Professional Documents
Culture Documents
C^ZkZhGdfjZ<ji^ggZo#DÒX^cVeVgVaVHdhiZc^W^a^YVY!Za8VbW^d8a^b{i^XdnaVEVgi^X^eVX^c
8ddgY^cVX^c/
EVoDgk^o>W{Zo#DÒX^cVeVgVaVHdhiZc^W^a^YVY!Za8VbW^d8a^b{i^XdnaVEVgi^X^eVX^c
:aVWdgVX^cnGZYVXX^c/
6cVBVgic<dco{aZo#HdX^ZYVYYZHZgk^X^dhYZaEg^cX^eVYdYZ6hijg^Vh
B^\jZaÛc\ZaÛakVgZo<VgXV!6gijgd8da^cVKjZaiVnAVjgV<VgXVYZaV;jZciZ#>chi^ijidYZGZXjghdhCVijgVaZh
nDgYZcVX^cYZaIZgg^idg^dYZaVJc^kZgh^YVYYZDk^ZYd
:Y^X^c/
<dW^ZgcdYZaEg^cX^eVYdYZ6hijg^Vh
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh
K^XZXdchZ_ZgVYZBZY^d6bW^ZciZ
DÒX^cVeVgVaVHdhiZc^W^a^YVY!Za8VbW^d8a^b{i^XdnaVEVgi^X^eVX^c
9^hZdnbVfjZiVX^c/]Za^XZ#Zh
>begZh^c/<g{ÒXVhG^\Za
9Zeh^idAZ\Va/ 6H"*#.),$&%
EVeZaXjW^ZgiVa^WgZYZXadgd&%%$EVeZa^ciZg^dggZX^XaVYd&%%
9^X^ZbWgZ'%&%
ÞC9>8:
& .
EgZhZciVX^cnEgad\d
' &(
>cigdYjXX^c
'#&>cigdYjXX^cndW_Zi^kdh &*
'#'8dciZmidHdX^dZXdcb^XdYZaEg^cX^eVYdYZ6hijg^Vh &.
'#'#&EdWaVX^c '&
'#'#'6Xi^k^YVYZXdcb^XV '*
'#'#(BZgXVYdYZigVWV_d ',
( (&
>cY^XVYdgZh
(#& ((
6^gZngj^Yd
(#&#& (+
:b^h^dcZhVaVVibh[ZgVYZ\VhZhVX^Y^ÒXVciZh
nZjigdÒoVciZh
(#&#' (.
:b^h^dcZhVaVVibh[ZgVYZ\VhZhegZXjghdgZhYZdodcd
(#&#( )'
:b^h^dcZhVaVVibh[ZgVegdXZYZciZhYZadhhZXidgZh^cYjhig^Van
ZcZg\i^Xd
(#&#) )*
:b^h^dcZhVaVVibh[ZgVegdXZYZciZhYZaigVchedgiZ
(#&#* ),
8Va^YVYYZaV^gZZcZabZY^djgWVcd
(#&#+
8Va^YVYYZaV^gZZcZabZY^dgjgVaXVa^YVYYZaV^gZYZ[dcYdgZ\^dcVaeVgV *(
aVegdiZXX^cYZaVkZ\ZiVX^c
(#&#, *,
Gj^YdVbW^ZciVa
(#' +&
8VbW^dXa^b{i^Xd
(#'#& +)
:b^h^dcZhVaVVibh[ZgVYZ\VhZhYZZ[ZXid^ckZgcVYZgd<:>
(#'#' +-
:b^h^dcZhYZ<:>egdXZYZciZhYZahZXidgZcZg\i^Xd
(#'#( ,&
:b^h^dcZhYZ<:>egdXZYZciZhYZahZXidg^cYjhig^Va
(#'#) ,)
:b^h^dcZhYZ<:>egdXZYZciZhYZahZXidgigVchedgiZ
(#'#* ,+
:b^h^dcZhYZ<:>egdXZYZciZhYZahZXidggZh^YZcX^Va
(#'#+ ,.
:kdajX^cYZaVhZb^h^dcZh<:>egdXZYZciZhYZ[jZciZhejcijVaZh
(#'#, -'
:kdajX^cYZiZbeZgVijgVhnegZX^e^iVX^dcZh
(#'#- -*
EZgdYdhYZhZfjV
(#( -,
6\jV
(#(#& .%
8dchjbdYZV\jV
(#(#' .)
GZhZgkVhYZV\jVZbWVahVYV
(#(#( .,
8dciVb^cVX^cedgc^igVidhYZaVhbVhVhYZV\jVhjWiZgg{cZVh
(#(#) &%%
8dciVb^cVX^cdg\{c^XVYZadhgdh
(#(#* &%'
:hiVYdYZaVhbVhVhYZV\jV
(#(#+ &%*
9ZejgVX^cYZV\jVhgZh^YjVaZh
(#(#, &%.
8Va^YVYYZaVhV\jVhYZWVdXdhiZgVh
(#) &&&
CVijgVaZoVnW^dY^kZgh^YVY
(#)#& &&*
:heVX^dhCVijgVaZhEgdiZ\^Ydh
(#)#' &&-
9Z[da^VX^cYZaVhbVhVh[dgZhiVaZh
(#)#( &'%
:Xdh^hiZbVh[dgZhiVaZh
(#)#) &'(
:hiVYdYZXdchZgkVX^cYZaVhZheZX^Zhh^akZhigZh
(#)#* &'+
9^hig^WjX^cneZa^\gdh^YVYYZaVheg^cX^eVaZhZheZX^Zh^ckVhdgVh
(#)#+ &'-
:heZX^ZhX^cZ\i^XVhne^hXXdaVh
(#)#, &(&
IZcYZcX^VhYZaVhedWaVX^dcZhYZVkZh
(#)#- &(+
8ZchdVcjVaYZdhVhXdcXgVh
(#* &(.
HjZad
(#*#& &)'
<gVYdYZjgWVc^oVX^c
(#*#' &))
8dbeVX^YVYYZaYZhVggdaadjgWVcd
(#*#( &)+
<Zhi^cYZaeVgfjZgZh^YZcX^Va
(#*#) &)-
ÛgZVhVgi^ÒX^VaZh
(#*#* &*(
ÛgZVhVgi^ÒX^VaZhZcaV[gVc_VXdhiZgV
(#*#+ &*+
HjZadV[ZXiVYdedgaVZgdh^c
(#*#, &*-
HjZadhXdciVb^cVYdh
(#+ &+&
GZh^Yjdh
(#+#& &+*
GZh^YjdhjgWVcdh
(#+#' &+-
GZh^Yjdh^cYjhig^VaZh
(#+#( &,%
GZh^YjdhYZaV^cYjhig^VZmigVXi^kV
(#+#) &,&
GZh^YjdhYZXdchigjXX^cnYZbda^X^c
(#+#* &,(
GZh^YjdhkZ\ZiVaZhn\VcVYZgdh
(#+#+ &,*
AdYdhYZYZejgVYdgV
(#+#, &,,
CZjb{i^Xdh[jZgVYZjhd
(#+#- &,.
KZ]Xjadh[jZgVYZjhd
(#+#. &-&
GZh^YjdhYZe^aVhnVXjbjaVYdgZh
(#+#&% &-(
GZh^YjdhYZVeVgVidhZaXig^XdhnZaZXigc^Xdh
(#+#&& &-*
GZh^YjdhhVc^iVg^dh
(#+#&' &-,
GZh^YjdhVc^bVaZh
(#, &-.
:cZg\V
(#,#& &.(
<gVYdYZVjidVWVhiZX^b^ZcidZcZg\i^XdZc6hijg^Vh
(#,#' &.*
8dchjbdYZZcZg\VÒcVa
(#,#( &.,
:cZg\VhgZcdkVWaZh
(#,#) &..
>ciZch^YVYZcZg\i^XVÒcVa
(#,#* '%%
8dchjbdYZZcZg\VÒcVaZcZahZXidg^cYjhig^Va
(#,#+ '%'
8dchjbdYZZcZg\Vedg]d\Vg$]VW^iVciZ
(#,#, '%*
8dchjbdYZZcZg\VÒcVaZcZahZXidgigVchedgiZ
(#- '%,
9ZhVhigZhcVijgVaZhniZXcda\^Xdh
(#-#& '&%
>cXZcY^dh[dgZhiVaZh
(#-#' '&)
6XX^YZciZhZcXVggZiZgVn[ZggdXVgg^aXdcYVdhVbW^ZciVaZh
(#-#( '&+
6XX^YZciZhZcXVggZiZgVXdcYVdhVaV[VjcV
(#. '&,
6\g^XjaijgVn\VcVYZgV
(#.#& ''%
HjeZgÒX^ZV\gXdaVedgjhdh
(#.#' ''&
6\g^XjaijgVZXda\^XV
(#.#( '')
8Vg\V\VcVYZgV
(#.#) '',
:meadiVX^dcZh\VcVYZgVhXdcegdYjXX^cZXda\^XV
(#.#* ''.
8dchjbdYZegdYjXidhÒidhVc^iVg^dh
(#&% '(&
EZhXV
(#&%#& '()
CbZgdYZWjfjZhnXVeVX^YVYYZaVÓdiVeZhfjZgV
(#&%#' '(-
8VeijgVhYZaVÓdiVVhijg^VcV
(#&%#( ')%
EgdYjXX^cYZaVVXj^XjaijgV
(#&& ')(
Bdk^a^YVYnigVchedgiZ
(#&&#& ')+
IVhVYZbdidg^oVX^c
(#&&#' '),
IgVchedgiZ^ciZgjgWVcd
(#&&#( '*%
Bdidg^oVX^cnVXX^YZciVa^YVY
(#&&#) '*(
IgVchedgiZcdbdidg^oVYd/GZYYZhZcYZgdh]dbdad\VYdh
(#&&#* '**
IZcYZcX^VhZcbdk^a^YVYjgWVcV
(#&&#+ '*,
IgVchedgiZVgZd
(#&&#, '*-
IgVchedgiZbVgi^bdYZbZgXVcXVh
(#&' '+&
Ijg^hbd
(#&'#& '+*
>ciZch^YVYYZaijg^hbd
(#&'#' '+,
K^h^iVciZhVadhZheVX^dhegdiZ\^Ydh
(#&'#( ',%
6ad_Vb^ZcidhYZijg^hbdgjgVa
(#&( ',(
<Zhi^ceVgVaVhdhiZc^W^a^YVY
(#&(#& ',+
Dg\Vc^oVX^dcZhXdcH^hiZbVhYZ<Zhi^c6bW^ZciVa
(#&(#' ',-
<VhidhZcegdiZXX^cVbW^ZciVaYZaVhZbegZhVh^cYjhig^VaZh
(#&(#( '-%
GZhedchVW^a^YVYHdX^Va:begZhVg^Va
&
EG:H:CI68>âCNEGâAD<D
:a F[hÓb 7cX_[djWb Z[ 7ijkh_Wi (&&/ ÄYZhVggdaaVYd edg aV 8dchZ_ZgV YZ
BZY^d 6bW^ZciZ! DgYZcVX^c YZa IZgg^idg^d Z >c[gVZhigjXijgVh YZa Eg^cX^eVYd YZ 6h"
ijg^VhÄXdchda^YV!igVhaVejWa^XVX^cZaVdVciZg^dgYZaeg^bZgYdXjbZcidYZZhiVh
XVgVXiZghi^XVhZccjZhigVXdbjc^YVYVjicdbV!ZaXdbegdb^hdYZa<dW^ZgcdgZ\^dcVa
YZd[gZXZgVaVhdX^ZYVY!^c[dgbVX^cVXijVa^oVYVhdWgZZaZhiVYdYZabZY^dVbW^ZciZ
Zc6hijg^Vh#
AVigVcheVgZcX^VZcaVejZhiVVY^hedh^X^cYZaeWa^XdYZjcV^c[dgbVX^cVb"
W^ZciVadW_Zi^kVnYZXVa^YVY[dgbVeVgiZYZcjZhigdZbeZdZc^ckdajXgVgVidYdhadh
V\ZciZhYZaVgZ\^cZcaVidbVYZYZX^h^dcZhVbW^ZciVaZh#EgjZWVYZZaadZhfjZZhiZ
YdXjbZcid]Vh^YdZaVWdgVYdZcZabVgXdYZaVEdcZcX^VIXc^XVYZ>cY^XVYdgZh YZ
HdhiZc^W^a^YVY! XgZVYV V Zhidh Z[ZXidh edg Za DWhZgkVidg^d YZ aV HdhiZc^W^a^YVY Zc Za
Eg^cX^eVYdYZ6hijg^Vh!VXjndhb^ZbWgdh[Za^X^idedgZaigVWV_dYZhVggdaaVYd#Edghj"
ejZhid!cjZhigdgZXdcdX^b^ZcidiVbW^cVidYVhVfjZaaVheZghdcVhnZci^YVYZhfjZ]Vc
VedgiVYdYVidhnhjb^c^higVYd^c[dgbVX^ceVgVZaegZhZciZ^c[dgbZ!nVfj^ZcZhcdh
]Vc[dgbjaVYdhj\ZgZcX^VhgZheZXidVaVejWa^XVX^cegZXZYZciZ#
8dcdXZg aV XVa^YVY YZa V^gZ! aVh Zb^h^dcZh YZ \VhZh YZ Z[ZXid ^ckZgcVYZgd! Za
ZhiVYd YZ cjZhigVh V\jVh d YZ adh eg^cX^eVaZh ^cY^XVYdgZh YZ W^dY^kZgh^YVY! eZgb^iZ
ZkVajVgZaegd\gZhdZcaVXdchZXjX^chdhiZc^WaZYZdW_Zi^kdhhdX^VaZh!ZXdcb^Xdhn
bZY^dVbW^ZciVaZh#:cZhiZbVgXd!fj^h^ZgVYZhiVXVgaVejWa^XVX^cZc'%%.YZaV8d"
bjc^XVX^cYZaV8db^h^c:jgdeZVÆB{hVaa{YZaE>7#:kVajVX^cYZaEgd\gZhdZcjc
bjcYdXVbW^VciZÇ!ZcaVfjZaV8db^h^cgZXdcdXZZmegZhVbZciZaVha^b^iVX^dcZhYZ
^cY^XVYdgZhXdbdZaE>7eVgVbZY^gZaW^ZcZhiVgnVWgZjcYZWViZhdWgZaV^bedgiVcX^V
YZ XdciVg Xdc digdh ^cY^XVYdgZh! ZcigZ Zaadh adh bZY^dVbW^ZciVaZh! eVgV bZ_dgVg adh
YZWViZheWa^XdhnaVidbVYZYZX^h^dcZhZcaVJc^c:jgdeZVYZa[jijgd#
:hiVXjZhi^cZhZheZX^VabZciZ^bedgiVciZZcZaVXijVaXdciZmidYZY^ÒXjaiVYZh
fjZVigVk^ZhVccjZhigdhh^hiZbVhZXdcb^Xdh!nVfjZYZhYZidYdhadh[dgdh"^cXaj^YVaV
egde^V:higViZ\^V:jgdeV'%'%"hZeaVciZVaVcZXZh^YVYYZVkVcoVg]VX^VjcVZXdcdbV
ÆkZgYZÇfjZji^a^XZb{hZÒXVobZciZadhgZXjghdhnhZVb{hXdbeZi^i^kV#
:aVc{a^h^hYZaVZkdajX^cYZadh^cY^XVYdgZhbZY^dVbW^ZciVaZhZccjZhigVgZ"
\^c!gZVa^oVYdVaVajoYZaVhbZiVhndW_Zi^kdhYZhdhiZc^W^a^YVYÒ_VYdhZcaV:higViZ\^V
YZ9ZhVggdaadHdhiZc^WaZYZaEg^cX^eVYdYZ6hijg^Vh!eZgb^i^g{!ZcZhiZhZci^Yd!ZkVajVg
aVZ[ZXi^k^YVYYZaVhedai^XVheWa^XVhZcbViZg^VYZbZY^dVbW^ZciZnhj^ciZ\gVX^c
ZcdigVhedai^XVhhZXidg^VaZh#6YZb{h!ejWa^XVgnedcZgVY^hedh^X^cYZaeWa^Xd^c[dg"
bVX^chdWgZZaZhiVYdYZabZY^dVbW^ZciZiVbW^cZhjcV[dgbVYZgZhedchVW^a^oVgV
adhX^jYVYVcdhhdWgZaV^bedgiVcX^VYZhjegZhZgkVX^c#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. .
&
EG:H:CI68>âCNEGâAD<D
9ZhZVbdhfjZZhiZEZgÒa6bW^ZciVaYZ6hijg^Vh'%%.eZgb^iVVaVhdX^ZYVYVh"
ijg^VcVVkVcoVgZcZaXdcdX^b^ZcidYZabZY^dVbW^ZciZYZaEg^cX^eVYdYZ6hijg^Vh!aZh
Vc^bZVeVgi^X^eVgZcadhegdXZhdhYZX^hdg^dh!Z^bejahZaV^cXdgedgVX^cYZadh^cY^XV"
YdgZhVbW^ZciVaZhZcZaXdcdX^b^ZcidYZaVXVa^YVYYZk^YVYZcjZhigVgZ\^c!eVgVfjZ
6hijg^VhVkVcXZXdceVhdÒgbZ]VX^VjcVZXdcdbVb{hkZgYZnhdhiZc^WaZ#
Dk^ZYd!cdk^ZbWgZYZ'%&%
;gVcX^hXd<dco{aZo7jZcYV
8dchZ_ZgdYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^d
Z>c[gVZhigjXijgVhYZaEg^cX^eVYdYZ6hijg^Vh
&% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
&
EG:H:CI68>âCNEGâAD<D
EdghZ\jcYdVdXdchZXji^kd!hVXVbdhVaVajoZa F[hÓb7cX_[djWbZ[7ijkh_Wi
(&&/!XdcZafjZegZiZcYZbdh]VXZgaaZ\VgVidYVaVhdX^ZYVYVhijg^VcV^c[dgbVX^c
Vbea^VhdWgZZaY^V\chi^XdnaVZkdajX^cYZcjZhigVgZVa^YVYVbW^ZciVa#HZVWdgYVc
YZhYZZaEZgÒa!^cY^XVYdgZhXa{h^XVbZciZgZaVX^dcVYdhXdcZabZY^dVbW^ZciZ!Xdbd
adhgZaVi^kdhVaV^gZ!ZaV\jV!aVW^dY^kZgh^YVYdadhgZh^Yjdh0eZgdiVbW^cdigdhb{h
egde^VbZciZk^cXjaVYdhVaVhdhiZc^W^a^YVYZcZa{bW^idYZaXVbW^dXa^b{i^Xd!aVZcZg"
\V!adhhZXidgZhZXdcb^XdhdaVbdk^a^YVYhZXdbeZcY^VcZcZhiVejWa^XVX^c#
8VYVkZoXdcbVndgc[Vh^hYZhYZY^[ZgZciZh{bW^idh^chi^ijX^dcVaZhnhdX^dZXd"
cb^XdhhZ^ch^hiZZcaV^bedgiVcX^VYZaV^c[dgbVX^cnaVigVcheVgZcX^VeVgVZaad\gd
YZdW_Zi^kdh#:cZa6d>ciZgcVX^dcVaYZ7^dY^kZgh^YVYZcfjZZhiVbdh!aVJc^c:jgd"
eZV]VZhi^bVYdfjZadhYZÒX^ZciZhgZhjaiVYdhedgad\gVgYZiZcZghjegY^YVi^ZcZc
fjZkZgXdcaVhYZÒX^ZcX^VhZcaV^c[dgbVX^cbVcZ_VYV0aVaVbZciVWaZVidcVZcajX]V
XdcigVZaXVbW^dXa^b{i^XdfjZYZhYZaVeVhVYV8jbWgZYZa8a^bVZhi{Ydb^cVcYdaV
ZhXZcV^ciZgcVX^dcVa\jVgYViVbW^cgZaVX^cXdcaV[VaiVYZ^c[dgbVX^chjÒX^ZciZn
W^ZcXdbjc^XVYV#IVbW^caV^c[dgbVX^cnaVigVcheVgZcX^VhdWgZaVhXjZciVheWa^XVh
n YZ aVh Zci^YVYZh ÒcVcX^ZgVh eVgZXZ hZg jcV gZXZiV cZXZhVg^V eVgV igVcfj^a^oVg adh
bZgXVYdhZcaVVXijVaXdnjcijgVYZXg^h^h#
:aEZgÒa6bW^ZciVaYZ6hijg^VhVhe^gVVXdckZgi^ghZZceVgVY^\bVYZVbW^X^c
edg^c[dgbVgXdcigVcheVgZcX^VhdWgZZaXdbedgiVb^ZcidVbW^ZciVanYZaVhdhiZc^W^a^"
YVYZccjZhigV8dbjc^YVY6jicdbV#EZgdh^ZcYdhiZjcdW_Zi^kdadVWaZZchb^hbd!
egZiZcYZbdh digdh/ YZiZXiVg iZcYZcX^Vh eVgV aV gZVXX^c iZbegVcV! XVbW^Vg ]{W^idh
bZ_dgVWaZhn!ZcYZÒc^i^kV!\ZcZgVgjcVXjaijgVYZaVhdhiZc^W^a^YVYb{hVggV^\VYVn
ZmiZchVZcZaXdc_jcidYZaVhdX^ZYVYnYZaVh^chi^ijX^dcZhVhijg^VcVh#Hadh^ad\gV"
bdhZhVcjZkVXjaijgVYZaVhdhiZc^W^a^YVYedYgZbdhedh^X^dcVgcdhXdbd8dbjc^YVY
6jicdbVXdcedh^W^a^YVYZhgZVaZhYZegd\gZhdnbVndgW^ZcZhiVgZcjcbjcYdYdcYZ
aV\adWVa^oVX^cYZbVcYVcjZkVhgZhejZhiVh#EdgfjZZaegd\gZhd!dZhhdhiZc^WaZ!dcd
Zhegd\gZhd#
N6hijg^VhhZh^iVVciZZhZgZidXdcjcdhYVidhgVodcVWaZbZciZhVi^h[VXidg^dh#
:cbViZg^VYZgZh^Yjdh!aViVhVYZ\ZcZgVX^cYZjgWVcdhYdb^X^a^Vg^dh]VYZhXZcY^Yd
Zc'%%.jc+!VaVkZofjZaVgZXd\^YVhZaZXi^kVXdci^cj\VcVcYdeZhd#Adh^cY^XV"
YdgZhhdWgZZaV^gZYZbjZhigVcXdbd!Zc\ZcZgVa!bZ_dgVZaXdbedgiVb^ZcidYZY^[Z"
gZciZhXdciVb^cVciZhnhZXidgZhYZVXi^k^YVY^cÓjnZciZhZchjXVa^YVY#6ciZZagZidYZa
XVbW^dXa^b{i^Xd!hZ\cadhai^bdhYVidhYZ^ckZciVg^d'%%-6hijg^VhXjbeaZ@^did!
XjVcYdVc^kZacVX^dcVaZa^cXgZbZcidYZaVhZb^h^dcZhYZ\VhZhYZZ[ZXid^ckZgcVYZgd
XVh^ig^ea^XVadhjbWgVaZhZm^\^WaZhYZg^kVYdhYZY^X]dEgdidXdad#6YZb{hhZXdchiViV
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &&
&
EG:H:CI68>âCNEGâAD<D
XdbdZa^cY^XVYdg'%%-YZaV^ciZch^YVYYZXVgWdcdZcaVZXdcdbVVhijg^VcV!gZÓZ_V
jcYZhVXdeaVb^ZcidZcigZZaE>7naVhZb^h^dcZhYZ\VhZhYZZ[ZXid^ckZgcVYZgd#:c
ZhZ Vd! aVh ZcZg\Vh gZcdkVWaZh WVi^Zgdc Za gZXdgY YZ VedgiVX^c Va b^m ZcZg\i^Xd
gZ\^dcVa0nadhXdchjbdh\adWVaZhYZZcZg\VÒcVa]VcY^hb^cj^Yd!gdbe^cYdhZjcV
Y^c{b^XVeg{Xi^XVbZciZXdchiVciZYZVhXZchdYZhYZZaVd'%%%!XdcaVZmXZeX^cYZ
adh ]d\VgZh Vhijg^Vcdh# CjZhigV egdiZXX^c gZ\^dcVa YZ ZheVX^dh cVijgVaZh! hZ h^iV
Vegdm^bVYVbZciZZcZaYdWaZfjZaVbZY^VcVX^dcVa#NaVZXdcdbVYZaVW^dY^kZgh^YVY
i^ZcZZcaVegd\gZh^kVgZXjeZgVX^cYZadhdZc6hijg^Vh!jcVYZhjhb{hh^\c^ÒXVi^kVh
WVoVh#
9ZhYZaVgZVa^YVYVXijVa!ZaV[{cedgaVbZ_dgVXdci^cjVYZWZ^chiVaVghZZccjZh"
igVheg^dg^YVYZh#CZXZh^iVbdheVgVZaadb{hnbZ_dgZYjXVX^cVbW^ZciVa#:aXVe^iVa
]jbVcdZhZaeg^cX^eVagZXjghdXdcfjZXjZciVcaVhhdX^ZYVYZh0nYZhjZYjXVX^c!YZ"
eZcYZg{hjYZhVggdaadnhj[jijgd#AVgZaVX^cZcigZbZY^dVbW^ZciZ!ZYjXVX^cnegdh"
eZg^YVYZh]dnjcVgZaVX^c^ggZ[jiVWaZ#EdgZaad!ZheZgdfjZZhiZEZgÒa6bW^ZciVaYZ
6hijg^Vhh^gkViVbW^cYZZhibjadVaVXdbjc^YVYZYjXVi^kVVhijg^VcVeVgV^bea^XVghZ
nZmiZcYZgXVYVYVb{hZaXdcdX^b^ZcidVbW^ZciVaZcidYdhadhc^kZaZhZYjXVi^kdh#
EVgVÒcVa^oVg!fj^ZgdigVchb^i^gZaV\gVYZX^b^ZcidVfj^ZcZhXdchjigVWV_d]Vc
Xdcig^Wj^YdVfjZZhiVhZ\jcYVZY^X^cYZaEZgÒa6bW^ZciVaYZ6hijg^VhhZVjcVgZVa^"
YVY!niVbW^cjcVh\gVX^VhZheZX^VaZhVidYVhVfjZaaVheZghdcVhfjZXgZZcfjZjcV
6hijg^Vhb{hhdhiZc^WaZZhedh^WaZnajX]VcZch^aZcX^d!YVVYV!eVgVXdchZ\j^gad#
7Zac;Zgc{cYZo<dco{aZo
K^XZXdchZ_ZgVYZBZY^d6bW^ZciZ
&' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
'#&
>CIGD9J88>âCND7?:I>KDH
'#&
>CIGD9J88>âCND7?:I>KDH
Adh^cY^XVYdgZhVbW^ZciVaZhXdchi^ijnZcaVWVhZeVgVZahZ\j^b^ZcidnZkVajV"
X^c YZa ZhiVYd YZa bZY^d VbW^ZciZ n YZ aV ^cX^YZcX^V YZ adh Y^[ZgZciZh [VXidgZh fjZ
adXdcY^X^dcVc#HjY^[jh^c[VX^a^iVZaVXXZhdYZaeWa^XdVaV^c[dgbVX^cVbW^ZciVan
[VXjaiVVadhX^jYVYVcdheVgVeVgi^X^eVgZcaVidbVYZYZX^h^dcZh#
Adh^cY^XVYdgZhhdciVbW^c]ZggVb^ZciVhi^aZheVgVaVVXX^c!eVgVaVZaVWd"
gVX^cYZdg^ZciVX^dcZhfjZh^gkVceVgVY^hZVgaVhedai^XVhVbW^ZciVaZhnhZXidg^VaZh!
eZgb^i^ZcYd! YZ ZhZ bdYd! ^cXaj^g Za [VXidg YZ aV hdhiZc^W^a^YVY Zc XjVafj^Zg eaVc^Ò"
XVX^cZhigVi\^XVngZVa^oVgZkVajVX^dcZhXdbeVgVi^kVhYZaVhbZ_dgZheg{Xi^XVh#Edg
ZhV gVoc! gZhjaiV YZ \gVc ^ciZgh aV XddgY^cVX^c YZ jcV ejWa^XVX^c Xdbd Za EZgÒa
6bW^ZciVaYZ6hijg^VhXdcdigdhigVWV_dhgZVa^oVYdhedgaV6\ZcX^V:jgdeZVYZBZY^d
6bW^ZciZ!edgZaB^c^hiZg^dYZBZY^d6bW^ZciZ!nBZY^dGjgVanBVg^cdnXdcadh^c[dg"
bZhfjZhZZaVWdgVcYZhYZdigVhXdbjc^YVYZhVjicdbVh#
:caVeg^bZgVZY^X^cYZaEZgÒa6bW^ZciVaYZ6hijg^Vh!gZ[Zg^YVVaVd'%%-!aV
EdcZcX^VIXc^XVYZ>cY^XVYdgZhYZHdhiZc^W^a^YVYYZaDWhZgkVidg^dYZaVHdhiZc^W^a^YVY
ZcZaEg^cX^eVYdYZ6hijg^VhYZX^Y^VYdeiVgaVhZaZXX^cYZ^cY^XVYdgZhYZcdb^cVYV
ÆIgdcXdXdbcYZ^cY^XVYdgZhÇ!VegdWVYdhedgaVGZY:>DC:I!YZaVfjZaVDÒX^cVeVgV
aVHdhiZc^W^a^YVY!Za8VbW^d8a^b{i^XdnaVEVgi^X^eVX^cZhejcid[dXVa#:hZZc[dfjZhZ
]VbVciZc^YdiVbW^cZcaVVXijVaZY^X^cYZaEZgÒa6bW^ZciVaYZ6hijg^Vh'%%.#
BeieX`[j_leifh_dY_fWb[iZ[bF[hÓb7cX_[djWbZ[7ijkh_Wiied0
"EgZhZciVgaVh^ijVX^cVbW^ZciVaYZ6hijg^VhngZVa^oVgjchZ\j^b^ZcidVXijVa^"
oVYdYZaVZkdajX^cYZabZY^dVbW^ZciZWVhVYdZc^cY^XVYdgZh#
"8dcig^Wj^gVahZ\j^b^ZcidYZaVZÒXVX^VYZaVhedai^XVhZcXVb^cVYVhVaVegZ"
hZgkVX^cnbZ_dgVYZabZY^dVbW^ZciZ#
";VX^a^iVgVadhX^jYVYVcdhZaVXXZhdVaV^c[dgbVX^cVbW^ZciVa!VigVkhYZaV
Y^[jh^ch^hiZb{i^XVYZYVidhhdWgZZabZY^dVbW^ZciZZccjZhigVgZ\^c#
AVa^WZgiVYYZVXXZhdVaV^c[dgbVX^cVbW^ZciVa!VhXdbdhjY^[jh^c!ZhjcYZ"
gZX]dgZXdcdX^Yd^chi^ijX^dcVabZciZnZhXdch^YZgVYdXdbdjcVYZaVhZhigViZ\^Vhb{h
ZÒXVXZheVgVfjZadhX^jYVYVcdhejZYVcY^h[gjiVgYZjcbZY^dVbW^ZciZhVajYVWaZn
Xjbea^gXdcZaYZWZgYZgZheZiVgadnegdiZ\Zgad#
:aYZgZX]dVaV^c[dgbVX^cVbW^ZciVaZhjcdYZadhigZhe^aVgZh[jcYVbZciVaZh
hdWgZZafjZhZVh^ZciVZa8dckZc^dYZ6Vg]jhhdWgZVXXZhdVaV^c[dgbVX^c!eVgi^X^"
eVX^cYZaeWa^XdZcaVidbVYZYZX^h^dcZhnVXXZhdVaV_jhi^X^VZcbViZg^VYZbZ"
Y^dVbW^ZciZ!fjZXdch^YZgVZhZcX^VaVYZb{haVbZ_dgVYZadhegdXZhdheVgi^X^eVi^kdh#
:hiZYZgZX]dVaV^c[dgbVX^cVbW^ZciVahZVgi^XjaVZcYdheVgiZh/aVY^[jh^cVXi^kV
edgeVgiZYZaVhVjidg^YVYZheWa^XVhYZaV^c[dgbVX^cVbW^ZciVabZciZgZaZkVciZfjZ
dWgZZchjedYZg!naVViZcX^cYZaVhVjidg^YVYZheWa^XVhVaVhYZbVcYVhejcijVaZh
YZ^c[dgbVX^cVbW^ZciVafjZ[dgbjaZcadhX^jYVYVcdhdZci^YVYZh#
AVJc^c:jgdeZVhZVY]^g^Va8dckZc^dYZ6Vg]jhZa'*YZ_jc^dYZ&..-!fjZV
hjkZo[jZgVi^ÒXVYdedg:heVVZcY^X^ZbWgZYZ'%%)!ZcigVcYdZck^\dgZa(&YZbVg"
odYZ'%%*#AV^cXdgedgVX^cYZa8dckZc^dYZ6Vg]jhVaYZgZX]dXdbjc^iVg^dZjgdeZd
hZaaZkVXVWdbZY^VciZYdhY^gZXi^kVh/aV 9^gZXi^kV'%%($)$8:!gZ[Zg^YVVaVXXZhdYZa
eWa^Xd V aV ^c[dgbVX^c VbW^ZciVa! n aV 9^gZXi^kV '%%($(*$8:! edg aV fjZ ZhiVWaZXZc
&+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
'#&
>CIGD9J88>âCND7?:I>KDH
bZY^YVh eVgV aV eVgi^X^eVX^c YZa eWa^Xd# Hj igVchedh^X^c V cjZhigd dgYZcVb^Zcid
_jgY^XdhZgZVa^obZY^VciZaVVegdWVX^cYZaV AZn',$'%%+!YZ&-YZ_ja^d!edgaVfjZ
hZgZ\jaVcadhYZgZX]dhYZVXXZhdVaV^c[dgbVX^c!YZeVgi^X^eVX^ceWa^XVnYZVXXZhd
VaV_jhi^X^VZcbViZg^VYZbZY^dVbW^ZciZ#
:cZaVgiXjad,YZaVX^iVYVaZnhZZhi^ejaVZaXdciZc^Ydbc^bdYZaV^c[dgbVX^c
dW_ZidYZY^[jh^cnhZ^cXajnZcÆadh^c[dgbZhhdWgZZaZhiVYdYZabZY^dVbW^ZciZÇ#Hd"
WgZaVhXVgVXiZghi^XVhYZZhidh^c[dgbZh!ZcZaVgiXjad-!hZhZVaVfjZÆaVh6Yb^c^h"
igVX^dcZheWa^XVhZaVWdgVg{cnejWa^XVg{c!Xdbdbc^bdXVYVVd!jc^c[dgbZYZXd"
njcijgVhdWgZZaZhiVYdYZabZY^dVbW^ZciZnXVYVXjVigdVdhjc^c[dgbZXdbeaZidÇ#
EdgadfjZhZgZÒZgZVaVZhigjXijgVnXdciZc^YdhYZaYdXjbZcidZaVWdgVYdedgZa
<dW^ZgcdYZaEg^cX^eVYdYZ6hijg^VhXdcZhiZÒc!ZaEZgÒa6bW^ZciVaYZ6hijg^Vhi^ZcZ
jcVZhigjXijgVfjZhZ^c^X^VXdcjcXVeijadYZY^XVYdVa8dciZmidHdX^dZXdcb^XdYZaV
gZ\^c!ZcZafjZhZegZhZciVYZ[dgbVh^cii^XVadheg^cX^eVaZhVheZXidhiZgg^idg^VaZh
YZ6hijg^Vh!VhXdbdYVidhXdcXgZidhhdWgZEdWaVX^c!6Xi^k^YVY:Xdcb^XVnBZgXVYd
YZIgVWV_d#
:caVhZ\jcYVeVgiZYZaYdXjbZcidhZVWdgYVcadh^cY^XVYdgZhVbW^ZciVaZhhZ"
aZXX^dcVYdh!V\gjeVYdhZcigZXZiZbVhfjZhdc/
"6^gZngj^Yd
"8VbW^dXa^b{i^Xd
"6\jV
"CVijgVaZoVnW^dY^kZgh^YVY
"HjZad
"GZh^Yjdh
":cZg\V
"9ZhVhigZhcVijgVaZhniZXcda\^Xdh
"6\g^XjaijgVn\VcVYZgV
"EZhXV
"Bdk^a^YVYnigVchedgiZ
"Ijg^hbd
"<Zhi^ceVgVaVhdhiZc^W^a^YVY
8VYVXVeijadhZ^c^X^VXdcjcV^cigdYjXX^cfjZgZhjbZadheg^cX^eVaZhgVh\dh
YZaiZbVVbW^ZciVanaVheg^cX^eVaZhcdkZYVYZhcdgbVi^kVhdYZdigVcYdaZZcgZaVX^c
XdcZab^hbd!VXVZX^YVhZcZaai^bdVdZcZaeaVcd^ciZgcVX^dcVa!cVX^dcVanVjidc"
b^Xd#
8VYViZbVhZY^k^YZVhjkZoZckVg^dhhjWiZbVh!eVgVXVYVjcdYZadhXjVaZhhZ
^YZci^ÒXVcjcVhZg^ZYZ^cY^XVYdgZhYZadhfjZhZYZhXg^WZhjZhiVYdnhZVcVa^oVaViZc"
YZcX^VZmeZg^bZciVYVZcgZaVX^cVaVhZg^Z]^hig^XVYZYVidhdVaVZkdajX^cYZa^cY^"
XVYdgVc^kZacVX^dcVa#IdYdZaadhZXdbeaZiVXdc\g{ÒXVhniVWaVh#IVbW^chZ^cXajnZ!
VaXdb^ZcodYZXVYVVeVgiVYd!jcVWgZkZ[gVhZZcaVfjZgZhVaiVadb{hh^\c^ÒXVi^kdYZ
aVZkdajX^cZc'%%.#8VWZhZVaVgfjZhZ]VegdXjgVYdfjZaVdg^ZciVX^cYZadhiZmidh
hZVYZhXg^ei^kVYZadhYVidhnaVhiZcYZcX^VhdWhZgkVYVhZk^iVcYd!ZcaVbZY^YVYZad
edh^WaZ!gZVa^oVgkVadgVX^dcZh!ZciZcY^ZcYdfjZXdggZhedcYZg{VadhjhjVg^dhYZaEZgÒa
]VXZg aVh XdggZhedcY^ZciZh ^ciZgegZiVX^dcZh# 8VYV VeVgiVYd hZ X^ZggV Xdc jc XjVYgd
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &,
'#&
>CIGD9J88>âCND7?:I>KDH
XdcVXaVgVX^dcZh![jZciZhngZXjghdhi^aZheVgVVbea^VgaV^c[dgbVX^cnegd[jcY^oVg
b{hZcadhiZbVh#
EVgVaVZaVWdgVX^cYZaEZgÒa6bW^ZciVaYZ6hijg^VhhZ]VgZXde^aVYdaV^c[dg"
bVX^c Y^hedc^WaZ gZXjgg^ZcYd! egZ[ZgZciZbZciZ! V [jZciZh egdXZYZciZh YZ aV egde^V
6Yb^c^higVX^c YZa Eg^cX^eVYd YZ 6hijg^Vh n YVidh \ZcZgVYdh Xdbd gZhjaiVYd YZ aVh
iVgZVhYZ\Zhi^cZcadhY^[ZgZciZh{bW^idhfjZhZVWdgYVcZcaVejWa^XVX^c#9Z[dgbV
XdbeaZbZciVg^V!ZcVjhZcX^VYZdigVh[jZciZhdXjVcYdZaVc{a^h^hYZaV^c[dgbVX^c
gZXde^aVYVVggd_VWVVa\jcVhYjYVhhdWgZhjXdbeVi^W^a^YVYXdcadhdW_Zi^kdhYZadh^c"
Y^XVYdgZh!hZ]Vc^cXdgedgVYdYVidhZhiVYhi^XdhZaVWdgVYdhedgdg\Vc^hbdhdÒX^VaZh
iVcidgZ\^dcVaZhXdbdcVX^dcVaZh#
:hiVejWa^XVX^ci^ZcZ'%%.Xdbd[ZX]VYZgZ[ZgZcX^V!edgadfjZ!h^ZbegZfjZ
]Vh^Ydedh^WaZ!hZ]V^cXdgedgVYdXdbdai^bdYVidZagZ[Zg^YdVZhZVd#H^cZbWVg"
\d!ZcZaXVhdYZVa\jcdh^cY^XVYdgZh!Zhidcd]Vh^Ydedh^WaZYZW^Ydeg^cX^eVabZciZV
adhgZigVhdhZcaVZaVWdgVX^cYZVa\jcdhYVidhhZXidg^VaZhnaVY^[ZgZciZeZg^dY^X^YVY
egZk^hiVeVgVaVVXijVa^oVX^cYZYZiZgb^cVYVh[jZciZh#:cZhdhXVhdhhZ]V^cXaj^YdZa
YVidgZ[Zg^YdVaVai^bV[ZX]VY^hedc^WaZ!gZXdchigjnZcYdidYVaVhZg^Z]^hig^XV]VhiV
ZhV[ZX]V#
&- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
'#'
8DCI:MIDHD8>D:8DCâB>8D
9:AEG>C8>E69D9:6HIJG>6H
'#'#&
EdWaVX^c
'#'#'
6Xi^k^YVYZXdcb^XV
'#'#(
BZgXVYdYZigVWV_d
'#'
8DCI:MIDHD8>D:8DCâB>8D9:AEG>C8>E69D9:6HIJG>6H
'% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
'#'
8DCI:MIDHD8>D:8DCâB>8D9:AEG>C8>E69D9:6HIJG>6H
'#'#&#EdWaVX^c
HZ\cadhai^bdhYVidhYZedWaVX^cXdggZhedcY^ZciZhVaVGZk^h^cYZaEVYgc
YZ'%%.!6hijg^VhXjZciVXdc&#%-*#'-.]VW^iVciZh#:hiVX^[gVhjedcZjc^cXgZbZcidYZ
*#&*&eZghdcVh%!*XdcgZheZXidVaVhgZ\^higVYVhZc'%%-#9ZaidiVaYZ]VW^iVciZh
ZcZaVd'%%.!jc*'hdcbj_ZgZh*+)#(,(!YZ[dgbVfjZedgXVYV&%%]dbWgZh]Vn
ZccjZhigVgZ\^c&%-bj_ZgZh!]ZX]dVig^Wj^WaZeg^cX^eVabZciZVaVbVndgZheZgVcoV
YZk^YVYZhiVh!a^\ZgVbZciZhjeZg^dgZch^ZiZVdhb{hfjZadh]dbWgZh#:aZckZ_Z"
X^b^ZcidXdci^cVh^ZcYdaVXVgVXiZghi^XVeg^cX^eVaYZaVZhigjXijgVedgZYVYZhYZaV
edWaVX^cVhijg^VcV#:c'%%.!b^ZcigVhfjZadhb{h_kZcZh!bZcdgZhYZ&*Vdh!gZ"
egZhZciVWVcZa&%!(YZaVedWaVX^cidiVa!adhbVndgZhYZ+*VdhhjedcVcZa'&!-#
6hijg^VhVaXVcohjb{m^bdYZedWaVX^cZcZaVdXZchVaYZ&.-&Xdc&#&'.#**+
]VW^iVciZhnjcVYZch^YVYYZ&%+!*' ]VW^iVciZhedg`b'#9ZhYZZcidcXZh]VhiV'%%)!
XdcaVZmXZeX^cYZaXjVig^Zc^d&..&"&..)!aVZkdajX^cYZacbZgdYZ]VW^iVciZhZmeZ"
g^bZciVjcXdci^cjVYdYZhXZchd]VhiVh^ijVghZZc&#%,(#,+eVgi^gYZ'%%)Xdb^ZcoV
jcX^Xadedh^i^kdfjZhZVXZciVZc'%%-nZc'%%.!Xdcjcdh*#%%%cjZkdh]VW^iVciZh
XVYVVd!YZbVcZgVfjZZacbZgdYZ]VW^iVciZhYZ6hijg^VhVaXVcoVX^[gVha^\ZgV"
bZciZhjeZg^dgZhVaVhgZ\^higVYVhZc&...#
HZ\cadhYVidhegdk^h^dcVaZhYZadh>cY^XVYdgZh9Zbd\g{ÒXdh7{h^XdhYZ'%%.
>C:!aViVhVYZcViVa^YVYhZh^iVZcZa,!-+Ø!gZ[dgo{cYdhZaViZcYZcX^Vedh^i^kV^c^"
X^VYVYZhYZfjZVaXVcoVgVhjejcidb{hWV_dZc&..-#6YZb{h!YZhYZfjZZc'%%,hZ
hjeZgVgV!edgeg^bZgVkZoZcadfjZaaZkVbdhYZh^\ad!jckVadgedgZcX^bVYZjcdZcZa
cY^XZh^cii^XdYZ[ZXjcY^YVY!ZhYZX^g!jc]^_dedgbj_Zg!hiZ]VXdci^cjVYdjcViZc"
YZcX^Vedh^i^kV]VhiVVaXVcoVgZcZaVd'%%.ZakVadgYZ&!%-#6jcVh!Zc'%%.6hijg^Vh
idYVkViZcVaViVhVWgjiVYZcViVa^YVYb{hWV_VYZidYVhaVh8dbjc^YVYZh6jicdbVh
ZheVdaVh#AViVhVYZbdgiVa^YVYhZh^ijZcZa&'!%-ØZc'%%.!aVb{hVaiVYZ:heVV#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '&
'#'
8DCI:MIDHD8>D:8DCâB>8D9:AEG>C8>E69D9:6HIJG>6H
:hiZkVadghjedcZjca^\Zgd^cXgZbZcidXdcgZheZXidVadhkVadgZhYZ'%%,n'%%-!Vjc"
fjZbVci^ZcZaViZcYZcX^VYZeZfjZVhÓjXijVX^dcZhfjZhZk^ZcZcYVcYdYZhYZ'%%'#
:cXdchZXjZcX^V!VadaVg\dYZaVdeVhVYdaVhYZ[jcX^dcZhhjeZgVgdcadhcVX^b^Zcidh
nZaXgZX^b^ZcidkZ\ZiVi^kdVggd_jcVX^[gVcZ\Vi^kVYZ)#)+,eZghdcVh")!'(Ø#
AV YZch^YVY YZ edWaVX^c Zc 6hijg^Vh eVgV '%%. Zh YZ &%'!(* ]VW^iVciZh edg
'
`b !bVciZc^cYdhZh^b^aVgZcadhai^bdhVdh#H^cZbWVg\dZhiVY^hig^WjX^ccdZh
]dbd\cZVZcZaiZgg^idg^dgZ\^dcVa!ejZhidfjZZm^hiZjcYZhZfj^a^Wg^dZcZagZeVgid
ZheVX^VaYZadh]VW^iVciZh!XdcjcVodcVXZcigVaXVYVkZob{hYZchVbZciZedWaVYV!n
jcVh{gZVhdg^ZciVandXX^YZciVafjZkVcgZYjX^ZcYdegd\gZh^kVbZciZhjcbZgdYZ]V"
W^iVciZh#:a{gZVXZcigVaVXd\ZVadhigZhXdcXZ_dhb{hedWaVYdh<^_c!Dk^ZYdn6k^ah
ZcadhfjZ!ZcXdc_jcid!gZh^YZcb{hYZaVb^iVYYZadh]VW^iVciZhYZ6hijg^Vh!ZcjcV
hjeZgÒX^ZfjZhjbVVeZcVhZa)YZahjZadgZ\^dcVa#AVhYZch^YVYZhb{hZaZkVYVhXd"
ggZhedcYZciVbW^cVZhidhigZhXdcXZ_dh!6k^ahXjZciVXdc(#&)']VW^iVciZhedg`b'!
hZ\j^YdYZ<^_cnDk^ZYdXdc&#*'-n&#'%%gZheZXi^kVbZciZ#
'' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
'#'
8DCI:MIDHD8>D:8DCâB>8D9:AEG>C8>E69D9:6HIJG>6H
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '(
'#'
8DCI:MIDHD8>D:8DCâB>8D9:AEG>C8>E69D9:6HIJG>6H
') EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
'#'
8DCI:MIDHD8>D:8DCâB>8D9:AEG>C8>E69D9:6HIJG>6H
'#'#'#6Xi^k^YVYZXdcb^XV
8dc[dgbZVadhYVidhegdedgX^dcVYdhedgaVhbV\c^ijYZhbVXgdZXdcb^XVhYZ
aVeg^bZgVZhi^bVX^cgZVa^oVYVedgZa>C:ZcaV8dciVW^a^YVYGZ\^dcVaYZ:heVV!6hij"
g^VhZc'%%.gZ\^higVjcYZXgZX^b^ZcidYZa"(!,YZaEgdYjXid>ciZg^dg7gjidE>7!kVadg
XZgXVcdVa"(!+gZ\^higVYdeVgVZaXdc_jcidZheVdaaViVhVYZkVg^VX^cegZhZciVYV
ZmegZhVaVbZY^X^cYZkVg^VX^dcZhYZakdajbZcYZaE>7YZVXjZgYdVaV9ZX^h^cYZaV
8db^h^c:jgdeZV.-$,&*!aV8C:"'%%%naV8G:"'%%%#EdgiVcidZc'%%.hZgdbeZaV
iZcYZcX^VYZXgZX^b^ZcidXdci^cjVYdZmeZg^bZciVYVYjgVciZadhai^bdhVdh!egdkd"
XVcYdfjZZac^kZaYZaE>7!iVcidgZ\^dcVaXdbdcVX^dcVa!hZh^iZZcX^[gVhh^b^aVgZhV
aVhYZ'%%,#:hiZgZhjaiVYdZhYZW^YdZc\gVcbZY^YVVaVbVaVXdnjcijgVZXdcb^XV
^ciZgcVX^dcVa fjZ ]V egdkdXVYd jc YZhXZchd \ZcZgVa^oVYd YZ aV VXi^k^YVY ZXdcb^XV
iVcidVc^kZagZ\^dcVaXdbdcVX^dcVa#
6YZb{h!aVgZciVdE>7eZgX{e^iVYZ6hijg^VhZc'%%.ZmeZg^bZciVjcYZhXZchd
XdcgZheZXidV'%%-fjZ!edgdigVeVgiZ!]Vh^Yd\ZcZgVa^oVYdeVgVZaXdc_jcidYZaeVh#
6a^\jVafjZhjXZYZXdcZaE>7VWhdajid!]VnjcXVbW^dZcaViZcYZcX^VYZadhai^bdh
VdhZcadhfjZhZ]VWVgZ\^higVYdjcegd\gZh^kdXgZX^b^Zcid#6eZhVgYZadhbVadh
gZhjaiVYdh! Za E>7 eZg X{e^iV Vhijg^Vcd h^\jZ VXZgX{cYdhZ Zc igb^cdh gZaVi^kdh V aV
bZY^VZheVdaVnZc'%%.Zfj^kVaZVa.)#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '*
'
>CIGD9J88>âC
'#'
8DCI:MIDHD8>D:8DCâB>8D9:AEG>C8>E69D9:6HIJG>6H
:cXjVcidVaVZhigjXijgVYZadhY^[ZgZciZhhZXidgZhegdYjXi^kdhfjZXdbedcZc
ZaE>7!YZVXjZgYdXdcaVeg^bZgVZhi^bVX^cgZVa^oVYVedgZa>C:ZcaV8dciVW^a^YVY
GZ\^dcVaYZ:heVV!ZcZaeZg^dYd'%%-"'%%.hZdWhZgkVXdbdadhhZgk^X^dhnZahZXidg
V\gVg^d ZmeZg^bZciVgdc jc XgZX^b^Zcid YZa %!* n Za &!( gZheZXi^kVbZciZ! b^ZcigVh
fjZZagZhidgZ\^higVcXgZX^b^ZcidhcZ\Vi^kdh!fjZkVcYZhYZZa"&,!'YZaV^cYjhig^V!
]VhiVZa"+!*YZaVZcZg\V!eVhVcYdedgZa"+!.YZaVXdchigjXX^c#8VWZYZhiVXVg
fjZaVXdchigjXX^cYZXgZXZedgeg^bZgVkZoZcadfjZaaZkVbdhYZh^\ad!b^ZcigVhfjZ
ZahZXidgV\gVg^dVggd_VX^[gVhedh^i^kVhedgZcX^bVYZaVbZY^VcVX^dcVanYZhejhYZ
igZhVdhXdchZXji^kdhYZgZYjXX^c#
EdgadiVcid!aVZXdcdbVVhijg^VcVXdci^cVhjegdXZhdYZXVbW^dnVXZgXVb^Zc"
idVaVZhigjXijgVegdYjXi^kVcVX^dcVaXdcjceZhdXVYVkZobVndgYZahZXidghZgk^X^dh
ZcYZig^bZcidYZaV^cYjhig^VnZahZXidgZcZg\i^Xd!VjcfjZidYVkVeZgh^hiZcY^[ZgZc"
X^Vh h^\c^ÒXVi^kVh# 6h Zc '%%. Za hZXidg ZcZg\i^Xd hjejhd Za (!. YZa E>7 gZ\^dcVa!
[gZciZVjc'!,YZaVbZY^VcVX^dcVa#IVbW^c]VnY^[ZgZcX^VhZcaVeVgi^X^eVX^cYZ
aVXdchigjXX^cnVfjZZcZaXdc_jcidYZaVZXdcdbVZheVdaVZhiZhZXidggZegZhZci
Za&%YZaE>7b^ZcigVhZc6hijg^VhVaXVcoZa&'!&#EdghjeVgiZ!ZahZXidghZgk^X^dh
gZegZhZciVZa+&!.YZaVegdYjXX^cgZ\^dcVa![gZciZVa++!'YZaVbZY^VcVX^dcVa!ad
fjZedcZYZbVc^ÒZhidaVgZaVi^kVbZciZWV_ViZgX^Vg^oVX^cYZaVZXdcdbVVhijg^VcV
XdcgZheZXidVaXdc_jcidYZ:heVV#
:cgZaVX^cXdcZaiZ_^YdZbegZhVg^Va!hZ\cYVidhYZa9^gZXidg^d8ZcigVaYZ:b"
egZhVhYZa>C:!Zc6hijg^VhhZXdciVW^a^oVgdc!V&YZZcZgdYZ'%%.!,&#-*(ZbegZhVh
VXi^kVh!adfjZh^\c^ÒXVjcVY^hb^cjX^cYZ&#',&"&!,XdcgZheZXidVaVdVciZg^dg#6
eZhVgYZfjZZhiViVhVZha^\ZgVbZciZ^c[Zg^dgVaVYZ:heVV"&!.!ZaYVideVgV'%%.
^ck^ZgiZaViZcYZcX^VYZ^cXgZbZcidXdci^cjVYdYZacbZgdYZZbegZhVhfjZhZkZcV
egdYjX^ZcYdYZhYZ'%%'#
'+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
'#'
8DCI:MIDHD8>D:8DCâB>8D9:AEG>C8>E69D9:6HIJG>6H
:a iZ_^Yd ZbegZhVg^Va Vhijg^Vcd hZ XVgVXiZg^oV edg Za [jZgiZ egZYdb^c^d YZ aVh
b^XgdZbegZhVhbZcdhYZ&%igVWV_VYdgZh!fjZZc'%%.Xdchi^ijnZcZa.*!'YZaidiVa
YZZbegZhVhZc6hijg^Vh!edgXZciV_Za^\ZgVbZciZhjeZg^dgVa.)!*YZaVbZY^VcVX^d"
cVa#:cZadigdZmigZbd!aVhZbegZhVhYZ*%%ZbeaZVYdhdb{hiVchadXdchi^ijnZcZa
%!%)YZaidiVagZ\^dcVa#
:c XjVcid V aV ZhigjXijgV edg hZXidgZh YZ aVh ZbegZhVh Vhijg^VcVh Zc '%%.!
YZhiVXV Za Vaid \gVYd YZ iZgX^Vg^oVX^c! ejZhid fjZ Za ,-!' eZgiZcZXZc Va XdbZgX^d
dZagZhid#:ahZXidghZXjcYVg^d!Xdch^YZgVcYdZaXdc_jcidYZVXi^k^YVYZhZmigVXi^kVhn
bVcj[VXijgZgVh!iVchadhjedcZZa*#:hidhYVidhXdcigVhiVcXdcaVZhigjXijgVedg"
XZcijVaYZaE>7hZ\cgVbVhYZVXi^k^YVY!YdcYZ6hijg^VhegZhZciVjcVbZcdgXdcig^"
WjX^cYZahZXidghZgk^X^dhnjcbVndgeZhdYZahZXidg^cYjhig^Va#:hiVÆXdcigVY^XX^cÇ
edYgVZmea^XVghZedgaVZaZkVYVVidb^oVX^cYZaiZ_^YdZbegZhVg^VaVhijg^VcdnZaZh"
XVhdkVadgVVY^YdfjZ\ZcZgVcaVhZbegZhVhYZahZXidghZgk^X^dhZcXdbeVgVX^cXdc
aVh\gVcYZh^cYjhig^VhidYVkVegZhZciZhZcaVgZ\^c#
'#'#(#BZgXVYdYZigVWV_d
:a bZgXVYd YZ igVWV_d Zc 6hijg^Vh Zc '%%. egZhZci jcdh gZhjaiVYdh bZcdh
YZh[VkdgVWaZhfjZZaXdc_jcidYZ:heVV!hZ\cadhYVidhVedgiVYdhedgaV:cXjZhiV
YZEdWaVX^c6Xi^kVYZa>C:#AVedWaVX^cVXi^kVYZXgZX^jc"&!,!]VhiVaVh)-*#&%%
eZghdcVh!b^ZcigVhfjZZakdajbZcidiVaYZdXjeVYdhhZh^ijVWVZc)'%#%%%eZghdcVh!
adfjZgZegZhZciVjcYZXgZX^b^ZcidYZa",!*XdcgZheZXidV'%%-#8dbdgZhjaiVYd!aV
iVhVYZeVgdVaXVcoZa&(!)'!VjcfjZhZbVci^ZcZedgYZWV_dYZaVbZY^VcVX^dcVa!
h^ijVYVZcZa&-!%&#
:c6hijg^VhaViVhVYZeVgdh^\jZh^ZcYdb{hVXjhVYVZcigZaVhbj_ZgZh!Xdcjc
&)!)-[gZciZVjc&'!*)YZadhkVgdcZh#JcYVidegZdXjeVciZh^\jZh^ZcYdaViVhVYZ
eVgdZcigZadhbZcdgZhYZ'*Vdh!fjZhZ^cXgZbZciVZc&(!-ejcidh]VhiVVaXVcoVg
jcViVhVYZ(*!(+!VjcfjZiVbW^cZcZhiZYVidiVbW^c6hijg^VhhZh^iVedgYZWV_d
YZaVbZY^VcVX^dcVa(,!-#
Edg digd aVYd! iVcid aV iVhV YZ VXi^k^YVY Xdbd aV iVhV YZ ZbeaZd h^\jZc bdh"
igVcYdjcdhkVadgZhhZch^WaZbZciZeZdgZhfjZaVbZY^VcVX^dcVa#AViVhVYZVXi^k^YVY
YZXgZX^YjgVciZ'%%.Zcjc%!,]VhiVaaZ\VgVa*'!VcbjnedgYZWV_dYZaVbZY^V
cVX^dcVaYZa+%#AViVhVYZZbeaZdiVbW^cYZXgZX^Zc(!(ejcidh]VhiVh^ijVghZZc
Za ))!.-! [gZciZ Va ). YZa Xdc_jcid YZ :heVV# Cd dWhiVciZ! XVWZ YZhiVXVg fjZ aV
iVhVYZZbeaZdXdci^cVgZXdgiVcYdY^[ZgZcX^VhXdcaVbZY^VcVX^dcVa!h^ij{cYdhZV)!&
ejcidhZc'%%.[gZciZVadh)!-YZ'%%-#
:c'%%.hZ^ciZggjbeZaVY^c{b^XVedh^i^kVfjZkZcVcZmeZg^bZciVYdaVhiVhVh
YZVXi^k^YVY!dXjeVX^cneVgdYZhYZ'%%&n'%%*!gZheZXi^kVbZciZ#
6iZcY^ZcYdVai^edYZ_dgcVYV!Xdc[dgbZVadhYVidhYZaV:cXjZhiVYZEdWaVX^c
6Xi^kVYZa>C:!Zc6hijg^VhZaZbeaZdVi^ZbedeVgX^VaZcZaVd'%%.i^ZcZedXV^cX^"
YZcX^V!iVchadZa&%!,YZaidiVaYZdXjeVYdh#:hiZedgXZciV_ZhZ^cXgZbZciV]VhiV
Za&.!&ZcZaXVhdYZaVhbj_ZgZh!adfjZgZegZhZciVjc%!-bZcdhfjZZc'%%-#:c
VbWdhXVhdh!adhYVidhYZ'%%.gdbeZcaViZcYZcX^V\ZcZgVaYZ^cXgZbZcidgZ\^higVYV
YZhYZ'%%'#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ',
'#'
8DCI:MIDHD8>D:8DCâB>8D9:AEG>C8>E69D9:6HIJG>6H
Edg hj eVgiZ! Za ZbeaZd VhVaVg^VYd YZhXZcY^ jc +!*! h^ij{cYdhZ Zc ((.#)%%
adhigVWV_VYdgZhedgXjZciVV_ZcV!VjcfjZaViVhVYZVhVaVg^oVX^cXgZX^%!,ejcidh!
VaXVcoVcYdZa-%!-!XdbdXdchZXjZcX^VYZanVXdbZciVYdYZhXZchdYZacbZgdYZ
dXjeVYdh#JcVdb{h!aViVhVYZVhVaVg^VX^c[ZbZc^cV-(!,hjeZgVaVbVhXja^cV
,-!)#9ZcigdYZaZbeaZdedgXjZciVV_ZcV!Za^cYZÒc^YdXgZX^jc(!-!adfjZhjedcZ
jcVgZYjXX^cYZ(!-ejcidhZcaViVhVYZiZbedgVa^YVYYZaVgZ\^c!fjZhZh^ijZc
Za'(!-#6a^\jVafjZZc'%%-!aV^cX^YZcX^VYZaViZbedgVa^YVYZhb{hVXjhVYVZcaVh
bj_ZgZh!V[ZXiVcYdVa',!(![gZciZVa'%!,YZadh]dbWgZh#
6iZcY^ZcYdVaVY^hig^WjX^chZXidg^VaYZabZgXVYdYZigVWV_dYZ6hijg^Vh!ZahZX"
idg hZgk^X^dh h^\jZ XdcXZcigVcYd Za bVndg edgXZciV_Z YZ edWaVX^c dXjeVYV Zc '%%.
,'! bVciZc^ZcYd jcV iZcYZcX^V edh^i^kV Xdchda^YVYV Zc adh ai^bdh Vdh h^ZcYd!
VYZb{h!ZahZXidgfjZb{h]V^cXgZbZciVYdhjeZhdedgXZcijVaZcgZaVX^cXdcZaidiVa
YZedWaVX^cdXjeVYVgZheZXidV'%%-(!-ejcidh#EdgZaXdcigVg^d!aVXdchigjXX^cnaV
^cYjhig^VhdcadhhZXidgZhfjZ]VcZmeZg^bZciVYdjcbVndgYZhXZchdgZaVi^kdhdWgZZa
idiVaYZedWaVX^cdXjeVYV"'!(n"&!&gZheZXi^kVbZciZ#
:aXdhiZaVWdgVabZY^dYVidhYZ'%%-YZaV:cXjZhiVIg^bZhigVaYZ8dhiZAVWdgVa
YZa>C:!ZaVWdgVYdhedgH69:>!hZZaZkVV'#(,(ZjgdhedgZbeaZVYdnbZh&,!.Zjgdh$
]dgVadfjZhjedcZjc^cXgZbZcidYZa*!&XdcgZheZXidVaVdVciZg^dg#AVh]dgVh
Z[ZXi^kVhYZigVWV_dhZX^[gVgdcZc&#*--edgXVYVigVWV_VYdg![gZciZVaVh&#+&']dgVhYZ
bZY^VZc:heVV!h^ZcYdaVXjVgiV_dgcVYVaVWdgVab{hWV_VYZaeVh#
EdgadfjZhZgZÒZgZVaVhZ\jg^YVYaVWdgVa!hZ\cadhYVidhYZaB^c^hiZg^dYZ
IgVWV_dZ>cb^\gVX^c!Zc'%%.hZegdYj_Zgdc&-#%&(VXX^YZciZhYZigVWV_d!(#)+'bZ"
cdhfjZZcZaVdVciZg^dg!YZadhfjZZa.&hZegdYj_dYjgVciZaV_dgcVYVYZigVWV_d
nadhgZhiVciZh^c^i^cZgZ#:a%!,YZadhVXX^YZciZhaVWdgVaZhgZ\^higVYdhYjgVciZ'%%.
[jZgdcXaVh^ÒXVYdhXdbd\gVkZhnhZXdciVW^a^oVgdc&-VXX^YZciZhbdgiVaZh%!&#
H^W^ZcadhYVidhbjZhigVcjcYZhXZchd\ZcZgVa^oVYdZcadhai^bdhVdh!6hij"
g^Vhh^\jZiZc^ZcYdVaidhcY^XZhYZh^c^ZhigVa^YVYaVWdgVa#
:c'%%.WV_VZacY^XZYZ^cX^YZcX^VYZVXX^YZciZhZc_dgcVYVYZigVWV_dh^ij{c"
YdhZZc*#.+(VXX^YZciZhedgXVYVX^Zcb^aigVWV_VYdgZh#6jcVh!aVgZYjXX^cYZZhiZ
cY^XZZc)')h^c^ZhigdhZhbZcdgfjZaVYZaXdc_jcidcVX^dcVa!eVgVZafjZhZgZ\^h"
igVgdc+.&VXX^YZciZhbZcdh!nh^iVcV6hijg^VhZcZaiZgXZgejZhidYZagVc`^c\Vj"
'- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
'#'
8DCI:MIDHD8>D:8DCâB>8D9:AEG>C8>E69D9:6HIJG>6H
idcb^Xd#EdgZaXdcigVg^d!ZacY^XZYZ^cX^YZcX^VYZVXX^YZciZhbdgiVaZh[jZYZ*!,!
ZmeZg^bZciVcYdjcVgZYjXX^cbVndgfjZaVbZY^VcVX^dcVanh^ijVcYdV6hijg^VhZcaV
YX^bdXjVgiVedh^X^cZcigZaVhXdbjc^YVYZhVjicdbVh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '.
(
>C9>869DG:H
(#&
6>G:NGJ>9D
(#&#&
:b^h^dcZhVaVVibh[ZgVYZ\VhZhVX^Y^ÒXVciZh
nZjigdÒoVciZh
(#&#'
:b^h^dcZhVaVVibh[ZgVYZ\VhZhegZXjghdgZhYZdodcd
(#&#(
:b^h^dcZhVaVVibh[ZgVegdXZYZciZhYZadhhZXidgZh
^cYjhig^VanZcZg\i^Xd
(#&#)
:b^h^dcZhVaVVibh[ZgVegdXZYZciZhYZaigVchedgiZ
(#&#*
8Va^YVYYZaV^gZZcZabZY^djgWVcd
(#&#+
8Va^YVYYZaV^gZZcZabZY^dgjgVaXVa^YVYYZaV^gZYZ[dcYd
gZ\^dcVaeVgVaVegdiZXX^cYZaVkZ\ZiVX^c
(#&#,
Gj^YdVbW^ZciVa
(#&
6>G:NGJ>9D
9jgVciZ'%%.!aVJc^c:jgdeZV]VXdci^cjVYdYZhVggdaaVcYdaZ\^haVX^cZcbV"
iZg^VYZXdciVb^cVX^cVibdh[g^XV!egdYjX^cYdhZcjZkdhYZhVggdaadhgZ\aVbZciVg^dh#
:hZaXVhdYZaGZ\aVbZcid8:$&%%*$'%%.!YZaEVgaVbZcid:jgdeZdnYZa8dchZ_d!YZ&+
YZhZei^ZbWgZYZ'%%.!hdWgZaVhhjhiVcX^VhfjZV\diVcaVXVeVYZdodcd#6igVkhYZ
ZhiVcdgbVhZegZiZcYZgZ\jaVgidYdhadhVheZXidhgZaVX^dcVYdhXdcZaX^XadYZk^YVYZ
ZhiVhhjhiVcX^VhYZhYZhjegdYjXX^c]VhiVhjYZhigjXX^c!^cXajnZcYdaV^bedgiVX^c
nZmedgiVX^cYZaVhb^hbVhnYZadhegdYjXidhnVeVgVidhfjZXdci^ZcZcdYZeZcYZc
YZZhiVhhjhiVcX^Vh#
:cgZaVX^cXdcZaigVchedgiZ!kVg^Vh]Vch^YdaVh9^gZXi^kVhfjZi^ZcZcXdbddW"
_Zi^kdgZYjX^gaVhZb^h^dcZhegdXZYZciZhYZZhiZhZXidgnbZ_dgVgVhaVXVa^YVYYZaV^gZ#
HZVegdWVgdcaV 9^gZXi^kV '%%.$(($8:YZaEVgaVbZcid:jgdeZdnYZa8dchZ_d!YZ'(YZ
VWg^aYZ'%%.!gZaVi^kVVaVegdbdX^cYZkZ]XjadhYZigVchedgiZedgXVggZiZgVa^be^dh
nZcZg\i^XVbZciZZÒX^ZciZh!naV9^gZXi^kV'%%.$&'+$8:YZaEVgaVbZcid:jgdeZdnYZa
8dchZ_d!YZ'&YZdXijWgZYZ'%%.!gZaVi^kVVaVgZXjeZgVX^cYZkVedgZhYZ\Vhda^cVYZ
aV[VhZ>>YjgVciZZagZedhiV_ZYZadhkZ]XjadhYZbdidgZcaVhZhiVX^dcZhYZhZgk^X^d#
:c:heVVhZ]VYZhVggdaaVYdjcV^bedgiVciZaVWdgZcadhegdnZXidhYZigVhedh^X^cYZ
aVVWjcYVciZcdgbVi^kVZjgdeZV!XdbdZhZaXVhdYZaVhdWa^\VX^dcZhYZXdbjc^XVX^c
VaV8db^h^cngZXde^aVX^cYZ^c[dgbVX^cZhiVWaZX^YVhedgaVcdgbVi^kVXdbjc^iVg^V
ZcbViZg^VYZgj^Yd#
:cZaEg^cX^eVYdYZ6hijg^VhhZXdci^cVigVWV_VYdZcaVhigZheg^cX^eVaZhacZVh
YZVXijVX^cYZÒc^YVh/Zb^h^dcZh!XdggZXX^cYZaVXdciVb^cVX^cnXdcigdaYZaVXV"
a^YVYYZaV^gZ#6YZb{h!VadaVg\dYZ'%%.!hZ]VcÒcVa^oVYdadhBVeVh:higVi\^XdhYZ
Gj^YdYZaVh8VggZiZgVhYZaVGZY6jidcb^XVnhZ]VXdbZcoVYdaVZaVWdgVX^cYZa
EaVcYZ6XX^cXdcZadW_Zi^kdYZgZYjX^gdZa^b^cVgaVhV[ZXX^dcZhYZiZXiVYVh#
() EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&
6>G:NGJ>9D
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. (*
(#&
6>G:NGJ>9D
(#&#&:b^h^dcZhVaVVibh[ZgVYZ\VhZhVX^Y^ÒXVciZhnZjigdÒoVciZh
:c'%%-hZ]VegdYjX^YdZabVndgYZhXZchdYZaVhZb^h^dcZhYZ\VhZhVX^Y^Ò"
XVciZhnZjigdÒoVciZhZc6hijg^VhYZhYZ&..%#
AVVX^Y^ÒXVX^cnaVZjigdÒoVX^chdcegdWaZbVhVbW^ZciVaZhgZaZkVciZhYZg^kV"
YdhYZaVXdciVb^cVX^cYZaV^gZ#8jVcYdjcV[jZciZZb^hdgVa^WZgVjcXdciVb^cVciZ!
hiZaaZ\VVaVVibh[ZgV!hZYZheaVoV!hZVXjbjaVdhZY^heZghV!hZigVch[dgbVdhZ
YZ\gVYV#8dbdgZhjaiVYdYZZhidhegdXZhdh!ZcjcejcidYZaiZgg^idg^dYZegdYjXZjc
c^kZaYZ^cb^h^cXjnd^beVXidejZYZhZgY^gZXidedgZ_Zbead!edg^c]VaVX^cdedg
YZedh^X^chdWgZZahjZad!aVkZ\ZiVX^cdZaV\jV!XdbdZhZaXVhdYZaVVX^Y^ÒXVX^cn
aVZjigdÒoVX^c#
Adh eg^cX^eVaZh \VhZh egZXjghdgZh YZ aV VX^Y^ÒXVX^c hdc Za Y^m^Yd YZ Voj[gZ
HD' n adh m^Ydh YZ c^ig\Zcd CDM fjZ ejZYZc [dgbVg {X^Yd hja[g^Xd n cig^Xd Zc
aVVibh[ZgV#:aVbdcVXdC=(!VjcfjZZhVaXVa^cd!ejZYZegdYjX^gVX^Y^ÒXVX^cedg
igVch[dgbVX^dcZhfjb^XVhZcZahjZad#6YZb{hadhYdhai^bdhiVbW^cegdkdXVcegd"
XZhdhYZZjigdÒoVX^c#AVh[jZciZheg^cX^eVaZhYZm^YdhYZVoj[gZnYZc^ig\ZcdhdcaV
XdbWjhi^cYZXdbWjhi^WaZh[h^aZhZcZahZXidgZaXig^Xd!ZcegdXZhdh^cYjhig^VaZhnZc
kZ]XjadhVbdidg#:aVbdc^VXdegdk^ZcZ[jcYVbZciVabZciZYZahZXidgV\gVg^d#
:c WVhZ V adh YVidh YZa ^ckZciVg^d cVX^dcVa YZ Zb^h^dcZh! Za *' YZ aVh Zb^"
h^dcZhYZHD'Zc6hijg^VhZcZaVd'%%-egdXZYZYZaVXdbWjhi^cZcaVegdYjXX^cn
igVch[dgbVX^cYZZcZg\V!nZa(-YZaVheaVciVhYZXdbWjhi^c^cYjhig^Va#
:cZaXVhdYZadhCDM!aVeg^cX^eVa[jZciZYZZb^h^ch^\jZh^ZcYdaVXdbWjhi^c
)'egdXZYZciZYZaVXdbWjhi^cZcaVegdYjXX^cnigVch[dgbVX^cYZZcZg\Vn'(
YZ aV XdbWjhi^c ^cYjhig^Va# DigVh [jZciZh h^\c^ÒXVi^kVh YZ Zb^h^c YZ CDm hdc aVh
(+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&
6>G:NGJ>9D
egdXZYZciZhYZaigVchedgiZedgXVggZiZgV&+YZaVhZb^h^dcZh!nYZdigdhbdYdhYZ
igVchedgiZnbVfj^cVg^Vbk^a&&YZaVhZb^h^dcZh#
8VWZYZhiVXVg!fjZZaeZhdgZaVi^kdYZaVhY^hi^ciVh[jZciZhYZZb^h^ceVgVZh"
idhYdhXdciVb^cVciZh!hZ]VbdY^ÒXVYdhjhiVcX^VabZciZZcZaVd'%%-#EVgVZaXVhd
YZaHD'!\VcVceZhdaVheaVciVhYZXdbWjhi^c^cYjhig^Va!fjZeVhVcYZa&*YZeZhd
gZaVi^kd Zc '%%, Va (- Zc '%%-! Zc YZig^bZcid YZ aV XdbWjhi^c Zc aV egdYjXX^c n
igVch[dgbVX^cYZZcZg\V!fjZ]VeVhVYdYZgZegZhZciVgZa-%VhjedcZgZa*'YZa
idiVaYZaVhZb^h^dcZh#EVgVZaCDmaVZkdajX^cZhh^b^aVgVjcfjZcdiVcegdcjcX^VYV#
;^cVabZciZ!Zadg^\ZcYZaVhZb^h^dcZhYZC=(!ZhY^[ZgZciZVaYZadhdigdhYdh
\VhZh/ Za -) egdXZYZ YZ aVh VXi^k^YVYZh \VcVYZgV n V\gXdaV! n Za &' YZ egdXZhdh
^cYjhig^VaZhh^cXdbWjhi^c#
:cXjVcidVaVZkdajX^cYZaVhZb^h^dcZh!ZcZaeZgdYd&..%Ä'%%-aVhZb^"
h^dcZhYZhjhiVcX^VhVX^Y^ÒXVciZhnZjigdÒoVciZhhZ]VcgZYjX^YdeVgVadhigZh\VhZh
VcVa^oVYdh!h^ZcYdZhiViZcYZcX^Vb{hVXjhVYVZcZaXVhdYZaHD'fjZZcZaYZadhdigdh
Ydh\VhZh#
:cigZ&..%n'%%-aVhZb^h^dcZhYZHD'hZ]VcgZYjX^Ydjc++#6jcfjZZcVa\j"
cdhVdhhZegdYjXZc^cXgZbZcidhejcijVaZh!XVWZYZhiVXVgZa^bedgiVciZYZhXZchdYZ
aVhZb^h^dcZhZcZaai^bdVdVcVa^oVYd!'%%-!YZjc*(gZheZXidVaVdVciZg^dg#
AVhiZcYZcX^VhfjZegZhZciVcadhCDMnZaC=(!hdch^b^aVgZh!VaiZgc{cYdhZhj"
W^YVhnWV_VYVhYZaVhZb^h^dcZhYZZhidh\VhZh!VjcfjZZcZaai^bdVdVcVa^oVYd!
'%%-!b^ZcigVhfjZaVhZb^h^dcZhYZC=(hZbVci^ZcZc!aVhZb^h^dcZhYZCDm!hj[gZc
jcV^bedgiVciZgZYjXX^cYZa((#EVgVZaXdc_jcidYZaeZgdYdVcVa^oVYd!aVhZb^h^d"
cZhhZ]VcgZYjX^Ydjc(+eVgVZaCDmnjc&.eVgVZaC=(#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. (,
(#&
6>G:NGJ>9D
DEJ7I
3:aY^m^YdYZVoj[gZHD'hZ\ZcZgVedgaVXdbWjhi^cYZXjVafj^ZghjhiVcX^VfjZXdciZc\V
Voj[gZ!XdbdZaXVgWcnZaeZigaZd#
3âm^YdhYZc^ig\ZcdCDMZhjcigb^cd\Zcg^XdfjZ]VXZgZ[ZgZcX^VVjc\gjedYZ\VhZh
bjngZVXi^kdh!XdbdZam^Ydcig^XdCDnZaY^m^YdYZc^ig\ZcdCD'!fjZXdci^ZcZcc^ig\Z"
cdndm\ZcdZcY^kZghVhegdedgX^dcZh#Adhm^YdhYZc^ig\ZcdhZ\ZcZgVcXjVcYdhZfjZbV
XdbWjhi^WaZ#AVheg^cX^eVaZh[jZciZhYZCDM hdcadhVjidbk^aZh!aVhXZcigVaZhigb^XVhndigVh
[jZciZh^cYjhig^VaZh!XdbZgX^VaZhnYdbhi^XVhfjZfjZbVcXdbWjhi^WaZh#
3:aVbdcVXdC=(hZegdYjXZZcaVYZ\gVYVX^cYZaZhi^gXdaVc^bVa#:hiZ\Vh!_jcidXdcZa
HD' nZaCDMZhjcdYZadheg^cX^eVaZhXVjhVciZhYZaVaajk^V{X^YV#
3AVVX^Y^ÒXVX^cZhjcegdXZhdYZXdciVb^cVX^cYZW^YdVaVYZedh^X^cYZZhidh\VhZh{X^Ydh
Zc aV Vibh[ZgV aajk^V {X^YV# 6 igVkh YZ aV XdciVb^cVX^c YZa hjZad! aV VX^Y^ÒXVX^c ejZYZ
aaZ\VgVaVhV\jVhhjeZgÒX^VaZh!ejY^ZcYd!edgadiVcid!iZcZgZ[ZXidhcZ\Vi^kdhhdWgZaVkZ\ZiV"
X^cedgegY^YVYZcjig^ZciZhZhZcX^VaZhdXgZX^b^ZcidYZeaVciVhgZh^hiZciZhVbZY^d{X^YdV
ZmeZchVhYZaVkZ\ZiVX^cVjiXidcVnhdWgZaVXVa^YVYYZaV\jVedgXdciVb^cVX^cedgbZiVaZh
eZhVYdh#
3AVYZedh^X^cVibdh[g^XVYZc^ig\ZcdejZYZXdcYjX^giVbW^cVaVZjigdÒoVX^cYZahjZadn
[VkdgZXZgZaXgZX^b^ZcidYZkZ\ZiVX^cZmi^XVZcYZig^bZcidYZaVVjiXidcV#9ZhYZZahjZad!Za
c^ig\ZcdVibdh[g^XdYZedh^iVYdejZYZa^m^k^Vg]VX^VaVhV\jVhXdci^cZciVaZhdbVg^cVhnXdc"
ig^Wj^giVbW^cVhjZjigdÒoVX^c!fjZhZYZÒcZXdbdZaZcg^fjZX^b^ZcidYZaV\jVZccjig^ZciZh!
ZheZX^VabZciZXdbejZhidhYZc^ig\Zcdn[h[dgd!fjZXVjhVjcXgZX^b^ZcidVXZaZgVYdYZVa\Vh
n[dgbVhb{hZaZkVYVhYZk^YVkZ\ZiVanegdYjXZjcYZhZfj^a^Wg^d^cYZhZVWaZYZaVk^YVW^da\^XV
naVXVa^YVYYZaV\jV#
(#&
6>G:NGJ>9D
(#&#':b^h^dcZhVaVVibh[ZgVYZ\VhZhegZXjghdgZhYZdodcd
:c'%%-hZ]VegdYjX^Ydjc[jZgiZYZhXZchdYZaVhZb^h^dcZhYZ\VhZhegZXjg"
hdgZhYZadodcdigdedh[g^XdZc6hijg^Vh
6Y^[ZgZcX^VYZadodcdZhigVidh[g^XdfjZgZhjaiVWZcZÒX^dhdedgfjZcdhegdiZ\Z
YZaVhgVY^VX^dcZhjaigVk^daZiVh!Zadodcdigdedh[g^XdZhjcXdciVb^cVciZfjZhZ[dgbV
ZcaVhXVeVhWV_VhYZaVVibh[ZgVVgVhYZahjZadedgjcVhZg^ZXdbeaZ_VYZgZVX"
X^dcZhfjb^XVhZcigZadhm^YdhYZc^ig\ZcdCDM!ZabZiVcd8=)!Zabdcm^YdYZ
XVgWdcd8DnadhXdbejZhidhdg\{c^Xdhkda{i^aZhcdbZi{a^Xdh8DKCBZcegZhZcX^V
YZajohdaVggVY^VX^dcZhjaigVk^daZiVh#JcVkZo[dgbVYd!ZadodcdejZYZeZgh^hi^gYj"
gVciZkVg^dhYVh#9ZW^YdVaVbdk^a^YVYYZadh\VhZhegZXjghdgZh!Zadodcdigdedh[g^Xd
XjVci^ÒXVYdZcjcaj\VgYZiZgb^cVYdejZYZhZgXdchZXjZcX^VYZZb^h^dcZh\ZcZgVYVh
VXZciZcVgZhd!^cXajhd!b^aZhYZ`^abZigdh#
:aZ[ZXidb{hegZdXjeVciZYZZhiZXdciVb^cVciZhZZ_ZgXZhdWgZaVhVajY]j"
bVcV edg kV gZhe^gVidg^V# HZ\c aV XdcXZcigVX^c n YjgVX^c YZa Ze^hdY^d! Za dodcd
igdedh[g^XdejZYZXgZVghcidbVhYZbVaZhiVg\ZcZgVanegdWaZbVhgZhe^gVidg^dh!fjZ
ejZYZcaaZ\VgVhZg\gVkZhZceZghdcVhhjhXZei^WaZhc^dh!VcX^VcdhneZghdcVhXdc
egdWaZbVhejabdcVgZhdXVgYVXdh#:adodcdiVbW^ci^ZcZZ[ZXidhcZ\Vi^kdhhdWgZaV
kZ\ZiVX^cn!ZceVgi^XjaVg!hdWgZaVhXdhZX]VhV\gXdaVh#
AVh Zb^h^dcZh YZ 8DKCB egdk^ZcZc eg^cX^eVabZciZ YZa jhd YZ Y^hdakZciZh Zc
egdXZhdh^cYjhig^VaZhniVbW^cYZajhdYZXVgWjgVciZhZcadhkZ]XjadhVbdidgigVch"
edgiZ#:hiVb^hbV[jZciZZhaVeg^cX^eVaZb^hdgVYZ8DedgXdbWjhi^c^cXdbeaZiVYZ
XVgWjgVciZh#DigV[jZciZYZZb^h^cYZ8DZhZahZXidgYdbhi^XdVafjZbVghZXdb"
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. (.
(#&
6>G:NGJ>9D
Wjhi^WaZh [h^aZh# AV [jZciZ YZ aVh Zb^h^dcZh YZ 8=) [jcYVbZciVabZciZ Zh Za hZXidg
V\gXdaV"\VcVYZgd#
:cXjVcidVadhYVidhYZ^ckZciVg^dhdWgZZadg^\ZchZXidg^VaYZXVYVjcdYZadh
\VhZhegZXjghdgZhYZadodcdeVgV6hijg^Vh!hZ\cYVidhYZ'%%-!Za8=)i^ZcZjcVZh"
igZX]VgZaVX^cXdcaVhVXi^k^YVYZh\VcVYZgVhnV\gXdaVh!YZYdcYZegdk^ZcZcZa*%
YZZhiVhZb^h^dcZh#AZh^\jZaVZmigVXX^cnY^hig^WjX^cYZXdbWjhi^WaZh[h^aZh!bjn
a^\VYVZc6hijg^VhVaVb^cZgVYZaXVgWc!Xdcjc'%!nZaigViVb^ZcidnZa^b^cVX^c
YZgZh^YjdhXdcjc&+YZeZhdXdcgZheZXidVaidiVa#
:adg^\ZcYZaVhZb^h^dcZhYZCDMhZgZeVgiZeg^cX^eVabZciZZcigZaVXdbWjhi^c
ZcaVegdYjXX^cnigVch[dgbVX^cYZZcZg\V!fjZVXjbjaVZa)'YZaeZhdidiVa!naVh
eaVciVhYZXdbWjhi^c^cYjhig^VafjZVaXVcoVcZa'(#H^cZbWVg\d!eVgVZaXdc_jcid
YZaVhZb^h^dcZhYZ:heVV!ZaigVchedgiZZhZaeg^cX^eVagZhedchVWaZYZaVhZb^h^dcZh
YZCDM#
:a 8D iVbW^c i^ZcZ jcV [jZgiZ k^cXjaVX^c Xdc aVh eaVciVh YZ XdbWjhi^c ^c"
Yjhig^Va(.!neaVciVhYZXdbWjhi^ccd^cYjhig^Va&(!fjZhdcW{h^XVbZciZaVh
Zb^i^YVhedgZahZXidggZh^YZcX^VadYdbhi^Xd!b^ZcigVhfjZadhegdXZhdh^cYjhig^VaZh
h^cXdbWjhi^cVedgiVcZa(.YZaVhZb^h^dcZh#AVhZb^h^dcZhYZahZXidgigVchedgiZ
gZegZhZciVcZa)YZaidiVa#
8dcgZheZXidVadh8DKCBhjeg^cX^eVa[jZciZ*,ZhaVcVijgVaZoV!h^W^ZcZa
''ZhVig^Wj^WaZVajhdYZY^hdakZciZhndigdhegdYjXidh#
AVhZb^h^dcZhYZ\VhZhegZXjghdgZhYZadodcdigdedh[g^XdhZ]VcgZYjX^YdZc"
igZadhVdh&..%n'%%-#Edg\VhZh!ZhZa8=)ZafjZbjZhigVjcViZcYZcX^VVaYZhXZchd
b{h XaVgV Xdc Va\c gZejciZ ejcijVa! VXjbjaVcYd jc YZhXZchd Zc ZhiZ eZgdYd YZa
('#
)% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&
6>G:NGJ>9D
:cXjVcidVadhCDM hZVegZX^VjcVZkdajX^cWVhiVciZZhiVWaZ]VhiVZa'%%,!Xdc
VaiZgcVcX^VYZhjW^YVhnWV_VYVhXdcgZheZXidVaVdYZgZ[ZgZcX^V#8VWZYZhiVXVgaV
cdiVWaZWV_VYVYZaVhZb^h^dcZhfjZhZZmeZg^bZciYjgVciZZaVd'%%-eVgVZhiZ\Vh!
nVfjZVaXVcoZa(*#
AVZkdajX^cYZaVhZb^h^dcZhYZa8D]VhZ\j^YdjcVgZYjXX^cXdci^cjVYVYZaVh
Zb^h^dcZhbVciZc^cYdhZ!ZcacZVh\ZcZgVaZh!edgYZWV_dYZadhc^kZaZhYZgZ[ZgZcX^V
YZ&..%!XdcVdhYZ[jZgiZhXVYVh#AVhZb^h^dcZhYZZhiZ\VhZc'%%-[jZgdcjc&,
^c[Zg^dgZhVaVhYZ&..%!]VW^ZcYdhj[g^YdjcVgZYjXX^cZaai^bdVdYZaVhZg^ZYZjc
)#Adb^hbdejZYZYZX^ghZYZadh8DKCB!fjZbVc^ÒZhiVcjcViZcYZcX^VXaVgVbZciZ
YZXgZX^ZciZ!XdcjcVgZYjXX^cVXjbjaVYVZcZaeZgdYdVcVa^oVYdYZa'&#
DEJ7I
3:abZiVcd8=)ZhZa8DKXdcbVndgZhegdedgX^dcZhYZZb^h^c#H^ZhYZdg^\ZcVcige^Xd
Zhi{VhdX^VYd[jcYVbZciVabZciZVjcVbVaVXdbWjhi^cYZYZg^kVYdhYZaeZigaZd!ZheZX^Va"
bZciZ adh kZ]Xjadh! Va\jcdh egdXZhdh YZ XdbWjhi^c YZ bViZg^V dg\{c^XV! aVh gZÒcZgVh YZ
eZigaZdnadhegdXZhdhegdYjXi^kdhZcadhfjZhZZbeaZVcY^hdakZciZh#
3:cigZadhm^YdhYZc^ig\ZcdCDMhZZcXjZcigVZaY^m^YdYZc^ig\ZcdCD'[gjidYZaVdm^"
YVX^cYZaVhZb^h^dcZhYZm^YdhYZc^ig\ZcdedgVXX^cYZadodcd#
3 :a bdcm^Yd YZ XVgWdcd 8D Zh Za XdciVb^cVciZ b{h VWjcYVciZ Zc aV XVeV ^c[Zg^dg YZ aV
Vibh[ZgV#:aeg^cX^eVadg^\ZcYZaVhZb^h^dcZhYZbdcm^YdYZXVgWdcdZhVcigded\c^Xd!YZ"
g^kVYVhYZaVXdbWjhi^c^cXdbeaZiVYZXdbWjhi^WaZh!ZcZheZX^VaadhXVgWjgVciZhYZadhVjid"
bk^aZh#
3Adh8dbejZhidhDg\{c^XdhKda{i^aZhCdBZi{c^Xdh8DKCB[dgbVceVgiZYZadh8DK#:hidh
V\gjeVcVb^aZhYZXdbejZhidhYZXVgWdcd!ZcigZZaadhZabZiVcd8=)!h^cZbWVg\d!YVYVaV
\gVcXVci^YVYfjZZm^hiZYZbZiVcd[gZciZVagZhidYZadh8DKhZVcVa^oVcedghZeVgVYd!Y^hi^c"
\j^ZcYd8DKn8DKCB#I^ZcZcjcdg^\ZciVcidcVijgVaXdbdVcigded\c^XdYZW^YdVaVZkVedgV"
X^cYZY^hdakZciZhdg\{c^Xdh!VaVfjZbVYZXdbWjhi^WaZh!VaigVchedgiZ!ZiX##HZXVgVXiZg^oVc
edgeVgi^X^eVgZcgZVXX^dcZhfjb^XVhZcaVVibh[ZgV\ZcZgVcYddigdhXdciVb^cVciZhdodcd#
(#&
6>G:NGJ>9D
(#&#(:b^h^dcZhVaVVibh[ZgVegdXZYZciZhYZadhhZXidgZh^cYjhig^Van
ZcZg\i^Xd
:c Xdc_jcid aVh Zb^h^dcZh idiVaZh YZ \VhZh XdciVb^cVciZh egdXZYZciZh YZ aV
VXi^k^YVY^cYjhig^VabjZhigVcjcViZcYZcX^VYZXgZX^ZciZ#
HZVcVa^oVcZcZhiZVeVgiVYdaVhZb^h^dcZhYZ\VhZhXdciVb^cVciZhegdXZYZciZh
YZYdhhZXidgZhegZYdb^cVciZhZcaVZXdcdbVVhijg^VcV!Za^cYjhig^VanZaZcZg\i^Xd#
9ZaVc{a^h^hYZadhYVidhYZZb^h^dcZheVgVZaVd'%%-!hZYZg^kVfjZadhhZX"
idgZhYZaV^cYjhig^VnYZaVZcZg\V!hdcgZhedchVWaZhYZVegdm^bVYVbZciZZa+)YZ
adh \VhZh XdciVb^cVciZh Xdch^YZgVYdh! YZhiVXVcYd aV gZaZkVcX^V YZ hj ^cÓjZcX^V Zc
aVhZb^h^dcZhYZHD'.+!CDm +,n8D,.hdWgZZaidiVaYZZb^h^dcZh#EdgZa
XdcigVg^d!iVchadZa-YZaVhZb^h^dcZhYZ8=)i^ZcZchjdg^\ZcZcaV^cYjhig^VdaV
egdYjXX^cYZZcZg\V#
)' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&
6>G:NGJ>9D
9ZhYZ &..% hZ ]V egdYjX^Yd jcV ^bedgiVciZ WV_VYV YZ aVh Zb^h^dcZh YZa HD'
egdXZYZciZYZaV^cYjhig^V!fjZ]VaaZ\VYdZc'%%-VhjedcZgjc')YZgZYjXX^cXdc
gZheZXidVaeg^bZgVdYZaeZgdYdXdch^YZgVYd#CddWhiVciZ!YZhiVXVZa^cXgZbZcidYZ
aVhZb^h^dcZhhj[g^YdZcZaai^bdVd'%%-!XVjhVYdW{h^XVbZciZedgaVhZb^h^dcZh
ZcadhÆegdXZhdh^cYjhig^VaZhXdcXdciVXidÇnZcXdcXgZidaVhÆeaVciVhYZh^ciZg^oVX^cn
eZaZi^oVX^cÇfjZ^cXgZbZciVgdchjhZb^h^dcZhYZZhiZ\VhZcjc&,-#
:cXjVcidVaVhZb^h^dcZhYZCDm!ZcZaai^bdVdhZ]VcgZYjX^YdZcjc'(!
nadb^hbd]VdXjgg^YdXdcaVhZb^h^dcZhYZ8DKCBegdXZYZciZhYZaV^cYjhig^VfjZ
ijk^ZgdcjcVgZYjXX^cYZa,Zc'%%-#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. )(
(#&
6>G:NGJ>9D
H^hZXdch^YZgVcaVhZb^h^dcZhegdXZYZciZhYZahZXidgZcZg\i^Xd!hZejZYZYZX^g
fjZZcXdc_jcidhZgZYj_ZgdcZcjc+.!\gVX^VhhdWgZidYdVaVY^hb^cjX^cZcjc,,
YZaVhZb^h^dcZhYZHD'!fjZeVhVcYZ&%.#'%)iZcZaVd&..%V')#,.)iZc'%%-#
AVZmea^XVX^cVZhiV^bedgiVciZgZYjXX^chZYZWZ[jcYVbZciVabZciZVaYZh"
XZchdZcaVegdYjXX^cYZZaZXig^X^YVYZcaVhigb^XVhYZXVgWcVhijg^VcVh!fjZZc
'%%-hZX^[gZcjc(-!,YZgZYjXX^cgZheZXidVaVdVciZg^dg#AVWV_VYVYZegdYjX"
X^c]VZhiVYdbdi^kVYV!ZceVgiZ!edgaVheVgVYVhiXc^XVhYZVa\jcVhYZaVheaVciVh
ZcaVhfjZhZegdXZY^V^cXdgedgVg^chiVaVX^dcZhYZYZhja[jgVX^c#
DEJ7I
3HZ]VcXdch^YZgVYdXjVigdXViZ\dgVhYZVXi^k^YVYXdc[dgbZVaVcdbZcXaVijgVHC6E".,eVgV
ZaX{aXjadYZaVhZb^h^dcZh#EVgVaVhZb^h^dcZhYZahZXidg^cYjhig^Va/%("eaVciVhYZXdbWjhi^c
^cYjhig^Va!%)"egdXZhdh^cYjhig^VaZhh^cXdbWjhi^cn%+"jhdYZY^hdakZciZhndigdhegdYjXidh0
neVgVaVhZb^h^dcZhYZahZXidgZcZg\i^Xd/%&"8dbWjhi^cZcaVegdYjXX^cnigVch[dgbVX^c
YZZcZg\V#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#Æ>ckZciVg^dCVX^dcVaYZ:b^h^dcZh8dciVb^cVciZhVaV6ibh"
[ZgVÇ#]iie/$$lll#bVgb#Zh
(#&
6>G:NGJ>9D
(#&#):b^h^dcZhVaVVibh[ZgVegdXZYZciZhYZaigVchedgiZ
AVh Zb^h^dcZh YZ \VhZh XdciVb^cVciZh egdXZYZciZh YZa igVchedgiZ ]Vc ZmeZ"
g^bZciVYdjcV^bedgiVciZgZYjXX^cZc6hijg^VhZcigZ&..%n'%%-#:cZaXVhdYZadh
\VhZhVX^Y^ÒXVciZh!aVgZYjXX^c]Vh^YdYZa&-!b^ZcigVhfjZeVgVadh\VhZhegZXjg"
hdgZhYZadodcdigdedh[g^XdhZ]VVaXVcoVYdjcVgZYjXX^cYZaVhZb^h^dcZhYZa+.#
GZheZXidV'%%,!aVh^ijVX^cYZ'%%-hZXVgVXiZg^oVedgjcVgZYjXX^cYZaVh
Zb^h^dcZhYZ\VhZhegZXjghdgZhYZadodcdigdedh[g^XdYZa(-nYZajcVgZYjXX^cYZa
-YZaVhZb^h^dcZhYZ\VhZhVX^Y^ÒXVciZhnZjigdÒoVciZh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. )*
(#&
6>G:NGJ>9D
DEJ7I
3 AV ^c[dgbVX^c XdggZhedcYZ ZmXajh^kVbZciZ V aVh Zb^h^dcZh XdciZbeaVYVh Zc adh \gjedh
HC6E"., %,"IgVchedgiZ edg XVggZiZgV n %- " Digdh bdYdh YZ igVchedgiZ/ [ZggdXVgg^a! VgZd n
bVgi^bd#CdhZ^cXajnZ!edgiVcid!ZaigVchedgiZedgijWZgVHC6E%&#%*#%+#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#Æ>ckZciVg^dCVX^dcVaYZ:b^h^dcZh8dciVb^cVciZhVaV6ibh"
[ZgVÇ#]iie/$$lll#bVgb#Zh
(#&
6>G:NGJ>9D
(#&#*8Va^YVYYZaV^gZZcZabZY^djgWVcd
AV bVndg eVgiZ YZ adh XdbedcZciZh VcVa^oVYdh eVgV bZY^g aV XVa^YVY YZa V^gZ
ZcZabZY^djgWVcdbjZhigVcjcViZcYZcX^VVaVY^hb^cjX^c!h^ij{cYdhZ!Zchj\gVc
bVndgV!edgYZWV_dYZadhkVadgZhab^iZ#
AVGZYYZK^\^aVcX^VYZaV8Va^YVYYZa6^gZ\Zhi^dcVYVedgaV6Yb^c^higVX^cYZa
Eg^cX^eVYdYZ6hijg^VhXjZciVXdc&.ZhiVX^dcZhYZbZY^X^cfjZhZZcXjZcigVcjW^"
XVYVh Zc adh h^\j^ZciZh XdcXZ_dh/ <^_c! Dk^ZYd! 6k^ah! AVc\gZd! HVc BVgic YZa GZn
6jgZa^d!B^ZgZh!H^Zgdn8Vc\VhYZaCVgXZV#EVgVedYZgbdhigVgaVbVndgXVci^YVYYZ
^c[dgbVX^cnYZaVbVcZgVb{hXaVgVedh^WaZ!hZ]VcV\gZ\VYdadhYVidhYZaVh^\j^ZciZ
bVcZgV/
:cadfjZhZgZÒZgZVaY^m^YdYZVoj[gZHD'!VeVgi^gYZaVd'%%*hZ^c^X^VjcV
iZcYZcX^V YZ YZhXZchd YZ adh kVadgZh bZY^dh VcjVaZh! fjZ hZ bVci^ZcZ Zc '%%.! Zc
idYVhaVhZhiVX^dcZhYZaVGZYYZK^\^aVcX^VYZaV8Va^YVYYZa6^gZ!XdcaVZmXZeX^cYZ
aVh^ijVYVZcaVodcV^cYjhig^VaÆBViVYZgdÇZc6k^ah#HVakdZcZhiVai^bV!ZcidYVhaVh
ZhiVX^dcZhhZ]VcgZ\^higVYdZc'%%.adhkVadgZhb{hWV_dhYZhYZ'%%VWZYZhiV"
XVgVZhiZgZheZXidfjZaV8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ
>c[gZhijghijgVh]VhjhXg^idjc8dckZc^dYZXdaVWdgVX^cXdcaV6jidg^YVYEdgijVg^VYZ
6k^aheVgVedcZgZcbVgX]VVXijVX^dcZhYZbZ_dgVYZaVXVa^YVYYZaV^gZ#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ),
(#&
6>G:NGJ>9D
AdhkVadgZhbZY^dhVcjVaZhb{hVaidhYZHD'eVgVZaVd'%%.!hZgZ\^higVcZc
aVhZhiVX^dcZhYZBViVYZgd!Zc6k^ahnEaVoVYZIdgdh!ZcDk^ZYd!Xdc'&n&)©\$b(!
gZheZXi^kVbZciZ#
AV cdgbVi^kV k^\ZciZ ZhiVWaZXZ jc kVadg ab^iZ Y^Vg^d eVgV aV egdiZXX^c YZ aV
hVajY]jbVcVYZ&'*©\$b(YZHD'!fjZcdedYg{hjeZgVghZZcb{hYZ(YVhVaVd#
C^c\jcVYZaVhZhiVX^dcZhadhjeZgZc'%%.c^iVchadjcYV#
:cXjVcidVakVadgab^iZ]dgVg^deVgVaVegdiZXX^cYZaVhVajY]jbVcV!aVcdg"
bVi^kVadÒ_VZc(*%©\$b(YZHD'!fjZcdejZYZhjeZgVghZb{hYZ')kZXZhVaVd#AV
ZhiVX^cYZEjg^ÒXVX^cIdb{hi^edjgWVcVYZ[dcYdhjeZgZcjcVdXVh^cZc'%%.aV
XdcXZcigVX^cab^iZ!nBViVYZgdi^ed^cYjhig^VaZc,dXVh^dcZh!XdcadfjZZhi{cbjn
VaZ_VYVhYZaab^iZb{m^bdYZ')hjeZgVX^dcZhVcjVaZheZgb^i^YVhedgaVaZ\^haVX^c#
:cXjVcidVaXdciVb^cVciZY^m^YdYZc^ig\ZcdCD'!ZakVadgab^iZVcjVaeVgV
aVegdiZXX^cYZaVhVajY]jbVcVZhiVWaZX^YdedgaVaZ\^haVX^ck^\ZciZZhYZ)'©\$b(
eVgVZaVd'%%.#
:cZaVd'%%.!idYVhaVhZhiVX^dcZhd[gZX^ZgdckVadgZhbZY^dhVcjVaZhedgYZ"
WV_dYZakVadgab^iZ#8dcgZheZXidVaVd'%%-!Zc'%%.idYVhaVhZhiVX^dcZh]VcVggd_V"
YdkVadgZhbZY^dhb{hWV_dhVZmXZeX^cYZaVhZhiVX^dcZhYZ<^_cnaVYZBZg^{cZc
aVodcV^cYjhig^VaYZAVc\gZd#
AV iZcYZcX^V \ZcZgVa YZa CD' Zc Za eZgdYd Xdch^YZgVYd '%%& V '%%. Zh V aV
gZYjXX^cYZadhc^kZaZhYZXdciVb^cVX^c#:hiViZcYZcX^VhZXdchiViVeg^cX^eVabZciZ
ZcadhYVidhYZaVhZhiVX^dcZhYZV\adbZgVX^dcZhjgWVcVhfjZeVhVcYZ))V((©\$b(
Zcadh.VdhVcVa^oVYdhVeZhVgYZfjZhZgZ\^higVc^cXgZbZcidhZcadhYdhai^bdh
Vdh n Zc adh kVadgZh YZ aVh ZhiVX^dcZh YZ aV odcV jgWVcV YZ ig{ÒXd XZcigVa eVgV Za
b^hbdeZgdYdYZ(+V'+©\$b(#:agZhidYZodcVh!Xdcc^kZaZhWV_dhVaeg^cX^e^dYZa
eZgdYdVcVa^oVYd!VjcfjZXdcVa\jcVhÓjXijVX^dcZh!iVbW^cZmeZg^bZciVcjcViZc"
YZcX^V\ZcZgVaVaVWV_V#
)- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&
6>G:NGJ>9D
Edg digd aVYd! h^ cdh gZ[Zg^bdh Va kVadg ab^iZ ]dgVg^d eVgV aV egdiZXX^c YZ aV
hVajY]jbVcV!iVbedXdhZhjeZgZakVadgab^iZYZ'%%©\$b(!fjZcdejZYZhjeZgVghZ
Zcb{hYZ&-dXVh^dcZhedgVd#
:cZaXVhdYZaVheVgiXjaVhYZY^{bZigd^c[Zg^dgV&%b^XgVhEB&%!ZakVadga"
b^iZVcjVaeVgVaVegdiZXX^cYZaVhVajY]jbVcVZhiVWaZX^YdedgaVcdgbVi^kVk^\ZciZ
ZhYZ)%©\$b(#6eZhVgYZaVbZ_dgVZmeZg^bZciVYVZhidhai^bdhVdh!adhYVidhYZ
^cb^h^cgZXd\^YdhedgaVGZYYZK^\^aVcX^VgZÓZ_VcfjZaVhEB&%hdcZaXdciVb^cVciZ
Vibdh[g^Xdb{hXgi^XdZc6hijg^Vh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ).
(#&
6>G:NGJ>9D
AViZcYZcX^VdWhZgkVYVZcidYdZaeZgdYdZhaVbZ_dgVYZaVXdciVb^cVX^cedg
eVgiXjaVhZcidYVhaVhodcVhZhijY^VYVh#6eVgi^gYZaVd'%%,!hZh^iVcadhkVadgZh
bZY^dhYZidYVhaVhodcVhedgYZWV_dYZakVadgab^iZVcjVaeVgVaVegdiZXX^cYZaVhV"
ajY]jbVcV!VZmXZeX^cYZaVodcV^cYjhig^VaBViVYZgd6k^ah#6eZhVgYZhjeZgVgZa
kVadgab^iZ!adhYVidhZcaVodcVYZBViVYZgd]VcWV_VYdYZ.%©\$b(Zc'%%&V)*©\$
b(Zc'%%.#
8dc gZheZXid Va Vd '%%-! idYVh aVh odcVh! h^c ZmXZeX^c! ]Vc ZmeZg^bZciVYd
jcVbZ_dgVZc'%%.#9ZhiVXVZaYZhXZchdVXjhVYdYZadhYVidhYZaVodcV^cYjhig^Va
BViVYZgd6k^ah!fjZWV_VYZ*,V)*©\$b(#DigVZhiVX^cfjZ]VZmeZg^bZciVYdjcV
bZ_dgVh^\c^ÒXVi^kVZhaVYZEjg^ÒXVX^cIdbVhDk^ZYd!fjZZc'%%'VXjbjaVWV&'&
YVh$VdYZhjeZgVX^dcZhnZmeZg^bZcijcXdci^cjVYdYZhXZchdVadaVg\dYZaeZgdYd
]VhiVh^ijVghZZc'%%.Zc&%hjeZgVX^dcZhVaVd!bjnedgYZWV_dYZakVadgab^iZY^Vg^d
eVgVaVegdiZXX^cYZaVhVajY]jbVcV*%©\$b(YZegdbZY^dZc')]dgVh!fjZcded"
Yg{chjeZgVghZZcb{hYZ(*dXVh^dcZhedgVd#
;^cVabZciZ! hZ VcVa^oV Zc ZhiZ VeVgiVYd aV XdciVb^cVX^c edg dodcd D(# :c
'%%.!Va^\jVafjZdXjgg^ZcadhVdhVciZg^dgZh!cdhZgZWVhVgdcadhjbWgVaZhYZVaZg"
iVZhiVWaZX^YdheVgVZaD(')%©\$b(YZegdbZY^d]dgVg^dYjgVciZigZh]dgVhXdchZXj"
i^kVhc^ZajbWgVaYZ^c[dgbVX^c&-%©\$b(YZegdbZY^d]dgVg^dYZadodcd#
*% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&
6>G:NGJ>9D
9jgVciZ '%%.! iVbedXd hZ gZ\^higVgdc hjeZgVX^dcZh YZa kVadg dW_Zi^kd eVgV aV
hVajY]jbVcV&'%©\$b( ZcbZY^Vhbk^aZhdXid]dgVg^Vh#8dc[dgbZVaVcdgbVi^kV
k^\ZciZ!Y^X]dkVadgcdedYg{hZghjeZgVYdb{hYZ'*YVhedgXVYVVdX^k^aYZegd"
bZY^dZcjceZg^dYdYZ(Vdh#8VWZYZhiVXVgfjZ!ZcigZ'%%'n'%%.!adhYVidhYZaVh
ZhiVX^dcZh YZ aV GZY YZ K^\^aVcX^V Vjidcb^XV hZ ZcXjZcigVc bjn aZ_dh YZ VaXVcoVg
ZhiZab^iZ#
DEJ7I
3AVhEB&%hZejZYZcYZÒc^gXdbdVfjZaaVheVgiXjaVhha^YVhdafj^YVhYZedakd!XZc^oVh!]d"
aac!eVgiXjaVhbZi{a^XVh!XZbZcidedaZc!Y^heZghVhZcaVVibh[ZgV!fjZeVhVcVigVkhYZjc
XVWZoVaYZiVbVdhZaZXi^kdeVgVjcY^{bZigdVZgdY^c{b^XdYZ&%©bXdcjcVZÒX^ZcX^VYZXdgiZ
YZa*%edg&%%#:hYZX^g!hdcaVheVgiXjaVhYZ%V&%©b^cXajnZcYdaVhEB'!*#:hi{c[dgbVYVh
eg^cX^eVabZciZedgXdbejZhidh^cdg\{c^XdhXdbdh^a^XVidhnVajb^cVidh!bZiVaZheZhVYdhZcigZ
digdh!nbViZg^Vadg\{c^XdVhdX^VYdVeVgiXjaVhYZXVgWc]daac#HZXVgVXiZg^oVcedgedhZZgjc
e=W{h^XdYZW^YdVaVXdbWjhi^ccdXdcigdaVYVYZbViZg^VaZh#
3:adodcdD(Zhjcdm^YVciZfjZejZYZhZgcdX^kdeVgVaVhVajY]jbVcVneVgVadhZXdh^hiZ"
bVh#AVheg^cX^eVaZhhjhiVcX^VhfjZ^ciZgk^ZcZcZcaV[dgbVX^cYZdodcdZcaVeVgiZb{hWV_VYZ
aVVibh[ZgVhdcadhm^YdhYZc^ig\ZcdCDM!adhXdbejZhidhdg\{c^Xdhkda{i^aZh8DKnZabd"
cm^YdYZXVgWdcd8D#AdhkVadgZhab^iZhdcadhZhiVWaZX^YdhZcZa GZVa9ZXgZid&,.+$'%%(#
;J:CI:H
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#9^gZXX^c<ZcZgVaYZ6\jVn8Va^YVY6bW^ZciVa#
]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
(#&
6>G:NGJ>9D
(#&#+8Va^YVYYZaV^gZZcZabZY^dgjgVaXVa^YVYYZaV^gZYZ[dcYdgZ\^d"
cVaeVgVaVegdiZXX^cYZaVkZ\ZiVX^c
AdhYVidhgZ[ZgZciZhVaVXVa^YVYYZaV^gZZcZabZY^dgjgVahZh^iVcbjnedg
YZWV_dYZadhkVadgZhab^iZ!h^W^ZcadhkVadgZhYZae=YZaVhegZX^e^iVX^dcZhXdci^cVc
h^ZcYdWV_dh#
:c 6hijg^Vh hZ ZcXjZcigV jcV YZ aVh XVidgXZ ZhiVX^dcZh YZ bZY^YV YZ aV gZY
cVX^dcVa :B:E$K6<$86BE eVgV VcVa^oVg aV XVa^YVY YZa V^gZ Zc Za bZY^d gjgVa! n Zhi{
jW^XVYVZcC^ZbWgdAaVcZh#:hiVZhiVX^c!h^ijVYVZcjcVodcVgjgVaVaZ_VYVYZadh
[dXdh XdciVb^cVciZh! h^gkZ eVgV ZkVajVg aV XVa^YVY YZa V^gZ YZ [dcYd gZ\^dcVa eVgV aV
egdiZXX^cYZaVkZ\ZiVX^c#
AdhZ[ZXidhhdWgZaVXVa^YVYYZaV^gZZcZabZY^dgjgVahdcegdYjX^YdhedgVXX^c
YZaigVchedgiZYZadh\VhZhXdciVb^cVciZhYZhYZadh[dXdhYZZb^h^cV\adbZgVX^dcZh
jgWVcVhn{gZVh^cYjhig^VaZhVjcfjZZhicVaZ_VYdhX^ZcidhYZ`^abZigdhYZaejcidYZ
bjZhigZd#:hiZZ[ZXidZhZafjZhZigViVYZbZY^gXdcZhiZ^cY^XVYdg#
8dcgZheZXidVaVdVciZg^dgYZaVhZg^Z!Zaai^bdYVidVd'%%-hZ]VgZYj"
X^YdYZ(!.V'©\$b(!h^ZcYdhiZZakVadgb{hWV_dYZaVhZg^ZYZYVidh#H^cZbWVg\d!
h^XdbeVgVbdhZaYVidYZa'%%-XdcZaYZagZhidYZZhiVX^dcZhYZ:heVV!ZaYVidYZ
C^ZbWgdZhZab{hVaid!hZ\j^YdYZDHVk^VdAj\d#
6adaVg\dYZidYdZaeZgdYdVcVa^oVYd!adhkVadgZhYZaVXdcXZcigVX^cbZY^VYZa
HD'ZcaVZhiVX^cYZC^ZbWgd]VchZ\j^YdjcViZcYZcX^VVaVgZYjXX^cnhZh^iVcbjn
VaZ_VYdhYZakVadgab^iZZhiVWaZX^YdeVgVaVegdiZXX^cYZadhZXdh^hiZbVh'%©\$b(#
:akVadgYZaVXdcXZcigVX^cbZY^VYZadhCDMgZ\^higVYdZcaVZhiVX^cYZC^Zb"
Wgd[jZZc'%%-YZ*!&&©\$b(!X^[gVfjZ!VeZhVgYZhZgaViZgXZgVb{hVaiVYZaVGZY
:B:E$K6<$86BEigVhaVYZK^ocVg<gVcVYVn9dVcV!ZhZakVadgb{hWV_dYZaVZhiV"
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. *(
(#&
6>G:NGJ>9D
X^cYZhYZ&...#AdhkVadgZhgZ\^higVYdhVadaVg\dYZidYdZaeZgdYdZhi{cbjnaZ_dh
YZadhkVadgZhab^iZiVcideVgVaVegdiZXX^cYZaVkZ\ZiVX^c(%©\$b(XdbdeVgVaV
egdiZXX^cYZaVhVajY]jbVcV)%©\$b(#
:cXjVcidVaD(!aVZhiVX^cYZC^ZbWgdcdgZ\^higZc'%%-c^c\jcVhjeZgVX^c
YZakVadgdW_Zi^kdYZegdiZXX^ceVgVaVhVajY]jbVcVeVgVZaVd'%&%&'%©\$b(!
h^ZcYdaVc^XVZhiVX^cYZaVGZY:B:E$K6<$86BEZcZhiVh^ijVX^cZadW_Zi^kdZh"
iVWaZX^YdZhi{Ò_VYdZc'*hjeZgVX^dcZh$Vd#
*) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&
6>G:NGJ>9D
AVZhiVX^cYZC^ZbWgdgZ\^higZc'%%-jckVadgeVgVZaD(bZY^Vbk^afj^c"
fjZcVaYZ6DI)%^c[Zg^dgVaYZ'%%,!^c^X^{cYdhZjcXVbW^dZcaViZcYZcX^VXgZX^ZciZ
YZadhkVadgZh!fjZhZkZcVegdYjX^ZcYdYZhYZZaVd'%%'#6h^b^hbd!cd]VgZ\^higVYd
YZhYZZa'%%&kVadgZhhjeZg^dgZhVadW_Zi^kdYZegdiZXX^cYZaVkZ\ZiVX^c!Ò_VYdZc
&-#%%%©\$b(bZY^YdXdbdkVadgVXjbjaVYdYZbVndV_ja^dYZegdbZY^dZcjceZ"
gdYdYZX^cXdVdhnedg]dgV!bZY^Vhbk^aZhfj^cfjZcVaZhYZ6DI)%#AVZhiVX^c
Vhijg^VcVegZhZciVZahZ\jcYdkVadgb{hWV_dYZGZY-#((%©\$b(YZhejhYZaVYZD
HVk^VdZcAj\d#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. **
(#&
6>G:NGJ>9D
:c'%%-Zac^kZaYZe=YZaVhegZX^e^iVX^dcZhgZXd\^YVhZcaVZhiVX^cYZC^ZbWgd
[jZYZ)!.adfjZ^cY^XVjcbVgXVYdXVg{XiZg{X^YdfjZ!edgdigdaVYd!hjeZgVVaYZaVd
'%%,e=*!&#
DEJ7I
3:adW_Zi^kdeVgVaVegdiZXX^cYZaVhVajY]jbVcVeVgVZadodcdZhiVWaZXZfjZZcZaVd'%&%
cdhZhjeZgZZcb{hYZ'*YVhVaVdaVXdcXZcigVX^cYZ&'%©\$b(bZY^YVXdbdb{m^bdYZ
aVhbZY^VhdXid]dgVg^Vh#
3 AVh h^\aVh 6DI)% hZ XdggZhedcYZc Xdc aV ZmegZh^c Zc ^c\ah YZ 6XXjbjaViZY 6bdjci d[
DodcZdkZgVIgZh]daYd[)%EVgihEZg7^aa^dc#:hiZcY^XZhZYZÒcZXdbdaVhjbVYZaVY^[ZgZcX^V
ZcigZaVhXdcXZcigVX^dcZh]dgVg^VhhjeZg^dgZhVadh-%©\$b( 2)%eVgiZhedgb^ab^aadcZhdeeW
n-%©\$b(VadaVg\dYZjceZgdYdYVYdfjZ!eVgVZaXVhdYZaVegdiZXX^cVaVkZ\ZiVX^chdcadh
bZhZhYZbVnd!_jc^dn_ja^d!ji^a^oVcYdc^XVbZciZadhkVadgZh]dgVg^dhbZY^YdhZcigZaVh-#%%
naVh'%#%%]dgVh!]dgVXZcigVaZjgdeZV!XVYVYV#HZXVaXjaVcaVhbZY^VhZcX^cXdVdhbZY^Vh
bk^aZhn!ZcXVhdYZVjhZcX^VYZhZg^ZXdbeaZiVnXdchZXji^kVYZYVidhVcjVaZhYZ6DI)%!bZ"
Y^VZcigZhVdhXdbdbc^bdZakVadgYZ'%%+ZhjcVbZY^VXjVig^ZcVa"'%%'!'%%)!'%%*n'%%+"
!nVfjZZc'%%(cdhZVaXVcoZa.%edgX^ZcidYZYVidhZcZaeZgdYdYZX{aXjadYZa6DI)%#
3AVeg^bZgV^c^X^Vi^kV^ciZgcVX^dcVagZheZXidVaVXVa^YVYYZaV^gZ[jZZa 8dckZc^dYZ<^cZWgV
hdWgZ 8dciVb^cVX^c6ibdh[g^XVIgVch[gdciZg^oVV<gVc9^hiVcX^V!ÒgbVYdZc&.,.#6gVoYZ
ZhiZ XdckZc^d hZ ZhiVWaZX^ Zc :jgdeV Za Egd\gVbV :B:E! YZcigd YZa XjVa hZ ^ciZ\gV aV GZY
:heVdaVYZK^\^aVcX^VYZaV8dciVb^cVX^c6ibdh[g^XVgZh^YjVadYZ[dcYd#AdhYVidhfjZhZ
egZhZciVcZcadh\g{ÒXdhVY_jcidhhZgZÒZgZcVaVhZhiVX^dcZhYZZhiVgZYYZbZY^X^cVjidb{"
i^XVYZc^kZaZhYZ^cb^h^cYZVa\jcdhXdciVb^cVciZhVibdh[g^Xdh#
(#&
6>G:NGJ>9D
(#&#,Gj^YdVbW^ZciVa
:c'%%.hZegZhZciZaBVeVYZGj^YdhnZaEaVcYZ6XX^cegZk^hideVgVVXijVg
hdWgZ Za gj^Yd egdkdXVYd edg aVh XVggZiZgVh YZ aV gZY Vjidcb^XV YZa Eg^cX^eVYd YZ
6hijg^Vh#
:agj^Yd]VeVhVYdVgZXdcdXZghZZcadhai^bdhVdhXdbdjcV\gVkZV[ZXX^cV
aVhVajY]jbVcV#9Z]ZX]dhZZci^ZcYZedgXdciVb^cVX^cVXhi^XVaVegZhZcX^VZcZa
VbW^ZciZYZgj^Ydhdk^WgVX^dcZh!XjVafj^ZgVfjZhZVZaZb^hdgVXhi^XdfjZadhdg^\^"
cZ!fjZ^bea^fjZcbdaZhi^V!g^Zh\ddYVdeVgVaVheZghdcVh!eVgVZaYZhVggdaadYZhjh
VXi^k^YVYZhdeVgVadhW^ZcZhYZXjVafj^ZgcVijgVaZoV!dfjZXVjhZcZ[ZXidhh^\c^ÒXVi^"
kdhhdWgZZabZY^dVbW^ZciZ#
:hiZ ^cY^XVYdg cd egZhZciV XVbW^dh gZheZXid Va EZgÒa YZ '%%- c^ Zc V\adbZ"
gVX^dcZhjgWVcVhZc'%%-<^_cVegdWhjBVeV:higVi\^XdYZGj^Ydh!c^ZcaVgZY
ZhiViVaYZXVggZiZgVh!nVfjZcdhZ]VcgZVa^oVYdcjZkVhbZY^X^dcZhYZgj^YdZcZhiVh
jW^XVX^dcZhZc6hijg^Vh#
AVcdkZYVYYZhiVXVWaZZhfjZZc'%%.hZegZhZciZaBVeVYZGj^YdhnZaEaVc
YZ6XX^cegZk^hideVgVVXijVghdWgZaVhXVggZiZgVhYZaVgZYVjidcb^XVYZaEg^cX^"
eVYdYZ6hijg^Vh#9ZVXjZgYdXdcadhXg^iZg^dhYZaVAZn!hZ]VcZaVWdgVYdnVcVa^oVYd
adhbVeVhZhigVi\^XdhYZgj^YdZcaVhdX]d\gVcYZhkVhYZXdbjc^XVX^cYZ6hijg^Vh
edgaVhfjZigVch^iVcb{hYZhZ^hb^aadcZhYZkZ]XjadhVaVd!fjZhjedcZcZa(!(YZ
aVgZYVjidcb^XV!ZhYZX^g!&(.`^abZigdhYZkVh!VaVhfjZZhiVgVcZmejZhiVhjcVh
),#*%%eZghdcVh!Za)!)YZaVedWaVX^cVhijg^VcV#
AVhXVggZiZgVhZhijY^VYVh[jZgdc/6H">!VjidkVb^cZgV06H">>!VjidkVYZaV^c"
Yjhig^VdVci^\jV<^_cÄDk^ZYd06H"&+!HdidYZa7VgXdÄEgVk^V06H"&,!EdhVYV"G^Vd!
6H"&&,!G^VdÄAVk^VcV06H"&.!6k^ahÄ<^_c06H"'++!Dk^ZYdÄAj\dcZh0nH>"(!<gVc"
YVÄ:a8Vhigd#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. *,
(#&
6>G:NGJ>9D
AdhXdcXZ_dhV[ZXiVYdhedgZhiVhXVggZiZgVhhdcadhh^\j^ZciZh/6k^ah!8VggZd!
8dgkZgVYZ6hijg^Vh!<^_c!AVc\gZd!AVk^VcV!AaVcZgV!B^ZgZh!CdgZV!Dk^ZYd!EgVk^V!
HVcBVgicYZaGZn6jgZa^d!H^ZgdnHdidYZa7VgXd#
IgVhZaVc{a^h^hYZadhgZhjaiVYdhhZZhiVWaZX^ZgdcjcVhZg^ZYZÆejcidhcZ\gdh
VXhi^XdhÇZcXVYVjcVYZaVhkVhVcVa^oVYVh!ZcigZadhfjZejZYZcYZhiVXVgadhh^"
\j^ZciZh/ Zc aV 6H">! ;g^ZgZh n G^Vd edg Zm^hiZcX^V YZ k^k^ZcYVh n jc ]dhe^iVa0 Zc aV
6H">>!aV8dggZYdg^VedgZm^hiZcX^VYZWadfjZhYZZY^ÒX^dhYZ\gVcVaijgVXZgXVcdhVa
Z_Zk^Vg^d0ZcaV6H"&+EZVjaa{c!ZcaV6H"&,igVbdh7a^bZV!EdaVYZAVk^VcVnG^Vd!
edgegZhZcX^VYZZY^ÒX^dhnXZcigdhZhXdaVgZh0ZcaV6H"&.adhigVbdhYZaVAAdgZYVn
Za:beVabZ0ZcaV6H"'++Dk^ZYdnAj\dcZh0ZcaV6H"&&,HVbVedgegZhZcX^VYZXZc"
igdhZYjXVi^kdhnZY^ÒX^dhYZk^k^ZcYVh0Za:cigZ\d!7a^bZVn7VggZYdhedgegZhZcX^VYZ
XZcigdhZYjXVi^kdh0nZcaVH>"(AV;gZhcZYVnK^ZaaV#
9Zadh&(.`bYZkVhZkVajVYdh!,*`^abZigdhhZZcXjZcigVcZmejZhidhVjc
c^kZaYZgj^YdhjeZg^dgV**Y760&+!*`^abZigdhhjeZg^dgV+*Y76n(!*`^abZigdhV
,*Y76#
H^]VWaVbdhYZedWaVX^c!jcidiVaYZ'%%eZghdcVhhdedgiVcc^kZaZhYZgj^Ydh
edgZcX^bVYZ,*Y76!+#*%%eZghdcVhhdedgiVcc^kZaZhYZgj^YdedgZcX^bVYZadh+*
Y76n),#)%%edgZcX^bVYZ**Y76#
6h^b^hbd!(]dhe^iVaZhhZZcXjZcigVcV[ZXiVYdhedgc^kZaZhYZgj^YdhjeZg^dgZh
V+*Y76ndigdh&&edgc^kZaZhhjeZg^dgZhV**Y76#EdgadfjZhZgZÒZgZVadhXdaZ\^dh!
hZZcXjZcigVc'V[ZXiVYdhedgc^kZaZhYZgj^YdhjeZg^dgZhV,*Y76!Zc,hZhjeZgVcadh
+*Y76n'+XdaZ\^dhZhi{cV[ZXiVYdhedgc^kZaZhYZgj^YdhjeZg^dgZhV**Y76#
JcVkZoYZiZXiVYdhadhejcidhYZgj^YdhZZaVWdgZaXdggZhedcY^ZciZEaVcYZ
6XX^cfjZegZiZcYZVb^cdgVgdZggVY^XVgZhiVhV[ZXX^dcZh#AVhhdajX^dcZheVhVccdg"
bVabZciZedgaV^chiVaVX^cYZeVciVaaVhVXhi^XVh!h^W^ZcZcbjX]dhXVhdh!ZhVhV[ZX"
X^dcZhYZhVeVgZXZg{cdhZVb^cdgVg{cXjVcYdZcigZcZc[jcX^dcVb^ZciddhZbZ_dgZc
*- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&
6>G:NGJ>9D
digVh^c[gVZhigjXijgVhZcaVhfjZnVhZZhi{igVWV_VcYd#AVhXdggZXX^dcZhgZheZXidV
adhejcidhX^iVYdhhZgVc/eVciVaaVhVXhi^XVheVgVaVhV[ZXX^dcZhZcaV6H">n6H"&,!aV
Z_ZXjX^cYZcjZkVhkVhjdigVhVXijVX^dcZhegdnZXiVYVhVb^cdgVg{caVhV[ZXX^dcZhZc
aV6H"&+n6H"&.VXijVX^dcZhk^cXjaVYVhVOVa^VnVaEjZgidYZaBjhZa#:cdigdhXVhdh
XdbdAj\dcZhdaV8dggZYdg^V!aVhhdajX^dcZhhdcb{hXdbeaZ_VhedgfjZhdcZcidgcdh
XdcjcZcigVbVYdXVh^jgWVcdn!edgiVcid!Xdcadhb^hbdhc^kZaZhYZXdciVb^cVX^c
VXhi^XVfjZejZYZiZcZgXjVafj^ZgdigVVgiZg^VYZY^hig^WjX^cYZig{ÒXdYZjcVX^jYVY
YZcigdYZaVXjVacdhZejZYZVXijVgXdceVciVaaVhVXhi^XVh#
AVhVXijVX^dcZhYZaEaVcYZ6XX^cXjZciVcXdcjcegZhjejZhidZhi^bVYdYZ*
b^aadcZhYZZjgdh#:aX^iVYdeaVc[dgbVg{eVgiZYZacjZkdEaVcYZ8VggZiZgVh!YZcdb^"
cVYdEgd\gVbVYZ6XijVX^cIZgg^idg^Va'%&%Ä'%'%!fjZhZZcXjZcigVVXijVabZciZZc
igVb^iVX^cnfjZXdciVg{XdcjcVeVgiVYdZheZXÒXdZcbViZg^VYZgj^Ydh#
DEJ7I
3EVgVaVbZY^X^cYZagj^YdhZji^a^oVZaAYZcYVn"ZkZc^c\"c^\]i#:hjc^cY^XVYdgYZac^kZaYZ
gj^Yd\adWVaYjgVciZZaYV!aViVgYZnaVcdX]Z!ji^a^oVYdeVgVYZiZgb^cVgaVbdaZhi^Vk^cXjaVYV
VaVZmedh^X^cVagj^Yd0Ac^\]iZhjc^cY^XVYdgYZac^kZahdcdgdYjgVciZaVh]dgVhcdXijgcVh#
6bWdh^cY^XVYdgZhhZji^a^oVcZcaVZaVWdgVX^cYZbVeVhZhigVi\^XdhYZgj^Yd#
AdhbVeVhZhigVi\^XdhYZgj^Ydhdc^chigjbZcidhXdc[ZXX^dcVYdheVgVZkVajVg\adWVa"
bZciZaVZmedh^X^cVagj^YdZcjcVodcVYZiZgb^cVYVnXdchiVcYZ/
CWfWiZ[d_l[b[iiedeheiAYZc!AcdX]Z!AYVnAiVgYZ!gZegZhZciVX^c\g{ÒXVYZaVh
XjgkVh^h[dcVhnZaXdadgZVYdYZaVh{gZVhdXjeVYVhedggVc\dhVXhi^XdhVeVgi^gYZ
**"+%Y76]VhiVadhhjeZg^dgZhV,*Y76ZcadhbVeVhY^jgcdhnVeVgi^gYZ*%Y76Zc
adhbVeVhcdXijgcdh#
CWfWiZ[[nfei_Y_d0 bjZhigVcadhkVadgZhYZZmedh^X^cZc[VX]VYVhYZk^k^ZcYVhnZa
cbZgdYZeZghdcVhV[ZXiVYVh#
CWfWiZ[pedWiZ[W\[YY_d0hZgZegZhZciVZa{gZVV[ZXiVYVedgc^kZaZhVXhi^XdhhjeZ"
g^dgZhV**Y76naVh^h[dcVhYZ**!+*n,*Y76#6YZb{heVgVXVYVgVc\dVXhi^XdhZ
XVaXjaVaVhjeZgÒX^ZV[ZXiVYV!ZacbZgdYZeZghdcVhnZaYZXdaZ\^dhn]dhe^iVaZh#
3:aYZhVggdaadgZ\aVbZciVg^dYZaVAZn(,$'%%(!YZaGj^YdhZXdbeaZibZY^VciZZaGZVa9ZXgZ"
id&(+,$'%%, ZcadgZ[ZgZciZVodc^ÒXVX^cVXhi^XV!dW_Zi^kdhYZXVa^YVYnZb^h^dcZhVXhi^XVh#
:hiVcdgbV]VYZÒc^YdadhXg^iZg^dheVgVZkVajVgaVXVa^YVYYZaVbW^ZciZhdcdgdZc[jcX^cYZa
jhdegZYdb^cVciZYZXVYVodcV#:cigZadhcjZkdhVheZXidhXdch^YZgVYdhedgaVcdgbVYZhiVXV
aVYZÒc^X^cYZjcdhdW_Zi^kdhYZXVa^YVYVXhi^XVbc^bdheVgVidYdZaiZgg^idg^dcVX^dcVa!WV"
hVYdhZcadhkVadgZhYZjcdhcY^XZhYZZkVajVX^cYZiZgb^cVYdh!naVYZiZgb^cVX^cYZkVadgZh
ab^iZYZ^cb^h^cYZgj^YdVea^XVWaZhVcjZkVh^c[gVZhigjXijgVh#AdhcY^XZhji^a^oVYdheVgVZa
ZhiVWaZX^b^ZcidYZadhdW_Zi^kdhYZXVa^YVYVXhi^XVeVgVgj^YdVea^XVWaZhV{gZVhjgWVc^oVYVh
Zm^hiZciZhhdc/
" AYÞcY^XZYZgj^YdYV/ÞcY^XZYZgj^YdVhdX^VYdVaVbdaZhi^VYjgVciZZaeZgdYdYV#
:fj^kVaZciZVaAYV>cY^XVYdgYZgj^YdY^jgcd#
(#&
6>G:NGJ>9D
" AZ ÞcY^XZ YZ gj^Yd iVgYZ/ ÞcY^XZ YZ gj^Yd VhdX^VYd V aV bdaZhi^V YjgVciZ Za eZgdYd
iVgYZ#:fj^kVaZciZVaAiVgYZ>cY^XVYdgYZgj^YdZceZgdYdkZheZgi^cd#
"Ac ÞcY^XZYZgj^YdcdX]Z/ÞcY^XZYZgj^YdXdggZhedcY^ZciZVaVVaiZgVX^cYZahjZd#
:fj^kVaZciZVaAcdX]Z >cY^XVYdgYZgj^YdZceZg^dYdcdXijgcd#
(2) En estos sectores del territorio se adoptarán las medidas adecuadas de prevención de la contaminación acústica, en particular mediante la aplicación de
las tecnologías de menor incidencia acústica de entre las mejores técnicas disponibles, de acuerdo con el apartado a, del artículo 18.2 de la Ley 37/2003, de
17 de noviembre.
(#'
86B7>D8A>BÛI>8D
(#'#&
:b^h^dcZhVaVVibh[ZgVYZ\VhZhYZZ[ZXid^ckZgcVYZgd<:>
(#'#'
:b^h^dcZhYZ<:>egdXZYZciZhYZahZXidgZcZg\i^Xd
(#'#(
:b^h^dcZhYZ<:>egdXZYZciZhYZahZXidg^cYjhig^Va
(#'#)
:b^h^dcZhYZ<:>egdXZYZciZhYZahZXidgigVchedgiZ
(#'#*
:b^h^dcZhYZ<:>egdXZYZciZhYZahZXidggZh^YZcX^Va
(#'#+
:kdajX^cYZaVhZb^h^dcZh<:>egdXZYZciZhYZ[jZciZhejcijVaZh
(#'#,
:kdajX^cYZiZbeZgVijgVhnegZX^e^iVX^dcZh
(#'#-
EZgdYdhYZhZfjV
(#'
86B7>D8A>BÛI>8D
HZYZcdb^cVXVbW^dXa^b{i^XdVaVkVg^VX^cYZaXa^bVfjZhZXdch^YZgVgZhja"
iVYd"Y^gZXiVd^cY^gZXiVbZciZ"YZaVVXi^k^YVY]jbVcV!nedgiVcidY^ÒZgZYZaVfjZ
hZgVaVZkdajX^ccVijgVaYZaXa^bVYZaVI^ZggV#:cZhiVkVg^VX^cXa^b{i^XV^ciZgk^ZcZc
kVg^dh[VXidgZh!VjcfjZadhXdcdX^YdhXdbd\VhZhYZZ[ZXid^ckZgcVYd<:>hdcadhfjZ
_jZ\VcjceVeZab{hgZaZkVciZ#
:cgZaVX^cVaVhZb^h^dcZhYZ\VhZhYZZ[ZXid^ckZgcVYZgdaVJc^c:jgdeZV]V
YZhVggdaaVYdjcVbea^dbVgXdcdgbVi^kd#JcVYZaVhai^bVh^cXdgedgVX^dcZhVab^hbd
ZhaV9^gZXi^kV'%%.$'.$8:!YZ'(YZVWg^aYZ'%%.!fjZbdY^ÒXVaV9^gZXi^kV'%%($-,$8:
eVgVeZg[ZXX^dcVgnVbea^VgZag\^bZcXdbjc^iVg^dYZXdbZgX^dYZYZgZX]dhYZZb^"
h^cYZ\VhZhYZZ[ZXid^ckZgcVYZgd#:hiVY^gZXi^kV[dgbVeVgiZYZaEVfjZiZYZBZY^YVh
YZ:cZg\Vn8a^bVegZhZciVYdedgaVJc^c:jgdeZVVÒcVaZhYZ'%%-!XjnVeg^cX^eVa
ÒcVa^YVYZhedcZgZcbVgX]VjcXdc_jcidYZVXX^dcZhfjZ\VgVci^XZcZaXjbea^b^Zcid
YZa Xdbegdb^hd Vhjb^Yd edg Za 8dchZ_d :jgdeZd Zc bVgod YZ '%%,# IVbW^c [dgbV
eVgiZYZZhiZXdc_jcidaV 9^gZXi^kV'%%.$'-$8:!YZ'(YZVWg^aYZ'%%.!gZaVi^kVVa[d"
bZcidYZajhdYZZcZg\VegdXZYZciZYZ[jZciZhgZcdkVWaZh#IVbW^chZ]VVegdWVYd
aV 9^gZXi^kV'%%.$(&$8:!YZ'(YZVWg^aYZ'%%.!hdWgZVabVXZcVb^Zcid\Zda\^Xd8D'!
fjZegZiZcYZXVeijgVgnVabVXZcVgZa\VhZb^i^Ydedg^chiVaVX^dcZh^cYjhig^VaZheVgV
Zk^iVghjZb^h^cVaVVibh[ZgV#
DigV YZ aVh cdkZYVYZh V c^kZa ZjgdeZd hdWgZ XVbW^d Xa^b{i^Xd Zh aV 9ZX^h^c
)%+$'%%.$8: YZa EVgaVbZcid :jgdeZd n YZa 8dchZ_d! YZ '( YZ VWg^a YZ '%%.# :c ZaaV
hZZhiVWaZXZcaVhZm^\ZcX^Vhbc^bVh!eVgVZaXjbea^b^ZcidYZaVXjZgYdXdbjc^iVg^d
hdWgZ gZYjXX^c YZ Zb^h^dcZh YZ \VhZh YZ Z[ZXid ^ckZgcVYZgd! eVgV XVYV jcd YZ adh
ZhiVYdhb^ZbWgdhZcZaeZg^dYd'%&("'%'%#6h^b^hbd!Za&YZVWg^aYZ'%%.hZejWa^X
ZaA^Wgd7aVcXdYZ6YVeiVX^cVa8VbW^d8a^b{i^Xd8DB'%%.&),#
+' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#'
86B7>D8A>BÛI>8D
:cZa{bW^idcVX^dcVa!ZcbViZg^VYZa89:!aV DgYZcEG:$'-',$'%%.!YZ&.YZ
dXijWgZ!bdY^ÒXVaVhXjVciVhYZaVhVh^\cVX^dcZhhZXidg^VaZhZhiVWaZX^YVhedgZaGZVa
9ZXgZid&(,%$'%%+!ZhYZX^g!adZhiVWaZX^YdedgZaEaVcCVX^dcVaYZ6h^\cVX^cYZYZgZ"
X]dhYZZb^h^cYZ\VhZhYZZ[ZXid^ckZgcVYZgd'%%-"'%&'#EdgdigdaVYd!YjgVciZZhiZ
Vd YZhiVXVc adh egd\gZhdh Z[ZXijVYdh Zc gZaVX^c V aV igVchedh^X^c YZ aV 9^gZXi^kV
'%%.$(&$8:naV 9^gZXi^kV'%%.$'.$8:#:cXdcXgZid!ZcaVAZnYZaV8db^h^cCVX^dcVa
YZaBZgXVYdYZKVadgZhAZn*$'%%.YZ'.YZ_jc^dZcaVY^hedh^X^cVY^X^dcVahZ\jcYV!
hZ^cXdgedgVjcVgZk^h^cYZah^hiZbVXdbjc^iVg^dYZXdbZgX^dYZYZgZX]dhYZZb^"
h^c#
6h^b^hbd!VadaVg\dYZ'%%.]VcXdci^cjVYdadhigVWV_dhYZaeVcZaYZZmeZgidh
8A>B6HYVcYdXdbd[gjidZaEg^bZg>c[dgbZ8a^bVh'%%.!gZXd\^YdZcaVejWa^XVX^c
Æ:k^YZcX^VhnZ[ZXidhediZcX^VaZhYZa8VbW^d8a^b{i^XdZc6hijg^VhÇ#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. +(
(#'
86B7>D8A>BÛI>8D
(#'#&:b^h^dcZhVaVVibh[ZgVYZ\VhZhYZZ[ZXid^ckZgcVYZgd<:>
6hijg^VhgZYjXZaV^ciZch^YVYYZZb^h^dcZhYZ\VhZhYZZ[ZXid^ckZgcVYZgdYZ
hj ZXdcdbV! h^ZcYd VYZb{h aV Xdbjc^YVY VjicdbV ZheVdaV fjZ b{h gZYjXZ hjh
Zb^h^dcZhZc'%%-!jc'&!)(gZheZXidV'%%,#
:cZah^\j^ZciZ\g{ÒXdhZVcVa^oVaVY^hiVcX^VYZaVhZb^h^dcZh<:>gZheZXidVa
dW_Zi^kdYZ@^did#:aXdbegdb^hdVYfj^g^Ydedg:heVVeVgV'%&'ZhZaYZfjZaVhZb^"
h^dcZhYZ<:>cdhZ^cXgZbZciZcedgZcX^bVYZa&*XdcgZheZXidV&..%VdWVhZ#
:c'%%-aVhZb^h^dcZhYZ\VhZhYZZ[ZXid^ckZgcVYZgdZc6hijg^VhhZgZYj_Zgdc
jc'&!)(gZheZXidVaVhYZ'%%,!]VhiVVaXVcoVgaVX^[gVidiVaYZ'*#.))`i8D'Zfj^kV"
aZciZ#:hidh^\c^ÒXVfjZZcZaXdc_jcidYZaeZg^dYd&..%"'%%-!ZcgZaVX^cXdcaVhZb^"
h^dcZhÒ_VYVheVgVZaVdWVhZ&..%YZaEgdidXdadYZ@^did!aVhZb^h^dcZhYZ6hijg^Vh
]Vch^Ydjc*!(+^c[Zg^dgZh!h^ZcYdaV8dbjc^YVY6jicdbVZheVdaVZcaVfjZb{h
hZ]VcgZYjX^YdaVhZb^h^dcZhgZheZXidVaVdWVhZ#
6 c^kZa cVX^dcVa! iVbW^c aVh Zb^h^dcZh hZ ]Vc gZYjX^Yd Zc Za ai^bd Vd jc
,!*&!h^cZbWVg\daVZkdajX^cYZaVhZb^h^dcZhZcZaeZg^dYd&..%"'%%-h^\jZVggd"
_VcYdjcWVaVcXZYZ^cXgZbZcidgZheZXidVaVdWVhZYZjc)&!'%Zc'%%-!ZhiVcYd
edgZcX^bVYZaab^iZZhiVWaZX^YdeVgV:heVVZcZaEgdidXdadYZ@^didYZa&*#
:aeZhdgZaVi^kdYZaVhZb^h^dcZhYZaEg^cX^eVYdYZ6hijg^VhiVbW^chZgZYj_d
Zc'%%-!eVhVcYdYZgZegZhZciVgZa,!*Zc'%%,Va+!(.Zc'%%-!YZaidiVaYZaVhZb^"
h^dcZhcVX^dcVaZh!adfjZhjedcZjchVaidYZaejZhidfj^cidVahei^bdZcZaaj\VgfjZ
dXjeV6hijg^VhgZheZXidVaVXdcig^WjX^cYZaVh8866ZheVdaVhedgZb^h^dcZhidiVaZh
YZ\VhZhYZZ[ZXid^ckZgcVYZgd#
+) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#'
86B7>D8A>BÛI>8D
:cZaVd'%%-aVgZYjXX^cYZZb^h^dcZhhZYZWZeg^cX^eVabZciZVaZ[ZXidYZjc
bZcdg[jcX^dcVb^ZcidYZaVhXZcigVaZhigb^XVhVhijg^VcVh!XVjhVYdedgaVhdhX^aVX^d"
cZhYZaegZX^dYZaXVgWcnaVheVgVYVhedggZ[dgbVhngZk^h^dcZhZcY^X]Vh^chiVaVX^d"
cZh!XdbW^cVYdXdcZaXgZX^b^ZcidYZaVegdYjXX^cYZZaZXig^X^YVYYZdg^\Zc]^Yg{ja^Xd
naVXdciZcX^cYZaVYZbVcYVZaXig^XVedgaVXg^h^hZXdcb^XV#
:cXjVcidVaVXdcig^WjX^cVaVhZb^h^dcZhYZ<:>edgi^edYZ\Vh!hZbVci^ZcZ
ZaegZYdb^c^dYZa8D'!XdcjcVXdcig^WjX^cZcZaVd'%%-YZa.&!hZ\j^YdYZabZ"
iVcdnYZaC'D!Xdcjc*n(YZXdcig^WjX^c!gZheZXi^kVbZciZ#Adh\VhZhÓjdgVYdh
=;8!H;+nE;8VeZcVhhjedcZcZa&YZaVhZb^h^dcZh#
AVhZb^h^dcZhYZ8D'hdcaVhfjZb{hhZ]VcgZYjX^YdZcZaai^bdVd!eVhVcYd
YZ(%#++'`iZc'%%,V'(#*+%`iZc'%%-!adfjZ^bea^XVjcVgZYjXX^cYZa'(#6eZhVg
YZfjZZhiZ\Vh]VWVgZ\^higVYdZabVndgXgZX^b^ZcidYZhjhZb^h^dcZhVadaVg\dYZ
idYdZaeZgdYdVcVa^oVYd!aVhZb^h^dcZhZc'%%-]VcaaZ\VYd^cXajhdVh^ijVghZjc(
edgYZWV_dYZaVhZhi^bVYVheVgVZaVdWVhZ')#'-&`i#
AVhZb^h^dcZhYZ8=)hdcaVhc^XVhfjZYZhX^ZcYZcYZ[dgbVXdci^cjVYVYZhYZ
&..%!XdcjcVgZYjXX^cidiVaYZa('#EdghjeVgiZ!aVhZb^h^dcZhYZC'DÓjXiVcVad
aVg\dYZaeZgdYdXdch^YZgVYdZcidgcdVjcdhc^kZaZhh^b^aVgZhVadhYZ&..%!hj[g^ZcYd
jcVgZYjXX^cZcZaai^bdVdYZa&*#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. +*
(#'
86B7>D8A>BÛI>8D
Edgi^edYZ[jZciZYZZb^h^c!Zc'%%-hZbVci^ZcZaVY^hig^WjX^chZXidg^VagZh"
eZXidVadg^\ZcYZaVhZb^h^dcZhYZ<:>Zc6hijg^Vh#:cZhiZhZci^Yd!aVh^cYjhig^VhYZa
hZXidgZcZg\i^XdVedgiVcZa)-YZaidiVaYZZb^h^dcZhgZ\^higVYVh!hZ\j^YVhedgaVh
^cYjhig^VhbVcj[VXijgZgVhnaVXdchigjXX^cXdcjc'&YZXdcig^WjX^c!nZciZgXZgaj"
\VgadhegdXZhdh^cYjhig^VaZhXdcjcVVedgiVX^cYZa&&VaidiVaYZadh<:>Zb^i^Ydh#
++ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#'
86B7>D8A>BÛI>8D
:a^cY^XVYdgYZ^ciZch^YVYYZXVgWdcdYZaVZXdcdbVb^YZaVgZaVX^cZcigZaVh
Zb^h^dcZhYZ<:>nZaE>7VegZX^dhXdchiVciZh!nhjX{aXjadeZgb^iZVcVa^oVgaVZkdaj"
X^cYZaVhZb^h^dcZhh^cZaZ[ZXidYZadhX^XadhZXdcb^XdhYZXgZX^b^ZciddgZXZh^c
fjZejZYVcV[ZXiVgVaVZXdcdbVYZjceVh#:cZhiZXVhd!Za^cY^XVYdggZÓZ_VeVgV
'%%-ZakVadgb{hWV_dYZaVhZg^Z!jc''b{hWV_dfjZZaVdVciZg^dgnjc(*Xdc
gZheZXidVaVd&..*#:aE>7hZ]V^cXgZbZciZcZaVd'%%-jc&#
DEJ7I
3 AVjc^YVYYZbZY^YVYZadh<:>ZhaVidcZaVYVd`^adidcZaVYVYZ8D'Zfj^kVaZciZ#:hidh^\c^"
ÒXVfjZaVhZb^h^dcZhYZadh\VhZhhZedcYZgVcZc[jcX^cYZhjediZcX^Va^YVYeVgVegdYjX^g
XVaZciVb^ZcidVibdh[g^XdXdcgZheZXidVa8D'#AVedcYZgVX^ceVgVZa8=) Zh'&neVgVZaC'D
Zh(&%#
3 AV^ciZch^YVYYZXVgWdcddYZZb^h^dcZh<:>ZcaVZXdcdbVZhjc^cY^XVYdgVc{ad\dVaYZ
^ciZch^YVYZcZg\i^XV!hVakdfjZXdch^YZgVZcZacjbZgVYdgaVhZb^h^dcZhYZ8D' dYZ\VhZhYZ
Z[ZXid^ckZgcVYZgd!ZckZoYZaXdchjbdYZZcZg\V#:hjcdYZadh&)^cY^XVYdgZhZhigjXijgVaZh
fjZeZgb^iZcZkVajVgaVVea^XVX^cYZaV :higViZ\^VYZA^hWdVYZaVJc^c:jgdeZV#
3 :c XjVcid V aVh [jZciZh XdciVb^cVciZh! hZ XaVh^ÒXVc hZ\c ad Xdch^YZgVYd Zc Za >E88".+
h^\aVhZc^c\ahYZa EVcZa>ciZg\jWZgcVbZciVaYZ8VbW^d8a^b{i^Xd#
3 EVgVaVXdch^YZgVX^cYZaVhZb^h^dcZhYZ<:>ZcZhiZiZbVhZZmXajnZZa\gjed*XVbW^dh
YZjhdYZahjZadnh^ak^XjaijgVnhZYZh\adhVcadhYVidhVedgiVYdheVgVZa\gjed&egdXZhVYdYZ
aVZcZg\VZc/^cYjhig^VhYZahZXidgZcZg\i^Xd!^cYjhig^VhbVcj[VXijgZgVhnYZaVXdchigjXX^c!
igVchedgiZ!digdhhZXidgZhnZb^h^dcZh[j\^i^kVhYZadhXdbWjhi^WaZh#
3 AdhYVidhYZZb^h^dcZhedg8866hjedcZcjcVYZhV\gZ\VX^cYZaVXjbjaVYdcVX^dcVadW"
iZc^YdXdcaVbZidYdad\VYZhXg^iVeVgVZaidiVacVX^dcVa#EdgZhiZbdi^kd!adhYVidhedg8866
hdcZhZcX^VabZciZjcVZhi^bVX^cneVgVhjXdggZXiV^ciZgegZiVX^cYZWZciZcZghZZcXjZciV
edh^WaZhY^hidgh^dcZh#
;J:CI:H
$$
(#'
86B7>D8A>BÛI>8D
(#'#':b^h^dcZhYZ<:>egdXZYZciZhYZahZXidgZcZg\i^Xd
:c'%%-aVhZb^h^dcZhYZ8D'Zc6hijg^VhegdXZYZciZhYZahZXidgZcZg\i^Xd[jZ"
gdcjc&'^c[Zg^dgZhVaVhYZ&..%!egdYjX^cYdhZZaYZhVXdeaVb^ZcidZcigZZb^h^dcZh
nZkdajX^cYZaE>7#
:c6hijg^Vh!Za-(!.*YZaVhZb^h^dcZhidiVaZhYZ<:>i^ZcZcXdbddg^\ZcZa
egdXZhVYdnXdchjbdYZaVZcZg\V!h^ZcYdZahZXidgZcZg\i^XdZabVndgXdcig^WjnZciZ
VaidiVaYZZb^h^dcZhYZ<:>egdYjX^YVh!VaXVcoVcYdZa)-!%'YZaidiVaZc'%%-#:hidh
YVidhgZkZaVcaV^bedgiVcX^VYZaV^ciZ\gVX^cZcaVedai^XVZcZg\i^XVYZaVhVXX^dcZh
YZb^i^\VX^cYZaZ[ZXid^ckZgcVYZgdVcigded\c^Xd#
:c'%%-!ai^bdVdYZafjZhZi^ZcZcYVidh!hZVaXVcoVZakVadgb{hWV_dYZaV
hZg^ZYZhYZ&..%!&'#)*-`iYZ8D'Zfj^kVaZciZ!jc&'bZcdhfjZZc&..%#
H^hZVcVa^oVaVZkdajX^cYZa8D'!fjZZhZafjZb{hXdcig^WjnZVaVjbZcidYZa
Z[ZXid^ckZgcVYZgd!hZejZYZYZX^gfjZ]VhiVZaVd'%%%aViZcYZcX^VegdYjX^YV[jZaV
YZXgZX^b^ZcidYZaVhZb^h^dcZhVaXVco{cYdhZZhiZVdZaiZX]dYZ'%#'*%`i!eVgVV
Xdci^cjVX^cegdYjX^ghZjcXVbW^dYZiZcYZcX^VXdcjcVgZYjXX^cidiVaYZaVhZb^h^d"
cZhZcigZadhVdh'%%%n'%%-YZa(+#:cZaai^bdVdVcVa^oVYd!ZakVadgVaXVcoVYd
edgaVhZb^h^dcZhYZ8D'egdXZYZciZhYZahZXidgZcZg\i^Xd[jZYZ&'#'*(`i!kVadgjc
&(b{hWV_dfjZZakVadgYZaVdWVhZ#
+- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#'
86B7>D8A>BÛI>8D
EdghjeVgiZ!YZhiVXVZa[jZgiZ^cXgZbZcidYZaC'DZcigZ&..(n&..*Zcidgcd
Va(%%!YZW^YdVaVejZhiVZcbVgX]VYZ^chiVaVX^dcZhYZXdbWjhi^cYZaXVgWcZc
aZX]dÓj^Y^oVYdeVgVajZ\dbVciZcZgjcXgZX^b^Zcidb{hXdciZc^YdXdcVaiZgcVcX^VYZ
hjW^YVhnWV_VYVhbdYZgVYVh]VhiV'%%*#9ZhYZZaVd'%%+]VhiVZa'%%-!hZhjXZYZc
gZYjXX^dcZhYZaVhZb^h^dcZhYZC'DYZdg^\ZcZcZg\i^Xd!fjZZcigZadhigZhVdhhj"
edcZcjc&+YZgZYjXX^cXdcgZheZXidVadhkVadgZhgZ\^higVYdhZc'%%*#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. +.
(#'
86B7>D8A>BÛI>8D
AVZkdajX^cYZa^cY^XVYdgYZ^ciZch^YVYYZadh<:>YZdg^\ZcZcZg\i^XdbjZhigV
jcXdbedgiVb^ZcidVaZciVYdgZcigZ&..*n'%%-#B^ZcigVhfjZaVhZb^h^dcZhYZ\VhZh
YZZ[ZXid^ckZgcVYZgdhZ]VcgZYjX^YdZcjc&'!ZaE>7hZ]V^cXgZbZciVYdZcjc)%
ZcY^X]deZg^dYd#6jcfjZ]VhiVZaVd'%%%VbWVhkVg^VWaZhZmeZg^bZciVWVcjcVegd"
\gZh^ch^b^aVgnZaXgZX^b^ZcidYZaE>7hZVXdbeVVWVYZ^cXgZbZcidhh^b^aVgZhYZ
aVhZb^h^dcZhYZ<:>!VeVgi^gYZZcidcXZh!aVhZb^h^dcZhhZgZYjXZcegd\gZh^kVbZciZ
b^ZcigVhfjZZaE>7bVci^ZcZjcXgZX^b^ZcidXdci^cjVYd#:aYZhVXdeaVb^cZid!XVYVkZo
bVndgZcigZVbWVhkVg^VWaZh!hZVegZX^VZceVgi^XjaVgZcadhVdh'%%+n'%%-!XdcXgZ"
X^b^ZcidhYZaE>7YZjc)!'njc&!gZheZXi^kVbZciZ!ngZYjXX^dcZhYZaVhZb^h^dcZh
YZjc&*njc()!gZheZXi^kVbZciZ!XdcgZheZXidVaVdVciZg^dg#
DEJ7I
3EVgVZaVc{a^h^hYZaV^cX^YZcX^VYZahZXidgZcZg\i^XdZcaVZb^h^cYZ\VhZhYZZ[ZXid^ckZg"
cVYZgdhZ]VcVcVa^oVYdaVhZb^h^dcZhgZ\^higVYVhYZ8D'!8=) nC'D!Zc`^adidcZaVYVhYZ8D'
Zfj^kVaZciZ!ZcaVXViZ\dgV&6&^cYjhig^VhYZahZXidgZcZg\i^XdYZaVCdbZcXaVijgV>E88".+#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#Æ>ckZciVg^dCVX^dcVaYZ:b^h^dcZhÇ#]iie/$$lll#bVgb#Zh
>C:>chi^ijidCVX^dcVaYZ:hiVY^hi^XV#Æ8dciVW^a^YVYgZ\^dcVaYZ:heVV#7VhZ'%%%#HZg^Z&..*"'%%-Ç#]iie/$$lll#^cZ#Zh
(#'
86B7>D8A>BÛI>8D
(#'#(:b^h^dcZhYZ<:>egdXZYZciZhYZahZXidg^cYjhig^Va
:c'%%-hZgZYjXZaV^ciZch^YVYYZZb^h^dcZhYZ\VhZhYZZ[ZXid^ckZgcVYZgd
egdYjX^YVhedgZahZXidg^cYjhig^VaZc6hijg^Vh#
AVhZb^h^dcZhYZ<:>egdXZYZciZhYZahZXidg^cYjhig^VagZegZhZciVgdcZc'%%-
Za((!+.YZaVhZb^h^dcZhidiVaZhZc6hijg^Vh#8dcgZheZXidVaVdWVhZ!&..%!ZhiVh
Zb^h^dcZhhZ]VcgZYjX^Ydjc&%!+&!VaXVcoVcYdZc'%%-ZakVadgYZ-#,)%`iYZ8D'
Zfj^kVaZciZ!kVadgjc,!'(^c[Zg^dgVaYZaVdegZXZYZciZ#
=VhiVZaVd&..,aVhZb^h^dcZhYZ<:>YZdg^\Zc^cYjhig^VagZ\^higVcadhkVadgZh
b{h Vaidh YZ aV hZg^Z Xdc ^bedgiVciZh hjW^YVh ZcigZ adh Vdh &..( n &..,# 6 Xdci^"
cjVX^c! Zc &..- hZ egdYjXZ jcV ^bedgiVciZ gZYjXX^c YZ aVh Zb^h^dcZh &'!%+ n!
YZhYZZcidcXZh!aVZkdajX^cZhb{hbdYZgVYVXdcVaiZgcVcX^VYZhjW^YVhnWV_VYVh
VjcfjZbZcdhVXjhVYVh#:c&...hZXdciVW^a^oVZakVadgb{hWV_dYZaVhZg^ZXdcjcVh
Zb^h^dcZhYZ-#*--`iYZ8D'Zfj^kVaZciZ#:hiVZkdajX^cXdcigVhiVh^\c^ÒXVi^kVbZciZ
XdcaVZmeZg^bZciVYVedgZaYVid\adWVaYZaVhZb^h^dcZhYZ<:>Zc6hijg^Vh!nhZYZWZ!
[jcYVbZciVabZciZ!VaVhbZ_dgVhYZZÒX^ZcX^VZcZg\i^XVnVbW^ZciVaYZadhegdXZhdh
YZegdYjXX^cYZaV^cYjhig^VVadaVg\dYZadhai^bdhkZ^ciZVdh#
6a^\jVafjZhjXZYVeVgVaVhZb^h^dcZhYZ<:>YZdg^\ZcZcZg\i^Xd!Za\VhfjZ
b{hXdcig^WjnZVZhiVhZb^h^dcZhZhZa8D'fjZZc'%%-gZegZhZciVWVZa.%!-)YZa
idiVaYZ<:>Zb^i^Ydh#9ZhYZ&..%aVhZb^h^dcZhYZZhiZ\VhhZgZYj_ZgdcZcjc'!+-#
:a8=)ZhZa\VhXjnVhZb^h^dcZhb{hhZgZYjXZcVadaVg\dYZaVhZg^Z!VXjbj"
aVcYdjcYZhXZchdYZa++!(&VadaVg\dYZaeZgdYdXdch^YZgVYd!h^W^Zc!Zc'%%-had
gZegZhZciVWVZa(!-&YZaidiVaYZaVhZb^h^dcZhYZ<:>YZdg^\Zc^cYjhig^Va#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ,&
(#'
86B7>D8A>BÛI>8D
EdghjeVgiZ!aVhZb^h^dcZhYZC'D!fjZhjejh^ZgdcZc'%%-Za(!',YZaidiVaYZ
Zb^h^dcZhYZ<:>!hj[gZc^bedgiVciZhÓjXijVX^dcZhVadaVg\dYZaeZgdYdXdch^YZgVYd!
VaXVcoVcYdjcVgZYjXX^cYZa)(!%,#IVchadZcZa'%%-aVgZYjXX^cYZaVhZb^h^dcZh
YZC'D[jZYZjc&&!-&#
,' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#'
86B7>D8A>BÛI>8D
:cZaVd'%%-Xdci^cVWV_VcYdZakVadgYZa^cY^XVYdgYZaV^ciZch^YVYYZZb^"
h^dcZh<:>YZahZXidg^cYjhig^VaVhijg^Vcd!adXjVa^bea^XVjcegd\gZhdXdci^cjdZcZa
YZhVXdeaVb^ZcidZcigZZaE>7naVhZb^h^dcZhYZZhidh\VhZh#6h!VeZhVgYZfjZZa
Vd'%%-ZaE>7XgZX^Zcjc%!.+!aVhZb^h^dcZh<:>YZahZXidghZgZYj_ZgdcZcjc
,!'(#
DEJ7I
39ZcigdYZaVhZb^h^dcZh<:>\ZcZgVYVhedgaV^cYjhig^VhZ^cXajnZcadh+\VhZhgZhedchVWaZh
YZaZ[ZXid^ckZgcVYZgd/8D'!8=)!C'D!=;8h!E;8hnH;+#
3AVhZb^h^dcZhegdXZYZcYZaXdc_jcidYZVXi^k^YVYZh^cYjhig^VaZhVZmXZeX^cYZaVh^cYjhig^Vh
YZahZXidgZcZg\i^Xd#9ZhiVXVedgaVkVg^ZYVYYZVXi^k^YVYZhfjZhZZcXjZcigVcYZcigdYZZhiZ
hZXidgnedgaV^bedgiVcX^VYZab^hbdZcgZaVX^cXdcZaXgZX^b^ZcidZXdcb^XdnZaZbeaZd#
9ZcigdYZaVVXi^k^YVY^cYjhig^VahZ^cXajnZcaVhXdY^ÒXVYVhXdbd&6'!&7&!&7'!'6!'7!'8!':!
';!'<!(6!(7!(8n(9YZaVCdbZcXaVijgV>EE8Ä.+#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#Æ>ckZciVg^dCVX^dcVaYZ:b^h^dcZhÇ#]iie/$$lll#bVgb#Zh
>C:>chi^ijidCVX^dcVaYZ:hiVY^hi^XV#Æ8dciVW^a^YVYgZ\^dcVaYZ:heVV#7VhZ'%%%#HZg^Z&..*"'%%-Ç#]iie/$$lll#^cZ#Zh
(#'
86B7>D8A>BÛI>8D
(#'#):b^h^dcZhYZ<:>egdXZYZciZhYZahZXidgigVchedgiZ
AVhZb^h^dcZhYZ8D'Zfj^kVaZciZVig^Wj^YVhVaigVchedgiZZc6hijg^VhY^hb^cj"
nZgdcedgeg^bZgVkZoZc'%%-!VeZhVgYZaVjbZcidZcZaE>7gZ\^dcVa#
:ahZXidgYZaigVchedgiZ!VafjZXVWZVig^Wj^gZa''YZaXdchjbdÒcVaYZZcZg\V
gZ\^higVYdZc6hijg^VhZcZaVd'%%-!]Vhj[g^YdjcV[jZgiZZmeVch^cZcaVai^bVY"
XVYV#:aeg^cX^eVagZhedchVWaZYZZhiVhZb^h^dcZhZhZaig{ÒXdgdYVYd!fjZgZegZhZciV
Za-*!%(YZaVhZb^h^dcZhYZ8D'gZaVX^dcVYVhXdcZaigVchedgiZ#EdgXdch^\j^ZciZ!
eVgVgZYjX^gaVhZb^h^dcZhYZ<:>!Zh[jcYVbZciVafjZhZgZYjoXVaVYZeZcYZcX^VYZ
adhYZg^kVYdhYZaeZigaZdZcZahZXidgYZaigVchedgiZ!^cXgZbZciVcYdZajhdYZZcZg"
\VhVaiZgcVi^kVh#
:cZaVd'%%-aVhZb^h^dcZhYZ<:>egdXZYZciZhYZaigVchedgiZVaXVcoVgdcjc
kVadgYZ'#((,`i!adfjZhjejhdjcYZhXZchd^ciZgVcjVaYZa-!'*!h^ZcYdhiVaVeg^bZ"
gVXVYVYZhYZZaVd&..%!ejZhidfjZYZhYZZcidcXZhhZ]VWVchjXZY^Yd^cXgZbZcidh
YZZhiVhZb^h^dcZh#
:a^cXgZbZcidegdYjX^YdVadaVg\dYZidYdZaeZgdYd[jZYZa+%!%,#:hiZXgZ"
X^b^Zcid[jZbjnVaidiZc^ZcYdZcXjZciVfjZaVhZb^h^dcZhidiVaZhYZ<:>Zc6hijg^Vh
hZgZYj_ZgdcZcigZ&..%n'%%-jc*!(+#EVgVZaXdc_jcidYZ:heVV!aVhZb^h^dcZhYZ
<:>YZaigVchedgiZZmeZg^bZciVgdcjcXgZX^b^ZcidVcbVndg!nVfjZhZVaXVcojcV
X^[gVYZa-%!)YjgVciZZab^hbdeZgdYd#
AVhZb^h^dcZhegdXZYZciZhYZaigVchedgiZi^ZcZcjceZhdhdWgZaVhZb^h^dcZh
idiVaZhYZa.!%&!fjZhZ]V^cXgZbZciVYdYZbVcZgV^bedgiVciZYZhYZZaVdWVhZZc
ZafjZaVegdedgX^cZgVYZa*!((#
,) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#'
86B7>D8A>BÛI>8D
Eg{Xi^XVbZciZZaidiVaYZaVhZb^h^dcZhYZ<:>YZaigVchedgiZZhi{c^ciZ\gVYVh
edgjcc^Xd\Vh!Za8D'!fjZhZ\cadhYVidhYZa^ckZciVg^deVgVZaVd'%%-!ZhgZh"
edchVWaZYZa.-!.*YZaVhZb^h^dcZhidiVaZh!h^ZcYdaVZkdajX^cYZZhiZ\VhaVfjZ
Zmea^XVaVZkdajX^cYZa^cY^XVYdg#6h^b^hbd!nYZhYZ'%%+!hZdWhZgkVjcVgZYjXX^c
eVjaVi^cVYZaVhZb^h^dcZhYZbZiVcd!gZaVX^dcVYVXdcaVbZ_dgVYZaVZÒX^ZcX^VZcaV
XdbWjhi^cYZadhbdidgZhYZadhkZ]Xjadh#
:a hZXidg YZa igVchedgiZ Zh jc hZXidg bjn k^cXjaVYd V aV VXi^k^YVY ZXdcb^XV
gZ\^dcVa!h^ZcYdbjnY^[X^aYZhVXdeaVgZaXgZX^b^ZcidZXdcb^XdYZaVhZb^h^dcZhYZ
<:>fjZ\ZcZgV#H^cZbWVg\d!VhXdbdYjgVciZaVbVndgVYZaeZgdYdYZgZ[ZgZcX^V
hZ]VWVegdYjX^YdjcVZkdajX^ceVgVaZaVYZVbWdhkVadgZh!YZhYZ'%%+Za^cXgZbZcid
YZaE>7fjZZc'%%,XgZX^Za(!)+nZc'%%-Za%!.+!cd]V^YdVXdbeVVYdYZjc
VjbZcidZcZakdajbZcYZaVhZb^h^dcZh!h^cdfjZhiVhY^hb^cjnZgdc!bZ_dgVcYdaV
ZÒX^ZcX^VVbW^ZciVaYZaigVchedgiZ#
DEJ7I
39ZcigdYZaVhVXi^k^YVYZhYZaigVchedgiZhZ^cXajnZcaVhXdY^ÒXVYVhXdbd&6(!&6)X^^!&6)X^^^
n&6*ZcaVCdbZcXaVijgV>E88".+#
(#'
86B7>D8A>BÛI>8D
(#'#*:b^h^dcZhYZ<:>egdXZYZciZhYZahZXidggZh^YZcX^Va
AVhZb^h^dcZhYZ8D'YZahZXidggZh^YZcX^VaZc6hijg^VhhZbVci^ZcZcZhiVWaZh
Zcadhai^bdhVdh!VeZhVgYZa^cXgZbZcidZcZaE>7#
:aeZhdYZaVhZb^h^dcZhYZ<:>Vig^Wj^YVhVahZXidggZh^YZcX^Va!hZ\cadhYVidh
dWiZc^YdhYZa>ckZciVg^dCVX^dcVaYZ:b^h^dcZheVgVZaVd'%%-!ZhYZa(!(&XdcgZh"
eZXidVaidiVaYZ<:>Zb^i^YdhedgidYdhadhhZXidgZhZc6hijg^Vh!VhXZcY^ZcYdVaVX^[gV
YZ-*-`iYZ8D'Zfj^kVaZciZ#
AVhZg^Z&..%"'%%-egZhZciVYdh^ggZ\jaVg^YVYZh^bedgiVciZh!Vig^Wj^WaZhiVcid
VaVhXdcY^X^dcZhXa^b{i^XVhXdbdVaYZhVggdaadYZahZXidggZh^YZcX^VanXdbZgX^Va#Edg
jcaVYd!Zab{m^bdYZZb^h^dcZhhZVaXVcoVZc&..'!Xd^cX^Y^ZcYdXdcaVbc^bViZb"
eZgVijgVbZY^VVcjVaYZaVhZg^ZnZcjcXdciZmidYZegZYdb^c^dYZajhdYZaXVgWcnZa
\VhaZdXdbdXdbWjhi^WaZheVgVXVaZ[VXX^cnV\jVXVa^ZciZhVc^iVg^V#EdgdigdaVYd!Zc
'%%(n'%%)aVhZb^h^dcZhkjZakZcVZaZkVghZXd^cX^Y^ZcYdXdcaVZmeVch^cYZahZXidg
YZaVk^k^ZcYVnaV^beaVciVX^cYZ\gVcYZhXZcigdhXdbZgX^VaZhZcaVgZ\^c#
IgVhaVVWgjeiVWV_VYVZmeZg^bZciVYVZc'%%*!Xdci^cjVYVYZ[dgbVb{haZkZ
Zc'%%+!aVhZb^h^dcZhYZ'%%,n'%%-hZbVci^ZcZcZcc^kZaZhh^b^aVgZhXdcjca^\Zgd
^cXgZbZcid ^ciZgVcjVa YZa &!%(# H^ VcVa^oVbdh Za eZgdYd Zc hj Xdc_jcid! Za hZXidg
gZh^YZcX^Va]V^cXgZbZciVYdhjhZb^h^dcZhYZ<:>Zc6hijg^VhZcjc'&!(,YZhYZZa
Vd&..%#
,+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#'
86B7>D8A>BÛI>8D
:hiVhZb^h^dcZhhZ\ZcZgVc![jcYVbZciVabZciZ!ZcegdXZhdhYZXdbWjhi^c!Zc
adhfjZZa8D'ZhZa\Vheg^cX^eVa!VXdbeVVYdYZC'Dn8=)!Zhidhai^bdh[dgbVYdh
iVcidZceZgdYdhYZWV_ViZbeZgVijgVYZXdbWjhi^cdXdbWjhi^c^cXdbeaZiV!Xdbd
ZcadhX^XadhYZZcXZcY^YdnVeV\VYdYZaVhXVaYZgVh#6h!Za8D'egdXZYZciZYZaVXdb"
Wjhi^cYZXdbWjhi^WaZh[h^aZheVgVXVaZ[VXX^c!V\jVXVa^ZciZndigdhjhdhYZahZXidg
Ydbhi^Xd!ZhZa<:>YZbVndgeZhdgZaVi^kdZcgZaVX^cVaVhZb^h^dcZhidiVaZhn!edgad
iVcid!aVZkdajX^cYZaVhZb^h^dcZhYZZhiZ\VhYZiZgb^cVaVYZaVhZb^h^dcZhidiVaZh!
nVfjZgZegZhZciVZa.'!+-YZZhiVhZc'%%-#:h!edgadiVcid!Za^cXgZbZcidYZaVh
Zb^h^dcZhYZZhiZ\Vh!YZjc'-!ZafjZZmea^XVZa^cXgZbZcidYZaidiVaYZZb^h^dcZhV
adaVg\dYZidYdZaeZgdYdYZgZ[ZgZcX^V!nVfjZaVhZb^h^dcZhYZ8=)!XdcjceZhdgZaV"
i^kdYZa+!&+!hZgZYjXZcZcZab^hbdeZgdYdjc'+!%%naVhYZC'%Zcjc&-!&)#
:cZhiZai^bd\g{ÒXdhZegZhZciVaV^ciZch^YVYYZaVhZb^h^dcZh<:>YZahZXidg
gZh^YZcX^VafjZ!XdbdhZejZYZdWhZgkVg!cdh^\jZjcViZcYZcX^VXaVgV]VhiVZaVd
'%%*ZcZafjZhZ^c^X^VjcViZcYZcX^VYZYZhXZchdfjZeVgZXZbdhigVgjcX^Zgid\gVYd
YZ YZhk^cXjaVX^c ZcigZ aV ZkdajX^c YZ aVh Zb^h^dcZh <:> n YZa E>7# :c Za Vd '%%-
iVcidZaE>7XdbdaVhZb^h^dcZh<:>idiVaZhhZ^cXgZbZciVgdcZcjc&!adfjZYVXdbd
gZhjaiVYdjcV^ciZch^YVYbZcdgVaVYZaVdegZXZYZciZ#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ,,
(#'
86B7>D8A>BÛI>8D
DEJ7I
3AVhZb^h^dcZhYZ<:>YZahZXidggZh^YZcX^VaegdXZYZcYZadhVeVgVidhYZXa^bVi^oVX^cYZaVh
k^k^ZcYVh!hdWgZidYdaVXVaZ[VXX^c#
3 9Zcigd YZa hZXidg gZh^YZcX^Va hZ ^cXajnZc aVh VXi^k^YVYZh aVh XdY^ÒXVYVh Xdbd &6)W YZ aV
CdbZcXaVijgV>E88".+#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#Æ>ckZciVg^dCVX^dcVaYZ:b^h^dcZhÇ#]iie/$$lll#bVgb#Zh
>C:>chi^ijidCVX^dcVaYZ:hiVY^hi^XV#Æ8dciVW^a^YVYgZ\^dcVaYZ:heVV#7VhZ'%%%#HZg^Z&..*"'%%-Ç#]iie/$$lll#^cZ#Zh
(#'
86B7>D8A>BÛI>8D
(#'#+:kdajX^cYZaVhZb^h^dcZh<:>egdXZYZciZhYZ[jZciZhejcijVaZh
:c6hijg^VhaVh^chiVaVX^dcZhhdbZi^YVhVaG\^bZcYZ8dbZgX^dYZ9ZgZX]dh
YZ :b^h^c Zb^i^Zgdc &*!' b^aadcZh YZ idcZaVYVh YZ 8D' Zc '%%.! ad fjZ ^bea^XV jcV
gZYjXX^cYZa&.gZheZXidVaVd'%%-#
AVhZb^h^dcZhYZ\VhZhYZZ[ZXid^ckZgcVYZgdYZadh[dXdhejcijVaZhVhdX^VYdh
V^chiVaVX^dcZh^cYjhig^VaZhZhi{chdbZi^YVhVhZ\j^b^ZcidWV_dZaEgdidXdadYZ@ndid#
:hiVhZb^h^dcZhZhi{cV[ZXiVYVhedgaV9^gZXi^kVYZa8dbZgX^dYZ9ZgZX]dhYZ:b^h^c!
fjZZhjcdYZadhbZXVc^hbdhYZÓZm^W^a^YVYXdciZbeaVYdhZcZaX^iVYdEgdidXdad#
:cZaG\^bZcYZ8dbZgX^dYZ9ZgZX]dhYZ:b^h^chZgZVa^oVjcigViVb^Zcid
^cY^k^YjVa^oVYd YZ XVYV ^chiVaVX^c Zc hZXidgZh iVaZh Xdbd aV \ZcZgVX^c YZ ZcZg\V
ZaXig^XV!ZagZÒcdYZeZigaZd!aV[VWg^XVX^cYZXZbZcid!YZk^Yg^d!YZegdYjXidhXZ"
g{b^XdhdaV^cYjhig^VYZabZiVa!ZcigZdigdh#8VYVjcVYZaVh^chiVaVX^dcZhgZX^WZjc
YZiZgb^cVYd cbZgd YZ YZgZX]dh YZ Zb^h^c V igVkh YZ adh EaVcZh CVX^dcVaZh YZ
6h^\cVX^c!nZhi{dWa^\VYVVcdi^ÒXVghjhZb^h^dcZhkZg^ÒXVYVhjcVkZoVaVd#EdhiZ"
g^dgbZciZaV^chiVaVX^cYZWZZcigZ\VgadhYZgZX]dhXdggZhedcY^ZciZhVaVhZb^h^dcZh
YZaZ_ZgX^X^d!iZc^ZcYdfjZgZXjgg^gVabZgXVYdeVgVXdbegVgYZgZX]dhh^hjhZb^h^dcZh
hdchjeZg^dgZhVaVVh^\cVX^cgZX^W^YV#
:c6hijg^VhaVegZhZcX^VYZjc^bedgiVciZeVgfjZYZegdYjXX^cZaXig^XV!eg^c"
X^eVabZciZWVhVYdZcaVXdbWjhi^cYZXVgWc!VhXdbdaVZm^hiZcX^VYZjcVediZciZ
^cYjhig^Veg^bVg^Vh^YZgjg\^V!XZbZcid!eVeZa!½!YZiZgb^cVfjZZaedgXZciV_ZYZZb^"
h^dcZhYZ<:>egdXZYZciZhYZhZXidgZhgZ\jaVYdhedgZaG\^bZcYZ8dbZgX^dYZ9ZgZ"
X]dhYZ:b^h^ciZc\Vjc^bedgiVciZeZhdZcZaXdc_jcidYZaVhZb^h^dcZhgZ\^dcVaZh!
hjedc^ZcYdjc,'!+YZ8D'gZheZXidVaidiVa#:hiVX^gXjchiVcX^V]VXZfjZaVZkdajX^c
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ,.
(#'
86B7>D8A>BÛI>8D
YZ aVh Zb^h^dcZh hZV bZcdh YZeZcY^ZciZ YZ aVh Zb^h^dcZh YZcdb^cVYVh Y^[jhVh! Zh
YZX^gYZaVhVig^Wj^WaZhVaigVchedgiZ!adhXdchjbdhZcZg\i^XdhYZaeVgfjZgZh^YZcX^Va!
XdbZgX^VaZ^chi^ijX^dcVa!adhgZh^YjdhdaVV\g^XjaijgV#:c'%%-!Zc:heVVaVXdcig^Wj"
X^cYZadhhZXidgZhY^[jhdhhjejhdXVh^jc+%gZheZXidVaidiVa#
9ZcigdYZadhhZXidgZhgZ\jaVYdh!YZhiVXVcaVhZb^h^dcZhVhdX^VYVhVaV\ZcZgV"
X^cYZZcZg\VZaXig^XVXdcXdbWjhi^WaZh[h^aZh!aVh^YZgjg\^VnaV[VWg^XVX^cYZXVa
nXZbZcid!XjnVXdcig^WjX^cXdc_jciVVaidiVaYZZb^h^dcZhkZg^ÒXVYVhhjeZgVVcjVa"
bZciZ!YZhYZ'%%*!Za.%YZaidiVaYZaVhZb^h^dcZhgZ\jaVYVh#
9ZhYZZaVd'%%*!VdYZVegdWVX^cZc:heVVYZaeg^bZgEaVcCVX^dcVaYZ
6h^\cVX^c'%%*"'%%,!]VhiV'%%.!aVhZb^h^dcZhegdXZYZciZhYZZhidh[dXdhejcijVaZh
Zc6hijg^Vh]VcZmeZg^bZciVYdjcVgZYjXX^cYZa)&!eVhVcYdYZ'+!&b^aadcZhV&*!'
b^aadcZhYZidcZaVYVhYZ8D'#=VnfjZYZhiVXVgVh^b^hbd!aV^bedgiVciZgZYjXX^c!YZ
jc&.!ZmeZg^bZciVYVZcigZ'%%-n'%%.!Vig^Wj^WaZ[jcYVbZciVabZciZVaVXVYVYZ
aVVXi^k^YVYZXdcb^XV#:hiZYZhXZchd]VV[ZXiVYdYZ[dgbVYZh^\jVaVadhhZXidgZh^b"
ea^XVYdh!XdcjcVgZYjXX^cYZa)-!&eVgVZahZXidgaV\ZcZgVX^cZaXig^XV!jc''!-,
eVgVaVh^YZgjg\^V!jc*%!&,eVgVaV[VWg^XVX^cYZXZbZcidnjc(&!(%ZcZaXVhdYZ
aVegdYjXX^cYZXVa#
GZheZXidVaWVaVcXZZcigZaVVh^\cVX^cXdcXZY^YVnaVhZb^h^dcZhkZg^ÒXVYVh
eVgVaVh^chiVaVX^dcZhVhijg^VcVh!ZcZaeZg^dYdXdbegZcY^YdZcigZ'%%*n'%%.hZdW"
hZgkVfjZhadZc'%%,hZZb^i^ZgdcjcVX^[gVh^\c^ÒXVi^kVbZciZhjeZg^dgYZidcZaVYVh
YZ8D'ZcgZaVX^cVaVVh^\cVX^cXdcXZY^YV!YZW^Yd[jcYVbZciVabZciZVaWV_degZX^d
YZaYZgZX]dYZZb^h^cnVX^gXjchiVcX^VhbVXgdZXdcb^XVhXdnjcijgVaZhe#Z_egZX^d
YZaXVgWcnYZa\Vh#AVgZYjXX^cYZZb^h^dcZhYZ\VhZhYZZ[ZXid^ckZgcVYZgdfjZ
hZ]VegdYjX^YdZc'%%.h^cZbWVg\d!hZ]VigVYjX^YdZcjcZmXZYZciZYZYZgZX]dhYZ
Zb^h^cZcZaEg^cX^eVYdYZ6hijg^Vh!fjZhjeZgZcjc'+aVXVci^YVYZb^i^YVedgaVh
^chiVaVX^dcZhV[ZXiVYVh#
-% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#'
86B7>D8A>BÛI>8D
;J:CI:H
B6GB#B^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#Æ>ckZciVg^dCVX^dcVaYZ:b^h^dcZhÇ#]iie/$$lll#bVgb#Zh
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#DÒX^cVeVgVaVHdhiZc^W^a^YVY!Za8VbW^d8a^b{i^Xd
naVEVgi^X^eVX^c#]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. -&
(#'
86B7>D8A>BÛI>8D
(#'#,:kdajX^cYZiZbeZgVijgVhnegZX^e^iVX^dcZh
HZbVci^ZcZZc6hijg^VhaViZcYZcX^VdWhZgkVYVZcaVhai^bVhYXVYVhYZY^h"
b^cjX^cYZaVhegZX^e^iVX^dcZhbZY^VhVcjVaZh#
HZ\cZaEg^bZg>c[dgbZ8A>B6H'%%.!gZVa^oVYdedgZaEVcZaYZ:meZgidh8A>"
B6H! XgZVYd edg Za <dW^Zgcd YZa Eg^cX^eVYd YZ 6hijg^Vh Zc '%%-! Zc 6hijg^Vh hZ ]V
^cXgZbZciVYdaViZbeZgVijgVbZY^Vjc%!-°8ZcaVhigZhai^bVhYXVYVh#6h^b^hbd!
Y^X]d^c[dgbZZk^YZcX^VjcVgZYjXX^cZcZakdajbZcYZegZX^e^iVX^dcZh#
:c aVh XdajbcVh YZa \g{ÒXd hZ gZÓZ_Vc aVh YZhk^VX^dcZh YZ aVh iZbeZgVijgVh
bZY^VhVcjVaZhXdcgZheZXidVaViZbeZgVijgVbZY^VYZaeZgdYdYZgZ[ZgZcX^VYZ(%
Vdh&.,&"'%%%fjZZhYZ&(!'°8#
HZdWhZgkVXdbdaVZkdajX^cZhVhXZcYZciZVadaVg\dYZidYdZaeZgdYdnVeVg"
i^gYZaVd&..)aVhiZbeZgVijgVhbZY^VhhjeZgVcidYdhadhVdhaViZbeZgVijgVbZY^V
YZaeZgdYdYZgZ[ZgZcX^V!XdcaVc^XVZmXZeX^cYZaai^bdVd'%%.!fjZVaXVcojcV
iZbeZgVijgVa^\ZgVbZciZ^c[Zg^dgVaVbZY^V#
:aVdb{hXVajgdhdYZZhiVhZg^Z[jZ&..,Xdc&)!*°8YZiZbeZgVijgVbZY^V#
6Y^X^dcVabZciZ!adhVdh'%%,n'%%-!Xdc&(!(°8YZiZbeZgVijgVbZY^V!]Vch^Ydadh
fjZ]VcVaXVcoVYdadhkVadgZhb{hegm^bdhVaVbZY^VYZadhai^bdh&*Vdh#
HZ^cXajnZZcZa\g{ÒXdaVYZhk^VX^cYZaVhbZY^Vhbk^aZhYZXVYVVdZcWVhZ
Vadh&%VdhVciZg^dgZhXdcgZheZXidVaVbZY^VYZaeZgdYdYZgZ[ZgZcX^V!VhXdbd
hjgZXiVYZgZ\gZh^c#6bWVhacZVhbjZhigVcjcVhXZchdXdci^cjVYdfjZhZgdbeZ!
ZcZaXVhdYZaVhbZY^Vhbk^aZh!ZcadhigZhai^bdhVdh!ZcadhfjZhZegdYjXZjcV
X^ZgiV^cÓZm^c#
-' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#'
86B7>D8A>BÛI>8D
:cZaXVhdYZaVhegZX^e^iVX^dcZh!nXdcjcVc{a^h^hVc{ad\dVaji^a^oVYdeVgVaVh
iZbeZgVijgVh!ZakVadgVaXVcoVYdedgaVegZX^e^iVX^cbZY^VZcZaeZgdYdYZgZ[ZgZcX^V
&.,&"'%%% Zc 6hijg^Vh Zh YZ &#&('!,* bb# 6jcfjZ Xdc jcV bVndg kVg^VW^a^YVY fjZ
ZcZaXVhdYZaVhiZbeZgVijgVh!hZdWhZgkVjcViZcYZcX^V\ZcZgVaVaVgZYjXX^cYZaV
XVci^YVYYZaVhegZX^e^iVX^dcZh!gZ\^hig{cYdhZkVadgZh^c[Zg^dgZhVaVbZY^VZc'*YZadh
)%VdhVcVa^oVYdh#
DEJ7I
3 Adh^cY^XVYdgZheVgVZaVc{a^h^hYZaVhiZbeZgVijgVhnYZaVhegZX^e^iVX^dcZhZhi{cWVhVYdh
Zcadhji^a^oVYdhedgZaDWhZgkVidg^dYZHdhiZc^W^a^YVYYZ:heVV V naV 6\ZcX^V:jgdeZVYZBZY^d
6bW^ZciZ#:a^cY^XVYdgb^YZaVYZhk^VX^cW^ZchZVYZaViZbeZgVijgVbZY^VVcjVaYZaV^gZZc
hjeZgÒX^ZdYZaVhegZX^e^iVX^dcZheVgVXVYVVdYZaVhZg^ZiZbedgVa&.+."'%%.gZheZXidVaV
bZY^VYZhjhkVadgZhZcZaeZgdYdYZgZ[ZgZcX^V#:aeZg^dYdYZgZ[ZgZcX^VYZWZiZcZgjcbc^bd
YZ(%Vdh#AV6\ZcX^V:jgdeZVYZBZY^d6bW^ZciZ Z ji^a^oVZaeZg^dYdYZgZ[ZgZcX^V&.+&"&..%0Zc
6hijg^Vh!ZhiZeZg^dYdcdhZejZYZji^a^oVgnVfjZadhYVidhY^hedc^WaZhcdaaZ\VciVcVig{h!edg
ZaadhZji^a^oVZaeZg^dYdYZgZ[ZgZcX^V&.,&"'%%%YZÒc^YdedgaV6\ZcX^V:hiViVaYZBZiZdgdad\V#
(#'
86B7>D8A>BÛI>8D
3AVY^[ZgZcX^VZcigZXVYVVdYZaVhZg^ZiZbedgVanaVbZY^VYZaeZg^dYdYZgZ[ZgZcX^V&.,&"
'%%%YVaVYZhk^VX^cYZaViZbeZgVijgVdYZaVegZX^e^iVX^cbZY^VheVgVXVYVVdXdcgZheZXid
VaeZg^dYdYZgZ[ZgZcX^V#?jcidXdcZhiZYVidhZ^cXajnZZaX{aXjadYZaVhbZY^Vhbk^aZheVgV
jceZg^dYdYZ&%Vdh!XVYVVdXdcgZheZXidVadh&%VdhVciZg^dgZh!ZhideZgb^iZdWhZgkVg
[{X^abZciZaViZcYZcX^VhZ\j^YVedgaVYZhk^VX^c#6YZb{hhZ]VXVaXjaVYdaVgZXiVYZgZ\gZh^c
YZaVhbZY^Vhbk^aZh#
;J:CI:H
6:B:I6\ZcX^V:hiViVaYZBZiZgZdad\V#]iie/$$lll#VZbZi#Zh
(#'
86B7>D8A>BÛI>8D
(#'#-EZgdYdhYZhZfjV
:c6hijg^Vh'%%.[jZjcVdXaVh^ÒXVYdXdbdÆhZXdÇZcgZaVX^cVakdajbZcYZ
egZX^e^iVX^dcZhbZY^VhgZ\^higVYVh#
AVbZY^VVcjVaYZegZX^e^iVX^dcZhZcZaEg^cX^eVYdYZ6hijg^VhZcWVhZVYV"
idh]^hig^XdhYZaeZg^dYd&.,&"'%%%ZhYZ&#&('!,*bb!h^ZcYdadhkVadgZhZmigZbdh
&#+)*!,n-)-!+bb#
AVhZfjVZhjc[ZcbZcd]^Ygda\^XdZmigZbdfjZhZegdYjXZXjVcYdhZYVjcV
gZYjXX^cXdnjcijgVanh^\c^ÒXVi^kVYZadhgZXjghdh]Yg^XdhYjgVciZjceZg^dYdegdadc"
\VYd!V[ZXiVcYdVjc{gZVZmiZchV#:c6hijg^Vh!aVXaVh^ÒXVX^cYZVdhZXd!bjnhZXd
dZmigZbVYVbZciZhZXd!hZ]VXZYZ[dgbVgZaVi^kVVaVhZg^ZYZYVidhVcjVaZhidbVYV
XdbdgZ[ZgZcX^V!&.,&"'%%%#
:c WVhZ V Zhidh YVidh! adh Vdh hZXdh Zc 6hijg^Vh hdc VfjZaadh fjZ egZhZc"
iVcegZX^e^iVX^dcZh^c[Zg^dgZhV&#%'*!-bb!nadhbjnhZXdhhZh^iVcedgYZWV_dYZ
.-.bb#
:caVai^bVYXVYV!adhYVidhhdWgZegZX^e^iVX^dcZhbZY^VhZc6hijg^VhbjZh"
igVcjcVXdcXZcigVX^cbjnVaiVYZVdhÆhZXdhÇZ^cXajhdZm^hiZcVdhÆbjnhZXdhÇ!
hadgdiVedgZaZaZkVYdkdajbZcYZegZX^e^iVX^dcZhfjZhZegdYj_dZc'%%-#
:c'%%.ZakdajbZcYZegZX^e^iVX^dcZhbZY^VVcjVagZ\^higVYdYZkjZakZV6hij"
g^VhVaVh^ijVX^cYZVdÆhZXdÇ#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. -*
(#'
86B7>D8A>BÛI>8D
DEJ7I
3HZ\cZa H^hiZbV:heVdaYZ>c[dgbVX^chdWgZZa6\jV=^heV\jV!aVhZfjVZhjc[ZcbZcd
3
]^Ygda\^XdZmigZbd#HZigViVYZjcVgZYjXX^cXdnjcijgVanh^\c^ÒXVi^kVYZadhgZXjghdh]Yg^Xdh
YjgVciZjceZg^dYdegdadc\VYd!V[ZXiVcYdVjc{gZVZmiZchV#CddWhiVciZ!]VnfjZYZhiVXVgfjZ
aVhZfjVZhjc[ZcbZcdcdgbVangZXjggZciZYZaXa^bV#
3EVgVXdcdXZgaV^cX^YZcX^VYZaVhZfjVhZXaVh^ÒXVcadhVdhVcVa^oVYdhZc[jcX^cYZa\gVYd
YZhZfjZYVY$]jbZYVYgZ\^higVYd#:aeZg^dYdYZgZ[ZgZcX^VeVgV6hijg^VhZh&.,&"'%%%naVXaV"
h^ÒXVX^chZgZVa^oVZc[jcX^cYZadhYVidhYZgZ[ZgZcX^V#6YZb{hZhidhZgZaVX^dcVXdcaVhZg^Z
XdbeaZiVYZYVidhVcVa^oVYdh!ZcZhiZXVhdhdc)%Vdh!YZhYZ&.+.V'%%-#Adh^ciZgkVadheVgV
Xdch^YZgVgZa\gVYdYZ]jbZYVY$hZfjZYVYhZgZVa^oVcXVYV-Vdh'% YZaVhZg^ZXdbeaZiV
VcVa^oVYVYZ)%Vdh/
:migZbVYVbZciZ ]bZYd/ AVh egZX^e^iVX^dcZh hdWgZeVhVc Za kVadg b{m^bd gZ\^higV"
Yd Zc Za eZg^dYd YZ gZ[ZgZcX^V! Zc ZhiZ XVhd Za kVadg b{h ZaZkVYd Zh Za YZ &.,. Xdc
&+)*!, bb#
Bjn]bZYd/ AVhegZX^e^iVX^dcZhhZZcXjZcigVcZcZa^ciZgkVadXdggZhedcY^ZciZVa'%
YZadhVdhb{h]bZYdhYZaidiVaYZaVhZg^Z!ZcigZ&+)*!,n&'''!' bb#
=bZYd/AVhegZX^e^iVX^dcZhhZZcXjZcigVcZcZa^ciZgkVadXdggZhedcY^ZciZVah^\j^ZciZ
'% '%")% YZaidiVa!ZcigZ&'''!'n&&&'!, bb#
CdgbVa/AVhegZX^e^iVX^dcZhhZZcXjZcigVcZcZa^ciZgkVadXdggZhedcY^ZciZVah^\j^ZciZ
'% )%"+% YZaidiVa!ZcigZ&&&'!,n&%'*!- bb#
HZXd/ AVh egZX^e^iVX^dcZh hZ ZcXjZcigVc Zc Za ^ciZgkVad XdggZhedcY^ZciZ Va h^\j^ZciZ
'% +%"-% !ZcigZ&%'*!-n.-. bb#
BjnhZXd/ AVhegZX^e^iVX^dcZhhZZcXjZcigVcZcZa^ciZgkVadXdggZhedcY^ZciZVah^\j^ZciZ
'% 3-% ZcigZ.-.n-)-!. bb#
:migZbVYVbZciZhZXd/AVhegZX^e^iVX^dcZhhZjW^XVcedgYZWV_dYZakVadgbc^bdgZ"
\^higVYdZcZaeZg^dYdYZgZ[ZgZcX^V!ZcZhiZXVhdZakVadgb{hWV_dZhZaYZ&.-.Xdc
-)-!+ bb#
;J:CI:H
6:B:I6\ZcX^V:hiViVaYZBZiZgZdad\V#]iie/$$lll#VZbZi#Zh
(#(
6<J6
(#(#&
8dchjbdYZV\jV
(#(#'
GZhZgkVhYZV\jVZbWVahVYV
(#(#(
8dciVb^cVX^cedgc^igVidhYZaVhbVhVhYZV\jVhjWiZgg{cZVh
(#(#)
8dciVb^cVX^cdg\{c^XVYZadhgdh
(#(#*
:hiVYdYZaVhbVhVhYZV\jV
(#(#+
9ZejgVX^cYZV\jVhgZh^YjVaZh
(#(#,
8Va^YVYYZaVhV\jVhYZWVdXdhiZgVh
(#(
6<J6
:aV\jVZhjcgZXjghdYZ\gVc^bedgiVcX^VZXdcb^XV!hdX^VanbZY^dVbW^ZciVa
edgadfjZZhdW_ZidYZbjX]VhYZaVh^c^X^Vi^kVhnVXijVX^dcZhfjZaVhY^kZghVh6Yb^"
c^higVX^dcZhVbW^ZciVaZhVWdgYVcZcZabVgXdhjhXdbeZiZcX^Vh#:cZa{bW^idZjgdeZd
Xdci^cVYZhVggdaa{cYdhZaV9^gZXi^kVBVgXdYZa6\jV'%%%$+%$8:#6adaVg\dYZ'%%.!
ZhiV cdgbV W{h^XV ]V h^Yd XdbeaZiVYV Xdc aV VegdWVX^c YZ aV 9^gZXi^kV '%%.$.%$8:
edgaVfjZhZZhiVWaZXZcaVhZheZX^ÒXVX^dcZhiXc^XVhYZaVc{a^h^hfjb^XdnYZahZ\j^"
b^ZcidYZaZhiVYdYZaVhV\jVh#6h^b^hbd!XdcVggZ\adVaVgiXjad&-!VeVgiVYd(!YZaV
9^gZXi^kVBVgXdYZa6\jV!aV8db^h^c]VZaVWdgVYdZa^c[dgbZ8DB'%%.&*+!YZ&YZ
VWg^aYZ'%%.!gZheZXidYZadhegd\gVbVhYZhZ\j^b^ZcidYZaZhiVYdYZaVhV\jVh#
:c:heVVaVVXi^k^YVYaZ\^haVi^kV]Vh^Yd^ciZchVYjgVciZ'%%.#EdgjcaVYdhZ
]V ^cXdgedgVYd Va dgYZcVb^Zcid _jgY^Xd cVX^dcVa aV 9^gZXi^kV '%%+$&&-$8:! gZaVi^kV
V aV egdiZXX^c YZ aVh V\jVh hjWiZgg{cZVh! bZY^VciZ aV VegdWVX^c YZa GZVa 9ZXgZid
&*&)$'%%.! YZ ' YZ dXijWgZ# IVbW^c Zc ZhiZ Vd hZ ]V igVWV_VYd Zc Za WdggVYdg YZ
cdgbVfjZYVg{igVhaVYdVaVcdgbVi^kVZheVdaVYZaV 9^gZXi^kV'%%,$+%$8:!hdWgZaV
ZkVajVX^cn\Zhi^cYZadhg^Zh\dhYZ^cjcYVX^c#
EdgdigVeVgiZhZ]VYZhVggdaaVYdZaGZVa9ZXgZid&)%$'%%(!fjZZhiVWaZadhXg^"
iZg^dhhVc^iVg^dhYZaVXVa^YVYYZaV\jVYZXdchjbd]jbVcd!bZY^VciZaVejWa^XVX^c
YZaVhgYZcZh H6H$&.&*$'%%.!YZ-YZ_ja^d!hdWgZhjhiVcX^VheVgVZaigViVb^ZcidYZa
V\jVYZhi^cVYVVaVegdYjXX^cYZV\jVYZXdchjbd]jbVcd!n H8D$,,-$$'%%.!YZ&,
YZbVgod!hdWgZbidYdhVaiZgcVi^kdheVgVZaVc{a^h^hb^XgdW^da\^XdYZaV\jVYZXdc"
hjbd]jbVcd#
IVbW^c hZ ]Vc YZhVggdaaVYd cjZkdh ^chigjbZcidh YZ \Zhi^c Xdbd Za ;dcYd
YZ8ddeZgVX^ceVgV6\jVnHVcZVb^Zcid!XjnVdg\Vc^oVX^cn[jcX^dcVb^Zcid[jZgdc
VegdWVYdhedgZaGZVa9ZXgZid&)+%$'%%.!YZ'-YZhZei^ZbWgZ#
-- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#(
6<J6
:c'%%.hZ]VegdhZ\j^YdaVZaVWdgVX^cYZadhcjZkdheaVcZh]^Ygda\^XdhYZ
XjZcXV! fjZ Zc Za XVhd YZ 6hijg^Vh gZVa^oV aV 8dc[ZYZgVX^c =^Ygd\g{ÒXV YZa 8Vci{"
Wg^Xd!XdcaVXdaVWdgVX^cYZdigVh6Yb^c^higVX^dcZh^cXaj^YVaVYZaEg^cX^eVYdYZ6h"
ijg^Vh#6YZb{h!ZcZabVgXdYZaV:higViZ\^VCVX^dcVaYZGZhiVjgVX^cYZGdh!Zadg"
\Vc^hbdYZXjZcXVegZhZciadhegdnZXidhYZgZhiVjgVX^cÓjk^VaeVgVadhgdhHZaaVn
7V_dCVgXZV#
:cZa{bW^idXdbeZiZcX^VaYZaEg^cX^eVYdYZ6hijg^VhhZ]VXdci^cjVYdXdcZa
XdcigdadeZgVi^kdYZaVXVa^YVYYZV\jVZcaVhbVhVhYZV\jVhigVch^X^dcVaZhnXdhiZgVh!
YZhVggdaaVYdZcZabVgXdYZaV^beaVciVX^cYZaV9^gZXi^kVBVgXdYZa6\jVnYZaegd"
XZhdYZeaVc^ÒXVX^c]^Ygda\^XV#6h^b^hbd!hZ]VYZhVggdaaVYdcjbZgdhdhegdnZXidh
eVgV aV bZ_dgV YZa hVcZVb^Zcid YZ aVh edWaVX^dcZh YZa Eg^cX^eVYd Zc YZhVggdaad YZa
EaVc9^gZXidgYZDWgVhYZHVcZVb^ZcidYZaEg^cX^eVYdYZ6hijg^Vh'%%'Ä'%&(nZaEaVc
CVX^dcVaYZaV8Va^YVYYZaVh6\jVhZc6hijg^Vh'%%,"'%&*#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. -.
(#(
6<J6
(#(#&8dchjbdYZV\jV
EdghZ\jcYdVdXdchZXji^kd!Zc'%%-!Y^hb^cjnZZaXdchjbdYZV\jVZc6hij"
g^Vh!YZhk^cXja{cYdhZXdchjbdYZXgZX^b^ZcidZXdcb^Xd#
:aV\jVXdci^cZciVaZhjcgZXjghdW{h^XdeVgVXjVafj^ZgVXi^k^YVY]jbVcVneVgV
bVciZcZgaVW^dY^kZgh^YVYnadhZXdh^hiZbVh!nZhiVbW^cjcV[jZciZYZZcZg\VgZcd"
kVWaZ#:cZhiZXVeijadhZVcVa^oVaVY^hedc^W^a^YVYYZV\jVZcZaEg^cX^eVYdYZ6hijg^Vh
eVgVhjXdchjbd!ZcWVhZVadh^cY^XVYdgZhZmigVYdhYZaVZcXjZhiVhdWgZHjb^c^higd
nHVcZVb^ZcidYZ6\jVZaVWdgVYVVcjVabZciZedgZa>chi^ijidCVX^dcVaYZ:hiVYhi^XV!
XjndÒcZhXjVci^ÒXVgaVXVeiVX^cYZV\jVYZabZY^d!aVediVW^a^oVX^c!Zahjb^c^higdn
ZahVcZVb^Zcid#
:aV\jV]VYZhZgXVeiVYVeVgVfjZZhiY^hedc^WaZeVgVhjjhdnedhiZg^dgbZciZ!
eVgVXdbeaZiVgZaVWVhiZX^b^Zcid!]VYZhZgY^hig^Wj^YVjcVkZoigViVYV#AVXVeiVX^c
YZV\jVXdbegZcYZadhhZgk^X^dhYZZbWVahZnXdcYjXX^ceg^bVg^Vn!Zc[jcX^cYZaV
egdXZYZcX^VYZagZXjghd!aVXVeiVX^cejZYZhZgYZV\jVhhjeZgÒX^VaZh!V\jVhhjWiZ"
gg{cZVh!YZhVaVX^ccdZm^hiZciZZc6hijg^Vhndigdh#9ZakdajbZcYZV\jVXVeiVYVZc
6hijg^VhZc'%%-!Za-)egdXZY^YZV\jVhhjeZgÒX^VaZhnZagZhidYZV\jVhhjWiZgg{"
cZVh#:aV\jVY^hedc^WaZZc'%%-eVgVhjediVW^a^oVX^cVhXZcY^V&+*!)]b(#
:cXjVcidVaVY^hig^WjX^cYZV\jV!YjgVciZZaVd'%%-Zc6hijg^VhhZhjb^c^h"
igVgdcVaVhgZYZheWa^XVhYZVWVhiZX^b^ZcidjgWVcd&'-!']b(YZV\jV#:a,,YZZhiV
XVci^YVY.-!-]b(hZgZ\^higXdbdV\jVY^hig^Wj^YVeVgVZaXdchjbd!ZmeZg^bZciVc"
YdjcVY^hb^cjX^cYZa)gZheZXidV'%%,#
.% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#(
6<J6
:a,%YZakdajbZcYZV\jVgZ\^higVYVnY^hig^Wj^YVVigVkhYZaVhgZYZh\ZcZ"
gVaZhYZhjb^c^higdi^ZcZXdbdYZhi^cdXjWg^gaVYZbVcYVYZadh]d\VgZh#:aXdchjbd
YZV\jVediVWaZZc'%%-Zc]d\VgZhVhXZcY^V+-!*]b(!XdcjcYZhXZchdYZa)gZh"
eZXidVaVd'%%,#
:a'*YZaidiVaYZV\jVgZ\^higVYVnY^hig^Wj^YVVigVkhYZaVhgZYZh\ZcZgVaZh
YZhjb^c^higdhZYZhi^cVVXjWg^gaVYZbVcYVYZadhhZXidgZhZXdcb^Xdh#:hiZkdaj"
bZcZcZaVd'%%-[jZYZ')!)]b(!ZhYZX^g!njc+^c[Zg^dgVakdajbZcgZ\^higVYdZc
'%%,#
Edgai^bd!hZYZhi^cVadhXdchjbdhbjc^X^eVaZhZa*YZakdajbZcYZV\jV
gZ\^higVYVnY^hig^Wj^YV!adfjZhjejhdjcidiVaYZ+]b(Zc'%%-#
AViZcYZcX^VdWhZgkVYVYjgVciZadhYdhai^bdhVdh!'%%,n'%%-!gZheZXidVa
kdajbZcYZV\jVY^hig^Wj^YVZcaVhgZYZh\ZcZgVaZhYZhjb^c^higd!]Vh^YdaVY^hb^cj"
X^cYZaV\jVYZhi^cVYVVaXdchjbd!iVcidYZ]d\VgZh!YZadhhZXidgZhZXdcb^Xdhd
YZadhVnjciVb^Zcidh#:hiVY^hb^cjX^chZegdYjXZ^cXajhdVeZhVgYZaVjbZcidfjZ
]ViZc^YdZaE>7gZ\^dcVa!edgadfjZhZYZhk^cXjaVZaXdchjbdYZV\jVYZaXgZX^b^Zcid
ZXdcb^Xd!YVidbjnedh^i^kdYZhYZZaejcidYZk^hiVYZaVZÒX^ZcX^VZcZajhdYZagZ"
Xjghd#
AVhegY^YVhgZVaZhYZV\jVZcaVhgZYZheWa^XVhYZVWVhiZX^b^ZcidjgWVcdedg
[j\Vh!gdijgVhnVkZgVhhZZhi^bVgdceVgVZaVd'%%-Zc'%!']b(!adfjZhjejhdZa
&*!-YZaidiVaYZV\jVhjb^c^higVYVVY^X]VhgZYZh#:akdajbZcYZV\jVcdgZ\^higVYV
YZW^YdVXdchjbdhZhi^bVYdh!ZggdgZhYZbZY^YV![gVjYZhjdigVhXVjhVh[jZYZ.!&
]b(!jc,!&YZaV\jVhjb^c^higVYVVY^X]VhgZYZh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. .&
(#(
6<J6
AViZcYZcX^VZmeZg^bZciVYVedgZakdajbZcYZV\jVhjb^c^higVYVeVgVVWVhiZ"
X^b^ZcideWa^XdbZY^YVZca^igdhedg]VW^iVciZnYV!]Vh^YdVhXZcYZciZVadaVg\dYZa
eZgdYdXdch^YZgVYd#H^cZbWVg\d!Zc'%%-ZhiZ^cY^XVYdgVaXVcoVZakVadgYZ('*!&%
a^igdh$]VW^iVciZnYV!jc)^c[Zg^dgVakVadgYZaVdVciZg^dg#8dbdnVhZ]VXdbZciVYd!
ZhiVbV\c^ijYZhi{XdbejZhiViVcidedgadhkdabZcZhXdcigdaVYdhnY^hig^Wj^YdhVadh
jhjVg^dh!XdbdedgadhcdgZ\^higVYdhegY^YVhVeVgZciZhngZVaZh#
:aXdchjbdbZY^dYZV\jVYZadh]d\VgZhhZh^ijZc&,(!+a^igdhedg]VW^iVciZ
nYVZcZaVd'%%-#:hiVX^[gV[jZjc)!*^c[Zg^dgVadh&-&!,,a^igdhgZ\^higVYdhZc
'%%,#
.' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#(
6<J6
:aXdchjbdbZY^dYZV\jVZc:heVVhZh^ijZc'%%-Zc&*)a^igdhedg]VW^iVc"
iZnYV!jc&!.^c[Zg^dgVaVX^[gVYZ'%%,#EdgXdbjc^YVYZhVjicdbVh!adhXdchjbdh
bZY^dhb{hZaZkVYdhhZY^ZgdcZcaV8dbjc^YVYKVaZcX^VcVXdc&-.a^igdhn8VciVWg^V
&--a^igdh#EdgZaXdcigVg^d!adhXdchjbdhbZY^dhb{hWV_dhYZV\jVhZgZ\^higVgdc
Zcadh]d\VgZhYZaV8dbjc^YVY;dgVaYZCVkVggV&(&a^igdhedg]VW^iVciZnYVnZc
8ViVajV!>haVh7VaZVgZhnEVhKVhXd&(.a^igdh#
DEJ7I
3 :aV\jVidiVahjb^c^higVYVZh^\jVaVaV\jVidiVagZ\^higVYVnY^hig^Wj^YVb{haVhegY^YVhZc
gZY#:caVhZg^ZYZYVidhYZa'%%,hZ^cigdYjXZjcXVbW^dZcaVZcXjZhiVYZa>C:!fjZZbe^ZoV
VY^hi^c\j^gaVhegY^YVhgZVaZhYZaVhVeVgZciZh0]VhiVZcidcXZh!hadhZgZXd\VZagZhjaiVYd
Xdc_jcidYZVbWVh!fjZhZYZcdb^cVWViVbW^cÆegY^YVhÇ!eZgdfjZZcigb^cdhZhig^XidhgZ"
egZhZciVWV gZVabZciZ adh kdabZcZh cd gZ\^higVYdh# :hiV XdggZXX^c XdcXZeijVa hZ ^cigdYjXZ
edgeg^bZgVkZoZc'%%,!VdVeVgi^gYZaXjVaaVZcXjZhiVZbe^ZoVV]VWaVgYZÆkdajbZcYZV\jV
cdgZ\^higVYdÇnY^hi^c\jZedgeg^bZgVkZoaVhegY^YVhgZVaZhegY^YVh[h^XVhYZV\jVYZW^YVh
VgdijgVh!VkZgVh![j\Vh!ZiX#YZaVhVeVgZciZhkdabZcZhYZV\jVY^hig^Wj^YdhncdXdciVW^a^oV"
YdhZcYZhi^cdYZW^YdV[gVjYZh!ZggdgZhYZbZY^X^c!VjhZcX^VYZXdciVYdgZh!ZiX##
3 6aidbVgYVidhYZa>C:!aVhZhi^bVX^dcZhejZYZchZgb{hZaZkVYVh!YZW^YdVfjZZcaVZcXjZh"
iVhZZhiVgVc^cXajnZcYdXdbdYdbhi^XdhadhXdchjbdh^cYjhig^VaZhfjZ!ZccjZhigV8dbjc^"
YVYVjicdbV!hdcYZXVh^jc(%gZheZXidVaidiVa#HZ\cYVidhYZaV?jciVYZHVcZVb^Zcid!Za
XdchjbdZhi^bVYdYZV\jVVhX^ZcYZV&'-!+a^igdhedg]VW^iVciZnYV#
;J:CI:H
>C:>chi^ijidCVX^dcVaYZ:hiVYhi^XV#Æ:cXjZhiVhdWgZhjb^c^higdnigViVb^ZcidYZV\jVÇ#Æ9^hig^WjX^cedg\gVcYZh\gjedhYZ
jhjVg^dhn8866Ç#Æ:cXjZhiVhdWgZhjb^c^higdnigViVb^ZcidYZV\jVÇ#Æ9^hedc^W^a^YVYidiVaYZV\jVediVW^a^oVYVedgkdajbZc
idiVaYZV\jVY^hedc^WaZediVW^a^oVYVn8866Ç#Æ8dciVW^a^YVYGZ\^dcVaYZ:heVV#7VhZ'%%%Ç#ÆEgdYjXid^ciZg^dgWgjidgZ\^dcVa
negdk^cX^VaÇ#]iie/$$lll#^cZ#Zh
(#(
6<J6
(#(#'GZhZgkVhYZV\jVZbWVahVYV
AVgZhZgkVYZV\jVZbWVahVYVeVgVVWVhiZX^b^ZcidZc6hijg^VhVaÒcVaYZaVd
]^Ygda\^Xd'%%-"'%%.[jZjc+^c[Zg^dgVaeZg^dYdVciZg^dg#
:aWVaVcXZVcjVaZcigZjhd!gZXjghdnYZbVcYVYZiZgb^cVZaYÒX^idhjeZg{k^i
]Yg^XdnaV\VgVciVYZhjb^c^higdYZV\jV#AdhgZXjghdhidiVaZhYZV\jVYZjciZgg^"
idg^dhZXVaXjaVcXdbdY^[ZgZcX^VZcigZaVegZX^e^iVX^cnaVZkVedigVche^gVX^cbZY^Vh
VcjVaZh#JcVeVgiZYZZhidhgZXjghdhZhVegdkZX]VWaZkVV\jVhhjeZgÒX^VaZhdhjWiZ"
gg{cZVh!b^ZcigVhfjZZagZhidcdZhVegdkZX]VWaZe#Z#YgZcV_ZhhjWiZgg{cZdhY^gZXidh
VabVg#
:c6hijg^Vh!idYdhadhgZXjghdh]Yg^XdhhdcXdckZcX^dcVaZhegdXZYZciZhYZaVh
egZX^e^iVX^dcZh ^ciZgcVh n XdggZhedcY^ZciZh V aVh XjZcXVh Vhijg^VcVh! cd ]VW^ZcYd
gZji^a^oVX^c Y^gZXiV YZ V\jVh gZh^YjVaZh YZejgVYVh c^ YZhVa^c^oVX^c Xdbd Zc digVh
8dbjc^YVYZh6jicdbVh#
:m^hiZch^ZiZZbWVahZhYZaVgZ\^cfjZhdc/6aÒadg^dh!6gWc!aV7VgXV!9d^gVh!
HVa^bZ!Hdb^ZYdnIVcZhÄG^dhZXd#IdYdhZaadhhZYZY^XVcVjhdh]^YgdZaXig^XdhhVakd
adhYZ6aÒadg^dhnIVcZh"G^dhZXdfjZhZYZY^XVc!Zaeg^bZgdVVWVhiZX^b^ZcidVedWaV"
X^dcZh!nZahZ\jcYdVVbWdhjhdh#CdZm^hiZcZc6hijg^Vh^c[gVZhigjXijgVhYZY^XVYVhV
gZ\VYd#AVXVeVX^YVYidiVaYZadhZbWVahZhVhijg^VcdhZchjXdc_jcidZhYZ*%-!,]b(!
YZadhfjZ)*!,]b(hZYZhi^cVcVhVi^h[VXZgaVhYZbVcYVhYZVWVhiZX^b^ZcidXZgXVYZa
.YZaVXVeVX^YVYidiVaYZZbWVahZ#
.) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#(
6<J6
:a kdajbZc YZ V\jV ZbWVahVYV Zc 6hijg^Vh Zc '%%. YVidh gZ[Zg^Ydh V (% YZ
hZei^ZbWgZXd^cX^Y^ZcYdXdcZaÒcVaYZaVd]^Ygda\^XdVaXVcoadh(+']b(!jc,&
YZaVXVeVX^YVYidiVaYZZbWVahZnhZ^hejcidhedgYZWV_dYZakdajbZcgZ\^higVYdZcZa
Vd'%%-!XdcadfjZhjedcZjcZbeZdgVb^ZcidZcaVZkdajX^cYZaVhgZhZgkVh]Yg^XVh
YZaVgZ\^c#
EdgZbWVahZh!adhbVndgZhkdabZcZhYZV\jVhZVabVXZcVgdcZcadhZbWVahZh
YZ9d^gVhnHVa^bZ!VbWdhYZagdCVk^V!aaZ\VcYdVVXjbjaVgHVa^bZ&-,]b(Xdcjc
c^kZaYZgZhZgkVYZa,%#
:abVndgc^kZaYZgZhZgkVZcZaVd'%%.XdggZhedcY^VaZbWVahZYZaV7VgXVgd
CVcXZVfjZVaXVcoZa.*YZhjXVeVX^YVY!hZ\j^YdYZaZbWVahZYZ6gWcgdCVk^V
XjnVgZhZgkV]Yg^XVVhXZcY^Va.(#
:cgZaVX^cXdcZaVdVciZg^dg!hadZaZbWVahZYZ6gWcVjbZcihjhgZhZgkVh
Zc)ejcidhedgXZcijVaZh!edgZaXdcigVg^d!ZhZaZbWVahZYZ9d^gVhZafjZ]VgZ\^higVYd
jcVbVndggZYjXX^cYZakdajbZcYZV\jVZbWVahVYV!eVhVcYdYZ&%+]b(-.YZc^"
kZaYZgZhZgkVZc'%%-!V,-]b(+*Zc'%%.!edgadfjZaVgZYjXX^c[jZYZjc',#
:cXjVcidVaVh^c[gVZhigjXijgVhZbeaZVYVheVgVVWVhiZX^b^Zcid!VÒcVaZhYZa
Vd]^Ygda\^Xd'%%-"'%%.hZVaXVcojckdajbZcYZ',!,*]b(!jc+^c[Zg^dgVakdaj"
bZcgZ\^higVYdZaVdVciZg^dg#:hiVX^[gVhjedcZjcVgZhZgkVYZa+%!,YZaVXVeVX^YVY
idiVaYZZhiZi^edYZZbWVahZh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. .*
(#(
6<J6
6aVcVa^oVgZa\g{ÒXdZcZafjZhZegZhZciVaVZkdajX^cYZaVgZhZgkV]^Yg{ja^XV
VadaVg\dYZaVd]^Ygda\^Xd'%%-"'%%.!hZdWhZgkVXdbdaVgZhZgkV]^Yg{ja^XVhZZb"
e^ZoVV^cXgZbZciVgVeVgi^gYZabZhYZcdk^ZbWgZ!bZhZcZafjZhZVaXVcoVZabc^bd
YZgZhZgkVYZ(%-!-]b( nXgZXZb{hVadaVg\dYZadhbZhZhYZY^X^ZbWgZnZcZgd#H^c
ZbWVg\d!VaÒcVaYZa^ck^Zgcdhj[gZjcV^bedgiVciZXVYVVaXVcoVcYdZcbVgodZabc^"
bdYZaVhai^bVhXjVigdhZg^ZhYZVdh!Xdc(-'!&-]b(YZV\jVZbWVahVYV#9jgVciZ
aV eg^bVkZgV hZ egdYjXZ jc Xdch^YZgVWaZ ^cXgZbZcid YZ aV gZhZgkV VaXVco{cYdhZ Za
b{m^bdZc_jc^dXdc)-%!+]b(#
DEJ7I
3:aVd]^Ygda\^XdhZYZÒcZXdbdZaeZg^dYdXdbegZcY^YdYZhYZZa&YZdXijWgZ]VhiVZa(%
YZhZei^ZbWgZ#
3 AV GZhZgkV =^Yg{ja^XV hZ YZÒcZ Xdbd Za edgXZciV_Z YZa V\jV VabVXZcVYV [gZciZ V aV fjZ
edYgV ]VWZghZ VabVXZcVYd XVeVX^YVY YZ ZbWVahZ idiVa# Adh YVidh Zhi{c gZ[Zg^Ydh V (% YZ
hZei^ZbWgZ[ZX]VZcaVfjZÒcVa^oVXVYVVd]^Ygda\^Xd#
3EVgVgZegZhZciVgaViZcYZcX^VedgVd]^Ygda\^XdhZ]VcidbVYdadhYVidhXdggZhedcY^ZciZh
Vaai^bdYVYZXVYVbZh#
(#(
6<J6
(#(#(8dciVb^cVX^cedgc^igVidhYZaVhbVhVhYZV\jVhjWiZgg{cZVh
:c6hijg^Vh!aVhV\jVhhjWiZgg{cZVhi^ZcZcWjZcdhc^kZaZhYZXVa^YVYfjb^XV!
cdVegZX^{cYdhZXdciVb^cVX^cedgc^igVidh#
AVXdciVb^cVX^cedgc^igVidhV[ZXiViVcidVaVhbVhVhYZV\jVhjeZgÒX^VaXdbd
VaVhbVhVhYZV\jVhjWiZgg{cZV!eZgdZhZhiZhZ\jcYdXVhdZafjZb{hegZdXjeV!edg
Za]ZX]dYZfjZadhc^igVidh!jcVkZoY^heZghVYdhZcZa^ciZg^dgYZadhVXj[Zgdh!hdc
bjnZhiVWaZhnaVZa^b^cVX^cdY^hb^cjX^cYZhjXdcXZcigVX^ci^ZcZjcXdhiZZaZkVYd
dgZfj^ZgZbjX]di^Zbed#EdgdigdaVYd!ZaaVg\deZgdYdfjZegZXZYZVaVVeVg^X^cYZ
adheg^bZgdh^beVXidhY^ÒXjaiVZaY^V\chi^XdYZaVh^ijVX^cgZVanXdbegdbZiZZam^id
YZaVhbZY^YVhXdggZXidgVh#
:caVaZ\^haVX^cZjgdeZVnZheVdaVZm^hiZXdcXZcigVX^cab^iZZhiVWaZX^YVeVgV
c^igVidh*%b\$a0GZVa9ZXgZid&*&)$'%%.!YZ'YZdXijWgZ!edgZafjZhZgZ\jaVaVegd"
iZXX^cYZaVhV\jVhhjWiZgg{cZVhXdcigVaVXdciVb^cVX^cnZaYZiZg^dgd#:hiVXdcXZc"
igVX^cab^iZ!ZhaVÆcdgbVYZXVa^YVYÇfjZhZ]VYZji^a^oVgZcaVZkVajVX^cYZaZhiVYd
fjb^XdYZaVhV\jVhhjWiZgg{cZVhZcgZaVX^cXdcZhiZeVg{bZigd#
:c[ZWgZgdYZ'%%-hZZbeZoVbjZhigZVgaVGZYDÒX^VaYZ8dcigdaYZ8Va^YVY
YZV\jVhhjWiZgg{cZVhZhiVWaZX^YVedgaV8dc[ZYZgVX^c=^Ygd\g{ÒXVYZaCdgiZZcjcV
hZg^ZYZejcidhgZeVgi^YdhedgidYVaV\Zd\gV[VVhijg^VcV#
AVVXijVaGZYYZ8Va^YVYYZaV8jZcXVYZaCdgiZ!fjZbjZhigZVaVXVa^YVYYZaVh
V\jVhhjWiZgg{cZVh!Zhi{[dgbVYVedg+.ejcidhYZbjZhigZdYZadhXjVaZh(&hZh^iVc
ZciZgg^idg^dVhijg^Vcd#AdhgZhjaiVYdhdWiZc^YdheVgVZaeVg{bZigdÆc^igVidhÇZcZhidh
ejcidhYZaVgZY!ZcaVai^bVXVbeVVgZVa^oVYVZc[ZWgZgdYZ'%%-!hZbjZhigVcZc
aVh^\j^ZciZiVWaV#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. .,
(#(
6<J6
9ZadhgZhjaiVYdhYZZhiVhXVbeVVhYZVc{a^h^h!hZXdcXajnZfjZZc6hijg^Vhcd
Zm^hiZc^c\jcVZhiVX^cYZhZ\j^b^Zcidfjb^XdZcaVfjZVeVgZoXVcXdcXZcigVX^dcZh
YZc^igVidhhjeZg^dgZhV*%b\$a!iVbedXdhZ]VYZXaVgVYdc^c\jcVbVhVYZV\jVhjW"
iZgg{cZVkjacZgVWaZVZhiZi^edYZXdciVb^cVX^cZcWVhZVadZhiVWaZX^YdZcaV9^gZXi^"
kV.&$+,+$8::!YZ&'YZY^X^ZbWgZYZ&..&!gZaVi^kVVaVegdiZXX^cYZaVhV\jVhXdcigV
aVXdciVb^cVX^cegdYjX^YVedgc^igVidhji^a^oVYdhZcaVV\g^XjaijgV#
.- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#(
6<J6
DEJ7I
39ZhYZbVndYZ&..,!nYZVXjZgYdXdcadZhi^ejaVYdZcaV9^gZXi^kV.&$+,+$8::!gZaVi^kVVaV
egdiZXX^cYZaVhV\jVhXdcigVaVXdciVb^cVX^cegdYjX^YVedgc^igVidhji^a^oVYdhZcaVV\g^Xja"
ijgV!aV8dchZ_ZgVYZaEg^cX^eVYdYZ6hijg^VhVegdWZa 8Y^\dYZ7jZcVhEg{Xi^XVh6\gXdaVh!Za
XjVacdedhZZXVg{XiZgdWa^\Vidg^dYVYdfjZcdZm^hiZcZcZaiZgg^idg^dVhijg^VcdbVhVhYZV\jV
V[ZXiVYVhedgZhiZi^edYZXdciVb^cVX^c#7DE6cb#&,,#(&YZ_ja^dYZ&..,
3:agZhjaiVYdYZaVc{a^h^hYZaejcidYZXdcigdaYZaVgZYjW^XVYdZcE^adVB6H7&'#%&(!gZ"
\^cYZEdc\VcdhZ]V^cigdYjX^YdZcaViVWaVedg]VWZghZegdYjX^YdjcZggdgYZbZY^YV#
;J:CI:H
8=88dc[ZYZgVX^c=^Ygd\g{ÒXVYZa8Vci{Wg^Xd#9^gZXX^c<ZcZgVaYZa6\jV#Æ(Zg >c[dgbZEZg^Y^Xd#8jZcXVYZaCdgiZ#8Vb"
eVVYZbjZhigZdnVc{a^h^h![ZWgZgd'%%-Ç#]iie/$$lll#X]XVciVWg^Xd#Zh
(#(
6<J6
(#(#)8dciVb^cVX^cdg\{c^XVYZadhgdh
:c'%%.adhc^kZaZhYZXdciVb^cVX^cdg\{c^XVZcaVhbVhVhYZV\jVhjeZgÒX^V"
aZhhdcWV_dh!VjcfjZ]VcZbeZdgVYdgZheZXidV'%%-#
AV YZbVcYV W^dfjb^XV YZ dm\Zcd 97D* Zh aV XVci^YVY YZ dm\Zcd Y^hjZaid
Zc V\jV! cZXZhVg^V eVgV aV dm^YVX^c W^dfjb^XV VZgdW^V YZ aVh hjhiVcX^Vh dg\{c^XVh
egZhZciZhZcZaV\jV#HZigViVYZjcWjZc^cY^XVYdgYZaVXVa^YVY\ZcZgVaYZaV\jVn
b{hXdcXgZiVbZciZYZaVXdciVb^cVX^cYZXVg{XiZgdg\{c^Xd!jcdYZadheg^cX^eVaZh
egdWaZbVhYZaVhbVhVhYZV\jVhjeZgÒX^VaZh#
KVadgZhYZ97D*hjeZg^dgZhV&%b\$ahdcXVgVXiZghi^XdhYZV\jVhbjnXdciV"
b^cVYVh b^ZcigVh fjZ kVadgZh edg YZWV_d YZ ( b\$a ^cY^XVc XdciVb^cVX^c dg\{c^XV
bjnYW^a#
:aVc{a^h^hYZaVZkdajX^ciZbedgVaYZadhkVadgZhbZY^dhYZaVYZbVcYVW^d"
fjb^XVYZdm\ZcdeZgb^iZkZgXdbd!Zc\ZcZgVa!aVh^ijVX^cYZadhgdhVhijg^VcdhZh
WjZcV!h^ZcYdkVg^dhadhVdhZcadhfjZcdZm^hiZc^c\jcVZhiVX^cfjZVaXVcXZXdc"
XZcigVX^dcZhZaZkVYVhbVndgYZ&%b\$anXdcjcedgXZciV_ZYZZhiVX^dcZhhjeZg^dgVa
.%fjZi^ZcZckVadgZhWV_dhbZcdgYZ(b\$a#
:cZaVd'%%.[jZgdc(+&aVhZhiVX^dcZhYZXdcigdaXdckVadgZh^c[Zg^dgZhVadh
(b\$a.'ZhiVX^dcZh#EVgVZhiZb^hbdVdjc*YZaVhZhiVX^dcZhegZhZciVgdc
kVadgZhbZY^dhYZ97D*ZcigZ(n&%b\$a!niVchadjc(&%ZhiVX^dcZhhjeZgVgdcZa
kVadgbZY^dYZ&%b\$aYZ97D*#:cgZaVX^cXdcadhkVadgZhgZ\^higVYdhZaVdVciZg^dg!
aVXVa^YVYYZaV\jVYZadhgdhVhijg^Vcdh]VZbeZdgVYdZc'%%.!nVfjZhZ]VgZYjX^Yd
ZaedgXZciV_ZYZZhiVX^dcZhXdcWV_VXdcXZcigVX^cYZ97D*ZcXVh^(ejcidhedgXZcijV"
aZhnhZ]V^cXgZbZciVYdZaedgXZciV_ZYZZhiVX^dcZhfjZhjeZgVcjcVXdcXZcigVX^c
bZY^VYZ&%b\$aZc'ejcidh#
&%% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#(
6<J6
:aVbdc^dC=) fjZhZ^cXdgedgVVadhgdh!ZhdigdYZadhXdbejZhidhh^\c^"
ÒXVi^kdhVaV]dgVYZZkVajVgaVXVa^YVYYZaVhV\jVh#:aVbdc^dZhaV[jZciZeg^cX^eVa
YZVedgiZYZc^ig\ZcdVaV\jV_jcidXdcadhc^igVidh!nZhim^XdeVgVadheZXZhdm^"
Y{cYdhZXdc[VX^a^YVY!XdcadfjZXdchjbZZadm\ZcdY^hjZaidYZaV\jVXdcig^WjnZcYd
VadhegdXZhdhYZZjigdÒoVX^c#HjegZhZcX^V^cY^XVfjZZaV\jV]VgZX^W^YdkZgi^Ydh
dg\{c^Xdh egdXZYZciZh YZ ZmeadiVX^dcZh \VcVYZgVh d YZ V\jVh gZh^YjVaZh jgWVcVh d
^cYjhig^VaZh#
AViZcYZcX^VdWhZgkVYVZcaVhXdcXZcigVX^dcZhYZVbdc^dZcadhgdhVhijg^V"
cdhZhYZbZ_dgVVeVgi^gYZaVd'%%&!bdbZcidZcZafjZZbe^ZoVcVgZ\^higVghZ
bZcdgZhXdcXZcigVX^dcZhYZVbdc^dZcaVhZhiVX^dcZhXdcigdaVYVh#6ZhiZgZheZXid!
ejZYZYZX^ghZfjZZc'%%.aVXVa^YVYYZadhgdhVhijg^Vcdh]VZbeZdgVYdXdcgZaVX^c
VaVd'%%-!]VW^cYdhZgZ\^higVYdjc-&YZZhiVX^dcZhXdcXdcXZcigVX^dcZhWV_VhYZ
Vbdc^d[gZciZVa.%YZaVdVciZg^dg!njc+YZZhiVX^dcZhXdcXdcXZcigVX^dcZhedg
ZcX^bVYZ(.%©\$aC!*ejcidhedgZcX^bVYZaVd'%%-#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#]iie/$$lll#bVgb#Zh
8=88dc[ZYZgVX^c=^Ygd\g{ÒXVYZa8Vci{Wg^Xd#ÆH6>86H^hiZbV6jidb{i^XdYZ>c[dgbVX^cYZ8Va^YVYYZaVh6\jVhÇ#
]iie/$$lll#X]XVciVWg^Xd#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &%&
(#(
6<J6
(#(#*:hiVYdYZaVhbVhVhYZV\jV
:aZhiVYdZXda\^XdYZa*'!-YZaVhbVhVhYZV\jVhhjeZgÒX^VaZhYZ6hijg^Vh
ZhWjZcddbjnWjZcd#
AV 9^gZXi^kV'%%%$+%$8::d9^gZXi^kVBVgXdYZ6\jVhZjgdeZV9B6i^ZcZedg
dW_ZidZhiVWaZXZgjcbVgXdeVgVaVegdiZXX^cYZaVhV\jVhhjeZgÒX^VaZhXdci^cZciVaZh!
aVhV\jVhYZigVch^X^c!aVhV\jVhXdhiZgVhnaVhV\jVhhjWiZgg{cZVh!nad\gVghjWjZc
ZhiVYdeVgVZaVd'%&*#
:m^hiZc &-( bVhVh YZ V\jVh hjeZgÒX^VaZh Zc 6hijg^Vh! YZ aVh XjVaZh &*' hdc
gdh-(!%+0igZXZYZZaadhZhi{cXdch^YZgVYdhXdbdbVhVhÆbjnbdY^ÒXVYVhÇedgaV
VXX^c]jbVcV#6YZb{h!Zm^hiZcZcidYdZaiZgg^idg^dVhijg^VcdcjZkZZbWVahZh!X^cXd
aV\dh!-bVhVhYZV\jVhigVch^X^dcVaZhndX]dYZV\jVhXdhiZgVh#EVgVVcVa^oVgZaZhiV"
YdYZZhiVhbVhVhYZV\jVhZkVadgVcYdhVheZXidh/ZaZhiVYdfjb^XdnZaZhiVYdZXd"
a\^Xd!ZhiZai^bdhjhi^ij^YdedgZaediZcX^VaZXda\^XdZcaVhbVhVhbjnbdY^ÒXVYVh!
nhZVcVa^oVjcidiVaYZ&+&bVhVhZcZaiZgg^idg^dYZaEg^cX^eVYd#B^ZcigVhfjZZaZhiVYd
fjb^XdhZYZÒcZVeVgi^gYZaVhXdcXZcigVX^dcZhab^iZYZYZiZgb^cVYdhXdciVb^cVc"
iZh!ZaZhiVYdZXda\^XdhZWVhVZcaVXVa^YVYYZaVZhigjXijgVnYZa[jcX^dcVb^ZcidYZ
adhZXdh^hiZbVhVXj{i^Xdh#
GZheZXidVaZhiVYdfjb^Xd!+)bVhVhegZhZciVcjcWjZcZhiVYd!b^ZcigVhfjZ
&)]Vch^YdXaVh^ÒXVYVhXdbdZcbVaZhiVYd#CdhZY^hedcZYZ^c[dgbVX^chdWgZ-(
YZZaaVh#EdgiVcid!hZZcXjZcigVZcWjZcZhiVYdZa(.!,*YZaVhbVhVhYZV\jVYZ
6hijg^Vh!Za-!,Zhi{ZcbVaZhiVYdncdhZY^hedcZYZ^c[dgbVX^ceVgVZa*&!**YZ
aVhb^hbVh#8dcgZheZXidVadh&(.gdhfjZhZ]VcZhijY^VYd!cdhZY^hedcZYZ^c[dg"
bVX^chdWgZ-&YZZaadh!*&Zhi{cZcWjZcZhiVYdfjb^Xdn,ZcbVaZhiVYd#:hidhgdh
&%' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#(
6<J6
i^ZcZcjcVadc\^ijYidiVaYZ'#')'`bYZadhXjVaZh!&#%*.`bZa),!'(hZZcXjZcigVc
ZcWjZcVhXdcY^X^dcZhniVchad&&+`bZcbVaVh#CdhZY^hedcZYZ^c[dgbVX^chdWgZ
adh&#%+,`bgZhiVciZh#
9ZadhX^cXdaV\dhVcVa^oVYdhZc6hijg^Vh!igZhhZZcXjZcigVcZcWjZcZhiVYd
b^ZcigVh fjZ cd hZ Y^hedcZ YZ YVidh hdWgZ Za ZhiVYd fjb^Xd YZ adh digdh Ydh# AVh
V\jVh igVch^X^dcVaZh gVh n ZhijVg^dh hZ ZcXjZcigVc Zc hj bVndgV Zc WjZcVh Xdc"
Y^X^dcZhfjb^XVh#IdYVhaVhbVhVhYZV\jVXdhiZgVhhZZhXjZcigVcZcWjZcZhiVYd
fjb^Xd#
:cXjVcidVaZhiVYdZXda\^XdYZaVhbVhVhYZV\jVhhjeZgÒX^VaZhVhijg^VcVh!-*
YZaVh&+&hZZcXjZcigVcZcWjZcVhdbjnWjZcVhXdcY^X^dcZh!adfjZhjedcZZa*'!-
YZaVhb^hbVh#
9ZaVh&(.bVhVhi^e^ÒXVYVhXdbdgdh!,&hZZcXjZcigVcZcWjZcVhdbjnWjZ"
cVhXdcY^X^dcZhZXda\^XVh!nhadh^ZiZZcbVaVhdYZÒX^ZciZh#:cjcZhiVYdbdYZgVYd
Zhi{cXaVh^ÒXVYVh'.nYZaVh('gZhiVciZhcdZm^hiZcYVidhY^hedc^WaZh#9Zadh'#')'`b
YZgdhfjZZm^hiZc!&#(%.Za*-!(.!hZZcXjZcigVcZcWjZcVhXdcY^X^dcZhn*')`b
Za '(!(, egZhZciVc jc ZhiVYd ZXda\^Xd bdYZgVYd# IVc had Za '!.. +, `b YZ
aVadc\^ijYYZZhidhgdhhZZcXjZcigVZcXdcY^X^dcZhcdVegde^VYVh#EVgVaZaVbZciZ!
XjVigdYZadhX^cXdaV\dhVcVa^oVYdhi^ZcZcjcZhiVYdZXda\^XdWjZcdniVchadjcd
egZhZciVjcZhiVYdbdYZgVYd#AVh-bVhVhYZV\jVigVch^X^dcVaZhhZ]VcXViVad\VYd
YZ aV h^\j^ZciZ bVcZgV/ igZh hZ ZcXjZcigVc Zc WjZcVh XdcY^X^dcZh ZXda\^XVh! ) Zc
XdcY^X^dcZhbdYZgVYVhnjcVZcZhiVYdZXda\^XdYZÒX^ZciZ#8dcgZheZXidVaVhV\jVh
XdhiZgVh!h^ZiZYZZaaVhZhi{cZcWjZcdbjnWjZcZhiVYdZXda\^XdnaVgZhiVciZegZ"
hZciVjcZhiVYdZXda\^XdbdYZgVYd#
;^cVabZciZ!hZ]Vc^YZci^ÒXVYd''bVhVhYZV\jVbjnbdY^ÒXVYVhedgaVVXX^c
]jbVcVZbWVahZhnigVbdhYZgdh[jZgiZbZciZbdY^ÒXVYdh!YZaVhXjVaZh&)egZ"
hZciVcjcediZcX^VaZXda\^XdWjZcddbdYZgVYd#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &%(
(#(
6<J6
DEJ7I
3:hiVYdZXda\^Xd/XVa^YVYYZaVZhigjXijgVnZa[jcX^dcVb^ZcidYZadhZXdh^hiZbVhVXj{i^Xdh
VhdX^VYdhVaVhV\jVhhjeZgÒX^VaZh#
3:hiVYdfjb^Xd/XVa^YVYYZaVhV\jVhZc[jcX^cYZaVhXdcXZcigVX^dcZhYZXdciVb^cVciZh
egZhZciZhZcaVhb^hbVh#
3EdiZcX^VaZXda\^Xd/ZhiVYdYZjcVbVhVYZV\jVbjnbdY^ÒXVYVdVgi^ÒX^Va#
;J:CI:H
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
8=88dc[ZYZgVX^c=^Ygd\g{ÒXVYZa8Vci{Wg^Xd#]iie/$$lll#X]XVciVWg^Xd#Zh
(#(
6<J6
(#(#+9ZejgVX^cYZV\jVhgZh^YjVaZh
:c'%%.!eZcY^ZciZhVcYZXjab^cVghZadhcjZkdhh^hiZbVhYZYZejgVX^cfjZ
hjedcYg{cjc\gVcVkVcXZeVgVaVXVa^YVYYZaVhV\jVhYZaEg^cX^eVYdYZ6hijg^Vh!Za
-%YZaVedWaVX^cVhijg^VcVXjZciVXdcVa\ch^hiZbVYZYZejgVX^cYZV\jVhgZh^"
YjVaZh#
:a EaVc 9^gZXidg YZ HVcZVb^Zcid YZa Eg^cX^eVYd YZ 6hijg^Vh '%%'"'%&( i^ZcZ
edgdW_ZidcdhadYVgXjbea^b^ZcidVaV9^gZXi^kV.&$',&$8::!YZ'&YZbVndYZ&..&!
hdWgZ Za igViVb^Zcid YZ V\jVh gZh^YjVaZh jgWVcVh! h^cd iVbW^c ZmiZcYZg aVh VXijV"
X^dcZhYZhVcZVb^ZcidnYZejgVX^cb{hVaa{YZa{bW^idYZaVegde^V9^gZXi^kV#HZ\c
ZhiZEaVc!ZcbVndYZ'%%'Za*,!'YZaVedWaVX^cVhijg^VcVY^hedcVYZh^hiZbVhYZ
YZejgVX^cXdc[dgbZVZhiV9^gZXi^kV!b^ZcigVhfjZjc&*!(iZcVh^hiZbVhYZYZej"
gVX^ccdXdc[dgbZhXdcZaaVnhdWgZadhfjZhZgVcZXZhVg^dgZVa^oVgVXijVX^dcZh#Jc
&!(YZaVedWaVX^cedhZVZcidcXZhh^hiZbVhYZYZejgVX^cfjZYZWVchZgVbea^V"
Ydhnjc&!,ZhiVWVhZgk^YdXdch^hiZbVhYZYZejgVX^chdWgZadhfjZhZYZWVVXijVg
eVgV\VgVci^oVgadhdW_Zi^kdhYZXVa^YVYngVX^dcVa^oVgaV\Zhi^c#:agZhiVciZ')!*YZ
aVedWaVX^ccdedhZVXdcZm^cVh^hiZbVhYZhVcZVb^ZcidZm^hiZciZhc^Vh^hiZbVhYZ
YZejgVX^cVjicdbdh#HdWgZjc(!.YZZaadhZm^hiVceaVcZhYZVXijVX^cb^ZcigVh
fjZcdZm^hiVceVgVZa'%!+gZhiVciZ#
AVh^c[gVZhigjXijgVhVZ_ZXjiVgfjZegdedcZY^X]dEaVc9^gZXidghdc/)(dWgVhYZ
hVcZVb^ZcidnYZejgVX^cYZcjZkVhV\adbZgVX^dcZh!aVXdchigjXX^cYZ+.cjZkVhYZ"
ejgVYdgVh'&YZejgVYdgVhVhdX^VYVhVV\adbZgVX^dcZh!',YZejgVYdgVh^cYZeZcY^Zc"
iZhn'&YZejgVYdgVh^cYZeZcY^ZciZhZc:heVX^dhCVijgVaZhEgdiZ\^Ydh!aVVbea^VX^c
YZ^c[gVZhigjXijgVhYZhVcZVb^Zcid!ZaVXdcY^X^dcVb^ZcidnejZhiVZchZgk^X^dYZ(+%
YZejgVYdgVhYZWV_dXdhiZnVZm^hiZciZh!ZahVcZVb^Zcid^ciZ\gVaYZeZfjZdhVÓjZc"
iZhV[ZXiVYdhedgkZgi^YdhYZcXaZdhXdcbZcdhYZ'*%]VW^iVciZh!cXaZdhY^heZghdh
gjgVaZhncXaZdhjW^XVYdhZcdigVhÒ\jgVhYZegdiZXX^cYZaEDGC6Y^hi^ciVVEVgfjZh
CVijgVaZh!VhXdbdaV^beaZbZciVX^cYZacZVhYZigViVb^ZcideVgVaVVYb^c^higVX^c
YZadYdhegdXZYZciZhYZ^chiVaVX^dcZhbZcdgZhZc(%YZejgVYdgVhYZiVbVd^ciZg"
bZY^d#
HZ\cadhYVidhYZaV?jciVYZHVcZVb^Zcid!6hijg^VhXjZciVZcaVVXijVa^YVY
Xdc)++^chiVaVX^dcZhYZYZejgVX^cXjnVZmeadiVX^chZXdhiZVVXVg\dYZaXVcdcYZ
hVcZVb^Zcid!YZaVhfjZ&.XdggZhedcYZcV:96GYZ\gVcYZhh^hiZbVh!)))XdggZhedc"
YZcV^chiVaVX^dcZhYZWV_dXdhiZ\Zhi^dcVYVhedg).6njciVb^Zcidh![jcYVbZciVabZc"
iZZcodcVhgjgVaZh!n(hdcZhiVX^dcZhYZegZigViVb^ZcidXdcZb^hVg^dhjWbVg^cd#
AVh^chiVaVX^dcZhYZYZejgVX^cYZV\jVhgZh^YjVaZh!Zc[jcX^dcVb^ZcidV(&YZ
Y^X^ZbWgZYZ'%%.hdcaVhh^\j^ZciZh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &%*
(#(
6<J6
&%+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#(
6<J6
:cidiVaaVh&.\gVcYZh^chiVaVX^dcZhYVchZgk^X^dVa,%YZaVedWaVX^cVhij"
g^VcV! b^ZcigVh fjZ aVh digVh ))) iVc had Va ' ')#%*& ]VW^iVciZh# :a h^hiZbV fjZ
b{h]VW^iVciZhVi^ZcYZZhK^aaVegZo!Xdc'%,#+%']VW^iVciZhfjZXdcZXiVchjhV\jVh
gZh^YjVaZhVaVb^hbV!ZhYZX^g!Za&.!(YZaVedWaVX^cVhijg^VcVZhi{XdcZXiVYVV
ZhiZh^hiZbVDk^ZYdnVagZYZYdgZh#AZh^\jZZciVbVdaVYZejgVYdgVYZah^hiZbVYZ
hVcZVb^ZcidYZ<^_cdZhiZn8VggZdfjZVi^ZcYZV'%%#(,.]VW^iVciZhZa&-!+YZaV
edWaVX^cVhijg^VcV#AVedWaVX^cYZ6k^ahYZejgVhjhV\jVhgZh^YjVaZhZcaVZhiVX^c
YZejgVYdgVYZBVfjV!iZgXZgVZciVbVd!fjZh^gkZVa&%!+YZaVedWaVX^c&&)#)+)
]VW^iVciZh#
AVhYZejgVYdgVhYZHVc8aVjY^d!;g^ZgZhn7V^Vh^gkZcVdigVeVgiZYZaVedWaV"
X^cYZaXdcXZ_dYZDk^ZYd()#(&-]VW^iVciZh!VaVodcVYZagdCVac,'#(.(]VW^iVc"
iZhYZ:a:cigZ\d!aV;Za\jZgVnHVbVnVaVodcVYZagd8VjYVa*+#'*)]VW^iVciZhYZ
B^ZgZhnEdaVYZAZcV!gZheZXi^kVbZciZ#:cidiVaYZejgVcaVhV\jVhYZa&*!&YZaV
edWaVX^c#
:cXjVcidVaXVjYVabZY^digViVYd!ZhaV:96GYZK^aaVegZoaVfjZbVndgXVjYVa
bZY^digViV!Xdc&!*'b($h#
AVY^hig^WjX^c\Zd\g{ÒXVYZaVedWaVX^ccdeZgb^iZZcidYdhadhXVhdhVYdeiVg
h^hiZbVh\ZcZgVaZhndWa^\V[gZXjZciZbZciZV^beaVciVgh^hiZbVhadXVaZhadfjZ]VXZ
cZXZhVg^djcZh[jZgodVVY^YdYZ\Zhi^cnÒcVcX^VX^c#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &%,
(#(
6<J6
AVh^chiVaVX^dcZhYZWV_dXdhiZfjZhZZcXdcigVWVcZc[jcX^dcVb^ZcidV(&YZ
Y^X^ZbWgZ YZ '%%.! Xdch^hiZciZh \ZcZgVabZciZ Zc [dhVh hei^XVh d YZXVciVYdgZh"Y^"
\ZhidgZh!fjZh^gkZcVjccbZgdbjneZfjZdYZ]VW^iVciZhZfj^kVaZciZh!nhZY^hig^"
WjnZcedgidYVaV\Zd\gV[VVhijg^VcV"[jcYVbZciVabZciZZcodcVhgjgVaZh"VhX^ZcYZc
V)))ZhiVX^dcZhnh^gkZcV')#%*&]VW^iVciZh#:hiVheZfjZVheaVciVhhdc\Zhi^dcVYVh
edgadhVnjciVb^ZcidhXdcjcVhjWkZcX^cXdcXVg\dVaV?jciVYZHVcZVb^Zcid#
;J:CI:H
?jciVYZHVcZVb^ZcidYZaEg^cX^eVYdYZ6hijg^Vh#]iie/$$lll#_jciVYZhVcZVb^Zcid#Xdb
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
&%- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#(
6<J6
(#(#,8Va^YVYYZaVhV\jVhYZWVdXdhiZgVh
AVXVa^YVYYZaVhV\jVhYZWVdVhijg^VcVh]VhZ\j^YdbZ_dgVcYdZc'%%.Xdc
gZheZXidVVdhVciZg^dgZh#
AdhkVadgZh\jVgZheZXidVadhfjZhZb^YZaVXVa^YVYYZaVhV\jVhYZWVdhZ
WVhVcZceVg{bZigdhb^XgdW^da\^Xdhn[h^XdhfjZeZgb^iZcXVgVXiZg^oVgaVXdciVb^cV"
X^cZcZaV\jVYZabVgnZcaVhV\jVhigVch^X^dcVaZhVjidg^oVYVheVgVZaWVd#
AV XVa^YVY YZ aVh V\jVh YZ aVh eaVnVh Vhijg^VcVh ]V bZ_dgVYd Zc Za Vd '%%.
XdcgZheZXidVaVdVciZg^dg#9Zadh-(ejcidhbjZhigZVYdh!+%Y^ZgdcXdbdgZhjaiVYd
V\jVhYZbjnWjZcVXVa^YVY&b{hfjZZc'%%-n&,YZWjZcVXVa^YVY!cddWiZc^cYd"
hZc^c\cgZhjaiVYdXaVh^ÒXVYdYZcigdYZaVXViZ\dgVYZV\jVhcdVeiVheVgVZaWVd#
AVZkdajX^cZmeZg^bZciVYVedgaVXVa^YVYYZaVhV\jVhYZWVdZhbjnedh^i^kV
ejZh!YZhYZZaVd'%%+]VhiVaV[ZX]VVXijVa!ZacbZgdYZeaVnVhXaVh^ÒXVYVhXdbdYZ
bjnWjZcVXVa^YVYhZ]Vbjai^ea^XVYdedgX^cXd#AVhV\jVhcdVeiVheVgVZaWVdVeZ"
cVhZhi{cegZhZciZhZc6hijg^VhVadaVg\dYZidYdZaeZgdYdXdch^YZgVYd!cdaaZ\VcYd
Zcc^c\cXVhdVa*#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &%.
(#(
6<J6
DEJ7I
3:cWVhZVaVaZ\^haVX^ck^\ZciZGZVa9ZXgZid,()$&.--!YZ&YZ_ja^d!edgZafjZhZZhiVWaZXZc
cdgbVh YZ XVa^YVY YZ aVh V\jVh YZ WVd aVh V\jVh YZ WVd hZ XaVh^ÒXVc Zc igZh XViZ\dgVh/
V\jVhVeiVheVgVZaWVdYZbjnWjZcVXVa^YVYXdc[dgb^YVYXdcadhÆkVadgZh\jVÇÄXdajbcV<
YZa6cZmd!V\jVhVeiVhYZWjZcVXVa^YVYXdc[dgb^YVYXdcadhÆkVadgZh^beZgVi^kdhÇÄXdajbcV
> YZa 6cZmd n V\jVh cd VeiVh# EVgV edYZg XaVh^ÒXVg aVh V\jVh Zc Va\jcV YZ ZhiVh XViZ\dgVh
YZWZc hZg bZY^Ydh jcV hZg^Z YZ eVg{bZigdh! [jcYVbZciVabZciZ b^XgdW^da\^Xdh Xda^[dgbZh!
ZciZgdXdXdh!nVfjZZhiZi^edYZXdciVb^cVX^chjedcZaVeg^cX^eVaVbZcVoVeVgVaVhVajYYZ
adhWV^hiVh#IVbW^chZi^ZcZcZcXjZciVeVg{bZigdh[h^XdhXdbdaVigVcheVgZcX^V!VhXdbd
aVegZhZcX^VYZgZh^YjdhYZY^kZghVcVijgVaZoVgZh^YjdhVafj^igVcVYdh!Xg^hiVa!ea{hi^Xd!XVjX]d!
bVYZgV!ZiX##
;J:CI:H
8dchZ_ZgVYZHVajYnHZgk^X^dhHVc^iVg^dh#]iie/$$lll#Vhijg^Vh#Zh
(#)
C6IJG6A:O6N7>D9>K:GH>969
(#)#&
:heVX^dhCVijgVaZhEgdiZ\^Ydh
(#)#'
9Z[da^VX^cYZaVhbVhVh[dgZhiVaZh
(#)#(
:Xdh^hiZbVh[dgZhiVaZh
(#)#)
:hiVYdYZXdchZgkVX^cYZaVhZheZX^Zhh^akZhigZh
(#)#*
9^hig^WjX^cneZa^\gdh^YVYYZaVheg^cX^eVaZhZheZX^Zh^ckVhdgVh
(#)#+
:heZX^ZhX^cZ\i^XVhne^hXXdaVh
(#)#,
IZcYZcX^VhYZaVhedWaVX^dcZhYZVkZh
(#)#-
8ZchdVcjVaYZdhVhXdcXgVh
(#)
C6IJG6A:O6N7>D9>K:GH>969
EgdXZhdhXdbdaVjgWVc^oVX^c!aVXdchigjXX^cYZ^c[gVZhigjXijgVh!ZaVegdkZ"
X]Vb^ZcidZmXZh^kdYZadhgZXjghdhcVijgVaZhdaVXdciVb^cVX^c!ZcigZdigdh!]VcYVYd
aj\VgVjcVegY^YV^bedgiVciZYZaVW^dY^kZgh^YVY#
:a8dckZc^dhdWgZaV9^kZgh^YVY7^da\^XVYZaVhCVX^dcZhJc^YVh!fjZaVJc^c
:jgdeZVJ:gVi^ÒXZc&..(!ZhiVWaZXZjcbVgXdeVgVaVVXX^c^ciZgcVX^dcVaXdcXZg"
iVYVXdcZadW_Zi^kdYZ[gZcVgZhiZegdXZhd#:cZhiZXdciZmid!aV8db^h^c:jgdeZVejhd
ZcbVgX]VjceaVcYZVXX^cfjZ^cXajnZdW_Zi^kdhYZhi^cVYdhVYZiZcZgZaYZXa^kZYZ
aVW^dY^kZgh^YVYnaVhbZY^YVhfjZeZgb^iZcVaXVcoVgadhZc'%&%8DB'%%+'&+#:c
'%%.!aVJ:]VigVWV_VYdZcZaYZhVggdaadYZadhigVWV_dhcZXZhVg^dheVgVY^hZVgjcV
cjZkVZhigViZ\^VZaVWdgVYVXdck^h^cVaVg\deaVodZcbViZg^VYZW^dY^kZgh^YVY#
&&' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#)
C6IJG6A:O6N7>D9>K:GH>969
Jc]ZX]dgZaZkVciZZcZaXdciZmidZjgdeZd!fjZhZegdYjXZZc'%%.!ZhaVVegd"
WVX^c YZ aV 9^gZXi^kV '%%.$&),$8: YZa EVgaVbZcid :jgdeZd n YZa 8dchZ_d! YZ (% YZ
cdk^ZbWgZ YZ '%%.! gZaVi^kV V aV XdchZgkVX^c YZ aVh VkZh h^akZhigZh! fjZ hjhi^ijnZ V
aV9^gZXi^kV,.$)%.$8::!YZ'YZVWg^aYZ&.,.XdcdX^YVXdbdaV9^gZXi^kVÆ6kZhÇ!fjZ
ZgVZaiZmidaZ\^haVi^kdb{hVci^\jdYZaVJ:gZaVi^kdVaVcVijgVaZoV#6h^b^hbd!aV8d"
b^h^cegZhZciZa>c[dgbZ8DB'%%.(*-!YZ&(YZ_ja^dYZ'%%.!hdWgZZaZhiVYdYZ
XdchZgkVX^cYZadhi^edhYZ]{W^iVihnZheZX^Zh!YZXdc[dgb^YVYXdcZaVgiXjad&,YZ
aV9^gZXi^kVÆ={W^iVihÇ#
EdgadfjZhZgZÒZgZVZheZX^ZhZceZa^\gdYZZmi^cX^c!hZ]VcVegdWVYdkVg^dh
gZ\aVbZcidh/Za GZ\aVbZcid(*.$.$'%%.!edgZafjZhZhjheZcYZaV^cigdYjXX^cZcaV
8dbjc^YVYYZZheZXbZcZhYZYZiZgb^cVYVhZheZX^ZhYZ[VjcVnÓdgVh^akZhigZh!nZa
GZ\aVbZcid (.-$'%%. n Za GZ\aVbZcid )%,$'%%. fjZ bdY^ÒXVc aVh Y^hedh^X^dcZh YZa
GZ\aVbZcid((-$.,YZa8dchZ_dgZaVi^kdVaVegdiZXX^cYZZheZX^ZhYZaV[VjcVnÓdgV
h^akZhigZhbZY^VciZZaXdcigdaYZhjXdbZgX^d#
Edgai^bd!aV8db^h^cegZhZciZa>c[dgbZ8DB'%%.)+.!YZ&)YZhZei^Zb"
WgZYZ'%%.!ZcZafjZhZZkVaVaVVea^XVX^cnZ[ZXi^k^YVYYZaV 9^gZXi^kV'%%&$)'$8:
hdWgZZkVajVX^cYZadhZ[ZXidhYZYZiZgb^cVYdhEaVcZhnEgd\gVbVhhdWgZZabZY^d
VbW^ZciZ#
NVZcZa{bW^idcVX^dcVa!hZ]VVegdWVYdZaGZVa9ZXgZid.)-$'%%.!YZ*YZ_jc^d!
edgZafjZhZYZiZgb^cVcaVXdbedh^X^c!aVh[jcX^dcZhnaVhcdgbVhYZ[jcX^dcVb^Zcid
YZa8dchZ_d:hiViVaeVgVZaEVig^bdc^dCVijgVanaV7^dY^kZgh^YVY#:hiVcdgbVYZhVggd"
aaVadZhiVWaZX^YdedgaVAZn)'$'%%,!hdWgZeVig^bdc^dcVijgVanW^dY^kZgh^YVY#
:c6hijg^VhXVWZYZhiVXVgaVÒgbVYZa8dckZc^dYZXdaVWdgVX^chjhXg^idZcigZ
ZaEg^cX^eVYdYZ6hijg^VhnZa8dchZ_dHjeZg^dgYZ>ckZhi^\VX^dcZh8^ZciÒXVheVgVZa
YZhVggdaad YZa egdnZXid YZ ^ckZhi^\VX^c hdWgZ Za hZ\j^b^Zcid X^ZciÒXd YZ aV gZY YZ
k^\^aVcX^V Ze^YZb^da\^XV Zc [VjcV h^akZhigZ! YZ aV \Zhi^c YZ aVh ZheZX^Zh YZ ^ciZgh
X^cZ\i^Xd!nYZaXZcigdYZXgVngZhZgkV\Zci^XVYZajgd\VaadXVci{Wg^Xd#IVbW^chZ
hjhXg^W^ jc 8dckZc^d YZ XdaVWdgVX^c Xdc Za B^c^hiZg^d YZ BZY^d 6bW^ZciZ n BZY^d
GjgVanBVg^cdeVgVZaYZhVggdaadYZVXijVX^dcZhYZXdchZgkVX^cnbZ_dgVYZaVY^kZg"
h^YVYW^da\^XVZcadhZheVX^dhYZaVGZYCVijgV'%%%#
:c'%%.hZ]VXdci^cjVYdigVWV_VcYdZcaV[dgbVa^oVX^cYZadhg\VcdhYZeVg"
i^X^eVX^cYZaVGZhZgkVYZaV7^dh[ZgVDhXdh":d"IZggVhYZ7jgc!VhXdbdZcY^kZghVh
VXijVX^dcZhY^g^\^YVhVaVXdchZgkVX^cYZadhZheVX^dhcVijgVaZhegdiZ\^YdhnVaVbZ"
_dgVYZVfjZaadhcXaZdhgjgVaZhfjZhZZcXjZcigZcZcaVGZYGZ\^dcVa#
JcV^c^X^Vi^kV^ciZgZhVciZZhZaegd\gVbVYZHZcYZgdh6XXZh^WaZhZc:heVX^dh
CVijgVaZhYZaEg^cX^eVYdYZ6hijg^Vh!YZhVggdaaVYdZcXdaVWdgVX^cXdcaVDWgVHdX^Va
aV8V^mVfjZeZgb^i^g{cY^h[gjiVgYZZhidhZcXaVkZhVeZghdcVhXdcZhXVhVbdk^a^YVYd
k^h^cgZYjX^YV#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &&(
(#)
C6IJG6A:O6N7>D9>K:GH>969
&&) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#)
C6IJG6A:O6N7>D9>K:GH>969
(#)#&:heVX^dhCVijgVaZhEgdiZ\^Ydh
Adh:heVX^dhCVijgVaZhEgdiZ\^YdhZc6hijg^VhgZegZhZciVcjc'&!*.YZaiZgg^"
idg^d!edgXZciV_ZbjnhjeZg^dgVaVbZY^VYZaXdc_jcidcVX^dcVafjZhZh^iVZcidgcd
Va&%#
9dhhdcaVheg^cX^eVaZhgZYZhYZZheVX^dhegdiZ\^YdhfjZhZYZhVggdaaVcZcZa
iZgg^idg^d Vhijg^Vcd/ aV GZY GZ\^dcVa YZ :heVX^dh CVijgVaZh EgdiZ\^Ydh GG:CE n aV
GZYCVijgV'%%%#AVeg^bZgVZhi{XdbejZhiVedgadh{bW^idhYZXaVgVYdhWV_daVhÒ\j"
gVhYZegdiZXX^cegZk^hiVhZcaVcdgbVi^kVgZ\^dcVabdcjbZcidh!eV^hV_Zh!eVgfjZh
ngZhZgkVh#9ZaVhZ\jcYV!fjZi^ZcZhjdg^\ZcZcaVhY^hedh^X^dcZhXdbjc^iVg^Vh![dg"
bVceVgiZadhYZcdb^cVYdhAj\VgZhYZ>bedgiVcX^V8dbjc^iVg^VA>8naVhOdcVhYZ
:heZX^VaEgdiZXX^ceVgVaVh6kZhO:E6#
:hcZXZhVg^dhZVaVgfjZjcVWjZcVeVgiZYZaVhjeZgÒX^ZYZXaVgVYVWV_daVhÒ"
\jgVhYZaVGG:CEXd^cX^YZXdchjeZgÒX^Zh^cXaj^YVhZcaVGZYCVijgV'%%%!edgadfjZ
aVhjeZgÒX^ZidiVaegdiZ\^YVcdhZdWi^ZcZYZaVhjbVYZVbWVh#6h^b^hbd!adhYVidh
YZhjeZgÒX^ZYZGZYCVijgV'%%%cdhZejZYZcdWiZcZgYZaVhjbVYZaVhhjeZgÒX^Zh
YZA>8nYZO:E6!nVfjZ!Va^\jVafjZZcZaXVhdVciZg^dg!Zm^hiZchdaVeVb^ZcidhZcigZ
VbWdhi^edhYZÒ\jgVh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &&*
(#)
C6IJG6A:O6N7>D9>K:GH>969
Adh*.ZheVX^dhfjZXdc[dgbVcaVGG:CEhjedcZcjcVhjeZgÒX^ZYZ''-#-,.]V!
adfjZgZegZhZciVZa'&!*.YZaiZgg^idg^dVhijg^Vcd!edgXZciV_ZbjnVaidh^adXdbeVgV"
bdhXdcZaYZaXdc_jcidcVX^dcVafjZgdcYVZa&%#AV GZYCVijgV'%%%hZZcXjZcigV
Vbea^VbZciZgZegZhZciVYVZcZaiZgg^idg^dVhijg^Vcd!ZhiVcYdYZXaVgVYdh).A>8!fjZ
VWVgXVc jcV hjeZgÒX^Z YZ (%)#%*.!-, ]V! n &( O:E6! fjZ hjedcZc jcV hjeZgÒX^Z YZ
'(.#)((!(&]V#:hiVhÒ\jgVhYZegdiZXX^cgZegZhZciVcZa'-!,-nZa''!++gZheZX"
i^kVbZciZ YZ idYV aV 8dbjc^YVY 6jicdbV! edgXZciV_Zh WVhiVciZ h^b^aVgZh V adh YZa
Xdc_jcidcVX^dcVa#
AVhjeZgÒX^ZYZaVGG:CEYZ6hijg^Vh]V^YdVbea^{cYdhZegd\gZh^kVbZciZYZh"
YZaVh)+#%-.]VYZ&.--#:aVjbZcidcd]Vh^Yda^cZVaVadaVg\dYZZhidh&-Vdhh^cd
fjZ]V]VW^YdVdhYZXgZX^b^ZcidhZ\j^YdhYZVdhYZgZaVi^kVZhiVW^a^YVY#6h!ZcigZ
&.--n&..+hZYjea^XVaVhjeZgÒX^Z^cXaj^YVZc:CE!VaXVco{cYdhZaVh.*#&++]V#:c
'%%'hZhjeZgVcaVh&,*#%%%]V!Xdcjc^cXgZbZcidYZa-)!'XdcgZheZXidVaVdVciZ"
g^dg#:cigZ'%%*n'%%+hZgZ\^higVZaai^bd^cXgZbZcidYZjc&,!'#
8Vh^Za-*YZaVhjeZgÒX^ZYZaVGG:CEhZXdggZhedcYZXdcaVhÒ\jgVhYZEVg"
fjZCVijgVa&+,#,&.]VnaVeVgiZVhijg^VcVYZaEVgfjZCVX^dcVaYZE^XdhYZ:jgdeV
')#*+%]V#:agZhidYZaVhjeZgÒX^ZYZaVGG:CEhZgZeVgiZZcigZaVh'+#*%.]VYZadh
EV^hV_ZhEgdiZ\^YdhnaVhGZhZgkVhnBdcjbZcidhCVijgVaZh#
&&+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#)
C6IJG6A:O6N7>D9>K:GH>969
DEJ7I
3 AVGZYCVijgV'%%% ZhjcVgZYZXda\^XVZjgdeZVYZ{gZVhYZXdchZgkVX^cYZaVW^dY^kZgh^"
YVY#IgViVYZegdiZ\ZgadhbZY^dhcVijgVaZhnaVhZheZX^ZhYZÓdgVn[VjcVbZY^VciZaV9^gZXi^kV
={W^iVih.'$)($8::: naV9^gZXi^kV6kZh,.$)%.$8::
:fjZZhiVWaZXZcOdcVhYZ:heZX^VaEgdiZXX^c
nOdcVhYZ:heZX^VaEgdiZXX^ceVgVaVh6kZhgZheZXi^kVbZciZ#
3 AdhYVidhYZhjeZgÒX^ZYZaVGG:CEcd^cXajnZcadhBdcjbZcidhCVijgVaZhYZaNVX^b^Zcid
YZ>Xc^iVh!GZYYZIdcZnj!H^hiZbVYZa?^ij!H^hiZbVYZaIgVkZnIdgXVJgg^Zaaj!eVgVadhfjZaV
ZmiZch^chZgZ\^higVZc`^abZigdha^cZVaZh#
3 :cZhiZ^cY^XVYdgcdhZ]Vc^cXaj^YdYVidhhdWgZaVhhjeZgÒX^ZhbVg^cVhegdiZ\^YVhWV_daVh
Ò\jgVhYZEV^hV_ZEgdiZ\^YdnO:E6H#
;J:CI:H
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
(#)
C6IJG6A:O6N7>D9>K:GH>969
(#)#'9Z[da^VX^cYZaVhbVhVh[dgZhiVaZh
BZ_dgVZc'%%.ZaZhiVYdYZhVajYYZaVhbVhVhYZ{gWdaZhYZ[gdcYdhVh!gZ\^h"
ig{cYdhZh^cZbWVg\djcbVndgcbZgdYZZ_ZbeaVgZhYZXdc[ZgVhXdcYVdh#
AVYZ[da^VX^cYZaVhbVhVh[dgZhiVaZhhZbVc^ÒZhiVedgaVegY^YVVcdgbVad
egZbVijgVYZ]d_VhdVXXjaVhnZhXdchZXjZcX^VYZjcZhigheVida\^XddXa^b{i^Xd!
egdYjX^YdedgZc[ZgbZYVYZh!ViVfjZYZÒi[V\dh!YÒX^iYZV\jVjdigVhXdcY^X^dcZh
VbW^ZciVaZhVYkZghVh#
:a\gVYdYZYZ[da^VX^chZjhVXdbd^cY^XVYdgYZaVhVajYYZaVgWdaVYdZcaVhGZ"
YZh:jgdeZVhYZHZ\j^b^ZcidYZ9VdhZcadh7dhfjZh#AVYZ[da^VX^cbZY^VidiVaYZa
Eg^cX^eVYdYZ6hijg^VhZc'%%.hZh^ijZcjcc^kZaYZYVdbdYZgVYd''!%+8aVhZ
&!YZ[da^VX^ca^\ZgV&&V'*#
:c Za Vd '%%. Za ZhiVYd YZ YZ[da^VX^c YZ aVh bVhVh [dgZhiVaZh YZ Xdc[ZgVh
]VZbeZdgVYdXdcgZheZXidVaVdVciZg^dgbVciZc^ZcYdaViZcYZcX^VegdYjX^YVZcaV
XVbeVVYZZkVajVX^cegZXZYZciZ#:hiZZbeZdgVb^ZcidhZigVYjXZZcjc^cXgZbZcid
YZaedgXZciV_ZYZe^ZhfjZegZhZciVcYZ[da^VX^cbdYZgVYV!\gVkZdiZgb^cVa!edgXZc"
iV_ZfjZ]VeVhVYdYZ'!+-Zc'%%-V&&!+&Zc'%%.#
&&- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#)
C6IJG6A:O6N7>D9>K:GH>969
EdgZaXdcigVg^d!ZaZhiVYd\ZcZgVaYZhVajYYZaVhbVhVh[dgZhiVaZhYZ[gdcYd"
hVh]VbZ_dgVYdZcZaVd'%%.XdcgZheZXidVaVdVciZg^dg!nVfjZ]VVjbZciVYdZa
edgXZciV_ZYZe^ZhZkVajVYdhXdc\gVYdYZYZ[da^VX^ccjaVna^\ZgVZcYZig^bZcidYZ
aVhbZY^X^dcZhXdc\gVYdYZYZ[da^VX^cbdYZgVYd!\gVkZdiZgb^cVafjZhj[gZjcVgZ"
YjXX^cYZ)!+.ejcidhedgXZcijVaZhVaXVcoVcYdZakVadgYZ',!-&#
AVYZ[da^VX^cedgZheZX^ZhbjZhigVfjZaVbVndgeVgiZYZadh{gWdaZhegZhZciVc
jcdhedgXZciV_ZhYZYZ[da^VX^cWV_dh!ZmXZeidZaVa^hd)&!--YZYZ[da^VX^cbZY^V
YZW^YdVaVh^bedgiVciZhYZ[da^VX^dcZhegdYjX^YVhedgjcZhXVgVWV_dYZ[da^VYdg6\Z"
aVhi^XV6ac^nVjcVZc[ZgbZYVY!egZhjb^WaZbZciZYZi^edkVhXjaVg!YZhXdcdX^YV]VhiV
aV[ZX]V#:aZjXVa^eidegZhZciVjc(&YZYZ[da^VX^cbZY^VnZaVXZWdnZae^cd!egZ"
hZciVckVadgZhYZYZ[da^VX^cbdYZgVYVh!h^ZcYdZa[gZhcdÓdg^YdaVZheZX^ZfjZbZcdg
YZ[da^VX^cegZhZciVXdciVchadjc&%YZYZ[da^VX^cbZY^V#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#]iie/$$lll#bVgb#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &&.
(#)
C6IJG6A:O6N7>D9>K:GH>969
(#)#(:Xdh^hiZbVh[dgZhiVaZh
8dc adh YVidh Y^hedc^WaZh hZ XdchiViV fjZ aV hjeZgÒX^Z [dgZhiVa VgWdaVYV Zc
6hijg^Vh]VVjbZciVYd#
9ZhYZaVgZVa^oVX^cYZahZ\jcYd>ckZciVg^d;dgZhiVaCVX^dcVa!>;C"'gZVa^oVYd
ZcigZadhVdh&.-+n&..+!eVgV6hijg^VhZc&.--!aVhjeZgÒX^Z[dgZhiVaVgWdaVYVZc
6hijg^Vh]VVjbZciVYdjc-!eVhVcYdYZjcVhjeZgÒX^ZZcY^X]dVdYZ(+-#&'.]V
VVaXVcoVgaVh)*&#&&+]VZcZa>ckZciVg^d;dgZhiVaCVX^dcVa!>;C"(gZVa^oVYdZcigZadh
Vdh&..,n'%%,!eVgV6hijg^VhZc&..-#EdgiVcid!ZcZaVd&..-Za)'YZaiZgg^idg^d
Vhijg^VcdZgVhjeZgÒX^Z[dgZhiVaVgWdaVYV!b^ZcigVhfjZY^ZoVdhVciZhZhiVhjeZgÒX^Z
ZhiVWVegZhZciZiVchadZcZa(*YZaiZgg^idg^d#
EdghjeVgiZ!aVhjeZgÒX^Z[dgZhiVaYZhVgWdaVYV]VVjbZciVYdiVchadjc&!(*
YZhYZaVgZVa^oVX^cYZa>;C"']VhiVZa>;C"(#;^cVabZciZ!ZaidiVaYZjhdcd[dgZhiVa
VhX^ZcYZZcZaai^bd>;C"(V'.*#,+%]V!b^ZcigVhfjZZcZaVciZg^dgZhiVhjeZgÒX^Z
ZgVYZ(.(#&%*]V!ZhYZX^g!fjZaVZmiZch^cidiVaYZjhdcd[dgZhiVaY^hb^cjnjc.!&-
ZcZhiZi^Zbed#
&'% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#)
C6IJG6A:O6N7>D9>K:GH>969
:aXVbW^dZcZajhdV\gVg^dYZadhiZggZcdhZc6hijg^VhhZYZWZVaVigVch[dgbV"
X^cYZaVhdX^ZYVYV\gVg^VigVY^X^dcVaVhijg^VcVfjZ^bea^XVVWVcYdcdYZiZggZcdhYZ
Xjai^kdXdc^cXgZbZcidZcaVhjeZgÒX^ZYZY^XVYVVegVYdhneVhi^oVaZh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &'&
(#)
C6IJG6A:O6N7>D9>K:GH>969
DEJ7I
3:a>ckZciVg^d;dgZhiVaCVX^dcVaa ZhjcegdnZXidZcXVb^cVYdVdWiZcZgZab{m^bdYZ^c[dgbV"
X^cedh^WaZhdWgZadhbdciZhYZ:heVV#Adh^ckZciVg^dhhZgZVa^oVcVc^kZaYZegdk^cX^VnhZ
gZe^iZXVYVY^ZoVdh# :aeg^bZg>ckZciVg^d;dgZhiVaCVX^dcVaa>;C"&hZgZVa^oZcigZadhVdh
&.++n&.,*!ZahZ\jcYd>;C"'ZcigZ&.-+n&..+nZaiZgXZgd>;C"(ZcigZ&..,n'%%,#
3BdciZYZhVgWdaVYd^cXajnZ/VaiVbdciVV!eVhi^oVaZhnbVidggVaZh#
;J:CI:H
B6GB B^c^hiZg^d YZ BZY^d 6bW^ZciZ n BZY^d GjgVa n BVg^cd# Æ>ckZciVg^d ;dgZhiVa CVX^dcVa"' &.--Ç0 Æ>ckZciVg^d ;dgZhiVa
CVX^dcVa"(&..-Ç#]iie/$$lll#bVgb#Zh
(#)
C6IJG6A:O6N7>D9>K:GH>969
(#)#):hiVYdYZXdchZgkVX^cYZaVhZheZX^Zhh^akZhigZh
JcidiVaYZ'%ZheZX^ZhYZkZgiZWgVYdhn+(ZheZX^ZhYZÓdgVXjZciVcXdcjc
ZhiVijhYZegdiZXX^cZcaV8dbjc^YVY6jicdbVYZaEg^cX^eVYdYZ6hijg^Vh#
JcdYZadhegdXZhdhb{h\gVkZhYZhYZZaejcidYZk^hiVbZY^dVbW^ZciVaVc^kZa
bjcY^VaZhaVegY^YVYZW^dY^kZgh^YVY!nhjh[VXidgZhgZhedchVWaZhhdcbai^eaZh#:h
cZXZhVg^VaVXdchZgkVX^cYZaVY^kZgh^YVYW^da\^XVcdhadedghjkVadgbZY^dVbW^Zc"
iVa h^cd iVbW^c edg hj kVadg ZXdcb^Xd n hdX^Va# EVgV aaZkVg V XVWd ZhiV egdiZXX^c
YZaVW^dY^kZgh^YVY!ZcigZdigVhbZY^YVh!hZ]VcXgZVYdadh8Vi{ad\dhGZ\^dcVaZhYZ
:heZX^Zh 6bZcVoVYVh YZ aV ;VjcV KZgiZWgVYV n YZ ;adgV KVhXjaVg YZa Eg^cX^eVYd YZ
6hijg^Vh#6bWdhhdc^chigjbZcidheVgVaVegdiZXX^cYZaVhZheZX^ZhVbZcVoVYVhegZ"
hZciZhZcaVgZ\^c#
9ZadhkZ^ciZiVmdcZh^cXaj^YdhZcZa 8Vi{ad\dGZ\^dcVaYZ:heZX^Zh6bZcVoV"
YVhYZaV;VjcVKZgiZWgVYVYdhZhi{cYZXaVgVYdhÆZceZa^\gdYZZmi^cX^cÇ!XjVigdhdc
ÆhZch^WaZh V aV VaiZgVX^c YZa ]{W^iViÇ! X^cXd ÆkjacZgVWaZhÇ n cjZkZ Zhi{c YZXaVgVYdh
ÆYZ^ciZghZheZX^VaÇ#
:a**YZadhiVmdcZhVbZcVoVYdh^cXaj^YdhZcZa8Vi{ad\dGZ\^dcVaeZgiZcZXZ
Va \gjed YZ aVh VkZh! b^ZcigVh fjZ Za (% hdc bVb[Zgdh# 8VWZ hZVaVg fjZ cd ]Vn
c^c\ciVmceZgiZcZX^ZciZVa\gjedYZadhgZei^aZhZcZaXVi{ad\dgZ\^dcVa#
GZheZXidVaVÓdgVegZhZciZZcaVgZ\^c!ZacbZgdYZiVmdcZh^cXaj^YdhZcZa
8Vi{ad\dGZ\^dcVaZhbjX]dbVndg!XdcjcidiVaYZ+(!YZaVhXjVaZhX^cXdZhi{cYZXaV"
gVYVhZcÆeZa^\gdYZZmi^cX^cÇ!'*Zhi{cXViVad\VYVhXdbdÆhZch^WaZhVaVVaiZgVX^c
YZa]{W^iViÇ!&(hdcÆkjacZgVWaZhÇn'%hdcXdch^YZgVYVhXdbdYZÆ^ciZghZheZX^VaÇ#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &'(
(#)
C6IJG6A:O6N7>D9>K:GH>969
9ZaVhZheZX^ZhYZ[VjcV^cXaj^YVhZcZa6cZmd>KYZaV9^gZXi^kV={W^iVi!ZhYZX^g!
fjZXjZciVcXdcjcVegdiZXX^cZhig^XiVZcZa{bW^idXdbjc^iVg^d!*'hZZcXjZcigVcZc
ZaEg^cX^eVYdYZ6hijg^Vhn!YZZaaVh&,gZfj^ZgZcaVYZh^\cVX^cYZOdcVh:heZX^VaZhYZ
8dchZgkVX^c!VaZhiVgiVbW^c^cXaj^YVhZcZa6cZmd>>#
6Y^X^dcVabZciZ!aV9^gZXi^kV6kZhgZXd\ZZchj6cZmd>jcVa^hiVYZaVhZheZX^Zh
fjZegZX^hVcbZY^YVhYZegdiZXX^cZheZX^VaZh!YZaVh--fjZZhi{cegZhZciZhZcaV
gZ\^c#AdhiZgg^idg^dhb{hVegde^VYdh!ZccbZgdniVbVd!YZWZchZgYZh^\cVYdhod"
cVhYZegdiZXX^cZheZX^VaO:E6eVgVZhiVhZheZX^ZhneVgVaVhZheZX^Zhb^\gVidg^Vh#
Edg ad fjZ hZ gZÒZgZ V aV ÓdgV! Zc 6hijg^Vh hZ adXVa^oVc &( ZheZX^Zh ^cXaj^YVh
ZcZa6cZmd>KYZaV9^gZXi^kV={W^iVi!nedgiVcidgZfj^ZgZcjcVegdiZXX^cZhig^XiV#9Z
ZaaVh&&[dgbVceVgiZYZaa^hiVYdYZa6cZmd>>YZY^X]VcdgbVedgadfjZeVgVhjXdchZg"
kVX^cZhcZXZhVg^VaVYZh^\cVX^cYZOdcVh:heZX^VaZhYZ8dchZgkVX^c#
?jcid V aVh ZhigViZ\^Vh gZ\^dcVaZh! cVX^dcVaZh n Xdbjc^iVg^Vh YZ XdchZgkVX^c
YZ ZheZX^Zh! Zc Za {bW^id ^ciZgcVX^dcVa! XVWZ YZhiVXVg aV A^hiV Gd_V YZ aV Jc^c >c"
iZgcVX^dcVa eVgV aV 8dchZgkVX^c YZ aV CVijgVaZoV J>8C! jc ^ckZciVg^d gZXdcdX^Yd
bjcY^VabZciZZcZafjZhZkVadgVZaZhiVYdYZVbZcVoVYZaVhZheZX^ZhZbeaZVcYd
jcVZhigjXijgVYZXViZ\dgVhegde^V/kjacZgVWaZh!ZceZa^\gdnZceZa^\gdXgi^Xd#9ZaVh
ZheZX^ZhYZ;adgVKVhXjaVgegZhZciZhZc6hijg^Vh!+-[dgbVceVgiZYZaVA^hiVGd_V!(
YZZaaVhZcÆeZa^\gdXgi^XdÇndigVh(+hdcXdch^YZgVYVhXdbdÆkjacZgVWaZhÇ#EdgadfjZ
hZgZÒZgZVaV[VjcVkZgiZWgVYV!ZcZaiZgg^idg^dVhijg^VcdhZadXVa^oVc*)*iVmdcZhYZ
adh^cXaj^YdhZcZa^ckZciVg^dYZaVJ>8C!b{hYZaVb^iVYYZaVhcVX^dcVaZh!YZadhfjZ
(-%hdcVkZhn&%+bVb[Zgdh#EdgadfjZhZgZÒZgZVaZhiVYdYZXdchZgkVX^cZc6hij"
g^Vh!Va\db{hYZa*hZXViVad\VcZceZa^\gddZceZa^\gdXgi^Xd![gZciZVa-YZaidiVa
cVX^dcVa!b^ZcigVhfjZaVhkjacZgVWaZhhjedcZcZa&%!(YZaidiVa#
&') EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#)
C6IJG6A:O6N7>D9>K:GH>969
DEJ7I
3Adh8Vi{ad\dhGZ\^dcVaZhYZ:heZX^Zh6bZcVoVYVhYZaV;VjcVKZgiZWgVYVnYZaV;adgVZhi{c
^ciZ\gVYdhedgaVhZheZX^ZhXjnVegdiZXX^cZm^\ZbZY^YVhZheZXÒXVhnfjZVY^X]dhZ[ZXidh]Vc
h^YdXaVh^ÒXVYVhZcVa\jcVYZaVhh^\j^ZciZhXViZ\dgVh/
:heZX^ZhÆZceZa^\gdYZZmi^cX^cÇ/VfjZaaVhXjnVhjeZgk^kZcX^VZhedXdegdWVWaZh^adh
[VXidgZhXVjhVaZhYZhjVXijVah^ijVX^ch^\jZcVXijVcYd#
:heZX^ZhÆhZch^WaZhVaVVaiZgVX^cYZhj]{W^iViÇ/VfjZaaVhXjnd]{W^iViXVgVXiZghi^Xd
Zhi{eVgi^XjaVgbZciZVbZcVoVYd!Zc\gVkZgZXZh^c![gVXX^dcVYddbjna^b^iVYd#
:heZX^ZhÆkjacZgVWaZhÇ/ VfjZaaVhfjZXdggZcg^Zh\dYZeVhVgVaVhVciZg^dgZhXViZ\dgVh
Zcjc[jijgd^cbZY^Vidh^adh[VXidgZhVYkZghdhfjZVXiVchdWgZZaaVhcdhdcXdggZ\^"
Ydh#
:heZX^Zh ÆYZ ^ciZgh ZheZX^VaÇ/VfjZaaVh fjZ h^c ZhiVg XdciZbeaVYVh Zc aVh digVh XV"
iZ\dgVhhdcbZgZXZYdgVhYZjcVViZcX^ceVgi^XjaVgZc[jcX^cYZhjkVadgX^ZciÒXd!
ZXda\^Xd!XjaijgVadedghjh^c\jaVg^YVY#
;J:CI:H
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
(#)
C6IJG6A:O6N7>D9>K:GH>969
(#)#*9^hig^WjX^cneZa^\gdh^YVYYZaVheg^cX^eVaZhZheZX^Zh^ckVhdgVh
AVa^aVYZkZgVcd!aVb^bdhVnaV]^ZgWVYZaVheVbeVhhdcaVhZheZX^Zh^ckVhdgVh
XdcbVndgY^hig^WjX^cZcZaiZgg^idg^dVhijg^Vcd#
:c6hijg^VhhZ]VVcVa^oVYdaVh^ijVX^cedWaVX^dcVaYZ&*ZheZX^ZhYZeaVciVh
^ckVhdgVh#9ZidYVhZaaVh!aVfjZhZZcXjZcigVb{hVbea^VbZciZY^hig^Wj^YVZhaV 7j"
YYaZ_VYVk^Y^^!XdcdX^YVXdbda^aVYZkZgVcddVgWjhidYZaVhbVg^edhVh#:hiVZheZX^Z
VeVgZXZiVcidZc[dgbVYZ^cY^k^YjdhV^haVYdhXdbdYZcXaZdhZcjcidiVaYZ'#'%)ad"
XVa^oVX^dcZh#:hjcVZheZX^Z[gZXjZciZedgidYV6hijg^Vh!ZheZX^VabZciZZcaVhg^WZgVh
YZadhgdh!b{g\ZcZhYZXVggZiZgVnVbW^ZciZhYZ\gVYVYdh#
AV6XVX^VYZVaWViVVeVgZXZZc&#*-.adXVa^YVYZhnZhb{hXdcdX^YVXdbdb^bd"
hVdb^bdhVeaViZVYV!VeVgZX^ZcYdb{h[gZXjZciZbZciZXdbd^cY^k^YjdhV^haVYdhfjZ
XdbdcXaZdhedWaVX^dcVaZh#HZZcXjZcigVY^heZghVedgidYVaVgZ\^c!iVcidXjai^kVYV
XdcÒcZhdgcVbZciVaZhXdbdZciVajYZhYZXVggZiZgVh#
AV]^ZgWVYZaVEVbeVdeajbZgdh8dgiVYZg^VhZaadVcVVeVgZXZZc&#))'adXV"
a^YVYZh!Zc&#'('Xdbd^cY^k^YjdhV^haVYdhnZc'&%XdbdcXaZdhYZ^cY^k^Yjdh#:hjcV
ZheZX^Zbjnji^a^oVYVXdcÒcZhdgcVbZciVaZh#:hbjn[gZXjZciZZcidYdZaiZgg^idg^d!
VeVgZX^ZcYdhdWgZidYdZciVajYZhnb{g\ZcZhYZXVggZiZgVh!odcVhYZ\gVYVh!ZhijV"
g^dh!{gZVhYjcVgZh!ZiX#
GdW^c^VehZjYdVXVX^V!XdcdX^YVedejaVgbZciZXdbd[VahVVXVX^V!ZhjcVZheZ"
X^ZY^heZghVedgidYV6hijg^Vh!Xjai^kVYVXdbdeaVciVdgcVbZciVaneaVciVYVZciVajYZh
YZ XVggZiZgV! VjcfjZ iVbW^c Zh [gZXjZciZ Zc g^WZgVh Ójk^VaZh n odcVh YZ\gVYVYVh#
6eVgZXZiVcidZchda^iVg^d)*% adXVa^YVYZhXdbdZcV\gZ\VYdh*%% adXVa^YVYZh#
Edg hj eVgiZ! aV ig^idc^V d XgdXdhb^V 8gdXdhb^V m XgdXdhb^^ÓdgV VeVgZXZ Zc
.)*adXVa^YVYZh(,,Xdbd^cY^k^Yjdhhda^iVg^dhn*+-XdbdcXaZdh#6a^\jVafjZaVh
VciZg^dgZhhZigViVYZjcVZheZX^Zji^a^oVYVXdcÒcZhdgcVbZciVaZhfjZVXijVabZciZhZ
ZcXjZcigVY^heZghVedgg^WZgVhÓjk^VaZh!XjcZiVhYZXVggZiZgVh!]jbZYVaZh!ZiX#
DEJ7I
3AVheaVciVh^ckVhdgVhhdceaVciVhVaXidcVhfjZhZ]VccVijgVa^oVYd!ZhYZX^g!XgZXZcnhZ
egdeV\Vc Zhedci{cZVbZciZ h^c cZXZh^YVY YZ ^ciZgkZcX^c ]jbVcV! n fjZ VYZb{h egdYjXZc
XVbW^dhh^\c^ÒXVi^kdhZcaVZhigjXijgV!Xdbedh^X^cn[jcX^dcVb^ZcidYZadhZXdh^hiZbVh#
3:c6hijg^VhhZ]VcYdXjbZciVYd*+&ZheZX^ZhVaXidcVh!ZcigZcVijgVa^oVYVhnXjai^kVYVh!YZ
aVhXjVaZhVegdm^bVYVbZciZ&')hZejZYZcXdch^YZgVg^ckVhdgVh#
3JcVadXVa^YVYhZYZÒcZXdbdjcejcid\ZdggZ[ZgZcX^VYdXdcXgZidYdcYZVeVgZXZjcVZheZX^Z
^ckVhdgVYZcigdYZaiZgg^idg^dVhijg^Vcd#
(#)
C6IJG6A:O6N7>D9>K:GH>969
3JcVadXVa^YVYejZYZ]VXZggZ[ZgZcX^VVjc^cY^k^YjdV^haVYddW^ZcVjccXaZd[dgbVYdedg
kVg^dh^cY^k^Yjdh#
;J:CI:H
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
(#)
C6IJG6A:O6N7>D9>K:GH>969
(#)#+:heZX^ZhX^cZ\i^XVhne^hXXdaVh
HZ VegZX^V jcV gZXjeZgVX^c ZheVX^Va n cjbg^XV YZ aV edWaVX^c YZ gZWZXdh
eZgdhZYZiZXiVjcVeVjaVi^cVY^hb^cjX^cYZacbZgdYZXVeijgVhYZhVabc#
:aeg^cX^eVaVigVXi^kdYZaVXVoVZc6hijg^VhZhaVcVijgVa^YVY#H^Va\dYZÒcZaV
XVoVZc6hijg^VhZhfjZhZYZhVggdaaVZcjceV^hV_Z]ZgbdhdncVijgVahdWgZedWaVX^d"
cZhhVakV_Zh!ZcigZaVhfjZYZhiVXVcaVhYZZheZX^ZhXdbd_VWVahnXdgodh!kZcVYdhn
gZWZXdh!VgXZVhneZgY^XZh!fjZhZbjZkZca^WgZhedggZhZgkVhnXdidhgZ\^dcVaZh#EZgd
h^]VnjcVZheZX^ZgZ^cVYZaVXVoVZc6hijg^VhhZ\jgVbZciZhiVhZVZagZWZXd!hbWdad
YZadhg^hXdhYZaV8dgY^aaZgV8Vci{Wg^XV#:hiVZheZX^ZZbe^ZoVVgZXjeZgVghjhedWaV"
X^dcZhigVhaVgZYjXX^cYZaVhb^hbVhedgjcVZe^oddi^VYZhVgcV#:caVVXijVa^YVYZa
WgdiZYZhVgcVhVgXei^XVV[ZXiVXdcZhXVhV^ciZch^YVYVaVhGZhZgkVhGZ\^dcVaZhYZ
8VoVYZ6aaZg!8Vhd!E^adVnEdc\V#9ZhYZhj^c^X^dZcbVndYZ&..(hZ]VaaZkVYdjc
hZ\j^b^ZcidYZaVZkdajX^cYZaV^cX^YZcX^VYZaVZc[ZgbZYVYfjZ!igVhZab{m^bdYZ
&..,!]VgZb^i^YdhZch^WaZbZciZ#
&'- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#)
C6IJG6A:O6N7>D9>K:GH>969
6 aV ]dgV YZ ZhiVWaZXZg adh Xg^iZg^dh YZ \Zhi^c YZ aV edWaVX^c YZ gZWZXd Zc
6hijg^Vh]VnfjZiZcZgZcXjZciVaVY^[ZgZciZZkdajX^cfjZ]VcZmeZg^bZciVYdadhc"
XaZdhdXX^YZciVandg^ZciVa#:acXaZddXX^YZciVa]VZmeZg^bZciVYdjccdiVWaZVjbZcid
ZcZacbZgdYZZ[ZXi^kdhXdciVhVhYZXgZX^b^ZcidfjZhZk^ZcZcbVciZc^ZcYdZcZa
i^Zbed#:cadfjZhZgZÒZgZVacXaZddg^ZciVa!YZhYZZaVd'%%&hZ]VbVciZc^Ydjc
VjbZcidegd\gZh^kdYZaVYZch^YVYYZgZWZXdn!VeZhVgYZaYVida^\ZgVbZciZcZ\Vi^kd
YZaVd'%%*aVacZVYZiZcYZcX^VYZcdiVjc^cXgZbZcidVcjVaYZedWaVX^cXdcjcV
iZcYZcX^VVaVXaVgVgZXjeZgVX^c#
:cXjVcidVaVeZhXV!6hijg^VhY^hedcZYZjcVgZYÓjk^VaYZgdhXdgidh!YZ[jZgiZ
eZcY^ZciZnbjnXVjYVadhdh!XdbdXdggZhedcYZVjcV\Zd\gV[Vaajk^dhVnXdcjcVXdg"
iVY^hiVcX^VZcigZadhXdgYVaZhbdciVdhdhnZabVg#
HZigViVedgiVcid!YZgdhYZV\jVhg{e^YVh![gVhnbjndm^\ZcVYVh!fjZXdch"
i^ijnZcZa]{W^iVib{hVYZXjVYdeVgVZheZX^ZhYZhVabc^YdhXdbdaVigjX]VdZahVa"
bc#AVVWjcYVcX^VYZaVeg^bZgVnaVZhXVhZoYZahZ\jcYdZcZagZhidYZadhgdhYZaV
EZcchjaV>Wg^XV]VXZcYZ6hijg^Vhjcaj\Vgeg^k^aZ\^VYdeVgVaVeg{Xi^XVYZaVeZhXV
YZedgi^kV#
AVhZg^Z]^hig^XVYZXVeijgVhYZhVabcbjZhigVjcViZcYZcX^VgZ\gZh^kVnVjc"
fjZYZWZchZgidbVYVhZcXjZciVaVhY^hi^ciVhgZ\jaVX^dcZhYZaVeZhXVYZXVg{XiZg
VcjVaÄfjZejZYZa^b^iVgdeZgb^i^gjcbVndgcbZgdYZXVeijgVh"!adX^ZgidZhfjZ
gZÓZ_VcZaYZXa^kZfjZaVhedWaVX^dcZhYZZhiVZheZX^ZZhi{chj[g^ZcYdZcidYdZa{gZV
YZY^hig^WjX^cZjgdeZVnVbZg^XVcV#
AV^bedgiVcX^VhdX^dZXdcb^XVYZahVabc!nZa]ZX]dYZ]VWZghZXdckZgi^Yd
ZcjcVZheZX^ZZbWaZb{i^XVYZcigdYZaV^Xi^d[VjcVYZadhgdh!^cY^XVYdgVYZjc\gVYd
YZXVa^YVYnXdchZgkVX^cZaZkVYVh!]VaaZkVYdVaV6Yb^c^higVX^c6hijg^VcVVidbVg
bZY^YVheVgVaVgZXjeZgVX^cYZaVhedWaVX^dcZhhVabdcZgVhZcadhgdhVhijg^Vcdh#
EdgZ_Zbead!ZcZaYZhVggdaadYZaVAZn+$'%%'!YZ&-YZ_jc^d!hdWgZegdiZXX^cYZadh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &'.
(#)
C6IJG6A:O6N7>D9>K:GH>969
ZXdh^hiZbVhVXj{i^XdhnYZgZ\jaVX^cYZaVeZhXVZcV\jVhXdci^cZciVaZh!hZZhiVWaZXZ
jcVcjZkVXaVh^ÒXVX^cYZaVhodcVhYZeZhXV!ZcaVfjZhZXgZVcÒ\jgVhYZegdiZX"
X^c#
;J:CI:H
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
&(% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#)
C6IJG6A:O6N7>D9>K:GH>969
(#)#,IZcYZcX^VhYZaVhedWaVX^dcZhYZVkZh
AVZkdajX^cYZadhXZchdhgZVa^oVYdhZcadhai^bdhVdhbjZhigVaVeVjaVi^cV
gZXjeZgVX^cYZaVhedWaVX^dcZhYZZheZX^ZhYZVkZhVbZcVoVYVhZc6hijg^Vh#
:ajhd^aZ\VaYZkZcZcdeVgVXdbWVi^gaVhZheZX^ZhegZYVYdgVhnZajhdbVh^kd
YZidYdi^edYZegdYjXidhim^Xdh]Vch^YdaVhXVjhVheg^cX^eVaZhYZaYZXa^kZedWaVX^dcVa
ZmeZg^bZciVYdedgcjbZgdhVhZheZX^ZhYZVkZhgVeVXZh#AVhXdhijbWgZhXVggdZgVh
YZaVa^bdX]ZnaV^bedgiVcX^VfjZi^ZcZcZchjY^ZiVadhXVY{kZgZhYZeZfjZdhVc^bV"
aZhnidYdi^edYZYZhed_dhngZhidhdg\{c^Xdh!aZXdck^ZgiZcZcjcVYZaVhZheZX^Zhb{h
V[ZXiVYVhedgZhiZegdWaZbV#
:aXZchdYZaVZheZX^ZgZVa^oVYdZcZaVd'%%%XdcÒgbVaVZm^hiZcX^VYZ**eV"
gZ_VhYZVa^bdX]ZZc6hijg^Vh*%hZ\jgVhn*egdWVWaZh!X^[gVfjZhZbVci^ZcZgZaVi^"
kVbZciZZhiVWaZYZhYZadhXZchdhgZVa^oVYdhZc&..&#:cadhai^bdhXZchdhgZVa^oVYdh
hZ]VXdchiViVYdjc^cXgZbZcidZcZacbZgdYZeVgZ_VhYZZhiVZheZX^Z#AVhX^[gVh
a^\ZgVbZciZb{hVaiVhZcZaXZchdYZaVd'%%*+&eVgZ_Vh/).hZ\jgVh!&%egdWVWaZhn
'edh^WaZh!hZYZWZcZceVgiZVabVndgZh[jZgodYZegdheZXX^c#
HZ egdYj_d jc ^cXgZbZcid YZ eVgZ_Vh Zc Za XZchd YZ '%%- Xdc gZheZXid Va YZa
'%%*++eVgZ_Vh/**hZ\jgVh!&%egdWVWaZhn&edh^WaZ#EdgodcVh!hZVegZX^Vjca^\Zgd
^cXgZbZcidZcaVheVgZ_VhV^haVYVhYZadXX^YZciZnZcaVodcVXZcigVaWV_VYZ6hijg^Vh
BdgXc!B^ZgZhnDk^ZYdnjca^\ZgdYZhXZchdZcaVodcVXZcigVaYZ8Vc\VhYZDch!
b^ZcigVhfjZZcZagZhidYZ6hijg^VhhZbVci^ZcZceg{Xi^XVbZciZaVhb^hbVheVgZ_Vh
fjZZcZaVd'%%*#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &(&
(#)
C6IJG6A:O6N7>D9>K:GH>969
AVedWaVX^cZheVdaVYZ{\j^aVgZVa]Vhj[g^Ydjc[jZgiZYZhXZchdedWaVX^dcVa
YZhYZZaeVhVYdh^\ad#8dbdXdchZXjZcX^V!ZhiVZheZX^ZgZYj_dZc\gVcbZY^YVhj{gZV
YZY^hig^WjX^cZc6hijg^VhnhZegdYj_daVYZhVeVg^X^cYZbjX]VheVgZ_Vh#AVgZYjX"
X^cYZajhdYZkZcZcdh!ZaVjbZcidZcYZiZgb^cVYVhodcVhYZaVhZheZX^ZhegZhVnaV
^beaVciVX^cYZcjZkVh^YZVhXdchZgkVX^dc^hiVh]VceZgb^i^YdjcVa^\ZgVgZXjeZgVX^c
YZaVedWaVX^cZcadhai^bdhVdh!fjZhZedcZYZbVc^ÒZhidXdcaVdXjeVX^cYZiZ"
gg^idg^dhVciZg^dgbZciZVWVcYdcVYdh#
:cadhai^bdh&+VdhhZ]VcgZ\^higVYdZc6hijg^Vh*eVgZ_VhcjZkVhYZ{\j^aV
gZVanhZ]VcVbea^VYdbjX]dadhXdcdX^b^ZcidhVXZgXVYZaVW^dad\VnaVY^hig^WjX^c
YZaVZheZX^ZZc6hijg^Vh#
:aXZchdYZaVZheZX^ZgZVa^oVYdZc6hijg^VhZcZaVd'%%%Vggd_VjcgZhjaiVYd
YZ'+"'-eVgZ_VhYZ{\j^aVgZVa!X^[gVh^b^aVgVaVh'-eVgZ_VhYZiZXiVYVhZcadhVdh
&..+n&..,!'(YZaVhXjVaZhhZXdch^YZgVchZ\jgVhn*egdWVWaZh!adfjZXdchi^ijnZ
Va\db{hYZa'YZaVedWaVX^ccVX^dcVa#HZejZYZ]VWaVgYZjcVaZciVbZ_dgVedWaV"
X^dcVa!XdcjccbZgdYZeVgZ_VhhZ\jgVhZcVjbZcid#
AViZgXZgVVkZgVeVoYZ\gVcZckZg\VYjgVXZchVYVZc6hijg^VhZhZaWj^igZaZd"
cVYd#:hiVZheZX^ZcdZhi{XViVad\VYVWV_dc^c\jcVÒ\jgVYZegdiZXX^c!h^ZbWVg\d!Zh
YZhiVXVWaZZa\gVc^cXgZbZcidZmeZg^bZciVYdedghjedWaVX^cZcadhai^bdhVdh#
6eVgi^gYZaVd&.-'Xdb^ZcoVVegdYjX^ghZaVZmeVch^cYZaVedWaVX^c!eVh{c"
YdhZYZaVh')eVgZ_VhadXVa^oVYVhZcZaVd&.-.VaVh&,+Zc'%%-#
&(' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#)
C6IJG6A:O6N7>D9>K:GH>969
AVhVkZh[jcX^dcVcXdbdWjZcdh^cY^XVYdgZhYZadhXVbW^dhVbW^ZciVaZhn!Zc
XdcXgZid!aVhVkZh^ckZgcVciZhZc6hijg^Vh!i^ZcZcjcVedh^WaZ[jcX^cXdbd^cY^XVYd"
gZhYZXVbW^dhZcadh]jbZYVaZh#
:aXZchdYZVkZh^ckZgcVciZhZhi{[dgbVYdedgjcdh)%#%%%Z_ZbeaVgZhYZZcigZ
+% n ,% ZheZX^Zh Y^[ZgZciZh# 9ZhiVXVc edg hj VWjcYVcX^V aVh \Vk^diVh '*#%%% Z_Zb"
eaVgZh n! Zc eVgi^XjaVg! aVh \Vk^diVh eVi^VbVg^aaVh! fjZ hjbVc &-#%%% Z_ZbeaVgZh# :a
h^\j^ZciZ\gjedZc^bedgiVcX^Vcjbg^XVhdcaVhVc{i^YVhnaVh[dX]Vh!ZcigZaVhfjZ
YZhiVXVcZaVojac!XdcjcVbZY^VYZ)#*%%Z_ZbeaVgZh0Zah^aWc!Xdc&#*%%0aVXZgZX^iV
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &((
(#)
C6IJG6A:O6N7>D9>K:GH>969
Xdbc!Xdc-%%0aV[dX]VXdbc!Xdc+*%0nZa{cVYZgVWjYd!Xdc+%%#AdhXdgbdgVcZh
hdciVbW^cjc\gjedcjbZgdhd!Xdcjcdh&#-%%Z_ZbeaVgZh!hZ\j^YdhYZadha^bXdaVh
&#+%%!naVh\gVcYZhoVcXjYVh#
AVhgVhYZa:dnK^aaVk^X^dhVXdcXZcigVcWjZcVeVgiZYZadhZ_ZbeaVgZh#HZ\c
adhai^bdhgZXjZcidhgZVa^oVYdhZcadhai^bdhVdh!Za:di^ZcZZcigZ)#%%%n+#%%%
VkZh![gZciZVaVh(#%%%YZK^aaVk^X^dhV#:m^hiZciVbW^cdigdhaj\VgZhbjnh^\c^ÒXVi^kdh!
ZcigZadfjZYZhiVXVcadhZbWVahZhYZaVodcVXZcigVaIgVhdcV!AV;jgiV!AV<gVcYVn
HVc6cYghYZadhIVXdcZh!VYZb{hYZidYVaVXdhiV#
:ah^\j^ZciZ\g{ÒXdegZhZciVaVZkdajX^cYZaVedWaVX^cYZaVhVc{i^YVhn[dX]Vh
ZcZaEg^cX^eVYdYZ6hijg^VhZcadhai^bdh'%Vdh#:acbZgdYZZ_ZbeaVgZhYZZhiVh
ZheZX^ZhXgZXZjc&'VadaVg\dYZaeZgdYdXdch^YZgVYd!eVhVcYdYZ+#+&.Z_ZbeaVgZh
XZchVYdhZc&..&V,#(.*Z_ZbeaVgZhXdciVW^a^oVYdhZcZaXZchdYZaVd'%%.#
DEJ7I
3:aVa^bdX]ZhZZcXjZcigV^cXaj^YdXdbdZheZX^ZYZ>ciZgh:heZX^VaZcZa8Vi{ad\dGZ\^dcVa
YZ:heZX^Zh6bZcVoVYVhYZaV;VjcVKZgiZWgVYVYZaEg^cX^eVYdYZ6hijg^Vh#:hiVXViVad\VX^c
^bea^XVaVgZYVXX^cYZaEaVcYZBVcZ_dYZa6a^bdX]Z8dbcZc6hijg^VhejWa^XVYdZcZa7DE6
C°'.)!YZ'&YZY^X^ZbWgZYZ'%%&!XjnddW_ZidZhZa^b^cVgadh[VXidgZhVYkZghdhfjZ^cX^YZc
hdWgZaVZheZX^Z!YZbdYdfjZhiVVaXVcXZjciVbVdedWaVX^dcVak^VWaZVaVg\deaVodneZgb^iV
aVXdadc^oVX^cYZhj{gZVYZY^hig^WjX^cediZcX^Va#
(#)
C6IJG6A:O6N7>D9>K:GH>969
3:a{\j^aVgZVaZhi{XViVad\VYVXdbdKjacZgVWaZZcZa8Vi{ad\dGZ\^dcVaYZ:heZX^Zh6bZ"
cVoVYVh YZ aV ;VjcV KZgiZWgVYV YZa Eg^cX^eVYd YZ 6hijg^Vh# 8jZciV edg iVcid Xdc jc EaVc YZ
8dchZgkVX^cejWa^XVYdZcZa7DE6c°'.)!YZ'&YZY^X^ZbWgZYZ'%%&fjZi^ZcZXdbdÒcVa^YVY
aVZa^b^cVX^cYZadh[VXidgZhVYkZghdhfjZ^cX^YZcd]Vc^cX^Y^YdhdWgZZaegdXZhdYZgZ\gZh^c
YZaVZheZX^Z!YZbdYdfjZZhiVVaXVcXZjciVbVdedWaVX^dcVak^VWaZVaVg\deaVodneZgb^iVaV
gZXdadc^oVX^cYZhj]{W^iViYZY^hig^WjX^cediZcX^Va#
;J:CI:H
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
(#)
C6IJG6A:O6N7>D9>K:GH>969
(#)#-8ZchdVcjVaYZdhVhXdcXgVh
:aZheZgVcoVYdggZejciZYZacbZgdYZdhVhXdcXgVhYZaVdYZiZXiVYdVcjVa"
bZciZVc^bVV^cXgZbZciVgadhZh[jZgodheVgVaVXdchZgkVX^cYZaVZheZX^Z#
:a dhd eVgYd Zhi{ XViVad\VYd Xdbd ZheZX^Z Zc eZa^\gd YZ Zmi^cX^c# :cigZ aVh
VXijVX^dcZh YZ hZ\j^b^Zcid edWaVX^dcVa YZ aV ZheZX^Z Zc aV XdgY^aaZgV 8Vci{Wg^XV hZ
gZVa^oVXdcXVg{XiZgVcjVa!nYZ[dgbV]dbd\cZVnXddgY^cVYVZcigZaVh8dbjc^YVYZh
6jicdbVhYZ<Va^X^V!8VciVWg^V!8Vhi^aaVnAZcn6hijg^Vh!jcXZchdYZdhVhXdcXgVh
ZcaVhYdhhjWedWaVX^dcZhZcaVhfjZhZZcXjZcigVgZeVgi^YdZaVc^bVaZcZhiZh^hiZbV
bdciVdhd#
AVedWaVX^cYZdhdheVgYdhXVci{Wg^XdhVaXVcohjbc^bd]^hig^XdZcadhVdh
.%YZah^\adeVhVYd#:caVVXijVa^YVY!\gVX^VhVadhZh[jZgodhgZVa^oVYdheVgVhjXdchZg"
kVX^cVigVkhYZadhEaVcZhYZGZXjeZgVX^cejZhidhZcbVgX]V!aVedWaVX^c]VXd"
bZcoVYdVbdhigVgVa\jcdhZheZgVcoVYdgZhhcidbVhYZbZ_dgV#:cigZZaadhYZhiVXV
YZ[dgbVcdiVWaZZaVjbZcidZcZacbZgdYZdhVhXdcXgVhYZiZXiVYdVcjVabZciZ#
6adaVg\dYZaVd'%%.ZcZaXdc_jcidYZaVXdgY^aaZgV8Vci{Wg^XVhZXdchiViaV
egZhZcX^VYZVabZcdh'&dhVhVXdbeVVYVhYZXgVhYZaVd&-ZcZahZXidgdXX^YZc"
iVan(ZcZadg^ZciVa!adfjZhjedcZjcb{m^bd]^hig^XdfjZXdchda^YVaViZcYZcX^VVa
^cXgZbZcid^c^X^VYVZc'%%)#:a+*YZZhidh\gjedh[Vb^a^VgZheVhVgdcVa\cbdbZc"
idYZhjX^Xadk^iVaZcZaiZgg^idg^dVhijg^Vcd#
AVh&-]ZbWgVhYZahZXidgdXX^YZciVaZhijk^ZgdcVXdbeVVYVhedg((XgVh!ad
fjZhjedcZjciVbVdbZY^dYZXVbVYVYZ&É-(XgVhedg]ZbWgV!fjZgZÓZ_VZaWjZc
&(+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#)
C6IJG6A:O6N7>D9>K:GH>969
ZhiVYd gZegdYjXidg YZ ZhiV edWaVX^c# Edg Za XdcigVg^d! Zc Za hZXidg dg^ZciVa aVh igZh
]ZbWgVhYZiZXiVYVhhZVXdbeVVWVcedgjcidiVaYZXjVigdXgVh!adfjZhjedcZ&É((
XgVhedg]ZbWgV!X^[gVbjX]db{hWV_VngZÓZ_dYZaVhY^ÒXjaiVYZhYZZhiZhZXidgedg
hjeZgVgZaYgVb{i^XdYZXa^kZhj[g^YdedgZab^hbd#
AVVXZeiVX^chdX^VaYZaVfjZ\doVZadhdeVgYdZcaVXdgY^aaZgV8Vci{Wg^XVnaV
ZÒXVX^VYZaVhbZY^YVhYZXdchZgkVX^cYZhVggdaaVYVhYZhYZaVhVYb^c^higVX^dcZhe"
Wa^XVhnaVhdg\Vc^oVX^dcZhcd\jWZgcVbZciVaZhXdchZgkVX^dc^hiVh!XdcÒ\jgVcjcZhXZ"
cVg^dVYZXjVYdeVgVfjZaVZkdajX^cedWaVX^dcVaYZaVZheZX^ZbVciZc\VhjiZcYZcX^V
[VkdgVWaZnZadhdeVgYdXVci{Wg^XdhZXdchi^ijnVZcjcbV\cÒXdZ_ZbeadZcZaXVbed
YZaVXdchZgkVX^cYZaVW^dY^kZgh^YVY#6jcVh!cd]VnfjZdak^YVgfjZaVZheZX^ZhZ
ZcXjZcigVVjcZceZa^\gdYZZmi^cX^cnfjZhjWh^hiZcegdWaZbVhYZXdchZgkVX^cfjZ
YZWZchZghdakZciVYdh!ZceVgi^XjaVgidYdadgZ[ZgZciZVacZXZhVg^dnZheZgVYdgZejciZ
YZbd\g{ÒXdYZahZXidgdg^ZciVa#
;J:CI:H
8dchZ_ZgV YZ BZY^d 6bW^ZciZ! DgYZcVX^c YZa IZgg^idg^d Z >c[gVZhigjXijgVh# 9^gZXX^c <ZcZgVa YZ 7^dY^kZgh^YVY n EV^hV_Z#
]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &(,
(#*
HJ:AD
(#*#&
<gVYdYZjgWVc^oVX^c
(#*#'
8dbeVX^YVYYZaYZhVggdaadjgWVcd
(#*#(
<Zhi^cYZaeVgfjZgZh^YZcX^Va
(#*#)
ÛgZVhVgi^ÒX^VaZh
(#*#*
ÛgZVhVgi^ÒX^VaZhZcaV[gVc_VXdhiZgV
(#*#+
HjZadV[ZXiVYdedgaVZgdh^c
(#*#,
HjZadhXdciVb^cVYdh
(#*
HJ:AD
:ahjZadZhXdch^YZgVYdjcdYZadhgZXjghdhcVijgVaZhb{h^bedgiVciZh!edgZhiV
gVocYZWZhZgji^a^oVYdYZbVcZgVegjYZciZnegdXjgVgfjZhZad\gZhjegZhZgkVX^c#
H^cZbWVg\d!Va\jcdhYZadhi^edhYZVegdkZX]Vb^ZcidfjZhZYZhVggdaaVcVXijVabZciZ
^be^YZchjgZhiVWaZX^b^ZcidnegdkdXVcY^kZghdhi^edhYZYZ\gVYVX^cYZab^hbdXdbd
aVVgi^ÒX^Va^oVX^c!aVYZhZgi^oVX^cdaVXdciVb^cVX^c#
9ZhYZ aV J: Zc aV ai^bV YXVYV ]V ]VW^Yd jcV ^ciZchV aVWdg Zc bViZg^V YZ
hjZadhZcidYdhadhVheZXidh#AVhcdkZYVYZhYZ'%%.Zhi{cZcgZaVX^cXdcadhV\ZciZh
XdciVb^cVciZhYZahjZad!XdbdaVVegdWVX^cYZa GZ\aVbZcid**&$'%%.fjZbdY^ÒXV
ZaGZ\aVbZcid+)-$'%%)gZaVi^kdVadhYZiZg\ZciZh#:cXjbea^b^ZcidXdcadZhiVWaZX^Yd
edgZhiZai^bd!hZ]Vc]ZX]deWa^Xdhadh>c[dgbZh8DB'%%.'(%n8DB'%%.'%-YZ
aV8db^h^cYZaEVgaVbZcid:jgdeZdnYZa8dchZ_d!gZaVi^kdhVaVW^dYZ\gVYVX^cVcVZ"
gW^XVnVaVW^dYZ\gVYVX^cYZadheg^cX^eVaZh^c\gZY^ZciZhdg\{c^XdhcdiZch^dVXi^kdh
YZadhYZiZg\ZciZh#
:cZa{bW^idcVX^dcVaYZhiVXVaVZaVWdgVX^cYZaV:higViZ\^V:heVdaVYZHdh"
iZc^W^a^YVYJgWVcVnAdXVa::HJAfjZ^c^X^hjeZg^dYdYZ^c[dgbVX^ceWa^XVZcY^"
X^ZbWgZYZ'%%.#:cZhiZ^chigjbZcideVgi^X^eVcadhB^c^hiZg^dhYZK^k^ZcYVnYZBZY^d
6bW^ZciZ!aV6\ZcX^VYZ:Xdad\VJgWVcVYZ7VgXZadcVnaVGZYYZGZYZhYZ9ZhVggdaad
AdXVaHdhiZc^WaZ#HjdW_Zi^kdZhXdchZ\j^gaVbVndghdhiZc^W^a^YVYjgWVcVnadXVaedh^"
WaZ!VedhiVcYdedgjcYZhVggdaadjgWVcdXdcigdaVYdnWVhVYdZcaVX^jYVYXdbeVXiV#:c
ZhiZb^hbdhZci^YdhZigVWV_VZcaVgZYVXX^cYZaVciZegdnZXidYZGZ\aVbZcidYZaV
AZnYZaHjZadVegdWVYVedgZaGZVa9ZXgZidAZ\^haVi^kd'$'%%-#
&)% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#*
HJ:AD
:cZaXVhdYZaEg^cX^eVYdYZ6hijg^Vh!Zc'%%.ZaigVWV_dhZ]VXZcigVYdZcbViZ"
g^VYZXdciVb^cVX^cYZahjZad#:cVea^XVX^cYZaVhYZiZgb^cVX^dcZhYZaGZVa9ZXgZid
.$'%%* gZaVi^kdVaVhVXi^k^YVYZhediZcX^VabZciZXdciVb^cVciZhYZahjZad!aVh8dbj"
c^YVYZh 6jicdbVh YZWZc Ò_Vg adh C^kZaZh <Zcg^Xdh YZ GZ[ZgZcX^V C<G! Zh YZX^g!
aVXdcXZcigVX^cYZjcVhjhiVcX^VXdciVb^cVciZZcZahjZadfjZcdXdcaaZkVjcg^Zh\d
hjeZg^dgVab{m^bdVXZeiVWaZeVgVaVhVajY]jbVcVdadhZXdh^hiZbVh#:cZhiVacZV
:aEg^cX^eVYdYZ6hijg^VhhZZcXjZcigV^cbZghdZcZhiZigVWV_d!XdcZadW_Zi^kdÒcVaYZ
XVaXjaVgadhC<GeVgVXVYVa^idad\VegZk^VbZciZZhiVWaZX^YV#AdhgZhjaiVYdhhZeaVh"
bVg{cZcjcVWVhZYZYVidh^ciZ\gVYVZcjcH^hiZbVYZ>c[dgbVX^c<Zd\g{ÒXV!fjZ
eZgb^iVZhiVWaZXZggZaVX^dcZhXdcdigVh]ZggVb^ZciVh^c[dgb{i^XVh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &)&
(#*
HJ:AD
(#*#&<gVYdYZjgWVc^oVX^c
:a ,( YZ aV edWaVX^c Vhijg^VcV gZh^YZ Zc cXaZdh jgWVcdh YZ b{h YZ '#%%%
]VW^iVciZh#
:ahjZadXdchi^ijnZjcgZXjghdcVijgVaYZeg^bZgdgYZc!fjZYZhZbeZV^bedg"
iVciZh[jcX^dcZhbZY^dVbW^ZciVaZh!hdWgZZafjZhZhjhiZciVc\gVckVg^ZYVYYZVXi^"
k^YVYZhZXdcb^XVhnhdX^VaZhnfjZhZYZ\gVYVXdc[VX^a^YVY!h^ZcYdhjgZ\ZcZgVX^c
aZciVnY^[X^a#
:ajhdfjZhZ]VXZYZahjZadeVgVhVi^h[VXZgaVhcZXZh^YVYZh]jbVcVhneVgV
YZhVggdaaVgaVhVXi^k^YVYZhZXdcb^XVhZhXaVkZeVgVZciZcYZgaVXVa^YVYYZadhZXd"
h^hiZbVhnZaZhiVYd\ZcZgVaYZabZY^dVbW^ZciZ#:cigb^cdh\ZcZgVaZh!igZh\gVcYZh
XViZ\dgVhYZjhdYZahjZadYdb^cVcZcZaiZgg^idg^d/Zajhd[dgZhiVa!ZajhdV\gXdaVn
ZajhdjgWVcd#
8dcaVjgWVc^oVX^cYZahjZadZhZk^YZciZfjZhZegdYjXZjcVVaiZgVX^cYZZhiZ
gZXjghdedgaVVXi^k^YVY]jbVcV!Xdc^cÓjZcX^VhdWgZZaeV^hV_Z!ZaXdchjbdngZ\ZcZ"
gVX^cYZgZXjghdhcVijgVaZhnZag^Zh\dYZXdciVb^cVX^c#CddWhiVciZ!]VnfjZiZcZg
ZcXjZciVfjZZahjZadjgWVcdnjgWVc^oVWaZh^ZbegZiZcYZg{VXgZXZgnadfjZ]VnfjZ
egdXjgVg Zh fjZ hj ZkdajX^c hZV eVjhVYV! hdhiZc^WaZ n VYZXjVYV V aVh cZXZh^YVYZh
gZVaZh!VedhiVcYdedgadhXgZX^b^ZcidhXdbeVXidhnXdci^cjdhnedgaVgZ\ZcZgVX^cYZ
adhiZ_^YdhjgWVcdhZcYZhjhd#
9ZhYZ&.)%]VhiV'%%.hZgZYj_deg{Xi^XVbZciZVaVb^iVYaVedWaVX^cfjZ]VW^"
iVZceZfjZdhejZWadhnVaYZVhYZbZcdhYZ'#%%%]VW^iVciZhZa',YZaVedWaVX^c
VXijVa# :c aV VXijVa^YVY Dk^ZYd n <^_c Xdc edWaVX^dcZh edg ZcX^bV YZ adh &%%#%%%
]VW^iVciZhVaWZg\VcVa)'YZaVedWaVX^cVhijg^VcV#AVedWaVX^cYZcXaZdhYZZcigZ
&)' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#*
HJ:AD
*%#%%&n&%%#%%%]VW^iVciZhVjbZcijc&-YZhYZ&.,%]VhiVaVVXijVa^YVY#AVhk^aaVh
bZY^VhYZZcigZ&%#%%&n*%#%%%]VW^iVciZhiVbW^cVjbZciVgdchjedWaVX^cZcZhiZ
eZgdYd!eVhVcYdYZVaWZg\VgVa&YZaVedWaVX^cVhijg^VcVZcZaVd&.)%Va&%
YZaVb^hbVZc'%%.#:hidhXVbW^dhedWaVX^dcVaZheZgb^i^ZgdcVaXVcoVgjc\gVYdYZ
jgWVc^oVX^cZcZabdbZcidVXijVaZcidgcdVa-&#
:a bdYZad YZ edWaVb^Zcid Vhijg^Vcd i^ZcZ jcVh XVgVXiZghi^XVh ZheZX^VaZh! ad"
XVa^oVYdbVndg^iVg^VbZciZZcaVhodcVhWV_VhnXdcjcVYZch^YVYYZedWaVX^cbZY^V
YZ&%'!(']VW$`b'#:aXdcXZ_dVhijg^VcdYZbVndgYZch^YVYYZedWaVX^cZh6k^ahXdc
b{h YZ (#&%% ]VW$`b' n Za YZ bZcdg Edc\V (!(, ]VW$`b'# AV bVndg edWaVX^c hZ
XdcXZcigVZcZa{gZVXZcigVa!YdcYZadhXdcXZ_dhYZDk^ZYd!<^_cn6k^ahVaWZg\VcZc
Xdc_jcidVa\db{hYZa*(YZaVedWaVX^cgZ\^dcVa!XdcÒ\jgVcYdjc{gZVbZigdeda^"
iVcV h^c\jaVg YZW^Yd V hj XVg{XiZg eda^cjXaZVg! fjZ iVbW^c VXd\Z bjc^X^e^dh Xdbd
AVc\gZd!B^ZgZh!H^ZgdndigdhYZhjZcidgcd#:cZhiV{gZVbZigdeda^iVcVfjZhaddXj"
eVZa'%YZaiZgg^idg^dVhijg^Vcd!hZXdcXZcigVZa-*YZaVedWaVX^c#HZigViVYZjc
iZgg^idg^d^ciZchVbZciZjgWVc^oVYd!fjZVaWZg\Vbai^eaZhhZgk^X^dhZ^c[gVZhigjXijgVh!
Vh Xdbd jc bVndg Y^cVb^hbd ZXdcb^Xd n YZ VXi^k^YVY egdYjXi^kV! gZÓZ_VYd Zc hj
[jZgiZZcigVbVYd^cYjhig^Va#6YZb{hYZadh\gVcYZhcXaZdhjgWVcdhZm^hiZcZheVX^dh
XdbVgXVaZhXdchda^YVYdh!XdbdaVhX^jYVYZhb^cZgVhfjZhZZmi^ZcYZchdWgZadhkVaaZh
YZaCVacnZa8VjYVa#:cZadigdZmigZbdhZZcXjZcigVZaiZgg^idg^dgjgVa!fjZhZZm"
i^ZcYZVaVhVaVhdXX^YZciVandg^ZciVaYZaiZgg^idg^dVhijg^VcdngZegZhZciVZa-%YZaV
hjeZgÒX^ZgZ\^dcVa#:hi{[dgbVYdedgjcVhZg^ZYZXdcXZ_dhYZZhXVhVYZch^YVYZcadh
fjZ]VW^iViVchadZa'%YZaVedWaVX^cVhijg^VcV#
;gZciZVVbWdhbdYZadhZm^hiZiVbW^cjcVgZYYZk^aaVhY^heZghVhedgZaiZgg^"
idg^dgZ\^dcVaXdcjciVbVdnedWaVX^cbZY^d!gZaVi^kVbZciZW^ZcXdbjc^XVYVhnfjZ
VXiVcXdbdeZfjZVhXVe^iVaZhXdbVgXVaZhnXZcigdhYZhZgk^X^dh/AaVcZh!8Vc\VhYZ
Dch!6gg^dcYVh!G^WVYZhZaaV!<gVYd!EgVk^V!8Vc\VhYZaCVgXZV!I^cZd!AjVgXV!dCVk^V!
hdcZ_ZbeadhYZZhiZi^edYZZci^YVYZhfjZXdcig^WjnZcVVgi^XjaVgZaZheVX^dgZ\^dcVa
naVhgZaVX^dcZhZcZab^hbd!cXaZdhfjZZc\ZcZgVa]VcXgZX^YdZcadhai^bdhVdh
iVcidZciVbVdXdbdZcedWaVX^c!hZgk^X^dhZ^c[gVZhigjXijgVhYZXdbjc^XVX^c#
DEJ7I
3 EVgVaVZaVWdgVX^cYZZhiZ^cY^XVYdghZ]VXdch^YZgVYdedWaVX^cjgWVcVVVfjZaaVfjZk^kZ
ZcZci^YVYZhYZedWaVX^chjeZg^dgZhV'*%]VW^iVciZh#
;J:CI:H
(#*
HJ:AD
(#*#'8dbeVX^YVYYZaYZhVggdaadjgWVcd
:c6hijg^VhegZYdb^cVcadhhZXidgZhYZhjZadjgWVc^oVWaZgZh^YZcX^VaXdcjcV
YZch^YVYWV_V!YZZcigZ%!'%n%!(%b'i$b'h#
:c jgWVc^hbd! aV XdbeVX^YVY Zh aV XVgVXiZghi^XV fjZ YZiZgb^cV Za \gVYd YZ
XdbeVXiVX^c YZ aVh ZY^ÒXVX^dcZh YZcigd YZa iZgg^idg^d jgWVcd bZigdh XjVYgVYdh
Xdchigj^YdhÄb'i"gZheZXidVadhbZigdhXjVYgVYdhYZhjZadÄb'h"!edgadfjZVbVndg
XdbeVX^YVY!bZcdg\gVYdYZY^heZgh^cYZa{gZVjgWVcVnbVndgYZch^YVY#
:c6hijg^Vh!adhXdcXZ_dhhjZaZciZcZgjcVhjeZgÒX^ZgZaVi^kVbZciZ\gVcYZZc
gZaVX^cVhjh{gZVhjgWVcVhnZaedWaVb^ZcidgjgVaZhi{WVhiVciZZmiZcY^YdnY^heZghd#
:c\ZcZgVa!aVXdbeVX^YVYZhWV_V!egZYdb^cVcYdYZch^YVYZhYZZcigZ%!'%n%!(%b'i$
b'h#AVhodcVhXdcVaiVhYZch^YVYZhfjZhZXdggZhedcYZcXdcjcVXdbeVX^YVYYZZcigZ
%!,*n&b'i$b'hnhZadXVa^oVcZcaVh\gVcYZhX^jYVYZhYZaVgZ\^c!VeZcVhgZegZhZc"
iVcjc&!(+YZadhhZXidgZhYZhjZadjgWVc^oVWaZ!naVhYZZcigZ%!*%n%!,*b'i$b'h!
jc&+!*,#
AVhodcVhXdcYZch^YVYZhbZY^Vh"WV_Vh!YZZcigZ%!(%n%!*%b'i$b'h!hjbVcjc
'%!&,!b^ZcigVhfjZaVhodcVhXdcWV_VhYZch^YVYZh!YZZcigZ%!'%n%!(%b'i$b'h!hdc
aVhbVndg^iVg^VhZccjZhigVgZ\^cXdcjc)&!+-#
IVbW^cZhYZhiVXVWaZZaVaidedgXZciV_ZfjZgZ\^higVcaVhodcVhXdcbjnWV_V
YZch^YVY bZcdh YZ %!'% b'i$b'h! fjZ hjedcZc Za '%!'' YZa idiVa YZ aV hjeZgÒX^Z
jgWVc^oVWaZ#:hidhYVidhh^gkZceVgV]VXZghZjcV^YZVYZaVY^hig^WjX^cZheVX^VaYZaVh
k^k^ZcYVhZc6hijg^Vh!YdcYZegZYdb^cVZaY^hZb^cVYdjgWVcdXVgVXiZg^oVYdedgk^k^Zc"
YVhjc^[Vb^a^VgZhZcbjX]dhXVhdhV^haVYVh!gdYZVYVhYZegVYdhn_VgY^cZh!fjZh^\jZc
&)) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#*
HJ:AD
Zc\gVceVgiZaVheVjiVhYZaedWaVb^ZcidigVY^X^dcVaV\gVg^d!VcbjnegZhZciZZcaV
gZ\^c![gZciZVaVodcVhjgWVcVhbjnXdbeVXiVhX^gXjchXg^iVhW{h^XVbZciZVadh\gVc"
YZhcXaZdhjgWVcdhYZa{gZVXZcigVaXdbd<^_c!Dk^ZYd!6k^ah!AVc\gZddB^ZgZh#
DEJ7I
3EVgVgZVa^oVgZhiZWVgZbdhZ]VidbVYdaVY^hig^WjX^cYZadhhZXidgZhYZhjZadjgWVc^oVWaZ
gZh^YZcX^VaegZk^hidZcadheaVcZVb^Zcidh\ZcZgVaZhYZ')XdcXZ_dh!ZcadhfjZhZ]VnVZa-%YZ
aVedWaVX^cYZ6hijg^VhnZcigZadhfjZhZZcXjZcigVcadh&%b{hedWaVYdh#AdhXdcXZ_dhfjZhZ
^cXajnZcZcaVbjZhigVhdc/6k^ah!8VgVk^V!8VggZd!8Vhig^aac!8Vhigdeda!8dgkZgV!:a;gVcXd!
<^_c!<doc!AVc\gZd!AZcV!AaVcZgV!AaVcZh!B^ZgZh!BdgXc!CdgZV!Dk^ZYd!EgVk^V!AVhGZ"
\jZgVh!G^WVYZYZkV!G^WZgVYZ6gg^WV!HVg^Z\d!H^ZgdnKVaYh#
;J:CI:H
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#8db^h^cYZJgWVc^hbdnDgYZcVX^cYZaIZgg^idg^d
YZaEg^cX^eVYdYZ6hijg^Vh8JDI6#]iie/$$lll#Vhijg^Vh#Zh
(#*
HJ:AD
(#*#(<Zhi^cYZaeVgfjZgZh^YZcX^Va
:acbZgdYZa^XZcX^VhiVcid!eVgVk^k^ZcYVcjZkVXdbdeVgVgZ]VW^a^iVX^cYZ
k^k^ZcYVh!hZgZYj_dZcZaVd'%%.Zc6hijg^Vh#
9VgegZ[ZgZcX^VVaVgZji^a^oVX^cYZhjZadhnVigVch[dgbVYdh[gZciZVaVcjZkV
jgWVc^oVX^cZhjcVYZaVhZhigViZ\^VhW{h^XVheVgVgZYjX^gZaXdchjbdYZhjZad#JcV
\Zhi^c^ciZa^\ZciZnhdhiZc^WaZYZabZgXVYd^cbdW^a^Vg^dZm^\ZYVgeg^dg^YVYVaVgZ]V"
W^a^iVX^cYZaeVgfjZYZk^k^ZcYVhZm^hiZciZXVh^+%%#%%%ZccjZhigVgZ\^cXdcigVaV
ZY^ÒXVX^cYZk^k^ZcYVhYZcjZkVeaVciV#:a\g{ÒXdbjZhigVZaeZhdYZaVgZ]VW^a^iVX^c
YZk^k^ZcYVhgZheZXidYZaidiVaZc6hijg^VhnhjZkdajX^cZcadhai^bdhY^ZoVdh#
9ZaidiVaYZa^XZcX^VhXdcXZY^YVhZc'%%.aVk^k^ZcYVcjZkVgZegZhZciZa.%
YZaVhb^hbVh[gZciZVjc&%YZa^XZcX^VhXdcXZY^YVhVk^k^ZcYVhgZ]VW^a^iVYVh#8dc
gZheZXidVa'%%-!aVha^XZcX^VhXdcXZY^YVhZc6hijg^VheVgVk^k^ZcYVgZ]VW^a^iVYVhZgZ"
Yj_ZgdcZc(ejcidhedgXZcijVaZh!eVhVcYdYZ,++V(.,a^XZcX^Vh![gZciZVaViZcYZcX^V
fjZhZkZcVdWhZgkVcYdZcadhai^bdhVdhVa^cXgZbZcidYZZhiZi^edYZdWgV#
H^ hZ VcVa^oVc aVh a^XZcX^Vh YZ cjZkV k^k^ZcYV edg i^ed YZ k^k^ZcYV! YZhiVXV aV
k^k^ZcYVXdaZXi^kVfjZVXVeVgV(#%%.a^XZcX^Vh![gZciZVaVh*,.a^XZcX^Vhdidg\VYVheVgV
k^k^ZcYVhjc^[Vb^a^VgZh#
&)+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#*
HJ:AD
:cXjVcidVaVk^k^ZcYVcjZkV!hZdWhZgkVZcZa\g{ÒXdXdbd!YZhYZZaVd'%%,!
]VXVYdaVXdcXZh^cYZa^XZcX^VhZcZaEg^cX^eVYdYZ6hijg^Vh!egdYjX^cYdhZZc'%%.
jcVgZYjXX^cYZa((gZheZXidVaVdVciZg^dg#
;J:CI:H
B;B^c^hiZg^dYZ;dbZcid#Æ:hiVYhi^XVYZZY^ÒXVX^cnk^k^ZcYVa^XZcX^VhYZdWgVhÇ#]iie/$$lll#[dbZcid#Zh$
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &),
(#*
HJ:AD
(#*#)ÛgZVhVgi^ÒX^VaZh
:c6hijg^VhYZhYZZaVd'%%%hZ]VegdYjX^Ydjc^cXgZbZcidZfj^a^WgVYdYZaV
hjeZgÒX^ZYZhjZadVgi^ÒX^Va#
AVZkdajX^cYZaVdXjeVX^cYZahjZadZc6hijg^Vh!ZcXdcXgZidZaXgZX^b^ZcidYZ
aVh{gZVhVgi^ÒX^VaZh!hZZkVaVVeVgi^gYZadhYVidhYZaVd'%%+YZaV7VhZYZ9Vidh
<Zd\g{ÒXVhdWgZaVdXjeVX^cYZahjZad8dg^cZAVcY8dkZg8A8idbVcYdXdbdgZ[Z"
gZcX^VadhYZhVggdaadhVciZg^dgZhYZZhiVWVhZYZYVidhgZVa^oVYdhZc&..%n'%%%#
AV^c[dgbVX^cfjZegdedgX^dcVZa8A8hZgZÒZgZiVcidVaVXdWZgijgVYZahjZad
XdbdVadhjhdhYZab^hbdnegdedgX^dcVjcV^c[dgbVX^cbjni^aeVgVedYZgeaVc^Ò"
XVgn\Zhi^dcVgZaiZgg^idg^dZcgZaVX^cVaVh^c[gVZhigjXijgVhigVchedgiZh!ZcZg\V!Xd"
bjc^XVX^dcZh!½!aVhcZXZh^YVYZhhdX^VaZhk^k^ZcYV!Zfj^eVb^Zcidh!YZhVggdaadgjgVa!
½dZabZY^dVbW^ZciZhVcZVb^Zcid!eaVcZh]^Ygd\g{ÒXdh!ZheVX^dhegdiZ\^Ydh!½#
6hijg^Vhi^ZcZjcVhjeZgÒX^ZYZ&%#+%)`b'!YZaVXjVabZcdhYZa&!.ZhXdch^"
YZgVYVhjeZgÒX^ZVgi^ÒX^Va!Xdch^YZgVcYdXdbdiVaaVdXjeVYVedgZaiZ_^YdjgWVcd!Xdc"
hda^YVYddZcXdchigjXX^c0aVhodcVh^cYjhig^VaZhnXdbZgX^VaZh0aVhodcVhYZhi^cVYVh
VVXd\Zg^c[gVZhigjXijgVhk^Vg^Vh!edgijVg^VhdVZgdedgijVg^Vh0aVh^c[gVZhigjXijgVhYZ"
edgi^kVhngZXgZVi^kVhnaVhodcVhkZgYZh0nedgai^bd!XdcjceZhdZheZX^VaZccjZhigV
8dbjc^YVY6jicdbV!aVhodcVhYZZmigVXX^cb^cZgVnaVhVhdX^VYVhVZhXdbWgZgVh
nkZgiZYZgdh#
:c'%%+!Zc6hijg^VhZaedgXZciV_ZYZhjZadVgi^ÒX^VaVhdX^VYdVodcVhnZfj^eV"
b^ZcidhjgWVcdhi^ZcZjceZhdYZa*&!()#9ZbVcZgVfjZaVhodcVhjgWVcVhegde^V"
bZciZY^X]VhdXjeVWVcZa)*!*)YZaVhjeZgÒX^ZVgi^ÒX^VaYZaV8dbjc^YVY6jicdbV#
9Z ZhiV ZmiZch^c! jc ')!,) Zh iZ_^Yd jgWVcd Y^hXdci^cjd! b^ZcigVh fjZ Za '%!-%
&)- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#*
HJ:AD
ZhiZ_^YdjgWVcdXdci^cjd#6YZb{h!Zm^hiZcodcVhZcXdchigjXX^cfjZgZegZhZciVcZa
'!-%YZaidiVanjcZheVX^dYZY^XVYdVZfj^eVb^ZcidhiVaZhXdbd^chiVaVX^dcZhYZedg"
i^kVhngZXgZVi^kVh!nVodcVhkZgYZhjgWVcVh!fjZhjedcZc!gZheZXi^kVbZciZ!jc'!)'
njc%!*-#
9VYVaVigVY^X^cb^cZgVZ^cYjhig^VaYZ6hijg^Vh!adhjhdhYZhjZadVhdX^VYdh
VZhiVhVXi^k^YVYZhi^ZcZcjcVZheZX^VaegZhZcX^V!gZegZhZciVcYdjc)%!+.YZaVhj"
eZgÒX^ZVgi^ÒX^VagZ\^dcVa#6hZcZaVd'%%+!ZahjZadVgi^ÒX^VaYZY^XVYdVVad_VgodcVh
^cYjhig^VaZhdXdbZgX^VaZh!gZegZhZcijc',!&(!aVhodcVhYZZmigVXX^cb^cZgVdXj"
eVgdcjc&%!*,nadhiZggZcdhYZY^XVYdhVZhXdbWgZgVhnkZgiZYZgdhVXVeVgVgdcjc
'!..YZaVhjeZgÒX^Z#
Edgai^bd!]VWgVfjZXdciVW^a^oVgaVhjeZgÒX^ZdXjeVYVedg^c[gVZhigjXijgVh/
aVhgZYZhk^Vg^Vh![Zggdk^Vg^VhniZggZcdhVhdX^VYdhfjZgZegZhZciVcZa*!*.YZaVhj"
eZgÒX^ZVgi^ÒX^Va!naVhodcVhedgijVg^VhnVZgdedgijVg^VhXdcjcVdXjeVX^cYZa&!+*
n%!,+!gZheZXi^kVbZciZ#
:hiZgZeVgidZhjcedXdY^[ZgZciZh^hZXdch^YZgVc^XVbZciZaVY^hig^WjX^cYZ
aVh{gZVhVgi^ÒX^VaZhZcadhbjc^X^e^dhYZb{hYZ&%%#%%%]VW^iVciZh!ZhYZX^gZcDk^Z"
Ydn<^_c#:aedgXZciV_ZYZhjZadVgi^ÒX^VaVhdX^VYdVodcVhnZfj^eVb^ZcidhjgWVcdh
hjedcZZcZhidhZbeaVoVb^ZcidhjgWVcdhZa+&!.,#:aiZ_^YdjgWVcdXdci^cjd!Xdbd
ZhYZZheZgVg!ZhZafjZdXjeVbVndghjeZgÒX^ZXdcjc(%!*-YZaidiVa!hZ\j^YdYZa
iZggZcdjgWVcdY^hXdci^cjdfjZgZegZhZciVjc''!,+YZaVhjeZgÒX^ZVgi^ÒX^VaYZVb"
Wdhbjc^X^e^dh!h^\c^ÒXVi^kVbZciZ^c[Zg^dgVaVfjZdXjeVcZhiZi^edYZYZhVggdaadhZc
ZaXdc_jcidgZ\^dcVa!fjZZhegZYdb^cVciZbZciZgjgVa#
HZgZYjXZZaedgXZciV_ZYZhjZadYZodcVh^cYjhig^VaZhdXdbZgX^VaZhXdcgZh"
eZXidVaXdc_jcidYZaVgZ\^cnVfjZZhidhZheVX^dhi^ZcYZcXVYVkZob{hVh^ijVghZ
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &).
(#*
HJ:AD
[jZgVYZaVh\gVcYZhX^jYVYZhYdcYZdXVh^dcVcbZcdhbdaZhi^Vh#IVbW^caVh\gVc"
YZh^c[gVZhigjXijgVhYZigVchedgiZedgXVggZiZgVXdbdVjide^hiVhnVjidkVhegZhZciVc
bVndgZhedgXZciV_ZhYZdXjeVX^cYZhjZadVgi^ÒX^VaZcZhidhbjc^X^e^dh!aaZ\VcYdV
VaXVcoVgZa*!,,YZaidiVa[gZciZVjc*!*-YZaVgZ\^c!VhXdbdaVhodcVhedgijV"
g^Vh!YZhiVXVcYdaVhjeZgÒX^ZfjZdXjeVZaEjZgidYZaBjhZaZc<^_c#
EdgdigdaVYd!aVh^chiVaVX^dcZhYZedgi^kVhngZXgZVi^kVh!Zfj^eVb^ZcidhfjZbZ"
_dgVcaVXVa^YVYYZk^YVYZadh]VW^iVciZh!VaXVcoVcbVndgZhedgXZciV_ZhZcaVh\gVcYZh
X^jYVYZhVhijg^VcVheVhVcYZa'!)'ZcZaidiVaYZ6hijg^VhVa(!'&h^eVgi^XjaVg^oV"
bdheVgVDk^ZYdn<^_c#
:cadfjZVZkdajX^chZgZÒZgZ!aVhhjeZgÒX^ZhVgi^ÒX^VaZheVhVgdcZc6hijg^Vh
YZ&.#*+)]VZc'%%%V&.#.,.]VZc'%%+!ZhYZX^g!]VcVjbZciVYdZc)&*]VadfjZ
hjedcZjc'YZaVhjeZgÒX^ZVgi^ÒX^VaidiVa#
AVXViZ\dgVfjZb{h]VVjbZciVYdZcZhidhhZ^hVdhZhaVgZaVi^kVVaVhgZYZh
k^Vg^Vh![Zggdk^Vg^VhniZggZcdhVhdX^VYdhfjZhZ^cXgZbZciVgdcZcjc&%+#:aiZ_^Yd
jgWVcdY^hXdci^cjdhZ^cXgZbZciZcZhiZeZg^dYdjc++naVhodcVh^cYjhig^VaZhd
XdbZgX^VaZhZmeZg^bZciVgdcjcXgZX^b^ZcidYZa*.!-#
DigVhXViZ\dgVhYZ{gZVhVgi^ÒX^VaZhfjZXgZXZcZcZhiZeZgdYd!h^W^Zcad]VXZc
ZcbZcdgegdedgX^c!hdcaVh^chiVaVX^dcZhYZedgi^kVhngZXgZVi^kVh&'!'naVhodcV
edgijVg^Vh)!-&#
:cXjVcidVaVhXViZ\dgVhfjZ]VcY^hb^cj^YdaVhjeZgÒX^ZYZiZggZcddXjeVYd!
YZhiVXVcaVhZhXdbWgZgVhnkZgiZYZgdhfjZhZgZYjXZcZcjc&'(!)(naVhodcVhYZ
ZmigVXX^cb^cZgVfjZad]VXZcZcjc+'!'#6h^b^hbd!VjcfjZZcbjX]VbZcdgXjVc"
iV!aVhodcVhZcXdchigjXX^cnaVhodcVhkZgYZhjgWVcVhYZXgZXZcZcZhiZeZgdYdZc
6hijg^Vhjc)!-njc&!,'!gZheZXi^kVbZciZ#
&*% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#*
HJ:AD
DEJ7I
3 :aegdnZXid8DG>C:AVcY8dkZg8A8!i^ZcZXdbddW_Zi^kd[jcYVbZciVaaVXVeijgVYZYVidh
YZi^edcjbg^Xdn\Zd\g{ÒXdeVgVaVXgZVX^cYZjcVWVhZYZYVidhZjgdeZVVZhXVaV&/&%%#%%%
hdWgZaV8dWZgijgVn$dJhdYZaIZgg^idg^dDXjeVX^cYZahjZad#
AdhYVidhYZdXjeVX^cYZahjZad]Vch^YddWiZc^YdhVeVgi^gYZadhgZhjaiVYdhYZaegdnZXid 8d"
g^cZAVcY8dkZg#AVhY^[ZgZciZh{gZVhYZhjZadVgi^ÒX^VafjZhZ]Vcji^a^oVYdZcZa^cY^XVYdghZ
YZÒcZcXdbdh^\jZ/
?dijWbWY_ed[iZ[fehj_lWioh[Yh[Wj_lWi$ 9ZcigdYZZhiVXViZ\dgVhZZc\adWVcXVbe^c\h!
iZggZcdhYZedgi^kdh!eVgfjZhYZdX^d!XVbedhYZ\da[!]^eYgdbdh!ZiX#>cXajnZeVgfjZh
igVY^X^dcVaZhcdgdYZVYdhedgodcVhjgWVcVh#
PedWil[hZ[ikhXWdWi$ OdcVhXdckZ\ZiVX^cYZcigdYZiZ_^YdjgWVcd!^cXajnZeVgfjZhn
XZbZciZg^dhXdckZ\ZiVX^c!nbVch^dcZhXdchjiZggZcd#:cZhiVXViZ\dgVhZZmXajnZc
adh_VgY^cZhjgWVcdh#
PedWi[dYedijhkYY_d$ :heVX^dhZcXdchigjXX^c!ZmXVkVX^dcZhZchjZaddgdXVÒgbZ!
bdk^b^ZcidhYZi^ZggV#
;iYecXh[hWiol[hj[Z[hei$ KZgiZYZgdheWa^Xdh!^cYjhig^VaZhdegdXZYZciZhYZb^cZgV
^cXajnZcYd iVbW^c adh X^cijgdcZh YZ kZ\ZiVX^c Xdbd eVgiZ YZ odcVh YZ egdiZXX^c
VagZYZYdgYZadhkZgiZYZgdh!ZY^ÒXVX^dcZhngZYZhYZigVchedgiZ#
PedWiZ[[njhWYY_dc_d[hW$ ÛgZVhYZZmigVXX^cVX^ZadVW^ZgidYZbViZg^VaZhYZXdch"
igjXX^cb^cVhYZVgZcV!XVciZgVhjdigdhb^cZgVaZh#>cXajnZ\gVkZgVh^cjcYVYVh!Zm"
XZeidZmigVXX^cYZaZX]dhYZadhgdh#
7[hefk[hjei$>cXajnZidYVXaVhZYZ^chiVaVX^dcZhVZgdedgijVg^Vhe^hiVhYZYZheZ\jZn
ViZgg^oV_Z!]Vc\VgZhiZgb^cVaZhYZXVg\VneVhV_Zgdh!digVhZY^ÒXVX^dcZhniZggZcdhfjZ
hZZcXjZcigVcYZcigdYZZhiVh^chiVaVX^dcZh^cXaj^YdeVhi^oVaZh#
PedWi fehjkWh_Wi$ >c[gVZhigjXijgV YZ odcVh edgijVg^Vh! ^cXajnZcYd bjZaaZh! Vhi^aaZgdh
nejZgidhYZedgi^kdh#:mXajnZ/odcVh^cYjhig^VaZhnXdbZgX^VaZhVhdX^VYVhVVXi^k^YVYZh
edgijVg^Vh#
7kjef_ijWi"WkjelWioj[hh[deiWieY_WZei$6YZb{hYZadhXVgg^aZhYZVbWVh^c[gVZh"
igjXijgVhhZ^cXajnZciZggZcdhVhdX^VYdhXdbdb{g\ZcZh!VgXZcZh!XjcZiVh!iZggVeaZcZh
ndigVh^chiVaVX^dcZheZgiZcZX^ZciZhVY^X]Vh^c[gVZhigjXijgVh#
PedWi"_dZkijh_Wb[ieYec[hY_Wb[i# AV bVndg eVgiZ dXjeVYV edg odcVh Xdc eVk^bZcid
Vgi^ÒX^Vah^ckZ\ZiVX^c!ZcaVhfjZiVbW^cVeVgZXZcZY^ÒX^dhn$dkZ\ZiVX^c#>cXajnZ/
hZgk^X^dhYZhZ\jg^YVYX^jYVYVcV!^chiVaVX^dcZhV\gXdaVh!gZX^cidh[Zg^VaZh!eaVciVhYZ
egdYjXX^cZaXig^XV!]dhe^iVaZh!jc^kZgh^YVYZh!ZiX#
J[`_ZekhXWdeZ_iYedj_dke Xdchi^ij^Ydedg/
"JgWVc^oVX^dcZhZmZciVhn$dV_VgY^cVYVh#OdcVhYZXVhVhYZkVg^dhe^hdh[dgbVcYd
odcVh ZY^ÒXVYVh gdYZVYVh YZ _VgY^cZh! h^ijVYVh eVgi^XjaVgbZciZ V aVh V[jZgVh YZ
VhZciVb^ZcidhjgWVcdh#
":higjXijgVjgWVcVaVmV#6fjZaaVZcaVfjZaVbVndgeVgiZYZaVi^ZggVZhi{XjW^ZgiV
edgZhigjXijgVh#:Y^ÒXVX^dcZh!XVggZiZgVhnhjeZgÒX^ZhVgi^ÒX^VaZhVhdX^VYVhVodcVh
XdckZ\ZiVX^cnhjZadYZhcjYd!fjZdXjeVchjeZgÒX^ZhY^hXdci^cjVheZgdh^\c^ÒXV"
i^kVh#:cigZZa(%n-%YZaVhjeZgÒX^ZidiVaYZWZhZg^beZgbZVWaZ#
(#*
HJ:AD
J[`_ZekhXWdeYedj_dke$ 6fjZaZcZafjZaVbVndgeVgiZYZaiZgg^idg^dZhi{XjW^ZgidedgZhigjX"
ijgVhngZYZhYZigVchedgiZ#:Y^ÒX^dh!XVggZiZgVhnhjeZgÒX^ZhVgi^ÒX^VaZhaVhXjVaZhXjWgZcb{h
YZa-%YZaVhjeZgÒX^ZidiVa#HdcXVhdhZmXZeX^dcVaZhaVhodcVhYZkZ\ZiVX^ccda^cZVaZhnZa
hjZadYZhcjYd#
;J:CI:H
B^c^hiZg^dYZ;dbZcid#>chi^ijid<Zd\g{ÒXdCVX^dcVa><C/Æ8dg^cZAVcY8dkZg'%%%ÇnÆ8dg^cZAVcY8dkZg'%%+Ç#
]iie/$$lll#^\c#Zh$
&*' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#*
HJ:AD
(#*#*ÛgZVhVgi^ÒX^VaZhZcaV[gVc_VXdhiZgV
AVhjeZgÒX^ZVgi^ÒX^VaZcZaeg^bZg`^abZigdYZaVXdhiVVhijg^VcVhZ^cXgZbZc"
iiVchadZcjc'ZcigZZa'%%%nZa'%%+!XdggZhedcY^ZcYdaVbVndgeVgiZYZZhiZ
^cXgZbZcidVaYZhVggdaadYZZhigjXijgVhjgWVcVh#
:c6hijg^VhZm^hiZjcVXjhVYdYZhZfj^a^Wg^dZcZa\gVYdYZedWaVb^ZcidnZcaV
adXVa^oVX^cYZaVhVXi^k^YVYZhnaVh^c[gVZhigjXijgVhYZcigdYZaVegde^VgZ\^c!XdcjcV
bVgXVYVY^[ZgZcX^VZcigZaVhodcVh^ciZg^dgZhnYZbdciVVnaVodcVXZcigVanXdhiZgV
YZaEg^cX^eVYd#
AV[gVc_VXdhiZgVVhijg^VcVZhi{egdiZ\^YVedgZaEaVcYZDgYZcVX^cYZaA^idgVa
YZ6hijg^VhEDA6Zck^\dgYZhYZZaVd'%%*#
6eZhVgYZaVegZY^hedh^X^ccVijgVaeVgVdXjeVgadhiZggZcdhYZaV[gVc_VXdhiZ"
gV!b{h[VkdgVWaZhYZhYZZaejcidYZk^hiVYZagZa^ZkZnYZaXa^bV!ZcigZ'%%%n'%%+Za
XgZX^b^ZcidYZhjZadhVgi^ÒX^VaZh]Vh^YdbdYZgVYdZcaV[gVc_VXdhiZgV!h^ij{cYdhZZc
jc&!-.#:hiZVjbZcid]Vh^Yd^c[Zg^dgVaZmeZg^bZciVYdedgZahjZadVgi^ÒX^VaZcZa
Xdc_jcidgZ\^dcVaZcZab^hbdeZgdYd'!&'#
Adh YVidh YZa 8dg^cZ AVcY 8dkZg gZÓZ_Vc fjZ aVh hjeZgÒX^Zh Vgi^ÒX^VaZh YZ aV
[gVc_VXdhiZgVVhijg^VcVVjbZciVgdcZc)*]VZcigZadhVdh'%%%n'%%+#:aedgXZciV_Z
YZ {gZVh Vgi^ÒX^VaZh Zm^hiZciZh Zc Za eg^bZg `^abZigd YZ XdhiV VhX^ZcYZ V jc .!%)
hdWgZZaidiVaYZaVhjeZgÒX^ZVgi^ÒX^VafjZhZVh^ZciVegZX^hVbZciZZcZhV[gVc_Va^idgVa
'#)+%!,*]V!adfjZgZegZhZciVjcbVndg\gVYdYZjgWVc^oVX^cZcZhiVodcVfjZZcZa
idiVagZ\^dcVa!ZcYdcYZaVhjeZgÒX^ZVgi^ÒX^VagZegZhZciVZa&!--#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &*(
(#*
HJ:AD
9ZaidiVaYZaVh{gZVhVgi^ÒX^VaZhYZaeg^bZg`^abZigdYZ[gVc_VXdhiZgVVhijg^V"
cVZcZaVd'%%+jc(.!&(ZhiVWVdXjeVYdedgiZ_^YdjgWVcdXdci^cjdnjc(+!(-
edgiZ_^YdjgWVcdY^hXdci^cjd#:hiZVaidedgXZciV_ZYZdXjeVX^cjgWVcVhZZmea^XVedg
aV \gVc XVci^YVY YZ k^aaVh! ejZWadh n VaYZVh fjZ hVae^XVc aV XdhiV Vhijg^VcV n YdcYZ
YZhiVXVcYdh\gVcYZhX^jYVYZh/<^_cn6k^ah#AVhodcVh^cYjhig^VaZhnXdbZgX^VaZhgZ"
egZhZciVcZa.!*+!WVhiVciZ^c[Zg^dgVaedgXZciV_ZYZhjZadVgi^ÒX^VagZ\^dcVaYZY^XVYd
VZhiZjhd0naVhodcVhedgijVg^VhhjedcZcZcaV[gVc_VXdhiZgVZa.!%,!iZc^ZcYd!Xdbd
Zha\^Xd!bVndgeZhdfjZZcZaXdc_jcidgZ\^dcVa#
;^cVabZciZ!YZhiVXVgfjZZa(!&(YZaVhjeZgÒX^ZVgi^ÒX^VaZcaV[gVc_VXdhiZgV
Zhi{dXjeVYVedg^chiVaVX^dcZhYZedgi^kVhngZXgZVi^kVh!edgXZciV_ZhjeZg^dgVagZaVi^kd
VaidiVagZ\^dcVafjZVhXZcY^V'!)'#
&*) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#*
HJ:AD
:a ^cXgZbZcid YZa ' YZ aVh hjeZgÒX^Zh Vgi^ÒX^VaZh Zc Za eg^bZg `^abZigd YZ
XdhiVZcigZ'%%%nZa'%%+!hZ]VegdYjX^YdbVndg^iVg^VbZciZedgaVXgZVX^cYZ{gZVh
YZiZ_^YdjgWVcdXdci^cjdnY^hXdci^cjd!fjZhZ]Vc^cXgZbZciVYdZc)*!-*]V!Vh^b^h"
bdiVbW^c]Vc\VcVYdZheVX^daVhodcVhedgijVg^Vh&.!.-]V!naVhc^XVhodcVhfjZ
hZ]VcgZYjX^YdZcZhiZeZgdYd]Vch^YdaVhodcVhZcXdchigjXX^c'%!'(]V#
;J:CI:H
B;B^c^hiZg^dYZ;dbZcid#>chi^ijid<Zd\g{ÒXdCVX^dcVa><C/Æ8dg^cZAVcY8dkZg'%%%ÇnÆ8dg^cZAVcY8dkZg'%%+Ç#
]iie/$$lll#^\c#Zh$
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &**
(#*
HJ:AD
(#*#+HjZadV[ZXiVYdedgaVZgdh^c
AVhjeZgÒX^ZYZhjZadV[ZXiVYVedgaVZgdh^cZc6hijg^VhZhbdYZgVYV#
EdgZgdh^cYZahjZadhZZci^ZcYZaVgZbdX^cYZbViZg^VaiZggZhigZZchjeZgÒ"
X^ZdVZhXVhVegd[jcY^YVY!edgVXX^cYZaV\jVdYZak^Zcid!XjVcYdhZYVedgXVjhVh
cVijgVaZh# AV Zgdh^c iVbW^c ejZYZ iZcZg XVjhVh Vcige^XVh n hZg dg^\^cVYV edg jc
jhd^cVYZXjVYdYZadhgZXjghdhcVijgVaZhedgZa]dbWgZ#AVVXijVX^c]jbVcVVXZaZgV
YgVb{i^XVbZciZaVegY^YVYZhjZad!YZW^a^iVcYdaVXVeVhjeZgÒX^VabZY^VciZaVZa^b^"
cVX^cYZadhWdhfjZh!aVhdWgZZmeadiVX^cV\gXdaVn\VcVYZgV!adh^cXZcY^dh[dgZhiV"
aZh!aVb^cZgVdaVXdchigjXX^c#
AdhYVidhfjZegZhZciVZa^cY^XVYdghdcadhYVidhVXijVa^oVYdhYZaVhigZXZ8d"
bjc^YVYZh 6jicdbVh Zc aVh fjZ hZ ]V ejWa^XVYd Za >ckZciVg^d CVX^dcVa YZ HjZadh!
gZVa^oVYdedgZaB^c^hiZg^dYZBZY^d6bW^ZciZ'%%'"'%&'#:hidhYVidhhdcZagZhjaiVYd
YZadhZhijY^dhgZVa^oVYdhZcigZ'%%'n'%&%#
:c 6hijg^Vh! aV hjeZgÒX^Z YZ hjZad V[ZXiVYV edg egdXZhdh Zgdh^kdh bdYZgVYdh
ZhYZa+&!.'!jc'&!+,YZaVhjeZgÒX^Zi^ZcZg^Zh\dbZY^dniVchadZa&+!)'YZaV
b^hbVXdggZhedcYZVhjZadhXdcjcegdXZhdZgdh^kdVaid#
Adh[VXidgZhcVijgVaZhfjZb{hV[ZXiVcVadhegdXZhdhZgdh^kdhZc6hijg^Vhhdc
ZaVaidg\^bZcYZaajk^VhnaVdgd\gV[VYZaVgZ\^c#:cigZadh[VXidgZhVcige^XdhYZh"
iVXVcadh^cXZcY^dh[dgZhiVaZhfjZi^ZcZcZcaVgZ\^cjc[jZgiZXdbedcZciZZhiVX^dcVa
nZhi{cgZaVX^dcVYdh!ZcaVbVndgVYZadhXVhdh!XdcaVcZ\a^\ZcX^VZcZajhdYZa[jZ\d
Xdbd]ZggVb^ZciVV\gXdaVdXdcaV^ciZcX^dcVa^YVY#
&*+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#*
HJ:AD
DEJ7I
3 AV Zgdh^c Xdch^YZgVYV Zh aV XdcdX^YV Xdbd ÆaVb^cVg n Zc gZ\jZgdhÇ# Adh edgXZciV_Zh YZ
hjeZgÒX^Z VedgiVYdh hZ gZÒZgZc V aV hjeZgÒX^Z \Zd\g{ÒXV idiVa YZ aV 8dbjc^YVY 6jicdbV!
h^ZcYdaVhjeZgÒX^ZZgdh^dcVWaZVfjZaaVhjhXZei^WaZYZhj[g^gegdXZhdhYZZgdh^c!XVaXjaVYVYZ"
YjX^ZcYdYZaVhjeZgÒX^Z\Zd\g{ÒXVaVhhjeZgÒX^ZhVgi^ÒX^VaZh!a{b^cVhYZV\jVhhjeZgÒX^VaZh
n]jbZYVaZh#
3:cZa^cY^XVYdg!Za^ciZgkVadYZegY^YVYZhjZadYZcdb^cVYdÆBdYZgVYdÇZhYZ%V&%i$]VmV"
d!ZaÆBZY^dÇYZ&%V'*i$]VmVd!nZaÆ6aidÇYZb{hYZ'*i$]VmVd#
3 :a ^ckZciVg^d hZ ZhigjXijgV Zc X^cXd bYjadh! XdggZhedcY^ZciZh V Y^hi^ciVh [dgbVh YZ Zgd"
h^c/
:gdh^caVb^cVgnZcgZ\jZgdh/ :hi^bVX^cXjVci^iVi^kVYZegY^YVhYZhjZadbZY^VciZ
Vea^XVX^cYZabdYZadGJHA:ÄGZk^hZYJc^kZghVaHd^aAdhh:fjVi^dc#
:gdh^cZcX{gXVkVhnWVggVcXdh/ ^YZci^ÒXVX^cnYZa^b^iVX^cYZ{gZVhV[ZXiVYVh#
:gdh^cZcegd[jcY^YVY bdk^b^ZcidhZcbVhV/>YZci^ÒXVX^cYZodcVhYZg^Zh\dediZc"
X^VanXaVh^ÒXVX^cXjVa^iVi^kV#
:gdh^cYZXVjXZh/8aVh^ÒXVX^cXjVa^iVi^kVYZjc^YVYZh]^Ygda\^XVhhZ\chjhXZei^W^a^"
YVYYZhj[g^g[ZcbZcdhidggZcX^VaZhZchjgZYYZYgZcV_Z#
:gdh^cZa^XV/>YZci^ÒXVX^cnXaVh^ÒXVX^cYZ{gZVhXdcg^Zh\dediZcX^Va#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^dVbW^ZciZnBZY^dgjgVanBVg^cd#ÆEZgÒa6bW^ZciVaYZ:heVV'%%.Ç#Æ7VcXdEWa^XdYZ>cY^XVYdgZh
6bW^ZciVaZh7E>6Ç]iie/$$lll#bVgb#Zh
(#*
HJ:AD
(#*#,HjZadhXdciVb^cVYdh
=VhiVaV[ZX]VhadZm^hiZjcZcXaVkZYZXaVgVYdXdbdhjZadXdciVb^cVYdZc6h"
ijg^Vh!egdh^\j^cYdhZXdcadhigVWV_dhYZY^V\chi^Xdnh^ijVX^cYZhjZadh#
:adg^\ZcYZaVXdciVb^cVX^cYZjchjZadXdciVb^cVYdejZYZhZgY^kZghd/jcV
bVaV \Zhi^c YZ adh gZh^Yjdh! V[ZXX^dcZh edg VXi^k^YVYZh gZVa^oVYVh Zc ^chiVaVX^dcZh
^cYjhig^VaZhdb^cZgVh!dVXX^YZciZhZcZaigVchedgiZ!ZaVabVXZcVb^ZciddaVbVc^ej"
aVX^cYZXdbWjhi^WaZhdegdYjXidhfjb^Xdh#
9VYVaVY^aViVYVigVY^X^cb^cZgVZ^cYjhig^VaYZ6hijg^Vh!ZcX^ZgiVh{gZVhYZ
aVgZ\^chZbVc^ÒZhiVejcijVabZciZZaegdWaZbVYZaVXdciVb^cVX^cYZahjZad#:c
ZaVd'%%&hZgZVa^oZcZaEg^cX^eVYdjceg^bZg^ckZciVg^dYZhjZadhediZcX^VabZciZ
XdciVb^cVYdh!fjZXVgViZg^oadhhjZadhYZkVg^dhZbeaVoVb^Zcidh#
8dcaVejWa^XVX^cYZa GZVa9ZXgZid.$'%%*!YZ&)YZZcZgd!edgZafjZhZZhiV"
WaZXZaVgZaVX^cYZVXi^k^YVYZhediZcX^VabZciZXdciVb^cVciZhYZahjZadnadhXg^iZg^dh
n Zhi{cYVgZh eVgV aV YZXaVgVX^c YZ hjZadh XdciVb^cVYdh! hZ ZhiVWaZXZ edg eg^bZgV
kZoZc:heVVjcbVgXdaZ\VaeVgVVWdgYVgaVegdWaZb{i^XVVbW^ZciVaYZadhhjZadh
XdciVb^cVYdh#:cigZaVhdWa^\VX^dcZhfjZZhiVWaZXZZaGZVa9ZXgZid.$'%%*Zhi{fjZadh
i^ijaVgZhYZVXi^k^YVYZhediZcX^VabZciZXdciVb^cVciZhYZahjZadYZWZcegZhZciVgVciZ
Zag\VcdVbW^ZciVaYZaV8dbjc^YVY6jicdbVjc>c[dgbZEgZa^b^cVgYZH^ijVX^cYZa
HjZad>EHH#:cZhiZhZci^Yd!ZcZaEg^cX^eVYdYZ6hijg^VhhZ]VcegZhZciVYd]VhiV(&
YZY^X^ZbWgZYZ'%%.jcidiVaYZ&#**,>c[dgbZhEgZa^b^cVgZh#
&*- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#*
HJ:AD
6jcfjZhZ]Vc^YZci^ÒXVYdcjbZgdhVhVXi^k^YVYZhediZcX^VabZciZXdciVb^cVc"
iZhYZahjZad!XVWZYZhiVXVgaVh^chiVaVX^dcZhYZhi^cVYVhVaVkZciV!bVciZc^b^Zcidn
gZeVgVX^cYZkZ]XjadhVbdidg!fjZ_jcidXdcZhiVWaZX^b^ZcidhYZhi^cVYdhVaVkZciV
YZXdbWjhi^WaZhVXVeVgVcZa)(YZaidiVaYZadh^c[dgbZhegZhZciVYdh#
EdgdigdaVYd!aVhVXi^k^YVYZhgZaVX^dcVYVhXdcaVegdYjXX^cnY^hig^WjX^cYZ
ZcZg\VZaXig^XV!\VhnkVedggZegZhZciVcZa-YZadh>EHHegZhZciVYdhnaV[VWg^XV"
X^cYZegdYjXidhbZi{a^XdhZa-#:agZhidYZZbeaVoVb^ZcidhdXjeVYdhedg^cYjh"
ig^VYZY^[ZgZciZi^edbVYZgVnXdgX]d!fjb^XV![VWg^XVX^cYZegdYjXidhb^cZgVaZhcd
bZi{a^Xdh!bZiVajg\^V!XdchigjXX^cYZbVfj^cVg^V![VWg^XVX^cYZbVfj^cVg^VnbViZ"
g^VaZaXig^Xdn[VWg^XVX^cYZdigdbViZg^VaYZigVchedgiZZcXdc_jcidgZegZhZciVcZa
&&!*.YZaidiVaYZadhZbeaVoVb^ZcidheVgVadhfjZhZ]VcgZVa^oVYd>EHH#
Edgai^bd!aVh^cYjhig^VhYZZY^X^cnVgiZh\gVÒXVhndigVhVXi^k^YVYZhh^cYZ"
iZgb^cVg!dXjeVcZa&%!''YZaidiVaYZ>EHHegZhZciVYdhnaVhVXi^k^YVYZhgZaVX^dcVYVh
XdcZaXdbZgX^dZa-!'-#AdhZbeaVoVb^ZcidhgZaVX^dcVYdhXdcaVhVXi^k^YVYZhYZhV"
cZVb^ZcideWa^XdnaVhVYb^c^higVX^dcZheWa^XVh!YZ[ZchVnhZ\jg^YVYhdX^VaiVchad
hjedcZcZa(!(.#
:cXjVcidVaVYZXaVgVX^c[dgbVaYZhjZadhXdciVb^cVYdh!]VhiVV]dgVZc6h"
ijg^Vh hZ ]V YZXaVgVYd jc hjZad XdciVb^cVYd Vci^\jV ÆFjb^XV 6aWVÇ! Zc AaVcZgV!
^c^X^{cYdhZZcZaVd'%%.adhXdggZhedcY^ZciZhigVWV_dhYZYZhXdciVb^cVX^cedgeVg"
iZYZhji^ijaVg#EdgdigVeVgiZ!hZ]Vc^c^X^VYddigdhdcXZZmeZY^ZciZhYZYZXaVgVX^c
7gVVaVbdhV!BVgVbj^onaVHdiZggVVZcAZcV08VjcZYdZcHdb^ZYd0;Za\jZgVBZai
nC^igVhijgZcAVc\gZd0:aGjX^d!AVEZV"IZggdcVanadhGjZaYdhZcB^ZgZh/Da^X^dZc
8Vc\VhYZDch0nIZmZdZcG^dhV#
DEJ7I
3AVhY^[ZgZciZhVXi^k^YVYZhediZcX^VabZciZXdciVb^cVciZhZhi{cXaVh^ÒXVYVhhZ\cZa8Y^\d
CVX^dcVaYZ6Xi^k^YVYZh:Xdcb^XVhYZaVd&..(8C6:.(jcXY^\dfjZeZgb^iZYZhV\gZ\Vg
aVhY^[ZgZciZhVXi^k^YVYZhZXdcb^XVhedgc^kZaZh!ZheZX^ÒXVcYdVfjZhZXidgeZgiZcZXZcnV
fjZVXi^k^YVYhZYZY^XVc#
;J:CI:H
(#+
G:H>9JDH
(#+#&
GZh^YjdhjgWVcdh
(#+#'
GZh^Yjdh^cYjhig^VaZh
(#+#(
GZh^YjdhYZaV^cYjhig^VZmigVXi^kV
(#+#)
GZh^YjdhYZXdchigjXX^cnYZbda^X^c
(#+#*
GZh^YjdhkZ\ZiVaZhn\VcVYZgdh
(#+#+
AdYdhYZYZejgVYdgV
(#+#,
CZjb{i^Xdh[jZgVYZjhd
(#+#-
KZ]Xjadh[jZgVYZjhd
(#+#.
GZh^YjdhYZe^aVhnVXjbjaVYdgZh
(#+#&%
GZh^YjdhYZVeVgVidhZaXig^XdhnZaZXigc^Xdh
(#+#&&
GZh^YjdhhVc^iVg^dh
(#+#&'
GZh^YjdhVc^bVaZh
(#+
G:H>9JDH
AdhbdYZadhegdYjXi^kdnYZXdchjbdk^\ZciZhZcaVhai^bVhYXVYVh!]VcYVYd
XdbdgZhjaiVYd!VYZb{hYZjcXgZX^b^ZcidZXdcb^Xd!jcVjbZcidegd\gZh^kdYZaV
egdYjXX^c YZ gZh^Yjdh# AV gZYjXX^c YZa kdajbZc YZ gZh^Yjdh \ZcZgVYdh! Vh Xdbd
jcVVYZXjVYV\Zhi^cYZadhb^hbdh!hZegZhZciVcXdbddW_Zi^kdhW{h^XdheVgVaVXdc"
hZXjX^c YZ jc h^hiZbV egdYjXi^kd b{h hdhiZc^WaZ# AV XaVkZ YZ Y^X]V hdhiZc^W^a^YVY
hZZcXjZcigVedgiVcidZcaVgZ\aVYZaVhÆigZhZggZhÇ/gZYjX^g!gZji^a^oVgngZX^XaVgadh
gZh^Yjdh#
6adaVg\dYZ'%%.hZ]VcegdYjX^YdVa\jcVhcdkZYVYZhZhZhiVbViZg^VZcZa
{bW^id Xdbjc^iVg^d# JcV YZ ZaaVh Zh Za >c[dgbZ YZ aV 8db^h^c Va 8dchZ_d! Va EVgaV"
bZcid:jgdeZd!8DB$'%%.$%+((Va8db^i:Xdcb^XdnHdX^Va:jgdeZdnVa8db^iYZ
aVhGZ\^dcZh!hdWgZaVVea^XVX^cYZaVaZ\^haVX^cXdbjc^iVg^VZcbViZg^VYZgZh^Yjdh#
:cZhiZYdXjbZcidhZVcVa^oVaVVWjcYVciZcdgbVi^kVZm^hiZciZnhj\gVYdYZXjbea^"
b^ZcidZcadhY^hi^cidheVhZhYZaVJc^c:jgdeZV#:cdigd^c[dgbZ8DB$'%%.$+(*aV
8db^h^cVcVa^oVaVVea^XVX^cYZaV9^gZXi^kV'%%%$*($8:gZaVi^kVVadhkZ]XjadhVaÒcVa
YZhjk^YVi^aYjgVciZZaeZg^dYd'%%*"'%%-#
&+' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#+
G:H>9JDH
6h^b^hbd!aVJc^c:jgdeZVVegdWVa\jcdhiZmidhcdgbVi^kdhfjZYZhVggdaaVc
dbVi^oVcY^gZXi^kVhVciZg^dgZh#:cigZZhidhhZZcXjZcigVaV9ZX^h^c'%%.$'.'$8:YZaV
8db^h^c!YZ')YZbVgodYZ'%%.!fjZXdbeaZbZciVaV 9^gZXi^kV.)$+'$8:!gZaVi^kVV
adhZckVhZhngZh^YjdhYZZckVhZhZcadgZaVi^kdVadhc^kZaZhYZXdcXZcigVX^cYZbZiV"
aZheZhVYdhZcaVhXV_VhneVaZiVhYZea{hi^Xd!naV9ZX^h^c'%%.$+%($8:YZaV8db^h^c!
YZ*YZV\dhidYZ'%%.!fjZYZhVggdaaVaV 9^gZXi^kV'%%+$++$8:!gZaVi^kVVadhgZh^Yjdh
YZe^aVhnVXjbjaVYdgZh!ZhiVWaZX^ZcYdadhgZfj^h^idheVgVZagZ\^higdYZegdYjXidgZh
YZe^aVhnVXjbjaVYdgZh#6h^b^hbd!jcXdc_jcidYZYZX^h^dcZh((*!((,!(*-!(*.n(+%
bdY^ÒXVgdcZc'%%.aV9^gZXi^kV'%%+$'&$8:!gZaVi^kVVaV\Zhi^cYZadhgZh^YjdhYZaVh
^cYjhig^VhZmigVXi^kVh#
:cZa{bW^idcVX^dcVa!YjgVciZ'%%.hZ]VigVWV_VYdZcZaYZhVggdaadYZjcV[j"
ijgV AZnYZGZh^YjdhfjZigVchedcYg{aV 9^gZXi^kVBVgXdYZGZh^Yjdh'%%-$.-$8:n!
ZcZahZ\jcYdVdYZVea^XVX^cYZaEaVcCVX^dcVa>ciZ\gVYdYZGZh^Yjdh'%%-"'%&*#
6h! hZ ]Vc ^c^X^VYd Y^kZghVh bZY^YVh Xdbd aV XddgY^cVX^c n XdaVWdgVX^c ZcigZ aVh
VYb^c^higVX^dcZheWa^XVhnaVbZ_dgVYZaV^c[dgbVX^chdWgZadhgZh^Yjdh#IVbW^c
ZcYZhVggdaadYZaEaVcCVX^dcVa!hZVWg^jcVacZVYZhjWkZcX^dcZhVaVh8dbjc^YVYZh
6jicdbVheVgVaVZ_ZXjX^cjg\ZciZYZVXijVX^dcZheVgVZaXjbea^b^ZcidYZaVaZ\^h"
aVX^cYZkZgiZYZgdh#
:c 6hijg^Vh! 8D<:GH6 hZ ]^od XVg\d Zc '%%. YZ aV Z_ZXjX^c YZ aVh bZY^YVh
ZheZX^VaZhgZXd\^YVhZcZaaaVbVYdÆEaVcYZX]dfjZeVgVZa[dbZcidYZagZX^XaV_ZnaV
gZXd\^YV hZaZXi^kVÇ# :c ZhiZ cjZkd bVgXd YZ VXijVX^c hZ ]Vc YZhVggdaaVYd Va\jcVh
^c^X^Vi^kVh Xdbd aV XVbeVV e^adid YZ XdbedhiV_Z Ydbhi^Xd d Za egd\gVbV YZ b^c^"
b^oVX^c YZa Xdchjbd YZ eVeZa Zc ZY^ÒX^dh eWa^Xdh bjc^X^eVaZh# IVbW^c Zc '%%.
8D<:GH6^c^X^ZaigViVb^ZcidYZadYdhYZYZejgVYdgV!XdcZaXdbedhiV_ZYZ'%#%%%
idcZaVYVh!na^X^iaVai^bVVbea^VX^cedh^WaZYZaKZgiZYZgd8ZcigVaYZ6hijg^Vh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &+(
(#+
G:H>9JDH
&+) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#+
G:H>9JDH
(#+#&GZh^YjdhjgWVcdh
AViVhVYZ\ZcZgVX^cYZgZh^YjdhjgWVcdhedg]VW^iVciZhZh^ijZc6hijg^VhZc
)).`\edgVd!bdhigVcYdjcViZcYZcX^VYZXgZX^ZciZZcadhai^bdhVdh#
AdhgZh^YjdhjgWVcdhhdcadhgZh^Yjdh\ZcZgVYdhZcadhYdb^X^a^dheVgi^XjaVgZh!
XdbZgX^dh!dÒX^cVhnhZgk^X^dh!niVbW^cadhfjZcdi^ZcZcXdch^YZgVX^cYZeZa^\gdhdh
nfjZedghjcVijgVaZoVdXdbedh^X^chZejZYZcVh^b^aVgVadhbZcX^dcVYdh#
AV\ZcZgVX^cYZgZh^YjdhjgWVcdhnhj\Zhi^cdg^\^cVc^beVXidhVbW^ZciVaZh
iVcidadXVaZh\gVcXdchjbdYZgZXjghdheWa^Xdh!bdaZhi^Vhedggj^YdnbVadhdadgZh!
XdciVb^cVX^cYZahjZadnYZaVhV\jVhXdbd\adWVaZhXdcig^WjX^cVaXVbW^dXa^b{i^"
XdedgZb^h^cYZ\VhZhYZZ[ZXid^ckZgcVYZgd#
:cZaEg^cX^eVYdYZ6hijg^Vh!ZcZaVd'%%.hZ\ZcZgVgdc)).`\YZgZh^Yjdh
jgWVcdhedg]VW^iVciZnVd!adfjZgZegZhZciVjc+bZcdhfjZZaVdVciZg^dg!bVc"
iZc^ZcYdaViZcYZcX^VVaVgZYjXX^chZ\j^YVedgZhiZ^cY^XVYdgYZhYZZaVd'%%(#
AVgZXd\^YVhZaZXi^kVh^\jZ\VcVcYdeZhdZc6hijg^Vh!]VW^cYdhZ^cXgZbZciVYd
Zc'%%.jcejcidedgXZcijVaZaeZhdYZZhiZi^edYZgZXd\^YVYZgZh^YjdhjgWVcdhXdc
gZheZXidVaVdegZXZYZciZ#6eZhVgYZZaad!adhgZh^YjdhbZoXaVYdhh^\jZchjedc^ZcYd
jc-.YZaidiVaYZgZh^YjdhjgWVcdh\ZcZgVYdhZc6hijg^Vh!nVhXZcY^ZgdcZc'%%.V
aVX^[gVYZ)()#+(%i[gZciZV*'#'-+iYZgZh^YjdhgZXd\^YdhhZaZXi^kVbZciZZhZb^hbd
Vd#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &+*
(#+
G:H>9JDH
9ZadhgZh^YjdhgZXd\^YdhhZaZXi^kVbZciZZc6hijg^Vh!YZhiVXVZaeVeZanXVgic
YZafjZhZgZXd\^Zgdc'-#(.(iZc'%%.!&#(+%ibZcdhfjZZaVdVciZg^dg#AVgZXd\^YV
hZaZXi^kVYZeVeZanXVgici^ZcZXdbddW_Zi^kdedh^W^a^iVgZagZX^XaV_ZYZZhidhbViZg^V"
aZh!adfjZhjedcZjcV]dggdYZZcZg\VnbViZg^Vheg^bVh#
&++ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#+
G:H>9JDH
:ah^\j^ZciZ\gjedZc^bedgiVcX^VZcXjVcidVXVci^YVYYZgZh^YjdhgZXd\^Ydh
hZaZXi^kVbZciZ!ZhZak^Yg^d!YZafjZhZgZXd\^ZgdcZcXdciZcZYdgZh&)#-&+iZcZaVd
'%%.!X^[gVjc&'hjeZg^dgVaVYZaVdVciZg^dg#AdhZckVhZhYZk^Yg^dhZejZYZcgZ"
X^XaVgVa&%%niVciVhkZXZhXdbdhZfj^ZgV!edgfjZZak^Yg^dcdhZYZ\gVYVc^e^ZgYZ
hjhXjVa^YVYZhXdcZagZX^XaV_Z#AVgZXd\^YVhZaZXi^kVYZZckVhZhYZk^Yg^di^ZcZXdbd
dW_Zi^kdedh^W^a^iVgZagZX^XaV_ZYZZhidhbViZg^VaZh!adfjZhjedcZjcV]dggdYZbViZ"
g^Vheg^bVhnZcZg\V!nVfjZZak^Yg^dgZX^XaVYdcZXZh^iVbZcdhiZbeZgVijgVeVgVhZg
[jcY^YdfjZaVhbViZg^Vheg^bVheVgV[VWg^XVgk^Yg^dcjZkd#
AVgZXd\^YVhZaZXi^kVYZZckVhZha^\Zgdhi^ZcZXdbddW_Zi^kdedh^W^a^iVgZagZX^"
XaV_ZYZadhbViZg^VaZhfjZadhXdbedcZc!ea{hi^XdhnbZiVaZhZchjbVndgeVgiZ!nZk^"
iVgYZZhiV[dgbVfjZhZYZedh^iZcZcaVcVijgVaZoV!YdcYZeZgbVcZXZYjgVciZYXVYVh
\ZcZgVcYd\gVkZhegdWaZbVhYZXdciVb^cVX^c#:c6hijg^VhhZgZXd\^ZgdcZc'%%.jc
idiVaYZ.#%,+iYZZhiZi^edYZgZh^Yjdh!bVciZc^cYdhZ!edgiVcid!ZaXgZX^b^ZcidZmeZ"
g^bZciVYdZcadhai^bdhVdh&%ZcZaVd'%%.#
:c6hijg^Vh!aVgZXd\^YVhZaZXi^kVhZgZVa^oVVigVkhYZjcVYZchVgZYYZXdciZ"
cZYdgZhfjZXjWgZadh,-bjc^X^e^dhVhijg^Vcdh![VX^a^iVcYdVadhX^jYVYVcdhZaYZe"
h^idhZ\gZ\VYdYZZhidhgZh^Yjdh#Adh6njciVb^ZcidhhdcadhZcXVg\VYdhYZgZVa^oVgaV
gZXd\^YVYZadhXdciZcYZYdgZhhZaZXi^kdh!h^ZcYdigVhaVYVYVhaVh[gVXX^dcZhhZeVgVYVh
YZgZh^YjdhVaVh^chiVaVX^dcZhYZ8D<:GH6eVgVhjgZX^XaVYd#
6a\jcdhbjc^X^e^dhXjZciVciVbW^cXdcXdciZcZYdgZheVgVaVgZXd\^YVhZaZXi^"
kVYZVXZ^iZhkZ\ZiVaZhjhVYdh!XjnV\Zhi^chZgZVa^oVedgeVgiZYZZbegZhVh\ZhidgVh
Vjidg^oVYVhfjZadhYZhi^cVcVeaVciVhYZW^dY^hZa#
;J:CI:H
8D<:GH68dchdgX^deVgVaV<Zhi^cYZadhGZh^YjdhHa^YdhZc6hijg^Vh#]iie/$$lll#Xd\ZghV#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &+,
(#+
G:H>9JDH
(#+#'GZh^Yjdh^cYjhig^VaZh
AV\ZcZgVX^cYZgZh^Yjdh^cYjhig^VaZh]VY^hb^cj^YdZc'%%-gZheZXidV'%%,/
jc(,ZcZaXVhdYZadhcdeZa^\gdhdhnjc&'ZcZaXVhdYZadheZa^\gdhdh#
AdhgZh^Yjdh^cYjhig^VaZhhdcadhgZh^Yjdh\ZcZgVYdhedgaVVXi^k^YVYegdYjXi^kV
^cYjhig^Va n hZ ejZYZc XaVh^ÒXVg Zc igZh \gjedh/ gZh^Yjdh Vh^b^aVWaZh V jgWVcdh adh
\ZcZgVYdhZcXdbZYdgZh!ZcdÒX^cVh!adhgZh^YjdhYZZbWVaV_ZhnZckVhZh!ZiX#!gZ"
h^YjdhcdeZa^\gdhdhegdXZYZciZhYZaVigVch[dgbVX^cYZVa\jcVhbViZg^Vheg^bVh!
hdWgZidYdZcadhegdXZhdhYZegdYjXX^cYZZcZg\V!ngZh^YjdheZa^\gdhdh#Hadjc
eZfjZdedgXZciV_ZYZadhgZh^Yjdh^cYjhig^VaZhhZXaVh^ÒXVXdbdgZh^YjdheZa^\gdhdh
Zc'%%-Za,YZadhgZh^Yjdh^cYjhig^VaZhegdYjX^YdhZc6hijg^VhhZXaVh^ÒXVgdcXdbd
eZa^\gdhdh#
AdhgZh^Yjdh^cYjhig^VaZhhdcjcVXdchZXjZcX^VcdYZhZVYVYZaVVXi^k^YVY^c"
Yjhig^Van!ZcdXVh^dcZh!hjedcZcjcV^cZÒX^ZcX^VYZadhegdXZhdhegdYjXi^kdh#HZYZh"
VegdkZX]VbViZg^Veg^bVnZcZg\VXdciZc^YVZcadhgZh^Yjdh!h^cVedgiVgc^c\ckVadg
VVY^Yd#
:cadfjZhZgZÒZgZVadhgZh^Yjdh^cYjhig^VaZhcdeZa^\gdhdh!hZ\ZcZgVgdcZc
'%%-ZcZaEg^cX^eVYdYZ6hijg^Vh&#)-*i!jc(,bZcdhfjZZc'%%,#:cXjVcidVhj
i^edad\V!Za,-YZadhgZh^Yjdh^cYjhig^VaZhcdeZa^\gdhdhhdcgZh^YjdhYZaVXdbWjh"
i^c!Za&&hdcgZh^Yjdhfjb^XdhnZa*hdcgZh^YjdhbZi{a^Xdh#
&+- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#+
G:H>9JDH
:cZaXVhdYZadhgZh^Yjdh^cYjhig^VaZheZa^\gdhdh\ZcZgVYdhedgaVh^cYjhig^Vh
bVcj[VXijgZgVnZcZg\i^XV!Zc'%%-aVXVci^YVY\ZcZgVYV[jZYZ&&&b^aZhYZi!adfjZ
hjedcZ jc &' YZ gZYjXX^c Xdc gZheZXid Va Vd VciZg^dg# :cigZ Zaadh! adh gZh^Yjdh
fjb^XdhhdcadhYZbVndgXjVciV!gZegZhZciVcYdjc++YZaidiVa!hZ\j^Ydhedgadh
gZh^YjdhYZXdbWjhi^cjc&'nadhVXZ^iZhjhVYdhjc+#
AV \Zhi^c YZ adh gZh^Yjdh ^cYjhig^VaZh! iVcid cd eZa^\gdhdh Xdbd eZa^\gdhdh!
hZgZVa^oVZc6hijg^Vhh^\j^ZcYdY^[ZgZciZhbdYZadh/ZcVa\jcdhXVhdhhdcaVhegde^Vh
ZbegZhVhfjZadh\ZcZgVcaVhfjZadh\Zhi^dcVckVadg^o{cYdadhdYZedh^i{cYdadhZc
kZgiZYZgdh ZheZXÒXdh n Zc digVh dXVh^dcZh hdc ZcigZ\VYdh V \ZhidgZh Vjidg^oVYdh!
cdgbVabZciZYZcigdYZaVegde^V8dbjc^YVY6jicdbV#8D<:GH6YVhdajX^cVWjZcV
eVgiZYZadhgZh^Yjdh^cYjhig^VaZheZa^\gdhdhfjZhZ\ZcZgVcZcaVgZ\^c!VigVkhYZ
^chiVaVX^dcZhZheZXÒXVhYZigViVb^ZcidnjcYZeh^idYZhZ\jg^YVY#
;J:CI:H
>C:>chi^ijidCVX^dcVaYZ:hiVYhi^XV#]iie/$$lll#^cZ#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &+.
(#+
G:H>9JDH
(#+#(GZh^YjdhYZaV^cYjhig^VZmigVXi^kV
6hijg^Vh bjZhigV jcV iZcYZcX^V YZXgZX^ZciZ Zc aV \ZcZgVX^c YZ gZh^Yjdh cd
eZa^\gdhdhYZaV^cYjhig^VZmigVXi^kV!h^W^ZcZc'%%-hZegdYj_djc^cXgZbZcidgZheZXid
VaVdVciZg^dg#
9jgVciZadhegdXZhdhb^cZgdhhZdg^\^cVc^bedgiVciZhXVci^YVYZhYZgZh^Yjdh
YZdg^\ZcnXdbedh^X^cbjnkVg^VWaZh#AVbVndgeVgiZYZZaadhhdcgZh^YjdhcdeZa^"
\gdhdh!XjnVegdWaZb{i^XVVbW^ZciVakVb{hk^cXjaVYVVaVhZcdgbZhXVci^YVYZhfjZ
hZ\ZcZgVcfjZVhjeZa^\gdh^YVY#
:cZaVd'%%-hZ^cXgZbZciVaVXVci^YVYYZgZh^YjdhcdeZa^\gdhdh\ZcZgVYdh
edgaV^cYjhig^VZmigVXi^kVZcjc(%gZheZXidV'%%,!aaZ\VcYdV,%)#%'&iYZZhidh
gZh^Yjdh#
6eZhVgYZZhiZ^cXgZbZcid!ZcacZVh\ZcZgVaZh!h^Xdch^YZgVbdhidYVaVhZg^Z
YZVdh!adhgZh^Yjdhb^cZgVaZh]VchZ\j^YdjcViZcYZcX^VYZhXZcYZciZZcaVai^bV
YXVYV!XdcjcVgZYjXX^cVXjbjaVYVYZhYZZa'%%)YZa)+#
DEJ7I
3AdhYVidhYZ'%%)V'%%-gZ[Zg^YdhVaV[gVXX^cYZgZh^Yjdhb^cZgVaZh^cXajnZcgZh^Yjdhb^"
cZgVaZhnYZaVXdchigjXX^c!ngZh^Yjdhhda^Y^ÒXVYdhnk^ig^ÒXVYdh#
(#+
G:H>9JDH
(#+#)GZh^YjdhYZXdchigjXX^cnYZbda^X^c
AV\Zhi^cYZgZh^YjdhYZXdchigjXX^cnYZbda^X^chZgZVa^oVZc6hijg^VhYZ
[dgbVXdcigdaVYV!eg^dg^o{cYdhZaVkVadg^oVX^cbViZg^VaYZadhb^hbdhnb^c^b^oVcYd
ZaYZeh^idZckZgiZYZgd#
Adh gZh^Yjdh YZ XdchigjXX^c n YZbda^X^c G89 hZ \ZcZgVc Zc Za YZgg^Wd YZ
ZY^ÒX^dh!ZcaVhdWgVhYZXdchigjXX^cnZcaVhdWgVhYZgZ[dgbVdgZ]VW^a^iVX^c#HZ
XdcdXZc]VW^ijVabZciZXdbdZhXdbWgdhnhZegdYjXZcZc\gVcYZhXVci^YVYZh#CdhZ
^cXajnZZcZhiZXdcXZeidaVhi^ZggVha^be^VhegdXZYZciZhYZZmXVkVX^dcZh#AVbVndgV
YZadhG89hdc^cZgiZh!h^W^ZcZm^hiZjcVeZfjZVegdedgX^cYZgZh^YjdheZa^\gdhdh
Vb^Vcid!gZh^cVh!e^cijgVh!½#
:c aV VXijVa^YVY 6hijg^Vh XjZciV Xdc Ydh eaVciVh YZ igViVb^Zcid YZ G89/ jcV
eWa^XV!i^ijaVg^YVYYZ8D<:GH6ndigVeg^kVYV!i^ijaVg^YVYYZ8dciZbVm<Zhi^cBZY^d"
VbW^ZciVanYZcdb^cVYVÈEVgfjZKZgYZÉ#6bWVhhZaZXX^dcVc!XaVh^ÒXVcnkVadg^oVcZh"
idhgZh^Yjdh#AV[gVXX^cgZhidhZZa^b^cVZcjckZgiZYZgdXdcigdaVYdYZG89Zm^hiZciZ
ZcaVh^chiVaVX^dcZhYZ8D<:GH6#
HZdWhZgkVZcZa\g{ÒXdXdbdaVXVci^YVYYZG89fjZhZ\Zhi^dcVVYZXjVYV"
bZciZZcaVh^chiVaVX^dcZhVjidg^oVYVhZm^hiZciZhZcaVgZ\^c!VjbZciVVadaVg\dYZa
eZgdYdVcVa^oVYd#AVhZg^ZVcVa^oVYVXdb^ZcoVZc'%%(!VdZcfjZZcigVgdcZc[jc"
X^dcVb^ZcidaVh^chiVaVX^dcZhXZcigVa^oVYVhYZ8D<:GH6#:cVfjZabdbZcidZm^hiVc
ZcaVgZ\^cdigdhkZgiZYZgdhYZgZh^Yjdh^cZgiZhfjZ[jZgdcXaVjhjgVYdhZcadhVdh
h^\j^ZciZh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &,&
(#+
G:H>9JDH
AVejWa^XVX^cYZa GZVa9ZXgZid&%*$'%%-!YZ&YZ[ZWgZgd!edgZafjZhZgZ\jaV
aVegdYjXX^cn\Zhi^cYZadhgZh^YjdhYZXdchigjXX^cnYZbda^X^c!hjejhdZa^bejahd
YZÒc^i^kdVaVXdggZXiV\Zhi^cYZadhG89Zc6hijg^Vh#AVZcigVYVZc[jcX^dcVb^ZcidYZ
aV^chiVaVX^cEVgfjZKZgYZ!Zc'%%-!VXVeVg!edgdigVeVgiZ!WjZcVeVgiZYZadhG89
egdkZc^ZciZhYZZbegZhVhYZXdciZcZYdgZh#:cZaVd'%%.!hZ\Zhi^dcVgdcZc6hijg^Vh
(+)#'-(iYZG89'&+#'),iZcEVgfjZKZgYZn&)-#%(+iZc8D<:GH6#:hiVXVci^YVY
hjedcZjc&bZcdhfjZZc'%%-#
;J:CI:H
8D<:GH68dchdgX^deVgVaV<Zhi^cYZadhGZh^YjdhHa^YdhZc6hijg^Vh#]iie/$$lll#Xd\ZghV#Zh
EVgfjZKZgYZ#]iie/$$lll#eVgfjZkZgYZ#Xdb
&,' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#+
G:H>9JDH
(#+#*#GZh^YjdhkZ\ZiVaZhn\VcVYZgdh
9ZhYZ '%%(! hZ ]V kZc^Yd ^cXgZbZciVcYd aV XVci^YVY YZ gZh^Yjdh kZ\ZiVaZh n
\VcVYZgdhfjZhZXdbedhiVcZc^chiVaVX^dcZhXZcigVa^oVYVh!h^W^ZcZc'%%.hZ]Vegd"
YjX^YdjcVa^\ZgVY^hb^cjX^c#
AdhgZh^YjdhkZ\ZiVaZhi^ZcZcYdhdg\ZcZheg^cX^eVaZh/adhXjai^kdhV\gVg^dhn
aVhZmeadiVX^dcZh [dgZhiVaZh#:c6hijg^Vh! adh gZh^Yjdh V\gXdaVhcd i^ZcZc \gVc gZaZ"
kVcX^V!YZW^YdVai^edYZZmeadiVX^dcZhV\gXdaVhYZcjZhigVgZ\^c#H^cZbWVg\d!adh
gZh^Yjdh [dgZhiVaZh! egdXZYZciZh YZ YZhWgdXZh n iVaVh! h hjedcZc jc kdajbZc VcjVa
^bedgiVciZ#
:c'%%(hZejhdZcbVgX]VZcaVgZ\^cjcVeaVciVYZ[VWg^XVX^cYZXdbedhi
ZcaVh^chiVaVX^dcZhYZ8D<:GH6!fjZigViVadhgZh^YjdhkZ\ZiVaZh\ZcZgVYdhZcadh
Y^hi^cidhbjc^X^e^dhVhijg^VcdhgZhidhYZedYVheg^cX^eVabZciZ!VhXdbdYZadhZh"
i^gXdaZhYZg^kVYdhYZbZgXVYdhYZ\VcVYdZ]e^Xdh#
HZdWhZgkVXdbd!YZhYZZa^c^X^dYZ[jcX^dcVb^ZcidYZaVeaVciV!hZ]V^cXgZ"
bZciVYdVcjVabZciZaVXVci^YVYYZgZh^YjdhXdbedhiVYdhZcZhiV^chiVaVX^c!adfjZ
Zh^cY^XVi^kdYZjcVbZ_dgVZcaV\Zhi^cYZZhiZi^edYZgZh^Yjdh#:cZaVd'%%.!cd
dWhiVciZ!hZ]VgZYjX^YdVa\daVXVci^YVYYZgZh^YjdhXdbedhiVYdh!eVhVcYdYZ''!+
b^aZhYZidcZaVYVhZc'%%-V'%!-b^aZhYZiZc'%%.!adfjZhjedcZjc-YZgZYjXX^c
ZcaV\ZcZgVX^cYZZhiZi^edYZgZh^Yjdh#
Edg hj eVgiZ! eVgV Za igViVb^Zcid YZ Zhi^gXda! Za <dW^Zgcd YZa Eg^cX^eVYd YZ
6hijg^VhZhegde^ZiVg^dYZjcVEaVciVYZIgViVb^ZcidYZGZh^Yjdh<VcVYZgdhjW^XVYV
ZcZaXdcXZ_dYZ8VWgVaZh!XjnVXdchigjXX^chZegdbdk^ZcViZcX^cVaVegdWaZb{i^XV
VbW^ZciVa YZiZXiVYV Zc ZhiZ XdcXZ_d! dXVh^dcVYV edg aV Za^b^cVX^c ^ggZ\jaVg YZ adh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &,(
(#+
G:H>9JDH
gZh^Yjdh\VcVYZgdh#AVeaVciV!fjZaaZkVZc[jcX^dcVb^ZcidYZhYZÒcVaZhYZaVd'%%'!
hdbZiZ V jc egdXZhd YZ XdbedhiV_Z Za Zhi^gXda fjZ hZ gZXd\Z Zc adh XdciZcZYdgZh
jW^XVYdhZckVg^dhcXaZdhYZaXdcXZ_dYZ8VWgVaZh#
:c'%%.aVXVci^YVYYZgZh^Yjdh\VcVYZgdhfjZZcigVgdcZcaVeaVciVYZ8VWgVaZh
[jZgdc(#,*&i!XVci^YVYfjZhZbVci^ZcZedXdkVg^VWaZYZhYZaVZcigVYVZc[jcX^dcV"
b^ZcidYZaVeaVciV#IVchadhZ]VYZhk^VYdjc*VaVWV_VXdcgZheZXidVaVXVci^YVY
XdbedhiVYVZcZhiVeaVciVZaVdVciZg^dg#
;J:CI:H
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVh#]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
8D<:GH68dchdgX^deVgVaV<Zhi^cYZadhGZh^YjdhHa^YdhZc6hijg^Vh#]iie/$$lll#Xd\ZghV#Zh
&,) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#+
G:H>9JDH
(#+#+AdYdhYZYZejgVYdgV
AVegdYjXX^cYZadYdhYZYZejgVYdgVZc6hijg^VhVjbZcijc(Zc'%%.gZh"
eZXidVaVdVciZg^dg#:cidYdhadhXVhdh!hZ\Zhi^dcVcXZcigVa^oVYVbZciZZcaVh^chiV"
aVX^dcZhYZ8D<:GH6#
:aEaVcCVX^dcVa>ciZ\gVYdYZGZh^Yjdh'%%-"'%&*ZhiVWaZXZjcVhZg^ZYZdW_Z"
i^kdhXjVci^iVi^kdheVgVaV\Zhi^cYZadhadYdhYZYZejgVYdgV!YZ[dgbVfjZZcZaVd
'%&*Za+,YZadhadYdhYZYZejgVYdgVegdYjX^YdhZc:heVVYZWZg{cYZhi^cVghZVaV
Vea^XVX^cZchjZadhV\gXdaVh!Za&-VaVkVadg^oVX^cZcdigdhhjZadh!jdigdi^edYZ
kVadg^oVX^c!Za&'VYZeh^idZckZgiZYZgd!nZa(V^cX^cZgVX^c#
:c6hijg^Vh!aVidiVa^YVYYZadhadYdhYZYZejgVYdgVegdYjX^YdhZh\Zhi^dcVYV
edg8D<:GH6!fjZYZhi^cVjcVeVgiZVaVegdYjXX^cYZXdbedhinYZedh^iVZagZhidZc
ZakZgiZYZgdYZgZh^YjdhcdeZa^\gdhdh#BVciZcZgZhiZi^edYZ\Zhi^c^cXjbea^gVXdc
aVhZm^\ZcX^VhaZ\VaZhYZgZYjXX^cegd\gZh^kVYZaVbViZg^Vdg\{c^XVY^hejZhiVZckZg"
iZYZgd!VYZb{hYZegZhZciVgdigdhegdWaZbVhYZZmeadiVX^cXdbdbVadhdadgZh#Edg
Zaad!8D<:GH6eaVciZVaV[jijgV\Zhi^cYZadhadYdhYZYZejgVYdgVZc6hijg^VhXdbd
jcVXdbW^cVX^cZcigZZaXdbedhiV_ZYZ'%#%%%iVcjVaZhnZahZXVYdYZagZhidYZadYdh
eVgVhjkVadg^oVX^cZcZg\i^XV#
AVXVci^YVYYZadYdhYZYZejgVYdgV\Zhi^dcVYdhZc'%%.VhXZcY^V,+!+b^aZh
YZidcZaVYVh!X^[gViVchadjc(hjeZg^dgVaVYZaVdVciZg^dg!VjcfjZjc&-^c[Z"
g^dgVaVX^[gVYZaVd'%%,#:cXjVafj^ZgXVhd!eVgVkVadgVgZhiVhX^[gVh]VnfjZiZcZg
ZcXjZciVfjZadhadYdhYZYZejgVYdgVfjZhZgZX^WZcZc8D<:GH6cdh^ZbegZi^ZcZc
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &,*
(#+
G:H>9JDH
Zab^hbd\gVYdYZhZfjZYVY#:a[jcX^dcVb^ZciddcdYZaVh^chiVaVX^dcZhYZhZXVYd
fjZi^ZcZcVa\jcVhYZejgVYdgVh]VXZfjZhZgZX^WVbZcdhXVci^YVYYZadYdhh^hiZhZ
hZXV!adXjVacdfj^ZgZYZX^gfjZZcaVeaVciVhZ]VnVcigViVYdbZcdhV\jVhgZh^YjVaZh#
AVhYZX^h^dcZhYZVggVcfjZdeVgVYVYZZhVheaVciVhi^ZcZcfjZkZgXdcadhXdhiZhYZ
ZmeadiVX^cnXdcadhegdWaZbVhYZdadgZhfjZhZejZYVc\ZcZgVgXdcZakZX^cYVg^dYZ
Va\jcVYZZaaVh#
;J:CI:H
8D<:GH68dchdgX^deVgVaV<Zhi^cYZadhGZh^YjdhHa^YdhZc6hijg^Vh#]iie/$$lll#Xd\ZghV#Zh
&,+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#+
G:H>9JDH
(#+#,CZjb{i^Xdh[jZgVYZjhd
:c6hijg^Vh!adhcZjb{i^Xdh[jZgVYZjhdhZgZXd\ZcVigVkhYZjcVgZYYZgZ"
Xd\^YVdg\Vc^oVYVedgadhH^hiZbVh>ciZ\gVYdhYZ<Zhi^c#
AdhcZjb{i^Xdh[jZgVYZjhdC;JhjedcZcjcegdWaZbVbZY^dVbW^ZciVa!nV
fjZ aV cVijgVaZoV cd ejZYZ Vh^b^aVg edg h b^hbV Va\jcdh YZ adh XdbedcZciZh fjZ
Xdci^ZcZc#
AV cdgbVi^kV W{h^XV fjZ gZ\jaV aV \Zhi^c YZ ZhiZ gZh^Yjd Zh Za GZVa 9ZXgZid
&+&.$'%%*!YZ(%YZY^X^ZbWgZ!fjZi^ZcZedgdW_ZidegZkZc^gaV\ZcZgVX^cYZcZjb{i^"
Xdh[jZgVYZjhd!ZhiVWaZXZgZag\^bZc_jgY^XdYZhjegdYjXX^cn\Zhi^c!n[dbZciVg!
edgZhiZdgYZc!hjgZYjXX^c!gZji^a^oVX^c!gZX^XaVYdndigVh[dgbVhYZkVadg^oVX^c!Xdc
aVÒcVa^YVYYZegdiZ\ZgZabZY^dVbW^ZciZ#
=VhiVaVZcigVYVZck^\dgYZa GZVa9ZXgZid&+&.$'%%*!adhcZjb{i^Xdh[jZgVYZ
jhdfjZhZ\ZcZgVWVcZccjZhigVgZ\^cZgVcYZedh^iVYdhZcZakZgiZYZgdXZcigVaYZ
8D<:GH6#6eVgi^gYZ'%%+!Xdb^ZcoVcVdeZgVgZc6hijg^VhYdhH^hiZbVh>ciZ\gVYdh
YZ<Zhi^c!ZheZXÒXdheVgVZhiZi^edYZgZh^Yjdh/ZaH^hiZbV>ciZ\gVYdYZ<Zhi^cYZ
CZjb{i^XdhJhVYdhH><CJHnaVZci^YVYIgViVb^ZcidYZCZjb{i^XdhJhVYdhICJ#
6bWdhXjZciVcXdc^chiVaVX^dcZhYZgZXd\^YVnkVadg^oVX^cYZC;J#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &,,
(#+
G:H>9JDH
:akdajbZcYZC;J\Zhi^dcVYdhZc6hijg^VhhZh^iVZcigZadh,n,!-b^aZhYZ
idcZaVYVhVcjVaZh#:cZaVd'%%.hZ\Zhi^dcVgdc,#,%-iYZC;JZc6hijg^Vh!adfjZhj"
edcZjc^cXgZbZcidYZjc.XdcgZheZXidVaVX^[gVYZaVdVciZg^dg#9ZZhiVXVci^YVY
Za.*[jZgdc\Zhi^dcVYdhedgH><CJHnICJ!nZa*gZhiVciZedg8D<:GH6fjZh^\jZ
ji^a^oVcYdadhC;JeVgVaVWdgZhVjm^a^VgZhZcaVZmeadiVX^cYZadhkZgiZYZgdh#
;J:CI:H
8D<:GH68dchdgX^deVgVaV<Zhi^cYZadhGZh^YjdhHa^YdhZc6hijg^Vh#]iie/$$lll#Xd\ZghV#Zh
H><CJHH^hiZbVYZ<Zhi^c>ciZ\gVYVYZCZjb{i^XdhJhVYdh#]iie/$$lll#h^\cjh#Zh
ICJIgViVb^ZcidYZCZjb{i^XdhjhVYdh#]iie/$$lll#icj#Zh
&,- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#+
G:H>9JDH
(#+#-KZ]Xjadh[jZgVYZjhd
:acbZgdYZkZ]XjadhYVYdhYZWV_VZc6hijg^VhZc'%%.hZ^cXgZbZciZcb{h
YZjc)%gZheZXidVaVdegZXZYZciZ#
AdhkZ]Xjadh[jZgVYZjhdXdchi^ijnZcjcgZh^YjdfjZZhcZXZhVg^d\Zhi^dcVg
XdggZXiVbZciZeVgVb^c^b^oVghjhZ[ZXidhhdWgZZabZY^dVbW^ZciZ#6ZhiZgZheZXid!
ZcZaVd'%%'hZejWa^XZaGZVa9ZXgZid&(-($'%%'!YZ'%YZY^X^ZbWgZ!hdWgZ\Zhi^c
YZkZ]XjadhVaÒcVaYZhjk^YVi^a#:cZhiVcdgbVi^kVhZZhiVWaZXZcbZY^YVhegZkZci^"
kVhYZhYZaV[VhZYZY^hZdYZakZ]Xjad!iZcYZciZhVY^hb^cj^gna^b^iVgaVji^a^oVX^cYZ
hjhiVcX^VheZa^\gdhVhZchj[VWg^XVX^c!VhXdbdV[VX^a^iVgaVgZji^a^oVX^c!ZagZX^XaVYd
naVkVadg^oVX^cYZhjhY^hi^cidhZaZbZcidh!eVgVgZYjX^gaVV[ZXX^cVbW^ZciVaegdYj"
X^YVedgadhkZ]Xjadh#
:cZaVd'%%.hZegdYj_ZgdcZc6hijg^Vh')#%+)WV_VhYZkZ]Xjadh!jc)%b{h
fjZZc'%%-#:hiZcdiVWaZ^cXgZbZcidhZejZYZ_jhi^ÒXVgXdcaVVea^XVX^cYjgVciZ'%%.
YZaaaVbVYdEaVc'%%%:!YZVedndVaVgZcdkVX^cYZaeVgfjZYZkZ]Xjadh#AVhhjW"
kZcX^dcZhYZZhiZeaVcZhiVWVcY^g^\^YVhVaVVYfj^h^X^cYZkZ]XjadhcjZkdhnjhVYdh
YZ ]VhiV X^cXd Vdh YZ Vci^\ZYVY! h^ZbegZ fjZ aV VYfj^h^X^c kVnV VXdbeVVYV YZ
aVWV_VYZÒc^i^kVYZjckZ]XjadYZb{hYZY^ZoVdhdXdcjc`^adbZigV_ZhjeZg^dgV
'*%#%%%`b#
:ceZhd!adhkZ]Xjadh[jZgVYZjhdZc6hijg^Vhhjejh^Zgdc''#-+&iZc'%%.!YZ
aVhfjZZa,(XdggZhedcYZVbViZg^VaZhbZi{a^Xdh!'*VdigdhbViZg^VaZhcdeZa^\gd"
hdhnZa'hdcgZh^YjdheZa^\gdhdhVXZ^iZhjhVYdh!WViZgVh!½#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &,.
(#+
G:H>9JDH
:c '%%. hZ gZXjeZgVgdc Zc 6hijg^Vh! egdXZYZciZh YZ kZ]Xjadh [jZgV YZ jhd!
&*#+()iYZbZiVaZh[gg^Xdh!&#%.)iYZbZiVaZhcd[gg^Xdh!&#-..iYZbViZg^VaZhea{h"
i^Xdhn,&*iYZk^Yg^d!ZcigZdigdh#
DEJ7I
3AV\Zhi^cYZadhK;JhZgZVa^oVeg^cX^eVabZciZZcijg^hbdh!VjcfjZiVbW^chZ^cXajnZcZc
ZhiZXdcXZeidbdidhnXVb^dcZhYZcdb{hYZ(#*%%@\#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#]iie/$$lll#bVgb#Zh
9<I9^gZXX^c<ZcZgVaYZIg{ÒXd#]iie/$$lll#Y\i#Zh
(#+
G:H>9JDH
(#+#.GZh^YjdhYZe^aVhnVXjbjaVYdgZh
AV gZXd\^YV hZaZXi^kV YZ e^aVh n VXjbjaVYdgZh h^\jZ VjbZciVcYd Zc 6hijg^Vh
VdVVd#
:caVXdbedh^X^cYZe^aVhnVXjbjaVYdgZh^ciZgk^ZcZcYZiZgb^cVYVhhjhiVcX^Vh
eZa^\gdhVhedgadfjZ!XjVcYdhZV\diVcnYZWZchZgZa^b^cVYdhXdbdgZh^Yjdh!i^ZcZc
jcVaidedYZgXdciVb^cVciZYZhjZadhnV\jVh#EdgZaad!Zhi{cXaVh^ÒXVYdhZcaVaZ\^h"
aVX^ck^\ZciZXdbdgZh^YjdheZa^\gdhdh#
EVgV gZXd\Zg aVh e^aVh jhVYVh hZ ]Vc ^chiVaVYd Zc 6hijg^Vh XdciZcZYdgZh Y^h"
ig^Wj^YdhedgXVaaZh!XdbZgX^dh!i^ZcYVhZheZX^Va^oVYVh!XZcigdhXjaijgVaZh!VbWjaVid"
g^dh! 6njciVb^Zcidh! ejcidh a^be^dh! ZiX½ Adh jhjVg^dh YZedh^iVc aVh e^aVh Zc Zhidh
XdciZcZYdgZh!fjZhdcgZXd\^Ydhedg\ZhidgZhVjidg^oVYdhnigVchedgiVYdh]VhiVaVh
^chiVaVX^dcZhYZ8D<:GH6#6aa!aVhe^aVhhZ^cigdYjXZcZcW^YdcZh]Zgbi^XdhfjZhZ
YZedh^iVcZcZaYZeh^idYZhZ\jg^YVY#
EdgdigdaVYd!YZhYZ'%%.deZgVZc6hijg^VhjcH^hiZbV>ciZ\gVYdYZ<Zhi^cYZ
e^aVhnVXjbjaVYdgZh!YZcdb^cVYd:Xde^aVh!fjZVi^ZcYZeg^cX^eVabZciZVadhegdYjX"
idgZh^cYjhig^VaZh#:hiZH^hiZbV>ciZ\gVYdYZ<Zhi^chZ]VXgZVYdZcZabVgXdaZ\Va
YZa GZVa 9ZXgZid &%+$'%%-! YZ & YZ [ZWgZgd! hdWgZ e^aVh n VXjbjaVYdgZh n aV \Zhi^c
VbW^ZciVaYZhjhgZh^Yjdh#
AVgZXd\^YVYZe^aVhnVXjbjaVYdgZhjhVYdhedgeVgiZYZ8D<:GH6Zc6hijg^Vh
hZ]VYjea^XVYdeg{Xi^XVbZciZYZhYZZaVd'%%(!aaZ\VcYdVVaXVcoVghZjcVX^[gVYZ
gZXd\^YVZc'%%.YZjcVh&.*i#8dcgZheZXidVaVdVciZg^dg!ZaVd'%%.]VhjejZhid
jcVY^hb^cjX^cZcaVXVci^YVYidiVaYZe^aVhnVXjbjaVYdgZhgZXd\^Ydhedg8D<:GH6
YZjc+#H^cZbWVg\d!h^hjbVbdhadhYVidhYZgZXd\^YVYZ:Xde^aVh&-!+i!aVXVci^"
YVYidiVahhZ^cXgZbZciVgZheZXidV'%%-#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &-&
(#+
G:H>9JDH
AViZcYZcX^Vedh^i^kVdWhZgkVYVZcaV\Zhi^cYZZhidhgZh^Yjdh]Vh^Ydegde^"
X^VYVedgaVhVXijVX^dcZhfjZhZejh^ZgdcZcbVgX]VXdcZaEaVc7{h^XdYZ<Zhi^cYZ
GZh^Yjdh Zc 6hijg^Vh! Xdbd Za [dbZcid YZ aV gZXd\^YV hZaZXi^kV bZY^VciZ XVbeVVh
YZXdcX^ZcX^VX^c!aVediZcX^VX^cYZaVgZYYZgZXd\^YV!aVVbea^VX^cYZadhejcidh
YZgZXd\^YVXdcXdciZcZYdgZhhdiZggVYdhdVbea^VX^cYZaVgZYYZejcidha^be^dhfjZ
^cXajnVXdciZcZYdgZheVgVWViZgVh#
DEJ7I
3AdhYVidh^cXajnZcaVhe^aVhnWViZgVhegdXZYZciZhYZaVgZXd\^YVhZaZXi^kVnYZaV\Zhi^cYZ
gZh^YjdheZa^\gdhdh#
;J:CI:H
8D<:GH68dchdgX^deVgVaV<Zhi^cYZadhGZh^YjdhHa^YdhZc6hijg^Vh#]iie/$$lll#Xd\ZghV#Zh
:8DE>A6H#]iie/$$lll#ZXde^aVh#Zh
(#+
G:H>9JDH
(#+#&%GZh^YjdhYZVeVgVidhZaXig^XdhnZaZXigc^Xdh
:cZaVd'%%.hZgZXd\^ZgdcZc6hijg^Vh&#.,.idcZaVYVhYZgZh^YjdhYZVeVgV"
idhZaXig^XdhnZaZXigc^Xdh!jc)&b{hfjZZaVdVciZg^dg#
AV[VWg^XVX^cYZVeVgVidhZaXig^XdhnZaZXigc^XdhnaV\Zhi^cYZadhb^hbdhVa
ÒcVaYZhjk^YVi^aaaZkVcVhdX^VYVhjcVegdWaZb{i^XVVbW^ZciVacdYZhYZVWaZ#6a\j"
cdhYZadhXdbedcZciZhji^a^oVYdhZcadhVeVgVidhZaXig^XdhnZaZXigc^Xdh!XdcbVndg
^beVXidVbW^ZciVa!hdcadhbViZg^VaZh^\c[j\dhWgdbVYdhnadhbZiVaZheZhVYdhXdbd
ZaXVYb^d!ZaXgdbd!Zaeadbd!ZacfjZanZabZgXjg^d#
8dc Za dW_Zid YZ ZhiVWaZXZg bZY^YVh eVgV egZkZc^g aV \ZcZgVX^c YZ gZh^Yjdh
egdXZYZciZhYZVeVgVidhZaXig^XdhnZaZXigc^Xdh!ngZYjX^gaVeZa^\gdh^YVYYZhjhXdb"
edcZciZh!VhXdbdgZ\jaVghj\Zhi^ceVgVbZ_dgVgaVegdiZXX^cYZabZY^dVbW^ZciZ!
hZVegdWZcZaVd'%%*Za GZVa9ZXgZid'%-$'%%*!YZ'*YZ[ZWgZgd!hdWgZVeVgVidh
ZaXig^XdhnZaZXigc^XdhnaV\Zhi^cYZhjhgZh^Yjdh#:hiZGZVa9ZXgZidigVchedcZVa
dgYZcVb^Zcid _jgY^Xd ZheVda aV aZ\^haVX^c ZjgdeZV V ZhiZ gZheZXid! n Zc a hZ gZ"
Xd\ZcjcVhZg^ZYZcdgbVhVea^XVWaZhiVcidVaV[VWg^XVX^cYZVeVgVidhZaXig^Xdhn
ZaZXigc^Xdh!XdbdVhjXdggZXiV\Zhi^cVbW^ZciVaXjVcYdhZXdck^ZgiZcZcgZh^Yjdh#
HZi^ZcZcZheZX^VabZciZZcXjZciVadhgZh^YjdhYZZhiZi^edegdXZYZciZhYZadh]d\VgZh
eVgi^XjaVgZh!YVYdfjZhjedcZcjcedgXZciV_ZbVndg^iVg^dZcZaidiVaYZadh\ZcZgVYdh
ZcZaeVh#
EVgV[VX^a^iVghjXdggZXidigViVb^Zcid!adhY^hig^Wj^YdgZhYZZhidhVeVgVidhdaVh
Zci^YVYZhadXVaZh!i^ZcZcaVdWa^\VX^cYZgZXd\ZgiZbedgVabZciZnYZbdYd\gVij^id
adhgZh^YjdhYZZhiZi^edfjZadhjhjVg^dheVgi^XjaVgZhaZhZcigZ\jZc#EdhiZg^dgbZciZ!
h^ZhiVhZci^YVYZhcdZhi{cVjidg^oVYVheVgVgZVa^oVgedghb^hbVhaV\Zhi^c!YZWZg{c
ZcigZ\VgadhV\ZhidgZhVjidg^oVYdhdeVgi^X^eVgZcH^hiZbVh>ciZ\gVYdhYZ<Zhi^c#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &-(
(#+
G:H>9JDH
AdhegdYjXidgZhYZVeVgVidhZaXig^XdhnZaZXigc^Xdh!ZcXjbea^b^ZcidYZaeg^c"
X^e^dYZÆfj^ZcXdciVb^cVeV\VÇ!YZWZ]VXZghZXVg\dYZadhXdhiZhYZaVXdggZXiV\Zh"
i^cYZZhidhgZh^Yjdh#
6XijVabZciZZm^hiZcZc6hijg^VhkVg^dhH^hiZbVh>ciZ\gVYdhYZ<Zhi^cXdchi^"
ij^YdhedgVhdX^VX^dcZhYZZbegZhVhYZY^XVYVhVaVegdYjXX^cdXdbZgX^Va^oVX^cYZ
ZhidhVeVgVidh!nedgiVcid!dWa^\VYdhedgZaGZVa9ZXgZid'%-$'%%*G6::!VhjgZXd\^"
YV!igVchedgiZn\Zhi^c#
:c'%%.Zc6hijg^VhhZ\Zhi^dcVgdc&#.,.iYZgZh^YjdhYZVeVgVidhZaXig^Xdhn
ZaZXigc^Xdh!jc)&b{hfjZZaVdVciZg^dg#:aeg^cX^eVaH^hiZbV>ciZ\gVYdYZ<Zhi^c
[jZaV;jcYVX^c:8DI>8Xdcjc(.YZXdcig^WjX^chdWgZZaidiVa!hZ\j^YdYZ:8D6"
H>B:A:8 Xdc jc (+ hdWgZ Za idiVa# 8dc bZcdg gZaZkVcX^V hZ h^iVc :8DA:8 n :GE
Xdcjc.njc,!gZheZXi^kVbZciZ#:agZhidYZ\ZhidgZh:8DAJB!6B7>A6BE!:8D"
G6::H!:8D;>BÛI>86nIG6<6BâK>AhZdXjeVcYZa&%gZhiVciZ#
H^VcVa^oVbdhhji^edad\V!YZadh&#.,.iYZgZh^YjdhYZVeVgVidhZaXig^Xdhn
ZaZXigc^XdhgZXd\^YdhZc6hijg^Vh!ZabVndgeZhdXdggZhedcYZ!XdbdZha\^Xd!Vadh
\gVcYZhZaZXigdYdbhi^Xdh!YZadhfjZhZgZXd\^ZgdceVgVhj\Zhi^cjcidiVaYZ+(+i#
:ah^\j^ZciZ\gjedZc^bedgiVcX^VadXdchi^ijnZcadhVeVgVidhZaZXigc^XdhYZXdchjbd
fjZgZegZhZciVcZa'(YZaidiVaYZgZh^Yjdh\ZcZgVYdh)*.i#AdhZfj^edhYZ^c[dg"
b{i^XVniZaZXdbjc^XVX^dcZhgZegZhZciVcZa&-YZaidiVanZagZhidYZ\gjedhi^ZcZc
jcVgZegZhZciVX^cbZcdgZcigZjc*njc&%#
;J:CI:H
:GE:jgdeZVcGZXnXa^c\EaVi[dgbdEaViV[dgbV:jgdeZVeVgVZaGZX^XaV_Z#]iie/$$lll#Zge"gZXnXa^c\#dg\
;jcYVX^c:8D"G6::Éh#]iie/$$lll#ZXd"gVZZ#Xdb
;jcYVX^c:8DI>8#]iie/$$lll#ZXdi^X#Zh
6H>B:A:86hdX^VX^cBjai^hZXidg^VaYZ:begZhVhYZIZXcdad\VhYZaV>c[dgbVX^c!8dbjc^XVX^dcZhn:aZXigc^XV#
]iie/$$lll#Vh^bZaZX#Zh
;jcYVX^c:8DAJB#]iie/$$lll#ZXdajb#Zh
6B7>A6B76hdX^VX^ceVgVZaGZX^XaV_ZYZA{beVgVh#]iie/$$lll#VbW^aVbe#Zh
&-) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#+
G:H>9JDH
(#+#&&GZh^YjdhhVc^iVg^dh
AV egdYjXX^c YZ gZh^Yjdh hVc^iVg^dh Zc 6hijg^Vh bjZhigV jcV iZcYZcX^V XgZ"
X^ZciZ!Xdcjc^cXgZbZcidYZa&%ZcZaVd'%%.gZheZXidVaVdVciZg^dg#
AdhgZh^YjdhhVc^iVg^dhhZYZÒcZcXdbdVfjZaadh\ZcZgVYdhZcXjVafj^ZgZhiV"
WaZX^b^ZciddhZgk^X^dZcZafjZhZYZhVggdaaVcVXi^k^YVYZhYZViZcX^cd^ckZhi^\VX^c
hVc^iVg^V#:hiZi^edYZZhiVWaZX^b^ZcidhdhZgk^X^dh\ZcZgVcjcVhZg^ZYZgZh^YjdhYZ
XVgVXiZghi^XVh bjn eVgi^XjaVgZh/ gZh^Yjdh hVc^iVg^dh ^c[ZXX^dhdh! gZhidh W^da\^Xdh n
VcVib^Xdh!hVc\gZn]ZbdYZg^kVYdh!Xjai^kdh!kVXjcVhk^kVh!nidYdZabViZg^VafjZ]V
ZhiVYdZcXdciVXidXdcZhiVhhjhiVcX^Vh!^cXaj^YVhV\j_VhnbViZg^VaejcoVciZnXdgiVc"
iZ#:hh^cYjYVZhiVXViZ\dgVYZgZh^YjdhaVfjZgZfj^ZgZjcV\Zhi^cb{hZheZXÒXV!
eVgVZk^iVgaVXdciVb^cVX^cYZabZY^d!nZaXdciV\^dYZZc[ZgbZYVYZh^c[ZXX^dhVhfjZ
gZegZhZciVcjcg^Zh\deVgVaVhVajYYZaVheZghdcVh#
:c6hijg^Vh!]VhiVeg^cX^e^dhYZadhVdh.%!aVZa^b^cVX^cYZadhgZh^Yjdh]dh"
e^iVaVg^dhhZgZVa^oVWVZc^chiVaVX^dcZhjW^XVYVhZcadhegde^dh]dhe^iVaZh#:a<dW^Zgcd
YZaEg^cX^eVYdgZVa^oZcidcXZhjcZhijY^dhdWgZaVhXdcY^X^dcZhVbW^ZciVaZhYZZhiVh
^chiVaVX^dcZh!fjZYZg^kZcaVhjegZh^cYZadh]dgcdh!naVXdchigjXX^cYZjcVeaVciV
YZigViVb^Zcidigb^XdZc8D<:GH6!fjZZcigZc[jcX^dcVb^ZcidVbZY^VYdhYZ&..(#
:a^cXgZbZcidZcaVegdYjXX^cYZgZh^YjdhXac^XdhnaVXg^h^hYZaVhÆkVXVhadXVhÇbd"
i^kVgdcaVXdchigjXX^cYZjccjZkd]dgcdgdiVi^kd!eVgVaVYZhigjXX^cYZadhgZh^Yjdh
B:GnhVc^iVg^dh!fjZÒcVa^oZcZaVd'%%(#:hiVcjZkV^chiVaVX^ceZgb^iZVYZb{h
aVgZXjeZgVX^cZcZg\i^XVYZadhgZh^YjdhbZY^VciZjcijgWd\gjedYZYdWaZZiVeVXdc
jcVediZcX^VYZ&#%%%`L!fjZVegdkZX]VZaXVadg\ZcZgVYdYjgVciZZaZc[g^Vb^ZcidYZ
adh\VhZheVgVhjedhiZg^dgYZejgVX^c#6bWdh]dgcdhVegdkZX]VcXdbdXdbWjhi^WaZ
ZaW^d\{h\ZcZgVYdZcZakZgiZYZgdYZgZh^YjdhcdeZa^\gdhdh!Zk^iVcYdZaXdchjbdYZ
digdhXdbWjhi^WaZh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &-*
(#+
G:H>9JDH
:caVVXijVa^YVY!idYdhadhgZh^YjdhhVc^iVg^dhhdcigVchedgiVYdhVaVh^chiVaV"
X^dcZhYZ8D<:GH6!eVgVhj^cX^cZgVX^cVVaiVhiZbeZgVijgVh#:hiZigViVb^ZcidYZh"
igjnZadhV\ZciZh^c[ZXX^dhdhnhjhgZhidhhdcjcbViZg^VaZhiZg^a^oVYd!fjZhZYZedh^iV
ZcZakZgiZYZgdYZgZh^YjdheZa^\gdhdh#
:cZaVd'%%.VjbZciZakdajbZcYZgZh^YjdhhVc^iVg^dh\ZcZgVYdhZc6hij"
g^Vhjc&%XdcgZheZXidV'%%-!Xdci^cjVcYdXdcaViZcYZcX^VXgZX^ZciZdWhZgkVYVadh
VdhegZXZYZciZh#6h!hZVaXVcoZhiZVdaVX^[gVYZ&#%--!))i!ZakVadgb{hZaZkVYd
YZaVhZg^Z#
;J:CI:H
8D<:GH68dchdX^deVgVaV<Zhi^cYZadhGZh^YjdhHa^YdhZc6hijg^Vh#]iie/$$lll#Xd\ZghV#Zh
&-+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#+
G:H>9JDH
(#+#&'GZh^YjdhVc^bVaZh
:cigZ'%%)n'%%.hZgZYj_ZgdcZcjc&(adhgZh^YjdhVc^bVaZhegdYjX^YdhZc
6hijg^Vh#
9ZhYZaVVeVg^X^cYZaVZcXZ[VadeViVZhedc\^[dgbZigVchb^h^WaZ::I!aVaaV"
bVYVÆZc[ZgbZYVYYZaVhkVXVhadXVhÇ!hZ]Vc^ciZch^ÒXVYdZcaVJc^c:jgdeZVaVh
cdgbVhZheZXÒXVheVgVaVegZkZcX^cYZg^Zh\dhhVc^iVg^dhYZg^kVYdhYZaigViVb^Zcid
YZgZh^YjdhVc^bVaZh#
:aGZ\aVbZcid&,,)$'%%'YZaEVgaVbZcid:jgdeZdnYZa8dchZ_dYZ(YZdXijWgZ
YZ'%%'!edgZafjZhZZhiVWaZXZcaVhcdgbVhhVc^iVg^VhVea^XVWaZhVadhhjWegdYjX"
idhVc^bVaZhcdYZhi^cVYdhVaXdchjbd]jbVcdH6C968=!ZhiVWaZXZigZhXViZ\dgVh
eVgVaVXaVh^ÒXVX^cYZadhhjWegdYjXidhVc^bVaZhZc[jcX^cYZag^Zh\dfjZZcigVVc
eVgVaVhVajY]jbVcV#EVgVZk^iVgidYdg^Zh\dYZY^heZgh^cYZadhV\ZciZheVi\Zcdh!
ZaGZ\aVbZcidYZiZgb^cVfjZadhhjWegdYjXidhVc^bVaZhYZWZcigVch[dgbVghZ!VabV"
XZcVghZ n bVciZcZghZ hZeVgVYdh Zc jcV ^chiVaVX^c Vjidg^oVYV n hjeZgk^hVYV edg Za
:hiVYdb^ZbWgd^ciZgZhVYd!dZa^b^cVghZYZ[dgbVVYZXjVYV#
:c6hijg^Vh!aVZbegZhVEGDN<G6H6!eZgiZcZX^ZciZV8D<:GH6!aaZkVVXVWdaV
gZXd\^YVnedhiZg^dgigViVb^ZcidnZa^b^cVX^cYZVc^bVaZhbjZgidhnYZbViZg^VaYZ
8ViZ\dgV>egdXZYZciZYZbViVYZgdhnhVaVhYZYZhe^ZXZ!Xdc[dgbZVaVgZ\aVbZciV"
X^ck^\ZciZ#:hidhgZh^YjdhhZigVch[dgbVcZc]Vg^cVhfjZedhiZg^dgbZciZhZZckVc
V 8D<:GH6 eVgV hj igViVb^Zcid igb^Xd Zc Za ]dgcd YZ gZh^Yjdh ]dhe^iVaVg^dh# 6h^"
b^hbd!Zm^hiZcdigdi^edYZgZh^YjdhYZVc^bVaZhfjZY^gZXiVbZciZhdc^cX^cZgVYdhZc
8D<:GH6!iVaZhXdbdXVY{kZgZhYZVc^bVaZhYZXdbeVV!egdedgX^dcVYdh[jcYVbZc"
iVabZciZedgaVheZggZgVhbjc^X^eVaZhnZcbZcdgedgXZciV_ZYZXac^XVhkZiZg^cVg^Vh
YZidYV6hijg^Vh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &-,
(#+
G:H>9JDH
EdgdigdaVYd!Zm^hiZZc6hijg^Vhjc\ZhidgVjidg^oVYdeVgVZaigViVb^ZcidYZadh
bViZg^VaZhYZ8ViZ\dgV>>>#
:cZaVd'%%.hZigViVgdc&+#'*&iYZgZh^YjdhVc^bVaZhYZaVhigZhXViZ\dgVh
ZcaVh^chiVaVX^dcZhVhijg^VcVhaVXViZ\dgV>>cdhZ^cXajnZZcZhiZ\g{ÒXdnVfjZiVc
hadhZXjZciVXdcYVidhYZaVeaVciVYZXdbedhiV_ZYZZhi^gXdaYZ8VWgVaZhnnVhZ
]Vc^cXaj^YdZcZahjWiZbVYZgZh^YjdhV\gXdaVhn\VcVYZgdh#:hiVX^[gVZhaVb{hWV_V
YZhYZZaVd'%%)!eg^bZgdYZaVhZg^ZYZYVidh!njc.^c[Zg^dgVaVYZaVdegZXZYZc"
iZ#H^Xdch^YZgVbdhidYdZaeZgdYdVcVa^oVYd!adhgZh^YjdhYZVc^bVaZh\Zhi^dcVYdhZc
aVheaVciVhZm^hiZciZhZcZaEg^cX^eVYdYZ6hijg^Vh!hZ]VcgZYjX^YdZcjc&(#
H^VcVa^oVbdhadhYVidhedgXViZ\dgVh!aVbVndgXVci^YVYYZgZh^YjdhVc^bV"
aZh\Zhi^dcVYdhZc6hijg^VhZc'%%.eZgiZcZXZVaV8ViZ\dgV>!XdcjceZhdYZa*(
gZheZXidVaidiVan+#+,+iigViVYVh#AV8ViZ\dgV>>>gZegZhZciVZa),YZadhgZh^Yjdh
igViVYdh!adfjZgZegZhZciVZcX^[gVh*#-')i#:hiVegdedgX^chZbVci^ZcZb{hdbZcdh
ZhiVWaZVadaVg\dYZadhVdh#
DEJ7I
3:caVXaVh^ÒXVX^cYZadhhjWegdYjXidhVc^bVaZhcdYZhi^cVYdhVXdchjbd]jbVcdH6C96"
8=!hZY^hi^c\jZcigZhXViZ\dgVhZc[jcX^cYZhjg^Zh\d#
:abViZg^VaYZaV8ViZ\dgV> XdggZhedcYZVadhgZh^YjdhVc^bVaZhYZbVndgeZa^\gdXdbd
ZabViZg^VaZheZXÒXdYZg^Zh\d!Vc^bVaZhhdheZX]dhdhYZZhiVg^c[ZXiVYdhedgjcV::I
ZcXZ[VadeViVZhedc\^[dgbZigVchb^h^WaZ!egdYjXidhYZg^kVYdhYZVc^bVaZhVadhfjZ
hZ]VnVcVYb^c^higVYdhjhiVcX^Vhegd]^W^YVh!½
:abViZg^VaYZaV8ViZ\dgV>> ^cXajnZZhi^gXdanXdciZc^YdYZijWdY^\Zhi^kdYZVc^bVaZh!
V\jVhgZh^YjVaZhYZbViVYZgd!hjhiVcX^VhVc^bVaZhfjZXdciZc\VcgZhidhYZbZY^XV"
bZcidh!½
:abViZg^VaYZ8ViZ\dgV>>>ZhZaYZbZcdgeZa^\gdh^YVYZ^cXajnZgZhidhYZVc^bVaZh
hVXg^ÒXVYdhVeidheVgVZaXdchjbd]jbVcd!dW^Zc!fjZh^ZcYdcdVeidh!cdegZhZciZc
h^\cdhYZZc[ZgbZYVYigVchb^h^WaZVadhhZgZh]jbVcdh#
;J:CI:H
8dchZ_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ^c[gVZhigjXijgVh# ]iie/$$lll#gZYVbW^ZciVaVhijg^Vh#Zh
$$
(#,
:C:G<Þ6
(#,#&
<gVYdYZVjidVWVhiZX^b^ZcidZcZg\i^XdZc6hijg^Vh
(#,#'
8dchjbdYZZcZg\VÒcVa
(#,#(
:cZg\VhgZcdkVWaZh
(#,#)
>ciZch^YVYZcZg\i^XVÒcVa
(#,#*
8dchjbdYZZcZg\VÒcVaZcZahZXidg^cYjhig^Va
(#,#+
8dchjbdYZZcZg\Vedg]d\Vg$]VW^iVciZ
(#,#,
8dchjbdYZZcZg\VÒcVaZcZahZXidgigVchedgiZ
(#,
:C:G<Þ6
:ahZXidgZcZg\i^XdXdci^cVh^ZcYdjcdYZadhe^aVgZhYZaVZhigjXijgVegdYjX"
i^kVnjchZXidgZhigVi\^XdZcZaVXijVabdYZadhdX^VanZXdcb^Xdedghj^bedgiVcX^V
eVgVZaYZhVggdaadiVcidVZhXVaVZjgdeZVXdbdcVX^dcVangZ\^dcVa#:cZhiVYXVYVadh
dW_Zi^kdhngZidhYZegdYjXX^c!igVchedgiZnXdchjbdYZaVZcZg\VhZeaVciZVcZcig"
b^cdhYZhdhiZc^W^a^YVY!ZhYZX^g!ZcjcVbVndgji^a^oVX^cYZaVZcZg\VegdXZYZciZYZ
[jZciZhgZcdkVWaZh!_jcidXdcZaV]dggdnaVZÒX^ZcX^VZcZg\i^XV#
AdhgZhedchVWaZhYZaVJc^c:jgdeZVhZ]VcXdbegdbZi^YdZcigVWV_VgeVgV
VaXVcoVgadhdW_Zi^kdhÆ'%"'%"'%ÇeVgV'%'%/gZYjX^gjc'%ZaXdchjbdYZZcZg\Veg^"
bVg^V!gZYjXX^ck^cXjaVciZYZa'%YZaVhZb^h^dcZhYZ\VhZhYZZ[ZXid^ckZgcVYZgd
nfjZZa'%YZaVZcZg\VfjZhZegdYjXZegdkZc\VYZ[jZciZhgZcdkVWaZh#8dcZhiZ
dW_Zi^kd!jcVYZaVheg^cX^eVaZhcdkZYVYZhegdYjX^YVhZcZa{bW^idZjgdeZdZc'%%.Zh
aVVegdWVX^cYZaV9^gZXi^kV'%%.$'-$8:!YZ'(YZVWg^aYZ'%%.!gZaVi^kVVa[dbZcidYZa
&.% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#,
:C:G<Þ6
jhdYZZcZg\VegdXZYZciZYZ[jZciZhgZcdkVWaZh!edgaVfjZhZbdY^ÒXVnhZYZgd\VcaV
9^gZXi^kV'%%&$,,$8:naV9^gZXi^kV'%%($(%$8:#BZY^VciZZhiVcdgbV!:jgdeVZhiVWaZXZ
jcbVgXdcdgbVi^kdXdbcYZajhdYZaVZcZg\VegdXZYZciZYZ[jZciZhgZcdkVWaZh!
VYZb{hYZYZÒc^gaVhdWa^\VX^dcZhYZjhdnXdchjbdYZZhiZi^edYZZcZg\VeVgVadh
:hiVYdhb^ZbWgdh#DigdYZadhVheZXidhgZaZkVciZhYZaV9^gZXi^kV'%%.$'-$8:!hdchjh
Xdch^YZgVX^dcZhVbW^ZciVaZhnXg^iZg^dhYZhdhiZc^W^a^YVYeVgVW^dXdbWjhi^WaZh#
6h^b^hbd!bZgZXZaVeZcVgZhZVgaVejWa^XVX^cYZaV9ZX^h^cYZaV8db^h^c
'%%.$*)-$8:!YZ(%YZ_jc^d!edgaVfjZhZZhiVWaZXZjcbdYZadeVgVadheaVcZhYZVX"
X^ccVX^dcVaZhZcbViZg^VYZZcZg\VgZcdkVWaZZck^gijYYZaV 9^gZXi^kV'%%.$'-$8:#
:cY^X]dheaVcZh!adh:hiVYdhb^ZbWgdh]VcYZYZiZgb^cVgadhdW_Zi^kdhcVX^dcVaZhZc
gZaVX^cXdcaVhXjdiVhYZZcZg\VegdXZYZciZYZ[jZciZhgZcdkVWaZhXdchjb^YVhZcZa
igVchedgiZ!aVZaZXig^X^YVY!aVegdYjXX^cYZXVadgn[gdZc'%'%#
DigdVheZXidfjZ]Vh^YddW_ZidYZViZcX^cZc'%%.ZhaV^cX^YZcX^VYZaVXg^h^h
ZXdcb^XVZcZhiZhZXidg#:cZhiZhZci^Yd!XVWZYZhiVXVgaVVegdWVX^cYZaGZ\aVbZcid
8:++($'%%.YZaEVgaVbZcid:jgdeZdnYZa8dchZ_dedgZafjZhZZhiVWaZXZjcegd\gV"
bVYZVnjYVVaVgZXjeZgVX^cZXdcb^XVbZY^VciZaVXdcXZh^cYZVh^hiZcX^VÒcVc"
X^ZgVXdbjc^iVg^VVegdnZXidhYZahZXidgZcZg\i^XdZcadh{bW^idhYZaVh^c[gVZhigjX"
ijgVhYZ\VhnZaZXig^X^YVY!aVZcZg\VZa^XVbVgi^bVnaVXVeijgVnVabVXZcVb^Zcid
YZaXVgWdcd#
:cZabVgXdaZ\^haVi^kdZhiViVa!Zc'%%.hZ]VigVWV_VYdZcaVigVchedh^X^cYZ
aV9^gZXi^kV'%%.$'-$8:!fjZZhiVWaZXZfjZXVYV:hiVYdb^ZbWgdZaVWdgVg{jcEaVcYZ
6XX^cCVX^dcVaZcbViZg^VYZ:cZg\VhGZcdkVWaZhE6C:GeVgVXdchZ\j^gadhdW_Z"
i^kdhcVX^dcVaZhÒ_VYdhZcaVegde^V9^gZXi^kV#
:cbViZg^VYZZÒX^ZcX^VZcZg\i^XVhZVegdWZaGZVa9ZXgZid&-'+$'%%.!YZ',
YZcdk^ZbWgZ!fjZbdY^ÒXVZaGZ\aVbZcidYZ>chiVaVX^dcZhIgb^XVhZcadh:Y^ÒX^dh
G>I:!a^b^iVcYdaViZbeZgVijgVYZaV^gZZcidYdhadhZY^ÒX^dhnadXVaZh#IVbW^cZc
'%%.hZejhdZcbVgX]VZaEgd\gVbVYZVnjYVhYZa>96:eVgVaVVYfj^h^X^cnjhdYZ
kZ]XjadhZaXig^Xdh!YZcigdYZaEgdnZXide^adidYZbdk^a^YVYZaXig^XV!ZcZabVgXdYZa
EaVcYZVXi^kVX^cYZaV]dggdnaVZÒX^ZcX^VZcZg\i^XV'%%-"'%&&#
DigV YZ aVh cdkZYVYZh Zh aV VegdWVX^c YZa GZVa 9ZXgZid ')($'%%.! YZ ', YZ
[ZWgZgd!bZY^VciZZafjZhZ^cXdgedgVVaYZgZX]dZheVdaaV9^gZXi^kV'%%+$&&,$:JG6"
IDB!YZa8dchZ_d!YZ'%YZcdk^ZbWgZYZ'%%+!gZaVi^kVVaVk^\^aVcX^VnVaXdcigdaYZadh
igVhaVYdhYZgZh^YjdhgVY^VXi^kdhnXdbWjhi^WaZcjXaZVg\VhiVYd#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &.&
(#,
:C:G<Þ6
:c6hijg^Vh!YjgVciZ'%%.!Xdci^cjVgdcaVhacZVhYZVnjYVeVgVaVegdbdX^c
YZajhdYZZcZg\VhgZcdkVWaZhiVcidVZbegZhVheg^kVYVh!eVgi^XjaVgZhZ^chi^ijX^dcZh!
XdbdaVhY^g^\^YVhVaVbZ_dgVYZaVZÒX^ZcX^VZcZg\i^XVXdbdZaEaVcGZcdkZYZZaZX"
igdYdbhi^Xdh!VafjZhZhjbVZaEaVcGZcdkZeVgVXVaZciVYdgZhnXVaYZgVhYZ\Vh#
IVbW^cZc'%%.hZegZhZciVgdcadhgZhjaiVYdhYZa:hijY^dYZodc^ÒXVX^cYZ
aV XdhiV Vhijg^VcV eVgV Za VegdkZX]Vb^Zcid ZcZg\i^Xd YZ aVh daVh! egdbdk^Yd edg aV
;jcYVX^c6hijg^VcVYZaV:cZg\V!;6:C#
&.' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#,
:C:G<Þ6
(#,#&<gVYdYZVjidVWVhiZX^b^ZcidZcZg\i^XdYZ6hijg^Vh
AVYZeZcYZcX^VZcZg\i^XVYZ6hijg^VhhZgZYj_djc(Zc'%%-!VjbZciVcYdZa
\gVYdYZVjidVWVhiZX^b^ZcidZcZg\i^XdYZaVgZ\^c#
:a\gVYdYZVjidVWVhiZX^b^ZcidZcZg\i^XdhZYZÒcZXdbdaVgZaVX^cZcigZaV
egdYjXX^ceg^bVg^VVjiXidcVnaVYZbVcYVYZZcZg\Veg^bVg^V#
AVegdYjXX^cYZZcZg\Veg^bVg^VVjiXidcVZc'%%-ZmeZg^bZcijcVjbZc"
id YZa (!( gZheZXid Va Vd VciZg^dg n Zaad V eZhVg YZa YZhXZchd ZmeZg^bZciVYd edg
ZajhdYZXVgWcVhijg^VcdeVgV\ZcZgVX^cZaXig^XVZcaVhXZcigVaZhigb^XVh#:hiZ
VhXZchdhZYZWZVaVZcigVYVZc[jcX^dcVb^ZcidYZcjZkVh^chiVaVX^dcZhYZZcZg\Vh
gZcdkVWaZh!nVfjZZaVdgZhjaijcWjZcVdeVgVaVegdYjXX^cYZZaZXig^X^YVYYZ
dg^\Zc]^Yg{ja^Xd!adfjZ]^odfjZaVegdYjXX^cYZdg^\ZcgZcdkVWaZZmeZg^bZciVhZjc
VhXZchdYZa,#
AVYZbVcYVYZZcZg\Veg^bVg^VYZhXZcY^Zc'%%-jc&)!,XdcgZheZXidVa
VdVciZg^dgYZW^Yd!ZcigZdigdhbdi^kdh!VjcbZcdg[jcX^dcVb^ZcidYZaVhXZcigVaZh
igb^XVhVhijg^VcVhVXVjhVYZaVhdhX^aVX^dcZhYZaegZX^dYZaXVgWc!aVheVgVYVhedg
gZ[dgbVhngZk^h^dcZhZcaVhXZcigVaZhnaVXdciZcX^cYZaVYZbVcYVZaXig^XVedgaV
Xg^h^hZXdcb^XV#
:a Z[ZXid XdbW^cVYd YZa YZhXZchd YZa Xdchjbd eg^bVg^d YZ ZcZg\V! jc^Yd Va
VjbZcid YZ aV egdYjXX^c YZ ZcZg\V eg^bVg^V VjiXidcV! ]V ]ZX]d fjZ Za \gVYd YZ
VjidVWVhiZX^b^ZcidYZ6hijg^VhZcZaVd'%%-VjbZciZ]VhiVZa&,!)#
H^hZVcVa^oVidYVaVhZg^ZYZYVidh!hZdWhZgkVfjZYZhYZZaVd&..+]VhiVZa
'%%*hZk^ZcZegdYjX^ZcYdjcVjbZcidYZa\gVYdYZYZeZcYZcX^VZcZg\i^XVYZ6hij"
g^Vh#:aYZhXZchdYZaVegdYjXX^cYZXVgWcgZ\^dcVaZhjcVYZaVhgVodcZhYZeZhd
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &.(
(#,
:C:G<Þ6
fjZ Zmea^XVc Za VXjhVYd YZhXZchd Zc ZhiZ eZgdYd YZa c^kZa YZ VjidVWVhiZX^b^Zcid
ZcZg\i^Xd#6eVgi^gYZZhZVdZcVYZaVciZhZegdYjXZjcXVbW^dYZiZcYZcX^VYZZhiZ
^cY^XVYdg]VX^VkVadgZhZcVjbZcid#
H^hZXdbeVgVcZhidhYVidhXdcadhgZ\^higVYdhVc^kZacVX^dcVa!gZhjaiVfjZZc
:heVVZa\gVYdYZVjidVWVhiZX^b^ZcidZcZg\i^XdiVbW^c]VVjbZciVYdXdcgZheZXid
VaVdVciZg^dg!h^ij{cYdhZZcjc'&!+[gZciZVjckVadgYZ'%!,Zc'%%,!X^[gVhjeZ"
g^dgVaVVhijg^VcV#:aYZhXZchdYZaVYZbVcYVnVjbZcidZcjc&!'YZaVegdYjXX^c
^ciZg^dg!Zmea^XVZhiZ]ZX]d#
;J:CI:H
B>IN8B^c^hiZg^dYZ>cYjhig^V!Ijg^hbdn8dbZgX^d#]iie/$$lll#b^inX#Zh
;6:C;jcYVX^c6hijg^VcVYZaV:cZg\V#]iie/$$lll#[VZc#Zh
&.) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#,
:C:G<Þ6
(#,#'8dchjbdYZZcZg\VÒcVa
:c6hijg^VhZaXdchjbdYZZcZg\VÒcVaYZhXZcY^ZcXVh^jc,Zc'%%-#
:aXdchjbdYZZcZg\VÒcVaZc\adWViVcidadhXdchjbdhZcZg\i^XdhXdbdadh
cdZcZg\i^XdhnZmXajnZaVZcZg\VZbeaZVYVZc\ZcZgVX^cZaXig^XVndigdhi^edhYZ
igVch[dgbVX^cZcZg\i^XV#
:c6hijg^VhZaXdchjbdYZZcZg\VÒcVaZcZaVd'%%-cdh^\j^aViZcYZcX^V
YZadhai^bdhVdhnYZhXZcY^jc+!.!VaXVcoVcYdadh)!'BiZeYZW^YdVaVbZcdg
VXi^k^YVYgZ\^higVYVZcZahZXidg^cYjhig^VanZcZaigVchedgiZ#
:aXdcigVhiZZcigZaVh^ijVX^cgZ\^dcVanaVcVX^dcVaZhcdidg^dVaXdbeVgVgZagZ"
eVgidYZaXdchjbdYZZcZg\VÒcVaedg[jZciZh#:c:heVVZabVndgXdchjbdgZXVnZc
adhegdYjXidhYZg^kVYdhYZaeZigaZd*+!+!hZ\j^YdYZaYZaVZaZXig^X^YVY'&!%!\Vh
cVijgVa&+!)!ZcZg\VhgZcdkVWaZh)!%nXVgWcnhjhYZg^kVYdh'!%#B^ZcigVh!
Zc6hijg^VhaVZcZg\Vb{hXdchjb^YVZhZaXVgWcnhjhYZg^kVYdh('!+!hZ\j^Yd
YZadhegdYjXidhYZg^kVYdhYZaeZigaZd(&!.!aVZaZXig^X^YVY'&!&!Za\VhcVijgVa
&&!*naVhZcZg\VhgZcdkVWaZh'!.#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &.*
(#,
:C:G<Þ6
AdhYZhXZchdhZcadhXdchjbdhZmea^XVcaVWV_VYVZcadhcY^XZhYZXdchjbdh
eZgX{e^iV#6h!ZaXdchjbdZcZg\i^XdÒcVaedg]VW^iVciZZc6hijg^Vh[jZZc'%%-YZ
(!.,&iZe$]VWXdcjcYZhXZchdYZa,!&gZheZXidV'%%,#
:cjcVc{a^h^hYZagZeVgidYZadhXdchjbdhYZZcZg\VÒcVaedghZXidgZhYZVX"
i^k^YVY!aV^bedgiVcX^VYZaV^cYjhig^VW{h^XVgZ\^dcVa!\gVcYZbVcYVciZYZZcZg\V!Zm"
ea^XVfjZZhiZhZXidggZegZhZciZZa+(!.YZaXdchjbd!h^W^ZcZc'%%-ZhiZedgXZciV_Z
[jZ^c[Zg^dgVaYZdigdhVdhYZW^YdVaVbZcdgVXi^k^YVY^cYjhig^Va#GZheZXidVagZhidYZ
XdchjbdhYZZcZg\VÒcVa!ZahZXidgigVchedgiZi^ZcZjcXdchjbdVhdX^VYdYZa'&!.
nZahZXidggZh^YZcX^Va!hZgk^X^dhneg^bVg^dZa&)!'#
;J:CI:H
;6:C;jcYVX^c6hijg^VcVYZaV:cZg\V#Æ:cZg\VZc6hijg^Vh'%%-Ç#]iie/$$lll#[VZc#Zh
&.+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#,
:C:G<Þ6
(#,#(:cZg\VhgZcdkVWaZh
:c'%%-aVhZcZg\VhgZcdkVWaZh]VcVjbZciVYdhjVedgiVX^cZcaVZhigjXijgV
YZ\ZcZgVX^cZaXig^XVgZ\^dcVa!VaXVcoVcYdaVX^[gVgXdgYYZa&+!)#
:cXdchdcVcX^VXdcaVh^ijVX^ccVX^dcVa!ZcaVfjZZaXdchjbdZcZg\i^XdÒcVa
Y^hb^cjnjc'!(Zc'%%-!Zc6hijg^VhaVgZYjXX^cYZaXdchjbdidiVaYZZcZg\Veg^"
bVg^V[jZYZjc,!&#:hiVgZYjXX^chZ]^odeg{Xi^XVbZciZVZmeZchVhYZaVgZYjXX^c
YZaV\ZcZgVX^cigb^XVYZaXVgWc!nVfjZZcZhiZeZg^dYdhZegdYj_djcbVndgjhd
YZa\VheVgV\ZcZgVgZaZXig^X^YVYnjcVjbZcidVegZX^VWaZYZaVji^a^oVX^cYZ[jZciZh
YZZcZg\VgZcdkVWaZh#
:cZhiZXdciZmid!ZaVedgiZYZaVhZcZg\VhgZcdkVWaZhVaVZhigjXijgVYZXdc"
hjbdYZZcZg\Veg^bVg^VZc6hijg^VhYjgVciZZaVd'%%-[jZYZ()'!*`iZe(#.-'!+
<L]!XVci^YVYfjZXjWgZZa)!.YZaXdchjbdeg^bVg^dgZ\^dcVanhjedcZjcXgZX^"
b^ZcidYZa,gZheZXidVaZ_ZgX^X^dVciZg^dg#
:cadfjZVegdYjXX^cYZZaZXig^X^YVYhZgZÒZgZ!]VnfjZYZhiVXVgfjZ![gZciZVa
YZhXZchdZc6hijg^VhYZaVegdYjXX^cYZZaZXig^X^YVY\ZcZgVYVVeVgi^gYZXVgWc!Zc
'%%-aVhZcZg\VhgZcdkVWaZh]VcVaXVcoVcYdjcVeVgi^X^eVX^cgXdgYYZa&+!)!'#(.-
<L] VjbZciVcYd hj VedgiVX^c Zc aV \ZcZgVX^c YZ ZcZg\V ZaXig^XV Zc jc &%!,
gZheZXidVaVdVciZg^dg#
AVegdYjXX^cYZZcZg\VZaXig^XVYZdg^\Zc]^Yg{ja^Xd[jZYZ&#+)'#&-)BL]Zc
'%%-!jc*!&hjeZg^dgVaVYZ'%%,!YZW^YdVfjZ[jZjcVdbZiZdgda\^XVbZciZb{h
[VkdgVWaZ#6hijg^VhXjZciVXdc)%^chiVaVX^dcZh]^Yg{ja^XVhXdcjcVediZcX^V^chiVaVYV
YZ,,-!%BL#AV]^Yg{ja^XV]Vh^YdigVY^X^dcVabZciZaVeg^cX^eVa[jZciZYZZcZg\VgZ"
cdkVWaZ!VjcfjZZcadhai^bdhVdh]V^YdeZgY^ZcYdeZhdZc[VkdgYZdigVh[jZciZh
gZcdkVWaZh!XdbdaVW^dbVhVdaVZa^XV#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &.,
(#,
:C:G<Þ6
:cZaVeVgiVYdYZW^dbVhV!hZ\jcYV[jZciZZc^bedgiVcX^V!hZXdciVW^a^oVeg^c"
X^eVabZciZZaW^d\{hXVeiVYdYZadhgZh^Yjdhha^YdhjgWVcdhnaVW^dbVhVfjZhZVegd"
kZX]VeVgV\ZcZgVgZaZXig^X^YVYnXVadg#AVhXZcigVaZhYZW^dbVhVegdYj_ZgdcZc'%%-
aVXVci^YVYYZ&.+#-(.BL]ZaXig^Xdh!VjcfjZZhiVXVci^YVYhjejhdjcVY^hb^cjX^c
YZ'!)gZheZXidVaVdVciZg^dg#:aVegdkZX]Vb^Zcidigb^Xd^cYjhig^VaYZaVW^dbVhV
iVbW^cZmeZg^bZcijcYZhXZchdZc'%%-!X^[gVYdZcjc&!'gZheZXidV'%%,#H^cZb"
WVg\d!Zc'%%-VjbZciaVediZcX^VidiVa^chiVaVYVYZXVaYZgVhYZW^dbVhVZcZahZXidg
gZh^YZcX^Va!]VhiVVaXVcoVgadh&)!+BL#
:c'%%-aVVedgiVX^cYZZcZg\VYZdg^\ZcZa^Xd[jZYZ**-#)+(BL]!jc')
hjeZg^dgVaVdVciZg^dg#6ÒcVaZhYZ'%%-aVediZcX^VidiVa^chiVaVYVZgVYZ',+!(BL!
Xdc&&eVgfjZhZa^XdhZc[jcX^dcVb^Zcid#
Edgai^bd!ZcgZaVX^cXdcaVZcZg\VhdaVg!XVWZYZhiVXVgfjZZc'%%-hZ^chiV"
aVgdcZc6hijg^Vh+XZcigVaZhhdaVgZh[didkdaiV^XVh!XdcXajnZcYdZaVdXdcjcVediZcX^V
idiVa ^chiVaVYV YZ ,**!. `Le! \ZcZg{cYdhZ jc idiVa YZ ''+ BL]# 6h^b^hbd! Zc '%%-
Zm^hiVc&&'^chiVaVX^dcZhhdaVgZhigb^XVh!hjedc^ZcYdjcVhjeZgÒX^ZYZ'(#++.b'YZ
XVeiVYdgZhhdaVgZhigb^Xdh#
;J:CI:H
;6:C;jcYVX^c6hijg^VcVYZaV:cZg\V#]iie/$$lll#[VZc#Zh
&.- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#,
:C:G<Þ6
(#,#)>ciZch^YVYZcZg\i^XVÒcVa
:c'%%-aV^ciZch^YVYZcZg\i^XVÒcVaYZ6hijg^VhY^hb^cjnbZ_dgVcYdaVZXd"
ZÒX^ZcX^VYZaVZXdcdbVVhijg^VcV#
:hiZ ^cY^XVYdg YV ^YZV YZa c^kZa YZ ZÒX^ZcX^V ZcZg\i^XV YZ aV ZXdcdbV Vhij"
g^VcV!nVfjZk^cXjaVXgZX^b^ZcidZXdcb^XdnXdchjbdZcZg\i^XdhZXVaXjaVedgZa
XdX^ZciZZcigZZaXdchjbdYZZcZg\VÒcVanZaE>7YZXVYVVdVegZX^dhXdchiVciZh#
AV^ciZch^YVYZcZg\i^XVÒcVaZc6hijg^VhhZh^iVZcidgcdV%!'*@iZe$B€#:hiZ
kVadgZhjcedXdb{hVaidfjZZaYZaXdc_jcidYZ:heVVedgYZWV_dYZ%!&*`iZe$B€
eVgVidYdZaeZg^dYdVcVa^oVYd!ZcigZ'%%%n'%%-#:hiVY^[ZgZcX^VhZYZWZVaV^bedg"
iVciZegZhZcX^VYZahZXidg^cYjhig^VaZc6hijg^Vh!fjZXdchjbZZa+(!.YZaVZcZg\V
ÒcVa#
:cXjVcidVaVZkdajX^cYZa^cY^XVYdgZc6hijg^Vh!i^ZcZYdhgZejciZhZc'%%&n
'%%,#9ZhejhYZaVjbZcidgZ\^higVYdZc'%%,!ZakVadgYZ'%%-[jZYZ%!')(`iZe$B€
fjZXdggZhedcYZVakVadgb{hWV_dYZaVhZg^Z#
AVY^hb^cjX^cYZaV^ciZch^YVYZcZg\i^XVZhjcYVidedh^i^kdejZhidfjZhjed"
cZjcVbZ_dgVZcaVZÒX^ZcX^VYZaVhiZXcdad\VhYZ\ZcZgVX^cZaXig^XV!VaYZhVXd"
eaVghZXdchjbdZcZg\i^XdYZXgZX^b^ZcidZXdcb^Xd#
;J:CI:H
;6:C;jcYVX^c6hijg^VcVYZaV:cZg\V#]iie/$$lll#[VZc#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. &..
(#,
:C:G<Þ6
(#,#*8dchjbdYZZcZg\VÒcVaZcZahZXidg^cYjhig^Va
:c Za Vd '%%- hZ egdYj_d jc YZhXZchd Zc Za Xdchjbd YZ ZcZg\V ÒcVa Zc aV
^cYjhig^V!VjcfjZhZbVci^ZcZ"Zc\gVcbZY^YV"hjYZeZcYZcX^VYZaXVgWcnhjhYZ"
g^kVYdh#
9jgVciZZaVd'%%-ZaXdchjbdZcZg\i^XdÒcVaYZ6hijg^VhY^hb^cjnjc,!&!
]VhiVVaXVcoVgadh)!'&BiZe#:hiVWV_VYVhZegdYj_dZcXdchdcVcX^VXdcadVXdciZX^Yd
ZcZaXdc_jcidYZ:heVVY^hb^cjnjc'!(!iVcidZcaVYZbVcYVYZegdYjXidheZigd"
a[ZgdhXdbdZcaVYZ\VhcVijgVanXVgWc#
:aXdchjbdYZZcZg\VÒcVaYZaV^cYjhig^VVhijg^VcVZcZaVd'%%-Y^hb^cjn
gZheZXidVaVdVciZg^dgjc.!-!Xdchjb^cYdhZ'!+*BiZe!fjZZhZahZ\jcYdkVadg
b{hWV_dYZaVhZg^ZYZhejhYZaXdggZhedcY^ZciZVaVd'%%%'!''BiZe#H^]VWaVbdh
Zc igb^cdh \adWVaZh! Za ^cXgZbZcid egdYjX^Yd Zc Za Xdchjbd YZ ZcZg\V ÒcVa Zc aV
^cYjhig^VZcigZadhVdh'%%%n'%%-[jZYZa&.#
AVheg^cX^eVaZh[jZciZhYZZcZg\Vji^a^oVYVhedgaV^cYjhig^VVhijg^VcV[jZgdc
aVZaZXig^X^YVYXdc%!+%BiZe!ZaXVgWcXdc%!)-BiZe!ZaXdfjZXdc%!)*BiZe!Za\Vh
YZ]dgcdVaidXdc%!&.BiZe!Za\VhYZXdfjZgVXdc%!&.BiZe!Za\VhcVijgVaXdc%!('
BiZe!aVW^dbVhVXdc%!&'BiZenadhegdYjXidheZigda[ZgdhXdc%!'.BiZe#
'%% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#,
:C:G<Þ6
AV^ciZch^YVYZcZg\i^XV^cYjhig^VaZcZaEg^cX^eVYdYZ6hijg^Vh!Zhi^bVYVXdbd
aVgZaVX^cZcigZZaXdchjbd^cYjhig^VanhjK67!cdbVci^ZcZaViZcYZcX^VYZadhai^"
bdhVdh!Y^hb^cjnZcYd]VhiVadh%!+()`iZe$B€#
DEJ7I
3Æ8VgWcnhjhYZg^kVYdhÇ^cXajnZZaXVgWc!ZaXdfjZ!Za\VhYZ]dgcdVaidnZa\VhYZXdfjZ"
gV#
Aj[f0A_bejed[bWZWi[gk_lWb[dj[iZ[f[jhb[e$ AVidcZaVYVZfj^kVaZciZYZeZigaZdigViV
YZ jc^ÒXVg aV jc^YVY YZ bZY^YV eVgV adh Y^hi^cidh XdbWjhi^WaZh d [jZciZh YZ ZcZg\V#
JcVidcZaVYVYZeZigaZdhjedcZ&%,`^adXVadgVh!aVXVci^YVYYZXVadgYZjcVidcZaVYV
YZeZigaZdWgjid#AVXdckZgh^chZ]VXZVeVgi^gYZaVXVeVX^YVYXVadgÒXVYZXVYV[jZc"
iZXdch^YZgVYV#
;d[h]WÓdWb0 ZhaVZcZg\VfjZhZji^a^oVZcadhejcidhYZXdchjbd!nVigVch[dgbVYV
eVgVhZgji^a^oVYVY^gZXiVbZciZedgZajhjVg^d#EdgiVcid!aVZcZg\VÒcVaZhZagZhjaiVYd
YZgZhiVgVaVZcZg\Veg^bVg^VaVhegY^YVhedgaVigVch[dgbVX^cnedgZaigVchedgiZ#
6h!ZcZaX{aXjadYZZhiZkVadg!hZ^cXajnZcadhXdchjbdhZcZg\i^XdhnadhcdZcZg\"
i^Xdh n hZ ZmXajnZ aV ZcZg\V ZbeaZVYV Zc aV \ZcZgVX^c ZaXig^XV n Zc digdh i^edh YZ
igVch[dgbVX^cYZaVZcZg\V#
;d[h]W fh_cWh_W0 ZcZg\V fjZ cd ]V h^Yd hdbZi^YV V c^c\c egdXZhd YZ XdckZgh^c#
9VYdfjZadhegdXZhdhYZXdckZgh^ch^ZbegZdg^\^cVcegY^YVh!ZhiZXdcXZeidVea^XVYd
Vjc{bW^id\Zd\g{ÒXdgZegZhZciVaVZcZg\VfjZcZXZh^iVZcigb^cdhVWhdajidh#
;J:CI:H
;6:C;jcYVX^c6hijg^VcVYZaV:cZg\V#]iie/$$lll#[VZc#Zh
(#,
:C:G<Þ6
(#,#+8dchjbdYZZcZg\Vedg]d\Vg$]VW^iVciZ
:c'%%-]VY^hb^cj^YdaVZÒX^ZcX^VZcZg\i^XVYZadh]d\VgZhVhijg^Vcdh#
:cZaXdchjbdZcZg\i^XdgZh^YZcX^Va^cÓjnZch^\c^ÒXVi^kVbZciZaVhXdcY^X^dcZh
bZiZdgda\^XVhYZXVYVVd#HZYZWZiZcZgZcXjZciVfjZZcZaai^bdig^bZhigZYZaVd
'%%-hZgZ\^higVgdciZbeZgVijgVhb{h[gVhfjZZc'%%,!adfjZegdYj_djcVjbZcidZc
ZaXdchjbdgZh^YZcX^VaYZjc*!-!VaXVcoVcYd%!(*BiZe#
Adhjhdhigb^Xdh[jZgdcYZ%!'&BiZe!adfjZh^\c^ÒXVjcVjbZcidgZheZXidVa
VdVciZg^dg#6h^b^hbd!adhjhdhZaXig^XdhVjbZciVgdc!VaXVcoVcYdadh%!&)BiZe#
H^hZVcVa^oVaVZkdajX^cYZaXdchjbdZcZg\i^XdZcgZaVX^cVacbZgdYZ]d"
\VgZh!hiZ]VVjbZciVYdZcVegdm^bVYVbZciZjc+Zc'%%-!YZW^Yd!edgjcaVYdVa
^cXgZbZcidYZadhjhdhigb^XdhnZaXig^Xdhn!edgdigd!VfjZZc'%%-hZXdciVW^a^oVgdc
-+']d\VgZhbZcdhfjZZcZa'%%,#
:cX^[gVhVWhdajiVh!aVZcZg\Vji^a^oVYVedgadh]d\VgZhhZ]V^cXgZbZcidZcjc
'ZcigZZa'%%%nZa'%%-#CddWhiVciZ!ZcZhiZeZgdYdhZegdYj_djcVgZYjXX^cYZa
&*YZaXdchjbdYZZcZg\Vedg]d\VgYZhYZZaVd'%%%#:hidhZ]VYZW^YdVfjZadh
jhdhigb^XdhhZgZYj_Zgdcjc&)n!VjcfjZ]jWdjc^cXgZbZcidYZadhjhdhZaX"
ig^Xdh YZa (.! iVbW^c VjbZciVgdc Za cbZgd YZ ]d\VgZh VWVhiZX^Ydh eVhVcYd YZ
()&#''*Zc'%%%V)%-#)%%Zc'%%-#
=Vn fjZ iZcZg Zc XjZciV! edg digd aVYd! aV kVg^VX^c Zc Za gZeVgid ZcigZ jhdh
igb^XdhnZaXig^Xdh#:cZa'%%%adhjhdhigb^XdhhjedcVcZa,%YZaXdchjbdZcZg"
\i^XdYZadh]d\VgZhnZhiVegdedgX^chZ]VbdY^ÒXVYd!YZiVabVcZgVfjZZc'%%-Za
XdchjbdZcZg\i^XdeVgVjhdigb^Xd]ViZc^YdjceZhdYZa+%YZaidiVaXdchjb^Yd#
'%' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#,
:C:G<Þ6
GZheZXidVaXdchjbdÒcVaYZZaZXig^X^YVY!ZcZaeZg^dYdXdbegZcY^YdZcigZ'%%%
n'%%.!aVbZY^VYZXdchjbdYZZcZg\VZaXig^XVedg]VW^iVciZhZ^cXgZbZcijc(.
YZhYZ&#%-)!)%V&#*%.!+,`L]!b^ZcigVhfjZZaXdchjbdYZZaZXig^X^YVYedg]d\Vg
VjbZcijc&+#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '%(
(#,
:C:G<Þ6
DEJ7I
3:acbZgdidiVaYZ]VW^iVciZhZc6hijg^VhhZbVci^ZcZeg{Xi^XVbZciZZhiVWaZYjgVciZZaeZ"
gdYdXdch^YZgVcYd!Xdcjca^\Zgd^cXgZbZcidYZjc%!&+YZhYZZaVd'%%%#H^cZbWVg\d!Za
cbZgdYZ]d\VgZhVjbZcijc'%#AVbZY^VYZ]VW^iVciZhedg]d\VgYZhXZcY^YZ(!&V'!+
]VW^iVciZh#
;J:CI:H
;6:C;jcYVX^c6hijg^VcVYZaV:cZg\V#]iie/$$lll#[VZc#Zh
(#,
:C:G<Þ6
(#,#,8dchjbdYZZcZg\VZcZahZXidgigVchedgiZ
:aXdchjbdYZZcZg\VÒcVaYZahZXidgigVchedgiZZc'%%-YZhXZcY^jc+!&Xdc
gZheZXidVaVdVciZg^dg#
:aXdchjbdYZZcZg\VÒcVaYZahZXidgigVchedgiZZc'%%-YZhXZcY^V%!.'BiZe!
adfjZh^\c^ÒXjc+!&bZcdhfjZZaVdVciZg^dg#
6Y^[ZgZcX^VYZ'%%,!aVhYZbVcYVhYZigVchedgiZedgXVggZiZgV!VgZd!bVgi^bd
n[Zggdk^Vg^dhj[g^ZgdcjcdhYZhXZchdhYZa*!%!'%!%!.!%n&-!,!gZheZXi^kVbZciZ#
:hiVbZcdgbdk^a^YVYZhi{ZcXdchdcVcX^VXdcaVh^ijVX^cZXdcb^XV\ZcZgVa#
6jcfjZZaeVgfjZVjidbdk^ahi^XdYZ6hijg^VhXgZX^YjgVciZZa'%%-!ad]^odVjc
g^ibdbZcdgVaYZdigdhVdh!XdcjckVadgYZa'!-YZXgZX^b^Zcid^ciZgVcjVa#EdgdigV
eVgiZ!Vc^kZagZ\^dcVa!h^\jZch^ZcYdbVndg^iVg^dhadhkZ]XjadhfjZXdchjbZc\VhaZd!
gZegZhZciVcYdjc**!*YZaidiVa#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '%*
(#,
:C:G<Þ6
:aigVchedgiZedgXVggZiZgV!fjZhjejhdZa,-!(YZaVYZbVcYVZcZg\i^XVYZa
hZXidg!nZabVgi^bdYZbZgXVcXVh!Xdcjc&.!*!hdcadhbZY^dhYZigVchedgiZXdc
jcbVndgXdchjbdZcX^[gVhVWhdajiVh#
:hidhZigVYj_dZcfjZaVh[jZciZhb{hYZbVcYVYVhZcZahZXidgYZaigVchedgiZ
[jZgVcadh\VhaZdh%!*-BiZe!adh[jZaaZdhnfjZgdhZcdh%!&.BiZenaVh\Vhda^cVh
%!&)BiZe#:aXdchjbdYZ\VhaZdnYZ\Vhda^cVY^hb^cjngZheZXidVaYZ'%%,Zcjc
*!'n(!.!gZheZXi^kVbZciZ#
:cgZaVX^cXdcZhidhYVidh!aV^ciZch^YVYZcZg\i^XVYZahZXidgigVchedgiZ!Zh"
i^bVYVXdbdaVgZaVX^cZcigZZaXdchjbdZcZg\i^XdnZaK67YZaigVchedgiZ!egZhZci
jckVadgbZcdgfjZZc'%%,#:cZaVd'%%-ZakVadgVaXVcoVYdedgZhiZ^cY^XVYdg[jZ
YZ%!.+'`iZe$B€#
;J:CI:H
;6:C;jcYVX^c6hijg^VcVYZaV:cZg\V#]iie/$$lll#[VZc#Zh
'%+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#-
9:H6HIG:HC6IJG6A:HNI:8CDAâ<>8DH
(#-#&
>cXZcY^dh[dgZhiVaZh
(#-#'
6XX^YZciZhZcXVggZiZgVn[ZggdXVgg^aXdcYVdhVbW^ZciVaZh
(#-#(
6XX^YZciZhZcXVggZiZgVXdcYVdhVaV[VjcV
(#-
9:H6HIG:HC6IJG6A:HNI:8CDAâ<>8DH
AdhYZhVhigZhcVijgVaZhniZXcda\^Xdhi^ZcZcXdbdXdchZXjZcX^VhegY^YVhY^"
gZXiVhYZi^edbViZg^Va!ZXdcb^Xdd]jbVcdVhXdbdaVVaiZgVX^cYZacdgbVa[jcX^d"
cVb^ZcidYZaVhdX^ZYVY#AdhYZhVhigZhcVijgVaZhhdc[ZcbZcdhcVijgVaZhZmigZbdh
fjZ Zc cjbZgdhVh dXVh^dcZh hZ kZc Vbea^ÒXVYdh edg aVh VXi^k^YVYZh ]jbVcVh n adh
egdXZhdhYZdXjeVX^ciZgg^idg^Va#AdhYZhVhigZhiZXcda\^Xdhk^ZcZcYVYdhedg[Vaadh
ZcaVVea^XVX^cYZaVhiZXcdad\VhYZhVggdaaVYVh#EdgiVcidZhegZX^hdeVgVaVegdiZX"
X^cYZaXdc_jcidYZaVhdX^ZYVYZaYZhVggdaadYZcdgbVi^kVhneaVcZheVgVZaXdcigdanaV
gZYjXX^cYZadh^beVXidhhdX^dZXdcb^XdhnVbW^ZciVaZhYZZhidh[ZcbZcdh#
9ZhYZaVJ:hZYZhVggdaaVZcZhiVbViZg^VjcXdc_jcidYZegd\gVbVhYZXddeZ"
gVX^ciVcidZcZaiZgg^idg^dXdbjc^iVg^dXdbdYZVnjYVeVgVaVgZYjXX^cYZag^Zh\dZc
eVhZhZcYZhVggdaad#:cZa{bW^idZmiZg^dgXVWZYZhiVXVgaV8dbjc^XVX^c8DB'%%.
-)YZaV8db^h^cVa8dchZ_dnVaEVgaVbZcid:jgdeZd!YZ'(YZ[ZWgZgdYZ'%%.!ZcaV
fjZhZegdedcZjcVZhigViZ\^VZjgdeZVYZVedndVaVgZYjXX^cYZag^Zh\dYZXVi{higd"
[ZhZcadheVhZhZcYZhVggdaadXdcZaÒcYZXdcig^Wj^gVaVejZhiVZceg{Xi^XVYZaBVgXd
YZ6XX^cYZ=nd\d'%%*nVaXjbea^b^ZcidYZadhDW_Zi^kdhYZ9ZhVggdaadYZaB^aZc^d
YZCVX^dcZhJc^YVh#
'%- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#-
9:H6HIG:HC6IJG6A:HNI:8CDAâ<>8DH
EdgadfjZhZgZÒZgZVaVedai^XV^ciZgcVXdbjc^iVg^VZcZhiVbViZg^V!]VnfjZ
gZhZVgaVejWa^XVX^cYZaV8dbjc^XVX^c8DB'%%.-'YZaV8db^h^cVaEVgaVbZcid
:jgdeZd!Va8dchZ_d!Va8db^i:Xdcb^XdnHdX^Va:jgdeZdnVa8db^iYZaVhGZ\^dcZh!
YZ'(YZ[ZWgZgdYZ'%%.!YZcdb^cVYVÆJcZc[dfjZXdbjc^iVg^deVgVaVegZkZcX^cYZ
XVi{higd[ZhcVijgVaZhnYZdg^\Zc]jbVcdÇ#DigVcdkZYVYZhZaigVWV_dfjZhZZhi{gZV"
a^oVcYdeVgVaVgZk^h^cYZaV9^gZXi^kVHZkZhd>>>'%%($&%*$8:fjZYZWZhZgbdY^ÒXVYV
eVgVVYVeiVghZVacjZkdh^hiZbVXdbjc^iVg^dYZXaVh^ÒXVX^cYZhjhiVcX^VheZa^\gdhVh
gZXd\^YVedgZa GZ\aVbZcid8:$&','$'%%-hdWgZXaVh^ÒXVX^c!Zi^fjZiVYdnZckVhVYd
YZhjhiVcX^VhnbZoXaVh#
:cZa{bW^idcVX^dcVa!Zc'%%.hZ]VigVWV_VYdZcaVigVchedh^X^cYZaV9^gZXi^kV
'%%,$+%$8:gZaVi^kVVaVZkVajVX^cn\Zhi^cYZadhg^Zh\dhYZ^cjcYVX^c#IVbW^cZc
ZhiZVdZcigZck^\dgZa GZVa9ZXgZid'%.%$'%%-!YZ''YZY^X^ZbWgZ!edgZafjZhZ
VegjZWVZaGZ\aVbZcidYZYZhVggdaadeVgX^VaYZaV AZn'+$'%%,!YZ'(YZdXijWgZ!YZ
GZhedchVW^a^YVYBZY^dVbW^ZciVa#:cadgZ[ZgZciZVaYZhVggdaadYZaVegZkZcX^c!YZhYZ
aV9^gZXX^c<ZcZgVaYZEgdiZXX^c8^k^ahZ]VZaVWdgVYdZaBVeVCVX^dcVaYZ;aj_dhYZ
BZgXVcXVhEZa^\gdhVhedg;ZggdXVgg^a!hZ]VigVWV_VYdZcZaEaVc:hiViVaYZEgdiZXX^c
8^k^aVciZZaG^Zh\dHhb^XdnhZVegdWVgdcadhEaVcZh9^gZXidgZhXdggZhedcY^ZciZhV
adhEaVcZhYZ:bZg\ZcX^VCjXaZVg:miZg^dgZhVaVh8ZcigVaZhCjXaZVgZh#
9ZhYZZaEg^cX^eVYdYZ6hijg^VhiVbW^chZ]VigVWV_VYdZcaVacZVYZaVegZ"
kZcX^cbZY^VciZaVgZk^h^cYZaEaVcIZgg^idg^VaYZEgdiZXX^c8^k^aYZaEg^cX^eVYdYZ
6hijg^VhEA6I:GE6nYZaEaVcIZgg^idg^VaYZ8dci^c\ZcX^Vhedg8dciVb^cVX^cBVg^cV
6XX^YZciVaZcZaEg^cX^eVYdYZ6hijg^VhEA686BE6!VhXdbdYZadhEaVcZhYZEgdiZX"
X^c8^k^aYZ:bZg\ZcX^Vedg>cXZcY^dh;dgZhiVaZhYZaEg^cX^eVYdYZ6hijg^Vh>C;DE6!
YZHVakVbZcidZcEaVnVhYZaEg^cX^eVYdYZ6hijg^VhH6EA6nVciZZaG^Zh\dYZCZkV"
YVhZcZaEg^cX^eVYdYZ6hijg^Vh'%%.$'%&%#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '%.
(#-
9:H6HIG:HC6IJG6A:HNI:8CDAâ<>8DH
(#-#&>cXZcY^dh[dgZhiVaZh
:c'%%.Y^hb^cjnZacbZgdYZ]ZXi{gZVhfjZbVYVhZc6hijg^Vh!VeZhVgYZ
fjZhZegdYj_djcVjbZcidZcZacbZgdYZ^cXZcY^dh#
AdhYVdhVbW^ZciVaZhegdYjX^Ydhedgadh^cXZcY^dh[dgZhiVaZhejZYZcaaZ\VgV
hZgYZ\gVcZckZg\VYjgV#:aZbedWgZX^b^ZcidnZgdh^cYZadhhjZadh!aVXdciVb^cVX^c
VbW^ZciVanYZhigjXX^cYZaVWZaaZoVYZaeV^hV_Z!aVYZhigjXX^cYZadhZXdh^hiZbVhd
hjXdcig^WjX^cVaXVbW^dXa^b{i^Xd!ZcigZdigdh!hdcVa\jcdhYZadhYVdhfjZXVjhVc
adh^cXZcY^dhVadhfjZ]VnfjZVVY^gdigdhYZcYdaZhdX^Va!ZXdcb^XVdXjaijgVaXdbd
ejZYZhZgadhg^Zh\dheVgVaVedWaVX^c!^cXajhdaVbjZgiZYZhZgZh]jbVcdh!YZhigjX"
X^cYZk^k^ZcYVhZ^c[gVZhigjXijgVh!ZiX#
:c'%%.hZegdYj_Zgdc'#%.)^cXZcY^dh[dgZhiVaZh!(*(b{hfjZZaVdVciZg^dg#
H^cZbWVg\d!aVhjeZgÒX^ZV[ZXiVYVVeZcVhkVg^!Z^cXajhdhZgZYj_dVa\dYZjcVdV
digd!eVhVcYdYZ+#+-+]VfjZbVYVhZc'%%-+#%.-]VYZhjeZgÒX^ZcdVgWdaVYVn*--
YZhjeZgÒX^ZVgWdaVYVV+#*%.]VZc'%%.+#'%-]VYZhjeZgÒX^ZcdVgWdaVYVn(%&]V
YZhjeZgÒX^ZVgWdaVYV#
'&% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#-
9:H6HIG:HC6IJG6A:HNI:8CDAâ<>8DH
EdgadiVcid!ZacbZgdYZ]ZXi{gZVhfjZbVYVhedg^cXZcY^d!]VY^hb^cj^YdXdc
gZheZXidVaVdVciZg^dg!eVhVcYdYZ(!-)]Vedgh^c^ZhigdZc'%%-V(!&&]VZc'%%.#:h
YZX^g!adh^cXZcY^dh]Vch^Ydedgigb^cdbZY^dYZbZcdgbV\c^ijYZc'%%.#
:cXjVcidVaVhXVjhVhfjZegdkdXVgdcadhh^c^Zhigdh!adhai^bdhYVidhXdcfjZ
hZXjZciVcXdggZhedcYZcVaVd'%%-#9Zadh&#,)&^cXZcY^dh[dgZhiVaZhdXjgg^YdhZc
6hijg^Vh!Za)&ijk^Zgdcaj\VgedgXVjhVYZhXdcdX^YV!jc)%YZadhXVhdh[jZgdcYZ"
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '&&
(#-
9:H6HIG:HC6IJG6A:HNI:8CDAâ<>8DH
W^YdhVcZ\a^\ZcX^VhdXVjhVhVXX^YZciVaZhnZa&,!jcidiVaYZ'.*^cXZcY^dh![jZgdc
^ciZcX^dcVYdh#IVchadjc&YZadhXVhdhhZYZW^VaVXVYVYZgVndhnjcedgXZciV_Z
YZXVhdhh^b^aVgijkdXdbdXVjhVjcVgZegdYjXX^cYZab^hbdh^c^Zhigd#
:acY^XZYZg^Zh\dgZegZhZciVZacbZgdYZ^cXZcY^dhegdYjX^YdhedgXVYV&%#%%%
]VYZhjeZgÒX^Z[dgZhiVaZm^hiZciZ#6hijg^Vhh^\jZh^ZcYdZc'%%.aVgZ\^cYZ:heVV
fjZdhiZciVZacY^XZb{hZaZkVYdXdc',!)h^c^ZhigdhedgXVYV&%#%%%]VYZhjeZgÒX^Z
[dgZhiVa#:chZ\jcYdaj\VghZZcXjZcigV<Va^X^VXdcjccY^XZYZg^Zh\dYZ&.!*!nZc
iZgXZgaj\Vg8VciVWg^VXdc&+!)#AVbZY^VYZ:heVVZhi{Zc*!+!XdggZhedcY^ZcYdadh
cY^XZhb{hWV_dhV6gV\cn8VcVg^VhXdckVadgZhYZ&!,n'!'!gZheZXi^kVbZciZ#
'&' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#-
9:H6HIG:HC6IJG6A:HNI:8CDAâ<>8DH
:c6hijg^Vhadh^cXZcY^dh[dgZhiVaZhhdcb{h[gZXjZciZhYjgVciZadhbZhZhZh"
i^kVaZh!XjVcYdhZYVcjcVhXdcY^X^dcZhXa^b{i^XVhb{hegde^X^VheVgVZaadh0VjcfjZ
aVeg^bVkZgViVbW^cZhjcVedXVhZch^WaZYZW^YdVaVVWjcYVcX^VYZ^cXZcY^dhXjnd
dg^\ZcgVY^XVZcaVhfjZbVheVgVgZ\ZcZgVX^cYZeVhidhnZcaVha^be^ZoVhYZÒcXVh#
6idYdZaadhZhjbVcX^ZgiVhXVgVXiZghi^XVhYZaiZgg^idg^dnYZaVkZ\ZiVX^cYZaVgZ\^c
fjZ[VkdgZXZcaVegdeV\VX^cYZ^cXZcY^dh!XdbdZhaVXdbea^XVYVdgd\gV[V!aVYZchV
kZ\ZiVX^cnaVZmiZch^cYZ\gVcYZhZheVX^dhYZbVidggVaedWaVYdhedgZheZX^Zhe^g"
ÒiVhXdbdadhWgZoVaZh!ZcigZdigVh#
DEJ7I
3:cZabdbZcidYZZaVWdgVgZhiZ^cY^XVYdg!hZY^hedcVYZYVidhhdWgZc°YZ^cXZcY^dhnhj"
eZgÒX^ZV[ZXiVYVeVgV'%%.!eZgdcdVhYZaVhXVjhVh#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZGjgVanBVg^cd#ÆAdh^cXZcY^dh[dgZhiVaZhZc:heVV/9ZXZc^d&..+"'%%*Ç#ÆAdh^cXZcY^dh
[dgZhiVaZhZc:heVV'%%+Ç#ÆAdh^cXZcY^dh[dgZhiVaZhZc:heVV'%%,Ç#ÆAdh^cXZcY^dh[dgZhiVaZhZc:heVV'%%-ÇÆ>cXZcY^dh
[dgZhiVaZhZc:heVV6kVcXZ>c[dgbVi^kd'%%.Ç#Æ>ckZciVg^dCVX^dcVa;dgZhiVa;C(Ç#]iie/$$lll#bVgb#Zh
H69:>HdX^ZYVY6hijg^VcVYZ:hijY^dh:Xdcb^XdhZ>cYjhig^VaZh#]iie/$$lll#hVYZ^#Zh
(#-
9:H6HIG:HC6IJG6A:HNI:8CDAâ<>8DH
(#-#'6XX^YZciZhZcXVggZiZgVn[ZggdXVgg^aXdcYVdhbZY^dVbW^ZciVaZh
AdhVXX^YZciZhXdcYVdhbZY^dVbW^ZciVaZhhdcbjnZhXVhdhZc6hijg^Vh!Zc
'%%-hadhZegdYj_djcVXX^YZciZXdcediZcX^Vag^Zh\deVgVZabZY^dVbW^ZciZ#
:cZhiZVeVgiVYdhZVcVa^oVcadhVXX^YZciZhedgXVggZiZgVd[ZggdXVgg^a!Zcadh
fjZhZ]VXdbjc^XVYdaVZm^hiZcX^VYZjcV[j\VdYZggVbZYZVa\jcVhjhiVcX^VXdciV"
b^cVciZiVcidVahjZad!XdbdVjcXVjXZYZV\jVdVaVVibh[ZgV#
:acbZgdYZVXX^YZciZhhj[g^YdhZcZaigVchedgiZYZbZgXVcXVheZa^\gdhVhZc
6hijg^Vh ]V egZhZciVYd jcV ZaZkVYV kVg^VW^a^YVY Zc adh ai^bdh Vdh! nV fjZ aV VXX^"
YZciVa^YVYYZeZcYZZcbjX]dhXVhdhYZ[VXidgZhXVhjVaZhnVaZVidg^dh#CddWhiVciZ!
Zm^hiZcbZY^YVhfjZejZYZcgZYjX^gZacbZgdYZVXX^YZciZh!XdbdbZ_dgVhZcaVhZ"
\jg^YVYk^Va!ZcaVh^c[gVZhigjXijgVhnbZ_dgVhiZXcda\^XVhZcadhegde^dhbZY^dhYZ
igVchedgiZ!fjZVnjYVcVegZkZc^gdb^c^b^oVgbjX]dhYZZhidhVXX^YZciZh#
HZdWhZgkVjcViZcYZcX^V\ZcZgVaVaYZhXZchdZcZacbZgdYZVXX^YZciZhXdc
g^Zh\d eVgV Za bZY^d VbW^ZciZ# :c Za Vd '%%- hZ cdi^ÒXVgdc iVc had ' VXX^YZciZh!
YZadhXjVaZhZcjcd]jWdjcediZcX^VaYVdVbW^ZciVa!edgedh^WaZXdciVb^cVX^cYZ
hjZadh#
EdgdigdaVYd!YZhiVXVZabVndgcbZgdYZVXX^YZciZhedgXVggZiZgV[gZciZVa
[ZggdXVgg^a!XjnVeg^cX^eVagVocgVY^XVZcZajhdbVndg^iVg^dYZaigVchedgiZYZbZgXVc"
XVheZa^\gdhVhedgZhiZbZY^d#
'&) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#-
9:H6HIG:HC6IJG6A:HNI:8CDAâ<>8DH
8dc gZheZXid Va gZhid YZ 8dbjc^YVYZh 6jicdbVh! 6hijg^Vh hZ ZcXjZcigV Zc
jcVedh^X^c^ciZgbZY^VZcZacbZgdYZVXX^YZciZhXdcedh^WaZhYVdhVbW^ZciVaZh#
;J:CI:H
B>B^c^hiZg^dYZa>ciZg^dg#9^gZXX^c<ZcZgVaYZEgdiZXX^c8^k^an:bZg\ZcX^Vh#]iie/$$lll#egdiZXX^dcX^k^a#dg\
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '&*
(#-
9:H6HIG:HC6IJG6A:HNI:8CDAâ<>8DH
(#-#(6XX^YZciZhYZig{ÒXdXdcYVdhVaV[VjcV
:acbZgdYZVXX^YZciZhXdcYVdhVaV[VjcVhZ^cXgZbZciVgdcjc&'ZcZa
Vd'%%.gZheZXidVaVdVciZg^dg#
:cZah^\j^ZciZ\g{ÒXdhZegZhZciVaVZkdajX^cYZhYZZaVd'%%+YZacbZgd
YZVXX^YZciZhegdYjX^YdhZcZaEg^cX^eVYdYZ6hijg^Vh!ZcadhXjVaZh]VnV]VW^YdVa\c
Vc^bVaYZXjVafj^ZgZheZX^Z^ckdajXgVYd#
8dbdhZejZYZdWhZgkVg!ZacbZgdYZVXX^YZciZhYZZhiVhXVgVXiZghi^XVhhZ]V
^cXgZbZciVYdZcadhai^bdhVdheVhVcYdYZaVX^[gVYZ++,h^c^ZhigdhZc'%%+V.&,
Zc'%%.!ZhYZX^g!hZ]VegdYjX^Ydjc(,YZ^cXgZbZcidZcZaidiVaYZVXX^YZciZhYZ
ig{ÒXdXdc^cX^YZcX^VhdWgZaV[VjcV#:c'%%.!Za^cXgZbZcid^ciZgVcjVaegdYjX^Yd[jZ
YZa&'#
Edgi^edYZVc^bVa!adhb{hV[ZXiVYdh[jZgdcZa\gjedYZadhVc^bVaZhh^akZhigZh
X^Zgkd!Xdgod!_VWVa!gZWZXd!iZ_c!odggd!adWd!½fjZZc'%%.VhXZcY^ZgdcV,&%Vc^"
bVaZhh^c^ZhigVYdhZa,,YZaidiVa![gZciZVaVhVkZhfjZgZegZhZciVgdciVchadZa&
YZaidiVaYZVc^bVaZhh^c^ZhigVYdh#
AdhVc^bVaZhYdbhi^XdhdYZ\gVc_Vh^c^ZhigVYdhedgVXX^YZciZYZig{ÒXdgZ"
egZhZciVgdcZa&,Zc'%%.!aVhXViZ\dgVhZc\adWVYVhZcZhiZ\gjedhdcadhXVc^cdh!
XVeg^cdh!Zfj^cdh![Za^cdh!dk^cdhnkVXjcdh#
AVXViZ\dgVYZVc^bVacd^YZci^ÒXVYdedgXjVafj^ZgXVjhVhZ]Vjc^YdVaVXV"
iZ\dgVYZdigdVc^bVafjZZc\adWVVidYdhadhVc^bVaZhcd^cXaj^YdhZcZagZhidYZaVh
XViZ\dgVhVcZhiVcYd^YZci^ÒXVYdh#6bWVhXViZ\dgVhgZegZhZciVcZa)YZaidiVaYZ
Vc^bVaZhh^c^ZhigVYdhZc'%%.#
;J:CI:H
9<I9^gZXX^c<ZcZgVaYZIg{ÒXd#]iie/$$lll#Y\i#Zh
'&+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#.
6<G>8JAIJG6N<6C69:GÞ6
(#.#&
HjeZgÒX^ZV\gXdaVedgjhdh
(#.#'
6\g^XjaijgVZXda\^XV
(#.#(
8Vg\V\VcVYZgV
(#.#)
:meadiVX^dcZh\VcVYZgVhXdcegdYjXX^cZXda\^XV
(#.#*
8dchjbdYZegdYjXidhÒidhVc^iVg^dh
(#.
6<G>8JAIJG6N<6C69:GÞ6
AV V\g^XjaijgV n aV \VcVYZgV hdc Ydh VXi^k^YVYZh [jcYVbZciVaZh! cd had edg
hj^bedgiVcX^VZXdcb^XV!h^cdiVbW^cedgaV^begdciVfjZ^beg^bZcVadheV^hV_Zh#
:c Za VXijVa bdYZad hdX^dZXdcb^Xd hZ Vcid_V [jcYVbZciVa aV VYVeiVX^c YZa hZXidg
V\gXdaV V adh cjZkdh bdYZadh n h^hiZbVh iVcid Zc aV egdYjXX^c Xdbd Zc Za Xdcigda
YZaVXVa^YVYYZaVhZmeadiVX^dcZhnYZadhegdYjXidh#HZigViVYZhZgVbW^ZciVabZciZ
hdhiZc^WaZVaVkZofjZXdbeZi^i^kd#
:cZa{bW^idZjgdeZdhZ]VcVXijVa^oVYdVa\jcVhcdgbVhZcigZaVhfjZhZZc"
XjZcigVc! edg Z_Zbead! Za GZ\aVbZcid 8:$--.$'%%-! bdY^ÒXVYd edg Za GZ\aVbZcid
8:$,&%$'%%.!YZ*YZV\dhidYZ'%%.!ZcadgZ[ZgZciZVaVhY^hedh^X^dcZhYZVea^XVX^c
eVgVaVegdYjXX^cZXda\^XVYZVc^bVaZhYZaVVXj^XjaijgVnYZVa\VhbVg^cVhdadh
gZ\aVbZcidh fjZ gZ\jaVWVc aV VnjYV Va YZhVggdaad gjgVa V igVkh YZa ;dcYd :jgdeZd
6\gXdaV YZ 9ZhVggdaad GjgVa ;:69:G# Digd YZ adh VXidh Xdbjc^iVg^dh bdY^ÒXVYdh
]Vch^YdaVhY^gZXig^XZhZhigVi\^XVhXdbjc^iVg^VhYZYZhVggdaadgjgVaeVgVZaeZg^dYd
'%%,"'%&(!VegdWVYVhedgZa8dchZ_dbZY^VciZhj9ZX^h^c'%%+$&))$8:#6Xdb^Zcodh
YZ'%%.Za8dchZ_dVegjZWVaV9ZX^h^c'%%.$+&$8:^cXdgedgVcYdZcigZadhgZidhYZaVh
Y^gZXig^XZhX^iVYVhZaXVbW^dXa^b{i^Xd!aVhZcZg\VhgZcdkVWaZh!aV\Zhi^cYZaV\jV!aV
W^dY^kZgh^YVYnaVgZZhigjXijgVX^cYZahZXidga{XiZd#
'&- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#.
6<G>8JAIJG6N<6C69:GÞ6
6YZb{h!Za&YZZcZgdYZ'%%.ZcigZck^\dgZacjZkdgZ\aVbZcidYZaVJc^c
:jgdeZVeVgVaVegdYjXX^c!XdcigdanZi^fjZiVYdYZegdYjXidhZXda\^XdhGZ\aVbZc"
id 8:$-()$'%%, n aV 8db^h^c ejWa^X aV 8dbjc^XVX^c 8DB'%%. '() Zc aV fjZ hZ
VcVa^oVcaVhedai^XVhYZXVa^YVYYZadhegdYjXidhV\gXdaVhYZaVJ:!ZcigZaVhfjZhZ
ZcXjZcigVcaVh^cY^XVX^dcZh\Zd\g{ÒXVh!aVV\g^XjaijgVZXda\^XVnaVhZheZX^Va^YVYZh
igVY^X^dcVaZh\VgVci^oVYVh#
:cZaXdciZmidcVX^dcVahZVegdWZaGZVa9ZXgZid)-+$'%%.!YZ(YZVWg^a!edgZa
fjZhZZhiVWaZXZcadhgZfj^h^idhaZ\VaZhYZ\Zhi^cnaVhWjZcVhXdcY^X^dcZhV\gVg^Vhn
bZY^dVbW^ZciVaZhfjZYZWZcXjbea^gadhV\g^XjaidgZhfjZgZX^WVceV\dhY^gZXidhZcZa
bVgXdYZaVE68dadhWZcZÒX^Vg^dhYZYZiZgb^cVYVhVnjYVhYZYZhVggdaadgjgVa#
:c 6hijg^Vh! XVWZ YZhiVXVg aV ÒgbV YZa XdckZc^d ZcigZ Za B^c^hiZg^d YZ BZY^d
6bW^ZciZnBZY^dGjgVanBVg^cdnZa<dW^ZgcdYZaEg^cX^eVYdYZ6hijg^VheVgVZa^b"
ejahdYZjcegd\gVbVe^adidYZYZhVggdaadgjgVahdhiZc^WaZZcZaXdc_jcidYZaVhodcVh
gjgVaZhYZaEg^cX^eVYd#9^X]dXdckZc^d!XdcjcVXjVciVidiVaYZdcXZb^aadcZhYZZjgdh
njc{bW^idiZgg^idg^VaYZ+,bjc^X^e^dh!XdciZbeaVVXijVX^dcZhZc^c[gVZhigjXijgVhn
Zfj^eVb^ZcidhW{h^Xdh!Zfj^eVb^ZcidhegdYjXi^kdheVgVaVY^kZgh^ÒXVX^cZXdcb^XV!
Vc{a^h^hYZgZXjghdhcVijgVaZhZcodcVhgjgVaZhnYZhVggdaadYZ^chigjbZcidhYZeaVc^"
ÒXVX^cn\Zhi^c#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '&.
(#.
6<G>8JAIJG6N<6C69:GÞ6
(#.#&HjeZgÒX^ZV\gXdaVedgjhdh
:c '%%. VjbZci Zc 6hijg^Vh aV hjeZgÒX^Z YZhi^cVYV V egVYdh n eVhi^oVaZh! V
XdhiVYZaVgZYjXX^cYZi^ZggVhYZXjai^kd#
AVegZhZcX^VYZV\g^XjaidgZhn\VcVYZgdhZcZaZheVX^dgjgVaVhijg^VcdnhjVXi^"
k^YVY]VcXdcig^Wj^YdVXdcÒ\jgVgjcVeVgiZYZaeV^hV_ZVhijg^Vcd#
8dch^YZgVcYdfjZXVh^igZhXjVgiVheVgiZhYZaiZgg^idg^dVhijg^VcdhdchjeZgÒX^Z
V\gXdaVd[dgZhiVa(&YZhjeZgÒX^ZV\gXdaVfjZ^cXajnZi^ZggVhYZXjai^kdnegVYdhn
eVhi^oVaZheZgbVcZciZh!n)(YZhjeZgÒX^Z[dgZhiVa!ZajhdYZaVi^ZggVnaVheg{Xi^XVh
V\gd"\VcVYZgVhi^ZcZcjcVgZeZgXjh^cY^gZXiVhdWgZadhgZXjghdhcVijgVaZh#
:c6hijg^Vh!ZajhdbVndg^iVg^dYZaVhjeZgÒX^ZgZ\^dcVaZhZaYZhi^cVYdViZggZcd
[dgZhiVafjZZc'%%.hjejhdaVdXjeVX^cYZa)(YZaVhjeZgÒX^ZgZ\^dcVa!Xdc)*-#).%
]V#:ahZ\jcYdjhdZc^bedgiVcX^VZhZaYZhjeZgÒX^ZYZY^XVYVVegVYdhneVhi^oVaZh
XdcjcVdXjeVX^cYZa'.YZaVhjeZgÒX^ZgZ\^dcVa!adfjZhjedcZ(&&#,*+]V#
EdgZaXdcigVg^d!AVhi^ZggVhYZXjai^kdi^ZcZcjcVbc^bVgZegZhZciVX^cZcaV
gZ\^c!nVfjZiVchaddXjeVcZa'YZaVhjeZgÒX^ZgZ\^dcVa'%#%))]V#
EdghjeVgiZ!ZaXdcXZeidYZÆDigVhhjeZgÒX^ZhÇfjZZc\adWVadhgdhnaV\dh!aV
hjeZgÒX^ZcdV\gXdaV!ZaiZggZcd^begdYjXi^kdnZabVidggVa!dXjeVZa'*YZaVhjeZg"
ÒX^ZgZ\^dcVa#
:cgZaVX^cXdcZaVd'%%-!Zc'%%.hZ]V^cXgZbZciVYdaVhjeZgÒX^ZYZegVYdh
neVhi^oVaZhZc&#*%%]VZcYZig^bZcidYZaVhi^ZggVhYZXjai^kdfjZhZ]Vck^hidgZYj"
X^YVhZcjc.#
:hiV iZcYZcX^V Zh VXdgYZ Xdc aV iZcYZcX^V \ZcZgVa dWhZgkVYV Zc 6hijg^Vh Yj"
gVciZadhai^bdhVdh!YZVWVcYdcdYZi^ZggVhYZXjai^kdeVgVYZhi^cVgaVhVegVYZgV
cVijgVa!dZaXVbW^dYZjhdYZaVegVYZgVcVijgVaeVgVYZhi^cVgaVVeVhi^oVa#
;J:CI:H
8dchZ_ZgVYZBZY^dGjgVanEZhXV#]iie/$$lll#Vhijg^Vh#Zh
''% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#.
6<G>8JAIJG6N<6C69:GÞ6
(#.#'6\g^XjaijgVZXda\^XV
AVhjeZgÒX^ZYZY^XVYVVV\g^XjaijgVZXda\^XVh^\jZXgZX^ZcYdZc6hijg^Vh!h^Zc"
YdnV(+*adhV\g^XjaidgZhfjZdeZgVcZcZhiZh^hiZbVYZegdYjXX^c#
AVV\g^XjaijgVZXda\^XVZhjch^hiZbVYZ\Zhi^cV\gXdaVnegdYjXX^cYZVa^"
cV\gXdaVnegdYjXX^cYZVa^"
bZcidh fjZ ji^a^oV iXc^XVh V\gVg^Vh fjZ ZmXajnZ cdgbVabZciZ Za jhd YZ egdYjXidh
fjb^XdhYZhciZh^hXdbd[Zgi^a^oVciZh!eaV\j^X^YVh!Vci^W^i^Xdh!ZiX#!XdcZadW_Zi^kd
YZegZhZgkVgZabZY^dVbW^ZciZ!bVciZcZgdVjbZciVgaV[Zgi^a^YVYYZahjZadnegdedg"
X^dcVgVa^bZcidhXdcidYVhhjhegde^ZYVYZhcVijgVaZh#8dbW^cVaVhbZ_dgZheg{Xi^XVh
VbW^ZciVaZh!jcZaZkVYdc^kZaYZW^dY^kZgh^YVY!aVegZhZgkVX^cYZgZXjghdhcVijgVaZh!
aVVea^XVX^cYZcdgbVhZm^\ZciZhhdWgZW^ZcZhiVgVc^bVanjcVegdYjXX^cXdc[dgbZ
VaVhegZ[ZgZcX^VhYZYZiZgb^cVYdhXdchjb^YdgZhedgegdYjXidhdWiZc^YdhVeVgi^gYZ
hjhiVcX^VhnegdXZhdhcVijgVaZh#
Adh bidYdh YZ egdYjXX^c ZXda\^Xdh! VYZb{h YZ egdedgX^dcVg egdYjXidh
ZXda\^Xdh eVgV jc bZgXVYd ZheZXÒXd fjZ gZhedcYZ V aV YZbVcYV YZ adh Xdchjb^"
YdgZh!Xdcig^WjnZcVaVegdiZXX^cYZabZY^dVbW^ZciZ!VaW^ZcZhiVgVc^bVanVaYZhVg"
gdaadgjgVahdhiZc^WaZ#
:cZaVd'%%.hZ]VcYZY^XVYdZc6hijg^Vh&)#%&.]VVV\g^XjaijgVZXda\^XV!
'#&.+]Vb{hfjZZcZaVdVciZg^dg!bVciZc^cYdhZ!edgiVcidaViZcYZcX^V!YZXgZX^"
b^ZcidXdci^cjVYdYZaVhjeZgÒX^ZYZY^XVYVVaVV\g^XjaijgVZXda\^XV#
6h^b^hbd!hZ]VegdYjX^Ydjc^cXgZbZcidYZacbZgdYZdeZgVYdgZhYZY^XVYdh
VZhiZi^edYZXjai^kdh!eVhVcYdYZ('-ZcZaVd'%%-V(+*V\g^XjaidgZhZc'%%.#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ''&
(#.
6<G>8JAIJG6N<6C69:GÞ6
:ahZXidgYZaVV\g^XjaijgVZXda\^XVgZegZhZciVWVZc6hijg^Vh jc'!-&YZaV
hjeZgÒX^Z V\gXdaV i^a Zc Za Vd '%%-! ad fjZ hjedcZ &!'( ejcidh edgXZcijVaZh edg
ZcX^bVYZakVadgYZaVdVciZg^dg!ZhYZX^g!hZ]VXdchda^YVYdaViZcYZcX^VYZ[jZgiZ
XgZX^b^Zcid^c^X^VYVZcZaVd'%%,#
''' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#.
6<G>8JAIJG6N<6C69:GÞ6
H^hZgZVa^oVZaVc{a^h^hedgi^edhYZXjai^kd!Za.-YZaVhjeZgÒX^ZdXjeVYVedg
V\g^XjaijgVZXda\^XV!Zhi{YZY^XVYVVeVhidh!egVYZgVhn[dggV_Zh!hjeZgÒX^ZfjZ!edg
digdaVYd!]VVjbZciVYdjc&.XdcgZheZXidVa'%%-#
:cXjVcidVa'gZhiVciZYZaVhjeZgÒX^ZdXjeVYVedgadhdigdhi^edhYZXjai^kdh
ZXda\^Xdh!ZaXjai^kdYZ[gjiVaZhZhZaYZbVndgeZhdXdc&(&]V!hZ\cYVidhYZ'%%.#
:hiVhjeZgÒX^Z]VVjbZciVYdjc&%XdcgZheZXidVaVd'%%-#
EdghjeVgiZ!aVhjeZgÒX^ZYZY^XVYVadhXjai^kdh]ZgW{XZdhYZXZgZVaZhnaZ\jb^"
cdhVhhZ^cXgZbZciVjcVdb{h!VaXVcoVcYd)*]VZc'%%.jc&*b{hfjZZc'%%-#
Adh Xjai^kdh ]dgiXdaVh ]dgiVa^oVh n ijWgXjadh bVci^ZcZc jcV hjeZgÒX^Z YZ &. ]V!
h^b^aVgVaVYZaVdVciZg^dg#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#Æ:cXjZhiVhdWgZHjeZgÒX^ZhnGZcY^b^ZcidhYZ8jai^kdh
:HNG8:Ç#]iie/$$lll#bVgb#Zh
8DE6:8dchZ_dYZEgdYjXX^c6\gVg^VYZaEg^cX^eVYdYZ6hijg^Vh#]iie/$$lll#XdeVZVhijg#dg\
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ''(
(#.
6<G>8JAIJG6N<6C69:GÞ6
(#.#(8Vg\V\VcVYZgV
AdhXdcXZ_dheZgiZcZX^ZciZhVaVodcVdXX^YZciVaYZ6hijg^VhegZhZciVcjcVbZ"
Y^VYZXVg\V\VcVYZgVb{hZaZkVYVfjZaVhodcVhXZcigVandg^ZciVa#H^cdhgZ[Zg^bdhV
aVidiVa^YVYYZaiZgg^idg^d6hijg^Vcd!aVbVndgXVg\V\VcVYZgVaVedhZZIVe^VYZ8VhV"
g^Z\d#
AVhYZnZXX^dcZh\VcVYZgVh]Vch^YdXdch^YZgVYVhYZhYZh^ZbegZXdbdjcgZ"
XjghdYZ\gVckVadgeVgVaVi^ZggVedgVedgiVgcjig^ZciZhVadhXjai^kdhnXdcig^Wj^gV
bVciZcZgjcVWjZcVZhigjXijgVYZahjZadXdcXVeVX^YVYYZgZiZcZgV\jV#:aVjbZcid
YZaVegdYjXi^k^YVYYZadhh^hiZbVhV\gVg^dhnaV^cYjhig^Va^oVX^cYZaV\VcVYZgVfjZ
hZYZhk^cXjaVYZaVegdYjXX^cV\gXdaVegm^bV!]VgZegZhZciVYdjcVbZ_dgVZXdcb^"
XVeVgVZabZY^dgjgVa!eZgdiVbW^cjc\gVkZegdWaZbVeVgVZabZY^dVbW^ZciZh^cd
hZ\Zhi^dcVcadhgZh^Yjdh\VcVYZgdh\ZcZgVYdhXdggZXiVbZciZ#
8dcZhiZ^cY^XVYdghZegZhZciV^c[dgbVX^chdWgZaVXVg\V\VcVYZgVYZadhXdc"
XZ_dhVhijg^VcdhY^k^Y^YdhZcigZhodcVh/dXX^YZciZ!XZcigdndg^ZciZ#JckVadgZaZkVYd
YZacY^XZYZXVg\V\VcVYZgVXdX^ZciZZcigZaVhjc^YVYZhYZ\VcVYdkVXjcdbVndgnaVh
]ZXi{gZVhYZhjeZgÒX^Z[dggV_ZgVVbea^VYVhjedcZjcegdWaZbVVbW^ZciVanaVcZXZh^"
YVYYZ^beaVciVgjcEaVcYZ<Zhi^cYZEjg^cZhZcaVodcV#
:a ^cY^XVYdg cd egZhZciV XVbW^dh gZheZXid Va eZgÒa YZ '%%- nV fjZ cd hZ ]Vc
dWiZc^YdYVidhb{hVXijVa^oVYdh#
'') EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#.
6<G>8JAIJG6N<6C69:GÞ6
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ''*
(#.
6<G>8JAIJG6N<6C69:GÞ6
DEJ7I
3 AVh Jc^YVYZh YZ <VcVYd BVndg KVXjcd J<B hZ ]Vc ZaVWdgVYd V eVgi^g YZ adh XZchdh YZ
\VcVYdV&YZ_jc^dYZ'%%-naVXjdiVa{XiZVV&YZVWg^aYZ'%%-#
3AVh]ZXi{gZVhYZHjeZgÒX^Z;dggV_ZgVVbea^VYVH;VhZ]VcXVaXjaVYdVeVgi^gYZaVhjeZgÒ"
X^Z[dggV_ZgVZcZaVd'%%+#
;J:CI:H
H69:> HdX^ZYVY 6hijg^VcV YZ :hijY^dh :Xdcb^Xdh Z >cYjhig^VaZh# ÆAV V\g^XjaijgV Vhijg^VcV 8jZciVh ZXdcb^XVh '%%+ $
8jZciVhZhiVYhi^XVh'%%,Ç#]iie/$$lll#hVYZ^#Zh
(#.
6<G>8JAIJG6N<6C69:GÞ6
(#.#):meadiVX^dcZh\VcVYZgVhXdcegdYjXX^cZXda\^XV
:c'%%-VjbZciZacbZgdYZZmeadiVX^dcZh\VcVYZgVhXdcegdYjXX^cZXda"
\^XVZc6hijg^Vh#
AVh ZmeadiVX^dcZh \VcVYZgVh Xdc egdYjXX^c ZXda\^XV! i^ZcZc jc h^hiZbV YZ
egdYjXX^ca^\VYdVaVi^ZggVXjnddW_Zi^kdeg^cX^eVaZhd[gZXZgVadhXdchjb^YdgZhVa^"
bZcidhYZdg^\ZcVc^bVah^cZaZbeaZdYZeaV\j^X^YVhc^VWdcdhfjb^XdheVgV[Zgi^a^oVg
aVi^ZggV!gZheZiVcYdZaW^ZcZhiVgYZadhVc^bVaZhn[dbZciVcYdaVY^kZgh^YVY\Zci^XV#
:c Za Vd '%%- kjZakZ V egdYjX^ghZ jc ^bedgiVciZ ^cXgZbZcid YZa cbZgd YZ
\VcVYZgVh fjZ dg^ZciVc hjh ZmeadiVX^dcZh ]VX^V Za h^hiZbV YZ egdYjXX^c ZXda\^XV
eVhVcYdVhZg'))!jc+,b{hfjZZc'%%,#
8dcgZheZXidVagZhidYZ:heVV!6hijg^VhZhaVhZ\jcYVXdbjc^YVYVjicdbV
YZig{hYZ8ViVajVfjZbVndgedgXZciV_Zi^ZcZYZXVWZoVhYZ\VcVYdkVXjcdgZheZXid
VaidiVacVX^dcVa!VaXVcoVcYdjc'(YZaVhb^hbVh#
6h^b^hbd!gZheZXidVdigVhZheZX^Zh!hZXdchiViVaVZm^hiZcX^VYZ&#*,%XVWZoVh
YZ\VcVYdXVeg^cdYZXgVZXda\^XVZa)YZaidiVacVX^dcVanYZ*#%('XdabZcVhXdc
egdYjXX^cZXda\^XV.!'YZaidiVacVX^dcVa#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '',
(#.
6<G>8JAIJG6N<6C69:GÞ6
DEJ7I
3AV\VcVYZgVZXda\^XVZhjch^hiZbVYZegdYjXX^cZcZafjZcdhZVjidg^oVZajhdYZhjh"
iVcX^Vhfjb^XVhYZhciZh^hVWdcdhfjb^Xdh!]ZgW^X^YVhc^YZdg\Vc^hbdhbdY^ÒXVYdh\Zc"
i^XVbZciZ#
3AVcdgbVi^kVfjZgZ\jaVZhiZbidYdYZegdYjXX^chZZcXjZcigVgZXd\^YVZcZaGZ\aVbZcid
8:'%.'$.& hdWgZaVegdYjXX^cV\gVg^VZXda\^XVnhj^cY^XVX^cZcadhegdYjXidhV\gVg^dhn
Va^bZci^X^dh#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#Ç:hiVYhi^XVhV\g^XjaijgVZXda\^XVÇ#]iie/$$lll#bVgb#Zh
(#.
6<G>8JAIJG6N<6C69:GÞ6
(#.#*8dchjbdYZegdYjXidhÒidhVc^iVg^dh
:c'%%.hZXdchjb^ZgdcZc6hijg^Vh'-.idcZaVYVhYZegdYjXidhÒidhVc^iVg^dh
fjZhjedcZcZa%!()YZaidiVaYZaXdchjbdcVX^dcVa(#
:aZbeaZdYZegdYjXidhÒidhVc^iVg^dhfjZegdiZ\ZcadhXjai^kdhkZ\ZiVaZhYZdg"
\Vc^hbdh cdX^kdh! Xdbd eaV\Vh n digd i^ed YZ ZheZX^Zh ^cYZhZVWaZh! ejZYZ ZcigVVg
g^Zh\dhneZa^\gdheVgVaVheZghdcVh!adhVc^bVaZhnZabZY^dVbW^ZciZ#
AV^ciZch^YVYZcaVji^a^oVX^cYZegdYjXidhÒidhVc^iVg^dhgZhedcYZVY^[ZgZciZh
XVjhVh ZcigZ aVh fjZ YZhiVXVc adh [VXidgZh Xa^b{i^Xdh fjZ [VkdgZXZc aV VeVg^X^c YZ
Y^[ZgZciZheaV\VhnaVegda^[ZgVX^cYZkZ\ZiVX^cZcXdbeZiZcX^VXdcadhXjai^kdh#
9jgVciZ'%%.hZXdchjb^ZgdcZc6hijg^VhjcidiVaYZ'-.idcZaVYVhYZegdYjX"
idhÒidhVc^iVg^dh!,idcZaVYVhb{hfjZZaVdVciZg^dg!YZaVhfjZZa)*[jZgdc]ZgW^X^"
YVh&'.]V!Za''ZaXdc_jcidYZ^chZXi^X^YVh!VXVg^X^YVhncZbVi^X^YVh+)]VnZa,
[jc\^X^YVh'%]V#:a'+gZhiVciZZhijkdXdchi^ij^YdedgdigdhegdYjXidhÒidhVc^iVg^dh
YZ bZcdg jhd ÒidggZ\jaVYdgZh! bd_VciZh! VY]ZgZciZh n XdVYnjkVciZh! YZ[da^VciZh n
YZhZXVciZh!VigVnZciZhngZeZaZciZh!bdajhfj^X^YVhngdYZci^X^YVh#
:c\ZcZgVa!eVgVadhigZh\gjedheg^cX^eVaZhhZ]VcVjbZciVYdaVhXVci^YVYZh
ZbeaZVYVh!b^ZcigVhfjZZa\gjedYZÆdigdhegdYjXidhÒidhVc^iVg^dhÇhZ]VgZYjX^Ydjc
(%#:abVndg^cXgZbZcidZcZajhdYZegdYjXidhZegdYjXZZcZa\gjedYZ^chZXi^X^YVh!
VXVg^X^YVhncZbVi^X^YVhfjZVjbZciVjc-'#:ah^\j^ZciZegdYjXidfjZ^cXgZbZciV
hjjhdZc'%%.ZhZaYZadh[jc\^X^YVhXdcjc'*YZ^cXgZbZcid#;^cVabZciZ!ZajhdYZ
]ZgW^X^YVhVjbZciVjc+XdcgZheZXidV'%%,#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ''.
(#.
6<G>8JAIJG6N<6C69:GÞ6
:agZeVgidYZXdchjbdhgZaVi^kdhZc:heVVYZZhiZi^edYZegdYjXidh]Vh^YdZc
'%%.YZjc(+eVgVZa\gjedYZadh]ZgW^X^YVh!Za'*[jc\^X^YVh!Za&%ZaXdc_jcid
YZ^chZXi^X^YVh!VXVg^X^YVhncZbVi^X^YVhnZa.gZhiVciZad]VcXdchi^ij^YdZa\gjedYZ
kVg^dh!Xdchi^ij^YdedgadhegdYjXidhcd^cXaj^YdhZcaVhXViZ\dgVhVciZg^dgZh#
:cgZaVX^cXdcZaVd'%%-!VY^[ZgZcX^VYZaViZcYZcX^VdWhZgkVYVZc6hijg^Vh!
eVgVZaXdc_jcidYZ:heVVhZgZYjXZZaZbeaZdYZidYdhadhegdYjXidhÒidhVc^iVg^dh
ZmXZeidZaYZadh[jc\^X^YVhfjZVjbZciVjc)#:a\gjedfjZb{hgZYjXZhjXdchjbd
ZhZaYZadh]ZgW^X^YVhXdcjc&,!(YZgZYjXX^c!hZ\j^YdedgZa\gjedYZkVg^dhfjZ
hZgZYjXZZcjc.#;^cVabZciZ!ZaXdchjbdYZ^chZXi^X^YVh!VXVg^X^YVhncZbVi^X^YVh
hj[g^Zc'%%.jcVgZYjXX^cYZa(!)#
;J:CI:H
6:EA66hdX^VX^c:begZhVg^VaeVgVaVEgdiZXX^cYZaVhEaVciVh#
'(% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&%
E:H86
(#&%#&
CbZgdYZWjfjZhnXVeVX^YVYYZaVÓdiVeZhfjZgV
(#&%#'
8VeijgVhYZaVÓdiVVhijg^VcV
(#&%#(
EgdYjXX^cYZaVVXj^XjaijgV
(#&%
E:H86
AVeZhXVejZYZV[ZXiVgYZbVcZgV^bedgiVciZVadhZXdh^hiZbVhbVg^cdhh^cd
hZYZhVggdaaVYZcigdYZjcdhab^iZhhdhiZc^WaZh!Zk^iVcYdaVhdWgZmeadiVX^c#8dcdXZ"
YdgVYZaV^bedgiVcX^VYZXdchZgkVgadhZXdh^hiZbVhbVg^cdh!aVJc^c:jgdeZV^c^X^
Zc&.-(aVYZcdb^cVYVEdai^XVEZhfjZgV8dbc#:c'%%.!aV8db^h^cegZhZciZaA^"
WgdKZgYZhdWgZaVGZ[dgbVYZaVEdai^XVEZhfjZgV8dbc!ZcfjZaaVbVVaVgZÓZm^c
hdWgZZaYZhVggdaadYZjccjZkdbVgXdaZ\^haVi^kdZjgdeZdZcgZaVX^cVaVeZhXVeVgV
XdchZ\j^gjcYZhVggdaadYZaVVXi^k^YVYWV_dZaXg^iZg^dYZaVhdhiZc^W^a^YVY#
:cigZaVhcdkZYVYZhaZ\^haVi^kVhYZaVJ:ZcbViZg^VYZeZhXV!YZhiVXVaVVegd"
WVX^cYZjccjZkd^chigjbZcidYZhi^cVYdVaVYZ[ZchVYZYZiZgb^cVYVhedWaVX^dcZh
n\gjedhYZedWaVX^dcZhYZeZXZhGZ\aVbZcid)($'%%.$8:#6YZb{h!XdcZadW_ZidYZ
gZ[dgoVgaVegdiZXX^cYZVfjZaaVhZheZX^ZhfjZejZYZcZcXdcigVghZZcjcVh^ijVX^c
YZhdWgZmeadiVX^c!aVJc^c:jgdeZVVegdWjceaVcYZgZXjeZgVX^ceajg^VcjVaeVgV
ZaVicgd_dYZa6ia{ci^Xddg^ZciVanBZY^iZgg{cZd!bZY^VciZZa GZ\aVbZcid(%'$'%%.$
8:!YZ+YZVWg^aYZ'%%.#
'(' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&%
E:H86
IVbW^chZVegdWZa GZ\aVbZcid&'')$'%%.$8:!YZ'%YZcdk^ZbWgZYZ'%%.!
edgZafjZhZZhiVWaZXZjcg\^bZcXdbjc^iVg^dYZXdcigdaeVgV\VgVci^oVgZaXjbea^"
b^ZcidYZaVhcdgbVhYZaVedai^XVeZhfjZgVXdbc#6h^b^hbd!bZY^VciZZaGZ\aVbZc"
id8:$&%&%$'%%.$!YZ''YZdXijWgZYZ'%%.!hZYZhVggdaaZaGZ\aVbZcid8:$&%%*$'%%-!
edgZafjZhZZhiVWaZXZjch^hiZbVXdbjc^iVg^deVgVegZkZc^g!YZhVaZciVgnZa^b^cVgaV
eZhXV^aZ\Va!cdYZXaVgVYVncdgZ\aVbZciVYV#
EdgdigdaVYd!aV8db^h^cegZhZcidaV8dbjc^XVX^c8DB'%%.&+'!YZ-YZVWg^a
YZ'%%.!XdcZaiijadÇ8dchigj^gjc[jijgdhdhiZc^WaZeVgVaVVXj^XjaijgV"CjZkd^b"
ejahdVaV:higViZ\^VeVgVZaYZhVggdaadhdhiZc^WaZYZaVVXj^XjaijgVZjgdeZVÇ#8dcZhiZ
YdXjbZcidhZegZiZcYZXdcX^ZcX^Vgndg^ZciVgVadhdg\Vc^hbdhZcXVg\VYdhYZaYZhV"
ggdaadYZaVhedai^XVh!YZaVgZaZkVcX^VYZZhiZhZXidgVc^kZaZjgdeZd#
:c:heVVXVWZYZhiVXVgaVegZhZciVX^cYZa6ciZegdnZXidYZAZnYZEZhXVHdh"
iZc^WaZfjZ!VÒcVaZhYZ'%%.!hZhdbZiZVZmedh^X^ceWa^XV#HZigViVYZjcYdXjbZcid
XdcZafjZ!h^\j^ZcYdaVhYZiZgb^cVX^dcZhYZaVEdai^XVEZhfjZgV8dbcnZaXY^\d
YZXdcYjXiVeVgVaVeZhXVgZhedchVWaZYZaV;6D!hZegZiZcYZZaYZhVggdaadYZjcVVX"
i^k^YVYeZhfjZgVb{hgZhedchVWaZnhdhiZc^WaZZc:heVV#6YZb{h!ZhiZVciZegdnZXid
egZkjccjZkdg\^bZcfjZ^ciZch^ÒXVadhXdcigdaZhZcaVajX]VXdcigVaVeZhXV^aZ\Va!
cdYZXaVgVYVncdgZ\aVbZciVYV#
6hijg^Vh!VigVkhYZa8ZcigdYZ:meZg^bZciVX^cEZhfjZgV!eVgi^X^eVZcZaEgd"
nZXidYZ8ddeZgVX^cIgVhcVX^dcVa:heVX^d6ia{ci^Xd'%%,"'%&(ÆEG:HEDÇ/9ZhVggdaad
HdhiZc^WaZYZaVhEZhfjZgVh6giZhVcVaZhYZa6gXd6ia{ci^Xd#:adW_Zi^kdYZY^X]degd"
nZXid!^c^X^VYdZcZaZcZgdYZ'%%.nXdcjcVYjgVX^cYZigZhVdh!ZhaV^ckZhi^\VX^c
nZhijY^dZcegd[jcY^YVYYZaVegdWaZb{i^XVYZaVeZhXVVgiZhVcVaeVgVad\gVg[gbjaVh
YZhdhiZc^W^a^YVYYZaVVXi^k^YVYeZhfjZgVVaVg\deaVod!iZc^ZcYdZcXjZciVVheZXidh
W^a\^Xdh!bZY^dVbW^ZciVaZh!ZXdcb^XdhnhdX^VaZh#HZigViVYZjcegdnZXidYZXddeZ"
gVX^c>CI:GG:<ZcZafjZeVgi^X^eVcY^kZghdhhdX^dhYZaVhgZ\^dcZhYZaVgXdVia{ci^Xd
Edgij\Va!:heVVn;gVcX^VVigVkhYZ>chi^ijidhYZ>ckZhi^\VX^c!Jc^kZgh^YVYZh!Dg"
\Vc^oVX^dcZhh^c{c^bdYZajXgdn6Yb^c^higVX^dcZhgZ\^dcVaZh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '((
(#&%
E:H86
(#&%#&CbZgdYZWjfjZhnXVeVX^YVYYZaVÓdiVeZhfjZgV
AdhV_jhiZhZcaVXVeVX^YVYYZaVÓdiVeZhfjZgVVhijg^VcVnaVhVgiZhYZeZhXV
egZYdb^cVciZhZcaVgZ\^cZkdajX^dcVc]VX^Veg{Xi^XVhXVYVkZob{hhdhiZc^WaZh#
AVZmeadiVX^cZfj^a^WgVYVngZhedchVWaZYZadhgZXjghdheZhfjZgdheVgV[VkdgZ"
XZghjYZhVggdaadhdhiZc^WaZ!gZfj^ZgZaVVYdeX^cYZbZY^YVhegZX^hVheVgVegdiZ\Zg!
XdchZgkVg n gZ\ZcZgVg Y^X]dh gZXjghdh n hjh ZXdh^hiZbVh! VYVeiVcYd Za Zh[jZgod YZ
aV ÓdiV V aV h^ijVX^c YZ adh gZXjghdh eZhfjZgdh# EVgV Zaad! Zh cZXZhVg^d XdcdXZg aV
^c[gVZhigjXijgVYZahZXidgeZhfjZgd!ZacbZgdYZWVgXdhfjZ[VZcVcZcadhXVaVYZgdh
Vhijg^Vcdh!aVediZcX^VYZadhb^hbdhnaVhVgiZhYZeZhXVji^a^oVYVh!nVfjZjcVhVgiZh
hdcb{hhZaZXi^kVhfjZdigVh#
:hiZ^cY^XVYdgY^bZch^dcVaVXVeVX^YVYYZaVÓdiVeZhfjZgVVcVa^oVcYd!edgjc
aVYdaVZkdajX^cYZacbZgdYZWjfjZhYZaVÓdiVVhijg^VcV!nedgdigdhjXVeVX^YVY!
ZciZcY^YVhiVXdbdZaXdc_jcidYZaVediZcX^VZmegZhVYVZc`^adlVi^dh`L!naVXVeV"
X^YVYYZXVg\VdVgfjZdZmegZhVYdZcidcZaV_ZWgjid<I"<gdhhIdc#
:cZaVd'%%.aVÓdiVVhijg^VcVZhiVWVXdchi^ij^YVedg('*ZbWVgXVX^dcZhXZc"
hVYVh!iVchad'b{hfjZZcZaVdVciZg^dg#:acbZgdYZZbWVgXVX^dcZhXZchVYVh
ZcZaVd&..'ZgVYZ+))!XdcadfjZ!XdcZaV_jhiZegdYjX^YdZcZahZXidg!ZacbZgd
YZWjfjZhYZaVÓdiVVhijg^VcVhZ]VgZYjX^Ydeg{Xi^XVbZciZVaVb^iVY#:hYZhiVXVWaZ
ZaVXjhVYdYZhXZchdfjZhZegdYjXZZcZaVd'%%-XdcgZheZXidVaVdVciZg^dg!ZcZa
fjZhZgZYjXZZacbZgdYZWjfjZhYZ)%(V('(ZbWVgXVX^dcZhXZchVYVh!ZhYZX^g!
Y^hb^cjnZaVÓdiVZcjc'%#
'() EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&%
E:H86
:cadhai^bdhVdhhZ]VkZc^YddWhZgkVcYdZc6hijg^VhjcVgZYjXX^ceVgVaZaV
ZcigZZacbZgdYZZbWVgXVX^dcZhnaVediZcX^VidiVaYZaVÓdiVeZhfjZgV#:hi{iZcYZc"
X^VhZigjcXZcZaVd'%%-!ZcZafjZ!VeZhVgYZfjZh^\j^YZhXZcY^ZcYdZacbZgdYZ
WjfjZh!aVediZcX^VYZadhb^hbdhhZ^cXgZbZciYZadgYZcYZa'+gZheZXidV'%%,eV"
hVcYdYZ'*#+'+`LV('#%&'`L#:c'%%.hZegdYj_djca^\ZgdYZhXZchdZcaVediZcX^V
idiVaYZaVÓdiVX^[gVYdZcjc.^cXajhdVjcfjZhZbVcijkddXgZX^a^\ZgVbZciZZac"
bZgdYZWjfjZhgZ\^higVYdhZc6hijg^Vh!VaXVcoVcYdaVediZcX^VjckVadgYZ('#'&-`L#
EdgdigdaVYd!Zc'%%.aVXVeVX^YVYYZXVg\VdVgfjZdYZaidiVaYZZbWVgXVX^d"
cZh[jZYZ.#'.+<I!jc&'^c[Zg^dgVakVadggZ\^higVYdZaVdVciZg^dg#:hiZ^cY^XVYdg
bVci^ZcZ jcV ZkdajX^c h^b^aVg V aV ZmeZg^bZciVYV edg aV ediZcX^V idiVa YZ aV ÓdiV
Vhijg^VcV#
9ZiZgb^cVYVhiXc^XVhYZeZhXVXdbdZaeVaVc\gZjdigVhVgiZhbZcdgZh!ejZ"
YZchjedcZg[dgbVhYZZmeadiVX^cXdbeVi^WaZhXdcaVegZhZgkVX^cYZadhZXdh^hiZbVh
bVg^cdh! Va XdcigVg^d fjZ Za VggVhigZ fjZ Zh jcV iXc^XV bjX]d bZcdh hZaZXi^kV# H^
Xdch^YZgVbdhaVXdbedh^X^cnY^hig^WjX^cYZadhWjfjZhYZVXjZgYdVaVhY^hi^ciVh
bdYVa^YVYZhYZeZhXV!hZ\cZa8ZchdYZaV;adiVEZhfjZgVDeZgVi^kVfjZZaVWdgVZa
B6GB!VY^X^ZbWgZYZa'%%.!Za,'YZadhWjfjZhfjZXdbedcZcaVÓdiVVhijg^VcV
eZgiZcZXZcVaVXViZ\dgVYZÆVgiZhbZcdgZhÇ!XVgVXiZg^oVYVedg[VZcVgZcV\jVhVY"
nVXZciZhVaVXdhiVnedgiZcZgjcbVgXVYdeZgÒaVgiZhVcVa#CddWhiVciZ!ZhidhWjfjZh
hadgZegZhZciVcZa')YZaVgfjZddXVeVX^YVYYZXVg\VnZa)&YZaVediZcX^VidiVa
YZaVÓdiV#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '(*
(#&%
E:H86
AdhWVgXdhYZÆeVaVc\gZÇhdcdigVbdYVa^YVYYZeZhXVXdc\gVcgZegZhZciVX^c
ZcaVÓdiVVhijg^VcV#JceVaVc\gZXdch^hiZZcjcVacZVbVYgZXdcbjX]dhVcojZadh
jc^YdhVZaaVbZY^VciZdigVhacZVhb{hYZa\VYVh!aVhWgVodaVYVh!n[VZcVcVjcVVaijgV
YZiZgb^cVYVXdcgZheZXidVa[dcYdbVg^cdYZeZcY^ZcYdYZaVZheZX^ZVXVeijgVg!eVgV
adXjVaaaZkVcVY^iVbZcidhcZXZhVg^dheVgVhjÓdiVW^a^YVYÓdiVYdgZh![dcYZde^ZYgVh
dWVa^oVb^ZcidWdnVh#AdhWVgXdhYZZhiVbdYVa^YVYhjedcZcZa&+YZaVÓdiVVhij"
g^VcVVYZb{hYZVXVeVgVgZa(,YZaVXVeVX^YVYYZXVg\VnZa(%YZaVediZcX^V#
AVeZhXVYZÆVggVhigZÇZhaVeZhXVbZcdhhZaZXi^kVfjZZm^hiZ!VYZb{hYZhZg
aVb{heZg_jY^X^VaeVgVadh[dcYdhbVg^cdh#8dch^hiZ[jcYVbZciVabZciZZcjcVgZYZc
[dgbV YZ XVaXZic fjZ hZ gZbdaXV YZhYZ aV ZbWVgXVX^c bVciZc^cYdaV VW^ZgiV# Adh
WjfjZhYZVggVhigZ!iVchadgZegZhZciVcZc6hijg^VhZa(YZaVÓdiV!VjcfjZdXjeVc
Za''YZaVXVeVX^YVYYZXVg\VnZa&&YZaVediZcX^VeZhfjZgV#
:agZhidYZbdYVa^YVYZhYZeZhXVi^ZcZcjcbZcdgeZhdZcaVXdbedh^X^cYZ
aVÓdiVVhijg^VcV!h^W^ZcXVWZYZhiVXVgaVbdYVa^YVYYZÆXZgXdÇ!fjZgZcZZa'YZaV
ÓdiVeZgdgZegZhZciV,!*YZaVediZcX^V#
'(+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&%
E:H86
DEJ7I
3:a^cY^XVYdghZgZÒZgZVadhWVgXdhYZaVA^hiV(¯YZagZ\^higd<ZcZgVaYZ7jfjZh!fjZXdchi^ij"
nZcZa8ZchdYZaV ;adiVEZhfjZgVDeZgVi^kV!VXi^kdhV[ZX]VYZ(&YZY^X^ZbWgZYZXVYVVd#6ad
aVg\dYZaVdVa\jcdYZadhWjfjZhejZYZXVbW^VgYZXVaVYZgdhdhZgYZhbVciZaVYd!XdcadfjZ
aVhjbVYZZaadhedYgVd[gZXZggZhjaiVYdhY^hi^cidhhZ\caV[ZX]VXdch^YZgVYV#
<gdhhIdc<I/idcZaVYVWgjiV#
3HZZci^ZcYZedg kdaVciVjcVgiZYZZcbVaaZÒ_dVa[dcYd!YZ[dgbVgZXiVc\jaVg!Xdchi^ijYdedg
kVg^dheVdhYZgZYjc^YdhZcigZh!fjZXVaVbZY^VciZjch^hiZbVYZ[dcYZd!egdk^hidYZaVhigZh
ZcaVgZa^c\V^c[Zg^dgnÓdiVYdgZhZcaVhjeZg^dgeVgVbVciZcZgadZchZci^YdkZgi^XVa#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#]iie/$$lll#bVgb#Zh
8dchZ_ZgVYZBZY^dGjgVanEZhXV#]iie/$$lll#Vhijg^Vh#Zh
H69:>HdX^ZYVY6hijg^VcVYZ:hijY^dh:Xdcb^XdhZ>cYjhig^VaZh#Æ8VgVXiZghi^XVhYZaVÓdiVeZhfjZgVVhijg^VcVhZ\cVgiZ
YZeZhXVÇ#]iie/$$lll#hVYZ^#Zh
(#&%
E:H86
(#&%#'8VeijgVhYZaVÓdiVVhijg^VcV
AVeZhXVhZ]VgZXjeZgVYdZc'%%.YZhejhYZjceZgdYdYZV_jhiZ#
HZ]Vji^a^oVYdeVgVZhiZ^cY^XVYdgZaYVidgZaVi^kdVaVeZhXVhjWVhiVYV!ZhYZX^g!
aVeZhXVkZcY^YVZcaVhadc_VhVhijg^VcVh#:c'%%.]VcgZVa^oVYddeZgVX^dcZhYZkZciV
ZcaVhadc_VhVhijg^VcVhjcidiVaYZ*&&ZbWVgXVX^dcZh(%,XdcWVhZZc6hijg^VhnZa
gZhidYZdigVhegdXZYZcX^Vh#9ZaidiVaYZkZciVhZcadc_VhVhijg^VcVh'%!,+iZa,(!)(
XdggZhedcYZVÓdiVXZchVYVZc6hijg^Vh&*!')i#
6adaVg\dYZaeZgdYd'%%%"'%%.aVeZhXV[gZhXVhjWVhiVYVZcaVhadc_VhVhij"
g^VcVh bjZhigV jcV iZcYZcX^V VhXZcYZciZ Xdc jc ^cXgZbZcid YZa (&! egZhZciVcYd
Vai^WV_dhVXdgYZhXdcaVcVijgVaZoVXXa^XVYZaVVXi^k^YVYYZhVggdaaVYV#8dcgZheZXidVa
Vd'%%-!ZcZaVd'%%.hZegdYj_djc^bedgiVciZVjbZcidYZaVeZhXVhjWVhiVYVZc
adc_Vh!eVhVcYdYZ&,#(-)iV'%#,*-i!adfjZhjedcZjc&.YZ^cXgZbZcid^ciZgVcjVa#
:hiZ^bedgiVciZ^cXgZbZcidYZeZhXVhjWVhiVYVhZZmea^XVedgZaVjbZcidYZaXjedYZ
XVeijgVYZaVXVWVaaVZcZaVd'%%.#
'(- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&%
E:H86
DEJ7I
36aV]dgVYZZkVajVgaVhXVeijgVhYZaVÓdiVeZhfjZgVhZejZYZcZbeaZVgkVg^VhkVg^VWaZh
ZhiVYhi^XVhfjZd[gZXZc^c[dgbVX^cVagZheZXid#HZejZYZ]VWaVgYZeZhXVhjWVhiVYVZcadc_Vh
Vhijg^VcVh! YZ eZhXV YZhZbWVgXVYV Zc cjZhigdh ejZgidh! YZ eZhXV YZhZbWVgXVYV n kZcY^YV
Zc adc_Vh Vhijg^VcVh! YZ eZhXV YZhZbWVgXVYV n cd kZcY^YV Zc adc_Vh Z! ^cXajhd! YZ eZhXV cd
YZhZbWVgXVYVeZgdhkZcY^YVZcadc_VhVhijg^VcVh#
3:aeZhXVYdfjZhZkZcYZZcaVhadc_VhVhijg^VcVhejZYZiZcZgXjVigdegdXZYZcX^Vh/XVeijgVYd
edgÓdiVVhijg^VcV!XVeijgVYdedgÓdiV[dg{cZV!igVchedgiVYdedgXVggZiZgVnkZcY^YdZccjZhigVh
adc_Vh!VjcfjZYZhZbWVgXVYVZcdigdhejcidh!nkZciVhYZVjicdbdh!ZhYZX^g!cdVh^\cVYVh
V c^c\c WVgXd hZ igViV YZ bVg^hXVYdgZh fjZ i^ZcZc aV dWa^\VX^c YZ Z[ZXijVg hjh kZciVh Zc
adc_Vh#
;J:CI:H
8dchZ_ZgVYZBZY^dGjgVanEZhXV#]iie/$$lll#Vhijg^Vh#Zh
(#&%
E:H86
(#&%#(EgdYjXX^cYZVXj^XjaijgV
IgVhadhh^\cdhYZgZXjeZgVX^cfjZ]VWVbdhigVYdaVVXj^XjaijgVVhijg^VcVZc
'%%,!ZcZaVd'%%-kjZakZVY^hb^cj^ghZch^WaZbZciZaVegdYjXX^c#
AVVXj^XjaijgVi^ZcZjcV[jcX^cXVYVkZob{h^bedgiVciZnXdbeaZbZciVg^VZc
aVegdYjXX^cYZeZhXVYdeVgVXdchjbd]jbVcdneVgVbVciZcZgX^ZgiVhZXdcdbVh
adXVaZh#:_ZgXZiVbW^cjcVegZh^chdWgZZabZY^dbVg^cddaVhV\jVhXdci^cZciVaZh!
VjcfjZ YZ Y^[ZgZciZ bV\c^ijY V aV egZh^c fjZ aVh XVeijgVh YZ aV eZhXV Z_ZgXZc hd"
WgZ adh ZXdh^hiZbVh n aV W^dY^kZgh^YVY aV hdWgZZmeadiVX^c YZ gZXjghdh ejZYZ aaZkVg
VaV\diVb^ZcidYZaVhZheZX^ZhXdbZgX^VaZh#:a^beVXidYZaVVXj^XjaijgVZh\ZcZgVa"
bZciZb{hadXVa!ejY^ZcYdV[ZXiVg!edgZ_Zbead!VaVZjigdÒoVX^cYZaVhV\jVhdVa
Zcg^fjZX^b^ZcidadXVa^oVYdYZadhhZY^bZcidh#
AViZcYZcX^VYZaVegdYjXX^cVXjXdaVidiVaYZ6hijg^VhVadaVg\dYZaeZgdYd
Xdch^YZgVYdZhcZ\Vi^kV#:hiViZcYZcX^VhZbdY^ÒXaZkZbZciZZc'%%,eVgVVaXVcoVg
Zabc^bdYZegdYjXX^cYZZhiZeZgdYdZc'%%-!Xdc&#(*'iYZeZhXVYdegdYjX^Yd#
')% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&%
E:H86
:cXjVcidVaVbdYVa^YVYYZegdYjXX^c!YZhiVXVaVVXj^XjaijgVXdci^cZciVa[gZc"
iZVaVbVg^cV!nVfjZgZegZhZciVVa\db{hYZa,+YZaVegdYjXX^cidiVaYZaVd'%%-#
H^cdhgZ[Zg^bdhVadhXjai^kdhbVg^cdh!ZcZaai^bdVdhZ]V^ckZgi^YdaViZcYZcX^VYZ
adhai^bdhi^ZbedhZcadhfjZaVegdYjXX^cYZbdajhXdhbVg^cdh]VWV^Yd\VcVcYd
eZhdZheZXÒXdZcZaXbejididiVaYZahZXidg#6h!ZcZaVd'%%-hZegdYjXZjc^cXgZ"
bZcidYZaVegdYjXX^cYZeZXZhbVg^cdhYZa&+.XdcgZheZXidVaVdVciZg^dg![gZciZ
VjcVgZYjXX^cYZa')ZcaVegdYjXX^cYZbdajhXdhbVg^cdh#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#?68JB6G?jciVCVX^dcVa6hZhdgVYZ8jai^kdhBVg^cdh#
]iie/$$lll#bVgb#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ')&
(#&&
BDK>A>969NIG6CHEDGI:
(#&&#&
IVhVYZbdidg^oVX^c
(#&&#'
IgVchedgiZ^ciZgjgWVcd
(#&&#(
Bdidg^oVX^cnVXX^YZciVa^YVY
(#&&#)
IgVchedgiZcdbdidg^oVYd/GZYYZhZcYZgdh]dbdad\VYdh
(#&&#*
IZcYZcX^VhZcbdk^a^YVYjgWVcV
(#&&#+
IgVchedgiZVgZd
(#&&#,
IgVchedgiZbVgi^bdYZbZgXVcXVh
(#&&
BDK>A>969NIG6CHEDGI:
AVbdk^a^YVYnZaigVchedgiZhZXdch^YZgVc[VXidgZhZhZcX^VaZhZcZaYZhVggdaad
ZXdcb^XdYZjcVgZ\^c#EZgdiVbW^chdcXVjhVciZhYZY^kZghdhZ[ZXidhcZ\Vi^kdh
XdbdaVXdciVb^cVX^c!iVcidVibdh[g^XVXdbdVXhi^XV!dZaXgZX^ZciZXdchjbdYZ
hjZadeVgVZaYZhVggdaadYZaVh^c[gVZhigjXijgVhcZXZhVg^VhfjZegdkdXVaV[gV\bZciV"
X^cYZabZY^d#
9jgVciZ '%%. aV Jc^c :jgdeZV ]V VWdgYVYd Y^kZghVh ^c^X^Vi^kVh YZhi^cVYVh V
XdchZ\j^gjcVbdk^a^YVYb{hhdhiZc^WaZXdbdaVVegdWVX^cYZaV9^gZXi^kV'%%.$'-$8:!
YZ'(VWg^a!gZaVi^kVVa[dbZcidYZajhdYZZcZg\VegdXZYZciZYZ[jZciZhgZcdkVWaZh!
ZcZafjZhZ^chiVVadh:hiVYdhb^ZbWgdhVgZYjX^gZaXdchjbdYZZcZg\VbZY^VciZaV
XdchZXjX^cYZjcigVchedgiZb{hZÒX^ZciZZcZg\i^XVbZciZ#
:cgZaVX^cXdcaVhZb^h^dcZhYZaigVchedciZiZggZhigZ!hZVegdWZaGZ\aVbZcid
8:$))($'%%.!YZ'(VWg^aYZ'%%.!edgZafjZhZZhiVWaZXZccdgbVhYZXdbedgiVb^Zcid
ZcbViZg^VYZZb^h^dcZhYZadhijg^hbdhcjZkdhXdbdeVgiZYZaZc[dfjZ^ciZ\gVYdYZ
aV8dbjc^YVYeVgVgZYjX^gaVhZb^h^dcZhYZ8D'YZadhkZ]Xjadha^\Zgdh#:hiVcdgbV
ZhiVWaZXZ jc egdbZY^d YZ Zb^h^dcZh Zc ijg^hbdh cjZkdh YZ &(% \ 8D'$`b n eaVciZV
aVcZXZh^YVYYZeZg[ZXX^dcVgaVhiZXcdad\VhYZadhbdidgZhYZZhidheVgVVaXVcoVgZa
dW_Zi^kd#
Edg digd aVYd! aV 8db^h^c egZhZci Za EaVc YZ 6XX^c YZ Bdk^a^YVY JgWVcV
8DB'%%.).%XdcZafjZegZiZcYZZhiVWaZXZgjcbVgXdXdbcfjZ[VkdgZoXVaVVea^"
XVX^cYZaVedai^XVZcbViZg^VYZbdk^a^YVYjgWVcVeVgVXdcig^Wj^gVjcVbdk^a^YVYZc
aVhodcVhjgWVcVhb{hhdhiZc^WaZnXdgY^VanbZ_dgdg\Vc^oVYV#
:cZa{bW^idcVX^dcVagZhjaiVgZaZkVciZaV:higViZ\^V:heVdaVYZBdk^a^YVYHdh"
iZc^WaZ! VegdWVYV edg Za 8dchZ_d YZ B^c^higdh Za (% YZ VWg^a YZ '%%.# :hiV ZhigViZ\^V
hjg\ZXdbdbVgXdYZgZ[ZgZcX^VcVX^dcVafjZ^ciZ\gVadheg^cX^e^dhn]ZggVb^ZciVhYZ
XddgY^cVX^ceVgVdg^ZciVgnYVgXd]ZgZcX^VVaVhedai^XVhhZXidg^VaZhfjZ[VX^a^iVcjcV
bdk^a^YVYhdhiZc^WaZnWV_VZcXVgWdcd#
EdgdigVeVgiZ!6:C6]VZaVWdgVYdjcEaVcYZ6XX^cBZY^dVbW^ZciVaXdcZafjZ
egZiZcYZgZYjX^gaVhZb^h^dcZhYZ8D'nb^i^\VgZa^beVXidVXhi^XdYZaig{ÒXdVgZd#
:hiZeaVchZVea^XV^c^X^VabZciZZcadhVZgdejZgidhYZ7VgXZadcVnBVYg^YnZhi{egZ"
k^hiVhj^cXdgedgVX^cYjgVciZ'%&%VdigdhhZ^hVZgdejZgidhb{h!eVgVedhiZg^dgbZciZ
ZmiZcYZgadVagZhidYZaVgZY#
')) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&&
BDK>A>969NIG6CHEDGI:
:cadfjZhZgZÒZgZV6hijg^Vh!XVWZYZhiVXVgZa^bejahdfjZadh\dW^ZgcdhZheV"
dan[gVcXh]VcYVYdVaVhÆVjide^hiVhYZabVgÇ!jcV^c^X^Vi^kVXdcaVfjZhZegZiZcYZ
YZhXdc\Zhi^dcVg aVh XVggZiZgVh igVche^gZcV^XVh n gZYjX^g Za ^beVXid bZY^dVbW^ZciVa
YZaigVchedgiZYZbZgXVcXVh!ZceVgi^XjaVgaVhZb^h^dcZhYZ8D'#:c'%%.VbWdh\d"
W^ZgcdhVXdgYVgdcaVhZaZXX^c!ejZhiVZcbVgX]VnÒcVcX^VX^cYZaVeg^bZgVYZZhiVh
^c[gVZhigjXijgVhad\hi^XVhZcigZadhejZgidhYZ<^_cnCVciZhHV^ci"CVoV^gZ#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ')*
(#&&
BDK>A>969NIG6CHEDGI:
(#&&#&IVhVYZbdidg^oVX^c
Edgeg^bZgVkZoYZhYZ&..-!Zc'%%.Y^hb^cjnaViVhVYZbdidg^oVX^cZc6h"
ijg^Vh#
AViVhVYZbdidg^oVX^cijg^hbdhedg]VW^iVciZZc6hijg^VhhZgZYj_dZc%!%%'
ejcidhZcZaVd'%%.ZakVadgXVaXjaVYdZh%!))*VaY^hb^cj^gZaeVgfjZYZkZ]Xjadh
Zc&('jc^YVYZhXdcgZheZXidVaVX^[gVYZa'%%-nVjbZciVgaVedWaVX^cVhijg^VcVZc
Zab^hbdeZgdYdZc*#&*&]VW^iVciZh#
8dcZhiZYVidhZgdbeZaViZcYZcX^VYZXgZX^b^ZcidYZaViVhVYZbdidg^oVX^c
fjZhZkZcVdWhZgkVcYdYZhYZ&..-eg^bZgVdYZaVhZg^ZYZYVidhfjZ]VWVZhiV"
YddXVh^dcVYVedgjcbVgXVYd^cXgZbZcidYZaeVgfjZbk^aYZijg^hbdhZc'%%,hZ
VaXVcoaVX^[gV]^hig^XVYZ)-(#'-.kZ]Xjadh!VhXdbdedgZaZhiVcXVb^ZcidYZaV
kVg^VWaZYZbd\g{ÒXVVadaVg\dYZZhZeZgdYd#
:c XdbeVgVX^c Xdc adh YVidh cVX^dcVaZh! Za Eg^cX^eVYd YZ 6hijg^Vh egZhZciV
jcViVhVYZbdidg^oVX^cVa\d^c[Zg^dgVaVbZY^VZheVdaV!VaXVcoVcYdhiVZcZaVd
'%%. Za kVadg YZ %!), ijg^hbdh edg ]VW^iVciZ# Edg digd aVYd! aV iVhV YZ ijg^hbdh edg
]d\Vg cVX^dcVa Zh WVhiVciZ hjeZg^dg V aV Vhijg^VcV Za ai^bd YVid Y^hedc^WaZ Zh YZa
Vd'%%-!h^ZcYdVbWVhX^[gVhYZ&!),ijg^hbdhedg]d\Vgn&!'&ijg^hbdhedg]d\Vg!
gZheZXi^kVbZciZ#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#ÆEZgÒa6bW^ZciVaYZ:heVVÇ#]iie/$$lll#bVgb#Zh
>C:>chi^ijidCVX^dcVaYZ:hiVYhi^XV#]iie/$$lll#^cZ#Zh
9<I9^gZXX^c<ZcZgVaYZIg{ÒXd#]iie/$$lll#Y\i#Zh
')+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&&
BDK>A>969NIG6CHEDGI:
(#&&#'IgVchedgiZ^ciZgjgWVcd
HZbVci^ZcZ!edghZ\jcYdVdXdchZXji^kd!Za^cXgZbZcidZcZacbZgdYZk^V"
_ZgdhfjZZc6hijg^Vhji^a^oVZaigVchedgiZeWa^XdedgXVggZiZgV#
GZZfj^a^WgVgZaVXijVagZeVgidbdYVaYZaigVchedgiZ!ediZcX^VcYdadhbdYdhb{h
hdhiZc^WaZh! Xdbd Za [ZggdXVgg^a d Za VjidWh Zc Za {bW^id ^ciZgjgWVcd Zh jcd YZ adh
dW_Zi^kdhYZaVZhigViZ\^VYZXVbW^dXa^b{i^XdZheVdaVeVgVajX]VgXdcigVZa^beVXid
YZadhhZXidgZhY^[jhdh#
:a YZheaVoVb^Zcid edg XVggZiZgV h^\jZ h^ZcYd Za bZY^d YZ igVchedgiZ eWa^Xd
b{hZbeaZVYdedgadhVhijg^Vcdh#:cZaVd'%%.VjbZciZacbZgdYZk^V_Zgdhedg
XVggZiZgVZcjc(XdcgZheZXidV'%%-!VaXVcoVcYdjcVX^[gVYZ)(#&-&#%%%k^V_Zgdh#
AdhYZheaVoVb^ZcidhZc[ZggdXVgg^ahZgZYj_Zgdcjc)!h^cZbWVg\d!Xdc&'#,(-#+.(
YZk^V_ZgdhZc'%%.#
AdhYVidhYZk^V_ZgdhZcVbWdhbdYdhYZigVchedgiZeVgVZaVd'%%.gZÓZ_Vcjc
XVbW^dYZiZcYZcX^VeVgVZaXVhdYZa[ZggdXVgg^anV^c^X^VYVZcZaVd'%%-fjZZcigZ
&..*n'%%,]VWVZmeZg^bZciVcYdjc^cXgZbZcid\adWVaYZa)&#H^cZbWVg\d!YZhYZ
'%%)hZbVci^ZcZaViZcYZcX^VYZ^cXgZbZcid^ciZgVcjVaZcZacbZgdYZk^V_ZgdhfjZ
hZYZheaVoVcZcigVchedgiZeWa^XdedgXVggZiZgV!hjedc^ZcYd]VhiV'%%.jc^cXgZbZc"
id\adWVaYZa&*#
EdgdigdaVYd!ZacbZgdYZk^V_ZgdhfjZji^a^oVcZaVk^chZ]VgZYjX^YdZcZaVd
'%%.Zc'&)#&*,k^V_Zgdh!jcVgZYjXX^cYZa&)gZheZXidVaVdVciZg^dg!gdbe^ZcYdaV
iZcYZcX^VVhXZcYZciZfjZhZkZcVegdYjX^ZcYdYZhYZ&..*#6eZhVgYZZaad!aVhX^[gVh
YZk^V_ZgdhfjZhZYZheaVoVcZcVk^chZ]VcYjea^XVYdgZheZXidV&..*#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '),
(#&&
BDK>A>969NIG6CHEDGI:
:cXjVcidVaigVchedgiZYZbZgXVcXVh!hZdWhZgkVZcZa\g{ÒXdXdbdhZ]VgZ"
YjX^YdZabdk^b^ZcidYZaVhb^hbVhZcadhYdhai^bdhVdh!'%%-n'%%.!eVgVidYdh
adhbdYdhYZigVchedgiZ/XVggZiZgV!WVgXdn[ZggdXVgg^a!^ck^gi^ZcYdaViZcYZcX^VdWhZg"
kVYV]VhiV'%%,hZgZ\^higjc^cXgZbZcid\adWVaYZb{hYZa-(#
')- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&&
BDK>A>969NIG6CHEDGI:
:abZY^degZ[Zg^YdeVgVZabdk^b^ZcidYZbZgXVcXVhZhaVXVggZiZgV!Va^\jVa
fjZZcZaXVhdYZadheVhV_Zgdh!XdcjceZhdgZaVi^kdYZa+.YZaidiVaYZidcZaVYVh
igVchedgiVYVhZcZaVd'%%.#:aWVgXdVedgiVZa'+YZaigVchedgiZidiVaYZbZgXVcXVh
nZa*gZhiVciZZa[ZggdXVgg^a#
;J:CI:H
>C:>chi^ijidCVX^dcVaYZ:hiVYhi^XV#]iie/$$lll#^cZ#Zh
H69:>HdX^ZYVY6hijg^VcVYZ:hijY^dh:Xdcb^XdhZ>cYjhig^VaZh#]iie/$$lll#hVYZ^#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ').
(#&&
BDK>A>969NIG6CHEDGI:
(#&&#(Bdidg^oVX^cnVXX^YZciVa^YVY
:c'%%.hZgZYj_dXdch^YZgVWaZbZciZZacbZgdYZVXX^YZciZhXdckXi^bVhZc
aVhXVggZiZgVhVhijg^VcVh#
:cZaVd'%%.hZegdYj_Zgdc&.'VXX^YZciZhXdckXi^bVhbZcdhfjZZcZaVd
VciZg^dg!adfjZhjejhdjcVgZYjXX^cYZa-!-#6h^b^hbd!hZgZYj_ZgdcaVhkXi^bVh
bdgiVaZhZc'eZghdcVh!VaXVco{cYdhZjcVX^[gVYZ)([VaaZX^Ydh#IVbW^caViVhVYZeZ"
a^\gdh^YVYbVcijkdZc'%%.aViZcYZcX^VYZYZhXZchdfjZhZkZcVegdYjX^ZcYdYZhYZ
ZaVd'%%,!VaXVcoVcYdaVX^[gVYZ(!%(VXX^YZciZhXdckXi^bVhedgXVYV&#%%%kZ]Xj"
adh!VeZhVgYZfjZZaeVgfjZYZkZ]XjadhXgZX^jc%!*++*+#&&-kZ]Xjadh#
AdhVXX^YZciZhXdckXi^bVhZcXVggZiZgVegdYjX^Ydhedgijg^hbdhVhXZcY^Zgdc
V&#)',Zc'%%.!&')bZcdhfjZadhegdYjX^YdhZaVdVciZg^dg!ZhYZX^g!hZegdYj_djc
-YZgZYjXX^c^ciZgVcjVa!iVaXdbdkZcVhjXZY^ZcYdYZhYZZaVd'%%,aVgZYjXX^c
\adWVaYZacbZgdYZh^c^ZhigdhZcigZ'%%+n'%%.hZX^[gVZcZa(%#AVh[jg\dcZiVh
gZ\^higVgdc&*-h^c^ZhigdhZab^hbdVd!)bZcdhfjZZaVd'%%-!adfjZ^bea^XVigZh
VdhhZ\j^YdhYZgZYjXX^cYZZhiZ^cY^XVYdgeVgVaVXViZ\dgVYZ[jg\dcZiVh#
AdhXVb^dcZhnadhkZ]XjadhVgi^XjaVYdhiVbW^cgZYjXZcZacbZgdYZh^c^Zh"
igdh Zc '%%. Zc hZcYdh edgXZciV_Zh YZ &- n ( gZheZXi^kVbZciZ# Edg hj eVgiZ! aVh
bdidX^XaZiVhfjZ]VWVchj[g^Ydjc^cXgZbZcidVaVgbVciZZcZacbZgdYZVXX^YZciZh
Zcadhai^bdhVdh!eVgVYZhXZcYZgZc'%%-!kjZakZcYZcjZkdVkZghZ^bea^XVYVhZcjc
bVndgcbZgdYZVXX^YZciZhZcZaVd'%%.XdcgZheZXidVaVdVciZg^dg#:cXdcXgZid!
hZegdYj_Zgdc&))VXX^YZciZhXdckXi^bVheVgVZhiVXViZ\dgV!,b{hfjZZc'%%-#
'*% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&&
BDK>A>969NIG6CHEDGI:
EdgdigdaVYd!VjbZciVZacbZgdYZVXX^YZciZhZcadhfjZ^ciZgk^ZcZcW^X^XaZiVh
V)+'.Zc'%%-nhZgZYjXZcadhVXX^YZciZhXdcX^XadbdidgZhjc&(,'VXX^YZciZh
Zc'%%.#Edgai^bd!adheZVidcZhVXX^YZciVYdhZc'%%.[jZgdc),!h^ZiZbZcdhfjZZa
VdVciZg^dg#
:cXjVcidVaVhkXi^bVhbdgiVaZhZcXVggZiZgVfjZk^V_VWVcZcijg^hbdhhZ]V
kjZaidVegdYjX^gjcYZhXZchdZcZacbZgdYZkXi^bVhZc'%%.iVanXdbdkZcVhj"
XZY^ZcYdYZhYZZaVd'%%(ZcZafjZbjg^Zgdc,&eZghdcVhZcVXX^YZciZhYZig{ÒXd#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '*&
(#&&
BDK>A>969NIG6CHEDGI:
:c'%%.[jZgdc&.aVheZghdcVh[VaaZX^YVh!ZhYZX^g!aVgZYjXX^c\adWVaZcZhiZeZgdYd
]Vh^YdYZjc,(\gVX^VhVaVhXVbeVVhYZhZ\jg^YVYk^VanYZXdcX^ZcX^VX^c!nVa
ZcYjgZX^b^ZcidYZaVaZ\^haVX^cXdcaVZcigVYVZck^\dgYZaXVgcedgejcidh!ZcigZ
digdh ]^idh# 8dc gZheZXid Va Vd VciZg^dg! Za YZhXZchd Zc Za cbZgd YZ kXi^bVh fjZ
X^gXjaVWVcZcXdX]Z[jZYZa(%#
:cXjVcidVaVhbjZgiZhYZeZVidcZhZcVXX^YZciZhYZig{ÒXd!ZcZaVd'%%.hZ
egdYjXZjcgZejciZYZaVX^[gVYZ[VaaZX^YdhVaXVcoVcYdaVh-eZghdcVh!gdbe^ZcYdaV
iZcYZcX^VYZadhai^bdhVdhZcadhfjZaVX^[gVhZgZYjXVXVYVVdXdcZmXZeX^cYZa
'%%+ZcfjZhZegdYj_ddigdgZejciZ#
AVhkXi^bVhbdgiVaZhZcVXX^YZciZhegdYjX^YdhedgbdidX^XaZiVhVjbZciVcedg
XjVgidVdXdchZXji^kd]VhiVaVX^[gVYZ-kXi^bVh#
;^cVabZciZ!ZhYZhiVXVWaZZa^cXgZbZcidYZkXi^bVhfjZk^V_VWVcZc[jg\dcZiV
fjZhZ]VWVZhiVW^a^oVYdZaVdVciZg^dgXdcjcc^Xd[VaaZX^YdnZc'%%.hZ]Vig^ea^"
XVYdaVX^[gV#
DEJ7I
3 :a eVgfjZ YZ kZ]Xjadh ^cXajnZ/ XVb^dcZh! [jg\dcZiVh! VjidWjhZh! ijg^hbdh! bdidX^XaZiVh!
igVXidgZh^cYjhig^VaZhndigdhkZ]XjadhgZbdafjZh!hZb^ggZbdafjZhnkZ]XjadhZheZX^VaZh#Cd
^cXajnZcc^adhX^XadbdidgZhc^aVbVfj^cVg^VV\gXdaV#
3AViVhVYZeZa^\gdh^YVYhZXVaXjaVY^k^Y^ZcYdZacbZgdidiVaVcjVaYZVXX^YZciZhXdckXi^bVh
iVcidZcXVggZiZgVXdbdZcodcVjgWVcVZcigZZaeVgfjZYZkZ]XjadhZm^hiZciZVaÒcVaYZXVYV
Vdbjai^ea^XVYdedgb^a#
;J:CI:H
9<I9^gZXX^c<ZcZgVaYZIg{ÒXd#]iie/$$lll#Y\i#Zh
(#&&
BDK>A>969NIG6CHEDGI:
(#&&#)IgVchedgiZcdbdidg^oVYd/GZYYZhZcYZgdh]dbdad\VYdh
6hijg^VhXjZciVXdcjcVije^YVgZYYZ^i^cZgVg^dheZVidcVaZhXdcb{hYZ)#(%%
`^abZigdhYZhZcYVhYZY^hi^ciVi^edad\V!gZeVgi^YVhedgidYdZaiZgg^idg^d#
AVgZYYZhZcYZgdh]dbdad\VYdhYZ6hijg^VhZhi{[dgbVYVedg'.(^i^cZgVg^dhYZ
EZfjZdGZXdgg^Ydn'(HZcYVhAdXVaZh#Adh^i^cZgVg^dhYZeZfjZdgZXdgg^YdhjbVc
jcidiVaYZ(#&*(`bXjndgZXdgg^YdhZXdcXZcigVbVndg^iVg^VbZciZZcaVhXdbVgXVhYZ
aVBdciVV8ZcigVa,*(`b!ZaKVaaZYZaCVac))-`b!ZaDg^ZciZYZ6hijg^Vh(,'
`bnZa8VbcGZVaYZaVBZhV().`b#:cXdc_jcidgZegZhZciVcZa*.YZaidiVaYZ
^i^cZgVg^dhYZaVgZY&,'^i^cZgVg^dh#
H^hZgZVa^oVjcVc{a^h^hedgXdcXZ_dh!ZafjZb{h^i^cZgVg^dhYZeZfjZdgZXd"
gg^YdXdcXZcigVZhAZcVXdc'-!hZ\j^YdYZIZkZg\VXdc&)nadhXdcXZ_dhYZ8VWgVaZh
n6aaZgXdc&(hZcYVhXVYVjcd#8dbdeVgZXZa\^Xd!aVhXdbVgXVhYZbVndghjeZgÒX^Z
hdcaVhfjZVedgiVcb{h`^abZigdhYZhZcYVhYZZhiZi^edVaVgZYgZ\^dcVa#
EdgdigdaVYd!adhhZcYZgdhadXVaZhYZaVgZYVhijg^VcVhZgZeVgiZcZcY^ZoYZaVh
fj^cXZXdbVgXVhZm^hiZciZhZc6hijg^Vh#AVXdbVgXVYZ6k^ahZhaVfjZb{hhZcYVh
XdcXZcigV!Xdc(&`bn)hZcYVhadXVaZh!hZ\j^YVYZaVXdbVgXVDhXdh":d''`bn(
hZcYVhnZaDg^ZciZYZ6hijg^Vh&.`bn(hZcYVh#
6YZb{h!edgaVgZ\^cY^hXjggZc'(^i^cZgVg^dhYZ<gVcGZXdgg^Yd!ZcigZadhfjZ
YZhiVXVc!edghj\gVcgZaZkVcX^VZcZa{bW^idcVX^dcVa!gZXdgg^YdhXdbdaVGjiVYZaV
EaViVdZa8VbcGZVaYZaVBZhV#:cXdc_jcid!ZhiZi^edYZ^i^cZgVg^dhYZ\gVcgZXdgg^Yd
hjedcZcjcidiVaYZ&#&*'`^abZigdh!^cXajnZcYdaVhYZg^kVX^dcZhnkVg^VciZhXdcfjZ
XjZciVc Va\jcdh YZ Zaadh# JcV YZ aVh ^c^X^Vi^kVh YZ bVndg gZaZkVcX^V Zc adh ai^bdh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '*(
(#&&
BDK>A>969NIG6CHEDGI:
VdhadXdchi^ijnZaVHZcYV8dhiZgV#:cbVgXVYVYZcigdYZaVhVXijVX^dcZhYZaEaVcYZ
DgYZcVX^cYZaA^idgVa6hijg^VcdEDA6ZhiZhZcYZgdeZgb^i^g{gZXdggZgZcjc[jijgd
egm^bdaVidiVa^YVYYZaVgVhVXdhiZgVVhijg^VcVXdcig^WjnZcYdVhVaegdnZXidZjgdeZd
:".XdcZafjZhZegZiZcYZcXdcZXiVgidYVhaVhXdhiVhVia{ci^XVh#
DEJ7I
3HZcYZgdheZfjZdgZXdgg^Yd/hZ^YZci^ÒXVcXdcadhXdadgZhWaVcXdnVbVg^aadnXdcaVhh^\aVh
EG# HZg{ XdcY^X^c cZXZhVg^V fjZ hZ ejZYVc gZXdggZg jcV _dgcVYV d eVgiZ! Xdc jcV adc\^ijY
b{m^bVYZ*% `b#AVVh^\cVX^cYZaVcjbZgVX^cnaV\Zhi^cYZadhb^hbdhhZg{cXdbeZiZcX^V
YZaV[ZYZgVX^cVjidcb^XVn$diZgg^idg^VaedgaVfjZhZYZhVggdaaZc#
3HZcYZgdhadXVaZh/hZ^YZci^ÒXVcXdcadhXdadgZhWaVcXdnkZgYZnXdcaVhh^\aVhHA#AVVh^\cV"
X^cYZaVcjbZgVX^cnaV\Zhi^cYZadhb^hbdhhZg{cXdbeZiZcX^VYZaV[ZYZgVX^cVjidcb^"
XVn$diZgg^idg^VaXdggZhedcY^ZciZ#HjYZhVggdaadcdhdWgZeVhVg{adh&%`b#
3HZcYZgdh\gVcgZXdgg^Yd/HZ^YZci^ÒXVcXdcadhXdadgZhWaVcXdngd_dnXdcaVhh^\aVh<G#AV
Vh^\cVX^cYZaVcjbZgVX^chZg{XdbeZiZcX^VYZaV;:9B:!eZgdaV\Zhi^cYZadhb^hbdhYZ"
eZcYZg{YZXVYV[ZYZgVX^ciZgg^idg^Va!ZcZaigVbdfjZY^hXjggVedghjiZgg^idg^d#HZg{XdcY^X^c
cZXZhVg^VfjZhjgZXdgg^YdVcYVcYdegZX^hZYZb{hYZjcV_dgcVYV!XdcjcVadc\^ijYbc^bV
YZ*%`b#EjZYZciZcZgVhdX^VYdhZcaVXZh!YZg^kVX^dcZhnkVg^VciZh!fjZiZcYg{caVhb^hbVh
XVgVXiZghi^XVhYZadh<G#
;J:CI:H
(#&&
BDK>A>969NIG6CHEDGI:
(#&&#*IZcYZcX^VhZcbdk^a^YVYjgWVcV
:m^hiZjcVVWjcYVciZd[ZgiVYZigVchedgiZeWa^XdZcZa{gZVbZigdeda^iVcVYZ
6hijg^Vh n VjbZciV Za cbZgd YZ VjidWjhZh fjZ ji^a^oVc iZXcdad\Vh n XdbWjhi^WaZh
b{ha^be^dh#
:a VjbZcid YZ ig{ÒXd n YZ aV Xdc\Zhi^c jgWVcV hZ ZcXjZcigV ZhigZX]VbZciZ
k^cXjaVYdVaVjbZcidYZaVXdciVb^cVX^cVibdh[g^XVnVXhi^XVnVa^cXgZbZcidYZ
aVhZb^h^dcZhYZ\VhZhYZZ[ZXid^ckZgcVYZgd#6YZb{h!ZcaVhodcVhjgWVcVhadh]VW^"
iVciZh!jhjVg^dhYZaVgZYk^VanadhigVWV_VYdgZhhZkZcZmejZhidhVbVndgZhg^Zh\dhYZ
iZch^ccZgk^dhV!hVajYneZa^\gdYZVXX^YZciZh#
EgdbdkZgjcVbdk^a^YVYhdhiZc^WaZXdcig^WjnZVbZ_dgVgaVXVa^YVYYZaV^gZ!gZ"
YjX^ZcYdaVhZb^h^dcZhndei^b^oVcYdaV\Zhi^cnaVji^a^oVX^cYZadhgZXjghdh#8dc"
ig^WjnZ iVbW^c V aV egdbdX^c YZ aV Xd]Zh^c hdX^Va n V \VgVci^oVg Za YZgZX]d V aV
bdk^a^YVY! [dbZciVcYd aV gZYjXX^c YZ ig{ÒXd gdYVYd n dgYZcVcYd ZÒX^ZciZbZciZ Za
ZheVX^djgWVcd#
AdhbdYdhYZigVchedgiZeWa^XdfjZXddgY^cVZa8dchdgX^dYZIgVchedgiZhYZ
6hijg^VhhdcZaVjidWhjgWVcdYZB^ZgZh!6k^ahn<^_cnadhVjidWjhZh^ciZgjgWVcdh#
CdXddgY^cVZaVjidWhjgWVcdYZDk^ZYdc^Za[ZggdXVgg^aYZXZgXVcVhngZ\^dcVa#:cigZ
aVhVXijVX^dcZhgZVa^oVYVhedgZa8I6hZZcXjZcigVaV^beaVciVX^cYZaW^aaZiZc^Xd!
ZaigVchedgiZVaVZgdejZgid!adhhZgk^X^dhcdXijgcdhÆWj]dhÇ!adhhZgk^X^dhVadheda"
\dcdhYZa{gZVXZcigVaYZ6hijg^VhE#YZ6h^ed!E#YZH^akdiVnEVgfjZIZXcda\^Xd!Za
EaVcYZigVchedgiZeWa^XdVadhAV\dhYZ8dkVYdc\VnZa[dbZcidYZajhdYZaVW^X^XaZiV
XdbdbdYdYZYZheaVoVb^Zcid]VW^ijVaZcaVhX^jYVYZhbZY^VciZaV^chiVaVX^cYZjc
h^hiZbVYZeghiVbd\gVij^idYZW^X^XaZiVhZcZabjc^X^e^dYZ6k^ah#
:cZa{gZVbZigdeda^iVcVYZ6hijg^Vh!aVd[ZgiVYZ^c[gVZhigjXijgVhYZigVchedgiZ
eWa^XdXdbegZcYZVjidWjhZhYZgZXdgg^YdjgWVcdnbZigdeda^iVcdngZYZh[Zggdk^Vg^Vh#
HZ\cadhYVidhY^hedc^WaZh!aVadc\^ijYYZaVhacZVhjgWVcVhVaXVcoV*+-!)`bnaVh
^ciZgjgWVcVh!&,#)+%`bZcZhiVX^[gVhZZhi{c^cXajnZcYdidYdhadh^i^cZgVg^dhYZXVYV
acZVXdch^YZgVcYdfjZjc^i^cZgVg^dZhY^[ZgZciZYZdigdh^Y^ÒZgZiVchadZcjcVeV"
gVYV#:aVjidWhjgWVcdYZDk^ZYdXjZciVXdc&)acZVh!ZaYZ<^_cXjZciVXdc&-nadh
VjidWjhZh^ciZgjgWVcdhhZY^hig^WjnZcZc('.acZVhgZXdgg^ZcYd*)-^i^cZgVg^dh#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '**
(#&&
BDK>A>969NIG6CHEDGI:
:c'%%-!adhY^hi^cidhbdYdhYZigVchedgiZ[Zggdk^Vg^dhhjbVWVc*.%!'`bY^h"
ig^Wj^YdhVa-%;:K:n'%G:C;:#:cXjVcidVaVYZch^YVY`bYZgZY[Zggdk^Vg^VZc
gZaVX^cVaVedWaVX^c!6hijg^VhZhjcVYZaVhgZ\^dcZhfjZbVndgYZch^YVYegZhZciV
_jcidXdcKVaZcX^V#
9ZhYZZa<dW^ZgcdYZaEg^cX^eVYdYZ6hijg^VhhZZhi{VedhiVcYdedgjcVÓdiVYZ
VjidWjhZhb{hgZheZijdhVXdcZabZY^dVbW^ZciZbZY^VciZaV^cXdgedgVX^cYZkZ]"
XjadhXdciZXcdad\Vhb{ha^be^VhnXdbWjhi^WaZhb{hZÒX^ZciZh#:a+YZaVÓdiVYZ
VjidWjhZh^ciZgjgWVcdh!jhVcW^dY^ZhZaXdbdXdbWjhi^WaZ
DEJ7I
3AVCdgbV:jgd*Zhjcegd\gVbVYZbZY^YVhgZ\aVbZciVg^VhYZaV8db^h^c:jgdeZVnVegd"
WVYVhedgZaEVgaVbZcid:jgdeZdZa''YZbVndYZ'%%,edgZafjZhZZhiVWaZXZcadhgZfj^h^idh
iXc^XdheVgVaV]dbdad\VX^cYZadhkZ]XjadhYZbdidgZcadfjZhZgZÒZgZVaVhZb^h^dcZh!
eVgVZk^iVgfjZY^ÒZgVcYZjc:hiVYdb^ZbWgdYZaVJc^c:jgdeZVVdigd#:aegd\gVbV:jgd*
hjhi^ijnZVa:jgd)fjZZhiVWVZck^\dgYZhYZZcZgdYZ'%%*nhjedcZXdbeVgVi^kVbZciZjcV
Y^hb^cjX^cYZaVXVci^YVYYZm^Ydc^igdhdVjidg^oVYdZb^i^YdedgadhkZ]XjadhVbdidg]VhiV
adh+%b^a^\gVbdhedg`^abZigdb\$`bZcbdidgZhYZ\Vhda^cVn&-%b\$`bZcadhbdidgZh
Y^hZa#6h^b^hbd!Zaegd\gVbVXdciZbeaVjcVgZYjXX^cYZa-%YZaVbViZg^VeVgi^XjaVYV!fjZ
eVhVg{YZadh'*b\$`bVadh*b\$`b#
(#&&
BDK>A>969NIG6CHEDGI:
(#&&#+IgVchedgiZVgZd
:c'%%.Zaig{ÒXdVgZdYZeVhV_ZgdhZc6hijg^VhhZgZYj_djc&)gZheZXidV'%%-#
:acbZgdYZVZgdcVkZhfjZdeZgVgdcZc6hijg^VhZcZaVd'%%.[jZYZ-#%&,!
jc&(bZcdhfjZZaVdVciZg^dg#
:cZaVd'%%.hZgZYj_Zgdcjc&)XdcgZheZXidVaVd'%%-!iVcidZacbZgd
YZeVhV_ZgdhfjZaaZ\VgdcZcVk^cV6hijg^Vh!XdbdaVhhVa^YVhYZeVhV_ZgdhZcVk^c!
VaXVcoVcYd aVh X^[gVh YZ +**#-%% n +**#-%& eVhV_Zgdh! gZheZXi^kVbZciZ# :hiVh X^[gVh
XdcÒgbVcZaXVbW^dYZiZcYZcX^VnV^c^X^VYdZcZaVd'%%-!nVfjZYZhYZ&..%]VhiV
'%%,!ZacbZgdYZeVhV_ZgdhfjZk^V_VgdcV6hijg^VhdYZhYZ6hijg^VhZcVk^chZ]VWV
^cXgZbZciVYdidYdhadhVdhXdcaVZmXZeX^cYZaVd'%%'#:cigZ&..%n'%%,hZbjai^"
ea^Xedg)!)aVX^[gVYZk^V_ZgdhiVcidYZhVa^YVh!XdbdYZaaZ\VYVhV6hijg^Vh#
:acbZgdYZeVhV_ZgdhfjZji^a^oVgdcZaigVchedgiZVgZdZc6hijg^VhZc'%%.
[jZYZ&#(&&#+%&!XdciVW^a^oVcYdaaZ\VYVhnhVa^YVh#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#ÆEZgÒa6bW^ZciVaYZ:heVVÇ#]iie/$$lll#bVgb#Zh
6:C66ZgdejZgidh:heVdaZhnCVkZ\VX^c6gZV#]iie/$$lll#VZcV#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '*,
(#&&
BDK>A>969NIG6CHEDGI:
(#&&#,IgVchedgiZbVgi^bdYZbZgXVcXVh
:c'%%.Y^hb^cjnZakdajbZcYZbZgXVcXVhZbWVgXVYVhnYZhZbWVgXVYVhZc
adhejZgidhVhijg^Vcdh#
AdhejZgidhVhijg^VcdhhdcXaVgVbZciZgZXZeidgZhYZbZgXVcXVh!]VW^cYdhZ
YZhZbWVgXVYdZc6hijg^VhZc'%%.XjVigdkZXZhb{hXVci^YVYYZbZgXVcXVhfjZaVh
ZbWVgXVYVhZcZab^hbdeZg^dYd#
AVX^[gVidiVaYZbZgXVcXVhYZhZbWVgXVYVhZc6hijg^VhhZgZYj_dZcjc(*#
Zc'%%.gZheZXidVaVdVciZg^dg!h^ZcYdb{hVXjhVYdZaXVbW^dYZiZcYZcX^VfjZnV
hZ^c^X^ZcZaVd'%%-!YZhejhYZjcVhZg^ZYZVdhZcadhfjZZaig{ÒXdYZbZgXVc"
XVh]VWVXgZX^YdVjcfjZYZ[dgbVkVg^VWaZedgZcX^bVYZa,%gZheZXidVX^[gVhYZ
&..%#
H^cdhgZ[Zg^bdhVaVhX^[gVh\adWVaZh!ZaidiVaYZbZgXVcXVhYZhZbWVgXVYVhZc
6hijg^VhZc'%%.VhXZcY^V&)#*,+#-*)i!YZaVhfjZZa.)egdXZYVcYZaZmiZg^dgYZaV
J:#AVX^[gVYZbZgXVcXVhZbWVgXVYVhZcadhejZgidhVhijg^VcdhVhXZcY^V(#.%.#..+
i!Za,%YZaVhb^hbVhXdcYZhi^cdVaZmiZg^dgYZaVJ:#
AViZcYZcX^VdWhZgkVYVZhVjcVjbZcidYZaYZhZbWVgXdYZbZgXVcXVhegdXZ"
YZciZhYZaZmiZg^dgjc)%ZcidYdZaeZgdYdZcYZig^bZcidYZaig{ÒXdYZXVWdiV_Z
fjZhZgZYj_djc+)ZcigZadhVdh&..%n'%%.#
'*- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&&
BDK>A>969NIG6CHEDGI:
DEJ7I
3:cigb^cdhcVkVaZhXVWdiV_ZZgVigVY^X^dcVabZciZZaigVchedgiZYZXVg\VZcigZejZgidhYZ
jcb^hbdeVheZgdVeVgi^gYZaGZ\aVbZcid8::c(*,,$.'YZa8dchZ_d!YZ,YZY^X^ZbWgZYZ
&..'!edgZafjZhZVea^XVZaeg^cX^e^dYZa^WgZegZhiVX^cYZhZgk^X^dhVadhigVchedgiZhbVgi^bdh
ZcZa^ciZg^dgYZadh:hiVYdhb^ZbWgdhXVWdiV_ZbVgi^bd!XjVafj^ZgWjfjZb^ZbWgdYZaVJ:
fjZiZc\VA^XZcX^V8dbjc^iVg^V8BIejZYZegVXi^XVgXVWdiV_ZZcigZZhiVYdhb^ZbWgdh!ZhYZX^g!
ZaigVÒXdYZbZgXVcXVhZcigZeVhZhYZaVJ:hZXdch^YZgVXVWdiV_Zb^ZcigVhfjZ[jZgVYZadh
eVhZhYZaVJ:hZXdch^YZgVigVÒXdZmiZg^dg#
;J:CI:H
H69:>HdX^ZYVY6hijg^VcVYZ:hijY^dh:Xdcb^XdhZ>cYjhig^VaZh#]iie/$$lll#hVYZ^#Zh
(#&'
IJG>HBD
(#&'#&
>ciZch^YVYYZaijg^hbd
(#&'#'
K^h^iVciZhVadhZheVX^dhegdiZ\^Ydh
(#&'#(
6ad_Vb^ZcidhYZijg^hbdgjgVa
(#&'
IJG>HBD
:aijg^hbdZhjcVYZaVhVXi^k^YVYZhZXdcb^XVhb{hYZhiVXVYVhngZfj^ZgZjcV
ZhigViZ\^V eVgi^XjaVg eVgV VaXVcoVg jc YZhVggdaad ZÒX^ZciZ n YZ XVa^YVY! V aV kZo fjZ
XdbeVi^WaZ Xdc aVh edai^XVh YZ YZhVggdaad hdhiZc^WaZ n YZ XdchZgkVX^c YZ ZheVX^dh
cVijgVaZh#
AVXVa^YVYVbW^ZciVaYZaiZgg^idg^dVhijg^Vcd!hjW^dY^kZgh^YVYng^fjZoVeV^hV_h"
i^XVhdckVadgZhbjnVigVXi^kdheVgVjchZ\bZcidYZabZgXVYdijghi^Xd#HZ\cadhYV"
idhYZaH^hiZbVYZ>c[dgbVX^cIjghi^XVYZ6hijg^VhH>I6!adhkVadgZhb{hVegZX^VYdh
edgaVeZghdcVhfjZk^h^iVc6hijg^Vhedgbdi^kdhYZdX^dhdcaVXdchZgkVX^cYZabZY^d
cVijgVa n aV \VhigdcdbV# Edg digV eVgiZ! cd edYZbdh dak^YVg fjZ! hZ\c Za H>I6! jc
(,!)YZadhijg^hiVhfjZk^h^iVgdc6hijg^VhZc'%%.YZhiVXVgdceV^hV_Z!ZcidgcdnVb"
W^ZciZXdbdVheZXidhb{hVigVXi^kdhYZaVgZ\^cXdbdYZhi^cd#
'+' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&'
IJG>HBD
IdYdZaadZhedh^WaZ\gVX^VhVaVZhigViZ\^VYZYZhVggdaad^bejahVYVYjgVciZadh
ai^bdhVdhZc6hijg^VheVgV^cXdgedgVgaVegdiZXX^cnegZhZgkVX^cYZabZY^dVb"
W^ZciZXdbdZaZbZcidZhZcX^VaZcZaYZhVggdaadYZaVVXi^k^YVY]jbVcVZcaVodcVgjgVa#
8dbdgZhjaiVYd!Zc'%%.hZgZ\^higVgdcjcidiVaYZ&#+&%ZhiVWaZX^b^ZcidhYZijg^hbd
gjgVaYVidhYZaH>I6fjZgZegZhZciVcb{hYZaVb^iVYYZaVd[ZgiVVhijg^VcV!Za*'!'!
n Za &.!) YZ aVh eaVoVh YZ Vad_Vb^Zcid Y^hedc^WaZh Zc aV gZ\^c# AV XVa^YVY YZ ZhiV
bdYVa^YVYYZijg^hbdZc6hijg^VhZhVegZX^VYVedgadhjhjVg^dhXdbdadYZbjZhigVZa
]ZX]dYZfjZVadaVg\dYZ'%%.!VY^[ZgZcX^VYZdigVhbdYVa^YVYZh!Zaijg^hbdgjgVa]V
ZmeZg^bZciVYdjcVZkdajX^cbjnedh^i^kV^cXgZbZciVcYdZcjc'(!(,ZacbZgdYZ
k^V_ZgdhnZcjc&-!&)ZaYZeZgcdXiVX^dcZh#
:cigZaVh^c^X^Vi^kVhYZhVggdaaVYVhZcZhiVbViZg^VVadaVg\dYZ'%%.XVWZYZhiV"
XVgaVegZhZciVX^cYZa8ajWYZEgdYjXidIjghi^XdGZhZgkVhYZaV7^dh[ZgV6hijg^VcVh!
jcV^c^X^Vi^kVXdc_jciVYZa<dW^ZgcdYZaEg^cX^eVYdnZaB^c^hiZg^dYZ>cYjhig^V!8dbZg"
X^dnIjg^hbd!XdcaVfjZhZegZiZcYZYVgjc^bejahdYZÒc^i^kdVaijg^hbdhdhiZc^WaZ
nYZVaiVXVa^YVYZcZhidhZheVX^dheg^k^aZ\^VYdhYZaiZgg^idg^dVhijg^Vcd#:a8ajWhjg\Z
ZcidgcdVadhX^cXdZheVX^dhegdiZ\^YdhfjZZc6hijg^VhXjZciVcXdcaVY^hi^cX^cYZaV
JC:H8D/aVhGZhZgkVhYZaV7^dh[ZgVYZBjc^Zaadh!Hdb^ZYd!GZYZh!E^XdhYZ:jgdeVn
aVb{hgZX^ZciZYZagd:d!DhXdhnIZggVhYZ7jgc#
DigdXdc_jcidYZVXijVX^dcZhYZhiVXVWaZhhdcaVhYZgZ[jZgodYZaVgZYYZ^i^cZ"
gVg^dhnhZcYZgdhXdcaVfjZhZegZiZcYZegdbdkZgZaYZhVggdaadYZbdYVa^YVYZhijgh"
i^XVhngZXgZVi^kVhXdbeVi^WaZhXdcadhdW_Zi^kdhYZYZ[ZchVnXdchZgkVX^cYZabZY^d#
:cZhiZ{bW^id!VYZb{hYZaVejZhiVZchZgk^X^dYZkVg^dhigVbdhYZaVhZcYVXdhiZgV!
YZhiVXVZaegdnZXidYZaVhZcYV6hijg^Vh>ciZg^dgd<G&%.!XdbdhZaVYZcdb^cVZcZa
Xdc_jcidYZgjiVhYZaVXdgY^aaZgVXVci{Wg^XV#HZigViVYZjcVgjiVfjZ!Y^k^Y^YVZc',
ZiVeVh! eZgb^iZ gZXdggZg Za ^ciZg^dg YZ aV gZ\^c YZ ZhiZ V dZhiZ! YZhYZ EVcZh ]VhiV
HVciV:jaVa^VYZDhXdh#
Edgai^bd!XVWZgZhZVgaVÒgbVYZaEaVcYZ8dbeZi^i^k^YVYIjghi^XVYZaIjg^h"
bd<Vhigdcb^XdYZ6hijg^Vh!ZcZafjZeVgi^X^eVcZaB^c^hiZg^dYZ>cYjhig^V!Ijg^hbdn
8dbZgX^d!aV8dchZ_ZgVYZ8jaijgVnIjg^hbd!aV;ZYZgVX^c6hijg^VcVYZ8dcXZ_dh!aV
;ZYZgVX^c6hijg^VcVYZ:begZhVg^dhnaVh8{bVgVhDÒX^VaZhYZ8dbZgX^d!>cYjhig^V
n CVkZ\VX^c YZ <^_c! YZ 6k^ah n YZ Dk^ZYd# :hiZ eaVc! Xdc jcV YjgVX^c YZ XjVigd
Vdh!i^ZcZY^kZghVhacZVhYZVXijVX^cndW_Zi^kdhVXjbea^g!ZcigZadhfjZYZhiVXVcaV
XgZVX^cYZjcegdYjXidijghi^XdfjZh^gkVYZbdidgYZYZhVggdaadgZ\^dcVa![dbZciVgaV
hdhiZc^W^a^YVYYZaiZgg^idg^d!b^i^\VgaVZhiVX^dcVa^YVYnediZcX^VgdigdhhZXidgZh#
EVgVZaVc{a^h^hijghi^XdYZhYZZaejcidYZk^hiVYZaVhdhiZc^W^a^YVYVbW^ZciVa!
hZ]VchZaZXX^dcVYdjcVhZg^ZYZ^cY^XVYdgZhfjZVedgiVcYVidh^cY^XVi^kdhYZaVhiZc"
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '+(
(#&'
IJG>HBD
YZcX^VhYZaVd[ZgiVijghi^XV!ZaYZhVggdaadYZaijg^hbdgjgVaZcaVgZ\^cnaVXVg\VYZ
k^h^iVciZh#AVZkdajX^cYZaVEdWaVX^cIjghi^XV:fj^kVaZciZEI:XdcgZheZXidVaV
edWaVX^cgZh^YZciZ!eZgb^iZVcVa^oVgaVZfj^kVaZcX^VZcigZgZh^YZcX^VXdci^cjVneZg"
cdXiVX^dcZhijghi^XVh#EdghjeVgiZ!ZacbZgdYZk^h^iVciZhVadhZheVX^dhcVijgVaZh
egdiZ\^YdheZgb^iZZkVajVg!edgjcaVYd!aV^bedgiVcX^VYZZhidhZheVX^dhXdbd[dXdh
YZVigVXX^cYZijg^hiVh!nedgdigd!aVegZh^cediZcX^VaVaVfjZhZkZchdbZi^Ydh!hd"
WgZidYdiZc^ZcYdZcXjZciVfjZhdc{bW^idhZcadhfjZaVegdiZXX^cnaVXdchZgkVX^c
bZY^dVbW^ZciVai^ZcZcjceVeZaYZiZgb^cVciZ#CddWhiVciZ!aVY^hig^WjX^ciZbedgVa
nodcVaYZadhk^h^iVciZhVZhidhZheVX^dhZhXaVkZeVgVXdcdXZgXdcbVndgYZiVaaZaVh
egZh^dcZhhdWgZZaiZgg^idg^d#
'+) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&'
IJG>HBD
(#&'#&>ciZch^YVYYZaijg^hbd
AV^ciZch^YVYijghi^XVhZ^cXgZbZciZc'%%,gZheZXidVaVdVciZg^dg!YZW^YdVa
VjbZcidYZacbZgdYZijg^hiVhcVX^dcVaZh#
AV^ciZch^YVYijghi^XVhZejZYZbZY^gbZY^VciZZa^cY^XVYdgÆedWaVX^cijgh"
i^XVZfj^kVaZciZÇfjZeZgb^iZXVaXjaVgaVZfj^kVaZcX^VZccbZgdYZgZh^YZciZhYZaVh
eZgcdXiVX^dcZhgZ\^higVYVhZcaVhZhiVYhi^XVhgZaVi^kVhVaijg^hbd!YZiVabVcZgVfjZ
YVjcV^YZVYZaVegZh^cZ_ZgX^YVedgZaijg^hbdhdWgZaVedWaVX^cadXVa!ZcjcYZiZg"
b^cVYdiZgg^idg^d#
:aedgXZciV_ZYZedWaVX^cijghi^XVZfj^kVaZciZZcgZaVX^cXdcaVedWaVX^cgZ"
h^YZciZhZh^ijZc6hijg^VhZcjc*!&%Zc'%%,!ai^bdVdYZafjZhZi^ZcZcYVidh#
:hiZYVidhjedcZjc^cXgZbZcidYZa&%gZheZXidVaVd'%%+!VdZcZafjZ!edgdigd
aVYd!hZ]VWVgZYjX^Ydjc&.ZakVadgYZZhiZ^cY^XVYdgXdcgZheZXidV'%%*#Edgdigd
aVYd!Zc'%%,k^h^iVgdc6hijg^Vh&+,#&,*ijg^hiVhZmigVc_Zgdh!XVh^)*#%%%bZcdhfjZZc
'%%+#:hidfj^ZgZYZX^g!fjZZa^cXgZbZcidYZaVheZgcdXiVX^dcZhfjZijkdaj\VgZc'%%,
hZYZWZVaijg^hbdcVX^dcVa#
EdghjeVgiZ!ZakVadgYZZhiZ^cY^XVYdgeVgVZaidiVacVX^dcVaZh!eVgVZaVd'%%,!
YZ,!'&YZedWaVX^cijghi^XVZfj^kVaZciZXdcgZheZXidVaVedWaVX^cgZh^YZciZZc
:heVV#6hijg^VhhZh^iVZcigZaVh8dbjc^YVYZh6jicdbVhXdcbZcdgkVadgYZZhiZ
^cY^XVYdg!dXjeVcYdZaejZhid&'#:cXjVcidVaVZkdajX^cdWhZgkVYVZcZaai^bdVd
'%%,!iVcideVgVadhkVadgZhV\gZ\VYdhYZaidiVaYZ:heVVXdbdeVgVaVheg^cX^eVaZh
8dbjc^YVYZh6jicdbVhgZXZeidgVhYZijg^hiVh!ZhaVXdcigVg^VVaVdWhZgkVYVZc6h"
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '+*
(#&'
IJG>HBD
ijg^Vh#:c:heVVhZgZYjXZZc'%%,aV^ciZch^YVYijghi^XVXdcgZheZXidVaVdVciZg^dg!
Zh YZX^g! Za edgXZciV_Z YZ edWaVX^c ijghi^XV Zfj^kVaZciZ Xdc gZaVX^c V aV edWaVX^c
gZh^YZciZeVhVYZa,!'.Va,!'&#
DEJ7I
3EdWaVX^cIjghi^XV:fj^kVaZciZEI:/ZhaVhjbVYZaVheZgcdXiVX^dcZhgZVa^oVYVhZcVad_V"
b^Zcidh]diZaZgdh!VXVbeVbZcidh!VeVgiVbZcidhijghi^XdhnVad_Vb^ZcidhgjgVaZhedgadhij"
g^hiVhZmigVc_ZgdhnZheVdaZh!VhXdbdaVheZgcdXiVX^dcZhZchZ\jcYVhgZh^YZcX^VhYZjcdhn
digdh!Y^k^Y^YVedg(+*YVhYZaVd#
3KVadgZhVaidh!YZa&%dhjeZg^dgZh!YZED7A68>âCIJGÞHI>86:FJ>K6A:CI:gZheZXidVaV
edWaVX^cgZh^YZciZ!^cY^XVcfjZZahZXidgijghi^XdVedgiVYjgVciZjcVdjc^cXgZbZcidbZY^d
YZedWaVX^cYZZhVbV\c^ijY!XdcadfjZZhidhjedcZYZXdchjbdYZgZXjghdh!\Zhi^cYZhZg"
k^X^dhjgWVcdhnVbW^ZciVaZh!VhXdbdhj^cÓjZcX^VZcaVdgYZcVX^cYZaiZgg^idg^dnZaXdchjbd
YZhjZad#
;J:CI:H
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#]iie/$$lll#bVgb#Zh
>C:>chi^ijidCVX^dcVaYZ:hiVYhi^XV# ]iie/$$lll#^cZ#Zh
H>I6H^hiZbVYZ>c[dgbVX^cIjghi^XVYZ6hijg^Vh#]iie/$$lll#h^iV#dg\
(#&'
IJG>HBD
(#&'#'K^h^iVciZhVadhZheVX^dhegdiZ\^Ydh
AV ZkdajX^c YZ k^h^iVciZh V adh ZheVX^dh cVijgVaZh egdiZ\^Ydh Zc 6hijg^Vh ]V
ZmeZg^bZciVYdjcVjbZcidYZa.Zc'%%.gZheZXidVaVdVciZg^dg!bVciZc^ZcYdaVh
k^h^iVhjc[jZgiZXVg{XiZgZhiVX^dcVaXdcbVndgXdcXZcigVX^cYjgVciZaVedXVZhi^kVa#
:c Za Vd '%%. hZ XdciVW^a^oVgdc jc idiVa YZ &#%-,#)(+ k^h^iVciZh V adh XZcigdh
YZgZXZeX^cYZk^h^iVciZhYZadhX^cXdZheVX^dhcVijgVaZhegdiZ\^YdhYZaEg^cX^eVYdYZ
6hijg^VhfjZaaZkVcjcgZ\^higdYZk^h^iVciZhEVgfjZCVX^dcVaYZadhE^XdhYZ:jgdeV!
EVgfjZCVijgVaYZHdb^ZYd!EVgfjZCVijgVaYZGZYZh!GZhZgkVCVijgVa>ciZ\gVYVYZ
Bjc^ZaadhnEVgfjZCVijgVaYZ;jZciZhYZaCVcXZV!9Z\VVZ>W^Vh#9ZaidiVaYZk^h^iVhV
adhX^cXdeVgfjZhcVijgVaZhegdiZ\^Ydh!Za.*[jZgdck^h^iVciZhYZaEVgfjZCVX^dcVa#
:cXdc_jcid!aVZkdajX^cYZacbZgdYZk^h^iVciZhVadhZheVX^dhegdiZ\^YdhZc
'%%.! gZheZXid V '%%-! ]V hj[g^Yd jc ^cXgZbZcid YZa .# :a EVgfjZ CVX^dcVa YZ adh
E^XdhYZ:jgdeVgZX^W^Zc'%%.jcidiVaYZ&#%'.#-)+k^h^iVciZhZcZa{gZVVhijg^VcV!
jc-b{hfjZZcZaVd'%%-ZcZafjZ.).#.)&eZghdcVhk^h^iVgdcZaEVgfjZCVX^d"
cVa#:agZhidYZEVgfjZhCVijgVaZhgZX^W^ZgdcjcVVÓjZcX^VYZk^h^iVciZhbjX]dbZcdg
fjZE^Xdh!h^W^Zc!idYdhZaadhVjbZciVgdcZacbZgdYZk^h^iVciZhXdcgZheZXidVaVd
VciZg^dg#AdhEVgfjZhCVijgVaZhYZHdb^ZYdnGZYZhgZX^W^Zgdc'*#),&n'&#&.)k^h^iVh!
gZheZXi^kVbZciZ!naVGZhZgkVYZBjc^Zaadh[jZk^h^iVYVedg+#+%'eZghdcVhVadaVg\d
YZaVd#Edgai^bd!ZaEVgfjZCVijgVaYZ;jZciZhXdciXdc)#('(jhjVg^dhgZ\^higVYdh
Zc'%%.#
Jc^cY^XVYdg^ciZgZhVciZeVgVXdcdXZgaVegZh^cYZajhdeWa^XdhdWgZZaZheV"
X^dcVijgVa!ZhZacbZgdYZk^h^iVciZhedg]ZXi{gZV#IVcidZcaVGZhZgkVYZBjc^Zaadh
Xdbd Zc adh igZh EVgfjZh CVijgVaZh! ZhiZ ^cY^XVYdg egZhZciV kVadgZh ^c[Zg^dgZh V &!
b^ZcigVhfjZE^XdhYZ:jgdeVVaXVcoVZc'%%.kVadgZhYZ)&!%*eZghdcVh$]V#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '+,
(#&'
IJG>HBD
:a ,% YZ adh k^h^iVciZh V adh E^Xdh YZ :jgdeV VXjYZc V adh AV\dh fjZ h^\jZ
h^ZcYd Za eg^cX^eVa ejcid YZ VigVXX^c YZa ZheVX^d! hZ\j^Yd YZ 8VWgVaZh Xdc jc (%
YZk^h^iVciZh#EdghjeVgiZ!Za8ZcigdYZ>ciZgegZiVX^cEZYgdE^YVa]VgZX^W^Yd-&#-**
k^h^iVhZc'%%.!XVh^*#%%%b{hfjZZaVdVciZg^dg#
AVZaZkVYVegZh^cfjZhdedgiVcejcijVabZciZYZiZgb^cVYVheVgiZhYZaV[gVX"
X^cVhijg^VcVYZaEVgfjZCVijgVaYZE^XdhYZ:jgdeVYZW^YdVaVaid\gVYdYZXdcXZc"
igVX^cnVabVgXVYdXVg{XiZgZhiVX^dcVaYZajhdeWa^XdYZab^hbd!]VdWa^\VYdVidbVg
bZY^YVhZheZX^VaZhYZb^i^\VX^c#:cigZZaaVh!XVWZYZhiVXVgZaEaVcYZVXXZhdVadh
aV\dhYZ8dkVYdc\VbZY^VciZjch^hiZbVYZigVchedgiZeWa^Xd#:hiZEaVcgZ\jaVZaVX"
XZhdYjgVciZadhYVhYZb{m^bVVÓjZcX^VZcHZbVcVHVciV!kZgVcdnX^ZgidhejZciZh!
b^ZcigVhfjZZagZhidYZaVdhZejZYZji^a^oVga^WgZbZciZZakZ]Xjadeg^kVYd#
:abVndgcbZgdYZk^h^iVciZhVadhZheVX^dhcVijgVaZhegdiZ\^YdhVhijg^Vcdh
hZgZ\^higVYjgVciZZaeZgdYdZhi^kVaZcZafjZhZegdYjXZcZa*)YZaidiVaYZk^h^iVh
VcjVaZh#AVbVndgVÓjZcX^VYZk^h^iVciZhhZegdYjXZZcZabZhYZV\dhid!Xdc'+(#','
jhjVg^dh!Za')YZaidiVaVcjVa!hZ\j^YdYZadhbZhZhYZ_ja^dnhZei^ZbWgZXdcjc&,
n&(YZk^h^iVh!gZheZXi^kVbZciZ#EdghjeVgiZ!ZcZgdn[ZWgZgd[jZgdcadhbZhZhXdc
bZcdgVÓjZcX^V!Xdc&.#%**n&)#)(,k^h^iVh!gZheZXi^kVbZciZ#
'+- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&'
IJG>HBD
DEJ7I
3 Adh ZheVX^dh cVijgVaZh egdiZ\^Ydh Zc Za Eg^cX^eVYd YZ 6hijg^Vh fjZ aaZkVc jc gZ\^higd YZ
k^h^iVciZhhdcX^cXd/EVgfjZCVX^dcVaE^XdhYZ:jgdeVcdhZ^cXajnZcZcZa^cY^XVYdgaVhk^h^iVh
Va8ZcigdYZ>ciZgegZiVX^cEZYgdE^YVa!EVgfjZCVijgVaYZHdb^ZYd!EVgfjZCVijgVaYZGZYZh!
GZhZgkV CVijgVa >ciZ\gVYV YZ Bjc^Zaadh n EVgfjZ CVijgVa YZ ;jZciZh YZa CVcXZV! 9Z\VV Z
>W^Vh#
3AdhYVidhgZ[Zg^YdhVaEVgfjZCVX^dcVaYZadhE^XdhYZ:jgdeVhZgZÒZgZcVaVeVgiZYZaZheV"
X^deZgiZcZX^ZciZVaEg^cX^eVYdYZ6hijg^Vh#9ZVXjZgYdXdcaVAZnYZYZXaVgVX^c!aV\Zhi^cYZa
EVgfjZCVX^dcVaYZadhE^XdhYZ:jgdeVXdggZhedcYVVaB^c^hiZg^dYZBZY^d6bW^ZciZ!Vh^hi^Yd
edg Za EVigdcVid n edg jcV 8db^h^c B^miV ^ciZ\gVYV V eVgiZh ^\jVaZh edg gZegZhZciVciZh YZ
Y^X]d 9ZeVgiVbZcid n YZ aVh 8dbjc^YVYZh 6jicdbVh YZa Eg^cX^eVYd YZ 6hijg^Vh! 8VciVWg^V
n8Vhi^aaVnAZc#:cVea^XVX^cYZaVAZn*$'%%,YZaVGZYYZEVgfjZhCVX^dcVaZh!aV\Zhi^c
dgY^cVg^Vn]VW^ijVaYZadhEVgfjZhCVX^dcVaZhaZXdggZhedcYZg{VaVh8dbjc^YVYZh6jicdbVh
Zcg\^bZcYZVjiddg\Vc^oVX^cnXdcXVg\dVhjhgZXjghdhÒcVcX^Zgdh#AVZcigVYVZck^\dgYZ
ZhiVAZnZhi{egZk^hiVeVgVZcZgdYZ'%&&#AVijiZaV\ZcZgVaYZah^hiZbV!ZaZhiVWaZX^b^ZcidYZ
aVhY^gZXig^XZhW{h^XVhnZaVhZ\jgVgaVXd]ZgZcX^VYZaVGZYhZ\j^g{h^ZcYdXdbeZiZcX^VYZaV
6Yb^c^higVX^c<ZcZgVaYZa:hiVYd#
(#&'
IJG>HBD
(#&'#(6ad_Vb^ZcidhYZijg^hbdgjgVa
6hijg^VhZhaViZgXZgVXdbjc^YVYVjicdbVZccbZgdYZVad_Vb^ZcidhYZij"
g^hbdgjgVa!^cXgZbZci{cYdhZZcjc&-ZacbZgdYZeZgcdXiVX^dcZhZc'%%.ZcZhiZ
i^edYZZhiVWaZX^b^ZcidhgZheZXidVaVdVciZg^dg#
:a ijg^hbd gjgVa hjg\^ Xdbd VaiZgcVi^kV ZXdcb^XV Zc odcVh gjgVaZh fjZ hj"
[g^ZgdcjcVgZXZh^cYZhjhVXi^k^YVYZhigVY^X^dcVaZh#6XijVabZciZ]VeVhVYdYZhZg
jchZXidgZbZg\ZciZVhZgjchZXidgZckVhYZXdchda^YVX^cXdcbVgXVYdXVg{XiZg
bZY^dVbW^ZciVa!fjZXdcig^WjnZVaVhZciVb^ZcidYZaVedWaVX^cgjgVa!VaXgZX^b^Zcid
YZaVgZciVV\gVg^V!VaVXdchZgkVX^cYZaeV^hV_ZcVijgVanVabVciZc^b^ZcidYZaeVig^"
bdc^d]^hig^XdnXjaijgVa#
AVeg^cX^eVaZhkVg^VWaZhfjZXVgVXiZg^oVcZaijg^hbdgjgVa]VcZkdajX^dcVYded"
h^i^kVbZciZ YZhYZ Za Vd '%%) hZ\c adh YVidh gZ\^higVYdh! iVcid edg aV eVgiZ YZ aV
d[ZgiVXdbdYZaVYZbVcYV#IVchadhZ]VgZ\^higVYdjcgZXZhdZcZaVd'%%-edgaV
eVgiZYZaVYZbVcYV!igVhZafjZkjZakZVgZejciVgZahZXidgZcZaai^bdVd#:c'%%.!
hZXdciVW^a^oVgdc&#+&%ZhiVWaZX^b^ZcidhgjgVaZhZc6hijg^VhfjZd[ZgiVgdc&*#(('eaV"
oVh!adfjZhjedcZjc^cXgZbZcidXdcgZheZXidVaVdVciZg^dgYZjc*ZcZacbZgd
YZVad_Vb^ZcidhnYZjc,ZcaVd[ZgiVYZeaVoVh#
9ZhiVXV! edg hj eVgiZ! Za ^cXgZbZcid ZmeZg^bZciVYd edg aV YZbVcYV YZ ZhiV
bdYVa^YVY YZ ijg^hbd egdYjX^YV Zc '%%. fjZ! YZ bVcZgV ZmXZeX^dcVa! ]VWV hj[g^Yd
jcYZXV^b^ZcidZcZaVd'%%-^ck^gi^ZcYdaViZcYZcX^VgZ\^higVYV]VhiVZcidcXZh#:c
'%%.!&-,#(-)k^V_Zgdh]^X^ZgdcjhdYZVa\cVad_Vb^ZcidYZijg^hbdgjgVaVhijg^Vcd!ad
',% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&'
IJG>HBD
fjZhjedcZjc^cXgZbZcidYZjc'(XdcgZheZXidVaVdVciZg^dg#AVheZgcdXiVX^dcZh
gZ\^higVYVh hZ ^cXgZbZciVgdc! Vh^b^hbd! Zc jc &- gZheZXid V '%%-! gZhjaiVcYd jc
idiVaYZ+-+#,&&#
H^XdbeVgVbdhadhYVidhXdcZaidiVacVX^dcVa!6hijg^VhZhaViZgXZgV8dbjc^YVY
6jicdbVYZ:heVVXdcbVndgcbZgdYZVad_Vb^ZcidhYZijg^hbdgjgVa!hadhjeZgV"
YVedg8Vhi^aaVnAZcn8ViVajV!naVXjVgiVXdcbVndgcbZgdYZk^V_ZgdhfjZji^a^oVc
ZhiZi^edYZVad_Vb^Zcid&-,#(-)edgYZig{hYZ8Vhi^aaV"AZc!8ViVajVn8VciVWg^V#
DEJ7I
39ZcigdYZVad_Vb^ZcidhYZijg^hbdgjgVaZm^hiZcY^[ZgZciZhi^edhnXViZ\dgVhYZZhiVWaZX^"
b^Zcidh ZcigZ adh fjZ hZ ^cXajnZc =diZaZh gjgVaZh! 8VhVh YZ 6aYZV! 6eVgiVbZcidh GjgVaZh n
8VhdcVh6hijg^VcVh#
;J:CI:H
>C:>chi^ijidCVX^dcVaYZ:hiVYhi^XV#]iie/$$lll#^cZ#Zh
H>I6H^hiZbVYZ>c[dgbVX^cIjghi^XVYZ6hijg^Vh#]iie/$$lll#h^iV#dg\
(#&(
<:HI>âCE6G6A6HDHI:C>7>A>969
(#&(#&
Dg\Vc^oVX^dcZhXdcH^hiZbVhYZ<Zhi^c6bW^ZciVa
(#&(#'
<VhidhZcegdiZXX^cVbW^ZciVaYZaVhZbegZhVh^cYjhig^VaZh
(#&(#(
GZhedchVW^a^YVYHdX^Va:begZhVg^Va
(#&(
<:HI>âCE6G6A6HDHI:C>7>A>969
AVZaVWdgVX^cYZeaVcZhnZhigViZ\^VhYZhdhiZc^W^a^YVYhdcjce^aVg[jcYVbZc"
iVa eVgV VkVcoVg Zc Za YZhVggdaad hdhiZc^WaZ# AV XVYV kZo bVndg XdcX^ZcX^V hdWgZ aV
^bedgiVcX^VYZaVejZhiVZcbVgX]VYZZhiZi^edYZ^c^X^Vi^kVh]VXZfjZiVcidYZhYZZa
{bW^idZbegZhVg^VaXdbdYZhYZaVh6Yb^c^higVX^dcZheWa^XVhhZigViZcYZZhiVWaZXZg
bZXVc^hbdhnh^hiZbVhfjZbZ_dgZcaV\Zhi^cYZaVhdhiZc^W^a^YVY#
:cZhiZXdciZmid\ZcZgVa!aVJc^c:jgdeZVXdci^cVYZhVggdaaVcYdhjh^chigj"
bZcidh YZ VXijVX^c# :c '%%.! aV 8db^h^c egZhZci Za hZ\jcYd ^c[dgbZ egdk^h^dcVa
hdWgZaVZkdajX^cYZaV:higViZ\^VYZ9ZhVggdaadHdhiZc^WaZYZaVJ:#EZgdfj^o{hjcV
YZaVhcdkZYVYZhb{hYZhiVXVWaZhZcZhiVbViZg^VhZVaVVegdWVX^cYZa GZ\aVbZcid
8:C°&''&$'%%.YZaEVgaVbZcid:jgdeZdnYZa8dchZ_d!YZ'*YZcdk^ZbWgZYZ'%%.!
gZaVi^kdVaVeVgi^X^eVX^ckdajciVg^VYZdg\Vc^oVX^dcZhZcjch^hiZbVXdbjc^iVg^dYZ
\Zhi^cnVjY^idgVbZY^dVbW^ZciVaZh:B6H#AdhegZXZeidhYZZhiVcdgbVhjhi^ijnZc
adhVciZg^dgZhgZ\aVbZcidh!YZcdb^cVYdh:B6H>n>>#IVbW^cZcZhiZVdaV8db^h^c
:jgdeZV]VegZhZciVYdjcZhijY^dhdWgZXdhiZhnWZcZÒX^dhYZ:B6HeVgVaVhdg\Vc^"
oVX^dcZhgZ\^higVYVh#
',) EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&(
<:HI>âCE6G6A6HDHI:C>7>A>969
:c6hijg^Vh!aVK^XZXdchZ_ZgVYZBZY^d6bW^ZciZegdbdk^aVZaVWdgVX^cYZjc
Y^V\chi^XdhdWgZZaeZgÒaYZaVhZbegZhVhVY]Zg^YVhVaGZ\aVbZcid:B6HZc6hijg^Vh
naVgZaVX^cZcigZZa:B6Hndigdhh^hiZbVhYZ\Zhi^cbZY^dVbW^ZciVa!XdbdaV>HD
&)%%&!ZcigZdigdh#
IVbW^cXVWZYZhiVXVgaVXgZVX^cYZaVGZY6hijg^Vh'&YZbjc^X^e^dhhdhiZc^"
WaZhYZaEg^cX^eVYdYZ6hijg^Vh#AVGZYhZXgZVedg8dckZc^dhjhXg^idZcigZaV8dchZ"
_ZgVYZBZY^d6bW^ZciZ!DgYZcVX^cYZaIZgg^idg^dZ>c[gVZhigjXijgVhYZaEg^cX^eVYdYZ
6hijg^VhnaV;ZYZgVX^c6hijg^VcVYZ8dcXZ_dh!YZ[ZX]V,YZdXijWgZYZ'%%.#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ',*
(#&(
<:HI>âCE6G6A6HDHI:C>7>A>969
(#&(#&Dg\Vc^oVX^dcZhXdcH^hiZbVhYZ<Zhi^c6bW^ZciVa
:cadhai^bdhVdhhZ]VYjea^XVYdZacbZgdYZZbegZhVhVhijg^VcVhfjZ]Vc
^beaVciVYdh^hiZbVhYZ\Zhi^cVbW^ZciVa#
:c '%%- [jZgdc )+* aVh ZbegZhVh XZgi^ÒXVYVh hZ\c aV cdgbV >HD &)#%%& Zc
6hijg^Vh!adfjZhjejhdjc^cXgZbZcidYZa.XdcgZheZXidVaVX^[gVYZaVdVciZg^dg#
HZ\cadhYVidhgZ\^higVYdh!ZacbZgdYZZbegZhVhXZgi^ÒXVYVhhZ\caVcdgbV>HD
&)#%%&Zc'%%-Zh'!,kZXZhbVndgfjZaVhgZ\^higVYVhZc'%%)#9ZbdbZcid!aVhX^[gVh
fjZiZcZbdh^cY^XVcfjZaVXZgi^ÒXVX^ch^\jZXgZX^ZcYdVeZhVgYZaVXg^h^h!VjcfjZ
Zag^ibd]VWV_VYdhZch^WaZbZciZXdcgZheZXidVaYZadhVdhVciZg^dgZh#9ZhYZZaVd
'%%)!eg^bZgdYZaVhZg^Z!hZ]VWVc^YdhjXZY^ZcYdiVhVhYZXgZX^b^ZcidZcZacbZgd
YZZbegZhVhXZgi^ÒXVYVhYZZcigZZa(%nZa)%#
6a^\jVafjZZcZaXVhdYZaV>HD&)#%%&ZacbZgdYZdg\Vc^oVX^dcZhVY]Zg^YVh
VaH^hiZbV8dbjc^iVg^dYZ:Xd\Zhi^cn:XdVjY^idgV:B6H!]VXdci^cjVYdXgZX^ZcYd
Zcadhai^bdhVdhZcZaEg^cX^eVYdYZ6hijg^Vh#:cZaVd'%%.jcidiVaYZ(*dg\V"
c^oVX^dcZh ZhiVWVc VY]Zg^YVh V :B6H *, XZcigdh YZ aVh XjVaZh &% ZgVc ÆZbegZhVh
^cYjhig^VaZhÇgZegZhZciVcYdjc'-!+hdWgZZaidiVaYZaVhdg\Vc^oVX^dcZhXdc:B6H
Zc6hijg^Vh#
8dcgZheZXidVaidiVaYZ:heVV!ZaeZhdYZadhgZ\^higdh:B6HYZdg\Vc^oVX^dcZh
Vhijg^VcVhZhYZa(hdWgZjcidiVaYZ&#&(-gZ\^higdhVc^kZacVX^dcVa&#(.&XZcigdh#
EdgdigdaVYd!:heVVdXjeVaVhZ\jcYVedh^X^cZc:jgdeVigVh6aZbVc^VZcXjVcidV
cbZgdYZdg\Vc^oVX^dcZhVY]Zg^YVhV:B6H#
',+ EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&(
<:HI>âCE6G6A6HDHI:C>7>A>969
DEJ7I
3 AV hZg^Z >HD &)#%%% Zh jc Xdc_jcid kdajciVg^d YZ cdgbVh! gZXdcdX^Yd ^ciZgcVX^dcVabZciZ!
YZhi^cVYVhVVaXVcoVgaV^bea^XVX^cVbW^ZciVaYZaVhdg\Vc^oVX^dcZh#AVhcdgbVh>HD]Vch^Yd
ZaVWdgVYVhXdcZadW_Zi^kdYZYZhVggdaaVgjcZc[dfjZXdbcYZadhh^hiZbVhYZ\Zhi^cVbW^Zc"
iVafjZhZVgZXdcdX^Yd^ciZgcVX^dcVabZciZ#AV>HD&)#%%&[jZVYdeiVYVZc&..+eVgVdg^ZciVgaV
ZaVWdgVX^cYZh^hiZbVhYZ\Zhi^cVbW^ZciVa!nVWVgXVaVeVgiZYZah^hiZbV\ZcZgVaYZ\Zhi^c
YZaVdg\Vc^oVX^cgZaVX^dcVYVXdcaVZaVWdgVX^c!^beaVciVX^cnbVciZc^b^ZcidYZaVedai^XV
VbW^ZciVaYZaVb^hbV#
3:a:B6H:XdBVcV\ZbZciVcY6jY^iHX]ZbbZZhjch^hiZbVZjgdeZdYZ\Zhi^cnVjY^idgV
bZY^dVbW^ZciVaZh!VafjZejZYZcVY]Zg^ghZidYdi^edYZdg\Vc^oVX^dcZhfjZiZc\VcjcXdbedg"
iVb^ZcidVbW^ZciVaÆZmXZaZciZÇnfjZVYZb{hfj^ZgVc]VXZgeWa^XVhjedai^XVbZY^dVbW^ZciVa
nhjhVkVcXZhZcZhiVbViZg^V#:hi{gZ\jaVYdedgZa GZ\aVbZcid&''&$'%%.8:YZaEVgaVbZcid
:jgdeZdnYZa8dchZ_dfjZgZk^hVnbdY^ÒXVZaVciZg^dg GZ\aVbZcid,+&$'%%&#
B6GBB^c^hiZg^dYZBZY^d6bW^ZciZnBZY^dGjgVanBVg^cd#9^gZXX^c<ZcZgVa8Va^YVYn:kVajVX^c6bW^ZciVa#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ',,
(#&(
<:HI>âCE6G6A6HDHI:C>7>A>969
(#&(#'<VhidhZcegdiZXX^cVbW^ZciVaYZaVhZbegZhVh^cYjhig^VaZh
:a\VhidZcegdiZXX^cVbW^ZciVaZcZahZXidg^cYjhig^VagZ\^dcVahZ^cXgZbZci
)!&kZXZhZcigZadhVdh'%%%n'%%,#
:cZaVd'%%,Za\VhidYZaVhZbegZhVh^cYjhig^VaZhVhijg^VcVhZcegdiZXX^c
VbW^ZciVaVhXZcY^V'&*b^aadcZhYZZjgdh!adfjZhjedcZjc^cXgZbZcidXdcgZheZXid
VaVdVciZg^dgYZjc&-('!'*b^aadcZhYZZjgdh#:cXjVcidVaVcVijgVaZoVYZa\Vhid!
aV^ckZgh^cZcZfj^eVb^ZcidhYZegdiZXX^cVbW^ZciVa]VhjejZhidjc\Vhidh^\c^ÒXV"
i^kVbZciZhjeZg^dgVa\VhidXdgg^ZciZ!YZY^X{cYdhZVZhiVeVgi^YVZa+.YZa\VhididiVa
ZcZaVd'%%,#
AVZkdajX^cYZa\VhidZcegdiZXX^cVbW^ZciVa]VXgZX^Ydh^\c^ÒXVi^kVbZciZZc
adhai^bdhVdh!h^ZcYd)!&kZXZhbVndgZa\VhidZc'%%,fjZZcZaVd'%%%!eg^bZg
VdYZaVhZg^ZVcVa^oVYV#:ag^ibdYZXgZX^b^Zcid]Vh^YdY^[ZgZciZZcigZ^ckZgh^dcZhn
\VhidhXdgg^ZciZh!h^ZcYdb{hhjVkZaVXjgkVYZXgZX^b^ZcidYZadh\VhidhXdgg^ZciZh#
:cXjVcidVaYZhi^cdYZZhiVh^ckZgh^dcZh!ZabVndg\VhidhZ]VYZY^XVYdVaVVY"
fj^h^X^cYZÆZfj^edh^cYZeZcY^ZciZhÇ!gZegZhZciVcYdZc'%%,jc.'YZaV^ckZgh^c
idiVa!adfjZhjedcZjc^cXgZbZcidYZaeZhdYZZhiVeVgi^YVXdcgZheZXidVaVdVciZg^dg
YZa&+#:abVndgkdajbZcYZgZXjghdhhZ]VYZhi^cVYdVadhZfj^edheVgVaVgZYjXX^c
YZZb^h^dcZhVaV^gZ-*YZaV^ckZgh^cYZZfj^edh^cYZeZcY^ZciZh!hZ\j^Ydhedgadh
Zfj^edhYZigViVb^ZcidYZV\jVhgZh^YjVaZh,#
EdghjeVgiZ!adhÆZfj^edh^ciZ\gVYdhÇgZegZhZciVcZa-YZaV^ckZgh^cidiVaZc
ZaVd'%%,!YZadhfjZ!Va^\jVafjZaV^ckZgh^cZcZfj^edh^cYZeZcY^ZciZh!ZabVndg
edgXZciV_ZYZa\Vhid,)hZYZhi^cVVaVgZYjXX^cYZaVhZb^h^dcZhVaV^gZ!hZ\j^Yd
',- EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&(
<:HI>âCE6G6A6HDHI:C>7>A>969
edgaVh^chiVaVX^dcZheVgVZaV]dggdnaVgZji^a^oVX^cYZaV\jV!Xdcjc&(YZaV^ckZg"
h^cZcZhiZi^edYZZfj^edh#
:cZadigdZmigZbd!hZZcXjZcigVcadhZfj^edheVgVgZYjX^ggj^Ydhnk^WgVX^dcZh
eVgVadhfjZZc'%%,iVchadhZYZhi^cVgdc%!++b^aadcZhYZZjgdh!Za*YZaidiVaYZ
\VhidhYZ^ckZgh^cZcZfj^edh^ciZ\gVYdh#6h^b^hbd!adhZfj^edheVgVZaigViVb^Zcidn
b^c^b^oVX^cYZgZh^YjdhiVchadhjedcZcZa(YZaidiVaYZaV^ckZgh^cZcegdiZXX^c
VbW^ZciVaZhZVd!Va^\jVafjZadh\VhidhYZ^ckZgh^cgZaVX^dcVYdhXdcaVcVijgVaZoV#
DEJ7I
3<VhidhXdgg^ZciZh/ \VhidhYZZmeadiVX^cXjndeg^cX^eVadW_Zi^kdhZVaVegZkZcX^c!gZYjXX^c!
igViVb^ZciddZa^b^cVX^cYZaVXdciVb^cVX^cdXjVafj^ZgdigVYZ\gVYVX^cYZabZY^dVbW^ZciZ
fjZhjg\ZXdbdgZhjaiVYdYZaVVXi^k^YVYYZaZhiVWaZX^b^Zcid#8dbegZcYZc[jcYVbZciVabZciZ
adheV\dhedgXdbegVhYZhZgk^X^dhYZegdiZXX^cVbW^ZciVaViZgXZgdh!\VhidhVhdX^VYdhVadh
Zfj^edhji^a^oVYdhgZeVgVX^dcZh!XdchjbdYZZcZg\VnYZbViZg^Vheg^bVh!\VhidhYZeZghdcVa
dXjeVYdZcVXi^k^YVYZhYZegdiZXX^cVbW^ZciVa!ZcVXi^k^YVYZhYZ> 9gZaVX^dcVYVhXdcZabZY^d
VbW^ZciZ!XdhiZhVY^X^dcVaZhedgaVji^a^oVX^cYZegdYjXidha^be^dh!ZiX###
3>ckZgh^c/gZXjghdhYZXVe^iVaVYfj^g^YdheVgVhZgji^a^oVYdhZcZaegdXZhdegdYjXi^kdYjgVciZ
b{hYZjcVd#HZY^hi^c\jZcadh^cXgZbZcidhgZVaZhYZVXi^kdhXdbegVhYZW^ZcZhYZZfj^edd
YZVXi^kdh^cbViZg^VaZhnaVhY^hb^cjX^dcZhYZVXi^kdhkZciVhdXZh^dcZhYZZfj^edhdVXi^kdh
^cbViZg^VaZhgZVa^oVYdhedgaVZbegZhVZcZaVdYZgZ[ZgZcX^V#
3:fj^edhd^chiVaVX^dcZh^cYZeZcY^ZciZhigViVb^ZcidYZaVXdciVb^cVX^c/ iVbW^caaVbV"
YdhYZÒcVaYZaX^Xaddcd^ciZ\gVYdh#HdcVfjZaadhfjZdeZgVcYZ[dgbV^cYZeZcY^ZciZZcZa
egdXZhd YZ egdYjXX^c n Zhi{c YZhi^cVYdh V gZYjX^g aV YZhXVg\V YZ XdciVb^cVciZh dg^\^cVYdh
YjgVciZY^X]degdXZhd#
3 :fj^edh ^ciZ\gVYdh egZkZcX^c YZ aV XdciVb^cVX^c/ hdc VfjZaadh fjZ i^ZcZc jcV YdWaZ
ÒcVa^YVY!^cYjhig^VanYZXdcigdaYZaVXdciVb^cVX^c#Hjeg^cX^eVadW_Zi^kdZhgZYjX^gaVYZhXVg\V
YZXdciVb^cVciZh\ZcZgVYdhZcZaegdXZhdegdYjXi^kd#
>C:>chi^ijidCVX^dcVaYZ:hiVYhi^XV#Æ:cXjZhiVYZa<VhidYZaVh:begZhVhZcEgdiZXX^c6bW^ZciVaÇ#]iie/$$lll#^cZ#Zh
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. ',.
(#&(
<:HI>âCE6G6A6HDHI:C>7>A>969
(#&(#(GZhedchVW^a^YVYHdX^Va:begZhVg^Va
:cadhai^bdhVdhhZ]VegdYjX^Ydjc^ciZghXgZX^ZciZZc6hijg^Vh!edgeVgiZ
YZaVhZbegZhVh!edgaVVY]Zh^cV^chigjbZcidhYZaVGH:kdajciVg^dh#
AVGZhedchVW^a^YVYHdX^VaYZaV:begZhVGH:ZhZaXdbegdb^hdYZaVhdg\V"
c^oVX^dcZhVXdcig^Wj^gVaYZhVggdaadZXdcb^XdhdhiZc^WaZ!igVWV_VcYdXdcadhZbeaZV"
Ydh!hjh[Vb^a^Vh!aVXdbjc^YVYadXVanaVhdX^ZYVYZc\ZcZgVa!eVgVbZ_dgVghjXVa^YVY
YZk^YVLdgaY7jh^cZhh8djcX^a[dgHjhiV^cVWaZ9ZkZadebZci#
AV GH: ]V VjbZciVYd ZcdgbZbZciZ hj egZhZcX^V Zc adh ai^bdh Vdh Zc Za
bjcYdZbegZhVg^Va#6h^b^hbd!]ZbdhVh^hi^Ydai^bVbZciZVaVVeVg^X^cYZcjbZ"
gdhdh^chigjbZcidhgZaVX^dcVYdhXdcaV\Zhi^cnXdbjc^XVX^cYZaVGH:!VhXdbdVa
^cXgZbZcidYZa^bejahdYZaVGH:edgeVgiZYZaVhVYb^c^higVX^dcZh!edgbZY^dYZaV
Y^[jh^cnegdbdX^cYZhjÒadhd[V#
:caVai^bVYXVYV!]Vcegda^[ZgVYdbai^eaZh^chigjbZcidhYZXVg{XiZgkdajc"
iVg^dZcgZaVX^cXdcaVGH:XY^\dhYZXdcYjXiV!h^hiZbVhYZXZgi^ÒXVX^cnZi^fjZiV"
Yd!^c^X^Vi^kVhhZXidg^VaZh!ZiX½#:a EVXidBjcY^VaYZCVX^dcZhJc^YVheVgVaVGH:Zh
jc^chigjbZcidYZa^WgZVYhXg^eX^c!fjZYZhXVchVZcZaXdbegdb^hdYZ^beaVciVX^c
YZY^Zoeg^cX^e^dh!WVhVYdhZcadhYZgZX]dh]jbVcdh!adhYZgZX]dhaVWdgVaZh!adhVb"
W^ZciVaZh n YZ ajX]V XdcigV aV XdggjeX^c0 YZW^ZcYd YVg XjZciV V aV hdX^ZYVY YZ adh
egd\gZhdh YZ ^beaVciVX^c fjZ hZ gZVa^oVc! bZY^VciZ aV ZaVWdgVX^c YZ >c[dgbZh YZ
Egd\gZhd#
6c^kZabjcY^Va!ZacbZgdYZdg\Vc^oVX^dcZhVY]Zg^YVh]VVjbZciVYdh^\c^ÒXV"
i^kVbZciZZcadhai^bdhVdh#:cigZ'%%*n'%%.!hZ]VcVY]Zg^Yd+#+,&dg\Vc^oVX^dcZh
YZ&'%eVhZh#AVegZhZcX^VZjgdeZVZhegZYdb^cVciZ!VWVgXVcYdXVh^Za),YZaVh
dg\Vc^oVX^dcZhÒgbVciZh(#&&*dg\Vc^oVX^dcZh#
AVeVgi^X^eVX^cZheVdaVZcZaEVXidBjcY^Va]VVjbZciVYdZcb{hYZjc.%
YZhYZZaVd'%%*!nhjedcZVa\db{hYZa&%YZaidiVaYZb^ZbWgdh#B{hYZ-%%dg\V"
c^oVX^dcZhhZ]VcVY]Zg^Yd!nYZhiVh!b{hYZjc,&hdcZbegZhVh#
:c6hijg^Vh!iVbW^chZ]VcegdYjX^YdVY]Zh^dcZhVaEVXidBjcY^VaZcadhai^"
bdhVdh#:cidiVahdc(&aVhZbegZhVhÒgbVciZhV(&YZY^X^ZbWgZYZ'%%.#:aVdZc
fjZhZegdYj_Zgdcb{hVY]Zh^dcZh[jZZa'%%-Xdc&-ZbegZhVhVY]Zg^YVh!hZ\j^YdYZa
Vd'%%.ZcZafjZÒgbVgdcZaEVXiddigVh.ZbegZhVh#
9ZaVhZbegZhVhÒgbVciZhYZaEVXidBjcY^VaZc6hijg^Vh!Za*&!)hdcEnbZh!
Za'%hdcb^XgdZbegZhVhnZa'%ZbegZhVh\gVcYZhZcigZÆXdi^oVYVhÇnÆcdXdi^"
oVYVhÇ#
H^hZVcVa^oVcadhYVidhYZ:heVV!hZdWhZgkVfjZi^ZcZcjcVY^hig^WjX^cbjn
eVgZX^YVVaVYZ6hijg^Vh#Hdc-+&aVhZbegZhVhZheVdaVhÒgbVciZhZcaVVXijVa^YVY!
YZaVhfjZXVh^jc*%hdcEnbZhnjc'(!*b^XgdZbegZhVh#AVhZbegZhVh\gVcYZh
VY]Zg^YVhgZegZhZciVcZa',!)!b^ZcigVhfjZaVhVhdX^VX^dcZhZbegZhVg^VaZh!h^cY^"
XVidhZ^chi^ijX^dcZhZYjXVi^kVhiVchadgZegZhZciVcZa'!(YZaidiVaYZZbegZhVhj
dg\Vc^oVX^dcZhVY]Zg^YVhVaEVXidYZCVX^dcZhJc^YVh#
'-% EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.
(#&(
<:HI>âCE6G6A6HDHI:C>7>A>969
DigV^c[dgbVX^cYZ^ciZgh!ZhZacbZgdYZdg\Vc^oVX^dcZhfjZegZhZciVcbZ"
bdg^VhYZhdhiZc^W^a^YVY#AV<jVYZ<adWVaGZedgi^c\>c^X^Vi^kZ<G>hZ]VXdckZgi^Yd
ZcaVeg^cX^eVagZ[ZgZcX^V^ciZgcVX^dcVaeVgVaVZaVWdgVX^cYZbZbdg^VhYZhdhiZc^"
W^a^YVY edg eVgiZ YZ aVh dg\Vc^oVX^dcZh# :a dW_Zi^kd YZ <G> Zh ZaZkVg adh ^c[dgbZh YZ
hdhiZc^W^a^YVY V c^kZaZh hjeZg^dgZh V adh YZ adh ^c[dgbZh ÒcVcX^Zgdh! VaXVcoVcYd adh
Zhi{cYVgZhb{hVaidhZcg^\dg!Xdch^hiZcX^VnXdbeVgVW^a^YVY#
EZgÒa6bW^ZciVaYZ6hijg^Vh'%%. '-&
(#&(
<:HI>âCE6G6A6HDHI:C>7>A>969
9ZhYZZcZgdYZ'%%-]VhiV[ZWgZgdYZ'%%.!,.+dg\Vc^oVX^dcZh]VcZaVWdgVYd
bZbdg^Vh<G>ZcidYdZabjcYdXdcaVh^\j^ZciZY^hig^WjX^c/*%:jgdeV!&*6h^V!
&(CdgiZ6bg^XV!&'AVi^cd6bg^XV!+DXZVcVn(Û[g^XV#:heVVXdc&&.dg\V"
c^oVX^dcZh!gZegZhZciVjcedgXZciV_Zbjnh^\c^ÒXVi^kdYZaidiVaYZbZbdg^Vh<G>&*!
YZhiVh!,*]VcdWiZc^YdZac^kZab{hZaZkVYdYZaVXVa^ÒXVX^c6 #:c6hijg^VhYdh
ZbegZhVhegZhZciVgdcaVbZbdg^V<G>ZcZaVd'%%.#
:m^hiZjc^chigjbZcideVgVkVadgVgadhZh[jZgodhfjZ]VXZcaVhdg\Vc^oVX^dcZh
edgaVXdcX^a^VX^cYZaVk^YVaVWdgVan[Vb^a^VgYZhjhigVWV_VYdgZh#AVBVgXV:;GZhi{
WVhVYVZcjcbdYZadYZ\Zhi^ceVgVZbegZhVh[Vb^a^VgbZciZgZhedchVWaZh#:c6h"
ijg^Vh]VhiVaV[ZX]VYZY^X^ZbWgZYZ'%%.!YdhZbegZhVhZhiVWVcXZgi^ÒXVYVhXdbd
:;G#
;J:CI:H
GZY:heVdaVYZaEVXidBjcY^Va#]iie/$$lll#eVXidbjcY^Va#dg\
;jcYVX^cB{h[Vb^a^V#Æ>c^X^Vi^kVZ[gÇ#]iie/$$lll#XZgi^ÒXVYdZ[g#dg\
8ajW6hijg^VcdYZ8Va^YVY#]iie/$$lll#XajWXVa^YVY#Xdb
'-' EZgÒa6bW^ZciVaYZ6hijg^Vh'%%.