Sie sind auf Seite 1von 80

%'-1

QIXVMG

7TIGMJMGEXMSRJSV8SPIVERGIWJSV
'SRGVIXI'SRWXVYGXMSRERH1EXIVMEPW
%'-1 ERH'SQQIRXEV]
%R%'-7XERHEVH

6ITSVXIHF]%'-'SQQMXXII
*MVWXTVMRXMRK
.YP]
%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI

7TIGMJMGEXMSRJSV8SPIVERGIWJSV'SRGVIXI'SRWXVYGXMSRERH1EXIVMEPW
ERH'SQQIRXEV]

'ST]VMKLX F] XLI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1- %PP VMKLXW VIWIVZIH 8LMW QEXIVMEP
QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-

8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]
JMRH MRJSVQEXMSR SV VIUYMVIQIRXW XLEX QE] FI WYFNIGX XS QSVI XLER SRI MRXIVTVIXEXMSR SV QE] FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIH XS GSRXEGX %'- 4VSTIV YWI SJ XLMW HSGYQIRX MRGPYHIW TIVMSHMGEPP] GLIGOMRK JSV IVVEXE EX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWTJSVXLIQSWXYTXSHEXIVIZMWMSRW

%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR

%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX

%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEP
SV GSRWIUYIRXMEP HEQEKIW MRGPYHMRK [MXLSYX PMQMXEXMSR PSWX VIZIRYIW SV PSWX TVSJMXW [LMGL QE] VIWYPX
JVSQXLIYWISJXLMWTYFPMGEXMSR

-XMWXLIVIWTSRWMFMPMX]SJXLIYWIVSJXLMWHSGYQIRXXSIWXEFPMWLLIEPXLERHWEJIX]TVEGXMGIWETTVSTVMEXIXS
XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXS
LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR 37,% LIEPXL
ERHWEJIX]WXERHEVHW

3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMG
WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-

1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
'SRGVIXI4VEGXMGI 1'4 

%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI 
*E\ 
[[[GSRGVIXISVK

-7&2
%'-1

7TIGMJMGEXMSRJSV8SPIVERGIWJSV'SRGVIXI
'SRWXVYGXMSRERH1EXIVMEPW %'-1
ERH'SQQIRXEV]
%R%'-7XERHEVH

6ITSVXIHF]%'-'SQQMXXII

)PHSR+8MTTMRK 7GSXX1MGLEIP%RHIVWSR
'LEMV 7IGVIXEV]

7GSXX1%RHIVWSR %PPIR*EGI (SREPH11EVOW (EZMH24IXIVWSR


/EVP.&EOOI 6SFIVX%,EPZSVWSR 6SWW71EVXMR ;MPPMEQ74LIPER
(EZMH/&EPPEWX 1EVO+.SWXIR 7XIZIR;1G'VEV] &(YOI4SMRXIV
&V]ER1&MVH[IPP 6MGLEVH0/RS\ %VXLYV;1G/MRRI] 4IXIV.6YXXYVE
+VIKSV]4&MVPI] .IJJ00E6YI 'SPMR81MPFIVK 1MGLEIP.7GLRIMHIV
8LSQEW.(S[RW 1MGLEIP;0II ;MPPMEQ62EWL &VYGI%7YTVIRERX
6SR)PHVMHKI 1MGLEIP00IQMRK &SF04E]RI 1MGLEIP%;IWX

7TIGMJMGEXMSRW]RSTWMW8LMWWTIGMJMGEXMSRTVSZMHIWWXERHEVHXSPIVERGIWJSVGSRGVIXIGSRWXVYGXMSRERHQEXIVMEPW8LMWHSGYQIRXMWMRXIRHIHXSFIYWIH
F]WTIGMJMGEXMSR[VMXIVWERH%'-GSQQMXXIIW[VMXMRKWXERHEVHWEWXLIVIJIVIRGIHSGYQIRXJSVIWXEFPMWLMRKXSPIVERGIWJSVGSRGVIXIGSRWXVYGXMSR
ERHQEXIVMEPW

'SQQIRXEV]W]RSTWMW8LMWVITSVXMWEGSQQIRXEV]SRXLIw7TIGMJMGEXMSRWJSV8SPIVERGIWJSV'SRGVIXI'SRWXVYGXMSRERH1EXIVMEPW %'-1 x-XMWMRXIRHIHXSFI


YWIH[MXL%'-1JSVGPEVMX]SJMRXIVTVIXEXMSRERHMRWMKLXMRXSXLIMRXIRXSJXLIGSQQMXXIIVIKEVHMRKXLIETTPMGEXMSRSJXLIXSPIVERGIWWIXJSVXLXLIVIMR

/I][SVHWEVGLMXIGXYVEPGSRGVIXIGSRGVIXIGSRWXVYGXMSRHVMPPIHTMIVWJSVQ[SVOJSYRHEXMSRQEWWGSRGVIXITMIVTVIGEWXGSRGVIXITVIWXVIWWIHGSRGVIXI
VIMRJSVGIHGSRGVIXIVIMRJSVGIQIRXWTIGMJMGEXMSRWTPMGIXMPXYTGSRGVIXIXSPIVERGIW

%'-17TIGMJMGEXMSRERH'SQQIRXEV]EVITVIWIRXIHMREWMHI
%'-'SQQMXXII6ITSVXW+YMHIW1ERYEPWERH'SQQIRXEVMIW F]WMHI GSPYQRJSVQEX[MXLGSHIXI\XTPEGIHMRXLIPIJXGSPYQR
EVIMRXIRHIH JSV KYMHERGI MR TPERRMRK HIWMKRMRKI\IGYXMRK ERH XLI GSVVIWTSRHMRK GSQQIRXEV] XI\X EPMKRIH MR XLI VMKLX
GSPYQR8SHMWXMRKYMWLXLIWTIGMJMGEXMSRJVSQXLIGSQQIRXEV]XLI
ERHMRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLI
WTIGMJMGEXMSRLEWFIIRTVMRXIHMR,IPZIXMGE[LMGLMWXLIX]TIJEGI
YWI SJ MRHMZMHYEPW [LS EVI GSQTIXIRX XS IZEPYEXI XLI
JSVXLMWTEVEKVETL
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRW
ERH[LS [MPPEGGITXVIWTSRWMFMPMX]JSV XLIETTPMGEXMSR SJXLI 8LI'SQQIRXEV]MWTVMRXIHMR8MQIW6SQER[LMGLMWXLIX]TIJEGIJSV
QEXIVMEPMXGSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQW XLMWTEVEKVETL'SQQIRXEV]WIGXMSRRYQFIVWEVITVIGIHIHF]XLIPIXXIV
ER]ERHEPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXI w6x XS HMWXMRKYMWL XLIQ JVSQ WTIGMJMGEXMSR WIGXMSR RYQFIVW 8LI
WLEPPRSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ GSQQIRXEV]MWRSXETEVXSJ%'-7TIGMJMGEXMSR1
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI %'-1WYTIVWIHIW%'-ERH[EWEHSTXIH1EVGLERHTYFPMWLIH
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] .YP]
'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
XLI%VGLMXIGX)RKMRIIV QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYGXMSR
SVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR[VMXMRK
MWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW

1
1 %'-78%2(%6('311)28%6=

'328)287 {,SVM^SRXEPHIZMEXMSR
-RXVSHYGXMSRT1 {:IVXMGEPHIZMEXMSR
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7IGXMSR{+IRIVEPVIUYMVIQIRXWT1
{(IZMEXMSRJVSQTPERI
{7GSTI
{6IUYMVIQIRXW
7IGXMSR{'EREPPMRMRKT1
{(IJMRMXMSRW {,SVM^SRXEPHIZMEXMSR
{6IJIVIRGIHWXERHEVHW {:IVXMGEPHIZMEXMSR
{'VSWWWIGXMSREPHMQIRWMSRW
7IGXMSR{1EXIVMEPWT1
{6IMRJSVGMRKWXIIPJEFVMGEXMSRERHEWWIQFP]
7IGXMSR{1SRSPMXLMG[EXIVGSRZI]MRKXYRRIPW
{6IMRJSVGIQIRXPSGEXMSR WMTLSRWGSRHYMXWERHWTMPP[E]WT1
{4PEGIQIRXSJIQFIHHIHMXIQWI\GPYHMRKHS[IPWMR {,SVM^SRXEPHIZMEXMSR
WPEFWSRKVSYRH {:IVXMGEPHIZMEXMSR
{'SRGVIXIFEXGLMRK {'VSWWWIGXMSREPHMQIRWMSRW
{'SRGVIXITVSTIVXMIW {(IZMEXMSRJVSQTPERI

7IGXMSR{*SYRHEXMSRWT1 7IGXMSR{'EWXMRTPEGIFVMHKIWT1
{(IZMEXMSRJVSQTPYQF {(IZMEXMSRJVSQTPYQF
{(IZMEXMSRJVSQPSGEXMSR {,SVM^SRXEPHIZMEXMSR
{(IZMEXMSRJVSQIPIZEXMSR {:IVXMGEPHIZMEXMSR
{(IZMEXMSRJVSQTPERI {0IRKXL[MHXLSVHITXLSJWTIGMJMIHIPIQIRXW
{(IZMEXMSR JVSQ GVSWWWIGXMSREP HMQIRWMSRW SJ {(IZMEXMSRJVSQTPERI
JSYRHEXMSRW {(IGOVIMRJSVGIQIRXGSZIV
{&IEVMRKTEHW
7IGXMSR{'EWXMRTPEGIGSRGVIXIJSVFYMPHMRKW
T1
{(IZMEXMSRJVSQTPYQF 7IGXMSR{)\XIVMSVTEZIQIRXWERHWMHI[EPOW
T1
{(IZMEXMSRJVSQPSGEXMSR {,SVM^SRXEPHIZMEXMSR
{2SXYWIH {:IVXMGEPHIZMEXMSRSJWYVJEGI
{(IZMEXMSRJVSQIPIZEXMSR
{(IZMEXMSRJVSQGVSWWWIGXMSREPHMQIRWMSRW 7IGXMSR{'LMQRI]WERHGSSPMRKXS[IVW
{(IZMEXMSRJVSQJSVQIHSTIRMRK[MHXLSVLIMKLX T1
{(IZMEXMSRJVSQVIPEXMZIIPIZEXMSRWSV[MHXLWJSVWXEMVW {(IZMEXMSRJVSQTPYQF
{(IZMEXMSRJVSQWPSTISVTPERI {3YXWMHIWLIPPHMEQIXIV
{7E[GYXHITXLMRWPEFSRKVSYRH {;EPPXLMGORIWW

7IGXMSR{'EWXMRTPEGIGSRGVIXIEXMRXIVJEGI[MXL 7IGXMSR{'EWXMRTPEGIRSRVIMRJSVGIHTMTI
TVIGEWXGSRGVIXI I\GITXXMPXYTGSRGVIXI T1 T1
{(IZMEXMSRJVSQIPIZEXMSR{GEWXMRTPEGIGSRGVIXI {;EPPXLMGORIWW
{(IZMEXMSRJVSQPSGEXMSR{GEWXMRTPEGIGSRGVIXI {4MTIHMEQIXIV
{(IZMEXMSRJVSQHMQIRWMSR{GEWXMRTPEGIGSRGVIXI {3JJWIXW
{(IZMEXMSR JVSQ TPERI EX FIEVMRK WYVJEGI{GEWXMR {7YVJEGIMRHIRXEXMSRW
TPEGI GSRGVIXI QIEWYVIH SZIV PIRKXL SV [MHXL SJ {+VEHIERHEPMKRQIRX
FIEVMRKWYVJEGI {'SRGVIXIWPYQT

7IGXMSR{1EWSRV]T1 7IGXMSR{8MPXYTGSRGVIXIT1
8LMWWIGXMSRLEWFIIRVIQSZIH {4ERIPJSVQMRK
{(IZMEXMSRJVSQTPYQF
7IGXMSR{'EWXMRTPEGIZIVXMGEPP]WPMTJSVQIH {(IZMEXMSRJVSQIPIZEXMSR
FYMPHMRKIPIQIRXWT1 {(IZMEXMSRJVSQPSGEXMSR
{(IZMEXMSRJVSQTPYQFJSVFYMPHMRKWERHGSVIW {(IZMEXMSRJVSQWPSTISVTPERI
{,SVM^SRXEPHIZMEXMSR {(IZMEXMSRJVSQVIPEXMZI[MHXLW
{'VSWWWIGXMSREPHMQIRWMSRW
{3TIRMRKWXLVSYKLIPIQIRXW 2SXIWXS7TIGMJMIVT1
{)QFIHHIHTPEXIW +IRIVEPRSXIW
{(IZMEXMSR JVSQ TPYQF JSV WPMTJSVQIH ERH NYQT
JSVQIHWMPSW *SVI[SVHXSGLIGOPMWXWT1
1ERHEXSV]6IUYMVIQIRXW'LIGOPMWXT1
7IGXMSR{1EWWGSRGVIXIT1
{(IZMEXMSRJVSQTPYQF 3TXMSREP6IUYMVIQIRXW'LIGOPMWXT1
830)6%2')7*36'32'6)8)'327869'8-32 1

-2863(9'8-32

74)'-*-'%8-32 '311)28%6=
8LMWGSQQIRXEV]TIVXEMRWXSw7TIGMJMGEXMSRWJSV8SPIVERGIW
JSV 'SRGVIXI 'SRWXVYGXMSR ERH 1EXIVMEPW %'- 1 x
8LITYVTSWISJXLIGSQQIRXEV]MWXSTVSZMHIERMPPYWXVEXMZI
ERH REVVEXMZI GSQTPIQIRX XS XLI WTIGMJMGEXMSR MX MW RSX E
TEVXSJXLIWTIGMJMGEXMSR

2S WXVYGXYVI MW I\EGXP] PIZIP TPYQF WXVEMKLX ERH XVYI


8SPIVERGIWEVIEQIERWXSIWXEFPMWLTIVQMWWMFPIZEVMEXMSRMR
HMQIRWMSR ERH PSGEXMSR KMZMRK FSXL XLI HIWMKRIV ERH XLI
GSRXVEGXSVPMQMXW[MXLMR[LMGLXLI[SVOMWXSFITIVJSVQIH
8LI] EVI XLI QIERW F] [LMGL XLI HIWMKRIV GSRZI]W XS XLI
GSRXVEGXSV XLI TIVJSVQERGI I\TIGXEXMSRW YTSR [LMGL XLI
HIWMKRMWFEWIHSVXLEXXLITVSNIGXVIUYMVIW7YGLWTIGMJMIH
XSPIVERGIW WLSYPH VIJPIGX HIWMKR EWWYQTXMSRW ERH TVSNIGX
RIIHWFIMRKRIMXLIVSZIVP]VIWXVMGXMZIRSVPIRMIRX

2IGIWWMX] VEXLIV XLER HIWMVEFMPMX] WLSYPH FI XLI FEWMW SJ


WIPIGXMRKXSPIVERGIW

%W XLI XMXPI w7TIGMJMGEXMSRW JSV 8SPIVERGIW JSV 'SRGVIXI


'SRWXVYGXMSR ERH 1EXIVMEPW %'- 1 x MQTPMIW XLI
XSPIVERGIWKMZIREVIWXERHEVHSVYWYEPXSPIVERGIWXLEXETTP]
XSZEVMSYWX]TIWERHYWIWSJGSRGVIXIGSRWXVYGXMSR8LI]EVI
FEWIHSRRSVQEPRIIHWERHGSQQSRGSRWXVYGXMSRXIGLRMUYIW
ERH TVEGXMGIW 7TIGMJMIH XSPIVERGIW EX ZEVMERGI [MXL XLI
WXERHEVH ZEPYIW GER GEYWI FSXL MRGVIEWIW ERH HIGVIEWIW MR
XLIGSWXSJGSRWXVYGXMSR

)GSRSQMGJIEWMFMPMX]{8LIWTIGMJMIHHIKVIISJEGGYVEG]LEW
EHMVIGXMQTEGXSRXLIGSWXSJTVSHYGXMSRERHXLIGSRWXVYGXMSR
QIXLSH -R KIRIVEP XLI LMKLIV HIKVII SJ GSRWXVYGXMSR
EGGYVEG]VIUYMVIHXLILMKLIVXLIGSRWXVYGXMSRGSWXERHXLI
PS[IV XLI HIKVII SJ GSRWXVYGXMSR EGGYVEG] XLI LMKLIV XLI
GSWXSJVIUYMVIHVITEMVW

6IPEXMSRWLMT SJ EPP GSQTSRIRXW{8LI VIUYMVIH HIKVII SJ


EGGYVEG]SJMRHMZMHYEPTEVXWGERFIMRJPYIRGIHF]EHNEGIRX
YRMXW ERH QEXIVMEPW NSMRX ERH GSRRIGXMSR HIXEMPW ERH XLI
TSWWMFMPMX] SJ XLI EGGYQYPEXMSR SJ XSPIVERGIW MR GVMXMGEP
HMQIRWMSRW

'SRWXVYGXMSR XIGLRMUYIW{8LI JIEWMFMPMX] SJ E XSPIVERGI


HITIRHW SREZEMPEFPI GVEJXWQERWLMT XIGLRSPSK]QEXIVMEPW
ERHTVSNIGXQEREKIQIRX

'SQTEXMFMPMX]{(IWMKRIVW EVI GEYXMSRIH XS YWI JMRMWL ERH


EVGLMXIGXYVEP HIXEMPW XLEX EVI GSQTEXMFPI [MXL XLI X]TI ERH
ERXMGMTEXIHQIXLSHSJGSRWXVYGXMSR8LIJMRMWLERHEVGLM
XIGXYVEPHIXEMPWYWIH WLSYPHFIGSQTEXMFPI[MXL EGLMIZEFPI
GSRGVIXIXSPIVERGIW
1 %'-78%2(%6('311)28%6=

74)'-*-'%8-32 '311)28%6=
'SRXVEGXHSGYQIRXVIJIVIRGIW
%'- WTIGMJMGEXMSR HSGYQIRXW{8LI JSPPS[MRK %QIVMGER
'SRGVIXI -RWXMXYXI WXERHEVHW TVSZMHI QERHEXSV] XSPIVERGI
VIUYMVIQIRXWJSVGSRGVIXIGSRWXVYGXMSRERHGERFIVIJIVIRGIH
MR'SRXVEGX(SGYQIRXW
1 7TIGMJMGEXMSR JSV 8SPIVERGIW JSV 'SRGVIXI
'SRWXVYGXMSRERH1EXIVMEPWERH'SQQIRXEV]
-8+1 7TIGMJMGEXMSR JSV 8SPIVERGIW JSV 4VIGEWX
'SRGVIXI
1 7TIGMJMGEXMSRWJSV7XVYGXYVEP'SRGVIXI
 7XERHEVH 7TIGMJMGEXMSR JSV 'EWXMR4PEGI
%VGLMXIGXYVEP'SRGVIXI
 7TIGMJMGEXMSRJSVXLI'SRWXVYGXMSRSJ(VMPPIH
4MIVW
%7')
817 7TIGMJMGEXMSR JSV 1EWSRV] 7XVYGXYVIW ERH
'SQQIRXEV]

%'- MRJSVQEXMZI HSGYQIRXW{8LI HSGYQIRXW SJ XLI


JSPPS[MRK %QIVMGER 'SRGVIXI -RWXMXYXI GSQQMXXIIW GSZIV
TVEGXMGI TVSGIHYVIW ERH WXEXISJXLIEVX KYMHERGI JSV XLI
GEXIKSVMIWSJGSRWXVYGXMSREWPMWXIH
+IRIVEPFYMPHMRK %'-
7TIGMEPWXVYGXYVIW%'-
1EXIVMEPW  
3XLIV  
830)6%2')7*36'32'6)8)'327869'8-32 1

7)'8-32{+)2)6%06)59-6)1)287

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{7GSTI 6{7GSTI

 8LMW WTIGMJMGEXMSR HIWMKREXIW WXERHEVH XSPIVERGIW


JSVGSRGVIXIGSRWXVYGXMSR

8LIMRHMGEXIHXSPIVERGIWKSZIVRYRPIWWSXLIV[MWI 6 7TIGMJMGEXMSR SJ QSVI VIWXVMGXMZI XSPIVERGIW JSV


WTIGMJMIH WTIGMEPM^IH GSRWXVYGXMSR WYGL EW EVGLMXIGXYVEP GSRGVIXI
SJXIR VIWYPXW MR ER MRGVIEWI MR QEXIVMEP GSWX ERH XMQI SJ
8SPIVERGIW MR XLMW WTIGMJMGEXMSR EVI JSV X]TMGEP GSRGVIXI GSRWXVYGXMSR
GSRWXVYGXMSRERHGSRWXVYGXMSRTVSGIHYVIWERHEVIETTPM
GEFPIXSI\TSWIHGSRGVIXIERHXSEVGLMXIGXYVEPGSRGVIXI
1EXIVMEPW XLEX MRXIVJEGI [MXL SV GSRRIGX XS GSRGVIXI
IPIQIRXWQE]LEZIXSPIVERGIVIUYMVIQIRXWXLEXEVIRSX
GSQTEXMFPI[MXLXLSWIGSRXEMRIHMRXLMWHSGYQIRX

8LMW WTIGMJMGEXMSR HSIW RSX ETTP] XS WTIGMEPM^IH


WXVYGXYVIWWYGLEWRYGPIEVVIEGXSVWERHGSRXEMRQIRX
ZIWWIPW FMRW TVIWXVIWWIH GMVGYPEV WXVYGXYVIW ERH
WMRKPIJEQMP] VIWMHIRXMEP GSRWXVYGXMSR -X EPWSHSIW RSX
ETTP]XSTVIGEWXGSRGVIXISVXSWLSXGVIXI

8SPIVERGIW JSV WTIGMEPM^IH GSRGVIXI GSRWXVYGXMSR XLEX


MW SYXWMHI XLI WGSTI SJ XLMW WTIGMJMGEXMSR WLEPP FI
WTIGMJMIHMR'SRXVEGX(SGYQIRXW

 % WIVMIW SJ TVIGSRWXVYGXMSR XSPIVERGI GSSVHMRE 6 4VIGSRWXVYGXMSR XSPIVERGI GSSVHMREXMSR QIIXMRKW
XMSRQIIXMRKWWLEPPFIWGLIHYPIHERHLIPHTVMSVXSXLI TVSZMHIERSTTSVXYRMX]JSVOI]TEVXMGMTERXWXSMHIRXMJ]ERHXS
GSQQIRGIQIRX SJ XLI ;SVO 8LI 'SRXVEGXSV VIWSPZIXSPIVERGIGSQTEXMFMPMX]MWWYIWTVMSVXSGSRWXVYGXMSR
WYFGSRXVEGXSVW QEXIVMEP WYTTPMIVW ERH SXLIV OI]
TEVXMIW WLEPP EXXIRH %PP TEVXMIW WLEPP FI KMZIR XLI
STTSVXYRMX] XS MHIRXMJ] ER] XSPIVERGI UYIWXMSRW ERH
GSRJPMGXWXLEXEVIETTPMGEFPIXSXLI[SVO[MXLQEXIVMEPW
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QETEVXGEREGLMIZIXLIVIUYMVIHHIKVIISJPIZIPRIWW

8LIWYTIVJPEXGEXIKSV]MWXLILMKLIWXUYEPMX]VERHSQXVEJJMG
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8LIWYTIVJPEXVERHSQXVEJJMGGEXIKSV]MWSRP]ETTVSTVMEXIJSV
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EVIWYGLXLEXEHIPE]MRXIWXMRKMWRIGIWWEV]XSEPPS[WYGGIWWJYP
MRWXEPPEXMSRSJWYFWIUYIRX;SVOXLMWVIUYMVIQIRXJSVHIPE]IH
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 8IWX VITSVXW WLEPP FI HMWXVMFYXIH XS XLI
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 8IWX VIWYPXW WLEPP FI VITSVXIH MR E QERRIV


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ER][LIVI SR ER] SJ XLI GSRGVIXI TPEGIQIRXW )\TIVMIRGI
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 8LI 73*0 ERH 10*0 PIZIPRIWW XSPIVERGIW 6 -RMXMEP GEQFIV GYVPMRK ERH HIJPIGXMSR EPP
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 6ERHSQ XVEJJMG JPSSV JMRMWL XSPIVERGIW EW 68LIQERYEPWXVEMKLXIHKIETTVSEGLIZEPYEXIWXLIJPEX
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YRPIZIPIH   Q WXVEMKLXIHKI ER][LIVI SR XLI WPEF XLIJPSSVWYVJEGIERHQIEWYVMRKXLIQE\MQYQKETXLEXSGGYVW
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WLEPPGSRJSVQXSXLIJSPPS[MRKVIUYMVIQIRXW

8LIKETYRHIVXLIWXVEMKLXIHKIERHFIX[IIR 61IEWYVIQIRXWWLSYPHFIXEOIRFIX[IIRWXVEMKLX
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ETTVSEGL VIUYMVIW XLEX   SJ XLI HEXE WEQTPIW WLSYPH
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XSPIVERGIQIXLSH KSZIVR IZEPYEXMSR SJ E JPSSV WYVJEGI YWMRK XLMW TVSGIHYVI
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 7XVEMKLXIHKI GIRXIVTSMRX PSGEXMSRW JSV


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8IWXVIWYPXWWLEPPFIVITSVXIHMREQERRIV
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1 %'-78%2(%6('311)28%6=

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QWXVEMKLXIHKIXIWXWLEPPFITIVQMXXIHXSFIYWIHEW IHKIETTVSEGLGERFIYWIHXSIZEPYEXIXLIJPEXRIWWSJEJPSSV
EREPXIVREXMZIXSXLIXIWXTVSGIHYVIIWXEFPMWLIHMRXLI WYVJEGI (EXE EVI XEOIR YWMRK ER MRWXVYQIRX SXLIV XLER E
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GSPPIGXMSR TVSGIHYVIW ERH IZEPYEXMSR SJ HEXE WLEPP VIWYPXWWMQMPEVXSXLEXEGLMIZIHYWMRKEQERYEPWXVEMKLXIHKI
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PSRK WXVEMKLXIHKIEPSRKIEGLHEXEPMRI EX QMRXIVZEPW 2S
%781WXERHEVHLEWFIIRHIZIPSTIHXSKSZIVRIZEPYEXMSRSJE
JPSSV WYVJEGI YWMRK XLMW TVSGIHYVI WS XLI 7TIGMJMIV WLSYPH
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 XLI GSQTYXIVM^IH WMQYPEXMSR SJ E QERYEP WXVEMKLXIHKI
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›'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]

›7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW

›7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME

›*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW

›4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP

&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'-
QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW

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TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
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7TIGMJMGEXMSRJSV8SPIVERGIWJSV'SRGVIXI'SRWXVYGXMSR
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WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
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8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
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EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR

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8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
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1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

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