Professional Documents
Culture Documents
#.8&Ggjdjfou%Zobnjdt: XXXCNXFT
#.8&Ggjdjfou%Zobnjdt: XXXCNXFT
89
XXXCNXFT 5FHVTUBDPOEVDJS
#.89
%*4'365"3&4-026&5%&'*/"4
#.8&GGJDJFOU%ZOBNJDT
.FOPSDPOTVNP.FKPSFTQSFTUBDJPOFT
%*4'365"3&44&(6*3
561301*0$".*/0
$POUBSDBEBEBDPOMBFTQPOUBOFJEBE
%JTGSVUBSEFMPTQFRVF±PTQMBDFSFTEFMBWJEBBMPHSBOEF
$POPDFSMBTSFHMBTQBSBSPNQFSMBTFOFMNPNFOUPPQPSUVOP
7FSFMNVOEPDPOPUSPTPKPT
4FHVJSDVBOEPTFQPESBQBSBS
%FUFOFSTFDVBOEPMPTEFN¡TDPOUJOºBO
#VTDBSFMDBNJOPN¡TDPSUP
&YQFSJNFOUBSMBMJCFSUBEDPOUPEPTMPTTFOUJEPT
&-#.89
&4%*4'365"3
-BDPODFTJ³OEFMQSFNJP3FE%PUBM#.89FT
FMSFDPOPDJNJFOUPBOVFTUSB MPTPGBEFEJTF±P$PNP
UBNCJ©OMPTPOMBTNJSBEBTRVFMPTJHVFOBEJBSJP
OEJDF
#.89
] &YUFSJPS
] *OUFSJPS
5FDOPMPHB
] #.8&GGJDJFOU%ZOBNJDT
] .PUPSFT
] 4JTUFNBY%SJWF]4JTUFNBT%SJWF
] 4FHVSJEBE
] #.8$POOFDUFE%SJWF
&RVJQBNJFOUP
] $PMPSFT
] &KFNQMPTEFFRVJQBNJFOUP
] &RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM
"DDFTPSJPT0SJHJOBMFT#.8
] &RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM
] %BUPTU©DOJDPT
] #.84FSWJDF]'JOBODJBDJ³O#.8
&RVJQBNJFOUPEFMNPEFMPQSFTFOUBEP
.PUPS %J©TFMEFDVBUSPDJMJOESPT
#.85XJO1PXFS5VSCP
1PUFODJB $7
-MBOUBT "MFBDJ³OMJHFSBDPOEJTF±PEF
SBEJPTFO:
EF QVMHBEBT
$PMPSEFMBDBSSPDFSB .BSSBLFTDICSBVONFUBMJ[BEP
5BQJDFSB $VFSP0ZTUFSDPODPTUVSBTFO
#.89 Y%SJWF E OFHSPZBNBSJMMP
.PMEVSBTJOUFSJPSFT .BEFSBOPCMF'JOFMJOF8BWF
&RVJQBNJFOUPPQDJPOBM %FTJHO$PPM&MFHBODF
9-JOF
%*4'365"3&4-0*/&41&3"%0
6OBWJEBBDUJWBMMFOBEFTPSQSFTBT-BBVU©OUJDBDBMJEBEEFWJEBDPOTJTUFFOQPEFSSFBDDJPOBSDPOFTQPOUBOFJEBEB
UPEPMPRVFPGSFDFFMEB1PSFMMP
FM#.89 FTU¡FRVJQBEPDPOQS¡DUJDBNFOUFUPEPMPRVFOFDFTJUBTQBSBEJTGSVUBSBM
N¡YJNPDBEBEB
XXXCNXFT
] &YUFSJPS
&-1-"$&3
/0$0/0$&
$0/$&4*0/&4
3FEVDJSMBTFNJTJPOFTZNFKPSBSMBTQSFTUBDJPOFT
TUFFTFMTFODJMMPQSJODJQJPEF#.8&GGJDJFOU%ZOBNJDT
RVFQFSNJUFEJTGSVUBSEFMN¡YJNPEJOBNJTNPDPO
MBDPODJFODJBUSBORVJMB(SBDJBTBNFEJEBT
DPNPFM
TJTUFNB#SBLF&OFSHZ3FHFOFSBUJPOPMBGVODJ³O"VUP
4UBSU4UPQ
EFTFSJFFOUPEPTMPTNPEFMPTEJFTFMEF
DVBUSPDJMJOESPT
#.8ZBFTU¡JOWJSUJFOEPFOFMGVUVSP
&ODPNCJOBDJ³ODPOMBDPOTUSVDDJ³OMJHFSBZPUSBT
JOOPWBEPSBTNFEJEBT
TFSFEVDFDPOTJEFSBCMFNFOUF
FMDPOTVNPFOUPEPTMPTNPEFMPT:BTFUSBUFOEFMPT
EPTNPUPSFTEFHBTPMJOBEFTFJTDJMJOESPTFOMOFB
FM
NPUPSEFHBTPMJOBEFDVBUSPDJMJOESPTPVOBEFMBTUSFT
WFSTJPOFTEJ©TFM#.8&GGJDJFOU%ZOBNJDTPGSFDFVO
QMBDFSEFDPOEVDJSEVSBEFSP"T
QPSFKFNQMP
FM#.8
9 T%SJWF E DPOTJHVFPGSFDFSVOOJWFMEFFNJTJPOFTEF
$0 EF HLNZFM#.89 T%SJWF E
EF HLN
EFNBOFSBRVFNBSDBOMBQBVUBFOTVDBUFHPSB
4³MPFODPNCJOBDJ³ODPOFMDBNCJPNBOVBMEFWFMPDJEBEFT
.¡TJOGPSNBDJ³OTPCSFFMDPOTVNPEFDPNCVTUJCMFZMBTFNJTJPOFT
EF$0FOMBTQ¡HJOBT]
#.8&G DJFOU%ZOBNJDT
.FOPSDPOTVNP.FKPSFTQSFTUBDJPOFT
&YUFSJPS ]
%*4'365"3&4
&41&3"3$0/
*.1"$*&/$*""-"
139*."$637"
4JFNQSFGJFMBMBUSBZFDUPSJB
QFSPDPOGMFYJCJMJEBE
&TUPFTMPRVFPGSFDFFM#.89 HSBDJBTBTVFYUSBPSEJOBSJB
TVTQFOTJ³O
VOSFQBSUP³QUJNPEFMQFTPFOUSFFKFT
BQSPYJNBEBNFOUFFOUSF
ZVODFOUSPEFHSBWFEBE
CBKP-PTNPEFMPTT%SJWFDPOUSBDDJ³OUSBTFSBEF
TFSJFFOUVTJBTNBOQPSTVJNQSFTJPOBOUFBHJMJEBEZ
NBOJPCSBCJMJEBE$POMPTNPEFMPTY%SJWFTFOUJS¡T
FMN¡YJNPDPOUSPM
QVFTMBUFDOPMPHBJOUFMJHFOUFEF
USBDDJ³OBMBTDVBUSPSVFEBTEJTUSJCVZFMBGVFS[BEFGPSNB
WBSJBCMFFOUSFMPTFKFTEFMBOUFSPZUSBTFSP
BVNFOUBOEP
BTMBNPUSJDJEBEZMBGJEFMJEBEBMBUSBZFDUPSJB
JODMVTP
FODPOEJDJPOFTBEWFSTBT"FMMPDPOUSJCVZFUBNCJ©O
FO
DPNCJOBDJ³ODPOFMTJTUFNBY%SJWF
1FSGPSNBODF$POUSPM
PQDJPOBM
RVFQFSNJUFBMWFIDVMPFOUSBS³QUJNBNFOUF
FOMBTDVSWBTZUPNBSMBTBºODPON¡TQSFDJTJ³O"NCBT
WFSTJPOFTDPOWFODFOQPSMBNBOFKBCJMJEBEDBSBDUFSTUJDB
EF#.8ZHBSBOUJ[BOQVSPQMBDFSEFDPOEVDJSFODBEB
DVSWB
&YUFSJPS ]
%JTGSVUBSFTWJWJSSFMBKBEBNFOUFEFNPNFOUPTJOUFOTPT&MFRVJQBNJFOUPEFTFHVSJEBEEFM#.89 PGSFDF
FYBDUBNFOUFMPRVFTVTFHVSBQSFTFODJBQSPNFUF4FJTBJSCBHTQSPUFHFOBMPTPDVQBOUFT&M#.89 DPOWFODFQPS
TVIBCJU¡DVMP
RVFHBSBOUJ[BMBN¡YJNBTFHVSJEBEHSBDJBTBMBT[POBTEFEFGPSNBDJ³O&MSFTVMUBEPEFMBTQSVFCBTEF
JNQBDUP&VSP/$"1MPEFNVFTUSB&M#.89 IBPCUFOJEPDJODPFTUSFMMBT
MBN¡YJNBQVOUVBDJ³OFODVBOUPBQSPUFDDJ³O
EFMPTQBTBKFSPT5BNCJ©O
FOMBTQSVFCBTEFQSPUFDDJ³OEFQFBUPOFTIBDPOTFHVJEPMPTNFKPSFTSFTVMUBEPTFOUSFUPEPT
MPTWFIDVMPTQSPCBEPTEFMTFHNFOUPEFMPTUPEPUFSSFOPT$VBOEPDBFMBOPDIF
MBMV[BVUPBEBQUBCMFBMBTDVSWBTѭ
PQDJPOBMQBSBMPTGBSPTCJYFO³O PQDJPOBMFT
ѭDPOMV[EFHJSPZSFHVMBDJ³OEJO¡NJDBEFMBMDBODFEFMBTMVDFTBZVEBBOP
QFSEFSEFWJTUBFOOJOHºONPNFOUPMPFTFODJBM:QBSBRVFFYQFSJNFOUFTSFMBKBEBNFOUFFMN¡YJNPQMBDFSEFDPOEVDJS
FM#.89 QVFEFEJTQPOFSTJMPEFTFBT
FODPNCJOBDJ³ODPO#.8$POOFDUFE%SJWF
EFMBGVODJ³OEFMMBNBEBEF
FNFSHFODJBBVUPN¡UJDB
*OUFSJPS ]
%*4'365"3&47*"+"3
%*4'365"3$0.1"35*&/%0&4%0#-&%*4'365&
5BOUPTJWBTEFDPNQSBT
DPNPFOEJSFDDJ³OBVOBFTUBDJ³OEFFTRVPEFFYDVSTJ³ODPOMBCJDJDMFUBEFNPOUB±B
FOFM#.89 QS¡DUJDBNFOUFUPEPFTU¡
QSFWJTUP&MSFTQBMEPEFMPTBTJFOUPTUSBTFSPTFTBCBUJCMFFOMBQSPQPSDJ³O "TFM#.89 QVFEFBEBQUBSTFBMBTN¡TEJWFSTBTFYJHFODJBT1PS
FKFNQMP
FTQPTJCMFUSBOTQPSUBSIBTUBDVBUSPQBSFTEFFTRVTPUSFTUBCMBTEFTOPXCPBSEZEJTQPOFSBMNJTNPUJFNQPEFDVBUSPQMB[BT
*OUFSJPS ]
3&41"-%0453"4&304"#"5*#-&4
/BUVSBMNFOUF
MPTPDVQBOUFTEFMBTQMB[BTUSBTFSBTQVFEFOEJTGSVUBSUBNCJ©OSFMBKBEBNFOUFEFMBBHSBEBCMFTFOTBDJ³OEFBNQMJUVEEFM
#.89 -BJODMJOBDJ³OEFMSFTQBMEPEFMPTBTJFOUPTUSBTFSPTQVFEFBKVTUBSTFTFHºOMBTOFDFTJEBEFTQBSBPGSFDFSMBQPTJCJMJEBEEFFMFHJSN¡TFTQBDJP
&OMBQPTJDJ³OEFN¡YJNBDPNPEJEBE
FMSFTQBMEPUJFOF &OMBQPTJDJ³OEFDBSHB
MBJODMJOBDJ³OEFMSFTQBMEP EFBMNBDFOBNJFOUPPN¡TDPNPEJEBEFOMPTBTJFOUPT"MHPRVFUBNCJ©OSFTVMUBNVZQS¡DUJDPFTRVFQFSNJUFVOBDBSHBEFSFNPMRVFEFIBTUB
VOBJODMJOBDJ³OEFHSBEPT"TFMWPMVNFOEFDBSHB BVNFOUBVOHSBEPZFMWPMVNFOEFDBSHBFTEF UPOFMBEBT:QBSBFMUSBOTQPSUFEFCJDJDMFUBT
TFPGSFDFVOQPSUBPCKFUPTUSBTFSP PQDJPOBM
DPNP"DDFTPSJP#.8
RVFTFBDPQMBBMWFIDVMPDPOPTJO
BVNFOUBIBTUBMJUSPT MJUSPT FOHBODIFEFSFNPMRVF
5FDOPMPHB ]
%*4'365"3&4$0/5"3$0/
-"5&$/0-0(""%&$6"%"
)&.04*/7&35*%0.6$)0 :45&&4&-3&46-5"%0
&MQMBDFSEFDPOEVDJSVO#.8FTFMSFTVMUBEPEFVOBJOHFOJFSBTVQFSJPS
ZTJFNQSFIBNBSDBEPMBQBVUBQPSRVFWBN¡TBMM¡EFMBQVSBQPUFODJB"FTUB
USBEJDJ³OQFSUFOFDF#.8&G DJFOU%ZOBNJDT'PSNBOQBSUFEFFMMBMBWJTJPOBSJBUFDOPMPHBEFIJES³HFOP
HSBDJBTBMBDVBMMPT#.8)ZESPHFO ZBOP
QSPEVDFOFNJTJPOFT
ZMBUFDOPMPHB#.8"DUJWF)ZCSJE
VOBDPNCJOBDJ³OJOUFMJHFOUFEFNPUPSFTEFDPNCVTUJ³OZFM©DUSJDPTPSJFOUBEBBMBTOFDFTJEBEFT
"EFN¡T
QSPOUPTFJODPSQPSBS¡BMBTFSJFMBUFDOPMPHB#.8"DUJWF)ZCSJE
VOBDPNCJOBDJ³OJOUFMJHFOUFEFNPUPSFTEFDPNCVTUJ³OZFM©DUSJDP&OMB
BDUVBMJEBEUPEPTMPT#.8EJTQPOFOEFMFMPHJBEPQBRVFUFUFDOPM³HJDP#.8&G DJFOU%ZOBNJDTEFTFSJF
RVFBVNFOUBBºON¡TFMEJOBNJTNPZ
SFEVDFDPOTJEFSBCMFNFOUFFMDPOTVNPZMBTFNJTJPOFTEF$0
&OMBBDUVBMJEBE#.8PGSFDF WFSTJPOFT
DPOVOOJWFMEFFNJTJPOFTEF$0 EF HLN
PNVZJOGFSJPSFT:FTUPFTT³MPFMQSJODJQJP
4FHVJNPTJOWFTUJHBOEPFOMBMOFBEF#.8
&G DJFOU%ZOBNJDTQBSBPGSFDFSNFKPSFT
QSFTUBDJPOFTZNFOPSDPOTVNP
4JTUFNBEFJOZFDDJ³O$PNNPO3BJM $PNQSFTPSEFBDPOEJDJPOBEPS #SBLF&OFSHZ3FHFOFSBUJPO
&MTJTUFNBFMFDUS³OJDPEFJOZFDDJ³O$PNNPO EFTDPOFDUBCMF 1BSBSFDBSHBSMBCBUFSB
FMNPUPSBDDJPOB
3BJMEFUFSDFSBHFOFSBDJ³OQSPEVDFQSFTJPOFT &OUPEPTMPTNPEFMPTEJ©TFM
TJFMBDPOEJDJPOBEPS QFSNBOFOUFNFOUFFMBMUFSOBEPS
DPOFM
EFIBTUB CBS&MHBT³MFPTFJOZFDUBBT OPFTU¡GVODJPOBOEP
FMDPNQSFTPSTFTFQBSB DPOTJHVJFOUFHBTUPEFDPNCVTUJCMF-B
NFKPSEPTJ DBEPZDPONBZPSQSFDJTJ³O&TUP EFMBDPSSFBQBSBFWJUBSMBTQ©SEJEBTEFFOFSHB UFDOPMPHB#SBLF&OFSHZ3FHFOFSBUJPO
QFSNJUFSFEVDJSFMDPOTVNPZMBTFNJTJPOFTB IBCJUVBMFT SFDVQFSBDJ³OEFMBFOFSHBEFGSFOBEP
IBDF
MBWF[RVFBVNFOUBMBQPUFODJBEFMNPUPS RVFFMHFOFSBEPSGVODJPOFQSJODJQBMNFOUF
DVBOEPTFMFWBOUBFMQJFEFMBDFMFSBEPSPTF
QJTBFMGSFOPUSBOTGPSNBMBFOFSHBDJO©UJDB
SFTJEVBMFOFMFDUSJDJEBEZSFDBSHBDPOFMMB
MBCBUFSB"TTFQSPEVDFFMFDUSJDJEBETJO
DPOTVNJSDPNCVTUJCMF
"MHVOBTNFEJEBT#.8&G DJFOU%ZOBNJDTEFQFOEFO
EFMFRVJQBNJFOUPZOPFTU¡OEJTQPOJCMFTQBSBUPEBTMBT
WFSTJPOFT&OUV$PODFTJPOBSJP0 DJBM#.8UFJOGPSNBS¡O
EFUPEPTMPTEFUBMMFTEFFRVJQBNJFOUP
#.8&G DJFOU%ZOBNJDT
.FOPSDPOTVNP.FKPSFTQSFTUBDJPOFT
.PUPSFT ]
%*4'365"3&4$0/5"3$0/6/
.0503&953&."%".&/5&&'*$";
1PUFODJB L8
1PUFODJB $7
1BS /N
3
©HJNFO SQN
#.8$0//&$5&%%3*7&-"*/5&3$0/&9*/ /VFTUSPNVOEPFTU¡DBEBEBN¡TJOUFSDPOFDUBEP
4JOFNCBSHP
NVDIPTDPOEVDUPSFTEFWFIDVMPT
#.8$POOFDUFE%SJWF-BTJOOPWBDJPOFTEF#.8
$POOFDUFE%SJWFQSPQPSDJPOBON¡TDPOGPSU
TFHVSJEBE
*/5&-*(&/5&&/53&$0/%6$503
7&)$6-0 #.8FTU¡OBºONFKPSJOUFSDPOFDUBEPTHSBDJBTB FJOGPSNBDJ³OZFOUSFUFOJNJFOUP
:.6/%0&95&3*03
*OGPSNBDJ³OZ
FOUSFUFOJNJFOUP $PNPEJEBE 4FHVSJEBE
$POFYJ³O64#BVEJPDPOGVODJPOFT $POFYJ³O#MVFUPPUIDPOGVODJPOFT "DDFTPDPOGPSU PQDJPOBM
&TUF "TJTUFOUFEFMV[EFDBSSFUFSB
BNQMJBEBT&ODPNCJOBDJ³ODPOMB BEJDJPOBMFT(SBDJBTBMBQSFQBSBDJ³O TJTUFNBQFSNJUFBCSJS
DFSSBS
PBSSBODBS :BOPEFTMVNCSBSFNPT
DPOFYJ³O64#BVEJPZFMDBCMF64# QBSBUFM©GPOPN³WJM PQDJPOBM
DPO FMWFIDVMP
TJOFMNBOEPBEJTUBODJB JOWPMVOUBSJBNFOUFBMPTEFN¡T
PSJHJOBMEF"QQMFJ1PE
QVFEFWFSTFMB DPOFYJ³O#MVFUPPUI
FODPNCJOBDJ³O "MUPDBSMBNBOJMMBFYUFSJPSEFMBT &MBTJTUFOUFEFMV[EFDBSSFUFSB
DBS¡UVMBEFM¡MCVNEFMBQJTUBRVFTF DPOVOTJTUFNBEFOBWFHBDJ³O
Z QVFSUBTEFMBOUFSBTPFMQPSU³OUSBTFSP
PQDJPOBM
SFDPOPDFMBTGVFOUFT
FTU¡SFQSPEVDJFOEPFOFMEJTQMBZEF BMBJOUFHSBDJ³OEFEFUFSNJOBEPT TFFTUBCMFDFVOBDPNVOJDBDJ³OQPS MVNJOPTBT
ZBDUJWBPEFTBDUJWBMB
DPOUSPMEFMWFIDVMP MBGVODJ³OѶWJTPS UFM©GPOPTN³WJMFT
FTQPTJCMFSFDJCJS SBEJPFOUSFFMWFIDVMPZFMNBOEPB MV[EFDBSSFUFSBEFQFOEJFOEPEFM
EFDBS¡UVMBTѷUBNCJ©OFTU¡EJTQPOJCMF FOFMWFIDVMP
QPSFKFNQMP
DPSSFP EJTUBODJBQBSBFGFDUVBSMBJEFOUJ DBDJ³O US¡ DP$POFMTJTUFNBBDUJWP
VO
QBSBPUSPTUFSNJOBMFT
.FEJBOUF FMFDUS³OJDP
DPOUBDUPTP4.4
RVF 4JUPEPFTU¡FOPSEFO
FMDJFSSF TFOTPSEFJNBHFONPOUBEPFOMB
MBDPOFYJ³O64#BVEJPUBNCJ©OFT QVFEFOMFFSTFFOFMEJTQMBZEFDPOUSPM DFOUSBMJ[BEPTFEFTCMPRVFBZTFBCSF QBSUFQPTUFSJPSEFMSFUSPWJTPSJOUFSJPS
QPTJCMFBDUVBMJ[BSG¡DJMNFOUFFOTV PFTDVDIBSTFQPSMPTBMUBWPDFT MBQVFSUBPFMQPSU³OUSBTFSP4JFM WJHJMBFMUS¡ DPZMBJMVNJOBDJ³O
#.8FMTPGUXBSFEF©TUF%FFTUB 1BSBHBSBOUJ[BSFMFOUSFUFOJNJFOUPB NBOEPBEJTUBODJBFTSFDPOPDJEPQPS BNCJFOUBM&MBTJTUFOUFEFUFSNJOB
NBOFSB
QVFEFOVUJMJ[BSTFUPEBTMBT CPSEP
#MVFUPPUI"VEJP4USFBNJOH VOBEFMBTBOUFOBTJOUFSJPSFT
QVFEF FOGVODJ³OEFMBJOGPSNBDJ³OEFM
GVODJPOFTEFMPTOVFWPTUFM©GPOPT SFQSPEVDFTJODPOFYJ³OBSDIJWPTEF BSSBODBSTFFMNPUPSTJOMMBWFQVMTBOEP TFOTPSTJTFEFCFFODFOEFSPOPMB
N³WJMFTZSFQSPEVDUPSFTEFNºTJDB NºTJDBFOEFUFSNJOBEPTEJTQPTJUJWPT TJNQMFNFOUFFMCPU³O45"354501 MV[EFDBSSFUFSB$VBOEPTFEFUFDUBO
USBTMBBDUVBMJ[BDJ³ODPOVOBNFNPSJB DPO#MVFUPPUI WFIDVMPTEFMBOUFEFOPTPUSPTPMBT
64# PQDJPOBM
DPOEJDJPOFTEFJMVNJOBDJ³OBNCJFOUBM
&ODPOUSBS¡N¡TJOGPSNBDJ³OTPCSFMPTEJTQPTJUJWPT
TPOTV DJFOUFT
MBMV[EFDBSSFUFSB
DPO#MVFUPPUIDPNQBUJCMFTFOXXXCNXFT
&ODPOUSBS¡N¡TJOGPSNBDJ³OTPCSFMB
TFWVFMWFBBQBHBS
BDUVBMJ[BDJ³OEFMTPGUXBSFFOXXXCNXFT
XXXCNXFT XXXCNXFT
] $PMPSFT
%*4'365"3&44"#&37*7*3
4*/)03"3*04
5BNCJ©OBMBIPSBEFFMFHJSDPMPSFTZNBUFSJBMFT
MBHBNBRVFTFPGSFDFQBSBFM#.89 FTNVZ
WBSJBEB6OBHSBOQBMFUBEFDPMPSFTOBUVSBMFTZQPTJCJMJEBEFTEFDPNCJOBDJ³OHBSBOUJ[BRVF
DVBMRVJFSBQVFEBEBSVOUPRVFQFSTPOBMBTV#.89
XXXCNXFT
&RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM
&OMBTQ¡HJOBTTJHVJFOUFTWFS¡TMPTDPMPSFTZNBUFSJBMFTRVFQVFEFTFMFHJSQBSBFM#.89 %©KBUFHVJBSQPSUVJOTUJOUPPDPNQBSBMBTEJTUJOUBT
DPNCJOBDJPOFT-BTDBSUBTEFDPMPSFTUFUSBOTNJUJS¡OVOBQSJNFSBJNQSFTJ³O1FSPUFOFODVFOUBRVFMBTUJOUBTEFJNQSFOUBOPTJFNQSFSFQSPEVDFO
GJFMNFOUFMBTUPOBMJEBEFTEFMBQJOUVSBZMPTBDBCBEPTEFMBUBQJDFSB1PSUBOUP
UFSFDPNFOEBNPTRVFBDVEBTBUV$PODFTJPOBSJP0GJDJBM#.8QBSB
IBDFSUFVOBJEFBDMBSBEFMBTDPNCJOBDJPOFTEFDPMPSFT&TUBSFNPTFODBOUBEPTEFFOTF±BSUFNVFTUSBTZEFBZVEBSUFBDPODSFUBSUVTEFTFPT
QFSTPOBMFT
$POTVMUBFOUV$PODFTJPOBSJP0GJDJBM#.8BDFSDBEFMPTEJGFSFOUFTUJQPTZNBUFSJBMFTEFMBTUBQJDFSBTEJTQPOJCMFTFOMBHBNBEFNPEFMPTEFM#.89
XXXCNXFT
$PMPSFTFYUFSJPSFT
$PMPSFTEFMBUBQJDFSB
5FMB.FEJBO "9%4.FSJEJBOHPME
/PEJTQPOJCMFFODPNCJOBDJ³ODPOMPTBTJFOUPTEFQPSUJWPT
%FTFSJFFOMPT#.89 Y%SJWF JZ#.89 Y%SJWF E
$VFSP/FWBEBFOBTJFOUPT
SFQPTBDBCF[BTEFBTJFOUPTEFMBOUFSPTZUSBTFSPTFYUFSJPSFT
&RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM
$PMPSFTJOUFSJPSFT
4DIXBS[ #FJHF
.PMEVSBTJOUFSJPSFT
"54DIXBS[CSJMMPJOUFOTP $).BEFSBOPCMF'JOFMJOF8BWF
$,.BEFSBOPCMF'JOFMJOFDMBSB
%FTJHO$PPM&MFHBODF
.PMEVSBJOUFSJPS $PMPSEFMBUBQJDFSB
$).BEFSBOPCMF $VFSP/FWBEB
'JOFMJOF8BWF -6%10ZTUFSDPODPTUVSBTFOOFHSPZBNBSJMMP
$PMPSFT ]
$PNCJOBDJPOFT
"TJFOUPTEFTFSJF Ѯ
"TJFOUPTEFQPSUJWPT Ѯ Ѯ
"OUISB[JU 0ZTUFSDPODPTUVSBT
"OUISB[JU #FJHF 4JMCFSFGGFLU 7FSNJMJPOSPU .FSJEJBOHPME 4DIXBS[ #FJHF .BHNBCSBVO 3PUCSBVO
$PMPSEFMBUBQJDFSB FOOFHSPZBNBSJMMP
$PMPSFTJOUFSJPSFT
4DIXBS[ #FJHF 4DIXBS[ 4DIXBS[ 4DIXBS[ 4DIXBS[ #FJHF 4DIXBS[ 4DIXBS[ 4DIXBS[
$PMPSFTFYUFSJPSFT
4³MJEP
"MQJOXFJTT
4³MJEP
4DIXBS[
.FUBMJ[BEP
" .JOFSBMXFJTT
.FUBMJ[BEP
" 4QBDFHSBV
.FUBMJ[BEP
5JUBOTJMCFS
.FUBMJ[BEP
" ,BTDINJSTJMCFS
.FUBMJ[BEP
# 4QBSLMJOH#SPO[F
.FUBMJ[BEP
4BQIJSTDIXBS[
.FUBMJ[BEP
# (SBQIJUCMBV
.FUBMJ[BEP
" 5JFGTFFCMBV
.FUBMJ[BEP
" 7FSNJMJPOSPU
.FUBMJ[BEP
# .BSSBLFTDICSBVO
.PMEVSBTJOUFSJPSFT
Ѯ
$(4BUJOTJMCFSNBUF
# "MVNJOJPDPOSFDUJGJDBEPEF Ѯ
QSFDJTJ³O
Ѯ
"54DIXBS[CSJMMPJOUFOTP
$).BEFSBOPCMF'JOFMJOF8BWF
Ѯ
$,.BEFSBOPCMF'JOFMJOFDMBSB
&RVJQBEPDPOUFDIPJOUFSJPS#.8*OEJWJEVBM"OUISB[JUZ &RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM $PNCJOBDJ³OEFDPMPSFTSFDPNFOEBEB OPEJTQPOJCMF
BMGPNCSJMMBTEFWFMPVSTDPOSJCFUFEFDPMPS0ZTUFS
%FTFSJFFOMPT#.89 Y%SJWF JZ#.89 Y%SJWF E
%*4'365"3&4&/$0/53"3
"-$0.1" &301&3'&$50
&RVJQBNJFOUPEFFTUFNPEFMP
$PMPSEFMBDBSSPDFSB 5JFGTFFCMBVNFUBMJ[BEP
5BQJDFSB 5FMB.FEJBO"OUISB[JU4JMCFSFGGFLU
.PMEVSBTJOUFSJPSFT 4DIXBS[EFCSJMMPJOUFOTP
&RVJQBNJFOUP
PQDJPOBM -MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTFO7
CBSSBTMPOHJUVEJOBMFT
FOFMUFDIPEFBMVNJOJPTBUJOBEP
9-JOF
DSJTUBMFTEFQSPUFDDJ³OTPMBS
WPMBOUFEFQPSUJWPEF
DVFSPDPONVMUJGVODJ³O
XXXCNXFT
&KFNQMPTEFFRVJQBNJFOUP ]
&RVJQBNJFOUPEFFTUFNPEFMP
$PMPSEFMBDBSSPDFSB 7FSNJMJPOSPUNFUBMJ[BEP
5BQJDFSB 5FMB.FEJBO7FSNJMJPOSPU
.PMEVSBTJOUFSJPSFT "MVNJOJPDPOSFDUJGJDBEPEFQSFDJTJ³O
&RVJQBNJFOUPPQDJPOBM -MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOEJTF±PEFQBOBM
DPOOFVN¡UJDPTEFEJTUJOUBNFEJEB
GBSPTCJYFO³O
4IBEPX-JOF
EFCSJMMPJOUFOTP#.8*OEJWJEVBM
9-JOF
UFDIPJOUFSJPS#.8*OEJWJEVBM"OUISB[JU
BTJFOUPTEFQPSUJWPTQBSBDPOEVDUPSZBDPNQB±BOUF
SFHMBKFFM©DUSJDPEFMBTJFOUP
DBMFGBDDJ³OQBSBBTJFOUPTEFDPOEVDUPSZBDPNQB±BOUF
TJTUFNBEFOBWFHBDJ³O#VTJOFTTZQSFQBSBDJ³O
QBSBUFM©GPOPN³WJMDPO#MVFUPPUI
XXXCNXFT
&RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM "DDFTPSJP0SJHJOBM#.8
5FDIPQBOPS¡NJDPEFDSJTUBM$POVOB
BNQMJB[POBEFBQFSUVSBZEFWJTJ³OZDPO
EF FDUPS-BNJUBEEFMBOUFSBEFMDSJTUBMQVFEF
FMFWBSTFFM©DUSJDBNFOUFNFEJBOUFCPUPOFT
BEFN¡T
FTDPSSFEJ[BQSPUFDDJ³OJOUFSJPSEFM
UFDIPFM©DUSJDBZBQFSUVSBDJFSSFEFDPOGPSUDPO
EJTQPTJUJWPEFQSPUFDDJ³OBOUJBQSJTJPOBNJFOUP
5FDIPJOUFSJPS#.8*OEJWJEVBM"OUISB[JU
-PTQBSBTPMFTZMPTBTJEFSPTEFMUFDIPQVFEFO
DPOGJHVSBSTFUBNCJ©OFODPMPS4DIXBS[
-VDFTEFGSFOPEJO¡NJDBT"ZVEBOBMPT &OHBODIFQBSBSFNPMRVF$PODBCF[BM
DPOEVDUPSFTEFMPTWFIDVMPTRVFDJSDVMBO FTG©SJDPEFTNPOUBCMF FMDBCF[BMEFTNPOUBEP
QPSEFUS¡TBFTUJNBSNFKPSMBGVFS[BDPOMB QVFEFDPMPDBSTFCBKPFMQJTPEFMNBMFUFSP
&M
RVFFTU¡OGSFOBOEP&OVOBGSFOBEBOPSNBM
QFTPEFMSFNPMRVFBTDJFOEF
TFHºOFMNPEFMP
BMVNCSBOVOBHSBOTVQFS DJF
ZFODBTPEF IBTUB LH
FNFSHFODJB
QBSQBEFBO%FFTUBNBOFSB
RVJFOFTMFTJHVFOEJGFSFODJBOJONFEJBUBNFOUF
VOBGSFOBEBMJHFSBEFVOBGSFOBEBBGPOEP
DPOFMDPOTJHVJFOUFBVNFOUPEFMBTFHVSJEBE
&RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM "DDFTPSJP0SJHJOBM#.8
-MBOUBTEFBMFBDJ³OMJHFSB EF
QVMHBEBT$POEJTF±PFOQBOBM
DPO
OFVN¡UJDPTEFEJTUJOUBNFEJEBZDBSBDUFSTUJDBT
EFFNFSHFODJBEFMBOUF +Y QVMHBEBT
OFVN¡UJDPT 3 EFUS¡T +Y QVMHBEBT
OFVN¡UJDPT 3
$PO#.8.PCJMJUZ4ZTUFNVPQDJPOBMNFOUFDPO
DBSBDUFSTUJDBTEFFNFSHFODJB
&RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ]
$POUSPMEF%JTUBODJBEF"QBSDBNJFOUP
EFMBOUFZEFUS¡T"ZVEBBBQBSDBSZNBOJPCSBS
DVBOEPTFEJTQPOFEFQPDPFTQBDJPBWJTBEF
MBEJTUBODJBFOUSFFMWFIDVMPZVOPCTU¡DVMP
NFEJBOUFTF±BMFTBDºTUJDBTZ
DPOFMTJTUFNBEF
OBWFHBDJ³OPQDJPOBM
NFEJBOUFJOEJDBDJPOFT
³QUJDBTFOFMEJTQMBZEFDPOUSPM
$POUSPMEF%JTUBODJBEF"QBSDBNJFOUP
EFUS¡T
4JTUFNBEFOBWFHBDJ³O1SPGFTTJPOBM$POSBEJP#.81SPGFTTJPOBMDPOSFQSPEVDUPSEF $¡NBSBEFNBSDIBBUS¡T.VFTUSB
$%
DPOUSPMBEPSJ%SJWFDPOCPUPOFTEFBDDFTPEJSFDUP
PDIPCPUPOFTEFGBWPSJUPT
EJTDPEVSP DMBSBNFOUFFOFMEJTQMBZEFDPOUSPMMB[POB
JOUFHSBEPQBSBNBQBTZBSDIJWPTEFTPOJEP
QBOUBMMBHS¡GJDBGJKBEFBMUBEFGJOJDJ³OEF
QVMHBEBT
TJUVBEBEFUS¡TEFMWFIDVMP6OBTMOFBT
SFQSFTFOUBDJ³OEFSVUBTFOQFSTQFDUJWBPDPONBQBT
WJTUBB©SFB JOUFSBDUJWBTJOEJDBOTJIBZFTQBDJPTVGJDJFOUF
QBSBFTUBDJPOBSFMWFIDVMP4JFM#.8EJTQPOF
EFFOHBODIFQBSBSFNPMRVF
QVFEFBNQMJBSTF
FTUB[POBEFMBJNBHFO-BD¡NBSBTFBDUJWB
BVUPN¡UJDBNFOUFBMNFUFSMBNBSDIBBUS¡T FO
DPNCJOBDJ³ODPOVOTJTUFNBEFOBWFHBDJ³O
&RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ]
3FQPTBCSB[PTEFMBOUFSP%FTMJ[BCMF
DPO
UPNBEF 7ZQPSUBCFCJEBTQMFHBCMF
"TJFOUPTEFQPSUJWPT1BSBDPOEVDUPSZBDPNQB±BOUF
DPOTVKFDJ³OMBUFSBM³QUJNBHSBDJBTBMSFHMBKFFM©DUSJDPDPOUJOVPEFMBBODIVSBEFMSFTQBMEP
1PTJDJ³OMPOHJUVEJOBM
EFBMUVSB
EFJODMJOBDJ³OEFMSFTQBMEPZEFMBCBORVFUBZEFMBQPZPQBSBMBTQJFSOBT4JTUFNBNBOVBM
.4$0.1"35*.&/504
.4104*#*-*%"%&4
&M#.89 SFTQPOEFBUVTEFTFPTDPO FYJCJMJEBE4JEFTFBTUSBOTQPSUBSFTRVTPUBCMBTEFTOPXCPBSE
DBSHBSHSBOEFT
CVMUPTEFGPSNBTFHVSBPTJNQMFNFOUFWBMPSBTMBTOVNFSPTBTQPTJCJMJEBEFTQBSBHVBSEBSPCKFUPT
FM#.89 UFFOUVTJBTNBS¡
TJFNQSFQPSTVHSBO FYJCJMJEBE
$PNQBSUJNJFOUPT4PCSFFMUBCMFSPEFJOTUSVNFOUPTTF 4PQPSUFQBSBCPUFMMB&OMBTQVFSUBTEFMBOUFSBTZUSBTFSBTTFJODMVZF
QSPQPSDJPOBVOFTQBDJPTPIVFDP QBSBWFIDVMPTTJOTJTUFNBEF VOTPQPSUFQBSBCPUFMMBRVFTVKFUBDPOTFHVSJEBEEJTUJOUPTUBNB±PTEF
OBWFHBDJ³O
CPUFMMB
#BOEBTFM¡TUJDBTFOMPTDPNQBSUJNFOUPTEFMBTQVFSUBT
EFMBOUFSBT0GSFDFOFTQBDJPQBSBPCKFUPTºUJMFT T³MPFODPNCJOBDJ³O
DPOFMQBRVFUFEFDPNQBSUJNFOUPT
%JTQPOJCMFDPNP"DDFTPSJP0SJHJOBM#.8
&RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ]
1BRVFUFEFDPNQBSUJNJFOUPT$PO
OVNFSPTPTDPNQBSUJNFOUPTEFTFSJF
FM
QBRVFUFEFDPNQBSUJNFOUPTPGSFDFNVDIPT
FTQBDJPTQPSUBPCKFUPT*ODMVZFVOQPSUBHBGBTFO
FMUFDIPJOUFSJPSFOFMMBEPEFMDPOEVDUPS
SFEFT
FOMPTSFTQBMEPTEFMPTBTJFOUPTEFMBOUFSPT
VO
TPQPSUFQBSBCFCJEBTQMFHBCMF
USFTUPNBTEF
7 CBKPFMSFQPTBCSB[PTEFMBOUFSPBCBUJCMF
FOMBDPOTPMBDFOUSBMUSBTFSBZFOFMNBMFUFSP
VOSFQPTBCSB[PTUSBTFSPDPOEPTTPQPSUFTQBSB
CFCJEBT
VOBSFEFOFMNBMFUFSPBMBEFSFDIB
CBOEBTFM¡TUJDBTFOMPTDPNQBSUJNFOUPTEF
MBTQVFSUBTEFMBOUFSBT
EPTCBOEBTFM¡TUJDBT
FOFMGPOEPEFMNBMFUFSP
VOBCBOEBFM¡TUJDB
FOFMMBUFSBMEFMNBMFUFSPZVODPNQBSUJNFOUP
DPOFMFNFOUPTEFDMBTJ DBDJ³OCBKPFMGPOEP
EFMNBMFUFSP
&RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM
&26*1"%04$0/-"4.&+03&4*%&"4
"$$&403*0403*(*/"-&4#.8
&ODPNCJOBDJ³ODPOMBQSFJOTUBMBDJ³OQBSBQPSUBPCKFUPTUSBTFSPPQDJPOBM W©BTFMBQ¡HJOB
"DDFTPSJPT0SJHJOBMFT#.8]&RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ]
2 3
$POUSPMEF'SFOBEPFO$VSWB $#$
$POUSPMEF3FUFODJ³OFO3BNQBT )%$
"JSCBHT&OVO#.8
UPEPTMPTDPNQPOFOUFT
"VNFOUBMBFTUBCJMJEBEBMGSFOBSMJHFSBNFOUFFO 4FFODBSHBEFRVFUV#.8EFTDJFOEB EFTFHVSJEBEFTU¡OQFSGFDUBNFOUFTJOUPOJ[BEPT
DVSWBTUPNBEBTBHSBOWFMPDJEBE"MGSFOBSTF BVUPN¡UJDBNFOUFZDPOTFHVSJEBEBVOBWFMPDJEBE -PTTFJTBJSCBHTPGSFDFOVOBQSPUFDDJ³OTFMFDUJWB
SFEVDFMBDBSHBTPCSFMBTSVFEBTUSBTFSBTZ BQFOBTN¡TBMUBRVFMBEFVOBQFSTPOBBQJF
BJSCBHTQBSBFMDPOEVDUPSZFMBDPNQB±BOUF
BVNFOUBFMSJFTHPEFTPCSFWJSBKF
"OUFTEF JODMVTPFOUSBNPTEFQFOEJFOUFQSPOVODJBEB
BJSCBHTEFDBCF[BEFMBOUFZEFUS¡TZBJSCBHT
FOUSBSFOMB[POBEFBDUVBDJ³OEFM"#4
FM$#$ TJOOFDFTJEBEEFQJTBSFMGSFOP&M)%$QVFEF MBUFSBMFTJOUFHSBEPTFOMPTSFTQBMEPTEFMPT
DPOUSBSSFTUBFTUFGFO³NFOPHFOFSBOEPVOQBS DPOUSPMBSTFPQDJPOBMNFOUFUBNCJ©ODPOMB BTJFOUPTEFMBOUFSPT
DPOUSBSJPFTUBCJMJ[BEPS
NFEJBOUFMBSFHVMBDJ³O QBMBODBEFMWPMBOUFEFMDPOUSPMEFDSVDFSP EF
BTJN©USJDBEFMBQSFTJ³OEFGSFOBEP
TFSJFFOMPTNPEFMPT#.8Y%SJWF
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF E
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF J
9 Y%SJWF J
4FHVSJEBE
"JSCBHT
ѭ"JSCBHEFDPOEVDUPSZBDPNQB±BOUF
ѭ"JSCBHMBUFSBMEFDPOEVDUPSZBDPNQB±BOUF
JOUFHSBEPFOFMSFTQBMEPEFMBTJFOUP
ѭ"JSCBHQBSBMBDBCF[BEFMBOUFZEFUS¡T TJTUFNBEFQSPUFDDJ³OEFDBCF[BDPSUJOB
DPOQSPUFDDJ³ODPOUSB
BTUJMMBTEFWJESJP
"ODMBKFT*40'*9QBSBBTJFOUPTJOGBOUJMFTEFUS¡T
#.84FSWJDF*ODMVTJWFJODMVZFOVNFSPTBTPQFSBDJPOFTEFTFSWJDJPZNBOUFOJNJFOUP
RVFTFQVFEFO
SFBMJ[BSFODVBMRVJFS$PODFTJPOBSJP0GJDJBM#.8EFMNVOEPFMQMB[PZMBTQSFTUBDJPOFTQVFEFOFMFHJSTF
$BSSPDFSBEFTFHVSJEBE
ѭ1BSBHPMQFTDPOFMFNFOUPTBNPSUJHVBEPSFTEFJNQBDUPEFBDFSPEFMBOUFZEFUS¡T
SFWFSTJCMFTIBTUB
LNI
[POBTEFEFGPSNBDJ³OEFMBOUFZEFUS¡TRVFBCTPSCFOGVFS[BTEFIBTUB LNI
ѭ4JTUFNBEFQSPUFDDJ³OGSFOUFBJNQBDUPTMBUFSBMFTJOUFHSBEPFOMBTQVFSUBT
$JFSSFDFOUSBMJ[BEPDPO*ONPWJMJ[BEPS&MFDUS³OJDP &84
TFOTPSEFDPMJTJ³OUBQBEFMEFQ³TJUPEF
DPNCVTUJCMFJOUFHSBEBFOFMDJFSSFDFOUSBMJ[BEP
$JOUVSPOFTEFTFHVSJEBE
ѭ$JOUVSPOFTEFTFHVSJEBEEFMBOUFSPTBVUPN¡UJDPTDPOQSFUFOTPSFTQJSPU©DOJDPTZMJNJUBEPSFTEFMBGVFS[B
EFUFOTBEP
ѭ4JTUFNBFSHPO³NJDPEFDJOUVSPOFTFOMBTQMB[BTUSBTFSBT
DPODJOUVSPOFTEFTFHVSJEBEEF QVOUPTEF
BODMBKFFOUPEPTMPTBTJFOUPT
$POUSPM%JO¡NJDPEF&TUBCJMJEBE %4$
DPO%5$
$POUSPM%JO¡NJDPEF&TUBCJMJEBE %4$
DPOGVODJPOFTB±BEJEBT
'SFOPT
ѭ'SFOPTEFEJTDPEFMBOUFZEFUS¡T
BVUPWFOUJMBEPT
-V[EFGSFOPEJO¡NJDBDPOGVODJ³OEFEFTUFMMPT
4JTUFNBBOUJCMPRVFPEFGSFOPT
DPO$POUSPMEF'SFOBEPFO$VSWB $#$
%JTF±PFYUFSJPS
#BSSBTMPOHJUVEJOBMFTFOFMUFDIPEFBMVNJOJPTBUJOBEP T³MPFODPNCJOBDJ³ODPOMB9-JOF
#BSSBTMPOHJUVEJOBMFTFOFMUFDIPFOOFHSP
#BSSBTWFSUJDBMFTEFMBQBSSJMMBEFMBOUFSBFOBMVNJOJPNBUF
#BSSBTWFSUJDBMFTEFMBQBSSJMMBEFMBOUFSBFOOFHSP
#BTFEFWFOUBOJMMBTDSPNBEB
&MFNFOUPTFYUFSJPSFTEFMDPMPSEFMBDBSSPDFSB QBSBHPMQFT
NBOJMMBTEFQVFSUBTBSRVFBEBTZ
NPMEVSBTEFMUFDIP
&OHBODIFQBSBSFNPMRVFDPODBCF[BMFTG©SJDPEFTNPOUBCMF
JODMDPOUSPMEFFTUBCJMJ[BDJ³OEFMSFNPMRVF
1JOUVSBNFUBMJ[BEB
1SFTJOUBMBDJ³OQBSBQPSUBFRVJQBKFTUSBTFSP
3FUSPWJTPSFTFYUFSJPSFTFOFMDPMPSEFMBDBSSPDFSB
DPOSFHMBKFFM©DUSJDP
BTG©SJDPZDBMFGBDUBCMFFOFM
MBEPEFMDPOEVDUPS
4IBEPX-JOFCSJMMPJOUFOTP#.8*OEJWJEVBM
5VCPTEFFTDBQFDPOSFCPSEFDSPNBEP
1BRVFUFTEFFRVJQBNJFOUP
%FTJHO$PPM&MFHBODF
JODMVZFDVFSP/FWBEB0ZTUFSDPODPTUVSBTFOOFHSPZBNBSJMMP
BTJFOUPEFQPSUJWP
QBSBDPOEVDUPSZBDPNQB±BOUF
UFDIPJOUFSJPS#.8*OEJWJEVBM"OUISB[JU
NBEFSBOPCMF'JOFMJOF8BWF
ZFM
UBCMFSPEFJOTUSVNFOUPTQPSBCBKP
MBDPOTPMBDFOUSBMZFMSJCFUFEFMBTBMGPNCSJMMBTFODPMPS0ZTUFS
1BRVFUFEFDPNQBSUJNJFOUPT
DPOQPSUBHBGBTFOFMUFDIPJOUFSJPSFOFMMBEPEFMDPOEVDUPS
SFEFTFO
MPTSFTQBMEPTEFMPTBTJFOUPTEFMBOUFSPT
QPSUBCFCJEBTQMFHBCMF
USFTUPNBTEF 7 CBKPFMSFQPTBCSB[PT
EFMBOUFSPBCBUJCMF
FOMBDPOTPMBDFOUSBMUSBTFSBZFOFMNBMFUFSP
SFEFOFMNBMFUFSPBMBEFSFDIB
CBOEBT
FM¡TUJDBTFOMPTDPNQBSUJNFOUPTEFMBTQVFSUBTEFMBOUFSBT
EPTCBOEBTFM¡TUJDBTFOFMGPOEPEFMNBMFUFSP
VOBCBOEBFM¡TUJDBFOFMMBUFSBMEFMNBMFUFSP
DPNQBSUJNFOUPDPOFMFNFOUPTEFDMBTJGJDBDJ³OCBKPFMGPOEP
EFMNBMFUFSP
1BRVFUFQBSBGVNBEPSFT
DPODFOJDFSPZFODFOEFEPS
9-JOF
JODMVZFUVCPTEFFTDBQFDPOSFCPSEFDSPNBEP
TFMFDUPTFRVJQBNJFOUPTFOBMVNJOJPTBUJOBEP
FO
QBSBHPMQFTEFMBOUFZEFUS¡T
BTDPNPFOFTUSJCFSBT
DPONPMEVSB
EFMBOUFDPOM¡NJOBTFOMBUPNBEFBJSF
&RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ]
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF E
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF J
9 Y%SJWF J
3VFEBT
*OEJDBEPSEF1SFTJ³OEFMPT/FVN¡UJDPT 31"
-MBOUBT
ѭ-MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOEJTF±PEFSBEJPTFOFTUSFMMB
+Y QVMHBEBT
OFVN¡UJDPT 3 DPO#.8.PCJMJUZ4ZTUFN
ѭ-MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOEJTF±PEFSBEJPTFO7
+Y QVMHBEBT
OFVN¡UJDPT 3
DPO.PCJMJUZ4FU
ѭ-MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOEJTF±PEFSBEJPTFOFTUSFMMB
+Y QVMHBEBT
OFVN¡UJDPT 3 DPO#.8.PCJMJUZ4ZTUFN
ѭ-MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOEJTF±PEFSBEJPTFOFTUSFMMB
DPODBSBDUFSTUJDBTEF
FNFSHFODJB
+Y QVMHBEBT
OFVN¡UJDPT 3
ѭ-MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOEJTF±PEFEFSBEJPTEPCMFT
DPODBSBDUFSTUJDBTEF
FNFSHFODJB
+Y QVMHBEBT
OFVN¡UJDPT 3
ѭ-MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOEJTF±PEFSBEJPTFO:
DPOOFVN¡UJDPTEFEJTUJOUB
NFEJEBZDBSBDUFSTUJDBTEFFNFSHFODJB
EFMBOUF +Y QVMHBEBT
OFVN¡UJDPT 3 EFUS¡T
+Y QVMHBEBT
OFVN¡UJDPT 3
ѭ-MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOEJTF±PEFQBOBM
DPOOFVN¡UJDPTEFEJTUJOUBNFEJEB
ZDBSBDUFSTUJDBTEFFNFSHFODJBEFMBOUF +Y QVMHBEBT
OFVN¡UJDPT 3 EFUS¡T +Y
QVMHBEBT
OFVN¡UJDPT 3
/FVN¡UJDPTDPODBSBDUFSTUJDBTEFFNFSHFODJB EJTQPOJCMFTQBSBMMBOUBTEFBMFBDJ³OMJHFSB
EF QVMHBEBT
%JTF±PJOUFSJPS
$VBESPEFJOTUSVNFOUPTDPOJOTUSVNFOUPTSFEPOEPTQBSBWFMPDJEBEZDVFOUBSSFWPMVDJPOFT
JOEJDBEPSFTEFOJWFMEFDPNCVTUJCMFZDPOTVNPZPSEFOBEPSEFBCPSEP
&TUSJCFSBT
OFHSBT
DPOBOBHSBNB#.8DSPNBEBT
.PMEVSBTJOUFSJPSFT
ѭ"MVNJOJPDPOSFDUJGJDBEPEFQSFDJTJ³O
ѭ.BEFSBOPCMF'JOFMJOFDMBSB
ѭ.BEFSBOPCMF'JOFMJOF8BWF
ѭ4BUJOTJMCFSNBUF
ѭ4DIXBS[EFCSJMMPJOUFOTP
5BQJDFSB
ѭ$VFSP/FWBEB
ѭ5FMB&MFLUSB
ѭ5FMB.FEJBO
5FDIPJOUFSJPS#.8*OEJWJEVBM"OUISB[JU
.PUPS
USBOTNJTJ³OZU©DOJDB
#SBLF&OFSHZ3FHFOFSBUJPO
$BNCJPBVUPN¡UJDPEF WFMPDJEBEFT4UFQUSPOJD
$BNCJPNBOVBMEF WFMPDJEBEFT
%PCMF7BOPT
&KFEFMBOUFSPDPOTVTQFOTJ³OEFEPCMFUSBQFDJPZFKFUSBTFSPNVMUJCSB[P
'JMUSPEFQBSUDVMBTEJ©TFM
'VODJ³O"VUP4UBSU4UPQ
T³MPFODPNCJOBDJ³ODPOFMDBNCJPNBOVBMEF WFMPDJEBEFT
*OEJDBEPSEFDBNCJPEFNBSDIB
T³MPFODPNCJOBDJ³ODPOFMDBNCJPNBOVBMEF WFMPDJEBEFT
.PUPSEFHBTPMJOBEF DJMJOESPTFOMOFBDPO W¡MWVMBTQPSDJMJOESP
.PUPSEJ©TFMEF DJMJOESPTFOMOFBDPO W¡MWVMBTQPSDJMJOESP
.PUPSEJ©TFMEF DJMJOESPT#.85XJO1PXFS5VSCPDPO W¡MWVMBTQPSDJMJOESP
.PUPSEFHBTPMJOBEFDVBUSPDJMJOESPTDPO W¡MWVMBTQPSDJMJOESP
%JTQPOJCMFFODPNCJOBDJ³ODPO9-JOF
%JTQPOJCMFDPNP"DDFTPSJP0SJHJOBM#.8
/PEJTQPOJCMFFODPNCJOBDJ³ODPOMPTBTJFOUPTEFQPSUJWPT
&RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM "DDFTPSJP0SJHJOBM#.8 OPEJTQPOJCMF
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF E
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF J
9 Y%SJWF J
.PUPS
USBOTNJTJ³OZU©DOJDB
/PSNBEFHBTFTEFFTDBQF6&
1FSGPSNBODF$POUSPM
1SPUFDDJ³OGSFOUFBFSSPSFTEFSFQPTUBKFFONPEFMPTEJ©TFM
4FSWPEJSFDDJ³O
4FSWPUSPOJD
4JTUFNBY%SJWF TJTUFNBEFUSBDDJ³OBMBTDVBUSPSVFEBTDPOEJTUSJCVDJ³OEFQBSWBSJBCMF
4VTQFOTJ³OEFQPSUJWB
5FDOPMPHB$PNNPO3BJM
7"-7&530/*$
"TJTUFODJBBMBDPOEVDDJ³O
$¡NBSBQBSBNBSDIBBUS¡T
$POUSPMEFDSVDFSPDPOGVODJ³OEFGSFOP
$POUSPMEF%JTUBODJBEF"QBSDBNJFOUP 1%$
EFMBOUFZEFUS¡T
$POUSPMEF%JTUBODJBEF"QBSDBNJFOUP 1%$
EFUS¡T
"MVNCSBEPZWJTJCJMJEBE
"TJTUFOUFEFMV[EFDBSSFUFSB T³MPFODPNCJOBDJ³ODPOSFUSPWJTPSJOUFSJPSDPOBOUJEFTMVNCSBNJFOUP
BVUPN¡UJDPZTFOTPSEFMMVWJB
$SJTUBMFTEFQSPUFDDJ³OTPMBS
'BSPTBOUJOJFCMB
DPOUPCFSBTEFMBWBQBSBCSJTBTU©SNJDPT
'BSPTCJYFO³OQBSBMVDFTEFDSVDFZDBSSFUFSB
DPOHSVQPT³QUJDPTUSBTFSPTDPOFMFNFOUPT-&%
BMVNCSBEPEJVSOP
MBWBGBSPT
ZDVBUSPBOJMMPTMVNJOPTPT
-V[BVUPBEBQUBCMFDPOSFHVMBDJ³OWBSJBCMFEFMBMDBODF
JODMMV[EFHJSP
1BRVFUFEFJMVNJOBDJ³O
JODMVZFJMVNJOBDJ³OEFBDDFTPEFTEFMBTNBOJMMBTEFMBTQVFSUBT
MV[
BNCJFOUBM
MVDFTEFMFDUVSBEFMBOUFZEFUS¡T
JMVNJOBDJ³OEFMB[POBEFMPTQJFTFOMBTQMB[BTEFMBOUFSBT
ZFTQFKPTEFDPSUFTBQBSBDPOEVDUPSZBDPNQB±BOUFDPOJMVNJOBDJ³O
3FUSPWJTPSFTJOUFSJPSZFYUFSJPSFTDPOBOUJEFTMVNCSBNJFOUPBVUPN¡UJDP
BCBUJCMFTZDPOGVODJ³OEF
CPSEJMMP
4FOTPSEFMMVWJB
DPOTJTUFNBBVUPN¡UJDPEFMVDFT
*OUFSJPS
"TJFOUPTZDPNPEJEBE
ѭ"TJFOUPEFTFSJF
SFHMBKFNBOVBM
ѭ"TJFOUPEFQPSUJWPQBSBDPOEVDUPSZBDPNQB±BOUFDPOBKVTUFFM©DUSJDPEFMBBODIVSBEFMSFTQBMEP
ѭ$BMFGBDDJ³OQBSBMPTBTJFOUPTEFDPOEVDUPSZBDPNQB±BOUF
ѭ3FHMBKFEFBMUVSBQBSBMPTBTJFOUPTEFDPOEVDUPSZBDPNQB±BOUF
ѭ3FTQBMEPEFMBCBORVFUBUSBTFSB
BCBUJCMFFOMBQSPQPSDJ³O
DPOBKVTUFNBOVBMEFMBJODMJOBDJ³O
EFMSFTQBMEP
ѭ3FHMBKFFM©DUSJDPEFMBTJFOUPDPOGVODJ³OEFNFNPSJBQBSBFMBTJFOUPEFMDPOEVDUPS
ѭ4PQPSUFMVNCBSFOMPTBTJFOUPTEFDPOEVDUPSZBDPNQB±BOUF
FM©DUSJDP
$MJNBUJ[BEPSBVUPN¡UJDPDPOSFHVMBDJ³OEFUFNQFSBUVSBJOEFQFOEJFOUFQBSBDPOEVDUPSZBDPNQB±BOUF
DPOUSPMBVUPN¡UJDPEFMBSFDJSDVMBDJ³OEFMBJSF
NJDSPGJMUSP
TFOTPSEFFNQB±BNJFOUPZTPMBS
7PMBOUFT
ѭ$BMFGBDDJ³OQBSBWPMBOUFEFQPSUJWPEFDVFSPDPONVMUJGVODJ³O
ѭ-FWBTEFDBNCJPQBSBWPMBOUFEFQPSUJWPEFDVFSP T³MPFODPNCJOBDJ³ODPOFMDBNCJPBVUPN¡UJDP
ѭ.VMUJGVODJ³OQBSBWPMBOUFEFQPSUJWPEFDVFSP
ѭ7PMBOUFEFDVFSP
ѭ7PMBOUFEFQPSUJWPEFDVFSP
&RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ]
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF E
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF J
9 Y%SJWF J
&RVJQBNJFOUPJOUFSJPSZDPOGPSU
"DDFTPEFDPOGPSU
#PMTBQBSBFTRVTZTOPXCPBSE
#PU³OEFBSSBORVF4UBSU4UPQ
&MFWBMVOBTFM©DUSJDPT
DPONBOEPUJSBEPSQVMTBEPSZGVODJ³OTFOTJCMFBMUBDUPѶBCSJSDFSSBSѷ
EJTQPTJUJWP
EFQSPUFDDJ³OBOUJBQSJTJPOBNJFOUP
.BMFUFSP
SFWFTUJEP
DBQBDJEBEEF B MJUSPT
.BOEPBEJTUBODJBQBSBFMDJFSSFDFOUSBMJ[BEP
1FSTPOBM1SPGJMF
QBSBNFNPSJ[BSGVODJPOFTJNQPSUBOUFT
1PSUBPCKFUPTFOMBTQVFSUBT
DPNQBSUJNFOUPTEFMBTQVFSUBTDPOTPQPSUFQBSBCPUFMMB
3FEEFTFQBSBDJ³OEFMNBMFUFSP
3FQPTBCSB[PTEFMBOUFSP
EFTMJ[BCMF
DPOUPNBEF 7ZQPSUBCFCJEBTQMFHBCMF
5FDIPQBOPS¡NJDPEFDSJTUBM
&OUSFUFOJNJFOUP
DPNVOJDBDJ³OFJOGPSNBDJ³O
0SEFOBEPSEFBBCPSEP DPO$IFDL$POUSPM
3BEJP"VEJP
ѭ$BNCJBEPSEF$%QBSB EJTDPTDPOEFTDPEJGJDBEPS.1
ѭ$POFYJ³O"69*/FOMBDPOTPMBDFOUSBM
DPOUPNBEF 7
ѭ$POFYJ³O64#BVEJP QBSBVTBSVOSFQSPEVDUPS.1 FYUFSOP
BNQMJBCMFDPODPOFYJ³OQBSBSFQSPEVDUPS
EFNºTJDBEFN³WJM
ѭ3BEJP#.8#VTJOFTT$%
ѭ3BEJP#.81SPGFTTJPOBM
ѭ4JTUFNBEFBMUBWPDFT)J'J
ѭ4JTUFNBEF%7%FOMBTQMB[BTUSBTFSBT
ѭ4JTUFNBEFTPOJEPFOWPMWFOUF)BSNBO,BSEPO
4JTUFNBEFDPOUSPMQPSWP[
4JTUFNBEFOBWFHBDJ³O#VTJOFTTDPOSFQSPEVDUPSEF$%
DPOUSPMBEPSJ%SJWFDPOCPUPOFTEFBDDFTP
EJSFDUP
CPUPOFTEFGBWPSJUPT
NFNPSJBJOUFHSBEBQBSBEBUPTEFOBWFHBDJ³O
QBOUBMMBEFBMUBEFGJOJDJ³OEF
QVMHBEBT
4JTUFNBEFOBWFHBDJ³O1SPGFTTJPOBMDPONPOJUPSFODPMPSGJKPEFBMUBEFGJOJDJ³OEF
QVMHBEBT
SFQSPEVDUPSEF$%
CPUPOFTEFGBWPSJUPT
SFQSFTFOUBDJ³OEFSVUBTDPONBQBTPFOQFSTQFDUJWB
BTDPNP
WJTUBB©SFB
EJTDPEVSPJOUFHSBEPQBSBNBQBTZBSDIJWPTEFBVEJP
DPOSBEJP#.81SPGFTTJPOBM
DPOUSPMBEPS
J%SJWFDPOCPUPOFTEFBDDFTPEJSFDUP
5FM©GPOP
ѭ1SFQBSBDJ³OQBSBUFM©GPOPN³WJM#VTJOFTTDPOJOUFSGB[#MVFUPPUI
ѭ4JTUFNBEFNBOPTMJCSFT T³MPFODPNCJOBDJ³ODPOMBSBEJP#.81SPGFTTJPOBM
%JTQPOJCMFDPNP"DDFTPSJP0SJHJOBM#.8
%JTQPOJCMFDPNP"DDFTPSJP0SJHJOBM#.8&TUFFRVJQBNJFOUPTFB±BEJS¡QPTUFSJPSNFOUF
&OUV$PODFTJPOBSJP0GJDJBM#.8N¡TQS³YJNPUFGBDJMJUBS¡OJOGPSNBDJ³OEFUBMMBEB
&ODPOUSBS¡TN¡TJOGPSNBDJ³OTPCSFMPTEJTQPTJUJWPTSFDPNFOEBEPTFOXXXCNXFT
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF E
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF J
9 Y%SJWF J
1FTPT
1FTPFOWBDP6& LH < > < > < > < > < >
1FTPN¡YJNPBENJTJCMF LH < > < > < > < > < >
$BSHBºUJM LH
$BSHBBENJTJCMFTPCSFFMFKF
LH
EFMBOUFSPUSBTFSP
1FTPBENJTJCMFTPCSFFMUFDIP LH
1FTPBENJTJCMFEFMSFNPMRVFTJO
LH
GSFOP
1FTPBENJTJCMFEFMSFNPMRVFDPO
LH
GSFOPZQFOEJFOUFN¡YJNBEFM
1FTPBENJTJCMFEFMSFNPMRVFDPO
LH
GSFOPZQFOEJFOUFN¡YJNBEFM
$BSHBEFBQPZPBENJTJCMFTPCSFFM
LH
FOHBODIFEFSFNPMRVF
.PUPS
$JMJOESPTW¡MWVMBT
$JMJOESBEB DN
$BSSFSBEJ¡NFUSP NN
1PUFODJBOPNJOBM3©HJNFOOPNJOBM $7SQN
1BSN¡YJNPS©HJNFO /NSQN ѭ ѭ ѭ ѭ ѭ ѭ
3FMBDJ³OEFDPNQSFTJ³O
$BNCJP
3FMBDJ³OEFDBNCJPEFTFSJF j j
j j
j j3
3FMBDJ³OEFMEJGFSFODJBMUSBTFSP
1SFTUBDJPOFT
7FMPDJEBEN¡YJNB LNI
"DFMFSBDJ³O ѭ LNI T
<
>
<
>
<
>
<
>
3FDVQFSBDJ³O ѭ LNIFO
T ѭ ѭ
jѭ jWFMPDJEBE DBNCJPEFTFSJF
$POTVNP
6SCBOP M LN
<
>
<
>
<
>
<
>
<
>
&YUSBVSCBOP M LN
<
>
<
>
<
>
<
>
<
>
1SPNFEJP M LN
<
>
<
>
<
>
<
>
<
>
&NJTJPOFTEF$0 HLN < > < > < > < > < >
$BQBDJEBEBQSPYJNBEBEFMEFQ³TJUP M
%BUPTU©DOJDPT ]
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF E
9 Y%SJWF E
9 T%SJWF E
9 Y%SJWF J
9 Y%SJWF J
3VFEBT
5BNB±PEFMOFVN¡UJDP 3 ) 3 ) 3 ) 3 ) 3 ) 3 ) 3 )
5BNB±PEFMBMMBOUB
+Y
+Y
+Y
+Y
+Y
+Y
+Y
.BUFSJBM "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB "DFSP "DFSP "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB
4JTUFNBFM©DUSJDP
$BQBDJEBEEFMBCBUFSB "I
1PUFODJBEFMBMUFSOBEPS "
8
1FTPDPOFMEFQ³TJUPMMFOPFOVO
VODPOEVDUPSEF LHZ LHEFFRVJQBKF&MQFTPFOWBDPDPSSFTQPOEFBWFIDVMPTDPOFRVJQBNJFOUPEFTFSJF&MFRVJQBNJFOUPPQDJPOBMBVNFOUB
FTUFWBMPS
&MQFTPUPUBMFGFDUJWPEFMSFNPMRVFOPQVFEFTFSNBZPSRVFMBTVNBEFMQFTPN¡YJNPBENJTJCMFSFNPMDBEPN¡TMBDBSHBN¡YJNBBENJTJCMFTPCSFFMFOHBODIFEFMSFNPMRVF
#.8SFDPNJFOEBFMVTPEFHBTPMJOBTºQFSTJOQMPNPEF PDUBOPT4FBENJUFDPNCVTUJCMFTJOQMPNPEF PDUBOPTPN¡TDPOVOBQPSDFOUBKFN¡YJNPEFFUBOPMEFM &
-PTEBUPT
EFQPUFODJBZDPOTVNPDPSSFTQPOEFOBMDPNCVTUJCMFEF PDUBOPT
5PEPTMPTNPUPSFTDVNQMFOMBOPSNB6& &MDPOTVNPTFCBTBFOFMDJDMP&$& &(
$PNQSFOEFBQSPYJNBEBNFOUFVOUFSDJPEFMBEJTUBODJBSFDPSSJEBFO[POBVSCBOBZEPTUFSDJPT
FODBSSFUFSB"EFN¡TEFMDPOTVNP
TFNJEFOMBTFNJTJPOFT$0 &MDPOTVNPTFCBTBFOFMFRVJQBNJFOUPEFTFSJF&MFRVJQBNJFOUPFTQFDJBM QFK
MPTOFVN¡UJDPTN¡TBODIPT
QVFEFO
BGFDUBSNVDIPBMDPOTVNP
$POBOUFOBEFUFDIP
MBBMUVSBFTEF NN
-PTWBMPSFTFOUSF<>DPSSFTQPOEFOBMPTWFIDVMPTDPODBNCJPBVUPN¡UJDPEF WFMPDJEBEFT4UFQUSPOJD
] #.84FSWJDF]'JOBODJBDJ³O#.8
$PODFQUPEF#.84FSWJDFTJFNQSFBMEB"MDPNQSBSVO#.8BERVJFSF EFMIBCJU¡DVMPJOEJDBDPOBOUFMBDJ³OFMNPNFOUPFORVFEFCFQBTBSVOB
QPSQBSUFEFOVFTUSBNBSDBMBDBMJEBEZBTJTUFODJBEFVOTFSWJDJPQFSGFDUP SFWJTJ³O$POBZVEBEFMTJTUFNBJ%SJWF PQDJPOBM
QPES¡DPOTVMUBSFOMBQBOUBMMB
&TUBNPTTJFNQSFBTVEJTQPTJDJ³OFO QVOUPTFO&TQB±BZFON¡TEF EFDPOUSPMFMNPNFOUPFYBDUPEFMBTJHVJFOUFSFWJTJ³OZMPTDPNQPOFOUFTRVF
SFQBSUJEPTFON¡TEF QBTFTEFUPEPFMNVOEP(SBDJBTBMFRVJQP EFCFOFYBNJOBSTF$PO#.85FMF4FSWJDFT
VOJOOPWBEPSTFSWJDJPUFMFN¡UJDP
EFEJBHO³TUJDPJODPSQPSBEPBMWFIDVMP
TJFNQSFTBCS¡DPOFYBDUJUVEMBGFDIB EF#.8
MBJOGPSNBDJ³OPCUFOJEBQPS$#4TFUSBOTNJUFBVUPN¡UJDBNFOUFBMB
EFMBTJHVJFOUFSFWJTJ³OZMBTPQFSBDJPOFTRVFIBOEFSFBMJ[BSTF&MTJTUFNB 3FEEF4FSWJDJPT0 DJBMFT#.8%FFTUFNPEP
TV"TFTPSEF4FSWJDJP#.8
$POEJUJPO#BTFE4FSWJDF $#4
NJEFEFNBOFSBJOEFQFOEJFOUFFMFTUBEP QPES¡BTFTPSBSMFEFVOBGPSNBN¡TDPNQMFUB4V4FSWJDJP0 DJBM#.8VUJMJ[B
EFMPTDPNQPOFOUFTN¡TJNQPSUBOUFTTVKFUPTBEFTHBTUF
ZUBNCJ©OEFUFSNJOB 3FDBNCJPT0SJHJOBMFT#.8QBSBUPEPTMPTUSBCBKPT
QPSRVFMBDBMJEBEZMB
FMUJFNQPZFMLJMPNFUSBKFRVFGBMUBOQBSBMBTJHVJFOUFSFWJTJ³OEFTV#.8 TFHVSJEBETPOQBSBOPTPUSPTMPQSJNFSP
#BT¡OEPTFFOMPTEBUPTDBMDVMBEPTBVUPN¡UJDBNFOUF
MBQBOUBMMBEFJOGPSNBDJ³O
%*4'365"3&45&/&3-"4&/4"$* /
%&&45"3&/-"4.&+03&4."/04
#.84&37*$&1"3"46#.8
XXXCNXFT 5FHVTUBDPOEVDJS
-BTPTUFOJCJMJEBEZFMSFDJDMBEPFOFM(SVQP#.8
&M(SVQP#.8IBTJEPSFDPOPDJEPQPSRVJOUBWF[DPOTFDVUJWBFOFMѶ%PX+POFT4VTUBJOBCJMJUZ*OEFYѷ
DPNPMBFNQSFTBEFBVUPN³WJMFTN¡TTPTUFOJCMFEFMNVOEP-BTPTUFOJCJMJEBEFTU¡NVZQSFTFOUFFO
UPEBOVFTUSBDBEFOBEFWBMPSEFTEFFMEFTBSSPMMPEFDPODFQUPTEFWFIDVMPTBMUFSOBUJWPTZFGJDJFOUFT
QBTBOEPQPSQSPDFTPTEFQSPEVDDJ³OSFTQFUVPTPTDPOFMNFEJPBNCJFOUF
IBTUBFMSFDJDMBEP/VFTUSB
GJMPTPGBEFEFTBSSPMMPEFOPNJOBEB#.8&GGJDJFOU%ZOBNJDTPGSFDFJNQPSUBOUFTWFOUBKBTQBSBMPTDMJFOUFT
FMDMJNBZFMNFEJPBNCJFOUF%FFTUFNPEP
TFIBSFEVDJEPFMOJWFMEFFNJTJPOFTEF$0 EFOVFTUSB
OVFWBGMPUBFVSPQFBFODBTJVO FOUSF Z "EFN¡T
QFSTFHVJNPTSFEVDJSFOVO FM
DPOTVNPEFSFDVSTPT
DPNPBHVBZFOFSHB
FOMBGBCSJDBDJ³OEFDBEBWFIDVMP4V#.8GPSNBQBSUFEF
VODPODFQUPEFSFDJDMBEPJOUFHSBM5PEPTMPTWFIDVMPTQVFEFOSFDJDMBSTFPSFVUJMJ[BSTFTJOQSPCMFNBTZ
EFGPSNBFDPO³NJDBDVBOEPGJOBMJ[BTVWJEBºUJM%JSKBTFBTV$PODFTJPOBSJP0GJDJBM#.8DVBOEPRVJFSB
EFTIBDFSTFEFTV#.8BOUJHVP&ODPOUSBS¡N¡TJOGPSNBDJ³OTPCSFFTUFUFNBFOOVFTUSPTJUJPXFC
#.8SFDPNNFOET
7#1SJOUFEJO(FSNBOZ