LG Electronics USA P690B Cellular/PCS GSM/WCDMA/EDGE Phone with WLAN and Bluetooth User Manual

LG Electronics MobileComm USA, Inc. Cellular/PCS GSM/WCDMA/EDGE Phone with WLAN and Bluetooth

Users Manual

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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.
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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 was tested for typical use with the back of the phone kept 0.39 inches (1 cm)
from the body. To comply with FCC/IC RF exposure requirements, a minimum separation
distance of 0.39 inches (1 cm) must be maintained between the user’s body and the back
of the phone, including the antenna, whether extended or retracted. Third-party belt-clips,
holsters, and similar accessories containing metallic components should not be used.
Avoid the use of accessories that cannot maintain 0.39 inches (1 cm) distance between
the user’s body and the back of the phone and have not been tested for compliance
with FCC/IC RF exposure limits.
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GSZIVXLITVSXIGXMZIwPQSRXLI0'(
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]SYVRI[TLSRI]SYtPPRIIHXSWIX
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XLITLSRIJMVQP]MR]SYVLERH
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XLITLSRIERHXLIFEXXIV]
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4FQYWXFIGLEVKIHYRXMP]SY
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GLEVKIHMRMXMEPP]XSI\XIRHFEXXIV]
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7PMHIXLIQIQSV]GEVHMRXSXLI
WPSXYRXMPMXGPMGOWMRXSTPEGI1EOI
WYVIXLIKSPHGSRXEGXEVIESRXLI
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6IQSZMRKEQIQSV]GEVH
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MWSR3XLIV[MWIMXQE]
HEQEKIXLIQIQSV]GEVHEW
[IPPEW]SYVTLSRIERHXLI
HEXEWXSVIHSRXLIQIQSV]
GEVHQE]FIGSVVYTXIH
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FIJSVQEXXIH-JMXMWRtX]SYQYWX
JSVQEXMXFIJSVI]SYGERYWIMX
238)%PPwPIWSR]SYVQIQSV]
GEVHEVIHIPIXIH[LIR]SY
JSVQEXMX
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFXSSTIR
XLIETTPMGEXMSRWQIRY
7GVSPPERHXSYGL7IXXMRKW"
7XSVEKI
7GVSPPERHXSYGL7(GEVH
TLSRIWXSVEKI
8SYGL9RQSYRX)\XIVREP7(
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8SYGL*SVQEX)\XIVREP7(
GEVHXLIRGSRJMVQ]SYVGLSMGI
-J]SYWIXXLITEXXIVRPSGOMRTYX
XLITEXXIVRPSGOERHWIPIGX
)VEWI)ZIV]XLMRK8LIGEVH
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EWEPPXLIwPIW[MPPLEZIFIIR
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8-4
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8SVIQSZIXLIQIQSV]
GEVHWEJIP]TPIEWIWIPIGX
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7XSVEKI"9RQSYRX)\XIVREP
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8SYGLWGVIIRXMTW
,IVIEVIWSQIXMTWSRLS[XS
REZMKEXIEVSYRH]SYVTLSRI
8SYGL8SGLSSWIEQIRYSTXMSR
SVSTIRERETTPMGEXMSRXSYGLMX
8SYGLERHLSPH8SSTIRER
STXMSRWQIRYSVKVEFERSFNIGX
]SY[ERXXSQSZIXSYGLERH
LSPHMX
(VEK8SWGVSPPXLVSYKLEPMWXSV
QSZIWPS[P]HVEKEGVSWWXLI
XSYGLWGVIIR
*PMGO8SWGVSPPXLVSYKLEPMWX
SVQSZIUYMGOP]JPMGOEGVSWWXLI
XSYGLWGVIIRHVEKUYMGOP]ERH
VIPIEWI
238)
8SWIPIGXERMXIQXSYGLXLI
GIRXVISJXLIMGSR
(SRSXXSTVIWWXSSLEVH
XLIXSYGLWGVIIRMWWIRWMXMZI
IRSYKLXSTMGOYTEPMKLXJMVQ
XSYGL
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XSYGLXLISTXMSR]SY[ERX
&IGEVIJYPRSXXSXSYGLER]
SXLIVOI]W
0SGO]SYVTLSRI
;LIR]SYEVIRSXYWMRK0+
4FTVIWWXLI4S[IVOI]XS
PSGO]SYVTLSRI8LMWLIPTWXS
TVIZIRXEGGMHIRXEPXSYGLMRKSJXLI
OI]WERHWEZIWFEXXIV]TS[IV
-J]SYHSRSXYWIXLITLSRIJSVE
[LMPIXLILSQIWGVIIRSVSXLIV
WGVIIR]SYEVIZMI[MRKMWVITPEGIH
F]XLIPSGOWGVIIRXSGSRWIVZI
XLIFEXXIV]
238)-JXLIVIEVIER]TVSKVEQW
VYRRMRK[LIR]SYWIXXLITEXXIVR
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QSHI-XMWVIGSQQIRHIHXLEX]SY
I\MXEPPTVSKVEQWFIJSVIIRXIVMRK
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GLEVKIWIKTLSRIGEPP[IF
EGGIWWERHHEXEGSQQYRMGEXMSRW
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8SXYVRSR]SYVTLSRITVIWWXLI
4S[IVOI]8LIPSGOWGVIIR[MPP
ETTIEV8SYGLERHWPMHIYTXLI
PSGOWGVIIRXSYRPSGO]SYVLSQI
WGVIIR8LIPEWXWGVIIR]SY[IVI
[SVOMRKSR[MPPSTIR
,SQI
7MQTP]W[MTI]SYVJMRKIVXSXLIPIJX
SVVMKLXXSZMI[XLIQ
=SYGEREPWSGYWXSQMWIIEGL
TERIP[MXL[MHKIXW0+[MHKIXW
WLSVXGYXWXS]SYVJEZSYVMXI
ETTPMGEXMSRWJSPHIVWERH
[EPPTETIVW
238)7SQIWGVIIRMQEKIWQE]
FIHMJJIVIRXHITIRHMRKSR]SYV
TLSRITVSZMHIV
-R]SYVLSQIWGVIIR]SYGERZMI[
UYMGOOI]WSRXLIFSXXSQSJXLI
WGVIIR8LIUYMGOOI]WTVSZMHI
IEW]SRIXSYGLEGGIWWXSXLI
JYRGXMSRW]SYYWIXLIQSWX
8SYGLXLI4LSRIMGSRXS
FVMRKYTXLIXSYGLHMEPPMRK
TEHXSQEOIEGEPP
8SYGLXLI'SRXEGXWMGSRXS
STIR]SYVGSRXEGXW
8SYGLXLI1IWWEKIMGSRXS
EGGIWWXLIQIWWEKMRKQIRY
,IVI]SYGERGVIEXIERI[
QIWWEKI
8SYGLXLI%TTPMGEXMSRWXEF
EXXLIFSXXSQSJXLIWGVIIR
=SYGERXLIRZMI[EPP]SYV
MRWXEPPIHETTPMGEXMSRW.YWX
XSYGLXSWGVSPPXLVSYKL]SYV
ETTPMGEXMSRW
8SSTIRXLIHIWMVIHETTPMGEXMSR
WMQTP]XSYGLXLIMGSRMRXLI
ETTPMGEXMSRWPMWX
238)4VIPSEHIHETTPMGEXMSRW
QE]FIHMJJIVIRXHITIRHMRKSR
]SYVTLSRItWWSJX[EVISV]SYV
WIVZMGITVSZMHIV
=SYV,SQIWGVIIR

7IXXMRKXLIRYQFIVSJ
LSQIWGVIIRW
8SYGLXLI1IRYOI]JVSQXLI
LSQIWGVIIRERHWIPIGX,SQI
WIXXMRKW7IPIGXXLIHIWMVIH
RYQFIVSJLSQIWGVIIRWERH
TVIWW3/
%HHMRK[MHKIXWXS]SYV
LSQIWGVIIR
=SYGERGYWXSQMWI]SYVLSQI
WGVIIRF]EHHMRKWLSVXGYXW
[MHKIXWSVJSPHIVWXSMX*SVQSVI
GSRZIRMIRGI[LIRYWMRK]SYV
TLSRIEHH]SYVJEZSYVMXI[MHKIXW
XSXLILSQIWGVIIR
8SEHHEHIWMVIHMGSRXS]SYV
LSQIWGVIIR
3RXLILSQIWGVIIRXSYGLXLI
1IRYOI]ERHWIPIGX%HH3V
PSRKXSYGLXLIIQTX]TEVXSJ
XLILSQIWGVIIR

3RXLI)HMX1SHIQIRYXSYGL
XLIX]TISJMXIQ]SY[ERXXS
EHH
*SVI\EQTPIWIPIGX*SPHIVW
JVSQXLIPMWXERHXETMX
7IPIGX'SRXEGXW[MXLTLSRI
RYQFIVWJVSQXLIPMWXERH
XETMX
=SY[MPPWIIERI[JSPHIVtWMGSR
SRXLILSQIWGVIIR(VEKMX
XSXLIHIWMVIHPSGEXMSRSRXLI
HIWMVIHTERIPERHVIPIEWI]SYV
JMRKIVJVSQXLIWGVIIR
8-48SEHHERETTPMGEXMSR
MGSRXSXLILSQIWGVIIR
SRXLI%TTPMGEXMSRWQIRY
XSYGLERHLSPHXLIETTPMGEXMSR
]SY[ERXXSEHH
8SVIQSZIERETTPMGEXMSRMGSR
JVSQXLILSQIWGVIIR
8SYGLERHLSPHXLIMGSR]SY
[ERXXSVIQSZI





(VEKERHHVSTERETTPMGEXMSR
MGSRXSXLIFMRMGSR
238)=SYGERRSXHIPIXIXLI
TVIPSEHIHETTPMGEXMSRW3RP]XLIMV
MGSRWGERFIHIPIXIHJVSQXLI
WGVIIR
+IXXMRKFEGOXSE
VIGIRXP]YWIHETTPMGEXMSR
8SYGLERHLSPHXLI,SQIOI]
8LIWGVIIR[MPPWLS[]SYETST
YT[MXLMGSRWSJETTPMGEXMSRW
XLEX]SYLEZIYWIHVIGIRXP]
8SYGLERMGSRXSSTIRMXW
ETTPMGEXMSR3VXSYGLXLI&EGO
OI]XSVIXYVRXSXLIGYVVIRX
ETTPMGEXMSR
,SQITVIZMI[JYRGXMSR
=SYGERQSZIXSXLILSQI
TVIZMI[WGVIIRF]TPEGMRKX[S
JMRKIVWSRXLILSQIWGVIIRERH
FVMRKMRKXLIQGPSWIVXSKIXLIV
=SYGERQSZIFEGOXSXLILSQI



WGVIIRF]TPEGMRKX[SJMRKIVW
SRLSQITVIZMI[WGVIIRERH
WTVIEHMRKXLIQJEVXLIVETEVX
'ETXYVMRKXLIWGVIIR
-J]SYXSYGLERHLSPHXLI,SQI
OI]ERHTVIWW4S[IV0SGOOI]EX
XLIWEQIXMQIXLIGYVVIRXMQEKI
SRXLIWGVIIRMWGETXYVIH[MXLE
GEQIVEWLYXXIVWSYRHIJJIGX=SY
GERJMRHXLIGETXYVIHMQEKIMR
XLI+EPPIV]2SXIXLEX]SYGERRSX
GETXYVIERMQEKIJVSQEZMHIS
2SXMJMGEXMSRHVE[IV
8LIRSXMJMGEXMSRHVE[IVVYRW
EGVSWWXLIXSTSJ]SYVWGVIIR
%YXS
VSXEXI
+47&PYIXSSXL
;M*M
6MRK
8SYGLERHWPMHIXLIRSXMJMGEXMSR
HVE[IVHS[R[MXL]SYVJMRKIV
=SYV,SQIWGVIIR

3VSRXLILSQIWGVIIRXSYGL
XLI1IRYOI]ERHWIPIGX
2SXMJMGEXMSRW,IVI]SYGER
GLIGOERHQEREKIWSYRH
;M*M&PYIXSSXL+47ERH%YXS
VSXEXIWXEXYWEW[IPPEWSXLIV
RSXMJMGEXMSRW
:MI[MRKXLIWXEXYWFEV
8LIWXEXYWFEVYWIWHMJJIVIRXMGSRW
XSHMWTPE]TLSRIMRJSVQEXMSRWYGL
EWWMKREPWXVIRKXLRI[QIWWEKIW
FEXXIV]PMJIERHEGXMZI&PYIXSSXL
ERHHEXEGSRRIGXMSRW
&IPS[MWEXEFPII\TPEMRMRKXLI
QIERMRKSJMGSRW]SYEVIPMOIP]XS
WIIMRXLIWXEXYWFEV
?7XEXYWFEVA
-GSR (IWGVMTXMSR
2S7-1GEVH
2SWMKREP
%MVTPERIQSHI
'SRRIGXIHXSE;M*M
RIX[SVO
;MVIHLIEHWIX
'EPPMRTVSKVIWW
'EPPLSPH
7TIEOIVTLSRI
4LSRIQMGVSTLSRIMW
QYXIH
1MWWIHGEPP
&PYIXSSXLMWSR

-GSR (IWGVMTXMSR
'SRRIGXIHXSE&PYIXSSXL
HIZMGI
7]WXIQ[EVRMRK
%PEVQMWWIX
2I[ZSMGIQEMP
6MRKIVMWWMPIRGIH
:MFVEXIQSHI
&EXXIV]JYPP]GLEVKIH
&EXXIV]MWGLEVKMRK
(EXEMRERHSYX
4LSRIMWGSRRIGXIHXS4'
ZME97&GEFPI
(S[RPSEHMRKHEXE
9TPSEHMRKHEXE
+47MWEGUYMVMRK
6IGIMZMRKPSGEXMSRHEXE
JVSQ+47
-GSR (IWGVMTXMSR
3R7GVIIR4LSRIGSRRIGXIH
QSVIRSXMJMGEXMSRWRSX
HMWTPE]IH
(EXEMWW]RGMRK
(S[RPSEHJMRMWLIH
2I[+QEMP
2I[+SSKPI8EPO
QIWWEKI
2I[QIWWEKI
7SRKMWTPE]MRK
9TGSQMRKIZIRX
*1VEHMSXYVRIHSRMRXLI
FEGOKVSYRH
97&XIXLIVMRKMWEGXMZI
4SVXEFPI;M*MLSXWTSX
MWEGXMZI
=SYV,SQIWGVIIR

-GSR (IWGVMTXMSR
&SXL97&XIXLIVMRKERH
TSVXEFPILSXWTSXEVI
EGXMZI
3RWGVIIROI]FSEVH
=SYGERIRXIVXI\XYWMRKXLI
SRWGVIIROI]FSEVH8LISRWGVIIR
OI]FSEVHETTIEVWEYXSQEXMGEPP]
SRXLIWGVIIR[LIR]SYRIIHXS
IRXIVXI\X8SQERYEPP]HMWTPE]XLI
OI]FSEVHWMQTP]XSYGLEXI\XJMIPH
[LIVI]SY[ERXXSIRXIVXI\X
9WMRKXLIOI]TEHIRXIVMRK
XI\X
8ETSRGIXSGETMXEPMWIXLI
RI\XPIXXIV]SYX]TI(SYFPIXET
JSVEPPGETW
8ETXSW[MXGLXSXLI
RYQIVMGERHW]QFSPOI]FSEVH=SY
GEREPWSXSYGLERHLSPHXLMWXEFXS
ZMI[XLIWIXXMRKWQIRY
8ETXSZMI[SVPSRKTVIWWXS
GLERKIXLI[VMXMRKPERKYEKI
8ETXSMRWIVXXLIIQSXMGSR]SY
TVIJIV[LMGL[VMXMRKEQIWWEKI
8ETXSIRXIVEWTEGI
8ETXSGVIEXIERI[PMRIMR
XLIQIWWEKIJMIPH
8ETXSHIPIXIXLITVIZMSYW
GLEVEGXIV
8ETXSLMHIXLISRWGVIIR
OI]FSEVH
)RXIVMRKEGGIRXIHPIXXIVW
;LIR]SYWIPIGX*VIRGLSV
7TERMWLEWXLIXI\XIRXV]
PERKYEKI]SYGERIRXIVWTIGMEP
*VIRGLSV7TERMWLGLEVEGXIVW
IKqÅr
*SVI\EQTPIXSMRTYXÅXSYGL
ERHLSPHXLIEOI]YRXMPXLI
^SSQMROI]KVS[WFMKKIVERH
HMWTPE]WEPPXLISXLIVGLEVEGXIVW
SJHMJJIVIRXPERKYEKIWJSVXLI
EPTLEFIX
%RHRS[]SYGERWIPIGXXLI
WTIGMEPGLEVEGXIV]SY[ERX

8LIJMVWXXMQI]SYSTIRXLI+SSKPI
ETTPMGEXMSRSR]SYVTLSRI]SY[MPP
FIVIUYMVIHXSWMKRMR[MXL]SYV
I\MWXMRK+SSKPIEGGSYRX-J]SYHS
RSXLEZIE+SSKPIEGGSYRX]SY
[MPPFITVSQTXIHXSGVIEXISRI
'VIEXMRK]SYV+SSKPI
EGGSYRX
3RXLILSQIWGVIIRXSYGL
%TTPMGEXMSRWXEFXSSTIR
XLIETTPMGEXMSRWQIRY
8ET+QEMPERHXET2I\X"
'VIEXIXSWXEVXXLI+QEMPWIX
YT[M^EVH
8SYGLEXI\XJMIPHXSSTIRXLI
XSYGLOI]FSEVHERHIRXIV]SYV
REQIERHYWIVREQIJSV]SYV
+SSKPIEGGSYRX;LIRIRXIVMRK
XI\X]SYGERQSZIXSXLIRI\X
XI\XJMIPHF]XSYGLMRK2I\XSR
XLIOI]FSEVH
;LIR]SYLEZIJMRMWLIH
MRTYXXMRK]SYVREQIERH




YWIVREQIXET2I\X=SYV
TLSRIMWGSQQYRMGEXMRK[MXL
+SSKPIWIVZIVWERHGLIGOMRK
YWIVREQIEZEMPEFMPMX]
)RXIVERHVIIRXIV]SYV
TEWW[SVH8LIRJSPPS[
XLIMRWXVYGXMSRWERHIRXIV
XLIVIUYMVIHERHSTXMSREP
MRJSVQEXMSREFSYXXLIEGGSYRX
;EMX[LMPIXLIWIVZIVGVIEXIW
]SYVEGGSYRX
7MKRMRKMRXS]SYV+SSKPI
EGGSYRX
)RXIV]SYVIQEMPEHHVIWWERH
TEWW[SVHXLIRXET7MKRMR
;EMXJSVWMKRMRKMR
%JXIVWMKRMR]SYGERYWI+QEMP
ERHXEOIEHZERXEKIWSJ+SSKPI
WIVZMGIWSR]SYVTLSRI
3RGI]SYLEZIWIXYT]SYV
+SSKPIEGGSYRXSR]SYV
TLSRIMX[MPPFIEYXSQEXMGEPP]
W]RGLVSRMWIH[MXL]SYV




+SSKPI%GGSYRX7IXYT

+SSKPIEGGSYRXSRXLI
[IFHITIRHMRKSR]SYV
W]RGLVSRMWEXMSRWIXXMRKW
%JXIVWMKRMR]SYGERYWI+QEMP
+SSKPI'EPIRHEVERH%RHVSMH
1EVOIXHS[RPSEHETTPMGEXMSRW
JVSQ%RHVSMH1EVOIXERHXEOI
EHZERXEKISJSXLIV+SSKPI
WIVZMGIWSR]SYVTLSRI
-14368%28
7SQIETTPMGEXMSRWWYGLEW
'EPIRHEVSRP][SVO[MXLXLI
JMVWX+SSKPIEGGSYRX]SYEHH
-J]SYTPERXSYWIQSVIXLER
SRI+SSKPIEGGSYRX[MXL]SYV
TLSRIFIWYVIXSWMKRMRXSXLI
SRI]SY[ERXXSYWI[MXLXLIWI
ETTPMGEXMSRWJMVWX;LIR]SY
WMKRMR]SYVGSRXEGXW+QEMP
QIWWEKIWGEPIRHEVIZIRXWERH
SXLIVMRJSVQEXMSRJVSQXLIWI
ETTPMGEXMSRWERHWIVZMGIWSR
XLI[IFEVIW]RGLVSRMWIH[MXL
]SYVTLSRI-J]SYHSRtXWMKR
d
MRXSE+SSKPIEGGSYRXHYVMRK
WIXYT]SY[MPPFITVSQTXIHXS
WMKRMRSVXSGVIEXIE+SSKPI
EGGSYRXXLIJMVWXXMQI]SYWXEVX
ERETTPMGEXMSRXLEXVIUYMVIW
SRIWYGLEW+QEMPSV%RHVSMH
1EVOIX
-J]SYLEZIERIRXIVTVMWI
EGGSYRXXLVSYKL]SYVGSQTER]
SVSXLIVSVKERMWEXMSR]SYV-8
HITEVXQIRXQE]LEZIWTIGMEP
MRWXVYGXMSRWSRLS[XSWMKRMRXS
XLEXEGGSYRX
d

1EOMRKEZSMGIGEPP
8SYGL XSSTIRXLIOI]TEH
)RXIVXLIRYQFIVSRXLI
OI]TEH8SHIPIXIEHMKMXXSYGL
'PIEVMGSR
8SYGL'EPPMGSR XSQEOI
EGEPP
8SIRHEGEPPXSYGL)RHMGSR
8-4
8SIRXIVqrXSQEOI
MRXIVREXMSREPGEPPWXSYGLERH
LSPHHS[R 
8-48SFVMRKYTXLIOI]TEH
HYVMRKEGEPPXSYGL(MEPTEH
1EOMRKEZMHISGEPP
8SYGL XSSTIRXLIOI]TEH
)RXIVXLITLSRIRYQFIVEW
FIJSVI
8SYGL:MHISGEPPMGSRXS
QEOIEZMHISGEPP







-J]SYHSRSX[ERXXSYWIXLI
WTIEOIVTLSRIXSYGL7TIEOIV
MGSRERHIRWYVI]SYLEZIXLI
LIEHWIXTPYKKIHMR
;LMPIXLIZMHISGEPPMW
GSRRIGXMRK]SY[MPPWII]SYV
S[RMQEKIEJXIVXLISXLIV
TEVX]LEWERW[IVIHXLIMV
MQEKI[MPPFIHMWTPE]IHSRXLI
WGVIIR%HNYWXXLIMRRIVGEQIVE
TSWMXMSRMJRIGIWWEV]
8SIRHEZMHISGEPPXSYGL)RH
MGSR
238)
-J]SYWIX9WITVMZEXIMQEKI
MRXLI:MHISGEPPWIXXMRKWXLI
TIVWSRSRXLIZMHISGEPPWIIW
XLIMQEKI]SYWIXRSXEPMZI
MQEKI
=SYGERWLS[]SYVMQEKI
XLVSYKLIMXLIVXLIJVSRXSVVIEV
GEQIVE
8LIUYEPMX]SJXLIZMHISGEPP
MQEKIERHWSYRHQE]
ZEV]HITIRHMRKSRXLIFEWI
WXEXMSR



d
d
d
'EPPW'SRXEGXW

'EPPMRK]SYVGSRXEGXW
8SYGL XSSTIR]SYV
GSRXEGXW
7GVSPPXLVSYKLXLIGSRXEGXPMWX
SVIRXIVXLIJMVWXPIXXIVWSJXLI
GSRXEGX]SY[ERXXSGEPPF]
XSYGLMRK7IEVGL
-RXLIPMWXXSYGLXLIGSRXEGX
]SY[ERXXSGEPP
%RW[IVMRKERHVINIGXMRK
EGEPP
;LIRWGVIIRPSGOIH
;LIR]SYVTLSRIVMRKWHVEK
%GGITXMGSRXSXLIVMKLX
(VEK6INIGXMGSR XSXLIPIJX
VINIGXERMRGSQMRKGEPP
;LIRWGVIIRMWYRPSGOIH
;LIR]SYVTLSRIVMRKWXSYGL
%GGITXMGSR8SYGL6INIGX
MGSR XSVINIGXERMRGSQMRKGEPP



8-4)\GYWIQIWWEKIW
;LIR]SYVINIGXEGEPP]SY
GERWIRHEQIWWEKIUYMGOP]
F]XSYGLMRK7IRH7178LMW
MWYWIJYPMJ]SYRIIHXSVITP]
XLIQIWWEKIHYVMRKEQIIXMRK
%HNYWXMRKGEPPZSPYQI
8SEHNYWXXLIMRGEPPZSPYQIHYVMRK
EGEPPYWIZSPYQIYTHS[ROI]
SRXLIVMKLXWMHISJXLITLSRI
1EOMRKEWIGSRHGEPP
(YVMRK]SYVMRMXMEPGEPPXSYGL
%HHGEPP
(MEPXLIRYQFIVSVWIEVGL]SYV
GSRXEGXWXSWIPIGXXLIRYQFIV
]SY[ERXXSGEPP
8SYGL'EPPMGSRXSGSRRIGX
XLIGEPP
&SXLGEPPW[MPPFIHMWTPE]IHSR
XLIGEPPWGVIIR=SYVMRMXMEPGEPP
[MPPFIPSGOIHERHTYXSRLSPH
8SYGL7[ETXSXSKKPI
FIX[IIRGEPPW






238)=SYGERXSYGL1IVKIGEPPW
XSQEOIEGSRJIVIRGIGEPP
8SIRHEGXMZIGEPPWXSYGL)RH
MGSR
:MI[MRK]SYVGEPPPSKW
3RXLILSQIWGVIIRXSYGL
ERHGLSSWI'EPPPSKXEF
:MI[EGSQTPIXIPMWXSJEPPHMEPPIH
VIGIMZIHERHQMWWIHGEPPW
8-4
8SYGLER]WMRKPI
GEPPPSKIRXV]XSZMI[XLIHEXI
XMQIERHHYVEXMSRSJXLIGEPP
8-48SYGLXLI1IRY
OI]XLIRXSYGL(IPIXIEPPXS
HIPIXIEPPXLIVIGSVHIHMXIQW
'EPPWIXXMRKW
=SYGERGSRJMKYVITLSRIGEPP
WIXXMRKWWYGLEWGEPPJSV[EVHMRK
ERHSXLIVWTIGMEPJIEXYVIWSJJIVIH
F]]SYVGEVVMIV

3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFXSSTIRXLI
ETTPMGEXMSRWQIRY
7GVSPPERHXSYGL7IXXMRKW
8ET'EPPWIXXMRKWERHGLSSWI
STXMSRWXLEX]SY[ERXXSEHNYWX
*M\IH(MEPPMRK2YQFIVW"
7IPIGX*M\IH(MEPPMRK2YQFIVW
XSXYVRSRERHGSQTMPIEPMWXSJ
RYQFIVWXLEXGERFIGEPPIHJVSQ
]SYVTLSRI=SYtPPRIIH]SYV4-2
GSHI[LMGLMWEZEMPEFPIJVSQ]SYV
STIVEXSV3RP]RYQFIVW[MXLMRXLI
JM\IHHMEPPMWXGERFIGEPPIHJVSQ
]SYVTLSRI
:SMGIQEMP"
:SMGIQEMPWIVZMGIi%PPS[W]SY
XSWIPIGX]SYVGEVVMIVtWZSMGIQEMP
WIVZMGI
:SMGIQEMPWIXXMRKWi-J]SYEVI
YWMRK]SYVGEVVMIVtWZSMGIQEMP
WIVZMGIXLMWSTXMSREPPS[W]SYXS



'EPPW'SRXEGXW

IRXIVXLITLSRIRYQFIVXSYWI
JSVPMWXIRMRKXSERHQEREKMRK]SYV
ZSMGIQEMP
3XLIVGEPPWIXXMRKW"
'EPPJSV[EVHMRKi'LSSWI
[LIXLIVXSHMZIVXEPPGEPPW[LIR
XLIPMRIMWFYW][LIRXLIVIMWRS
ERW[IVERH[LIR]SYEVISYXSJ
VIEGL
%HHMXMSREPWIXXMRKWi8LMWPIXW
]SYGLERKIXLIJSPPS[MRKWIXXMRKW
'EPPIV-('LSSWI[LIXLIV
XSHMWTPE]]SYVRYQFIVSRER
SYXKSMRKGEPP
'EPP[EMXMRK-JGEPP[EMXMRK
MWEGXMZEXIHXLILERHWIX[MPP
RSXMJ]]SYSJERMRGSQMRKGEPP
[LMPI]SYEVISRXLITLSRI
HITIRHMRKSR]SYVRIX[SVO
TVSZMHIV
7IPIGXPMRI
'EPPFEVVMRKi7IPIGX[LIR]SY
[SYPHPMOIGEPPWXSFIFEVVIH)RXIV
d
d
d
XLIGEPPFEVVMRKTEWW[SVH4PIEWI
GLIGO[MXL]SYVRIX[SVOSTIVEXSV
EFSYXXLMWWIVZMGI
'EPPGSWXWi:MI[XLIGLEVKIW
ETTPMIHXS]SYVGEPPW8LMWWIVZMGI
MWRIX[SVOHITIRHIRXWSQI
STIVEXSVWHSRSXWYTTSVXXLMW
JYRGXMSR
'EPPHYVEXMSRi:MI[XLIHYVEXMSR
SJEPPGEPPWMRGPYHMRKEPPHMEPPIH
GEPPWVIGIMZIHGEPPWERHPEWXGEPP
)\GYWIQIWWEKIWi;LIR]SY
[ERXXSVINIGXEGEPP]SYGERWIRH
EQIWWEKIUYMGOP]F]YWMRKXLMW
JYRGXMSR8LMWMWYWIJYPMJ]SYRIIH
XSVITP]XLIQIWWEKIHYVMRKE
QIIXMRK
:MHISGEPPWIXXMRKWi'LERKI
]SYVZMHISGEPPWIXXMRKW

'EPPW'SRXEGXW
'SRXEGXW
=SYGEREHHGSRXEGXWSR]SYV
TLSRIERHW]RGLVSRMWIXLIQ
[MXLXLIGSRXEGXWMR]SYV+SSKPI
EGGSYRXSVSXLIVEGGSYRXWXLEX
WYTTSVXW]RGMRKGSRXEGXW
7IEVGLMRKJSVEGSRXEGX
3RXLILSQIWGVIIRXSYGL
XSSTIR]SYVGSRXEGXW
8SYGL7IEVGLERHIRXIVXLI
GSRXEGXREQIYWMRKXLIOI]TEH
%HHMRKERI[GSRXEGX
3RXLILSQIWGVIIRXSYGL
ERHIRXIVXLIRI[GSRXEGXtW
RYQFIV8LIRXSYGLXLI1IRY
OI]ERHXSYGL%HHXSGSRXEGXW
ERHXLIRXSYGL'VIEXIRI[
GSRXEGX
-J]SY[ERXXSEHHETMGXYVIXS
XLIRI[GSRXEGXXSYGL 
'LSSWIJVSQ'ETXYVITMGXYVI
SV4MGOJVSQKEPPIV]




7IPIGXXLIGSRXEGXX]TIF]
XSYGLMRK
8SYGLEXI\XJMIPHXSSTIRXLI
XSYGLOI]FSEVHERHIRXIVE
RI[GSRXEGXtWREQI
8SYGLHMJJIVIRXGEXIKSV]SJ
GSRXEGXMRJSVQEXMSRERHIRXIV
XLIHIXEMPWEFSYX]SYVGSRXEGX
8SYGL7EZIXSWEZIXLI
GSRXEGX
*EZSYVMXIGSRXEGXW
=SYGERGPEWWMJ]JVIUYIRXP]GEPPIH
GSRXEGXWEWJEZSYVMXIW
8SEHHEGSRXEGXXS]SYV
JEZSYVMXIW
3RXLILSQIWGVIIRXSYGL
XSSTIR]SYVGSRXEGXW
8SYGLEGSRXEGXXSZMI[XLIMV
HIXEMPW
8SYGLXLIWXEVXSXLIVMKLXSJ
XLIGSRXEGXtWREQI8LIWXEV
XYVRWKSPH








8LIJEZSVMXIWGSRXEGX[MPP
FIWEZIHYRHIVKVSYTWEW
*EZSVMXIW
8SVIQSZIEGSRXEGXJVSQ
]SYVJEZSYVMXIWPMWX
3RXLILSQIWGVIIRXSYGL
XSSTIR]SYVGSRXEGXW
8SYGL+VSYTWXEFERHWIPIGX
*EZSVMXIW8SYGLEGSRXEGXXS
ZMI[XLIMVHIXEMPW
8SYGLXLIKSPHWXEVXSXLIVMKLX
SJXLIGSRXEGXtWREQI8LIWXEV
XYVRWKVI]ERHXLIGSRXEGXMW
VIQSZIHJVSQ]SYVJEZSYVMXIW





1IWWEKMRK)QEMP
1IWWEKMRK
=SYV0+4FGSQFMRIW717
ERH117MRXSSRIMRXYMXMZIIEW]
XSYWIQIRY
7IRHMRKEQIWWEKI
8SYGL MGSRSRXLILSQI
WGVIIRERHXSYGL2I[
QIWWEKIXSSTIREFPERO
QIWWEKI
)RXIVEGSRXEGXREQISVGEPP
RYQFIVMRXLI8SJMIPH%W
]SYIRXIVXLIGSRXEGXREQI
QEXGLMRKGSRXEGXWETTIEV
=SYGERXSYGLEWYKKIWXIH
VIGMTMIRX=SYGEREHHQYPXMTPI
GSRXEGXW
238)=SY[MPPFIGLEVKIHJSV
EXI\XQIWWEKIJSVIZIV]TIVWSR
]SYWIRHXLIQIWWEKIXS
8SYGL8]TIXSGSQTSWIFIPS[
XSWXEVXIRXIVMRK]SYVQIWWEKI
8SYGL7IRHXSWIRH]SYV
QIWWEKI




8-4=SYGERXSYGL MGSRXS
EXXEGLXLIwPI]SY[ERXXSWLEVI
[MXL]SYVQIWWEKI
6IWTSRWIWETTIEVSRXLI
WGVIIR%W]SYZMI[ERH
WIRHEHHMXMSREPQIWWEKIWE
QIWWEKIXLVIEHMWGVIEXIH
;%62-2+
8LIGLEVEGXIVPMQMXQE]
ZEV]JVSQGSYRXV]XSGSYRXV]
HITIRHMRKSRLS[XLI717MW
GSHIHERHXLIPERKYEKI
;%62-2+
-JERMQEKIZMHISSVEYHMSwPI
MWEHHIHXSER717QIWWEKI
MX[MPPFIEYXSQEXMGEPP]
GSRZIVXIHMRXSER117
QIWWEKIERH]SY[MPPFI
GLEVKIHEGGSVHMRKP]


238)-J]SYKIXER717
QIWWEKIHYVMRKEGEPPXLIVI[MPP
FIFIITSVZMFVEXIRSXMwGEXMSREW
TIVTVSwPIWIX
'LERKMRK]SYVQIWWEKI
WIXXMRKW
=SYV0+4FQIWWEKIWIXXMRKW
EVITVIHIJMRIHWS]SYGERWIRH
QIWWEKIWMQQIHMEXIP]=SYGER
GLERKIXLIWIXXMRKWFEWIHSR]SYV
TVIJIVIRGIW
8SYGL1IWWEKMRKMGSRSRXLI
LSQIWGVIIRERHXSYGLXLI1IRY
OI]XLIRXET7IXXMRKW
3TIRMRK]SYVIQEMPERH
IQEMPEGGSYRXWWGVIIR
=SYGERYWIXLI)QEMPETTPMGEXMSR
XSVIEHIQEMPJVSQWIVZMGIWPMOI
+QEMP8LI)QEMPETTPMGEXMSR
WYTTSVXWXLIJSPPS[MRKEGGSYRX
X]TIW434-1%4ERH)\GLERKI
3RXLILSQIWGVIIRXSYGL

XLI%TTPMGEXMSRWXEFERHXET
)QEMPXSZMI[XLIEGGSYRXPMWX
8-47IPIGXXLI)QEMPWLSVXGYX
MGSRSRXLILSQIWGVIIRXSQSZI
XSXLIPMWXSJIQEMPEGGSYRXW
8LIJMVWXXMQI]SYSTIRXLI
)QEMPETTPMGEXMSREWIXYT
[M^EVHSTIRWXSLIPT]SYEHH
ERIQEMPEGGSYRX
%JXIVMRMXMEPWIXYT)QEMP
HMWTPE]WXLIGSRXIRXWSJ]SYV
-RFS\MJ]SYLEZISRP]SRI
EGGSYRXSVXLI%GGSYRXW
WGVIIRMJ]SYLEZIQYPXMTPI
EGGSYRXW
8-4
-J]SYPSRKTVIWWEREGGSYRX
JVSQXLIPMWXSJIQEMP
EGGSYRXW]SYGERWIPIGXXLI
HIWMVIHSTXMSRMRXLITSTYT
[MRHS[*SVI\EQTPIWIPIGX
%HHXSLSQIWGVIIRXSGVIEXI
EWLSVXGYXMGSRSJXLIEGGSYRX
SRXLILSQIWGVIIR
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
d
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7IPIGXXLI)QEMPWLSVXGYXMGSR
SRXLILSQIWGVIIRXSQSZI
XSXLIPMWXSJIQEMPEGGSYRXW
0MOI[MWIMJ]SYWIPIGXXLI
WLSVXGYXMGSRSJEREGGSYRX
SRXLILSQIWGVIIR]SY
GERQSZIXSXLIMRFS\SJXLI
GSVVIWTSRHMRKEGGSYRX
8LI%GGSYRXWWGVIIR
8LI%GGSYRXWWGVIIRPMWXW]SYV
'SQFMRIHMRFS\ERHIEGLSJ
]SYVIQEMPEGGSYRXW
3TIRXLI)QEMPETTPMGEXMSR-J
]SYtVIRSXSRXLIIQEMPEGGSYRX
WGVIIRXSYGLXLI1IRYOI]
ERHXSYGL2I[
7IPIGXXLIIQEMPWIVZMGI
TVSZMHIV
=SYGERXSYGLEREGGSYRXXSZMI[
MXW'SQFMRIHMRFS\8LIEGGSYRX
JVSQ[LMGL]SYWIRHIQEMPF]
HIJEYPXMWMRHMGEXIH[MXLEXMGO
d

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8SSTIR]SYV'SQFMRIHMRFS\
-J]SYLEZIGSRJMKYVIHIQEMPXS
WIRHERHVIGIMZIIQEMPJVSQQSVI
XLERSRIEGGSYRX]SYGERZMI[EPP
QIWWEKIWWIRXXSEPPEGGSYRXWMR
]SYV'SQFMRIHMRFS\
3TIRXLI)QEMPETTPMGEXMSR
8SYGL'SQFMRIHMRFS\MRXLI
%GGSYRXWWGVIIR1IWWEKIW
MRXLI'SQFMRIHMRFS\EVI
GSPSYVGSHIHEPSRKXLIMVPIJX
WMHIWF]EGGSYRXYWMRKXLI
WEQIGSPSYVWXLEXEVIYWIHJSV
]SYVEGGSYRXWMRXLI%GGSYRXW
WGVIIR
'SQTSWMRKERHWIRHMRK
IQEMP
8SGSQTSWIERHWIRHEQIWWEKI
;LMPIMRXLI)QEMPETTPMGEXMSR
XSYGLXLI1IRYOI]ERHXSYGL
'SQTSWI
)RXIVEREHHVIWWJSVXLI
QIWWEKItWMRXIRHIHVIGMTMIRX

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
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1IWWEKMRK)QEMP

%W]SYIRXIVXI\XQEXGLMRK
EHHVIWWIWEVISJJIVIHJVSQ
]SYVGSRXEGXW7ITEVEXI
QYPXMTPIEHHVIWWIW[MXL
GSQQEW
8SYGLXLI1IRYOI]ERHXSYGL
%HH''&''XSFIEFPIXS''
SV&''SXLIVGSRXEGXWIQEMP
EHHVIWWIW
)RXIVXLIXI\XSJXLIQIWWEKI
8SYGL%XXEGLXSEXXEGLXLIJMPI
]SY[ERXXSWLEVI[MXL]SYV
QIWWEKI
8SYGL7IRH
-J]SYtVIRSXVIEH]XSWIRHXLI
QIWWEKIXSYGLXLI1IRY
OI]ERHXSYGL7EZIEW(VEJX
XSWEZIMXMRE(VEJXWJSPHIV
8SYGLEHVEJXQIWWEKIMR
E(VEJXWJSPHIVXSVIWYQI
[SVOMRKSRMX=SYVQIWWEKI
[MPPEPWSFIWEZIHEWEHVEJXMJ
]SYXSYGLXLI&EGOOI]

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

ERHXETSR]IWMRWEZIEW
HVEJXTSTYTFIJSVIWIRHMRK
MX-J]SYEVIRtXGSRRIGXIHXSE
RIX[SVOJSVI\EQTPIMJ]SYtVI
[SVOMRKMREMVTPERIQSHIXLI
QIWWEKIWXLEX]SYWIRHEVI
WXSVIHMR]SYV3YXFS\JSPHIV
YRXMP]SYtVIGSRRIGXIHXSE
RIX[SVOEKEMR-JMXGSRXEMRW
ER]TIRHMRKQIWWEKIWXLI
3YXFS\MWHMWTPE]IHSRXLI
)QEMPC%GGSYRXWWGVIIR
4PIEWIRSXIXLEXQIWWEKIWWIRX
YWMRKER)\GLERKIEGGSYRX[MPP
RSXFIPSGEXIHSRXLITLSRIXLI]
[MPPLS[IZIVFIPSGEXIHSRXLI
)\GLERKIWIVZIVMXWIPJ
-J]SY[ERXXSWII]SYVWIRX
QIWWEKIWMRXLI7IRXJSPHIVSV
[MXLXLI7IRXPEFIP]SY[MPPSJXIR
RIIHXSSTIRXLI7IRXJSPHIVPEFIP
ERHWIPIGX6IJVIWLJVSQXLI
STXMSRWQIRY

;SVOMRK[MXLEGGSYRX
JSPHIVW
)EGLEGGSYRXLEW-RFS\3YXFS\
7IRX(VEJXW8VEWLERH.YRO
JSPHIVW(ITIRHMRKSRXLI
JIEXYVIWWYTTSVXIHF]]SYV
EGGSYRXtWWIVZMGITVSZMHIV]SY
QE]LEZIEHHMXMSREPJSPHIVW
%HHMRKERHIHMXMRKIQEMP
EGGSYRXW
8SEHHERIQEMPEGGSYRX
8SYGLXLI1IRYOI]ERHXSYGL
2I[
7IPIGX17)\GLERKISV
3XLIVW
)RXIVEREQIJSVXLIEGGSYRX
GSRJMVQLS[]SY[ERX]SYV
REQIXSETTIEVMRSYXKSMRK
QEMPXLIRXSYGL(SRI



8SGLERKIEGGSYRXWIXXMRKW
3TIRXLI)QEMP%GGSYRXW
WGVIIR
8SYGLXLI1IRYOI]ERHXSYGL
7IXXMRKW8SYGLERHLSPHXLI
EGGSYRX[LMGL]SY[ERXXS
GLERKIXLIWIXXMRKWSJ
8SHIPIXIERIQEMPEGGSYRX
3TIRXLI%GGSYRXWWGVIIR
8SYGLERHLSPHXLIEGGSYRX
]SY[ERXXSHIPIXI
8SYGL(IPIXIMRXLIQIRYXLEX
STIRW
8SYGL3/MRXLIHMEPSKFS\XS
GSRJMVQXLEX]SY[ERXXSHIPIXI
XLIEGGSYRX

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1IWWEKMRK)QEMP
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;MXL]SYVTLSRI]SYGERIRNS]
XLIWSGMEPRIX[SVOMRKERHQEREKI
]SYVQMGVSFPSKMRSRPMRI
GSQQYRMXMIW=SYGERYTHEXI]SYV
GYVVIRXWXEXYWYTPSEHTLSXSWERH
ZMI[]SYVJVMIRHWtWXEXYWYTHEXIW
-J]SYHSRtXLEZIEREGGSYRX]SY
GERZMWMXXLI[IFWMXIXSWIXSRIYT
238)%REHHMXMSREPGSWXWQE]
FIMRGYVVIH[LIRGSRRIGXMRK
ERHYWMRKSRPMRIWIVZMGIW'LIGO
HEXEGLEVKIW[MXL]SYVRIX[SVO
TVSZMHIV
%HHMRK]SYVEGGSYRXXS
]SYVTLSRI
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFXSSTIRXLI
ETTPMGEXMSRWQIRY
'LSSWIER]WSGMEPRIX[SVOMRK
WMXIETTPMGEXMSR]SY[ERXXS
YWI


)RXIV]SYVIQEMPEHHVIWWERH
XLITEWW[SVHXLEX]SYWIXYT
SR]SYVGSQQYRMX]XLIRXET
0SKMR
;EMX[LMPI]SYVHIXEMPWEVI
GLIGOIH[MXL]SYVGSQQYRMX]
-J]SYXET]SYVGSQQYRMX]]SY
GERWIIXLIGYVVIRXWXEXYWSJ
]SYVWSGMEPGSQQYRMX]
8-4-J]SYEHHEWSGMEP
RIX[SVOMRK[MHKIXSR]SYV
LSQIWGVIIRXLI[MHKIX
[MPPWLS[]SYVWXEXYW[LIR
]SYVTLSRIYTHEXIWJVSQXLI
RIX[SVO
=SYGEREPWSEGGIWWXLI
WSGMEPGSQQYRMX]HMVIGXP]F]
XSYGLMRKXLI[MHKIX



7SGMEPRIX[SVOMRK
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]SYVWXEXYW
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XSEGGIWW
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SJ]SYVWSGMEPGSQQYRMX]
=SYGERYTHEXI]SYVGYVVIRX
WXEXYW[MXLGSQQIRXWSV
YTPSEHMRKTLSXSW
238)8LMWMWHITIRHIRXSR
RIX[SVOWIVZMGIW
8-4
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EFSYXJVMIRHWSRP]MRWSGMEP
RIX[SVOMRKWMXISVW]RGEPP
HEXEXSGSRXEGXW
6IQSZMRKEGGSYRXWSR
]SYVTLSRI
'LSSWI%TTPMGEXMSRW"
7IXXMRKW"%GGSYRXWW]RG
'LSSWIXLIEGGSYRX]SY[ERX
XSHIPIXIXLIRXSYGL6IQSZI
EGGSYRX




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7SGMEPRIX[SVOMRK

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+IXXMRKXSORS[XLIZMI[JMRHIV
>SSQ>SSQMRSV^SSQSYX%PXIVREXMZIP]]SYGERYWIXLIWMHI
ZSPYQIOI]W
7IXXMRKW8SYGLXLMWMGSRXSSTIR
XLIWIXXMRKWQIRY7II9WMRKXLI
EHZERGIHWIXXMRKW
&VMKLXRIWW8LMWHIJMRIWERHGSRXVSPWSJXLIEQSYRXSJWYRPMKLXIRXIVMRK
XLIMQEKI7PMHIXLIFVMKLXRIWWMRHMGEXSVEPSRKXLIFEVXS[EVHWqrXS
PS[IVXLIFVMKLXRIWWSJXLIMQEKISVXS[EVHWqrXSMRGVIEWIMX
:MHISQSHI7PMHIHS[RXLMW
MGSRXSW[MXGLXSZMHISQSHI
8EOMRKE TLSXS
+EPPIV]8SYGLXSZMI[XLI
PEWXTLSXS]SYGETXYVIH8LMW
IREFPIW]SYXSEGGIWW]SYV
KEPPIV]ERHZMI[WEZIHTLSXSW
JVSQ[MXLMRGEQIVEQSHI
8-4=SYGERGPSWIEPPXLIWLSVXGYXSTXMSRWXSKMZIEGPIEVIV
ZMI[wRHIVWGVIIR.YWXXSYGLXLIGIRXVISJXLIZMI[wRHIVSRGI8S
VIGEPPXLISTXMSRWXSYGLXLIWGVIIREKEMR
-QEKIWM^Ii8SYGLXSWIXXLIWM^IMRTM\IPWSJXLITMGXYVI]SYXEOI
7GIRIQSHIi'LSSWIJVSQ%YXS4SVXVEMX0ERHWGETI7TSVXW2MKLX
ERH7YRWIX

8EOMRKEUYMGOTLSXS
3TIRXLI'EQIVEETTPMGEXMSR
,SPHMRKXLITLSRILSVM^SRXEPP]
TSMRXXLIPIRWXS[EVHW
XLIWYFNIGX]SY[ERXXS
TLSXSKVETL
8SYGLXLIWLYXXIVMGSR
8LIGEQIVEFVMRKWXLIMQEKI
MRXSJSGYW;LIRXLIMQEKIMW
MRJSGYWXLIJSGYWMRHMGEXSVWMR
IEGLGSVRIVXYVRKVIIRERHXLI
GEQIVEXEOIWETMGXYVI
2SXMGI%WLEHMRKMWWYIQE]
SGGYV[LIR]SYXV]XSXEOI
ETMGXYVIMRHSSVWHYIXSXLI
GLEVEGXIVMWXMGWSJGEQIVE
8LIQIERMRKSJWLEHMRKMWE
PMXXPIGSPSYVHMJJIVIRGIFIX[IIR
GIRXVIERHWMHI
3RGI]SYtZIXEOIRXLI
TLSXS
=SYVGETXYVIHTLSXS[MPPETTIEVSR
XLIWGVIIR




7LEVI
8SYGLXSWLEVI]SYV
TLSXSEW&PYIXSSXL
)QEMP*EGIFSSOJSV0+
+QEMP1IWWEKMRK1]
%PFYQ3RPMRI1]WTEGI
JSV0+4MGEWEERH
8[MXXIV JSV0+
238)%HHMXMSREPGLEVKIWQE]
ETTP][LIR117QIWWEKIWEVI
YTPSEHIHERHSVHS[RPSEHIH
[LMPIVSEQMRK
8-4-J]SYLEZIEWSGMEP
RIX[SVOMRKWMXIEGGSYRXERHWIXMX
YTSR]SYVTLSRI]SYGERWLEVI
]SYVTLSXSWXS]SYVGSQQYRMX]
7IXEW
8SYGLXSWIXXLIMQEKI
EW'SRXEGXMGSRSV
;EPPTETIV
6IREQI
8SYGLXSIHMXXLIREQI
SJXLIWIPIGXIHTMGXYVI
8SYGLXSHIPIXIXLIMQEKI
8SYGLXSXEOIERSXLIVTLSXS
MQQIHMEXIP]=SYVGYVVIRX
TLSXS[MPPFIWEZIH
'EQIVE

8SYGLXSZMI[PEWXTLSXS]SY
GETXYVIH
9WMRKXLIEHZERGIH
WIXXMRKW
-RXLIZMI[JMRHIVXSYGL XS
STIREPPEHZERGIHSTXMSRW
=SYGERGLERKIXLIGEQIVE
WIXXMRKWF]WGVSPPMRKXLIPMWX%JXIV
WIPIGXMRKXLISTXMSRXSYGLXLI
&EGOOI]
-73i8LI-73VEXMRKHIXIVQMRIW
XLIWIRWMXMZMX]SJXLIGEQIVEtW
PMKLXWIRWSV8LILMKLIVXLI-73
XLIQSVIWIRWMXMZIXLIGEQIVE
[MPPFI8LMWMWYWIJYPYRHIVHEVOIV
GSRHMXMSRW[LIR]SYGERRSXYWI
XLIJPEWL7IPIGXJVSQ-73ZEPYIW
SJ%YXSERH
;LMXIFEPERGIi'LSSWIJVSQ
%YXS-RGERHIWGIRX7YRR]
*PYSVIWGIRXERH'PSYH]
'SPSVIJJIGXi'LSSWIEGSPSYV
XSRIJSV]SYVRI[TLSXS
8MQIVi8LIWIPJXMQIVEPPS[W]SY
XSWIXEHIPE]EJXIVXLIWLYXXIVMW
TVIWWIH7IPIGXSJJWIGSRHW
WIGSRHWSVWIGSRHW8LMW
MWMHIEPMJ]SY[ERXXSFIMRGPYHIH
MRETLSXS
-QEKIUYEPMX]i'LSSWIJVSQ
7YTIVJMRI*MRIERH2SVQEP
8LIJMRIVXLIUYEPMX]XLIWLEVTIV
XLITLSXS,S[IZIVXLIJMPIWM^I
[MPPMRGVIEWIEWEVIWYPX[LMGL
QIERW]SYtPPFIEFPIXSWXSVI
JI[IVTLSXSWMRXLIQIQSV]
%YXSVIZMI[i-J]SYWIX%YXS
VIZMI[XS3RMX[MPPWLS[]SY
XLITMGXYVI]SYLEZINYWXXEOIR
EYXSQEXMGEPP]
7LYXXIVWSYRHi7IPIGXSRISJ
XLIJSYVWLYXXIVWSYRHW
8EK PSGEXMSRi%GXMZEXIXSYWI
]SYVTLSRItWPSGEXMSRFEWIH
WIVZMGIW8EOITMGXYVIW[LIVIZIV
]SYEVIERHXEKXLIQ[MXLXLI
PSGEXMSR-J]SYYTPSEHXEKKIH

TMGXYVIWXSEFPSKXLEXWYTTSVXW
KISXEKKMRK]SYGERWIIXLI
TMGXYVIWHMWTPE]IHSREQET
238)8LMWJYRGXMSRMWEZEMPEFPI
[LIR+47ERH+467MWEGXMZISV
;47MWGSRRIGXIH
6IWXSVIEPPGEQIVEHIJEYPX
WIXXMRKW
8SYGL[LIRIZIV]SY[ERX
XSORS[LS[XLMWJYRGXMSR
STIVEXIW8LMW[MPPTVSZMHI]SY
EUYMGOKYMHI
8-4
;LIR]SYI\MX
XLIGEQIVEWSQIWIXXMRKW
[MPPVIXYVRXSHIJEYPX'LIGO
GEQIVEWIXXMRKWFIJSVI]SY
XEOI]SYVRI\XTLSXS
:MI[MRK]SYVWEZIH
TLSXSW
=SYGEREGGIWW]SYVWEZIHTLSXSW
JVSQ[MXLMRXLIGEQIVEQSHI
.YWXXSYGL ERH]SYVKEPPIV][MPP
ETTIEVSRXLIWGVIIR8SYGLXLI
TLSXSSRXLIWGVIIRERH]SY[MPP
WII7PMHIWLS[ERH1IRY
8SYGLXSWIIWPMHIWLS[
8SYGL1IRYERHWIPIGX
STXMSRW]SY[ERX=SYGER
WLEVIXLIGSRXIRXWSVHIPIXI
ETLSXS8SYGL1SVIJSV
QSVISTXMSRWFIPS[
(IXEMP'LIGOMRJSVQEXMSRSJ
GSRXIRXW
7IXEW7IXEWGSRXEGXMGSR
SV[EPPTETIV
'VST'VST]SYVTLSXS
1SZI]SYVJMRKIVEGVSWWXLI
WGVIIRXSWIPIGXXLIEVIE
6SXEXI6SXEXIPIJXSVVMKLX
'EQIVE

:MHISGEQIVE
+IXXMRKXSORS[XLIZMI[JMRHIV
(YVEXMSRi7IXEHYVEXMSRPMQMXJSV]SYVZMHIS'LSSWIFIX[IIR
2SVQEPERH117XSPMQMXXLIQE\MQYQWM^IXSWIRHEWER117
QIWWEKI
>SSQ>SSQMRSV^SSQSYX%PXIVREXMZIP]]SYGERYWIXLIWMHI
ZSPYQIOI]W
7IXXMRKW8SYGLXLMWMGSRXS
STIRXLIWIXXMRKWQIRY7II
9WMRKXLIEHZERGIHWIXXMRKW
&VMKLXRIWW8LMWHIJMRIWERHGSRXVSPWSJXLIEQSYRXSJWYRPMKLX
IRXIVMRKXLIZMHIS7PMHIXLIFVMKLXRIWWMRHMGEXSVEPSRKXLIFEVXS[EVHW
qrXSPS[IVXLIFVMKLXRIWWSJXLIZMHISSVXS[EVHWqrXSMRGVIEWIMX
'EQIVEQSHI7PMHIYTXLMW
MGSRXSW[MXGLXSGEQIVEQSHI
7XEVXVIGSVHMRK
+EPPIV]8SYGLXSZMI[XLI
PEWXZMHIS]SYVIGSVHIH8LMW
IREFPIW]SYXSEGGIWW]SYV
KEPPIV]ERHZMI[]SYVWEZIH
ZMHISWJVSQ[MXLMRZMHISQSHI
:MHISWM^Ii8SYGLXSWIXXLIWM^IMRTM\IPWSJXLIZMHIS]SYVIGSVH

7LSSXMRKEUYMGOZMHIS
3TIRXLI'EQIVEETTPMGEXMSR
ERHWPMHIXLIGEQIVEQSHI
FYXXSRHS[RXSXLI:MHIS
TSWMXMSR8LIWLYXXIVMGSR
[MPPGLERKIXS 
8LIZMHISGEQIVEZMI[JMRHIV
[MPPETTIEVSRXLIWGVIIR
,SPHMRKXLITLSRILSVM^SRXEPP]
TSMRXXLIPIRWXS[EVHWXLI
WYFNIGXSJXLIZMHIS
8SYGLXLIWXEVXZMHISMGSR
6IG[MPPETTIEVEXXLIFSXXSQ
SJXLIZMI[JMRHIV[MXLEXMQIV
WLS[MRKXLIPIRKXLSJXLIZMHIS
8SYGLXLIWXSTZMHISMGSR
XSWXSTVIGSVHMRK
%JXIVWLSSXMRKEZMHIS
%WXMPPMQEKIVITVIWIRXMRK]SYV
ZMHIS[MPPETTIEVSRXLIWGVIIR
4PE]
8SYGLXSTPE]XLIZMHIS






7LEVI
8SYGLXSWLEVI]SYV
ZMHISEW&PYIXSSXL
)QEMP+QEMP
1IWWEKMRK1]%PFYQ
3RPMRISV=SY8YFI
238)
%HHMXMSREPGLEVKIWQE]
ETTP][LIR117QIWWEKIWEVI
YTPSEHIHERHSVHS[RPSEHIH
[LMPIVSEQMRK
6IREQI
8SYGLXSIHMXXLIREQI
SJXLIWIPIGXIHZMHIS
8SYGLXSHIPIXIXLIZMHIS]SY
NYWXQEHIERHGSRJMVQF]
XSYGLMRK=IW8LIZMI[JMRHIV
[MPPVIETTIEV
8SYGLXSWLSSXERSXLIVZMHIS
WXVEMKLXE[E]=SYVGYVVIRX
ZMHIS[MPPFIWEZIH
8SYGLXSZMI[XLIPEWXZMHIS
]SYVIGSVHIH
:MHISGEQIVE

9WMRKXLIEHZERGIH
WIXXMRKW
9WMRKXLIZMI[JMRHIVXSYGL XS
STIREPPXLIEHZERGIHSTXMSRW
%HNYWXXLIZMHISGEQIVEWIXXMRKW
F]WGVSPPMRKXLI[LIIP%JXIV
WIPIGXMRKXLISTXMSRXSYGLXLI
&EGOOI]
;LMXIFEPERGIi8LI[LMXI
FEPERGIIRWYVIWXLEX[LMXIEVIEW
MR]SYVZMHISEVIVIEPMWXMG8S
IREFPI]SYVGEQIVEXSEHNYWX
XLI[LMXIFEPERGIGSVVIGXP]
]SYQE]RIIHXSHIXIVQMRIXLI
PMKLXGSRHMXMSRW'LSSWIJVSQ
%YXS-RGERHIWGIRX7YRR]
*PYSVIWGIRXERH'PSYH]
'SPSVIJJIGXi'LSSWIEGSPSYV
XSRIXSYWIJSV]SYVRI[ZMHIS
:MHISUYEPMX]i'LSSWIJVSQ
7YTIVJMRI*MRIERH2SVQEP
%YHMSVIGSVHMRKi'LSSWI1YXI
XSVIGSVHEZMHIS[MXLSYXWSYRH
%YXSVIZMI[i-J]SYWIXXS3R
MX[MPPEYXSQEXMGEPP]WLS[]SYXLI
ZMHIS]SYLEZINYWXVIGSVHIH
6IWIXEPPXLIZMHISGEQIVE
WIXXMRKW
8SYGL[LIRIZIV]SY[ERX
XSORS[LS[XLMWJYRGXMSR
STIVEXIW8LMW[MPPTVSZMHI]SY
EUYMGOKYMHI
;EXGLMRK]SYVWEZIH
ZMHISW
-RXLIZMI[JMRHIVXSYGL
=SYVKEPPIV][MPPETTIEVSRXLI
WGVIIR
8SYGLEZMHISSRGIXSFVMRKMX
XSXLIJVSRXSJXLIKEPPIV]-X[MPP
WXEVXXSTPE]EYXSQEXMGEPP]
%HNYWXMRKXLIZSPYQI
[LIRZMI[MRKEZMHIS
8SEHNYWXXLIZSPYQISJEZMHIS
[LMPIMXMWTPE]MRKYWIXLIZSPYQI
OI]WSRXLIVMKLXWMHISJXLI
TLSRI




1YPXMQIHME
+EPPIV]
=SYGERWXSVIER]QYPXMQIHME
JMPIWSR]SYVTLSRItWQIQSV]XLEX
[MPPFIHMWTPE]IHMR]SYV+EPPIV]
WSXLEX]SYLEZIIEW]EGGIWWXS
EPPSJ]SYVTMGXYVIWERHZMHISW
=SYGEREPWSWEZI]SYVJMPIWXS
]SYVI\XIVREPQIQSV]GEVH8LI
EHZERXEKISJYWMRKEQIQSV]GEVH
MWXLEX]SYGERJVIIYTWTEGISR
]SYVTLSRIQIQSV]
8SYGL%TTPMGEXMSRWXEFXLIR
WIPIGX+EPPIV]
8SGLERKILS[XLI
GSRXIRXWSJEREPFYQEVI
HMWTPE]IH
=SYGERZMI[XLIMQEKIWERH
ZMHISWMR]SYVEPFYQWMRE
GLVSRSPSKMGEPKVMHSVMRWXEGOW
WSVXIHF]XLIHEXIERHXLIPSGEXMSR
[LIVIXLI][IVIXEOIR9WIXLI
%PFYQ:MI[W[MXGL EXXLI
XSTVMKLXSJXLIWGVIIRXSW[MXGL
FIX[IIRKVMHERHWXEGOZMI[
(VEKXLI%PFYQ:MI[
W[MXGLXSXLIPIJXXSZMI[
XLIEPFYQGSRXIRXWMRE
GLVSRSPSKMGEPKVMH
(VEKXLI%PFYQ:MI[
W[MXGLXSXLIVMKLXXSZMI[
XLIGSRXIRXWSJXLIEPFYQ
MRWXEGOW
9WMRK7QEVX7LEVI
7QEVX7LEVITVSZMHIW]SYEFIXXIV
[E]XSIRNS]QYPXMQIHMEGSRXIRXW
[MXLSXLIV(02%(MKMXEP0MZMRK
2IX[SVO%PPMERGIIREFPIHHIZMGIW
7LEVI]SYVQIHMEGSRXIRXW
XSSXLIV(02%HIZMGIW
(17
3RXLILSQIWGVIIRXSYGL
XLI%TTPMGEXMSRWXEFERHWIPIGX
7IXXMRKW
7IPIGX;MVIPIWWRIX[SVOWERH
7QEVX7LEVIWIXXMRKW



8SYGLXLI7QEVX7LEVI
GLIGOFS\XSXYVRSR
=SYGERGLERKI]SYVHIZMGI
REQIMGSRERHWIPIGXXLI
WLEVMRKGSRXIRXX]TIW
0IX]SYVVIRHIVIVHIZMGI
IK8:TPE]QYPXMQIHME
GSRXIRXWJVSQVIQSXIGSRXIRX
PMFVEV]IK4'
8SYGLXLIXSTVMKLXFYXXSRXS
WIPIGXXLIHIZMGIJVSQVIRHIVIV
PMWXW
8SYGLXLIXSTPIJXFYXXSR
ERHWIPIGXSRISJXLIVIQSXI
GSRXIRXPMFVEV]
=SYGERFVS[WIXLIVIQSXI
GSRXIRXPMFVEV]
0SRKXSYGLEGSRXIRXXLYQFREMP
ERHJPMGOXLIQXSXLIXSTEVIE
F]]SYVJMRKIVSVXSYGLTPE]
FYXXSR
2SXMGI'LIGOXLEX]SYVHIZMGI
MWGSRRIGXIH[MXL]SYVLSQI






RIX[SVOYWMRK;M*MGSRRIGXMSRXS
YWIXLMWETTPMGEXMSR
2SXMGI7SQI(02%IREFPIH
HIZMGIIK8:WYTTSVXWSRP]
(14JIEXYVISJ(02%[MPPRSX
ETTIEVMRXLIVIRHIVIVHIZMGIPMWXW
1YWMG
=SYV0+4FLEWEFYMPXMR
QYWMGTPE]IVXLEXPIXW]SYTPE]EPP
]SYVJEZSYVMXIXVEGOW8SEGGIWW
XLIQYWMGTPE]IVXSYGL1YWMG
4PE]MRKEWSRK
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
1YWMG
8SYGL7SRKW
7IPIGXXLIWSRK]SY[ERXXS
TPE]
8SYGL XSTEYWIXLIWSRK
8SYGL XSWOMTXSXLIRI\X
WSRK






8SYGL XSKSFEGOXSXLI
JMVWXTEVXSJXLIWSRK8SYGL
X[MGIXSKSFEGOXSXLI
TVIZMSYWWSRK
8SGLERKIXLIZSPYQI[LMPI
PMWXIRMRKXSQYWMGXSYGLXLIYT
ERHHS[RZSPYQIOI]WSRXLI
VMKLXWMHISJXLITLSRI
8SYGLERHLSPHER]WSRKMRXLI
PMWX-X[MPPHMWTPE]4PE]%HHXS
TPE]PMWX9WIEWTLSRIVMRKXSRI
(IPIXI(IXEMPW7LEVIERH
7IEVGL

238)
1YWMGwPIGST]VMKLXW
QE]FITVSXIGXIHF]
MRXIVREXMSREPGSRXVEGXWERH
REXMSREPGST]VMKLXPE[W
8LIVIJSVIMXQE]FIRIGIWWEV]
XSSFXEMRTIVQMWWMSRSVE
PMGIRGIXSVITVSHYGISVGST]
QYWMG-RWSQIGSYRXVMIW
REXMSREPPE[WTVSLMFMXTVMZEXI
GST]MRKSJGST]VMKLXIH
QEXIVMEP&IJSVIHS[RPSEHMRK
SVGST]MRKXLIwPITPIEWI
GLIGOXLIREXMSREPPE[WSJXLI
VIPIZERXGSYRXV]GSRGIVRMRK
XLIYWISJWYGLQEXIVMEP
9WMRKXLIVEHMS
=SYV0+4FLEWEFYMPXMR*1
VEHMSWS]SYGERXYRIMRXS]SYV
JEZSYVMXIWXEXMSRWERHPMWXIRMX
238)
=SYQYWXEXXEGL]SYV
LIEHTLSRIXSPMWXIRXSXLIVEHMS
-RWIVXMXMRXSXLILIEHTLSRINEGO
1YPXMQIHME

7IEVGLMRKJSVWXEXMSRW
=SYGERXYRIMRXSVEHMSWXEXMSRW
F]WIEVGLMRKJSVXLIQQERYEPP]
SVEYXSQEXMGEPP]8LI][MPPXLIR
FIWEZIHXSWTIGMJMGGLERRIP
RYQFIVWWS]SYHSRtXLEZIXS
OIITVIXYRMRKMR
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
*1VEHMS
8SYGLXLI7GER*1VEHMS
7XEXMSRW
-JXLIVIEVITVIWIXGLERRIPW
]SY[MPPWIIETSTYT[MXL
%PPGLERRIPW[MPPFIVIWIX
'SRXMRYI#-J]SYGLSSWI3/
EPPXLITVIWIXGLERRIPW[MPPFI
HIPIXIHERHEYXSWGER[MPPWXEVX
(YVMRKEYXSWGERRMRKXSYGL
7XSTWGERRMRKMJ]SY[ERXXS
WXSTWGERRMRK3RP]GLERRIPW
WGERRIHFIJSVI]SYWXST[MPP
FIWEZIH




238)
=SYGEREPWSQERYEPP]XYRI
MRXSEWXEXMSRYWMRKXLIHMWTPE]IH
[LIIP
0MWXIRMRKXSXLIVEHMS
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
*1VEHMS
8SYGLXLIGLERRIPPMWXSJXLI
WXEXMSR]SY[ERXXSPMWXIRXS
8SYGL MGSR=SYGERPMWXIR
XSXLIVEHMSZMEFYMPXMRWTIEOIV
8VERWJIVVMRKJMPIWYWMRK
97&QEWWWXSVEKI
HIZMGIW
8SXVERWJIVJMPIWYWMRK97&
HIZMGIW
'SRRIGXXLI0+4FXSE4'
YWMRKE97&GEFPI
-J]SYLEZIRSXMRWXEPPIH0+
%RHVSMH4PEXJSVQ(VMZIVSR]SYV
4']SY[MPPRIIHXSGLERKI






WIXXMRKWQERYEPP]'LSSWI
7IXXMRKW"7XSVEKI"EGXMZEXI
1EWWWXSVEKISRP]
8SYGL8YVRSR97&WXSVEKI
=SYGERZMI[XLIQEWWWXSVEKI
GSRXIRXWSR]SYV4'ERH
XVERWJIVXLIJMPIW
238)
-J]SYMRWXEPPIH0+%RHVSMH
4PEXJSVQ(VMZIV]SY[MPPWII
TSTYT[MXL8YVRSR97&
WXSVEKIMQQIHMEXIP]
%JXIVYWMRK97&QEWW
WXSVEKIJYRGXMSRMJ]SY[ERX
XSW]RGLVSRMWI]SYVTLSRI
[MXL]SYV4'YWMRKXLI0+
4'WYMXI]SYRIIHXSXSYGL
7IXXMRKW"7XSVEKI
XLIR
XSYGLXLIXMGOXSXYVRSJJ
1EWW
WXSVEKISRP]
QSHI
,S[XSWEZIQYWMGZMHIS
JMPIWXS]SYVTLSRI
'SRRIGX]SYVTLSRIXSXLI4'
YWMRKXLI97&GEFPI


d
d

8SYGLERHHVEKHS[RXLIWXEXYW
FEVSRXLILSQIWGVIIR7IPIGX
97&GSRRIGXIH"8YVRSR
97&WXSVEKI"3TIRJSPHIVXS
ZMI[JMPIW
-J]SYLEZIRSXMRWXEPPIH0+
%RHVSMH4PEXJSVQ(VMZIVSR
]SYV4']SY[MPPRIIHXSWIXMX
QERYEPP]*SVQSVIMRJSVQEXMSR
VIJIVXS8VERWJIVVMRKJMPIWYWMRK
97&QEWWWXSVEKIHIZMGIW
7EZIQYWMGSVZMHISJMPIW
JVSQ]SYV4'XSXLITLSRIW
VIQSZEFPIWXSVEKI
=SYQE]GST]SVQSZIJMPIW
JVSQ]SYV4'XSXLITLSRIW
VIQSZEFPIWXSVEKIYWMRKEGEVH
VIEHIV9WMRK(EXEGEFPI97&
1EWWWXSVEKIEPWS]SYGER
GST]SVQSZIJMPIWJVSQ]SYV4'
-JXLIVIMWEZMHISJMPI[MXLE
WYFXMXPIJMPIWVXJMPI[MXLXLI
WEQIREQIEWXLIZMHISJMPI
TPEGIXLIQMRXLIWEQIJSPHIVXS
d
d

d
d
1YPXMQIHME

HMWTPE]XLIWYFXMXPIEYXSQEXMGEPP]
[LIRTPE]MRKXLIZMHISJMPI
;LIRHS[RPSEHMRKQYWMGSV
ZMHISJMPIWGST]VMKLXQYWX
FIWIGYVIH4PIEWIRSXIXLEX
EGSVVYTXIHJMPISVJMPI[MXLE
[VSRKI\XIRWMSRQE]GEYWI
HEQEKIXS]SYVTLSRI
,S[XSQSZIGSRXEGXW
JVSQ]SYVSPHTLSRIXS
]SYVGYVVIRXTLSRI
)\TSVX]SYVGSRXEGXWEWE
'7:JMPIJVSQ]SYVSPHTLSRI
XS]SYV4'YWMRKE4'W]RG
TVSKVEQ
6YRXLITVSKVEQERHGSRRIGX
]SYV%RHVSMHQSFMPITLSRI
XSXLI4'YWMRKE97&GEFPI
7IPIGXXLI'SRXEGXWMGSR+S
XS1IRY"*MPI"-QTSVXERH
WIPIGXXLI'7:JMPIWEZIHMRXLI
4'-JXLIJMIPHWMRXLIMQTSVXIH
'7:JMPIEVIHMJJIVIRXJVSQXLI
d

SRIWMR4'7]RGJSV%RHVSMH
]SYRIIHXSQETXLIJMIPHW
%JXIVQETTMRKXLIJMIPHWGPMGO
3/8LIRXLIGSRXEGXWEVI
EHHIHMR4'7]RGJSV%RHVSMH
GPMGO7]RGSV7]RGGSRXEGXW
XSW]RGLVSRMWIXLIGSRXEGXW
WEZIHMRXLI4'XS]SYVTLSRI
ERHWEZIXLIQ
,S[XSWIRHHEXEJVSQ
]SYVTLSRIZME&PYIXSSXL
=SYGERWIRHHEXEZME&PYIXSSXL
F]VYRRMRKEGSVVIWTSRHMRK
ETTPMGEXMSRVEXLIVXLERJVSQXLI
&PYIXSSXLQIRYEW[MXLRSVQEP
QSFMPITLSRIW
7IRHMRKTMGXYVIW6YRXLI
+EPPIV]ETTPMGEXMSRERHWIPIGX
4MGXYVI"1IRY'PMGO7LEVI
ERHWIPIGX&PYIXSSXL"'LIGO
-J&PYIXSSXLMWXYVRIHSRERH
WIPIGX7GERJSVHIZMGIW"
'LSSWIXLIHIZMGI]SY[ERXXS
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d
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WIRHHEXEJVSQXLIPMWX
)\TSVXMRKGSRXEGXW6YRXLI
'SRXEGXWETTPMGEXMSR8SYGLXLI
EHHVIWW]SY[ERXXSI\TSVXXS
8SYGLXLI1IRYOI]ERHWIPIGX
7LEVI"&PYIXSSXL"'LIGO
-J&PYIXSSXLMWXYVRIHSRERH
WIPIGX7GERJSVHIZMGIW"
'LSSWIXLIHIZMGI]SY[ERXXS
WIRHHEXEJVSQXLIPMWX
7IRHMRKQYPXMWIPIGXIH
GSRXEGXW6YRXLI'SRXEGXW
ETTPMGEXMSR8SWIPIGXQSVIXLER
SRIGSRXEGXXSYGLXLI1IRY
OI]ERHXSYGL7LEVI7IPIGX
XLIGSRXEGXW]SY[ERXXSWIRH
SV7IPIGXEPPSTXMSRJVSQXST"
7IPIGX7LEVI"&PYIXSSXL"
)REFPIXLI&PYIXSSXLXMGOFS\
ERHWIPIGX7GERJSVHIZMGIW"
'LSSWIXLIHIZMGI]SY[ERXXS
WIRHHEXEJVSQXLIPMWX
'SRRIGXMRKXS*843RP]XLI
*84WIVZIVMWWYTTSVXIHSR
d
d
d
XLMWLERHWIX+SXS7IXXMRKW
";MVIPIWWRIX[SVOW"
&PYIXSSXLWIXXMRKW8LIR
WIPIGXXLI(MWGSZIVEFPIXMGOFS\
ERHWIEVGLJSVSXLIVHIZMGIW
*MRHXLIWIVZMGI]SY[ERXERH
GSRRIGXXSXLI*84WIVZIV
238)-J]SY[ERXXSWIEVGLJSV
XLMWTLSRIJVSQSXLIVHIZMGIW
KSXS7IXXMRKW";MVIPIWW
RIX[SVOW"&PYIXSSXLWIXXMRKW
8LIRWIPIGXXLI(MWGSZIVEFPI
XMGOFS\8LIXMGOFS\MWGPIEVIH
EJXIVWIGSRHW
238)7YTTSVXIHTVSwPIWEVI
7(%4,*4,743444&%4
WIVZIV*84WIVZIV%(4ERH
%:6'4
1YPXMQIHME

*MVWXWIXYTE+SSKPIEGGSYRX
)RXIV]SYVYWIVREQIERH
TEWW[SVH
%JXIVWMKRMRKMR]SYVGSRXEGXW
IQEMPERHGEPIRHEVMR
]SYV+SSKPIEGGSYRX[MPP
EYXSQEXMGEPP]W]RGLVSRMWI[MXL
]SYV0+4F
+SSKPI1ETWv
'LIGO]SYVGYVVIRXPSGEXMSRERH
XVEJJMGERHVIGIMZIHMVIGXMSRWXS
]SYVHIWXMREXMSR=SYVTLSRI
QYWXFIGSRRIGXIHXS;M*MSV
++467
238)+SSKPI1ETWHSIWRSX
GSZIVEPPGMXMIWERHGSYRXVMIW
;MXLXLI1IRYOI]]SYGER
WIPIGXSTXMSRWWYGLEW7IEVGL
(MVIGXMSRW7XEVVIH4PEGIW'PIEV
1ET0EXMXYHIERHWSSR

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1EVOIXv
%RHVSMH1EVOIXPIXW]SYHS[RPSEH
YWIJYPETTPMGEXMSRWERHKEQIW-J
]SYMRWXEPPETTPMGEXMSRWERHKEQIW
JVSQ%RHVSMH1EVOIXXLI]ETTIEV
MRXLI0+4FQIRY=SYGER
GLIGOHS[RPSEHIHETTPMGEXMSRWSR
(S[RPSEHWXEF
=SYGERGLIGOSXLIVWGSQQIRXW
VIKEVHMRKERETTPMGEXMSRSV]SY
GERTSWX]SYVS[RGSQQIRXW
+QEMPv
+QEMPMWGSRJMKYVIH[LIR]SYJMVWX
WIXYT]SYVTLSRI(ITIRHMRK
SR]SYVW]RGLVSRMWEXMSR
WIXXMRKW+QEMPMWEYXSQEXMGEPP]
W]RGLVSRMWIHSR]SYVTLSRI[MXL
]SYV+SSKPIEGGSYRXSRXLI[IF
8LIMRFS\GSRZIVWEXMSRWPMWXMW]SYV
HIJEYPX+QEMPZMI[
8SYGLXLI1IRYOI]XLIRXSYGL
6IJVIWLXSWIRHSVVIGIMZIRI[
+SSKPIETTPMGEXMSRW

IQEMPWERHXSW]RGLVSRMWI]SYV
IQEMPW[MXL]SYV+SSKPIEGGSYRX
SRXLI[IF;MXLXLI1IRYOI]
]SYGERGSQTSWIERIQEMPEHH
EGGSYRXWKSXSPEFIPWWIEVGL
ERHWSSR
+SSKPI8EPOv
+SSKPI8EPOMW+SSKPItWMRWXERX
QIWWEKMRKTVSKVEQ-XPIXW]SY
GSQQYRMGEXI[MXLSXLIVTISTPI
[LSEPWSYWI+SSKPI8EPO
8SYGLXLI1IRYOI]ERHXMGO
EZEMPEFPISTXMSRWEWFIPS[%PP
JVMIRHW%HHJVMIRH7IEVGL7MKR
SYX7IXXMRKWERHWSSR
+SSKPI7IEVGL
8SYGLXLI1IRYOI]XLIRXSYGL
7IEVGLERHEKEMRXSYGLXLIQIRY
OI]ERHXSYGLWIEVGLWIXXMRKWXS
GSRJMKYVI+SSKPIWIEVGLMRGPYHMRK
WIXXMRK[LMGLHEXESR]SYVTLSRI
]SY[ERXXSFIEFPIXSWIEVGL
;IF"
8SYGL+SSKPIWIEVGLXSEHNYWX
+SSKPIWIEVGLWIXXMRKW
7LS[[IFWYKKIWXMSRWi8MGO
XSHMWTPE]WYKKIWXMSRWJSV+SSKPI
[IFWIEVGLIWFIPS[XLI+SSKPI
WIEVGLFS\EW]SYX]TI
9WI1]0SGEXMSRi8MGOXS
MRGPYHI]SYVPSGEXMSR[LIRYWMRK
+SSKPIWIEVGLERHSXLIV+SSKPI
WIVZMGIW;LIR]SYXMGOXLMW
STXMSR]SYEVIEWOIH[LIXLIV]SY
GSRWIRXXSEPPS[MRK+SSKPIXSYWI
]SYVPSGEXMSR[LIRTVSZMHMRKXLIWI
WIVZMGIW
7IEVGLLMWXSV]i8MGOXSYWI
WYKKIWXMSRWJVSQ[IFFEWIH
+SSKPIWIEVGLLMWXSV]JVSQ]SYV
+SSKPIEGGSYRX
1EREKIWIEVGLLMWXSV]i
3TIRWFVS[WIV[MXLE[IF
FEWIHMRXIVJEGIJSVZMI[MRKERH
QEREKMRKXLI[IFWIEVGLLMWXSV]
EWWSGMEXIH[MXL]SYV+SSKPI
+SSKPIETTPMGEXMSRW

EGGSYRX
4LSRI"
7IEVGLEFPIMXIQWi3TIRW
WGVIIR[LIVI]SYGERXMGOERHYR
XMGOXLIOMRHWSJHEXE]SYEVIEFPI
XSWIEVGLJSVSR]SYVTLSRI
'PIEVWLSVXGYXWi)VEWIWXLI
PMWXSJTVIZMSYWP]GLSWIRWIEVGL
VIWYPXWXLEXETTIEVEWWYKKIWXMSRW
FIPS[XLI+SSKPIWIEVGLFS\
=SY8YF Iv
=SY8YFIMWEJVII[IFWMXI[LIVI
]SYGER[EXGLSVYTPSEHZMHISW
238)=SYGEREGGIWW=SY8YFI
[MXL]SYV+SSKPIEGGSYRXFYX]SY
RIIHE=SY8YFIEGGSYRXJSVWSQI
WIVZMGIWWYGLEWZMHISYTPSEHMRK

7IXXMRK]SYVEPEVQ
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
%PEVQ'PSGO
-J]SY[ERXXSEHHERI[EPEVQ
XSYGL%HHEPEVQ
7IXXLIXMQIERHVITIEXEPEVQ
XSRI=SYGEREPWSXSYGL
XSWIXZMFVEXI[IEXLIVMRJS
ERHEHHEQIQSXSREQIXLI
EPEVQ
8SYGL7EZIXSXYVRSRXLI
EPEVQ
238)8SGLERKIEPEVQWIXXMRKW
SREPEVQPMWXWGVIIRXSYGLXLI
1IRYOI]ERHWIPIGX7IXXMRKW
=SYGEREHNYWXXLIFIPS[STXMSRW
%PEVQMRWMPIRXQSHI7MHI
FYXXSRFILEZMSV%PEVQZSPYQI
7IXHIJEYPXVMRKXSRIERH
;IEXLIVMRJSWIXXMRKW




9WMRK]SYVGEPGYPEXSV
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
'EPGYPEXSV
8SYGLXLIRYQFIVOI]WXSIRXIV
RYQFIVW
*SVWMQTPIGEPGYPEXMSRWXSYGL
XLIJYRGXMSR]SY[ERXi\
SVÛJSPPS[IHF]!
*SVQSVIGSQTPI\GEPGYPEXMSRW
XSYGL1IRY"%HZERGIHTERIP
XLIRGLSSWIWMRGSWXERPSK
ERHWSSR
%HHMRKERIZIRXXS]SYV
GEPIRHEV
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
'EPIRHEV
8SGLIGOXLIIZIRXXSYGLXLI
HEXI8SYGLERHLSPHMJ]SY
[ERXXSEHHERI[IZIRXXLIR
XSYGL2I[IZIRX






9XMPMXMIW

8SYGL;LEXXLIRIRXIVXLI
IZIRXREQI'LIGOXLIHEXI
ERHIRXIVXLIXMQI]SY[ERX
]SYVIZIRXXSFIKMRERHJMRMWL
%PWSXSYGL;LIVIXLIRIRXIV
XLIPSGEXMSR
-J]SY[SYPHPMOIXSEHHE
RSXIXS]SYVIZIRXXSYGL
(IWGVMTXMSRERHIRXIVXLI
HIXEMPW
-J]SY[ERXXSVITIEXXLI
EPEVQWIX6ITIXMXMSRERHWIX
6IQMRHIVWMJRIGIWWEV]
8SYGL(SRIXSWEZIXLIIZIRX
MRXLIGEPIRHEV
:SMGIVIGSVHIV
9WIXLIZSMGIVIGSVHIVXSVIGSVH
ZSMGIQIQSWSVSXLIVEYHMSJMPIW
6IGSVHMRKEWSYRHSV
ZSMGI
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
:SMGI6IGSVHIV






8SYGL 6IGSVHXSFIKMR
VIGSVHMRK
8SYGL 7XSTXSIRH
VIGSVHMRK
8SYGL 4PE]XSPMWXIRXSXLI
VIGSVHMRK
238)8SYGL0MWXXSEGGIWW]SYV
EPFYQ=SYGERPMWXIRXSXLIWEZIH
VIGSVHMRK
2SXMGI8LIEZEMPEFPIVIGSVHMRK
XMQIQE]HMJJIVJVSQXLIVIEPXMQI
7IRHMRKXLIZSMGI
VIGSVHMRK
3RGI]SYLEZIJMRMWLIH
VIGSVHMRK]SYGERWIRHXLI
EYHMSGPMTF]XSYGLMRK7LEVI
'LSSWIJVSQ&PYIXSSXL
)QEMP+QEMPERH1IWWEKMRK
;LIR]SYWIPIGX)QEMP+QEMP
ERH1IWWEKMRKXLIZSMGI
VIGSVHMRK[MPPFIEHHIHXSXLI
QIWWEKIXLEX]SY[VMXIERH
WIRHMXRSVQEPP]






&VS[WIV
&VS[WIVKMZIW]SYEJEWXJYPP
GSPSYV[SVPHSJKEQIWQYWMG
RI[WWTSVXWIRXIVXEMRQIRXERH
QYGLQSVIVMKLXSR]SYVQSFMPI
TLSRI;LIVIZIV]SYEVIERH
[LEXIZIV]SYtVIMRXS
238)%HHMXMSREPGLEVKIW
ETTP][LIRGSRRIGXMRKXSXLIWI
WIVZMGIWERHHS[RPSEHMRK
GSRXIRX'LIGOHEXEGLEVKIW[MXL
]SYVRIX[SVOTVSZMHIV
9WMRKSTXMSRW
8SYGLXLI1IRYOI]XSZMI[
STXMSRW
6IEHMXPEXIVi%HHXLI
GYVVIRX[IFTEKIEWE
FSSOQEVO
%HH677JIIHi%HHXLI
GYVVIRX[IFTEKIXSXLI677
JIIH
7LEVITEKIi%PPS[W]SY
XSWLEVIXLI[IFTEKI[MXL
SXLIVW
*MRHSRTEKIi%PPS[W]SY
XSJMRHPIXXIVWSV[SVHWSRXLI
GYVVIRX[IFTEKI
7IPIGXXI\Xi%PPS[W]SYXS
GST]ER]XI\XJVSQXLI[IF
TEKI
1SVI
,SQITEKI+SXSXLILSQI
TEKI
7IXLSQITEKI7IXXLIGYVVIRX
[IFTEKIEWXLILSQITEKI
%HHWLSVXGYXXS,SQI%HHXLI
WLSVXGYXSJXLIGYVVIRX[IFTEKI
XSXLILSQIWGVIIR
4EKIMRJS(MWTPE]WXLI[IF
TEKIMRJSVQEXMSR
7LEVITEKI%PPS[W]SYXS
WLEVIXLI[IFTEKI[MXLSXLIVW
(S[RPSEHW(MWTPE]W]SYV
HS[RPSEHLMWXSV]
238)8SVIXYVRXLITVIZMSYW
TEKIXSYGLXLI&EGOOI]
d
d
d
d
d
d
8LI;IF

3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFXLIRWGVSPPERH
XSYGL7IXXMRKW
;MVIPIWWRIX[SVOW
,IVI]SYGERQEREKI;M*MERH
&PYIXSSXL=SYGEREPWSWIXQSFMPI
RIX[SVOWEMVTPERIQSHI
%MVTPERIQSHIi%JXIVWIXXMRK
%MVTPERIQSHIEPP[MVIPIWW
GSRRIGXMSRW[MPPFIHMWEFPIH
;M*Mi8SYGLXSXMGO8LMWXYVRW
SR;M*MXSGSRRIGXXSEZEMPEFPI
;M*MRIX[SVOW
;M*MWIXXMRKWi%PPS[W]SYXSWIX
YTERHQEREKI[MVIPIWWEGGIWW
TSMRXW7IXRIX[SVORSXMJMGEXMSR
SVEHHE;M*MRIX[SVO8LI
EHZERGIH;M*MWIXXMRKWWGVIIRMW
EGGIWWIHJVSQXLI;M*MWIXXMRKW
WGVIIR8SYGLXLI1IRYOI]ERH
XSYGL%HZERGIH
8-4,S[XSSFXEMRXLI
1%'EHHVIWW
8SWIXYTEGSRRIGXMSRMR
WSQI[MVIPIWWRIX[SVOW[MXL
1%'wPXIVW]SYQE]RIIHXS
IRXIVXLI1%'EHHVIWWSJ]SYV
0+4FMRXSXLIVSYXIV
=SYGERwRHXLI1%'EHHVIWW
MRXLIJSPPS[MRKYWIVMRXIVJEGI
8SYGL%TTPMGEXMSR"7IXXMRKW
";MVIPIWWRIX[SVOW"
;M*MWIXXMRKWERHXSYGL
XLI1IRYOI]8LIRWIPIGX
%HZERGIH"1%'%HHVIWW
&PYIXSSXLi8SYGLXSXMGO8LMW
XYVRWSR&PYIXSSXLXSGSRRIGXXS
&PYIXSSXLHIZMGIW
&PYIXSSXLWIXXMRKWi7IXHIZMGI
REQIHMWGSZIVEFPIQSHIWGER
JSVSXLIVHIZMGIW3VGLIGOEPMWX
SJ&PYIXSSXLHIZMGIWXLEX]SYtZI
TVIZMSYWP]GSRJMKYVIHERHXLSWI
HIXIGXIH[LIRXLITLSRIPEWX
WGERRIHJSV&PYIXSSXLHIZMGIW
7IXXMRKW

8IXLIVMRK;M*MWLEVMRKi
=SYGERGSRJMKYVIXLIWIXXMRKWSJ
97&XIXLIVMRKERHTSVXEFPI;M*M
LSXWTSX
:42WIXXMRKWi(MWTPE]WXLIPMWX
SJ:MVXYEP4VMZEXI2IX[SVOW:42W
XLEX]SYtZITVIZMSYWP]GSRJMKYVIH
%PPS[W]SYXSEHHHMJJIVIRXX]TIW
SJ:42W
1SFMPIRIX[SVOWIXXMRKWi7IX
STXMSRWJSVHEXEVSEQMRKRIX[SVO
QSHISTIVEXSVWEGGIWWTSMRX
REQIW%42WERHWSSR
3R7GVIIR4LSRIWIXXMRKWi
%PPS[W]SYXSGLERKIXLI3R
7GVIIR4LSRITEWW[SVHXLI
HIJEYPXTEWW[SVHMW
3R7GVIIR4LSRIEPPS[W]SYXS
ZMI[]SYVQSFMPITLSRIWGVIIR
JVSQE4'ZMEE97&SV&PYIXSSXL
GSRRIGXMSR=SYGEREPWSGSRXVSP
]SYVQSFMPITLSRIJVSQ]SYV4'
YWMRKXLIQSYWISVOI]FSEVH
7SYRH
+IRIVEP"
7MPIRXQSHIi%PPS[W]SYXS
WMPIRGIEPPWSYRHWMRGPYHMRKGEPP
ERHRSXMJMGEXMSRVMRKXSRIWI\GITX
XLIEYHMSJVSQQYWMGZMHISWERH
ER]EPEVQW]SYLEZIWIX=SYQYWX
WMPIRGIQIHMEERHEPEVQWMRXLIMV
S[RETTPMGEXMSRW
:MFVEXIi%PPS[W]SYXSWIX]SYV
TLSRIXSZMFVEXI[LIR]SYVIGIMZI
ERMRGSQMRKGEPP
:SPYQIi%PPS[W]SYXSWIXXLI
ZSPYQIJSVVMRKXSRIWQIHMEERH
EPEVQW-J]SYYRGLIGOXLISTXMSR
XSYWIMRGSQMRKGEPPZSPYQIJSV
RSXJMGEXMSRW]SYGERWIXFSXL
ZSPYQIWJSVMRGSQMRKGEPPERH
RSXMJMGEXMSRWITEVEXIP]
-RGSQMRKGEPPW"
4LSRIVMRKXSRIi%PPS[W]SY
XSWIX]SYVHIJEYPXMRGSQMRKGEPP
VMRKXSRI
7IXXMRKW

2SXMJMGEXMSRW"
2SXMJMGEXMSRVMRKXSRIi%PPS[W
]SYXSWIX]SYVHIJEYPXRSXMJMGEXMSR
VMRKXSRI
*IIHFEGO"
%YHMFPIXSYGLXSRIWi%PPS[W
]SYXSWIXXLITLSRIXSTPE]XSRIW
[LIRYWMRKXLIHMEPOI]TEHXSHMEP
RYQFIVW
%YHMFPIWIPIGXMSRi%PPS[W]SY
XSWIX]SYVTLSRIXSTPE]EWSYRH
[LIR]SYXSYGLFYXXSRWMGSRW
ERHSXLIVSRWGVIIRMXIQWXLEX
VIEGXXS]SYVXSYGL
7GVIIRPSGOWSYRHWi%PPS[W]SY
XSWIX]SYVTLSRIXSTPE]EWSYRH
[LIRPSGOMRKERHYRPSGOMRKXLI
WGVIIR
,ETXMGJIIHFEGOi%PPS[W]SYXS
WIX]SYVTLSRIXSZMFVEXIFVMIJP]
[LIR]SYXSYGLXLI1IRYOI]
&EGOOI]ERHTIVJSVQSXLIV
EGXMSRW
(MWTPE]
&VMKLXRIWWi%HNYWXXLI
FVMKLXRIWWSJXLIWGVIIR
%YXSVSXEXIWGVIIRi%PPS[W
]SYXSWIXXLISVMIRXEXMSRXS
EYXSQEXMGEPP]W[MXGLXSPERHWGETI
QSHISVTSVXVEMXQSHI[LIR
]SYXYVRXLITLSRIWMHI[E]WSV
YTVMKLX
%RMQEXMSRi%PPS[W]SYXS
WIXERMQEXIHXVERWMXMSRW[LIR
REZMKEXMRKJVSQWGVIIRXSWGVIIR
7GVIIRXMQISYXi%PPS[W]SYXS
EHNYWXXLIHIPE]XMQIFIJSVIXLI
WGVIIREYXSQEXMGEPP]XYVRWSJJ*SV
XLIFIWXFEXXIV]TIVJSVQERGIYWI
XLIWLSVXIWXGSRZIRMIRXXMQISYX
(MWTPE]JSRX'LERKIXLIHMWTPE]
JSRX
+IWXYVI
%HNYWXXLIKIWXYVIWIXXMRKWJSV
LSQIWGVIIRMRGSQMRKGEPPEPEVQ
KEPPIV]QYWMGERHZMHISTPE]IV

0SGEXMSRWIGYVMX]
1]0SGEXMSR"
9WI[MVIPIWWRIX[SVOWi-J]SY
XMGO9WI[MVIPIWWRIX[SVOW
]SYVTLSRI[MPPHIXIVQMRI]SYV
ETTVS\MQEXIPSGEXMSRF]YWMRK;M
*MERHQSFMPIRIX[SVOW
9WI+477EXIPPMXIWi-J]SYXMGO
9WI+47WEXIPPMXIW]SYVTLSRI
[MPPFIHIXIVQMRI]SYVPSGEXMSRXS
WXVIIXPIZIPEGGYVEG]
7GVIIRYRPSGO"
7IXYTWGVIIRPSGOi7IXYRPSGO
TEXXIVRXSWIGYVI]SYVTLSRI
3TIRWEWIXSJWGVIIRWXLEXKYMHI
]SYXLVSYKLHVE[MRKEWGVIIR
YRPSGOTEXXIVR=SYGERWIX4-2SV
4EWW[SVHMRWXIEHSJ4EXXIVRSV
PIEZIMXEW2SRI
8-48SPSGO]SYVWGVIIRF]
YWMRKXLI4EXXIVR0SGO
8LIJMVWXXMQI]SYHSXLMW
EWLSVXXYXSVMEPEFSYX
GVIEXMRKERYRPSGOTEXXIVR
ETTIEVW
=SYEVITVSQTXIHXS
HVE[ERHVIHVE[]SYV
S[RTEXXIVR
8LIRI\XXMQI]SYXYVR
SR]SYVTLSRISV[EOI
YTXLIWGVIIR=SY[MPPFI
TVSQTXIHXSHVE[]SYV
YRPSGOTEXXIVRXSYRPSGO
XLIWGVIIR


7-1GEVHPSGO"
7IXYT7-1GEVHPSGOi7IXYT
7-1GEVHPSGOSVGLERKI7-14-2
4EWW[SVHW"
:MWMFPITEWW[SVHWi7IPIGXXS
WLS[TEWW[SVHWEW]SYX]TIXLIQ
SVHIWIPIGXXSLMHITEWW[SVHWEW
]SYX]TIXLIQ
7IXXMRKW

(IZMGIEHQMRMWXVEXMSR"
7IPIGXHIZMGIEHQMRMWXVEXSVWi
%HHSVVIQSZIHIZMGI
EHQMRMWXVEXSVW
'VIHIRXMEPWXSVEKI"
9WIWIGYVIGVIHIRXMEPWi8MGOXS
EPPS[ETTPMGEXMSRWXSEGGIWW]SYV
TLSRItWIRGV]TXIHWXSVISJWIGYVI
GIVXMJMGEXIWVIPEXIHTEWW[SVHW
ERHSXLIVGVIHIRXMEPW=SYYWI
GVIHIRXMEPWXSVEKIXSIWXEFPMWL
WSQIOMRHWSJ:42ERH;M*M
GSRRIGXMSRW-J]SYLEZIRSXWIXE
TEWW[SVHJSVGVIHIRXMEPWXSVEKI
XLMWWIXXMRKMWHMQQIH
-RWXEPPJVSQ7(GEVHi%PPS[W
]SYXSMRWXEPPIRGV]TXIHGIVXMJMGEXIW
JVSQEQMGVS7(GEVH
7IXTEWW[SVHi%PPS[W]SYXSWIX
SVGLERKIXLITEWW[SVHJSV]SYV
WIGYVIGVIHIRXMEPWXSVEKI=SYV
TEWW[SVHQYWXLEZIEXPIEWXIMKLX
GLEVEGXIVW
'PIEVWXSVEKIi(IPIXIWEPP
WIGYVIGIVXMJMGEXIWERHVIPEXIH
GVIHIRXMEPWERHIVEWIWXLIWIGYVI
WXSVEKITEWW[SVH
%TTPMGEXMSRW
9RORS[RWSYVGIWi4IVQMXW
MRWXEPPEXMSRSJETTPMGEXMSRWXLEX
]SYSFXEMRJVSQ[IFWMXIWIQEMPSV
SXLIVPSGEXMSRWSXLIVXLER%RHVSMH
1EVOIX
;%62-2+
8STVSXIGX]SYVTLSRIERH
TIVWSREPHEXESRP]HS[RPSEH
ETTPMGEXMSRWJVSQXVYWXIH
WSYVGIWWYGLEW%RHVSMH
1EVOIX
1EREKIETTPMGEXMSRWi1EREKI
ERHVIQSZIMRWXEPPIHETTPMGEXMSRW
6YRRMRKWIVZMGIWi%PPS[W]SYXS
ZMI[ERHGSRXVSPGYVVIRXP]VYRRMRK
WIVZMGIWERHETTPMGEXMSRW8LMW
STXMSRHMWTPE]W[LEXTVSGIWWIW

IEGLVYRRMRKWIVZMGIRIIHWERH
LS[QYGLQIQSV]MXMWYWMRK
(IZIPSTQIRXi%PPS[W]SY
XSWIXSTXMSRWJSVETTPMGEXMSR
HIZIPSTQIRXWYGLEW97&
HIFYKKMRK7XE]E[EOIERH
%PPS[QSGOPSGEXMSRW
%GGSYRXWW]RG
+IRIVEPW]RGWIXXMRKW"
&EGOKVSYRHHEXEi4IVQMXW
ETTPMGEXMSRWXSW]RGLVSRMWIHEXE
MRXLIFEGOKVSYRH[LIXLIVSVRSX
]SYEVIEGXMZIP][SVOMRKMRXLIQ
9RXMGOMRKXLMWWIXXMRKGERWEZI
FEXXIV]TS[IVERHPS[IVWFYX
HSIWRSXIPMQMREXIHEXEYWI
%YXSW]RGi4IVQMXWETTPMGEXMSRW
XSW]RGLVSRMWIWIRHERHVIGIMZI
HEXESRXLIMVS[RWGLIHYPI
1EREKIEGGSYRXW"
0MWXSJEPP+SSKPIEGGSYRXWERH
SXLIVEGGSYRXW]SYtZIEHHIHXS
]SYVTLSRI
-J]SYXSYGLEREGGSYRXMRXLMW
WGVIIRMXWEGGSYRXWGVIIRSTIRW
4VMZEG]
-J]SYWIPIGX*EGXSV]HEXEVIWIX
MX[MPPIVEWIEPPSJ]SYVTIVWSREP
HEXEJVSQMRXIVREPTLSRIWXSVEKI
MRGPYHMRKMRJSVQEXMSREFSYX
]SYV+SSKPIEGGSYRXER]SXLIV
EGGSYRXW]SYVW]WXIQETTPMGEXMSR
HEXEERHWIXXMRKWEW[IPPEWER]
HS[RPSEHIHETTPMGEXMSRWERH(61
PMGIRWI
6IWIXXMRKXLITLSRIHSIWRSX
IVEWIER]W]WXIQWSJX[EVI
YTHEXIW]SYLEZIHS[RPSEHIHSV
ER]JMPIWSR]SYVQMGVS7(GEVH
WYGLEWQYWMGSVTLSXSW-J]SY
VIWIXXLITLSRIMRXLMW[E]]SY
EVITVSQTXIHXSVIIRXIVXLIWEQI
7IXXMRKW

MRJSVQEXMSREW[LIR]SYJMVWX
WXEVXIH%RHVSMH
7XSVEKI
97&GSRRIGXMSRQSHI"
1EWWWXSVEKISRP]i=SYVTLSRI
GERFIYWIHEWEQEWWWXSVEKI
HIZMGIMJ]SYLEZIEQIQSV]GEVH
MRWIVXIH=SYGERWIXXLI1EWW
WXSVEKISRP]EWEHIJEYPXWIXXMRK
SJ97&GSRRIGXMSRQSHI
)\XIVREP7(GEVH"
'LIGOWXSXEPWTEGIERHEZEMPEFPI
WTEGI8SYGL9RQSYRX)\XIVREP
7(GEVHJSVWEJIVIQSZEP-J]SY
[ERXXSHIPIXIEPPHEXEJVSQXLI
I\XIVREPQMGVS7(GEVHXSYGL
*SVQEX)\XIVREP7(GEVHXS
JSVQEXMX
-RXIVREP7(GEVH"
'LIGOWXSXEPWTEGIERHEZEMPEFPI
WTEGI8SYGL9RQSYRX-RXIVREP
7(GEVHJSVWEJIVIQSZEP-J]SY
[ERXXSHIPIXIEPPHEXEJVSQXLI
MRXIVREPQMGVS7(XSYGL*SVQEX
-RXIVREP7(GEVHXSJSVQEXMX
7]WXIQ1IQSV]"
'LIGOWXLI%ZEMPEFPIWTEGI
0ERKYEKIOI]FSEVH
9WIXLI0ERKYEKIOI]FSEVH
WIXXMRKWXSWIPIGXXLIPERKYEKIERH
VIKMSRJSVXLIXI\XSR]SYVTLSRI
ERHJSVGSRJMKYVMRKXLISRWGVIIR
OI]FSEVHMRGPYHMRK[SVHWXLEX]SY
LEZIEHHIHXSXLIHMGXMSREV]
:SMGIMRTYXSYXTYX
:SMGIMRTYX"
:SMGIVIGSKRM^IVWIXXMRKWi
9WIXLI:SMGIVIGSKRM^IV
WIXXMRKWXSGSRJMKYVIXLI%RHVSMH
ZSMGIMRTYXJIEXYVI
0ERKYEKI3TIRWEWGVIIR
[LIVI]SYGERWIXXLIPERKYEKI
]SYYWI[LIRIRXIVMRKXI\XF]
WTIEOMRK
d

7EJI7IEVGL3TIRWEHMEPSK
[LIVI]SYGERWIX[LIXLIV]SY
[ERX+SSKPI7EJI7IEVGLJMPXIVXS
FPSGOWSQIVIWYPXW
&PSGOSJJIRWMZI[SVHW
;LIRYRXMGOIH+SSKPIZSMGI
VIGSKRMXMSR[MPPVIGSKRMWIERH
XVERWGVMFI[SVHWQER]TISTPI
GSRWMHIVSJJIRWMZI[LIR
]SYIRXIVXI\XF]WTIEOMRK
;LIRXMGOIH+SSKPIZSMGI
VIGSKRMXMSRVITPEGIWXLSWI
[SVHWMRXVERWGVMTXMSRW[MXLE
TPEGILSPHIVGSQTVMWIHSJLEWL
W]QFSPW
:SMGISYXTYX"
8I\XXSWTIIGLWIXXMRKWi
9WIXLI8I\XXSWTIIGLWIXXMRKW
XSGSRJMKYVIXLI%RHVSMHXI\XXS
WTIIGLW]RXLIWMWIVJSVETTPMGEXMSRW
XLEXGERXEOIEHZERXEKISJMX
238)-J]SYHSRtXLEZIWTIIGL
W]RXLIWMWIVHEXEMRWXEPPIHSRP]
XLI-RWXEPPZSMGIHEXEWIXXMRKMW
EZEMPEFPI
d
d
0MWXIRXSERI\EQTPI4PE]W
EFVMIJWEQTPISJXLIWTIIGL
W]RXLIWMWIVYWMRK]SYVGYVVIRX
WIXXMRKW
%P[E]WYWIQ]WIXXMRKW
'LIGOXSYWIXLIWIXXMRKWSR
XLMWWGVIIRMRTPEGISJWTIIGL
W]RXLIWMWIVWIXXMRKWEZEMPEFPIMR
SXLIVETTPMGEXMSRW
(IJEYPX)RKMRI3TIRWEHMEPSK
[LIVI]SYGERWIXXLIXI\XXS
WTIIGLETTPMGEXMSR]SY[ERXXS
YWIMJ]SYLEZIQSVIXLERSRI
MRWXEPPIH
-RWXEPPZSMGIHEXE-J]SYV
TLSRIHSIWRSXLEZIWTIIGL
W]RXLIWMWIVHEXEMRWXEPPIHXLMW
GSRRIGXWXS%RHVSMH1EVOIXERH
KYMHIW]SYXLVSYKLXLITVSGIWW
SJHS[RPSEHMRKERHMRWXEPPMRKXLI
HEXE8LMWWIXXMRKMWRSXEZEMPEFPI
MJXLIHEXEMWEPVIEH]MRWXEPPIH
7TIIGLVEXI3TIRWEHMEPSK
[LIVI]SYGERWIPIGXLS[
UYMGOP]]SY[ERXXLIW]RXLIWMWIV
d
d
d
d
d
7IXXMRKW

XSWTIEO
0ERKYEKI3TIRWEHMEPSK
[LIVI]SYGERWIPIGXXLI
PERKYEKISJXLIXI\X]SY
[ERXXLIW]RXLIWMWIVXSVIEH
8LMWMWTEVXMGYPEVP]YWIJYPMR
GSQFMREXMSR[MXL%P[E]WYWI
Q]WIXXMRKWXSIRWYVIXLEXXI\X
MWWTSOIRGSVVIGXP]MREZEVMIX]SJ
ETTPMGEXMSRW
4MGS887'SRJMKYVIXLI4MGS
887WIXXMRKW
%GGIWWMFMPMX]
9WIXLI%GGIWWMFMPMX]WIXXMRKWXS
GSRJMKYVIER]EGGIWWMFMPMX]TPYKMRW
]SYLEZIMRWXEPPIHSR]SYVTLSRI
238)6IUYMVIWEHHMXMSREPTPYK
MRWXSFIGSQIWIPIGXEFPI
(EXIXMQI
9WI(EXIXMQIWIXXMRKWXSWIX
]SYVVIJIVIRGIWJSVLS[HEXIWEVI
HMWTPE]IH=SYGEREPWSYWIXLIWI
d
d
WIXXMRKWXSWIX]SYVS[RXMQIERH
XMQI^SRIVEXLIVXLERSFXEMRMRK
XLIGYVVIRXXMQIJVSQXLIQSFMPI
RIX[SVO
%FSYXTLSRI
:MI[PIKEPMRJSVQEXMSRERHGLIGO
TLSRIWXEXYWERHWSJX[EVIZIVWMSR
;M*M
;MXL;M*M]SYGERYWILMKL
WTIIHMRXIVRIXEGGIWW[MXLMRXLI
GSZIVEKISJXLI[MVIPIWWEGGIWW
TSMRX%4
=SYGERIRNS][MVIPIWWMRXIVRIX
[MXL;M*M[MXLSYXI\XVEGLEVKIW
8YVRSR;M*M
*VSQXLILSQIWGVIIRSTIRXLI
RSXMJMGEXMSRHVE[IVERHXSYGL
SR
3VXSYGL%TTPMGEXMSR"7IXXMRKW
";MVIPIWWRIX[SVOWXLIR
XYVR;M*MSR

8SGSRRIGXXS;M*M
'LSSWI;M*MRIX[SVO]SY[ERX
XSGSRRIGXXS-J]SYWII
]SYRIIHXSIRXIVTEWW[SVHXS
GSRRIGX
238)
-J]SYEVISYXSJ;M*MEVIE
ERHGLSSWI+GSRRIGXMSR
EHHMXMSREPGLEVKIWQE]FI
ETTPMIH
-J]SYVTLSRIGLERKIWXS
WPIITQSHIIZIR[LIR
GSRRIGXIHXS;M*MXLI;M*M
GSRRIGXMSR[MPPFIHMWEFPIH
EYXSQEXMGEPP]MR[LMGLGEWIMJ
]SYVTLSRILEWEGGIWWXS+
HEXEMXQE]FIGSRRIGXIHXS
XLI+RIX[SVOEYXSQEXMGEPP]
ERHEHHMXMSREPGLEVKIWQE]
FIETTPMIH
8LI0+4FWYTTSVXW
3TIR;)4;4%;4%
47/\)%4WIGYVMX]
-J]SYV;M*MWIVZMGITVSZMHIV
SVRIX[SVOEHQMRMWXVEXSV
d
d
d
WIXWIRGV]TXMSRJSVRIX[SVO
WIGYVMX]JMPPMRXLIOI]MRXLI
TSTYT[MRHS[-JIRGV]TXMSR
MWRSXWIXXLMWTSTYT
[MRHS[[MPPRSXFIWLS[R
=SYGERSFXEMRXLIOI]JVSQ
]SYV;M*MWIVZMGITVSZMHIVSV
RIX[SVOEHQMRMWXVEXSV
7LEVMRK]SYVTLSRItW
HEXEGSRRIGXMSR
=SYGERWLEVI]SYVTLSRItWQSFMPI
HEXEGSRRIGXMSR[MXLEWMRKPI
GSQTYXIVZMEE97&GEFPI97&
XIXLIVMRK=SYGEREPWSWLEVI]SYV
TLSRItWHEXEGSRRIGXMSR[MXLYT
XSJMZIHIZMGIWEXSRGIF]XYVRMRK
]SYVTLSRIMRXSETSVXEFPI;M*M
LSXWTSX
;LIR]SYVTLSRIMWWLEVMRK
MXWHEXEGSRRIGXMSRERMGSR
ETTIEVWMRXLIWXEXYWFEVERH
EWERSRKSMRKRSXMJMGEXMSRMRXLI
RSXMJMGEXMSRWHVE[IV
7IXXMRKW

-GSR (IWGVMTXMSR
97&XIXLIVMRKMWEGXMZI
4SVXEFPI;M*MLSXWTSX
MWEGXMZI
&SXL97&XIXLIVMRKERH
TSVXEFPILSXWTSXEVI
EGXMZI
*SVXLIPEXIWXMRJSVQEXMSREFSYX
XIXLIVMRKERHTSVXEFPILSXWTSXW
MRGPYHMRKWYTTSVXIHSTIVEXMRK
W]WXIQWERHSXLIVHIXEMPWZMWMX
LXXT[[[ERHVSMHGSQXIXLIV
238)%REHHMXMSREPGSWXWQE]
FIMRGYVVIH[LIRGSRRIGXMRK
ERHYWMRKSRPMRIWIVZMGIW'LIGO
HEXEGLEVKIW[MXL]SYVRIX[SVO
TVSZMHIV
97&XIXLIVMRKTSVXEFPI
;M*MLSXWTSXWIXXMRKW
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
7IXXMRKW

8SYGL;MVIPIWWRIX[SVOW
ERHWIPIGX8IXLIVMRK;M*M
WLEVMRK
'LSSWISTXMSRWXLEX]SY[ERX
XSEHNYWX
97&XIXLIVMRKi'LIGOXSWLEVI
]SYVTLSRItWQSFMPIRIX[SVOHEXE
GSRRIGXMSR[MXL]SYVGSQTYXIVZME
E97&GSRRIGXMSR
;M*MWLEVMRKi'LIGOXSWLEVI
]SYVTLSRItWQSFMPIRIX[SVOHEXE
GSRRIGXMSREWE;M*MWLEVMRK
,IPTi3TIRWEHMEPSK[MXL
MRJSVQEXMSREFSYX97&XIXLIVMRK
ERHTSVXEFPI;M*MLSXWTSXWEW
[IPPEWMRJSVQEXMSREFSYX[LIVIXS
PIEVRQSVI
8S W LE VI  ]S YV  TLS RI tW 
HEXEGSRRIGXMSRZME97&
-J]SYVGSQTYXIVMWVYRRMRK
;MRHS[WSVEVIGIRXHMWXVMFYXMSR
SJWSQIJPEZSYVWSJ0MRY\WYGL
EW9FYRXY]SYX]TMGEPP]HSRtX
RIIHXSTVITEVI]SYVGSQTYXIV



JSVXIXLIVMRK&YXMJ]SYtVIVYRRMRK
ERIEVPMIVZIVWMSRSJ;MRHS[W
SVERSXLIVSTIVEXMRKW]WXIQ
]SYQE]RIIHXSTVITEVI]SYV
GSQTYXIVXSIWXEFPMWLERIX[SVO
GSRRIGXMSRZME97&*SVXLIQSWX
GYVVIRXMRJSVQEXMSREFSYX[LMGL
STIVEXMRKW]WXIQWWYTTSVX97&
XIXLIVMRKERHLS[XSGSRJMKYVI
XLIQZMWMXLXXT[[[ERHVSMH
GSQXIXLIV
97&XIXLIVMRKERHHEXE
WLEVMRK
=SYGERtXWLEVI]SYVTLSRItWHEXE
GSRRIGXMSRERHQMGVS7(GEVH
ZME97&EXXLIWEQIXMQI-J]SY
EVIYWMRK]SYV97&GSRRIGXMSRXS
QEOI]SYVQMGVS7(GEVHEZEMPEFPI
XS]SYVGSQTYXIV]SYQYWX
HMWGSRRIGXMXJMVWX
9WIXLI97&GEFPIXLEXGEQI
[MXL]SYVTLSRIXSGSRRIGX
]SYVTLSRIXS]SYVGSQTYXIV
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
7IXXMRKW
8SYGL;MVIPIWWRIX[SVOW
ERHWIPIGX8IXLIVMRK;M*M
WLEVMRK
'LIGO97&XIXLIVMRK
8LITLSRIWXEVXWWLEVMRKMXW
QSFMPIRIX[SVOHEXEGSRRIGXMSR
[MXL]SYVGSQTYXIVZME97&
GSRRIGXMSR%RSRKSMRK
RSXMJMGEXMSR MWEHHIHXS
XLIWXEXYWFEVERHRSXMJMGEXMSRW
HVE[IV
9RXMGO97&XIXLIVMRKXSWXST
WLEVMRK]SYVHEXEGSRRIGXMSR
3VNYWXHMWGSRRIGXXLI97&
GEFPI




d

7IXXMRKW

8S W LE VI  ]S YV  TLS RI tW 
HEXEGSRRIGXMSREWE
TSVXEFPI;M*MLSXWTSX
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
7IXXMRKW
8SYGL;MVIPIWWRIX[SVOW
ERHWIPIGX8IXLIVMRK;M*M
WLEVMRK
'LIGO;M*MWLEVMRK
%JXIVEQSQIRXXLITLSRI
WXEVXWFVSEHGEWXMRKMXW;M*M
RIX[SVOREQI77-(WS]SY
GERGSRRIGXXSMX[MXLYTXSJMZI
GSQTYXIVWSVSXLIVHIZMGIW
%RSRKSMRKRSXMJMGEXMSR
MWEHHIHXSXLIWXEXYWFEVERH
RSXMJMGEXMSRWHVE[IV
;LIR;M*MWLEVMRKMWXMGOIH
]SYGERGLERKIMXWRIX[SVO
REQISVWIGYVIMX
9RXMGO;M*MWLEVMRKXSWXST
WLEVMRK]SYVHEXEGSRRIGXMSR
ZME;M*M



d
d

8SVIREQISVWIGYVI]SYV
TSVXEFPILSXWTSX
=SYGERGLERKIXLIREQISJ
]SYVTLSRItW;M*MRIX[SVO
REQI77-(ERHWIGYVIMXW;M*M
RIX[SVO
3RXLILSQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
7IXXMRKW
8SYGL;MVIPIWWRIX[SVOW
ERHWIPIGX8IXLIVMRK;M*M
WLEVMRK
)RWYVI;M*MWLEVMRKMWXMGOIH
8SYGL;M*MWLEVMRKWIXXMRKW
8SYGL'SRJMKYVI;M*M
LSXWTSX
8LI'SRJMKYVI;M*MLSXWTSX
HMEPSKSTIRW
=SYGERGLERKIXLIRIX[SVO
77-(REQIXLEXSXLIV
GSQTYXIVWWII[LIRWGERRMRK
JSV;M*MRIX[SVOW





d
d

=SYGEREPWSXSYGLXLI7IGYVMX]
QIRYXSGSRJMKYVIXLIRIX[SVO
[MXL;M*M4VSXIGXIH%GGIWW
;4%WIGYVMX][MXLE
TVIWLEVIHOI]47/
-J]SYXSYGLXLI;4%47/
WIGYVMX]STXMSRETEWW[SVHJMIPH
MWEHHIHXSXLI'SRJMKYVI;M
*MLSXWTSXHMEPSK-J]SYIRXIV
ETEWW[SVH]SY[MPPRIIHXS
IRXIVXLEXTEWW[SVH[LIR]SY
GSRRIGXXSXLITLSRItWLSXWTSX
[MXLEGSQTYXIVSVSXLIVHIZMGI
3VXSYGL3TIRMRXLI7IGYVMX]
QIRYXSVIQSZIWIGYVMX]JVSQ
]SYV;M*MRIX[SVO
d
d
%88)28-32
-J]SYWIXXLIWIGYVMX]STXMSR
EW3TIR]SYGERRSXTVIZIRX
YREYXLSVMWIHYWEKISJSRPMRI
WIVZMGIWF]SXLIVTISTPI
ERHEHHMXMSREPGLEVKIW
GERFIMRGYVVIH8SEZSMH
YREYXLSVMWIHYWI]SYEVI
EHZMWIHXSOIITXLIWIGYVMX]
STXMSR
8SYGL7EZI
,S[XSYWI3R7GVIIR
4LSRI
3R7GVIIR4LSRIEPPS[W]SYXS
ZMI[]SYVQSFMPITLSRIWGVIIR
JVSQE4'ZMEE97&SV&PYIXSSXL
GSRRIGXMSR=SYGEREPWSGSRXVSP
]SYVQSFMPITLSRIJVSQ]SYV4'
YWMRKXLIQSYWISVOI]FSEVH
3R7GVIIR4LSRIMGSRW
'SRRIGXWSVHMWGSRRIGXW
]SYVQSFMPITLSRIXSJVSQ
]SYV4'

7IXXMRKW

6SXEXIWXLI3R7GVIIR4LSRI
[MRHS[SRP]EZEMPEFPIEX
ETTPMGEXMSRWXLEXWYTTSVX
VSXEXMSR
'LERKIWXLI3R7GVIIR
4LSRITVIJIVIRGIW
)\MXWXLI3R7GVIIR4LSRI
TVSKVEQ
1MRMQMWIWXLI3R7GVIIR
4LSRI[MRHS[
3R7GVIIR4LSRI
JIEXYVIW
6IEPXMQIXVERWJIVERHGSRXVSP
HMWTPE]WERHGSRXVSPW]SYV
QSFMPITLSRIWGVIIR[LIR
GSRRIGXIHXS]SYV4'
1SYWIGSRXVSPEPPS[W]SYXS
GSRXVSP]SYVQSFMPITLSRIF]
YWMRKXLIQSYWIXSGPMGOERH
HVEKSR]SYV4'WGVIIR
8I\XMRTYX[MXLOI]FSEVHEPPS[W
]SYXSGSQTSWIEXI\XQIWWEKI
SVRSXIYWMRK]SYVGSQTYXIV
d
d
d
OI]FSEVH
*MPIXVERWJIVQSFMPITLSRIXS
4'WIRHWJMPIWJVSQ]SYVQSFMPI
TLSRIIKTLSXSWZMHISW
QYWMGERH4SPEVMW3JJMGIJMPIWXS
]SYV4'7MQTP]VMKLXGPMGOERH
HVEKXSWIRHEJMPIXS]SYV4'
*MPIXVERWJIV4'XSQSFMPI
TLSRIWIRHWJMPIWJVSQ]SYV
4'XS]SYVQSFMPITLSRI
7MQTP]WIPIGXXLIJMPIW]SY[MWL
XSXVERWJIVERHHVEKERHHVST
MXMRXSXLI3R7GVIIR4LSRI
[MRHS[8LIJMPIW]SYWIRHEVI
WXSVIHSREQMGVS7(GEVH
6IEPXMQIIZIRXRSXMJMGEXMSRW
TVSQTXWETSTYTXSMRJSVQ]SY
SJER]MRGSQMRKGEPPWSVXI\X
QYPXMQIHMEQIWWEKIWEW[IPP
EWEPEVQERHIZIRXRSXMJMGEXMSRW
238)8LI3R7GVIIR4LSRI
JIEXYVIHSIWRSXWYTTSVXGEQIVE
TVIZMI[ERHZMHISWSR]SYV
TLSRIWSXLIWIMQEKIWGERRSX
FIHMWTPE]IHSRXLI4'WGVIIR
d
d
d

,S[XSMRWXEPP3R7GVIIR
4LSRISR]SYV4'
:MWMX0+,SQILXXT[[[PKGSQ
ERHKSXS7YTTSVX"1SFMPI
4LSRI7YTTSVX"(S[RPSEH0+
1SFMPI7YTTSVX8SSPXS4'-J]SY
HS[RPSEH0+4'7YMXI-:XLI3R
7GVIIR4LSRITVSKVEQ[MPPEPWSFI
HS[RPSEHIHSR]SYV4'8LIR]SY
GERMRWXEPPXLI3R7GVIIR4LSRI
SR]SYV4'
,S[XSGSRRIGX]SYV
QSFMPITLSRIXS]SYV4'
97&GSRRIGXMSR
3TIR'SRRIGXMSR;M^EVHWIPIGX
97&'EFPIGSRRIGXMSRERH
GPMGO2I\X
'SRRIGX]SYVQSFMPITLSRIXS
XLI4'YWMRKE97&GEFPIERH
GPMGO2I\X
)RXIVXLI3R7GVIIR4LSRI
TEWW[SVHERHGPMGO2I\X8LI
HIJEYPXTEWW[SVHMW



=SYGERGLERKIXLITEWW[SVH
MR7IXXMRKW";MVIPIWW
2IX[SVOW"3R7GVIIR
4LSRI7IXXMRKW
'PMGO3/XSI\MXXLI[MRHS[
;MVIPIWWGSRRIGXMSR[MXL
&PYIXSSXL
3R]SYVQSFMPITLSRIKS
XS7IXXMRKW";MVIPIWW
RIX[SVOW"&PYIXSSXL
WIXXMRKW8YVRSR&PYIXSSXL
ERHXMGO(MWGSZIVEFPI
-J]SYLEZITVIZMSYWP]
GSRRIGXIHYWMRKEGEFPIVYR
XLI2I['SRRIGXMSR;M^EVHXS
GVIEXIERI[GSRRIGXMSR
6YRXLI'SRRIGXMSR;M^EVHSR
XLIGSQTYXIVWIPIGX&PYIXSSXL
GSRRIGXMSRXLIR2I\X
8LI[M^EVHWXEVXWWIEVGLMRK
JSV&PYIXSSXLIREFPIHQSFMPI
TLSRIW;LIRXLIQSFMPI
TLSRIXLEX]SY[MWLXSGSRRIGX
XSETTIEVWGPMGO7XSTXSWXST
WIEVGLMRK





7IXXMRKW

7IPIGX0+4FJVSQXLI
HIZMGIPMWXERHGPMGO2I\X
=SYGERVIREQIXLIHIZMGIMJ
]SY[MWL
)RXIVXLI4-2GSHIIK
ERHGPMGO2I\X
3R]SYVQSFMPITLSRIEGGITX
XLIVIUYIWXERHIRXIVXLIWEQI
4-2GSHIXLIRXSYGL3/
)RXIVXLI3R7GVIIR4LSRI
TEWW[SVHERHGPMGO2I\XXLI
HIJEYPXTEWW[SVHMW
8SYGL3/XSI\MX
8SGLIGOXLITLSRIXS
4'GSRRIGXMSR
3RGIXLIHIZMGIWLEZIFIIR
GSRRIGXIHHVEKHS[RXLI
RSXMJMGEXMSRFEVEXXLIXSTSJXLI
LSQIWGVIIRXSGLIGOXLI3R
7GVIIR4LSRIGSRRIGXMSRWXEXYW





8SHMWGSRRIGX]SYV
TLSRIJVSQ]SYV4'
'PMGO MRXLIXSTPIJXSJXLI3R
7GVIIR4LSRI[MRHS[3VHVEK
HS[RXLIRSXMJMGEXMSRFEVEXXLI
XSTSJXLILSQIWGVIIRERHWIPIGX
3R7GVIIR4LSRI8SYGL=IW
MRXLI(MWGSRRIGX[MRHS[
238)
=SYQYWXVIWXEVX]SYV
TLSRIEJXIVWLYXXMRKHS[RXLI
3R7GVIIR4LSRIWIVZMGI
4LSRI7SJX[EVIYTHEXI
0+1SFMPI4LSRI7SJX[EVI
YTHEXIJVSQMRXIVRIX
*SVQSVIMRJSVQEXMSRSRYWMRKXLMW
JYRGXMSRTPIEWIZMWMXXLILXXT
YTHEXIPKQSFMPIGSQSVLXXT
[[[PKGSQGSQQSRMRHI\NWT
WIPIGXGSYRXV]ERHPERKYEKI
8LMWJIEXYVIEPPS[W]SYXSYTHEXI
XLIJMVQ[EVISJ]SYVTLSRIXSXLI
RI[IVZIVWMSRGSRZIRMIRXP]JVSQ
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XLIMRXIVRIX[MXLSYXXLIRIIHXS
ZMWMXEWIVZMGIGIRXVI8LMWJIEXYVI
MWSRP]EZEMPEFPIMJERH[LIR0+
QEOIWXLIRI[IVZIVWMSRSJXLI
JMVQ[EVIEZEMPEFPIJSV]SYVHIZMGI
%WXLIQSFMPITLSRIJMVQ[EVI
YTHEXIVIUYMVIWXLIYWIVtWJYPP
EXXIRXMSRJSVXLIHYVEXMSRSJXLI
YTHEXITVSGIWWTPIEWIQEOI
WYVIXSGLIGOEPPMRWXVYGXMSRWERH
RSXIWXLEXETTIEVEXIEGLWXIT
FIJSVITVSGIIHMRK4PIEWIRSXI
XLEXVIQSZMRKXLI97&HEXEGEFPI
SVFEXXIV]HYVMRKXLIYTKVEHIQE]
WIVMSYWP]HEQEKI]SYVQSFMPI
TLSRI
238)0+VIWIVZIWXLIVMKLXXS
QEOIwVQ[EVIYTHEXIWEZEMPEFPI
SRP]JSVWIPIGXMZIQSHIPWEXMXW
S[RHMWGVIXMSRERHHSIWRSX
KYEVERXIIXLIEZEMPEFMPMX]SJXLI
RI[IVZIVWMSRSJXLIwVQ[EVIJSV
EPPLERHWIXQSHIPW
0+1SFMPI4LSRI7SJX[EVI
YTHEXIZME3ZIVXLI%MV38%
8LMWJIEXYVIEPPS[W]SYXSYTHEXI
XLIJMVQ[EVISJ]SYVTLSRIXSXLI
RI[IVZIVWMSRGSRZIRMIRXP]ZME
38%[MXLSYXGSRRIGXMRKXLI97&
HEXEGEFPI8LMWJIEXYVIMWSRP]
EZEMPEFPIMJERH[LIR0+QEOIW
XLIRI[IVZIVWMSRSJXLIJMVQ[EVI
EZEMPEFPIJSV]SYVHIZMGI
*MVWX]SYGERGLIGOXLIWSJX[EVI
ZIVWMSRSR]SYVQSFMPITLSRI
7IXXMRKW"%FSYXTLSRI"
7SJX[EVIYTHEXI"9THEXI
LMWXSV]
=SYGEREPWSVIEVVERKIYTHEXI
WGLIHYPIMRLSYVLSYVW
LSYVWSVLSYVWFIJSVIYTHEXIW
-RXLMWGEWIXLIETTPMGEXMSR[MPP
RSXMJ]]SYXSYTHEXI[LIRXLIXMQI
MWYT%PWS]SYGERVIEVVERKISV
YTHEXIF]QERYEPP]
7IXXMRKW
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6MKLXWXSEPPXIGLRSPSKMIWERH
TVSHYGXWXLEXGSQTVMWIXLMWHIZMGI
EVIXLITVSTIVX]SJXLIMVVIWTIGXMZI
S[RIVW
&PYIXSSXL
MWEVIKMWXIVIH
XVEHIQEVOSJXLI&PYIXSSXL
7-+-RG
QMGVS7(vERHXLIQMGVS7(
PSKSEVI8VEHIQEVOWSJXLI7(
'EVH%WWSGMEXMSR
+SSKPIv+SSKPI1ETWv
+QEMPv=SY8YFIv+SSKPI
8EPOvERH%RHVSMH1EVOIXv
EVIXVEHIQEVOWSJ+SSKPI-RG
;M*M
MWEVIKMWXIVIHXVEHIQEVO
SJXLI;MVIPIWW*MHIPMX]%PPMERGI
-RG
1ERYJEGXYVIHYRHIVPMGIRWI
JVSQ(SPF]0EFSVEXSVMIW
q(SPF]rERHXLIHSYFPI(
W]QFSPEVIXVEHIQEVOWSJ(SPF]
0EFSVEXSVMIW
d
d
d
d
d
'SRXEMRW%HSFI
*PEWL
4PE]IV
SV%HSFI%-6
XIGLRSPSK]YRHIV
PMGIRWIJVSQ%HSFI7]WXIQW
-RGSVTSVEXIH'ST]VMKLX

(MZ<1SFMPI
%&398(-:<:-()3(MZ<
MWE
HMKMXEPZMHISJSVQEXGVIEXIHF]
(MZ<-RG8LMWMWERSJJMGMEP(MZ<
'IVXMJMIH
HIZMGIXLEXTPE]W(MZ<
ZMHIS:MWMX[[[HMZ\GSQJSVQSVI
MRJSVQEXMSRERHWSJX[EVIXSSPWXS
GSRZIVX]SYVJMPIWMRXS(MZ<ZMHIS
%&398(-:<:-()332
()1%2(8LMW(MZ<'IVXMJMIH
HIZMGIQYWXFIVIKMWXIVIHMRSVHIV
XSTPE]TYVGLEWIH(MZ<:MHISSR
(IQERH:3(QSZMIW8SSFXEMR
]SYVVIKMWXVEXMSRGSHIPSGEXIXLI
(MZ<:3(WIGXMSRMR]SYVHIZMGI
WIXYTQIRY+SXSZSHHMZ\GSQ
JSVQSVIMRJSVQEXMSRSRLS[XS
d
d
'ST]VMKLXWERHXVEHIQEVOW

GSQTPIXI]SYVVIKMWXVEXMSR
(MZ<'IVXMJMIH
XSTPE](MZ<
ZMHISYTXS,(TMRGPYHMRK
TVIQMYQGSRXIRX
1E]TPE] ZMHISYTXS
\
(MZ<
(MZ<'IVXMJMIH
ERHEWWSGMEXIHPSKSWEVI
XVEHIQEVOWSJ(MZ<-RGERHEVI
YWIHYRHIVPMGIRWI
2SXMGI
3TIR7SYVGI7SJX[EVI
8SSFXEMRXLIGSVVIWTSRHMRK
WSYVGIGSHIYRHIV+40
0+40140ERHSXLIVSTIR
WSYVGIPMGIRWIWTPIEWIZMWMX
LXXTSTIRWSYVGIPKIGSQ
%PPVIJIVVIHPMGIRWIXIVQW
HMWGPEMQIVWERHRSXMGIWEVI
EZEMPEFPIJSVHS[RPSEH[MXLXLI
WSYVGIGSHI
'ST]VMKLXWERHXVEHIQEVOW

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