5BOLØ
WFSPOJDB[JUB







[BIV
WBMÏSJB







GBSLBT
UàOEFKPMÈO

,1/,0%$520$1$
 1-2-78)690)(9'%˚-)-

7DQNy9HURQLFD=LWD =DKX9DOpULD )DUNDV7QGH-ROiQ

,1/,0%$520$1$


 /CPWCNWNGUVGFKUVTKDWKVGNGXKNQTȮPOQFITCVWKVCVȢVȮPHQTOCVVKRȿTKVEȢVʑKFKIKVCNʑKGUVGVTCPUOKUKDKNVKOR
FGRCVTWCPKʑEQNCTKȮPEGRȢPFEWCPWNʑEQNCT
+PURGEVQTCVWNʐEQNCTCN,WFGʕWNWK/WPKEKRKWNWK
ʐEQCNC%QNGIKWN.KEGWN
#%'56/#07#.#(156(1.15+6&'

ODSULPLUH ODSUHGDUH

2GPVTWRTGEK\CTGCCURGEVWNWKOCPWCNWNWKUGXCHQNQUKWPWNFKPVTGWTOȿVQTKKVGTOGPKPQWDWPȮPITKLKV
PGȮPITKLKVFGVGTKQTCV
Ů%CFTGNGFKFCEVKEGXQTXGTKHKECFCEȿKPHQTOCʕKKNGȮPUETKUGȮPVCDGNWNFGOCKUWUUWPVEQTGEVG
Ů'NGXKKPWXQTHCEGPKEKWPHGNFGȮPUGOPȿTKRGOCPWCN

6CPMȲ8GTQPKEC<KVC<CJW8CNȩTKC(CTMCU6ȹPFG,QNȡP
'SQYRMGEVIɴRPMQFEVSQɨRʅ
RGPVTWʑEQNKNGʑKUGEʕKKNGȮPNKODCFGRTGFCTGOCVGTPȿOCIJKCTȿ
1ERYEPTIRXVYGPEWE-

6IJIVIR˝M
GSRJIVIR˛MEVHV0MPMERE8VY˛ʅ
TVSJHV%PMR7IVEJMQ˖XIJʅRY˛
&(5712$-$(8

i'FKVWTC%QTXKPŢ6QCVGFTGRVWTKNGTG\GTXCVG
i6CPMȲ8GTQPKEC<KVCi<CJW8CNȩTKC
)HMXYVE'36:-2 i(CTMCU6ȹPFG,QNȡP
%HVIWEVIHEG˛MIM&GXC 6KRQITCHKG)4#2*16+2':&GXC
5VT&T8KEVQTʐWKCIC0T
%HVIWETS˗XEPʅ&GXCQRER (IWGVMIVIE'-4E&MFPMSXIGMM2E˝MSREPIE6SQɨRMIM
8%2/ɝ:)632-'%>-8%
8IPIJSR*E\
'SQYRMGEVI ɴR PMQFE VSQɨRʅ TIRXVY ˗GSPMPI ˗M
YYYEQTXKPTQYYYEQTXKPMKCFQTQ WIG˛MMPI ɴR PMQFE HI TVIHEVI QEXIVRʅ QEKLMEVʅ 
1EKE^MRSRPMRIEQTXKPYGDDQNVTQEQTXKPUJQRTQ QERYEPTIRXVYGPEWE-6CPMȲ8GTQPKEC<KVC<CJW
)QEMPQHHKEG"EQTXKPTQ 8CNȩTKC(CTMCU6ȹPFG,QNȡP&GXC'FKVWTC%QTXKP

(MVIGXSVIHMXSVMEP8CTIC%CTQN +5$0
6IHEGXSV2ȿFWTGCP+WFKVC)CDTKGNC +<CJW8CNȩTKC
'STIVXʅ2ȿTȿQCP%ȿVȿNKP ++(CTMCU6ȹPFG,QNȡP
-PYWXVE˛MM5QEQN+PC

8ILRSVIHEGXEVI.CPI'TKMC+NFKMȲ 
'SVIGXYVʅ5GDGUV[ȩP4Q\ȡNKC
3VMGITVIPYEVITEV˜MEPʆWEYMRXIKVEPʆEXI\XYPYMEKVEJMGMMWEY
EJSVQEXYPYMHMKMXEPEPEGIWXYMQERYEPWIJEGIHSEVGY
1ERYEPHMKMXEP-KUU'FXȡTF.CPI'TKMC+NFKMȲ EGSVHYPI\TVIWɵRWGVMWEP)HMXYVMM'SVZMR
2ȿFWTGCP+WFKVC)CDTKGNC5QEQN+PC %GIWXQERYEPɵRJSVQEXXMTʆVMX˘MIPIGXVSRMGIWXITVSXINEXHI
PIKMPIVSQɩRI˘MMRXIVRE˜MSREPITVMZMRHHVITXYVMPIHIEYXSV
HVITXYVMPIGSRI\I˘MGIPIPEPXIHVITXYVMHITVSTVMIXEXI
MRXIPIGXYEPʆ
 (I˗XIETXʅXIVSQɨRI
HI%RHVIM1YVI˘ERY
&GʏVGCRVȿVGTQOȢPGFKPUQOPWNEGNFGOQCTVG
ȓPECTGVGCFȢPEKTȿDCTDCTKKFGVKTCPKЯ
#EWOQTKPKEKQFCVȿETQKGʏVGʗKCNVȿUQCTVG
.CECTGUȿUGPEJKPGʏKETW\KKVȿKFWʏOCPKЯ

#EWOQTKPKEKQFCVȿUȿFȿOFQXG\KNCNWOG
%ȿPCUVGOȢPKOCKEWTIGWPUȢPIGFGTQOCP
ʎKEȿPCPQCUVTGRKGRVWTKRȿUVTȿOEWHCNȿWPPWOG
6TKWOHȿVQTȮPNWRVGWPPWOGFG6TCKCPЯ

2TKXKʗKOȿTGʗGWODTG/KJCKʎVGHCP%QTXKPG
4QOȢPCPCʗKWPGCKXQʏVTKUVTȿPGRQʗK
%WDTCʗGNGCTOCVGEWHQEWNXQUVTWPXKPG
ū8KCʗȿPNKDGTVCVGQTKOQCTVGЯŪUVTKIȿVQʗK

2TGQʗKEWETWEGCPHTWPVGЯEȿEKQCUVGCGETGʏVKPȿ
&GXK\CKNKDGTVCVGʏKUEQRWNGKRTGCUHȢPV
/WTKOOCKDKPGPNWRVȿEWINQTKGFGRNKPȿ
&GEȢVUȿHKOUENCXKKCTȿʏKȮPXGEJKWNPQUVŦ RȿOȢPVЯ


 9XMPM^EVIEQERYEPYPYM
:EVMERXEXMTʅVMXʅ
/CPWCNWN FG 'SQYRMGEVI ɴR PMQFE VSQɨRʅ TIRXVY ˗GSPMPI ˗M WIG˛MMPI ɴR PMQFE HI TVIHEVI QEXIVRʅ QEKLMEVʅ TIRXVY
GPEWE - GUVG UVTWEVWTCV RG WPKVȿʕK VGOCVKEG ECTG FG\XQNVȿ EQPʕKPWVWTKNG FKP RTQITCOC ʑEQNCTȿ .GEʕKKNG EWRTKPF
GZGORNG FG CEVKXKVȿʕK FG ȮPXȿʕCTG ECTG EQPFWE NC JSVQEVIE GSQTIXIR˛IPSV KIRIVEPI WTIGMJMGI HMWGMTPMRIM
4GEGRVCTGCFGOGUCLGQTCNGȮPEQPVGZVFGEQOWPKECTGEWPQUEWVG
'ZRTKOCTGCFGOGUCLGQTCNGȮPFKXGTUGUKVWCʕKKFGEQOWPKECTG
4GEGRVCTGCWPGKXCTKGVȿʕKFGOGUCLGUETKUGȮPEQPVGZVFGEQOWPKECTGEWPQUEWVG
4GFCEVCTGCFGOGUCLGȮPFKXGTUGUKVWCʕKKFGEQOWPKECTG
4EKMRʅHIHIWGLMHIVIEYRMXʅ˛MM 7XVYGXYVEVIEGSR˛MRYXYVMPSV
HIɴRZʅ˛EVI HIɴRZʅ˛EVI
6KVNWNWPKVȿʕKK
FGȮPXȿʕCTGȢ Ȣ Ƞ6KVNWNNGEʕKGK

Ƞ'ZGTEKʕKKKPVTQFWEVKXG

Ƞ#EVKXKVȿʕKFGȮPXȿʕCTG
%QORGVGPʕG
XK\CVGȢ Ƞ([HUFL‫܊‬LLGHDSOLFDUH
DFXQR‫܈‬WLQ‫܊‬HORU‫܈‬L
FRPSHWHQ‫܊‬HORU

ȠYRFDEXODU
FXYLQWH‫܈‬LVWUXFWXUL
6IGETMXYPEVIIZEPYEVI

Ƞ6KVNW

Ƞ'ZGTEKʕKKTGECRKVWNCVKXG
RGPVTWUKUVGOCVK\CTGCHKZCTGC
ʑKGXCNWCTGCEWPQʑVKPʕGNQT
ʑKEQORGVGPʕGNQTFQDȢPFKVG Ȣ

$XWRHYDOXDUHȢ

(YDOXDUHȢ
:EVMERXEHMKMXEPʅ
8CTKCPVCFKIKVCNȿEWRTKPFGKPVGITCNEQPʕKPWVWNOC
PWCNWNWKȮPXCTKCPVCVKRȿTKVȿCXȢPFȮPRNWUGZGTEKʕKKKP
VGTCEVKXGCPKOCʕKKHKNOGʑKUKOWNȿTK6QCVGCEGUVGCCW &GUGPG #PKOCʕKK 'ZGTEKʕKKKPVGTCEVKXG
QDKGEVKXWNFGCCFWEGWPRNWUFGXCNQCTGEQIPKVKXȿ HQVQITCHKK HKNOG FGGZFGCNGIGTG
0CXKICTGCȮPXCTKCPVCFKIKVCNȿRGTOKVGRCTEWTIGTGC UKODQNWTK ȮPTGIKUVTȿTK OWNVKRNȿFGCUQEKGTG
OCPWCNWNWKʑKTGXGPKTGCNCCEVKXKVCVGCFGȮPXȿʕCTGRTG CWFKQ FGEQORNGVCTGGVE
EGFGPVȿ

0MWXEWMQFSPYVMPSVJSPSWMXIɴRQERYEP

7TYRI
4SZIWXI˕XI 'HVHQHD]ă
(IWGVMI

&RORUHD]ă
(MEPSK

&RPSOHWHD]ă
%WGYPXʅ

ÌQFHUFXLHúWH
2YQIVSXIE^ʅ

0IEKʅ
+LMGI˕XI 9RI˕XI

6I˛MRI 8EMI
əRZE˛ʅ (IGYTIE^ʅ

/LSHúWH
%PGʅXYMI˕XITVSTS^M˝MM

ÄR´VDXÄXQ´
%PGʅXYMI˗XIɴRXVIFʅVM

4YRIHIKIXYP 6LQJXODU±3OXUDO
%VEXʅ

4YRI 'HVSDUWHvQVLODEH
%˗E^ʅ
*ʅ
&kQWDĠL
9RYPWTYRIEPXYPJEGI

(VEQEXM^E˝M
%HIZʅVEXũ*EPW *MMEGXSV


 'YTVMRW
2TG\GPVCTGCOCUEQVGKOKEWN)TGKGTCʑ
-EXʅGɨXI˗XMY 6IGETMXYPEVIEGYRS˗XMR˛IPSVɴRWY˗MXIɴRGPEWETVIKʅXMXSEVI 
/ȿRTG\KPV 
(COKNKCOGC%WNQTKNG
,WEȿTKKNGOGNG4GEJK\KVGNGʑEQNCTG
0WOGTGNGFGNCNC 
'XCNWCTG
9RMXEXIEHIɴRZʅ˛EVI-(MRRSYPE˗GSEPʅ
ʐEQCNCOGC 
%NCUCOGC 
)JKQ\FCPWNʑKTGEJK\KVGNGʑEQNCTG
%QNGIKKȮPXȿʕȿVQCTGCȮPXȿʕȿVQTWN 
%GHCEGNGXKKNCʑEQCNȿ!
<KNGNGUȿRVȿOȢPKKʑKQTCTWN
5ȿPGEQORQTVȿOHTWOQUЯ 
4GECRKVWNCTGŢ'XCNWCTG 
9RMXEXIEHIɴRZʅ˛EVI--%WSWMXXSEQRE
#PQVKORWNVQCOPC
.KXCFCŢHTWEVGFGVQCOPȿ
)TȿFKPCFGNGIWOG 
.CRKCʕȿ
.COCIC\KPWNCNKOGPVCT
5ȿPWOȿTȿORȢPȿNC 
4GECRKVWNCTGŢ'XCNWCTG 
9RMXEXIEHIɴRZʅ˛EVI---0EQMRIEGEWʅ 
(COKNKCOGC 
.QEWKPʕCPQCUVTȿ
%COGTCOGC 
,WEȿTKKNGOGNG 
#EVKXKVȿʕKȮPHCOKNKG
.CEWORȿTȿVWTK 
1EWRCʕKKNGRȿTKPʕKNQT 
(KKEWOKPVGʑKCECUȿЯ
4GECRKVWNCTGŢ'XCNWCTG 
9RMXEXIEHIɴRZʅ˛EVI-:%WSWMXMEVRE
#PQVKORWNKCTPC 
,QEWTKFGKCTPȿ 
ȓODTȿEȿOKPVGCʑKȮPEȿNʕȿOKPVGC
%TȿEKWPWNȮPHCOKNKG
4GECRKVWNCTGŢ'XCNWCTG 
9RMXEXIEHIɴRZʅ˛EVI:7ʅQɨRGʅQWʅRʅXSW
/QOGPVGNG\KNGK 
2TQITCOWNOGW\KNPKE 
#TCPLȿOOCUC 
/KEWNFGLWP
2TȢP\WN 
%KPC 
5ȿOȢPEȿOUȿPȿVQUЯ 
4GECRKVWNCTGŢ'XCNWCTG 

9RMXEXIEHIɴRZʅ˛EVI:-%QKVMNʅHIGSVTYPQIY 
%QTRWNOGW
%CRWNʑKHCʕC
5ȿPGȮPITKLKOEQTRWNЯ
.COGFKE
4GECRKVWNCTGŢ'XCNWCTG 
9RMXEXIEHIɴRZʅ˛EVI:--9RHIPSGYMQ#
1TCʑWN 
%WEGEȿNȿVQTKO!
5ȿEKTEWNȿOEQTGEVЯ
5CVWN 
%CUCʑKEWTVGCDWPKEKK 
#PKOCNGFQOGUVKEG 
%ȢKPGNGʑKRKUKEC
2ȿUȿTKFGEWTVG
(QNQCUGNGCPKOCNGNQTFQOGUVKEG 
4GECRKVWNCTGŢ'XCNWCTG 
9RMXEXIEHIɴRZʅ˛EVI:---%WSWMXTVMQʅZEVE 
#PQVKORWNRTKOȿXCTC
2CʑVGNG 
2ȿFWTGCʑKCPKOCNGNGUȿNDCVKEG
4GECRKVWNCTGŢ'XCNWCTG 
9RMXEXIEHIɴRZʅ˛EVI-<7ʅJMQTVMIXIRM 
2TKGVGPKK 
<KWCFGPCʑVGTG 
,QEWTKʑKLWEȿTKK
2GVGTGPWNFGLQCEȿ
2CTEWN 
5ȿPGEQORQTVȿOHTWOQUEWRTKGVGPKKЯ 
4GECRKVWNCTGŢ'XCNWCTG 
9RMXEXIEHIɴRZʅ˛EVI<%WSWMXZEVE 
#PQVKORWNXCTC 
ȓPGZEWTUKG
.CITȿFKPC\QQNQIKEȿ
.CEKTE
.CVGCVTWNFGRȿRWʑK
8CECPʕCFGXCTȿ
.WPKNGCPWNWK
4GECRKVWNCTGŢ'XCNWCTG 
-EXʅGɨXI˗XMYPEJMREPHIER˗GSPEV 6IGETMXYPEVIJMREPʅ 
6GOC+'WʑKNWOGCOGC
6GOC++'WʑKHCOKNKCOGC 
6GOC+++%CTVGCCPKOCNGNQT 
6GOC+84QCVCCPWNWK 
'XCNWCTGHKPCNȿPT
'XCNWCTGHKPCNȿPT
6GZVGNGGZGTEKʕKKNQT 
6GZVGNGEȢPVGEGNQT
2CIKPKNGȮPXȿʕȿVQTWNWK 
8QECDWNCTTQOCPOCIJKCT 
#PGZG 

 $WPȿEQRKKЯ
'WUWPVOKEWN)TGKGTCʑ
ȓPCEGUVCPʑEQNCTȮPXȿʕȿO
ȮORTGWPȿNKODCTQOȢPȿ

5RWPGOKKWDKVGEQRKNCʏ
%WOEȢPVȿOKEWN)TGKGTCʏ!
%TKETKETKETKETKETK
%TKETKETKETKETKETK
#ʏCEȢPVȿOKEWN)TGKGTCʏ

5RWPGOKKWDKVGEQRKNCʏ
%WOTȢFGOKEWN)TGKGTCʏ!
*CJCJCJCJCJC
*CJCJCJCJCJC
#ʏCTȢFGOKEWN)TGKGTCʏ

5RWPGOKKWDKVGEQRKNCʏ
%WOFQCTOGOKEWN)TGKGTCʏ!
UGKOKVȿUQOPWNEWQDTCLKK
RGRCNOGNGWPKVG 
#ʏCFQCTOGOKEWNITGKGTCʏ

%TKETKETKETKETKETK
%TKETKETKETKETKETK
#ʏCEȢPVȿOKEWN)TGKGTCʏ
*CJCJCJCJCJC
*CJCJCJCJCJC
#ʏCTȢFGOKEWN)TGKGTCʏ


 -EXʅGɨXI˗XMY
6IGETMXYPEVIEGYRS˗XMR˛IPSVɴRWY˗MXIɴRGPEWETVIKʅXMXSEVI

™)\IVWI^MGYQ ™(IRYQI˗XM
WʅWEPY˛M˗MGYQ QIQFVMMJEQMPMIM
WʅXITVI^MR˛M XEPI

™4SZIWXI˗XM
HIWTVI
NYGʅVMMPI
XEPI
™(IRYQI˗XM
GYPSVMPI

™)\IVWI^MHIRYQMVIE
VIGLM^MXIPSV˗GSPEVI
™2YQIVMTɨRʅPE JSPSWMXI


 1ʅTVI^MRX
%WGYPXʅEWOUGRTG\KPVȿOKEWN
ȿOKEWN )YWYRXYRKVIMIV
)TGKGTCʑ 4IQMRIQʆGLIEQʆ
QMGYP+VIMIVE˘
'YQXIGLIEQʆTIXMRI#

4YRIFGIGVWNRGKOCIKPGCECTGVGTGRTG\KPVȿ
%WGYPXʅEWOUGRTG\KPVȿEQRKKK

'WUWPVHGVKʗȿ
/ȿPWOGUE

'WUWPVDȿKCV
/ȿPWOGUE

(IWIRIE^ʅVGWGVMIʕKPWOGNG FCEȿʏVKK 

4VI^MRXʅVGRGDC\CFGUGPWNWKFGOCKUWU

 *EQMPME
4YRIFGIGVWNRGCEGNOGODTWCNHCOKNKGKRGECTGȮNFGPWOGʑVGFQCOPCȮPXȿʕȿVQCTG
FQOPWNȮPXȿʗȿVQT

(IWIRIE^ʅȮPEJGPCTHCOKNKCVC

4VI^MRXʅHCOKNKCVC

'YPSVMPI
(IRYQI˗XIEWNQTKNGFGRGRCNGVȿ

6MHMGʅETGKQPWNFGEWNQCTGCKPFKECVȿFGFQCOPCȮPXȿʕȿVQCTGFQOPWNȮPXȿʗȿVQT

'EYXʅ QDKGEVG FKP ENCUȿ FG EWNQCTGC EGTWVȿ FG FQCOPC ȮPXȿʕȿVQCTGFQOPWN
ȮPXȿʗȿVQT %VEXʅ QDKGEVWNʑKHIRYQI˗XIKEWNQCTGC

7TYRIECTGGUVGEWNQCTGCVCRTGHGTCVȿ 'YPSEVIEQIETVIJIVEXʆIWXI
ŷ

 .YGʅVMMPIQIPI
(IRYQI˕XILWEȿTKKNGFGUGPCVG

6ʅWTYRHINCȮPVTGDȿTK
%GEWNQCTGCTGTQEJKCRȿRWʑKK! %GEWNQCTGCTGOKPIGC!
5RWPGEWNQCTGCOCʑKPWʕGK 2TGEK\GC\ȿEWNQCTGCVTGPWNGʕWNWK
%GEWNQCTGCTGWTUWNGʕWN!

(IWIRIE^ʅʑKHIRYQI˗XILWEȿTKCVCRTGHGTCVȿ

.YGʅVMEQIETVIJIVEXʅIWXIŷ

6IGLM^MXIPI˗GSPEVI
(IRYQI˕XIQDKGEVGNGFKPFGUGP

7TYRIEGCKȮPRGPCTWNVȿW

.SG6MHMGʅTGEJK\KVGNGFGPWOKVGFGFQCOPCȮPXȿʕȿVQCTGFQOPWNȮPXȿʗȿVQT


 1XPHUHOHGHODOD
2YQʅVʅFGNCNC

2YQʅVʅWTYRICRQKEVEXʅRGFGIGVGEȢVGQDKGEVGUCWHKKPʕGUWPVȮPKOCIKPK

2YQʅVʅDWNKPGNGDWDWTW\GNQTʑKWGVMIPWOȿTWNRQVTKXKV
ȮPEGTEWTKNGFGNȢPIȿDWDWTW\G

7TYRIEȢʕKCPKCK )YEQ˘ETXIERM

6ITIXʅPWOȿTȿVQCTGC
9RYHSM ,EMWʆFIQGEJIEGYPETXI
,EMGYRSM 3TXRSYʆ^IGI
8VIMTEXVY )PWʆTPIGI
,EMPEXIEXVY ˗XMYWʆRYQʆV
'MRGM˘EWI˘ETXI 4ɩRʆPE^IGI

 (YDOXDUH
6ʅWTYRHINCȮPVTGDȿTK
%GGʑVK!%WOVGPWOGʑVK!%ȢʕKCPKCK!

'WUWPVHGVKʗȿ 'WUWPVDȿKCV
/ȿPWOGUE /ȿPWOGUE
#OCPK #OCPK

2YQI˗XIEWNQCTGCQDKGEVWNWKRGECTGNCKUEQUFKPEQʑWNHGTOGECV
/CVGTKCNGPGEGUCTGWPEQʑCEQRGTKVEWWPDCVKEQDKGEVGFGFKHGTKVGEWNQTKŢ
FQCTEGNGȮPXȿʕCVG
(IRYQI˕XIOGODTKKHCOKNKGK
FKPKOCIKPG

'SPSVIE^ʅLWEȿTKKNGFKPFGUGPHQNQUKPFEWNQTKNGKPFKECVG RȿRWʏȿŢTQʏWWTUWNGʗŢ
ICNDGPOCʏKPWʗȿŢXGTFGOKPIGŢCNDCUVTWVTGPWNGʗŢOCTQ 

2YQʅVʅFGNCNC

%VEXʅCVȢVGCFGIGVGEȢVGʕKUGEGT

'MXI˗XIPWOGTGNGFGOCKLQU


əRGIVGYMI˕XITGEJK\KVGNGEQPHQTOEGTKPʗGNQT
TIREVŢTQʑWGVIMSRŢPGITW
GEVXIŢICNDGPGEMIXŢXGTFG
VEHMIVʅŢCNDCUVTW
GVIMSERIGSPSVEXIŢOCTQ

 9RMXEXIEHIɴRZʅ˛EVI-(MRRSYPE˗GSEPʅ

:SVFI˗XMHIWTVIHSEQRE
ɴRZʅ˛ʅXSEVIHSQRYPɴRZʅ˛ʅXSV˗M 4SZIWXI˗XM
HIWTVIGSPIKMMXʅM HIWTVI˗GSEPE˗MGPEWEXE

(IRYQI˗XM
əREGIEWXʅ VIGLM^MXIPI˗GSPEVI
YRMXEXIHIɴRZʅ˛EVI

Ų'MXI˗XMű
SVEVYP

əRZI˛MWʅXIGSQTSV˛M
JVYQSWPE˗GSEPʅ

4SZIWXI˗XMHIWTVI 6ITI˛MHIRYQMVIE
EGXMZMXʅ˛MPIHMR˗GSEPʅ ^MPIPSVWʅTXʅQɨRMM


 ˖GSEPEQIE
%WGYPXʅEGURWPGOKEWN)TGKGTCʑ
&YRʆGSTMM
)YQIVKPE˘GSEPʆ
7YRX˘GSPEV

)\IVWIE^ʅFGPWOKTKNG

#KEK
GUVG
#KEK VGTGPWN
GUVG FGURQTV
ʑEQCNC
ȮPXȿʕȿVQT

ʑEQNCT
#KEKGUVG
EWTVGC
ʑEQNȿTKʕȿ ʑEQNKK

ȮPXȿʕȿVQCTG

ʐEQNCTKKOGTINCʑEQCNȿ'KUGȮPVȢNPGUEȮPEWTVGCʑEQNKKʐEQNCTKKCWIJKQ\FCPG

6ʅWTYRHINCȮPVTGDCTGC %HIZʅVEXWEYJEPW#
  VGZVȮP%RI\ʆ 
'YQWIRYQI˗XI˗GSEPEXE#    

Ţ˗GSEPEQIEWIRYQI˘XIŷ

əRZE˛ʅEȢPVGEWN
     ˗GSPʆVIM˘M˘GSPʆVM˜I
˗GSPʆVIM˘M˘GSPʆVM˞I 7ʆGMXMQWʆTSZIWXMQ
&ʆMI˞IM˘MZSMJIXM˞I 7ʆWGVMIQWʆWSGSXMQ
,EMPE˖GSEPʆWʆRZʆ˞ʆQ 7ʆGɩRXʆQWʆRINYGʆQ
˕MFMRIWʆRITYVXʆQ 0YGVYVMFYRIWʆRZʆ˞ʆQ

'YZMRXI 7XVYGXYVM
ʑEQCNȿ ʑEQNCT Ţ ʑEQNCTK ʏEQNȿTKʕȿ Ţ FQCOPCȮPXȿʕȿVQCTGFQOPWNȮPXȿʕȿVQT
ʑEQNȿTKʕGCEGUVCCEGCUVCOGTIGUG EWTVGCʑEQNKKVGTGPWNFGURQTV
ȮPVȢNPGʏVGCTGUGPWOGʏVG ʑEQCNCOGCUGPWOGʑVGŰ

 'PEWEQIE
%WGYPXʅʑKVITIXʅFGPWOKTGCQDKGEVGNQTFKPENCUȿ
Wʑȿ
FWNCR
VCDNȿ VCDNQW
HGTGCUVTȿ

RGTFGC
ECVGFTȿ

RNCPVȿ
GVCLGTȿ EWKGT

DCPEȿ
ECNQTKHGT

UECWP

*MMɴRHIQɨREXMG%PIKIKʅWI˗XIKNQEWNЯ 5GEQPHGEʕKQPGC\ȿGVKEJGVGEWFGPWOKTKNG
QDKGEVGNQTFKPENCUȿRTG\GPVGʑKȮPFGUGPWNFGOCKUWU'NGXKKECWVȿȮPUCNCFGENCUȿ
QDKGEVWNFGPWOKVRGGVKEJGVȿʑKNKRGUEGVKEJGVCRGNQEWNRQVTKXKV 
%WGYPXʅRTQRQ\KʗKKNGʏKRYQIVSXIE^ʅKOCIKPKNGEQPHQTOEGNQTCW\KVG

%NCUCGUVGFG\QTFQPCVȿ
%NCUCGUVGOCTG
%NCUCGUVGOKEȿ
%NCUCGUVGEWTCVȿ

%NCUCGUVGOWTFCTȿ
%NCUCGUVGQTFQPCVȿ

%WGYPXʅʑKɴRZE˛ʅRQG\KC7EPEHIGPEWʆ VGZVȮP %RI\ʆ

1YRGʅɴRTIVIGLM7PGNGXHIRYQI˗XIQDKGEVWNCNVWNEVEXʅ
CEGNQDKGEV
'YZMRXI 7XVYGXYVM
ENCUȿDCPEȿŢDȿPEKECVGFTȿVCDNȿEWKGT UCNCFGENCUȿENCUCPQCUVTȿOCUȿʑEQNCTȿ
PQCUVTȿ EWTCV ȿ  OWTFCT ȿ  QTFQPCV ȿ  'WUVCWȮPDCPEȿNCOCUCʑEQNCTȿ
FG\QTFQPCV ȿ OCTGOKE ȿ UVȿȮPXCʕȿ ENCUȿQTFQPCVȿEWTCVȿVCDNȿPGCITȿ
ENCUCȮPVȢK


 +LMS^HERYP˗MVIGLM^MXIPI˗GSPEVI
 7TYRIEGCTG)TGKGTCʑWNRGURCVG
%VEXʅIJKQ\FCPWNVȿW

(IRYQI˗XIQDKGEVGNGRGECTGNGTGEWPQʑVKȮPFGUGPWNFGOCKLQU

RGPUWNȿ
ETGKQP
ECTKQEȿ ITCHKE

UVKNQW
OCPWCN

CEWCTGNG
NKRKEK

JȢTVKG NKPKCT HQCTHGEȿ

TCFKGTȿ
ETGKQCPGEQNQTCVG ECKGV

CUEWʕKVQCTG RGPCT
RNCUVKNKPȿ

%WGYPXʅʑKVITIXʅFGPWOKTGCTGEJK\KVGNQTʑEQNCTG VGZVȮP %RI\ʆ

.SG6MHMGʅTGEJK\KVGNGEGTWVGFGFQCOPCȮPXȿʕȿVQCTG
'WȮNQXȿFGȮPRGPCTHTWOQURWURWUȿTKFKECʕKUWU
'WȮNQXȿFGȮPIJKQ\FCPHTWOQURWURWUȿTKFKECʕKUWU
'WȮNQXȿFGRGOCUȿHTWOQURWURWUȿTKFKECʕKUWU

'YZMRXI 7XVYGXYVM
ECKGV OCPWCN CDGEGFCT RGPCT TCFKGTȿ CUEWʕKVQCTG NKPKCT ETGKQPTQʏWETGKQCPG
ECTKQEȿŢECTKQEKNKRKEKHQCTHGEȿRNCUVKNKPȿCEWCTGNGRGPUWNȿ EQNQTCVGJȢTVKGEQNQTCVȿ
JȢTVKGRWPGUEQCVGIȿUGʏVG ECKGVQTFQPCVRGURCVG

 'SPIKMMɴRZʅ˛ʅXSEVIEɴRZʅ˛ʅXSVYP
%WGYPXʅRQG\KC)TGKGTCʑWNWKʑKVʅWTYRHINCȮPVTGDCTGC
8YEMGSPIKMHIGPEWʆ# GNGX
)YWYRXYRIPIZQEVI ^MPRMGPE˘GSEPʆQʆKVʆFIWG
GYKLMS^HERYPTIWTEXI TIGSPIKMWʆMɵRXɩPRIWG
%WGYPXʅʑKVITIXʅ

FQOPWN
FQCOPC ȮPXȿʕȿVQT
ȮPXȿʕȿVQCTG
EQNGI

EQNGIGFGENCUȿ

EQNGIȿ
EQNGIKFGDCPEȿ
&QCOPCȮPXȿʕȿVQCTGUVȿNCECVGFTȿ&QOPWNȮPXȿʕȿVQTKPVTȿRGWʑȿ#PCWFȿHNQTKNG
'CGUVGQEQNGIȿFGENCUȿ'CGUVGJCTPKEȿ/KJCKʑVGTIGVCDNC'NGUVGWPEQNGIFGENCUȿ
'NGUVGCUEWNVȿVQT&QWȿEQNGIGXQTDGUE'NGUWPVXQKQCUG#NGZʑK&CPUVCWȮPDCPEȿ
'KUWPVEQNGIKFGDCPEȿ

4VI^MRXʅʕKEQNGIWNFGDCPEȿFWRȿOQFGNWN)TGKGTCʑWNWK
%QNGICOGCUGPWOGʑVG#PC %QNGIWNOGWUGPWOGʑVG/KJCK
#EGCUVCGUVGHGVKʕȿ #EGUVCGUVGDȿKCV
'CGUVGʑEQNȿTKʕȿ 'NGUVGʑEQNCT
#PCGUVGGNGXȿȮPENCUCȮPVȢK /KJCKGUVGGNGXȮPENCUCȮPVȢK
#TGʑCRVGCPK #TGʑCRVGCPK
'UVGJCTPKEȿCUEWNVȿVQCTGʏKXQKQCUȿ 'UVGJCTPKECUEWNVȿVQTʏKXQKQU
6ʅWTYRHINCȮPVTGDCTGC 'YQWIRYQI˗XIHSEQREXEɴRZʅ˛ʅXSEVIHSQRYPXʅYɴRZʅ˛ʅXSV#
(SEQREɵRZʆ˜ʆXSEVI(SQRYPɵRZʆ˜ʆXSVWIRYQI˘XI

'YZMRXI 7XVYGXYVM
EQNGIŢEQNGIKEQNGIȿŢEQNGIGGNGXŢGNGXKGNGXȿŢ EQNGIWNOGWEQNGICOGCEQNGI
GNGXG JCTPKE JCTPKEȿ XQKQU XQKQCUȿ CUEWNVȿVQT EQNGIȿFGDCPEȿȮPXȿʕȿVQCTGCOGC
CUEWNVȿVQCTG ȮPXȿʕȿVQTWNOGWUGPWOGʏVG

 'IJEGIPIZMMPE˗GSEPʅ#
%WGYPXʅRQG\KC)TGKGTCʑWNWK 0E˕GSEPʅ
ʑKVʅWTYRHINCȮPVTGDCTGC
2SMPE˖GSEPʆɵRZʆ˞ʆQ
'IJEGIIPPE˗GSEPʅ#
7GVMIQRINYGʆQGɩRXʆQ
(IWIRʆQJVYQSWGMXMQ
˕GSEPERSEWXVʆSMYFMQ
'SRXMRYʅRTQRQ\KʕKKNGȮPEGRWVG

/CTKCŰ WGVMI  'NGXKKŰ ZSVFIWG  /KJCKŰ XEMI 

/CTKCUETKGŰ ɵRGEMIX  'NGXKKXQTDGUEŰ JVYQSW  /KJCKVCKGEWŰ JSEVJIGE 
/CTKC UETKG NC QTC Ű HI 'NGXKK XQTDGUE NC QTC FG  /KJCKVCKGEWHQCTHGECNCQTC
WGVMIVI  VSQɩRʆ  FGŰ EFMPMXʆ˜MTVEGXMGI 

#NGZŰ GMXI˘XI  #PCŰ TMGXIE^ʆ  'NGXGNGŰ RYQʆVʆ 

#NGZEKVGʑVGŰ SGEVXI  #PC RKEVGC\ȿ EW Ű TIRWYPE  'NGXGNGPWOȿTȿRGŰ HIKIXI 
#NGZEKVGʑVGQECTVGNCŰ SVE #PCRKEVGC\ȿEWRGPUWNCNCŰ 'NGXGNG PWOȿTȿ NC Ű SVE HI
HIGMXMVI  SVEHIEVXIZM^YEPI  QEXIQEXMGʆ 

ʐEQNCTKKŰ WIVSEKʆ  +QP ʑK /KJCGNC HCE IKOPCUVKEȿ 'NGXKKFCPUGC\ȿ

ʐEQNCTKKUGTQCIȿŰ +QPʑK/KJCGNCHCEIKOPCUVKEȿ 'NGXKKFCPUGC\ȿʑKEȢPVȿ
JVYQSW  ȮPEWTVG 'NGXKKFCPUGC\ȿʑKEȢPVȿNCŰ
ʐEQNCTKKUGTQCIȿHTWOQUNC +QPʑK/KJCGNCHCEIKOPCUVKEȿ SVEHIQY^MGʆ˖MQM˘GEVI 
Ű SVEHIVIPMKMI  ȮPEWTVGNCŰ SVEHIIHYGE˜MI
JM^MGʆ 

.SGTERXSQMQʅ+LMGI˗XI EGHCEGʑKNCECTGQTȿ 7PGNGXCTCVȿRTKPOKʑECTGQCEVKXKVCVG

FGUHȿʑWTCVȿ NC ʑEQCNȿ EGKNCNʕK IJKEGUE EG HCEG ʑK NC ECTG QTȿ UG ȮPVȢORNȿ CEʕKWPGC
TGURGEVKXȿ
7XVYGXYVM
'YZMRXI
UETKGEKVGʑVGXQTDGʑVGUGLQCEȿ HCEIKOPCUVKEȿPWOȿTȿRGFGIGVG
FCPUGC\ȿRKEVGC\ȿVCKGEȢPVȿNKRGʑVG VCKGEWHQCTHGECRKEVGC\ȿEWRGPUWNC

 >MPIPIWʅTXʅQɨRMM˗MSVEVYP
7TYRIEGQTGCTG)TGKGTCʑWN6GCLWVȿFGUGPGNG

ÌQYD‫܊‬ă]LOHOHVăSWăPkQLL
OXQL PDU‫܊‬L PLHUFXUL MRL YLQHUL VkPEăWă GXPLQLFă

>MPIPYGVʅXSEVI >MPIPMFIVI

'MXI˗XIQTCTWNFGOCKLQU'SRXMRYʅRTQRQ\KʕKC0YRMEZIQSVʆHIŷ

(IRYQI˗XI\KWCNCECTGOCOIȢPFKV
%^MEQSVʆHIQEXIQEXMGʆ˘MI\TPSVEVIEQIHMYPYMGSQYRMGEVIɵRPMQFEVSQɩRʆGSQYRMGEVI
ɵRPMQFEQEXIVRʆQY^MGʆ˘MQM˘GEVIEVXIZM^YEPI˘MEFMPMXʆ˜MTVEGXMGI

'EYXʅQTCTWNFKPUCNCFGENCUȿʑKGMXI˗XIN.SEGʅVGEWQTCTWN

'YZMRXI 7XVYGXYVM
QTȿ Ţ QTG QTCT RCW\ȿ \K Ţ \KNG \KNGNG UȿRVȿOȢPKK \KNG NWETȿVQCTG \KNG NKDGTG QTȿ FG
UȿRVȿOȢPȿNWPKOCTʕKOKGTEWTK EQOWPKECTGȮP NKODCTQOȢPȿQTȿFG EQOWPKECTGȮP 
LQK XKPGTK UȢODȿVȿ FWOKPKEȿ NKODC OCIJKCTȿ OCVGOCVKEȿʑK GZRNQTCTGC OGFKWNWK
TGNKIKG GFWECʕKG HK\KEȿ OW\KEȿ ʑK OKʑECTG CTVG XK\WCNG ʑK
CDKNKVȿʕKRTCEVKEG FG\XQNVCTGRGTUQPCNȿNCQTCFGŰ


 7ʅRIGSQTSVXʅQJVYQSW
%WGYPXʅRQG\KC >MPIPIWʆTXʆQɩRMMʑKVʅWTYRHINCȮPVTGDCTGC
%WOVTGDWKGUȿHKOȮPHKGECTG\K! VGZVȮP%RI\ʆ

 3FWIVZʅ KOCIKPGC ʑK ɴRGIVGYMI˗XI EQRKNWN  3FWIVZʅFGUGPGNG


ECTGPWUGEQORQTVȿEQTGEVPWGUVGEWOKPVG %WGYPXʅʏKVITIXʅ
ʏ T
NCʑEQCNȿ

Ţ6GTQIUȿOKFCK
WPETGKQPЯ
Ţ2QHVKOЯ Ţ(KKCVGPVЯ
Ţ/WNʗWOGUE Ţ5EW\ȿOȿЯȓOK
HTWOQU RCTGTȿW

Ţ&QCOPC
Ţ&ȿOKXQKGUȿ ȮPXȿʗȿVQCTGXȿ
KPVTWЯ TQIUȿOKFCʗK
Ţ2QHVKOЯ XQKGNCVQCNGVȿЯ
Ţ/WNʗWOGUE Ţ&WVGЯ
HTWOQU Ţ/WNʗWOGUE

Ţ$WPȿ\KWCQECWVRG
Ţ5CNWVЯ FQCOPCȮPXȿʗȿVQCTG
Ţ%KCQЯ Ţ #ʏVGCRVȿ XKPG KOGFKCV
%WGYPXʅʑKɴRZE˛ʅRQG\KC
8IVSKũ1YP˜YQIWG Ţ/WNʗWOGUE
 VGZVȮP%RI\ʆ

'YZMRXI 7XVYGXYVM
OWNʗWOGUERCTFQPEWOKPVGDWP 6GTQIЯ5EW\ȿOȿЯ+CTVȿOȿЯ/WNʗWOGUE
DWPȿTȿWTGCCVGPVCVGPVȿPGCVGPV HTWOQU(KKCVGPVЯ&ȿOKXQKGЯȓOKRCTGDKPG
PGCVGPVȿUCNWVȿEGTGCLWVȿ ȓOKRCTGTȿW.CTGXGFGTGЯ$WPȿЯ5CNWVЯ%KCQЯ
OWNʗWOGʏVGTQCIȿKCTVȿ 5ȿTWVOȢPCЯ5GTXWUЯ

 6IGETMXYPEVIũ)ZEPYEVI
7TYRIEGXG\KȮPFGUGPG

+LMGI˗XIEGTGEJK\KVGCXTWVUȿFGUGPG\G)TGKGTCʑWN

 %WGYPXʅRTQRQ\KʕKKNGʑKHIWIRIE^ʅȮPECUGVGUCWEQPHQTOEGNQTCW\KVG
 
 VGZVȮP%RI\ʆ

2YQIVSXIE^ʅQDKGEVGNGFKPENCUȿȮPQTFKPGCȮPECTGNGCW\K
ŢVCDNȿ
ŢFWNCR
ŢGVCLGTȿ
ŢEWKGT
ŢVCDNQW
ŢDCPEȿOCUȿʑEQNCTȿ
ŢUECWP
ŢRGTFGC
ŢWʑȿ
ŢECNQTKHGT

 %WGYPXʅʑKEPIKIRGPCTWN)TGKGTCʑWNWK

)YEQɵRTIREVHSYʆTIRWYPIRIKVIYRPMTMGMTSVXSGEPMY˘MYRPMRMEVVS^

(QXPHUă ]LOHOHVăSWăPkQLL 7TYRI ȮPEG\KCKQTȿFGEQOWPKECTGȮPNKODCTQOȢPȿ

-
0 9

0 6

/ '

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& ---
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
 9RMXEXIEHIɴRZʅ˛EVI--%WSWMXXSEQRE

(IRYQI˗XM
JVYGXIPI˗M
PIKYQIPIHI
4SZIWXI˗XM XSEQRʅ
HIWTVIERSXMQTYP
XSEQRE

əREGIEWXʅ
YRMXEXIHIɴRZʅ˛EVI

)\IVWI^MGYQWʅ
JEGMGYQTʅVʅXYVM
PETME˛ʅWEY əRZI˛MWʅRYQIVM
PEQEKE^MRYP TɨRʅPE
EPMQIRXEV


 %RSXMQTYPXSEQRE
%WGYPXʅʑKKLMGI˗XI VGZVȮP%RI\ʆ 

3FWIVZʅKOCIKPGCʑKVI˛MRIEWXKPVGNG

RSV
JVYR^ʅ

ZɨRX
TEWʅVI
GʅPʅXSEVI

GEH
YQFVIPʅ TPSEMI JVYR^IPI


   %WGYPXʅ ʑKVITIXʅ RTQRQ\KʕKKNG

'UVGCPQVKORWNVQCOPC%CFHTWP\GNGFKPEQRCE(TWP\GNGCWȮPIȿNDGPKV(TWP\GNGUWPVTWIKPKK
ICNDGPGOCTQ#HCTȿGXȢPVʑKRNQWȿ2NQCKCGTGEG(GVKʕCCTGQWODTGNȿ8ȢPVWNDCVG8ȢPVWN
UWHNȿEWRWVGTG2ȿUȿTKNGEȿNȿVQCTG\DQCTȿȮPʕȿTKNGECNFG

)\IVWIE^ʅNWPKNGFGVQCOPȿ
0YRMPIHIXSEQRʆWYRX VYKMRMY
WITXIQFVMISGXSQFVMI˘MRSMIQFVMI KEPFIR QEVS

'YZMRXI 7XVYGXYVM
CPQVKORVQCOPȿWODTGNȿRNQCKGXȢPVPQTŢ CPQVKORWNVQCOPCDCVGXȢPVWN
PQTKHTWP\ȿŢHTWP\GNWPȿŢNWPKUGRVGODTKG RNQCKGTGEGECFHTWP\GNGRȿUȿTK
QEVQODTKGPQKGODTKGRNQWȿ\DQCTȿ EȿNȿVQCTGNWPKNGFGVQCOPȿ
ʕȿTKECNFG

 0MZEHEũJVYGXIHIXSEQRʅ
%WGYPXʅʑKWTYRIEGNKRUGʑVGFKPEQʑWN)TGKGTCʑWNWK
  

8SEQRʆXYRIEHYGM
1YPXIJVYGXIHYPGM
+YXYMRYGM˘MQIVI
7XVYKYVMTVYRITIVI

'SPSVIE^ʅHTWEVGNGFGVQCOPȿFKPNKXCFCDWPKEWNWK

%WGYPXʅʑKVITIXʅ

ȓPNKXCFȿUWPV 6QCOPCUGEQE $WPKECHCEG

RQOKHTWEVKHGTK HTWEVGNG 4CFWEWNGIGHTWEVG EQORQVʑKIGO

 %WGYPXʅ ʑK GSPSVIE^ʅ HTWEVGNG ECTG ȮK RNCE )TGKGTCʑWNWK VGZVȮP%RI\ʆ

1YRGʅɴRIGLMTʅ6IEPM^E˝MWPEQʏEWHTWEVGFGVQCOPȿ EQNCL UCWQUCNCVȿFGHTWEVG

'YZMRXI 7XVYGXYVM
OȿTŢOGTGRCTȿŢRGTGPWEȿŢPWEKUVTWIWTGŢ VQCOPȿDQICVȿ
UVTWIWTKIWVWKGŢIWVWKRTWPȿŢRTWPG HTWEVGFGVQCOPȿOKGȮOKRNCE

 +VʅHMREHIPIKYQI
%WGYPXʅ ʑKɴRGIVGYMI˗XI NGIWOGNGFGVQCOPȿFKPECTG)TGKGTCʑWNHCEGEKQTDȿ VGZVȮP%RI\ʆ

%PIKIʑKHIRYQI˗XINGIWOGNGFGVQCOPȿȮPXȿʕCVG

əRZE˝ʅEWXKPVGNGPQK

)TȿFKPCTKKNWETGC\ȿȮP
ITȿFKPCFGNGIWOG
6CVCUEQCVGECTVQHKK
'NHQNQUGʏVGUCRC
/KJCKNWETGC\ȿ
EWITGDNC
VDSă 'NITGDNGC\ȿ
ʎVGHCPHQNQUGʏVG
UVTQRKVQCTGC
VWURSLWRDUH 'NUVTQRGʏVG
KkUOHĠ /COCNWETGC\ȿ
EWJȢTNGʗWN
JUHEOă
'CUCRȿ

.SGWIR^SVMEP+LMGI˕XI EGCKIWUVCV 'NGXWNNGICVNCQEJKIWUVȿFKPNGIWOGNGȮPXȿʗCVGʏK

IJKEGʏVGEGCIWUVCV

'YZMRXI 7XVYGXYVM
OQTEQXŢOQTEQXKCTFGKEGCRȿŢEGRGTQʑKGŢTQʑKK ITȿFKPCFGNGIWOG
ECUVTCXGVGŢECUVTCXGʕKECTVQHŢECTVQHKXȢPȿVȿŢXKPGVG CFWPȿEWITGDNC
ITȿFKPCTUCRȿJȢTNGʗITGDNȿUVTQRKVQCTGUVTQRGʏVG NGIWOGFGVQCOPȿ
ITGDNGC\ȿUCRȿ

 /DSLD‫܊‬ă
4YRIFGIGVWNʑKVITIXʅFGPWOKTGCHTWEVGNQTʑKNGIWOGNQT

4SVXSGEPI &ERERI 6MHMGLM 9WXYVSM

4MIVWMGM 'EMWI 0ʅQɨM *EWSPI 1E^ʅVI

'MVI˗I :M˗MRI 'ʅT˗YRM 7EPEXʅ :EV^ʅ

8%6%&ʄ

 %WGYPXʅʑKKLMGI˗XI VGZVȮP%RI\ʆ

(IWIRIE^ʅHTWEVWNVȿWRTGHGTCV

 .SGHIVSP 'YQTʆVʆXYVMPETME˜ʆ)\IVWE˛M RTKPLQEUKVWCʕKKFGXȢP\CTGEWORȿTCTG

1YRGʅɴRIGLMTʅ4VIKʅXM˛KȮORTGWPȿQUCNCVȿFGHTWEVGUCWQUCNCVȿFGNGIWOG

6I˛MRI *VYGXIPI˗MPIKYQIPIWYRXWʅRʅXSEWI
TIRXVYGʅEYZMXEQMRI

'YZMRXI 7XVYGXYVM
HTWEV Ţ HTWEVG EKTGʑG XKʑKPG EȿRʑWPK RKGTUKEK HTWEVGIWUVQCUG\GOQCUGNGIWOG
ECKUGNȿOȢKRQTVQECNGDCPCPG EQORQVNGIWOG UȿPȿVQCUGUCNCVȿFGHTWEVG
UCNCVȿ XCT\ȿHCUQNGOC\ȿTGTKFKEJKWUVWTQKEQʑ EQORQVFGŰIGOFGŰ
RKCʕȿ\GOQUIWUVQUUȿPȿVQU  
HCEGEWORȿTȿVWTK

 0EQEKE^MRYPEPMQIRXEV
0EFMVMRX %PIKIRYQEMEPMQIRXIPI 7TYRIEGEWORȿTȿOCOCNCOCIC\KPWNCNKOGPVCT

əRZE˛ʅFGPWOKTKNGCNKOGPVGNQT

RȢKPG HTCP\GNȿ EKQEQNCVȿ

EQTP DKUEWKʗK
OCECTQCPG UCTG
\CJȿT HȿKPȿ QTG\ VȿKʗGK
QʗGV DQODQCPG PCRQNKVCPȿ

WNGK CRȿ IGO OKGTG

NCRVG QWȿ
ECʏECXCN UCNCO ECTPG

 %WGYPXʅ ʏK TYRI FGIGVWN RG CNKOGPVGNGȮPʑKTCVGFG)TGKGTCʑ

 .SG HI VSP 'YQTʆVʆQ EPMQIRXI

)\IVWE˛MRTKPLQEUKVWCʕKKFGXȢP\CTGEWORȿTCTG

'YZMRXI 7XVYGXYVM
CNKOGPV Ţ CNKOGPVG RȢKPG HTCP\GNȿ EQTP NCRVG OCIC\KP CNKOGPVCT RȢKPG CNDȿ Q
EKQEQNCVȿ \CJȿT HȿKPȿ QTG\ OCECTQCPG VȿKʗGK WNGK EWVKG FG DQODQCPG WP RCEJGV FG
QʗGV UCTG IGO OKGTG DQODQCPG DKUEWKʗK DKUEWKʗK WP DQTECP FG IGOOKGTG
PCRQNKVCPGECTPGQWECʏECXCNUCNCOCRȿDQTECP CRȿRNCVȿECTDQIC\QCUȿ

 7ʅRYQʅVʅQTɨRʅPE
1XPăUăPăUJHOHOHvQ‫܈‬LUFUHVFăWRU‫܈‬LvQ‫܈‬LUGHVFUHVFăWRU

     

      
    

6SXQHFDUHQXPăUOLSVH‫܈‬WH

5ăVSXQGHODvQWUHEăUL
&HQXPăUDUHFDVDUR‫܈‬LH"&HQXPăUDUHFDVDJUL"&HFXORDUHDXFDVHOH‫܈‬L"HWF

1XPăUă‫܈‬LVSXQH

&kWHIHWHVXQWvQFODVă"&k‫܊‬LEăLH‫܊‬LVWDXvQ
               
EăQFL"&k‫܊‬LHOHYLGHFODVD,VHDIOăvQFODVă"
&kWHVFDXQHVXQWvQFODVă"&kWHPHVHVH
DIOăvQFODVă"&kWHPDQXDOHVXQWSHPHVH"

$VFXOWă‫܈‬LFkQWăvPSUHXQăFX*UHLHUD‫܈‬
FkQWHFXO8QHOHIDQWVHOHJăQD
 WH[WvQ $QH[ă

'YZMRXI 7XVYGXYVM
WPURTG\GEGFQKURTG\GEGVTGKURTG\GEGRCKURTG EWEWXKPVGNGȮPXȿʗCVGʑKTETGUEȿ
\GEGEKPEKURTG\GEGʑCKURTG\GEGʏCRVGURTG\GEG VQTFGUETGUEȿVQT%ȢʕKEȢVG
QRVURTG\GEGPQWȿURTG\GEGFQWȿ\GEKPWOȿTȿ UWPV!%ȢʕKEȢVGŰCKPWOȿTCV!
EQTGEVʑKTETGUEȿVQTFGUETGUEȿVQTEȢʕK!EȢVG!

 6IGETMXYPEVIũ)ZEPYEVI
+LMGI˗XIFGURTGECTGCPQVKOR
UGXQTDGʑVG
UGXQTDGʑVG
UG XQTDGʑVG

4MGTMGTMGTMGTMG
'MRIMSEVIGMRI#
4MGTMGTMGTMGTMG
'MRIEWSWMX#

7TYRIRTQRQ\KʕKKFGURTGCPQVKORWNVQCOPC

)RYQIVʅ
HTWEVGʑK
NGIWOGFGVQCOPȿ
OPȿ

əRGIVGYMI˗XIEWTQʑWHTWEVGNGʑKEWXGTFGNGIWOGNG2YQʅVʅNGʑKEQORNGVGC\ȿ
ECUGVGNGIQCNG

.GIWOG (TWEVG
'SPSVIE^ʅEWXGTFGFCEȿGUVGCFGXȿTCVEWPGITWFCEȿGUVGHCNU
ȓPITȿFKPCFGNGIWOGUWPVDTC\K *ȢTNGʕWNITGDNCʑKUVTQRKVQCTGCUWPV
.GIWOGNGUWPVIWUVQCUGʑKUȿPȿVQCUG HQNQUKVGȮPITȿFKPȿ
/COCHCEGȮPIJGʕCVȿFKPNGIWOG /COCHCEGEKQTDȿFKPNGIWOG

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& ---
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP -Ţ
 9RMXEXIEHIɴRZʅ˛EVI---0EQMRIEGEWʅ

əREGIEWXʅ
YRMXEXIHIɴRZʅ˛EVI
:SVFI˗XMHIWTVI
NYGʅVMMPIXEPI

4SZIWXI˗XM
HIWTVI
QIQFVMM
JEQMPMIMXEPI

4SZIWXI˗XMHIWTVI
EGXMZMXʅ˛MPIJEQMPMIMXEPI

4VI^MR˛MPSGYMR˛E
JEQMPMIM
˗MGEQIVEXE

əRZI˛MHIWTVIQIWIVMM

)\IVWI^MGYQ
)\IVWI^MGYQWʅJEGM
WʅXIGSQTSV˛M
GYQTʅVʅXYVMPEQEKE^MRYP
GMZMPM^EX
YRMZIVWEP


 *EQMPMEQIE
'SPSVIE^ʅHNQTKNGFGRGOGODTKKHCOKNKGKȮPHWPEʗKGFGEGTKPʗG
OCOC Ţ EW TQʏW DWPKEC Ţ EW XGTFG VCVC Ţ EW CNDCUVTW DȿKCVWN Ţ EW ICNDGP DWPKEWN Ţ EW
OCTQ HGVKʗC Ţ EW RQTVQECNKW

'SPSVIE^ʅRWPEVGNGFGUWDEQRKKK
FKPHCOKNKGCʏCEWOʗKUGEGTG

™ RWPEVTQʏWUWDUQTCOCKOCTG
™ RWPEVCNDCUVTWUWDHTCVGNGOCKOCTG
™ RWPEVICNDGPUWDUQTCOCKOKEȿ
™ RWPEVXGTFGUWDHTCVGNGOCKOKE

4YRIFGIGVWNRGOGODTKKHCOKNKGKFKPFGUGPWNCNȿVWTCVʑKVITIXʅFWRȿFQCOPC
ȮPXȿʕȿVQCTGFQOPWNȮPXȿʕȿVQT

#EGCUVCGUVGOCOCOGC'CGUVGVȢPȿTȿ
#EGUVCGUVGVCVȿNOGW'NGUVGVȢPȿT
/COCʑKVCVCUWPVRȿTKPʕKKOGK
'WUWPVEQRKNWNNQT

#EGUVCGUVGDWPKEWNOGW'NGUVGDȿVTȢP
#EGCUVCGUVGDWPKECOGC'CGUVGDȿVTȢPȿ
'KUWPVDWPKEKKOGK
'WUWPVPGRQVWNPGRQCVCNQT

'CGUVGUQTCOGC'NGUVGHTCVGNGOGW
$GDGNWʑWNGUVGEGNOCKOKE

 .SGHMWXVEGXMZ %HIZʅVEXũJEPW
%WGYPXʅ EGURWPG)TGKGTCʑWN7XEM ȮPRKEKQCTGFCEȿGCFGXȿTCV
KLIQYMI˗XIVGFCEȿGHCNU VGZVȮP%RI\ʆ

 0MTI˗XIQHQVQITCHKGCHCOKNKGKVCNGUCWHIWIRIE^ʅʕKHCOKNKC4SZIWXI˗XIFGURTG
OGODTKKHCOKNKGKVCNG

  %WGYPXʅ ʑK KLMGI˗XI

 (IWIRIE^ʅ TȿURWPUWN

'MRIZʆMYFI˖XI
'MRIZʆRKVMNI˖XI
>MHI^MQYRGI˖XI
4IRXVYEZʆGVI˖XI#
:ʆHE˜MWIEQE
)WXIQEQE

 %WGYPXʅʑKWTYRIEKPGNKRUGʑVGFKPKOCIKPG'SQTPIXIE^ʅFGUGPWN

*EQMPMEQIE

7YRXIQ˘EWISEQIRMɵRGEWʆ
-EQRYQʆVEXTIXS˜MPEQEWʆ
8EXEQEQE˖MFYRMGE
&YRMGYP-SR˖MIY%RGE

'YZMRXI 7XVYGXYVM
RȿTKPVGRȿTKPʕKPGRQVPGRQCVȿDGDGNWʑVȢPȿT HCOKNKCOGCRȿTKPʕKKOGKDWPKEKKOGK
VȢPȿTȿDȿVTȢPDȿVTȢPȿ OGODTKKHCOKNKGK

 0SGYMR˛ERSEWXVʅ
%WGYPXʅEGURWPG)TGKGTCʑWNʑKVʅWTYRHI

'WNQEWKGUENCECUȿ (TCVGNGOGWUVȿNCDNQE
7PFGNQEWKGʏVKVW!

%WGYPXʅVITIXʅʑKEVEXʅ

#EGCUVCGUVG FYGʅXʅVMI
QNQEWKPʕȿ
HTWOQCUȿ
QTFQPCVȿʑK
NWOKPQCUȿ
ȓPNQEWKPʕȿGUVG WYJVEKIVMI
QDWEȿVȿTKG
QUWHTCIGTKG HSVQMXSV
WPFQTOKVQT
ʑKQDCKG
FEMI

7XVYGXYVM
'YZMRXI
NQEWKPʕȿŢNQEWKPʕGECUȿŢECUGDNQEŢ 'WNQEWKGUEŰ
DNQEWTKCRCTVCOGPVECOGTȿŢECOGTG NQEWKPʕȿHTWOQCUȿEWTCVȿNWOKPQCUȿ
DWEȿVȿTKGDCKGFQTOKVQTUWHTCIGTKG QTFQPCVȿ

 2YQIVSXIE^ʅKOCIKPKNGEQPHQTOEGNQTCW\KVG

ŢUWHTCIGTKGŢDWEȿVȿTKGŢDCKGŢFQTOKVQT
 3FWIVZʅEGCXGOȮPNQEWKPʕȿ'SRXMRYʅRTQRQ\KʕKKNGȮPEGRWVG
ɚRFYGʆXʆVMIEZIQ ɚRHSVQMXSVEZIQ
ɚRWYJVEKIVMIEZIQ ɚRFEMIEZIQ

FWNCR
VCDNQW
EWRVQTEW
CTCIC\
OKETQWPFG RNKVȿ EJKWXGVȿ TCFKQ ECPCRGC
XC\ȿ

EWRVQTGNGEVTKE
HTKIKFGT
VGNGXK\QT UQDȿ

QINKPFȿ

NCORȿ ECDKPȿFGFWʑ

PQRVKGTȿ ECFȿ
EJKWXGVȿ

ECNQTKHGT XCUFG
VQCNGVȿ

'HFXSHD]ă$QH[DQU‫܈‬LUHDOL]HD]ă FDVDSULQvQGRLUH
'HVHQHD]ăPRELOLHUXO‫܈‬LSRYHVWH‫܈‬WH

'YZMRXI 7XVYGXYVM
CTCIC\HTKIKFGTRNKVȿEJKWXGVȿŢEJKWXGVGECPCRGC EWRVQTEWOKETQWPFG
PQRVKGTȿŢPQRVKGTGHQVQNKWŢHQVQNKKVCDNQWŢVCDNQWTK EWRVQTGNGEVTKE
ECNQTKHGTŢECNQTKHGTGUQDȿŢUQDGECFȿQINKPFȿ VGNGXK\QTEQNQT
VQCNGVȿŢVQCNGVG 
ECDKPȿFGFWʑ

 'EQIVEQIE
%WGYPXʅʑKɴRZE˛ʅRQG\KC)TGKGTCʑWNWK

'EQIVEQIE

%QSGʆQʆVY˞ʆ 'YYRWGʆYRIP 'ʆQʆVY˞EQIE

:IWIPʆQMGY˞ʆ 8EVIQMXMXIP %PXERYMGEIE
ɚRQMNPSGGSQʆWY˞ʆ 0ETIVIXIYRTEX
4IRXVYWGVMWHVʆKY˞ʆ 4IGSZSVGYVEX

 %WGYPXʅʑKVITIXʅEWXKPVGNG

ECOGTȿ
FWNCR

TCHV

RGTFGC

Tȿ
TGCUV Wʑȿ
HG NCORȿ
RCV

WN CVQT UECWP ECTVG

ECNE
OCUȿ
EQXQT

LWEȿTKG

 (IWIRIE^ʅȮPECKGVʑKTVI^MRXʅEGCKVWȮPECOGTCVC

'YZMRXI7XVYGXYVM
RCVŢRCVWTKEQXQTŢEQXQCTGTCHVŢTCHVWTKECNEWNCVQTŢ %COGTCOGCGUVG
ECNEWNCVQCTGWʏȿŢWʏKHGTGCUVTȿŢHGTGUVTGRGTFGCŢ HTWOQCUȿQTFQPCVȿ
RGTFGNGNȢPIȿRGUWDȮP EWTCVȿFG\QTFQPCVȿ

 6ITIXʅHIWTʅV˛MRHȮPUKNCDGEWXKPVGNGURWUGFG)TGKGTCʑ
 VGZVȮP%RI\ʆ
ʆ

(IWTEVXIEWXKPVGNGȮPUKNCDGFWRȿOQFGN

AA

3FWIVZʅ
EWGYPXʅʑK
VITIXʅ

%CNEWNCVQTWNGUVG ,WEȿTKCUGCHNȿ 2CRWEWNGUVGWKVCV /CʏKPWʗCGUVGRCTECVȿ

RGOCUȿ RGTCHV UWDRCV UWDOCUȿ

&WNCRWNGUVGNȢPIȿRCV5ECWPWNUGIȿUGʏVGNȢPIȿOCUȿ2ȿRWʏCUVȿȮPRCV4QEJKCGUVGȮPFWNCR

4VMZI˗XIKOCIKPGCFGNCGZGTEKʕKWNʑKGSPSVIE^ʅEWXGTFGFCEȿGUVGCFGXȿTCVUCWEW
PGITWFCEȿGUVGHCNU
0DVDVWăSHFRYRU &DUWHDVHDIOăSHSHUGHD
&DOFXODWRUXOHVWHvQSDW 6FDXQXOVHJăVHúWHvQGXODS
0LQJHDHVWHOkQJăGXODS 0DVDHVWHOkQJăIHUHDVWUă
8UVXOH‫܊‬XOVHDIOăVXEPDVă /DPSDHVWHVXEHWDMHUă

%WGYPXʅʑKJʅEWOURWPGFQCOPCȮPXȿʕȿVQCTG7TYRIʏKVWEGHCEK
 
   VGZVȮP%RI\ʆ

)\IQTPY &QCOPC ȮPXȿʕȿVQCTG 4YRI YVWYPI˜YP TI VEJX %QRKNWN 9VWYPI˜YP IWXI TI VEJX

 .YGʅVMMPIQIPI
 əRGIVGYMI˗XILWEȿTKKNGʑKHIRYQI˗XING

3FWIVZʅEWGYPXʅʑKVITIXʅ

'WOȿLQEEW 'WOȿLQEEW 'WOȿLQEEW 'WOȿLQEEW 'WOȿLQEEW

OKPIGC OCʑKPWʕC RȿRWʑC VTGPWNGʕWN WTUWNGʕWN
/KPIGCGUVG /CʑKPWʕCGUVG 2ȿRWʑCGUVG 6TGPWNGʕWNGUVG 7TUWNGʕWNGUVG
TQVWPFȿ XGTFG HTWOQCUȿ NWPI OCTQ

(IWIRIE^ʅʑKTSZIWXI˗XIFGURTGLWEȿTKCVCRTGHGTCVȿ

 9RHIWYRXNYGʅVMMPI# 3FWIVZʅEWGYPXʅʑKVITIXʅ

7TUWNGʕWNGUVG /CʑKPWʕCGUVG 2ȿRWʑCGUVG /KPIGCGUVG

TITCHV WYFOCUȿ ɴRRCV PɨRKʅFWNCR

7PWNWTYRICNVWNJEGI VGZVȮP%RI\ʆ 7TYRIWPFGUWPVQDKGEVGNG

7XVYGXYVM
'YZMRXI
TQVWPF ȿ RTGHGTCV ȿ NWPI ȿ OKPIGTQVWPFȿ
,WEȿTKCOGCRTGHGTCVȿGUVG
'WOȿLQEEWŰ

 %GXMZMXʅ˛MɴRJEQMPMI
3FWIVZʅEWGYPXʅʑKVITIXʅЯ

(COKNKCGUVGȮPUWHTCIGTKG/COCCFWEGOȢPECTGC6CVCEKVGʑVG\KCTWN$WPKEWNUGWKVȿNC
VGNGXK\QT$WPKECEQCUG%QRKKKUGLQCEȿEWOCʏKPWʗGNGʏKEWRȿRWʏC

6ʅWTYRHINCȮPVTGDȿTKNG)TGKGTCʑWNWK

7PFGGUVGHCOKNKC!%GCFWEGOCOC!%GHCEGVCVC!
%GHCEGDWPKEWN!%GHCEGDWPKEC!

# %GHCEGHGVKʗC!&CTDȿKCVWN!

'YZMRXI 7XVYGXYVM
\KCTCURKTCVQTUGWKVȿFQCTOGOȿPȢPEȿ HCEGEWTȿʕGPKGHCEGOȢPECTG
EKVGʏVGEWNGIGWFȿCURKTȿʏVGTIGTGRCTȿ   
UGWKVȿNCEKVGʏVG\KCTWNʑVGTIGRTCHWN

 7TYRIEGHCERGTUQPCLGNGFKPKOCIKPKNGFGOCKLQU

/COCHCEGEWTȿʕGPKG
6CVCTGRCTȿOCʑKPC $WPKECWFȿHNQTKNG
'CCURKTȿʑKʑVGTIGRTCHWN

$ȿKCVWNEWNGIGOGTG (GVKʕCUGLQCEȿRGECNEWNCVQT $WPKEWNEKVGʑVG

9RI˗XIEGUGRQVTKXGʑVG*SVQYPIE^ʅRTQRQ\KʕKKEWCLWVQTWNCEGUVQTRGTGEJK

$ȿKCVWNLQCEȿ
/COCHCEG

(GVKʕCUGLQCEȿEW 6CVCTGRCTȿ

.SGTERXSQMQʅ RTQRQ\KʕKKEWȮPEGRWVFCV 
 'SRXMRYʅRTKPIGUVWTKRTQRQ\KʕKKNGȮPEGRWVG
/COCŰ 6CVCŰ $WPKEWNŰ $WPKEC
5QTCŰ (TCVGNGŰ $GDGNWʑWNŰ

 0EGYQTʅVʅXYVM
3FWIVZʅEWGYPXʅʑKVITIXʅ
#KEKGUVGWPOCIC\KPWPKXGTUCNȓPOCIC\KPIȿUKOTCKQPFGEQPHGEʕKKTCKQPFGȮPEȿNʕȿOKPVG
FGURQTVFGCNKOGPVGFGLWEȿTKKFGRCRGVȿTKGFGGNGEVTQPKEG ʑKGNGEVTQECUPKEGFGNGIWOG
HTWEVG

6ʅWTYRHINCȮPVTGDȿTKNG)TGKGTCʑWNWK
%GEWORȿTȿONCTCKQPWNFGEQPHGEʕKK!
%GEWORȿTȿONCTCKQPWNFGȮPEȿNʕȿOKPVG!
%GEWORȿTȿONCTCKQPWNFGURQTV!

#
%GEWORȿTȿONCTCKQPWNFGCNKOGPVG!
%GEWORȿTȿONCTCKQPWNFGLWEȿTKK!
%GEWORȿTȿONCTCKQPWNFGRCRGVȿTKG!
%GEWORȿTȿONCTCKQPWNFGGNGEVTQPKEGʑKGNGEVTQECUPKEG!
.SGHIVSP (IEZɩR^ʆXSVYP˘MGYQTʆVʆXSVMM
)\IVWE˛M RTKPLQEUKVWCʕKKFGXȢP\CTGEWORȿTCTGFWRȿOQFGNWNCW\KV

Ţ$WPȿ\KWCЯ Ţ%QUVȿNGK2QHVKODQPWN
Ţ$WPȿ\KWCЯ%GFQTGʏVK! FGECUȿ
Ţ8ȿTQIUȿOKFCʕKWPECKGVЯ Ţ/WNʕWOGUE
%ȢVEQUVȿ! Ţ.CTGXGFGTGЯ
Ţ.CTGXGFGTGЯ

'YZMRXI 7XVYGXYVM
OCIC\KPTCKQPŢTCKQCPGEQPHGEʕKKRCRGVȿTKG TCKQPFGŰDQPHKUECN
GNGEVTQPKEGXȢP\ȿVQTXȢP\ȿVQCTGECUȿECUKGTKʕȿ OCIC\KPWPKXGTUCN
RTQDGC\ȿRNȿVGʑVG %ȢVEQUVȿ!

 3GYTE˛MMPITʅVMR˛MPSV
4VMZI˗XIKOCIKPKNGʑKɴRZE˛ʅFGPWOKTGCOGUGTKKNQT

'NGUVGʑQHGT
'NGUVGOGECPKE
'NGUVGOGFKE
'NGUVGKPUVCNCVQT
ʐQHGTWNEQPFWEG /GECPKEWNTGRCTȿ /GFKEWNEQPUWNVȿ +PUVCNCVQTWNTGRCTȿ
ECOKQPWN OCʑKPC DQNPCXKK TQDKPGVWN

'NGUVGDTWVCT
'CGUVGȮPXȿʕȿVQCTG
'NGUVG\KFCT
'CGUVGXȢP\ȿVQCTG
$TWVCTWNHCEGRȢKPG &QCOPCȮPXȿʕȿVQCTG <KFCTWN 8ȢP\ȿVQCTGCXKPFG
DWPȿ GFWEȿGNGXKK EQPUVTWKGʑVGECUC HTWEVGʑKNGIWOG

'NGUVGVȢORNCT 'NGUVGCITKEWNVQT
'NGUVGETQKVQT
'CGUVGEQCHG\ȿ
6ȢORNCTWNHCEG #ITKEWNVQTWNNWETGC\ȿ %TQKVQTWNEQCUG %QCHG\CVCKG
OQDKNȿ RGEȢOR JCKPG RȿTWN
'YZMRXI 7XVYGXYVM
OGUGTKGʏQHGT\KFCTOGFKERQʑVCʑEQCHG\ȿOWPEKVQT /COCOGCGUVGŰ
KPUVCNCVQTXȢP\ȿVQTXȢP\ȿVQCTGOGECPKEDWEȿVCTDTWVCT 6CVȿNOGWGUVGŰ
ȮPXȿʗȿVQTȮPXȿʕȿVQCTGRTQHGUQTVTCEVQTKUVCITKEWNVQT EQPFWEGOCʑKPC
VȢORNCTETQKVQTOWPEGʏVGNWETGC\ȿEQPFWEGEQPUWNVȿ EQPUWNVȿDQNPCXWN
XKPFGIȿVGʏVGTGRCTȿEQCUG

%WGYPXʅKLMGI˗XIʑKɴRGIVGYMI˗XIHQNQUKPFEWNQCTGCIJKEKVQTKK

%ȢPFNWETGC\ȿOCKOWNVVCEG
&CTEGRȢKPGDWPȿHCEGЯ

5RWPGKPWOCKEGVGFQCTG
'NVGHCEGȮPFCVȿDKPG

%QPUVTWKGʑVGRGʑCPVKGT
\KFWTKTQʑKKRȢPȿNCEGT

'NCʑEQCNȿ\KFG\K
ʐKKȮPXCʕȿRGEQRKK

6IGYRSE˗XIQDKGEVGNGFGUGPCVGʑKWTYRINCEGOGUGTKGUGRQVTKXGUE

.SGTERXSQMQʅ7PGNGXEVEXʅQOGUGTKGEGKNCNʕKKLMGIWG

%HIZʅVEXũJEPW 'SPSVIE^ʅEWXGTFGFCEȿGUVGCFGXȿTCVEWPGITWFCEȿGUVGHCNU
ʐQHGTWNEQPFWEGTQDKPGVWN ȓPXȿʕȿVQCTGCTGRCTȿOCʑKPC
/GFKEWNEQPUWNVȿDQNPCXWN %QCHG\CEQCUGJCKPG
6ȢORNCTWNNWETGC\ȿRGEȢOR 6TCEVQTKUVWNEQPFWEGVTCEVQTWN
2QʑVCʑWNCFWEGHTWEVGʑKNGIWOG 8ȢP\ȿVQCTGCXKPFGJCKPG

7TYRIEGOGUGTKGCWOGODTKKHCOKNKGKVCNG

 *MMGYQMRXI˗MEGEWʅ
əRGIVGYMI˗XICEGNGKOCIKPKWPFGEQRKKKUGEQORQTVȿHTWOQUʑKXVEKIRGUVGKOCIKPKNGȮP
ECTGPWUGEQORQTVȿEQTGEV
)\TVMQʅʕKRȿTGTGC )WXIGSVIGX2YIWXIGSVIGX

1YP˜YQIWG
TIRXVYQEWʆ

%WGYPXʅEGEWOKPʕKUWPVCEGʑVKEQRKK

'WʑVGTI
'WCURKTʑKHCE
RTCHWNʑK
EWORȿTȿVWTK
CTCPLG\
RGPVTWDWPKEK
OCUC

 4SZIWXI˗XIEWOVGEQORQTʕKVWCECUȿ

əRZE˝ʅRQG\KC'STMMGYQMR˜M

'STMMGYQMR˛M
HI2MGYPMRE1YVI˘ER
7YRXIQGSTMMGYQMR˜M
˗MRINYGʆQJVYQSW
2YWXVMGʆQNYGʆVMM
7YRXIQGYZMMRGMS˘M
˗XMQSVMGINYGʆVMI
%VIYRPSGEPIM
'ɩRHNSEGEIWXIKEXE
*IXM˜IFʆMI˜IM
*EGSVHMRIɵRWEPʆ
˗MTYRXSXYPPEPSG
7ʆJMMLEVRMGɵRWIEQRʆ
˗MQYRGʆRYHSEVNSG

'YZMRXI 7XVYGXYVM
EWOKPVGCUEWNVȿVQTCLWVCLWVȿ 'UVGEQTGEV0WGUVGEQTGEV
(CEQTFKPGEWTȿʕGPKG0WOȿDCV0WOȿEGTV

 5HFDSLWXODUH±(YDOXDUH
əRGIVGYMI˗XIOGODTKKHCOKNKGK
HQNQUKPFEWNQTKNGKPFKECVG
OCOCŢTQʑWVCVCŢXGTFG
DWPKECŢRQTVQECNKW
DWPKEWNŢCNDCUVTW
HTCVGNGŢOCTQUQTCŢICNDGP
DGDGNWʑWNŢTQ\

%WGYPXʅRTQRQ\KʕKKNGʑKYRI˗XIFGUGPGNGECTGUGRQVTKXGUE

6CVCTGRCTȿEJKWXGVC
(TCVGNGCURKTȿ
$WPKEKKLQCEȿʑCJ
/COCEKVGʑVGQECTVG
(COKNKCUGWKVȿNCVGNGXK\QT
5QTCUGLQCEȿEWOKPIGC


 7GVMIPWOGTGNGCW\KVGRGFGUGPGNGRQVTKXKVGFKPKOCIKPG
ŢFWNCRŢRCVŢEQXQTŢUECWPŢTCHVŢRGTFGC
ŢECNEWNCVQTŢOCUȿŢWʑȿŢNCORȿ

 7GVMIEKHTCQEWRCʕKGKNȢPIȿQDKGEVGNGHQNQUKVG

OGFKE
ȮPXȿʕȿVQCTG
EQCHG\ȿ

7GVMIPWOGTGNGȮPEGTEWTKNGFGUWDFGUGPGEQPHQTOEGNQTCW\KVG

#KEKHCEGOCOCOȢPECTG #KEKPGURȿNȿO
ȓPCEGCUVȿECOGTȿFQTOKO ȓPCEGCUVȿECOGTȿUGCFWPȿHCOKNKC
)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& --
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
9RMXEXIEHIɴRZʅ˛EVI-:%WSWMXMEVRE

:SVFI˗XMHIWTVI
:SVFI˗XMHIWTVI
WʅVFʅXSVMPI˗M
ERSXMQTYPMEVRE
NSGYVMPIHIMEVRʅ

əREGIEWXʅ
YRMXEXIHIɴRZʅ˛EVI

əRZI˛MGYQWI
WEPYXʅHI'VʅGMYR

əRZI˛MHIRYQMVIE
ɴQFVʅGʅQMRXIPSV
'SRJIG˛MSRI^M ˗MɴRGʅP˛ʅQMRXIPSV
JIPMGMXʅVM


 %RSXMQTYPMEVRE
3FWIVZʅEWGYPXʅʑKVITIXʅ

JYPKHI^ʅTEHʅ

RMRKI

^ʅTEHʅ

KLIE˝ʅ
PEG

'UVGCPQVKORWNKCTPC#HCTȿGHTKIʏKPKPIG%CFHWNIKFG\ȿRCFȿ2GNCEGIJGCʗȿ<ȿRCFCGTGEG
%QRKNWNGȮODTȿECVEW RCPVCNQPKRWNQXGTRCNVQPHWNCTOȿPWʏKEȿEKWNȿʏKEK\OG

əRZE˛ʅFGPWOKTGCNWPKNQTFGKCTPȿ
0YRMPIHIMEVRʆWYRX HIGIQFVMI MERYEVMI JIFVYEVMI

%WGYPXʅʏKKLMGI˕XI VGZVȮP%RI\ʆ

əRZE˛ʅEȢPVGEWN7ʆRMY˞E VGZVȮP %RI\ʆ

'YZMRXI
PKPIGHWNIŢHWNIK
IJGCʕȿHTKINCE
FGEGODTKGKCPWCTKGHGDTWCTKG

7XVYGXYVM
HWNIFG\ȿRCFȿKCTPȿTGEGNCEȮPIJGʕCV
NWPKNGFGKCTPȿʕWTʕWTKFGIJGCʕȿ
HNQTKFGIJGCʕȿ
əRZE˛ʅFGPWOKTKNG

JYPKHIRIE ˛YV˛YVMHIKLIE˝ʅ JPSVMHIKLIE˝ʅ

 %WGYPXʅʑKɴRZE˛ʅRQG\KCMQMXʅOKʑEȿTKNGFKPRQG\KG


*YPKYPHI^ʅTEHʅ

4ISFVE^TIREWTIYQʆV
8SXGEHJYPKMMJʆVʆRYQʆV
7ESTVMXɵRTEPQʆYRYP
-YXIMYXIɵRGLMHTYQRYP
(IWJEGTYQRYP
9RHIMJYPKYP#
7EXSTMXɵRTEPQEQIE
'ESPEGVMQʆHIRIE

'SPSVIE^ʅEWCNDCUVTWHWNIWNFG\ȿRCFȿFKPHCʕCRTQRQ\KʕKKNQTȮPECTGUGXQTDGʑVGFGURTG
CPQVKORWNKCTPC
+CTPCGUVGHTKI

<ȿRCFCUGVQRGʑVG

.CEWNGUVGȮPIJGʕCV

%CFHTWP\GICNDGPG

.WPKNGFGKCTPȿUWPVPQKGODTKGFGEGODTKGʑKKCPWCTKG
əRZE˝ʅEȢPVGEWN2MRKIRMRKI
2MRKIRMRKI

2MRKIRMRKIRMRKIRGIXM˖SV
'EHIGEHIGɩXIYRJYPKY˖SV
,EMGSTMMPEWʆRMY˖
7ʆRIHʆQTIHIVHIPY˖
2MRKIRMRKIRMRKIRGIXM˖SV
'EHIGEHIGɩXIYRJYPKY˖SV
'ɩQTYP˖MɵRXVIKYPWEX
,EMRʆEPFEYɵQFVʆGEX

 .SGYVMHIMEVRʅ
3FWIVZʅEWGYPXʅʑKVITIXʅ

UEJKC\ȿ

DWNIȿTG
FG\ȿRCFȿ
UȿPKWʏ

QOFG
UCPKG \ȿRCFȿ
RCVKPGC\ȿ

+CTPCEQRKKKRCVKPGC\ȿRGNCEWNȮPIJGʕCV'KOGTINCUȿPKWʑʑKUEJKC\ȿ
(CEQCOGPKFG\ȿRCFȿ#TWPEȿEWDWNIȿTKFG\ȿRCFȿ

%WGYPXʅIJKEKVQTKNGʏKEVEXʅFGUGPWNTȿURWPUWNWK

7XʆɵRGYVXIPɩRKʆTSQ
ɚM^MGMSQHEVRYISQ
˕MGɩRHWSEVIPIRGʆP^I˖XI
2YPQEMZI^MGʆWIXSTI˖XI
 SQYPHI^ʆTEHʆ
4SZIWXI˗XIEGHCEKVWKCTPC
'YZMRXI 7XVYGXYVM
DWNIȿTGŢDWNIȿTKUCPKGŢUȿPKK
UEJKŢUEJKWTK
RCVKPGEQPUVTWKGʑVGUEJKC\ȿ

1IVKMGYIEHEVVSEXIREVI
2YIXVIRHEV˖MRIEVI
-EVREFYGYVMMEHYGI
7YWSHYGM˖MRNSWXIEHYGI
 WERME

QOFG\ȿRCFȿDWNIȿTGFG\ȿRCFȿUGFȿEW
UCPKGRCVKPGUEJKCTWPEȿEWDWNIȿTKFG\ȿRCFȿ
HCEQCOGPKFG\ȿRCFȿ
 əQFVʅGʅQMRXIE˗MɴRGʅP˛ʅQMRXIE
3FWIVZʅEWGYPXʅʑKVITIXʅЯ

GʅGMYPʅ
QʅRY˗ʅ

JYPEV
‫܈‬RVHWă

FPY^ʅ
KIEGʅ
JYWXʅ

GM^Qʅ VSGLMI

XIRMW KLIEXʅ TERXEPSR

WERHEPʅ TETYG

'YZMRXI 7XVYGXYVM
ȮPEȿNʗȿOKPVG ȮODTȿEȿOKPVG EJKNQV HWUVȿ TQEJKG RCPVCNQPKUEWTʗKQRGTGEJGFG
DNW\ȿVTKEQWRWNQXGTJCKPȿŢJCKPGRCPVCNQPDNWIK RCRWEKUCPFCNGEK\OGIJGVG
IGCEȿOȿPWʏKHWNCTEȿEKWNȿ RKLCOCʏQUGVGOCKGW DNW\ȿUWDʕKTGHWUVȿUEWTVȿ
WPKHQTOȿ RCPVQHK EK\OG IJGVG UCPFCNG RCRWEK ʑQUGVGEQNQTCVGRWNQXGTITQU
VGPKʏKOCKQW

 (IRYQI˗XINGʑKWTYRIEWOUWPV

DNW\ȿOCTG VTKEQWOKE RWNQXGTITQU DNW\ȿ HWUVȿNWPIȿ RCPVCNQPK ʑQUGVG

UWDʕKTG UEWTʕK EQNQTCVG

 'SPSVIE^ʅʑKHIRYQI˗XICEGNGȮODTȿEȿOKPVGʑKȮPEȿNʕȿOKPVGRGECTGNGȮODTCEKKCTPC

əRZE˝ʅRTKPLQE (IGYTIE^ʅ EQRKKK FKP %RI\ERVʏKɴQFVEGʅK FGUGPȢPFEQNQTȢPF

JCKPGRGGK4VI^MRXʅKЯ

4SZIWXI˗XIEWCLWVQTWNKOCIKPKNQTEWOVGȮODTCEK

'WȮOKKCWEJKNQʕKK 'WȮOKKCWEJKNQʕKK
ȓOKVTCIʑQUGVGNG ȓOKVTCIʑQUGVGNG
ȓODTCEQHWUVȿ +CWRCPVCNQPKK
ȓOKKCWDNW\C ȓODTCEQEȿOCʑȿ
ȓPECNʕUCPFCNGNG ȓPECNʕRCPVQHKK

ȓODTCERWNQXGTWNȓODTCELCEJGVCȓOKRWPʑCRECRGECRȓOKKCWOȿPWʑKNGȓOKRWPHWNCTWN


  %WGYPXʅ ʑKVMHMGʅ ECTVQPCʑWN &#UCW07 VGZVȮP%RI\ʆ


 'VʅGMYRYPɴRJEQMPMI

 əRZE˛ʅʑKGɨRXʅ
VWHOXĠă  %WGYPXʅʑKGSRXMRYʅRTQRQ\KʕKKNG
EȢPVGEWN1S˘'VʆGMYR
&G%TȿEKWPEQRKKKRTKOGUEŰ
GYTPIXIHEPFI
GEHSYVM 
VGZVȮP%RI\ʆ
$TCFWNȮORQFQDKVUGPWOGʑVGŰ
TSQHI'VʆGMYR 
&G%TȿEKWPUȿTDȿVQTKO
PCʑVGTGCNWK -MWYW
EUDG ,VMWXSW 
vPSRGRELW

6I˛MRIUCNWVWN
EHWHDOă FG%TȿEKWP
əRZE˛ʅEWXKPVGNG
NGICVGFG%TȿEKWP 'VʅGMYRJIVMGMX

JORE

FDGRX

2YQʅVʅʑKWGVMI
PWOȿTWNQTPCOGPVGNQT
FG%TȿEKWP
IHOLFLWDUH 7TYRIEGECFQW
CKXTGCUȿRTKOGʑVK
FG%TȿEKWP


 /Qʏ%TȿEKWPCRQTPKVUȿȮORCTVȿFCTWTKNG
0IEKʅHKGECTGRGTUQCPȿFGECFQWNRTKOKVЯ
4SZIWXI˕XI

6QʗKEGKECTGCWRTKOKVFCTWTKXQTUȿKOWNʗWOGCUEȿNWK/Qʏ%TȿEKWPEWQHGNKEKVCTG
%NYXʅʏK VWGSPSVɨRHHGNKEKVCTGC

'VʅGMYRJIVMGMX

'YZMRXI 7XVYGXYVM
ECFQWŢECFQWTKDTCFŢDTC\KINQDŢINQDWTK RQOFG%TȿEKWPRTKOGʑVKECFQWTK
UVGCŢUVGNGDGVGCNȿHGNKEKVCTGŢHGNKEKVȿTK /Qʑ%TȿEKWP%TȿEKWPHGTKEKVЯ
ȮORQFQDGʑVGȮORQFQDKVUCPȿUEWV +KUWU*TKUVQUPCʑVGTGCNWK+KUWU
*TKUVQU

 6IGETMXYPEVIũ)ZEPYEVI
'SPSVIE^ʅQDKGEVGNGFGKCTPȿ(IRYQI˗XING

 %WGYPXʅʏKɴRGIVGYMI˕XIEWETGKQPWNCNDCUVTWPWOȿTWNRTQRQ\KʗKKNQTCFGXȿTCVG
<ȿRCFCGECNFȿ
.WPKNGFGKCTPȿUWPVFGEGODTKG

 KCPWCTKGHGDTWCTKG
+CTPCPGȮODTȿEȿOEWRCPVCNQPKUEWTʗK
+CTPCGHTKI
+CTPCRWTVȿOEȿEKWNȿHWNCTʏKOȿPWʏK
+CTPCUQUGUERȿUȿTKNGEȿNȿVQCTG
<ȿRCFCGUVGCNDȿ
+CTPCPKPIGEWHWNIKOCTKFG\ȿRCFȿ

(IWIRIE^ʅEQPHQTOKPFKECʕKKNQT

QRGTGEJG WPQO
WPINQD WPDTCF QUCPKG WPHWNI FG\ȿRCFȿ
FGRCVKPG

&MJIE^ʅGPWPʕWNECTGUGRQVTKXGʑVGFGUGPWNWK

'NRCVKPGC\ȿ 'CCTGEK\OGXGT\K %QRKKKHCEQOFG\ȿRCFȿ

'NUEJKC\ȿ 'CCTGEK\OGTQʑKK %QRKKKUWPVNCUȿPKWʑ

 7TYRIVTGKRTQRQ\KʗKKFGURTG%TȿEKWP

7TYRIEWOUCNWʕKFG%TȿEKWP

'VʅGMYRJIVMGMX

%WGYPXʅʑKGSPSVIE^ʅEWCNDCUVTWHWNIKKFG\ȿRCFȿFKPHCʕCRTQRQ\KʕKKNQT
CFGXȿTCVG

$ȿKCVWNCTGEȿEKWNȿ

'NCTGWPHWNCTNWPI

2QCTVȿRCPVCNQPKUEWTʕK

#TGRCNVQPTQʑW

'UVGȮPEȿNʕCVEWEK\OG

'NGUVGȮODTȿECVȮPJCKPGITQCUGFGKCTPȿ

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& --
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
9RMXEXIEHIɴRZʅ˛EVI:7ʅQɨRGʅQWʅRʅXSW

:SVFI˗XMHIWTVI
QSQIRXIPI^MPIM˗M
4SZIWXI˗XMHIWTVI
JSPSWI˗XMGSVIGXJSVQYPIPI
TVSKVEQYPXʅY
HIWEPYXTSXVMZMXI
^MPRMG

əREGIEWXʅ
YRMXEXI
HIɴRZʅ˛EVI

əRZI˛MWʅ
EVERNI^MQEWE

:SVFI˗XMHIWTVIEPMQIRXIPI
TIGEVIPIQʅRɨRGM %JPMGEVIWYRX
EPMQIRXIPIWʅRʅXSEWI


 1SQIRXIPI^MPIM
3FWIVZʅEWGYPXʅʑKVITIXʅ

EQME^ʅ
&YRʅ^MYE

WIEVʅ
HMQMRIE˝ʅ
&YRʅWIEVE
&YRʅHMQMRIE˛E
RSETXI
2SETXIFYRʅ

%WGYPXʅʑKɴRZE˛ʅRQG\KC'YQWEPYXʆQ#
   

'YQWEPYXʅQ#
3GLM˘SVMMGɩRHHIWGLMHIQ 4IWXI^MGɩRHRIRXɩPRMQ 'ɩRHWSEVIPIWEGYPGEX
Ų&YRʆHMQMRIE˜Eű^MGIQ Ų&YRʆ^MYEűRSMVSWXMQ Ų&YRʆWIEVEűZEQYVEX

7EPYXʅʏKRYQI˕XIOQOGPVWN\KNGKRQVTKXKVUCNWVWNWK

'YZMRXI 7XVYGXYVM
FKOKPGCʕȿ COKC\ȿ UGCTȿ FWRȿOCUȿ \KWȿ $WPȿFKOKPGCʕCЯ$WPȿ\KWCЯ
PQCRVGUCNWVȿ $WPȿUGCTCЯ0QCRVGDWPȿЯ

 4VSKVEQYPQIY^MPRMG
(IRYQI˕XIOQOGPVGNG\KNGKRGDC\CKOCIKPKNQT

%WGYPXʅRTQITCOWNNWK/KJCK
8ȿRQXGUVGUEEGHCEGWȮPVKORWN\KNGK

&KOKPGCʗCOȿVTG\GUE /ȿURȿNʏKOȿRKGRVȿP /ȿȮODTCEʏKOȿȮPECNʗ +CWOKEWNFGLWP

ȓPCKPVGFGOCUȿ .CCOKC\ȿ
2NGENCʏEQCNȿ KCWRTȢP\WN /ȿQFKJPGUE
UWPVNCʏEQCNȿ

5RTGUGCTȿ /ȿRTGIȿVGUE
(CEVGOGNGCECUȿ /ȿLQE
KCWEKPC FGEWNECTG
#EGUVCGUVGRTQITCOWNOGW\KNPKE

4SZIWXI˕XIRTQITCOWNVȿW .SGTERXSQMQʅ
RGDC\CKOCIKPKNQTFGNCGZGTEKʗKWN +LMGI˕XI %ȢPF!7PFG!%GHCEG!
'YZMRXI 7XVYGXYVM
FGXTGOGVȢT\KWRTQITCO RTQITCOWN\KNGKȮPCKPVGFGOCUȿ
UGVTG\GʏVGUGQFKJPGʏVGUGEWNEȿRNGCEȿCLWPIG FWRȿOCUȿ URTGUGCTȿ
NCCOKC\ȿHCEGVGOGFGECUȿ

 %VERNʅQQEWE
3FWIVZʅEWGYPXʅʑKVITIXʅ
RCJCT
HCTHWTKGCFȢPEȿ
ECUVTQP EGCʏEȿ

NKPIWTKʗȿ

HCTHWTKGȮPVKPUȿ

ʏGTXGʗGN NKPIWTȿ
HWTEWNKʗȿ EWʗKV
HCʗȿFGOCUȿ

%WGYPXʅRQG\KC'STMPYPLEVRMG ʏKTYRI FGIGVWNRGQDKGEVGNGFKPKOCIKPGCFGOCKUWUȮP

QTFKPGCCW\KVȿ

'STMPYPLEVRMG
'ɩRHQʆɵRXSVGEGEWʆ
'Y˞MXI˖MTʆLʆVIPI
3ENYXTIQEQERGEWʆ
'EWXVSRGI˖XM˖M˖IVZI˞IPIũ
*E˞ʆHIQEWʆPMRKYVM˞I
4IXSEXIPIE˖I^TIQEWʆ
*EVJYVMM˖MJYVGYPM˞I
8S˞MWIFYGYVʆHMRGEWʆ

6SXQHFXPVXQW

IDUIXULHDGkQFă IDUIXULHvQWLQVă SDKDUSOLQ SDKDUJRO

%VERNE˝MQOCUȿʑKHIRYQM˛MQDKGEVGNGHQNQUKVG

'YZMRXI 7XVYGXYVM
HCTHWTKGNKPIWTȿNKPIWTKʗȿHWTEWNKʗȿEWʗKV HCʗȿFGOCUȿEQʏFGRȢKPG
UQNPKʗȿRQNQPKEECUVTQPʏGTXGʗGNRCJCT HCTHWTKGCFȢPEȿȮPVKPUȿ
EGCʏEȿCFȢPEȿȮPVKPUȿRNKPIQNCTCPLGC\ȿ CTCPLGC\ȿOCUC

 1MGYPHINYR
3FWIVZʅEWGYPXʅʑKVITIXʅ
VGZVȮP%RI\ʆ

GEGES
JIPMI GYPETXI
GIVIEPI
HITɨMRI

SY
JMIVX
GIEM
YRX FVɨR^ʅ TEXIY

7TYRI EGCKOȢPECVC\KNCOKEWNFGLWP

%WGYPXʅFKCNQIWN VGZVȮP%RI\ʆ
6I˝MRIHQTOWNGNG

4SJXʅFYRʅ

1YP˛YQIWG
TIRXVYQMGYPHINYR

7ʅ˛MJMIHIFMRI

 .SGHIVSP4VI^IRXE˛MȮPRGTGEJKUKVWCʕKKCUGOȿPȿVQCTGGZGTEKʕKWNWK

'YZMRXI 7XVYGXYVM
WPVOCTICTKPȿRCVGWDTȢP\ȿEGCK QWHKGTVECECQEWNCRVGEGCKEWNȿOȢKGQHGNKGFG
EGTGCNGECPȿ RȢKPGRȢKPGEWWPVOCTICTKPȿIGOOKGTGRCVGW
VQCTPȿDGCOȿPȢPEȿVCKG DTȢP\ȿVQRKVȿOKEWNFGLWPUGTXGʏVGOKEWNFGLWP
HQCOGUGVG OKGHQCOGOKGUGVG
2QHVȿDWPȿЯ/WNʗWOGUERGPVTWŰ5ȿʗKHKGFGDKPGЯ

 4VɨR^YP
3FWIVZʅEWGYPXʅʑKVITIXʅ
)HOXOvQWkL

VXSăGHFDUQH FLRUEăGHOHJXPH VXSăGHIUXFWH VXSăGHURúLL

)HOXOGRL 'HVHUW

IULSWXUă SHúWHFXSLUHX
SUăMLWXUă FOăWLWH vQJKHĠDWă
FXFDUWRILSDL GHFDUWRIL

%WGYPXʅʑKFMJIE^ʅOȢPECTGCRTGHGTCVȿC)TGKGTCʑWNWK VGZVȮP%RI\ʆ

'SRXMRYʅRTQRQ\KʗKKNG

.CHGNWNȮPVȢKOȢPEȿO WYTʆ .CHGNWNFQKOȢPEȿO %CFGUGTVOȢPEȿO

5WRCOGCRTGHGTCVȿGUVG ȓOKRNCEGUȿOȿPȢPE &GUGTVWNOGWRTGHGTCVGUVG

 6I˛MRI
1YP˛YQIWGTIRXVYTVɨR^

'YZMRXI 7XVYGXYVMPI\MGEPI
RTȢP\UWRȿEKQTDȿECTPGHTKRVWTȿRGʏVG HGNWNȮPVȢKHGNWNFQKUWRȿFGECTPGTQʏKKHTWEVG
FGUGTVRTȿLKVWTȿȮPIJGʗCVȿENȿVKVG ECTVQHKRCKRKWTGFGECTVQHKUGTXGʏVGOCUCFG
RTȢP\OȢPECTGRTGHGTCVȿ

 'MRE
3FWIVZʅEWGYPXʅʑKVITIXʅ

TM^^E
QEGEVSERI
WTEKLIXI
GYFVɨR^ʅ QʅQʅPMKʅ
GYPETXI

SYTVʅNMX

GVIRZYV˕XM
TɨMRI SQPIXʅ SVI^
TVʅNMXʅ GYPETXI

%PIKIʏKWTYRIOȢPECTGCVCRTGHGTCVȿFGNCEKPȿ

6ʅWTYRHINCȮPVTGDȿTK
%ȢPFUGTXKOEKPC! WIEVE %GDGKEWRNȿEGTGNCEKPȿ!
%KPGRTGIȿVGʏVGEKPC! QEQE %GRWKRGRȢKPGCRTȿLKVȿ!
%GOȿPȢPEKEWRNȿEGTGNCEKPȿ! %GGUVGRGRK\\CVCRTGHGTCVȿ!

%HIZʅVEXũJEPW 'SPSVIE^ʅ EWXGTFGFCEȿGCFGXȿTCVEWPGITWFCEȿGHCNU

&LQDRVHUYLPGLPLQHDĠD /DFLQăPkQFăPPăPăOLJăFXODSWH
0kQFDUHDRSUHJăWHúWHPDPD %HEHOXúXOIDFHFLQD
(XEHDXPDFDURDQH (XEHDXFDFDRFXVXSăGHURúLL
(XPăQkQFFHDL &LQDRVHUYLPVHDUD

 6SXQH SURSR]LĠLLIDOVHGHVSUHFLQă1XPHúWH FROHJXOFDUH

VăFRUHFWH]HSURSR]LĠLDDX]LWă

%WGYPXʅEWOUGEGTGQEKPȿNCTGUVCWTCPV
*EQMPMEPEVIWXEYVERX VGZVȮP%RI\ʆ

7XVYGXYVM
'YZMRXI
RK\\CURCIJGVGOȿOȿNKIȿ OȿOȿNKIȿEWNCRVGOCECTQCPGEWDTȢP\ȿQWRTȿLKV
QONGVȿETGPXWTʏVKEKPȿ NCRVGEWQTG\RȢKPGRTȿLKVȿUQUFGTQʏKKURCIJGVGEW
EKPGC\ȿ ECʏECXCNʏKUQUFGTQʏKKUGTXGʏVGEKPC


 7ʅQɨRGʅQWʅRʅXSW
3FWIVZʅRKTCOKFCCNKOGPVGNQT
(MWGYXE˛MEGCNKOGPVGUWPV
TGEQOCPFCVGȮPECPVKVȿʕKOCKOKEK
&GEG!

'SPSVIE^ʅEGTEWTKNGFGNȢPIȿCEGNG 1EVGLIE^ʅEW<ECUGVCFKP
CNKOGPVGRGECTGNGOȿPȢPEKEWRNȿEGTGʑK FTGRVWNEQRKNWNWKECTGCCNGU
RYQI˗XING OȢPECTGCUCWDȿWVWTCOCK
UȿPȿVQCUȿ

1YRGʅɴRKVYT
6IEPM^E˛MȮPITWRWPOGPKWUȿPȿVQU
RGPVTWEGNGVTGKOGUGCNG\KNGK

'YZMRXI 7XVYGXYVM
CNKOGPVŢCNKOGPVGUȿPȿVQUUȿPȿVQCUȿOGPKW OȢPECTGUȿPȿVQCUȿ

 6IGETMXYPEVIũ)ZEPYEVI
2YQIVSXIE^ʅKOCIKPKNGȮPQTFKPGCUCNWVWTKNQT

0QCRVGDWPȿЯ$WPȿUGCTCЯ$WPȿ\KWCЯ$WPȿFKOKPGCʕCЯ

 1YRGʅɴRIGLMTʅ
%HYGI˝MECVCNQCIGRWDNKEKVCTGCNGOCIC\KPGNQTCNKOGPVCTG
)TWRC*EGI˝MWPEQNCLECTGUȿTGRTG\KPVGEGUGTXKONCOKEWNFGLWP
)TWRC*EGI˝MWPEQNCLECTGUȿTGRTG\KPVGEGUGTXKONCRTȢP\
)TWRC*EGI˝MWPEQNCLECTGUȿTGRTG\KPVGEGUGTXKONCEKPȿ

əRGIVGYMI˗XIQDKGEVGNGFWRȿKPFKECʕKGEWTQʑWHCTHWTKCCFȢPEȿEWCNDCUVTWEWʕKVWNEW
XGTFGHCTHWTKCȮPVKPUȿEWRQTVQECNKWNKPIWTCEWOCTQRQNQPKEWNEWOQXECUVTQPWNEW
PGITWHWTEWNKʕCEWICNDGPEGCʑECEWTQ\UQNPKʕC


 (IWIRIE^ʅ FWRȿFKEVCTGWPRCJCTRNKPQNKPIWTȿʑKQNKPIWTKʕȿWPEQʑFGRȢKPG
QHWTEWNKʕȿʑKWPEWʕKVQEGCʑEȿ

%PIKIFKPVTGEGNGFGUGPCVGʑKWTYRIEGȮʕKRNCEGUȿOȿPȢPEKNCRTȢP\

 .SGHIVSP*SVQE˝KQGEJKRȿFKPGNGXKʏKLWECʗKUEGPC*EQMPMEPEVIWXEYVERX

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& --
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
9RMXEXIEHIɴRZʅ˛EVI:-%QKVMNʅHIGSVTYPQIY

əRZI˛MHIRYQMVIETʅV˛MPSVGSVTYPYM

:SVFI˗XMHIWTVIVIKYPMPI
HIMKMIRʅTIVWSREPʅ

əREGIEWXʅ
YRMXEXI
HIɴRZʅ˛EVI

əRZI˛M
GSQTSVXEQIRXYP
PEQIHMG

)\IVWI^M
HMEPSKYVMɴR
HMJIVMXIWMXYE˛MM


 'SVTYPQIY
3FWIVZʅEWGYPXʅʑKVITIXʅ
IXʅ ECR

IȢV
VTKWPEJK

OȢKPK

RKEKQCTG

-QMXʅOKʏEȿTKNG)TGKGTCʑWNWK

%VEXʆGETYP
%VEXʆKɩXYP
6MHMGʆSQɩRʆ
6MHMGʆYRTMGMSV
%VEXʆXVYRGLMYP
6MHMGʆHSYʆQɩMRM
%VEXʆHSYʆTMGMSEVI

$VFXOWăFHVSXQH*UHLHUD‫܈‬XO VGZVȮP%RI\ʆ

1YRGʅɴRTIVIGLM7PWNWTYRICNVWNEVEXʅ &GGZGORNW%VEXʆKɩXYP

əRZE˛ʅEȢPVGEWN &EXHMRTEPQI VGZVȮP%RI\ʆ

'YZMRXI 7XVYGXYVM
ECRŢECRGVGIȢVŢIȢVWTKWOȿTŢWOGTKVTWPEJKŢ COECRIȢVDTCʗGOȢKPK
VTWPEJKWTKDWTVȿŢDWTʗKDTCʕ ŢDTCʗGRCNOȿŢRCNOG RKEKQCTGTKFKEȿOȢPCRKEKQTWN
FGIGVŢFGIGVGURCVGRKEKQTŢRKEKQCTGVCNRȿŢVȿNRK DCVFKPRCNOG
OȢPȿŢOȢKPKCTCVȿRTKPFGTKFKEȿUKOVG UKOVEWFGIGVGNG

 'ETYP˗MJE˛E
3FWIVZʅEWGYPXʅʑKVITIXʅ

ECR RȿT HCʕȿ QDTCLK WTGEJK

QEJK PCU IWTȿ NKODȿ FKPʕK

*ʅEGʕKUGEGTG
#TCVȿQEJKKЯ+PFKEȿIWTCЯ#TCVȿFKPʗKKЯ5EQCVGʗKNKODCЯ
/ȢPIȢKGʗKQDTCLKKЯ#VKPIGʗKPCUWNЯ2TKPFGWTGEJKNGЯ
&GUEJKFGIWTCЯȓPEJKFGIWTCЯȓPEJKFGQEJKKЯ&GUEJKFGQEJKKЯ

(IRYQI˗XIRȿTʗKNGPGEQNQTCVGCNGEQTRWNWK'SPSVIE^ʅ

%WGYPXʅ 'IEQ#
ʑKɴRZE˛ʅRQG\KC
'IEQ! %QYRREWTISFVE^YRY
3GLMEQHSMGE˖MZSM
9RYHSM
˕MQEMEQGMRGMHIKIXI


'YZMRXI 7XVYGXYVM
ECRRȿTHCʗȿQDTC\ŢQDTCLKQEJKPCU 'WCO2GECRCO
WTGEJGŢWTGEJKIWTȿFKPVGŢFKPʕKNKODȿ 2ȿTWNOGWGUVGECUVCPKWʑCVGPDNQPFPGITW
ȮPEJKFGFGUEJKFGXGFGCWFG QEJKCNDCʑVTKEȿRTWKXGT\K
OKTQCUG ȓPIWTȿCOFKPʕKCNDK
&GUEJKFGŰЯȓPEJKFGŰЯ

 7ʅRIɴRKVMNMQGSVTYP
3FWIVZʅEWGYPXʅʑKVITIXʅ

(GVKʕC (GVKʕC
$ȿKCVWN $ȿKCVWN (GVKʕC
UGURCNȿ UGWKVȿ
UGURCNȿ UGʑVGTIG UGRKCRVȿPȿ
RGFKPʕK ȮPQINKPFȿ

əRZE˛ʅFGEGCKPGXQKGRGPVTWCHKEWTCV
TVSWST
TEWXʅHIHMR˛M

ETʅ
WʅTYR
R TIVMY˛ʅ FEXMWXʅ
˗EQTSR
HIHMR˛M
KIP
HIHY˗
TMITXIRI GVIQʅ SKPMRHʅ

%WGYPXʅʑKKLMGI˗XI
 VGZVȮP%RI\ʆ

6ʅWTYRHINCȮPVTGDȿTKRGDC\CKOCIKPKNQTFGOCKUWU
%WEGUGURCNȿDȿKCVWN! GYETʆ˘MWʆTYRGYKIPHIHY˘˘M˘EQTSR
%WEGUGʑVGTIGDȿKCVWN! GYTVSWSTYP
%WOGDȿKCVWN! GYVEX
%WEGUGURCNȿHGVKʕCRGFKPʕK! GYTIVMY˜EHIHMR˜M˘MGYTEWXʆHIHMR˜M
%WEGUGRKCRVȿPȿHGVKʕC! GYTMITXʆRYP
%WOGHGVKʕCECTGUGWKVȿȮPQINKPFȿ! GYVEXʆ 

 .SGTERXSQMQʅ 'IJSPSWIWGGɩRHŷ
7TYRI EGHQNQUGUEEȢPFŰЯ
ȓPXȿʕȿVQCTGCȮPXȿʗȿVQTWNCTCVȿQCEʕKWPGȮPXȿʕCVȿGNGXKKȮPʑKTȿNWETWTKNGHQNQUKVGFG
GZGORNWOȿURȿNŢCRȿUȿRWPIGNFGFWʑ

'YZMRXI 7XVYGXYVM
ʑCORQPETGOȿUȿRWPRTQUQRQINKPFȿ IGNFGFWʑRCUVȿFGFKPʕKRGTKWʕȿFG
RKGRVGPGDCVKUVȿCRȿUGURCNȿUGWKVȿUGʑVGTIG FKPʕKUGURCNȿRGUGURCNȿEW
UGRKCRVȿPȿOWTFCTŢOWTFCTȿEWTCVŢEWTCVȿ

 0EQIHMG
%WGYPXʅEGURWPDȿKGʕKK

/ȿFQCTGIȢVWN /ȿFQCTGECRWN /ȿFQCTGDWTVC /ȿFQTWTGEJKNG

6ʅWTYRHI

7PFGGEQRKNWN! 7PFGGHGVKʕC!
%KPGȮNEQPUWNVȿ! %GQFQCTG!
%GQDKGEVHQNQUGʑVG %KPGQEQPUWNVȿ!
OGFKEWN!

%WGYPXʅFKCNQIWN

'STMPYPPEQIHMG
Ţ$WPȿ\KWCFQCOPCFQEVQTЯ
Ţ5GTXWU4CFWЯ%GVGFQCTG!
Ţ/ȿFQCTGIȢVWN#OHGDTȿ
Ţ*CKUȿVGEQPUWNV
0EHIRXMWX
ũ$WPȿ\KWCFQOPWNGFQEVQTЯ
Ţ$WPȿ#PIGNCЯ6GFQCTGEGXC!
Ţ&COȿFQCTGWPFKPVG
Ţ*CKUȿVGXȿFЯ&GUEJKFGIWTCOCTGЯ

.SGHIVSP .YGE˛MUKVWCʕKKCUGOȿPȿVQCTGECNCGZGTEKʕKWN

'YZMRXI 7XVYGXYVM
UVGVQUEQRKPLGEʕKGVGTOQOGVTWFGPVKUVEQPUWNVȿ   
COHGDTȿOȿFQCTGŰ

 6IGETMXYPEVIũ)ZEPYEVI
2EVHUYăLPDJLQLOH‫܈‬LGHQXPHúWHSăUĠLOHQHFRORUDWHDOHFRUSXOXL&RORUHD]ă

'SPSVIE^ʅEWOʕKUGEGTG
CNDCUVTWŢEWEGXGFGO
OCTQŢEWEGCW\KO
ICNDGPŢEWEGOKTQUKO
TQʑWŢEWEGUKOʕKOIWUVWTKNG
&MJIE^ʅGPWPʗWNEQTGEV

$ȿKCVWNCTGQEJKCNDCʑVTK (GVKʕCCTGRȿTDNQPF 'CCTGRȿTUEWTV

$ȿKCVWNCTGQEJKPGITK (GVKʕCCTGRȿTECUVCPKW 'CCTGRȿTNWPI

%WGYPXʅKLMGI˗XIʑK
RYQIVSXIE^ʅFGUGPGNGȮP
QTFKPGCEGNQTCW\KVG
VGZVȮP%RI\ʆ
əRGIVGYMI˗XIQDKGEVGNGEQPHQTO
KPFKECʕKGKUȿRWPWNEWTQʑWRTQUQRWNEW
XGTFGRGTKWʕCFGFKPʕKEWRQTVQECNKW
RKGRVȿPWNEWOCTQRCUVCFGFKPʕKEW
ICNDGPCRCEWCNDCUVTW

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& --
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -


 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
9RMXEXIEHIɴRZʅ˛EVI:--9RHIPSGYMQ#

(IRYQI˗XM
4SZIWXI˗XM
QMNPSEGI
HIWTVI
HIXVERWTSVX
SVE˗YPWEXYP
XʅY

əREGIEWXʅ
YRMXEXIHIɴRZʅ˛EVI

:SVFI˗XMHIWTVI
əRZI˛M˗METPMGM
ERMQEPIPI
VIKYPMHI
HSQIWXMGI
GMVGYPE˛MI


 3VE˗YP
'WNQEWKGUEȮP
 %WGYPXʅʑKVʅWTYRHINCȮPVTGDCTG
QTCʑWN$WEWTGʑVK
9RHIPSGYMI˗XMXY#
RGUVTCFC/KJCK
'OKPGUEWNCPT
CRCTVCOGPVWN

3FWIVZʅEWGYPXʅʑKVITIXʅ

DNQEWTK

RTKOȿTKG URKVCN JQVGN

OW\GW
RCTE

ʏEQCNȿ
TGUVCWTCPV EQHGVȿTKG
UWRGTOCTMGV
ITȿFKPKʗȿ

#EGUVCGUVGWPQTCʏ1TCʏWNGUVGOCTG#KEKUWPVDWNGXCTFGNCTIKʏKDNQEWTKEWOWNVGGVCLGȓP
EGPVTWN QTCʏWNWK UWPV RTKOȿTKC VGCVTWN OW\GWN EQHGVȿTKC JQVGNWN TGUVCWTCPVWN ʏK
OCIC\KPGNG #KEK UWPV OWNVG ʏEQNK ʏK ITȿFKPKʗG 2CTEWTKNG UWPV HTWOQCUG 1TCʏWN OGW UG
PWOGʏVG'WNQEWKGUERGUVTCFC/CTGPTNCGVCLWNCNFQKNGCȮPCRCTVCOGPVWNPQWȿ

 $VFXOWăGLQQRXWH[WXOGHODH[HUFLĠLXO úLSXQHGHJHWXOSHLPDJLQHDGHQXPLWă

 -RF (XVXQWOD  ±$OHJH XQORFGLQRUDú 6SXQH XQGHHúWLúLFHIDFL

([HPSOX(XVXQWODFRIHWăULH(XPăQkQFSUăMLWXUă(XEHDXVXFGHIUXFWH
'YZMRXI 7XVYGXYVM
QTCʏNQEWKVQTEGPVTWRTKOȿTKGRCTEOW\GWURKVCNEQHGVȿTKG QTCʏWNOGW
VGCVTWJQVGNTGUVCWTCPVDWNGXCTFDNQEŢDNQEWTKNQEWKGʏVG EGPVTWNQTCʏWNWK
UVTCFȿŢUVTȿ\KGVCLŢGVCLG 'WNQEWKGUE

 'YGIGʅPʅXSVMQ#
3FWIVZʅEWGYPXʅʑKVITIXʅ

GNKEQRVGT
CXKQP
VTGP

OQVQEKENKUV VTCOXCK

OQVQEKENGVȿ CWVQOQDKN
ECOKQP CWVQDW\ RQF
XCRQT

TȢW

DKEKENKUV DKEKENGVȿ DCTEȿ

#EGUVCGUVGWPCXKQP+CVȿʑKWPGNKEQRVGT#XKQPWNʏKGNKEQRVGTWNEKTEWNȿȮPCGT6TGPWNRNGCEȿ
FKP ICTȿ /QVQEKENGVC CTG XKVG\ȿ #WVQOQDKNWN UG FGRNCUGC\ȿ RG ʑQUGC #WVQDW\WN VTGEG
RQFWN6TCOXCKWNUCQRTKV%COKQPWNPWCTGXKVG\ȿOCTG2GNȢPIȿTȢWVTGEGQDKEKENGVȿ
6TGPWN OQVQEKENGVC CWVQOQDKNWN CWVQDW\WN VTCOXCKWN ECOKQPWN ʑK DKEKENGVC EKTEWNȿ RG
WUECV8CRQTWNʏKDCTECEKTEWNȿRGCRȿ

 %WGYPXʅKLMGI˗XIʑKHIWIRIE^ʅ
7PXWNVWTXQKPKE ʎKRGHNWXKK
FGHKGT ʏKRGOCTG
RQCTVȿQCOGPK FWEGNWOGC
RGUWDEGT ȮPURKPCTG ZETSVYP
EZMSRYP

əRZʅ˝E˝MEȢPVGEWN8VIRYP

3PSGSQSXMZʆZMRIRJYKEQEVI 7EXYRXVIKE˖XIETXʆTPMRHIFYGYVMI
˕YR˖MVHIZEKSERIXVEKIHYTʆIE 0YGVYVMQMRYREXIHMRSVE˖WʆZMI
ɚRWʆGIPQEMZIWIPIWXI%RHVIE˖
'ʆMEHYGIXVIRYPKIERXʆHMRSVE˖

'YZMRXI 7XVYGXYVM
CWVQVWTKUOCWVQDW\VTGPNQEQOQVKXȿXCIQCPGCXKQPVTCOXCK OKLNQCEGFGVTCPURQTV
XCRQTDCTEȿDKEKENGVȿOQVQEKENGVȿECOKQPEKTEWNȿ RGCRȿRGWUECVȮPCGT

 7ʅGMVGYPʅQGSVIGX
3FWIVZʅEWGYPXʅʑKVITIXʅ

VHPDIRU SLHWRQL WURWXDU

WUHFHUH
GHSLHWRQL úRVHD

2KGVQPKKEKTEWNȿRGVTQVWCT'KVTCXGTUGC\ȿUVTCFCRG\GDTȿ/CʑKPKNGEKTEWNȿRGʑQUGC
5GOCHQTWNCTGVTGKEWNQTKTQʑWICNDGPʑKXGTFG0QKVTCXGTUȿOUVTCFCNCEWNQCTGCXGTFG

əRZE˝ʅRQG\KC
7IQEJSVYP
'ɩRHIVS˖YXISTVI˖XM
'ɩRHIKEPFIRRYTSVRI˖XM
:IVHIPIHEGʆXIGLIEQʆ
8YWʆXVIGMJʆVʆHIXIEQʆ

 6ITIXʅEWXQEGVCTGʑKHIWTEVXIȮPUKNCDGFGPWOKTGCWTOȿVQCTGNQTOKLNQCEGFG
VTCPURQTV

VCZK UCNXCTG RQNKʕKG RQORKGTK

%PGʅXYMI˗XIRTQRQ\KʕKKHQNQUKPFEWXKPVGNGFGNCGZGTEKʕKWN

'YZMRXI 7XVYGXYVM
ʏQUGC FTWO DWNGXCTF VTQVWCT \GDTȿ RKGVQP VTGEGTG FG RKGVQPK OGTIG EW
RQNKʗKUV UGOCHQT VCZK UCNXCTG XKVG\ȿ RQTPGʏVG XKVG\ȿ OCʏKPȿ FG RQORKGTK
UGQRTGʏVGVTCXGTUGC\ȿ OCʏKPȿFGRQNKʗKG

 7EXYP
%WGYPXʅEWOTȿURWPFG)TGKGTCʑWNNCȮPVTGDCTGC
9RHIPSGYMI˗XM# 'WNQEWKGUEȮPUCVWN
+CTDC0QWȿRGUVTCFC
2TKPEKRCNȿPT

3FWIVZʅEWGYPXʅʑKVITIXʅ

DKUGTKEȿ ʏEQCNȿ OCIC\KP RQNKʗKG

ITȿFKPKʗȿ #$%
RTKOȿTKG OW\GWNFKURGPUCT
UCVWNWK

NKXCFȿ

HGTOȿ

YLH

#EGUVC GUVG WP UCV 5CVWN GUVG HTWOQU #KEK GUVG NKPKʏVG ȓP EGPVTWN UCVWNWK UWPV RTKOȿTKC
DKUGTKECFKURGPUCTWNRQNKʗKCʏEQCNCITȿFKPKʗCʏKWPOCIC\KP#$%ȓPUCVGUVGWPOW\GWʏKWP
EȿOKPEWNVWTCN#ITKEWNVQTKKCWHGTOGFGCPKOCNGXKGʏKNKXG\K$WPKEKKOGKNQEWKGUEȮPUCVWN+CTDC
0QWȿRGUVTCFC2TKPEKRCNȿNCPT

%WGYPXʅFKPPQWVGZVWNFGNCGZGTEKʗKWNʏKTYRIFGIGVWNRGKOCIKPGCFGPWOKVȿ

%PGʅXYMI˕XIȮPVTGDȿTK)\IQTPY'MRIPYGVIE^ʆPE#'IJEGIQɵR#

'YZMRXI 7XVYGXYVM
UCVDKUGTKEȿFKURGPUCTRQNKʗKG FKURGPUCT OGFKECN EȿOKP EWNVWTCN OW\GWN UCVWNWK
EȿTWʗȿXKGHGTOȿ HGTOȿFGCPKOCNGHGTOȿFGRȿUȿTKUCVWNOGW

 'EWE˗MGYVXIEFYRMGMM
3FWIVZʅEWGYPXʅʑKVITIXʅ

EQRCE
HȢPVȢPȿ
CEQRGTKʏ ITCLF
JQTP

RGTGVG NGCIȿP EWTVG

ECUȿ
VGTCUȿ ITȿFKPȿ

RQCTVȿ

EWVKG
RQʏVCNȿ
DCPEȿ ICTF

#EGCUVCGUVGECUCDWPKEKK%CUCCTGCEQRGTKʑTQʑWRGTGʕKICNDGPKȓPHCʕCECUGKGUVGQVGTCUȿȓP
EWTVGGUVGQHȢPVȢPȿITCLFWNRGPVTWCPKOCNG$WPKECUVȿRGDCPEȿȮPHCʕCICTFWNWK

(IRYQI˗XIʑKHIWTEVXIȮPUKNCDGFGPWOKTGCQDKGEVGNQT

 'SRXMRYʅRTQRQ\KʕKKNGȮPEGRWVG
$WPKECUVȿRGȓPITCLFUWPV#EQRGTKʑWNECUGKGUVG
ȓPITȿFKPȿUWPVȓPHȢPVȢPȿGUVG
'YZMRXI 7XVYGXYVM
RGTGVGRQCTVȿICTFCEQRGTKʏJQTPEWTVGITȿFKPȿEQRCE ITȿFKPȿEWHNQTK
DCPEȿNGCIȿPVGTCUȿITCLFHȢPVȢPȿ EWVKGRQʏVCNȿ

 %RMQEPIHSQIWXMGI
3FWIVZʅEWGYPXʅʑKVITIXʅ

QCKG
EȢKPG
RKUQK
OKGN

RKUKEȿ
EȿʗGN
XCEȿ
ECRTȿ

OȢP\

XKʗGN
KGF RQTE

KGRWTG RWTEGN ECN

KGRWTCʑ

 .SGɴRTIVIGLM%RMQEPYP˘MTYMYP 7PGNGXPWOGʑVGWPCPKOCNKCTEGNȿNCNVȮNPWOGʑVGRG
RWKWNCEGUVWKC&GGZGORNWGɩMRIũGʆ˜IP

%WGYPXʅKLMGI˗XI ʑKWGVMI PWOȿTWNIJKEKVQTKKRGFGUGPWNRQVTKXKVFGNC

GZGTEKʕKWN IJKEKVQTKNGȮP%RI\ʆ


əRZE˝ʅPWOGNGCPKOCNGNQTFQOGUVKEG

'YZMRXI 7XVYGXYVM
CPKOCN Ţ CPKOCNG EȢKPG Ţ EȿʕGN RKUKEȿ Ţ RKUQK ECN Ţ OȢP\ XCEȿ CPKOCNG FQOGUVKEG RWK
Ţ XKʕGN QCKG Ţ OKGN ECRTȿ Ţ KGF RQTE Ţ RWTEGN KGRWTG Ţ KGRWTCʑ FGRKUKEȿKGRWTGFGECUȿ

 'ɨMRIPI˗MTMWMGE
+LMGI˕XIPWOGNGCPKOCNWNWKFKPFGUGPGNGFGOCKLQU'SQTPIXIE^ʅFGUGPGNG
ȮPEGRWVG%PGʅXYMI˕XIRTQRQ\KʗKKEWCEGUVGEWXKPVG

%WGYPXʅRQG\KCʑKHIWIRIE^ʅCPKOCNWNFGURTGECTGUGXQTDGʑVG

.YGʆY˖˖MTPMRHIZME˞ʆ
'ʆ˞IPY˖YPYMɵMTPEGI
3EWIPIWʆVSEHʆ
˕MWʆHIEHMRGSEHʆ

6ʅWTYRHI #VGPʗKGFCEȿXG\KUETKU

Ţ%GCPKOCNCKFGUGPCV!
Ţ%GOȿPȢPEȿ!
Ţ%GHCEGEȢKPGNG!

3FWIVZʅFGUGPWNʑKEWGYPXʅRQG\KC

4MWMGY˜ʆQMGʆQMGʆ 'ɩXSHEXʆWXEMRIQM˘GEXʆ
XYEMFPERʆJVYQY˘MGʆ GYTVMZMVIEɵRGSVHEXʆ
GETVSXYRHYVIGLMQMGY˜I %XYRGMWMQ˜MYR˘SVMGIP
˘MEMKLIEVIPEPʆFY˜I 3WʆVQERYPZEMHIIP

 *SVQYPIE^ʅȮPVTGDȿTKEWCLWVQTWNFGUGPWNWKʑKCRQG\KGK

'YZMRXI 7XVYGXYVM
LWEȿWʑQUŢQCUGUȿTQCFȿIJGCTȿŢIJGCTG FȿFKPEQCFȿUVȿPGOKʑECVEȢKPGTȿW

 4ʅWʅVMHIGYVXI
3FWIVZʅEWGYPXʅʑKVITIXʅ
EWTECP
DQDQE
RWK FGIȢUEȿ
FGEWTECP IȢUEȿ

EQEQʑ DQDQE
FGTCʗȿ
IȿKPȿ

TCʕȿ
RWK

0IEKʅRGTGEJKNGRQVTKXKVGʑKURWPGFGPWOKTGCNQT 1SHIP +ʆMREEVITYM

(IRYQI˗XIRȿUȿTKNGFGEWTVGFKPKOCIKPKNGFGOCKLQU

2YQʅVʅFKPFQKȮPFQKEWTCʕCFKPEȢPVGE ˗EHIVE˜ETIFYXSM VGZVȮP%RI\ʆ

&XYLQWH 6WUXFWXUL
JăLQăSXLFRFRúJkVFă SăVăULGHFXUWHERERFGHUDĠăJkVFăSXLGHJăLQăFXUFDQ
UDĠăERERFFXUFDQSHQH

 *SPSEWIPIERMQEPIPSVHSQIWXMGI
%WGYPXʅRQG\KCʑKVʅWTYRHINCȮPVTGDȿTK

:ʆGY˞EGIEKVEWʆ
Ţ 'IRIHʅZEGE#
2IHʆLVERʆRGEWʆ
Ţ 'IWIJEGIHMRPETXI#
0ETXIKVEW˖MHIPMGMSW
7ʆRILVʆRMQWʆRʆXSW

əRGIVGYMI˗XIʑKWTYRIEGHQNQCUGPGFCWWTOȿVQCTGNGCPKOCNG

RIHʅ RIHʅ

RIHʅ RIHʅ

+LMGMʑKHIWIRIE^ʅ
'EVIERMQEPRIHʅ#

PETXI GEVRI SYʅ TIRI

*SPSEWIPI
6I˛MRI RGECTGPKNGFCWCPKOCNGNGFQOGUVKEGʑK
RȿUȿTKNGFGEWTVGUWPVPETXIGEVRITMIPI
PɨRʅFPERʅSYʅTIRI

'YZMRXI 7XVYGXYVM
HQNQUKVQTŢHQNQUKVQCTGHQNQUŢHQNQCUGFGNKEKQUITCUJTCPȿ FKPŰUGHCEGŰ
OȢPECTG

 6IGETMXYPEVIũ)ZEPYEVI
'SPSVIE^ʅEWXGTFGFCEȿGCFGXȿTCVEWPGITWFCEȿGUVGHCNU

ÌQRUDúVXQWPXOWHWUDFWRDUH ÌQRUDúVXQWEORFXULFXPXOWHHWDMH
$LFLVXQWPXOWHúFROLúLJUăGLQLĠH 3HEXOHYDUGHFLUFXOăWUDPYDLH
ÌQSDUFXULYDFLOHPăQkQFăLDUEă ÌQFHQWUXORUDúXOXLVXQWOLYH]L

 əRGIVGYMI˗XI FGUGPGNG EQPHQTO KPFKECʕKGK CXKQP Ţ TQʑW XCRQT Ţ CNDCUVTW

VTGPŢXGTFGDKEKENGVȿŢOCTQECOKQPŢRQTVQECNKWVTCOXCKŢPGITW

2YQIVSXIE^ʅFGUGPGNGȮPQTFKPGCCW\KVȿ NKXCFȿŢDKUGTKEȿŢHGTOȿ
ŢFKURGPUCTŢRQNKʕKGŢRTKOȿTKG

(IWIRIE^ʅFWRȿFKEVCTG

VTGEGTGFGRKGVQPK NKXCFȿ UGOCHQT ICTF


  (IRYQI˗XIQDKGEVGNGFKPFGUGPȮPQTFKPGCETGUEȿVQCTGCPWOGTGNQT


  










'SQTPIXIE^ʅFGUGPGNGPIEKʅNGFGHQNQUWNNQTʑKWTYRIEG
PGFȿHKGECTGCPKOCN

(IRYQI˗XICPKOCNGNG
ʑKHIWTEVXIȮPUKNCDGFGPWOKTGCCEGUVQTC

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& ---
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
9RMXEXIEHIɴRZʅ˛EVI:---%WSWMXTVMQʅZEVE

:SVFI˗XMHIWTVI
ERSXMQTYP
TVMQʅZEVE əREGIEWXʅ
YRMXEXIHIɴRZʅ˛EVI

6IGYRS˗XM
WIQRIPI
TVMQʅZIVMM
JPSVMTʅWʅVM 

(IRYQI˗XM 4SZIWXI˗XM
ERMQEPIPIWʅPFEXMGI HIWTVISFMGIMYVMPI
˗MɴRZI˛MHIWTVI HI4E˗XM
QIHMYPPSVHIZME˛ʅ


 %RSXMQTYPTVMQʅZEVE
3FWIVZʅEWGYPXʅʑKVITIXʅ

VɨRHYRMGʅ FEV^ʅ

FYFYVY^ʅ GYMF

GSTEG
ɴRQYKYVMX
˕MɴRJPSVMX
JPYXYVI

PEPIE

KLMSGIP
^ʅTEHʅ
ZMSVIE

' RTKOȿXCTȿ <ȿRCFC UG VQRGʏVG 2QOKK ȮPOWIWTGUE ʏK ȮPHNQTGUE 5G FGUEJKF HNQTKNG ȮP
ITȿFKPȿ#RCTIJKQEGKKXKQTGNGNGʏKNCNGNGNG2GEȢOR\DQCTȿHNWVWTKʏKDWDWTW\G8KPRȿUȿTKNG
EȿNȿVQCTGȓʏKHCEEWKD6QVWNGXGTFG5QCTGNGȮPEȿN\GʏVGRȿOȢPVWNEWRWVGTG%QRKKKUGLQCEȿ
RGEȢORKG2TKOȿXCTCGHTWOQCUȿ

əRZE˝ʅNWPKNGRTKOȿXGTKK %WGYPXʅʏKKLMGI˕XI

0YRMPI >MYEWIQʆVI˖XI
HITVMQʆZEVʆ QEM >ʆTEHEWIXSTI˖XI
WYRX QEVXMI +VʆHMREEɵRZIV^MX
ETVMPMI 'MRIEWSWMX#

%WGYPXʅʏKɴRZE˝ʅEȢPVGEWN:MRIZMRITVMQʆZEVE VGZVȮP%RI\ʆ

'YZMRXI 7XVYGXYVM
RTKOȿXCTȿIJKQEGNXKQTGCNCNGCDCT\ȿTȢPFWPKEȿ CPQVKORWNRTKOȿXCTC
EWKDDWDWTW\ȿHNWVWTGDTQCUEȿOCTVKGCRTKNKGOCK NWPKNGRTKOȿXGTKK
ȮPOWIWTGʏVGȮPHNQTGʏVGȮPXGT\GʏVGUGVQRGʏVG

əRZE˛ʅFGPWOKTGCWTOȿVQCTGNQTCPKOCNGDWDWTW\ȿHNWVWTGTȢPFWPKEȿDCT\ȿDTQCUEȿ

əRZE˝ʅHTWEVGNGʏKNGIWOGNGFGRTKOȿXCTȿ(IWTEVXIEWXKPVGNGȮPUKNCDG

6IGYRSE˗XIGSPSVIE^ʅHNQTKNGFGRTKOȿXCTȿʑKɴRZE˛ʅFGPWOKTGCNQT

KLMSGIP XVERHEJMV

GVM^ERXIQʅ

PEPIE ZMSVIE

'WWTYRWPWWPCVWWTYRIFQKFQWȿ
)\IVWE˛MEWXKPVGNGȮPXȿʕCVGNCGZGTEKʕKKNGʑK

 4E˗XIPI
%WGYPXʅʑKVʅWTYRHINCȮPVTGDCTGC(IGEVIWʅVFʅXSEVIWITVIKʅXIWGGSTMMM#

4GEKVQRQG\KG
5VTQRGUEHGVGNG 'WXQRUGUEQWȿTQʑKK
2TKOGUEEWDWEWTKGQWFG2CʑVK &ȿTWKGUEQWFG2CʑVK

.SGHIVSPɴRTIVIGLM)\IVWE˛MEQPXQTDKTGCFKPVTGHGVKʕȿʑKDȿKCV

ũ1ʅFYGYV
8ITVMQIWGGYHVEK9MXI
EQZSTWMX˗MSYʅVS˗MM
7EPYX%QZIRMX 4E˗XIJIVMGMX
WʅXIWXVSTIWG
4VMQI˗XMWXVSTMXSVMM#

əRZE˝ʅUKODQNWTKNGRCUECNG

QWFG2CʏVK ETWEG NWOȢPCTG EQʏ OKGN KGRWTG

əRZE˝ʅRQG\KCЯ
əR^MYEHI4E˕XM
8S˞MGSTMMME^MWIQFVEGʆ ˕MTʆVMR˞MPSVPIGɩRXʆ
'YGIEYIMQEMJVYQSW ɚRZMIVIEPYM,VMWXSW

əRZE˛ʅEWOUGUCNWVȿFG2CʑVK əRZE˛ʅRQG\KC
ɚRXVŧYRGS˘GYZMSVIPI
+ULVWRVDvQYLDW 7XEYHSYʆTʆWʆVIPI
$GHYăUDWDvQYLDW %QɩRHSYʆGMVMTIWG
%QZIRMXWʆXIWXVSTIWG

7XVYGXYVM
'YZMRXI
2CʏVGETWEGȮPXKGTGQDKEGKXQRUGʏVGFȿ QWȿTQʏKKQWȿFG2CʏVK
RTKOGʏVGWFȿ *TKUVQUCȮPXKCV

 4ʅHYVIE˗MERMQEPIPIWʅPFEXMGI
%WGYPXʅ VITIXʅ ʏKEVEXʅEWFGIGVWN VGZVȮP%RI\ʆ

XGXGTKʗȿ
EGTD

WTU
NWR
EȿRTKQCTȿ

EKQEȿPKVQCTG
XWNRG
OKUVTGʗ

6ITIXʅEWXKPVGNGʑKHIWTEVXINGȮPUKNCDGFWRȿOQFGN

BB BB BB

ZɨRʅXSV TʅHYVI KLMRHʅ ^QIYVʅ EPYRʅ

'YZMRXI 7XVYGXYVM
RȿFWTGWTUXGXGTKʗȿNWRXWNRGEȿRTKQCTȿEGTDOKUVTGʕ CPKOCNGUȿNDCVKEG
EKQEȿPKVQCTGRȿFWTCTIJKPFȿCNWPȿ\OGWTȿ RȿFWTGFGDTC\KRQTEOKUVTGʗ

 7TYRIȮPRTQRQ\KʕKKEGOȿPȢPEȿHKGECTGCPKOCN
1SHIP9VWYPQʆRɩRGʆQMIVI

əRZE˝ʅEȢPVGEWN:YPTIXYQMEMJYVEXKɩWGE VGZVȮP%RI\ʆ

.SGHIVSP'SRJIG˛MSRIE^ʅRȿRWʑKRGFGIGVGʑKNSEGʅEȢPVGEWN ɚRTʆHYVIEGYEPYRI
 VGZVȮP%RI\ʆ


 6IGETMXYPEVIũ)ZEPYEVI
2YQIVSXIE^ʅFGUGPGNGȮPQTFKPGCCW\KVȿŢDCT\ȿŢEQRCEȮPHNQTKVŢIJKQEGN
ŢTȢPFWPKEȿŢNCNGCŢXKQTGCŢHNWVWTGŢDWDWTW\ȿŢEWKD

'SPSVIE^ʅHGNKEKVCTGCFG
2CʑVKWTYRIEGXG\KȮP
KOCIKPGʑKUCNWVWNFG
2CʑVK


 (IWIRIE^ʅFWRȿFKEVCTG

IJKQEGN TKFKEJG EȿRʑWPȿ XKQTGC \OGWTȿ

%WGYPXʅ IJKEKVQTKNGʑKɴRGIVGYMI˗XI CPKOCNWNRQVTKXKVEWEWNQCTGCRGECTG

GUVGUETKUȿIJKEKVQCTGC

.WPIKWTGEJKRKEKQCTGNWPIK /ȢPFTWʑKȮPEQTQPCV 1URQTVKXȿEWTGPWOG

&QCTEWRWʏECȮNCLWPIK ȓPRȿFWTGGUVGȮORȿTCV 7ODNȿPRQOKFWRȿCNWPG
%KPGG! %KPGG! %KPGG!

7ODNȿUKPIWTRTKPRȿFWTG 'XKENGCPȿʑKTQʑECVȿ
&WRȿHTCIKʑKFWRȿOWTG 7ODNȿPQCRVGCRTKPITȿFKPK
%KPGG! (WTȿTCʕGʑKIȿKPK%KPGG!
&MJIE^ʅGPWPʕWNRQVTKXKVFGUGPWNWK

#PKOCNGNGUȿNDCVKEG 2TKOȿXCTC &G2CʑVK

VTȿKGUEȮPRȿFWTG RNGCEȿRȿUȿTKNGEȿNȿVQCTG XQRUKOQWȿTQʑKK
VTȿKGUEȮPLWTWNECUGK \ȿRCFCUGVQRGʑVG HCEGOEQ\QPCE

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& --
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
9RMXEXIEHIɴRZʅ˛EVI-<7ʅJMQTVMIXIRM

:SVFI˗XMHIWTVI
TVMIXIRMMXʅM

əREGIEWXʅ
YRMXEXIHIɴRZʅ˛EVI

4SZIWXI˗XM
GYQɴ˛MTIXVIGM
XMQTYPPMFIV

4SZIWXI˗XMGYQ
WʅVFʅXSVI˗XMGY
TVMIXIRMM
ERMZIVWʅVMPI

əRZI˛MWʅXIGSQTSV˛M
JVYQSWGYTVMIXIRMM
XʅM


 4VMIXIRMM
6I˝MRIEWOUWPVEQRKKK

XGUGN Ţ VTKUV ȮPCNV Ţ UEWPF UNCD Ţ ITCU RQCTVȿQEJGNCTK

RȿT RȿT RȿT RȿT QEJK QEJK QEJK QEJK

DNQPF TQʏECV ECUVCPKW PGITW CNDCʏVTK XGT\K EȿRTWK PGITK

%WGYPXE˝M
$WPȿEQRKKЯ#OFQKRTKGVGPK
+QCPCʏK2GVTG
+QCPCGUVGQHGVKʗȿXGUGNȿ
'CGUVGUNCDȿʏKȮPCNVȿ
#TGRȿTDNQPFʏKQEJKCNDCʏVTK
2GVTGGUVGWPDȿKCVQTFQPCV
'NGUVGUEWPFFCTRWVGTPKE
#TGRȿTWNPGITWʏKQEJKKXGT\K
'NRQCTVȿQEJGNCTK

4VI^MRXʅʗKRTKGVGPWNUCWRTKGVGPC

əRZE˝ʅRTQXGTDWN

4VMIXIRYPEHIZʅVEXPERIZSMIWIGYRSE˕XI
%WGYPXʅʏKɴRZE˝ʅEȢPVGEWN(EGʆZIWIPWIXVʆMI˖XI VGZVȮP%RI\ʆ

'YZMRXI 7XVYGXYVM
RTKGVGPRTKGVGPȿVTKUVVTKUVȿUWRȿTCVUWRȿTCVȿ RTKGVGPWNOGWRTKGVGPCOGC
HGTKEKVHGTKEKVȿNKPKʏVKVNKPKʏVKVȿQTFQPCVQTFQPCVȿ RQCTVȿQEJGNCTK
JCTPKEJCTPKEȿȮPCNVȮPCNVȿUEWPFUEWPFȿITCUITCUȿ ȮʏKCLWVȿEQNGIKKGUVGQTFQPCV
RȿTDNQPFECUVCPKWTQʏECV
UNCDUNCDȿDNQPFECUVCPKWTQʏECVEȿRTWKQEJGNCTK

 >MYEHIRE˗XIVI
əRZʅ˝E˝MEȢPVGEWN
3FWIVZʅEWGYPXʅʑKVITIXʅ
0EQYP˞MERM

FEPSR

QYWEJMV
MRZMXEXʅ 0EQYP˝MERM

1YP˞MERMXVʆMEWGʆ
1YP˞MERMXVʆMEWGʆ
0EQYP˞MERM

XSVX 'MRIWʆXVʆMEWGʆ#
'MRIWʆXVʆMEWGʆ#
0EQYP˞MERM
FYGLIXHIJPSVM  WʆXVʆMEWGʆ
QY^MGʅ  WʆXVʆMEWGʆ
0EQYP˞MERM

=:
=H7Ď
%BJ

MRZMXE˝MI

MRZMXEX

HERWIE^ʅ

 6ʅWTYRHINCȮPVTGDȿTKRGDC\CFGUGPWNWKFGNCGZGTEKʗKWN
%ȢʗKCPKȮORNKPGʏVG)TGKGTCʏWN! %GHCEG)TGKGTCʏWNEWNWOȢPȿTKNG!
%GȮKURWPKPXKVCʗKK! %GCUEWNVȿEQRKKK!
%GȮKCFWEOWUCHKTKK! %GHCEGK!
%GGUVGRGVQTV! %WOUWPVVQʗK!

'YZMRXI 7XVYGXYVM
OWUCHKT Ţ OWUCHKTK KPXKVCʗKG KPXKVCV Ţ KPXKVCʗK VQTV \KWCFGPCʏVGTGQHGNKGFGVQTV
NWOȢPCTG Ţ NWOȢPȿTKDCNQPŢDCNQCPGOW\KEȿDWEJGV WPDWEJGVFGHNQTK
XGUGNKPXKVȿUWHNȿFCPUGC\ȿCFWEG .COWNʗKCPKЯ

 'HVSDUWHvQVLODEHúLEDWHGLQSDOPHODILHFDUHVLODEă

'W WTYRWPWWPCVW WTYRI FQKFQWȿ

HGNKGFGVQTV NWOȢPCTG DCNQP HNQCTG KPXKVCʗKG ECFQW

7TYRIEGHCEEQRKKKFKPFGUGPG

%QRKKKCUEWNVȿOW\KEȿ 'KFCPUGC\ȿ %QRKKKOȿPȢPEȿVQTV ȓORTGWPȿUGLQCEȿ

EWDCNQCPGNG

 .SGHIVSP.YGE˝MXȿFGC\KWCFGPCʏVGTG
C 5QUGʏVGKPXKVCVWNUWPȿʏKUCNWVȿ F 7PKPXKVCVEGTGQHGNKGFGVQTV
D /WUCHKTWNQHGTȿECFQWNʏKURWPG0EQYP˞MERM G +PXKVCʗKK ȮPVTGCDȿ )TGKGTCʏWN EG ECFQWTK
E  /WUCHKTKK EȢPVȿ 0E QYP˞M ERM KCT )TGKGTCʏWN CRTKOKV
UWHNȿNWOȢPȿTKNG

 .SGYVM˗MNYGʅVMM
əRZE˛ʅFGPWOKTGCLQEWTKNQT

OQCTȿ ʏCJ FQOKPQ 0WVGUWRȿTC EȿTʗKFGLQE 2KVKEQV

HTCVGЯ 2ȿEȿNKEK

3FWIVZʅEWGYPXʅʑKVITIXʅ

ȓPVKORWNNKDGTOȿLQEEWRTKGVGPKK2GOCUȿUWPVLQEWTKNGEWECTGPGLWEȿOū2KVKEQVŪEȿTʕKFG
LQE ū2ȿEȿNKEKŪ FQOKPQ OQCTȿ LQEWN ū0W VG UWRȿTC HTCVGЯŪ ʑCJ ȓOK RNCEG Uȿ Oȿ LQE RG
ECNEWNCVQT5GCTCȮPCKPVGFGEWNECTGOȿWKVNCFGUGPGCPKOCVG

%GXMZMXEXITVEGXMGʅɴRIGLMTI .YGE˛MZʅEWLWEȿTKKNGXQCUVTGFKPENCUȿ

 4VI^MRXʅLQEWNLWEȿTKCVCRTGHGTCVȿ

'YZMRXI 7XVYGXYVM
LQE LWEȿVQT Ţ LWEȿVQTK OQCTȿ VKOR NKDGT EȿTʕK FG LQE HKIWTG FG ʑCJ LQEWTK RG
ʑCJ ECNEWNCVQTFGUGPGCPKOCVG

 4IXIVIRYPHINSEGʅ
əRZE˛ʅFGPWOKTGCQDKGEVGNQTEWECTGVGLQEKRGVGTGPWNFGLQCEȿ

NGCIȿPVQDQICPDCNCPUQCTVTQVKPGVȿEQCTFȿOKPIGRCVKPG
EWTQNG
3FWIVZʅEWGYPXʅʑKVITIXʅ

#EGUVCGUVGWPVGTGPFGLQCEȿ%QRKKK\DWTFȿXGUGNK(GVKʗCUGFȿȮPNGCIȿP&QKEQRKKUGFCW
RGDCNCPUQCT$QIFCPCNWPGEȿRGVQDQICP+QCPCUCTGEQCTFC/KJCKUGFȿEWVTQVKPGVC
8KQNGVCʏK+QPWʗOGTIRGRCVKPGEWTQNG7PKKDȿKGʗKUGLQCEȿEWOKPIGC

'SRXMRYʅRTQRQ\KʕKCȮPEGRWVȿ əQMTPEGIWʅQʅNSGGYŷ

'YZMRXI 7XVYGXYVM
NGCIȿPVQDQICPDCNCPUQCTVTQVKPGVȿ VGTGPWNFGLQCEȿRCVKPGEWTQNG
EQCTFȿ

 4EVGYP
əRZE˛ʅEWXKPVGNG

UVTCV EQʑ
RCTENCEEQRCEVWHKʑCNGG FGIWPQK
EWHNQTK
3FWIVZʅEWGYPXʅʑKVITIXʅ

CNGG

UVTCVFGHNQTK RCTE

VWHKʏ
IWPQK

NCE

#EGUVCGUVGWPRCTEȓPRCTEUWPVEQRCEKVWHKʏWTKʏKUVTCVWTKEWHNQTK2GCNGGUGRNKODȿEQRKKKʏK
RȿTKPʗKKNQTȓPRCTEGUVGWPNCERGECTGVGRQʗKFCEWDCTECȓPLWTWNNCEWNWKPGRNKODȿOEW
VTGPWNGʗWN2CTEWNGUVGHTWOQUʏKEWTCV2GUVGVQVIȿUGʏVKEQʏWTKFGIWPQK

 6I˝MRIEWOUȿ
VGEQORQTʗK
ȮPRCTE

'YZMRXI 7XVYGXYVM
RCTENCEVWHKʏCNGGIWPQK UVTCVEWHNQTKEQʏFGIWPQKUGRNKODȿ
QDUGTXȿUGRNKODȿ EWUGFȿEW

 7ʅRIGSQTSVXʅQJVYQSWGYTVMIXIRMM

%WGYPXʅEGURWPG)TGKGTCʑWN

ȓPVKORWNNKDGTOȿLQEEWRTKGVGPKK2GOCUȿUWPVLQEWTKNGRGECTGNGHQNQUKO2KVKEQVEȿTʕKNG
FGLQEū2ȿEȿNKEKŪFQOKPQOQCTȿū0WVGUWRȿTCHTCVGЯŪʑKʑCJ
7PGQTKEȢʑVKICNVGQTKRKGTFFCTPWOȿUWRȿT
ȓPRCTEPGLWEȿOFGCRTKPUGNGCʑKFGCXCʕKCUEWPUGNGC0WPGEGTVȿOFGNQE

&MJIE^ʅRTQRQ\KʕKCECTGUGRQVTKXGʑVGFGUGPWNWK

(GVKʕCUCTGEQCTFC $ȿKGʕKKUGFCWRGVQDQICP %QRKKKUGRNKODȿRGCNGG

(GVKʕCUGLQCEȿEWOKPIGC $ȿKGʕKKLQCEȿHQVDCN %QRKKKUGFCWRGDCNCPUQCT

%WGYPXʅFKCNQIWTKNGʑKRYQIVSXIE^ʅ FGUGPGNG VGZVȮP%RI\ʆ

'YZMRXI 7XVYGXYVM
FGCRTKPUGNGCFGCXCʕKCUEWPUGNGC VKORNKDGTUGLQCEȿFGCCUEWPUGNGC
UGEGCTVȿEȢʑVKIRKGTF FGCRTKPUGNGCPWOȿUWRȿT

 6IGETMXYPEVIũ)ZEPYEVI
2YQI˕XIQDKGEVGNGFKPRCTEʏKWTYRI EWOVGLQEKEWGNG
)\IQTPY 2VũXSFSKER)YQʆHEYTIXSFSKER

 


 (IWTEVXIȮPUKNCDGFWRȿOQFGN

 &MJIE^ʅRTQRQ\KʕKCECTGUGRQVTKXGʑVGFGUGPWNWK

%QRKKKCUEWNVȿOW\KEȿ 'KFCPUGC\ȿ %QRKKKOȿPȢPEȿHTWEVG 5GEGCTVȿ

%QRKKKOȿPȢPEȿVQTV 'KCNGCTIȿ %QRKKKOȿPȢPEȿVQTV U
5GLQCEȿHTWOQU

 &RORUHD]ăGUXPXULOH
úLJăVHúWHFDGRXULOH
*UHLHUDúXOXL
6SXQHFHLDDGXV
ILHFăUXLFRSLO

$VFXOWăúLFRORUHD]ăFXYHUGH
GDFăSURSR]LĠLDHVWHDGHYăUDWă
FXQHJUXGDFăHVWHIDOVă

)TGKGTCʏWNCTGEKPEKCPK
/WUCHKTKKȮKCFWEECFQWTK
2GKPXKVCʗKGUETKG%TȿEKWPHGTKEKVЯ
%QRKKKCUEWNVȿOW\KEȿʏK
FCPUGC\ȿ
2GVQTVUWPVHNQTK
)TGKGTCʏWNUWHNȿNWOȢPȿTKNG

=:
=H7Ď
%BJ

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& ---
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
 9RMXEXIEHIɴRZʅ˛EVI<%WSWMXZEVE

*SVQYPI^MTVSTS^M˛MM
(IRYQI˗XM
HIWTVIERSXMQTYPZEVE
ERMQEPIPITIGEVI
PIZI^MPEKVʅHMRE
^SSPSKMGʅWEYPEGMVG

əREGIEWXʅ
YRMXEXI
4SZIWXI˗XMHIWTVI
HIɴRZʅ˛EVI
ZM^MXEPEXIEXVYP
HITʅTY˗M

4SZIWXI˗XMHIWTVI
SI\GYVWMIGYTVMIXIRMM
:SVFI˗XMHIWTVI
WEYGYJEQMPME
TPERYVMPIXEPI
HIZEGER˛ʅ


 %RSXMQTYPZEVE
3FWIVZʅEWGYPXʅʑKVITIXʅ

NCPFGITȢW

#UQUKVXCTC5QCTGNGȮPEȿN\GʑVGRWVGTPKE%GTWNGUVGUGPKP5GEQEHTWEVGNGFGXCTȿEKTGʑG
XKʑKPGEȿRʑWPK)TȿFKPCGUVGRNKPȿFGHNQTK.CPWNFGITȢWGUVGICNDGPCWTKW%QODKPCVCKGITȢWN

əRZE˛ʅFGPWOKTGCHTWEVGNQTʑKHNQTKNQTFGXCTȿ

EȿRʏWPȿ XKʏKPȿ EKTGCʏȿ OCTICTGVȿ VTCPFCHKT HNQCTGFGOCE

 'WWTYRWPWWPCVWWTYRIOCKOWNʗKOWNVG
%WXKPVGEKTGCʏȿEȿRʏWPȿXKʏKPȿHNQCTGFGOCEOCTICTGVȿVTCPFCHKT

 əRZE˝ʅNWPKNGFGXCTȿ
MYPMI EYKYWX
0YRMPIHIZEVʆWYRX MYRMI

'YZMRXI 7XVYGXYVM
XCTCKWPKGKWNKGCWIWUVOCTICTGVȿVTCPFCHKT NWPKNGFGXCTȿHTWEVGFGXCTȿ
UGEQCEGȮPEȿN\GʏVG HNQTKFGXCTȿHNQCTGFGOCENCPFGITȢW

 6ʅWTYRHINCȮPVTGDȿTK
%WOGUVGXCTC!
%GHTWEVGUGEQEȮPCEGUVCPQVKOR!
%WEGPGȮODTȿEȿOXCTC!
7PFGOGTIGOȮPCEGCUVȿRGTKQCFȿ!

4VMZI˕XIKOCIKPKNGEWGYPXʅʏKɴRZE˝ʅEWXKPVGNGPQK

6 V K V N ȿ
6TCEVQTKUVWNCTȿEWVTCEVQTWN
V V N %QODKPCNWETGC\ȿȮPNCPWNFGITȢW

%QODKPCVCKGITȢWN 6TCEVQTWNEWTGOQTEȿFWEGITȢWN

#ITKEWNVQTWN ʕȿTCPWN
NWETGC\ȿEWHWTEC .GNKʗCEWNGIG
'NCFWPȿHȢPWN HNQTKFGEȢOR

 əRZʅ˛E˛MEȢPVGEWN˛ʆVERYPITIGɩQT VGZVȮP%RI\ʆ

 .SGHIQM˕GEVIGYGɨRXIG ˝ʆVERYPITIGɩQT VGZVȮP%RI\ʆ

7XVYGXYVM
'YZMRXI 
EȢORCITKEWNVQTVTCEVQTVTCEVQTKUVEQODKPȿHWTEȿ RG EȢOR NCP FG ITȢW CFWPȿ HȢP
ITȢWHȢPCTȿUGCOȿPȿUGEGTȿVTGKGTȿ VTCEVQTEWTGOQTEȿHNQTKFGEȢOR

 əRI\GYVWMI
3FWIVZʅEWGYPXʅʑKVITIXʅ

TWEUCEEQTVHQEFGVCDȿTȿOWPVGEGVCVG

%WGYPXʅ
ʑKTYRI
FGIGVWN FHWDWH

PXQWH

UkX
VOăQLQă
SLHWUH
FkUQDW FRUW
IRF

5WPVGOEWʏEQCNCNCOWPVGȮPOKLNQEWNPCVWTKK<KNPKEOGTIGOȮPGZEWTUKG0GRNKODȿOOWNV
RTKPRȿFWTG%WNGIGORKGVTGFGRGOCNWNTȢWNWK5WURGOWPVGGUVGQEGVCVG7TEȿOCEQNQ0QK
XK\KVȿOEGVCVGC&QTOKOȮPEQTVWTK5GCTCRTȿLKO UNȿPKPȿʏKEȢTPCʗK%ȢPVȿONCHQEWNFGVCDȿTȿ

6I˛MRIEGȮPUGCOPȿUGOPGNG

7XVYGXYVM
'YZMRXI
GZEWTUKGOWPVGTȢWRKCVTȿRKGVTGEGVCVGEQTV OCNWNTȢWNWKȮPOKLNQEWNPCVWTKKHQEFG
TWEUCEHQEUNȿPKPȿEȢTPCVŢEȢTPCʗKRTȿLKO VCDȿTȿRTȿLKOUNȿPKPȿOGTIGȮP
 WTEȿXK\KVGC\ȿ GZEWTUKG
 0EKVʅHMRE^SSPSKMGʅ
%WGYPXE˛MEȢPVGEWN 0E^SS VGZVȮP%RI\ʆ əR˗MVʅCPKOCNGNGFKPEȢPVGE

 əRZE˝ʅFGPWOKTKNGCPKOCNGNQTFKPFGUGP

IKTCHȿ
GNGHCPV JKRQRQVCO
NGW VKITW
\GDTȿ ETQEQFKN
OCKOWʗȿ
EWʏEȿ

RȿWP
ȮPITKLKVQT
ʏCTRG

 %PGʅXYMI˕XIEȢVGQRTQRQ\KʗKGFGURTGHKGECTGCPKOCNȮPXȿʗCV1SHIP +MVEJEEVIKɨXPYRK

:SVFI˕XIFGURTGCPKOCNWNVȿWRTGHGTCV

8G\KWPWNŢWTYRIOWNVGXG\KOWNVGŢWTYRIWPWN )\IQTPYYRPIYũHSMPIM

(IWTEVXIȮPUKNCDGFGPWOKTKNGCPKOCNGNQTFGNCGZGTEKʗKWN

'YZMRXI 7XVYGXYVM
EWʏEȿNGWIKTCHȿ\GDTȿGNGHCPVVKITWOCKOWʗȿ ITȿFKPȿ\QQNQIKEȿEWʏEȿFG
RȿWPETQEQFKNJKRQRQVCOʏCTRGDNCPȿȮPITKLKVQT CPKOCNGȮPITKLKVQTFGCPKOCNG
RGTKEWNQU DKNGVFGKPVTCTGECUȿFGDKNGVG 
 0EGMVG
%WGYPXʅEGRQXGUVGʏVG)TGKGTCʏWN

$WPȿ EQRKKЯ .C UHȢTʏKV FG UȿRVȿOȢPȿ CO HQUV EW RȿTKPʗKK NC EKTE %G PGCO FKUVTCVЯ #O Xȿ\WV
CETQDCʗK 'K CW HȿEWV CETQDCʗKK ȮP CGT # KGʏKV ENQXPWN ʏK C EȢPVCV NC VTQORGVȿ &TGUQTWN C ȮODNȢP\KV
CPKOCNG RGTKEWNQCUG GNGHCPʗK NGK VKITK 5RGEVCVQTKK CW CRNCWFCV %G KPVGTGUCPV C HQUVЯ

%WGYPXʅVITIXʅʏKɴRZE˝ʅ

URGEVCVQT CETQDCV EKTE

ENQXP
FTGUQT

9RYPɴRXVIEFʅũEPXYPVʅWTYRHI
*SVQE˝MRTQRQ\KʗKK RGDC\CFGUGPWNWKFGNCGZGTEKʗKWN

.SGHIVSP 0EGMVG
EWORȿTȿODKNGVGUWPVGOURGEVCVQTKFTGUQTKCETQDCʗKKOKVȿOCPKOCNGGVE

 %WGYPXʅʏKWTYRIEWXKPVGNGFGURȿTʗKVGȮPUKNCDG6ITIXʅ EWXȢPVWNȮPVTGI VGZVȮP%RI\ʆ 

'YZMRXI 7XVYGXYVM
EKTECETQDCVCETQDCʗKGENQXPFTGUQTVTQORGVȿ HCEG CETQDCʗKK FTGUGC\ȿ
 URGEVCEQNURGEVCVQTȮODNȢP\GʏVGUGFKUVTGC\ȿCRNCWFȿ CPKOCNGEȢPVȿNCVTQORGVȿ
 0EXIEXVYPHITʅTY˗M
3FWIVZʅEWGYPXʅʑKVITIXʅ
 ʑ T

TKFKEJGWTKCʏȿ OQʏ DCDȿ PGRQCVȿ

EȿʗGN RKUKEȿ ʏQTKEGN

 %WGYPXʅRQXGUVGC4SZIWXI˗XIʑKVW

ȓPITȿFKPCDWPKEWNWK
CETGUEWVQTKFKEJGWTKCʑȿ
$WPKEWNCEJGOCVCLWVQT
#XGPKVDWPKECHGVKʕCEȿʕGNWN
RKUKECʑKʑQTKEGNWN
#WVTCUCWVTCURȢPȿ
EGTKFKEJGCCKGʑKVFKPRȿOȢPV

 $OHJHSHUVRQDMHOHGLQSRYHVWHD
5LGLFKHDXULDúă

'YZMRXI 7XVYGXYVM
QFCVȿWTKCʏʏQCTGEGOQʏDCDȿRȿOȢPV VTCIGECFGRTKPFG TKFKEJGWTKCʏȿ

 :EGER˛EHIZEVʅ
3FWIVZʅEWGYPXʅʑKVITIXʅ

OWPVG

\OGW 'WOGTIȮPGZEWTUKG
'WRGUEWKGUE
'WCNGTIEW\OGWN
VCDȿTȿ 'WHCEHQEFGVCDȿTȿ
TWEUCE
'WRTȿLGUEUNȿPKPȿʏKEȢTPCʕK
'WWTERGOWPVG

RGUEWKGʑVG

CNGCTIȿ

OCTG XCN
'WHCERNCLȿ
'WCFWPUEQKEK
'WHCEECUVGNFKPPKUKR EQNCE
'WHCEDCKGȮPCRCOȿTKK UEQKEȿ
'WȮPQVȮPXCNWTKNGOȿTKK
'WOGTIEWDCTEC
IȿNGCVȿ

PKUKR

6ʅWTYRHI 'EVIWYRXPYRMPIHIZEVʆ#
'ɩRHɵRGITIZEGER˜EHIZEVʆ#
9RHIQIVKIQɵRZEGER˜ʆ#

'YZMRXI 7XVYGXYVM
VTGPKPI EQNCE IȿNGCVȿ UEQKEȿ \OGW XCECPʗȿFGXCTȿNCOCTGOCNWNOȿTKKHCEGRNCLȿ
PKUKRXCNOCTGʑVTCPFVCDȿTȿCNGCTIȿ EQUVWO FG DCKG QEJGNCTK FG UQCTG WODTGNȿ FG
UGUECNFȿRGUEWKGʏVGȮPQCVȿ UQCTGRȿNȿTKGFGUQCTGRCRWEKFGʏVTCPFʏNCRK

 0YRMPIERYPYM
4SZIWXI˕XIFGURTGCPQVKORWTK RGDC\CKOCIKPKNQT

46-1ʄ:%6% :%6%

83%12% -%62%


 əRZE˛ʅFGURTGHKGECTGNWPȿCCPWNWK

-ERYEVMI *IFVYEVMI 1EVXMI

&G/CTVKGFȿTWKO
ȓPEGRGPQWNCP 0GRTGIȿVKORGPVTWECTPCXCN OȿTʗKʏQCTG

%TVMPMI 1EM -YRMI

5ȿTDȿVQTKO2CʏVGNG ȓPHNQTGUEITȿFKPKNG ȓPEGRGXCECPʗCFGXCTȿ

-YPMI %YKYWX 7ITXIQFVMI

0GLWEȿOȮPPCVWTȿ 5QCTGNGȮPEȿN\GʏVGRWVGTPKE ȓPEGRGPQWNCPʏEQNCT

3GXSQFVMI 2SMIQFVMI (IGIQFVMI

.C&GEGODTKGUGUȿTDȿVQTGʏVG
#XGOTQCFGDQICVG $CVȮPIGCOWTKRNQKNG <KWC0CʗKQPCNȿC4QOȢPKGK

 'SRJIG˝MSRE˝M WPECNGPFCTCNENCUGK 5WIGUVKG(KGECTGGNGXFGUGPGC\ȿFGURTGQ

NWPȿCCPWNWKFGEWRGC\ȿʏKNCUHȢTʏKVUGTGCNK\GC\ȿEQNCLWNRTKPNKRKTG

%WGYPXʅʏKKLMGI˕XIȮPEGNWPȿUCPȿUEWV)TGKGTCʏWN VGZVȮP%RI\ʆ

7TYRIȮPECTGNWPȿVGCKPȿUEWV:SVFI˕XIFGURTGNWPCTGURGEVKXȿ

'YZMRXI 7XVYGXYVM
ECTPCXCNPCVWTȿECNGPFCTUȿTDȿVQCTG NWPKNGCPWNWK\KFGUȿTDȿVQCTGTQCFGDQICVG

 6IGETMXYPEVIũ)ZEPYEVI
 2YQIVSXIE^ʅ CPKOCNGNG ȮP QTFKPGC CW\KVȿ  Ţ NGW  Ţ JKRQRQVCO  Ţ OCKOWʕȿ
Ţ\GDTȿŢGNGHCPVŢVKITWŢʑCTRGŢETQEQFKNŢRȿWPŢIKTCHȿ

(IWTEVXIȮPUKNCDGFWRȿOQFGN

AAA

(IWIRIE^ʅFWRȿFKEVCTG

UQCTGFQWȿXKʑKPGHNQCTGCUQCTGNWKQEJGNCTKFGUQCTG

 &RORUHD]ăFHUFXOH‫܊‬XOFXYHUGHGDFăDQXQ‫܊‬XOHVWHDGHYăUDWFXQHJUXGDFăHVWH
IDOV7UDQVIRUPăOHvQSURSR]LĠLLDGHYăUDWH

/XQLOHGHYDUăVXQWLXQLHLXOLHGHFHPEULH 9DUDHVWHFDOG
&RSLLLVHGDXSHGHUGHOXúFXVDQLD 6HFRFFLUHúHOH
&RSLLLPHUJvQYDFDQĠDGH3DúWH 9DUDIDFHPSODMă

*ăVHúWHFHQXVHSRWULYHúWHDQRWLPSXOXL
6SXQHWUHLSURSR]LĠLLGHVSUHILHFDUHDQRWLPS

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& --
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
 -EXʅGɨXI˗XMYPEJMREPHIER˗GSPEV
6IGETMXYPEVIJMREPʅ

6ITI˛MGIPIɴRZʅ˛EXI 4SZIWXI˗XMHIWTVI
PIKEXIHIXMRI˗M ^MPIPIWʅTXʅQɨRMM
JEQMPMEXE PYRMPIERYPYM˗M
HIWTVIERSXMQTYVM

əREGIEWXʅ
YRMXEXIHIɴRZʅ˛EVI

4SZIWXI˗XMGI
JEGMGYTPʅGIVI
ɴRXMQTYPXʅY
PMFIV

6IGETMXYPI^MGIPI
ɴRZʅ˛EXIHIWTVI
˗GSEPʅGSPIKMM˗M
TVMIXIRMMXʅM

4VI^MR˛MERMQEPIPI
HSQIWXMGI˗M
WʅPFEXMGI ˖XMMWʅHIWTEV˛M
GYZMRXIPIɴRWMPEFI
WʅJSVQYPI^MTVSTS^M˛MM
WʅJSVQYPI^MɴRXVIFʅVM
˗MWʅVʅWTYR^MPEIPI


 8IQE-)Y˗MPYQIEQIE
4YRIFGIGVWNRGFGUGPWNECTGʕKUGRQVTKXGʑVGʑKGSRXMRYʅRTQRQ\KʕKKNGȮPEGRWVG

5CNWVЯ/ȿPWOGUE
#OCPK
5WPVGNGXȿNCʑEQCNCŰ
ȓOKRNCEGUȿŰ
$WPȿ\KWCЯ
2GOKPGOȿEJGCOȿ
5WPVGNGXNCʑEQCNC
ȓOKRNCEGUȿ

(IRYQI˗XIRȿTʕKNGEQTRWNWKVȿWʑKWTYRIEȢVGQRTQRQ\KʕKGFGURTGEGNGFGUGPCVG

 7TYRIEGXG\KʑKNCEGNGHQNQUGʑVK
1SHIPETʅũ)YQʅWTʅPGYETʅVIGI

6IGYRSE˗XIʑKRYQIVSXIE^ʅEQPHQTOKPFKECʕKKNQT
ŢDCKGŢDWEȿVȿTKGŢFQTOKVQTŢUWHTCIGTKG

'SPSVIE^ʅLWEȿTKKNGEQPHQTOEGNQTCW\KVG
/KPIGCGUVGTQʑKG7TUWNGʕWNGUVGOCTQ/CʑKPWʕCGXGTFG#XKQPWNGCNDCUVTW6TGPWNGʕWNG
EQNQTCV2ȿRWʑCCTGRȿTDNQPF


'SPSVIE^ʅEWXGTFGFCEȿRTQRQ\KʕKCGUVGCFGXȿTCVȿEWPGITWFCEȿGUVGHCNUȿ

7TUWNGʕWNGUVGNȢPIȿRCV
5ECWPWNGUWDEQXQT
/CʑKPWʕCGUVGRGTCHV
2GTFGCWCGUVGNCHGTGCUVTȿ

0IEKʅTGEJK\KVGNGʑEQNCTGFGIJKQ\FCPʑKHIRYQI˗XIPI

2YQIVSXIE^ʅKOCIKPKNGȮPQTFKPGCRTQITCOWNWKTȿW\KNPKE4SZIWXI˗XIRGDC\CKOCIKPKNQT
RTQITCOWNVȿW\KNPKE

7TYRIEGOȿPȢPEKNCOKEWNFGLWPNCRTȢP\NCEKPȿ

 8IQE--)Y˗MJEQMPMEQIE
4YRIFGIGVWNRGKOCIKPGCECTGʕKUGRQVTKXGʑVGʑKGSQTPIXIE^ʅWPCFKPVTGRTQRQ\KʕKKNG

'WNQEWKGUEȮPUCVWN ŰRGUVTCFCŰNC 'WNQEWKGUEȮPQTCʑWN ŰRGUVTCFCŰNCPWOȿTWN

PWOȿTWNŰ ŰNCGVCLWNŰCRCTVCOGPVWNŰ

%WGYPXʅEGRTQITCOCTG(NQTKPC VGZVȮP%RI\ʆ

6ʅWTYRHINCȮPVTGDȿTK
C %GCPKOCNGFQOGUVKEGCWDWPKEKK! F %GHGNFGRQOKUWPVȮPNKXCFCNQT!
D %GRȿUȿTKFGEWTVGCW! G %GNWETGC\ȿDWPKEKKȮPITȿFKPȿ!
E %GHQNQCUGCFWECEGUVGC! H %GCPKOCNGUȿNDCVKEGVTȿKGUEȮPRȿFWTG!

2YQIVSXIE^ʅENȿFKTKNGFKPQTCʑȮPQTFKPGCEGNQTCW\KVG VGZVȮP%RI\ʆ

 (IGYTIE^ʅOKLQCEGNGFGVTCPURQTVFKP%RI\ERV HIRYQI˗XING
ʑK PMTI˗XINGRGKOCIKPGCFGNCGZGTEKʕKWN

4VI^MRXʅOGODTKKHCOKNKGKVCNG7TYRIEKPGEGHCEGUCWEGOGUGTKGCTG

4SZIWXI˗XIWPFGOGTIKVWȮPVKORWNNKDGTEWCLWVQTWNFGUGPGNQT

ȓOKRNCEGUȿOȿLQEŰ .CITȿFKPC\QQNQIKEȿXGFGOŰ

.CVGCVTWNFGRȿRWʑK
.CEKTECOXȿ\WVŰ
COXȿ\WVRQXGUVGC

  .SGHIVSP 0ETME˜ʆ
)\IVWE˛MRTKPLQEUKVWCʕKKFGXȢP\CTGEWORȿTCTGFWRȿOQFGNWNFGOCKLQU

Ţ$WPȿ\KWCЯ
Ţ$WPȿ\KWCЯ%GFQTGʑVK!
Ţ8ȿTQIUȿOKFCʕKWPMKNQITCOFG
OGTG%ȢVEQUVȿ!
Ţ%QUVȿNGK
Ţ8ȿOWNʕWOGUE.CTGXGFGTGЯ
Ţ.CTGXGFGTGЯ

3FWIVZʅʑKWTYRIEGUGEWORȿTȿFGNCOCIC\KPWNWPKXGTUCNUWRGTOCTMGV
1SHIP 0EVEMSRYPHIGSRJIG˜MMGYQTʆVʆQLEMRI

+LMGI˗XIȮPECTGTCKQPHCEEWORȿTȿVWTK VGZVȮP%RI\ʆ

        

1YRGʅɴRIGLMTʅ ITWRGEQTGURWP\ȿVQCTGTCKQCPGNQTȮPXȿʗCVG 
%HYGI˛M ECVCNQCIGRWDNKEKVCTGCNGOCIC\KPGNQTWPKXGTUCNG 6IEPM^E˝MEȢVGWPEQNCLRGITWRGRG
QHQCKG#CNDȿ %PIKI˝MXʅME˝MʏK PMTM˝M KOCIKPKNGEQTGURWP\ȿVQCTGTCKQPWNWKXQUVTW.CUHȢTʏKV
TVI^IRXE˝MEQNCLWNTGCNK\CV

 8IQE---'EVXIEERMQEPIPSV
'SQTPIXIE^ʅ FGUGPGNGȮPEGRWVGʑKHIRYQI˗XI CPKOCNGNG%PGʅXYMI˗XI
RTQRQ\KʕKKEWCEGUVGEWXKPVG

2YQIVSXIE^ʅ FGUGPGNGȮPQTFKPGCUWPGVGNQTCW\KVG(IRYQI˗XI CPKOCNGNGʑKGSPSVIE^ʅNG

6ʅWTYRHINCȮPVTGDȿTK6GCLWVȿFGUGPGNGCNȿVWTCVG

™ %CTG UWPV HQNQCUGNG RG ECTG NG

QDʗKPGOFGNCRQTE!
™ %GUGHCEGFKPECTPG!

™ %CTG UWPV HQNQCUGNG RG ECTG NG

QDʗKPGOFGNCQCKG!
™ %GUGHCEGFKPNȢPȿ!

™ %CTG UWPV HQNQCUGNG RG ECTG NG

QDʗKPGOFGNCKGRWTG!
™ %GUGHCEGFKPDNCPȿ! 
  (IGYTIE^ʅFGUGPGNGCPKOCNGNQTFKP%RI\ERVʑKPMTI˗XINGNCNQEWNRQVTKXKV
(IRYQI˗XINGЯ

 .SGɴRTIVIGLM7PWNȮPVTGCDȿŢCNVWNTȿURWPFG
*SVQYPE˛M ȮPVTGDȿTKʑKTȿURWPUWTKRGDC\CGZGTEKʕKWNWK

 'SRJIG˛MSRE˛MECTVGCCPKOCNGNQT
5WIGUVKG(KGECTGGNGXFGUGPGC\ȿʑKRTG\KPVȿENCUGKCPKOCNWNNWKRTGHGTCV.CUHȢTʑKVFKP
 CEGUVGCUGTGCNK\GC\ȿECTVGCENCUGK
 8IQE-:6SEXEERYPYM
(IRYQI˗XIOQOGPVGNG\KNGKʑKWTYRIEWOUCNWʕK

7TYRIRTQITCOWNVȿW\KNPKE6GCLWVȿFGUGPGNG

 6IEQMRXI˗XI FGPWOKTGC\KNGNQTUȿRVȿOȢPKKʑKPIEKʅ CEGUVGCFGXGTUWTKNGNCECTGUGRQVTK

XGUE

&͊N͉WPWȮP͎͍͓͊ȿ͉FWP ͆W͎WNȮPX͉ʕȿ͉PWOȿT͉
ͅT͔O͉\͔͓͎͊J͉͊OȿŰ .70+ <͔W͉͉͎͔P͎͉͊GUVGŰGC
/#4ʔ+
7PWʑ͔͎WWPWUWPVHT͉ʕ͔ ͎͓͆͌͌VȢT͎WNȮP͉͍ȿ͓Vȿ
/+'4%74+
͉͆͊F͉͊F͌W͉\͔͊Ű <͔W͉͉͓͉ʑ͉͊GŰ
,1+
͇T͔͊DT͓͎͌Wʕ͓͉͊NVȿȮP͎͊T͎WT͔ 8+0'4+ ̶͉THWTP͔͎͉X͓͊͊Nȿ
̵V͔ʕ͔͉VT͔͉͊\͔͊Ű 5ȇ/$Ⱦ6Ⱦ ͆ȢPVȿʑ͔Ű

͉ͅVTWIT͔͊͊T͉ʑ͔X͔͔͌ &7/+0+%Ⱦ
͆ȢPVȿ͍ȢPȿ͓͊H͉͎͊Ű


 %WGYPXE˛MEȢPVGEWN>MPIPIWʆTXʆQɩRMM VGZVȮP%RI\ʆ

%VEXʅRGTQCVCCPWNWKʑKHIRYQI˗XINWPKNGCPWNWK

%PGʅXYMI˗XIEWCLWVQTWNUKODQNWTKNQTEȢVGQRTQRQ\KʕKGFGURTGHKGECTGNWPȿCCPWNWK

1YRGʅɴRIGLMTʅ 6IEPM^E˝MTQCVCCPWNWK RCVTWGEJKRGŢRCVTWCPQVKORWTK


 )ZEPYEVIJMREPʅRV
4VI^MRXʅVGЯ 7TYRIEWOVGEJGCOȿ EȢʗKCPKCK WPFGNQEWKGʏVK ȮP EGENCUȿGʏVK

(IRYQI˕XIRȿTʗKNGPGEQNQTCVGCNGEQTRWNWK'SPSVIE^ʅ

2YQʅVʅWTYRIEȢVGUWPVʏKWGVMIȮPEGTEWNGʗGPWOȿTWNRQVTKXKV


 6ʅWTYRHINCȮPVTGDȿTKEWCLWVQTWNQTCTWNWK

C %G\KGC\K! F ȓPEG\KNGCXGʗKQTGFGNKODCTQOȢPȿ!
D %GQTGCXGʗKC\K! G &CTQTȿFGGFWECʗKGHK\KEȿ!
E %CTGUWPV\KNGNGUȿRVȿOȢPKK! H %WOUGPWOGUE\KNGNGNKDGTG!

əRGIVGYMI˕XIEWOCTQUGOPGNGVQCOPGKʏKEWCNDCUVTWUGOPGNGKGTPKK
(IRYQI˕XINGЯ

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& ---
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
 )ZEPYEVIJMREPʅRV
%PIKIʏKGSPSVIE^ʅTGEJK\KVGNGʏEQNCTG

'SPSVIE^ʅEGTEWTKNGFGNȢPIȿKOCIKPKEQPHQTOKPFKECʗKKNQT
%WTQʏWEȢPFURWPGOū$WPȿFKOKPGCʗCЯŪEWRQTVQECNKWCOKC\ȿEWCNDCUVTWUGCTCEW
ICNDGPEȢPFURWPGOū$WPȿ\KWCЯŪEWXGTFGEȢPFURWPGOū$WPȿUGCTCЯŪEWOCTQ
FKOKPGCʗC

'SPSVIE^ʅ EGTEWNGʗWNEWXGTFGFCEȿGPWPʗWNGUVGCFGXȿTCVEWPGITWFCEȿGUVGHCNU
&CEȿC\KGNWPKOȢKPGGOCTʗK 5WPVEKPEK\KNGNWETȿVQCTGRGUȿRVȿOȢPȿ
&WOKPKEȿG\KFGQFKJPȿ &CEȿKGTKCHQUVOKGTEWTKC\KGUȢODȿVȿ
5ȢODȿVȿOGTIGONCʏEQCNȿ 5ȿRVȿOȢPCCTGʏCRVG\KNG 
  (IWIRIE^ʅFWRȿFKEVCTGQDKEKENGVȿWPCXKQPWPCWVQDW\WPVTGPWP
XCRQT7TYRI EGCKFGUGPCV

əRGIVGYMI˗XICPKOCNGNGFQOGUVKEGEWCNDCUVTWʑKRGEGNGUȿNDCVKEGEWTQʑW %PIKI
VTGKCPKOCNGʑKWTYRIEȢVGQRTQRQ\KʕKGFGURTGHKGECTG

)\TVMQʅ˛MTʅVIVIEHIWTVIQYRGEXE'SPSVIE^ʅGIVGYVMPITSXVMZMXI
0EEGIWXXIWXEQPYGVEX
'VIHGʅZSMSF˛MRIGEPMJMGEXMZYP*SEVXIFMRI&MRI7YJMGMIRX-RWYJMGMIRX
6)'31%2(%6) *& ---
& --
)ZEPYEVIEWIJEGITIFE^EIZEPYʅVMPSVTEV˛MEPI TII\IVGM˛MM  7 -
 4SRHIVIEEGIWXSVGEPMJMGEXMZISF˛MRYXILSXʅVʅ˗XIGEPMJMGEXMZYPJMREP - Ţ
 %RI\ERV
8)<8)0)I\IVGM˛MMPSV
4EKI\ 4EKI\
%HIZʅVEXWEYJEPW# %WGYPXʅʑKɴRZE˛ʅRQG\KC

ȓPKOCIKPGUGXGFGʏEQCNC
ȓPEWTVGCʑEQNKKPWGUVGPKOGPK
&QCOPCȮPXȿʕȿVQCTGUGCHNȿRGVGTGPWNFG
URQTV
&QOPWNȮPXȿʕȿVQTUCȮPVȢNPKVEWWP
ʑEQNCT
&QCOPCȮPXȿʕȿVQCTGUVȿFGXQTDȿEW
FQWȿʑEQNȿTKʕG
'NGXWNCTGWPIJKQ\FCPTQ\
7EPEHIGPEWʅ
5CNCENCUGKOGNG
'OCTGHTWOQCUȿ
$ȿPEKʑKUEȿWPGNG
&QCTRGPQKPGCʑVGCRVȿ
5WPȿENQRQʕGNWN
)NCUWKFGCTIKPV
0GʑQRVGʑVGXGUGN
Ţ$KPGCʕKXGPKVЯ

4EKI\ 4EKI\
%WGYPXʅʑKVITIXʅFGPWOKTGCTGEJK\KVGNQT %WGYPXʅRQG\KC>MPIPIWʆTXʆQɩRMMʑK
ʑEQNCTG VʅWTYRHINCȮPVTGDCTGC
)TGKGTCʑWNCTGȮPIJKQ\FCP RGPCTECTKQEȿ
UVKNQWRGPUWNȿETGKQPITCHKECEWCTGNGNKRKEK 'YQXVIFYMIWʅJMQɴRJMIGEVI^M#
JȢTVKGHQCTHGEȿNKPKCTTCFKGTȿCUEWʕKVQCTG
RNCUVKNKPȿETGKQCPGEQNQTCVGECKGVOCPWCN
>MPIPIWʅTXʅQɨRMM
.WPKOCTʕKOKGTEWTK
4EKI\ ,QKXKPGTKUȢODȿVȿFWOKPKEȿ
%WGYPXʅRTQRQ\KʕKKNGʑKHIWIRIE^ʅȮPECUGVG &GEKKCCOKPVG
-UCW/ EQPHQTOEGNQTCW\KVG ȓPPWOCKCEGUVGʑCRVG\KNGCNG
%NCUCGUVGOKEȿ UȿRVȿOȢPKK
%NCUCGUVGOCTG 6TGDWKGUȿHKKHQCTVGEWOKPVGЯ
%NCUCGUVGFG\QTFQPCVȿ
%NCUCGUVGQTFQPCVȿ
%NCUCGUVGOWTFCTȿ
%NCUCGUVGEWTCVȿ


4EKI\ 4EKI\
%WGYPXʅʑKɴRZE˛ʅRQG\KC %WGYPXʅʑKKLMGI˗XI

8IVSKũ1YP˛YQIWG (TWP\GNGRGTCOWTKCWȮPIȿNDGPKV
%ȢPFEGTWPNWETWEȢVFGOKE 2NQWȿRNQWȿPVTWPC%KPGCUQUKV!
/CKȮPVȢKū6GTQIŪGW\KE
.WETWNFCEȿȮNRTKOGUE 4EKI\
5RWPȮPFCVȿū/WNʕWOGUEŪ %WGYPXʅʑKGSPSVIE^ʅHTWEVGNGECTGȮKRNCE
)TGKGTCʑWNWK
4EKI\
%WGYPXʅʑKɴRGIVGYMI˗XINGIWOGNGFG ȓOKRNCEOGTGNGPWEKNGʑKUVTWIWTKK
VQCOPȿFKPECTG)TGKGTCʑWNHCEGEKQTDȿ /KGȮOKRNCEHTWEVGNGFGVQCOPȿRGPVTWEȿ
CWOWNVGXKVCOKPG
'WHCEEKQTDȿFKPOQTEQXECTVQHTQʑKG
EGCRȿʑKCTFGK 4EKI\
%WGYPXʅEGURWPG)TGKGTCʑWN7XEMȮP
4EKI\ RKEQCTGFCEȿGCFGXȿTCVKLIQYMI˗XIVG
%WGYPXʅʑKKLMGI˗XI FCEȿGUVGHCNU
2CTEȿGWPOȿTHTWOQU
FCTRȿECVEȿKOWUVȿEKQU GIETE 6CVCGUVGHGOGKG
/COCGUVGHTWOQCUȿ
0WKECKUȿEȿKTQʏECVȿ
$WPKECGUVGDȿTDCV
ʏKCTGRKGNKʗCRNWʏCVȿ TMIVWMGE
/COCʑKVCVCUWPVRȿTKPʕKKOGK
2KUKECGUVGOGODTWCNHCOKNKGK
ȓPVTQEWʑEȿOWNʕKEȿʕGK
'WCOWPHTCVG
VQʕKUWPVCNDKʑKTQVQHGK
'WCOQUQTȿ
/COCKRWPGNCOWLFGK YWXYVSMYP
4EKI\
2CVTWHTCʕKUVCWȮPVTQECUȿ
6ITIXʅHIWTʅV˛MRHȮPUKNCDGEWXKPVGNG
ʑKFGRNQCKGPWNGRCUȿ%GG! RYGE
URWUGFG)TGKGTCʑ

.CEWNQCTGUWPVTQʑKKVQCVG
RCVRCVFWNCRFWNCRUECWPUECWPEQXQT
%WEQFKʕGȮORGTGEJGCVG GMVI˘IPI 
EQXQTOCUȿOCUȿNCORȿNCORȿTCHV
&GIGVICNDGPCUEWʕKV TCHVECNEWNCVQTECNEWNCVQTWʑȿWʑȿ
ȮPRȿOȢPVUVȿȮPHKRV HGTGCUVTȿHGTGCUVTȿRGTFGCRGTFGCECTVG
EKPGGUVGNCʕKIJKEKV! ECTVGLWEȿTKGLWEȿTKGECOGTCECOGTȿ
QSVGSZYP

 4EKI\ 4EKI\
%WGYPXʅʑKJʅEWOURWPGFQCOPC 7PWNWTYRICNVWNJEGI
ȮPXȿʕȿVQCTG7TYRIʑKVWEGHCEK
2WPGWTUWNGʕWNNȢPIȿFWNCR
2WPGECKGVWNRGOCUȿЯ 2WPGWTUWNGʕWNRGFWNCR
2WPGWTUWNGʗWNRGUECWPЯ 2WPGWTUWNGʕWNUWDFWNCR
2WPGRGPCTWNUWDOCUȿЯ 2WPGWTUWNGʕWNȮPFWNCR
2WPGOKPIGCNȢPIȿWʑȿЯ
2WPGOCPWCNWNNȢPIȿFWNCRЯ

4EKI\ 4EKI\
%WGYPXʅʑKKLMGI˗XI %WGYPXʅʑKVMHMGʅECTVQPCʑWN(% UCW 29

%KPGXKPGFWRȿVQCOPȿ #KWPKHQTOȿ!
0CVWTCUȿQCFQCTOȿ #KʑQUGVGEQNQTCVG!
ʐKUȿQȮODTCEGOKTGCUȿ 2QTʕKHWUVȿ!
%WQJCKPȿCNDȿʑKRWHQCUȿ! MEVRE  ȓʕKRNCERCPVCNQPKK!
 2QTʕKDNW\ȿ!
/QCNGCNDȿʑKRWHQCUȿ #KVTKEQW!
2GEȢORGJCKPȿITQCUȿ ^ʆTEHE 2QTʕKRWNQXGT!
 ȓʕKRNCEGEȿOCʑC!
2GHGTGCUVTȿRWPGHNQTK 'ʑVKȮPEȿNʕCVEWRCPVQHK!
ʐKȮPQDTCLKNCUȿDWLQTK JVMKYP

%ȢPFPWG\ȿRCFȿ
&QCTOGȮPQITCFȿ
&CTEȢPFPKPIGCHCTȿ
%WEQRKKK\DQCTȿ WERME

4EKI\%WGYPXʅFKCNQIWN

&ʅMEXYP˕MQEQE *IXM˝E˕MQEQE
Ţ/COKOKGHQCOG6GTQIUȿOKFCKQHGNKGFG Ţ/COKOKGUGVG6GTQIKUȿOKFCKWP
RȢKPGEWWPVʏKUCNCO RCJCTEWCRȿ
Ţ$KPG6CKQHGNKGFGRȢKPG2QHVKO Ţ2QHVKO
Ţ/WNʗWOGUE Ţ/WNʗWOGUE
Ţ2QHVȿDWPȿЯ Ţ5ȿʗKHKGFGDKPGЯ

4EKI\ 4EKI\
%WGYPXʅEGUGTXGʏVGOKEWN)TGKGTCʑNCOKEWNFGLWP %WGYPXʅʑKFMJIE^ʅOȢPECTGC
%VEXʅRGKOCIKPGCFCVȿEGNGȮPʏKTCVG RTGHGTCVȿC)TGKGTCʑWNWK

$WPȿFKOKPGCʗCЯ8ȿURWPEGOȢPEȿOʏKEGDGOPQK
FKOKPGCʗC/COCOȿPȢPEȿRȢKPGEWRCVGW'CDGC
EGCK6CVCUGTXGʏVGRȢKPGEWDTȢP\ȿ'NDGCCRȿ5QTC
OGCOȿPȢPEȿEGTGCNG'WUGTXGUERȢKPGEWWPVʑKWP
QWHKGTV&WRȿCEGGCDGCWECECQEWNCRVG
/WNʕWOGUERGPVTWOKEWNFGLWPЯ
.CHGNWNȮPVȢKUWRCOGCRTGHGTCVȿ
GUVGEKQTDCFGNGIWOG.CHGNWNFQK
OȢPECTGCOGCRTGHGTCVȿGUVG
HTKRVWTCEWECTVQHKRCK&GUGTVWNOGW
RTGHGTCVGUVGȮPIJGʗCVC

4EKI\*EQMPMEPEVIWXEYVERX
%WGYPXʅEWOUGEGTGQEKPȿNCTGUVCWTCPV
QURȿVCT Ţ$WPȿUGCTCЯ$KPGCʕKXGPKVЯ%WEGXȿRQVUGTXK!
VCVC Ţ$WPȿUGCTCЯ'WCʑFQTKQRQTʕKGFGURCIJGVG
OCOC Ţ'WUGTXGUEOCECTQCPGEWDTȢP\ȿ
/KJCK Ţ'WFQTGUEQRK\\COCTGЯ
#PC Ţ+CTGWCʑOȢPECQTG\EWNCRVG
QURȿVCT Ţ&GUGTVFQTKʕK!
VCVC Ţ&C8ȿTQIUȿOKCFWEGʕKQRQTʕKGFGENȿVKVGEWIGO
OCOC Ţ/WNʕWOGUEGWPWUGTXGUEFGUGTV
/KJCK Ţ'WRTGHGTQRTȿLKVWTȿ
#PC Ţ'WFQTGUEQȮPIJGʕCVȿ
OCOC Ţ+CTFGDȿWVCFWEGʕKPGXȿTQICRȿOKPGTCNȿʑKUWEFGRQTVQECNG
QURȿVCT Ţ&GUKIWT#NVEGXCOCKFQTKʕK!
VCVC Ţ#VȢVFGQECOFCVȿ8ȿOWNʕWOKO

4EKI\
7TYRIFWRȿ)TGKGTCʑʑKEVEXʅRȿTʕKNGEQTRWNWK

ECRFGIGVGIȢVOȢKPKRCNOGRKEKQCTGURCVGVȿNRKVTWPEJKWOGTK

4EKI\
%WGYPXʅʑKKLMGI˗XI
ȓPOKEKVWDWTKUGIȿUGʑVG %QRKKKECTGQHQNQUGUE ȓP\CFCTVGWKʕKNCOKPG
&KPʕKKDKPGȮKCNDGʑVG CWFKPʕKECTGUVTȿNWEGUE %ȿVGXG\KPWOCKRGVKPGЯ
TEWXʆHIHMR˜M TIVMY˜ʆHIHMR˜M SKPMRHʆ

4EKI\
%WGYPXʅʑKKLMGI˗XI

ȓPOKEKVWDWTK ȓP\CFCTVGWKʕK 7PCTKEKOKVKVGN &CEȿNW\K

UGIȿUGʑVG NCOKPG %WTȿʕȿOFKPʕKKEWGN GNHCEGURWOȿ
&KPʕKKDKPG %ȿVGXG\K ʐKʕKCNWPGEȿ
ȮKCNDGʑVG PWOCKRGVKPGЯ FKPOȢPȿ

4EKI\
%WGYPXʅKLMGI˗XIʑKWGVMIPWOȿTWNIJKEKVQTKKRGFGUGPWNRQVTKXKVFGNCGZGTEKʕKWN

6TȿKGʏVGȮPECUȿ
5VȿȮPEWTVG 5VȿʑKRCʑVG &QWȿEQCTPGOCTKGCCTG
/ȿPȢPEȿUWDOCUȿ
&QCTOGPEWʏEȿ UWUNCUVȢPȿ ʐKFȿECTPGFGOȢPECTG
%ȢPFNCRVGKFCW
6GOCKNCVTȿ PGFȿNCRVG &ȿʑKNCRVGʑKXKʕGK
'CȮOK\KEGūOKCWŪ
6GOCKOWʏEȿ PGFȿNȢPȿ %KPGK!
 TMWMGE  GɩMRIPI  SEME  ZEGE

4EKI\
%WGYPXʅVITIXʅʑKEVEXʅEWFGIGVWN

ȓPRȿFWTGVTȿKGUECPKOCNGUȿNDCVKEGWTUWNXGXGTKʕCXWNRGCNWRWNEȿRTKQCTCEGTDWNOKUVTGʕWN
EKQEȿPKVQCTGC#PKOCNGNGIȿUGUEJTCPȿȮPRȿFWTG2QTEWNOKUVTGʕOȿPȢPEȿIJKPFGXGXGTKʕC
CNWPGWTUWNOȿPȢPEȿ\OGWTȿ2ȿFWTCTWNCTGITKLȿFGRȿFWTG

4EK I\
%WGYPXʅFKCNQIWTKNGʑKRYQIVSXIE^ʅFGUGPGNG
(MEPSKYVM  Ţ.CUȿOȿVGTQIUȿOȿFCWʑKGWȮPNGCIȿP
Ţ $KPGCʑVGCRVȿRȢPȿEGUGQRTGʑVGNGCIȿPWN
Ţ /WNʕWOGUE
 Ţ0WCKXȿ\WVWPEQʑFGIWPQK!
Ţ 7KVGCEQNQNȢPIȿVQDQICP0WCTWPECJȢTVKCRGLQUЯ
 Ţ8KKUȿPGRNKODȿORTKPRCTE!
Ţ $KPGXKP
Ţ *CKUȿXGFGOʑKUVTCVWTKNGFGHNQTK
Ţ %GHTWOQCUGUWPVHNQTKNGFKPRCTEЯ


 4EKI\
.SGHIQM˗GEVIGYGɨRXIG
˚ʅVERYPITIGɨQT
%QRKKKUVCWȮPEGTEʑKEȢPVȿ7PWNFKPVTGGKGUVGʕȿTCPWNECTGUGRNKODȿȮPLWTWNEGTEWNWKʑKCNGIG
FKPVTGEQRKKūVTCEVQTWNŪūEQODKPCŪGVEȮPHWPEʕKGFGEȢPVGEȓKKCFGOȢPȿʑKȮKFWEGEWGN7NVKOC
GNGNKʕCECTGCNGIGWTOȿVQTWNʕȿTCPRWPȢPFWPWKEQRKNEQTQPKʕCRGECR

4EKI\
%WGYPXʅʑKWTYRIEWXKPVGNGFGURȿTʗKVGȮPUKNCDG6ITIXʅEWXȢPVWNȮPVTGI
CETQDCVFTGUQTURGEVCEQNVTQORGVȿEKTEURGEVCVQTENQXPCRNCWFȿ

4EKI\
%WGYPXʅʑKKLMGI˕XIȮPEGNWPȿUCPȿUEWV
)TGKGTCʑWN /COPȿUEWVȮPFGEGODTKG
8ȿURWPȮPEGNWPȿOCOPȿUEWV &GEGODTKGGUVGRTKOCNWPȿ
'RTKOCNWPȿEWPKPUQCTG CKGTPKK'HTKIPKPIG%QRKKKUGLQCEȿȮP
EWXCECPʗȿUȿPKQCTG \ȿRCFȿȓORQFQDKODTCFWN
/Qʏ%TȿEKWPʏKLWEȿTKK ȓNCʏVGRVȿORG/Qʏ%TȿEKWP
$TCFWNȮNȮORQFQDKOEQRKK 2TKOKOFCTWTK%GDKPGG
#ʗKIJKEKV! ȮPXCECPʗCFGKCTPȿЯ

4EKI\
%WGYPXʅ EGRTQITCOCTG(NQTKPC
.CUHȢTʑKVFGUȿRVȿOȢPȿ(NQTKPCOGTIGNCDWPKEK$WPKEKKGKUVCWȮPVTWPUCVCRTQRKCV%CUCNQT
GUVGOCTG#WQEWTVGHTWOQCUȿRNKPȿFGHNQTK'KCWOWNVGCPKOCNGFQOGUVKEGʑKQNKXCFȿȓP
ITȿFKPȿRCNȢPIȿECUȿDWPKEKKCWOWNVGNGIWOG(NQTKPCOGTIGEWDWPKEWNȮPRȿFWTGUȿEWNGCIȿ
EKWRGTEK

4EKI\
2YQIVSXIE^ʅENȿFKTKNGFKPQTCʑȮPQTFKPGCEGNQTCW\KVG
 #OHQUVDQNPCXȿʑKCOHQUVNCURKVCN
 &WOKPKECCOHQUVEWHCOKNKCNCWPTGUVCWTCPV
 5QTCOGCOCKOKEȿOGTIGNCITȿFKPKʕȿ
 (CEGOEWORȿTȿVWTKNCUWRGTOCTMGV
 &G\KWCOGCCOHQUVNCEQHGVȿTKG
(COKNKCOGCNQEWKGʑVGȮPVTWPDNQEOCTGEW\GEGGVCLG

4EKI\
+LMGI˗XIȮPECTGTCKQPHCEEWORȿTȿVWTK

C %WORȿTRCPVCNQPKDNW\ȿVTKEQW#EWORTQDG\RCPVCNQPKKȓPECTGTCKQPUWPV!
D %WORȿTJȢTVKGEQNQTCVȿNKRKEKNKPKCT2NȿVGUENCECUȿ2TKOGUEDQPFGECUȿȓPECTGTCKQPUWPV!
E %WORȿTQTCEJGVȿFGVGPKUʑKQOKPIGȓPECTGTCKQPUWPV!
F 2TQDG\QRGTGEJGFGRCPVQHKȓPECTGTCKQPUWPV!
G 5WPVEWRȿTKPʕKK%WORȿTȿOOCʑKPȿFGURȿNCVHKGTFGEȿNECVCURKTCVQTOKETQWPFGȓPECTG
TCKQPUWPVGO!
H %GHTWOQUGCKEKЯ/COCȮOKEWORȿTȿQOCʑKPWʕȿȓPECTGTCKQPUWPVGO!


 %RI\ERV
8)<8)0)GɨRXIGIPSV

ƉɅɅƈ 4EKI\ 4EKI\

%EEEGYQIXSEQRʅHE ˖GSPʅVIM˗M˗GSPʅVM˛I 9RIPIJERXWIPIKʅRE

#CCCEWOGVQCOPȿFC
+CTDCPEȢORUGXGʑVGLGʏVG
(TWP\CPEQFTWPIȿNDGPGʏVG
#CCCEWOGVQCOPȿFC
'GGRNȿEWVȿXTGOGG
/GTGRTWPGPWEKʏKRGTG
0QKCXGOFWRȿRNȿEGTG
'GGRNȿEWVȿXTGOGG
+KKXGPKʗKEQRKKNCXKK
5VTWIWTGNGOWUVUGHCEG
ʎKPQWȿOWUVWNPGRNCEG
+KKXGPKʗKEQRKKNCXKK
1QQUGFWEEQEQTKȮPUVQN
5GFWEEWEKʏKTȢPFWPGNG
ʎKPGRCTGTȿWFGGNG
1QQUGFWEEQEQTKȮPUVQN
ʐEQNȿTGKʑKʑEQNȿTKʕG
$ȿKGʕGKʑKXQKHGVKʕG
*CKNCʑEQCNȿUȿPXȿʕȿO
ʐKDKPGUȿPGRWTVȿO
5ȿPXȿʕȿOECUȿEKVKO
5ȿUETKGOUȿUQEQVKO
5ȿEȢPVȿOUȿFGUGPȿO
.WETWTKDWPGUȿPXȿʕȿO
1TCKFGRNGECVNCʑEQCNȿ
8GUGNKCORQTPKVʑKPQK
2GUVTȿFWʕCʑEQNKKPQCUVTG
0GPFTGRVȿOEWRCʑKXKQK
7KVȿVGEGDKPGOKʑCFG
%WIJKQ\FCPʑKCDGEGFCT
&GNCOCOCCOIJKQ\FCPWN
%CTVGCCORTKOKVQPFCT
7PGNGHCPVUGNGIȿPC
RGQRȢP\ȿFGRȿKCPLGP
ʑKRGPVTWEȿPWUGTWRGC
COCKEJGOCVWPGNGHCPV

&QKGNGHCPʕKUGNGIȿPCW
RGQRȢP\ȿFGRȿKCPLGP
ʑKRGPVTWEȿPWUGTWRGC
CWOCKEJGOCVWPGNGHCPV




<GEGGNGHCPʕKUGNGIȿPCW
RGQRȢP\ȿFGRȿKCPLGP
ʑKRGPVTWEȿRȢP\CUCTWRV
VQʕKGNGHCPʕKKCWEȿ\WV

4EKI\
&EXHMRTEPQI

$CVFKPRCNOGENCRENCRENCR *CKNCUVȢPICWKVGCʑC
&KPRKEKQCTGVTCRVTCRVTCR ʐKNCFTGCRVCVQVCʑC
0GPXȢTVKOPGTȿUWEKO DKU  0GPXȢTVKOPGTȿUWEKO DKU 
ʐKNCJQTȿPQKRQTPKO DKU  ʐKEWVQʕKPGXGUGNKO DKU


4EKI\ 4EKI\

7ʅRMY˛E 1S˗'VʅGMYRGYTPIXIHEPFI

5ȿPKWʕCHWIG /Qʏ%TȿEKWPEWRNGVGFCNDG
0KOGPKPQCLWPIG #UQUKVFGRTKPPȿOGʗK
#TGFQTFGFWEȿ ʎKCFWEGFCTWTKOWNVG
2CTECTHKPȿNWEȿ .CHGVKʗGʏKDȿKGʗK
6QCVȿ\KWCRTKP\ȿRCFȿ /Qʏ%TȿEKWP/Qʏ%TȿEKWP
8KPGNWOGCUȿQXCFȿ
5ȿPKWʕCGWʑQCTȿ &KPDȿVTȢPKUGRQXGUVGʏVG
(WIGRCTEȿ\DQCTȿ %ȿPVQʗKCPKKPGITGʏKV
/Qʏ%TȿEKWPRTKDGCIUQUGʏVG
#TGVȿNRKNWEKQCUG 0KEKQFCVȿPCNKRUKV
8ȢTHWTKNGPVQCTUG /Qʏ%TȿEKWP/Qʏ%TȿEKWP
2QFFGUEȢPFWTGNG
5ȿVQVUVCKRGGNG /Qʏ%TȿEKWPEWRNGVGFCNDG
6QCVȿ\KWCRTKP\ȿRCFȿ ȓPEQVTQXTGKUQCRWEK
8KPGNWOGCUȿQXCFȿ ʖKCʏEȢPVC*PSVMPIHEPFI
5ȿPKWʕCGWʑQCTȿ &GNCPQKUȿPWVGFWEKЯ
(WIGRCTEȿ\DQCTȿ /Qʏ%TȿEKWP/Qʏ%TȿEKWP

2GUVGJQRWTKUCTG
%CRG\OGWEȿNCTG
*ȿʕWNFGQUȿʕKUECRG
6TȢPVCGCRTQCRG
6QCVȿ\KWCRTKP\ȿRCFȿ
8KPGNWOGCUȿQXCFȿ
5ȿPKWʕCGWʑQCTȿ
(WIGRCTEȿ\DQCTȿ


4EKI\
˖EHIVE˛ETIFYXSM
ʐ͉F͊T͉ʕ͉͍͊DWV͔͌
0WOȿTȢPFF͔PF͔͌ȮPF͔͌

&͔O͔P͉͊ʕ͉OȢP͎ȿO͌Wȿ
͉͓͆ȿ͎T͊ʑV͊OO͉T͔
͉͓͆ȿ͎T͊ʑV͊OO͉T͔
/CEOCEOCE
ʐ͉F͊T͉ʕ͉͍͊DWV͔͌
0WOȿTȢPFF͔PF͔͌ȮPF͔͌

͆͌\͌P͉͎WN͓͊V͎͍͊͌V
&͉T͎͉͓ȿNOȢP͎ȿO
͊ͅOȢ͔P͔P͓͍͊ȿNȿO
/CEOCEOCE
ʐ͉F͊T͉ʕ͉͍͊DWV͔͌
́ȿ͎ȿ͔PF͎WFT͉IN͉P͔͌
͉͎́O͉͎O͉͎ʑ͔͔͉Tȿʑ͔O͉͎
͎͍͔͔͊͌ͅȮ͔XȿF͎͊H͉͎
̶͉TP͔͌ȮPXȿʕȿO
͆WO͓ȿP͍͊WTVȿO
/CEOCEOCE
ũũ
ũũ
ũũ
ũũũ

4EKI\
:MRIZMRITVMQʅZEVE
8KPGXKPGRTKOȿXCTC
5GCʑVGTPGPVQCVȿʕCTC
(NQTKEGNGRGEȢORKK
*CKUȿNGCFWPȿOEQRKK
%TGʑVGETGʑVGKCTDCXGTFG
%KQEȢTNKCPPQTKUGRKGTFG
*CKFGʕKUCUEWNVȿOEQRKK
#NGKEȢPVGEFKPEȢORKK
%WEWEWEWUVTKIȿVCTG
2KVRCNCEWNPNWPEȿUCTG
/KGKK\DWTFȿRGEȢORKK
*CKFGʕKUȿKXGFGOEQRKK
4EKI\
:YPTIXYQMEMJYVEXKɨWGE
8WNRGVWOKCKHWTCVIȢUEC
&ȿOKQȮPCRQK
&ȿOKQȮPCRQK
8WNRGVWOKCKHWTCVIȢUEC
&ȿOKQKPCRQK
&ȿOKQȮPCRQK
%ȿFGPWGWXKPEWRWʑEC
ʑKEWVTGKEQRQK
%ȿFGPWGWXKPEWRWʑEC
ʑKEWVTGKEQRQK
.GNGXWNRGHKKEWOKPVG
0WOCKVQVHWTC
0WOCKVQVHWTC
.GNGXWNRGHKKEWOKPVG
0WOCKVQVHWTC
0WOCKVQVHWTC
)ȢʑVGHTKRVGʑKRNȿEKPVG
0WUFGFWOPGCVC
)ȢʑVGHTKRVGUKRNȿEKPVG
0WUFGFWOPGCVC
4EKI\
əRTʅHYVIEGYEPYRI
ȓPRȿFWTGCEWCNWPG
#XGCWECUȿFQKRKVKEK
8KPGRWRȿ\CʑKURWPG DKPGG
8TGCWUȿUVCWUKGWCKEKЯ
2WRWRWWRWRWRWW
8TGCWUȿUVCWʑKGWCKEK
2WRWRWWRWRWRWW
8TGCWUȿUVCWʑKGWCKEK
+CVȿXKPGʑKQDTQUEWʕȿ
ʔQRʕQRʕQRUȿTKPFOGTGW
&CEȿGNQEȮPEȿUWʕȿ
6CTGCʑXTGCUȿUVCWʑKGWЯ
ʔQRʕQRʕQRʕQRʕQRʕQR
6CTGCʑXTGCUȿUVCWʑKGWЯ
ʔQRʕQRʕQRʕQRʕQRʕQR
6CTGCʑXTGCUȿUVCWʑKGWЯ
ʐQTKEGNWNUVTKIȿPFCVȿ &CEȿXGUGNUGVTȿKGʑVG
+CVȿʑKGWCOXGPKV
%CUCXQCUVTȿGEWTCVȿ
0QTQEDKPGXCOIȿUKV
%JKʕEJKʕEJKKKʕEJKʕEJKʕEJKKʕ
0QTQEDKPGXCOIȿUKV
%JKʕEJKʕEJKKKʕEJKʕEJKʕEJKKʕ
0QTQEDKPGXCOIȿUKV
ʐKPEȿUWʕCEGCFTȿIWʕȿ
5VCWXTGQEKPEKRTKGVGPKOKEK ECNEȿCʏC
ʐQTKEGNWNʑKQDTQUEWʕȿ
2WRȿ\CʑKFQKRKVKEK
6TCNCNCCVTCNCNCC &CEȿXGUGNUGVTȿKGʑVG
5VCWXTGQEKPEKRTKGVGPKOKEK ECNEȿCʏC
6TCNCNCCVTCNCNCC
5VCWXTGQEKPEKRTKGVGPKOKEK &CEȿXGUGNUGVTȿKGʑVG
DKPGG
&CEȿXGUGNUGVTȿKGʑVG
4EKI\ &CEȿXGUGNUGVTȿKGʑVG
WPWNCNVWKC\ȢODGʏVG
(EGʅZIWIPWIXVʅMI˗XI &CEȿXGUGNUGVTȿKGʑVG
DKPGG
&CEȿXGUGNUGVTȿKGʑVG
DCVGCʏC &CEȿXGUGNUGVTȿKGʑVG
&CEȿXGUGNUGVTȿKGʑVG DCVGCʏC
DCVGCʏC &CEȿXGUGNUGVTȿKGʑVG
&CEȿXGUGNUGVTȿKGʑVG DCVGCʏC
WPWNCNVWKC\ȢODGʏVG &CEȿXGUGNUGVTȿKGʑVG
&CEȿXGUGNUGVTȿKGʑVG WPWNCNVWKC\ȢODGʏVG
DCVGCʏC &CEȿXGUGNUGVTȿKGʑVG
DKPGG
&CEȿXGUGNUGVTȿKGʑVG
HȿCʏC
HȿCʏC
&CEȿXGUGNUGVTȿKGʑVG
WPWNCNVWKC\ȢODGʏVG
&CEȿXGUGNUGVTȿKGʑVG
HȿCʏC
&CEȿXGUGNUGVTȿKGʑVG
ECNEȿCʏC
&CEȿXGUGNUGVTȿKGʑVG
&CEȿXGUGNUGVTȿKGʑVG
WPWNCNVWKC\ȢODGʏVG

4EK I\
˚ʅVERYPITIGɨQT
ʔȿTCPWNGRGEȢOR Z
4GHT*GKJCKNGNKʕCOGC
ʔȿTCPWNGRGEȢOR
'NCTGWP VTCEVQT Z
*GKJCKNGNKʕCOGC
'NCTGWPVTCEVQT
'NCTȿEWVTCEVQTWN Z
*GKJCKNGNKʕCOGC
'NCTȿEWVTCEVQTWN
'NCTGQEQODKPȿ Z
*GKJCKNGNKʕCOGC
'NCTG QEQODKPȿ
'NUGEGTȿEWEQODKPC
'NVTGKGTȿEWEQODKPC
*GKJCKNGNKʕCOGC
'NOGTIGEWEQODKPC
ʔȿTCPWNCTGQHWTEȿ Z 
*GKJCKNGNKʕCOGC
ʔȿTCPWNCTGQHWTEȿ
 ȓPVQCTEGHȢPWNEWHWTEC Z
*GKJCKNGNKʕCOGC
ȓPVQCTEGHȢPWNEWHWTEC
'NCTGQUQʕKG Z
*GKJCKNGNKʕCOGC
'NCTGQUQʕKG
%WNGIGHNQTKFGEȢOR Z
*GKJCKNGNKʕCOGC
%WNGIGHNQTKFGEȢOR
(CEGQEQTQCPȿ
&KPHNQTKNGFGEȢOR
*GKJCKNGNKʕCOGC

&KPHNQTKNGFGEȢOR


4EKI\ 4EKI\
0E^SS >MPIPIWʅTXʅQɨRMM
6IJVIR &GNCWPWPEGRUCFWP
.C\QQNC\QQ 2TKOC\KUGEJGCOȿNWPK
ȮOKRNCEGUȿOȿRNKOD .WPKNWPKKCTGNWPK
.C\QQNC\QQ 2TKOC\KUGEJGCOȿNWPK
ȮOKRNCEGUȿEQNKPF
2TKGVGPKRTKGVGPK 7PWʏKEWWPWUHTCʗK
ȮOKHCENCQTKEGRCU %GCFGCFQWC\KGOCTʗK
.CHKGECTGRCTVG /CTʗKOCTʗKKCTGOCTʗK
GWHCEEȢVGWPRQRCU %GCFGCFQWC\KGOCTʗK
.C/Qʑ/CTVKPITGQKWN 6TGKDTQUEWʗGUCNVȿPEGTEWTK
.CNWRWNEGNXKVGC\ ʐVKʕKCVTGKC\KGOKGTEWTK
.CKGRWTCʑWNURTKPVGP /KGTEWTKKCTGOKGTEWTK
8WNRQKWNJQʕQOCP %GCFGCVTGKC\KGOKGTEWTK
4GH
2CVTWITGKGTCʏKXKQK
.CETQEQFKNWN&WPFGG %ȢPVȿRȢPŦUGHCEGLQK
.CʑCTRGNGIKICPV ,QKLQKKCTGLQKЯ
7TCPIWVCPWNXGUGN %ȢPVȿRȢPŦUGHCEGLQK
ʐKCRQKNCGNGHCPV
4GH %WEWPXCʗȿCPWOȿTC
<KWCCEKPEGCKXKPGTGC
2KUKECʑQTKEGNWN 8KPGTKXKPGTGC
2ȿWPWNEQNQTCV <KWCCEKPEGCKXKPGTGC
#EXKNCʑKIKTCHC
2GVQʕKKCOUCNWVCV %QEQUVȢTEWPCRȿUVȿ
4GH <KWCCʏCUGCKUȢODȿVȿ
5ȢODȿVȿUȢODȿVȿ
<KWCCʏCUGCKUȢODȿVȿ
+CTHWTPKECXGUGNȿ
%ȢPVȿʑKFWOKPKEȿ
8GUGNȿXGUGNȿ
%ȢPVȿʑKFWOKPKEȿ
 'SQTIXIR˝IWTIGMJMGI˕MEGXMZMXʅ˝MHIɴRZʅ˝EVI ũTEKMRMPIɴRZʅ˝ʅXSVYPYM

'SQTIXIR˝IHI^ZSPXEXI˕MEGXMZMXʅ˝MHIɴRZʅ˝EVIETPMGEXITIXSXTEVGYVWYPPIG˝MMPSV

-HIRXMJMGEVIEWIQRMJMGE˝MIMYRYMQIWENSVEPWGYVXEVXMGYPEXGPEV˕MVEVɴRWS˝MXHIKIWXYVM
ũ I\IVGM˞MMHIɵR˞IPIKIVIKPSFEPʆHIXMTYPŲKVYTIE^ʆűŲE˖E^ʆűŲɵRGIVGYMI˖XIűŲGSPSVIE^ʆűŲYRI˖XIű
ŲGSQTPIXIE^ʆű
6IGYRSE˕XIVIEYRSVMRJSVQE˝MMWTIGMJMGIHMRXVYRQIWENSVEPEVXMGYPEXGPEV˕MVEVɴRWS˝MXHIWYTSVX
MQEKMWXMG
ũEWGYPXEVIEYRSVGSQIR^MHMHEGXMGI˖MIRYR˞YVMWMQTPI WTYWIHITVSJIWSVɵRVIKMWXVEXITIWYTSVX
EYHMSZMHIS
 1ERMJIWXEVIE GYVMS^MXʅ˝MM JE˝ʅ HI VIGITXEVIE WIQRMJMGE˝MIM QIWENIPSV SVEPI ɴR GSRXI\XI HI
GSQYRMGEVIJEQMPMEVI
ũEWGYPXEVIE˖MQM˖GEVIEɵRVMXQYPYRYMGɩRXIGTIRXVYGSTMM
)\IGYXEVIEYRYMWIXHIHSYʅXVIMGSQIR^MHMHEGXMGIVSWXMXIGPEV˕MVEV
ũ I\IGYXEVIEEGSQIR^MGSVIPEXIVIHEXITVMRJSPSWMVIEYRSVWXVYGXYVMGEVIMRGPYHWYFWXERXMZI
ZIVFIEHNIGXMZI
ũ WMQYPʆVMEPIYRSVWMXYE˞MMGSRGVIXIHIGSQYRMGEVITIXIQIGSXMHMIRIGSRGVIXI
6ITVSHYGIVIEYRSVQIWENIWMQTPIVIWTIGXɨRHTVSRYR˝MEWYRIXIPSVWTIGMJMGIPMQFMMVSQɨRI˕M
EGGIRXYPPERMZIPYP GYZɨRXYPYM
ũ VITIXEVIEYRSVGYZMRXIIRYR˞YVMJSVQYPIY^YEPI
ũ I\IVGM˞MMNSGHITVSRYR˞EVIGSVIGXʆEGYZMRXIPSVGEVIGSR˞MRWYRIXIWTIGMJMGIPMQFMMVSQɩRI
ũ I\IVGM˞MMHIEGGIRXYEVIGSVIGXʆEGYZMRXIPSV
ũ I\IVGM˞MMHIMRXSREVITVMRVITIXEVIHYTʆQSHIPEYRSVGYZMRXIY^YEPIEHMJIVMXIPSVXMTYVMHITVSTS^M˞MM
IRYR˞MEXMZIMRXIVSKEXMZII\GPEQEXMZI 
ũ I\IVWEVIEYRSV^MGʆXSVMZIVWYVMGɩRXIGIKLMGMXSVMGYEPXIVREVIEVMXQYPYM˖MMRXSRE˞MIM
8VERWQMXIVIEHIMRJSVQE˝MMTVMRJSVQYPEVIEHIIRYR˝YVMWMQTPIVIJIVMXSEVIPESFMIGXITIVWSERI
EGXMZMXʅ˝MHMRQIHMYPETVSTMEX
ũ JSVQYPEVIEHIIRYR˞YVMWMQTPITIXIQIJEQMPMEVI
ũ JSVQYPEVIEHIVʆWTYRWYVMPEɵRXVIFʆVM
4EVXMGMTEVIEPENSGYVMHIGSQYRMGEVIɴRGEVIVITVSHYGIWEYGVIIE^ʅQIWENITIXIQIGYRSWGYXI
 ũ WMQYPʆVMEPIYRSVWMXYE˞MMGSRGVIXIHIGSQYRMGEVITIXIQIGSXMHMIRIGSRGVIXI
1ERMJIWXEVIEMRXIVIWYPYMTIRXVYWGLMQFYPHIQIWENIɴRPMQFEVSQɨRʅGYMRXIVPSGYXSVMGYRSWGY˝M
ũ ZM^MSREVIEYRSVMQEKMRMJMPQIɵRWS˞MXIHIWYTSVXEYHMXMZ
1ERMJIWXEVIEGYVMS^MXʅ˝MMTIRXVYHIGSHEVIEYRSVQIWENIWGVMWIWGYVXIHMRYRMZIVWYPETVSTMEX
ũ PIGXYVʆHYTʆMQEKMRM
6IGYRSE˕XIVIEWIQRMJMGE˝MIMYRSVVITVI^IRXʅVMWMQFSPMGIHMRQIHMYPɴRGSRNYVʅXSV
 ũ I\IVGM˞MMHIWXEFMPMVIEGSVIWTSRHIR˞IMMQEKMRIũQIWENXI\X WTYWGMXMXHITVSJIWSV
8SEXIEGIWXIERYWIQEMQIR˞MSRIE^ʆ ɵRXEFIP


 





 I



 


 :SGEFYPEVVSQɨRQEKLMEV
˖GSEPEQIE QCUEWʕKVQCTGFQWȿCUEWʕKVQTK LQKEUȹVȵTVȵM
QʑEQCNȿFQWȿʑEQNKKUMQNC JGI[G\ʃ XKPGTKRȩPVGM
WPʑEQNCTFQKʑEQNCTKKUMQNȡU WPNKPKCTFQWȿNKPKCTGXQPCN\Ȳ UȢODȿVȿU\QODCV
HKȷ QECTKQEȿFQWȿECTKQEKHKNEVQNN FWOKPKEȿXCUȡTPCR
QUEQNȿTKʕȿFQWȿʑEQNȿTKʕG WP NKRKEK FQWȿ NKRKEKWTK  TCICU\VȲ \KNGNWETȿVQCTGOWPMCPCRQM
KUMQNȡU NȡP[ QHQCTHGEȿFQWȿHQCTHGEKQNNȲ \KNGNKDGTGU\CDCFPCRQM
CEGUVCCEGCUVCG\ Q CEWCTGNȿ FQWȿ CEWCTGNG  TGNKIKGXCNNȡU
GWOGTIOGI[GM Xȭ\HGUVȩM
CTGXCP PGMK QRGPUWNȿFQWȿRGPUWNGGEUGV 7ʅRIGSQTSVXʅQJVYQSW
UGȮPVȢNPGʏVGVCNȡNMQ\KM JȢTVKGEQNQTCVȿU\ȭPGURCRȭT OWNʕWOGUEMȵU\ȵPȵO
UGPWOGʏVGPGXG\KM RWPGVGU\ RCTFQPDQEUȡPCV
FQCOPCȮPXȿʕȿVQCTGVCPȭVȲ UEQCVGMKXGU\ EWOKPVGU\ȲHQICFȲ
PȩPK IȿUGʏVGOGIVCNȡN DWP ȿ LȲ
FQOPWNȮPXȿʕȿVQTVCPȭVȲ TȿWTGCTQUU\
DȡEUK 'SPIKMM CVGPV ȿ HKI[GNOGU
PGCVGPV ȿ HKI[GNOGVNGP
ɴRZʅ˛ʅXSEVIEɴRZʅ˛ʅXSVYP
'PEWEQIE WPEQNGIFQKEQNGIKMQNNȩIC UCNWVȿMȵU\ȵP
QENCUȿFQWȿENCUGQU\VȡN[
QEQNGIȿFQWȿEQNGIG EGTGMȩT
UCNCFGENCUȿVCPVGTGO MQNNȩICPʃ CLWVȿUGIȭV
QDCPEȿFQWȿDȿPEKRCF
OGWOGCC\GP[ȩO OWNʕWOGʑVGOGIMȵU\ȵP
QECVGFTȿFQWȿECVGFTG JCTPKE ȿ U\QTICNOCU TQCIȿ OGI MȩT
XQKQUXQKQCUȿXȭI KCTVȿOGIDQEUȡV
MCVGFTC
CUEWNVȿVQTCUEWNVȿVQCTG
WPEWKGTFQWȿEWKGTGHQICU
QGVCLGTȿFQWȿGVCLGTGRQNE U\ȲHQICFȲ %RSXMQTYPXSEQRE
WPFWNCRFQWȿFWNCRWTK WPCPQVKORFQWȿCPQVKORWTK
U\GMTȩP[ 'IJEGIPIZMMPE˗GSEPʅ# ȩXU\CM
QOCUȿFQWȿOGUGCU\VCN UETKGȭT VQCOPȿʃU\
WPUECWPFQWȿUECWPGU\ȩM XQTDGʏVGDGU\ȩN QWODTGNȿFQWȿWODTGNG
UGLQCEȿLȡVU\KM GUGTP[ʃ
PQCUVTȿCOKȩPM
RKEVGC\ȿHGUV QRNQCKGFQWȿRNQKGUʃ
QTFQPCV ȿ TGPFG\GVV
NKRGʏVGTCICU\V WPPQTFQKPQTKHGNJʃ
EWTCV ȿ VKU\VC
VCKGXȡI QHTWP\ȿFQWȿHTWP\GHCNGXȩN
OWTFCT ȿ OQEUMQURKU\MQU
FG\QTFQPCV ȿ TGPFG\GVNGP EȢPVȿȩPGMGN RNQWȿGUKMC\GUʃ
UVȿȹN \DQCTȿTGRȹN
ȮPXCʕȿVCPWN >MPIPIWʅTXʅQɨRMM˗MSVEVYP DCVGXȢPVWNHȷLCU\ȩN
Q\KFQWȿ\KNGPCR RȿUȿTKEȿNȿVQCTG
+LMS^HERYP˗MVIGLM^MXIPI QQTȿFQWȿQTGȲTC XȡPFQTOCFCTCM
˗GSPEVI WPQTCTFQWȿQTCTGȲTCTGPF
WPECKGVFQWȿECKGVGHȹ\GV QUȿRVȿOȢPȿFQWȿUȿRVȿOȢPK 0MZEHEũJVYGXIHIXSEQRʅ
WPOCPWCNFQWȿOCPWCNG JȩV WPOȿTFQWȿOGTGCNOC
VCPMȵP[X \KNGNGUȿRVȿOȢPKKCJȩVPCRLCK QRCTȿFQWȿRGTGMȵTVG
WPRGPCTFQWȿRGPCTG NWPKJȩVHʃ QPWEȿFQWȿPWEKFKȲ
VQNNVCTVȲ OCTʕKMGFF WPUVTWIWTGFQKUVTWIWTK 
QTCFKGTȿFQWȿTCFKGTGTCFȭT OKGTEWTKU\GTFC U\ʃNʃ

QIWVWKGFQWȿIWVWKDKTUCNOC
QRTWPȿFQWȿRTWPGU\KNXC
QNKXCFȿFQWȿNKXG\K
I[ȹOȵNEUȵU
UCNCVȿFGHTWEVG
I[ȹOȵNEUUCNȡVC
+VʅHMREHIPIKYQI
WPOQTEQXFQKOQTEQXK
UȡTICTȩRC
WPCTFGKFQKCTFGKRCRTKMC
QEGCRȿFQWȿEGRGJCI[OC
QTQʑKGFQWȿTQʑKKRCTCFKEUQO
WPECUVTCXGVGFQKECUVTCXGʕK
WDQTMC
WPECTVQHFQKECTVQHK
DWTIQP[C
QXȢPȿVȿFQWȿXKPGVG
RCFNK\UȡP
WPITȿFKPCTFQKITȿFKPCTK
MGTVȩU\
QUCRȿFQWȿUCRGMCRC
WPJȢTNGʗFQWȿJȢTNGʗGȡUȲ
QITGDNȿFQWȿITGDNGIGTGDN[G
QUVTQRKVQCTGFQWȿUVTQRKVQTK
NQEUQNȲ
QEKQTDȿFQWȿEKQTDG
\ȵNFUȩINGXGU
NGIWOG\ȵNFUȩI
0ETME˛ʅ
QVCTCDȿFQWȿVCTCDG
GNȡTWUȭVȲRWNV
QEKTGCʑȿFQWȿEKTGʑG
EUGTGU\P[G
QXKʑKPȿFQWȿXKʑKPGOGII[
QEȿRʑWPȿFQWȿEȿRʑWPK
GRGT
QRKGTUKEȿFQWȿRKGTUKEK
DCTCEM
QNȿOȢKGFQWȿNȿOȢKEKVTQO
QRQTVQECNȿFQWȿRQTVQECNG
PCTCPEU
QDCPCPȿFQWȿ
DCPCPGDCPȡP
QUCNCVȿFQWȿUCNCVG
UCNȡVC

QXCT\ȿFQWȿXCT\GMȡRQU\VC RCKURTG\GEGVK\GPPȩI[
HCUQNGRCU\WN[ EKPEKURTG\GEGVK\GPȵV
OC\ȿTGDQTUȲ ʑCKURTG\GEGVK\GPJCV
QTKFKEJGFQWȿTKFKEJKTGVGM ʑCRVGURTG\GEGVK\GPJȩV
WUVWTQKHQMJCI[OC QRVURTG\GEGVK\GPP[QNE
IWUVQU\GOQU PQWȿURTG\GEGVK\GPMKNGPE
ȭ\NGVGU\COCVQU FQWȿ\GEKJȷU\
UȿPȿVQUUȿPȿVQCUȿ EQTGEV ȿ JGN[GU
GIȩU\UȩIGU %ȢʕK!%ȢVG!/GPP[K!*ȡP[!
NGIWOGUȿPȿVQCUG ʑKTETGUEȿVQTPȵXGMXʃ
GIȩU\UȩIGU\ȵNFUȩIGM UQTTGPF
ʑKTFGUETGUEȿVQTEUȵMMGPʃ
HCEGEWORȿTȿVWTKXȡUȡTQN
%ȢVEQUVȿ!/GPP[KDGMGTȹN! UQTTGPF
0EQEKE^MRYPEPMQIRXEV *EQMPMEQIE
WPCNKOGPVFQWȿCNKOGPVG WPRȿTKPVGFQKRȿTKPʕKU\ȹNʃ
ȩNGNOKU\GT WPPGRQVQPGRQCVȿWPQMC
QHTCP\GNȿFQWȿHTCP\GNG WPDGDGNWʑFQKDGDGNWʏK
XGMPK MKUDCDC
\CJȿTEWMQT VȢPȿT ȿ HKCVCN
HȿKPȿNKU\V DȿVTȢP ȿ ȵTGI
QTG\TK\U DWPKEKPCI[U\ȹNʃM
VȿKGʕGKVȿKʕGKNGXGUVȩU\VC OGODTKKHCOKNKGKC
WNGKQNCL EUCNȡFVCIQM
QʕGVGEGV
UCTGUȲ 0SGYMR˛ERSEWXVʅ
OKGTGOȩ\ QNQEWKPʕȿFQWȿNQEWKPʕG
QDQODQCPȿFQWȿDQODQCPG NCMȡU
EWMQTMC QECUȿFQWȿECUGJȡ\
ECTPGJȷU WPCRCTVCOGPVFQWȿ
EQTPMKHNK CRCTVCOGPVGNCMTȩU\
OCECTQCPGOCMCTȲPK WPDNQEFQWȿDNQEWTK
UCNCOU\CNȡOK VȵODJȡ\
CRȿXȭ\ QDWEȿVȿTKGFQWȿDWEȿVȿTKK
WPQWFQWȿQWȿVQLȡU MQP[JC
ECʑECXCNUCLV QDCKGFQWȿDȿKHȹTFʃ
QPCRQNKVCPȿFQWȿPCRQNKVCPG WPFQTOKVQTFQWȿFQTOKVQCTG
PȡRQN[K JȡNȲU\QDC
DKUEWKʕKMGMU\ QUWHTCIGTKGFQWȿUWHTCIGTKK
OCIC\KPCNKOGPVCT PCRRCNK
ȩNGNOKU\GTDQNV QRNKVȿFQWȿRNKVGHʃ\ʃNCR
QPQRVKGTȿFQWȿPQRVKGTG
7ʅRYQʅVʅQTɨRʅPE ȩLLGNKU\GMTȩP[
GWPWOȿTU\ȡOQNQM WPVCDNQWFQWȿVCDNQWTK
WPURTG\GEGVK\GPGI[ HGUVOȩP[
FQKURTG\GEGVK\GPMGVVʃ QUQDȿFQWȿUQDGMȡN[JC
VTGKURTG\GEGVK\GPJȡTQO QECFȿFQWȿEȿ\KMȡF
QEJKWXGVȿFQWȿEJKWXGVG UGWKVȿNCPȩ\XCNCOKV
OWPEGʏVGFQNIQ\KM
OQUFȲMCI[NȲ EKVGʏVG\KCTWNȷLUȡIQVQNXCU
NWETGC\ȿFQNIQ\KMOGIOʣXGN
QECPCRGCFQWȿECPCRGNG ʑVGTIGRTCHWNRQTVVȵTȵN EQPUWNVȿOGIXK\UIȡN
MCPCRȩ EQCUGXCTT XKPFGGNCF
WPHQVQNKWFQWȿHQVQNKK HQVGN TGRCTȿLCXȭV EQPUWNVȿDQNPCXWN
QQINKPFȿFQWȿQINKP\KVȹMȵT WFȿȵPVȵ\ OGIXK\UIȡNLCCDGVGIGV
WPEWRVQTEWOKETQWPFG TGRCTȿOGILCXȭV
OKMTQJWNNȡOȷUȹVʃ 0EGYQTʅVʅXYVM IȿVGʑVGHʃ\
WPEWRVQTGNGEVTKE WPOCIC\KPFQWȿOCIC\KPG
GNGMVTQOQUUȹVʃ DQNV *MMGYQMRXI˗MEGEWʅ
VQCNGVȿXȩEȩKNNGOJGN[ WPTCKQPFQWȿTCKQCPGTȩU\NGI CUEWNVȿVQTCUEWNVȿVQCTG
EQPHGEʕKKMȩU\TWJC U\ȲHQICFȲ
'EQIVEQIE RCRGVȿTKGRCRȭTMGTGUMGFȩU CLWVUGIȭVGM
QECOGTȿFQWȿECOGTG GNGEVTQPKEGGNGMVTQPKMCK EQTGEVJGN[GU
U\QDC TȩU\NGI HCEQTFKPGEWTȿʕGPKGTGPFGV
WPRCVFQWȿRCVWTKȡI[ WPXȢP\ȿVQTFQKXȢP\ȿVQTK TCMQMVCMCTȭVQM
WPFWNCRFQWȿFWNCRWTK GNCFȲ PWOȿDCVPGOXGTGMU\GO
U\GMTȩP[ QXȢP\ȿVQCTGFQWȿXȢP\ȿVQCTG PWOȿEGTVPGOXGU\GMU\GO
WPUECWPFQWȿUECWPGU\ȩM GNCFȲPʃ
WPEQXQTFQWȿEQXQCTG QECUȿMCUU\C %RSXMQTYPMEVRE
U\ʃP[GI QECUKGTKʕȿFQWȿECUKGTKʕG KCTPȿVȩN
QOCUȿFQWȿOGUGCU\VCN MCUU\ȡUPʃ \ȿRCFȿJȲ
WPTCHVFQWȿTCHVWTKRQNE RTQDGC\ȿHGNRTȲDȡN PKPIGJCXC\KM
WPECNEWNCVQTFQWȿ RNȿVGʑVGHK\GV WPHWNIFQKHWNIKJȲRGJGN[
ECNEWNCVQCTGU\ȡOȭVȲIȩR DQPFGECUȿMCUU\CDQP QIJGCʗȿLȩI
QRGTFGCFQWȿRGTFGNG %ȢVEQUVȿ!/GPP[KDGMGTȹN! HTKIJKFGI
HȹIIȵP[ WPNCEFQWȿNCEWTKVȲ
RGTCLVC HWNIFG\ȿRCFȿJȲRGJGN[
3GYTE˛MMPITʅVMR˛MPSV
UWDCNCVVC QOGUGTKGFQWȿOGUGTKK ʕWTʕWTKFGIJGCʕȿLȩIEUCR
NȢPIȿOGNNGVVG HNQTKFGIJGCʕȿLȩIXKTȡI
OGUVGTUȩI
ȮPDGPPG
WPʑQHGTFQKʑQHGTKUQHʃT
.SGYVMHIMEVRʅ
WP\KFCTFQK\KFCTKMʃOʣXGU
.YGʅVMMPIQIPI QEQCHG\ȿFQWȿEQCHG\G QXCECPʗȿFQWȿXCECPʗG
TQVWPF ȿ MGTGM XCMȡEKȲ
HQFTȡU\Pʃ
RTGHGTCV ȿ MGFXGPE WPKPUVCNCVQTFQKKPUVCNCVQTK WPDWNIȿTGFQKDWNIȿTK
NWPI ȿ JQUU\ȷ JȲIQN[Ȳ
U\GTGNʃ
OȿLQELȡVU\QO WPXȢP\ȿVQTFQKXȢP\ȿVQTK QUCPKGFQWȿUȿPKKU\ȡPMȲ
LWEȿTKCRTGHGTCVȿMGFXGPE WPUEJKFQWȿUEJKWTKUȭUȭNȩE
GNȡTWUȭVȲ
LȡVȩMQO QXȢP\ȿVQCTGFQWȿXȢP\ȿVQCTG QRCVKPȿFQWȿRCVKPG
MQTEUQN[C
GNȡTWUȭVȲPʃ
%GXMZMXʅ˛MɴRJEQMPMI
WPOGECPKEFQKOGECPKEK QOFG\ȿRCFȿJȲGODGT
WP\KCTFQWȿ\KCTGȷLUȡI UGFȿEWUCPKCU\ȡPMȲ\KM
U\GTGNʃ
WPCURKTCVQTFQWȿCURKTCVQCTG WPDWEȿVCTFQKDWEȿVCTK UGFȿEWRCVKPGNGMQTEUQN[ȡ\KM
RQTU\ȭXȲ UEJKC\ȿUGFȿ   
U\CMȡEU
CURKTȿRQTU\ȭXȲ\KM WPDTWVCTFQKDTWVCTKRȩM EWUEJKWTKNGUȭGN
HCEGEWTȿʕGPKGVCMCTȭV WPCITKEWNVQTFQKCITKEWNVQTK EQPUVTWKGʑVGȩRȭV
HCEGOȢPECTGHʃ\
HȵNFOʣXGU QOFG\ȿRCFȿJȲGODGT

UGFCWEWDWNIȿTKFG\ȿRCFȿ
JȲIQN[Ȳ\PCM
HCEQOFG\ȿRCFȿJȲGODGTV
ȩRȭVGPGM
əQFVʅGʅQMRXIE˗M
ɴRGʅP˛ʅQMRXIE
ȮPEȿNʕȿOKPVGNȡDDGNK
ȮODTȿEȿOKPVGȵNVȵ\GVTWJC
WPEJKNQVFQKEJKNQʕKCNUȲPGOʣ
QHWUVȿFQWȿHWUVG U\QMP[C
QTQEJKGFQWȿ TQEJKKTWJC
QDNW\ȿFQWȿDNW\GDNȷ\
WPRWNQXGTFQWȿRWNQXGTG
RWNȲXGT
QRKLCOCFQWȿRKLCOCNG
RK\UCOC
QIGCEȿFQWȿIGEKF\UGMK
QOȿPWʑȿFQWȿOȿPWʑK
MGU\V[ʣ
WPHWNCTFQWȿHWNCTGUȡN
QEȿEKWNȿFQWȿEȿEKWNKUCRMC
QʑQUGVȿFQWȿʑQUGVG\QMPK
ITQUITQCUȿXCUVCI
OȿȮODTCEHGNȵNVȵ\ȵO
Oȿ ȮPECNʕ  HGNXGU\GO C NȡDDGNKV
QEK\OȿFQWȿEK\OGEUK\OC
QIJGCVȿFQWȿIJGVGDCMCPEU
QUCPFCNȿFQWȿUCPFCNG
U\CPFȡN
WPRCRWEFQKRCRWEKRCRWEU
'VʅGMYRYPɴRJEQMPMI
WPECFQWFQWȿECFQWTK
CLȡPFȩM
WPDTCFFQKDTC\KHGP[ʃHC
WPINQDFQWȿINQDWTKIȵOD
QUVGCFQWȿUVGNGEUKNNCI
QDGVGCNȿCPI[CNJCL
QHGNKEKVCTGFQWȿHGNKEKVȿTK
ȹFXȵ\NGV
ȮORQFQDKVHGNFȭU\ȭVGVV
ȮORQFQDGʏVGFȭU\ȭV
RQOFG%TȿEKWP
MCTȡEUQP[HC
UCPȿUEWV
OGIU\ȹNGVGVV

%TȿEKWPHGTKEKVЯ$QNFQI 1MGYPHINYR
MCTȡEUQP[VЯ OKEWNFGLWPTGIIGNK
/Qʑ%TȿEKWPMCTȡEUQP[CRȲ WPWPVXCL
QDTȢP\ȿVȷTȲ
1SQIRXIPI^MPIM WPRCVGWRȡUVȩVQO
FKOKPGCʕCTGIIGN WPEGCKFQWȿEGCKWTKVGC
COKC\ȿFȩN EGTGCNGICDQPC
UGCTCGUVG QECPȿFQWȿEȿPKEUȩU\G
FWRȿOCUȿFȩNWVȡP VQCTPȿVȵNV
\KWȿPCRRCN DGCKU\KM
PQCRVGȩLLGN OȿPȢPEȿGU\KM
UCNWVȿMȵU\ȵP VCKGXȡI
WPQWHKGTVHʃVVVQLȡU
4VSKVEQYPQIY^MPRMG ECECQEWNCRVGMCMCȲUVGL
FGXTGOGMQTȡP EGCKEWNȿOȢKGEKVTQOQUVGC
VȢT\KWMȩUʃP QHGNKGFGRȢKPGGI[U\GNGV
OȿVTG\GUEHGNMGNGM MGP[ȩT
OȿQFKJPGUERKJGPGM OKGHQCOGȩJGUXCI[QM
OȿEWNENGHGMU\GO OKGUGVGU\QOLCUXCI[QM
ȮPCKPVGFGOCUȿFȩNGNʃVV 5ȿʗKHKGFGDKPGЯ'IȩU\UȩIGFTGЯ
FWRȿOCUȿFȩNWVȡP
4VɨR^YP
%VERNʅQQEWE WPRTȢP\FQWȿRTȢP\WTKGDȩF
QEGCʏEȿFQWȿEGʏVKEUȩU\G QUWRȿFQWȿUWRGNGXGU
QHCTHWTKGFQWȿHCTHWTKKVȡP[ȩT QEKQTDȿ\ȵNFUȩINGXGU
QNKPIWTȿFQWȿNKPIWTKMCPȡN QHTKRVWTȿFQWȿHTKRVWTKUȹNV
QNKPIWTKʕȿFQWȿNKPIWTKʕG WPRGʑVGFQKRGʑVKJCN
MKUMCPȡN WPFGUGTVFQWȿFGUGTVWTK
QHWTEWNKʕȿFQWȿHWTEWNKʕGXKNNC FGUU\GTV
WPEWʕKVFQWȿEWʕKVGMȩU QRTȿLKVWTȿFQWȿRTȿLKVWTK
QUQNPKʗȿFQWȿUQNPKʗGUȲVCTVȲ UȹVGOȩP[
WPECUVTQPFQWȿECUVTQCPG QȮPIJGʗCVȿFQWȿȮPIJGʗCVG
VȡN HCI[NCNV
WPRQNQPKEFQWȿRQNQPKEG QENȿVKVȿFQWȿENȿVKVG
OGTʃMCPȡN RCNCEUKPVC
WPʑGTXGʕGNFQWȿʑGTXGʕGNG HGNWNȮPVȢKGNUʃHQIȡU
U\CNXȩVC HGNWNFQKOȡUQFKMHQIȡU
CFȢPE ȿ OȩN[ ECTVQHKRCKJCUȡDDWTIQP[C
ȮPVKPU ȿ NCRQU U\CNOCMTWORNK
RNKP ȿ VGNK RKWTGFGECTVQHKMTWORNKRȹTȩ
IQNIQCNȿȹTGU OȢPECTGRTGHGTCVȿMGFXGPE
CTCPLG\GNTGPFG\GO ȩVGN
HCʗȿFGOCUȿCU\VCNVGTȭVʃ
EQʏFGRȢKPG 'MRE
MGP[GTGUMQUȡT QEKPȿFQWȿEKPGXCEUQTC
CTCPLG\OCUCOGIVGTȭVGOC\ QQONGVȿFQWȿQONGVG
CU\VCNV VQLȡUTȡPVQVVC
WPETGPXWTUVFQKETGPXWTʏVK
MTȩOXKTUNK
OȿOȿNKIȿEWNCRVGVGLGU
RWNKU\MC
WPQEJKFQWȿQEJKWTK
VȹMȵTVQLȡU
NCRVGEWQTG\VGLDGTK\U
RȢKPGRTȿLKVȿRKTȭVȲUMGP[ȩT
EKPGC\ȿXCEUQTȡ\KM
URCIJGVGURCIGVVK
7ʅQɨRGʅQWʅRʅXSW
UȿPȿVQUUȿPȿVQCUȿ
GIȩU\UȩIGU
PGUȿPȿVQUPGUȿPȿVQCUȿ
GIȩU\UȩIVGNGP
OGPKWOGPȹ
'SVTYPQIY
WPECRFQWȿECRGVGHGL
WPIȢVFQWȿIȢVWTKP[CM
WPWOȿTFQKWOGTKXȡNN
WPVTWPEJKVȵT\U
WPDTCʗFQWȿDTCʗGMCT
OȢPȿOȢKPKMȩ\
QRCNOȿFQWȿRCNOGVGP[ȩT
WPFGIGVFQWȿFGIGVG WLL
WPURCVGJȡV
WPRKEKQTFQWȿRKEKQCTGNȡD
QVCNRȿFQWȿVȿNRKVCNR
CTCVȿOWVCV
RTKPFGHQI
TKFKEȿGOGN
'ETYP˕MJE˝E
WPRȿTJCL
ECUVCPKWIGU\VGP[GU\ȭPʣ
ʏCVGPDCTPC
DNQPFU\ʃMG
QHCʗȿFQWȿHGʗGCTE
WPQDTC\FQKQDTCLKCTE
WPQEJKFQKQEJKU\GO
QWTGEJGFQWȿWTGEJKHȹN
WPPCUQTT
QIWTȿU\ȡL
WPFKPVGFQKFKPʗKHQI
QNKODȿFQWȿNKODKP[GNX
GW XȿFNȡVQM WPVGCVTWFQWȿVGCVTG
GW CWFJCNNQM U\ȭPJȡ\
GW UKOVȩT\GM WPTGUVCWTCPVFQWȿ
GW OKTQUU\CIQNQM TGUVCWTCPVGXGPFȩINʃ
DWNGXCTFFQWȿDWNGXCTFG
7ʅRIɴRKVMNMQGSVTYP
UWIȡTȷV
QETGOȿFQWȿETGOGMTȩO QUVTCFȿFQWȿUVTȿ\KWVEC
WPUȿRWPFQWȿUȿRWPWTK WPGVCLFQWȿGVCLGGOGNGV
U\CRRCP WPDNQEFQWȿDNQEWTK
WPRTQUQRFQWȿRTQUQCRG VȵODJȡ\
VȵTȹNMȵ\ʃ GWNQEWKGUENCMQO
QQINKPFȿFQWȿQINKP\K
VȹMȵT 'YGIGʅPʅXSVMQ#
OWTFCT ȿ OQEUMQU EKTEWNȿMȵ\NGMGFKM
EWTCV ȿ VKU\VC OKLNQCEGFGVTCPURQTV
WPRKGRVGPGFQKRKGRVGPK LȡTOʣXGM
HȩUʣ RGCRȿCXȭ\GP
QDCVKUVȿFQWȿDCVKUVG RGWUECVCU\ȡTC\QP
\UGDMGPFʃ ȮPCGTCNGXGIʃDGP
UGURCNȿOQUCMU\KM WPCWVQVWTKUOFQWȿ
UGʑVGTIGOGIVȵTNKOCIȡV CWVQVWTKUOG
UGWKVȿPȩ\VGMKPV U\GOȩN[IȩRMQEUK
UGRKCRVȿPȿOGIHȩUȹNMȵFKM WPCWVQDW\FQWȿCWVQDW\G
IGNFGFWʑVWUHȹTFʃ CWVȲDWU\
RCUVȿFGFKPʕKHQIMTȩO WPVTGPFQWȿVTGPWTKXQPCV
RGTKWʕȿFGFKPʕKHQIMGHG QNQEQOQVKXȿFQWȿNQEQOQVKXG
OQ\FQP[
0EQIHMG WPXCIQPFQWȿXCIQCPG
WPVGTOQOGVTWJʃOȩTʃ XCIQP
WPFGPVKUVHQIQTXQU WPCXKQPFQWȿCXKQCPG
QDWTVȿJCU TGRȹNʃ
QHGDTȿNȡ\ WPVTCOXCKFQWȿVTCOXCKG
Q KPLGEʕKG FQWȿ KPLGEʕKK  KPLGMEKȲ XKNNCOQU
EQPUWNVȿOGIXK\UIȡN WPXCRQTFQWȿXCRQCTGJCLȲ
COHGDTȿNȡ\CUXCI[QM QDCTEȿFQWȿDȿTEKEUȲPCM
OȿFQCTGHȡL QDKEKENGVȿFQWȿDKEKENGVG
DKEKMNK
3VE˕YP Q OQVQEKENGVȿFQWȿ
WPQTCʏFQWȿQTCʏGXȡTQU OQVQEKENGVGOQVQTDKEKMNK
WPEGPVTWFQWȿEGPVTG
Mȵ\RQPV 7ʅGMVGYPʅQGSVIGX
QRTKOȿTKGFQWȿRTKOȿTKK QʏQUGCFQWȿʏQUGNG
RQNIȡTOGUVGTKJKXCVCN QTU\ȡIȷV
WPURKVCNFQWȿURKVCNG WPFTWOFQWȿFTWOWTK
MȲTJȡ\ ȷV
QEQHGVȿTKGFQWȿEQHGVȿTKK WPVTQVWCTFQWȿVTQVWCTG
EWMTȡU\FC LȡTFC

WPRKGVQPFQKRKGVQPK
I[CNQIQU
RQTPGʏVGKPFWN
UGQRTGʏVGOGIȡNN
VTCXGTUGC\ȿȡVMGN
RQNKʕKGTGPFʃTUȩI
UCNXCTGOGPVʃ
VTGEGTGFGRKGVQPK
I[CNQIȡVMGNʃJGN[
7EXYP
WPUCVFQWȿUCVGHCNW
QDKUGTKEȿFQWȿDKUGTKEK
VGORNQO
WPFKURGPUCTFQWȿFKURGPUCTG
TGPFGNʃ
QEȿTWʗȿFQWȿEȿTWʗGU\GMȩT
QHGTOȿFQWȿHGTOGHCTO
QXKGFQWȿXKKU\ʃNʃU
EȿOKPEWNVWTCNMWNVȷTJȡ\
OW\GWNUCVWNWKVȡLJȡ\
'EWE˗MGYVXIEFYRMGMM
WPRGTGVGFQKRGTGʗKHCN
QRQCTVȿFQWȿRQTʗKMCRW
WPICTFFQWȿICTFWTKMGTȭVȩU
WPCEQRGTKʏFQWȿCEQRGTKʏWTK
VGVʃ
WPJQTPFQWȿJQTPWTKMȩOȩP[
WPITCLFFQWȿITCLFWTKKUVȡNNȲ
QHȢPVȢPȿFQWȿHȢPVȢPKMȷV
EWVKGRQʏVCNȿRQUVCNȡFC
QVGTCUȿFQWȿVGTCUGVGTCU\
QDCPEȿFQWȿDȿPEKRCF
QEWTVGFQWȿEWTʕKWFXCT
%RMQEPIHSQIWXMGI
WPCPKOCNFQWȿCPKOCNGȡNNCV
CPKOCNG FQOGUVKEG  Jȡ\KȡNNCVQM
WPEȢKPGFQKEȢKPKMWV[C
WPEȿʕGNFQKEȿʕGKMWV[WU
QRKUKEȿFQWȿRKUKEKOCEUMC
WPRKUQKFQKRKUQKMCPFȷT
WPECNFQKECK
NȲ
WPOȢP\FQKOȢP\K
EUKMȲ

QXCEȿFQWȿXCEKVGJȩP
WPXKʕGNFQKXKʕGKDQEK
QQCKGFQWȿQKLWJ
WPOKGNFQKOKGKDȡTȡP[
QECRTȿFQWȿECRTGMGEUMG
WPKGFFQKKG\KIKFȲ
WPRQTEFQKRQTEKFKU\PȲ
WPRWTEGNFQKRWTEGKOCNCE
WPKGRWTGFQKKGRWTKP[ȷN
WPKGRWTCʑFQKKGRWTCʑKP[WU\K
NȢPȿI[CRLȷ
DNCPȿDWPFC
RKGNGDʃT
HQNQCUGJCU\QP
KGRWTGFGECUȿJȡ\KP[ȷN
'ɨMRIPI˗MTMWMGE
LWEȿWʑLȡVȩMQU
WPQUFQWȿQCUGEUQPV
UȿTQCFȿTȡILQP
QIJGCTȿFQWȿIJGCTGMCTQO
EȢKPGTȿWJCOKUMWV[C
FȿFKPEQCFȿEUȲXȡNLCCHCTMȡV
PGOKʑECVOQ\FWNCVNCPWN
4ʅWʅVMHIGYVXI
QIȿKPȿFQWȿIȿKPKV[ȷM
WPRWKFQKRWKEUKDG
WPEQEQʑFQKEQEQʑKMCMCU
QIȢUEȿFQWȿIȢʑVGNKDC
QTCʕȿFQWȿTCʕGTWEC
WPEWTECPFQKEWTECPKRWN[MC
QRCPȿFQWȿRGPGVQNNC\CV
RȿUȿTKFGEWTVGDCTQOHK
DQDQEFGTCʗȿMKUMCEUC
DQDQEFGIȢUEȿMKUNKDC
RWKFGIȿKPȿEUKTMG
RWKFGEWTECPMKURWN[MC
*SPSEWIPIERMQEPIPSV
HSQIWXMGI
HQNQUKVQTHQNQUKVQCTGJCU\PQU
HQNQUHQNQCUGJCU\QP
FGNKEKQUFGNKEKQCUȿHKPQO
ITCU ȿ MȵXȩT
JTCPȿVȡRNȡNȩM
OȢPECTGGPPKXCNȲ
%RSXMQTYPTVMQʅZEVE
WPIJKQEGNFQKIJKQEGK
JȲXKTȡI
QXKQTGCFQWȿXKQTGNGKDQN[C
QNCNGCFQWȿNCNGNGVWNKRȡP
QDCT\ȿFQWȿDGT\GIȲN[C
QTȢPFWPKEȿFQWȿTȢPFWPKEK
HGEUMG
WPEWKDFQWȿEWKDWTKHȩU\GM
QDWDWTW\ȿFQWȿDWDWTW\G
MCVKECDQIȡT
WPHNWVWTGFQKHNWVWTKNGRMG
QDTQCUEȿFQWȿDTQCʑVG
DȩMC
ȮPOWIWTGʏVGTȹI[G\KM
ȮPHNQTGʏVGXKTȡI\KM
ȮPXGT\GʏVGMK\ȵNFȹN
UGVQRGʏVGGNQNXCF
QEȿRʑWPȿFQWȿEȿRʑWPKGRGT
QTKFKEJGFQWȿTKFKEJKTGVGM
EGCRȿXGTFG\ȵNFJCI[OC
4E˕XIPI
2CʑVGJȷUXȩV
QETWEGFQWȿETWEKMGTGU\V
ȮPXKGTGHGNVȡOCFȡU
WPQDKEGKFQWȿQDKEGKWTK
U\QMȡU
XQRUGʏVGHGUV
*TKUVQUCȮPXKCVЯ-TKU\VWU
HGNVȡOCFVЯ
#FGXȿTCVCȮPXKCVЯ8CNȲDCP
HGNVȡOCFVЯ
4ʅHYVIE˕MERMQEPIPI
WʅPFEXMGI
QRȿFWTGFQWȿRȿFWTKGTFʃ
WPOKUVTGʕFQKOKUVTGʗK
XCFFKU\PȲ
QEKQEȿPKVQCTGFQWȿ
EKQEȿPKVQTKHCMQRȡPEU
WPWTUFQKWTʑKOGFXG
QXGXGTKʕȿFQWȿXGXGTKʕG
OȲMWU
WPNWRFQKNWRKHCTMCU
QEȿRTKQCTȿFQWȿEȿRTKQCTG
ʃ\
WPEGTDFQKEGTDKU\CTXCU
WPDTCFFQKDTC\KHGP[ʃ
WPRȿFWTCTFQKRȿFWTCTK
GTFȩU\
QIJKPFȿFQWȿIJKPFGOCMM
QCNWPȿFQWȿCNWPGOQI[QTȲ
Q\OGWTȿFQWȿ\OGWTG
OȡNPC
4VMIXIRMM
WPRTKGVGPFQKRTKGVGPKDCTȡV
QRTKGVGPȿFQWȿRTKGVGPG
DCTȡVPʃ
VTKUV ȿ U\QOQTȷ
UWRȿTCV ȿ JCTCIQU
HGTKEKV ȿ DQNFQI
JCTPKE ȿ U\QTICNOCU
NKPKʏVKV ȿ EUGPFGU
ȮPCNV ȿ OCICU
UEWPF ȿ CNCEUQP[
ITCU ȿ MȵXȩT
UNCD ȿ UQXȡP[
TQʏECV ȿ XȵTȵU
EȿRTWKDCTPC
>MYEHIRE˕XIVI
WPOWUCHKTFQKOWUCHKTK
XGPFȩI
QKPXKVCʗKGFQWȿKPXKVCʗKK
OGIJȭXȲ
WPKPXKVCVFQKKPXKVCʗK
OGIJȭXQVV
QNWOȢPCTGFQWȿNWOȢPȿTK
I[GTV[C
UWHNȿGNHȷLLC
FCPUGC\ȿVȡPEQN
QHGNKGFGVQTVGI[U\GNGV
VQTVC
WPDWEJGVFGHNQTKGI[EUQMQT
XKTȡI
.COWNʗKCPKЯ$QNFQI
U\ȹNGVȩUPCRQVЯ
.SGYVM˗MNYGʅVMM
WPLQEFQWȿLQEWTKLȡVȩM
WPLWEȿVQTFQKLWEȿVQTK
LȡVȩMQU
QOQCTȿFQWȿOQTKOCNQO
WP\CTFQWȿ\CTWTK
FQDȲMQEMC
ʑCJUCMM
FGUGPGCPKOCVGTCL\HKNO
VKORNKDGTU\CDCFKFʃ
EȿTʕKFGLQEMȡTV[CLȡVȩM
HKIWTKPGFGʑCJUCMMHKIWTȡM
LQEWTKRGECNEWNCVQT
U\ȡOȭVȲIȩRGULȡVȩMQM
4IXIVIRYPHINSEGʅ
WPNGCIȿPFQWȿNGCIȿPG
JKPVC
WPVQDQICPFQWȿVQDQICPG
EUȷU\FC
WPDCNCPUQCTFQWȿDCNCPUQCTG
JKPVCU\ȩM
QVTQVKPGVȿFQWȿVTQVKPGVG
TQNNGT
QEQCTFȿFQWȿEQCTFG
WITȲMȵVȩN
VGTGPWNFGLQCEȿLȡVU\ȲVȩT
RCVKPGEWTQNGIȵTMQTEUQN[C
4EVGYP
WPVWHKʏFQWȿVWHKʏWTKDQ\ȲV
QCNGGFQWȿCNGKUȩVȡP[
WPNCEFQWȿNCEWTKVȲ
UVTCVEWHNQTKXKTȡIȡI[ȡU
UGFȿȮPNGCIȿPJKPVȡ\KM
EQʏFGIWPQKU\GOGVGUMWMC
7ʅRIGSQTSVXʅQJVYQSWGY
TVMIXIRMM
FGCRTKPUGNGCHQIȲEUMC
FGCCUEWPUGNGCDȷLȲEUMC
UGEGCTVȿXGU\GMGFPGM
GW EȢʑVKIP[GTGM
GW RKGTFXGU\ȭVGM
%RSXMQTYPZEVE
XCTCP[ȡT
WPVTCPFCHKTFQKVTCPFCHKTK
TȲ\UC
UGEQCEGȩTKM
ȮPEȿN\GʏVGOGNGIȭVUȹV
NCPFGITȢWDȷ\CVȡDNC
HNQCTGFGOCERKRCEU
HNQCTGCUQCTGNWKPCRTCHQTIȲ
RGEȢORCOG\ʃP
QEQODKPȿFQWȿEQODKPG
MQODȡLP
QHWTEȿFQWȿHWTEKXCUXKNNC
WPITȢWDȷ\C
WPHȢPFQWȿHȢPWTKU\ȩPC
CTȿU\ȡPV
UGCOȿPȿXGV
UGEGTȿCTCV
VTGKGTȿEUȩRGN
HNQTKFGEȢOROG\GKXKTȡIQM
əRI\GYVWMI
WPOWPVGFQKOWPʗKJGI[
WPTȢWFQWȿTȢWTKHQN[Ȳ
QRKCVTȿFQWȿRKGVTGMʃ
WPEQTVFQWȿEQTVWTKUȡVQT
QUNȿPKPȿU\CNQPPC
WPEȢTPCVFQKEȢTPCʕKMQNDȡU\
WPTWEUCEFQWȿTWEUCEWTK
JȡVK\UȡM
QGZEWTUKGFQWȿGZEWTUKK
MKTȡPFWNȡU
QEGVCVGFQWȿEGVȿʕKXȡT
HQEFGVCDȿTȿVȡDQTVʣ\
RTȿLKOUNȿPKPȿU\CNQPPȡV
UȹVȹPM
0EKVʅHMRE^SSPSKMGʅ
QEWʏEȿFQWȿEWʏVKMGVTGE
WPRȿWPFQKRȿWPKRȡXC
WPJKRQRQVCOFQKJKRQRQVCOK
Xȭ\KNȲ
WPʏCTRGFQKʏGTRKMȭI[Ȳ
RGTKEWNQUXGU\ȩN[GU
WPȮPITKLKVQTFQKȮPITKLKVQTK
IQPFQ\Ȳ
DKNGVFGKPVTCTGDGNȩRʃLGI[
ECUȿFGDKNGVGLGI[RȩP\VȡT
0EGMVG
WPEKTEEKTMWU\

WPCETQDCVFQKCETQDCʗK
CMTQDCVC

WPENQXPFQKENQXPKDQJȲE
WPFTGUQTFQKFTGUQTK
ȡNNCVU\GNȭFȭVʃ
WPURGEVCEQNFQWȿURGEVCEQNG
GNʃCFȡU
WPURGEVCVQTFQKURGEVCVQTK
Pȩ\ʃ
CȮODNȢP\KVOGIU\GNȭFȭVGVVG
CRNCWFȿVCRUQN
OCOFKUVTCVU\ȲTCMQ\VCO
0EXIEXVYPHITʅTY˗M
VGCVTWFGRȿRWʑKDȡDU\ȭPJȡ\
OQʑCRȲ
DCDȿCP[Ȳ
'YZMRXI˗MWXVYGXYVMŲGIVXEXIű ERXSRMQI
HTKIŢEȿNFWTȿ
XCTȿŢKCTPȿ
\KŢPQCRVG
\K NKDGTȿŢ NWETȿVQCTG
FKOKPGCʕCŢUGCTC
HCTHWTKG CFȢPEȿŢ ȮPVKPUȿ
CNDŢPGITW
CNDȿŢPGCITȿ
CTCPLCVŢPGCTCPLCV
CTCPLCVȿŢPGCTCPLCVȿ
CUEWNVȿVQTŢPGCUEWNVȿVQT
CUEWNVȿVQCTGŢPGCUEWNVȿVQCTG
CVGPVŢPGCVGPV
CVGPVȿŢPGCVGPVȿ
DWPŢTȿW
DWPȿŢTGC
EQNQTCVŢPGEQNQTCV
EQNQTCVȿŢPGEQNQTCVȿ
FGUEJKUŢȮPEJKU
FGUEJKUȿŢȮPEJKUȿ
CPKOCN FQOGUVKEŢUȿNDCVKE
FGXTGOGŢVȢT\KW

VTCIGJȷ\ HCERNCLȿPCRQ\PCM
QFCVȿGI[U\GT EQUVWOFGDCKGHȹTFʃTWJC
QEJGNCTKFGUQCTG
:EGER˝EHIZEVʅ PCRU\GOȹXGI
QUEQKEȿFQWȿUEQKEKMCI[NȲ WODTGNȿFGUQCTGPCRGTP[ʃ
WP\OGWFQK\OGKUȡTMȡP[ RȿNȿTKGFGUQCTGU\CNOCMCNCR
PKUKRJQOQM
QOCTGFQWȿOȿTKVGPIGT 0YRMPIERYPYM
CNGCTIȿU\CNCF WPECNGPFCTFQWȿECNGPFCTG
UGUECNFȿHȹTFKM PCRVȡT
RGUEWKGʏVGJQTIȡU\KM QUȿTDȿVQCTGFQWȿUȿTDȿVQTK
ȮPQCVȿȷU\KM ȹPPGR
NCOCTGCVGPIGTGP PCVWTȿVGTOȩU\GV
HCEGRNCLȿPCRQ\KM \KFGUȿTDȿVQCTGȹPPGRPCR
WPEQNCEFQKEQNCEKȷU\ȲIWOK TQCFGVGTOȩU
QVCDȿTȿFQWȿVCDGTGVȡDQT
ȮPCKPVGFGOCUȿŢFWRȿOCUȿ XQKQUXGUGNŢVTKUVUWRȿTCV
FWNEGŢCETWCETȿ XQKQCUȿXGUGNȿŢ
HQNQUKVQTŢPGHQNQUKVQT VTKUVȿUWRȿTCVȿ
HQNQUKVQCTGŢPGHQNQUKVQCTG CFGXȿTCVŢHCNU
IQNŢRNKP CFGXȿTCVȿŢHCNUȿ
IQCNȿŢRNKPȿ UWDŢRG
JCTPKEŢNGPGʑ UWUŢLQU
JCTPKEȿŢNGPGʑȿ ȮPCKPVGŢȮPCRQK
ȮPCNVŢUEWPF ȮPCKPVGCNWKŢȮPURCVGNGNWK
ȮPCNVȿŢUEWPFȿ CFQCTOGŢUGVTG\GʑVG
OKEŢOCTG FȿŢRTKOGʑVG
OKEȿŢOCTG FGUEJKFGŢȮPEJKFG
UNCDŢITCU ȮPIJGCʕȿŢUGVQRGʑVG
UNCDȿŢITCUȿ OGTIGŢXKPG
OWTFCTŢEWTCV RQTPGʑVGŢUGQRTGʑVG
OWTFCTȿŢEWTCVȿ RWPGȮPŢUEQCVGFKP
QTFQPCVŢFG\QTFQPCV UGEWNEȿŢUGUEQCNȿ
QTFQPCVȿŢFG\QTFQPCVȿ UGFKUVTGC\ȿŢUGRNKEVKUGʑVG
TGEGŢECNF UVȿ QRTKVPGOKʑECV ŢOGTIG
TGEGŢECNFȿ WTEȿŢEQDQCTȿ
VȢPȿTŢDȿVTȢP XQTDGʑVGŢVCEG
VȢPȿTȿŢDȿVTȢPȿ
 %RI\I
+VIMIVE˕YP %RI\ERV RGPVTWGZGTEKʕKWN
QEWGSXEQERYEPYPYM PTFGRGRCI 
əRZE˝ʅRTKPLQE(IGYTIE^ʅ
EQRKKK ʏKɴQFVEGʅK
FGUGPȢPFEQNQTȢPFJCKPG
RGGK4VI^MRXʅKЯ

%RI\ERV RGPVTWGZGTEKʕKWNPTFGRGRCI
(IGYTIE^ʅOKLQCEGNGFGVTCPURQTVHIRYQI˗XING ʑKPMTI˗XING RG
KOCIKPGCFGNCGZGTEKʕKWN

%RI\ERV RGPVTWGZGTEKʕKWNPTFGRGRCI
(IGYTIE^ʅFGUGPGNGCPKOCNGNQTHIRYQI˗XINGʑKPMTI˗XINGNC
NQEWNRQVTKXKV



 %RI\ERV RGPVTWGZGTEKʕKWNPTFGRGRCI

(IGYTIE^ʅ ʑKVIEPM^IE^ʅECUCRTKPȮPFQKTG(IWIRIE^ʅOQDKNKGTWN



,6%1