSYGL7LS[I\XVESTXMSRWXSEHHSVIHMX
EHHMXMSREPIZIRXHIXEMPW
1EOI]SYVGLERKIWXSXLIIZIRX
7GVSPPXSXLIFSXXSQSJXLIWGVIIRERHXSYGLXLI
(SRI
FYXXSR
8SHIPIXIERIZIRX
8LIVIEVIERYQFIVSJ[E]WXSHIPIXIERIZIRX
-R%KIRHEZMI[XSYGLERIZIRXXSZMI[MXWHIXEMPW4VIWWXLI
1IRY/I]
XLIRXSYGL
(IPIXI
-R(E]SV;IIOZMI[XSYGLERHLSPHXLIIZIRXERHXSYGL
(IPIXIIZIRX
MRXLIQIRYXLEXSTIRW
;LMPIZMI[MRKXLIWYQQEV]SJERIZIRXTVIWWXLI
1IRY
/I]
XLIRXSYGL
(IPIXIIZIRX
;LIRIHMXMRKERIZIRXWGVSPPXSXLIFSXXSQSJXLI)ZIRX
(IXEMPWWGVIIRERHXSYGLXLI
(IPIXI
FYXXSR
-JXLIIZIRXVITIEXW]SYVIEWOIH[LIXLIV]SY[ERXXS
HIPIXINYWXXLEXSGGYVVIRGIXLMWERHEPPJYXYVISGGYVVIRGIW
SVEPPTEWXERHJYXYVISGGYVVIRGIWMR]SYV'EPIRHEV
'EPIRHEV
7IXXMRKER)ZIRX6IQMRHIV
=SYGERWIXSRISVQSVIVIQMRHIVWJSVERIZIRX[LIXLIVSVRSX
]SYGVIEXIHXLIIZIRXSVLEZITIVQMWWMSRXSIHMXMXWSXLIVHIXEMPW
8SWIXERIZIRXVIQMRHIV
3TIRXLIIZIRXWYQQEV]
7II
q
:MI[MRK)ZIRX(IXEMPW
r
SRTEKI
8SYGLXLI4PYWFYXXSR XSEHHEVIQMRHIV
%RI[VIQMRHIVMWEHHIHJSVQMRYXIWFIJSVIXLIIZIRX
8SYGLXLIVIQMRHIVXMQIERHMRXLIHMEPSKFS\XLEXSTIRW
XSYGLXLIPIRKXLSJXMQIFIJSVIXLIIZIRXXLEX]SY[ERXXS
FIVIQMRHIHSJMX
;LIRXLIXMQIGSQIW]SYVIGIMZIERSXMJMGEXMSREFSYXXLI
IZIRX7II
q
6IWTSRHMRKXSER)ZIRX6IQMRHIV
r
SRTEKI
=SYGERYWI+SSKPI'EPIRHEVSRXLI[IFXSGSRJMKYVI
EHHMXMSREPVIQMRHIVWIXXMRKW
8SHIPIXIERIZIRXVIQMRHIV
3TIRXLIIZIRXWYQQEV]
8SYGLXLIVIQMRHIVWQMRYWFYXXSR
'EPIRHEV
6IWTSRHMRKXSER)ZIRX6IQMRHIV
-J]SYWIXEVIQMRHIVJSVERIZIRXXLI9TGSQMRK)ZIRXMGSR
ETTIEVWMRXLI2SXMJMGEXMSRWEVIESJXLI7XEXYWFEV[LIRXLI
VIQMRHIVXMQIEVVMZIW7II
q
1EREKMRK2SXMJMGEXMSRW
r
SRTEKI
8SVIWTSRHXSERIZIRXVIQMRHIV
-J]SYVIGIMZIRSXMJMGEXMSRWMRXLI7XEXYWFEVHVEKXLI7XEXYW
FEVHS[RXSSTIRXLI2SXMJMGEXMSRWTERIP8SYGLXLIIZIRX
RSXMJMGEXMSRXSSTIRXLIPMWXSJ'EPIRHEVRSXMJMGEXMSRW
-J]SYVIGIMZIRSXMJMGEXMSRW[MXLEPIVXWXLI'EPIRHEV
RSXMJMGEXMSRWPMWXSTIRWPMWXMRKEPPRSXMJMGEXMSRWE[EMXMRK]SYV
VIWTSRWI
8SYGLERIZIRXMRXLI'EPIRHEV2SXMJMGEXMSRWPMWXXSZMI[
QSVIMRJSVQEXMSREFSYXXLEXIZIRX
8SYGL
7RSS^IEPP
MRXLI'EPIRHEV2SXMJMGEXMSRWPMWXXSXYVRSJJ
EPPIZIRXVIQMRHIVWJSVQMRYXIW
8SYGL
(MWQMWWEPP
MRXLI'EPIRHEV2SXMJMGEXMSRWPMWXXSHIPIXI
EPPVIQMRHIVWMRXLIPMWX
8SYGLXLI
&EGO/I]
[LIRZMI[MRKXLI'EPIRHEV
2SXMJMGEXMSRWPMWXXSOIITXLIVIQMRHIVWTIRHMRK8LIMGSR
VIQEMRWMRXLI7XEXYWFEVERHXLIVIQMRHIVWVIQEMRMRXLI
2SXMJMGEXMSRWTERIP
'EPIRHEV
(MWTPE]MRKERH7]RGLVSRM^MRK'EPIRHEVW
-RMXMEPP]EPPGEPIRHEVWXLEX]SYGVIEXISVWYFWGVMFIXSMR+SSKPI
'EPIRHEVSRXLI[IFEVIEPWSHMWTPE]IHMR'EPIRHEVSR]SYVTLSRI
=SYGERWIPIGX[LMGLGEPIRHEVWXSWLS[SVLMHISRXLITLSRIERH
[LMGLXSOIITW]RGLVSRM^IH
=SYGEREPWSGSRXVSP[LIXLIVER]HEXEMWW]RGLVSRM^IHXS]SYV
TLSRIF]YWMRKXLIKIRIVEPW]RGWIXXMRKWMRXLI7IXXMRKW
ETTPMGEXMSRW%GGSYRXWW]RGWIXXMRKWWGVIIR
*SVQSVIMRJSVQEXMSRWII
q
%GGSYRXW
r
SRTEKI
8SWLS[SVLMHIGEPIRHEVW
8SWLS[SVLMHIEGEPIRHEVTVIWWXLI
1IRY/I]
XSYGL
1SVI" 1] GEPIRHEVW
XLIRGLIGOSVYRGLIGOEGEPIRHEVXS
WLS[SVLMHIMX
'EPIRHEVWMRXLI1]'EPIRHEVWPMWXEVIOITXW]RGLVSRM^IHSR
]SYVTLSRI[LIXLIVSVRSX]SYLMHIXLIQ
8SWIX[LMGLGEPIRHIVWEVIW]RGLVSRM^IHSR]SYVTLSRI
8SWXSTW]RGMRKGEPIRHEVWXS]SYVTLSRI[LMPIZMI[MRKXLI
'EPIRHEV
ETTPMGEXMSRTVIWWXLI
1IRY/I]
XSYGL
1SVI
" 1] GEPIRHEVW
TVIWWXLI
1IRY/I]
EKEMRXSYGL
6IQSZI GEPIRHEVW
GLIGOQEVOXLIGEPIRHEVWXSVIQSZI
JVSQXLI1]'EPIRHEVWPMWXXLIRXSYGLXLI
3/
FYXXSR
'EPIRHEVWXLEX]SYVIQSZIJVSQXLI1]'EPIRHEVWPMWXEVIRS
PSRKIVW]RGLVSRM^IHSR]SYVTLSRIFYX]SYVIQEMR
WYFWGVMFIHXSXLIQERHGER[SVO[MXLXLIQMR+SSKPI
'EPIRHEVSRXLI[IF
8SW]RGLVSRM^IGEPIRHEVWXS]SYVTLSRI[LMPIZMI[MRKXLI
'EPIRHEV
ETTPMGEXMSRTVIWWXLI
1IRY/I]
XSYGL
1SVI
" 1] GEPIRHEVW
TVIWWXLI
1IRY/I]
EKEMRXSYGL
%HH
GEPIRHEVW
GLIGOQEVOXLIGEPIRHEVW]SY[ERXXSEHHXSXLI
1]'EPIRHEVWPMWXERHXSYGLXLI
3/
FYXXSR
3RP]XLIGEPIRHEVWXLEX]SYZIGVIEXISVWYFWGVMFIHXSSR
XLI[IFFYXTVIZMSYWP]VIQSZIHJVSQXLI1]'EPIRHEVWPMWX
EVIWLS[RMRXLIPMWXSJGEPIRHEVWXLEX]SYGEREHH
'EPIRHEV
'LERKMRK'EPIRHEV7IXXMRKW
=SYGERGLERKIXLIJSPPS[MRKWIXXMRKWJSVLS['EPIRHEVHMWTPE]W
IZIRXWERHLS[MXRSXMJMIW]SYSJYTGSQMRKIZIRXW
8SGLERKI'EPIRHEVWIXXMRKWSTIRE'EPIRHEVZMI[TVIWW
XLI
1IRY/I]
XLIRXSYGL
1SVI"7IXXMRKW
,MHIHIGPMRIHIZIRXW
'LIGOQEVOWSXLEXIZIRXW]SYZIHIGPMRIH
EVIRSXHMWTPE]IHMR]SYVGEPIRHEVZMI[W
7IXEPIVXWERHRSXMJMGEXMSRW
3TIRWEHMEPSKFS\XSGSRJMKYVI
IZIRXVIQMRHIVWXSSTIREREPIVXWIRH]SYERSXMJMGEXMSRSVXYVR
SJJIZIRXRSXMJMGEXMSRWSR]SYVTLSRI7II
q
7IXXMRKER)ZIRX
6IQMRHIV
r
SRTEKIERH
q
6IWTSRHMRKXSER)ZIRX6IQMRHIV
r
SRTEKI
7IPIGXVMRKXSRI
3TIRWEHMEPSKFS\XSWIPIGXXLIVMRKXSRIXS
WSYRH[LIR]SYVIGIMZIERIZIRXVIQMRHIV
:MFVEXI
'LIGOQEVOXSZMFVEXIXLITLSRI[LIR]SYVIGIMZIER
IZIRXRSXMJMGEXMSR
7IXHIJEYPXVIQMRHIV
3TIRWEHMEPSKFS\XSWIPIGXXLIHIJEYPX
XMQIFIJSVIERIZIRXJSVIZIRXVIQMRHIVW
'EPIRHEV
3TIRMRK+SSKPI:SMGIERH=SYV-RFS\
=SYGERGLIGO]SYV+SSKPI:SMGI-RFS\I\GLERKIQIWWEKIWERH
TIVJSVQSXLIVXEWOW[MXL+SSKPI:SMGI
=SYHSRtXYWIXLI:SMGIETTPMGEXMSRXSTPEGIGEPPW=SYHSXLEX[MXL
XLI4LSRIETTPMGEXMSR7II
q
4PEGMRK'EPPW[MXL+SSKPI:SMGI
r
SR
TEKI
8LIJMVWXXMQI]SYSTIR+SSKPI:SMGI]SYEVITVSQTXIHXS
GSRJMKYVIMXEWHIWGVMFIHMR
q
'SRJMKYVMRK+SSKPI:SMGI
r
SRTEKI
8S S T I R + S S K P I :S M G I
8SYGLXLI+SSKPI:SMGIMGSR SRXLI,SQIWGVIIRSVMR
XLI0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
8LIJMVWXXMQI]SYSTIR+SSKPI:SMGIEWIXYT[M^EVHLIPTW
]SYXSWIPIGX[LMGL+SSKPI:SMGIJIEXYVIWXSYWI[MXL]SY
TLSRIXLIRXSGSRJMKYVIXLIJIEXYVIWXLEX]SYWIPIGXIH
%JXIVXLIMRMXMEPWIXYT+SSKPI:SMGISTIRWXSXLIPEWXWGVIIR
]SY[IVIZMI[MRKSVMJ]SYLEZIRSXYWIH+SSKPI:SMGI
VIGIRXP]XLIGSRXIRXWSJ]SYV-RFS\EVIHMWTPE]IH
=SYV-RFS\HMWTPE]WER]ZSMGIQEMPQEVOIH[MXLE MGSR
ERHXI\XQIWWEKIWQEVOIH[MXLE MGSR]SYZIVIGIMZIH
EPSRK[MXLXLIWIRHIVXLIHEXIXLIQIWWEKI[EWWIRXERH
XLIJMVWXJI[[SVHWSJXLIQIWWEKI
+SSKPI:SMGI
8SYGLEZSMGIQEMPSVXI\XQIWWEKIXSSTIRMX
8SSTIR]SYV-RFS\
=SYGERVIXYVRXS]SYV-RFS\JVSQER]+SSKPI:SMGIWGVIIR
8SYGLXLI
&EGO/I]
YRXMPXLI-RFS\WGVIIRETTIEVW
8SGLIGO]SYVEGGSYRXFEPERGI
;LIR]SYJMVWXGVIEXIE+SSKPI:SMGIEGGSYRX]SYLEZIEFEPERGI
SJ97JSVXSPPGEPPW=SYQYWXPSKMRXS]SYVEGGSYRXYWMRKE
FVS[WIVXSEHHXS]SYVFEPERGIFYX]SYGERGLIGO]SYVGYVVIRX
FEPERGISRXLITLSRI
-R]SYV+SSKPI:SMGI-RFS\TVIWWXLI
1IRY/I]
XLIR
XSYGL
&EPERGI
%HMEPSKHMWTPE]W]SYVGYVVIRXEGGSYRXFEPERGI
+SSKPI:SMGI
6IEHMRKSV0MWXIRMRKXS=SYV:SMGIQEMP
=SYV+SSKPI:SMGI-RFS\GSRXEMRWEPMWXSJXLIZSMGIQEMPQIWWEKIW
]SYZIVIGIMZIH
=SYGEREPWSPMWXIRXS]SYVZSMGIQEMP[MXLXLI4LSRIETTPMGEXMSR
NYWXEW]SY[SYPHPMWXIRXSZSMGIQEMPJVSQ]SYVQSFMPIGEVVMIVW
ZSMGIQEMPWIVZMGI7II
q
0MWXIRMRKXS=SYV:SMGIQEMP
r
SRTEKI
8VERWGVMTXWSJ]SYVZSMGIQEMPEVIEPWSIQEMPIHXS]SY
8SVIEHEXVERWGVMTXSJ]SYVZSMGIQEMP
3TIR+SSKPI:SMGIERH]SYV-RFS\
7II
q
3TIRMRK+SSKPI:SMGIERH=SYV-RFS\
r
SRTEKI
=SYV-RFS\HMWTPE]W]SYVQIWWEKIW*SVIEGLQIWWEKI]SY
GERWII[LSWIRXMX[LIRXLI]WIRXMXERHEXVERWGVMTXSJ
XLIFIKMRRMRKSJXLIQIWWEKI
8SYGLEQIWWEKIXSVIEHMX
8LIXVERWGVMTXSJXLIQIWWEKIMWHMWTPE]IHMRE[MRHS[XLEX
EPWSGSRXEMRWMRJSVQEXMSREFSYXXLIQIWWEKIMRGPYHMRKXLI
REQIERHRYQFIVSJXLITIVWSR[LSPIJXMX
+SSKPI:SMGI
8SPMWXIRXS]SYVZSMGIQEMP
3TIR+SSKPI:SMGIERH]SYV-RFS\
8SYGLEQIWWEKIXSPMWXIRXSMX
8LIGSRXVSPWJSVPMWXIRMRKXSXLIZSMGIQEMPEVIEXXLIFSXXSQ
SJXLIWGVIIR
8SYGLXLI4PE]MGSR XSPMWXIRXSXLIQIWWEKI
8LIQIWWEKITPE]WXLVSYKLXLIIEVTMIGISVXLIWTIEOIV
HITIRHMRKSRXLITVIJIVIRGI]SYWIX7II
q
'LERKMRK+SSKPI
:SMGI7IXXMRKW
r
SRTEKI
4VIWWXLI
1IRY/I]
XLIRXSYGL
)REFPIWTIEOIV
SV
(MWEFPIWTIEOIV
XSGLERKI[LIVIXLIQIWWEKITPE]W
=SYGEREPWSTEYWIERHVIWYQITPE]ERH]SYGERHVEKXLI
TVSKVIWWMRHMGEXSVFEGOERHJSVXLXSPMWXIRXSHMJJIVIRXTEVXW
SJXLIQIWWEKI
8S V I T P ] X S E Q I W W E K I
3TIREQIWWEKIEW]SY[SYPHXSVIEHSVPMWXIRXSMX
4VIWWXLI
1IRY/I]
XLIRXSYGL
'EPP
SV
717
-J]SYXSYGL
'EPP
XLI4LSRIETTPMGEXMSRSTIRWERHTPEGIWE
GEPPXSXLIRYQFIVSJXLITIVWSR[LSPIJXXLIQIWWEKI
-J]SYXSYGL
717
E+SSKPI:SMGI[MRHS[STIRWMR[LMGL
]SYGERGSQTSWIEXI\XQIWWEKIEWHIWGVMFIHMR
q
)\GLERKMRK8I\X7171IWWEKIW
r
SRTEKI
8SHIPIXIEQIWWEKI
3TIRXLIQIWWEKIEW]SY[SYPHXSVIEHSVPMWXIRXSMXTVIWW
XLI
1IRY/I]
XSYGL
1SVI
XLIRXSYGL
(IPIXI
36
8SYGLERHLSPHXLIQIWWEKIMRXLI-RFS\SVSXLIVJSPHIVSJ
PEFIPIHQIWWEKIW-RXLIQIRYXLEXSTIRWXSYGL
(IPIXI
=SYGERZMI[]SYVHIPIXIHQIWWEKIWF]ZMI[MRKXLI
QIWWEKIW[MXLXLI8VEWLPEFIP7II
q
:MI[MRK1IWWEKIWF]
0EFIP
r
SRTEKI
+SSKPI:SMGI
)\GLERKMRK8I\X7171IWWEKIW
=SYGERYWI+SSKPI:SMGIXSWIRHERHVIGIMZIXI\X717
QIWWEKIW
8SWIRHEXI\XQIWWEKI
3TIR]SYV-RFS\
4VIWWXLI
1IRY/I]
XLIRXSYGL
'SQTSWI
)RXIVXLITLSRIRYQFIVXS[LMGL]SY[ERXXSWIRHXLI
QIWWEKI
)RXIVEWLSVXXI\XQIWWEKI
8SYGL
7IRH
8SVIEHERHVITP]XSEXI\XQIWWEKI
;LIRWSQISRIWIRHWEXI\XQIWWEKIXS]SYV+SSKPI:SMGI
RYQFIV]SYVIGIMZIERSXMJMGEXMSRXLEXMXWMR]SYV+SSKPI:SMGI
-RFS\
8SYGLXLIRSXMJMGEXMSRXLEX]SYZIVIGIMZIHEXI\XQIWWEKI
MR]SYV+SSKPI:SMGI-RFS\
=SYGEREPWSXSYGLER]QIWWEKIXLEXWMR]SYV-RFS\
8LIQIWWEKIERHER]TVIZMSYWQIWWEKIWMRXLI
GSRZIVWEXMSRMWHMWTPE]IH
8SVITP]XSXLIQIWWEKIIRXIVEWLSVXQIWWEKIERHXSYGL
7IRH
+SSKPI:SMGI
7XEVVMRK1IWWEKIW
=SYGERWXEVMQTSVXERXZSMGIQEMPERHXI\XQIWWEKIWXSQEOIXLIQ
IEW]XSOIITXVEGOSJ
8S W X E V E Q I W W E K I
;LMPIZMI[MRKEPMWXSJQIWWEKIWMR]SYV-RFS\SVSXLIV
JSPHIVXSYGLEQIWWEKIWWXEV
8LIWXEVXYVRWKSPH
8S Y R W X E V E Q I W W E K I
8SYGLMXWWXEVEKEMR
8SZMI[]SYVWXEVVIHQIWWEKIW
=SYGERSTIREJSPHIVXLEXGSRXEMRWNYWX]SYVWXEVVIHQIWWEKIW
;LMPIZMI[MRK]SYV-RFS\SVERSXLIVJSPHIVSJQIWWEKIW
TVIWWXLI
1IRY/I]
XLIRXSYGL
0EFIPW
7II
q
:MI[MRK1IWWEKIWF]0EFIP
r
SRTEKI
8SYGL
7XEVVIH
%JSPHIVSTIRW[MXLEPMWXSJ]SYVWXEVVIHQIWWEKIW
+SSKPI:SMGI
:MI[MRK1IWWEKIWF]0EFIP
=SYGERZMI[EPMWXSJXLIQIWWEKIWXLEXLEZIXLIWEQIPEFIPWYGL
EW:SMGIQEMP717XI\XQIWWEKIW4PEGIH6IGIMZIHERHWSSR
;LMPIZMI[MRK]SYV-RFS\SVERSXLIVJSPHIVSJQIWWEKIW
TVIWWXLI
1IRY/I]
XLIRXSYGL
0EFIPW
+SSKPI:SMGIPEFIPWEVITVIWIRXIHMREWGVSPPMRKPMWX
8SYGLEPEFIPXSZMI[EJSPHIVGSRXEMRMRKXLIQIWWEKIW[MXL
XLEXPEFIP
8LIJSPHIVVIWIQFPIW]SYV-RFS\FYXXLIPEFIPVITPEGIW
q
-RFS\
r
MRXLIXMXPIFEV=SY[SVO[MXLPEFIPIHGSRZIVWEXMSR
PMWXWMRXLIWEQI[E]XLEX]SY[SVO[MXL]SYV-RFS\
+SSKPI:SMGI
8LIRYQFIVSJQIWWEKIW[MXLXLMWPEFIPXLEXEVI
YRVIEH
8SYGLEPEFIPXSSTIREJSPHIVXLEXPMWXWQIWWEKIW
[MXLXLMWPEFIP
'SRJMKYVMRK+SSKPI:SMGI
8LIJMVWXXMQI]SYSTIR+SSKPI:SMGIE[M^EVHLIPTW]SYXSWIPIGX
ERHGSRJMKYVIXLI+SSKPI:SMGIWIVZMGIWXSYWISR]SYVTLSRI-J
]SYWMKRSYXXLI[M^EVHVIETTIEVWXLIRI\XXMQI]SYWXEVX+SSKPI
:SMGI=SYGEREPWSGLERKIXLIWIVZMGIWXSYWIEXER]XMQIF]
GLERKMRKXLI+SSKPI:SMGIWIXXMRKW7II
q
'LERKMRK+SSKPI:SMGI
7IXXMRKW
r
SRTEKI
8SGSRJMKYVIXLI+SSKPI:SMGIETTPMGEXMSR
3TIR+SSKPI:SMGI
8LI;IPGSQIWGVIIRSTIRWMR[LMGL]SYWXEVXXLITVSGIWW
SJGSRJMKYVMRK+SSKPI:SMGISR]SYVTLSRI8LISTXMSRWXLEX
XLI[M^EVHSJJIVW]SYHITIRHSR[LIXLIV]SYEPVIEH]LEZIE
+SSKPI:SMGIEGGSYRXERHSRXLIJIEXYVIWWYTTSVXIHF]]SYV
QSFMPIGEVVMIV
7MKRMRXS+SSKPI:SMGI
8LIEGGSYRX]SYWMKRMRXSMWXLI+SSKPI%GGSYRX[LSWI
-RFS\]SYSTIRXSVIEHQIWWEKIW-XWEPWSXLI+SSKPI
%GGSYRXXLEX]SYYWIJSVER]SXLIV+SSKPI:SMGIWIVZMGIW
XLEX]SYHIGMHIXSYWI[MXL]SYVTLSRI
8SYGL
7MKRMR
XSWMKRMRXSXLITVMQEV]+SSKPI%GGSYRXSR
]SYVTLSRI3VXSYGL
9WIEHMJJIVIRXEGGSYRX
XSIRXIV
ERSXLIV+SSKPI%GGSYRX
+SSKPI:SMGI
8SYGL
2I\X
XSZIVMJ]]SYVTLSRIRYQFIV
+SSKPI:SMGIYWIWXLMWWXITXSIRWYVIXLEXMXGER
GSQQYRMGEXI[MXL]SYVTLSRI
)RXIVEZSMGIQEMP4-2
8LMWMWXLIGSHI]SYYWIXSGLIGO]SYVZSMGIQEMPJVSQXLI
4LSRIETTPMGEXMSR
'LSSWI[LMGLGEPPW]SY[ERXXSQEOIYWMRK+SSKPI:SMGI
=SYGERGLSSWIXSQEOIEPPMRXIVREXMSREPGEPPWZME+SSKPI
:SMGIXSXEOIEHZERXEKISJ+SSKPI:SMGIWPS[MRXIVREXMSREP
GEPPMRKVEXIWXSFITVSQTXIHIEGLXMQI]SYQEOIEGEPPSV
XSRIZIVYWI+SSKPI:SMGIJSVGEPPW
-J]SYWMKRIHMRXSE+SSKPI%GGSYRXXLEXLEWE+SSKPI:SMGI
RYQFIV]SYGEREPWSGLSSWIXSQEOIEPPGEPPWZME+SSKPI
:SMGI-J]SYHSXLITISTPI]SYGEPP[MPPWII]SYV+SSKPI
:SMGIRYQFIVEW]SYV'EPPIV-(MRWXIEHSJ]SYVTLSRI
RYQFIV
'SRJMKYVI]SYVZSMGIQEMPWIVZMGI
8LI+SSKPI:SMGIETTPMGEXMSRSTIRWXLI7IXXMRKWETTPMGEXMSR
[LMGLTVSQTXW]SYXSWIPIGX+SSKPI:SMGISV]SYVQSFMPI
GEVVMIVJSV]SYVZSMGIQEMPWIVZMGI
=SYV+SSKPI:SMGI-RFS\STIRW
+SSKPI:SMGI
4PEGMRK'EPPW[MXL+SSKPI:SMGI
4PEGMRKGEPPW[MXL+SSKPI:SMGIMWEPQSWXXLIWEQIEWTPEGMRKGEPPW
ZME]SYVQSFMPIGEVVMIVHITIRHMRKSR[LIXLIV]SYLEZIE+SSKPI
RYQFIVERHLS[]SYLEZIGSRJMKYVIH+SSKPI:SMGISRXLITLSRI
'EPPEGSRXEGXNYWXEW]SY[SYPH[MXLSYX+SSKPI:SMGI
-J]SYZIGSRJMKYVIH+SSKPI:SMGIXSEWO[LIXLIV]SY[ERX
XSYWIMXIEGLXMQI]SYTPEGIEGEPPXSYGL
'EPP[MXL+SSKPI
:SMGI
MRXLIHMEPSKFS\
-J]SYZIGSRJMKYVIH+SSKPI:SMGIXSYWIMXJSVEPPGEPPWXLMW
HMEPSKFS\HSIWRXETTIEV
+SSKPI:SMGIHMWTPE]WEQIWWEKIVIQMRHMRK]SYXLEX]SY
EVITPEGMRKXLIGEPPZME+SSKPI:SMGI
-JXLIGEPPMWEXSPPGEPP+SSKPI:SMGITPE]WEQIWWEKI[MXL
XLITIVQMRYXIGLEVKIERHXLIRYQFIVSJQMRYXIWEXXLMW
VEXI]SYLEZIVIQEMRMRKMR]SYV+SSKPI:SMGIEGGSYRX
'SRXMRYI[MXLXLIGEPPEW]SY[SYPH[MXLSYX+SSKPI:SMGI
EWHIWGVMFIHMR
q
4PEGMRKERH6IGIMZMRK'EPPW
r
SRTEKI
+SSKPI:SMGI
'LERKMRK+SSKPI:SMGI7IXXMRKW
=SYGERGLERKIERYQFIVSJ+SSKPI:SMGIWIXXMRKWMRGPYHMRK[LMGL
WIVZMGIW]SY[ERXXSYWISR]SYVTLSRIERHLS[]SY[ERXXSFI
RSXMJMIHSJRI[QIWWEKIW
8SGLERKIEPP+SSKPI:SMGIWIXXMRKWI\GITX[LMGLZSMGIQEMP
WIVZMGIXSYWISTIR]SYV+SSKPI:SMGI-RFS\TVIWWXLI
1IRY/I]
XLIRXSYGL
7IXXMRKW
8SGLERKI[LMGLZSMGIQEMPWIVZMGIXSYWIYWIXLI7IXXMRKW
ETTPMGEXMSR
*SVQSVIMRJSVQEXMSRWII
q
'EPPWIXXMRKW
r
SRTEKI
+IRIVEP7IXXMRKW
1EOMRKGEPPW
3TIRWEHMEPSKFS\[LIVI]SYGERGSRJMKYVI
[LIXLIVXSYWI+SSKPI:SMGIXSQEOIWSQISVEPPTLSRIGEPPWEW
HIWGVMFIHMR
q
'SRJMKYVMRK+SSKPI:SMGI
r
SRTEKI
8LMWTLSRI
WRYQFIV
3TIRWEHMEPSKFS\[LIVI]SYGLERKISV
EHH]SYVTLSRIWTLSRIRYQFIVXS[SVO[MXL+SSKPI:SMGI
:SMGIQEMPTPE]FEGO
3TIRWEHMEPSKFS\[LIVI]SYGERGSRJMKYVI
]SYVZSMGIQEMPXSTPE]ZME]SYVTLSRIWIEVTMIGISVWTIEOIVF]
HIJEYPX
6IJVIWLERHRSXMJMGEXMSR
7II
q
6IJVIWLERHRSXMJMGEXMSRWIXXMRKW
r
SRTEKI
7MKRSYX
7XSTWYWMRKER]+SSKPI:SMGIWIVZMGIWSR]SYVTLSRI
ERHVIWYQIWYWMRK]SYVQSFMPIGEVVMIVWZSMGIQEMPWIVZMGIERH
]SYVTLSRIWRYQFIVEWMXWGEPPIV-(8LIRI\XXMQI]SYWXEVX
+SSKPI:SMGIXLI[M^EVHTVSQTXW]SYXSGSRJMKYVIMXEKEMR7II
q
'SRJMKYVMRK+SSKPI:SMGI
r
SRTEKI
0IKEPMRJSVQEXMSR
3TIRWEWGVIIR[LIVI]SYGERVIEHEFSYXXLI
+SSKPI:SMGIXIVQWSJWIVZMGITVMZEG]TSPMG]TVSKVEQTSPMG]ERH
SXLIVMQTSVXERXPIKEPMRJSVQEXMSR
+SSKPI:SMGI
1]+SSKPI:SMGIRYQFIV
(MWTPE]WXLI+SSKPI:SMGIRYQFIV]SY
LEZIGSRJMKYVIHXSYWIJSVQEOMRKERHVIGIMZMRKGEPPWSRXLMW
TLSRI
&YMPHRYQFIV
(MWTPE]WXLIZIVWMSRSJ+SSKPI:SMGIMRWXEPPIHSR
]SYVTLSRI
6IJVIWLERHRSXMJMGEXMSRWIXXMRKW
6IJVIWLMRFS\
3TIRWEHMEPSKFS\[LIVI]SYGERWIXLS[SJXIR
+SSKPI:SMGIGLIGOWJSVRI[QIWWEKIW1SVIJVIUYIRXVIJVIWL
WIXXMRKWGERVIHYGI]SYVFEXXIV]PMJIFIX[IIRGLEVKIW
-RFS\RSXMJMGEXMSRW
'LIGOQEVOXSVIGIMZIERSXMJMGEXMSRMRXLI
7XEXYWFEV[LIRIZIV]SYVIGIMZIERI[QIWWEKIMR]SYV+SSKPI
:SMGI-RFS\
7IPIGXVMRKXSRI
3TIRWEHMEPSKFS\XSWIPIGXEVMRKXSRIXSWSYRH
[LIR]SYVIGIMZIERSXMJMGEXMSRJVSQ+SSKPI:SMGI
:MFVEXI
'LIGOQEVOXSZMFVEXIXLITLSRI[LIR]SYVIGIMZIE
RSXMJMGEXMSRJVSQ+SSKPI:SMGI
+SSKPI:SMGI
7MKRMRKMRERH3TIRMRK]SYV*VMIRHW0MWX
=SYWMKRMRXS+SSKPI8EPOXSGLEX[MXL]SYVJVMIRHW
=SYVIQEMRWMKRIHMRIZIR[LIR]SYVIYWMRKSXLIVETTPMGEXMSRW
YRXMP]SYHIPMFIVEXIP]WMKRSYX
8SSTIR+SSKPI8EPOERHWMKRMR
8SYGLXLI+SSKPI8EPOMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
;LIR]SYJMVWXSTIR+SSKPI8EPO]SYV*VMIRHWPMWXMW
HMWTPE]IH8LMWPMWXMRGPYHIWEPPSJXLIJVMIRHW]SYZIEHHIHF]
YWMRK+SSKPI8EPOSRXLI[IFSVSRXLITLSRI
%HHMRKJVMIRHWXSXLMWPMWXWS]SYGERMRZMXIXLIQXSGLEXMW
HIWGVMFIHMR
q
1EREKMRK=SYV*VMIRHW0MWX
r
SRTEKI
-RZMXMRKJVMIRHWXSGLEXERHEGGITXMRKMRZMXEXMSRWXSGLEXMW
HIWGVMFIHMR
q
'LEXXMRK[MXL*VMIRHW
r
SRTEKI
+SSKPI8EPO
=SYVSRPMRIWXEXYW
8SYGLXSSTIRETIVWSREPGLEX]SYtVI
TEVXMGMTEXMRKMR
8SYGLXSSTIREKVSYTGLEX]SYtVI
TEVXMGMTEXMRKMR
8SYGLEJVMIRHXSMRZMXIXLIQXSGLEX
8SVIXYVRXS]SYV*VMIRHWPMWX
=SYGERVIXYVRXS]SYV*VMIRHWPMWX[LIRGLEXXMRK[MXLEJVMIRHWS
XLEX]SYGERMRZMXIERSXLIVJVMIRHXSGLEXEHHEJVMIRHERHWSSR
4VIWWXLI
1IRY/I]
XLIRXSYGL
*VMIRHWPMWX
8SWMKRSYXSJ+SSKPI8EPO
=SYGERWMKRSYXSJ+SSKPI8EPO*SVI\EQTPIMJ]SY[ERXXS
W[MXGLXLIJSGYWSJEPPGLEXWERHMRZMXEXMSRWXS+SSKPI8EPOSRE
GSQTYXIV7MKRMRKSYXGEREPWSI\XIRH]SYVFEXXIV]PMJI
3R]SYV*VMIRHWPMWXTVIWWXLI
1IRY/I]
XLIRXSYGL
1SVI"7MKRSYX
=SYRSPSRKIVVIGIMZIGLEXRSXMJMGEXMSRWSVWIISXLIVW
+SSKPI8EPOWXEXYWMRSXLIVETTPMGEXMSRWWYGLEW+QEMP
+SSKPI8EPO
'LEXXMRK[MXL*VMIRHW
8SGLEX[MXLEJVMIRH
8SYGLEJVMIRHMR]SYV*VMIRHWPMWX
-J]SYVIEPVIEH]GLEXXMRK[MXLWSQISRI]SYGERTVIWWXLI
1IRY/I]
XLIRXSYGL
*VMIRHWPMWX
XSMRZMXIERSXLIV
JVMIRHXSGLEX
8LIGLEXWGVIIRSTIRW
)RXIV]SYVQIWWEKIXLIRXSYGL
7IRH
8LIQIWWEKIWXLEX]SYI\GLERKIEVIMRXIVPIEZIHSRXLI
WGVIIR[MXLMRJSVQEXMSREFSYXXLIGLEXWYGLEW[LIXLIVMXW
SRXLIVIGSVHXLIXMQIEQIWWEKI[EWWIRXMJXLIVIWRS
VIWTSRWIEJXIVEWLSVX[LMPIERHWSSR
=SYGERIRXIVERIQSXMGSRE
q
WQMPI]
r
SRXLISRWGVIIR
OI]FSEVHF]XSYGLMRKERHLSPHMRKXLI7QMPI]OI]XLIR
XSYGLMRKERIQSXMGSR=SYGEREPWSTVIWWXLI
1IRY/I]
XLIRXSYGL
1SVI" -RWIVXWQMPI]
XSSTIREWGVSPPMRKPMWX
SJIQSXMGSRWXSXSYGLXSWIPIGX
=SYVGLEXWIWWMSRVIQEMRWSTIRYRXMP]SYIRHMX
*VMIRHW]SYVIGLEXXMRK[MXLEVIHMWTPE]IHEXXLIXSTSJ]SYV
*VMIRHWPMWX[MXLXLIQSWXVIGIRXQIWWEKIHMWTPE]IHMRE
FPEGOSR[LMXIFEPPSSR
+SSKPI8EPO
;LS]SYtVIGLEXXMRK[MXLERHXLIMVSRPMRIWXEXYW
1IWWEKIW]SYI\GLERKIEVIMRXIVPIEZIH[MXL
MRJSVQEXMSREFSYXXLIGLEXWYGLEW[LIXLIVMXtW
SRXLIVIGSVH
)RXIVEQIWWEKIERHXSYGL7IRH
8SEGGITXERMRZMXEXMSRXSGLEX
;LIREJVMIRHWIRHW]SYE+SSKPI8EPOQIWWEKI]SYVIGIMZIE
RSXMJMGEXMSR8LIMVIRXV]MRXLI*VMIRHWPMWXXYVRW[LMXIERHHMWTPE]W
XLIQIWWEKI
8SYGLXLIJVMIRHMR]SYV*VMIRHWPMWX
36
3TIRXLI2SXMJMGEXMSRWTERIPERHXSYGLXLIGLEXRSXMJMGEXMSR
7II
q
1EREKMRK2SXMJMGEXMSRW
r
SRTEKI
%GLEX[MRHS[STIRW[LIVI]SYGERI\GLERKIQIWWEKIW
[MXL]SYVJVMIRH
8SW[MXGLFIX[IIREGXMZIGLEXW
-J]SYLEZIQSVIXLERSRIGLEXKSMRK]SYGERW[MXGLFIX[IIR
GLEXW
-RXLI*VMIRHWPMWXXSYGLXLIREQISJXLITIVWSR]SY[ERXXS
GLEX[MXL
36
3REGLEXWGVIIRSVMRXLI*VMIRHWPMWXTVIWWXLI
1IRY/I]
XLIRXSYGL
7[MXGLGLEXW
XLIRXSYGLXLIJVMIRH]SY
[ERXXSGLEX[MXL
36
;LMPIGLEXXMRK[MXLEJVMIRHW[MTIPIJXSVVMKLXEGVSWWXLI
WGVIIR
+SSKPI8EPO
8SMRZMXIEJVMIRHXSNSMREKVSYTGLEX
;LIR]SYVIGLEXXMRK]SYGERMRZMXIEHHMXMSREPJVMIRHWXSNSMRE
KVSYTGLEX
3REGLEXWGVIIRTVIWWXLI
1IRY/I]
XLIRXSYGL
%HH
XSGLEX
8SYGLXLIREQISJXLIJVMIRHXSMRZMXI
8LIJVMIRH]SYMRZMXIHERHXLIGYVVIRXTEVXMGMTERXWVIGIMZIER
MRZMXEXMSRXSEKVSYTGLEX)EGLSRI[LSEGGITXWXLI
MRZMXEXMSRNSMRWXLIKVSYTGLEX-REKVSYTGLEXIZIV]SRIGER
WIIIZIV]SRIIPWIWQIWWEKIW+VSYTGLEXWETTIEVEXXLI
XSTSJ]SYV*VMIRHWPMWX[MXLEKVSYTGLEXMGSR
8SGLEXSRSVSJJXLIVIGSVH
=SYV+SSKPI8EPOQIWWEKIWEVIWXSVIHWS]SYGERVIZMI[XLIQ
PEXIVERHIZIRWIEVGLJSVXLIQMRXLI'LEXWJSPHIVMR+QEMP&YXMJ
]SYHVEXLIVRSXWXSVIXLIQIWWEKIWMREGLEX]SYGERKSSJJXLI
VIGSVH
3REGLEXWGVIIRTVIWWXLI
1IRY/I]
XLIRXSYGL
'LEX
SJJVIGSVH
8SVIWYQIWEZMRKXLIQIWWEKIWMRXLIGLEXTVIWWXLI
1IRY
/I]
XLIRXSYGL
'LEXSRVIGSVH
8SIRHEGLEX
;LIR]SYIRHEGLEXXLIJVMIRHMWRSPSRKIVEXXLIXSTSJ]SYV
*VMIRHWPMWXERHXLIGLEXMWRSXHMWTPE]IHMRXLI7[MXGL'LEXW
WGVIIR8LIXI\XSJXLIGLEXMWRSXHMWGEVHIH-J]SYVIWXEVXXLI
GLEXXLIGSRZIVWEXMSRMWHMWTPE]IHMRXLIRI[GLEX[MRHS[[LIVI
]SYPIJXSJJ
-R]SYV*VMIRHWPMWXXSYGLERHLSPHXLIJVMIRH]SY[ERXXS
WXSTGLEXXMRK[MXL-RXLIQIRYXLEXSTIRWXSYGL
)RHGLEX
36
;LMPISREGLEXWGVIIRTVIWWXLI
1IRY/I]
XLIRXSYGL
)RHGLEX
+SSKPI8EPO
'LERKMRKERH1SRMXSVMRK3RPMRI7XEXYW
-GSRWMR+SSKPI8EPO+QEMP+SSKPI1ETWERHSXLIVETTPMGEXMSRW
MRHMGEXI]SYVERH]SYVJVMIRHW+SSKPI8EPOWXEXYW
=SYGERGLERKI]SYVSRPMRIWXEXYWERHWXEXYWQIWWEKI=SYGER
EPWSGLERKIXLITMGXYVIXLEXSXLIVWWIIRI\XXS]SYVREQIMRXLIMV
*VMIRHWPMWXWERHSXLIVPSGEXMSRW
8SGLERKI]SYVSRPMRIWXEXYW
8SYGLXLI7XEXYWMGSREXXLIXSTVMKLXSJ]SYV*VMIRHWPMWX
-RXLIQIRYXLEXSTIRWXSYGLEWXEXYWSVEWXEXYWQIWWEKI
GSQFMREXMSR
-REHHMXMSRXSXLIWXERHEVHWXEXYWWIXXMRKWHIWGVMFIHMRXLI
XEFPI]SYGEREPWSWIPIGXEQIWWEKIXLEX]SYZIIRXIVIH
TVIZMSYWP]3VXSYGL
'PIEVGYWXSQQIWWEKIW
XSIVEWIXLIQ
ERHWXEVXSZIV
=SYVWXEXYWERHER]QIWWEKIETTIEVMR]SYVGSRXEGXW
*VMIRHWPMWXWERHMRSXLIVPSGEXMSRW[LIVI]SYVWXEXYWSV
WXEXYWQIWWEKIEVIHMWTPE]IH
8SGLERKI]SYVWXEXYWQIWWEKI
8SYGLXLIWXEXYWQIWWEKIEXXLIXSTSJ]SYV*VMIRHWPMWX
)RXIVERI[WXEXYWQIWWEKI
+SSKPI8EPO
%ZEMPEFPI7MKRIHMRXS+SSKPI8EPOERHEZEMPEFPIXSGLEX
%[E]7MKRIHMRXS+SSKPI8EPOFYXRSXEGXMZI
&YW]7MKRIHMRXS+SSKPI8EPOFYXXSSFYW]XSGLEX
7MKRIHSYXSJ+SSKPI8EPO
-RZMWMFPI7MKRIHMRXS+SSKPI8EPOFYXETTIEVWMKRIHSYXXSSXLIVW
8SGLERKI]SYVTMGXYVI
8SYGL]SYVTMGXYVIEXXLIXSTPIJXSJ]SYV*VMIRHWPMWX
8LI7IPIGX4MGXYVIWGVIIRSTIRW[MXLEPPXLITMGXYVIWSR
]SYVQMGVS7(GEVHHMWTPE]IHMREWGVSPPMRKPMWXSJXLYQFREMPW
8SYGLXLITMGXYVIXSYWI
'VSTXLITMGXYVI
'VSTTMRKTMGXYVIWMWHIWGVMFIHMR
q
;SVOMRK[MXL4MGXYVIW
r
SR
TEKI
8SYGLXLI
7EZI
FYXXSR
1EREKMRK=SYV*VMIRHW0MWX
=SYV+SSKPI8EPO*VMIRHWPMWXGSRXEMRWXLIJVMIRHW]SYZIMRZMXIHXS
FIGSQIJVMIRHWSVEGGITXIHMRZMXEXMSRWXSFIGSQIJVMIRHWMR+SSKPI
8EPO*VMIRHWGERMRZMXIIEGLSXLIVXSGLEXMR+SSKPI8EPOERHWII
IEGLSXLIVWSRPMRIWXEXYWMR+SSKPI8EPOERHSXLIVETTPMGEXMSRW
WYGLEWMR+QEMPERH1ETW
8LI+SSKPI8EPO*VMIRHWPMWXMWWSVXIHF]]SYVJVMIRHWSRPMRIWXEXYW
EGXMZIGLEXWSRPMRIFYW]ERHSJJPMRI;MXLMRIEGLWXEXYWKVSYT
JVMIRHWEVIPMWXIHEPTLEFIXMGEPP]
8SEHHEJVMIRHXS]SYV*VMIRHWPMWX
=SYGERMRZMXIER]SRI[MXLE+SSKPI%GGSYRXXSFIGSQI]SYV
JVMIRHMR+SSKPI8EPOWS]SYGERGLEX[MXLIEGLSXLIVERHZMI[
IEGLSXLIVWSRPMRIWXEXYW
-RXLI*VMIRHWPMWXTVIWWXLI
1IRY/I]
XLIRXSYGL
%HH
JVMIRH
)RXIV]SYVJVMIRHW+QEMPEHHVIWWXLIRXSYGL
7IRH
MRZMXEXMSR
=SYQE]RIIHXSXSYGLXLI
&EGO/I]
XSGPSWIXLI
SRWGVIIROI]FSEVHXSWIIXLI
7IRHMRZMXEXMSR
FYXXSR
+SSKPI8EPO
8SZMI[ERHEGGITXERMRZMXEXMSRXSFIGSQIEJVMIRH
;LIREGSRXEGXMRZMXIW]SYXSFIGSQIEJVMIRHMR+SSKPI8EPO]SY
VIGIMZIERSXMJMGEXMSRMRXLI7XEXYWFEVERHXLIMRZMXEXMSRETTIEVWMR
]SYV*VMIRHWPMWX
8SYGLXLIMRZMXEXMSRMRXLI*VMIRHWPMWX
8SYGL
%GGITX
MRXLIQIRYXLEXSTIRW
3VXSYGL
'ERGIP
MJ]SYHSRX[ERXXSGLEX[MXLERHWLEVI
]SYV+SSKPI8EPOWXEXYW[MXLXLIWIRHIV
8SZMI[EPMWXSJTIRHMRKMRZMXEXMSRWXSJVMIRHW
-RXLI*VMIRHWPMWXTVIWWXLI
1IRY/I]
XLIRXSYGL
-RZMXIW
%PPXLIJVMIRHWXS[LSQ]SYZII\XIRHIHMRZMXEXMSRWXS
FIGSQIJVMIRHWSR+SSKPI8EPOETTIEVMRXLIPMWXYRXMPXLI]
EGGITXSVGERGIP]SYVMRZMXEXMSR
8SZMI[EPPJVMIRHWSVSRP]XLSWIQSWXTSTYPEV[MXL]SY
&]HIJEYPXSRP]XLIJVMIRHWXLEX]SYJVIUYIRXP]GLEX[MXLXLI
QSWXTSTYPEVEVIWLS[RMRXLI*VMIRHWPMWX&YX]SYGERZMI[EPP
JVMIRHWMRWXIEH
-RXLI*VMIRHWPMWXTVIWWXLI
1IRY/I]
XLIRXSYGL
%PP
JVMIRHW
8SW[MXGLFEGOXSNYWXXLIJVMIRHW[MXL[LSQ]SYGLEXQSWX
JVIUYIRXP]XSYGL
1SWXTSTYPEV
MRXLIQIRY
+SSKPI8EPO
8SQEOIEJVMIRHTSTYPEV
=SYGERWIXEJVMIRHXSEP[E]WETTIEVMR]SYV1SWXTSTYPEV
*VMIRHWPMWX
-RXLI*VMIRHWPMWXXSYGLERHLSPHEJVMIRHWREQI
-J]SYHSRXWIIXLIJVMIRHWREQITVIWWXLI
1IRY/I]
XLIRXSYGL
%PPJVMIRHW
8SYGL
%P[E]WWLS[JVMIRH
MRXLIQIRYXLEXSTIRW
8SVIQSZIEJVMIRHJVSQXLMWPMWXXSYGLERHLSPHXLIJVMIRHW
REQIMRXLI*VMIRHWPMWX
-RXLIQIRYXLEXSTIRWXSYGL
%YXSWLS[JVMIRH
8S F P S G O E J V M I R H
=SYGERFPSGOEJVMIRHJVSQWIRHMRK]SYQIWWEKIW;LIR
FPSGOIH]SYVJVMIRHMWEPWSVIQSZIHJVSQ]SYV*VMIRHWPMWX
-RXLI*VMIRHWPMWXXSYGLERHLSPHXLIJVMIRHWREQI
-J]SYHSRXWIIXLIJVMIRHTVIWWXLI
1IRY/I]
XLIR
XSYGL
%PPJVMIRHW
8SYGL
&PSGOJVMIRH
MRXLIQIRYXLEXSTIRW
=SYGERZMI[EPMWXSJ]SYVFPSGOIHJVMIRHWF]STIRMRK]SYV
*VMIRHWPMWXTVIWWMRKXLI
1IRY/I]
XLIRXSYGLMRK
&PSGOIH
=SYGERYRFPSGOEJVMIRHF]XSYGLMRKXLIJVMIRHW
REQIMRXLIFPSGOIHPMWXERHXLIRXSYGLMRK
3/
MRXLIHMEPSK
FS\XLEXSTIRW
+SSKPI8EPO
'LERKMRK+SSKPI8EPO7IXXMRKW
=SYGERGSRJMKYVI+SSKPI8EPOXSWIRH]SYERSXMJMGEXMSR[MXLXLI
GSRXIRXWSJIEGLQIWWEKIXLEX]SYVIGIMZIMREGLEXERHEPWSXS
WSYRHEVMRKXSRISVZMFVEXIXLITLSRI
=SYGEREPWSGSRJMKYVI+SSKPI8EPOXSWMKR]SYMREYXSQEXMGEPP]
[LIR]SYXYVRSR]SYVTLSRIERH]SYGERWIX[LIXLIVXLIQSFMPI
MRHMGEXSVMWHMWTPE]IHRI\XXS]SYVREQIMRSXLIVTISTPIW*VMIRHW
PMWXW
8SGSRJMKYVIRSXMJMGEXMSRWJSVRI[+SSKPI8EPOQIWWEKIW
-RXLI*VMIRHWPMWXTVIWWXLI
1IRY/I]
XLIRXSYGL
1SVI"7IXXMRKW
'LIGOQEVOSVYRGLIGO
-1RSXMJMGEXMSRW
XSWIX[LIXLIV]SY
VIGIMZIERSXMJMGEXMSRMRXLI7XEXYWFEV[LIRERI[GLEX
QIWWEKIEVVMZIW
8SYGL
7IPIGXVMRKXSRI
XSSTIREPMWXSJXLIVMRKXSRIWXLEX
]SYGERGLSSWIXSWSYRH[LIR]SYVIGIMZIRSXMJMGEXMSRSJE
RI[GLEX
'LIGOQEVOSVYRGLIGO
:MFVEXI
XSWIX[LIXLIVXLITLSRI
ZMFVEXIW[LIR]SYVIGIMZIRSXMJMGEXMSRSJERI[GLEX
8SWLS[SVLMHIXLIQSFMPIMRHMGEXSVXSJVMIRHW
-RXLI*VMIRHWPMWXTVIWWXLI
1IRY/I]
XLIRXSYGL
1SVI"7IXXMRKW
'LIGOQEVOSVYRGLIGO
1SFMPIMRHMGEXSV
-J
1SFMPIMRHMGEXSV
MWGLIGOIH]SYVJVMIRHWWIIERSYXPMRISJ
ERERHVSMHRI\XXS]SYVREQIMRXLIMV*VMIRHWPMWX[LIR
]SYVIWMKRIHMRXS+SSKPI8EPOSRXLITLSRI
+SSKPI8EPO
=SYVJVMIRHMWWMKRIHMRXS+SSKPI8EPOSRLIV
TLSRI
8SWIX[LIXLIV]SYWMKRMRXS+SSKPI8EPOEYXSQEXMGEPP]
-RXLI*VMIRHWPMWXTVIWWXLI
1IRY/I]
XLIRXSYGL
1SVI"7IXXMRKW
'LIGOQEVOSVYRGLIGO
%YXSQEXMGEPP]WMKRMR
;LIR
%YXSQEXMGEPP]WMKRMR
MWGLIGOIH]SYEVIWMKRIHMRXS
+SSKPI8EPO[LIR]SYXYVRSR]SYVTLSRI
7MKRMRKMRERHSYXSJ+SSKPI8EPOMWHIWGVMFIHMR
q
7MKRMRKMR
ERHSTIRMRK]SYV*VMIRHWPMWX
r
SRTEKI
+SSKPI8EPO
3TIRMRK)QEMPERHXLI%GGSYRXW7GVIIR
=SYYWIXLI)QEMPETTPMGEXMSRXSVIEHIQEMPJVSQWIVZMGIWSXLIV
XLER+QEMP
8S S T I R ) Q E M P
8SYGLXLI)QEMPMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
8LIJMVWXXMQI]SYSTIR)QEMPEWIXYT[M^EVHSTIRWXSLIPT]SY
EHHERIQEMPEGGSYRXEWHIWGVMFIHMR
q
%HHMRKERH)HMXMRK)QEMP
%GGSYRXW
r
SRTEKI
%JXIVXLIMRMXMEPWIXYT)QEMPSTIRWXSXLIPEWXWGVIIR]SY[IVI
ZMI[MRKSVMJ]SYLEZIRSXYWIH)QEMPVIGIRXP]MXHMWTPE]WXLI
GSRXIRXWSJ]SYV-RFS\MJ]SYLEZISRP]SRIEGGSYRXSVXLI
%GGSYRXWWGVIIRMJ]SYLEZIQYPXMTPIEGGSYRXW
=SYGEREPWSEHHEWLSVXGYXXSER)QEMPEGGSYRXW-RFS\SR]SYV
,SQIWGVIIRWSXLEX]SYGERSTIRMXHMVIGXP]SRXLI,SQI
WGVIIR7II
q
'YWXSQM^MRKXLI,SQI7GVIIR
r
SRTEKIJSV
HIXEMPWEFSYXEHHMRKWLSVXGYXW
8SSTIRXLI%GGSYRXWWGVIIR
8LI%GGSYRXWWGVIIRPMWXW]SYV'SQFMRIH-RFS\ERHIEGLSJ]SYV
IQEMPEGGSYRXW-J]SYLEZIWXEVVIHHVEJXSVYRWIRXQIWWEKIWMR
ER]SJ]SYVEGGSYRXWXLIJSPHIVWJSVXLSWIMXIQWJVSQEPPEGGSYRXW
EVIHMWTPE]IHEW[IPP
*VSQXLI
)QEMP
ETTPMGEXMSRTVIWWXLI
1IRY/I]
XLIR
XSYGL
%GGSYRXW
)QEMP
)EGLJSPHIVERHEGGSYRXSRXLI%GGSYRXWWGVIIRHMWTPE]W
XLIRYQFIVSJYRVIEHQIWWEKIWMRKVIIRSVXLIXSXEP
RYQFIVSJQIWWEKIWMRKVE]
=SYGERXSYGLEGSQFMREXMSRJSPHIVWYGLEWXLI'SQFMRIH
-RFS\JSPHIVXSZMI[XLIQIWWEKIWMXGSRXEMRW
=SYGEREPWSXSYGLEREGGSYRXXSZMI[MXW-RFS\SVER
EGGSYRXWJSPHIVMGSRXSZMI[EPMWXSJXLEXEGGSYRXWJSPHIVW
8LIEGGSYRXJVSQ[LMGL]SYWIRHIQEMPF]HIJEYPXMW
MRHMGEXIH[MXLEGLIGOQEVO
8SSTIR]SYV'SQFMRIH-RFS\
-J]SYLEZIGSRJMKYVIH)QEMPXSWIRHERHVIGIMZIIQEMPJVSQQSVI
XLERSRIEGGSYRX]SYGERZMI[EPPQIWWEKIWWIRXXSEPPEGGSYRXW
MR]SYV'SQFMRIH-RFS\
3TIRXLI%GGSYRXWWGVIIR
8SYGL
'SQFMRIH-RFS\
1IWWEKIWMRXLI'SQFMRIH-RFS\EVIGSPSVGSHIHEPSRK
XLIMVPIJXWMHIWF]EGGSYRXYWMRKXLIWEQIGSPSVWXLEXEVI
YWIHXSGSPSVGSHI]SYVEGGSYRXWMRXLI%GGSYRXWWGVIIR
)QEMP
8SYGLXSSTIR]SYV'SQFMRIH-RFS\[MXL
QIWWEKIWWIRXXSEPPSJ]SYVEGGSYRXW
8SYGLXSSTIREPMWXSJNYWX]SYVWXEVVIH
QIWWEKIW
8SYGLEREGGSYRXXSSTIRMXW-RFS\
8SYGLXSSTIREWGVIIRPMWXMRKXLIEGGSYRXtW
JSPHIVW
3RP]WSQISJ]SYVEGGSYRXWVIGIRXIQEMPMWHS[RPSEHIHXS]SYV
TLSRI8SHS[RPSEHIEVPMIVQIWWEKIWMRFEXGLIWXSYGL
0SEH
QSVIQIWWEKIW
EXXLIFSXXSQSJXLIPMWXSJIQEMP
)QEMP
%RYRVIEHQIWWEKI
%TVIZMSYWP]VIEHQIWWEKI
1IWWEKIWEVIGSPSVGSHIHEGGSVHMRKXSXLI
EGGSYRXXS[LMGLXLI][IVIWIRX
6IEHMRK=SYV1IWWEKIW
=SYGERVIEHQIWWEKIWMR]SYV'SQFMRIH-RFS\SVMRXLI-RFS\SV
SXLIVJSPHIVWJSVMRHMZMHYEPEGGSYRXW
8S V I E H E Q I W W E K I
3TIRXLI'SQFMRIH-RFS\EREGGSYRXW-RFS\SVERSXLIV
JSPHIVSJQIWWEKIW
8SYGLXLIQIWWEKIXSVIEH
8LIQIWWEKISTIRWMREWGVIIR[MXLMRJSVQEXMSREFSYX[LS
WIRXMXXLIHEXIMX[EWWIRXERHVIPEXIHMRJSVQEXMSREXXLI
XSTJSPPS[IHF]XLIGSRXIRXWSJXLIQIWWEKI
8LI+SSKPI8EPOSRPMRIWXEXYWMWWLS[RRI\XXSXLIREQISJ
XLIWIRHIVSJIEGLQIWWEKI=SYGERXSYGLXLEXWXEXYW
MRHMGEXSVXSSTIR5YMGO'SRXEGX7II
q
'SRRIGXMRK5YMGOP]
;MXL=SYV'SRXEGXW
r
SRTEKI
=SYGERVITP]XSJSV[EVHHIPIXISVXEOISXLIVEGXMSRWSRE
QIWWEKIEWHIWGVMFIHMR
q
6IWTSRHMRKXSEQIWWEKI
r
SR
TEKI
)QEMP
8SYGLEREVVS[XSVIEHXLIRI\XSVTVIZMSYW
QIWWEKIMRXLIJSPHIV
7IRHIVtW+SSKPI8EPOSRPMRIWXEXYW
3TIREREXXEGLQIRX
8SYGLXSVITP]XSSVHIPIXIXLIQIWWEKI
6IWTSRHMRKXSE1IWWEKI
=SYGERVITP]XSSVJSV[EVHEQIWWEKIXLEX]SYVIGIMZI=SYGER
EPWSHIPIXIQIWWEKIWERHQEREKIXLIQMRSXLIV[E]W
8SVITP]XSSVJSV[EVHEQIWWEKI
;LMPIVIEHMRKEQIWWEKIXSYGLXLI
6ITP]
FYXXSRSV
6ITP]
EPP
FYXXSR
36
4VIWWXLI
1IRY/I]
XLIRXSYGL
6ITP]
6ITP]EPP
SV
*SV[EVH
%'SQTSWI1IWWEKI[MRHS[STIRW[MXLXLIEHHVIWWIW[LIR
VITP]MRKWYFNIGXERHEGST]SJXLIQIWWEKI]SYVIVIWTSRHMRK
XSJMPPIHMR
=SYGERWIRHXLMWQIWWEKIEW]SY[SYPHERI[QIWWEKIEW
HIWGVMFIHMR
q
'SQTSWMRKERHWIRHMRKIQEMP
r
SRTEKI
8SQEVOEQIWWEKIEWYRVIEH
=SYGERXSVIXYVREVIEHQIWWEKIXSXLIYRVIEHWXEXIJSV
I\EQTPIXSVIQMRH]SYVWIPJXSVIEHMXEKEMRPEXIV
;LMPIVIEHMRKEQIWWEKITVIWWXLI
1IRY/I]
XLIR
XSYGL
1EVOEWYRVIEH
8SHIPIXIEQIWWEKI
=SYGERHIPIXIEQIWWEKIJVSQMXWJSPHIV
;LMPIVIEHMRKEQIWWEKIXSYGLXLI
(IPIXI
FYXXSR
36
4VIWWXLI
1IRY/I]
XLIRXSYGL
(IPIXI
*SVQSWXOMRHWSJEGGSYRXWHIPIXIHQIWWEKIWEVIQSZIHXSE
8VEWLJSPHIVWS]SYGERVIXVMIZIXLIQMJ]SYHIPIXIHXLIQMR
IVVSV
)QEMP
7XEVVMRK1IWWEKIW
=SYGERWXEVERMQTSVXERXQIWWEKIXSQEOIMXIEW]XSOIITXVEGOSJ
XLIQ;LIR]SYWXEVEQIWWEKIE7XEVVIHJSPHIVMWEHHIHXSXLI
%GGSYRXWWGVIIR
8S W X E V E Q I W W E K I
;LMPIVIEHMRKEQIWWEKIXSYGLXLIWXEV MRMXWLIEHIV
36
;LMPIZMI[MRKEPMWXSJQIWWEKIWMREJSPHIVXSYGLE
QIWWEKIWWXEV8LIWXEVXYVRWKSPH
8S Y R W X E V E Q I W W E K I
8SYGLMXWWXEVEKEMR
8SZMI[]SYVWXEVVIHQIWWEKIW
=SYGERSTIREJSPHIVXLEXGSRXEMRWXLIWXEVVIHQIWWEKIWJVSQEPP
SJ]SYVEGGSYRXW
3TIRXLI%GGSYRXWWGVIIR
7II
q
3TIRMRK)QEMPERHXLI%GGSYRXWWGVIIR
r
SRTEKICC
8SYGL
7XEVVIH
%JSPHIVSTIRW[MXLEPMWXSJ]SYVWXEVVIHQIWWEKIW
=SYGEREPWSSTIREREGGSYRXWMRHMZMHYEP7XEVVIHJSPHIV
7II
q
;SVOMRK[MXLEGGSYRXJSPHIVW
r
SRTEKICC
)QEMP
'SQTSWMRKERH7IRHMRK)QEMP
=SYGERWIRHIQEMPXS]SYVGSRXEGXWSVXSSXLIVTISTPISVKVSYTW
8SGSQTSWIERHWIRHEQIWWEKI
;LMPIMRXLI
)QEMP
ETTPMGEXMSRTVIWWXLI
1IRY/I]
XLIRXSYGL
'SQTSWI
%HHVIWWXLIQIWWEKI
%W]SYIRXIVXI\XQEXGLMRKEHHVIWWIWEVISJJIVIHJVSQ]SYV
'SRXEGXW=SYGERXSYGLEWYKKIWXIHEHHVIWWSVIRXIVE
RI[SRI7ITEVEXIQYPXMTPIEHHVIWWIW[MXLGSQQEW
7II
q
'SRXEGXW
r
SRTEKIJSVQSVIMRJSVQEXMSR
4VIWWXLI
1IRY/I]
XLIRXSYGL
%HH'G&GG
XSHMWTPE]
EHHMXMSREPJMIPHWJSVGST]SVFPMRHGST]SJXLIQIWWEKI
)RXIVEWYFNIGXJSVXLIQIWWEKI
)RXIVXLIXI\XSJXLIQIWWEKI*SVMRJSVQEXMSREFSYX
IRXIVMRKERHIHMXMRKXI\XWII
q
9WMRKXLISRWGVIIROI]FSEVH
r
SRTEKIERH
q
)HMXMRKXI\X
r
SRTEKICC
4VIWWXLI
1IRY/I]
XLIRXSYGL
%HH%XXEGLQIRX
XS
WIRHETLSXS[MXLXLIQIWWEKI
8SYGLXLI
7IRH
FYXXSR
-J]SYVIRSXVIEH]XSWIRHXLIQIWWEKIXSYGLXLI
7EZIEW
HVEJX
FYXXSRXSWEZIMXMRE(VEJXWJSPHIV=SYGERSTIRXLI
GSQFMRIH(VEJXWJSPHIVJSVEPPEGGSYRXWSRXLI%GGSYRXW
WGVIIRSVNYWX]SYVEGGSYRXW(VEJXWJSPHIV7II
q
;SVOMRK
[MXLEGGSYRXJSPHIVW
r
SRTEKICC8SYGLEHVEJXQIWWEKIMR
E(VEJXWJSPHIVXSVIWYQI[SVOMRKSRMX=SYVQIWWEKIMW
EPWSWEZIHEWEHVEJXMJ]SYXSYGLXLI
&EGO/I]
FIJSVI
WIRHMRKMX8SYGLXLI
(MWGEVH
FYXXSRXSEFERHSREQIWWEKI
MRGPYHMRKER]WEZIHHVEJXW
-J]SYEVIRXGSRRIGXIHXSERIX[SVOJSVI\EQTPIMJ]SYVI
[SVOMRKMREMVTPERIQSHIXLIQIWWEKIWXLEX]SYWIRHEVI
WXSVIHMR]SYV3YXFS\JSPHIVYRXMP]SYVIGSRRIGXIHXSE
RIX[SVOEKEMR-JMXGSRXEMRWER]QIWWEKIWXLI3YXFS\MW
HMWTPE]IHSRXLI%GGSYRXWWGVIIR
)QEMP
;SVOMRK[MXL%GGSYRX*SPHIVW
)EGLEGGSYRXLEW-RFS\3YXFS\7IRXERH(VEJXWJSPHIVW
(ITIRHMRKSRXLIJIEXYVIWWYTTSVXIHF]]SYVEGGSYRXWWIVZMGI
TVSZMHIV]SYQE]LEZIEHHMXMSREPJSPHIVW
8SZMI[EREGGSYRXtWJSPHIVW
3TIRXLI%GGSYRXWWGVIIR
8SYGLEREGGSYRXWJSPHIVMGSR
=SYGEREPWSSTIREREGGSYRXWJSPHIVW[LMPIZMI[MRKMXW
-RFS\SVSXLIVJSPHIVF]XSYGLMRKXLI
1IRY/I]
XLIR
XSYGLMRK
*SPHIVW
8LIEGGSYRXW*SPHIVWWGVIIRSTIRW[MXLEWGVSPPMRKPMWXSJ
XLIJSPHIVWMRXLIEGGSYRX8SYGLEJSPHIVXSZMI[EPMWXSJ
XLIQIWWEKIWMXGSRXEMRW
)QEMP
8LIEGGSYRXREQI
+VIIRGMVGPIWMRHMGEXIXLIRYQFIVSJYRVIEH
QIWWEKIWMRXLIJSPHIV
8SYGLEJSPHIVXSSTIRXLIQIWWEKIWMX
GSRXEMRW
%HHMRKERH)HMXMRK)QEMP%GGSYRXW
8LIJMVWXXMQI]SYSTIR)QEMP]SYEVITVSQTXIHXSWIXYTERIQEMP
EGGSYRX%JXIVXLEX]SYGERGSRJMKYVI)QEMPXSWIRHERHVIGIMZI
IQEMPJVSQEHHMXMSREPEGGSYRXW8LIEGGSYRXWXLEX]SYGSRJMKYVIEVI
HMWTPE]IHMRXLI%GGSYRXWWGVIIR7II
q
3TIRMRK)QEMPERHXLI
%GGSYRXWWGVIIR
r
SRTEKICC
8LI)QEMPWIXYT[M^EVHLIPTW]SYWIXYT]SYVEGGSYRXJSVQER]
TSTYPEVIQEMPW]WXIQWMRGPYHMRKXLSWIFEWIHSR434-1%4ERH
7184WS]SYGERVIEHERH[SVO[MXLXLIWEQIIQEMPEW]SYHSSR
EGSQTYXIVMR8LYRHIVFMVH1EG1EMPMRE[IFFVS[WIVSV[MXL
ERSXLIVIQEMPETTPMGEXMSR-J]SYVWIVZMGITVSZMHIVVIUYMVIWEHHMXMSREP
WIXXMRKWSVMJ]SYVWIVZMGITVSZMHIVMWYRORS[RXS)QEMP]SYGER
IRXIVXLIRIGIWWEV]HIXEMPWQERYEPP]XLSYKL]SY[MPPX]TMGEPP]RIIH
XSGSRXEGX]SYVIQEMPWIVZMGITVSZMHIVXSHIXIVQMRIXLIVMKLX
WIXXMRKWJSV]SYVEGGSYRX
=SYGEREPWSWIXYTE1MGVSWSJX)\GLERKI%GXMZI7]RGEGGSYRX
)\GLERKIERHWS]SYGERVIEHERH[SVO[MXLXLI
WEQIIQEMPEW]SYHSSREGSQTYXIVYWMRK1MGVSWSJX3YXPSSO
)QEMPWYTTSVXWYWIVREQIERHTEWW[SVHEYXLIRXMGEXMSRJSV
)\GLERKI%GXMZI7]RGEGGSYRXWMXHSIWRSXWYTTSVXSXLIV)\GLERKI
%GXMZI7]RGWIGYVMX]TSPMGMIWEXXLMWXMQI
8SEHHERIQEMPEGGSYRX
3TIRXLI%GGSYRXWWGVIIR
7II
q
3TIRMRK)QEMPERHXLI%GGSYRXWWGVIIR
r
SRTEKICC
4VIWWXLI
1IRY/I]
XLIRXSYGL
%HHEGGSYRX
-RXLI7IXYT)QEMPWGVIIRIRXIV]SYVIQEMPEHHVIWWERH
TEWW[SVH
-J]SYVIEHHMRKEWIGSRHSVWYFWIUYIRXIQEMPEHHVIWW]SY
GEREPWSGLIGOXLISTXMSRXSYWIXLIRI[EGGSYRXXSWIRH
EPPSYXKSMRKQIWWEKIW
)QEMP
8SYGLXLI
2I\X
FYXXSR3VMJ]SYRIIHXSIRXIVIQEMP
EGGSYRXWIXXMRKWXLI[M^EVHGERXGSRJMKYVIJSV]SYXSYGL
XLI
1ERYEPWIXYT
FYXXSR
-J]SYXSYGLXLI
2I\X
FYXXSR)QEMPEXXIQTXWXS
GSQQYRMGEXI[MXL]SYVIQEMPWIVZMGITVSZMHIVXSZEPMHEXI
]SYVEGGSYRXJSVWIRHMRKERHVIGIMZMRKQEMPYWMRKNYWX]SYV
IQEMPEHHVIWWERHTEWW[SVH8LMWMWWYJJMGMIRXJSVQSWX
IQEMPWIVZMGIW
(ITIRHMRKSRXLIWIVZMGITVSZMHIV]SYQE]FIEWOIH[LEX
OMRHSJIQEMPEGGSYRX]SYLEZI-J]SYVIRSXWYVIGLIGOXLI
WIXXMRKWMRXLIETTPMGEXMSR]SYYWIXSWIRHERHVIGIMZIIQEMP
SR]SYVGSQTYXIVSVEWO]SYVIQEMPWIVZMGITVSZMHIV
-JXLI[M^EVHHIXIVQMRIWXLEX]SYVWIVZMGITVSZMHIVVIUYMVIW
EHHMXMSREPMRJSVQEXMSRSVMJ]SYXSYGLIHXLI
1ERYEPWIXYT
FYXXSR]SYVITVSQTXIHXSIRXIV]SYVIQEMPEGGSYRXHIXEMPW
8LIHIXEMPW]SYIRXIVEVIHMJJIVIRXHITIRHMRKSRXLIIQEMP
WIVZMGIX]TI8LIWIHIXEMPWEVIHIWGVMFIHMR
q
'LERKMRK)QEMP
%GGSYRX7IXXMRKW
r
SRTEKI'SRXEGX]SYVIQEMPWIVZMGI
TVSZMHIVJSVXLIZEPYIWVIUYMVIHJSV]SYVEGGSYRX
)RXIVEREQIJSVXLIEGGSYRXGSRJMVQLS[]SY[ERX]SYV
REQIXSETTIEVMRSYXKSMRKQEMPERHXSYGLXLI
(SRI
FYXXSR
-J]SYEVIEHHMRKER)\GLERKI%GXMZI7]RGEGGSYRX]SYGER
EPWSHIGMHI[LIXLIV]SY[ERXXSW]RGLVSRM^I]SYVGSRXEGXW
JVSQXLI)\GLERKI%GXMZI7]RGWIVZIVXS]SYVTLSRI=SY
GERGLERKIXLMWWIXXMRKPEXIVMRXLI
'SRXEGXW
ETTPMGEXMSR7II
q
'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRW
r
SRTEKI
)QEMPWXEVXWHS[RPSEHMRK]SYVIQEMPQIWWEKIWERH]SYGER
WXEVXYWMRKMXXSWIRHERHVIGIMZIQIWWEKIWYWMRKXLIRI[
EGGSYRX
)QEMP
8SGLERKIEREGGSYRXtWWIXXMRKW
=SYGERGLERKIERYQFIVSJWIXXMRKWJSVEREGGSYRXMRGPYHMRK
LS[SJXIR]SYGLIGOJSVIQEMPLS[]SYVIRSXMJMIHSJRI[QEMP
ERHHIXEMPWEFSYXXLIWIVZIVWXLIEGGSYRXYWIWXSWIRHERH
VIGIMZIQEMP
3TIRXLI%GGSYRXWWGVIIR
8SYGLERHLSPHXLIEGGSYRX[LSWIWIXXMRKW]SY[ERXXS
GLERKI-RXLIQIRYXLEXSTIRWXSYGL
%GGSYRXWIXXMRKW
=SYGEREPWSSTIRXLIWIXXMRKWJSVEREGGSYRX[LMPI]SYVI
ZMI[MRKMXW-RFS\F]TVIWWMRKXLI
1IRY/I]
XLIR
XSYGLMRK
%GGSYRXWIXXMRKW
*SVHIWGVMTXMSRWSJXLIWIXXMRKWXLEX]SYGERGLERKIWII
q
'LERKMRK)QEMP%GGSYRX7IXXMRKW
r
SRTEKI
;LIR]SYVIJMRMWLIHGLERKMRKWIXXMRKWXSYGLXLI
&EGO/I]
8SHIPIXIERIQEMPEGGSYRX
3TIRXLI%GGSYRXWWGVIIR
3RWSQI)QEMPWGVIIRW]SYGERTVIWWXLI
1IRY/I]
XLIRXSYGL
%GGSYRXW
8SYGLERHLSPHXLIEGGSYRXXSHIPIXI
8SYGL
6IQSZIEGGSYRX
MRXLIQIRYXLEXSTIRW
8SYGLXLI
3/
FYXXSRMRXLIHMEPSKXSGSRJMVQXLEX]SY[ERX
XSHIPIXIXLIEGGSYRX
)QEMP
'LERKMRK)QEMP%GGSYRX7IXXMRKW
=SYGERGLERKIXLIJSPPS[MRKWIXXMRKWJSVIEGLIQEMPEGGSYRX[LIR
]SYGVIEXIMXSVEXER]PEXIVXMQI7II
q
%HHMRKERH)HMXMRK)QEMP
%GGSYRXW
r
SRTEKI
)QEMPEGGSYRXWIXXMRKW
%GGSYRXREQI
8LIREQISJXLIEGGSYRXEWMXETTIEVWMRXLI
%GGSYRXWERH*SPHIVWWGVIIRW
=S YV R EQ I
=SYVREQIEWMXETTIEVWXSSXLIVW[LIRXLI]VIGIMZI
IQEMPJVSQ]SY
)QEMP GLIGOJVIUYIRG]
,S[SJXIR)QEMPGLIGOWJSVRI[IQEMP
WIRXXSXLMWEGGSYRX
(IJEYPX EGGSYRX
9WIXLMWEGGSYRXtWSYXKSMRKIQEMPWIVZIVJSVXLI
IQEMP]SYGSQTSWIERHWIRH[LIR]SYEVIRSXGYVVIRXP]ZMI[MRK
SV[SVOMRK[MXLIQEMPJVSQEWTIGMJMGEGGSYRX
)QEMPRSXMJMGEXMSRW
7IX[LIXLIV]SY[ERXXSVIGIMZIRSXMJMGEXMSRW
[LIR]SYVIGIMZIRI[IQEMPWIRXXSXLMWEGGSYRX
7IPIGXVMRKXSRI
7IPIGXEVMRKXSRIXSWSYRH[LIR]SYVIGIMZIER
IQEMPRSXMJMGEXMSRJSVXLMWEGGSYRX
:MFVEXI
7IXXLITLSRIXSZMFVEXI[LIR]SYVIGIMZIERIQEMP
RSXMJMGEXMSRJSVXLMWEGGSYRX
-RGSQMRKWIXXMRKW
3TIRWEWGVIIR[LIVI]SYGERGSRJMKYVI
WIXXMRKWJSVLS[]SYVIGIMZIIQEMPJSVXLMWEGGSYRX7II
q
-RGSQMRK
WIVZIVWIXXMRKW
r
SRTEKICC
3YXKSMRKWIXXMRKW
3TIRWEWGVIIR[LIVI]SYGERGSRJMKYVI
WIXXMRKWJSVLS[]SYWIRHIQEMPJVSQXLMWEGGSYRX1MGVSWSJX
)\GLERKI%GXMZI7]RGEGGSYRXWHSRSXLEZIWITEVEXISYXKSMRK
WIVZIVWIXXMRKW7II
q
3YXKSMRKWIVZIVWIXXMRKW
r
SRTEKICC
7]RGGSRXEGXW
*SVEGGSYRXWXLEXGERW]RGGSRXEGXWGLIGOXSW]RG
GSRXEGXWJVSQXLMWEGGSYRXXS]SYVTLSRI7II
q
'SRJMKYVMRK
%GGSYRX7]RGERH(MWTPE]3TXMSRW
r
SRTEKI
)QEMP
-RGSQMRKWIVZIVWIXXMRKW
=SYVEGGSYRXWMRGSQMRKWIXXMRKWEVIHMJJIVIRXHITIRHMRKSRXLI
OMRHSJIQEMPWIVZMGIJSVXLIEGGSYRX434-1%4)\GLERKI
%GXMZI7]RG
)QEMP
(SQEMR@9WIVREQI
-J]SYV)\GLERKI%GXMZI7]RGWIVZIVVIUYMVIWXLEX]SY
WTIGMJ]EHSQEMRIRXIVMXFIJSVIXLIFEGOWPEWL
3XLIV[MWINYWXIRXIV]SYVYWIVREQIXLITEVXFIJSVI
XLI$I\EQTPIGSQMR]SYVIQEMPEHHVIWWEJXIVXLI
FEGOWPEWL8LIFEGOWPEWLMWSTXMSREPMJ]SY
VINYWX
IRXIVMRK]SYVYWIVREQI)QEMPIRXIVWXLIGSVVIGX
W]RXE\JSVHSQEMRWERHYWIVREQIW[LIR
GSQQYRMGEXMRK[MXLXLIWIVZIV
4EWW[SVH
8LITEWW[SVHJSV]SYVIQEMPEGGSYRX
7IVZIV
8LIJYPP]VIWSPZIHLSWXREQISJXLI)\GLERKI
%GXMZI7]RGWIVZIVJSVI\EQTPIS[EI\EQTPIGSQ
9WIWIGYVI
GSRRIGXMSR770
'LIGOXLMWSTXMSRMJ]SYV)\GLERKI%GXMZI7]RGWIVZIV
VIUYMVIW]SYXSGSRRIGXXSXLIWIVZIVWIGYVIP]SVMJ]SY
TVIJIVXSGSRRIGXWIGYVIP]
%GGITXEPP770
GIVXMJMGEXIW
'LIGOXLMWSTXMSRMJ]SY[ERXXSEGGITXEWIVZIV
GIVXMJMGEXIJVSQ]SYV)\GLERKI%GXMZI7]RGWIVZIVXLEX
MWWIPJWMKRIHSYXSJHEXISVMRWSQISXLIV[E]RSX
EGGITXIHF]XLI)QEMPETTPMGEXMSR
9WIVREQI
(ITIRHMRKSRXLIVIUYMVIQIRXWSJ]SYVIQEMPWIVZMGI
TVSZMHIV]SYVJYPPIQEMPEHHVIWWSVNYWX]SYVYWIVREQI
XLEXMWXLITEVXFIJSVI$I\EQTPIGSQMR]SYVIQEMP
EHHVIWW
4EWW[SVH
8LITEWW[SVHJSV]SYVIQEMPEGGSYRX
-1%4WIVZIV
8LIJYPP]VIWSPZIHHSQEMRREQISJ]SYVIQEMPWIVZMGI
TVSZMHIV
W-1%4WIVZIVJSVI\EQTPI
MQETI\EQTPIGSQ
7IXXMRKWJSV1MGVSWSJX)\GLERKI%GXMZI7]RGEGGSYRXW
7IXXMRKWJSV-1%4EGGSYRXW
)QEMP
4SVX
7IXXLI7IGYVMX]X]TIJMVWXXSIRXIVXLIX]TMGEPWIVZIV
TSVXRYQFIVMRXLMWJMIPHEYXSQEXMGEPP]3VIRXIVE
HMJJIVIRXTSVXRYQFIVMJ]SYVIQEMPWIVZMGITVSZMHIV
VIUYMVIWMX
7IGYVMX]X]TI
7IPIGXXLIWIGYVMX]X]TIVIUYMVIHF]]SYVIQEMPWIVZMGI
TVSZMHIV7IPIGXXLI%GGITXEPPGIVXMJMGEXIW STXMSRJSV
]SYVWIGYVMX]X]TIXSEGGITXEWIVZIVGIVXMJMGEXIJVSQ
]SYV-1%4WIVZIVXLEXMWWIPJWMKRIHSYXSJHEXISVMR
WSQISXLIV[E]RSXEGGITXIHF]XLI)QEMPETTPMGEXMSR
-1%4TEXLTVIJM\
0IEZIFPEROYRPIWWMRWXVYGXIHXSIRXIVEWTIGMJMGTVIJM\F]
]SYVIQEMPWIVZMGITVSZMHIV
9WIVREQI
(ITIRHMRKSRXLIVIUYMVIQIRXWSJ]SYVIQEMPWIVZMGI
TVSZMHIV]SYVJYPPIQEMPEHHVIWWSVNYWX]SYVYWIVREQI
XLEXMWXLITEVXFIJSVI$I\EQTPIGSQMR]SYVIQEMP
EHHVIWW
4EWW[SVH
8LITEWW[SVHJSV]SYVIQEMPEGGSYRX
-1%4WIVZIV
8LIJYPP]VIWSPZIHHSQEMRREQISJ]SYVIQEMPWIVZMGI
TVSZMHIV
W434WIVZIVJSVI\EQTPI
TSTI\EQTPIGSQ
4SVX
7IXXLI7IGYVMX]X]TIJMVWXXSIRXIVXLIX]TMGEPWIVZIV
TSVXRYQFIVMRXLMWJMIPHEYXSQEXMGEPP]
3VIRXIVEHMJJIVIRXTSVXRYQFIVMJ]SYVIQEMPWIVZMGI
TVSZMHIVVIUYMVIWMX
7IGYVMX]X]TI
7IPIGXXLIWIGYVMX]X]TIVIUYMVIHF]]SYVIQEMPWIVZMGI
TVSZMHIV7IPIGXXLI%GGITXEPPGIVXMJMGEXIW STXMSRJSV
]SYVWIGYVMX]X]TIXSEGGITXEWIVZIVGIVXMJMGEXIJVSQ
]SYV-1%4WIVZIVXLEXMWWIPJWMKRIHSYXSJHEXISVMR
WSQISXLIV[E]RSXEGGITXIHF]XLI)QEMPETTPMGEXMSR
-1%4TEXLTVIJM\
0IEZIFPEROYRPIWWMRWXVYGXIHXSIRXIVEWTIGMJMGTVIJM\
F]]SYVIQEMPWIVZMGITVSZMHIV
7IXXMRKWJSV434EGGSYRXW
3YXKSMRKWIVZIVWIXXMRKW
-J]SYYWIER-1%4SV434EGGSYRXJSVVIGIMZMRKIQEMP]SY
X]TMGEPP]YWIER7184WIVZIVXSWIRHIQEMPJVSQXLEXEGGSYRX
1MGVSWSJX)\GLERKI%GXMZI7]RGEGGSYRXWHSRSXLEZIWITEVEXI
SYXKSMRKWIVZIVWIXXMRKW
)QEMP
7184WIVZIV
8LIJYPP]VIWSPZIHHSQEMRREQISJ]SYVIQEMPWIVZMGI
TVSZMHIV
W7184WIVZIVJSVI\EQTPI
WQXTI\EQTPIGSQ
4SVX
7IXXLI7IGYVMX]X]TIJMVWXXSIRXIVXLIX]TMGEPWIVZIV
TSVXRYQFIVMRXLMWJMIPHEYXSQEXMGEPP]3VIRXIVE
HMJJIVIRXTSVXRYQFIVMJ]SYVIQEMPWIVZMGITVSZMHIV
VIUYMVIWMX
7IGYVMX]X]TI
7IPIGXXLIWIGYVMX]X]TIVIUYMVIHF]]SYVIQEMP
WIVZMGITVSZMHIV7IPIGXXLI%GGITXEPPGIVXMJMGEXIW
STXMSRJSV]SYVWIGYVMX]X]TIXSEGGITXEWIVZIV
GIVXMJMGEXIJVSQ]SYV7184WIVZIVXLEXMWWIPJWMKRIH
SYXSJHEXISVMRWSQISXLIV[E]RSXEGGITXIHF]
XLI)QEMPETTPMGEXMSR
6IUYMVIWMKRMR
'LIGOXLMWSTXMSRXSIRXIVEYWIVREQIERHTEWW[SVH
JSV]SYV7184WIVZIVMJ]SYVIQEMPWIVZMGITVSZMHIV
VIUYMVIWXLEX]SYIRXIVXLIQXSWIRHIQEMP
9WIVREQI
=SYVYWIVREQISRXLI7184WIVZIVXLMWQE]RSXFI
XLIWEQIEW]SYVYWIVREQISRXLI434SV-1%4
WIVZIVJSVMRGSQMRKQEMP:MWMFPISRP]MJ6IUYMVI
WMKRMR MWGLIGOIH
4EWW[SVH
=SYVTEWW[SVHSRXLI7184WIVZIVXLMWQE]RSXFI
XLIWEQIEW]SYVYWIVREQISRXLI434SV-1%4
WIVZIVJSVMRGSQMRKQEMP:MWMFPISRP]MJ6IUYMVI
WMKRMR MWGLIGOIH
3TIRMRK1IWWEKMRK
8S S T I R 1 I W W E K M R K
8SYGLXLI1IWWEKMRKMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
8LI1IWWEKMRK[MRHS[STIRW[LIVI]SYGERGVIEXIERI[
QIWWEKISVSTIRERSRKSMRKQIWWEKIXLVIEH
8SYGL
2I[QIWWEKI
XSWXEVXERI[XI\XSVQYPXMQIHME
QIWWEKI
8SYGLERI\MWXMRKQIWWEKIXLVIEHXSSTIRMX
'VIEXMRKERHVIWTSRHMRKXSQIWWEKIWMWHIWGVMFIHMR
q
)\GLERKMRKQIWWEKIW
r
SRTEKICC
8SHIPIXIEQIWWEKIXLVIEHJVSQXLI1IWWEKMRK[MRHS[
8SYGLERHLSPHXLIQIWWEKIXLVIEH
8SYGL
(IPIXIXLVIEH
MRXLIQIRYXLEXSTIRW
=SYGEREPWSTVIWWXLI
1IRY/I]
XLIRXSYGL
(IPIXI
XLVIEHW
XSHIPIXIEPPQIWWEKIXLVIEHWJVSQXLI[MRHS[
1IWWEKMRK
8SYGLXSGSQTSWIERI[XI\XSVQYPXMQIHME
QIWWEKI
8SYGLXSSTIRERSRKSMRKQIWWEKIXLVIEH
)\GLERKMRK1IWWEKIW
=SYGERWIRHXI\X717QIWWEKIWSJYTXSGLEVEGXIVWXS
ERSXLIVQSFMPITLSRI-J]SYOIITX]TMRKEJXIVXLIPMQMX]SYV
QIWWEKIMWHIPMZIVIHEWEWIVMIWSJQIWWEKIW
1YPXMQIHME117QIWWEKIWGERGSRXEMRXI\XERHETMGXYVIE
VIGSVHIHZSMGIEREYHMSJMPIEZMHISSVETMGXYVIWPMHIWLS[
1IWWEKMRKEYXSQEXMGEPP]GSRZIVXWEQIWWEKIMRXSEQYPXMQIHME
QIWWEKIMJ]SYWIRHMXXSERIQEMPEHHVIWWMRWXIEHSJETLSRI
RYQFIVEHHEWYFNIGXSVEXXEGLEQIHMEJMPI
8SWIRHEXI\XQIWWEKI
3RXLI1IWWEKMRKWGVIIRXSYGL
2I[QIWWEKI
)RXIVEQSFMPITLSRIRYQFIVMRXLI
8S
JMIPH
%W]SYIRXIVXLITLSRIRYQFIVQEXGLMRKGSRXEGXWETTIEV
=SYGERXSYGLEWYKKIWXIHVIGMTMIRXSVGSRXMRYIIRXIVMRK
XLITLSRIRYQFIV
8SYGLXLIGSQTSWMXMSRXI\XFS\XSWXEVXIRXIVMRK]SYV
QIWWEKI
1IWWEKMRK
)RXIVEQSFMPITLSRIRYQFIVSVXLIREQISJE
GSRXEGX[MXLEQSFMPIRYQFIV
8SYGLXLI7IRH FYXXSRXSWIRH]SYVQIWWEKI
%W]SYRIEVXLIGLEVEGXIVPMQMXEGSYRXIVETTIEVWMRXLI
XSTVMKLXGSVRIVSJXLIXI\XFS\XSXIPP]SYLS[QER]
GLEVEGXIVWEVIPIJX-J]SYKSSZIVXLEXPMQMXERI[QIWWEKI
MWGVIEXIH[LMGLMWNSMRIH[MXLMXWTVIHIGIWWSVW[LIR
VIGIMZIH
-J]SYXSYGLXLI
&EGO/I]
[LMPIGSQTSWMRKEQIWWEKI
MX
WWEZIHEWEHVEJXMR]SYV1IWWEKMRK[MRHS[8SYGLXLI
QIWWEKIXSVIWYQIGSQTSWMRKMX
8SYGLXLI
7IRH
FYXXSR
8LI1IWWEKI[MRHS[STIRW[MXL]SYVQIWWEKIEJXIV]SYV
REQI6IWTSRWIWETTIEVMRXLI[MRHS[%W]SYZMI[ERH
WIRHEHHMXMSREPQIWWEKIWEQIWWEKIXLVIEHMWGVIEXIH
1IWWEKMRK
8SGVIEXIERHWIRHEQYPXMQIHMEQIWWEKI
3RXLI1IWWEKMRKWGVIIRXSYGL
2I[QIWWEKI
)RXIVEQSFMPITLSRIRYQFIVSVIQEMPEHHVIWWMRXLI
8S
JMIPH%W]SYX]TIQEXGLMRKGSRXEGXWETTIEV=SYGERXSYGL
EWYKKIWXIHGSRXEGXSVGSRXMRYIX]TMRK
8SYGLXLIGSQTSWMXMSRXI\XFS\XSWXEVXIRXIVMRK]SYV
QIWWEKI
4VIWWXLI
1IRY/I]
XLIRXSYGL
%HHWYFNIGX
XSEHHE
QIWWEKIWYFNIGX
4VIWWXLI
1IRY/I]
XLIRXSYGL
%XXEGL
XSSTIREQIRY
[LIVI]SYGERXSYGLXLIOMRHSJQIHMEJMPIXSEXXEGLXSXLI
QIWWEKI
-J]SYXSYGL
4MGXYVIW
]SY
VITVSQTXIHXSXSYGLETMGXYVIXS
EXXEGLMX
-J]SYXSYGL
'ETXYVITMGXYVI
'EQIVESTIRWWS]SYGER
XEOIETMGXYVIERHEXXEGLMX
-J]SYXSYGL
:MHISW
]SYVITVSQTXIHXSXSYGLEZMHISXS
EXXEGLMX
-J]SYXSYGL
'ETXYVIZMHIS
'EQGSVHIVSTIRWWS]SYGER
WLSSXEZMHISERHEXXEGLMX
-J]SYXSYGL
%YHMS
]SYVITVSQTXIHXSXSYGLEREYHMSJMPI
XSEXXEGLMX
-J]SYXSYGL
6IGSVHEYHMS
EWGVIIRSTIRW[LIVI]SYGER
VIGSVHEWTSOIRQIWWEKIERHEXXEGLMX
-J]SYXSYGL
7PMHIWLS[
EWGVIIRSTIRW[LIVI]SYGER
EWWIQFPITLSXSWMRXSEWPMHIWLS[SJYTXSWPMHIWXS
EXXEGLXSXLIQIWWEKI9WIXLIFYXXSRWMRXLI'SQTSWI
1IWWEKIWGVIIRXSTVIZMI[SVVIQSZIXLIQIHME
EXXEGLQIRX
8SYGLXLI
7IRH
FYXXSR
1IWWEKMRK
8SVIWTSRHXSQIWWEKIW]SYVIGIMZI
-J]SY
VI[SVOMRKMREQIWWEKI[MRHS[QIWWEKIWXLEX]SY
VIGIMZIEVIHMWTPE]IHMRMX
3XLIV[MWI]SYVIGIMZIERI[QIWWEKIRSXMJMGEXMSRERHERI[
QIWWEKIMGSRETTIEVWMRXLI7XEXYWFEV7II
q
1EREKMRK
2SXMJMGEXMSRW
r
SRTEKI
;LIR]SYXSYGLXLIRI[QIWWEKIRSXMJMGEXMSRXLI1IWWEKI
[MRHS[STIRW[LIVI]SYGERVITP]XSXLIQIWWEKI
-J%YXSVIXVMIZIMWYRGLIGOIH]SYQYWXXSYGL
(S[RPSEH
XSZMI[
XLIQIWWEKI7II
q
'LERKMRK1IWWEKMRKWIXXMRKW
r
SRTEKICC
-JXLIQIWWEKIGSRXEMRWEQIHMEJMPIXSYGL
4PE]
XSZMI[[EXGL
SVPMWXIRXSMX8SYGLERHLSPHXLIQIHMEJMPIXSSTIREQIRY[MXL
ERSTXMSRJSVWEZMRKXLIQIWWEKISR]SYVQMGVS7(GEVH
8SZMI[HIXEMPWEFSYXEQIWWEKI
8SYGLERHLSPHEQIWWEKIMREQIWWEKI[MRHS[
8SYGL
:MI[QIWWEKIHIXEMPW
MRXLIQIRYXLEXSTIRW
1IWWEKMRK
'LERKMRK1IWWEKMRK7IXXMRKW
=SYGERGLERKIERYQFIVSJ1IWWEKMRKWIXXMRKW
8SGLERKI1IWWEKMRKWIXXMRKWSTIRXLI1IWWEKMRK
[MRHS[TVIWWXLI
1IRY/I]
XLIRXSYGL
7IXXMRKW
7XSVEKIWIXXMRKW
(IPIXISPHQIWWEKIW
'LIGOQEVOXSHIPIXISPHIVQIWWEKIWMRE
XLVIEH[LIRXLI
8I\XQIWWEKIPMQMX
SV
1YPXMQIHMEQIWWEKIPMQMX
MWVIEGLIH9RGLIGOXSOIITEPPQIWWEKIW
8I\XQIWWEKI PMQMX
8SYGLXSWIXXLIRYQFIVSJQIWWEKIWXS
WEZITIVXLVIEHSJXI\XQIWWEKIW;LIRXLIPMQMXMWVIEGLIH
SPHIVQIWWEKIWEVIHIPIXIHMJ
(IPIXISPHQIWWEKIW
MWGLIGOIH
1YPXMQIHMEQIWWEKIPMQMX
8SYGLXSWIXXLIRYQFIVSJQIWWEKIW
XSWEZITIVXLVIEHSJQYPXMQIHMEQIWWEKIW;LIRXLIPMQMXMW
VIEGLIHSPHIVQIWWEKIWEVIHIPIXIHMJ
(IPIXISPHQIWWEKIW
MW
GLIGOIH
7MKREXYVI
3TIRWEHMEPSKFS\XSIRXIVEWMKREXYVIXS
EYXSQEXMGEPP]WIRH[MXL]SYVQIWWEKIW
'EPPFEGO2YQFIV
'LIGOQEVOXSSTIREHMEPSKFS\XSZMI[XLI
GEPPFEGORYQFIVWIRX[MXL]SYVQIWWEKIW=SYGERIHMXXLMW
RYQFIV
8I\XQIWWEKI717WIXXMRKW
(IPMZIV]VITSVXW
'LIGOQEVOXSVIGIMZIHIPMZIV]VITSVXWJSVXLI
QIWWEKIW]SYWIRH
1EREKI7-1GEVHQIWWEKIW
8SYGLXSSTIRE[MRHS[[LIVI]SY
GER[SVO[MXLQIWWEKIWWXSVIHSR]SYV7-1GEVH*SVI\EQTPIMJ
]SYYWIHXLI7-1GEVHMRERSXLIVOMRHSJTLSRI[LIVI]SY
I\GLERKIHXI\XQIWWEKIW
1IWWEKMRK
1YPXMQIHMEQIWWEKI117WIXXMRKW
(IPMZIV]VITSVXW
'LIGOQEVOXSVIGIMZIEVITSVXSRXLIQIWWEKIW
]SYWIRH
6IEHVITSVXW
'LIGOQEVOXSVIGIMZIVITSVXW[LIR]SYVQIWWEKIW
EVIVIEHSVHIPIXIH
%YXSVIXVMIZI
6IQSZIGLIGOQEVOXSHS[RPSEHSRP]XLILIEHMRK
SJQYPXMQIHMEQIWWEKIW[LMGL]SYGERXLIRXSYGLXSSTIRE
QIRYXSHS[RPSEHXLI[LSPIQIWWEKI8LMWMWYWIJYPJSV
GSRXVSPPMRKLS[QYGLHEXE]SYHS[RPSEHJSVI\EQTPI[LIR
GSRRIGXIHXSEWPS[HEXERIX[SVO
6SEQMRKEYXSVIXVMIZI
6IQSZIGLIGOQEVOXSHS[RPSEHSRP]XLI
LIEHIVSJQYPXMQIHMEQIWWEKIW[LIRGSRRIGXIHXSSXLIVGEVVMIV
W
HEXERIX[SVOW8LMWMWYWIJYPJSVEZSMHMRKYRI\TIGXIHGLEVKIWMJ
]SYVGSRXVEGXLEWPMQMXWSRHEXEVSEQMRK
2SXMJMGEXMSRWIXXMRKW
2SXMJMGEXMSRW
GLIGOQEVOXSVIGIMZIERSXMJMGEXMSR[LIRIZIV]SY
VIGIMZIERI[QIWWEKI7II
q
1EREKMRK2SXMJMGEXMSRW
r
SRTEKI
7IPIGXVMRKXSRI
3TIRWEHMEPSK[LIVI]SYGERWIPIGXXLI
VMRKXSRIXSWSYRH[LIR]SYVIGIMZIRI[QIWWEKIRSXMJMGEXMSRW
:MFVEXI
GLIGOQEVOXSLEZIXLITLSRIZMFVEXI[LIR]SYVIGIMZIE
RI[QIWWEKIRSXMJMGEXMSR
1IWWEKMRK
3TIRMRK&VS[WIV
3TIRXLI&VS[WIVETTPMGEXMSRXSWXEVXWYVJMRKXLI[IF
7SQI[IFWMXIWLEZIX[SZIVWMSRWJYPPWM^IJSVGSQTYXIVFEWIH
[IFFVS[WIVWERHERSXLIVJSVQSFMPIHIZMGIW8LI]QE]EPWSEPPS[
]SYXSW[MXGLFEGOERHJSVXL*YPPWM^IWMXIWEVISJXIRLEVHIVXS
REZMKEXISREQSFMPIFVS[WIVXLERWMXIWHIWMKRIHJSVYWISR
LERHLIPHHIZMGIW1SFMPIWMXIWQE]WGVSPPXLI960FEVSJJXLIXST
SJXLIWGVIIRFYX]SYGERNYWXHVEKXLITEKIHS[RXSWIIMXEKEMR
8S S T I R & V S [ W I V
8SYGLXLI&VS[WIVMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
&VS[WIVEPWSSTIRW[LIR]SYXSYGLE[IFPMROJSV
I\EQTPIMRERIQEMPSVXI\XQIWWEKI
;LIR]SYSTIR&VS[WIVXLIPEWX[IFTEKI]SY[IVI
ZMI[MRKMWHMWTPE]IH-J]SYLEZIRSXYWIH&VS[WIVVIGIRXP]
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JVSQ[EVRMRK]SYEFSYX[IFWMXIW[MXLGSQQSRWIGYVMX]
TVSFPIQWWYGLEWSYXHEXIHSVMRZEPMHGIVXMJMGEXIW
%HZERGIHWIXXMRKW
;IFWMXIWIXXMRKW
3TIRWEWGVIIR[LIVI]SYGERZMI[EHZERGIH
WIXXMRKWJSVTEVXMGYPEV[IFWMXIW
6IWIXXSHIJEYPX
8SYGLXSHIPIXIEPP&VS[WIVHEXEMRGPYHMRK]SYV
FVS[WMRKLMWXSV]GSSOMIWTEWW[SVHWERHFSSOQEVOWERHXS
VIWXSVIEPPXLI&VS[WIVWIXXMRKWXSXLIMVSVMKMREPZEPYIW
&VS[WIV
3TIRMRK1ETWERH:MI[MRK=SYV0SGEXMSR
*MVWXXYVRSRPSGEXMSRWIVZMGIWXSYWIMRJSVQEXMSREFSYX]SYV
PSGEXMSR[LIRREZMKEXMRKERHWIEVGLMRKMR1ETW8LIRSTIRXLI
1ETWETTPMGEXMSRXSZMI[]SYVPSGEXMSR
8SYWIPSGEXMSRWIVZMGIW[MXL1ETW
=SYQYWXLEZIPSGEXMSRWIVZMGIWXYVRIHSRXSZMI[]SYVPSGEXMSRMR
1ETWERHXSYWI]SYVPSGEXMSRXSJMRHPSGEPVIWSYVGIW
4VIWWXLI
,SQI/I]
XLIRTVIWWXLI
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8SYGL
7IXXMRKW"0SGEXMSRWIGYVMX]
'LIGOQEVO1]0SGEXMSRSTXMSRWXLEX]SY[ERXXSYWI
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9WI[MVIPIWWRIX[SVOW
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9WI+47WEXIPPMXIW
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4VIWWXLI
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XLIRTVIWWXLI
1IRY/I]
8SYGL7
IXXMRKW"4VMZEG]
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7LEVI[MXL+SSKPI
XSYWI]SYVPSGEXMSR[LIR
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8SSTIR1ETWERHZMI[]SYVPSGEXMSR
8SYGLXLI1ETWETTPMGEXMSRMGSR SRXLI,SQIWGVIIRSV
MRXLI0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
4VIWWXLI
1IRY/I]
XLIRXSYGL
1]PSGEXMSR
8LIQETGIRXIVWSREFPYIHSXXLEXMRHMGEXIW]SYVPSGEXMSR
%FPYIGMVGPIEVSYRHXLIHSXMRHMGEXIWXLEX]SYVEGXYEP
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8SQSZIXLIQET
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8S^SSQMRERHSYXSJEQET
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GSRXVSP
36
(SYFPIXETEPSGEXMSRSRXLIQETXS^SSQMRXSXLEXPSGEXMSR
2SXEPPQEKRMJMGEXMSRPIZIPWEVIEZEMPEFPIJSVEPPPSGEXMSRW
1ETW
(VEKXLIQETXSQSZIMRER]HMVIGXMSR
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8SKIXEREHHVIWWERHEHHMXMSREPMRJSVQEXMSRJSVEPSGEXMSR
8SYGLERHLSPHEPSGEXMSRSRXLIQET
%FEPPSSRSTIRWSZIVXLIPSGEXMSR[MXLXLIEHHVIWWERHE
XLYQFREMPJVSQ7XVIIX:MI[MJEZEMPEFPI
8SYGLXLIFEPPSSRXSSTIREWGVIIR[MXLXSSPWJSVPIEVRMRK
QSVIEFSYXXLIPSGEXMSR8LIWIXSSPWEVIHIWGVMFIHMRXLMW
WIGXMSRERHSRLXXTQETWKSSKPIGSQ[IF
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%JXIV]SYKIXHMVIGXMSRWSVWIEVGLSREQET]SYGERGPIEVXLI
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XLIRXSYGL
1SVI"'PIEVQET
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QETWXLEX]SY
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XSSPWJSVPIEVRMRKQSVIEFSYXXLIPSGEXMSR
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4VIWWXLI
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XSYGL
0E]IVW
XLIRXSYGL
8VEJJMG
7EXIPPMXI
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SZIVVSEHWEWGSPSVGSHIHPMRIWJVSQKVIIRXLVSYKLFPEGO
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q
*MRHMRK]SYVJVMIRHW
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r
SRTEKICC
*SVMRJSVQEXMSREFSYXXLISXLIVJIEXYVIWSJ+SSKPI1ETW
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2SXEPPPSGEXMSRWLEZIMRJSVQEXMSRXSWYTTSVXEPP1ETPE]IVW
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EVIEW
8SYGLERHLSPHEPSGEXMSRSREQETXSSTIREFEPPSSR[MXL
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XLIRXSYGL
7XITJSV[EVH
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REZMKEXMSREVVS[MRXLIMQEKI
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XLIRXSYGL
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XLIRXSYGL
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XLIRXSYGL
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VIZMI[MRK
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VIPSSOMRKJSV=SY
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QYWIYQWMR7ER*VERGMWGS
r
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8SYGLXSWIPIGXXLIRI\XSVTVIZMSYW
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WGVIIRWII
q
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r
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8SKIXHMVIGXMSRW
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XLIRXSYGL
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8SYGL
7LS[SR1ET
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8SYGL
2EZMKEXI
XSKIXWTSOIRXYVRF]XYVR
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q
2EZMKEXMRK[MXLWTSOIRXYVRF]XYVRHMVIGXMSRW
r
SRTEKICC
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XLIRXSYGL
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r
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MRXLI
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q
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r
SRTEKICC
36
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q
2EZMKEXIXS
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q
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36
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q
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r
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q
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7IEVGLMRKJSV
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q
8S
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r
SRTEKICC
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7IPIGXJVSQ'SRXEGXW
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EWGVSPPMRKPMWXSJEPP
]SYVGSRXEGXWSTIRW'LIGOEPPSJXLIGSRXEGXW]SY[ERXXS
MRZMXI
-J]SYXSYGLIH
%HHZMEIQEMPEHHVIWW
]SYGERIRXIVSRISV
QSVIIQEMPEHHVIWWIWWITEVEXIHF]GSQQEWJSVXLI
JVMIRHW]SY[ERXXSMRZMXI
8SYGL
%HHJVMIRHW
EXXLIFSXXSQSJXLIWGVIIR
-J]SYVJVMIRHWEPVIEH]YWI0EXMXYHIXLI]VIGIMZIERIQEMP
VIUYIWXERHERSXMJMGEXMSRSR0EXMXYHI-JXLI]LEZIRSX]IX
NSMRIH0EXMXYHIXLI]VIGIMZIERIQEMPMRZMXMRKXLIQXSWMKR
MRXS0EXMXYHI[MXLXLIMV+SSKPI%GGSYRX
1ETW
8SVIWTSRHXSERMRZMXEXMSR
;LIREJVMIRHMRZMXIW]SYXSWLEVI]SYVPSGEXMSRMR0EXMXYHI]SY
GERVIWTSRHMRXLIJSPPS[MRK[E]W
%GGITXERHWLEVIFEGO
=SYERH]SYVJVMIRHGERWIIIEGLSXLIV
W
PSGEXMSRW
%GGITXFYXLMHIQ]PSGEXMSR
=SYGERWII]SYVJVMIRH
WPSGEXMSR
FYXXLI]GER
XWII]SYVW
(SR¬XEGGITX
2SPSGEXMSRMRJSVQEXMSRMWWLEVIHFIX[IIR]SYERH
]SYVJVMIRH
8SZMI[]SYVJVMIRHWtPSGEXMSRW
=SYGERZMI[]SYVJVMIRHW
PSGEXMSRWSREQETSVMREPMWX
;LIR]SYSTIR1ETW]SYVJVMIRHW
PSGEXMSRWEVIWLS[R)EGL
JVMIRHMWVITVIWIRXIHF]XLIMVTMGXYVIJVSQ'SRXEGXW[MXLER
EVVS[TSMRXMRKXSXLIMVETTVS\MQEXIPSGEXMSR-JEJVMIRHLEWGLSWIR
XSWLEVIGMX]PIZIPPSGEXMSRWXLIMVTMGXYVIHSIWRSXLEZIEREVVS[
ERHETTIEVWMRXLIQMHHPISJXLIGMX]
-J]SYVJVMIRHWYWI+SSKPI8EPOXLIMVSRPMRIWXEXYW%ZEMPEFPI
&YW]ERHWSSRMWMRHMGEXIHF]EGMVGYPEVMGSRFIPS[XLIMV
TMGXYVIW*SVQSVIMRJSVQEXMSRWII
q
'LERKMRKERHQSRMXSVMRK
SRPMRIWXEXYW
r
SRTEKICC
8SWIIEJVMIRH
WTVSJMPIERHGSRRIGXXSYGLXLITLSXS=SYV
JVMIRH
WREQIETTIEVWMREFEPPSSR8SYGLXLIFEPPSSRXSSTIRE
WGVIIR[MXLHIXEMPWEFSYX]SYVJVMIRHERHQER]GSRRIGXMSR
STXMSRW;LIR]SYSTIR0EXMXYHI]SYWIIEPMWXSJ]SYV0EXMXYHI
JVMIRHW[MXLEWYQQEV]SJXLIMVPEWXORS[RPSGEXMSRWWXEXYWERH
WSSR8SYGLEJVMIRHMRXLIPMWXXSSTIREWGVIIR[MXLHIXEMPW
EFSYXXLIJVMIRHERHQER]GSRRIGXMSRSTXMSRW
1ETW
8SGSRRIGX[MXLERHQEREKIGSRRIGXMSRW[MXL]SYVJVMIRHW
8SYGLEJVMIRH
WGSRXEGXHIXEMPWFEPPSSRMR1ETZMI[SVXSYGLE
JVMIRHREQIMR0MWXZMI[XSSTIRXLIJVMIRH
WTVSJMPI-RXLI4VSJMPI
WGVIIR]SYGERGSQQYRMGEXI[MXL]SYVJVMIRHERHWIXTVMZEG]
STXMSRW
7LS[SRQET
7LS[WXLIJVMIRH
WPSGEXMSRSRXLIQET
'LEXYWMRK+SSKPI8EPO
3TIRWE+SSKPI8EPOGLEX[MRHS[[MXL
XLEXJVMIRH
7IRHIQEMP
3TIRW+QEMP[MXLEQIWWEKIEHHVIWWIHXSXLI
JVMIRH
(MVIGXMSRW
+IXWHMVIGXMSRWXSXLIJVMIRH
WPSGEXMSR
,MHIJVSQXLMWJVMIRH
7XSTWLEVMRK]SYVPSGEXMSR[MXLXLMWJVMIRHMR
0EXMXYHIMREPMWXSVSREQET8SWLEVI]SYVPSGEXMSR[MXLXLMW
JVMIRHEKEMRXSYGL
9RLMHIJVSQXLMWJVMIRH
7LEVISRP]GMX]PIZIPPSGEXMSR
7LEVISRP]XLIGMX]]SYEVIMRRSX
]SYVWXVIIXPIZIPPSGEXMSR=SYVJVMIRHWIIW]SYVTMGXYVIMRXLI
QMHHPISJXLIGMX]]SYEVIMR8SWLEVIQSVITVIGMWIPSGEXMSRW
EKEMRXSYGL
&IWXEZEMPEFPIPSGEXMSR
6IQSZI
6IQSZIXLIJVMIRHJVSQ]SYVPMWXERHWXSTWLEVMRK
PSGEXMSRWEPXSKIXLIV
1ETW
8SGSRXVSP[LEX]SYWLEVI
=SYLEZIGSRXVSPSZIVLS[ERH[LIR]SYVJVMIRHWGERJMRH]SY
3RP]XLIPEWXPSGEXMSRWIRXXS0EXMXYHIMWWXSVIH[MXL]SYV+SSKPI
%GGSYRX-J]SYXYVRSJJ0EXMXYHISVEVILMHMRKRSPSGEXMSRMW
WXSVIH
3TIR0EXMXYHIXSYGL]SYVS[RREQIERHXSYGL
)HMX
TVMZEG]WIXXMRKW
=SYGERWIXXLIJSPPS[MRKTVMZEG]STXMSRW
(IXIGX]SYVPSGEXMSR
0IX0EXMXYHIHIXIGXERHYTHEXI]SYVPSGEXMSR
EW]SYQSZI
8LIYTHEXIJVIUYIRG]MWHIXIVQMRIHF]WIZIVEPJEGXSVWWYGLEW
]SYVTLSRI
WFEXXIV]GLEVKIPIZIPERHLS[VIGIRXP]]SYVPSGEXMSR
LEWGLERKIH
7IX]SYVPSGEXMSR
7IXXLIPSGEXMSRWLEVIH[MXLSXLIVWEWER
EHHVIWW]SYIRXIVSVJVSQ'SRXEGXWTMGOEWTSXSREQETSV
VIWYQILEZMRK0EXMXYHIWLEVI]SYVEGXYEPPSGEXMSR
,MHI]SYVPSGEXMSR
,MHI]SYVPSGEXMSRJVSQEPP]SYVJVMIRHW
8YVRSJJ0EXMXYHI
(MWEFPI0EXMXYHIERHWXSTWLEVMRK]SYVPSGEXMSR
SVWXEXYW=SYGEREP[E]WNSMR0EXMXYHIEKEMR
1ETW
3TIRMRK'EQIVEERH8EOMRK4MGXYVIW
=SYXEOITMGXYVIWERHWLSSXZMHISWYWMRKXLI'EQIVEETTPMGEXMSR
8LI'EQIVEWQER]WIXXMRKWEVIHIWGVMFIHMR
q
'LERKMRK'EQIVE
7IXXMRKW
r
SRTEKI
=SYGEREPWSZMI[]SYVTMGXYVIW[MXLXLI+EPPIV]ETTPMGEXMSREW
HIWGVMFIHMR
q
+EPPIV]
r
SRTEKI
-14368%28
&IWYVIXSGPIERXLITVSXIGXMZIPIRWGSZIV[MXLEQMGVSJMFIVGPSXLFIJSVI
XEOMRKTMGXYVIW%PIRWGSZIV[MXLWQYHKIWJVSQJMRKIVWGERGEYWIFPYVV]
TMGXYVIW[MXLE
q
LEPS
r
IJJIGX
8SSTIRXLI'EQIVEETTPMGEXMSR
8SYGLXLI'EQIVEMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
'EQIVESTIRWMR0ERHWGETIQSHIVIEH]XSXEOIETMGXYVISV
WLSSXEZMHIS
'EQIVE
(VEKHS[RXSWLSSXZMHISWHVEKYTXSXEOI
TLSXSW
8SYGLXSXEOIETMGXYVISVWLSSXEZMHIS
8SYGLXSGLERKIWIXXMRKW
8SYGLXSTVIZMI[]SYVTMGXYVIWSVZMHISW
8SXEOIETMGXYVI
3TIRXLI'EQIVEETTPMGEXMSRERHMJRIGIWWEV]HVEKXLI
GSRXVSPXSXLI'EQIVETSWMXMSR
8SGSRXVSP]SYVI\TSWYVIQERYEPP]XSYGLXLIWGVIIR XS
STIRXLIGEQIVEWIXXMRKW
8LITVIZMI[MQEKIGLERKIWEW]SYGLERKIXLIWIXXMRKW
7II
q
'LERKMRK'EQIVE7IXXMRKW
r
SRTEKI
*VEQI]SYVWYFNIGXSRWGVIIR
=SYGER^SSQMRSVSYXF]XSYGLMRKXLIWGVIIRERHXLIR
XSYGLMRKXLI>SSQGSRXVSP
8SYGLXLI7LYXXIVMGSR
8LIGEQIVEFVMRKWXLIMQEKIMRXSJSGYW;LIRXLIMQEKIMW
MRJSGYWXLIJSGYWMRHMGEXSVWMRIEGLGSVRIVXYVRKVIIRERH
XLIGEQIVEXEOIWETMGXYVI
8LITMGXYVI]SYNYWXXSSOMWHMWTPE]IHJSVEQSQIRX8LIR
]SYGERXEOIERSXLIVTMGXYVISVTVIZMI[]SYVTMGXYVIWEW
HIWGVMFIHMR
q
6IZMI[MRK]SYVTMGXYVIW
r
SRTEKICC
8SXEOITMGXYVIW[MXLHMKMXEP^SSQ
8SYGLXLIWGVIIRXSSTIRXLI>SSQGSRXVSPXLIRXSYGLXLI
TPYWSVQMRYWOI]XS^SSQMRSVSYXKVEHYEPP]
36
(SYFPIXETXLIWGVIIRXS^SSQEPPXLI[E]MRSVSYX
4MGXYVIWXLEX]SYXEOI[MXLHMKMXEP^SSQQE]FIWQEPPIVMR
TM\IPWXLERXLIWM^I]SYWIX[MXLXLI4MGXYVI7M^IWIXXMRK
7II
q
'EQIVEWIXXMRKW
r
SRTEKICC
'EQIVE
8S W L S S X E Z M H I S
3TIRXLI'EQIVEETTPMGEXMSRERHMJRIGIWWEV]HVEKXLI
GSRXVSPXSXLI:MHISTSWMXMSR
8SGLERKIXLIPIRKXLSJ]SYVZMHISSVGSRXVSP]SYVI\TSWYVI
QERYEPP]XSYGLXLIWPMHIV XSSTIRXLIGEQGSVHIV
WIXXMRKW
7II
q
'LERKMRK:MHISWIXXMRKW
r
SRTEKICC
4SMRXXLIPIRWXSJVEQIXLIWGIRI[LIVI]SY[ERXXSWXEVX
8SYGLXLI7XEVX:MHISMGSR
8LIGEQGSVHIVWXEVXWVIGSVHMRKXLIZMHIS8LIXMQI
VIQEMRMRKXSWLSSXGSYRXWHS[REXXLIPIJX[LIRPIWWXLER
EQMRYXIMWPIJXXLIGSYRXHS[RXYVRWVIH
8SYGLXLI7XST:MHISMGSR XSWXSTWLSSXMRK
=SYGERVIGSVHERSXLIVZMHISSVTVIZMI[]SYVZMHISWEW
HIWGVMFIHMR
q
6IZMI[MRK=SYV:MHISW
r
SRTEKI
'EQIVE
6IZMI[MRK=SYV4MGXYVIW
=SYGERVIZMI[XLITMGXYVIW]SY
ZIXEOIRMRXLI'EQIVEETTPMGEXMSR
8SVIZMI[]SYVTMGXYVIW
-JRIGIWWEV]HVEKXLIGSRXVSPXSXLI4LSXSKVETLTSWMXMSR
8SYGLXLIXLYQFREMPMQEKIEXXLIXSTVMKLXSJXLI'EQIVE
WGVIIR
8LITMGXYVIVIZMI[WGVIIRSTIRWHMWTPE]MRK]SYVQSWX
VIGIRXTMGXYVI
8SYGLXLITMGXYVIXSWIIXLI2EZMKEXMSRERH>SSQGSRXVSPW
8SYGLEREZMKEXMSREVVS[XSZMI[XLIRI\XSVTVIZMSYW
TMGXYVI
8SYGL
(SRI
XSVIWYQIXEOMRKTMGXYVIW
=SYGERYWIXLISXLIVFYXXSRWSRXLI4MGXYVI6IZMI[WGVIIRERH
TVIWWXLI
1IRY/I]
XSEGGIWWWIZIVEPSXLIVJIEXYVIWJSV
IHMXMRKWLEVMRKZMI[MRKERHYWMRKTMGXYVIWMRSXLIV[E]W7II
q
;SVOMRK[MXL4MGXYVIW
r
SRTEKI
'EQIVE
8SYGLEPIJXSVVMKLXEVVS[XSZMI[ERSXLIV
TMGXYVI
8SYGLXSVIXYVRXSXLIWGVIIRJSVXEOMRK
TMGXYVIW
8SYGLXLIMQEKIXSWIIXLI2EZMKEXMSRERH
>SSQGSRXVSPW
6IZMI[MRK=SYV:MHISW
=SYGERVIZMI[XLIZMHISW]SY
ZIWLSX[MXLXLI'EQIVEETTPMGEXMSR
=SYGEREPWSWLEVIXLIQ[MXLJVMIRHWERHHIPIXIVIGSVHMRKW=SY
GEREPWSZMI[EWPMHIWLS[SJ]SYVTMGXYVIWWLEVIXLIQ[MXL
JVMIRHWERHHIPIXIWLSXW7II
q
+EPPIV]
r
SRTEKIJSVHIXEMPW
EFSYXTPE]FEGO
8SVIZMI[]SYVZMHISW
3TIRXLI'EQIVEETTPMGEXMSRERHMJRIGIWWEV]HVEKXLI
GSRXVSPXSXLI:MHISTSWMXMSR
8SYGLXLIXLYQFREMPMQEKIEXXLIXSTVMKLXSJXLIWGVIIR
%WXMPPJVSQXLIWXEVXSJ]SYVQSWXVIGIRXZMHISMWHMWTPE]IH
8SYGLEREZMKEXMSRFYXXSRXSSTIRXLIZMHISXSTPE]
8SYGL
4PE]
=SYGERYWIXLISXLIVFYXXSRWSRXLI:MHIS6IZMI[WGVIIR
ERHTVIWWXLI
1IRY/I]
XSEGGIWWWIZIVEPQSVI
JIEXYVIWJSVZMI[MRKERHWLEVMRK]SYVZMHISW8LIWIJIEXYVIW
EVIHIWGVMFIHMR
q
+EPPIV]
r
SRTEKI
'EQIVE
8SYGLXS[EXGL
XLIZMHIS
8SYGLXSVIXYVRXSXLI
WGVIIRJSVWLSSXMRK
ZMHISW
8SYGLXLIWXMPPWS]SY
GERXSYGLXLIPIJXSV
VMKLXEVVS[XSZMI[
ERSXLIVZMHIS
8SYGLXLIGSRXVSPWXSWOMTJSV[EVHSV
FEGOSVXSTPE]SVTEYWIXLIZMHIS
'LERKMRK'EQIVE7IXXMRKW
8LI'EQIVEETTPMGEXMSRLEWEYXSQEXMGWIXXMRKWXLEX]SYGERYWIXS
XEOIUYMGOTSMRXERHWLSSXTLSXSKVETLWERHZMHISW&YXMXEEPWS
LEWERYQFIVSJ[E]WXSGSRXVSP]SYVI\TSWYVIWMRGPYHMRK
GSRXVSPPMRKXLIJSGYWXYVRMRKXLIJPEWLSRERHSJJERHEHNYWXMRKXLI
[LMXIFEPERGI=SYGERIZIRWLSSXRIKEXMZIWERHSXLIVWTIGMEP
IJJIGXW
'EQIVEEPWSMRGPYHIWWIXXMRKWJSVGSRXVSPPMRKTMGXYVIUYEPMX]ZMHIS
PIRKXL[LIXLIVXSWXSVIXLIPSGEXMSR[LIVI]SYXEOI]SYVTMGXYVIW
ERHWSSR
8SGLERKI'EQIVEWIXXMRKW
3TIRXLI'EQIVEETTPMGEXMSRERHXSYGLXLI7IXXMRKWXEF3V
TVIWWXLI
1IRY/I]
XLIRXSYGL
7IXXMRKW
8LIWIXXMRKWSTIRSZIVXLIWGVIIR
8SYGLXLIWIXXMRKGEXIKSV]]SY[ERXXSGSRXVSPXLIRXSYGLE
WIXXMRK
'EQIVEWIXXMRKWEVIHIWGVMFIHMR
q
'LERKMRK'EQIVE
7IXXMRKW
r
SRTEKI
8SYGL&EGO XSGPSWIXLI7IXXMRKWQIRYW
-GSRWSRXLIPIJXWMHISJXLIWGVIIRMRHMGEXIXLIGYVVIRX
WIXXMRKW
8EOI]SYVTMGXYVIWYWMRKXLIRI[WIXXMRKW
;LIR]SY
VIJMRMWLIHSTIRXLI'EQIVEWIXXMRKWXEFEKEMR
ERHVIWXSVIXLIWIXXMRKWFEGOXS%YXS
'EQIVE
'EQIVEWIXXMRKW
;LIR]SYGLERKIWSQI'EQIVEWIXXMRKWXLIGYVVIRXWIXXMRKWEVI
MRHMGEXIHF]MGSRWEPSRKXLIPIJXWMHISJXLIWGVIIR
*PEWLQSHI
8SYGLXSWIX[LIXLIV'EQIVEVIPMIWSRMXWPMKLX
QIXIVXSHIXIVQMRI[LIXLIVJPEWLMWRIGIWWEV]SVXSWIXJPEWLSR
SVSJJJSVEPPWLSXW
%YXSQEXMG
3R
3JJ
;LMXIFEPERGI
8SYGLXSWIPIGXLS['EQIVEEHNYWXWGSPSVWMR
HMJJIVIRXOMRHWSJPMKLXXSEGLMIZIXLIQSWXREXYVEPPSSOMRKGSPSVW
JSV]SYVWLSXW
'SPSYVIJJIGX
8SYGLXSWIPIGXEWTIGMEPIJJIGXJSV]SYVWLSXWWYGL
EWQSRSGLVSQIWITMEXSRISVRIKEXMZI
7XSVIPSGEXMSR
'LIGOXSMRGPYHIXLIPSGEXMSRSJIEGLTMGXYVI]SY
XEOIYWMRKXLITLSRI
W+47
4MGXYVIWM^I
8SYGLXSWIXXLIWM^IMRTM\IPWSJXLITMGXYVIW]SY
XEOI
-QEKI5YEPMX]
8SYGLXSWIXXLIUYEPMX]SJXLITMGXYVIW]SYXEOI
'EQIVE
'EQGSVHIVWIXXMRKW
-REHHMXMSRXSXLI[LMXIFEPERGIERHGSPSVIJJIGXGSRXVSPWXLEXXLI
GEQGSVHIVWLEVIW[MXLXLIGEQIVEWII
q
'EQIVEWIXXMRKW
r
SR
TEKICCXLIGEQGSVHIVLEWX[SWIXXMRKWSJMXWS[R
:MHISUYEPMX]
3TIRWEHMEPSKFS\[LIVI]SYGERWIXXLIZMHIS
UYEPMX]ETTVSTVMEXIJSVWIRHMRKXS]SYVJVMIRHWSVJSVZMI[MRKSRE
GSQTYXIV
:MHISHYVEXMSR
3TIRWEHMEPSKFS\[LIVI]SYGERWIXXLI
QE\MQYQPIRKXLSJ]SYVZMHISW
'EQIVE
3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQW
3TIR3TIRXLI+EPPIV]ETTPMGEXMSRXSZMI[EPFYQWSJ]SYVTMGXYVIW
ERHZMHISW
8SSTIR+EPPIV]ERHZMI[]SYVEPFYQW
8SYGLXLI+EPPIV]MGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLIV
36
3TIR+EPPIV]JVSQ'EQIVEF]TVIWWMRKXLI
1IRY/I]
XLIRXSYGLMRK
+EPPIV]
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
+EPPIV]TVIWIRXWXLITMGXYVIWERHZMHISWSR]SYVQMGVS7(
GEVHMRGPYHMRKXLSWI]SY
ZIXEOIR[MXLXLI'EQIVE
ETTPMGEXMSRERHXLSWI]SYHS[RPSEHIHJVSQXLI[IFSVSXLIV
PSGEXMSRW
-J]SYLEZIE4MGEWEEGGSYRXEWWSGMEXIH[MXLSRISJ]SYV
TLSRIW+SSKPI%GGSYRXWGSRJMKYVIHXSW]RG[MXL4MGEWWE
]SYPPEPWSWII]SYV4MGEWE[IFEPFYQWMR+EPPIV]7II
q
'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRW
r
SRTEKI
-J]SYLEZIEKVIEXQER]TMGXYVIWSVZMHISWSR]SYVQMGVS7(
GEVHSVMR4MGEWE[IFEPFYQWMXQE]XEOI+EPPIV]EJI[
QMRYXIWXSSTIRXLIRHMWGSZIVERHSVKERM^IEPPSJ]SYVJMPIW
+EPPIV]
8SYGLEREPFYQXSSTIRMXERHZMI[MXWGSRXIRXW
8LITMGXYVIWERHZMHISWMRXLIEPFYQEVIHMWTPE]IHMR
GLVSRSPSKMGEPSVHIV7II
q
;SVOMRK[MXL%PFYQW
r
SRTEKI
8SYGLETMGXYVISVZMHISMREREPFYQXSZMI[MX
7II
q
;SVOMRK[MXL4MGXYVIW
r
SRTEKIERH
q
;SVOMRK[MXL
:MHISW
r
SRTEKI
6IXYVRXSXLIQEMR+EPPIV]WGVIIREXER]XMQIF]XSYGLMRKMXW
MGSR EXXLIXSTPIJXSJXLIWGVIIR
+EPPIV]
8SYGLXSSTIR'EQIVE
8SYGLMRER]ZMI[XSVIXYVRXSXLIQEMR
+EPPIV]WGVIIR
%REPFYQSJXLITLSXSWERHZMHISW]SYXSSO
[MXL'EQIVE
7PMHIPIJXSVVMKLXXSZMI[QSVIEPFYQW
%4MGEWE[IFEPFYQ
;SVOMRK[MXL%PFYQW
%PFYQWEVIKVSYTWSJMQEKIWERHZMHISWMRJSPHIVWSR]SYVQMGVS7(
GEVHSVMR4MGEWE[IFEPFYQW
8SSTIREREPFYQERHZMI[MXWGSRXIRXW
3TIRXLI+EPPIV]ETTPMGEXMSRERHXSYGLXLIEPFYQ[LSWI
GSRXIRXW]SY[ERXXSZMI[
7II
q
3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQW
r
SRTEKI
%PFYQWSTIRHMWTPE]MRKXLITMGXYVIWERHZMHISWXLI]GSRXEMR
MREGLVSRSPSKMGEPP]SVHIVIHKVMH8LIREQISJXLIEPFYQMW
WLS[REXXLIXSTSJXLIWGVIIR
=SYGERXSYGLETMGXYVISVZMHISXSZMI[MXEWHIWGVMFIHMR
q
;SVOMRK[MXL4MGXYVIW
r
SRTEKIERH
q
;SVOMRK[MXL
:MHISW
r
SRTEKI
8SYGLEREVVS[MRXLIWGVSPPXSSPEXXLIFSXXSQSJXLIWGVIIR
XSWGVSPPMQEKIWEWGVIIRJYPEXEXMQI
(VEKXLIWGVSPPXSSPXSXLIPIJXSVVMKLXXSWGVSPPQSVISVPIWW
UYMGOP]8LIHEXISJXLIMQEKIWMRZMI[MWHMWTPE]IHWS]SY
GERWGVSPPF]HEXI
=SYGEREPWSWGVSPPXLVSYKLEREPFYQF]W[MTMRKPIJXSVVMKLX
+EPPIV]
8SYGLXSW[MXGLJVSQKVMHXSWXEGOZMI[
8LIREQISJXLIEPFYQ
8SYGLETMGXYVISVZMHISXSZMI[MX
8SYGLEREVVS[XSWGVSPPEWGVIIRJYPEXE
XMQI(VEKPIJXSVVMKLXXSWGVSPPVETMHP]
8SGLERKILS[XLIGSRXIRXWSJEREPFYQEVIHMWTPE]IH
=SYGERZMI[XLIMQEKIWERHZMHISWMR]SYVEPFYQWMRE
GLVSRSPSKMGEPKVMHSVMRWXEGOWWSVXIHF]XLIHEXIERHXLIPSGEXMSR
[LIVIXLI][IVIXEOIR=SYW[MXGLEPFYQZMI[W[MXLXLI%PFYQ
:MI[W[MXGLEXXLIXSTVMKLXSJXLIWGVIIR
(VEKXLI%PFYQ:MI[W[MXGL XSXLIVMKLXXSZMI[XLI
GSRXIRXWSJXLIEPFYQMRWXEGOW
(VEKXLI%PFYQ:MI[W[MXGL XSXLIPIJXXSZMI[XLI
EPFYQGSRXIRXWMREGLVSRSPSKMGEPKVMHEKEMR
+EPPIV]
7XEGOWEVIWSVXIHF]XLIHEXIERHPSGEXMSR
[LIVI]SYXSSOXLIQ
8S;SVO[MXL&EXGLIWSJ4MGXYVIWSV:MHISW
-REHHMXMSRXS[SVOMRK[MXL[LSPIEPFYQWERH[MXLMRHMZMHYEP
TMGXYVIW]SYGERWIPIGXSRISVQSVITMGXYVIWSVZMHISWMREREPFYQ
XS[SVOSRXLIQMRFEXGLIW*SVI\EQTPIXSWIRHEJI[TMGXYVIW
JVSQEREPFYQXSEJVMIRH
3TIRXLIEPFYQXSZMI[XLITMGXYVIWERHZMHISWXS[SVO
[MXL
4VIWWXLI
1IRY/I]
X[MGI
'LIGOQEVOSVYRGLIGOXLIMXIQW]SY[ERXXS[SVO[MXL
=SYGERYRGLIGOEPPMXIQW]SY
ZIGLIGOIHF]XSYGLMRK
(IWIPIGX%PP
EXXLIXSTVMKLXSJXLI[MRHS[
9WIXLIGSRXVSPWEXXLIFSXXSQSJXLIWGVIIRXSEGXSRXLI
GLIGOIHMXIQW
8LIGSRXVSPWEZEMPEFPIHITIRHSRXLIQM\SJMXIQW]SY
ZI
WIPIGXIH*SVMRJSVQEXMSREFSYXWLEVMRKERHIHMXMRKTMGXYVIW
ERHZMHISWWII
q
;SVOMRK[MXL4MGXYVIW
r
SRTEKIERH
q
;SVOMRK[MXL:MHISW
r
SRTEKI
8SWLEVIEREPFYQ
=SYGERWLEVIXLIIRXMVIGSRXIRXWSJSRISVQSVIEPFYQW
=SYGEREPWSWLEVIMRHMZMHYEPMQEKIWSVZMHISWJVSQEREPFYQEW
HIWGVMFIHMR
q
;SVOMRK[MXL4MGXYVIW
r
SRTEKIERH
q
;SVOMRK
[MXL:MHISW
r
SRTEKI
3TIRXLIQEMR+EPPIV][MRHS[
7II
q
3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQW
r
SRTEKI
4VIWWXLI
1IRY/I]
X[MGI
'LIGOQEVOSVYRGLIGOXLIEPFYQW]SY[ERXXSWLEVI
+EPPIV]
8SYGL
7LEVI
EXXLIFSXXSQSJXLIWGVIIR-RXLIQIRYXLEX
STIRWXSYGLXLIETTPMGEXMSRXSYWIXSWLEVIXLIWIPIGXIH
EPFYQW
8LIETTPMGEXMSRXLEX]SYWIPIGXIHSTIRW[MXLXLITMGXYVIW
JVSQXLIWIPIGXIHEPFYQWSVPMROWEXXEGLIHXSERI[
QIWWEKI*SVMRJSVQEXMSREFSYXEHHVIWWMRKERHWIRHMRKXLI
QIWWEKIWIIXLIWIGXMSRSRXLEXETTPMGEXMSR
8SKIXHIXEMPWEFSYXEREPFYQ
3TIRXLIQEMR+EPPIV][MRHS[
7II
q
3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQW
r
SRTEKI
4VIWWXLI
1IRY/I]
X[MGI
'LIGOQEVOSVYRGLIGOXLIEPFYQW]SY[ERXXSWLEVI
8SYGL
1SVI
EXXLIFSXXSQSJXLIWGVIIR-RXLIQIRYXLEX
STIRWXSYGL
(IXEMPW
8SHIPIXIEREPFYQ
=SYGERHIPIXIEREPFYQERHMXWGSRXIRXWJVSQ]SYVQMGVS7(GEVH
3TIRXLIQEMR+EPPIV][MRHS[
7II
q
3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQW
r
SRTEKI
4VIWWXLI
1IRY/I]
X[MGI
'LIGOQEVOSVYRGLIGOXLIEPFYQW]SY[ERXXSHIPIXI
8SYGL
(IPIXI
EXXLIFSXXSQSJXLIWGVIIR-RXLIHMEPSKFS\
XLEXSTIRWXSYGL
'SRJMVQ(IPIXI
+EPPIV]
;SVOMRK[MXL4MGXYVIW
9WI+EPPIV]XSZMI[TMGXYVIWXLEX]SY
ZIXEOIR[MXLXLI'EQIVE
ETTPMGEXMSRHS[RPSEHIHGSTMIHSRXS]SYVQMGVS7(GEVHSVXLEXEVI
WXSVIHMR4MGEWE[IFEPFYQW=SYGEREPWSIHMXXLITMGXYVIWSR]SYV
QMGVS7(GEVHERHWLEVIXLIQ[MXLJVMIRHW
8S Z M I [ E R H F V S [ W I T M G X Y V I W
3TIRE+EPPIV]EPFYQERHXSYGLETMGXYVI
7II
q
3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQW
r
SRTEKI
ERH
q
;SVOMRK[MXL%PFYQW
r
SRTEKI
8YVRXLITLSRIXSZMI[XLITMGXYVIMRYTVMKLXTSVXVEMXSV
WMHI[E]WPERHWGETISVMIRXEXMSR
8LITMGXYVIMWHMWTPE]IHFYXRSXWEZIHMRXLIRI[
SVMIRXEXMSR
8SYGLXLITMGXYVIXSZMI[XLI2EZMKEXMSR>SSQERHSXLIV
GSRXVSPW
8SYGLXLI>SSQMGSRXS^SSQMRSYVSYX3VNYWXHSYFPIXET
XLIWGVIIR
;LIRXLITMGXYVIMW^SSQIHMRHVEKXLITMGXYVIXSZMI[
TEVXWXLEXEVIRSXMRZMI[
;LIRXLITMGXYVIMW^SSQIHXSJMXMRXLI[MRHS[HVEKPIJXSV
VMKLXXSZMI[XLIRI\XSVTVIZMSYWTMGXYVIMRXLIEPFYQ
8S[EXGLEWPMHIWLS[SJ]SYVTMGXYVIW
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWERHXSYGL
7PMHIWLS[
8SYGLETMGXYVIXSIRHXLIWPMHIWLS[
+EPPIV]
8SYGLXLITMGXYVIXSWIIXLIGSRXVSPW
(VEKPIJXSVVMKLXXSWIIXLIRI\XSVTVIZMSYW
TMGXYVIMRXLIEPFYQ
8SYGLXS^SSQMRSVSYXSVNYWXHSYFPIXET
XLITMGXYVI
8S V S X E X I E T M G X Y V I
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWXLIRTVIWWXLI1IRY
/I]
8SYGL
1SVI
%QIRYSTIRW[MXLXSSPWJSV[SVOMRK[MXLXLITMGXYVI
8SYGL
6SXEXIPIJX
SV
6SXEXIVMKLX
8LITMGXYVIMWWEZIH[MXLXLIRI[SVMIRXEXMSR
8SYWIETMGXYVIEWEGSRXEGXMGSRSVEW,SQIWGVIIR
[EPPTETIV
8SYGLXLITMGXYVIXSZMI[XLIGSRXVSPWXLIRTVIWWXLI1IRY
/I]
8SYGL
1SVI
8SYGL
7IXEW
-J]SYXSYGL
'SRXEGXMGSR
]SY
VITVSQTXIHXSWIPIGXXLI
GSRXEGXXSEWWSGMEXI[MXLXLITMGXYVIERHXLIRGVSTXLI
TMGXYVI-J]SYXSYGL
;EPPTETIV
]SY
VITVSQTXIHXSGVSTXLI
TMGXYVI
+EPPIV]
8S G V S T E T M G X Y V I
=SYGERWEZIE^SSQIHMRTSVXMSRSJETMGXYVIF]GVSTTMRKMX=SY
GERSRP]GVSTTMGXYVIWXLEXEVISR]SYVQMGVS7(GEVH
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWXLIRTVIWWXLI1IRY
/I]
8SYGL
1SVI
8SYGL
'VST
8LIGVSTTMRKVIGXERKPIETTIEVWSRXSTSJXLITMGXYVI
9WIXLIGVSTTMRKXSSPXSWIPIGXXLITSVXMSRSJXLITMGXYVIXS
GVST
(VEKJVSQXLIMRWMHISJXLIGVSTTMRKXSSPXSQSZIMX
(VEKERIHKISJXLIGVSTTMRKXSSPXSVIWM^IMXXSER]
TVSTSVXMSR
(VEKEGSVRIVSJXLIGVSTTMRKXSSPXSVIWM^IMX[MXLJM\IH
TVSTSVXMSRW
8SYGL
7EZI
XSWEZIEGST]SJXLITMGXYVIEW]SYGVSTTIHMX
8LISVMKMREPYRGVSTTIHZIVWMSRVIQEMRWSR]SYVQMGVS7(
GEVH
+EPPIV]
(VEKJVSQMRWMHIXLIGVSTTMRKXSSPXS
QSZIMX
(VEKEGSVRIVSVIHKIXSVIWM^IXLI
GVSTTMRKXSSPERH^SSQMRSVSYX
;LIR]SY
VIJMRMWLIHXSYGLGLERKIXSFSPHWX]PI
8SKIXHIXEMPWEFSYXETMGXYVI
8SYGLXLITMGXYVIXSZMI[XLIGSRXVSPWXLIRTVIWWXLI1IRY
/I]
8SYGL
1SVI
8SYGL
(IXEMPW
8SZMI[XLIPSGEXMSRSJETMGXYVIMR+SSKPI1ETW
-J]SYLEZIGSRJMKYVIH'EQIVEXSWEZIPSGEXMSRHEXE[MXL]SYV
TMGXYVIWWII
q
'LERKMRK'EQIVE7IXXMRKW
r
SRTEKI]SYGER
ZMI[XLIPSGEXMSR[LIVI]SYXSSOXLITMGXYVIMR+SSKPI1ETW
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWXLIRTVIWWXLI
1IRY
/I]
8SYGL
1SVI
8SYGL
(IXEMPW
+SSKPI1ETWSTIRWGIRXIVIHSRXLIPSGEXMSRWXSVIHMRXLI
TMGXYVI
8SWLEVIETMGXYVI
=SYGERWLEVIETMGXYVIF]WIRHMRKMXXSJVMIRHWSVTSWXMRKMXMRE
4MGEWE[IFEPFYQ
=SYGEREPWSWLEVIEPFYQWSJMQEKIWSVZMHISWEWHIWGVMFIHMR
q
;SVOMRK[MXL%PFYQW
r
SRTEKI
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWXLIRXSYGL
7LEVI
-RXLIQIRYXLEXSTIRWXSYGLXLIETTPMGEXMSRXSYWIXS
WLEVIXLIWIPIGXIHTMGXYVI
8LIETTPMGEXMSR]SYWIPIGXIHSTIRW[MXLXLITMGXYVISVE
PMROEXXEGLIHXSERI[QIWWEKI*SVMRJSVQEXMSREFSYX
EHHVIWWMRKERHWIRHMRKXLIQIWWEKIWIIXLIWIGXMSREFSYX
XLEXETTPMGEXMSR
+EPPIV]
8SHIPIXIETMGXYVI
=SYGERHIPIXIETMGXYVIJVSQ]SYVQMGVS7(GEVH
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWXLIRXSYGL
(IPIXI
8SYGL
3/
MRXLIHMEPSKFS\XLEXSTIRW
;SVOMRK[MXL:MHISW
9WIXLI+EPPIV]ETTPMGEXMSRXSTPE]ZMHISWXLEX]SY
ZIXEOIR[MXL
XLI'EQIVEETTPMGEXMSRERHXSWLEVIXLIQ[MXLJVMIRHW
8S T P E ] Z M H I S W
3TIRE+EPPIV]EPFYQXLIRXSYGLEZMHIS
8LIZMHISTPE]W[MXLXLISVMIRXEXMSRTSVXVEMXSVPERHWGETI
]SYWLSXMXMR
3TIRMRKEPFYQWMWHIWGVMFIHMR
q
3TIRMRK+EPPIV]ERH
ZMI[MRK=SYV%PFYQW
r
SRTEKI
8SYGLXLIZMHISXSZMI[XLITPE]FEGOGSRXVSPW
+EPPIV]
8SYGLXLIZMHISXSZMI[XLITPE]FEGO
GSRXVSPWJSVTEYWMRKVIWYQMRKERHWOMTTMRK
FEGO[EVHERHJSV[EVH
8SWLEVIEZMHIS
=SYGERWLEVIEZMHISF]WIRHMRKMXMRERIQEMPSV[MXLE
QYPXMQIHME117QIWWEKI
117QIWWEKIWLEZIWM^IPMQMXWX]TMGEPP]1&SVETTVS\MQEXIP]
QMRYXISJLMKLUYEPMX]ZMHISSVQMRYXIWSJPS[UYEPMX]ZMHIS
7II
q
'LERKMRK'EQIVE7IXXMRKW
r
SRTEKI=SYGEREPWSWLEVI
EZMHISF]YTPSEHMRKMXXSXLI=SY8YFI[IFWMXI
;LMPIZMI[MRKEREPFYQTVIWWXLI
1IRY/I]
X[MGI
'LIGOQEVOXLIZMHISWSVTMGXYVIWXSWLEVI
8SYGL
7LEVI
-RXLIQIRYXLEXSTIRWXSYGLXLIETTPMGEXMSRXSYWIXS
WLEVIXLIWIPIGXIHZMHISW
8LIETTPMGEXMSR]SYWIPIGXIHSTIRW[MXLXLIZMHISEXXEGLIH
XSERI[QIWWEKI-J]SYWIPIGXIH=SY8YFI]SY
VI
TVSQTXIHXSIRXIVHIXEMPWEFSYXXLIZMHISXSYTPSEH*SV
QSVIMRJSVQEXMSRWIIXLIWIGXMSRSRXLEXETTPMGEXMSR
8SHIPIXIEZMHIS
;LMPIZMI[MRKEREPFYQTVIWWXLI
1IRY/I]
X[MGI
'LIGOQEVOXLIZMHISWSVTMGXYVIWXSHIPIXI
8SYGL
(IPIXI
8SYGL'
SRJMVQ(IPIXI
+EPPIV]
3TIRMRK=SY8YFIERH[EXGLMRK:MHISW
=SYGERFVS[WIWIEVGLJSVZMI[YTPSEHERHVERO=SY8YFIZMHISW
SR]SYVTLSRI[MXLXLI=SY8YFIETTPMGEXMSR
8SSTIRXLI=SY8YFIETTPMGEXMSR
8SYGLXLI=SY8YFIMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
=SY8YFITVIWIRXWXLIZMHISWKVSYTIHMRXSGEXIKSVMIWWYGL
EW1SWX:MI[IH1SWX(MWGYWWIH1SWX6IGIRXERH8ST
6EXIH
=SYGERXSYGLEZMHISXS[EXGLMXSVXSYGL XSPIEVRQSVI
EFSYXMX
=SY8YFI
8SYGLXSWIEVGLJSVEZMHIS=SYGER
IZIRWIEVGLF]ZSMGI
8SYGLXSWLSSXERHWLEVIEZMHIS
8SYGLEZMHISXSTPE]MX
8SYGLXSPIEVRQSVIEFSYXEZMHIS
8S[EXGLERHMRXIVEGX[MXL=SY8YFIZMHISW
3RE=SY8YFIWGVIIRXSYGLEZMHISXSTPE]MX
8SYGLXLIZMHISXSZMI[XLI4PE]FEGOGSRXVSPW
=SYGERTEYWIWOMTJSV[EVHSVFEGO[EVHSVHVEKXLIWPMHIV
XSXLITSMRXMRXLIZMHIS]SY[ERXXS[EXGL
8SYGLXLI
&EGO/I]
XSWXSTTPE]FEGOERHVIXYVRXSXLI
ZMHISWPMWX
4VIWWXLI
1IRY/I]
XSVEROGSQQIRXSRWLEVIJPEK
EWMRETTVSTVMEXIERHMRXIVEGX[MXLXLIZMHISMRSXLIV[E]W
*SVHIXEMPWEFSYXXLIWIJIEXYVIWZMWMXXLI=SY8YFI[IFWMXI
8S W I E V G L J S V Z M H I S W
%XXLIXSTSJXLIQEMR=SY8YFIWGVIIRXSYGLXLI7IEVGL
MGSR
)RXIVXLIXI\XXSWIEVGLJSVSVXSYGLXLI1MGVSTLSRIMGSRXS
WIEVGLF]ZSMGI
8SYGLEWYKKIWXMSRFIPS[XLIWIEVGLFS\SVXSYGLXLI
QEKRMJ]MRKKPEWWMGSR
7GVSPPXLVSYKLXLIWIEVGLVIWYPXWXLIRXSYGLEZMHISXS
[EXGLMX
=SY8YFI
8SWLEVI]SYVZMHISWSR=SY8YFI
=SYGERWLSSXERHWLEVIEZMHISF]YWMRK=SY8YFI*MVWX]SY
QYWXGVIEXIE=SY8YFIEGGSYRXERHWMKRMRXSMXSR]SYVTLSRI
=SYGEREPWSWLEVIXLIZMHISW]SYWLSSX[MXLXLI'EQIVE
ETTPMGEXMSRF]YTPSEHMRKXLIQXS=SY8YFI7II
q
;SVOMRK[MXL
:MHISW
r
SRTEKI
%XXLIXSTSJXLIQEMR=SY8YFIWGVIIRXSYGLXLI'EQIVE
MGSR
-J]SY[ERXXSGSRXVSPXLII\TSWYVIQERYEPP]XSYGLXLI
WPMHIVXSSTIRXLIGEQGSVHIVWIXXMRKW
7II
q
'LERKMRK'EQIVE7IXXMRKW
r
SRTEKI
4SMRXXLIPIRWXSJVEQIXLIWGIRI[LIVI]SY[ERXXSWXEVX
8SYGLXLI6IGSVHMRKOI]
8LIGEQGSVHIVWXEVXWVIGSVHMRKXLIZMHIS8LIXMQI
VIQEMRMRKXSWLSSXGSYRXWHS[REXXLIPIJX[LIRPIWWXLER
EQMRYXIMWPIJXXLIGSYRXHS[RXYVRWVIH
8SYGL7XSTOI] XSWXSTWLSSXMRK
=SYGERVIWLSSXXLIZMHISSVTVIZMI[MXEWHIWGVMFIHMR
q
6IZMI[MRK=SYV:MHISW
r
SRTEKI
8SYGL
3/
=SYVIXYVRXSXLI=SY8YFI9TPSEHHIXEMPWWGVIIR
)RXIVEXMXPIHIWGVMTXMSRERHXEKWJSV]SYVZMHIS
-J]SY[ERXXSWLEVIXLIZMHIS[MXLIZIV]SRIGLIGO
4YFPMG
8SYGL
9TPSEH
=SY8YFI
8VERWJIVVMRK1YWMG*MPIWXS=SYV4LSRI
8LI1YWMGETTPMGEXMSRTPE]WEYHMSJMPIWXLEXEVIWXSVIHSR]SYV
TLSRI
WQMGVS7(GEVH'ST]EYHMSJMPIWJVSQ]SYVGSQTYXIVSRXS
XLIQMGVS7(GEVHFIJSVI]SYSTIR1YWMG1YWMGWYTTSVXWE[MHI
ZEVMIX]SJEYHMSJMPIJSVQEXWWSMXGERTPE]QYWMGXLEX]SYTYVGLEWI
JVSQSRPMRIWXSVIWQYWMGXLEX]SYGST]JVSQ]SYV'(GSPPIGXMSR
ERHWSSRXLI1YWMGETTPMGEXMSRWYTTSVXWEYHMSJMPIWMRRYQIVSYW
JSVQEXWMRGPYHMRK141%M8YRIWETTPMGEXMSR%%'(61JVII
%161-(-ERH3++:SVFMW
8SGST]QYWMGJMPIWSRXSXLITLSRIWQMGVS7(GEVH
'SRRIGXXLITLSRIXS]SYVGSQTYXIV[MXLE97&GEFPIERH
QSYRXXLIQMGVS7(GEVH
7II
q
'SRRIGXMRKXSE'SQTYXIVZME97&
r
SRTEKI
8SSVKERM^I]SYVEYHMSJMPIW]SYGERYWIXLIGSQTYXIVXS
GVIEXIEQYWMGJSPHIVEXXLIXSTPIZIPSJXLIQMGVS7(GEVH
9WIXLIGSQTYXIVXSGST]QYWMGERHSXLIVEYHMSJMPIWMRXS
XLIJSPHIVXLEX]SYGVIEXIHSRXLIQMGVS7(GEVH
=SYGERYWIWYFJSPHIVWSRXLIQMGVS7(GEVHXSSVKERM^I
]SYVQYWMGJMPIW3V]SYGERWMQTP]GST]XLIEYHMSJMPIWXS
XLIXSTPIZIPSJXLIQMGVS7(GEVH
-JXLIQYWMGJMPIWLEZIEGGSQTER]MRKEVX[SVOMR.4)+
JSVQEXVIREQIXLIEVXJMPIEPFYQEVXNTKERHMRGPYHIMXMRXLI
WEQIJSPHIVEWXLIQYWMGJMPIW
-J]SYLEZIGVIEXIHER]TPE]PMWXWGVIEXIEWYFJSPHIVJSVXLIQ
MR]SYVQYWMGJSPHIVSRXLIQMGVS7(GEVHERHGST]XLI
TPE]PMWXWMRXSMX
9RQSYRXXLIQMGVS7(GEVHJVSQXLIGSQTYXIVERH
HMWGSRRIGXXLITLSRI
;%62-2+
8STVIZIRXHEQEKIXSXLIJMPIWSR]SYVQMGVS7(GEVHJSPPS[]SYV
GSQTYXIVWMRWXVYGXMSRWERHXLIMRWXVYGXMSRWMR
q
'SRRIGXMRKXSE
'SQTYXIVZME97&
r
SRTEKI
1YWMG
3TIRMRK1YWMGERH;SVOMRK[MXL=SYV0MFVEV]
%JXIV]SY
ZIGSTMIHWSQIQYWMGSRXS]SYVQMGVS7(GEVHEW
HIWGVMFIHMR
q
8VERWJIVVMRK1YWMG*MPIWXS=SYV4LSRI
r
SRTEKI
]SYGERSTIRXLI1YWMGETTPMGEXMSRERHWII]SYVPMFVEV]SJQYWMG
JMPIWWSVXIHMRSRISJJSYV[E]W
8SSTIR1YWMGERHZMI[]SYVQYWMGPMFVEV]
8SYGLXLI1YWMGMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
1YWMGWIEVGLIWXLIQMGVS7(GEVHJSVQYWMGJMPIW]SYGSTMIH
XS]SYVGEVHXLIRFYMPHWEGEXEPSKSJ]SYVQYWMGFEWIHSR
XLIMRJSVQEXMSRGSRXEMRIHMRIEGLQYWMGJMPI8LMWGERXEOI
JVSQEJI[WIGSRHWXSWIZIVEPQMRYXIWHITIRHMRKSRLS[
QE]JMPIW]SYLEZIGSTMIHSRXSXLIQMGVS7(GEVH
;LIRXLIGEXEPSKMWGSQTPIXIXLI1YWMGPMFVEV]WGVIIR
STIRW[MXLXEFWXLEX]SYGERXSYGLXSZMI[]SYVQYWMG
PMFVEV]SVKERM^IHF]%VXMWXW%PFYQW7SRKWSV4PE]PMWXW
=SYGERVIXYVRXSXLIQEMR0MFVEV]WGVIIR
JVSQQSWXSXLIVWGVIIRWMRXLI1YWMGETTPMGEXMSRF]TVIWWMRKXLI
1IRY/I]
XLIRXSYGLMRK
0MFVEV]
1YWMG
8SYGLEXEFXSZMI[]SYVPMFVEV]MRSRISJJSYV
[E]W
8SYGLXLIWYQQEV]SJXLIGYVVIRXXVEGOXS
STIRXLI4PE]FEGOWGVIIR
8SWIEVGLJSVQYWMGMR]SYVPMFVEV]
3TIRXLIQEMR0MFVEV]WGVIIRXLIRXSYGLXLI
7IEVGL/I]
7XEVXX]TMRKXLIREQISJXLIEVXMWXEPFYQSVXVEGO]SY
VI
PSSOMRKJSV
1EXGLMRKWSRKWEVIHMWTPE]IHMRXLIPMWXFIPS[XLIWIEVGL
FS\
8SYGLEQEXGLMRKWSRKXSTPE]MX3VXSYGLEQEXGLMRK
EPFYQSVEVXMWXXSZMI[EPMWXSJEWWSGMEXIHWSRKW
8SHIPIXIEWSRKJVSQXLIQMGVS7(GEVH
=SYGERHIPIXIQYWMGJVSQXLIWXSVEKIGEVH
8SYGLERHLSPHEWSRKMREPMFVEV]PMWX-RXLIQIRYXLEX
STIRWXSYGL
(IPIXI
36
3RXLI4PE]FEGOWGVIIRTVIWWXLI
1IRY/I]
XLIR
XSYGL
(IPIXI
;LIR]SYVTLSRIMWGSRRIGXIHXSEGSQTYXIV]SYGEREPWS
HIPIXIQYWMGJMPIWJVSQXLIQMGVS7(GEVHEWHIWGVMFIHMR
q
8VERWJIVVMRK1YWMG*MPIWXS=SYV4LSRI
r
SRTEKI
1YWMG
4PE]MRK1YWMG
=SYGERPMWXIRXSQYWMGF]YWMRKXLITLSRI
WFYMPXMRWTIEOIV
XLVSYKLE[MVIHLIEHWIXSVXLVSYKLE[MVIPIWW&PYIXSSXLWXIVIS
LIEHWIXXLEXWYTTSVXWXLI%(4TVSJMPI7II
q
'SRRIGXMRKXS
&PYIXSSXL(IZMGIW
r
SRTEKI
8S T P E ] Q Y W M G
8SYGLEWSRKMR]SYVPMFVEV]XSPMWXIRXSMX
36
;LMPIZMI[MRKEPMWXSJXVEGOWMREREPFYQTVIWWXLI
1IRY
/I]
XLIRXSYGL
4PE]EPP
8LI4PE]FEGOWGVIIRSTIRWERHXLIWSRK]SYXSYGLIHSVXLI
JMVWXWSRKMRXLIEPFYQSVSXLIVTPE]PMWXWXEVXWXSTPE]8LI
XVEGOWMRXLIGYVVIRXTPE]PMWXTPE]MRSVHIVYRXMP]SYVIEGLXLI
IRHSJXLITPE]PMWXYRPIWW]SYGLSSWIEVITIEXSTXMSR
3XLIV[MWITPE]FEGOWXSTWSRP]MJ]SYWXSTMXIZIR[LIR]SY
W[MXGLETTPMGEXMSRWSVVIGIMZIETLSRIGEPP
=SYGERVIXYVRXSXLI4PE]FEGOWGVIIRJVSQQSWXSXLIV
WGVIIRWMRXLI1YWMGETTPMGEXMSRF]TVIWWMRKXLI
1IRY/I]
XLIRXSYGLMRK
4PE]FEGO
=SYGERVIXYVRXSXLI4PE]FEGOWGVIIRJVSQER]SXLIV
ETTPMGEXMSRF]STIRMRKXLI2SXMJMGEXMSRWTERIPERHXSYGLMRK
XLISRKSMRKQYWMGRSXMJMGEXMSR7II
q
1EREKMRK2SXMJMGEXMSRW
r
SRTEKI
1YWMG
8SYGLXSSTIRXLIGYVVIRXTPE]PMWX
8SYGLXSWLYJJPIXLIGYVVIRXTPE]PMWX
8SYGLXSVITIEXXLIGYVVIRXTPE]PMWXXSYGL
EKEMRXSVITIEXXLIGYVVIRXXVEGO
8SYGLERHLSPHXSWIEVGLJSVMRJSVQEXMSR
7OMTXVEGOWSVTEYWIERHVIWYQITPE]FEGO
(VEKXLIWPMHIVXSKSHMVIGXP]XSEWIGXMSRSJEXVEGO
8SGSRXVSPTPE]FEGO
8LI4PE]FEGOWGVIIRGSRXEMRWWIZIVEPMGSRWXLEX]SYGERXSYGLXS
GSRXVSPXLITPE]FEGOSJWSRKWEPFYQWERHTPE]PMWXW
8SGSRXVSPTPE]FEGOZSPYQI
-REHHMXMSRXSXLIXIGLRMUYIWJSVWIXXMRKQIHMEZSPYQIHIWGVMFIH
MR
q
7SYRHHMWTPE]
r
SRTEKI]SYGERGSRXVSPXLIZSPYQISJ
QYWMGMRXLI1YWMGETTPMGEXMSR
4VIWWXLITLSRI
W
:SPYQI 9T(S[R
OI]
%TERIPSTIRWXSWLS[XLIGYVVIRXQIHMEZSPYQIXLI
MRHMGEXSV]SYTVIWWXLIOI]XSEW]SYEHNYWXXLIZSPYQI
7SQILIEHWIXWMRGPYHIXLIMVS[RZSPYQIGSRXVSPWSV[E]W
XSTEYWIERHVIWYQITPE]FEGOSVXSW[MXGLXVEGOW
1YWMG
8SYGLXSTEYWITPE]FEGO
8SYGLXSVIWYQITPE]FEGO
8SYGLXSWOMTXSXLIRI\XXVEGOMRXLIEPFYQTPE]PMWXSVWLYJJPI
8SYGLXSWOMTXSXLITVIZMSYWXVEGOMRXLIEPFYQTPE]PMWXSVWLYJJPI
8SYGLXSSTIRXLIGYVVIRXTPE]PMWX
8SYGLXSTPE]XLIGYVVIRXTPE]PMWXMRWLYJJPIQSHIXVEGOWEVITPE]IHMR
VERHSQSVHIV
8SYGLXSWIXVITIEXQSHI(SR
XVITIEX6ITIEXXLITPE]PMWXSV6ITIEX
XLIGYVVIRXXVEGO
8STPE]]SYVXVEGOWMRETEVX]WLYJJPI
;LIR]SYXYVRSR4EVX]7LYJJPI1YWMGTPE]WXVEGOWJVSQ]SYV
QMGVS7(GEVHMRVERHSQSVHIVYRXMP]SYXYVR4EVX]7LYJJPISJJ
-RXLI4PE]FEGOSVE0MFVEV]WGVIIRTVIWWXLI
1IRY/I]
XLIRXSYGL
4EVX]WLYJJPI
1YWMGGVIEXIWEGYVVIRXTPE]PMWXSJEHS^IRXVEGOWWIPIGXIH
VERHSQP]JVSQ]SYVQMGVS7(GEVHERHWXEVXWTPE]MRKXLIQ
;LIRMXJMRMWLIWTPE]MRKXLIJMVWXHS^IRXVEGOWMXEHHW
ERSXLIVHS^IRERHOIITWTPE]MRK
:MI[XLIGYVVIRXTPE]PMWXXLEX4EVX]7LYJJPIMWTPE]MRKF]
XSYGLMRKXLI4PE]PMWXMGSR SRXLI4PE]FEGOWGVIIR
*SVQSVIMRJSVQEXMSRWII
q
;SVOMRK[MXL4PE]PMWXW
r
SRTEKI
%HHEXVEGOXSXLIIRHSJXLI4EVX]7LYJJPITPE]PMWXF]
XSYGLMRKERHLSPHMRKXLIREQISJEXVEGOMR]SYVPMFVEV]-R
XLIQIRYXLEXSTIRWXSYGL
%HHXSTPE]PMWX
XLIR
'YVVIRX
TPE]PMWX
8LIXVEGOMWEHHIHXSXLIIRHSJXLI4EVX]7LYJJPITPE]PMWX
7XST4EVX]7LYJJPIF]TVIWWMRK
1IRY/I]
XLIRXSYGLMRK
4EVX]WLYJJPISJJ
8SYWIEWSRKEWEVMRKXSRI
=SYGERYWIEWSRKEW]SYVTLSRIVMRKXSRIMRTPEGISJSRISJXLI
VMRKXSRIWXLEXGSQI[MXLXLITLSRI
8SYGLERHLSPHEWSRKMREPMFVEV]PMWX-RXLIQIRYXLEX
STIRWXSYGL
9WIEWTLSRIVMRKXSRI
36
3RXLI4PE]FEGOWGVIIRTVIWWXLI
1IRY/I]
XLIR
XSYGL
9WIEWVMRKXSRI
*SVHIXEMPWEFSYXYWMRKXLI7IXXMRKWETTPMGEXMSRXSZMI[ERH
WIXXLITLSRI
WVMRKXSRIWII
q
7SYRHHMWTPE]WIXXMRKW
r
SR
TEKI
1YWMG
;SVOMRK[MXL4PE]PMWXW
=SYGERGVIEXITPE]PMWXWXSSVKERM^I]SYVQYWMGJMPIWMRXSWIXWSJ
WSRKW[LMGL]SYGERTPE]MRXLISVHIV]SYWIXSVMREWLYJJPI
8SGVIEXIETPE]PMWX
;LIRZMI[MRKEPMWXSJWSRKWMRXLIPMFVEV]XSYGLERHLSPH
XLIJMVWXWSRK]SY[ERXXSEHHXSXLIRI[TPE]PMWX
8SYGL
%HHXSTPE]PMWX
8SYGL
2I[
)RXIVEREQIXLIRXSYGL
7EZI
8LIRI[TPE]PMWXMWEHHIHXSXLI4PE]PMWXPMFVEV]
=SYGEREPWSEHHXLIWSRKXLEXMWTPE]MRKMRXLI4PE]FEGO
WGVIIREWXLIJMVWXWSRKMRETPE]PMWXF]TVIWWMRKXLI
1IRY
/I]
XLIRXSYGLMRK
%HHXSTPE]PMWX
3VXSYGL
7EZIEW
TPE]PMWX
XSWEZIEPPXLIWSRKWMREREPFYQXLEX]SY
VITPE]MRK
EWETPE]PMWX
8SEHHEWSRKXSETPE]PMWX
;LMPIZMI[MRKEPMWXSJXVEGOWMRXLI0MFVEV]XSYGLERHLSPHE
WSRKXSEHHMXXSETPE]PMWX
8SYGL
%HHXSTPE]PMWX
8SYGLXLIREQISJXLITPE]PMWXXSEHHXLIWSRKXS
8LIWSRKMWEHHIHXSXLITPE]PMWX
=SYGEREPWSEHHXLIWSRKXLEXMWTPE]MRKMRXLI4PE]FEGO
WGVIIRXSETPE]PMWXF]TVIWWMRKXLI
1IRY/I]
XLIR
XSYGLMRK
%HHXSTPE]PMWX
8SVIEVVERKIWSRKWMRETPE]PMWX
3TIRETPE]PMWXF]XSYGLMRKMXMRXLI4PE]PMWXPMFVEV]
=SYGEREPWSSTIRXLIGYVVIRXP]TPE]MRKTPE]PMWXF]XSYGLMRK
XLI4PE]PMWXMGSR MRXLI4PE]FEGO[MRHS[
(VEKEWSRKYTSVHS[RXSGLERKIMXWSVHIVMRXLITPE]PMWX
1YWMG
8SVIQSZIEWSRKJVSQETPE]PMWX
3TIRETPE]PMWX
8SYGLERHLSPHEWSRKXLIRXSYGL
6IQSZIJVSQTPE]PMWX
3V
TVIWWXLI
1IRY/I]
XLIRXSYGL
'PIEVTPE]PMWX
XS
VIQSZIEPPXLIWSRKWJVSQXLITPE]PMWX
8LIWSRKMWR
XHIPIXIHJVSQXLIQMGVS7(GEVHSVSXLIV
TPE]PMWXW
MX
WVIQSZIHSRP]JVSQXLITPE]PMWX]SY
VI[SVOMRK
[MXL
8SVIREQISVHIPIXIETPE]PMWX
3TIRXLI4PE]PMWXPMFVEV]
8SYGLERHLSPHETPE]PMWX-RXLIQIRYXLEXSTIRWXSYGL
6IREQI
SV
(IPIXI
=SYGER
XHIPIXISVVIREQIXLI6IGIRXP]%HHIHTPE]PMWX
2SWSRKWEVILEVQIHF]HIPIXMRKETPE]PMWX
8SGVIEXITPE]PMWXWSR]SYVGSQTYXIV
=SYGERGVIEXITPE]PMWXWSR]SYVGSQTYXIVXSYWIMRXLI1YWMG
ETTPMGEXMSR1YWMGGER[SVO[MXLTPE]PMWXWMR19;40ERH407
JMPIJSVQEXW=SYGST]TPE]PMWXWSRXS]SYVQMGVS7(GEVHMRXLI
WEQI[E]EW]SYGST]QYWMGEWHIWGVMFIHMR
q
8VERWJIVVMRK1YWMG
*MPIWXS=SYV4LSRI
r
SRTEKI8LIFIWXTVEGXMGIMWXSGVIEXIE
WYFJSPHIV[MXLMR]SYVQYWMGJSPHIVJSVTPE]PMWXW
-J]SYHSR
XLEZIEHIHMGEXIHETTPMGEXMSRSR]SYVGSQTYXIVXLEX
GERGVIEXITPE]PMWXW]SYGERGVIEXIETPE]PMWXMREXI\XIHMXSVYWMRK
XLIJSPPS[MRKKYMHIPMRIW
)RXIVIEGLQYWMGJMPIREQI]SY[ERXXSMRGPYHIMRXLI
TPE]PMWXIEGLSRMXWS[RPMRI
9WIQYWMGJMPIREQIWEWHMWTPE]IHSR]SYVGSQTYXIV1YWMG
MKRSVIWEPPFYXXLIXVEGOREQIW[LIRHMWTPE]MRKXLITPE]PMWX
7EZIXLIJMPI[MXLXLIQYI\XIRWMSR
1YWMG
:MI[MRKXLI(EXI8MQIERH3XLIV-RJSVQEXMSR
=SYYWI'PSGOXSQSRMXSVWIZIVEPOMRHWSJMRJSVQEXMSREXSRGIMR
EHHMXMSRXSXLIGYVVIRXHEXIERHXMQI
8SSTIRXLI'PSGOETTPMGEXMSR
-RWIVXXLITLSRIMRXSXLI0+%00=
81
HIWOXSTHSGO
*SVMRJSVQEXMSREFSYXXLISTXMSREP0+%00=
81
HIWOXSTHSGO
EGGIWWSV]KSXSLXXTKSSKPIGSQTLSRI
36
8SYGLXLI'PSGOMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7II
q
3TIRMRKERH7[MXGLMRK%TTPMGEXMSRW
r
SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
8LIJMVWXXMQI]SYMRWIVXXLITLSRIMRXSEHIWOXSTHSGOE
HMEPSKEWOW[LIXLIV]SY[ERXQYWMGERHSXLIVEYHMSXSTPE]
XLVSYKLXLIHSGO
WEYHMSPMRISYXTSVX=SYVWIXXMRKETTPMIW
SRP]XSXLIHSGO]SYEVIYWMRK=SYGERLEZIHMJJIVIRX
WIXXMRKWJSVHMJJIVIRXHSGOW=SYGEREPWSGLERKI]SYVHSGO
EYHMSWIXXMRKER]XMQIXLITLSRIMWMRWIVXIHMRXLEXHSGOEW
HIWGVMFIHMR
q
7SYRHHMWTPE]
r
SRTEKI
XLI'PSGOETTPMGEXMSRSTIRW[MXLXLIHEXIERHXMQIHMWTPE]IH
SR]SYV,SQIWGVIIR[EPPTETIVEPSRK[MXL]SYVPSGEP
[IEXLIVERHSXLIVYWIJYPMRJSVQEXMSR
'PSGO
;LIR'PSGOMWVYRRMRKMXW[MXGLIWXSWGVIIRWEZIVQSHI
EJXIVEJI[QMRYXIWGSRXMRYEPP]QSZMRKXLIHEXIERHXMQI
HMWTPE]SRXLITLSRIWGVIIR7MQTP]XSYGLXLIWGVIIRSVE
TLSRIOI]XS[EOIXLITLSRIYTEKEMR
8SVIXYVRXSXLI,SQIWGVIIRXSYGLXLI,SQIMGSR EX
XLIFSXXSQSJXLI'PSGOWGVIIR
8STPE]EWPMHIWLS[
=SYGERTPE]EWPMHIWLS[SJXLITMGXYVIWMR]SYV+EPPIV]EPFYQWMR
TPEGISJXLIHEXIERHXMQI
8SYGLXLI7PMHIWLS[MGSR EXXLIFSXXSQSJXLI'PSGO
WGVIIR
4VIWWXLI
&EGO/I]
XSIRHXLIWLS[
8S T P E ] Q Y W M G
=SYGERTPE]QYWMG[LMPIXLI'PSGOMWHMWTPE]IH-J]SYLEZIE
HIWOXSTHSGOEGGIWWSV]XLIQYWMGMWXVERWQMXXIHSYXXLIHSGO
W
EYHMSNEGOWS]SYGERTPE]QYWMGJVSQXLITLSRISREWXIVISF]
YWMRKXLIWXIVISEYHMSGEFPIXLEXMWMRGPYHIH[MXLXLIHSGO
8SYGLXLI1YWMGMGSR EXXLIFSXXSQSJXLI'PSGOWGVIIR
8LI1YWMGETTPMGEXMSRSTIRW[LIVI]SYGERWIPIGXQYWMGXS
TPE]*SVQSVIMRJSVQEXMSRWII
q
1YWMG
r
SRTEKI=SY
GERVIXYVRXS'PSGOSVYWIERSXLIVETTPMGEXMSR[LMPIXLI
QYWMGMWTPE]MRK
'PSGO
8SYGLXSHMQXLIWGVIIR
8LIXMQI[LIRXLIRI\XEPEVQMWWIX
8LIFEXXIV]GLEVKIPIZIPERH[LIXLIVXLI
TLSRIMWTPYKKIHMRXSEGLEVKIV
8SYGLERMGSRXSWIXEREPEVQZMI[E
WPMHIWLS[PMWXIRXSQYWMGSVKSXSXLI
,SQIWGVIIR
8SHMQXLI'PSGOHMWTPE]
-J]SY[ERXXSYWI]SYVTLSRIEWEFIHWMHIGPSGO]SYGER
WIXXLIWGVIIRFVMKLXRIWWZIV]PS[8SYGLXLI(MQQIVMGSR
XSHMQXLIGPSGO
8SYGLXLI(MQQIVMGSR EKEMRXSVIWXSVIRSVQEP
FVMKLXRIWW
-J]SYGER
XWIIXLI(MQQIVMGSRTVIWWERHLSPHXLI,SQI
MGSRXLIRXSYGLXLI'PSGOMGSRXSVISTIR'PSGOEXRSVQEP
FVMKLXRIWW
7IXXMRK%PEVQW
=SYGERWIXEREPEVQF]QSHMJ]MRKERI\MWXMRKEPEVQSVF]EHHMRKE
RI[SRI
8S W I X E R E P E V Q
8SYGLXLI%PEVQMGSR EXXLIFSXXSQSJXLI'PSGOWGVIIR
8SYGLXLI%PEVQMGSR RI\XXSEREPEVQXSXYVRMXSRSVSJJ
%PEVQWXLEXEVIWIXEVIYRHIVPMRIHMRKVIIR
'PSGO
8SYGLXSEHHEREPEVQ
8SYGLXSXYVREREPEVQSRSVSJJ
8SYGLXSSTIREWGVIIR[LIVI]SYGERWIX
XLIEPEVQWXMQIERHSXLIVEXXVMFYXIW
8SYGLXSVIXYVRXSXLIQEMR'PSGOWGVIIR
8SYGLERI\MWXMRKEPEVQXSGLERKIMXWXMQIERHSXLIV
EXXVMFYXIW3VXSYGL
%HHEPEVQW
XSEHHERI[SRI
8SYGL
8MQI
XSWIXXLIXMQISJXLIEPEVQ
-RXLIHMEPSKFS\XLEXSTIRW]SYGLERKIXLIXMQIF]
XSYGLMRKXLISVFYXXSRWERHXLI%1SV41FYXXSRW3V
XSYGLEXMQIXSX]TIXLIXMQI]SY[ERX
8SYGL
6MRKXSRI
XSWIPIGXEVMRKXSRIJSVXLIEPEVQ
=SYGERWIPIGXEVMRKXSRIXLEXGSQIW[MXLXLITLSRISV
SRIXLEX]SYWEZIHEWEVMRKXSRIF]YWMRKXLI1YWMG
ETTPMGEXMSR7II
q
8SYWIEWSRKEWEVMRKXSRI
r
SRTEKI
8LIVMRKXSRITPE]WFVMIJP][LIR]SYWIPIGXMX
8SYGL
:MFVEXI
XSLEZIXLITLSRIZMFVEXIMREHHMXMSRXS
TPE]MRKXLIVMRKXSRI
8SYGL
6ITIEX
XSWIXXLIHE]W[LIR]SY[ERXXLIEPEVQXS
WSYRH
-J]SYHSR
XWIXEVITIEXXLIEPEVQWSYRHWSRP]XLISRIHE]
8SYGL
0EFIP
XSIRXIVEREQIJSVXLIEPEVQ
;LIR]SY
VIJMRMWLIHXSYGL
(SRI
%XXLIXMQI]SYWIXXLIEPEVQWSYRHW
4VIWWXLI
&EGO/I]
XSVIXYVRXSXLIQEMR'PSGOWGVIIR
'PSGO
'LERKMRK'PSGO%PEVQ7IXXMRKW
=SYGERGLERKIERYQFIVSJWIXXMRKWJSVXLIEPEVQW]SYWIX
=SYGEREPWSGLERKILS[XMQIWEVIHMWTPE]IHMR'PSGOMRXLI
7IXXMRKWETTPMGEXMSRW7II
q
(EXIXMQI
r
SRTEKI
8SGLERKI'PSGOEPEVQWIXXMRKWXSYGLXLI%PEVQMGSR EX
XLIFSXXSQSJXLI'PSGOWGVIIR-RXLI%PEVQWWGVIIRXLEX
STIRWTVIWWXLI
1IRY/I]
XLIRXSYGL
7IXXMRKW
%PEVQMRWMPIRXQSHI
'LIGOXSTPE]EPEVQWIZIR[LIRXLITLSRI
MWMR7MPIRXQSHI
%PEVQZSPYQI
3TIRWEHMEPSK[LIVI]SYGERWIXXLIZSPYQISJ
EPEVQW
7RSS^IHYVEXMSR
3TIRWEHMEPSK[LIVI]SYGERWIXLS[PSRK
'PSGO[EMXWFIJSVITPE]MRKEREPEVQEKEMR
7MHIFYXXSRFILEZMSV
3TIRWEHMEPSK[LIVI]SYGERWIX[LEX
LETTIRWMJ]SYTVIWWXLI
:SPYQI 9T(S[R
OI][LIREREPEVQ
WSYRHW=SYGERWIXMXXSLEZIRSIJJIGXXSWRSS^IXLIEPEVQSV
XSHMWQMWWMX
'PSGO
9WMRK'EV,SQI
=SYGERYWI'EV,SQI[LIXLIVSVRSX]SYLEZIE0+%00=
81
GEV
HSGOXLISTXMSREPEGGIWWSV]EZEMPEFPIJVSQ
LXXTKSSKPIGSQTLSRI
-RWIVXXLITLSRIMRXSXLI0+%00=
81
GEVHSGO
36
8SYGLXLI'EV,SQIMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr
SRTEKIXSPIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRK
ETTPMGEXMSRW8LIJMVWXXMQI]SYMRWIVXXLITLSRIMREGEV
HSGOEHMEPSKEWOW[LIXLIV]SY[ERXXSYWIXLIHSGOEWE
WTIEOIVTLSRIERH[LIXLIV]SY[ERXXSTPE]QYWMGERH
SXLIVEYHMSSRXLIHSGOtWWTIEOIV=SYVWIXXMRKETTPMIWSRP]
XSXLIHSGO]SYEVIYWMRK=SYGERLEZIHMJJIVIRXWIXXMRKW
JSVHMJJIVIRXHSGOW=SYGEREPWSGLERKI]SYVHSGOEYHMS
WIXXMRKER]XMQIXLITLSRIMWMRWIVXIHMRXLEXHSGOEW
HIWGVMFIHMRq7SYRHHMWTPE]rSRTEKI
XLI'EV,SQIETTPMGEXMSRSTIRW[MXLJMZIPEVKIMGSRWXLEX
]SYGERXSYGLXSEGGIWW1ETW2EZMKEXMSR:SMGI7IEVGL
'SRXEGXWERH7IEVGLEW[IPPEWE,SQIMGSR
*SVMRJSVQEXMSREFSYX1ETWMRGPYHMRKREZMKEXMSRWIIq1ETWrSR
TEKI*SVMRJSVQEXMSREFSYXWIEVGLMRKERHWIEVGLMRKF]ZSMGI
WIIq7IEVGLMRK=SYV4LSRIERHXLI;IFrSRTEKI*SV
MRJSVQEXMSRSR[SVOMRK[MXL]SYV'SRXEGXWWIIq'SRXEGXWrSRTEKI
;LIRXLITLSRIMWMRXLIGEVHSGOXLI'EV,SQIRSXMJMGEXMSR
MGSRMWEHHIHXSXLIWXEXYWFEVWS]SYGERUYMGOP]VIXYVRXS'EV
,SQIJVSQERSXLIVETTPMGEXMSRF]STIRMRKXLI2SXMJMGEXMSRWTERIP
ERHXSYGLMRKXLI'EV,SQIRSXMJMGEXMSR
'EV,SQI
8SYGLERMGSRXSEGGIWWXLEXETTPMGEXMSRSV
WIVZMGI[LMPIHVMZMRK
8SYGLXSVIXYVRXSXLI,SQIWGVIIR
9WMRKXLI'EPGYPEXSV
9WIXLI'EPGYPEXSVETTPMGEXMSRXSWSPZIQEXLTVSFPIQW
8SSTIRERHYWIXLI'EPGYPEXSV
8SYGLXLI'EPGYPEXSVMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWrSRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
)RXIVRYQFIVWERHEVMXLQIXMGSTIVEXSVWSRXLIFEWMGWGVIIR
(VEKXLIFEWMGWGVIIRXSXLIPIJXXSSTIRXLIEHZERGIHWGVIIR
8SYGLERHLSPHXLI'EPGYPEXSVtWHMWTPE]XSSTIREQIRY
[LIVI]SYGERGST][LEX]SYtZIIRXIVIHERHEGGIWWSXLIV
XSSPW
8SYGL
'PIEV
XSHIPIXIXLIPEWXRYQFIVSVSTIVEXSV]SY
IRXIVIH8SYGLERHLSPH
'PIEV
XSHIPIXIIZIV]XLMRKMRXLI
HMWTPE]
8SEGGIWW]SYVLMWXSV]SJSTIVEXMSRW
'PIEVXLILMWXSV]F]TVIWWMRKXLI
1IRY/I]
XLIR
XSYGLMRK
'PIEV LMWXSV]
'EPGYPEXSV
(VEKXSW[MXGL
FIX[IIRFEWMGERH
EHZERGIHWGVIIRW
3TIRMRK%RHVSMH1EVOIXERH*MRHMRK
%TTPMGEXMSRW
3TIR%RHVSMH1EVOIXXSFVS[WIERHWIEVGLJSVJVIIERHTEMH
ETTPMGEXMSRW
8SSTIRXLI%RHVSMH1EVOIXETTPMGEXMSR
8SYGLXLI1EVOIXMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWrSRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
;LIR]SYSTIRXLI%RHVSMH1EVOIXETTPMGEXMSRJSVXLIJMVWX
XMQI]SYQYWXVIEHERHEGGITXXLIXIVQWSJWIVZMGIXS
GSRXMRYI
8SKIXLIPT[MXL%RHVSMH1EVOIX
8LI%RHVSMH1EVOIX,IPT[IFTEKIWEVIEZEMPEFPIJVSQEPP%RHVSMH
1EVOIXWGVIIRW
4VIWWXLI
1IRY/I]
XLIRXSYGL
,IPT
8LI&VS[WIVETTPMGEXMSRSTIRWXSXLI%RHVSMH1EVOIX,IPT
TEKI[MXLPMROWXSQER]LIPTXSTMGW*SVMRJSVQEXMSREFSYX
YWMRKXLI&VS[WIVWIIq&VS[WIVrSRTEKI
1EVOIX
8SYGLXSWIEVGL1EVOIX
8SYGLEGEXIKSV]XSSTIRMX
8SYGLEJIEXYVIHETTPMGEXMSRXSSTIRMX
8SFVS[WIJSVETTPMGEXMSRW
=SYGERFVS[WIETTPMGEXMSRWF]GEXIKSV]ERHWSVXXLIQMR
HMJJIVIRX[E]W
3RXLI%RHVSMH1EVOIXLSQITEKIXSYGLEXSTPIZIP
GEXIKSV]WYGLEW
%TTW
SV
+EQIW
7GVSPPXSZMI[WYFGEXIKSVMIWERHXSYGLXLISRI]SY[ERXXS
I\TPSVI
8SYGL
8STTEMH
8STJVII
SV
.YWXMR
XSJYVXLIVWSVXXLI
WYFGEXIKSV]
1EVOIX
8SYGLEWYFGEXIKSV]XSZMI[MXWPMWXSJ
ETTPMGEXMSRW
8SYGLEXEFXSZMI[XSTTEMHXSTJVIISV
VIGIRXETTPMGEXMSRWMRXLMWWYFGEXIKSV]
8SYGLERETTPMGEXMSRXSSTIRMXWHIXEMPW
WGVIIR
8SSTIREWGVIIR[MXLHIXEMPWEFSYXERETTPMGEXMSR
%XER]XMQI[LMPIFVS[WMRK%RHVSMH1EVOIXXSYGLER
ETTPMGEXMSRXSSTIRMXWHIXEMPWWGVIIR
%TTPMGEXMSRHIXEMPWWGVIIRWMRGPYHIEHIWGVMTXMSRVEXMRKW
GSQQIRXWERHVIPEXIHMRJSVQEXMSREFSYXXLIETTPMGEXMSR
=SYGERHS[RPSEHERHMRWXEPPXLIETTPMGEXMSRJVSQXLMW
WGVIIR7IIq(S[RPSEHMRKERH-RWXEPPMRK%TTPMGEXMSRWrSR
TEKI=SYGEREPWSVEXIYRMRWXEPPERHTIVJSVQSXLIV
EGXMSRWSRXLIETTPMGEXMSR7IIq1EREKMRK=SYV(S[RPSEHWr
SRTEKI
8SWIEVGLJSVETTPMGEXMSRW
8SYGLXLI7IEVGLMGSR EXXLIXSTVMKLXSJXLIWGVIIRSV
XSYGL
7IEVGL
)RXIV[LEX]SY[ERXXSWIEVGLJSVXLIRXSYGL7IEVGL
EKEMR
)RXIVEPPSVTEVXSJERETTPMGEXMSRtWREQISVHIWGVMTXMSRSV
XLIHIZIPSTIVtWREQI]SY[ERXXSWIEVGLJSV
8SYGLEWIEVGLVIWYPXXSSTIRXLEXETTPMGEXMSRtWHIXEMPW
WGVIIR
8LIHIXEMPWWGVIIRHIWGVMFIWXLIETTPMGEXMSRERHGSRXEMRW
FYXXSRWJSVHS[RPSEHMRKXLIETTPMGEXMSRERHTIVJSVQMRK
SXLIVXEWOW7IIq(S[RPSEHMRKERH-RWXEPPMRK%TTPMGEXMSRWr
SRTEKIERHq1EREKMRK=SYV(S[RPSEHWrSRTEKI
8SVIXYVRXSXLI%RHVSMH1EVOIXLSQIWGVIIR
=SYGERVIXYVRXSXLI,SQIWGVIIRJVSQQSWXSXLIVWGVIIRWMR
%RHVSMH1EVOIX
8SYGLXLI1EVOIXMGSR EXXLIXSTPIJXSJXLIWGVIIR
36
4VIWWXLI
1IRY/I]
XLIRXSYGL
,SQI
1EVOIX
(S[RPSEHMRKERH-RWXEPPMRK%TTPMGEXMSRW
;LIR]SYJMRHERETTPMGEXMSR]SY[ERX]SYGERMRWXEPPMXSR]SYV
TLSRI
8SHS[RPSEHERHMRWXEPPERETTPMGEXMSR
&IJSVI]SYGERHS[RPSEHETEMHETTPMGEXMSR]SYQYWXWIXYTE
FMPPMRKEVVERKIQIRXEWHIWGVMFIHMRq8SGVIEXIE+SSKPI'LIGOSYX
EGGSYRXrSRTEKI
*MRHERETTPMGEXMSR]SY[ERXXLIRSTIRMXWHIXEMPWWGVIIR
7IIq3TIRMRK%RHVSMH1EVOIXERH*MRHMRK%TTPMGEXMSRWrSR
TEKI
-RXLIETTPMGEXMSRtWHIXEMPWWGVIIR]SYGERVIEHQSVIEFSYX
XLIETTPMGEXMSRMRGPYHMRKMXWGSWXSZIVEPPVEXMRKERH
GSQQIRXWF]YWIVW7GVSPPHS[RXSXLI
%FSYXXLI
HIZIPSTIV
WIGXMSRXSZMI[QSVIETTPMGEXMSRWF]XLMW
HIZIPSTIVZMWMXXLIHIZIPSTIVtW[IFWMXISVWIRHXLI
HIZIPSTIVERIQEMPQIWWEKI
4VIWWXLI
1IRY/I]
XLIRXSYGL
7IGYVMX]
XSTVIZMI[
XLIJYRGXMSRWERHHEXEXLIETTPMGEXMSRGEREGGIWWSR]SYV
TLSRIMJ]SYMRWXEPPMX
-J]SYtVIRSXGSQJSVXEFPI[MXLXLIEGGIWWXLIETTPMGEXMSR
VIUYMVIWHSRtXGSRXMRYI
1EVOIX
7GVSPPERETTPMGEXMSRtWHIXEMPWWGVIIRXSPIEVR
QSVIEFSYXXLIETTPMGEXMSRXLIHIZIPSTIV
ERH[LEXSXLIVWXLMROSJMX
8SYGLXSHS[RPSEHERHMRWXEPPXLIETTPMGEXMSR
-JMXtWETEMHETTPMGEXMSRXLIMGSRMWPEFIPIH
&Y]
8SYGL
-RWXEPP
JSVJVIIETTPMGEXMSRWSV
&Y]
JSVTEMH
ETTPMGEXMSRW
-JXLIETTPMGEXMSRVIUYMVIWEGGIWWXS]SYVHEXESVGSRXVSPSJ
ER]JYRGXMSRWSR]SYVTLSRI1EVOIXXIPPW]SY[LEXXLI
ETTPMGEXMSRGEREGGIWW
;%62-2+
6IEHXLMWWGVIIRGEVIJYPP]&IIWTIGMEPP]GEYXMSYW[MXLETTPMGEXMSRW
XLEXLEZIEGGIWWXSQER]JYRGXMSRWSVXSEWMKRMJMGERXEQSYRXSJ
]SYVHEXE3RGI]SYXSYGL3/ SRXLMWWGVIIR]SYEVIVIWTSRWMFPI
JSVXLIVIWYPXWSJYWMRKXLMWMXIQSR]SYVTLSRI
-J]SYEKVIIXSXLIETTPMGEXMSRtWEGGIWWVIUYMVIQIRXWXSYGL
3/
-J]SYWIPIGXIHETEMHETTPMGEXMSR]SYtVIVIHMVIGXIHXSXLI
+SSKPI'LIGOSYXWGVIIRXSTE]JSVXLIETTPMGEXMSRFIJSVI
MXtWHS[RPSEHIHXS]SYVTLSRI
-J]SYWIPIGXIHEJVIIETTPMGEXMSRSVEJXIVXSYGLMRK
&Y] RS[
MR+SSKPI'LIGOSYX]SYVIGIMZIEWIVMIWSJRSXMJMGEXMSRWEW
XLIETTPMGEXMSRMWHS[RPSEHIHERHXLIRMRWXEPPIHSR]SYV
TLSRI
;LIRXLIETTPMGEXMSRMWMRWXEPPIH]SYGERXSYGLXLI
RSXMJMGEXMSRXSSTIRXLIETTPMGEXMSRSVSTIRMXF]XSYGLMRKMXW
MGSRMRXLI0EYRGLWGVIIR7IIq3TIRMRKERH7[MXGLMRK
%TTPMGEXMSRWrSRTEKI
=SYLEZILSYVWXSXV]SYXERETTPMGEXMSRERHMJ]SY
HIGMHI]SYHSRtX[ERXMXXSYRMRWXEPPMXJSVEVIJYRH7IIq8S
VIUYIWXEVIJYRHJSVERETTPMGEXMSRrSRTEKI
-J]SYLEZIERSXLIV%RHVSMHTLSRI]SYGERHS[RPSEHETEMH
ETTPMGEXMSRXSXLEXTLSRIYWMRKXLIWEQI%RHVSMH1EVOIX
EGGSYRXEXRSEHHMXMSREPGLEVKI
8SGVIEXIE+SSKPI'LIGOSYXEGGSYRX
=SYQYWXLEZIE+SSKPI'LIGOSYXEGGSYRXEWWSGMEXIH[MXL]SYV
+SSKPI%GGSYRXXSTYVGLEWIMXIQWJVSQ%RHVSMH1EVOIXSJ
GSYVWIXLMWMWRSXRIGIWWEV]JSVJVIIMXIQW
3R]SYVGSQTYXIVKSXSLXXTGLIGOSYXKSSKPIGSQXS
IWXEFPMWLE+SSKPI'LIGOSYXEGGSYRX
36
1EVOIX
8LIJMVWXXMQI]SYYWI]SYVTLSRIXSFY]ERMXIQJVSQ
%RHVSMH1EVOIX]SYtVITVSQTXIHXSIRXIV]SYVFMPPMRK
MRJSVQEXMSRXSWIXYTE+SSKPI'LIGOSYXEGGSYRX
;%62-2+
;LIR]SYtZIYWIH+SSKPI'LIGOSYXSRGIXSTYVGLEWIER
ETTPMGEXMSRJVSQ%RHVSMH1EVOIXXLITLSRIVIQIQFIVW]SYV
TEWW[SVHWS]SYHSRtXRIIHXSIRXIVMXXLIRI\XXMQI*SVXLMW
VIEWSR]SYWLSYPHWIGYVI]SYVTLSRIXSTVIZIRXSXLIVWJVSQYWMRK
MX[MXLSYX]SYVTIVQMWWMSR7IIq0SGOMRKXLI7GVIIRrSRTEKI
1EREKMRK=SYV(S[RPSEHW
%JXIV]SYtZIHS[RPSEHIHERHMRWXEPPIHERETTPMGEXMSR]SYGERVEXI
MXZMI[MXMREPMWX[MXL]SYVSXLIVHS[RPSEHIHETTPMGEXMSRWERHWS
SR
8SZMI[]SYVHS[RPSEHIHETTPMGEXMSRW
=SYGERZMI[EPMWXSJXLIETTPMGEXMSRW]SYtZIHS[RPSEHIHJVSQ
%RHVSMH1EVOIXERHYWIXLIPMWXJSVERYQFIVSJTYVTSWIW
3RXLI%RHVSMH1EVOIXLSQIWGVIIRTVIWWXLI
1IRY/I]
XLIRXSYGL
(S[RPSEHW
-RXLIPMWXSJXLIJVIIERHTEMHETTPMGEXMSRWXLEXSTIRW]SY
GERXSYGLSRIXSVEXIMXYRMRWXEPPMXVIUYIWXEVIJYRHERHWS
SR
8SYRMRWXEPPERETTPMGEXMSR
3RXLI%RHVSMH1EVOIXLSQIWGVIIRTVIWWXLI
1IRY/I]
XLIRXSYGL
(S[RPSEHW
8SYGLXLIETTPMGEXMSRXSYRMRWXEPP
8LIHIXEMPWWGVIIRJSVXLIETTPMGEXMSRSTIRW
8SYGL
9RMRWXEPP
8SYGL
3/
MRXLIGSRJMVQEXMSRHMEPSKFS\
8SYGLXLII\TPEREXMSRXLEXFIWXQEXGLIW[L]]SYtVI
YRMRWXEPPMRKXLIRXSYGL
3/
8LIETTPMGEXMSRMWYRMRWXEPPIH=SYGERMRWXEPPXLIETTPMGEXMSR
EKEMREXER]XMQI[MXLSYXGLEVKIMJMX[EWETEMHETTPMGEXMSR
1EVOIX
8SVIUYIWXEVIJYRHJSVERETTPMGEXMSR
-J]SYEVIRSXWEXMWJMIH[MXLERETTPMGEXMSR]SYGEREWOJSVE
VIJYRH[MXLMRLSYVWSJXLITYVGLEWI=SYVGVIHMXGEVHMWRSX
GLEVKIHERHXLIETTPMGEXMSRMWYRMRWXEPPIHJVSQ]SYVTLSRI
-J]SYGLERKI]SYVQMRH]SYGERMRWXEPPXLIETTPMGEXMSREKEMRFYX
]SYGERtXVIUYIWXEVIJYRHEWIGSRHXMQI
3RXLI%RHVSMH1EVOIXLSQIWGVIIRTVIWWXLI
1IRY/I]
XLIRXSYGL
(S[RPSEHW
8SYGLXLIETTPMGEXMSRXSYRMRWXEPPJSVEVIJYRH
8LIHIXEMPWWGVIIRJSVXLIETTPMGEXMSRSTIRW
8SYGL
9RMRWXEPPERHVIJYRH
=SYVETTPMGEXMSRMWYRMRWXEPPIHERHXLIGLEVKIMWGERGIPPIH
8SYGLXLII\TPEREXMSRXLEXFIWXQEXGLIW[L]]SYtVI
YRMRWXEPPMRKERHXSYGL
3/
8SWIX[LIXLIV]SYtVIRSXMJMIHEFSYXYTHEXIHETTPMGEXMSRW
3RXLI%RHVSMH1EVOIXLSQIWGVIIRTVIWWXLI
1IRY/I]
XLIRXSYGL
(S[RPSEHW
4VIWWXLI
1IRY/I]
XLIRXSYGL
2SXMJMGEXMSRW
7IPIGX[LIXLIVSVRSXXSFIRSXMJMIHSJYTHEXIWXSXLI
ETTPMGEXMSRW]SYtZIHS[RPSEHIH
8SYGL
3/
1EVOIX
8SVEXIERETTPMGEXMSR
=SYGERE[EVHERETTPMGEXMSRJVSQSRIXSJMZIWXEVWERHWLEVI
[LEX]SYXLMROEFSYXXLIETTPMGEXMSR[MXLSXLIVWLSTTIVW
3TIRXLIHIXEMPWWGVIIRJSVERETTPMGEXMSR
=SYGERHSXLMWF]FVS[WMRKSVWIEVGLMRKJSVXLIETTPMGEXMSR
ERHXLIRXSYGLMRKMX
3VMJ]SYtZIHS[RPSEHIHXLIETTPMGEXMSRF]XSYGLMRKMXMR
XLIPMWXSJ]SYVHS[RPSEHIHETTPMGEXMSRW
8SYGLXLIWXEVWYRHIV
1]VIZMI[
8SYGLXLIRYQFIVSJWXEVWXSE[EVHXLIETTPMGEXMSRXLIR
XSYGL
3/
-J]SY[ERXXSWLEVIEGSQQIRXEFSYXXLIETTPMGEXMSRFEGO
SRXLIHIXEMPWWGVIIRXSYGL
4SWXEGSQQIRX
8SJPEKMRETTVSTVMEXIETTPMGEXMSRW
-J]SYHMWGSZIVERETTPMGEXMSR[MXLKVETLMGEPP]ZMSPIRXWI\YEPSV
SXLIV[MWILEXIJYPSVSJJIRWMZIGSRXIRX]SYGERVITSVXMXXSXLI
%RHVSMH1EVOIXXIEQ
3TIRXLIHIXEMPWWGVIIRJSVERETTPMGEXMSR
=SYGERHSXLMWF]FVS[WMRKSVWIEVGLMRKJSVXLIETTPMGEXMSR
ERHXLIRXSYGLMRKMX
3VMJ]SYtZIHS[RPSEHIHXLIETTPMGEXMSRF]XSYGLMRKMXMR
XLIPMWXSJ]SYVHS[RPSEHIHETTPMGEXMSRW
7GVSPPXSXLIFSXXSQSJXLIHIXEMPWWGVIIRXLIRXSYGL
JPEKEW
MRETTVSTVMEXI
8SYGLXLIVIEWSR]SYJMRHXLIETTPMGEXMSRSFNIGXMSREFPI
8SYGL
7YFQMX
=SYVGSQQIRXWEVIWIRXXSXLI%RHVSMH1EVOIXXIEQ
1EVOIX
3TIRMRK7IXXMRKW
8LI7IXXMRKWETTPMGEXMSRGSRXEMRWQSWXSJXLIXSSPWJSVGYWXSQM^MRK
ERHGSRJMKYVMRK]SYVTLSRI
%PPSJXLIWIXXMRKWMRXLI7IXXMRKWETTPMGEXMSREVIHIWGVMFIHMRXLMW
WIGXMSR
8SSTIR7IXXMRKW
4VIWWXLI
,SQI/I]
TVIWWXLI
1IRY/I]
XLIR
XSYGL
7IXXMRKW
36
8SYGLXLI7IXXMRKWMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWrSRTEKI
;MVIPIWWRIX[SVOW
;MVIPIWWRIX[SVOWIXXMRKWEPPS[]SYXSGSRJMKYVIERHQEREKI
[MVIPIWWVEHMSGSQQYRMGEXMSRW8LIWIWIXXMRKWMRGPYHI%MVTPERI
QSHI
;MVIPIWWGSRXVSPWWGVIIR
%MVTPERIQSHI
'LIGOQEVOMRHMGEXIWEPP[MVIPIWWVEHMS
GSQQYRMGEXMSRWEVIXYVRIHSJJ
;M*M
8SYGLXSGLIGOQEVO8YVRWSR;M*MXSGSRRIGXXSEZEMPEFPI
;M*MRIX[SVOW
;M*MWIXXMRKW
7IIq;M*MWIXXMRKWWGVIIRrSRTEKI
&PYIXSSXL
8SYGLXSGLIGOQEVO8YVRWSR&PYIXSSXLXSGSRRIGXXS
&PYIXSSXLHIZMGIW
&PYIXSSXLWIXXMRKW
7IIq&PYIXSSXLWIXXMRKWWGVIIRrSRTEKI
:42WIXXMRKW
7IIq:42WIXXMRKWWGVIIRrSRTEKI
1SFMPIRIX[SVOW
7IIq1SFMPIRIX[SVOWWIXXMRKWWGVIIRrSR
TEKI
7IXXMRKW
;M*MWIXXMRKWWGVIIR
-REHHMXMSRXSXLIWIXXMRKWHIWGVMFIHMRXLMWWIGXMSR]SYGERXS
GSRJMKYVIXLIWIXXMRKWHIWGVMFIHMRq%HZERGIH;M*MWIXXMRKW
WGVIIRrSRTEKI3R;M*MWIXXMRKWWGVIIRTVIWWXLI
1IRY
/I]
XLIRXSYGL
%HZERGIH
;M*M
'LIGOXSXYVRSR;M*MWS]SYGERGSRRIGXXS;M*M
RIX[SVOW
2IX[SVORSXMJMGEXMSR
'LIGOXSVIGIMZIEREPIVX[LIRERSTIR;M
*MRIX[SVOFIGSQIWEZEMPEFPI
;M*MRIX[SVOW
(MWTPE]WEPMWXSJ;M*MRIX[SVOW]SYtZI
TVIZMSYWP]GSRJMKYVIHERHXLSWIHIXIGXIH[LIRXLITLSRIPEWX
WGERRIHJSV;M*MRIX[SVOW7IIq'SRRIGXMRKXS;M*M2IX[SVOWr
SRTEKI
%HH;M*MRIX[SVO
3TIRWEHMEPSKFS\[LIVI]SYGEREHHE;M
*MRIX[SVOF]IRXIVMRKMXW77-(XLIREQIMXFVSEHGEWXWERH
WIGYVMX]X]TI7IIq'SRRIGXMRKXS;M*M2IX[SVOWrSRTEKI
%HZERGIH;M*MWIXXMRKWWGVIIR
6IKYPEXSV]HSQEMR
3TIRWEHMEPSKFS\[LIVI]SYGERSZIVVMHI
]SYVTLSRItWHIJEYPXWIXXMRKWJSVXLIRYQFIVSJ;M*MGLERRIPW
[LMGLMWVIKYPEXIHHMJJIVIRXP]MRHMJJIVIRXPSGEXMSRW
;M*MWPIITTSPMG]
3TIRWEHMEPSKFS\[LIVI]SYGERWIX
[LIXLIVERH[LIRXLI;M*MVEHMSHMWGSRRIGXW(MWEFPMRKWPIIT
YWIWQSVIFEXXIV]TS[IV
1%'EHHVIWW
8LI1IHME%GGIWW'SRXVSP1%'EHHVIWWSJ]SYV
TLSRI[LIRGSRRIGXMRKXS;M*MRIX[SVOW
-4WIXXMRKW
-J]SYGLIGO
9WIWXEXMG-4
]SYGERYWI
-4WIXXMRKW
XS
IRXIVER-4EHHVIWWERHSXLIVRIX[SVOWIXXMRKWJSV]SYTLSRI
QERYEPP]VEXLIVXLERYWMRKXLI(,'4TVSXSGSPXSSFXEMRRIX[SVO
WIXXMRKWJVSQXLI;*MRIX[SVOMXWIPJ
7IXXMRKW
&PYIXSSXLWIXXMRKWWGVIIR
*SVHIXEMPWEFSYX[SVOMRK[MXLXLIWIWIXXMRKWWIIq'SRRIGXMRKXS
&PYIXSSXL(IZMGIWrSRTEKI
&PYIXSSXL
'LIGOQEVOXSXYVRSR&PYIXSSXLWS]SYGERGSRRIGXXS
&PYIXSSXLHIZMGIW
(IZMGIREQI
3TIRWEHMEPSKFS\[LIVI]SYGERKMZI]SYVTLSRI
EREQIXLEXMWZMWMFPISRWSQI&PYIXSSXLHIZMGIW[LIR]SYTEMV
XLIQ8LIGYVVIRXREQIMWHMWTPE]IH
(MWGSZIVEFPI
'LIGOQEVOXSQEOI]SYVTLSRIHMWGSZIVEFPIF]
SXLIV&PYIXSSXLHIZMGIWJSVWIGSRHW
7GERJSVHIZMGIW
8SYGLXSWIEVGLJSVERHHMWTPE]MRJSVQEXMSR
EFSYXRIEVF]&PYIXSSXLHIZMGIW
&PYIXSSXLHIZMGIW
(MWTPE]WEPMWXSJ&PYIXSSXLHIZMGIWXLEX
]SYtZITVIZMSYWP]GSRJMKYVIHERHXLSWIHIXIGXIH[LIRXLITLSRI
PEWXWGERRIHJSV&PYIXSSXLHIZMGIW
:42WIXXMRKWWGVIIR
*SVHIXEMPWEFSYXXLIWIWIXXMRKWWIIq'SRRIGXMRKXS:MVXYEP4VMZEXI
2IX[SVOWrSRTEKI
%HH:42
3TIRWEWGVIIRXLEXTVSQTXW]SYXSWIPIGXXLIX]TISJ
:42XSEHH=SYEVIXLIRTVSQTXIHJSV:42GSRJMKYVEXMSRHIXEMPW
:42W
8LIPMWXSJ:42WXLEX]SYtZITVIZMSYWP]GSRJMKYVIH
1SFMPIRIX[SVOWWIXXMRKWWGVIIR
(EXEVSEQMRK
9RGLIGOXSTVIZIRX]SYVTLSRIJVSQXVERWQMXXMRK
HEXESRSXLIVGEVVMIVWtQSFMPIRIX[SVOW[LIR]SYPIEZIEREVIE
[LIVI]SYVTLSRIGEREGGIWW]SYVS[RGEVVMIVtWQSFMPI
RIX[SVOW7IIq8SHMWEFPIHEXE[LIRVSEQMRKrSRTEKI
9WISRP]+RIX[SVOW
'LIGOQEVOXSSFXEMRWPMKLXP]FIXXIVFEXXIV]
PMJIF]TVIZIRXMRK]SYVTLSRIJVSQGSRRIGXMRKXSLMKLIVWTIIH
RIX[SVOW7IIq8SPMQMX]SYVHEXEGSRRIGXMSRXS+RIX[SVOWrSR
TEKI
7IXXMRKW
2IX[SVOSTIVEXSVW
3TIRWEWGVIIRXLEXWIEVGLIWJSVERH
HMWTPE]WQSFMPIRIX[SVOWXLEXEVIGSQTEXMFPI[MXL]SYVTLSRI
'SRWYPX]SYVGEVVMIVXSYRHIVWXERHXLIFMPPMRKMQTPMGEXMSRWSJ
WIPIGXMRKERSXLIVGEVVMIV
%GGIWW4SMRX2EQIW
3TIRWXLI%42WWGVIIR[LIVI]SYGER
WIPIGXQSFMPIEGGIWWTSMRXGSRJMKYVEXMSRWSVTVIWWXLI
1IRY/I]
XSEHHERI[%42'SRWYPX]SYVGEVVMIVEFSYXLS[XSYWIXLI
XSSPWSRXLMWWGVIIR
'EPPWIXXMRKW
9WI'EPPWIXXMRKWXSGSRJMKYVITLSRIGEPPWIXXMRKWWYGLEWGEPP
JSV[EVHMRKGEPP[EMXMRKERHSXLIVWTIGMEPJIEXYVIWSJJIVIHF]]SYV
GEVVMIV=SYGEREPWSYWI'EPPWIXXMRKWXSGSRJMKYVIXLITLSRIWS
XLEXMXGERTPEGISYXKSMRKGEPPWSRP]XSEJM\IHWIXSJTLSRI
RYQFIVW
'EPPWIXXMRKWWGVIIR
*M\IH(MEPMRK2YQFIVW
7IIq*M\IH(MEPMRK2YQFIVWWGVIIRrSR
TEKI
:SMGIQEMPWIVZMGI
3TIRWEHMEPSKFS\[LIVI]SYGERWIPIGX]SYV
GEVVMIVtWZSMGIQEMPWIVZMGISVERSXLIVWIVZMGIWYGLEW+SSKPI
:SMGI7IIq'SRJMKYVMRK+SSKPI:SMGIrSRTEKI
:SMGIQEMP7IXXMRKW
-J]SYEVIYWMRK]SYVGEVVMIVtWZSMGIQEMP
WIVZMGISTIRWEHMEPSKFS\[LIVI]SYGERIRXIVXLITLSRI
RYQFIVXSYWIJSVPMWXIRMRKXSERHQEREKMRK]SYVZSMGIQEMP=SY
GERIRXIVEGSQQEXSMRWIVXETEYWIMRXSXLIRYQFIVhJSV
I\EQTPIXSEHHETEWW[SVHEJXIVXLITLSRIRYQFIV-J]SYEVI
YWMRK+SSKPI:SMGISTIRWEWGVIIR[LIVI]SYGERZMI[XLI
+SSKPI:SMGIRYQFIVSVWMKRSYXSJ+SSKPI:SMGI7IIq+SSKPI
:SMGIrSRTEKI
:SMGIQEMPWIXXMRKW
3TIRWEWGVIIR[LIVI]SYGERGSRJMKYVI]SYV
WIPIGXIHZSMGIQEMPWIVZMGI
7IXXMRKW
%HHMXMSREPWIXXMRKW
'EPPJSV[EVHMRK
3TIRWEWGVIIR[LIVI]SYGERGSRJMKYVILS[
]SYVGEPPWEVIJSV[EVHIH[LIR]SYtVISRXLITLSRI[LIR]SY
HSRtXERW[IVERHWSSR
'EPPIV-(
3TIRWEHMEPSKFS\[LIVI]SYGERWIX[LIXLIV]SYV
TLSRIRYQFIVMWHMWTPE]IHXSXLITISTPI]SYGEPP
'EPP[EMXMRK
'LIGOQEVOXSWIIERHVIWTSRHXSRI[GEPPW[LIR
]SYtVIEPVIEH]SREGEPPEWHIWGVMFIHMRq4PEGMRKERH6IGIMZMRK
'EPPWrSRTEKI
*M\IH(MEPMRK2YQFIVWWGVIIR
9WIXLIWIXXMRKWSRXLMWWGVIIRXSGSRJMKYVI]SYVTLSRIWSMXGER
TPEGISYXKSMRKGEPPWSRP]XSXLIJM\IHHMEPMRKRYQFIVW*(2XLEX
]SYWEZISRXLITLSRItW7-1GEVH
)REFPI*(2
3TIRWEHMEPSKFS\XLEXTVSQTXW]SYXSIRXIV]SYV
4-2XLIRTPEGIWXLITLSRIMR*(2QSHI;LIR*(2MWIREFPIH
XLMWWIXXMRKGLERKIWXS(MWEFPI
*(2
'LERKI4-2
3TIRWEWIVMIWSJHMEPSKFS\IWXLEXTVSQTX]SYXS
IRXIV]SYVGYVVIRX4-2XLIRIRXIVERHGSRJMVQERI[4-2
*(2PMWX
3TIRWEWGVIIRXLEXPMWXWER]*(2WWEZIHSR]SYV7-1
GEVH4VIWWXLI
1IRY/I]
XLIRXSYGL
%HHGSRXEGX
XSEHHER
*(2RYQFIVXS]SYV7-14VIWWXLI
1IRY/I]
SRXLEX
WGVIIRXSMQTSVXERYQFIVJVSQ]SYV'SRXEGXWXSXLI*(2PMWXSV
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4IVQERIRXP]IVEWIWIZIV]XLMRKSREQMGVS7(
GEVHERHTVITEVIWMXJSVYWI[MXL]SYVTLSRI=SYQYWXYRQSYRX
EQMGVS7(GEVHFIJSVI]SYGERJSVQEXMX
-RXIVREPTLSRIWXSVEKI%ZEMPEFPIWTEGI
8LIEQSYRXSJMRXIVREP
TLSRIWXSVEKIYWIHF]XLISTIVEXMRKW]WXIQMXWGSQTSRIRXW
ETTPMGEXMSRWMRGPYHMRKXLSWI]SYHS[RPSEHIHERHXLIMV
TIVQERIRXERHXIQTSVEV]HEXE
7IXXMRKW
7IEVGL
=SYYWIXLI7IEVGLWIXXMRKWXSGSRJMKYVI+SSKPIWIEVGL5YMGO
7IEVGL&S\ERHXLIHEXESRXLITLSRIXLEX]SY[ERXXSMRGPYHIMR
WIEVGLIW7IIq7IEVGLMRK=SYV4LSRIERHXLI;IFrSRTEKI
7IEVGLWIXXMRKWWGVIIR
+SSKPIWIEVGLWIXXMRKW
3TIRWEWGVIIR[LIVI]SYGERWIX]SYV
TVIJIVIRGIWJSV[LIXLIV+SSKPIWIEVGLSRXLI[IFQEOIW
WYKKIWXMSRWXLEXETTIEVFIPS[XLI5YMGO7IEVGL&S\ERH[LIXLIV
XLIWYKKIWXMSRWXEOIMRXSEGGSYRX]SYVTVIZMSYWWIEVGLIW=SY
GEREPWSSTIRXLI+SSKPI[IFWIEVGLLMWXSV]WIXXMRKWTEKIMR
&VS[WIV
7IEVGLEFPIMXIQW
3TIRWEWGVIIR[LIVI]SYGERGLIGOERH
YRGLIGOXLIOMRHWSJHEXEXSMRGPYHIMRTLSRIWIEVGLIW
'PIEVWIEVGLWLSVXGYXW
)VEWIWXLIPMWXSJWIEVGLVIWYPXWXLEX]SY
XSYGLIHFIPS[XLI5YMGO7IEVGL&S\
0ERKYEKIOI]FSEVH
9WIXLI0ERKYEKIOI]FSEVHWIXXMRKWXSWIPIGXXLIPERKYEKIJSV
XLIXI\XSR]SYVTLSRIERHJSVGSRJMKYVMRKXLISRWGVIIROI]FSEVH
MRGPYHMRK[SVHWXLEX]SYtZIEHHIHXSMXWHMGXMSREV]
0ERKYEKIERH/I]FSEVHWGVIIR
7IPIGXPSGEPI
3TIRWXLI0SGEPIWGVIIR[LIVI]SYGERWIPIGXXLI
PERKYEKIXSYWIJSVXLIXI\XSR]SYVTLSRI
%RHVSMHOI]FSEVH
*SVTLSRIW[MXLTL]WMGEPOI]FSEVHWYRGLIGO
XSHMWEFPIXLISRWGVIIROI]FSEVH7IIq%RHVSMH/I]FSEVHWIXXMRKW
WGVIIRrSRTEKI
(IZMGIOI]FSEVH
7IIq(IZMGI/I]FSEVHWIXXMRKWWGVIIRrSRTEKI
8LMWWIXXMRKMWEZEMPEFPISRP]MJ]SYVTLSRILEWETL]WMGEP
OI]FSEVH
7IXXMRKW
9WIVHMGXMSREV]
3TIRWEPMWXSJXLI[SVHW]SYtZIEHHIHXSXLI
HMGXMSREV]EWHIWGVMFIHMRq9WMRKXLISRWGVIIROI]FSEVHrSR
TEKI8SYGLE[SVHXSIHMXSVHIPIXIMX4VIWWXLI
1IRY/I]
XLIRXSYGL
%HH
XSEHHE[SVH
%RHVSMH/I]FSEVHWIXXMRKWWGVIIR
8LI%RHVSMH/I]FSEVHWIXXMRKWETTP]XSXLISRWGVIIROI]FSEVH
XLEXMWMRGPYHIH[MXL]SYVTLSRI8LIGSVVIGXMSRERHGETMXEPM^EXMSR
JIEXYVIWEJJIGXSRP]XLI)RKPMWLZIVWMSRSJXLIOI]FSEVH
:MFVEXISROI]TVIWW
'LIGOQEVOXSLEZIXLITLSRIZMFVEXIFVMIJP]
IEGLXMQI]SYXSYGLEOI]SRXLISRWGVIIROI]FSEVH
7SYRHSROI]TVIWW
'LIGOQEVOXSTPE]EFVMIJWSYRHIEGLXMQI
]SYXSYGLEOI]SRXLISRWGVIIROI]FSEVH
%YXSGETMXEPM^EXMSR
'LIGOQEVOXSLEZIXLISRWGVIIROI]FSEVH
EYXSQEXMGEPP]GETMXEPM^IXLIJMVWXPIXXIVSJXLIJMVWX[SVHEJXIVE
TIVMSHXLIJMVWX[SVHMREXI\XJMIPHERHIEGL[SVHMRREQIJMIPHW
5YMGOJM\IW
'LIGOQEVOXSEYXSQEXMGEPP]GSVVIGXWSQIGSQQSR
QMWWTIPPMRKWEW]SYX]TI
7LS[WYKKIWXMSRW
'LIGOQEVOXSWLS[WYKKIWXIH[SVHWMRE
WXVMTEFSZIXLISRWGVIIROI]FSEVHEW]SYX]TI7IIq9WMRKXLI
SRWGVIIROI]FSEVHrSRTEKI
%YXSGSQTPIXI
'LIGOQEVOXSEYXSQEXMGEPP]IRXIVEWYKKIWXIH
[SVHLMKLPMKLXIHMRSVERKIMRXLIWXVMTEFSZIXLIOI]FSEVH[LIR
]SYIRXIVEWTEGISVTYRGXYEXMSR7IIq9WMRKXLISRWGVIIR
OI]FSEVHrSRTEKI
7IXXMRKW
(IZMGI/I]FSEVHWIXXMRKWWGVIIR
8LMWWIXXMRKWWGVIIRMWEZEMPEFPISRP]MJ]SYVTLSRILEWETL]WMGEP
OI]FSEVH
%YXSVITPEGI
'LIGOQEVOXSGSVVIGXQMWWTIPPIH[SVHWEW]SY
X]TI
%YXSGET
'LIGOQEVOXSGETMXEPM^IXLIJMVWXPIXXIVSJXLIJMVWX[SVH
MRWIRXIRGIW
%YXSTYRGXYEXI
'LIGOQEVOXSMRWIVXETIVMSH[LIR]SYTVIWW
XLI7TEGIOI]X[MGIMREVS[
%GGIWWMFMPMX]
=SYYWIXLI%GGIWWMFMPMX]WIXXMRKWXSGSRJMKYVIER]EGGIWWMFMPMX]
TPYKMRW]SYLEZIMRWXEPPIHSR]SYVTLSRI
%GGIWWMFMPMX]
'LIGOQEVOXSIREFPIEPPMRWXEPPIHEGGIWWMFMPMX]
TPYKMRW
/MGO&EGO
'LIGOQEVOXSLEZIXLITLSRIZMFVEXIFVMIJP]EW
JIIHFEGOEW]SYREZMKEXIXLIYWIVMRXIVJEGITVIWWOI]WERHWS
SR
8EPO&E G O
'LIGOQEVOXSLEZIERMRWXEPPIHWTIIGLW]RXLIWM^IV
WTIEOXLIPEFIPWSVREQIWSJMXIQWEW]SYREZMKEXIXLITLSRItW
YWIVMRXIVJEGI
7SYRH&EGO
'LIGOQEVOXSTPE]EWSYRHEW]SYREZMKEXIXLI
TLSRItWYWIVMRXIVJEGI
8I\XXSWTIIGL
=SYYWIXLI8I\XXS7TIIGLWIXXMRKWXSGSRJMKYVIXLI%RHVSMHXI\X
XSWTIIGLW]RXLIWM^IVJSVETTPMGEXMSRWXLEXGERXEOIEHZERXEKISJMX
WYGLEW8EPO&EGOHIWGVMFIHMRq%GGIWWMFMPMX]rSRTEKI
7IXXMRKW
8I\XXS7TIIGLWIXXMRKWWGVIIR
-J]SYHSRtXLEZIWTIIGLW]RXLIWM^IVHEXEMRWXEPPIHSRP]XLI
-RWXEPPZSMGIHEXE
WIXXMRKMWEZEMPEFPI
0MWXIRXSERI\EQTPI
4PE]WEFVMIJWEQTPISJXLIWTIIGL
W]RXLIWM^IVYWMRK]SYVGYVVIRXWIXXMRKW
-RWXEPPZSMGIHEXE
-J]SYVTLSRIHSIWRSXLEZIWTIIGLW]RXLIWM^IV
HEXEMRWXEPPIHGSRRIGXWXS%RHVSMH1EVOIXERHKYMHIW]SYXLVSYKL
XLITVSGIWWSJHS[RPSEHMRKERHMRWXEPPMRKXLIHEXE8LMWWIXXMRKMW
RSXEZEMPEFPIMJXLIHEXEMWEPVIEH]MRWXEPPIH
%P[E]WYWIQ]WIXXMRKW
'LIGOQEVOXSYWIXLIWIXXMRKWSRXLMW
WGVIIRMRTPEGISJWTIIGLW]RXLIWM^IVWIXXMRKWEZEMPEFPIMRSXLIV
ETTPMGEXMSRW
7TIIGLVEXI
3TIRWEHMEPSKFS\[LIVI]SYGERWIPIGXLS[
UYMGOP]]SY[ERXXLIW]RXLIWM^IVXSWTIEO
0ERKYEKI
3TIRWEHMEPSKFS\[LIVI]SYGERWIPIGXXLIPERKYEKI
SJXLIXI\X]SY[ERXXLIW]RXLIWM^IVXSVIEH8LMWMWTEVXMGYPEVP]
YWIJYPMRGSQFMREXMSR[MXLXLI%P[E]W9WI1]7IXXMRKWWIXXMRKXS
IRWYVIXLEXXI\XMWWTSOIRGSVVIGXP]MREZEVMIX]SJETTPMGEXMSRW
(EXIXMQI
9WI(EXIXMQIWIXXMRKWXSWIX]SYVTVIJIVIRGIWJSVLS[HEXIWEVI
HMWTPE]IH=SYGEREPWSYWIXLIWIWIXXMRKWXSWIX]SYVS[RXMQI
ERHXMQI^SRIVEXLIVXLERSFXEMRMRKXLIGYVVIRXXMQIJVSQXLI
QSFMPIRIX[SVO
%YXSQEXMG
9RGLIGOXSWIXXLIHEXIXMQIERHXMQI^SRISRXLI
TLSRIQERYEPP]VEXLIVXLERSFXEMRMRKXLIGYVVIRXXMQIJVSQXLI
QSFMPIRIX[SVO
7IXHEXI
-J
%YXSQEXMG
MWYRGLIGOIHSTIRWEHMEPSK[LIVI]SY
GERQERYEPP]WIXXLITLSRItWHEXI
7IPIGXXMQI^SRI
-J
%YXSQEXMG
MWYRGLIGOIHSTIRWEHMEPSK
[LIVI]SYGERWIXXLITLSRItWXMQI^SRI
7IXXMRKW
7IXXMQI
-J
%YXSQEXMG
MWYRGLIGOIHSTIRWEHMEPSK[LIVI]SY
GERWIXXLITLSRItWXMQI
9WILSYVJSVQEX
'LIGOQEVOXSHMWTPE]XLIXMQIYWMRKLSYV
XMQIJSVQEXhJSVI\EQTPIVEXLIVXLERTQ
7IPIGXHEXIJSVQEX
3TIRWEHMEPSKFS\[LIVI]SYGERWIPIGXXLI
JSVQEXJSVHMWTPE]MRKHEXIW
%FSYXTLSRI
%FSYXTLSRIMRGPYHIWMRJSVQEXMSREFSYX]SYVTLSRI
%FSYXTLSRIWGVIIR
7]WXIQYTHEXIW
3TIRWEWGVIIRXLEXVITSVXWSRXLIEZEMPEFMPMX]SJ
%RHVSMHW]WXIQWSJX[EVIYTHEXIW
7XEXYW
3TIRWXLI7XEXYWWGVIIR[MXLEPSRKPMWXSJMRJSVQEXMSR
EFSYX]SYVFEXXIV]QSFMPIRIX[SVOGSRRIGXMSRERHSXLIVHIXEMPW
&EXXIV]YWI
3TIRWEPMWXSJXLIETTPMGEXMSRWERHSTIVEXMRKW]WXIQ
GSQTSRIRXW]SYLEZIYWIHWMRGI]SYPEWXGSRRIGXIHXLITLSRIXS
ETS[IVWSYVGIWSVXIHF]XLIEQSYRXSJTS[IVXLI]LEZIYWIH
8SYGLERETTPMGEXMSRMRXLIPMWXXSZMI[HIXEMPWEFSYXMXWTS[IVYWI
ERHMJEZEMPEFPIXSYGLEFYXXSRXSSTIREWIXXMRKWSVMRJSVQEXMSR
WGVIIRJSVXLEXGSQTSRIRXSVETTPMGEXMSR7IIq3TXMQM^MRK&EXXIV]
0MJIrSRTEKI
0IKEPMRJSVQEXMSR
3TIRWEWGVIIR[LIVI]SYGERSFXEMRPIKEP
MRJSVQEXMSREFSYXXLIWSJX[EVIMRGPYHIH[MXL]SYVTLSRI
7]WXIQXYXSVMEP
3TIRWEWGVIIRXLEXSJJIVWXSMRXVSHYGIWSQISJ
]SYVTLSRItWJIEXYVIWEWHIWGVMFIHMRq7XEVXMRK%RHVSMHXLI*MVWX
8MQIrSRTEKI
:IVWMSRMRJSVQEXMSR
0MWXWHIXEMPWEFSYXXLIQSHIPRYQFIVWERH
ZIVWMSRWSJ]SYVTLSRItWLEVH[EVIERHSTIVEXMRKW]WXIQ
WSJX[EVI8LMWMRJSVQEXMSRMWYWIJYPMJ]SYRIIHXS[SVO[MXL]SYV
GEVVMIVtWWYTTSVXXIEQ
7IXXMRKW