)GVVKPI5VCTVGF)WKFG

HQTK2JQPG

#RRNG%CTG
2TQVGEVKQP2NCP

3WKEM4GHGTGPEG)WKFG



 /QFCNKVoU

 )WKFGFGToHoTGPEGTCRKFG

 (KEJGFKPHQTOCVKQPU

 6GTOUCPF%QPFKVKQPU

 6GTOUCPF%QPFKVKQPU

(CEV5JGGV



%QPVGPVU

'PINKUJ

-GGR[QWT2TQQHQH%QXGTCIGFQEWOGPVVJGQTKIKPCNK2JQPGUCNGU
TGEGKRVCPFVJG#RRNG%CTG2TQVGEVKQP2NCPHQTK2JQPGTGEGKRV#RRNG
OC[TGSWKTGRTQQHQHRWTEJCUGKHCP[SWGUVKQPUCTKUGCDQWVVJGGNKIKDKNKV[
QH[QWTK2JQPGHQTVJG#RRNG%CTG2TQVGEVKQP2NCP

%QXGTCIGKPHQTOCVKQP
6JKUEQORTGJGPUKXGRNCPKUCXCKNCDNGHQTCNNK2JQPGOQFGNUYKVJKPVJGKT
QPG[GCTNKOKVGFYCTTCPV[
+H[QWUGNNVJGEQXGTGFK2JQPGDGHQTGVJG#RRNG%CTG2TQVGEVKQP2NCPHQT
K2JQPGGZRKTGU[QWOC[VTCPUHGTVJGRNCPVQVJGPGYQYPGT(QTGCEJ
K2JQPG[QWYCPVVQEQXGT[QWOWUVRWTEJCUGCUGRCTCVG#RRNG%CTG
2TQVGEVKQP2NCPHQTK2JQPG

5GTXKEGCPFUWRRQTVHTQOVJGRGQRNGYJQMPQY[QWTK2JQPGDGUV
'XGT[K2JQPGEQOGUYKVJQPG[GCTQHTGRCKTEQXGTCIGCPFFC[UQH
VGEJPKECNUWRRQTV6JG#RRNG%CTG2TQVGEVKQP2NCPHQTK2JQPGGZVGPFU
[QWTEQXGTCIGVQVYQ[GCTUHTQOVJGFCVGQH[QWTK2JQPGRWTEJCUG
9JGVJGT[QWWUGK2JQPGYKVJC/CEQT2%LWUVQPGRJQPGECNNECPJGNR
TGUQNXGOQUVKUUWGU

(CEV5JGGV

#RRNG%CTG2TQVGEVKQP2NCPHQTK2JQPG


'PINKUJ

'KVJGTVJGECTT[KPQTFKTGEVOCKNKPUGTXKEGQRVKQPOC[CRRN[YJGP
[QWQDVCKPUGTXKEG4GHGTVQVJG3WKEM4GHGTGPEG)WKFGHQTCFFKVKQPCN
FGVCKNUCDQWVQDVCKPKPIUGTXKEG6JGTGRNCEGOGPVGSWKROGPVVJCV#RRNG
RTQXKFGUCURCTVQHVJGTGRCKTQTTGRNCEGOGPVUGTXKEGOC[DGPGYWUGF
QTTGHWTDKUJGF

*CTFYCTGUGTXKEG
6JKURNCPGZVGPFUTGRCKTCPFTGRNCEGOGPVUGTXKEGHTQOVJG#RRNG
QPG[GCTYCTTCPV[VQVYQ[GCTUHTQO[QWTK2JQPGRWTEJCUGFCVG6JKU
RNCPCNUQGZVGPFUUGTXKEGEQXGTCIGVQVJGK2JQPGDCVVGT[YJGPKVU
ECRCEKV[VQJQNFCPGNGEVTKECNEJCTIGJCUFGRNGVGFHKHV[RGTEGPV

QTOQTGHTQOKVUQTKIKPCNURGEKHKECVKQP

6GEJPKECNUWRRQTVQRVKQPU
+H[QWGZRGTKGPEGFKHHKEWNVKGUYKVJ[QWTK2JQPGVT[VJGVTQWDNGUJQQVKPI
UVGRUQPVJGK2JQPG5WRRQTVYGDUKVGCVYYYCRRNGEQOUWRRQTVKRJQPG
+H[QWTGPQVCDNGVQTGUQNXGVJGKUUWG#RRNG%CTGTGRTGUGPVCVKXGUECPJGNR
VTQWDNGUJQQV[QWTK2JQPGCPFKVUEQPPGEVKQPYKVJK6WPGU#RRNGVGEJPKECN
UWRRQTVEQPVCEVKPHQTOCVKQPCPFJQWTUQHQRGTCVKQPCTGNKUVGFKPVJG3WKEM
4GHGTGPEG)WKFG7PFGTVJG#RRNG%CTG2TQVGEVKQP2NCPHQTK2JQPG#RRNG
QHHGTUVJGUCOGEQORNGVGUGTXKEGHQTDQVJ/CECPF9KPFQYUWUGTU

'PINKUJ

 6JKURNCPGZVGPFU[QWTUGTXKEGEQXGTCIGVQVYQ[GCTUHTQOVJGFCVG
QH[QWTK2JQPGRWTEJCUG6JGRNCPOWUVDGRWTEJCUGFYJKNG[QWT
K2JQPGKUUVKNNWPFGTKVUQTKIKPCNQPG[GCTYCTTCPV[5GTXKEGEQXGTCIG
OC[DGUWDLGEVVQEGTVCKPTGUVTKEVKQPU#RRNG%CTG2TQVGEVKQP2NCP
DGPGHKVUCTGKPCFFKVKQPVQCP[NGICNTKIJVURTQXKFGFD[EQPUWOGT
RTQVGEVKQPNCYUKP[QWTLWTKUFKEVKQP
 5GGVJGGPENQUGF#RRNG%CTG2TQVGEVKQP2NCP6GTOUCPF%QPFKVKQPUHQT
EQORNGVGFGVCKNU


'PINKUJ

%QPVCEV#RRNGHQTOQTGCUUKUVCPEG
+HVJGUVGRUKPVJKUIWKFGFQPQVTGUQNXG[QWTKUUWGEQPVCEV#RRNG#P
#RRNGTGRTGUGPVCVKXGYKNNCUM[QWHQT[QWT#RRNG%CTG2TQVGEVKQP2NCP
HQTK2JQPGCITGGOGPVPWODGTQT[QWTK2JQPGUGTKCNPWODGTYJKEJKU

8KUKVVJGK2JQPG5WRRQTVYGDUKVG
6JGK2JQPG5WRRQTVYGDUKVGJCUNKPMUVQUGTXKEGQRVKQPCXCKNCDKNKV[
K2JQPGVWVQTKCNFKUEWUUKQPUCPFQVJGTTGUQWTEGUVQCPUYGTXCTKQWU
JQYVQSWGUVKQPUYJKEJCTGCXCKNCDNGJQWTUCFC[CV
YYYCRRNGEQOUWRRQTVKRJQPG

8GTKH[VJCV[QWJCXGVJGNCVGUVK6WPGU
;QWECPFQYPNQCFVJGNCVGUVK6WPGUCVYYYCRRNGEQOKVWPGUFQYPNQCF

6T[VJGUGUKORNGUVGRUDGHQTGEQPVCEVKPI#RRNGHQTJGNR
+H[QWGZRGTKGPEGRTQDNGOUYKVJ[QWTK2JQPGVT[VJGVTQWDNGUJQQVKPI
UVGRUQPVJGK2JQPG5WRRQTVYGDUKVGCVYYYCRRNGEQOUWRRQTV
KRJQPG#UCRTGECWVKQPDCEMWRCNNEQPVGPVDGHQTG[QWVTQWDNGUJQQV
[QWTK2JQPG

3WKEM4GHGTGPEG)WKFG

#RRNG%CTG2TQVGEVKQP2NCPHQTK2JQPG

'PINKUJ

 6GNGRJQPGPWODGTUCPFJQWTUQHQRGTCVKQPOC[XCT[CPFCTGUWDLGEV
VQEJCPIG;QWECPHKPFVJGOQUVWRVQFCVGNQECNCPFKPVGTPCVKQPCN
EQPVCEVKPHQTOCVKQPCVYYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVUJVON

+PVJG75QT%CPCFC
/[K2JQPG

5GXGPFC[UCYGGM
#/VQ2/%GPVTCNVKOGQT
#/VQ2/'CUVGTPVKOG

NQECVGFQPVJG5+/VTC[QTKPVJG#DQWVUETGGPQP[QWTK2JQPG(TQO
VJG*QOGUETGGPVCR5GVVKPIU )GPGTCN #DQWVCPFUETQNNFQYP


'PINKUJ

;QWT#RRNG%CTG2TQVGEVKQP2NCPHQTK2JQPG
JGTGKPTGHGTTGFVQCUVJG
2NCPKUIQXGTPGFD[VJGUG6GTOUCPF%QPFKVKQPUCPFEQPUVKVWVGU[QWT
EQPVTCEVYKVJ#RRNGCUFGUETKDGFKPUGEVKQPNDGNQY5WDLGEVVQVJGUG
6GTOUCPF%QPFKVKQPU[QWT2NCP
KEQXGTUFGHGEVUHQTVJG#RRNGDTCPFGF
K2JQPGRTQFWEVNKUVGFKP[QWT2NCPU%GTVKHKECVGQT2TQQHQH%QXGTCIG
FQEWOGPV
2NCP%QPHKTOCVKQPCP#RRNGDTCPFGFK2JQPG$NWGVQQVJ
JGCFUGVKHWUGFYKVJVJGEQXGTGFK2JQPGCPFQTKIKPCNN[RWTEJCUGFD[
[QWWRVQVYQ
[GCTUDGHQTG[QWTK2JQPGRWTEJCUGQTFWTKPIVJG
VGTOQHVJG2NCPCPFVJGJCTFYCTGCEEGUUQTKGUVJCVCTGEQPVCKPGF
KPVJGEQXGTGFK2JQPGUQTKIKPCNRCEMCIKPI
EQNNGEVKXGN[VJG%QXGTGF
'SWKROGPVCPF
KKRTQXKFGU[QWYKVJCEEGUUVQVGNGRJQPGVGEJPKECN
UWRRQTVCPFYGDDCUGFUWRRQTVTGUQWTEGUHQTVJG%QXGTGF'SWKROGPV
6QQDVCKPVJG2NCP%QPHKTOCVKQP[QWOWUVTGIKUVGT[QWT2NCPUWPKSWG
CITGGOGPVQTTGIKUVTCVKQPPWODGT
2NCP#ITGGOGPV0WODGT
CUFGUETKDGFKPVJGKPUVTWEVKQPUKPENWFGFKPVJG2NCPURCEMCIKPI
%WUVQOGTUEJQQUKPIVJG#WVQ4GIKUVTCVKQPQRVKQPYJGTGCXCKNCDNG
YKNNCWVQOCVKECNN[TGEGKXGVJGKT2NCP%QPHKTOCVKQP6JGFWTCVKQPQHVJG
2NCP
%QXGTCIG2GTKQFKUHQTVJGRGTKQFGPFKPIQPVJGFCVGURGEKHKGF
KP[QWT2NCP%QPHKTOCVKQP6JGRTKEGQHVJG2NCPKUNKUVGFQPVJG2NCPU

6GTOUCPF%QPFKVKQPU

#RRNG%CTG2TQVGEVKQP2NCPHQTK2JQPG7PKVGF5VCVGU

'PINKUJ

 4GRCKT%QXGTCIG
C 5EQRGQH%QXGTCIG;QWTEQXGTCIGHQTFGHGEVUDGIKPUQPVJGFCVG
[QWT%QXGTGF'SWKROGPVU#RRNGJCTFYCTGYCTTCPV[GZRKTGUCPF
VGTOKPCVGUCVVJGGPFQHVJG%QXGTCIG2GTKQF
4GRCKT%QXGTCIG
2GTKQF#RRNGYKNNCVKVUQRVKQPTGRCKTQTTGRNCEGVJGCHHGEVGF
%QXGTGF'SWKROGPVKH
KFWTKPIVJG4GRCKT%QXGTCIG2GTKQFVJGTG
KUCFGHGEVKPVJG%QXGTGF'SWKROGPVUOCVGTKCNUQTYQTMOCPUJKR
QT
KKFWTKPIVJG%QXGTCIG2GTKQFVJGECRCEKV[QHVJGEQXGTGF
K2JQPGDCVVGT[VQJQNFCPGNGEVTKECNEJCTIGJCUFGRNGVGFHKHV[

RGTEGPVQTOQTGHTQOKVUQTKIKPCNURGEKHKECVKQP
CHVGTDGKPI
HWNN[EJCTIGFCPFVJGEQXGTGFK2JQPGRNC[KPICWFKQQTXKFGQYKVJ
CNNUGVVKPIUTGUGV#RRNGYKNNRTQXKFGDQVJRCTVUCPFNCDQTDWVOC[
TGSWKTG[QWVQTGRNCEGEGTVCKPTGCFKN[KPUVCNNCDNGRCTVU[QWTUGNHCU
FGUETKDGFDGNQY#RRNGOC[RTQXKFGTGRNCEGOGPVRTQFWEVQTRCTVU
VJCVCTGOCPWHCEVWTGFHTQORCTVUVJCVCTGPGYQTGSWKXCNGPVVQ
PGYKPDQVJRGTHQTOCPEGCPFTGNKCDKNKV[6JGTGRNCEGOGPVRTQFWEV
QTRCTVUYKNNDGHWPEVKQPCNN[GSWKXCNGPVVQVJGTGRNCEGFRTQFWEVU
QTRCTVUCPFYKNNCUUWOGVJGTGOCKPKPIEQXGTCIGWPFGTVJG2NCP
6JGRTQFWEVUQTRCTVUVJCVCTGTGRNCEGFDGEQOG#RRNGURTQRGTV[
#RRNGUVTQPIN[CFXKUGU[QWVQTGEQTFCUCDCEMWRFCVCCPF

QTKIKPCNUCNGUTGEGKRV#RRNGOC[TGUVTKEVUGTXKEGRTQXKFGFWPFGTVJKU2NCP
VQVJG%QXGTGF'SWKROGPVUQTKIKPCNEQWPVT[QHRWTEJCUG




'PINKUJ

UQHVYCTGTGUKFKPIQTTGEQTFGFKPVJG%QXGTGF'SWKROGPVDGHQTG
OCMKPIVJG%QXGTGF'SWKROGPVCXCKNCDNGHQTUGTXKEG
D .KOKVCVKQPU6JG2NCPFQGUPQVEQXGT

K +PUVCNNCVKQPTGOQXCNQTFKURQUCNQHVJG%QXGTGF'SWKROGPV
QTKPUVCNNCVKQPTGOQXCNTGRCKTQTOCKPVGPCPEGQHPQP
%QXGTGF'SWKROGPV
KPENWFKPICEEGUUQTKGUCVVCEJOGPVUQT
QVJGTFGXKEGUQTPGVYQTMQTEGNNWNCTUGTXKEGGZVGTPCNVQVJG
%QXGTGF'SWKROGPV

KK &COCIGVQVJG%QXGTGF'SWKROGPVECWUGFD[CEEKFGPV
CDWUGPGINGEVOKUWUG
KPENWFKPIHCWNV[KPUVCNNCVKQPTGRCKT
QTOCKPVGPCPEGD[CP[QPGQVJGTVJCP#RRNGQTCP#RRNG
#WVJQTK\GF5GTXKEG2TQXKFGTWPCWVJQTK\GFOQFKHKECVKQP
GZVTGOGGPXKTQPOGPV
KPENWFKPIGZVTGOGVGORGTCVWTG
QTJWOKFKV[GZVTGOGRJ[UKECNQTGNGEVTKECNUVTGUUQT
KPVGTHGTGPEGHNWEVWCVKQPQTUWTIGUQHGNGEVTKECNRQYGT
NKIJVPKPIUVCVKEGNGEVTKEKV[HKTGCEVUQH)QFQTQVJGT
GZVGTPCNECWUGU

KKK %QXGTGF'SWKROGPVYKVJCUGTKCNPWODGTVJCVJCUDGGP
CNVGTGFFGHCEGFQTTGOQXGF

KX 2TQDNGOUECWUGFD[CFGXKEGVJCVKUPQVVJG%QXGTGF
'SWKROGPVKPENWFKPIGSWKROGPVVJCVKUPQV#RRNGDTCPFGF
YJGVJGTQTPQVRWTEJCUGFCVVJGUCOGVKOGCUVJG%QXGTGF
'SWKROGPV

'PINKUJ

X 5GTXKEGPGEGUUCT[VQEQORN[YKVJVJGTGIWNCVKQPUQHCP[
IQXGTPOGPVDQF[QTCIGPE[CTKUKPICHVGTVJGFCVGQHVJKU
2NCP

XK 2TQDNGOUECWUGFD[VJGHWPEVKQPQHCPGVYQTMQTEGNNWNCT
UGTXKEGQTXKTWUGUQTQVJGTUQHVYCTGRTQDNGOUKPVTQFWEGFKPVQ
VJG%QXGTGF'SWKROGPV

XKK %QXGTGF'SWKROGPVVJCVJCUDGGPNQUVQTUVQNGP6JKU2NCP
QPN[EQXGTU%QXGTGF'SWKROGPVVJCVKUTGVWTPGFVQ#RRNGKP
KVUGPVKTGV[

XKKK %QUOGVKEFCOCIGVQVJG%QXGTGF'SWKROGPVKPENWFKPIDWV
PQVNKOKVGFVQUETCVEJGUFGPVUCPFDTQMGPRNCUVKEQPRQTVU

KZ 2TGXGPVCVKXGOCKPVGPCPEGQPVJG%QXGTGF'SWKROGPV

Z 6JGRTQXKUKQPQHTGRNCEGOGPVGSWKROGPVFWTKPIVJGRGTKQF
YJGPVJG%QXGTGF'SWKROGPVKUDGKPIUGTXKEGF

ZK &COCIGVQQTNQUUQHCP[UQHVYCTGQTFCVCTGUKFKPIQT
TGEQTFGFKPVJG%QXGTGF'SWKROGPV6*'%106'0651(
;174K2*10'9+..$'&'.'6'&#0&6*'5614#)'/'&+#
4'(14/#66'&+06*'%1745'1(5'48+%';QWTK2JQPG
QTCTGRNCEGOGPVK2JQPGYKNNDGTGVWTPGFVQ[QWCU[QWT
K2JQPGYCUEQPHKIWTGFYJGPQTKIKPCNN[RWTEJCUGFUWDLGEV
VQCRRNKECDNGWRFCVGU#RRNGOC[KPUVCNNU[UVGOUQHVYCTG

K2JQPG15WRFCVGUCURCTVQH[QWTUGTXKEGVJCVYKNN
RTGXGPVVJGK2JQPGHTQOTGXGTVKPIVQCPGCTNKGTXGTUKQPQHVJG



'PINKUJ

K2JQPG156JKTFRCTV[CRRNKECVKQPUKPUVCNNGFQPVJGK2JQPG
OC[PQVDGEQORCVKDNGQTYQTMYKVJVJGK2JQPGCUCTGUWNVQH
VJGK2JQPG15WRFCVG;QWYKNNDGTGURQPUKDNGHQTTGKPUVCNNKPI
CNNQVJGTUQHVYCTGRTQITCOUFCVCCPFRCUUYQTFU4GEQXGT[
CPFTGKPUVCNNCVKQPQHUQHVYCTGRTQITCOUCPFWUGTFCVCCTGPQV
EQXGTGFWPFGTVJKU2NCP

ZKK &GHGEVUECWUGFD[PQTOCNYGCTCPFVGCTQTQVJGTYKUGFWGVQ
PQTOCNCIKPIQHVJGRTQFWEV

ZKKK 2TQVGEVKXGEQCVKPIUFGUKIPGFVQFKOKPKUJQXGTVKOG
WPNGUUHCKNWTGJCUQEEWTTGFFWGVQCFGHGEVKPOCVGTKCNUQT
YQTMOCPUJKRCPFQT

ZKX 'ZEGRVCUURGEKHKECNN[RTQXKFGFJGTGKPCP[QVJGTFCOCIGU
VJCVFQPQVCTKUGHTQOFGHGEVUKPOCVGTKCNUCPFYQTMOCPUJKR
QTQTFKPCT[CPFEWUVQOCT[WUCIGQHVJG%QXGTGF'SWKROGPV
E 5GTXKEG1RVKQPU#RRNGOC[RTQXKFGUGTXKEGVJTQWIJQPGQTOQTG
QHVJGHQNNQYKPIQRVKQPU

K %CTT[KPUGTXKEG4GVWTPVJG%QXGTGF'SWKROGPVTGSWKTKPI
UGTXKEGVQCP#RRNGQYPGFTGVCKNUVQTGNQECVKQPQHHGTKPI
ECTT[KPUGTXKEG5GTXKEGYKNNDGRGTHQTOGFCVVJGNQECVKQP
QTVJGUVQTGOC[UGPFVJG%QXGTGF'SWKROGPVVQCP#RRNG
TGRCKTUGTXKEGNQECVKQPVQDGTGRCKTGF1PEG[QWCTGPQVKHKGF
VJCVUGTXKEGKUEQORNGVG[QWYKNNRTQORVN[TGVTKGXGVJG
RTQFWEV

'PINKUJ

KK &KTGEVOCKNKPUGTXKEG+H#RRNGFGVGTOKPGUVJCV[QWT%QXGTGF
'SWKROGPVKUGNKIKDNGHQTOCKNKPUGTXKEG#RRNGYKNNUGPF[QW
RTGRCKFYC[DKNNU
CPFKH[QWPQNQPIGTJCXGVJGQTKIKPCN
RCEMCIKPI#RRNGOC[UGPF[QWRCEMCIKPIOCVGTKCNCPF[QW
YKNNUJKRVJG%QXGTGF'SWKROGPVVQ#RRNGUTGRCKTUGTXKEG
NQECVKQPKPCEEQTFCPEGYKVJKVUKPUVTWEVKQPU1PEGUGTXKEGKU
EQORNGVGVJG#RRNGTGRCKTUGTXKEGNQECVKQPYKNNTGVWTPVJG
%QXGTGF'SWKROGPVVQ[QW#RRNGYKNNRC[HQTUJKRRKPIVQ
CPFHTQO[QWTNQECVKQPKHCNNKPUVTWEVKQPUCTGHQNNQYGF

KKK &Q+V;QWTUGNH2CTVUUGTXKEGKUCXCKNCDNGHQTOCP[%QXGTGF
'SWKROGPVRCTVUQTCEEGUUQTKGUCNNQYKPI[QWVQUGTXKEG[QWT
QYPRTQFWEV+H&Q+V;QWTUGNH2CTVUUGTXKEGKUCXCKNCDNGKPVJG
EKTEWOUVCPEGUVJGHQNNQYKPIRTQEGUUYKNNCRRN[

# &Q+V;QWTUGNH2CTVUUGTXKEGYJGTG#RRNGTGSWKTGU
TGVWTPQHVJGTGRNCEGFRCTV#RRNGOC[TGSWKTGCETGFKV
ECTFCWVJQTK\CVKQPCUUGEWTKV[HQTVJGTGVCKNRTKEGQH
VJGTGRNCEGOGPVRCTVCPFCRRNKECDNGUJKRRKPIEQUVU
+H[QWCTGWPCDNGVQRTQXKFGETGFKVECTFCWVJQTK\CVKQP
&Q+V;QWTUGNH2CTVUUGTXKEGOC[PQVDGCXCKNCDNGVQ
[QWCPF#RRNGYKNNQHHGTCNVGTPCVKXGCTTCPIGOGPVUHQT
UGTXKEG#RRNGYKNNUJKRCTGRNCEGOGPVRCTVVQ[QWYKVJ
KPUVCNNCVKQPKPUVTWEVKQPUCPFCP[TGSWKTGOGPVUHQTVJG
TGVWTPQHVJGTGRNCEGFRCTV+H[QWHQNNQYVJGKPUVTWEVKQPU



'PINKUJ

#RRNGYKNNECPEGNVJGETGFKVECTFCWVJQTK\CVKQPUQ[QW
YKNNPQVDGEJCTIGFHQTVJGRCTVCPFUJKRRKPIVQCPF
HTQO[QWTNQECVKQP+H[QWHCKNVQTGVWTPVJGTGRNCEGFRCTV
CUKPUVTWEVGFQTTGVWTPCTGRNCEGFRCTVVJCVKUKPGNKIKDNG
HQTUGTXKEG#RRNGYKNNEJCTIGVJGETGFKVECTFHQTVJG
CWVJQTK\GFCOQWPV

$ &Q+V;QWTUGNH2CTVUUGTXKEGYJGTG#RRNGFQGUPQVTGSWKTG
TGVWTPQHVJGTGRNCEGFRCTV#RRNGYKNNUJKR[QWHTGGQH
EJCTIGCTGRNCEGOGPVRCTVCEEQORCPKGFD[KPUVTWEVKQPU
QPKPUVCNNCVKQPCPFCP[TGSWKTGOGPVUHQTVJGFKURQUCNQH
VJGTGRNCEGFRCTV

% #RRNGKUPQVTGURQPUKDNGHQTCP[NCDQTEQUVU[QWKPEWT
TGNCVKPIVQ&Q+V;QWTUGNH2CTVUUGTXKEG5JQWNF[QW
TGSWKTGHWTVJGTCUUKUVCPEGEQPVCEV#RRNGCVVJGVQNNHTGG
VGNGRJQPGPWODGTNKUVGFDGNQY
 #RRNGTGUGTXGUVJGTKIJVVQEJCPIGVJGOGVJQFD[YJKEJ#RRNG
OC[RTQXKFGTGRCKTQTTGRNCEGOGPVUGTXKEGVQ[QWCPF[QWT
%QXGTGF'SWKROGPVUGNKIKDKNKV[VQTGEGKXGCRCTVKEWNCTOGVJQF
QHUGTXKEG5GTXKEGQRVKQPURCTVUCXCKNCDKNKV[CPFTGURQPUGVKOGU
OC[XCT[
F 1DVCKPKPI4GRCKTQT4GRNCEGOGPV5GTXKEG6QQDVCKPUGTXKEGWPFGT
VJKU2NCPCEEGUUVJG#RRNGYGDUKVG
YYYCRRNGEQOUWRRQTV
QTECNNVJGVQNNHTGGVGNGRJQPGPWODGTNKUVGFDGNQY6GNGRJQPG

'PINKUJ

6GEJPKECN5WRRQTV
C 6GNGRJQPGCPF9GD5WRRQTV;QWTGNKIKDKNKV[HQTVGEJPKECNUWRRQTV
DGIKPUQPVJGFCVG[QWT%QXGTGF'SWKROGPVUEQORNKOGPVCT[
VGEJPKECNUWRRQTVGZRKTGUQTVJGFCVG[QWT%QXGTCIG2GTKQFDGIKPU
YJKEJGXGTKUNCVGTCPFVGTOKPCVGUCVVJGGPFQHVJG%QXGTCIG
2GTKQF
6GEJPKECN%QXGTCIG2GTKQF&WTKPIVJG6GEJPKECN
%QXGTCIG2GTKQF#RRNGYKNNRTQXKFG[QWYKVJCEEGUUVQVGNGRJQPG
VGEJPKECNUWRRQTVCPFYGDDCUGFVGEJPKECNUWRRQTVTGUQWTEGU
6GEJPKECNUWRRQTVOC[KPENWFGCUUKUVCPEGYKVJKPUVCNNCVKQP
NCWPEJEQPHKIWTCVKQPVTQWDNGUJQQVKPICPFTGEQXGT[
GZEGRV
HQTFCVCTGEQXGT[KPENWFKPIUVQTKPITGVTKGXKPICPFOCPCIKPI
HKNGUKPVGTRTGVKPIU[UVGOGTTQTOGUUCIGUCPFFGVGTOKPKPIYJGP

PWODGTUOC[XCT[CEEQTFKPIVQ[QWTNQECVKQP9JGPCEEGUUKPI
VJGYGDUKVGHQNNQYVJGKPUVTWEVKQPUHQTTGSWGUVKPITGRCKT
UGTXKEGRTQXKFGFD[#RRNG+HECNNKPICP#RRNGVGEJPKECNUWRRQTV
TGRTGUGPVCVKXGYKNNCPUYGTTGSWGUV[QWT2NCP#ITGGOGPV0WODGT
CFXKUG[QWCPFFGVGTOKPGYJCVUGTXKEGKUPGEGUUCT[HQTVJG
%QXGTGF'SWKROGPV#NNUGTXKEGKUUWDLGEVVQ#RRNGURTKQTCRRTQXCN
.QECVKQPQHUGTXKEGOC[XCT[FWGVQ[QWTNQECVKQP-GGR[QWT2NCP
%QPHKTOCVKQPFQEWOGPVCPFVJGQTKIKPCNUCNGUTGEGKRVHQT[QWT
%QXGTGF'SWKROGPVCPF[QWT2NCP2TQQHQHRWTEJCUGOC[DG
TGSWKTGFKHVJGTGKUCP[SWGUVKQPCUVQ[QWTRTQFWEVUGNKIKDKNKV[HQT
2NCPEQXGTCIG




'PINKUJ

JCTFYCTGTGRCKTUCTGTGSWKTGF#RRNGYKNNRTQXKFGVGEJPKECN
UWRRQTVHQTVJG%QXGTGF'SWKROGPVK2JQPG15UQHVYCTG
CRRNKECVKQPUVJCVCTGRTGKPUVCNNGFYKVJVJG%QXGTGF'SWKROGPV

K2JQPG5QHVYCTGCPFEQPPGEVKXKV[KUUWGUDGVYGGPVJG%QXGTGF
'SWKROGPVCPFCUWRRQTVGFEQORWVGTOGCPKPICEQORWVGT
VJCVOGGVUVJG%QXGTGF'SWKROGPVUEQPPGEVKXKV[URGEKHKECVKQPU
CPFTWPUCPQRGTCVKPIU[UVGOVJCVKUUWRRQTVGFD[VJG%QXGTGF
'SWKROGPV#RRNGYKNNRTQXKFGUWRRQTVHQTVJGVJGPEWTTGPV
XGTUKQPQHVJGK2JQPG15CPFK2JQPG5QHVYCTGCPFVJGRTKQT
/CLQT4GNGCUG(QTRWTRQUGUQHVJKUUGEVKQP/CLQT4GNGCUGOGCPU
CUKIPKHKECPVXGTUKQPQHUQHVYCTGVJCVKUEQOOGTEKCNN[TGNGCUGFD[
#RRNGKPCTGNGCUGPWODGTHQTOCVUWEJCUQTCPFYJKEJKU
PQVKPDGVCQTRTGTGNGCUGHQTO
D .KOKVCVKQPU6JG2NCPFQGUPQVEQXGT

K +UUWGUVJCVEQWNFDGTGUQNXGFD[WRITCFKPIUQHVYCTGVQVJG
VJGPEWTTGPVXGTUKQP

KK ;QWTWUGQHQTOQFKHKECVKQPVQVJG%QXGTGF'SWKROGPVVJG
K2JQPG15QTK2JQPG5QHVYCTGKPCOCPPGTHQTYJKEJVJG
%QXGTGF'SWKROGPVQTUQHVYCTGKUPQVKPVGPFGFVQDGWUGF
QTOQFKHKGF

KKK 6JKTFRCTV[RTQFWEVUQTVJGKTGHHGEVUQPQTKPVGTCEVKQPUYKVJ
VJG%QXGTGF'SWKROGPVVJGK2JQPG15QTK2JQPG5QHVYCTG

KX ;QWTWUGQHCEQORWVGTQTQRGTCVKPIU[UVGOVJCVKUWPTGNCVGF

'PINKUJ

 ;QWT4GURQPUKDKNKVKGU
6QTGEGKXGUGTXKEGQTUWRRQTVWPFGTVJG2NCP[QWCITGGVQEQORN[
YKVJVJGHQNNQYKPI
C 2TQXKFG[QWT2NCP#ITGGOGPV0WODGTCPFUGTKCNPWODGTQHVJG
%QXGTGF'SWKROGPV
D 2TQXKFGKPHQTOCVKQPCDQWVVJGU[ORVQOUCPFECWUGUQHVJG

VQK2JQPG5QHVYCTGQTEQPPGEVKXKV[KUUWGUYKVJVJG%QXGTGF
'SWKROGPV

X #RRNGUQHVYCTGQVJGTVJCPVJGK2JQPG15QTK2JQPG5QHVYCTG
CUEQXGTGFWPFGTVJG2NCP

XK K2JQPG15UQHVYCTGQTCP[#RRNGDTCPFGFUQHVYCTG
FGUKIPCVGFCUDGVCRTGTGNGCUGQTRTGXKGYQTUKOKNCTN[
NCDGNGFUQHVYCTGCPF

XKK &COCIGVQQTNQUUQHCP[UQHVYCTGQTFCVCTGUKFKPIQT
TGEQTFGFKPVJG%QXGTGF'SWKROGPV
E 1DVCKPKPI6GEJPKECN5WRRQTV;QWOC[QDVCKPVGEJPKECNUWRRQTV
D[ECNNKPIVJGVQNNHTGGVGNGRJQPGPWODGTNKUVGFDGNQY6JG#RRNG
VGEJPKECNUWRRQTVTGRTGUGPVCVKXGYKNNRTQXKFG[QWVGEJPKECN
UWRRQTV#RRNGUJQWTUQHUGTXKEGCTGFGUETKDGFDGNQY#RRNG
TGUGTXGUVJGTKIJVVQEJCPIGKVUJQWTUQHVGEJPKECNUGTXKEGCPF
VGNGRJQPGPWODGTUCVCP[VKOG9GDDCUGFUWRRQTVTGUQWTEGUCTG
QHHGTGFVQ[QWCVVJG#RRNGYGDUKVG
YYYCRRNGEQOUWRRQTV




'PINKUJ

.KOKVCVKQPQH.KCDKNKV[
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#22.'51$.+)#6+10570&'46*+52.#0616*'/#:+/7/':6'06

RTQDNGOUYKVJVJG%QXGTGF'SWKROGPV
E 4GURQPFVQTGSWGUVUHQTKPHQTOCVKQPKPENWFKPIDWVPQVNKOKVGF
VQVJG%QXGTGF'SWKROGPVUGTKCNPWODGTOQFGNXGTUKQPQHVJG
QRGTCVKPIU[UVGOCPFUQHVYCTGKPUVCNNGFCP[RGTKRJGTCNUFGXKEGU
EQPPGEVGFQTKPUVCNNGFQPVJG%QXGTGF'SWKROGPVCP[GTTQT
OGUUCIGUFKURNC[GFCEVKQPUVCMGPDGHQTGVJG%QXGTGF'SWKROGPV
GZRGTKGPEGFVJGKUUWGCPFUVGRUVCMGPVQTGUQNXGVJGKUUWG
F (QNNQYKPUVTWEVKQPU#RRNGIKXGU[QWKPENWFKPIDWVPQVNKOKVGF
VQTGHTCKPKPIHTQOUGPFKPI#RRNGRTQFWEVUCPFCEEGUUQTKGUVJCV
CTGPQVUWDLGEVVQTGRCKTQTTGRNCEGOGPVUGTXKEGCPFRCEMKPIVJG
%QXGTGF'SWKROGPVKPCEEQTFCPEGYKVJUJKRRKPIKPUVTWEVKQPUCPF
G 7RFCVGUQHVYCTGVQEWTTGPVN[RWDNKUJGFTGNGCUGURTKQTVQUGGMKPI
UGTXKEG

'PINKUJ

 %CPEGNNCVKQP
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ECPEGNGKVJGTECNN#RRNGCVVJGVGNGRJQPGPWODGTDGNQYQTUGPFQT
HCZYTKVVGPPQVKEGYKVJ[QWT2NCP#ITGGOGPV0WODGTVQ#RRNG%CTG
#FOKPKUVTCVKQP21$QZ#WUVKP6:75
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':%.75+1014.+/+6#6+101(+0%+&'06#.14%105'37'06+#.
&#/#)'55151/'14#..1(6*'#$18'.+/+6#6+105/#;016
#22.;61;17




'PINKUJ

6TCPUHGTQH2NCP
5WDLGEVVQVJGTGUVTKEVKQPUUGVHQTVJDGNQY[QWOC[OCMGCQPGVKOG
RGTOCPGPVVTCPUHGTQHCNNQH[QWTTKIJVUWPFGTVJG2NCPVQCPQVJGT
RCTV[RTQXKFGFVJCV
CVJGVTCPUHGTOWUVKPENWFGVJGQTKIKPCN2TQQH
QH2WTEJCUGVJG2NCPU%GTVKHKECVGCPFCNNQHVJG2NCPURCEMCIKPI
OCVGTKCNKPENWFKPIRTKPVGFOCVGTKCNUCPFVJGUG6GTOUCPF%QPFKVKQPU

D[QWPQVKH[#RRNGQHVJGVTCPUHGTD[UGPFKPIHCZKPIQTGOCKNKPI
PQVKEGQHVTCPUHGTVQ#RRNG+PE#660#ITGGOGPV#FOKPKUVTCVKQP

#EQR[QHVJG2NCPUQTKIKPCNRTQQHQHRWTEJCUGOWUV
CEEQORCP[[QWTPQVKEG7PNGUUNQECNNCYRTQXKFGUQVJGTYKUGKH[QW
ECPEGNYKVJKPVJKTV[
FC[UQH[QWT2NCPURWTEJCUGQTTGEGKRVQH
VJGUG6GTOUCPF%QPFKVKQPUYJKEJGXGTQEEWTUNCVGT[QWYKNNTGEGKXG
CHWNNTGHWPFNGUUVJGXCNWGQHCP[UGTXKEGRTQXKFGFWPFGTVJG2NCP
+H[QWECPEGNOQTGVJCPVJKTV[
FC[UCHVGT[QWTTGEGKRVQHVJKU
2NCP[QWYKNNTGEGKXGCRTQTCVCTGHWPFQHVJGQTKIKPCNRWTEJCUGRTKEG
DCUGFQPVJGRGTEGPVCIGQHWPGZRKTGF%QXGTCIG2GTKQFNGUU
CC
ECPEGNNCVKQPHGGQHVYGPV[HKXG
75&FQNNCTUQTVGPRGTEGPV

QHVJGRTQTCVCCOQWPVYJKEJGXGTKUNGUUCPF
DVJGXCNWGQHCP[
UGTXKEGRTQXKFGFVQ[QWWPFGTVJG2NCP7PNGUUCRRNKECDNGNQECNNCY
RTQXKFGUQVJGTYKUG#RRNGOC[ECPEGNVJKU2NCPKHUGTXKEGRCTVUHQTVJG
%QXGTGF'SWKROGPVDGEQOGWPCXCKNCDNGWRQPVJKTV[
FC[URTKQT
YTKVVGPPQVKEG+H#RRNGECPEGNUVJKU2NCP[QWYKNNTGEGKXGCRTQTCVC
TGHWPFHQTVJG2NCPUWPGZRKTGFVGTO

'PINKUJ

 )GPGTCN6GTOU
C #RRNGOC[UWDEQPVTCEVQTCUUKIPRGTHQTOCPEGQHKVUQDNKICVKQPU
VQVJKTFRCTVKGUDWVUJCNNPQVDGTGNKGXGFQHKVUQDNKICVKQPUVQ[QWKP
FQKPIUQ
D #RRNGKUPQVTGURQPUKDNGHQTCP[HCKNWTGUQTFGNC[UKPRGTHQTOKPI
WPFGTVJG2NCPVJCVCTGFWGVQGXGPVUQWVUKFG#RRNGUTGCUQPCDNG
EQPVTQN
E ;QWCTGPQVTGSWKTGFVQRGTHQTORTGXGPVCVKXGOCKPVGPCPEGQPVJG
%QXGTGF'SWKROGPVVQTGEGKXGUGTXKEGWPFGTVJG2NCP
F 6JKU2NCPKUQHHGTGFCPFXCNKFQPN[KPVJG7PKVGF5VCVGUQH#OGTKEC
6JKU2NCPKUPQVQHHGTGFVQRGTUQPUYJQJCXGPQVTGCEJGFVJGCIG
QHOCLQTKV[6JKU2NCPOC[PQVDGCXCKNCDNGKPCNNUVCVGUCPFKUPQV
CXCKNCDNGYJGTGRTQJKDKVGFD[NCY
G +PECTT[KPIQWVKVUQDNKICVKQPU#RRNGOC[CVKVUFKUETGVKQPCPF
UQNGN[HQTVJGRWTRQUGUQHOQPKVQTKPIVJGSWCNKV[QH#RRNGU
TGURQPUGTGEQTFRCTVQTCNNQHVJGECNNUDGVYGGP[QWCPF#RRNG

/5#%.CIWPC$NXF'NM)TQXG%#75HCZPWODGT
QTCIOVUAVTCPUHGT"CRRNGEQOTGURGEVKXGN[CPF
E
VJGRCTV[TGEGKXKPIVJG2NCPTGCFUCPFCITGGUVQCEEGRVVJG6GTOU
CPF%QPFKVKQPUQHVJG2NCP9JGPPQVKH[KPI#RRNGQHVJGVTCPUHGTQH
VJG2NCP[QWOWUVRTQXKFGVJG2NCP#ITGGOGPV0WODGTVJGUGTKCN
PWODGTUQHVJG%QXGTGF'SWKROGPVDGKPIVTCPUHGTTGFCPFVJGPCOG
CFFTGUUVGNGRJQPGPWODGTCPFGOCKNCFFTGUUQHVJGPGYQYPGT




'PINKUJ

H ;QWCITGGVJCVCP[KPHQTOCVKQPQTFCVCFKUENQUGFVQ#RRNGWPFGT
VJKU2NCPKUPQVEQPHKFGPVKCNQTRTQRTKGVCT[VQ[QW(WTVJGTOQTG
[QWCITGGVJCV#RRNGOC[EQNNGEVCPFRTQEGUUFCVCQP[QWTDGJCNH
YJGPKVRTQXKFGUUGTXKEG6JKUOC[KPENWFGVTCPUHGTTKPI[QWTFCVC
VQCHHKNKCVGFEQORCPKGUQTUGTXKEGRTQXKFGTUKPCEEQTFCPEGYKVJVJG
#RRNG%WUVQOGT2TKXCE[2QNKE[
I #RRNGJCUUGEWTKV[OGCUWTGUYJKEJUJQWNFRTQVGEV[QWTFCVC
CICKPUVWPCWVJQTK\GFCEEGUUQTFKUENQUWTGCUYGNNCUWPNCYHWN
FGUVTWEVKQP;QWYKNNDGTGURQPUKDNGHQTVJGKPUVTWEVKQPU[QWIKXG
VQ#RRNGTGICTFKPIVJGRTQEGUUKPIQHFCVCCPF#RRNGYKNNUGGMVQ
EQORN[YKVJVJQUGKPUVTWEVKQPUCUTGCUQPCDN[PGEGUUCT[HQTVJG
RGTHQTOCPEGQHVJGUGTXKEGCPFUWRRQTVQDNKICVKQPUWPFGTVJG
2NCP+H[QWFQPQVCITGGYKVJVJGCDQXGQTKH[QWJCXGSWGUVKQPU
TGICTFKPIJQY[QWTFCVCOC[DGKORCEVGFD[DGKPIRTQEGUUGFKP
VJKUYC[EQPVCEV#RRNGCVVJGVGNGRJQPGPWODGTURTQXKFGF
J #RRNGYKNNRTQVGEV[QWTKPHQTOCVKQPKPCEEQTFCPEGYKVJ
#RRNG%WUVQOGT2TKXCE[2QNKE[CXCKNCDNGCV74.
YYYCRRNGEQONGICNRTKXCE[+H[QWYKUJVQJCXGCEEGUUVQVJG
KPHQTOCVKQPVJCV#RRNGJQNFUEQPEGTPKPI[QWQTKH[QWYCPVVQ
OCMGEJCPIGUCEEGUU74.YYYCRRNGEQOEQPVCEVO[KPHQVQ
WRFCVG[QWTRGTUQPCNEQPVCEVRTGHGTGPEGUQT[QWOC[EQPVCEV
#RRNGCVRTKXCE["CRRNGEQO

'PINKUJ

K 6JG6GTOUCPF%QPFKVKQPUQHVJKU2NCPRTGXCKNQXGTCP[EQPHNKEVKPI
CFFKVKQPCNQTQVJGTVGTOUQHCP[RWTEJCUGQTFGTQTQVJGT
FQEWOGPVCPFEQPUVKVWVG[QWTCPF#RRNGUGPVKTGWPFGTUVCPFKPI
YKVJTGURGEVVQVJG2NCP
L ;QWTTKIJVUWPFGTVJG2NCPCTGKPCFFKVKQPVQCP[YCTTCPV[TKIJVU
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YJKNG[QWT#RRNGDTCPFGFK2JQPGKUYKVJKP#RRNGU1PG;GCT
.KOKVGFYCTTCPV[#RRNGKUPQVQDNKICVGFVQTGPGYVJKU2NCP+H
#RRNGFQGUQHHGTCTGPGYCNKVYKNNFGVGTOKPGVJGRTKEGCPFVGTOU
M 6JGTGKUPQKPHQTOCNFKURWVGUGVVNGOGPVRTQEGUUCXCKNCDNGWPFGT
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%QORCP[+PECP#TK\QPCEQTRQTCVKQPYKVJKVUTGIKUVGTGFQHHKEGCV
EQ%6%QTRQTCVKQP5[UVGO'CUV%COGNDCEM4QCF2JQGPKZ
#TK\QPCFQKPIDWUKPGUUKPVJGUVCVGQH6GZCUCU#RRNG%5%
+PECPFVJGQDNKICVKQPUQHUWEJ2NCPUCTGDCEMGFD[VJGHWNNHCKVJ
CPFETGFKVQHVJGRTQXKFGT#RRNG%CTG5GTXKEG%QORCP[+PE
O 6JG#FOKPKUVTCVQTHQT2NCPUUQNFKPVJG7PKVGF5VCVGUKU#RRNG+PE

VJG#FOKPKUVTCVQTC%CNKHQTPKCEQTRQTCVKQPYKVJKVUTGIKUVGTGF
QHHKEGCV+PHKPKVG.QQR%WRGTVKPQ%CNKHQTPKC6JG
#FOKPKUVTCVQTKUTGURQPUKDNGHQTVJGEQNNGEVKQPCPFVTCPUHGTVQ
#RRNG%CTG5GTXKEG%QORCP[+PEQHVJGRWTEJCUGRTKEGHQTVJG2NCP
CPFHQTVJGCFOKPKUVTCVKQPQHENCKOUWPFGTVJG2NCP



'PINKUJ

 #NCDCOC%CNKHQTPKC*CYCKK/CT[NCPF/KPPGUQVC/KUUQWTK0GY
/GZKEQ0GY;QTM0GXCFC5QWVJ%CTQNKPC6GZCU9CUJKPIVQPCPF
9[QOKPI4GUKFGPVU
+H[QWECPEGNVJKU2NCPRWTUWCPVVQ5GEVKQPQHVJGUG6GTOUCPF
%QPFKVKQPUCPFYGHCKNVQTGHWPFVJGRWTEJCUGRTKEGVQ[QWYKVJKP
VJKTV[
FC[UHQT%CNKHQTPKC0GY;QTM/KUUQWTKCPF9CUJKPIVQP
TGUKFGPVUYKVJKPHQTV[HKXG
FC[UHQT#NCDCOC*CYCKK/CT[NCPF

5VCVG8CTKCVKQPU
6JGHQNNQYKPIUVCVGXCTKCVKQPUYKNNEQPVTQNKHKPEQPUKUVGPVYKVJCP[
QVJGTRTQXKUKQPUQHVJKU2NCP

P 'ZEGRVYJGTGRTQJKDKVGFD[NCYVJGNCYUQHVJGUVCVGQH%CNKHQTPKC
IQXGTP2NCPURWTEJCUGFKPVJG7PKVGF5VCVGU+HVJGNCYUQHCP[
LWTKUFKEVKQPYJGTGVJKU2NCPKURWTEJCUGFCTGKPEQPUKUVGPVYKVJ
VJGUGVGTOUKPENWFKPIVJGLWTKUFKEVKQPUQH#TK\QPC(NQTKFC)GQTIKC
0GXCFC1TGIQP8GTOQPV9CUJKPIVQPCPF9[QOKPIVJGNCYUQH
VJCVLWTKUFKEVKQPYKNNEQPVTQN
Q 5WRRQTVUGTXKEGUWPFGTVJKU2NCPOC[DGCXCKNCDNGKP'PINKUJQPN[
R 6JGTGKUPQFGFWEVKDNGRC[OGPVFWGKPTGURGEVQHCENCKOOCFG
WPFGTVJKU2NCP
S 6JG2NCPYKNNPQVDGECPEGNNGFFWGVQRTGGZKUVKPIEQPFKVKQPU
KPVJG%QXGTGF'SWKROGPVVJCVCTGGNKIKDNGHQTUGTXKEGWPFGT
VJG2NCP

'PINKUJ

 %QPPGEVKEWV4GUKFGPVU
6JGGZRKTCVKQPFCVGQHVJG2NCPYKNNCWVQOCVKECNN[DGGZVGPFGFD[
VJGRGTKQFVJCVVJG%QXGTGF'SWKROGPVKUKP#RRNGUEWUVQF[YJKNG
DGKPIUGTXKEGF4GUQNWVKQPQH&KURWVGU&KURWVGUOC[DGTGUQNXGFD[
CTDKVTCVKQP7PTGUQNXGFFKURWVGUQTEQORNCKPVUOC[DGOCKNGFYKVJ
CEQR[QHVJKU2NCPVQ5VCVGQH%QPPGEVKEWV+PUWTCPEG&GRV21$QZ
*CTVHQTF%6#VVP%QPUWOGT#HHCKTU

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0QVKEG6JKU2NCPKUUWDLGEVVQVJG%QNQTCFQ%QPUWOGT2TQVGEVKQP#EV
QTVJG7PHCKT2TCEVKEGU#EV#TVKENGUCPFQH6KVNG%45

 %CNKHQTPKC4GUKFGPVU
+H[QWECPEGNYKVJKPVJKTV[
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VJG2NCP

/KPPGUQVC0GXCFC5QWVJ%CTQNKPC6GZCUCPF9[QOKPITGUKFGPVUCPF
YKVJKPUKZV[
FC[UHQT0GY/GZKEQTGUKFGPVUYGCTGTGSWKTGFVQ
RC[[QWCRGPCNV[QHRGTOQPVJHQTVJGWPRCKFCOQWPVFWGCPF
QYKPIVQ[QW6JGTKIJVVQECPEGNCPFTGEGKXGVJKURGPCNV[RC[OGPV
QPN[CRRNKGUVQVJGQTKIKPCNQYPGTQHVJG#ITGGOGPVCPFOC[PQVDG
VTCPUHGTTGFQTCUUKIPGF6JGQDNKICVKQPUQHVJGRTQXKFGTWPFGTVJKU
UGTXKEGEQPVTCEVCTGDCEMGFD[VJGHWNNHCKVJCPFETGFKVQHVJGRTQXKFGT
#RRNG%CTG5GTXKEG%QORCP[+PE




'PINKUJ

 0GXCFC4GUKFGPVU
%CPEGNNCVKQPU0Q2NCPVJCVJCUDGGPKPGHHGEVHQTCVNGCUVFC[UOC[
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QTQPG[GCTCHVGTVJGGHHGEVKXGFCVGQHVJG2NCPYJKEJGXGTQEEWTUHKTUV
GZEGRVQPVJGHQNNQYKPIITQWPFU
C (CKNWTGD[VJGJQNFGTVQRC[CPCOQWPVFWG
D %QPXKEVKQPQHVJGJQNFGTQHCETKOGYJKEJTGUWNVUKPCPKPETGCUGKP
VJGUGTXKEGTGSWKTGF
E &KUEQXGT[QHHTCWFQTOCVGTKCNOKUTGRTGUGPVCVKQPD[VJGJQNFGTKP
QDVCKPKPIVJG2NCPQTKPRTGUGPVKPICENCKOHQTUGTXKEGVJGTGWPFGT
F &KUEQXGT[QHCPCEVQTQOKUUKQPD[VJGJQNFGTQTCXKQNCVKQPD[
VJGJQNFGTQHCP[EQPFKVKQPQHVJG2NCPYJKEJQEEWTTGFCHVGTVJG

 /KEJKICP4GUKFGPVU
+HRGTHQTOCPEGQHVJGUGTXKEGEQPVTCEVKUKPVGTTWRVGFDGECWUGQHC
UVTKMGQTYQTMUVQRRCIGCVVJGEQORCP[URNCEGQHDWUKPGUUVJG
GHHGEVKXGRGTKQFQHVJGUGTXKEGEQPVTCEVUJCNNDGGZVGPFGFHQTVJG
RGTKQFQHVJGUVTKMGQTYQTMUVQRRCIG

 (NQTKFC4GUKFGPVU
6JGNCYUQHVJG5VCVGQH(NQTKFCYKNNIQXGTPVJKU2NCPCPFCP[FKURWVGU
CTKUKPIWPFGTKV6JGTCVGEJCTIGFHQTVJGEQPVTCEVKUPQVUWDLGEVVQ
TGIWNCVKQPD[VJG(NQTKFC1HHKEGQH+PUWTCPEG4GIWNCVKQP

'PINKUJ

GHHGEVKXGFCVGQHVJG2NCPCPFYJKEJUWDUVCPVKCNN[CPFOCVGTKCNN[
KPETGCUGUVJGUGTXKEGTGSWKTGFWPFGTVJG2NCP
G #OCVGTKCNEJCPIGKPVJGPCVWTGQTGZVGPVQHVJGTGSWKTGFUGTXKEG
QTTGRCKTYJKEJQEEWTUCHVGTVJGGHHGEVKXGFCVGQHVJG2NCPCPF
YJKEJECWUGUVJGTGSWKTGFUGTXKEGQTTGRCKTVQDGUWDUVCPVKCNN[CPF
OCVGTKCNN[KPETGCUGFDG[QPFVJCVEQPVGORNCVGFCVVJGVKOGVJCV
VJG2NCPYCUKUUWGFQTUQNF
)TQWPFUHQTECPEGNNCVKQPFCVGECPEGNNCVKQPGHHGEVKXG0QECPEGNNCVKQPQH
CUGTXKEGEQPVTCEVOC[DGEQOGGHHGEVKXGWPVKNCVNGCUVFC[UCHVGT
VJGPQVKEGQHECPEGNNCVKQPKUOCKNGFVQVJGJQNFGT
%CPEGNNCVKQPQHEQPVTCEV4GHWPFQHRWTEJCUGRTKEGECPEGNNCVKQPHGG

K +H#RRNGECPEGNUVJKU2NCP#RRNGUJCNNTGHWPFVQ0GXCFCEQPUWOGTU
VJGRQTVKQPQHVJGRWTEJCUGRTKEGVJCVKUWPGCTPGF#RRNGOC[
FGFWEVCP[QWVUVCPFKPIDCNCPEGQP[QWTCEEQWPVHTQOVJG
COQWPVQHVJGRWTEJCUGRTKEGVJCVKUWPGCTPGFYJGPECNEWNCVKPI
VJGCOQWPVQHVJGTGHWPF+H#RRNGECPEGNUCEQPVTCEVRWTUWCPVVQ
045%KVOC[PQVKORQUGCECPEGNNCVKQPHGG

KK 'ZEGRVCUQVJGTYKUGRTQXKFGFKPVJKUUGEVKQPC0GXCFCTGUKFGPV
YJQKUVJGQTKIKPCNRWTEJCUGTQHVJKU2NCPYJQUWDOKVUVQ#RRNG
CTGSWGUVKPYTKVKPIVQECPEGNVJG2NCPKPCEEQTFCPEGYKVJVJG
VGTOUQHVJG2NCPUJCNNTGEGKXGCTGHWPFQHVJGRQTVKQPQHVJG2NCPU
RWTEJCUGRTKEGVJCVKUWPGCTPGF



'PINKUJ

 0GY/GZKEQ4GUKFGPVU
%CPEGNNCVKQPU0Q2NCPVJCVJCUDGGPKPGHHGEVHQTCVNGCUVFC[UOC[
DGECPEGNGFD[VJGRTQXKFGTDGHQTGVJGGZRKTCVKQPQHVJGCITGGFVGTO
QTQPG[GCTCHVGTVJGGHHGEVKXGFCVGQHVJG2NCPYJKEJGXGTQEEWTUHKTUV
GZEGRVQPVJGHQNNQYKPIITQWPFU
C (CKNWTGD[VJGJQNFGTVQRC[CPCOQWPVFWG

 0GY*CORUJKTG4GUKFGPVU
+PVJGGXGPV[QWFQPQVTGEGKXGUCVKUHCEVKQPWPFGTVJKUEQPVTCEV[QW
OC[EQPVCEVVJG0GY*CORUJKTGKPUWTCPEGFGRCTVOGPVD[OCKN
CV5VCVG1H0GY*CORUJKTG+PUWTCPEG&GRCTVOGPV5QWVJ(TWKV
5VTGGV5WKVG%QPEQTF0*QTD[VGNGRJQPGXKC%QPUWOGT
#UUKUVCPEGCV

KKK+H[QWTGSWGUVVJGECPEGNNCVKQPQHVJKU2NCP#RRNGOC[KORQUG
VJGECPEGNNCVKQPHGGFGUETKDGFKPVJG2NCPDWVYKNNPQVFGFWEVVJG
XCNWGQHCP[UGTXKEGRTQXKFGF

KX9JGP#RRNGECNEWNCVGUVJGCOQWPVQHCTGHWPFRWTUWCPVVQ
UWDUGEVKQP
KKKVOC[FGFWEVHTQOVJGRQTVKQPQHVJGRWTEJCUG
RTKEGVJCVKUWPGCTPGF
CCP[QWVUVCPFKPIDCNCPEGQPVJG
CEEQWPVCPF
DCP[ECPEGNNCVKQPHGGKORQUGFRWTUWCPVVQVJKU
2NCP#RRNG%CTG5GTXKEG%QORCP[+PEDCEMUVJKU2NCPHQT0GXCFC
TGUKFGPVUD[KVUHWNNHCKVJCPFETGFKV

'PINKUJ

 1TGIQP4GUKFGPVU
+PVJGGXGPV[QWFQPQVTGEGKXGUCVKUHCEVKQPWPFGTVJKUEQPVTCEV
[QWOC[EQPVCEVVJG1TGIQP&GRCTVOGPVQH%QPUWOGTCPF$WUKPGUU
5GTXKEGUD[OCKNCVVJG&GRCTVOGPVQH%QPUWOGTCPF$WUKPGUU

 0QTVJ%CTQNKPC4GUKFGPVU
6JGRWTEJCUGQHVJKU2NCPKUPQVTGSWKTGFGKVJGTVQRWTEJCUGQTVQ
QDVCKPHKPCPEKPIHQTEQORWVGTGSWKROGPV#RRNG+PEYKNNPQVECPEGN
VJKURNCP':%'26HQTHCKNWTGVQRC[VJGRWTEJCUGRTKEGHQTVJG2NCP

D %QPXKEVKQPQHVJGJQNFGTQHCETKOGYJKEJTGUWNVUKPCPKPETGCUGKP
VJGUGTXKEGTGSWKTGF
E &KUEQXGT[QHHTCWFQTOCVGTKCNOKUTGRTGUGPVCVKQPD[VJGJQNFGTKP
QDVCKPKPIVJG2NCPQTKPRTGUGPVKPICENCKOHQTUGTXKEGVJGTGWPFGT
F &KUEQXGT[QHCPCEVQTQOKUUKQPD[VJGJQNFGTQTCXKQNCVKQPD[
VJGJQNFGTQHCP[EQPFKVKQPQHVJG2NCPYJKEJQEEWTTGFCHVGTVJG
GHHGEVKXGFCVGQHVJG2NCPCPFYJKEJUWDUVCPVKCNN[CPFOCVGTKCNN[
KPETGCUGUVJGUGTXKEGTGSWKTGFWPFGTVJG2NCP
G #OCVGTKCNEJCPIGKPVJGPCVWTGQTGZVGPVQHVJGTGSWKTGFUGTXKEG
QTTGRCKTYJKEJQEEWTUCHVGTVJGGHHGEVKXGFCVGQHVJG2NCPCPF
YJKEJECWUGUVJGTGSWKTGFUGTXKEGQTTGRCKTVQDGUWDUVCPVKCNN[CPF
OCVGTKCNN[KPETGCUGFDG[QPFVJCVEQPVGORNCVGFCVVJGVKOGVJCV
VJG2NCPYCUKUUWGFQTUQNF




'PINKUJ

 6GZCU4GUKFGPVU
6JGRTQXKFGTOC[ECPEGNVJKU2NCPYKVJPQRTKQTPQVKEGHQTPQP
RC[OGPVOKUTGRTGUGPVCVKQPQTCUWDUVCPVKCNDTGCEJQHCFWV[D[
VJGJQNFGTTGNCVKPIVQVJG%QXGTGF'SWKROGPVQTKVUWUG7PTGUQNXGF
EQORNCKPVUQT%QPVTCEVTGIWNCVKQPSWGUVKQPUOC[DGCFFTGUUGF
VQVJG6:&GRVQH.KEGPUKPICPF4GIWNCVKQP21$QZ#WUVKP
6:75

 6GPPGUUGG4GUKFGPVU
6JKU2NCPUJCNNDGGZVGPFGFCUHQNNQYU
VJGPWODGTQHFC[UVJG
EQPUWOGTKUFGRTKXGFQHVJGWUGQHVJGRTQFWEVDGECWUGVJGRTQFWEV
KUKPTGRCKTRNWUVYQ
CFFKVKQPCNYQTMFC[U

 5QWVJ%CTQNKPC4GUKFGPVU
7PTGUQNXGFEQORNCKPVUQT2NCPTGIWNCVKQPSWGUVKQPUOC[DG
CFFTGUUGFVQVJG5QWVJ%CTQNKPC&GRCTVOGPVQH+PUWTCPEG21$QZ
%QNWODKC5QWVJ%CTQNKPC
6GN

5GTXKEGU1TGIQP+PUWTCPEG&KXKUKQP9KPVGT5VTGGV0'5CNGO14
QTD[VGNGRJQPGXKC%QPUWOGT#FXQECE[CV

'PINKUJ

 9[QOKPI4GUKFGPVU
+H#RRNGECPEGNUVJKU2NCP#RRNGYKNNOCKNVQ[QWYTKVVGPPQVKEGQHVJG
ECPEGNNCVKQPCV[QWTNCUVMPQYPCFFTGUUEQPVCKPGFKP#RRNGUTGEQTFU
PQNGUUVJCPVGP
FC[URTKQTVQVJGGHHGEVKXGECPEGNNCVKQPFCVG6JG
RTKQTYTKVVGPPQVKEGYKNNEQPVCKPVJGGHHGEVKXGFCVGQHECPEGNNCVKQPCPF
VJGTGCUQPUHQTECPEGNNCVKQP#RRNGKUPQVQDNKICVGFVQRTQXKFGRTKQT
PQVKEGKHECPEGNNCVKQPKUFWGVQPQPRC[OGPVQHVJG2NCPCOCVGTKCN
OKUTGRTGUGPVCVKQPD[[QWVQ#RRNGCUWDUVCPVKCNDTGCEJQH[QWT

 9KUEQPUKP4GUKFGPVU
6*+59#44#06;+557$,'%661.+/+6'&4')7.#6+10$;6*'
1((+%'1(6*'%1//+55+10'41(+0574#0%'
+H[QWECPEGNYKVJKPVJKTV[
FC[UQH[QWT2NCPURWTEJCUGQTTGEGKRV
QHVJGUG6GTOUCPF%QPFKVKQPUYJKEJGXGTQEEWTUNCVGT[QWYKNNTGEGKXG
CHWNNTGHWPF+H[QWECPEGNOQTGVJCPVJKTV[
FC[UCHVGT[QWTTGEGKRV
QHVJG2NCP[QWYKNNTGEGKXGCRTQTCVCTGHWPFQHVJGQTKIKPCNRWTEJCUG
RTKEGDCUGFQPVJGRGTEGPVCIGQHWPGZRKTGF%QXGTCIG2GTKQFNGUUC
ECPEGNNCVKQPHGGQHVYGPV[HKXG
75&FQNNCTUQTVGPRGTEGPV

QHVJGRTQTCVCCOQWPVYJKEJGXGTKUNGUU0QFGFWEVKQPUJCNNDGOCFG
HTQOVJGTGHWPFHQTVJGEQUVQHCP[UGTXKEGTGEGKXGF#RRNGYKNNPQV
ECPEGNVJKURNCP':%'26HQTHCKNWTGVQRC[VJGRWTEJCUGRTKEGHQTVJG
RNCP+H#RRNGECPEGNUVJG2NCP[QWYKNNTGEGKXGCRTQTCVCTGHWPFHQT
VJG2NCPUWPGZRKTGFVGTO




'PINKUJ



#22K2JQPG0#X

 6GNGRJQPGPWODGTUCPFJQWTUQHQRGTCVKQPOC[XCT[CPFCTGUWDLGEV
VQEJCPIG;QWECPHKPFVJGOQUVWRVQFCVGNQECNCPFKPVGTPCVKQPCN
EQPVCEVKPHQTOCVKQPCVYYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVUJVON
6QNNHTGGPWODGTUCTGPQVCXCKNCDNGKPCNNEQWPVTKGU

+PVJG75
#2.%#4'

5GXGPFC[UCYGGM
#/VQ2/%GPVTCNVKOG

 6QNN(TGG0WODGTU

FWVKGUWPFGTVJG2NCPQTCUWDUVCPVKCNDTGCEJQH[QWTFWVKGUTGNCVKPI
VQVJG%QXGTGF'SWKROGPVQTKVUWUG
&KURWVGUCTKUKPIWPFGTVJKU2NCPOC[DGUGVVNGFKPCEEQTFCPEGYKVJ
VJG9[QOKPI#TDKVTCVKQP#EV

'PINKUJ

;QWT#RRNG%CTG2TQVGEVKQP2NCPHQTK2JQPG
JGTGKPTGHGTTGFVQCUVJG
2NCPKUIQXGTPGFD[VJGUG6GTOUCPF%QPFKVKQPUCPFEQPUVKVWVGU[QWT
EQPVTCEVYKVJ#RRNG%CPCFC+PE$KTEJOQWPV4QCF/CTMJCO
1PVCTKQ.4)%CPCFC5WDLGEVVQVJGUG6GTOUCPF%QPFKVKQPU
[QWT2NCP
KEQXGTUFGHGEVUHQTVJG#RRNGDTCPFGFK2JQPGRTQFWEV
NKUVGFKP[QWT2NCPU%GTVKHKECVGQT2TQQHQH%QXGTCIGFQEWOGPV
2NCP
%QPHKTOCVKQPCP#RRNGDTCPFGFK2JQPG$NWGVQQVJJGCFUGVKHWUGF
YKVJVJGEQXGTGFK2JQPGCPFQTKIKPCNN[RWTEJCUGFD[[QWYKVJKPVYQ

[GCTUHTQOVJGRWTEJCUGQHVJG2NCPCPFVJGJCTFYCTGCEEGUUQTKGUVJCV
CTGEQPVCKPGFKPVJGEQXGTGFK2JQPGUQTKIKPCNRCEMCIKPI
EQNNGEVKXGN[
VJG%QXGTGF'SWKROGPVCPF
KKRTQXKFGU[QWYKVJCEEGUUVQ
VGNGRJQPGUWRRQTVCPFYGDDCUGFUWRRQTVTGUQWTEGUHQTVJG%QXGTGF
'SWKROGPV6QQDVCKPVJG2NCP%QPHKTOCVKQP[QWOWUVTGIKUVGT[QWT
2NCPUWPKSWGCITGGOGPVQTTGIKUVTCVKQPPWODGT
2NCP#ITGGOGPV
0WODGTCUFGUETKDGFKPVJGKPUVTWEVKQPUKPENWFGFKPVJG2NCPU
RCEMCIKPI%WUVQOGTUEJQQUKPIVJG#WVQ4GIKUVTCVKQPQRVKQPYJGTG
CXCKNCDNGYKNNCWVQOCVKECNN[TGEGKXGVJGKT2NCP%QPHKTOCVKQP6JGFWTCVKQP
QHVJG2NCP
%QXGTCIG2GTKQFKUHQTVJGRGTKQFGPFKPIQPVJGFCVG

6GTOUCPF%QPFKVKQPU

#RRNG%CTG2TQVGEVKQP2NCPHQTK2JQPG%CPCFC




'PINKUJ

 4GRCKT%QXGTCIG
C 5EQRGQH%QXGTCIG;QWTEQXGTCIGHQTFGHGEVUDGIKPUQPVJGFCVG
[QWT%QXGTGF'SWKROGPVU#RRNGJCTFYCTGYCTTCPV[GZRKTGUCPF
VGTOKPCVGUCVVJGGPFQHVJG%QXGTCIG2GTKQF
4GRCKT%QXGTCIG
2GTKQF#RRNGYKNNCVKVUQRVKQPTGRCKTQTTGRNCEGVJGCHHGEVGF
%QXGTGF'SWKROGPVKH
KFWTKPIVJG4GRCKT%QXGTCIG2GTKQFVJGTG
KUCFGHGEVKPVJG%QXGTGF'SWKROGPVUOCVGTKCNUQTYQTMOCPUJKR
QT
KKFWTKPIVJG%QXGTCIG2GTKQFVJGECRCEKV[QHVJGEQXGTGF
K2JQPGDCVVGT[VQJQNFCPGNGEVTKECNEJCTIGJCUFGRNGVGFHKHV[

RGTEGPVQTOQTGHTQOKVUQTKIKPCNURGEKHKECVKQP
CHVGTDGKPI
HWNN[EJCTIGFCPFVJGEQXGTGFK2JQPGRNC[KPICWFKQQTXKFGQYKVJ
CNNUGVVKPIUTGUGV#RRNGYKNNRTQXKFGDQVJRCTVUCPFNCDQTDWVOC[
TGSWKTG[QWVQTGRNCEGEGTVCKPTGCFKN[KPUVCNNCDNGRCTVU[QWTUGNHCU
FGUETKDGFDGNQY#RRNGOC[RTQXKFGTGRNCEGOGPVRTQFWEVQTRCTVU
VJCVCTGOCPWHCEVWTGFHTQORCTVUVJCVCTGPGYQTGSWKXCNGPVVQ
PGYKPDQVJRGTHQTOCPEGCPFTGNKCDKNKV[6JGTGRNCEGOGPVRTQFWEV
QTRCTVUYKNNDGHWPEVKQPCNN[GSWKXCNGPVVQVJGTGRNCEGFRTQFWEVU
QTRCTVUCPFYKNNCUUWOGVJGTGOCKPKPIEQXGTCIGWPFGTVJG2NCP
6JGRTQFWEVUQTRCTVUVJCVCTGTGRNCEGFDGEQOG#RRNGURTQRGTV[
#RRNGUVTQPIN[CFXKUGU[QWVQTGEQTFCUCDCEMWRFCVCCPF

URGEKHKGFKP[QWT2NCP%QPHKTOCVKQP6JGRTKEGQHVJG2NCPKUNKUVGFQPVJG
2NCPUQTKIKPCNUCNGUTGEGKRV#RRNGOC[TGUVTKEVUGTXKEGRTQXKFGFWPFGT
VJKU2NCPVQ%CPCFC

'PINKUJ

UQHVYCTGTGUKFKPIQTTGEQTFGFKPVJG%QXGTGF'SWKROGPVDGHQTG
OCMKPIVJG%QXGTGF'SWKROGPVCXCKNCDNGHQTUGTXKEG
D .KOKVCVKQPU6JG2NCPFQGUPQVEQXGT

K +PUVCNNCVKQPTGOQXCNQTFKURQUCNQHVJG%QXGTGF'SWKROGPV
QTKPUVCNNCVKQPTGOQXCNTGRCKTQTOCKPVGPCPEGQHPQP
%QXGTGF'SWKROGPV
KPENWFKPICEEGUUQTKGUCVVCEJOGPVUQT
QVJGTFGXKEGUQTPGVYQTMQTEGNNWNCTUGTXKEGGZVGTPCNVQVJG
%QXGTGF'SWKROGPV

KK &COCIGVQVJG%QXGTGF'SWKROGPVECWUGFD[CEEKFGPV
CDWUGPGINGEVOKUWUG
KPENWFKPIHCWNV[KPUVCNNCVKQPTGRCKT
QTOCKPVGPCPEGD[CP[QPGQVJGTVJCP#RRNGQTCP#RRNG
#WVJQTK\GF5GTXKEG2TQXKFGTWPCWVJQTK\GFOQFKHKECVKQP
GZVTGOGGPXKTQPOGPV
KPENWFKPIGZVTGOGVGORGTCVWTG
QTJWOKFKV[GZVTGOGRJ[UKECNQTGNGEVTKECNUVTGUUQT
KPVGTHGTGPEGHNWEVWCVKQPQTUWTIGUQHGNGEVTKECNRQYGT
NKIJVPKPIUVCVKEGNGEVTKEKV[HKTGCEVUQH)QFQTQVJGT
GZVGTPCNECWUGU

KKK %QXGTGF'SWKROGPVYKVJCUGTKCNPWODGTVJCVJCUDGGP
CNVGTGFFGHCEGFQTTGOQXGF

KX 2TQDNGOUECWUGFD[CFGXKEGVJCVKUPQVVJG%QXGTGF
'SWKROGPVKPENWFKPIGSWKROGPVVJCVKUPQV#RRNGDTCPFGF
YJGVJGTQTPQVRWTEJCUGFCVVJGUCOGVKOGCUVJG%QXGTGF
'SWKROGPV



'PINKUJ

X 5GTXKEGPGEGUUCT[VQEQORN[YKVJVJGTGIWNCVKQPUQH
CP[IQXGTPOGPVDQF[QTCIGPE[CTKUKPICHVGTVJGFCVG
QHVJKU2NCP

XK 2TQDNGOUECWUGFD[VJGHWPEVKQPQHCPGVYQTMQTEGNNWNCT
UGTXKEGQTXKTWUGUQTQVJGTUQHVYCTGRTQDNGOUKPVTQFWEGFKPVQ
VJG%QXGTGF'SWKROGPV

XKK %QXGTGF'SWKROGPVVJCVJCUDGGPNQUVQTUVQNGP6JKU2NCP
QPN[EQXGTU%QXGTGF'SWKROGPVVJCVKUTGVWTPGFVQ#RRNGKP
KVUGPVKTGV[

XKKK %QUOGVKEFCOCIGVQVJG%QXGTGF'SWKROGPVKPENWFKPIDWV
PQVNKOKVGFVQUETCVEJGUFGPVUCPFDTQMGPRNCUVKEQPRQTVU

KZ 2TGXGPVCVKXGOCKPVGPCPEGQPVJG%QXGTGF'SWKROGPV

Z 6JGRTQXKUKQPQHTGRNCEGOGPVGSWKROGPVFWTKPIVJGRGTKQF
YJGPVJG%QXGTGF'SWKROGPVKUDGKPIUGTXKEGF
ZK&COCIG
VQQTNQUUQHCP[UQHVYCTGQTFCVCTGUKFKPIQTTGEQTFGFKP
VJG%QXGTGF'SWKROGPV6*'%106'0651(;174K2*10'
9+..$'&'.'6'&#0&6*'5614#)'/'&+#4'(14/#66'&
+06*'%1745'1(5'48+%';QWTK2JQPGQTCTGRNCEGOGPV
K2JQPGYKNNDGTGVWTPGFVQ[QWCU[QWTK2JQPGYCU
EQPHKIWTGFYJGPQTKIKPCNN[RWTEJCUGFUWDLGEVVQCRRNKECDNG
WRFCVGU#RRNGOC[KPUVCNNU[UVGOUQHVYCTG
K2JQPG15
WRFCVGUCURCTVQH[QWTUGTXKEGVJCVYKNNRTGXGPVVJGK2JQPG
HTQOTGXGTVKPIVQCPGCTNKGTXGTUKQPQHVJGK2JQPG156JKTF

'PINKUJ

RCTV[CRRNKECVKQPUKPUVCNNGFQPVJGK2JQPGOC[PQVDG
EQORCVKDNGQTYQTMYKVJVJGK2JQPGCUCTGUWNVQHVJGK2JQPG
15WRFCVG;QWYKNNDGTGURQPUKDNGHQTTGKPUVCNNKPICNNQVJGT
UQHVYCTGRTQITCOUFCVCCPFRCUUYQTFU4GEQXGT[CPF
TGKPUVCNNCVKQPQHUQHVYCTGRTQITCOUCPFWUGTFCVCCTGPQV
EQXGTGFWPFGTVJKU2NCP

ZKK &GHGEVUECWUGFD[PQTOCNYGCTCPFVGCTQTQVJGTYKUGFWGVQ
PQTOCNCIKPIQHVJGRTQFWEV

ZKKK 2TQVGEVKXGEQCVKPIUFGUKIPGFVQFKOKPKUJQXGTVKOG
WPNGUUHCKNWTGJCUQEEWTTGFFWGVQCFGHGEVKPOCVGTKCNUQT
YQTMOCPUJKRQT

ZKX 'ZEGRVCUURGEKHKECNN[RTQXKFGFJGTGKPCP[QVJGTFCOCIGU
VJCVFQPQVCTKUGHTQOFGHGEVUKPOCVGTKCNUCPFYQTMOCPUJKR
QTQTFKPCT[CPFEWUVQOCT[WUCIGQHVJG%QXGTGF'SWKROGPV
E 5GTXKEG1RVKQPU#RRNGOC[RTQXKFGUGTXKEGVJTQWIJQPGQTOQTG
QHVJGHQNNQYKPIQRVKQPU

K %CTT[KPUGTXKEG4GVWTPVJG%QXGTGF'SWKROGPVTGSWKTKPI
UGTXKEGVQCP#RRNGQYPGFTGVCKNUVQTGNQECVKQPQHHGTKPI
ECTT[KPUGTXKEG5GTXKEGYKNNDGRGTHQTOGFCVVJGNQECVKQPQT
VJGUVQTGOC[UGPFVJG%QXGTGF'SWKROGPVVQCP#RRNGTGRCKT
UGTXKEGNQECVKQPVQDGTGRCKTGF1PEG[QWCTGPQVKHKGFVJCV
UGTXKEGKUEQORNGVG[QWYKNNRTQORVN[TGVTKGXGVJGRTQFWEV



'PINKUJ

KK &KTGEVOCKNKPUGTXKEG+H#RRNGFGVGTOKPGUVJCV[QWT%QXGTGF
'SWKROGPVKUGNKIKDNGHQTOCKNKPUGTXKEG#RRNGYKNNUGPF[QW
RTGRCKFYC[DKNNU
CPFKH[QWPQNQPIGTJCXGVJGQTKIKPCN
RCEMCIKPI#RRNGOC[UGPF[QWRCEMCIKPIOCVGTKCNCPF[QW
YKNNUJKRVJG%QXGTGF'SWKROGPVVQ#RRNGUTGRCKTUGTXKEG
NQECVKQPKPCEEQTFCPEGYKVJKVUKPUVTWEVKQPU1PEGUGTXKEGKU
EQORNGVGVJG#RRNGTGRCKTUGTXKEGNQECVKQPYKNNTGVWTPVJG
%QXGTGF'SWKROGPVVQ[QW#RRNGYKNNRC[HQTUJKRRKPIVQ
CPFHTQO[QWTNQECVKQPKHCNNKPUVTWEVKQPUCTGHQNNQYGF

KKK &Q+V;QWTUGNH2CTVUUGTXKEGKUCXCKNCDNGHQTOCP[%QXGTGF
'SWKROGPVRCTVUQTCEEGUUQTKGUCNNQYKPI[QWVQUGTXKEG[QWT
QYPRTQFWEV+H&Q+V;QWTUGNH2CTVUUGTXKEGKUCXCKNCDNGKPVJG
EKTEWOUVCPEGUVJGHQNNQYKPIRTQEGUUYKNNCRRN[

# &Q+V;QWTUGNH2CTVUUGTXKEGYJGTG#RRNGTGSWKTGUTGVWTP
QHVJGTGRNCEGFRCTV#RRNGOC[TGSWKTGCETGFKVECTF
CWVJQTK\CVKQPCUUGEWTKV[HQTVJGTGVCKNRTKEGQHVJG
TGRNCEGOGPVRCTVCPFCRRNKECDNGUJKRRKPIEQUVU+H[QW
CTGWPCDNGVQRTQXKFGETGFKVECTFCWVJQTK\CVKQP&Q+V
;QWTUGNH2CTVUUGTXKEGOC[PQVDGCXCKNCDNGVQ[QWCPF
#RRNGYKNNQHHGTCNVGTPCVKXGCTTCPIGOGPVUHQTUGTXKEG
#RRNGYKNNUJKR[QWCTGRNCEGOGPVRCTVYKVJKPUVCNNCVKQP
KPUVTWEVKQPUCPFCP[TGSWKTGOGPVUHQTVJGTGVWTPQH
VJGTGRNCEGFRCTV+H[QWHQNNQYVJGKPUVTWEVKQPU#RRNG

'PINKUJ

YKNNECPEGNVJGETGFKVECTFCWVJQTK\CVKQPUQ[QWYKNN
PQVDGEJCTIGFHQTVJGRCTVCPFUJKRRKPIVQCPFHTQO
[QWTNQECVKQP+H[QWHCKNVQTGVWTPVJGTGRNCEGFRCTVCU
KPUVTWEVGFQTTGVWTPCTGRNCEGFRCTVVJCVKUKPGNKIKDNG
HQTUGTXKEG#RRNGYKNNEJCTIGVJGETGFKVECTFHQTVJG
CWVJQTK\GFCOQWPV

$ &Q+V;QWTUGNH2CTVUUGTXKEGYJGTG#RRNGFQGUPQVTGSWKTG
TGVWTPQHVJGTGRNCEGFRCTV#RRNGYKNNUJKR[QWHTGGQH
EJCTIGCTGRNCEGOGPVRCTVCEEQORCPKGFD[KPUVTWEVKQPU
QPKPUVCNNCVKQPCPFCP[TGSWKTGOGPVUHQTVJGFKURQUCNQH
VJGTGRNCEGFRCTV

% #RRNGKUPQVTGURQPUKDNGHQTCP[NCDQTEQUVU[QWKPEWT
TGNCVKPIVQ&Q+V;QWTUGNH2CTVUUGTXKEG5JQWNF[QW
TGSWKTGHWTVJGTCUUKUVCPEGEQPVCEV#RRNGCVVJGVQNNHTGG
VGNGRJQPGPWODGTNKUVGFDGNQY
#RRNGTGUGTXGUVJGTKIJVVQEJCPIGVJGOGVJQFD[YJKEJ#RRNG
OC[RTQXKFGTGRCKTQTTGRNCEGOGPVUGTXKEGVQ[QWCPF[QWT
%QXGTGF'SWKROGPVUGNKIKDKNKV[VQTGEGKXGCRCTVKEWNCTOGVJQF
QHUGTXKEG5GTXKEGQRVKQPURCTVUCXCKNCDKNKV[CPFTGURQPUGVKOGU
OC[XCT[
F 1DVCKPKPI4GRCKTQT4GRNCEGOGPV5GTXKEG
6QQDVCKPUGTXKEGWPFGTVJKU2NCPCEEGUUVJG#RRNGYGDUKVG

YYYCRRNGEQOECUWRRQTVQT



'PINKUJ

6GEJPKECN5WRRQTV
C 6GNGRJQPGCPF9GD5WRRQTV;QWTGNKIKDKNKV[HQTVGEJPKECNUWRRQTV
DGIKPUQPVJGFCVG[QWT%QXGTGF'SWKROGPVUEQORNKOGPVCT[
VGEJPKECNUWRRQTVGZRKTGUQTVJGFCVG[QWT%QXGTCIG2GTKQFDGIKPU
YJKEJGXGTKUNCVGTCPFVGTOKPCVGUCVVJGGPFQHVJG%QXGTCIG
2GTKQF
6GEJPKECN%QXGTCIG2GTKQF&WTKPIVJG6GEJPKECN
%QXGTCIG2GTKQF#RRNGYKNNRTQXKFG[QWYKVJCEEGUUVQVGNGRJQPG
VGEJPKECNUWRRQTVCPFYGDDCUGFVGEJPKECNUWRRQTVTGUQWTEGU
6GEJPKECNUWRRQTVOC[KPENWFGCUUKUVCPEGYKVJKPUVCNNCVKQP
NCWPEJEQPHKIWTCVKQPVTQWDNGUJQQVKPICPFTGEQXGT[
GZEGRV
HQTFCVCTGEQXGT[KPENWFKPIUVQTKPITGVTKGXKPICPFOCPCIKPI

JVVRYYYCRRNGEQOECHTUWRRQTVQTECNNVJGVQNNHTGG
VGNGRJQPGPWODGTNKUVGFDGNQY6GNGRJQPGPWODGTUOC[XCT[
CEEQTFKPIVQ[QWTNQECVKQP9JGPCEEGUUKPIVJGYGDUKVGHQNNQY
VJGKPUVTWEVKQPUHQTTGSWGUVKPITGRCKTUGTXKEGRTQXKFGFD[#RRNG
+HECNNKPICP#RRNGVGEJPKECNUWRRQTVTGRTGUGPVCVKXGYKNNCPUYGT
TGSWGUV[QWT2NCP#ITGGOGPV0WODGTCFXKUG[QWCPFFGVGTOKPG
YJCVUGTXKEGKUPGEGUUCT[HQTVJG%QXGTGF'SWKROGPV#NNUGTXKEGKU
UWDLGEVVQ#RRNGURTKQTCRRTQXCN.QECVKQPQHUGTXKEGOC[XCT[FWG
VQ[QWTNQECVKQP-GGR[QWT2NCP%QPHKTOCVKQPFQEWOGPVCPFVJG
QTKIKPCNUCNGUTGEGKRVHQT[QWT%QXGTGF'SWKROGPVCPF[QWT2NCP
2TQQHQHRWTEJCUGOC[DGTGSWKTGFKHVJGTGKUCP[SWGUVKQPCUVQ
[QWTRTQFWEVUGNKIKDKNKV[HQT2NCPEQXGTCIG

'PINKUJ

HKNGUKPVGTRTGVKPIU[UVGOGTTQTOGUUCIGUCPFFGVGTOKPKPIYJGP
JCTFYCTGTGRCKTUCTGTGSWKTGF#RRNGYKNNRTQXKFGVGEJPKECN
UWRRQTVHQTVJG%QXGTGF'SWKROGPVK2JQPG15UQHVYCTG
CRRNKECVKQPUVJCVCTGRTGKPUVCNNGFYKVJVJG%QXGTGF'SWKROGPV

K2JQPG5QHVYCTGCPFEQPPGEVKXKV[KUUWGUDGVYGGPVJG%QXGTGF
'SWKROGPVCPFCUWRRQTVGFEQORWVGTOGCPKPICEQORWVGT
VJCVOGGVUVJG%QXGTGF'SWKROGPVUEQPPGEVKXKV[URGEKHKECVKQPU
CPFTWPUCPQRGTCVKPIU[UVGOVJCVKUUWRRQTVGFD[VJG%QXGTGF
'SWKROGPV#RRNGYKNNRTQXKFGUWRRQTVHQTVJGVJGPEWTTGPV
XGTUKQPQHVJGK2JQPG15CPFK2JQPG5QHVYCTGCPFVJGRTKQT
/CLQT4GNGCUG(QTRWTRQUGUQHVJKUUGEVKQP/CLQT4GNGCUGOGCPU
CUKIPKHKECPVXGTUKQPQHUQHVYCTGVJCVKUEQOOGTEKCNN[TGNGCUGFD[
#RRNGKPCTGNGCUGPWODGTHQTOCVUWEJCUQTCPFYJKEJKU
PQVKPDGVCQTRTGTGNGCUGHQTO
D .KOKVCVKQPU6JG2NCPFQGUPQVEQXGT

K +UUWGUVJCVEQWNFDGTGUQNXGFD[WRITCFKPIUQHVYCTGVQVJG
VJGPEWTTGPVXGTUKQP

KK ;QWTWUGQHQTOQFKHKECVKQPVQVJG%QXGTGF'SWKROGPVVJG
K2JQPG15QTK2JQPG5QHVYCTGKPCOCPPGTHQTYJKEJVJG
%QXGTGF'SWKROGPVQTUQHVYCTGKUPQVKPVGPFGFVQDGWUGF
QTOQFKHKGF

KKK 6JKTFRCTV[RTQFWEVUQTVJGKTGHHGEVUQPQTKPVGTCEVKQPUYKVJ
VJG%QXGTGF'SWKROGPVVJGK2JQPG15QTK2JQPG5QHVYCTG



'PINKUJ

 ;QWT4GURQPUKDKNKVKGU
6QTGEGKXGUGTXKEGQTUWRRQTVWPFGTVJG2NCP[QWCITGGVQEQORN[
YKVJVJGHQNNQYKPI

KX ;QWTWUGQHCEQORWVGTQTQRGTCVKPIU[UVGOVJCVKUWPTGNCVGF
VQK2JQPG5QHVYCTGQTEQPPGEVKXKV[KUUWGUYKVJVJG%QXGTGF
'SWKROGPV

X #RRNGUQHVYCTGQVJGTVJCPVJGK2JQPG15QTK2JQPG5QHVYCTG
CUEQXGTGFWPFGTVJG2NCP

XK K2JQPG15UQHVYCTGQTCP[#RRNGDTCPFGFUQHVYCTG
FGUKIPCVGFCUDGVCRTGTGNGCUGQTRTGXKGYQTUKOKNCTN[
NCDGNGFUQHVYCTGCPF

XKK &COCIGVQQTNQUUQHCP[UQHVYCTGQTFCVCTGUKFKPIQT
TGEQTFGFKPVJG%QXGTGF'SWKROGPV
E 1DVCKPKPI6GEJPKECN5WRRQTV;QWOC[QDVCKPVGEJPKECNUWRRQTV
D[ECNNKPIVJGVQNNHTGGVGNGRJQPGPWODGTNKUVGFDGNQY6JG#RRNG
VGEJPKECNUWRRQTVTGRTGUGPVCVKXGYKNNRTQXKFG[QWVGEJPKECN
UWRRQTV#RRNGUJQWTUQHUGTXKEGCTGFGUETKDGFDGNQY#RRNG
TGUGTXGUVJGTKIJVVQEJCPIGKVUJQWTUQHVGEJPKECNUGTXKEGCPF
VGNGRJQPGPWODGTUCVCP[VKOG9GDDCUGFUWRRQTVTGUQWTEGUCTG
QHHGTGFVQ[QWCVVJG#RRNGYGDUKVG
YYYCRRNGEQOECUWRRQTV
CPFJVVRYYYCRRNGEQOECHTUWRRQTV

'PINKUJ

.KOKVCVKQPQH.KCDKNKV[
616*'/#:+/7/':6'062'4/+66'&$;#22.+%#$.'.#9
#22.'#0&+65'/2.1;''5#0&#)'0659+..70&'401
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(14#0;+0&+4'%614%105'37'06+#.&#/#)'5+0%.7&+0)
$76016.+/+6'&61%15651(4'%18'4+0)4'241)4#//+0)
144'241&7%+0)#0;241)4#/14&#6#146*'(#+.74'61

C 2TQXKFG[QWT2NCP#ITGGOGPV0WODGTCPFUGTKCNPWODGTQHVJG
%QXGTGF'SWKROGPV
D 2TQXKFGKPHQTOCVKQPCDQWVVJGU[ORVQOUCPFECWUGUQHVJG
RTQDNGOUYKVJVJG%QXGTGF'SWKROGPV
E 4GURQPFVQTGSWGUVUHQTKPHQTOCVKQPKPENWFKPIDWVPQVNKOKVGF
VQVJG%QXGTGF'SWKROGPVUGTKCNPWODGTOQFGNXGTUKQPQHVJG
QRGTCVKPIU[UVGOCPFUQHVYCTGKPUVCNNGFCP[RGTKRJGTCNUFGXKEGU
EQPPGEVGFQTKPUVCNNGFQPVJG%QXGTGF'SWKROGPVCP[GTTQT
OGUUCIGUFKURNC[GFCEVKQPUVCMGPDGHQTGVJG%QXGTGF'SWKROGPV
GZRGTKGPEGFVJGKUUWGCPFUVGRUVCMGPVQTGUQNXGVJGKUUWG
F (QNNQYKPUVTWEVKQPU#RRNGIKXGU[QWKPENWFKPIDWVPQVNKOKVGF
VQTGHTCKPKPIHTQOUGPFKPI#RRNGRTQFWEVUCPFCEEGUUQTKGUVJCV
CTGPQVUWDLGEVVQTGRCKTQTTGRNCEGOGPVUGTXKEGCPFRCEMKPIVJG
%QXGTGF'SWKROGPVKPCEEQTFCPEGYKVJUJKRRKPIKPUVTWEVKQPUCPF
G 7RFCVGUQHVYCTGVQEWTTGPVN[RWDNKUJGFTGNGCUGURTKQTVQUGGMKPI
UGTXKEG




'PINKUJ

/#+06#+06*'%10(+&'06+#.+6;1(&#6##0;.1551($75+0'55
241(+654'8'07'14#06+%+2#6'&5#8+0)54'57.6+0)(41/
#22.'51$.+)#6+10570&'46*+52.#0616*'/#:+/7/':6'06
2'4/+66'&$;#22.+%#$.'.#96*'.+/+61(#22.'#0&+65
'/2.1;''5#0&#)'065.+#$+.+6;61;17#0�57$5'37'06
190'4#4+5+0)70&'46*'2.#05*#..016':%''&6*'
14+)+0#.24+%'2#+&(146*'2.#0#22.'52'%+(+%#..;&1'5016
9#44#066*#6+69+..$'#$.'61
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%1057/'42416'%6+10.#95144')7.#6+1056*'$'0'(+65
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4'/'&+'52418+&'&70&'457%*.#95#0&4')7.#6+10561
6*'':6'066*#6.+#$+.+6;70&'457%*.#95#0&4')7.#6+105
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614'2.#%'144'2#+41(6*'%18'4'&'37+2/'06145722.;
1(6*'5'48+%'51/'56#6'5142418+0%'5&1016#..196*'
':%.75+1014.+/+6#6+101(+0%+&'06#.14%105'37'06+#.
&#/#)'55151/'14#..1(6*'#$18'.+/+6#6+105/#;016
#22.;61;17

'PINKUJ

6TCPUHGTQH2NCP
5WDLGEVVQVJGTGUVTKEVKQPUUGVHQTVJDGNQY[QWOC[OCMGCQPGVKOG
RGTOCPGPVVTCPUHGTQHCNNQH[QWTTKIJVUWPFGTVJG2NCPVQCPQVJGT

 %CPEGNNCVKQP
;QWOC[ECPEGNVJKU2NCPCVCP[VKOGHQTCP[TGCUQP+H[QWFGEKFGVQ
ECPEGNGKVJGTECNN#RRNGCVVJGVGNGRJQPGPWODGTDGNQYQTUGPFQT
HCZYTKVVGPPQVKEGYKVJ[QWT2NCP#ITGGOGPV0WODGTVQ#RRNG%CTG
#FOKPKUVTCVKQP21$QZ#WUVKP6:75
HCZPWODGT
#EQR[QHVJG2NCPUQTKIKPCNRTQQHQHRWTEJCUGOWUV
CEEQORCP[[QWTPQVKEG7PNGUUNQECNNCYRTQXKFGUQVJGTYKUGKH[QW
ECPEGNYKVJKPVJKTV[
FC[UQH[QWT2NCPURWTEJCUGQTTGEGKRVQH
VJGUG6GTOUCPF%QPFKVKQPUYJKEJGXGTQEEWTUNCVGT[QWYKNNTGEGKXG
CHWNNTGHWPFNGUUVJGXCNWGQHCP[UGTXKEGRTQXKFGFWPFGTVJG2NCP
+H[QWECPEGNOQTGVJCPVJKTV[
FC[UCHVGT[QWTTGEGKRVQHVJKU
2NCP[QWYKNNTGEGKXGCRTQTCVCTGHWPFQHVJGQTKIKPCNRWTEJCUGRTKEG
DCUGFQPVJGRGTEGPVCIGQHWPGZRKTGF%QXGTCIG2GTKQFNGUU
CC
ECPEGNNCVKQPHGGQHVYGPV[HKXG
75&FQNNCTUQTVGPRGTEGPV

QHVJGRTQTCVCCOQWPVYJKEJGXGTKUNGUUCPF
DVJGXCNWGQHCP[
UGTXKEGRTQXKFGFVQ[QWWPFGTVJG2NCP7PNGUUCRRNKECDNGNQECNNCY
RTQXKFGUQVJGTYKUG#RRNGOC[ECPEGNVJKU2NCPKHUGTXKEGRCTVUHQTVJG
%QXGTGF'SWKROGPVDGEQOGWPCXCKNCDNGWRQPVJKTV[
FC[URTKQT
YTKVVGPPQVKEG+H#RRNGECPEGNUVJKU2NCP[QWYKNNTGEGKXGCRTQTCVC
TGHWPFHQTVJG2NCPUWPGZRKTGFVGTO




'PINKUJ

 )GPGTCN6GTOU
C #RRNGOC[UWDEQPVTCEVQTCUUKIPRGTHQTOCPEGQHKVUQDNKICVKQPUVQ
VJKTFRCTVKGUDWVUJCNNPQVDGTGNKGXGFQHKVUQDNKICVKQPUVQ[QWKP
FQKPIUQ
D #RRNGKUPQVTGURQPUKDNGHQTCP[HCKNWTGUQTFGNC[UKPRGTHQTOKPI
WPFGTVJG2NCPVJCVCTGFWGVQGXGPVUQWVUKFG#RRNGUTGCUQPCDNG
EQPVTQN
E ;QWCTGPQVTGSWKTGFVQRGTHQTORTGXGPVCVKXGOCKPVGPCPEGQPVJG
%QXGTGF'SWKROGPVVQTGEGKXGUGTXKEGWPFGTVJG2NCP

RCTV[RTQXKFGFVJCV
CVJGVTCPUHGTOWUVKPENWFGVJGQTKIKPCN2TQQH
QH2WTEJCUGVJG2NCPU%GTVKHKECVGCPFCNNQHVJG2NCPURCEMCIKPI
OCVGTKCNKPENWFKPIRTKPVGFOCVGTKCNUCPFVJGUG6GTOUCPF%QPFKVKQPU

D[QWPQVKH[#RRNGQHVJGVTCPUHGTD[UGPFKPIHCZKPIQTGOCKNKPI
PQVKEGQHVTCPUHGTVQ#RRNG+PE#660#ITGGOGPV#FOKPKUVTCVKQP
/5#%.CIWPC$NXF'NM)TQXG%#75HCZPWODGT
QTCIOVUAVTCPUHGT"CRRNGEQOTGURGEVKXGN[CPF
E
VJGRCTV[TGEGKXKPIVJG2NCPTGCFUCPFCITGGUVQCEEGRVVJG6GTOU
CPF%QPFKVKQPUQHVJG2NCP9JGPPQVKH[KPI#RRNGQHVJGVTCPUHGTQH
VJG2NCP[QWOWUVRTQXKFGVJG2NCP#ITGGOGPV0WODGTVJGUGTKCN
PWODGTUQHVJG%QXGTGF'SWKROGPVDGKPIVTCPUHGTTGFCPFVJGPCOG
CFFTGUUVGNGRJQPGPWODGTCPFGOCKNCFFTGUUQHVJGPGYQYPGT

'PINKUJ

F 6JKU2NCPKUQHHGTGFCPFXCNKFQPN[KP%CPCFC6JKU2NCPKUPQV
QHHGTGFVQRGTUQPUYJQJCXGPQVTGCEJGFVJGCIGQHOCLQTKV[
6JKU2NCPKUPQVCXCKNCDNGYJGTGRTQJKDKVGFD[NCY
G +PECTT[KPIQWVKVUQDNKICVKQPU#RRNGOC[CVKVUFKUETGVKQPCPF
UQNGN[HQTVJGRWTRQUGUQHOQPKVQTKPIVJGSWCNKV[QH#RRNGU
TGURQPUGTGEQTFRCTVQTCNNQHVJGECNNUDGVYGGP[QWCPF#RRNG
H ;QWCITGGVJCVCP[KPHQTOCVKQPQTFCVCFKUENQUGFVQ#RRNGWPFGT
VJKU2NCPKUPQVEQPHKFGPVKCNQTRTQRTKGVCT[VQ[QW(WTVJGTOQTG
[QWCITGGVJCV#RRNGOC[EQNNGEVCPFRTQEGUUFCVCQP[QWTDGJCNH
YJGPKVRTQXKFGUUGTXKEG6JKUOC[KPENWFGVTCPUHGTTKPI[QWTFCVC
VQCHHKNKCVGFEQORCPKGUQTUGTXKEGRTQXKFGTUKPCEEQTFCPEGYKVJVJG
#RRNG%WUVQOGT2TKXCE[2QNKE[
I #RRNGJCUUGEWTKV[OGCUWTGUYJKEJUJQWNFRTQVGEV[QWTFCVC
CICKPUVWPCWVJQTK\GFCEEGUUQTFKUENQUWTGCUYGNNCUWPNCYHWN
FGUVTWEVKQP;QWYKNNDGTGURQPUKDNGHQTVJGKPUVTWEVKQPU[QWIKXG
VQ#RRNGTGICTFKPIVJGRTQEGUUKPIQHFCVCCPF#RRNGYKNNUGGMVQ
EQORN[YKVJVJQUGKPUVTWEVKQPUCUTGCUQPCDN[PGEGUUCT[HQTVJG
RGTHQTOCPEGQHVJGUGTXKEGCPFUWRRQTVQDNKICVKQPUWPFGTVJG
2NCP+H[QWFQPQVCITGGYKVJVJGCDQXGQTKH[QWJCXGSWGUVKQPU
TGICTFKPIJQY[QWTFCVCOC[DGKORCEVGFD[DGKPIRTQEGUUGFKP
VJKUYC[EQPVCEV#RRNGCVVJGVGNGRJQPGPWODGTURTQXKFGF




'PINKUJ

K 6JG6GTOUCPF%QPFKVKQPUQHVJKU2NCPRTGXCKNQXGTCP[EQPHNKEVKPI
CFFKVKQPCNQTQVJGTVGTOUQHCP[RWTEJCUGQTFGTQTQVJGT
FQEWOGPVCPFEQPUVKVWVG[QWTCPF#RRNGUGPVKTGWPFGTUVCPFKPI
YKVJTGURGEVVQVJG2NCP
L ;QWTTKIJVUWPFGTVJG2NCPCTGKPCFFKVKQPVQCP[YCTTCPV[TKIJVU
[QWOC[DGGPVKVNGFVQ;QWOWUVRWTEJCUGCPFTGIKUVGTVJG2NCP
YJKNG[QWT#RRNGDTCPFGFK2JQPGKUYKVJKP#RRNGU1PG;GCT
.KOKVGFYCTTCPV[#RRNGKUPQVQDNKICVGFVQTGPGYVJKU2NCP+H
#RRNGFQGUQHHGTCTGPGYCNKVYKNNFGVGTOKPGVJGRTKEGCPFVGTOU
M 6JGTGKUPQKPHQTOCNFKURWVGUGVVNGOGPVRTQEGUUCXCKNCDNG
WPFGTVJKU2NCP
N 6JGQDNKICVKQPUQHUWEJ2NCPUCTGDCEMGFD[VJGHWNNHCKVJCPF
ETGFKVQHVJGRTQXKFGT#RRNG%CPCFC+PE

J #RRNGYKNNRTQVGEV[QWTKPHQTOCVKQPKPCEEQTFCPEGYKVJ
#RRNG%WUVQOGT2TKXCE[2QNKE[CXCKNCDNGCV74.
YYYCRRNGEQONGICNRTKXCE[+H[QWYKUJVQJCXGCEEGUUVQVJG
KPHQTOCVKQPVJCV#RRNGJQNFUEQPEGTPKPI[QWQTKH[QWYCPVVQ
OCMGEJCPIGUCEEGUU74.YYYCRRNGEQOEQPVCEVO[KPHQVQ
WRFCVG[QWTRGTUQPCNEQPVCEVRTGHGTGPEGUQT[QWOC[EQPVCEV
#RRNGCVRTKXCE["CRRNGEQO



'PINKUJ

#22K2JQPG%CPCFCX

 6GNGRJQPGPWODGTUCPFJQWTUQHQRGTCVKQPOC[XCT[CPFCTGUWDLGEV
VQEJCPIG;QWECPHKPFVJGOQUVWRVQFCVGNQECNCPFKPVGTPCVKQPCN
EQPVCEVKPHQTOCVKQPCVYYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVUJVON
6QNNHTGGPWODGTUCTGPQVCXCKNCDNGKPCNNEQWPVTKGU

+P%CPCFC

5GXGPFC[UCYGGM
#/VQ2/'CUVGTPVKOG

 6QNN(TGG0WODGTU

O 6JGNCYUQHVJG2TQXKPEGQH1PVCTKQUJCNNDGVJGTGNGXCPVNCYQH
VJKU2NCP6JKUEJQKEGQHNCYFQGUPQVKPENWFGVJGEQPHNKEVUQHNCYU
RTQXKUKQPUVJGTGQHPQTVJG705CNGU%QPXGPVKQP
P 6JGTGKUPQFGFWEVKDNGRC[OGPVFWGKPTGURGEVQHCENCKOOCFG
WPFGTVJKU2NCP




(TCPnCKU

8GKNNG\iEQPUGTXGTNGFQEWOGPVHCKUCPVQHHKEGFGRTGWXGFGICTCPVKG
EGUViFKTGNCHCEVWTGQTKIKPCNGFGNK2JQPGQWFGN#RRNG%CTG2TQVGEVKQP
2NCPRQWTK2JQPG7PGRTGWXGFCEJCVRGWVXQWUqVTGFGOCPFoGRCT

+PHQTOCVKQPUEQPEGTPCPVNCICTCPVKG
%GRTQITCOOGEQORNGVGUVFKURQPKDNGRQWTVQWUNGUOQFpNGUK2JQPG
EQWXGTVURCTNCICTCPVKGNKOKVoGFWPCP5KXQWUXGPFG\NK2JQPGEQWXGTV
CXCPVNGZRKTCVKQPFWEQPVTCV#RRNG%CTG2TQVGEVKQP2NCPRQWTK2JQPG
XQWURQWXG\VTCPUHoTGTNGRTQITCOOGCWPQWXGCWRTQRTKoVCKTG2QWT
EJCSWGK2JQPGSWGXQWUUQWJCKVG\EQWXTKTXQWUFGXG\CEJGVGTWP
EQPVTCV#RRNG%CTG2TQVGEVKQP2NCPRQWTK2JQPGUoRCTo

&GUUGTXKEGUGVWPGCUUKUVCPEGHQWTPKURCTNGURGTUQPPGUSWK
EQPPCKUUGPVNGOKGWZXQVTGK2JQPG
%JCSWGK2JQPGDoPoHKEKGFWPGICTCPVKGFWPCPUWTNGUToRCTCVKQPU
GVFWPGCUUKUVCPEGVGEJPKSWGFGLQWTU.GRTQITCOOG#RRNG%CTG
2TQVGEVKQP2NCPRQWTK2JQPGRTQNQPIGNCFWToGFGXQVTGEQWXGTVWTG
iFGWZCPUiEQORVGTFGNCFCVGFCEJCVFGXQVTGK2JQPG3WGXQWU
WVKNKUKG\NK2JQPGCXGEWP/CEQWWP2%WPEQWRFGHKNRGWVUWHHKTGRQWT
ToUQWFTGXQURTQDNpOGU

(KEJGFKPHQTOCVKQPU

#RRNG%CTG2TQVGEVKQP2NCPRQWTK2JQPG

(TCPnCKU

.GUQRVKQPUFGUGTXKEGCRTpUXGPVGGPOCICUKPQWFGPNpXGOGPVi
FQOKEKNGRCTVTCPURQTVGWTRGWXGPVUCRRNKSWGT4GRQTVG\XQWUCW
)WKFGFGToHoTGPEGTCRKFGRQWTGPUCXQKTRNWUUWTNQDVGPVKQPFWUGTXKEG

5GTXKEGFGToRCTCVKQPFWOCVoTKGN
%GRTQITCOOGoVGPFNGUGTXKEGFGToRCTCVKQPGVFGTGORNCEGOGPVFGNC
ICTCPVKG#RRNGFWPCPiFGWZCPUiEQORVGTFGNCFCVGFCEJCVFGXQVTG
K2JQPG+NRTQNQPIGoICNGOGPVNCEQWXGTVWTGFGUGTXKEGUWTNCDCVVGTKG
K2JQPGNQTUSWGUCECRCEKVoiTGVGPKTWPGEJCTIGoNGEVTKSWGGUVToFWKVGFG
EKPSWCPVGRQWTEGPV
QWRNWURCTTCRRQTViUCECRCEKVoFQTKIKPG

1RVKQPUFCUUKUVCPEGVGEJPKSWG
5KFGURTQDNpOGUUGRToUGPVGPVNQTUFGNWVKNKUCVKQPFGXQVTGK2JQPG
UWKXG\NGUKPUVTWEVKQPUFGFoRCPPCIGRToUGPVGUUWTNGUKVGYGD
FCUUKUVCPEGK2JQPGiNCFTGUUGYYYCRRNGEQOECHTUWRRQTVKRJQPG
5KXQWUPGRCTXGPG\RCUiToUQWFTGNGRTQDNpOGNGRGTUQPPGN#RRNG%CTG
RGWVXQWUCKFGTiFoRCPPGTXQVTGK2JQPGGVFoRCPPGTFGURTQDNpOGU
FGEQPPGZKQPCXGEK6WPGU8QWUVTQWXGTG\NCNKUVGFGUEQQTFQPPoGUGV
FGUJQTCKTGUFWUGTXKEGFCUUKUVCPEGVGEJPKSWGF#RRNGFCPUNG)WKFGFG
ToHoTGPEGTCRKFG5QWUNCICTCPVKGFWRTQITCOOG#RRNG%CTG2TQVGEVKQP
2NCPRQWTK2JQPG#RRNGHQWTPKVNGOqOGUGTXKEGFCUUKUVCPEGEQORNGV
CWZWVKNKUCVGWTU/CEGVCWZWVKNKUCVGWTU9KPFQYU

#RRNGGPECUFGFQWVGEQPEGTPCPVNCRRNKECVKQPFGNCEQWXGTVWTGiXQVTG
K2JQPGRCTNGRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCP




(TCPnCKU

 %GRTQITCOOGoVGPFXQVTGEQWXGTVWTGFGUGTXKEGiFGWZCPUi
EQORVGTFGNCFCVGFCEJCVFGXQVTGK2JQPG.GRNCPFQKVqVTGCEJGVo
NQTUSWGXQVTGK2JQPGGUVGPEQTGUQWUUCICTCPVKGFQTKIKPGFWPCP
.CEQWXGTVWTGFWUGTXKEGRGWVqVTGUQWOKUGiEGTVCKPGUEQPFKVKQPU
.GUCXCPVCIGUFWRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCPUCLQWVGPV
iEGWZFGVQWUNGUFTQKVUNoICWZICTCPVKURCTNGUNQKUFGRTQVGEVKQPFW
EQPUQOOCVGWTFCPUXQVTGLWTKFKEVKQP
 2QWTFGRNWUCORNGUKPHQTOCVKQPUEQPUWNVG\NGU%QPFKVKQPU)oPoTCNGU
FWRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCP

.oSWKRGOGPVFGTGORNCEGOGPVHQWTPKRCT#RRNGFCPUNGECFTGFW
UGTXKEGFGToRCTCVKQPQWFGTGORNCEGOGPVRGWVqVTGPGWHFQEECUKQPQW
TGEQPFKVKQPPo

(TCPnCKU

%QPUWNVG\NGUKVGYGDFCUUKUVCPEGK2JQPG
5WTNGUKVGUKVGYGDFCUUKUVCPEGK2JQPGXQWUVTQWXGTG\FGUNKGPU
RGTOGVVCPVFGXoTKHKGTNCFKURQPKDKNKVoFWPGQRVKQPFGToRCTCVKQP
FGUIWKFGUFKPKVKCVKQPTGNCVKHUiNK2JQPGFGUHQTWOUFGFKUEWUUKQP
GVFCWVTGUTGUUQWTEGUToRQPFCPViFGUSWGUVKQPUXCTKoGUEQPEGTPCPV
NWVKNKUCVKQPGVNGFoRCPPCIG%GUTGUUQWTEGUUQPVFKURQPKDNGUJGWTGU
UWTiNCFTGUUGYYYCRRNGEQOECHTUWRRQTVKRJQPG

8oTKHKG\SWGXQWUFKURQUG\FGNCFGTPKpTGXGTUKQPFK6WPGUFKURQPKDNG
8QWURQWXG\VoNoEJCTIGTNCFGTPKpTGXGTUKQPFK6WPGUiNCFTGUUG
YYYCRRNGEQOECHTKVWPGUFQYPNQCF

'UUC[G\NGUQRoTCVKQPUHCEKNGUiToCNKUGTUWKXCPVGUCXCPVFCRRGNGT
#RRNGRQWTQDVGPKTFGNCKFG
5KXQWUCXG\FGURTQDNpOGUCXGEXQVTGK2JQPGGUUC[G\NGURTQEoFWTGU
FGFoRCPPCIGFKURQPKDNGUUWTNGUKVGYGDFCUUKUVCPEGK2JQPGiNCFTGUUG
YYYCRRNGEQOECHTUWRRQTVKRJQPG2CTOGUWTGFGRToECWVKQPKN
GUVTGEQOOCPFoFGUCWXGICTFGTNGEQPVGPWFGXQVTGK2JQPGCXCPV
FCRRNKSWGTEGURTQEoFWTGU

)WKFGFGToHoTGPEGTCRKFG

#RRNG%CTG2TQVGEVKQP2NCPRQWTK2JQPG




(TCPnCKU

 .GUPWOoTQUFGVoNoRJQPGGVNGUJGWTGUFQWXGTVWTGCWRWDNKE
RGWXGPVXCTKGTGVUQPVUWUEGRVKDNGUFGEJCPIGT8QWUVTQWXGTG\NC
VQWVGFGTPKpTGNKUVGFGUEQPVCEVUPCVKQPCWZGVKPVGTPCVKQPCWZ
iNCFTGUUGYYYCRRNGEQOEQPVCEVRJQPGAEQPVCEVUJVON

%CPCFC

LQWTUUWT
&G*i*
*GWTGFGN'UV

%QQTFQPPoGUFCUUKUVCPEG#RRNG
5KEGURTQEoFWTGUPGRGTOGVVGPVRCUFGToUQWFTGNGRTQDNpOGEQPVCEVG\
#RRNGRQWTQDVGPKTWPGCUUKUVCPEG.QTUSWGXQWUCRRGNG\#RRNGKNXQWU
GUVFGOCPFoFKPFKSWGTNGPWOoTQFGXQVTG#RRNG%CTG2TQVGEVKQP
2NCPRQWTK2JQPGQWNGPWOoTQFGUoTKGFGXQVTGK2JQPGUKVWoFCPU
NGEQORCTVKOGPVFGNC5+/QWTGRTKUFCPUNoETCPRTQRQUFGFG
NCRRCTGKN5WTNoETCPFCEEWGKNUoNGEVKQPPG\4oINCIGU )oPoTCN 
RTQRQUFGRWKUHCKVGUFoHKNGTXGTUNGDCU

(TCPnCKU

8QVTGRTQITCOOG#RRNG%CTG2TQVGEVKQP2NCPRQWTK2JQPG
EKCRTpUNG
2TQITCOOGGUVToIKRCTNGURToUGPVGUOQFCNKVoUGVEGUOQFCNKVoU
EQPUVKVWGPVXQVTGEQPVTCVCWRTpUF#RRNG%CPCFC+PE$KTEJOQWPV
4QCF/CTMJCO
1PVCTKQ.4)%CPCFC5WLGVCWZRToUGPVGU
OQFCNKVoUXQVTG2TQITCOOG
KEQWXTGNGUXKEGUFWQWFGURTQFWKVU
K2JQPGFGOCTSWG#RRNGoPWOoToUFCPUNG%GTVKHKECVQWNC2TGWXG
FGICTCPVKGFGXQVTG2TQITCOOG
EKCRTpU%QPHKTOCVKQPFCFJoUKQP
CW2TQITCOOGGVWPOKETQECUSWG$NWGVQQVJRQWTK2JQPGUKNGUV
WVKNKUoCXGENK2JQPGEQWXGTVGVCEJGVoiNQTKIKPGRCTXQWUFCPUNGU
FGWZ
CPUFGNCEJCVFW2TQITCOOGCKPUKSWGNGUOCVoTKGNUKPENWU
FCPUNGODCNNCIGQTKIKPCNFGNK2JQPG
EQNNGEVKXGOGPVFoUKIPoEQOOG
NG2TQFWKVEQWXGTVGV
KKXQWUHQWTPKVWPGCUUKUVCPEGVoNoRJQPKSWG
GVNCEEpUiFGUTGUUQWTEGUFCKFG+PVGTPGVRQWTNG2TQFWKVEQWXGTV
2QWTQDVGPKTNC%QPHKTOCVKQPFCFJoUKQPCW2TQITCOOGXQWUFGXG\
GPTGIKUVTGTXQVTGPWOoTQWPKSWGFGEQPVTCVQWFCFJoUKQP
EKCRTpU
0WOoTQFGEQPVTCVFW2TQITCOOGVGNSWGKPFKSWoCWZKPUVTWEVKQPU
KPENWUGUFCPUNGODCNNCIGFW2TQITCOOG.GU%NKGPVUSWKQPVEJQKUK
NQRVKQPFCFJoUKQPCWVQOCVKSWG
#WVQ4GIKUVTCVKQPFCPUNGUECUQ~GNNG
GUVQHHGTVGTGEGXTQPVCWVQOCVKSWGOGPVWPG%QPHKTOCVKQPFCFJoUKQPCW

/QFCNKVoU

2TQITCOOG#RRNG%CTG2TQVGEVKQP2NCPRQWTK2JQPG%CPCFC




(TCPnCKU

 )CTCPVKGFGToRCTCVKQP
C 2QTVoGFGNC)CTCPVKG8QVTGICTCPVKGEQWXTCPVNGUXKEGURTGPF
GHHGViNCFCVGFGZRKTCVKQPGVFGVGTOKPCKUQPFGXQVTGICTCPVKG
OCVoTKGNNG#RRNGRQWTNG2TQFWKVEQWXGTV
2oTKQFGFGNCICTCPVKG
FGToRCTCVKQP#RRNGUGPICIGiUCFKUEToVKQPiToRCTGTQWi
TGORNCEGTNG2TQFWKVEQWXGTVCHHGEVo
CUKCWEQWTUFGNC2oTKQFG
FGNCICTCPVKGFGToRCTCVKQPNG2TQFWKVEQWXGTVRToUGPVGFGU
XKEGUFGOCVoTKCWQWFGOCKPFWXTGQW
DUKCWEQWTUFGNC
2oTKQFGFGNCICTCPVKGNCECRCEKVoFGNCRKNGK2JQPGEQWXGTVGFG
OCKPVGPKTWPGEJCTIGoNGEVTKSWGCFKOKPWoFGEKPSWCPVGRQWT
EGPV
QWRNWUFGUGUECTCEVoTKUVKSWGUQTKIKPCNGU
CRTpU
CXQKToVoGPVKpTGOGPVTGEJCTIoGVNGOCVoTKGNK2JQPGEQWXGTV
LQWGFGNCOWUKSWGQWXKFoQSWCPFVQWVGUNGUQRVKQPUUQPVi
NGWToVCVKPKVKCN#RRNGHQWTPKTCNGURKpEGUGVNCOCKPFWXTG
OCKURQWTTCXQWUFGOCPFGTFGTGORNCEGTXQWUOqOGEGTVCKPGU
RKpEGUHCEKNGUiKPUVCNNGT%GRTQEGUUWUGUVFoETKVEKFGUUQWU.G
RTQFWKVFGTGORNCEGOGPVGVNGURKpEGUFGTGEJCPIGHQWTPKURCT
#RRNGRGWXGPVqVTGHCDTKSWoUiRCTVKTFGRKpEGUPGWXGUHQWTPKU

2TQITCOOG.GVGTOGFGEG2TQITCOOG
EKCRTpU2oTKQFGFGICTCPVKG
GUVRQWTNCRoTKQFGVGTOKPCPViNCFCVGKPFKSWoGiNC%QPHKTOCVKQP
FCFJoUKQPCW2TQITCOOG.GRTKZFW2TQITCOOGHKIWTGUWTNQTKIKPCNFG
NCHCEVWTGFW2TQITCOOG#RRNGRGWVNKOKVGTNCRTGUVCVKQPFGUGTXKEGGP
XGTVWFW2TQITCOOGCW%CPCFC

(TCPnCKU

RCT#RRNGRGWXGPVqVTGHCDTKSWoUiRCTVKTFGRKpEGUPGWXGUQW
oSWKXCNGPVGUiPGWHFWRQKPVFGXWGFGTGPFGOGPVGVHKCDKNKVo
6QWVGRKpEGFGTGEJCPIGQWRTQFWKVFGTGORNCEGOGPVUGTC
oSWKXCNGPVFWRQKPVFGXWGHQPEVKQPPGNiNCRKpEGQWCWRTQFWKV
TGORNCEoGVFGOGWTGTCEQWXGTVRQWTNC2oTKQFGFGICTCPVKG
TGUVCPViEQWTKTGPXGTVWFW2TQITCOOG6QWVGRKpEGQWRTQFWKV
TGORNCEoFGXKGPVNCRTQRTKoVoF#RRNG#RRNGXQWUTGEQOOCPFG
HQTVGOGPVFGPTGIKUVTGTEQOOGEQRKGFGUCWXGICTFGFGUFQPPoGU
GVNQIKEKGNUSWKToUKFGPVQWUQPVUVQEMoUFCPUNG2TQFWKVEQWXGTV
CXCPVFCUUWTGTNCFKURQPKDKNKVoFW2TQFWKVEQWXGTVRQWTNGUGTXKEG
FGToRCTCVKQPQWFGTGORNCEGOGPV
D 'ZENWUKQPU%G2TQITCOOGPGEQWXTGRCU

K NKPUVCNNCVKQPNGPNpXGOGPVQWNGFoRNCEGOGPVFW2TQFWKV
EQWXGTVNKPUVCNNCVKQPNGPNpXGOGPVNGFoRNCEGOGPVNC
ToRCTCVKQPQWNGPVTGVKGPFWPRTQFWKVPQPEQWXGTV
[EQORTKU
NGUCEEGUUQKTGURoTKRJoTKSWGUQWCWVTGUFKURQUKVKHUVGNUSWG
NGUOQFGOUGZVGTPGUFWUGTXKEGFGToUGCWQWEGNNWNCKTGSWK
PGUVRCUKPJoTGPVCW2TQFWKVEQWXGTV

KK NGUFQOOCIGUCW2TQFWKVEQWXGTVCVVTKDWCDNGUiWPCEEKFGPV
iWPCDWUiWPGPoINKIGPEGiWPGOCWXCKUGWVKNKUCVKQP

PQVCOOGPVNKPUVCNNCVKQPNCToRCTCVKQPQWNGPVTGVKGP
KPCRRTQRTKoUToCNKUoURCTSWGNSWWPFCWVTGSW#RRNGQW
SWWPRTGUVCVCKTGFGUGTXKEGUCIToo#RRNGNCOQFKHKECVKQP



(TCPnCKU

XKK

XK

X

KX

KKK

PQPCWVQTKUoGWPGPXKTQPPGOGPVKPCFCRVo
PQVCOOGPVWPG
VGORoTCVWTGQWWPGJWOKFKVoKPCFoSWCVGUFGUEQPVTCKPVGU
QWFGUKPVGTHoTGPEGURJ[UKSWGUQWoNGEVTKSWGUKPJCDKVWGNNGU
WPGXCTKCVKQPQWUWTVGPUKQPFGNCNKOGPVCVKQPoNGEVTKSWGNC
HQWFTGNoNGEVTKEKVoUVCVKSWGWPKPEGPFKGQWWPECUHQTVWKVQW
WPGCWVTGECWUGoVTCPIpTG
NG2TQFWKVEQWXGTVFQPVNGPWOoTQFGUoTKGCoVoOQFKHKo
FoITCFoQWUWRRTKOo
FGURTQDNpOGUECWUoURCTWPFKURQUKVKHoVTCPIGTCW2TQFWKV
EQWXGTV[EQORTKUNGOCVoTKGNSWKPGUVRCUFGOCTSWG#RRNG
SWKNCKVoVoQWPQPCESWKUCWOqOGOQOGPVSWGNG2TQFWKV
EQWXGTV
NGUGTXKEGPoEGUUCKTGRQWTCUUWTGTNCEQPHQTOKVoCXGE
NCToINGOGPVCVKQPFWPGCIGPEGQWFWPQTICPKUOG
IQWXGTPGOGPVCNSWKCWTCKVoVoCFQRVoGCRTpUNCFCVGFGEG
2TQITCOOG
NGURTQDNpOGUECWUoURCTNGHQPEVKQPPGOGPVFWPUGTXKEGFG
ToUGCWQWEGNNWNCKTGRCTFGUXKTWUQWFCWVTGURTQDNpOGUFG
NQIKEKGNUKPVTQFWKVUFCPUNG2TQFWKVEQWXGTV
NG2TQFWKVEQWXGTVSWKCWTCKVoVoRGTFWQWXQNo%G
2TQITCOOGPGEQWXTGSWGNG2TQFWKVEQWXGTVSWKGUV
TGVQWTPoi#RRNGFCPUUQPKPVoITCNKVo

(TCPnCKU

XKKK NGUFQOOCIGUGUVJoVKSWGUECWUoUCW2TQFWKVEQWXGTV

PQVCOOGPVNGUoITCVKIPWTGUNGDQUUGNNGOGPVGVNGDTKUFGU
RKpEGUGPRNCUVKSWGFGURQTVU

KZ NGPVTGVKGPRToXGPVKHFW2TQFWKVEQWXGTV

Z NCOKUGiFKURQUKVKQPFGRTQFWKVUFGTGORNCEGOGPVCWEQWTU
FGNCRoTKQFGFGRTGUVCVKQPFGUGTXKEG

ZK NGUFQOOCIGUCHHGEVCPVQWRGTVGFGUNQIKEKGNUQWFQPPoGU
SWKToUKFGPVQWUQPVUVQEMoUFCPUNG2TQFWKVEQWXGTV.'5
%106'075&'8164'K2*10'5'41062'4&75'6.'
5722146&'561%-#)'5'4#4'(14/#6d&74#06.#
24'56#6+10&75'48+%'8QVTGK2JQPGQWWPK2JQPGFG
TGEJCPIGXQWUUGTCTGVQWTPoUGNQPNCEQPHKIWTCVKQPSWK
GZKUVCKVCWOQOGPVFGUQPCEJCVUQWUToUGTXGFGUOKUGUi
LQWTCRRNKECDNGU#RRNGRQWTTCKVCWVKVTGFWUGTXKEGKPUVCNNGT
FGUOKUGUiLQWTFWNQIKEKGNFGDCUG
K2JQPG15SWK
GORqEJGTQPVNK2JQPGFGTGXGPKTiWPGXGTUKQPRToEoFGPVG
FGNK2JQPG15.GUCRRNKECVKQPUFGVKGTUKPUVCNNoGUUWT
NK2JQPGRGWXGPVPGRCUqVTGEQORCVKDNGUPKHQPEVKQPPGTiNC
UWKVGFGNCOKUGiLQWTFGNK2JQPG158QWUqVGUTGURQPUCDNG
FGNCToKPUVCNNCVKQPFGUCWVTGURTQITCOOGUNQIKEKGNUFQPPoGU
GVOQVUFGRCUUG.CToEWRoTCVKQPGVNCToKPUVCNNCVKQPFGU
RTQITCOOGUNQIKEKGNUGVFQPPoGUFGNWVKNKUCVGWTPGUQPVRCU
EQWXGTVGURCTNGRToUGPV2TQITCOOG



(TCPnCKU

ZKK NGUFoHCWVUToUWNVCPVFWUWTGPQTOCNGQWCWVTGOGPVFW
XKGKNNKUUGOGPVPQTOCNFWRTQFWKV

ZKKK NGUTGXqVGOGPVURTQVGEVGWTUSWKUGNQPNGWTEQPEGRVKQP
FKOKPWGPVCXGENGVGORUiOQKPUSWGNGFoHCWVToUWNVGFWP
XKEGFGOCVoTKCWQWFGOCKPFWXTGGV

ZKX UCWHVGNSWGRToXWGZRTGUUoOGPVCWZRToUGPVGUVQWVCWVTG
FQOOCIGToUWNVCPVFWPXKEGFGOCVoTKCWQWFGOCKP
FWXTGQWFGNWVKNKUCVKQPQTFKPCKTGGVJCDKVWGNNGFW2TQFWKV
EQWXGTV
E 1RVKQPUQHHGTVGURQWTNGUGTXKEG#RRNGRQWTTCHQWTPKTNCRTGUVCVKQP
FGUUGTXKEGUGPSWGUVKQPOQ[GPPCPVNWPGQWRNWUKGWTUFGU
OoVJQFGUUWKXCPVGU

K 5GTXKEGCRTpUXGPVGGPOCICUKP8QWUFGXG\TGOGVVTG
NG2TQFWKVEQWXGTVFoHGEVWGWZiWPOCICUKPFGFoVCKN
CRRCTVGPCPVi#RRNGSWKQHHTGWPUGTXKEGCRTpUXGPVGGP
OCICUKP.GUUGTXKEGUFGToRCTCVKQPQWFGTGORNCEGOGPV
UGTQPVToCNKUoUUWTRNCEGQWFCPUWPEGPVTGFGToRCTCVKQP
#RRNGCWSWGNNGOCICUKPCWTCHCKVRCTXGPKTNG2TQFWKVEQWXGTV
SWKFGXTCKVqVTGToRCTo8QWUFGXG\ToEWRoTGTNG2TQFWKV
RTQORVGOGPVCRTpUCXQKToVoCXKUoFGUCToRCTCVKQPQWFG
UQPTGORNCEGOGPV

KK .GUGTXKEGFGToRCTCVKQPRCTGPXQKFWOCVoTKGNGPRCPPG
RCTEQWTTKGT.QTUSWG#RRNGFoEKFGSWGXQVTG2TQFWKV

(TCPnCKU

EQWXGTVRGWVqVTGToRCToOQ[GPPCPVEGUGTXKEG#RRNGXQWU
GPXGTTCFGUNGVVTGUFGVTCPURQTVRToRC[oGU
GVCWECUQ~
XQWUPGRQUUoFGTKG\RNWUNGODCNNCIGQTKIKPCN#RRNGRGWV
XQWUHCKTGRCTXGPKTWPGODCNNCIGCHKPSWGXQWUGZRoFKG\
NG2TQFWKVEQWXGTViNWPFGUEGPVTGUFGToRCTCVKQP#RRNG
EQPHQTOoOGPViUGUKPUVTWEVKQPU.QTUSWGNCToRCTCVKQP
GUVVGTOKPoGNGEGPVTGFGToRCTCVKQP#RRNGXQWUTGPXQKG
NG2TQFWKVEQWXGTV#RRNGRCKGTCNGUHTCKUFGZRoFKVKQPCNNGT
TGVQWTiRCTVKTFGNGPFTQKVQ~GUVUKVWoNG2TQFWKVEQWXGTViNC
EQPFKVKQPSWGXQWUTGURGEVKG\VQWVGUNGUKPUVTWEVKQPUHQWTPKGU
RCT#RRNG

KKK .GUGTXKEGFGToRCTCVKQPRCTGPXQKFGRKpEGUiKPUVCNNGT
XQWUOqOGGUVQHHGTVRQWTWPITCPFPQODTGFGRKpEGUFW
2TQFWKVEQWXGTVCHKPSWGXQWUToRCTKG\XQVTGRTQRTGRTQFWKV
.QTUSWGNGUEKTEQPUVCPEGURGTOGVVGPVEGUGTXKEGNCRTQEoFWTG
UWKXCPVGUCRRNKSWG

# .GUGTXKEGFGToRCTCVKQPRCTGPXQKFGRKpEGUiKPUVCNNGT
XQWUOqOGRQWTNGSWGN#RRNGGZKIGNGTGVQWTFGURKpEGU
TGORNCEoGU#RRNGRGWVGZKIGTWPGCWVQTKUCVKQPFGFoDKV
FWEQORVGFGXQVTGECTVGFGEToFKVEQOOGICTCPVKG
FWRTKZFGFoVCKNFGNCRKpEGFGTGEJCPIGGVFGUHTCKU
FGZRoFKVKQPCRRNKECDNGU5KXQWUPqVGURCUGPOGUWTG
FGHQWTPKTWPGVGNNGCWVQTKUCVKQPNGUGTXKEGFGToRCTCVKQP



(TCPnCKU

RCTGPXQKFGRKpEGUiKPUVCNNGTXQWUOqOGRGWVXQWU
qVTGTGHWUoGV#RRNGXQWURTQRQUGTCFCWVTGUUQNWVKQPU
RQWTNCToRCTCVKQP#RRNGXQWUGZRoFKGTCWPGRKpEGFG
TGEJCPIGCXGEFGUKPUVTWEVKQPUUWTUQPKPUVCNNCVKQPGV
VQWVGGZKIGPEGTGNCVKXGCWTGVQWTFGNCRKpEGTGORNCEoG
5KXQWUXQWUEQPHQTOG\CWZKPUVTWEVKQPU#RRNGCPPWNGTC
NCWVQTKUCVKQPFGFoDKVFWEQORVGFGXQVTGECTVGFG
EToFKVFGUQTVGSWGXQVTGEQORVGPGUGTCRCUFoDKVo
RQWTNGRTKZFGNCRKpEGGVNGUHTCKUFGVTCPURQTVCNNGT
TGVQWTiRCTVKTFGNGPFTQKVQ~NG2TQFWKVEQWXGTVGUVUKVWo
5KXQWUQOGVVG\FGTGVQWTPGTNCRKpEGTGORNCEoGFGNC
OCPKpTGRTGUETKVGQWUKXQWUTGVQWTPG\WPGRKpEGSWK
PGUVRCUCFOKUUKDNGCWUGTXKEG#RRNGHCEVWTGTCNGEQORVG
FGXQVTGECTVGFGEToFKVRQWTNGOQPVCPVCWVQTKUo

$ .GUGTXKEGFGToRCTCVKQPRCTGPXQKFGRKpEGUiKPUVCNNGT
XQWUOqOGRQWTNGSWGN#RRNGPGZKIGRCUNGTGVQWTFGU
RKpEGUTGORNCEoGU#RRNGXQWUGPXGTTCITCVWKVGOGPVWPG
RKpEGFGTGEJCPIGCEEQORCIPoGFGUKPUVTWEVKQPURQWT
NKPUVCNNCVKQPGVVQWVGEQPFKVKQPTGNCVKXGiNCFKURQUKVKQPFG
NCRKpEGTGORNCEoG

% #RRNGPGUVRCUTGURQPUCDNGFWEQVFGNCOCKPFWXTG
TGNKoCWUGTXKEGFGToRCTCVKQPRCTGPXQKFGRKpEGUi
KPUVCNNGTXQWUOqOG5KXQWUGZKIG\WPGCUUKUVCPEG

(TCPnCKU

UWRRNoOGPVCKTGXGWKNNG\EQOOWPKSWGTCXGE#RRNGCW
PWOoTQFGVoNoRJQPGUCPUHTCKUKPFKSWoEKFGUUQWU
#RRNGUGToUGTXGNGFTQKVFGOQFKHKGTiVQWVOQOGPVNCOoVJQFG
RCTNCSWGNNG#RRNGRGWVXQWUHQWTPKTNGUGTXKEGFGToRCTCVKQPQW
FGTGORNCEGOGPVGVNGFTQKVFGXQVTG2TQFWKVEQWXGTViDoPoHKEKGT
FWPGOoVJQFGRCTVKEWNKpTGFGUGTXKEG.GUQRVKQPUFGUGTXKEGNC
FKURQPKDKNKVoFGURKpEGUFGTGEJCPIGGVNGVGORUFGToRQPUGUQPV
UWUEGRVKDNGUFGXCTKGT
F 1DVGPVKQPFWPUGTXKEGFGToRCTCVKQPQWFGTGORNCEGOGPV
2QWTQDVGPKTWPUGTXKEGGPXGTVWFWRToUGPV2TQITCOOG
XGWKNNG\XKUKVGTNGUKVGYGDF#RRNG
YYYCRRNGEQOUWRRQTVQW
JVVRYYYCRRNGEQOECHTUWRRQTVQWEQORQUGTNGPWOoTQ
FGVoNoRJQPGUCPUHTCKUKPFKSWoEKFGUUQWU.GUPWOoTQUFG
VoNoRJQPGRGWXGPVXCTKGTUGNQPXQVTGNQECNKUCVKQP.QTUSWGXQWU
CEEoFGTG\CWUKVGYGDUWKXG\NGUKPUVTWEVKQPURQWTNCFGOCPFG
FGUGTXKEGFGToRCTCVKQPHQWTPKGURCT#RRNG5KXQWUCRRGNG\NG
PWOoTQFGVoNoRJQPGWPTGRToUGPVCPVFWUGTXKEGFCUUKUVCPEG
VGEJPKSWGToRQPFTCFGOCPFGTCXQVTG0WOoTQFGEQPVTCV
FW2TQITCOOGXQWUEQPUGKNNGTCGVFoVGTOKPGTCSWGNUGTXKEG
GUVTGSWKURQWTNG2TQFWKVEQWXGTV6QWVUGTXKEGGUVUWLGVi
NCRRTQDCVKQPRToCNCDNGF#RRNG.GPFTQKVFGUGTXKEGRGWVXCTKG\
iECWUGFGXQVTGNQECNKUCVKQP%QPUGTXG\XQVTG%QPHKTOCVKQP
FCFJoUKQPCW2TQITCOOGCKPUKSWGNQTKIKPCNFGNCHCEVWTG



(TCPnCKU

#UUKUVCPEGVGEJPKSWG
C #UUKUVCPEGVGEJPKSWGRCTVoNoRJQPGQW+PVGTPGV8QVTGCFOKUUKDKNKVo
iNCUUKUVCPEGVGEJPKSWGRTGPFGHHGViNCFCVGFGZRKTCVKQPFG
NCUUKUVCPEGVGEJPKSWGITCVWKVGQWNCFCVGFGEQOOGPEGOGPV
FGXQVTG2oTKQFGFGNCICTCPVKGUGNQPNCFCVGNCRNWUVCTFKXG
GVVGTOKPGiNCHKPFGNC2oTKQFGFGNCICTCPVKG
2oTKQFGFG
NCICTCPVKGVGEJPKSWG#WEQWTUFGNC2oTKQFGFGNCICTCPVKG
VGEJPKSWG#RRNGXQWUHQWTPKVWPGCUUKUVCPEGVGEJPKSWGRCT
VoNoRJQPGCKPUKSWGFGUTGUUQWTEGU+PVGTPGV%GVVGCUUKUVCPEG
RGWVEQORTGPFTGNCUUKUVCPEGCXGENKPUVCNNCVKQPNGNCPEGOGPV
NCEQPHKIWTCVKQPNGFoRCPPCIGGVNCTGRTKUG
iNGZENWUKQPFG
NCTGRTKUGFGFQPPoGU[EQORTKUNGUVQEMCIGNCToEWRoTCVKQP
GVNCIGUVKQPFGHKEJKGTUNKPVGTRToVCVKQPFGOGUUCIGUFGTTGWT
U[UVpOGGVNCFoVGTOKPCVKQPFGNQRRQTVWPKVoFGToRCTGTFW
OCVoTKGNKPHQTOCVKSWG#RRNGHQWTPKTCWPGCUUKUVCPEGVGEJPKSWG
RQWTNG2TQFWKVEQWXGTVRQWTNK2JQPG15GVNGUNQIKEKGNURTo
KPUVCNNoUCXGENG2TQFWKVEQWXGTV
EKCRTpU.QIKEKGNUK2JQPG
GVRQWTFGUSWGUVKQPUFGEQPPGEVKXKVoGPVTGNG2TQFWKVEQWXGTV
GVWPQTFKPCVGWTUQWVGPWEiFWPQTFKPCVGWTSWKUCVKUHCKVCWZ
URoEKHKECVKQPUFGEQPPGEVKXKVoFW2TQFWKVEQWXGTVGVSWKWVKNKUG

CHHoTGPVGCW2TQFWKVEQWXGTVGViXQVTGCFJoUKQPCW2TQITCOOG
7PGRTGWXGFCEJCVRGWVXQWUqVTGFGOCPFoGGPECUFGFQWVG
EQPEGTPCPVNCEQWXGTVWTGFGXQVTGRTQFWKVRCTNG2TQITCOOG

(TCPnCKU

WPU[UVpOGFGZRNQKVCVKQPUQWVGPWRCTNG2TQFWKVEQWXGTV#RRNG
HQWTPKTCFCUUKUVCPEGVGEJPKSWGRQWTNCFGTPKpTGXGTUKQPFG
NK2JQPG15GVFGU.QIKEKGNUK2JQPGCKPUKSWGRQWTNCXGTUKQP
RTKPEKRCNGRToEoFGPVGUQWVGPWG
2QWTNGUHKPUFGEGVCTVKENGWPGXGTUKQPRTKPEKRCNGFoUKIPGWPG
XGTUKQPKORQTVCPVGFWNQIKEKGNEQOOGTEKCNKUoGRCT#RRNGRQTVCPV
WPPWOoTQFGXGTUKQPEQOOGQWOCKUSWKPGUVRCU
FGXGTUKQPDqVCQWRToXGTUKQP
D 'ZENWUKQPU.G2TQITCOOGPGEQWXTGRCU

K NGURTQDNpOGURQWXCPVqVTGToUQNWURCTWPGOKUGiLQWTFG
NQIKEKGNUCXGENCFGTPKpTGXGTUKQPFKURQPKDNG

KK XQVTGWVKNKUCVKQPQWOQFKHKECVKQPFW2TQFWKVEQWXGTVFG
NK2JQPG15QWFGU.QIKEKGNUK2JQPGFWPGOCPKpTGRQWT
NCSWGNNGNG2TQFWKVEQWXGTVQWEGUNQIKEKGNUPQPVRCUoVo
EQPnWUQWRQWTNCSWGNNGNCOQFKHKECVKQPPoVCKVRCURToXWG

KKK NGURTQFWKVUFGVKGTEGURCTVKGUQWNGWTUGHHGVUUWTQW
KPVGTCEVKQPUCXGENG2TQFWKVEQWXGTVNK2JQPG15QWNGU
.QIKEKGNUK2JQPG

KX XQVTGWVKNKUCVKQPFWPQTFKPCVGWTQWU[UVpOGFGZRNQKVCVKQP
SWKPCCWEWPTCRRQTVCXGENGU.QIKEKGNUK2JQPGQWFGU
SWGUVKQPUFGEQPPGEVKXKVoFW2TQFWKVEQWXGTV

X NGUNQIKEKGNU#RRNGCWVTGUSWGNK2JQPG15GVNGU.QIKEKGNU
K2JQPGFCRTpUNCEQWXGTVWTGRToXWGCW2TQITCOOG



(TCPnCKU

 8QUQDNKICVKQPU
#HKPFGTGEGXQKTNCRTGUVCVKQPFGUGTXKEGRToXWGQWNGUQWVKGPRToXW
CW2TQITCOOGXQWUEQPXGPG\FGXQWUEQPHQTOGTCWZGZKIGPEGU
UWKXCPVGU
C HQWTPKTXQVTG0WOoTQFGEQPVTCVFW2TQITCOOGGVNGPWOoTQFG
UoTKGFW2TQFWKVEQWXGTV

XK NGNQIKEKGNK2JQPG15QWVQWVCWVTGNQIKEKGNFGOCTSWG#RRNG
FGXGTUKQPDqVCRToXGTUKQPXGTUKQPRToNKOKPCKTGQW
FGFoPQOKPCVKQPUGODNCDNGGV

XKK FGUFQOOCIGUiQWRGTVGFGUNQIKEKGNUQWFQPPoGUSWK
ToUKFGPVQWUQPVUVQEMoUFCPUNG2TQFWKVEQWXGTV
E 1DVGPVKQPFWPUGTXKEGFCUUKUVCPEGVGEJPKSWG
8QWURQWXG\QDVGPKTWPGCUUKUVCPEGVGEJPKSWGGPEQORQUCPV
NGPWOoTQFGVoNoRJQPGUCPUHTCKUKPFKSWoEKFGUUQWU.G
TGRToUGPVCPVFWUGTXKEGFCUUKUVCPEGVGEJPKSWGF#RRNGXQWU
QHHTKTCFCUUKUVCPEGVGEJPKSWG.GUJQTCKTGUFGUGTXKEG#RRNGUQPV
KPFKSWoUEKFGUUQWU
#RRNGUGToUGTXGNGFTQKVFGEJCPIGTEGUJQTCKTGUFGUGTXKEG
GVNGUPWOoTQUFGVoNoRJQPGiVQWVOQOGPV&GUTGUUQWTEGU
FCUUKUVCPEGGPNKIPGUQPVQHHGTVGUUWTNGUKVGYGDF#RRNG

YYYCRRNGEQOUWRRQTVGVJVVRYYYCRRNGEQOECHTUWRRQTV

(TCPnCKU

.KOKVGFGTGURQPUCDKNKVo
&#056176'.#/'574'2'4/+5'2#4.#.1+#22.+%#$.'#22.'
5'5'/2.1;d5'6/#0&#6#+4'50'5#74#+'06'0#7%70%#5
64'6'0754'52105#$.'5'08'45817517617624124+d6#+4'
7.6d4+'74&'5&1//#)'5+0&+4'%6517#%%'551+4'54d57.6#06
&'51$.+)#6+10537++0%1/$'06#22.''08'467&724d5'06
241)4#//';%1/24+5'064'#764'5.'5%165#((d4'065
.#4'24+5'.#4'241)4#//#6+1017.#4'241&7%6+10&'

D HQWTPKTFKPHQTOCVKQPUWTNGUU[ORVzOGUGVNGUECWUGUFGU
RTQDNpOGUKPJoTGPVUCW2TQFWKVEQWXGTV
E ToRQPFTGCWZFGOCPFGUFKPHQTOCVKQPPQVCOOGPVNGPWOoTQ
FGUoTKGFW2TQFWKVEQWXGTVNGOQFpNGNCXGTUKQPFWU[UVpOG
FGZRNQKVCVKQPGVFGUNQIKEKGNUKPUVCNNoUVQWVRoTKRJoTKSWGEQPPGEVo
CWQWKPUVCNNoUWTNG2TQFWKVEQWXGTVVQWVOGUUCIGFGTTGWTCHHKEJo
NGUFoOCTEJGURTKUGUCXCPVSWGNGRTQDNpOGUGRTQFWKVUWTNG
2TQFWKVEQWXGTVGVNGUOGUWTGURTKUGURQWTToUQWFTGNGRTQDNpOG
F UWKXTGNGUKPUVTWEVKQPUSWGXQWUFQPPG#RRNGPQVCOOGPVPG
RCUTGPXQ[GTi#RRNGNGURTQFWKVUGVNGUCEEGUUQKTGURQWTNGUSWGNU
NGUGTXKEGFGToRCTCVKQPQWFGTGORNCEGOGPVPGUVRCUQHHGTVGV
NGODCNNCIGFW2TQFWKVEQWXGTVEQPHQTOoOGPVCWZKPUVTWEVKQPUUWT
UQPGZRoFKVKQPGV
G OGVVTGiLQWTFGUNQIKEKGNUCXGEFGUXGTUKQPUCEVWGNNGU
EQOOGTEKCNKUoGUCXCPVFGFGOCPFGTNCRTGUVCVKQPFWUGTXKEG




(TCPnCKU

6176241)4#//'17&'6176'&100d'17510+0%#2#%+6d
24d5'48'4.#%10(+&'06+#.+6d&'5&100d'517.#2'46'
&#((#+4'5&'241(+65&'241&7+6517&d%101/+'5#06+%+2d'5
&#056176'.#/'574'2'4/+5'2#4.#.1+#22.+%#$.'.#
.+/+6'&'4'52105#$+.+6d&#22.''6&'5'5'/2.1;d5'6&'
510/#0&#6#+4''08'458175'6617624124+d6#+4'7.6d4+'74
&d%17.#06&7241)4#//'0'5#74#+6':%d&'4.#51//'
#%37+66d'2174$d0d(+%+'4&724d5'06241)4#//''0
2#46+%7.+'4#22.'0')#4#06+62#537'..'21744#
K4d2#4'4
174'/2.#%'4.'241&7+6%178'465#054+537'4&'2'4&4'17
&'0&1//#)'4.'5.1)+%+'.517.'5&100d'50+
KK24d5'48'4
.#%10(+&'06+#.+6d&'5&100d'5
2174.'5%1051//#6'74537+$d0d(+%+'06&70'.1+17
4d).'/'06#6+10574.#2416'%6+10&'5%1051//#6'745
.'5#8#06#)'5%10(d4d52#4.'24d5'06241)4#//'
5#,176'066175.'5&41+65'64'%174524d8752#4%'66'
.1+'6%'54).'/'065&#05.#/'574'1.#4'52105#$+.+6d
&d%17.#06&'%'66'.1+174d).'/'06#6+105'4#+6.+/+6d'.#
4'52105#$+.+6d&#22.''56.+/+6d'510'06+4'&+5%4d6+10
#74'/2.#%'/'0617.#4d2#4#6+10&7241&7+6%178'46
17.#24'56#6+10&'5'48+%'%'46#+05d6#65'6%'46#+0'5
2418+0%'50'2'4/'66'062#5.':%.75+1017.#.+/+6#6+10&'5
&1//#)'5#%%'551+4'5#737'.%#570'2#46+'&'5176176'5
.'5.+/+6#6+105%+&'55752'78'060'2#55#22.+37'4

(TCPnCKU

 4oUKNKCVKQP
8QWURQWXG\ToUKNKGTNGRToUGPV2TQITCOOGiVQWVOQOGPVRQWT
VQWVOQVKH.GECUoEJoCPVXGWKNNG\EQPVCEVGT#RRNGGPEQORQUCPVNG
PWOoTQFGVoNoRJQPGKPFKSWoEKFGUUQWUQWGPHCKUCPVRCTXGPKTQW
GPXQ[CPVRCTVoNoEQRKGWTWPCXKUoETKVKPFKSWCPVXQVTG0WOoTQFG
EQPVTCVFW2TQITCOOGiNCFTGUUGUWKXCPVG#RRNG%CTG#FOKPKUVTCVKQP
21$QZ#WUVKP6:75
PWOoTQFGVoNoEQRKGWT
7PGRJQVQEQRKGFGXQVTGRTGWXGFCEJCVFW2TQITCOOG
FGXTCKVCEEQORCIPGTXQVTGCXKU5QWUToUGTXGFGUFKURQUKVKQPUFGNC
NQKNQECNGCWECUQ~NCToUKNKCVKQPUGTCKVGHHGEVWoGFCPUNGUVTGPVG

LQWTUFGNCFCVGFGXQVTGCFJoUKQPCW2TQITCOOGQWFGEGNNGFGNC
ToEGRVKQPFGURToUGPVGUOQFCNKVoUUGNQPNCFCVGNCRNWUVCTFKXGXQWU
TGEGXTG\WPTGODQWTUGOGPVEQORNGVFoFWEVKQPHCKVGFGNCXCNGWT
FGVQWVUGTXKEGHQWTPKFCPUNGECFTGFWRToUGPV2TQITCOOG#WECU
Q~NCToUKNKCVKQPUGTCKVGHHGEVWoGRNWUFGVTGPVG
LQWTUiRCTVKTFGNC
ToEGRVKQPFWRToUGPV2TQITCOOGXQWUTGEGXTG\WPTGODQWTUGOGPV
CWRTQTCVCFWRTKZFCEJCVQTKIKPCNFWRToUGPV2TQITCOOGECNEWNo
GPHQPEVKQPFWRQWTEGPVCIGFGNCFWToGFGNC2oTKQFGFGNCICTCPVKG
TGUVCPVFoFWEVKQPHCKVG
CFGHTCKUFGToUKNKCVKQPFGXKPIVEKPSFQNNCTU

75QWFGFKZRQWTEGPV
FWOQPVCPVCWRTQTCVCUGNQP
NGOQPVCPVNGOQKPUoNGXoFGUFGWZGV
DFGNCXCNGWTFGVQWV
UGTXKEGSWKXQWUCoVoHQWTPKFCPUNGECFTGFGEG2TQITCOOG5QWU
ToUGTXGUFGUFKURQUKVKQPUFGNCNQKNQECNG#RRNGRGWVToUKNKGTNGRToUGPV
2TQITCOOGUKNGURKpEGUFGTGEJCPIGRQWTNG2TQFWKVEQWXGTVPGUQPV



(TCPnCKU

 %GUUKQPFW2TQITCOOG
5WLGVCWZNKOKVCVKQPUEKFGUUQWUXQWUPGRQWXG\HCKTGSWWPGUGWNG
EGUUKQPRGTOCPGPVGFGVQWUXQWUFTQKVUGPXGTVWFW2TQITCOOG
iWPGCWVTGRCTVKGGVEGEKiEQPFKVKQPSWG
CNCRTGWXGFCEJCV
QTKIKPCNGNG%GTVKHKECVFW2TQITCOOG[EQORTKUNGUFQEWOGPVU
KORTKOoUGVEGUOQFCNKVoUHCUUGPVRCTVKGFGNCEGUUKQP
DXQWU
CXKUKG\#RRNGGPHCKUCPVRCTXGPKTQWGPXQ[CPVRCTVoNoEQRKGWT
QWEQWTTKGNWPCXKUFGVTCPUHGTVi#RRNG+PE#66#ITGGOGPV
#FOKPKUVTCVKQP/5#%.CIWPC$NXF'NM)TQXG%#75
PWOoTQFGVoNoEQRKGWTQWCIOVUAVTCPUHGT"CRRNGEQO
TGURGEVKXGOGPV
ENCRCTVKGSWKTGnQKVNG2TQITCOOGNKUGGVEQPXKGPPG
FCEEGRVGTNGUOQFCNKVoUFW2TQITCOOG3WCPFXQWUCXKUG\#RRNGFG
NCEGUUKQPFW2TQITCOOGXQWUFGXG\HQWTPKTXQVTG0WOoTQFGEQPVTCV
FW2TQITCOOGNGUPWOoTQUFGUoTKGFW2TQFWKVEQWXGTVHCKUCPV
NQDLGVFGNCEGUUKQPWPGRTGWXGFCEJCVFW2TQITCOOGCKPUKSWGNG
PQONCFTGUUGNGPWOoTQFGVoNoRJQPGGVNCFTGUUGoNGEVTQPKSWGFW
PQWXGCWRTQRTKoVCKTG

RNWUFKURQPKDNGUOQ[GPPCPVWPCXKUoETKVFGVTGPVG
LQWTU5K#RRNG
ToUKNKGEG2TQITCOOGXQWUTGEGXTG\WPTGODQWTUGOGPVCWRTQTCVCFG
NCFWToGFW2TQITCOOGTGUVCPViEQWTKT

(TCPnCKU

 &KURQUKVKQPUIoPoTCNGU
C #RRNGRGWVUQWUVTCKVGTQWEQPHKGTNGZoEWVKQPFGUGUQDNKICVKQPU
iFGUVKGTEGURCTVKGUUCPUqVTGRQWTCWVCPVFoEJCTIoGFGUGU
QDNKICVKQPUiXQVTGoICTF
D #RRNGPGUVRCUTGURQPUCDNGFGUOCPSWGOGPVUQWTGVCTFU
FCPUNGZoEWVKQPFGUGUQDNKICVKQPUEQPHQTOoOGPVCWRToUGPV
2TQITCOOGSWKUGTCKGPVCVVTKDWCDNGUiFGUoXoPGOGPVUSWGNNG
PGRGWVTCKUQPPCDNGOGPVOCuVTKUGT
E 8QWUPqVGURCUVGPWFGToCNKUGTWPGPVTGVKGPRToXGPVKHFW2TQFWKV
EQWXGTVCHKPFGTGEGXQKTNCRTGUVCVKQPFGUUGTXKEGURToXWURCTNG
RToUGPV2TQITCOOG
F .GRToUGPV2TQITCOOGGUVQHHGTVGVXCNCDNGWPKSWGOGPVCW
%CPCFC.GRToUGPV2TQITCOOGPGUVQHHGTViCWEWPGRGTUQPPGSWK
PCRCUCVVGKPVUCOCLQTKVo.GRToUGPV2TQITCOOGPGUVRCUQHHGTV
FCPUNGULWTKFKEVKQPUFCPUNGUSWGNNGUKNUGTCKVKPVGTFKVRCTNCNQK
G 'PGZoEWVCPVUGUQDNKICVKQPU#RRNGRGWViUQPGPVKpTGFKUEToVKQP
GVWPKSWGOGPViFGUHKPUFCPCN[UGFGNCSWCNKVoFGUQPUGTXKEG
iNCENKGPVpNGGPTGIKUVTGTVQWVQWRCTVKGFGUEQOOWPKECVKQPU
VoNoRJQPKSWGUGPVTGXQWUGV#RRNG




(TCPnCKU

H 8QWUEQPXGPG\SWGVQWVGKPHQTOCVKQPQWFQPPoGFKXWNIWoGi
#RRNGFCPUNGECFTGFGEG2TQITCOOGPGUVPKEQPHKFGPVKGNNGPK
RTQRTKoVCKTG'PQWVTGXQWUCEEGRVG\SW#RRNGEQNNGEVGGVVTCKVG
FGUFQPPoGUGPXQVTGPQOCWOQOGPVFGNCRTGUVCVKQPFG
UGTXKEG#KPUK#RRNGRGWVqVTGCOGPoGiVTCPUOGVVTGFGUFQPPoGU
XQWUCRRCTVGPCPViFGUUQEKoVoUCHHKNKoGUQWiFGUHQWTPKUUGWTU
FGUGTXKEGUKVWoUUGNQPNCRQNKVKSWGUWTNCXKGRTKXoGFGUENKGPVU
F#RRNG
#RRNG%WUVQOGT2TKXCE[2QNKE[
I #RRNGFKURQUGFGFKURQUKVKHUFGUoEWTKVoRTQVoIGCPVEQPVTGNCEEpU
QWNCFKXWNICVKQPPQPCWVQTKUoGVNCFGUVTWEVKQPKNNoICNG8QWU
CUUWOG\NCTGURQPUCDKNKVoFGUKPUVTWEVKQPUSWGXQWUVTCPUOGVVG\
i#RRNGEQPEGTPCPVNGVTCKVGOGPVFGUFQPPoGUGV#RRNG
UGHHQTEGTCFGNGUTGURGEVGTFCPUNCOGUWTGFWTCKUQPPCDNGCWZ
HKPUFGZoEWVKQPFWUGTXKEGFGToRCTCVKQPGVFGUQDNKICVKQPUFG
UQWVKGPRToXWURCTNGRToUGPV2TQITCOOG5KXQWUPGEQPUGPVG\
RCUiEGSWKXKGPVFqVTGoPQPEoQWUKXQWUCXG\FGUSWGUVKQPUUWT
NGUEQPUoSWGPEGUFWPVGNVTCKVGOGPVFGXQUFQPPoGUXGWKNNG\GP
CXKUGT#RRNGGPVoNoRJQPCPVCWZPWOoTQUKPFKSWoU

(TCPnCKU

K .GUOQFCNKVoUFWRToUGPV2TQITCOOGRToXCNGPVUWTVQWVGOQFCNKVo
EQPVTCKTGUWRRNoOGPVCKTGQWCWVTGFGVQWVDQPFGEQOOCPFGQW
CWVTGFQEWOGPVGVEQPUVKVWGPVNKPVoITCNKVoFGNCEEQTFGPVTGXQWU
GV#RRNGGPEGSWKEQPEGTPGNG2TQITCOOG
L 8QUFTQKVUGPXGTVWFW2TQITCOOGUCLQWVGPViVQWVFTQKVFG
ICTCPVKGFQPVXQWURQWXG\DoPoHKEKGT8QVTGKPUETKRVKQPCWGVCEJCV
FW2TQITCOOGFQKXGPVqVTGHCKVUFWTCPVNCRoTKQFGFGNCICTCPVKG
NKOKVoGFWPCP#RRNGEQWXTCPVXQVTGK2JQPGFGOCTSWG#RRNG
#RRNGPGUVRCUVGPWGFGTGPQWXGNGTNGRToUGPV2TQITCOOG5K
#RRNGFoEKFGFGTGPQWXGNGTNG2TQITCOOGGNNGGPFoVGTOKPGTCNG
RTKZGVNGUOQFCNKVoU
M #WEWPOoECPKUOGKPHQTOGNFGToUQNWVKQPFGUFKHHoTGPFUPGUV
RToXWRCTNGRToUGPV2TQITCOOG

J #RRNGRTQVoIGTCXQUTGPUGKIPGOGPVURGTUQPPGNUEQPHQTOoOGPV
iNCRQNKVKSWGUWTNCXKGRTKXoGFGUENKGPVUF#RRNG
#RRNG
%WUVQOGT2TKXCE[2QNKE[CHHKEJoGiNCFTGUUG74.UWKXCPVG
YYYCRRNGEQONGICNRTKXCE[QW
YYYCRRNGEQOECHTNGICNRTKXCE[5KXQWUUQWJCKVG\CEEoFGT
iNKPHQTOCVKQPXQWUEQPEGTPCPVFoVGPWGRCT#RRNGQWUKXQWU
XQWNG\NCOQFKHKGTXGWKNNG\CEEoFGTiNCFTGUUG74.UWKXCPVG
YYYCRRNGEQOEQPVCEVO[KPHQCHKPFGOGVVTGiLQWTXQU
EQQTFQPPoGURGTUQPPGNNGUQWEQOOWPKSWGTCXGE#RRNGi
NCFTGUUGRTKXCE["CRRNGEQO




(TCPnCKU



#22K2JQPG%CPCFCX

 .GUPWOoTQUFGVoNoRJQPGGVNGUJQTCKTGUFGUGTXKEGRGWXGPVXCTKGTGV
UQPVUWLGVUiFGUOQFKHKECVKQPU8QWUVTQWXGTG\NKPHQTOCVKQPNCRNWU
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