You are on page 1of 19

',%48)6

8LI+EQI%4-

-(4MWEREXXVEGXMZITPEXJSVQJSVKEQIWXLIPIEHMRKIHKISJGSRWYQIV.1)WSJX[EVI-R
XLIRI\XGLETXIV]SYtPPVIEHEFSYXXLII\GMXMRKRI[(KVETLMGWGETEFMPMXMIWEZEMPEFPIERHMR
'LETXIV]SY[MPPVIEHEFSYX1-(4tWWYTTSVXJSVQYPXMQIHME8LMWGLETXIVHIWGVMFIWXLI
+EQI%4-[LMGLWMQTPMJMIW[VMXMRK(KEQIW

3ZIVZMI[
8LI+EQI%4-FYMPHWSRXLI'ERZEWERH+VETLMGWGPEWWIW]SYVIEHEFSYXMR'LETXIV8LI
IRXMVI%4-MWGSQTSWIHSJJMZIGPEWWIWMRXLINEZE\QMGVSIHMXMSRPGHYMKEQITEGOEKI3RI
GPEWW+EQI'ERZEWTVSZMHIWQIXLSHWJSVERMQEXMSRERHOI]TSPPMRK8LISXLIVJSYVGPEWWIWHIEP
[MXLPE]IVW[LMGLGERFIYWIHXSGSQTSWIWGIRIWJVSQWIZIVEPHMJJIVIRX IPIQIRXW
+EQI'ERZEWSJJIVWX[SQEMREHZERXEKIWSZIV'ERZEW*MVWX]SYVETTPMGEXMSRLEWGSRXVSP
SZIVI\EGXP][LIRXLIHMWTPE]MWYTHEXIHMRWXIEHSJLEZMRKXS[EMXJSVXLIW]WXIQWSJX[EVIXS
GEPP TEMRX 7IGSRH]SYGERGSRXVSP[LEXVIKMSRSJXLIWGVIIRMWYTHEXIH+EQI'ERZEWKMZIW
]SYVETTPMGEXMSRZIV]WTIGMJMGGSRXVSPSJHMWTPE]YTHEXIW

(VMZMRK%RMQEXMSR[MXL+EQI'ERZEW
+EQI'ERZEWI\XIRHWNEZE\QMGVSIHMXMSRPGHYM'ERZEW[MXLQIXLSHWJSVERMQEXMSRERHOI]
WXEXITSPPMRK+EQI'ERZEWMWYWIHHMJJIVIRXP]JVSQ'ERZEW
d 8SYWI'ERZEW]SYWYFGPEWWMXERHHIJMRIXLITEMRX QIXLSH-RWMHITEMRX ]SYYWI
+VETLMGWXSVIRHIVKVETLMGWSRXLIWGVIIR;LIR]SYGLERKIWSQIXLMRKERH[ERXXS
YTHEXIXLIWGVIIR]SYGEPPVITEMRX ERHXLIW]WXIQGEPPWTEMRX EKEMRJSV]SY
d 8SYWI+EQI'ERZEW]SYWYFGPEWWMX8SHVE[SRXLIWGVIIR]SYYWIXLI+VETLMGWVIXYVRIH
JVSQ KIX+VETLMGW ;LIR]SY[ERXYTHEXIWXSETTIEVSRXLIWGVIIRGEPPJPYWL+VETLMGW 
[LMGLHSIWRSXVIXYVRYRXMPXLIWGVIIRMWYTHEXIH*SVQSVIWTIGMJMGYTHEXIWYWIXLI
QIXLSHJPYWL+VETLMGW MRX\MRX]MRX[MHXLMRXLIMKLX [LMGLSRP]YTHEXIWE
VIKMSRSJXLIWGVIIR
TYFPMGZSMHJPYWL+VETLMGW MRX\MRX]MRX[MHXLMRXLIMKLX
+EQI'ERZEWtWQSHIPSJYWIQEOIWMXIEW]XSYWIMRWMHIEKEQIPSSTPMOIXLMW





',%48)6  8,)+%1)%4-

+VETLMGWK!KIX+VETLMGW 
[LMPI XVYI _
'LIGOJSVYWIVMRTYX
9THEXIKEQIWXEXI
(VE[WXYJJYWMRKK
JPYWL+VETLMGW 
a
8SWYFGPEWW+EQI'ERZEW]SYRIIHXSGEPPMXWTVSXIGXIHGSRWXVYGXSVJVSQ]SYVWYFGPEWWtW
GSRWXVYGXSV8LMWGSRWXVYGXSVEGGITXWEWMRKPIFSSPIEREVKYQIRX[LMGLMRHMGEXIW[LIXLIVXLI
RSVQEPOI]IZIRXQIGLERMWQWLSYPHFIWYTTVIWWIHJSVXLI+EQI'ERZEWMRWXERGI8LIRSVQEP
OI]IZIRXQIGLERMWQVIJIVWXSXLIGEPPFEGOQIGLERMWQSJOI]4VIWWIH  OI]6IPIEWIH 
ERH OI]6ITIEXIH 7YTTVIWWMRKXLIRSVQEPQIGLERMWQQE]VIWYPXMRFIXXIVTIVJSVQERGI
+EQI'ERZEWTVSZMHIWEREPXIVREXMZIQIXLSHJSVVIWTSRHMRKXSOI]IZIRXW[LMGLMWHIXEMPIH
MRXLIRI\XWIGXMSR
8SWLS[LS[+EQI'ERZEW[SVOWJSVHVE[MRK[ItPPVI[VMXIXLI7[IIT'ERZEWI\EQTPIJVSQ
'LETXIVYWMRK+EQI'ERZEW WII0MWXMRK 2SXIXLEXXLIWYFGPEWWRSPSRKIVSZIVVMHIW
TEMRX %PPXLIEGXMSRLETTIRWMRVYR [LMGLMWI\IGYXIHMREWITEVEXIXLVIEHXLEXHVMZIWXLI
ERMQEXMSR8LIVYR QIXLSHGEPPWVIRHIV [LMGLHSIWXLIEGXYEPHVE[MRK ERHMWMHIRXMGEPXS
XLISPHTEMRX 

0MWXMRK9WMRK+EQI'ERZEWJSV%RMQEXMSR
MQTSVXNEZE\QMGVSIHMXMSRPGHYM
MQTSVXNEZE\QMGVSIHMXMSRPGHYMKEQI
TYFPMGGPEWW7[IIT+EQI'ERZEW
I\XIRHW+EQI'ERZEW
MQTPIQIRXW6YRREFPI_
TVMZEXIFSSPIERQ8VYGOMRK
TVMZEXIMRXQ8LIXE
TVMZEXIMRXQ&SVHIV
TVMZEXIMRXQ(IPE]
TYFPMG7[IIT+EQI'ERZEW _
WYTIV XVYI 
Q8LIXE!
Q&SVHIV!
Q(IPE]!
a
TYFPMGZSMHWXEVX _
Q8VYGOMRK!XVYI
8LVIEHX!RI[8LVIEH XLMW 
XWXEVX 
a

',%48)6  8,)+%1)%4-

TYFPMGZSMHWXST _
Q8VYGOMRK!JEPWI
a
TYFPMGZSMHVIRHIV +VETLMGWK _
MRX[MHXL!KIX;MHXL 
MRXLIMKLX!KIX,IMKLX 
'PIEVXLI'ERZEW
KWIX+VE]7GEPI  
KJMPP6IGX [MHXLLIMKLX 
MRX\!Q&SVHIV
MRX]!Q&SVHIV
MRX[![MHXLQ&SVHIV
MRXL!LIMKLXQ&SVHIV
JSV MRXM!M M _
KWIX+VE]7GEPI M  
KJMPP%VG \][LQ8LIXEM 
KJMPP%VG \][L Q8LIXE  M 
a
a
TYFPMGZSMHVYR _
+VETLMGWK!KIX+VETLMGW 
[LMPI Q8VYGOMRK _
Q8LIXE! Q8LIXE  
VIRHIV K 
JPYWL+VETLMGW 
XV]_8LVIEHWPIIT Q(IPE] a
GEXGL -RXIVVYTXIH)\GITXMSRMI _a
a
a
a
;ItPPEWWYQI]SYGER[VMXI]SYVS[R1-(PIXXSHMWTPE]7[IIT+EQI'ERZEW-J]SYtZIHS[R
PSEHIHXLII\EQTPIW7[IIT+EQIMWE1-(PIXXLEXHMWTPE]W7[IIT+EQI'ERZEW

4SPPMRKJSV/I]7XEXIW
+EQI'ERZEWSJJIVWEREPXIVREXMZIQIXLSHJSVVIWTSRHMRKXSOI]TVIWWIW[LMGLEVII\TIGXIHXS
FIXLI[E]XLIYWIVGSRXVSPWXLIKEQI-RWXIEHSJTEWWMZIP][EMXMRKJSVXLIOI]IZIRXGEPPFEGOW
HIJMRIHMR'ERZEW +EQI'ERZEWSJJIVWEQIXLSHXLEXVIXYVRWXLIGYVVIRXWXEXISJXLIOI]W
TYFPMGMRXKIX/I]7XEXIW





',%48)6  8,)+%1)%4-

8LMWMWEXXVEGXMZIJSVKEQIWFIGEYWIMXKMZIW]SYVETTPMGEXMSRQSVIGSRXVSP-RWXIEHSJ
[EMXMRKJSVXLIW]WXIQXSMRZSOIXLIOI]GEPPFEGOQIXLSHWMR'ERZEW]SYGERMQQIHMEXIP]JMRH
SYXXLIWXEXISJXLIHIZMGIOI]W
8LIVIXYVRIHMRXIKIVYWIWSRIFMXXSVITVIWIRXIEGLSJXLIRMRIKEQIEGXMSRW%SRIFMX
MRHMGEXIWEOI]TVIWW[LMPIE^IVSFMXMRHMGEXIWRSOI]TVIWW)EGLSJXLIFMXWMWVITVIWIRXIHF]
EGSRWXERXMRXLI+EQI'ERZEWGPEWWEWWLS[RMR8EFPI

8EFPI+EQI%GXMSR&MX'SRWXERXWMR+EQI'ERZEW

+EQI'ERZEW&MX'SRWXERXW

'SVVIWTSRHMRK+EQI'ERZEW%GXMSR'SRWXERXW

94C46)77)(

94

(3;2C46)77)(

(3;2

0)*8C46)77)(

0)*8

6-+,8C46)77)(

6-+,8

*-6)C46)77)(

*-6)

+%1)C%C46)77)(

+%1)C%

+%1)C&C46)77)(

+%1)C&

+%1)C'C46)77)(

+%1)C'

+%1)C(C46)77)(

+%1)C(

&]KVEFFMRKXLIGYVVIRXWXEXISJXLIOI]W EXIGLRMUYIGEPPIHTSPPMRK ]SYGERVIWTSRHXS


YWIVEGXMSRW[MXLMRXLIKEQIPSSTMRWXIEHSJVIP]MRKSRXLIIZIRXGEPPFEGOQIXLSHW[LMGLVYR
MREHMJJIVIRXXLVIEH=SYGSYPHI\TERHXLII\EQTPI+EQI'ERZEWPSSTTVIWIRXIHIEVPMIVEW
JSPPS[WXSVIWTSRHXSOI]TVIWWIW
+VETLMGWK!KIX+VETLMGW 
[LMPI XVYI _
'LIGOJSVYWIVMRTYX
MRXOW!KIX/I]7XEXIW 
MJ OW
94C46)77)( !
QSZI9T 
IPWIMJ OW
(3;2C46)77)( !
QSZI(S[R 

9THEXIKEQIWXEXI
(VE[WXYJJYWMRKK
JPYWL+VETLMGW 
a
-J]SYtVIWXMPPTE]MRKEXXIRXMSR]SYtVITVSFEFP][SRHIVMRK[LEXLETTIRW[LIRXLIYWIV
TVIWWIWERHVIPIEWIWEOI]FIX[IIRXLIXMQIW[LIR]SYVETTPMGEXMSRGEPPWKIX/I]7XEXIW 8LI
OI]WXEXIWEVIPEXGLIH[LMGLQIERWXLEXEOI]TVIWWWIXWXLIGSVVIWTSRHMRKFMXERHQEOIWMX

',%48)6  8,)+%1)%4-

WXMGOYRXMPXLIRI\XGEPPXSKIX/I]7XEXIW )ZIV]XMQI]SYGEPPKIX/I]7XEXIW XLIPEXGLIH


ZEPYIWEVIEPPGPIEVIH

9RHIVWXERHMRK0E]IVW
8LIVIWXSJXLI+EQI%4-MWHIZSXIHXSPE]IVW0E]IVWEVIKVETLMGIPIQIRXWXLEXGERFIGSQFMRIH
XSGVIEXIEGSQTPIXIWGIRI=SYQMKLXJSVI\EQTPILEZIEFEGOKVSYRHSJQSYRXEMRWERSXLIV
FEGOKVSYRHSJGMX]FYMPHMRKWERHWIZIVEPWQEPPIVMXIQWMRXLIJSVIKVSYRHTISTPIWTEGIWLMTW
GEVW[LEXIZIV
8LIXIGLRMUYISJGSQFMRMRKPE]IVWVIWIQFPIWXVEHMXMSREPLERHHVE[RERMQEXMSRW&EGO
KVSYRHERHJSVIKVSYRHMQEKIWEVIHVE[RSRXVERWTEVIRXGIPW[LMGLEVITPEGIHSRISRXSTSJ
ERSXLIVERHTLSXSKVETLIHXSGVIEXIXLIJMREPWGIRI
-RXLI+EQI%4-ERMRWXERGISJXLINEZE\QMGVSIHMXMSRPGHYMKEQI0E]IVGPEWWVITVIWIRXW
EPE]IV0E]IVMWEFWXVEGX[MXLX[SGSRGVIXIWYFGPEWWIW0E]IVMXWIPJMWTVIXX]WXVEMKLXJSV[EVH
-XLEWEPSGEXMSREWM^IERHGERFIZMWMFPISVMRZMWMFPI8LIPSGEXMSRERHWM^IEVIEGGIWWIHERH
QSHMJMIH[MXLXLIJSPPS[MRKQIXLSHW[LMGLEVIWIPJI\TPEREXSV]
TYFPMGJMREPMRXKIX<
TYFPMGJMREPMRXKIX=
TYFPMGJMREPMRXKIX;MHXL
TYFPMGJMREPMRXKIX,IMKLX
TYFPMGZSMHWIX4SWMXMSR MRX\MRX]
0E]IVEPWSSJJIVWELERH]QIXLSHJSVQSZMRKVIPEXMZIXSXLIGYVVIRXTSWMXMSR4EWWTM\IP
SJJWIXWXSXLIJSPPS[MRKQIXLSHXSEHNYWXXLITSWMXMSRSJXLIPE]IV
TYFPMGZSMHQSZI MRXH\MRXH]
8LIPE]IVtWZMWMFMPMX]MWEGGIWWIHYWMRKKIX:MWMFPI ERHWIX:MWMFPI 
8LIPEWXQIXLSHMR0E]IVMWTEMRX [LMGLMWHIGPEVIHEFWXVEGX7YFGPEWWIWSZIVVMHIXLMW
QIXLSHXSHIJMRIXLIMVETTIEVERGI

1EREKMRK0E]IVW
&IJSVI[IXIPP]SYEFSYX0E]IVtWGSRGVIXIGLMPHVIR[ItPPI\TPEMRLS[PE]IVWEVITYXXSKIXLIVXS
JSVQEGSQTPIXIWGIRI=SYGSYPHHSMX]SYVWIPJQEMRXEMRMRKEPMWXSJPE]IVWERHHVE[MRKIEGL
SJXLIQYWMRKXLIMVTEMRX QIXLSHW*SVXYREXIP]XLI+EQI%4-MRGPYHIW0E]IV1EREKIVEGPEWW
XLEXLERHPIWQSWXSJXLIHIXEMPWJSV]SY8SGVIEXIE0E]IV1EREKIVNYWXGEPPMXWRSEVKYQIRX
GSRWXVYGXSV
1SWXSJ0E]IV1EREKIVtWNSFMWOIITMRKERSVHIVIHPMWXSJPE]IVW0E]IVWLEZIERMRHI\[LMGL
MRHMGEXIWXLIMVTSWMXMSRJVSRXXSFEGO%TSWMXMSRSJMWSRXSTGPSWIWXXSXLIYWIV[LMPIPEVKIV
MRHMGIWEVIJEVXLIVE[E]XS[EVHWXLIFSXXSQ 8LISVHIVSJPE]IVWMWWSQIXMQIWGEPPIHXLI^SVHIV
0E]IVWQE]FIEHHIHXSXLIFSXXSQSJXLIPMWXYWMRKXLMWQIXLSH
TYFPMGZSMHETTIRH 0E]IVP
=SYGEREHHEPE]IVEXEWTIGMJMGPSGEXMSRYWMRKMRWIVX 
TYFPMGZSMHMRWIVX 0E]IVPMRXMRHI\





',%48)6  8,)+%1)%4-

*SVI\EQTPI]SYGSYPHEHHEPE]IVXSXLIXSTSJXLIPMWXF]MRWIVXMRKEPE]IVEXMRHI\
=SYGERJMRHXLIRYQFIVSJPE]IVWMRXLI0E]IV1EREKIVF]GEPPMRKKIX7M^I -J]SYtHPMOIXS
VIXVMIZIXLIPE]IVEXEGIVXEMRTSWMXMSRTEWWXLIMRHI\XSXLIKIX0E]IV%X QIXLSH
*MREPP]]SYGERVIQSZIEPE]IVF]TEWWMRKXLI0E]IVSFNIGXXSXLIVIQSZI QIXLSH
0E]IV1EREKIVMRGPYHIWXLIGSRGITXSJEZMI[[MRHS[[LMGLMWXLIVIGXERKYPEVTSVXMSRSJ
XLIWGIRIXLEX[MPPFIHVE[R8LIEWWYQTXMSRMWXLEXXLISZIVEPPWGIRIMWPEVKIVXLERXLIWGVIIR
SJXLIHIZMGIWSSRP]ETSVXMSR[MPPFIHVE[REXER]XMQI&]HIJEYPXXLIZMI[[MRHS[LEWMXW
SVMKMREXERHMWEWPEVKIEWMXGERFI -RXIKIV1%<C:%09)JSVFSXL[MHXLERHLIMKLX =SYGER
WIXXLIZMI[[MRHS[YWMRKXLIJSPPS[MRKQIXLSH[LIVIXLI\ERH]GSSVHMREXIWEVIVIPEXMZIXS
XLISVMKMRSJXLI0E]IV1EREKIV
TYFPMGZSMHWIX:MI[;MRHS[ MRX\MRX]MRX[MHXLMRXLIMKLX
8SEGXYEPP]HVE[XLIWGIRIVITVIWIRXIHF]XLI0E]IV1EREKIVtWPE]IVWGEPPXLITEMRX QIXLSH
TYFPMGZSMHTEMRX +VETLMGWKMRX\MRX]
8LIZMI[[MRHS[SJXLIWGIRI[MPPFIHVE[RYWMRKXLIKMZIR+VETLMGWEXXLIWTIGMJMIHPSGEXMSR
[LMGLMWWTIGMJMIHMRXLIGSSVHMREXIW]WXIQSJXLI+VETLMGW
-J]SYtVIWXMPPJY^^]SRXLIVIPEXMSRWLMTFIX[IIREPE]IVQEREKIVMXWPE]IVWERHMXWZMI[
[MRHS[WIIXLI%4-HSGYQIRXEXMSRJSV0E]IV1EREKIV[LMGLGSRXEMRWX[SZIV]LIPTJYPJMKYVIW

9WMRK8MPIH0E]IVW
%XMPIHPE]IVMWQEHIJVSQETEPIXXISJXMPIWNYWXEW]SYQMKLXEWWIQFPIHIGSVEXMZIXMPIWXSGVIEXI
ETVIXX]HIWMKRRI\XXS]SYVFEXLXYF8LIXMPIWGSQIJVSQEWMRKPIMQEKIXLEXMWHMZMHIHMRXS
IUYEPWM^IHTMIGIW
% 8MPIH0E]IVMWHVE[RSRE+VETLMGWSFNIGXYWMRKXLITEMRX QIXLSHMRLIVMXIHJVSQ0E]IV
0MOIER]SXLIV0E]IVEXMPIHPE]IVVIRHIVWMXWIPJEXMXWGYVVIRXPSGEXMSRMRXLIGSSVHMREXIW]WXIQ
SJXLI+VETLMGW*YVXLIVQSVIPMOIER]SXLIV0E]IVEXMPIHPE]IVGERFITEVXSJE0E]IV1EREKIV
ERHGERFIVIRHIVIHEYXSQEXMGEPP][LIRXLI0E]IV1EREKIVMWVIRHIVIHYWMRKMXW TEMRX QIXLSH
*SVI\EQTPI*MKYVIMWTM\IPW[MHIERHTM\IPWLMKL

*MKYVI%WSYVGIMQEKIJSVEXMPIHPE]IV
8LIMQEKIGERFIHMZMHIHMRXSWUYEVIXMPIWIEGL[MXLE[MHXLERHLIMKLXSJTM\IPW
8MPIWEVIRYQFIVIHEWWLS[RMR*MKYVI

*MKYVI8MPIRYQFIVMRK

',%48)6  8,)+%1)%4-

8LIMQEKIGSYPHLEZIFIIRPEMHSYXWIZIVEPHMJJIVIRX[E]WXSEGLMIZIXLIWEQIVIWYPX8[S
SJXLISXLIVTSWWMFMPMXMIWEVIWLS[RMR*MKYVI

*MKYVI3XLIVXMPIMQEKIPE]SYXW
2SXIXLEXXMPIMRHMGIWEVIRYQFIVIHWXEVXMRKEXSRI[LMPIVS[ERHGSPYQRRYQFIVWWXEVX
EX^IVS
8LIXMPIHPE]IVMXWIPJMWEKVMHSJGIPPW[LIVIIEGLGIPPMWSGGYTMIHF]SRIXMPI=SYWTIGMJ]XLI
RYQFIVSJVS[WERHGSPYQRWMRXLIXMPIHPE]IVEXGSRWXVYGXMSR8LII\EGXWM^ISJEXMPIHPE]IVMW
EWJSPPS[W
[MHXL!?RYQFIVSJGSPYQRWA\?XMPI[MHXLA
LIMKLX!?RYQFIVSJVS[WA\?XMPILIMKLXA

'VIEXMRKERH-RMXMEPM^MRKE8MPIH0E]IV
8SGVIEXIE8MPIH0E]IVWYTTP]XLIRYQFIVSJGSPYQRWERHVS[WXLIWSYVGIMQEKIERHXLIXMPI
HMQIRWMSRWXSXLIGSRWXVYGXSV
TYFPMG8MPIH0E]IV MRXGSPYQRWMRXVS[W
-QEKIMQEKIMRXXMPI;MHXLMRXXMPI,IMKLX
8LIMQEKIERHXMPIHMQIRWMSRWHIWGVMFIEWXEXMGXMPIWIX=SYGERGLERKIXLIWXEXMGXMPIWIXSR
ERI\MWXMRK8MPIH0E]IV[MXLXLIJSPPS[MRKQIXLSH
TYFPMGZSMHWIX7XEXMG8MPI7IX -QEKIMQEKIMRXXMPI;MHXLMRXXMPI,IMKLX
8LIRYQFIVSJGSPYQRWERHVS[WMRE8MPIH0E]IVGERFIVIXVMIZIH[MXLKIX'SPYQRW ERH
KIX6S[W 8SVIXVMIZIXLIXMPIHMQIRWMSRWYWIKIX'IPP;MHXL ERHKIX'IPP,IMKLX 
%PXLSYKLXLIQIXLSHREQMRKMWRtXUYMXIGSRWMWXIRXXLMW[SVOWFIGEYWIXLITM\IPWM^ISJIEGL
GIPPMWXLIWEQIEWXLITM\IPWM^ISJXLIXMPIW
% 8MPIH0E]IVMWIQTX][LIR]SYJMVWXGVIEXIMX8SEWWMKREXMPIXSEGIPPYWIXLMWQIXLSH
TYFPMGZSMHWIX'IPP MRXGSPMRXVS[MRXXMPI-RHI\
%PPXLIGIPPWMRXLI8MPIH0E]IVEVIMRMXMEPP]JMPPIH[MXLXMPIMRHI\[LMGLMRHMGEXIWEFPERO
XMPI=SYGERVIXVMIZIXLIXMPIMRHI\SJETEVXMGYPEVGIPPF]TEWWMRKMXWGSPYQRERHVS[RYQFIVXS
KIX'IPP -J]SY[SYPHPMOIXSEWWMKRXLIWEQIXMPIXSEVERKISJGIPPWYWIXLIJMPP'IPPW QIXLSH
TYFPMGZSMHJMPP'IPPW MRXGSPMRXVS[MRXRYQ'SPWMRXRYQ6S[W
MRXXMPI-RHI\





',%48)6  8,)+%1)%4-

8LI GSP VS[ RYQ'SPWERHRYQ6S[WTEVEQIXIVWHIWGVMFIEVIGXERKYPEVVIKMSRSJGIPPWXLEX


[MPPFIJMPPIH[MXLXLIWTIGMJMIHXMPI*SVI\EQTPIJMPP'IPPW  [SYPHEWWMKRXMPI
XSXLIGIPPWMRXLIJMVWXERHWIGSRHVS[WSJXLIXLMVHGSPYQRSJXLIXMPIHPE]IV
8LIJSPPS[MRKI\GIVTX EHETXIHJVSQ5YEXWGL'ERZEWNEZEMRXLIWSYVGIGSHI HIQSRWXVEXIW
SRI[E]XSGVIEXIERHMRMXMEPM^IE8MPIH0E]IV
-QEKIFEGOKVSYRH-QEKI!-QEKIGVIEXI-QEKI FEGOKVSYRHCXMPIWTRK 
8MPIH0E]IVFEGOKVSYRH!RI[8MPIH0E]IV FEGOKVSYRH-QEKI 
FEGOKVSYRHWIX4SWMXMSR  
MRX?AQET!_




a
JSV MRXM!M QETPIRKXLM _
MRXGSPYQR!M 
MRXVS[! MGSPYQR 
FEGOKVSYRHWIX'IPP GSPYQRVS[QET?MA 
a
9WMRKXLIWSYVGIMQEKISJ*MKYVIXLMWGSHITVSHYGIWXLIXMPIHPE]IVWLS[RMR
*MKYVI

*MKYVI%XMPIHPE]IV
=SYRS[ORS[EPQSWXIZIV]XLMRKXLIVIMWXSORS[EFSYX8MPIH0E]IVMXWIVZIWEWEWMQTPI
QETFIX[IIRETEPIXXISJXMPIWERHEJYPP]EWWIQFPIHPE]IV

9WMRK%RMQEXIH8MPIW
8LIVIMWSRIEHHMXMSREPX[MWXERMQEXIHXMPIW%RERMQEXIHXMPIMWEZMVXYEPXMPI[LSWIQETTMRK
GERFIGLERKIHEXVYRXMQI%PXLSYKL]SYGSYPHEGGSQTPMWLXLIWEQIXLMRKF]GEPPMRKWIX'IPP
SREPPXLIGIPPW]SY[ERXIHXSGLERKIYWMRKERERMQEXIHXMPIEPPS[W]SYXSQEOIEWMRKPIGEPP
XLEXGLERKIWEPPXLIEJJIGXIHGIPPW
8SYWIERERMQEXIHXMPI]SYGVIEXISRIF]GEPPMRKXLMWQIXLSH
TYFPMGMRXGVIEXI%RMQEXIH8MPI MRXWXEXMG8MPI-RHI\

',%48)6  8,)+%1)%4-

=SYTEWWEVIKYPEVXMPIMRHI\XSXLIQIXLSH[LMGLMWXLIMRMXMEPXMPIXLEXWLSYPHFIYWIHJSV
XLIERMQEXIHXMPI8LIQIXLSHVIXYVRWEWTIGMEPERMQEXIHXMPIMRHI\ 8LIVItWRSQEKMGLIVI
MXtWNYWXERIKEXMZIRYQFIV
8SEWWMKRERERMQEXIHXMPIXSEGIPPTEWWXLIVIXYVRZEPYIJVSQGVIEXI%RMQEXIH8MPI XS
WIX'IPP ;LIR]SY[ERXXSGLERKIXLIGSRXIRXWSJERERMQEXIHXMPIYWIXLIJSPPS[MRKQIXLSH
TYFPMGZSMHWIX%RMQEXIH8MPI MRXERMQEXIH8MPI-RHI\MRXWXEXMG8MPI-RHI\
8LMWEWWMKRWXLIWYTTPMIHXMPIMRHI\XSXLIERMQEXIHXMPI%PPGIPPWXLEXLEZIXLIWYTTPMIH
ERMQEXIHXMPI[MPPRS[HMWTPE]XLIKMZIRXMPI
-J]SYRIIHXSVIXVMIZIXLIGYVVIRXXMPIEWWSGMEXIH[MXLERERMQEXIHXMPINYWXTEWWXLI
ERMQEXIHXMPIMRHI\XSKIX%RMQEXIH8MPI 

9WMRK7TVMXIW
;LMPIE8MPIH0E]IVYWIWETEPIXXISJXMPIWXSJMPPEPEVKIEVIEE7TVMXIYWIWETEPIXXISJXMPIWXS
ERMQEXIEPE]IVXLEXMWXLIWEQIWM^IEWEWMRKPIXMPI9WYEPP]E7TVMXIVITVIWIRXWSRISJXLI
TVSXEKSRMWXWMREKEQI-R7TVMXITEVPERGIXMPIWEVIGEPPIHJVEQIWMRWXIEH%W[MXLE8MPIH0E]IV
E 7TVMXIMWGVIEXIHJVSQEWSYVGIMQEKIXLEXMWHMZMHIHMRXSIUYEPP]WM^IHJVEQIW
TYFPMG7TVMXI -QEKIMQEKIMRXJVEQI;MHXLMRXJVEQI,IMKLX
8LIVItWEPWSEWTIGMEPGEWIhMJXLIMQEKIGSRXEMRWNYWXSRIJVEQIMX[MPPRSXFIERMQEXIH
TYFPMG7TVMXI -QEKIMQEKI
-RXIVIWXMRKP]E7TVMXIGERRSXFIGVIEXIHJVSQWITEVEXIJVEQIMQEKIWXLIJVEQIWQYWXFI
TEGOIHMRXSEWMRKPIWSYVGIMQEKI XLMWTEGOMRKMWFIXXIVJSVGSQTVIWWMSR 
-J]SY[ERXXSGLERKIXLIWSYVGIMQEKIEJXIVXLI7TVMXIMWGVIEXIHYWIWIX-QEKI 
TYFPMGZSMHWIX-QEKI -QEKIMQKMRXJVEQI;MHXLMRXJVEQI,IMKLX
8LIXSXEPRYQFIVSJJVEQIWGSRXEMRIHMRXLI7TVMXIMWVIXYVRIHJVSQKIX6E[*VEQI'SYRX 
0MOIER]SXLIV0E]IV7TVMXIWEVIVIRHIVIH[LIRXLITEMRX QIXLSHMWGEPPIH9WYEPP]
XLI 7TVMXI[MPPFIPSRKXSE0E]IV1EREKIVMR[LMGLGEWIMXMWVIRHIVIHEYXSQEXMGEPP][LIRXLI
0E]IV1EREKIVMWVIRHIVIH

%RMQEXMRK7TVMXIW
7TVMXIERMQEXMSRMWEPPEFSYXJVEQIWIUYIRGIW;LIRE7TVMXIMWGVIEXIHMXLEWEHIJEYPXJVEQI
WIUYIRGIXLEXMRGPYHIWIZIV]JVEQIMRXLIWSYVGIMQEKI*SVI\EQTPIGSRWMHIVXLIWSYVGI
MQEKIJSVEJMGXMSREPGLEVEGXIVREQIH(V5YEXWGLWLS[RMR*MKYVI

*MKYVI%WTVMXIWSYVGIMQEKI





',%48)6  8,)+%1)%4-

8LMWMQEKIMWTM\IPW-JMXMWGVIEXIH[MXLETM\IPJVEQIWM^IXLIVIEVIJSYV
JVEQIW8LIHIJEYPXJVEQIWIUYIRGIMW_a2SXIXLEXJVEQIMRHMGIWEVIRYQFIVIH
WXEVXMRKEX^IVS[LMPIXMPIMRHMGIW MRXLI8MPIH0E]IVGPEWW EVIRYQFIVIHWXEVXMRKEXSRI
-R*MKYVIXLIJMVWXXLVIIJVEQIWVITVIWIRX(V5YEXWGLVYRRMRK[LMPIXLIJSYVXLMWE
JVEQIXLEXWLS[WLMQWXERHMRKWXMPP8LIJSPPS[MRKQIXLSHGLERKIWXLIGYVVIRXJVEQIWIUYIRGI
TYFPMGZSMHWIX*VEQI7IUYIRGI MRX?AWIUYIRGI
*SVI\EQTPIXLIJSPPS[MRKGSHIWLS[WLS[]SYGSYPHGVIEXIERI[7TVMXIERHWIXMXW
JVEQIWIUYIRGIXSMRGPYHISRP]XLIVYRRMRKJVEQIW
MRX?AVYRRMRK7IUYIRGI!_a
-QEKIUYEXWGL-QEKI!-QEKIGVIEXI-QEKI UYEXWGLTRK 
7TVMXIUYEXWGL!RI[7TVMXI UYEXWGL-QEKI 
UYEXWGLWIX*VEQI7IUYIRGI VYRRMRK7IUYIRGI 
7TVMXITVSZMHIWWIZIVEPQIXLSHWJSVREZMKEXMRKXLVSYKLXLIJVEQIWIUYIRGI8LIERMQE
XMSRHSIWRtXLETTIREYXSQEXMGEPP]]SYVETTPMGEXMSRRIIHWXSXIPPXLI7TVMXI[LIRMXtWXMQIXS
QSZIXSXLIRI\XJVEQIMRXLIWIUYIRGI9WYEPP]XLMWMWEGGSQTPMWLIHMREWITEVEXIXLVIEH
QSWXPMOIP]EWTEVXSJXLIERMQEXMSRXLVIEH8SQSZIJSV[EVHERHFEGO[EVHMRXLIWIUYIRGIYWI
RI\X*VEQI ERHTVIZ*VEQI 8LIWIQIXLSHWHS[LEX]SYtHI\TIGXEXXLIIRHWSJXLIWIUYIRGI
[VETTMRKEVSYRHXSXLIRI\XZEPYI*SVI\EQTPIYWMRKXLIJVEQIWIUYIRGISJ_a
MJXLI7TVMXItWGYVVIRXJVEQIMWERH]SYGEPPRI\X*VEQI XLIGYVVIRXJVEQI[MPPFIWIXXS
=SYGERNYQTHMVIGXP]XSETEVXMGYPEVJVEQIYWMRKXLMWQIXLSH
TYFPMGZSMHWIX*VEQI MRXWIUYIRGI-RHI\
2SXIXLEXXLMWQIXLSHEGGITXWEWIUYIRGIMRHI\-JXLI7TVMXItWJVEQIWIUYIRGIMW
_aXLIRGEPPMRKWIX*VEQI  [SYPHVIWYPXMRXLI7TVMXItWGYVVIRXJVEQIFIMRK
WIXXS
2SXLMRKLETTIRWZMWYEPP][LIR]SYEHNYWXXLI7TVMXItWGYVVIRXJVEQI'LERKIW[MPPSRP]
FIZMWMFPIXLIRI\XXMQIXLI7TVMXIMWVIRHIVIHYWMRKMXWTEMRX QIXLSH8]TMGEPP]XLMW[MPPFI
EXXLIIRHSJ]SYVERMQEXMSRPSSTMJ]SYEVIYWMRK+EQI'ERZEW
8SJMRHSYXXLIGYVVIRXJVEQIWIUYIRGIMRHI\GEPPKIX*VEQI (SRtXKIXGSRJYWIHLIVI
XLIQIXLSHHSIWRSXVIXYVREJVEQIMRHI\FYXXLIGYVVIRXMRHI\MRXLIGYVVIRXJVEQIWIUYIRGI
-RXIVIWXMRKP]XLIVIMWRSKIX*VEQI7IUYIRGI QIXLSHWSMJ]SYLEZIRtXWEZIHXLIGYVVIRXJVEQI
WIUYIRGIXLIVItWRS[E]XSJMRHSYXXLIGYVVIRXJVEQIMRHI\=SYGERLS[IZIVVIXVMIZIXLI
RYQFIVSJIPIQIRXWMRXLIGYVVIRXJVEQIWIUYIRGIYWMRKKIX*VEQI7IUYIRGI0IRKXL 

8VERWJSVQMRK7TVMXIW
=SYQE]LEZIRSXMGIHXLEXXLIJVEQIWWLS[RMR*MKYVISRP]WLS[(V5YEXWGLJEGMRKPIJX
;LEXMJLItWKSMRKXSVYRXSXLIVMKLX#7TVMXIMRGPYHIWWYTTSVXJSVXVERWJSVQEXMSRWWSXLEX]SY
GERYWIXLI%4-XSKIRIVEXIEHHMXMSREPJVEQIWXLEXEVIWMQTPIXVERWJSVQEXMSRWSJI\MWXMRKJVEQIW
8LMWETTVSEGLVIHYGIWXLIXSXEPRYQFIVSJWXSVIHMQEKIWIJJIGXMZIP]VIHYGMRKVIWSYVGI HMWO
WTEGIQIQSV]IXG YWEKI8LIJSPPS[MRKQIXLSHETTPMIWEXVERWJSVQEXMSRXSE7TVMXI
TYFPMGZSMHWIX8VERWJSVQ MRXXVERWJSVQ
8LI XVERWJSVQEVKYQIRXGERFIER]SJXLIGSRWXERXZEPYIWHIJMRIHMRXLI7TVMXIGPEWW

',%48)6  8,)+%1)%4-

86%27C232)
86%27C638
86%27C638
86%27C638
86%27C1-6636
86%27C1-6636C638
86%27C1-6636C638
86%27C1-6636C638
8SQEOI(V5YEXWGLJEGIVMKLXMRWXIEHSJPIJX]SY[SYPHETTP]E86%27C1-6636XVERWJSV
QEXMSR8SYRHIVWXERHEPPXLIXVERWJSVQEXMSRWWIIXLI7TVMXI%4-HSGYQIRXEXMSR[LMGL
GSRXEMRWEWIXSJJMKLXIVTPERIMQEKIWXLEXEVIZIV]LIPTJYP
8LISRP]XVMGO]TEVXEFSYXXVERWJSVQEXMSRWMWXLIVIJIVIRGITM\IP%PP7TVMXIWLEZIEVIJIV
IRGITM\IP[LMGLMWI\TVIWWIHMRXLI7TVMXItWS[RGSSVHMREXIWTEGIF]HIJEYPXXLIVIJIVIRGI
TM\IPMWPSGEXIHEXXLIYTTIVPIJXGSVRIVSJXLI7TVMXI;LIRXLI7TVMXIMWXVERWJSVQIHXLI
VIJIVIRGITM\IPMWEPWSXVERWJSVQIH
;LIREXVERWJSVQEXMSRMWETTPMIHXLI7TVMXItWTSWMXMSRMWGLERKIHWSXLEXXLIGYVVIRX
PSGEXMSRSJXLIVIJIVIRGITM\IPHSIWRSXGLERKIIZIREJXIVMXMWXVERWJSVQIH*SVI\EQTPI
*MKYVIWLS[WLS[XLITSWMXMSRSJXLI7TVMXIGLERKIW[LIREWMQTPI86%27C1-6636XVERW
JSVQEXMSRMWETTPMIH

*MKYVI8LIVIJIVIRGITM\IPHSIWRtXQSZI
7YTTSWIJSVI\EQTPIXLEXXLISVMKMREPTSWMXMSRSJXLI7TVMXI[EW MRXLIGSSVHMREXI
W]WXIQSJXLIGSRXEMRIV ERHXLIVIJIVIRGITM\IPTSWMXMSR[EW MRXLIGSSVHMREXIW]WXIQSJ
XLI 7TVMXI %JXIVETTP]MRKE86%27C1-6636VSXEXMSRXLI7TVMXItWTSWMXMSRMWEHNYWXIHWSXLEXXLI
XVERWJSVQIHVIJIVIRGITM\IPMWMRXLIWEQIPSGEXMSREWXLISVMKMREPVIJIVIRGITM\IP&IGEYWIXLI
JVEQI[MHXLMWTM\IPWXLI7TVMXItWTSWMXMSR MXWYTTIVPIJXGSVRIV GLERKIWJVSQXS

8SEHNYWXXLIPSGEXMSRSJXLIVIJIVIRGITSMRXMRXLI7TVMXItWYRXVERWJSVQIHGSSVHMREXI
W]WXIQYWIXLMWQIXLSH
TYFPMGZSMHHIJMRI6IJIVIRGI4M\IP MRX\MRX]
-RXLIGEWISJ(V5YEXWGL[I[ERXXSETTP]EQMVVSVXVERWJSVQEXMSR[MXLSYXLEZMRKXLI
7TVMXIQSZIWS[IWIXXLIVIJIVIRGITM\IPXSFIEXXLIGIRXIVSJXLIJVEQI
7TVMXIUYEXWGLMWHIJMRIHEWFIJSVI
UYEXWGLHIJMRI6IJIVIRGI4M\IP  





',%48)6  8,)+%1)%4-

8SJMRHXLIGYVVIRXPSGEXMSRSJXLI7TVMXItWVIJIVIRGITM\IPMRMXWGSRXEMRMRKGSSVHMREXI
W]WXIQYWIKIX6IJ4M\IP< ERHKIX6IJ4M\IP= (SRtXKIXGSRJYWIHHIJMRI6IJIVIRGI4M\IP
EGGITXWGSSVHMREXIWVIPEXMZIXSXLI7TVMXItWSVMKMR[LMPIKIX6IJ4M\IP< ERHKIX6IJ4M\IP=
VIXYVRZEPYIWVIPEXMZIXSXLI7TVMXItWGSRXEMRIV-XtWEPWSTSWWMFPIXSWIXXLITSWMXMSRSJXLI
7TVMXIFEWIHSRMXWVIJIVIRGITSMRX=SYEPVIEH]ORS[]SYGERWIXXLITSWMXMSRSJXLI7TVMXItW
YTTIVPIJXGSVRIVYWMRKXLIWIX4SWMXMSR QIXLSHXLEXMWMRLIVMXIHJVSQ0E]IVFYXXLIJSPPS[MRK
QIXLSHWIXWXLIGYVVIRXTSWMXMSRSJXLI7TVMXItWVIJIVIRGITSMRX
TYFPMGZSMHWIX6IJ4SMRX4SWMXMSR MRX\MRX]
8LMWMWQSVIGSRZIRMIRXXLERMXQMKLXETTIEVEXJMVWXEWMXEPPS[W]SYXSTPEGIXLIVIJIVIRGI
TSMRXEXEWTIGMJMGTSWMXMSRVIKEVHPIWWSJXLIGYVVIRXXVERWJSVQEXMSR

,ERHPMRK'SPPMWMSRW
7TVMXITVSZMHIWQIXLSHWXSERW[IVGVMXMGEPUYIWXMSRWXLEXGSQIYTMRKEQIWhHMHXLIFYPPIX
LMXXLIWTEGIWLMT#-W(V5YEXWGLWXERHMRKMRJVSRXSJXLIHSSV#
8LI+EQI%4-WYTTSVXWX[SXIGLRMUYIWJSVGSPPMWMSRHIXIGXMSR
 8LIMQTPIQIRXEXMSRGERGSQTEVIVIGXERKPIWVITVIWIRXMRKEWTVMXIERHERSXLIVWTVMXI
%GSPPMWMSRLEWSGGYVVIHMJXLIVIGXERKPIWMRXIVWIGX8LMWMWEUYMGO[E]XSXIWXJSVGSPPMWMSRW
FYXMXQE]TVSHYGIMREGGYVEXIVIWYPXWJSVRSRVIGXERKYPEVWLETIW
 8LIMQTPIQIRXEXMSRGERGSQTEVIIEGLTM\IPSJXLIWTVMXIERHERSXLIVWTVMXI-JER
STEUYITM\IPMRXLIWTVMXISZIVPETWERSTEUYITM\IPMRXLISXLIVWTVMXIEGSPPMWMSRLEW
SGGYVVIH8LMWXIGLRMUYIMRZSPZIWQSVIGSQTYXEXMSRFYXTVSHYGIWEQSVIEGGYVEXIVIWYPX
% 7TVMXILEWEGSPPMWMSRVIGXERKPIXLEXMWYWIHJSVGSPPMWMSRHIXIGXMSR-XMWHIJMRIHMRXLI
GSSVHMREXIW]WXIQSJXLI7TVMXIMXWIPJPMOIXLIVIJIVIRGITM\IP&]HIJEYPXXLIGSPPMWMSRVIGXERKPI
MWPSGEXIHEXERHMWXLIWEQI[MHXLERHLIMKLXEWXLI7TVMXI=SYGERGLERKIXLIGSPPMWMSR
VIGXERKPIYWMRKXLMWQIXLSH
TYFPMGZSMHHIJMRI'SPPMWMSR6IGXERKPI MRX\MRX]MRX[MHXLMRXLIMKLX 
8LIGSPPMWMSRVIGXERKPIWIVZIWX[STYVTSWIW-JTM\IPPIZIPGSPPMWMSRHIXIGXMSRMWRSXYWIH
XLIGSPPMWMSRVIGXERKPIMWYWIHXSHIXIVQMRIGSPPMWMSRW-JTM\IPPIZIPGSPPMWMSRHIXIGXMSRMWYWIH
XLIRSRP]TM\IPWMRWMHIXLIGSPPMWMSRVIGXERKPIEVII\EQMRIH
7TVMXIMWGETEFPISJHIXIGXMRKGSPPMWMSRW[MXLSXLIV7TVMXIW8MPIH0E]IVWERH-QEKIW
TYFPMGJMREPFSSPIERGSPPMHIW;MXL 7TVMXIWFSSPIERTM\IP0IZIP
TYFPMGJMREPFSSPIERGSPPMHIW;MXL 8MPIH0E]IVXFSSPIERTM\IP0IZIP
TYFPMGJMREPFSSPIERGSPPMHIW;MXL -QEKIMQEKI
MRX\MRX]FSSPIERTM\IP0IZIP
8LIWIQERXMGWSJIEGLQIXLSHEVIWYFXP]HMJJIVIRXEWHIWGVMFIHMR8EFPI

',%48)6  8,)+%1)%4-

8EFPI'SPPMWMSR(IXIGXMSR[MXL7TVMXI

8EVKIX

-RXIVWIGXMRK6IGXERKPI

4M\IP0IZIP

7TVMXI

'SQTEVIWGSPPMWMSRVIGXERKPIW

'SQTEVIWTM\IPWMRWMHIXLIGSPPMWMSR
VIGXERKPIW

8MPIH0E]IV

'SQTEVIWXLI7TVMXItWGSPPMWMSR
VIGXERKPIERHXMPIWMRXLI8MPIH0E]IV

'SQTEVIWTM\IPWMRWMHIXLI7TVMXItW
GSPPMWMSRVIGXERKPI[MXLTM\IPWMRXLI
8MPIH0E]IV

-QEKI

'SQTEVIWXLI7TVMXItWGSPPMWMSR
VIGXERKPIERHXLI-QEKItWFSYRHW

'SQTEVIWTM\IPWMRWMHIXLI7TVMXItW
GSPPMWMSRVIGXERKPI[MXLTM\IPWMRXLI
-QEKI

'ST]MRK7TVMXIW
7TVMXIMRGPYHIWEGST]GSRWXVYGXSV
TYFPMG7TVMXI 7TVMXIW
8LMWMWQSVITS[IVJYPXLER]SYQMKLXXLMRO-XGVIEXIWERI[7TVMXI[MXLEPPSJXLIEXXVMFYXIWSJ
XLISVMKMREPMRGPYHMRK
d 7SYVGIMQEKIJVEQIW
d *VEQIWIUYIRGI
d 'YVVIRXJVEQI
d 'YVVIRXXVERWJSVQEXMSR
d 6IJIVIRGITM\IP
d 'SPPMWMSRVIGXERKPI

4YXXMRK-X%PP8SKIXLIV
5YEXWGL'ERZEWWLS[RMR0MWXMRKMWERI\EQTPIXLEXWLS[GEWIWQER]SJXLIJIEXYVIWSJXLI
+EQI%4-%PXLSYKLMXPSSOWPSRKMXtWFVSOIRMRXSQEREKIEFPIQIXLSHWERHHIQSRWXVEXIW
UYMXIEJI[JIEXYVIWSJXLI+EQI%4-
d 9WMRKERERMQEXMSRPSSTMR+EQI'ERZEW
d 4SPPMRKJSVOI]WXEXIYWMRK+EQI'ERZEW
d 9WMRKE0E]IV1EREKIVXSQEMRXEMRQYPXMTPIPE]IVW
d 'VIEXMRKE7TVMXIERH8MPIH0E]IVW
d %RMQEXMRKE7TVMXIMRGPYHMRKGLERKMRKJVEQIWIUYIRGIWERHXVERWJSVQEXMSRW
d 9WMRKERERMQEXIHXMPIMRE8MPIH0E]IV





',%48)6  8,)+%1)%4-

%GSVVIWTSRHMRK1-(PIX5YEXWGL1-(PIXMWEZEMPEFPIMRXLIGSHIHS[RPSEHFYXRSXTVIWIRXIH
LIVI-XGVIEXIWERHHMWTPE]WE5YEXWGL'ERZEWERHTVSZMHIWGSQQERHWJSVWLS[MRKERHLMHMRK
XLIPE]IVW
*MKYVIWLS[W5YEXWGL1-(PIXVYRRMRKMRXLIIQYPEXSV

*MKYVI8LI[LSPIMKYEREWTVMXIWERHXMPIHPE]IVW
0MWXMRKGSRXEMRWXLIWSYVGIGSHIJSV5YEXWGL'ERZEW

0MWXMRK5YEXWGL'ERZEWE+EQI%4-)\EQTPI
MQTSVXNEZEMS-3)\GITXMSR
MQTSVXNEZE\QMGVSIHMXMSRPGHYM
MQTSVXNEZE\QMGVSIHMXMSRPGHYMKEQI
TYFPMGGPEWW5YEXWGL'ERZEW
I\XIRHW+EQI'ERZEW
MQTPIQIRXW6YRREFPI_
TVMZEXIFSSPIERQ8VYGOMRK
TVMZEXI0E]IV1EREKIVQ0E]IV1EREKIV
TVMZEXI8MPIH0E]IVQ%XQSWTLIVI
TVMZEXI8MPIH0E]IVQ&EGOKVSYRH
TVMZEXIMRXQ%RMQEXIH-RHI\
TVMZEXI7TVMXIQ5YEXWGL
TVMZEXIMRXQ7XEXIQ(MVIGXMSR
TVMZEXIWXEXMGJMREPMRXO7XERHMRK!
TVMZEXIWXEXMGJMREPMRXO6YRRMRK!

',%48)6  8,)+%1)%4-

TVMZEXIWXEXMGJMREPMRXO0IJX!
TVMZEXIWXEXMGJMREPMRXO6MKLX!
TVMZEXIWXEXMGJMREPMRX?AO6YRRMRK7IUYIRGI!_a
TVMZEXIWXEXMGJMREPMRX?AO7XERHMRK7IUYIRGI!_a
TYFPMG5YEXWGL'ERZEW 7XVMRKUYEXWGL-QEKI2EQI
7XVMRKEXQSWTLIVI-QEKI2EQI7XVMRKFEGOKVSYRH-QEKI2EQI
XLVS[W-3)\GITXMSR_
WYTIV XVYI 
'VIEXIE0E]IV1EREKIV
Q0E]IV1EREKIV!RI[0E]IV1EREKIV 
MRX[!KIX;MHXL 
MRXL!KIX,IMKLX 
Q0E]IV1EREKIVWIX:MI[;MRHS[ [L 
GVIEXI&EGOKVSYRH FEGOKVSYRH-QEKI2EQI 
GVIEXI%XQSWTLIVI EXQSWTLIVI-QEKI2EQI 
GVIEXI5YEXWGL UYEXWGL-QEKI2EQI 
a
TVMZEXIZSMHGVIEXI&EGOKVSYRH 7XVMRKFEGOKVSYRH-QEKI2EQI
XLVS[W-3)\GITXMSR_
'VIEXIXLIXMPIHPE]IV
-QEKIFEGOKVSYRH-QEKI!-QEKIGVIEXI-QEKI FEGOKVSYRH-QEKI2EQI 
MRX?AQET!_






a
Q&EGOKVSYRH!RI[8MPIH0E]IV FEGOKVSYRH-QEKI 
Q&EGOKVSYRHWIX4SWMXMSR  
JSV MRXM!M QETPIRKXLM _
MRXGSPYQR!M 
MRXVS[! MGSPYQR 
Q&EGOKVSYRHWIX'IPP GSPYQRVS[QET?MA 
a
Q%RMQEXIH-RHI\!Q&EGOKVSYRHGVIEXI%RMQEXIH8MPI  
Q&EGOKVSYRHWIX'IPP Q%RMQEXIH-RHI\ 
Q&EGOKVSYRHWIX'IPP Q%RMQEXIH-RHI\ 
Q0E]IV1EREKIVETTIRH Q&EGOKVSYRH 
a





',%48)6  8,)+%1)%4-

TVMZEXIZSMHGVIEXI%XQSWTLIVI 7XVMRKEXQSWTLIVI-QEKI2EQI
XLVS[W-3)\GITXMSR_
'VIEXIXLIEXQSWTLIVIPE]IV
-QEKIEXQSWTLIVI-QEKI!-QEKIGVIEXI-QEKI EXQSWTLIVI-QEKI2EQI 
Q%XQSWTLIVI!RI[8MPIH0E]IV EXQSWTLIVI-QEKI
EXQSWTLIVI-QEKIKIX;MHXL EXQSWTLIVI-QEKIKIX,IMKLX 
Q%XQSWTLIVIJMPP'IPPW  
Q%XQSWTLIVIWIX4SWMXMSR  
Q0E]IV1EREKIVMRWIVX Q%XQSWTLIVI 
a
TVMZEXIZSMHGVIEXI5YEXWGL 7XVMRKUYEXWGL-QEKI2EQI
XLVS[W-3)\GITXMSR_
'VIEXIXLIWTVMXI
-QEKIUYEXWGL-QEKI!-QEKIGVIEXI-QEKI UYEXWGL-QEKI2EQI 
Q5YEXWGL!RI[7TVMXI UYEXWGL-QEKI 
Q5YEXWGLWIX4SWMXMSR  KIX;MHXL   
Q5YEXWGLHIJMRI6IJIVIRGI4M\IP  
WIX(MVIGXMSR O0IJX 
WIX7XEXI O7XERHMRK 
Q0E]IV1EREKIVMRWIVX Q5YEXWGL 
a
TYFPMGZSMHWXEVX _
Q8VYGOMRK!XVYI
8LVIEHX!RI[8LVIEH XLMW 
XWXEVX 
a
TYFPMGZSMHVYR _
MRX[!KIX;MHXL 
MRXL!KIX,IMKLX 
+VETLMGWK!KIX+VETLMGW 
MRXJVEQI'SYRX!
MRXJEGXSV!
MRXERMQEXIH(IPXE!
[LMPI Q8VYGOMRK _
MJ MW7LS[R _
MRXOI]7XEXIW!KIX/I]7XEXIW 
MJ OI]7XEXIW
0)*8C46)77)( ! _
WIX(MVIGXMSR O0IJX 
WIX7XEXI O6YRRMRK 
Q&EGOKVSYRHQSZI  
Q%XQSWTLIVIQSZI  
Q5YEXWGLRI\X*VEQI 
a

',%48)6  8,)+%1)%4-

IPWIMJ OI]7XEXIW
6-+,8C46)77)( ! _
WIX(MVIGXMSR O6MKLX 
WIX7XEXI O6YRRMRK 
Q&EGOKVSYRHQSZI  
Q%XQSWTLIVIQSZI  
Q5YEXWGLRI\X*VEQI 
a
IPWI_
WIX7XEXI O7XERHMRK 
a
JVEQI'SYRX
MJ JVEQI'SYRX JEGXSV!! _
MRXHIPXE!
MJ JVEQI'SYRXJEGXSV  HIPXE!
Q%XQSWTLIVIQSZI HIPXE 
MJ JVEQI'SYRXJEGXSV!! JVEQI'SYRX!
Q&EGOKVSYRHWIX%RMQEXIH8MPI Q%RMQEXIH-RHI\
ERMQEXIH(IPXE 
MJ ERMQEXIH(IPXE!! ERMQEXIH(IPXE!
a
KWIX'SPSV \F 
KJMPP6IGX [L 
Q0E]IV1EREKIVTEMRX K 
JPYWL+VETLMGW 
a
XV]_8LVIEHWPIIT  a
GEXGL -RXIVVYTXIH)\GITXMSRMI _a
a
a
TYFPMGZSMHWXST _
Q8VYGOMRK!JEPWI
a
TYFPMGZSMHWIX:MWMFPI MRXPE]IV-RHI\FSSPIERWLS[ _
0E]IVPE]IV!Q0E]IV1EREKIVKIX0E]IV%X PE]IV-RHI\ 
PE]IVWIX:MWMFPI WLS[ 
a





',%48)6  8,)+%1)%4-

TYFPMGFSSPIERMW:MWMFPI MRXPE]IV-RHI\ _
0E]IVPE]IV!Q0E]IV1EREKIVKIX0E]IV%X PE]IV-RHI\ 
VIXYVRPE]IVMW:MWMFPI 
a

TVMZEXIZSMHWIX(MVIGXMSR MRXRI[(MVIGXMSR _
MJ RI[(MVIGXMSR!!Q(MVIGXMSR VIXYVR
MJ Q(MVIGXMSR!!O0IJX
Q5YEXWGLWIX8VERWJSVQ 7TVMXI86%27C1-6636 
IPWIMJ Q(MVIGXMSR!!O6MKLX
Q5YEXWGLWIX8VERWJSVQ 7TVMXI86%27C232) 
Q(MVIGXMSR!RI[(MVIGXMSR
a
TVMZEXIZSMHWIX7XEXI MRXRI[7XEXI _
MJ RI[7XEXI!!Q7XEXI VIXYVR
W[MXGL RI[7XEXI _
GEWIO7XERHMRK
Q5YEXWGLWIX*VEQI7IUYIRGI O7XERHMRK7IUYIRGI 
Q5YEXWGLWIX*VEQI  
FVIEO
GEWIO6YRRMRK
Q5YEXWGLWIX*VEQI7IUYIRGI O6YRRMRK7IUYIRGI 
FVIEO
HIJEYPX
FVIEO
a
Q7XEXI!RI[7XEXI
a
a

7TIGMEP)JJIGXW
%PXLSYKLXLI]EVIRSXWXVMGXP]GSRXEMRIHMRXLI+EQI%4-X[SSXLIVQIXLSHWMRXLI(MWTPE]
GPEWWEVIGPSWIP]VIPEXIH
TYFPMGFSSPIERJPEWL&EGOPMKLX MRXHYVEXMSR
TYFPMGFSSPIERZMFVEXI MRXHYVEXMSR
&SXLQIXLSHWEGGITXEHYVEXMSRMRQMPPMWIGSRHWXLEXWTIGMJMIWLS[PSRKXLIFEGOPMKLX
WLSYPHFIXYVRIHSRSVLS[PSRKXLIHIZMGIWLSYPHZMFVEXI&SXLQIXLSHWVIXYVRXVYIXSMRHMGEXI
WYGGIWWSVJEPWIMJXLIHIZMGIHSIWRSXWYTTSVXEFEGOPMKLXSVZMFVEXMSR SVMJ]SYVETTPMGEXMSRMW
RSXVYRRMRKMRXLIJSVIKVSYRH 

',%48)6  8,)+%1)%4-

7YQQEV]
8LMWGLETXIVHIWGVMFIHXLI+EQI%4-EWIXSJGPEWWIWXLEXWMQTPMJ]HIZIPSTMRKX[SHMQIRWMSREP
KEQIW8LI+EQI'ERZEWGPEWWTVSZMHIWEHVE[MRKWYVJEGIXLEXGERIEWMP]FIVIRHIVIHMREKEQI
XLVIEH+EQI'ERZEWEPWSTVSZMHIWOI]WXEXITSPPMRKYWIJYPJSVHIXIGXMRKYWIVMRTYXMREKEQI
XLVIEH8LIVIQEMRHIVSJXLI+EQI%4-MWFEWIHSRPE]IVW[LMGLEVIIPIQIRXWXLEXGERFI
GSQFMRIHXSGVIEXIGSQTPI\WGIRIW0E]IV1EREKIVQEOIWMXIEW]XSQEMRXEMRQYPXMTPIPE]IVW
8LI 7TVMXIGPEWWWYTTSVXWERMQEXMSRERHGSPPMWMSRHIXIGXMSR0EVKIWGIRIWSVFEGOKVSYRHWGER
FIGSRWXVYGXIHIJJMGMIRXP]YWMRK8MPIH0E]IV*MREPP](MWTPE]MRGPYHIWQIXLSHWJSVGSRXVSPPMRK
XLIFEGOPMKLXERHZMFVEXMSRSJEHIZMGI+EQIHIZIPSTIVWLEZIEPSXXSFILETT]EFSYX6IEHSR
XSXLIRI\XGLETXIVERHHMWGSZIVLS[XSEHH(KVETLMGWXS]SYV1-(4ETTPMGEXMSRWERHKEQIW



You might also like