You are on page 1of 384

KNJIGA TEVHIDA

i radost pravovjernih

Abdurrahman ibn Hasan

Sarajevo 2001 - 1422. H.G.


 
 

.1-,*$7(9+,'$
LL]YRUUDGRVWLSUDYRYMHUQLKX
UHDOL]DFLMLSR]LYDYMHURYMHVQLNDLSRVODQLND

$XWRU
 

   
          

3UHYRGLODF

  
  

6DUDMHYR    *+



  

 g

6 LPHQRP $OODKD 0LORVWLYRJ 6DPLORVQRJ

8YRG
$OODKX XLVWLQX SULSDGD VYD KYDOD 1MHJD KYDOLPR RG 1MHJD SRPR` L RSURVW
WUDCLPR 8WMHaHPR VH $OODKX RG ]OD QD^LK GX^D L OR^LK GMHOD QD^LK .RJD $OODK XSXWL
QHPD QLNRJ NR JD PRCH QD VWUDQSXWLFX RNUHQXWL D NRJD XSXWL X ]DEOXGX QMHPX QHPD
XSX`LYDaD
2YR MH NQMLJD .QMLJD WHYKLGD L L]YRU UDGRVWL SUDYRYMHUQLND X UHDOL]DFLML SR]LYD
YMHURYMHVQLND L SRVODQLND RG ^HMKD $EGXUUDKPDQD E +DVDQD E 0XKDPPHG E $EGXO
9HKKDE NRML MH XPUR  JRG SR +LGCUL 8 RYRM NQML]L RQ MH QDSLVDR NRULVQH JORVH
QD NQMLJX NRMX MH QDSLVDR QMHJRY GMHG ^HMK LVODPD X VYRMH YULMHPH 0XKDPPHG E
$EGXO9HKKDE 1HGCL 7HPLPL NRML MH XPUR  JRG SR +LGCUL L NRML MH SR]LYDR X
YMHURYDQMH X MHGQR`X $OODKD 8]YL^HQRJ L QHSULGUXCLYDQMH 1MHPX ELOR aHJD 8 WRPH JD
MH VOLMHGLR QMHJRY XQXN $EGXUUDKPDQ NRML MH QDSLVDR QD RYX QMHJRYX NQMLJX NUDWNX
JORVX QD]YDY^L MH ,]YRU UDGRVWL SUDYRYMHUQLK 2QD MH XLVWLQX L]YRU UDGRVWL ]D
SUDYRYMHUQH X UHDOL]DFLML SR]LYD YMHURYMHVQLND L SRVODQLND NRML VX SR]LYDOL RERCDYDQMX
VDPR $OODKD L QHSULGUXCLYDQMX 1MHPX ELOR aHJD L ELOR NRJD >HMK MH REMDVQLR
YMHURYDQMH X $OODKRYX GC^ MHGQR`X L XSR]RULR QD VYH YLGRYH SULGUXCLYDQMD 
NRMH VYLMHW QRQ^DODQWQR SUDNWLFLUD X RYR QD^H YULMHPH NDR ^WR VX DPXOHWL WUDCHQMH
EHUL`HWD RG GUYH`D NDPHQMD L RVWDORJ 2EMDVQLR MH GD RERCDYDQMH QLMH GRSX^WHQR
XSX`LYDWL ELOR NRPH RVLP $OODKX 8]YL^HQRP L GD SULQR^HQMH CUWYH QLMH GRSX^WHQR
QLNRP GUXJRP RVLP VDPR 1MHPX ,VWR WDNR REMDVQLR MH GD ]DYMHWH QLMH GRSX^WHQR
aLQLWL QLNRP GUXJRP RVLP $OODKX 2EMDVQLR MH WDNR_HU GD VH X SULGUXCLYDQMH XEUDMD L WR
NDGD aRYMHN WUDCL VSDV RG QHNRJD GUXJRJ PLPR $OODKD 8]YL^HQRJ L GD QH WUHED PROLWL
QLNRJ PLPR 1MHJD QLWL SRPR` WUDCLWL RG QHNRJ GUXJRJ RVLP RG 1MHJD $OODKRY
SRVODQLN VDYV VYRPH DPLGCL`X $EGXOODKX E $EEDVX UD UHNDR MH .DGD PROL^
PROL RG $OODKD D NDGD SRPR` WUDCL^ WUDCL RG $OODKD 8]YL^HQL $OODK X ADVQRP
.XU
DQX UHNDR MH $NR $OODK GDGQH NDNYX QHYROMX QLNR MH RVLP 1MHJD QH PRCH
RWNORQLWL D DNR WL CHOL GREUR SD QLNR QH PRCH 1MHJRYX EODJRGDW VSULMHaLWL 2Q QMRPH
QDJUD_XMH NRJD KR`H RG URERYD 6YRMLK
 
 

2Q MH GD PX VH $OODK VPLOXMH REMDVQLR GD X]URN QHYMHURYDQMD VLQRYD $GHPRYLK


MHVWH SUHWMHULYDQMH X SRJOHGX GREULK OMXGL NRML VX SRVWDOL NDR NLSRYL NRML VH SRUHG
$OODKD RERCDYDMX 8SR]RULR MH OMXGH X SRJOHGX VLKUD YUDaDQMD YMHURYDQMD X OR^
SUHG]QDN SURULFDQMD SRPR`X ]YLMH]GD L WUDCHQMD NL^H SRPR`X SRORCDMD ]YLMH]GD
2EMDVQLR MH L GD VH X ^LUN XEUDMD ]DNOLQMDQMH QHaLP LOL QHNLP GUXJLP PLPR $OODKD
8]YL^HQRJ WH GD MH GXCQRVW YMHUQLFLPD GD PROH $OODKD 8]YL^HQRJ 1MHJRYLP OLMHSLP
LPHQLPD L X]YL^HQLP VYRMVWYLPD 2EMDVQLR MH WDNR_HU GD PX VH $OODK VPLOXMH GD MH
$OODKRY 3RVODQLN VDYV ]D^WLWLR LVSUDYQR YMHURYDQMH 
  L ]DWYRULR SULOD]H
SULGUXCLYDQMX   .R R RYRPH CHOL RS^LUDQ NRPHQWDU QHND SURaLWD NQMLJX   
    
  , RYX JORVX QD NQMLJX VYRJD GMHGD SRG QDVORYRP 


 QDSLVDR MH WDNR_HU RYDM SLVDF 2Q MH WR XVSMH^QR XUDGLR L RNRULVWLR GUXJH

1HND JD $OODK 8]YL^HQL QDJUDGL VYDNLP GREURP


0L OMXGLPD QXGLPR RYX NQMLJX X YULMHPH NDGD SRVWRML QDMYH`D SRWUHED ]D
NRUHNFLMRP YMHURYDQMD OMXGL L NDGD MH SRWUHEDQ SRYUDWDN QD aLVWL L]YRU $OODKRYH GC^
NQMLJH L VXQQHWD 1MHJRYD 3RVODQLND VDYV 2YD NQMLJD GDMH QDP aLVWX VOLNX RQRJD
NDNYR MH ELOR YMHURYDQMH LVODPVNRJ XPPHWD X RGDEUDQLP VWROMH`LPD D NRMH VX RQL
SUHX]HOL RG VYRMLK LPDPD 7R MH YMHURYDQMH     2QR MH ]GUDYR YMHURYDQMH L
LVSUDYDQ SUDYDF NRML VYDNL PXVOLPDQ WUHED VOLMHGLWL L SULPMHQMLYDWL QMHJRY SURJUDP
0ROLPR $OODKD GC^ GD QDP GD GD XPUHPR X YMHURYDQMX NRMH VOLMHGL HKOLVXQQHW L
GCHPD
DW L GD QDV 2Q VDNXSL V RQLPD NRMLPD MH GDR 6YRMX EODJRGDW YMHURYMHVQLFLPD
SUDYHGQLFLPD ^HKLGLPD GREULP OMXGLPD D NRML `H XLVWLQX GLYQL GUXJRYL ELWL
1D^D ]DGQMD GRYD MH 6YD KYDOD SULSDGD $OODKX *RVSRGDUX VYMHWRYD

1DSLVDR VOXJD 9MHURYMHVQLNRYRJ VXQQHWD


    

  

8YRGQLNLVWUDCLYDaD
     
! !

+YDOD $OODKX QHPD ERJD RVLP 1MHJD L QHND MH VDODYDW L VHODP QD 0XKDPPHGD
QMHJRYX SRURGLFX L DVKDEH
8 REUDGL NQMLJH ,]YRU UDGRVWL SUDYRYMHUQLND NRULVWLR VDP L]GDQMH SURIHVRUD
0XKDPPHGD 5H^LGD 5LGDD GD PX VH $OODK 8]YL^HQL VPLOXMH NRMH MH JORVD QD NQMLJX
 
 RG ^HMKD LVODPD 0XKDPPHGD E $EGXO9HKKDE GD PX VH $OODK

8]YL^HQL VPLOXMH L NRMD MH ^WDPSDQD X ^WDPSDULML (O0HQDU  SR + 6PDWUDOL VPR


GD NRULVW RG NQMLJH QH`H ELWL SRWSXQD XNROLNR VH X ]DJODYOMX QH VWDYL .LWDEXWWHYKLG X
SRWSXQRVWL 1D^ SRVDR VDVWRMDR VH X VOMHGH`HP VWDYLR VDP  
 X JRUQML
GLR VWUDQLFH VWDYLR VDP    " 
  NDR JORVX NQML]L  

 VD VORYLPD NRMD VX UD]OLaLWD RG SUYLK

2EMDVQLR VDP L]YRUH KDGLVD NRML VH VSRPLQMX X REMH NQMLJH WDNR ^WR VDP LK WUDCLR
X NQMLJDPD ADVQRJ VXQQHWD L X NQMLJDPD GYRMLFH ^HMKRYD 1DVLUXGGLQD $OEDQLMD L
$EGXO.DGLUD $UQDXWD =D NQMLJX VDP SULSUHPLR L LQGHNV KDGLVD QD RVQRYX QMLKRYLK
SRaHWDND NDR L GUXJL ]D WHPH GYDMX NQMLJD
0ROLP $OODKD 8]YL^HQRJ GD RVYLMHWOL L REUDGXMH VUFD SUDYRYMHUQLK NRML VOLMHGH
1MHJRYH XSXWH 1MHJD VH ERMH L QH ERMH VH QLNRJ RVLP 1MHJD
1D^D ]DGQMD GRYD MH 6YD KYDOD SULSDGD $OODKX *RVSRGDUX VYMHWRYD
#    $" 
 
 

 g

     


! !%

 p   k
6YD KYDOD $OODKX L QHND MH  L  QD 0XKDPPHGD VDYV L QMHJRYX
SRURGLFX


$//$+29235$9235(0$/-8',0$
,35$92/-8',35(0$$//$+8
D


 dIFm@@N`A

& !
   $'
 !( ) 
  "   "    


" ) '*" +,

 g

I 

     


! !%

 
   
  

6 LPHQRP $OODKD 0LORVWLYRJ 6DPLORVQRJ %LVPLOOD MH REMD^QMHQD X NRPHQWDUX


RYH NQMLJH WM )HWKXO0HGCLGD  2WSRaLQMDQMH QMRP MHVWH VXQQHW NDR ^WR MH aLQLR
%XKDUL L GUXJD  VOLMHGH`L SUDNVX VXQQHW 9MHURYMHVQLNRYX VDOODOODKX DOHMKL YH
VHOOHP X NRUHVSRQGHQFLML VD NUDOMHYLPD L GUXJLP 8 YH]L V SLWDQMHP RWSRaLQMDQMD QMRP
LPD SR]QDWL KDGLV


    GDLI ! " " #$" %!#&&' & ("! #)&#*+#+#, - )& " . & #.
%!# )& %&# PHYVXO   "/   #' VHQHG & #  , %!#&   . &# %!#& )&
$"!/   # & *#, 0 (O,UYD
/ !, /  (O(]NDU/ & / #1 *#/ !, 22,

  

.QMLJD R MHGQR`L   3RG   VH PLVOL QD MHGQR`X RERCDYDQMD L VYDNL


SRVODQLN RWSRaLQMH VYRM SR]LY GD
YX VYRPH QDURGX RYLP  
^FA@@dI@`

2ERCDYDMWH $OODKD 1HPDWH YL QLNDNYD ERJD PLPR 1MHJD 9,,  NDR ^WR MH X
VXUL (O(D
UDI +XG L GUXJLPD
*RYRU $OODKD 8]YL^HQRJ dIFm@@N`A
$ VWYRULR VDP OMXGH L GCLQH MHGLQR GD 0H RERCDYDMX /, 2YDM DMHW XND]XMH
QD WR GD MH 8]YL^HQL $OODK VWYRULR VWYRUHQMD UDGL YHOLNH PXGURVWL D WR MH L]YU^DYDQMH
RQRJ aLPH LK MH REDYH]DR RERCDYDQMD 1MHJD -HGLQRJ RVWDYOMDQMHP RERCDYDQMD
VYHJD RVWDORJ PLPR 1MHJD 3UHPD WRPH 2Q MH XUDGLR SUYR D WR MH QMLKRYR VWYDUDQMH
GD EL RQL XUDGLOL GUXJR D WR MH RERCDYDQMH
>HMKXOLVODP MH UHNDR   RERCDYDQMH MHVWH VYHREXKYDWQR LPH ]D VYH RQR
^WR $OODK YROL L aLPH MH 2Q ]DGRYROMDQ RG JRYRUD L GMHOD YLGOMLYLK L VNULYHQLK
2Q MH WDNR_HU UHNDR   MH LPH NRMH REXKYDWD SRWSXQRVW OMXEDYL SUHPD $OODKX
L QMHQ QDMYL^L VWXSDQM L SRWSXQRVW SRQL]QRVWL SUHPD $OODKX L QMHQ QDMYL^L VWXSDQM
3UHPD WRPH OMXEDY NRMD QH VDGUCL SRQL]QRVW L SRQL]QRVW NRMD QH VDGUCL OMXEDY QH
ELYDMX RERCDYDQMHP     QHJR MH RERCDYDQMH VDPR RQR ^WR X VHEL VDGUCL
SRWSXQRVW RELMX VWYDUL
2Q MH WDNR_HU UHNDR >WR VH WLaH RQRJD ]ERJ aHJD VX VWYRUHQL GD YROH $OODKD
8]YL^HQRJ L 1MHJRYR ]DGRYROMVWYR WR MH 1MHJRYD YMHUVND YROMD L WR MH VSRPHQXWR X
JRYRUX 1MHJD 8]YL^HQRJ
d^IFm^@^@N^`A^
$ VWYRULR VDP OMXGH L GCLQH MHGLQR GD 0H RERCD
YDMX
 /,


 )#." (O8EXGLMMH/ +!, / 1+$%# *#&  0HGCPXDWXWWHYKLG/ +!, , 1 *#,
3 
 

 ^OA@@IMT@@@dI@BkgBAQHd`9
& -" !
!
( )&  .  
" '" / .( 0
"

     ! %1) -  2,

*RYRU $OODKD 8]YL^HQRJ


^OA@@IMT@@@dI@BkgBAQHd`
0L VPR VYDNRP QDURGX SRVODQLND SRVODOL 2ERCDYDMWH $OODKD D NORQLWH VH
WDJXWDe  ;9,
8]YL^HQL REDYMH^WDYD GD MH 2Q ]DLVWD VODR X VYDNRP VWROMH`X L VYDNRM JUXSDFLML
QDURG SRVODQLND GD LK SR]LYD RERCDYDQMX $OODKD -HGLQRJ L GD LP ]DEUDQMXMH
RERCDYDQMH RQRJD ^WR MH ^HMWDQ XOMHS^DR L X ^WD LK MH XYXNDR RG RERCDYDQMD QHNRJ LOL
QHaHJ PLPR 1MHJD 0H_X QMLPD LPD RQLK NRMH MH $OODK XSXWLR WH VX RQL VDPR 1MHPX
XSX`LYDOL VYRM LEDGHW D LPD L RQLK NRML VX ]DVOXCLOL ]DEOXGX SD VX X VYRP  
$OODKX XaLQLOL VXGUXJD L QLVX SULKYDWLOL $OODKRYX XSXWX V NRMRP VX GR^OL SRVODQLFL NDNR
MH 8]YL^HQL UHNDR $ QLVPR SULMH WHEH SRVODOL QLMHGQRJ SRVODQLND D GD PX QLVPR
REMDYLOL
^dIAABFFBFXFkgIAkgBA`
3ULMH WHEH QLMHGQRJ SRVODQLND QLVPR SRVODOL D GD PX QLVPR REMDYLOL
1HPD ERJD
RVLP 0HQH
 ]DWR RERCDYDMWH 0HQH ;;,
2YDM WHYKLG ]D NRML VX VWYRUHQL L NRMHP VX SR]LYDOL MHVWH     
QDPMHUH L ]DKWMHYD
>WR VH WLaH            WR MH WHYKLG
]QDQMD L XYMHUHQMD L YH`LQD QDURGD JD MH SUL]QDOD $OODKX
>WR VH SDN     WLaH QMHJD MH YH`LQD ]DQLMHNDOD NDNR MH 8]YL^HQL
ND]DR R +XGRYRP QDURGX NDGD LP MH UHNDR
^FA@@dI@`
2ERCDYDMWH $OODKD 1HPDWH YL QLNDNYD ERJD PLPR 1MHJD 9,,
^dX@dIAMTB@A`
5HNR^H
=DU VL QDP GR^DR GD ELVPR RERCDYDOL $OODKD  1MHJD -HGLQRJ
e
 9,, .XUHM^HYL`NL VX PX^ULFL UHNOL
^KAUp@fF@dX@AF@TB`

  2

-H OL XaLQLR ERJRYH %RJRP -HGLQLP" 8LVWLQX RYR MH VWYDU aXGHVQD ;;;9,,,
2YDM DMHW D WR VX 1MHJRYH ULMHaL
^OA@@IMT@@@dI@BkgBAQHd`
, GRLVWD SRVODOL VPR VYDNRM ]DMHGQLFL SRVODQLND 2ERCDYDMWH $OODKD D NORQLWH VH
WDJXWDe  ;9,  REMD^QMDYD ]QDaHQMH DMHWD NRML MH SULMH QMHJD D WDNR_HU L DMHWD
NRML VX SRVOLMH QMHJD GD VH SRG    ]D NRML VX VWYRUHQL SRGUD]XPLMHYD aLVWL
LEDGHW V NRMLP VH QLMH SRPLMH^DR   RERCDYDQMHP ELOR NRJD LOL ELOR aHJD PLPR
$OODKD 3UHPD WRPH GMHOD QLVX LVSUDYQD RVLP V RGULFDQMHP RERCDYDQMD VYHJD ^WR VH
RERCDYD PLPR $OODKD $OODK MH 8]YL^HQL VWYRULR OMXGH L GCLQH GD VDPR 1MHJD RERCD
YDMX 1HNL RG QMLK VX WDNR SRVWXSLOL D QHNL VX ^LUN L NXIU SRaLQLOL NDNR WR 8]YL^HQL NDCH
X RYRP DMHWX
^x@NX@d`
3D MH ELR RG QMLK RQDM NRJD MH XSXWLR $OODK L RG QMLK RQDM QD NRP VH RELVWLQLOD
]DEOXGDe ;9, , UHNDR MH 8]YL^HQL
^@eGHAFkgAkgBA`
$ QLVPR SRVODOL QLMHGQRJ SRVODQLND RVLP GD EXGH VOX^DQ V GRSX^WHQMHP
$OODKRYLP ,9 2Q REMD^QMDYD GD PXGURVW *RVSRGDUD X 1MHJRYX VWYDUDQMX GCLQD
L OMXGL L]LVNXMH GD VYDNR RG QMLK UDGL ]D RQR ]D ^WR MH VWYRUHQ L ]ERJ aHJD VX VODWL
SRVODQLFL , UDGL RYH PXGURVWL $OODK MH XQL^WLR RQRJ NR QLMH RERCDYDR VDPR 1MHJD L QLMH
SULKYDWLR RQR VD aLPH VX GR^OL 1MHJRYL SRVODQLFL L SURSLVDR MH ERUEX 6YRPH
YMHURYMHVQLNX     L QMHJRYLP VOMHGEHQLFLPD 0H_X QMLPD LPD
RQLK NRML VX VH SRYLQRYDOL L RQL VX PDQMLQD D LPD L RQLK NRML VX VH XVSURWLYLOL L RQL VX
YH`LQD
2YDM MH  YMHUD LVODP L $OODK QH SULKYDWD RG ELOR NRJD NDR YMHUX RVLP QMHJD
NDR ^WR MH UHNDR SOHPHQLWL VLQ SOHPHQLWRJ VLQ SOHPHQLWRJ -XVXI DV

^AFF@dILBhBF@F`

6XG MH VDPR $OODKRY 1DUHGLR MH GD RERCDYDWH MHGLQR 1MHJDe 9,,


 
 

2YR MH WD YMHUD NRMX MH SRVODR SR 6YRMLP SRVODQLFLPD L REMDYLR X 6YRMLP NQMLJDPD L


QDUHGLR SRVODQLFLPD GD MH XVSRVWDYH NDR ^WR MH 8]YL^HQL UHNDR

AFAXBf@AXHsAd@ho`

^@hMLd@@BBlk@hHFHAs

3URSLVDR YDP MH RG YMHUH RQR ^WR MH QDORCLR 1XKX L ^WD VPR REMDYLOL WHEL L ^WD
VPR QDORCLOL ,EUDKLPX L 0XVDX L ,VDX
,VSRYLMHGDMWH YMHUX L QH SRGYDMDMWH VH X QMRMe

;/,, $ 6YRPH YMHURYMHVQLNX 0XKDPPHGX VDOODOODKX
DOHMKL YH VHOOHPH UHNDR MH
^KEFcBFHhoB@dIBBOhBAF`
5HFL
6DPR PL MH QDUH_HQR GD RERCDYDP $OODKD L GD QH SULGUXCXMHP GUXJD
1MHPX 1MHPX SR]LYDP L 1MHPX MH SRYUDWDN PRM
 ;,,, , QDUHGLR PX MH GD
RERCDYD VDPR 1MHJD L GD XPPHW SR]LYD ND WRPH
&LMHOL .XU
DQ JRYRUL R RYRP WHYKLGX WXPDaL JD JRYRUL R QDJUDGL ]D QMHJD L
X]YUD`D RQRP NR JD MH ]DQLMHNDR NDR ^WR MH 8]YL^HQL UHNDR

Ik@wgIL@@Hd)IKAMg@ATd `

^Ml@hsFdeGHg@FOA@Thl@
'RLVWD YDP MH GR^OD RG $OODKD VYMHWORVW L .QMLJD MDVQD 8SX`XMH $OODK QMRPH
RQRJ NR VOLMHGL ]DGRYROMVWYR 1MHJRYR SXWHYLPD VHODPD L L]YRGL LK L] WPLQD QD
VYMHWORVW V GRSX^WHQMHP 6YRMLP L XSX`XMH LK 3XWX LVSUDYQRP 9
8 0XD]RYRP KDGLVX NRML SUHQRVL (EX'DYXG L 7LUPL]L ]D NRML MH UHNDR  2YDM
KDGLV MH KDVHQXQ VDKLKXQ VWRML GD MH 0XD] UHNDR 5HNDR VDP
$OODKRY SRVODQLaH
XSXWL PH QD SRVDR NRML `H PH XYHVWL X 'CHQQHW L XGDOMLWL RG YDWUH
3RVODQLN VDYV
RGJRYRULR MH
3LWDR VL PH R QHaHP YHOLNRP D RQR MH ]DLVWD MHGQRVWDYQR RQRPH
NRPH JD $OODK RODN^D RERCDYD^ $OODKD L QL^WD 0X QH SULGUXCXMH^ REDYOMD^ QDPD]
GDMH^ ]HNDW L SRVWL^ UDPD]DQ
6SRPHQXR MH L KDGC D ]DWLP UHNDR
=DU QH`H^ GD WH
REDYLMHVWLP R JODYL VWYDUL QMHQRP VWXEX L YUKXQFX"

'D $OODKRY SRVODQLaH
 UHNDR
VDP

  

^AAlXFd@AHAFF@dILBHgx`9
& -" !
" !
( )    " 3.  
"   
 ' '

-" !    " 4


1) & 52

 ^AoH@hpL@@dI@`9
& -" !
" !
( )& 
"     .   " -"  %) 

- 2,

5HNDR MH *ODYD VWYDUL MHVWH LVODP QMHJRY VWXE MH QDPD] D YUKXQDF MH ERUED QD
$OODKRYRP SXWX
2YR MH XND]DOR GD MH LVODP   D IDU]RYL VX QMHJRYD SUDYD
3UDYQLFL VX VH VXJODVLOL GD MH  XYMHW ]D LVSUDYQRVW QDPD]D L GUXJLK GMHOD 2Q
MH VPLVDR L ]DKWMHY GYDMX ^HKDGHWD VYMHGRaHQMD GD QHPD ERJD RVLP $OODKD L
VYMHGRaHQMD GD MH 0XKDPPHG $OODKRY SRVODQLN
3UHPD WRPH ]QDaHQMH VYMHGRaHQMD GD QHPD ERJD RVLP $OODKD MHVWH QLMHNDQMH
^LUND L RGULFDQMH RG QMHJD L RQRJ NR JD SRaLQL L LVNUHQR SRVYH`LYDQMH RERCDYDQMD
VDPR $OODKX WH YMHURYDQMH X 3RVODQLND L SRNRUQRVW QMHPX 7R MH ]QDaHQMH WUH`HJ
DMHWD D WR VX ULMHaL 8]YL^HQRJ
^AFF@dILBHgx`

$ RGUHGLR MH *RVSRGDU WYRM GD QH RERCDYDWH L]X]HY 1MHJDe WM QDUHGLR MH L


VWDYLR X GXCQRVW 3UHPD WRPH X 1MHJRYX JRYRUX
^@d^ILB` GD QH RERCDYDWH LPD ]QDaHQMH ^^F` QHPD ERJD D X 1MHJRYX
JRYRUX ^ A^FF` L]X]HY 1MHJD LPD ]QDaHQMH ^@F` RVLP $OODKD $ WR MH ]QDaHQMH
ULMHaL RGDQH LVNUHQRVWL NDNR MH 8]YL^HQL UHNDR

dIBHAH@kF@ALKAM@BA `
^---AoHhp@F


 . * 4&
"5 "/ #.& !$*/ !, 3/
5$#/ %DEX PD GCDH IL KXUPHWLVVDODWL6 $
" 7"#"/ 832/32/3/36  #5744/ !, 22/
59+#/ %DEX NHIILOOLVDQL ILOILWQH6 )$ . 
&*#:& )& / 382   #$  &4& ( 6 !$*  !)&0 ;   #"# "#,;
%!#&  ))& " !), 0 (O,UYD/ !, 2,
 
 

5HFL
2 VOMHGEHQLFL .QMLJH 'R_LWH ULMHaL LVWRM PH_X QDPD L PH_X YDPD GD
RERCDYDPR VDPR $OODKD L GD QH SULGUXCXMHPR 1MHPX QL^WDe
 ,,,

3UHPD WRPH 1MHJRY JRYRU ^dIB`9


eGD RERCDYDPR VDPR VDGUCL X VHEL ]QDaHQMH QHPD ERJD D 1MHJRY JRYRU
eVDPR $OODKD MHVWH RQR ^WR VH L]X]LPD   X ULMHaL RGDQH LVNUHQRVWL
6ODYD $OODKX NDNR MH RYR RVWDOR VNULYHQR PDGD MH YLGOMLYR L MDVQR ]D UD]ERULWH L
SURQLFOMLYH X NDVQLMLP JHQHUDFLMDPD RYRJ XPPHWD"
*RYRU 8]YL^HQRJ $OODKD
 ^AoH@hpL@@dI@`
, RERCDYDMWH $OODKD L QH SULGUXCXMWH 1MHPX QL^WD
2YDM DMHW WDNR_HU REMD^QMDYD   ]D NRML VX VWYRUHQL 2Q 8]YL^HQL ]DLVWD
XSRUHGLR MH QDUHGEX R    NRML MH SURSLVDR VD ]DEUDQRP ^LUND SULGUXCLYDQMD  NRML
MH ]DEUDQLR D WR MH SULGUXCLYDQMH X    7DNR MH RYDM DMHW XND]DR GD MH
L]EMHJDYDQMH   XYMHW ]D LVSUDYQRVW   L X RVQRYL LEDGHW EH] WRJD QLMH
LVSUDYDQ NDR ^WR MH 8]YL^HQL UHNDR
^@AAI@hoB`
$ GD VX SULGUXCLYDOL VLJXUQR EL LP SURSDOR ^WD VX UDGLOL 9, , 8]YL^HQL MH UHNDR

)hkA@MIYNhoBIf@FFXBd `

^hAp@dIA@H
$ GRLVWD MH REMDYOMHQR WHEL L RQLPD SULMH WHEH
$NR SULGUXCL^ QH^WR LOL QHNRJD 
VLJXUQR `H SURSDVWL UDG WYRM L VLJXUQR `H^ ELWL RG JXELWQLND 1DSURWLY $OODKD ]DWR
RERCDYDM L EXGL RG ]DKYDOQLK
 ;;;,; 6WDYOMDQMH RQRJD R NRPH VH UDGL
QDSULMHG R]QDaDYD RJUDQLaDYDQMH WM QHJR $OODKD RERCDYDM VDPR 1MHJD QH QHNRJ
GUXJRJ NDR ^WR VWRML X )DWLKL
^MlAFdIAF`
6DPR 7HEH RERCDYDPR L VDPR RG 7HEH SRPR` WUDCLPR ,
8]YL^HQL MH RGUHGLR L SRWYUGLR RYDM  X 6YRP JRYRUX
^d@A t@dIBBOhBF`

  

5HFL
8LVWLQX 0HQL MH QDUH_HQR GD RERCDYDP $OODKD RGDQ 1MHJRYRM YMHUL

;;;,;
^---AoH@hpLBHghXALB@AL`  
& -" !
" !
(

)6 /( 789 . 4 :  


 " .. 3. 
(  

.   "  -"  7) "  '   7 ;+;;+2

 'LQ YMHUD MHVWH LEDGHW RERCDYDQMH aLQMHQMHP RQRJ ^WR MH QDUH_HQR L RVWDYOMD
QMHP RQRJ ^WR MH ]DEUDQMHQR NDNR MH UHNDR LVWDNQXWL XaHQMDN ,EQXO.DMMLP GD PX VH
8]YL^HQL $OODK VPLOXMH
1DUHGED L ]DEUDQD NRMH VX 1MHJRYD YMHUD
D ]D QMHJD QDJUDGD L ND]QD VX QD GDQ GUXJRJ RCLYOMHQMD
9H` MH SUHWKRGQR UHaHQR GD MH QMHJRY WHPHOM L RVQRYD    SD QHPRM
]DQHPDULWL RQR ^WR MH SUHWKRGQR UHaHQR
1MHJRY MH JRYRU
^AAlXFd@AHAoH@hpLBHghXALB@AL`
5HFL
'R_LWH SURXaLW `X RQR ^WD YDP MH SURSLVDR *RVSRGDU YD^ GD QH SULGUXCX
MHWH 1MHPX QL^WD URGLWHOMLPD GREURaLQVWYRe
 WM KDUDPLR YDP MH SULGUXCLYDQMH ^LUN 
NRML YDP MH ]DEUDQLR ULMHaLPD
^AoH@hpLB`
eGD QH SULGUXCXMHWH 1MHPX QL^WD 3ULGUXCLYDQMH   MHVWH QDMWHCL JULMHK NRMLP
VH $OODKX RWND]DOD SRVOX^QRVW ELOR GD VH UDGL R QDMYH`HP LOL QDMPDQMHP
9H`LQD L] ]DGQMLK JHQHUDFLMD RYRJ XPPHWD ]DSDOD MH X RYDM ^LUN NRML MH MHGDQ RG
QDMYH`LK JULMHKD    LVWR NDR ^WR VH GHVLOR X GCDKLOLMHWX SULMH 9MHURYMHVQLNRYRJ
VDYV SRVODQVWYD 2QL VX RERCDYDOL PH]DURYH PMHVWD SRJLELMH PXaHQLND VYHWL^WD 
GUYH`H NDPHQMH WDJXWH L GCLQH LVWR NDR ^WR VX WL RERCDYDOL /DWD 8]]D
D 0HQDWD
+XEHOD L GUXJH NLSRYH L LGROH 2QL VX RYDM   X]HOL NDR YMHUX L QDMCH^`H VX EMHCDOL
NDGD EL ELOL SR]YDQL X  YMHURYDQMH X -HGQRJ %RJD L SRMDaDOD EL VH QMLKRYD
VUGCED X SULYUCHQRVWL RQRP ^WR VX RERCDYDOL NDNR MH UHNDR 8]YL^HQL
@eFh`AHf@KOiC@dX@he@eF `
^hpIMl^^@eFcf@he
 


, NDG VH VSRPHQH $OODK  -HGLQL 2Q ]JUaH VH VUFD RQLK NRML QH YMHUXMX X DKLUHW D

NDG VH VSRPHQX RQL PLPR 1MHJD JOH  RQL VH UDGXMX ;;;,;

, UHNDR MH 8]YL^HQL

^ @ggAHcB@dXDh@HgOhe@eF `
 e L NDG VSRPHQH^ *RVSRGDUD VYRJ X .XU
DQX -HGLQRJ  1MHJD  RNUHQX SR]D

GLQH VYRMH X RGERMQRVWL ;9,, , UHNDR MH

^ hApAMDgAMAB)Ml@FF@eF@AF `
8LVWLQX RQL VX VH  NDG LP MH UHaHQR
1HPD ERJD RVLP $OODKD
 X]RKROLOL L

JRYRULOL
=DU GD PL XLVWLQX QDSXVWLPR ERJRYH QD^H UDGL SMHVQLND OXGRJ"


;;;9,,

2QL VX VSR]QDOL GD ULMHaL QHPD ERJD RVLP $OODKD QHJLUDMX SULGUXCLYDQMH  X

NRML VX ]DSDOL , RQL VX ]DQLMHNDOL WHYKLG QD NRML VX RQH XSX`LYDOH WDNR GD VX WL PX^ULFL

EROMH VSR]QDOL ]QDaHQMH  e QHPD ERJD RVLP $OODKD RG PQRJLK L] NDVQLMLK JHQHUDFLMD

RYRJ XPPHWD D SRVHEQR XaHQL PH_X QMLPD NRML SRVMHGXMX ]QDQMH R QHNLP SURSLVLPD

L  
 2QL QLVX VSR]QDOL 
  SD VX ]DSDOL X  NRML JD QHJLUD

XOMHS^DOL JD L QLVX VSR]QDOL  


 
 SD VX JD ]DQLMHNDOL L GDOL VH

WDNR_HU QD QMHJRYR QHJLUDQMH 2 WRPH VX QDSLVDOL NQMLJH YMHUXMX`L GD MH WR LVWLQD D WR

MH QHLVWLQD

1HSR]QDYDQMH LVODPD SRMDaDOR VH WDNR GD VH GREUR VPDWUD OR^LP D OR^H GREULP

8 RYDNYRP DPELMHQWX RGUDVOD MH L RGJRMHQD RPODGLQD L VWDURVW GRCLYMHOL VWDULML

9MHURYMHVQLN VDYV UHNDR MH ,VODP MH RWSRaHR NDR QHSR]QDW L VWUDQ L SRQRYR `H

SRVWDWL QHSR]QDW L VWUDQ RQDNR NDNR MH SRaHR

$OOHMKLVVHODP MH UHNDR -HYUHML VX VH UD]L^OL QD VHGDPGHVHW L MHGQX VNXSLQX

.U^`DQL VX VH UD]L^OL QD VHGDPGHVHW L GYLMH VNXSLQH 2YDM XPPHW `H VH UD]L`L QD


     ! " # $" %  & $'%  %
%(  )  **  +**, $& - ./00* 0  12 %& %3% , 4*
 1$ &$  &$$ 5.   $  (% 6789    : "%3%3  89; %
e
" $   $& **, - . 5  51*. (% 7;8 5  %
e
%(  <  $& **, - . = $- ' (& 5= ,  51*>'
?, $- '+ ,$ 5&$$  % ,% &$* 5* 5,&'. (% 7  5  %
<%  " ,,  (%  $ 5  789@   6;:@
1  6!8@ "
%3%3  89 % %(  '%  A1 "?%35  5 $ *%$  &
(%  5*= ( 1& $ $ 
    
 /*5 $ &4 5*

 9

VHGDPGHVHW L WUL VNXSLQH 6YH `H X YDWUX RVLP MHGQH 5HNOL VX .RMD MH WR $OODKRY

SRVODQLaH"


     
    
 

          !

^ HghXALB@AL ` 

^ ---AMl}@hs@fB `   D
"# $%      !     &
 !' 
1

 
        ()*) +,++,-.


.RMD EXGH QD LVWRP QD aHPX VPR GDQDV MD L PRML DVKDEL UHNDR MH 3RVODQLN

2YDM KDGLV MH VDKLK SUHNR YL^H ODQDFD SUHQRVLODFD NDNR WR QDYRGL ,PDG E .HVLU L

GUXJL KDIL]L KDGLVD 1DYHGHQ MH X  


L GUXJLP ]ELUNDPD  3UHQRVL JD L

0XKDPPHG E 1DVU X 
 

9H` VH GRJRGLOR RQR R aHPX MH REDYLMHVWLR 9MHURYMHVQLN VDYV QDNRQ WUL

VWROMH`D =ERJ WRJD VH SUR^LULOR QH]QDQMH R WHYKLGX NRML MH WHPHOM LVODPVNH YMHUH MHU MH

]DLVWD QMHJRY WHPHOM GD VH QH RERCDYD QLNR PLPR $OODKD L GD VH QH RERCDYD QHJR V

RQLP L RQDNR NDNR MH 2Q SURSLVDR 2YR MH QDSX^WHQR L RERCDYDQMH YH`LQH SRVWDOR MH

SRPLMH^DQR VD SULGUXCLYDQMHP ^LUNRP L QRYRWDULMDPD ELG


DWLPD  0H_XWLP $OODK

8]YL^HQL D 1MHPX SULSDGD VYD KYDOD QLMH RVWDYLR =HPOMX D GD QD QMRM QHPD RQLK NRML

EGLMX QDG 1MHJRYLP GRND]LPD L SR]LYDMX 1MHPX QD WHPHOMLPD MDVQRJ ]QDQMD NDNR VH

QH EL REHVQDCLOL $OODKRYL GRND]L L 1MHJRYD VYMHGRaDQVWYD NRMD MH REMDYLR SUHNR 6YRMLK

YMHURYMHVQLND L SRVODQLND 1HND 0X MH VYD KYDOD L ]DKYDOD ]D WR

1MHJRYH ULMHaL  e QD NRMRM MH QMHJRY SHaDW XSRUHGLR MH VD RSRUXNRP NRMD MH

QDSLVDQD D ]DWLP ]DSHaD`HQD 7R ]QDaL GD VH QLMH SURPLMHQLOD


  $
1  8B;6 *"
A  *" '@
     6B
1 $
,- .+&$ (% $  


 $ ,  " (% "((   96- .C$3  $ "%3%3  8996 " "
  "<  !8 "D,  /(" 7687  %& E 5E- % % 
A 5=  $ <A&   % ?4%  <'% % ' &A  ,   %,* % F,
&G +&$ $ % % $&  $% 5&$$&  51* 11& %  A + $ %
 "  5  $  "<,* F&$$&G   %   5 5&$$& +%
$ F(%G 1$3   +&$ (%  5*&%  % F(%G.
6B 


/
    $0*    
   1  

2     #      /   3 4! * 

 5**     *


      *
   5** 6 "

 5**  7 * *   "  4  5**

    *

 & *
 0 
  !   
0  

  *
   5** 
 5**
0!  0    ! 

 
0  "  5** 8*  * *  ( 


 ! .6 "  7  *   (   
 

.  * 4*0*   $ 

+WLR MH ND]DWL GD 9MHURYMHVQLN VDYV QLMH SUHVWDMDR SR]LYDWL XPPHW RG WUHQXWND

NDGD JD MH 8]YL^HQL $OODK XaLQLR SRVODQLNRP GR WUHQXWND NDGD JD MH XVPUWLR QHND MH

QD QMHJD $OODKRY VDODYDW L VHODP RQRPH ^WR X VHEL VDGUCH RYL MDVQL DMHWL X YLGX

QDUHGEH L ]DEUDQH NDNR MH 8]YL^HQL UHNDR R VYRPH 3ULVQRP SULMDWHOMX ,EUDKLPX DV 

d@s@@FHAKH@hHFAHs)A@KhNkBAkBHgAeF `

 ^ lMBFL

.DG UHaH QMHPX *RVSRGDU QMHJRY


3UHGDM VH
 UHaH
3UHGDR VDP VH *RVSRGDUX

VYMHWRYD
, RSRUXaLR MH WR ,EUDKLP VLQRYLPD VYRMLP L -DNXE
2 VLQRYL PRML 8LVWLQX MH

$OODK RGDEUDR ]D YDV YMHUX SD XPULWH YL MHGLQR NDR PXVOLPDQL


 ,,

1MHJRYH VX ULMHaL 2G 0X


D]D E 'CHEHOD UD SUHQRVL VH GD MH UHNDR
-DKDR

VDP VD 9MHURYMHVQLNRP VDYV QD PDJDUFX SD PL UHNDR


2 0X
D]H =QD^ OL NRMH MH

$OODKRYR SUDYR SUHPD OMXGLPD L NRMH MH SUDYR OMXGL SUHPD $OODKX"





#(  6:! "3(% # ""A &""(   :9!; "D # ( ("%"
%* $( $ $%$(   !6!; "*'1 #  %3 "$, & '%$,   !:BB
"?,, #  %3(% A(   ;8;8 *"
&(% #  %3 A %'""$$ (
'$( &  *(  *&(%( *, & *'   8B " #"%"% '
  * '*"*&(% %("%3* ,*'
1  6! : " #  %3 A"A"*,
(1("* (%   876!B 6! "%3%3  69! 1"C(% #  $%3 
(*( $&",$*

 6

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD

+ 
   *
 
09

: 0 (
.  
   *    !9

-       !   0 5**   *  

7   ^ dIBAdHAMB `


   0#  ! 0 (;<-  ,.9

= 
 * *9

,
  /
!*
   
9

>
       
9

$XWRU GD PX VH 8]YL^HQL $OODK VPLOXMH RYGMH JD MH VSRPHQXR ]ERJ WRJD ^WR RQ X

VHEL VDGUCL ]QDaHQMH DMHWD NRML VX SUHWKRGQR VSRPHQXWL D WR VX QMHJRYH ULMHaL

$OODKRYR SUDYR SUHPD OMXGLPD MHVWH GD *D RERCDYDMX L GD 0X QL^WD QH SULGUXCXMX

,VWDNQXWL XaHQMDN ,EQXO.DMMLP GD PX VH 8]YL^HQL $OODK VPLOXMH UHNDR MH

3UDYR MH $OODKRYR RERCDYDQMH SR RGUHGEL QH SR KLUX GX^D WR MH ]D ^HMWDQD

1H SULGUXCXMX`L PX ELOR ^WD RQL VX

X]URN VSDVD SD NDNR VX OLMHSD GYD X]URND

1LMH VH VSDVLR RG $OODKRYH VUGCEH L 1MHJRYH YDWUH

RVLP NRG NRJD VX RVWYDUHQD RYD GYD WHPHOMD

$ RVWDOL VYLMHW MH LOL SULGUXCLYDa $OODKX

LOL QRYRWDUDF LOL VD RED VYRMVWYD

 e D SUDYR OMXGL SUHPD $OODKX MHVWH GD $OODK GC^ QH NDCQMDYD RQRJ NR 0X QL^WD

QH SULGUXCXMH 1H SRVWRML UD]XPVNL REDYH]QR SUDYR SUHPD $OODKX NDNR WR VPDWUDMX

PX
WH]LOH QHJR MH 2Q 8]YL^HQL WR 6HEL VWDYLR X GXCQRVW X YLGX SRaDVWL L GREURaLQVWYD

SUHPD LVNUHQLP  


NRML VH X VYRMLP CXGQMDPD SRVORYLPD CHOMDPD L

VWUDKRYLPD QLVX RNUHWDOL ELOR NRPH RVLP 1MHPX L QLVX VH SULEOLCDYDOL X RQRPH ^WR VX

JRYRULOL L UDGLOL RG GREULK GMHOD RVLP 1MHPX -HGLQRPH D $OODK QDMEROMH ]QD
66 


? *    
  0 5**   


        *  7  

^ ---A^H^OA^AHh^^ `  8        5**'

(:,>.9

@      !  0  5**9

A *        )*) +,++,- 


 

 # (*B.      


        ! 9

+C     )*    (   .   5** 

  D 

^ fAfdMh`DAF@ `  7 * 5** 


 


 
!  % * (<2::.   !  Mh`DAF@ `
^ @g^XdA^^T   * 5** 
 
 
! 

$0    
 (<2-A.  !  5**    !

0  *    D  

^ @HgFXBAe `
E  
   &
  *  ' (<2-A.9

++    )7    5 


   ( .  !

5**    

^ AoH@hpL@@dI@ `
 0 5**    
0  7 !3 (2->.9

+:       5** *    9

+-      ! 5**   9

+=     *


   7 
   !    

7 9

+,
       9

+>
 !    
 
 9

+? 0* *  *  !  


9

+@   
*  !  5** *9

+A     !   5**  7 * *

 9

:C
 ! *B# *
 * 
% 
   

9

 68

:+ 5**        #  ! 


 

   9

::
 ! * 
 !  
  09

:-  
     $0*9

:= *   


6 



295,-('1267,7(9+,'$
,.2-(*5,-(+(%5,>(
 9AL@

^dM@BHAF@lI@Df@ `

   ! 5**      !     * 

 ( 
.             ()*) @:.

3RJODYOMH R YULMHGQRVWL WHYKLGD %DE SRJODYOMH MHVWH SUROD] NUR] NRML VH XOD]L X

QH^WR 1MHJRYH ULMHaL  e L NRMH JULMHKH EUL^H .RMH 


MH LQILQLWLYQR WM L QMHJRYR

SRQL^WDYDQMH JULMHKD 2QR PRCH ELWL RGQRVQD ]DPMHQLFD D OLaQD ]DPMHQLFD QD NRMX VH

YUD`D LVSX^WHQD MH WM NRML JULMHVL JD SRQL^WDYDMX 3RG  PLVOL VH QD WHYKLG

LEDGHWD RERCDYDQMD  D WR MH SRVYH`LYDQMH VYLK YUVWD 



 NDNR VNURYLWLK WDNR L

YLGOMLYLK VDPR 8]YL^HQRP $OODKX NDR ^WR MH PROLWYD GRYD  SULQR^HQMH CUWYH ]DYMHW L

WRPH VOLaQR NDNR MH 8]YL^HQL UHNDR

^ hA@hd@t@@cA `
=DWR VH PROLWH $OODKX RGDQL 1MHJRYRM YMHUL r PDNDU WR PU]LOL QHYMHUQLFL

;/ 8]YL^HQL MH UHNDR ^ d@tc@ `


0ROLWH VH 1MHPX RGDQL 1MHJRYRP GLQX 9,,

5HNDR MH 8]YL^HQL $OODK

^ dM@BHAF@lI@Df@ `
.RML YMHUXMX L QH PLMH^DMX YMHURYDQMH VYRMH VD  WL WDNYL `H LPDWL VLJXU

QRVW D RQL VX XSX`HQL 9,

0LMH^DQMH   MHVWH ]DPMHQMLYDQMH EUNDQMH 


  D SRG ]XOXPRP RYGMH

VH PLVOL QD YHOLNR SULGUXCLYDQMH     QD RVQRYX RQRJ ^WR MH YMHURGRVWRMQR

XWYU_HQR X KDGLVX ,EQ0HV


XGD L GUXJLK NRML JD SUHQRVH GLUHNWQR RG 3RVODQLND

VDYV  7R MH ]DLVWD 



 6:

=DU QLVWH aXOL ULMHaL GREURJ aRYMHND 



 ^ hp@F `


8LVWLQX  MH ]XOXP VWUD^DQ
 ;;;,

+WLR MH ND]DWL GD NR VH QLMH VNODQMDR RG ^LUND QLMH PX RVLJXUDQD VLJXUQRVW QLWL

XSXWD XRS`H >WR VH WLaH RQRJ NR VH WRJD VSDVLR RQ SRVWLCH VLJXUQRVW L XSXWX X

VNODGX VD QMHJRYLP VWXSQMHP X LVODPX L LPDQX 3RWSXQX VLJXUQRVW L SRWSXQX XSXWX QH

SRVWLCH QLNR RVLP RQDM NR SUHG $OODKD GR_H EH] YHOLNRJ JULMHKD X NRPH MH ELR

XVWUDMDQ 8NROLNR PXYHKKLG EXGH LPDR JULMHKD ]D NRMH VH QLMH SRNDMDR RQ SRVWLCH

VLJXUQRVW L XSXWX X VNODGX VD VYRMLP WHYKLGRP D PLPRL^OR JD MH RG WRJD X YLVLQL

QMHJRYD JULMHKD NDNR MH UHNDR

lAAcAIAs@f@KAM@APgBP `

^---@eGHO@AHHAkdtM

0L `HPR XaLQLWL GD .QMLJX SRVOLMH QDVOLMHGH RQL 1D^L URERYL NRMH 0L L]DEHUHPR ELW

`H RQLK NRML `H SUHPD VHEL ]XOXP XaLQLWL ELW `H L XPMHUHQLK aLMD `H GREUD L OR^D GMHOD

SRGMHGQDNR WH^ND ELWL  L ELW `H L RQLK NRML `H $OODKRYRP YROMRP VYRMLP GREULP GMHOLPD

GUXJH QDGPD^LWL ;;;9

=DOLP VDPRP VHEL MHVWH RQDM NRML MH SRPLMH^DR GREUR VD OR^LP GMHORP 2Q MH X

RNULOMX $OODKRYH YROMH DNR KWMHGQH  RSURVWLW `H PX D DNR KWMHGQH  ND]QLW `H JD ]ERJ

QMHJRYD JULMHKD L VSDVLW `H JD QMHJRYLP WHYKLGRP RG YMHaQRJ ERUDYND X YDWUL

>WR VH WLaH XPMHUHQRJ WR MH RQDM NRML MH aLQLR VDPR RQR ^WR PX MH $OODK VWDYLR X

GXCQRVW L RVWDYLR VDPR RQR ^WR PX MH ]DEUDQLR 2YR MH VWDQMH GREURaLQLWHOMD

3UHGQMDN MH RQDM NRG NRJD MH RVWYDUHQD SRWSXQRVW LPDQD NUR] LVSUDCQMDYDQMH VYLK

VYRMLK VQDJD L PRJX`QRVWL X SRNRUQRVW $OODKX ]QDQMHP L GMHORP


#(  86 " # 1 % 1   88!B " $' # ,&( *'-
^ 
`   8 6 8 69 # ,&( *'- ^
c
k  `   !69
A *"

' #- ^^H^AF@^lI`   ;;! H *A * D, #- ^  AHhpL`  

!9 ***"*% #  4, ( & ',*( A"%"%$ &"(*   !98; #
 %3 A"*&&   6  " # $ (, ",A 1  '%(

1  8B!9 *"


A # &  *" ' (%   7 6  (% % %(
 '% 
6! 


/

  D    
  5** 8*  

 

    5** 1
   
 
 

 
7   7 * 
   5**   7

*         


! 
7 
  $0  

2   5**    $0 


*   (4*0* 

 
#.

2YD GYRMLFD SRVMHGXMX SRWSXQX VLJXUQRVW L XSXWX QD GXQMDOXNX L DKLUHWX 2QDM NR

GD VYH GRELMD VYH D NR GD GLR GRELYD GLR MHU SRWSXQRVW LPDQD aXYD VYRJD YODVQLND

RG JULMHKD L ND]QL ]D QMLK L RQ VH QH`H VXVUHVWL VD VYRMLP *RVSRGDURP VD JULMHKRP

]ERJ NRMHJ EL ELR NDCQMHQ NDNR MH UHNDR 8]YL^HQL ^ MDhoFH@fH@A `


>WR GD G $OODK ND]QX YD^X DNR ]DKYDOMXMHWH L YMHUXMHWH" ,9 2YR ^WR VDP

VSRPHQXR R ]QDaHQMX RYRJ DMHWD WR MH XVWYUGLR ^HMKXOLVODP ,EQ7HMPLMH GD PX VH

$OODK VPLOXMH L ,EQXO.DMMLP GD PX VH $OODK VPLOXMH X GXKX WRJD 1D WR XSX`XMH

.XU
DQ WR MH VWDY HKOLVXQQHWD YHOGCHPD
DWD ]D UD]OLNX RG VOMHGEHQLND QRYRWDULMD



  
L QMLPD VOLaQLK

1MHJRYH VX ULMHaL .R SRVYMHGRaL e  1HPD VXPQMH GD VYMHGRaDQVWYR QH ELYD

VYMHGRaDQVWYRP RVLP DNR MH ED]LUDQR QD ]QDQMX XYMHUHQMX L LVWLQLWRVWL D DNR MH VD

QH]QDQMHP L VXPQMRP RQR VH QH X]LPD X RE]LU QLWL RG QMHJD LPD NRULVWL 6YMHGRN X

WDNYRM VLWXDFLML ELYD OD^FHP ]ERJ QHSR]QDYDQMD RQRJD ^WR VYMHGRaL 2YD L]X]HWQR

]QDaDMQD ULMHa X VHEL VDGUCL QHJDFLMX L SRWYUGX 2QD MH QHJLUDOD ERCDQVWYHQRVW RG

VYHJD PLPR $OODKD ULMHaLPD QMHJRYLP  e QHPD ERJD D SRWYUGLOD MH ERCDQVWYHQRVW

$OODKX -HGLQRPH NDG NDCH^ RVLP $OODKD 8]YL^HQL MH UHNDR

^ @jj@ FFlAHAA@B@FFB@do `
$OODK VYMHGRaL GD QHPD GUXJRJ ERJD RVLP 1MHJD D L PHOHNL L XaHQL  L GD 2Q

SRVWXSD SUDYHGQR  1HPD ERJD RVLP 1MHJD 6LOQRJ L 0XGURJ ,,,


#(  8 8: " $' # ,&( *'- 0   
? 4   6 " #"

%"% '   * '"*"*&(% %("%3* ,*'


1  6! B " # 
%3 A $* & (& $4(%   ( ( (%   :78 

 6;

.ROLNR MH QMLK ]DOXWDOR ]ERJ QHSR]QDYDQMD QMHJRYRJ ]QDaHQMD RG RQLK NRML VX

]DOXWDOL D RQL VX YH`LQD 2QL VX SUHYUQXOL VX^WLQX ]QDaHQMD L SRWYUGLOL QHJLUDQX

ERCDQVWYHQRVW RQRPH ]D NRJD MH QHJLUDQD RG VWYRUHQMD XPUOLK X NDEXULPD ]ERUL^WD

VYHWL^WD  WDJXWD GUYH`D NDPHQMD GCLQD L GUXJRJ 2QL VX WR X]HOL NDR YMHUX SD VX

XSRUHGLOL XNUDVLOL L  X]HOL NDR QRYRWDULMX WH QLMHNDOL L NRULOL RQH NRML VX LK QMHPX

SR]LYDOL 2G QMHJD RQL QLVX VSR]QDOL aDN QL NROLNR RQL NRML VX CLYMHOL X 
 

NXUHM^HYL`NLK NDILUD L QMLPD VOLaQLK 2QL VX XLVWLQX VSR]QDOL QMHJRYR ]QDaHQMH L

]DQLMHNDOL LVNUHQRVW QD NRMX MH XND]LYDOR NDNR MH 8]YL^HQL UHNDR

^ hApAMDgAMAB)Ml@FF@eF@AF `
8LVWLQX RQL VX VH  NDG LP MH UHaHQR
1HPD ERJD RVLP $OODKD
 X]RKROLOL L

JRYRULOL =DU GD QDSXVWLPR ERCDQVWYD QD^D ]ERJ MHGQRJ OXGRJ SMHVQLND

;;;9,, 0X^ULFL L] ]DGQMLK JHQHUDFLMD RYRJ XPPHWD RVSRUDYDOL VX LVWR ^WR VX

RVSRUDYDOL RQL RQRPH NR LK MH SR]LYDR QDSX^WDQMX RERCDYDQMD VYHJD ^WR VX RERCDYDOL

PLPR $OODKD PH]DUOXND VYHWLOL^WD WDJXWD L WRPH VOLaQR 7L VX XSR]QDOL RYR ]QDaHQMH L

RVSRULOL JD D RYL QLVX VSR]QDOL RYR ]QDaHQMH L RVSRULOL VX JD =ERJ WRJD PRCH^ YLGMHWL

NDNR QHNR RG QMLK JRYRUL 1HPD ERJD RVLP $OODKD D X LVWR YULMHPH RQ PROLWYX

SRUHG $OODKD XSX`XMH QHNRP GUXJRP

,EQXO.DMMLP GD PX VH $OODK VPLOXMH UHNDR MH %RJ MH 2QDM .RJD RERCDYDMX VUFD

OMXEDYOMX XYDCDYDQMHP NDMDQMHP SRaD^`X YHOLaDQMHP SRQL]QR^`X SRNRUQR^`X

VWUDKRP QDGRP L RVODQMDQMHP 9H]LU (EXO0X]DIIHU GD PX VH 8]YL^HQL $OODK

VPLOXMH UHNDR MH X (O,IVDKX 1MHJRYH ULMHaL


VYMHGRaHQMH GD QHPD ERJD RVLP

$OODKD
 L]LVNXMX GD VYMHGRN ]QD GD QHPD ERJD RVLP $OODKD NDNR MH 8]YL^HQL UHNDR

^@FFBA `


A (% ?4% %   )1&4 ( $ , $- .?1 * $* % 
%3($*, F5%,G 5 ,&* &E $1, ' *, % $ $ 4* 51*
% 1=$    ,$ $ F'G 5*&% 4*  *= &( 2 ,$  4 5%3&$
F4,G 
   % ( ,$ &%$ & $1,    * 3 *$ ,$
 = $% % %( ,*=,  % F5=,G , $ H( "?1 , $% % 
*,  $ 5$4  1$&$ 1=$ ."(.  ,*-    4
n

0 .?,4- '+ I = 1   , 4*  $ &'. 5 4* * ,$  3 %
n n

$ 2 $(& =$E +*& $(& 5,  % >    =%* $(&
51&$ % $ , $ 11&   % ,$ $  3&*   4*    *3 
% (  $ 1 , $& 1  1&$*&   %  $ 3&  %  $ 1 1
& 
6 



, ]QDM GD MH VDPR 2Q %RJ r $OODK
 ;/9,, 5HNDR MH $OODKRYR MH LPH X

QRPLQDWLYX QDNRQ aHVWLFH


LOOD
]ERJ WRJD ^WR MH GXCQRVW GD 1MHPX SULSDGD

ERCDQVWYHQRVW L QMX QLNR QH ]DVOXCXMH PLPR 1MHJD 8]YL^HQRJ 5HNDR MH 6X^WLQVND

MH NRULVW WRJD XaHQMH GD RYD ULMHa VDGUCL X VHEL QLMHNDQMH



L YMHURYDQMH X $OODKD

7L XLVWLQX SR^WR VL ]DQLMHNDR ERCDQVWYHQRVW L SRWYUGLR QMHQX REDYH]QRVW $OODKX

SRVWDR VL RG RQLK NRML VX ]DQLMHNDOL WDJXWH L SRYMHURYDR X $OODKD ,EQ5HGCHE GD PX

VH 8]YL^HQL $OODK VPLOXMH UHNDR MH %RJ MH 7DM .RMHPX VH SRNRUDYD L QH aLQL 0X VH

QHSRNRUQRVW L] VWUDKRSR^WRYDQMD YHOLaDQMD OMXEDYL VWUDKD QDGH RVODQMDQMD QD

1MHJD WUDCHQMD RG 1MHJD L PROLWYH 1MHPX 7R VYH QH RGJRYDUD GD VH XSXWL ELOR

NRPH RVLP $OODKX 8]YL^HQRP .R 0X SULGUXCL VWYRUHQMH X QHNRM RG RYLK VWYDUL NRMH VX

RG VSHFLILaQRVWL ERCDQVWYHQRVWL WR QDUX^DYD QMHJRYX LVNUHQRVW X RERCDYDQMX NDGD

NDCH 1HPD ERJD RVLP $OODKD L RQ RERCDYD VWYRUHQMH VUD]PMHUQR NROLNR VH WR NRG

QMHJD QDOD]L

(O%LND
L MH UHNDR 
1HPD ERJD RVLP $OODKD
 WM ]DQLMHNDQ MH YHOLNLP GHPDQWLMHP

GD EXGH RQDM NR VH LVWLQVNL RERCDYD ELOR NR PLPR 1DMYH`HJ 9ODGDUD 5HNDR MH

2YR ]QDQMH MHVWH MHGQD RG QDMYH`LK RSRPHQD NRMD VSD^DYD RG VWUDKRWD .LMDPHWVNRJ

GDQD 7R XLVWLQX ELYD ]QDQMHP XNROLNR MH NRULVQR D ELYD NRULVQLP XNROLNR EXGH

SRSUD`HQR SRVOX^QR^`X L DNWLYQR^`X X VNODGX VD RQLP ^WR RQR L]LVNXMH X VXSURWQRP

WR MH aLVWR QH]QDQMH   

5HNDR VDP  2YL L] NDVQLMLK JHQHUDFLMD QLVX VSR]QDOL ]QDaHQMH ULMHaL HOLODK

ERJ L ELW ]QDaHQMD REUQXOL X ]QDaHQMH   D WR MH PR` VWYDUDQMD 7DNR

VX SRWYUGLOL RQR ^WR MH QHPD ERJD RVLP $OODKD QHJLUDOR RG SULGUXCLYDQMD 
 D

]DQLMHNDOL RQR ^WR MH RQR SRWYUGLOR R LVNUHQRVWL XSX`LYDQMD RERCDYDQMD MHGLQR $OODKX

VYH ]ERJ VYRJ QH]QDQMD  


 8]YL^HQL MH UHNDR ^ d@At@dIA `
=DWR RERCDYDM $OODKD RGDQ 1MHJRYRM YMHUL ;;;,;

0XKMLGGLQ 1HYHYL UHNDR MH o =QDM GD MH SRJODYOMH R QDUH_LYDQMX GREUD L RGYUD`DQMX

RG ]OD ]DQHPDUHQR NUR] GXJD YUHPHQD 8 RYLP YUHPHQLPD RVWDOL VX VDPR PDOL

WUDJRYL 7R MH YHOLNR SRJODYOMH 1D QMHPX SRaLYD YODVW L QMHQL YODGDUL $ NDGD VH

XPQRCH UXCQD GMHOD ND]QD REXKYDWL L GREUH L OR^H p


1MHJRYH ULMHaL  e X RYLP YUHPHQLPD ]QDaH SHWR L ^HVWR VWROMH`H $NR MH WDGD

ELOR WDNR ^WD GD VH PLVOL R GHVHWRP VWROMH`X L NDVQLMH



 69

8 QMLPD VH XNRULMHQLOR QHSR]QDYDQMH L VWUDQRVW LVODPD  1D^ ^HMK 0XKDPPHG E

$EGXO9HKKDE GD PX VH 8]YL^HQL $OODK VPLOXMH X NRPHQWDUX RYH ULMHaL L]UHNDR MH

GLYDQ MHGLQVWYHQ L MDVDQ JRYRU X NRP JD QLNR QLMH SUHWHNDR SD JD SRJOHGDM ]ERJ

L]X]HWQH SRWUHEH ]D QMLP

1MHJRYH ULMHaL L] KDGLVD  e -HGLQRJ .RML QHPD VXGUXJD SRWYUGD VX ]QDaHQMX

QHPD ERJD RVLP $OODKD QD NRML XSX`XMH L ]D NRMH MH QDPLMHQMHQR PHWRGRP

QDEUDMDQMD D SRWRP SRMHGLQDaQRJ WXPDaHQMD VSRPLQMX`L SUYR RQR ^WR GROD]L SRVOLMH L

REUDWQR 7R MH REMD^QMHQMH ]QDaHQMD RYH L]UHNH MHU RQD X VYRMRM FMHOLQL XSX`XMH QD

 7DNR QHPD ERJD QHJLUD SULGUXCLYDQMH  X RERCDYDQMX NDNR PDOL WDNR L

YHOLNL  , REMDVQLR JD MH VYRMLP ULMHaLPD .RML QHPD VXGUXJD X 1MHJRYRM

ERCDQVWYHQRVWL D WR MH LEDGHW RERCDYDQMH  1MHJRYH ULMHaL -HGLQRJ MHVX ]QDaHQMH

RVLP $OODKD 3UHPD WRPH 2Q MH LVWLQVNL %RJ -HGLQR 2Q PLPR VYLK VWDQRYQLND

QHEHVD L =HPOMH NDNR QD WR XSX`XMX MDVQL DMHWL L PXWHYDWLU KDGLVL 5D]PLVOL GREUR R

RYRP REMD^QMHQMX 2QR `H WL SRND]DWL QHLVSUDYQRVW PL^OMHQMD RQRJ NR NDCH GD MH

GRSX^WHQR PROLWL GRYLWL QHNRJD GUXJRJD PLPR $OODKD 8]YL^HQL $OODK NDCH 6YRPH

9MHURYMHVQLNX ^ Hf@Mh`DAF@dL `
=DWR VH X] $OODKD QH PROL ERJX GUXJRP SD GD EXGH^ RG NDCQMHQLK ;;9,

3RVWRMH L GUXJL DMHWL NRML `H NDVQLMH ELWL QDYHGHQL LQ^DOODK

1MHJRYH ULMHaL -HGLQRJ SRWYUGD VX XWYU_LYDQMX L XaYU^`HQMX

1MHJRYH ULMHaL .RML QHPD VXGUXJD SRWYUGD VX QHJDFLML RSRYUJDYDQMX

1MHJRYH ULMHaL L GD MH 0XKDPPHG 1MHJRY URE L 1MHJRY SRVODQLN ]QDaH L

SRVYMHGRaL GD MH 0XKDPPHG 1MHJRY URE L 1MHJRY SRVODQLN WM LVNUHQR L L] XYMHUHQMD

7R L]LVNXMH VOLMH_HQMH QMHJD SR^WLYDQMH L XYDCDYDQMH QMHJRYH QDUHGEH L ]DEUDQH L

VWULNWQR SULGUCDYDQMH QMHJRYRJ VDYV VXQQHWD , GD QHPD NRQWUDGLNFLMH VD PL^OMH

QMHP ELOR NRJD MHU GUXJL PLPR 3RVODQLND VDYV PRJX SRJULMH^LWL D 9MHURYMHVQLND

VDYV 8]YL^HQL MH $OODK VDaXYDR L QDUHGLR QDP GD PX VH SRNRUDYDPR L GD JD NDR

X]RUD VOLMHGLPR , ]DSULMHWLR MH 8]YL^HQL RQRPH NR QDSXVWL SRNRUQRVW QMHPX 6YRMLP

JRYRURP

^ hB@B@hBkg@x@eFAA `
.DGD $OODK L 3RVODQLN 1MHJRY QH^WR RGUHGH RQGD QL YMHUQLN QL YMHUQLFD QHPDMX

SUDYR GD SR VYRP QDKR_HQMX SRVWXSH e  (O$K]DE  , UHNDR MH


8B 


^ BK@fItBMItLBhBAf@gfY `
=DWR QHND VH SULSD]H RQL NRML L]EMHJDYDMX QDUHGEH 1MHJRYH GD LK QH VQD_H

LVNX^HQMH LOL LK QH SRJRGL ND]QD EROQD ;;,9

,PDP $KPHG GD PX VH 8]YL^HQL $OODK VPLOXMH UHNDR MH =QDGH^ OL ^WD MH ILWQHW

LVNX^HQMH "   MH  SULGUXCLYDQMH  0RCGD aRYMHN NDGD QH SULKYDWL L RGELMH

QH^WR RG QMHJRYLK ULMHaL X QMHJRYR VUFH X_H QH^WR RG VXPQMH SD SURSDGQH L EXGH

XSURSD^WHQ 1LMH QHSR]QDWR GD VX VH GHVLOD SUHWMHULYDQMD X VOLMH_HQMX L QMHJRYRP

]DSRVWDYOMDQMX WH GDYDQMX SUHGQRVWL PL^OMHQMLPD RQLK NRML PRJX SRJULMH^LWL QDURaLWR

XaHQLK    QDG QMHJRYLP VDYV ULMHaLPD

1MHJRYH ULMHaL , GD MH ,VD $OODKRY URE L 1MHJRY SRVODQLN VDGUCH REMD^QMHQMH

LVWLQH X NRMX WUHED YMHURYDWL NDR ^WR MH X MDVQLP DMHWLPD X NRMLPD MH RGJRYRU

NU^`DQVNLP NDILULPD NRMLK LPD WUL VNXSLQH VNXSLQD NRMD MH UHNOD GD MH ,VD ERJ VNXSLQD

NRMD MH UHNOD %RCLML VLQ L VNXSLQD NRMD MH UHNOD -HGDQ RG WURMH PLVOH`L QD ,VDD L

QMHJRYX PDMNX =ERJ WRJD MH 8]YL^HQL REMDVQLR X 6YRMRM LVWLQLWRM .QML]L L REHVQDCLR ODCL

L QHLVWLQH 5HNDR MH

FAABM@kghH@l[l@AF@F@@Lc@LKAM@BA `

AdBAYIkdX@F@AF@`@M@PP@LkgAH@E_gh

^ AH|g@AO@Al@

2 VOMHGEHQLFL .QMLJH 1H SUHWMHUXMWH X YMHUL VYRMRM L JRYRULWH R $OODKX MHGLQR LVWLQX

=DLVWD MH 0HVLK ,VD VLQ 0HUMHPLQ SRVODQLN $OODKRY L 5LMHa 1MHJRYD  XSXWLR MX MH

0HUMHPL  L GXK RG 1MHJD =DWR YMHUXMWH X $OODKD L SRVODQLNH 1MHJRYH , QH UHFLWH


7URMLFD
r SUHVWDQLWH EROMH MH ]D YDV 6DPR MH $OODK %RJ -HGLQL +YDOD 1MHPX  RWNXG

GD 2Q LPD GLMHWH 1MHJRYR MH ^WD MH QD QHEHVLPD L ^WD MH QD =HPOML D GRYROMDQ MH

$OODK ]D^WLWQLN ,9 L DMHWL SRVOLMH QMHJD 

, UHNDR MH 8]YL^HQL QD YL^H PMHVWD X VXUL (O0DLGD  

^ hH@[l@@F@Af@hd `
'RLVWD QH YMHUXMX NRML JRYRUH
8LVWLQX $OODK  2Q MH 0HVLK VLQ 0HUMHPLQ


8]YL^HQL MH REDYLMHVWLR ^WD MH 0HVLK DV UHNDR GRN MH ELR X EH^LFL SD NDCH

8]YL^HQL

 8

BNAAkBh@HBAAgAN`BA)AhAoNTdhA@AAHNLC `

T)AITKAM@ALD@dIFA)AIsd@A@AFOgAoC)AH

l@)Ao@gAITLd@H@hH)AXNcAAj@tAHAsBNABAgAI

dfaMBAA)f@@hH@le)AXRHBOBOd

^Ml@hs@fdIAHgHg@F)AG@hBx@eFAYIk

3D MH GR^OD V QMLP QDURGX VYRP QRVH`L JD 5HNR^H


2 0HUMHPD 'RLVWD VL GR^OD

VD VWYDUL QHaXYHQRP 2 VHVWUR +DUXQRYD 1LMH ELR RWDF WYRM OR^ aRYMHN QLWL MH PDMND

WYRMD ELOD EOXGQLFD


7DG JD MH SRND]DOD 5HNR^H
.DNR GD JRYRULPR V RQLP NR MH X

EH^LFL V GMHWHWRP"
,VD DV UHaH
8LVWLQX -D VDP URE $OODKRY 'DR PL MH .QMLJX L

XaLQLR PH YMHURYMHVQLNRP , XaLQLR PH EODJRVORYOMHQLP PD JGMH ELR L QDUHGLR PL

QDPD] L ]HNDW GRN VDP CLY , aHVWLWLP PDMFL PRMRM L QLMH PH XaLQLR QHSRNRUQLP

QHVUHWQLP , VHODP MH QDGD PQRP QD GDQ NDG VDP UR_HQ L QD GDQ NDG XPUHP L QD

GDQ NDG EXGHP SRGLJQXW CLY


7R MH ,VD VLQ 0HUMHPLQ 5LMHa ,VWLQH RQDM X NRMHJ

VXPQMDMX 1LMH $OODKRYR GD X]LPD LNDNYR GLMHWH 6ODYD 1MHPX .DG RGUHGL VWYDU WDG

WRPH VDPR NDCH


%XGL
 WDG ELYD $ XLVWLQX $OODK MH *RVSRGDU PRM L *RVSRGDU YD^

]DWR RERCDYDMWH 1MHJD 2YR MH 3XW LVSUDYQL ;,; 7DNR MH 8]YL^HQL REMDVQLR

3XW LVSUDYQL NRML DNR QHNR VOLMHGL ELYD VSD^HQ D NR VD QMHJD VNUHQH ELYD

XSURSD^WHQ 8]YL^HQL MH UHNDR

)APK@hL`cDQ@dlQF `

^ @LHg@

8LVWLQX SULPMHU ,VDD NRG $OODKD MHVWH NDR SULPMHU $GHPD 6WYRULR JD MH RG

SUD^LQH SRWRP PX UHNDR


%XGL
 WDG EL ,VWLQD MH RG *RVSRGDUD WYRJ ]DWR QH EXGL RG

VXPQMDMX`LK ,,, 2EMDVQLR MH 8]YL^HQL 3XW LVSUDYQL REMD^QMHQMHP MDVQLP

RGOXaQLP L ]D^WL`XMX`LP L XVSRVWDYLR 6YRMH GRND]H R 6YRMRM MHGQR`L   7DNR MH

XWYUGLR ,VWLQX L XQL^WLR QHLVWLQX PDNDU WR  


1MHJRY MH JRYRU  e SRVODQLN L ULMHa NRMX MH XSXWLR 0HUMHPL WM 1MHJRY JRYRU

%XGL 'DNOH 2Q JD MH VWYRULR VD %XGL L RQ MH ELR 8 WRPH MH SRWYU_LYDQMH VYRMVWYD

JRYRUD 8]YL^HQRP $OODKX ]D UD]OLNX RG GCHKPLMD WDNR_HU


86 


1MHJRY MH JRYRU  e L GXK RG 1MHJD WM RG GX^D NRMH MH L]YDGLR L] NLaPH $GHPRYH

DV L RG NRMLK MH X]HR XJRYRU GD MH 2Q 8]YL^HQL QMLKRY *RVSRGDU L QMLKRY %RJ NDNR

MH UHNDR 8]YL^HQL

doBMgegcDHHgf`BeF `

^ AdoH@AHhHNlBlB

, NDG X]H *RVSRGDU WYRM RG VLQRYD $GHPRYLK L] OH_D QMLKRYLK SRWRPVWYR QMLKRYR

L ]DWUDCL GD RQL VYMHGRaH SURWLY GX^D VYRMLK


=DU QLVDP *RVSRGDU YD^"
5HNR^H
6YDNDNR 6YMHGRaLPR e
DMHWL X VXUL (O

(
DUDI  'XK MH ,VDRY RG WLK GX^D NRMH MH VWYRULR 8]YL^HQL $OODK

,EQ'CHULU QDYHR MH RG 9HKED E 0XQHEELKD GD MH UHNDR 'CLEULO MH SXKQXR X

GCHS RJUWDaD 0HUMHPLQRJ L SXKDQMH MH VWLJOR GR PDWHUQLFH SD MH RQD ]DQLMHOD 2G

6XGGLMD VH SUHQRVL GD MH SXKDQMH X^OR X QMHQH JUXGL SD MH ]DQLMHOD ,EQ 'CHULU MH

UHNDR .DCX GD MH SXKQXR X QMHQ GCHS L UXNDY =DYU^HQ FLWDW X VNUD`HQRP REOLNX

3UHPD WRPH 'CLEULO MH XGDKQXR D $OODK VWYRULR JRYRUH`L %XGL L RQR ELYD NDNR MH

UHNDR 8]YL^HQL

^ XgNaMk@eG `
3D NDG JD VWYRULP L XGDKQHP X QMHJD GX^X ;9  SD QHND MH 8]YL^HQ 2QDM

.RML MHGLQL VWYDUD L .RML VH MHGLQL RERCDYD 1HNL VX NU^`DQL QDYHOL PXVOLPDQVNLP

XaHQMDFLPD JRYRU 8]YL^HQRJ ^_g `


, 'XK RG 1MHJD ,9 5HNOL VX X RGJRYRUX 2YR QLMH VSHFLILaQR ]D ,VDD

DV QHJR MH WDNR VD VYLP VWYRUHQMLPD NDNR MH 8]YL^HQL UHNDR

^ A|g@AO@Al@Ahak `
, SRWaLQLR MH ]D YDV RQR ^WD MH QD QHEHVLPD L ^WD MH QD =HPOML VYH MH RG 1MHJD

;/9  WM VWYDUDQMHP L X]URNRYDQMHP ,VDD MH 2Q WDNR_HU VWYRULR L X]URNRYDR NDR

L RVWDOD 1MHJRYD VWYRUHQMD 8 RYRP JRYRUX MH RGJRYRU MHYUHMLPD $OODKRYLP

QHSULMDWHOMLPD L QHSULMDWHOMLPD 1MHJRYLK YMHURYMHVQLND L SRVODQLND 2QL VX XLVWLQX VD

NU^`DQLPD RWL^OL X GYLMH VXSURWQH NUDMQRVWL 2QL VX PX SULSLVDOL GD MH GLMHWH EOXGD $OODK

LK SURNOHR $OODK 8]YL^HQL UD]RWNULR MH QMLKRYX ODC X 6YRMRM .QML]L L REHVQDCLR QMLKRYR

PL^OMHQMH NDR ^WR MH REHVQDCLR L QHJLUDR PL^OMHQMH NU^`DQVNLK HNVWUHPLVWD X DMHWLPD

NRML VX SUHWKRGQR VSRPHQXWL L QMLPD VOLaQLP



 88

.U^`DQL VX SUHWMHULYDOL X SRJOHGX ,VDD VLQD 0HUMHPLQD DV QDMWHCLP HNVWUHPL]

PRP NXIURP L ]DEOXGRP -HYUHML VX VH SUHPD QMHPX SRQLMHOL NUDMQMH WLUDQVNL , MHGQL L

GUXJL VX GDOHNR ]DOXWDOL 8]YL^HQL MH $OODK VNUHQXR SDCQMX QD PQRJLP PMHVWLPD X

6YRMRM .QML]L L 2Q 8]YL^HQL REMDVQLR MH LVWLQX L SUDYGX L X]GLJDR aDVW L XJOHG 0HVLKD

DV 2Q JD MH XaLQLR RG SHWHULFH 



VSRPHQXWLK X VXUDPD (O$K]DE L (^>XUD

2Q MH QDUHGLR 6YRPH 9MHURYMHVQLNX VDYV GD VH VWUSL NDR ^WR VX VH RQL VWUSLOL

UHNDY^L ^ kh@j@BsAsA `
=DWR VH VWUSL NDR ^WR VX VH VWUSLOL RGOXaQL 
 SRVODQLFL ;/9, 2QL VX

VDVYLP VLJXUQR QDMEROML SRVODQLFL D 9MHURYMHVQLN VDYV QDMEROML MH PH_X QMLPD QHND

MH QD QMHJD $OODKRY 


L  
 NDR L QD VYH YMHURYMHVQLNH L SRVODQLNH L QD RQH

NRML LK GREURaLQVWYRP EXGX VOLMHGLOL GR 6XGQMHJ GDQD

1MHJRYH ULMHaL  e L GD MH 'CHQQHW LVWLQD WM $OODK JD MH SULSUHPLR YMHUQLFLPD ]D

.LMDPHWVNL GDQ L VYHJD ^WD MH X QMHPX RG GYRUDFD SORGRYD YR`D VWDOQRJ XCLYDQMD L

YL_HQMD $OODKRYRJ SOHPHQLWRJ OLFD NDNR MH 8]YL^HQL UHNDR ^efA `


 e GDU QHSUHNLGDQ  ;, , UHNDR MH

^ @AA@jTBh`BAmL `
3D QH ]QD GX^D ^WD MH ]D QMLK VNULYHQR RG UDGRVWL SOD`D ]D RQR ^WD VX UDGLOL

;;;,,

, 9DWUD LVWLQD 8]YL^HQL $OODK SULSUHPLR MX MH RQRPH NR *D ]DQLMHaH L SULGUXCL 0X

GUXJD X 1MHJRYX    L   L RGVWXSL RG LVWLQH X SRJOHGX 1MHJRYLK LPHQD L

VYRMVWDYD 2QDM NR QH YMHUXMH X 'CHQQHW L 9DWUX RQ MH ]DQLMHNDR .XU


DQ L SRVODQLNH

8]YL^HQL MH $OODK XLVWLQX REMDVQLR 'CHQQHW L ^WD MH VYH X QMHPX SULSUHPLR RG VWDOQRJ

XCLYDQMD L VSRPHQXR GD MH WR NX`D ERJRERMD]QLK , VSRPHQXR MH 9DWUX L ^WD MH X QMRM RG

ND]QH L GD MX MH SULSUHPLR ]D RQH NRML *D ]DQLMHaX L SULGUXCH 0X GUXJD XaLQH 0X  


5HNDR MH SRVODQLN $OODK `H JD XYHVWL X 'CHQQHW GMHOLPD NRMD LPD MHVX RGJRYRU

X SRJRGEHQRP QDaLQX NRQGLFLRQDOX  WM NR SRVYMHGRaL GD QHPD ERJD RVLP $OODKD e 

$OODK `H JD XYHVWL X 'CHQQHW =QDaL ]ERJ QMHJRYH LVNUHQRVWL LVWLQROMXELYRVWL LPDQD X

1MHJRYRJ 3RVODQLND L RQRJ ^WR MH SR QMHPX SRVODQR L ]ERJ WRJD ^WR VH UD]OLNRYDR RG

NU^`DQD L MHYUHMD X YH]L V SUHWMHULYDQMHP L JUXER^`X X SRJOHGX ,VDD L ^WR MH ELR

XYMHUHQ GD MH RQ XLVWLQX $OODKRY URE L 1MHJRY SRVODQLN L YMHURYDR X 'CHQQHW L 9DWUX
8 


7
#   
 
  5**   

( .  



  0   0    5** 0* 

5** *#

.R EXGH X WDNYRP VWDQMX $OODK `H JD XYHVWL X 'CHQQHW PDNDU L LPDR PDQMNDYRVWL

L JULMHKD 2YR YHOLNR GREUR GMHOR SUHYDJQMXMH VYD OR^D SD GREUR UD]PLVOL R RYRP

JRYRUX MHU MH RQ XLVWLQX YHOLN D $OODK QDMEROMH ]QD

1MHJRYH ULMHaL 1MLK GYRMLFD WM %XKDUL L 0XVOLP 2YR MH GXJ KDGLV $XWRU JD MH

VDCHR L VSRPHQXR RG QMHJD RQR ^WR RGJRYDUD QDVORYX D WR VX QMHJRYH ULMHaL .R

NDCH
1HPD ERJD RVLP $OODKD
 CHOH`L WLPH $OODKRYR OLFH e  2YR MH ELW L VX^WLQD

QMHJRYRJ ]QDaHQMD QD NRMH XSX`XMH RYD L]UHND LVNUHQRVWL L QHJLUDQMD SULGUXCLYDQMD

,VWLQROMXELYRVW VX L LVNUHQRVW QHUD]GYRMQL QH SRVWRML MHGQR EH] GUXJRJ 8LVWLQX RQDM

NR QLMH LVNUHQ RQ MH PX^ULN D NR QLMH LVWLQROMXELY RQ MH OLFHPMHU PXQDILN  ,VNUHQ MH

RQDM NRML MH L]JRYRUL LVNUHQR LVND]XMX`L RERCDYDQMH 2QRPH .RML WR MHGLQR ]DVOXCXMH D

WR MH 8]YL^HQL $OODK 2YDM WHYKLG MHVWH RVQRYD LVODPD ]D NRML MH $OODKRY SULMDWHOM

,EUDKLP DV UHNDR

^ lBAMgelAT@AHg `
*RVSRGDUX QD^ , XaLQL QDV GYRMLFX SUHGDQLP 7HEL L RG SRWRPVWYD QD^HJ XPPHW

SUHGDQ 7HEL ,, %HONLVD MH UHNOD

^ A@KgAkNkBlNFKg `
*RVSRGDUX PRM 8LVWLQX MD VDP XaLQLOD  GX^L VYRMRM L SUHGDMHP VH VD

6XOHMPDQRP $OODKX *RVSRGDUX VYMHWRYD ;;9,, $OODKRY SULVQL SULMDWHOM

,EUDKLP DV UHNDR MH

^hp@ABAAX|g@O@Al@hfTNTF ^

8LVWLQX -D RNUH`HP OLFH VYRMH 2QRP .RML MH VWYRULR QHEHVD L =HPOMX

SUDYRYMHUDQ D QLVDP MD RG PX^ULND 9, 3UDYRYMHUQL MHVWH RQDM NRML MH QDSXVWLR

 SRWSXQR L UDGLNDOQR RGUHNDR JD VH L QDSXVWLR QMHJRYH SULVWDOLFH L VXSURWVWDYLR LP

VH L XaLQLR LVNUHQLP VYRMD WDMQRYLWD L YLGOMLYD GMHOD $OODKX -HGLQRPH NDNR MH UHNDR

8]YL^HQL


#(  6: "<* #"%3% A"$*   ! : B ! 68 !98   88 6!8
"%3% #"(* A*"*(A '"%3' (%   7  :7 9

 8:

^ P@hAHlMk@dl@FTl `
$ NR SUHGD OLFH VYRMH $OODKX L RQ EXGH GREURaLQLWHOM SD GRLVWD VH XKYDWLR ]D

KYDWL^WH aYUVWR ;;;, 3UHGDYDQMH MH OLFD LVNUHQRVW LEDGHWD NRML MH SURWLYDQ

SULGUXCLYDQMX  L OLFHPMHUVWX 


  2YR MH ]QDaHQMH WRJ DMHWD L QMHPX VOLaQLK

SR PL^OMHQMX VYLK 7R MH WDM NRPH `H NRULVWLWL ULMHaL 





 =ERJ WRJD MH

8]YL^HQL UHNDR

^ P@hAHlMk@d `
3D GRLVWD VH XKYDWLR ]D KYDWL^WH aYUVWR 2YR MH VXSURWQR VWDQMX RQRJD NR WR

NDCH D RQ PROL L GRYL QHNRP GUXJRP PLPR $OODKD RG QMHJD SRPR` WUDCL RG XPUORJ

LOL RGVXWQRJ NRML QLWL NRULVWL QLWL ^WHWL NDR ^WR YLGL^ L YH`LQX OMXGL 'DNOH RYL LDNR

^HKDGHW L]JRYDUDMX RQL VX YH` XSDOL X RQR ^WR MH V WLP QHVSRMLYR 3UHPD WRPH WR QH

NRULVWL RQRPH NR JD L]JRYRUL RVLP VD ]QDQMHP QMHJRYRJ ]QDaHQMD NDNR QHJDFLMH

WDNR L SULWYU_LYDQMD 1HSR]QDYDODF QMHJRYRJ ]QDaHQMD L DNR JD L]JRYRUL QH NRULVWL PX

]ERJ QHSR]QDYDQMD QMHJRYRJ ]QDaHQMD X DUDSVNRP MH]LNX QD NRMH VH PLVOL WM QD

QHJLUDQMH 
 7DNR_HU QHPD NRULVWL NDGD VSR]QD QMHJRYR ]QDaHQMH EH] XYMHUHQMD

X QMHJD MHU NDGD QHVWDQH XYMHUHQMD SRMDYL VH VXPQMD

2QR aLPH MH RJUDQLaHQR X RYRP KDGLVX MHVX QMHJRYH VDYV ULMHaL  e QH

VXPQMDMX`L 3UHPD WRPH WR QH NRULVWL RVLP NR WR NDCH QD RVQRYX ]QDQMD L XYMHUHQMD

QD RVQRYX QMHJRYLK ULMHaL  e LVWLQROMXELYR L] VYRJD VUFD WM LVNUHQR L] VYRJD VUFD ,VWR

WDNR NR WR L]JRYRUL QHLVNUHQR WR PX XLVWLQX QH`H SRPR`L MHU RQR ^WD MH QD VUFX

UD]OLNXMH VH RG RQRJD ^WD MH QD MH]LNX NDR ^WR MH VWDQMH OLFHPMHUD 



 NRML

VYRMLP MH]LFLPD JRYRUH RQR ^WR QLMH X QMLKRYLP VUFLPD ,VWR MH VWDQMH L PX^ULND 2QR VH

QH SULPD RG PX^ULND MHU  QHJLUD LVNUHQRVW  


  L QD ^WR MH RYD L]UHND XND]DOD

DQWLWH]RP 2QD MH XLVWLQX XND]DOD DQWLWH]RP QD QHJLUDQMH SULGUXCLYDQMD RGULFDQMH RG

QMHJD L QD LVNUHQRVW $OODKX -HGLQRPH .RML QHPD VXGUXJD

2QDM NR QLMH WDNDY QMHPX QH`H NRULVWLWL QHPD ERJD RVLP $OODKD NDNYR MH VWDQMH

PQRJLK RERCDYDODFD NLSRYD 2QL NDCX QHPD ERJD RVLP $OODKD D QLMHaX RQR QD ^WR

WR XSX`XMH LVNUHQRVW 2QL VH QHSULMDWHOMVNL RGQRVH SUHPD QMHJRYLP VOMHGEHQLFLPD D

SRWSRPDCX ^LUN L QMHJRYH SULSDGQLNH


8! 


/
) D
    
  5** 8*    

  / &
 
     E   *

&
   /   # 7   5** "  &


  E   0  &
  /   
  
  

        


 * *  
   

  5**  (


.     5**  * 

8  F  F     
  

,EUDKLP DV UHNDR MH VYRPH RFX L VYRPH QDURGX

^ IAHAT)dkGhf@F)dILA@hHF `
 e 8LVWLQX MD VDP aLVW RG RQRJ ^WD RERCDYDWH L]X]HY 2QRJ .RML PH MH VWYRULR

2Q `H PH XSXWLWL , XaLQLR MH WR ULMHaMX WUDMQRP X SRWRPVWYX VYRP e  ;/,,, $ WD

ULMHa MHVWH QHPD ERJD RVLP $OODKD L ,EUDKLP DV L]UD]LR MX MH X ]QDaHQMX NRMH MRM

MH RGUH_HQR L QD NRMH XSX`XMH D WR MH RGULFDQMH RG 


L LVNUHQRVW X LEDGHWX $OODKX

-HGLQRPH .RML QHPD VXGUXJD NDNR MH WR YH` SRWYU_HQR ,VWR WDNR NR MH L]JRYRUL D

QH SULKYDWL QMHQR ]QDaHQMH LVNUHQRVWL QMHJRY MH JRYRU R RYRM L]UHFL ODC RG QMHJD

>WDYL^H RQ MH RNUHQXR QMHQR ]QDaHQMH SRWYUGLY^L ^WD MH RQD QHJLUDOD RG ^LUND L

QHJLUDY^L ^WD MH RQD SRWYUGLOD RG LVNUHQRVWL  





2YR ^WR VPR VSRPHQXOL MHVWH VWDQMH YH`LQH X RYRP XPPHWX QDNRQ WUH`HJ

VWROMH`D 5D]ORJ MH WRPH QHSR]QDYDQMH QMHQRJ ]QDaHQMD L VOLMH_HQMH VWUDVWL SD JD WR

RNUH`H RG VOLMH_HQMD LVWLQH L RQRJD aLPH MH $OODK SRVODR VYRMH SRVODQLNH RG 



NRML MH SURSLVDR 6YRMLP URERYLPD L VD aLPH MH QMLPD ]DGRYROMDQ , QMHJRYH ULMHaL

^ @@@ `
1HPD ERJD RVLP $OODKD 1HPD 
MH QLMHaQD aHVWLFD ]D YUVWX NRMD WR

JHQHUDOQR QLMHaH RVLP ^WR MH L]X]HWR 1MHQ MH SUHGLNDW LVSX^WHQ D QMHJRYR ]DPL^OMHQR

]QDaHQMH MH QHPD ERJD RVLP $OODKD 8]YL^HQL MH UHNDR

^ I@@@B}AI@cdAB@@CHe ` 


C$3  $   . "$& &"$.  8  8 ?, $ A1 F %3G  "H*(
F76BG- C$3  $     %    $ 1=  "   686  
#&  /(" :7:  :: % %3  "<( % " $ % "<'% "
%$ ?&$* %3 % " $ $*    5% * ,  $ ,,* ,
  F7:6G   $  3  C( $ $  "%3' FB76G ,- .C$3  $ 
' $&  5E ,,* , 5&$$& % $( 5*$ %2 *.

 8;

7R ]DWR ^WR MH $OODK  2Q ,VWLQD D RQR ^WR PROH PLPR 1MHJD WR MH QHLVWLQD L ^WR

MH $OODK  2Q 8]YL^HQL 9HOLNL ;;,, %RCDQVWYHQRVW 1MHJD 8]YL^HQRJ MHVWH LVWLQD

D VYH GUXJH ERCDQVWYHQRVWL PLPR 1MHJRYH MHVX QHLVWLQD NDR ^WR MH UHaHQR X RYRP

DMHWX L QMHPX VOLaQLP 2YR MH YHOLND L]UHND 2QD MH KYDWL^WH aYUVWR ULMHa


L

ULMHa LVNUHQRVWL 2QD MH WD V NRMRP VX XVSRVWDYOMHQD QHEHVD L =HPOMD L UDGL QMHQRJ

XSRWSXQMDYDQMD SURSLVDQ  L 


 L ]ERJ QMH VX LVXNDQH VDEOMH GCLKDGD .UR] QMX

VH SRND]DOD UD]OLND L]PH_X SRNRUQLK L QHSRNRUQLK OMXGL .R MH L]JRYRUL L SR QMRM UDGL

LVWLQVNL LVNUHQR SULKYD`DQMHP OMXEDYOMX L SUHGDQMHP $OODK `H JD XYHVWL X 'CHQQHW VD

RQLP GMHOLPD NRMD UDGL 8 


 KDGLVX VWRML 1DMEROMD GRYD QD GDQ $UHIDWD L QDMEROMH

^WR VDP UHNDR MD L YMHURYMHVQLFL SULMH PHQH MHVWH


1HPD ERJD RVLP $OODKD -HGLQRJ

1MHPX QHPD VXGUXJD 1MHPX SULSDGD VYD YODVW 1MHPX SULSDGD VYD KYDOD 2Q MH

VYHPR`DQ
 8 KDGLVX
$EGXOODKD E
$PUD GLUHNWQR RG 3RVODQLND VDYV VWRML

3R]YDW `H VH aRYMHN L] PRJ XPPHWD QDRaLJOHG VYLK VWYRUHQMD QD .LMDPHWVNRP GDQX L

SUHGRaLWL PX VH GHYHGHVHW GHYHW VYH]DND VLGCLOOD  6YDNL MH VYH]DN NROLNR RNR PRCH

SUHJOHGDWL 3RWRP `H PX VH UH`L 'D OL SRULaH^ QH^WR RG RYRJD" 1H *RVSRGDUX

RGJRYRULW `H 5H`L `H VH ,PD^ OL RSUDYGDQMH LOL QHNR GREUR GMHOR" ARYMHN `H RVMH`DWL

VWUDKRSR^WRYDQMH SD `H UH`L 1H 5H`L `H VH 'D XLVWLQX WL LPD^ NRG 1DV GREUR

GMHOR L XLVWLQX WHEL VH QH`H QHSUDYGD XaLQLWL 7DGD `H PX VH SRND]DWL NDUWD QD NRMRM

MH QDSLVDQR 6YMHGRaLP GD QHPD ERJD RVLP $OODKD L GD MH 0XKDPPHG 1MHJRY URE L

1MHJRY SRVODQLN 7DGD `H aRYMHN UH`L *RVSRGDUX ^WD YULMHGL RYD NDUWD X RGQRVX

QD VYH RYH VYHVNH" 5H`L `H VH 7HEL VH XLVWLQX QH`H QHSUDYGD XaLQLWL 7DGD `H VH

VYHVFL VWDYLWL QD MHGDQ WDV D NDUWD QD GUXJL WDV 6YHVFL `H RODJDKQLWL D NDUWD `H

RWHCDWL L SUHYDJQXWL =DELOMHCLR JD MH 7LUPL]L L UHNDR GD MH KDVHQ


C$3  $ ,    76 "6: "' #  %3 A%"%'
 $ (% %
(
 )$%(  $1   $   5&    FC$3  $ G
1  8:;9
%"'&* # A %' $& 'A
 $ (% % '   /'$ % $& E % $&
e
%$% ) $& % ,%
1$ 1  (%  " $% (  C,
"( % $& $ 5,  % + $  ,, $ , A1 F" %3G 

,  * &$ (% *$  & &$ &% F,$ &$%= $% %G ,, $
,        :B8


1  6!  " #  %3 A $* & (& $4(%   ( ( (% 
% 6768 "%3%3  8BB 1"C(% #  $%3  (*( '11 & %3
$&",$* $& $  5& F G <((  $ ,,*  "   6:6 
&%  , 7! :69 %- " (% "(( 8:
8 


1MHJRYH ULMHaL .DGD EL VHGDP QHEHVD L VYL NRML VX QD QMLPD PLPR 0HQH WM VYL

NRML VX QD QHEHVLPD L =HPOML PLPR 0HQH ,]X]HR MH 6HEH L] RQLK NRML VX QD

QHEHVLPD MHU MH 2Q 8]YL^HQL 1DMX]YL^HQLML QHND MH X]YL^HQ L VYHW NDNR MH UHNDR

8]YL^HQL ^@@ `
 e D 2Q MH 8]YL^HQL 9HOLaDQVWYHQL ;/,, 7R MH X]YL^HQRVW VLOH X]YL^HQRVW

PR`L L X]YL^HQRVW EL`D 6YH VX WURMH 1MHJRYR VYRMVWYR L XSX`XMX QD 1MHJRYX

VDYU^HQRVW NDNR MH UHNDR 8]YL^HQL

^ Mk@rh@h@ `
6YHPLORVQL NRML VH QDG $U^RP X]YLVLR ;;

^ h@rh@Mk@P `
 e ]DWLP VH X]YLVLR QD $U^ 0LORVWLYL ;;9 7DNR MH UHNDR QD VHGDP

PMHVWD X 6YRMRM NQML]L ,VWR MH UHNDR 8]YL^HQL

^ hAt@@J@@dtF `
1MHPX VH X]GLCH ULMHa OLMHSD D GREUR GMHOR X]YLVXMH MH ;;;9 8]YL^HQL MH

UHNDR ^ HgA `
%RMH VH *RVSRGDUD VYRJ QDG VRERP ;9, , UHNDR MH 8]YL^HQL

^ kBlg@dAF_h@@WhL `
3HQMX VH PHOHNL L 'XK 1MHPX X GDQX NRML WUDMH SHGHVHW KLOMDGD JRGLQD /;; ,

UHNDR MH 8]YL^HQL ^@gMF `


-D VDP 7DM .RML `H WH X]HWL L X]GL`L WH 6HEL ,,, , QMLPD VOLaQLK DMHWD LPD

MR^  3UHPD WRPH NR QHJLUD X]YL^HQRVW $OODKD 8]YL^HQRJ QDG 1MHJRYLP VWYRUHQMLPD

RQ VH UD]L^DR VD HNVSOLFLWQLP ]QDaHQMHP .XU


DQD L VXQQHWD ]DQLMHNDR L RGVWXSLR RG

LVWLQH X SRJOHGX 1MHJRYLK LPHQD L VYRMVWDYD 2YD L]UHND ]QDaL QHJLUDQMH L RGEDFLYDQMH

ERCDQVWYHQRVWL RG VYHJD RVLP RQRJ ^WR MH L]X]HWR X QMRM D WR MH $OODK 8]YL^HQL 8

QMRM MH HNVSOLFLWQR ]QDaHQMH GD LPD VHGDP ]HPDOMD NDR L QHEHVD 0H_XWLP RYD L]UHND

QH`H SUHYDJQXWL RVLP NRG RQRJD NR LVSXQL XYMHWH NRMLPD MH RQD XYMHWRYDQD X .XU
DQX

L VXQQHWX 6ODYOMHQL MH VSRPHQXR X VXUL (W7HYED L GUXJLP VXUDPD PQRJH NRML MH

L]JRYDUDMX DOL LP QMHQR L]JRYDUDQMH QLMH NRULVWLOR NDR ^WR MH VWDQMH HKOXNLWDELMD L

OLFHPMHUD X VYRM VYRMRM EURMQRVWL L UD]QRYUVQRVWL X QMLKRYRP OLFHPMHUVWYX 2QD QMLPD

QLMH NRULVWLOD MHU VX RQL L]RVWDYLOL WH XYMHWH



 89

0H_X QMLPD LPD RQLK NRML MH L]JRYDUDMX QH ]QDMX`L QMHQR VPMHUDQR ]QDaHQMH L QD

^WR VYH RQD XND]XMH RG QHJLUDQMD SULGUXCLYDQMD L RGULFDQMH RG QMHJD ]DWLP

LVWLQROMXELYRVWL LVNUHQRVWL L GUXJLK ]QDaHQMD  NDR ^WR MH QH SULKYDWDQMH RG RQRJD NR

QMRM EXGH SR]YDQ GD MH SULKYDWL ]QDQMHP L GMHORP SD L]RVWDYL SRYLQRYDQMH GMHORP

NRMH RQD L]LVNXMH L ]DKWLMHYD NDR ^WR MH VWDQMH YH`LQH NRML MH L]JRYDUDMX X SUR^ORVWL L

VDGD^QMRVWL 0H_XWLP QMLK LPD YL^H X ]DGQMLP JHQHUDFLMDPD RYRJ XPPHWD 0H_X

QMLPD LPD L RQLK NRMH RKRORVW VWUDVWL L GUXJL X]URFL NRML VX PQRJREURMQL L NRML VX VH

XYXNOL X QMLKRYR VUFH VSUHaDYDMX GD MH YROH L GD SR QMRM UDGH 1HNL RG WLK X]URND

VSRPHQXWL X VX JRYRUX 8]YL^HQRJ

^ LpT@iB@`FAHBAHDAF `
^kA@@d@hCH@LCMX@tH `  D


5HFL
$NR VX RaHYL YD^L L VLQRYL YD^L L EUD`D YD^D L CHQH YD^H L URG YD^ e
 GR

1MHJRYLK ULMHaL 
RQGD VDaHNDMWH GRN $OODK QH GRQHVH QDUHGEX 6YRMX
 D $OODK QH

XSX`XMH QDURG JUMH^QLND


 ,;

>WR VH WLaH SULSDGQLND aLVWRJ L LVNUHQRJ LPDQD RQL VX WL NRML VX LVSXQLOL RYX L]UHNX L

RVWYDULOL QMHQH XYMHWH NRMLPD MH XYMHWRYDQD ]QDQMHP aYUVWLP XYMHUHQMHP LVNUHQR^`X

OMXEDYOMX SULKYDWDQMHP L SRYR_HQMHP QD RVQRYX QMH RGUH_XMX QHSULMDWHOMH L SULMDWHOMH

QD RVQRYX QMH YROH L PU]H 8]YL^HQL LK MH VSRPHQXR QD PQRJLP PMHVWLPD X VXUL (W

7HYEH L GUXJLP VXUDPD  L SRVHEQR LK SRKYDOLR L RSURVW REH`DR L SULSUHPLR LP 6YRM

'CHQQHW L VSDVLR LK RG YDWUH NDNR NDCH 8]YL^HQL

Aj@Lt@h@hAHhCzHABxHOA@@ `
^ Xjj@F@kBkg@

$ YMHUQLFL L YMHUQLFH SULMDWHOML VX MHGQL GUXJLPD WUDCH GD VH aLQH GREUD GMHOD D RG

QHYDOMDOLK RGYUD`DMX L QDPD] REDYOMDMX L ]HNDW GDMX L $OODKX L 3RVODQLNX 1MHJRYX VH

SRNRUDYDMX 7R VX RQL NRMLPD `H VH $OODK VLJXUQR VPLORYDWL r $OODK MH GRLVWD VLODQ L

PXGDU ,; 2Q MH WDNR_HU ND]DR

dB@wg@wgAlXGHIL@f@gAt@hTA@@HAl@ `
^ @i@e@dHBAdA`gA@AMhOAT

$OODK MH ]DGRYROMDQ SUYLP PXVOLPDQLPD PXKDGCLULPD L HQVDULMDPD L VYLPD

RQLPD NRML LK VOLMHGH GREUD GMHOD aLQH`L D L RQL VX ]DGRYROMQL 1MLPH ]D QMLK MH 2Q

SULSUHPLR GCHQQHWVNH ED^aH NUR] NRMH `H ULMHNH WH`L L RQL `H YMHaQR L ]DXYLMHN X QMLPD

ERUDYLWL
B 


E             


) G   5**

 8*      ! 5**   /  

 
    ! *  4*   
! 

 
0    ! 1   * *  
  

 7R MH YHOLNL XVSMHK ,; 2YL L VYL NRML VX LK GREULP VOLMHGLOL MHVX SULSDGQLFL OD

LODKH LOODOODK L GUXJLK DMHWD X SRKYDOL QMLK L RQRJD ^WD LP MH SULSUHPLR QD EXGX`HP

VYLMHWX 2QDM NR SURXaDYD .XU


DQ L VSR]QD QHMHGQDNRVW VWYRUHQMD X SRJOHGX QMLKRYH

OMXEDYL SUHPD QMLKRYRP *RVSRGDUX L]UDCDYDQMX MHGQR`H VDPR 1MHPX UDGX V

SRNRUQR^`X 1MHPX EMHCDQMX RG QHSRNRUQRVWL 1MHPX GDYDQMX SUHGQRVWL CHOMRP L

UDGRP RQRPH ^WR 2Q 8]YL^HQL YROL L RVWDYOMDQMX RQRJD ^WR 2Q QH YROL L] VWUDKD L QDGH

L RQDM NR X]LPD X RE]LU VWDQMH OMXGL RQR ^WR RQL JRYRUH UDGH LPDMX QDPMHUX CHOMX L

GDOHNH UD]OLNH PH_X QMLPD MDVQD PX MH JUH^ND ]DYHGHQLK NDNR MH L VSRPHQXWR X

VDKLK KDGLVX RG 9MHURYMHVQLND VDYV GD MH UHNDR 0XGDU MH RQDM NRML VYRMX GX^X

NRUL L UDGL ]D RQR ^WR GROD]L SRVOLMH VPUWL D QHPR`DQ MH RQDM NRML VOLMHGL VWUDVWL VYRMH

GX^H L RG $OODKD WUDCL LVSXQMHQMH CHOMD

1MHJRYH VX ULMHaL 7LUPL]L MH SUHQLR L RNDUDNWHULVDR JD NDR KDVHQ RG (QHVD


AXR

VDP $OODKRYRJ 3RVODQLND VDYV NDNR JRYRUL


8]YL^HQL $OODK MH UHNDR
2 aRYMHaH

WL XLVWLQX NDG EL 0L XaLQLR JUH^DND NROLND MH =HPOMD D ]DWLP 0L GR^DR QH SULGUXCXMX`L

0L QL^WD -D ELK WL RQROLNR NROLND MH RQD GDR RSURVWD

8 RYRPH KDGLVX QDOD]L VH REMD^QMHQMH ]QDaHQMD 





NRMH MH WHCH RG

VYLK VWYRUHQMD L VYLK JULMHKD D WR MH RVWDYOMDQMH SULGUXCLYDQMD 


 NDNR PDORJ WDNR L

YHOLNRJ 7R L]LVNXMH SRWSXQRVW WHYKLGD



1  8:8  %"'&* # A1"1 ( 1* % $ %   F
1G  $
,,* , ( C$3  $    6;9  (%  % :7;6 %  C 

 % "  +&$ $ (% ( ,, $ ,   " (% "(( 6;


1  6 !  5 $* 5&$  6! ?, $ 1 $ % $ ( (% 
% 76  "%3%3  6!B 1"C(% # 1,"&* &"*'%% ( % 5
/%%%  & % $ (  $ 1%&$ ,  $ ,,* , (( 7:; ) $&
% $ "#,  "$    $  5E C( $ ,- . *, 
( "#, $  F  G.  * (% $  ,, $ * ,      
8B

 

 **     (*


. 

+ !   * 5**


 9

: *  
  
(  5**
0! 
 . 
5**9

-  
    ( .  9

=   @:    )*)9

,     ( .   


 
 9

>  
 !  %    
  !  *  

    * * ****       !   

**9

?   0     


 9

@ #
  #      0   
 * *

****9

A   0
  0       
  

        *9

+C  * (


 .
  *  
   9

++
    9

+:   %    * 


! 9

+-  
   ! 
 
)   !
  


 
  5**    ( .    0 7

  5**  0  5** *# 


 * ! 

( 
0.         9

+=   



    % #
     

5**
   7
 *9

3UHPD WRPH QH`H VH QLNR VDaXYDWL ^LUND RVLP RQDM NR MH RVWYDULR VYRM WHYKLG L

L]YU^LR RQR ^WR ]DKWLMHYD ULMHa LVNUHQRVWL    


 X YLGX ]QDQMD XYMHUHQMD

LVWLQROMXELYRVWL LVNUHQRVWL OMXEDYL SULKYDWDQMD SRYR_HQMD L RVWDORJ ^WR L]LVNXMH WD

X]YL^HQD ULMHa NDNR MH 8]YL^HQL UHNDR

^ kJH@LBF)HA `
1D 'DQ NDGD QH`H QLNDNYR EODJR D QL VLQRYL RG NRULVWL ELWL VDPR `H RQDM NRML

$OODKX aLVWD VUFD GR_H VSD^HQ ELWL ;;9, 


6 


+,  


    # 
   5** 9

+>   #


  
 
79

+?    


  ( . $0  2 9

+@    


*  9

+A  


  
 9

:C    


0 (*#.

 8

Zj
2720('$@(21$-.22679$5,7(9+,'8@,8
'#(11(7%(=32/$*$1-$5$A81$
^hp@AXAMABA@hHFF`D 
   !          5**

    


  
0 5**  ()7* +:C.

2 WRPH GD `H RQDM NR RVWYDUL WHYKLG X`L X 'CHQQHW EH] SRODJDQMD UDaXQD

7R ]QDaL QHPD ND]QH D QMHJRYR RVWYDULYDQMH MH QMHJRYR SURaL^`HQMH L

RVORED_DQMH RG VYLK QDWUXKD 


 QRYRWDULMD L XVWUDMQRVWL X JULMHVLPD 2QDM NR EXGH

WDNDY RQ MH RVWYDULR VYRM WHYKLG 2VWYDULYDQMH MH WHYKLGD QH^WR L]X]HWQR YULMHGQR ]D

XPPHW 7R QH SRVWRML QHJR NRG SRVMHGQLND aLVWRJ LPDQD NRMH MH $OODK L]GYRMLR L

RGDEUDR PH_X 6YRMLP VWYRUHQMLPD NDNR MH 8]YL^HQL UHNDR R -XVXIX DV

^ta@AcAIFApY@l@htf `

7DNR E  GD RGYUDWLPR RG QMHJD L]GDMVWYR L EOXG MHU MH RQ XLVWLQX RG 1D^LK

RGDEUDQLK URERYD ;,, 8 GUXJRP 


 VWRML LVNUHQLK 1MLK MH X SUYLP

JHQHUDFLMDPD ELOR SXQR D X ]DGQMLP RQL VX QHSR]QDWL L QMLKRY EURM VH VPDQMLR D RQL

VX WL NRML NRG $OODKD LPDMX QDMYH`X YULMHGQRVW 8]YL^HQL MH UHNDR R 6YRPH SULVQRP

SULMDWHOMX ,EUDKLPX  DV

O@Al@hfTNTF)hpLAhHFAA `
^ hp@ABAAX|g@

5HaH
1DURGH PRM MD QHPDP QL^WD V WLP ^WR YL 1MHPX GUXJH UDYQLP VPDWUDWH

-D RNUH`HP OLFH VYRMH NDR YMHUQLN aLVWH YMHUH SUHPD 2QRPH .RML MH QHEHVD L =HPOMX

VWYRULR MD QLVDP RG RQLK NRML 1MHPX GUXJH UDYQLP VPDWUDMX 9, 7M SRVYHWLR

VDP VYRMX YMHUX L SRVHEQR RGUHGLR VYRM 


 2QRPH .RML MH XVSRVWDYLR QHEHVD L

=HPOMX WM .RML LK MH VWYRULR L LQRYLUDR QD QDaLQ NRML QHPD SUHVHGDQD +DQLIHQ NDR

YMHUQLN aLVWH YMHUH  WM X VWDQMX NDGD VDP KDQLI WM XGDOMHQ RG ^LUND SULGUXCLYDQMD L

XVPMHUHQ ND  YMHURYDQMX X $OODKRYX GC^ MHGQR`X  =ERJ WRJD MH UHNDR

^ hp@ABA `



-D QLVDP RG RQLK NRML 1MHPX GUXJH UDYQLP VPDWUDMX $MHWD VOLaQLK RYRP X

.XU
DQX LPD PQRJR NDR ^WR VX 1MHJRYH ULMHaL

AX @hHFIL@lTkBAclXB ` 

^ `@hHF@f@

.R MH EROMH YMHUH RG RQRJD NRML VH LVNUHQR SUHGD $OODKX aLQH`L MR^ L GREUD GMHOD L

NRML VOLMHGL YMHUX ,EUDKLPRYX YMHUX aLVWX L SUDYX"  $ ,EUDKLPD MH $OODK X]HR ]D 3ULVQRJ

SULMDWHOMD ,9 5HNDR MH 8]YL^HQL

^ P@hAHlMk@dl@FTl `
2QDM NR VH VDVYLP SUHGD $OODKX D X] WR aLQL GREUD GMHOD XKYDWLR VH ]D

QDMaYU^`X YH]X ;;;, ,PDG E .HVLU GD PX VH $OODK VPLOXMH UHNDR MH 8]YL^HQL

JRYRUL X DMHWX RE]QDQMXMX`L R RQLPD NRML VX VH SUHGDOL $OODKX WM LVNUHQR XSX`XMH VYRMD

GMHOD VDPR 1MHPX SRYRGL VH ]D 1MHJRYLP QDUHGEDPD L VOLMHGL >HULMDW =ERJ WRJD MH

UHNDR ^l `
!     WM X VYRMLP GMHOLPD L VOLMH_HQMX RQRJD ^WD MH 2Q QDUHGLR L

RVWDYOMDQMX RQRJD ^WR MH 2Q ]DEUDQLR 7DNR MH RYDM X]YL^HQL DMHW XND]DR GD VH

VDYU^HQRVW LVNUHQRJ SUHGDQMD LVWLQVNL RVWYDUXMH VDPR XNROLNR VH RVWDYL SULGUXCLYDQMH

"# L XNROLNR VH RGUHNQH QMHJD L RQRJD NR JD aLQL NDNR MH YH` VSRPHQXWR X

SUHWKRGQRP SRJODYOMX

8]YL^HQL MH $OODK UHNDR

^ hp@AXAMABA@hHFF `
,EUDKLP MH ELR   SRNRUDQ $OODKX aLVWH YMHUH QLMH GUXJH VPDWUDR $OODKX

UDYQLP ;9, 5HNDR MH ,PDG E .HVLU GD PX VH $OODK VPLOXMH 8]YL^HQL $OODK

KYDOL 6YRJD URED 6YRJD SRVODQLND 6YRJD SULVQRJ SULMDWHOMD ,EUDKLPD LPDPD RQLK

NRML VOLMHGH aLVWX YMHUX ]ERJ WRJD ^WR VH RQ RGUHNDR PX^ULND NDR L CLGRYD NU^`DQD L

RERCDYDODFD YDWUH  $  ]QDaL LPDP YR_D NRMHJ WUHED VOLMHGLWL D NDQLW

SRNRUDQ MHVWH RQDM NRML MH VNUX^HQ L SRNRUDQ %


 MH RQDM NRML VYMHVQR EMHCL L

XGDOMDYD VH RG 
SULGUXCLYDQMD L LGH ND WHYKLGX 2ERCDYDQMX VDPR $OODKD GC^

=ERJ WRJD MH UHNDR

^ hp@ `
1LMH GUXJH VPDWUDR $OODKX UDYQLP 0XGCKLG MH UHNDR ,EUDKLP MH ELR   WM

MHGLQL  YMHUQLN  D VYL RVWDOL OMXGL X WR YULMHPH ELOL VX QHYMHUQLFL NDILUL 

 :

5HNDR VDP  2ED VWDYD VX LVWLQD 3ULVQL SULMDWHOM ,EUDKLP  DV ELR MH WR VWYDUQR

$OODK QDMEROMH ]QD D 0XGCDKLGRYH ULMHaL RGQRVH VH QD VWDQMH X NRPH VH 3ULVQL

SULMDWHOM DV QDOD]LR X SRaHWNX VYRMH PLVLMH YMHURYMHVQL^WYD L SRVODQVWYD SD JD MH

8]YL^HQL $OODK SRKYDOLR ]ERJ QMHJRYRJ RGULFDQMD RG 


 NDNR MH UHNDR 8]YL^HQL

)AIAdsAF@hHFKAM@he@ `
^ AohtIlAdILNHBAHAeF

6SRPHQL X .QML]L ,EUDKLPD 2Q MH ELR LVWLQROMXELY YMHURYMHVQLN .DGD MH UHNDR

RFX VYRPH
2 RaH PRM ]D^WR VH NODQMD^ RQRPH NRML QLWL aXMH QLWL YLGL QLWL WL PRCH RG

LNDNYH NRULVWL ELWL"


 ;,; , 1MHJRYH ULMHaL

^ kJHHgATeF)@hHMoF `
,VWH YMHUH NDR L RQ ELR MH ,EUDKLP NDG MH *RVSRGDUX VYRPH LVNUHQD VUFD GR^DR

;;;9,, 2YDNR MH D $OODK QDMEROMH ]QD ELOR X SRaHWNX QMHJRYH DV PLVLMH

MHU X WR YULMHPH QD OLFX =HPOMH QLMH ELOR PXVOLPDQD RVLP QMHJD L X WRP VPLVOX MH

L]UHaHQ L RYDM KDGLV

1MHJRYH ULMHaL

^ hp@ `
QLMH GUXJH VPDWUDR $OODKX UDYQLP XND]XMX GD MH RQ QDSXVWLR PX^ULNH VUFHP

MH]LNRP WHPHOMQLP SULQFLSLPD L RVSRULR LP  $OODKX X 


  RERCDYDQMX NRML VX

RQL aLQLOL 3ROXSDR LP MH NLSRYH L VWUSLR VH X RQRPH ^WR JD MH SRJRGLOR ]ERJ QMHJRYRJ

YMHURYDQMD X $OODKD  2YR MH RVWYDULYDQMH 


L RYR MH WHPHOM YMHUH L QMHQD JODYD

NDR ^WR NDCH 8]YL^HQL ^A@KhNkBAkBHgAeF `


.DG PX MH *RVSRGDU QMHJRY UHNDR
%XGL SRVOX^DQ
 RQ MH RGJRYRULR
-D VDP

SRVOX^DQ *RVSRGDUX VYMHWRYD


 ,, 7L `H^ YLGMHWL GD YH`LQD RQLK NRML JRYRUH 




L WYUGH GD VX PXVOLPDQL aLQH ^LUN $OODKX X VYRP LEDGHWX RERCDYDQMX

]D]LYDMX`L RQRJD NR QH PRCH QD^WHWLWL QLWL NRULVW GRQLMHWL XPUOH RGVXWQH WDJXWH

GCLQH L GUXJH 2QL QMLK YROH L]UDCDYDMX LP ORMDOQRVW QMLK VH ERMH L RG QMLK VH QDGDMX


#(  66; *"$' # 4", "($$ & (*( & '*,( *  %
5&$   68; "H% #  A% ( "( ( '$( & 
"&%  666
1  8!: % " $ 
! 


)HgOAEHf@)pHgp`f@F ` 

^ hpHhHf@

 !   /       &


     

 
  &
       
 &
 

     ()*   ,?,A.

2QL VH VXSURWVWDYOMDMX RQLPD NRML SR]LYDMX GD VH MHGLQR $OODK RERCDYD L GD VH

QDSXVWL RERCDYDQMH QHNRJ GUXJRJ L VPDWUDMX GD MH WR QRYRWDULMD L ]DEOXGD 2QL VH

QHSULMDWHOMVNL RGQRVH SUHPD RQRP NR WDNR SRVWXSD NR WR YROL L NR MH ]DQLMHNDR

SULGUXCLYDQMH ^LUN L ]DPU]LR JD 1HNL SDN  QH VPDWUDMX QDXNRP QLWL QD QMHJD

REUD`DMX SDCQMX ]ERJ WRJD ^WR JD QH SR]QDMX L ^WR JD QH YROH D $OODK MH 7DM .RML

SRPR` GDMH

1MHJRYH VX ULMHaL , ULMHaL 8]YL^HQRJ $OODKD

^ hpHhHf@ `  D ^
  pHgp`f@F `

2QL NRML L] ERMD]QL SUHPD *RVSRGDUX VYRPH VWUDKXMX e
 GR 1MHJRYLK ULMHaL
L

RQL NRML GUXJH *RVSRGDUX VYRPH UDYQLP QH VPDWUDMX ;;,,,

,PDG E .HVLU QHND PX VH $OODK VPLOXMH NDCH GD WR ]QDaL  WM RG QMLKRYRJ

GREURaLQVWYD L QMLKRYRJ GREURJ GMHOD MHVWH GD RQL RVMH`DMX VWUDK SUHPD $OODKX 2QL VX

X VWUDKX SUHVWUD^HQL ERMH`L VH GD LP QH SRVWDYL NDNYX ]DPNX NDNR NDCH +DVDQ

%DVUL 9MHUQLN MH RQDM NRML MH REMHGLQLR GREURaLQVWYR  


 L VWUDK D OLFHPMHU MH RQDM

NR MH REMHGLQLR L]PH_X SULMHVWXSD L EH]EULCQRVWL

^ HgOAEHf@ `
, RQL NRML X GRND]H *RVSRGDUD VYRJD YMHUXMX  WM YMHUXMX X $OODKRYH NRVPROR^NH L

^HULMDWVNH GRND]H MHU MH $OODK 8]YL^HQL R 0HUMHPL UHNDR

^MA@NAIMAHgOAHNds `
, RQD MH X ULMHaL *RVSRGDUD VYRJD L NQMLJH 1MHJRYH YMHURYDOD L RG RQLK NRML

SURYRGH YULMHPH X PROLWYL ELOD /;9, 7M ELOD MH XYMHUHQD GD RQR ^WR VH GHVLOR

MHVWH $OODKRYD RGUHGED L RGUH_HQMH L RQR ^WR MH $OODK SURSLVDR 8NROLNR VH UDGL R

QDUHGEL WR MH RQR ^WR $OODK YROL L VD aLP MH ]DGRYROMDQ D DNR MH ]DEUDQD WR MH RQR ^WR

$OODK PU]L L ^WR RGEDFXMH 8NROLNR VH UDGL R YLMHVWL RQD MH LVWLQLWD NDR ^WR MH UHNDR

8]YL^HQL

 ;

/
F   5
 (  .
   H  
D


 $0         


 
 
   *6 1


       1     * 

( . * I  


   8      
   I

    *   F


     
 I 
 

 I    


   8 
   
H 
 

F 
    7     *   #  $  


 '

^ hpHhHf@ `
L RQL NRML GUXJH *RVSRGDUX VYRPH UDYQLP QH VPDWUDMX WM QH RERCDYDMX SRUHG

1MHJD QHNRJ LOL QH^WR GUXJR QHJR PX MHGQR`X L]UDCDYDMX L ]QDMX GD QHPD ERJD RVLP

$OODKD -HGLQRJ .RML MH XWRaL^WH VYDNRP .RML QH X]LPD


6HEL QL GU JH QL GMHWHWD L

NRPH XLVWLQX QHPD QLNR VOLaDQ

5HNDR VDP 3UHPD WRPH QDSX^WDQMH SULGUXCLYDQMD ^LUND VDGUCL X VHEL

SRWSXQRVW WHYKLGD L QMHJRYX VSR]QDMX X SUDYRP VPLVOX L OMXEDY SUHPD QMHPX

QMHJRYR SULKYD`DQMH L SR]LYDQMH QMHPX NDNR MH UHNDR 8]YL^HQL

^ KEFcBFHhoB@dIBBOhBAF `
5HFL
0HQL MH QDUH_HQR GD VDPR $OODKD RERCDYDP L GD 1MHPX QLNRJD UDYQLP

QH VPDWUDP 1MHPX MD SR]LYDP L 1MHPX VH YUD`DP ;,,, 2YDM DMHW VDGUCL

SRWSXQRVW WHYKLGD QMHJRYR RVWYDUHQMH D $OODK MH 7DM .RML XVSMHK GDMH

1MHJRYH VX ULMHaL 2G +XVDMQD E $EGXUUDKPDQD 2Q MH +DULVLMM RG WDELWDEL


LQD

3UHQRVL RG >D
ELMD 5HNDR MH %LR VDP NRG 6HLGD E 'CXEHMUD 2Q MH 9DOLELMM

QMLKRY ^WL`HQLN XaHQ X LVODPVNRP SUDYX 3UHQRVL RG ,EQ$EEDVD L PQRJLK /DOHNDL

NDCH 3RYMHUOMLY 


  
 X
  SRX]GDQ   8ELR JD MH

+DGCGCDGC E -XVXI L $OODK JD QLMH GXJR RVWDYLR SRVOLMH QMHJD

1MHJRYH VX ULMHaL , RQ MH UHNDR


.R MH RG YDV YLGLR ]YLMH]GX NRMD MH VLQR` SDOD"


]QDaL ]YLMH]GX NRMD MD SDOD NDR PHWHRULW .DCH VH  



 ]D SUR^OX QR` NDGD

6XQFH SUR_H ]HQLW PH_XWLP SULMH QHJR ^WR 6XQFH SUR_H ]HQLW NDCH VH    

1MHJRYH VX ULMHaL -D


 RGJRYRULR VDP WM MD VDP MH YLGLR
 


'   
0  !      %      

5   
2  
   '

D ]DWLP VDP QDVWDYLR


-D QLVDP ELR QD QDPD]X
 2YR MH UHNDR ERMH`L VH ^LUND

GD QH EL SULVXWQL SRPLVOLOL GD MH RQ XVWDR QR`X UDGL RERCDYDQMD WH ]YLMH]GH  SD GD

WDNR ]D VHEH XVWYUGL QH^WR ^WR QLMH XUDGLR .ROLNR OL VX VH


 L RQL SULMH QMLK ERMDOL

^LUND WDMQRYLWRJ L MDVQRJ L ERMDOL VH GD QH EXGX KYDOMHQL ]D RQR ^WR QLVX XUDGLOL" ,PD

OL L^WD X]YL^HQLMH RG WRJD GD VH QHNR VDaXYD 


 NDR ^WR SUHGVWRML REMD^QMHQMH 

1MHJRYH VX ULMHaL 
+DGLV NRML QDP MH SULSRYLMHGDR >D
EL
 RGJRYRULR VDP
>WD YDP

MH SULSRYLMHGDR
 XSLWDR MH 3ULSRYLMHGDR QDP MH RG %XUHMGHD E +XVDMED GD MH RQ

UHNDR
1HPD UXNMH RVLP ]D XURN LOL JUR]QLFX

2YDM KDGLV SUHQRVL VH NDR   SULSLVXMH VH 3RVODQLNX VDYV  >DELMX MH LPH

$PLU E >HUDKLO +XPHMUL >D


EL 2Q MH LPDP 3UHQRVL RG 2PHUD $OLMH ,EQ0HVXGD D

QLMH RG QMHJD GLUHNWQR VOX^DR RG (EX+XUHMUHD $L^H 'CHULUD ,EQ$EEDVD L PQRJLK

GUXJLK >D
EL MH UHNDR 1LNDGD QLVDP QH^WR SULELOMHCLR 8PUR MH  SR + %XUHMGH MH

,EQ+XVDME E $EGXOODK E +DULVL (VOHPL 3ULPLR MH LVODP SULMH %LWNH QD %HGUX L ELR MH

QDPMHVQLN X -HPHQX X YULMHPH 9MHURYMHVQLND VDYV 2Q MH SR]QDWL DVKDE

1MHJRYH VX ULMHaL 1HPD UXNMH RVLP ]D XURN LOL JUR]QLFX 2YR D $OODK QDMEROMH

]QD MHVWH ELOR X SUYR YULMHPH D SRWRP MH 


GRSX^WHQD XNROLNR MH LVSUDYQD D $OODK

QDMEROMH ]QD

1MHJRYH VX ULMHaL 'REUR MH XUDGLR RQDM NR VH GUCL RQRJD ^WR MH aXR 8 RYRPH MH

YLG OLMHSRJ RSKR_HQMD VD QDXNRP L QMHQLP QRVLRFLPD L GD RQDM NR QH^WR XUDGL ELYD

SLWDQ R WRPH QD ^WR VH RVORQLR X VYRP SRVOX GD OL VH ]D QHNLP SRYHR LOL QH 2QDM NR

QH EXGH SRVMHGRYDR GRND] ^HULMDWVNL RQ QHPD LVSULNH ]D RQR ^WR MH XUDGLR =ERJ WRJD

MH ,EQ$EGXO%HUU QDYHR NRQVHQ]XV GD RQDM NRML VOLMHGL 


 QLMH XaHQMDN SD

SULVMHWL VH RYRJD

1MHJRYH VX ULMHaL PH_XWLP SULaDR QDP MH ,EQ$EEDV 2Q MH $EGXOODK E $EEDV

E $EGXO0XWWDOLE E +D^LP DPLGCL` 9MHURYMHVQLNRY VDYV XaHQMDN RYRJ XPPHWD L

WXPDa .XU
DQD 9MHURYMHVQLN VDYV GRYLR MH ]D QMHJD L UHNDR

 9

' 8 
   ( !.  
 8 *       

  '


$OODKX GDM PX GD UD]XPLMH YMHUX L SRGXaL JD WXPDaHQMX 2Q MH ELR VYMHWLRQLN X

]QDQMX UD]XPLMHYDQMX L PQR^WYX KDGLVD NRML VX RG QMHJD SUHQHVHQL PDGD MH RQ MHGDQ

RG POD_LK DVKDED PH_XWLP RQ MH KDGLVH XaLR RG VWDULMLK DVKDED SD MH ]DSDPWLR

YH`LQX RQRJD ^WR VX RQL LPDOL NRG VHEH QHND MH $OODK ]DGRYROMDQ QMLPD VYLPD

1MHJRYH VX ULMHaL SUHQRVH`L RG 9MHURYMHVQLND VDYV GD MH UHNDR


3UHGRaHQL

VX PL SULMD^QML QDURGL


5HNDR VDP $OODK QDMEROMH ]QD NDGD VX PX SUHGRaHQL 1MLKRYR SUHGRaDYDQMH MH

ELOR X YLGX GD PX MH $OODK 8]YL^HQL SRND]DR QMLKRY SULPMHU NDGD GR_X YMHURYMHVQLFL VD

VYRMLP VOMHGEHQLFLPD .R EXGH VSD^HQ VYRMLP YMHURYDQMHP X $OODKD L RQRJD aLPH MH

2Q SRVODR 6YRMH YMHURYMHVQLNH L SRVODQLNH X YLGX YMHUH NRMX LP MH SURSLVDR D WR MH

RERCDYDQMH VDPR 1MHJD -HGLQRJ .RML QHPD VXGUXJD L QDSX^WDQMH RERCDYDQMD VYHJD

PLPR 1MHJD X]LPDQMH RQRJD ^WR LP MH 2Q QDUHGLR L NORQMHQMH RQRJD ^WR LP MH

]DEUDQLR NDR ^WR MH 8]YL^HQL UHNDR R 1XKRYRP QDURGX

^ }BL@@@dI@B)IhfFA `
2 QDURGH PRM MD YDV RWYRUHQR RSRPLQMHP $OODKD RERCDYDMWH L 1MHJD VH ERMWH L

PHQL SRVOX^QL EXGLWH /;;, 3UHPD WRPH RERCDYDQMH 1MHJD L]UDCDYDQMH

1MHJRYH -HGQR`H SRNRUQRVW 1MHPX L]YU^DYDQMHP RQRJD ^WR LP MH QDUHGLR L

RVWDYOMDQMH RQRJ ^WR LP MH ]DEUDQLR L SRNRUQRVW 1MHJRYX SRVODQLNX WR MH YMHUD GD VH

QH RERCDYD QLNR PLPR $OODKD L GD VH QH RERCDYD QHJR RQDNR NDNR MH SURSLVDR

QDUHGERP L ]DEUDQRP L GD VH GD SUHGQRVW SRNRUQRVWL 1MHJRYRP SRVODQLNX QDG RQLP

^WR aRYMHN YROL L X aHPX XCLYD

1MHJRYH VX ULMHaL 3UROD]LR EL YMHURYMHVQLN L VD QMLP JUXSD *UXSD VX GHVHWHULFD

L PDQMH


+& $= 5  (% 76!!8 8688:  * *, 
 %-     
97 C$3  $ #(   8 " % # &%'" %"(' $= . ( A,,( A%"
%.   6 ;; H%"( # A% %(    1 $= .A%"%. #(
 ;: 8;:! ;6;B $= .( (",*.  #(  8;:! $=- .(
("(,*.
:B 


' D    *   *


     

     E


  
 #  (*  . 8* 


    "   /       


'

6D QHNLP YMHURYMHVQLNRP ELOL EL aRYMHN LOL GYD WM QMHJRYL VOMHGEHQLFL D VD

SRQHNLP YMHURYMHVQLNRP QH EL ELR QLNR 7M ELR MH SRVODQ QDURGX L QLNR JD RG QMLK QLMH

VOLMHGLR NDR ^WR MH 8]YL^HQL UHNDR

^ jMlH@AFkgLCA)@oIAkgBd `
, SULMH WHEH VPR SRVODQLNH QDURGLPD SULMD^QMLP VODOL L QLMHGDQ LP SRVODQLN QLMH

GR^DR D GD PX VH QLVX QDUXJDOL ;9 8 RYRP DMHWX MHVWH GRND] GD RQL NRML

MHVX VSD^HQL RG QDURGD MHVX PDQMLQD D YH`LQD MH SRGOHJOD VYRMLP OMXGVNLP

VYRMVWYLPD SD VX ELOL QHSRVOX^QL SRVODQLFLPD L ]ERJ WRJD VX XSURSD^WHQL NDNR NDCH

8]YL^HQL

^
@Ikx|g@hQBLF `
$NR EL VH WL SRNRUDYDR YH`LQL RQLK NRML CLYH QD =HPOML RQL EL WH RG $OODKRYD SXWD

RGYHOL 9, , UHNDR MH

^kAhQBAdTFdhQAdTA `
$ 0L VPR ]QDOL GD VH YH`LQD QMLK QH`H ]DYMHWD GUCDWL L ]QDOL VPR GD `H YH`LQRP

GRLVWD JUMH^QLFL ELWL 9,, , UHNDR MH

^hphQB AIf@IAA@hA|g@@k `
5HFL
3XWXMWH SR =HPOML SD SRJOHGDMWH NDNR VX RQL SULMH ]DYU^LOL YH`LQRP VX RQL

PQRJRER^FL ELOL
 ;;; 6OLaQLK RYLP LPD SXQR DMHWD X .XU
DQX 6SD^HQL LDNR VX

X L]X]HWQR PDORP EURMX LSDN VX RQL  


  

 MHU XLVWLQX RQL VX

QDMYUHGQLML NRG $OODKD SD PDNDU LK ELOR L PDOR 1HND PXVOLPDQ EXGH RSUH]DQ GD QH

EXGH ]DYHGHQ PQR^WYRP 0QRJL VX YH` QMLPH ]DYHGHQL SD aDN L QHNL NRML WYUGH GD VX

XaHQL YMHUXMX X VYRMRM YMHUL RQR ^WR YMHUXMX QH]QDOLFH ]DOXWDOL L QLVX VH RNUHWDOL QD RQR

^WR JRYRUL $OODK L 1MHJRY 3RVODQLN

1MHJRYH VX ULMHaL 7DGD VDP YLGLR FUQLQX YHOLNX PDVX  3RPLVOLR VDP GD MH WR

PRM XPPHW 5HaHQR PL MH


2YR MH 0XVD L QMHJRY QDURG
 8 RYRPH VH YLGL YULMHGQRVW

VOMHGEHQLND 0XVDD ,]UHO`DQLQD RQLK NRML VX YMHURYDOL X SRVODQLNH L NQMLJH NRMH MH $OODK

REMDYLR 7HYUDW =HEXU ,QGCLO L )XUNDQ L GUXJH



 :

'  *


      8*
   
 * # * 8*



          * * # * "   /

       



 *
    $0 

*       4    !     D  

    7  * 0


      
0* 

5** 8*  $   * 0


       
*

*  5**  !  


0* D *   !
 8

   ! 5** 8*    /   *6 '

,]UDHO`DQL VX SULMH UD]LODCHQMD ELOL PQRJREURMQL L PH_X QMLPD MH ELOR YMHURYMHVQLND

DOL SRVOLMH WRJD GHVLOR VH RQR ^WR VH GHVLOR VD CLGRYLPD 2YDM KDGLV XND]XMH GD VX

VOMHGEHQLFL 0XVD
D DV PQRJREURMQL 8]YL^HQL MH UHNDR ^
A@Ax `
L L]QDG VYLK QDURGD LK X]GLJOL ;/9  WM X QMLKRYR YULMHPH ]ERJ WRJD ^WR MH

X QMLKRYR YULMHPH L SULMH QMLK ELOR WROLNR RQLK NRML VX $OODKD QLMHNDOL GD LK MH QHPRJX`H

SREURMDWL NDR ^WR MH 'CDOXWRYD L %XKWXQRVRURYD VNXSLQD L QMLPD VOLaQH 3UHPD WRPH

$OODK MH X]GLJDR ,]UDHO`DQH LPDQRP YMHURP  SD VX SRVWDOL QDMEROML X VYRPH

YUHPHQX 0H_X QMLPD VH GHVLOR RQR ^WR MH $OODK VSRPHQXR X VXUL (O%HNDUD L

GUXJLPD GD VX ELOL QHSRVOX^QL VYRMLP YMHURYMHVQLFLPD L GD VX VH UD]L^OL X VYRMRM YMHUL

8]YL^HQL $OODK VSRPHQXR MH WR NDR GRND] SURWLY CLGRYD NRML VX ]DQLMHNDOL

0XKDPPHGD VDYV SD UD]PLVOL R RQRPH ^WD MH $OODK VSRPHQXR R QMLKRYRP VWDQMX

QDNRQ UD]LODCHQMD

1MHJRYH VX ULMHaL 3RJOHGDR VDP L YLGLR YHOLNR FUQLOR YHOLNX PDVX  8 GUXJRP

SUHGDQMX VWRML ]DWYRULOR MH KRUL]RQW 5HaHQR PL MH


2QR MH WYRM XPPHW D VD QMLPD

MH VHGDPGHVHW KLOMDGD NRML `H X`L X 'CHQQHW EH] SRODJDQMD UDaXQD L EH] ND]QH
 8

RYRPH VH JRYRUL R YULMHGQRVWL RYRJ XPPHWD L GD MH RQ QDMPQRJREURMQLML QDURG X

SRJOHGX VOLMH_HQMD QMLKRYRJ 9MHURYMHVQLND VDYV 1MLKRY EURM XYH`DR VH X YULMHPH

DVKDED X YULMHPH SUDYHGQLK KDOLID L SRVOLMH QMLK 1DSXQLOL VX VHOD JUDGRYH L

QHQDVHOMHQD SRGUXaMD 0H_X QMLPD UD]YLOD VH QDXND L ELOL VX X SRVMHGX VSR]QDMH

NRULVQLK QDXND 2YDM MH XPPHW ELR QD   WUL SUYD LVWDNQXWD VWROMH`D 8 ]DGQMH

YULMHPH QMLKRY EURM VH VPDQMLR

1D^ ^HMK GD PX VH $OODK VPLOXMH R SLWDQMLPD NRMD RQ RYDM KDGLV WUHWLUD UHNDR MH

' /   *      E      0*


       *   * *!  
 /   

 &
  ** '
:6 


8 QMHPX VH JRYRUL R YULMHGQRVWL RYRJD XPPHWD NYDOLWHWRP L NYDQWLWHWRP

.YDQWLWHWRP SR NROLaLQL L EURMX D NYDOLWHWRP SR QMLKRYRM YULMHGQRVWL X VYRMVWYLPD NDR

^WR MH L X RYRP KDGLVX ND]DR ULMHaLPD D VD QMLPD MH VHGDPGHVHW KLOMDGD NRML `H X`L

X 'CHQQHW EH] SRODJDQMD UDaXQD L EH] ND]QH

1MHJRYH VX ULMHaL =DWLP MH XVWDR L X^DR X VYRMX NX`X 6YLMHW MH R WRPH SRaHR

SULaDWL WM SULVXWQL NRML VX aXOL RYDM KDGLV ,] QMHJD VH WDNR_HU UD]XPLMH YULMHGQRVW

DVKDED QHND MH $OODK QMLPD ]DGRYROMDQ X QMLKRYRP XaHQMX QDXNH L QDVWRMDQMX GD

UD]XPLMX RQR R aHPX LP MH JRYRULR QMLKRY 9MHURYMHVQLN VDYV X CHOML GD WR SULPLMH

QH ,] QMHJD VH WDNR_HU UD]XPLMH GD MH GRSX^WHQ LGCWLKDG X RQRPH ]D^WR QHPD

GRND]D MHU RQR ^WR VX RQL UHNOL UHNOL VX QD RVQRYX VYRJD LGCWLKDGD L $OHMKLVVHODP LP

WR QLMH RVSRULR 0H_XWLP PXGCWHKLG NDGD QHPD GRND]D QMHPX QLMH GRSX^WHQR

QHSULNRVQRYHQR WYUGLWL NDNR MH X SUDYX QHJR WUHED UH`L 0RCGD MH VWDWXV WRJD WDNDY L

WDNDY NDR ^WR VX DVKDEL JRYRULOL QHND MH $OODK QMLPD ]DGRYROMDQ X RYRP KDGLVX

1MHJRYH VX ULMHaL 3RWRP LP MH L]L^DR $OODKRY 3RVODQLN VDYV L UHNDR


2 aHPX

UDVSUDYOMDWH"
2QL VX JD REDYLMHVWLOL D SRWRP MH RQ UHNDR
7R VX RQL NRML VHEL QLVX

WUDCLOL RGXaDYDQMH QLWL VH NDXWHUL]LUDOL QLWL YMHURYDOL X OR^H SUHG]QDNH 2QL VX VH QD

VYRJD *RVSRGDUD RVODQMDOL


 7M QH WUDCH  RG ELOR NRJD QLWL VH NDXWHUL]LUDMX NDGD

QHNR RG QMLK LPD QH^WR ^WR VH OLMHaL NDXWHUL]LUDQMHP QLWL X OR^H SUHG]QDNH YMHUXMX

9MHURYDQMH X OR^H SUHG]QDNH WLMHUH MHVWH  3UHPD WRPH RQL VX X VWDUWX RVWDYLOL

 L QLVX VYRMH SRWUHEH L]QRVLOL ELOR NRPH L WUDCLOL GD LP XaL  L RVWDYLOL VX

NDXWHUL]LUDQMH SD PDNDU VH QMLPH KWMHOR OLMHaHQMH 2QR ^WR LK MH QDYHOR QD WR ELOD MH

VQDJD QMLKRYRJ RVODQMDQMD QD $OODKD L QMLKRYLP SUHSX^WDQMHP VYLK VYRMLK VWYDUL

1MHPX L GD VH QMLKRYD VUFD QH YH]XMX ]D ELOR NRJD RVLP 1MHJD X RNYLUX RQRJD ^WR

LP MH SURSLVDR L RGUHGLR 3UHPD WRPH RQL QH CHOH QLNRJ RVLP VYRJD *RVSRGDUD L QH

ERMH VH QLNRJ RVLP 1MHJD L YMHUXMX GD MH RQR ^WD LP VH GHVLOR ELOR 1MHJRYRP

RGUHGERP L L]ERURP QMLPD =ERJ WRJD RQL VH QH REUD`DMX ELOR NRPH RVLP 1MHPX X

RWNODQMDQMX QMLKRYLK QHYROMD 8]YL^HQL MH UHNDR R -DNXEX DV

^
@FjXQHoBAF `
-D WXJX VYRMX L MDG VYRM SUHG $OODKD L]QRVLP ;,,

 :8

'  E
  !      4* 5**
  
 

 E  
   8  
    4*

5**
   
 
 8     ! 
 
1
 

1MHJRYH VX ULMHaL 7DGD MH 8ND^H E 0LKVDQ XVWDR 2Q MH SR]QDWL DVKDE

3ULVXVWYRYDR MH X %LWNL QD %HGUX L VYLP RVWDOLP YRMQDPD ]DMHGQR VD 9MHURYMHVQLNRP

VDYV 2Q MH L] %HQX(VHGD E +X]HMPH 8ELR JD MH 7XOHMKD E +XYHMOLG NDR ^HKLGD

%LR MH NUHQXR VD +DOLGRP E 9HOLGRP GD VH ERUL VD RGPHWQLFLPD RG YMHUH SD VH ERULR

SURWLY %HQX(VHGD ]DWR ^WR VX VH RGPHWQXOL RG LVODPD 0H_X QMLPD MH ELR 7XOHMKD NRML

MH ]D]LYDR YMHURYMHVQL^WYR L RQL VX PX SRYMHURYDOL $OODK MH SRaDVWLR 8ND^HD WLPH ^WR

MH SRVWDR ^HKLG QMHJRYLP &   VHEHERP GRN MH MR^ & 


ELR NDILU =DWLP

JD MH &   $OODK GC^ XSXWLR X LVODP %RULR VH SURWLY 3HU]LMDQDFD ]DMHGQR VD

6DGRP E (EX9HNNDVRP 6D 3HU]LMDQFLPD GRJRGLOL VX PX VH SR]QDWL GRJD_DML

VSRPHQXWL X NQMLJDPD R YRMQLP SRKRGLPD %LR MH RG RQLK NRML VX SDOL NDR ^HKLGL X

ERUEL V QMLPD X SR]QDWRM ELWNL +DMUH

1MHJRYH VX ULMHaL L UHNDR


=DPROL $OODKD GD MD EXGHP RG QMLK
 XND]XMX GD

]DX]LPDQMH CLYRJ ]D RQRJ NR RG QMHJD ]DWUDCL GRYX XVWYDUL ELYD QMHJRYRP GRYRP

1DNRQ VPUWL WR MH QHPRJX`H ]ERJ VWYDUL NRMH QLVX QHSR]QDWH VYDNRP NR LPD UD]XPD

3UHPD WRPH RQDM NR WUDCL RG XPUORJ LOL RGVXWQRJ RQ MH WUDCLR QH^WR ^WR RQL QH PRJX

6YDNR NR RG QHNRJ WUDCL RQR ^WR QH PRCH XaLQLR JD MH VXSDUQLNRP $OODKX NDR ^WR VX

PX^ULFL UDGLOL 8]YL^HQL MH UHNDR ^ LMB@c@dB@ `


=DWR QH aLQLWH VYMHVQR GUXJH $OODKX UDYQLP ,,  GD MH 2Q XLVWLQX YD^

*RVSRGDU YD^ 6WYRULWHOM L RQLK SULMH YDV 2Q YDV MH REDVXR EODJRGDWLPD VYRMLP

YLGOMLYLP L QHYLGOMLYLP QH RVWDYOMDMWH *D LGX`L QHNRPH GUXJRPH QHJR LEDGHW X VYLP

QMHJRYLP REOLFLPD aLQLWH VDPR 1MHPX X VYHPX ^WR WUDCLWH ELOR PDOR LOL SXQR


#(  8 B " $ # &A*   :;B: *"
 #  ,*& & ,&  :;:6
#   $,  ! ;6 "?,, #- &  $*&,, ( A (& ((. @M4
0I^lX^  !:  # $%("%3* ' A $ (   66B " #%"
% ' %( *&A " "%3* $ ( &  1
1  6  <A*"
,$ # , ; (%  % 76;   6B "?,, # $%("%3*
' A  * $ ( % 4* $ (A1  %3 ,  H*("# 7 B!" B9
: 


1MHJRYH VX ULMHaL 7L VL RG QMLK SR^WR MH $OHMKLVVHODP SR]QDYDR QMHJRY LPDQ

YULMHGQRVW GCLKDG NDNR MH GR^OR X KDGLVX 1DGDWL VH GD MH $OODK SRJOHGDR SULVXWQH

QD %HGUX L UHNDR

 **     (*


. 

+     *


 *

9

: !    9

- *   
 !  !   
 ! 9

=  *
  *
 (*.     * ! 9

,
  *        !     
9

> #
    
   * (*  5**


0!.9

?
  
    
    

* 0*  


9

@  0
  
 
 9

A  
   *  9

+C  
 *
  9

++    
  
 9

+:
   


%    9

+- *      


 *  #9

+=
       
 
 9

+, *
    
    ! 
   


   9



5DGLWH ^WD KR`HWH -D VDP YDP YH` RSURVWLR


1MHJRYH VX ULMHaL 3RWRP MH XVWDR GUXJL aRYMHN L UHNDR


=DPROL $OODKD GD PH XaLQL

RG QMLK

3UHWHNDR WH MH X WRPH 8ND^H
 9LGOMLYR MH ]QDaHQMH GD MH $OHMKLVVHODP KWLR

WR ]DXVWDYLWL NDNR OMXGL QH EL MHGQL ]D GUXJLP WR WUDCLOL SD GD WDNYR QH^WR ]DWUDCL RQDM


#(  8BB; "3(% #"%3 ,   % 5&$   6 9  H%"
( #  A% ( % %$( (
1  86B6 (% 7B % $ 

 ::

NR QH ]DVOXCXMH 6 QMHJRYH $OHMKLVVHODPRYH VWUDQH WR MH DOXGLUDQMH D WR QLMH QHSR

]QDWR

+> *!#
    *   
 * 
  #9

+?
  
   #     $   


  
0  !    % ' 7    
  


   
# 
9

+@     # *


* 

 *    !

  
9

+A   E  


 
  
  !9

:C  
 !9

:+   * 9

::
  8*   *
:! 


l
2675$+82'>,5.$
^ ApecAhHhpBh@F `  


 !  5**  5**    


   


          


  /  ()7

=@ ++>.

5LMHaL VX 8]YL^HQRJ $OODKD

^ ApecAhHhpBh@F `
$OODK XLVWLQX QH`H RSURVWLWL GD 0X VH QHNR GUXJL VPDWUD UDYQLP D RSURVWLW `H

PDQMH JULMHKH RG WRJD NRPH 2Q KR`H ,9 

1HYHYL QHND PX VH $OODK VPLOXMH UHNDR MH >WR VH XODVND PX^ULND X YDWUX WLaH WR

LPD XRS`HQR ]QDaHQMH 2QL `H X QMX X`L L X QMRM YMHaQR RVWDWL L QHPD UD]OLNH L]PH_X

VOMHGEHQLND .QMLJH NU^`DQD L CLGRYD L RERCDYDODFD NLSRYD L RVWDOLK NDILUD .RG

VOMHGEHQLND ,VWLQH QHPD UD]OLNH L]PH_X NDILUD L] LQDWD LOL QHNRJ GUXJRJ QLWL L]PH_X

RQRJ NR VH UD]L^DR VD YMHURP LVODPD L RQRJ NR MRM L]MDYOMXMH VYRMX SULSDGQRVW D ]DWLP

VXGL SR VYRPH NXIUX VYRPH QLMHNDQMX L RVWDORP >WR VH WLaH XODVND X 'CHQQHW RQLK

NRML VX XPUOL D QLVX ELOL PX^ULFL WR MH VLJXUQR 0H_XWLP XNROLNR QLMH UDGLR YHOLNL JULMHK L

QLMH X QMHPX ELR XVWUDMDQ L X WRP VWDQMX XPUR RQ `H ELWL SRG $OODKRYRP GC^

YROMRP 8NROLNR PX RSURVWL X`L `H X 'CHQQHW RGPDK D DNR QH ELW `H NDCQMHQ

9DWURP ]DWLP `H L] QMH ELWL L]YHGHQ L XYHGHQ X 'CHQQHW

5HNDR VDP  2YR MH VWDY HKOLVXQQHWD YHOGCHPD


DWD L X WRP SRJOHGX QHPD

UD]LODCHQMD PH_X QMLPD 2YDM MH DMHW QH^WR QDMYL^H ^WR L]LVNXMH VWUDK RG ^LUND MHU MH

8]YL^HQL $OODK SUHNLQXR RSURVW PX^ULNX L RGUHGLR PX YMHaQRVW X 9DWUL 2Q MH WR L]UHNDR

EH] ELOR NDNYRJ RJUDQLaHQMD D ]DWLP UHNDR

^ ApecAh `
D RSURVWLW `H PDQMH JULMHKH RG WRJD NRPH 2Q KR`H 2Q MH VSHFLILFLUDR L

RJUDQLaLR RQR ^WR QLMH  2YDNDY JULMHK NRML LPD RYDNDY VWDWXV ]D RQRJ NR JD

SRaLQL QHPD QDGH GD VH VD RYLP JULMHKRP VSDVL XNROLNR VH QH SRNDMH SULMH VPUWL

 :;

^ Y Y` 
 l
8   * ( .           


  *    (  -,.

1MHJRYH VX ULMHaL 3ULVQL SULMDWHOM ,EUDKLP  DV UHNDR MH

^ As@dIBHIT@ `

, VDaXYDM PHQH L VLQRYH PRMH GD VH NODQMDPR NXPLULPD 7M ,EUDKLP DV 3ULVQL

SULMDWHOM 0LORVWLYRJ "%




# 3ULVQR SULMDWHOMVWYR "  # MHVWH VSHFLILaQLMH RG

OMXEDYL "
 # L ]ERJ WRJD MH ]D WR RGDEUDR GYD SULVQD SULMDWHOMD '

L

(
 
 VDYV

^ As@dIBHIT@ `
, VDaXYDM PHQH L VLQRYH PRMH GD VH NODQMDPR NXPLULPD 2YR WDNR_HU ]DVWUD^XMH

LVNUHQRJ URED MHU VH 3ULVQL SULMDWHOM LPDP SUDYRYMHUQLK NRMHJ MH $OODK XaLQLR GD EXGH

NDR MHGDQ XPPHW LVNX^DR ULMHaLPD NRMH MH RQ LVSXQLR R aHPX MH UHNDR

^ f@@hHF `
, ,EUDKLPRYLP NRML MH REDYH]H SRWSXQR L]YU^DYDR /,,,  NRPH MH QDUH_HQR

GD ]DNROMH VYRMH GLMHWH L RQ VH RGD]YDR QDUHGEL VYRJD *RVSRGDUD NRML MH SROXSDR

NLSRYH L R^WUR VH VXSURWVWDYLR VOMHGEHQLFLPD 


 SRUHG VYHJD WRJD ERML VH GD QH

RGH X  D NRML VH RJOHGD X RERCDYDQMX NLSRYD ]ERJ WRJD ^WR RQ ]QD GD JD RG WRJD

QH RGYUD`D QLNR RVLP $OODK VD 6YRMRP XSXWRP L 6YRMRP SRPR`L QH QMHJRYRP PR`L L

VQDJRP .DNR MH GREUR RQR ^WR MH L]UHNDR ,EUDKLP 7HMPL $ NR PRCH ELWL VLJXUDQ GD

`H ELWL VDaXYDQ LVNX^HQMD DNR ,EUDKLP QLMH ELR VDaXYDQ " 2YR MH QH^WR RG aHJD VH

QH PRCH ELWL VLJXUQR GD VH aRYMHNX QH`H GRJRGLWL 8 RYR VX XSDOL PXGUDFL RYRJD

XPPHWD QDNRQ RGDEUDQLK VWROMH`D 3UDYOMHQL VX NLSRYL L RERCDYDQL 3UHPD WRPH

RQRJD aHJD VH VHEL L VYRPH SRWRPVWYX ERMDR 3ULVQL SULMDWHOM DV GHVLOR VH YH`LQL

XPPHWD QDNRQ RGDEUDQLK VWROMH`D WDNR GD VX L]JUD_HQH GCDPLMH L VYHWL^WD QD

PH]DULPD L QMLPD MH XSX`HQR RERCDYDQMH X VYLP VYRMLP YUVWDPD 7R MH X]HWR NDR

YMHUD D WR VX NXPLUL L NLSRYL NDR ^WR VX ELOL NLSRYL 1XKRYD QDURGD /DW 8]]D 0HQDW

NLSRYL $UDSD L GUXJLK .DNR MH VOLaQR WR X ^WD VX XSDOH ]DGQMH JHQHUDFLMH RYRJ

XPPHWD VD VWDQMHP RQLK NRML VX CLYMHOL X YULMHPH 



 DUDSVNLK PX^ULND L

RVWDOLK 0H_XWLP GHVLOR VH QH^WR ^WR MH YH`H RG ^LUND X YH]L V SLWDQMHP 
 ^WR

EL X]HOR GRVWD SURVWRUD GD VH QDEURML 2Q ,EUDKLP  DV VSRPHQXR MH UD]ORJ NRML MH

REDYH]DR QMHJD L QMHJRYR SRWRPVWYR GD VH ERMH ULMHaLPD


: 


 
  7!   
    * !    

    E    

^ nA@@QwBFKg `
*RVSRGDUX PRM RQL NLSRYL PQRJH VX OMXGH QD VWUDQSXWLFX QDYHOL ;,9 0QRJL

VX QDURGL RWL^OL X ]DEOXGX RERCDYDMX`L NLSRYH X YULMHPH ,EUDKLPD DV SULMH QMHJD L

SRVOLMH .R SURXaDYD .XU


DQ VSR]QDW `H VWDQMH VWYRUHQMD L X NDNDY VX VYH ^LUN YHOLNL

XSDOD ]D NRML MH $OODK SRVODR VYRMH YMHURYMHVQLNH L SRVODQLNH GD JD ]DEUDQH L SULMHWQMX

]D QMHJRYR aLQMHQMH L QDJUDGX ]D QMHJRYR RVWDYOMDQMH 8SURSD^WHQ MH RQDM NR MH

XSURSD^WHQ ]ERJ RNUHWDQMD RG .XU


DQD L QHSR]QDYDQMD ^WD MH $OODK QDUHGLR L ^WD MH

]DEUDQLR 0ROLPR $OODKD GD QDV XaYUVWL X LVODPX L LVSUDYQRVWL X WRPH VYH GRN QH

VXVUHWQHPR $OODKD VD WHYKLGRP 2Q MH ]D^WLWQLN WRJD L X WRPH PR`DQ D QHPD VQDJH

QL PR`L RVLP VD $OODKRP 8]YL^HQLP 9HOLNLP 8]YL^HQL MH UHNDR

^ @jj@NBGhLFcAIGHfLF `
$NR LK ND]QL^ URERYL VX 7YRML D DNR LP RSURVWL^ VLODQ L PXGDU 7L VL 9 2Q MH

QMLKRY VOXaDM YUDWLR $OODKX NDR ^WR MH XUDGLR L $OHMKLVVHODP 8]YL^HQL MH $OODK REMDVQLR

X RQRP ^WR MH REMDYLR 6YRPH YMHURYMHVQLNX 0XKDPPHGX DV VYRMX SUHVXGX

PX^ULFLPD GD LP JD ^LUN QH`H RSURVWLWL SD SUHPD WRPH QHPD NRQWUDGLNFLMH EXGX`L

GD MH 6YRM VWDY R QMLPD REMDVQLR X RYRM 8]YL^HQRM NQML]L

^ dXjL`dH}AI@LC `
1H SULOD]L MRM QHLVWLQD LVSUHG QMH QLWL L]D QMH 2EMDYD MH RG 0XGURJ +YDOMHQRJ

;/,

1MHJRYH VX ULMHaL 8 KDGLVX VWRML


1DMYL^H aHJD VH ERMLP ]D YDV MHVWH PDOL ^LUN


8SLWDQ MH R QMHPX SD MH UHNDR 7R MH SUHWYDUDQMH

2YDM VX KDGLV ]DELOMHCLOL LPDP $KPHG 7DEHUDQL L %HMKHNL RG 0DKPXGD E /HELGD

$NR VH $OHMKLVVHODP ERML ]D VYRMH DVKDEH NRML VX RERCDYDQMHP L]UDCDYDOL $OODKRYX

-HGQR`X L CXGMHOL 1MHPX L RQRPH ^WR LP MH RQ RG SRNRUQRVWL 1MHPX QDUHGLR SD VX

+LGCUX XaLQLOL L ERULOL VH SURWLY RQLK NRML VX *D ]DQLMHNDOL NRML VX VSR]QDOL RQR aHPX LK

MH SR]YDR QMLKRY 9MHURYMHVQLN L RQR ^WR MH $OODK REMDYLR X 6YRMRM .QML]L RG LVNUHQRVWL L

RGULFDQMX RG ^LUND SD NDNR GD VH QH ERML ]D RQH NRML VH VD QMLPD QH PRJX SRUHGLWL X


  (%   :7 6 69 % (%  D%  #&  ! 

  
 +&$ $ (%   %-      9:

 :9

]QDQMX QLWL UDGX X RQRPH ^WR MH YH`H RG WRJD $OHMKLVVHODP MH YH` REDYLMHVWLR R

VYRMLP VOMHGEHQLFLPD GD `H VH PH_X QMLPD GHVLWL QDMYH`L ^LUN VYRMLP ULMHaLPD X

KDGLVX RG 6HYEDQD D NRML VOLMHGL 1H`H QDVWXSLWL .LMDPHWVNL GDQ VYH GRN VH QHND

SOHPHQD L] PRJD XPPHWD QH SULGUXCH PX^ULFLPD L VYH GRN EURMQH VNXSLQH L] PRJD

XPPHWD QH EXGX RERCDYDOH NLSRYH 9H` VH GHVLOR RQR R aHPX MH $OHMKLVVHODP

REDYLMHVWLR L WR VH SUR^LULOR X YH`LQH NUDMHYD GD VX WR aDN X]HOL NDR YMHUX L SRUHG

SRVWRMDQMD MDVQLK DMHWD L LVSUDYQLK VDKLK KDGLVD NRML WR ]DEUDQMXMX L RG QMHJD

]DVWUD^XMX NDR ^WR MH 8]YL^HQL UHNDR

^ gA@@C@@hXdAHhpF `
.R GUXJRJ $OODKX VPDWUD UDYQLP $OODK `H PX XOD]DN X 'CHQQHW ]DEUDQLWL L

ERUDYL^WH QMHJRYR `H 'CHKHQQHP ELWL 9 , UHNDR MH

^ HhpAX)gj@@IMT@AP@mTh@@IMTA `
 e SD EXGLWH ^WR GDOMH RG NXPLUD SRJDQLK L L]EMHJDYDMWH ^WR YL^H JRYRU QHLVWLQLWL

EXGLWH LVNUHQR $OODKX RGDQL QH VPDWUDMWH QLNRJD 1MHPX UDYQLP ;;,, 2YR MH

LVWLQVNR RVWYDULYDQMH WHYKLGD NDNR MH YH` VSRPHQXWR X SUHWKRGQRP SRJODYOMX 3RWRP

MH 8]YL^HQL UHNDR XSR]RUDYDMX`L VYRMH URERYH QD 

^ YkA[h@ HLB@aMAl@h`ACAHhp `
$ RQDM NR EXGH VPDWUDR GD $OODKX LPD LNR UDYDQ ELW `H NDR RQDM NRML MH V QHED

SDR L NRJD VX SWLFH UD]JUDELOH LOL NDR RQDM NRMHJ MH YMHWDU X GDOHNL SUHGLR RGQLR

;;,, 2QDM NRJD RYL DMHWL NDGD R QMLPD UD]PLVOL QLVX ]DVWUD^LOL L RGYUDWLOL JD RG


X RERCDYDQMX ]D QMHJD QH SRVWRML ELOR NDNYR VUHGVWYR


%  * 9
!B 


/

    
  5** 8*   

   *  
5** 
   2  4*0   H  

 *   
$0  
  5** 8*   

   5**   
0     !   $0   &   

 
0    !   2 

2G ,EQ0HVXGD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR .R XPUH

D PROL SRUHG $OODKD VXGUXJD X`L `H X 9DWUX =DELOMHCLR JD MH %XKDULMD 8 RYRP KDGLVX

MH WDNR_HU XSR]RUHQMH QD  L ]DVWUD^LYDQMH RG QMHJD ) VXSDUQLN ]QDaL LVWL

VOLaDQ 3UHPD WRPH NR PROL XPUORJ LOL RGVXWQRJ L RNUHQH VH QHNRP RG QMLK VYRMLP

OLFHP L VUFHP YROH`L JD L ERMH`L VH QMHJD ELOR GD MH QH^WR RG QMHJD WUDCLR LOL QLMH WR MH

^LUN NRML $OODK QH RSUD^WD =ERJ WRJD MH $OODK ]DEUDQLR GD VH LPDMX SRVUHGQLFL

]DX]LPDaL L XNRULR RQRJ NR WR XUDGL QDMCH^`LP XNRURP MHU WR QHJLUD LVNUHQRVW NRMD

VH RJOHGD X RNUHWDQMX OLFHP SUHPD $OODKX NRG VYHJD aHJD VH aRYMHN ERML CHOL LOL VH

QMLPH SULEOLCDYD L YMHUD LVSROMDYD -DVQR MH GD NDGD VH RNUHQH SRVUHGQLNX ]DX]LPDaX

L RG QMHJD WUDCL RQ VH X LVWRP PRPHQWX RNUHQXR OLFHP L VUFHP RG 8]YL^HQRJ $OODKD

D WR MH X VXSURWQRVWL VD LVNUHQR^`X 2EMD^QMHQMH VYHJD WRJD GR`L `H X SRJODYOMX R

]DX]LPDQMX  

  V GR]YRORP $OODKD 8]YL^HQRJ

1MHJRYH VX ULMHaL .R VXVUHWQH $OODKD QH SULGUXCXMX`L PX QL^WD 2YR MH LVNUHQRVW

 
 NDNR MH YH` REMD^QMHQR 1MHJRYH ULMHaL D NR *D VXVUHWQH SULGUXCXMX`L PX

QH^WR X`L `H X 9DWUX 2YR MH SULGUXCLYDQMH   3UHPD WRPH NR VD ^LUNRP VXVUHWQH

$OODKD WM XPUH NDR PX^ULN X`L `H X 9DWUX ELOR WRJ 
PDOR LOL SXQR >WR VH WLaH

YHOLNRJ 
 SRUHG QMHJD QLNDNYD GMHOD QH YULMHGH L RQ L]LVNXMH YMHaQRVW X 9DWUL NDR

^WR MH YH` REMD^QMHQR NDGD VH JRYRULOR R ]QDaHQMX DMHWD >WR VH WLaH PDORJ 

NDR ^WR MH PDOR SUHWYDUDQMH L NDG aRYMHN NDCH >WR MH KWLR $OODK L WL LOL NDG NDCH

1HPDP QLNRJ RVLP $OODKD L WHEH L WRPH VOLaQR RYR QH L]YRGL L] YMHUH D GREUD L OR^D

GMHOD LGX QD YDJX


#(  68 "31 #  , ( ,(  ( (   9;
A *"
#, # ,&( *-@JYI@c@dB@cfaMnA@ & " "$**(1  %(
%% $(( ,"((.   !!8 " $ &"1 # 1 ,- &( 
*,"$& A  & , & ( & , & (% & ( A (&  $$*(
(%   7 !6 ! 

  98 " #  *  $4, ( 4$ %("%3* &  *
4, %(" (%   878 :

 !

 **     (*


. 

+   
! 9

:
       ! 9

-
   (  . * ! 9

=
   !   !   *! 
  *
9

, *  $0  2 9

>   !   *0 


 
 9

?
    &      
0    !  $0  

&     
0    !   2    
 


 09

@ *  * 8   * ( .    7

 !     


0 9

A        / 

^ nA@@QwBFKg `
/  &
   *
    # 
* (<2->.9

+C     * * ****     H  9

++  
      ! 

1HND MH XOHPD UHNOD 2JUDQLaLR VH QD QHJLUDQMH ^LUND MHU WR ]DKWLMHYD WHYKLG SR

QXCQRVWL ]QDaHQMD  D QMHJRYR ]DKWLMHYDQMH SRWYU_LYDQMHP SRVODQVWYD MHVWH V

REDYH]QR^`X MHU NR ]DQLMHaH $OODKRYH SRVODQLNH ]DQLMHNDR MH $OODKD D NR ]DQLMHaH

$OODKD RQ MH PX^ULN 0LVOL VH QD RQRJ NR XPUH NDR YMHUQLN X VYH RQR X ^WR MH GXCQRVW

YMHURYDWL ELOR X RS`HQLWRP LOL GHWDOMQRP VPLVOX


!6 


 D
32*/$9/-(232=,9889-(529$1-(
'$1(0$%2*$26,0$//$+$
 ABtH@FcBIkf ` D 
^hp@ABA@AYIkIL@

   ! 5** "# /         5**  


        *
    * 5**  7

     (1  B +C@.

(EX'CDIHU E 'CHULU UHNDR MH 8]YL^HQL JRYRUL 6YRMX RSRPHQX 6YRPH YMHUR

YMHVQLNX 0XKDPPHGX VDYV ^ `


^
5HFL
 WM WL 0XKDPPHGH ^`
2YR MH
 WM
SR]LY L LGHMD NRMRM SR]LYDP L SXW QD NRMHP VH QDOD]LP SR]LYDMX`L $OODKRYRM MHGQR`L L

LVNUHQRP L]UDCDYDQMX RERCDYDQMD 



1MHPX D QH ERJRYLPD L NLSRYLPD GD VH

1MHPX EXGH SRNRUQR L GD VH QDSXVWL QHSRVOX^QRVW 1MHPX ^` 3XW PRM WM PRM
SUDYDF L PRM SR]LY  ^ D  ` -D
 SR]LYDP N $OODKX WM -HGLQRPH .RML QHPD

VXGUXJD ^ Z ` ,PDMX`L MDVQH GRND]H WM MDVQH GRND]H R WRPH L VLJXUQR PRMH
]QDQMH R 1MHPX ^ ` -D L WM SR]LYDP 1MHPX LPDMX`L GRND]H L ^Y ` VYDNL


RQDM NRML PH VOLMHGL WM NR PL MH SRYMHURYDR L NR X PHQH YMHUXMH ^ ` , QHND MH

KYDOMHQ $OODK 1HND MH X]YL^HQ 1MHJRY VSRPHQ WM L UHFL RGEDFXMX`L RG $OODKD VYDNR

QHVDYU^HQVWYR L YHOLaDMX`L 1MHJD L RGEDFXMX`L GD QHNR EXGH VXGUXJ X 1MHJRYRM

YODVWL LOL GD VH QHNR GUXJL RERCDYD X 1MHJRYX FDUVWYX ^[m `  -D 1MHPX

QLNRJD QH VPDWUDP UDYQLP WM -D VH RGULaHP RG RQLK NRML 0X  aLQH MD QLVDP RG

QMLK QLWL VX RQL RG QDV 2YDM DMHW XND]XMH GD VX QMHJRYL VOMHGEHQLFL WL NRML LPDMX

GRND]H L NRML SR]LYDMX 8]YL^HQRP $OODKX 2QDM NR QLMH RG QMLK RQ QLMH RG QMHJRYLK

VOMHGEHQLND VWYDUQR L SRGXGDUQR SD PDNDU ELR MHGDQ RG QMHJRYLK VOMHGEHQLND

SULSLVLYDQMHP L WYUGQMRP 7R MH UHNDR XaHQMDN ,EQXO.DMMLP GD PX VH $OODK VPLOXMH

8]YL^HQL MH UHNDR

^ KEFcBFHhoB@dIBBOhBAF `
5HFL
0HQL MH QDUH_HQR GD VDPR $OODKD RERCDYDP L GD 1MHPX QLNRJD UDYQLP

QH VPDWUDP 1MHPX MD SR]LYDP L 1MHPX VH YUD`DP


 ;,,, 9MHURYMHVQLN VDYV L

QMHJRYL DVKDEL XVWUDMDOL VX X RQRPH ^WR LP MH $OODK QDUHGLR SR]LYDQMX L LVND]LYDQMX



 !8

1MHJRYH -HGQR`H X RERCDYDQMX L ]DEUDQMLYDQMX GD 0X VH ^LUN aLQL L ]ERJ WRJD VX

GCLKDG YRGLOL

/
5  (  .
  5** 8*  
 

*    1    E ! 


  

* 

    !    


 

    5** 

  
  
 0 5** 1
   *   

  '

$MHWD NRML WR QDUH_XMX LPD SXQR

1MHJRYH VX ULMHaL 2G ,EQ$EEDVD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN

VDYV NDGD MH VODR 0XD]D X -HPHQ UHNDR PX


7L `H^ XLVWLQX GR`L QDURGX RG HKOL

NLWDELMD SD QHND SUYR aHPX `H^ LK SR]YDWL EXGH VYMHGRaHQMH GD QHPD ERJD RVLP

$OODKD e  (KOLNLWDELMH VSRPHQXWH X RYRP KDGLVX MHVX RQL NRML VX ELOL X -HPHQX CLGRYL

L NU^`DQL 3UL WRP QMHJRYH ULMHaL ELOH VX  SD QHND SUYR aHPX `H^ LK SR]YDWL EXGH

VYMHGRaHQMH GD QHPD ERJD RVLP $OODKD 2QL VX WR L]JRYDUDOL PH_XWLP RQL QLVX ]QDOL

QMHJRYR ]QDaHQMH QD NRMH MH RQR XND]LYDOR LVNUHQR XSX`LYDQMH RERCDYDQMD VDPR

$OODKX -HGLQRP L QDSX^WDQMH RERCDYDQMD VYDNRJ PLPR 1MHJD 3UHPD WRPH QMLKRYR

L]JRYDUDQMH QHPD ERJD RVLP $OODKD QLMH LP NRULVWLOR MHU QLVX ]QDOL ]QDaHQMH RYH

L]UHNH NDR ^WR MH VOXaDM YH`LQH SRVOMHGQLK JHQHUDFLMD RYRJ XPPHWD 2QL VX MH

L]JRYDUDOL L SRUHG RQRJD ^WR VX UDGLOL RG 


X YLGX RERCDYDQMD XPUOLK RGVXWQLK

WDJXWD VYHWLOL^WD 7DNR VX aLQLOL RQR ^WR MH QHJLUD 6YRMLP YMHURYDQMHP ULMHaMX L GMHORP

XWYU_LYDOL VX  NRML MH RQD QHJLUDOD D QHJLUDOL VX  


 NRML MH RQD DILUPLUDOD 0LVOLOL VX

GD MH QMHQR ]QDaHQMH PR` LQRYLUDQMD VOLMHGH`L WDNR PXWHNHOOLPLQH VNRODVWLaDUH

SROHPLaDUH  H^DULMH L GUXJH 2YR MH WHYKLGXUUXEXELMMH NRML VX SRWYUGLOL PX^ULFL

PH_XWLP WR LK QLMH XYHOR X LVODP NDNR MH UHNDR 8]YL^HQL

^ hYlLC `   D ^
 LMFA|g@ `
5HFL
ALMD MH =HPOMD L VYH ^WR MH QD QMRM ]QDWH OL" e
 GR 1MHJRYLK ULMHaL 3D

]D^WR RQGD GRSX^WDWH GD EXGHWH ]DYHGHQL" ;;,,, , 1MHJRYH ULMHaL

^ gAtH@l@B|g@Al@ih `
^ MLB@lh@hHd `   D


8SLWDM
.R YDV KUDQL V QHED L L] ]HPOMH aLMH VX GMHOR VOXK L YLG e  GR 1MHJRYLK

ULMHaL 
 L NR XSUDYOMD VYLP"
 $OODK
 UH`L `H RQL
 D WL UHFL
3D ]D^WR *D VH RQGD QH

ERMLWH"
 ; 2YRP VOLaQLK DMHWD X .XU
DQX LPD SXQR
! 


2YDM VX WHYKLG SRWYUGLOL PX^ULFL PQRJLK QDURGD QMHJD VX SRWYUGLOL L SULSDGQLFL



X aLMH YULMHPH MH 0XKDPPHG VDYV SRVWDR SRVODQLN SD LK WR QLMH XYHOR X

LVODP MHU VX RQL ]DQLMHNDOL RQR QD ^WR XSX`XMH RYD L]UHND    D WR MH

LVNUHQR LVSRYLMHGDQMH RERCDYDQMD 



L RGEDFLYDQMH ^LUND L RGULFDQMH RG QMHJD

NDNR MH 8]YL^HQL UHNDR

AoHhp@FdIBHAH@kF@ALKAM@BA `
^ lACH@do@@@LG@cAHAHgBAxHAxHfaM

5HFL
2 VOMHGEHQLFL .QMLJH GR_LWH GD VH RNXSLPR RNR MHGQH ULMHaL L QDPD L YDPD

]DMHGQLaNH GD QLNRJ RVLP $OODKD QH RERCDYDPR GD QLNRJD 1MHPX UDYQLP QH

VPDWUDPR L GD MHGQL GUXJH SRUHG $OODKD ERJRYLPD QH GUCLPR


 SD DNR RQL QH SULVWD

QX YL UHFLWH
%XGLWH VYMHGRFL GD VPR PL PXVOLPDQL
 ,,, 2YDM MH WHYKLG WHPHOM

LVODPD D 8]YL^HQL MH UHNDR

^ nA@hQB@d@eAFF@dILBhBF@F `

6XG SULSDGD MHGLQR $OODKX D 2Q MH QDUHGLR GD RERCDYDWH VDPR 1MHJD -HGLQR MH

WR YMHUD DOL YH`LQD OMXGL QH ]QD ;,, , UHNDR MH

^ @chLCBI@dTC `

=DWR WL XSUDYL OLFH VYRMH SUHPD SUDYRM YMHUL SULMH QHJR ^WR $OODKRYRP YROMRP

QDVWXSL 'DQ NRML QLNR QH`H PR`L RGELWL ;;; , UHNDR MH 8]YL^HQL

^ I@@A@LHhpFhdX@c@eFCHe `

7R YDP MH ]DWR ^WR QLVWH YMHURYDOL NDG VH SR]LYDOR $OODKX -HGLQRP D YMHURYDOL VWH

DNR EL 0X VH QHNR GUXJL VPDWUDR MHGQDNLP 2GOXND SULSDGD MHGLQR $OODKX 8]YL^HQRP

L 9HOLNRP ;/ , UHNDR MH 8]YL^HQL ^ uA@d@B)d@At@dIA `

=DWR VDPR $OODKD RERCDYDM RGDQ 1MHJRYRM YMHUL =DU QLMH GXJ $OODKX LVSR

YLMHGDWL aLVWX YMHUX ;;;,; 6OLaQLK RYLP DMHWLPD X YH]L V REMD^QMDYDQMHP

WHYKLGD NRMHP VX SR]LYDOL SRVODQLFL L NQMLJH REMDYOMHQH X .XU


DQX LPD PQRJR 1HNH

RG QMLK `HPR VSRPHQXWL LQ^DOODK X RYRP NRPHQWDUX

1MHJRYH VX ULMHaL 3D QHND SUYR    YYHOH MHVX X DNX]DWLYX NDR

SUHGLNDW
  RG     VWDYOMHQ QDSULMHG D VYMHGRaHQMH ^HKDGHWX MH QMHQ

 !:

VXEMHNDW   VWDYOMHQ QD]DG D PRJX`H MH L REUDWQR 8 RYRP MH KDGLVX GRND] GD MH


 SUYD GXCQRVW MHU MH RQ RVQRYD YMHUH L WHPHOM GLQLLVODPD

6WDYRYL VNRODVWLND SROHPLaDUD  L RQLK NRML QMLK VOLMHGH GD MH SUYD GXCQRVW

VSR]QDWL $OODKD SURXaDYDQMHP L GRND]LYDQMHP MHVX SULURGQD XUR_HQD VWYDU NRMX MH

$OODK GDR 6YRMLP URERYLPD =ERJ WRJD MH SR]LY VYLK SRVODQLND VYRMLP QDURGLPD

RWSRaLQMDR VD WHYKLGXOLEDGH

^ FA@@dI@B `
$OODKD VDPR RERCDYDMWH YL GUXJRJ ERJD RVLP 1MHJD QHPDWH ;;,,,  WM

QHPRMWH RERCDYDWL QLNRJ GUXJRJ QHJR VDPR $OODKD 8]YL^HQL MH UHNDR

^ dIAABFFBFXFkgIAkgBA `
3ULMH WHEH QLMHGQRJ SRVODQLND QLVPR SRVODOL D GD PX QLVPR REMDYLOL
1HPD ERJD

RVLP 0HQH ]DWR 0HQH RERCDYDMWH


 ;;, , UHNDR MH 8]YL^HQL

^ |g@O@Al@h}Ao@BkgNA `
3RVODQLFL QMLKRYL VX JRYRULOL
=DU VH PRCH VXPQMDWL X $OODKD 6WYRULWHOMD QHEHVD L

=HPOMH"
 ;,9 ,PDG E .HVLU GD PX VH 8]YL^HQL $OODK VPLOXMH UHNDR MH 2YR

PRCH LPSOLFLUDWL GYD ]QDaHQMD 3UYR SRVWRML OL VXPQMD X 1MHJRYR SRVWRMDQMH" 8LVWLQX

OMXGVNH SULURGH VYMHGRaH 1MHJRYR SRVWRMDQMH L RQH VX QDGDKQXWH GD YMHUXMX X 1MHJD

3UHPD WRPH SUL]QDYDQMH 1MHJD MHVWH QXCQR NRG ]GUDYLK SULURGD 'UXJR SRVWRML OL

QHND VXPQMD X 1MHJRY   L WR GD MH GXCQRVW 


 XSX`LYDWL VDPR 1MHPX D 2Q

MH 6WYRULWHOM VYHJD ^WR SRVWRML SD SUHPD WRPH QLNR QH ]DVOXCXMH 


 RVLP 1MHJD

-HGLQRJ 1MHPX QHPD VXGUXJD 9H`LQD MH QDURGD YMHURYDOD X SRVWRMDQMH 6WYRULWHOMD

DOL VX SRUHG 1MHJD RERCDYDOL GUXJH NDR SRVUHGQLNH ]D NRMH VX PLVOLOL GD LP GRQRVH

NRULVW LOL LK SULEOLCDYDMX $OODKX

5HNDR VDP 2YD GUXJD LPSOLNDFLMD VDGUCL SUYX 3UHQRVL (EX'CDIHU E 'CHULU VD

VYRMLP VHQHGRP RG ,NULPHD 0XGCDKLGD L $PLUD GD VX UHNOL 1H SRVWRML QLNR NR QH

]QD GD JD MH $OODK VWYRULR L GD MH VWYRULR QHEHVD L =HPOMX 2YR MH QMLKRYR YMHURYDQMH

2G ,NULPHD WDNR_HU SUHQRVL VH GD MH UHNDR 3LWD^ LK NR MH VWYRULR QHEHVD L =HPOMX D

RQL RGJRYDUDMX
$OODK
7R MH QMLKRYR YMHURYDQMH D RERCDYDMX GUXJH PLPR 1MHJD

9H` MH VSRPHQXWR GD MH OD LODKH LOODKX RJUDQLaHQR .XU


DQRP L VXQQHWRP WH^NLP

XYMHWLPD RG NRMLK VX ]QDQMH VSR]QDMD  XYMHUHQMH LVNUHQRVW LVWLQROMXELYRVW OMXEDY

SULKYDWDQMH VOLMH_HQMH L QLMHNDQMH VYHJD ^WR VH RERCDYD PLPR $OODKD


!! 


'  
   5**        


    *       
   5** 

  
 ( .    
 ! 
* 

  '

.DGD VH WL XYMHWL QD_X NRG RQRJD NR JD L]JRYRUL RG RYH L]UHNH `H LPDWL NRULVWL D

XNROLNR VH QH QD_X RQGD PX QH`H NRULVWLWL /MXGL VX QD UD]OLaLWLP VWXSQMHYLPD X

QMHQRP SR]QDYDQMX L UDGX 0H_X QMLPD LPD RQLK NRMLPD NRULVWL QMHQR L]JRYDUDQMH D

LPD L RQLK NRMLPD QH NRULVWL D WR QLMH WDMQD

1MHJRYH VX ULMHaL 3D XNROLNR WL VH X WRPH SRNRUH REDYLMHVWL LK GD LP MH $OODK

XaLQLR REDYH]QLP SHW QDPD]D X WRNX VYDNRJ GDQD L QR`L 8 RYRPH MH GRND] GD VH

RG 
QH WUDCL GD REDYOMDMX QDPD] RVLP NDGD SULPH LVODP VYRMLP RVWDYOMDQMHP


 WDMQR L MDYQR 7R MH ]ERJ WRJD MHU MH LVODP XYMHW ]D LVSUDYQRVW RERCDYDQMD



 NDNR MH UHNDR )  GD PX VH $OODK VPLOXMH ^WR SDUDIUD]LUDPR 2Q

XLVWLQX XND]XMH GD ]DKWMHY ]D L]YU^DYDQMH IDU]RYD QD GXQMDOXNX QH ELYD QHJR SRVOLMH

SULKYDWDQMD LVODPD D WR QH ]QDaL GD LP RQH QLVX XSX`HQH L GD QH`H ]ERJ QMLK ND]QD

QMLPD ELWL SRYH`DQD QD DKLUHWX ,VSUDYQR MH GD VX NDILUL RVORYOMHQL GHWDOMQLP SURSLVLPD

>HULMDWD RQLP ^WR MH QDUH_HQR L RQLP ^WR MH ]DEUDQMHQR 2YR MH PL^OMHQMH YH`LQH

1MHJRYH VX ULMHaL 3D XNROLNR WL VH X WRPH SRNRUH REDYLMHVWL LK GD LP MH $OODK

XaLQLR REDYH]QRP VDGDNX  


 NRMD VH X]LPD RG QMLKRYLK ERJDWD^D L GLMHOL QMLKRYRM

VLURWLQML

8 RYRPH MH GRND] GD RG ]HNDWD QLNR QHPD NRULVWLWL RVLP RQDM NRML L]UDCDYD

$OODKRYX -HGQR`X NODQMD SHW QDPD]D SR^WXMX`L QMLKRYH XYMHWH UXNQRYH L YDGCLEH

=HNDW MH VSRMHQ VD QDPD]LPD X .QML]L 8]YL^HQRJ $OODKD 1D WX FMHOLQX XND]XMX ULMHaL

8]YL^HQRJ

^ @ceAj@@Lt@@AXd@t@@dIF@hBA `
$ QDUH_HQR LP MH GD VDPR $OODKD RERCDYDMX GD 0X LVNUHQR NDR SUDYRYMHUQL

YMHUX LVSRYLMHGDMX L GD QDPD] REDYOMDMX L GD ]HNDW GDMX D WR MH LVSUDYQD YMHUD

;&9,,, .R RYR L]YU^L L]YU^LW `H L RVWDOH UXNQRYH ]ERJ VQDJH ]RYD L PRWLYD NRML

PRWLYLUD QD WR MHU WR QXCQR L]LVNXMH QMLKRYR L]YU^DYDQMH

8]YL^HQL MH UHNDR ^ Ik@aAj@@LDt@@AB@HALG `


3D DNR VH SRNDMX L EXGX QDPD] REDYOMDOL L ]HNDW GDYDOL RVWDYLWH LK QD PLUX

,;

 !;

'           *  *

   G  


 
    
   

 %   5**    


 4*0*   
#

(QHV MH R RYRP DMHWX UHNDR 1MLKRYR SRNDMDQMH RJOHGD VH X RVWDYOMDQMX NLSRYD L

RERCDYDQMX VDPR QMLKRYD *RVSRGDUD REDYOMDQMX QDPD]D L GDYDQMX ]HNDWD 2G ,EQ

0HVXGD SUHQRVL VH NDR PHUIX KDGLV  1DUH_HQR PL MH REDYOMDQMH QDPD]D GDYDQMH



]HNDWD D NR QH GD ]HNDW QMHPX QHPD QDPD]D ,EQ=HMG MH UHNDR $OODK MH RGELR

SULPLWL QDPD] RVLP VD ]HNDWRP 8 RYRP KDGLVX WDNR_HU REMD^QMDYD VH NRPH VH

GDMH ]HNDW

1MHJRYH VX ULMHaL 3D DNR WL VH X WRPH SRNRUH QHPRM X]LPDWL QMLKRYX QDMEROMX L

QDMSOHPHQLWLMX LPRYLQX  XSR]RUDYDMX`L JD GD QH SUH_H JUDQLFX RQRJD ^WR MH SURSLVDR

$OODK L 1MHJRY 3RVODQLN X SRJOHGX ]HNDWD D WR MH GD VH RQ X]LPD RG VUHGQMH YULMHGQRJ

LPHWND MHU MH WR X]URN QMHJRYD GDYDQMD GREURGX^QR L VD LVSUDYQRP QDPMHURP 6YH

^WR MH YL^H RG SURSLVDQRJ X QMHPX QHPD QLNDNYD GREUD 2YR MH WHPHOMQL SULQFLS QD

NRML WUHED REUDWLWL SDCQMX

1MHJRYH ULMHaL AXYDM VH GRYH RQRJD NRPH MH QHSUDYGD XaLQMHQD XND]XMX GD

VOXCEHQLN NDG X]PH YL^H QHJR ^WR MH SURSLVDQR SRVWDMH ]XOXP`DU RQRPH RG NRJD MH

WR X]HR 'RYD RQRJ NRPH MH QHSUDYGD XaLQMHQD SULPD VH L QH SRVWRML L]PH_X QMH L

$OODKD SUHJUDGD NRMD VSUHaDYD QMHQR SULPDQMH


#(  89: 1"C,* # &%31"1,*   : #  *'(1 , &" A"
%,   9! # *'(1"%,* "$ & *%% A"A,  6  "1
#"**, &"(1  %&*"1  8 ; "1 # ' " & 1 "
 , (%3%3*"&%  ; ;"; ;6 *"
&(% #  %3 A %'"$$ ( $(
&  *(  *&(%( *, & *'   9 " #%"%' 4"
4(%*$ & 4"
1  !6: 1"C,* #  %3 A ,(* (1" A"%,
"&%  :  1"C,* #",1  (& & 1,*"($$  :7:: 1"C,* #
(%31"1,*  %  % (%  % 7688

$ $ ,  %3 87!6 %  $ 1$3
  
   (( % + $
&,A ,$  **  

$& $= .$$  $5*$ &. F      G    $ 3 % ,
E "* $ ,- .+ (&* & 0 &4*&  & %@  &% $
$, $5* 1% &,$ ,=   &

$& $=- .$ * 12 $  (  5%. 1= % 0  * 4
*  0 * %$
! 


7
# (% .   
D*  D
 
  5** 8*

    


  F  D     
  

 * 5**  7 8*   * 5**  7 * 5**


 

 
 D         

  *  
 
   * !*  5** 8*

   
  0*
  

 E
    &
 

5*  ) E*6 7 *    8**      



 /   * #       
  /
  
  

 ** 8  
    8* 

 
%! 

 
 8    *        

  5**  !    5**



 
! 
 5**  


  *   
# 
 1
   


8 RYRPH MH XSR]RUHQMH QD QHSUDYGX RS`HQLWR 3UHPD WRPH GXCQRVW MH

VOXCEHQLNX QDVWRMDWL ELWL SUDYHGDQ X SRVORYLPD NRML VX PX SRYMHUHQL 2Q QH VPLMH

QHSUDYGX aLQLWL X]LPDMX`L YL^H RG RQRJ ^WR MH SUDYR QLWL `H JULMH^LWL RVWDYOMDMX`L QH^WR

RG QMHJD 2Q MH GXCDQ LPDWL FLOM  SUDYGX SUHPD REMHPD VWUDQDPD D $OODK QDMEROMH ]QD

1MHJRYH VX ULMHaL 2G 6HKOD E 6DGD WM ,EQ0DOLND E +DOLGD (QVDULMD +D]UHGCLMD

6DLGLMD (EXO$EEDVD SR]QDWRJ DVKDED 2WDF PX MH WDNR_HU ELR DVKDE 8PUR MH

RVDPGHVHW RVPH JRGLQH D LPDR MH YL^H RG VWR JRGLQD

1MHJRYH VX ULMHaL 'D MH $OODKRY 3RVODQLN VDYV UHNDR X YULMHPH SRKRGD QD

+DMEHU
6XWUD `X SUHGDWL ]DVWDYX aRYMHNX NRML YROL $OODKD L 1MHJRYD 3RVODQLND L NRJD

YROL $OODK L 1MHJRY 3RVODQLN $OODK `H GDWL SREMHGX SRG QMHJRYLP YRGVWYRP e 
GR

NUDMD KDGLVD 8 QMHPX MH UDGRVQD YLMHVW R SREMHGL D WR MH MHGDQ RG ]QDNRYD

YMHURYMHVQL^WYD 'HVLOR VH RQDNR NDNR MH REDYLMHVWLR $OODKRY 3RVODQLN VDYV

1MHJRYH VX ULMHaL .RML YROL $OODKD L 1MHJRYD 3RVODQLND >HMKXOLVODP MH UHNDR

2YDM RSLV QLMH SRVHEDQ VDPR ]D $OLMX QLWL ]D LPDPH MHU XLVWLQX $OODKD L 1MHJRYD


#(  69 6 "3(% # %"$$ ( $( &  " &"&&*
 8BB9 # A%    $%$( %3  8;B H A%"( # ,  
"
 %$( (  6B "1  1&* $   6 B! H%"
( #  A%   "
 %$( ( (%   :7888 $& $=
.E&( %&. F G 1= %  * E& %&    $&%$ *, ,% %
$ %$ 5$ ,% &  &$%* =  *  5*$ 4* &%$ % $(

 !9

3RVODQLND YROL VYDNL ERJRERMD]QL YMHUQLN 0H_XWLP RYDM KDGLV MH QH^WR QDMEROMH ^WR VH

X]LPD NDR GRND] SURWLY SURWLYQLND $OLMH NRML JD QLVX SUL]QDOL LOL JD SURJOD^DYDMX

QHYMHUQLNRP LOL SUHVWXSQLNRP NDR ^WR VX KDULGCLMH 0H_XWLP RYDM GRND] QLMH

RVWYDUOMLY SUHPD VKYDWDQMX UDILGLMD NRML NDCX GD VX WHNVWRYL NRML JRYRUH R YULMHGQRVWL

DVKDED L]UHaHQL SULMH QHJR VX VH RQL RGPHWQXOL RG LVODPD 'DNOH L KDULGCLMH LVWR NDCX

]D $OLMX PH_XWLP WR MH QHLVSUDYQR EDWLO  8LVWLQX $OODK L 1MHJRY 3RVODQLN QH XSX`XMX

VOLaQX SRKYDOX RQRPH ]D NRJD $OODK ]QD GD `H XPULMHWL NDR QHYMHUQLN 8 QMHPX MH

WDNR_HU SRWYU_HQR VYRMVWYR OMXEDYL $OODKX ]D UD]OLNX RG GCHKPLMD L RQLK NRML VX X]HOL

RG QMLK 8 QMHPX VH VSRPLQMH MR^ MHGQD YULMHGQRVW $OLMH UD WLPH ^WR MH SRVHEQR

QMHPX GDR ]DVWDYX L GD RQ SR]RYH VWDQRYQLNH +DMEHUD X LVODP WH GD VH SURWLY QMLK

ERUL XNROLNR QH SULKYDWH 1MHPX VX VH UD X ERUEL V QMLPD GHVLOL PQRJL NHUDPHWL NRML

VX VSRPHQXWL X NQMLJDPD NRMH JRYRUH R ELWNDPD L YRMQLP SRKRGLPD 8 QMHPX MH

GRND] R SURSLVDQRVWL GD
YH X LVODP NRMHP MH RVQRYD VYMHGRaHQMH GD QHPD ERJD RVLP

$OODKD MHU MH 8]YL^HQL UHNDR

^ h@hAHhC@FdBM `
, QHND PH_X YDPD EXGH RQLK NRML `H QD GREUR SR]LYDWL L WUDCLWL GD VH aLQL GREUR

D RG ]OD RGYUD`DWL ,,,

1MHJRYH VX ULMHaL 7DGD MH RQ XSLWDR


*GMH MH $OL E (EX7DOLE"

1MHJD EROH RaL


UHaHQR MH $XWRU GD PX VH 8]YL^HQL $OODK VPLOXMH UHNDR MH 8 RYRP VH XND]XMH QD

YMHURYDQMH X RGUH_HQMH MHU MX MH GRELR RQDM NR QLMH QDVWRMDR D QLVX MH GRELOL RQL NRML VX

QDVWRMDOL

1MHJRYH VX ULMHaL 3RVODOL VX SR QMHJD WM 9MHURYMHVQLN VDYV SRVODR MH NR `H

PX JD GRYHVWL 8 0XVOLPRYRP 6DKLKX VSRPLQMH VH GD MH RQDM NRML JD MH GRYHR ELR

6DG E (EX9HNNDV UD D ,MDV E 6HOHPH SUHQRVL RG VYRJD RFD GD MH RQDM NRML JD MH

GRYHR ELR 6HOHPH UD

1MHJRYH VX ULMHaL 2Q PX MH SOMXFQXR X RaL   


 WM   SOMXFQXR MH 

1MHJRYH VX ULMHaL , SURXaLR PX GRYX 2]GUDYLR MH    MHVWH VD   QD VORYX


L   WM R]GUDYLR MH X SRWSXQRVWL LVWRJ PRPHQWD ]ERJ GRYH 9MHURYMHVQLNRYH

VDYV NDR ^WR MH QDYHGHQR X KDGLVX 2Q MH SURXaLR GRYX L ELOR PX MH XVOL^DQR 8

RYRPH MH MHGDQ RG ]QDNRYD YMHURYMHVQL^WYD 6YH MH WR ELOR X LPH $OODKD L RG $OODKD

-HGLQRJ D 2Q MH 7DM .RML YODGD ^WHWRP L NRULVWL GDYDQMHP L XVNUD`LYDQMHP QHPD

ERJD RVLP 1MHJD L QHPD *RVSRGDUD PLPR 1MHJD


;B 


1MHJRYH ULMHaL ,GL XQIX] MHVX VD GDPPRP QD VORYX ID L KHP]HWX 3RODKNR

1DUHGLR PX MH GD SUHPD QMLPD SXWXMH GRVWRMDQVWYHQR L SRODKNR 'RN QH GR_H^ X

QMLKRYR SRGUXaMH (V6DKD SRGUXaMH MH RQR ^WR MH EOL]X QMLKRYLK XWYU_HQMD

1MHJRYH VX ULMHaL 3RWRP LK SR]RYL X LVODP 2YR MH GRND] L VYMHGRaDQVWYR XYRGD

2YDNR WUHED SULSDGQLFLPD LVODPD QDPMHUD VD QMLKRYLP GCLKDGRP ELWL XSXWD OMXGLPD X

LVODP L XOD]DN X QMHJD 3UHWSRVWDYOMHQLP RYR WUHED ELWL QMLKRY RVORQDF QMLKRYD

QDPMHUD L FLOM >HMKXOLVODP MH UHNDR 'LQLLVODP MHVWH RQR V aLPH MH $OODK ]DGRYROMDQ L

VD aLPH MH SRVODR 6YRMH SRVODQLNH 7R MH SUHGDQMH $OODKX -HGLQRP 3UHPD WRPH

QMHJRY MH WHPHOM X VUFX L SRNRUQRVWL $OODKX -HGLQRP VD VYRMLP RERCDYDQMHP D QH

QHNRP GUXJRP PLPR 1MHJD 3UHPD WRPH RQDM NR EXGH RERCDYDR 1MHJD L SRUHG

1MHJD RERCDYDR QHNRJ GUXJRJ ERJD RQ QLMH PXVOLPDQ 2QDM NR VH X]KROL L RGELMH GD

*D RERCDYD QL RQ QLMH PXVOLPDQ >WR VH LPDQD WLaH RQ X RVQRYL ]QDaL YMHURYDQMH

VUFD QMHJRYR SRWYU_LYDQMH L VSR]QDMD

1MHJRYH VX ULMHaL , REDYLMHVWL LK NDNYH REDYH]H RQL LPDMX SUHPD $OODKX

8]YL^HQRP WM R RQRP ^WR MH 2Q RGUHGLR L SURSLVDR RG SUDYD 





 QHPD
ERJD RVLP $OODKD  2YR XSX`XMH GD VX GMHOD VDVWDYQL GLR LPDQD YMHURYDQMD  ]D

UD]OLNX RG H^DULMD L PXUGCLMD NRML NDCX GD MH LPDQ L]JRYDUDQMH ULMHaLPD L PLVOH GD MH

LPDQ VDPR YMHURYDQMH VUFHP  D RVWDYLOL VX RQR QD ^WR XND]XMH .XU


DQ L VXQQHW MHU

YMHUD MH RQR ^WR MH $OODK QDUHGLR LOL ]DEUDQLR GD VH UDGL 8 QMHPX MH RGJRYRU PX^UL

FLPD NRML ]D ^LUN X]LPDMX GRND]H  


 
MHU RQL XND]XMX QD QMLKRYX YULMHGQRVW

9R_L SUDYRYMHUQLK $OLML UD GHVLOR VH RG  



^WR QLMH QLNRP GUXJRP 2Q MH GDR

GD VH LVNRSDMX NDQDOL X NRMLPD MH SRWSDOLR YDWUX L GDR GD VH X QMLK EDFL VYDNR NR MH

SUHWMHUDR X YHOLaDQMX QMHJD LOL MH YMHURYDR QH^WR RG RQRJD ^WR VX YMHURYDOL RYL  R
(KOLEHMWX L GUXJLPD 2Q MH WDNR SRVWDR PH_X VYLP DVKDELPD RQDM NRML MH QDMYL^H

EMHCDR RG 
L ELR QDMVWURCLML SUHPD RQLPD NRML VX  SRaLQLOL WDNR GD LK MH aDN X

YDWUL VSDOLR

,VWR WDNR 2PHU E +DWWDE UD SRUHG WRJD ^WR VX PX VH GHVLOL PQRJL  
 
SRVWDR MH PH_X DVKDELPD QDMGDOML RG ^LUND L RQRJD ^WR YRGL ND QMHPX 2YL VX QDMEROML

PH_X RQLPD NRML VX LPDOL  


 


%- H*(" 676!;"6;8 ***"*%% # (,"*%% &"*%%

 ;

7R ^WR VX LPDOL NHUDPHWH VDPR LP MH XYH`DOR VQDJX X  L R^WULQL SURWLY

SULSDGQLND 
L ]DMHGOMLYH NULWLNH NDR ^WR VH GHVLOR 2PHUX UD NDGD MH WUDCLR RG (O

$EEDVD GD GRYL ]D NL^X L SULOLNRP SRNULYDQMD 'DQLMHORYRJ PH]DUOXND NDGD VX JD

DVKDEL QD^OL X +XUPX]DQRYRM EODJDMQL ,VWR WDNR  VX SRVODQLFLPD SRYH`DYDOH

VQDJX X SR]LYDQMX X  L R^WULQX SUHPD VOMHGEHQLFLPD ^LUND VXSURWVWDYOMDQMX QMLPD

PX^ULFLPD L ERUEL SURWLY QMLK 0H_XWLP WUHED ]QDWL GD VH PRJX GHVLWL ^HMWDQVND

VWDQMD RQRPH NLP MH ^HMWDQ RYODGDR SD JD MH GRYHR GD ]DERUDYL VSRPLQMDQMH VYRJD

*RVSRGDUD D WR PRJX ]DPLMHQLWL L SRPLMH^DWL NRG RQLK NRML QH ]QDMX NRML VX VH XSXVWLOL

X  L PLVOH GD VX WR  
  D WR MH XVWYDUL RG UXCQLK ^HMWDQVNLK GMHOD L QMHJRYR

]DYR_HQMH X ]DEOXGX RQLK NRML QH ]QDMX UDVSR]QDWL LVWLQX RG QHLVWLQH 8]YL^HQL MH

UHNDR 6YRPH YMHURYMHVQLNX 0XKDPPHGX VDYV

^ Ml@hsFFXBfAHlMkA `
=DWR VH GUCL RQRJD ^WR WL VH REMDYOMXMH MHU WL VL XLVWLQX QD 3UDYRP SXWX

;/,,, 7DNR_HU GXCQRVW MH VYDNRP WUDCLWL LVWLQX X .XU


DQX SURXaDYDMX`L JD MHU RQ

MH XLVWLQX 3UDYL SXW L QH WUHED VH RNUHWDWL ND RQRPH ^WD MH ^HMWDQ XNUDVLR NDR ^WR VX

]DYDUDQL ELOL RQL NRML VX ELOL ]DYDUDQL X RYRP XPPHWX L SULMH QMHJD

1MHJRYH VX ULMHaL , REDYLMHVWL LK NDNYH REDYH]H RQL LPDMX SUHPD $OODKX

8]YL^HQRP 8 RYRPH VH JRYRUL R L]YU^DYDQMX IDU]RYD QD ^HULMDWVNL RGUH_HQ QDaLQ L

]DEUDQL GD VH SUHOD]H JUDQLFH NRMH MH $OODK SRVWDYLR L]PH_X GRSX^WHQRJ L

]DEUDQMHQRJ D WR MH RG LPDQD +DODO MH RQR ^WR MH $OODK GRSXVWLR KDUDP RQR ^WR MH

$OODK ]DEUDQLR D YMHUD MH RQR ^WR MH $OODK SURSLVDR 3D NDGD SULKYDWL LVODP NRML MH

 L  
 SD GRSX^WD RQR ^WR MH 8]YL^HQL $OODK GRSXVWLR D ]DEUDQMXMH RQR ^WR MH

8]YL^HQL $OODK ]DEUDQLR WR QDUH_XMH L ]D WR VH ERUL RQ MH WDG XUDGLR ^WR MH GXCDQ D

$OODK MH 7DM .RML XVSMHK GDMH

1MHJRYH VX ULMHaL -HU WDNR PL $OODKD 8 RYRPH MH GRND] GD MH GRSX^WHQR

]DNOHWL VH QD IHWYX NRMX GDMH 1MHJRYH VX ULMHaL 'D EXGH^ X]URN GD $OODK XSXWL

MHGQRJ aRYMHND EROMH WL MH RG FUYHQLK GHYD 


 %  MH VD VXNXQRP QD

VORYX PLP &UYHQH VX GHYH QDMYUHGQLML LPHWDN NRG EHGXLQD


#(  BB "*, # " " 1 ,(*  8;B H%"(* #
1,"   %"** %$( (  (% %  
;6 


 **     (*


. 

+
    5**     *
  (5**.9

:       (*.    *  


   

      9

-
  ( .
 
09

= 

  
   
     
#  

 ! 5**  


9

,
  
0 !   
   
 5** 9

>  0
*  * 
 ! 
   


   !   9

?
  
 
0 (
0.9

@
           9

A
     
** (
 0 5** 1
 . 

!

    5**9

+C
  0  
 * 
  (  !
.

  *   *    


9

++   0   


9

+:   0    09

+- 
 
* 9

+= * *     9

+,   ( .  


 9

+>   
 *     
 9

+? 
    *9

8 RYRPH MH SRGVWLFDM SR]LYDQMX $OODKX L WUDCHQMX XSXWH ]D RQRJD NRJD $OODK

KWMHGQH XSXWLWL NDNR EL RQDM NRML SR]LYD QD LVWLQX GDLMD SRVWLJDR RYX YHOLNX YULMHGQRVW

XSXWRP RQRJ NR VH XSXWL RNUHQXR 3UHPD WRPH QH WUHED ]DSRVWDYOMDWL RYH YLVRNH

]DKWMHYH D $OODK MH 7DM .RML XVSMHK GDMH

1MHJRYH ULMHaL     WM   UDVSUDYOMDMX  $XWRU GD PX VH 8]YL^HQL

$OODK VPLOXMH REMDVQLR MH ]QDaHQMH RYH ULMHaL GD VH RYGMH PLVOL QD UDVSUDYX RQLK NRML

VX aXOL ]D RYR GREUR L CHOH GR QMHJD GR`L



 ;8

+@ 

  
   ! 
* *
 *  *

* ( 
. 
  *
  *9

+A   $   '  


 
  !

9

:C  * #   


  
  % 9

:+  
 5* 9

::  
    *        


 
9

:-   


%   
      0   

      09

:= * 
   *9

:,   *    9

:>
      0             

  
*9

:?    
!     /     

 9

:@   5**


0!   * 9

:A  
     
    
 9

-C *  B 


; 


 Z
32*/$9/-(2780$A(1-8 =1$A(1-8 7(9+,'$,
69-('2A(1-$'$1(0$%2*$26,0$//$+$ 

^ KhBBk@HgFMIdf@B ` D 

   ! 5** /   *  0 


  &


  *0  


   *0' ()*  ,?.

3RJODYOMH R WXPDaHQMX ]QDaHQMD 


L VYMHGRaHQMD GD QHPD ERJD RVLP

$OODKD

2YR MH REOLN YH]LYDQMD YRGLaD ULMHaL ]D ]QDaHQMH MHU MH  ]QDaHQMH RYH

YHOLNH L]UHNH D WR SRVWDMH MDVQR V DMHWLPD L KDGLVLPD NRMH MH QDYHR L X NRMLPD LPD MR^

YL^H REMD^QMHQMD L RWNULYDQMX ^WR MH RG WRJD QHMDVQR L XVSRVWDYOMDQMX GRND]D SURWLY

RQRJD NR QDVWRML GRYHVWL X ]DEOXGX X SRJOHGX ]QDaHQMD 





 RG QH]QDOLFD

L EH]ERCQLND

1MHJRYH VX ULMHaL , ULMHaL 8]YL^HQRJ $OODKD

^ KhBBk@HgFMIdf@B `

2QL NRMLPD VH PROH WUDCH QDaLQ GD VH *RVSRGDUX VYRPH SULEOLCH  NRML RG QMLK `H

ELWL QDMEOLCL
 WM RQL VX WL NRML SR]LYDMX SULSDGQLNH ^LUND RG RQLK NRML QHPDMX PR`L GD

RWNORQH ^WHWX QLWL GD MH SUHXVPMHUH RG PHOHND YMHURYMHVQLND GREULK OMXGL NDR ^WR MH

0HVLK ,VD DV  QMHJRYD PDMND L 8]HMU 1MLKRYD MH YMHUD WHYKLG ]D UD]OLNX RG RQLK NRML

VX QMLK PROLOL PLPR $OODKD D NRMH MH 2Q RSLVDR ULMHaLPD

^ KhBBk@HgFMI `
WUDCH QDaLQ GD VH *RVSRGDUX VYRPH SULEOLCH  NRML RG QMLK `H ELWL QDMEOLCL 2QL

WUDCH GD VH SULEOLCH $OODKX LVNUHQR^`X 1MHPX SRNRUQR^`X 1MHPX X RQRPH ^WR MH

QDUHGLR L RVWDYOMDQMHP RQRJ ^WR MH ]DEUDQLR 1DMYH`H aLPH VH PRCH SULEOLCLWL MHVWH

WHYKLG V aLP MH $OODK SRVODR 6YRMH YMHURYMHVQLNH L SRVODQLNH L REDYH]DR LK GD SR

QMHPX UDGH L GD QMHPX SR]LYDMX 2YR MH WR ^WR LK SULEOLCDYD $OODKX WM 1MHJRYRP

RSURVWX L ]DGRYROMVWYX 2Q MH WR RSLVDR 6YRMLP ULMHaLPD



 ;:

^ H@fAMgTh `
, QDGDMX VH PLORVWL 1MHJRYRM L SOD^H VH ND]QH 1MHJRYH ;9,, 3UHPD WRPH

RQL VH QH X]GDMX X ELOR NRJD RVLP X 1MHJD L QH ERMH VH RVLP 1MHJD D WR MH 1MHJRY

SUDYL  MHU LK WR VSUHaDYD RG 


L L]LVNXMH NRG QMLK SRCXGX ]D $OODKRYRP

PLOR^`X L EMHCDQMH RG 1MHJRYH ND]QH 2QDM NRML QMLPD SR]LYD GRN MH RYDNYR VWDQMH

REUQXR MH VWYDU L ]DWUDCLR RG QMLK RQR ^WR VX RQL QLMHNDOL SULGUXCLYDQMH $OODKX X

QMLKRYRM GRYL RQLPD NRMLPD VX GRYX XSX`LYDOL PLPR $OODKD 8 WRP MH VPLVOX ]QDaHQMH

1MHJRYLK ULMHaL

^ hpHhA@ `
1D 6XGQMHP `H GDQX SRUH`L GD VWH LK 1MHPX UDYQLP VPDWUDOL ;;;9 L

1MHJRYH ULMHaL

^ hALcAIH@A@dB@AnA@hpX@eF `
.DGD OMXGL EXGX VDEUDQL RQL `H LP ELWL QHSULMDWHOML L SRUH`L `H GD VX LK RERCDYDOL

;/9, 8 QMHPX MH RGJRYRU RQRPH NR WYUGL GD ^LUN SULGUXCLYDQMH PX^ULaNL ELYD

VDPR RERCDYDQMHP NLSRYD 2YLP MH DMHWRP REMD^QMHQR GD MH 8]YL^HQL $OODK XNRULR

RQRJ NR GRYX XSX`XMH QHNRP GUXJRP SRUHG 1MHJD RG YMHURYMHVQLND GREULK OMXGL

PHOHND L RQLPD NRML VX PDQMH YULMHGQL RG QMLK WH GD MH ]D]LYDQMH XPUOLK L RGVXWQLK GD

GRQHVX NRULVW LOL RWNORQH ^WHWX YHOLNL  YHOLNR SULGUXCLYDQMH  NRML $OODK QH RSUD^WD L

GD WR QHJLUD RQR QD ^WR XND]XMH ULMHa LVNUHQRVWL    


  3D UD]PLVOL R RYRP

YHOLNRP DMHWX L ELW `H WL UD]MD^QMHQ WHYKLG L RQR ^WR JD QHJLUD RG ^LUND L ]DMHGOMLYH

NULWLNH 2Q MH ]DLVWD REMDYOMHQ SRYRGRP RQLK NRML VX RERCDYDOL PHOHNH 0HVLKD ,VDD

DV  QMHJRYX PDMNX L 8]HMUD 1D QMLK VH PLVOL X 1MHJRYLP ULMHaLPD

^ hx@pcMif@@c@ `
5HFL
0ROLWH VH RQLPD NRMH SRUHG 1MHJD VPDWUDWH ERJRYLPD DOL YDV RQL QH`H

PR`L QHYROMH RVORERGLWL QLWL MH L]PLMHQLWL


 ;9,, 3RWRP MH 8]YL^HQL REMDVQLR GD VX

VH RYL PX^ULFL UD]L^OL VD YMHURP RQLK NRMH VX PROLOL SD MH UHNDR

KhBBk@HgFMIdf@B

2QL NRMLPD VH PROH WUDCH QDaLQ GD VH *RVSRGDUX VYRPH SULEOLCH  NRML RG QMLK `H

ELWL QDMEOLCL 2Q MH VWDYLR QDSULMHG RQH QD NRMH VH WR RGQRVL MHU WR R]QDaDYD

REXKYDWDQMH L RJUDQLaHQMH =QDaL WUDCH QDaLQ GD VH *RVSRGDUX VYRPH SULEOLCH QH


;! 


QHNRP GUXJRP D QDMX]YL^HQLML QDaLQ NRML YRGL $OODKX MHVWH  VD NRMLP MH $OODK

SRVODR 6YRMH YMHURYMHVQLNH L SRVODQLNH L VWYRULR VWYRUHQMD UDGL QMHJD

-HGDQ RG QDaLQD SULEOLCDYDQMD MHVWH L SULEOLCDYDQMH 1MHJRYLP LPHQLPD L VYRMVWYL

PD NDR ^WR MH UHNDR 8]YL^HQL

^ AHcAl@A@ `
$OODK LPD QDMOMHS^D LPHQD L YL *D ]RYLWH QMLPD 9,, , NDR ^WR MH SUHQHVHQR

X WUDGLFLRQDOQLP ]LNURYLPD X NRMLPD VH 3RVODQLN VDYV X GRYDPD SRPR`X QMLK

SULEOLCDYDR $OODKX NDR ^WR VX QMHJRYH ULMHaL $OODKX RG 7HEH XLVWLQX WUDCLP 7HEL

]DLVWD SULSDGD VYD KYDOD 1HPD ERJD RVLP 7HEH 7L VL 2QDM .RML GDMH 6WYRULWHOM

QHEHVD L =HPOMH R 7L 9HOLaDQVWYHQL L 3OHPHQLWL e 


  L QMHJRYH ULMHaL $OODKX RG 7HEH

XLVWLQX WUDCLP 7L VL XLVWLQX $OODK 1HPD ERJD RVLP 7HEH 7L VL -HGDQ 2QDM .RML MH

XWRaL^WH VYDNRP 1LMH URGLR L UR_HQ QLMH , QLNR 0X UDYDQ QLMH L RVWDOD GREUD GMHOD X

NRMLPD QLMH SRPLMH^DQ  3UHPD WRPH SULEOLCDYDQMH $OODKX ELYD V RQLP ^WR 2Q YROL L

aLP MH ]DGRYROMDQ D QH VD RQLP ^WR 2Q PU]L L ^WR RGELMD RG 


 RG aHJD MH 6HEH

SURJODVLR aLVWLP VYRMLP ULMHaLPD hpA@AYIk

2Q MH L]QDG RQLK NRMH 0X UDYQLP VPDWUDMX /,,  L 1MHJRYLP ULMHaLPD

hp@ABA@AYIk

, QHND MH KYDOMHQ $OODK MD 1MHPX QLNRJD QH VPDWUDP UDYQLP ;,, ,

1MHJRYH ULMHaL X NRUHQMX RQLK NRML VX X]HOL VHEL SRVUHGQLNH 5HFL

hpAALAYIk|g@O@Al@A@ILB


.DNR GD $OODKX ND]XMHWH GD QD QHEHVLPD L QD =HPOML SRVWRML QH^WR D 2Q ]QD GD

QH SRVWRML
1HND MH KYDOMHQ 2Q L YUOR YLVRNR L]QDG RQLK NRMH VPDWUDMX 1MHPX UDYQLP

; 6OLaQLK RYLP DMHWLPD LPD GRVWD X .XU


DQX 2Q QDUH_XMH 6YRMLP URERYLPD GD


 &%   9: "<* #%"%
1  8:8 %"&* # , B9  87:6
"<(& #%"% %1"1, (% 876B "%3%3  8: %   " 
,,*  $ , (( # 686 &% , 7:B8 :B  < $  3 C(  5&
$ ,,  , $( %&$E

"&%   96 "<* #%"%'
1  6 ; %"&* #  %3 A %3%"
%&*  ( ( $( &  "%3%3  8:; (%  % :78!B +&
$ (( (% "   $ *,2 ,,* , ((  688  , 7:B  < $ 
3 C(
 $ (% % #$%   $& *,*  % $ $&$, & = ,
=&$, ,, ,3- . ( %
 * *3 .e

 ;;

LVNUHQR XSX`XMX RERCDYDQMH VDPR 1MHPX L ]DEUDQMXMH LP RERCDYDQMH QHNRJ PLPR

1MHJD L YHOLaD 6YRMX ND]QX NDNR VH GHVLOR QDURGLPD NRML VX JRYRULOL GD MH ODC RQR ^WR

VX LP GRQLMHOL SRVODQLFL RG 
L ]DEUDQH 


^ hf@F)dILA@hHFH@hHFAeF ` 


 7   5 
   #    
 7

 !     0  0  /   

  () 4  B :>:?.

$OODK LP MH GDR RQR ^WR LP MH GDR NDR ^WR VH GHVLOR 1XKRYRP QDURGX $GX

6HPXGX L QMLPD VOLaQLP 2QL VX VH XLVWLQX VXSURWVWDYLOL SRVODQLFLPD X RQRPH ^WR VX

LP RQL QDUHGLOL RG 
L XKYDWLOL VX VH 
L UHNOL 1XKX

Bh@cAHAe@gBf@FIL@@hA

, GD WH EH] LNDNYD UD]PL^OMDQMD VOLMHGH VDPR RQL NRML VX QLNR L QL^WD PH_X QDPD

;, , UHNOL VX +XGX

AAMDgAMHAIHAMTA

1LVL QDP QLNDNDY GRND] GRQLR L PL QD VDPX WYRMX ULMHa QH`HPR QDSXVWLWL

ERCDQVWYD QD^D PL WHEL QH YMHUXMHPR e  ;, L DMHWL NRML VOLMHGH 6DOLKX VX UHNOL

AAHDdIAdIBAALB@fI@ThANd

7L VL PH_X QDPD SULMH RYRJD FLMHQMHQ ELR =D^WR ]DEUDQMXMH^ GD RERCDYDPR RQR

^WR VX SUHFL QD^L RERCDYDOL" ;, >XDMEX VX UHNOL

AAHDdIABhCLLsB

'D OL YMHUD WYRMD WUDCL RG WHEH GD QDSXVWLPR RQR ^WR VX SUHFL QD^L RERCDYDOL

;, 5D]PLVOL R RYRPH ^WR MH $OODK 8]YL^HQL ND]DR X 6YRMRM NQML]L R RQRPH aHPX

VX SR]LYDOL SRVODQLFL L ^WD VH GHVLOR RQLPD NRML VX LP RGELOL SRVOX^QRVW $OODK MH

8]YL^HQL XLVWLQX QMLPH XVSRVWDYLR GRND] SURWLY VYDNRJ PX^ULND VYH GR .LMDPHWVNRJ

GDQD >WR VH WLaH RQRJ ^WR VH SUHQRVL RG ,EQ0HVXGD X SRJOHGX DMHWD 1HNL OMXGL VX

RERCDYDOL QHNH GCLQH SD VX GCLQL SULPLOL LVODP D RYL VX VH RVWDOL GUCDWL VYRMH YMHUH

UHNDR VDP 2YR QLMH X VXSURWQRVWL V RQLP ^WR MH SUHWKRGQR UHaHQR MHU MH RYDM DMHW

GRND] SURWLY VYDNRJ NR EXGH XSX`LYDR GRYX SRUHG $OODKD QHNRP GREURP L] SUYLK LOL

]DGQMLK JHQHUDFLMD NDNR MH WR UHNDR ^HMKXOLVODP ,EQ7HMPLMH GD PX VH $OODK 8]YL^HQL

VPLOXMH X YH]L V RYLP DMHWRP 6YD VX RYD PL^OMHQMD LVWLQD MHU DMHW XLVWLQX REXKYDWD
; 


VYDNRJ aLML MH ERJ $OODKRYR VWYRUHQMH EH] RE]LUD GD OL VH UDGLOR R PHOHNLPD GCLQLPD

LOL OMXGLPD

1MHJRYH VX ULMHaL

^dkG hf@F)dILA@hHFH@hHFAeF@

^---@cAHAHgBAIggAIXB@f@@

 7   /  


5**      

 ' ()E -+.

$ NDG ,EUDKLP UHaH RFX VYRPH L QDURGX VYRPH


1HPDP MD QL^WD V RQLPD NRMH YL

RERCDYDWH MD RERCDYDP VDPR 2QRJD .RML PH MH VWYRULR MHU `H PL 2Q GRLVWD QD

SUDYL SXW XND]DWL DMHWL ,]UHND R NRMRM VH JRYRUL  SR NRQVHQ]XVX XaHQMDND MHVWH 




 2 QMRM VH 3ULVQL SULMDWHOM ,EUDKLP DV L]UD]LR QMHQLP CHOMHQLP

]QDaHQMHP WDNR GD VH ]D RQR ^WR RQD QHJLUD L]UD]LR ULMHaLPD d^ILA^@h^H^F

1HPDP MD QL^WD V RQLPD NRMH YL RERCDYDWH D R RQRP ^WR RQD SRWYU_XMH ULMHaLPD

hf@F VDPR 2QRJD .RML PH MH VWYRULR 7DNR MH RERCDYDQMH RJUDQLaLR QD

$OODKD -HGLQRJ L RGEDFLR JD RG ELOR NRJD GUXJRJ PLPR 1MHJD VYRMLP RGULFDQMHP RG

WRJD .DNR MH WR VDPR GLYQR L YHOLNR WXPDaHQMH ]D RYX L]UHNX ,PDG E .HVLU UHNDR MH

]D 1MHJRYH ULMHaL  IAHAT

2Q XaLQL ULMHaL WHYKLGD WUDMQLP ]D SRWRPVWYR VYRMH ;/,,,  2YD MH L]UHND

RERCDYDQMH $OODKD -HGLQRJ .RML QHPD VXGUXJD L QDSX^WDQMD VYHJD PLPR 1MHJD NDR

^WR VX WR NLSRYL 7D L]UHND MH 





 2Q MX MH XaLQLR WUDMQRP ]D SRWRPVWYR

VYRMH GD VH ]D QMLP X QMRM SRYRGH RQL NRMH $OODK XSXWL L] SRWRPVWYD ,EUDKLPD DV

Th

GD EL VH RGD]YDOL WM QMRM ,NULPH 0XGCDKLG 'DKKDN .DWDGH 6XGGL L GUXJL UHNOL

VX R 1MHJRYLP ULMHaLPD IAHAT

2Q XaLQL ULMHaL WHYKLGD WUDMQLP ]D SRWRPVWYR VYRMH ]QDaL 





 `H

RVWDWL X QMHJRYRP SRWRPVWYX NRG RQLK NRML WR EXGX L]JRYDUDOL 5LMHaL 8]YL^HQRJ

@cAHAHgBAIggAIXB@f@

2QL SRUHG $OODKD ERJRYLPD VPDWUDMX VYH`HQLNH VYRMH L PRQDKH VYRMH e 

,; 6YH`HQLFL RYGMH R]QDaDYDMX XaHQH OMXGH D PRQDVL VX LVSRVQLFL 2YDM DMHW

SURWXPDaLR MH $OODKRY 3RVODQLN VDYV $GLMX E +DWLPX 7R VH GHVLOR NDG PX MH RQ



 ;9

GR^DR NDR PXVOLPDQ 8^DR MH $OODKRYRP 3RVODQLNX VDYV L RQ PX MH SURXaLR RYDM

DMHW $GLM MH UHNDR 2QL LK XLVWLQX QLVX RERCDYDOL 5HNDR MH $OHMKLVVHODP 

1DSURWLY RQL VX LP XLVWLQX ]DEUDQLOL RQR ^WR MH GRSX^WHQR D GRSXVWLOL RQR ^WR MH

]DEUDQMHQR L RQL VX LK X WRPH VOLMHGLOL

7R MH QMLKRYR RERCDYDQMH QMLK =DELOMHCLOL VX JD $KPHG L 7LUPL]L NRML MH UHNDR GD

MH
  ]DWLP $EG E +XPHMG ,EQ(EL+DWLP L 7DEHUDQL SUHNR YL^H ODQDFD

SUHQRVLODFD 6XGGL MH UHNDR 6DYMHWH VX WUDCLOL RG OMXGL D $OODKRYX NQMLJX ]DEDFLOL VX

]D VYRMD OH_D L ]ERJ WRJD MH 8]YL^HQL UHNDR

hpAAYIkFF@dX@AF@dIF@hBA

 e D QDUH_HQR LP MH GD VDPR -HGQRJ %RJD RERCDYDMX  QHPD ERJD RVLP 1MHJD

2Q MH YUOR YLVRNR L]QDG RQLK NRMH RQL 1MHPX UDYQLP VPDWUDMX ,; 7R MH SRVWDOR

RERCDYDQMH QMLK L WLPH VX RQL SRVWDOL QMLKRYL ERJRYL PLPR $OODKD D 2Q MH 8]YL^HQL

UHNDR

lMBeFdHhAHhCBAHAHgBI@@@faMLBhC

2Q YDP QH`H QDUHGLWL GD PHOHNH L YMHURYMHVQLNH ERJRYLPD VPDWUDWH =DU GD YDP

QDUHGL GD EXGHWH QHYMHUQLFL QDNRQ ^WR VWH SRVWDOL PXVOLPDQL" ,,,

1MHJRYH VX ULMHaL hH@[l@ L 0HVLKD VLQD 0HUMHPLQD ,;  WM X]HOL VX JD

]D JRVSRGDUD WLPH ^WR VX JD RERCDYDOL PLPR $OODKD D 2Q MH 8]YL^HQL UHNDR $ NDG

$OODK UHNQH


 
1  8B9  *"
A # *A **"
& "3
  76B  !!86
!!88 5, &4 E 5E % %$$  *  % $  4 ,% (& ,
& %, $  = &$ $*-
.+ 5% ( & *$ &0, &$  ( &$.
@c^A^HAHgB^AIggA^IXB@f^@

?, $- .
%  ,- '+ ( *  3&' ?, $- '5*&    *
1  4* $ %54*  %5*  4* $ 1$    (  * $%
 $ $(&
3&$ $('. +&$ (%  &$ &% $  <$*  $ 5    
8768B  $4  $ 55  "<% %  $% "1 " " *
$ "
/$( "%&$(  #$(,$  &   *- @cAHAHgBAIggAIXB@f@ .+
5% ( & *$ &0, &$  ( &$. F1=G   ( $%   4*
 %5*  1 %$-
  !!8  % 1$A 
B 


NA ^9@`AYIkA@c FBf@nANNBBhH@lA@AeF

Jh@NBNMLANcA@doNHgHg@@dI@BHLhBAF

 dooNB


2 ,VD VLQH 0HUMHPLQ MHVL OL WL JRYRULR OMXGLPD
3ULKYDWLWH PHQH L PDMNX PRMX NDR

GYD ERJD X] $OODKD


 RQ `H UH`L
+YDOMHQ QHND VL 7L e
 GR 1MHJRYLK ULMHaL -D VDP

LP VDPR JRYRULR RQR ^WR VL PL 7L QDUHGLR


$OODKD RERCDYDMWH PRJD L YD^HJ

*RVSRGDUD

@JYI@c@dB@cfaMnA@  
7   *
   5** (7 .    

*   !  5** *'()*H  +>,.

, MD VDP QDG QMLPD EGLR GRN VDP PH_X QMLPD ELR D NDG VL PL 7L GX^X X]HR 7L VL

LK MHGLQL QDG]LUDR 7L QDG VYLP EGL^


 9 2QRPH NR SURXaL RYH DMHWH SRVWDW

`H MDVQR ]QDaHQMH OD LODKH LOODOODK L ELW `H PX MDVDQ  NRML VX ]DQLMHNDOL YH`LQD

RQLK NRML WYUGH GD VX XaHQL X RYLP VWROMH`LPD L SULMH QMLK RG ]DGQMLK JHQHUDFLMD RYRJ

XPPHWD 2EXKYDWLOR LK MH QMHJRYR QHSR]QDYDQMH QDNRQ WUL VWROMH`D SR^WR VH GHVLOR

SUHWMHULYDQMH X SRJOHGX PH]DUOXND (KOLEHMWD L GUXJLK L QD QMLPD QDSUDYOMHQH GCDPLMH L

L]JUD_HQD LP VYHWL^WD 7R VH SUR^LULOR L ILWQHW VH SRYH`DR X SRJOHGX 


NRML QHJLUD

WHYKLG ]ERJ RQRJ ^WR VH GHVLOR RG SUHWMHULYDQMD X SRJOHGX XPUOLK L QMLKRYRJ YHOLaDQMD

SXWHP RERCDYDQMD 6D RYLP VWYDULPD X NRMH MH XSDOD YH`LQD RQR ^WR MH GREUR


 SRVWDOR MH QHSRCHOMQR    D QHSRCHOMQR MH SRVWDOR GREUR QRYRWDULMD MH

SRVWDOD VXQQHW D VXQQHW QRYRWDULMD 8 RYRP MH GXKX RGJRMHQD RPODGLQD L RVWDUMHOL VX

VWDUFL $OHMKLVVHODP MH UHNDR ,VODP MH SRaHR NDR QHSR]QDW L SRQRYR `H SRVWDWL

QHSR]QDW SD EODJR QHSR]QDWLPD NRML LVSUDYOMDMX NDGD VH VYLMHW SRNYDUL 8 MHGQRP



SUHGDQMX VWRML 3RSUDYOMDMX RQR ^WR MH VYLMHW SRNYDULR

1MHJRYH VX ULMHaL

@JYI@c@dB@cfaMnA@


           76: % %(  %  < % E
5E 1$3  $ " %3  " 
 76
1  6!8B +  %& F(%G ,$ 
&$%=@ (% % <%  " ,,  %(    +& $ (( (% %$ "
(% "<((  6;8

 

,PD OMXGL NRML XPMHVWR $OODKD 1MHPX VXSDUQLNH X]LPDMX YROH LK NDR ^WR VH $OODK

YROL e  (O(QGDG VXSDUQLFL VX WDNPDFL NRQNXUHQWL NDNR MH UHNDR ,PDG E .HVLU L

GUXJL NRPHQWDWRUL .XU


DQD 3UHPD WRPH VYDNR NR XSXWL QH^WR RG RERCDYDQMD QHNRP

PLPR $OODKD CHOH`L RG QMHJD L ERMH`L JD VH RQ JD MH X]HR NDR VXSDUQLND $OODKX MHU

JD MH RQ XGUXCLR VD $OODKRP X QHaHP ^WR QH ]DVOXCXMH QLNR RVLP 1MHJD 8aHQMDN

,EQXO.DMMLP GD PX VH X]YL^HQL $OODK VPLOXMH UHNDR MH ,]UDCDYDQMH MHGQR`H

9ROMHQRP MHVWH WDNYR GD YROMHQLK QHPD YL^H WM GD SRUHG $OODKD QHPD GUXJLK NRMH

RERCDYD

-HGQR`D OMXEDYL RVWYDUXMH VH WDNR GD VYX OMXEDY NRMX LPD X VYRP VUFX XSX`XMH

1MHPX 2YD OMXEDY   PDGD VH ]RYH VWUDVWYHQRP OMXEDYL   RQD MH QD

YUKXQFX aRYMHNRYH GREURWH L ERJRERMD]QRVWL QMHJRYD EODJRVWDQMD L UDGRVWL 1MHJRYR

VUFH QH RVMH`D GREURWX QLWL EODJRVWDQMH RVLP GD $OODK L 1MHJRY 3RVODQLN QMHPX EXGX

GUDCL RG VYHJD RVWDORJ L GD QMHJRYD OMXEDY QH EXGH QHNRP GUXJRP PLPR $OODKD

3UHPD WRPH RQ QH YROL QLNRJD RVLP $OODKD NDNR VWRML X 


 KDGLVX 7UL VWYDUL NR

EXGH SRVMHGRYDR e 

/MXEDY SUHPD 1MHJRYX SRVODQLNX GLR MH OMXEDYL SUHPD 1MHPX

/MXEDY aRYMHNRYD DNR MH V $OODKRYLP LPHQRP RQD MH GLR OMXEDYL SUHPD 1MHPX D DNR

MH V LPHQRP QHNRJ GUXJRJ PLPR $OODKD RQD VPDQMXMH OMXEDY SUHPD $OODKX L VODEL MH

2YX OMXEDY SRWYU_XMH L WR GD QMHJRYD PUCQMD EXGH SUHPD RQRPH ^WR QMHJRY 9ROMHQL

QDMYL^H PU]L D WR MH NXIU WROLNR SXQR NROLNR QH YROL GD EXGH EDaHQ X YDWUX LOL YL^H

1HPD VXPQMH GD MH RYR QDMYH`L YLG OMXEDYL ARYMHN XLVWLQX QH YROL ELOR ^WD YL^H RG

VHEH SD NDGD GD SUHGQRVW OMXEDYL YMHUH X $OODKD QDG OMXEDYL SUHPD VHEL WDNR GD NDG

EL PX ELR GDW L]ERU L]PH_X NXIUD L WRJD GD EXGH EDaHQ X YDWUX L]DEUDR EL GD EXGH

EDaHQ X YDWUX D GD QHYMHUVWYR  QH SRaLQL WR PX MH GUDCH RG QMHJD VDPRJ 2YD

MH OMXEDY X]YL^HQLMD RG RQRJ ^WR RVMH`DMX ]DOMXEOMHQL RG OMXEDYL SUHPD QMLKRYLP

YROMHQLP >WDYL^H QHPD VOLaQRJ SULPMHUD RYRM OMXEDYL NDR ^WR QHPD LVWRYMHWQRJ RQRP


  #(  ! " # (&*"  6 " #  ,(  $% A"
,A , $,( "$, A"  !B  " % #"( A(  !9  ",( # 
(*%"% &",* &"(& ",A   8 " # $ (  **A
( &%3% (&*"
1  696! " # , B  79! " #
(&*" "%3%3  B88 "H* #" '" (%  %
87B8;6;  6B; 68B 6  6;: 6; 6 %   $&  $= .< $ 0 $** *
. )=$E  , % .* . 1= *3$ *  5,*  5%4$ 5*4,0 %
1%&$*& ( )1&4  $& , &  %&$ 5%* * % %$=,
&$%* ,  $&  5 & 5% )1&4 1 $& 5,* 
54*$ 5*$=$ $  * *, $& 5 (& , &
6 


NR VH YHCH ]D QMX 7R MH OMXEDY NRMD L]LVNXMH GDYDQMH SUHGQRVWL 9ROMHQRP QDG VDPLP

VRERP LPHWNRP L GMHFRP 2YD OMXEDY WDNR_HU L]LVNXMH SRWSXQX SRQL]QRVW SUHGDQMH

YHOLaDQMH SR^WLYDQMH SRNRUQRVW L VOLMH_HQMH NDNR MDYQR WDNR L WDMQR 2YRP QHPD

VOLaQRJ X OMXEDYL VWYRUHQMD SD PD NDNYR RQR ELOR =ERJ WRJD NR X RYRM SRVHEQRM

VSHFLILaQRM OMXEDYL VDVWDYL L]PH_X $OODKD L QHNRJ GUXJRJ WR ELYD ^LUNRP

SULGUXCLYDQMHP NRML $OODK QH RSUD^WD 8]YL^HQL MH UHNDR

 D  
2    
    0 7

  5**    !  0  5**  
 

       *      ! 5** 

AIXdoB @Df@@JYI@c@dB@cfaMnA@

,PD OMXGL NRML XPMHVWR $OODKD 1MHPX VXSDUQLNH X]LPDMX YROH LK NDR ^WR VH $OODK

YROL D SUDYL YMHUQLFL MR^ YL^H YROH $OODKD ,, 3UDYR MH ]QDaHQMH DMHWD GD YMHUQLFL

YL^H YROH $OODKD QHJR ^WR RQL YROH VXSDUQLNH NDR ^WR MH YH` VSRPHQXWR GD OMXEDYL

YMHUQLND SUHPD VYRPH *RVSRGDUX X RVQRYL QLMH UDYQD OMXEDY QLMHGQRJ VWYRUHQMD NDR

^WR QMLKRY 9ROMHQL QLMH VOLaDQ QLaHPX 6YDND SRWH^NR`D X OMXEDYL SUHPD QHNRP PLPR

1MHJD MHVWH EODJRVWDQMH X OMXEDYL SUHPD 1MHPX L VYDND QHYROMD X OMXEDYL SUHPD

QHNRP GUXJRP PLPR 1MHJD MH ]DGRYROMVWYR X OMXEDYL SUHPD 1MHPX

1MHJRYH VX ULMHaL 8 
  WM X 0XVOLPRYRP 
  RG (EX0DOLND (^GCDLMD

RG QMHJRYRJ RFD RG 9MHURYMHVQLND VDYV 3RWRP JD MH QDYHR (EX0DOLNRYR LPH MH

6DG E 7DULN .XIL 3RYMHUOMLY MH 8PUR MH RNR aHWUGHVHWH JRGLQH

1MHJRYH VX ULMHaL .R NDCH


1HPD ERJD RVLP $OODKD
L ]DQLMHaH VYH ^WR VH

RERCDYD PLPR $OODKD =QDM GD MH 9MHURYMHVQLN VDYV XYMHWRYDR ]D^WLWX VYHWRVW

LPHWND L CLYRWD VD GYLMH VWYDUL X RYRP KDGLVX 3UYD MH RaLWRYDQMH GD QHPD ERJD RVLP

$OODKD ]DVQRYDQR QD ]QDQMX L XYMHUHQMX NDR ^WR MH RYDM XYMHW ]D QMHQR RaLWRYDQMH

VSRPHQXW X PQRJLP GUXJLP KDGLVLPD 'UXJD MH QHJLUDQMH VYHJD ^WR VH RERCDYD

PLPR $OODKD 0H_XWLP UHaHQR MH X RYRP KDGLVX L ]DQLMHaH WR MH UDGL SRWYUGH RQRJ

^WR WD ULMHa YH` ]QDaL MHU MH PMHVWR X]YL^HQR L ]DKWMHYD SRWYUGX

1MHJRYH VX ULMHaL QMHJRY LPHWDN L NUY VX ]DEUDQMHQL D QMHJRYR SRODJDQMH

UDaXQD MH QD 8]YL^HQRP $OODKX 8 RYRPH MH GRND] GD QLMH ]DEUDQMHQ QMHJRY LPHWDN L


    68 " #" ",*" (** $,  ( (
(% ( (%  % 87 ;6 (% %
,  4$ 4%3$ E "
,& 

 8

CLYRW RVLP DNR L]JRYRUL  





 L ]DQLMHaH VYH ^WR VH RERCDYD PLPR $OODKD

8NROLNR RQ WR L]JRYRUL D QH ]DQLMHaH VYH ^WR VH RERCDYD PLPR $OODKD QMHJRY CLYRW L

LPHWDN MHVX

 MHU QLMH QHJLUDR  L ]DQLMHNDR JD L QLMH JD RGEDFLR NDR ^WR JD MH

RGEDFLOR  



 3D UD]PLVOL R RYRM WDaFL MHU MH XLVWLQX RG YHOLNH NRULVWL

  *  **  *


    * 

  0       


   !
 

      

/
      )*      
  ! # 

 
  *
 E  !
   * !  /
   

  )E    


  *  *   

0 
   5** /  %
    

% !
 
 0 1
 H     

  !    #  !    

 *   

1D^ ^HMK MH UHNDR 2YR MH QH^WR QDMX]YL^HQLMH ^WR MH UD]MDVQLOR ]QDaHQMH QHPD

ERJD RVLP $OODKD 3UHPD WRPH RQ QLMH XaLQLR GD SXNR RaLWRYDQMH WH L]UHNH EXGH

]D^WLWQLN CLYRWD L LPHWND SD aDN QL VDPR SR]QDYDQMH QMHQRJ ]QDaHQMD ]DMHGQR VD

RaLWRYDQMHP QL SRWYU_LYDQMH WRJD QL WR ^WR RERCDYD $OODKD -HGLQRJ .RML QHPD

VXGUXJD 1H QMHJRY CLYRW L LPHWDN QH aLQL ]DEUDQMHQLP VYH GRN WRPH QH GRGD

QLMHNDQMH VYHJD RQRJD ^WR VH RERCDYD PLPR $OODKD 8NROLNR SRVXPQMD LOL EXGH

QHRGOXaDQ QH`H QMHJRY LPHWDN L CLYRW ELWL ]DEUDQMHQL .ROLNR MH RYR SLWDQMH X]YL^HQR L

NROLNR MH RYR REMD^QMHQMH MDVQR L NROLNR MH GRND] X^XWNXMX`L ]D RQRJ NRML RVSRUDYD"

1MHJRYH VX ULMHaL $ QMHJRYR MH SRODJDQMH UDaXQD QD 8]YL^HQRP $OODKX WM

8]YL^HQL $OODK MH 7DM SUHG .RMLP `H RQ SRODJDWL UDaXQ SD XNROLNR EXGH LVNUHQ

QDJUDGLW `H JD XJRGQLP GCHQQHWLPD D DNR MH ELR OLFHPMHU ND]QLW `H JD EROQRP

ND]QRP D ^WR VH GXQMDOXND WLaH VWDWXV VH RGUH_XMH QD RVQRYX YLGOMLYRJ

1MHJRYH VX ULMHaL , NRPHQWDU RYRJ XYRGD L SRJODYOMD SRVOLMH QMHJD 8 RYRPH MH

GD PX VH 8]YL^HQL $OODK VPLOXMH REMDVQLR  L RQR ^WR PX SURWXUMHaL L VYH RQR ^WR

PX SULEOLCDYD L VUHGVWYD NRMD YRGH QMHPX L REMDVQLR QD aHPX VX ELOH SUYH JHQHUDFLMH

    NDNR VX ELOH GDOHNR RG 


X RERCDYDQMX NROLNR VX WR R^WUR QHJLUDOL L QD WRP

SXWX VH ERULOL 2YD NQMLJD L SRUHG WRJD ^WR MH PDOD VDGUCL REMD^QMHQMH 
 ]D

^WR QHPD RSUDYGDQMD GD VH QH SR]QDMH L GD VH UHYQRVQR WUDCL L SURXaDYD 8 QMRM MH

WDNR_HU RGJRYRU VYLP RQLPD NRML VOLMHGH VWUDVWL 2QDM NR MH QDXaL L VWDOQR VH QMH
 


SULVMH`D RVMHWLW `H WR L WR `H PX ELWL GRYROMQR X RGJRYRUX VYDNRP QRYRWDUFX SD

UDVPLVOL R WRPH ELW `H WL MDVQR 3RGVMH`DQMH QD WR GR`L `H NDVQLMH LQ^DOODKX WH


DOD

/
    8   * (  .   B 

hf@F)dILA@hHF

7  !     0  0  / 

    (<J :>:?. E        0 

&
    !   
   
#    *

  
 
    5**   

ThIAHAT

/   


     
   
 *

(<J:@.

/
      )*H    #    5** 

gA@TgAA

       *  (+>?. D  


  * 

    !  5** * /  


   5** ** *

* * *    * *       *

   !  5**63       *     

 * 5**36

/
   5**   0
    5** 

   !  0  5**       

   *      ! 5**  /  !

 ! ! !  * * **** 8    


       
 ! 0     

     


     %

   ! 0 5** 1


   
 7  0 

     


  

    ! 

0  5**

*   * 


 
*     0  

  *    !  *   !  

* 
 !         

 :

lk
wt
2720('$8>,5.63$'$12>(1-(1$58.9,&(.21&$
,720(6/,A12*5$',27./$1-$1-$1(92/-(,/,1-(12*
635(A$9$1-$
>hwOAoAhxH@c@gBF@cdLAMBhB 9AL@
   ! 5** 5  # * *
    * 

5** * * !  5** 


   ' () 4  -@.

3RJODYOMH R WRPH GD X  VSDGD QR^HQMH QDUXNYLFH NRQFD L WRPH VOLaQRJ UDGL

RWNODQMDQMD QHYROMH LOL QMHQRJ VSUHaDYDQMD WM QMHQRJ XNODQMDQMD NDG VH GHVL L QMHQRJ

VSUHaDYDQMD SULMH QHJR ^WR VH GHVL WR ]QDaL DNR PX MH RYR QDPMHUD 8 WRP VOXaDMX

YH]DQRVW QMHJRYD VUFD X RWNODQMDQMX ^WHWH NRMD VH GHVLOD LOL NRMD VH MR^ QLMH GHVLOD MHVWH

 SULGUXCLYDQMH $OODKX NDNR VX WR MDVQR UHNOL PQRJL KDGLVL

1MHJRYH ULMHaL $ WL UHFL

OAlhHc@gBB>hwOAoAhxH@c@gBF@cdLAMBhB

M@M@lX>Mg


0LVOLWH OL GD EL RQL NRMH PROLWH PLPR $OODKD PRJOL RWNORQLWL ^WHWX DNR $OODK KR`H

GD PL MH XaLQL LOL GD OL EL PRJOL ]DGUCDWL PLORVW 1MHJRYX DNR 2Q KR`H GD LP MH SRGDUL"

5HFL
0HQL MH GRYROMDQ $OODK X 1MHJD VH SR]GDMX RQL NRML VH SRX]GDYDMX


;;;,; 0XNDWLO MH UHNDR 3D LK MH 9MHURYMHVQLN SLWDR L RQL VX SUH^XWMHOL RGJRYRU

MHU RQL QLVX WDNR QH^WR YMHURYDOL

5HNDR VDP $NR QMLKRYL ERJRYL NRMH PROH PLPR $OODKD QHPDMX PR`L GD XNORQH

^WHWX ]D NRMX $OODK KR`H GD VH GHVL 1MHJRYX UREX LOL GD VSULMHaH PLORVW NRMX MH 2Q

VSXVWLR QD 6YRJD URED 2Q LK WLPH REDYH]XMH QHL]EMHCQRP REDYH]RP GD $OODK

8]YL^HQL MHGLQL EXGH 7DM .RJD `H RQL RERCDYDWL 8]YL^HQL MH VSRPHQXR RYDNYR SLWDQMH

RG VYRJD SULVQRJ SULMDWHOMD ,EUDKLPD DV NRMH MH XSXWLR RQLPD NRML VX VD QMLP

UDVSUDYOMDOL R $OODKX
! 


AHOChp@mpAHLC@G@hHFANBXBAB

A@@d@hf@NIKh@

2Q RGJRYRUL
-D GDMHP CLYRW L VPUW

$OODK aLQL GD 6XQFH L]OD]L VD LVWRND
 UHaH

,EUDKLP
SD XaLQL WL GD JUDQH VD ]DSDGD
, QHYMHUQLN VH ]EXQL $ $OODK VLOQLFLPD QH`H

XND]DWL QD 3UDYL SXW ,, $OODK MH 8]YL^HQL XVSRVWDYLR GRND] L]QRVH`L SULPMHUH L

GUXJH DUJXPHQWH SURWLY 


aLPH REHVQDCXMH L DQXOLUD QMLKRY  $OODKX L QMLKRYR

L]MHGQDaDYDQMH GUXJLK V 1MLP X RERCDYDQMX 2YRJD X .XU


DQX LPD SXQR QD ^WR

XND]XMX L RYH ULMHaL 8]YL^HQRJ

KAHf@IlF@MT@AHAHe@@cdLf@F@MkAQKhwnA@ABA

K@JA@wfMlAo

2 OMXGL HYR MHGQRJ SULPMHUD SD JD SRVOX^DMWH


2QL NRMH YL SRUHG $OODKD

RERCDYDWH QH PRJX QLNDNR QL PX^LFX VWYRULWL PDNDU VH UDGL QMH VDNXSLOL $ DNR EL LP

PX^LFD QH^WR XJUDELOD RQL WR QH EL PRJOL RG QMH L]EDYLWL QHMDN MH RQDM NRML PROL D L

RQDM RG NRJD VH PROL


 ;;,, 8]YL^HQL MH UHNDR

@AOI@NIOI@BF)AMHOf@OI@QAB@c@f@f@Q

A@FAAnAAHhxAQ@L)@jj@ocdA@F)

2QL NRML PLPR $OODKD ]D^WLWQLNH X]LPDMX VOLaQL VX SDXNX NRML VHEL LVSOHWH NX`X D

QDMVODELMD MH NX`D XLVWLQX SDXNRYD NX`D QHND ]QDMX $OODK GREUR ]QD GD RYL NRMLPD

VH RQL SRUHG 1MHJD NODQMDMX QL^WD QH SUHGVWDYOMDMX 2Q MH 6LOQL L 0XGUL 7R VX SULPMHUL

NRMH 0L OMXGLPD QDYRGLPR DOL LK VDPR XaHQL VKYD`DMX ;;,; , UHNDR MH

)Ao@cdf@

QIABhpAAXBO@B

$ RQL NRMLPD VH RQL XPMHVWR $OODKX NODQMDMX QL^WD QH VWYDUDMX RQL VX VDPL

VWYRUHQL 7YDUL VX QLVX CLYL L QH ]QDMX NDGD `H ELWL RCLYOMHQL ;9,

,PDG E .HVLU QHND PX VH 8]YL^HQL $OODK VPLOXMH R RYRP DMHWX QDYHR MH ^WD

SUHQRVL ,EQ(EX+DWLP RG .DMVD E +DGCGCDGCD RQ RG +DQ^H 6DQ


DQLMD D RQ RG ,EQ

$EEDVD NRML JD SRGLCH GR 3RVODQLND VDYV GD MH UHNDR  3D]L QD $OODKD L 2Q `H

QD WHEH SD]LWL SD]L QD $OODKD SD `H^ *D XYLMHN QD`L X VYRMRM EOL]LQL NDNR WH SRPDCH 

 ;

/
   F     
  2   


    # *  # 


  I     

8   (*. 


   D       

    (*. 


      *   


   ! 8   5
  * 


1H ]DERUDYL QD $OODKD X ERJDWVWYX 2Q WH QH`H ]DERUDYLWL X VLURPD^WYX $NR

EXGH^ NRJD PROLR RQGD PROL VDPR $OODKD D DNR WUDCL^ SRPR` RQGD MH VDPR RG

$OODKD WUDCL =QDM GD NDGD EL VH FLMHOL VYLMHW VDNXSLR GD WL QHaLP QDXGL ^WR WL $OODK YH`

QLMH SURSLVDR QH EL WL QDXGLOL D NDG EL VH VDNXSLOL GD WL NRULVWH QHaLP ^WR WL $OODK QLMH

SURSLVDR QH EL WL NRULVWLOL 7LQWD VH RVX^LOD RGUH_HQR VH YL^H QH PLMHQMD  D SHUD ]D

SLVDQMH RGUHGEL SRGLJQXWD VX 5DGL X LPH $OODKD VD ]DKYDOQR^`X X XYMHUHQMX =QDM

GD MH X VWUSOMHQMX X RQRP ^WR MH WH^NR YHOLNR GREUR GD MH XVSMHK VD VWUSOMHQMHP GD MH


2
L]EDYOMHQMH VD WHJRERP L GD MH VD WH^NR`RP RODN^DQMH

1MHJRYH ULMHaL ,PUDQ E +XVDMQD WM ,EQ


8EHMGD E +DOHID +X]DLD (EX

1XGCHMGD VD VORYRP  L  X GHPLQXWLYX DVKDE VLQ DVKDERY 3ULPLR MH LVODP X

JRGLQL SRKRGD QD +DMEHU 8PUR MH SHGHVHW GUXJH JRGLQH X %DVUL

1MHJRYH ULMHaL  e YLGLR aRYMHND 8 SUHGDQMX RG +DNLPD VWRML 


8^DR VDP NRG

$OODKRYRJ 3RVODQLND VDYV D QD PRMRM MH QDGODNWLFL ELOD QDUXNYLFD RG EDNUD


>WD MH

WR
 XSLWDR MH e
 3UHPD WRPH QHRGUH_HQD RVRED X SUHGDQMX $KPHGRYRP MH ,PUDQ

SUHQRVLODF KDGLVD

1MHJRYH ULMHaL  e >WD MH WR 9DQMVNR RaLWR ]QDaHQMH XSX`XMH GD MH WR UHaHQR UDGL

SULMHNRUD QMHPX

1MHJRYH ULMHaL  e 3URWLY


 VODERVWL  (EXV6HDGDW UHNDR MH 9DKLQH MH CLOD

NRMD SUROD]L NUR] UDPH L FLMHOX UXNX SD VH ]D QMX RGXaDYD XaL 
 5HaHQR MH

WDNR_HU GD MH WR EROHVW NRMD QDSDGD QDGODNWLFX 1DSDGD PX^NDUFH D QH CHQH


(%   7 : "%3%3  8:8 *"
 # *',*"* " 
,,*  $ ,  #  B    &% , 76!   $  3 C(
6
1  6: <A*",$* # , !B (%  % 76988B8 8B; , 87: 
: 6 % %(    +& $ (( (%  & &$ E 5E %- 3"
 &"(, % "?%3 $ * !";   ",%"( % <(&$  (%
.D $  $$.
 


/ %   
  5      
0


(8* .   * ( .   5** ! 


 

    !* (  *.   5** 



   


  
    * ( . !   

2Q PX MH WR ]DEUDQLR MHU MH RYDM PLVOLR GD JD WR ^WLWL RG RYH EROHVWL L XNODQMD MH

=ERJ WRJD PX MH $OHMKLVVHODP QDUHGLR GD MH VNLQH L REDYLMHVWLR JD GD `H PX RQD

VDPR SRYH`DYDWL YHKQ VODERVW  7R ]ERJ WRJD ^WR VH SUHPD PX^ULNX RGQRVL VXSURWQR

QMHJRYRM QDPMHUL ]ERJ WRJD ^WR MH RQ YH]DR VYRMH VUFH ]D RQR ^WR PX QH NRULVWL QLWL

RWNODQMD RG QMHJD ]OR  8NROLNR MH RYDNR VD QDUXNYLFRP RG EDNUD ^WD VH WHN PRCH

SUHWSRVWDYLWL ]D RQR ^WR MH NDWDVWURIDOQLMH L YH`H ^WR VH YH` GHVLOR NDR ^WR MH

RERCDYDQMH NDEXURYD VYHWL^WD WDJXWD L RVWDORJ ^WR QLMH WDMQD ]D ELOR NRJD NR LPD

LPDOR UD]XPD $XWRU GD PX VH 8]YL^HQL $OODK VPLOXMH UHNDR MH 8 QMHPX MH GRND]

RQRPH ^WR VX UHNOL QHNL DVKDEL GD MH PDOL  YH`L RG YHOLNLK JULMHKD  

 L GD

]D QMHJD QHPD RSUDYGDQMD X QHSR]QDYDQMX ]ERJ WRJD ^WR MH RQ UHNDR


.DGD EL

XPUR D RQD ELOD QD WHEL QLNDGD QH EL ELR VSD^HQ


 6SDVHQMH  
MHVWH SREMHGD

XVSMHK L VUH`D

1MHJRYH ULMHaL 3UHQRVL JD $KPHG SULKYDWOMLYLP VHQHGRP 2Q MH LPDP $KPHG E

0XKDPPHG E +LODO E (VHG >HMEDQL (EX$EGXOODK 0HUYH]L ]DWLP %DJGDGL 2Q MH


 VYRJD YUHPHQD L QDMXaHYQLML X WR GRED X  
 L QDMERJRERMD]QLML 2Q MH

WDM ]D NRJD QHNL RG HKOLVXQQHWD NDCX 1D GXQMDOXNX QLMH ELOR VWUSOMLYLMHJ QLWL SULMD^QMLP

JHQHUDFLMDPD VOLaQLMHJ 'R^DR PX MH GXQMDOXN SD JD MH RGELR L VXPQMH SD LK MH

RGEDFLR 3UHQRVL
 RG >DILMH =HMGD E +DUXQD $EGXUUDKPDQD E 0HKGLMD

-DKMDD E .DWWDQD ,EQ8MHMQH $EGXUUH]DND L PQRJLK GUXJLK NRMH MH WH^NR SREURMDWL

8PUR MH GYMHVWD aHWUGHVHW SUYH NDG MH LPDR VHGDPGHVHW VHGDP JRGLQD 1HND PX VH

8]YL^HQL $OODK VPLOXMH

1MHJRYH ULMHaL 2Q WDNR_HU SUHQRVL RG


8NEHD E $PLUD UD D RG 3RVODQLND

VDYV  .R REMHVL WDOLVPDQ ]DSLV QHND PX $OODK QL^WD QH GD D NR REMHVL PRUVNX

^NROMNX NDR DPXOHW QHND PX $OODK QLNDG QH GD PLUD

 & F5%$G 1$3 $ (%  % 7:  "    8  &%  ,
7 ;   $  *  5%$ 1$3 $ (%  # 7:!
,2  $
e
1$3 , 7 ; +&$ (% $  $ $& $=- . $. F*',G *$ $ $  1 $ 
&3 $& E % "  $ .',. * *, $     # 1%$ &
+ ,,   & ,% $   %  %-   #  96

 9

) F   


F B
   
  # 
 

# (  


  !. 
  #         

7 

hpFAHhQBA

2     5** 


 7    (1  B

+C>.

8 GUXJRP SUHGDQMX VWRML .R REMHVL WDOLVPDQ ]DSLV  MH SRaLQLR


8NEH E

$PLU MHVWH SR]QDWL DVKDE SR]QDYDODF ILNKD GREURaLQLWHOM 7UL JRGLQH ELR MH QDPMHVQLN

(JLSWD X YULMHPH 0XDYLMH 8PUR MH NDG MH LPDR EOL]X ^H]GHVHW JRGLQD

8 RYRP MH KDGLVX MDVQD L]MDYD GD MH YMH^DQMH ]DSLVD  ]ERJ RQRJD ^WR VPMHUD

RQDM NR LK MH REMHVLR D WR MH GD VSULMHaL RQR ^WR PX ^WHWL D SULYXaH RQR ^WR PX NRULVWL

2YR WDNR_HU QHJLUD SRWSXQX LVNUHQRVW NRMD MH VX^WLQD ]QDaHQMD OD LODKH LOODOODK MHU

LVNUHQL VYRMH VUFH QH RNUH`H X WUDCHQMX NRULVWL LOL RWNODQMDQMX ^WHWH ELOR NRPH PLPR

$OODKD NDR ^WR MH YH` QDYHGHQR X 1MHJRYLP ULMHaLPD

lTkBAclXB

.R MH EROMH YMHUH RG RQRJD NRML VH LVNUHQR SUHGD $OODKX aLQH`L MR^ L GREUD GMHOD

,9 3UHPD WRPH SRWSXQRVW WHYKLGD QH RVWYDUXMH VH QLaLP GUXJLP RVLP

RVWDYOMDQMHP WRJD SD PDNDU VH UDGLOR L R PDORP ^LUNX L WR MH QH^WR YHOLNR .DG MH WR

PRJOR ELWL QHSR]QDQLFD ]D QHNH DVKDEH UD X YULMHPH YMHURYMHVQL^WYD NDNR GD QH

EXGH WDMQD ]D RQH NRML VX ]D PQRJH VWXSQMHYH PDQMH YULMHGQL RG QMLK X SRJOHGX

]QDQMD L LPDQD QDNRQ ^WR VH GHVLOR WROLNR QRYRWDULMD L ^LUND D NDNR MH VSRPHQXWR X


 KDGLVLPD 3UHWKRGQR MH YH` XND]DQR QD WR 2YR WDNR_HU REMD^QMDYD ]QDaHQMH





 7D MH L]UHND XLVWLQX QHJLUDOD L RGEDFLOD VYDNL ^LUN PDOL L YHOLNL NDR

^WR MH UHNDR 8]YL^HQL

@jj@F F lAHAA@B@FFB@do

$OODK VYMHGRaL GD QHPD GUXJRJ ERJD RVLP 1MHJD D L PHOHNL L XaHQL L GD 2Q

SRVWXSD SUDYHGQR 1HPD ERJD RVLP 1MHJD 6LOQRJ L 0XGURJ ,,,

1MHJRYH ULMHaL 1HND PX $OODK QL^WD QH GD SUHGVWDYOMDMX SURNOLQMDQMH D LVWR WDNR L

QMHJRYH ULMHaL 1HND PX $OODK QLNDG QH GD PLUD WM GD QLNDG QH XaLQL GD RQ EXGH X

VSRNRMX L PLUX
9B 


1MHJRYH VX ULMHaL ,EQ(EX+DWLP SUHQRVL RG +X]HMIH GD MH RQ YLGLR QD UXFL MHGQRJ

aRYMHND NRQDF NRML MH VWDYLR GD JD ]D^WLWL RG JUR]QLFH SD JD MH RWNLQXR L SURXaLR

ULMHaL 8]YL^HQRJ

hpFAHhQBA

9H`LQD RYLK QH YMHUXMH X $OODKD QHJR GUXJH 1MHPX VPDWUD UDYQLP

,EQ(EX+DWLP MHVWH LPDP (EX0XKDPPHG $EGXUUDKPDQ E (EX+DWLP

0XKDPPHG E ,GULV 0HUDGL 7HPLPL +DQ]DOL DXWRU NQMLJH *+   


 

L GUXJLK 8PUR MH WULVWD GYDGHVHW VHGPH +X]HMIH MH VLQ -HPDQRY D -HPDQX MH ELOR

LPH +XVHMO VD GYD VORYD EH] WDaDND X GHPLQXWLYX .DCH VH MR^ +LVOXQ VD NHVURP

]DWLP  $EVL VD MHGQRP WDaNRP VDYH]QLN HQVDULMD FLMHQMHQL L VODYQL DVKDE

PH_X SUYLPD NRML VX SULPLOL LVODP =D QMHJD VH NDCH GD MH WDMQLN 3RVODQLNRY

VDYV  , RWDF PX MH ELR WDNR_HU DVKDE +X]HMIH MH XPUR QD SRaHWNX $OLMLQRJ

KLODIHWD WULGHVHW ^HVWH JRGLQH

1MHJRYH VX ULMHaL 9LGLR QD UXFL MHGQRJ aRYMHND NRQDF NRML MH VWDYLR GD JD ]D^WLWL

RG JUR]QLFH SD JD MH RWNLQXR L SURXaLR 1MHJRYH ULMHaL hpFAHhQBA


9H`LQD RYLK QH YMHUXMH X $OODKD QHJR 'UXJH 1MHPX VPDWUD UDYQLP
 8 RYRPH MH

GRND] GD MH WR  L GD DVKDEL X]LPDMX DMHWH NRML JRYRUH R YHOLNRP  NDR GRND]X

SURWLY PDORJ 


MHU RQ SRWSDGD SRG  NRML MH ]DEUDQMHQ NDNR RS`HQLWR WDNR L

SRVHEQR X DMHWLPD L KDGLVLPD ]ERJ WRJD ^WR NDNR VL YH` VSR]QDR RQ QHJLUD

SRWSXQRVW LVNUHQRVWL LKODVD  $NR VH WR D WRJD VH $OHMKLVVHODP SOD^LR ]D DVKDEH

NDNR MH YH` VSRPHQXWR NRG QMHJRYLK ULMHaL 1DMYL^H aHJD VH ERMLP ]D YDV MHVWH PDOL
1
  GH^DYDOR X WLP RGDEUDQLP VWROMH`LPD SD NDNR GD VH EXGH VLJXUQR GD VH QH`H

GHVLWL ^WR MH YH`H RG WRJD" 0H_XWLP ]ERJ WRJD ^WR MH QH]QDQMH R WRPH SUHRYODGDOR

GHVLOR LP VH WHCH RG RQRJ ^WR VH GHVLOR DUDSVNLP PX^ULFLPD L GUXJLPD NRML VX CLYMHOL 

  QD ^WR MH YH` VNUHQXWD SDCQMD 0QRJL XaHQMDFL X RYLP VWROMH`LPD

SRMDaDQR VX NULWLNRYDOL RQH NRML VH ERUH SURWLY YHOLNRJ 


 WDNR GD VX RQL L DVKDEL

UD VWDOL QD GYLMH VXSURWQH VWUDQH $VKDEL VX JRYRULOL SURWLY PDORJ 
 D RYL VX

JRYRULOL SURWLY RQLK NRML VX VH VXSURWVWDYLOL YHOLNRP  WUHWLUDMX`L ]DEUDQMLYDQMH RYRJ

^LUND QRYRWDULMRP L ]DEOXGRP

7DNYR MH VWDQMH ELOR VYLK QDURGD VD YMHURYMHVQLFLPD L SRVODQLFLPD X SRJOHGX RQRJ

^WR VX RQL VD VRERP GRQLMHOL L]UDCDYDQMD MHGQR`H $OODKX 8]YL^HQRP L LVNUHQRJ


9H` MH REMD^QMHQ QMHJRY WDKULGC QD VWU 

 9

aLQMHQMD RERCDYDQMD VDPR 1MHPX -HGLQRP L ]DEUDQH GD 0X VH aLQL  8]YL^HQL

$OODK SRVODR MH WR SR SHaDWX 6YRMLK SRVODQLND 0XKDPPHGX VDYV NDR ^WR MH WR

SRVODR SR RQLPD SULMH QMHJD 2YL L] ]DGQMLK JHQHUDFLMD REUQXOL VX RQR aHPX MH $OODKRY

3RVODQLN VDYV SR]YDR DUDSVNH PX^ULNH L GUXJH 2YR VX QDMVQDCQLMH SRGUCDOL D WR

MH RQR ^WR MH RQ QDMVWURCLMH ]DEUDQLR RG 


 D QDMVQDCQLMH VX ]DQLMHNDOL  MHU

RQ $OHMKLVVHODP NDGD MH UHNDR .XUHM^X 5HFLWH


1HPD ERJD RVLP $OODKD
 ELW `HWH

VSD^HQL
 VSR]QDOL VX VPMHUDQR ]QDaHQMH WH L]UHNH  SD VX UHNOL

KAUp@fF>@dX@AF@TB

=DU RQ GD ERJRYH VYHGH QD %RJD MHGQRJ" 7R MH ]DLVWD QH^WR YHRPD aXGQR

;;;9,,  8]YL^HQL MH UHNDR

Ml@FF@eF@AF

.DG LP VH JRYRULOR
6DPR MH $OODK %RJ
 RQL VX VH RKROLOL ;;;9,, 8

%XKDULMHYRP 
  L GUXJLP ]ELUNDPD ]DELOMHCHQR MH X YH]L VD VOXaDMHP NDGD MH

+HUDNOH SLWDR (EX6XIMDQD R 9MHURYMHVQLNX VDYV GD PX MH UHNDR >WD YDP

QDUH_XMH" 2GJRYRULR MH *RYRUL


2ERCDYDMWH $OODKD -HGLQRJ 1HPRMWH 0X QL^WD

SULGUXCLYDWL D RVWDYLWH RQR ^WR YDP JRYRUH YD^L RaHYL


, QDUH_XMH QDP QDPD] ]HNDW
1
aHGQRVW L RGUCDYDQMH URGELQVNLK YH]D



#(  ; #%"&($ # , ! & , : " # , 8   % 5&$
  ;;8 "3(% # ,*"$$ ( $( &   , $%'( "

1  6; "*'1 #  %3 ,$A $,* "(4"4, (%   76!6"6!8 %
%(   
96 


 **  (   . *


 

+ !      !  # #   * 




  #*9

:
 
            !   


   !    * * !    
*  9

-
          9

=
           !     '

       (*.9

,   !        ! 


9

>   


    ! (  
*. 


  ! 9

?   
     *  ! 9

@
 * # 
     #    9

A F B   



  
 * * !  

  
  * !   !   5      )*

H 9

+C
 * !* ( *.   ( .     9

++
      * ( .
  5** ! 
 

    !* (  *.


  5** !  

 98

?
32*/$9/-(22'8A$9$1-8 58.-, ,7$/,60$1,0$
 D (  . 
) H!  )  
     5**

8*         *  * (

 
.
    

    *# 
  * ( .

 *# 
  
  

1MHJRYH ULMHaL 3RJODYOMH R RGXaDYDQMX  L WDOLVPDQLPD WM R ]DEUDQL RQRJD

^WR RG WRJD QLMH GRSX^WHQR

1MHJRYH ULMHaL 8 
  SUHQRVL VH RG (EX%H^LUD (QVDULMH UD GD MH RQ ELR

VD $OODKRYLP 3RVODQLNRP VDYV QD QHNLP QMHJRYLP SXWRYDQMLPD SD MH RQ SRVODR

L]DVODQLND V QDUHGERP GD QH RVWDQH QD YUDWX QLMHGQH GHYH RJUOLFD RG VWUXQH LOL MH

UHNDR RJUOLFD D GD QH EXGH RWNLQXWD 2YDM KDGLV QDOD]L VH X +




 (EX

%H^LUX LPH MH .DMV E 8EHMG 7R MH UHNDR ,EQ6D


G ,EQ$EGXOEHUU UHNDR MH 1H ]QD VH

QMHJRYR SUDYR LPH 2Q MH SR]QDWL DVKDE 8aHVWYRYDR MH X %LWNL QD +HQGHNX 8PUR MH

SRVOLMH ^H]GHVHWH JRGLQH SR +LGCUL  .DCX GD MH LPDR YL^H RG VWR JRGLQD

1MHJRYH ULMHaL  e SD MH SRVODR L]DVODQLND 7R MH ELR =HMG E +DULVH +DIL] ,EQ

+DGCHU UHNDR MH GD MH WDNR ]DELOMHCLR +DULV E (EX8VDPH X VYRP ( 


1MHJRYH ULMHaL  e GD QH RVWDQH  ,
   VD IHWKRP QD VORYX MD L NDI D

SRVWRML PRJX`QRVW GD EXGH VD GDPPRP QD VORYX 


L NHVURP QD VORYX ,
 +YDWL^WH

OXND    VD GYLMH IHWKH MHGQLQD RG KYDWL^WD OXND



  /MXGL NRML VX

CLYMHOL X YULMHPH GCDKLOLMHWD VX LPDOL RELaDM GD NDGD LP VH VWUXQD OXND SRKDED

]DPLMHQH MH GUXJLP D WX EL VWDYLOL NDR RJUOLFX CLYRWLQMDPD YMHUXMX`L GD WR ^WLWL CLYRWLQMX

RG XURND RND =ERJ WRJD MH $OHMKLVVHODP QDUHGLR GD VH KYDWRYL NRML VX ELOL REMH^HQL R

YUDWRYH GHYD SRNLGDMX V RE]LURP GD VX OMXGL X GCDKLOLMHWX LPDOL WDNYR YMHURYDQMH X

SRJOHGX QMLK


#(  8BB: "3(% #  , A"%3 & (&( A ',"   6: "
D &1"1 # ,(* ,%*"&* A ,*"' "&%  6::6 "3(% #
*,%"($ "&* (%   :76! ,   # 6798; <A*"$$ ( '$(
&  #  %3 A 1'"', &"%3 "',
9 


/

    
   G   5** 8*

  0 4  


 ( . *   * ! 

( 
0. 8   5
 ) $


1MHJRYH ULMHaL  e LOL MH UHNDR RJUOLFD D GD QH EXGH RWNLQXWD 3RVWRML PRJX`QRVW

GD MH RYR GYRXPOMHQMH RG SUHQRVLRFD KDGLVD .RG (EX'DYXGD VWRML QLWL RJUOLFD EH]

GYRXPOMHQMD 3R RYRP SUHGDQMX LOL LPD ]QDaHQMH L

%HJDYL X -   UHNDR MH 0DOLN MH SURWXPDaLR $OHMKLVVHODPRYX QDUHGEX R

RWNLGDQMX RJUOLFD GD MH WR ]ERJ XURND RG RND 7R MH ]ERJ WRJD MHU VX RQL YH]LYDOL WH

DPXOHWH WDOLVPDQH L RJUOLFH L QD QMLK YMH^DOL ]DSLVH PLVOH`L GD LK RQL ^WLWH RG EROHVWL L

QHSRJRGD 9MHURYMHVQLN VDYV ]DEUDQLR LP MH WR L SRGXaLR LK GD DPXOHWL QH

RGYUD`DMX QL^WD RG $OODKRYH RGUHGEH (EX8EHMG UHNDR MH 1D GHYH VX VWDYOMDOL

DPXOHWH GD LK QH SRJRGL XURN RG RND SD LP MH 9MHURYMHVQLN VDYV QDUHGLR GD WR

XNORQH RE]QDQMXMX`L LP WDNR GD WL DPXOHWL QL RG aHJD QH RGYUD`DMX

1MHJRYH ULMHaL 2G ,EQ0HV


XGD UD SUHQRVL VH GD MH UHNDR
AXR VDP $OODKRYRJ

3RVODQLND VDYV NDNR NDCH


=DLVWD MH RGXaDYDQMH 
 WDOLVPDQL L DPXOHWL ^LUN

SULGUXCLYDQMH 
 3UHQRVL JD $KPHG L (EX'DYXG 3UHGDQMH (EX'DYXGRYR MHVWH RG

=HMQHEH VXSUXJH $EGXOODKD E 0HVXGD GD MH $EGXOODK YLGLR R QMHQRP YUDWX NRQDF

SD MH UHNDR >WD MH RYR" .RQDF QD NRML PL MH RGXaHQR UHNOD VDP 8]HR JD MH L

RWNLQXR ND]DOD MH D ]DWLP MH UHNDR 9DPD SRURGLFL $EGXOODKRYRM QH WUHED ^LUN AXR

VDP $OODKRYRJ 3RVODQLND VDYV NDNR NDCH


=DLVWD MH RGXaDYDQMH 
 WDOLVPDQL

L DPXOHWL  SULGUXCLYDQMH 


 $XWRU GD PX VH 8]YL^HQL $OODK VPLOXMH UHNDR MH

0H_XWLP DNR MH REMH^HQR QH^WR L] .XU


DQD QHNL L] SUYLK JHQHUDFLMD   
VX WR

GRSXVWLOL D QHNL QLVX L WUHWLUDOL VX WR ]DEUDQMHQLP NDR ^WR MH WR ELOR L V ,EQ0HVXGRP

UD #HOL VH REMDVQLWL GD MH RYH ^LUNVNH VWYDUL LDNR VX WDMQRYLWH ]DEUDQLR $OODKRY

3RVODQLN VDYV L QMHJRYL DVKDEL ]ERJ SRWSXQRVWL ]QDQMD RQRJD QD ^WR


  "&%  88 *"
 # A *',*"* "%3%3  8:8B *"
 #
*',*"* (%  # 78 , 7   ,,*  ,  $ < $  3
C( 5& $ ,,  , %-   #  88 ** $ ,- . * $ &*
&=$.  $ ,- .
 $  4* $& 3 $ 3. /*  5, %=&$  &
*= 1$ $  ,$ $  5, $1, 5   1 $ 1=$ $ 3%   *
5$4 &=$  ,A 2* ,, $ 1$& 1=$   $ % 5$$ (
)1&4 * $ % 
F$5  53$G =  *3 0*  ( $$ 1

 9:

5
**     
(5** 8* 
  .
1
   
      ! 8   5
 E  

E*  ! !  ! 


#
 (  . 
 

%    ! !          # (*B.


 *       *      !  


/
 ( .   !  ( .   $   

   !   !  5**  8*  


 

   
      #

5 * (*.  ! !  


* *
  * 0 

 0   0    

XSX`XMH  



 QHPD ERJD RVLP $OODKD  QLMHNDQMH L QHJLUDQMH ^LUND PDORJ

LOL YHOLNRJ MHU VH VUFH YHCH ]D QHNRJ GUXJRJ PLPR $OODKD X WUDCHQMX VSUHaDYDQMD

^WHWH LOL SULGRELMDQMD NRULVWL 3RVYXGD VH YL^HVWUXNR UD^LULOR ^WR MH MR^ JRUH RG WRJD .R

XSR]QD ^LUNVNH VWYDUL VSRPHQXWH X RYD GYD SRJODYOMD VD]QDW `H ^WD VH GRJRGLOR MR^

JRUH RG WRJD NDR ^WR MH SUHWKRGQR REMD^QMHQR ,] QMHJD UD]XPLMHPR NROLNR MH $OODKRY

3RVODQLN VDYV ELR RSUH]DQ X SRJOHGX 


L NROLNR JD MH R^WUR RVX_LYDR 8NROLNR

VH UDGL L R PDORP ^LUNX RQ MH YH`L RG YHOLNLK JULMHKD D GRND] ]D WR QDYHGHQ MH X

SUHWKRGQRP SRJODYOMX

1MHJRYH ULMHaL .R VH QHaHP RGD ELW `H PX SUHSX^WHQ SUHQRVL $KPHG L 7LUPL]L

$EGXOODK E 8NHMP VD 
 QD SUYRP VORYX MHVWH GHPLQXWLY 1MHJRY QDGLPDN

 ELR MH (EX0DEHG 'CXKHQL .XIL +DWLE MH UHNDR #LYLR MH X .XIL 8 0HGDLQ MH

GR^DR X YULMHPH +X]HMIH %LR MH SRYMHUOMLY

1MHJRYH ULMHaL .R VH QHaHP RGD ELW `H PX SUHSX^WHQ ]QDaH GD RGDQRVW ELYD

VUFHP L WR SREX_XMH ULMHaL L GMHOD D WR MH RNUHWDQMH VUFD RG $OODKD QHaHPX ^WR VPDWUD

GD PX NRULVWL LOL JD aXYD NDNR MH SUHWKRGQR REMD^QMHQR X KDGLVLPD X RYRP SRJODYOMX L

RQRP SULMH QMHJD 2YD RGDQRVW X VXSURWQRVWL MH VD ULMHaLPD 8]YL^HQRJ

j `HgdhTBlTkBH


  (%   76
1  6B;8 *"
 #  %3 A*"*, +& $
( (% , 4* $ , "     '  #  !9
9! 


5
  
" B
   5** 8*   

/ " B  ! 0



 0   
     

   
 *   * *     0
 0   *
1
     
 


$ QLMH WDNR 2QRJD NR VH EXGH $OODKX SRNRUDYDR L X] WR GREUD GMHOD aLQLR WRJD

aHND QDJUDGD NRG *RVSRGDUD QMHJRYD WDNYL VH QH`H QLaHJD ERMDWL L QL ]D aLP QH`H

WXJRYDWL ,, 8NROLNR MH WR PDOL  WR RQGD QHJLUD SRWSXQRVW WHYKLGD D XNROLNR

MH WR YHOLNL ^LUN NDR ^WR MH RERCDYDQMH RQLK NRML VX X NDEXURYLPD VYHWL^WLPD

RERCDYDQMH WDJXWD L WRPH VOLaQR WR MH QHJLUDQMH $OODKD L L]OD]DN L] YMHUH LVODPD L X]

WDNYH SRVWXSNH QH YDCL QL MHGQD ULMHa QL GMHOR

1MHJRYH ULMHaL ELW `H PX SUHSX^WHQ WM $OODK `H JD WRPH SUHSXVWLWL WM RQRPH

]D ^WR MH YH]DR VYRMH VUFH PLPR $OODKD D RQDM NRJD $OODK SUHSXVWL QHNRP GUXJRP

PLPR 1MHJD ]DOXWDR MH L XSURSD^WHQ MH ,PDP MH $KPHG UHNDR 3ULaDR QDP MH +L^DP

E .DVLP SUHQRVH`L RG (EX6HLGD 0XHGGLED GD PX MH SULSRYLMHGDR QHNR NR MH aXR

$WDD +RURVDQLMD GD MH RYDM UHNDR


6XVUHR VDP 9HKED E 0XQHEELKD GRN MH RELOD]LR

RNR .DEH L UHNDR VDP


,VSULaDM PL XNUDWNR RYGMH MHGDQ KDGLV NRML `X ]DSDPWLWL RG

WHEH
5HNDR MH
$OODK MH REMDYLR 'DYXGX DV
2 'DYXGH 7DNR PL 0RMH 8]YL^HQRVWL

L 9HOLaDQVWYD QH`H SRWUDCLWL XWRaL^WH NRG 0HQH PLPR 0RMLK VWYRUHQMD QLMHGDQ 0RM

URE D MD WR ]QDP L] QMHJRYD QLMHWD D GD 0X MD QH`X NDG PX VHGDP QHEHVD L RQL NRML

VX QD QMLPD L VHGDP ]HPDOMD L RQL NRML VX QD QMLPD VPLVOH ]OR L] WRJD GDWL L]OD] L

UMH^HQMH 7DNR PL 0RMH 8]YL^HQRVWL L 9HOLaDQVWYD QH`H SRWUDCLWL XWRaL^WH QHNL RG

0RMLK URERYD NRG QHNRJ VWYRUHQMD PLPR 0HQH D MD WR ]QDP L] QMHJRYD QLMHWD D GD

PX QH`X NL^X V QHED REXVWDYLWL L ]DJULMDWL =HPOMX SRG QMHJRYLP QRJDPD D SRVOLMH 0H

QLMH EULJD X NRMRM GROLQL `H ELWL XSURSD^WHQ


 6YMHGRaDQVWYR R RYRPH LPD X .XU
DQX

SD UD]PLVOL

1MHJRYH VX ULMHaL $KPHG SUHQRVL RG 5XYHMILD GD MH UHNDR


$OODKRY 3RVODQLN

VDYV UHNDR MH


2 5XYHMIL WL `H^ PRCGD GXJR CLYMHWL SD REDYLMHVWL VYLMHW GD NR

QDSUDYL aYRUL`H QD VYRMRM EUDGL LOL VWDYL DPXOHW LOL VH aLVWL QDNRQ QXCGH CLYRWLQMVNLP

L]PHWRP LOL NR^`X SD ]DLVWD VH 0XKDPPHG QMHJD RGUHNDR





  "&%  8! *"
( #  $( ( &  $*%3 (  78:
1"C # ,%"($ (%  # 7B B9 +& $   (% , 4* $ * , 
   #  ;;;

 9;

5XYHMIL MH ,EQ6DELW E 6HNHQ E $GLMM E +DULV HO(QVDUL 1DVWDQLR VH X (JLSWX L ELR

MH QDPMHVQLN X %HUNL 2G QMHJD MH ]DELOMHCHQR RVDP KDGLVD $EGXOJDQL MH UHNDR

1DPMHVQLNRYDR MH X 7ULSROLMX L RVYRMLR $IULNX aHWUGHVHW VHGPH JRGLQH ,EQ-XQXV MH

UHNDR 8PUR MH X %HUNL SHGHVHW ^HVWH

1MHJRYH ULMHaL  e WL `H^ PRCGD GXJR CLYMHWL 1MHJRY MH CLYRW ELR GXJ NDNR MH L

REDYLMHVWLR 9MHURYMHVQLN VDYV

1MHJRYH ULMHaL  e SD REDYLMHVWL VYLMHW GD NR QDSUDYL aYRUL`H QD VYRMRM EUDGL

+DWWDEL MH REMDVQLR 1MHJRYD ]DEUDQD SUDYOMHQMD aYRUL`D QD EUDGL WXPDaL VH QD GYD

QDaLQD  >WD VX UDGLOL X UDWX 2QL VX SUDYLOL aYRUL`H QD VYRMLP EUDGDPD D WR MH RELaDM

QHNLK QHDUDSD NRML VX LK XYLMDOL L SUDYLOL RG QMH aYRUL`H (EX6HDGDW MH UHNDR 5DGLOL VX

WR L] RKRORVWL L XPL^OMHQRVWL  'D MH QMHJRYR ]QDaHQMH REUD_LYDQMH NRVH NDNR EL VH

XNRYUGCDOD 5HNDR VDP 2YR OLaL QD RQR ^WR UDGH PQRJL NRML XYU`X NUDMHYH EUNRYD SD

VH WL NUDMHYL SXVWH GD UDVWX UDGL WRJD D EUNRYL VX MHGDQ GLR QMH NRVH  8 KDGLVX

=HMGD E (UNDPD SUHQRVL VH GD MH UHNDR $OODKRY 3RVODQLN VDYV UHNDR MH


.R QH
1
SRWNUD`XMH VYRMH EUNRYH QLMH RG QDV
 3UHQRVL JD $KPHG 1HVDL L 7LUPL]L NRML MH

UHNDR GD MH 
  8 
  VH SUHQRVL 5D]OLNXMWH VH RG PQRJRERCDFD
2
3RWNUD`XMHWH EUNRYH SX^WDMWH EUDGH 7R XSX`XMH QD REDYH]QRVW ,EQ+D]P MH QDYHR

NRQVHQ]XV X YH]L V WLP SD MH REDYH]QR WR ]DEUDQMLYDWL

1MHJRYH ULMHaL  e LOL VWDYL DPXOHW XSX`XMX QD RQR ^WR MH YH` UHaHQR D WR MH GD MH

WR  SULGUXCLYDQMH ]ERJ RQRJD ^WD VX VPMHUDOL YMH^DMX`L JD R CLYRWLQMH L GUXJR

1MHJRYH ULMHaL  e LOL VH aLVWL QDNRQ QXCGH CLYRWLQMVNLP L]PHWRP LOL NRVWLPD SD

]DLVWD VH 0XKDPPHG QMHJD RGUHNDR XND]XMX GD MH WR L RQR ^WR MH SUHWKRGQR

VSRPHQXWR YHOLNL JULMHK MHU QMHJRYH ULMHaL SD ]DLVWD VH 0XKDPPHG QMHJD

RGUHNDR XLVWLQX XSX`XMX QD WR 1HYHYL GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH

7M RGUHNDR VH QMHJRYD GMHOD 2YR MH WXPDaHQMH GDOHNR MHU VH ]DPMHQLFD YUD`D QD

  NR 



1  6;!6 
 #  %3 A ,4"4  7: *"
( # ,4"4
(% # 78!!8! +& $   (% ,, $ ,     #  ! B9

#(  :96 "D # *,"1A@  :98 # 'A"(   6:9 *"
(
# ("A* "&%  99 *"
%3%3 # A (14"4
1  6;!  " %
#  %3 A 'A"($  7! *"
( # (A4"4 & 'A"( (%  #
67! % %(  + 
9 


/
D
  $0      
      * 

      


  *
  E    2 / %

  
 
   /   0*    

* *
  * 
  * 


3UHQHVHQD MH X 
 KDGLVLPD ]DEUDQD aL^`HQMD QDNRQ QXCGH EDOHJRP L NRVWLPD

NDR ^WR MH SR]QDWR 2G QMLK MH L RQR ^WR SUHQRVL 0XVOLP X VYRPH 


  RG ,EQ

0HVXGD NDR PHUIX KDGLV  1HPRMWH VH aLVWLWL QDNRQ QXCGH EDOHJRP QLWL NRVWLPD MHU
1
MH WR KUDQD YD^H EUD`H GCLQD , ^WR SUHQRVL ,EQ+X]HMPH L 'DUHNXWQL RG (EX

+XUHMUHD ]DEUDQX GD VH aLVWL QDNRQ QXCGH NRVWLPD LOL EDOHJRP 5HNDR MH 2QL
2
XLVWLQX QH aLVWH 2G QMHJD VH WDNR_HU SUHQRVL GD QH YDCL aL^`HQMH QMLPD D WR MH RaLWL

VWDY $KPHGRY

1MHJRYH ULMHaL 2G 6HLGD E 'CXEHMUD UD SUHQRVL VH GD MH UHNDR


.R RWUJQH

WDOLVPDQ VD aRYMHND WR VH WUHWLUD NDR GD MH RVORERGLR URED


 7R MH SUHQLR 9HNL
 2YR

NRG XaHQMDND LPD VWDWXV  


WM GD MH KDGLV L]UHNDR OLaQR 3RVODQLN VDYV  MHU VH

RYDNR QH^WR QH JRYRUL QD RVQRYX PL^OMHQMD 3UHPD WRPH RYR MH PXUVHO MHU MH 6HLG

WDELLQ 1D RVQRYX RYRJD WUHED ]DEUDQLWL YMH^DQMH WDOLVPDQD L SRGVWLFDWL QD QMLKRYR

VNLGDQMH L GD MH WR QH^WR ^WR MH REDYH]D 8 QMHPX KDGLVX  X] RQR ^WR MH SUHWKRGLOR

MHVWH GRND] GD MH WR  L REMD^QMHQMH VWDQMD SUYLK JHQHUDFLMD QHND MH $OODK QMLPD

]DGRYROMDQ NROLNR VX VH RQH ERMDOH 


 PDORJ L YHOLNRJ L NDNR VX JD ]DEUDQMLYDOH

0H_XWLP NDGD VH QHSR]QDYDQMH LVODPD SRMDaDOR X ]DGQMLP JHQHUDFLMDPD RYRJ

XPPHWD QHJLUDQMH L ERUED SURWLY WRJD L RQRJD ^WR MH JRUH RG QMHJD SRVWDOR MH RG

QDMYH`LK SRNX_HQLK GMHOD aDN L NRG RQLK OMXGL NRMH XEUDMDMX X XaHQH ^WR QLMH

QHSR]QDWR 9HNL MH VLQ 'CHUUDKD E 9HNLD .XILMD 3RYMHUOMLY MH XaHQ LPDP 1DSLVDR MH

PQRJH NQMLJH RG NRMLK MH *+


 L PQRJH GUXJH 2G QMHJD KDGLVH SUHQRVL LPDP

$KPHG L QMHJRYD JHQHUDFLMD 8PUR MH VWR GHYHGHVHW VHGPH JRGLQH SR +LGCUL 

1MHJRYH ULMHaL  e 2Q WDNR_HU SUHQRVL RG ,EUDKLPD GD MH UHNDR


2QL VX L]UDCDYDOL

DQWLSDWLMX SUHPD VYLP WDOLVPDQLPD ELOR GD VX ELOL RG .XU


DQD LOL QHaHJ GUXJRJ



  :B "<* #"%3( ",* A"( &",* "%3
1   *"

( #  %3 A ,(*  $*%3 (  78;"8 #"($ "*** "1
"&%  89 *"
( #  $( ( "$*%3 ( % 5%$ & (% 
 #  :8

,* 7:! , $- .<%  $  .

 99

 **  (   . *


 

+    
 ( .  *9

:    * ( *.9

-
     !    9

=
  (
.        #  
 9

,
  * 
  
    *0 % *

 *  
  (! . * 69

>
 !    0     
 9

? !        *9

@  
  
     *  9

A
    (7.   
#   *0  

 
 
   * 
 5
**  


,EUDKLP MH LPDP ,EUDKLP E -H]LG 1HKDL .XIL 1MHJRYR MH LPH SR VLQX (EX,PUDQ

3RYMHUOMLY MH MHGDQ RG YHOLNLK SUDYQLND 8PUR MH GHYHGHVHW ^HVWH NDG PX MH ELOR RNR

SHGHVHW JRGLQD

1MHJRYH ULMHaL  RQL VX L]UDCDYDOL DQWLSDWLMX RGQRVH VH QD GUXJRYH $EGXOODKD E

0HVXGD NDR ^WR VX $ONDPH (VYHG (EX9DLO +DULV E 6XYHMG 8EHMGH 6HOPDQL

0HVUXN 5XEHM E +XVHMP 6XYHMG E *DIOH L GUXJL D RQL VX ELOL YRGH`L


 8

QMLKRYR VX YULMHPH ]D

 NRULVWLOL ULMHa    2YR MH PL^OMHQMH LVSUDYQR MHU RQR

^WR QLMH RG .XU


DQD YH` MH SUHWKRGQR VSRPHQXWD QMHJRYD ]DEUDQD X NRMX QHPD

VXPQMH D DNR MH RG .XU


DQD GXCQRVW MX MH ]DEUDQLWL ]ERJ WUL VWYDUL -HGQD RG QMLK

MHVWH WR ^WR WR SRWSDGD SRG RS`X ]DEUDQX 'UXJD MH aLQMHQLFD GD WR PRCH ELWL VUHGVWYR

L L]JRYRU GD VH REMHVL QH^WR ^WR QLMH L] .XU


DQD SD GD WR GRYHGH GR VLWXDFLMH GD VH WR

QH QHJLUD 7UH`H MH GD YMH^DQMH .XU


DQD ELYD X]URN QMHJRYRJ SRQLCDYDQMD MHU PRUD

VD QMLP XOD]LWL X ]DKRG L WRPH VOLaQR $XWRU GD PX VH $OODK VPLOXMH UHNDR MH 5XNMD

MH RQR ^WR ]RYX YUDaDQMHP D GRND] MH L]X]HR L] WRJD ]D RQR X aHPX QHPD 
 7R

MH GRSXVWLR $OODKRY 3RVODQLN VDYV SURWLY XURND RND L JUR]QLFH 9UDaDQMH PDJLMD

DPXOHW WLYHOHWXQ MHVWH QH^WR ^WR UDGH PLVOH`L GD WR SRPDCH GD PXC ]DYROL VXSUXJX L

VXSUXJD PXCD +DIL] MH UHNDR 7LYHOHWX VD NHVURP QD VORYX


 L   QD
 L


 EH] WH^GLGD MHVWH QH^WR aLPH CHQD SULYODaL OMXEDY VYRJD PXCD 7R MH YUVWD

 
 D $OODK QDMEROMH ]QD
BB 


wtP
2720(.275$#,%(5,@(735(.2'59(7$
.$0(1$,720(6/,A12
 )h`@QAQ@A)j@O@MBhB
 D 

jwl@eFL)Q@hf@B

   ! 5** I 0  J       

 #6 4       7  63 E  


 *


*  
 ()7
0 +A::.

1MHJRYH ULMHaL 3RJODYOMH R WRPH NR WUDCL EHUL`HW SUHNR GUYHWD NDPHQD L WRPH

VOLaQR NDR ^WR MH QHNR SRGUXaMH PH]DUOXN WXUEH PMHVWR SRJLELMH MXQDND L WRPH

VOLaQR .R MH NRQGLFLRQD LPHQLFD 2GJRYRU MH L]RVWDYOMHQ D RQ JODVL 8aLQLR MH

$OODKX  SULGUXCLYDQMH 


1MHJRYH ULMHaL , ULMHaL 8]YL^HQRJ $OODKD
h`@QAQ@A)j@O@MBhB


>WD NDCHWH R /DWX L 8]]DX L 0HQDWX WUH`RM QDMPDQMH FLMHQMHQRM 2YD VX WUL NLSD

QDMX]YL^HQLML NLSRYL X GCDKLOLMHWX NRG VWDQRYQLND +LGCD]D /DW MH SULSDGDR

VWDQRYQLFLPD 7DLID L $UDSLPD NRML VX CLYMHOL RNR QMHJD 8]]D MH SULSDGDR .XUHM^X L

.LQDQL D 0HQDW %HQX+LODOX ,EQ+L^DP MH UHNDR 3ULSDGDR MH +X]HMOX L +X]DL /DW MH

EH] 
QD VORYX WD X aLWDQMX YH`LQH GRN MH NRG ,EQ$EEDVD ,EQ=XEHMUD

0XGCDKLGD +XPHMGD (EX6DOLKD L 5XYHMVD RG -D


NXED VD  QD VORYX
 8

YH]L V SUYLP UHNDR MH $


PH^ 1D]YDOL L]YHOL VX VX /DW RG 
 D 8]]D RG 
 ,EQ

.HVLU MH UHNDR /DW MH ELR ELMHOL L]UH]EDUHQ NDPHQ 1D QMHPX MH ELOD NX`D X 7DLIX

,PDOD MH ]DYMHVH L VOXJH D RNR QMH SUD]DQ SURVWRU NRML VX VWDQRYQLFL 7DLID YHOLaDOL D WR

MH SOHPH 6HNLI L VYDNR RQDM NR MH QMHPX SULSDGDR 1MLPH VX VH SRQRVLOL SUHPD


1
GUXJLP DUDSVNLP SOHPHQLPD QDNRQ .XUHM^D 7R MH UHNDR ,EQ+L^DP 2 GUXJRP

,EQ$EEDV MH ND]DR 1HNL MH aRYMHN PLMHVLR EUD^QR KDGCLMDPD SD NDGD MH XPUR RQL
2
VX VH ]DXVWDYOMDOL NRG QMHJRYD NDEXUD 7R MH QDYHR %XKDUL


)
A % *$ *$- . 4 $ , *$ (*= "- ' $ (& , &
5   /'    $ 4  15 &*'. *$ D*

#(  :9
A *"%3 # ,&( *'- 0j@O@MBhB4 A$** &"11.
11$0 $& $=- .5 ,% $     1*&$ ,% $& ,.

 B

/
) 2
 J   
    !*   5**

8*   F  

5HNDR VDP 1HPD LVNOMXaLYDQMD L NRQWUDGLNFLMH L]PH_X RQRJD ^WR MH VSRPHQXR

%XKDUL L GUXJL D WR MH GD VX RERCDYDOL CUYDQM NRMLP VH POMHOR EUD^QR L WRJD GD VX

RERCDYDOL QMHJRYR LPH L NDEXU QDNRQ ^WR MH XPUR >WR VH 8]]DD WLaH ,EQ'CHULU MH

UHNDR 7R MH ELR NDPHQ QD NRMHP MH ELOD JUD_HYLQD L ]DVWRUL X 1DKOL L]PH_X 0HNH L

7DLID .XUHM^ JD MH YHOLaDR NDR ^WR MH (EX6XIMDQ UHNDR QD GDQ %LWNH QD 8KXGX
0L

LPDPR 8]]DD D YL JD QHPDWH


$OODKRY 3RVODQLN VDYV UHNDR MH
5HFLWH
$OODK MH
1
QD^ ]D^WLWQLN D YL ]D^WLWQLND QHPDWH 3RYH]DQRVW RYRJ DMHWD VD QDVORYRP XND]XMH

QD WR GD VH RERCDYDQMH 8]]DD RG PX^ULND RJOHGDOR X RNXSOMDQMX VUFD VD CHOMRP GD LP

RQ VYRMLP EHUL`HWRP SRPRJQH GD RVWYDUH QHNX NRULVW L RWNORQH QHNX ^WHWX SD MH WDNR

SRVWDR LGRORP NRML VH RERCDYD PLPR $OODKD D WR MH ELOR ]ERJ YHOLaLQH ]DEOXGH NRG

PX^ULND L SRNYDUHQRVWL QMLKRYRJ UD]XPD NDNR MH UHNDR 8]YL^HQL

@dAAohxA@cdI

2QL SRUHG $OODKD RERCDYDMX RQH NRML LP QH PRJX QDXGLWL QLWL LP PRJX NDNYX

NRULVW SULEDYLWL L JRYRUH


2YR VX QD^L ]DJRYRUQLFL NRG $OODKD
 ; 7DNR MH

RERCDYDQMH NDEXURYD L RERCDYDQMH GUYH`D L NDPHQMD SRVWDOR  PX^ULND 7R L ^WR MH

MR^ YH`H RG WRJD GHVLOR VH ]DGQMLP JHQHUDFLMDPD RYRJ XPPHWD

1MHJRYH ULMHaL  e RG (EX 9DNLGD 7R MH SR]QDWL DVKDE 8PUR MH ^H]GHVHW RVPH

JRGLQH NDGD MH LPDR RVDPGHVHW SHW JRGLQD

1MHJRYH ULMHaL  e L]L^OL VPR VD $OODKRYLP 3RVODQLNRP VDYV XND]XMH QD

VWDQRYQLNH 0HNH NRML VX X WR YULMHPH WHN QHGDYQR ELOL SULPLOL LVODP  e QD +XQHMQ

RGQRVH VH QD LPH SR]QDWH GROLQH LVWRaQR RG 0HNH 8 QMRM MH $OHMKLVVHODP YRGLR ELWNX

SURWLY +HYD]LQD NDNR MH UHNDR 8]YL^HQL

AoLLhQMIUBeFX

$ L RQRJD GDQD QD +XQHMQX NDG YDV MH PQR^WYR YD^H ]DQLMHOR DOL YDP RQR QLMH QL

RG NDNYH NRULVWL ELOR ,; 2YD MH ELWND SR]QDWD NRG KLVWRULaDUD L GUXJLK NDR ^WR MH

SR]QDWD SREMHGD NRMD MH L]YRMHYDQD WH X]LPDQMH QMLKRYLK LPHWDND L ]DUREOMDYDQMD

GMHFH L CHQD NDNR MH QDYHGHQR X SOHPHQLWRP DMHWX


#(  8B89  "3(% #  $,( *"*1' &"(*A A"(  89! B 8 B!;
:! (%   7698 % #  1 
B6 


 *      *   ( B .  ! #  * *


 
  **    !*   0 4*  4 

8 !*   
*
 "*  5** 8*

  

 4   !   4  5** 8* 

  5**  

AhL@cTjB@kgMk@jBP

hA@@jTe@hf@Kf

=DWLP MH $OODK QD 3RVODQLND 6YRJD L QD YMHUQLNH PLORVW 6YRMX SXVWLR L YRMVNH NRMH

YL QLVWH YLGMHOL SRVODR L RQH NRML QLVX YMHURYDOL QD PXNH VWDYLR L WR MH ELOD ND]QD ]D

QHYMHUQLNH ,;

1MHJRYH VX ULMHaL  e D ELOL VPR WHN VNRUR QDSXVWLOL QHYMHURYDQMH NXIU  XND]XMX QD

VWDQRYQLNH 0HNH NRML VX ELOL VNRUR SULPLOL LVODP L ]ERJ WRJD QLVX SR]QDYDOL RYDM ^LUN

VSRPHQXW X KDGLVX ]D UD]OLNX RG RQLK NRML VX RG UDQLMH SULPLOL LVODP

1MHJRYH VX ULMHaL  e PX^ULFL VX LPDOL ORWRVRYR GUYR NRG NRMHJ VX NOHaDOL

RERCDYDMX`L JD YHOLaDMX`L JD L UDGL EHUL`HWD SR^WR VX YMHURYDOL GD RQR GRQRVL EHUL`HW

1MHJRYH ULMHaL  e ]YDOR VH =DWXHQYDW MHVX VD 


 QD VORYX
 NDR ^WR MH

SR]QDWR

1MHJRYH VX ULMHaL  e L QD QMHJD YMH^DOL VYRMH RUXCMH ]QDaH YMH^DOL JD QD QMHJD

1MHJRYH VX ULMHaL  e SUR^OL VPR SRUHG ORWRVRYRJ GUYHWD 5HNOL VPR


$OODKRY

3RVODQLaH GDM GD L PL LPDPR .


 
NDR ^WR RQL LPDMX .
 
 WM NDR ^WR

PX^ULFL LPDMX .
 
 0LVOLOL VX GD NDG EL LP 9MHURYMHVQLN VDYV WR GRSXVWLR WR

EL LP ELOR GRSX^WHQR SRVMHGRYDWL UDGL SRVWL]DQMD EHUL`HWD ]D RQH NRML WR X QMHPX EXGX

YMHURYDOL (QYDW VX PQRCLQD RG   D WR MH LQILQLWLY NRML MH QD]YDQ *(  


1MHJRYH VX ULMHaL $OODKRY 3RVODQLN VDYV UHNDR MH
$OODK MH QDMYH`L


YHOLaDMX`L $OODKD 8]YL^HQRJ GD 0X VH QH SULGUXCXMH aLQL  X RERCDYDQMX 


 

^WR 2Q LPD SUDYR SUHPD 6YRMLP URERYLPD NDNR MH 8]YL^HQL UHNDR

hp@LAXdTBB

 B8

7R VX    "*    / G   

!   VX UHNOL %HQX,VUDLO 0XVDX

FADAAFAT@

7       !    3 2    

  3   ()*) B +-@. 2   *
   

   *    4*0   E        



7L XSUDYL OLFH VYRMH YMHUL NDR SUDYL YMHUQLN L QH EXGL RG RQLK NRML SULGUXCXMX aLQH

  ; , UHNDR MH 8]YL^HQL

@dTC

7L XSUDYL OLFH VYRMH SUHPD SUDYRM YMHUL ;;;  D WR MH LVNUHQRVW D

SULGUXCLYDQMH " WR QHJLUD 3UHWKRGQR MH YH` REMD^QMHQR ]QDaHQMH ULMHaL


 2YD
GYD DMHWD L RQD NRMD VX X QMLKRYRP ]QDaHQMX VDGUCH WHYKLG QD NRML XSX`XMH /D LODKH

LOODOODK QHPD ERJD NRML ]DVOXCXMH GD EXGH RERCDYDQ RVLP $OODKD  QHJLUDQMHP L

SULWYU_LYDQMHP NDNR MH WR SUHWKRGQR REMD^QMHQR 3UHPD WRPH RQDM aLMH VH VUFH

RNUHQH QHNRP GUXJRP PLPR $OODKD GD WUDCL NRULVW LOL RWNODQMDQMH ^WHWH SRaLQLR MH 
SULGUXCLYDQMH  &LMHOL .XU
DQ XWHPHOMXMH RYDM YHOLNL SULQFLS NRML MH WHPHOM GLQLLVODPD

PLPR NRJD $OODK QL RG NRJD QH SULPD GUXJH YMHUH

1MHJRYH VX ULMHaL    VD 


 QD VORYX VLQ 2QH XND]XMX QD SXWHYH

NRML VH UD]OLNXMX RG YMHUH NRMX MH 8]YL^HQL SURSLVDR 6YRMLP URERYLPD

1MHJRYH VX ULMHaL  e 5HNOL VWH WDNR PL 2QRJD X ALMLP UXNDPD MH PRMD GX^D

$OHMKLVVHODP VH ]DNOHR QD WR GD EL SRWYUGLR RYX YLMHVW L GD EL XND]DR QD QMHJRYX

YHOLaLQX RQDNR NDNR VX UHNOL %HQX,]UDHO`DQL 0XVDX DAAFAT@  1 DSUDYL L

WL QDPD ERJD NDR ^WR L RQL LPDMX ERJRYH , SRUHG WRJD ^WR LK RQL QLVX QD]YDOL

ERJRYLPD REDYLMHVWLR MH GD WUDCHQMH EHUHNHWD RG GUYH`D aLQL LK SUHGPHWRP

RERCDYDQMD ERJRYLPD  LDNR LK RQL QLVX QD]YDOL ERJRYLPD =ERJ WRJD MH XSRUHGLR

RYR ^WR VX RQL UHNOL VD RQLP ^WR VX UHNOL %HQX,]UDHO`DQL


C$3  $
1  6 "H* #  %3 .*,   , ,,.

1 $ ,- . % $   $ 5& $ ,, $  , C$3  $  (% 
# :76
1 $ ,- . & *  F(%G % "<%  " $.
B 


 **  (   . *


 

+     ( . )7


09

:    !   !   0*9

-
    
*9

=
    0**
   *0 5** *
 /  *9

,
 
     *
   
   9

>
  
 
*     !
  9

?
 2     !  
   


    5**   E   (5**.  2

  *


       *    E     

     ! 09

@ *      


    
  

     H  * 


  *

   AFAT@

7     ' ()*) B +-@.9

A
    
  * * **** (  

5**.  
      9

DAAFAT@

1DSUDYL L WL QDPD ERJD NDR ^WR L RQL LPDMX ERJRYH 6 RYLP MH KDGLVRP

RE]QDQMHQR GD YH]LYDQMH VUFD ]D GUYH`H NDPHQMH L RVWDOR WRPH VOLaQR UDGL WUDCHQMD

EHUL`HWD RG QMLK MHVWH SULGUXCLYDQMH  X RERCDYDQMX 


   NDR ^WR MH ^LUN RQLK

RERCDYDODFD NLSRYD

1MHJRYH VX ULMHaL  e YL `HWH XLVWLQX VOLMHGLWL SULPMHUH RQLK NRML VX ELOL SULMH YDV WM

CLGRYD L NU^`DQD 9H` VH GHVLOR X RYRP XPPHWX RQDNR NDNR MH REDYLMHVWLR

$OHMKLVVHODP .UHQXOL VX SXWHP RQLK NRML VX ELOL SULMH QMLK RQLK NRMH VPR YH`

VSRPHQXOL ^WR MH GR^OR X 


 KDGLVLPD NDR ^WR MH KDGLV  9L `HWH XLVWLQX VOLMHGLWL

SXWHYH RQLK NRML VX ELOL SULMH YDV OLaH`L QD QMLK NDR ^WR MH VOLaQD SHUND QD VWULMHOL GUXJRM

SHUFL WDNR GD NDG EL RQL X^OL X JX^WHURYX UXSX L YL ELVWH X QMX X^OL

$OODKRY

3RVODQLaH
 UHNOL VX
PLVOL^ QD CLGRYH L NU^`DQH"

$ QD NRJD GUXJRJ
 RGJRYRULR MH


2YDM MH KDGLV ]DELOMHCHQ X 'YD VDKLKD RG (EX6HLGD +XGULMD UD 8 GUXJRP SUHGDQMX
1
VWRML $ NR EL ELOL WL OMXGL DNR QH RQL"


$&   * 0 &%  * !

 B:

+C
   *  B     *  
 
 9

++
  
0 (! .     0  *  *   

  !*   9

+:   ' *      *   ( B .

 
  *   *  9

+-         %   * 


    

 %9

+=   *   9

+,     *


#
0*9

+> 
0   
 9

+?   *     E   (5**. 9

+@
     
  !  #
 

*    9

+A
    !  5**   0
   !   0  

9

:C
  
   %
   * 

 
             I  

(.    &


 6    I   (.   

*6        ( . I  % 

(.     6   


 

AFAT@   
      (
   .9

:+
    *   %     0# ( ! .9

::
        !     !  *

  #   


 !   #     

  *  *      *   ( B .
B! 


Z?
2720(>7$-(35(1(6(12
89(=,35,12>(1-$#579(1(.200,02$//$+$
 )A@KgLAAlLsF
9AL@

 
ho

   ! 5** "# *    


   0  

  
   5** &
    


' ()*) +>:+>-.

1MHJRYH VX ULMHaL

ho)A@KgLAAlLsF

2 WRPH ^WD MH SUHQHVHQR X SRJOHGX SULQR^HQMD CUWYH QHNRP PLPR $OODKD L ULMHaL

8]YL^HQRJ $OODKD
5HFL .ODQMDQMH PRMH L REUHGL PRML L CLYRW PRM L VPUW PRMD GRLVWD

VX SRVYH`HQL $OODKX *RVSRGDUX VYMHWRYD .RML QHPD VXGUXJD e


 9,

,EQ.HVLU MH UHNDR 8]YL^HQL PX QDUH_XMH GD REDYLMHVWL PQRJRER^FH  

NRML RERCDYDMX GUXJH PLPR $OODKD L QMLPD SULQRVH CUWYH GD MH RQ SRVYHWLR VDPR

$OODKX VYRMH NODQMDQMH L VYRMX CUWYX MHU PX^ULFL RERCDYDMX NLSRYH L QMLPD SULQRVH

CUWYH SD PX MH 8]YL^HQL QDUHGLR GD VH UD]OLNXMH RG QMLK L QH VOLMHGL RQR QD aHPX VX

RQL WH GD VH RNUHQH VYMHVQR V QDPMHURP L V RGOXaQR^`X LVNUHQRM RGDQRVWL $OODKX

8]YL^HQRP 3UHPD WRPH SHW GQHYQLK QDPD]D MHVX QDMYH`L IDU]RYL LVODPD RGPDK

SRVOLMH GYD ^HKDGHWD

1MHJRYH ULMHaL Ls  e NODQMDQMH PRMH REXKYDWDMX IDU]RYH L QDILOH 6YL QDPD]L

VX 
  2QL VH VDVWRMH L] GYLMH YUVWH GRYD GRYD WUDCHQMD L GRYD RERCDYDQMD 2QD X

NRMRM VH SLWD L WUDCL WR MH GRYD WUDCHQMD D RQD X NRMRM MH ]DKYDOD SRKYDOD VODYOMHQMH

UXNX VHGCGD L RVWDOL   L


 WR MH GRYD RERCDYDQMD 2YR MH REMD^QMHQMH L

WXPDaHQMH ]D^WR MH QDPD] QD]YDQ 



 GRYRP MHU VH VDVWRML L] GYLMH YUVWH GRYH

NRMH ]QDaH 

GRYX  NDNR MH]LaNL WDNR L ^HULMDWVNL 7R VX SRWYUGLOL >HMKXOLVODP ,EQ

7HMPLMH L ,EQXO.DMMLP GD LP VH 8]YL^HQL $OODK VPLOXMH

1MHJRYH ULMHaL l  e L REUHGL PRML 6HYUL SUHQRVL RG 6XGGLMD RQ RG 6HLGD E

'CXEHMUD GD REUHGL PRML ]QDaL PRMH SULQR^HQMH CUWYH ,VWR MH UHNDR L 'DKKDN

 B;


h@Hht 

 7  4  &


 *    * ()* :.

/
5*    
       5** 8* 

    5**   *     0  


 

5**

1MHJRYH VX ULMHaL LAA L CLYRW PRM L VPUW PRMD WM RQR ^WR XUDGLP X VYRP

CLYRWX L QD aHPX XPUHP RG LPDQD L GREURJ GMHOD A@Kg ' R LVWD VX SRVYH`HQL

$OODKX *RVSRGDUX VYMHWRYD ]QDaL LVNUHQR UDGL 1MHJD

^l@BA^B OhBfHho  . RML QHPD VXGUXJD WR PL MH QDUH_HQR L MD VDP SUYL

PXVOLPDQ WM X RYRP XPPHWX 2YR MH PL^OMHQMH LPDPD X WHIVLUX 0LVOL VH GD RYDM DMHW

]QDaL GD aRYMHNRYH ULMHaL L QMHJRYD GMHOD NDNR VNULYHQD WDNR L YLGOMLYD QLMH GRSX^WHQR

QL^WD RG QMLK XSX`LYDWL QHNRP GUXJRP PLPR $OODKD EH] RE]LUD NR RQ ELR 2QDM NR

QH^WR RG WRJD XSXWL QHNRP GUXJRP PLPR $OODKD RQ MH XSDR X RQR ^WR MH 8]YL^HQL

QHJLUDR RG ^LUND 6YRMLP ULMHaLPD hp@A@A  , MD QLVDP RG PX^ULND .XU


DQ X

FLMHORVWL SULWYU_XMH RYDM WHYKLG X SRJOHGX RERCDYDQMD L QHJLUDQMD PQRJRER^WYD L

RGULFDQMD RG QMHJD

=D 1MHJRYH ULMHaL h^@^Hh^t  =DWR VYRPH *RVSRGDUX NODQMDM L NXUEDQ NROML

>HMKXOLVODP MH UHNDR 1DUHGLR MH GD REMHGLQL L]PH_X RYD GYD LEDGHWD D WR VX QDPD]

L SULQR^HQMH CUWYH NRML XSX`XMX QD GREUD GMHOD VNURPQRVW L VNUX^HQRVW SRWUHEX OLMHSR

PL^OMHQMH MDaLQX XYMHUHQMD L VPLUHQRVW VUFD SUHPD $OODKX L 1MHJRYLP REH`DQMLPD ]D

UD]OLNX RG RKROLK L RGYUDWQLK L RQLK NRML VPDWUDMX GD LP $OODK QLMH SRWUHEDQ NRML QH YLGH

SRWUHEH GD NODQMDMX VYRPH *RVSRGDUX L NRML 0X QH SULQRVH CUWYX ERMH`L VH

VLURPD^WYD ]ERJ WRJD MH VDVWDYLR PH_X QMLPD X 1MHJRYLP ULMHaLPD 5HFL


lLsF
.ODQMDQMH PRMH L REUHGL PRML e  8]YL^HQL MH UHNDR

H@BAhj@d@M@NhX

=DEUDQMXMH YDP VH VWUY L NUY L VYLQMVNR PHVR L RQR ^WR MH ]DNODQR X QHaLMH

GUXJR D QH X $OODKRYR LPH e  9

1MHJRYH VX ULMHaL 2G $OLMH UD $OL E (EX7DOLE MH LPDP (EXO+DVDQ +D^LPL

DPLGCL` 9MHURYMHVQLNRY VDYV 2CHQLR VH QMHJRYRP N`HUNRP EOLVWDYRP )DWLPRP

UD 0H_X SUYLPD MH SULPLR LVODP  XaHVWYRYDR MH QD %HGUX ]DYMHWX QD 5LGYDQX L

MHGDQ MH RG GHVHWHULFH NRMLPD MH SRVYMHGRaHQR GD `H X`L X 'CHQQHW


B 


5**   *       


* 5**   * 

  0 !     5**   *      



* (  % . 4*0    *

AHWYUWL MH RG KXOHIDLUD^LGLQD SUDYHGQLK KDOLID  3R]QDWD VX QMHJRYD SOHPHQLWD

GMHOD QHND MH $OODK QMLPH ]DGRYROMDQ 8ELR JD MH KDULGCLMD ,EQ0XOGCLP X UDPD]DQX

aHWUGHVHWH JRGLQH SR +LGCUL

(EXV6HDGDW MH UHNDR 8 RVQRYL SURNOLQMDQMH ]QDaL WMHUDQMH L XGDOMDYDQMH RG

$OODKD

1MHJRYH VX ULMHaL  e NR SULQHVH CUWYX QHNRP PLPR $OODKD >HMKXOLVODP MH UHNDR

]D 1MHJRYH VX ULMHaL  e L RQR ^WR MH ]DNODQR X QHaLMH GUXJR D QH X $OODKRYR LPH

1MLKRYR YDQMVNR OLWHUDUQR ]QDaHQMH XND]XMX GD MH WR RQR ^WR MH ]DNODQR QHNRP

GUXJRP PLPR $OODKD NDR NDG NDCH


2YD CUWYD MH ]D WR
8NROLNR MH WR QDPMHUD

VYHMHGQR MH GD OL MH WR L]JRYRULR ULMHaLPD LOL QLMH =DEUDQD MH RYRJD RaLWLMD RG ]DEUDQH

RQRJD ^WR MH ]DNODQR UDGL PHVD L SUL WRP UHaHQR X LPH ,VXVD L WRPH VOLaQR NDR ^WR MH

RQR ^WR VPR ]DNODOL GD EL VH SULEOLCLOL $OODKX aLVWLMH L X]YL^HQLMH RG RQRJD ^WR VPR

]DNODOL UDGL PHVD L SUL WRPH UHNOL ELVPLOODK VD $OODKRYLP LPHQRP  $NR MH ]DEUDQMHQR

RQR SUL aHPX MH UHaHQR X LPH ,VXVD L GMHYLFH SUHaH MH GD EXGH ]DEUDQMHQR RQR SUL

aHPX MH UHaHQR UDGL ,VXVD L GMHYLFH LOL VH WR VPMHUDOR MHU MH XSX`LYDQMH RERCDYDQMD

QHNRP PLPR $OODKD YH`L  RG WUDCHQMD SRPR`L RG QHNRJ GUXJRJ PLPR $OODKD

3UHPD WRPH XNROLNR EL SULQLR CUWYX QHNRP PLPR $OODKD V QDPMHURP GD PX VH

SULEOLCL WR MH ]DEUDQMHQR SD PDNDU SUL WRP UHNDR 


 NDR ^WR QHNDG aLQH JUXSH

OLFHPMHUD L] RYRJ XPPHWD NRML VH SULEOLCDYDMX ]YLMH]GDPD SULQRVH`L CUWYX PLULVQLP

GLPRP L WRPH VOLaQR PDGD VX RQL XVWYDUL RGPHWQLFL RG YMHUH L RQR ^WR VX RQL ]DNODOL

QLMH GRSX^WHQR QLXNRP VOXaDMX 8 WR VSDGD L SULQR^HQMH CUWYH GCLQLPD

1MHJRYH ULMHaL  e $OODK MH SURNOHR NR SURNXQH VYRMH URGLWHOMH ]QDaH VYRJD RFD L

PDMNX QHQX GHGX LWG 8 


  MH ]DELOMHCHQR GD MH $OODKRY 3RVODQLN VDYV UHNDR

2G YHOLNLK MH JULMHKD GD aRYMHN JUGL L SVXMH VYRMH URGLWHOMH 5HNOL VX QHNL $OODKRY

3RVODQLaH GD OL LPD aRYMHN NRML SVXMH VYRMH URGLWHOMH"


C$3  $   9; 8  : " %( # *(1"1( $( & ' A'(
 ;7686 %"($ #  1( $(

 B9

'D UHNDR MH RSVXMH aRYMHNX QHaLMHJ RFD SD L RQ RSVXMH QMHJRYRJ RSVXMH
1
aRYMHNX QHaLMX PDMNX SD L RQ RSVXMH QMHJRYX PDMNX

1MHJRYH VX ULMHaL  e $OODK MH SURNOHR RQRJ NRML SUXCL ]D^WLWX SUHVWXSQLNX 3UXCL



MH VD GXJLP   WM X]PH JD VHEL L SUXCL PX ]D^WLWX >WR VH WLaH

SUHVWXSQLND  
(EXV6HDGDW MH UHNDR 3UHQHVHQR MH VD   QD VORYX 

L VD   X VPLVOX GD MH 
 YU^LODF UDGQMH L   REMHNDW  6D   ]QDaL NR

SRWSRPRJQH SUHVWXSQLND X]PH JD VHEL L SUXCL PX ]D^WLWX RG QMHJRYLK SURWLYQLND L

VSULMHaL GD RQL QDG QMLP L]YU^H RGPD]GX D VD IHWKRP WR MH VDPD LQRYLUDQD VWYDU X

YMHUL 
 3UHPD WRPH X]LPDQMH L SUXCDQMH ]D^WLWH ]QDaL ]DGRYROMVWYR QMLPH L

SRWSRPDJDQMH -HU RQ XLVWLQX NDGD MH ]DGRYROMDQ VD QRYRWDULMRP NDG MH RGREUL

QMHQRP SRaLQLRFX L QH XVSURWLYL PX VH RQ PX MH VDPLP WLP SUXCLR ]D^WLWX ,EQXO

.DMMLP GD PX VH 8]YL^HQL $OODK VPLOXMH UHNDR MH 6WXSQMHYL VX RYRJ YHOLNRJ JULMHKD

UD]OLaLWL X VNODGX VD VWXSQMHYLPD QRYRWDULMH VDPH SR VHEL SD ^WR JRG MH QRYRWDULMD

YH`D L YHOLNL JULMHK MH YH`L

1MHJRYH VX ULMHaL  e $OODK MH SURNOHR RQRJ NRML PLMHQMD R]QDNH QD ]HPOML SRPMHUD

PH_X  2]QDNH  
 MHVX VD IHWKRP QD VORYX  7R VX R]QDNH QMHQH JUDQLFH

NRMH VH VWDYOMDMX GD EL VH RELOMHCLOR YODVQL^WYR QDG ]HPOMRP L NX`DPD QDNRQ ^WR VH

SRGLMHOH PH_X VXYODVQLFLPD 8 (Q1LKDML MH UHaHQR 7M QMHQH R]QDNH L JUDQLFH

5HNDR VDP $ WR MH GD SRGLJQH RQR ^WR MH RGUH_HQR NDR ]QDN NRML R]QDaDYD QMHJRYR

YODVQL^WYR X RGQRVX QD YODVQL^WYR QMHJRYRJ RUWDND SD X]PH RG VYRJD RUWDND GLR 7R

MH YHOLND QHSUDYGD 8 KDGLVX MH QDYHGHQR .R QHSUDYHGQR X]PH SHGDOM ]HPOMH


2
RPRWDW `H JD VD VHGDP ]HPDOMD QD .LMDPHWVNRP GDQX


#(  :9;8 " % #  $"%3 &%$(   9B
1  9B8 "
&%  :  % %(     

#(  6 :8 "1 #   1 4$ "%   89: #%'"(, #
 %3 A  %   !B ",* # *(1"1 & "% & $(
e
(%  # !7! ;9 6:6 6:9  (% % 4  C $& $=- . ** 0 . **
$ ,- .+   %&$, 5*=*- $% $ % * 1= % 0 * 1%3  $*,
% %  4* $ 5&% 1 %  $* ,5$$    * 0 * , E 
$& &*   % $ * *& E@ % $ % 0  * ,3$ 55%$ ,1 %
1$ 5 0 &, 1$ * *= , $& &*. F%(  :7B G
B 


/
E   I   
  5** 8*   7

  $0 !   !#  !      !#

2    5** 8*36 *   "  $   !*

   
      
     
 

!     0   "*  


 
 8  (0  .3 7

!
    0   
   8     !#  * 

  /     0   !#      *    ! 2 

$   * 8  (0  .3 1 


    (0  . 

5**
0!   /   *    ! $0 4*0 

 5


1DNRQ ^WR MH YH`LQD VYLMHWD SDOD X QH]QDQMH RQL VX VYRMLP QH]QDQMHP L

QHSUDYGRP RWL^OL X RQR ^WR LP ^WHWL QD GXQMDOXNX L DKLUHWX D VYH WR ]ERJ VODERVWL

LPDQD X SURCLYOMHQMH L SRODJDQMH UDaXQD ]D GMHOD 'CHQQHW L 9DWUX 0ROLPR RG $OODKD

RSURVW L VSDV QD GXQMDOXNX L EXGX`HP VYLMHWX

1MHJRYH VX ULMHaL 2G 7DULND E >LKDED D RQ MH %HGCHOL $KPHVL (EX$EGXOODK

(EX'DYXG MH UHNDR 9LGLR MH 9MHURYMHVQLND VDYV DOL RG QMHJD QLMH QL^WD aXR

+DIL] MH UHNDR $NR MH XWYU_HQR GD VH VXVUHR VD 9MHURYMHVQLNRP VDYV RQ MH

DVKDE D DNR MH XWYU_HQR GD RQ RG QMHJD QLMH QL^WD aXR QMHJRYR SUHGDQMH RG QMHJD

WUHWLUD VH NDR PXUVHO DVKDED L SR SUHRYODGDYDMX`HP PL^OMHQMX SULKYDWD VH 8PUR MH

NDNR MH WYUGLR ,EQ+LEEDQ RVDPGHVHW WUH`H JRGLQH SR +LGCUL ,EQXO.DMMLP GD PX VH

$OODK 8]YL^HQL VPLOXMH UHNDR MH ,PDP $KPHG GD PX VH $OODK 8]YL^HQL VPLOXMH

UHNDR MH
3ULSRYLMHGDR QDP MH (EX0XDYLMD (
DPH^ RG 6XOHMPDQD E 0HMVHUH RQ RG

7DULND E >LKDED GD MH UHNDR SULSLVXMX`L WR 3RVODQLNX VDYV


8 'CHQQHW MH X^DR

aRYMHN ]ERJ PX^LFH e




1MHJRYH VX ULMHaL  e ]ERJ PX^LFH WM ]ERJ QMH

1MHJRYH VX ULMHaL  e NDNR WR $OODKRY 3RVODQLaH" .DR GD VX RQL D $OODK QDMEROMH

]QD VPDWUDOL WR GMHOR QHYDCQLP L SULQR^HQMH PX^LFH NDR CUWYH NLSX SD LP MH

9MHURYMHVQLN VDYV REMDVQLR GD MH RQDM NR WR XUDGL L XUDGL YL^H RG WRJD ]DVOXCLR

9DWUX


C$3  $ (%   
   # * : %
,  /(  % < H$  +&$
(% $  #  $ )  
   *$ <$ $* <  * $ 4,

 

 **  (   . *


 


+    lLsF  '*    
 '9

1MHJRYH VX ULMHaL  e 'YD aRYMHND VX QDL^OD QD QHNL QDURG NRML MH LPDR NLS L SRUHG

NRMHJ QLMH PRJDR QLNR SUR`L GRN PX QH^WR QH SULQHVH NDR CUWYX 5HNOL VX MHGQRP RG

QMLK
3ULQHVL CUWYX 

1HPDP QL^WD GD SULQHVHP NDR CUWYX
 RGJRYRULR MH
3ULQHVL SD

PDNDU PX^LFX
 UHNOL VX PX 2Q MH SULQLR NDR CUWYX PX^LFX L RQL VX JD SXVWLOL SD MH WDM

X^DR X 9DWUX 7R MH ]ERJ WRJD MHU MH RQ VYRMLP VUFHP QDPMHUDYDR QHNRJ GUXJRJ

PLPR $OODKD LOL VH SRYHR VD VYRMLP GMHORP SD PX MH REDYH]QD 9DWUD 8 QMHPX MH

]QDaHQMH 0XVOLPRYRJ KDGLVD NRML MH SUHWKRGQR VSRPHQXW X SRJODYOMX R VWUDKX RG

^LUND D NRML SUHQRVL 'CDELU GD MH 3RVODQLN VDYV UHNDR  .R VXVUHWQH $OODKD QH

SULGUXCXMX`L PX ELOR ^WD X`L `H X 'CHQQHW D NR *D VXVUHWQH SULGUXCXMX`L PX QH^WR X`L


1
`H X 9DWUX 8NROLNR MH RYDNR VD RQLP NRML MH NDR CUWYX NLSX SULQLR PX^LFX NDNR MH WHN

V RQLP NRML WRYL GHYH JRYHGD L VLWQX VWRNX GD EL VH QMLKRYLP NODQMHP SULEOLCLR RQRPH

NRJD RERCDYD PLPR $OODKD ELOR GD VH UDGL R XPUORM RVREL LOL RGVXWQRM LOL WDJXWX LOL

WXUEHWX LOL GUYHWX LOL NDPHQX LOL QHaHP GUXJRP 2YL PQRJRER^FL L] ]DGQMLK JHQHUDFLMD

RYRJ XPPHWD WR VPDWUDMX EROMLP RG NXUEDQD X QMHJRYR SUDYR YULMHPH X NRMHP MH

SURSLVDQ GD VH NROMH 0RCGD VH QHNL ]DGRYROMH WLPH L QH NROMX NXUEDQ ]ERJ VQDJH

CHOMH YHOLaDQMD L QDGH X RQRJ NRJD RERCDYDMX PLPR $OODKD 2YR L JRUH RG WRJD VH

SUR^LULOR

1MHJRYH VX ULMHaL  e 'UXJRP VX UHNOL


3ULQHVL CUWYX 

-D QLNRP GUXJRP QH

SULQRVLP CUWYX PLPR $OODKD GC^


 UHNDR MH 2QL VX JD XELOL L RQ MH X^DR X 'CHQQHW

2YR XND]XMH QD WR NROLNR VH YMHUQLFL ERMH ^LUND L NROLNR EMHCH RG QMHJD WH QD QMLKRYX

aYUVWLQX X LVNUHQRVWL NDNR MH SUHQHVHQR X KDGLVX RG (QHVD NRML MH ]DELOMHCLR %XKDULMD

L GUXJL D NRML VOLMHGL YROMRP $OODKD 8]YL^HQRJ 7UL VWYDUL NR EXGH SRVMHGRYDR RVMHWLW

`H VODVW LPDQD e  8 QMHPX L]PH_X RVWDORJ VWRML 'D PU]L GD VH YUDWL X 
QHYMHUVWYR  QDNRQ ^WR JD MH $OODK L] QMHJD L]EDYLR NDR ^WR PU]L GD EXGH EDaHQ X
2
9DWUX 8 QMHPX VH XND]XMH QD UD]OLNX MDaLQH LPDQD NRG OMXGL MHU RYDM aRYMHN NRML MH

SULQLR PX^LFX NDR CUWYX QLMH LPDR QHNR GMHOR ]ERJ NRMHJ MH ]DVOXCLR XOD]DN X 9DWUX

SULMH QHJR ^WR MH XUDGLR WR VD WLP NLSRP NDNR L]JOHGD OLWHUDUQR ]QDaHQMH KDGLVD D

$OODK QDMEROMH ]QD


*(%   *E !B FA*  6G &% 5E & (%

*(%   *E  &% 5E & (%
6 



:   t

'4  &


 *    *9

-    *     0    5**9

=  *    *  


*   

   !

 
*      9

,  *    0 !         !


  ! 
0   ! 5**      * 
  


 !9

>  *      %  *    #  


 %  
 *   ! 7  

   


*  
9

?  *  %  * 


%    *  !

9

@  *            !#9

A #
   ! 2    !# 
  

     



   *
  *9

+C     


0 (! .  #     

 
 
           
#
 

  * !


   B#9

++     ! 2  * 


   B ( . 

  !  2   !#9

+:   


  
  
 
  $0  *0

 
 
  !     2    9

+-  


    # * #*   
0*# 
*


#(  !  "?,, #"%3* ,  (%,  4, '( &"  1,
%  5 % %(  %  (%  $ 1$3  # 78; 8 6 "
#** $ ,- .) $ $ F%,1G % 5,* &%  3*  % 5,* 53& * *
% 5,*  5,*  *  $,4 *&. "3&1 $ ,- .C=$ $ (%
% $ 5*1$ 3* (, 5&$$ $  =$$ 5,*   * *,2
$2$ **  =$$ 5,*. %# 786G

 8

Z`
1(.2/-(6(#,927,1-$8,0($//$+$1$0-(678*'-(
6(35,126,#579$1(.200,021-(*$ 

@dHBL D 
   ! E   
 ' (E +C@.

1H NROMH VH CLYRWLQMD X LPH $OODKD QD PMHVWX JGMH VH SULQRVL CUWYD QHNRP PLPR

1MHJD

$XWRU $OODK PX VH VPLORYDR RYLP ULMHaLPD DOXGLUD QD RQR ^WR VX OMXGL X 1HGCGX L

GUXJGMH UDGLOL SULMH SRMDYD SR]LYD X  D PLVOL QD WR GD VX NODOL CLYRWLQMH X LPH

GCLQD WUDCH`L RG QMLK L]OMHaHQMH QMLKRYLK EROHVQLND 2QL VX ]D NODQMH WLK CLYRWLQMD

RGUH_LYDOL SRVHEQR PMHVWR X VYRMLP NX`DPD SD MH 8]YL^HQL $OODK LVODPRP SURJQDR

 1HND MH KYDOMHQ 8]YL^HQL $OODK MHU MH QHVWDR ^LUN QRYRWDULMH L VPXWQMH SRMDYRP

3R]LYDaD X MHGQR`X *RVSRGDUD VYLK VYMHWRYD

1MHJRYH VX ULMHaL , ULMHaL 8]YL^HQRJ $OODKD @dHBL


7L X QMRM QHPRM QLNDG QDPD] REDYLWL e
 DMHW  WM X PHVGCLGX VPXWQMH  


 VSRPHQXWRP X 1MHJRYLP ULMHaLPD

AcgBFYIkg@KgAX @cAsgF@HAhL@h@g@hw@dUl@f@f@

LBXBBM@mkBdUl@dHBL)HeAFdp@l@F

$ RQL NRML VX GCDPLMX VPXWQMH VDJUDGLOL GD EL ^WHWX QDQLMHOL L QHYMHURYDQMH RVQDCLOL

L UD]GRU PH_X YMHUQLNH XQLMHOL SULSUHPDMX`L MH ]D RQRJD NRML VH SURWLY $OODKD L 1MHJRYD

3RVODQLND MR^ SULMH ERULR VLJXUQR `H VH ]DNOLQMDWL


0L VPR VDPR QDMEROMH CHOMHOL
 D

$OODK MH VYMHGRN GD VX RQL SUDYL ODCOMLYFL 7L X QMRM QHPRM QLNDGD QDPD] REDYOMDWL

'CDPLMD aLML VX WHPHOML YH` RG SUYRJ GDQD SRVWDYOMHQL QD VWUDKX RG $OODKD ]DLVWD YL^H

]DVOXCXMH GD X QMRM REDYOMD^ QDPD] ,; 7R MH PHVGCLG .XED 2Q MH

XVSRVWDYOMHQ QD ERJRERMD]QRVWL RG SUYRJD GDQD X NRP MH $OHMKLVVHODP GR^DR NDR

PXKDGCLU X 0HGLQX $ RQL NRML VX L]JUDGLOL PHVGCLG VPXWQMH XaLQLOL VX WR SULMH SRODVND

9MHURYMHVQLND VDYV X SRKRG QD 7HEXN 'R^OL VX PX L SLWDOL JD GD X QMHPX NODQMD


 


/
D  $  (  .
   7  


  *
 H       2 

      $ *     



0* 
*  

06 7 
 *  

6SRPHQXOL VX PX GD VX JD L]JUDGLOL ]D VODEH L RQH NRML QDOD]H UD]ORJ X KODGQRM

QR`L 2Q LP MH RGJRYRULR 0L NUH`HPR QD SXW DOL NDG VH YUDWLPR GR`L `X GD X QMHPX

NODQMDP  LQ^DOODK .DGD VH $OHMKLVVHODP YUD`DR X 0HGLQX L NDG GR QMHJRYRJ

SRYUDWND X QMX QLMH RVWDOR YL^H RG MHGQRJ GDQD LOL QH^WR PDQMH GR^OD PX MH REMDYD R

WRP PHVGCLGX WH MH RQ SRVODR OMXGH L VUX^LR JD SULMH VYRJD GRODVND X 0HGLQX QHND

MH QD QMHJD $OODKRY VDODYDW L VHODP $OODK MH X YH]L VD QMLP REMDYLR RYDM DMHW 9H]D

L]PH_X RYRJ DMHWD L QDVORYD SRJODYOMD RJOHGD VH X WRPH GD MH RYDM PHVGCLG SR^WR

MH XVSRVWDYOMHQ QD QHSRNRUQRVWL SUHPD $OODKX L QHJLUDQMX 1MHJD SRVWDR SUHGPHWRP

VUGCEH SD MH $OODK ]DEUDQLR 6YRPH 9MHURYMHVQLNX VDYV GD X QMHPX NODQMD ]ERJ

SRVWRMDQMD UD]ORJD NRML WR ]DEUDQMXMH 7R MH VSHFLILaQR VSRPHQXWR PDGD MH ]DEUDQD

RS`HQLWD 3UHPD WRPH VYDNR PMHVWR NRMH MH WDNYR LPD LVWL VWDWXV MHU VX JD JULMHK L

QHSRNRUQRVW XaLQLOL UXCQLP PMHVWRP L XWMHFDOL GD VH X QMHPX ]DEUDQL aLQMHQMH LEDGHWD

1DVXSURW WRPH MHVX GCDPLMH NRMH VX QDMSOHPHQLWLMD PMHVWD QD =HPOML 8]YL^HQL MH

UHNDR

ATg)As@dAHA[Il@AhfhLB@eBOH

8 GCDPLMDPD NRMH VH YROMRP 1MHJRYRP SRGLCX L X NRMLPD VH VSRPLQMH 1MHJRYR

LPH KYDOH 1MHJD XMXWUR L QDYHaHU OMXGL e  ;;,9 .ROLNR MH GREUD L LVSUDYQD

RYD DQDORJLMD 2QD `H ELWL SRWYU_HQD X KDGLVX X RYRP SRJODYOMX YROMRP 8]YL^HQRJ

$OODKD

1MHJRYH VX ULMHaL 2G 6DELWD E 'DKKDND WM RG ,EQ +DOLIH (^KHOLMD SR]QDWRJ

DVKDED 2G QMHJD KDGLVH SUHQRVH (EX.LODEH L GUXJL 8PUR MH ^H]GHVHW L aHWYUWH

JRGLQH

1MHJRYH VX ULMHaL  e X %XYDQL VD 


 QD VORYX 
 D QHNL NDCX VD  
%HJDYL MH UHNDR 7R MH PMHVWR X SRGQRCMX 0HNH SULMH -HOHPOHPD (EXV6HDGDW MH

UHNDR  7R MH GXJDaDN L VWUPHQLW EULMHJ L]D -HQEXD

1MHJRYH VX ULMHaL  e 'D OL MH X QMRM ELR QHNL RG GCDKLOLMHWVNLK LGROD NRML VH

RERCDYDR" 8 RYRPH MH GRND] GD MH ]DEUDQMHQR LVSXQMDYDQMH ]DYMHWD XNROLNR MH QD

WRP PMHVWX ELR NLS SD PDNDU L QDNRQ QMHJRYD XNODQMDQMD 7R MH UHNDR DXWRU QHND PX

VH 8]YL^HQL $OODK VPLOXMH , WR MH GRND] ]D QDVORY



 :

$ *   
0*  
    7


 *   7  5** 8*      

           

5**   !     4*0   ) 

$
 7 
   
# (H     *.

1MHJRYH VX ULMHaL  e 'D OL VH X QMRM RGUCDYDOD QHND RG QMLKRYLK VYHWNRYLQD"

>HMKXOLVODP MH UHNDR 6YHWNRYLQD MH LPH ]D RQR ^WR VH VPDWUD RS`LP RNXSOMDQMHP X

YLGX WUDGLFLMH L NRMH VH SRQDYOMD ELOR VYDNH JRGLQH VHGPLFH PMHVHFD L WRPH VOLaQR

2YGMH VH PLVOL QD XRELaDMHQR RNXSOMDQMH OMXGL X GCDKLOLMHWX 6YHWNRYLQD RNXSOMD VDVWRML

VH L] YL^H VWYDUL NDR ^WR MH GDQ NRML VH YUD`D SRQDYOMD  5DPD]DQVNL EDMUDP L SHWDN

]DWLP RNXSOMDQMH X QMHPX SRWRP DNWLYQRVWL NRMH WR SUDWH NDR ^WR VX RERCDYDQMD


  L RELaDML 
   3RQHNDG MH RGUH_HQD VYHWNRYLQD YH]DQD ]D VDPR WR

PMHVWR D PRCH ELWL L QHYH]DQD D VYH WR ]RYH VH VYHWNRYLQRP X RGUH_HQRP YUHPHQX

NDR ^WR VX ULMHaL 9MHURYMHVQLNRYH VDYV R SHWNX 8LVWLQX MH RYR GDQ NRML MH $OODK
2
XaLQLR PXVOLPDQLPD VYHWNRYLQRP  D ]D VDVWDQDN L DNWLYQRVWL VSRPLQMX VH ULMHaL ,EQ

$EEDVD UD 3ULVXVWYRYDR VDP VYHWNRYLQL %DMUDPX VD $OODKRYLP 3RVODQLNRP


3
VDYV L PMHVWR NDR ^WR VX ULMHaL 9MHURYMHVQLNRYH VDYV 1HPRMWH RG PRJD
4
PH]DUOXND SUDYLWL VYHWNRYLQX


"&%  888 " $ &"1 #  $' ( "&A "1 $& $
% 5&   ,, $ ,     #  6:  %$ & 4$("
"
$$ , & 5*$  $&$ &$%$ ,$1 )    $ 1%$ "$ 
, (  $ %  ** $ 1  1  J&  ,  , % $ 
  &
 ** $ ,- .) (% $ %,1 %  ,  1&$*$ % F5%$G ( 
1,$ F3&*$G  ,   , % $* $  %54* * %$* %  *$
* $* +& $ 5 4A$, 1( %,  % %5* %  %$   ,$  1 *
$*.

(%  # 678B8 :86 % " $  ,   # 7!: *"
(* # 
%3 A"&, % "<, ,  $ "%3%3 5  $ ,  #  B9 ,*"
* #  %3 A1"1* $&"%3* % "  
 $  (%

#(  9 "' # '1*" " & *'( *  % 5&$ 
8796 <*"'% # &'1*" " '%"A "(** "&%   ! "
<* # *,"1 A"'% (% 76 6

+&$ $ (% &$%*$ %- % 
&& ( '$( &  % 
%$  6B  8B
! 


5LMHa VYHWNRYLQD PRCH R]QDaDYDWL FLMHOL GDQ L RQR ^WR VH X QMHPX UDGL ^WR MH

XJODYQRP VOXaDM NDR ^WR VX 9MHURYMHVQLNRYH ULMHaL 2VWDYL LK (EX%HNUH MHU XLVWLQX
1
VYDNL QDURG LPD VYHWNRYLQX

2YL VX PQRJRER^FL LQRYLUDOL VYHWNRYLQH NRG PH]DUOXND NRML VH RERCDYDMX PLPR

$OODKD L RQL LK ]RYX VYHWNRYLQDPD NDR ^WR MH UR_HQGDQ %HGHYLMD X (JLSWX L GUXJH 2QH

VX MR^ JRUH ]ERJ SULGUXCLYDQMD 


L YHOLNLK JULMHKD NRMH RQ X VHEL VDGUCL $XWRU GD

PX VH 8]YL^HQL $OODK VPLOXMH UHNDR MH 8 QMHPX MH GRND] R WUDCHQMX GHWDOMQRJ

REMD^QMHQMD RG PXIWLMH L ]DEUDQL L]YU^DYDQMD ]DYMHWD QD PMHVWX QD NRMHP VX ELOH

VYHWNRYLQH X GCDKLOLMHWX SD PDNDU QDNRQ QMLKRYRJ SUHVWDQND

5HNDR VDP 8 QMHPX MH ]DEUDQD X]LPDQMD PQRJRERCDaNLK JUD_HYLQD L PMHVWD

NDR PMHVWD ]D RERCDYDQMH 


  ]ERJ WRJD ^WR VX RQD SRVWDOD PMHVWRP ]D RQR ^WR

MH $OODK ]DEUDQLR RG ^LUND L JULMHKD 2YDM KDGLV LDNR JRYRUL R ]DYMHWX REXKYDWD VYH

^WR MH RERCDYDQMH $OODKD 3UHPD WRPH RQR VH QH REDYOMD QD RYLP UXCQLP PMHVWLPD

NRMD VX SUHWYRUHQD X PMHVWD NRMD VUGH 8]YL^HQRJ $OODKD 2YDM MH KDGLV RQ X]HR NDR

GRND] ]D QDVORY $XWRU GD PX VH 8]YL^HQL $OODK VPLOXMH QLMH KWLR WR RJUDQLaLWL QD

NODQMH SULQR^HQMH CUWYH  QHJR MH VSRPHQXR NODQMH NDR SULPMHU 3UREOHPDWLaQR MH

XVSRVWDYOMDQMH GCDPLMH X 7DLIX QD PMHVWX JGMH MH ELR /DW 2GJRYRU MH D $OODK QDMEROMH

]QD GD MH PRCGD RVWDYOMHQR RYR PMHVWR X RYRP JUDGL`X SRVWRMDOD EL ERMD]DQ GD QD

NX^QMX EXGX VWDYOMHQD VUFD RQLK NRML QLVX XaHQL SD GD JD SRQRYR XaLQH LGRORP NDNR

MH V QMLP UD_HQR X SRaHWNX 1MHJRYR SUHWYDUDQMH X GCDPLMX GRN MH VWDQMH ELOR WDNYR

GRYRGL GR ]DERUDYD ^WD VH X QMHPX QHNDGD UDGLOR L WDNR VH QMLPH EUL^X WUDJRYL

SULGUXCLYDQMD X FLMHORVWL =ERJ WRJ MH UD]ORJD RYR PMHVWR GRELOR SRVHEDQ VWDWXV WM

]ERJ VQDJH RQRJD NR VH VXSURWVWDYOMD D $OODK QDMEROMH ]QD

1MHJRYH VX ULMHaL  e ,VSXQL VYRM ]DYMHW ]ERJ WRJD ^WR QH SRVWRML ]DSUHND

1MHJRYH VX ULMHaL  e MHU XLVWLQX QHPD LVSXQMDYDQMD ]DYMHWD X RQRPH X aHPX MH

QHSRNRUQRVW $OODKX +DGLV XSX`XMH GD QD PMHVWLPD PQRJRER^WYD L JULMHKD QLMH

GRSX^WHQR $OODKD RERCDYDWL D ]DYMHWRYDQMH GD VH WR aLQL MHVWH JULMHK L QLMH JD

GRSX^WHQR LVSR^WRYDWL

 **  (   . *


 

+   7 


@dHBL

E   


  ' ()E +C?.9


#(  9 9 "'%$ #"( &%"%, $&"'%  9:6 # *"'%$ "( 
  % 5&$   96 #"(* A"'"1  '$* A(  879:"9;
#"' A"%3% $&"'% & 1"  1, % 4 

 ;

:
   (5** . 0
*  4*    

 9

-    *    *     




  ** 9

=  0 
  
 B 
  9

,
 #B#           !  

*   (! .  9

>    *    


0* 
*   

  *9

?    *     


0*  

   *   9

@
 
 !          
 

  9

A       !# *




     #* ( .9

+C  ( .  *  


    (  .9

++    *  


   !   (  !.

1MHJRYH VX ULMHaL  e QLWL X RQRPH ^WR aRYMHN QLMH X VWDQMX 8 -   


 
UHaHQR MH =QDaL NDGD ]DYMHW YHCH ]D QH^WR RGUH_HQR ^WR QH SRVMHGXMH 1DSULPMHU GD

NDCH
$NR $OODK L]OLMHaL EROHVW PRJD EROHVQLND LPDP REDYH]X SUHPD $OODKX GD

RVORERGLP URED NRML MH X YODVQL^WYX WRJ L WRJ


L WRPH VOLaQR 0H_XWLP DNR VHEL QH^WR

VWDYL X REDYH]X WDNR ^WR NDCH


8NROLNR $OODK L]OLMHaL PRJD EROHVQLND LPDP REDYH]X

GD RVORERGLP URED
 D RQ X WRP WUHQXWNX QMHJD QH SRVMHGXMH QLWL QMHJRYX YULMHGQRVW

SD XNROLNR $OODK GD L]OLMHaHQMH QMHJRYRP EROHVQLNX WR PX SRVWDMH REDYH]QLP

1MHJRYH VX ULMHaL =DELOMHCLR JD MH (EX'DYXG 1MHJRY VHQHG LVSXQMDYD XYMHWH

QMLK GYRMLFH WM %XKDULMH L 0XVOLPD (EX'DYXGX LPH MH 6XOHMPDQ E (^


DV E ,VKDN E

%H^LU E >HGGDG (]GL 6LGCGCLVWDQL VXYUHPHQLN MH $KPHGD E +DQEHOD L DXWRU

 
 ( 

L GUXJLK NQMLJD  2Q MH SRYMHUOMLY LPDP KDIL] MHGDQ RG YHOLNLK

XaHQMDND 8PUR MH GYMHVWD VHGDPGHVHW SHWH GD PX VH 8]YL^HQL $OODK VPLOXMH


 


 Z
8>,5.6(8%5$-$,=$9-(729$1-(
1(.200,02$//$+$

gfAH 9AL@

   ! 5** /    *' ()


$ ?.9

@GgfgfBMBA 9

   ! 5** 4  !  !  !   5**

    3 ()*H  :?C.

8 ^LUN VH XEUDMD L ]DYMHWRYDQMH QHNRP PLPR $OODKD QD ^WR XND]XMX ULMHaL

8]YL^HQRJ $OODKD gfAH 2QL VX ]DYMHW LVSXQMDYDOL e  /;;9,

,PDG E .HVLU GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH 7M aLQH RERCDYDQMH

$OODKX 8]YL^HQRP RQLP ^WR LP MH >HULMDWRP QDUHGLR RG REDYH]QLK SRNRUQRVWL L RQRJD

^WR VX RQL VDPL VHEL VWDYLOL X GXCQRVW SXWHP ]DYMHWD 5LMHaL VX 1MHJRYH

@GgfgfBMBA

 e ]D VYH ^WR SRWUR^LWH L ^WR ]DYMHWXMHWH $OODK VLJXUQR ]D WR ]QD ,, ,EQ

.HVLU MH UHNDR $OODK 8]YL^HQL REDYMH^WDYD GD 2Q ]QD VYH ^WR OMXGL UDGH X YLGX

XGMHOMLYDQMD L ]DYMHWD 2YGMH VH JRYRUL R QMLKRYRP QDJUD_LYDQMX QDMRELOQLMRP

QDJUDGRP RQLK NRML WR L]YU^DYDMX LVNOMXaLYR UDGL $OODKD GC^ >HMKXOLVODP QHND PX

VH 8]YL^HQL $OODK VPLOXMH UHNDR MH >WR VH WLaH ]DYMHWRYDQMD QHNRP GUXJRP PLPR

$OODKD NDR ^WR MH ]DYMHWRYDQMH NLSRYLPD 6XQFX 0MHVHFX PH]DULPD L WRPH VOLaQRP

WR MH SULGUXCLYDQMH   , UHNDR MH ]D RQRJ NR VH ]DYMHWXMH PH]DULPD L WRPH VOLaQRP

GD `H ]D QMLK GDWL VYLMH`H GD EL VH QMLPD RVYLMHWOLOL L NDCH


2QL XLVWLQX SULPDMX ]DYMHWH


NDR ^WR NDCX QHNL PQRJRER^FL GD MH WDM ]DYMHW QHSRNRUQRVW JULMHK  SR NRQVHQ]XVX

VYLK PXVOLPDQD L QLMH GRSX^WHQR LVSR^WRYDWL JD ,VWR WDNR DNR ]DYMHWXMH QH^WR LPHWND

VOXCLWHOMLPD L aXYDULPD LOL RQLPD NRML ERUDYH QD WLP PMHVWLPD MHU RQL VX VOLaQL

VOXCLWHOMLPD NRML VX ELOL NRG 8]]DD L 0HQDWD L X]LPDOL QHSUDYHGQR WX_X LPRYLQX L

RGYUD`DOL RG $OODKRYD SXWD 2QL NRML ERUDYH QD WLP PMHVWLPD VOLaQL VX RQLPD R NRMLPD

MH 3ULVQL SULMDWHOM ,EUDKLP DV UHNDR

AAMB@PAM@fA

 9

.DNYL VX RYR NXPLUL NRMLPD VH L GDQ L QR` NODQMDWH" ;;, =DYMHWRYDQMH WLP

VOXCLWHOMLPD L RQLPD NRML ERUDYH QD WLP PMHVWLPD MHVWH JUMH^QL ]DYMHW L OLaL ]DYMHWRYDQMX

VOXCLWHOMLPD NUVWD L RQLPD NRML SRUHG QMHJD ERUDYH 7R MH ]ERJ WRJD MHU MH RQDM NR VH

]DYMHWRYDR $OODKX -HGLQRP VYRMX CHOMX YH]DR VDPR ]D 1MHJD MHU RQ ]QD GD ^WD KR`H

2Q 8]YL^HQL WR ELYD D ^WR QH`H WR QH`H QL ELWL L GD XLVWLQX QHPD RQRJ NR PRCH

VSULMHaLWL RQR ^WR 2Q GD QLWL PRCH GDWL RQR ^WR 2Q ]DEUDQL & 
 WHYKLG
QDPMHUH MHVWH  RERCDYDQMD L ]ERJ WRJD RQ X]URNXMH REDYH]X L]YU^DYDQMD RQRJD

QD ^WR VH ]DYMHWRYDR RG SRNRUQRVWL $OODKX ,EDGHW XNROLNR VH XSXWL QHNRP PLPR

$OODKD WR SRVWDMH SULGUXCLYDQMHP  $OODKX MHU VH RQ RNUH`H QHNRP GUXJRP

PLPR 8]YL^HQRJ X RQRPH ^WR RG QMHJD WUDCL LOL RG QMHJD VH ERML 2Q JD MH XaLQLR

VXGUXJRP $OODKX X RERCDYDQMX 7LPH SRWYU_XMH RQR ^WR MH QHJLUDOR 1HPD ERJD RVLP

$OODKD OD LODKH LOODOODK  GD VH QH RERCDYD QLNR PLPR $OODKD D QLMH SRWYUGLR RQR ^WR

MH RQR SRWYUGLOR RG LVNUHQRVWL  



 6YD RYD SRJODYOMD NRMD MH DXWRU VSRPHQXR GD

PX VH $OODK 8]YL^HQL VPLOXMH XSX`XMX GD RQDM NR MH $OODKX ^LUN SRaLQLR V QDPMHURP

LOL PROERP VXSURVWDYLR VH RQRPH ^WR MH QHJLUDOR OD LODKH LOODOODK L RNUHQXR ]QDaHQMH

WDNR ^WR MH SRWYUGLR RQR ^WR MH WD L]UHND QHJLUDOD L QHJLUDR ^WR MH RQD SRWYUGLOD RG


 2YR MH ]QDaHQMH ULMHaL QD^HJD ^HMKD , WXPDaHQMH RYRJ QDVORYD L SRJODYOMD

NRML VOLMHGH VYDNR SULGUXCLYDQMH NRMH VH GHVLOR LOL `H VH GHVLWL QHJLUD L]UHNX LVNUHQRVWL

NHOLPHWHOLKODV L RQR ^WR RQD X VHEL VDGUCL RG 



5DILML X  
 (

NDCH >WR VH WLaH ]DYMHWRYDQMD WXUEHWX L]JUD_HQRP

QD PH]DUOXNX HYOLMH ^HMKD LOL QRVL LPH HYOLMH NRML JD MH SRVMHWLR LOL MH QD WR PMHVWR

WXUEH LOL WHNLMX GROD]LR LOL YHOLaDQMH RQRJD NR MH WX XNRSDQ LOL PX VH SULSLVXMH LOL MH

L]JUD_HQR SRG QMHJRYLP LPHQRP RYDNDY ]DYMHW MH QHYDCH`L LQYDOLGDQ L QLMH

XVSRVWDYOMHQ 7R ]ERJ WRJD ^WR RQL YMHUXMX GD RYD PMHVWD LPDMX VYRMH SRVHEQRVWL L GD

VX RQD WD NRMLPD VH RWNODQMDMX QHYROMH SULYODaH L SULGRELMDMX EODJRGDWL L GD VH SRPR`X

QMLK OLMHaL WDNR ^WR ]DYMHWRYDQMH QMLPD VPDWUD OLMHNRP 2QL VH aDN ]DYMHWXMX QHNRP

NDPHQMX QDNRQ ^WR LP MH UHaHQR GD VH QD QMHJD QDVORQLR QHNL GREUL aRYMHN 1HNLP

PH]DUOXFLPD ]DYMHWXMX VYMHWLOMNH VYLMH`H L XOMH L JRYRUH 7DM L WDM PH]DU LOL WR L WR

PMHVWR SULPD ]DYMHWH SUL WRP PLVOH`L GD VH WLPH SRVWLCH CHOMHQL FLOM X YLGX L]OMHaHQMD

EROHVQLND LOL SRYUDWND RGVXWQRJ L]JXEOMHQRJ  LOL RaXYDQMD LPHWND L RVWDORJ =DYMHW QD

RYDM QDaLQ MHVWH LQYDOLGDQ 


 L X WR QHPD VXPQMH >WDYL^H ]DYMHWRYDQMH XOMD

VYLMH`H L WRPH VOLaQR PH]DUOXFLPD MHVWH X RVQRYL LQYDOLGQR L QHYDCH`H 


 
6B 


8 WR VSDGD L ]DYMHWRYDQMH PQR^WYD YHOLNLK VYLMH`D L RVWDORJ PH]DUOXNX ,EUDKLPD

DV $OODKRYRJ GC^ SULVQRJ SULMDWHOMD L PH]DUOXNX NRML SULSDGD QHNRP GUXJRP

YMHURYMHVQLNX L HYOLML 2QDM NR VH ]DYMHWXMH QH VPMHUD QL^WD GUXJR QHJR GD VH WR SDOL QD

PH]DUX UDGL EHUL`HWD L VODYOMHQMD PLVOH`L GD MH WR GREUR GMHOR D RQR MH WDNYR GD QHPD

VXPQMH X QMHJRYX LQYDOLGQRVW 6SRPHQXWR SDOMHQMH VYLMH`D MHVWH EH] VXPQMH




ELOR GD VH WLPH QHNR RG CLYLK RNRULVWL LOL QH

>HMK MH .DVLP +DQHIL X -   


 UHNDR =DYMHW NRMLP VH ]DYMHWXMH

YH`LQD QHXNRJ VYLMHWD ^WR VH PRCH YLGMHWL NDR GD aRYMHNX EXGH QHNR RGVXWDQ LOL

EROHVWDQ LOL LPD QHNX SRWUHEX SD RQ GR_H NRG QHNRJ GREURJ aRYMHND VWDYL QD VYRMH

OLFH SUHNULYDa L NDCH


0RM JRVSRGLQH DNR PL $OODK YUDWL PRJ QHVWDORJ LOL PL VH

SRWUHED LVSXQL GDW `X WL WROLNR ]ODWD LOL WROLNR VUHEUD LOL WROLNR KUDQH LOL WROLNR YRGH LOL

WROLNR ORMD L WROLNR XOMD 3R NRQVHQ]XVX MH RYDM ]DYMHW LQYDOLGDQ ]ERJ VOMHGH`HJ  MHU

VH ]DYMHWRYDR VWYRUHQMX D ]DYMHWRYDQMH VWYRUHQMX QLMH GRSX^WHQR ]ERJ WRJD ^WR MH WR

]DYMHW RERCDYDQMH 
  D RERCDYDQMH VH QH aLQL VWYRUHQMX  RQDM NRPH VH

]DYMHWRYDR MHVWH XPUOL D XPUOL QH PRCH QL^WD XUDGLWL  MHU MH RQ VPDWUDR GD XPUOL

XSUDYOMD VWYDULPD EH] $OODKD 8]YL^HQRJ D WDNYR MH YMHURYDQMH  1D NUDMX RQ MH

UHNDR .DGD RYR VYH ]QD^ RQR ^WR VH X]LPD RG QRYFD VYLMH`D XOMD L VWDYOMD VH X

NXEHWD XPUOLK UDGL SULEOLCDYDQMD QMLPD VYH WR MH KDUDP SR NRQVHQ]XVX PXVOLPDQD

7R MH RG QMHJD SUHQLR ,EQ1XGCHMP X */


 
 =DELOMHCLR JD MH L 0XU^LGL X

QMHJRYRM &  L GUXJL RG QMHJD


 2Q MH MR^ GRGDR 6YLMHW MH X YH]L V WLP SDR X

NX^QMX QDURaLWR VD UR_HQGDQRP %HGHYLMD >HMK 6XQ


XOODKL +DOHEL +DQHIL QHND PX

VH $OODK VPLOXMH X RGJRYRUX RQLPD NRML VX GR]YROLOL SULQR^HQMH CUWYH L ]DYMHWRYDQMH

HYOLMDPD UHNDR MH 2YR SULQR^HQMH CUWYH L ]DYMHW XNROLNR EXGX XSX`HQL LPHQX QHNH

RVREH WR MH QHNRP GUXJRP PLPR $OODKD 8]YL^HQRJ WH MH SUHPD WRPH LQYDOLGQR

QHYDCH`H  8 2EMDYL VWRML @k@hfA@CL


1 H MHGLWH RQR SUL aLMHP NODQMX

QLMH VSRPHQXWR $OODKRYR LPH WR MH XLVWLQX JULMHK


9,

ho)A@KgLAAlLsF


5HFL
.ODQMDQMH PRMH L REUHGL PRML L CLYRW PRM L VPUW PRMD GRLVWD VX SRVYH`HQL

$OODKX *RVSRGDUX VYMHWRYD .RML QHPD VXGUXJD e


9, =DYMHWRYDQMH QHNRP

GUXJRP PLPR $OODKD MHVWH SULGUXCLYDQMH  $OODKX LVWR NDR ^WR MH SULQR^HQMH CUWYH

QHNRP GUXJRP PLPR 1MHJD




 6

 D    
5! 
  5** 8*   

  
 5**        !     

 
  
        

1MHJRYH VX ULMHaL  
   WM X 
 /


1MHJRYH ULMHaL  e RG $L^H 2QD MH PDMND SUDYRYMHUQLK VXSUXJD 9MHURYMHVQLNRYD

VDYV N`HUND 6LGGLND (EX%HNUD  UD RVRED NRMD MH QDMEROMH SR]QDYDOD KDGLV

$OODKRYRJ 3RVODQLND VDYV PH_X CHQDPD 9MHURYMHVQLN VDYV VNORSLR MH VD

QMRP EUDN NDGD MH LPDOD VHGDP JRGLQD D SUYX EUDaQX QR` LPDOL VX NDGD MRM MH ELOR

GHYHW JRGLQD 2QD MH QDMYULMHGQLMD L LPD QDMYL^H ]DVOXJD RG 9MHURYMHVQLNRYLK VDYV

VXSUXJD L]X]LPDMX`L +DWLGCX 2NR QMLK GYLMH SRVWRML UD]LODCHQMH 0H_XWLP QLMH

LVSUDYQR JRYRULWL +DWLGCD MH ]DVOXCQLMD QLWL $L^D MH ]DVOXCQLMD ALQMHQLFD MH GD

+DWLGCD UD LPD ]DVOXJD X SRaHWNX 2EMDYH NRMH QHPD $L^D NDR ^WR MH YMHURYDQMH

PH_X SUYLPD X 9MHURYMHVQLND VDYV QMHQD SRGU^ND QMHPX X WRM VLWXDFLML X NRMRM MH
2
SRaHOD 2EMDYD NDNR MH QDYHGHQR X 
 /
 L GUXJLP ]ELUNDPD 2QD MH UD

RVWDOD WDNYD GR VYRMH VPUWL NRMD VH GHVLOD SULMH +LGCUH $L^D MH SRVMHGRYDOD ]QDQMH R

KDGLVX L SURSLVLPD NRMH +DWLGCD QLMH SRVMHGRYDOD MHU MH RQD SR]QDYDOD VWDQMH

9MHURYMHVQLNRYR REMDYOMLYDQMH .XU


DQD L REMD^QMHQMH KDODOD L KDUDPD $VKDEL UD

SRVOLMH QMHJRYH VPUWL GROD]LOL VX NRG QMH X YH]L V SLWDQMLPD NRMD LP QLVX ELOD SR]QDWD R

9MHURYMHVQLNX VDYV L QMHJRYRP KDGLVX QHND MH QD QMHJD $OODKRY VDODYDW L VHODP L

QHND MH $OODK ]DGRYROMDQ QMHJRYLP DVKDELPD L VXSUXJDPD 8PUOD MH SHGHVHW VHGPH

JRGLQH SR +LGCUL QHND MH $OODK QMRP ]DGRYROMDQ

1MHJRYH VX ULMHaL  e .R VH ]DYMHWXMH GD $OODKX aLQL SRNRUQRVW QHND 0X L]YU^L

SRNRUQRVW MHU MH RQ WR ]DYMHWRYDR $OODKX LVNUHQR VDPR 1MHPX SD PX MH GXCQRVW WR

LVSR^WRYDWL 7DNR MH WR SRVWDOR RERCDYDQMHP 


   8OHPD VH VORCLOD GD NR

]DYMHWXMH GREURaLQVWYR SRG XYMHWRP GD PX VH GHVL QH^WR ^WR CHOL NDR NDG NDCH  GD

DNR $OODK GD L]OMHaHQMH PRPH EROHVQLNX REDYH]DQ VDP SRGLMHOLWL VDGDNX X YLVLQL WROLNR

L WROLNR


#(  !!9! " $ &"1 #"1 A*"*'*  !;BB #"1 A  $,
(%   !78!  "&%  869 " $ &"1
1  :6! "1
#  1  $*'( A"$*'(  ;7 ; " $ &"1 #"1 A"'$ "
%3  66! "A* #"1 A"'$

#(  8 #%'"&($ # ,$A , %'"&($  ?( ( '$( & 
66 


 **  (   . *


 

+
0
   ! 9

: 
   ! 

  
0 
   

  7     


0 (! .9

-  !  


 ! !

L WRPH VOLaQR GXCDQ MH WR LVSR^WRYDWL DNR PX VH LVSXQL RQR ^WR MH XYMHWRYDR VYRMLP

]DYMHWRP QMHJRYR RVWYDULYDQMH 0H_XWLP (EX+DQLIH UHNDR MH 1LMH REDYH]DQ

]DYMHW LVSR^WRYDWL RVLP XNROLNR MH WR X RVQRYL >HULMDWRP REDYH]QR NDR ^WR MH SRVW

D RQR ^WR QLMH WDNYR QH REDYH]XMH VH GD WR LVSR^WXMH

1MHJRYH VX ULMHaL  e D NR VH ]DYMHWXMH GD 0X EXGH QHSRNRUDQ QHND 0X QH aLQL

QHSRNRUQRVW 7DKDYL MH GRGDR , QHND GD LVNXS ]D VYRM ]DYMHW 8OHPD VH VORCLOD GD

QLMH GRSX^WHQR LVSR^WRYDWL ]DYLMHW GD VH XaLQL JULMHK 5D]L^OL VX VH RNR GYD PL^OMHQMD

GD OL ]D WR WUHED GDWL LVNXS ]D ]DNOHWYX LOL QH 7R VX X LVWR YULMHPH GYD SUHGDQMD RG

$KPHGD 3UYR MH GD WUHED L WR MH    7R VH SUHQRVL RG ,EQ0HV


XGD ,EQ

$EEDVD D WDNR VX UHNOL (EX+DQLIH L QMHJRYL VOMHGEHQLFL



 68

Z
8>,5.6(8%5$-$75$#(1-(=$>7,7(2'1(.2*
'58*2*0,02$//$+$
Agc@j@AThHem@ATgAB D 
  5**  !  *  *
   ! 

0  0*  

   * ()*$0 >.

1MHJRYH VX ULMHaL 8  VH XEUDMD WUDCHQMH ]D^WLWH RG QHNRJ GUXJRJ PLPR

$OODKD 7UDCHQMH ]D^WLWH  



MH WUDCHQMH XWRaL^WD L SULEMHJDYDQMH 2QDM NRML WUDCL

]D^WLWX SREMHJDR MH VYRPH *RVSRGDUX L ]DWUDCLR XWRaL^WH NRG 1MHJD RG RQRJD aHJD

VH ERML RS`HQLWR L SRVHEQR ,EQXO.DMMLP GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH

2QR ^WR aLQL VYRMLP VUFHP X YLGX WUDCHQMD XWRaL^WD L SULEMHJDYDQMD 1MHPX SDGDQMX

QLaLFH SUHG 1MLP *RVSRGDURP SRWUHEH NRMX LPDMX NRG 1MHJD SRQL]QRVWL 1MHPX

MHVWH QH^WR ^WR ULMHaL QH PRJX RSLVDWL $OODK MH QDUHGLR 6YRMLP URERYLPD QD PQRJLP

PMHVWLPD X 6YRMRM .QML]L GD VH XWMHaX 1MHPX NDR ^WR VX 1MHJRYH ULMHaL

FAHfMkAjAp@jAF

$ DNR WH ^HMWDQ SRNX^D QD ]OR QDYHVWL WL SRWUDCL XWRaL^WH X $OODKX 2Q XLVWLQX VYH

aXMH L ]QD 9,,

Th@Ap@AHfMkADh@OBh@eG

.DGD KR`H^ XaLWL .XU


DQ ]DWUDCL RG $OODKD ]D^WLWX RG ^HMWDQD SURNOHWRJ

;9, ,VWR WDNR MH L X GYLMH VXUH (O)HOHN L (Q1DV 7R MH RERCDYDQMH 


 NRMH

QLMH GRSX^WHQR XSX`LYDWL ELOR NRPH PLPR $OODKD NDR L RVWDOH YUVWH 


1MHJRYH VX ULMHaL , ULMHaL $OODKD 8]YL^HQRJ

Agc@j@AThHem@ATgAB


, ELOR MH OMXGL NRML VX ]D^WLWX RG GCLQD WUDCLOL SD VX LP WDNR RELMHVWL SRYH`DOL


/;;,, (EX'CDIHU E 'CHULU GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH X VYRPH

NRPHQWDUX RYRJ DMHWD 2G ,EQ$EEDVD UD SUHQRVL VH GD MH UHNDR


1HNL VX OMXGL X

SUHGLVODPVNR GRED 
  NDGD EL ]DQR`LOL X GROLQL JRYRULOL
8WMHaHP VH YODGDUX

RYH GROLQH
 SD LP VH ]ERJ WRJD SRYH`DR JULMHK

6 


/
F*  F    
  * G *  5**

8*
    

 (
%.     0  

5**  !  


*  !  /   !   0


 
      4*0    *

1HNL VX UHNOL 3D VX OMXGL XPQRCLOL GCLQH WUDCHQMHP ]D^WLWH RG GCLQD WUDCHQMHP

]D^WLWH RG QMLKRYD OLGHUD L] VPMHORVWL SUHPD QMLPD L WLPH VX SRYH`DOL VYRM JULMHK

0XGCDKLG MH UHNDR 3D VX QHYMHUQLFL SRYH`DOL QDVLOMH L WLUDQLMX ,EQ=HMG MH UHNDR

'CLQL VX LP XYH`DOL VWUDK 8OHPD MH SRVWLJOD NRQVHQ]XV GD QLMH GRSX^WHQR WUDCLWL

]D^WLWX RG QHNRJ GUXJRJ PLPR $OODKD 0XOOD $OL .DUL +DQHIL GD PX VH $OODK VPLOXMH

UHNDR MH ^WR SDUDIUD]LUDPR  1LMH GRSX^WHQR WUDCLWL ]D^WLWX RG GCLQD $OODK MH XNRULR

QHYMHUQLNH ]ERJ WRJD =DWLP MH FLWLUDR DMHW 8]YL^HQL MH UHNDR

m@hQMk@d@hpAAhp


ANTBf@ATBAHzIHAxHMMk@AHgm@ABA

$ QD 'DQ NDGD 2Q VYH VDNXSL


2 VNXSH ^HMWDQVNL YL VWH PQRJH OMXGH ]DYHOL


*RVSRGDUX QD^
 UH`L `H OMXGL ^WL`HQLFL QMLKRYL
PL VPR MHGQL GUXJLPD ELOL RG NRULVWL L

VWLJOL VPR GR URND QD^HJ NRML VL QDP RGUHGLR 7L


 9, 2NRUL^WDYDQMH aRYMHND

GCLQRP RJOHGDOR VH X aLQMHQMX XVOXJD L L]YU^DYDQMX QMHJRYLK QDUHGEL L REDYMH^WDYDQMH

QMHJD R QHNLP WDMQDPD JDMEX  D RNRUL^WDYDQMH GCLQD aRYMHNRP RJOHGD VH X QMHJRYX

VODYOMHQMX L YHOLaDQMX QMHJD WUDCHQMX ]D^WLWH RG QMHJD L SRNRUQRVWL QMHPX $XWRU GD

PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH 8 QMHPX MH GRND] GD aLQMHQLFD GD VH QHaLP

SRVWLCH GXQMDOXaND NRULVW X YLGX RWNODQMDQMD ]OD LOL SRVWL]DQMD GREUD QH GRND]XMH GD WR

QLMH SULGUXCLYDQMH  

+DYOD ELQW +DNLP E 8PHMMH 6XOHPLMMH =YDOL VX MH 8PPX>HULN .DCH VH GD MH

RQD 9DKLED 3UHWKRGQR MH ELOD XGDWD ]D 2VPDQD E 0H]


XQD ,EQ $EGXO%HUU UHNDR MH

%LOD MH GREUD aHVWLWD L SOHPHQLWD

1MHJRYH VX ULMHaL  e 8WMHaHP VH $OODKRYLP VDYU^HQLP ULMHaLPD $OODK MH SURSLVDR

SULSDGQLFLPD LVODPD GD ]D^WLWX WUDCH RG 1MHJD D QH GD UDGH NDR SULSDGQLFL GCDKLOLMHWD

L GD ]D^WLWX WUDCH RG GCLQD


  6;B 1"C, &%"%' # A*"*'&&1  '",% C$3  $ *,2 (%
  !78;; B9
1  8 88 %"'&* #  %3  $, 1 1 1 "
%3%3 8: ; *"
 #"A1' &",, &  $*'&&1 (

 6:

 **  (   . *


 

+    (  . )*$09

: #
   ! 9

-
   
   *  * 

 5**

    "*   E    !   0 ! 

   
0 (! .9

=  
 
     9

, G#
     
* 
  
  

* *          


    
0 (! .

7DNR MH $OODK 8]YL^HQL SURSLVDR GD WUDCH ]D^WLWX PROH`L *D 1MHJRYLP LPHQLPD L

VYRMVWYLPD .XUWXEL GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH 5HaHQR MH GD

WDPPDW ]QDaL
VDYU^HQH
NRMH QH VXVWLCH PDQMNDYRVW QLWL PDKDQD NDR ^WR VXVWLCH

aRYMHNRY JRYRU 5HaHQR MH 2QH ]QDaH GRYROMQH RQH NRMH OLMHaH 5HaHQR MH 5LMHaL

NHOLPDW RYGMH VX .XU


DQ MHU MH $OODK R QMHPX REDYLMHVWLR GD MH RQ XSXWD L OLMHN 2YR

MH X YLGX XSXWH ND RQRPH aLPH VH RWNODQMD QHSULMDWQRVW 3UHPD RYRPH REDYH]D MH

RQRJD NR WUDCL ]D^WLWX RG $OODKD 8]YL^HQRJ 1MHJRYLP LPHQLPD L VYRMVWYLPD GD EXGH

LVNUHQ SUHPD $OODKX X SULEMHJDYDQMX 1MHPX L RVODQMDQMX X WRPH QD 1MHJD L GD WR

RVWYDUL X VYRPH VUFX .R WR XUDGL SRVWLJDR MH YUKXQDF X VYRMRM GRYL L RSUD^WDQMX

VYRJD JULMHKD >HMKXOLVODP GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH ,PDPL NDR

^WR MH $KPHG L GUXJL UHNOL VX GHFLGQR GD QLMH GRSX^WHQR WUDCHQMH ]D^WLWH RG VWYRUHQMD

2YR MH MHGDQ RG GRND]D NRMLP VX GRND]LYDOL GD $OODKRY GC^ JRYRU QLMH VWYRUHQ

5HNOL VX -HU MH XWYU_HQR RG 9MHURYMHVQLND VDYV GD MH RQ WUDCLR ]D^WLWX $OODKRYLP

ULMHaLPD L WR MH QDUHGLR =ERJ WRJD MH XOHPD ]DEUDQLOD KDPDMOLMH L DPXOHWH aLMH VH

]QDaHQMH QH ]QD ERMH`L VH GD X QMLPD QH EXGH SULGUXCLYDQMD ^LUND  ,EQXO.DMMLP GD

PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH .R SULQHVH CUWYX ^HMWDQX QMHJD PROL RG

QMHJD ]D^WLWX WUDCL QMHPX VH SULEOLCDYD RQLP ^WR RQ YROL RQ JD MH WLPH SRaHR

RERCDYDWL SD PDNDU WR L QH QD]LYDR RERCDYDQMHP LEDGHWRP QHJR XVOXJRP ,VWLQX

MH UHNDR 7R MH LVNRUL^WDYDQMH QMHJD RG ^HMWDQD WDNR GD RQ SRVWDMH MHGDQ RG VOXJD

^HMWDQRYLK L QMHJRYLK URERYD L ]ERJ WRJD L ^HMWDQ QMHJD XVOXCXMH 0H_XWLP ^HMWDQRYR

XVOXCLYDQMH QMHJD QLMH XVOXJD RERCDYDQMD >HMWDQ VH XLVWLQX QH SRNRUDYD QMHPX QLWL

JD RERCDYD NDR ^WR aRYMHN WR UDGL SUHPD ^HMWDQX


6! 


1MHJRYH VX ULMHaL RG ]OD RQRJD ^WR MH 2Q VWYRULR ,EQXO.DMMLP MH UHNDR 2G ]OD

VYDNRJ NR ]OR aLQL RG VYDNRJ VWYRUHQMD X NRMHP VH SRMDYL ]OR ELOR GD VH UDGL R

CLYRWLQML LOL QHNRP GUXJRP aRYMHNX LOL GCLQX JPL]DYFX L aHWYHURQR^FX YMHWUX LOL ROXML

ELOR NRMRM YUVWL QHYROMH L NX^QMH QD GXQMDOXNX L DKLUHWX AHVWLFD PD MHVWH X VPLVOX

SUHOD]QH ]DPMHQLFH D QH L]X]LPDQMH RVLP 1MRP VH QH PLVOL QD RS`HQLWR

QHRJUDQLaHQR ]QDaHQMH QHJR VH QMRPH KR`H LVWD`L DWULEXWVND VSHFLILNDFLMD WDNR GD

]QDaL RG ]OD VYDNRJ VWYRUHQMD X NRPH LPD ]OD QH RG ]OD VYHJD ^WR MH $OODK VWYRULR

MHU XLVWLQX 'CHQQHW YMHURYMHVQLFL PHOHNL VX WL X NRMLPD QHPD ]OD =OLP VH ]RYX GYLMH
1
VWYDUL ERO L RQR aHPX RQD YRGL


A (% ?4% ?% %   ( $ , $- .3 $ %  5% 
5%1$& $ $*  14$ F5*,*G  $ , 4**   #   50*$ 0
$ % $ * *=$ 1 F5*G  (%  50* 1. ? $ ,- .C $  4* &
$% 1  % $ 5* $. +  $ 5%$  50*  =
 5&&-
^h^o^A^o@^IB^l^^`^A^o@^hLB^l
. &* 4*   3 * % 1 &@ 4*
&*   5% 1 5 &. F-6!G ! F1G  ' $* 5*$$ % 1= %$
$* &$, (  $ F*$ &$,G ,$ 4*  1$
 $ $% % $50*$(
$=.

 6;

ZZ
835,'58#,9$1-( >,5. 63$'$75$#(1-(
63$6$2'1(.2*'58*2*0,02$//$+$
,/,'$6(02/,1(.20,021-(*$
@llF)A@@eFGNGhxA@cdL
9AL@

FoAhxH

  5**  !   


5**  *      0 

   
     
      5  5**


  *    7  0 * (1   <+C>+C?.

dI@ih@@d@MHA 9

 7   2   


5**  0  7 0 ()*

5  <<<+?.

1MHJRYH VX ULMHaL 8 SULGUXCLYDQMH  VSDGD GD VH WUDCL VSDV RG QHNRJ GUXJRJ

PLPR $OODKD LOL GD VH PROL QHNR GUXJL PLPR 1MHJD >HMKXOLVODP GD PX VH $OODK

8]YL^HQL VPLOXMH UHNDR MH  ' 



MH WUDCHQMH VSDVD WDOHEXOJDYV  D WR MH

XNODQMDQMH QHYROMH NDR ^WR MH  


 WUDCHQMH SRPR`L WDOHEXQQDVU  D  

WUDCHQMH SRPR`L WDOHEXO
DYQ 

5HNDR VDP ,]PH_X WUDCHQMD VSDVD L GRYH PROEH SRVWRML UHODFLMD RS`HJ L

VSHFLILaQRJ QHRJUDQLaHQRJ 6DVWDMX VH X MHGQRP SUHGPHWX D WR MH GRYD RQRJD NRML

WUDCL VSDV GRN MH GRYD NRMD REXKYDWD VYDNL ]DKWMHY LOL PROEX RG QHNRJ NR QH WUDCL

VSDV X WRP SRJOHGX RVDPRVWDOMHQD SRVHEQD  8]YL^HQL MH X 6YRMRM NQML]L ]DEUDQLR

GD VH XaL GRYD ELOD RQD QDMVSHFLILaQLMD LOL QDMRS`HQLWLMD QHNRP GUXJRP PLPR 1MHJD

NDNR `H ELWL REMD^QMHQR NDVQLMH 6YH ^WR VYMHVQR XSXWL QHNRP PLPR $OODKD X aHPX VH

WUDCL QH^WR ^WR QLMH X PR`L RVLP $OODKRYRM NDR PROED XSX`HQD XPUOLPD RGVXWQLPD WR

MH SULGUXCLYDQMH  NRML $OODK QH RSUD^WD 'RND]D ]D WR X .XU


DQX L VXQQHWX LPD

WROLNR GD EL LK ELOR WH^NR SREURMDWL

1MHJRYH VX ULMHaL

A@@eFGNGhxA@cdL

, SRUHG $OODKD QH PROL VH RQRP NR WL QH PRCH QL NRULVWLWL QL QDXGLWL MHU DNR EL WR

XUDGLR ELR EL XLVWLQX QHYMHUQLN ;


6 


8 RYRPH MH DMHWX ]DEUDQD GD VH PROL QHNR PLPR 1MHJD 8]YL^HQRJ 8]YL^HQL MH

REDYLMHVWLR GD PLPR 1MHJD QLNR QH PRCH ^WHWX QDQLMHWL QLWL GREUR GRQLMHWL

1MHJRYH VX ULMHaL A^@^@eFG^N^G^  e MHU DNR EL WR XUDGLR ELR EL

XLVWLQX QHYMHUQLN . QHSUDYGD VSRPHQXWD X DMHWX ]QDaL SULGUXCLYDQMH   NDR

^WR MH 8]YL^HQL UHNDR R /XNPDQX

hp@F

0QRJRER^WYR MH XLVWLQX YHOLND QHSUDYGD ;;;, NDR L 1MHJRYH ULMHaL


FoAhxH@llF

$NR WL $OODK GDGH NDNYX QHYROMX QLNR MH RVLP 1MHJD QH PRCH RWNORQLWL ;

2YR VH RGQRVL QD RQRJD NRML WUDCL VSDV 8]YL^HQL $OODK REDYLMHVWLR MH GD MH 2Q 7DM

.RML GDMH RQRPH NR RG 1MHJD WUDCL L QLNR QH PRCH GD VSULMHaL QH^WR RG $OODKRYH

EODJRGDWL SUHPD QMHPX MHU MH 2Q 7DM .RML GDMH L VSUHaDYD 1HPD WRJD NRML PRCH

VSULMHaLWL RQR ^WR 2Q GD QLWL LPD LNR GD PRCH GDWL RQR ^WR MH 2Q ]DEUDQLR 8 RYRP

]QDaHQMX MH L RQR ^WR VH QDOD]L X KDGLVX ,EQ$EEDVD X NRMHP L]PH_X RVWDORJ VWRML ,

]QDM GD NDG EL VH XPPHW VORCLR GD WL SUXCL QH^WR NRULVQR QH EL WL QL^WD NRULVQR XUDGLR
1
RVLP RQRJD ^WR WL MH $OODK YH` RGUHGLR 2QDM NR UD]PLVOL R RYRP DMHWX L RVWDOLPD

DMHWLPD NRMD LPDMX WR ]QDaHQMH VSR]QDW `H GD RQR X ^WD MH XSDOD YH`LQD D ^WR VH

RJOHGD X XSX`LYDQMX GRYH QHNRP PLPR $OODKD MHVWH YHOLND QHSUDYGD L SULGUXCLYDQMH

 NRML VH QH RSUD^WD WH GD VX RQL SULWYUGLOL RQR ^WR MH QHJLUDOD L RGEDFLOD L]UHND 




QHPD ERJD RVLP $OODKD RG SULGUXCLYDQMD X VYRMVWYLPD ERCDQVWYD D

QHJLUDOL VX RQR ^WR MH RQD XWYUGLOD RG LVNUHQRVWL NDR ^WR MH 8]YL^HQL UHNDR @dIA

uA^^^@^^^d@B)^^^d@^^^A^^^t  e ]DWR VDPR $OODKD RERCDYDM LVNUHQR 0X

LVSRYLMHGDMX`L YMHUX ,VNUHQR LVSRYLMHGDQMH YMHUH GXJ MH $OODKX ;;;,; 'LQ

YMHUD MHVWH SRNRUQRVW $OODKX X RQRPH ^WR MH QDUHGLR L SURSLVDR ^WR MH ]DEUDQLR L

XaLQLR KDUDPRP 1DMX]YL^HQLMH ^WR MH QDUHGLR MHVWH  L LVNUHQRVW L GD aRYMHN QH

XVPMHUDYD QH^WR RG VYRJD SRVOD RVLP $OODKX 8]YL^HQRP .RML JD MH VWYRULR GD 1MHJD

RERCDYD WLPH MH SRVODR 6YRMH SRVODQLNH L REMDYLR 6YRMH NQMLJH @nA

^kh@d^H^UX  e GD OMXGL SRVOLMH SRVODQLND QH EL QLNDNYD RSUDYGDQMD SUHG $OODKRP

LPDOL ,9 1DMYH`H ^WR MH ]DEUDQLR MHVWH SULGUXCLYDQMH QHNRJD 1MHPX X

1MHJRYRP   L   


A@FJUMl@cdwB 9


$& $   5*(% 5*  *E ; FA* 6G

 69

 7      *


 
    5**

     


 D

  
 ' (
 . ()*

5B ,>.

1MHJRYH VX ULMHaL

@AnA@hpX@eF)AAc A@FJUMl@cdwB

hALcAIH@A@dB

.R MH X YH`RM ]DEOXGL RG RQLK NRML VH XPMHVWR $OODKX REUD`DMX RQLPD NRML LP VH

GR 6XGQMHJ GDQD QH`H RGD]YDWL L NRML VX SUHG QMLKRYLP PROEDPD UDYQRGX^QL .DGD

OMXGL EXGX VDEUDQL RQL `H LP ELWL QHSULMDWHOML L SRUH`L `H GD VX LP VH NODQMDOL ;/9,

 2YDM DMHW REMD^QMDYD RQR ^WR MH XWYU_HQR X DMHWX SULMH QMHJD 8]YL^HQL MH

REDYLMHVWLR GD QLNR QLMH YH`RM ]DEOXGL RG RQRJD NR PROL QHNRJ GUXJRJ PLPR 1MHJD

EH] RE]LUD NR WR ELR , REDYLMHVWLR MH GD WDM NRML VH PROL QH RGD]LYD VH QD RQR ^WR VH RG

QMHJD WUDCL ELOR GD MH WR XPUOL LOL RGVXWQL LOL RQDM NRML RS`HQLWR QH PRCH QD WR RGJRYRULWL

NDR ^WR VX WR
  LOL NLSRYL 2QRPH NR PROL GUXJH PLPR $OODKD QHPD QL^WD RVLP

EH]QD_D L JXELWND =DWLP MH 8]YL^HQL UHNDR

AAc

 e L NRML VX SUHG QMLKRYLP PROEDPD UDYQRGX^QL NDR ^WR MH UHNDR X DMHWX VXUH

-XQXV

AhoMBA@hoBfPAhp

ALcAIAFHAH@doAH 9@

$ QD 'DQ NDG LK VYH VDNXSLPR UH`L `HPR RQLPD NRML VX $OODKX GUXJH UDYQLP

VPDWUDOL
6WDQLWH L YL L ERCDQVWYD YD^D
 GR 1MHJRYLK ULMHaL $OODK MH GRYROMDQ

VYMHGRN L QDPD L YDPD PL GRLVWD QLVPR ]QDOL GD VWH QDP VH NODQMDOL ;

=DWLP MH UHNDR

hALcAIH@A@dB@AnA@hpX@eF

.DGD OMXGL EXGX VDEUDQL RQL `H LP ELWL QHSULMDWHOML L SRUH`L `H GD VX LP VH

NODQMDOL ;/9, 0X^ULNX PQRJRER^FX QD 6XGQMHP GDQX GHVLW `H VH VYH VXSURWQR

QMHJRYRM QDPMHUL 2G QMHJD L QMHJRYD RERCDYDQMD `H VH RGUH`L L QD WR `H PX VH

QDMR^WULMH SUHGEDFLWL 0ROMHQL `H SRVWDWL QHSULMDWHOM PROLWHOMX =DWLP MH 8]YL^HQL

REDYLMHVWLR GD MH WD PROED YLG RERCDYDQMD UHNDY^L hALcAIH@A  e L SRUH`L `H GD

VX LP VH NODQMDOL
8B 


2Q DMHW XSX`XMH WDNR_HU QD WR GD MH PROHQMH QHNRJ GUXJRJ PLPR $OODKD

RERCDYDQMH RQRJD NR VH PROL L GD MH RQDM NRML JD PROL QD YUKXQFX ]DEOXGH 2YDM ^LUN

GHVLR VH X RYRP XPPHWX XYHOLNR L VYHREXKYDWQR VYH GRN $OODK QLMH GDR NR `H WR

UD]RWNULWL QDNRQ ^WR MH ELOR QHSR]QDWR NDNR NRG LQWHOLJHQFLMH WDNR L NRG SXND RVLP

RQRJD NRJD MH $OODK 8]YL^HQL 6YRMRP YROMRP L]X]HR 7R MH X .QML]L L VXQQHWX NUDMQMH

MDVQR REMD^QMHQR 0H_XWLP VUFD VX VH RNUHQXOD ND RQRPH ^WR LP MH ^HMWDQ XOMHS^DR

NDR ^WR VH GHVLOR QDURGLPD VD YMHURYMHVQLFLPD L SRVODQLFLPD NDGD VX LK SR]YDOL GD

VDPR $OODKD RERCDYDMX 'HVLOR LP VH RG CHVWLQH QHSULMDWHOMVWYD RQR ^WR MH $OODK

8]YL^HQL VSRPHQXR NDR ^WR MH UHNDR 8]YL^HQL

)BhXAk@AFkgIf@LBAf

A}HH@s@LB

, WDNR MH ELOR QL RQLPD SULMH RYLK QLMH GR^DR QLMHGDQ SRVODQLN D GD QLVX UHNOL


ADUREQMDN MH
LOL
/XG MH
=DU VX WR MHGQL GUXJLPD X DPDQHW RVWDYOMDOL" 1LVX QHJR VX

RQL OMXGL NRML VX X ]OX VYDNX PMHUX ELOL SUHYU^LOL


 /, 2YRP DMHWX MH VOLaDQ DMHW SR

]QDaHQMX

A@Ac@ldLF)AcdLf@@Hg@e

I`QIhpHhA@@HAUMk@

7R YDP MH HWR $OODK *RVSRGDU YD^ FDUVWYR MH 1MHJRYR $ RQL NRMLPD VH SRUHG

1MHJD NODQMDWH QH SRVMHGXMX QL^WD $NR LP VH PROLWH QH aXMX YD^X PROEX D GD L aXMX

QH EL YDP VH RGD]YDOL QD 6XGQMHP GDQX `H SRUH`L GD VWH LK 1MHPX UDYQLP VPDWUDOL ,

QLNR WH QH`H REDYLMHVWLWL NDR 2QDM .RML ]QD ;;;9 8]YL^HQL MH $OODK REDYLMHVWLR

GD MH WD PROED SULGUXCLYDQMH  $OODKX L GD RQRPH NR *D V WLP VXVUHWQH QH`H

RSURVWLWL SD GREUR UD]PLVOL R RYLP DMHWLPD L RQLPD NRML LPDMX WDNYR ]QDaHQMH NDR ^WR

VX 1MHJRYH ULMHaL

@dXB@@dLdTAl@B

'CDPLMH VX $OODKD UDGL L QH PROLWH VH SRUHG $OODKD QLNRPH /;;,,

@dXBHhoBHgcBAF

5HFL
-D VH VDPR *RVSRGDUX VYRPH NODQMDP L QLNRJD 1MHPX UDYQLP QH

VPDWUDP
 /;;,, 6OLaQLK DMHWD X .XU
DQX LPD SXQR

l@pAc@eFhx@JB 9

 8

 7   /   * 


     
  

 * * ()7* >:.

8  E   



    2   

 *# ( B.      

1MHJRYH VX ULMHaL

@FB |g@A`l@pAc@eFhx@JB

2QDM NRML VH QHYROMQLNX NDGD PX VH REUDWL RGD]LYD L NRML ]OR RWNODQMD L NRML YDV

QD =HPOML QDPMHVQLFLPD SRVWDYOMD =DU SRUHG $OODKD SRVWRML GUXJL ERJ" ;;9,,

2YR VX YMHURYDOL L SRWYU_LYDOL PQRJRER^FL  NRG $UDSD L GUXJL X VYRPH

GCDKLOLMHWX NDNR MH UHNDR 8]YL^HQL

hp@eF@FAAd@t@@c@@Ig@eG

.DGD VH X OD_H XNUFDMX LVNUHQR VH PROH $OODKX D NDGD LK 2Q GR NRSQD GRYHGH

RGMHGQRP GUXJH 1MHPX UDYQLP VPDWUDMX ;;,; 8]YL^HQL MH REDYLMHVWLR GD RQL

1MHPX LVNUHQR XSX`XMX GRYX NDGD VH QD_X X SRWH^NR`L (EX'CD


IHU E 'CHULU QHND

PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH 8]YL^HQL MH UHNDR

@FB


=DU SRUHG $OODKD SRVWRML GUXJL ERJ"
 WM GD RYR UDGL V YDPD L GD YDP GDMH

EODJRGDWL" $ QMHJRYH ULMHaL

hfLA

.DNR QLNDNR YL SRXNX GD SULPLWH XND]XMX GD VH PDOR VMHWLWH $OODKRYH YHOLaLQH

1MHJRYLK EODJRGDWL NRG YDV GD PDOR VSRPLQMHWH L X]PHWH SRXNX $OODKRYLK GRND]D

SURWLY YDV =ERJ WRJD VWH $OODKX SULGUXCLOL GUXJH X RERCDYDQMX 1MHJD

1MHJRYH VX ULMHaL 3UHQRVL 7DEHUDQL 2Q MH LPDP KDIL] 6XOHMPDQ E $KPHG E

(MMXE /DKPL 7DEHUDQL DXWRU WUL UMHaQLND L GUXJLK GMHOD  3UHQRVL RG 1HVDLMD ,VKDND E

,EUDKLPD 'LULMD L PQRJLK GUXJLK 8PUR MH WULVWD ^H]GHVHWH 2YDM KDGLV SUHQRVL RG

8EDGHD E 6DPLWD UD


86 


   *   


  0   5**

8*  
 *#    2    

     0      0 
5**  !

 **  (   . *


 

+
   
   0      #B9

:   7 

hxA@cdL

1MHJRYH VX ULMHaL  e SD VX QHNL UHNOL


8VWDQLWH V QDPD GD WUDCLPR VSDV SRPR`X

$OODKRYD 3RVODQLND VDYV RG RYRJ OLFHPMHUD e


 KDGLV >HMKXOLVODP ,EQ 7HMPLMMH

GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH 9MHURYMHVQLN VDYV XLVWLQX ELR MH X

VWDQMX GD LK VSDVL RG QMHJD 5HNDR VDP 2Q YMHURYDWQR PLVOL GD MH 9MHURYMHVQLN

VDYV ELR X VWDQMX GD RVWDYL OLFHPMHUH L GD VD QMLPD XUDGL RQR ^WR ]DVOXCXMX DOL RQ

WR QLMH XUDGLR ERMH`L VH GD X NX^QMX QH SDGQX QHNL YMHUQLFL L] SOHPHQD WRJ OLFHPMHUD 8

VXQQHWX LPD QH^WR ^WR XSX`XMH QD WR NDR ^WR MH XUDGLR VD $EGXOODKRP E 8EHMMRP L

GUXJLP 5HaHQR MH 9MHURYMHVQLN VDYV ELR MH X VWDQMX GD LK VSDVL RG WRJ OLFHPMHUD

3UHPD WRPH QMHJRYD ]DEUDQD GD VH RG QMHJD WUDCL VSDV MHVWH X FLOMX GD VH ]D^WLWL

WHYKLG L VSULMHaL RQR ^WR YRGL X ^LUN NDR L WRPH VOLaQH VLWXDFLMH X NRMLPD RQDM RG NRJD

VH WUDCL VSDV LPD PR` WR XaLQLWL D ^WR VH NRULVWLOR MH]LaNL L ^HULMDWVNL ERMH`L VH GD QHNR

L] QMHJRYD XPPHWD ]DWUDCL VSDV RG RQRJD NRML QH PRCH QD^NRGLWL QLWL QD^WHWLWL NRML QH

aXMH QLWL RGJRYDUD RG XPUOLK RGVXWQLK WDJXWD ^HMWDQD NLSRYD L RVWDOLK 2YDM YHOLNL

^LUN GHVLR VH L UDVSURVWUDQLR NDNR MH YH` QDSRPHQXWR GD VX RQL aDN QMLK SULGUXCLOL

$OODKX X 1MHJRYRP   L XSUDYOMDQMX SLWDQMLPD 1MHJRYLK VWYRUHQMD NDR ^WR VX

LK SULGUXCLOL 1MHPX X 1MHJRYRP    L   6UHGVWYD LPDMX VWDWXV FLOMHYD X

SRJOHGX QMLKRYH ]DEUDQH D $OODK GC^ QDMEROMH ]QD


$  $ &      # B7:9
 $ ,- .$& 5E $  ,$
 1      11& "D(' + $ % 5E. 3- . D(' $ $4
F(%G , 4*   ,$ 1$. C$3  $ (%   :78;   ,% $
- . $ $&$, & ,- '5%    *$ )*  *$ (
)1&4'. ) $& % $ *,2 "D('  &$ =$  $ 5* %-
    # 7 B

 88

   
5**  *      0     


(1   +C>.9

-
   * ! 9

=
 *  
  

   7 
* 

 
*9

,      * 9

> #
     
*  #
    

( B .9

?     9

@
  0       
5**  !  $0 

 0   


79

A     9

+C
     *
 
  *  

5**9

++
 /    0 
   &   9

+:
   *   0   **   *  

 9

+-    * 0    *9

+=     *   09

+,
      #
  
  *
9

+>     (   )*5B.9

+? 
    
    0* 
 *

  0  5** 


    * * 7

   


   9

+@    !  # 


 
/
     


   5**  !
8 


 ? 

27(9+,'8,2'6871267,9-(5(
@ht Ml)AoAhpB D 








 
   





 

   
  
 

 



     




      

      QH P

 PRRJ X SSRP
RPR`
R`L
L (
(OO(
DU
(
DUDI
DI



AcdLf@ 9
2Q WDNR_H
WDNR_HUU NDC
NDCH
H  $ RQ
RQLL N RMRMLL PD VVH
H S RUHG 1MH
1MHJJD NODQM
ODQMDDW H Q H SR
SRVVMHGXM
MHGXMXX
    
  



1MHJRYH VX ULMHaL

htlB@htMl)AoAhpB


5LMHaL $OODKD 8]YL^HQRJ
=DU GD 1MHPX VPDWUDMX UDYQLP RQH NRML QH PRJX QL^WD

VWYRULWL L VDPL VX VWYRUHQL L NRML LP QH PRJX SRPR`L QLWL PRJX SRPR`L VHEL
 9,,

 2YLP MH 8]YL^HQL XVSRVWDYLR DUJXPHQW SURWLY PQRJRERCDFD SR^WR VX RQL X]HOL

]DVWXSQLNH SRVUHGQLNH L VXGUXJRYH X RERCDYDQMX MHU RQL VX XLVWLQX VWYRUHQL SD

SUHPD WRPH QLMH RGJRYDUDMX`H GD RQL EXGX VDXaHVQLFL 2QRPH .RPH VX RQL VWYRUHQMD

L 1MHJRYL URERYL 8] WR 2Q LK MH REDYLMHVWLR GD LP RQL QH PRJX SRPR`L WM RQLPD NRML

RG QMLK WUDCH SRPR` QLWL PRJX SRPR`L VHEL 8NROLNR RQDM NRJD PROH QH PRCH VDP

VHEL SRPR`L YMHURYDWQLMH MH GD QH PRCH SRPR`L QL GUXJLPD 7DNR MH SRPR`X RYD GYD

YHOLND GRND]D GRND]DQR QHLVSUDYQLP YH]LYDQMH PQRJRER^FD ]D QHNRJ GUXJRJ PLPR

$OODKD D WR MH GD VX RQL URERYL 2QRPH .RML LK MH VWYRULR GD EL 1MHJD RERCDYDOL D RQDM

NR MH URE QH PRCH ELWL RERCDYDQ 'UXJL GRND] 2QL XLVWLQX QHPDMX PR`L GD VHEL

GRQHVX NRULVW SD NDNR RQGD GD VH RG QMLK RaHNXMH GD NRULVW GRQHVX GUXJLPD SD

GREUR UD]PLVOL R RYRP DMHWX L QMHPX VOLaQLP X 8]YL^HQRP .XU


DQX

1MHJRYH VX ULMHaL

)AcdLf@


@HAUMk@A@Ac@ldLF 

 8:

 D    
)
   2   H 


   * 
      ** 

I`QI  D
 e $ RQL NRMLPD VH SRUHG 1MHJD NODQMDWH QH SRVMHGXMX QL^WD $NR LP VH PROLWH

QH aXMX YD^X PROEX D GD L aXMX QH EL YDP VH RGD]YDOL GR 1MHJRYLK ULMHaL , QLNR WH

QH`H REDYLMHVWLWL NDR 2QDM .RML ]QD ;;;9 8]YL^HQL MH RWSRaHR RYH DMHWH

6YRMLP ULMHaLPD @Hg@e 7R YDP MH HWR $OODK *RVSRGDU YD^ FDUVWYR MH

1MHJRYR 1DMEROMH 2EDYLMH^WHQL REDYMH^WDYD GD FDUVWYR SULSDGD 1MHPX -HGLQRPH D

VYL NUDOMHYL L VYD VWYRUHQMD SRG 1MHJRYRP VX NRQWURORP L XSUDYRP 8SUDYR ]ERJ WRJD

2Q MH UHNDR

AcdLf@ 

$ RQL NRMLPD VH SRUHG 1MHJD NODQMDWH QH SRVMHGXMX QL^WD 8LVWLQX QLMH

GRSX^WHQR GD VH CHOL WUDCLWL NRULVW LOL RWNODQMDQMH QHYROMH RG QHNRJ RVLP RG $OODKD

8]YL^HQRJ L 6YHWRJ .RML SRVMHGXMH WR VYRMVWYR QHJR MH REDYH]QR LVNUHQR XSX`LYDQMH

GRYH NRMD MH MHGQR RG QDMX]YL^QLMLK YLGRYD RERCDYDQMD VDPR 1MHPX 8]YL^HQL MH

REDYLMHVWLR GD RQL NRMH PROH PQRJRER^FL  QH SRVMHGXMX ELOR ^WD L GD RQL QH

aXMX PROEX RQLK NRML LK PROH D NDG EL L SUHWSRVWDYLOL GD MH L aXMX RQL VH QH`H RGD]YDWL

RQRPH NR LK PROL L QD 6XGQMHP GDQX RQL `H ]DQLMHNDWL QMLKRYR SULGUXCLYDQMH WM

]DQLMHNDW `H L RGUH`L VH RQLK NRML VX WR VD QMLPD UDGLOL 2 RYRPH MH REDYLMHVWLR QDMEROMH

2EDYLMH^WHQL  e ]D .RJD QH SRVWRML WDMQD QD QHEHVLPD QLWL QD =HPOML 2Q MH

REDYLMHVWLR GD MH WD PROED SULGUXCLYDQMH  1MHPX L GD JD 2Q QH RSUD^WD NR *D

VXVUHWQH V WLP   3ULSDGQLFL ^LUND QLVX SRYMHURYDOL 1DMEROMH REDYLMH^WHQRP QLWL

0X VH SRNRULOL X RQRPH X aHPX MH SUHVXGLR L SURSLVDR QHJR VX UHNOL 8PUOL XLVWLQX

aXMH D DNR aXMH RQGD PRCH L SRPR`L SD VX WDNR GLUHNWQR QDSXVWLOL LVODP L LPDQ .DR

^WR YLGL^ WDNYR MH VWDQMH YH`LQH QH]QDOLFD RYRJD XPPHWD

1MHJRYH VX ULMHaL 8 
  SUHQRVL VH RG (QHVD GD MH UHNDR
9MHURYMHVQLN

VDYV X %LWNL QD 8KXGX ELR MH UDQMHQ X JODYX L GRQML VMHNXWL` ELR PX MH VORPOMHQ SD

MH UHNDR
.DNR GD EXGH VSD^HQ QDURG NRML MH UDQLR VYRJD SRVODQLND"
7LP MH

SRYRGRP REMDYOMHQR

oh@m
8! 


   
 
 !  
    *6

8
  * 

oh@m 
/
    (5*  +:@+:A.


2G WHEH QH ]DYLVL
 ,,, 8 QMHPX VH WDNR_HU SUHQRVL RG ,EQ2PHUD

UD GD MH RQ aXR $OODKRYRJ 3RVODQLND VDYV NDNR JRYRUL NDG SRGLJQH JODYX VD

UXNX
D QD ]DGQMHP UHNDWX VDEDKVNRJ QDPD]D $OODKX XGDOML RG VYRMH PLORVWL WRJ L

WRJ QDNRQ ^WR EL L]JRYRULR   



  
  
 
  
 SD

MH $OODK REMDYLR ^oh^@^^m^ 2G WHEH QH ]DYLVL GD  8 GUXJRP SUHGDQMX

VWRML 3URNOLQMDR MH 6DIYDQ E 8PHMMX 6XKHMOD E $PUD L +DULVD E +L^DPD SD MH

REMDYOMHQR oh@m 2G WHEH QH ]DYLVL  2YL VX SULPLOL LVODP L ELOL VX GREUL

PXVOLPDQL

1MHJRYH VX ULMHaL 8 
  WM X +


 %XKDULMD JD MH ]DELOMHCLR NDR


  RG +XPHMGD RG 6DELWD D RQ RG (QHVD 1MHJRY MH VHQHG VSRMLR $KPHG

7LUPL]L >DILMD RG +XPHMGD D RQ RG (QHVD 8]YL^HQL MH UHNDR h@F  5HFL


2 VYHPX RGOXaXMH VDPR $OODK
 ,,, 8]YL^HQL MH UHNDR @gAILh@@B 
A^@Kg 6DPR 2Q VWYDUD L XSUDYOMD 8]YL^HQ QHND MH $OODK *RVSRGDU VYMHWRYD

9,, $MHWD V RYLP ]QDaHQMHP LPD PQRJR #HOL VH ND]DWL GD SRUHG 2QRJ .RML

SRVMHGXMH SUDYR GD VDP R VYHPX RGOXaXMH L NRG .RJD MH VYD YODVW QH ]DVOXCXMH QHNR

GUXJL ELOR ^WD RG RERCDYDQMD =ERJ WRJ ]QDaHQMD 2Q MH UHNDR 6YRPH 9MHURYMHVQLNX

VDYV

dMAHBApd@NIIXBdLF

7L GRLVWD QH PRCH^ XSXWLWL QD 3UDYL SXW RQRJD NRJD WL CHOL^ GD XSXWL^ $OODK

XND]XMH QD 3UDYL SXW RQRPH NRPH 2Q KR`H L 2Q GREUR ]QD RQH NRML `H 3UDYLP

SXWHP SR`L ;;9,,,


C$3  $ #( , # ;78!: 1 1&* )(% # ,&( *'- oh@m
.D$ , " 4$. #( $ ,- . $%  <* 5 % - ' $&$, &
 #*,  )(%  $ $  &  %$ $,*0  $  $ 5 $ ,- ', % %
54 % ,$ $  & 5,>'.
 $ 5&% $&$-   .+% * 

1& . /*  *= $%& (% $&  5$  (%
1   5,
$%  <*& (% 5$ $  F;9G "3(% &"$ # 1&* )(%
5%$ %  < % <*   %   $& $= .4%3%3. *$ $ $ 
$& 5* & ? ,% %  E  & 1&  .4%3%3(.

 8;

   %   


/  
     5**

8*     



 *     
 

   5**


* 
 *     ! 

   D** * 


   **
   5**


^oh^@^^m^ /
    
  
 

8 *  DB   D *  5   F   F!  

*

oh@m 
 /
   

   %   


) F   
   5**

8*  
   *

Hh@LpgfB      *0 


  ()!I   :+=.

  /    ! (*  * .   3 1  !


5**    / 5  5
* *   
5**

!   3 / DB  5** 8*   


5**

!   3

/ K    


   
5** !   3

E 0 
  ! 0*!   
5** !   

2Q NRML QL^WD QH RGOXaXMH D ELR MH QDMRGDEUDQLMH $OODKRYR VWYRUHQMH XVWUDMQR MH

SR]LYDR OMXGH GD LVNUHQR XSX`XMX VYRM 


 2QRPH .RML R VYHPX RGOXaXMH D WR MH

$OODK 8]YL^HQL 2YR MH QMHJRYD DOHMKLVVHODP YMHUD V NRMRP MH SRVODW L NRMD PX MH

RGUH_HQD GD MH GRVWDYL VYRPH XPPHWX L GD JD QMRM SR]RYH NDR ^WR MH YH`

REMD^QMHQR X SRJODYOMX R SR]LYDQMX ND YMHURYDQMX GD QHPD ERJD RVLP $OODKD AXYDM

VH GD QH VOLMHGL^ SXW PLPR SXWD YMHUQLND NRML LP MH SURSLVDR $OODK L 1MHJRY SRVODQLN L

XaLQLR JD SRVHEQLP VDPR ]D QMLK


#(  B!9" B;B "1 # ,&( *'- oh@m   ::9 *"
A # ,&(

*'- oh@m   ;8 ! "'* ",* &" # ,&( *'- oh@m 


#(  6;:8 " $ # ( $%(" &"&% A",  8:8; " $' #
 *  '( A" &"%3($$  ;;
A *4"/'' # Hh@LpgfB 

  6B! " # ,&( *' Hh@LpgfB 


1  8  *"
A # & 

*4"/''  !76  " $ # 1 & '4*(",


8 


1MHJRYH VX ULMHaL  e 8 QMHPX VH WDNR_HU SUHQRVL RG (EX+XUHMUHD WM X

%XKDULMLQRP 
  5D]L^OL VX VH RNR LPHQD (EX+XUHMUH 1HYHYL VPDWUD GD PX MH

LPH $EGXUUDKPDQ E 6DKU 2Q MH L] SOHPHQD 'HYV MHGDQ RG KDIL]D KDGLVD PH_X

DVKDELPD =DSDPWLR MH KDGLVD YL^H QHJR ELOR NR GUXJL NDR ^WR VH QDYRGL X

%XKDULMLQRP 6DKLKX RG 9HKED E 0XQHEELKD D RQ RG VYRJD EUDWD GD MH UHNDR  AXR

VDP (EX+XUHMUHD UD NDNR NDCH 1HPD QLMHGQRJ DVKDED $OODKRYRJ 3RVODQLND

VDYV GD SUHQRVL RG QMHJD YL^H KDGLVD QHJR MD RVLP ^WR SUHQRVL $EGXOODK E 2PHU
1
MHU XLVWLQX RQ MH SLVDR D MD QLVDP 8PUR MH SHGHVHW VHGPH LOL SHGHVHW RVPH LOL

SHGHVHW GHYHWH JRGLQH ,PDR MH VHGDPGHVHW RVDP JRGLQD 2YDM KDGLV LPD YL^H

ODQDFD NRMLPD MH SUHQHVHQ X +




 X (   
L GUXJLP ]ELUNDPD

KDGLVD 

1MHJRYH VX ULMHaL  e 2 VNXSLQR .XUHM^D LOL ULMHaL VOLaQH QMRM RWNXSLWH VHEH WM

SXWHP LPDQD YMHURYDQMD X $OODKD L 1MHJRYD 3RVODQLND L VOLMH_HQMD QMHJD X RQRP ^WR

YDP MH GRQLR ^WR PX MH REMDYOMHQR RG WHYKLGD $OODKD 8]YL^HQRJ X SRJOHGX

RERCDYDQMD L RVWDYOMDQMD RQRJD ^WR VWH RERCDYDOL PLPR 1MHJD RG NLSRYD L LGROD 2QL

VX XLVWLQX QDNRQ WRJ SULGUXCLYDQMD SRVWDOL URERYL PLPR 1MHJD RQRPH NRML QH PRCH

QD^WHWLWL QLWL NRULVW GRQLMHWL NRML VH QH RGD]LYD QLWL aXMH 2QL VX VSR]QDOL GD RQR ^WR VX

UDGLOL RG RERCDYDQMD QHNRJD PLPR $OODKD MHVWH SULGUXCLYDQMH  $OODKX 2QL VX X

VYRMRM WHOELML RGD]LYDQMX %RJX JRYRULOL 2GD]LYDPR VH 7HEL 7L QHPD^ VXGUXJD RVLP

VXGUXJD NRML MH 7YRM 7L LPD^ YODVW QDG QMLP L RQLP ^WR RQ SRVMHGXMH 1HND MH $OODK

8]YL^HQ .DNR MH QMLKRY UD]XP PRJDR SULKYDWLWL GD SRWaLQMHQL EXGH VXGUXJ VYRPH

XSUDYLWHOMX 8]YL^HQL MH UHNDR

A@kMCAigAAhoABNAlBQKhw

@wBdH@B@ f@IL@H)OA@tflBMa

hsAA

2Q YDP NDR SULPMHU QDYRGL YDV VDPH GD OL VX RQL NRML VX X SRVMHGX YD^HP

L]MHGQDaHQL V YDPD X RQRPH ^WR YDP 0L GDMHPR SD VWH X WRPH LVWL L GD OL LK VH ERMLWH

NDR ^WR VH YL MHGQL GUXJLK ERMLWH" (WR WDNR 0L SRGUREQR L]ODCHPR GRND]H 1D^H

OMXGLPD NRML UD]PL^OMDMX $OL QHYMHUQLFL ODKNRPLVOHQR VOLMHGH VWUDVWL VYRMH D NR `H QD

3UDYL SXW XSXWLWL RQRJD NRJD MH $OODK X ]DEOXGL RVWDYLR" 1MLPD QH`H QLNR X SRPR`

PR`L SULWH`L ;;;


#(  !8 "' # ,**"'
1  6!;B

 89

1MHJRYH VX ULMHaL  e MD YDP QL^WD NRG $OODKD QH PRJX SRPR`L 2YR MH ]QDaHQMH

RQRJD ^WR MH SUHWKRGQR UHaHQR GD MH 2Q 8]YL^HQL 7DM .RML XSUDYOMD 6YRMLP

VWYRUHQMLPD NDNR KR`H RQDNR NDNR WR ]DKWLMHYD 1MHJRYD PXGURVW X SRJOHGX 1MHJRYLK

VWYRUHQMD L 1MHJRYR ]QDQMH R QMLPD ARYMHN QH ]QD QL^WD GUXJR QHJR RQR aHPX JD MH

$OODK SRGXaLR L QLNR VH QH`H VSDVLWL 1MHJRYH ND]QH RVLP VD LVNUHQLP RERCDYDQMHP

VDPR 1MHJD -HGLQRJ L RGULFDQMHP RG RERCDYDQMD VYHJD PLPR 1MHJD NDR ^WR MH

8]YL^HQL UHNDR

gAtBAAgA@@C@@hXdAHhpF

.R GUXJRJ $OODKX VPDWUD UDYQLP $OODK `H PX XOD]DN X 'CHQQHW ]DEUDQLWL L

ERUDYL^WH QMHJRYR `H 'CHKHQQHP ELWL D QHYMHUQLFLPD QH`H QLNR PR`L SRPR`L

9 9MHURYMHVQLN VDYV X RYRP MH KDGLVX XSR]RULR VYRMX EOLCQMX URGELQX

SRVHEQLP XSR]RUHQMHP L REDYLMHVWLR GD LP RQ NRG $OODKD QH PRCH QL^WD SRPR`L

REDYLMHVWLR LK MH L VDRS`LR LP VYRMX LVSULNX 8SR]RULR MH .XUHM^ L VYH QMHJRYH RJUDQNH L

DUDSVND SOHPHQD QD QMLKRYLP RNXSOMDQMLPD XSR]RULR MH VYRJD DPLGCX WHWNX L VYRMX

N`HUNX D RQL VX PX ELOL QDMEOLCL RG VYLK OMXGL 2EDYLMHVWLR MH GD LP RQ XLVWLQX QH PRCH

NRG $OODKD QL^WD SRPR`L XNROLNR X 1MHJD QH EXGX YMHURYDOL L SULKYDWLOL WHYKLG NRML MH RQ

GRQLR L RVWDYLOL SULGUXCLYDQMH  1MHPX

1MHJRYH ULMHaL  e WUDCL RG PRJD LPHWND ^WD CHOL^ MHU MH WR RQR ^WR MH X PR`L

$OHMKLVVHODPD D RQR ^WR MH X QDGOHCQRVWL $OODKD 8]YL^HQRJ WR QLNR GUXJL QH PRCH

NDR ^WR MH UHaHQR X RYRP KDGLVX .DGD MH XPUR (EX7DOLE D RQ MH EULQXR R

$OODKRYRP 3RVODQLNX VDYV L SUXCDR PX ]D^WLWX DOL QLMH ]DQLMHNDR YMHUX $EGXO

0XWWDOLERYX NRMRP MH aLQLR SULGUXCLYDQMH  $OODKX $OHMKLVVHODP MH UHNDR 7UDCLW

`X RSURVWD ]D WHEH XNROLNR PL VH QH ]DEUDQL SD MH $OODK 8]YL^HQL REMDYLR

HhB@Ahp@hMlB@Df@AA


Y@KAYsBBILAdH

9MHURYMHVQLNX L YMHUQLFLPD QLMH GRSX^WHQR PROLWL RSURVWD ]D PQRJRER^FH PDNDU

LP ELOL L URG QDMEOLCL NDG LP MH MDVQR GD `H RQL VWDQRYQLFL X 'CHKHQQHPX ELWL

,; 7DNR MH 2Q REDYLMHVWLR GD MH (EX7DOLE RG VWDQRYQLND 'CHKHQQHPD SR^WR

QLMH XPUR VD ^HKDGHWRP GD QHPD ERJD RVLP $OODKD 1LMH PX QL^WD NRULVWLOR WR ^WR MH

SUXCDR ]D^WLWX 9MHURYMHVQLNX VDYV GD QH EXGH VPDWUDQ MHGQLP RG PQRJRERCDFD

QLWL WR ^WR MH SUL]QDR 9MHURYMHVQLNX VDYV GD MH QD LVWLQL EH] RGULFDQMD RG

SULGUXCLYDQMD
 B 


 **  (   . *


 

+  
 9

:    
9

- ( .    (
. 7 *
        *


 *       9

=
      * *  # (B .9

,
   
*     
*    /
 

 *  2   0


 
   

    


    
09

> 5**    *



oh@m  /
  

 (5*  +:@.9

? 7 
A^^G^HfB^K^MB  '
 *  / 

   *           *#(5* 

+:@. /         *  #9

@    
 !  #9

A      *      

  9

+C  *  


%    
9

1DLPH RQ VH QLMH RGUHNDR YMHUH VYRJD RFD 6YDNR YH]LYDQMH ]D QHNRJ PLPR

$OODKD X YLGX WUDCHQMD ]DX]LPDQMD ^HID


DWD LOL QHaHJ GUXJRJ MHVWH SULGUXCLYDQMH

$OODKX L WR PX GRQRVL ]OH SRVOMHGLFH QD GXQMDOXNX L DKLUHWX =DX]LPDQMH " 



MHVWH

VDPR L LVNOMXaLYR ]D RQH NRML VX ELOL LVNUHQL X RERCDYDQMX $OODKD -HGLQRJ NDR ^WR MH

8]YL^HQL UHNDR

o cmHgF@hpBAf@HgfB

, RSRPLQML .XU
DQRP RQH NRML VWUDKXMX ^WR `H SUHG *RVSRGDURP VYRMLP VDNXSOMHQL

ELWL NDG RVLP 1MHJD QL ]D^WLWQLND QL ]DJRYRUQLND QH`H LPDWL 9, $MHWD V RYLP

]QDaHQMHP LPD PQRJR D LVWR WDNR L KDGLVD D $OODK QDMEROMH ]QD 2 RYRPH `H ELWL

JRYRUD LQ^D$OODK X SRJODYOMX R  



 ]DX]LPDQMX 

  

++    5**   


* 
  *
Hh@LpgfB       *0 
  ()!I   :+=.9

+:  *  *   


5**    


 
 !      ** *
  !   
* 


   *
 
9

+-  


*  *0 '  
5** !  

 
    / K    
   

5** !   3 8 


  5**      

 *
 %  #
  0 !   *
 0

   *
   
     !
   

  *
 ! 
*  # *#      

 
 
    
 6 


 k> 

22%-$>1-(1-8'2.$=$
832*/('81(*,5$1-$35,'58#,9$1-$
I@@@@AHgA@eA@AHj@eFMX 9AL@

"   ! 5**  


  #      

 I    &


 !6  3 
   /  ! 

* (D :-.

1MHJRYH VX ULMHaL ` Hj@eFMX^  e , NDG L] VUFD QMLKRYLK QHVWDQH VWUDKD WM

NDGD RG QMLK RGH VWUDK 7DNR MH UHNDR ,EQ$EEDV L GUXJL 8]YL^HQL MH VSRPHQXR RYDM

DMHW X NRQWHNVWX 1MHJRYLK ULMHaL

|g @O@Al@geAQ@cMif@@c@

5HFL
=RYLWH RQH NRMH SRUHG $OODKD ERJRYLPD VPDWUDWH 2QL QL^WD QHPDMX QL

NROLNR WUXQ MHGDQ QL QD QHEHVLPD QL QD =HPOML


 ;;;,9 ,EQ'CHULU MH UHNDR

1HNL VX ND]DOL
2QL L] aLMLK MH VUFD QHVWDOR VWUDKD MHVX PHOHNL
2QL VX UHNOL
6WUDK MH

XLVWLQX QHVWDR L] QMLKRYLK VUFD SDGRP X EHVYMHVQR VWDQMH NDGD VX aXOL JRYRU 2EMDYH

$OODKD 8]YL^HQRJ
 ,EQ.HVLU MH UHNDR 7R MH LVWLQD X NRMX QHPD VXPQMH ]ERJ

YMHURGRVWRMQRVWL KDGLVD L SUHGDQMD (EX+DMMDQ MH UHNDR +DGLVL VX MDVQL RG

$OODKRYRJ 3RVODQLND VDYV GD VH 1MHJRYH ULMHaL Hj@eFMX


, NDG L] VUFD

QMLKRYLK QHVWDQH VWUDKD


 RGQRVH QD PHOHNH NDGD aXMX 2EMDYX XSX`HQX 'CLEULOX

.DGD $OODK 8]YL^HQL WR QDUHGL aXW `H VH NDR NDG VH CHOMH]QL ODQFL YXNX SR JODWNRP

NDPHQX SD `H VH SUL WRPH SUHVWUD^LWL L] VWUDKRSR^WRYDQMD L UHVSHNWD 5HNDR MH

2YLP ]QDaHQMHP VSRPLQMDQMHP PHOHND QD SRaHWNX DMHWD RYDM DMHW VODCH VH VD

SUYLP =D RQRJD NR QLMH RVMHWLR GD VH XND]XMH QD PHOHNH RG SRaHWND 1MHJRYLK ULMHaL

Mif@  e RQH NRMH SRUHG $OODKD ERJRYLPD VPDWUDWH RYDM DMHW ]D QMHJD QLMH

VSRMHQ VD RQLP SULMH QMHJD 2YL DMHWL aXSDMX NRULMHQH ^LUND VD aHWLUL VWYDUL D GD RQL

SRUHG $OODKD QHPDMX PR`L QL NROLNR WUXQ MHGDQ D RQDM NR QHPD QL NROLNR WUXQ PR`L

QD QHEHVLPD L =HPOML QH GRQRVL NRULVW QLWL ^WHWX 2Q 8]YL^HQL MH 7DM -HGLQL .RML LPD

YODVW QDG QMLPD .RML QMLPD XSUDYOMD L VYH RGUH_XMH E 1MHJRYH ULMHaL

hoAA

  8

2QL X QMLPD QHPDMX QLNDNYD XGMHOD ]QDaH QD QHEHVLPD L =HPOML WM RQL QHPDMX

XGMHOD QL NROLNR WUXQ MHGDQ QD QHEHVLPD L =HPOML F 1MHJRYH VX ULMHaL

A , 2Q QHPD RG QMLK QLNDNYRJ SRPR`QLND .  ]QDaL 

SRPR`QLN  3UHPD WRPH $OODK QHPD SRPR`QLND RG 6YRMLK VWYRUHQMD QHJR MH 2Q 7DM

.RML QMLK SRWSRPDCH X RQRP ^WR MH ]D QMLK NRULVQR ]ERJ SRWSXQH 1MHJRYH QHRYLVQRVWL

X RGQRVX QD QMLK L QMLKRYRM QXCQRM SRWUHEL ]D VYRMLP *RVSRGDURP ELOR GD VH UDGL R

PDOLP LOL YHOLNLP GXQMDOXaNLP L DKLUHWVNLP VWYDULPD G 1MHJRYH VX ULMHaL

eBFdAp@L  . RG 1MHJD `H VH PR`L ]DX]LPDWL ]D QHNRJD VDPR

RQDM NRPH 2Q GRSXVWL ;;;,9 3UHPD WRPH NRG 1MHJD VH QLNR QH`H PR`L

]DX]LPDWL RVLP V 1MHJRYRP GR]YRORP 8]YL^HQL MH REDYLMHVWLR GD `H RQRPH NR VHEL

X]PH SRVUHGQLND ]DJRYRUQLND PLPR 1MHJD ELWL ]DEUDQMHQR ]DX]LPDQMH ]DJRYRUQLND

^HIDWGCLMD  8]YL^HQL MH UHNDR

A@ILB)@dAAohxA@cdI


hpAALAYIk|g@O@Al@

2QL SRUHG $OODKD RERCDYDMX RQH NRML LP QH PRJX QDXGLWL QLWL LP PRJX NDNYX

NRULVW SULEDYLWL L JRYRUH


2YR VX QD^L ]DJRYRUQLFL NRG $OODKD
5HFL
.DNR GD $OODKX

ND]XMHWH GD QD QHEHVLPD L QD =HPOML SRVWRML QH^WR D 2Q ]QD GD QH SRVWRML


1HND MH

KYDOMHQ 2Q L YUOR YLVRNR L]QDG RQLK NRMH VPDWUDMX 1MHPX UDYQLP ; 7R MH ]ERJ

WRJD ^WR MH X]LPDQMH ]DJRYRUQLND YLG SULGUXCLYDQMD 


 NDNR NDCH 8]YL^HQL
hpAALAYIk  1 HND MH KYDOMHQ 2Q L YUOR YLVRNR L]QDG RQLK NRMH VPDWUDMX

1MHPX UDYQLP 0QRJRER^FX  ]DEUDQMHQR MH GD VH ]D QMHJD QHNR ]DX]LPD

NDNR MH 8]YL^HQL UHNDR

Ap@AoLA  1MLPD SRVUHGRYDQMH SRVUHGQLND QH`H ELWL RG NRULVWL

/;;,9 , UHNDR MH

Mif@AohAg@gA`AMhLhBA`Ac@hAMTd


jLMAwHLdAhoB

$ GR`L `HWH 1DP SRMHGLQDaQR RQDNYL NDNYH VPR YDV SUYL SXW VWYRULOL QDSXVWLY^L

GREUD NRMD VPR YDP ELOL GDURYDOL 0L QH YLGLPR V YDPD ERCDQVWYD YD^D NRMD VWH

1MHPX UDYQLP VPDWUDOL SRNLGDQH VX YH]H PH_X YDPD L QHPD YDP RQLK NRMH VWH

SRVUHGQLFLPD GUCDOL 9, 7R MH ]ERJ WRJD ^WR RQDM NR X]PH VHEL SRVUHGQLND

]DJRYDUDaD RQ PRUD RG QMHJD QH^WR CHOMHWL PROLWL JD RG QMHJD VH QH^WR QDGDWL

ERMDWL JD VH YROMHWL


 



 D SUHQRVL VH RG (EX+XUHMUHD UD GD MH 9MHURYMHVQLN VDYV UHNDR
.DGD $OODK QH^WR RGUHGL QD QHEX PHOHNL XGDUH VYRMLP NULOLPD L]UDCDYDMX`L
WDNR SRWaLQMHQRVW 1MHJRYLP ULMHaLPD NDR ODQDF NDG XGDUL R JODWNR NDPHQMH L
WR X QMLK XOD]L
I@@@@AHgA@eA@AHj@eFMX

, NDG L] VUFD QMLKRYLK QHVWDQH VWUDKD RQL `H XSLWDWL


>WD MH WR UHNDR
*RVSRGDU YD^"

,VWLQX
 RGJRYRULW `H
2Q MH X]YL^HQ L YHOLN
7R `H aXWL RQL NRML
NUDGRP SULVOX^NXMX 2QL NRML SULVOX^NXMX MHVX RYDNR MHGDQ L]QDG GUXJRJ 6XIMDQ
MH WR RSLVDR VYRMRP UXNRP 3UHYUQXR MX MH L UD]PDNDR PH_X SUVWLPD 2Q aXMH
ULMHa L SR^DOMH MH RQRP ^WR MH LVSRG QMHJD ]DWLP MH WDM SR^DOMH RQRP ^WR MH LVSRG
QMHJD VYH GRN MH QH EDFL QD MH]LN VLKLUED]D LOL YUDaDUD 0RCGD PX VYMHWOLFD GR_H
SULMH QHJR ^WR MH EDFL D PRCGD MH L EDFL SULMH QHJR ^WR PX GR_H WDNR GD X] QMX
VODCH VWRWLQX ODCL SD NDCX =DU QDV QLMH REDYLMHVWLR WRJ GDQD WR L WR L WR SD
PX SRYMHUXMX VYH ]ERJ WH MHGQH ULMHaL NRMD VH aXOD V QHED

JD ]ERJ WRJD ^WR RG QMHJD QH^WR RaHNXMH D VYH VX RYR YUVWH RERCDYDQMD LEDGHWD
RG NRMLK QLMHGDQ QLMH GRSX^WHQR XSXWLWL QHNRP GUXJRP PLPR $OODKD , WR MH
SULGUXCLYDQMH  NRMH QHJLUD LVNUHQRVW  
1MHJRYH VX ULMHaL 8 
 WM X %XKDULMLQRP 
 8 RYRP KDGLVX XND]XMH
VH GD RQDM NR MH VSR]QDR $OODKD 8]YL^HQRJ RQ `H 0X ELWL SRQL]DQ L]
VWUDKRSR^WRYDQMD L UHVSHNWD D QDURaLWR NRG VOX^DQMD JRYRUD 1MHJD 8]YL^HQRJ
e
1MHJRYH VX ULMHaL  .DGD $OODK QH^WR RGUHGL WM 6YRMLP JRYRURP L REMDYRP
'CLEULOX
e
1MHJRYH ULMHaL  QD QHEX XND]XMX QD X]YL^HQRVW 8 QMLPD MH SRWYUGD VYRMVWYD
JRYRUD $OODKX 1MHJRYH X]YL^HQRVWL X RGQRVX QD 1MHJRYD VWYRUHQMD RQDNR NDNR WR
GROLNXMH 1MHJRYRM X]YL^HQRVWL L YHOLaLQL SRWYU_XMX`L WR EH] SRUH_HQMD  L RGED-
FXMX`L QHJDWLYQRVWL EH]   VKYDWDQMD R OL^HQRVWL $OODKD GC^ VYLK DWULEXWD 
2G 1HYYDVD E 6HP
DQD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV
UHNDR .DGD $OODK 8]YL^HQL KR`H REMDYLWL QDUHGEX 2Q L]JRYRUL 2EMDYX 1HEHVD
VH RG WRJD ]DWUHVX LOL MH UHNDR VWUD^QR ]DWUHVX 


 
     IKAoILCl@k@F  
     
  Hj@eFMX  
      ---eBFdAp@L

 !"# $%!&#  '

2YLP KDGLVRP L QMHPX VOLaQLP HKOLVXQQHW DUJXPHQWLUD SURWLY GCHKPLMD H^


DULMD

NXOODELMD L RQLK NRML VX QHJLUDQMHP   RWL^OL X LOKDG QHYMHURYDQMH X QHND
$OODKRYD LPHQD L VYRMVWYD
1MHJRYH VX ULMHaL  L]UDCDYDMX`L WDNR SRWaLQMHQRVW 
  MH LQILQLWLY RG
 

1MHJRYH VX ULMHaL 1MHJRYLP ULMHaLPD HNVSOLFLWQR MH X WRPH GD VX RQL aXOL 1MHJRYH


ULMHaL L GD VX RQH X REOLNX JODVD L GD WR XOD]L X VYH PHOHNH WM GD JD VYL RQL aXMX
1MHJRYH VX ULMHaL Hj@eFMX , NDG L] VUFD QMLKRYLK QHVWDQH VWUDKD WM NDGD
RG QMLK VWUDK RGH
e
1MHJRYH VX ULMHaL  7R `H aXWL RQL NRML NUDGRP SULVOX^NXMX WM JRYRU NRML VX aXOL
PHOHNL L QMLPH JRYRULOL
e
1MHJRYH VX ULMHaL  RQL NRML SULVOX^NXMX RYDNR VX MHGDQ L]QDG GUXJRJ 6XIMDQ MH WR
RSLVDR VYRMLP UXNDPD 3UHQRVLODF KDGLVD MH ,EQ8MHMQH
e
1MHJRYH VX ULMHaL  RQ aXMH ULMHa WM RQL NRML SULVOX^NXMX , SR^DOMH MH RQRP ^WR MH
LVSRG QMHJD WM ^HMWDQLPD =DWLP MH WDM SR^DOMH RQRP ^WR MH LVSRG QMHJD VYH GRN MH QH
EDFL QD MH]LN VLKLUED]D LOL YUDaDUD
e
1MHJRYH VX ULMHaL  WDNR GD X] QMX VODCH WM VLKLUED] LOL YUDaDU VWRWLQX ODCL 3D
PX SRYMHUXMX VYH ]ERJ WH MHGQH ULMHaL NRMD VH aXOD V QHED MHU VYLMHW SULKYDWD RQR ^WR
MH QHLVSUDYQR   
1MHJRYH VX ULMHaL 2G 1HYYDVD E 6LP
DQD 6LP
DQ MH VD NHVURP QD VORYX VLQ
7R MH ,EQ+DOLG .XODEL =RYH VH MR^ L (QVDUL 2Q MH DVKDE 5HaHQR MH GD PX MH L EDER
ELR WDNR_HU DVKDE
e
1MHJRYH VX ULMHaL  .DGD $OODK 8]YL^HQL KR`H 9ROMD  MHVWH MHGQR RG
VYRMVWDYD $OODKD 8]YL^HQRJ 2QD VH GLMHOL QD ^HULMDWVNX L XQLYHU]DOQX 8]YL^HQL MH
UHNDR X VOMHGH`LP L QMLPD VOLaQLP DMHWLPD
AAhBhBAcgB@eF

.DGD KR`HPR GD MHGDQ JUDG XQL^WLPR RQLPD NRML VX X QMHPX QD UDVNR^


e
QDYLNOL  ;9,,
AdoBAIBHgc@gC 
 (  !"# $%!&#

 L] VWUDKD RG $OODKD 8]YL^HQRJ SD NDGD WR aXMX VWDQRYQLFL QHEHVD


RQHVYLMHVWH VH L SDGQX $OODKX QD VHGCGX 3UYL NRML `H SRGL`L JODYX MHVWH 'CLEULO
3RWRP `H PX $OODK JRYRULWL RG 6YRMH REMDYH ^WR KR`H 3RWRP `H 'CLEULO SUROD]LWL
SRUHG PHOHND .DG JRG SUR_H SRUHG ELOR NRMHJ QHED SLWDMX JD QMHJRYL PHOHNL
'CLEULOX ^WD MH UHNDR QD^ *RVSRGDU" 'CLEULO `H UH`L`I@@@^ ,VWLQX D
2Q MH 8]YL^HQL 9HOLNL 3D `H RQL VYL UH`L LVWR ^WR MH UHNDR 'CLEULO 7DNR `H 'CLEULO

GRQLMHWL 2EMDYX WDPR JGMH PX MH $OODK 8]YL^HQL RGUHGLR

, *RVSRGDU WYRM CHOL L] PLORVWL 6YRMH GD RQL RGUDVWX ;9,,, , UHNDR MH
BAoc@gB@eFhBAF

, ]DLVWD 2Q PRCH NDGD QH^WR KR`H VDPR ]D WR UHNQH


%XGL
L RQR ELYD
;;;9,
e
1MHJRYH VX ULMHaL  GD REMDYL QDUHGEX 8 RYRPH MH REMD^QMHQMH ]QDaHQMD NRMH MH
VSRPHQXWR X KDGLVX SULMH RYRJ D X NRMHP VWRML .DGD $OODK QH^WR RGUHGL
e
1MHJRYH VX ULMHaL  2Q L]JRYRUL 2EMDYX 8 RYRPH MH HNVSOLFLWQD L]MDYD GD 2Q
L]JRYDUD 2EMDYX L REMDYOMXMH MH 'CLEULOX DV 8 RYRPH MH RGJRYRU H^
DULMDPD NRML NDCX
GD MH .XU
DQ WXPDaHQMH $OODKRYRJ JRYRUD
e
1MHJRYH VX ULMHaL  1HEHVD VH RG WRJD ]DWUHVX LOL MH UHNDR VWUD^QR ]DJUPH L]
VWUDKD RG $OODKD 8]YL^HQRJ 8 RYRP MH VSR]QDMD $OODKRYH YHOLaLQH 7R L]LVNXMH RG
aRYMHND YHOLNL VWUDK SUHPD 1MHPX 8]YL^HQRP 8 QMHPX MH WDNR_HU SRWYUGD VYRMVWYD
X]YL^HQRVWL 

 
e
1MHJRYH VX ULMHaL  SD NDGD WR aXMX VWDQRYQLFL QHEHVD RQHVYLMHVWH VH L SDGQX
$OODKX QD VHGCGX L] VWUDKRSR^WRYDQMD L UHVSHNWD SUHPD VYRPH *RVSRGDUX L
VNUX^HQRVWL SR^WR VX aXOL JRYRU 1MHJD 8]YL^HQRJ L 6YHWRJ


* +, - + ! .  %/   . , 
/. 

! .  /  # /+
, +0 1* +, + ! .  %/ , #+ ,. , ! .#      .+ ,+2
3,/4 ,+ + ,3,4.+.+/ , ++.+ , # 567.,- 8// 



 .,.
/. ,+ + 3,, 6/9 .+-  ! 

/ /.+  + ,, .+  4/ + 3,/4.
,+ +
1
 !"# $%!&# 

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 WXPDaHQMH RYRJ DMHWD
 R GRND]X X QMHPX R LQYDOLGQRVWL SULGUXCLYDQMD ^LUND  SRVHEQR X VOXaDMX
RQRJ NR XVPMHUL VYRMX SULYUCHQRVW GREULP OMXGLPD 7R MH DMHW ]D NRML MH UHaHQR
GD aXSD NRULMHQH ^LUND L] VUFD
 WXPDaHQMH 1MHJRYLK ULMHaL I@@@ @A

,VWLQX
 RGJRYRULW `H 2Q MH 8]YL^HQ L 9HOLN
 X]URN QMLKRYRJ SLWDQMD R WRPH
 GD MH 'CLEULO WDM NRML `H LP SRVOLMH WRJD RGJRYRULWL ULMHaLPD 5HNDR MH
WDNR L WDNRw
 REDYLMHVW GD SUYL NR `H SRGL`L JODYX MHVWH 'CLEULO

1MHJRYH VX ULMHaL 3UYL NRML `H SRGL`L JODYX MHVWH 'CLEULO MHU MH RQ PHOHN NRML
GRVWDYOMD 2EMDYX
1MHJRYH VX ULMHaL 3RWRP `H PX $OODK JRYRULWL RG 6YRMH 2EMDYH RQR ^WR KR`H 8
RYRPH MH HNVSOLFLWQR UHaHQR GD 2Q 8]YL^HQL REMDYOMXMH 'CLEULOX RQR ^WR KR`H RG
6YRMLK RGUHGEL NDNR MH YH` QDYHGHQR QD SRaHWNX RYRJ KDGLVD
1MHJRYH VX ULMHaL 3RWRP `H 'CLEULO SUROD]LWL SRUHG PHOHND .DG JRG SUR_H SRUHG
NRMHJ QHED SLWDMX JD QMHJRYL PHOHNL 2YR MH WDNR_HU MHGDQ RG GRND]D ]D X]YL^HQRVW
*RVSRGDUD 8]YL^HQRJ
1MHJRYH VX ULMHaL 
'CLEULOX ^WD MH UHNDR QD^ *RVSRGDU"
'CLEULO `H UH`L
I@@@ 


,VWLQX D 2Q MH 8]YL^HQL 9HOLNL
3D `H RQL VYL UH`L LVWR ^WR MH UHNDR 'CLEULO 7DNR
`H 'CLEULO GRQLMHWL 2EMDYX WDPR JGMH PX MH $OODK 8]YL^HQL RGUHGLR 2YR MH GRND] GD
MH 2Q 8]YL^HQL JRYRULR L JRYRUL 6OMHGEHQLFL QRYRWDULMD NDR ^WR VX GCHKPLMH L RQL NRML
VX XaLOL RG QMLK SRSXW H^
DULMD ]DQLMHNDOL VX RQR ^WR MH $OODK 8]YL^HQL SRWYUGLR X 6YRMRM
NQML]L L ^WR MH SRWYUGLR 1MHJRY 3RVODQLN VDYV X VYRP VXQQHWX 1MHJRYX X]YL^HQRVW
1MHJRY JRYRU L GUXJD VYRMVWYD 1MHJRYH VDYU^HQRVWL NRMD MH 2Q SRWYUGLR 6HEL L NRMD PX
MH SRWYUGLR 1MHJRY 3RVODQLN L YMHUQLFL RG DVKDED WDEL
LQD L WDEL
WDEL
LQD HKOLVXQQHWD L
GCHPD
DWD RQDNR NDNR WR GROLNXMH X]YL^HQRVWL $OODKRYRM L 1MHJRYRM YHOLaLQL 6 GUXJH
VWUDQH RQL VX L]PLVOLOL SRUH_HQMD ]D NRMD $OODK QLMH REMDYLR GRND]
   !"# $%!&#

 GD RQ WR NDCH VYLP VWDQRYQLFLPD QHEHVD MHU JD RQL R WRPH SLWDMX


 GD `H EHVYMHVQR VWDQMH REXKYDWLWL VYH VWDQRYQLNH QHEHVD
 SRWUHV QHEHVD ]ERJ $OODKRYD JRYRUD
 GD 'CLEULO QRVL 2EMDYX WDPR JGMH PX MH $OODK QDUHGLR
 REDYLMHVW GD ^HMWDQL SULVOX^NXMX
 QDaLQ QD NRML VX RQL MHGQL L]QDG GUXJLK
 EDFDQMH VYMHWOLFD
 GD JD SRQHNDG VXVWLJQH VYMHWOLFD SULMH QHJR MH YLMHVW SR^DOMH GDOMH D
SRQHNDG MH GREDFL GR X^LMX VYRJD ^WL`HQLND RG OMXGL SULMH QHJR JD VYMHWOLFD
VXVWLJQH
 aLQMHQLFD GD YUDaDU SRQHNDG NDCH LVWLQX
 aLQMHQLFD GD RQ X] WR VODCH VWRWLQX ODCL
 GD VH QMHJRYRM ODCL QH EL SRYMHURYDOR GD QLMH WH LVWLQLWH YLMHVWL NRMD VH
aXOD VD QHED
 SULKYDWDQMH QHLVWLQH RG OMXGVNLK GX^D .DNR GD VH YHCX ]D MHGQX D QH
X]PX SRXNX L] RQLK VWRWLQX"
 aLQMHQLFD GD RQL MHGQL GUXJLPD ^DOMX WX YLMHVW aXYDMX MH L QMRPH GRND]XMX
 SULWYU_LYDQMH VYRMVWDYD ]D UD]OLNX RG (^
DULMD NRML LK QHJLUDMX
 HNVSOLFLWQD L]MDYD GD MH WDM SRWUHV L JXEOMHQMH VYLMHVWL L] VWUDKD SUHPD
$OODKX 8]YL^HQRP
 GD `H RQL $OODKX QD VHGCGX SDVWL
 !"# $%!&#  :


2=$*29$5$1-8 >()$
$78
HgF@hpBAf@HgfB D 
ocm

L ULMHaL 8]YL^HQRJ $OODKD , RSRPLQML QMLPH RQH NRML VWUDKXMX ^WR `H SUHG
*RVSRGDURP VYRMLP VDNXSOMHQL ELWL NDG RVLP 1MHJD QL ]D^WLWQLND QL ]DJRYRUQL
ND QH`H LPDWL (O(Q
DP  

1MHJRYH VX ULMHaL 2 ]DJRYDUDQMX  


 =DJRYDUDQMH PRCHPR SRGLMHOLWL X
GYLMH YUVWH ]DJRYDUDQMH NRMH MH QHJLUDQR .XU
DQRP D WR MH ]DX]LPDQMH ]D QHYMHUQLND L
PQRJRER^FD 8]YL^HQL MH UHNDR
Ao`HLCBI

e
 SULMH QHJR ^WR GR_H 'DQ NDGD QH`H ELWL QL RWNXSD QL SULMDWHOMVWYD QL SRVUHGQL^WYD
,, , UHNDR MH ` Ap@AoLA^ 1MLPD SRVUHGRYDQMH SRVUHGQLND QH`H ELWL
RG NRULVWL /;;,9 , UHNDR MH

AoAIAommjA@L@ 
htdAf`

, ERMWH VH 'DQD NDGD QLNR QL ]D NRJD QH`H PR`L QL^WD XaLQLWL NDGD VH QLaLML
]DJRYRU QH`H SULKYDWLWL NDGD VH QL RG NRJD RWNXS QH`H SULPLWL L NDGD LP QLNR QH`H X
SRPR` SULWH`L ,, 2YLPD VX VOLaQL DMHWL NDR ^WR VX 1MHJRYH ULMHaL

)@dAAohxA@cdI
|g@O@Al@^^^A@ILB

2QL SRUHG $OODKD RERCDYDMX RQH NRML LP QH PRJX QL QDXGLWL QLWL LP PRJX NDNYX
NRULVW SULEDYLWL L JRYRUH
2YR VX QD^L ]DJRYRUQLFL NRG $OODKD
 5HFL
.DNR GD $OODKX
ND]XMHWH GD QD QHEHVLPD L QD =HPOML SRVWRML QH^WR D 2Q ]QD GD QH SRVWRML
 ;
8]YL^HQL MH REDYLMHVWLR GD RQL NRML VX WH X]HOL ]D ]DJRYRUQLNH NRG $OODKD GD 2Q QH
]QD GD `H VH RQL NRG 1MHJD ]D WR ]DX]LPDWL D ^WR 2Q QH ]QD WR ]QDaL GD WR QH SRVWRML
2Q MH QHJLUDR GD `H VH RYR ]DJRYDUDQMH GHVLWL L REDYLMHVWLR GD MH WR WR  UHNDY^L
h^pA^A^LAYI^k  1HND MH KYDOMHQ 2Q L YUOR YLVRNR L]QDG RQLK NRMH VPDWUDMX

1MHPX UDYQLP ; 8]YL^HQL MH UHNDR


'  !"# $%!&#

i@FAHhFdIAABc@f@f@

$ RQL NRML SRUHG QMHJD X]LPDMX ]D^WLWQLNH


0L LK RERCDYDPR VDPR ]DWR GD EL QDV
^WR YL^H $OODKX SULEOLCLOL
 GR 1MHJRYLK ULMHaL
gAKeAd@F
 $OODK QLNDNR QH`H XND]DWL QD 3UDYL SXW RQRPH NR MH
ODCOMLYDF L QHYMHUQLN ;;;,; 7DNR MH QHJLUDR ]DJRYDUDQMH ]D RQRJD NR MH VHEL
X]HR SRVUHGQLND PLVOH`L GD JD RQ SULEOLCDYD $OODKX D RQ JD XVWYDUL XGDOMDYD RG
1MHJD L RG 1MHJRYH PLORVWL L 1MHJRYD RSURVWD 7R MH ]ERJ WRJD ^WR MH RQ XaLQLR $OODKX
VXGUXJD NRJD CHOL RG NRJD VH QDGD QD NRJD VH RVODQMD L NRJD YROL NDR ^WR VH $OODK
YROL LOL YL^H
'UXJD YUVWD  7R MH ]DJRYDUDQMH NRMH MH XWYUGLR .XU
DQ 2QR MH VDPR ]D LVNUHQH
8]YL^HQL JD MH RJUDQLaLR VD GYLMH VWYDUL D 1MHJRYRP GR]YRORP ]DJRYDUDaX GD VH
]DX]PH NDNR MH UHNDR 8]YL^HQL
eGHFdpf@@e

.R VH PRCH SUHG 1MLP ]DX]HWL ]D QHNRJD EH] GRSX^WHQMD 1MHJRYD" ,, $
GR]YROD RG 1MHJD 8]YL^HQRJ QH GRELYD VH RVLP NDG RSURVWL 6YRPH JUMH^QRP UREX
NRML MH VDPR 1MHJD RERCDYDR 3D NDGD PX VH 8]YL^HQL VPLOXMH WDGD GRSXVWL
]DJRYDUDaX GD VH ]D QMHJD ]DX]PH
E $OODKRYLP GC^ ]DGRYROMVWYRP V RQLP ]D NRJD MH GRSXVWLR ]DJRYDUDaX GD VH
]D QMHJD ]DX]PH NDR ^WR MH 8]YL^HQL UHNDR
xLg@Fp

, RQL `H VH VDPR ]D RQRJD NRMLP 2Q EXGH ]DGRYROMDQ ]DX]LPDWL ;;,


3UHPD WRPH GR]YROD ]D ]DX]LPDQMH ]D QMHJD GROD]L QDNRQ ]DGRYROMVWYD NDR ^WR MH
UHaHQR X RYRP DMHWX D 2Q 8]YL^HQL QLMH ]DGRYROMDQ QHJR VDPR VD  GD VH
VDPR 2Q RERCDYD 
e
1MHJRYH VX ULMHaL gf^^B  , RSRPLQML 2SRPLQMDQMH MH REDYMH^WDYDQMH R
X]URFLPD JULMH^HQMD X XSR]RUDYDQMH QD QMLK
e
1MHJRYH VX ULMHaL H  QMLPH WM .XU
DQRP 1MHJRYH VX ULMHaL
^HgF@h^pBA^^f@ e
 RQH NRML VWUDKXMX ^WR `H SUHG *RVSRGDURP VYRMLP
VDNXSOMHQL ELWL D WR VX LVNUHQL NRML VHEL QLVX X]HOL SRVUHGQLND QHJR VX LVNUHQLP
XaLQLOL VYRMX QDPMHUX L PROEX L VYD VYRMD GMHOD VDPR $OODKX -HGLQRP L QLVX VH RNUHWDOL
ELOR NRPH PLPR 1MHJD X RQRPH X aHPX VX WUDCLOL NRULVW LOL VH ERMDOL QMHJRYH ^WHWH
)DGO E ,MDG UHNDR MH 2Q QLMH XNRULR VYD 6YRMD VWYRUHQMD QHJR MH XLVWLQX XNRULR RQH
NRML UD]XP LPDMX
 !"# $%!&# '

AAp@ 9

L 1MHJRYH ULMHaL 5HFL


1LNR QH PRCH EH] 1MHJRYH YROMH SRVUHGRYDWL
 (]
=XPHU 

1MHJRYH VX ULMHaL ^o^c^^m^ .DG RVLP 1MHJD QL ]D^WLWQLND QL


]DJRYRUQLND QH`H LPDWL 9, =HGCDGC MH UHNDR  5LMHa /HMVH RYGMH MH X
DNX]DWLYX VWDQMD NDR GD MH UHNDR
2VWDYOMDMX`L ]D^WLWQLND L ]DJRYRUQLND
 D ULMHa NRMD
MH WR X]URNRYDOD MHVWH  
 
1MHJRYH VX ULMHaL M 'D EL VH $OODKD ERMDOL 9,  WM SD XUDGH QD RYRP
GXQMDOXNX GMHOR ]ERJ NRMHJ `H LK $OODK VSDVLWL ND]QH QD .LMDPHWVNRP GDQX L QDSXVWH
VYRMX SULYUCHQRVW SRVUHGQLFLPD L GUXJLP MHU WR QHJLUD LVNUHQRVW EH] NRMH $OODK QL RG
NRJ QH SULPD GMHOR
1MHJRYH VX ULMHaL A^A^p@^ 5HFL
1LNR QH PRCH EH] 1MHJRYH YROMH
SRVUHGRYDWL
 ;;;,; $MHW XSX`XMH GD MH 2Q YODVQLN ]DX]LPDQMD L SRVUHGRYDQMD
MHU VH RQR QH`H GHVLWL GUXJLPD QHJR VOMHGEHQLFLPD WHYKLGD V GR]YRORP 8]YL^HQRJ
NDNR MH 8]YL^HQL UHNDR X SUHWKRGQRP DMHWX 8]YL^HQL MH UHNDR
Hg@eeFdHFoAh@hHd

2Q VYLP XSUDYOMD 1LNR VH QH`H PR`L ]DX]LPDWL QL ]D NRJD EH] GRSX^WHQMD
1MHJRYD (WR WR YDP MH $OODK *RVSRGDU YD^ ; 3UHPD WRPH QLNR QHPD SUDYR
QD ]DX]LPDQMH RVLP 8]YL^HQL .RPH WR SULSDGD L QH`H VH QLNR ]DX]LPDWL QHJR RQDM
NRPH 2Q GRSXVWL =DWR GREUR UD]PLVOL R RYLP X]YL^HQLP DMHWLPD X X]LPDQMX
1
SRVUHGQLND 


*6/.+ / 7 
;, . 3,,+ ,..6  // ,, .  .  /6 
.+/ 4. , + . .,,+
< 0 3, 6-,.+= , + , 6-,.+
;., +
3, ., 6 .7- $+,+. 



  ,., .  .+-, > 3,.  +,+.
. + . .+  #, 
&-  >   <,.,, 



 66/.+ 6 ,. 4+
 ,   ,7 + 6+.4. 3 >  6 .+ 66   7  &..  6 - ,+/ +
,9.  ?3  6 .+ 66/@   .+ . 9
A 0 <,.,, 


 66/.+
6 ,. ,+  7  &..  /  3,>+ 3.+ 7 .-, 7, , 6+ .+, +
<
0 <,.,, 66/.+ 6 + ,+ > >  &.. 6 3,-.+ 4.
B 0
<,.,, 66/.+ 6 /.+.+ 6. ,./ ,+ , 6+ , 7, + .+-,, 66/.+ 6
.+-,,- /     /  ,7 6.
/ 0 <,.,, 



 66/.+ 
 ,6, / +.2/  9  &..
;/ 0 <,.,, 66/.+ 6 3,4.,2 
'C  !"# $%!&#

eGHFdpf@@e 9

, 1MHJRYH ULMHaL .R VH PRCH SUHG 1MLP ]DX]HWL ]D QHNRJD EH] GRSX^WHQMD
1MHJRYD" (O%HNDUD 
 dHFAoMAoLO@Al@ 9
whAp@eCB

, 1MHJRYH VX ULMHaL $ NROLNR QD QHEHVLPD LPD PHOHND aLMH SRVUHGRYDQMH


QLNRPH QH`H ELWL RG NRULVWL VYH GRN $OODK WR QH GRSXVWL RQRPH NRPH 2Q KR`H L
X NRULVW RQRJD NRMLP MH ]DGRYROMDQ (Q1HGCP 

e
1MHJRYH VX ULMHaL |g@O@Al@  9ODVW QD QHEHVLPD L QD =HPOML 1MHJRYD
MH ;;;,; 1HJLUD YH]LYDQMH ]D QHNRJ GUXJRJ PLPR 1MHJD 8]YL^HQRJ MHU 2Q MH
MHGLQL YODVQLN QDG VYLP 3UHPD WRPH QLNR X 1MHJRYX YODVQL^WYX QHPD QL NROLNR
WUXQNX QHND MH VODYOMHQ L KYDOMHQ ,VODP ]QDaL GD SUHGD^ VUFH VYRMH L PR` VYRMX
LVNUHQR $OODKX NDR ^WR MH SUHQHVHQR X 
 
RG %HK]D E +DNLPD RQ SUHQLR RG
VYRJD RFD D RQ RG VYRJD GMHGD GD MH UHNDR $OODKRYRP 3RVODQLNX VDYV 7DNR WL
2QRJD .RML WH SRVODR V LVWLQRP ^WD MH SR WHEL SRVODR" ,VODP RGJRYRULR MH $ ^WD MH
WR LVODP XSLWDR MH 'D SUHGD^ VYRMH VUFH L GD XVPMHUL^ VYRMH OLFH $OODKX GD NODQMD^
1
SURSLVDQH QDPD]H L GD GDMH^ SURSLVDQL ]HNDW RGJRYRULR MH $MHWD NRML REMD^QMDYDMX
LVNUHQRVW LPD PQRJR D RQD VH RJOHGD X WRPH GD QH RNUH`H^ VUFH QLWL OLFH X VYLP
VYRMLP SRVORYLPD RVLP $OODKX -HGLQRP NDNR MH UHNDR 8]YL^HQL
d@t@@cA

0ROLWH ]DWR $OODKD LVNUHQR 0X LVSRYLMHGDMX`L YMHUX ;/ 8]YL^HQL PX MH


QDUHGLR GD LVNUHQR XSX`XMH GRYX 1MHPX -HGLQRPH L REDYLMHVWLR GD MH WR YMHUD VD
NRMRP VX GMHOD LVSUDYQD L SULPDMX VH >HMKXOLVODP MH UHNDR ,VNUHQRVW  MHVWH
OMXEDY SUHPD $OODKX L aLQMHQMH GMHOD LVNOMXaLYR UDGL 1MHJD
1MHJRYH VX ULMHaL eGHFdpf@@e
e
 .R VH PRCH SUHG 1MLP ]DX]HWL ]D QHNRJD EH] GRSX^WHQMD 1MHJRYD" ,,
3UHWKRGQR MH REMD^QMHQR ]QDaHQMH RYRJ DMHWD

-+ 6 ,- //  ,+  7  $ 3 6 .+  6.


?>., 6 
 
    ,+ /, / ,  
CCDCD
!6.+ & +. &/
@

* +, - + #/ 'ED
+-, . +  
 !"# $%!&# 'D

|g@O@Al@ geAQ@cMif@@c@ 

, 1MHJRYH VX ULMHaL 5HFL


=RYLWH RQH NRMH SRUHG $OODKD ERJRYLPD VPDWUD
WH 2QL QL^WD QHPDMX QL NROLNR WUXQ MHGDQ QL QD QHEHVLPD QL QD =HPOMLw
 $MHWL
 L] VXUH 6HEH

1MHJRYH VX ULMHaL
whAp@eCBdHFAoMAoLO@Al@

e
 $ NROLNR QD QHEHVLPD LPD PHOHND aLMH SRVUHGRYDQMH QLNRPH QH`H ELWL RG
NRULVWL VYH GRN $OODK WR QH GRSXVWL RQRPH NRPH 2Q KR`H L X NRULVW RQRJD NRMLP MH
]DGRYROMDQ /,,,
2YDNR MH NDGD VX X SLWDQMX PHOHNL NRMH MH $OODK RSLVDR 6YRMLP ULMHaLPD

xLg@Fp`AdBHA)hCHAHIl)hcAIH
A@jfTjfcFF)pMp`

$ PHOHNL VX VDPR URERYL SR^WRYDQL 2QL QH JRYRUH GRN 2Q QH RGREUL L SRVWXSDMX


RQDNR NDNR 2Q QDUHGL 2Q ]QD ^WD VX UDGLOL L ^WD `H XUDGLWL L RQL `H VH VDPR ]D RQRJD
NRMLP 2Q EXGH ]DGRYROMDQ ]DX]LPDWL D RQL VX L VDPL L] VWUDKRSR^WRYDQMD SUHPD
1MHPX EULCQL $ RQRJD RG QMLK NRML EL UHNDR
-D VDP GRLVWD SRUHG 1MHJD ERJ

ND]QLOL ELVPR 'CHKHQQHPRP MHU 0L WDNR NDCQMDYDPR PQRJRER^FH ;;, ,]
RYLK MDVQLK DMHWD YLGL VH RQR ^WR REMD^QMDYD ELW L VX^WLQX ]DJRYDUDQMD XWYU_HQRJ X
.XU
DQX NRMH MH X GRPHQX $OODKD L QDG QMLP QHPD QLNR YODVW PLPR 1MHJD 1MHJRYR MH
SRVWL]DQMH RJUDQLaLR VD GYD RJUDQLaHQMD NDNR MH UHaHQR X RYRP DMHWX L GUXJLP NDR
^WR MH QHGDYQR VSRPHQXWD 1MHJRYD GR]YROD ]DJRYDUDaX GD VH ]DX]LPD NDR ^WR MH
UHNDR 8]YL^HQL
^^eGHFd^^^^pf^^@@e^^
 .R VH PRCH SUHG 1MLP ]DX]HWL ]D QHNRJD EH]
GRSX^WHQMD 1MHJRYD" ,, 1MHJRYR ]DGRYROMVWYR RQLP NRPH KWMHGQH RSURVWLWL RG
RQLK NRML VX ]JULMH^LOL RG
  NRML VX VDPR 1MHJD RERCDYDOL  3UHPD WRPH
]DJRYDUDQMH MH VDPR ]D LVNUHQH D X]LPDQMH MH SRVUHGQLND YMHUD PQRJRERCDFD ]ERJ
NRMH LK MH $OODK XNRULR X DMHWLPD NRML VX SUHWKRGQR VSRPHQXWL
1MHJRYH VX ULMHaL
|g@O@Al@geAQ@cMif@@c@

(EXO$EEDV MH UHNDR $OODK MH RGEDFLR L QHJLUDR VYH RVLP 6HEH D ]D^WR VX VH


PQRJRER^FL YH]DOL 7DNR MH QHJLUDR GD QHNRP SULSDGD YODVW LOL GLR QMH RVLP
'  !"# $%!&#

1MHPX LOL GD MH QHNR SRPDJDa $OODKX 1LMH RVWDOR QL^WD RVLP ]DJRYDUDQMD WH
MH REMDVQLR GD RQR QH`H ELWL RG NRULVWL RVLP RQRPH NRPH *RVSRGDU GRSXVWL
NDNR MH 8]YL^HQL UHNDR
xLg@Fp

, RQL `H VH VDPR ]D RQRJD V NLP 2Q EXGH ]DGRYROMDQ ]DX]LPDWL (O


(QELMD
  =DJRYDUDQMH R NRMHP JRYRUH PQRJRER^FL QH SRVWRML QD
.LMDPHWVNRP GDQX MHU JD MH QHJLUDR .XU
DQ 9MHURYMHVQLN VDYV REDYLMHVWLR
MH 2Q `H XLVWLQX GR`L L SDVWL QLaLFH SUHG VYRMLP *RVSRGDURP =DKYDOLW `H 0X
VH 1H`H SUYR RWSRaHWL VD ]DJRYDUDQMHP =DWLP `H PX VH UH`L
3RGLJQL JODYX L
UHFL ^WD KR`H^  ELW `H^ VDVOX^DQ 7UDCL ^WD KR`H^  ELW `H WL GDWR =DX]PL VH ELW

`H WL ]DX]LPDQMH SULKYD`HQR
 (EX+XUHMUH JD MH XSLWDR .R `H ELWL QDMVUHWQLML
WYRMLP ]DX]LPDQMHP $OODKRY 3RVODQLaH" 5HNDR MH 2QDM NR LVNUHQR L] VYRJD

VUFD NDCH /D LODKH LOODOODK 1HPD ERJD RVLP $OODKD 7R MH ]DJRYDUDQMH ]D
RQH NRML VX SRVMHGRYDOL LVNUHQRVW V $OODKRYLP GRSX^WHQMHP D RQR QH`H ELWL ]D
RQH NRML VX $OODKX SULGUXCLYDQMH ^LUN aLQLOL
%LW L VX^WLQD VYHJD MHVWH GD `H $OODK 8]YL^HQL D 2Q MH 7DM .RML SURVLSD 6YRMH
EODJRGDWL QD RQH NRML VX ELOL LVNUHQL ]ERJ GRYH RQRJ NRPH MH 2Q GRSXVWLR GD VH
]DX]LPD QMLPD RSUD^WDWL GD EL WDNR SRaDVWLR ]DJRYDUDaD L GDR PX SRKYDOQR
PMHVWR

5HFL
=RYLWH RQH NRMH SRUHG $OODKD ERJRYLPD VPDWUDWH 2QL QL^WD QHPDMX QL
NROLNR WUXQ MHGDQ QL QD QHEHVLPD QL QD =HPOML
 'YD DMHWD ;;;,9 (EXO
$EEDV MH UHNDR $OODK MH QHJLUDR VYH RVLP 6HEH D ]D^WR VH YHCX PQRJRER^FL  e


, + , -,-  , ,/ 66/.+ ,+ +  
DD  . +  
  ^FA^XA^kgBd^  
DD(     `@hHF@f@  
C  
. !     @g^o@d^IA^^F_^^A^^^ge
8/ :  !/.   . 
.. /.6. 
/6 
C D( +/   /  7
#/ 
  CE D( '  ,  %+ 



 
:: !/   6// .. 
('  F   +..  .
. -+ 
#/    CED D

 !"# $%!&# ''

=DJRYDUDQMH NRMH MH QHJLUDR .XU


DQ MHVWH RQR X NRMHP LPD SULGUXCLYDQMD
^LUND  8SUDYR ]ERJ WRJD 2Q MH SRWYUGLR ]DJRYDUDQMH V 1MHJRYLP GRSX^WHQMHP
QD YL^H PMHVWD 9MHURYMHVQLN VDYV REMDVQLR MH GD RQR QH`H ELWL QL ]D NRJD
QHJR VDPR ]D VOMHGEHQLNH WHYKLGD L LKODVD
8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD
 WXPDaHQMH VSRPHQXWLK DMHWD
 VYRMVWYR QHJLUDQRJ L RGEDaHQRJ ]DJRYDUDQMD
 VYRMVWYR SRWYU_HQRJ ]DJRYDUDQMD
 REDYLMHVW R YHOLNRP ]DJRYDUDQMX D WR MH SRKYDOQR PMHVWR
 RSLV ^WD `H $OHMKLVVHODP UDGLWL WH GD RQ XLVWLQX QH`H RWSRaHWL SUYR VD
]DX]LPDQMHP QHJR `H SDVWL QD VHGCGX SD NDGD PX $OODK GRSXVWL RQ `H VH
SRaHWL ]DX]LPDWL
 NR `H ELWL QDMVUHWQLML ]ERJ WRJ ]DJRYDUDQMD"
 GD RQR QH`H ELWL ]D RQH NRML VX $OODKX GUXJH SULGUXCLYDOL ^LUN aLQLOL 
 SRMD^QMHQMH QMHJRYH ELWL L VX^WLQH
'(  !"# $%!&#

 l ? 

  

2720('$6('-(/$ 95('18-8 32=$95>(7.8


7(2>7(7,9(/,A$1-$35('$.$,9(/,.$1$
NIIXBdLF D 
5LMHaL VX 8]YL^HQRJ $OODKD 7L GRLVWD QH PRCH^ XSXWLWL QD 3UDYL SXW RQRJD
NRJD WL CHOL^ XSXWLWL (O.DVDV 

1MHJRYH VX ULMHaL $OODK 8]YL^HQL UHNDR MH

Apd@NIIXBdLF


7L GRLVWD QH PRCH^ XSXWLWL QD 3UDYL SXW RQRJD NRJD WL CHOL^ XSXWLWL  $OODK
XND]XMH QD SUDYL SXW RQRPH NRPH 2Q KR`H
 ;;9,,, ,EQ.HVLU QHND PX VH
$OODK 8]YL^HQL VPLOXMH UHNDR MH 8]YL^HQL NDCH 6YRPH 3RVODQLNX VDYV
0XKDPPHGH WL XLVWLQX QH PRCH^ QD 3UDYL SXW XSXWLWL NRJD WL CHOL^ WM WL WR QH PRCH^
7HEL MH XLVWLQX GDWR X ]DGDWDN GRVWDYOMDQMH D $OODK XSX`XMH NRJD KR`H 2Q LPD
8]YL^HQX PXGURVW L QHRERULY GRND] NDR ^WR MH 8]YL^HQL UHNDR

Apd@@dm


7L QLVL GXCDQ GD LK QD 3UDYL SXW L]YHGH^ $OODK L]YRGL QD 3UDYL SXW RQRJD NRJD 2Q
KR`H
 ,, , UHNDR MH

NshXnA@hQBA

$ YH`LQD OMXGL PD NROLNR WL CHOLR QH`H ELWL YMHUQLFL ;,, 5HNDR VDP 2QR
^WR VH QHJLUD L RGEDFXMH RYGMH MHVWH XSXWD XVSMHKD L SULKYDWDQMD MHU XLVWLQX WR
SULSDGD $OODKX MHGLQR 1MHPX L 2Q WR PRCH D ^WR VH WLaH XSXWH VSRPHQXWH X ULMHaLPD
8]YL^HQRJ

Ml@hsFdMF 


7L ]DLVWD XSX`XMH^ QD 3UDYL SXW
 ;/,,  WR MH XSXWD XND]LYDQMD L REMD^QMD-
YDQMD MHU RQ MH WDM NRML REMD^QMDYD X LPH $OODKD L RQ MH XSX`LYDa X 1MHJRYX YMHUX L
>HULMDW
 !"# $%!&# '

8 6DKLKX VH SUHQRVL RG 6HLGD E HO0XVHMMHED D RQ RG VYRJD RFD GD MH


UHNDR .DG MH (EX7DOLE ELR QD VDPUWL X^DR MH NRG QMHJD 9MHURYMHVQLN VDYV
.RG QMHJD VX ELOL $EGXOODK E (EX8PHMMH L (EX'CHKO 9MHURYMHVQLN VDYV 
UHNDR PX MH $PLGCD UHFL OD LODKH LOODOODK L]UHNX NRMRP `X VH ]DX]LPDWL ]D
WHEH NRG $OODKD

1MHJRYH VX ULMHaL 8 


VH SUHQRVL RG 6HLGD ,EQHO0XVHMMHED WM X 
 ,EQXO0XVHMMHE MH 6HLG E 0XVHMMHE E +D]Q E (EL9HKE E $PU E $LQ E
,PUDQ E 0DK]XP .XUH^L 0DK]XPL -HGDQ MH RG VHGPHULFH WDELLQD YHOLNLK XaHQMDND L
SUDYQLND 8aHQMDFL X KDGLVX VORCLOL VX VH GD VX QMHJRYL
  KDGLVL
QDMYMHURGRVWRMQLML ,EQXO0HGLQL MH UHNDR 1H ]QDP PH_X WDELLQLPD QHNRJ XaHYQLMHJ
RG QMHJD 8PUR MH GHYHGHVHWH JRGLQH D ELOR PX MH EOL]X RVDPGHVHW JRGLQD 1MHJRY
MH RWDF 0XVHMMHE DVKDE 'RCLYLR MH KLODIHW 2VPDQRY UD 1MHJRY MH GMHG +D]Q
WDNR_HU DVKDE 3RJLQXR MH NDR ^HKLG QD -HPDPL
1MHJRYH VX ULMHaL .DG MH (EX7DOLE ELR QD VDPUWL WM NDG VX VH SRMDYLOL QMHQL
]QDNRYL L RQR ^WR MRM SUHWKRGL
1MHJRYH VX ULMHaL X^DR MH NRG QMHJD 9MHURYMHVQLN VDYV 3RVWRML PRJX`QRVW
GD MH 0XVHMMHE GR^DR VD RERMLFRP MHU QMLK VX GYRMLFD L] %HQX0DK]XPD D L RQ MH
WDNR_HU 0DK]XPRYL` 6YD VX WURMLFD X WR YULMHPH ELOL QHYMHUQLFL   (EX'CHKO
SRJLQXR MH NDR QHYMHUQLN D GUXJD VX GYRMLFD SULPLOD LVODP
1MHJRYH VX ULMHaL $PLGCD UHFL    1DUHGLR PX MH GD WR L]JRYRUL ]ERJ
WRJD ^WR MH (EX7DOLE ]QDR GD RQD XND]XMH QD QHJLUDQMH SULGUXCLYDQMD  $OODKX L
LVNUHQRJ XSX`LYDQMD RERCDYDQMD   VDPR $OODKX -HGLQRP MHU XLVWLQX NR MH
L]JRYRUL QD RVQRYX ]QDQMD XYMHUHQMD L SULKYDWDQMD RQ MH ]DQLMHNDR SULGUXCLYDQMH 
L RGUHNDR JD VH ,VWR WDNR L RVWDOL SULVXWQL ]QDOL VX ^WD RQD ]QDaL QHJLUDQMH ^LUND L
RGULFDQMH RG QMHJD =ERJ WRJD VX VH VXSURWVWDYLOL 9MHURYMHVQLNRYLP ULMHaLPD JRYRUH`L
=DU PU]L^ YMHUX $EGXO0XWWDOLERYX" ]ERJ WRJD ^WR MH YMHUD $EGXO0XWWDOLERYD ELOD
SULGUXCLYDQMH  RERCDYDQMHP NLSRYD QD aHPX MH ELOR SOHPH .XUHM^ L GUXJL X
VYRP GCDKLOLMHWX WDNR_HU
1MHJRYD MH ULMHa L]UHNX .XUWXEL MX MH UHNDR X DNX]DWLYX X VPLVOX GD MH RQD
]DPMHQD    ]D    'RSX^WHQR MH GD EXGH X QRPLQDWLYX X VPLVOX
GD MH SUHGLNDW VXEMHNWX NRML MH LVSX^WHQ
1MHJRYH VX ULMHaL V NRMLP `X VH ]DX]LPDWL ]D WHEH NRG $OODKD MHU GD MX MH RQ
L]JRYRULR X WRP VWDQMX ELOD EL RG QMHJD SULPOMHQD L X^DR EL X LVODP
'  !"# $%!&#

 1MLK VX GYRMLFD UHNOL =DU GD RVWDYL^ YMHUX $EGXO0XWWDOLERYX"


9MHURYMHVQLN VDYV SRQRYLR PX MH 3RQRYLOL VX L QMLK GYRMLFD =DGQMH ^WR MH
UHNDR ELOR MH 2Q MH X YMHUL $EGXO0XWWDOLERYRM 2GELR MH ND]DWL OD LODKH
LOODOODK 

1MHJRYH VX ULMHaL =DU GD RVWDYL^ YMHUX $EGXO0XWWDOLERYX" 3RGVMHWLOD VX JD QMLK


GYRMLFD QD SURNOHWL GRND] NRML VX PQRJRER^FL PX^ULFL SRWH]DOL SURWLY 3RVODQLND NDR
^WR MH IDUDRQ UHNDR 0XVDX

@h@AHA 

$ ^WD MH VD QDURGLPD GDYQD^QMLP" ;; , ULMHaL VX 8]YL^HQRJ

dMgAPDAFBAAHDAdTAFAAFhfhIAkgBAf

, HWR WDNR SULMH WHEH 0L QL X MHGDQ JUDG QLVPR SRVODQLND SRVODOL D GD RQL NRML VX
UDVNR^QLP CLYRWRP CLYMHOL QLVX JRYRULOL
=DWHNOL VPR SUHWNH QD^H NDNR LVSRYLMHGDMX
YMHUX L PL LK VOLMHGLPR X VWRSX
 ;/,,,
1MHJRYH VX ULMHaL 9MHURYMHVQLN VDYV SRQRYLR PX MH 3RQRYLOL VX L QMLK GYRMLFD
8 QMHPX VH XND]XMH QD ^WHWX RQLK NRML OR^H UDGH L XSR]RUHQMH GD LP VH QH SULEOLCDYD L
GD VH RG QMLK QH VOX^D 2QR X VHEL VDGUCL ULMHaL SMHVQLND
.DGD VH L] QDURGD V QHNLP GUXCL^ GUXCL VH VD QMLKRYLP QDMEROMLPD
L QH GUXCL VH VD SRNYDUHQLP SD GD VH XSURSDVWL^ VD SUHNRPMHUQR^`X
1MHJRYH VX ULMHaL =DGQMH ^WR MH UHNDR ELOR MH
2Q MH X YMHUL $EGXO0XWWDOLERYRM

2GELR MH ND]DWL    +DIL] ,EQ+DGCHU MH UHNDR 2YR MH SRWYU_LYDQMH
QHJDFLMH GD VH WR QLMH GHVLOR (EX7DOLEX RG SUHQRVLRFD $XWRU QHND PX VH $OODK
VPLOXMH UHNDR MH 8 QMHPX MH RGJRYRU RQRPH NR PLVOL GD VX $EGXO0XWWDOOLE L QMHJRYL
SUHFL SULPLOL LVODP
1MHJRYH VX ULMHaL 9MHURYMHVQLN VDYV UHNDR MH 7UDCLW `X ]D WHEH RSURVWD
XNROLNR QH EXGHP VSULMHaHQ 6ORYR  MH  NRMH VH NRULVWL SUL ]DNOLQMDQMX 1HYHYL
MH UHNDR 8 QMHPX MH GRND] GD MH GRSX^WHQR ]DNOHWL VH L EH] WUDCHQMD GD VH
]DNXQH^ ,EQ)DULV MH UHNDR (EX7DOLE MH XPUR D $OODKRYRP 3RVODQLNX VDYV
ELOR MH aHWUGHVHW GHYHW JRGLQD RVDP PMHVHFL L MHGDQDHVW GDQD +DWLGCD PDMND
SUDYRYMHUQLK UD XPUOD MH RVDP GDQD QDNRQ VPUWL (EX7DOLED
 !"# $%!&# ':

 9MHURYMHVQLN VDYV UHNDR MH 7UDCLW `X ]D WHEH RSURVW XNROLNR QH


EXGHP VSULMHaHQ SD MH 8]YL^HQL $OODK REMDYLR
hp@hMlB@Df@AA

9MHURYMHVQLNX L YMHUQLFLPD QLMH GRSX^WHQR PROLWL RSURVWD ]D PQRJRER^FH


(W7HYED 
3RYRGRP (EX7DOLERYD VOXaDMD $OODK MH REMDYLR
Apd@NIIXBdLF

7L GRLVWD QH PRCH^ XSXWLWL QD 3UDYL SXW RQRJD NRJD WL CHOL^ GD XSXWL^

$OODK XLVWLQX XND]XMH QD 3UDYL SXW RQRPH NRPH 2Q KR`Hw (O.DVDV 

SD MH 8]YL^HQL $OODK REMDYLR

ILAdHHhB@Ahp@hMlB@Df@AA
Y@KAYsBB


9MHURYMHVQLNX L YMHUQLFLPD QLMH GRSX^WHQR PROLWL RSURVWD ]D PQRJRER^FH PDNDU
LP ELOL L URG QDMEOLCL NDG LP MH MDVQR GD `H RQL VWDQRYQLFL X 'CHKHQQHPX ELWL

,; 2aLWR MH GD MH RYDM DMHW REMDYOMHQ SRYRGRP VOXaDMD (EX7DOLED MHU XLVWLQX
VWDYOMDQMH VORYD ID
 NRMH R]QDaDYD UHGRVOLMHG X QMHJRYLP ULMHaLPD    
SD MH $OODK REMDYLR  QDNRQ QMHJRYLK ULMHaL 7UDCLW `X ]D WHEH RSURVW XNROLNR PL VH QH
]DEUDQL LPD WR ]QDaHQMH .DR SRYRG REMDYOMLYDQMD RYRJ DMHWD XOHPD MH QDYHOD PQRJH
GUXJH X]URNH DOL WX QHPD NRQWUDGLNFLMH -HGDQ DMHW PRCH LPDWL YL^H SRYRGD QMHJRYRJ
REMDYOMLYDQMD 8 QMHPX MH GRND] ]DEUDQH X]LPDQMD PX^ULND NDR ]D^WLWQLND L OMXEDYL
SUHPD QMLPD


 
D(  &.6   6 /7 ./    
D  8. 
.       
D( '       0 @hMlB@Df@AA
h^^p 
C   
(( +/. ..6   6 0  
/+/   

8/ 
C  +/.    / /. 
/ / / +7 ..6

 E: : &.6  ..+ .- /7. #/


   'E( DD , 8++ 
%6. 

+-,  +40 1 +   , .
/

1 8   /  / 3     .+. 6.2 ,7  , + 3+ .+.,- 9.+ 
6 7 +  + , , , 9.+  6 7 +,.+ / .  ,,

(  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 WXPDaHQMH 1MHJRYLK ULMHaL
Apd@NIIXBdLF

7L GRLVWD QH PRCH^ XSXWLWL QD 3UDYL SXW RQRJD NRJD WL CHOL^ XSXWLWL
$OODK XLVWLQX XND]XMH QD SUDYL SXW RQRPH NRPH 2Q KR`H ;;9,,,
 WXPDaHQMH 1MHJRYLK ULMHaL
hp@hMlB@Df@AA

9MHURYMHVQLNX L YMHUQLFLPD QLMH GRSX^WHQR GD PROH RSURVWD ]D PQRJR


ER^FH ,; 
 QDM]QDaDMQLMH SLWDQMH WXPDaHQMH $OHMKLVVHODPRYLK ULMHaL 5HFL OD LODKH
LOODOODK ]D UD]OLNX QD aHPX VX RQL NRML WYUGH GD VX XaHQL
 GD VX (EX'CHKO L RQL NRML VX ELOL V QMLP ]QDOL QDPMHUX 9MHURYMHVQLNRYX
VDYV NDGD MH UHNDR aRYMHNX 5HFL OD LODKH LOODOODK SD QHND $OODK RVUDPRWL
RQH RG NRMLK (EX'CHKO EROMH SR]QDMH WHPHOM LVODPD
 XSRUQRVW $OHMKLVVHODPRYD L SUHYHOLNR QMHJRYR QDVWRMDQMH GD QMHJRY
DPLGCD SULPL LVODP
 RGJRYRU RQRPH NR PLVOL GD VX $EGXO0XWWDOLE L QMHJRYL SUHFL SULPLOL
LVODP
 GD MH $OHMKLVVHODP ]D QMHJD PROLR RSURVW L QLMH PX RSUR^WHQR QHJR PX MH
WR ]DEUDQMHQR
 ^WHWD NRMX aRYMHN LPD RG RQLK NRML UDGH OR^H
 ^WHWD YHOLaDQMD SUHGDND L YHOLNRGRVWRMQLND
 VXPQMD X WR RG RQLK NRML JRYRUH QHLVWLQX ]ERJ WRJD ^WR MH WR (EX'CHKO
X]HR NDR GRND]
 GRND] GD VH GMHOD PMHUH SR ]DYU^HWNX MHU GD MX MH L]JRYRULR NRULVWLOD EL PX
 UD]PL^OMDQMH R YHOLaLQL RYH VXPQMH X VUFLPD ]DOXWDOLK MHU X SULaL VWRML GD
VX RQL UDVSUDYOMDOL NRULVWH`L VH VDPR QMRPH L SRUHG $OHMKLVVHODPRYRJ XSRUQRJ
QDVWRMDQMD L SRQDYOMDQMD 2QL VX VH ]ERJ QMHQRJ ]QDaDMD L MDVQR`H NRG QMLK
RJUDQLaLOL VDPR QD QMX
 !"# $%!&# (

  Y
 [k?
2720('$-(8=52.1(9-(529$1-$ .8)5$ 6,129$
$'(029,+,1$38>7$1-$1-,+29(9-(5(35(7-(5,9$1-(8
9(/,A$1-8 '2%5,+/-8',
c@LKAM@BA  

L ULMHaL 8]YL^HQRJ $OODKD 2 VOMHGEHQLFL .QMLJH QH SUHWMHUXMWH X VYRMRM YMHUL


(Q1LVD 

1MHJRYH VX ULMHaL 2 WRPH GD MH X]URN QHYMHURYDQMD NXIUD VLQRYD $GHPRYLK L


QDSX^WDQMD QMLKRYH YMHUH SUHWMHULYDQMH X YHOLaDQMX GREULK OMXGL $OHMKLVVHODP MH VYRM
XPPHW XSR]RULR QD RSDVQRVW SUHWMHULYDQMD L QDJODVLR XSR]RUDYDMX`L QD QH]QDQMH
RYRJ XPPHWD NRMH VH GHVLOR NDR ^WR `H ELWL NDVQLMH VSRPHQXWR
1MHJRYH VX ULMHaL c@LKAM@BA 2 VOMHGEHQLFL .QMLJH QH SUHWMHUXMWH X
VYRMRM YMHUL ,9 3UHWMHULYDQMH 

 MHVWH SUHNRPMHUQRVW X YHOLaDQMX ULMHaLPD L
YMHURYDQMHP WM QHPRMWH VWYRUHQMH X]GL]DWL L]QDG VWXSQMD NRML PX MH $OODK RGUHGLR
2YH ULMHaL LDNR VX XSX`HQH HKOXNLWDELMDPD XSR]RUHQMH VX RYRP XPPHWX GD QH
XUDGH VD VYRMLP 9MHURYMHVQLNRP VDYV RQDNR NDNR VX NU^`DQL SRVWXSLOL VD ,VDRP L
QMHJRYRP PDMNRP L MHYUHML VD 8]HMURP 7R SULGUXCLYDQMH  X
LEDGHWX GRJRGLOR VH
X RYRP XPPHWX X SUR]L L SRH]LML NDR ^WR VX ULMHaL %XVDMULMD %XUDLMD L GUXJLK 2QR ^WR
VX RQL XUDGLOL RG SUHNRPMHUQRVWL SULGUXCLYDQMD MHVWH VXSURWVWDYOMDQMH $OODKX L 1MHJRYRM
NQML]L L 1MHJRYRP 3RVODQLNX VDYV .ROLNR VX GDOHNR RWL^OH RYH QH]QDOLFH RG ULMHaL
RQLK NRML VX UHNOL 9MHURYMHVQLNX VDYV 7L VL QD^ JRVSRGLQ VLQ QD^HJ JRVSRGLQD
QDMEROML PH_X QDPD L VLQ QDMEROMHJ PH_X QDPD SD MH $OHMKLVVHODP L WR QDMR^WULMH
RVXGLR L LVND]DR VYRMH QHVODJDQMH NDNR `H ELWL VSRPHQXWR NDGD EXGH JRYRUD R RYRP
KDGLVX LQ^DOODKX WH
DOD 1HaLMH VX ULMHaL 2QR ^WR MH $OODK KWLR L ^WR VL KWLR WL SD MH
RGJRYRULR


$ .2 D 

(C  !"# $%!&#

8 6DKLKX VH SUHQRVL RG ,EQ$EEDVD UD R ULMHaLPD $OODKD 8]YL^HQRJ


@hlSA@k@cgfLMDgfL@A

, JRYRUH
1LNDNR ERCDQVWYD VYRMD QH RVWDYOMDMWH L QLNDNR QL 9HGGD QL
6XYD D QL -HJVD QL -HND QL 1HVUD QH QDSX^WDMWH
 1XK  5HNDR MH 2YR
VX LPHQD GREULK OMXGL L] 1XKRYRJ QDURGD .DGD VX SRPUOL ^HMWDQ MH QMLKRYRP
QDURGX GR^DSQXR GD QD PMHVWLPD JGMH VX RQL VMHGLOL VWDYH NLSRYH L QD]RYX LK
QMLKRYLP LPHQLPD SD VX WDNR L XUDGLOL 2QL QLVX ELOL RERCDYDQL VYH GRN WL QLVX

SRPUOL L ]QDQMH L]EULVDQR WDGD VX ELOL RERCDYDQL
,EQXO.DMMLP MH UHNDR 0QRJL L] SUYLK JHQHUDFLMD VX UHNOL
.DGD VX SRPUOL
RQL VX VH RNXSOMDOL RNR QMLKRYLK PH]DUOXND ]DWLP VX LP QDSUDYLOL ELVWH ]DWLP MH
SURWHNOR GRVWD YUHPHQD SD VX LK SRaHOL RERCDYDWL


-HVL OL PH $OODKX XaLQLR VXSDUQLNRP" 1HPRM WDNR JRYRULWL QHJR UHFL 2QR ^WR
MH $OODK KWLR 2Q -HGLQL >HMKXOLVODP MH UHNDR .R VH RG RYRJ XPPHWD SRLVWRYLMHWL
VD CLGRYLPD L NU^`DQLPD L SUHWMHUXMH X YMHUL ELOR SUHNRPMHUQR^`X LOL ]DSRVWDYOMDQMHP
RQ MH QMLPD SRVWDR VOLaDQ 5HNDR MH GDOMH  $OL UD GDR MH VSDOLWL UDILGLMH NRML VX
SUHWMHULYDOL 1DUHGLR MH GD VH LVNRSDMX NDQDOL QD XOD]X X .LQGX L X QMLK LK SREDFDR
$VKDEL VX VH VORCLOL GD LK WUHED SRELWL PH_XWLP ,EQ$EEDVRYR MH PL^OMHQMH GD WR WUHED
ELWL VDEOMRP EH] VSDOMLYDQMD D WR MH PL^OMHQMH YH`LQH
  1MHJRYH VX ULMHaL
 
 WM %XKDULMLQRP 
 $XWRU MH GD PX VH $OODK VPLOXMH RYDM KDGLV VNUDWLR
2QR ^WR VH QDYRGL X %XKDULML RG ,EQ$EEDVD JODVL .LSRYL NRML VX ELOL X 1XKRYRP
QDURGX VX SRVOLMH RVWDOL NRG $UDSD 9HGG MH ELR NRG .HOED X 'HYPHWXO'CHQGHOX
6XYD
NRG +X]HMOD -HJXV NRG 0XUDGD ]DWLP NRG %HQX*XWHMID X 'CHUHIX NRG 6HEH
-H
XN MH ELR NRG +HPHGDQD D 1HVU NRG +XPHMUD X SRURGLFL =LO.LOD 7R VX LPHQD
GREULK OMXGL X 1XKRYRP QDURGX

1MHJRYH VX ULMHaL GD QD PMHVWLPD JGMH VX RQL VMHGLOL VWDYH HQ LQVLEX MHVX VD
  QD VORYX VDG 1MHJRYH VX ULMHaL NLSRYH HQVDEHQ PQRCLQD RG QDVDEXQ D
WR VX NLSRYL NRMH VX QDSUDYLOL X OLNX GREULK OMXGL

1MHJRYH VX ULMHaL SD VX WDNR L XUDGLOL 2QL QLVX ELOL RERCDYDQL VYH GRN WL QLVX
SRPUOL L ]QDQMH L]EULVDQR QXVLKDO
LOPX  WDGD VX ELOL RERCDYDQL 2QR ^WR VWRML X


 
:   


$ .2 D
?., 
@
 !"# $%!&# (D

%XKDULML MH WHQHVVHKDO
LOPX 0RCGD MH RQR ^WR MH RYGMH VSRPHQXWR MHGQR RG
SUHGDQMD 7DNR VX RYL NLSRYL RYDNR L]YDMDQL X REOLNX WLK GREULK OMXGL SRVWDOL VWHSHQLFH
NRMH VX YRGLOH ND QMLKRYRP RERCDYDQMX , VYH ^WR VH RERCDYDOR PLPR $OODKD NDEXU
WXUEH NLS WDJXW RVQRYD X QMHJRYX RERCDYDQMX MH SUHWMHULYDQMH 

 NDR ^WR WR
QLMH WDMQD ]D RQH NRML VX SURQLFOMLYL 7DNR VH GHVLOR (JLS`DQLPD L GUXJLPD 1MLKRY MH
QDMX]YL^HQLML ERJ $KPHG HO%HGHYL D QMHPX VH QH ]QD SRULMHNOR QLWL QHND YULMHGQRVW
QLWL ]QDQMH QLWL
LEDGHW , SRUHG WRJD RQ MH SRVWDR QMLKRY QDMYH`L ERJ PDGD VH R QMHPX
QH ]QD QL^WD GUXJR RVLP GD MH X^DR MHGQRJ SHWND X GCDPLMX L SRPRNULR VH X QMRM D
]DWLP L]L^DR L QLMH NODQMDR 7R MH ]DELOMHCLR 6HKDYL RG (EX+DMMDQD 1MLPD MH ^HMWDQ
XOMHS^DR QMHJRY
LEDGHW SD VX SRaHOL YMHURYDWL GD RQ XSUDYOMD VYHPLURP JDVL SRCDU
VSD^DYD GDYOMHQLND 1MHPX VX SULSLVDOL ERCDQVWYHQRVW L JRVSRGDUHQMH L SR]QDYDQMH
QHSR]QDWRJ JDMED  9MHURYDOL VX GD LK RQ aXMH L GD LP VH RGD]LYD L] GDOHNH ]HPOMH
0H_X QMLPD ELOR MH L RQLK NRML VX VHGCGX aLQLOL QD SUDJX QMHJRYD YLVRaDQVWYD
6WDQRYQLFL ,UDND L RQLK NRML VX ELOL RNR QMLK NDR ^WR VX VWDQRYQLFL 2PDQD YMHURYDOL VX
R $EGXO.DGLUX HO'CHMODQLMX RQR ^WR VX (JLS`DQL YMHURYDOL R (O%HGHYLMX $EGXO.DGLU
MH MHGDQ RG NDVQLMLK KDQEHOLMVNLK XaHQMDND 2Q MH QDSLVDR VYRMX NQMLJX (O*XQ
MH ,PD
GUXJLK KDQEHOLMD SULMH QMHJD L SRVOLMH QMHJD NRML VX YUHGQLML X ]QDQMX L 

 0H_XWLP
RQ MH SRVMHGRYDR 
 L
LEDGHW SD VX QMLPH ELOL ]DQHVHQL QDMYH`RP NX^QMRP NDR ^WR
VH GHVLOR UDILGLMLPD VD (KOXEHMWRP SRURGLFRP 3RVODQLNRYRP VDYV  8]URN WRP
SUHWMHULYDQMX 


MHVWH WYUGQMD GD RQ SRVMHGXMH   QDGQDUDYQD GMHOD 
   VX VH GH^DYDOL L RQLPD NRML VX EROML RG QMHJD L YUHGQLML NDR ^WR VX QHNL
DVKDEL L WDEL
LQL 2YDNYR MH VWDQMH VOMHGEHQLND  L RQLK NRML VX ]DQHVHQL QMLPH -R^
MH JRUH RG RYRJ RERCDYDQMH ,EQ
$UDELMD RG VWDQRYQLND >DPD D RQ MH LPDP RQLK NRML
]DJRYDUDMX 


 SDQWHL]DP WM GD MH %RJ L SULURGD MHGQR WH LVWR  NRML VX
QDMYH`L QHYMHUQLFL PH_X VWDQRYQLFLPD =HPOMH , YL^H RG WRJD ^WR RYL R QMHPX YMHUXMX
RQ QHPD QLNDNYH YULMHGQRVWL QLWL YMHUH NDR ^WR LPD QDURGD X (JLSWX L GUXJGMH 8
1HGCGX SULMH RYH GD
YH GH^DYDOR VH LVWR NDR L X +LGCD]X -HPHQX L GUXJLP
NUDMHYLPD 2ERCDYDOL VX WDJXWH GUYH`H NDPHQMH PH]DUOXNH L WR VH QDYHOLNR
SUR^LULOR NDR L QMLKRYR RERCDYDQMH GCLQD WUDCHQMH QMLKRYRJ ]DJRYDUDQMD 2VQRYD ]D
WR SUHWMHULYDQMH MHVWH ^HMWDQRYR XOMHS^DYDQMH 3LVFL VX ELRJUDILMD ]DELOMHCLOL GD MH WHOELMD
RG YUHPHQD ,EUDKLPD VDYV ELOD
(  !"# $%!&#

2G 2PHUD VH SUHQRVL GD MH $OODKRY 3RVODQLN VDYV UHNDR 1HPRMWH PH


X]QRVLWL QLWL SUHWMHUDQR KYDOLWL NDR ^WR VX NU^`DQL SUHWMHUDQR KYDOLOL VLQD 0HUMH

PLQD -D VDP XLVWLQX URE SD UHFLWH $OODKRY URE L 1MHJRY 3RVODQLN =DELOMHCLOL
VX JD %XKDULMD L 0XVOLP

/HEEHMNHOODKXPPH OHEEHMN OHEEHMNH OD ^HULNH OHNH OHEEHMN 2GD]LYDP 7L VH


$OODKX RGD]LYDP 2GD]LYDP 7L VH 7L QHPD^ VXGUXJD 2GD]LYDP 7L VH 7DNR MH ELOR
VYH GR YUHPHQD $PUD E /XKDMMD HO+X]D
LMD 'RN MH RQ MHGQRP SULOLNRP L]JRYDUDR

 SULND]DR PX VH ^HMWDQ X OLNX VWDUFD NRML V QMLP L]JRYDUD WHOELMX 2Q MH UHNDR
2GD]LYDP 7L VH $OODKX RGD]LYDP D VWDUDF MH GRGDR 2VLP GUXJD NRML MH 7YRM
7RPH VH $PU XVSURWLYLR L UHNDR >WD MH WR" 1D WR MH VWDUDF RGJRYRULR 7L YODGD^
QMLPH L RQLP ^WR RQ SRVMHGXMH 2YR XLVWLQX QLMH OR^H 7R MH $PU UHNDR D SRWRP VX
$UDSL WR X]HOL NDR YMHUX
1MHJRYH VX ULMHaL RG 2PHUD 7R MH ,EQXO+DWWDE E 1XIHMO VD 
 L 
GHPLQXWLY $GHYLMM HPLUXOPX
PLQLQ L QDMEROML PH_X DVKDELPD QDNRQ (EX%HNUD HV
6LGGLND UD %LR MH KDOLID GHVHW L SR JRGLQD SD MH GXQMDOXN LVSXQLR SUDYGRP 8
QMHJRYR VX GRED RVYRMHQH FDUHYLQH 3HU]LMH L %L]DQWLMH 3RJLQXR MH NDR ^HKLG X ]XO
KLGCHWX GYDGHVHW WUH`H JRGLQH SR +LGCUL
1MHJRYH VX ULMHaL 1HPRMWH PH X]QRVLWL QLWL SUHWMHUDQR KYDOLWL !"  X]QR^HQMH L
SUHWMHUDQR KYDOMHQMH MHVWH SUHWMHULYDQMH 

 NDR ^WR VX NU^`DQL SUHWMHUDQR
KYDOLOL VLQD 0HUMHPLQD NDR ^WR MH 8]YL^HQL UHNDR

AF@F@@Lc@LKAM@BA
_ghFAABM@kghH@l[l@

2 VOMHGEHQLFL .QMLJH QH SUHWMHUXMWH X VYRPH YMHURYDQMX L R $OODKX JRYRULWH VDPR


LVWLQX 0HVLK ,VD VLQ 0HUMHPLQ VDPR MH $OODKRY SRVODQLN L 5LMHa 1MHJRYD NRMX MH
0HUMHPL GRVWDYLR L 'XK RG 1MHJD ,9


+ 
D ' . +    0 OfIM@eFhKAM@he@ 
(D  8 .
  /  /.66. 6 .
;.  . .6 , 8/
5 ,/ + 3,- 3,-+7,
,  
 %  6
* +, - + ,9 &/ 
C   F   .. ++
 +  /0 1G .
1 #/    ECD C   ''

 !"# $%!&# ('

0XVOLP MH ]DELOMHCLR RG ,EQ$EEDVD GD MH $OODKRY 3RVODQLN VDYV UHNDR


AXYDMWH VH SUHWMHULYDQMD MHU XLVWLQX SUHWMHULYDQMH MH XQL^WLOR RQH NRML VX ELOL

SULMH YDV
0XVOLP MH ]DELOMHCLR RG ,EQ0HVXGD GD MH $OODKRY 3RVODQLN VDYV UHNDR

3URSDOH VX FMHSLGODNH L VLWQLaDUL 5HNDR MH WR WUL SXWD

1MHJRYH VX ULMHaL -D VDP XLVWLQX URE SD UHFLWH


$OODKRY URE L 1MHJRY SRVODQLN

$OHMKLVVHODP LP MH QDUHGLR GD QH SUHOD]H JUDQLFX RYLK ULMHaL $OODK MH QDUHGLR VYRMLP
URERYLPD GD QD QMHJD GRQRVH VDODYDW L VHODP MHU VX QDMSOHPHQLWLML VWXSQMHYL
YMHURYMHVQLND SRVHEQR URERYDQMH L 2EMDYD
1MHJRYH VX ULMHaL GD MH $OODKRY 3RVODQLN VDYV UHNDR
AXYDMWH VH
SUHWMHULYDQMD MHU XLVWLQX SUHWMHULYDQMH MH XQL^WLOR RQH NRML VX ELOL SULMH YDV
 2YDM KDGLV
QDYHR MH DXWRU GD PX VH $OODK 8]YL^HQL VPLOXMH EH] VSRPLQMDQMD SUHQRVLRFD 1MHJD
MH ]DELOMHCLR LPDP $KPHG 7LUPL]L L ,EQ0DGCGCH RG ,EQ$EEDVD 2YDM MH FLWDW
SUHGDQMH $KPHGRYR RG ,EQ$EEDVD >HMKXOLVODP MH UHNDR 2YR MH RS`HQLWR ]D VYH
YUVWH SUHWMHULYDQMD X YMHURYDQMLPD L GMHOLPD
1MHJRYH VX ULMHaL 0XVOLP MH ]DELOMHCLR RG ,EQ0HVXGD GD MH $OODKRY 3RVODQLN
VDYV UHNDR
3URSDOH VX FMHSLGODNH L VLWQLaDUL
5HNDR MH WR WUL SXWD
 +DWWDEL MH
UHNDR &MHSLGODND PXWHQHWWL
MHVWH ]DGXEOMHQLN X QH^WR NRML WR SUHWMHUDQR LVWUDCXMH
PHWRGRORJLMRP HKOXNHODPD NRML VH XSXVWLR X RQR ^WR JD VH QH WLaH L X^DR X RQR ^WR
QMHJRY UD]XP QH PRCH GRVWL`L (EXV6H
DGDW NDCH 7R VX ]DGXEOMHQLFL NRML SUHWMHUXMX
X NHODPX VNRODVWLFL  7R VX VNRODVWLFL GR NUDMQRVWL 1HYHYL MH UHNDR 8 QMHPX MH
GRND] GD MH SRNX_HQR XGXEOMLYDQMH X VNRODVWLNX XVLOMHQLP JRYRURP L SUHWMHUDQRP L
XVLOMHQRP HORNYHQFLMRP XSRWUHED DUKDLaQRJ MH]LND L GHOLNDWQLK L SUHFL]QLK
JUDPDWLaNLK SUDYLOD X REUD`DQMX SXNX L QMLPD VOLaQLP 1MHJRYH VX ULMHaL 5HNDR MH WR
WUL SXWD WM UHNDR MH RYX L]UHNX WUL SXWD NDNR EL LK ^WR EROMH SRGXaLR L GRVWDYLR


#/    EC' D
 'EC( 8.   
! .8 
D C:
8.     /+
! .% . ,, - + ,    
 
%/ E ((
  .+/  ,, * 
;, +    
$0       
CD


8/ 
C(  !/   /..
* +, - + ,9 #/   
ED(  & 
(  ..    6/..

((  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 GD RQRPH NR UD]XPLMH RYR SLWDQMH L VOMHGH`D GYD ELW `H PX MDVQD
RWX_HQRVW LVODPD L YLGMHW `H L]YDQUHGQX $OODKRYX PR` L 1MHJRYR XVPMHUDYDQMH
OMXGVNLK VUFD
 XSR]QDYDQMH SUYRJ SULGUXCLYDQMD  NRML VH GHVLR QD ]HPDOMVNRM NXJOL
GD MH WR ELOR ]ERJ QHMDVQR`H RNR GREULK OMXGL
 SUYR QD RVQRYX aHJD MH L]PLMHQMHQD YMHUD YMHURYMHVQLND L ^WD MH WRPH
X]URaQLN X] VSR]QDMX GD LK MH $OODK SRVODR
 3ULKYDWDQMH QRYRWDULMD XSUNRV aLQMHQLFL GD SURSLVL L ]GUDYD OMXGVND
SULURGD WR RGELMDMX
 GD MH X]URaQLN VYHPX WRPH PLMH^DQMH LVWLQH V QHLVWLQRP SUYR MH OMXEDY
SUHPD GREULP OMXGLPD D GUXJR MH GMHOR NRMH VX XUDGLOL XaHQL L SRERCQL OMXGL L
WLPH VX CHOMHOL GREUR D RQL NRML VX GR^OL SRVOLMH QMLK PLVOLOL VX GD VX RQL QMLPH
CHOMHOL QH^WR GUXJR
 WXPDaHQMH DMHWD L] VXUH 1XK
 SULURGD aRYMHNRYD GD VH LVWLQD VPDQMXMH X QMHJRYX VUFX D GD VH QHLVWLQD
SRYH`DYD
 GD MH X QMHPX GRND] ]D RQR ^WR MH SUHQHVHQR RG SUYLK JHQHUDFLMD GD MH
QRYRWDULMD X]URaQLN QHYMHUVWYD  

 ^HMWDQRYR SR]QDYDQMH aHPX QRYRWDULMD YRGL SD PDNDU QDPMHUD SRaLQLRFD


ELOD GREUD
 VSR]QDMD RS`HJ SUDYLOD D WR MH ]DEUDQD SUHWMHULYDQMD L VSR]QDMD aHPX
RQR YRGL
 ^WHWQRVW EGLMHQMD QDG NDEXURP UDGL GREURJ GMHOD
 VSR]QDMD ]DEUDQH NLSRYD L PXGURVW X QMLKRYX XNODQMDQMX
 VSR]QDMD YDCQRVWL L ]QDaDMD RYH SULaH L VQDCQD SRWUHED ]D QMRP L SRUHG
QMHQRJ QHSR]QDYDQMD

2Q MH GRVWDYLR MDVQX SRUXNX QHND MH QD QMHJD $OODKRY VDODYDW L VHODP L QD


QMHJRYX SRURGLFX L VYH DVKDEH 9H]D NRMD SRYH]XMH RYDM KDGLV VD QDVORYRP RaLWXMH
VH X WRPH GD MH SUHWMHULYDQMH YLG FMHSLGODaHQMD L YL^H RG WRJD ]ERJ WRJD ^WR MH WR
L]OD]DN QD RQR ^WR YRGL X SULGUXCLYDQMH $OODKX  
 !"# $%!&# (

 RYR MH QDMaXGQLMH 2QL QMX aLWDMX X NQMLJDPD L] WHIVLUD L KDGLVD L ]QDMX
QMHQR ]QDaHQMH $OODK MH VWDYLR SUHSUHNX L]PH_X QMLK L QMLKRYLK VUFD WDNR GD VX
SRYMHURYDOL GD MH SRVWXSDN 1XKRYRJ QDURGD MHGDQ RG QDMEROMLK YLGRYD
RERCDYDQMD 2QL VX WDNR_HU X]YMHURYDOL GD MH RQR ^WR MH ]DEUDQLR $OODK L
1MHJRY 3RVODQLN QHYMHUVWYR NRMH aLQL GRSX^WHQLP NUY L LPHWDN
 HNVSOLFLWQD L]MDYD GD RQL QH CHOH QL^WD GUXJR QHJR ]DJRYDUDQMH ^HID
DW 
 QMLKRYD SUHWSRVWDYND GD VX XaHQMDFL NRML VX GDOL GD VH QDFUWDMX WH VOLNH
WR L CHOMHOL
 YHOLNL SURJODV X $OHMKLVVHODPRYLP ULMHaLPD 1HPRMWH PH X]QRVLWL QLWL
SUHWMHUDQR KYDOLWL NDR ^WR VX NU^`DQL SUHWMHUDQR KYDOLOL VLQD 0HUMHPLQDw SD
QHND MH $OODKRY    L   QD RQRJD NR MH SURJODV MDVQR GRVWDYLR
 QMHJRY VDYMHW QDPD GD VX FMHSLGODNH XSURSD^WHQH
 HNVSOLFLWQD L]MDYD GD RQL QLVX RERCDYDQL GRN QLMH ]QDQMD QHVWDOR 8 WRPH
MH VSR]QDMD YULMHGQRVWL QMHJRYD SRVWRMDQMD L ^WHWH NDG VH L]JXEL
 GD MH X]URN QHVWDQND ]QDQMD VPUW XaHQLK
(  !"# $%!&#

 
 AP
2720(>7$-(35(1(6(1227(>.20832=25(1-8
2120(.22%2#$9$$//$+$.2'0(=$5$1(.2*'2%52*
A29-(.$3$.$.2-(7(. 7(>.2832=25(1-( $.2
2%2#$9$212*.2-(8.$%858"
8 6DKLKX VH SUHQRVL RG $L^H UD GD MH 8PPX6HOHPH VSRPHQXOD $OODKRYRP
3RVODQLNX VDYV FUNYX NRMX MH YLGMHOD X $EHVLQLML L VOLNH NRMH VH X QMRM QDOD]H
SD MH RQ UHNDR 7R VX RQL NRML NDGD LP XPUH GREDU aRYMHN LOL GREDU URE
QDSUDYH QD QMHJRYX JUREX KUDP L X QMHPX QDVOLNDMX WH VOLNH

1MHJRYH VX ULMHaL 2 WRPH ^WD MH SUHQHVHQR R WHCLQL XSR]RUHQMD RQRPH NR


RERCDYD $OODKD NRG PH]DUD QHNRJ GREURJ aRYMHND SD NDNR MH WHN WH^NR
XSR]RUHQMH DNR RERCDYD RQRJ NR MH X NDEXUX 6YH ^WR YRGL X ^LUN SULGUXCLYDQMH
]DEUDQMHQR MH KDUDP ]ERJ WRJD ^WR GRYRGL GR aLQMHQMD ^LUND $OODKX L RERCDYDQMD
QHNRJD LOL QHaHJD PLPR 1MHJD NDR ^WR MH QDYHGHQR X KDGLVLPD 1MHJRYH VX ULMHaL
8 
 WM X   1MHJRYH VX ULMHaL GD MH 8PPX6HOHPH +LQG ELQW (EX
8PHMMH E 0XJLUH E
$PU E 0DK]XP .XUHM^HYL`ND 0DK]XPLMND 9MHURYMHVQLN
VDYV RCHQLR VH QMRPH SRVOLMH (EX6HOHPH aHWYUWH JRGLQH SR +LGCUL  D QHNL NDCX
WUH`H 2QD MH ELOD XaLQLOD KLGCUX VD (EX6HOHPRP X $EHVLQLMX 8PUOD MH ^H]GHVHW
GUXJH JRGLQH 1MHJRYH VX ULMHaL VSRPHQXOD $OODKRYRP 3RVODQLNX VDYV 8 
 QDYRGL VH GD VX 8PPX+DELED L 8PPX6HOHPH VSRPHQXOH WR $OODKRYRP
3RVODQLNX VDYV D SRG FUNYRP NHQLVHWXQ  VD IHWKRP QD 
L NHVURP QD 


PLVOL VH QD KUDP NRG NU^`DQD 1MHJRYH VX ULMHaL NRMX MH YLGMHOD X $EHVLQLML L VOLNH
NRMH VH X QMRM QDOD]H MHU MH 8PPX6HOHPH VD VYRMLP PXCHP (EX6HOHPRP XaLQLOD
KLGCUX X $EHVLQLMX SRWRP VX VH YUDWLOL X 0HNX L RGDWOH MH RQD XaLQLOD KLGCUX X 0HGLQX
$EHVLQFL VX NU^`DQVNH YMHUH 0H_X QMLPD LPD L RQLK NRML VX SULKYDWLOL LVODP 1MHJRYH
VX ULMHaL SD MH RQ UHNDR
7R VX RQL

  VD NHVURP QD 
 REUD`D VH CHQL
1MHJRYH VX ULMHaL NDGD LP XPUH GREDU aRYMHN LOL GREDU URE  2YR LOL MHVWH D $OODK
QDMEROMH ]QD VXPQMD RG SUHQRVLRFD KDGLVD 
 !"# $%!&# (:

 7R VX QDMJRUD VWYRUHQMD NRG $OODKD QD .LMDPHWVNRP GDQX 2YL VX


REMHGLQLOL GYLMH ]DEOXGH GYD JULMHKD  ]DEOXGX VD JURERYLPD L ]DEOXGX VD

NLSRYLPD
1MLK GYRMLFD %XKDULMD L 0XVOLP RG QMH SUHQRVH GD MH UHNOD .DGD MH
$OODKRYRP 3RVODQLNX VDYV GR^DR PHOHN VPUWL SUHNULR MH OLFH VYRMLP
FUQRSRUXEOMHQLP RJUWDaHP

1MHJRYH VX ULMHaL 7R VX QDMJRUD VWYRUHQMD NRG $OODKD 2Q QLMH VSRPHQXR QL^WD
GUXJR RVLP JUDGQMH KUDPRYD L FUWDQMD VOLND MHU MH WR L]JRYRU ]D RERCDYDQMH RQRJD QD
NRPH VX L]JUDGLOL KUDP L QDFUWDOL QMHJRYX VOLNX 7LPH VX RQL SRVWDOL QDMJRUD VWYRUHQMD
3D GREUR SRJOHGDM NRML VX VH SRYRGL ]D SULGUXCLYDQMH  L GH^DYDQMH QMHJRYR GHVLOL
X RYRP XPPHWX D NRML VX aDN YH`L L RSDVQLML RG WLK NDR ^WR MH JUDGQMD QD
PH]DUOXFLPD QMLKRYR YHOLaDQMH L RERCDYDQMH 8] VYH RYR RQL WR VPDWUDMX YMHURP D WR
MH XVWYDUL SULGUXCLYDQMH   NRML MH $OODK KDUDPLR SRVODQLNH SRVODR L NQMLJH REMDYLR L
X QMLPD WR ]DEUDQLR
1MHJRYH VX ULMHaL 2YL VX REMHGLQLOL GYLMH ]DEOXGH JULMHKD  ]DEOXGX VD JURERYLPD
L ]DEOXGX VD NLSRYLPD 2YR MH GLR JRYRUD ^HMKXOLVODPD ,EQ7HMPLMD GD PX VH
8]YL^HQL $OODK VPLOXMH 1MHJRYR LPH DXWRU GD PX VH 8]YL^HQL $OODK VPLOXMH QLMH
VSRPHQXR MHU WR ]QD VYDNR NR aLWD RYX NQMLJX
1MHJRYH VX ULMHaL FUQRSRUXEOMHQLP RJUWDaHP    7R MH RJUWDa VD
HSROHWDPD 'RND] ]D QDVORY MHVX QMHJRYH VDYV ULMHaL 1HND MH $OODKRYR
SURNOHWVWYR QD MHYUHMH L NU^`DQH 2QL VX QD PH]DULPD VYRMLK YMHURYMHVQLND QDSUDYLOL
KUDPRYH 2Q VDYV SURNOHR LK MH ]DWR ^WR RQL NRG QMLK NODQMDMX QDPD] LDNR NODQMDa
XVWYDUL NODQMD $OODKX 3UHPD WRPH NR EXGH NODQMDR NRG PH]DUOXND L SUHWYDUDR LK X
PMHVWD QD NRMLPD VH NODQMD RQ MH SURNOHW MHU MH WR SRYRG L L]JRYRU GD VH RQL SRaQX
RERCDYDWL $ ^WD WHN UH`L ]D RQRJ NR RERCDYD XPUOH RGVXWQH UD]OLaLWLP YUVWDPD
RERCDYDQMD L RG QMLK PROL L WUDCL RQR ^WR QLMH X QMLKRYRM PR`L 2YR MH FLOM NRMHP YRGL
NODQMDQMH NRG NDEXURYD 3URNOHWVWYR QLMH RJUDQLaHQR QD CLGRYH L NU^`DQH QHJR
REXKYDWD VYH RQH NRML UDGH RQR ^WR UDGH RQL LOL JRUH RG WRJD


 
C H    . 7   /7++ 
D  H  
  
D  &.6   ./   
D D 8. .   
 7
8/ 
'C 8  /  ..+ . ./  
6  ..+ . 6  /
 CE C 8  ..+ .
6  /
#/    (E'   , 5/// 


  !"# $%!&#

.DGD JD MH VNORQLR VD VYRJD OLFD UHNDR MH


1HND MH $OODKRYR SURNOHWVWYR QD
CLGRYH L NU^`DQH 2QL VX QD PH]DULPD VYRMLK YMHURYMHVQLND QDSUDYLOL KUDPRYH

2Q MH XSR]RULR QD RQR ^WR VX RYL XUDGLOL 'D QLMH WRJD L QMHJRY PH]DU ELR EL
X]GLJQXW L LVWDNQXW 7R QLMH XUD_HQR L] ERMD]QL GD JD QHNR QH SUHWYRUL X

GCDPLMX =DELOMHCLOD VX JD QMLK GYRMLFD %XKDUL L 0XVOLP 

7R MH VPMHUDR $OHMVKLVVHODP SURNOLQMDQMHP CLGRYD L NU^`DQD ]ERJ WRJ aLQD +WLR MH


XSR]RULWL VYRMH VOMHGEHQLNH GD QH UDGH LVWR ^WR VX XUDGLOL CLGRYL L NU^`DQL SD GD LK
SRJRGL SURNOHWVWYR NRMH MH QMLK ]DGHVLOR 1MHJRYH VX ULMHaL 'D QLMH WRJD WM GD QLMH
ELOR WRJ XSR]RUHQMD GD VH 9MHURYMHVQLNRY VDYV PH]DUOXN QH SUHWYDUD X GCDPLMX L
QMHJRY PH]DU EL ELR X]GLJQXW L LVWDNQXW ]DMHGQR VD PH]DULPD DVKDED X PH]DULVWDQX
(O%HNL

1MHJRYH VX ULMHaL 7R QLMH XUD_HQR L] ERMD]QL GD JD QHNR QH EL SUHWYRULR X
GCDPLMX 5LMHa   SUHQHVHQD MH X GYLMH YHU]LMH VD   L   QD VORYX
 6D IHWKRP ]QDaL GD VH $OHMKLVVHODP WRJD ERMDR L ]DWR MH QDUHGLR GD VH XNRSD QD
PMHVWX QD NRMHP MH XPUR 3R SUHGDQMX VD   SRVWRML PRJX`QRVW GD VX DVKDEL WL
NRML VX VH SRERMDOL GD VH WR QH GHVL QHNLP PXVOLPDQLPD ]ERJ SUHWMHUDQRJ YHOLaDQMD L
]ERJ WRJD QMHJRY PH]DU QLVX LVWDNOL SR^WR MH RQ WX ]DEUDQX L XSR]RUHQMH LVWDNDR YL^H
SXWD L SURNOHR RQRJ NR WDNR QH^WR XUDGL .XUWXEL NDCH =ERJ WRJD VX PXVOLPDQL XORCLOL
VDY QDSRU GD VSULMHaH ]OR X NRULMHQX X SRJOHGX 9MHURYMHVQLNRYRJ VDYV PH]DUD
8aLQLOL VX GD YLVRNL ]LGRYL RNUXCXMX NDEXU L ]DWYRULOL VX VYDNL SULOD] QMHPX %RMDOL VX VH
GD VH PMHVWR QMHJRYD PH]DUD QH SUHWYRUL X NLEOX NDGD EXGH LVSUHG NODQMDaD SD GD VH
QDPD] SUHPD QMHPX SUHGVWDYL X YLGX LEDGHWD =ERJ WRJD L]JUDGLOL VX GYD ]LGD QD
VMHYHUQRM VWUDQL PH]DUD aLMD VX GYD NUDND SRaLQMDOD QD `R^NRYLPD PH]DUD L XNRVR X
REOLNX WURNXWD VDVWDMDOD VH QD VMHYHUQRM VWUDQL WDNR GD VH QLNR QLMH PRJDR RNUHQXWL
OLFHP SUHPD QMHJRYX PH]DUX
5HNDR VDP  7LPH MH $OODK ]D^WLWLR QMHJRY PH]DU L SULPLR QMHJRYX GRYX
$OODKX
QH GDM GD PRM PH]DU SRVWDQH LGRO NRML `H VH RERCDYDWL 1HND VH $OODKRYD VUGCED
SRYH`D SUHPD QDURGLPD NRML VX PH]DUH VYRMLK YMHURYMHVQLND SUHWYRULOL X PHVGCLGH



 
D'      
DD  &.6   / + /. 6
/   
D:    /    .. ++ 



      ;/ 



D 'D . +   / 6 . .! 


 D 8-6   /.. ++
 +  /   
'' G   + /
8/ 
'D 
8  /

 !"# $%!&#  

0XVOLP ELOMHCL RG 'CXQGXED E $EGXOODKD GD MH UHNDR AXR VDP


9MHURYMHVQLND VDYV SULMH QMHJRYH VPUWL QD SHW GDQD NDNR NDCH
-D XLVWLQX
SUL]QDMHP $OODKX GD PH_X YDPD QLVDP X]HR VHEL QLNRJ ]D SULVQRJ SULMDWHOMD
MHU XLVWLQX PHQH MH $OODK X]HR 6HEL ]D SULVQRJ SULMDWHOMD NDR ^WR MH L ,EUDKLPD
X]HR 6HEL ]D SULVQRJ SULMDWHOMD .DGD ELK VHEL X]LPDR QHNRJ ]D SULVQRJ
SULMDWHOMD RG VYRJD XPPHWD X]HR ELK (EX%HNUD =QDMWH GD VX RQL NRML VX ELOL
SULMH YDV QD NDEXULPD VYRMLK YMHURYMHVQLND L GREULK OMXGL SUDYLOL KUDPRYH 9L

QHPRMWH SUDYLWL QD PH]DUOXFLPD GCDPLMH -D YDP XLVWLQX WR ]DEUDQMXMHP

2Q MH WR ]DEUDQLR SUHG NUDM VYRJD CLYRWD 2VLP WRJD RQ MH SURNOHR ^WR VH
PRCH UD]XPMHWL L] NRQWHNVWD RQRJD NR WR XUDGL 8 WR VH XEUDMD L NODQMDQMH NRG
NDEXUD  SD PDNDU QD QMHPX L QH ELOD L]JUD_HQD GCDPLMD 7R MH ]QDaHQMH
QMHQLK 8PPX6HOHPLQLK ULMHaL %RMDR VH GD QD QMHJRYX PH]DUX QH QDSUDYH
GCDPLMX 6YDNR PMHVWR QD NRP VH V QLMHWRP REDYOMD QDPD] SUHWYRUHQR MH X
PHVGCLG PMHVWR QD NRP VH VHGCGD aLQL  >WDYL^H VYDNR PMHVWR QD NRP VH NODQMD
]RYH VH PHVGCLG NDR ^WR MH $OHMKLVVHODP UHNDR =HPOMD PL MH XaLQMHQD
PHVGCLGRP PMHVWRP QD NRP VH PRCH NODQMDWL L aLVWRP SD VH VD QMRP PRCH

WHMHPPXP X]HWL 

1MHJRYH VX ULMHaL RG 'CXQGXED E $EGXOODKD WM ,EQ6XIMDQD HO%HGCHOLMD D RQ


MH GRELR LPH SR VYRPH GMHGX SR]QDWRP DVKDEX NRML MH XPUR SRVOLMH ^H]GHVHWH
>HMKXOLVODP GD PX VH 8]YL^HQL $OODK VPLOXMH UHNDR MH >WR VH WLaH JUDGQML GCDPLMD
QD PH]DULPD VYL NDCX GD MH WR ]DEUDQMHQR QD RVQRYX YMHURGRVWRMQLK  KDGLVD
1D^L XaHQMDFL L GUXJL NDR ^WR VX VOMHGEHQLFL 0DOLND L >DILMH HNVSOLFLWQR VX UHNOL GD MH WR
]DEUDQMHQR   5HNDR MH 1HPD VXPQMH GD MH WR VLJXUQR ]DEUDQMHQR


8/ 
'DC 8  /  ..+ . ./  


 
DD' +/// 
D    .. ++  +  /
 + /.  .
8/ 
'C 8  /
 EC 
C "  +///    ,+ 3., & 
#  

 ,  /
 3.. +,7 ,  %+ %6+  5//  * # 
#/
# 
#   #+
   

$0   
C'

 C  !"# $%!&#

$KPHG SUHQRVL GREULP VHQHGRP RG ,EQ0HVXGD UD D RQ GLUHNWQR RG


3RVODQLND VDYV GD MH UHNDR  1DMJRUL VX OMXGL XLVWLQX RQL NRMH .LMDPHWVNL

GDQ ]DWHNQH X CLYRWX L RQL NRML QD NDEXULPD JUDGH KUDPRYH =DELOMHCLR JD MH
(EX+DWLP L ,EQ+LEEDQ X VYRP 6DKLKX

3RWRP MH QDYHR KDGLVH X YH]L V WLP GD EL SRWRP UHNDR 0HVGCLGH L]JUD_HQH QD


PH]DULPD YMHURYMHVQLND GREULK OMXGL NUDOMHYD L GUXJLK REDYH]D MH XNORQLWL UX^HQMHP LOL
QD QHNL GUXJL QDaLQ 1H ]QDP GD X RYRP SRJOHGX SRVWRML UD]LODCHQMH PH_X SR]QDWRP
XOHPRP
1MHJRYH VX ULMHaL 2Q MH WR ]DEUDQLR SUHG NUDM VYRJD CLYRWD 2VLP WRJD RQ MH
SURNOHR ^WR VH PRCH UD]XPMHWL L] NRQWHNVWD RQRJD NR WR XUDGL .ODQMDQMH NRG QMHJD
PH]DUD XEUDMD VH X WR SD PDNDU L QH ELR L]JUD_HQ PHVGCLG 7R MH ]QDaHQMH QMHQLK
ULMHaL L] ERMD]QL GD JD QHNR QH EL SUHWYRULR X GCDPLMX $VKDEL XLVWLQX QLVX RNR
QMHJRYD PH]DUD QDSUDYLOL GCDPLMX D VYDNR PMHVWR QD NRMHP VH NODQMD SUHWYRUHQR MH X
PHVGCLG ^WDYL^H VYDNR PMHVWR QD NRP VH NODQMD ]RYH VH PHVGCLGRP NDR ^WR MH
$OHMKLVVHODP UHNDR , =HPOMD PL MH XaLQMHQD PHVGCLGRP L VUHGVWYRP ]D aL^`HQMH
2YDNR QDP MH UHNDR QD^ ^HMK D WR MH X SRJOHGX RYLK KDGLVD SRWYU_HQR RG ^HMKXO
LVODPD ,EQ7HMPLMD GD LP VH 8]YL^HQL $OODK VPLOXMH
1MHJRYH VX ULMHaL $KPHG SUHQRVL GREULP VHQHGRP RG ,EQ0HVXGD UD D RQ
GLUHNWQR RG 3RVODQLND VDYV GD MH UHNDR 
1DMJRUL VX OMXGL XLVWLQX RQL NRMH
.LMDPHWVNL GDQ ]DWHNQH X CLYRWX L RQL NRML QD NDEXULPD JUDGH KUDPRYH
 =DELOMHCLR JD
MH (EX+DWLP X VYRP 

5HNDR VDP 2YR VH SXQR GH^DYD X XPPHWX NDR ^WR VH GH^DYDOR PH_X RQLPD
NRML VX CLYMHOL X GCDKLOLMHWX SULMH SRVODQVWYD 9MHURYMHVQLNRYD VDYV ^WR QLMH WDMQD ]D
RQH NRML ]QDQMD LPDMX =DGQMH JHQHUDFLMH RYRJ XPPHWD GRGDOH VX QD YLGRYH 
NRMH VX SUDNWLFLUDOL OMXGL X GCDKLOLMHWX QRYH HOHPHQWH WDNR GD VH RQL L]PH_X RVWDORJ X
SRWUHEL L QHYROML REUD`DMX GUXJLPD PLPR $OODKD D $OODKD ]DERUDYOMDMX 1DGDOMH RQL
VPDWUDMX GD QMLKRYL ERJRYL RG XPUOLK XSUDYOMDMX VYHPLURP PLPR $OODKD 7DNR VX
VDVWDYLOL L]PH_X GYLMH YUVWH ^LUND  X


L  X 


 7R VPR RG QMLK
OLaQR aXOL


#/    E D'  , ,/.,  , / .,/
! .% . ,2+., - + ,
 
D     /   // / 

 !"# $%!&#  D

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 ^WD MH 3RVODQLN UHNDR R RQRP NR L]JUDGL GCDPLMX QD PH]DUX QHNRJ
GREURJ aRYMHND X NRMRM VH $OODK RERCDYD SD PDNDU QDPMHUD RQRJD NR MH WR
XUDGLR ELOD LVSUDYQD
 ]DEUDQD NLSRYD L WH^ND SULMHWQMD X WRP SRJOHGX
 SRXND X $OHMKLVVHODPRYRM VDYV R^WURM RVXGL WRJD NDNR LP MH WR SUYR
REMDVQLR D ]DWLP SULMH VYRMH VPUWL QD SHW GDQD UHNDR RQR ^WR MH UHNDR 8] WR
LDNR VH WR PRJOR L] NRQWHNVWD UD]XPMHWL RQ VH QLMH ]DGUCDR QD WRPH ^WR LP MH
SUHWKRGQR UHNDR
 QMHJRYD ]DEUDQD GD VH WDNR QH^WR UDGL NRG QMHJRYD PH]DUD L SULMH
SRVWRMDQMD PH]DUD
 GD MH WUDGLFLMD MHYUHMD L NU^`DQD GD WDNR SRVWXSDMX VD PH]DULPD VYRMLK
YMHURYMHVQLND
 QMLKRYR SURNOLQMDQMH ]ERJ WRJD
 GD MH QMHJRYD QDPMHUD GD QDV XSR]RUL GD QH UDGLPR WDNR VD QMHJRYLP
PH]DURP
 UD]ORJ ]D^WR QMHJRY PH]DU QLMH LVWDNQXW L X]YL^HQ

7DNR ,EQ.HPDO L] 2PDQD L QMHPX VOLaQL NDCX GD $EGXO.DGLU HO'CHMODQL aXMH


RQRJD NR JD PROL D SRUHG WRJD ^WR JD aXMH RQ PX L NRULVWL 2Q VPDWUD GD RQ ]QD WDMQH
  PDGD MH PUWDY
2Q MH L]JXELR SDPHW RWL^DR QD VWUDQSXWLFX L ]DQLMHNDR ^WD MH $OODK REMDYLR X .QML]L
NDR ^WR VX 1MHJRYH ULMHaL

@HAUMk@A@Ac@ldLF
I`QIhpHhA@


$NR LP VH PROLWH QH aXMX YD^X PROEX D GD L aXMX QH EL YDP VH RGD]YDOL QD
6XGQMHP GDQX SRUH`L `H GD VWH LK 1MHPX UDYQLP VPDWUDOL , QLNR WH QH`H REDYLMHVWLWL
NDR 2QDM .RML ]QD
 ;;;9 2QL QLVX SRYMHURYDOL 2QRP .RML MH R VYHPX
REDYLMH^WHQ X SRJOHGX RQRJ ^WR LK MH REDYLMHVWLR R QMLKRYLP ERJRYLPD NRMH VX
RERCDYDOL PLPR $OODKD 2QL QLVX YMHURYDOL X RQR ^WR MH $OODK REMDYLR X 6YRMRM NQML]L
QHJR VX VD YHOLNLP LQDWRP WR RGEDFLOL ODJDOL QLVX YMHURYDOL L RKROLOL VX VH X SRJOHGX
UDFLRQDOQRJ L WUDGLFLRQDOQRJ 2G $OODKD SRPR` WUDCLPR
  !"# $%!&#

 ]QDaHQMH ^WD ]QDaL QDSUDYLWL QD QMHPX KUDP


 RQ MH XSRUHGLR RQH NRML QD QMHPX QDSUDYH ERJRPROMX VD RQLPD NRML `H
GRCLYMHWL .LMDPHWVNL GDQ 7DNR MH VSRPHQXR RQR VUHGVWYR NRMH YRGL X ^LUN L SULMH
QHJR VH GHVLR L NUDM NRMHP YRGL
 QDSRPHQD GD MH QMHJRY JRYRU SULMH VPUWL QD SHW GDQD RGJRYRU GYMHPD
VNXSLQDPD NRMH VX QDMYH`L LQRYDWRUL X YMHUL  D NRMH VX QHNL XaHQMDFL L] SUYLK
JHQHUDFLMD LVNOMXaLOL L] RQH VHGDPGHVHW GYLMH JUXSH D WR VX UDILGLMH L GCHKPLMH
=ERJ UDILGLMD VH GHVLR ^LUN L RERCDYDQMH NDEXURYD L RQL VX ELOL SUYL NRML VX QD
QMLPD L]JUDGLOL GCDPLMH
 NX^QMD QD NRMX MH $OHMKLVVHODP VWDYOMHQ WH^NLP ERORYLPD QD VDPUWL
 SRaDVW SULVQRJ SULMDWHOMVWYD KXOOH NRMRP MH SRaD^`HQ L GD MH RQD QD
YL^HP VWXSQMX RG OMXEDYL PHKDEEH 
 HNVSOLFLWQD L]MDYD GD MH RQR KXOOH QD YL^HP VWHSHQX RG OMXEDYL
PHKDEEH 
 HNVSOLFLWQD L]MDYD GD MH (V6LGGLN (EX%HNU QDMYUHGQLML DVKDE
 L^DUHW GD `H RQ ELWL KDOLID
 !"# $%!&#  '

Z[k?

2720('$35(7-(5,9$1-(832*/('80(=$5$
'2%5,+/-8',35(79$5$,67(8.,329(.2-,6(
2%2#$9$-80,02$//$+$
3UHQRVL 0DOLN X 0XYHWWDX GD MH $OODKRY 3RVODQLN VDYV UHNDR $OODKX QH
GDM GD PRM PH]DU SRVWDQH LGRO NRML `H VH RERCDYDWL 3RYH`DOD VH $OODKRYD
VUGCED SUHPD QDURGX NRML MH PH]DUH VYRMLK YMHURYMHVQLND SUHWYRULOR X

PHVGCLGH
1MHJRYH VX ULMHaL 2 WRPH GD SUHWMHULYDQMH X SRJOHGX PH]DUD GREULK OMXGL SUHWYDUD
LVWH X NLSRYH NRML VH RERCDYDMX PLPR $OODKD
3UHQRVL 0DOLN X 
 
GD MH $OODKRY 3RVODQLN VDYV UHNDR $OODKX QH GDM
GD PRM PH]DU SRVWDQH LGRO NRML `H VH RERCDYDWL 3RYH`DOD VH $OODKRYD VUGCED SUHPD
QDURGX NRML MH PH]DUH VYRMLK YMHURYMHVQLND SUHWYRULR X PHVGCLGH
2YX 
SURXaLR MH ]ERJ WRJD MHU VH ERMDR GD VH QMHJRYRP XPPHWX QH GHVL
RQR ^WR VH GHVLOR CLGRYLPD L NU^`DQLPD X SRJOHGX QMLKRYLK YMHURYMHVQLND NRMH VX
RERCDYDOL PLPR $OODKD D X]URN WRPH MH SUHWMHULYDQMH X SRJOHGX QMLK NDR ^WR 8]YL^HQL
NDCH

@k@w@Q@wBI@wd@B@IML@c@LKAM@BA
Il@

2 VOMHGEHQLFL .QMLJH QH SUHWMHUXMWH X YMHUL VYRMRM PLPR ,VWLQH L QH SRYRGLWH VH ]D


SURKWMHYLPD OMXGL NRML VX MR^ GDYQR ]DOXWDOL L PQRJH X ]DEOXGX RGYHOL L VDPL V 3UDYRJ
SXWD VNUHQXOL 9 $OHMKLVVHODP LVWR WDNR ]DPROLR MH VYRJD *RVSRGDUD GD QH
GRSXVWL GD QMHJRY PH]DU EXGH NLS NRML VH RERCDYD D PH]DUL VX NDR ^WR MH SR]QDWR
RERCDYDQL UD]OLaLWLP YUVWDPD RERCDYDQMD


* +, - + 8 ,     
'     /

* +, - +  #/    CEC ( ,  %+ 


  3,3./ .,/  -0 1#
. +  /,+ /6 3,. 3
# + 3,, ., ,+ + /6 ,+ +,+. 3,, 
/
1 * +, - + ,9 ! .   +/      ED
;+ + 
+,,,+.   
 (  !"# $%!&#

,EQ'CHULU SUHQRVL VYRMLP VHQHGRP RG 6XIMDQD RQ RG 0HQVXUD D RQ RG


0XGCDKLGD GD MH X SRJOHGX ULMHaL 8]YL^HQRJ j@O@MBhB
>WD NDCHWH R /DWX L 8]]DX /,,,  UHNDR 2Q MH QMLPD POMHR EUD^QR SD
MH XPUR L RQL VX VH RNXSOMDOL L ERUDYLOL NRG QMHJRYD PH]DUD ,VWR MH UHNDR L
(EXO'CHY]D
SUHQRVH`L RG ,EQ$EEDVD 2Q MH POMHR EUD^QR KRGRaDVQLFLPD
2G ,EQ$EEDVD UD SUHQRVL VH GD MH UHNDR $OODKRY 3RVODQLN VDYV
SURNOHR MH CHQH NRMH aHVWR SRVMH`XMX PH]DUOXNH L RQH OMXGH NRML LK SUHWYDUDMX X

PHVGCLGH L X QMLPD SDOH VYMHWLOMNH =DELOMHCHOL VX JD DXWRUL VXQHQD

8 SUHWKRGQR VSRPHQXWRP $L^LQRP UD KDGLVX VWRML 'D QLMH WRJD L QMHJRY PH]DU
ELR EL X]GLJQXW L LVWDNQXW 7R QLMH XUD_HQR L] ERMD]QL GD JD QHNR QH SUHWYRUL X
GCDPLMX 8]YL^HQL $OODK RGD]YDR VH PROEL 1MHJRYD 9MHURYMHVQLND VDYV L ]D^WLWLR
QMHJRY PH]DU L GDR GD VH RQ RSD^H VD WUL ]LGD NDNR WR QDYRGL ,EQXO.DMMLP GD PX VH
8]YL^HQL $OODK VPLOXMH 7DNR MH *RVSRGDU VYMHWRYD XVOL^DR GRYX QMHJRYX L VD WUL ]LGD
JD RSDVDR
1MHJRYH VX ULMHaL ,EQ'CHULU SUHQRVL 7R MH (EX'CDIHU E 'CHULU DXWRU YHOLNRJ
WHIVLUD NRML MH PH_X QDMEROMLP L QDMYUHGQLMLP WHIVLULPD 2Q MH LPDP PXVOLPDQD
PXGCWHKLGD 1DSLVDR MH L NQMLJX R ^HULMDWVNLP SURSLVLPD GD PX VH 8]YL^HQL $OODK
VPLOXMH
1MHJRYH VX ULMHaL 2Q MH QMLPD POMHR EUD^QR SD MH XPUR L RQL VX VH RNXSOMDOL L
ERUDYLOL NRG QMHJRYD PH]DUD 8 RYRPH MH GRND] ]D QDVORY 2QL VX SUHWMHULYDOL SUHPD
QMHPX MHU MH RQ ELR GREDU L X]HOL VX JD VHEL ]D LGROD YHOLaDMX`L JD L RERCDYDMX`L 7DNR
MH RQ SRVWDR MHGDQ RG QDMYH`LK LGROD ]D RQH NRML VX CLYMHOL X GCDKLOLMHWX
8 QMHPX VH WUHWLUDMX VOMHGH`D SLWDQMD
 WXPDaHQMH ]QDaHQMD NLSRYD


* +, - +  & 
DCD( &.6    6+ 
/6 
DC  
   . +6   /.
 E: :' &.6  -6 6
  
! .8 
' ' &.6   /  ..+ . 6+ 

* +, - + ,9 #/    ECC: C DC  DD


5 ?.+-, + .@  
7>. 5/.  ,. +  +
89/ 3 , 0 1#, <,. 


 3,, +
. ,+ 4, 3,+>+ /61 + +,,,+.    * +, - + 3.,> ,  
%+ #/    CEDD  D'(
/6 
 '( ! .8 
' (
/6 + ,0
1;+  + . 
1 #/ - + 6 +, 3.,> - , %. DE C D ! .8

'  %/ ED
, + +,,,+.   ,3  4./ 3.+/
$0    
(

5 ,/ 4+ 3+.+ + ++ . /6/  ,,3,,. ,+/ / .+ 6,,+.

 !"# $%!&# 

 WXPDaHQMH ]QDaHQMD LEDGHWD


 GD $OHMKLVVHODP QH WUDCL XWRaL^WH L ]D^WLWX QHJR RG RQRJD ]D ^WR SRVWRML
UHDOQL VWUDK GD VH GHVL
 QMHJRYR XSRUH_LYDQMH WRJD VD SUHWYDUDQMHP PH]DUD SRVODQLND X
PHVGCLGH
 VSRPLQMDQMH CHVWLQH $OODKRYH GC^ VUGCEH
 ^WR MH L QDMYDCQLMH VSR]QDMD VYRMVWYD RERCDYDQMD /DWD NRML MH MHGDQ RG
QDMYH`LK NLSRYD
 VSR]QDMD GD MH WR PH]DU GREURJ aRYMHND
 GD MH WR LPH RQRJD NR MH X PH]DUX L VSRPLQMDQMH ]QDaHQMD WRJ LPHQD
 SURNOLQMDQMH CHQD NRMH aHVWR SRVMH`XMX PH]DUOXNH
 SURNOHVWYR RQLK NRML LK RVYLMHWOH

1MHJRYH VX ULMHaL 2G ,EQ$EEDVD UD SUHQRVL VH GD MH UHNDR


$OODKRY 3RVODQLN
VDYV SURNOHR MH CHQH NRMH aHVWR SRVMH`XMX PH]DUOXNH L RQH NRML LK SUHWYDUDMX X
PHVGCLGH L X QMLPD SDOH VYMHWLOMNH
 =DELOMHCLOL VX JD DXWRUL VXQHQD
2YDM MH KDGLV YMHURGRVWRMDQ 7DNYLP JD MH RFLMHQLR ^HMKXOLVODP ,EQ7HMPLMH GD PX
VH 8]YL^HQL $OODK VPLOXMH D GRYROMQR WL MH NDR GRND] WR ^WR VX JD ]DELOMHCLOL DXWRUL
VXQHQD QH VSRPHQXY^L PX ELOR NRMX PDKDQX QLWL QH^WR ^WR JD RVSRUDYD
   !"# $%!&#

7mg?
 D
29-(529-(61,.292-6$96=$>7,7,7(9+,'$,
1-(*2920=$79$5$1-869,+387(9$.2-,92'(
35,'58#,9$1-8 >,5.8
 uhXMAjjlBkgATd D 
XggAH

L ULMHaLPD $OODKD 8]YL^HQRJ 'R^DR YDP MH 3RVODQLN MHGDQ RG YDV WH^NR


PX MH ^WR `HWH QD PXNH XGDULWL MHGYD aHND GD 3UDYLP SXWHP SR_HWH D SUHPD
YMHUQLFLPD MH EODJ L PLORVWLY (W7HYED 
2G (EX+XUHMUHD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR
1HPRMWH VYRMH NX`H SUHWYDUDWL X PH]DUOXNH L QHPRMWH PRM PH]DU XaLQLWL
PMHVWRP VWDOQRJ RNXSOMDQMD 

1MHJRYH VX ULMHaL 2 9MHURYMHVQLNRYRM VDYV ]D^WLWL REODVWL WHYKLGD L QMHJRYRP


]DWYDUDQMX VYLK SXWHYD NRML YRGH SULGUXCLYDQMX 
 2YR MH YH` VSRPHQXWR X
SUHWKRGQLP SRJODYOMLPD
1MHJRYH VX ULMHaL 5LMHaL $OODKD 8]YL^HQRJ

XggAHuhXMAjjlBkgATd


'R^DR YDP MH 3RVODQLN MHGDQ RG YDV WH^NR PX MH ^WR `HWH QD PXNH XGDULWL
MHGYD aHND GD 3UDYLP SXWHP SR_HWH D SUHPD YMHUQLFLPD MH EODJ L PLORVWLY
 2YLP
DMHWRP GRND]XMH VH GD MH $OOHMVKLVVHODPX WH^NR ]ERJ VYHJD X aHPX XPPHW JULMH^L L
^WR LP SUHGVWDYOMD SRWH^NR`H 1DMYH`L JULMHK XPPHW JULMH^L L ^WR PX MH QDMWHCH MHVWH
SULGUXCLYDQMH $OODKX ELOR GD VH UDGL R PDORP LOL YHOLNRP 
 QMHJRYLP VUHGVWYLPD L
YHOLNLP JULMHVLPD NRML PX YRGH $OOHMKLVVHODP VDYV VYRP VQDJRP ]DEUDQMLYDR MH
SULGUXCLYDQMH L QMHJRYH X]URNH NDR ^WR MH SR]QDWR 2YDNYD MH VLWXDFLMD ELOD NDG VX X
SLWDQMX QMHJRYL DVKDEL UD NRML VX RWNLGDOL NRQFH QD NRMH MH EROHVQLNX RGXaDYDQR
VNLGDOL DPXOHWD L WRPH VOLaQR
 !"# $%!&#  :

1MHJRYH VX ULMHaL 2G (EX+XUHMUHD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN


VDYV UHNDR
1HPRMWH VYRMH NX`H SUHWYDUDWL X PH]DUOXNH L QHPRMWH PRM PH]DU
XaLQLWL PMHVWRP VWDOQRJ RNXSOMDQMD
 'RQRVLWH QD PHQH VDODYDW MHU YD^ VDODYDW GROD]L GR PHQH PD JGMH YL
ELOL %LOMHCL JD (EX'DYXG GREULP VHQHGRP D QMHJRYL SUHQRVLRFL VX SRYMHUOMLYL
2G $OLMH E +DVDQD SUHQRVL VH GD MH RQ YLGLR aRYMHND NRML MH GROD]LR QD PH]DU
9MHURYMHVQLNRY VDYV L NUR] UXSX QD ]LGX XOD]LR XQXWUD L XaLR GRYX SD PX MH
RQ WR ]DEUDQLR L UHNDR ,VSULaDW `X YDP KDGLV NRML VDP aXR RG PRJD EDEH RQ
RG PRJD GMHGD D RQ RG $OODKRYD 3RVODQLND VDYV NRML MH UHNDR
1HPRMWH PRM
PH]DU XaLQLWL PMHVWRP VWDOQRJ RNXSOMDQMD L QHPRMWH VYRMH NX`H X PH]DUOXNH
SUHWYDUDWL 'RQRVLWH QD PHQH VDODYDW MHU PL YD^ VHODP GROD]L EH] RE]LUD JGMH YL
ELOL
 =DELOMHCLR JD MH X (O0XKWDUL

'RQRVLWH QD PHQH VDODYDW MHU YD^ VDODYDW GROD]L GR PHQH PD JGMH YL ELOL

%LOMHCL JD (EX'DYXG GREULP VHQHGRP D QMHJRYL SUHQRVLRFL VX SRYMHUOMLYL +DIL]
0XKDPPHG E $EGXO+DGL NDCH 7R MH GREDU KDGLV KDVHQ  GREURJ VHQHGD 1MHPX
VYMHGRaH GUXJL KDGLVL SRPR`X NRMLK VH L]GLCH QD VWXSDQM YMHURGRVWRMQRVWL 3RVODQLN
VDYV ]DEUDQLR LP MH GD NODQMDMX XYLMHN YDQ VYRMLK NX`D L GD NX`H X WRP SRJOHGX
RVWDYH SXVWLP NDR ^WR VX SXVWL PH]DUOXFL MHU VH X QMLPD QH NODQMD ERMH`L VH LVNX^HQMD
V QMLPD L RQRJD ^WR YRGL QMLKRYRP RERCDYDQMX PLPR $OODKD 1DLPH ]DEUDQD WRJD ]D
QMLK ELOD MH SR]QDWD SD LP MH ]DEUDQLR GD VYRMH NX`H SUHWYRUH X WDNR QH^WR VOLaQR
1MHJRYH VX ULMHaL , QHPRMWH PRM PH]DU XaLQLWL PMHVWRP VWDOQRJ RNXSOMDQMD 8
RYLP ULMHaLPD MH GRND] ]D QDVORY RYRJ SRJODYOMD >HMKXOLVODP MH UHNDR 0MHVWR
VWDOQRJ RNXSOMDQMD  MHVWH LPH ]D XRELaDMHQR RS`H RNXSOMDQMH NRMH VH REQDYOMD L
GROD]L ELOR GRODVNRP JRGLQH LOL VHGPLFH LOL PMHVHFD L WRPH VOLaQR ,EQXO.DMMLP GD PX
VH $OODK VPLOXMH UHNDR MH %ODJGDQ  MH RQR ^WR SR RELaDMX GROD]L L ]D^WR MH
YH]DQD QDPMHUD X SRJOHGX YUHPHQD LOL PMHVWD 7D ULMHa MH L]YHGHQD L]
  L 
  8NROLNR VH WLPH R]QDaDYD PMHVWR WR MH RQGD PMHVWR ]D VDVWDMDQMH L
SRVMH`LYDQMH UDGL LEDGHWD LOL QHaHJ GUXJRJ NDR ^WR MH (O0HVGCLGXOKDUDP 0LQD
0X]GHOLIH $UHIDW L RVWDOD PMHVWD QD NRMLPD VH


* +, - +  & 
C C 8.    6+ 
* +, - + ,9
#/    CED(
*/ %.
#/
! /
H     + 
,  %+ 

+-, + . ,   
* +, - + ,9 !/    
             
C  D   /.,- -
;+ +  +,,,+. 
,+/ .2/ 3.,2  / 4.,- 6.4.+

  !"# $%!&#

REDYOMDMX REUHGL KDGCD D NRMH MH $OODK XaLQLR EODJGDQRP   PMHVWRP VWDOQRJ
RNXSOMDQMD ]D VOMHGEHQLNH aLVWH YMHUH GD QD QMLPD VHYDE ]DVOXCXMX 8] WR 2Q MH GDQH
RNXSOMDQMD QD WLP PMHVWLPD XaLQLR EODJGDQRP 0X^ULFL VX LPDOL VYRMH EODJGDQH
YUHPHQVNH L SURVWRUQH SD NDGD MH $OODK SRVODR LVODP SRQL^WLR LK MH L VOMHGEHQLFLPD
aLVWH YMHUH ]DPLMHQLR LK VD 5DPD]DQVNLP L .XUEDQEDMUDPRP ,VWR WDNR RQ MH
PQRJRERCDaNH VYHWLQMH EODJGDQH NRMH VX ELOH YH]DQH ]D QHNR PMHVWR ]DPLMHQLR
.DERP 0LQRP 0X]GHOLIRP $UHIDWRP L RVWDOLP PMHVWLPD QD NRMLPD VH REDYOMDMX
REUHGL KDGCD
1MHJRYH VX ULMHaL 2G $OLMH E +DVDQD SUHQRVL VH GD MH RQ YLGLR aRYMHND NRML MH
GROD]LR QD PH]DU 9MHURYMHVQLNRY VDYV L NUR] UXSX QD ]LGX XOD]LR XQXWUD L XaLR
e
GRYX SD PX MH RQ ]DEUDQLR 2YDM KDGLV ]DELOMHCLOL VX (EX-D
OD .DGL ,VPDLO L +DIL]
'LMD X !
 
>HMKXOLVODP MH UHNDR 3RJOHGDM RYDM VXQQHW NDNR VH VDaXYDR PH_X
VWDQRYQLFLPD 0HGLQH L X 3RVODQLNRYRM SRURGLFL NRML VX VD $OODKRYLP 3RVODQLNRP
URGELQVNL L NRP^LQVNL SRYH]DQL MHU VX RQL WRPH ELOL SRWUHEQLML X RGQRVX QD GUXJH SD
VX JD VH EROMH SULGUCDYDOL
1MHJRYH VX ULMHaL 2G $OLMH E +DVDQD WM VLQD $OLMH E (EX7DOLED SR]QDWRP SR
LPHQX =HMQXO$ELGLQ QHND MH $OODK QMLPD ]DGRYROMDQ %LR MH QDMYUHGQLML WDELLQ L]
QMHJRYH SRURGLFH L QDM]QDaDMQLML =XKUL MH UHNDR 1LVDP YLGLR .XUHM^HYL`D YUHGQLMHJ
RG QMHJD 8PUR MH SR LVSUDYQRP PL^OMHQMX GHYHGHVHW WUH`H
1MHJRYH VX ULMHaL RQ MH YLGLR aRYMHND NRML MH GROD]LR QD PH]DU 9MHURYMHVQLNRY
VDYV L NUR] UXSX QD ]LGX XOD]LR XQXWUD 5XSD 
 MHVWH VD   QD VORYX
 L 

 QD VORYX  7R MH X ]QDaHQMX ULMHaL 
 X ]LGX L 
 L WRPH
VOLaQR 1MHJRYH VX ULMHaL XOD]LR XQXWUD L XaLR GRYX SD PX MH RQ ]DEUDQLR 2YR
XSX`XMH QD ]DEUDQX SRVMH`LYDQMD PH]DULVWDQD L WXUEHWD UDGL XSX`LYDQMD GRYH L
NODQMDQMD QDPD]D NRG QMLK >HMKXOLVODP UHNDR MH 1H ]QDP GD MH LNR WR GRSXVWLR MHU
MH WR YLG X]LPDQMD WRJD NDR EODJGDQD ,VWR WDNR XND]XMH QD WR GD MH SRVMH`LYDQMH
PH]DUD UDGL VHODPD ]DEUDQMHQR XNROLNR X_H GD NRG QMHJD NODQMD MHU WR QLMH
SURSLVDQR 0DOLN MH VPDWUDR SRNX_HQLP GD VWDQRYQLFL 0HGLQH NDG JRG X_X X
GCDPLMX LGX GR 9MHURYMHVQLNRYRJ VDYV PH]DUD MHU SUYH JHQHUDFLMH WR QLVX UDGLOH
5HNDR MH  .DVQLMH JHQHUDFLMH RYRJ XPPHWD QH`H XVSMHWL RVLP DNR EXGX UDGLOH
RQDNR NDNR VX UDGLOH SUYH JHQHUDFLMH $VKDEL L WDELLQL UD GROD]LOL VX X
9MHURYMHVQLNRYX VDYV GCDPLMX L NODQMDOL .DGD EL ]DYU^LOL QDPD] VMHGLOL EL D SRWRP
L]OD]LOL
 !"# $%!&# 

2QL QLVX RGOD]LOL GR PH]DUD GD PX QD]RYX VHODP ]QDMX`L GD MH VXQQHW QD QMHJD


VDODYDW L VHODP GRQLMHWL SUL XODVNX X GCDPLMX 0H_XWLP ^WR VH WLaH XODVND NRG NDEXUD
GD EL VH WDPR QD QMHJD GRQLR VDODYDW L QD]YDR VHODP LOL GD EL VH NODQMDOR LOL GRYX
XaLOR RQ LP WR QLMH SURSLVDR QHJR LP MH WR ]DEUDQLR UHNDY^L 1HPRMWH PRM PH]DU
aLQLWL PMHVWRP VWDOQRJ RNXSOMDQMD 'RQRVLWH VDODYDW QD PHQH MHU YD^ VDODYDW GR PHQH
GRLVWD GROD]L 7DNR MH RQ REMDVQLR GD VDODYDW GROD]L GR QMHJD L L] GDOMLQH D LVWR WDNR L
VHODP 2Q MH SURNOHR RQH NRML VX PH]DUH VYRMLK YMHURYMHVQLND SUHWYRULOL X GCDPLMH 8
VREX VH X QMLKRYR YULMHPH NDGD MH $L^D UD X QMRM ELOD XOD]LOR QD YUDWD VYH GRN QLMH
L]LGDQ MR^ MHGDQ ]LG 2QL QLVX L SRUHG ODKNR`H GD GR_X GR QMHJRYD PH]DUD XOD]LOL GD
PX QD]RYX VHODP LOL GRQHVX VDODYDW LOL aLQH GRYX ]D VHEH LOL GUXJH QLWL VX XOD]LOL GD
SLWDMX ]D KDGLV LOL ]QDQMH QLWL MH ^HMWDQ LPDR QDGX GD LP SULaLQL JRYRU LOL VHODP SD GD
SRPLVOH GD VX WR RG QMHJD aXOL LOL GD LP MH RQ IHWYX GDR L REMDVQLR LP KDGLVH LOL GD LP
SULaLQL GD LP MH RQ X]YUDWLR VHODP JODVRP NRML VH aXMH QDSROMH NDR ^WR MH ^HMWDQ LPDR
QDGX X GUXJH SD LK MH ]DYHR NRG QMHJRYD PH]DUD L PH]DUD GUXJLK GD VX aDN SRPLVOLOL
GD LP RQDM X NDEXUX QDUH_XMH L ]DEUDQMXMH L QD MDYL LP JRYRUL L GD RQ L]OD]L L] NDEXUD L
GD JD RQL YLGH QDSROMX 2QL PLVOH GD VX LP OLaQR WLMHOD XPUOLK L]L^OD GD VD QMLPD
UD]JRYDUDMX L GD VX LP VH GX^H XPUOLK SUHWYRULOH X WLMHOR L GD VX LK RQL YLGMHOL #HOL VH
ND]DWL GD DVKDEL UD QLVX LPDOL RELaDM GD GRQRVH VDODYDW L VHODP NRG QMHJRYD NDEXUD
RQDNR NDNR WR UDGH NDVQLMH JHQHUDFLMH
6HLG E 0HQVXU X VYRPH
 
UHNDR MH 3ULSRYLMHGDR QDP MH $EGXO$]L] E
0XKDPPHG QMHJD MH REDYLMHVWLR 6XKHMO E (EX6XKHMO NRML MH UHNDR
9LGLR PH +DVDQ
E $OL E +DVDQ E $OL E (EX7DOLE NRG 9MHURYMHVQLNRYD VDYV PH]DUD SD PH MH
SR]YDR GRN MH YHaHUDR NRG )DWLPH
5HNDR MH
8_L QD YHaHUX

1H PRJX
 UHNDR
VDP
=D^WR VL ELR NRG PH]DUD
 XSLWDR MH
3RVHODPLR VDP 9MHURYMHVQLND VDYV

UHNDR VDP
.DGD X_H^ X GCDPLMX QD]RYL VHODP
 UHNDR MH D ]DWLP GRGDR
$OODKRY
3RVODQLN VDYV UHNDR MH 1HPRMWH PRM PH]DU SUHWYRULWL X PMHVWR VWDOQRJ RNXSOMDQMD
L QHPRMWH VYRMH NX`H X PH]DUOXNH SUHWYDUDWL 'RQRVLWH QD PHQH VDODYDW MHU PL YD^
VHODP GROD]L EH] RE]LUD JGMH YL ELOL $OODK MH SURNOHR CLGRYH L NU^`DQH NRML VX PH]DUH
VYRMLK YMHURYMHVQLND SUHWYRULOL X PHVGCLGH
 9L L RQL X $QGDOX]LML LVWL VWH
5HNDR VDP 2Q +DVDQ MH ELR URGELQVNL L NRP^LMVNL EOL]DN SD MH ]DEUDQLR GD VH
GROD]L NRG PH]DUD GD EL VH NRG QMHJD PROLOR 'ROD]DN NRG PH]DUD UDGL XSX`LYDQMD
VHODPD QMHPX L WUDCHQMD XGRYROMDYDQMX GRYL QLMH QH^WR ^WR VX $OODK L 1MHJRY 3RVODQLN
SURSLVDOL RYRP XPPHWX
C  !"# $%!&#

'D MH WR ELOR SURSLVDQR QH EL WR L]RVWDYLOL KDOLIH L SUYL PXVOLPDQL PXKDGCLUL L


HQVDULMH L RQL NRML VX QMLK VOLMHGLOL X GREUX RG XJOHGQLND L] (KOXEHMWD LPDPD L]
JHQHUDFLMD WDELLQD L QH EL XNRUDYDOL RQH NRML VX WR UDGLOL 1MLKRYH VX ULMHaL GRND] L QD
QMHJD XND]XMX KDGLVL NDR ^WR MH KDGLV RG $L^H KDGLV L] RYRJ SRJODYOMD L PQRJL GUXJL
MHU VX SUYH JHQHUDFLMH ]QDOH ^WD MH 9MHURYMHVQLN VDYV KWLR VYRMRP ]DEUDQRP
SUHWMHULYDQMD L ]D QMHJRY VWUDK RG RQRJD X ^WD VX XSDOL RQL NRML VX SUHWMHULYDOL X YMHUL L
VOLMHGLOL SXW PLPR SXWD YMHUQLND NDR ^WR MH 8]YL^HQL UHNDR

IkIMd@ILAdHkh@Ap
@tOAkTtLA@

2QRJD NR VH VXSURWVWDYL 3RVODQLNX D SR]QDW PX MH 3UDYL SXW L NRML SR_H SXWHP


NRML QLMH SXW YMHUQLND SXVWLW `HPR GD aLQL ^WD KR`H L EDFLW `HPR JD X 'CHKHQQHP D
XCDVQR MH RQR ERUDYL^WH ,9 3R^WR VH GHVLOR X RYRP XPPHWX SULGUXCLYDQMH
 RQLK NRML VX X PH]DULPD NDR L QMLKRYR YHOLaDQMH L RERCDYDQMH SRaHOD VX VH
SRGX]LPDWL SXWRYDQMD GR QMLK V QDPMHURP GD VH RQL PROH L RG QMLK SRPR` WUDCL WH
GDYDQMH YULMHGQH LPRYLQH GD EL VH QMLPD SULEOLCLOR L YHOLaDOH QMLKRYH XVOXJH .ROLNR OL MH
WR ]OR YHOLNR 0ROLPR $OODKD ]D VSDV RG RYRJ SULGUXCLYDQMD 0ROLPR *D GD QDV XSXWL
QD RQR ^WR 1MHPX SULEOLCDYD L ^WR 1MHPX YRGL
 !"# $%!&# D

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 NRPHQWDU DMHWD L] VXUH (W7HYEH
 XGDOMDYDQMH VYRMLK VOMHGEHQLND XPPHWD RG RYRJ KDUDPD ^WR GDOMH
 VSRPLQMDQMH QMHJRYH EULJH ]D QDV VDPLORVWL L PLORVWL SUHPD QDPD
 QMHJRYD ]DEUDQD GD VH QD QHNL SRVHEDQ QDaLQ SRVMH`XMH QMHJRY PH]DU
PDGD MH SRVMH`LYDQMH QMHJD MHGQR RG QDMEROMLK GMHOD
 QMHJRYD ]DEUDQD GD VH WD SRVMHWD aHVWR aLQL
 QMHJRYR SRGVWLFDQMH GD VH QDILOH NODQMDMX X NX`L
 GD MH NRG QMLK XWYU_HQR GD VH QH NODQMD X PH]DULVWDQX
 REUD]ORCHQMH ]D WR aLQMHQLFRP GD aRYMHNRY VDODYDW L VHODP XSX`HQL QMHPX
GROD]H GR QMHJD SD PDNDU aRYMHN ELR L GDOHNR 3UHPD WRPH SRJUH^QR MH ^WR
QHNL PLVOH GD VDODYDW L VHODP GR QMHJD GROD]H VDPR DNR RVRED GR_H NRG
QMHJRYD NDEXUD
 aLQMHQLFD GD VH QMHPX $OHMKLVVHODPX X EHU]HKX SUHGRaDYDMX GMHOD
QMHJRYD XPPHWD NRMD VH RJOHGDMX X VDODYDWX L VHODPX QD QMHJD
  !"# $%!&#

 
2720(>7$6(35(126,89(=,67,0
'$@(1(.,,=292*800(7$2%2#$9$7,.,329(
OA@NIAHKAM@AIt@LBf@FhLB D 
L ULMHaL 8]YL^HQRJ =DU QH YLGL^ RQH NRMLPD MH GDW MHGDQ GLR .QMLJH NDNR X
NXPLUH L WDJXWD YMHUXMXw (Q1LVD 

1MHJRYH VX ULMHaL 2 WRPH ^WD VH SUHQRVL GD `H QHNL L] QMHJRYD XPPHWD


RERCDYDWL NLSRYH
3RG NLSRP YHVHQRP SRGUD]XPLMHYD VH VYH RQR ^WR VH RERCDYD ELOR NRMLP
QDaLQRP RERCDYDQMD PLPR $OODKD ELOR GD VH UDGL R NLSX PH]DUX LOL QHaHP GUXJRP
MHU MH 3ULVQL SULMDWHOM ,EUDKLP  DV UHNDR

AFAAPB@cdILAF

9L PLPR $OODKD NXPLUH RERCDYDWH L ODCL VPL^OMDWH ;;,;  ]DMHGQR V


1MHJRYLP ULMHaLPD AAAAsBdI@A
$ RQL VX RGJRYRULOL
2ERCDYDPR NLSRYH L SRYD]GDQ LP VH PROLPR ;;9,
1MHJRYH VX ULMHaL , ULMHaL 8]YL^HQRJ

OA@NIAHKAM@AIt@LBf@FhLB


=DU QH YLGL^ RQH NRMLPD MH GDW MHGDQ GLR .QMLJH NDNR X NXPLUH L ^HMWDQD YMHUXMX
 e
,EQ(EX+DWLP SUHQRVL RG ,NULPH GD MH UHNDR 'R^OL VX +XMHMM E $KWDE L .D
E E
(^UHI 0HNHOLMDPD NRML VX LK XSLWDOL
9L VWH VOMHGEHQLFL .QMLJH HKOXONLWDE L XaHQL VWH
SD QDV REDYLMHVWLWH R QDPD L 0XKDPPHGX
5HNOL VX
$ ^WD WR LPD L]PH_X YDV L
0XKDPPHGD"
5HNOL VX 0L RGUCDYDPR URGELQVNH YH]H YHOLNH GHYH SULQRVLPR NDR
CUWYH X] POLMHNR SRMLPR CHGQH L YRGRP SRPDCHPR QHYROMQLNH L SRMLPR KDGCLMH GRN
MH 0XKDPPHG SRNLGDR QD^H URGELQVNH YH]H L VOLMHGH JD NUDGOMLYFL KDGCLMD L]
SOHPHQD *LIDU SD MHVPR OL PL EROML LOL RQ"

9L VWH EROML L QD LVSUDYQLMHP SXWX

RGJRYRULOL VX 8 SRYRGX WRJD $OODK MH 8]YL^HQL REMDYLR
OA@NIAHKAM@AIt@LBf@FhLB  = D U QH YLGL^ RQH NRMLPD MH GDW

e
MHGDQ GLR .QMLJH NDNR X NXPLUH L WDJXWD YMHUXMX  GR 1MHJRYLK ULMHaL
 !"# $%!&# '

I^k@^D f@dB  D R QH]QDER^FLPD JRYRUH


2QL VX QD LVSUDYQLMHP SXWX
RG YMHUQLND
 ,9

Jx@@dHQehpHIB D  
OA@dIhiA@ch@T

5HFL
+R`HWH OL GD YDP NDCHP NRML VX JRUL RG WDNYLK L NRMH `H $OODK MR^ WHCH
ND]QLWL" 2QL NRMH MH $OODK SURNOHR L QD NRMH VH UDVUGLR L X PDMPXQH L VYLQMH
SUHWYRULR RQL NRML VX ^HMWDQD RERCDYDOLw
 (O0DLGD 

1MHJRYH VX ULMHaL

Jx@@dHQehpHIB
OA@dIhiA@ch@T

5HFL
+R`HWH OL GD YDP NDCHP NRML VX OMXGL JRUL RG WDNYLK L NRMH `H $OODK MR^ WHCH
ND]QLWL" 2QL NRMH MH $OODK SURNOHR L QD NRMH VH UDVUGLR L X PDMPXQH L VYLQMH LK SUHWYRULR
e
RQL NRML VX WDJXWD RERCDYDOL
 8 NRPHQWDUX RYRJ DMHWD %HJDYL NDCH `^ 5HFL WM
R 0XKDPPHGH  ^^IB^^
+R`HWH OL GD YDP NDCHP
 WM GD YDV REDYLMHVWLP
ehpH
NRML VX JRUL RG WDNYLK
 WM PLVOL QD QMLKRYH ULMHaL  1H ]QDPR ]D YMHUX

NRMD `H LPDWL PDQMH VUH`H QD GXQMDOXNX L DKLUHWX RG YD^H QLWL ]QDPR ]D ]ORaHVWLMX
YMHUX RG YD^H SD MH VSRPHQXR RGJRYRU VD L]UD]RP NRMLP VH RWSRaLQMH JRYRU NDR ^WR
VX 1MHJRYH ULMHaL t@mH@hf@@AdgA@ehpHICB
5 HFL
+R`HWH OL
GD YDP NDCHP ^WR `H YDP ELWL PUCH RG WRJD"  9DWUD NRMRP $OODK QHYMHUQLFLPD SULMHWL
D JUR]QR `H RQD SUHELYDOL^WH ELWL ;;,, 
1MHJRYH VX ULMHaL MR^ WHCH ND]QLWL HQ 
   WM VHYDEHQ YH GCH]DHQ
MHVX X DNX]DWLYX NDR NRPHQWDU NRMH `H $OODK"  
hiA@ch@TJx@
RQL NRMH MH $OODK SURNOHR L QD NRMH VH UDVUGLR L X PDMPXQH L VYLQMH SUHWYRULR
3RG L]UD]RP PDMPXQH PLVOL VH QD RQH NRML VODYH VXERWX CLGRYH  D SRG ULMHaMX
VYLQMH PLVOL VH QD RQH NRML VX ]DQLMHNDOL SRVODQVWYR ,VDD DV
2G $OLMH E (EX7DOKH SUHQRVL VH GD VH RED SUHWYDUDQMD RGQRVH QD RQH NRML VODYH
VXERWX CLGRYH  1MLKRYD MH RPODGLQD ELOD SUHWYRUHQD X PDMPXQH D VWDUFL X VYLQMH
OA^@d^I  2QL NRML VX ^HMWDQD RERCDYDOL WM GDR MH GD QHNL RG QMLK EXGX RG RQLK

NRML RERCDYDMX ^HMWDQD WM SRNRUDYDMX VH QMHPX X VYHPX ^WR LP RQ NDCH 8


7DEHULMHYRP WHIVLUX VWRML GD MH +DP]D SURXaLR
(  !"# $%!&#

@dUlfaMhB@If@A D 
$ RQGD RQL GR aLMLK VH ULMHaL QDMYL^H GUCDOR UHNR^H
6LJXUQR `HPR QDG QMLPD
VDJUDGLWL PHVGCLG
 (O.HKI 
2G (EX6HLGD HO+XGULMD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV
UHNDR 9L `HWH XLVWLQX VOLMHGLWL SXWHYH RQLK NRML VX ELOL SULMH YDV OLaH`L QD QMLK
NDR ^WR MH VOLaQD SHUND QD VWULMHOL GUXJRM SHUFL WDNR GD NDG EL RQL X^OL X
JX^WHURYX UXSX L YL ELVWH X QMX X^OL 8SLWDOL VX SULVXWQL  $OODKRY 3RVODQLaH
MHVX OL WR CLGRYL L NU^`DQL" $ NR GUXJL RGJRYRULR MH =DELOMHCLOL VX JD QMLK

GYRMLFD %XKDULMD L 0XVOLP 

OA^@ dI
YH 
  
 VD   QD VORYX  L   QD VORYX 
GRN VX ,EQ$EEDV ,EQ0HVXG ,EUDKLP HQ1HKDL $PH^ (EDQ E 7DJOLE SURXaLOL VD
GDPPRP QD VORYX  L VORYX  WH   QD VORYX  GRN MH VORYR WD SURXaHQR V
  

1MHJRYH VX ULMHaL A^Ah^o^B QMLK aHND QDMJRUH PMHVWR JRUH RG RQRJ ]D


NRMH YL PLVOLWH GD aHND QDV I^l@@^k^^wB MHU RQL VX QDMGDOMH V 3UDYRJ SXWD
RGOXWDOL RYR MH YLG NDNR NDCH ,EQ.HVLU XSRWUHEH NRPSDUDFLMH X RQRP X aHPX
GUXJD VWUDQD QH XaHVWYXMH NDR ^WR VX 1MHJRYH ULMHaL
lXB@hMl`f@KAYsB
6WDQRYQLFL 'CHQQHWD `H WRJ GDQD QDMEROMH SUHELYDOL^WH L QDMOMHS^H RGPDUDOL^WH
LPDWL ;;9
1MHJRYH VX ULMHaL 2G (EX6HLGD HO+XGULMD UD SUHQRVL VH GD MH $OODKRY
3RVODQLN VDYV UHNDR


 
D '( . +   / 6 . .!  
DC  !/   
..   .. ++  +  /0 1G .. .. /. .  /
1
8/ 
C((: !/     ..+ ..
#/    DE ::  ,  
 %+ 

,. .+ 8/, . 2 +.,- , .+ ,+2
* +, - +  

D: !/   .. ++  +  /0 1G  .. .. /. .
 /1
! .8  ,/  
D::  H.   //
#/   
CEDC  '  '' 'C  ,  %+ 

F4.2 1666 661 . .6   
    .-,  .6 , #/  8. EC' , B
 
  -0 1+-, 
,,/ // + > ,. ,+   3+   + ?+ . .+-@ 4> . .+ , 7,
+ 4. 3 . + -,+ 32
1 , 8/ ,. -0 1$ > . + ,. ,+  
3+  3+ 3, 3+ 7. 3, 7. ,     ,. 7  -7, 3   .+ .
+
1 F /,0 1#, <,.4 +  , ,  7>.I1 1# , -1 ,-,,, +

 !"# $%!&# 

0XVOLP SUHQRVL RG 6HYEDQD UD GD MH $OODKRY 3RVODQLN VDYV UHNDR


$OODK PL MH XLVWLQX GDR GD REXKYDWLP =HPOMX SD VDP YLGLR QMHQH LVWRNH L
]DSDGH


9L `HWH XLVWLQX VOLMHGLWL SXWHYH RQLK NRML VX ELOL SULMH YDV OLaH`L QD QMLK NDR ^WR MH
VOLaQD SHUND QD VWULMHOL GUXJRM SHUFL WDNR GD NDG EL RQL X^OL X JX^WHURYX UXSX L YL ELVWH
X QMX X^OL
8SLWDOL VX SULVXWQL 
$OODKRY 3RVODQLaH MHVX OL WR CLGRYL L NU^`DQL"

$ NR
GUXJL
 RGJRYRULR MH =DELOMHCLOL VX JD QMLK GYRMLFD %XKDULMD L 0XVOLP  2YR MH FLWDW RG
0XVOLPD $OHMKLVVHODP MH REMDVQLR GD VYH RQR ^WR VH GHVLOR VOMHGEHQLFLPD .QMLJH
HKOXONLWDEX  D ]D^WR LK MH $OODK GC^ XNRULR X RYLP L GUXJLP DMHWLPD QXCQR `H VH
GHVLWL X RYRP XPPHWX , RYDM KDGLV MHVWH GRND] ]D QDVORY RYRJ SRJODYOMD
1MHJRYH VX ULMHaL 3XWHYH     VD   QD VORYX  WM SXW RQLK NRML VX
ELOL SULMH YDV
1MHJRYH VX ULMHaL OLaH`L QD QMLK NDR ^WR MH VOLaQD SHUND QD VWULMHOL GUXJRM SHUFL
 
   5LMHa   MHVWH X DNX]DWLYX X XOR]L JODJROVNH LPHQLFH (O
NX]]HK MH VD   QD VORYX  7R MH MHGQLQD RG    L LPH MH ]D SHUFH QD
VWULMHOL 7R ]QDaL VOLMHGLW `HWH XLVWLQX QMLKRY SXW X VYHPX ^WR VX UDGLOL L OLaLW `HWH QD
QMLK X WRPH NDR ^WR SHUFH MHGQH VWULMHOH OLaL SHUFHWX GUXJH RQDNR NDNR MH 9MHURYMHVQLN
VDYV REDYLMHVWLR 6XIMDQ E 8MHMQH MH UHNDR .R VH SRNYDUL RG QD^LK XaHQMDND RQ
OLaL QD CLGRYH D NR VH SRNYDUL RG QD^LK SRERCQMDND RQ OLaL QD NU^`DQH
1MHJRYH VX ULMHaL RG 6HYEDQD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV
UHNDR $OODK PL MH XLVWLQX GDR GD REXKYDWLP =HPOMX SD VDP YLGLR QMHQH LVWRNH L
]DSDGH 9ODVW `H PRJD XPPHWD XLVWLQX GRVH`L RQROLNR NROLNR VDP RG QMH REXKYDWLR
'DWD VX PL GYD WUH]RUD FUYHQL L ELMHOL  e
2YDM MH KDGLV ]DELOMHCLR (EX'DYXG X VYRPH
 
L ,EQ 0DGCGCH VD
GRGDWNRP NRML MH VSRPHQXR DXWRU QHND PX VH $OODK VPLOXMH
9ODVW PRJD XPPHWD XLVWLQX `H GRVH`L RQROLNR NROLNR VDP RG QMH
REXKYDWLR 'DWD VX PL GYD WUH]RUD FUYHQL L ELMHOL , PROLR VDP XLVWLQX VYRJD
*RVSRGDUD ]D PRM XPPHW GD JD QH XQL^WL VYHRS`RP VX^RP L GD QMLPD QH
RYODGD QHSULMDWHOM PLPR QMLK VDPLK SD GD RYODGD VYLP ^WR RQL SRVMHGXMX 0RM


 & 
C'C H. //   6.  
! .8 
D:'C 
H.   / +. /..
#/    'EC  C  ,  . 

+-, + .
+,,,+. ?@
* +, - +  /6  >.,/ ,  ,  . 
 
CCD  H.
  /  ///.
* +, - + #/    ECD , B
 


  !"# $%!&#

MH *RVSRGDU XLVWLQX UHNDR


0XKDPPHGH MD NDG RGUHGLP RGUHGEX WR VH
]DLVWD QH PRCH VSULMHaLWL -D VDP XLVWLQX GDR WYRP XPPHWX GD LK QH`X XQL^WLWL
VYHRS`RP VX^RP L GD QH`X GDWL GD QMLPD RYODGD QHSULMDWHOM PLPR QMLK VDPLK
GD RYODGD VYLP ^WR RQL SRVMHGXMX SD PDNDU VH SURWLY QMLK VDNXSLOL L] VYLK QMHQLK
GLMHORYD
 LOL MH UHNDR
.R VH QDOD]L PH_X QMHQLP GLMHORYLPD VYH GRN QH EXGX

XQL^WDYDOL MHGQL GUXJH L ]DUREOMDYDOL MHGQL GUXJH


1MHJRYH VX ULMHaL 2G 6HYEDQD 2Q MH ^WL`HQLN 9MHURYMHVQLNRY VDYV %LR MH


VWDOQR X] QMHJD D SRVOLMH QMHJRYH VPUWL QDVWDQLR VH X >DPX 8PUR MH X +XPVX
SHGHVHW aHWYUWH JRGLQH
1MHJRYH VX ULMHaL GDR GD REXKYDWLP =HPOMX       7XUEH^WL MH
UHNDR
#  
   ]QDaL 6DNXSLR VDP JD L XKYDWLR X VYRMH UXNH 0LVOL QD
SULEOLCDYDQMH QMHQLK GDOHNLK GLMHORYD WDNR GD LK MH 3RVODQLN VDYV YLGLR NDR ^WR YLGL
RQR ^WR MH EOL]X 7R ]QDaL GD PX MH VPRWDR =HPOMX L XaLQLR MH NDR ^DNX NRMX JOHGD
SUHG RJOHGDORP 7LEL MH UHNDR 6DNXSLR PL MX MH WDNR GD VDP YLGLR ^WD PRM XPPHW
SRVMHGXMH RG QMHQRJ LVWRND GR ]DSDGD
1MHJRYH VX ULMHaL 9ODVW `H PRJD XPPHWD XLVWLQX GRVH`L NROLNR VDP RG QMH
REXKYDWLR .XUWXEL MH UHNDR 7R VH GHVLOR RQDNR NDNR MH UHaHQR L WR MH MHGDQ RG
GRND]D QMHJRYD VDYV YMHURYMHVQL^WYD 9ODVW QMHJRYD XPPHWD SURWHJOD VH GR
7DQJHUD $ VD QXQRP L     D WR MH NUDMQMH PMHVWR SRG PDURNDQVNRP
MXULVGLNFLMRP L QD LVWRN VYH GR L]D +RUDVDQD L ULMHNH L YHOLNLK GLMHORYD ,QGLMH 6LQGD L
.LQH 7D YODVW QLMH VH LVWLP UD]PMHUDPD SUR^LULOD QD MXJ L VMHYHU L ]ERJ WRJD
$OHMKLVVHODP QLMH VSRPHQXR GD PX MH WR SUHGRaHQR QLWL MH REDYLMHVWLR GD `H YODVW
QMHJRYD XPPHWD WDPR VWL`L
1MHJRYH VX ULMHaL NROLNR VDP RG QMH REXKYDWLR 
    ULMHa ]XYLMH
MH PRCGD X DNWLYX    D PRCGD L X SDVLYX 
 
1MHJRYH VX ULMHaL 'DWD VX PL GYD WUH]RUD FUYHQL L ELMHOL .XUWXEL MH UHNDR 3RG
WLP PLVOL QD WUH]RU .LVUH FDUD 3HU]LMH L WUH]RU .DMVDUD FDUD %L]DQWLMH QMLKRYH GYRUFH L
GUCDYH $OHMKLVVHODP MH UHNDR 7DNR PL 2QRJD X ALMLP MH UXNDPD PRMD GX^D QMLKRYL
`H WUH]RUL ELWL SRWUR^HQL QD $OODKRYRP SXWX WM X VYUKX GCLKDGD  5LMHa FUYHQL
XSRWULMHELR MH ]D WUH]RU .DMVDUD MHU MH NRG QMLK YH`LQRP ELOR ]ODWR D ELMHOL ]D WUH]RU
.LVUH MHU MH X QMHPX YH`LQRP ELOR VUHEUR L GUDJXOML 7R VH VYH GHVLOR ]D YULMHPH
YODGDYLQH 2PHUD UD


8/ 
C: H.  7    6// /  

 !"# $%!&# :

1MHJRYH VX ULMHaL , PROLR VDP XLVWLQX VYRJD *RVSRGDUD ]D PRM XPPHW GD LK QH


XQL^WL VD VYHRS`RP VX^RP 2YDNR VWRML X RULJLQDOX VD VORYRP     D WR MH
YMHURGRVWRMQR SUHGDQMH NRMH VH QDOD]L NRG 0XVOLPD 8 QHNLP MH SUHGDQMLPD EH] VORYD
 .XUWXEL MH UHNDR ,]JOHGD NDR GD MH RYR VORYR YL^ND MHU MH
DPPH DWULEXW ]D VX^X
   6HQH ]QDaL VX^D NRMD X]URNXMH RS`X SURSDVW
1MHJRYH VX ULMHaL PLPR QMLK VDPLK WM QHNRJ GUXJRJ RVLP QMLK GDNOH
QHYMHUQLND GD XQL^WDYDMX MHGQL GUXJH L ]DUREOMDYDMX MHGQL GUXJH NDNR MH GHWDOMQR
RSLVDQR X KLVWRULML
1MHJRYH VX ULMHaL SD GD RYODGD VYLP ^WR RQL SRVMHGXMX    

  
 'CHYKHUL MH UHNDR % 
 R]QDaDYD VYH ^WR MH QMHJRY SRVMHG
YODVQL^WYR WHULWRULM D  
  MHVWH SRGUXaMH L WHULWRULM WRJ QDURGD 3UHPD
RYRPH ]QDaHQMH KDGLVD ELOR EL GD $OODK QH`H GRSXVWLWL GD QHSULMDWHOM RYODGD VYLP
PXVOLPDQLPD L WDNR RYODGD VYLP SRGUXaMLPD L ]HPOMRP SD PDNDU VH RNXSLOL L]
UD]OLaLWLK GLMHORYD ]HPDOMVNH NXJOH 1HNL VX SURWXPDaLOL GD EHMGDWXKXP ]QDaL

 
   
 YH`LQX QMLK L QMLKRYX ]DMHGQLFX  SD PDNDU LK ELOR L
PDOR
1MHJRYH VX ULMHaL VYH GRN QH EXGX XQL^WDYDOL MHGQL GUXJH L ]DUREOMDYDOL MHGQL
GUXJH /LWHUDUQR YLGOMLYR ]QDaHQMH XSX`XMH GD ULMHa KDWWD GRN R]QDaDYD NUDMQMX
JUDQLFX WM GD `H QMHJRY XPPHW GR`L GRWOH GD `H XQL^WDYDWL MHGQL GUXJH
:  !"# $%!&#

=DELOMHCLR JD MH L %HUNDQL X VYRP 6DKLKX 8 QMHPX MR^ VWRML 8LVWLQX VH


SOD^LP ]D VYRMH VOMHGEHQLNH YR_D LPDPD NRML `H YRGLWL X ]DEOXGX

1MHJRYH VX ULMHaL 0RM MH *RVSRGDU XLVWLQX UHNDR 0XKDPPHGH MD NDG


RGUHGLP RGUHGEX WR VH ]DLVWD QH PRCH VSULMHaLWL 2YR LPD LVWR ]QDaHQMH NDR L X
KDGLVX 1HPD WRJD NR `H VSULMHaLWL ^WR 7L RGUHGL^
1MHJRYH VX ULMHaL =DELOMHCLR JD MH L %HUNDQL X VYRP 
 7R MH YHOLNL KDIL]
(EX%HNU $KPHG E 0XKDPPHG E *DOLE HO+DYDUL]PL H^>DIL
L 5R_HQ MH WULVWD
WULGHVHW ^HVWH JRGLQH D XPUR aHWLULVWR GYDGHVHW SHWH (O+DWLE MH ]D QMHJD UHNDR
%LR MH aYUVW L SRERCDQ QLVPR YLGMHOL GD MH QHNR RG QD^LK ^HMKRYD aYU^`H SDPWLR
3R]QDYDR MH ILNK L SXQR MH GMHOD QDSLVDR 6DVWDYLR MH 
  X NRML MH XYUVWLR KDGLVH
NRML VH QDOD]H X   6DNXSLR MH KDGLVH RG 6HYULMD >X
EHD L GUXJLK
1MHJRYH VX ULMHaL 8LVWLQX VH SOD^LP ]D VYRMH VOMHGEHQLNH YR_D LPDPD NRML `H
YRGLWL X ]DEOXGX WM HPLUD XOHPH SRERCQMDND NRML `H PH_X QMLPD VXGLWL EH] ]QDQMD L
WDNR LK RGYHVWL QD VWUDQSXWLFX NDR ^WR MH 8]YL^HQL UHNDR
0QRJL SUHPD SURKWMHYLPD VYRMLP QHPDMX`L RQH NRML X ]OX SUHOD]H VYDNX PMHUX
2Q MH WDNR_HU UHNDR

dMAHBHgFH@CHx@QF

D L SULMH VX ]D WR QLNDNYD GRND]D ]DYRGH GUXJH X ]DEOXGX $ *RVSRGDU WYRM


GREUR ]QD RQH NRML X ]OX SUHOD]H VYDNX PMHUX 9, 2Q MH WDNR_HU UHNDR
^^@hQ^^^B^I^wd^ D L SULMH VX QMLK YH`LQRP GUHYQL QDURGL X ]DEOXGL ELOL

;;;9,, $MHWD VOLaQLK RYLPD X .XU


DQX LPD SXQR 2G =LMDGD E +XGDMUD SUHQRVL
VH GD MH UHNDR 2PHU PL MH UHNDR
=QDGH^ OL ^WD UX^L LVODP"

1H
 UHNDR VDP
5X^H
JD JUH^NH XaHQLK OLFHPMHURYR DUJXPHQWLUDQMH SRPR`X .XU
DQD L YODVW YR_D NRML
]DYRGH QD VWUDQSXWLFX



;, + ,  ,+ 3., &  
  + #, <,. 


 .,. ./6 -,,,0
1/ ,- ,/ # +- .,-
;. ./ -
+/ 33     
;.
,+  />+  ;. + /,>.
# ./ ,.,- , /, 3+4 ,., 7,  7 . ,.,- ,
/,  7,  6 .7
/ ,- , > 3+4 7,  ,7 . ,-, .4+ ,   /,
7 3,/,>
1 * +, - + 66  . / + ,  , + , 6, %+/   !
!   E D
$0 "   CEDDD  E'C


&/ 
CC  8/    ++ 6+
. / + 

 !"# $%!&# :

 3D NDGD SRaQH ERUED SURWLY QMLK PXVOLPDQD  QH`H SUHVWDWL GR


.LMDPHWVNRJ GDQD 1H`H QDVWXSLWL .LMDPHWVNL GDQ GRN VH SOHPHQD L] PRJD
XPPHWD QH SULNOMXaH PQRJRER^FLPD PX^ULFLPD L GRN PQRJREURMQH VNXSLQH
PRJD XPPHWD QH EXGX RERCDYDOH NLSRYH 8 PRP `H XPPHWX ELWL WULGHVHW
ODCDFD 6YDNL `H WYUGLWL GD MH YMHURYMHVQLN D MD VDP SHaDW YMHURYMHVQLFLPD L QHPD
YMHURYMHVQLND SRVOLMH PHQH -HGDQ `H EURM PRMLK VOMHGEHQLND XLVWLQX RVWDWL QD
LVWLQL SREMHGQLaNL 1H`H LP QDXGLWL RQDM NR LK MH L]GDR L V QMLPD VH UD]L^DR VYH
GRN QH GR_H RGUHGED $OODKD 6ODYOMHQRJ L 8]YL^HQRJ

1MHJRYH VX ULMHaL 3D NDGD SRaQH ERUED SURWLY QMLK PXVOLPDQD  QH`H SUHVWDWL GR
.LMDPHWVNRJ GDQD 7R VH GHVLOR L MR^ XYLMHN MH XPPHW X WRP VWDQMX 0ROLPR $OODKD
GC^ ]D VSDV QD GXQMDOXNX L DKLUHWX 7X LPD RQRJ ^WR MH SUDYHGQR NDR ^WR MH ERUED
VOMHGEHQLND aLVWRJ PRQRWHL]PD  SURWLY RQLK NRML $OODKX  aLQH WH QMLKRYR
QDVWRMDQMH GD RQL ^LUN RVWDYH $OODK MH GDR WLPH SULYLOHJLMX RQLPD NRMLPD MH RPRJX`LR
GD SUHG NUDM RYRJ GXQMDOXND SR]LYDMX 1MHJRYRM MHGQR`L 0H_XWLP VOMHGEHQLFL ^LUND
RWSRaHOL VX ERUEX SURWLY QMLK DOL $OODK MH GDR GD RQL QDG QMLPD SRELMHGH ^WR QLMH WDMQD
]D VYDNRJ NR UD]PL^OMD R ]QDNRYLPD RYH YMHUH X RYLP YUHPHQLPD
1MHJRYH VX ULMHaL 1H`H QDVWXSLWL .LMDPHWVNL GDQ GRN VH SOHPHQD L] PRJD
XPPHWD QH SULNOMXaH PQRJRER^FLPD PX^ULFLPD  ! MHVWH MHGQLQD RG HODKMD
L
]QDaL  SOHPHQD  8 SUHGDQMX RG (EX'DYXGD VWRML GRN VH SOHPHQD
PQRJD L PQRJD L] PRJD XPPHWD QH SULNOMXaH PQRJRER^FLPD
1MHJRYH VX ULMHaL L GRN PQRJREURMQH VNXSLQH PRJD XPPHWD QH EXGX
RERCDYDOH NLSRYH 6NXSLQH 
MHVWH VD    L ]QDaL PQRJREURMQX
VNXSLQX 7DNR MH UHNDR (EXV6H
DGDW 2YR MH GRND] ]D QDVORY )LWQHOXN LVNX^HQMH
RERCDYDQMD NLSRYD ELR VH WROLNR XaYUVWLR L XNRULMHQLR GD aDN QLMH ELOR X RYLP ]DGQMLP
VWROMH`LPD QHNRJ NR EL WR QHJLUDR VYH GRN $OODK 8]YL^HQL QLMH GDR GD VH SRMDYL
^HMKXOLVODP 0XKDPPHG E $EGXO9HKKDE GD PX VH $OODK 8]YL^HQL VPLOXMH NRML MH WR
QHJLUDR L SR]LYDR OMXGH GD VH WRJD NDQH 3R]LYDR LK MH GD RERCDYDMX $OODKD
8]YL^HQRJ VDPR 1MHJD 2Q QHPD VXGUXJD X SRJOHGX 1MHJRYD 

  1MHJRYD


  L 1MHJRYLK LPHQD L VYRMVWDYD 9ODGDUL L QMLKRYL VOMHGEHQLFL QHSULMDWHOMVNL VX LK
GRaHNDOL SD LK MH $OODK V MDVQLP GRND]RP SRWSRPRJDR L X]GLJDR QMHJRYH VOMHGEHQLNH
X RGQRVX QD RQH NRML VX LP VH VXSURWVWDYLOL
:C  !"# $%!&#

1MHJRYD MH & SR]LY GRVHJOD QD LVWRN L ]DSDG ]HPDOMVNH NXJOH 0H_XWLP QHNL
VX OMXGL VSR]QDOL D QHNL VX WR ]DQLMHNDOL 6 QMHJRYRP VX VH & PQRJL RNRULVWLOL X
1HGCGX +LGCD]X 2PDQX L GUXJLP SRGUXaMLPD SD QHND MH VYD KYDOD $OODKX QD RYRM
YHOLNRM EODJRGDWL L QHND QDV $OODK XaLQL GD EXGHPR RG RQLK NRML VX ]DKYDOQL
1MHJRYH VX ULMHaL 8 PRP XPPHWX ELW `H WULGHVHW ODCDFD 6YDNL `H WYUGLWL GD MH
YMHURYMHVQLN .XUWXEL MH UHNDR 1MLKRY MH EURM WDaQR VSRPHQXW X KDGLVX NRML SUHQRVL
+X]HMIH GD MH $OODKRY 3RVODQLN VDYV UHNDR
8 PRP `H XPPHWX ELWL GYDGHVHW
VHGDP ODCOMLYDFD YDUDOLFD RG NRMLK `H ELWL aHWLUL CHQH
=DELOMHCLR JD MH (EX1X
DMP L
UHNDR 2YDM MH KDGLV  6HYEDQRY MH KDGLV YMHURGRVWRMQLML RG RYRJ .DGLMD ,MDG
NDCH %URMDQR MH NR VH VYH SURJODVLR YMHURYMHVQLNRP MR^ L] YUHPHQD $OODKRYD
3RVODQLND VDYV SD VYH GR VDGD NRML VX SR WRPH SRVWDOL SR]QDWL L VOLMHGLOH LK
VNXSLQH X QMLKRYRM ]DEOXGL L GRVWLJOL VX WX EURMNX 2QDM NR aLWD NQMLJH L] KLVWRULMH
VSR]QDW `H LVWLQX RYRJD D SRVOMHGQML PH_X QMLPD ELW `H QDMYH`L GHGCDO
1MHJRYH VX ULMHaL D MD VDP SHaDW YMHURYMHVQLFLPD +DVDQ MH UHNDR  (OKDWHP
SHaDW ]QDaL RQDM NRMLP MH ]DSHaD`HQR 7R ]QDaL GD MH RQ SRVOMHGQML YMHURYMHVQLN
NDNR MH 8]YL^HQL UHNDR

I@A`@kgATgdXBAHBdAA

0XKDPPHG QLMH URGLWHOM QLMHGQRP RG YD^LK OMXGL QHJR MH $OODKRY 3RVODQLN L


SRVOMHGQML YMHURYMHVQLN ;;;,,, ,VD DV SUHG NUDM RYRJ YUHPHQD GXQMDOXND VL`L
`H GD EL YODGDR SR >HULMDWX NRML MH REMDYOMHQ 0XKDPPHGX VDYV L NODQMDW `H QDPD]
RNUH`X`L VH SUHPD QMHJRYRM NLEOL 3UHPD WRPH RQ `H ELWL NDR MHGDQ RG QMHJRYLK
VOMHGEHQLND >WDYL^H RQ `H ELWL QDMEROML PH_X QMHJRYLP VOMHGEHQLFLPD
1MHJRYH VX ULMHaL -HGDQ `H EURM PRMLK VOMHGEHQLND XLVWLQX RVWDWL QD LVWLQL
SREMHGQLaNL 1H`H LP QDXGLWL RQDM NR LK MH L]GDR L V QMLPD VH UD]L^DR 1HYHYL NDCH
0RJX`H MH GD VH SRG ULMHaMX  
 SRGUD]XPLMHYDMX PQRJREURMQH VNXSLQH
UD]OLaLWLK YUVWD PX
PLQD RQLK KUDEULK NRML SR]QDMX UDWRYDQMH XaHQLK SUDYQLND
XaHQMDND X KDGLVX X WHIVLUX RQLK NRML QDUH_XMX GREUR D RGYUD`DMX RG ]OD DVNHWD L
SRERCQMDND

1LMH QXCQR GD RQL EXGX VDNXSOMHQL QD MHGQRP PMHVWX X MHGQRM GUCDYL  QHJR MH
PRJX`H GD VH QD_X QD MHGQRP PMHVWX D L GD EXGX UD]DVXWL X UD]OLaLWLP GLMHORYLPD


%+/    EDDC 0 1* +, - + #/ 'ED:(  .  #    
 66
<.,,2  , 66 +,,,+.

 !"# $%!&# :D

]HPDOMVNH NXJOH 0RJX`H MH GD VH VDNXSH X MHGQRM GUCDYL LOL GD EXGX X QHNLP


GUCDYDPD D GD QH EXGX X GUXJLP 0RJX`H MH GD LK SRODKNR MHGDQ SR MHGDQ QHVWDQH
VD OLFD =HPOMH WDNR GD QH RVWDQH OMXGL RVLP MHGQH VNXSLQH X MHGQRM GUCDYL .DGD
L^aH]QX WDGD `H GR`L $OODKRYD RGUHGED =DYU^HQ JRYRU +DIL]RY X] RGUH_HQR
SDUDIUD]LUDQMH
$XWRU MH UHNDR 8 QMHPX MH YHOLNL ]QDN D WR MH GD QMLPD XLVWLQX L SRUHG QMLKRYH
PDOREURMQRVWL QH`H QDXGLWL RQL NRML VX LK L]GDOL QLWL RQL V NRMLPD VX VH UD]L^OL WH GD LVWLQD
QH`H X FLMHORVWL L^aH]QXWL
1MHJRYH VX ULMHaL VYH GRN QH GR_H RGUHGED $OODKRYD 9LGOMLYR ]QDaHQMH
XSX`XMH GD RYR DOXGLUD QD RQR ^WR VH SUHQRVL GD `H YMHUQLFL NRML GR WDGD EXGX CLYMHOL
SRPULMHWL WDNR ^WR `H SXKQXWL OLMHS YMHWDU L GD `H VH GHVLWL YHOLNL SUHG]QDFL 3RVOLMH WRJD
`H RVWDWL X CLYRWX VDPR ]OL OMXGL
1MHJRYH VX ULMHaL 6ODYOMHQRJ L 8]YL^HQRJ ,EQXO.DMMLP GD PX VH $OODK
VPLOXMH UHNDR MH (OEHUHNH MH X REOLNX IH
DOH 1MHQ JODJRO JODVL EDUHNH 3RQHNDG MH
SUHOD]DQ VDP SR VHEL D SRQHNDG VD aHVWLFRP  L aHVWLFRP IL 1MHQ REOLN X SDVLYX
MH
  NRML MH L]YHGHQ L] QMH 2Q MH
  MHU JD MH 8]YL^HQL XaLQLR WDNYLP
'UXJL MH YLG EHUHNH 3ULSLVXMH 0X VH X VPLVOX PLORVWL PR`L L SRQRVD 1MHQ JODJRO JODVL
WHEDUHNH =ERJ WRJD VH QH XSRWUHEOMDYD ]D QHNRJ GUXJRJ PLPR 1MHJD L QLMH LVSUDYQR
XSRWUHEOMDYDWL JD RVLP ]D 1MHJD 8]YL^HQRJ 2Q MH 8]YL^HQL !
  D 1MHJRY
URE L 3RVODQLN MH !
  >WR VH SDN 1MHJRYD VYRMVWYD   WLaH RQR MH
SRVHEQR VDPR ]D 1MHJD NDR ^WR JD MH XSRWULMHELR ]D 6HEH X 1MHJRYLP ULMHaLPD
A@Kg@gAIL 1HND MH VODYOMHQ $OODK *RVSRGDU VYMHWRYD 9,,

hdo@dHf@gAIL

1HND MH VODYOMHQ 2QDM X ALMRM MH UXFL YODVW 2Q VYH PRCH /;9,, 9LGL^ OL NDNR
VH RQD SRQDYOMD X .XU
DQX VDPR X] 1MHJD L RGQRVL VH VDPR QD 1MHJD L QLMH
XSRWULMHEOMHQD ]D QHNRJ GUXJRJ 2QD MH X NRPSDUDWLYQRP REOLNX NDR ^WR MH ULMHa 
L 
 7DNR MH REOLN WHEDUHNH GR^DR QD LVWL REOLN NDR L WH
DOD NRML XSX`XMH QD
VDYU^HQRVW X]YL^HQRVWL L QMHQ QDMYL^L VWXSDQM ,VWR WDNR   XSX`XMH QD
VDYU^HQRVW 1MHJRYRJ EHUL`HWD YHOLaLQX L SURVWUDQRVW QMHJRYX 2YR MH ]QDaHQMH ULMHaL
SUHWKRGQLND     WHEDUHNH ]QDaL   ,EQ$EEDV MH UHNDR 'RQLR MH VYDNL
EHUL`HW
:  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 NRPHQWDU DMHWD L] VXUH (Q1LVD
 NRPHQWDU DMHWD L] VXUH (O0DLGD
 NRPHQWDU DMHWD L] VXUH (O.HKI
 D RQR MH QDMYDCQLMH ]QDaHQMH YMHURYDQMD X NLSRYH L ^HMWDQD QD RYRP
PMHVWX 'D OL MH WR XYMHUHQMH VUFD LOL MH WR SRLVWRYMH`LYDQMH V QMLPD X] PUCQMX
WRJD L VSR]QDMH GD MH WR SRJUH^QR"
 QMLKRYH ULMHaL .DILUL NRML SR]QDMX VYRM NXIU XSX`HQLML VX RG YMHUQLND
 D QD RYR VH RGQRVL QDVORY GD `H VH WR QHPLQRYQR GHVLWL X RYRP XPPHWX
NDR ^WR MH WR SRWYU_HQR X KDGLVX (EX6HLGD
 HNVSOLFLWQD L]MDYD GD `H VH WR GRJRGLWL WM RERCDYDQMH NLSRYD X RYRP
XPPHWX RG PQRJLK
 ^WR MH QDMaXGQLMH SRMDYD RQLK NRML WYUGH GD VX YMHURYMHVQLFL NDR ^WR MH ELR
0XKWDU 2Q MH VHEH SURJODVLR YMHURYMHVQLNRP L SRUHG WRJD ^WR MH L]JRYDUDR H^
^HKDGHWHMQL L HNVSOLFLWQH L]MDYH GD SULSDGD RYRP XPPHWX L GD MH 3RVODQLN
LVWLQD L GD MH .XU
DQ LVWLQD D X QMHPX VWRML GD MH 0XKDPPHG SHaDW
SRVODQLFLPD RQ X VYH WR YMHUXMH VD MDVQRP NRQWUDGLNWRUQR^`X 0XKWDU VH
SRMDYLR X YULMHPH NDG VX ]DGQML DVKDEL ELOL X CLYRWX L PQRJH VX JD VNXSLQH
VOLMHGLOH
 UDGRVQD YLMHVW GD `H LVWLQD RVWDWL X FLMHORVWL RQDNYD NDNYD MH ELOD X
SUR^ORVWL D X] WR `H QMX VOLMHGLWL PQRJL
 YHOLNL ]QDN GD QMLPD L SRUHG QMLKRYH PDOREURMQRVWL QH`H QDXGLWL RQDM
NR LK MH L]QHYMHULR QLWL NR VH V QMLPD UD]L^DR
 GD MH WR XYMHW GR .LMDPHWVNRJ GDQD
 YHOLNL ]QDNRYL RG NRMLK VX RYL REDYLMHVW GD PX MH $OODK GDR GD REXKYDWL
LVWRNH L ]DSDGH 2Q MH REDYLMHVWLR R ]QDaHQMX WRJD SD VH GRJRGLOR NDNR MH L
REDYLMHVWLR ]D UD]OLNX RG MXJD L VMHYHUD 1MHJRYD REDYLMHVW GD VX PX GDWD GYD
WUH]RUD L GD VH X YH]L V QMHJRYRP GRYRP ]D XPPHW XVOL^DOR GYRMH D GD PX MH
RGELMHQR WUH`H 2EDYLMHVW GD `H RWSRaHWL UDW L GD NDG RWSRaQH QH`H VH VPLULWL
2EDYLMHVW GD `H PXVOLPDQL MHGQL GUXJH XQL^WDYDWL L GMHFX L CHQH MHGQL
GUXJLPD ]DUREOMDYDWL L QMHJRY VWUDK ]D VYRM XPPHW RG YR_D NRML `H ]DYRGLWL QD
VWUDQSXWLFX 2EDYLMHVW GD `H VH SRMDYLWL ODCQL YMHURYMHVQLFL X RYRP XPPHWX
 !"# $%!&# :'

2EDYLMHVW GD `H MHGQD JUXSDFLMD RVWDWL SREMHGRQRVQR QD 3UDYRP SXWX 6YH VH WR


GHVLOR NDNR MH RQ REDYLMHVWLR PDGD MH VYH WR L]X]HWQR GDOHNR RG OMXGVNH ]DPLVOL
 RJUDQLaDYDQMH VWUDKD ]D VYRM XPPHW VDPR QD YR_H LPDPH NRML `H
]DYRGLWL QD VWUDQSXWLFX
 XSR]RUHQMH QD ]QDaHQMH RERCDYDQMD NLSRYD
:(  !"# $%!&#

?
26,+58
`h`@A@o@@d D 
L ULMHaLPD 8]YL^HQRJ $OODKD wLDNR VX ]QDOL GD RQDM NRML WRP YMH^WLQRP
YODGD QH`H QLNDNYH VUH`H QD RQRP VYLMHWX LPDWL (O%HNDUD 

1MHJRYH VX ULMHaL 2 VLKUX WM L SURULFDQMX 5LMHa X MH]LNX R]QDaDYD RQR ^WR MH
VNULYHQR L aLML MH X]URN VL`X^DQ L QHYLGOMLY =ERJ WRJD MH X KDGLVX UHaHQR ,PD UMHaLWRJ
JRYRUD NRML MH XLVWLQX RSaDUDYDMX`L 2YR MH HORNYHQWQD NRPSDUDFLMD 8SRUHGLR JD MH
VD  RSaDUDYDQMHP  MHU VH JRYRURP PRCH RVWYDULWL ^WR VH PRCH RVWYDULWL L
VLKURP (EX0XKDPPHG HO0DNGLVL NDCH X 
   MH aDUDQMH L YUDaDQMH ,PD JD
NRML XWMHaH QD VUFH L WLMHOR SD VH aRYMHN UD]EROL ,PD JD NRML XELMD L UDVNLGD RGQRVH
L]PH_X PXCD L QMHJRYH VXSUXJH 8]YL^HQL NDCH

Tih@HHhAAM

e
, OMXGL VX RG QMLK GYRMLFH XaLOL NDNR `H PXCD RG CHQH UDVWDYLWL  ,, , UHNDR MH

d@OAPA@ho

, RG ]OD RQLK NRML SX^X X aYRURYH &;,, =QDaL VLKLUED]H NRML SX^X X VYRMH
aDUNH 'D  QLMH VWYDUQRVW 2Q QH EL QDUHGLR GD VH RG QMHJD WUDCL ]D^WLWD L XWRaL^WH
2QL XaHQMDFL VX VH UD]L^OL X PL^OMHQMX GD OL VLKLUED] SRVWDMH QHYMHUQLN LOL QH 1HNL
XaHQMDFL L] SUYLK JHQHUDFLMD VPDWUDMX GD aLQL QHYMHUVWYR 7R MH VWDY 0DOLND (EX
+DQLIH L $KPHGD 1MHJRYL WM $KPHGRYL XaHQLFL NDCX GD XNROLNR MH QMHJRY  X YLGX
OLMHND SX^HQMD LOL SLMHQMD QHaHJ ^WR ^WHWL RQGD QH aLQL QHYMHUVWYR
1D WR GD RQ aLQL QHYMHUVWYR L]PH_X RVWDORJ XSX`XMX ULMHaL 8]YL^HQRJ
hLMAFMXdXBAA
$ QMLK GYRMLFD QLVX QLNRJD XaLOL GRN PX QH EL UHNOL
0L VDPR LVNX^DYDPR L WL QH
EXGL QHYMHUQLN
 ,,

 OA@NIAH 9


+-,   >  . 
C 

 !"# $%!&# :

wYMHUXMX X GCLEWD L WDJXWD (Q1LVD 


2PHU MH UHNDR 'CLEW ]QDaL VLKU WDJXW ]QDaL ^HMWDQ 'CDELU MH UHNDR
7DJXWL VX YUDaDUL NRMLPD VX ^HMWDQL GROD]LOL 8 VYDNRP MH SOHPHQX ELR SR MHGDQ
2G (EX+XUHMUHD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR
8GDOMLWH VH RG VHGDP SRJLEHOMQLK RSDVQRVWL .RMH VX WR $OODKRY 3RVODQLaH
XSLWDOL VX 3ULGUXCLYDQMH ^LUN $OODKX VLKU YUDaDQMH  XELVWYR QHYLQH GX^H ^WR
MH $OODK ]DEUDQLR RVLP SR SUDYGL X]LPDQMH NDPDWH MHGHQMH LPHWND VLURaHWD
EMHCDQMH VD ERMQRJ SROMD ODCQR RSWXCLYDQMH ]D QHPRUDO QHYLQLK L aHGQLK
YMHUQLFD

1MHJRYH VX ULMHaL OA@NIAH

e
 YMHUXMX X    L 
 2PHU MH UHNDR   ]QDaL  WDJXW ]QDaL
^HMWDQ 3UHWKRGQR VX QDYHGHQH ULMHaL ,EQXO.DMMLPD GD PX VH 8]YL^HQL $OODK VPLOXMH
X SRJOHGX GHILQLFLMH 
 L GD QMLK LPD YL^H D WX VH XEUDMD VYH ^WR VH RERCDYD PLPR
$OODKD 2QR ^WR VH RERCDYD PLPR $OODKD MHVWH WDJXW NDNR QD WR XND]XMX PQRJL
DMHWL 7X VSDGDMX L YUDaDUL L RQL NRML YODGDMX SR QHaHP GUXJRP PLPR ,VWLQH LOL QDUH_XMX
RQR ^WR MH VXSURWQR ,VWLQL LOL VX WLPH ]DGRYROMQL LWG

1MHJRYH VX ULMHaL $


 VX YUDaDUL WLPH MH CHOLR GD VH YUDaDUL XEUDMDMX X WDJXWH

1MHJRYH VX ULMHaL NRMLPD VX ^HMWDQL GROD]LOL 0LVOL QD GCLQH NDR YUVWX D QH


^HMWDQD NRML VH RGQRVL VDPR QD ,EOLVD 1DSURWLY aLQMHQLFD MH GD QMLPD GROD]H ^HMWDQL L
UD]JRYDUDMX V QMLPD L REDYMH^WDYDMX LK R RQRPH ^WR VX XVSMHOL QDaXWL SD WDNR
MHGDQSXW NDCX LVWLQX D VODCX VWRWLQX SXWD

1MHJRYH VX ULMHaL 2G (EX+XUHMUHD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN


VDYV UHNDR
8GDOMLWH VH RG VHGDP SRJLEHOMQLK RSDVQRVWL

.RMH VX WR $OODKRY
3RVODQLaH
 XSLWDOL VX
3ULGUXCLYDQMH  $OODKX  YUDaDQMH  XELVWYR QHYLQH GX^H
^WR MH $OODK ]DEUDQLR RVLP SR SUDYGL X]LPDQMH NDPDWH MHGHQMH LPHWND VLURaHWD
EMHCDQMH VD ERMQRJ SROMD ODCQR RSWXCLYDQMH ]D QHPRUDO QHYLQLK L aHGQLK YMHUQLFD



 
C (( $+    0
@^kt^k@gA^^HC^A^FA^A^M@@^B Cf@F 

' (     77  /./  

('  8 .   /+/.


8/ 
: !/.   +.    

 & 
C  $+   /  7   /+/
. (EC'  $+
  .   /+/

:  !"# $%!&#

2YDNR JD MH DXWRU QDYHR D GD QLMH UHNDR NR JD MH ]DELOMHCLR =DELOMHCLOL VX JD


%XKDUL L 0XVOLP
8GDOMLWH VH  
 WM HE
LGX 7R MH UMHaLWLMH RG WRJD GD NDCH GD
X LOL XWUXNX MHU
MH ]DEUDQD GD VH QH SULEOLCDYD UMHaLWLMD NDR ^WR VX ULMHaL 8]YL^HQRJ
HAAhAqX@@@HhL

1H SULEOLCDYDMWH VH QHYDOMDO^WLQDPD ELOH MDYQH LOL WDMQH 9,

1MHJRYH VX ULMHaL SRJLEHOMQLK RSDVQRVWL 


  VD VORYRP  L  WM 

  7H VWYDUL QD]YDQH VX 
  MHU XSURSD^WDYDMX RQRJD NR LK UDGL ]ERJ
ND]QL NRMH ]D VRERP SRYODaH QD GXQMDOXNX L ]ERJ SDWQMH QD DKLUHWX 8 KDGLVX RG ,EQ
2PHUD NRML RQ SUHQRVL NDR 
 %XKDULMD X !! 

 
QDYRGL GD MH
3RVODQLN VDYV UHNDR 9HOLNLK JULMHKD LPD GHYHW 6SRPHQXR MH VHGDP YH`
VSRPHQXWLK L QHYMHUVWYR X +DUHPX L QHSRVOX^QRVW URGLWHOMLPD

1MHJRYH VX ULMHaL 3ULGUXCLYDQMH  $OODKX D WR MH GD XaLQL^ $OODKX VXGUXJD GD


JD PROL^ RG QMHJD VH QDGD^ RQDNR NDNR VH RG $OODKD QDGD 8aHQMDN ,EQXO.DMMLP
$OODK PX VH VPLORYDR UHNDR MH

AXYDM VH ^LUND MHU RaLWL  MH NDR ]DNOHWYD QH SULKYDWD RSUD^WDQMH WR MH


SULGUXCLYDQMH 0LORVWLYRP GUXJD X YLGX aRYMHND LOL NDPHQD NRMHJ PROL X QMHJD VH
QDGD ERML JD VH L YROL NDR ^WR VH YROL 2QDM .RPH VH UDaXQ SRODCH

3UYR MH VSRPHQXR QMHJD  MHU MH WR QDMYH`L JULMHK NRMLP VH $OODKX LVND]DOD
QHSRVOX^QRVW NDR ^WR MH UHNDR 8]YL^HQL

hp@F

0QRJRER^WYR MH ]DLVWD YHOLND QHSUDYGD ;;;,


 & 
C ' $+  7   /+/ . (EC'  $+  
.   /+/ %/ E': EC': + DE  : , # %/
.. ,. ,
5 +
5/+ ,. , ,- ,2  / + ,. 34,  ,. + /,     + #,
<,. 


 , . ;3,.,/ 0 1& 6  #, + .+4 ,+ .++ 3
./6 ,+  / 3,3. 3, /6.  .+  .- 6 ,+ 3, /+  / + ,
, 6 + 6 . ,+ /  .+  6 , .-  4+   -+ ,+ + #
6 .,
1 <,,/ - + . 4,+ 3, 70 1#, <,.4 7  ,  -+I1 1+ /
1 ,-,,, + 1<.+  
 #A1 ?@ , +   ?, @  , + ,
# .    
(:

 !"# $%!&# ::

1MHJRYH VX ULMHaL , VLKU 'HILQLFLMD MH VLKUD SUHWKRGQR QDYHGHQD


1MHJRYH VX ULMHaL XELVWYR QHYLQH GX^H ^WR MH $OODK ]DEUDQLR RVLP SR SUDYGL WM
GX^H QHYLQRJ PXVOLPDQD L XELVWYR
 WM QHPXVOLPDQD NRML CLYL X LVODPVNRM
GUCDYL  NDR ^WR MH UHaHQR X KDGLVX .R XELMH
 QH`H RVMHWLWL GCHQHWVNL PLULV
,EQ$EEDV L (EX+XUHMUH VPDWUDMX GD QHPD SRNDMDQMD ]D RQRJD NR VYMHVQR XELMH
PX
PLQD 9H`LQD XOHPH L] SUYLK L NDVQLMLK JHQHUDFLMD RYRJ XPPHWD VPDWUDMX GD XELFD
LPD SUDYR QD SRNDMDQMH X RQRPH ^WR MH L]PH_X QMHJD L $OODKD SD XNROLNR VH SRNDMH L
SRYUDWL L UDGL GREUD GMHOD $OODK `H QMHJRYD OR^D GMHOD ]DPLMHQLWL GREULP NDR ^WR MH
8]YL^HQL UHNDR

AHF@hX@m@Mh`DAF@df@ 
AAPBej

, RQL NRML VH PLPR $OODKD GUXJRP ERJX QH NODQMDMX L NRML RQH NRMH MH $OODK
]DEUDQLR QH XELMDMX RVLP NDG SUDYGD ]DKWLMHYD L NRML QH EOXGQLaH D NR WR UDGL LVNXVLW
`H ND]QX GR 1MHJRYLK ULMHaL

OAlXLAk@dICAAsDKALF
AXg@g@A

DOL RQLPD NRML VH SRNDMX L X]YMHUXMX L GREUD GMHOD aLQH $OODK `H QMLKRYD KU_DYD
GMHOD X GREUD SURPLMHQLWL D $OODK SUD^WD L VDPLORVWDQ MH ;;9
1MHJRYH VX ULMHaL X]LPDQMH NDPDWH WM X ELOR NRMHP YLGX NDR ^WR MH 8]YL^HQL
UHNDR

m@Ap@IaMf@AFAHh@Cf@

2QL NRML VH NDPDWRP EDYH GL`L `H VH NDR ^WR `H VH GL`L RQDM NRJD MH GRGLURP
e
^HMWDQ L]EH]XPLR  ,, ,EQ'HNLN HO,G MH UHNDR 7R YRGL OR^HP ]DYU^HWNX NUDMD
CLYRWD 8WMHaHPR VH $OODKX RG WRJD 8]YL^HQL MH UHNDR

YL@@L@AxAAwBAHh@@CL@Df@ABA


 
D(( &6+ /   / /.  /. -+ /.
% +
, ! .#/ 

+-, , -0 1A .+-, / ,+  . . +. , 4
-,.
1
C  !"# $%!&#

2G 'CXQGXED VH SUHQRVL NDR PHUIX KDGLV  .D]QD RGUH_HQD

2 YMHUQLFL EH]GX^QL ]HOHQD^L QH EXGLWH L $OODKD VH ERMWH MHU `HWH WDNR SRVWL`L ^WR
CHOLWH 8 KDGLVX VWRML .DPDWD X VHEL LPD VHGDPGHVHW L QHNROLNR JULMHKD 1DMPDQML MH
NDR NDG EL aRYMHN VD VYRMRP PDMNRP EOXG SRaLQLR
1MHJRYH VX ULMHaL MHGHQMH LPHWND VLURaHWD ]QDaL EHVSUDYQR QMLP UDVSRODJDWL
6SRPHQXR MH MHGHQMH MHU MH WDM YLG NRUL^WHQMD QDMaH^`L NDR ^WR MH 8]YL^HQL UHNDR

@ktk@gAHCAFAAM@@BCf@F

2QL NRML EH] LNDNYD SUDYD MHGX LPHWNH VLURaDGL GRLVWD X VYRMX XWUREX YDWUX
XEDFXMX L RQL `H X RJQMX JRUMHWL ,9 1MHJRYH VX ULMHaL EMHCDQMH V ERMQRJ
SROMD WM RNUHWDQMH OH_D QHYMHUQLFLPD V QDPMHURP GD VH SREMHJQH X YULMHPH ERUEH
NDR ^WR MH 8]YL^HQL UHNDR

@JxHAHdF@jYMBAMAhYMFhHcf 
t@mHT@C

2QDM NR LP WDGD OH_D RNUHQH RVLP RQRJ NRML VH SRYXaH V QDPMHURP GD VH


SRQRYR ERUL LOL GUXJRM aHWL SULVWXSL YUDWLW `H VH QDWRYDUHQ $OODKRYRP VUGCERP
SUHELYDOL^WH QMHJRYR ELW `H 'CHKHQQHP D XCDVQR MH RQ ERUDYL^WH 9,,,
1MHJRYH VX ULMHaL ODCQR RSWXCLYDQMH ]D QHPRUDO QHYLQLK L aHGQLK YMHUQLFD !

 VD IHWKRP QD VORYX VDG ]QDaL RQH NRMH VX VH VDaXYDOH RG ]LQDOXND D VD
  
 ]QDaL RQH NRMH VYRMH VSROQH RUJDQH aXYDMX RG WRJD 0LVOL VH QD
VORERGQH QHYLQH L aHVWLWH CHQH 8]YL^HQL MH UHNDR

h`@Ad@@OA@OA@OAt@hf@F

2QL NRML RSWXCH ]D QHPRUDO QHYLQH aHVWLWH EH]D]OHQH YMHUQLFH QHND EXGX
SURNOHWL L QD RYRP L QD RQRP VYLMHWX QMLK aHND SDWQMD QHVQRVQD ;;,9
1MHJRYH VX ULMHaL 2G 'CXQGXED =DELOMHCLR JD MH 7DEHUDQL X ELRJUDILML 'CXQGXED
E $EGXOODKD HO%HGCHOLMD +DIL] MH UHNDR ,VSUDYQR MH GD MH WR QHNR GUXJL =DELOMHCLR
JD MH ,EQ.DQL L +DVDQ E 6XIMDQ SUHNR GYD VHQHGD RG +DVDQD D RQ RG 'CXQGXED HO
+DMUD GD MH RYDM GR^DR VLKLUED]X L XELR JD VDEOMRP WH UHNDR AXR VDP $OODKRYD
e
3RVODQLND VDYV NDNR NDCH  L VSRPHQXR MH RYDM KDGLV
 !"# $%!&# C 

 ]D VLKLUED]D MHVWH QMHJRYR XELMDQMH VDEOMRP =DELOMHCLR JD MH 7LUPL]L L
UHNDR ,VSUDYQR MH GD MH RYDM KDGLV PHYNXI
8 %XKDULMLQRP 6DKLKX SUHQRVL VH RG %HGCDOHD E $EHGHD GD MH UHNDR 2PHU
E (O+DWWDE QDSLVDR MH VYRMLP QDPMHVQLFLPD 

1MHJRYH VX ULMHaL .D]QD RGUH_HQD ]D VLKLUED]D MHVWH QMHJRYR XELMDQMH VDEOMRP


=DELOMHCHQR MH VD VORYRP KD L VD VORYRP WD 

 
  , MHGQR L GUXJR MH
LVSUDYQR 3R RYRP KDGLVX SRVWXSDOL VX $KPHG 0DOLN L (EX+DQLIH 2QL NDCX GD
VLKLUED]D WUHED XELWL 7R VH SUHQRVL L RG 2PHUD 2VPDQD ,EQ2PHUD +DIVH
'CXQGXED E $EGXOODKD 'CXQGXED E .DED L .DMVD E 6D
GD L 2PHUD E $EGXO$]L]D
>DILMD VPDWUD GD JD QH WUHED XELWL LVNOMXaLYR ]ERJ VLKUD RVLP DNR XaLQL QH^WR X WRPH
^WR JD YRGL X QHYMHUVWYR ,EQXO0XQ]LU MH UHNDR 7R MH MHGQR SUHGDQMH RG $KPHGD D
SUYR PL^OMHQMH MH LVSUDYQLMH ]ERJ KDGLVD L WUDGLFLMH RG 2PHUD 6YLMHW MH SR WRPH
SRVWXSDR X YULMHPH QMHJRYD KLODIHWD D GD VH QLNR QLMH VXSURWVWDYOMDR
1MHJRYH VX ULMHaL 8 %XKDULMLQRP 
SUHQRVL VH RG %HGCDOHD E $EHGHD GD MH
UHNDR 2PHU E HO+DWWDE MH QDSLVDR VYRMLP QDPMHVQLFLPD 
8ELMWH VYDNRJ VLKLUED]D
L VLKLUEDVNLQMX
 SD VPR UHNDR MH RQ
SRJXELOL WURMH VLKLUED]D

2YDM MH HVHU ]DELOMHCLR %XKDUL NDR ^WR MH UHNDR DXWRU 0H_XWLP RQ QLMH VSRPHQXR
XELMDQMH WURMLFH VLKLUED]D
1MHJRYH VX ULMHaL RG %HGCDOHD VD   QD VORYX ED D SRVOLMH WRJD MH VORYR
GCLP 1MHJRYH VX ULMHaL  E $EHGHD V GYLMH IHWKH 7R MH 7HPLPL %DVUL 3RYMHUOMLY MH
 
1MHJRYH VX ULMHaL 2PHU E (O+DWWDE QDSLVDR MH VYRMLP QDPMHVQLFLPD 
8ELMWH
VYDNRJ VLKLUED]D L VLKLUEDVNLQMX 9LGOMLYR ]QDaHQMH XSX`XMH GD VH RQL XELMDMX D GD VH
SUHWKRGQR QH WUDCL QMLKRYR SRNDMDQMH 7DNYR MH SR]QDWR PL^OMHQMH RG $KPHGD 7R MH
VWDY 0DOLNRY MHU ]QDN VLKUD QH XNODQMD VH SRNDMDQMHP 2G $KPHGD VH LVWR SUHQRVL GD
VH RG QMHJD WUDCL SRNDMDQMH SD DNR VH SRNDMH QMHJRYR SRNDMDQMH VH SULKYDWD


* +, - + /6 
 (  %   /   
%/ ED(  %
     +
&. DE
+ ED(
5 .+-,,/ . .6 
!/
8/ 8  !  ,. +  3.,2 

C C  !"# $%!&#


8ELMWH VYDNRJ VLKLUED]D L VLKLUEDVNLQMX
 SD VPR
 UHNDR MH RQ
SRJXELOL WURMH

VLKLUED]D

8 YMHURGRVWRMQRP SUHGDQMX RG +DIVH UD SUHQRVL VH GD MH RQD QDUHGLOD GD
VH XELMH QMHQD VOX^NLQMD NRMD MRM MH QDSUDYLOD YUDGCELQH L ELOD MH XELMHQD ,VWR
WDNR SRVWRML YMHURGRVWRMQR SUHGDQMH RG 'CXQGXED $KPHG MH UHNDR  3UHQRVL
VH RG WURMLFH 9MHURYMHVQLNRYLK VDYV DVKDED

2YDNDY MH VWDY L >DILMH MHU QMHJRY JULMHK QLMH YH`L RG ^LUND D RG PX^ULND VH WUDCL
SRNDMDQMH L SULPD VD QMHJRYR SRNDMDQMH 8SUDYR ]ERJ WRJD ELOR MH LVSUDYQR SRNDMDQMH
IDUDRQRYLK VLKLUED]D L QMLKRYD WHYED
1MHJRYH VX ULMHaL 8 YMHURGRVWRMQRP SUHGDQMX RG +DIVH UD SUHQRVL VH GD MH RQD
QDUHGLOD GD VH XELMH QMHQD VOX^NLQMD NRMD MRM MH QDSUDYLOD YUDGCELQH L ELOD MH XELMHQD
2YDM MH HVHU ]DELOMHCLR 0DOLN X 
 
 +DIVD MH PDMND SUDYRYMHUQLK N`HUND 2PHUD
E HO+DWWDED 9MHURYMHVQLN VDYV RCHQLR VH QMRP QDNRQ ^WR MH RQD ELOD XGDWD ]D
+X]HMIHD E +X]DIX 8PUOD MH aHWUGHVHW SHWH JRGLQH
1MHJRYH VX ULMHaL ,VWR WDNR SRVWRML YMHURGRVWRMQR SUHGDQMH RG 'CXQGXED $XWRU
RYLP XND]XMH QD XELMDQMH VLKLUED]D NDR ^WR MH ]DELOMHCLR %XKDUL X VYRP 7DULKX RG
(EX2VPDQD 1HKGLMD GD MH UHNDR .RG (O9HOLGD ELR MH aRYMHN NRML VH LJUDR SD MH
]DNODR aRYMHND L RWNLQXR PX JODYX 0L VPR VH ]DaXGLOL D RQ MH X]HR L YUDWLR PX JODYX
QD]DG 3RWRP MH GR^DR 'CXQGXE HO(]GL L XELR JD =DELOMHCLR JD MH %HMKHNL X !
 
X PDOR GXCHP REOLNX 8 QMHPX MR^ VWRML 3D MH (O9HOLG QDUHGLR L RQ MH
]DWYRUHQ 6SRPHQXR MH SULaX X SRWSXQRVWL 2QD VH SUHQRVL VD GRVWD VHQHGD


* +, - +   >.,+ 6+  .+ 3,/., /.>  6 
D'( H
/  6+ / / 66// 
;. -0 1; 
# 
3.,   + ,0 , / 3 , &6
8+ #.
&,7, ./ + 3/, , ;/

%  
 3+ .+-, / . -,. .0 F 6/9 ,- 4.,- 3 ,
/+ ,+  , . ,+  . /, /9, ., .  
 ;/ .+ 6/, !
?-.@ , /+  , # /.
# 
 .+ 3,+,4,  + #, <,.



 6/, 6+ , /+ 6 %
1 4., ,,/ 3.+ 6 +, +  /6 
'(
  +   /   66+ /./
 / ,/ ,+ ., , 6 +,
- + #/    E:  :
4., ,/ 6 +, +  5 + /
/  
  

 & 
D D % / +    66+ /./

+-, + . ,  ?.@


* +, - + 8    CE C . .4. 1,7, + , /.1
+-, + . 3.

 !"# $%!&# C D

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 NRPHQWDU DMHWD L] VXUH (O%HNDUD
 NRPHQWDU DMHWD L] VXUH (Q1LVD
 WXPDaHQMH ]QDaHQMD GCLEWD L WDJXWD WH UD]OLNH PH_X QMLPD
 GD WDJXW PRCH ELWL QHNDG RG GCLQD QHNDG RG OMXGL
 VSR]QDMD VHGDP SRJLEHOMQLK VWYDUL NRMH VX ]DEUDQMHQH SRVHEQRP
]DEUDQRP
 GD YUDaDU SRVWDMH NDILU QHYMHUQLN 
 GD VH RQ XELMD L QH WUDCL VH RG QMHJD GD VH SRNDMH
 GD MH WR SRVWRMDOR X 2PHURYR YULMHPH D ^WD MH WHN SRVOLMH QMHJD
C  !"# $%!&#


1(.(9567(6,+5$
$KPHG MH UHNDR 3ULSRYLMHGDR QDP MH 0XKDPPHG E 'CDIHU QMHPX $YI E
+DMMDQ E $OD QMHPX .XWQ E .DELVHD RG VYRJD RFD GD MH RQ aXR 9MHURYMHVQLND
VDYV NDNR NDCH
=DLVWD VX JDWDQMH QD RVQRYX OHWD SWLFD QDNRQ ^WR VH
JDODPRP SRSOD^H
LMDID  FUWD NRMD VH QDFUWD QD ]HPOML WDUN L YMHURYDQMH X OR^

SUHG]QDN WLMHUH JODV ^HMWDQRY GCLEW 
$YI MH UHNDR ,MDID MH JDWDQMH QD RVQRYX OHWD SWLFD QDNRQ ^WR VH JDODPRP
SRSOD^H 7DUN MH FUWD NRMD VH QDFUWD QD ]HPOML 'CLEW MH NDNR NDCH +DVDQ
>HMWDQRY JODV 1MHJRY VHQHG MH GREDU .RG (EX'DYXGD 1HVDLMD L ,EQ+LEEDQD
X QMHJRYX 6DKLKX QDOD]L VH RYDM KDGLV VD VHQHGRP

1MHJRYH VX ULMHaL $KPHG MH UHNDR


3ULSRYLMHGDR QDP MH 0XKDPPHG E 'CDIHU
QMHPX $YI E +DMMDQ E $OD QMHPX .XWQ E .DELVH
 7R MH LPDP $KPHG E
0XKDPPHG E +DQEHO 0XKDPPHG MH VLQ 'CDIHURY SR]QDW NDR *XQGHU HO+X]HOL HO
%DVUL 3RYMHUOMLY MH L SR]QDW 8PUR MH  SR +LGCUL $YI MH VLQ (EX'CHPLOH HO$EGLMD
HO%DVULMD SR]QDWRJ NDR $YI HO(
DUDEL 3RYMHUOMLY MH 8PUR MH  LOL  JRGLQH SR
+LGCUL D ELOR PX MH  JRGLQD +DMMDQ E (O
$OD VD VORYRP MD D MR^ VX JD ]YDOL L
+DMMDQ E 0XKDULN LOL (O
$OD HO%DVUL ]DGRYROMDYD NDR SUHQRVLODF KDGLVD  .DWHQX VD
GYLMH IHWKH MH (EX6HKOH HO%DVUL ,VWLQROMXELY MH
1MHJRYH VX ULMHaL RG VYRJD RFD 7R MH .DELVH VD IHWKRP QD SUYRP VORYX 7R
MH VLQ 0XKDULNRY VD   QD VORYX   (EX$EGXOODK HO+LODOL 2Q MH DVKDE NRML
VH QDVWDQLR X %DVUL
1MHJRYH VX ULMHaL =DLVWD VX JDWDQMH QD RVQRYX OHWD SWLFD QDNRQ ^WR VH JDODPRP
SRSOD^H   FUWD NRMD VH QDFUWD QD ]HPOML  L YMHURYDQMH X OR^ SUHG]QDN  
JODV ^HMWDQRY


* +, - + #/    DE  'E(
 & 
D:        6
+
! .% . 
 C( 8     /  +
5 .+-,  . .6 %++.

#
  0 1; #
%++.
1 . 3,/.7 / 3,+,
  0 1; %++.

#
1 ! .% . , +0 1%++.
8  #
1 ;. + .3,6.
+ - /, 3,++/
, , ,/ ! .% .
; 3.,,2  . 3,++ 
! 3, - ,- // .
,, - + , .  F+. 
(  6.+ & +. 6 &/

 !"# $%!&# C '

2G ,EQ$EEDVD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR .R XaL


QDXNX R ]YLMH]GDPD QDXaLR MH RGMHOMDN R VLKUX L ^WR YL^H WRJD XaL YL^H `H

RGMHOMDND ]QDWL =DELOMHCLR JD MH (EX'DYXG L QMHJRY VHQHG MH YMHURGRVWRMDQ
VDKLK 

$YI MH UHNDR " MH WMHUDQMH SWLFD SRSUD`HQR JDODPRP $ MH FUWD NRMD VH
QDFUWD QD ]HPOML /R^ SUHG]QDN   ]QDaL RSWLPL]DP LOL SHVLPL]DP QD RVQRYX
QMLKRYLK LPHQD JODVRYD SURODVND LVSUHG D WR MH ELR RELaDM NRG $UDSD 2QL SXQR X
VWLKRYLPD NRULVWH JODJRO
DIH MH
LIX X ]QDaHQMX WMHUDQMD X] JDODPX JDWDQMD L
SUHWSRVWDYOMDQMD
1MHJRYH VX ULMHaL $ MH FUWD NRMD VH QDFUWD QD ]HPOML 2YDNR MH WR SURWXPDaLR
$YI L WR MH LVSUDYQR (EXV6HDGDW MH UHNDR 7R MH EDFDQMH NDPHQaL`D ^WR CHQH UDGH
1MHJRYH VX ULMHaL JODV ^HMWDQRY    WM VLKU
1MHJRYH VX ULMHaL   MH NDNR NDCH +DVDQ
>HMWDQRY JODV
 5HNDR VDP
1DYHR MH ,EUDKLP E 0XKDPPHG E 0XIOLK GD X NRPHQWDUX %HNLMD E 0DKOHGD VWRML GD
MH ,EOLV SXVWLR JODV aHWLUL SXWD 3XVWLR MH JODV NDGD MH ELR SURNOHW NDGD MH EDaHQ NDGD
MH UR_HQ $OODKRY 3RVODQLN VDYV L NDGD MH REMDYOMHQD )DWLKD +DIL] 'LKD SUHQRVL X

   5HQLQ MH JODV .DCH VH    

   2YLP +DVDQRYH UD ULMHaL
SRVWDMX MDVQH
1MHJRYH VX ULMHaL 1DOD]L VH RYDM KDGLV VD VHQHGRP 1LVX VSRPHQXOL $YIRYH
ULMHaL
1MHJRYH VX ULMHaL 2G ,EQ$EEDVD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV
UHNDR
.R XaL QDXNX R ]YLMH]GDPD QDXaLR MH RGMHOMDN R VLKUX L ^WR YL^H WRJD XaL YL^H
`H RGMHOMDND ]QDWL
 =DELOMHCLR JD MH (EX'DYXG L QMHJRY VHQHG MH YMHURGRVWRMDQ
  =ERJ WRJD VX JD 1HYHYL L =HKHEL RNDUDNWHULVDOL NDR YMHURGRVWRMDQ D
]DELOMHCLOL VX JD L $KPHG L ,EQ0DGCGCH
1MHJRYH VX ULMHaL .R XaL QDXNX     (EXV6HDGDW MH UHNDR .DEHVWXO
LOPH YH DNEHVWX .DGD MH WM QDXNX QDXaL^
1MHJRYH VX ULMHaL RGMHOMDN 
  WM GLR 6 WLP ]QDaHQMHP MH L KDGLV 6WLG MH
^X
EH LPDQD 7M MHGDQ QMHJRY GLR


* +, - + #/    EC  D
 & 
D: '     ../
! .
8 
D C(   /../
, + +,,,+.  , 7, + , # .  
      
:D

C (  !"# $%!&#

1HVDL SUHQRVL RG (EX+XUHMUHD UD GD MH $OHMKLVVHODP UHNDR .R QDSUDYL


aYRU ]DWLP X QMHJD SXKQH RQ MH XaLQLR VLKU D NR XaLQL VLKU SRaLQLR MH ^LUN D NR

QH^WR REMHVL QD VHEH EXGH PX SUHSX^WHQ

1MHJRYH VX ULMHaL QDXaLR MH RGMHOMDN R VLKUX +DUDP MH WR XaLWL >HMKXOLVODP MH


UHNDR $OODKRY 3RVODQLN VDYV HNVSOLFLWQR MH UHNDR GD MH QDXND R ]YLMH]GDPD GLR
VLKUD D 8]YL^HQL $OODK MH UHNDR
LBRXhXAl@[
e D aDUREQMDN QH`H PD JGMH GR^DR XVSMHWL
 ;;
1MHJRYH VX ULMHaL L ^WR YL^H WRJD XaL YL^H `H RGMHOMDND ]QDWL WM ^WR JRG YL^H
QDXaL R ]YLMH]GDPD YL^H `H SR]QDYDWL  L YL^H `H LPDWL JULMHKD NRML GRELYD ^WR YL^H
XaL QMHJRYH GLMHORYH 8LVWLQX MH RQR ^WR RQL YMHUXMX R XWMHFDMX ]YLMH]GD ODCQR NDR ^WR
MH L XWMHFDM  ODCDQ D $OODK QDMEROMH ]QD
1MHJRYH VX ULMHaL 1HVDL SUHQRVL RG (EX+XUHMUHD UD GD MH $OHMKLVVHODP UHNDR
.R QDSUDYL aYRU ]DWLP X QMHJD SXKQH RQ MH XaLQLR VLKU D NR XaLQL VLKU SRaLQLR MH ^LUN
D NR QH^WR REMHVL QD VHEH EXGH PX SUHSX^WHQ2YDM KDGLV DXWRU QHND PX VH $OODK
8]YL^HQL VPLOXMH SUHQLR MH RG (EX+XUHMUHD L UHNDR GD JD MH ]DELOMHCLR 1HVDL 1HVDL
JD MH ]DELOMHCLR NDR 
 D ,EQ0XIOLK RNDUDNWHULVDR JD MH NDR GREDU
1MHJRYH VX ULMHaL 1HVDL 7R MH LPDP L KDIL] $KPHG E >XDME E $OL E 6LQDQ E
%DKU E 'LQDU (EX$EGXUUDKPDQ DXWRU !
  
' !
  L GUXJLK
GMHOD 3UHQRVLR MH RG 0XKDPPHGD E 0XVHQQD ,EQ%H^^DUD .XWHMEHD L PQRJLK
GUXJLK %LR MH QD YUKXQFX ]QDQMD R  
 WDMQRYLWLP PDKDQDPD KDGLVD  8PUR
MH  JRGLQH SR +LGCUL NDGD PX MH ELOR RVDPGHVHW JRGLQD
1MHJRYH VX ULMHaL .R QDSUDYL aYRU ]DWLP X QMHJD SXKQH RQ MH XaLQLR VLKU
8]YL^HQL MH UHNDR d@OAPA@ho


* +, - +  EC //  / 
, +   $ 

*.+/ 30 1, .7, , + ?.  @  / 337.1 +,4  , # 

#/ 
 , /6+ 
C D     /   ++
6   , #/
ED  D  , %/ EC(
5 .+-, + . 8//
# /.
 G+  ,. +
,7- 3/>.+
89/ ,. /, 3, , +, ,,/ 3 ,   ,+ 3 .+/
,+4

 !"# $%!&# C

2G ,EQ0HVXGD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR


+R`HWH OL GD YDV REDYLMHVWLP ^WD MH WR HODGKX" 7R MH SUHQR^HQMH WX_HJ JRYRUD

7R MH HONDOH NRMD SXQR SULaD L ]DYD_D VYLMHW =DELOMHCLR JD MH 0XVOLP

, RG ]OD RQLK NRMH SX^X X aYRURYH &;,,,  WM VLKLUEDVNLQMD NRMH WR UDGH
3XKDQMH    EODCH MH RG SOMXYDQMD   
1MHJRYH VX ULMHaL D NR QH^WR REMHVL QD VHEH EXGH PX SUHSX^WHQ WM NR YHCH
VYRMH VUFH ]D QH^WR WDNR GD RG QMHJD WUDCL L QMHJD VH ERML $OODK `H JD SUHSXVWLWL WRPH
D NR VH YHCH MHGLQR ]D $OODKD 2Q PX MH GRYROMDQ L 2Q `H JD ]D^WLWLWL
NDR ^WR MH 8]YL^HQL UHNDR IlX@M
.R VH QD $OODKD RVORQL 2Q PX MH GRYROMDQ /;9 8]YL^HQL MH WDNR_HU UHNDR
MF@M@

, QD $OODKD VH RVODQMDMWH DNR VWH YMHUQLFL 9 .R VYRMH VUFH YHCH ]D QHNRJ
GUXJRJ PLPR $OODKD QDGDMX`L VH RG QMHJD NRULVWL L RWNODQMDQMX QHYROMH RQ MH SRaLQLR

1MHJRYH VX ULMHaL 2G ,EQ0HVXGD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV
UHNDR
+R`HWH OL GD YDV REDYLMHVWLP ^WD MH WR HODGKX" 7R MH SUHQR^HQMH WX_HJ
JRYRUD 7R MH  NRMD SXQR SULaD L ]DYD_D VYLMHW
 =DELOMHCLR JD MH 0XVOLP
1MHJRYH VX ULMHaL +R`HWH OL GD YDV REDYLMHVWLP ^WD MH WR 
"  VD   QD

L 

 QD 
 3RWRP MH WR SURWXPDaLR ULMHaLPD 7R MH  
SUHQR^HQMH WX_HJ JRYRUD 7DNR MH RQ ]D WR XSRWUHELR ULMHa HODGK MHU SUHQRVLODF WX_LK
ULMHaL UDGL SRVDR NRML UDGL VLKLUED] 3UHQRVL ,EQ$EGXO%HUU RG -DKMH E (EX.HVLUD GD
MH UHNDR 3UHQRVLODF WX_LK ULMHaL L ODCDF QDSUDYH QHUHGD X MHGQRP VDKDWX ^WR VLKLUED]
QH XUDGL QL ]D JRGLQX GDQD (EXO+DWWDE MH X (

 
UHNDR 8 VLKU VH XEUDMD
SUHQR^HQMH WX_LK ULMHaL L ^LUHQMH QHUHGD PH_X VYLMHWRP ,EQ+D]P MH UHNDR 6ORCLOL VX
VH GD VX RJRYDUDQMH  L SUHQR^HQMH WX_LK ULMHaL   NRML QLVX X GRPHQX
REDYH]QRJ SUXCDQMD VDYMHWD VWURJR ]DEUDQMHQL   8 WRPH MH GRND] GD WR VSDGD
X YHOLNH JULMHKH


8/ 
C( (     /..//
+-,  +40 11
; + +4
3,4. .  .4.0   
&- + .4. 3,6.+  .+-/   ,./ ,+ -,,
, .3,6./ 6.4.+/ +4 , + 3 3,6.+  .+-/ , +6
*.4.+ +   #
.+ ,+ 6.0 1%,>    , +/ 7 + ,  .  ,-, 6 .+.
1
C   !"# $%!&#

1MLK GYRMLFD SUHQRVH RG ,EQ2PHUD UD GD MH $OODKRY 3RVODQLN VDYV



UHNDR ,PD UMHaLWRJ JRYRUD NRML MH VLKU RSaDUDYDMX`L 

1MHJRYH VX ULMHaL 7R MH HONDOH NRMD SXQR SULaD L ]DYD_D VYLMHW 8 WRP
NRQWHNVWX MH L KDGLV 3URaXOD VH RQD NRMD PQRJR SULaD PH_X VYLMHWRP WM V SXQR
SULaH L VLMDQMD VPXWQMH PH_X OMXGLPD
1MHJRYH VX ULMHaL 1MLK GYRMLFD SUHQRVH RG ,EQ2PHUD UD GD MH $OODKRY 3RVODQLN
VDYV UHNDR
,PD UMHaLWRJ JRYRUD NRML MH VLKU )*
+ 
 !  UMHaLWL
JRYRU MHVWH UMHaLWRVW L UHWRULND ,EQ$EGXO%HUU MH UHNDR 1HNL VX SURWXPDaLOL GD MH WR
SRNX_HQR MHU MH VLKU SRNX_HQ 0H_XWLP YH`LQD XaHQMDND L NQMLCHYQLFL VPDWUDMX GD VH
UMHaLWRVW WLPH CHOL SRKYDOLWL MHU MH $OODK X]YL^HQL SRKYDOLR UMHaLW JRYRU 5HNDR MH
2PHU E $EGXO$]L] GD PX VH $OODK 8]YL^HQL VPLOXMH ND]DR MH aRYMHNX NRML MH GR^DR
GD RG QMHJD QH^WR WUDCL L WR ]DWUDCLR QD GREDU QDaLQ GD JD MH WR ]DGLYLOR
2YR MH
$OODKD PL GRSX^WHQL KDODO VLKU
 3UYR WXPDaHQMH MH LVSUDYQLMH 3RG QMLP VH
SRGUD]XPLMHYD UMHaLW JRYRU NRMLP VH REPDQMXMH L YDUD VOX^DODF NDR ^WR VX QHNL UHNOL
8 NUDVRWL JRYRUD MHVWH XOMHS^DYDQMH QMHJRYH ODCL D R LVWLQL SRQHNDG OR^ L]UDCDM
JRYRUL
2YR MH X]HWR L] VWLKRYD .DCH^ RYR MH SaHOLQML VRN L KYDOL^ JD D DNR KR`H^ ND]DW
`H^ RYR MH ^WR VX RVH SRYUDWLOH +YDOH`L L NXGH`L QH SUHWMHUXMX`L X QMLKRYRP RSLVX D R
LVWLQL SRQHNDG OR^ L]UDCDM JRYRUL
1MHJRYH VX ULMHaL ,PD UMHaLWRJ JRYRUD NRML MH VLKU RSaDUDYDMX`L 
2YR MH UMHaLWR SRUH_HQMH MHU WD RVRED UDGL RQR ^WR MH NDR L VLKU WDNR GD LVWLQX VWDYL
X RNYLU ODCL D ODC X RNYLU LVWLQH L WLPH SULYODaL VUFD QH]QDOLFD WDNR GD SULKYDWH ODC L
QLMHaX LVWLQX 0H_XWLP UMHaLW JRYRU NRML REMD^QMDYD LVWLQX L SRWYU_XMH MH L UDVNULQNDYD
ODC L REMD^QMDYD MH WR MH RQR ^WR MH SRKYDOQR 2YDNYR MH ELOR VWDQMH SRVODQLND L
QMLKRYLK VOMHGEHQLND L ]ERJ WRJD QMLKRYL VWXSQMHYL X]GLJOL VX VH X YULMHGQRVWLPD D L
QMLKRYD GREUD GMHOD VH XYH`DOD


 
' ( .    
' (      .. /. +. .
8 
  CE:( /   / + /./
 & 
'      /
 /7 /
/6 
C C:     /   .. /. +.
.
#/    CE( ': (D : , # 
;/ 

* +, - + ,9
8/ 
(: &/     
#/    ED(D , #//

 

 & 
' 
#/    EC(: D D D : DD DC  DDC , # 

#  

#/    DE  , 8.
6 /+ 

 & 
' C ,
+ 


 !"# $%!&# C :

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 GD VX JDWDQMH QD RVQRYX OHWD SWLFD QDNRQ ^WR VH JDODPRP SRSOD^H

LMDID  FUWD NRMD VH QDFUWD QD ]HPOML WDUN L YMHURYDQMH X OR^ SUHG]QDN WLMHUH
JODV ^HMWDQRY GCLEW 
 WXPDaHQMH ]QDaHQMD LMDIH L WDUND
 GD MH ]QDQMH R ]YLMH]GDPD YUVWD VLKUD
 GD VX aYRUL`L VD SXKDQMHP X QMLK LVWR WR VLKU 
 GD MH QHPLPH SUHQR^HQMH WX_LK ULMHaL LVWR WR VLKU 
 GD MH QHNL GLR UMHaLWRVWL L HORNYHQWQRVWL GLR VLKUD
C  !"# $%!&#

t ?
235252&,0$,1-,0$6/,A1,0
0XVOLP MH ]DELOMHCLR X VYRP 6DKLKX SUHQRVH`L RG QHNH RG 9MHURYMHVQLNRYLK
VDYV CHQD GD MH 9MHURYMHVQLN VDYV UHNDR .R GR_H YUDaX JDWDOLFL SD JD
SLWD R QHaHP D ]DWLP PX SRYMHUXMH RQR ^WR RQ NDCH QH`H PX QDPD] ELWL

SULPOMHQ aHWUGHVHW GDQD

1MHJRYH VX ULMHaL 2 SURURFLPD L QMLPD VOLaQLP 3URURN MH RQD RVRED NRMD X]LPD
SRGDWNH RG GCLQD NRML SRQH^WR aXMX RG PHOHND 3ULMH QHJR MH $OHMKLVVHODP SRVWDR
3RVODQLN ELOR LK MH SXQR 3RVOLMH WRJD QMLKRY EURM VH VPDQMLR MHU MH $OODK ]D^WLWLR
QHEHVD VYMHWOLFDPD 1DMYL^H ^WR VH X RYRP XPPHWX GH^DYD MHVWH RQR ^WR GCLQL
REDYLMHVWH VYRMH VDYH]QLNH RG OMXGL R RWVXWQLP VWYDULPD NRMH VH GRJD_DMX QD =HPOML X
YLGX YLMHVWL SD RQDM NR MH QH]QDOLFD YMHUXMH GD MH WR RWNURYHQMH L NHUDPHW 0QRJL VX
OMXGL ]DYDUDQL L ]DYHGHQL PLVOH`L GD MH WDM NRML LP MH GRQLR YLMHVW RG GCLQD $OODKRY GREUL
aRYMHN HYOLMD  D RQ MH XVWYDUL ^HMWDQRY VDYH]QLN NDR ^WR MH 8]YL^HQL UHNDR

AHzIHAxHMMk@AHgm @ABAm@hQMk@d@hpAAhp
@AoAFAdA`@QgA@AANTBf@ATB

$ QD 'DQ NDGD 2Q VYH VDNXSL


2 VNXSH ^HMWDQVNL YL VWH PQRJH OMXGH ]DYHOL


*RVSRGDUX QD^
 UH`L `H OMXGL ^WL`HQLFL QMLKRYL
PL VPR MHGQL GUXJLPD ELOL RG NRULVWL L
VWLJOL VPR GR URND QD^HJD NRML VL QDP RGUHGLR 7L

9DWUD `H ELWL SUHELYDOL^WH YD^H
 UH`L
`H 2Q
X QMRM `HWH YMHaQR RVWDWL RVLP DNR $OODK GUXNaLMH QH RGUHGL
 9,
1MHJRYH VX ULMHaL RG QHNH RG 9MHURYMHVQLNRYLK VDYV CHQD 7R MH +DIVD
1DYHR MH WR (EX0HVXG 6HNDIL 1DLPH RQ MH RYDM KDGLV QDYHR X !, 
 X QMHQRP
PXVQHGX


8/ 
CCD  /   /. .  6.. ++  + 
/
;. -0 1, ,9 4 ?-2@ 3 - 3 , .4/ .> / ./6  3/+. 4
.
1 F4.20 1

 6/ / 3,++ ,., 7, ,. 1 . .6  , 8/ .-,  .6
, #/    E( 'ED  , . , $+,+., 


 .
;. , #/ -0
1, ,9 4 ?-2@ 3 - 3 , .4/  6/ / 3,++ ,., 7, ,.  .> / ./6 
3/+. 4 .
1
 !"# $%!&# C

2G (EX+XUHMUHD SUHQRVL VH GD MH 9MHURYMHVQLN VDYV UHNDR .R RGH


YUDaDUX SURULFDWHOMX EXGX`QRVWL L SRYMHUXMH PX X RQR ^WR RQ NDCH RQ MH

]DQLMHNDR RQR ^WR MH REMDYOMHQR 0XKDPPHGX VDYV =DELOMHCLR JD MH (EX
'DYXG
%LOMHCH aHWYHULFD L +DNLP NRML NDCH 3R XYMHWLPD QMLK GYRMLFH %XKDULMH L
0XVOLPD VH SUHQRVL RG (EX+XUHMUHD UD 
.R GR_H YUDaDUX LOL SURURNX L
SRYMHUXMH PX RQR ^WR RYDM NDCH RQ MH ]DQLMHNDR RQR ^WR MH REMDYOMHQR

0XKDPPHGX VDYV


%HJDYL MH UHNDR 9UDa JDWDU  MHVWH RQD RVRED NRMD WYUGL GD SR]QDMH WDMQH QD
RVQRYX SUHPLVD NRMLPD GRND]XMH JGMH VH QDOD]L XNUDGHQR JGMH MH L]JXEOMHQR L WRPH
VOLaQR 1HNL VX UHNOL GD MH RQ LVWR ^WR L NDKLQ SURURN  .DKLQ MH RQDM NRML REDYMH^WDYD
^WD `H VH GHVLWL X EXGX`QRVWL 1HNL VX UHNOL GD MH RQ RQDM NRML REDYMH^WDYD ^WD MH X
GX^L >HMKXOLVODP MH UHNDR $UUDI MH LPH ]D NDKLQD
       L QMLPD
VOLaQH 2Q MH WDNR_HU UHNDR ,PH DUUDI REXKYDWD L PXQHGCGCLPD ,EQXO.DMMLP MH
UHNDR .R EL NRG QMLK SRVWDR SR]QDW GD GREUR ]QD ]HGCU QD]YDOL EL JD  
 SURULFDWHOMHP 

1MHJRYH VX ULMHaL QH`H PX QDPD] ELWL SULPOMHQ aHWUGHVHW GDQD 1HYHYL L GUXJL
VX UHNOL GD WR ]QDaL GD RQ ]D QMLK QHPD VHYDED LDNR MH QMLKRYLP REDYOMDQMHP VD QMHJD
VSDOD REDYH]D L]YU^DYDQMD WRJ IDU]D 1XCQR MH GD VH RYDNR SURWXPDaL MHU MH
 
]DLVWD VORCQD X PL^OMHQMX GD RQDM NR GR_H JDWDUX QH WUHED SRQRYR NODQMDWL QDPD]H ]D
aHWUGHVHW GDQD 3DUDIUD]LUDQR 
1MHJRYH VX ULMHaL 2G (EX+XUHMUHD SUHQRVL VH GD MH 9MHURYMHVQLN VDYV UHNDR

.R RGH YUDaDUX L SRYMHUXMH PX X RQR ^WR RQ NDCH RQ MH ]DQLMHNDR RQR ^WR MH


REMDYOMHQR 0XKDPPHGX VDYV
 =DELOMHCLR JD MH (EX'DYXG 8 GUXJRP SUHGDQMX
NRG (EX'DYXGD VWRML LOL VYRMRM VXSUX]L 0XVHGHG MH UHNDR LOL VYRMRM VXSUX]L
GRN MH X KDM]X ,OL LPD RGQRV VD CHQRP 0XVHGHG MH UHNDR VYRMRP CHQRP X
aPDU RQ VH RGUHNDR RQRJD ^WR MH REMDYOMHQR 0XKDPPHGX VDYV


* +, - + #/    CE  C: (
 & 
D:     .

/6 
D'    /   ++ +.
&/ 
 
! .8 

(D:   ..+ . +. ,  %+ 



, + +,,,+. 
$0 
  
C (


* +, - + #/    CE C:
%/ E
+ E: ,  %+ 

, +
+,,,+.  , + , # .  % !!$ $ 
C:

CC  !"# $%!&#



(EX-D
OD ELOMHCL LVWR RG ,EQ0HVXGD VD GREULP VHQHGRP DOL NDR PHYNXI
2G ,PUDQD E +XVDMQD UD NDR PHUIX KDGLV SUHQRVL VH GD MH $OHMKLVVHODP
UHNDR  1LMH RG QDV NR aLWD VXGELQX LOL PX VH aLWD VXGELQD NR JDWD LOL PX VH
JDWD SUDYL VLKU LOL VH ]D QMHJD SUDYL

1MHJRYH VX ULMHaL  %LOMHCH aHWYHULFD L +DNLP NRML NDCH


3R XYMHWLPD QMLK GYRMLFH
%XKDULMH L 0XVOLPD NRML JD SUHQRVH RG

.R GR_H YUDaDUX LOL SURURNX L SRYMHUXMH PX RQR ^WR RQ NDCH RQ MH ]DQLMHNDR RQR
^WR MH REMDYOMHQR 0XKDPPHGX VDYV 2YDNR MH DXWRU QDSLVDR LPH SUHQRVLRFD
=DELOMHCLOL VX MR^ $KPHG %HMKHNL L +DNLP RG (EX+XUHMUHD D RQ RG 9MHURYMHVQLND
VDYV
1MHJRYH VX ULMHaL .R GR_H YUDaDUX LOL SURURNX L SRYMHUXMH PX RQR ^WR RQ NDCH RQ
MH ]DQLMHNDR RQR ^WR MH REMDYOMHQR 0XKDPPHGX VDYV .XUWXEL MH UHNDR GD VH SRG
RQLP ^WR MH REMDYOMHQR PLVOL QD .XU
DQ L VXQQHW
1MHJRYH VX ULMHaL (EX-D
OD ELOMHCL LVWR RG ,EQ0HVXGD VD GREULP VHQHGRP DOL
NDR PHYNXI (EX-D
OL ELOR MH LPH $KPHG E $OL E 0XVHQQD 0RVXOL 'RVWLJDR MH
VWXSDQM LPDPHWD 1DSLVDR MH PQRJD GMHOD NDR ^WR MH 
  L GUXJD 3UHQRVLR MH
KDGLVH RG -DKMH E 0HLQD (EX+DMVHPH (EX%HNUD E (EX>HMEHD L PQRJLK GUXJLK
%LR MH MHGDQ RG LPDPD KDIL]D 8PUR MH WULVWR VHGPH JRGLQH 2YX WUDGLFLMX ]DELOMHCLR MH
L %H]]DU L RQ NRG QMHJD JODVL .R GR_H YUDaDUX LOL VLKLUED]X L SRYMHUXMH PX RQR ^WR RQ
NDCH RQ MH ]DQLMHNDR RQR ^WR MH REMDYOMHQR 0XKDPPHGX VDYV 8 RYLP MH KDGLVLPD
HNVSOLFLWQR L]MDYOMHQR GD RQ aLQL QHYMHUVWYR
1MHJRYH VX ULMHaL 1LMH RG QDV 2YR MH GRND] QHJLUDQMD REDYH]QRJ LPDQD L WR QLMH
X NRQWUDGLNFLML RQRPH ^WR MH SUHWKRGQR QDYHGHQR GD MH WLMHUH ^LUN D SRJD_DQMH
VXGELQH   QHYMHUVWYR 
 
1MHJRYH VX ULMHaL =DELOMHCLR JD MH %H]]DU 7R MH $KPHG E $PU E $EGXO.KDOLN
(EX%HNU %H]]DU %DVUL DXWRU !
    3UHQRVLR MH RG ,EQXO0XVHQQHD L
PQRJLK GUXJLK 8PUR MH GYMHVWR GHYHGHVHW GUXJH JRGLQH SR +LGCUL


%+/ + ,    'E0 1* +, - +  .  #      ?6 +,
- +@ 66
<.,,2  #   , 66  3,++

 !"# $%!&# CD

 2QDM NR GR_H YUDaDUX L SRYMHUXMH PX RQR ^WR RYDM NDCH RQ MH ]DQLMHNDR
RQR ^WR MH REMDYOMHQR 0XKDPPHGX VDYV =DELOMHCLR JD MH %H]]DU VD GREULP
VHQHGRP =DELOMHCLR JD MH L 7DEHUDQL X (O(YVDWX VD GREULP VHQHGRP RG ,EQ

$EEDVD V WLP ^WR X QMHPX QHPD D NR GR_Hw GR NUDMD KDGLVD
%HJDYL MH UHNDR 9UDa JDWDU DUUDI MHVWH RVRED NRMD WYUGL GD SR]QDMH WDMQH
QD RVQRYX SUHPLVD NRMLPD GRND]XMH JGMH VH QDOD]L XNUDGHQR JGMH MH L]JXEOMHQR
L WRPH VOLaQR 1HNL VX UHNOL GD MH RQ LVWR ^WR L NDKLQ SURURN  .DKLQ MH RQDM NRML
REDYMH^WDYD ^WD `H VH GHVLWL X EXGX`QRVWL 1HNL VX UHNOL GD MH RQ RQDM ^WR
REDYMH^WDYD ^WD MH X GX^L
(EXO$EEDV E 7HMPLMMH UHNDR MH $UUDI MH LPH ]D NDKLQD PXQHGCGCLPD
UHPPDOD L QMLPD VOLaQH NRML JRYRUH GD SR]QDMX VWYDUL QD RYDM QDaLQ
,EQ$EEDV MH UHNDR ]D OMXGH NRML SL^X HED GCDGLQ QDXNX R VORYLPD L
JOHGDMX X ]YLMH]GH 0LVOLP GD RQDM NR WDNR XUDGL QHPD ^WD GD NRG $OODKD
WUDCL

1MHJRYH VX ULMHaL ,EQ$EEDV MH UHNDR ]D OMXGH NRML SL^X


HED GCDGLQ
L JOHGDMX X
]YLMH]GH
0LVOLP GD RQDM NR WDNR XUDGL QHPD ^WD GD NRG $OODKD WUDCL
 2YDM MH HVHU
]DELOMHCLR 7DEHUDQL RG ,EQ$EEDVD NDR 
KDGLV  D QMHJRY VHQHG MH VODE
1MHJRYH VX ULMHaL 0LVOLP PD HUD PRCH VH aLWDWL VD   QD  
L WDGD
]QDaL QH ]QDP $ PRCH L VD   L WDGD ]QDaL QH PLVOLP 3LVDQMH HEX GCDGD
L XaHQMH WRJD NR WLPH WYUGL GD SR]QDMH WDMQH JDME WR MH RQR ^WR VH ]RYD QDXND R
VORYLPD L QD WR VH RGQRVL XSR]RUHQMH 0H_XWLP QMLKRYR XaHQMH GD EL VH RQD ]QDOD
SUDYLOQR L]JRYDUDWL L GD EL VH ]QDOD EURMQD YULMHGQRVW VORYD ]D WR QHPD VPHWQMH


3,/., - + 8.6  &'    EDD  ,  - + 6 +, 66  , /
.,/
* +, - +  . , ! .#  
  / 7,  .+/ ./ 1

 , ,9A1 ?,
+ @  , / .,/
, - +  %+/   !!  'E  , !/.

%+. 

 + + ,0 1* +, - + 66
<.,,2 .+-, + ,. ,+  .6  
   66 !
F    ,. + 3,++
1 !, , 3., - +  , ! .#  
 'E 
66 .+-, +40 1

, ,9A1 , +  +,,,+. 67  , 6  ,. ,+ / +,4


, 7, + , # .       
'D


, - + %+/   !!  'E  ,0 1* +, - +  .   .+/ 
.6 %
6 ;/  ,. + 2
1 # . + ,       $ 
 0 1!6/7+.
+
1 +-, +40 1  .1 6.4 . , ,

C  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 QH PRCH VH VDVWDYLWL YMHURYDQMH SURURNX L YMHURYDQMH X .XU
DQ
 HNVSOLFLWQD L]MDYD GD MH RQ QHYMHUVWYR SRaLQLR
 VSRPLQMDQMH RQLK NRMLPD VH SURULaH
 VSRPLQMDQMH RQLK NRML LPDMX ]OX VOXWQMX QD RVQRYX QHNRJ ]QDND 
 VSRPLQMDQMH RQLK ]D NRMH VH SUDYL VLKU
 VSRPLQMDQMH RQLK NRML QDXaH HED GCDGLQ QDXNX R VORYLPD 
 VSRPLQMDQMH UD]OLNH L]PH_X NDKLQD L DUUDID

1MHJRYH VX ULMHaL L JOHGDMX X ]YLMH]GH WM YMHUXMX GD RQH LPDMX XWMHFDMD X
DVWURORJLML 8 RYRPH MH XSR]RUHQMH X SRJOHGX VYDNH QDXNH ]D NRMX VH QH ]QD QD
RVQRYX $OODKRYH NQMLJH L VXQQHWD 1MHJRYD 3RVODQLND VDYV GD OL MH LVSUDYQD
3UHQHVHQD MH ]DEUDQD GD VH QMRPH EDYL L XSR]RUHQMH GD VH SULEOLCDYD RQLPD NRML VH
WLPH EDYH LOL GD VH SLWDMX LOL SDN GD VH YMHUXMH X QMLKRYX ODC NRMX L]QRVH .ROLNR OL MH
VDPR RQLK NRML VX RYLP VWYDULPD ]DYHGHQL L SUHYDUHQL
 !"# $%!&# C'

?
295$A$1-8 18>5(8 8695+8/,-(A(1-$
2G 'CDELUD VH SUHQRVL GD MH $OODKRY 3RVODQLN VDYV XSLWDQ R YUDaDQMX

QX^UHX X VYUKX OLMHaHQMD SD MH UHNDR 7R MH ^HMWDQVNL SRVDR =DELOMHCLR JD MH
$KPHG VD GREULP VHQHGRP L (EX'DYXG L UHNDR $KPHG MH XSLWDQ R WRPH SD MH
UHNDR
,EQ0HVXG MH VYH WR PU]LR

8 %XKDULMHYRP 6DKLKX VH SUHQRVL RG .DWDGHD GD MH UHNDR ,EQXO0XVHMMHEX
'D OL MH GRSX^WHQR aRYMHNX 

1MHJRYH VX ULMHaL R YUDaDQMX 



X FLOMX OLMHaHQMD !
 MH VD
GDPPRP QD VORYX QXQ NDNR VWRML X UMHaQLNX (EXV6HDGDW MH UHNDR -
 MH YUVWD
OLMHND 5XNMRP VH OLMHaL RQDM ]D NRJD VH PLVOL GD JD MH ]DSDKQXR GCLQVNL GRGLU

    'RELOR MH LPH QX^UH UD]YH]LYDQMH MHU VH WLPH UD]YH]XMH EROHVW NRMD
JD MH VQD^OD WM RWNULYD VH L XNODQMD ,EQXO'CHY]L MH UHNDR -
 MH XNODQMDQMH VLKLUD
VD RVREH NRMD MH SRG VLKURP L VNRUR GD WR QH PRCH XUDGLWL QHJR RQD RVRED NRMD
SR]QDMH 
1MHJRYH VX ULMHaL 2G 'CDELUD VH SUHQRVL GD MH $OODKRY 3RVODQLN VDYV XSLWDQ R
YUDaDQMX 

X VYUKX OLMHaHQMD SD MH UHNDR
7R MH ^HMWDQVNL SRVDR
 =DELOMHCLR JD
MH $KPHG VD GREULP VHQHGRP L (EX'DYXG L UHNDR $KPHG MH XSLWDQ R WRPH SD MH
UHNDR
,EQ0HVXG MH VYH WR PU]LR

2YDM MH KDGLV ]DELOMHCLR $KPHG 2G QMHJD JD MH SUHX]HR (EX'DYXG L ]DELOMHCLR
JD X VYRPH 6XQHQX D +DIL] ,EQ+DGCHU RFLMHQLR MH QMHJRY VHQHG NDR GREDU
1MHJRYH VX ULMHaL XSLWDQ R YUDaDQMX 

X VYUKX OLMHaHQMD 2GUH_HQL aODQ
X 
 MH ]D
 WM R]QDaDYD GD MH WR RS`HSR]QDWR GDNOH RS`HSR]QDWR 

NRMLP VX VH OMXGL X SUHGLVODPVNR GRED EDYLOL L WR MH ^HMWDQVNL SRVDR
1MHJRYH VX ULMHaL RG .DWDGHD 7R MH ,EQ'LDPH VD   QD VORYX 
3RYMHUOMLY MH XaHQMDN X ILNKX MHGDQ RG KDIL]D PH_X WDELLQLPD L LPDP X WHIVLUX 5R_HQ
MH VOLMHS 8PUR MH VWR GHVHWH L QHNH JRGLQH


* +, - + #/    DEC:
 & 
D(     ..7
+-, +
. , 

C(  !"# $%!&#

 NRML MH SRG VLKURP LOL QH PRCH LPDWL LQWLPQL RGQRV VD VYRMRP CHQRP GD VH
WR QMHPX UD]GUMH^XMH LOL GD VH RWNODQMD QX^UHRP YUDaDQMHP X VYUKX OLMHaHQMD "
1H VPHWD RGJRYRULR MH RQL WLPH CHOH XVSRVWDYOMDQMH UHGD L PLUD 2QR ^WR

NRULVWL WR RQ XLVWLQX QLMH ]DEUDQLR

3UHQRVL VH RG +DVDQD GD MH UHNDR 1H RWNODQMD VLKU QLNR RVLP VLKLUED]D
,EQXO.DMMLP MH UHNDR 1X^UH MH RWNODQMDQMH VLKUD VD RSVLKLUHQH RVREH ,PD
LK GYLMH YUVWH  RWNODQMDQMH VLKUD VLKURP LVWLP NDR L WDM L WR MH ^HMWDQVNL SRVDR L
X WRP VX NRQWHNVWX +DVDQRYH ULMHaL .RG WH YUVWH RQDM NRML RWNODQMD L RQDM
NRPH VH RWNODQMD SULEOLCDYDMX VH ^HMWDQX RQLP ^WR RQ YROL WDNR GD RQ SRQL^WL L
REHVQDCL RQR ^WR MH YH` XUDGLR RSaDUDQRP  QX^UH RGXaDYDQMHP UXNMH
WUDCHQMHP XWRaL^WD RG $OODKD GC^  OLMHNRYD L GRSX^WHQLK GRYD 2YR MH
GRSX^WHQR

1MHJRYH VX ULMHaL aRYMHNX NRML MH SRG VLKURP   VD NHVURP QD VORYX WD
WM VLKURP .DCH VH
  

NDGD EXGH RSVLKLUDQ
1MHJRYH VX ULMHaL LOL QH PRCH LPDWL 

 VD IHWKRP QD VORYX  L
 QD VORYX  D SRVOLMH QMHJD VORYR  7M QH PRJQH VD VYRMRP CHQRP LPDWL
LQWLPQL RGQRV ( VD   QD  
MHVWH JRYRU NRML L]JRYDUD VLKLUED]
1MHJRYH VX ULMHaL GD OL VH WR QMHPX UD]GUMH^XMH HMXKDOOX  VD   QD
VORYX  L   QD VORYX  MHVWH X SDVLYQRP REOLNX
1MHJRYH VX ULMHaL LOL GD VH RWNODQMD 
  YUDaDQMHP X VYUKX OLMHaHQMD  

  
" VD  QD VORYX 


* +, - +  ,  
  ECDC      +
%6 + , 
    ECDD0 1+-, + . 3,+,  /  #   3, ! . # ,

!, + 3.,  3, %7/ &/7+  ,. ,   -0 1 , > - 6+4
1
F, +0 1;. + . 6 ., ,., 7, 7  .+ 6 ., ,., 7, + ,.,
1

%6 ?! .%@      ECDD , +0 1* +, - +    &!  , 6

*+ ,. ,  ,. , 


8++   ,. .+ /, 6 .+./  ,.+ , + , 3,
,/ , ,.,/ , > , , .+- ,,.
F, +0 , + , ,
1 %6 + ,0 1%. + ,
/6,
1 ",,, +0 1, . 6. ., ,/  6
1 F, +0 1
8++ + ,0 # +
. 6 ., ,., 7, 7  .+ 6 ., ,., 7, ,
1
 !"# $%!&# C

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 ]DEUDQD QX^UHD
 UD]OLND L]PH_X RQRJ ^WR MH ]DEUDQMHQR L RQRJ ^WR MH GRSX^WHQR aLPH VH
RWNODQMD VXPQMD

1MHJRYH VX ULMHaL 1H VPHWD ]QDaL GD QX^UH QLMH OR^H MHU RQL WLPH CHOH RQR ^WR MH
GREUR 2YR ^WR VH SUHQRVL RG ,EQXO0XVHMMHED RGQRVL VH QD QX^UH ]D NRMH VH ]QD GD
QLMH VLKU
1MHJRYH VX ULMHaL 3UHQRVL VH RG +DVDQD GD MH UHNDR
1H RWNODQMD VLKU QLNR RVLP
VLKLUED]D
 2YDM MH HVHU VSRPHQXR ,EQXO'CHY]L X   
 
 +DVDQ MH ,EQ
(EXO+DVDQ ,PH PX MH 6HMMDU %DVUL (QVDUL %LR MH QMLKRY ^WL`HQLN 3RYMHUOMLY MH L
XaHQMDN X ILNKX %LR MH LPDP PH_X QDMRGDEUDQLMLP WDELLQLPD 8PUR MH VWR GHVHWH D
ELOR PX MH EOL]X VWR JRGLQD
2G VYRMVWDYD GRSX^WHQRJ QX^UHD NRMD VH QDYRGH MHVWH L WR ^WR VH SUHQRVL RG ,EQ
+DWLPD L (EX>HMKD D RQL RG /HMVD E (EX6XOHMPD GD MH UHNDR 'R^OR MH GR PHQH
GD RYL DMHWL OLMHaH RG VLKUD V GRSX^WHQMHP 8]YL^HQRJ $OODKD 3URXaH VH X SRVXGX X
NRMRM LPD YRGH D ]DWLP VH YRGD VDOLMH QD JODYX EROHVQH RVREH RG VLKLUD

)dl@[t@FIk@FhYl@HMTA
h@hLAH@@


2QR ^WR VWH SULUHGLOL aDUROLMD MH $OODK `H MH XQL^WLWL MHU $OODK QH GRSX^WD GD GMHOR
SRNYDUHQMDND XVSLMH $OODK `H 6YRMRP PR`L LVWLQX XWYUGLWL PDNDU ^WR `H WR QHYMHUQL
FLPD NULYR ELWL
 ; , 1MHJRYH VX ULMHaL
---^@A^A^^H^@^  , WDNR LVWLQD QD YLGMHOR L]EL L SRND]D VH GD MH ELOR
e
ODCQR RQR ^WR VX RQL SULUHGLOL  9,, , 1MHJRYH ULMHaL
^LBR^XhXA^l@[^hXA^kd^@^sA^F  e MHU MH RQR ^WR VX RQL QDSUDYLOL VDPR
YDUND aDUREQMDND D aDUREQMDN QH`H PD JGMH GR^DR XVSMHWL ;; ,EQ%HWWDO
QDSLVDR MH X SLVPX 9HKEX E 0XQHEELKX GD X]PH VHGDP ]HOHQLK OLVWRYD ORWRVRYRJ
GUYHWD L VDPHOMH LK L]PH_X GYD NDPHQD ]DWLP WR SROLMH YRGRP L QD WR SURXaL $MHWXO
NXUVLMX WH VXUH (O,KODV (O)HOHN L (Q1DV =DWLP GD SRSLMH WUL JXWOMDMD D SRWRP VH WRP
YRGRP RNXSD 7R `H RG QMHJD RGQLMHWL VYH ^WR VH QDOD]LOR 2YR MH GREUR ]D aRYMHND
NDG QH PRJQH LPDWL LQWLPQL RGQRV VD VYRMRP VXSUXJRP
C  !"# $%!&#

Z?
27(7$--858 237,0,=08,3(6,0,=08
1$26129837,&$,267$/2*
  hQB@dhA}AFB D 
L ULMHaLPD 8]YL^HQRJ $OL QH 1MLKRYD QHYROMD MH RG $OODKD ELOD VDPR ^WR
YH`LQD QMLK QLMH ]QDOD (O(
DUDI 

1MHJRYH VX ULMHaL 2 



RSWLPL]PX L SHVLPL]PX QD RVQRYX SWLFD L RVWDORJ
WM R ]DEUDQL WRJD L XSR]RUHQMX 7LMHUH MH VD NHVURP QD VORYX WD L IHWKRP QD VORYX MD D
r
PRCH ELWL L VD 

  7R MH JODJROVND LPHQLFD RG WHWHMMHUH WLMHUHWHQ 8 RVQRYL WR MH
RSWLPLVWLaNR LOL SHVLPLVWLaNR SUHGYL_DQMH QD RVQRYX WRJD GD OL WL VH SRMDYH V GHVQH
  LOL OLMHYH VWUDQH   SWLFH JD]HOH L GUXJR 7DM 
 VSUHaDYDR LK MH
GD L]YU^H VYRMH QDPMHUH SD MH WR ^HULMDW RGEDFLR L VWDYLR YDQ VQDJH L REDYLMHVWLR GD WR
QHPD XWMHFDMD X YLGX SULEDYOMDQMD RQRJ ^WR MH GREUR L RWNODQMDQMD ]OD 0HGDLQL MH
UHNDR 8SLWDR VDP 5X
EX E (O$GCDGCD ^WD MH WR  

7R MH RQR ^WR WL RNUHQH
VYRMX GHVQX VWUDQX
 RGJRYRULR MH
$ ^WD MH WR EDULGC
 XSLWDR VDP
2QR ^WR WL RNUHQH
VYRMX OLMHYX VWUDQX 2QR ^WR WL GR_H LVSUHG MHVWH   L   $ RQR ^WR WL GR_H VD OH_D
]RYH VH  L 
1MHJRYH VX ULMHaL , ULMHaL $OODKD 8]YL^HQRJ

hQB@dhA}AFB


$OL QH 1MLKRYD QHYROMD MH RG $OODKD ELOD VDPR ^WR YH`LQD QMLK QLMH ]QDOD

8]YL^HQL MH VSRPHQXR RYDM DMHW X NRQWHNVWX 6YRMLK ULMHaL

fA@Al@LAT@eG

, NDG EL LP ELOR GREUR RQL EL JRYRULOL


2YR VPR ]DVOXCLOL
 WM PL VPR GRVWRMQL WRJD L
WR QDPD SULSDGD ^k^ItLF
D NDG EL LK VQD^OD NDNYD QHYROMD
 WM NX^QMD L VX^D
^^^k@^
0XVDX L RQLPD NRML VX V QMLP YMHURYDOL WX QHYROMX EL SULSLVDOL

*RYRULOL EL
=ERJ 0XVDD L QMHJRYLK VOMHGEHQLND L QMLKRYRJ OR^HJ SUHG]QDND ]DGHVLOD
QDV MH QHYROMD

3D MH 8]YL^HQL UHNDR @d^hA^}A^FB $OL QH 1MLKRYD QHYROMD MH RG $OODKD
ELOD ,EQ$EEDV MH UHNDR QMLKRYH QHYROMH MH RQR ^WR LP MH 2Q RGUHGLR L SURSLVDR
 !"# $%!&# C:

  hA}@A 9
, 1MHJRYH VX ULMHaL

8]URN YD^H QHVUH`H MH V YDPD
 UHNR^H RQL -D6LQ 
2G (EX+XUHMUHD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR
1HPD ]DUD]H QHPD OR^HJ SUHG]QDND 

8 GUXJRP SUHGDQMX VWRML 1MLKRY MH OR^ SUHG]QDN NRG $OODKD L RG 1MHJD 7M GR^DR
LP MH OR^ SUHG]QDN XLVWLQX RG 1MHJD ]ERJ QMLKRYD QHYMHUVWYD L QMLKRYRJ QHJLUDQMD
1MHJRYLK DMHWD L SRVODQLND
1MHJRYH VX ULMHaL hQB VDPR ^WR YH`LQD QMLK QLMH ]QDOD 7R ]QDaL
GD VX YH`LQD QMLK QH]QDOLFH NRML QH ]QDMX D GD VX ]QDOL L UD]XPMHOL VSR]QDOL EL GD MH
RQR ^WR MH GRQLR 0XVD DV VYDNR GREUR VUH`D L XVSMHK ]D RQRJ NR X QMHJD
SRYMHUXMH L VOLMHGL QMHJRYH ULMHaL
1MHJRYH VX ULMHaL ^hA^}@A^ 
8]URN YD^H QHVUH`H MH V YDPD
 UHNR^H RQL
7R ]QDaL YD^D VUH`D VXGELQD L ]OR NRMH YDV MH ]DGHVLOR MHVX V YDPD ]ERJ YD^LK GMHOD
YD^HJ QHYMHUVWYD L UD]LODCHQMD V RQLPD NRML VX YDV VDYMHWRYDOL 7R QLMH UDGL QDV QLWL
]ERJ QDV QHJR ]ERJ YD^HJ QDVLOMD L QHSULMDWHOMVWYD 1HVUH`D MH ]OLNRYFD L QDVLOQLND V
QMLPD 3UHPD WRPH ]OR NRMH VH QMLPD GHVLOR GHVLOR VH ]ERJ X]URND NRML JD MH
SULYXNDR D VYH WR V $OODKRYLP SURSLVRP L RGUHGERP 1MHJRYRP PXGUR^`X L SUDYGRP
5LMHaL VX $OODKD 8]YL^HQRJ heB =DU ]DWR ^WR VWH RSRPHQXWL" WM ]ERJ WRJD
^WR VPR YDV PL RSRPHQXOL L QDUHGLOL YDP GD VDPR $OODKD RERCDYDWH YL VWH QDV
GRaHNDOL V WLP ULMHaLPD

hlMBH 

7D YL VWH QDURG NRML VYDNX JUDQLFX ]OD SUHOD]L ;;;9,


1MHJRYH VX ULMHaL 1HPD ]DUD]H    (EXV6HDGDW UHNDR MH (O
DGYD MH
LPHQLFD RG        .DCH VH 

   SUH^OD
MH QD QMHJD EROHVW SUHODVNRP NDGD JD ]DGHVL EROHVW NRMX LPD QMHJRY NROHJD
1MHJRYH VX ULMHaL QHPD OR^HJ SUHG]QDND ,EQXO.DMMLP MH UHNDR 3RVWRML
PRJX`QRVW GD VH RYLP QHJLUD SRVWRMDQMH LOL GD VH ]DEUDQMXMH 7M QHPRMWH WR UDGLWL
0H_XWLP QMHJRYH ULMHaL X KDGLVX 1HPD ]DUD]H QHPD OR^HJ SUHG]QDND QHPD VRYH
QHPD FUYD X XWUREL XSX`XMX QD WR GD VH PLVOL QD QHJLUDQMH SRVWRMDQMD L XNLGDQMH WLK
VWYDUL NRMLPD MH SUHGLVODPVNL SHULRG ELR RSWHUH`HQ
CC  !"# $%!&#

 QHPD VRYH QHPD FUYD X XWUREL =DELOMHCLOL VX JD QMLK GYRMLFD

1HJLUDQMH MH SRVWRMDQMD X RYRP VOXaDMX HORNYHQWQLMH RG ]DEUDQH MHU QHJLUDQMH


XSX`XMH QD ODCQRVW L QHRVQRYDQRVW WRJD L GD WR QHPD QLNDNYRJ XWMHFDMD GRN ]DEUDQD
XSX`XMH VDPR QD WR GD MH WR ]DEUDQMHQR ,NULPH MH UHNDR 6MHGLOL VPR NRG ,EQ
$EEDVD SD MH SUROHWMHOD SWLFD NRMD MH JUDNWDOD 1HNL aRYMHN MH UHNDR
'REUR GREUR

1D WR PX MH ,EQ$EEDV UHNDR
1LWL GREUR QLWL ]OR
 7DNR MH RQ SRCXULR GD PX WR RVSRUL
NDNR QH EL SRYMHURYDR GD WR XWMHaH GD VH GHVL GREUR LOL ]OR 7DYXV MH NUHQXR VD
VYRMLP SULMDWHOMHP QD SXW SD MH YUDQD ]DJUDNWDOD L aRYMHN MH UHNDR 'REDU ]QDN 1D WR
PX MH 7DYXV X]YUDWLR .DNYR MH GREUR X RYDNYRP VDSXWQLNX 1HPRM PL SUDYLWL
GUX^WYR 3DUDIUD]LUDQR X VNUD`HQRP REOLNX
1MHJRYH VX ULMHaL QHPD VRYH    EH]  QD VORYX PLP SR
LVSUDYQRP PL^OMHQMX (O)HUUD MH UHNDR ! MH QR`QD SWLFD PLVOL QD VRYX
,EQXO(
DUDEL MH UHNDR 2QL VX SUHGYL_DOL ]OR NDGD EL VH RQD VSXVWLOD QD QHaLMX NX`X
*RYRULOL EL GD `H XPULMHWL RQ LOL QHNR L] QMHJRYH NX`H 3RYRGRP WRJD GR^DR MH RYDM
KDGLV NRML MH WR QHJLUDR L REHVQDCLR
1MHJRYH VX ULMHaL QHPD FUYD X XWUREL      VD IHWKRP QD VORYX ID
(EX8EHMGH MH SUHQLR X *DULEXOKDGLVL RG 5X
EHD GD MH UHNDR 7R MH PDOD CLYRWLQMLFD
X VWRPDNX VWRNH L OMXGL $UDSL MH VPDWUDMX SUHOD]QLMRP ]DUD]QLMRP RG VYUDED 3UHPD
WRPH SRG QHJLUDQMHP VH PLVOL QD QHJLUDQMH RQRJD ^WR VX RQL YMHURYDOL X SRJOHGX
SUHQR^HQMD ]DUD]H L LQIHNFLMH 2YDNR MH UHNDR L 6XIMDQ E 8MHMQH LPDP $KPHG %XKDUL
L ,EQ'CHULU NRML MH UHNDR 3RG WLP PLVOL VH QD PMHVHF   $ QHJDFLMD VH RGQRVL QD
RQR ^WR VX X SUHGLVODPVNRP GREX UDGLOL X SRJOHGX SUHPMH^WDQMD VYHWLK PMHVHFL
1DLPH RQL VX VDIHU VWDYOMDOL QD PMHVWR PXKDUHPD 2YDNDY MH VWDY 0DOLNRY (EX
'DYXG SUHQRVL RG 0XKDPPHGD E 5D^LGD RG RQRJ NRJD MH RQ OLaQR aXR NDNR NDCH
2QL NRML VX CLYMHOL X YULMHPH GCDKLOLMHWD ELOL VX SHVLPLVWL L ]OR`XGQL X SRJOHGX   L
JRYRULOL VX GD MH WR ]OR`XGDQ PMHVHF SD MH WR 9MHURYMHVQLN VDYV SRQL^WLR ,EQ
5HGCHE MH UHNDR 0RCGD MH RYR QDMLVSUDYQLMH PL^OMHQMH 3HVLPL]DP X SRJOHGX VDIHUD
MHVWH LVWL NDR L SHVLPL]DP RQLK NRML VX CLYMHOL X SUHGLVODPVNR GRED X SRJOHGX CHQLGEH L
XGDMH X PMHVHFX  

 !"# $%!&# CC

.RG 0XVOLPD LPD MR^ GRGDWDN wQHPD ]YLMH]GD NRMH QDJRYMH^WDYDMX NL^X

QLWL ]ORGXKD
1MLK VX GYRMLFD ]DELOMHCLOL RG (QHVD GD MH $OODKRY 3RVODQLN VDYV UHNDR
1HPD ]DUD]H QHPD OR^HJ SUHG]QDND D YROLP HOIH
O RSWLPL]DP  8SLWDOL VX

$OODKRY 3RVODQLaH D ^WD MH WR HOIH
O" 'REUD L OLMHSD ULMHa RGJRYRULR MH

1MHJRYH VX ULMHaL QHPD ]YLMH]GD NRMH QDJRYMH^WDYDMX NL^X      2


RYRPH `H ELWL JRYRUD NDVQLMH X SRJODYOMX R RYRM WHPL
1MHJRYH VX ULMHaL QLWL ]ORGXKD   
  VD    7R MH LPHQLFD D
PQRCLQD MH  L  L QD WR VH PLVOL RYGMH 3RG QMHJRYLP ULMHaLPD QLWL ]ORGXKD
  
  GD RQ QH PRCH VNUHQXWL QD VWUDQSXWLFX ELOR NRJD XNROLNR VH $OODK
VSRPLQMH L QD 1MHJD RVODQMD 8 WRP MH VPLVOX L KDGLV .DGD VH SRMDYH ]ORGXVL YL
SRCXULWH VD XaHQMHP H]DQD  WM RWMHUDMWH QMLKRYR ]OR VSRPLQMDQMHP 8]YL^HQRJ $OODKD
1MHJRYH VX ULMHaL 1MLK VX GYRMLFD ]DELOMHCLOL RG (QHVD GD MH $OODKRY 3RVODQLN
VDYV UHNDR
1HPD ]DUD]H QHPD OR^HJ SUHG]QDND D YROLP   RSWLPL]DP 

8SLWDOL VX
$OODKRY 3RVODQLaH D ^WD MH WR  "

'REUD L OLMHSD ULMHa
 RGJRYRULR MH

(EXV6HDGDW MH UHNDR ! 
MH VD KHP]HWRP ]D RQR ^WR UDGXMH LOL UDVWXCXMH D
WLMHUH VH NRULVWL VDPR ]D RQR ^WR UDVWXCXMH 0RCGD VH SRQHNDG NRULVWL L ]D RQR ^WR
UDGXMH
1MHJRYH VX ULMHaL 8SLWDOL VX
$OODKRY 3RVODQLaH D ^WD MH WR  "

'REUD L OLMHSD
ULMHa
 RGJRYRULR MH $OHMKLVVHODP VDYV REMDVQLR MH GD RQ YROL  


* +, - +  
' '       /
8/ 
CCC  ? C@ /   
   +   /    ,  %+ 

! -, 3.+ + 6 +, 8/

CCC ? (@ ,  %+ 
  ,,/ 1./ 6+6 ,+ .-,+7+ 71   
, & 
#  
  ,,/ 1. 6,1 
CCCC ? @


* +, - +  
' '(    H 
' (    
8/ 
CCC  
/  + 
 & 
D:(     +
/6 
(' +  
/  +
! .8 
D'D      /. . + A #/ 
  DE D  '   D   C (


#/    DEDDC
! . B+    $ CE E
   ':D':
! .
..  %  
'CD , & 
#  

+-, + .    3.,,2
3,++
+-, + /.  ,/ 7, + ,. 3. 6/9 %. +  & 
/ ,.
.+ 4, , .+- , + , # .      $ 


CCC  !"# $%!&#

(EX'DYXG SUHQRVL YMHURGRVWRMQLP VHQHGRP RG 8UYHD E $PLUD GD MH UHNDR


6SRPHQXWR MH WLMHUH NRG $OODKRYRJ 3RVODQLND VDYV SD MH UHNDR
1DMEROMH MH
RG WRJD HOIH
O 7R QH VPLMH RGYUDWLWL PXVOLPDQD .DGD QHNR RG YDV YLGL QH^WR
^WR QH YROL QHND NDCH
$OODKX GREUR QH GRQRVL QLNR PLPR 7HEH QLWL ]OR

RGYUD`D LNR RVLP 7HEH L QHPD VQDJH QL PR`L RVLP 7YRMH

7R XSX`XMH GD VH   QH XEUDMD X   NRMH MH ]DEUDQMHQR ,EQXO.DMMLP MH


UHNDR 'LYOMHQMH  
L OMXEDY SUHPD WRPH QLMH SULGUXCLYDQMH   QHJR MH WR
RE]QDQD R QXCQRM SULURGL R RQRPH ^WR L]LVNXMH OMXGVND SULURGD GD WHCL ND RQRPH ^WR
MRM RGJRYDUD L ^WR VH V QMRP SRGXGDUD $OODK GC^ GDR MH GD aRYMHN SRVMHGXMH QDJRQ
GD VH GLYL NDG aXMH OLMHSR LPH GD JD YROL L GD QMHJRYD GX^D QMHPX WHCL ,VWR WDNR
XaLQLR MH GD X WRPH RVMH`D ]DGRYROMVWYR L UDGRVQX YLMHVW R SRVWL]DQMD XVSMHKD PLUD
VSDVD aHVWLWDQMD REYHVHOMHQMD SREMHGH L WRPH VOLaQR 3UHPD WRPH NDGD aRYMHN aXMH
LPHQD VXSURWQRJ ]QDaHQMD UXCQD LPHQD  WR NRG QMHJD SURX]URNXMH VXSURWQR VWDQMH
7D LPHQD NRG QMHJD L]D]RYX WXJX VWUDK SHVLPL]DP XYODaHQMH X VHEH L SRYODaHQMH
RG RQRJ ^WR MH QDPMHUDYDR L RGOXaLR UDGLWL 7DNR PX WR QDQHVH ^WHWX QD GXQMDOXNX
XPDQML PX LPDQ L RGYHGH JD X ^LUN
1MHJRYH VX ULMHaL RG 8UYHD E $PLUD 2YDNR MH QDYHGHQR X PDQXVNULSWDPD
! $  D LVSUDYQR MH 8UYH E $PLU .XUH^L 2YDNR JD MH ]DELOMHCLR $KPHG (EX
'DYXG L GUXJL 2Q MH 0HNHOLMD 5D]L^OL VX VH X SRJOHGX QMHJRYD SRULMHNOD $KPHG MH
e
UHNDR RG 8UYHD E $PLUD .XUH^LMD  'UXJL VX UHNOL 'CXKHQL 5D]L^OL VX VH X
SRJOHGX SLWDQMD GD OL RQ LPD VWDWXV DVKDED 0DYHUGL MH UHNDR 2Q LPD VWDWXV
DVKDED ,EQ+LEEDQ JD MH VSRPHQXR PH_X SRYMHUOMLYLP WDELLQLPD 0L]]L MH UHNDR 2Q
QHPD VWDWXV DVKDED ,EQXO.DMMLP MH UHNDR $OHMKLVVHODP MH REDYLMHVWLR GD VH HOIH
O
XEUDMD X WLMHUX L WR MH QDMEROML QMHJRY GLR 2Q MH SRQL^WLR WLMHUX L REDYLMHVWLR GD VH HOIH
O
XEUDMD X WR L QDSUDYLR MH UD]OLNX L]PH_X   L    SR^WR PH_X QMLPD SRVWRML
UD]OLND L VXSURWQRVW NRULVWL MHGQRJ L ^WHWQRVWL GUXJRJ
1MHJRYH VX ULMHaL 7R QH VPLMH RGYUDWLWL PXVOLPDQD 7LEL MH UHNDR 7R MH DOX]LMD
GD MH VWDQMH QHYMHUQLND VXSURWQR WRPH


* +, - +  & 
D :     +
. / + 
* 5
#/
%6 + ,    67 ,, .+-, +,,,+.,
$0 (   
' 

 !"# $%!&# CCD

2G ,EQ0HVXGD NDR PHUIX SUHGDQMH ELOMHCL VH GD MH $OHMKLVVHODP UHNDR 


7LMHUH MH ^LUN WLMHUH MH ^LUN 1HPD QLNRJ RG QDV D GD QLMH w 0H_XWLP $OODK WR

RWNODQMD WHYHNNXORP RVODQMDQMHP QD 1MHJD  =DELOMHCLR JD MH (EX'DYXG
7LUPL]L L RFLMHQLR JD NDR YMHURGRVWRMDQ D ]DGQML QMHJRY GLR QDYHR NDR ULMHaL
,EQ0HVXGRYH

1MHJRYH VX ULMHaL $OODKX GREUR QH GRQRVL QLNR RVLP 7HEH QLWL ]OR RGYUD`D LNR
RVLP 7HEH L QHPD VQDJH QL PR`L RVLP 7YRMH 7M   QH GRQRVL GREUR QLWL RGJRQL
]OR QHJR 7L -HGLQL .RML QHPD^ VXGUXJD GRQRVL^ GREUR L RWNODQMD^ ]OR 3RG GREULP
PLVOL VH QD EODJRGDWL D SRG ]ORP PLVOL VH QD QHYROMH 8 RYRPH VH QHJLUD YH]LYDQMH
VUFD ]D QHNRJ GUXJRJ PLPR $OODKD PLVOH`L GD GRQRVL GREUR L RGYUD`D ]OR 2YR MH
 L WR MH RGJRYDUDMX`D GRYD RQRPH NR X VYRPH VUFX RVMHWL QH^WR RG WLMHUH 7R MH L
HNVSOLFLWQD L]MDYD GD WR QH GRQRVL GREUR QLWL RGYUD`D ]OR 2QDM NR WR YMHUXMH VPDWUD VH
PDORXPQLP L PX^ULNRP
1MHJRYH VX ULMHaL L QHPD VQDJH QL PR`L RVLP 7YRMH !
L  
 L 
  L] VWDQMD X VWDQMH $ PR` GD WR XUDGL LPD MHGLQR $OODK 2YLP VH RGULaH RG
VYDNH VQDJH PR`L L YROMH EH] $OODKRYH VQDJH PR`L L YROMH 2YR MH WHYKLG X



 D WR MH GRND] ]D 


  NRML VH RJOHGD X SRVYH`LYDQMX VYLK YUVWD
  VDPR 8]YL^HQRP $OODKX 7R MH  QDPMHUH YROMH 7R MH KYDOD $OODKX YH`
REMD^QMHQR
1MHJRYH VX ULMHaL 2G ,EQ0HVXGD NDR PHUIX SUHGDQMH ELOMHCL VH GD MH
$OHMKLVVHODP UHNDR 
7LMHUH MH ^LUN WLMHUH MH ^LUN 1HPD QLNRJ RG QDV D GD QLMH
e
0H_XWLP $OODK WR RWNODQMD  
 RVODQMDQMHP QD 1MHJD 


* +, - +  & 
D:      +
/6 
(  +   / 
+ #/ E D  ,0 1;+  +     ) !3., + , + ,
* +, - + 
! .% . 
 C     ! .8 
D'D
%6    E , +0 1/
.,- , .1 ! .8, 
  +4 ,+  6+., 3,/.  ,/
, + , +.,
+/.
%  4+ +. , + 3., /6 , +  ,. , .+-
1 %6 + ,0 1,
+ ,, , 7 +  ,. +,  , ,., ,  , , 3 6- ,   .,-
3 567.,/ #
1 +-,  +40 189/ # , ,.+ 

* ?,.+.+/ .
+-@1 6+ . ,  ,  .,/ , .7,  3  3 #  . , - ,  
,. .>  ,-,,. 6 , 7, /  ,
$0      
D
%  + ,0
1/ .,- , .   .+1 6.4 1./ .,- , .   /   . . ,9
8//

!/  + ,0 1+/.
% + ,, 3,2,  -,,,0 , . +4 #,,- <,.



 .-, , ,   +4 ! .8, 

1
CC  !"# $%!&#

$KPHG SUHQRVL RG ,EQ$PUD 2QDM NRJD WLMHUH RGYUDWL RG QMHJRYH SRWUHEH


SRaLQLR MH ^LUN $ ^WD MH LVNXS ]D WR XSLWDOL VX 'D NDCH^
$OODKX VYDNR

GREUR MH RG 7HEH VYH SWLFH VX 7YRMH L QHPD ERJD RVLP 7HEH


=DELOMHCLR JD MH (EX'DYXG L 7LUPL]L NRML JD MH RFLMHQLR NDR YMHURGRVWRMDQ D ]DGQML


QMHJRY GLR QDYHR NDR ULMHaL ,EQ0HVXGRYH .RG (EX'DYXGD RQ JODVL 7LMHUH MH ^LUN
7UL SXWD  2YR MH HNVSOLFLWQR X ]DEUDQL WLMHUH L GD VH WR XEUDMD X ^LUN SR^WR VH NRG
WRJD VUFH YH]XMH ]D QHNRJ PLPR $OODKD ,EQXO0XIOLK MH UHNDR 3UHaH MH LPDWL
GHILQLWLYDQ VWDY GD MH WR ]DEUDQMHQR MHU MH WR SULGUXCLYDQMH   D NDNR GD  EXGH
SRNX_HQ X WHUPLQROR^NRP VPLVOX"
1MHJRYH VX ULMHaL 1HPD QLNRJ RG QDV D GD QLMH (EXO.DVLP $VEDKDQL L 0XQ]LUL
UHNOL VX 8 KDGLVX SRVWRML VNULYHQD PLVDR NRMD JODVL
1HPD QLNRJ RG QDV D GD QLMH
QH^WR RG WRJD XUDGLR

1MHJRYH VX ULMHaL $OODK WR RWNODQMD  
 RVODQMDQMHP QD 1MHJD 
0H_XWLP NDGD VH RVORQLPR QD $OODKD X SRVWL]DQMX RQRJD ^WR MH NRULVQR L RGYUD`DQMX
RQRJD ^WR MH ^WHWQR $OODK `H WR RG QDV RWNORQLWL QD^LP RVODQMDQMHP VDPR QD 1MHJD
1MHJRYH VX ULMHaL D ]DGQML QMHJRY GLR QDYHR NDR ULMHaL ,EQ0HVXGRYH ,EQXO
.DMMLP MH UHNDR 7R MH LVSUDYQR MHU WLMHUH MH YUVWD 
1MHJRYH VX ULMHaL $KPHG SUHQRVL RG ,EQ$PUD
2QDM NRJD WLMHUH RGYUDWL RG
QMHJRYH SRWUHEH SRaLQLR MH 

$ ^WD MH LVNXS ]D WR
 XSLWDOL VX
'D NDCH^
$OODKX
VYDNR GREUR MH RG 7HEH VYH SWLFH VX 7YRMH L QHPD ERJD RVLP 7HEH
 2YDM VX KDGLV
]DELOMHCLOL $KPHG L 7DEHUDQL RG $EGXOODKD E $PUD E $VD 8 QMHJRYX VHQHGX QDOD]L
VH ,EQ/HKLD D RVWDOL QMHJRYL SUHQRVLRFL VX SRYMHUOMLYL
1MHJRYH VX ULMHaL RG ,EQ$PUD 7R MH $EGXOODK E $PU E $V E 9DLO 6HKPL
(EX0XKDPPHG 5HaHQR MH GD MH RQ (EX$EGXUUDKPDQ MHGDQ RG SUYLK DVKDED NRML
VX SULPLOL LVODP L NRML MH SUHQLR GRVWD KDGLVD L MHGDQ RG SUDYQLND $EGXOODKD , 


* +, - + #/    CECC
3,/., - + %+/   !!  'E ' ,
# 
#/
# 
  ,0 1* +, - + #/   .   .+-,,/ . .6
 ! .G  ,. +  3.,2
; 3.,,2  3,++
# .       

 (' , +0 1 ,  33,+.+/ ! .G +  -/ 3.+/  .  ,./ ,+
3., #  %  , .+-
+,  ,+ 3., , .+- +,,,+. 
</
,/ ,+ +  +,,,+.
1
 !"# $%!&# CC'

2Q $KPHG MH ]DELOMHCLR KDGLV L RG )DGOD E $EEDVD UD 7LMHUD MH XLVWLQX



RQR ^WR WH MH QDYHOR GD QDVWDYL^ LOL GD VH YUDWL^
8PUR MH X 7DLIX X PMHVHFX ]XOKLGCGCHWX NDGD MH ELOD ELWND (O+DUUH SR
LVSUDYQRP PL^OMHQMX

1MHJRYH VX ULMHaL 2QDM NRJD WLMHUH RGYUDWL RG QMHJRYH SRWUHEH SRaLQLR MH  7R
MH ]ERJ WRJD ^WR MH WLMHUH ]ORVOXWQMD L SHVLPL]DP ]ERJ RQRJ ^WR VH YLGL LOL aXMH 8NROLNR
JD WR RGYUDWL RG QDXPOMHQRJ SXWRYDQMD SRVOD LOL SRWUHEH SRaLQLR MH ^LUN
SULGUXCLYDQMH V RQLP ^WR MH REX]HOR QMHJRY UD]XP X YLGX VWUDKD 8 RYRP SRJOHGX WR
ELYD SULGUXCLYDQMHP  

1MHJRYH VX ULMHaL $ ^WD MH LVNXS ]D WR XSLWDOL VX 'D NDCH^


$OODKX VYDNR
e
GREUR MH RG 7HEH
 8 RYRPH MH SUHSX^WDQMH VWYDUL $OODKX X SRJOHGX RGUH_LYDQMD
XSUDYOMDQMD L VWYDUDQMD L RGULFDQMH RG RQRJD X aHPX MH YH]LYDQMH ]D ELOR NRJD PLPR
$OODKD 8]YL^HQRJ

1MHJRYH VX ULMHaL L QHPD ERJD RVLP 7HEH 7M QHPD QLNRJ NR ]DVOXCXMH GD
EXGH RERCDYDQ RVLP 7HEH .DGD WR NDCH L RNUHQH VH RG RQRJ ^WR VH GHVLOR X
QMHJRYLP PLVOLPD L QH REUD`D SDCQMX QD WR QHJR QDVWDYL UDGLWL RQR ^WR MH QDXPLR
RVODQMDMX`L VH QD $OODKD L SRYMHUDYDMX`L WR 1MHPX $OODK `H PX RSURVWLWL WR ^WR VH
GHVLOR X QMHJRYLP PLVOLPD

1MHJRYH VX ULMHaL 2Q $KPHG MH ]DELOMHCLR KDGLV L RG )DGOD E $EEDVD UD


$  MH XLVWLQX RQR ^WR WH MH QDYHOR GD QDVWDYL^ LOL GD VH YUDWL^ 2YDM KDGLV NRG
LPDPD $KPHGD SUHQHVHQ MH RG )DGOD E $EEDVD NRML MH UHNDR ,]L^DR VDP VD
e
$OODKRYLP 3RVODQLNRP VDYV L QDYHR JD UHNDY^L QD NUDMX
7LMHUD MH XLVWLQX RQR
^WR WH MH QDYHOR GD QDVWDYL^ LOL GD VH YUDWL^
 )DGO MH VLQ $EEDVD E $EGXO0XWWDOLED
DPLGCH 9MHURYMHVQLNRYRJ VDYV 3RJLQXR MH X %LWNL QD -HUPXNX 'UXJL VX UHNOL GD MH
SRJLQXR X %LWNL QD 0HUHGCLVVDIHUX WULQDHVWH JRGLQH SR +LGCUL  ,PDR MH GYDGHVHW
GYLMH JRGLQH (EX'DYXG MH UHNDR 8ELMHQ MH X 'DPDVNX 1D VHEL MH LPDR
9MHURYMHVQLNRY VDYV ^WLW

1MHJRYH VX ULMHaL $  MH XLVWLQX RQR ^WR WH MH QDYHOR GD QDVWDYL^ LOL GD VH
YUDWL^ 2YR MH GHILQLFLMD   NRMD MH ]DEUDQMHQD 7R MH RQR ]ERJ aHJD aRYMHN QDVWDYL
X SRVOX NRML MH KWLR LOL JD WR VSULMHaL GD JD QDVWDYL >WR VH WLaH HOIH
OD NRML MH
$OHMKLVVHODP VDYV YROLR X QMHPX SRVWRML YUVWD UDGRVQH YLMHVWL SD VH aRYMHN WLPH
REUDGXMH D QH RVODQMD VH QD WR ]D UD]OLNX RG WLMHUH SD GREUR VKYDWL UD]OLNX


* +, - + #/    ECD
5 .+-,,/ . /  ,   3. +

CC(  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


XSR]RUHQMH QD 1MHJRYH ULMHaL @dhA}AFB $OL QH 1MLKRYD QHYROMD MH RG
$OODKD ELOD VD 1MHJRYLP ULMHaLPD ^hA^}@A^  8]URN YD^H QHVUH`H MH V
YDPD
 QHJLUDQMH
DGYH ]DUD]H 
 QHJLUDQMH WLMHUH OR^HJ SUHG]QDND 
 QHJLUDQMH KDPH VRYH 
 QHJLUDQMH VDIHUD FUYD X XWUREL 
 GD VH HOIH
O QH XEUDMD X WR QHJR MH WR PXVWHKDEE
 WXPDaHQMH ]QDaHQMD HOIH
O
 QH VPHWD DNR QH^WR RG WLMHUH X_H X OMXGVNR VUFH D aRYMHN WR QH YROL L WR
$OODK RGVWUDQMXMH RG aRYMHND DNR VH RQ aYUVWR SRX]GD X $OODKD
  VSRPLQMDQMH RQRJD ^WR WUHED L]JRYDUDWL RQDM NR X VHEL WR RVMHWL
 L]YLMH^`H GD MH WLMHUH ^LUN
 WXPDaHQMH SRNX_HQH WLMHUH
 !"# $%!&# CC

?
2$6752/2*,-,
%XKDUL MH UHNDR X VYRPH 6DKLKX GD MH .DWDGH UHNDR $OODK MH RYH ]YLMH]GH
VWYRULR UDGL WURJD NDR XNUDV QHEX GD VH QMLPD JD_DMX ^HMWDQL L GD EXGX
]QDNRYL L SXWRND]L SRPR`X NRMLK VH RGUH_XMH SUDYDF 2QDM NR LK GUXJDaLMH
SURWXPDaL SRJULMH^LR MH L]JXELR MH VYRM GLR VHYDSD L XPLMH^DR VH X RQR R aHPX

QHPD ]QDQMD

1MHJRYH VX ULMHaL 2 DVWURORJLML >HMKXOLVODP NDCH 7R MH GRND]LYDQMH QD RVQRYX


VYHPLUVNLK VWDQMD ^WD `H VH QD =HPOML GRJRGLWL +DWWDEL MH UHNDR $VWURORJLMD QDXND
R ]YLMH]GDPD  NRMD MH ]DEUDQMHQD MHVWH RQD ]D NRMX DVWUROR]L WYUGH GD MH QDXND R
WRPH ^WD `H VH GRJRGLWL X EXGX`QRVWL NDR ^WR VX YMHWURYL NL^D SURPMHQD FLMHQD L
WRPH VOLaQR ]QDaL RQD NRMD JRYRUL R VWYDULPD ]D NRMH VPDWUDMX GD VH PRJX VD]QDWL
QD RVQRYX SRORCDMD L NUHWDQMD ]YLMH]GD QD QMHQLP SXWDQMDPD ]EOLCDYDQMLPD L
XGDOMDYDQMLPD 2QL WYUGH GD RQH LPDMX XWMHFDMD QD QLCH VIHUH 2YR MH V QMLKRYH
VWUDQH XSOLWDQMH X RQR ^WR MH WDMQD  L LVWH]DQMH YUDWD ]D QDXNRP NRMX MH $OODK
]DGUCDR VDPR ]D VHEH MHU RQR ^WR MH JDME WDMQD QH ]QD QLNR RVLP 1MHJD
1MHJRYH VX ULMHaL %XKDUL MH UHNDR X VYRPH 
GD MH .DWDGH UHNDR
$OODK MH
RYH ]YLMH]GH VWYRULR UDGL WURJD NDR XNUDV QHEX GD VH QMLPD JD_DMX ^HMWDQL L GD EXGX
]QDNRYL L SXWRND]L SRPR`X NRMLK VH RGUH_XMH SUDYDF .R LK GUXJDaLMH SURWXPDaL
SRJULMH^LR MH L L]JXELR VYRM GLR VHYDSD L XPLMH^DR VH X RQR R aHPX QHPD ]QDQMD

2YR MH SUHGDQMH %XKDUL QDYHR X VYRP 
QH VSRPLQMX`L VHQHG SUHQRVLODFD
=DELOMHCLOL VX MH L $EGXUUH]DN $EG E +XPHMG ,EQ'CHULU ,EQ0XQ]LU L GUXJL =DELOMHCLR
MX MH L +DWLE X  



RG .DWDGHD X QH^WR GXCHP REOLNX RG RYRJ


* +, - +  ,  
 (EC:'
%6   + ,0 1+-, . + 3,+, # 

%/+ 3, B+ .


1  + + +,7 ,,0 1, ,+ . 6. #, ,  .,, +  6
 6+6/ 3,2.+/  36.+/ ?-,,>@  , 3,+ 3, ,/  ,/ 6+6,/  >
,  ,
, . 3, ,/  ,/ 6+6,/  > ,  ,
&. / ./ . +. 6+6   
 .+.,/ 6. . 9+  ,  . 2.  + +3  .
 6+6  ,.+  32 .
6.+ .7 , '  ?,., 7, + +.@
1
CC  !"# $%!&#

5LMHaL .DWDGHRYH GD PX VH $OODK 8]YL^HQL VPLOXMH XSX`XMX GD VH QDXNRYDQMH R


DVWURORJLML GHVLOR X QMHJRYR YULMHPH SD PX MH ELOD GXCQRVW WR RVXGLWL L XSR]RULWL
VYDNRJD NR MH X WR YMHURYDR L ]D WR VH YH]DR 7R MH QDXND NRMD SURWXUMHaL YMHURYDQMX X
$OODKRYX MHGQR`X  L YRGL X SULGUXCLYDQMH  MHU SULSLVXMX GRJD_DMH GUXJRPH
D QH RQRPH NR LK MH VWYRULR D WR MH 2Q 8]YL^HQL VD 6YRMRP YROMRP L KWLMHQMHP NDR ^WR
MH 8]YL^HQL UHNDR |g@Al@ih@A`
3RVWRML OL RVLP $OODKD LNDNDY GUXJL VWYRULWHOM NRML YDV VD QHED L L] ]HPOMH
RSVNUEOMXMH" ;;;9 2Q MH WDNR_HU UHNDR

QIABhpA@FJ@|g@O@Al@

5HFL
1LNR RVLP $OODKD QL QD QHEX QL QD =HPOML QH ]QD ^WR `H VH GRJRGLWL L RQL
QH ]QDMX NDGD `H RCLYOMHQL ELWL
 ;;9,,
1MHJRYH VX ULMHaL $OODK MH RYH ]YLMH]GH VWYRULR UDGL WURJD
8]YL^HQL MH UHNDR }ApATgAAT[HAtAd@Al@Aid
0L VPR YDP QDMEOLCH QHER VMDMQLP ]YLMH]GDPD XNUDVLOL L XaLQLOL GD YDWUD L] QMLK
e
SRJD_D ^HMWDQH  /;9,, 8 RYRP DMHWX XND]XMH VH GD VH ]YLMH]GH QDOD]H QD
GXQMDOXaNRP QHEX NDNR SUHQRVL ,EQ0HUGHYHMK RG ,EQ0HVXGD GD MH $OODKRY
3RVODQLN VDYV UHNDR >WR VH WLaH GXQMDOXaNRJ QHED QMHJD MH $OODK VWYRULR RG

 SUD^LQH  ]DWLP JD MH X]GLJDR L XaLQLR QD QMHPX VYMHWLOMNX L 0MHVHF
RVYLMHWOMHQ L XNUDVLR JD ODPSDPD ]YLMH]GDPD L GDR GD YDWUD L] QMLK SRJD_D ^HMWDQH L
VDaXYDR JD GXQMDOXaNR QHER RG VYDNRJ SURNOHWRJ ^HMWDQD1
1MHJRYH VX ULMHaL L GD EXGX ]QDNRYL SXWRND]L WM SXWRND]L ]D SUDYFH SRPR`X
NRMLK VH RGUH_XMH SUDYDF WM GD VH SRPR`X QMLK VYLMHW RULMHQWL^H NDNR MH 8]YL^HQL
UHNDR

hYI@@OAAH@dMMU@Tf@

2Q YDP MH VWYRULR ]YLMH]GH GD VH SR QMLPD X PUDNX XSUDYOMDWH QD NRSQX L PRUX


9,  WM GD SRPR`X QMLK RGUH_XMX VWUDQX QD NRMX QDPMHUDYDMX L`L 


, - + 6 +   ( E:'  33, - /, ! .8+
; ,,/ 
,. .+ .7 ,  / .//, .+-, .2 3.,2   / /,- , 3.+
+,,,+.,

 !"# $%!&# CC:

.DWDGH MH VPDWUDR SRNX_HQLP QDXNRYDQMH R SRORCDMLPD 0MHVHFD 8 WRP


SRJOHGX ,EQ8MHMQH QLMH GDR ELOR NDNYH RODN^LFH 7R SUHQRVL ,EQ+DUE RG QMLK
GYRMLFH $KPHG L ,VKDN GDOL VX RODN^LFX X SRJOHGX QDXNRYDQMD R SRORCDMLPD
0MHVHFD
$NR QHNR NDCH GD DVWURORJ SRQHNDG LVWLQX NDCH UH`L `H PX VH GD MH QMHJRYD
LVWLQD NDR L LVWLQD SURURND MHGQRP NDCH LVWLQX D VWRWLQX SXWD VODCH 1MHJRYR
SRJD_DQMH LVWLQH QLMH XWHPHOMHQR QD ]QDQMX QHJR RQR QHNDG SRJRGL RQR ^WR MH
RGUH_HQR WDNR GD WR EXGH LVNX^HQMH ]D RQRJ NR PX SRYMHUXMH
1MHJRYH VX ULMHaL .DWDGH MH VPDWUDR SRNX_HQLP QDXNRYDQMH R SRORCDMLPD
0MHVHFD 8 WRP SRJOHGX ,EQ8MHMQH QLMH GDR ELOR NDNYH RODN^LFH 7R SUHQRVL ,EQ+DUE
RG QMLK GYRMLFH $KPHG L ,VKDN GDOL VX RODN^LFX X SRJOHGX QDXNRYDQMD R SRORCDMLPD
0MHVHFD +DWWDEL MH UHNDR >WR VH WLaH DVWURORJLMH NRMD VH SRVWLCH SURPDWUDQMHP L
]QDQMD NRMLP VH SRVWLCH VSR]QDMD NDG MH 6XQFH QD ]HQLWX L VSR]QDMH VWUDQH QD NRMRM
VH QDOD]L NLEOD WR QH XOD]L X ]DEUDQX 7R MH ]ERJ WRJD ^WR MH VSR]QDMX RYH QDXNH
GRSX^WHQR WUDCLWL SURPDWUDQMHP
>WR VH WLaH GRND]LYDQMD ]YLMH]GDPD SUDYFD NLEOH GR WRJD SUHNR ]YLMH]GD GROD]H
RQL NRML LK SR]QDMX D X aLMX SUYUCHQRVW YMHUL QMHQRP SR]QDYDQMX L LVWLQLWRVWL RQRJD ^WR
NDCX QHPD VXPQMH 7DNR QSU RQL SURPDWUDMX ]YLMH]GX GRN VH QDOD]H NRG .DEH L
SURPDWUDMX MH GRN QLVX NRG QMH 1MLKRYD VSR]QDMD SUDYFD .DEH ELYD YL_HQMHP
]YLMH]GH  D QD^D VSR]QDMD SULKYDWDQMHP QMLKRYH YLMHVWL NDGD NRG QDV QLVX
RVXPQMLaHQL X SRJOHGX YMHUH QLWL X SRJOHGX QMHQD SR]QDYDQMD ,EQ0XQ]LU SUHQRVL RG
0XGCDKLGD GD RQ QH VPDWUD ]DEUDQMHQLP GD aRYMHN SRPR`X ]YLMH]GD QDXaL NDNR `H
VHEL RGUHGLWL SUDYDF ,EQ5HGCHS MH UHNDR 'RSX^WHQR MH XaLWL QDXNX R RULMHQWDFLML QH
QDXNX R XWMHFDMX MHU MH RQ XLVWLQX LQYDOLGDQ    ELOR GD VH UDGL R XWMHFDMX PDQMHJ
LOL YH`HJ RELPD >WR VH WLaH QDXNH R RULMHQWDFLML WR PRCH XaLWL SR PL^OMHQMX YH`LQH
XOHPH NROLNR PX MH SRWUHEQR UDGL RULMHQWLVDQMD RGUH_LYDQMD SUDYFD NLEOH L SXWHYD
1MHJRYH VX ULMHaL 7R SUHQRVL ,EQ+DUE RG QMLK GYRMLFH 7R MH LPDP L KDIL] +DUE E
,VPDLO (EX0XKDPPHG HO.HUPDQL SUDYQLN   MHGDQ RG QDMLVWDNQXWLMLK XaHQLND
LPDPD $KPHGD 3UHQRVLR MH RG $KPHGD ,VKDND ,EQ0HGLQLMD ,EQ0H
LQD L GUXJLK
$XWRU MH NQMLJH !  3LWDQMD  NRMD MH SRVWDYLR LPDPX $KPHGX L GUXJLPD 8PUR
MH  JRGLQH SR +LGCUL ,VKDN MH VLQ ,EUDKLPD E 0XKOLGD E -D
NXED +DQ]DOLMD
1HMVDEXULMD 7R MH LPDP SR]QDW SRG LPHQRP ,EQ5DKDYHMK 3UHQRVLR MH RG ,EQ
0XEDUHND (EX8VDPHD ,EQ8MHMQHD L QMLKRYH JHQHUDFLMH
CD  !"# $%!&#

2G (EX0XVDD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR 7URMH QH`H


X`L X 'CHQQHW QRWRUQL SLMDQLFD RQDM NRML NLGD URGELQVNH YH]H L RQDM NR YMHUXMH

X VLKU =DELOMHCLLOL VX JD $KPHG L ,EQ+LEEDQ X VYRP 6DKLKX
$KPHG MH UHNDR ,VKDND VPDWUDPR LPDPRP PXVOLPDQD 2G QMHJD SUHQRVH
$KPHG %XKDUL 0XVOLP (EX'DYXG L GUXJL 2Q WDNR_HU SUHQRVL RG $KPHGD 8PUR MH
GYMHVWR WULGHVHW GHYHWH JRGLQH SR +LGCUL
1MHJRYH VX ULMHaL 2G (EX0XVDD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV
e
UHNDR 7URMH QH`H X`L X 'CHQQHW  KDGLV 2YDM VX KDGLV WDNR_HU ]DELOMHCLOL
7DEHUDQL L +DNLP NRML MH UHNDR GD MH YMHURGRVWRMDQ X aHPX VH V QMLP VORCLR L =HKHEL
1MHJRYH VX ULMHaL 2G (EX0XVDD 7R MH $EGXODOK E .DMV E 6HOLP E +DGGDU VD
  QD SUYRP VORYX L  QD VORYX  (EX0XVD (^
DUL MHVWH LVWDNQXWL
DVKDE 8PUR MH SHGHVHWH JRGLQH SR +LGCUL
1MHJRYH VX ULMHaL 7URMH QH`H X`L X 'CHQQHW 2YR MH GRND] ]D QDVORY
1MHJRYH VX ULMHaL 2QDM NRML YMHUXMH X VLKU 2 RYRP KDGLVX PRCH VH ND]DWL LVWR
^WR MH UHaHQR X SUHWKRGQLP QMHPX VOLaQLP NDR ^WR VX QMHJRYH ULMHaL .R RGH YUDaDUX
SURULFDWHOMX EXGX`QRVWL L SRYMHUXMH PX X RQR ^WR RQ NDCH RQ MH ]DQLMHNDR RQR ^WR MH
REMDYOMHQR 0XKDPPHGX VDYV2 $KPHG GD PX VH 8]YL^HQL $OODK VPLOXMH RGDEUDR
MH GD RYDNYH KDGLVH QH WUHED WXPDaLWL GUXJDaLMH RG QMLKRYRJ OLWHUDUQRJ ]QDaHQMD
=HKHEL MH X ! 
UHNDR 3RG WR SRWSDGD QDXNRYDQMH R VLKUX L QMHJRYLP
]QDQRVWLPD YUDaDQMH PXCD VYRMRM CHQL ULMHaLPD QHSR]QDWRJ ]QDaHQMD GD PXC YROL
VYRMX CHQX LOL GD MH PU]L LOL GD RQD QMHJD PU]L L WRPH VOLaQR 3DUDIUD]LUDQR


* +, - + #/    ED::
! .% . 
D  D     7    
. /./
%/   
 E (  7    6 .  +.
&..
%/ - + ,2+., +,,,+./ E (   .+/  ,, * 
# .   
    
(  , +0 1% +   ?, @
1

<,., + > .+-,   .. . 
C
?., 
C@
 !"# $%!&# CD

8 RYRP SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 PXGURVW VWYDUDQMD ]YLMH]GD
 RGJRYRU RQRPH NR VPDWUD GUXJDaLMH
 VSRPLQMDQMH UD]LODCHQMD X SRJOHGX QDXNRYDQMD R SRORCDMLPD 0MHVHFD
 SULMHWQMD RQRPH NR SRYMHUXMH X VLKU SD PDNDU VSR]QDR GD MH WR QHLVSUD
YQR EDWLO 
CDC  !"# $%!&#

  ?
75$#(1-(.,>(1$26129832/2#$-$0-(6(&$
 HfLBig D 
L ULMHaL 8]YL^HQRJ $OODKD , XPMHVWR ]DKYDOQRVWL ^WR YDP MH KUDQD GDURYDQD
YL X 1MHJD QH YMHUXMHWH" (O9DNLD 

1MHJRYH VX ULMHaL 7UDCHQMH NL^H QD RVQRYX SRORCDMD 0MHVHFD L ULMHaL 8]YL^HQRJ


$OODKD HfLBig
, XPMHVWR ]DKYDOQRVWL ^WR YDP MH KUDQD GDURYDQD YL X QMHJD QH YMHUXMHWH" WM RYH
ULMHaL SUHGVWDYOMDMX SULMHWQMX 0LVOL VH QD SULSLVLYDQMH QDSDMDQMD L SDGDQMD NL^H HOHQYDX
D WR MH PQRCLQD RG QHY
L ]QDaL SRORCDM 0MHVHFD (EXV6HDGDW NDCH GD VH WR VDVWRML L]
GYDGHVHW RVDP SRORCDMD WDNR GD 0MHVHF VYDNH QR`L ]DX]PH MHGDQ RG WLK SRORCDMD
NDR ^WR MH 8]YL^HQL UHNDR iA^A^gdh^@ , 0MHVHFX VPR RGUHGLOL SRORCDMH
;;;9, 1D ]DSDGX VYLK WULQDHVW QR`L SDGQH MHGDQ QMHJRY SRORCDM SRMDYRP ]RUH
D SRMDYL VH GUXJL X LVWR YULMHPH QD LVWRNX $UDSL VX PLVOLOL GD SDGRP MHGQRJ SRORCDMD L
SRMDYRP GUXJRJ SDGD NL^D L SULSLVLYDOL VX NL^X WRM ]YLMH]GL UHSDWLFL WH VX JRYRULOL 3DOD
QDP MH NL^D ]ERJ WH L WH QHY
H NL^QH ]YLMH]GH  7R MH GRELOR LPH QHY MHU NDGD QH^WR RG
WRJD SDGQH SRMDYL VH QDH ]YLMH]GD QD LVWRNX WM URGL VH L L]D_H
5LMHaL VX 8]YL^HQRJ $OODKD ^HfL^B^ig  , XPMHVWR ]DKYDOQRVWL ^WR
YDP MH KUDQD GDURYDQD YL X 1MHJD QH YMHUXMHWH" =DELOMHCLOL VX LPDP $KPHG 7LUPL]L
NRML MH UHNDR GD MH   WH ,EQ'CHULU ,EQ(EX+DWLP L 'LMD X 
  RG $OLMH UD
GD MH $OODKRY 3RVODQLN VDYV UHNDR ^^ig^^  ^WR YDP MH KUDQD
GDURYDQD
 WM ]DKYDOLWH VH WLPH ^WR ^HfL^B
YL X QMHJD QH YMHUXMHWH
 MHU
JRYRULWH
3DOD QDP MH NL^D ]ERJ WH L WH   NL^QH ]YLMH]GH 
1 7R MH SUHQHVHQR RG
$OLMH ,EQ$EEDVD .DWDGHD 'DKKDND $WDD +RURVDQLMD L GUXJLK 7R MH VWDY L YH`LQH

  NRPHQWDWRUD .XU
DQD  2YLP VH SRND]XMH YLG DXWRURYRJ GD PX VH
8]YL^HQL $OODK VPLOXMH GRND]LYDQMD RYLP DMHWRP


/6 
DC:     /. $
#/ E:   D
5 .+-, . +
# 
#/    ,. +  3.,2

 !"# $%!&# CDD

2G (EX0DOLND (^
DULMD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV
UHNDR AHWLUL VX VWYDUL X PRPH XPPHWX L] SUHGLVODPVNRJ GRED GCDKLOLMMHWD
NRMH RQL QH`H QDSXVWLWL SRQRV ]ERJ SOHPHQLWRJ SRULMHNOD NOHYHWDQMH
RJRYDUDQMH L RPDORYDCDYDQMH SRULMHNOD WUDCHQMH NL^H SUHNR ]YLMH]GD L
QDULFDQMH

,EQXO.DMMLP MH UHNDR ALQLWH GD YD^D RSVNUED NRMX GRELMHWH D V NRMRP VH RGUCDYD


YD^ CLYRW EXGH QLMHNDQMH QMHJD WM .XU
DQD +DVDQ MH UHNDR ALQLWH GD RQR ^WR YL
LPDWH RG .XU
DQD MHVWH QMHJRYR QLMHNDQMH 5HNDR MH 1D JXELWNX MH aRYMHN NRML RG
.XU
DQD LPD VDPR WR GD JD QHJLUD L X QMHJD QH YMHUXMH 1MHJRYH VX ULMHaL 2G (EX
0DOLND (^
DULMD (EX0DOLNX MH LPH +DULV >DPL %LR MH DVKDE 2G QMHJD MH MHGLQR
SUHQRVLR (EX6HODP 0H_X DVKDELPD LPDMX MR^ GYD (EX0DOLND (^
DULMD PLPR
RYRJD 1MHJRYH VX ULMHaL AHWLUL VWYDUL X PRPH XPPHWX MHVX L] SUHGLVODPVNRJ GRED
   NRMH RQL QH`H QDSXVWLWL NRMH `H RYDM XPPHW UDGLWL ]QDMX`L GD VX
]DEUDQMHQH  LOL QH ]QDMX`L WR LDNR MH WR RG SUHGLVODPVNLK    VWYDUL
7R XSX`XMH GD MH GXCQRVW VYDNRP PXVOLPDQX NORQLWL VH WRJD 3RG    PLVOL
VH RYGMH QD SHULRG SULMH SRMDYH 0XKDPPHGD VDYV NDR SRVODQLND 3RaLQLODF MH
WDNYRJ GMHOD JUMH^DQ WUHED JD X WRPH VSULMHaLWL *GMH JRG VH SRMDYL SULGUXCLYDQMH
  SRMDYOMXMX VH RYH UXCQH VWYDUL L GUXJD UXCQD GMHOD
>HMKXOLVODP MH UHNDR 2EDYLMHVWLR MH GD QHNH VWYDUL L] SUHGLVODPVNRJ GRED VYLMHW
QH`H QDSXVWLWL XNRUDYDMX`L WDNR RQH NRML WR QLVX RVWDYLOL 2YR L]LVNXMH GD VYH RQR ^WR
MH    L RQR ^WR VX RQL UDGLOL MHVWH SRNX_HQR X LVODPX MHU QH EL X VXSURWQRP
SULSLVLYDQMH RYLK UXCQLK GMHOD  
QRVLOR X VHEL NRQRWDFLMX NX_HQMD L RVXGH
-DVQR MH GD MH SULSLVLYDQMH WRJD SUHGLVODPVNRP GREX XaLQMHQR UDGL RVXGH 2YR MH LVWR
NDR L ULMHaL 8]YL^HQRJ @A@WLTL , OMHSRWX VYRMX NDR X SDJDQVNR GRED
QH SRND]XMWH ;;;,,, 8 RYRP MH RVXGD RWNULYDQMD WLMHOD L RVXGD VWDQMD X
SUH_D^QMHP SDJDQVNRP GREX D WR L]LVNXMH ]DEUDQX SRLVWRYMH`LYDQMD V QMLPD
XRS`HQR
1MHJRYH VX ULMHaL SRQRV ]ERJ SOHPHQLWRJ SRULMHNOD WM L]GL]DQMH L]QDG GUXJLK L
RKROMHQMH ]ERJ RaHYD L QMLKRYLK GMHOD 7R MH YHOLNR QH]QDQMH    MHU QHPD aDVWL
RVLP VD ERJRERMD]QR^`X 8]YL^HQL MH UHNDR ALB@dhBF  1 DMXJOHGQLML NRG
$OODKD MHVWH RQDM NRML *D VH QDMYL^H ERML ;/,; (EX'DYXG SUHQRVL RG (EX
+XUHMUHD NDR PHUIX KDGLV $OODK MH XLVWLQX RWNORQLR RG YDV RKRORVW L KYDOLVDYRVW
  
L KYDOLVDQMH RaHYLPD
CD  !"# $%!&#

 2Q MH WDNR_HU UHNDR 2QD NRMD QDULaH DNR VH QH SRNDMH SULMH VPUWL QD

.LMDPHWVNRP GDQX ELW `H SURCLYOMHQD X RGMH`L RG NDWUDQD L NR^XOML RG VYUDED
=DELOMHCLR JD MH 0XVOLP
6YDNR MH LOL ERJRERMD]DQ YMHUQLN LOL QHVUHWQL SUHVWXSQLN /MXGL VX VLQRYL $GHPRYL D
$GHP MH VWYRUHQ RG ]HPOMH 1HNL `H OMXGL LOL RVWDYLWL VYRMH KYDOLVDQMH ]ERJ QHNLK
QDURGD NRML VX XLVWLQX JRULYR GCHKHQQHPVNR LOL `H ELWL NRG $OODKD XLVWLQX ODN^L RG
LQVHNDWD2
1MHJRYH VX ULMHaL NOHYHWDQMH RJRYDUDQMH L RPDORYDCDYDQMH SRULMHNOD WM
]DSDGDQMH X WR VSRPLQMDQMHP PDKDQD L PDQMNDYRVWL .DGD MH (EX=HUU SULJRYRULR
MHGQRP aRYMHNX ]ERJ QMHJRYH PDMNH 9MHURYMHVQLN VDYV UHNDR MH =DU VL PX
SULJRYRULR ]ERJ QMHJRYH PDMNH" 7L VL aRYMHN X NRPH LPD   3 
 

  7R XSX`XMH GD MH SULJRYDUDQMH ]ERJ SRULMHNOD RQR aLPH VX VH EDYLOL OMXGL X
SUHGLVODPVNR GRED WH GD PXVOLPDQ PRCH LPDWL NRG VHEH QH^WR RG RYLK VYRMVWDYD NRMD
VH ]RYX    CLGRYVND NU^`DQVND D GD WR QH L]LVNXMH NRG QMHJD QHYMHUVWYR

 QLWL SUHVWXSQL^WYR L JULMH^HQMH   7R MH UHNDR >HMKXOLVODP GD PX VH 8]YL^HQL
$OODK VPLOXMH
1MHJRYH VX ULMHaL WUDCHQMH NL^H SUHNR ]YLMH]GD 1MLKRYR ]QDaHQMH MH YH`
QDYHGHQR .DGD QHNR RG QMLK NDCH 3DOD QDP MH NL^D SUL SRORCDMX WH ]YLMH]GH  LOL WRP
SRORCDMX 0MHVHFD SRVWRML PRJX`QRVW GD YMHUXMH GD WR XWMHaH QD SDGDQMH NL^H L WR MH
SULGUXCLYDQMH  L QHYMHUVWYR MHU MH NL^X SULSLVDR QHNRP GUXJRP PLPR 2QRJ .R MX
MH VSXVWLR D WR MH $OODK -HGLQL D ^WR VH WLaH QMHJRYH XSRWUHEH V RYRP ULMHaL ,EQ0XIOLK
X !.

 MH HNVSOLFLWQR L]MDYLR GD MH WR ]DEUDQMHQR   ,VWR MH QDYHR L DXWRU
,QVDID QH QDYRGH`L UD]LODCHQMH
1MHJRYH VX ULMHaL L QDULFDQMH WM SRGL]DQMH JODVD RSODNXMX`L XPUORJ XGDUDQMH
SR REUD]LPD FLMHSDQMH RGMH`H L WRPH VOLaQR


8/ 
:D  &.6  7 ..+
#/    'ED C D D D ,  
8 7+ 



 & 
'(      
* +, - + ,9 4., ,/  ,
#/    CE'C
/6 
C:' C:' 8.     7B/  /.
, +
,     , + , # .    (   
 D


 
D  !/.  / /. /++ 
C' ' !   .. ++ 
+  /0 1#  ./  // /// .1 
( '      /
+. /.   .
8/ 
(( !/.   /// /// +A1  
& 
'       //
/6 
: (   . /

#/    'E(

 !"# $%!&# CD'

1MLK GYRMLFD SUHQRVH RG =HMGD E +DOLGD UD GD MH $OODKRY 3RVODQLN


VDYV NODQMDR VDEDKQDPD] QD +XGHMELML SRVOLMH NL^H NRMD MH SDOD X WRNX QR`L
.DGD MH ]DYU^LR RNUHQXR VH NODQMDaLPD L UHNDR =QDWH OL ^WD MH YD^ *RVSRGDU
UHNDR" $OODK L 1MHJRY 3RVODQLN QDMEROMH ]QDMX RGJRYRULOL VX 5HNDR MH 0H_X
0RMLP URERYLPD RVYDQXR MH YMHUQLN L QHYMHUQLN 2QDM NR MH UHNDR
3DOD QDP MH
NL^D V $OODKRYRP GREURWRP L PLOR^`X
 SD WDM YMHUXMH X 0HQH L QH YMHUXMH X
]YLMH]GH D RQDM NR MH UHNDR
3DOD QDP MH NL^D ]ERJ WH L WH NL^QH ]YLMH]GH WDM QH

YMHUXMH X 0HQH D YMHUXMH X ]YLMH]GH


7R VSDGD X YHOLNH JULMHKH ]ERJ R^WULQH SULMHWQMH L ND]QH NDR ^WR VWRML L X RYRP
KDGLVX
1MHJRYH VX ULMHaL 2QD NRMD QDULaH DNR VH QH SRNDMH SULMH VPUWL 2YGMH VH
VNUH`H SDCQMD QD WR GD SRNDMDQMH EUL^H JULMHK
1MHJRYH VX ULMHaL QD .LMDPHWVNRP `H GDQX ELWL SURCLYOMHQD X RGMH`L RG NDWUDQD L
NR^XOML RG VYUDED 2GMH`D  MHVWH PQRCLQD RG   7R REXKYDWD RGMH`X L
NR^XOMH 7R MH RGMH`D VWDQRYQLND 9DWUH =QDaL ELW `H SUHPD]DQH V NDWUDQRP WDNR GD
`H YDWUD QD QMLKRYLP WLMHOLPD JRUMHWL CH^`H D VPUDG ELWL JRUL 3UHQRVL VH RG ,EQ
$EEDVD GD NDWLUDQ RYGMH SUHYHGHQR NDR NDWUDQ ]QDaL WRSOMHQL EDNDU
1MHJRYH VX ULMHaL RG =HMGD E +DOLGD 'CXKHQLMD 7R MH SR]QDWL DVKDE 8PUR MH
 JRGLQH SR +LGCUL 1HNL VX QDYHOL L GUXJD PL^OMHQMD ,PDR MH  JRGLQD
1MHJRYH VX ULMHaL NODQMDR    ]QDaL   +DIL] NDCH GD MH WR
UHaHQR X DOHJRULaQRP VPLVOX
1MHJRYH VX ULMHaL QD +XGHMELML EH] WH^GLGD QD VORYX MD D PRCH ELWL L VD
WH^GLGRP
1MHJRYH VX ULMHaL SRVOLMH   VD   QD  
L 

 QD VORYX
VD VD WUL WDaNH SR SR]QDWRP PL^OMHQMX D R]QDaDYD RQR ^WR VOLMHGL SRVOLMH QHaHJ


 
 ( 6.   + //.. 6 / 
 D !  
 0 ^HfL^B ig  
  8-6   -6%+ ++ 
' D 
   0 @@dIBdh
8/ 
 !/.   +.  /.  /. .
.
 & 
D: (     ../
 DE(' !   /

#/    E

CD(  !"# $%!&#

1MLK GYRMLFD SUHQRVH RG ,EQ$EEDVD KDGLV X WRP ]QDaHQMX 8 QMHPX MR^ VWRML
,VWLQLW MH ELR WDM L WDM SRORCDM 0MHVHFD SD MH $OODK REMDYLR RYDM DMHW
U@@lB

, NXQHP VH SRORCDMLPD ]YLMH]GDw GR 1MHJRYLK ULMHaL


HfLBig


, XPMHVWR ]DYDOQRVWL ^WR YDP MH KUDQD GDURYDQD YL X 1MHJD QH YMHUXMHWH
(O9DNLD 
1MHJRYH VX ULMHaL NL^H   QHED  WM NL^H

1MHJRYH VX ULMHaL .DGD MH ]DYU^LR RNUHQXR VH NODQMDaLPD    


RNUHQXR VH OMXGLPD  WM PXNWHGLMDPD

1MHJRYH VX ULMHaL =QDWH OL XSLWQD MH ULMHa D ]QDaL VNUHWDQMH SDCQMH .RG
e
1HVDLMD VWRML =DU QLVWH aXOL ^WD MH YD^ *RVSRGDU QR`DV UHNDR  8 QMHPX MH GRND] GD
XaHQMDN PRCH VYRMLP XaHQLFLPD SRVWDYLWL SLWDQMH GD EL LK LVSLWDR

1MHJRYH VX ULMHaL 
$OODK L 1MHJRY 3RVODQLN QDMEROMH ]QDMX
 RGJRYRULOL VX
 8
RYRPH YLGLPR YLG OLMHSRJ SRQD^DQMD RQRJ NR MH SLWDQ NDGD EXGH XSLWDQ RQR ^WR QH
]QD WDNR ^WR SR]QDYDQMH WRJD SUHSXVWL RQRPH NR ]QD D WR MH GXCQRVW

1MHJRYH VX ULMHaL 0H_X 0RMLP URERYLPD RVYDQXR MH YMHUQLN MHU MH 2Q SULSLVDR


GMHOR RQRPH NRPH RQR LVWLQVNL SULSDGD L NRMH QH PRCH QLNR GUXJL XUDGLWL PLPR 1MHJD

1MHJRYH VX ULMHaL L QHYMHUQLN DNR EXGH YMHURYDR GD SRORCDML 0MHVHFD LPDMX
XWMHFDMD QD SDGDQMH NL^H 7R MH ]ERJ WRJD ^WR MH WR SULGUXCLYDQMH  X 


 D
PX^ULN MH QHYMHUQLN  

1MHJRYH VX ULMHaL 2QDM NR MH UHNDR


3DOD QDP MH NL^D V $OODKRYRP GREURWRP L
PLOR^`X 3UHPD WRPH GREURWD L PLORVW MHVX GYD VYRMVWYD 8]YL^HQRJ $OODKD

1MHJRYH VX ULMHaL 1MLK GYRMLFD SUHQRVH RG ,EQ$EEDVD KDGLV X WRP ]QDaHQMX 8


QMHPX MR^ VWRML ,VWLQLW MH ELR WDM L WDM SRORCDM 0MHVHFD SD MH $OODK REMDYLR RYDM DMHW
e
^^^^U@^^@^^lB^^
, NXQHP VH SRORCDMLPD ]YLMH]GD
 GR 1MHJRYLK ULMHaL
HfLBig  , XPMHVWR ]DYDOQRVWL ^WR YDP MH KUDQD GDURYDQD YL X 1MHJD

QH YMHUXMHWH 1MHJRYR MH ]QDaHQMH QHGDYQR VSRPHQXWR


 .6  , + .-, /, , 8/ 
D !/.   +.  /. 
/. ..

 !"# $%!&# CD

8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD


 WXPDaHQMH ]QDaHQMD DMHWD L] VXUH (O9DNLD
 VSRPLQMDQMH aHWLUL VWYDUL L] SUHGLVODPVNRJ GRED GCDKLOLMMHWD 
 VSRPLQMDQMH NXIUD QHYMHUVWYD X YH]L V QHNLPD RG QMLK
 GD LPD QHYMHUVWYD NXIUD NRMH QH L]YRGL L] YMHUH
 1MHJRYH ULMHaL 0H_X 0RMLP URERYLPD RVYDQXR MH YMHUQLN L QHYMHUQLN
]ERJ VLODVND EODJRGDWL
 UD]PL^OMDQMH L VMH`DQMH QD LPDQ YMHURYDQMH QD RYRP PMHVWX
 UD]PL^OMDQMH L VMH`DQMH QD NXIU QHYMHUVWYR QD RYRP PMHVWX
 UD]PL^OMDQMH R QMHJRYLP ULMHaLPD ,VWLQLWD MH ELOD WD L WD NL^QD ]YLMH]GD
 L]ODJDQMH QHNRJ SLWDQMD RG XaHQRJ XaHQLNX WDNR ^WR `H R QMHPX SRVWDYLWL
SLWDQMH MHU RQ MH UHNDR =QDWH OL ^WD MH UHNDR YD^ *RVSRGDU"
CD  !"# $%!&#

 P  ppc 


$.21(.28=0(68'58*$35(0$.20-(1-(*29$
/-8%$9-('1$.$/-8%$9,35(0$$//$+8
72-(9(/,.,>,5.
@JYI@c@dB@cfaMnA@ 9AL@

5LMHaL VX 8]YL^HQRJ $OODKD ,PD OMXGL NRML PLPR $OODKD VXSDUQLNH 1MHPX
X]LPDMX YROH LK NDR ^WR VH $OODK YROL (O%HNDUD 

 AM@@BLpT@iB@`FAHBAHDAF 9
 kg@FJXBAwhLAlAcAlpgA
kA@@d@hCH@LCMX@tHIkcAT

, 1MHJRYH VX ULMHaL 5HFL


$NR VX RaHYL YD^L L VLQRYL YD^L L EUD`D YD^D L CHQH
YD^H L URG YD^ L LPHFL NRMH VWH VWHNOL L WUJRYLQD ]D NRMX VH SOD^LWH VODEH SURKR_H
L VWDQRYL NRMLPD VWH ]DGRYROMQL GUDCL YDPD RG $OODKD L 3RVODQLND 1MHJRYRJ L
GCLKDGD QD SXWX 1MHJRYRP RQGD VDaHNDMWH GRN $OODK QH GRQHVH QDUHGEX
6YRMX
 D $OODK QH XSX`XMH QDURG JUMH^QLND (W7HYED 

1MHJRYH VX ULMHaL 5LMHaL 8]YL^HQRJ $OODKD


@J^Y I@c@dB@cfaMnA@
,PD OMXGL NRML PLPR $OODKD VXSDUQLNH
1MHPX X]LPDMX YROH LK NDR ^WR VH $OODK YROL
 8 / 
 
MH UHNDR 8]YL^HQL
MH REDYLMHVWLR GD RQDM NR ]DYROL QH^WR PLPR $OODKD RQDNR NDNR YROL $OODKD RQ MH RG
RQLK NRML MH XaLQLR $OODKX VXGUXJD 2YR MH VXGUXJ X OMXEDYL QH X VWYDUDQMX L



 1LNR RG VWDQRYQLND =HPOMH QH SRWYU_XMH RYRJ VXGUXJD WM X VWYDUDQMX  ]D
UD]OLNX RG VXGUXJD X OMXEDYL 9H`LQD VWDQRYQLND =HPOMH XLVWLQX X]HOL VX VHEL VXGUXJD
PLPR $OODKD X SRJOHGX OMXEDYL L YHOLaDQMD 5HNDR VDP  'HVLR VH  X 



WDNR_HU NDNR NRG RELaQRJ VYLMHWD WDNR L NRG LQWHOHNWXDODFD X ]DGQMLP JHQHUDFLMDPD
RYRJ XPPHWD SD VX SRaHOL YMHURYDWL GD XPUOL XSUDYOMDMX VYHPLURP L WRPH VOLaQR
1MHJRYH VX ULMHaL AHBAHDAF 5HFL
$NR VX RaHYL YD^L L VLQRYL YD^L
 GR
1MHJRYLK ULMHaL ^^kg@^^^^FJ^^XB
GUDCL YDPD RG $OODKD L 3RVODQLND
e
1MHJRYRJ
 DMHW ,EQ.HVLU MH UHNDR
 !"# $%!&# CD:

2G (QHVD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR 1H`H QLNR RG YDV


ELWL SRWSXQL YMHUQLN GRN PX QH EXGHP GUDCL RG QMHJRYD GMHWHWD URGLWHOMD L VYLK

OMXGL =DELOMHCLOL VX JD QMLK GYRMLFD %XKDULMD L 0XVOLP 

8NROLNR RYH VWYDUL YDPD EXGX GUDCH RG $OODKD L 1MHJRYD 3RVODQLND L GCLKDGD QD
1MHJRYRP SXWX SD    
 WM  
 VDaHNDMWH GD YLGLWH NRMD `H YDV 1MHJRYD
ND]QD ]DGHVLWL
1MHJRYH VX ULMHaL 1H`H QLNR RG YDV ELWL SRWSXQL YMHUQLN WM YMHURYDWL   NRML
MH REDYH]DQ 0LVOL VH QD QMHJRYX SRWSXQRVW VYH GRN 3RVODQLN VDYV QH EXGH
aRYMHNX GUDCL RG QMHJRYD GMHWHWD URGLWHOMD L VYLK OMXGL 7R ]DKWLMHYD SR^WLYDQMH QMHJRYH
QDUHGEH L ]DEUDQH L VOLMH_HQMH QMHJD X WRPH D QH QHNRJD GUXJRJ ALMH VWDQMH EXGH
WDNYR RQ MH ]DYROLR $OODKD RQDNR NDNR VH JRYRUL X DMHWX R WRM OMXEDYL
1MHJRYH VX ULMHaL =DELOMHCLOL VX JD QMLK GYRMLFD WM %XKDUL L 0XVOLP
1MHJRYH VX ULMHaL 1MLK GYRMLFD RG QMHJD WM %XKDULMD L 0XVOLP RG (QHVD GD MH
e
$OODKRY 3RVODQLN VDYV UHNDR  


* +, - +  
' !/.      +  / /./.

8/ 
 !/.     /    +  /  /.
   .. /.
 E ' !/.   //.
! .
8 
(  8/   /.
&/ 
C  F   / C:

  + ,0 1, , ++  $+,+. 





 3./ +,.+/ , .+- 3,,+
.7, ,  +  ,+ 3-.++  / 7,  + 64  ,/
, , .+ +  ,/ 3,-
3,-, .+7 3.+  ., .+. , 7, + ,.+ ,+ >. /. ,7  .9.+  
 .
89/ /.,- , .+  /  3,/. $+,+. 



 ,+ +  -  ,
 / + 3., . ,+,/ .,/ +2,/  ,+/  3/.  . ,/ 3 6, 
,3.,/  ,+>+  7 6.,  ,  ,+/ ./ 2+
$9., + , ,+ +
3., 3,+ .+-, /6  9.+ .+-, -,  ,., .  3,/., 6 ,- + 
3/ .+/ ,+    .+, 2  / 7,  ,+>+ 6, .+  4/ .3/
.  # + + ,+ 3,/,> +
1 ?<6.,
@ "   E(
@
+-,  +40 1, ,  .> +,
1 54.+2  /  # /+    .+-,,
6.4.+ -  . ++ 3,3./ /.,/ >  ,., +,.+     ,+  ,.+ ,
. 3,  ,.+ , . 3,++ ,, ,+,
! .  !+  -     +  + .
 0 +  3,7.+ .+  4.+ , 7, + +  3/ ,+ +  .+., 
/, , 7, + +  3/ +  +  3-,9.+  , ,4. , 7, + +  3/
,,/ +
, + #+/   +  3,  +  3/ .+/

C  !"# $%!&#

1MLK GYRMLFD RG QMHJD WDNR_HU SUHQRVH GD MH $OODKRY 3RVODQLN VDYV


UHNDR .R EXGH SRVMHGRYDR WUL VYRMVWYD QMLPD `H RVMHWLWL VODVW YMHURYDQMD
LPDQD  GD PX $OODK L 1MHJRY 3RVODQLN EXGX GUDCL RG VYHJD GUXJRJ RVLP QMLK
GYRMLFH GD YROL aRYMHND VDPR X LPH $OODKD GD PU]L GD VH YUDWL X QHYMHUVWYR
QDNRQ ^WR JD MH $OODK L] QMHJD L]EDYLR NDR ^WR PU]L GD EXGH EDaHQ X YDWUX 8

GUXJRP SUHGDQMX VWRML 1H`H QLNR RG YDV RVMHWLWL VODVW LPDQD GRNw

1MHJRYH VX ULMHaL WUL WM VYRMVWYD >HMKXOLVODP MH UHNDR 2EDYLMHVWLR MH


9MHURYMHVQLN VDYV GD RYR WURMH NRG NRJD VH QD_X RVMHWLW `H VODVW LPDQD MHU VODVW X
QHaHP X]URNXMH OMXEDY SUHPD QMHPX .R QH^WR ]DYROL L CXGL ]D QHaLP NDGD PX VH
RVWYDUL QDPMHUD RQ X WRPH RVMH`D VODVW XCLWDN L UDGRVW 6ODVW MH VWYDU NRMD GROD]L
QHSRVUHGQR QDNRQ SRVWL]DQMD CHOMHQRJ NRML VH YROL LOL CHOL 5HNDR MH 6ODVW LPDQD
NRMD X VHEL VDGUCL VODVW L UDGRVW VOLMHGL SRWSXQRVW aRYMHNRYH OMXEDYL SUHPD $OODKX L WR
VD WUL VWYDUL XSRWSXQMHQMH RYH OMXEDYL L QMHQR LVSROMDYDQMH WH RGEDFLYDQMH RQRJD ^WR
MRM MH VXSURWQR 1MHQR XSRWSXQMDYDQMH MHVWH WDNYR GD $OODK L 1MHJRY 3RVODQLN EXGX
aRYMHNX GUDCL RG VYHJD GUXJRJ MHU X OMXEDYL SUHPD $OODKX L 1MHJRYX 3RVODQLNX QH
]DGRYROMDYD VH VD RVQRYRP OMXEDYL QHJR MH QXCQR GD PX $OODK L 1MHJRY 3RVODQLN
EXGX GUDCL RG VYHJD PLPR QMLK
5HNDR VDP  /MXEDY SUHPD $OODKX QXCQR L]LVNXMH OMXEDY SUHPD 1MHJRYLP
YMHURYMHVQLFLPD SRVODQLFLPD PHOHNLPD NQMLJDPD GREULP OMXGLPD WH PUCQMX RQRJD
^WR 2Q 8]YL^HQL QH YROL QHSULMDWHOMHYDQMH V 1MHJRYLP QHSULMDWHOMLPD L SULMDWHOMHYDQMH V
1MHJRYLP SULMDWHOMLPD 3RWSXQD L REDYH]QD OMXEDY QH RVWYDUXMH VH QLaLP GUXJLP QHJR
XSRWSXQMDYDQMHP VYHJD WRJD L GDYDQMHP SUHGQRVWL WRPH X RGQRVX QD RQR ^WR GX^D
YROL D ^WR MH WRPH VXSURWQR
1MHJRYH VX ULMHaL GUDCL RG VYHJD GUXJRJ RVLP QMLK GYRMLFH 2YGMH MH XSRWULMHELR
]DPMHQLFX X GYRMLQL MHU VX RYH GYLMH OMXEDYL QHUD]GYRMQR SRYH]DQH D $OODK QDMEROMH
]QD
1MHJRYH VX ULMHaL NDR ^WR PU]L GD EXGH EDaHQ X YDWUX WM GD MHGQR L GUXJR
EXGX NRG QMHJD QD LVWRP VWXSQMX
1MHJRYH VX ULMHaL 8 GUXJRP SUHGDQMX VWRML
1H`H QLNR RG YDV RVMHWLWL



+-,   + .. . 


 !"# $%!&# C 

2G ,EQ$EEDVD UD SUHQRVL VH GD MH UHNDR .R YROL X LPH $OODKD PU]L X


LPH $OODKD X]LPD ]D ]D^WLWQLND L SULMDWHOMD X LPH $OODKD QHSULMDWHOMXMH X LPH
$OODKD WLPH VH XLVWLQX ]DVOXCXMH $OODKRYD ]D^WLWD ARYMHN XLVWLQX QH`H RVMHWLWL
RNXV YMHURYDQMD LPDQD  SD PDNDU RQ SXQR NODQMDR L SRVWLR VYH GRN QH EXGH
WDNDY 6YLMHW VH YH`LQRP EUDWLPL L ]EOLCDYD RNR GXQMDOXaNLK LQWHUHVD D WR PX

QL^WD QH NRULVWL =DELOMHCLR JD MH ,EQ'CHULU

7R SUHGDQMH QDOD]L VH NRG %XKDULMH X !! 



 
L JODVL 1H`H QLNR
RVMHWLWL VODVW YMHURYDQMD   GRN QH ]DYROL aRYMHND VDPR UDGL $OODKD L GRN PX QH
EXGH GUDCH GD EXGH EDaHQ X YDWUX QHJR GD VH YUDWL X QHYMHURYDQMH QDNRQ ^WR JD MH
$OODK L]EDYLR L] WRJD L VYH GRN PX $OODK L 1MHJRY 3RVODQLN QH EXGX GUDCL RG VYHJD
PLPR QMLK GYRMLFH
1MHJRYH VX ULMHaL .R YROL X LPH $OODKD WM YROL SULSDGQLNH YMHURYDQMD X $OODKD L
SRNRUDYD 0X VH ]ERJ WRJD
1MHJRYH VX ULMHaL PU]L X LPH $OODKD WM PU]L RQRJ NR QH YMHUXMH X $OODKD L NR
0X MH QHSRNRUDQ MHU WDM aLQL RQR ^WR L]D]LYD $OODKRYX VUGCEX SD PDNDU PX WR ELOD L
QDMEOLCD RVRED NDR ^WR MH 8]YL^HQL UHNDR

kg@cAXc@h`@@AHAd 
LpB@`FBAHBBAHD@A

1H WUHEDMX OMXGL NRML X $OODKD L X RQDM VYLMHW YMHUXMX ELWL X OMXEDYL VD RQLPD NRML VH
$OODKX L 3RVODQLNX 1MHJRYX VXSURWVWDYOMDMX PDNDU LP RQL ELOL RaHYL QMLKRYL LOL VLQRYL
QMLKRYL LOL EUD`D QMLKRYD LOL UR_DFL QMLKRYL /9,,,
1MHJRYH VX ULMHaL X]LPD ]D ]D^WLWQLND L SULMDWHOMD X LPH $OODKD L]UDCDYDQMHP
OMXEDYL L SUXCDQMHP SRPR`L X VNODGX V PRJX`QRVWLPD


* +, - + #/    DE D  , #/
&/+ 

  ,. -0 1A,+ . 3,
. 32., +,.+ , .  ,,  / 567.,- #  /6,  / 567.,-
# 3   ,,  / 567.,- #  /6,  / 567.,- # 6 > 67
#,A1 +-, + . 
, - + %+/   !!  E: , #/

%/ 

  ,. -0 1A,+ .> ,+ 32., +,.+     , .  ,, 
#  /6,  # 3  ,  #  /6  #  + 6, 67A1 F, +0
1* +, - +  .  #  5 .+/  .6 F7.
  ,. +  3.,2
%
,+  6 +  & 
( /6 
C'CD  #/ DE +,,,+. + ? -@0 1, ,
 #  /6  # +  # >+  # .+-,, +,.+  3,3.,
1
$0      
D

C C  !"# $%!&#

,EQ$EEDV MH X SRJOHGX ULMHaL 8]YL^HQRJ KAIk@HNL L NDG `H YH]H NRMH



VX LK YH]DOH SUHNLQXWH ELWL (O%HNDUH  UHNDR =QDaL
/MXEDY


1MHJRYH VX ULMHaL QHSULMDWHOMXMH X LPH $OODKD SUHPD RQRPH NR EXGH QHSULMDWHOM


$OODKX RG RQLK NRML VX ^LUN SRaLQLOL $OODKD ]DQLMHNDOL LOL MDYQR SUHVWXSH UDGLOL
2EDYH]D MH QHSULMDWHOMHYDWL SUHPD QMLPD NROLNR VH X VWDQMX
1MHJRYH VX ULMHaL WLPH VH XLVWLQX ]DVOXCXMH $OODKRYD ]D^WLWD WM GD 2Q
SUHX]PH X ]D^WLWX VYRJD URED =D^WLWD   MH VD   QD VORYX YDY 8 KDGLVX VH
NDCH 1DMaYU^`H MH XCH LPDQD OMXEDY X LPH $OODKD L PUCQMD X LPH $OODKD 8]YL^HQRJ
=DELOMHCLR JD MH 7DEHUDQL2
1MHJRYH VX ULMHaL ARYMHN XLVWLQX QH`H RVMHWLWL RNXV YMHURYDQMD    GR
NUDMD KDGLVD  WM QH`H RVMHWLWL RNXV LPDQD QMHJRYX OMHSRWX VODVW UDGRVW L YHVHOMH SD
PDNDU SXQR NODQMDR L SRVWLR VYH GRN QH EXGH WDNR 8]YL^HQL MH UHNDR
A`@XhfIMhH@xH

5HFL
1HND VH ]DWR $OODKRYRM EODJRGDWL L PLORVWL UDGXMX WR MH EROMH RG RQRJD ^WR
JRPLODMX
 ;
1MHJRYH VX ULMHaL 6YLMHW VH YH`LQRP EUDWLPL L ]EOLCDYD RNR GXQMDOXaNLK LQWHUHVD D
WR QMHJRYRM SRURGLFL QL^WD QH NRULVWL 7R ]QDaL NDGD SR]LY LPDQD RVODEL aRYMHN
]DYROL VYRM GXQMDOXN ]ERJ QMHJD YROL L UDGL QMHJD VH EUDWLPL 2YDNYR MH VWDQMH NRG
YH`LQH OMXGL 2QL YROH GXQMDOXN VYRM GDMX SUHGQRVW VYRMLP KRELMLPD X RGQRVX QD RQR
^WR YROL $OODK L 1MHJRY SRVODQLN D WR QH GRQRVL QLNDNYR GREUR QMLKRYRM SRURGLFL QHJR
GRQRVL ^WHWX X VDGD^QMRVWL L EXGX`QRVWL $OODK MH 7DM .RML SRPR` GDMH
1MHJRYH VX ULMHaL ,EQ$EEDV MH X SRJOHGX ULMHaL 8]YL^HQRJ
KAI^k@^HN^L
L NDG `H YH]H NRMH VX LK YH]DOH SUHNLQXWH ELWL ,, 
UHNDR =QDaL
/MXEDY
 WM NRMD MH ELOD PH_X QMLPD RQD LK MH SUHYDULOD RQGD NDGD VX
MRM QDMSRWUHEQLML 8]YL^HQL MH UHNDR


; + 2+ 6 +, # 
%/+ ! .& ! .8.6 ! . %/  %/ CEC C  ,
 + +,,,+.  4/   .+/ ,,  * 
!3., + ,   .+ ,+2


 . 
'D  ,  *
 & + 
D  , ! .8
#/ EC( , 

5      
 C , +0 1% . ,.,  .+-, 3 ,+/ +
3..  .+/.+  6  . 3.+ , ,-    # 
7
 .+ ,+ 6.
1
 !"# $%!&# C D

8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD


 NRPHQWDU DMHWD L] VXUH (O%HNDUD
 NRPHQWDU DMHWD L] VXUH (W7HYED
 REDYH]QRVW OMXEDYL SUHPD $OHMKLVVHODPX L GDYDQMD SUHGQRVWL WRM OMXEDYL X
RGQRVX QD RQX SUHPD VHEL OLaQR SUHPD SRURGLFL L LPHWNX
 GD QHJLUDQMH YMHURYDQMD LPDQD QH ]QDaL L]OD]DN L] LVODPD
 GD YMHURYDQMH LPDQ LPD VYRMX VODVW NRMX aRYMHN PRCGD RVMHWL D PRCGD L
QH RVMHWL
 aHWLUL DNWLYQRVWL VUFD EH] NRMLK VH QH PRCH ]DVOXCLWL $OODKRYD ]D^WLWD L EH]
NRMLK QLNR QH PRCH RVMHWLWL VODVW YMHURYDQMD LPDQD 
 NDNR VX DVKDEL UD]XPLMHYDOL VWYDUQRVW L UHDOQRVW GD MH YH`LQD EUDWLPOMH
QMD ]DVQRYDQD QD GXQMDOXaNLP LQWHUHVLPD
 NRPHQWDU QD GLR DMHWD KAIk@HNL  L NDG `H YH]H NRMH VX LK YH]DOH
SUHNLQXWH ELWL
 GD PH_X PQRJRER^FLPD LPD RQLK NRML $OODKD MDNR YROH
 SULMHWQMD RQRPH NRPH RYLK RVDP VWYDUL EXGH GUDCH RG QMHJRYH YMHUH
 GD RQDM NR X]PH VXGUXJD SUHPD NRPH RVMH`D OMXEDY MHGQDNX NDR L
SUHPD $OODKX aLQL YHOLNL ^LUN

hA@PAd@A@HcAAPB@cf@AFA
AxHxHzIHxH

9L VWH UHaH RQ PLPR $OODKD NXPLUH SULKYDWLOL GD ELVWH X CLYRWX QD RYRP VYLMHWX
PH_XVREQH SULMDWHOMVNH RGQRVH RGUCDYDOL D SRVOLMH QD 6XGQMHP GDQX MHGQL GUXJLK
`HWH VH RGULFDWL L MHGQL GUXJH `HWH SURNOLQMDWL ;;,;
C  !"# $%!&#

 [ 

89-(5(1-(6/$%,,-$A$
MFA`AABAp@eAF 9AL@

5LMHaL $OODKD 8]YL^HQRJ 7R YDV MH VDPR ^HMWDQ SOD^LR SULVWDOLFDPD VYRMLP L
QH ERMWH LK VH D ERMWH VH 0HQH DNR VWH YMHUQLFL $OL ,PUDQ 

h`@@AHD@dTAlhAF 9 
@FqAj@LDt@AB

, 1MHJRYH VX ULMHaL $OODKRYH GCDPLMH RGUCDYDMX L X QMLPD NODQMDMX RQL NRML X


$OODKD L X RQDM VYLMHW YMHUXMX L NRML QDPD] REDYOMDMX L ]HNDW GDMX L NRML VH
QLNRJD RVLP $OODKD QH ERMH (W7HYED 

1MHJRYH VX ULMHaL 5LMHaL $OODKD 8]YL^HQRJ

MFA`AABAp@eAF


7R YDV MH VDPR ^HMWDQ SOD^LR SULVWDOLFDPD VYRMLP L QH ERMWH LK VH D ERMWH VH
0HQH DNR VWH YMHUQLFL
 8aHQMDN ,EQXO.DMMLP GD PX VH 8]YL^HQL $OODK VPLOXMH UHNDR
MH -HGQD RG ]DPNL RYRJ $OODKRYRJ QHSULMDWHOMD MHVWH WR GD RQ ]DVWUD^XMH YMHUQLNH
VYRMRP YRMVNRP L VDYH]QLFLPD NDNR VH RYL QH EL SURWLY QMLK ERULOL QLWL LP GREUR
QDUH_LYDOL L RG ]OD RGYUD`DOL 8]YL^HQL MH REDYLMHVWLR GD MH WR ^HMWDQRYD ]DPND L
QMHJRYR ]DVWUD^LYDQMH L 2Q QDP MH ]DEUDQLR GD JD VH SOD^LPR 5HNDR MH GD VX VYL
PXIHVVLUL NRPHQWDWRUL QDYHOL GD WR ]QDaL
=DVWUD^XMH LK VYRMLP VDYH]QLFLPD

.DWDGH MH UHNDR 9HOLaD LK X VYRMLP JUXGLPD SD NDG QMHJRY   YMHURYDQMH
SRVWDQH MDaL L] QMHJRYD VUFD RGH VWUDK RG ^HMWDQRYLK VDYH]QLND D NDG JRG QMHJRY
LPDQ RVODEL SRMDaD VH VWUDK RG QMLK 2YDM DMHW XSX`XMH GD RVORED_DQMH RG RYRJ VWUDKD
XSRWSXQMXMH ^DUWRYH YMHURYDQMD    3RYRG REMDYH RYRJ DMHWD QDYHGHQ MH X
WHIVLULPD L ELRJUDIVNLP GMHOLPD 1MHJRYH VX ULMHaL
@FqAj@LDt@ABh`@@AHD@dTAlhAF

$OODKRYH GCDPLMH RGUCDYDMX L X QMLPD NODQMDMX RQL NRML X $OODKD L X RQDM VYLMHW
YMHUXMX L NRML QDPD] REDYOMDMX L ]HNDW GDMX L NRML VH QLNRJD RVLP $OODKD QH ERMH

@K@fnA@ MT@eB@eGAHADnA@ 
 !"# $%!&# C '

, 1MHJRYH VX ULMHaL ,PD OMXGL NRML JRYRUH


9MHUXMHPR X $OODKD
 D NDGD QHNL
$OODKD UDGL EXGH QD PXNH VWDYOMHQ RQ GUCL GD MH OMXGVNR PXaHQMH LVWR ^WR L
$OODKRYD ND]QD
 (O$QNHEXW 

8]YL^HQL MH REDYLMHVWLR GD $OODKRYH GCDPLMH QH RGUCDYD L X QMLPD QH NODQMD QLNR


GUXJL QHJR RQL NRML SRVMHGXMX   YMHURYDQMH X $OODKD L 6XGQML GDQ NRML YMHUXMX
VYRMLP VUFLPD L UDGH VYRP VYRMRP PR`L L 1MHPX -HGLQRP XSX`XMX VYRMX VNUX^HQRVW
'DNOH GCDPLMH VH QH RGUCDYDMX QLaLP GUXJLP QHJR YMHURYDQMHP aLML MH QDMYH`L GLR
WHYKLG YMHURYDQMH X $OODKRYX -HGQR`X  VD GREULP GMHORP NRMH MH aLVWR RG VYLK YLGRYD
SULGUXCLYDQMD  L QRYRWDULMD 6YH WR SRWSDGD SRG SRMDP RS`HQLWRJ YMHURYDQMD
  NRG HKOLVXQQHWD L GCHPD
DWD
1HJRYH VX ULMHaL @Fq NRML VH QLNRJD RVLP $OODKD QH ERMH ,EQ$WLMMH MH
UHNDR 0LVOL QD VWUDK YHOLaDQMD RERCDYDQMD L SRNRUQRVWL MHU QXCQR MH GD VH aRYMHN
ERML GXQMDOXaNLK RSDVQRVWL D WUHED X VYHPX WRPH LPDWL VWUDK RG $OODKRYH RGUHGEH L
XSUDYOMDQMD
5HNDR VDP  7R MH ]ERJ WRJD ^WR NRULVW L ^WHWD ELYDMX 1MHJRYRP YROMRP L
1MHJRYLP KWLMHQMHP 2QR ^WR 2Q KWMHGQH WR ELYD D RQR ^WR 2Q QH KWMHGQH WR L QH
ELYD 5HNDR MH ,EQXO.DMMLP GD PX VH 8]YL^HQL $OODK VPLOXMH 6WUDK MH RERCDYDQMH
VUFHP LEDGHW VUFD  WH SUHPD WRPH QH RGJRYDUD GD RQR EXGH XSX`HQR ELOR NRPH
RVLP $OODKX NDR ^WR VX L SRQL]QRVW OMXEDY RVODQMDQMH QDGD L RVWDOL YLGRYL RERCDYDQMD
NRML VH RVWYDUXMX VUFHP
1MHJRYH VX ULMHaL dM^@^@^B^B^l 2QL VX QDGDWL VH QD 3UDYRP
SXWX ,EQ(EX7DOKD SUHQRVL RG ,EQ$EEDVD GD MH SURWXPDaLR 7L VX XLVWLQX QD
3UDYRP SXWX GD VYXJGMH JGMH MH X .XU
DQX XSRWULMHEOMHQD ULMHa
DVD WR MH YDGCLE
REDYH]QR 
1MHJRYH VX ULMHaL

@K@fnA@MT@eB@eGAHADnA@

,PD OMXGL NRML JRYRUH


9MHUXMHPR X $OODKD
 D NDGD QHNL $OODKD UDGL EXGH QD PXNH
VWDYOMHQ RQ GUCL GD MH OMXGVNR PXaHQMH LVWR ^WR L $OODKRYD ND]QD   ,EQXO.DMMLP
MH UHNDR /MXGL VX NDGD LP VH SR^DOMX SRVODQLFL L]PH_X GYRJD LOL GD QHNR RG QMLK
NDCH
PL YMHUXMHPR
 LOL GD WR QH NDCH QHJR RVWDQH QD OR^LP GMHOLPD L QHYMHURYDQMX


 2QDM NR NDCH
YMHUXMHPR
QMHJRY `H JD *RVSRGDU VWDYLWL QD LVSLW L NX^QMX
C (  !"# $%!&#

.  MH NX^QMD L LVSLW 2QDM NR QH NDCH PL YMHUXMHPR QHND QH PLVOL GD QMHPX


$OODK QH PRCH QL^WD LOL GD `H 0X RQ L]PD`L L SREMH`L 1XCQR MH GD RVMHWL ERO VYDND
GX^D NRMD MH SRVWDOD YMHUQLN LOL YMHURYDQMH QLMH YROMHOD 0H_XWLP YMHUQLN RVMHWL ERO X
VWDUWX QD GXQMDOXNX D ]DWLP LPDGQH OLMHS NUDM QD GXQMDOXNX L DKLUHWX GRN RQDM NR MH
RNUHQXR OH_D YMHURYDQMX X VWDUWX RVMHWL XCLYDQMH D ]DWLP JD ]DGHVL VWDOQL ERO ARYMHN
PRUD CLYMHWL V OMXGLPD D OMXGL LPDMX VYRMH ]DPLVOL L CHOMH WH WUDCH RG QMHJD GD VH V
QMLPD VORCL SD DNR VH QH VORCL RQL JD X]QHPLUDYDMX L PXaH D DNR VH VORCL ]DGHVLW `H
JD PXaHQMH QHNDG RG QMLK D QHNDG RG QHNRJ GUXJRJ GD EL QD NUDMX UHNDR 3D]LWH
VH GD QDMaYU^`H X]PHWH RQR ^WR MH UHNOD 0DMND SUDYRYMHUQLK $L^D UD 0XDYLML
.R
XGRYROML $OODKX VUGH`L OMXGH $OODK `H VH XPMHVWR QMHJD SREULQXWL ]D OMXGH D NR XGRYROML
OMXGLPD VUGH`L $OODKD RQL PX QL^WD NRG $OODKD QH`H SRPR`L
1 2QDM NRJD $OODK XSXWL
GD PX RG 6HEH UD]ERULWRVW L VDaXYD JD YODVWLWRJ ]OD RQ `H VH VX]GUCDWL L QH`H VH
VORCLWL GD aLQL JULMHK L VWUSLW `H VH X QMLKRYRP QHSULMDWHOMVWYX 1DNRQ VYHJD RQ `H LPDWL
VUH`DQ ]DYU^HWDN QD GXQMDOXNX L DKLUHWX NDR ^WR MH ELR VOXaDM VD SRVODQLFLPD L
QMLKRYLP VOMHGEHQLFLPD 3RWRP MH 8]YL^HQL REDYLMHVWLR R VWDQMX RQRJD NR MH WHN
SULKYDWLR YMHURYDQMH    2Q NDGD EXGH X]QHPLUHQ ]ERJ WRJD ^WR YMHUXMH X $OODKD
QMHJD WR LVNX^HQMH QD NRMH JD VYLMHW VWDYOMD WR QMLKRYR X]QHPLUDYDQMH L QMLKRYH
XYUHGH D WR MH ERO NRML QXCQR PRUD ]DGHVLWL SRVODQLNH L QMLKRYH VOMHGEHQLNH  aLQL GD
RQ ]ERJ WRJD EMHCL RG QMHJD YMHURYDQMD L RVWDYOMD X]URN ]ERJ NRMHJ ELYD QDSDGQXW
LVWR RQDNR NDR ^WR YMHUQLFL V LPDQRP EMHCH RG $OODKRYH ND]QH 7DNR VX YMHUQLFL ]ERJ
VYRJD LVSUDYQRJ UD]XPMHYDQMD SREMHJOL RG EROD $OODKRYH ND]QH ND YMHURYDQMX  

L SRGQLMHOL SUROD]QL ERO NRML WR VD VRERP QRVL D NRML `H EU]R RWL`L 'RN MH RYDM GUXJL
]ERJ VODERVWL VYRJD VKYDWDQMD SREMHJDR RG EROD NRML QDQRVH QHSULMDWHOML SRVODQLND L
VORCLR VH V QMLPD L QMLK SRaHR VOLMHGLWL 7DNR MH SREMHJDR RG EROD QMLKRYH ND]QH ND EROX
$OODKRYH ND]QH 2Q MH WLPH ERO LVNX^HQMD OMXGVNH ND]QH EMHCH`L RG QMH VWDYLR QD
VWXSDQM $OODKRYH ND]QH 3UHYDUHQ MH VYDNRP SUHYDURP RQDM NR RG XCDUHQRJ WOD
XWRaL^WH SRWUDCL X YDWUL L SREMHJQH RG EROD NRML WUDMH QHNR YULMHPH ND EROX NRML MH
YMHaDQ 7DNDY aRYMHN  NDGD $OODK GD SREMHGX 6YRMRM YRMVFL NDCH , MD VDP ELR V
YDPD D $OODK ]QD ]D OLFHPMHUVWYR NRMH MH NULR X VYRMLP JUXGLPD


+-, >    .. . .2 C :

 !"# $%!&# C

2G (EX6HLGD UD SUHQRVL VH NDR PHUIX KDGLV 9LG MH VODERVWL XYMHUHQMD


XLVWLQX GD XGRYROMDYD^ OMXGLPD L]D]LYDMX`L $OODKRYX VUGCEX GD LP VH
]DKYDOMXMH^ QD $OODKRYRM RSVNUEL L GD LK NRUL^ ]ERJ RQRJ ^WR WL $OODK QLMH GDR
$OODKRYX RSVNUEX ]DLVWD QH GRYODaL CXGQMD XSRUQRJ QLWL MH RGYUD`D PUCQMD
RQRJD NRML WR QH CHOL

1MHJRYH VX ULMHaL 2G (EX6HLGD UD SUHQRVL VH NDR PHUIX KDGLV


9LG VODERVWL
XYMHUHQMD MHVWH XLVWLQX GD XGRYROMDYD^ OMXGLPD L]D]LYDMX`L $OODKRYX VUGCEX L GD LP VH
]DKYDOMXMH^ QD $OODKRYRM RSVNUEL L GD LK NRUL^ ]ERJ RQRJ ^WR WL $OODK QLMH GDR
$OODKRYX RSVNUEX ]DLVWD QH GRQRVL CXGQMD XSRUQRJ QLWL MH RGYUD`D PUCQMD RQRJD NRML
WR QH CHOL
1 2YDM KDGLV ]DELOMHCLR MH (EX1X
DMP X +LO
MHWXOHYOLMDL ]DWLP %HMKHNL L
VSRPHQXR PX PDKDQX D WR MH SUHQRVLODF 0XKDPPHG E 0HUYDQ 6XGGL =D QMHJD MH
UHNDR GD MH VODE   2VWDWDN RYRJ KDGLVD JODVL L GD MH 2Q VYRMRP PXGUR^`X
XaLQLR RGPRU RVYMHCHQMH L UDGRVW X ]DGRYROMVWYX L XYMHUHQMX D EULJX L WXJX X VXPQML L
VUGCEL
1MHJRYH VX ULMHaL 2G VODERVWL MH XYMHUHQMD XLVWLQX 5LMHa VODERVW  MH
VD   L 

  6ORYR  PRCH ELWL L VD GDPPRP D
DMQ VD VXNXQRP .DGD
MH  VD     VORYR  MH VD    $QWRQLP RYRM ULMHaL MHVWH 

VQDJD ,EQ0HVXG MH UHNDR 8YMHUHQMH MH VDY   D VWUSOMHQMH MH SROD  
1MHJRYH VX ULMHaL GD XGRYROMDYD^ OMXGLPD L]D]LYDMX`L $OODKRYX VUGCEX WM GD
GD^ SUHGQRVW QMLKRYRP ]DGRYROMVWYX X RGQRVX QD RQR VD aLPH MH $OODK ]DGRYROMDQ D
WR MH NDG X QMHJRYX VUFX QHPD RVMH`DMD $OODKRYH YHOLaLQH X]YL^HQRVWL L
VWUDKRSR^WRYDQMD ^WR EL JD VSULMHaLOR GD GDMH SUHGQRVW ]DGRYROMVWYX VWYRUHQMX X RQRP
^WR SRYODaL ]D VRERP VUGCEX QMHJRYD 6WYRULWHOMD *RVSRGDUD L 9ODGDUD .RML XSUDYOMD
VUFHP 1D RYDM QDaLQ RQ XOD]L X YUVWX ^LUND MHU MH GDR SUHGQRVW ]DGRYROMVWYX VWYRUHQMD
QDG $OODKRYLP ]DGRYROMVWYRP L SULEOLCLR VH QMHPX V RQLP ^WR VUGL $OODKD 2G RYRJD
QLMH VDaXYDQ QLNR RVLP RQDM NRJD MH $OODK 8]YL^HQL VDaXYDR
1MHJRYH VX ULMHaL L GD LP VH ]DKYDOMXMH^ QD $OODKRYRM RSVNUEL WM QD RQRPH ^WR
WL MH GR^OR SUHNR QMLKRYLK UXNX GD WR SULSL^H^ QMLPD L QMLPD VH QD WRPH ]DKYDOMXMH^ D
8]YL^HQL $OODK MH WR WHEL SURSLVDR L WHEL XSXWLR D 2Q NDGD QH^WR KR`H GDGQH PX
X]URNH


 +/    'E (  E 
+     5 .+-, . .6 
8//
8.  ,+ + ,3. 6 
$  #  CE'D: , 8.+  (  $
(   
C

C   !"# $%!&#

2YR QLMH X VXSURWQRVWL V KDGLVRP .R VH QH ]DKYDOMXMH OMXGLPD QH ]DKYDOMXMH VH


$OODKX1  MHU MH $OODK 7DM .RML MH WR SRVODR SUHNR QMLKRYLK UXNX SD LP GRYX aLQL^ LOL LK
QDJUDGL^ 8 KDGLVX VWRML .R YDP QHNR GREUR XUDGL QDJUDGLWH JD D DNR JD QHPDWH
aLPH QDJUDGLWL XSX`XMWH GRYX ]D QMHJD VYH GRN QH YLGLWH GD VWH JD GRYROMQR
QDJUDGLOL2
1MHJRYH VX ULMHaL L GD LK NRUL^ ]ERJ RQRJ ^WR WL $OODK QLMH GDR ]DWR ^WR WL 2Q
QLMH RGUHGLR RQR ^WR VL WL RG QMLK WUDCLR 'D MH 2Q WR RGUHGLR 2Q EL WL WR SRVODR 2QDM
NR VSR]QD GD MH $OODK -HGLQL 7DM .RML GDMH L XVNUD`XMH 6YRMRP YROMRP L KWLMHQMHP GD
MH 2Q 7DM .RML aRYMHNX GDMH RSVNUEX ELOR X]URNRP LOL EH] X]URND RGDNOH VH aRYMHN QH
QDGD RQ QH`H ]D VYRMX SRWUHEX PROLWL QHNRJD GUXJRJD QHJR $OODKD -HGLQRJ 0RCGD
PX MH GREUR X RQRPH ^WR PX MH XVNUD`HQR 2Q LPD XYLMHN GREUR PL^OMHQMH R $OODKX
8]YL^HQRP QH PROL QLNRJD QHJR VDPR 1MHJD QH ERML VH QLaHJD QHJR VYRJD JULMHKD
2Q MH RYR ]QDaHQMH SRWYUGLR X KDGLVX ULMHaLPD $OODKRYX RSVNUEX ]DLVWD QH
GRQRVL CXGQMD XSRUQRJ QLWL MH RGYUD`D PUCQMD RQRJD NRML WR QH CHOL >HMKXOLVODP MH
UHNDR 8YMHUHQMH VDGUCL L]YU^DYDQMH QDUHGEH $OODKD 8]YL^HQRJ L YMHURYDQMH X RQR
^WR MH $OODK REH`DR RQLPD NRML VX 0X SRNRUQL AYUVWR XYMHUHQMH VDGUCL L YMHURYDQMH X
$OODKRYX RGUHGEX 1MHJRYR VWYDUDQMH L XSUDYOMDQMH 8NROLNR VL PX aRYMHNX XGRYROMLR
aLQH`L RQR ^WR VUGL $OODKD WR ]QDaL GD QLVL ELR XELMH_HQ QLWL X 1MHJRYR $OODKRYR GC^
REH`DQMH QLWL 1MHJRYX RSVNUEX ARYMHN EXGH XLVWLQX QDYHGHQ QD WR D ELOR CHOMRP
]D RQLP ^WR RQL LPDMX SD ]ERJ WRJD SUHVWDQH L]YU^DYDWL $OODKRYH SURSLVH ]ERJ
RQRJD ^WR VH RG QMLK QDGD E ELOR ]ERJ VODERVWL QMHJRYD XYMHUHQMD X RQR ^WR MH $OODK
REH`DR RQLPD NRML VX 1MHPX SRNRUQL X YLGX SREMHGH SRGU^NH L QDJUDGH QD GXQMDOXNX
L DKLUHWX MHU XLVWLQX WL NDG XGRYROML^ $OODKX 2Q `H WL GDWL SREMHGX RSVNUEX WDNR GD WL
RQL QH`H ELWL SRWUHEQL 8GRYROMDYDQMH QMLPD RQLP ^WR VUGL 1MHJD XLVWLQX ELYD L] VWUDKD
RG QMLK L L] QDGH X QMLK D WR MH VODERVW XYMHUHQMD 8NROLNR QLMH RGUH_HQR RQR ^WR PLVOL^
GD `H WL XUDGLWL RQL WL WR QH PRJX XUDGLWL 2GUHGED X WRP SRJOHGX SULSDGD $OODKX QH
QMLPD


    $  
C
 & 
D'
! .% . 
C     #/
   CEC:' D C D :C ,  %+ 

, + +,,,+. 
$0  
    



    $  
C(
 & 
( C
 ED' #/    CE(
:( ::
+ E:: , ! .;/ 

! .% . 
C   %/ E C ,2+.  - ,
+,,,+.
 .+/  ,, * 
!3., + ,  
$0      
C'

 !"# $%!&# C :

2G $L^H UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR .R WUDCL


$OODKRYR ]DGRYROMVWYR X VUGCEL OMXGL $OODK `H QMLP ELWL ]DGRYROMDQ L GDW `H GD L
OMXGL QMLP EXGX ]DGRYROMQL D NR WUDCL ]DGRYROMVWYR OMXGL X $OODKRYRM VUGCEL
$OODK `H VH QD QMHJD UDVUGLWL L GDW `H GD VH L OMXGL QD QMHJD VUGH =DELOMHCLR JD

MH ,EQ+LEEDQ X VYRPH 6DKLKX

2Q MH 7DM .RML NDGD RGUHGL GD QH^WR EXGH WR ELYD D ^WR 2Q QH`H WR QH PRCH QL
ELWL .DGD LK JUGL^ ]ERJ RQRJD ^WR WHEL QLMH RGUH_HQR L WR MH WDNR_HU ]ERJ VODERVWL
XYMHUHQMD 3UHPD WRPH QHPRM LK VH ERMDWL QHPRM RG QMLK PROLWL QHPRM LK JUGLWL
SRYRGH`L VH ]D VYRMRP GX^RP L VWUDVWLPD 0H_XWLP RQDM NRJD MH RG QMLK SRKYDOLR
$OODK L 1MHJRY 3RVODQLN RQ MH SRKYDOMHQ D NRJD MH JUGLR $OODK L 1MHJRY 3RVODQLN RQ
MH SRNX_HQ +DGLV XND]XMH QD WR GD VH YMHURYDQMH   SRYH`DYD L VPDQMXMH L GD VX
GMHOD VDVWDYQL GLR YMHURYDQMD
1MHJRYH VX ULMHaL .R WUDCL     WM   WUDCL  >HMKXOLVODP MH
UHNDR $L^D MH QDSLVDOD 0XDYLML D SUHQRVL VH GD MH UHNOD GD MH WR 3RVODQLN VDYV
UHNDR
.R XGRYROML $OODKX VUGH`L OMXGH $OODK `H PX GDWL SD PX OMXGL QH`H ELWL SRWUHEQL
D NR XGRYROML OMXGLPD VUGH`L $OODKD RQL PX NRG $OODKD QH`H QL^WD PR`L SRPR`L
 2YDM
MH WHNVW PHUIX WM SULSLVDQ MH 3RVODQLNX VDYV  GRN WHNVW NRML QLMH SULSLVDQ QMHPX

 JODVL .R XGRYROML $OODKX RQLP ^WR VUGL OMXGH $OODK `H QMLP ELWL ]DGRYROMDQ L
GDW `H GD L OMXGL QMLP EXGX ]DGRYROMQL D NR XGRYROML OMXGLPD RQLP ^WR VUGL $OODKD RQDM
NR JD RG OMXGL KYDOL SRVWDW `H RG RQLK NRML JD NXGH L JUGH 2YR MH QDMYL^L VWXSDQM
UD]XPLMHYDQMD YMHUH MHU RQDM NR MH XGRYROMLR $OODKX RQLP ^WR QMLK VUGL RQ MH SUHPD
1MHPX XaLQLR YLG ERJRERMD]QRVWL L WLPH SRVWDR 1MHJRY GREUL URE D $OODK VWDYOMD X
6YRMX ]D^WLWX GREUH OMXGH L $OODK MH GRYROMDQ 6YRPH UREX
J^^lMRXih)ATh@M
 $ RQRPH NRML VH $OODKD ERML 2Q `H
L]OD] QD`L L RSVNUELW `H JD RGDNOH VH L QH QDGD /;9 $OODK `H EH] VXPQMH GDWL
GD PX OMXGL QH`H ELWL SRWUHEQL 2QDM NR XGRYROML OMXGLPD RQLP ^WR VUGL $OODKD RQL PX
NRG $OODKD QH`H QL^WD SRPR`L NDR ^WR MH QDVLOQLN NRML JUL]H VYRMH UXNH >WR VH WLaH
WRJD GD `H RQL NRML VX JD KYDOLOL SRVWDWL RQL NRML JD NXGH WR VH SXQR GRJD_D L GRJD_D
VH QD NUDMX D XVSMH^DQ MH NUDM VDPR ]D ERJRERMD]QRVW 7R VH QH GRJD_D QD SRaHWNX
NDG RVMH`D QDNORQRVW SUHPD QMLPD


* +, - + /6 
C (  6*   / (
 +/    E
! .
% . 
'  ' C      , #7 

;, + +,,,+.  , 7, + ,
# .       
'(  ': D

C'  !"# $%!&#

8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD


 NRPHQWDU DMHWD L] VXUH $OL ,PUDQ
 NRPHQWDU DMHWD L] VXUH (W7HYED
 NRPHQWDU DMHWD L] VXUH (O$QNHEXW
 GD XYMHUHQMH VODEL L MDaD
 ]QDN QMHJRYH VODERVWL L GD X WR VSDGD RYR WURMH
 GD VWUDK RG $OODKD NRML VH LVSRYLMHGD VDPR 1MHPX VSDGD X IDU]RYH
 VSRPLQMDQMH QDJUDGH ]D RQRJ NR WR RVWYDUL
 VSRPLQMDQMH ND]QH ]D RQRJD NR WR QDSXVWL
 !"# $%!&# C'

 {  

26/$1-$1-(1$$//$+$ 7(9(..8/
-(67(-('$12'89-(7$ >$5729$ 9-(529$1-$ ,0$1$
MF@M@ 9AL@

5LMHaL VX 8]YL^HQRJ $OODKD $ X $OODKD VH SRX]GDMWH DNR VWH YMHUQLFL (O


0DLGD 

1MHJRYH VX ULMHaL 5LMHaL 8]YL^HQRJ $OODKD

MF@M@


$ X $OODKD VH SRX]GDMWH DNR VWH YMHUQLFL

(EXV6HDGDW MH UHNDR $      SUHX]HWL QD VHEH  ]QDaL 
    NDGD JDUDQWXMH GD `H WR L]YU^LWL  $XWRU MH KWLR VWDYOMDQMHP RYRJ
DMHWD NDR QDVORY SRJODYOMD REMDVQLWL GD MH WHYHNNXO REDYH]D  NRMX WUHED XSX`LYDWL
LVNOMXaLYR $OODKX GC^ MHU MH WR MHGDQ RG QDMVYHREXKYDWQLMLK YLGRYD XQXWDUQMHJ
LEDGHWD 6WDYOMDQMH LVSUHG RQRJD QD NRJD VH UDGQMD RGQRVL ]QDaL RJUDQLaHQMH 3UHPD
WRPH SRWSXQRVW YMHURYDQMD X $OODKRYX -HGQR`X  VD QMHJRYD WUL GLMHOD QH
SRVWLCH VH QLaLP RVLP SRWSXQLP RVODQMDQMHP QD $OODKD NDR ^WR MH X RYRP DMHWX
,PDP $KPHG MH UHNDR $  
 MH DNWLYQRVW VUFD
,EQXO.DMMLP MH UHNDR R DMHWX L] QDVORYD 3D MH XaLQLR  
 QD $OODKD XYMHWRP
]D YMHURYDQMH    7R XND]XMH GD YMHURYDQMH QHVWDMH NDGD L QMHJD  

QHVWDQH >HMKXOLVODP MH UHNDR 1LNDGD QLNR QLMH PROLR L WUDCLR RG VWYRUHQMD LOL VH QD
QMHJD RVORQLR D GD VH QLMH X QMHJD UD]RaDUDR MHU WR MH XLVWLQX SULGUXCLYDQMH  

YkA[h@HLB@aMAl@h`ACAHhp

D RQDM NR EXGH VPDWUDR GD $OODKX LPD LNR UDYDQ ELW `H NDR RQDM NRML MH V QHED
SDR L NRJD VX SWLFH UD]JUDELOH LOL NDR RQDM NRJD MH YMHWDU X GDOHNL SUHGLR RGQLR
;;,, 7HYHNNXO GLMHOLPR QD GYD GLMHOD  $  
 X VWYDULPD NRMH VX MHGLQR X
$OODKRYRM GC^ PR`L NDR ^WR MH RVODQMDQMH QD XPUOH RGVXWQH L QD QMLPD VOLaQH
WDJXWH 2YR MH YHOLNL  NRML $OODK QH RSUD^WD RVLP SRNDMDQMHP >WR VH WLaH RVODQMDQMD
QD CLYH SULVXWQH QD YODGDUD L QMLPD VOLaQH NRMLPD MH $OODK GC^ GDR PR` GD SULEDYH
RSVNUEX RWNORQH QHSULOLNX L WRPH VOLaQR WR MH PDOL 
C'C  !"# $%!&#

 HNT@he@eFf@@AF^ 9
, 1MHJRYH VX ULMHaL 3UDYL VX YMHUQLFL VDPR RQL aLMD VH VUFD VWUDKRP LVSXQH
NDG VH $OODK VSRPHQH  DMHW (O(QIDO 

'RSX^WHQR MH RSXQRPR`LWL RVREX GD JD ]DVWXSD X RQRPH ^WR MH QMHJRYR SUDYR X


QMHJRYLP GXQMDOXaNLP SRVORYLPD NDR ^WR MH SURGDMD NXSRYLQD L]QDMPOMLYDQMH UD]YRG
EUDND LWG =D RYR SRVWRML NRQVHQ]XV GD MH GRSX^WHQR 0H_XWLP QH`H ND]DWL 2VORQLR
VDP VH QD QMHJD   
   QHJR `H ND]DWL 2SXQRPR`LR VDP JD
  

 .DGD RQ QMHJD RSXQRPR`L QXCQR MH GD VH X WRPH RVORQL QD $OODKD
8]YL^HQRJ
1MHJRYH VX ULMHaL 5LMHaL 8]YL^HQRJ $OODKD

HNT@he@eFf@@AF


3UDYL VX YMHUQLFL VDPR RQL aLMD VH VUFD VWUDKRP LVSXQH NDG VH $OODK VSRPHQH

 ,EQ$EEDV MH R RYRP DMHWX UHNDR /LFHPMHULPD
0  QL^WD QH XOD]L X
VUFD QMLKRYD RG ]LNUXOODKD SULOLNRP REDYOMDQMD QDPD]D RQL QH YMHUXMX X $OODKRYH
DMHWH QLWL VH RVODQMDMX QD $OODKD QLWL NODQMDMX NDGD VX RGVXWQL QLWL GDMX ]HNDW QD VYRM
LPHWDN 8]YL^HQL MH REDYLMHVWLR GD RQL QLVX YMHUQLFL ]DWLP MH RSLVDR YMHUQLNH UHNDY^L

HNT@he@eFf@@AF

3UDYL YMHUQLFL VDPR VX RQL aLMD VH VUFD VWUDKRP LVSXQH NDG VH $OODK VSRPHQH
2QL VX IDU]RYH VYRMH L]YU^LOL 2YR MH ]DELOMHCLR ,EQ'CHULU L ,EQ(EX+DWLP 6XGGL MH R
1MHJRYLP ULMHaLPD ND]DR

HNT@he@eFf@

RQL aLMD VH VUFD VWUDKRP LVSXQH NDG VH $OODK VSRPHQH UHNDR 7R MH aRYMHN
NRML KR`H XaLQLWL QHSUDYGX
 LOL MH UHNDR
SRPLVOL QD JULMHK
 SD PX VH NDCH
%RM VH
$OODKD
L QMHJRYR VUFH VWUDKRP ]DWUHSHUL
 =DELOMHCLR JD MH ,EQ(EX>HMEH L ,EQ'CHULU

1MHJRYH VX ULMHaL AAFLc@iLADNL@eF


$ NDG LP VH ULMHaL 1MHJRYH ND]XMX YMHURYDQMH LP XaYU^`XMX $VKDEL WDELLQL L HKOL
VXQQHW NRML VX QMLK VOLMHGLOL RYLP DMHWRP L QMHPX VOLaQLP GRND]LYDOL VX GD VH YMHURYDQMH
  SRYH`DYD L VPDQMXMH
 !"# $%!&# C'D

@IL@@IlX@ABA 

, 1MHJRYH VX ULMHaL 2 9MHURYMHVQLaH $OODK MH GRYROMDQ WHEL L YMHUQLFLPD NRML


WH VOLMHGH (O(QIDO 
IlX@M 

, 1MHJRYH VX ULMHaL 2QRPH NRML VH X $OODKD X]GD 2Q PX MH GRVWD (W


7DODN 
2G ,EQ$EEDVD UD SUHQRVL VH GD MH UHNDR  5LMHaL
@@AIlX

1MHJRYH VX ULMHaL MHg , VDPR VH QD *RVSRGDUD VYRJD RVODQMDMX WM


1MHJD X]LPDMX NDR VYRM RVORQDF L 1MHPX SUHSX^WDMX VYRMH VWYDUL WDNR GD QH WUDCH RG
ELOR NRJD RVLP RG 1MHJD VYRMLP REUD`DQMHP VPMHUDMX VDPR 1MHJD D WR MH MHGDQ RG
QDMYH`LK X]URND RVWYDULYDQMD L SRVWL]DQMD GXQMDOXaNLK L DKLUHWVNLK SRWUHED 8 DMHWX VH
RSLVXMX LVWLQVNL YMHUQLFL VD WUL VWXSQMD LKVDQD YMHURYDQMD X $OODKD NDR GD *D aRYMHN
YLGL D L DNR *D QH YLGL ]QD GD 2Q QMHJD VLJXUQR YLGL  D NRML L]LVNXMX RVWYDULYDQMH
GMHOD LPDQD REDYH]QLK L SRCHOMQLK 1MHJRYH VX ULMHaL
^^@^^^^IL@^^@I^^lX^^@A^^BA^^  2 9MHURYMHVQLaH $OODK MH GRYROMDQ WHEL L

YMHUQLFLPD NRML WH VOLMHGH ,EQXO.DMMLP MH UHNDR 7M $OODK -HGLQL WL MH GRYROMDQ L


GRYROMDQ MH WYRMLP VOMHGEHQLFLPD WDNR GD LP SRUHG 1MHJD QLMH QLNR SRWUHEDQ 7R
WXPDaHQMH MH RGDEUDR >HMKXOLVODP ,EQ7HMPLMMH
1MHJRYH VX ULMHaL IlX@M 2QRPH NRML VH X $OODKD X]GD 2Q PX
MH GRVWD ,EQXO.DMMLP L GUXJL UHNOL VX  

]QDaL  2Q JD aXYD  D RQDM
NRJD $OODK aXYD L NRPH MH 2Q ]D^WLWQLN QHSULMDWHOM X SRJOHGX QMHJD QHPD QLNDNYH
QDGH QLWL PX PRCH QD^WHWLWL RVLP PXaHQMHP YUX`LQRP KODGQR`RP JOD_X L CH_X D GD
SRVWLJQH RQR aLPH `H RVWYDULWL VYRMH FLOMHYH WR VH QLNDGD QH`H GHVLWL 1HNL L] SUYLK
JHQHUDFLMD UHNOL VX
$OODK MH RGUHGLR ]D VYDNR GMHOR QDJUDGX D QDJUDGX ]D RVODQMDQMH
 
 QD 1MHJD RGUHGLR MH GD EXGH WR GD 2Q OLaQR QDG WLP LPD SDWURQDW L ]D^WLWX
SD MH UHNDR IlX@M 2QRPH NRML VH X $OODKD X]GD 2Q PX MH GRVWD

7M  2Q JD aXYD  2Q QLMH UHNDR GD `H ]D WR GRELWL WX L WX QDJUDGX NDR ^WR MH
UHNDR NDGD VX GMHOD X SLWDQMX QHJR MH $OODK 8]YL^HQL XaLQLR GD 2Q OLaQR SUXCL ]D^WLWX L
SDWURQDW 6YRPH UREX NRML VH QD 1MHJD RVORQLR .DGD EL VH aRYMHN QD $OODKD LVWLQVNL
RVORQLR D QHEHVD L =HPOMD L VYL NRML VH QD QMLPD QDOD]H YDUNX PX SUDYLOL $OODK EL PX
GDR L]OD] ELR EL PX GRYROMDQ L GDR PX SRPR`
C'  !"# $%!&#


'RYROMDQ MH QDPD $OODK L GLYDQ MH 2Q *RVSRGDU
 L]UHNDR MH ,EUDKLP VDYV
NDGD MH EDaHQ X YDWUX L 0XKDPPHG VDYV NDGD VX PX UHNOL
@ @AIlX@AAAFc@jp`A@dnA@F


1HSULMDWHOML VH RNXSOMDMX ]ERJ YDV WUHEDWH LK VH SULaXYDWL
 WR LP MH XaYUVWLOR
YMHURYDQMH SD VX UHNOL
'RYROMDQ MH QDPD $OODK L GLYDQ MH 2Q *RVSRGDU
 $OX
,PUDQ  =DELOMHCLR JD MH %XKDUL L 1HVDL1

1MHJRYH VX ULMHaL @AI^lX 'RYROMDQ MH QDPD $OODK 3UHWKRGQR MH VSRPHQXWR


]QDaHQMH RYLK ULMHaL
1MHJRYH VX ULMHaL @ GLYDQ MH 2Q *RVSRGDU WM GLYDQ OL MH 2QDM QD .RJD
VX VH RVORQLOL
 
 2QDM QD NRJD VH RGQRVL ULMHa GLYDQ LVSX^WHQD MH L JODVL
GLYDQ MH RVORQDF $OODK
1MHJRYH VX ULMHaL L]UHNDR MH ,EUDKLP VDYV NDGD MH EDaHQ X YDWUX 8]YL^HQL
MH UHNDR

@hHFAk@chHgAAA)AMFMD@ht@hX@A


6SDOLWH JD L ERJRYH YD^H RVYHWLWH DNR KR`HWH L^WD XaLQLWL
 SRYLND^H
2 YDWUR

UHNRVPR 0L
SRVWDQL KODGQD L VSDV ,EUDKLPX
 ;;,
1MHJRYH VX ULMHaL L 0XKDPPHG VDYV NDGD VX PX UHNOL

@@AIlX@AAAFc@jp`A@dnA@F


1HSULMDWHOML VH RNXSOMDMX ]ERJ YDV WUHEDWH LK VH SULaXYDWL
 WR LP MH XaYUVWLOR
YMHURYDQMH SD VX UHNOL
'RYROMDQ MH QDPD $OODK L GLYDQ MH 2Q *RVSRGDU
 7R VH GHVLOR
QDNRQ ^WR VH .XUHM^ L VNXSLQH SRYXNOH V 8KXGD SD MH SRUHG QMLK SUR^OD JUXSD L]
$EGX.DMVD L UHNOD *GMH LGHWH" ,GHPR X 0HGLQX UHNOL VX +R`HWH OL RG QDV
0XKDPPHGX GRVWDYLWL SRUXNX XSLWDOL VX 'D RGJRYRULOL VX .DGD LP GR_HWH
REDYLMHVWLWH LK GD VPR PL NUHQXOL SUHPD QMHPX L QMHJRYLP GUXJRYLPD GD RQR ^WR MH RG
QMLK RVWDOR GRNUDMaLPR *UXSD MH SUR^OD SRUHG $OODKRYRJ 3RVODQLND VDYV GRN MH
RQ ELR X +DPUDXOHVHGX L REDYLMHVWLOD JD R RQRPH ^WR MH UHNDR (EX6XIMDQ QD ^WR MH
RQ UHNDR @@AIlX 'RYROMDQ MH QDPD $OODK L GLYDQ MH 2Q *RVSRGDU


* +, - +  
'(D '(  #  $      # !/.
/ - .7, ,
+
8,  .6  .+-,,/  #

 !"# $%!&# C''

8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD


 GD MH WHYHNNXO RVODQMDQMH LVNOMXaLYR QD $OODKD GC^ MHGDQ RG IDU]RYD
 GD MH RQ MHGDQ RG XYMHWD ^DUWD ]D YMHURYDQMH LPDQ 
 NRPHQWDU DMHWD L] VXUH (O(QIDO
 NRPHQWDU DMHWD V NUDMD RYH VXUH
 NRPHQWDU DMHWD L] VXUH (W7DODN
 YDCQRVW L X]YL^HQRVW RYH L]UHNH WH GD MH WR L]UHND ,EUDKLPRYD L
0XKDPPHGRYD VDYV NRMX VX UHNOL NDGD VX VH QD^OL X QHYROML

8 KDGLVX VWRML GD NDGD VH QD_HWH X WH^NRM VLWXDFLML UHFLWH 'RYROMDQ MH QDPD $OODK
1
L GLYDQ MH 2Q *RVSRGDU


* +, - + ! .8+ ,  %+ 

, +   , 7, + , # .  (  $
  
C:

C'(  !"# $%!&#

 ? 

35,-(71-$2120(.26(1(%2-,
$//$+29(=$0.(
hkA@@F@hC@h@CB D 
ULMHaL $OODKD 8]YL^HQRJ =DU RQL PRJX ELWL VLJXUQL RG $OODKRYH ]DPNH"
$OODKRYH ]DPNH VH QH ERML VDPR QDURG NRPH SURSDVW SUHGVWRML (O(DUDI 
Ax@FHgg 9

, 1MHJRYH VX ULMHaL 1DGX X PLORVW *RVSRGDUD VYRJD PRJX JXELWL VDPR RQL
NRML VX ]DEOXGMHOL (O+LGCU 

5LMHaL VX 8]YL^HQRJ hkA@@F@hC@h@CB


=DU RQL PRJX ELWL VLJXUQL RG $OODKRYH ND]QH" $OODKRYH ND]QH VH QH ERML VDPR
QDURG NRPH SURSDVW SUHGVWRML
$XWRU $OODK PX VH VPLORYDR KWLR MH UH`L GD QHVWUDKRYDQMH RG $OODKRYH ND]QH
XSX`XMH QD VODERVW YMHURYDQMD    WDNR GD WDNYD RVRED QH UD]PL^OMD R
SURSX^WHQLP REDYH]DPD L XaLQMHQLP JULMHVLPD ]ERJ WRJD ^WR VH QH ERML $OODKD X
SRJOHGX RQRJ ^WR MH XUDGLOD LOL L]RVWDYLOD D RYR MH MHGDQ RG QDMYH`LK JULMHKD L
QDMREXKYDWQLMD PDKDQD $MHW XND]XMH GD MH $OODK 8]YL^HQL QDNRQ ^WR MH QDYHR VWDQMH
VWDQRYQLND QDVHOMD NRML VX XWMHULYDOL X ODC SRVODQLNH REMDVQLR GD RQR ^WR LK MH QDYHOR
QD WR MHVWH QHSRVWRMDQMH VWUDKD RG $OODKD GC^ L 1MHJRYH ]DPNH 2QL VX VH SUHVWDOL
ERMDWL $OODKRYH ]DPNH QDNRQ ^WR LP MH 2Q SRVWDYLR ]DPNX X YLGX UDGRVWL L EODJRGDWL
2QL QLVX YMHURYDOL GD WR PRCH ELWL ]DPND +DVDQ MH UHNDR 2QDM NRPH MH 2Q RWYRULR
EODJRGDWL SD RQ X WRPH QH YLGL GD PX 2Q WLPH SUDYL ]DPNX WDM QH ]QD UD]PL^OMDWL
.DWDGH MH UHNDR 1DURG MH ]DQHPDULR $OODKRYH QDUHGEH 1DURG MH XLVWLQX ELR
XQL^WDYDQ VDPR RQGD NDG EL XWRQXR X PLU XCLYDQMH L QHSDCQMX =DWR QHPRMWH ELWL
]DYHGHQL $OODKRYLP EODJRGDWLPD  ,VPDLO E 5DIL UHNDR MH 1HVWUDKRYDQMH RG
$OODKRYH ]DPNH MHVWH NDG aRYMHN XVWUDMDYD X JULMHKX D CHOL GD PX $OODK RSURVWL
=DELOMHCLR ,EQ(EX+DWLP
1MHJRYH VX ULMHaL Ax@FHgg
 !"# $%!&# C'

1DGX X PLORVW *RVSRGDUD VYRJD PRJX JXELWL VDPR RQL NRML VX ]DEOXGMHOL .XQXW
]QDaL YMHURYDQMH GD VX L]OD] L UMH^HQMH GDOHNR L JXEOMHQMH QDGH X WR 7R MH QDVXSURW
VLJXUQRVWL RG $OODKRYH ]DPNH

2G ,EQ$EEDVD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV XSLWDQ R


YHOLNLP JULMHVLPD SD MH RQ UHNDR 3ULGUXCLYDQMH ^LUN $OODKX JXEOMHQMH QDGH

GD `H $OODK GDWL RQR ^WR VH CHOL L QHVWUDKRYDQMH RG $OODKRYH ]DPNH
2EMH VX RYH VWYDUL YHOLNL JULMHK ]ERJ WRJD ^WR MH X JXEOMHQMX QDGH OR^H PL^OMHQMH R
$OODKX 1MHJRYH VX ULMHaL Ax@F VDPR RQL NRML VX ]DEOXGMHOL WM VD 3UDYRJ SXWD
VNUHQXOL 
1MHJRYH VX ULMHaL 2G ,EQ$EEDVD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN
VDYV XSLWDQ R YHOLNLP JULMHVLPD L RQ MH UHNDR 3ULGUXCLYDQMH  $OODKX JXEOMHQMH
QDGH GD `H $OODK GDWL RQR ^WR VH CHOL L QHVWUDKRYDQMH RG $OODKRYH ]DPNH 2YDM KDGLV
]DELOMHCLR MH %H]]DU L ,EQ(EX+DWLP RG >HELED E %L^UD ,EQ0HLQ MH UHNDR 2Q MH
SRYMHUOMLY ,EQ(EX+DWLP MH UHNDR GD MH QHMDN ,EQ.HVLU MH UHNDR 1MHJRY VHQHG
]DKWMHYD SURYMHUX 1DMYMHURYDWQLMH MH GD MH RQ 

1MHJRYH VX ULMHaL 3ULGUXCLYDQMH  $OODKX 7R MH QDMYH`L YHOLNL JULMHK L ]ERJ
WRJD MH SUYR QMHJD VSRPHQXR 5HNDR MH ,EQXO.DMMLP GD PX VH $OODK 8]YL^HQL
VPLOXMH 3ULGUXCLYDQMH  MHVWH UX^HQMH 

  L SRVWHSHQR XPDQMLYDQMH


  WH OR^H PL^OMHQMH R *RVSRGDUX VYLK VYMHWRYD
1MHJRYH VX ULMHaL JXEOMHQMH QDGH GD `H $OODK GDWL RQR ^WR VH CHOL WM SUHNLGDQMH
XSX`LYDQMD GRYH L QDGH X $OODKD 8]YL^HQRJ X SRJOHGX RQRJD aHJD VH aRYMHN ERML LOL
^WR CHOL D WR MH OR^H PL^OMHQMH R $OODKX QHSR]QDYDQMH 1MHJD ^LULQH 1MHJRYH PLORVWL
GDUHCOMLYRVWL L RSUD^WDQMD
1MHJRYH VX ULMHaL L QHVWUDKRYDQMH RG $OODKRYH ]DPNH WM QHVWUDKRYDQMH RG
WRJD GD JD 2Q ]DYHGH L RGX]PH PX YMHURYDQMH   NRMH PX MH GDR 8WMHaHPR VH
$OODKX L RG 1MHJD WUDCLPR ]D^WLWX RG WRJD 7R MH QHSR]QDYDQMH $OODKD L 1MHJRYH PR`L
WH VDPRXYMHUHQMH L XPL^OMHQRVW D RYH WUL VWYDUL VX RG QDMYH`LK JULMHKD 2QH VX MDNR
YHOLNH 0ROLPR $OODKD GD VH WRJD NORQLPR 2Q MH VSRPHQXR RYR WURMH MHU RQL VDGUCH
VYH ]OR L GDOHNR VX RG VYDNRJ GREUD 8 RYR VX XSDOL PQRJL X SUR^ORVWL L X QD^H
YULMHPH 0ROLPR RG $OODKD VSDV QD GXQMDOXNX L DKLUHWX


, - + %+/   !!  E  , #  #  

   . + ,0
1* +, - + 66  .  .+-, 3.,,2  3,++
1  , + /0 1+/ +,4
 # 
8 ,+ >  6,  ..
,/., - + .,  3.+ , # 
F6
3,/., - + %+/   !!   3.+  .+  #  E
F,
+0 1+-, + . +,,,+.
1
C'  !"# $%!&#

2G ,EQ0HVXGD UD SUHQRVL VH GD MH UHNDR 1DMYH`L JULMHK MH SULGUXCLYDQMH


^LUN $OODKX QHVWUDKRYDQMH RG $OODKRYH ]DPNH EH]QD_H X SRJOHGX $OODKRYH

PLORVWL L JXEOMHQMH QDGH GD `H $OODK GDWL RQR ^WR VH CHOL =DELOMHCLR JD MH
$EGXU5H]DN
8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD
 NRPHQWDU DMHWD L] VXUH (O(
DUDI
 NRPHQWDU DMHWD L] VXUH (O+LGCU
 R^WULQD SULMHWQMH RQRPH NR VH QH EXGH ERMDR $OODKRYH ND]QH
 R^WULQD SULMHWQMH RQRPH NR L]JXEL QDGX X $OODKD GC^ 

1MHJRYH VX ULMHaL EH]QD_H X SRJOHGX $OODKRYH PLORVWL (EX 6HDGDW MH UHNDR


7R MH QDMYH`L YLG EH]QD_D 6UFHP WUHED GRPLQLUDWL VWUDK D NDGD QMLPH RYODGD
RaHNLYDQMH L QDGD X VWDQMX ]GUDYOMD VUFH VH SRNYDUL 8]YL^HQL MH $OODK UHNDR

IhTBhJAHHgpf@F

2QL NRML VH *RVSRGDUD VYRJD ERMH L NDG LK QLNR QH YLGL QMLK aHND RSURVW L QDJUDGD
YHOLND /;9,, 2Q MH UHNDR

gAtH@K@JMLAA

, NRML VWUHSH RG 'DQD X NRP `H VUFD L SRJOHGL ELWL X]QHPLUHQL ;;,9


3,/., - + %+/   !!  E   ,0 1* +, - +  .  .+-,
. + +,,,+.
1
 !"# $%!&# C':

 P{ 
6$67$91,',29-(529$1-$8$//$+$
-(6753/-(1-(8$//$+29,02'5('%$0$
IdAH D 
L ULMHaL 8]YL^HQRJ $OODKD 2Q `H VUFH RQRJ NRML X $OODKD YMHUXMH XSXWLWL (W
7HJDEXQ 

1MHJRYH VX ULMHaL 6DVWDYQL GLR YMHURYDQMD X $OODKD MHVWH ]DGRYOMVWYR 1MHJRYLP


RGUHGEDPD ,PDP MH $KPHG UHNDR $OODK MH VSRPHQXR VWUSOMHQMH QD GHYHGHVHW
PMHVWD X 6YRMRM NQML]L 8 YMHURGRVWRMQRP KDGLVX VWRML 6WUSOMHQMH MH VYMHWOR1 =DELOMHCLR
JD MH $KPHG L 0XVOLP 2PHU UD UHNDR MH 2VWYDULOL VPR VD VWUSOMHQMHP QDMEROML QD^
CLYRW =DELOMHCLR JD MH %XKDUL2 5HNDR MH $OL UD 6WUSOMHQMH MH ]D YMHURYDQMH NDR ^WR MH
JODYD ]D WLMHOR ]DWLP MH SRGLJDR JODYX L UHNDR 8LVWLQX QHPD YMHURYDQMD RQDM NRML
QHPD VWUSOMHQMD =QDM GD VH VWUSOMHQMH GLMHOL QD WUL GLMHOD VWUSOMHQMH X L]YU^DYDQMX
$OODKRYLK QDUHGEL VWUSOMHQMH X NORQMHQMX $OODKRYLK ]DEUDQD L VWUSOMHQMH X QHYROMDPD
NRMH MH $OODK SURSLVDR >HMKXOLVODP MH MR^ GRGDR , VWUSOMHQMH X RGEDFLYDQMX VWUDVWL
NRMH VX VXSURWQH >HULMDWX
1MHJRYH VX ULMHaL ^Id^A^H^^ 2Q `H VUFH RQRJ NRML X $OODKD YMHUXMH
XSXWLWL 3RaHWDN RYRJ DMHWD JODVL


8/ 
CCD     
/6 
D'C &   / :

'E' ( 6*    66   %  
((:
#/   
'ED C D D D
&/ 
(': $   /  
! .8 
C  
8/    7/. ,  8 7+ 

  +  -0 1A7>.+ + 3,
+,.+       ?. +   #@ 3. - ?. .+/ .@     
      3.   3.  ,, + 6/9 .   */+ ./6 + +, 
+ ,6
3+.+ + ,++.+ . + ,6 6    3,  
 + 66 +,  3,+  

, >  ,, ,  ., 3,3


1

 - + 6 +, 6 .,9.+ . ED D  F    . //
>KA^lX^H^hTB hHAt@AF7 %6   + ,0 1+-, . 3,+, + #/  .+6 !+  
+,,,+./ .,/ , 8
F, +0 1F, + ;/

1 * +, - +   +/  


   ,9 3, #/
* +, - +  # 
8   #  !!  -/ 3/
3, 8
* +, - +  %/ , 8 ,. , 
8++   ,. , ;/
1
C(  !"# $%!&#

$ONDPH MH UHNDR 7R MH aRYMHN NRMHJ MH ]DGHVLOD QHGD`D L RQ ]QD GD MH RQD RG


$OODKD SD EXGH ]DGRYROMDQ L SRNRUL VH
8 0XVOLPRYRP 6DKLKX SUHQRVL VH RG (EX+XUHMUHD UD GD MH $OODKRY
3RVODQLN VDYV UHNDR 'YLMH VWYDUL SRVWRMH PH_X VYLMHWRP L RQL LK VPDWUDMX

QHYMHUVWYRP NXIURP  UXJDQMH ]ERJ SRULMHNOD L QDULFDQMH ]D XPUOLP

@eGHFItKAsBA
1LNDNYD QHYROMD VH EH] $OODKRYH YROMH QH GRJRGL WM
EH] 1MHJRYH YROMH L KWLMHQMD NDR ^WR MH 2Q UHNDR X MHGQRP GUXJRP DMHWX

KAMFlB|g@ItKAsBA 
l@eFABBI

1HPD QHYROMH NRMD ]DGHVL =HPOMX L YDV D NRMD QLMH SULMH QHJR ^WR MH GDPR
]DSLVDQD X .QML]L  WR MH $OODKX XLVWLQX ODKNR /9,,
1MHJRYH VX ULMHaL $ONDPH MH UHNDR
7R MH aRYMHN NRMHJ MH ]DGHVLOD QHGD`D L RQ
]QD GD MH RQD RG $OODKD SD EXGH ]DGRYROMDQ L SRNRUL VH
 2YX WUDGLFLMX ]DELOMHCLR MH
,EQ'CHULU ,EQ(EX+DWLP D SUHQHVHQD MH RG ,EQ0HVXGD $ONDPH MH VLQ .DMVD E
$EGXOODKD 1HKDLMD .XILMD 5R_HQ MH ]D CLYRWD 9MHURYMHVQLNRYD VDYV 6OX^DR MH
 RG (EX%HNUD 2PHUD 2VPDQD $OLMH ,EQ0HVXGD $L^H L GUXJLK 2Q VSDGD
PH_X VWDULMH XaHQH L SRYMHUOMLYH WDELLQH 8PUR MH QDNRQ ^H]GHVHWH 8 RYRM MH WUDGLFLML
GRND] GD GMHOD SRWSDGDMX SRG GHILQLFLMX LPDQD D X DMHWX MH GRND] GD MH QDJUDGD ]D
VWUSOMHQMH XSXWD  VUFD
1MHJRYH VX ULMHaL 8 0XVOLPRYRP 
SUHQRVL VH RG (EX+XUHMUHD UD GD MH
$OODKRY 3RVODQLN VDYV UHNDR
'YLMH VWYDUL SRVWRMH PH_X VYLMHWRP L RQL LK VPDWUDMX
QHYMHUVWYRP 
  UXJDQMH ]ERJ SRULMHNOD L QDULFDQMH ]D XPUOLP
 7M VYLMHW LK
VPDWUD QHYMHUVWYRP 
 EXGX`L GD VH WR UDGLOR X SUHGLVODPVNR GRED D RQH MR^
XYLMHN SRVWRMH PH_X VYLMHWRP 2G WRJD VH QH VDaXYD QLNR RVLP RQDM NRJD $OODK
VDaXYD 7DNR MH RNDUDNWHULVDR QHYMHUVWYRP RQRJD NR LPDGQH MHGQR RG RYD GYD
VYRMVWYD 0H_XWLP WR QH ]QDaL GD RQDM NR LPDGQH NRG VHEH MHGDQ GLR 
 SRVWDMH
WRWDOQLP  QHYMHUQLNRP  NDR ^WR RQDM NRG NRJD VH RVWYDUL GLR LPDQD QH
SRVWDMH WRWDOQL SRWSXQL YMHUQLN



(  !/.    / . .. ..+
#/    CED  D
 ':(

 !"# $%!&# C(

1MLK GYRMLFD SUHQRVH JD RG ,EQ0HVXGD NDR PHUIX KDGLV  1LMH RG QDV NR



XGDUD SR OLFX L PROL GRYRP GCDKLOLMMHWVNRJ GRED

7DNR SRVWRML UD]OLND L]PH_X 


 VD RGUH_HQLP aODQRP NDR ^WR MH X ULMHaLPD
3RVODQLNRYLP VDYV   2QR ^WR JUDQLaL L]PH_X aRYMHND L NXIUD QHYMHURYDQMD LOL
2
 SULGUXCLYDQMD MHVWH L]RVWDYOMDQMH QDPD]D  L 
 EH] RGUH_HQRJ aODQD X
DILUPDWLYQRP JRYRUX
1MHJRYH VX ULMHaL UXJDQMH ]ERJ SRULMHNOD WM QMHJRYH PDKDQH 3RG RYR
SRWSDGD GD VH NDCH GD WDM L WDM QLMH GLMHWH WRJ L WRJ PDGD PX MH SRULMHNOR XWYU_HQR 3
1MHJRYH VX ULMHaL QDULFDQMH ]D XPUOLP WM SRGL]DQMH JODVRYD MDXNDQMHP L
QDEUDMDQMHP QMHJRYLK YULMHGQRVWL SR^WR X WRPH LPD YLG VUGCEH SUHPD $OODKRYRM
RGUHGEL D NRMD QHJLUD VWUSOMHQMH
1MHJRYH VX ULMHaL NR VHEH XGDUD SR REUD]LPD +DIL] MH UHNDR 3RVHEQR MH
VSRPHQXR REUD] MHU MH WR SUHRYODGDYDMX`H D LQDaH XGDUDQMH ELOR NRMHJ GLMHOD OLFD LPD
LVWL VWDWXV
1MHJRYH VX ULMHaL PROL GRYRP    GRED >HMKXOLVODP MH UHNDR 7R
MH QDULFDQMH ]D XPUOLP ,EQXO.DMMLP MH UHNDR 'RYD    GRYRP MH NDR
]D]LYDQMH SOHPHQLPD L IDQDWL]PRP SOHPHQVNLP 


 
C:  &.6   + /.. /. 7+  
C:    + /.. /.
  
C:   / +. .+  ++ ./  
D': 
8.    / +. /. ++
8/ 
 D !/.   /   
7+
/6 
::: &.6   /  ..+ .  

 EC  
&.6    
#/    ED( DC C '(
+-,  +40 1

 /,
,,/ 3/,- , 
1 F, + 0 1, + .2.+  +.+ 6 //  3,.+.+  ,/
4.,
1 <,   * 3,6/+  3/, , 


8/ 
C !/.    /  /. 
 & 
(  ..
   
/6 
C(CC !/.   /   
#/    DED 
D:
&/ 
CD(     
! .8 
  !/   /
 /. 
% + 3.. , & 
#  

;. , 8/ -0
1!6/9 4,+   

$ + 6,+.+ ./6
1 !6/9 4,+    7 ./ .7
,/ 6,+.+ ./6


<,, 8// F7 F  /  567. # /+ , +0 1<, /  + 9. ,.
3,6/+ .3,,+.+ + ,6   , 7+ ,  .-
</ ,/ .+
,37., +9 ,.,- 4+ + 3,+, .,  .3,6.,
-, +/ 3,,+ 6-.,.
-.,  3,- .+, 3,+
1
C(C  !"# $%!&#

2G (QHVD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR .DGD $OODK


KR`H 6YRPH UREX GREUR XEU]D PX ND]QX QD GXQMDOXNX D NDGD KR`H 6YRPH
UREX ]OR 2Q JD RVWDYL VD QMHJRYLP JULMHVLPD WDNR GD VD QMLPD GR_H QD

.LMDPHWVNL GDQ

,VWR MH WR L IDQDWL]DP L VOLMHSD SULYUCHQRVW QHNRP  


 JUXSL ^HMKX L
GDYDQMH SUHGQRVWL MHGQLP QDG GUXJLP XNROLNR WRPH SR]LYD QD WRPH ]DVQLYD VYRMX
SULYUCHQRVW L QHSULMDWHOMVWYR 6YH RYR MH GCDKLOLMHWVNR SR]LYDQMH 0RCGD PX EXGH
RSUR^WHQR DNR MH WR PDOR XNROLNR MH LVWLQD NDR ^WR PX MH RSUR^WHQR SODNDQMH DNR QLMH
X YLGX QDULFDQMD 7R MH QDYHR $KPHG
1MHJRYH VX ULMHaL .DGD $OODK KR`H 6YRPH UREX GREUR XEU]D PX ND]QX QD
GXQMDOXNX >HMKXOLVODP MH UHNDR 1HYROMH VX EODJRGDW MHU RQH RWNODQMDMX JULMHKH L
SR]LYDMX X VWUSOMHQMH WDNR GD ]D QMLK aRYMHN EXGH QDJUD_HQ 2QH L]LVNXMX NDMDQMH
$OODKX 8]YL^HQRP SRQL]QRVW 1MHPX L QDSX^WDQMH VYLMHWD WH GUXJLP NRULVWLPD
6DPRP QHYROMRP L LVNX^HQMHP $OODK LVNXSOMXMH JULMHKH D WR MH MHGQD RG QDMYH`LK
EODJRGDWL 3UHPD WRPH QHYROMH VX PLORVW L EODJRGDW ]D OMXGH XRS`HQR RVLP XNROLNR
RQDM NRPH VH GHVH X_H X YH`H SUHVWXSH RG RQLK X NRMLPD MH SULMH ELR WDNR GD ]D
QMHJD EXGX ]OR X SRJOHGX RQRJD ^WD JD MH ]DGHVLOR L X SRJOHGX QMHJRYH YMHUH 7R MH
]ERJ WRJD ^WR LPD OMXGL NRML NDGD EXGX LVNX^DQL VLURPD^WYRP LOL EROH^`X LOL JOD_X
]DGHVL LK EH]QD_H OLFHPMHUVWYR EROHVW VUFD RaLWR QHYMHUVWYR L QDSX^WDQMH QHNLK
REDYH]D L aLQMHQMH QHNLK JULMHKD ^WR L]LVNXMH ^WHWX X QMLKRYRM YMHUL =D RYDNYRJ MH
QHSRVWRMDQMH QHYROMH EROMH LPDMX`L X YLGX ^WD PX QHYROMD GRQRVL QH X VPLVOX VDPH
QHYROMH ,VWR WDNR RQRPH NRPH QHYROMD GRQHVH L XVDGL VWUSOMHQMH L SRNRUQRVW RQD MH X
SRJOHGX QMHJD YMHUVND EODJRGDW 2QD MH OLaQR GMHOR *RVSRGDUD 8]YL^HQRJ L PLORVW
VWYRUHQMLPD $OODK 8]YL^HQL VH SRKYDOMXMH ]D QMX 2QDM NR EXGH VWDYOMHQ QD NX^QMX SD
PX EXGH GDWR VWUSOMHQMH VWUSOMHQMH PX MH EODJRGDW X SRJOHGX YMHUH L SRVWL`L `H PLORVW
WLPH ^WR `H PX JULMHVL ELWL LVNXSOMHQL


* +, - + /6 
CD:  6*   /     
%/ ED ,
.
8 

+-, + . , 
;. / 3,   # 
8- 

 ,
#/ E
 .  #  %/ ED :
 +/    DEC'
+   
  , #//
 

,  .+  #  ,+0 1% + ,  %+ 

 ,
! .#+
, + +,,,+.   ?/@ ,+ / +,4
$0       
CC

 !"# $%!&# C(D

9MHURYMHVQLN VDYV UHNDR MH 9HOLaLQD MH QDJUDGH XLVWLQX VUD]PMHUQD


YHOLaLQL LVNX^HQMD $OODK XLVWLQX NDGD QHNL QDURG ]DYROL VWDYL JD QD NX^QMX SD
NR EXGH ]DGRYROMDQ ]DVOXCLW `H ]DGRYROMVWYR D NR VH UDVUGL QMHPX SULSDGD

VUGCED 7LUPL]L MH UHNDR GD MH GREDU KDVHQ 

8] SRKYDOH XSX`HQH QMHJRYX *RVSRGDUX SRVWL`L `H GD *RVSRGDU GRQRVL QD


QMHJD   NDR ^WR MH 8]YL^HQL UHNDR

gHgO@sB

2QL LPDMX  RG VYRJD *RVSRGDUD L PLORVW ,, ,VWR `H SRVWL`L


RSUD^WDQMH JULMHKD L SRGL]DQMH VWXSQMHYD 2QDM NR L]YU^L REDYH]QL VDEXU VWUSOMHQMH WR
`H RVWYDULWL 6DCHWR
1MHJRYH VX ULMHaL 9HOLaLQD MH QDJUDGH XLVWLQX VUD]PMHUQD YHOLaLQL LVNX^HQMD VD
NHVURP QD VORYX  L   QD VORYX ]D
  3RVWRML PRJX`QRVW GD EXGX RED
VD GDPPRP L VXNXQRP QD ]D ,EQXO.DMMLP MH UHNDR 9HOLaLQD MH QDJUDGH XLVWLQX
VUD]PMHUQD YHOLaLQL LVNX^HQMD XNROLNR VH aRYMHN VWUSL L RaHNXMH QDJUDGX ]D WR RG
$OODKD GC^  2Q `H WHN WDGD ELWL QDJUD_HQ ]D RQR ^WR L] WRJD SURLVWLaH L WR MH YLGOMLYR
]QDaHQMH 
1MHJRYH VX ULMHaL $OODK XLVWLQX NDGD QHNL QDURG ]DYROL VWDYL JD QD NX^QMX 8
KDGLVX VWRML 8SLWDQ MH 9MHURYMHVQLN VDYV NRML OMXGL VH VWDYOMDMX QD QDMYH`D
LVNX^HQMD"
9MHURYMHVQLFL D ]DWLP EROML L EROML ARYMHN EXGH VWDYOMHQ QD NX^QMX QD
RVQRYX MDaLQH QMHJRYH YMHUH 8NROLNR X QMHJRYX YMHURYDQMX SRVWRML aYUVWR`D SRMDaD
PX VH NX^QMD D DNR X QMHJRYX YMHURYDQMX SRVWRML WDQNR`D ELYD VWDYOMHQ QD NX^QMX
VUD]PMHUQR MDaLQL VYRMH YMHUH $OODKRYRJ URED QH`H QDSXVWLWL LVNX^HQMH VYH GRN
NDGD JD QDSXVWL RQ QDVWDYL KRGDWL SR =HPOML D GD SUL VHEL QHPD QLMHGQRJ JULMHKD2
=DELOMHCLR JD MH 'DULPL ,EQ0DGCGCH 7LUPL]L L UHNDR GD MH YMHURGRVWRMDQ  



CD:  6*   /     
<., - ,9 ! .8 
C 
H.     
% 3.,  , .
8 

+-, . + ,  ,
+ , # .        
 (


/6 
C  6*   /     
! .8 
CD H.  
   
&/ 
C ( F    7.. .
! .% . 
(:: 
   %/ E  
#/ E C     '   
 $ 

, +
+,,,+.  , 7, + , # .       
 D

C(  !"# $%!&#

8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD


 NRPHQWDU DMHWD L] VXUH (W7HJDEXQ
 RYR MH XLVWLQX VDVWDYQL GLR YMHURYDQMD X $OODKD
 UXJDQMH ]ERJ SRULMHNOD
 R^WULQD SULMHWQMH RQRPH NR VH XGDUD SR REUD]LPD FLMHSD RGMH`X L PROL
GCDKLOLMMHWVNRP PROERP
 ]QDN GD $OODK KR`H 6YRPH UREX VYDNR GREUR
 ]QDN GD $OODK QMHPX KR`H ]OR
 ]QDN NDGD $OODK YROL QHNRJ 6YRJD URED
 ]DEUDQD PUCQMH
 VHYDS ]D ]DGRYROMVWYR VD LVNX^HQMHP

1MHJRYH VX ULMHaL SD NR EXGH ]DGRYROMDQ ]DVOXCLW `H ]DGRYROMVWYR WM RG


$OODKD D NR VH UDVUGL QMHPX SULSDGD VUGCED WDNR_HU
 !"# $%!&# C('

?
25,-$8 35(79$5$1-8
AAsHgAThAdX@FFABFXQhpHABAF D 
@dXBHgcAIHhp

L ULMHaLPD 8]YL^HQRJ 5HFL


-D VDP aRYMHN NDR L YL PHQL VH REMDYOMXMH GD MH
YD^ %RJ  MHGDQ %RJ .R CXGL GD RG *RVSRGDUD VYRJD EXGH OLMHSR SULPOMHQ
QHND aLQL GREUD GMHOD L QHND RERCDYDMX`L VYRJD *RVSRGDUD QH VPDWUD 1MHPX
UDYQLP QLNRJD
 (O.HKI 

1MHJRYH VX ULMHaL 2 SUHWYDUDQMX WM R ]DEUDQL WRJD L XSR]RUHQMX QD WR 


1MHJRYH VX ULMHaL , ULMHaLPD 8]YL^HQRJ

dX@FFABFXQhpHABAF


5HFL
-D VDP aRYMHN NDR L YL PHQL VH REMDYOMXMH GD MH YD^ %RJ  MHGDQ %RJ
 WM MD
QH SRVMHGXMHP QL^WD RG VYRMVWDYD 

  QLWL

  QHJR VYH WR SULSDGD
$OODKX -HGLQRP .RML QHPD VXGUXJD L WR MH PHQL 2Q REMDYLR

HgAThA

.R CXGL GD RG *RVSRGDUD VYRJD EXGH OLMHSR SULPOMHQ L QMHJD VH ERML

@dXBHgcAIHhpAAs

QHND aLQL GREUD GMHOD L QHND RERCDYDMX`L VYRJD *RVSRGDUD QH VPDWUD 1MHPX
UDYQLP QLNRJD >HMKXOLVODP MH UHNDR >WR VH VXVUHWD WLaH JUXSD L] SUYLK L NDVQLMLK
JHQHUDFLMD SURWXPDaLOD JD MH ]QDaHQMHP NRMH VDGUCL YL_HQMH RaLPD L UHNOL VX
6XVUHW
V $OODKRP VDVWRML VH L] YL_HQMD 1MHJD 8]YL^HQRJ QD .LMDPHWVNRP GDQX
 =DWLP MH
QDYHR GRND]H ]D WR ,EQXO.DMMLP MH R DMHWX UHNDR .DR ^WR MH 2Q -HGDQ %RJ QHPD
ERJD RVLP 1MHJD LVWR WDNR RERCDYDQMH  WUHED ELWL XSX`HQR VDPR 1MHPX L
1MHPX QHPD SULGUXCLYDQMD ,VWR NDR ^WR 2Q MHGLQR SRVMHGXMH VYRMVWYR

 
REDYH]QR MH GD VH VDPR 1MHPX XSX`XMH

  'REUR MH GMHOR RQR NRMH MH aLVWR RG
SUHWYDUDQMD L XVNOD_HQR VD 
   7DNR DMHW VDGUCL ]DEUDQX SULGXUXCLYDQMD
  YHOLNRJ L PDORJ
C((  !"# $%!&#

2G (EX+XUHMUHD VH NDR PHUIX KDGLV SUHQRVL 8]YL^HQL MH $OODK UHNDR


0HQL QDMPDQMH WUHED SULGUXCLYDQMH X RGQRVX QD VYH RUWDNH .R XUDGL GMHOR X
NRP 0L QHNRJ SULGUXCL -D RVWDYOMDP QMHJD L RQRJ NRJD 0L MH SULGUXCLR

=DELOMHCLR JD MH 0XVOLP

1MHJRYH VX ULMHaL .R XUDGL GMHOR X NRPH 0L QHNRJ SULGUXCL WM LPDGQH QDPMHUX
GD VYRMLP GMHORP PLPR 1MHJD SRVWLJQH ]DGRYROMVWYR VWYRUHQMD -D RVWDYOMDP QMHJD L
RQR ^WR PL MH SULGUXCLR 7LEL MH UHNDR =DPMHQLFD X DNX]DWLYX X 1MHJRYX JRYRUX
RVWDYOMDP QMHJD PRJX`H MH GD VH YUD`D QD ULMHa SRVDR ,EQ5HGCHE MH UHNDR
5DGD GMHODWQRVWL X LPH QHNRJ GUXJRJ PLPR $OODKD LPD YL^H YUVWD 3RQHNDG MH WR
aLVWR SUHWYDUDQMH NDR ^WR MH VWDQMH OLFHPMHUD NDNR 8]YL^HQL NDCH

F@hfnA@@h


VDPR ]DWR GD EL VH SRND]DOL SUHG VYLMHWRP D $OODKD VNRUR GD L QH VSRPHQX

,9 2YR aLVWR SUHWYDUDQMH WH^NR GD VH GHVL YMHUQLNX X IDU]QDPD]X L SRVWX D
PRCGD VH GHVL X IDU]X ]HNDWD KDGCD L GUXJLK YLGOMLYLK GMHOD LOL GMHOD aLMD VH NRULVW
RGQRVL QD GUXJH ,VNUHQRVW X QMLPD MHVWH VNXSRFMHQD L WH^ND =D WR GMHOR PXVOLPDQ QH
VXPQMD GD MH XSURSD^WHQR L GD QMHJRY SRaLQLODF ]DVOXCXMH $OODKRYX VUGCEX L ND]QX
3RQHNDG GMHOR EXGH X LPH $OODKD L EXGH SRSUD`HQR SUHWYDUDQMHP 8NROLNR
SUHWYDUDQMH EXGH XaHVWYRYDOR V QMLP X VWDUWX YMHURGRVWRMQL WHNVWRYL XND]XMX QD
QMHJRYX QHLVSUDYQRVW =DWLP MH VSRPHQXR KDGLVH NRML QD WR XND]XMX RG NRMLK MH KDGLV
>HGGDGD E (YVD GD MH 3RVODQLN VDYV UHNDR  .R NODQMD GD EL JD GUXJL YLGMHOL RQ
MH SRaLQLR  .R SRVWL GD EL JD GUXJL YLGMHOL SRaLQLR MH ^LUN $OODK 8]YL^QL NDCH
-D
VDP QDMEROML QHSULMDWHOM RQRPH NR 0L QH^WR SULGUXCL .R 0L QH^WR SULGUXCL VYH QMHJRYR
GMHOR ELOR JD PDOR LOL SXQR SULSDGD RQRPH NRJD MH 0HQL SULGUXCLR 0HQL WR QH WUHED
2
=DELOMHCLR JD MH $KPHG ,PDP $KPHG UHNDR MH ]D RQRJ NR X]LPD SOD`X ]D GCLKDG
8NROLNR QH SR_H UDGL QRYFD RQGD QHPD VPHWQMH 7R VH VPDWUD NDR GD MH NUHQXR
UDGL VYRMH YMHUH SD DNR PX QH^WR EXGH GDWR WR `H X]HWL


;, + +
* +, - + 8/ 
C:'  6*    /. 7 
/ -+
! .8 
C C 6*  + /


#/    EC(
, +   $  , + , # .  &   
 
'DD

 !"# $%!&# C(

2G (EX6HLGD VH NDR PHUIX KDGLV SUHQRVL +R`HWH OL GD YDV REDYLMHVWLP


aHJD VH ]D YDV SOD^LP YL^H RG PHVLKD 'HGCGCDOD" 'D $OODKRY 3RVODQLaH
RGJRYRULOL VX 7DMQRYLWRJ SULGUXCLYDQMD ^LUND  ARYMHN XVWDQH SD NODQMD L

XOMHS^D VYRM QDPD] SR^WR YLGL GD JD QHNR SRVPDWUD =DELOMHCLR JD MH $KPHG

3RWRP MH UHNDR $NR MH GMHOR X VWDUWX UDGL $OODKD SRWRP PX GR_H QDPMHUD
SUHWYDUDQMD XNROLNR MH WR PLVDR NRMD PX MH QD XP SDOD L NRMX MH RQ RGEDFLR RQGD WR
QL^WD QH VPHWD SR NRQVHQ]XVX 8NROLNR WD PLVDR VD QMLP RVWDQH GD OL `H SRQL^WLWL
GMHOR LOL QH GD OL `H RQ ELWL QDJUD_HQ VDPR ]D SRaHWQX QDPMHUX" 2NR WRJD SRVWRML
UD]LODCHQMH PH_X XaHQMDFLPD L] SUYLK JHQHUDFLMD    NRMH VX QDYHOL $KPHG L ,EQ
'CHULU 2QL VX GDOL SUHGQRVW PL^OMHQMX GD QMHJRYR GMHOR WLPH QH`H ELWL SRQL^WHQR L GD
`H ELWL QDJUD_HQ QD RVQRYX VYRMH SUYRELWQH QDPMHUH 7R VH SUHQRVL RG +DVDQD L
GUXJLK
1MHJRYH VX ULMHaL 2G (EX6HLGD 7R MH +XGUL L YH` MH R QMHPX ELOR JRYRUD
1MHJRYH VX ULMHaL WDMQRYLWRJ SULGUXCLYDQMD   2Q JD MH QD]YDR WDMQRYLWLP
MHU MH WR DNWLYQRVW VUFD L WR QH ]QD QLNR RVLP $OODKD L ]DWR ^WR SRaLQLODF WRJ GMHOD
SRND]XMH GD MH QMHJRYR GMHOR X LPH $OODKD D QDPMHUDYD JD QHNLP GUXJLP PLPR
1MHJD LOL JD MH 1MHPX SULGUXCLR XOMHS^DYDMX`L VYRM QDPD] UDGL QMHJD 1HPD
UD]LODCHQMD GD MH LVNUHQRVW  XYMHW ]D LVSUDYQRVW GMHOD L QMHJRYR SULPDQMH D LVWR
WDNR L QDVWDYOMDQMH ,EQXO.DMMLP MH UHNDR >WR VH WLaH PDORJ  WX VSDGD
PLQLPDOQR SUHWYDUDQMH SUHWYDUDWL VH SUHG VYLMHWRP ]DNOLQMDQMH QHNLP GUXJLP PLPR
$OODKD ULMHaL aRYMHND GUXJRP aRYMHNX NDR QSU
>WR MH KWLR $OODK L WL

2YR MH RG
$OODKD L WHEH

-D VH X]GDP X $OODKD L WHEH

0HQL QHPD QLNRJ RVLP $OODKD L WHEH


2VODQMDP VH QD $OODKD L QD WHEH



'D QLMH ELOR $OODKD L WHEH QH EL ELOR WDNR
 2YR
PRCH ELWL L YHOLNL  RYLVQR R VWDQMX RQRJD NR WR JRYRUL L QMHJRYRM QDPMHUL


5   DED
! .8 
C  6*  + /  ,   %+


, + ,     , 7, + , # .       
C(

C(  !"# $%!&#

8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD


 NRPHQWDU DMHWD L] VXUH (O.HKI
 YHOLND VWYDU D WR MH GD VH GREUR GMHOR QH SULPD DNR EXGH SRPLMH^DQR V
QMLP QH^WR XSX`HQR QHNRP GUXJRP PLPR $OODKD
 VSRPLQMDQMH X]URND NRML WR L]LVNXMH D WR MH SRWSXQRVW ERJDWVWYD L
QHRYLVQRVWL
 GD MH MHGDQ RG X]URND WR GD MH 2Q 8]YL^HQL QDMEROML RG VYLK RUWDND
 ERMD]QRVW 9MHURYMHVQLNRYD ]D VYRMH GUXJRYH GD VH QH SUHWYDUDMX
 GD MH RQ WR SURWXPDaLR WLPH GD aRYMHN NODQMD $OODKX DOL RQ WR XOMHS^D L
GRWMHUD SR^WR YLGL GD JD QHNL aRYMHN SRVPDWUD


 !"# $%!&# C(:

  
8>,5.6(8%5$-$,1$0-(5$A29-(.29$
'$692-,05$'20=$6/8#,29$-69,-(7
mf@B)laIAAABFAMiAd@A@dhA 9AL@
@AA}AHA@sAIXgA@Fh`@

L ULMHaL 8]YL^HQRJ 2QLPD NRML CHOH CLYRW QD RYRP VYLMHWX L OMHSRWH QMHJRYH 
0L `HPR GDWL SORGRYH WUXGD QMLKRYD L QH`H LP VH X QMHPX QL^WD SULNUDWLWL 1MLK
`H QD RQRP VYLMHWX VDPR YDWUD SH`L WDPR QH`H LPDWL QLNDNYH QDJUDGH ]D RQR
^WR VX QD =HPOML UDGLOL L ELW `H X]DOXGQR VYH ^WR VX XaLQLOL +XG 

1MHJRYH VX ULMHaL 8  VH XEUDMD GD aRYMHN VYRMLP GMHOLPD CHOL SRVWL`L RYDM
VYLMHW
$XWRU MH GD PX VH $OODK VPLOXMH RYLP QDVORYRP L RQLP ^WR SRVOLMH QMHJD GROD]L
KWLR ND]DWL GD SRVDR UDGL GXQMDOXND LPD LVWH SRVOMHGLFH NDR L SUHWYDUDQMH X SRJOHGX
SRQL^WDYDQMD GMHOD DNR VH WRPH SUHSXVWL NDR NDG QHNR WUDCL QDXNX GD EL GRELR
]DSRVOHQMH X REUD]RYDQMX 7DNYR MH VWDQMH XaLWHOMD LPDPD X GCDPLMDPD PXGCDKLGD L
RVWDOLK NRML aLQH`L VYRMD GREUD GMHOD CHOH VDPR PDWHULMDOQX ]DUDGX 7R VH SXQR
GH^DYD WDNR GD PH_X QMLPD LPD OMXGL NRML QDVWRMH L`L X GCLKDG ]ERJ RQRJD ^WR `H
GRELWL RG NRPDQGDQWD YRMVNH ]ERJ WRJD ^WR `H VH V QMLP VDVWDWL ^WR `H PX RQ
QDUH_LYDWL L ]DEUDQMLYDWL ^WR `H ELWL X QMHJRYRM EOL]LQL L WRPH VOLaQR
1MHJRYH VX ULMHaL

AABFAMiAd@A@dhA

2QLPD NRML CHOH CLYRW QD RYRP VYLMHWX L OMHSRWH QMHJRYH  0L `HPR GDWL SORGRYH
WUXGD QMLKRYD GYD DMHWD ,EQ$EEDV MH UHNDR

Ad@A@dhA 

2QLPD NRML CHOH CLYRW QD RYRP VYLMHWX WM QDJUDGX QMHJRYX AMi L OMHSRWH
QMHJRYH WM QMHJRYR ERJDWVWYR ^ 0L `HPR GDWL QDJUDGX ABF  WUXGD
QMLKRYD VD ]GUDYOMHP UDGR^`X X LPHWNX SRURGLFL L GMHFL laIA  L QH`H LP
VH X QMHPX QL^WD SULNUDWLWL WM XPDQMLWL 3RWRP MH WR GHURJLUDQR DMHWRP 
C  !"# $%!&#

dhApAAAUTA@dhA

8 6DKLKX SUHQRVL VH RG (EX+XUHMUH UD GD MH $OODKRY 3RVODQLN VDYV


UHNDR 1HND XSURSD^WHQ EXGH RERCDYDWHOM ]ODWQLND

2QRPH NRML CHOL RYDM VYLMHW 0L PX EU]R GDMHPR ^WR KR`HPR L NRPH KR`HPR
DMHW ;9,, =DELOMHCLR JD MH %XKDUL X VYRP !-

,EQ'CHULU MH ]DELOMHCLR VD VYRMLP VSRMHQLP VHQHGRP RG >HILMMD E 0DWLMD D RQ RG
(EX+XUHMUHD GD MH $OODKRY 3RVODQLN VDYV UHNDR $OODK `H 8]YL^HQL XLVWLQX NDGD
EXGH 6XGQML GDQ VL`L GD VXGL PH_X QMLPD 6YL QDURGL `H NOHaDWL 3UYL NRML `H ELWL
SR]YDQ MHVWH aRYMHN NRML MH QDXaLR .XU
DQ L aRYMHN NRML MH SRJLQXR QD $OODKRYRP SXWX L
ERJDWD^ 3RWRP `H $OODK 8]YL^HQL UH`L XaDaX
=DU WH QLVDP SRGXaLR RQRPH ^WR VDP
REMDYLR 6YRPH 3RVODQLNX"

'D PRM *RVSRGDUX
 RGJRYRULW `H
3D ^WD VL XUDGLR RG
RQRJD ^WR VL QDXaLR
 UH`L `H
.ODQMDR VDP QR`X L GDQMX
 RGJRYRULW `H $OODK `H UH`L

6ODJDR VL
, PHOHNL `H PX UH`L
6ODJDR VL
$OODK 8]YL^QL `H PX UH`L
+WLR VL GD VH
NDCH GD MH WDM L WDM XaDa L WR MH UHaHQR
'R`L `H ERJDWD^ SD `H PX $OODK UH`L
=DU WL
QLVDP RELOMH GDR WDNR GD WH QLVDP RVWDYLR GD EXGH^ SRWUHEDQ ELOR NRPH

'D
*RVSRGDUX
 RGJRYRULW `H
3D ^WD VL XUDGLR V RQLP ^WR VDP WL GDR
 XSLWDW `H

2GUCDYDR VDP URGELQVNH YH]H L GDYDR 
 UH`L `H $OODK `H PX WDGD UH`L

6ODJDR VL
, PHOHNL `H PX UH`L
6ODJDR VL
$OODK `H PX UH`L
1H QHJR VL KWLR GD VH
NDCH NDNR MH WDM L WDM SOHPHQLW L GDUHCOMLY L WR MH UHaHQR
'R`L `H RQDM NRML MH SRJLQXR QD
$OODKRYRP SXWX SD `H ELWL XSLWDQ
=D^WR VL SRJLQXR"

1DUH_HQ PL MH GCLKDG QD 7YRPH
SXWX SD VDP VH ERULR GRN QLVDP SRJLQXR
7DGD `H PX $OODK UH`L
6ODJDR VL
,
PHOHNL `H PX UH`L
6ODJDR VL
$OODK `H PX UH`L
1HJR VL KWLR GD VH NDCH NDNR MH WDM L
WDM KUDEDU L WR MH UHaHQR
=DWLP MH $OODKRY 3RVODQLN VDYV XGDULR UXNRP SR PRP
NROMHQX L UHNDR
(EX+XUHMUH WD WURMLFD VX SUYD $OODKRYD VWYRUHQMD NRMLPD `H ELWL
SRWSDOMHQD YDWUD QD .LMDPHWVNRP GDQX
1
1MHJRYH VX ULMHaL 1222 
 WM X %XKDULMLQRP 
 1MHJRYH VX ULMHaL 1HND
XSURSD^WHQ EXGH $  VD NHVURP QD 
 D PRCH L   ]QDaL    SDR MH 
2YGMH VH PLVOL QD WR GD MH XSURSD^WHQ +DIL] MH UHNDR GD MH (EXV6HDGDW ND]DR
$   
VH NDCH NDGD SRVUQH L SUHYUQH VH QD OLFH D WR MH GRYD SURWLY QMHJD GD
EXGH XSURSD^WHQ


* +, - + ,9 8/ 
: ' !/   /.  + / .
.
/6 
CDD  6*   /  + /
 (ECD C  &  
/.  + .. 
#/    CED'C

 !"# $%!&# C 

 1HND XSURSD^WHQ EXGH RERCDYDWHOM VUHEUHQMDND 1HND XSURSD^WHQ EXGH


RERCDYDWHOM FUQRSRUXEOMHQRJ RJUWDaD 1HND XSURSD^WHQ EXGH RERCDYDWHOM
NDGLIH $NR PX VH GD EXGH ]DGRYROMDQ D DNR PX VH QH GD UD]OMXWL VH 1HND
EXGH XSURSD^WHQ L XQD]D_HQ .DGD JD XERGH ERGOMLND QH PRCH MH L]YDGLWL
NOLMH^WLPD %ODJR UREX NRML MH ]D X]GX SRYHR VYRJD NRQMD QD $OODKRYRP SXWX
UD^aXSDQH JODYH SUD^QMDYLK QRJX $NR MH QD VWUDCL LVWLQVNL MH QD VWUDCL D DNR
MH X SR]DGLQL LVWLQVNL YU^L VYRMX GXCQRVW $NR ]DWUDCL GD X_H QH ELYD PX

GRSX^WHQR D DNR VH ]DX]PH QH EXGH PX SULKYD`HQR

1MHJRYH VX ULMHaL 1HND XSURSD^WHQ EXGH RERCDYDWHOM ]ODWQLND 1HND XSURSD^WHQ


EXGH RERCDYDWHOM VUHEUHQMDND 1D]YDR JD MH RERCDYDWHOMHP URERP QMHJRYLP MHU RQ
LPD QMHJD X QDPMHUL VYRMLP GMHORP SD MH WDNR SRVWDR QMHJRY URE SR^WR JD MH XLVWLQX
RERCDYDR WLP GMHORP
1MHJRYH VX ULMHaL 1HND XSURSD^WHQ EXGH RERCDYDWHOM FUQRSRUXEOMHQRJ RJUWDaD
(EXV6HDGDW MH UHNDR 7R MH WNDQLQD RG VYLOH LOL aH^OMDQH YXQH   VDPW MH VD
  QD VORYX  (EXV6HDGDW MH UHNDR GD MH WR VD GODNDPD RGMH`D NRMD LPD
GODNH EH] RE]LUD RG aHJD ELOD 0LVOL VH QD VYH ^WR VH XEUDMD X GXQMDOXN QRYDF LOL
QDWXUD SR^WR MH VSRPHQXR REMH YUVWH (EXV6HDGDW MH UHNDR 7M SUHYUQXR VH
QDJODYDaNH D WR MH QMHJRYR SURNOLQMDQMH JOD_X L SURSD^`X
1MHJRYH VX ULMHaL .DGD JD XERGH ERGOMLND QH PRCH MH L]YDGLWL NOLMH^WLPD WM NDGD
JD XERGH ERGOMD QH PRCH MH L]YDGLWL NOLMH^WLPD (EX6HDGDW MH UHNDR GD MH >HMKXO
LVODP ND]DR 7DNR JD MH 9MHURYMHVQLN VDYV QD]YDR RERCDYDWHOMHP ]ODWQLND L
VUHEUHQMDND L RERCDYDWHOMHP NDGLIH L VDPWD L UHNDR RQR ^WR X VHEL VDGUCL SURNOLQMDQMH
X VPLVOX L]MDYQH UHaHQLFH D WR VX QMHJRYH ULMHaL
1HND EXGH XSURSD^WHQ L XQD]D_HQ
.DGD JD XERGH ERGOMLND QH PRCH MH L]YDGLWL NOLMH^WLPD
 2YDNYR MH VWDQMH RQRJD NRJD
NDGD ]DGHVL ]OR L] QMHJD VH QH L]EDYL L QH VSDVL VH L ]ERJ WRJD ELYD XSURSD^WHQ L
XQD]D_HQ 7DNR RQ QLMH SRVWLJDR CHOMHQR QLWL VH RVORERGLR QHCHOMHQRJ 2YDNYR MH
VWDQMH RQRJ NRML RERCDYD LPHWDN 2Q MH RSLVDQ GD NDGD PX VH GD ELYD ]DGRYROMDQ D
NDGD PX VH XVNUDWL RQ VH UD]OMXWL 7DNR MH QMHJRYR ]DGRYROMVWYR ]ERJ QHNRJ GUXJRJ
PLPR $OODKD D L VUGCED LVWR WDNR


 
C( C  &   -6      .7, / ,   
.7, >/ 
( D' F   / + /. ./
* +, - + ,9 ! .
8  >.,/ ,  
D'  D(

C C  !"# $%!&#

2YDNYR MH VWDQMH RQRJD NR CXGL ]D OLGHUVWYRP LOL XJOHGRP LOL WRPH VOLaQR RG
SURKWMHYD QMHJRYH GX^H DNR PX VH RVWYDUL RQ EXGH ]DGRYROMDQ D DNR VH QH GHVL RQ
VH UD]OMXWL 2YR MH RERCDYDWHOM RQRJD ]D aLP CXGL L URE WRPH MHU MH URERYDQMH L
RERCDYDQMH XVWYDUL URERYDQMH VUFD L QMHJRYR RERCDYDQMH 3UHPD WRPH RQR ^WR MH
SRWaLQLOR L SRURELOR VUFH RQR MH WRPH URE GD EL NDVQLMH UHNDR 2YDNR MH LVWR VWDQMH
RQRJD NR WUDCL LPHWDN 7R QMHJD XLVWLQX SRUREL L SRWaLQL D WR PRCHPR SRGLMHOLWL QD
GYLMH YUVWH D RQR aHJD MH aRYMHN SRWUHEDQ NDR ^WR PX WUHED KUDQD SL`H CHQLGED L
XGDMD VWDQ L WRPH VOLaQR 2YR RQ WUDCL RG $OODKD L QDGD VH GD `H WR RG 1MHJD RGELWL
.RG QMHJD MH LPHWDN NRML WUR^L ]D VYRMH SRWUHEH NDR ^WR MH QMHJRY PDJDUDF NRJD MD^H L
SURVWLUNH QD NRMLPD VMHGL D GD JD VHEL QH SRWaLQL L GD QH SRVWDQH ^NUW E RQR aHPX
aRYMHN QLMH SRWUHEDQ ARYMHNRYR VUFH QH WUHED ]D WR ELWL YH]DQR $NR PX VUFH SRVWDQH
YH]DQR SRVWDW `H URE L RQ `H ELWL RVORQMHQ QD QHNRJD GUXJRJ PLPR $OODKD WDNR GD
NRG QMHJD QH RVWDQH ELW L VX^WLQD RERCDYDQMD $OODKD QLWL ELW L VX^WLQD RVODQMDQMD QD
$OODKD $OL NRG QMHJD `H SRVWRMDWL GLR RERCDYDQMD XSX`HQ QHNRP GUXJRP PLPR
$OODKD L GLR RVODQMDQMD QD QHNRJ PLPR 1MHJD 1D RYDNYRJ VH SULMH VYHJD RGQRVH
$OHMKLVVHODPRYH ULMHaL 1HND XSURSD^WHQ EXGH RERCDYDWHOM ]ODWQLND 1HND
XSURSD^WHQ EXGH RERCDYDWHOM VUHEUHQMDND 1HND XSURSD^WHQ EXGH RERCDYDWHOM
FUQRSRUXEOMHQRJ RJUWDaD 1HND XSURSD^WHQ EXGH RERCDYDWHOM NDGLIH 2YR MH URE RYLK
VWYDUL .DGD EL LK WUDCLR RG $OODKD L XNROLNR EL PX LK $OODK GDR RQ EL ELR ]DGRYROMDQ D
DNR PX LK 2Q XVNUDWL RQ VH UD]OMXWL $OODKRY LVWLQVNL URE MHVWH RQDM NRML MH ]DGRYROMDQ
aLPH MH $OODK ]DGRYROMDQ D VUGL VH ]ERJ RQRJD ]ERJ aHJD VH $OODK VUGL YROL RQR ^WR
YROL $OODK L 1MHJRY 3RVODQLN D PU]L RQR ^WR PU]L $OODK L 1MHJRY 3RVODQLN SULMDWHOMXMH
VD RQLPD NRML VX $OODKRYL SULMDWHOML QHSULMDWHOMXMH VD $OODKRYLP QHSULMDWHOMLPD 2YR MH WDM
NRML MH XSRWSXQLR YMHURYDQMH    6DCHWR
1MHJRYH VX ULMHaL EODJR UREX =DELOMHCLR JD MH   $KPHG RG +DVDQD E
0XVH GD MH aXR RG $EGXOODKD E /HKLH GD LP MH SULaDR 'HUDGC (EX6HPK GD PX MH
(EX+HMVHP SULSRYLMHGDR RG (EX6HLGD +XGULMD D RQ RG $OODKRYD 3RVODQLND VDYV
GD MH QHNL aRYMHN UHNDR $OODKRY 3RVODQLaH EODJR RQRP NR WH YLGLR L X WHEH
SRYMHURYDR
5HNDR MH
%ODJR RQRP NR PH MH YLGLR L X PHQH SRYMHURYDR ]DWLP EODJR
RQRP ]DWLP EODJR RQRP ]DWLP EODJR RQRP NR X PHQH EXGH YMHURYDR D QLMH PH
YLGLR
=DWLP MH aRYMHN XSLWDR
$ ^WD MH WR
 "

'UYR X 'CHQQHWX YHOLNR NROLNR MH
SXWRYDQMH RG VWR JRGLQD
 !"# $%!&# C D

2GMH`D VWDQRYQLND 'CHQQHWD L]UDVWD L] QMHJRYLK SXSROMDND1 3RVWRMH KDGLVL X


  NRML SRWYU_XMX ]QDaHQMH RYRJ 

,EQ'CHULU MH X YH]L V RYLP ]DELOMHCLR aXGQR SUHGDQMH RG 9HKED E 0XQHEELKD


9HKE MH UHNDR 8 'CHQQHWX XLVWLQX LPD GUYR NRMH VH ]RYH $
 -DKDa SXWXMH X
QMHJRYRP KODGX VWR JRGLQD L QH SUR_H JD 1MHJRY FYDW MH WDQND WNDQLQD 1MHJRYL VX
OLVWRYL RJUWDaL 1MHJRYH JUDQH VX DPEHU 1MHJRYD GROLQD MH VDILU 1MHJRYD ]HPOMD MH
NDPIRU 1MHJRYR EODWR MH PLVN ,] QMHJRYD NRULMHQD L]YLUX ULMHNH YLQD POLMHND L PHGD
2QR MH PMHVWR RNXSOMDQMD VWDQRYQLND 'CHQQHWD , WDNR GRN VX RQL ELOL RNXSOMHQL QD
WRP VYRP PMHVWX GR^OL VX LP PHOHNL RG QMLKRYD *RVSRGDUD YRGH`L UDVQH NRQMH
]DX]GDQH ODQFLPD RG ]ODWD /LFD VX LP RG OMHSRWH VLMDOD NDR VYMHWLOMNH 1MLKRYD MH GODND
QMHCQD NDR PLU
L]LMVND VYLOD 1D QMLPD VX VHGOD aLMH VX SORaH RG VDILUD QMHJRYH VWUDQH
VX RG ]ODWD 1MLKRYL SRNULYDaL VX RG GLEH L NDGLIH 2QL `H LP QDUHGLWL GD NOHNQX L UH`L
`H
8LVWLQX QDV MH QD^ *RVSRGDU SRVODR YDPD GD JD SRVMHWLWH L SRVHODPLWH
 5HNDR
MH 3D `H RQL X]MDKDWL 2QL VX EUCL RG SWLFH XJRGQLML RG SRVWHOMH L NDVDMX EH] QDSRUD
ARYMHN SXWXMH SRUHG VYRJD EUDWD VD QMLP UD]JRYDUD L SULaD D GD XKR MHGQH MDKDOLFH
QH GRGLUXMH XKR GUXJH MDKDOLFH QLWL SUVD MHGQH MDKDOLFH SUVD GUXJH ADN `H VH L GUYR
VNORQLWL V QMLKRYD SXWD GD QH EL UD]GYRMLOR aRYMHND L QMHJRYD EUDWD 7DNR `H GR`L
0LORVWLYRP 6DPLORVQRP L 2Q `H LP RWNULWL VYRMH SOHPHQLWR OLFH GD *D YLGH .DGD *D
YLGH UH`L `H
$OODKX 7L VL    RG 7HEH MH   L 7L ]DVOXCXMH^ YHOLaDQVWYR L
SOHPHQLWRVW
7DGD `H 8]YL^HQL UH`L
-D VDP   L RG 0HQH MH   L YL VWH
]DVOXCLOL 0RMX PLORVW L OMXEDY 1HND VX GREURGR^OL 0RML URERYL NRML VX VH 0HQH ERMDOL
NDG VX ELOL VDPL L SRNRUDYDOL VH 0RMRM QDUHGEL
 5HNDR MH 2QL `H UH`L
*RVSRGDUX
PL 7H QLVPR RERCDYDOL RQROLNR NROLNR 7L ]DVOXCXMH^ L QLVPR 7H YHOLaDOL RQROLNR NROLNR
]DVOXCXMH^ GD EXGH^ YHOLaDQ SD GDM QDP GRSX^WHQMH ]D VHGCGX GD 7L MH SUHG 7RERP
XaLQLPR
7DGD `H $OODK UH`L
2YR XLVWLQX QLMH NX`D RERCDYDQMD QLWL QDSRUD QHJR
NX`D YODVWL L XCLYDQMD -D VDP YDV XLVWLQX RVORERGLR QDSRUD RERCDYDQMD SD 0H SLWDMWH
^WR CHOLWH 6YDNR RG YDV LPD VYRMX CHOMX
2QL `H JD SLWDWL WDNR GD `H aRYMHN VD
QDMPDQMRP CHOMRP ND]DWL
*RVSRGDUX OMXELWHOML GXQMDOXND WDNPLaLOL VX VH X QMHPX SD
LP MH ELOR WLMHVQR *RVSRGDUX GDM PL LVWR ^WR VX RQL LPDOL RG GDQD NDGD VL GXQMDOXN
VWYRULR GR YUHPHQD NDGD MH GXQMDOXN ]DYU^LR


! .% . 
CD C     #/    DE 
<.+ &  / ,  
%+/ +  ,  $
%  3.+/ ,+ / +,4 + +,,,+.    , 7, +
, # .       
C 

C  !"# $%!&#

$OODK 8]YL^HQL `H UH`L


#HOMH VX WL PDOH L WUDCL^ PDQMH QHJR ^WR VL ]DVOXCLR 2YR WL
MH RG 0HQH MHU X 0RPH GDYDQMX QHPD SRPDQMNDQMD QLWL PDQMNDYRVWL
=DWLP `H UH`L

3RNDCLWH 0RMLP URERYLPD GR aHJD CHOMH X GX^DPD QMLKRYLP QLVX GRSUOH
0H_X RQLP
^WR `H ELWL L]ORCHQR ELW `H WHJOH`L NRQML X SDURYLPD 1D VYDND aHWLUL ELW `H OHCDM RG
MHGQRJ VDILUD 1D VYDNRP `H OHCDMX ELWL NXSROD RG OLYHQRJ ]ODWD 3RG VYDNRP `H
NXSRORP ELWL GCHQHWVND SURVWLUND L GYLMH KXULMH 1D VYDNRM KXULML `H ELWL GYLMH GCHQHWVNH
KDOMLQH 8 'CHQQHWX QH`H ELWL ERMH D GD VH QD QMLPD QH QDOD]L QLWL PLULVD D GD VH X
QMLK QLMH XSLR 6YMHWORVW V QMLKRYD OLFD RVYMHWOMDYD GXELQX NXSROH WDNR GD RQDM NR LK YLGL
PLVOL GD VX RQH YDQ NXSROH 0RCGLQD QMLKRYLK NRVWLMX YLGL VH RGR]JR NDR ELMHOD QLW X
FUYHQRP VDILUX 2QH VPDWUDMX GD MH RQ YUHGQLML RG VYRMH VXSUXJH NDR ^WR MH 6XQFH
YUHGQLMH RG NDPHQD LOL MR^ YL^H D L RQ PLVOL R QMLPD LVWR =DWLP `H X`L NRG QMLK L RQH `H
JD SR]GUDYLWL OMXELWL L JUOLWL JRYRUH`L PX
1LVPR ]QDOH GD `H $OODK RYDNR QH^WR OLMHSR
VWYRULWL
=DWLP `H QDUHGLWL PHOHNLPD GD SRUHGDQL X UHGRYH SXWXMX VD QMLPD X
'CHQQHWX GRN VYDNR RG QMLK QH GR_H VYRPH PMHVWX ERUDYND NRMH PX MH
SULSUHPOMHQR

1MHJRYH VX ULMHaL UD^aXSDQH JODYH   X JHQLWLYX VD    MHU MH WR LPH
NRMH VH QH GHNOLQLUD ]ERJ WRJD ^WR VH QMLPH RSLVXMH L X JODJROVNRP MH REOLNX *ODYH
 

MHVWH X QRPLQDWLYX ]DWR ^WR MH YU^LODF UDGQMH 7R MH RVRED UD^aXSDQH NRVH
NRMX MH ERUED QD $OODKRYRP SXWX ]DRNXSLUDOD WDNR GD QHPD YUHPHQD GD VH GRWMHUXMH
PLUL^H L aH^OMD
1MHJRYH ULMHaL SUD^QMDYLK QRJX MHVX X JHQLWLYX L XND]XMX QD GUXJR VYRMVWYR
URED
1MHJRYH VX ULMHaL DNR MH QD VWUDCL WM aXYDU YRMVNH GD LK QHSULMDWHOM QH QDSDGQH
L]QHQDGD 
1MHJRYH VX ULMHaL LVWLQVNL MH QD VWUDCL WR ]QDaL GD RQ VDYMHVQR REDYOMD VYRM
SRVDR D GD X QMHPX QH EXGH PDQMNDYRVWL LOL QHPDUD
1MHJRYH VX ULMHaL D DNR MH X SR]DGLQL LVWLQVNL YU^L VYRMX GXCQRVW WM X SR]DGLQL
YRMVNH RQ UDGL ]D GREURELW GCLKDGD L QD RQRPH X aHPX MH ]D^WLWD PXGCDKLGLPD RG
QHSULMDWHOMD +DOKDOL MH UHNDR =QDaL GD RQ VOX^D RQR ^WR PX MH QDUH_HQR L GD ELYD QD
RQRP PMHVWX NRMH PX MH RGUH_HQR QH QDSX^WD VYRM SRORCDM 6SRPHQXR MH VWUDCX L
ORJLVWLNX ]DWR ^WR VX WR GYD QDMWHCD SRORCDMD
1MHJRYH VX ULMHaL $NR ]DWUDCL GD X_H QH ELYD PX GRSX^WHQR WM DNR ]DWUDCL GD
X_H NRG NRPDQGDQDWD L QMLPD VOLaQLP RQL PX QH GRSXVWH MHU RQ QHPD XJOHGD NRG
QMLK QLWL QHNRJ SRORCDMD SR^WR RQ QLMH RG RQLK NRML WR CHOH L WUDCH QHJR RQ XLVWLQX WUDCL
RQR ^WR MH NRG $OODKD
 !"# $%!&# C '

1MHJRYH VX ULMHaL D DNR VH ]DX]PH QH EXGH PX SULKYD`HQR ]QDaL GD NDGD


JD VLWXDFLMD SULVLOL GD VH ]D QHNRJD ]DX]PH X RQRPH ^WR $OODK YROL L 1MHJRY SRVODQLN
QMHJRYR ]DX]LPDQMH NRG NRPDQGDQDWD L QMLPD VOLaQLP QH EL ELOR SULPOMHQR 2G
2VPDQD UD SUHQRVL VH GD MH aXR $OODKRYD 3RVODQLND VDYV NDNR NDCH 6WUDCD
QD $OODKRYRP SXWX X WRNX MHGQH QR`L MHVWH YUHGQLMD RG KLOMDGX GDQD X NRMLPD VH GDQMX
SRVWL D QR`X NODQMD1
+DIL] ,EQ$VDNLU MH X ELRJUDILML $EGXOODKD E 0XEDUHND ]DELOMHCLR GD MH RYDM UHNDR
VWLKRYH X 7DUVXVX PMHVWX X 7XUVNRM L SRVODR LK MH SR QMHPX )XGDMOX E ,MDGX VWR
VHGDPGHVHWH JRGLQH SR +LGCUL SR]YDMX`L JD X GCLKDG
2 SRERCQMDaH NRG 'YD KDUHPD NDG EL QDV YLGLR VSR]QDR EL GD VH X LEDGHWX
]DEDYOMD^
$NR QHNR VYRMH OLFH VX]DPD QDWDSD SD QD^L VH YUDWRYL NUYOMX QDWDSDMX
$NR QHNR NRQMH VYRMH QD VWUDQSXWLFL ]DPDUD SD NRQML QD^L VH QD ERMQRP SROMX
]DPDUDMX
9D^ MH MXWDUQML SRYMHWDUDF D QD^ SRYMHWDUDF MH QMLKDQMH   L QDMOMHS^D
SUD^LQD
'R QDV VX GR^OH ULMHaL 9MHURYMHVQLNRYH X NRMLPD MH VDPD LVWLQD

1H`H VH X aRYMHNRYRP QRVX VDVWDWL SUD^LQD VD ERMQRJ SROMD L GLP
GCHKHQQHPVNH YDWUH NRMD VYH VSDOMXMH

2YR MH $OODKRYD NQMLJD NRMD QDP JRYRUL ^HKLG QLMH PUWDY LVWLQD MH

5HNDR MH MR^ 3D VDP )XGDMOX SUHGDR RYR QMHJRYR SLVPR NRG .DEH X (O
0HVGCLGXOKDUDPX 3R^WR JD MH SURaLWDR VX]H VX PX SRWHNOH L] RaLMX 5HNDR MH

,VWLQX MH UHNDR (EX$EGXUUDKPDQ L SRVDYMHWRYDR PH


=DWLP MH UHNDR
=QD^ OL WL
SLVDWL"

=QDP
 RGJRYRULR VDP 5HNDR PL MH
1DSL^L PL RYR QDGQLFD WYRJD WRYDUD
MHVWH SLVPR (EX$EGXUUDKPDQRYR NRMH MH SRVODR QDPD 


* +, - +  .  #   +
%/ - + ,2+., , +,,,+. CE   .+/
 ,,  * 
# . + ,  (  $   
C D0 1;+  +   $

C (  !"# $%!&#

8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD


 CHOMD aRYMHNRYD GD SRVWLJQH RYDM VYLMHW UDGRP ]D EXGX`L VYLMHW
 NRPHQWDU DMHWD L] VXUH +XG
QD]LYDQMH aRYMHND PXVOLPDQDRERCDYDWHOMHP ]ODWQLND VUHEUHQMDND L
FUQRSRUXEOMHQRJ RJUWDaD
 REMD^QMHQMH WRJ RERCDYDQMD GD RQ NDGD PX VH GD EXGH ]DGRYROMDQ D
DNR PX VH QH GD UDVUGL VH
 QMHJRYH ULMHaL 1HND EXGH XSURSD^WHQ L XQD]D_HQ
 QMHJRYH ULMHaL .DGD JD XERGH ERGOMLND QH PRCH MH L]YDGLWL NOLMH^WLPD
 SRKYDOD PXGCDKLGD RSLVDQRJ WLP VYRMVWYLPD

2YR PL MH L]GLNWLUDR )XGDMO E ,MDG


3ULSRYLMHGDR QDP MH 0HQVXU E 0X
WHPLU RG
(EX6DOLKD RQ RG VYRJD RFD D RQ RG (EX+XUHMUHD GD MH QHNL aRYMHN UHNDR
$OODKRY
3RVODQLaH SRGXaL PH SRVOX NRMLP `X ]DVOXCLWL QDJUDGX PXGCDKLGD QD $OODKRYRP
SXWX
 SD PX MH UHNDR
0RCH^ OL NODQMDWL D GD VH QH RGPDUD^ GD SRVWL^ D GD QLNDGD QH
MHGH^"
5HNDR MH
$OODKRY 3RVODQLaH MD WR QH PRJX
3RWRP MH 9MHURYMHVQLN VDYV
UHNDR 7DNR PL 2QRJD X ALMLP MH UXNDPD PRMD GX^D NDG EL WR L ELR X VWDQMX QH EL
SRVWLJDR YULMHGQRVW PXGCDKLGD QD $OODKRYRP SXWX =DU QH ]QD^ GD NDG NRQM
PXGCDKLGRY JDORSLUD QMHPX PXGCDKLGX SL^X VH GREUD GMHOD
1


;, - + 6 +, ! .#  ,/ &   DEC' C'' , 8//
! /
 
.
F, +0 1!6, / + # 
8  , ,
<,,/  + 2,  3,/., +
 ,, , +  ,+
8//
! /
. %  6 .+- + %6  ,  
,0 18, + 3,-+7,
1 + - ,2+., 3,++/ ., ,/ ! .% .
! . 3,/., -
+ . +  # !/. E
* +, - + #/  ,/   CED  ,,/ .+-,,/
6.4.+ .7, >., ,  %+ 

  + ,0 1&,7, + . 4,+ $+,+.




  , /0 #, 3,.4 3,4 / + ,+ + .., 
 F, +0   .
. 6./ 6 , +,
&  /,7  / . >  /+  . 3 3,  .7 .
+I  /,- ,-,,, +
1  %+ + ,0 18, ,.+ -,3 3  .+/ 37
,  +
1 * +, - +   
C(DD
8/ 
   -0 1 %+ + ,0 F4.,
+ $+,+. 



 7 + ..,  . 3 567.,- #I ;-,,, +0 $ ,
.  .+
 F, +0 53  - , 3  3
  3 + ,-,,,0 $ , . /,

> 3 + ,0 </+ / . #,,/ 3 + , 3/+ 3,4 ,+ .+ 7.,
4> #, + . 3+ 3, . .+  ,  / .  6  .
#,,/ 3
1 * +, - +  (E:
$0 (   :E   C

 !"# $%!&# C

 Ib? 
 cb
.2326/8>$8A(1(,92?(8=$%5$1-,9$1-8>7$-(
$//$+'23867,2,8'238>7$1-8>72-($//$+=$%5$1,2
8=(2,+-(=$692-(%2*29(0,02$//$+$
,EQ$EEDV MH UHNDR 6DPR ^WR QLMH QD YDV NDPHQMH SRaHOR SDGDWL V QHED -D
YDP NDCHP UHNDR MH $OODKRY 3RVODQLN VDYV D YL JRYRULWH
5HNDR MH (EX%HNU
L 2PHU"

,PDP $KPHG MH UHNDR AXGLP VH RQLPD NRML VX VSR]QDOL VHQHG L QMHJRYX
YMHURGRVWRMQRVW D X]LPDMX PL^OMHQMH 6XIMDQD GRN $OODK GC^ NDCH
BK@fItBMItLBhBAf@gfY

1MHJRYH VX ULMHaL .R SRVOX^D XaHQH L YR_H X ]DEUDQMLYDQMX RQRJD ^WR MH $OODK
GRSXVWLR L X GRSX^WDQMX ^WR MH $OODK ]DEUDQLR X]HR LK MH ]D VYRMH ERJRYH PLPR
$OODKD 8 RYRPH VH XND]XMH QD ULMHaL 8]YL^HQRJ

Il@AwCA@ALcAkA}BAFAHg@A

, JRYRULW `H
*RVSRGDUX QD^ PL VPR SUYDNH QD^H L VWDUMH^LQH QD^H VOX^DOL SD VX
QDV RQL V 3UDYRJ SXWD RGYHOL
 ;;;,,,
1MHJRYH VX ULMHaL ,EQ$EEDV MH UHNDR
6DPR ^WR QLMH QD YDV NDPHQMH SRaHOR
SDGDWL V QHED

-D YDP NDCHP
 UHNDR MH $OODKRY 3RVODQLN VDYV D YL JRYRULWH

5HNDR MH (EX%HNU L 2PHU"



,PDP >DILMD GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH 8OHPD VH VORCLOD GD RQDM
NR MH MDVQR VD]QDR ]D VXQQHW $OODKRYRJ 3RVODQLND VDYV QH VPLMH JD RVWDYLWL L
X]HWL ULMHaL QHNRJD GUXJRJ
,PDP 0DOLN GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH 2G VYDNRJ RG QDV
SULKYDWD VH L RGELMD RVLP RG RYRJD NR MH X RYRP PH]DUX QHND MH QD QMHJD $OODKRY
VDODYDW L VHODP 2G ,EQ$EEDVD UD SUHQRVL VH GD MH UHNDR 2G VYDNRJ VH X]LPD L
RGEDFXMH L]X]HY RG 9MHURYMHVQLND VDYV
C   !"# $%!&#


1HND VH SULSD]H RQL NRML SRVWXSDMX VXSURWQR QDUH_HQMX 1MHJRYX GD LK
LVNX^HQMH NDNYR QH VWLJQH LOL GD LK SDWQMD EROQD QH VQD_H
(Q1XU  =QD^ OL
QD ^WD VH PLVOL SRG LVNX^HQMHP ILWQHWRP " 0LVOL VH QD SULGUXCLYDQMH ^LUN 
.DGD aRYMHN QH SULKYDWL QHNH QMHJRYH ULMHaL PRCGD X QMHJRYR VUFH X_H QH^WR
]DEOXGH SD ]ERJ WRJD EXGH XSURSD^WHQ

1MHJRYH VX ULMHaL $KPHG MH UHNDR


AXGLP VH RQLPD NRML VX VSR]QDOL VHQHG L
QMHJRYX YMHURGRVWRMQRVW D X]LPDMX PL^OMHQMH 6XIMDQD GRN $OODK GC^ NDCH

BK@fItBMItLBhBAf@gfY


1HND VH SULSD]H RQL NRML SRVWXSDMX VXSURWQR QDUH_HQMX 1MHJRYX GD LK LVNX^HQMH
NDNYR QH VWLJQH LOL GD LK SDWQMD EROQD QH VQD_H
;;,9 =QD^ OL QD ^WD VH PLVOL
SRG LVNX^HQMHP    " 0LVOL VH QD SULGUXCLYDQMH   .DGD aRYMHN QH SULKYDWL
QHNH QMHJRYH ULMHaL PRCGD X QMHJRYR VUFH X_H QH^WR ]DEOXGH SD ]ERJ WRJD EXGH
XSURSD^WHQ

,PDP MH $KPHG UHNDR *OHGDR VDP X 0XVKDIX L QD^DR GD VH R SRNRUQRVWL
3RVODQLNX JRYRUL QD WULGHVHW WUL PMHVWD ]DWLP MH SURXaLR

BK@fItBMItLBhBAf@gfY

1HND VH SULSD]H RQL NRML SRVWXSDMX VXSURWQR QDUH_HQMX QMHJRYX GD LK LVNX^HQMH


NDNYR QH VWLJQH LOL GD LK SDWQMD EROQD QH VQD_H 6XIMDQ MH 6HYUL LPDP VNURPQL
SRERCQL SRYMHUOMLYL SUDYQLN ,PDR MH VYRMH XaHQLNH NRML VX RG QMHJD XaLOL L QMHJRY
PH]KHE MH SR]QDW 2YR UXCQR GMHOR NRMH MH WDNR RNDUDNWHULVDR LPDP $KPHG SUR^LULOR
VH SRVHEQR PH_X RQLPD NRML VH SUDYH XaHQLP GDMX IHWYH L SRGXaDYDMX GUXJH L PLVOH
GD GRND]H .XU
DQD L VXQQHWD QH PRCH NRULVWLWL RVLP
  D   NDNR
NDCX YL^H QHPD 2QL VX X WRPH SRJULMH^LOL ,PDP $KPHG GD PX VH $OODK VPLOXMH MH
NDR GRND] GD   QH SUHVWDMH X]HR $OHMKLVVHODPRYH ULMHaL -HGDQ `H GLR PRJD
XPPHWD XVWUDMDWL QD LVWLQL SRWSRPRJQXWL 1H`H LP QD^NRGLWL RQDM NR VH RG QMLK RGYRMLR
LOL VH V QMLPD UD]L^DR $OODKRYD RGUHGED `H GR`L D RQL `H ELWL QD WRPH1


 
D(  8.    /7. . ++/ .. ++  +  /
+. 
D !/   ..   .. ++  +  /0 1G
6 . /. // 6.

1 
':     0 >AcgB@eFpAAF7
8/ 
:C !/     +  /0 1G 6 .

1 % + ,
8-
B  

 , + / 3..   ,  . 8+ &  5 
#/
 !"# $%!&# C :

2G $GLMD E +DWLPD SUHQRVL VH GD MH aXR 9MHURYMHVQLND VDYV NDNR XaL RYDM


DMHW
@cAHAHgBAIggAIXB@f@ 

2QL SRUHG $OODKD ERJRYLPD VPDWUDMX VYH`HQLNH VYRMH  DMHW (W7HYED


  SD PX MH UHNDR 0L LK ]DLVWD QLVPR RERCDYDOL

,EQ$EGXO%HUU ELOMHCL NRQVHQ]XV    GD VH RQDM NRML VOLMHGL GUXJH



QH XEUDMD X XaHQH 6DPL LPDPL QLVX VH ]DXVWDYLOL VDPR QD WRPH GD VX REMD^QMDYDOL
QHJR VX ]DEUDQLOL GD GUXJL VOLMHGH QMLKRYR PL^OMHQMH DNR MH VXQQHW MDVDQ (EX+DQLIH MH
UHNDR .DGD GR_H KDGLV RG 3RVODQLND VDYV EH] SRJRYRUD WR SULKYDWDPR  .DGD
GR_H RG DVKDED UD EH] SRJRYRUD WR SULKYDWDPR  .DGD GR_H RG WDELLQD PL VPR
OMXGL L RQL VX OMXGL ,VWR MH UHNDR .DGD QH^WR NDCHP D $OODKRYD NQMLJD NDCH
GUXJDaLMH RVWDYLWH RQR ^WR VDP UHNDR D X]PLWH .QMLJX $OODKD 8]YL^HQRJ 5HaHQR
PX MH $ ^WD DNR PX WYRP JRYRUX SURWXUMHaL ULMHa $OODKRYRJ 3RVODQLND VDYV"
2VWDYLWH PRMH ULMHaL D GUCLWH VH ULMHaL $OODKRYRJ 3RVODQLND VDYV UHNDR MH $ DNR
EXGH SURWXULMHaLR ULMHaLPD DVKDED XSLWDQ MH 2VWDYLWH PRMH ULMHaL D X]PLWH ULMHaL
DVKDED RGJRYRULR MH 9H` VX QDYHGHQD PL^OMHQMD GYRMLFH LPDPD 0DOLND L >DILMH
3UHPD WRPH RQDM NR EXGH aLWDR NQMLJH XaHQMDND X QMHJRYX  
 WUHED SRJOHGDWL
PL^OMHQMD RQLK NRML VH V QMLPD UD]LOD]H L GRND]H NRMH VX NRULVWLOL WDNR GD VOLMHGL RQRJD
NRML GRND] SRVMHGXMH D $OODK GDMH XVSMHK

1MHJRYH VX ULMHaL 2G $GLMMD E +DWLPD 7DLMMD SR]QDWRJ SR GDUHCOMLYRVWL L LNUDPX


'R^DR MH $OODKRYRP 3RVODQLNX VDYV X ^D
EDQX GHYHWH JRGLQH SR +LGCUL 3ULPLR MH
LVODP #LYLR MH VWR GYDGHVHW JRGLQD $XWRU GD PX VH $OODK 8]YL^HQL VPLOXMH XND]DR MH
QDVORYRP RYRJ SRJODYOMD QD RYDM KDGLV NDR L QD RQH NRML VX RYRJ ]QDaHQMD 8 QMHPX
MH GRND] GD MH SRNRUQRVW VYH`HQLFLPD L PRQDVLPD X RQRPH X aHPX MH QHSRNRUQRVW
$OODKX XVWYDUL QMLKRYR RERCDYDQMH PLPR $OODKD

!/.
%+. ;/
%   %+ 
!+ 

$0 (    

  ( ( (  (  ( : :( DC :   :
      
:'C:(C
 !+
+ ,0 1#/ + /, . ..  /  ,. ,+ + /6 
 +
,0 )& $ ?-3 3.@ /,   ,., . /.,- / 64  +.  
,+ 3,6.+ ,.+ 3. / / ,. ,+ .9+ , ,  ,>+ , 6
,/.  3, ,.
1     DE(((  , +0 1B,  , 3. 4  +
,0 ,  4.
1 #/ + ,0 1#, , . 4.+2   . 6./ ,  - ,
1
C  !"# $%!&#

 5HNDR MH =DU RQL QH ]DEUDQMXMX RQR ^WR MH $OODK GRSXVWLR SD L YL WR
UDGLWH L GRSX^WDMX RQR ^WR MH $OODK ]DEUDQLR SD L YL WR UDGLWH" 'D UHNDR

VDP ( WR YDP MH RERCDYDQMH QMLK =DELOMHCLR JD MH $KPHG L 7LUPL]L L RFLMHQLR
JD NDR GREDU
8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD
 NRPHQWDU DMHWD L] VXUH (Q1XU
 NRPHQWDU DMHWD L] VXUH (W7HYED
 XSR]RUHQMH QD ]QDaHQMH RERCDYDQMD NRMH MH ]DQLMHNDR $GLMM
 ,EQ$EEDVRYR X]LPDQMH (EX%HNUD L 2PHUD NDR SULPMHU L $KPHGRYR
X]LPDQMH 6XIMDQD NDR SULPMHU
 SURPMHQD VWDQMD ND RYRP FLOMX WDNR GD MH NRG YH`LQH RERCDYDQMH
VYH`HQLND SRVWDOR QDMEROMH GMHOR 7R VH ]RYH X]LPDQMH VYH`HQLND NDR
]D^WLWLQLND YLODMH L QMLKRYR RERCDYDQMH 7R MH ]QDQMH L UD]XPMHYDQMH 3RWRP VH
VWDQMH SURPLMHQLOR SD RERCDYDOL PLPR $OODKD RGQRVL VH QD RQH NRML QLVX
GREUL $ RERCDYDQMH X GUXJRP ]QDaHQMX RGQRVL VH QD RQH NRML VX QH]QDOLFH

1D^ ^HMK MH X 0HVDLOLPD UHNDR 7DNR VH VWDQMH SURPLMHQLOR L GR^OR MH GR WRJD GD


MH NRG YH`LQH RERCDYDQMH PRQDKD VPDWUDQR QDMEROMLP GMHORP 7R RQL ]RYX YLODMHWRP
D RERCDYDQMH MH VYH`HQLND SR QMLPD ]QDQMH L UD]XPLMHYDQMH 3RWRP VH VWDQMH
SURPLMHQLOR SD VH RERCDYDQMH PLPR $OODKD RGQRVLOR QD RERCDYDQMH RQLK NRML QLVX
GREUL D RERCDYDQMH X GUXJRP ]QDaHQMX RGQRVLOR QD RERCDYDQMH RQLK NRML VX
QH]QDOLFH 2G =LMDGD E +XGDMUD SUHQRVL VH GD PX MH 2PHU UHNDR =QD^ OL NR UX^L
LVODP" 1H UHNDR VDP 5X^L JD JUH^ND XaHQMDND OLFHPMHURYR GRND]LYDQMH
.XU
DQRP L YODVW YR_D NRML YRGH X ]DEOXGX =DELOMHCLR JD MH 'DULPL2 'D QDPD L YDPD

$OODK G GD EXGHPR RG RQLK NRML VOLMHGH LVWLQX L SR QMRM SUDYGX GLMHOH .ROLNR LK MH VDPR
]DOXWDOR L SRVUQXOR


+-,   .. + . .2 :


+-,   .. + . .2 :
?., 
C@
 !"# $%!&# C

 U y{ ]


[7m
32738129-(529$1-(1(@(3267,@,1,.2
69('2.1-(*29(675$67,,#(/-(
1(%8'886./$'8621,0
6A,0(-('2>$2326/$1,.6$96
OA@F@AYMBdhIjBAFjBA@DBjf@FhLB 9AL@
@dHwxBAp@dhH@hB@hBd

5LMHaL $OODKD 8]YL^HQRJ =DU QH YLGL^ RQH NRML WYUGH GD YMHUXMX X RQR ^WR VH
REMDYOMXMH WHEL L X RQR ^WR MH REMDYOMHQR SULMH WHEH SD LSDN CHOH GD LP VH SUHG
^HMWDQRP VXGL D QDUH_HQR LP MH GD QH YMHUXMX X QMHJD $ ^HMWDQ CHOL GD LK X
YHOLNX ]DEOXGX QDYHGH (Q1LVD 

1MHJRYH VX ULMHaL 5LMHaL $OODKD 8]YL^HQRJ

jBAFjBA@DBjf@FhLB 
H@hB@hBdOA@F@AYMBdhI


=DU QH YLGL^ RQH NRML WYUGH GD YMHUXMX X RQR ^WR VH REMDYOMXMH WHEL L X RQR ^WR MH
REMDYOMHQR SULMH WHEH SD LSDN CHOH GD LP VH SUHG ^HMWDQRP VXGL D QDUH_HQR LP MH GD
QH YMHUXMX X QMHJD
 DMHW
,PDG E .HVLU MH UHNDR $MHW NRUL RQRJD NR L]EMHJQH .XU
DQ L VXQQHW L NDR VXFD
X]PH QH^WR GUXJR ^WR MH SRJUH^QR L QHYDCH`H 7R VH SRGUD]XPLMHYD SRG WDJXWRP
VSRPHQXWLP RYGMH 6YDNR NR RERCDYD QH^WR PLPR $OODKD ELOR NRMRP YUVWRP LEDGHWD
NDR ^WR MH GRYD LOL WUDCHQMH SRPR`L XLVWLQX RERCDYD WDJXWD 8NROLNR MH RERCDYDQL
GREUL aRYMHN RQGD MH RERCDYDQMH RQRJD NRML JD RERCDYD XVPMHUHQR ND ^HMWDQX NRML
PX MH QDUHGLR GD JD RERCDYD L WR PX XOMHS^DR NDR ^WR MH 8]YL^HQL UHNDR

@AHcANBAYIk@A)dI@AAFB PAhp
HhQB@dI
CC  !"# $%!&#

$ QD 'DQ NDGD LK VYH VDEHUH SD PHOHNH XSLWD


=DU VX VH RYL YDPD NODQMDOL"
RQL
`H RGJRYRULWL
+YDOMHQ QHND VL 7L VL *RVSRGDU QD^ L]PH_X QDV L QMLK QLMH ELOR
SULMDWHOMVWYD RQL VX GCLQH RERCDYDOL L YH`LQD QMLK MH YMHURYDOD X QMLK
 ;;;,9
8]YL^HQL MH UHNDR

dILAAFMAAhoAHAjAhoMBA@hoBfPAhp
ALcAIAFHAH@doAH)

$ QD 'DQ NDG LK VYH VDNXSLPR UH`L `HPR RQLPD NRML VX $OODKX GUXJH UDYQLP
VPDWUDOL
6WDQLWH L YL L ERCDQVWYD YD^D
 SD `HPR LK UD]GYRMLWL D ERCDQVWYD QMLKRYD
`H UH`L
1LVWH VH YL QDPD NODQMDOL $OODK MH GRYROMDQ VYMHGRN L QDPD L YDPD PL GRLVWD
QLVPR ]QDOL GD VWH QDP VH NODQMDOL
 L DMHW SRVOLMH RYRJD ; $NR EXGH
SR]LYDR GD QMHJD RERCDYDMX NDR ^WR WR aLQH 
 LOL VH EXGH UDGLOR R GUYHWX
NDPHQX LOL PH]DUX NDR ^WR VX ELOL /DW 8]D
D 0HQDW LWG NRMH VX PQRJRER^FL
QDSUDYLOL NDR VYRMH LGROH X OLNX GREULK OMXGL PHOHND L RVWDORJ VYH WR SRWSDGD SRG

]D NRMH MH $OODK QDUHGLR 6YRMLP URERYLPD GD LK ]DQLMHaX GD VH QMLK RGUHNQX L
GD VH RGUHNQX RERCDYDQMD ELOR NRJD ^WR VH RERCDYD PLPR $OODKD EH] RE]LUD NR WR
ELR 3UHPD WRPH  MH QLMHNDQMH VYHJD ^WR VH RERCDYD PLPR $OODKD NDR ^WR MH
8]YL^HQL UHNDR

hf@F)dILA@hHFH@hHFAeF

$ NDG ,EUDKLP UHaH RFX VYRPH L QDURGX VYRPH


1HPDP MD QL^WD V RQLPD NRMLPD
VH YL NODQMDWH -D VH NODQMDP VDPR 2QRP .RML PH MH VWYRULR
 DMHW ;/,,,
2G VYLK ERCDQVWDYD L]X]HR MH VDPR 2QRJ .RML JD MH VWYRULR 6ODYOMHQRJ L 8]YL^HQRJ
2YR MH ]QDaHQMH QHPD ERJD RVLP $OODKD NDNR MH QDYHGHQR X 1MHJRYLP ULMHaLPD

HAh@cdILADhHAF@AeFf@@hHFlXkBNAd
dXAH@LMX@dHBAxI@@d@HAH@dH

'LYDQ MH X]RU ]D YDV ,EUDKLP L RQL NRML VX X] QMHJD ELOL NDG VX QDURGX VYRPH UHNOL

0L V YDPD QHPDPR QL^WD D QL VD RQLPD NRMH XPMHVWR $OODKD RERCDYDWH 0L YDV VH
RGULaHPR L QHSULMDWHOMVWYR L PUCQMD `H L]PH_X QDV RVWDWL VYH GRN QH EXGHWH X $OODKD
1MHJD -HGLQRJ YMHURYDOL
 /; ,VWR WDNR DNR SRVWXSD GUXJDaLMH RG $OODKRYH
RGUHGEH L 1MHJRYD 3RVODQLND WDNR ^WR VXGL PH_X OMXGLPD SR QHaHP GUXJRP RG RQRJ
^WR MH $OODK RGUHGLR LOL ]ERJ QHSR]QDYDQMD WRJD LOL ]DKWLMHYD GD VH WR VOLMHGL LOL PX VH
SRNRUL X RQRPH ]D ^WR QH ]QD GD OL MH LVWLQD XNROLNR RQDM NRML PX VH SRNRUDYD QLMH
]DLQWHUHVRYDQ GD OL MH QMHJRYD QDUHGED LVWLQD LOL QH RQ MH 
 EH] LPDOR VXPQMH
NDR ^WR MH 8]YL^HQL UHNDR
 !"# $%!&# CD

@AYMBdhIjBAFjBA@DBjf@FhLB
H@hB@hBdOA@F

=DU QH YLGL^ RQH NRML WYUGH X RQR ^WR VH REMDYOMXMH WHEL L X RQR ^WR MH REMDYOMHQR
SULMH WHEH SD LSDN CHOH GD LP VH SUHG ^HMWDQRP VXGL D QDUH_HQR LP MH GD QH YMHUXMX X
QMHJD 7R MH ]ERJ WRJD MHU MH QLMHNDQMH 
 VDVWDYQL GLR 
  NDR ^WR
VWRML X DMHWX VXUH (O%HNDUD .DGD VH QH RVWYDUL RYDM UXNQ QLMH QHJLUDR RQR ^WR QHJLUD
   1HPD ERJD RVLP $OODKD

1MHJRYH VX ULMHaL @d^H^w^xBA^p@d^h  $ ^HMWDQ CHOL GD LK X YHOLNX


]DEOXGX QDYHGH 7M GDOHNR RG XSXWH 8 RYRP DMHWX JRYRUL VH R aHWLUL VWYDUL  GD MH
WR YROMD ^HMWDQRYD  GD MH WR ]DEOXGD  SRWYU_LYDQMH WRJD LQILQLWLYQRP LPHQLFRP 
RSLVLYDQMH WRJD XGDOMHQR^`X X RGQRVX QD SXW LVWLQH L XSXWH 1HND MH 8]YL^HQ $OODK
NDNR OL MH .XU
DQ YHOLaDQVWYHQ L NDNR OL MH NRULVWDQ RQRPH NR JD SURXaDYD NDNR OL MH
HORNYHQWDQ L NDNR OL VDPR XSX`XMH GD MH WR JRYRU *RVSRGDUD VYMHWRYD NRML MH REMDYLR
6YRPH SOHPHQLWRP 3RVODQLNX L GRVWDYLR JD 1MHJRY LVNUHQL L SRYMHUOMLYL URE QHND MH QD
QMHJD $OODKRY VDODYDW L VHODP
1MHJRYH VX ULMHaL

@cdsdtA@NBgkh@F@jBAF@AL@eF

.DG LP VH NDCH
3ULKYDWLWH RQR ^WR $OODK REMDYOMXMH L 3RVODQLND
YLGL^ OLFHPMHUH
NDNR VH RG WHEH VDVYLP RNUH`X ,9 /LFHPMHU XLVWLQX PU]L LVWLQX L QMHQH VOMHG
EHQLNH WH CXGL L SUDNWLFLUD QHYDOMDOR ^WR MH VXSURWQR LVWLQL 2YDNYR MH VWDQMH OLFHPMHUD
,EQXO.DMMLP MH UHNDR 2YR MH GRND] GD RQDM NR EXGH SR]YDQ GD LPSOHPHQWLUD L VXGL
SR .XU
DQX L VXQQHWX L RQ WR RGELMH VPDWUD VH OLFHPMHURP .DCHP .ROLNR LK VDPR
LPD 0ROLP $OODKD GD QH XYH`DYD QMLKRY EURM
1MHJRYH VX ULMHaL d^t VDVYLP RNUH`X  

 QHSUHOD]QL JODJRO D
]QDaL RNUH`X VH MHU MH QMHJRY LQILQLWLY 

  .ROLNR LK VDPR LPD SXQR NRML SRVMH
GXMX RYR VYRMVWYR SRVHEQR PH_X RQLPD NRML WYUGH GD VX XaHQL 2QL VX VH VDVYLP
RNUHQXOL RG RQRJD ^WR L]LVNXMX GRND]L L] .XU
DQD L VXQQHWD $OODKRYRJ 3RVODQLND 2QL
VOLMHGH PL^OMHQMD RQLK NRML SXQR JULMH^H NRML VHEH XEUDMDMX X VOMHGEHQLNH QHNRJ RG
aHWLUL PH]KHED 7DNR RQL VOLMHGH RQH NRMH QLMH GRSX^WHQR VOLMHGLWL X RQRPH ^WR MH
VXSURWQR GRND]X =ERJ WRJD MH VOMHGEHQLN 3RVODQLNRY VDYV SRVWDR ULMHGDN L aXGDQ
D WR MH RS`H UDVSURVWUDQMHQR
C  !"# $%!&#

YtAF@A|g@@dlL@eF 9

, 1MHJRYH VX ULMHaL .DG LP VH NDCH


1H aLQLWH QHUHG QD =HPOML RGJRYDUDMX

0L VDPR UHG XVSRVWDYOMDPR
 (O%HNDUD 
AXsFdH|g@@dlL 9

, 1MHJRYH VX ULMHaL , QH SUDYLWH QHUHG QD =HPOML NDG MH QD QMRM UHG XVSRVWD


YOMHQ (O(DUDI 

1MHJRYH VX ULMHaL .DG LP VH NDCH

YtAF@A|g@@dlL@eF


1H aLQLWH QHUHG QD =HPOML
 RGJRYDUDMX
0L VDPR UHG XVSRVWDYOMDPR
 (EXO$OLMH
MH UHNDR R DMHWX =QDaL QHPRMWH aLQLWL QHSRVOX^QRVW QD =HPOML MHU RQDM NR $OODKX QD
=HPOML EXGH QHSRVOX^DQ LOL QDUHGL QH^WR X aHPX MH QHSRVOX^QRVW $OODKX XaLQLR MH
QHUHG   QD =HPOML 7R MH ]ERJ WRJD ^WR GREUR =HPOMH L QHED ELYD SRNRUQR^`X
$OODKX L 1MHJRYX 3RVODQLNX 9H]D RYRJ DMHWD VD QDVORYRP RJOHGD VH X WRPH GD MH
X]LPDQMH ]D VXFD QHNRJ PLPR $OODKD L 1MHJRYD 3RVODQLND GMHOR OLFHPMHUD L WR MH
aLQMHQMH QHUHGD QD =HPOML 8 DMHWX VH XND]XMH GD VH aRYMHN QH ]DYDUD ULMHaLPD
VOMHGEHQLND VWUDVWL SD PDNDU WR RQL XNUDVLOL SR]LYRP
1MHJRYH VX ULMHaL AXsFdH|g@@dlL , QH SUDYLWH QHUHG QD =HPOML NDG
MH QD QMRM UHG XVSRVWDYOMHQ (EX%HNU E $MMD^ UHNDR MH R DMHWX $OODK MH XLVWLQX
SRVODR 0XKDPPHGD VDYV VWDQRYQLFLPD =HPOMH GRN VX RQL ELOL X QHUHGX SD LK MH
$OODK SRSUDYLR 0XKDPPHGRP VDYV 3UHPD WRPH NR SR]LYD QHaHP GUXJDaLMHP RG
RQRJD ^WR MH GRQLR 0XKDPPHG VDYV RQ MH RG RQLK NRML SUDYH QHUHG QD =HPOML
9H`LQD NRPHQWDWRUD NDCH 1HPRMWH QD QMRM aLQLWL QHUHG JULMH^HQMHP L SR]LYDQMHP
QHSRNRUQRVWL $OODKX QDNRQ ^WR MX MH $OODK SRSUDYLR L XUHGLR VODQMHP SRVODQLND
REMD^QMHQMHP >HULMDWD L SR]LYRP ND SRNRUQRVWL $OODKX 8LVWLQX MH RERCDYDQMH QHNRJD
PLPR $OODKD SR]LYDQMH QHNRPH GUXJRPH PLPR 1MHJD SULGUXCLYDQMH 1MHPX QDMYH`L
QHUHG QD =HPOML ADN XQL^WDYDQMH =HPOMH QHUHGRP XVWYDUL ELYD SULGUXCLYDQMHP
  SR]LYDQMHP QHNRPH GUXJRP PLPR $OODKD XVSRVWDYOMDQMHP ERCDQVWYD
PLPR 1MHJD =DWLP SRNRUQRVW L VOLMH_HQMH QHNRJ PLPR $OODKRYRJ 3RVODQLND MHVWH
QDMYH`L YLG QHUHGD   QD =HPOML =D QMX QHPD PLUD L GREURWH QLWL ]D QMHQH
VWDQRYQLNH RVLP GD $OODK MHGLQR EXGH 2QDM .RML VH RERCDYD L NRPH VH SRNRUDYD

---IA@YB 9
 !"# $%!&# C'

, 1MHJRYH VX ULMHaL =DU RQL GD WUDCH GD LP VH NDR X SDJDQVNR GRED VXGL"


(O0DLGD 

3R]LY PRUD ELWL 1MHPX QH QHNRP GUXJRP 3RNRUQRVW L VOLMH_HQMH PRUD ELWL
1MHJRYRP SRVODQLNX EH] VXPQMH 'UXJRP VH WUHED ELWL SRNRUQR DNR QDUHGL
SRNRUQRVW 3RVODQLNX VDYV 8NROLNR QDUHGL GD PX VH EXGH QHSRNRUQR LOL RQR ^WR VH
UD]OLNXMH RG >HULMDWD WDGD VH QH VOX^D L QHPD SRNRUQRVWL .R UD]PLVOL R VWDQMX VYLMHWD L
QD_H VYDNL PLU L VSRNRM QD =HPOML WR MH ]ERJ YMHURYDQMD X $OODKRYX MHGQR`X
RERCDYDQMD VDPR 1MHJD SRNRUQRVWL 1MHJRYX 3RVODQLNX 6YDNL QHUHG QD =HPOML
EHODML ]OR VX^D NRORQLMDOL]DP RG QHSULMDWHOMD L GUXJR X]URN VYHPX WRPH MH
VXSURWVWDYOMDQMH 1MHJRYRP 3RVODQLNX L SR]LYDQMH QHNRJD PLPR $OODKD L 1MHJRYD
3RVODQLND 1D RVQRYX RYRJD ^WR VPR QDYHOL SRVWDMH MDVQD YH]D DMHWD VD QDVORYRP
1MHJRYH VX ULMHaL , ULMHaL 8]YL^HQRJ $OODKD IA@YB

=DU RQL GD WUDCH GD LP VH NDR X SDJDQVNR GRED VXGL
 DMHW ,EQ.HVLU MH UHNDR
8]YL^HQL $OODK NRUL RQRJD NR RVWDYL $OODKRY SURSLV NRML VDGUCL X VHEL VYDNR GREUR L
]DEUDQX VYDNRJ ]OD L X]PH PLPR WRJD PL^OMHQMD OMXGL VWUDVWL L WHUPLQD NRMH VX RGUHGLOL
OMXGL QH RVODQMDMX`L VH QD >HULMDW NDR ^WR VX OMXGL X SDJDQVNR GRED VXGLOL SR
]DEOXGDPD L QH]QDQMX ,VWR NDR ^WR VXGH 7DWDUL QD RVQRYX ]DNRQLND NRML MH XVSRVWDYLR
'CLQJLVKDQ D NRML MH RQ RSHW X]HR L] UD]OLaLWLK ]DNRQLND L X NRML MH XJUDGLR SXQR
]DNRQD QD RVQRYX VYRJD PL^OMHQMD 7DM ]DNRQLN MH PH_X QMHJRYLP VOMHGEHQLFLPD
SRVWDR ]DNRQ NRMHP VX GDYDOL SUHGQRVW QDG .XU
DQRP L VXQQHWRP .R XUDGL WDNR RQ
MH QHYMHUQLN L WUHED VH SURWLY QMHJD ERULWL GRN VH QH SRYUDWL $OODKRYRP SURSLVX L
SURSLVX 1MHJRYD 3RVODQLND L GRN QH SRaQH VXGLWL NDNR X PDOLP WDNR L YHOLNLP
SLWDQMLPD VDPR SR QMHPX
1MHJRYH VX ULMHaL AX@lXB
$ NR MH RG $OODKD EROML VXGLMD QDURGX NRML aYUVWR YMHUXMH" 2YGMH VH SLWD X VPLVOX
NULWLNH L QHJLUDQMD 7M QHPD VXGD EROMHJ RG 1MHJRYRJ 2YR MH YLG XSRWUHEH
NRPSDUDFLMH NDGD X GUXJRM VWUDQL QHPD SDUWQHUD 7M NR MH SUDYHGQLML RG $OODKD ]D
RQRJ NR MH UD]XPLR L VSR]QDR >HULMDW SRYMHURYDR L SRVWDR XYMHUHQ GD MH 2Q 8]YL^HQL
QDMSUDYHGQLML VXGDF NRML MH PLORVQLML SUHPD 6YRMLP URERYLPD RG PDMNH SUHPD VYRPH
GMHWHWX GD 2Q QDMEROMH ]QD ^WR MH GREUR ]D 1MHJRYH URERYH GD MH 2Q VYHPR`DQ
QDMPXGULML X 6YRPH JRYRUX L GMHOLPD >HULMDWX L RGUHGEDPD
C(  !"# $%!&#

2G $EGXOODKD E $PUD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV


UHNDR 1LNR RG YDV QH`H YMHURYDWL SRWSXQLP LPDQRP GRN PX QMHJRYH VWUDVWL L

CHOMH QH EXGX X VNODGX V RQLP ^WR VDP GRQLR 1HYHYL MH UHNDR 2YR MH
YMHURGRVWRMDQ KDGLV =DELOMHCLOL VPR JD X NQML]L (O+XGCGCH VD YMHURGRVWRMQLP
VHQHGRP

1MHJRYH VX ULMHaL 2G $EGXOODKD E $PUD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN


VDYV UHNDR
1LNR RG YDV QH`H YMHURYDWL SRWSXQLP LPDQRP GRN PX QMHJRYH
VWUDVWL L CHOMH QH EXGX X VNODGX V RQLP ^WR VDP GRQLR
 1HYHYL MH UHNDR 2YR MH
YMHURGRVWRMDQ KDGLV =DELOMHCLOL VPR JD X NQML]L !
  VD YMHURGRVWRMQLP
VHQHGRP 2YDM MH KDGLV ]DELOMHCLR ^HMK (EXO)HWK 0DNGLVL >DILML X  

 
     VD YMHURGRVWRMQLP VHQHGRP NDNR SUHQRVL DXWRU RG 1HYHYLMD
=DELOMHCLR JD MH L 7DEHUDQL (EX%HNU E $VLP KDIL] (EX1HLP X !! 
 L ]D WD
SUHGDQMD YMHURGRVWRMQRVW SRVWDYLR NDR XVORY D VYMHGRN PX VH QDOD]L L X .XU
DQX
8]YL^HQL MH UHNDR

@dPHhUoAMXHg
AlL@lNxAAThXlB


+- + 3,+, ! .F %.   (   
 
DDDD:  ,0 1$, + ,
> 6 ,+   + +,,,+. 6 +> 6,-0 +- 3., /, /
%//
86
!, - + -3 // ,2+. , 3,++,-   6 +, .+-,  3 
/, >   //   , .+/ / , , /7+.+ 6, 7, + , 4  +9.+ .. 
6>.+ ,./ ,+  + 
",,   + ,. ,/.+4.   +  ./ /
.-.
  3,.7 3., .+-, 
  ,2+.  -  /
<,,/ + 3., +4
//  6/ .,0 + 67   ,, /  .+-, .
; .+- 3., 
, %7/  3.,  , .+-  ,. , +
<3,+  ./ . .7 7+, 33,+,
./ + %7/  ., -

<, ,,/ 3.+ . 6.   + 7+  3., , .+-


<., 
, +   / 33,+ . .+, 7+,  / + 33,+, %7/  ., -
<,
,,/ 3.+  - + 4, , .3,6. ,,   .+-, 7+ 3., - + , .,9. ,, 
 ,    ?.6..+@ 3,>  .+-, .
+  .+-, . .6  5 

  


*, - +,7 

%  / 6 +  &  ! .8 ,
# 
#/
F4., +  # 
#/
5 .+-, . / 3,/>+
! ! .  ! .
% . ,2+.  - 3,6./
! .%6+/ + ,0 1 ; .+- + 6  ,+ 4. 
+, ! ..
! .#  + ,0 1;. + .3,6.
1 "  +  ,/ &   ,0 18  ,.
.+ 7, , # 
#/ .-, ,.  0 F, + # 
#/
 <, ,,/ .+-,,
3.+ , # 
#/ 3., +  # .+ ,+ 6.
1 /  + 6.4.+ 
3., ,  .+-, . /  ,
+/  . +,4 +4 567.,-0 Hg7
>^^HhU^^oA^^^^^MX 1, 8 ",3, ,- ,. .>  +.2 , 6 +  3,,/
/9, ./   . 3
1 ?!$0('
@  - +

 !"# $%!&# C

, WDNR 0L *RVSRGDUD WYRJD RQL QH`H ELWL YMHUQLFL GRN ]D VXGLMX X VSRURYLPD
PH_XVREQLP WHEH QH SULKYDWH L GD RQGD ]ERJ SUHVXGH WYRMH X GX^DPD VYRMLP QLPDOR
WHJREH QH RVMHWH L GRN VH VDVYLP QH SRNRUH ,9 , 1MHJRYH VX ULMHaL

hB@B@hBkg@x@eFAA

.DGD $OODK L 3RVODQLN 1MHJRY QH^WR RGUHGH RQGD QL YMHUQLN QL YMHUQLFD QHPDMX
SUDYR GD SR VYRP QDKR_HQMX SRVWXSH ;;;,,, , 1MHJRYH VX ULMHaL
@BIMABA@IUMlG 
3D DNR WL VH QH RGD]RYX RQGD ]QDM GD VH RQL SRYRGH VDPR ]D VWUDVWLPD VYRMLP
;;9,,, L DMHWL VOLaQL RYLPD
1MHJRYH VX ULMHaL GRN PX QMHJRYH VWUDVWL L CHOMH QH EXGX X VNODGX V RQLP ^WR
VDP GRQLR 1MHJRYH VWUDVWL  
MH VNUD`HQR 7M RQR ^WR CHOL L YROL QMHJRYD GX^D
8NROLNR MH RQR ^WR YROL aHPX MH QDNORQMHQD QMHJRYD GX^D L RQR ^WR UDGL X VNODGX V
RQLP ^WR MH GRQLR 3RVODQLN VDYV QH aLQH`L QH^WR ^WR PX VH VXSURWVWDYOMD WR VX
VYRMVWYD RQLK NRML LPDMX VYHRS`H YMHURYDQMH   NRMH GRQRVL RQRPH NR JD LPD
'CHQQHW L VSDV RG YDWUH 8NROLNR MH VXSURWQR WRPH LOL SDN X QHNLP QMHJRYLP VWDQMLPD
LOL X YH`LQL QXCQD `H SRWSXQRVW QMHJRYD YMHURYDQMD QHVWDWL WDNR GD RQ LPD VWDWXV
YMHUQLND V RJUDQLaHQMHP MHU MH QMHJRYR YMHURYDQMH XPDQMHQR ]ERJ JULMH^HQMD NDNR MH
WR UHaHQR X KDGLVX RG (EX+XUHMUHD .DGD EOXGQLN aLQL EOXG QLMH SRWSXQL YMHUQLN X
YULMHPH GRN WR aLQL QLWL MH SRWSXQL YMHUQLN NUDGOMLYDF X YULMHPH GRN NUDGH1


 
C ' 86/  ..+ -+ 6.   
''  7  . .+-,
3,4 
( C %  66.  7 / 
(  8 .   /66.

8/ 
'  !/.   +. ../. /  .+ ./  /+
 
& 
(: ..    6+/.  ..
/6 
C(C  !/.
  /   +6.66.   //..
 E(     6/
#/ 
  CEC D D  D ( D( :
! .8 
D:D( H.  ..+ ...  
,  %+ 

 , / + 3..,  , # 
8 # 
#  


$0 (   
:C  :D(: :D
!//   ,/ ,/. 8/,,-     CE 
C 0 1;, +  ,, 4+- 6.4.+  / 67
!3., /7+.+ . ,+/  4
  ,. , 4. , -+ . 3,3.,- +,.+    
;, + +. , +4 ,+ 
3, + 6 .-.+ .4-  /  . .-.+ .+-, 3,3., , 7,  0 1/
6..+ ,/  ,.,/ 7, + ,., ./ ,- ,/  /  ./ , ,/ ,-

<,/4 /, - ,., , /, . . ,.,  *,,-   -0 1, 0   
   > > ?.@  &.. 3 / 4.,   ,
1 !, , . ,., 3,6.,-
+,,,+.,-  5 
/   ,. ? @  3- $+,+. 



  .
  ./, . 4.  . -+7 
*/ / + #+/ ,0 1, ,  3. ,
, >.+ .+-, .- + , #  , .7, , ,-    6 , .+. . .+ ,
> /  3
, ,   .  .+. ?. .+@ , + , # 567.,- ,
C  !"# $%!&#

7DNR RQ ELYD YMHUQLNRP VD VYHRS`LP    EH] NRJD VH QH PRCH ELWL


PXVOLPDQ 7R MH WHYKLG V NRMLP QLMH SRPLMH^DQ  SULGUXCLYDQMH  QLWL 

QHYMHUVWYR  2YR MH VWDQRYL^WH QD NRP VWRML HKOLVXQQHW L GCHPDDW ]D UD]OLNX RG
KDULGCLMD L PXWH]LOLMD +DULGCLMH ]ERJ JULMHKD OMXGH SURJOD^DYDMX NDILULPD D PXWH]LOH LK
QH QD]LYDMX YMHUQLFLPD L NDCX GD `H YMHaQR RVWDWL X YDWUL 6YDND MH RYD JUXSD XYHOD
QRYRWDULMX X YMHUL L RVWDYLOD RQR QD ^WR XSX`XMX .XU
DQ L VXQQHW 8]YL^HQL MH UHNDR

ApecAhHhpBh@F

$OODK VLJXUQR QH`H RSURVWLWL GD 1MHPX GUXJH VPDWUDWH UDYQLP D RSURVWLW `H


NRPH KR`H RQR ^WR MH PDQMH RG WRJD ,9 7DNR MH YH]DR RSUD^WDQMH RQRJD ^WR
MH PDQMH RG  ]D 6YRMX YROMX +DGLVL NRML SRWYU_XMX VWDQRYL^WH HKOLVXQQHWD
GRVWLJOL VX VWXSDQM WHYDWXUD
%XKDUL L GUXJL ]DELOMHCLOL VX RG (QHVD GD MH 9MHURYMHVQLN VDYV UHNDR
>D
EL MH UHNDR ,]PH_X MHGQRJ OLFHPMHUD PXQDILND L CLGRYD L]ELOD MH VYD_D
#LGRY MH UHNDR
1HND QDP SUHVXGL 0XKDPPHG MHU MH RQ SR]QDW GD QH X]LPD
PLWR
1D WR MH OLFHPMHU UHNDR
1HND QDP SUHVXGH CLGRYL
 ]QDMX`L GD RQL

,> ,3, > /  , ,> 6. > -


1 ;    .+/ 4. ,+  .6 
+,,,+./ 6 / 6 +4 567.,- #0
>A^p ecAhHhpBh@F7 1# .> ,3,  8  ., - / ./  ,3, >
/.+ -+ , ,- ,/ ;. ,>
1 ?!$0 
@ 6+.,  ,..6,/ + . !.  .
+2  2  - 3,4.,2  -+ //, 3.+  
 . 66 / ,+/
3,3,/ 6 / .-,  ,. +.2  /.+./ /.,/
5,,  3,+ .>  .+.
 , / +.  ,/ -+  >  ,+ #, 
7
 ,+ , # 567. ,>
,3, > /     &.. ,/  , ,> 6. >   3,,/    &..
 ,
,6 3++ . .   ,,-   .+-, .+.,>
+ ,+   +64 + / ,4
 /,->  3.,   +6 ,
5,,  3,+   ,.,.  ,/ +,/
.,/ 6.4.+ , 6  + 3,/  
, + ,+ , 4+  / /, , 
 +
 ,+  3,/4   ,., . ,.,- , ,  /+> , ,6,+./ / 6.
 + , B+ 6 .,
%.   & 8//
&      6.40 1  
.+- /  ,+/  6, +.2 #, +  6+ / 3,- ,   0
+2 . 33. -+7.
1 ; ! .#  

 33,+   6.40 1; .+- ,
+,   ) 5 ,/ 3,- /  $ 8 + ,0 1; .+- , .+-,
6 ,,  3,- 3,,., # 567.,/
1 * /    ,+   .+/ 4.
++   3,6 3, .+, 6.4.+  . 3+  , .+/
8 . . 6./, .+,
6.4.+
; 6.4.+  64.   - /7+.+ ,/ 3,/.  ,+ . ,4  .,
6.4.+ . .+ . 3>+
B7 . , .+  3,-7. 3 /  6,,
; 6.4.+ ,+
/ 3,/.,  3,- .+-, /4.+   /,->  3., + 6.4.+ ,., ,+ /,
3,/. . 3,4  # .+ ,+ 6.

 !"# $%!&# C:

X]LPDMX PLWR 1D NUDMX VX VH VORCLOL GD RGX NRG YUDaD X SOHPH 'CXKHMQD L SUHG
QMLP VH SDUQLaH 3RYRGRP WRJD MH REMDYOMHQR ---jf@FhLB
=DU QH YLGL^
RQH NRML WYUGH
 DMHW (Q1LVD 
5HaHQR MH 2EMDYOMHQR MH X SRYRGX GYRMLFH NRML VX VH SRVYD_DOL -HGDQ RG
QMLK UHNDR MH
3RGLJQLPR QD^X SDUQLFX NRG 9MHURYMHVQLND VDYV
'UXJL MH
UHNDR
.DEX E (^UHIX
3RWRP VX VYRMX SDUQLFX SRGLJOL NRG 2PHUD L MHGDQ RG
QMLK PX MH LVSULaDR VOXaDM 2Q MH RQRPH NRML QLMH ELR ]DGRYROMDQ $OODKRYLP
3RVODQLNRP VDYV UHNDR
-H OL WR ELOR WDNR"

'D
 RGJRYRULR MH 7DGD JD MH
2PHU XGDULR VDEOMRP L XELR JD

,] YDWUH `H QHNDGD L]L`L NR MH L]JRYRULR   


L X QMHJRYX VUFX LPD
GREUD NROLNR ]UQR MHaPD L L]L`L `H L] YDWUH NR MH UHNDR   
L X QMHJRYX VUFX
LPD GREUD NROLNR ]UQR S^HQLFH L L]L`L `H L] YDWUH NR MH UHNDR   
L X
QMHJRYX VUFX LPD NROLNR WUXQaLFD GREUD1
1MHJRYH VX ULMHaL >D
EL MH UHNDR
,]PH_X MHGQRJ OLFHPMHUD
 L CLGRYD
L]ELOD MH VYD_D #LGRY MH UHNDR
1HND QDP SUHVXGL 0XKDPPHG MHU MH RQ SR]QDW GD
QH X]LPD PLWR
1D WR MH OLFHPMHU UHNDR
1HND QDP SUHVXGH CLGRYL
 8 SULaL R 2PHUX L
QMHJRYRM HJ]HNXFLML OLFHPMHUD NRML MH WUDCLR GD VH SDUQLaH SUHG .DERP E (^UHIRP OHCL
GRND] GD MH GRSX^WHQR XELWL RQRJD NR LVNDCH QHYMHUVWYR L OLFHPMHUVWYR 6DP .DE E
(^UHI ELR MH OMXWL QHSULMDWHOM 9MHURYMHVQLNX VDYV L SXQR JD MH QDSDGDR ,VND]LYDQMHP
VYRJD QHSULMDWHOMVWYD RQ MH SUHNU^LR SRVWLJQXWL VSRUD]XP WH MH ]ERJ WRJD ELOR
GRSX^WHQR XELWL JD 3ULaD R QMHJRYX XELVWYX VSRPHQXWD MH X KDGLVNLP NQMLJDPD 2 
ELRJUDIVNLP GMHOLPD LWG


;,/ 6 3,-,-  .
8 

* +, - +  
 !/.  
6+/.  .. 
( ('('    ' : '  '(
8/ 
:D !/.
  . .. /.6. /.
! .8 
DC
#/    DE( C


 
C'  D D D DC D  8-6    
7
8/ 
  &
   
7 -+
 & 
C ( , & 
#  


C:  !"# $%!&#

8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD


 NRPHQWDU DMHWD L] VXUH (Q1LVD L ]QDaHQMD NRMD VH X QMRM QDOD]H L
SRPDCX X UD]XPLMHYDQMX ]QDaHQMD WDJXWD
 NRPHQWDU DMHWD L] VXUH (O%HNDUD
|g@@dlL@eF 
.DG LP VH NDCH
1H aLQLWH QHUHG QD =HPOML

 NRPHQWDU DMHWD L] VXUH (O(
DUDI
AXsFdH|g@@dlL

, QH SUDYLWH QHUHG QD =HPOML NDG MH QD QMRM UHG XVSRVWDYOMHQ


 NRPHQWDU DMHWD
IA@YB

=DU RQL GD WUDCH GD LP VH NDR X SDJDQVNR GRED VXGL


 RQR ^WR MH >D
EL UHNDR X SRJOHGX SRYRGD REMDYH SUYRJ DMHWD
 REMD^QMHQMH LVWLQVNRJ L ODCQRJ YMHURYDQMD LPDQD 
 SULaD R 2PHUX L OLFHPMHUX
 aLQMHQLFD GD SRWSXQL LPDQ YMHURYDQMH QH SRVWLCH QLNR VYH GRN QMHJRYH
VWUDVWL L CHOMH QH EXGX X VNODGX VD RQLP ^WR MH GRQLR 3RVODQLN VDYV


 !"# $%!&# C:

 i 
22120(.2=$1,-(A(1(>722',0(1$,692-67$9$
hAHh 9AL@

, ULMHaL 8]YL^HQRJ $OODKD MHU RQL X 0LORVWLYRJ QH YMHUXMX (U5D


G 

1MHJRYH VX ULMHaL 2 RQRPH NR ]DQLMHaH QH^WR RG LPHQD L VYRMVWDYD L ULMHaL


8]YL^HQRJ $OODKD hAHh
MHU RQL X 0LORVWLYRJ QH YMHUXMX
  3RYRG
REMDYOMLYDQMD RYRJ DMHWD MH SR]QDW D WR MH GD MH SOHPH .XUHM^ ]DQLMHNDOR LPH 0LORVWLYL
L] LQDWD 8]YL^HQL MH UHNDR

l@A@@dLAABh@@c@B@@c@

5HFL
=RYLWH
$OODK
LOL ]RYLWH
0LORVWLYL
 D NDNR *D JRG EXGHWH ]YDOL 1MHJRYD VX
LPHQD QDMOMHS^D
 ;9,, 3UHPD WRPH 0LORVWLYL MH 1MHJRYR LPH L 1MHJRYR
VYRMVWYR 0LORVW MH 1MHJRYR VYRMVWYR NRMH 2Q LPD $NR VX
0 ]DQLMHNDOL MHGQR RG
1MHJRYLK LPHQD NRMH XSX`XMH QD VDYU^HQRVW 1MHJD 8]YL^HQRJ QLMHNDQMH QMHJRYD
]QDaHQMD MH LVWR NDR L QLMHNDQMH QMHJRYH ULMHaL 'CHKPLMH PLVOH GD RQD QH XND]XMH QD
VYRMVWYR NRMH 8]YL^HQL $OODK LPD D X WRPH VX LK VOLMHGLOH JUXSH PXWH]LOLMD L H^DULMD
=ERJ WRJD VX LK SURJODVLOL NDILULPD PQRJL L] HKOLVXQQHWD ,EQXO.DMMLP GD PX VH $OODK
8]YL^HQL VPLOXMH UHNDR MH
1HYMHUQLFLPD VX LK SURJODVLOL GHVHWLQH DOLPD X ]HPOMDPD
7R RG QMLK SUHQRVL LPDP (O/DOLNDL D SULMH QMHJD WR QDYRGL 7DEHUDQL
'CHKPLMH L VNRODVWLFL SROHPLaDUL  NRML VX VH V QMLPD VORCLOL X QHJLUDQMX ]DQLMHNDOL
VX RQR aLPH MH $OODK 6HEH RSLVDR L aLPH *D MH RSLVDR $OODKRY 3RVODQLN VDYV
1MHJRYLP VDYU^HQLP VYRMVWYLPD L DWULEXWLPD 1MHJRYH 8]YL^HQRVWL 2QL VX RYR
QHJLUDQMH XVSRVWDYLOL QD SRJUH^QRP WHPHOMX NRML VX VDPL RG VHEH L]PLVOLOL L QLVX L]
$OODKRYLK VYRMVWDYD UD]XPMHOL QL^WD YL^H QHJR ^WR VX UD]XPMHOL RG SRVHEQRVWL
VYRMVWDYD VWYRUHQMD 7DNR VX $OODKD SRUHGLOL VD 1MHJRYLP VWYRUHQMLPD X SRaHWNX VYRJ
SRJUH^QRJ UD]PL^OMDQMD ]DWLP VX RGEDFLOL 1MHJRYD VDYU^HQD VYRMVWYD L XSRUHGLOL *D
VD RQLP ^WR LPD PDQMNDYRVWL VD QHCLYLP L QHSRVWRMH`LP 3UYR VX *D XSRUHGLOL D
]DWLP 1MHJRYD VYRMVWYD ]DQLMHNDOL D ]DWLP JD XSRUHGLOL VD VYLP ^WR LPD PDQMNDYRVWL LOL
^WR QH SRVWRML
C:C  !"# $%!&#

8 %XKDULMLQRP 6DKLKX VWRML GD MH $OL UHNDR 3ULaDMWH VYLMHWX RQR ^WR ]QDMX
=DU CHOLWH GD VH $OODK L 1MHJRY 3RVODQLN XWMHUXMX X ODC"1 $EGXU5H]DN SUHQRVL
RG 0D
PHUD RQ RG ,EQ7DYXVD RQ RG VYRJD RFD D RQ RG ,EQ$EEDVD GD MH RQ
YLGLR 

7LPH VX RQL RVWDYLOL RQR QD ^WR XSX`XMX .XU


DQ L VXQQHW L QD aHPX VX ELOH SUYH
JHQHUDFLMH RYRJD XPPHWD X SULWYU_LYDQMX RQRJD aLPH MH $OODK 6HEH RSLVDR L aLPH *D
MH RSLVDR 1MHJRY 3RVODQLN RQDNR NDNR GROLNXMH 1MHJRYRM 8]YL^HQRVWL L
9HOLaDQVWYHQRVWL SRWYU_LYDQMHP EH] SRUH_HQMD L RGEDFLYDQMHP EH] QHJLUDQMD NDNR MH
8]YL^HQL UHNDR
tI@l@oQm
1LNR QLMH NDR 2Q 2Q VYH aXMH L VYH YLGL ;/,,
8aHQMDFL HKOLVXQQHWD NDGD VH GHVLOD RYD QRYRWDULMD GCHKPLMD QDSLVDOL VX PQRJH
NQMLJH NDR RGJRYRU QD WR NDR ^WR MH LPDP $KPHG L QMHJRY VLQ $EGXOODK +DOODO (EX
%HNU (VUHP 2VPDQ E 6HLG 'DULPL ,PDPXOHLPPHWL ,EQ+X]HMPH (EX2VPDQ
6DEXQL L RVWDOL PQRJREURMQL LPDPL HKOLVXQQHWD NRMH MH QHPRJX`H SREURMDWL ,VWR WDNR
SRVOLMH QMLK VX R WRPH SLVDOL (EX0XKDPPHG 0XYHIIHNXGGLQ ^HMKXOLVODP ,EQ7HMPLMH
,EQ.DMMLP HO'CHY]LMM WH GUXJL L] QMLKRYH JHQHUDFLMH NDR ^WR MH ELR ,PDG E .HVLU KDIL]
,EQ $EGXO+DGL ,EQ5HGCHE =HKHEL L GUXJL L] HKOLVXQQHWD 1MLKRYH VX NQMLJH SR]QDWH
L QDOD]H VH NRG HKOLVXQQHWD 1HND MH KYDOD $OODKX QD SRMDYL LVWLQH QMHQRP ^LUHQMX
SR]LYDQMX L aXYDQMX 1MHJRYH VX ULMHaL $OL MH UHNDR
3ULaDMWH VYLMHWX RQR ^WR ]QDMX =DU
CHOLWH GD VH $OODK L 1MHJRY 3RVODQLN XWMHUXMX X ODC
 2YR MH RQ D $OODK QDMEROMH ]QD
UHNDR NDGD VX VH XPQRCLOH SULaH X YULMHPH QMHJRYD KLODIHWD X NRMLPD VX VH
SULSRYLMHGDOL KDGLVL NRML QLVX ELOL SR]QDWL L ]ERJ WRJ UD]ORJD SXQR MH KDGLVD ELOR
L]PL^OMDQR 2QR ^WR MH QHSR]QDWR PRCH VDGUCDYDWL ^WR MH LVSUDYQR L ^WR QLMH LVSUDYQR
SD NDGD WR aXMH NR WR QH SR]QDMH ]DQLMHNDW `H JD D PRCGD MH ELOD X SLWDQMX LVWLQD
=ERJ WRJD QH WUHED SULSRYLMHGDWL QL^WD GUXJR RVLP RQR ^WR MH YMHURGRVWRMQR ^WR VH
XaYUVWLOR L SRVWDOR SR]QDWR NRG PXKDGGLVD L SUDYQLND 2QR ^WR QLMH WDNR WR QH WUHED
SULSRYLMHGDWL ]ERJ PRJX`QRVWL GD QH EXGH YMHURGRVWRMQR 9R_D SUDYRYMHUQLK 0XDYLMD
E (EX6XIMDQ ]DEUDQMLYDR MH SULSRYLMHGDQMH X WR YULMHPH ]ERJ QHPDUQRVWL NRMD MH
SRVWRMDOD X SRJOHGX SUHQR^HQMD KDGLVD *RYRULR MH 1H VPLMH SULSRYLMHGDWL QLNR RVLP
YR_H LOL NRPH MH WR QDUH_HQR 1MHJRYH VX ULMHaL $EGXU5H]DN SUHQRVL 7R MH ,EQ
+HPPDP 6DQDQL 0XKDGGLV
 X -HPHQX L SLVDF PQRJLK NQMLJD


* +, - +  , / ECC'  /   /.  / /. . /.
+  +/

 !"# $%!&# C:D

aRYMHND NDNR VH X]UXMDR SR^WR MH aXR KDGLV RG 9MHURYMHVQLND VDYV R


VYRMVWYLPD QHJLUDMX`L WR 3RWRP MH UHNDR >WD VH RYL ERMH" 3ULKYDWDMX

1MHJRYH MDVQH DMHWH  D SURSDGQX NRG QMHJRYLK QHMDVQLK DMHWD 

3XQR MH SUHQRVLR RG 0D
PHUD XaHQLND =XKULMHYRJ 2Q MH XaLWHOM $EGXU5H]DNRY
2G QMHJD RQ SXQR SUHQRVL 0D
PHU VD   QD RED VORYD  L VD 

 QD
VORYX  WR MH (EX8UYH E (EX$PU 5D^LG (]GL +DUUDQL ]DWLP -HPDQL 8aHQLN MH
0XKDPPHGD E >LKDED =XKULMD 2G QMHJD RQ SXQR SUHQRVL
1MHJRYH VX ULMHaL RG ,EQ7DYXVD 7R MH $EGXOODK E 7DYXV -HPDQL 0D
PHU MH
UHNDR %LR MH PH_X QDMXaHQLMLP X SR]QDYDQMX DUDSVNRJ MH]LND ,EQ8MHMQH MH UHNDR
8PUR MH VWR WULGHVHW GUXJH JRGLQH
1MHJRYH VX ULMHaL RQ RG VYRJD RFD 7R MH 7DYXV E .HMVDQ 'CHQHGL VD  
QD VORYX   L VORYX 
 7R MH XaHQL    1HNL VX UHNOL GD PX MH LPH =HNYDQ 7R MH
UHNDR ,EQXO'CHY]L 5HNDR VDP  %LR MH MHGDQ RG    X 
L ELR MH SXQ
]QDQMD 8 7HK]LEXONHPDOX SUHQRVL RG 9HOLGD 0HYNDULMD D RQ RG =XKULMD GD MH UHNDR
'R^DR VDP NRG $EGXO0HOLND E 0HUYDQD L RQ MH XSLWDR
2GDNOH VL GR^DR R =XKUL"

,] 0HNH
 UHNDR VDP
.RJD VL RVWDYLR GD QMRPH L QMHQLP VWDQRYQL^WYRP XSUDYOMD

XSLWDR MH
$WDD E 5HEEDKD
 RGJRYRULR VDP
-H OL RQ $UDS LOL MH ^WL`HQLN
 XSLWDR MH

>WL`HQLN
 RGJRYRULR VDP
1D RVQRYX aHJD RQ QMLPD XSUDYOMD
 XSLWDR MH
1D RVQRYX
SR]QDYDQMD YMHUH L 

2QL NRML SR]QDMX YMHUX L KDGLV WUHEDMX XSUDYOMDWL
 UHNDR MH

.R XSUDYOMD -HPHQRP
 XSLWDR MH
7DYXV E .HMVDQ
 RGJRYRULR VDP
-H OL RQ $UDS LOL
MH ^WL`HQLN
 XSLWDR MH
>WL`HQLN
 RGJRYRULR VDP
1D RVQRYX aHJD RQ QMLPD XSUDYOMD

XSLWDR MH
1D RVQRYX aHJD XSUDYOMD L $WD

7DNR ]DLVWD L WUHED

.R XSUDYOMD
(JLSWRP
 XSLWDR MH
-H]LG E (EX+DELE
 RGJRYRULR VDP
-H OL RQ $UDS LOL MH ^WL`HQLN

XSLWDR MH
>WL`HQLN
 RGJRYRULR VDP
.R XSUDYOMD >DPRP
 XSLWDR MH
0HNKXO

RGJRYRULR VDP
-H OL RQ $UDS LOL MH ^WL`HQLN
 XSLWDR MH
>WL`HQLN
 RGJRYRULR VDP
2Q MH
QXELMVNL URE NRMHJ MH RVORERGLOD QHND CHQD L] SOHPHQD +X]HMO

.R XSUDYOMD
VWDQRYQLFLPD 3ROXRWRND
 XSLWDR MH
0HMPXQ E 0HKUDQ
 RGJRYRULR VDP
-H OL RQ
$UDS LOL MH ^WL`HQLN
 XSLWDR MH
>WL`HQLN
 RGJRYRULR VDP
.R XSUDYOMD VWDQRYQLFLPD
+RURVDQD
 XSLWDR MH
'DKKDN E 0X]DKLP
 UHNDR VDP
-H OL RQ $UDS LOL MH ^WL`HQLN

XSLWDR MH
>WL`HQLN
 RGJRYRULR VDP


+-, + . +,,,+.

C:  !"# $%!&#


.R XSUDYOMD VWDQRYQLFLPD %DVUH
 XSLWDR MH
+DVDQ HO%DVUL
 RGJRYRULR VDP
-H OL
RQ $UDS LOL MH ^WL`HQLN
 XSLWDR MH
>WL`HQLN
 RGJRYRULR VDP
7H^NR WHEL D NR XSUDYOMD
VWDQRYQLFLPD .XIH
 XSLWDR MH
,EUDKLP 1HKDL
 UHNDR VDP
-H OL RQ $UDS LOL MH ^WL`HQLN

XSLWDR MH
$UDS
 RGJRYRULR VDP
7H^NR WHEL =XKUL RODN^DR VL PL 7DNR PL $OODKD YL
`HWH VWDYOMDWL GD YDPD YODGDMX ^WL`HQLFL WDNR GD `H RQL GUCDWL JRYRUH QD PLQEHUX D
$UDSL `H GROMH VMHGLWL
 UHNDR MH
2 YR_R SUDYRYMHUQLK WR MH YMHUD 2QDM NR MH aXYD WDM
YODGD D RQDM NR MH ]DSXVWL WDM SDGD

1MHJRYH VX ULMHaL >WD VH RYL ERMH" 3LWD ,EQX $EEDV VYRMH GUXJRYH XND]XMX`L QD
OMXGH NRML GROD]H QD VLMHOD NRG QMHJD SD NDGD aXMX RQR ^WR MH MDVQR X .XU
DQX RQL VH
SUHSDGQX D NDGD aXMX KDGLVH R    VYRMVWYLPD  X]UXMDMX VH NDR GD QLMHaX
QMLKRYD ]QDaHQMD D LPDQ VH QH PRCH XSRWSXQLWL GRN VH QH SULKYDWL ULMHa VD QMHQLP
]QDaHQMHP QD NRML XSX`XMH VYRMLP YLGOMLYLP OLWHUDUQLP ]QDaHQMHP 8NROLNR QH SULPL
QMHQR ]QDaHQMH LOL JD RGEDFL LOL X QMHJD SRVXPQMD RQ QLMH YMHUQLN X QMHJD L WR MH
SURSDVW 8 YULMHPH ,EQ$EEDVD SRMDYLOD VH QRYRWDULMD NDGHULMD NDNR VWRML X
0XVOLPRYRP 
L GUXJLP ]ELUNDPD SD MH QMLKRY SURSDJDWRU *DMODQ XELMHQ 8ELR
JD MH +L^DP E $EGXO0HOLN NDGD MH RYDM XVWUDMDR X QHJLUDQMX NDGHUD RGUH_HQMD 
3RVOLMH MH 'CDG E 'LUKHP L]QLR QRYRWDULMX GCHKPLMD SD MH ELR XELMHQ 8ELR JD MH +DOLG
E $EGXOODK .DVUL QD .XUEDQVNLEDMUDP QDNRQ EDMUDPQDPD]D =HKHEL MH UHNDR
3ULSRYLMHGDR QDP MH 9HNL SUHQRVH`L RG ,VUDLOD
.DGD *RVSRGDU VMHGQH QD .XUVL

ARYMHN NRML MH ELR NRG 9HNLD QDNRVWULMH^LR VH QD ^WR VH 9HNL QDOMXWLR L UHNDR
9LGLR
VDP $PH^D L 6XIMDQD NDNR SULSRYLMHGDMX RYDM KDGLV L QH QLMHaX JD

=DELOMHCLR JD MH $EGXOODK X !3 
     6WDQMH X NRMHP VH QDOD]H
VOMHGEHQLFL QRYRWDULMD L QMLKRYR LVNULYOMDYDQMH ]QDaHQMD DMHWD REMD^QMDYD ULMHaL ,EQ
$EEDVRYH 8]URN MH RYLP QRYRWDULMDPD QH]QDQMH RQLK NRML VWRMH L]D QMLK L VNXaHQRVW
QMLKRYD UD]XPLMHYDQMD 1  WH QHX]LPDQMH ^HULMDWVNLK QDXND RQDNYLP NDNYH RQH MHVX X
QMLKRYRP SUDYRP ]QDaHQMX GDNOH QHX]LPDQMH WLK QDXND RG RQLK NRML ]QDMX QMLKRYD
]QDaHQMD X NRMLPD MH $OODK 8]YL^HQL SRPRJDR GD LK UD]XPLMX GD L]PLUH


<,, 8// F7 F  /  # 567. /+ , +0 1*.4 6/+.+
3,- +6 +   

 .  3,- ,- .7 3  . /  /+ 3,   ,
,/ 3+ $+,+. 



, + 6 ,- ,- 7, + , , .+, +6 3,6.  + ,+
, 2+  7, . ,+
,  + 4, 3 . , ,+ -,, , ,+/ /4
3,9.+/
, . 3, . ,+ .- .   7.+  .  /4.+ ,+ .+
   ./ +/ 6.4.+/
1
 !"# $%!&# C:'

.DGD MH SOHPH .XUHM^ aXOR $OODKRYRJ 3RVODQLND VDYV NDNR VSRPLQMH ^


0LORVWLYRJ
< WR VX ]DQLMHNDOL SD MH $OODK SRYRGRP QMLK REMDYLR h 
hAHMHU RQL X 0LORVWLYRJ QH YMHUXMX
8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD
 QHSRVWRMDQMH LPDQD NRG QLMHNDQMD ELOR aHJD RG LPHQD L VYRMVWDYD
 NRPHQWDU DMHWD L] VXUH (U5D
G
 RVWDYOMDQMH JRYRUD NRML VOX^DODF QH UD]XPLMH
 VSRPLQMDQMH UD]ORJD NRML YRGL GD QHNR JRYRUL QHLVWLQX R $OODKX L 1MHJRYX
3RVODQLNX SD PDNDU L QH LPDR QDPMHUX
 JRYRU ,EQ$EEDVRY RQRPH NR QH^WR RG WRJD ]DQLMHaH WH GD MH WR SURSDVW

WHNVWRYH VD SULYLGQLP UD]LODCHQMHP L SRWYUGH GD PH_X QMLPD QHPD NROL]LMH L GD


SRGYHGX WHNVW NRML MH QHUD]XPOMLY SRG RQDM NRML MH MDVDQ 2YR MH SXW HKOLVXQQHWD L
GCHPDDWD X VYDNRP YUHPHQX L SURVWRUX 1HND MH KYDOD $OODKX WROLNR NROLNR QH
PRCHPR SUHEURMDWL
1MHJRYH VX ULMHaL .DGD MH SOHPH .XUHM^ aXOR RG $OODKRYRJ 3RVODQLND VDYV
NDNR VSRPLQMH 0LORVWLYRJ WR VX ]DQLMHNDOL SD MH $OODK X SRYRGX QMLK REMDYLR
hAHh MHU RQL X 0LORVWLYRJ QH YMHUXMX DMHW ,EQ'CHULU SUHQRVL RG

,EQ$EEDVD GD MH UHNDR 9MHURYMHVQLN VDYV XaLR MH QD VHGCGL


2 0LORVWLYL R
6DPLORVQL
 SD VX PQRJRER^FL UHNOL
2YDM PLVOL QD SR]LYDQMH -HGQRJ D RQ ]D]LYD
GYRMLFX SR GYRMLFX
SD MH 8]YL^HQL REMDYLR

l@A@@dLAABh@@c@B@@c@


5HFL
=RYLWH
$OODK
LOL ]RYLWH
0LORVWLYL
 D NDNR *D JRG EXGHWH ]YDOL 1MHJRYD VX
LPHQD QDMOMHS^D ;9,,
C:(  !"# $%!&#

 

632=1$-$%/$*2'$7,,1-(121,-(.$1-(
hA@hQBAhP@h 9AL@

5LMHaL VX 8]YL^HQRJ $OODKD 2QL SUL]QDMX GD MH EODJRGDW RG $OODKD SD MH


SRVOLMH SRULaX YH`LQD QMLK VX QHYMHUQLFL (Q1DKO 
0XGCDKLG MH UHNDR GD MH WR NDG aRYMHN NDCH 7R MH PRMD LPRYLQD 1DVOLMHGLR
VDP WR RG PRJD RFD
$YQ E $EGXOODK UHNDR MH GD VX JRYRULOL 'D QLMH WRJ L WRJ QH EL ELOR WDNR L WDNR
,EQ.XWHMEH MH UHNDR GD VX JRYRULOL 7R MH ]DX]LPDQMHP QD^LK ERJRYD

1MHJRYH VX ULMHaL 5LMHaL 8]YL^HQRJ $OODKD

AhP@h 


2QL SUL]QDMX GD MH EODJRGDW RG $OODKD SD MH SRVOLMH SRULaX
 DMHW 5HNDR MH ,EQ
'CHULU .RPHQWDWRUL VX VH UD]L^OL X YH]L V SLWDQMHP ]QDaHQMD EODJRGDWL 7DNR 6XIMDQ
SUHQRVL RG 6XGGLMD GD

AhP@h 


RQL SUL]QDMX GD MH EODJRGDW RG $OODKD SD MH SRVOLMH SRULaX
 ]QDaL 0XKDPPHGD
VDYV 'UXJL VX UHNOL GD WR ]QDaL GD RQL ]QDMX ^WD MH $OODK 8]YL^HQL SREURMDR X RYRM
VXUL RG 6YRMLK EODJRGDWL L GD MH $OODK 7DM .RML LP MH GDR EODJRGDWL DOL RQL WR QLMHaX L
PLVOH GD VX WR QDVOLMHGLOL RG VYRMLK RaHYD 2G 0XGCDKLGD MH SUHQHVHQR GD MH X
SRJOHGX ULMHaL

AhP@h 


RQL SUL]QDMX GD MH EODJRGDW RG $OODKD SD MH SRVOLMH SRULaX
UHNDR GD VX WR NX`H
VWRND RQR aLPH VH KUDQH RNORSL RG CHOMH]D L RGMH`D 7R NDILUL SOHPHQD .XUHM^ ]QDMX
D ]DWLP WR QLMHaX JRYRUH`L 2YR MH SULSDGDOR QD^LP RaHYLPD L PL VPR WR RG QMLK
QDVOLMHGLOL
1MHJRYH VX ULMHaL $YQ E $EGXOODK MH UHNDR GD VX JRYRULOL
'D QLMH WRJ L WRJ QH EL
ELOR WDNR L WDNR
 $YQ E $EGXOODK E 8WEH E 0HVXG +X]HOL (EX$EGXOODK HO.XIL ELR
MH SRERCQMDN
 !"# $%!&# C:

(EXO$EEDV MH UHNDR QDNRQ KDGLVD =HMGD E +DOLGD X NRP VWRML 8]YL^HQL MH


$OODK XLVWLQX UHNDR
2VYDQXR MH PH_X 0RMLP URERYLPD RQDM NR X 0HQH YMHUXMH
L 0HQH QLMHaH
 KDGLV 1  2YRJD SXQR LPD X .XU
DQX L VXQQHWX 8]YL^HQL
NULWLNXMH RQRJD NR 1MHJRYR GDYDQMH EODJRGDWL SULSLVXMH GUXJRPH L SULGUXCXMH
0X aLQL 0X ^LUN 
1HNL L] SUYLK JHQHUDFLMD UHNOL VX GD MH WR NDR ^WR VX RQL JRYRULOL 9MHWDU MH
ELR GREDU D SRPRUDF YMH^W L WRPH VOLaQR ^WR VH aHVWR aXMH VD MH]LND
8 RYRP SRJODYOMX WUHWLUDMX VH VOMHGH`D SLWDQMD
 NRPHQWDU VSR]QDMH EODJRGDWL L QMHQR QHJLUDQMH
 VSR]QDMD GD VH WR SXQR aXMH VD MH]LND
 QD]LYDQMH WDNYRJ JRYRUD QHJLUDQMHP EODJRGDWL
 SRVWRMDQMH GYLMH VXSURWQRVWL X MHGQRP VUFX

3UHQRVLR MH KDGLVH RG VYRJD RFD $L^H L ,EQ$EEDVD 2G QMHJD MH SUHQRVLR


.DWDGH (EX=XEHMU L =XKUL $KPHG L ,EQ0HLQ RFLMHQLOL VX JD SRYMHUOMLYLP %XKDUL MH
UHNDR 8PUR MH SRVOLMH VWR GYDGHVHWH ,EQ'CHULU MH RGDEUDR SUYR PL^OMHQMH 'UXJL VX
RGDEUDOL PL^OMHQMH SR NRP DMHW REXKYDWD VYD ]QDaHQMD NRMD MH XOHPD VSRPHQXOD L WR MH
LVSUDYQR
1MHJRYH VX ULMHaL >HMKXOLVODP MH UHNDR  8]YL^HQL NULWLNXMH RQRJD NR 1MHJRYR
GDYDQMH EODJRGDWL SULSLVLMH GUXJRPH L SULGUXCXMH 0X aLQL 0X   1HNL L] SUYLK
JHQHUDFLMD UHNOL VX GD MH WR NDR ^WR VX RQL JRYRULOL
9MHWDU MH ELR GREDU D SRPRUDF
YMH^W
 L WRPH VOLaQR ^WR VH aHVWR aXMH VD MH]LND 5LMHaL >HMKXOLVODPD XSX`XMX QD WR GD
MH ]QDaHQMH RYRJ DMHWD RS`HQLWR L GD VH RGQRVL QD VYDNRJ NR SULSL^H EODJRGDWL QHNRP
GUXJRP PLPR $OODKD LOL QMLKRYH X]URNH SULSL^H QHNRP GUXJRP PLPR 1MHJD D WR MH
VSRPHQXWR X ULMHaLPD NRPHQWDWRUD
   RG aHJD MH QH^WR VSRPHQXWR RYGMH
7R MH YUVWD ^LUND NDR ^WR QLMH WDMQD2

1
$ . CD' .


<,, 8// F7 F  /  # 567. /+ , +0 1*.4 , ,.,- ,
++   6,2 /+ +2+ / 3,   .  /   + # 3,4.,   + , +-,
-,
89/ ,.+ , ++  + , 6, # 567. 3,4.,  . ,/ 8  6++
, 66 . 7,
# + 567. + ,3, +4+ 1, 1  ,/ -,,0
>^I}[^hH^H^hT^@^M@eF^MX7 <    9/   ,. 6 ,  + 63,  3.2/
1
?J0CC
@
C:  !"# $%!&#

 Zk 

=$./,1-$1-(1(.,0
0,02$//$+$-(67(>,5.
LMB@c@dB@ 9AL@

5LMHaL VX 8]YL^HQRJ $OODKD =DWR QH aLQLWH VYMHVQR $OODKX VXGUXJH (O


%HNDUD 
,EQ$EEDV MH R DMHWX UHNDR (O(QGDG VXGUX]L SUHGVWDYOMD SULGUXCLYDQMH
^LUN NRML MH WDMQRYLWLML RG KRGD PUDYD QD FUQRP NDPHQX X WDPQRM QR`L 7R MH
GD NDCH^ 

1MHJRYH VX ULMHaL 5LMHaL 8]YL^HQRJ $OODKD

LMB@c@dB@ 


=DWR QH aLQLWH VYMHVQR $OODKX VXGUXJH
 6XGUXJ  ]QDaL MHGQDN UDYDQ ALQLWL
VXGUXJD $OODKX ]QDaL XSX`LYDQMH YUVWH RERCDYDQMD   LOL QH^WR RG WRJD QHNRPH
PLPR $OODKD NDR ^WR MH VWDQMH RQLK NRML RERCDYDMX NLSRYH D NRML YMHUXMX GD RQL NRMH
]D]LYDMX L PROH GRQRVH QMLPD NRULVWL L RWNODQMDMX RG QMLK QHYROMH L GD VH ]D QMLK
]DX]LPDMX 8]YL^HQL MH UHNDR LMB@c@dB@  = DWR QH aLQLWH VYMHVQR $OODKX
VXGUXJH ,PDG E .HVLU X VYRPH 7HIVLUX NDCH (EXO$OLMH MH UHNDR
LMB@c@dB@
=DWR QH aLQLWH VYMHVQR $OODKX VXGUXJH
 ]QDaL QHPRMWH 0X

aLQLWL SDUWQHUH L VXYODVQLNH ,VWR MH UHNDR (U5DELMD


E (QHV .DWDGH 6XGGL (EX
0DOLN ,VPDLO E (EX+DOLG ,EQ$EEDV MH UHNDR LMB@c@dB@  = DWR QH
aLQLWH VYMHVQR $OODKX VXGUXJH WM QHPRMWH $OODKX SULGUXCLYDWL SDUWQHUH NRML QH NRULVWH
QLWL ^WHWH D YL ]QDWH GD MH 2Q $OODK YD^ *RVSRGDU L GD YDP RSVNUEX QH GDMH QLNR
GUXJL PLPR 1MHJD 9L VWH VSR]QDOL GD RQR aHPX YDV SR]LYD 3RVODQLN GD VDPR 1MHJD
RERCDYDWH  MHVWH LVWLQD X NRMX QHPD VXPQMH 0XGCDKLG MH UHNDR
LMB@c@dB@  =DWR QH aLQLWH VYMHVQR $OODKX VXGUXJH ]QDaL ]QDWH GD

MH 2Q %RJ -HGDQ L X 7HYUDWX L ,QGCLOX


1MHJRYH VX ULMHaL ,EQ$EEDV UHNDR MH R DMHWX !! VXGUX]L SUHGVWDYOMD
SULGUXCLYDQMH  NRML MH WDMQRYLWLML RG KRGD PUDYD QD FUQRP NDPHQX X WDPQRM
QR`L ,EQ$EEDV XSR]RUDYD RYGMH PDQMLP  QD RQDM YH`L
 !"# $%!&# C::


7DNR PL $OODKD L WYRJD CLYRWD
LOL
7DNR PL $OODKD L PRJD CLYRWD
 LOL GD
NDCH^
'D QLMH QMHJRYRJ SVD GR^OL EL QDP NUDGOMLYFL
 LOL
'D QHPD SDWNL X NX`L
GR^OL EL QDP NUDGOMLYFL
,VWR MH NDGD aRYMHN NDCH VYRPH GUXJX
>WR MH KWLR $OODK
L WL
 LOL
'D QLMH ELOR $OODKD L WRJD L WRJD
 1HPRM X RYDNYLP NRQVWUXNFLMDPD
VSRPLQMDWL WRJ L WRJ MHU X VYHPX WRPH LPD SULGUXCLYDQMD ^LUND  =DELOMHCLR JD
MH ,EQ(EX+DWLP
2G 2PHUD E +DWWDED UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR
.R VH ]DNXQH QHNLP GUXJLP PLPR $OODKD SRaLQLR MH QHYMHUVWYR NXIU LOL

SULGUXCLYDQMH ^LUN   =DELOMHCLR JD MH 7LUPL]L L RFLMHQLR GD MH GREDU KDVHQ 
+DNLP JD MH RFLMHQLR NDR YMHURGRVWRMDQ VDKLK 
,EQ0HVXG MH UHNDR 'D VH $OODKRYLP LPHQRP ODCQR ]DNXQHP GUDCH PL MH

QHJR GD VH ]DNXQHP QHNLP PLPR 1MHJD JRYRUH`L LVWLQX

1MHJRYH VX ULMHaL 2G 2PHUD E +DWWDED UD SUHQRVL VH GD MH $OODKRY 3RVODQLN


VDYV UHNDR
.R VH ]DNXQH QHNLP GUXJLP PLPR $OODKD SRaLQLR MH QHYMHUVWYR 

LOL SULGUXCLYDQMH  
 3RVWRML PRJX`QRVW GD SUHQRVLODF VXPQMD NRMX ULMHa MH UHNDR
D SRVWRML PRJX`QRVW GD YH]QLN LOL LPD ]QDaHQMH L SD WDNR GD ]QDaL GD MH SRaLQLR L

 L  L GD VH WR RGQRVL QD 
 
 
 WM QHYMHUVWYR NRMH QH L]YRGL L] LVODPD

1MHJRYH VX ULMHaL ,EQ0HVXG MH UHNDR


'D VH $OODKRYLP LPHQRP ODCQR
]DNXQHP GUDCH PL MH QHJR GD VH ]DNXQHP QHNLP PLPR 1MHJD JRYRUH`L LVWLQX

3R]QDWR MH GD MH NULYR VYMHGRaHQMH YHOLNL JULMHK PH_XWLP SULGUXCLYDQMH  MHVWH
YH`L JULMHK RG YHOLNLK JULMHKD SD PDNDU VH UDGLOR R PDORP 



/6 
'D' .6 +/.   /   ++ -+
 & 

DC'
#/    CE(:   C'
%/ - + ,2+., +,,,+./ EC:
! .% . 

C  , # 
;/ 

;, + +,,,+.     , + , # .   

C'(


%+/ +    ? E @ ,0 1* +, - +  .  #   .+-, 3.,,2
 ,. ,+  .6    ) ;, + +,,,+.  , 7, + , # .    
C'(C

D  !"# $%!&#

2G +X]HMIHD UD SUHQRVL VH GD MH 9MHURYMHVQLN VDYV UHNDR 1HPRMWH


JRYRULWL
>WR MH KWLR $OODK L KWLR WDM L WDM
 QHJR UHFLWH
>WR MH KWLR $OODK D ]DWLP

^WD MH KWLR WDM L WDM
 =DELOMHCLR JD MH (EX'DYXG VD YMHURGRVWRMQLP VHQHGRP
2G ,EUDKLPD 1HKDLMD SUHQRVL VH GD RQ QLMH YROLR GD VH NDCH
7UDCLP ]D^WLWX
RG $OODKD L RG WHEH
 D GD MH GRSX^WHQR ND]DWL
7UDCLP ]D^WLWX RG $OODKD D
]DWLP RG WHEH
, JRYRULWH
'D QLMH $OODKD D ]DWLP WRJ L WRJ
 D QHPRMWH
JRYRULWL
'D QLMH $OODKD L WRJ L WRJ

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD
 NRPHQWDU ]QDaHQMD ULMHaL HOHQGDG NRMD VH VSRPLQMH X VXUL (O%HNDUD
 GD DVKDEL UD WXPDaH DMHW NRML MH REMDYOMHQ X SRYRGX YHOLNRJ ^LUND GD
REXKYDWD L PDOL ^LUN
 GD MH ]DNOLQMDQMH QHNLP PLPR $OODKD ^LUN
 GD NDGD VH aRYMHN ]DNXQH QHNLP PLPR $OODKD JRYRUH`L LVWLQX WR PX MH
YH`L JULMHK RG ODCQRJ ]DNOLQMDQMD
 XND]LYDQMH QD UD]OLNX X ]QDaHQMX L]PH_X YH]QLND L L YH]QLND ]DWLP

1MHJRYH VX ULMHaL 2G +X]HMIHD UD SUHQRVL VH GD MH 9MHURYMHVQLN VDYV


UHNDR
1HPRMWH JRYRULWL
>WR MH KWLR $OODK L KWLR WDM L WDM
 QHJR UHFLWH
>WR MH KWLR $OODK
D ]DWLP ^WR MH KWLR WDM L WDM
 7R ]ERJ WRJD ^WR YH]QLN L ]QDaL MHGQDNRVW L
L]MHGQDaDYDQMH MHU VH RQ NRULVWL ]D QDEUDMDQMH L GRGDYDQMH ]D UD]OLNX RG YH]QLND SD
L ]DWLP ,]MHGQDaDYDQMH VWYRUHQMD VD 6WYRULWHOMHP X VYDNRM YUVWL   MHVWH
SULGUXCLYDQMH   2YR L WRPH VOLaQR VPDWUD VH PDOLP  
1MHJRYH VX ULMHaL 2G ,EUDKLPD 1HKDLMD SUHQRVL VH GD RQ QLMH YROLR GD VH NDCH

7UDCLP ]D^WLWX RG $OODKD L RG WHEH
 D GD MH GRSX^WHQR ND]DWL
7UDCLP ]D^WLWX RG
$OODKD D ]DWLP RG WHEH
, JRYRULWH
'D QLMH $OODKD D ]DWLP WRJ L WRJ
 D QHPRMWH
JRYRULWL
'D QLMH $OODKD L WRJ L WRJ
 ,EUDKLP MH ,EUDKLP 1HKDL 2YR VH RGQRVL QD
VLWXDFLMX NDGD VH UDGL R RQRPH ^WR MH X VWDQMX GD XUDGL CLYD L SULVXWQD RVRED ]D
UD]OLNX RG RQRJD NR WR QLMH X VWDQMX RG RQLK NRML QH aXMX QLWL VH RGD]LYDMX NDR ^WR VX
XPUOL L RGVXWQL


* +, - +  & 
:       +   .
#/    'ED

  %  


:'
; .+- 3., ! ... 
((( 6.+ & +. 6
&/
;, + +,,,+.    
$0       
D

 !"# $%!&# D 

kC
2720('$1(.,1(35,+9$7$-8
1,.$'$,06(=$.81(>$//$+20
2G ,EQ2PHUD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR
1HPRMWH VH ]DNOLQMDWL VYRMLP URGLWHOMLPD $NR PX VH QHNR ]DNXQH $OODKRP
QHND PX YMHUXMH $NR PX VH QHNR ]DNXQH $OODKRP QHND EXGH ]DGRYROMDQ 2QDM
NR QLMH ]DGRYROMDQ QH SRVWXSD SR $OODKRYLP SURSLVLPD  =DELOMHCLR JD MH ,EQ

0DGCGCH VD GREULP VHQHGRP

2 WRPH GD QHNL QH SULKYDWDMX L NDG LP VH ]DNXQH^ $OODKRP


1MHJRYH VX ULMHaL 1HPRMWH VH ]DNOLQMDWL VYRMLP URGLWHOMLPD 3UHWKRGQR MH
REMD^QMHQR GD X ELOR NRMRM VLWXDFLML QLMH GRSX^WHQR GD VH QLNR ]DNOLQMH QLaLP RVLP
$OODKRP GC^
1MHJRYH VX ULMHaL $NR PX VH QHNR ]DNXQH $OODKRP QHND PX YMHUXMH 2YR MH
$OODK GC^ QDUHGLR 6YRMLP URERYLPD
8]YL^HQL MH UHNDR cAt@@@@L@@Df@ABA
2 YMHUQLFL ERMWH VH $OODKD L EXGLWH V RQLPD NRML VX LVNUHQL ,;
2Q MH UHNDR @OAEHf@Kf@AF
8VX_XMX VH GD ODCL L]PL^OMDMX VDPR RQL NRML X $OODKRYH ULMHaL QH YMHUXMX L RQL VX
SUDYL ODCOMLYFL ;9,
1MHJRYH VX ULMHaL $NR PX VH QHNR ]DNXQH $OODKRP QHND EXGH ]DGRYROMDQ 2QDM
NR QLMH ]DGRYROMDQ QH SRVWXSD SR $OODKRYLP SURSLVLPD  2YR MH GXCQRVW PXVOLPDQD
SUHPD PXVOLPDQX .DGD VH MHGDQ QD QH^WR ]DNXQH GUXJL MH GXCDQ WR SULKYDWLWL +DGLV
XND]XMH QD REOLJDWQX GXCQRVW 0XVOLPDQ LPD SUDYR GD VH SUHPD QMHPX LPD OLMHSR
PL^OMHQMH XNROLNR QLMH RaLWR GD ODCH NDR ^WR SUHQRVL VH RG 2PHUD 1HPRMWH QLNDNR
PLVOLWL ]OR R ULMHaL NRMX MH L]UHNDR YD^ EUDW VYH GRN MH PRCH^ GREULP SURWXPDaLWL 7R MH
YLG OLMHSRJ PRUDOD SRWSXQH UD]ERULWRVWL L MDaLQH YMHUH



C     /.    +
;, + +,,,+.  , + ,
# .    
C(:

D C  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 ]DEUDQD ]DNOLQMDQMD URGLWHOMLPD
 QDUHGED RQRPH NRPH VH QHNR ]DNXQH $OODKRP GD EXGH ]DGRYROMDQ
 SULMHWQMD RQRPH NR QH EXGH WLPH ]DGRYROMDQ
 !"# $%!&# D D


5,-(A,>72-(+7,2$//$+,7,
2G .XWHMOH SUHQRVL VH GD MH QHNL CLGRY GR^DR 9MHURYMHVQLNX VDYV L UHNDR
9L XLVWLQX aLQLWH ^LUN SULGUXCLYDQMH  9L NDCHWH
>WR MH KWLR $OODK L WL
 L
JRYRULWH
7DNR PL .DEH
 SD LP MH 9MHURYMHVQLN VDYV QDUHGLR GD NDGD KR`H
GD VH ]DNXQX NDCX
7DNR PL *RVSRGDUD .DEH
 L GD NDCX
>WR MH KWLR $OODK D

]DWLP WL
 =DELOMHCLR JD MH 1HVDL L RFLMHQLR JD YMHURGRVWRMQLP

5LMHaL >WR MH KWLR $OODK L WL


1MHJRYH VX ULMHaL .XWHMOH 3UYR VORYR MH VD GYLMH WDaNH WM QD SRaHWNX ULMHaL MH
VORYR   7R MH N`HUND 6DILMD HQVDULMND VDKDELMND NRMD MH KLGCUX aLQLOD 3UHQRVL
MHGDQ KDGLV X 6XQHQX 1HVDLMHYRP 6SRPHQXW MH X RYRP SRJODYOMX 2YDM KDGLV RG QMH
SUHQRVL L $EGXOODK E -HVDU 'CX
IL 8 QMHPX VH JRYRUL GD WUHED SULKYDWLWL LVWLQX RG
RQRJD NR MH GRQHVH 8 QMHPX VH WDNR_HU REMD^QMDYD ]DEUDQD ]DNOLQMDQMD .DERP L
RVWDOLP SUHGPHWLPD L CLYLP EL`LPD LDNR MH RQD %HMWXOODK NRMX MH IDU] SRVMH`LYDWL UDGL
REDYOMDQMD KDGCD L XPUH 7L GDQDV YLGL^ ^WD VH GRJD_D D ^WR MH VXSURWQR WRPH 6YLMHW
VH NXQH .DERP QMX PROL NDR L PMHVWR QD NRP VX RWLVFL ,EUDKLPRYLK VWRSD 0HNDPX
,EUDKLP  5LMHWNL VX RQL NRML L] GDOHNLK NUDMHYD QD KDGC GROD]H D L VDPLK 0HNHOLMD NRML
VX VH WRJD VDaXYDOL $OODK MH X]GLJDR .DEX WLPH ^WR MH XaLQLR KDGC VDVWDYQLP GLMHORP
LVODPD ]D RQRJ NR MH X PRJX`QRVWL GD MH SRVMHWL ]DWLP SURSLVDR MH RGUH_HQH
LEDGHWH NRML VH NRG QMH REDYOMDMX L GDR MRM SRVHEQH YULMHGQRVWL 3URSLVDQ MH  NRML
VH REDYOMD RELOD]H`L RNR QMH ]DWLP QDPD] NRML VH NODQMD RNUH`X`L VH SUHPD QMRM D
QLMH SURSLVDQR ]DNOLQMDQMH QMRP L WRPH VOLaQR ^WR VH WUHWLUD NDR ^LUN X LEDGHWX dI^
`^^f^@^^@^^f@  2QGD VX RQL NRML VX ELOL QHSUDYHGQL ]DPLMHQLOL GUXJRP
5LMHa NRMD LP MH ELOD UHaHQD ,,


# .        
D(
 0 1* +, - +   
 ED'  %/
EC:  + DEC( #/ (ED D C 3, 8+  ,. , 
% ,+ , # 

  ,. , + . + . 6 3/. &+.  + 

F, + %/0
1$+,,,+.,- + .
1  .+/  ,,  * 
# . 0 18 + , ,.,  .+-,,
3.+ 3., +  8 , 8 
%
* +, - +   (E   +,,,+./
.,/
# 
 3., -  4. ,,/
1 $0       
D

D  !"# $%!&#

2Q WDNR_HU SUHQRVL RG ,EQ$EEDVD GD MH QHNL aRYMHN UHNDR 9MHURYMHVQLNX


VDYV >WR MH KWLR $OODK L WL SD PX MH 9MHURYMHVQLN UHNDR -HVL OL PH $OODKX
XaLQLR VXSDUQLNRP 1HPRM WDNR JRYRULWL QHJR UHFL
2QR ^WD MH $OODK KWLR 2Q

-HGLQL


1MHJRYH VX ULMHaL 9L XLVWLQX aLQLWH  SULGUXCLYDQMH  9L NDCHWH


>WR MH KWLR
$OODK L WL
 ARYMHN LDNR LPD VYRMX VORERGQX YROMX RQD RYLVL R $OODKRYRM GC^ YROML
NDNR WR 8]YL^HQL $OODK NDCH

A^^@Kg@A^^pBFA^^pLA^^  $ YL QH PRCHWH QL^WD KWMHWL DNR WR $OODK


*RVSRGDU VYMHWRYD QH`H /;;;, 8 RYRP MH DMHWX L KDGLVX RGJRYRU NDGHULMDPD L
PXWH]LOLMDPD NRML QHJLUDMX NDGHU RGUH_HQMH L NRML NDCX GD aRYMHN LPD YROMX NRMD VH
PRCH VXSURWVWDYLWL RQRPH ^WR MH $OODK KWLR L CHOLR RG aRYMHND 8]YL^HQL MH UHNDR

gd^^HA^^`^^^o^A^F 8LVWLQX 0L VYDNX VWYDU V PMHURP VWYDUDPR /,9


@h^dLgd^^o^ ` , NRML MH VWYRULR VYDNX VWYDU L RGPMHULR MRM PMHUX ;;9 8
KDGLVX VWRML 3UYR ^WR MH $OODK VWYRULR MHVWH SHUR D RQGD PX UHNDR
3L^L
7DNR MH
]DSLVDQR ^WD `H VH GRJD_DWL GR 6XGQMHJ GDQD 2YDM KDGLV QDOD]L VH X  L
GUXJLP ]ELUNDPD

1MHJRYH VX ULMHaL 2Q WDNR_HU SUHQRVL RG ,EQ$EEDVD GD MH QHNL aRYMHN UHNDR


9MHURYMHVQLNX VDYV
>WR MH KWLR $OODK L WL
 SD PX MH 3RVODQLN VDYV X]YUDWLR

-HVL OL PH $OODKX XaLQLR VXSDUQLNRP 1HPRM WDNR JRYRULWL QHJR UHFL
2QR ^WD MH
$OODK KWLR 2Q -HGLQL
 2YR REMD^QMDYD RQR ^WR MH SUHWKRGQR UHaHQR D WR MH GD WR
SRWSDGD SRG  MHU RQR ^WR MH YH]DQR YH]QLNRP  L LPD VWDWXV RQRJD ]D ^WR MH
YH]DQR EXGX`L GD MH YH]QLN  L RGUH_HQ GD VH NRULVWL ]D VDELUDQMH X RS`HP
VPLVOX


    $  
    %  
:
; .+- 3., ! .
.. 
((
!6.+ & +. 6 &/  -0 154.,  / .,3./ #

1 #/ 
  EC  CD D  , ! .#  

* +, - +  ! .8 
C
  
 ..+ .+ / 7  7
;. -0 1  ., ,  6.+ . . 0 1B
+ # ,   .-, . 0 B + # ,  6/ 7,  , 
1 ;, + ,  
<.+0
154.,  / # 3.,/I1 + , ! .8+  6.4.+ + ,
$   
    
C:


#/    'ED
 & 
..  . 
/6 
DD(

/ 
C'(   , 5 
/ 

;, + +,,,+. 
1  -
./ .7,      ) , + , , ,  /  # 567. /+

 !"# $%!&# D '

,EQ0DGCGCH SUHQRVL RG 7XIHMOD $L^LQRJ EUDWD SR PDMFL GD MH RQD ND]DOD


NDNR MH RYDM SULaDR  8VQLR VDP NDNR VDP GR^DR GR JUXSH CLGRYD L UHNDR
9L
VWH SUDYL QDURG VDPR GD QH JRYRULWH GD MH 8]HMU %RCLML VLQ
2QL VX RGJRYRULOL
,
YL LVWR WDNR SUDYL VWH QDURG VDPR GD QH JRYRULWH
>WD MH KWLR $OODK L KWLR
0XKDPPHG
3RWRP VDP SUR^DR SRUHG VNXSLQH NU^`DQD L UHNDR
9L VWH SUDYL
QDURG VDPR GD QH JRYRULWH GD MH 0HVLMD %RCLML VLQ
2QL VX RGJRYRULOL
, YL VWH
LVWR WDNR SUDYL QDURG VDPR GD QH JRYRULWH
>WD MH KWLR $OODK L KWLR
0XKDPPHG
.DGD VDP RVYDQXR LVSULaDR VDP WR PQRJLPD D SRWRP GR^DR
9MHURYMHVQLNX VDYV L REDYLMHVWLR JD 8SLWDR MH
-HVL OL R RYRPH QHNRJD
REDYLMHVWLR"

'D
 RGJRYRULR VDP
 3RWRP MH RQ ]DKYDOLR $OODKX L SRKYDOLR *D
D ]DWLP UHNDR
7XIHMO MH XLVWLQX XVQLR VDQ L LVSULaDR JD PQRJLPD RG YDV 9L VWH
L]JRYDUDOL ULMHaL D WR L WR PH VSUHaDYDOR GD YDP LK ]DEUDQLP 3UHPD WRPH
QHPRMWH JRYRULWL
>WD MH KWLR $OODK L KWLR 0XKDPPHG
 QHJR UHFLWH
>WD MH KWLR

$OODK VDP

3UHPD WRPH QLMH GRSX^WHQR GD VH VWYRUHQMH L]MHGQDaL VD 6WYRULWHOMHP X ELOR NRP


VYRMVWYX NRMH VH RGQRVL QD

 L 

  SD PDNDU X QHNRP QDMPDQMHP REOLNX
NDR ^WR MH SUHWKRGQR QD WR XND]DQR NDGD MH QDYHGHQ SULPMHU GYRMLFH OMXGL RG NRMLK MH
MHGDQ NDR CUWYX NLSX SULQLR PX^LFX SD MH ]ERJ WRJD X^DR X YDWUX 8 QMHPX VH WDNR_HU
JRYRUL GD MH 9MHURYMHVQLN ]D^WLWLR JUDQLFH  L ]DWYRULR SXWHYH 
SULGUXCLYDQMD  NDNR X ULMHaLPD WDNR L X GMHOLPD
1MHJRYH VX ULMHaL 2G 7XIHMOD 7R MH 7XIHMO E $EGXOODK E 6HKEHUH EUDW $L^LQ SR
PDMFL ,EQ0DGCGCH PX MH ]DELOMHCLR MHGDQ KDGLV D WR MH RYDM NRML MH QDYHR DXWRU X
RYRP SRJODYOMX GD PX VH $OODK VPLOXMH 2YDM MH VDQ ELR LVWLQLW 1MHJD MH $OODKRY
3RVODQLN VDYV SRWYUGLR L SRVWXSLR SR QMHPX WH MH ]DEUDQLR GD JRYRUH
>WR MH $OODK
KWLR L KWLR 0XKDPPHG
8PMHVWR WRJD QDUHGLR LP MH GD JRYRUH


* +, - + ! .8 
C   ..+ .H+ / 7  7
, +
 , +
  #7.,-  3, /+2
5  F +
%7  ,. , %6+

/. 

  + . //. ,  . , + ,  +  ,0 1$  . , 
., /,  . 4. 3.+  
 $ -,,0 B + , #  , 8//
1 !34, +
, $+,+. 



  ,. + ,0 1& , / # , / / , 6 .
",,0 B +
# ,  6/ 7 + , 8//
1 #/ 'ED:D , %6+ 

&/ 
C C , +

   #7.,- 3, /+2
, + +,,,+.  , 7, + , # .    
    
D D

D (  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 GD VX CLGRYL ]QDOL ]D PDOL ^LUN
 GD aRYMHN ]QD NDGD LPD VWUDVW NRMX VOLMHGL 
 QMHJRYH VDYV ULMHaL 8aLQLR VL PH $OODKX VXSUDQLNRP D ^WD UH`L ]D
RQRJD NR NDCH
2 QDMSOHPHQLWLML PH_X VWYRUHQMLPD PLVOL QD 3RVODQLND VDYV  MD QHPDP
NRG NRJD WUDCLWL XWRaL^WH RVLP NRG WHEH NDGD GR_H VPDN VYLMHWD L GYD VWLKD
SRVOLMH RYRJ 
 GD RYR QLMH YHOLNL ^LUN MHU MH RQ UHNDR VSUHaDYDOR PH WR L WR

 GD VX GREUL VQRYL YLG REMDYH
 GD VX RQL ELOL X]URN SURSLVLYDQMD RGUH_HQLK SURSLVD


>WR MH $OODK VDP KWLR
$OHMKLVVHODP MH GRVWDYLR MDVQX SRUXNX L XSR]RULR QD 
PDOL L YHOLNL 3RJOHGDM NROLNL VH  GH^DYD X RYRP XPPHWX JGMH VYLMHW ]D]LYD XPUORJ
VD XGDOMHQRVWL PMHVHF GYD LOL YL^H 2QL YMHUXMX GD RQ GRQRVL GREUR LOL ]OR GD aXMH L GD
VH RGD]LYD VD WH XGDOMHQRVWL 2QL VX XPUOH XaLQLOL VXGUX]LPD $OODKX X SRJOHGX YODVWL
XSUDYOMDQMD SR]QDYDQMD QHYL_HQRJ  L RVWDOLK RVREHQRVWL 

  1DVXSURW
WRPH RQL VX RVWDYLOL QMLKRYRJ 9MHURYMHVQLND L RQR ^WR MH RQ GRQLR ^WD MH UHNDR ^WD MH
]DEUDQLR NDR GD QLVX aXOL ]D .QMLJX .XU
DQ L VXQQHW 1MHJD MH NDR ^WR YLGL^ $OODK
SRVODR VD ]DEUDQRP  2Q MH ELR XVWUDMDQ X SR]LYDQMX OMXGL ND YMHURYDQMX X
$OODKRYX MHGQR`X SRVYH`LYDQMX VYRJ   VDPR 1MHPX WDNR GD LP MH $OODK
XSRWSXQLR YMHUX L XSRWSXQLR LP EODJRGDW 0H_XWLP RQL VX QDSXVWLOL VDYU^HQL SXW L
NUHQXOL SXWHP ]DEOXGH QDSXVWLOL VX SXW VSDVD L NUHQXOL SXWHP SURSDVWL 2YR LDNR MH
ELR VDQ QMHJD MH $OODKRY 3RVODQLN VDYV SRWYUGLR L REDYLMHVWLR GD MH LVWLQD


89/ + . /,-  -.    , ,  .,  .
/, + <,. 



 /,-, ,
3,
?,3
3
@
 !"# $%!&# D


21$-.2368-(95,-(0(2195,-(?$$//$+$
hd@FAAAOAd@ALAXFA@A 9AL@

8]YL^HQL $OODK NDCH 


3RVWRML VDPR CLYRW QD^ ]HPDOMVNL CLYLPR L XPLUHPR
MHGLQR QDV YULMHPH XQL^WL
 JRYRUH RQL (O'CDVLMD 
8 6DKLKX VH SUHQRVL RG (EX+XUHMUHD GD MH 9MHURYMHVQLN VDYV UHNDR
8]YL^HQL $OODK UHNDR MH
ARYMHN 0H YULMH_D 2Q SVXMH YULMHPH D -D VDP YULMHPH
-D VDP 7DM .RML GDMH GD VH PLMHQMD GDQ L QR`


1MHJRYH VX ULMHaL 2QDM NR SVXMH YULMHPH RQ YULMH_D $OODKD L ULMHaL $OODKD


8]YL^HQRJ

hd@FAAAOAd@ALAXFA@A 

3RVWRML VDPR CLYRW QD^ ]HPDOMVNL CLYLPR L XPLUHPR MHGLQR QDV YULMHPH XQL^WL

JRYRUH RQL ,PDG E .HVLU X VYRPH 7HIVLUX NDCH $OODK JRYRUL R DWHLVWLPD
QHYMHUQLFLPD GHKULMDPD L RVWDOLPD NRML VH V QMLPD VODCX NDR ^WR VX DUDSVNL PX^ULFL
NRML QLMHaX SURCLYOMHQMH L JRYRUH

AOAd@ALAXFA  
3RVWRML VDPR CLYRW QD^ ]HPDOMVNL CLYLPR L XPLUHPR WM QH SRVWRML QL^WD GUXJR
QHJR RYDM VYLMHW QD NRMHP MHGQL XPLUX D MHGQL CLYH L QHPD SURCLYOMHQMD QLWL .LMDPHWVNRJ
GDQD 2YDNR VX JRYRULOL DUDSVNL PX^ULFL NRML VX QHJLUDOL SURCLYOMHQMH 2YDNR JRYRUH L
ILOR]RIL WHR]RIL NRML QHJLUDMX VWYDUDQMH L SURCLYOMHQMH =ERJ WRJD MH 8]YL^HQL R QMLPD
UHNDR

hd@FAA 

MHGLQR QDV YULMHPH XQL^WL 8]YL^HQL MH UHNDR

FFfHA

$ RQL R WRPH ED^ QL^WD QH ]QDMX RQL VDPR QDJD_DMX ;/9 WM SUHWSRVWD
YOMDMX L ]DPL^OMDMX
D   !"# $%!&#

1MHJRYH VX ULMHaL 2G (EX+XUHMUHD SUHQRVL VH GD MH 9MHURYMHVQLN VDYV UHNDR


8]YL^HQL $OODK UHNDR MH
ARYMHN 0H YULMH_D 2Q SVXMH YULMHPH D -D VDP YULMHPH -D
VDP 7DM .RML GDMH GD VH PLMHQMD GDQ L QR`


 8 GUXJRP SUHGDQMX VWRML 1HPRMWH SVRYDWL YULMHPH MHU MH $OODK XLVWLQX

YULMHPH
8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD
 ]DEUDQD SVRYDQMD YUHPHQD
 QD]LYDQMH WRJ aLQD YULMH_DQMHP $OODKD
 UD]PL^OMDQMH R 1MHJRYLP ULMHaLPD -HU MH $OODK XLVWLQX YULMHPH
 GD PRCGD VWMHaH VWDWXV SVRYDaD SD PDNDU WR QH PLVOLR VYRMLP VUFHP

8 GUXJRP SUHGDQMX VWRML 1HPRMWH SVRYDWL YULMHPH MHU $OODK MH XLVWLQX YULMHPH
8 >HUKXVVXQQHQX NDCH 2YDM KDGLV SUHQRVH %XKDULMD L 0XVOLP X   RG
0D
PHUD SUHNR UD]OLaLWLK SUHQRVLODFD NRML JD SUHQRVH RG (EX+XUHMUHD 2Q JRYRUL R
WRPH GD VX $UDSL LPDOL RELaDM JUGLWL YULMHPH L SVRYDWL JD NRG QHSRJRGD MHU VX QMHPX
SULSLVLYDOL QHYROMH NRMH VX LK SRJD_DOH *RYRULOL VX =DGHVLOD LK MH QHVUHWQD VXGELQD L
XQL^WLOR LK MH YULMHPH 3UHPD WRPH NDGD YUHPHQX SULSL^X QHYROMH NRMH VX LK ]DGHVLOH
RQL WLPH YULMH_DMX QMLKRYRJ 8]URaQLND 'DNOH WR YULMH_DQMH VH YUD`D QD $OODKD
8]YL^HQRJ MHU MH 2Q LVWLQVNL X]URaQLN WLK VWYDUL NRMH RQL QDYRGH 8SUDYR ]ERJ WRJD
]DEUDQMHQR LP MH GD SVXMX YULMHPH =DYU^HQ QDYRG X QH^WR VNUD`HQRP REOLNX
3ULSLVLYDQMH GMHOD YUHPHQX L QMHJRYR JU_HQMH UDVSURVWUDQMHQR MH PH_X DUDSVNLP
SMHVQLFLPD NDR ^WR MH ,EQXO0X
WH]] 0XWHQHEEL L GUXJL 8 WR VH QH XEUDMD RSLVLYDQMH
JRGLQH NDR WH^NH MHU MH 8]YL^HQL UHNDR

c@doIkedHLCP 

MHU `H SRVOLMH WRJD GR`L VHGDP WH^NLK JRGLQD  ;,,


1HNL VX SMHVQLFL UHNOL
1R`L VX VWUD^QH X QMLPD VH CLYRWL VNODSDMX L QDVWDMX
1DMNUD`L CLYRW X EULJDPD MH GXJ D QDMGXCL X UDGRVWL NUDWDN


 
C(  &+ 
(        
: 
    0 >@^ @dIBdh7
8/ 
CC ( 6 /.   ..+ .
 
#/ CECD C C
! -, 3.+ ,+ + 6 +, 8/ 
CC ( 6  .
.+ .  
#/    CED:' : :( :: ,  %+ 


 !"# $%!&# D :

t
1$=,9$1-(1(.2*$95+291,068&(0,720(6/,A12
8 6DKLKX ELOMHCL VH RG (EX+XUHMUHD GD MH 9MHURYMHVQLN VDYV UHNDR
1DMQLCH L QDMSRGOLMH LPH NRG $OODKD LPD aRYMHN NRML VH ]RYH YODGDU QDG
YODGDULPD 1HPD YODGDUD RVLP $OODKD ,VWR MH NDCH 6XIMDQ FDU FDUHYD ^DK
QDG ^DKRYLPD  8 MHGQRP GUXJRP SUHGDQMX VWRML ARYMHN NRML `H ELWL QDMUXCQLML

L QD NRJD `H $OODK QDMYL^H ELWL OMXW QD .LMDPHWVNRP GDQX

 
        
1MHJRYH VX ULMHaL 8 
VH ELOMHCL RG (EX+XUHMUHD GD MH 9MHURYMHVQLN
VDYV UHNDR
1DMQLCH L QDMSRGOLMH LPH NRG $OODKD MHVWH LPH RQRJ aRYMHND NRML VH
]RYH YODGDU QDG YODGDULPD 1HPD YODGDUD RVLP $OODKD 7R MH ]ERJ WRJD ^WR RYR LPH
]DVOXCXMH VDPR $OODK MHU 2Q MH 9ODGDU QDG YODGDULPD 2Q MH XLVWLQX 9ODGDU 1MHPX
SULSDGD VYD YODVW L VYD KYDOD L 2Q MH VYHPR`DQ

2Q XSUDYOMD YODGDULPD L RVWDOLP SR 6YRMRM YROML L KWLMHQMX NDNR MH 8]YL^HQL UHNDR


5HFL

 ApL@jLApL@LL@A@^
`@dHApLfLApLjL

2 $OODKX .RML VYX YODVW LPD^ 7L YODVW RQRPH NRPH KR`H^ GDMH^ D RGX]LPD^ MH
RG RQRJD RG NRJD KR`H^ 7L RQRJD NRJD KR`H^ X]YLVXMH^ D RQRJD NRJD KR`H^
XQL]XMH^ X 7YRMRM UXFL MH VYDNR GREUR 7L XLVWLQX VYH PRCH^
 ,,, 3UHPD WRPH
QH WUHED VH YHOLaDWL VWYRUHQMH QD QDaLQ NRML MH VOLaDQ RQRPH NDNR VH YHOLaD 6WYRULWHOM
8]YL^HQL 6YH ^WR MH VOLaQR WRPH ]DEUDQMXMH VH NDNR MH WR QDVORYLR DXWRU LPDMX`L X
YLGX GD WDNYR ]QDaHQMH GROLNXMH MHGLQR $OODKX


 
(C '(C (      -/  
8/ 
C D    
/ // //  //
* +, - +   & 
:(  
  / + /./
#/    CEC

D  !"# $%!&#

1MHJRYH VX ULMHaL 1DMQLCH L QDMSRGOLMH DKQH


]QDaL HYGD
QDMQLCH
QDMEMHGQLMH 
8 QMHPX VH WUHWLUDMX VOMHGH`D SLWDQMD
 ]DEUDQD GD VH QHNR ]RYH YODGDU QDG YODGDULPD
 GD RQR ^WR LPD WDNYR ]QDaHQMH LPD LVWL VWDWXV NDNR MH UHNDR 6XIMDQ
 UD]ERULWR SURPL^OMDQMH R RYRM VWYDUL L QMLPD VOLaQLP X] XYMHUHQMH GD VUFH
QLMH VPMHUDOR WDNYR ]QDaHQMH
 UD]ERULWR SURPL^OMDQMH GD MH WR WDNR RGUH_HQR UDGL YHOLaDQMD $OODKD
8]YL^HQRJ

3UHPD WRPH QH RGJRYDUD GD VH 1MHJRYLP LPHQRP ]RYH VWYRUHQMH MHU VYDNL L]UD]
NRML ]QDaL YHOLaDQMH L VDYU^HQRVW QH GROLNXMH QLNRP GUXJRP RVLP 1MHPX 8]YL^HQRP
1MHJRYH VX ULMHaL ,VWR MH NDCH 6XIMDQ FDU FDUHYD ^DK QDG ^DKRYLPD  .RG
QHDUDSVNLK QDURGD SRVWRML RYDNDY L]UD] YODGDU QDG YODGDULPD ]DWR JD MH NDR SULPMHU
LVWDNDR 6XIMDQ 1MHJRYH VX ULMHaL 8 MHGQRP GUXJRP SUHGDQMX VWRML ARYMHN NRML `H
ELWL QDMUXCQLML L QD NRJD `H $OODK QDMYL^H ELWL OMXW QD .LMDPHWVNRP GDQX 1DMYL^H ELWL
OMXW 
MHVWH RG ULMHaL  D ]QDaL LVWR ^WR L  L 
 VUGCED
PUCQMD  3UHPD WRPH RQ `H $OODKX ELWL PU]DN RG RQLK QD NRMH VH 2Q UDVUGLR 2YR VX
VYRMVWYD NRMD VH WXPDaH RQDNR NDNYR ]QDaHQMH LPDMX X MH]LNX GD VH QMLKRYR
]QDaHQMH QH L]RSDaXMH WXPDaL GUXJDaLMH RG OLWHUDUQRJ ]QDaHQMD EH] SRUH_HQMD VD
VYRMVWYLPD VWYRUHQMD L XSRUH_LYDQMD D $OODK QDMEROMH ]QD
1MHJRYH VX ULMHaL QDMUXCQLML 2YR XND]XMH GD `H RYDM ELWL UXCDQ NRG $OODKD DNR
MH ELR ]DGRYROMDQ WLPH ^WR JD MH VYLMHW YHOLaDR RQLP ^WR RQ QH ]DVOXCXMH L XNROLNR WR
QLMH RGEDFLYDR L PU]LR
1MHJRYH VX ULMHaL 1DMQLCH L QDMSRGOLMH   ]QDaL  QDMQLCH QDMEMHGQLMH 
6SRPHQXWR QHJLUD SRWSXQRVW WHYKLGD QD NRML MH XND]DOD 5LMHa LVNUHQRVWL WDNR GD X
WRPH LPD PUOMD  LDNR VH QH UDGL R YHOLNRP 

 !"# $%!&# D

  ZDi
32>7,9$1-(,0(1$$//$+$8=9,>(12*,3520-(1$
,0(1$=%2*72*$
2G (EX>XUHMKD SUHQRVL VH GD MH RQ QRVLR GRGDWDN LPHQX (EXO+DNHP 2WDF
VXFD  SD PX MH 9MHURYMHVQLN VDYV UHNDR $OODK MH XLVWLQX VXGDF L 1MHPX
SULSDGD VXG 1D WR PX MH RQ RGJRYRULR 0RML VDSOHPHQLFL NDGD VH X QHaHP
VSRUH GR_X PHQL L MD LP SUHVXGLP WDNR GD REMH VWUDQH EXGX ]DGRYROMQH 7R MH
L]YDQUHGQR >WD LPD^ RG GMHFH" XSLWDR MH 3RVODQLN VDYV ,PDP >XUHMKD
0XVOLPD L $EGXOODKD UHNDR VDP .RML MH QDMVWDULML XSLWDR MH >XUHMK UHNDR

VDP 7L VL RQGD (EX>XUHMK UHNDR MH =DELOMHCLR JD MH (EX'DYXG L GUXJL

       


   
1MHJRYH VX ULMHaL 2G (EX>XUHMKD 2Q MH +X]DLMD ,PH PX MH +XYHMOLG E $PU
,VODP MH SULPLR QD GDQ RVORED_DQMD 0HNH 2G QMHJD MH ]DELOMHCHQR GYDGHVHW KDGLVD
RG NRMLK VH GYD QDOD]H NRG %XKDULMH L 0XVOLPD GRN %XKDUL SUHQRVL MR^ MHGDQ KDGLV
2G QMHJD VX SUHQRVLOL (EX6HLG 0DNEXUL 1DIL E 'CXEHMU L GUXJL ,EQ6DG MH UHNDR
8PUR MH X 0HGLQL ^H]GHVHW RVPH JRGLQH SR +LGCUL 
1MHJRYH VX ULMHaL SULLPHQDN NXQ
MH  7R MH RQR ^WR SRaLQMH ULMHaMX EDER LOL PDMND L
WRPH VOLaQR NDR ^WR MH EDER 0XKDPPHGRY (EX0XKDPPHG  /HNDE LPH
QDGLPDN MH QH^WR GUXJR NDR ^WR MH QSU =HMQXODELGLQ
1MHJRYH VX ULMHaL VDYV $OODK MH XLVWLQX VXGDF L 1MHPX SULSDGD VXG WM 2Q
8]YL^HQL MH VXGLMD QD GXQMDOXNX L QD DKLUHWX 2Q SUHVX_XMH PH_X 6YRMLP URERYLPD QD
GXQMDOXNX SXWHP 6YRMH REMDYH NRMX MH VODR SUHNR 6YRMLK YMHURYMHVQLND L SRVODQLND
1HPD QL MHGQRJ SLWDQMD D GD ]D QMHJD QH SRVWRML 1MHJRYD RGUHGED X RQRPH ^WR MH 2Q
REMDYLR 6YRPH 3RVODQLNX X .QML]L .XU
DQX L KLNPHWX VXQQHWX 


* +, - +  & 
:''      -+/  
    
$  

 ECC(     6 / .   +./
+
 E '
%/ EC :
+-, . + , 
$0   
C('

DC  !"# $%!&#

0H_XWLP RGUH_HQL SURSLV PRCH SRQHNDG ]D PXGCWHKLGD ELWL QHSR]QDW


0XGCWHKLGL LDNR VH UD]L_X X QHNLP SURSLVLPD MHGDQ RG QMLK MHVWH RQDM NRML MH SRJRGLR
2QDM NRJD MH $OODK RSVNUELR VQDJRP UD]XPLMHYDQMD L GDR PX VSRVREQRVW SRPR`X
NRMH PRCH SUHSR]QDWL RQR ^WR MH LVSUDYQR PH_X VWDYRYLPD XaHQMDND RQ `H VSR]QDWL
^WD MH RG WRJD LVSUDYQR
1MHJRYH VX ULMHaL L 1MHPX SULSDGD VXG QD GXQMDOXNX L DKLUHWX NDR ^WR MH
8]YL^HQL UHNDR

@FYoMM`@A

0D X aHPX VH UD]L^OL WUHED SUHVXGX GDWL $OODK ;/,,

kh@@FchoMiALG

$ DNR VH X QHaHPX QH VODCHWH REUDWLWH VH $OODKX L 3RVODQLNX ,9 3UHPD


WRPH WUDCHQMH SUHVXGH RG $OODKD MHVWH X]LPDQMH ]D VXFD 1MHJRYH .QMLJH 7UDCHQMH
SUHVXGH RG 1MHJRYD 3RVODQLND MHVWH X]LPDQMH QMHJD ]D VXFD NDG MH RQ ELR CLY L
QMHJRYD VXQQHWD QDNRQ QMHJRYH VPUWL
1MHJRYH VX ULMHaL 1D WR PX MH RQ RGJRYRULR
0RML VDSOHPHQLFL NDGD VH X QHaHP
VSRUH GR_X PHQL L MD LP SUHVXGLP WDNR GD REMH VWUDQH EXGX ]DGRYROMQH
 7R ]QDaL D
$OODK QDMEROMH ]QD GD VX RQL ELOL ]DGRYROMQL (EX>XUHMKRP GD LP RQ SUHVX_XMH X
RQRPH ^WR VX VH PH_XVREQR UD]LOD]LOL WH VX JD QD RVQRYX WRJD QD]YDOL VXFHP >WR
VH WLaH SUHVXGD QH]QDOLFD EHGXLQD L QMLPD VOLaQLK RQLK NRML VX VXGLOL SR SUHVHGDQLPD
VYRMLK SUHGDND L SR VYRMLP VWUDVWLPD WR QH VSDGD X RYR SRJODYOMH MHU ]D WR SRVWRML
R^WUD ]DEUDQD 1DGDOMH WR VH VPDWUD QDSX^WDQMHP $OODKRYRJ SURSLVD L SURSLVD
1MHJRYD 3RVODQLND L SULKYDWDQMHP RQRJD ^WR MH V WLP X NROL]LML NDR ^WR MH 8]YL^HQL
UHNDR

hA@C@jBA

$ RQL NRML QH VXGH SR RQRP ^WR MH $OODK REMDYLR RQL VX SUDYL QHYMHUQLFL 9
2YR MH UDVSURVWUDQMHQR ,PD OMXGL NRML PH_X GYRMLFRP SDUQLaDUD VXGH SR VYRP
PL^OMHQMX L VWUDVWL 1HNL RG QMLK VOLMHGH SUHVHGDQH VYRMLK SUHGDND L VXGH RQDNR NDNR VX
RQL SUHVX_LYDOL 7R MH QHYMHUVWYR 
 NDGD VH XVWDELOL L QDGYODGD RQH NRML VH WRPH
VXSURWVWDYOMDMX L NRMLPD VH VYLMHW REUD`D NRG UD]LODCHQMD
1MHJRYH VX ULMHaL >WD LPD^ RG GMHFH" XSLWD 3RVODQLN VDYV ,PDP >XUHMKD
0XVOLPD L $EGXOODKD UHNDR VDP .RML MH QDMVWDULML XSLWDR MH >XUHMK UHNDR VDP
7L VL RQGD (EX>XUHMK UHNDR MH
 !"# $%!&# DD

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 SR^WLYDQMH $OODKRYLK LPHQD L 1MHJRYLK VYRMVWDYD SD PDNDU aRYMHN L QH
PLVOLR QMLKRYR ]QDaHQMH
 SURPMHQD LPHQD ]ERJ WRJD
 RGDELU LPHQD QDMVWDULMHJ VLQD GD SR QMHPX EXGH GRGDWDN LPHQX NXQ
MH 

7DNR PX MH RQ GRGDWDN LPHQX RGUHGLR SR QDMVWDULMHP VLQX L WR MH VXQQHW 2Q MH


SURPLMHQLR QMHJRY GRGDWDN LPHQX (EXO+DNHP MHU MH $OODK  JHQHUDOQR 2WXGD
VH    YODGDUL ]RYX 
 YODGDUL  7DM RELaDM WUHED QDSXVWLWL L ]DEUDQLWL JD
]ERJ RYRJ KDGLVD 2YDNR QH^WR GHVLOR VH QHGDYQR PH_X VYLMHWRP
D  !"# $%!&#

 
  7
.26(>$/,,,60,-$9$6(6$1(A,08A(086(
6320,1-($//$+292,0(,/,6$.85
$120,/,6$
326/$1,.206$9672-(1(9-(51,. .$),5
|AAFMCk 9AL@ 
jMlLMkgLADAHBJ

, 5LMHaL 8]YL^HQRJ $OODKD $ DNR LK ]DSLWD^ RQL `H VLJXUQR UH`L


0L VPR
VDPR UD]JRYDUDOL L ]DEDYOMDOL VH
5HFL
=DU VH QLVWH $OODKX L ULMHaLPD 1MHJRYLP L
3RVODQLNX 1MHJRYX UXJDOL"
 (W7HYED 
2G ,EQ2PHUD 0XKDPPHGD E .D
ED =HMGD E (VOHPD L .DWDGHD D QMLKRYR
SULSRYLMHGDQMH QDGRYH]XMH VH MHGQR QD GUXJR SUHQRVL VH GD MH QHNL aRYMHN X
YULMHPH SRKRGD QD 7HEXN UHNDR 1LVPR YLGMHOL VOLaQH RYLP QD^LP XaDaLPD
SXQLMLK VWRPDND ODCOMLYLMLK MH]LND L VWUD^OMLYLMLK X ERUEL PLVOH`L QD $OODKRYD
3RVODQLND VDYV L QMHJRYH DVKDEH XaDaH

1MHJRYH VX ULMHaL .R VH ^DOL L LVPLMDYD VH VD QHaLP X aHPX VH VSRPLQMH $OODKRYR


LPH LOL VD .XU
DQRP LOL VD 3RVODQLNRP SRaLQLR MH QHYMHUVWYR NXIU  , 5LMHaL 8]YL^HQRJ
$OODKD

J|AAFMCk

$ DNR LK ]DSLWD^ RQL `H VLJXUQR UH`L


0L VPR VDPR UD]JRYDUDOL L ]DEDYOMDOL
VH

,PDG E .HVLU GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH X VYRP 7HIVLUX (EX
0D^HU 0HGHQL SUHQRVL RG 0XKDPPHGD E .D
ED .XUH]LMD L GUXJLK GD VX ND]DOL
1HNL
MH OLFHPMHU UHNDR
6PDWUDP GD VX RYL QD^L XaDaL QDMYH`H L]MHOLFH PH_X QDPD QDMYH`L
ODCOMLYFL L QDMVWUD^OMLYLML X ERUEL

7R MH SUHQHVHQR $OODKRYRP 3RVODQLNX VDYV D RQ


VH ELR VSUHPLR QD SROD]DN L X]MDKDR VYRMX GHYX 5HNDR PX MH OLFHPMHU 
$OODKRY
3RVODQLaH J|AAF 0L VPR VDPR UD]JRYDUDOL L ]DEDYOMDOL VH
1D WR PX MH RQ
RGJRYRULR jMlLMkgLADAHB
 !"# $%!&# D'

1D WR PX MH $YI E 0DOLN UHNDR 6ODJDR VL 7L VL XLVWLQX OLFHPMHU 2 WRPH
`X REDYLMHVWLWL $OODKRYD 3RVODQLND VDYV $YI MH RWL^DR $OODKRYRP 3RVODQLNX
VDYV GD EL JD REDYLMHVWLR 0H_XWLP .XU
DQ JD MH X WRPH YH` ELR SUHWHNDR
7DM MH aRYMHN GR^DR $OODKRYRP 3RVODQLNX VDYV NRML VH VSUHPLR ]D SRNUHW L
X]MDKDR VYRMX GHYX L UHNDR PX $OODKRY 3RVODQLaH 0L VPR VDPR UD]JRYDUDOL L
]DEDYOMDOL VH RQDNR NDNR UD]JRYDUDMX SXWQLFL VNUD`XMX`L WLPH SXW ,EQ2PHU MH
UHNDR .DR GD JD VDG JOHGDP NDNR VH GUCL ]D NRODQ GHYH $OODKRYRJ 3RVODQLND
VDYV GRN VX QMHJRYH QRJH XGDUDOH RG NDPHQMH L SRQDYOMD PL GD VPR VDPR
UD]JRYDUDOL L ]DEDYOMDOL VH D $OODKRY 3RVODQLN VDYV QD WR PX RGJRYDUD QH
RNUH`X`L VH SUHPD QMHPX L QH GRGDMX`L ELOR ^WD GUXJR
jM^^lLMkgLADAHB
=DU VH QLVWH $OODKX L ULMHaLPD 1MHJRYLP L 3RVODQLNX
1MHJRYX UXJDOL"



=DU VH QLVWH $OODKX L ULMHaLPD 1MHJRYLP L 3RVODQLNX 1MHJRYX UXJDOL"
 GR 1MHJRYLK
ULMHaL ^h@A^^CH
]DWR ^WR VX NULYFL
1MHJRYH VX QRJH XGDUDOH RG NDPHQMH GRN
VH GUCDR ]D NRODQ GHYH $OODKRYRJ 3RVODQLND D $OODKRY 3RVODQLN VDYV QD QMHJD
VH QLMH RED]LUDR1MHJRYH VX ULMHaL A^Fd^Hh^d^@gf^ML  1H LVSULaDYDMWH VH
1HYMHUVWYR VWH SRaLQLOL D WYUGLOL VWH GD VWH YMHUQLFL WM WRP X]UHaLFRP NRMRP VWH VH
LVPLMDYDOL A}KfA}F  $NR QHNLPD RG YDV L RSURVWLPR GUXJH `HPR
ND]QLWL ]DWR ^WR VX NULYFL WM QH`H VYLPD ELWL RSUR^WHQR L QXCQR MH QHNH RG YDV ND]QLWL
MHU VX RQL ELOL SUHVWXSQLFL ]ERJ WH JUH^QH X]UHaLFH >HMKXOLVODP GD PX VH $OODK
8]YL^HQL VPLOXMH UHNDR MH $OODK MH QMHPX QDUHGLR GD NDCH AFdHhd

1HYMHUVWYR VWH SRaLQLOL D WYUGLOL VWH GD VWH YMHUQLFL
 0L^OMHQMH RQLK NRML WXPDaH GD
VX RQL X]QHYMHURYDOL QDNRQ ^WR VX X]YMHURYDOL VDPR QD MH]LNX D X VYRMLP VUFLPD ELOL
QHYMHUQLFL QLMH LVSUDYQR 7R MH ]ERJ WRJD ^WR YMHURYDQMH MH]LNRP GRN VUFH QH YMHUXMH
MHVWH X VWYDUL QHYMHUVWYR SD VH QH PRCH UH`L 1HYMHUVWYR VWH SRaLQLOL QDNRQ ^WR VWH
X]YMHURYDOL 2QL VX XLVWLQX ELOL L RVWDOL QHYMHUQLFL $NR VH PLVOL 9L VWH XLVWLQX SRND]DOL
QHYMHUVWYR QDNRQ ^WR VWH SRND]LYDOL YMHURYDQMH RQL WR QLVX SRND]LYDOL QHJR VDPR
EOLVNLP QMLPD L RQL VX VD QMLPD RVWDOL QD WRPH D ULMHaL QH XND]XMX GD VX RQL RVWDOL ELWL
OLFHPMHUL 8 QMHPX MH REMD^QMHQMH GD aRYMHN PRCH SRaLQLWL QHYMHUVWYR L]JRYDUDQMHP
ULMHaL LOL GMHORP NRMH XUDGL D QDMRSDVQLMD VX VWUHPOMHQMD VUFD NRMD VX NDR PRUH NRMH
QHPD REDOD 8 RYR VSDGD LVPLMDYDQMH QDXNH L XaHQMDND L QMLKRYR QHSR^WLYDQMH
D(  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 YHOLND VWYDU D WR MH GD NR VH VD RYLP LVPLMDYD RQ MH QHYMHUQLN NDILU 
 RYR MH SUDYL NRPHQWDU RYRJ DMHWD L RGQRVL QD ELOR NRJD NR WDNR QH^WR
XUDGL
 UD]OLND L]PH_X SUHQR^HQMD WX_LK ULMHaL L GDYDQMD VDYMHWD X SRJOHGX
YMHURYDQMD X $OODKD L 1MHJRYD 3RVODQLND


 !"# $%!&# D

 [D]
2,67,&$1-8%/$*2'$7,$//$+$8=9,>(12*
,32.8?(1267,1-,+292*1(*,5$1-$
@fMl@hwdHAgAeB 9AL@ATA

2 WRPH R aHPX JRYRUH ULMHaL 8]YL^HQRJ .DG JD REDVSHPR PLOR^`X 1D^RP


SRVOLMH QHVUH`H NRMD JD ]DGHVL RQ JRYRUL
2YR VDP L ]DVOXCLR
 DMHW )XVVLOHW

0XGCDKLG MH WR SURWXPDaLR  2YR MH ]ERJ PRJD UDGD L MD WR ]DVOXCXMHP
,EQ$EEDV MH UHNDR +R`H GD NDCH GD MH WR RG QMHJD
dMLBAFA 9

, 1MHJRYH VX ULMHaL 2YR ^WR LPDP VWHNDR VDP ]QDQMHP VYRMLP WDNR MD
PLVOLP (O.DVDV  5HNDR MH .DWDGH =QDQMHP NRMH MD SRVMHGXMHP
QMHJRYLP SRVWRMDQMHP VH SRVWLCH GRELWDN 'UXJL VX UHNOL =QDQMHP $OODKRYLP
GD VDP MD WRJD GRVWRMDQ 2YR ]QDaHQMH SRGXGDUD VH VD 0XGCDKLGRYLP
WXPDaHQMHP  6WHNDR VDP WR SUHPD XJOHGX

1MHJRYH VX ULMHaL R WRPH R aHPX JRYRUH ULMHaL 8]YL^HQRJ

@fMl@hwdHAgAeB


.DG JD REDVSHPR PLOR^`X 1D^RP SRVOLMH QHVUH`H NRMD JD ]DGHVL RQ JRYRUL

2YR VDP L ]DVOXCLR


 DMHW $XWRU GD PX VH $OODK 8]YL^HQL VPLOXMH SUHQRVL RG ,EQ
$EEDVD L GUXJLK NRPHQWDWRUD .XU
DQD RQROLNR NROLNR MH GRYROMQR GD VH VKYDWL
]QDaHQMH 5HNDR MH GD MH 0XGCDKLG WR SURWXPDaLR  2YR MH ]ERJ PRJD UDGD L MD WR
]DVOXCXMHP ,EQ$EEDV MH UHNDR +R`H ND]DWL GD MH WR RG QMHJD
1MHJRYH VX ULMHaL

dMLBAFA 

2YR ^WR LPDP VWHNDR VDP ]QDQMHP VYRMLP WDNR MD PLVOLP 5HNDR MH .DWDGH
 2YR ^WR VX VSRPHQXOL QLMH UD]LODCHQMH QHJR VX MHGLQNH MHGQRJ ]QDaHQMD
D  !"# $%!&#

2G (EX+XUHMUHD UD SUHQRVL VH GD MH aXR $OODKRYRJ 3RVODQLND VDYV


NDNR NDCH  %LOD VX WURMLFD %HQX,VUDLO`DQD ^XJDY `HODY L VOLMHS SD LK MH $OODK
KWLR LVNX^DWL 3RVODR LP MH PHOHND 3UYR MH GR^DR ^XJDYRP L XSLWDR JD
>WD EL
QDMYL^H YROLR"

'D LPDP OLMHSX ERMX L OLMHSX NRCX L GD RG PHQH RGH RYR ]ERJ
aHJD PH VYLMHW VPDWUD SUOMDYLP
 RGJRYRULR MH 2YDM JD MH SRWUDR L SUOMDY^WLQD L
UXCQR`D MH RG QMHJD RWL^OD 'RELR MH OLMHSX ERMX L OLMHSX NRCX 8SLWDQ MH
.RML
LPHWDN WL MH QDMGUDCL"

'HYH
LOL MH UHNDR JRYHGD  SRVXPQMDR MH ,VKDN NRMH MH RG
WRJD GYRJD UHNDR V WLP ^WR VX ^XJDYL L `HODYL UHNOL GD MHGDQ YROL GHYH D GUXJL
JRYHGD 'DWD PX MH GHYD X GHVHWRP PMHVHFX WUXGQR`H 5HNDR PX MH PHOHN 

1HND WL $OODK GD EHUL`HW X QMRM

5HNDR MH 3RWRP MH RWL^DR NRG `HODYRJ L XSLWDR JD
>WD EL WL QDMYL^H YROLR"


/LMHSX NRVX
 RGJRYRULR MH
L GD RG PHQH RGH RYR ]ERJ aHJD PH VYLMHW VPDWUD
SUOMDYLP
2YDM JD MH SRWUDR L WR MH RG QMHJD RWL^OR 'RELR MH OLMHSX NRVX 8SLWDR
JD MH
.RML LPHWDN WL MH QDMGUDCL"

*RYHGD
 RGJRYRULR MH LOL MH UHNDR
'HYH

'DWD PX MH VWHRQD NUDYD 5HNDR PX MH PHOHN 


1HND WL $OODK GD EHUL`HW X
QMRM

5HNDR MH 3RWRP MH RWL^DR NRG VOLMHSRJD L XSLWDR JD
>WD EL WL QDMYL^H
YROLR"

'D PL $OODK YUDWL YLG SD GD QMLPH YLGLP OMXGH
 RGJRYRULR MH 5HNDR MH
2YDM JD MH SRWUDR L $OODK PX MH YUDWLR QMHJRY YLG 8SLWDR JD MH
.RML LPHWDN WL
MH QDMGUDCL"

6LWQD VWRND
 RGJRYRULR MH 'DWD PX MH VMDMQD RYFD 2MDQMLOD MH
GYRMH MDQMDGL L WR GYRMH VH RSORGLOR
5HNDR MH 7DNR MH RYDM LPDR GROLQX GHYD RYDM GUXJL GROLQX JRYHGD D RYDM
WUH`L GROLQX RYDFD 

1MHJRYH VX ULMHaL (EX+XUHMUH UD SUHQRVL VH GD MH aXR $OODKRYRJ 3RVODQLND


VDYV NDNR NDCH
%LOD VX WURMLFD %HQX,VUDLO`DQD ^XJDY `HODY L VOLMHS SD LK MH
$OODK KWLR LVNX^DWL 3RVODR LP MH PHOHND
 KDGLV
2YR MH YDCDQ KDGLV NRML REMD^QMDYD VWDQMH RQRJD NR ]DQLMHaH EODJRGDWL L VWDQMH
RQRJD NR QD QMLPD EXGH ]DKYDODQ ,EQXO.DMMLP UHNDR MH =DKYDOQRVW MH X RVQRYL
SUL]QDYDQMH GD MH %ODJRGDULWHOM EODJRGDW GDR 7D ]DKYDOQRVW VH RJOHGD X SRNRUQRVWL
1MHPX SRQL]QRVWL L OMXEDYL 3UHPD WRPH RQDM NR QH SUL]QD EODJRGDW QHJR MH EXGH
QLMHNDR RQ VH QD QMRM QLMH ]DKYDOLR 2QDM NR MH VSR]QD DOL QH VSR]QD %ODJRGDUFD
WDNR_HU QH`H VH ]DKYDOLWL QD QMRM
 !"# $%!&# D:

 5HNDR MH 3RWRP MH GR^DR JXEDYFX X RQDNYRP REOLNX L VWDQMX X NDNYRP
MH RQ QHNDGD ELR L UHNDR
-D VDP VLURPDK SXWQLN 1D RYRP PRP SXWX VDP VYH
SRWUR^LR 'DQDV PL QLNR QH`H PR`L SRPR`L GD VWLJQHP GR FLOMD RVLP $OODKD D
]DWLP WHEH 0ROLP WH 2QLP .RML WL MH GDR OLMHSX ERMX L OLMHSX NRCX L LPHWDN GD
PL GD^ MHGQX GHYX MDKDOLFX NDNR ELK PRJDR QD QMRM MDKDWL QD RYRP PRP
SXWRYDQMX
2GJRYRULR PX MH
=QD^ REDYH]H VX PQRJREURMQH SD WL QH PRJX
GDWL 
2YDM PX MH UHNDR
.DR GD WH SR]QDMHP =DU QLVL ELR JXEDY SD WH VYLMHW
VPDWUDR SUOMDYLP L UXCQLP =DU QLVL ELR VLURPDK SD WL MH $OODK GDR LPHWDN"

2YDM PX MH RGJRYRULR
-D VDP RYDM LPHWDN QDVOLMHGLR RG VYRMLK SUHGDND

$NR
ODCH^ QHND WH $OODK SUHWYRUL X RQR ^WR VL ELR
 UHNDR MH PHOHN 
3RWRP MH UHNDR MH GR^DR `HODYRP X REOLNX NDNDY MH RQ QHNDGD ELR SD
PX MH UHNDR LVWR ^WR L SUHWKRGQRP D RYDM PX MH LVWR RGJRYRULR ^WR L SUHWKRGQL

$NR ODCH^ QHND WH $OODK SUHWYRUL X RQR ^WR VL ELR


 UHNDR MH
=DWLP MH GR^DR VOLMHSRP X REOLNX L VWDQMX X NDNYRP MH RQ QHNDGD ELR L
UHNDR
-D VDP VLURPDK SXWQLN 1D RYRP PRP SXWX VDP VYH SRWUR^LR 'DQDV PL
QLNR QH`H PR`L SRPR`L GD VWLJQHP GR FLOMD RVLP $OODKD D ]DWLP WHEH 0ROLP WH
2QLP .RML WL MH YUDWLR YLG GD PL GD^ MHGQX RYFX NDNR ELK VH QMRPH SRPRJDR QD
RYRP PRP SXWRYDQMX
2GJRYRULR PX MH
%LR VDP VOLMHS SD PL MH $OODK YUDWLR
YLG 8]PL ^WD KR`H^ D RVWDYL ^WD KR`H^

2QDM NR VSR]QD EODJRGDW L %ODJRGDUFD DOL MH ]DQLMHaH RQDNR NDNR WR aLQL RQDM NRML
QLMHaH EODJRGDW GDWX RG %ODJRGDUFD RQ MX MH EODJRGDW ]DQLMHNDR 2QDM NR MH
VSR]QDR EODJRGDW L %ODJRGDUFD SRWYUGL MH L QH ]DQLMHaH MH DOL 0X VH QH SRNRUL QH YROL
*D L QLMH ]DGRYROMDQ 1MLPH L RQLP ^WR MH RG 1MHJD RQ VH WDNR_HU QLMH ]DKYDOLR 2QDM
NR MH VSR]QD L VSR]QD QMHQRJ %ODJRGDUFD SRWYUGL MH L SRNRUL VH %ODJRGDUFX ]DYROL
*D L EXGH ]DGRYROMDQ 1MLPH L RQLP ^WR MH RG 1MHJD XSRWULMHEL WX EODJRGDW X RQR ^WR
2Q YROL L X SRNRUQRVWL 1MHPX WR MH RQDM NRML VH QD QMRM ]DKYDOMXMH 3UHPD WRPH ]D
]DKYDOQRVW MH SRWUHEQR ]QDQMH VUFD L UDG NRML SUDWL WR ]QDQMH D WR MH QDNORQRVW SUHPD
%ODJRGDUFX OMXEDY SUHPD 1MHPX L SRNRUQRVW
1MHJRYH VX ULMHaL ]ERJ aHJD PH VYLMHW VPDWUD SUOMDYLP WM WLPH ^WR QLVX CHOMHOL
GD JD YLGH L GD LP VH RQ SULEOLCDYD
DC  !"# $%!&#

 7DNR PL $OODKD GDQDV WL QH`X QL^WD XVNUDWLWL ^WR X]PH^ X LPH $OODKD


=DGUCL VYRM LPHWDN 9L VWH XLVWLQX VDPR VWDYOMHQL QD NX^QMX $OODK MH V WRERP

]DGRYROMDQ D VUGLW MH QD WYRMD GYD GUXJD
 =DELOMHCLOL VX JD QMLK GYRMLFD
8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD
 NRPHQWDU RYRJ DMHWD


 REMD^QMHQMH ^WD ]QDaL @f^^ RQ JRYRUL


2YR VDP L ]DVOXCLR

)XVVLOHW  
 REMD^QMHQMH ^WD ]QDaL
d^^^^^^^MLB 2YR ^WR LPDP VWHNDR VDP ]QDQMHP VYRMLP WDNR MD
PLVOLP (O.DVDV  
 YHOLNH SRXNH L SRUXNH X RYRM QHRELaQRM SULaL


 
D (  . +         / 
(('D +/. .
.6    + / 7#  7
8/ 
C:(  6* 
5  
3,4 . -,  .+., 3/  /      3,4   / ,., 7,  ,.,,
,,   .+
5 .+/  3,6, . ,3., .+,,- ,,7>.+  3,..+
5 .+/ 
,9 -,, , ,/  + ?+3,@ -,, , #,,+ -,  3,9., .+.,- .-.+
F,
+ %6 ?! .%@     (E' D0 15  + ,6  + ,37., 3,/.+.+ ,.,- 7,
  3,7, ,   3, 6, ,.+ , , 4+  , .+ .+,, ,-,.+
8, +  ,,/
+. 7, .+, /. . ..
+ , +7.+., 7 /  3,+ ,- ,
!6-  / 
, ,., 7, / + / ,
5 .+/  3,6, . ,3., .+.+ -, 3,4 .
6., . .+,, 36..+  6+.+ # . .+/
5 .+/  -,, , +.,

  3,4  . -,  .+., 3/  /     3,4   / ,., 7, / +
3, .,
5 .+/  6 .++ 7, + + ,. 72 . .   .+.+ -, #
567.,-
1
 !"# $%!&# DC

 [ZIb]
=$%5$1$69$.2*,0(1$.2-,06(,=5$#$9$
52%29$1-(1(.20'58*200,02$//$+$
AALDAAhoTAAsAALDA 9AL@

L ULMHaL 8]YL^HQRJ $OODKD , NDG LP MH 2Q GDURYDR ]GUDYD SRWRPND SRVOLMH


VX SRWRPFL QMLKRYL L]MHGQDaLOL GUXJH V 1MLP X RQRPH ^WR LP 2Q GDMH DMHW (O
(
DUDI 

1MHJRYH VX ULMHaL 5LMHaL 8]YL^HQRJ $OODKD


hpA@AMAALDAAhoTAAsAALDA


, NDG LP MH 2Q GDURYDR ]GUDYD SRWRPND SRVOLMH VX SRWRPFL QMLKRYL L]MHGQDaLOL
GUXJH V 1MLP X RQRPH ^WR LP 2Q GDMH D $OODK MH YUOR YLVRNR L]QDG RQLK NRMH 1MHPX
VPDWUDMX UDYQLP
 ,PDP $KPHG GD PX VH $OODK 8]YL^HQL VPLOXMH R ]QDaHQMX RYRJ
DMHWD UHNDR MH 3ULSRYLMHGDR PL MH 2PHU E ,EUDKLP QMHPX .DWDGH RG +DVDQD  RQ
RG 6HPXUH D RQ RG 9MHURYMHVQLND VDYV GD MH UHNDR
.DGD MH +DYD URGLOD GR^DR
MRM MH ,EOLV 1MRM GMHFD QLVX RVWDMDOD X CLYRWX 5HNDR MRM MH
'DM PX LPH $EGXO+DULV L
RQR `H WL RVWDWL X CLYRWX
'DOD PX MH WR LPH L RQR MH RVWDOR X CLYRWX 7R MH ELOD
^HMWDQRYD REMDYD L QDUHGED


# .      $ 
D C , +0 1;, +  
1 * +, - + /6 
D :

%/ CE' '


! .7.     CE'
#/ 'E  - , ;/
! / ,. , 
,+ , %.  ,. , /
&.   ,. , #,,- <,. 



F, + /60
1% +   '  
<,6. ./ + /, 3, ;/
! / ,+ 3., , 
1
F, + %/0 1$+,,,+.,- + .1   .+/  ,, * 
F, /0 1+ 3., , 7,
  + 6 3,,+ 3,6., 6.+   + %. 7,  , /
56 , ,. + 
    ,+ .+ 32., ,  3., , /
*  -,,> , .+-,,+ ,-+ 
 !  0 %. + 3., 4.,    3       $     .+-, ,6
1 ;.,
7, , +7.+  , ,,-  ,+/  3,,/.. +4 567.,-0
>---A^ALDA^Ah^o^^TA^AsA^ALDA^7 !  / + ;. ,, 6 3,,/ 3,+  3,,/2 .+,
6+.4 -  +/  ,.,/ 7, / ;. +

 + 4.+.2  + / %. 3,,/.,


+ -4+ , ,.,- 7,  .6  ,,/ .+-,,/ 
</ ,/  + ,+  , .+-
, +,,,+.  - + ,. 4, , $+,+. 



 ,. - .  .3,
;.  .+-,
,/. 0 1;,  , 33.2/ . +  .+  , #/
1 , + ., ! .
CEC C ' 3.,> , .+- 3, 7 .
<,,/ , +0 1; .  +,,,+.  +
DCC  !"# $%!&#

5HNDR MH ,EQ+D]P 6ORCLOL VX VH GD MH ]DEUDQMHQR VYDNR LPH NRMH X VHEL QRVL


]QDaHQMH RERCDYDQMD QHNRJ PLPR $OODKD NDR ^WR MH $EGXO
$PU $PURY URE 
$EGXO.D
EH .DELQ URE L WRPH VOLaQR ,]X]HWDN MH $EGXO0XWWDOLE 0XWWDOLERY URE 

5HNDR MH ,EQ'CHULU 3ULSRYLMHGDR QDP MH 9HNL QMHPX 6HKO E -XVXI RG 2PHUD D


RQ RG +DVDQD GD MH R DMHWX A^ALDA^Ah^o^^T   SRVOLMH VX SRWRPFL QMLKRYL
L]MHGQDaLOL GUXJH V 1MLP X RQRPH ^WR LP 2Q GDMH UHNDR 2YR VH GHVLOR SULSDGQLFLPD
QHNLK YMHUD D QH $GHPX 2G ,EQ$EEDVD SUHQRVL VH GD MH UHNDR +DYD MH $GHPX
UD_DOD GMHFX L GDYDOD LP LPHQD NRMD ]QDaH GD VX RQL $OODKRYL URERYL $EGXOODK
8EHMGXOODK L WRPH VOLaQR 7D GMHFD VX XPLUDOD 3RWRP MH QMRM L $GHPX GR^DR ,EOLV L
UHNDR .DG ELVWH JD QD]YDOL WLP LPHQRP RQR EL RVWDOR X CLYRWX 5RGLOD MH PX^NR L
GDOL VX PX LPH $EGXO+DULV L SRYRGRP QMHJD $OODK MH REMDYLR

dX@m`f@ 


2Q MH 7DM .RML YDV RG MHGQRJ aRYMHND VWYDUD
 DMHW 9,,
1MHJRYH VX ULMHaL 5HNDR MH ,EQ+D]P 7R MH XaHQMDN L] $QGDOX]LMH >SDQLMH 
(EX0XKDPPHG $OL E $KPHG E 6DG E+D]P .XUWXEL =DKLUL 1DSLVDR MH PQRJH
NQMLJH 8PUR MH aHWLULVWR SHGHVHW ^HVWH JRGLQH NDGD PX MH ELOR VHGDPGHVHW GYLMH
JRGLQH
1MHJRYH VX ULMHaL 6ORCLOL VX VH GD MH ]DEUDQMHQR VYDNR LPH NRMH X VHEL QRVL
]QDaHQMH RERCDYDQMD QHNRJ PLPR $OODKD NDR ^WR MH $EGXO
$PU $PURY URE  $EGXO
.D
EH .DELQ URE L WRPH VOLaQR ,]X]HWDN MH $EGXO0XWWDOLE 0XWWDOLERY URE  5HNDR
VDP $EGXO0XWWDOLE MH GMHG $OODKRYRJ 3RVODQLND VDYV 2Q MH VLQ +D^LPD E $EGX
0HQDID E .XVDMMD E .LODED E 0XUUH E .D
ED E /XHMD E *DOLED E )HKUD E 0DOLND E
1DGUD E .LQDQHD E +X]HMPHD E 0XGULNH E ,OMDVD E 0XGDUD E 1L]DUD E 0D
GD E
$GQDQD 2NR RQLK SRVOLMH $GQDQD SRVWRML UD]LODCHQMH 1HPD VXPQMH GD VX RQL L]
SRWRPVWYD ,VPDLOD VLQD ,EUDKLPD DOHMKLVHODP 2Q GD PX VH $OODK VPLOXMH SUHQLR MH
GD VH XaHQMDFL VODCX GD MH ]DEUDQMHQR VYDNR LPH NRMH ]QDaL RERCDYDQMH QHNRJ PLPR
$OODKD MHU MH WR SULGUXCLYDQMH  X 


L


EXGX`L GD VYD VWYRUHQMD
SULSDGDMX $OODKX L 1MHJRYL VX URERYL 8aLQLR LK MH 6YRMLP URERYLPD WLPH ^WR LP MH
RGUHGLR GD VDPR 1MHJD RERCDYDMX L GD L]UDCDYDMX 1MHJRYX MHGQR`X X SRJOHGX

%. 3,,/., ,+ +


;, + +. , .+ ,+ ,/.  .+34 ?6.4.+@ ,+ .,
,+ +
1 <,-+ , .+-, -,, + + +.
4., +   &   $  
  
#  
C(  , ! .++/

 !"# $%!&# DCD



  L

  0H_X QMLPD ELOR MH RQLK NRML VX $OODKD MHGLQR RERCDYDOL X
SRJOHGX 1MHJRYD 

  L

 

,EQ$EEDV MH R DMHWX UHNDR .DGD MH $GHP VD QMRP LPDR RGQRV RQD MH


]DQLMHOD 3RWRP LP MH GR^DR ,EOLV L UHNDR
-D VDP RQDM NRML YDV MH L]YHR L]
'CHQQHWD ,OL `HWH PL ELWL SRNRUQL LOL `X PX GDWL GD LPD MHOHQMH URJRYH ,]L`L `H L]
WYRJD VWRPDND WDNR ^WR `H JD SRGHUDWL 8UDGLW `X WR L WR
 ]DVWUD^LYDR MX MH
'DMWH PX LPH $EGXO+DULV 1MLK VX GYRMH RGELOL GD PX VH SRNRUH 'LMHWH VH URGLOR
PUWYR 3RQRYR MH ]DQLMHOD 3RQRYR LP MH RQ GR^DR L UHNDR LVWR NDR L SUHWKRGQL
SXW 2QL VX RSHW RGELOL GD PX VH SRNRUH 3RQRYR MH UR_HQR PUWYR 3RQRYR MH
]DQLMHOD L RQ LP MH SRQRYR GR^DR L UHNDR LP LVWR 7DGD LK MH OMXEDY SUHPD
GMHWHWX QDGYODGDOD L GDOL VX PX LPH $EGXO+DULV 2 WRPH JRYRUH ULMHaL
AALDAAhoT  3 RVOLMH VX SRWRPFL QMLKRYL L]MHGQDaLOL GUXJH V 1MLP X

RQRPH ^WR LP 2Q GDMH DMHW =DELOMHCLR JD MH ,EQ(EX+DWLP

0H_X QMLPD MH ELOR L RQLK NRML VX 0X aLQLOL SULGUXCLYDQMH  X 


 D
SRWYU_LYDOL 0X 1MHJRY 

  1MHJRYD LPHQD L VYRMVWYD 1MHJRYH SUDLVNRQVNH
RGUHGEH QMLPD YODGDMX L WR MH QXCQR NDR ^WR MH UHNDR $OODK 8]YL^HQL

@dIh@LDF|g@O@Al@F 

7D VYL `H RQL L RQL QD QHEHVLPD L RQL QD =HPOML NDR URERYL X 0LORVWLYRJ WUDCLWL
XWRaL^WH ;,; 2YR MH RS`H RERCDYDQMH GRN MH SRVHEQR RERCDYDQMH SRVHEQR
VDPR ]D RQH NRML VX LVNUHQL L SRNRUQL NDR ^WR MH 8]YL^HQL UHNDR dIAH@mB
=DU $OODK VDP QLMH GRYROMDQ UREX 6YRPH" ;;;,; L WRPH VOLaQR
1MHJRYH VX ULMHaL ,]X]HY $EGXO0XWWDOLED2YR MH L]X]LPDQMH L] RS`HJ ]QDaHQMD
MHU VH SRG QMLP QH PLVOL QD URERYODVQL^WYR QHJR MH WR LPH SRVWDOR YH]DQR ]D QMHJD
NDGD JD MH QMHJRY DPLGCD 0XWWDOLE GRQLR RG QMHJRYLK GDMGCL L] %HQX1HGCGCDUD X
0HGLQL GRN MH RQ MR^ ELR GLMHWH .DGD VX JD .XUHM^LMH YLGMHOH NDGD JD MH RQ GRQLR D
ERMD WLMHOD ELOD PX VH SURPLMHQLOD RG GXJD SXWRYDQMD UHNOL VX $EGXO0XWWDOLE
0XWWDOLERY URE 


/6 
D
#/    'E
%/ - + ,2+., +,,,+./ CE' '
;. 
3., , ;/
! / ,. ,  ,+ , %. ,+ , /
&.   ,+ ,
?<,. 



@ ;, +   $ 
1 , 6      $ , # .+ 
D C
$0
 ! ., CEC

DC  !"# $%!&#

2Q SUHQRVL YMHURGRVWRMQLP VHQHGRP RG .DWDGHD GD MH UHNDR VXGUX]L X


SRNRUQRVWL 1MHPX D QH X RERCDYDQMX 1MHJD 2Q WDNR_HU SUHQRVL VD
YMHURGRVWRMQLP VHQHGRP RG 0XGCDKLGD GD MH UHNDR R 1MHJRYLP ULMHaLPD
A^AsA^MLD^
.DG EL QDP 7L GDR ]GUDYRJ SRWRPND (O(
DUDI 
6WUDKRYDOL VX GD QH`H ELWL OMXGVNR EL`H 1DYHR MH QMHJRYR ]QDaHQMH RG +DVDQD
6HLGD L GUXJLK
8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD
 ]DEUDQD VYDNRJ LPHQD NRMH X VHEL QRVL ]QDaHQMH RERCDYDQMD QHNRJ PLPR
$OODKD
 NRPHQWDU RYRJ DMHWD
 GD VH RYR SULGUXCLYDQMH RVWYDUXMH VDPLP GDYDQMHP LPHQD aLMD ELW QLMH
QDPMHUDYDQD
 GD MH $OODKRY GDU ]GUDYD N`HUND L WR VH XEUDMD X EODJRGDWL
 VSRPLQMDQMH GD VX SUYH JHQHUDFLMH SUDYLOH UD]OLNX L]PH_X SULGUXCLYDQMD X
SRNRUQRVWL L SULGUXCLYDQMD X RERCDYDQMX

3RWRP VX VD]QDOL GD MH RQ VLQ QMHJRYD EUDWD +D^LPD WDNR GD ]QDaHQMH



 
RERCDYDQMD QHPD X RYRP LPHQX QLWL MH WR QDPMHUDYDQR 7R MH LPH ]D QMHJD
SUHRYODGDOR WDNR GD VX JD ]YDOL VDPR WLP LPHQRP PDGD MH QMHPX XVWYDUL LPH
>HMEH $EGXO0XWWDOLED VX FLMHQLOL L SR^WRYDOL X .XUHM^X L PH_X $UDSLPD 2Q MH OLGHU
.XUHM^D L MHGDQ RG QDMXJOHGQLMLK PH_X QMLPD X SUHGLVODPVNR GRED 2Q MH WDM NRML MH
RWNRSDR L]YRU =HP]HP >WD PX VH VYH GRJD_DOR GRN JD MH RWNRSDYDR VSRPHQXWR MH
X NQMLJDPD L] VLUH L KDGLVD 7DNR MH QDSDMDQMH KDGCLMD SUH^OR X QMHJRYX QDGOHCQRVW L
QDGOHCQRVW QMHJRYLK SRWRPDND 1D^ ^HMK MH R ]QDaHQMX 1MHJRYLK ULMHaL
AALDAAhoTAAsAALDA

L NDG LP MH 2Q GDURYDR ]GUDYD SRWRPND SRVOLMH VX SRWRPFL QMLKRYL L]MHGQDaLOL


GUXJH V 1MLP X RQRPH ^WR LP 2Q GDMH UHNDR 2YDM  aLQL VH VDPLP GDYDQMHP
LPHQD 1MLK GYRMH QLVX QDPMHUDYDOL QMHJRYR ]QDaHQMH NRMH MH KWLR ,EOLV L RYDNYR
WXPDaHQMH RWNODQMD QHVSRUD]XP 7R MH ]QDaHQMH ULMHaL .DWDGHRYLK VXGUX]L X
SRNRUQRVWL 1MHPX D QH X RERCDYDQMX 1MHJD

 !"# $%!&# DC'

 Xki]
 [m[j
 838@,9$1-('29($//$+81-(*29,0/,-(3,0
,0(1,0$,1$38>7$1-(21,+.2-,6(68352767$9/-$-8
1(=1$/,&$,1(9-(51,.$
ABdYf@@geAHcAl@A@ 9AL@

L ULMHaL 8]YL^HQRJ $OODKD $OODK LPD QDMOMHS^D LPHQD L YL *D ]RYLWH QMLPD D


NORQLWH VH RQLK NRML LVNUH`X 1MHJRYD LPHQD (O(DUDI 

1MHJRYH VX ULMHaL , 5LMHaL 8]YL^HQRJ $OODKD


A^HcA^^l@A^@

$OODK LPD QDMOMHS^D LPHQD L YL *D ]RYLWH QMLPD
 DMHW
2YLP QDVORYRP GD PX VH $OODK 8]YL^HQL VPLOXMH KWLR MH RGJRYRULWL RQLPD NRML NDR
SRVUHGQLNH X]LPDMX XPUOH RVREH WH GD MH >HULMDWRP GRSX^WHQR NDR SRVUHGQLNH X]HWL
1MHJRYD LPHQD VYRMVWYD L QD^D GREUD GMHOD 2G (EX+XUHMUHD SUHQRVL VH GD MH
$OODKRY 3RVODQLN VDYV UHNDR $OODK ]DLVWD LPD GHYHGHVHW GHYHW LPHQD .R LK
REXKYDWL X`L `H X 'CHQQHW 2Q MH -HGDQ   L YROL MHGQR`X    =DELOMHCLOL VX JD X
  RG 6XIMDQD

7DNR_HU JD MH ]DELOMHCLR 'CXUGCDQL RG 6DIYDQD E 6DOLKD RQ RG 9HOLGD E


0XVOLPD RQ RG >XDMED VD VYRMLP VHQHGRP X LVWRP REOLNX 'RGDR MH QDNRQ QMHJRYLK
ULMHaL 9ROL MHGQR`X $OODK MH 2QDM RVLP .RJD GUXJRJ ERJD QHPD %ODJL 0LORVWLYL
9ODGDU 6YHWL RG PDKDQD aLVWL .RML SRWYU_XMH REH`DQMH L GDMH VLJXUQRVW .RML VYH SD]L
L SUDWL 6QDCQL 6LOQL 8]YL^HQL 7YRUDF .RML GLYQR VWYDUD .RML OLNRYH GDMH .RML PQRJR
SUD^WD .RML VDYODGDYD .RML PQRJR SRNODQMD .RML RELOQX QDIDNX GDMH .RML UMH^DYD L
RWYDUD .RML ]QD .RML VWHCH L SUXCD .RML VSX^WD L GLCH .RML X]GLCH L SRQLCDYD .RML
aXMH .RML YLGL 6XGDF 3UDYGHQL 'REUL 2 VYHPX REDYLMH^WHQL %ODJL 9HOLNL .RML
SUD^WD .RML MH ]DKYDODQ 9LVRNL 9HOLNL .RML aXYD .RML SD]L L L]GUCDYD .RML REUDaXQ
YRGL 9HOLaDQVWYHQL 3OHPHQLWL .RML SD]L QD VYDNX NUHWQMX .RML PROEH SULPD .RML
PLOR^`X L


 
(   &     / /. -+ 
8/ 
C(  6* 
    /    /. 

DC(  !"# $%!&#

,EQ(EX+DWLP SUHQRVL RG ,EQ$EEDVD GD ^AB dY  LVNUH`X 1MHJRYD


LPHQD MXOKLGXQH IL HVPDLKL  ]QDaL aLQH SULGUXCLYDQMH ^LUN  2G QMHJD VH
WDNR_HU SUHQRVL ,]YHOL VX LPH /DW RG ULMHaL LODK D 8]]D RG ULMHaL D]L] 2G
$
PH^D SUHQRVL VH GD MH UHNDR 0LMH^DMX VD QMLPD RQD NRMD QLVX GLR QMLK

]QDQMHP VYH ]DX]LPD 0XGUL .RML YROL 6ODYOMHQL .RML SURCLYOMXMH .RML MH R VYHPX
VYMHGRN 9UKRYQD LVWLQD .RML VH VWDUD L EULQH -DNL AYUVWL =D^WLWQLN +YDOMHQL .RML L
VLWQLFH REXKYDWD L EURM LP ]QD .RML L] SRaHWND VWYDUD L SRVOLMH VPUWL X CLYRW YUD`D LYL
.RML VYH RGUCDYD ,PX`QL 6ODYQL -HGLQL .RP VH VYDNR REUD`D 0R`QL .RML VYH
PRCH .RML XQDSUH_XMH L ]DSRVWDYOMD 3UYL L 3RVOMHGQML -DVQL L 6NULYHQL .RML XSUDYOMD
3UHX]YL^HQL 'REURaLQLWHOM .RML SRNDMDQMH PQRJR SULPD 2VYHWQLN .RML SUD^WD
6DPLORVQL 9ODVQLN VYDNH YODVWL L FDUVWYD .RPH SULSDGD YHOLaDQVWYR L aDVW .RML
SUDYGX GLMHOL .RML VDNXSOMD %RJDWL .RML ERJDVWYR GDMH .RML JD OL^DYD L RWNODQMD .RML
VWYDUD ^WHWX L NRULVWL 6YMHWOR .RML XSX`XMH QD 3UDYL SXW %HVSULPMHUQL 7YRUDF L] QL^WD
9MHaQL 1DVOMHGQLN .RML XSX`XMH QD SRWUHEH L NRULVWL 6WUSOMLYL .RML QH CXUL V ND]QRP
7LUPL]L MH ]DWLP UHNDR 8 PQRJLP SUHGDQMLPD QH ]QDPR GD VX QDYHGHQD OLMHSD
LPHQD RVLP X RYRP KDGLVX 1HNL KDIL]L KDGLVD VPDWUDMX GD VX OLMHSD LPHQD RYRP
KDGLVX SULGRGDWD 7R MH VSRPHQXR L ,PDG E .HVLU X VYRP 7HIVLUX L GRGDR =QDM GD
LPHQD QLVX RJUDQLaHQD VDPR QD WLK GHYHGHVHW GHYHW .DR GRND] ]D WR PRCH SRVOXCLWL
RQR ^WR SUHQRVL $KPHG RG -H]LGD E +DUXQD RQ RG )XGDMOD E 0HU]XND RQ RG (EX
6HOHPHD 'CXKHQLMD RQ RG .DVLPD E $EGXUUDKPDQD RQ RG VYRJD RFD D RQ RG
$EGXOODKD E 0HVXGD GD MH 9MHURYMHVQLN VDYV UHNDR
.DG JRG QHNRJD ]DGHVL
EULJD LOL WXJD SD NDCH
$OODKX MD VDP 7YRM URE VLQ 7YRMH URELQMH PRMD NLND MH X 7YRMRM
UXFL 7YRM SURSLV QDGD PQRP VH VSURYRGL 7YRMD RGUHGED PHQL MH SUDYHGQD 0ROLP WH
VYDNLP 7YRMLP LPHQRP NRMLP VL 6HEH QD]YDR LOL VL *D X 6YRMRM NQML]L REMDYLR LOL VL
QHNR 6YRMH


/6 
D' C
! .8 
D( 3.+ , # ,. ,  %+  ,. ,
$+,+. 



+-, + . 
%6 ! .  ,/  6, +0 1;., . 4/ +
3. 6   +  + 3,/.+.+ /.  ,,/  .,,
!3., + ,., ,
3., $
8/  # 8
8// .. , *+
8//  + , .+-
,7, , 7 4.+    , 6 +
  ,. , 3 6 . , 7, 3., &

8//  +.
5++.   *+ G-  # .+ ,+ 6.
$0 (   
C '

 !"# $%!&# DC

VWYRUHQMH QMHPX SRGXaLR LOL VL JD ]D 6HEH NDR WDMQX VDaXYDR GD XaLQL^ SOHPHQLWL
.XU
DQ SUROMH`HP PRJD VUFD L VYMHWORP PRMLK JUXGL L RWNODQMDQMHP PRMH WXJH L
EULVDQMHP PRMH EULJH L SRWL^WHQRVWL $OODK `H RWNORQLWL QMHJRYX EULJX L WXJX L ]DPLMHQLWL
LK UDGR^`X

=DU LK QH`HPR QDXaLWL $OODKRY 3RVODQLaH
 XSLWDOL VX
'D RQDM NR LK aXMH
WUHED LK QDXaLWL
 RGJRYRULR MH =DELOMHCLR JD MH (EX+DWLP L ,EQ+LEEDQ X VYRP

 .DWDGH MH R ULMHaLPD $OODKD 8]YL^HQRJ
ABdYf@@ge
 D NORQLWH VH RQLK NRML LVNUH`X 1MHJRYD LPHQD UHNDR
.RML SULGUXCXMX aLQH   ,EQ(EX7DOKD SUHQRVL RG ,EQ$EEDVD GD MH UHNDR !

]QDaL  
QLMHNDQMH SRULFDQMH 

>LUN SULGUXCLYDQMH MHVWH PX^ULNRYR QLMHNDQMH L SRULFDQMH RQRJD ^WR MH $OODK


REMDYLR X 6YRMRM NQML]L L aLPH MH SRVODR 6YRMH SRVODQLNH NDNR MH aLQLOR SOHPH .XUHM^ L
GUXJL SUHPD 9MHURYMHVQLNX VDYV L QMHJRYLP DVKDELPD L NDNR aLQH PX^ULFL X RYRP
XPPHWX NRML QLVX SULKYDWLOL
 DMHWH R ]DEUDQMLYDQMX ^LUND L GD VH RQ aLQL 2QL VX
LVWLQX ]DQLMHNDOL L SULKYDWLOL RQR ^WR MH ODC QD $OODKD 1MHJRYX NQMLJX L 1MHJRYD
3RVODQLND

8 RVQRYL  X DUDSVNRP MH]LNX ]QDaL 



 RGVWXSDQMH VNUHWDQMH
RGULFDQMH NRMH MH L]YHGHQR RG  L   ,EQXO.DMMLP GD PX VH $OODK
8]YL^HQL VPLOXMH UHNDR MH 6X^WLQD  MHVWH VNORQRVW L WHCQMD ND 
 OL^DYDQMX
OLMHSLK LPHQD L VYRMVWDYD L QHJLUDQMX

,PHQD *RVSRGDUD 8]YL^HQRJ MHVX LPHQD L VYRMVWYD NRMD XSX`XMX QD VDYU^HQRVW


1MHJD 8]YL^HQRJ &LMHOL HKOLVXQQHW L GCHPDDW L] SUYLK L ]DGQMLK JHQHUDFLMD SRWYU_XMH
RQD VYRMVWYD NRMLPD MH $OODK 6HEH RSLVDR NRMLPD *D MH RSLVDR 1MHJRY 3RVODQLN
VDYV RQDNR NDNR GROLNXMH 1MHJRYRM 8]YL^HQRVWL L 9HOLaLQL 2QL WR SRWYU_XMX EH]
SRUH_HQMD L RG 1MHJD QHGROLaQD VYRMVWYD RGEDFXMX EH] WD
WLOD VKYDWDQMD GD MH $OODK
GC^ OL^HQ VYLK VYRMVWDYD  NDR ^WR MH 8]YL^HQL UHNDR
tI@l@oQm

1LNR QLMH NDR 2Q 2Q VYH aXMH L VYH YLGL ;/,, 2QL VPDWUDMX GD MH JRYRU R
VYRMVWYLPD RJUDQDN JRYRUD R EL`X L VOLMHGL JD


#/    ED: 'C
! .% . 
CD C      ,2+., - +,,,+./ %/ +
, ?E' :@0 1% + +,,,+. 3, +/ 8/,/ ,, . 3,,+   ,
# /.
#  , .+-, ,2 3,7, 3,,+ 6.+   + ,. 7,  ,
,- ,2
1 89/ .+-,, 7.+  , .+-, ,2 3,9., + +,4.+/ 3.
//
</ ,/  + +,,,+. , 7, + , # .        
::

DC  !"# $%!&#

3UHPD WRPH NDNR MH SRWUHEQR ]QDWL GD MH $OODK X 6YRMRM ELWL VWYDUQRVW NRMD QLaHPX
RG VWYRUHQMD QLMH VOLaQD SRWUHEQR MH ]QDWL GD 2Q VWYDUQR LPD VYRMVWYD NRMD QLVX VOLaQD
VYRMVWYLPD VWYRUHQMD 'DNOH NR ]DQLMHaH QH^WR aLPH MH 6HEH $OODK RSLVDR LOL aLPH *D
MH RSLVDR 1MHJRY 3RVODQLN LOL WR SURWXPDaL GUXJDaLMH RG YLGOMLYRJ ]QDaHQMD RQ MH
GCHKPLMD L NUHQXR MH SXWHP GUXJDaLMLP RG RQRJ NRML VOLMHGH YMHUQLFL 8aHQMDN ,EQXO
.DMMLP GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH 9HOLND NRULVW MH SR]QDYDWL GD VH
RQR ^WR VH RGQRVL QD *RVSRGDUD 8]YL^HQRJ NDR VYRMVWYR LOL YLMHVW GLMHOL QD YL^H
GLMHORYD
 ^WR VH GLUHNWQR RGQRVL QD EL`H NDR ^WR NDCH^ %L`H L (J]LVWHQFLMD
 ^WR VH RGQRVL QD VYRMVWYD NRMD LPDMX VYRMVWYR DWULEXWD NDR ^WR MH 6YH]QDMX`L
6YHPR`QL 2QDM .RML VYH aXMH VYH YLGL
 ^WR VH RGQRVL QD 1MHJRYD GMHOD NDR ^WR MH 6WYRULWHOM 2SVNUELWHOM
 aLVWR VPDWUDQMH GD MH $OODK VORERGDQ RG VYDNRJ QHVDYU^HQVWYD NDR ^WR MH
6YHWL 2G PDKDQD aLVWL 3RVWRMDQMH WRJD MH QXCQR MHU QHPD VDYU^HQRVWL X QL^WDYQRVWL
 ^WR YH`LQD QLMH VSRPHQXOD D WR MH LPH NRMH XSX`XMH QD PQR^WYR VYRMVWDYD L
NRMH QLMH VSHFLILaQR VDPR ]D RGUH_HQR VYRMVWYR QHJR XSX`XMH QD YL^H ]QDaHQMD NDR
^WR MH 9HOLNL 6ODYOMHQL QD .RJ VH VYDN REUD`D 7DNR MH 6ODYOMHQL 2QDM .RML SRVMHGXMH
PQRJD VDYU^HQD VYRMVWYD L VDPD WD ULMHa XSX`XMH QD WR MHU XLVWLQX WD ULMHa X MH]LNX
R]QDaDYD SURVWUDQVWYR PQR^WYR L SRYH`DYDQMH 8 WRP ]QDaHQMX MH L    VH
 
 

 NDR L    WM    GREUR MX MH GHYX QDKUDQLR 
8 WRP ]QDaHQMX MH L 
   d@rh@e *RVSRGDU $U^D VODYOMHQRJ
/;;;9  VYRMVWYR $U^D ]ERJ QMHJRYD SURVWUDQVWYD YHOLaLQH L YLVRNRJ SRORCDMD
5D]PLVOL NDNR MH RYR LPH VSRPHQXWR ]DMHGQR VD $OODKRYRP QDUHGERP GD VH GRQRVL
VDODYDW QD 1MHJRYD 3RVODQLND RQDNR NDNR QDV MH $OHMKLVVHODP QDXaLR MHU MH RQ X
SR]LFLML WUDCHQMD QDMYL^HJ VWXSQMD WUDCHQMD ERJDWRJ GDUD RELOQRJ L WUDMQRJ =D RYR
WUDCHQMH XSRWULMHELR MH LPH NRMH WR L]LVNXMH NDR ^WR WL NDCH^ 2SURVWL PL L VPLOXM PL VH
7L VL XLVWLQX 2QDM .RML SUD^WD 0LORVWLYL 2YR VH RGQRVL QD SRVUHGRYDQMH 1MHJRYLP
LPHQLPD L VYRMVWYLPD D WR VX QDMEOLCL L 1MHPX QDMGUDCL PHWRGL 8 WRP MH GXKX L KDGLV
NRML ELOMHCL $KPHG X 
 
L 7LUPL]L X
 

 !"# $%!&# DC:

8 QMHPX VH WUHWLUDMX VOMHGH`D SLWDQMD


 SULWYU_LYDQMH OLMHSLK LPHQD $OODKX GC^ 
 aLQMHQLFD GD VX WR OLMHSD LPHQD
 QDUHGED GD VH 2Q PROL RYLP LPHQLPD
 NORQMHQMH RG QH]QDOLFD L QHYMHUQLND NRML VX VH VXSURWVWDYLOL
 REMD^QMHQMH ]QDaHQMD LOKDGD X QMHPX
 SULMHWQMD RQRPH NR ]DQLMHaH $OODKRYR GC^ SRVWRMDQMH

8VWUDMWH X L]JRYDUDQMX
2 9HOLaDQVWYHQL L 3OHPHQLWL
 8 WRP ]QDaHQMX MH L KDGLV
$OODKX RG 7HEH XLVWLQX WUDCLP 7HEL ]DLVWD SULSDGD VYD KYDOD 1HPD ERJD RVLP
7HEH 7L VL 2QDM .RML GDMH 6WYRULWHOM QHEHVD L =HPOMH R 7L 9HOLaDQVWYHQL L
e
3OHPHQLWL  2YR MH PROED XSX`HQD 1MHPX L WHYHVVXO ND 1MHPX 1MHJRYLP
LPHQLPD L VYRMVWYLPD 8LVWLQX WR QDMYL^H ]DVOXCXMH GD VH XVOL^D L LPD QDMYH`L XWMHFDM
QD 2QRJ RG .RMHJ VH WUDCL 2YR MH YHOLNR L L]X]HWQR ]QDaDMQR SRJODYOMH X WHYKLGX
 VYRMVWYR aLMH VH ]QDaHQMH GRELMD NDG VH MHGQR SRUHG GUXJRJD VSRPHQX MHGQR
RG LPHQD L VYRMVWDYD 7R MH GRGDWQR ]QDaHQMH QD RQR NRMH LPDMX NDG VX VDPRVWDOQL
NDNR ^WR MH %RJDWL+YDOMHQL .RML SUD^WD L 0R`QL +YDOMHQL%RJDWL 2YDNYR MH VWDQMH
VYRMVWDYD NRMD VX XSRUHGR VSRPHQXWD XRS`HQR NDR L GXSOLK LPHQD X .XU
DQX %RJDWL
MH VYRMVWYR VDYU^HQVWYD D LVWR WDNR L VYD KYDOD 6DVWDYOMDQMH ]DMHGQR ERJDVWYD V
KYDORP MHVWH MHGQR GUXJR VDYU^HQVWYR 1MHPX VH WDNR L]UDCDYD SRKYDOD ]ERJ
1MHJRYD ERJDWVWYD L ]ERJ WRJD ^WR 2Q ]DVOXCXMH VYX KYDOX L LVWR WDNR NDG VH WR GYRMH
VSRPHQH ]DMHGQR ,VWL MH VOXaDM L VD .RML SUD^WD L 0R`QL +YDOMHQL%RJDWL L 6QDCQL
0XGUL 5D]PLVOL R RYRPH MHU RYR MH QDMX]YL^QLMH ]QDQMH


; F 
#/ 6 +, - + #/ E
,9 - + 6 +,   #  CEEC'(

%/ E : ::  ,  + +,,,+.,- .


 .+/  ,, * 
* +. +  ,
. 

* +, - + /6 
D'DD &   / :C
, + +,,,+.  ,
+ , # .        
'D(


+-,   .. + . .2 (
?., 
@
DD  !"# $%!&#


1(.$#(6(1(.$-(6(/$01$$//$+$
8 6DKLKX VH SUHQRVL RG ,EQ0HVXGD UD GD MH UHNDR .DGD ELVPR NODQMDOL
QDPD] ]D 9MHURYMHVQLNRP VDYV XaLOL VPR
6HODP QD $OODKD RG 1MHJRYLK
URERYD VHODP QHN MH V WLP L WLP
 SD MH 9MHURYMHVQLN VDYV UHNDR
1HPRMWH

JRYRULWL VHODP QD $OODKD MHU XLVWLQX $OODK MH VHODP



  
    
8 6DKLKX SUHQRVL VH RG ,EQ0HVXGD UD GD MH UHNDR .DGD ELVPR NODQMDOL
QDPD] ]D 9MHURYMHVQLNRP VDYV XaLOL VPR
6HODP QD $OODKD RG 1MHJRYLK URERYD

KDGLV
2YDM KDGLV ]DELOMHCLOL VX %XKDUL 0XVOLP (EX'DYXG L GUXJL RG ,EQ0HVXGD 8
RYRP KDGLVX JRYRUL VH R ]DEUDQL WRJD 9MHURYMHVQLN VDYV EL NDGD ]DYU^L IDU]
QDPD] WUL SXWD L]JRYRULR  
 WUDCLP RSURVW RG $OODKD  D ]DWLP JRYRULR

  
   
       
$OODKX 7L VL VHODP 2G 7HEH GROD]L VHODP 1HND VL X]YL^HQ 7L 8]YL^HQL L 3OHPHQLWL 
8 KDGLVX VWRML GD MH RYR SR]GUDY NRMLP `H GCHQHWOLMH SR]GUDYOMDWL VYRJD *RVSRGDUD
8]YL^HQRJ 


 
D' 6.   / +++ /. 7  + 
8/

? C@ ?'@   7 
 & 
:(   7

! .8 
:: !/   /  7
<, ,  , +
-0 1

.-, 20 1 3,6   ,  + 3>+/, #  . + / .  
$+,+.4 #, /,  +-, >
 + / . .  . ,  #, , ,
 $ ,
  , ,9 , ,- ,  . . /  6/9 .   6/+ +,4/  ./ ,-
,/ #  +,4/  + 8// +-, ,  <,.
<,,/ 4 , ,+ .+7 7 
,7
1

8/ 
?':@ 8     66   +. 
 & 

?'D@    / + 6 /


/6 
D  3, / .,,/   /
+ 6 / /.
 DE(   - / 6/  %
  
?D:@
! .8 
:C !/   / + /
&/

?D''@    /
#/    'EC ' C : ,  . 


* +, - +  8/ 
?':C@  & 
'C /6 
C:  DE(: ! .8 

:C  &/ D'  #/ (E(C   CD' , #7 





* +, - +  
DDC( . +    #/  +  6++ 

(CC  !6.   /


8/ 
C  &..   +.. /.
 !"# $%!&# DD

1MHJRYH VX ULMHaL MHU XLVWLQX $OODK MH VHODP WM 2Q 8]YL^HQL MH aLVW RG VYDNH
PDQMNDYRVWL RG VYDNRJ XSRUH_LYDQMD 2Q MH RSLVDQ VYRP VDYU^HQR^`X aLVW RG VYDNH
PDKDQH L PDQMNDYRVWL

8 %HGDLX UHNDR MH !  MH LQILQLWLY 7R MH ULMHa NRMRP VH PROL 8 VHEL VDGUCL
]DKWMHY L L]MDYX ,]MDYD QLMH X NROL]LML VD ]DKWMHYRP 7R MH ]QDaHQMH VHODPD NRML VH WUDCL
SUL SR]GUDYOMDQMX L X SRJOHGX QMHJD SRVWRMH GYD SR]QDWD PL^OMHQMD

D GD MH (V6HODP $OODK 8]YL^HQL L GD VHODP ]QDaL QHND 1MHJRY EHUL`HW VL_H QD


YDV LOL WRPH VOLaQR =D RYR ]QDaHQMH MH RGDEUDQR L]PH_X $OODKRYLK LPHQD LPH (V
6HODP

E GD MH HV6HODP LQILQLWLY VD ]QDaHQMHP ]GUDYOMH VLJXUQRVW L WR VH WUDCL L PROL SUL


SR]GUDYX .DR GRND] ]DJRYRUQLFL RYRJ PL^OMHQMD QDYRGH GD RQ GROD]L EH] RGUH_HQRJ
aODQD WDNR GD RQDM NR QD]LYD VHODP NDCH  
  
 D GD MH WR MHGQR RG
$OODKRYLK LPHQD QH EL VH WDNR XSRWUHEOMDYDOR .DR GRND] RQL X]LPDMX GD VH VHODPRP
QH PLVOL QD WR ]QDaHQMH QHJR VH PLVOL QDYMH^`LYDQMH ]GUDYOMD L VLJXUQRVWL ELOR X YLGX
REDYLMHVWL LOL GRYH PROLWYH 

5HNDR MH GD PX VH $OODK 8]YL^HQL VPLOXMH -DVQD MH SUHVXGD GD VH NDCH GD MH


LVWLQD X RED PL^OMHQMD ]DMHGQR 6YDNR PL^OMHQMH VDGUCL GLR LVWLQH D LVSUDYDQ VWDY
QDOD]L VH X RED ]DMHGQR 7R SRVWDMH MDVQLP XSRWUHERP SULQFLSD GD MH SUDYR RQRJD NR
$OODKD PROL 1MHJRYLP OLMHSLP LPHQLPD GD VYH ^WR WUDCL PROL LPHQRP NRMH L]LVNXMH
WUDCHQR WDNR GD VH PROLWHOM PROL $OODKX 1MHJRYLP LPHQRP SULEOLCDYD PX VH SD NDGD
NDCH *RVSRGDUX RSURVWL PL L SULPL PRMH SRNDMDQMH MHU 7L VL XLVWLQX 7DM .RML SULPD^
SRNDMDQMD L .RML RSUD^WD^ SLWDR JD MH VD GYLMH VWYDUL L SULEOLCLR 0X VH SRPR`X 1MHJRYD
GYD LPHQD NRMD L]LVNXMX RVWYDULYDQMH RQRJD ^WR WUDCL 3R^WR MH SUHGPHW WUDCHQMH
VLJXUQRVWL L PLUD NRML VX QDMYDCQLML ]D aRYMHND XSRWULMHELR MH ULMHaL X IRUPL MHGQRJ
$OODKRYRJ LPHQD D WR MH (V6HODP RG .RJD WUDCL^   PLU ]GUDYOMH VLJXUQRVW 
7R MH FLOM NRML CHOL SRVWL`L PXVOLPDQ 
  
 GDNOH VDGUCL $OODKRYR LPH D WR
MH (V6HODP RG .RJD WUDCL^ VHODPHW PLU VLJXUQRVW ]GUDYOMH  5D]PLVOL R RYRM NRULVWL

/ / +


#/ CED'  ,  %+ 

  + #, <,.




 ,0 1 + # ,, #/ 4+ + .  76 7. , ?/@ +0 ! 
3,6 ,. /, -3 / ,+  +  7+ , >  3,6 + . , + 3,6
6    ,+ 3,,/,
 F, +0 / +/ ?8  /
@ ;-,, 0 $ +/
/  /
 &,     </ ,/ , , 9  &..  >  , 
#/,
F, +0 G+  /.++ ,   , .7 .
1
DDC  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 REMD^QMHQMH ]QDaHQMD ULMHaL HVVHODP
 GD MH WR SR]GUDY
 GD RQD QH GROLNXMH GD VH XSX`XMH $OODKX
 UD]ORJ ]ERJ aHJD MH WR WDNR
 SRGXaDYDQMH SR]GUDYX NRML GROLNXMH GD VH XSXWL $OODKX

1MHQD VX^WLQD RJOHGD VH X RGULFDQMX RG VYHJD OR^HJ VSDVHQMH L L]EDYOMHQMH L] ]OD L


PDKDQD 2NR RYRJ ]QDaHQMD RNUH`X VH L RVWDOL QMHJRYL MH]LaNL REOLFL 7DNDY MH VOXaDM
VD   
$OODK WH VDaXYDR L GDR WL VLJXUQRVW 'RYD NRMX `H YMHUQLN XaLWL QD
VLUDW`XSULML ELW `H ,
  '    $OODKX VSDVL VSDVL  7X SRWSDGD L
    
 3UHGDM WR WRP L WRP  WM GDGQL WR OLaQR QMHPX NDR ^WR 8]YL^HQL
NDCH ThAkTglApMAhoTgQ@Khw
$OODK QDYRGL NDR SULPMHU aRYMHND NRML MH X YODVWL RUWDND RNR NRJD VH RQL RWLPDMX L
 
      
 aRYMHND NRML MH X YODVWL VDPR MHGQRJ aRYMHND 
;;;,;  WM NRML SULSDGD VDPR QMHPX L QLNR PX X QMHPX QLMH VXYODVQLN 7X VSDGD L
ULMHa  PLU NRMD MH DQWRQLP ULMHaL  UDW MHU VYDNL ]DUD`HQL MH X PLUX RG
X]QHPLUDYDQMD GUXJH VWUDQH 8SUDYR ]ERJ WRJD GR^DR MH X REOLNX
 WDNR GD VH
NDCH PXVDOHPH XVSRVWDYOMDQMH PLUD  NDR ^WR MH
  ]DMHGQLaNR
XaHVWYRYDQMH  7X VSDGD L 
  ]GUDYR VUFH  D WR MH RQR VUFH NRMH MH aLVWR
RG SRNYDUHQRVWL L PDKDQH 1MHJRYD MH VX^WLQD NDGD $OODK VDaXYD QHNRJD L L]EDYL JD
L] ^LSUDJH SULGUXCLYDQMD   JULMHKD L NU^HQMD SURSLVD 7R MH RQDM NRML MH XVWUDMDQ X
LVNUHQRM OMXEDYL SUHPD 1MHPX L LPD OLMHS RGQRV SUHPD 1MHPX 7RPH MH ]DJDUDQWRYDQ
VSDV RG 1MHJRYH ND]QH L SRVWL]DQMH 1MHJRYLK SRaDVWL ,] QMH MH L]YHGHQD ULMHa LVODP
2QD MH L]YHGHQD L] WRJ NRULMHQD MHU ]QDaL   SUHGDQMH  SRYR_HQMH ]D 1MLP L
RVORED_DQMH RG PUOMD  3UHGDR VH VYRPH *RVSRGDUX NDR NDG VH URE SUHGD
VYRPH JRVSRGDUX X aLMHP MH SRVMHGX SUL aHPX QLNR GUXJL QHPD QDG QMLP
VXYODVQL^WYR =DWR MH 8]YL^HQL XND]DR QD RYD GYD SULPMHUD PXVOLPDQX NRML VH LVNUHQR
SUHGDR VYRPH JRVSRGDUX L

NRML PX  aLQL
 !"# $%!&# DDD

 E 
 2 5,-(A,0$
$//$+8235267,0,$.2+2@(>
8 6DKLKX VH SUHQRVL RG (EX+XUHMUHD GD MH $OODKRY 3RVODQLN VDYV UHNDR
1HPRM GD QHNR RG YDV JRYRUL
$OODKX RSURVWL PL DNR KR`H^
 QHJR QHND EXGH
RGOXaDQ X PROEL MHU ]D $OODKD XLVWLQX QH SRVWRML QHNR NR `H *D SULVLOLWL
0XVOLP ELOMHCL 1HND PX CHOMD EXGH YHOLND MHU $OODKX XLVWLQX QLMH WH^NR

ELOR ^WD ^WR PX GD

1MHJRYH VX ULMHaL 1HPRM GD QHNR RG YDV JRYRUL


$OODKX RSURVWL PL DNR KR`H^

KDGLV  ]D UD]OLNX RG aRYMHND MHU RQ QHNDG G RQR ^WR QHNR RG QMHJD WUDCL MHU PX MH
SRWUHEDQ LOL JD VH ERML LOL VH RG QMHJD QH^WR QDGD SD PX GD RQR ^WR WUDCL PDGD WR QH
CHOL 2QRPH NR WUDCL QH^WR RG QHNRJ VWYRUHQMD GROLNXMH GD RVWYDUHQMH VYRMH PROEH
SRYHCH VD YROMRP RQRJD RG NRJD WUDCL L] VWUDKD GD PX RQ WR QH GDGQH PLPR VYRMH
YROMH 2YR VH UD]OLNXMH RG WUDCHQMD RG *RVSRGDUD VYMHWRYD MHU 2Q XLVWLQX GDMH 6YRPH
UREX RQR ^WD KR`H VYRMLP GREURaLQVWYRP L GREURWRP 3UHPD WRPH OLMHS RGQRV SUHPD
$OODKX RJOHGD VH L X WRPH GD VYRMX PROEX 1MHPX QH YHCH ]D ELOR ^WR ]ERJ YHOLaLQH
1MHJRYH GREURWH PLORVU_D GDUHCOMLYRVWL L SOHPHQLWRVWL 8 KDGLVX VH NDCH 1HND EXGH
RGOXaDQ X WUDCHQMX 8 GUXJRP KDGLVX VWRML $OODKRYD MH GHVQLFD SXQD L XGMHOMLYDQMH
QH XPDQMXMH QMHQX SXQR`X GDUHCOMLYD MH QR`X L GDQMX KDGLV 


 
(DD: &   +6/ /  ..  /  
 
 . /7 
8/ 
C( : 6*    -  -0 1/,+ 
., ,  -,,0 # ,3, / , ,>7  # /+ /  , ,>7 .-, . 
,4.  , + # .  7 ;. ,>  ./ .,- , " /, 3/,
1  & 

 D   


/6 
C( : 0 6*   6/ 

#/    CEC D D (D (


! .8 
D'


 
(    %    0 >A@ohA7 
'D'C .  
..  
      >dHN`A7 
:   1 .
7 /    76/1 
:(    0 >@@dIBdh7
8/

?::D@ ?D(@ ?D @ 6*   ..   7/. 
#/ 
  CEDD
'  '  ,  %+ 


DD  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 ]DEUDQD GD VH L]X]LPD X GRYL WM JRYRUL
$NR KR`H^ RSURVWL PL

 REMD^QMHQMH UD]ORJD ]D WR
 1MHJRYH VX ULMHaL QHND EXGH RGOXaDQ X WUDCHQMX
 SULGDYDQMH YDCQRVWL RQRPH ^WR VH WUDCL
 REUD]ORCHQMH WRJ SLWDQMD

1MHJRYH VX ULMHaL 0XVOLP ELOMHCL


1HND PX CHOMD EXGH YHOLND
 WM NDGD PROL VYRJD
*RVSRGDUD QHNX VYRMX SRWUHEX XaLQL YHOLNRP MHU 2Q XLVWLQX XGRYROMDYD YHOLNLP
SRWUHEDPD SOHPHQLWR GDUHCOMLYR L GREURaLQLWHOMVNL
1MHJRYH VX ULMHaL MHU $OODKX XLVWLQX QLMH WH^NR ELOR ^WD ^WR PX GD WM RQR ^WR
2Q GD VYRPH UREX ^WR MH RYDM WUDCLR RG 1MHJD QLMH NRG 1MHJD YHOLNR ]ERJ
VDYU^HQRVWL 1MHJRYH GREURWH L PLORVU_D 1HNL VX SMHVQLFL KYDOH`L RQR ^WR MH VWYRUHQR
UHNOL
8 RaLPD PDORGX^QRJ L VLWQLFD MH YHOLND D X RaLPD PLORVUGQRJ L YHOLND GMHOD VX
PDOHKQD
$OODK MH 8]YL^HQL QDM]DVOXCQLML GD 0X VH XSX`XMH VYDND KYDOD L SRKYDOD
 !"# $%!&# DD'

V
1(.$1,.21(*2925,02-52%,523.,1-$
8 6DKLKX VH ELOMHCL RG (EX+XUHMUHD UD GD MH $OODKRY 3RVODQLN VDYV
UHNDR 1HPRM GD QHNR RG YDV JRYRUL
1DKUDQL VYRJD JRVSRGDUD
HW
LP
UDEEHNH 
3ROLM ]D DEGHVW VYRPH JRVSRGDUX
YHGGL
UDEEHNH  8PMHVWR WRJD
QHND NDCH
0RM JRVSRGLQ VHMMLGL L SDWURQ PHYODMH 
1HND QH JRYRUL
0RM URE


DEGL L
PRMD URELQMD
HPHWL  QHJR QHND NDCH
0RM VOXJD IHWDMH  PRMD

VOXCDYND IHWDWL L PRM VOXJD JXODPL 



 
      

8 6DKLKX VH ELOMHCL RG (EX+XUHMUHD UD GD MH $OODKRY 3RVODQLN VDYV UHNDR
1HPRM GD QHNR RG YDV JRYRUL
1DKUDQL VYRJD JRVSRGDUD    
 KDGLV
8SRWUHED MH RYLK MH]LaNLK VNORSRYD ]DEUDQMHQD LDNR VH RQL MH]LaNL XSRWUHEOMDYDMX
3UHPD WRPH 9MHURYMHVQLN VDYV ]DEUDQLR LK MH GD EL VH RVWYDULR  L NDNR EL VH
]DWYRULOL SXWHYL  SR^WR X QMLPD SRVWRML SULGUXCLYDQMH X MH]LaNRP ]QDaHQMX ULMHaL
LPDMX`L X YLGX GD MH $OODK XLVWLQX *RVSRGDU VYLK OMXGL 8NROLNR VH ]D GUXJRJD
XSRWULMHEH L]UD]L NRML VH NRULVWH ]D 1MHJD 8]YL^HQRJ QDVWDMH VOLaQRVW X ULMHaL L ]ERJ
WRJD WUHED L]EMHJDYDWL XSRWUHEX WRJ L]UD]D NDG VH UDGL R VWYRUHQMX 3RVODQLN VDYV
XSXWLR LK MH QD L]UD]H NRML ]DPMHQMXMX RYDM D WR VX 1MHJRYH ULMHaL 0RM JRVSRGLQ
  L SDWURQ   ]DWLP QMHJRYH ULMHaL 1HND QLNR QH JRYRUL PRM URE  L
PRMD URSNLQMD   7R MH ]ERJ WRJD ^WR VX URERYL  XVWYDUL $OODKRYL URERYL D
URELQMH   $OODKRYH URELQMH 8]YL^HQL MH UHNDR

@dIh@LDF|g@O@Al@F

7D VYL `H RQL L RQL QD QHEHVLPD L RQL QD =HPOML NDR URERYL 0LORVWLYRJ WUDCLWL
XWRaL^WH ;,;


* +, - +  
C''C !   ++   0    /

8/ 
CC : 6 /.
 & 
: ' : (      +//0
    
  %  
C C D
; .+- 3., ! ... 
D: 
#/    CED(

DD(  !"# $%!&#

8 QMHPX VH WUHWLUDMX VOMHGH`D SLWDQMD


 ]DEUDQD GD VH NDCH 0RM URE
DEGL L PRMD URELQMD HPHWL 
 VOXJD QH JRYRUL 0RM JRVSRGDU QLWL VH QMHPX JRYRUL QDKUDQL VYRJD
JRVSRGDUD
 SRGXaDYDQMH SUYRJ GD NDCH 0RM VOXJD IHWDMH  PRMD VOXCDYND IHWDWL L
PRM VOXJD JXODPL 
 SRGXaDYDQMH GUXJRJ GD NDCH 0RM JRVSRGLQ VHMMLGL L SDWURQ PHYODMH 
 XSR]RUHQMH QD VYUKX D WR MH RVWYDULYDQMH WHYKLGD aDN L X ULMHaLPD
 !"# $%!&# DD

 
1(2'%,-$6(21$-.2=$02/,1(.2*$
$//$+29,0,0(120
2G ,EQ2PHUD SUHQRVL VH GD MH UHNDR $OODKRY 3RVODQLN VDYV UHNDR MH

.R VSRPLQMX`L $OODKD ]DWUDCL ]D^WLWX L XWRaL^WH SUXCLWH PX SRPR` .R


VSRPLQMX`L $OODKD RG YDV QH^WR ]DWUDCL GDMWH PX .R YDV SR]RYH RGD]RYLWH PX
VH .R YDP XaLQL NDNYR GREUR QDJUDGLWH JD D DNR JD QHPDWH aLPH QDJUDGLWL
XaLWH ]D QMHJD GRYX VYH GRN QH YLGLWH GD VWH JD GRYROMQR QDJUDGLOL
 =DELOMHCLR

JD MH (EX'DYXG L 1HVDL VD YMHURGRVWRMQLP VHQHGRP

    
  
    
2YDM KDGLV VYRMLP YLGOMLYLP OLWHUDUQLP ]QDaHQMHP XND]XMH QD ]DEUDQX GD VH RGELMH
SURVMDN NDGD ]DPROL $OODKRYLP LPHQRP 3RVWRML PRJX`QRVW GD VH PLVOL QD RQR ^WR QH
SUHGVWDYOMD SRWH^NR`X RQRPH RG NRJD VH WUDCL QLWL LPD ^WHWH 7DGD EL WR ELR YLG OLMHSRJ
PRUDOD L YLVRNLK RVRELQD 0RCGD MH SURVMDN X SRWUHEL LOL X QXCGL SD PX WUHED GDWL RQR
^WR WUDCL 7DGD RQDM RG NRJD VH WUDCL ELYD JUMH^DQ DNR PX WR XVNUDWL L RG QMHJRYRJ
LPHWND VH X]LPD QHNROLNR SXWD YL^H L WR SULVLOQR ,PDMX`L X YLGX RYD SLWDQMD RQDM NRPH
MH $OODK GDR EODJRGDW WUHED L] WRJD L]GYDMDWL RQR ^WR MH $OODK SURSLVDR L GDYDWL RQRPH
NR RG QMHJD PROL YL^DN WH $OODKRYH EODJRGDWL NRMX PX MH $OODK GDR SRVHEQR NDGD JD
]DPROL $OODKRYLP LPHQRP 'DYDQMH SURVMDNX X WRM VLWXDFLML ELYD YLG YHOLaDQMD 2QRJD
ALMLP LPHQRP JD MH ]DPROLR D WR MH $OODK 8]YL^HQL
1MHJRYH VX ULMHaL .R V $OODKRYLP LPHQRP ]DWUDCL ]D^WLWX L XWRaL^WH SUXCLWH PX
SRPR` WM YHOLaDMX`L WDNR $OODKD 8]YL^HQRJ L SULEOLCDYDMX`L VH 1MHPX QD WDM QDaLQ
1MHJRYH VX ULMHaL .R YDV SR]RYH RGD]RYLWH PX VH 2YR MH MHGDQ RG YLGRYD
GXCQRVWL PXVOLPDQD SUHPD PXVOLPDQX 7R MH X]URN ]EOLCDYDQMD PH_X OMXGLPD aLVWRWH
JUXGL RG ]DYLVWL PUCQMH LWG L SRaDVWL RQRPH NR ]RYH


;+  + 3,/. . .2 C 
?., 
C@
DD  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 SUXCDQMH SRPR`L RQRPH NR ]DWUDCL XWRaL^WH L ]D^WLWX RG $OODKD
 GDYDQMH RQRPH NR ]DWUDCL X LPH $OODKD
 RGD]LYDQMH SR]LYX
 QDJUD_LYDQMH ]D GREUR GMHOR
 GD MH GRYD QDJUDGD NRMX GDMH RQDM NR QHPD QL^WD GUXJR
 QMHJRYH ULMHaL VYH GRN QH YLGLWH GD VWH JD GRYROMQR QDJUDGLOL

1MHJRYH VX ULMHaL .R YDP XaLQL NDNYR GREUR QDJUDGLWH JD WM WUHED JD QDJUDGLWL
]D GREURaLQVWYR 7R MH YLG OLMHSRJ PRUDOD L QMLPH VH RVORED_D RG ^NUWRVWL L RVWDOLK
SRNX_HQLK RVRELQD
1MHJRYH VX ULMHaL D DNR JD QHPDWH aLPH QDJUDGLWL XaLWH ]D QMHJD GRYX 8
RYRPH MH GRND] GD GRYD PRCH ELWL ]DPMHQD ]D PDWHULMDOQX QDJUDGX X VOXaDMX RQRJD
NR QHPD aLPH GD JD QDJUDGL
1MHJRYH VX ULMHaL VYH GRN  

 VD   QD VORYX  8 SUHGDQMX
(EX1HKLND RG ,EQ$EEDVD VWRML .R YDV ]DPROL $OODKRYLP OLFHP GDMWH PX
 !"# $%!&# DD:

j
1(02/,6($//$+29,0/,&(0
%,/2>7$'58*226,0'#(11(7$
2G 'CDELUD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR 1H PROL

VH $OODKRYLP OLFHP ELOR ^WD GUXJR RVLP 'CHQQHWD =DELOMHCLR JD MH (EX'DYXG

            !


1DYHGHQ MH KDGLV 'CDELURY NRML MH ]DELOMHCLR (EX'DYXG GD MH $OODKRY 3RVODQLN
VDYV UHNDR 1H PROL VH $OODKRYLP OLFHP ELOR ^WD GUXJR RVLP 'CHQQHWD 2YGMH VH
SRVWDYOMD SLWDQMH YH]DQR ]D GRYX NRMD SUHQRVL VH GD MH 9MHURYMHVQLN VDYV SUL
SRYUDWNX L] 7DLID QDNRQ ^WR PX SOHPH 6HNLI QLMH SUXCLOR SRGU^NX SURXaLR VOMHGH`X
GRYX $OODKX 7HEL VH CDOLP QD PRMX VODERVW 7L VL *RVSRGDU SRWODaHQLK 7L VL PRM
*RVSRGDU .RPH `H^ PH SRYMHULWL" 'D OL GDOHNRP NRML `H QD PHQH ELWL QDPU^WHQ LOL
QHSULMDWHOMX NRPH `H^ PH SUHGDWL 8NROLNR VH 7L QD PHQH QH OMXWL^ RVWDOR PH QH EULQH
7YRM RSURVW PHQL MH QDMYH`H L]RELOMH 8WMHaHP VH VYMHWOR^`X 7YRJD OLFD SUHG NRMLP VX
WDPH SRVWDOH RVYLMHWOMHQH L VXJODVLOR VH VYH L QD GXQMDOXNX L DKLUHWX RG 7YRMH VUGCEH
LOL GD VH QD PHQH VSXVWL 7YRMD PUCQMD 7L NDCQMDYD^ L QDJUD_XMH^ SR 6YRMRM YROML L
QHPD VQDJH QL PR`L RVLP 7YRMH =DWLP KDGLV NRML MH ]DELOMHCHQ X   $OODKX
7L VL QDMSUHaL NRML VH VSRPLQMH L QDMSUHaL RG VYLK NRMH RERCDYDMX 1D NUDMX VWRML
8WMHaHP VH VYMHWOR^`X 7YRJD OLFD SUHG NRMLP VX REDVMDQL QHEHVD L =HPOMD 6OLaQR
RYRPH VH QDYRGL X 
  3RVWRML PRJX`QRVW GD VH WR RGQRVL QD RQR ^WR
aRYMHN QH YROL QH QD RQR ^WR RQ YROL L CHOL 3RVWRML PRJX`QRVW L GD ]QDaL GUXJDaLMH D
$OODK QDMEROMH ]QD


 & 
(  6*   ++/  66  
+-, +
. 
$0 &   
 , # .+ 
:


* +, - + ! .%7/     E C
! .&  ,/  E  6 .
F, + *.
       ?ED '
@0 1* +, - + ! .!    ) * +, - +  .  .+6
 (    # 
&  ,0 1;, +   * >  + ,. ,9. 
# .+ ,  .+ 4., 4, ?, <,. 



@ , 7, + 33,+,
1 %+/   !
!  ?(ED'
@ , +0 15 .+/  .6 ! .!  ,. + ,    ; 3.,,2 
3,++ 


D  !"# $%!&#

8 QMHPX VH WUHWLUDMX VOMHGH`D SLWDQMD


 ]DEUDQD GD VH PROL $OODKRYLP OLFHP ELOR ^WD RVLP QDMX]YL^HQLML FLOM
 SRWYU_LYDQMD VYRMVWYD OLFD
 !"# $%!&# D 

?
2*29258
'$6$085$',27$.2,7$.2%,/2%,7$.2,7$.2
AAAMAoh@AA 9AL@

L ULMHaLPD 8]YL^HQRJ 'D VPR VH ]D ELOR ^WD SLWDOL JRYRUH RQL QH ELVPR
RYGMH L]JLQXOL $OX ,PUDQ 
, 1MHJRYH VX ULMHaL
@MAAA}B@d@`@Af@ 9

2QLPD NRML VH QLVX ERULOL D R EUD`L VYRMRM JRYRULOL


'D VX QDV SRVOX^DOL QH
EL L]JLQXOL
 $OX ,PUDQ 

"   #     


 
  
 

WM XSR]RUHQMH L ]DEUDQD WRJD X VLWXDFLMDPD NDG VH GHVH VWYDUL NRMH aRYMHN QH CHOL
QHYROMH L WRPH VOLaQR
, ULMHaL VX 8]YL^HQRJ ^oh^@^A^A^^^ 'D VPR VH ]D ELOR ^WD SLWDOL
JRYRUH RQL A^ AAMA QH ELVPR RYGMH L]JLQXOL 2YR VX UHNOL QHNL OLFHPMHUL QD GDQ
8KXGD ]ERJ VWUDKD NRML VX LPDOL EH]QD_D X NRP VX VH QDOD]LOL L VYRMH VODERVWL 5HNDR
MH ,EQ,VKDN 3ULSRYLMHGDR PL MH -DKMD E ,PDG E $EGXOODK E =XEHMU GD MH =XEHMU
UHNDR
9LGLR VL PH VD $OODKRYLP 3RVODQLNRP VDYV NDG VH QD^ VWUDK XYH`DR $OODK
QDP MH SRVODR VDQ WDNR GD MH VYDNR RG QDV GXERNR ]DVSDR , WDNR PL $OODKD aXR
VDP ULMHaL 0XW
LED E .X^HMUD NDR NUR] VDQ

AAAMAoh@AA 


'D VPR VH ]D ELOR ^WD SLWDOL QH ELVPR RYGMH L]JLQXOL
7R VPR RG QMHJD ]DSDPWLOL
3RYRGRP RQRJD ^WR MH 0XW
LE UHNDR $OODK 8]YL^HQL REMDYLR MH
oh@AA


'D VPR VH ]D ELOR ^WD SLWDOL


AAAMA
D C  !"# $%!&#

JRYRUH RQL
QH ELVPR RYGMH L]JLQXOL
 =DELOMHCLR JD MH ,EQ(EX+DWLP 0XGCDKLG
SUHQRVL RG 'CDELUD E $EGXOODKD GD MH RYDM DMHW REMDYOMHQ SRYRGRP $EGXOODKD E
8EHMMD WM GD MH RQ WR UHNDR

8 6DKLKX VH SUHQRVL RG (EX+XUHMUHD GD MH $OODKRY 3RVODQLN VDYV UHNDR


%XGL DJLODQ X SRVWL]DQMX RQRJD ^WR WL MH RG NRULVWL WUDCL SRWSRUX RG $OODKD L
QHPRM QLNDGD ELWL OLMHQ X WRPH $ DNR WL VH QH^WR GHVL QHPRM JRYRULWL
'D VDP
XUDGLR WDNR L WDNR ELOR EL WDNR L WDNR
 QHJR UHFL
$OODK MH RGUHGLR L RQR ^WR MH
KWLR XUDGLR
7R MH ]ERJ WRJD ^WR WDNDY JRYRU
GD VDP XUDGLR WDNR
RWYDUD

^HMWDQVNL SRVDR

1MHJRYH VX ULMHaL 8 


VH SUHQRVL RG (EX+XUHMUHD GD MH $OODKRY 3RVODQLN
VDYV UHNDR
%XGL DJLODQ X SRVWL]DQMX RQRJD ^WR WL MH RG NRULVWL WUDCL SRWSRUX RG
$OODKD L QHPRM QLNDGD ELWL OLMHQ X WRPH
 KDGLV $XWRU MH VNUDWLR RYDM KDGLV 3UHRVWDOL
QMHJRY GLR JODVL -DN MH YMHUQLN EROML L $OODKX GUDCL RG VODERJ YMHUQLND D X VYDNRP RG
QMLK LPD GREUD
1MHJRYH VX ULMHaL %XGL DJLODQ X SRVWL]DQMX RQRJD ^WR WL MH RG NRULVWL WM QD
GXQMDOXNX L DKLUHWX 3RVHEQR MH VSRPHQXR RQR ^WR NRULVWL D QH RQR ^WR QLMH WDNYR X
aHPX MH ^WHWD LOL QHPD QLNDNYH NRULVWL 7R MH X RNULOMX YDGCLED PXVWHKDED L PXEDKD
XNROLNR MH RG NRULVWL
1MHJRYH VX ULMHaL WUDCL SRWSRUX RG $OODKD MHU WR QH`H QLNR SRVWL`L RVLP DNR
EXGH WUDCLR SRPR` RG $OODKD
1MHJRYH VX ULMHaL L QHPRM QLNDGD ELWL OLMHQ X WRPH =DEUDQLR PX MH EH]QD_H MHU
MH WR SRNX_HQR VYRMVWYR SR UD]XPX L >HULMDWX D NROLNR OL MH WR VDPR UDVSURVWUDQMHQR
PH_X VYLMHWRP .ROLNR OL MH aRYMHN SURSXVWLR ]D VHEH XUDGLWL GREUD NRMH MH ELR X VWDQMX
XUDGLWL GD MH WR CHOLR L RG $OODKD SRPR` ]DWUDCLR 1HPD PR`L QL VQDJH RVLP NRG
$OODKD
1MHJRYH VX ULMHaL $ DNR WL VH QH^WR GHVL QHPRM JRYRULWL
'D VDP XUDGLR WDNR L
WDNR ELOR EL WDNR L WDNR
 QHJR UHFL
$OODK MH RGUHGLR L RQR ^WR MH KWLR XUDGLR
 7R MH


* +, - + 8/ 
C((     /   6 . 
 /  66  
#/    CED(( D
! .8 
:  (

+-,  +40 1 -.  3,6.+ ,.,- 7,  + , ,

1 6.4  .  3,,.,


# 567.,/  .,+ 3,> ,., 7, + , +- ?+
&..@
!  3,/,> , #  3,6.+
,-  ./,+ .  +.  ,/ ./,+  +.  .+ ,.,-  4/ + 3,,.,  ./,+ 
+.  .+ 3,/,>  3,7

 !"# $%!&# D D

]ERJ WRJD ^WR RQR ^WR MH 2Q RGUHGLR ELYD 3UHPD WRPH GXCQRVW MH YMHURYDWL X
RGUH_HQMH L WR SULKYDWLWL 8SXWLR JD MH GD NDCH
$OODK MH RGUHGLR
 WM RYR MH $OODKRYD
RGUHGED 6XEMHNDW MH RYGH L]RVWDYOMHQ D JODVL 2YR MH $OODKRYD RGUHGED L ^WR KR`H
2Q UDGL

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 NRPHQWDU RYD GYD DMHWD L] VXUH $OL ,PUDQ
 HNVSOLFLWQD ]DEUDQD GD VH NDCH 'D VDP XUDGLR WDNR ELOR EL WDNR L
WDNR X VLWXDFLML NDGD VH QH^WR GRJRGL
 REUD]ORCHQMH WRJ SLWDQMD GD VH WDNYLP JRYRURP RWYDUDMX YUDWD
^HMWDQVNRP GMHORYDQMX
 XSX`LYDQMH QD GREDU L NRULVWDQ JRYRU
 QDUHGED GD VH QDVWRML UDGLWL RQR ^WR MH RG NRULVWL WUDCH`L SRPR` RG
$OODKD
 ]DEUDQD RQRJD ^WR MH VXSURWQR WRPH D WR MH OLMHQRVW X WUDCHQMX L
JXEOMHQMX QDGH

7R MH ]ERJ WRJD ^WR VX GMHOD RG 1MHJD 8]YL^HQRJ SURL]L^OD L] VDYU^HQH PXGURVWL


]QDQMD GREURaLQVWYD L SUDYGH @dXBHg 7YRM *RVSRGDU QLNRPH QHSUDYGX QH
aLQL ;9,,,
1MHJRYH VX ULMHaL 7R ]ERJ WRJD ^WR WDNDY JRYRU
GD VDP XUDGLR WDNR
RWYDUD
^HMWDQVNL SRVDR SR^WR RQ X VHEL VDGUCL CDOMHQMH L WXJX ]D RQLP ^WR MH SURPDNOR L
WLPH ELYD JUMH^DQ D WR MH ^HMWDQVNL SRVDR
D  !"# $%!&#

 
=$%5$1$'$6(368-(9-(7$5
2G 8EHMMD E .D
ED UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR
1HPRMWH SVRYDWL YMHWDU .DGD YLGLWH QH^WR ^WR QH YROLWH YL UHFLWH
$OODKX
PROLPR 7H ]D VYDNR GREUR RG RYRJ YMHWUD QDMEROMH ^WR RQ X VHEL QRVL QDMEROMH
^WR PX MH QDUH_HQR D XWMHaHPR 7L VH RG ]OD RYRJ YMHWUD L ]OD NRMH MH X QMHPX L

]OD NRMH PX MH QDUH_HQR
 7LUPL]L JD MH RFLMHQLR YMHURGRVWRMQLP
8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD
 ]DEUDQD GD VH SVXMH YMHWDU
 XSXWD QD NRULVWDQ JRYRU NDGD aRYMHN YLGL QH^WR ^WR QH YROL
 XND]LYDQMH QD WR GD MH RQ YMHWDU SRG XSUDYRP L NRQWURORP
 GD PX QHNDGD EXGH QDUH_HQR GREUR D QHNDGD ]OR

$     


2G 8EHMMD E .D
ED UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR
1HPRMWH SVRYDWL YMHWDU KDGLV 7R MH ]ERJ WRJD ^WR MH YMHWDU $OODKRYR VWYRUHQMH
SRG 1MHJRYRP NRQWURORP 2Q SX^H $OODKRYRP YROMRP L PR`L 7DNR VH SVRYDQMH
SURWHCH QD 2QRJ .RML JD MH VWYRULR L SRWaLQLR 9MHURYMHVQLN VDYV XSXWLR MH VYRMH
VOMHGEHQLNH VYRM XPPHW GD NDCX RQR ^WR MH VSRPHQXWR X KDGLVX D WR MH GD $OODKD
PROH ]D RQR ^WR QDMEROMH RQ YMHWDU SRVMHGXMH L QDMEROMH ^WR X VHEL LPD L GD VH 1MHPX
XWMHaX RG QMHJRYRJ ]OD L ]OD NRMH MH X QMHPX $OODK MH SURSLVDR 6YRMLP URERYLPD GD *D
PROH ]D RQR ^WR LP MH NRULVQR L GD 0X VH XWMHaX RG RQRJD ^WR LP MH ^WHWQR L GD WR RG
QMLK EXGH YLG RERCDYDQMD $OODKD -HGLQRJ SRNRUQRVW 1MHPX L YMHURYDQMH X 1MHJD
2YDNYR MH VWDQMH SULSDGQLND  L   ]D UD]OLNX RG VWDQMD SULSDGQLND  L
QRYRWDULMD


/6 
CC'D H.   /  ..+ .  
    $  
:

#/    'ECD


  %  
:DD:D
; .+- 3., ! ... 

C:
5 .+-, . .6  % 
  
;. + 3,++ 66. 4.+  
;. +
3., 4.,        ,+  + 3.,    * 89/ ,+  / 3,3,  -/
,+ - ,+4+  6 ,- ,- + /6 ,0 1;+  +    )  , / 3., 
 ,  %+ #7 ;/.
 # . &   ! .# 
</ ,/  +
+,,,+. , 7, + , # .       
:C

 !"# $%!&# D '

mm]
 [i
2$//$+8/2>(0,6/(6$02/,&(0-(5,,08>5,&,
2'72*$@(%,7,63$>(16$0221$-.2632=1$$//$+$
1-(*29$/,-(3$,0(1$,692-679$
AA@@AH 9AL@ 
h@Foh@

5LMHaL 8]YL^HQRJ $OODKD 0LVOH R $OODKX RQR ^WR QLMH LVWLQD NDR ^WR SDJDQL
PLVOH L JRYRUH
*GMH MH SREMHGD NRMD QDP MH REH`DQD"
5HFL
2 VYHPX RGOXaXMH
VDPR $OODK
 DMHW $OX ,PUDQ 

3RJODYOMH R ULMHaLPD 8]YL^HQRJ $OODKD

h@Foh@AA@@AH

0LVOH R $OODKX RQR ^WR QLMH LVWLQD NDR ^WR SDJDQL PLVOH L JRYRUH
*GMH MH
SREMHGD NRMD QDP MH REH`DQD"
5HFL
2 VYHPX RGOXaXMH VDPR $OODK
 DMHW 2YDM
DMHW $OODK 8]YL^HQL VSRPHQXR MH X NRQWHNVWX 6YRMLK ULMHaL

A}pAkAB@dHjBP

=DWLP YDP MH SRVOLMH QHYROMH VSRNRMVWYR XOLR VDQ MH QHNH RG YDV XKYDWLR
,,,  ]QDaL SULSDGQLNH LPDQD SRVWRMDQRVWL L LVNUHQRJ RVODQMDQMD QD $OODKD  2QL
VX ELOL VLJXUQL GD $OODK 8]YL^HQL GDMH SREMHGX 6YRPH 3RVODQLNX VDYV L GD `H
LVSXQLWL QMHJRYX QDGX L CHOMX =ERJ WRJD MH UHNDR lBMBdA}
D GUXJL VX VH EULQXOL VDPR R VHEL ]QDaL QLMH LK REX]HR VDQ ]ERJ ERMD]QL
EH]QD_D L VWUDKD A@@AH
PLVOH R $OODKX RQR ^WR QLMH LVWLQD NDR ^WR SDJDQL PLVOH NDR ^WR MH 8]YL^HQL
UHNDR @dHBBF@kh@JBMH
9L VWH PLVOLOL GD VH 3RVODQLN L YMHUQLFL QLNDGD QH`H YUDWLWL SRURGLFDPD VYRMLP
;/9,,, 2YDNR VX RYL SRPLVOLOL NDGD VX VH PX^ULFL SRMDYLOL WRJ PRPHQWD
D (  !"# $%!&#

l@h@cl@AHA@ 9

, 1MHJRYH VX ULMHaL NRML R $OODKX ]OR PLVOH QHND ]OR QMLK VQD_H (O)HWK 
,EQXO.DMMLP UHNDR MH R SUYRP DMHWX 2YD VXPQMD MH SURWXPDaHQD GD 2Q
8]YL^HQL QH`H SRPR`L 6YRJD 3RVODQLND L GD `H QMHJRYD PLVLMD SUHVX^LWL ,
SURWXPDaHQR MH GD RQR ^WR LP VH GHVLOR QLMH ELOR SR $OODKRYRP RGUH_HQMX L
PXGURVWL , SURWXPDaHQR MH QLMHNDQMHP PXGURVWL L QLMHNDQMHP RGUH_HQMD L QLMH
NDQMHP GD `H VH 3RVODQLNRYD PLVLMD XSRWSXQLWL L GD `H WR VYH YMHUH QDGYODGDWL
7R VYH VSDGD X ]OX PLVDR NRMX VX LPDOL OLFHPMHUL L PX^ULFL D R NRMRM VH JRYRUL X
VXUL (O)HWK

3RPLVOLOL VX GD MH WR NUDM L GD `H LVODP L QMHJRYL VOMHGEHQLFL ELWL LVNRULMHQMHQL 2YDNR


SRVWXSDMX VXPQMLaDYL NDGD VH QH^WR GHVL RQL GRELMX RYDNYH UXCQH RVMH`DMH
8aHQMDN ,EQXO.DMMLP GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH 2YD VXPQMD
NRMD QH GROLNXMH GD VH RVMH`D SUHPD $OODKX 8]YL^HQRP SURWXPDaHQD MH GD 2Q
8]YL^HQL QH`H SRPR`L 6YRJD 3RVODQLND L GD `H QMHJRYD PLVLMD SUHVX^LWL ,
SURWXPDaHQR MH GD RQR ^WR LP VH GHVLOR QLMH ELOR SR $OODKRYRP RGUH_HQMX L PXGURVWL ,
SURWXPDaHQR MH QLMHNDQMHP PXGURVWL L QLMHNDQMHP RGUH_HQMD L QLMHNDQMHP GD `H VH
3RVODQLNRYD PLVLMD XSRWSXQLWL L GD `H WR VYH YMHUH QDGYODGDWL 7R VYH VSDGD X ]OX
PLVDR
@tOAkTdB@Jxl@h@c


QHND ]OR QMLK VQD_H $OODK VH QD QMLK UDVUGLR L SURNOHR LK L SULSUHPLR LP 'CHKH
QQHP D JUR]QR MH RQ ERUDYL^WH
 ;/9,,,
1MHJRYH VX ULMHaL l@AHA@
NRML R $OODKX ]OR PLVOH ,EQ'CHULU X VYRPH 7HIVLUX UHNDR MH

l@AHA@OAhp@hp@OAA@A@Kf 

L GD EL ND]QLR OLFHPMHUH L OLFHPMHUNH L PQRJRER^FH L PQRJRER^NLQMH NRML R


$OODKX ]OR PLVOH ;/9,,,  WM RQL NRML PLVOH R $OODKX GD WH QH`H SRPR`L QLWL SRPR`L
WYRMH VOMHGEHQLNH SURWLY YD^LK QHSULMDWHOMD LOL GD 2Q QH`H 6YRMX ULMHa X]GL`L L XaLQLWL MH
YL^RP RG ULMHaL QHYMHUQLND X 1MHJD 7R VX ELOH QMLKRYH ]OH PLVOL NRMH MH $OODK VSRPHQXR
QD RYRP PMHVWX ,EQ.HVLU MH UHNDR
 !"# $%!&# D

 2YR VH WUHWLUD ]ORP PLVOL MHU VH PLVOL QH^WR ^WR QH GROLNXMH 1MHPX
8]YL^HQRP L ^WR QH GROLNXMH 1MHJRYRM PXGURVWL L 1MHJRYRP LVWLQLWRP REH`DQMX
3UHPD WRPH RQDM NR PLVOL GD `H 2Q GDWL WUDMQX SREMHGX RQRPH ^WR MH SRJUH^QR
QDG LVWLQRP WDNR GD LVWLQD SUHVX^L LOL ]DQLMHaH GD MH RQR ^WR VH GHVLOR ELOR
1MHJRYRP RGUHGERP L RGUH_HQMHP LOL ]DQLMHaH GD MH 1MHJRYD RGUHGED UH]XOWDW
X]YL^HQH PXGURVWL ]D NRMX ]DVOXCXMH GD 0X VH XSX`XMH VYD SRKYDOD LOL SDN
SRVXPQMD GD MH UH]XOWDW QHNH DSVWUDNWQH YROMH WR VYH MH PLVDR RQLK NRML QH
YMHUXMX
gA@@hf

3D WH^NR QHYMHUQLFLPD NDG EXGX X YDWUL 6DG  9H`LQD OMXGL R $OODKX
]OR PLVOL X SRJOHGX RQRJD ^WR VH RGQRVL QD QMLK L RQRJD ^WR VH GUXJLPD GH^DYD
2G WRJD QLMH VDaXYDQ QLNR RVLP RQDM NR MH VSR]QDR $OODKD 1MHJRYD OLMHSD
LPHQD L VYRMVWYD L VSR]QDR ^WR L]LVNXMH 1MHJRYD PXGURVW L SRKYDOD 

l@ AHA@OAhp@hp@OAA@A@Kf

L GD EL ND]QLR OLFHPMHUH L OLFHPMHUNH L PQRJRER^FH L PQRJRER^NLQMH NRML R


$OODKX ]OR PLVOH WM RSWXCXMX $OODKD X SRJOHGX 1MHJRYH PXGURVWL L PLVOH GD `H
3RVODQLN VDYV L QMHJRYL DVKDEL ELWL SRELMHQL L X FLMHORVWL LVWULMHEOMHQL =ERJ WRJD MH
8]YL^HQL UHNDR

l@h@c 

QHND ]OR QMLK VQD_H 2YR MH WR ^WR VX PLVOLOL OLFHPMHUL L PX^ULFL D R aHPX VH
JRYRUL X VXUL (O)HWK 2YR VH WUHWLUD NDR ]OD PLVDR MHU VH R 1MHPX PLVOLOR QH^WR ^WR
1MHPX 8]YL^HQRP QH GROLNXMH L ^WR QH GROLNXMH 1MHJRYRM PXGURVWL SRKYDOL L REH`DQMX
LVWLQVNRP
3UHPD WRPH RQDM NR PLVOL GD `H 2Q GDWL WUDMQX SREMHGX RQRPH ^WR MH SRJUH^QR
QDG LVWLQRP WDNR GD LVWLQD SUHVX^L LOL ]DQLMHaH GD MH RQR ^WR VH GHVLOR ELOR V
1MHJRYRP RGUHGERP L RGUH_HQMHP LOL ]DQLMHaH GD MH 1MHJRYD RGUHGED UH]XOWDW
X]YL^HQH PXGURVWL ]D NRMX ]DVOXCXMH GD 0X VH XSX`XMH VYD SRKYDOD LOL SDN SRVXPQMD
GD MH WR UH]XOWDW QHNH DSVWUDNWQH YROMH WR VYH MH PLVDR RQLK NRML QH YMHUXMX

gA@@hf 

3D WH^NR QHYMHUQLFLPD NDG EXGX X YDWUL ;;;9,,,


D   !"# $%!&#

 3D QHND SDPHWQL NRML VHEL CHOL GREUR R RYRP YRGL UDaXQD 1HND VH SRNDMH
$OODKX L RG 1MHJD RSURVW WUDCL ]D RQR ^WR MH R $OODKX ]OR PLVOLR .DGD EL
LVWUDCLYDR YLGLR EL NRG QMLK LQDW X SRJOHGX RGUH_HQMD NDGHUD L NDNR JRYRUH
7UHEDOR MH ELWL WDNR L WDNR ,PD LK NRML WR PDOR aLQH D LPD L RQLK NRML WR aLQH
SXQR 3UHLVSLWDM VHEH GD OL VL WL RG WRJD aLVW"
8NROLNR VH RG WRJD VSDVL^ VSD^HQ VL RG QHaHJ YHOLNRJ D DNR QH WHEH ]DLVWD
QH YLGLP NDR VSD^HQRJ
8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD
 NRPHQWDU DMHWD L] VXUH $OL ,PUDQ
 NRPHQWDU DMHWD L] VXUH (O)HWK
 REDYMH^WHQMH GD WLK YUVWD LPD WROLNR GD LK MH QHPRJX`H SREURMDWL
 GD VH WRJD QH PRCH VDaXYDWL QLNR RVLP RQDM NR MH VSR]QDR OLMHSD LPHQD L
VYRMVWYD $OODKRYD L VSR]QDR VHEH
 !"# $%!&# D :

?
221,0$.2-,1,-(A82'5(?(1-( .$'(5
,EQ2PHU UHNDR MH 7DNR PL 2QRJ X ALMRM UXFL MH ,EQ2PHURYD GX^D NDGD EL
QHNR RG YDV LPDR ]ODWD NROLNR MH EUGR 8KXG L NDG EL JD SRWUR^LR QD $OODKRYRP
SXWX QH EL PX ELOR SULPOMHQR NRG $OODKD GRN QH EXGH YMHURYDR X RGUH_HQMH
NDGHU  D ]DWLP MH NDR GRND] QDYHR 9MHURYMHVQLNRYH VDYV ULMHaL ,PDQ MH
GD YMHUXMH^ X $OODKD 1MHJRYH PHOHNH 1MHJRYH NQMLJH 1MHJRYH SRVODQLNH 6XGQML

GDQ L GD YMHUXMH^ X RGUH_HQMH GREUR L ]OR =DELOMHCLR JD MH 0XVOLP

1MHJRYH VX ULMHaL 2 RQLPD NRML QLMHaX RGUH_HQMH    WM SULMHWQMD QMLPD
1MHJRYH VX ULMHaL ,EQ2PHU UHNDR MH 7DNR PL 2QRJ X ALMRM UXFL MH ,EQ2PHURYD
GX^D 2YDM KDGLV RG ,EQ2PHUD ]DELOMHCLR MH 0XVOLP (EX'DYXG 7LUPL]L 1HVDL L
,EQ0DGCGCH RG -DKMDD E -D
PHUD GD MH UHNDR 3UYL NR MH SRaHR JRYRULWL R RGUH_HQMX
 
ELR MH 0D
EHG (O'CXKHQL X %DVUL .UHQXOL VPR MD L +XPHMG E $EGXUUDKPDQ
+XPHMGL QD KDGC LOL XPUX 5HNOL VPR
.DG ELVPR PRJOL VUHVWL QHNRJ RG DVKDED
$OODKRYRJ 3RVODQLND VDYV SD GD JD SLWDPR R RYRPH ^WR RYL JRYRUH R RGUH_HQMX
 

$OODK QDP MH GDR GD YLGLPR $EGXOODKD E 2PHUD NDNR XOD]L X +DUHP 8]HOL
VPR JD ]D UXNX MD L PRM GUXJ 0LVOLR VDP GD `H PL PRM GUXJ SUHSXVWLWL GD JRYRULP SD
VDP UHNDR
(EX$EGXUUDKPDQH NRG QDV VX VH SRMDYLOL OMXGL NRML XaH .XU
DQ L
SURYMHUDYDMX QDXNX 2QL WYUGH GD QHPD RGUH_HQMD   L GD RQL QLVX
SUHGRGUH_HQL
5HNDR MH
.DGD LK VUHWQH^ UHFL LP GD LK VH RGULaHP L GD RQL VD PQRP
QHPDMX QL^WD 7DNR PL 2QRJ .RMLP VH ]DNOLQMH $EGXOODK E 2PHU NDGD EL QHNR RG
QMLK LPDR ]ODWD NROLNR MH EUGR 8KXG NRMH EL SRWUR^LR QD $OODKRYRP SXWX  $OODK WR RG
QMHJD QH EL SULPLR GRN QH EXGH YMHURYDR X RGUH_HQMH   
3RWRP MH RQ UHNDR

3ULSRYLMHGDR PL MH 2PHU E +DWWDE UD


-HGQRJ GDQD GRN VPR PL VMHGLOL NRG
$OODKRYRJ 3RVODQLND VDYV GR^DR MH QHNL aRYMHN X aLVWRM ELMHORM RGMH`L MDNR FUQH
NRVH


8/ 
 !/.   +./. / .
 & 
(:' ..  .

/6 
C(D !/.   /    &  .. ++  + 
/ / /.
 E:  !/.   ./
! .8 
(D  . 
/.

D'  !"# $%!&#

2G 8EDGHD E 6DPLWD SUHQRVL VH GD MH UHNDR VYRPH VLQX 6LQaL`X PRM QH`H^


RVMHWLWL VODVW YMHURYDQMD GRN QH EXGH^ ]QDR GD RQR ^WR WH ]DGHVLOR QLMH PRJOR GD
WH PLPRL_H D RQR ^WR WH PLPRL^OR QLMH PRJOR GD WL VH GHVL AXR VDP $OODKRYD
3RVODQLND VDYV NDNR NDCH
3UYR ^WR MH $OODK VWYRULR ELOR MH SHUR 3RWRP PX
MH UHNDR
3L^L

>WD GD SL^HP *RVSRGDUX
 XSLWDOR MH
3L^L RGUH_HQMH PMHUH VYLK
VWYDUL GR .LMDPHWVNRJ WUHQXWND
 UHNDR MH

6LQaL`X PRM aXR VDP $OODKRYD


3RVODQLND VDYV NDNR NDCH
.R XPUH YMHUXMX`L X QH^WR GUXJR D QH X RYR RQ

QLMH PRM VOMHGEHQLN


1D QMHPX VH QLVX SULPMH`LYDOL WUDJRYL SXWRYDQMD L QLNR RG QDV JD QLMH SR]QDYDR


6MHR MH NRG 9MHURYMHVQLND VDYV SULVORQLY^L VYRMD NROMHQD X] QMHJRYD L PHWQXY^L
VYRMH UXNH QD QMHJRYD VWHJQD UHNDR
2 0XKDPPHGH ^WD MH WR LVODP"
$OODKRY
3RVODQLN VDYV RGJRYRULR MH
,VODP ]QDaL GD YMHUXMH^ GD QHPD GUXJRJ ERJD RVLP
$OODKD L GD MH 0XKDPPHG $OODKRY SRVODQLN GD REDYOMD^ QDPD] GD GDMH^ ]HNDW GD
SRVWL^ UDPD]DQ L GD KDGCLOXN XaLQL^ XNROLNR EXGH^ X VWDQMX L PRJX`QRVWL
2Q UHaH

,VWLQX VL UHNDR
0L VPR VH aXGLOL WRPH ^WR JD RQ SLWD D ]DWLP SRWYU_XMH QMHJRY
RGJRYRU 8SLWDR MH
>WD MH  
3RVODQLN VDYV RGJRYRULR MH
,PDQ MH GD YMHUXMH^
X $OODKD 1MHJRYH PHOHNH 1MHJRYH NQMLJH 1MHJRYH SRVODQLNH 6XGQML GDQ L GD
YMHUXMH^ X $OODKRYR RGUH_HQMH   GREUD L ]OD
5HNDR MH
,VWLQX VL UHNDR
8SLWDR
MH
5HFL PL ^WD MH "
2GJRYRULR MH
'D RERCDYD^ $OODKD NDR GD *D YLGL^ SD LDNR
*D L QH YLGL^ 2Q WHEH YLGL
5HNDR MH
5HFL PL R .LMDPHWX GDQX SURSDVWL VYLMHWD "

2GJRYRULR MH
2QDM NRJD SLWD^ QH ]QD YL^H RG RQRJD NRML JD SLWD
5HNDR MH
5HFL PL
R QMHJRYLP SUHG]QDFLPD
2GJRYRULR MH
.DGD URELQMD URGL VYRMX YODVQLFX L NDGD YLGL^
ERVH JROH L QHPR`QH VWRaDUH NDNR VH QDGPH`X X JUDGQML YLVRNLK JUD_HYLQD
=DWLP MH
QHSR]QDWL aRYMHN RWL^DR $OODKRY MH 3RVODQLN GXCH YUHPHQD ^XWLR D ]DWLP PL MH
UHNDR
2PHUH ]QD^ OL NR MH RYDM ^WR PH MH LVSLWLYDR"
5HNDR VDP
$OODK L 1MHJRY
3RVODQLN QDMEROMH ]QDMX
5HNDR MH
7R MH ELR 'CLEULO NRML MH GR^DR GD YDV SRGXaL YD^RM
YMHUL

1MHJRYH VX ULMHaL 2G 8EDGHD E 6DPLWD 2YDM QMHJRY KDGLV ]DELOMHCLR MH (EX
'DYXG =DELOMHCLR JD MH L $KPHG X SRWSXQRVWL 5HNDR MH 3ULSRYLMHGDR QDP MH +DVDQ
E 6LYDU 3ULSRYLMHGDR QDP MH /HMV RG 0XDYLMH RQ RG (MMXED E =LMDGD GD PX MH
SULSRYMHGDR 8EDGH E 9HOLG E 8EDGH GD PX MH SULaDR RWDF


<,., + 2. . 
D
?., 
C@
 !"# $%!&# D'

8 SUHGDQMX NRG $KPHGD VWRML 3UYR ^WR MH $OODK VWYRULR ELOR MH XLVWLQX SHUR
5HNDR PX MH
3L^L
8 WR YULMHPH ]DSLVDQR MH ^WD `H VH GRJD_DWL GR 6XGQMHJ
GDQD
8 SUHGDQMX RG ,EQ9HKED VWRML GD MH $OODKRY 3RVODQLN VDYV UHNDR .R QH
EXGH YMHURYDR X RGUH_HQMH GREUD L ]OD $OODK `H JD VSDOLWL X YDWUL
8 0XVQHGX L 6XQHQX SUHQRVL VH RG ,EQ'HMOHPLMD GD MH UHNDR 2WL^DR VDP
8EHMX E .D
EX L UHNDR
8 GX^L RVMH`DP QH^WR X SRJOHGX RGUH_HQMD NDGHUD 
3ULaDM PL QH^WR QH EL OL $OODK WR RWNORQLR L] PRJD VUFD
5HNDR MH
.DGD EL
SRWUR^LR ]ODWD NROLNR MH EUGR 8KXG QH EL JD RG WHEH $OODK SULPLR GRN QH EXGH^
YMHURYDR X RGUH_HQMH NDGHU 


8^DR VDP NRG 8EDGHD GRN MH ELR QD VDPUWL 5HNDR VDP PX
2aH SRVDYMHWXM PH
L GDM PL SUHSRUXNX VYRMX
5HNDR MH
'DMWH PL GD VMHGQHP
 D ]DWLP MH UHNDR
6LQH
PRM WL QH`H^ RVMHWLWL VODVW LPDQD L QH`H^ SRVWL`L ELW L VX^WLQX ]QDQMD VYH GRN QH EXGH^
YMHURYDR X RGUH_HQMH   GREUD L ]OD

2aH
 UHNDR VDP
NDNR PRJX UDVSR]QDWL
^WD MH RG RGUH_HQMD GREUR D ^WD ]OR"

'D ]QD^
 UHNDR MH
GD RQR ^WR WH PLPRL^OR QLMH
PRJOR GD WH ]DGHVL D RQR ^WR WL VH GHVLOR QLMH WH PRJOR PLPRL`L 6LQH PRM aXR VDP
$OODKRYRJ 3RVODQLND VDYV NDNR NDCH
3UYR ^WR MH $OODK VWYRULR ELOR MH XLVWLQX
SHUR 5HNDR PX MH
3L^L
8 WR YULMHPH MH ]DSLVDQR ^WD `H VH GRJD_DWL GR 6XGQMHJ
GDQD
2 VLQH DNR XPUH^ D QH EXGH^ WR VOLMHGLR X`L `H^ X YDWUX
 =DELOMHCLR JD MH
7LUPL]L VD VSRMHQLP VHQHGRP GR $WDD E 5HEEDKD 8 RYRP KDGLVX MH REMD^QMHQMH
VYHREXKYDWQRVWL $OODKRYD ]QDQMD R RQRPH ^WR MH ELOR L ^WR `H ELWL NDR ^WR MH 8]YL^HQL
UHNDR

Hh@jMQ|g@O@AIk`f@@ 

$OODK MH VHGDP QHEHVD L LVWR WROLNR ]HPDOMD VWYRULR 1MHJRYR QDUH_HQMH QD VYH VH
QMLK RGQRVL DMHW /;9 $MHWD NRML SRWYU_XMX RGUH_HQMH   LPD SXQR
8aHQMDFL VX NDR GRND] R SRVWRMDQMX RGUH_HQMD   X]HOL aLQMHQLFX R
VYHREXKYDWQRVWL PR`L L ]QDQMD ,PDP $KPHG UHNDR MH 2GUH_HQMH   PR` MH
0LORVWLYRJ 1HNL VX LPDPL ]D RQH NRML QLMHaX RGUH_HQMH ND]DOL 5DVSUDYOMDMWH VD
QMLPD X]LPDMX`L NDR GRND] $OODKRYR GC^ VYHRS`H ]QDQMH DNR JD SUL]QDMX ELW `H
QDGYODGDQL X UDVSUDYL D DNR JD ]DQLMHaX QHYMHUVWYR VX SRaLQLOL
1MHJRYH VX ULMHaL 8 
 
L
 
SUHQRVL VH RG ,EQ'HMOHPLMD (EX%XVU
MHVWH VD 

 QD VORYX  L   QD VORYX  3URaLWDQR MH WDNR_HU (EX%L^U
VD VORYRP  L   QD VORYX 
D'C  !"# $%!&#

 =QDM GD RQR ^WR WL VH GHVLOR QLMH WH PRJOR PLPRL`L D RQR ^WR WH MH
PLPRL^OR QLMH WH PRJOR ]DGHVLWL .DGD EL XPUR YMHUXMX`L GUXJDaLMH ELR EL RG
VWDQRYQLND YDWUH
 5HNDR MH 3RWRP VDP RWL^DR $EGXOODKX E 0HVXGX
+X]HMIHX E -HPDQX =HMGX E 6DELWX L VYL VX PL LVSULaDOL LVWR WR RG 9MHURYMHVQLND
 
VDYV +DGLV MH YMHURGRVWRMDQ =DELOMHCLR JD MH +DNLP X VYRP 6DKLKX
8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD
 REMD^QMHQMH REDYH]QRVWL YMHURYDQMD X RGUH_HQMH NDGHU 
 REMD^QMHQMH NDNR VH X QMHJD YMHUXMH
 SURSDGDQMD GMHOD RQRJD NR X QMHJD QH YMHUXMH

1HNL VX ND]DOL GD MH SUYR LVSUDYQR ,PH PX MH $EGXOODK E (EX)HMUX] +DGLV NRG


(EX'DYXGD JODVL
.DGD EL $OODK ND]QLR VWDQRYQLNH 6YRMLK QHEHVD L 6YRMH ]HPOMH
ND]QLR EL LK D GD LP QHSUDYGX QH XaLQL D NDGD EL LP VH VPLORYDR 1MHJRYD PLORVW EL LP
ELOD EROMD RG QMLKRYLK GMHOD .DGD EL SRWUR^LR ]ODWD NROLNR MH EUGR 8KXG QH EL RG WHEH
ELOR SULPOMHQR VYH GRN QH EXGH^ YMHURYDR X RGUH_HQMH    GD ]QD^ GD RQR ^WR WH
]DGHVLOR QLMH PRJOR GD WH PLPRL_H L GD ]QD^ GD RQR ^WR WH PLPRL^OR QLMH PRJOR GD WL
VH GHVL L GD NDGD EL XPUR YMHUXMX`L GUXJDaLMH ELR EL RG VWDQRYQLND YDWUH
3RWRP VDP
RWL^DR $EGXOODKX E 0HVXGX L RQ MH LVWR UHNDR =DWLP VDP RWL^DR +X]HMIL E -HPDQX L
RQ MH LVWR UHNDR =DWLP VDP RWL^DR =HMGX E 6DELWX L RQ PL MH SUHQRVH`L RG
9MHURYMHVQLND VDYV LVSULaDR LVWR WR =DELOMHCLR JD MH L ,EQ0DGCGCH
2YDM KDGLV L KDGLVL X RYRP ]QDaHQMX MHVX GRND] SURWLY RQLK NRML QHJLUDMX
RGUH_HQMH NDR ^WR VX PX
WH]LOH L GUXJL 2G QMLKRYLK YMHURYDQMD MH L YMHURYDQMH GD `H
SRaLQLRFL YHOLNLK JULMHKD YMHaQR RVWDWL X 'CHKHQQHPX 2YR ^WR RQL YMHUXMX VPDWUD VH
MHGQLP RG QDMYH`LK JULMHKD L QDMJQXVQLMLK QRYRWDULMD 0QRJL RG QMLK VORCLOL VX VH VD
GCHKPLMDPD R SLWDQMX QHJLUDQMD VYRMVWDYD 8]YL^HQRJ *RVSRGDUD


  'ECD ' :
 & 
(:: ..  . 
! .8 

8/  . 
! .% . 
      ;, + +,,,+.  , 7,
+ , # .        
(C


!.   . 3, ++ +4     +  3.+  
 6 ,- /.,7 $ 

  ,+   .+/ .6
;. 0 1* +, - + %/  ,/  
)
 !"# $%!&# D'D

 REDYLMHVW GD QLNR QH`H RVMHWLWL VODVW LPDQD GRN X QMHJD QH EXGH YMHURYDR
 VSRPLQMDQMH ^WD MH $OODK SUYR VWYRULR
 GD MH RQR SHUR X WR YULMHPH ]DSLVDOR ^WD `H VH GRJD_DWL GR 6XGQMHJ
GDQD
 $OHMKLVVHODPRYR RGULFDQMH RG RQRJD NR X WR QH YMHUXMH
 RELaDM SUYLK JHQHUDFLMD GD VXPQMX RWNODQMDMX WDNR ^WR SLWDMX XaHQH
 GD VX XaHQL RGJRYRULOL RQLP ^WR RWNODQMD VXPQMX WDNR ^WR VX JRYRU
SULSLVDOL $OODKRYRP 3RVODQLNX VDYV
D'  !"# $%!&#

m?
221,0$.2-,&57$-8,9$-$-8
2G (EX+XUHMUHD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR
8]YL^HQL $OODK UHNDR MH
,PD OL YH`HJ QDVLOQLND RG RQRJ NR SRNX^DYD VWYDUDWL
NDR ^WR -D VWYDUDP 1HND DNR PRJX VWYRUH VMHPHQNX 1HND DNR PRJX VWYRUH

]UQFH S^HQLaQR
 =DELOMHCLOL VX JD QMLK GYRMLFD
1MLK GYRMLFD SUHQRVH RG $L^H UD GD MH $OODKRY 3RVODQLN VDYV UHNDR
1DMCH^`RP ND]QRP QD 6XGQMHP GDQX ELW `H NDCQMHQL RQL NRML VH PMHUH L

QDGPH`X VD $OODKRYLP VWYDUDQMHP
1MLK GYRMLFD SUHQRVH RG ,EQ$EEDVD GD MH aXR $OODKRYRJ 3RVODQLND VDYV
NDNR NDCH 6YDNL FUWDa L YDMDU `H X YDWUX =D VYDNX VOLNX ELW `H PX VWYRUHQD

GX^D NRMD `H JD PXaLWL X 'CHKHQQHPX

1MHJRYH VX ULMHaL 2 RQLPD NRML FUWDMX L YDMDMX WM SULMHWQMD RQLPD NRML WR UDGH
9MHURYMHVQLN VDYV VSRPHQXR MH UD]ORJ D WR MH QDGPHWDQMH VD $OODKRYLP
VWYDUDQMHP MHU $OODKX 8]YL^HQRP SULSDGD VWYDUDQMH L RGUH_HQMH WH SUHPD WRPH QLMH
GRSX^WHQR GD VH XSRUHGL QHaLP RG 1MHJRYLK VWYRUHQMD SR^WR X WRPH SRVWRML YLG
QDGPHWDQMD VD $OODKRYLP VWYDUDQMHP


 
':'D G    . 
'':      >LA`@7

8/ 
C G  66.   /  +.  / 6 / 
. -+ //.
#/   CECDC C': D: '  'C


 
C : 86/    ..  /. 
':' ':'' G 
  /  /. 
':(   /. / + +.  .
8/ 
C ?:@
G    / +.
8   CE::( !6.   /   

 ECD 6*.      6 7.. 6 .
#/   
(ED( D C:


 
CC' +   +  +  . 
':(D G    /.
 .  +/+/ . +.  /   . 
C     /.
66   /
8/ 
C  G  66.   / +.
#/ 
  ED 
 EC' 6*.   / 6 / +   +/+/

 !"# $%!&# D''

1MLK GYRMLFD WDNR_HU SUHQRVH RG QMHJD GD MH $OODKRY 3RVODQLN VDYV


UHNDR  .R QDFUWD VOLNX QD GXQMDOXNX ELW `H ]DGXCHQ GD X QMX XGDKQH GX^X QD

DKLUHWX  D RQ MH QH`H PR`L XGDKQXWL
0XVOLP SUHQRVL RG (EX+HMMDGCD GD PX MH $OL UD UHNDR 3RVODW `X WH V
RQLP aLPH PH SRVODR $OODKRY 3RVODQLN VDYV GD QH RVWDYL^ VOLNX D GD MH QH

L]EUL^H^ QLWL X]GLJQXW PH]DU D GD JD QH SRUDYQD^

1MHJRYH VX ULMHaL 0XVOLP SUHQRVL RG (EX+HMMDGCD (EX+HMMDGC MH (VHGLMM


+DMMDQ E +XVDMQ D $OL MH KDOLID SUDYRYMHUQLK
1MHJRYH VX ULMHaL 3RVODW `X WH V RQLP aLPH PH SRVODR GD QH RVWDYL^ VOLNX D GD MH
QH L]EUL^H^ QLWL X]GLJQXW PH]DU D GD JD QH SRUDYQD^ 2YR MH ]DELOMHCHQR X
YMHURGRVWRMQLP SUHGDQMLPD RG 9MHURYMHVQLND VDYV X NRMLPD MH RQ QHJLUDR RYH
VWYDUL L QDUHGLR GD VH XNORQH

f@@f@dI

2QGD VX RQL NRML VX ELOL QHSUDYHGQL ]DPLMHQLOL GUXJRP 5LMHa NRMD LP MH ELOD
UHaHQD ,, 2QL VX SXQR FUWDOL L WR NRULVWLOL 2QL VX SXQR JUDGLOL QD PH]DUOXFLPD
XNUD^DYDOL LK L SUHWYDUDOL X LGROH 2QL VX WR VPDWUDOL YMHURP D WR MH XVWYDUL QDMUXCQLMH L
QDMJRUH GMHOR 9HOLaDOL VX XPUOH L X WRPH SUHWMHULYDOL 2ERCDYDOL VX GUXJH PLPR $OODKD
PQRJLP YUVWDPD RERCDYDQMD QD NRMD VDPR $OODK LPD SUDYR GD 0X EXGX XSX`HQD RG
1MHJRYLK URERYD 8aHQMDN ,EQXO.DMMLP GD PX VH $OODK 8]YL^HQL VPLOXMH UHNDR MH
.R XSRUHGL VXQQHW $OODKRYRJ 3RVODQLND VDYV X SRJOHGX PH]DUMD L ^WD MH VYH RQ
]DEUDQLR ]DWLP QD aHPX VX ELOL QMHJRYL DVKDEL L RQRJD QD aHPX MH GDQDV YH`LQD
VYLMHWD YLGMHW `H GD VX RQL QDVXSURW MHGQL GUXJLPD GD VH VXSURWVWDYOMDMX L GD VH QH
PRJX QD`L QLNDNR ]DMHGQR


 
':(D G    /.  .  . +.    + 
..
8/ 
C ? @ G  66.   / +.
/6 
 ' 
G    /  /.
#/    EC( C  C ( , # 
#  



8/ 
:(: &.6  /  + 
 & 
DC &.6   
+ 
/6 
 : &.6   /   + 
 E : 
&.6   +  6 
#/    E:( C: , #+ 


D'(  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 YHOLND SULMHWQMD RQLPD NRML FUWDMX L YDMDMX
 XSR]RUHQMH QD UD]ORJ D WR MH QDSX^WDQMH OLMHSRJ SRQD^DQMD SUHPD
$OODKX .RML NDCH ,PD OL YH`HJ QDVLOQLND RG RQRJ NR SRNX^DYD VWYDUDWL NDR ^WR
-D VWYDUDP
 XSR]RUHQMH QD 1MHJRYX PR` L QMLKRYX QHPR` MHU MH 2Q UHNDR 1HND DNR
PRJX VWYRUH VMHPHQNX 1HND DNR PRJX VWYRUH ]UQFH S^HQLaQR
 HNVSOLFLWQD L]MDYD GD `H RQL LPDWL QDMCH^`X ND]QX RG VYLK OMXGL
 GD `H $OODK ]D RQROLNR VOLND NROLNR MH QHNR QDFUWDR VWYRULWL GX^H NRMH `H
JD PXaLWL X 'CHKHQQHPX
 GD `H PX ELWL QDUH_HQR GD X QMLK XGDKQH GX^X
 QDUHGED GD VH RQD VOLND L]EUL^H DNR SRVWRML
 !"# $%!&# D'

k?
2A(6720=$./,1-$1-8
AB@X@ 9AL@

L ULMHaLPD $OODKD 8]YL^HQRJ $ R ]DNOHWYDPD VYRMLP EULQLWH VH (O0DLGD 


2G (EX+XUHMUHD UD SUHQRVL VH GD MH aXR $OODKRYRJ 3RVODQLND VDYV

NDNR NDCH =DNOHWYD MH X]URN GREUH SURKR_H UREH L X]URN EULVDQMD ]DUDGH
=DELOMHCLOL VX JD QMLK GYRMLFD

1MHJRYH VX ULMHaL R aHVWRP ]DNOLQMDQMX WM ]DEUDQD WRJD L SULMHWQMD X WRP
SRJOHGX

1MHJRYH VX ULMHaL L ULMHaLPD $OODKD 8]YL^HQRJ


AB@X@
$ R ]DNOHWYDPD VYRMLP EULQLWH VH


,EQ'CHULU MH UHNDR 1HPRMWH GD QH GDGQHWH LVNXS ]D QMLK 2G ,EQ$EEDVD GUXJL


SUHQRVH GD MH UHNDR #HOL ND]DWL  QHPRMWH VH ]DNOLQMDWL 'UXJL VX UHNOL AB@X@
$ R ]DNOHWYDPD VYRMLP EULQLWH VH WM R NU^HQMX ]DYMHWD SD LK QHPRMWH NU^LWL 2YR
]QDaHQMH REXKYDWD RED PL^OMHQMD

1MHJRYH VX ULMHaL 2G (EX+XUHMUHD UD SUHQRVL VH GD MH aXR $OODKRYRJ


3RVODQLND VDYV NDNR NDCH
=DNOHWYD MH X]URN GREUH SURKR_H UREH L X]URN EULVDQMD
]DUDGH
 =DELOMHCLOL VX JD QMLK GYRMLFD WM %XKDULMD L 0XVOLP =DELOMHCLR JD MH L (EX
'DYXG L 1HVDL =QDaL GD VH SURGDYDF ]DNXQH GD MH UREX NXSLR VNXSOMH QHJR ^WR MHVWH
SD MH NXSDF NXSL YMHUXMX`L PX GD MH LVWLQX UHNDR 2YR XSUNRV WRPH ^WR X VHEL VDGUCL
]DUDGX EUL^H EHUL`HW NDR ^WR MH VSRPHQXWR X KDGLVX 6WYDUQRVW VYMHGRaL WRPH X
SULORJ


 
C   +   +/   + 
8/ 
( ( 8
 ..+ .  +
 & 
DDD' +    ++/.  +

 EC ( +  /.  6 


+-,  +40 1

61 ? @

, + ,+ 1 >1 ? @  , 8/ ,+ 161 ? @
+-,  +4
1

,  3,,9 , 1 ?/.. @ +


6, 3,+ ,  3, /7+.+ ,.,- ,  .

+-,  +40 1

.+ 61 ?//.  @ +


6, .+ >  .+-,,-
3. , 3,3.+/ ,+ 6 .+-, /  .+-,, ,7.+  .7, , 4- .> /
, . .+ . 3 . 

D'  !"# $%!&#

2G 6HOPDQD UD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR 7ULPD


RVREDPD $OODK QH`H JRYRULWL QLWL LK RG JULMHKD RaLVWLWL L QMLPD SULSDGD EROQD
ND]QD VLMHGL VWDUaL` NRML EOXGQLaL VLURPD^QL RKROL XREUDCHQLN L aRYMHN NRML MH
$OODKRYR LPH XaLQLR VYRMRP URERP SD QH NXSXMH QHJR ]DNOLQMX`L VH QLWL

SURGDMH RVLP VYRMLP ]DNOLQMDQMHP =DELOMHCLR JD MH 7DEHUDQL VD YMHURGRVWRMQLP
VHQHGRP

2QR ^WR MH NRG $OODKD QH SRVWLCH VH QLaLP GUXJLP QHJR SRNRUQR^`X 1MHPX ,DNR
SUHVWXSQLNX GXQMDOXN L]JOHGD OLMHS RQ `H QD NUDMX QHVWDWL L RWL`L
1MHJRYH VX ULMHaL RG 6HOPDQD 2YDM MH 6HOPDQ PRCGD 6HOPDQ )DULVLMD (EX
$EGXOODK 3ULPLR MH LVODP NDG MH 9MHURYMHVQLN VDYV GR^DR X 0HGLQX 8aHVWYRYDR
MH X %LWNL QD +HQGHNX 2G QMHJD MH KDGLVH SUHQRVLR (EX2VPDQ (Q1HKGLMH >XUDKELO
E 6DPW L GUXJL 9MHURYMHVQLN VDYV UHNDR MH 6HOPDQ SULSDGD QDPD (KOLEHMWX
$OODK XLVWLQX RG PRMLK DVKDED YROL aHWYHULFX $OLMX (EX=HUUD 6HOPDQD L 0LNGDGD
=DELOMHCLR JD MH 7LUPL]L 6HOPDQ MH XPUR X YULMHPH 2VPDQRYRJ KLODIHWD 3RVWRML
PRJX`QRVW GD VH UDGL R 6HOPDQX E $PLUX E (YVX 'DEELMX
1MHJRYH VX ULMHaL 7ULPD RVREDPD $OODK QH`H JRYRULWL 2YR MH R^WUD SULMHWQMD
QMLPD LPDMX`L X YLGX GD MH 
 SUHQHVHQR GD `H 2Q JRYRULWL YMHUQLFLPD L GD `H
RQL 1MHPX JRYRULWL QD 6XGQMHP GDQX 'RND]L ]D WR VX QH^WR QDMDVQLMH L QDMRaLWLMH X
.XU
DQX L VXQQHWX 8 QMHPX MH L RGJRYRU GCHKPLMDPD L H^
DULMDPD NRML QLMHaX VYRMVWYR
JRYRUD    
1MHJRYH VX ULMHaL QLWL LK RG JULMHKD RaLVWLWL L QMLPD SULSDGD EROQD ND]QD 2YR MH
XSRWSXQMDYDQMH ND]QH QMLPD 8 RYRPH MH L R^WUD SULMHWQMD NRMD `H RGYUDWLWL RQRJD NR
UD]XPD LPD RG RYLK UXCQLK GMHOD L QMLPD VOLaQLK


* +, - +  .  #  +      , /. 

, + +,,,+.

3,/., - + %+/   !!  E   ,0 1* +, - +  .   
6 
+-, 3.,,2  +,,,+.
1 $0      
D (


* +, - +  .  # 
%/ DE': , ! . H ,. , 
#  ,. ,
,- ,2  ,+ , ,- ,2
*  + ,0 1+-, . + 
1 F, + # .  ( $
  
DC C0 1$, + 
1

/6 
D C  8.    /.  #  , +0 1;+  + . -
1 #/
'ED'
! .8  : 8/    /.    *
%/ - + ,2+.,
+,,,+./ DED
F, +0 1$+,,,+. + 3, 8/,/ +/
1 *  + 3,+, ,
.+  ,0 18/ .+ 6 +, .+.  3,  F 
1 </ ,/  + 

 !"# $%!&# D':

8 6DKLKX SUHQRVL VH RG ,PUDQD E +XVDMQD UD GD MH $OODKRY 3RVODQLN


VDYV UHNDR 1DMEROML PRM XPPHW MHVX RQL NRML CLYH X RYRP PRP VWROMH`X
]DWLP RQL NRML `H GR`L SRVOLMH QMLK ,PUDQ MH UHNDR 1H ]QDP GD OL MH SRVOLMH
VYRJD VWROMH`D VSRPHQXR GYD LOL WUL" =DWLP XLVWLQX SRVOLMH YDV `H GR`L QDURG
NRML VYMHGRaL PDGD VH WR RG QMHJ QH WUDCL NRML YDUD L QLMH RG SRYMHUHQMD NRML VH

]DYMHWXMH D ]DYMHWH QH LVSXQMDYD 2QL `H ELWL GHEHOL

1MHJRYH VX ULMHaL VLMHGL VWDUaL` NRML EOXGQLaL 6SRPHQXR JD MH X GHPLQXWLYX GD


EL JD SRQL]LR 7R ]ERJ WRJD ^WR MH QDJRQ ]D JULMHKRP NRG QMHJD PDOL ^WR XSX`XMH GD
RQR ^WR JD QDYRGL QD EOXG MHVWH QMHJRYD OMXEDY ]D JULMH^HQMHP L UD]YUDWRP L
QHSRVWRMDQMH VWUDKD RG $OODKD ,VWR WDNR VLURPD^QL RKROL XREUDCHQLN NRG QMHJD QH
SRVWRML RQR ^WR EL JD SRGVWLFDOR QD RKRORVW ^WR XSX`XMH GD MH WR QMHJRYR VYRMVWYR
.D]QD MH ]D QMHJD YH`D ]ERJ QHSRVWRMDQMD SRYRGD ]D RYR SRNX_HQR VYRMVWYR NRMH
VSDGD X QDMYH`H JULMHKH

1MHJRYH VX ULMHaL L aRYMHN NRML MH $OODKRYR LPH XaLQLR VYRMRP URERP ,PH $OODK
MH X DNX]DWLYX ]QDaL ]DNOLQMDQMH $OODKRP 8]YL^HQLP XaLQLOR MH GD RQR EXGH NDR
QMHJRYD URED ]ERJ WRJD ^WR JD SXQR NRULVWL

1MHJRYH VX ULMHaL 8 


 WM 

  =DELOMHCLOL VX JD MR^ (EX'DYXG L
1HVDL %XKDULMD JD MH ]DELOMHCLR ULMHaLPD QDMEROML PH_X YDPD

1MHJRYH VX ULMHaL 1DMEROML PRM XPPHW MHVX RQL NRML CLYH X RYRP PRP VWROMH`X
7R MH ]ERJ PQR^WYD GREULK GMHOD L QH]QDWQRJ ]OD 8 WRPH MH R^WUR QHJLUDQMH SURWLY
RQLK NRML VX VH UD]L^OL V LVWLQRP L SRaHOL XYRGLWL QRYRWDULMH NDR ^WR VX KDULGCLMH
NDGHULMH GCHKPLMH L QMLPD VOLaQL

=DWLP RQL NRML `H GR`L SRVOLMH QMLK 1MLPD MH GDWD SUHGQRVW X RGQRVX QD RQH
SRVOLMH QMLK ]ERJ LVSROMDYDQMD LVODPD NRG QMLK L UD^LUHQRVWL QDXNH L XaHQLK PH_X QMLPD


 
C(' 7B    +7  7 . 6 7 
D('  H
 .. ++  +  / 
( C F   / +6 /. 6.+
.  
((:' +/. ..6   / /.  + ..6
8/ 
C'D'
H      //6. +./ //6. +./
/6 

CCCC H.   /  . 


CD D 7B   +.
 & 

('  ..        +  /


 E   +/.
..6   ..6
#/    E C( C  D( , !/.
%+. 


, /   3., +,7 , ! .8 ;/
%  /.
7  +
/+ 


D(  !"# $%!&#

8 WUH`HP VWROMH`X SRMDYLOH VX VH QRYRWDULMH 0H_XWLP XaHQMDFL VX VH WLP


QRYRWDULMDPD VXSURWVWDYLOL 0QRJR XaHQMDND VXSURWVWDYLOR VH L X]YUDWLOR RQLP NRML VX WH
QRYRWDULMH L]UHNOL D NRML VX ELOL PQRJREURMQL
1MHJRYH VX ULMHaL 1H ]QDP GD OL MH SRVOLMH VYRJD VWROMH`D VSRPHQXR GYD LOL WUL"
2YR MH VXPQMD RG SUHQRVLRFD KDGLVD ,PUDQD E +XVDMQD 3RWRP MH VSRPHQXR RQR ^WR
VH GHVLOR QDNRQ WUH`HJ VWROMH`D D ^WR VH RJOHGD X VWDJQDFLML YMHUH L UD^LUHQRVWL
VOLMH_HQMD VWUDVWL
=DWLP XLVWLQX SRVOLMH YDV `H GR`L QDURG NRML VYMHGRaL PDGD VH WR RG QMHJD QH
WUDCL 7R ]ERJ WRJD ^WR `H RQL VYMHGRaHQMH VPDWUDWL EH]QDaDMQLP L ^WR QH`H WUDCLWL
LVWLQX ,VWR WDNR WR `H ELWL WDNR ]ERJ VODERVWL QMLKRYH YMHUH L VODERVWL QMLKRYD LVODPD
1MHJRYH VX ULMHaL NRML YDUDMX L QLVX RG SRYMHUHQMD 2YR XSX`XMH GD MH SUHYDUD
SUHRYODGDOD NRG PQRJLK LOL QDG YH`LQRP QMLK
NRML VH ]DYMHWXMX D ]DYMHWH QH LVSXQMDYDMX 7M QH L]YU^DYDMX RQR ^WR LP MH
GXCQRVW 3RMDYD RYLK UXCQLK L SRNX_HQLK GMHOD XND]XMH QD VODERVW QMLKRYD LVODPD L
QHSRVWRMDQMD QMLKRYD LPDQD
1MHJRYH VX ULMHaL 2QL `H ELWL GHEHOL 7R MH ]ERJ WRJD ^WR RQL CXGH ]D RYLP
GXQMDOXNRP L QMHJRYLP VWUDVWLPD L ]ERJ VODERVWL LPDQD X EXGX`L VYLMHW 8 KDGLVX NRML
ELOMHCL (QHV VWRML 1H`H OMXGLPD GR`L YULMHPH D GD RQR NRMH `H GR`L SRVOLMH QMHJD QH`H
ELWL JRUH 7R `H WDNR ELWL VYH GRN QH GR_HWH VYRPH *RVSRGDUX 5HNDR MH (QHV AXR
VDP JD RG YD^HJ 9MHURYMHVQLND VDYV =OR VH XYH`DYD X XPPHWX WDNR GD VH PH_X
QMLPD SRMDYLOR SULGUXCLYDQMH  L QRYRWDULMH 7R VH SRMDYLOR PH_X PQRJLP aDN L
PH_X RQLP NRML VHEH XEUDMDMX PH_X XaHQH GUXJH SRGXaDYDMX L SL^X NQMLJH 7DNR MH
QDVWDOR JUXSD^HQMH L UD]LODCHQMH X YMHUL QDVWDOR MH SUHWMHULYDQMH L HNVWUHPL]DP X
SRJOHGX (KOLEHMWD NRG EXYHMKLMLQD QD LVWRNX NDGD VX LPDOL VYRMX GUCDYX 2QL VX
L]JUDGLOL GCDPLMH QD PH]DULPD L SUH^OL JUDQLFX X YHOLaDQMX XPUOLK NRML VX X WLP
PH]DUOXFLPD XNRSDQL 3RMDYLOD VH L GUCDYD NDUDPLWD 0H_X QMLPD VH SRMDYLOR
QHYMHUVWYR L DWHL]DP X SRJOHGX ^HULMDWVNLK SURSLVD 1MLKRY PH]KHE MH SR]QDW 0H_X
QMLPD SRMDYLOH VX VH QRYRWDULMH NRMH MH QHPRJX`H SREURMDWL 5D]LODCHQMH L PLMH^DQMH X
SLWDQMD YMHUH VH XPQRCLOR (KOLVXQQHW MH XVWUDMDR QD LVWLQL 0H_XWLP XPQRCLOH VX VH
QRYRWDULMH L VOLMH_HQMH VWUDVWL WDNR GD RQR ^WR MH LVSUDYQR VPDWUD VH SRJUH^QLP D RQR
^WR MH SRJUH^QR LVSUDYQLP


 
( H.    + 6/.. 6  7. /.
/6 
CC  
H.   / D'
#/    DEDC 

 !"# $%!&# D(

8 QMHPX VH SUHQRVL RG ,EQ0HVXGD GD MH 9MHURYMHVQLN VDYV UHNDR


1DMEROML VX OMXGL X RYRP PRP VWROMH`X ]DWLP RQL NRML `H GR`L SRVOLMH QMLK ]DWLP
RQL NRML `H GR`L SRVOLMH QMLK =DWLP `H GR`L OMXGL aLMH `H VYMHGRaHQMH SUHWMHFDWL

QMLKRYR ]DNOLQMDQMH L QMLKRYR ]DNOLQMDQMH SUHWMHFDWL QMLKRYR VYMHGRaHQMH
,EUDKLP MH UHNDR 8GDUDOL VX QDV ]ERJ VYMHGRaHQMD L REH`DQMD NDG VPR ELOL
PDOL
8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD
 SUHSRUXND GD VH EULQH R ]DNOHWYL
 REDYLMHVW GD ]DNOLQMDQMH ELYD X]URNRP SURKR_H UREH DOL L EULVDQMD
EHUL`HWD
 R^WUR XSR]RUHQMH RQRPH NR VH VWDOQR ]DNOLQMH SUL SURGDML L NXSRYLQL
 XSR]RUHQMH GD JULMHK ELYD YH`L NDG MH SRYRG ]D QMHJD PDQML

8 RYRP VX GMHFD RGJRMHQD L VWDUFL RVWDUMHOL


1MHJRYH VX ULMHaL 8 QMHPX SUHQRVL VH RG ,EQ0HVXGD GD MH 9MHURYMHVQLN VDYV
UHNDR
1DMEROML VX OMXGL X RYRP PRP VWROMH`X ]DWLP RQL NRML `H GR`L SRVOLMH QMLK

 8 RYRP KDGLVX EH] VXPQMH JRYRUL VH GD VX QDMEROMD VWROMH`D SUYD WUL
1MHJRYH VX ULMHaL =DWLP `H GR`L OMXGL 7R `H WDNR ELWL ]ERJ VODERVWL LPDQD L
CXGQMH ]D GXQMDOXNRP NRMD `H RYODGDWL VUFLPD L ]ERJ PQR^WYD SUHVWXSD L JULMHKD
1MHJRYH VX ULMHaL ,EUDKLP MH UHNDR
8GDUDOL VX QDV ]ERJ VYMHGRaHQMD L REH`DQMD
NDG VPR ELOL PDOL
 2YDNYR VWDQMH ELOR MH NRG VHOHILVDOLKD RGDEUDQLK SUYLK
JHQHUDFLMD NRML VX aXYDOL YMHUX NRMRP LK MH $OODK SRaDVWLR 2QL QLVX RVWDYLOL QL^WD ^WR
2Q PU]L D GD WR QLVX QHJLUDOL L WRPH VH VXSURWVWDYLOL 8 RYLP ULMHaLPD XND]XMH VH QD
YMHCEDQMH GMHFH X SULPMHQL YMHUH SRGXaDYDQMHP


 
C('C 7B    +7  7 . 6 7 
D(' H
 .. ++  +  / 
( C: F   / +6 /. 6.+
.  
((' +/. ..6   6  7   7 

8/ 
C'DD H      //6. +./
/6 
DD 
8.    /    /. .. ++  +  /

D(C  !"# $%!&#

 XNRU RQLPD NRML VH ]DNOLQMX PDGD WR RG QMLK QLMH WUDCHQR


 $OHMKLVVHODPRYD VDYV SRKYDOD SUYD WUL VWROMH`D LOL aHWLUL L VSRPLQMDQMH
^WD `H VH GHVLWL SRVOLMH QMLK
 XNRU RQLK NRML VYMHGRaH PDGD VH WR RG QMLK QH WUDCL
 aLQMHQLFD GD VX SUYH JHQHUDFLMH L EDWLQDPD RGJDMDOH GMHFX X SRJOHGX
VYMHGRaHQMD L GDYDQMD REH`DQMD
 !"# $%!&# D(D

 7?
2'$9$1-8$//$+29$-$0679$
,-$0679$1-(*29$9-(529-(61,.$6$96
AdLdHA@@xLdA@eF@dH@B 9AL@

L ULMHaLPD 8]YL^HQRJ $OODKD , LVSXQMDYDMWH REDYH]H QD NRMH VWH VH $OODKRYLP


LPHQRP REDYH]DOL L QH NU^LWH ]DNOHWYH NDG VWH LK WYUGR GDOL (Q1DKO 
2G %XUHMGHD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV LPDR RELaDM NDGD
SRVWDYL NRPDQGDQWD HPLUD YRMVNH LOL aHWH RSRUXaLWL PX GD VH ERML $OODKD L GD
GREUR aLQL PXVOLPDQLPD NRML VX V QMLP *RYRULR EL .UHQLWH X SRKRG V
$OODKRYLP LPHQRP QD $OODKRYRP SXWX 

1MHJRYH VX ULMHaL 2 MDPVWYX GDWRP $OODKX L GDWRP QMHJRYRP 9MHURYMHVQLNX


VDYV L ULMHaLPD 8]YL^HQRJ $OODKD
AdLdHA@@xLdA@eF@dH@B

, LVSXQMDYDMWH REDYH]H QD NRMH VWH VH $OODKRYLP LPHQRP REDYH]DOL L QH NU^LWH


]DNOHWYH NDG VWH LK WYUGR GDOL 5HNDR MH ,PDG E .HVLU 2YR QDUH_XMH $OODK 8]YL^HQL
GD L]YU^DYD REH`DQMH XJRYRUH GD VH EULQH R VYRMLP ]DNOHWYDPD L ]ERJ WRJD MH UHNDR
 AdLdHA@@xL  L QH NU^LWH ]DNOHWYH NDG VWH LK WYUGR GDOL
1MHJRYH VX ULMHaL AdLdHA@@xL L QH NU^LWH ]DNOHWYH NDG VWH LK WYUGR
GDOL 3RG RYLP ]DNOHWYDPD PLVOL VH QD RQH NRMH SRWSDGDMX SRG REH`DQMD L XJRYRUH D
QH QD ]DNOHWYH NRMH VH RGQRVH QD SRGVWLFDQMH LOL ]DEUDQMLYDQMH

1MHJRYH ULMHaL ^LA^^@F MHU $OODK ]QD RQR ^WR UDGLWH MHVX SULMHWQMD L
XSR]RUHQMH

1MHJRYH VX ULMHaL 2G %XUHMGHD 7R MH ,EQXO+XVDME (VOHPL 2YDM KDGLV SUHQRVL


RG QMHJD QMHJRY VLQ 6HOPDQ

1MHJRYH VX ULMHaL GD MH $OODKRY 3RVODQLN VDYV LPDR RELaDM NDGD SRVWDYL
NRPDQGDQWD YRMVNH LOL MHGLQLFH   RSRUXaLWL PX GD VH ERML $OODKD ,] RYRJ VH
X]LPDMX SUDYQH XSXWH NDNR WUHED SRVWDYOMDWL  L NDNR PX WUHED GDWL SUHSRUXNX
+DUEL MH UHNDR AHWD   VX NRQMDQLFL NRMLK LPD RNR aHWLUL VWRWLQH 9RMVND  
D(  !"# $%!&#

MH NDG LK LPD YL^H RG WRJ EURMD %RJRERMD]QRVW MH GD VH aXYD^ RG 1MHJRYH ND]QH


SRNRUQR^`X 1MHPX

 %RULWH VH SURWLY RQLK NRML QHJLUDMX $OODKD .UHQLWH X SRKRG DOL QHPRMWH
NUDVWL UDWQL SOLMHQ QHPRMWH NU^LWL XJRYRU QHPRMWH PDVDNULUDWL QHPRMWH XELMDWL
GMHFX .DGD VXVUHWQH^ VYRMH QHSULMDWHOMH PX^ULNH SR]RYL LK GD SULKYDWH MHGQR RG
WURJD L ELOR NRMH GD SULKYDWH SULPL WR RG QMLK L RVWDYL LK =DWLP LK SR]RYL X
LVODP 8NROLNR WL VH RGD]RYX SULKYDWL WR RG QMLK L RVWDYL LK =DWLP SR]RYL LK GD
VH SUHVHOH L] VYRJD PMHVWD X PMHVWR PXKDGCLUD 0HGLQX L GD LPDMX REDYH]X
NRMX LPDMX PXKDGCLUL 8NROLNR WR RGELMX REDYLMHVWL LK GD `H LPDWL VWDWXV NRML
LPDMX PXVOLPDQL EHGXLQL L GD `H VH QDG QMLPD SULPMHQMLYDWL $OODKRYL SURSLVL NRML
VH SULPMHQMXMX SUHPD YMHUQLFLPD 2QL X WRP VOXaDMX QH`H GRELYDWL QL^WD RG
UDWQRJ SOLMHQD L SOLMHQD X]HWRJ EH] ERUEH RVLP XNROLNR VH EXGX ERULOL X
UHGRYLPD PXVOLPDQD 8NROLNR VYH WR RGELMX SLWDM LK KR`H OL SULKYDWLWL GD GDMX
GCL]MX 8NROLNR WL VH RGD]RYX SULKYDWL WR RG QMLK L RVWDYL LK 8NROLNR RGELMX
]DWUDCL SRPR` RG $OODKD L ERUL VH SURWLY QMLK

1MHJRYH VX ULMHaL L GD GREUR aLQL PXVOLPDQLPD NRML VX V QMLP WM XSXWLR PX MH
SRUXNX GD YRGL UDaXQD R RQLPD NRML VX V QMLP GD LP aLQL GREUR WDNR ^WR `H SUHPD
QMLPD SRVWXSDWL EODJR aLQLWL LP GREURaLQVWYR VDRVMH`DWL VD QMLPD L QH X]GL]DWL VH
L]QDG QMLK
1MHJRYH VX ULMHaL .UHQLWH X SRKRG V $OODKRYLP LPHQRP WM RWSRaQLWH SRKRG L
NUHQLWH WUDCH`L SRPR` RG $OODKD LVNUHQR 3UHPD WRPH VORYR  X ELVPLOODKL ]QDaL
WUDCH`L SRPR` RG $OODKD L RVODQMDQMHP QD 1MHJD
1MHJRYH VX ULMHaL %RULWH VH SURWLY RQLK NRML QHJLUDMX $OODKD2YR MH RS`HQLWR L
REXKYDWD VYH QHYMHUQLNH RG HKOLNLWDELMD L GUXJLK NRML XaHVWYXMX X ERUEL ,]PH_X QMLK MH
L]X]HR RQH V NRMLPD SRVWRML XJRYRU ,VWR WDNR L]X]HWD VX PDOROMHWQD GMHFD CHQH
PRQDVL 3URWLY QMLK VH QH ERUL
1MHJRYH VX ULMHaL DOL QHPRMWH NUDVWL UDWQL SOLMHQ QHPRMWH NU^LWL XJRYRU QHPRMWH
PDVDNULUDWL .UD_D UDWQRJ SOLMHQD 

 MHVWH X]LPDQMH UDWQRJ SOLMHQD SULMH QHJR VH
SRGLMHOL 8]YL^HQL $OODK UHNDR MH

A@ALC 

$ RQDM NR QH^WR XWDML RG UDWQRJ SOLMHQD GRQLMHW `H QD 6XGQML GDQ WR ^WR MH XWDMLR
,,, ,]GDMD  RYGMH ]QDaL NU^HQMH XJRYRUD 0DVDNULUDQMH RYGMH ]QDaL
QDNDCHQMH WLMHOD RGVLMHFDQMHP QRVD X^LMX LWG
 !"# $%!&# D('

.DGD RSNROL^ VWDQRYQLNH XWYU_HQMD L RQL ]DWUDCH RG WHEH GD VNORSL^ V QMLPD


XJRYRU GDMX`L LP $OODKRYR MDPVWYR L JDUDQFLMX NDR L JDUDQFLMX 1MHJRYD
9MHURYMHVQLND QHPRM LP GDYDWL $OODKRYX JDUDQFLMX L JDUDQFLMX 1MHJRYD
3RVODQLND QHJR LP GDGQL VYRMX JDUDQFLMX L MDPVWYR VYRMLK GUXJRYD MHU `H ELWL
ODN^H GD SUHNLQHWH YD^H MDPVWYR L MDPVWYR WYRMLK GUXJRYD RG SUHNLGDQMD
MDPVWYD $OODKRYD L 1MHJRYD 3RVODQLND .DGD RSVMHGQH^ VWDQRYQLNH QHNH WYU_DYH
L RQL RG WHEH ]DWDCH GD LP VXGL^ SR $OODKRYRM SUHVXGL QHPRM LP VXGLWL SR
$OODKRYRM SUHVXGL QHJR LP VXGL SR VYRMRM SUHVXGL MHU WL QH ]QD^ KR`H^ OL

SRJRGLWL $OODKRYX SUHVXGX X SRJOHGX QMLK LOL QH`H^ =DELOMHCLR JD MH 0XVOLP

1MHJRYH VX ULMHaL .DGD VXVUHWQH^ VYRMH QHSULMDWHOMH PX^ULNH SR]RYL LK GD


SULKYDWH MHGQR RG WURJD 2YR MH SUHGDQMH GR^OR VD ULMHaLPD  HY  (Y
R]QDaDYD VXPQMX NRMX MH ULMHa  aXR 0H_XWLP ]QDaHQMH L MHGQH L GUXJH ULMHaL MH
LVWR
1MHJRYH VX ULMHaL L ELOR NRMH GD SULKYDWH SULPL WR RG QMLK L RVWDYL LK 2VWDYL LK

 
MH X DNX]DWLYX NRMHJ MH SURX]URNRYDOD ULMHa  

1MHJRYH VX ULMHaL =DWLP LK SR]RYL X LVODP 2YDNR MH GR^OR RYR SUHGDQMH X VYLP
PDQXVNULSWDPD 0XVOLPRYRYRJ  =DWLP LK SR]RYL 


VD
GRGDWNRP ULMHaL ]DWLP 

1MHJRYH VX ULMHaL =DWLP SR]RYL LK GD VH SUHVHOH L] VYRJD PMHVWD X PMHVWR
PXKDGCLUD WM X 0HGLQX 2YR XSX`XMH GD MH KLGCUD REDYH]QD VYDNRP RQRP NR
YMHUXMH D QDOD]L VH X GUCDYL  ,VWL MH VOXaDM NDGD VH UD]YUDW SRMDYL X QHNRP
PMHVWX 7R VX HNVSOLFLWQR QDJODVLOL SUDYQLFL X VYRMLP NQMLJDPD
1MHJRYH VX ULMHaL XNROLNR WR RGELMX ]QDaL GD VH RQRPH NR MH SULKYDWLR LVODP
DOL QLMH L^DR X ERUEX QLWL KLGCUX XaLQLR L] SXVWLQMH QH GDMH QL^WD L] SHWLQH QLWL L] SOLMHQD
]DGRELMHQRJ EH] ERUEH


8/ 
 D &   /// 5/  
 & 
C(C (D
&    /7.
/6 
(  +   /   ++ 
+  /  
  &+   /  ..+ ./
&/ 
C  
+    /  
! .8 
' &   ++//

#/    'ED'C D'

D((  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 UD]OLND L]PH_X MDPVWYD $OODKRYD MDPVWYD 1MHJRYD 9MHURYMHVQLND VDYV
L MDPVWYD PXVOLPDQD
 XSX`LYDQMH QD PDQMH RSDVQX RG WH GYLMH VWYDUL
 1MHJRYH VX ULMHaL .UHQLWH X SRKRG V $OODKRYLP LPHQRP QD $OODKRYRP
SXWX
 1MHJRYH VX ULMHaL %RULWH VH SURWLY RQLK NRML QHJLUDMX $OODKD
 1MHJRYH VX ULMHaL ]DWUDCL SRPR` RG $OODKD
 XaHQMDFL VX WL NRML WXPDaH SURSLVH
 aLQMHQLFD GD NDGD SRVWRML SRWUHED DVKDE PRCH SUHVXGLWL D GD QH ]QD
KR`H OL SRJRGLWL $OODKRYX SUHVXGX LOL QH

1MHJRYH VX ULMHaL 8NROLNR VYH WR RGELMX SLWDM LK KR`H OL SULKYDWLWL GD GDMX GCL]MX 8
RYRP MH GRND] ]D 0DOLND L (Y]DLMX GD VH GCL]MD X]LPD RG VYDNRJ QHYMHUQLND ELOR
$UDSD LOL QHDUDSD ELR RQ HKOLNLWDELMD LOL QH 5D]L^OL VX VH X SRJOHGX YLVLQH GCL]MH
0DOLN MH UHNDR AHWLUL GLQDUD ]D RQH NRML LPDMX ]ODWR L aHWUGHVHW GLUKHPD ]D RQH NRML
LPDMX VUHEUR >DILMD MH UHNDR GD RQD L]QRVL MHGDQ GLQDU ]D ERJDWRJ L VLURPD^QRJ
(EX+DQLIH MH UHNDR =D ERJDWRJ RQD L]QRVL aHWUGHVHW RVDP GLUKHPD ]D RVUHGQMH
LPX`QRJ GYDGHVHW aHWLUL GLUKHPD L ]D VLURPDKD GYDQDHVW GLUKHPD 2YR PL^OMHQMH
]DVWXSD L $KPHG E +DQEHO 3R 0DOLNX L VYRM RVWDORM XOHPL GCL]MD VH GDMH QD JODYX
PX^NDUDFD VORERGQLK L SXQROMHWQLK D QH QD RVWDOH 8]LPD VH RG RQLK NRML CLYH X
PXVOLPDQVNRM GUCDYL D QH RQLK NRML X QMRM QH CLYH
1MHJRYH VX ULMHaL .DGD RSNROL^ VWDQRYQLNH XWYU_HQMD 8 RYRP MH GRND] ]D
SUDYQLNH L XaHQMDNH X


GD MH X LGCWLKDGX LVWLQD MHGQD 7R MH SR]QDWR
0DOLNRYR VWDQRYL^WH L QHNLK GUXJLK
1MHJRYH VX ULMHaL .DGD RSNROL^ VWDQRYQLNH XWYU_HQMD L RQL ]DWUDCH RG WHEH GD
VNORSL^ V QMLPD XJRYRU GDMX`L LP $OODKRYR MDPVWYR L JDUDQFLMX L JDUDQFLMX 1MHJRYD
9MHURYMHVQLND -DPVWYR  MH XJRYRU $ 
]QDaL 

 .DCH VH
   
  WM QHNDGWH DKGHKX SUHNLQXR VL V QMLP XJRYRU   

]QDaL
  

L]QDMPLR VDP JD  2YD RGUHGED MH SRVWDYOMHQD ]ERJ WRJD ^WR QH
SRVWRML VLJXUQRVW GD RQRP NRPH MH GDWR MDPVWYR WR MDPVWYR QH SUHNU^L 3UHPD WRPH
NU^HQMH QMHJRYD MDPVWYD PDQMH MH SUREOHPDWLaQR RG NU^HQMD MDPVWYD $OODKD
8]YL^HQRJ
 !"# $%!&# D(

 ?
=$./,1-$1-($//$+20
'$211(@('58*,0$'$7,72,72
2G 'CXQGXED E $EGXOODKD SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV UHNDR
1HNL MH aRYMHN UHNDR 7DNR PL $OODKD QH`H $OODK RSURVWLWL WRP L WRP 1D WR
MH $OODK 8]YL^HQL UHNDR .R PRCH GD VH ]DNXQH VD 0QRP GD MD QHNRPH QH`X
RSURVWLWL" -D VDP PX YH` RSURVWLR D WYRMH GMHOR SRQL^WLR =DELOMHCLR JD MH

0XVOLP 8 KDGLVX (EX+XUHMUHD VWRML GD MH RYH ULMHaL L]UHNDR SRERCDQ aRYMHN
(EX+XUHMUH MH UHNDR 5HNDR MH ULMHa NRMD MH XSURSDVWLOD QMHJRY GXQMDOXN L
DKLUHW
1MHJRYH VX ULMHaL =DNOLQMDQMH $OODKRP GD 2Q QH`H GDWL GUXJLPD WR L WR  $XWRU MH
X RYRP SRJODYOMX VSRPHQXR KDGLV 'CXQGXED E $EGXOODKD UD GD MH $OODKRY
3RVODQLN VDYV UHNDR JRUQML KDGLV

1MHJRYH VX ULMHaL ]DNXQH VH    WM 


]DNXQH VH  !  VD
 ]QDaL  ]DNOHWYD  9MHURGRVWRMQR SUHGDQMH ]DELOMHCHQR MH RG (EX
+XUHMUHD =DELOMHCLR MH (EX'DYXG RG (EX+XUHMUHD GD MH UHNDR AXR VDP $OODKRYD
3RVODQLND VDYV NDNR NDCH
'YRMLFD ,]UDHO`DQD ELOD VX VH SREUDWLPLOD -HGDQ MH RG
QMLK JULMH^LR D GUXJL XODJDR QDSRU X RERCDYDQMX 2YDM ^WR MH aLQLR  XYLMHN NDGD
EL YLGLR GUXJRJ X JULMHKX JRYRULR EL PX
2GXVWDQL RG WRJD
-HGQRJ GDQD YLGLR JD MH
NDNR aLQL JULMHK L UHNDR PX
2NDQL VH WRJD

2VWDYL PH VD PRMLP *RVSRGDURP =DU VL
WL RGUH_HQ GD EXGH^ PRM NRQWURORU"
 RGJRYRULR PX MH
7DNR PL $OODKD $OODK WL QH`H
RSURVWLWL QLWL WH XYHVWL X 'CHQQHW
 UHNDR MH RYDM 2ERMLFD VX XPUOL L VDVWDOL VH NRG
*RVSRGDUD VYMHWRYD 2YRP ^WR MH LEDGHW aLQLR $OODK MH ND]DR
'D OL VL ]QDR ^WD `X
-D XUDGLWL LOL VL ELR X VWDQMX GD XSUDYOMD^ RQLP ^WR MH X 0RMLP UXNDPD"
*UMH^QLNX MH
UHNDR
,GL L X_L X 'CHQQHW 0RMRP PLOR^`X D RYRP GUXJRP UHNDR MH
9RGLWH JD X
YDWUX


1MHJRYH VX ULMHaL 8 KDGLVX (EX+XUHMUHD VWRML GD MH RYH ULMHaL L]UHNDR SRERCDQ


aRYMHN XND]XMX QD VYRMH ULMHaL X RYRP KDGLVX D GUXJL XODJDR QDSRU X
RERCDYDQMX


8/ 
C(C      ..+ . ... /. / 


#/  8. CEDCD D(D
 & 
:     . ..+ . -+
+-,
. + , 

D(  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 XSR]RUHQMH X SRJOHGX ]DNOLQMDQMD LPHQRP $OODKD GD GUXJLPD QH`H GDWL
WR L WR 
 aLQMHQLFD GD MH YDWUD EOLCD QDPD RG SHUWOL QD REX`L QD^RM
 GD MH L 'CHQQHW LVWR WDNR EOL]X
 X QMHPX MH GRND] ]D 1MHJRYH VX ULMHaL ARYMHN `H ]DLVWD UH`L ULMHa
 GD aRYMHNX PRCGD EXGH RSUR^WHQR L] UD]ORJD NRML PX MH QDMPUCL

2YH ULMHaL VDGUCH ]QDaHQMH QMHJRYLK VDYV ULMHaL ARYMHN `H ND]DWL ULMHa ]D NRMX
QH`H PLVOLWL GD `H GRVWL`L RQR ^WR `H GRVWL`L L ]ERJ NRMH `H PX $OODK RGUHGLWL 6YRMX
VUGCEX GR 'DQD NDGD `H *D VXVUHVWL


/6 
CDC  6*    /
8    CE:' /   / +/
 /.6 /
#/    DE (:
! .8 
D:(: H.   
. /..
F, + /60 1;+  + ...
1 , + , + ,
$0 
     


 !"# $%!&# D(:


1(02/,6($//$+'$6(=$8=,0$
.2'692-,+67925(1-$
2G 'CXEHMUD E 0XW
LPD SUHQRVL VH GD MH QHNL EHGXLQ GR^DR 9MHURYMHVQLNX
VDYV L UHNDR
$OODKRY 3RVODQLaH OMXGL VX LVFUSOMHQL SRURGLFH JODGQH LPHFL
XQL^WHQL SD ]DPROL VYRJD *RVSRGDUD 0L XLVWLQX WUDCLPR RG $OODKD GD VH
]DX]PH NRG WHEH L WUDCLPR RG WHEH GD VH ]DX]PH^ NRG $OODKD
7DGD MH
9MHURYMHVQLN UHNDR
6XEKDQDOODK

6XEKDQDOODK
 6SRPLQMDR MH WDNR $OODKD
WROLNR GD VH WR RVMHWLOR QD OLFLPD QMHJRYLK DVKDED 3RWRP 9MHURYMHVQLN VDYV
UHNDR MH
7H^NR WHEL =QD^ OL WL NR MH $OODK" $OODK MH XLVWLQX X]YL^HQLML RG WRJD

2G $OODKD VH QH WUDCL GD VH ]DX]PH NRG ELOR NRJ 1MHJRYRJ VWYRUHQMD
, FLWLUDR
MH KDGLV =DELOMHCLR JD MH (EX'DYXG

1MHJRYH VX ULMHaL 1H PROL VH $OODK GD VH ]DX]LPD NRG 6YRMLK VWYRUHQMD


, QDYHR MH KDGLV 2QR ^WR MH QDYHR (EX'DYXG MHVWH FMHORNXSQLMH RG RYRJD ^WR MH
DXWRU FLWLUDR L JODVL 2G 'CXEHMUD E 0XKDPPHGD E 'CXEHMUD E 0XW
LPD RG QMHJRYD
RFD D RYDM RG VYRJD RFD SUHQRVL VH GD MH QHNL EHGXLQ GR^DR 9MHURYMHVQLNX VDYV L
UHNDR 
$OODKRY 3RVODQLaH OMXGL VX L]QHPRJOL SRURGLFH L]JXEOMHQH LPHFL XQL^WHQL SD
]DPROL NL^X ]D QDV 0L XLVWLQX WUDCLPR RG WHEH GD VH ]DX]PH^ NRG $OODKD L WUDCLPR
RG $OODKD GD VH ]DX]PH NRG WHEH
7DGD MH 9MHURYMHVQLN UHNDR
7H^NR WHEL =QD^ OL
^WD JRYRUL^"
3RWRP MH $OODKRY 3RVODQLN VDYV UHNDR 
 6SRPLQMDR MH
WDNR $OODKD WROLNR GD VH WR RVMHWLOR QD OLFLPD QMHJRYLK DVKDED 3RWRP MH UHNDR
7H^NR
WHEL 2G $OODKD VH QH WUDCL GD VH ]DX]LPD NRG ELOR NRJ 1MHJRYRJ VWYRUHQMD $OODK MH
X]YL^HQLML RG WRJD 7H^NR WHEL =QD^ OL WL ^WD JRYRUL^" 1MHJRY MH $U^ XLVWLQX L]QDG
1MHJRYLK QHEHVD
3RND]DR MH SUVWRP QH^WR NDR NXSROX 2Q XLVWLQX ^NULSL NDR VHGOR
SRG MDKDaHP ,EQ-HVDU SUHQRVL KDGLV $OODK MH L]QDG 6YRJD $U^D D 1MHJRY MH $U^
L]QDG 1MHJRYLK QHEHVD


 & 
C( ..  . /++
+-, . +   , 7, + , # . 
(  $   
('

D  !"# $%!&#

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 XNRU RQRPH NR MH UHNDR 7UDCLPR RG $OODKD GD VH ]DX]PH NRG QMHJD
 YHOLND SURPMHQD QD QMHPX NRMD VH RVMHWLOD aDN QD OLFLPD QMHJRYLK DVKDED
]ERJ RYH L]UHNH
 GD RQ QLMH QHJLUDR 1MHJRYH ULMHaL 0L WUDCLPR RG WHEH GD VH ]DX]PH^ NRG
$OODKD
 QDSRPHQD WXPDaHQMD VXEKDQDOODK
 GD VX PXVOLPDQL RG QMHJD WUDCLOL GD PROL ]D NL^X

1MHJRYH VX ULMHaL 7H^NR WHEL 2YD L]UHND NRULVWL VH ]D XNRU


1MHJRYH VX ULMHaL =QD^ OL WL NR MH $OODK" 2YLP VH XND]XMH QD VODERVW QMHJRYD
]QDQMD R $OODKRYRM YHOLaLQL L X]YL^HQRVWL
1MHJRYH VX ULMHaL 2G $OODKD VH QH WUDCL GD VH ]DX]PH NRG ELOR NRJ 1MHJRYRJ
VWYRUHQMD 7R ]ERJ WRJD ^WR MH VYH X 1MHJRYRM UXFL L QL^WD RG WRJD QLMH X UXFL
VWYRUHQMD 1H PRCH QLNR VSULMHaLWL RQR ^WR 2Q GD QLWL PRCH GDWL RQR ^WR QH GD 2Q
8]YL^HQL 8 RYRP MH KDGLVX RGJRYRU GCHKPLMDPD L SRWYUGD VYRMVWYD X]YL^HQRVWL


  2YDM KDGLV ]DELOMHCLR MH (EX'DYXG L SR VYRP RELaDMX XYUVWLR JD X RQH NRML
VX NRG QMHJD  LOL   QH UHNDY^L QL^WD R QMHPX 7UDCHQMH GD VH 3RVODQLN
]DX]PH ]D YULMHPH QMHJRYD CLYRWD ELYD QMHJRYRP VDYV GRYRP D QMHJRYD GRYD
VH XVOL^DYD >WR VH SDN WLaH WUDCHQMD GD VH RQ ]DX]LPD QDNRQ QMHJRYH VPUWL WR QLMH
GRSX^WHQR NDR ^WR MH SRWYU_HQR X SRJODYOMX R ]DX]LPDQMX L RQRP SULMH QMHJD $OODK
8]YL^HQL ]DEUDQLR MH X]LPDQMH SRVUHGQLND ]DX]LPDaD QD PQRJLP PMHVWLPD X
.XU
DQX L QHJLUDR MH WUDCHQMH RG ELOR NRJD GUXJRJ RVLP RG $OODKD
 !"# $%!&# D 

 g7Sg?
 
9-(529-(61,.29$6$96=$>7,7$*5$1,&$
7(9+,'$,1-(*292=$79$5$1-(69,+387(9$
35,'58#,9$1-$ >,5.$
2G $EGXOODKD E >XNKDMUD SUHQRVL VH GD MH UHNDR %LR VDP X GHOHJDFLML
SOHPHQD %HQX$PLU NRMD MH RWL^OD 9MHURYMHVQLNX VDYV 5HNOL VPR PX 
7L VL
QD^ JRVSRGLQ

*RVSRGLQ MH $OODK 8]YL^HQL
 UHNDR MH
7L VL QDMYUHGQLML PH_X
QDPD QDMERJDWLML L QDMPR`QLML
 UHNOL VPR
5HFLWH WR ^WR VWH UHNOL LOL GLR WRJD ^WR

VWH UHNOL , QHPRMWH GD EXGHWH ^HMWDQRYL SUHGVWDYQLFL L SRPDJDaL
 =DELOMHCLR
JD MH (EX'DYXG VD GREULP VHQHGRP
2G (QHVD UD SUHQRVL VH GD VX QHNL OMXGL UHNOL $OODKRY 3RVODQLaH 2
QDMEROML PH_X QDPD VLQH QDMEROMHJ PH_X QDPD 7L VL QD^ JRVSRGLQ L VLQ QD^HJ
JRVSRGLQD 2 OMXGL UHNDR MH UHFLWH WR ^WR VWH UHNOL LOL GLR WRJD ^WR VWH UHNOL ,
QHPRMWH GD YDV ^HMWDQ ]DYHGH -D VDP 0XKDPPHG $OODKRY URE L 1MHJRY
3RVODQLN

1MHJRYH VX ULMHaL 9MHURYMHVQLNRYD VDYV ]D^WLWD JUDQLFD WHYKLGD L QMHJRYR


]DWYDUDQMH VYLK SXWHYD SULGUXCLYDQMD   1MHJRYD VDYV ]D^WLWD JUDQLFD
 RG RQRJD ^WR JD PXWL L NYDUL RG ULMHaL L GMHOD NRMD XQL^WDYDMX  LOL JD
VPDQMXMX 2YD NQMLJD XSUNRV QMHQRM NUDWNR`L VDGUCL YH`LQX WRJD L ]DEUDQX RQRJD ^WR
VH NRVL VD  LOL JD VODEL 7R ]QD RQDM NR R WRPH UD]PL^OMD L XSR]QD VYDNR
SRJODYOMH NRMH RQD VDGUCL
1MHJRYH VX ULMHaL 2G (QHVD UD SUHQRVL VH GD VX QHNL OMXGL UHNOL
$OODKRY
3RVODQLaH 2 QDMEROML PH_X QDPD VLQH QDMEROMHJ PH_X QDPD
 KDGLV 2Q WR QLMH
YROLR ERMH`L VH GD WR QH EL SRVWDOR VUHGVWYR NRMH YRGL X SUHWMHULYDQMH L HNVWUHPL]DP X
YHOLaDQMX NDR ^WR MH YH` UHaHQR NRG QMHJRYLK ULMHaL 1HPRMWH PH YHOLaDWL L X]GL]DWL
NDR ^WR NU^`DQL UDGH VD VLQRP 0HUMHPLQLP -D VDP XLVWLQX URE


 & 
 (    .  ++/
#/    EC'
 
%  
C 'C
! ... 
D
+-, . + +,,,+.

D C  !"# $%!&#

 -D QH YROLP GD PH X]GLCHWH L]QDG PRJD SRORCDMD QD NRML PH SRVWDYLR



$OODK 8]YL^HQL =DELOMHCLR JD MH 1HVDL VD GREULP VHQHGRP

5HFLWH $OODKRY URE L 1MHJRY 3RVODQLN 2YR MH QMHJRY VDYMHW XPPHWX L YLG QMHJRYH
VDPLORVWL SUHPD QMHPX 8SR]RULR LK MH QD RQR ^WR `H YRGLWL X SUHWMHULYDQMH L
HNVWUHPL]DP
1MHJRYH VX ULMHaL -D VDP 0XKDPPHG $OODKRY URE L 1MHJRY 3RVODQLN 1DMYL^L
VWXSQMHYL URED MHVX RYD GYD VYRMVWYD VSHFLILaQR RERCDYDQMH L SRVODQVWYR
9MHURYMHVQLN VDYV SRVMHGRYDR MH WD QDMSRWSXQLMD VYRMVWYD 8]YL^HQL MH REDYLMHVWLR
GD 2Q L PHOHNL GRQRVH VDODYDW QD QMHJD L QDUHGLR QMHJRYX XPPHWX GD GRQRVH VDODYDW
QD QMHJD 3RKYDOLR JD MH QDMEROMRP L QDMSRWSXQLMRP SRKYDORP 8aLQLR JD MH
^LURNRJUXGQLP RSURVWLR PX JULMHKH L X]GLJDR PX VSRPHQ .DG JRG VH XaL H]DQ
HWHKLMMDWX KXWED VSRPLQMH VH L RQ QHND MH QD QMHJD $OODKRY VDODYDW L VHODP
>WR VH SDN WLaH XSRWUHEH ULMHaL JRVSRGLQ    ,EQXO.DMMLP GD PX VH $OODK
8]YL^HQL VPLOXMH UHNDR MH X %HGDL
XOIHYDLGX 8OHPD VH UD]L^OD X SRJOHGX
GRSX^WHQRVWL XSRWUHEH ULMHaL JRVSRGLQ ]D OMXGH 1HNL VX WR ]DEUDQLOL 7R VH SUHQRVL RG
0DOLND .DR GRND] ]D WR X]HOL VX 9MHURYMHVQLNRYH VDYV ULMHaL NDGD PX MH UHaHQR

7L VL QD^ JRVSRGLQ
2Q MH RGJRYRULR
*RVSRGLQ MH $OODK
1HNL VX WR GRSXVWLOL L NDR
GRND] X]HOL 9MHURYMHVQLNRYH VDYV ULMHaL UHaHQH HQVDULMDPD
8VWDQLWH SUHG YD^LP
JRVSRGLQRP


  
 D RYDM KDGLV MH YMHURGRVWRMQLML RG SUYRJ KDGLVD

2YL VX UHNOL *RVSRGLQ MH RQDM ]D NRJD VH QH^WR YH]XMH WDNR GD VH QH NDCH ]D
7HPLPRYL`D JRVSRGLQ SOHPHQD .LQGH QLWL VH ]D YODGDUD NDCH GD MH JRVSRGLQ
aRYMHaDQVWYD 3UHPD WRPH UHNDR MH 1LMH GRSX^WHQR ]D $OODKD NRULVWLWL RYR LPH 8
WRP SRJOHGX SRVWRML VXPQMD ]ERJ WRJD ^WR ULMHa JRVSRGLQ NDG VH XSRWUHEL ]D 1MHJD
8]YL^HQRJ WR ELYD X ]QDaHQMX ULMHaL YODGDU *RVSRGLQ   QH X ]QDaHQMX NRMH
LPD NDG VH XSRWUHEL ]D VWYRUHQMH


  %  
C  C :
#/    DE'D C 
, + +,,,+. 


<,., + 2. . 
(


 
D D &   6 .6  / .   -/ 3,-+/

8/ 
 ( &   6  /. .
 & 
'C''C( 
 ,+ 3.,   % 


 !"# $%!&# D D

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 XSR]RUHQMH OMXGLPD X SRJOHGX SUHWMHULYDQMD L HNVWUHPL]PD
 ^WD WUHED ND]DWL RQDM NRPH EXGH UHaHQR 7L VL QD^ JRVSRGLQ
 1MHJRYH VX ULMHaL , QHPRMWH GD EXGHWH ^HMWDQRYL SUHGVWDYQLFL L SRPDJD
aL PDGD RQL QLVX UHNOL QL^WD GUXJR QHJR LVWLQX
 1MHJRYH VX ULMHaL -D QH YROLP GD PH X]GLCHWH L]QDG PRJD SRORCDMD

5HNDR VDP 2G ,EQ$EEDVD SUHQRVL VH YMHURGRVWRMQR SUHGDQMH GD MH RQ UHNDR X


SRJOHGX ULMHaL $OODKD 8]YL^HQRJ d^t@@
$OODK MH XWRaL^WH VYDNRP
 2Q MH XLVWLQX
*RVSRGDU   NRG .RJD VX VH XSRWSXQLOD VYD VDYU^HQD VYRMVWYD JRVSRGD
UHQMD (EX9DLO UHNDR MH 2Q MH *RVSRGDU VDYU^HQRJ JRVSRGDUHQMD
D  !"# $%!&#

 D?
 A@MxIA|g@gdX@@gdA

25,-(A,0$$//$+$8=9,>(12*21,1(9(/,A$-8
$//$+$21$.2.$.2*$75(%$9(/,A$7,$=(0/-$69$
%,@(8>$&,1-(*292-1$'$1.,-$0(7$ (]=XPHU
2G ,EQ0HVXGD UD SUHQRVL VH GD MH UHNDR 1HNL UDELQ GR^DR MH $OODKRYRP
3RVODQLNX VDYV L UHNDR
0XKDPPHGH PL QDOD]LPR GD `H $OODK QHEHVD
VWDYLWL QD SUVW L ]HPOMH QD SUVW L GUYH`H QD SUVW L YRGX QD SUVW L URVX QD SUVW L
RVWDOD VWYRUHQMD QD SUVW D ]DWLP UH`L
-D VDP YODGDU
9MHURYMHVQLN VDYV
QDVPLMH^LR VH WDNR GD VX PX VH XPQMDFL XND]DOL SRWYU_XMX`L WX YLMHVW =DWLP MH
$OODKRY 3RVODQLN VDYV SURXaLR ^A@^^MxIA^|g@gd^^X@@gd^A^


2QL QH YHOLaDMX $OODKD RQDNR NDNR *D WUHED YHOLaDWL D aLWDYD =HPOMD `H QD
6XGQMHP GDQX X YODVWL 1MHJRYRM ELWL
 ;;;,;

1MHJRYH VX ULMHaL 2 ULMHaLPD $OODKD 8]YL^HQRJ


gd^^X@@gd^A^

2QL QH YHOLaDMX $OODKD RQDNR NDNR *D WUHED YHOLaDWL

DMHW  WM R DMHWLPD L KDGLVLPD NRML QRVH ]QDaHQMH RYRJ DMHWD ,PDG E .HVLU GD PX VH
$OODK 8]YL^HQL VPLOXMH UHNDR MH 0X^ULFL QLVX YHOLaDOL $OODKD RQDNR NDNR *D WUHED
YHOLaDWL WDNR GD VX SRUHG 1MHJD RERCDYDOL GUXJH D 2Q MH 9HOLaDQVWYHQL PLPR .RJD
YHOLaDQVWYHQLMHJ QHPD 6YHPR`QL 9ODGDU VYHJD L VYH MH SRG 1MHJRYRP VQDJRP L
PR`L 5HNDR MH 6XGGL 1LVX *D YHOLaDOL RQDNR NDNR 2Q ]DVOXCXMH GD EXGH YHOLaDQ
0XKDPPHG E .DE UHNDR MH 'D VX *D YHOLaDOL RQDNR NDNR 2Q ]DVOXCXMH QH EL *D
QLMHNDOL
,PD SXQR KDGLVD NRML VX YH]DQL ]D RYDM DMHW 3UYH JHQHUDFLMH SUHPD RYLP L VOLaQLP
RGQRVLOL VX VH WDNR ^WR VX LK WXPDaLOL RQDNR NDNR WR QMLKRYR OLWHUDUQR RaLWR ]QDaHQMH
]QDaL EH] XODCHQMD X SLWDQMH NDNYR`H LOL PLMHQMDQMD ]QDaHQMD
1MHJRYH VX ULMHaL 2G ,EQ0HVXGD UD SUHQRVL VH GD MH UHNDR
1HNL UDELQ GR^DR
MH $OODKRYRP 3RVODQLNX VDYV L UHNDR
0XKDPPHGH PL QDOD]LPR GD `H $OODK
QHEHVD VWDYLWL QD SUVW KDGLV
 !"# $%!&# D '

8 SUHGDQMX NRG %XKDULMH VWRML 6WDYLW `H QHEHVD QD SUVW YRGX L URVX QD SUVW

L RVWDOD VWYRUHQMD QD SUVW =DELOMHCLOL VX JD QMLK GYRMLFD %XKDULMD L 0XVOLP 

0XVOLP SUHQRVL RG ,EQ2PHUD PHUIX KDGLV $OODK `H VPRWDWL QHEHVD QD
.LMDPHWVNRP GDQX ]DWLP LK X]HWL 6YRMRP GHVQRP UXNRP D ]DWLP ND]DWL
-D
VDP YODGDU *GMH VX VLOQLFL" *GMH VX RKROQLFL"
=DWLP `H VPRWDWL VHGDP ]HPDOMD L
SRWRP LK X]HWL 6YRMRP OLMHYRP UXNRP L ND]DWL
-D VDP YODGDU *GMH VX VLOQLFL"
*GMH VX RKROQLFL"


2YDNR VX JD ]DELOMHCLOL %XKDUL 0XVOLP L 1HVDL SUHNR YL^H ODQDFD SUHQRVLODFD RG


$
PH^D 5HNDR MH %XKDUL 3ULSRYLMHGDR QDP MH 6HLG E 8IHMU QMHPX /HMV QMHPX
$EGXUUDKPDQ E 0XVDILU RG ,EQ>LKDED D RQ RG (EX6HOHPH E $EGXUUDKPDQD D
RYDM RG (EX+XUHMUHD GD MH aXR NDNR $OODKRY 3RVODQLN VDYV NDCH
$OODK `H X]HWL
=HPOMX L VPRWDWL QHEHVD 6YRMRP GHVQLFRP L UH`L
-D VDP YODGDU *GMH VX ]HPDOMVNL
YODGDUL
 2Q JD MH MHGLQL SUHQLR RYLP VHQHGRP
1MHJRYH VX ULMHaL 0XVOLP SUHQRVL RG ,EQ2PHUD 
KDGLV
$OODK `H VPRWDWL
QHEHVD QD .LMDPHWVNL GDQ ]DWLP LK X]HWL 6YRMRP GHVQRP UXNRP ]DWLP ND]DWL
-D
VDP YODGDU *GMH VX VLOQLFL" *GMH VX RKROQLFL"
=DWLP `H VPRWDWL VHGDP ]HPDOMD L
SRWRP LK X]HWL 6YRMRP OLMHYRP UXNRP L ND]DWL
-D VDP YODGDU *GMH VX VLOQLFL" *GMH VX
RKROQLFL" 2YDNR VWRML X 0XVOLPRYRP SUHGDQMX +XPHMGL MH UHNDR 2YR SUHGDQMH MH
SRWSXQLMH
5HNDR VDP 2YL KDGLVL L RQL NRML QRVH QMLKRYR ]QDaHQMH D RQL VX PQRJREURMQL
XND]XMX QD $OODKRYX YHOLaLQX VDYU^HQRVW L 1MHJRYX X]YL^HQX PR` 8 QMLPD MH WDNR_HU
RGJRYRU GCHKPLMDPD H^
DULMDPD L VOLaQLP 6YH RQR aLPH MH $OODK 6HEH RSLVDR L aLPH
*D MH RSLVDR 1MHJRY 3RVODQLN XND]XMH QD 1MHJRYX VDYU^HQRVW YHOLaDQVWYR L
X]YL^HQRVW WH GD RERCDYDQMH  QLMH GROLaQR XSX`LYDWL ELOR NRPH RVLP 1MHPX
8]YL^HQRP L +YDOMHQRP

< ^

 
  6*/     gdX@@gdA 1 /  

`

^   '     
dHN`A 1/  ++1 
'    
` ^
j^LB|g@O@A^l@ l@F 1.. +//  . 6 
'D   / 
66   +/+/ /. +  -+/
8/ 
C ( /..   
+/ .. ..
#/    E '
/6 
DCD:  6*/


8/ 
C  /..

D (  !"# $%!&#

2G ,EQ$EEDVD SUHQRVL VH GD MH UHNDR 6HGDP QHEHVD L VHGDP ]HPDOMD VX X


^DFL 0LORVWLYRJ NDR SURVHQR ]UQR X UXFL QHNRJ RG YDV
5HNDR MH ,EQ'CHULU 3ULSRYLMHGDR PL MH -XQXV GD JD MH REDYLMHVWLR ,EQ9HKE
SUHQRVH`L RG ,EQ=HMGD RYDM RG VYRJD RFD GD MH $OODKRY 3RVODQLN VDYV
UHNDR
6HGDP QHEHVD X RGQRVX QD .XUVL VX NDR VHGDP GLUKHPD EDaHQLK X

RNUXJOX UDYQLFX

5HNDR MH GD MH (EX=HUU ND]DR AXR VDP $OODKRYRJ 3RVODQLND VDYV NDNR
NDCH
.XUVL X RGQRVX QD $U^ MHVWH NDR QDUXNYLFD RG CHOMH]D EDaHQD QD SRYU^LQX
SXVWLQMH

,EQ0HVXG MH UHNDR ,]PH_X GXQMDOXaNRJ QHED L RQRJ NRMH VOLMHGL MHVWH SHW
VWRWLQD JRGLQD ,]PH_X VYDND MH GYD QHED SHW VWRWLQD JRGLQD ,]PH_X VHGPRJ
QHED L .XUVLMD MHVWH SHW VWRWLQD JRGLQD ,]PH_X .XUVLMD L YRGH MHVWH SHW VWRWLQD
JRGLQD D $U^ MH L]QDG YRGH D $OODK MH L]QDG $U^D =D QMHJD QLMH WDMQD ELOR ^WD
^WR YL UDGLWH =DELOMHCLR JD MH ,EQ0HKGL RG +DPPDGD E 6HOHPH RYDM RG
$VLPD RQ RG =LUUD D RQ RG $EGXOODKD 6OLaQR WRPH ]DELOMHCLR MH L 0HV
XGL RG
$VLPD RQ RG (EX9DLOD RQ RG $EGXOODKD +DIL] =HKHEL GD PX VH $OODK
8]YL^HQL VPLOXMH UHNDR MH 3UHQRVL VH SUHNR YL^H ODQDFD SUHQRVLODFD

1L^WD RG RERCDYDQMD QH GROLNXMH GD EXGH XSX`HQR EOLVNRP PHOHNX QLWL SRVODQRP


YMHURYMHVQLNX QLWL QHNRP NR MH QD QLCHP VWXSQMX RG QMLK >HMKXOLVODP ,EQ7HMPLMMH
UHNDR MH 2YD $OODKRYD NQMLJD RG QMHQD SRaHWND GR NUDMD VXQQHW 1MHJRYD
3RVODQLND VDYV ULMHaL DVKDED L WDELLQD L RVWDOLK LPDPD SXQL VX WHNVWRYD NRML
HNVSOLFLWQR LOL VYRMLP YDQMVNLP OLWHUDUQLP ]QDaHQMHP XND]XMX GD MH $OODK 8]YL^HQL
L]QDG VYHJD GD MH 2Q L]QDG $U^D L]QDG QHEHVD L GD MH 2Q QD $U^X 3RWRP MH RQ
QDYHR L] .XU
DQD L VXQQHWD RQR ^WD QD WR XND]XMH 5HNDR MH (Y]DL *RYRULOL VPR X
YULMHPH GRN MH MR^ X CLYRWX ELOR PQR^WYR WDELLQD
$OODK QHND MH X]YL^HQ 1MHJRY
VSRPHQ MHVWH XLVWLQX L]QDG 6YRJ $U^D L YMHURYDOL VPR X RQR ^WR MH ]DELOMHCHQR X
VXQQHWX
 5HNDR MH (EX2PHU HW7DOHPHQNL X NQML]L !(



5 $ 3.+ 6 +., + ,  * "+ ,+ + ! .& ! . B+   + 
   $ 0 1/ .   ,., .  + , .2 4.  3.+
1 $0 
      
 :

 !"# $%!&# D

2G (O$EEDVD E $EGXO0XWWDOLED SUHQRVL VH GD MH $OODKRY 3RVODQLN VDYV


UHNDR
=QDWH OL NROLNR MH L]PH_X QHED L =HPOMH"
5HNOL VPR
$OODK L 1MHJRY
3RVODQLN QDMEROMH ]QDMX


0XVOLPDQL RG HKOLVXQQHWD SRVWLJOL VX NRQVHQ]XV GD VH $OODK 6YRMLP EL`HP


QDOD]L QD 6YRP $U^X 7R MH QDYHR =HKHEL X  


 (EX2PHU HW7DOPHQNL
UHNDR MH WDNR_HU X VSRPHQXWRM NQML]L (KOLVXQQHW VORCLR VH GD MH $OODK 8]YL^HQL QD
6YRPH $U^X X ELWL QH X PHWDIRULaNRP VPLVOX =DWLP RQ GDOMH X RYRM NQML]L NDCH
0XVOLPDQL HKOLVXQQHWD VODCX VH GD VH $OODKRYH ULMHaL MAB
2Q MH VD
YDPD JGMH JRG YL ELOL
/9,, L QMLPD VOLaQH X .XU
DQX RGQRVH QD 1MHJRYR ]QDQMH L
GD MH $OODK 6YRMLP EL`HP L]QDG QHEHVD QD 6YRPH $U^X RQDNR NDNR WR 1MHPX
GROLNXMH 2YR VX 1MHJRYH ULMHaL X RYRM 1MHJRYRM NQML]L 5HNDR MH KDIL] =HKHEL 3UYD
UDVSUDYD NRMX VDP aXR RG RQLK NRML VX ]DQLMHNDOL GD VH $OODK 8]YL^HQL QDOD]L L]QDG
$U^D ELOD MH RG 'C
DGD E 'LUKHPD 2Q MH WDNR_HU ]DQLMHNDR VYD VYRMVWYD =ERJ WRJD
JD MH GDR SRJXELWL +DOLG E $EGXOODK .DVUL 'RJD_DM X YH]L V QMLP MH SR]QDW 2YX
UDVSUDYX RG QMHJD X]HR MH 'CHKP E 6DIYDQ YR_D GCHKPLMD 2Q MX MH RE]QDQLR L
GRND]LYDR MH L]QRVH`L VXPQMH 7R MH ELOR X ]DGQMHP SHULRGX VWROMH`D WDELLQD 1MHJRYX
VX UDVSUDYX NULWLNRYDOL LPDPL WRJ YUHPHQD NDR ^WR VX (Y]DL (EX+DQLIH 0DOLN /HMV
E 6D
G 6HYUL +DPPDG E =HMG +DPPDG E 6HOHPH ,EQXO0XEDUHN L SRVOLMH QMLK
LPDPL 3UDYRJ SXWD NDR ^WR MH LPDP $KPHG L PQRJREURMQL L] HKOLVXQQHWD 5HNDR MH
LPDP >DILMD $OODK LPD LPHQD L VYRMVWYD NRMD QLNR QH PRCH RGEDFLWL 2QDM NRML VH
WRPH VXSURWVWDYL QDNRQ ^WR PX EXGX SUHGRaHQL GRND]L SRVWDMH QHYMHUQLN   >WR
VH SDN WLaH YUHPHQD SULMH QHJROL PX VH SUHGRaH GRND]L NDR RSUDYGDQMH PX VH X]LPD
QH]QDQMH 0L SRWYU_XMHPR RYD VYRMVWYD L RGEDFXMHPR SRUH_HQMH RQDNR NDNR MH 2Q WR
RG VHEH RGEDFLR ^tI@^l@ oQm
1LNR QLMH NDR 2Q 2Q VYH aXMH L VYH
YLGL
 ;/,, 3UHQHVHQR L] . 

1MHJRYH VX ULMHaL 2G (O$EEDVD E $EGXO0XWWDOLED 2YDM MH KDGLV DXWRU FLWLUDR
X VNUD`HQRP REOLNX 8
 
(EX'DYXGD VWRML 2G (O$EEDVD E $EGXO0XWWDOLED
SUHQRVL VH GD MH UHNDR
%LR VDP X SRGQRCMX X JUXSL X NRMRM MH ELR $OODKRY 3RVODQLN
VDYV 1DL^DR MH REODN   L]QDG QMLK 2Q JD MH SRJOHGDR L UHNDR
.DNR YL RYR
]RYHWH"

2EODFL
 
 UHNOL VX
, ELMHOL NL^QL REODN  

 UHNDR MH
'D
L ELMHOL NL^QL REODN
 UHNOL VX
, NL^QL REODFL  
 UHNDR MH
'D L NL^QL REODFL

UHNOL VX
D   !"# $%!&#


,]PH_X QMLK MH SXWRYDQMH GXJR SHW VWRWLQD JRGLQD , VD VYDNRJ QHED GR
GUXJRJD MHVWH SXWRYDQMH GXJR SHW VWRWLQD JRGLQD 9HOLaLQD VYDNRJ QHED MH SHW
VWRWLQD JRGLQD ,]PH_X VHGPRJ QHED L $U^D MH PRUH RG aLMHJ GQD GR SRYU^LQH
LPD NDR L]PH_X QHEHVD L =HPOMH $OODK 8]YL^HQL MH L]QDG WRJD =D QMHJD QLMH
1
WDMQD ELOR NRMH GMHOR NRMH OMXGL UDGH
 =DELOMHCLR JD MH (EX'DYXG L GUXJL


(O
DQDQ QLVDP GREUR ]DSDPWLR
 UHNDR MH (EX'DYXG 8SLWDR MH 3RVODQLN
VDYV 
=QDWH OL ^WD LPD L]D WRJD L]PH_X QHEHVD L =HPOMH"

1H ]QDPR
 RGJRYRULOL
VX
5D]GDOMLQD L]PH_X QMLK MH VHGDPGHVHW MHGQD LOL VHGDPGHVHW GYLMH LOL VHGDPGHVHW
WUL JRGLQH D ]DWLP QHER L]QDG QMH
1DEURMDR MH WDNR VHGDP QHEHVD
=DWLP L]QDG
VHGPRJ QHED MH PRUH aLMD GXELQD MH WROLND NROLNR LPD L]PH_X GYD QHED ,]QDG WRJD MH
VHGDP PHOHND X OLNX JD]HOD ,]PH_X QMLKRYLK VWRSDOD L NROMHQD LPD NROLNR L]PH_X
GYD QHED 1D QMLKRYLP OH_LPD MH $U^ 2G QMHJRYD GRQMHJ GR JRUQMHJ GLMHOD LPD NROLNR
L]PH_X GYD QHED $ $OODK 9HOLaDQVWYHQL L 8]YL^HQL MH L]QDG WRJD
 +DIL] =HKHEL MH
UHNDR =DELOMHCLR JD MH (EX'DYXG VD GREULP VHQHGRP 6OLaQR SUHQRVL L 7LUPL]L RG
(EX+XUHMUHD L X QMHPX VWRML 5D]GDOMLQD RG MHGQRJ QHED GR GUXJRJ L]QRVL SHW VWRWLQD
JRGLQD 0H_X QMLPD UHNDR MH QHPD NRQWUDGLNFLMH MHU SURFMHQD SXWRYDQMD RG SHW
VWRWLQD JRGLQD VH PRCGD RGQRVL QD SXWRYDQMH MHGQLP SULMHYR]QLP VUHGVWYRP D
VHGDPGHVHW L QHNROLNR JRGLQD GUXJLP
5HNDR VDP 2YRPH KDGLVX VYMHGRaH KDGLVL X   L GUXJLP ]ELUNDPD X]
RQR QD ^WR XND]XMX HNVSOLFLWQL DMHWL L] .XU
DQD 3UHPD WRPH QH X]LPD VH X RE]LU
PL^OMHQMH RQRJD NR MH RYDM KDGLV RFLMHQLR VODELP
$XWRU MH GD PX VH $OODK 8]YL^HQL VPLOXMH RWSRaHR RYX NQMLJX VD WXPDaHQMHP
]QDaHQMD 


  ]ERJ WRJD ^WR YH`LQD XPPHWD L] ]DGQMLK JHQHUDFLMD QH
SR]QDMH RYDM  L aLQH RQR ^WR WDM  QHJLUD X YLGX  L SULGUXCLYDQMD 2Q MH
REMDVQLR  NRPH VX SR]LYDOL SRVODQLFL L  NRML QHJLUD RYDM  D NRML VX RQL
RGEDFLYDOL 3R]LYDQMH ND RYRPH 
MHVWH QDMYDCQLMH L QDMREDYH]QLMH VYDNRPH
NRPH MH $OODK GDR GD RYDM WHYKLG UD]XPLMH L NRPH MH GDR PR` GD QMHPX SR]LYD L GD VH
ERUL SURWLY RQLK NRML PX VH VXSURWVWDYOMDMX RG RQLK NRML $OODKX  aLQH X RERCDYDQMX


* +, - +  & 
CD C  C' ..  . /++
/6 
DD 
 %
! .8 
:D 8/   / ./++
#/ 
  EC ( C , # 
# 8  

5 .+-, . .6  # 

5/+
*  + ,   ! - 1+ ,,+., 3,6.
1
 !"# $%!&# D :

8 SRJODYOMX VH WUHWLUDMX VOMHGH`D SLWDQMD


 NRPHQWDU 1MHJRYLK ULMHaL ^A@^ MxIA|g@  $ =HPOMD VYD EL`H X
^DFL 1MHJRYRM QD 'DQ NLMDPHWD
 RYL SRGDFL L QMLPD VOLaQL ELOL VX SR]QDWL NRG MHYUHMD NRML LK X YULMHPH
$OHMKLVVHODPD QLVX QLMHNDOL QLWL LK GUXJDaLMH RG QMLKRYRJ MH]LaNRJ ]QDaHQMD
WXPDaLOL
 GD MH 9MHURYMHVQLN VDYV SRYMHURYDR UDELQX NDGD PX MH WR VSRPHQXR L
GD VX DMHWL .XU
DQD REMDYOMHQL NRML VX WR SRWYUGLOL
 aLQMHQLFD GD VH $OODKRY 3RVODQLN VDYV QDVPLMDR NDG MH RG UDELQD aXR
RYR YHOLNR ]QDQMH
 HNVSOLFLWQR VSRPLQMDQMH UXNX WH GD VX QHEHVD X GHVQRM D ]HPOMH X OLMHYRM
UXFL

2Q MH REUDGLR RYDM  NDNR VL YLGLR X RYLP SRJODYOMLPD GD EL NQMLJX ]DYU^LR


 R OLMHSLP LPHQLPD L VYRMVWYLPD 7R MH ]ERJ WRJD ^WR YH`LQD QHXNRJ VYLMHWD
QLMH REUD`DOD SDCQMX QD RYD SLWDQMD NRMLPD VX VH EDYLOL RQL NRML VX VHEH VPDWUDOL
XaHQLPD 2YL VX ]QDQMH R WRPH SUHX]HOL RG VNRODVWLaDUD SROHPLaDUD NRML VX VH RYLP
SLWDQMLPD EDYLOL PLVOH`L R QMLPD GREUR 0LVOLOL VX GD RQL LPDMX QH^WR YULMHGQR L SULKYDWLOL
VX VYH ^WR VX NRG QMLK QD^OL 7DNR VX SRWYUGLOL SUDYDF GCHKPLMD ]DQLMHNDOL 
OLMHSLK LPHQD L VYRMVWDYD L VXSURWVWDYLOL VH RQRPH QD ^WR XSX`XMH .XU
DQ L VXQQHW QD
aHPX VX ELOH SUYH JHQHUDFLMH RYRJD XPPHWD SUYL    X KDGLVX L WHIVLUX L] SUYLK
JHQHUDFLMD L aHJD VH MR^ XYLMHN GUCL HKOLVXQQHW +YDOD $OODKX .RML JD MH XSXWLR L
SRPRJDR X LVWLQL X YULMHPH NDGD MH LVODP ]D PQRJH SRVWDR QHSR]QDQLFD X YULMHPH
NDG VX VH RG QMHJD RWX_LOL PQRJL RG VWDQRYQLND VHOD L JUDGRYD $ $OODK MH 7DM .RML
XVSMHK GDMH 8 RYRM NQML]L REMD^QMHQH VX VYH WUL YUVWH  QD NRMH MH XND]DR
XaHQMDN ,EQXO.DMMLP GD PX VH $OODK 8]YL^HQL VPLOXMH NDGD MH UHNDR
1DXND VH GLMHOL QD WUL GLMHOD QHPD aHWYUWRJD L WR MH LVWLQD RaLWD QDXND R $OODKRYLP
VYRMVWYLPD L GMHOX ]DWLP LPHQLPD 0LORVWLYRJ QDUHGEL L ]DEUDQL 7R MH YMHUD 1MHJRYD L
]D WR VH GRELYD QDJUDGD 1MHJRYD QD 'DQ SURCLYOMHQMD SRQRYQRJD
1HND MH $OODKRY VDODYDW QD SUYRJ PH_X SRVODQLFLPD L YR_X SRERCQLK 0XKDPPH
GD QD QMHJRYX SRURGLFX L VYH DVKDEH VYH GR 6XGQMHJ GDQD 1D^D ]DGQMD GRYD JODVL
1HND VYD KYDOD EXGH $OODKX *RVSRGDUX VYMHWRYD
D  !"# $%!&#

 HNVSOLFLWQR QD]LYDQMH WH UXNH OLMHYRP


 VSRPLQMDQMH SUL WRPH QDVLOQLND L RKROQLND
 1MHJRYH VX ULMHaL .DR ]UQR MHaPD X UXFL QHNRJ RG YDV
 YHOLaLQD .XUVLMD X RGQRVX QD QHEHVD
 YHOLaLQD $U^D X RGQRVX QD .XUVL
 GD MH $U^ QH^WR GUXJR X RGQRVX QD .XUVL L YRGX
 REMD^QMHQMH NROLNR MH L]PH_X VYDNRJ QHED
 NROLNR MH L]PH_X VHGPRJ QHED L .XUVLMD
 NROLNR MH L]PH_X .XUVLMD L YRGH
 GD VH $U^ QDOD]L L]QDG YRGH
 GD MH $OODK L]QDG $U^D
 NROLNR MH L]PH_X QHED L =HPOMH
 GD MH GHEOMLQD VYDNRJ QHED SHW VWRWLQD JRGLQD
 GD MH PRUH NRMH MH L]QDG QHEHVD GXERNR SHW VWRWLQD JRGLQD D $OODK
8]YL^HQL QDMEROMH ]QD
, QHND MH KYDOD $OODKX *RVSRGDUX VYMHWRYD L QHND MH VDODYDW L VHODP QD
0XKDPPHGD QMHJRYX SRURGLFX L QMHJRYH DVKDEH
 !"# $%!&# D

.QMLJD MH ]DYU^HQD
1D NUDMX NQMLJH QDSLVDQR MH

  
        
 
 
   
    !" #$
%
  %  !&

DC  !"# $%!&#
 !"# $%!&# DD

6$'5#$-

  #GG#%;$; <F#$; <F8# G 5&!8# ! <F#$; G 5&! <F8# #GG#%5

C  ; $F! &;! $%!&# ! ;  "F! % F!B

D  ; ;8 &# K ;# ; ;$#F! $%!&


5K! 5 &L * <;G#"# # F#A5#

 ; F#%5 ;& B!F#

'(

'  <;"G#$G  ; <;*!$5 5 $ F;$#  &# 8# ;"# ;!8 #GG#%#

(C

(  <;"G#$G  ; 58#A 5 ?*#A 5@ $%!&# ! $ &;A #


&# 8# ;"# ;!8 #GG#%#

 ; ;8 &# 5 B!F <#&#0 ;B  #F5$!M ;M# ! ;8 G!A;" F#&!
;G# # # $;G  !G!  ;" <FA#$# #

'

  <;"G#$G  ; ;&5A#$# 5 ?F5 !@ ! #G!8#!8#

:D

:  ; ;8 ; F#L! F!K <F; &F$# #8# ! ;8 G!A;

  ; ;8 B#  <F; 5 $*! <F!;B # LF$ ;8 8!8; #GG#%#

 (

  ;G   L!$;! # 5 !8 #GG#%# # 8 5


"&   <F!;! LF$# ;8 8!8;  "#

D

C 5 B!F  5F# # ! *#$ ;$#  ;8 8!8; #GG#%#



D
5 B!F  5F# # F#L  *#B! ;& ;" &F5";" 8!8; #GG#%#

CD

  5 <F!&F5L!$#  ?B!F@ <#&# F#L  <## ;& ;" &F5";" 8!8; #GG#%#
!G! &#  8;G! ; 8!8;  "#

C

' ; $%!&5 ! ;&5;! $ F

D

( ; ; #B  5 &;#*# 5 <;"G&5 "!F# # <F!&F5L!$# #

 C
D  !"# $%!&#

  ; *#";$#F# 5 ?BH##5@

 :

 ; ;8 &#  & G# ?$F&5 5@ <; *#$FB5


 ; B! $G!A# # <F&## ! $G!##

'(

: ; ;8 &#  5*F; $ F;$# # ?5HF#@ !;$# #&8;$!% ! #<5B# #
 !%;$ $ F <F F!$#  5 ?$G!A# 5@ &;F!% G 5&!

(

C  ; ;8 B#  <F; ; B;8 5<;*;F 5 ;;8 ; ;;L#$# #GG#%#


;& 8*#F# ;" &;F;" A;$ # <# #;  
?B; 5<;*;F @ #; ;;L#$# ;;" ;  5 #5F5NI

(

C ; ;8 &# <F F!$#  5 <;"G&5 8*#F# &;F!% G 5&! <F$#F# ! 5
!<;$ ; !  ;;L#$# 5 8!8; #GG#%#

 '

CC ; $ F;$ !;$;  


#
$
 *#B!! $%!&# !  ";$;8 *#$#F# 5 $!%
<5$# ; ! $;& <F!&F5L!$# 5 ?B!F5@

 

CD ; ;8 B#  <F;! 5 $*!  !8


&# K ! !* ;$;" 588# ;;L#$#! !<;$



C  ; !%F5

:(

C'  $F !%F#

C( ; <F;F;M!8# !  !8# G!A!8

C

C  ; $F#A# 5 ?5BF5@ 5 $F%5 G! A #

C'

C ; # 5F5 ?;<!8!*85 ! <!8!*85@ # ;;$5 <!M# ! ;#G;"

C

C: ; #F;G;"! !

CC

D  F#L  !B # ;;$5 <;G;L# # 8 M#

CDC

D #; ; 5*8 5&F5"# <F8# ;8   ";$# G 5#$ &## G 5#$!
<F8# #GG#%5 ;  $G!! B!F

CD

DC 5$ F  G#! ! #A#

DD ;G# #  # #GG#%# ?$5G@  &# ;& 5$ # ?B#F;$#@


$ F;$# # ?!8##@

C'
 !"# $%!&# D'

D  <F!  # ;;8 ;   ; ! #GG#%;$ *#8

C'(

D' ##$! &!; $ F;$# # 5 #GG#%#  F<G   5 #GG#%;$!8 ;&F&#8#

C':

D( ; F! #5 ?<F$#F# 5@

C('

D  5 B!F  5F# # ! #8 F# A;$ ;$# &# $; !8 F#&;8 *#G5L! ;$# $! 

C(:

D ; <;G5B# 5A ! $;O 5 *#F# !$# 5 B#  #GG#% &;<5!; ! 5


&;<5B# 5 B;  #GG#% *#F#!; 5*; !%  *# $;  ;";$ 8!8; #GG#%#

D: <;<5; $ F;$#  K <;!K! !; $ &;  ";$ F#! ! LG 
 5&5 5 G#&5  ;!8  A!8  &;B#; <;G#! 
#
$


C

 ; ;;8 ; *#! A B; ;& !8# ! $; #$#

C:

 <;*# # G#";&#! !  ; ! # 

C:(

C *#G! #  !8 8!8; #GG#%#  B!F

C:

D ; ;8 &# !  <F!%$## 5 ! #&# !8  *#5B #GG#%;8

D 

 F! A!0 1B;  %!; #GG#% ! !1

D D

' ;# ; <5  $F! 8 ; $F! O# #GG#%#

( #*!$#  ;"# $F%;$!8 5M8 ! ;8 G!A;

D :

 <;B!$#  !8# #GG#%# 5*$!B;" ! <F;8 # !8# *;" ;"#

D

 ;  B#G! ! !8! #$#  # A!8 5 A85  <;8!  #GG#%;$; !8 !G! #


5F#;8 !G! # <;G#!;8 
#
$

 ;  $ F! ?#H!F@

D

: ; !!M# 5 G#";&#! #GG#%# 5*$!B;" ! <;5O;!  !%;$;" "!F# #

D

'  *#F## $#;" !8# ; !8  !*F#L#$# F;;$# 


;8 &F5";8 8!8; #GG#%#

DC

' ?5<5K!$#  &;$ #GG#%5  ";$!8 G! <!8 !8!8# ! #<5B# 


;!% ; !  5<F;#$G # 5 *#G!M# ! $ F!#@

DC'

'C  #L 0 1#  G#8 # #GG#%#1

DD

'D ?;@ F! A!8#0 #GG#%5 ;<F;! 8! #; %;KB

DDD
D(  !"# $%!&#

'  # !;  ";$;F!0 18; F; ! F;<! #1

DD'

''  ;&! #  ;# ; *#8;G! #GG#%;$!8 !8;8

DD

'(  8;G!  #GG#%;$!8 G!M8 !G; B# &F5"; ;!8 &L#

DD:

'  ; ";$;F5 1&# #8 5F#&!; #; ! #; !G; ! #; ! #;1

D 

' *#F## &#  <5  $ #F

': ; #GG#%5 G;B 8!G #8; G!M8 F! ! 85BF!M!


;& ;"# K !! <#B #8;
;# ; <;*# #GG#%#  ";$# G! <# !8# ! $; $#

D '

(  ; ;!8# ; ! ! A5 ;&FO  ?#&F@

D :

( ; ;!8# ; ! MF# 5 ! $# # 5

D'

(C ; A;8 *#G! # 5

D'

(D ; &#$# 5 #GG#%;$# #8$# ! #8$#  ";$# $ F;$ !#

D(D

(  *#G! #  #GG#%;8 ?&# ; K &F5"!8# &#! ; ! ;@

D(

('  8;G!  #GG#% &#  *#5*!8# ;& $; !% $;F #

D(:

(( $ F;$ !;$# 


#
$

 *#B!# "F#!M# $%!&# !  ";$; *#$#F# 
$!% <5$# <F!&F5L!$# # ?B!F#@

D 

(  ; F! A!8# #GG#%# 5*$!B;"0 1;!  $G!A# 5 #GG#%# ;#; #; "# F#
$G!A#!= # *8G # $# !K 5 B#M!  ";$; # &# ! #8#
1 ?6*/ (
@

#&FL#

DD
 !"# $%!&# D

1D^ SR]LY MH

 3R]LY X aLVWL PRQRWHL]DP RaL^`HQ RG VYLK SULPMHVD X LVSUDYQX L


LVNUHQX OMXEDY SUHPD $OODKX GC^ NRMD VH RJOHGD X SRNRUQRVWL SUHPD
QMHPX L ERJRERMD]QRVWL X LVSUDYQX L LVNUHQX OMXEDY SUHPD 3RVODQLNX
VDOODOODKX DOHMKL YH VHOOHP NRMD VH RJOHGD X VOLMH_HQMX QMHJD L X]LPDQMX
QMHJD ]D SULPMHU L X]RU
 3R]LY ND X]LPDQMX YMHUH L] QMHQD GYD aLVWD L]YRUD .XU
DQD L LVSUDYQRJ
VXQQHWD X L]EMHJDYDQMH QRYRWDULMD X YMHUL SUD]QRYMHUMD L UD]QLK
L]PL^OMRWLQD
 3R]LY ND aYUVWRM YH]L L]PH_X CLYRWD QD RYRP VYLMHWX L YMHUH X SRGUXaMX
YMHURYDQMD GMHOD L NDUDNWHUQLK RVRELQD
 3R]LY X RCLYOMDYDQMH LVSUDYQH LVODPVNH PLVOL X VYMHWOX .XU
DQD L VXQQHWD
VOLMHGH`L SXW SUYLK PXVOLPDQD RWNODQMDQMH PH]KHSVNH XNRaHQRVWL L
VWUDQDaNH SULVWUDVQRVWL NRMH VX ]DYODGDOL PL^OMX PQRJLK PXVOLPDQD
XGDOMDYDMX`L LK RG aLVWRJD QHLVNYDUHQRJD LVODPVNRJ EUDWVWYD VKRGQR
QDUHGEL $OODKD GC^ AYUVWR VH GUCLWH $OODKRYRJ XCHWD L QHPRMWH VH
UD]MHGLQMDYDWL
 3R]LY ND L]QDODCHQMX UMH^HQMD ]D SUREOHPH RYRJ YUHPHQD L XODJDQMH
QDSRUD ND RWSRaLQMDQMX LVSUDYQRJ LVODPVNRJ CLYRWD QD SULQFLSLPD
SRVODQVWYD WH XVSRVWDYOMDQMX GUX^WYHQRJ SRUHWND ]DVQRYDQRJ QD
$OODKRYLP GC^ ]DNRQLPD NRML `H SRaLYDWL QD PHWRGDPD UDILQLUDQMD L
RGJRMD ]DVQRYDQLK QD ULMHaLPD $OODKD GC^  L NRML `H LK XaLWL NQML]L L
PXGURVWL L RaLVWLWL LK
D  !"# $%!&#

v[^
[ U gWw W gc W lc W ci gWw en

h
m[ in 

1 h
^ -^h^
m[~gw g 

m[~U gc
Ui Yx`W x c[ \cW l

}^ 
m[~l iw

  
m[~[ bUp

li YlW Ui Yx`
 
Ui Yx` Ytc vWs c
Yfl
il


You might also like