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LEZIRvXWIXER]EYXSWM^IEXXVMFYXIW&YMPHERHVYR3RGIXLIM4LSRIWMQYPEXSVGSQIWYT
WIPIGX6SXEXI0IJXJVSQXLI,EVH[EVIQIRY[LMGL[MPPWMQYPEXIXYVRMRKXLIM4LSRIMRXS
PERHWGETIQSHI8EOIEPSSOEX*MKYVI3LHIEV
*MKYVI;IPPXLEXvWRSXZIV]YWIJYPMWMX#
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TEVXSJXLIWM^IMRWTIGXSVXLEXGSRXVSPWERSFNIGXvWEYXSWM^IEXXVMFYXIW
8LIFS\SRXLIPIJXMR*MKYVIMW[LIVI[IEGXYEPP]WIXXLIEXXVMFYXIWXLIFS\SRXLIVMKLX
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SRXLIPIJXXLIMRRIVWUYEVIVITVIWIRXWXLIGYVVIRXSFNIGX-JEFYXXSRMWWIPIGXIHXLIMRRIV
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8LIVIHEVVS[WMRWMHIXLIMRRIVWUYEVIVITVIWIRXXLILSVM^SRXEPERHZIVXMGEPWTEGIMRWMHIXLI
WIPIGXIHSFNIGX'PMGOMRKIMXLIVEVVS[[MPPGLERKIMXJVSQWSPMHXSHEWLIHSVJVSQHEWLIHFEGO
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',%48)6 %YXSVSXEXMSRERH%YXSWM^MRK
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MWJPI\MFPIERHMJMXvWWSPMHVIHXLIEQSYRXSJWTEGIWLSYPHFIOITXGSRWXERXMJTSWWMFPI
,YL#
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WIIMXMREGXMSR8EOIEPSSOFEGOEX*MKYVI[LMGLVITVI
WIRXWXLIHIJEYPXEYXSWM^IWIXXMRKW8LIWIHIJEYPXWIXXMRKW
WTIGMJ]XLEXXLISFNIGXvWWM^I[MPPVIQEMRGSRWXERXEWMXW
WYTIVZMI[MWVIWM^IHERHXLEXXLIHMWXERGIJVSQXLIPIJX
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[MPPFILEZIHYVMRKEVIWM^I2SXMGIXLEXXLIMRRIVFS\WXE]W
MRXLIWEQITPEGIVIPEXMZIXSXLIPIJXERHXSTIHKIWSJXLI
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8V]XLMWI\TIVMQIRX'PMGOFSXLSJXLIWSPMHVIHw-xWLETIW
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;MXLEPPXLIPMRIWWIXXSHEWLIHXLIWM^ISJXLISFNIGX[MPP
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XLIQSYX-J]SYKIXWXYQTIHXEOIEPSSOEX*MKYVI[LMGLWLS[W]SYXLIEYXSWM^IEXXVM
FYXIWRIIHIHJSVIEGLFYXXSRMRSVHIVXSOIITXLIQSRXLIWGVIIR[LIRXLITLSRIMWVSXEXIH
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FYMPHERHVYR8LMWXMQI[LIRXLIM4LSRIWMQYPEXSVGSQIWYT]SYWLSYPHFIEFPIXSWIPIGX
6SXEXI0IJXSV6SXEXI6MKLXJVSQXLI,EVH[EVIQIRYERHLEZIEPPXLIFYXXSRWWXE]SRXLI
WGVIIRWII*MKYVI-J]SYVSXEXIFEGOXLI]WLSYPHVIXYVRXSXLIMVSVMKMREPTSWMXMSR8LMW
XIGLRMUYI[MPP[SVOJSVEKVIEXQER]ETTPMGEXMSRW
-RXLMWI\EQTPI[IOITXSYVFYXXSRWXLIWEQIWM^IWSRS[EPPSJSYVFYXXSRWEVIZMWMFPIERH
YWEFPIFYXXLIVIMWERE[JYPPSXSJYRYWIH[LMXIWTEGISRXLIWGVIIR4IVLETWMX[SYPHFI
FIXXIVMJ[IEPPS[IHXLI[MHXLSVLIMKLXSJSYVFYXXSRWXSGLERKIWSXLEXXLIVI[MPPFIPIWW
IQTX]WTEGISRXLIMRXIVJEGI#*IIPJVIIXSI\TIVMQIRX[MXLXLIEYXSWM^IEXXVMFYXIWSJXLIWI
WM\FYXXSRWERHEHHWSQISXLIVFYXXSRWMJ]SY[ERX4PE]EVSYRHYRXMP]SYJIIPGSQJSVXEFPI
[MXLXLI[E]EYXSWM^I[SVOW
-RXLIGSYVWISJ]SYVI\TIVMQIRXEXMSR]SYvVIFSYRHXSRSXMGIXLEXWSQIXMQIWRSGSQFMRE
XMSRSJEYXSWM^IEXXVMFYXIW[MPPKMZI]SYI\EGXP][LEX]SY[ERX7SQIXMQIW]SYEVIKSMRKXS
RIIHXSVIEVVERKI]SYVMRXIVJEGIQSVIHVEWXMGEPP]XLERGERFILERHPIH[MXLXLMWXIGLRMUYI
*SVXLSWIWMXYEXMSRWEPMXXPIQSVIGSHIMWMRSVHIV0IXvWXEOIEPSSOEXXLEXWLEPP[I#
',%48)6 %YXSVSXEXMSRERH%YXSWM^MRK
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]SYEVIHSRIVIEVVERKI]SYVFYXXSRWYWMRKXLIFPYIKYMHIPMRIWWSXLEX]SYVZMI[PSSOWPMOI
*MKYVI
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XLEX]SYVIXYVRIHXLIFYXXSRWvEYXSWM^IEXXVMFYXIWFEGOXSXLSWIWLS[RMR*MKYVI[LEX
[MPPLETTIRMWRvXPMOIP][LEX[I[ERXXSLETTIR8LIFYXXSRWEVIKSMRKXSSZIVPETERHPSSO
PMOI*MKYVIFIGEYWIXLIVIWMQTP]MWRvXIRSYKLLIMKLXSRXLIWGVIIRMRPERHWGETIQSHI
XSEGGSQQSHEXIXLVIIFYXXSRWXLEXEVITM\IPWXEPP
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;IGSYPHEGGSQQSHEXIXLMWWGIREVMSYWMRKXLIEYXSWM^IEXXVMFYXIWF]EPPS[MRKXLILIMKLX
SJXLIFYXXSRWXSGLERKIFYXXLEXvWRSXKSMRKXSQEOIXLIFIWXYWISJSYVWGVIIRVIEPIWXEXI
FIGEYWIMXvWKSMRKXSPIEZIEPEVKI[LMXIKETMRXLIQMHHPI-JXLIVI[EWVSSQJSVWM\WUYEVI
FYXXSRW[LIRXLIMRXIVJEGI[EWMRTSVXVEMXQSHIXLIVIWLSYPHWXMPPFIVSSQJSVWM\WUYEVI
FYXXSRWMRPERHWGETIQSHI[INYWXRIIHXSWLYJJPIXLIQEVSYRHEFMX3RI[E][IGER
LERHPIXLMWMWXSWTIGMJ]RI[TSWMXMSRWJSVIEGLSJXLIFYXXSRW[LIRXLIZMI[MWVSXEXIH
(IGPEVMRKERH'SRRIGXMRK3YXPIXW
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a
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MR
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9 RXIVJEGI3VMIRXEXMSRJVSQ-RXIVJEGI3VMIRXEXMSR
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FYXXSRJVEQI!'+6IGX1EOI
FYXXSRJVEQI!'+6IGX1EOI
FYXXSRJVEQI!'+6IGX1EOI
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a
a
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MWMRHMGEXIXLEXXLIGLERKIW[IEVIQEOMRKEVIXSFIERMQEXIHERH[IHSXLEXF]TPEGMRKEPP
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9 RXIVJEGI3VMIRXEXMSRJVSQ-RXIVJEGI3VMIRXEXMSR
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FYXXSRJVEQI!'+6IGX1EOI
FYXXSRJVEQI!'+6IGX1EOI
FYXXSRJVEQI!'+6IGX1EOI
FYXXSRJVEQI!'+6IGX1EOI
FYXXSRJVEQI!'+6IGX1EOI
a
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FYXXSRJVEQI!'+6IGX1EOI
a
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a
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ERMQEXMSRFPSGO8LIJMVWXTEVEQIXIVMWXLIREQI[IvVIEWWMKRMRKXSXLEXFPSGO8LIWIGSRH
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RMP
%JXIVSYVGSHIVITSWMXMSRWSYVFYXXSRW[I
XLIRGEPPERSXLIVGPEWWQIXLSH
GSQQMX%RMQEXMSRW
XSMRHMGEXIXLEXSYVERMQEXMSRFPSGOMW
JMRMWLIH%RHXLEXvWMX2S[[LIR]SYVYRXLMWRI[ZIVWMSRERHWIPIGX6SXEXI0IJXJVSQXLI
,EVH[EVIQIRY]SYvPPKIXXSWIIXLIFYXXSRW^SSQXSXLIMVRI[TSWMXMSRWEXXLIIRHSJ
XLIEYXSVSXEXI
7[ETTMRK:MI[W
8LIVIMWSRISXLIV[E]SJLERHPMRKEYXSVSXEXMSRERHMXvWERSTXMSR]SYvPPPMOIP]SRP]YWIMR
XLIGEWISJZIV]GSQTPI\MRXIVJEGIW1SZMRKGSRXVSPWXSHMJJIVIRXPSGEXMSRWEW[IHMHMRXLI
PEWXWIGXMSRGERFIEZIV]XIHMSYWTVSGIWWIWTIGMEPP][MXLEGSQTPI\MRXIVJEGI;SYPHRvXMX
FIRMGIMJ[IGSYPHNYWXHIWMKRXLIPERHWGETIERHTSVXVEMXZMI[WWITEVEXIP]ERHXLIRW[ET
XLIQSYX[LIRXLITLSRIMWVSXEXIH#
;IPP[IGER&YXMXvWEQSHIVEXIP]GSQTPI\STXMSR;LMPIGSRXVSPWSRFSXLZMI[WGERXVMKKIV
XLIWEQIEGXMSRW[I[MPPLEZIXSLEZIX[SGSQTPIXIP]HMWXMRGXWIXWSJSYXPIXWSRIJSVIEGL
SJXLIZMI[WERHXLEX[MPPEHHEGIVXEMRGSQTPI\MX]XSSYVGSHI-XMWF]RSQIERWERMRWYV
QSYRXEFPIEQSYRXSJGSQTPI\MX]ERHXLIVIEVIXMQIW[LIRXLMWSTXMSRMWXLIFIWXSRI0IXvW
XV]MXSYX
'VIEXIERI[TVSNIGXMR<GSHIYWMRKXLIZMI[FEWIHETTPMGEXMSRXIQTPEXIEKEMR[IvPPWXEVX
[SVOMRK[MXLSXLIVXIQTPEXIWRI\XGLETXIV'EPPXLMWTVSNIGX7[ET8LIMRXIVJEGI[IvPPFI
FYMPHMRKMRXLMWETTPMGEXMSR[SRvXEGXYEPP]FIGSQTPI\IRSYKLXSVIEPP]NYWXMJ]XLIXIGLRMUYI
[IvVIYWMRK,S[IZIV[I[ERXXSQEOIWYVIXLITVSGIWWMWGPIEVWS[IvVIKSMRKXSYWIEJEMVP]
WMQTPIMRXIVJEGI;LIRXLMWETTPMGEXMSR[IvVI[VMXMRKWXEVXWYTMX[MPPFIMRTSVXVEMXQSHI
8LIVI[MPPFIX[SFYXXSRWSRISRXSTSJXLISXLIVWII*MKYVI
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