6{KzQ~Q
¡ÁÄÃÄÌÇÄ
×ÀÑÒÜ I ÝÔÔÅÊÒÈÂÍÎÑÒÜ ÐÀÁÎÒÛ È ÅÅ ÑÎÑÒÀÂËßÞÙÈÅ
29
¢Ê¿Á¿®ÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÄÃÊÞ:LQGRZVÁ'HOSKL
¢Ê¿Á¿¾ÆÚÉÎÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÞ2EMHFW3DVFDO
¢Ê¿Á¿:LQ$3,
¢Ê¿Á¿°ÑÏÍÄÌÇÄÎÏÇÊÍÅÄÌÇÞÇÉÍÌÕÄÎÕÇÇÉÍÌÐÑÏÒÇÏÍÁ¿ÌÇÞ
¢Ê¿Á¿°ÍÍÀØÄÌÇÞ:LQGRZV
¢Ê¿Á¿°Ñ¿ÌÿÏÑÚÎÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÞÎÏÇÌÞÑÚÄÁÜÑÍÈÉÌÇÂÄ
¢Ê¿Á¿§ÐÎÍÊÛÆÍÁ¿ÌÇÄÜÊÄËÄÌÑÍÁÒÎÏ¿ÁÊÄÌÇÞ$FWLYH;Á'HOSKL
×ÀÑÒÜ II ÏÐÎÔÅÑÑÈÎÍÀËÜÍÎÅ ÏÐÎÃÐÀÌÌÈÐÎÂÀÍÈÅ
267
¢Ê¿Á¿*',×ÏÇÓÑÚÇÂÏ¿ÓÇÉ¿
¢Ê¿Á¿ £ÇÌ¿ËÇÖÄÐÉÇÉÍËÎÍÌÒÄËÚÄÀÇÀÊÇÍÑÄÉÇ
¢Ê¿Á¿®ÄÖ¿ÑÛÁ'HOSKL
¢Ê¿Á¿°ÍÆÿÌÇÄËÌÍÂÍÎÍÑÍÖÌÚÔÎÏÇÊÍÅÄÌÇÈ
¢Ê¿Á¿¯¿ÀÍÑ¿ÐÓ¿ÈÊ¿ËÇ
¢Ê¿Á¿£ÍÎÍÊÌÇÑÄÊÛÌÚÈÇÌÐÑÏÒËÄÌÑ¿ÏÇÈÏ¿ÆÏ¿ÀÍÑÖÇÉ¿
¢Ê¿Á¿®ÍÊÒÖÄÌÇÄÐÇÐÑÄËÌÍÈÇÌÓÍÏË¿ÕÇÇ
¢Ê¿Á¿®ÄÏÄÔÍÃÌ¿'HOSKL
¢Ê¿Á¿0',ÎÏÇÊÍÅÄÌÇÞ
¢Ê¿Á¿®ÄÏÄÌÍÐÇÌÓÍÏË¿ÕÇÇÐÎÍËÍØÛÝÀÒÓÄÏ¿ÍÀËÄÌ¿
¢Ê¿Á¿«ÒÊÛÑÇËÄÃÇ¿ÎÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÄÁ'HOSKL
¢Ê¿Á¿ ÑÊ¿ÃÉ¿ÇÑÄÐÑÇÏÍÁ¿ÌÇÄ
®ÏÄÃËÄÑÌÚÈÒÉ¿Æ¿ÑÄÊÛ
H]eZ\e_gb_
(\|Q^K~Q
<\_^_gb_
×ÀÑÒÜ I ÝÔÔÅÊÒÈÂÍÎÑÒÜ ÐÀÁÎÒÛ È ÅÅ ÑÎÑÒÀÂËßÞÙÈÅ
29
¢Ê¿Á¿®ÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÄÃÊÞ:LQGRZVÁ'HOSKL K_f_ckl\hijh^mdlh\'HOSKL QlhlZdh_'HOSKL
Dhgkljmdlhjnhjf)RUP'HVLJQHU Bgki_dlhjh[t_dlh\2EMHFW,QVSHFWRU J_^Zdlhjdh^Z&RGH(GLWRU Hdgh&RGH([SORUHU =_g_jZlhjbkoh^gh]hdh^Z Kha^Zgb_ijhkl_cr_]hijbeh`_gby Kh[ulbybkhh[s_gby G_h[yaZl_evghklvijh]jZffbjh\Zgby Mijhs_gb_jZajZ[hldbijhlhlbih\ JZkrbjy_fhklv'HOSKL >_kylv\Z`g_crbonmgdpbc]jZnbq_kdhckj_^ujZajZ[hldb'HOSKL Nmgdpby^hiheg_gbydeZkkZ &ODVV&RPSOHWLRQ NmgdpbygZ\b]Zpbb$SS%URZVHU I_j_f_s_gb_f_`^mjZa^_eZfbh[ty\e_gbybj_ZebaZpbb
=eZ\gh_f_gx IZg_ebbgkljmf_glh\'HOSKL IZebljZdhfihg_glh\
Kh^_j`Zgb_
Khkludh\dZhdhg ;jhma_jh[t_dlh\ Kha^Zgb_gh\h]h*8,' Ih^k\_ldZkbglZdkbkZK Kibkhd7R'R Bkihevah\Zgb_f_g_^`_jZijh_dlh\ Bkihevah\Zgb_nmgdpbb&RGH,QVLJKW^eyaZ\_jr_gby h[ty\e_gbcbiZjZf_ljh\ J_axf_
¢Ê¿Á¿¾ÆÚÉÎÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÞ2EMHFW3DVFDO Dhff_glZjbb Gh\u_\hafh`ghklbijhp_^mjbnmgdpbc Kdh[db
Lbi$QVL6WULQJ Lbi6KRUW6WULQJ Lbi:LGH6WULQJ KljhdbkaZ\_jrZxsbfgme_\ufkbf\hehf
Lbi9DULDQW
>bgZfbq_kdh_baf_g_gb_lbiZ KljmdlmjZhij_^_e_gby^ZgguolbiZ9DULDQW
Lbi^Zgguo&XUUHQF\ Ihevah\Zl_evkdb_lbiu^Zgguo FZkkb\u
Kh^_j`Zgb_
>bgZfbq_kdb_fZkkb\u AZibkb Fgh`_kl\Z Bkihevah\Zgb_fgh`_kl\
Hi_jZlhjujZ[hlukfgh`_kl\Zfb
H[t_dlu MdZaZl_eb Ik_\^hgbfulbih\ Ijb\_^_gb_bij_h[jZah\Zgb_lbih\ Kljhdh\u_j_kmjku Mkeh\gu_hi_jZlhju Hi_jZlhjmkeh\gh]hi_j_oh^ZLI Hi_jZlhjFDVH Pbdeu PbdeIRU PbdeZKLOH PbdeUHSHDW«XQWLO Ijhp_^mjZ%UHDN Ijhp_^mjZ&RQWLQXH Ijhp_^mjubnmgdpbb I_j_^ZqZiZjZf_ljh\
H[eZklv\b^bfhklb Fh^meb HibkZgb_XVHV
I_j_^ZqZiZjZf_ljh\ihagZq_gbx I_j_^ZqZiZjZf_ljh\ihkkued_ IZjZf_ljudhgklZglu Bkihevah\Zgb_hldjuluofZkkb\h\
KlZlbq_kdb_f_lh^u bgZfbq_kdb_f_lh^u F_lh^ukhh[s_gby I_j_hij_^_e_gb_f_lh^h\ I_j_]jmadZf_lh^Z >m[ebjh\Zgb_bf_gf_lh^h\ I_j_f_ggZy6HOI
K\hckl\Z Hij_^_e_gb_h[eZklb\b^bfhklb
Kh^_j`Zgb_
>jm`_kl\_ggu_deZkku
bj_dlb\ZLPSOHPHQWV Bkihevah\Zgb_bgl_jn_ckh\
Kljmdlmjbjh\ZggZyh[jZ[hldZbkdexq_gbc DeZkkubkdexqbl_evguokblmZpbc H[jZ[hldZbkdexqbl_evguokblmZpbc J_]_g_jZpbybkdexq_gbc BgnhjfZpbyhlbi_\j_f_gb\uiheg_gby J_axf_
¢Ê¿Á¿:LQ$3, H[t_dlub_s_jZah[t_dlu H[t_dluy^jZ
H[t_dlu*',b8VHU Fgh]haZ^Zqghklvbfgh]hihlhqghklv MijZ\e_gb_iZfylvx\:LQ IehkdZyfh^_eviZfylb JZ[hlZkbkl_fumijZ\e_gbyiZfylvx:LQ
H[jZ[hldZhrb[hd\:LQ J_axf_
¢Ê¿Á¿°ÑÏÍÄÌÇÄÎÏÇÊÍÅÄÌÇÞÇÉÍÌÕÄÎÕÇÇÉÍÌÐÑÏÒÇÏÍÁ¿ÌÇÞ Kj_^Z'HOSKLbZjobl_dlmjZijh_dlZ NZceu\oh^ysb_\khklZ\ijh_dlZ'HOSKL NZceijh_dlZ NZceufh^me_cijh_dlZ NZceunhjf NZceuj_kmjkh\ NZceuhipbcijh_dlZbmklZgh\hdjZ[hq_]hklheZ NZceuj_a_j\guodhibc NZceuiZd_lh\ Kh\_luihmijZ\e_gbxijh_dlhf H^bgijh_dlh^bgdZlZeh] Fh^mebkjZa^_ey_fufdh^hf
Fgh`_kl\_ggh_mijZ\e_gb_ijh_dlZfb ]jmiiuijh_dlh\ ;Zah\u_deZkkuijh_dlh\'HOSKL DeZkk7)RUP
Ijhp_kkubihlhdb Lbiuh[t_dlh\y^jZ
Fh^meb^ey]eh[Zevguob^_glbnbdZlhjh\ H[_ki_q_gb_\aZbfghc^hklmighklbnhjf
Hlh[jZ`_gb_fh^Zevghcnhjfu
Kh^_j`Zgb_
DeZkk7$SSOLFDWLRQ
K\hckl\ZdeZkkZ7$SSOLFDWLRQ F_lh^udeZkkZ7$SSOLFDWLRQ >jm]b_f_lh^u Kh[ulbydeZkkZ7$SSOLFDWLRQ
DeZkk76FUHHQ :jobl_dlmjZijbeh`_gbcbbkihevah\Zgb_ojZgbebsZh[t_dlh\
Bkihevah\Zgb_dZ^jh\ijbjZajZ[hld_ijh_dlh\ >hihegbl_evgu_\hafh`ghklbmijZ\e_gbyijh_dlhf >h[Z\e_gb_j_kmjkh\\ijh_dl Baf_g_gb_dmjkhjZ Ij_^mij_`^_gb_kha^Zgbyg_kdhevdbowda_fieyjh\nhjfu >h[Z\e_gb_dh^Z\GSUnZce I_j_hij_^_e_gb_f_lh^h\h[jZ[hldbbkdexq_gbc\ijbeh`_gbb
¢Ê¿Á¿°ÍÍÀØÄÌÇÞ:LQGRZV QlhlZdh_khh[s_gb_ Lbiukhh[s_gbc IjbgpbiujZ[hlukbkl_fukhh[s_gbc:LQGRZV Kbkl_fZh[jZ[hldbkhh[s_gbc\'HOSKL Ki_pbZebabjh\Zggu_aZibkb H[jZ[hldZkhh[s_gbc H[jZ[hldZkhh[s_gbc²mkeh\b_h[yaZl_evgh_
DeZkk7&KLOG)RUP DeZkk7'%0RGH)RUP DeZkk7'%1DY6WDW)RUP
Bkihevah\Zgb_khh[s_gbc\gmljbijbeh`_gby H[f_gkhh[s_gbyfbf_`^mijbeh`_gbyfb
Kh^_j`Zgb_
Rbjhdh\_sZl_evgu_khh[s_gby
:gZlhfbykbkl_fukhh[s_gbc[b[ebhl_db9&/ K\yavf_`^mkhh[s_gbyfbbkh[ulbyfb J_axf_
¢Ê¿Á¿°Ñ¿ÌÿÏÑÚÎÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÞÎÏÇÌÞÑÚÄÁÜÑÍÈÉÌÇÂÄ H[sb_ijZ\beZnhjfZlbjh\Zgbybkoh^gh]hdh^Z Hlklmiu RbjbgZihey ;ehdEHJLQHQG Yaud2EMHFW3DVFDO Djm]eu_kdh[db AZj_a_j\bjh\Zggu_bdexq_\u_keh\Z Ijhp_^mjubnmgdpbb ih^ijh]jZffu
Ijbk\h_gb_bf_gbnhjfZlbjh\Zgb_ NhjfZevgu_iZjZf_lju
I_j_f_ggu_
Lbiu
Bgkljmdpbb
Kljmdlmjbjh\ZggZyh[jZ[hldZbkdexqbl_evguokblmZpbc
DeZkku
Ijbk\h_gb_bf_gbnhjfZlbjh\Zgb_ EhdZevgu_i_j_f_ggu_ Bkihevah\Zgb_]eh[Zevguoi_j_f_gguo Kh]eZr_gb_h\u^_e_gbbijhibkgufb[md\Zfb Kljmdlmjbjh\Zggu_lbiu BgkljmdpbbLI BgkljmdpbbFDVH BgkljmdpbbZKLOH BgkljmdpbbIRU BgkljmdpbbUHSHDW BgkljmdpbbZLWK
H[sb_aZf_qZgby Bkihevah\Zgb_dhgkljmdpbbWU\ILQDOO\ Bkihevah\Zgb_dhgkljmdpbbWU\H[FHSW Bkihevah\Zgb_dhgkljmdpbbWU\H[FHSWHOVH
Ijbk\h_gb_bf_gbnhjfZlbjh\Zgb_ Ihey F_lh^u K\hckl\Z
NZceu NZceuijh_dlZ
Ijbk\h_gb_bf_g
NZceunhjf
NZceufh^me_c^Zgguo
NZceufh^me_cm^Ze_gguo^Zgguo
NZceufh^me_c
Ijbk\h_gb_bf_g Ijbk\h_gb_bf_g Ijbk\h_gb_bf_g
Kh^_j`Zgb_
H[sZykljmdlmjZfh^me_c Fh^mebnhjf Fh^meb^Zgguo Fh^mebh[s_]hgZagZq_gby Fh^mebdhfihg_glh\
AZ]heh\dbnZceh\ Nhjfubfh^meb^Zgguo Nhjfu
Fh^meb^Zgguo
KlZg^Zjlijbk\h_gbybf_glbiZfnhjf KlZg^Zjlijbk\h_gbybf_gwda_fieyjZfnhjf Nhjfukha^Z\Z_fu_Z\lhfZlbq_kdb Nmgdpbbj_ZebaZpbbfh^Zevguonhjf
KlZg^Zjlijbk\h_gbybf_gfh^meyf^Zgguo KlZg^Zjlijbk\h_gbybf_gwda_fieyjZffh^me_c^Zgguo
IZd_lu IZd_lu\j_f_gb\uiheg_gbybiZd_lu\j_f_gbjZajZ[hldb KlZg^Zjluijbk\h_gbybf_gnZceZf Dhfihg_glu Dhfihg_gluhij_^_ey_fu_ihevah\Zl_e_f
Kh]eZr_gbyhijbk\h_gbbbf_gwda_fieyjZfdhfihg_glh\ Ij_nbdkulbih\dhfihg_glh\ D\Zebnbpbjh\Zggh_bfydhfihg_glZ K\_^_gbyh[baf_g_gbbklZg^Zjlh\ijh]jZffbjh\Zgby
¢Ê¿Á¿§ÐÎÍÊÛÆÍÁ¿ÌÇÄÜÊÄËÄÌÑÍÁÒÎÏ¿ÁÊÄÌÇÞ$FWLYH;Á'HOSKL Qlhij_^klZ\ey_lkh[hcwe_f_glmijZ\e_gby$FWLYH; Dh]^Zke_^m_lbkihevah\Zlvwe_f_glmijZ\e_gby$FWLYH;
KlZg^Zjluijbk\h_gbybf_glbiZfdhfihg_glh\ Fh^mebdhfihg_glh\ Bkihevah\Zgb_fh^me_cj_]bkljZpbb
Kh^_j`Zgb_
×ÀÑÒÜ II ÏÐÎÔÅÑÑÈÎÍÀËÜÍÎÅ ÏÐÎÃÐÀÌÌÈÐÎÂÀÍÈÅ
267
¢Ê¿Á¿*',×ÏÇÓÑÚÇÂÏ¿ÓÇÉ¿ Ij_^klZ\e_gb_jbkmgdh\\'HOSKL deZkk7,PDJH KhojZg_gb_bah[jZ`_gbc Bkihevah\Zgb_k\hckl\deZkkZ7&DQYDV Bkihevah\Zgb_i_jv_\ Bkihevah\Zgb_k\hckl\Z3L[HOVh[t_dlZ7&DQYDV Bkihevah\Zgb_dbklb
Bkihevah\Zgb_rjbnlh\ Bkihevah\Zgb_k\hckl\Z&RS\0RGH >jm]b_k\hckl\Z Bkihevah\Zgb_f_lh^h\deZkkZ7&DQYDV Jbkh\Zgb_ebgbckihfhsvxf_lh^h\deZkkZ7&DQYDV Jbkh\Zgb_nb]mjkihfhsvxf_lh^h\deZkkZ7&DQYDV Ijbf_jijh]jZffujbkh\Zgbynb]mj
Dhhj^bgZlgu_kbkl_fubj_`bfuhlh[jZ`_gby Dhhj^bgZlumkljhckl\Z Eh]bq_kdb_dhhj^bgZlu Dhhj^bgZluwdjZgZ Dhhj^bgZlunhjfu Hlh[jZ`_gb_dhhj^bgZl MklZgh\dZj_`bfZhlh[jZ`_gby MklZgh\dZ\_ebqbg:LQGRZ9LHZSRUW Ijbf_jbkihevah\Zgbyj_`bfh\hlh[jZ`_gby Kha^Zgb_ijh]jZffujbkh\Zgby DZdjZ[hlZ_lijh]jZffZjbkh\Zgby
Ijh]jZffbjh\Zgb_ZgbfZpbb Rjbnluih\ur_gghckeh`ghklb Lbiurjbnlh\\kbkl_f_:LQ Hkgh\gu_we_f_glurjbnlh\
Bkihevah\Zgb_k\hckl\h[t_dlZ7%UXVK Ijbf_jbkihevah\Zgbyh[t_dlZ7%UXVK
Bkihevah\Zgb_nmgdpbc\u\h^Zl_dklZijbgZ^e_`ZsbodeZkkm7&DQYDV Bkihevah\Zgb_*',nmgdpbc\u\h^Zl_dklZg_ijbgZ^e_`ZsbodeZkkm7&DQYDV
JZ[hlZkiZg_evxbgkljmf_glh\
=ZjgblmjZk_f_ckl\Zb_^bgbpubaf_j_gbyrjbnlh\
DZl_]hjbbrjbnlh\*',
Hlh[jZ`_gb_jZaebqguolbih\rjbnlh\
JZkljh\u_rjbnlu <_dlhjgu_rjbnlu Rjbnlu7UXH7\SH
Kh^_j`Zgb_
Ijbf_jkha^ZgbyrjbnlZ DZdjZ[hlZ_lwlhlijh_dl KljmdlmjZ7/2*)217 Hlh[jZ`_gb_bgnhjfZpbbhrjbnlZo J_axf_
¢Ê¿Á¿ £ÇÌ¿ËÇÖÄÐÉÇÉÍËÎÍÌÒÄËÚÄÀÇÀÊÇÍÑÄÉÇ QlhlZdh_[b[ebhl_dZ'// KjZ\g_gb_klZlbq_kdhcb^bgZfbq_kdhcdhfihgh\db AZq_fgm`gu[b[ebhl_db'// Kh\f_klgh_bkihevah\Zgb_ijh]jZffgh]hdh^Zj_kmjkh\b^Zgguog_kdhevdbfb ijbeh`_gbyfb Khdjulb_j_ZebaZpbb Ihevah\Zl_evkdb_we_f_glumijZ\e_gby Kha^Zgb_bbkihevah\Zgb_[b[ebhl_d'// Ih^kq_lfhg_l ijbf_jijhklhc[b[ebhl_db'//
Hlh[jZ`_gb_fh^Zevguonhjfba[b[ebhl_d'// Hlh[jZ`_gb_g_fh^Zevguonhjfba[b[ebhl_d'// Bkihevah\Zgb_[b[ebhl_d'//\ijbeh`_gbyo'HOSKL Y\gZyaZ]jmadZ[b[ebhl_d'// Nmgdpby\oh^Z\uoh^Z^ey[b[ebhl_d'// NmgdpbbbgbpbZebaZpbbbaZ\_jr_gbyijhp_kkh\bihlhdh\ Ijbf_jbkihevah\Zgbyih^ijh]jZff\oh^Z\uoh^Z\[b[ebhl_d_'// Bkdexqbl_evgu_kblmZpbbb[b[ebhl_db'// I_j_o\Zlbkdexqbl_evguokblmZpbc\jZajy^ghc'HOSKL Bkdexqbl_evgu_kblmZpbbb^bj_dlb\Z6DIHFDOO Nmgdpbbh[jZlgh]h\uah\Z Bkihevah\Zgb_nmgdpbbh[jZlgh]h\uah\Z Hlh[jZ`_gb_g_klZg^Zjlgh]hkibkdZ H[jZs_gb_dnmgdpbyfh[jZlgh]h\uah\Zba[b[ebhl_db'// JZa^_e_gb_^Zgguo[b[ebhl_db'//f_`^mjZaebqgufbijhp_kkZfb Kha^Zgb_[b[ebhl_d'//kh[sbfihe_fiZfylb Bkihevah\Zgb_[b[ebhl_d'//kh[s_ciZfylvx Wdkihjlh[t_dlh\ba[b[ebhl_d'// J_axf_
¢Ê¿Á¿®ÄÖ¿ÑÛÁ'HOSKL H[t_dl73ULQWHU K\hckl\h73ULQWHU&DQYDV IjhklZyi_qZlv I_qZlvkh^_j`bfh]hdhfihg_glZ70HPR I_qZlvjZkljh\h]hbah[jZ`_gby I_qZlv^Zgguo\nhjfZl_57) 5LFK7H[W)RUPDW I_qZlvnhjfu I_qZlvkeh`guo^hdmf_glh\ I_qZlvhlq_lZkg_kdhevdbfbklhe[pZfb Ij_ju\Zgb_ijhp_kkZi_qZlb
;Zah\Zy[b[ebhl_dZ'// Hij_^_e_gb_fh^meybgl_jn_ckZ
Kh^_j`Zgb_
I_qZlvdhg\_jlh\
L_hj_lbq_kdh_bamq_gb_aZ^Zqb IhrZ]h\ucijhp_kki_qZlb I_j_oh^bfd^_em
Ijhkl_cr__hdghij_^\Zjbl_evgh]hijhkfhljZi_qZlb Ijhqb_aZ^Zqbi_qZlb KljmdlmjZ7'HYLFH0RGH AZ^Zgb_dhebq_kl\Zi_qZlguodhibc AZ^Zgb_hjb_glZpbbebklZi_qZlbijbgl_jZ AZ^Zgb_jZaf_jZ[mfZ]b AZ^Zgb_^ebgu[mfZ]b AZ^Zgb_rbjbgu[mfZ]b AZ^Zgb_fZkrlZ[Zi_qZlb AZ^Zgb_p\_lZi_qZlb AZ^Zgb_dZq_kl\Zi_qZlb AZ^Zgb_^\moklhjhgg_ci_qZlb Baf_g_gb_ijbgl_jZgZagZqZ_fh]hihmfheqZgbx Ihemq_gb_bgnhjfZpbbhijbgl_j_ Nmgdpbb*HW'HYLFH&DSV b'HYLFH&DSDELOLWLHV Ijbf_jijh]jZffuihemq_gbybgnhjfZpbbhijbgl_j_
J_axf_
H[ty\e_gb_nmgdpbb'HYLFH&DSDELOLWLHV$ HibkZgb_jZ[hluijh]jZffu
¢Ê¿Á¿°ÍÆÿÌÇÄËÌÍÂÍÎÍÑÍÖÌÚÔÎÏÇÊÍÅÄÌÇÈ Ihgylb_hihlhdZo Gh\uclbifgh]haZ^Zqghklb Bkihevah\Zgb_fgh]hihlhqghklb\ijbeh`_gbyo'HOSKL
G_ijZ\bevgh_bkihevah\Zgb_ihlhdh\ H[t_dl77KUHDG IjbgpbiujZ[hluh[t_dlZ77KUHDG Wda_fieyjuh[t_dlZihlhdZ AZ\_jr_gb_jZ[hluihlhdZ KbgojhgbaZpbykih^ijh]jZffZfb[b[ebhl_db9&/
G_\bamZevgu_dhfihg_glu[b[ebhl_db9&/
Ij_bfms_kl\Zh^ghihlhqgh]hbgl_jn_ckZihevah\Zl_ey F_lh^6\QFKURQL]H Bkihevah\Zgb_khh[s_gbc^eykbgojhgbaZpbb
>_fhgkljZpbhggh_ijbeh`_gb_ Ijbhjbl_lubkhklZ\e_gb_jZkibkZgby
IjbhklZgh\dZb\hkklZgh\e_gb_jZ[hluihlhdh\ Ojhghf_ljZ`ihlhdZ MijZ\e_gb_g_kdhevdbfbihlhdZfb OjZg_gb_ehdZevguo^Zgguoihlhdh\
Kh^_j`Zgb_
DeZkkijbhjbl_lZijhp_kkZ Hlghkbl_evgucijbhjbl_l
Bkihevah\Zgb_h[t_dlZ77KUHDG^eyojZg_gby^Zgguo
H[ty\e_gb_WKUHDGYDU ojZg_gb_ehdZevguo^Zgguoihlhdh\ kihfhsvxbgl_jn_ckZ$3, KbgojhgbaZpbyihlhdh\
Djblbq_kdb_k_dpbb Fvxl_dku K_fZnhju
Ijbf_jfgh]hihlhqgh]hijbeh`_gby Ihevah\Zl_evkdbcbgl_jn_ck IhlhdihbkdZ GZkljhcdZijbhjbl_lZ Fgh]hihlhqguc^hklmid[Za_^Zgguo Fgh]hihlhqgZy]jZnbdZ J_axf_
¢Ê¿Á¿¯¿ÀÍÑ¿ÐÓ¿ÈÊ¿ËÇ NZceh\u_hi_jZpbb\\h^Z\u\h^Z JZ[hlZkl_dklh\ufbnZceZfb JZ[hlZklbibabjh\ZggufbnZceZfb nZceZfbaZibk_c
Hij_^_e_gb_ihlhfdZdeZkkZ7)LOH6WUHDP^ey\uiheg_gbyhi_jZpbc\\h^Z \u\h^Zklbibabjh\ZggufbnZceZfb Bkihevah\Zgb_ihlhfdZdeZkkZ7)LOH6WUHDP^eynZceh\uo hi_jZpbc\\h^Z\u\h^Z
JZ[hlZkg_lbibabjh\ZggufbnZceZfb KljmdlmjuaZibk_cnhjfZlZ77H[W5HFb7)LOH5HF JZ[hlZknZceZfbhlh[jZ`_ggufb\iZfylv Bkihevah\Zgb_kj_^kl\hlh[jZ`_gbynZceh\\iZfylv >hklmidkh^_j`bfhfmhlh[jZ`_gguo\iZfylvnZceh\
Kh]eZkh\ZgghklvnZceh\hlh[jZ`_gguo\iZfylv MlbeblZihbkdZ\l_dklh\uonZceZo
Kha^Zgb_bebhldjulb_nZceZ Kha^Zgb_h[t_dlZhlh[jZ`_gby\iZfylv Hlh[jZ`_gb_^ZgguonZceZ\Z^j_kgh_ijhkljZgkl\hijhp_kkZ Hk\h[h`^_gb_hdgZijhkfhljZnZceZ AZdjulb_h[t_dlZhlh[jZ`_gby Ijbf_jbkihevah\ZgbynZceZhlh[jZ`_ggh]h\iZfylv DeZkk70HP0DS)LOH Bkihevah\Zgb_deZkkZ70HP0DS)LOH
DZlZeh]bbmkljhckl\Z Ihemq_gb_kibkdZ^hklmiguomkljhckl\bbolbih\ Ihemq_gb_bgnhjfZpbbh[mkljhckl\_ Ihemq_gb_bgnhjfZpbbhjZaf_s_gbbdZlZeh]Z:LQGRZV Ihemq_gb_bgnhjfZpbbhjZaf_s_gbbkbkl_fgh]hdZlZeh]Z Ihemq_gb_bf_gbl_dms_]hdZlZeh]Z IhbkdnZceZ Dhibjh\Zgb_bm^Ze_gb_^_j_\ZdZlZeh]h\ AZibkv76HDUFK5HF AZibkv7:LQ)LQG'DWD
Ihemq_gb_bgnhjfZpbbh\_jkbbnZceZ Hij_^_e_gb_deZkkZ79HU,QIR5HV F_lh^)LOO)LOH9HUVLRQ,QIR
Kh^_j`Zgb_
F_lh^)LOO)L[HG)LOH,QIR%XI F_lh^)LOO)LOH0DVN,QIR F_lh^u*HW3UH'HI.H\6WULQJ b*HW8VHU'HI.H\6WULQJ
Ihemq_gb_ghf_jh\\_jkbc Ihemq_gb_bgnhjfZpbbh[hi_jZpbhgghckbkl_f_
Bkihevah\Zgb_nmgdpbb6+)LOH2SHUDWLRQ
Bkihevah\Zgb_deZkkZ79HU,QIR5HV
J_axf_
Dhibjh\Zgb_dZlZeh]Z I_j_f_s_gb_nZceh\bdZlZeh]h\\dhjabgm:LQGRZV
¢Ê¿Á¿£ÍÎÍÊÌÇÑÄÊÛÌÚÈÇÌÐÑÏÒËÄÌÑ¿ÏÇÈÏ¿ÆÏ¿ÀÍÑÖÇÉ¿ >hihegbl_evgZyh[jZ[hldZkhh[s_gbcihklmiZxsbo\ijbeh`_gb_ Ih^f_gZhdgZ Ijhp_^mjZhdgZ:LQ$3, F_lh^hdgZ\\ZjbZgl_'HOSKL
Ij_^hl\jZs_gb_aZimkdZg_kdhevdbowda_fieyjh\ijbeh`_gby Bkihevah\Zgb_%$60k'HOSKL DZdjZ[hlZ_l%$60 >hklmidiZjZf_ljZf
J_]bkljh\h_kh]eZr_gb_h\uah\_ Ijhp_^mjup_ebdhfgZibkZggu_gZyaud_Zkk_f[e_jZ AZibkb Bkihevah\Zgb_eh\mr_d:LQGRZV MklZgh\dZeh\mrdb Bkihevah\Zgb_nmgdpbbeh\mrdb Bkihevah\Zgb_nmgdpbbhlf_gueh\mrdb Kha^Zgb_nmgdpbb6HQG.H\V eh\mrdZ-RXUQDO3OD\EDFN
Bkihevah\Zgb_2%-nZceh\&&
¢Ê¿Á¿®ÍÊÒÖÄÌÇÄÐÇÐÑÄËÌÍÈÇÌÓÍÏË¿ÕÇÇ Ihemq_gb_h[s_cbgnhjfZpbbhkbkl_f_ NhjfZlbjh\Zgb_kljhd Ihemq_gb_bgnhjfZpbbhkhklhygbbiZfylb
Kh^_j`Zgb_
F_lh^+RRN0DLQ:LQGRZ
I_j_^ZqZiZjZf_ljh\ihkkued_
Hij_^_e_gb_fh`ghebbkihevah\Zlveh\mrdm-RXUQDO3OD\EDFN DZdjZ[hlZ_lnmgdpby6HQG.H\V Kha^Zgb_khh[s_gbchgZ`ZlbbdeZ\br Bkihevah\Zgb_nmgdpbb6HQG.H\V
Ihemq_gb_bgnhjfZpbbh\_jkbbhi_jZpbhgghckbkl_fu Ihemq_gb_bgnhjfZpbbhdZlZeh]Zo Ihemq_gb_kbkl_fghcbgnhjfZpbb Ihemq_gb_bgnhjfZpbbhkj_^_ H[_ki_q_gb_g_aZ\bkbfhklbhlieZlnhjfu :LQGRZV bkihevah\Zgb_7RRO+HOS Fhf_glZevgu_kgbfdb H[jZ[hldZbgnhjfZpbbhijhp_kkZo H[jZ[hldZbgnhjfZpbbhihlhdZo H[jZ[hldZbgnhjfZpbbhfh^meyo H[jZ[hldZbgnhjfZpbbh^bgZfbq_kdhciZfylb dmqZo Ijhkfhlj^Zgguohdmq_ Bkoh^gucdh^ :LQGRZV17 36$3, J_axf_
¢Ê¿Á¿®ÄÏÄÔÍÃÌ¿'HOSKL Gh\h_\'HOSKL Hij_^_e_gb_\_jkbb Fh^mebdhfihg_glubiZd_lu I_j_oh^k'HOSKL Bgl_]jbjh\ZggZykj_^ZjZajZ[hldb ,'( ;b[ebhl_dZ\j_f_gb\uiheg_gby 57/ ;b[ebhl_dZ9&/ JZajZ[hldZijbeh`_gbc^ey,QWHUQHW JZ[hlZk[ZaZfb^Zgguo I_j_oh^k'HOSKL jZajy^gu_[_aagZdh\u_p_eu_ jZajy^gucp_euclbi >_ckl\bl_evguclbi I_j_oh^k'HOSKL Baf_g_gby\[me_\uolbiZo
Kljhdh\u_j_kmjku
Baf_g_gby\57/
DeZkk7&XVWRP)RUP F_lh^*HW&KLOGUHQ
K_j\_juZ\lhfZlbaZpbb I_j_oh^k'HOSKL Kljhdbbkbf\heu
Gh\u_kbf\hevgu_lbiu Gh\u_kljhdh\u_lbiu MklZgh\dZ^ebgukljhdb >bgZfbq_kdbjZaf_sZ_fu_kljhdb Bg^_dkbjh\Zgb_kljhddZdfZkkb\h\ KljhdbkaZ\_jrZxsbfgme_\ufkbf\hehf Bkihevah\Zgb_kljhdbkaZ\_jrZxsbfgme_\ufkbf\hehfdZd[mn_jZ Bkihevah\Zgb_lbiZ3&KDUdZd6WULQJ
JZaf_jb^bZiZahgi_j_f_gguo
Kh^_j`Zgb_
jZajy^gZyfZl_fZlbdZ Lbi7'DWH7LPH
Bkihevah\Zgb_yaudZZkk_f[e_jZ Kh]eZr_gbyh\uah\Zo ;b[ebhl_db'// Baf_g_gby\hi_jZpbhgghckbkl_f_:LQGRZV
Baf_g_gby\nmgdpbyo:LQGRZV$3,
JZa^_e)LQDOL]DWLRQfh^mey
jZajy^gh_Z^j_kgh_ijhkljZgkl\h jZajy^gu_j_kmjku We_f_glumijZ\e_gby9%;
J_axf_
IZjZee_evgu_bjZajy^gu_ijh_dlu
¢Ê¿Á¿0',ÎÏÇÊÍÅÄÌÇÞ Kha^Zgb_0',ijbeh`_gbc Hkgh\u0',l_ogheh]bb >hq_jgyynhjfZ
=eZ\gZynhjfZ JZ[hlZkf_gx Kebygb_f_gx\0',ijbeh`_gbyo >h[Z\e_gb_\f_gxkibkdZhldjuluo^hdmf_glh\ JZaghh[jZagu_0',l_ogheh]bb Hlh[jZ`_gb_jZkljh\h]hbah[jZ`_gby\deb_glkdhfhdg_0',nhjfu Kha^Zgb_kdjuluo^hq_jgbo0',nhjf FbgbfbaZpbyfZdkbfbaZpbyb\hkklZgh\e_gb_\k_o^hq_jgbo0',hdhg J_axf_
¢Ê¿Á¿®ÄÏÄÌÍÐÇÌÓÍÏË¿ÕÇÇÐÎÍËÍØÛÝÀÒÓÄÏ¿ÍÀËÄÌ¿
¢Ê¿Á¿«ÒÊÛÑÇËÄÃÇ¿ÎÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÄÁ'HOSKL Kha^Zgb_ijhklh]hf_^bZie_c_jZ Bkihevah\Zgb_:$9nZceh\\ijbeh`_gbyo
Kh^_j`Zgb_
;Zah\ucdeZkk70',&KLOG)RUP NhjfZl_dklh\h]hj_^ZdlhjZ NhjfZ57)j_^ZdlhjZ Ijh]jZffZijhkfhljZjZkljh\uobah[jZ`_gbc²lj_lvy^hq_jgyy0',nhjfZ
Ih^^_j`dZmkljhckl\ Kha^Zgb_ijhb]ju\Zl_eyfmaudZevguodhfiZdl^bkdh\ Hlh[jZ`_gb_aZklZ\db Kha^Zgb_ijhb]ju\Zl_eydhfiZdl^bkdh\ H[gh\e_gb_bgnhjfZpbbijhb]ju\Zl_eydhfiZdl^bkdh\ K\hckl\h7LPH)RUPDW
Ih^ijh]jZffZij_h[jZah\ZgbyagZq_gbc\j_f_gb F_lh^uh[gh\e_gbykhklhygbynhjfuijhb]ju\Zl_eydhfiZdl^bkdh\ F_lh^*HW&'7RWDOV F_lh^6KRZ&XUUHQW7LPH F_lh^6KRZ7UDFN7LPH
Bkoh^gucl_dklijh]jZffuijhb]ju\Zl_eydhfiZdl^bkdh\ J_axf_
¢Ê¿Á¿ ÑÊ¿ÃÉ¿ÇÑÄÐÑÇÏÍÁ¿ÌÇÄ GZb[he__jZkijhkljZg_ggu_ijh]jZffgu_hrb[db Bkihevah\Zgb_i_j_f_gghcdeZkkZ[_a__kha^Zgby M[_^bl_kvqlhwda_fieyjudeZkkZhk\h[h`^_gu Ijbjmq_gb_³^bdbo´mdZaZl_e_c Bkihevah\Zgb_g_bgbpbZebabjh\Zgguoi_j_f_gguolbiZ3&KDU JZauf_gh\u\Zgb_mdZaZl_eykhagZq_gb_QLO Bkihevah\Zgb_\kljh_ggh]hhleZ^qbdZ Bkihevah\Zgb_iZjZf_ljh\dhfZg^ghckljhdb LhqdbhklZgh\Z
IhrZ]h\h_\uiheg_gb_ijh]jZffu Bkihevah\Zgb_hdgZ:DWFK Bgki_dlhjuhleZ^db Bkihevah\Zgb_dhfZg^(YDOXDWHb0RGLI\ >hklmidkl_dm\uah\h\ Ijhkfhljihlhdh\ @mjgZekh[ulbc (YHQW/RJ Ijhkfhljfh^me_c HleZ^dZ'// Hdgh&38 J_axf_ Ij_^f_lgucmdZaZl_ev
Mkeh\gZylhqdZhklZgh\Z LhqdZhklZgh\Zihh[jZs_gbxd^Zgguf LhqdZhklZgh\ZihZ^j_km LhqdZhklZgh\ZihaZ]jmad_fh^mey =jmiiulhq_dhklZgh\Z
Kh^_j`Zgb_
³^Q|N\zQ <dhfiZgbb%RUODQG ygZqZejZ[hlZlve_lhf ]h^ZFg_[uehihjmq_ghijbgylvmqZ klb_\jZajZ[hld_gh\uoijh]jZffguo bgkljmf_glh\ ij_^gZagZq_gguo ^eykh\_jr_gkl\h\ Z gby ijhp_kkZ ijh]jZffbjh\Zgby kbkl_fu 8&6' yaudZ 3DVFDO b h[uqguo bgkljmf_glh\ dh fZg^ghc kljhdb [ueh m`_ g_^hklZlhqgh Ij_^iheZ]Zehkv qlh ^hklb]gmlh_ ih\ur_gb_ wn n_dlb\ghklb ljm^Z iha\hebl mkdhjblv jZajZ[hldm ijh]jZff b kgbablv gZ]jmadm gZ ijh]jZf fbklh\<dhg_qghfkq_l_wlh^Zkl\hafh`ghklv bf \dexqZybf_gy [hevr_\j_f_gbijh \h^blvkk_fv_cb^jmavyfbb\hh[s_k^_eZ_lbo`bagv[h]Zq_bbgl_j_kg_cIhy\e_gb_iZd_ lZ7XUER 3DVFDO gZ\k_]^Z baf_gbeh lj_[h\Zgby ij_^ty\ey_fu_ d bgkljmf_glZf ijh]jZf fbjh\ZgbyWlhijhbahreh\ ]h^m Z bf_ggh lZdIjb[ebabl_evgh r_klgZ^pZlve_lgZaZ^\ghy[j_ ]h^Z\ureZi_j\Zy\_jkbyiZd_lZ 7XUER3DVFDO Ijbbaf_j_gbb\j_f_gb\klZg^ZjlZo,QWHUQHW ijhr_^r__k wlh]h fhf_glZ dh ebq_kl\h _^bgbp \j_f_gb fh`_l e_]dh i_j_ihegblv jZajy^gh_ p_eh_ qbkeh Bf_ggh klhevdhwlbo_^bgbpihlj_[h\Zehkv ^eyihy\e_gby'HOSKL NZdlbq_kdb wlh² ljbgZ^pZlZy \_jkby gZr_]h dhfibeylhjZ ?keb \u fg_ g_ \_jbl_ lh ^hklZlhqghijhklhaZimklblvijh]jZffmGFFH[HbadhfZg^ghckljhdb bf__lky\\b^mdh fZg^gZykljhdZ'26 ey kha^Zgby wlh]h ijh^mdlZihlj_[h\Zehkv fgh`_kl\hmkbebckhklhjhgubg`_g_jh\ki_pbZebklh\ ihl_klbjh \Zgbx jZajZ[hlqbdh\ ^hdmf_glZpbb om^h`gbdh\ ihdehggbdh\ gZr_]h ijh^mdlZ ^jma_c b jh^kl\_ggbdh\ Djhf_lh]hihlj_[h\Zehkv gZclbbih^]hlh\blvp_emxie_y^mkihkh[guoib kZlvdgb]bh'HOSKLex^_c DZd\u^mfZ_l_qlhg_h[oh^bfh qlh[ugZibkZlvjmdh\h^kl\h jZajZ[hlqbdZ "KZfucijh klhchl\_l ³Hq_gvfgh]h_´GhdZdhij_^_eblvwlh³fgh]h_´lhqg__"K^_eZlvlZdh_hij_^_ e_gb_ kh\k_f g_ ijhklh ih`Zemc ^Z`_ g_\hafh`gh
¯ÄÕÄÎÑ£ÜÁÇ´¿ÉÄÏ¿ÃÊÞÀÚÐÑÏÍÂÍÇÆÂÍÑÍÁÊÄÌÇÞÉÌÇÂÇt'HOSKL ¯ÒÉÍÁÍÃÐÑÁÍÏ¿ÆÏ¿ÀÍÑÖÇÉ¿u ¬ÉÌÍ»½ N 'HOSKL ba^Zgb_³6WDQGDUG´³3URIHVVLRQDO´beb³(QWHUSULVH´ N ^\Z hiulguo ijhn_kkbhgZevguo Z\lhjZ l_ogbq_kdhc ebl_jZlmju \_khf g_ f_g__ d]dZ`^uc N klheh\uoeh`_dkeh\
N qZr_dbkoh^guol_dklh\ijh]jZff N h^gh^\Z^_kylbe_lbyihe_agh]hhiulZ \dexqZyg_kdhevdhe_ljZ[hluk'HOSKL N g_kdhevdh]hjkl_cfm^jhklb N fgh]b_qZkuihiulhd\aehfZijh]jZff N ^_kyldbg_^_evhleZ^db N g_h]jZgbq_ggh_dhebq_kl\h`b^dhklb yij_^ihqblZx^b_lbq_kdmxi_ikbdhem N khlgbqZkh\kgZ
¬ÊÉÌɼÊËþÉÍɽÆÀÈÃÚ N Ijh]j_cl_ \Zr dhfivxl_j ^h \hevl ^h \hevl _keb jZ[hlZ \_^_lky aZ ij_^_eZfbKR: N Ih^h]j_cl_Z\lhjh\ N K ihfhsvx kh[kl\_gghc ]heh\u kf_rZcl_ bf_xsmxky \_jkbx 'HOSKL \_kv ijb]hlh\e_ggucl_dklb\k_ih^]hlh\e_ggu_njZ]f_gluijh]jZff N >h[Z\vl_ ]h^u hiulZ qZku oZd_jkdbo mkbebc g_^_eb hleZ^db \_kv aZiZk fm^jhklb ihke_q_]haZe_cl_\k_wlhg_h[oh^bfufdhebq_kl\hf`b^dhklb N Bkihevamcl_\_kvaZiZkqZkh\kgZ^eyih^kmrdbihemq_ggh]hijh^mdlZ N HklZ\rb_ky bg]j_^b_glu ^h[Z\vl_ q_j_a g_dhlhjh_ \j_fy dh]^Z [ex^h hklug_l ^h dhfgZlghcl_fi_jZlmju
ÖÐÉ¿
H^bgwda_fieyj³'HOSKLJmdh\h^kl\hjZajZ[hlqbdZ´gZibkZggucKlb\hfL_cdk_cjhc bDkZ\v_IZq_dh
ÉÂÇÉÁÈÖÀ»ÇÀÈÖ
:l_i_jvhlklZ\bfrmleb\uclhgb\_jg_fkydk_jv_aguf\_sZfYm`_fgh]b_]h^uagZx Klb\Z L_cdk_cjm g_dhlhju_ gZau\Zxl _]h 75H[² ³LbjZghaZ\j 5H[´ b DkZ\v_ IZq_dh g_dhlhju_ gZau\Zxl _]h ijhklh ;² ³dkb´ dZd k\hbo ^jma_c aZf_qZl_evguo jZ[hlgbdh\ g_ij_f_gguo hjZlhjh\gZ\k_o_`_]h^guodhgn_j_gpbyo b^Z\gboqe_gh\khh[s_kl\Zihev ah\Zl_e_cijh^mdlh\nbjfu%RUODQG Ij_^u^ms__ba^Zgb_bo³Jmdh\h^kl\ZjZajZ[hlqbdZ´[uehkwglmabZafhf\klj_q_ghihevah \Zl_eyfb'HOSKL\k_]hfbjZB\hll_i_jvm\Zk\jmdZogh\_crZy\_jkbywlh]hba^Zgbykihkh[ gZy^hklZ\blv\Zfg_fZehijbylguoqZkh\m\e_dZl_evgh]h ql_gby QblZcl_mqbl_kvbjZa\e_dZcl_kv \f_kl_k Z\lhjZfb Ex[hc ba ijh^mdlh\ 'HOSKL \uimk dZeky ^ey lh]h qlh[u ^hklZ\blv \Zf jZ^hklv l\hjq_kl\Z \_^ms_]h d mki_om b ^hklhcghfm \hagZ]jZ`^_gbx >_\b^Bgl_jkbfhg 'DYLG,QWHUVLPRQH ²³>_\b^,´
³\NzQ~Q :gg_ O_e_gbDmi_jm
DkZ\v_IZq_dh Klb\L_cdk_cjZ
6xKz}\^Kg Klb\L_cdk_cjZ 6WHYH7HL[HLUD ²y\ey_lky\bp_ij_ab^_glhf ihjZajZ[hld_ijh]jZffgh ]h h[_ki_q_gby dhfiZgbb 'H9ULHV 'DWD 6\VWHPV Kbebdhg <weeb DZebnhjgby KR: WlZ nbjfZ ki_pbZebabjm_lky gZ ij_^hklZ\e_gbb dhgkmevlZpbc ih ijh^mdlZf %RUODQG,QSULVH JZ g__Klb\jZ[hlZebg`_g_jhfbkke_^h\Zl_e_f \h[eZklbjZajZ[hldb ijh]jZffgh]h h[_ki_q_ gby \ dhjihjZpbb ,QSULVH b ijbgbfZe mqZklb_ \ kha^Zgbb iZd_lh\ %RUODQG 'HOSKL b %RUODQG &%XLOGHU Hg\_^_lh^gmbadhehghd\`mjgZe_'HOSKL0DJD]LQH ZlZd`_ihevam_lkyf_` ^mgZjh^guf ijbagZgb_f dZd hjZlhj dhgkmevlZgl b ij_ih^Z\Zl_ev Klb\ k `_ghc b kughf `b\_l\KZjZlh]_rlZlDZebnhjgby DkZ\v_ IZq_dh ;DYLHU 3DFKHFR ² ij_ab^_gl b ]eZ\guc dhgkmevlZgl nbjfu ;DSZDUH 7HFKQRORJLHV,QF DhehjZ^hKijbg]kKR:WlZnbjfZki_pbZebabjm_lky gZij_^hklZ\e_gbb dhgkmevlZpbc bh[mq_gbbDkZ\v_qZklh\uklmiZ_lgZhljZke_\uodhgn_j_gpbyo bj_]meyjgh ibr_lklZlvbihk\ys_ggu_ 'HOSKL ^eyi_jbh^bq_kdbo ba^ZgbcHgihevam_lkyf_`^mgZjh^ guf ijbagZgb_f dZd ki_pbZebkl b dhgkmevlZgl ih 'HOSKL Z lZd`_ y\ey_lky qe_ghf hkh[hc ]jmiiu³7HDP%´ dhjihjZpbb%RUODQG\aZ^Zqbdhlhjhc\oh^blih^^_j`dZgZqbgZxsboihev ah\Zl_e_c
nK{\|K^~\N} Fu[eZ]h^Zjbf\k_o[_aqv_]hkh^_ckl\bywlZdgb]Zgbdh]^Zg_[ueZ[ugZibkZgZDjhf_ lh]h ijhkbf gbdh]h g_ \bgblv \ hrb[dZo _keb lZdh\u_ [m^ml aZf_q_gu \ dgb]_ < ex[hf kemqZ_\k_h[gZjm`_ggu_ hrb[dbfuhlghkbfgZk\hckq_l Ij_`^_\k_]hfuohlbfih[eZ]h^Zjblv gZrbol_ogbq_kdboj_p_ga_glh\bohjhrbo^jm a_c EZgk_ ;meehdZ /DQFH %XOORFN DjbkZ O_kbdZ &KULV +HVLN b Weeb I_l_jk (OOLH 3HWHUV B^_Zevguc l_ogbq_kdbc j_p_ga_gl ^he`_g [ulv \gbfZl_e_g dh \k_f f_ehqZf b fu [eZ]h ^Zjgukm^v[_iha\heb\r_c gZf\klj_lblvkykhki_pbZebklZfb hl\_qZxsbfb wlbflj_[h\Z gbyf\kZfhfrbjhdhfkfuke_<\_kvfZk`Zlu_kjhdbhgb\uihegbebh]jhfguch[t_fjZ [hlubfu\k_]^Z[m^_fbf[eZ]h^ZjguaZihljZq_ggu_mkbeby Fu \ujZ`Z_f k\hx bkdexqbl_evgmx ijbagZl_evghklv gZrbf khZ\lhjZf bkihevah\Z\ rbf \_kv k\hc hiul jZajZ[hlqbdh\ ijh]jZffgh]h h[_ki_q_gby b ibkZl_evkdh_ fZkl_jkl\h ^eykha^Zgbyl_onjZ]f_glh\[_adhlhjuowlZdgb]Zgbdh]^Z[ug_klZeZl_fq_fhgZk_cqZk y\ey_lky>wgFba_j 'DQ0LVHU ijbagZggucki_pbZebklih0,'$6 \g_kk\hcg_hp_gbfuc \deZ^ gZibkZ\ ^ey wlhc dgb]b ]eZ\m ³JZajZ[hldZ ijbeh`_gbc 0,'$6´ HdhgqZl_evguc \ZjbZgl ]eZ\u ³JZajZ[hldZ ijbeh`_gbc &25%$ \ 'HOSKL´ [ue gZibkZg gZfb ih^ ijb klZevgufdhgljhe_fEZgk_;meehdZgZr_]hl_ogbq_kdh]h j_p_ga_glZ²aZqlhfu\ughkbf _fm ^\hcgmx [eZ]h^Zjghklv Gbd Oh^`_k 1LFN +RGJHV ba\_klguc ki_pbZebkl ih :HE b bah[j_lZl_ev 76PLO\ ijbgyemqZklb_\ih^]hlh\d_bwlh]hba^ZgbygZr_cdgb]bHggZibkZe ]eZ\m³Dhfihg_glu :HE%URNHUhldju\Zxl^\_jb\,QWHUQHW´ Fu[eZ]h^Zjgu>_\b^mBgl_jkbfhgmaZlhqlhg_kfhljygZbkdexqbl_evgh gZijy`_gguc ]jZnbdk\h_cjZ[hluhggZr_e\j_fybgZibkZe^eywlhcdgb]bij_^bkeh\b_ `hr >we[b -RVK 'DKOE\ >_\b^ K_fikhg 'DYLG 6DPSVRQ >`_khg Kij_g]_j -DVRQ 6SUHQJHU Kdhll Njhebq 6FRWW )UROLFK >`_nn Ibl_jk -HII3HWHUV =j_]^_<jb_k *UHJGH9ULHV FZjd>mgdZg 0DUN'XQFDQ :g^_jkHe khg $QGHUV2KOVVRQ >_\b^Kljb\_j 'DYLG6WUHHYHU Jbq>`hgk 5LFK-RQHV bfgh]b_^jm ]b_²\k_ofuijhklhg_\khklhygbbi_j_qbkeblv B gZdhg_p h]jhfgh_ kiZkb[h \k_c [jb]Z^_ jZ[hlZ\r_c gZ^ dgb]hc R_eeb >`hgklhgm 6KHOOH\-RKQVWRQ =ZkmFbdehkm *XV0LNORV >_gmR_jnm 'DQ6FKHUI bfgh]bf^jm]bfdhlh ju_kdjhfghljm^bebkvaZkp_ghcgh[_adhlhjuodgb]Zgbdh]^Zg_klZeZ[uj_Zevghklvx
nK{\|K^~\N}\}¤NKzQ Ygbdh]^Zg_kfh]m\iheghcf_j_hl[eZ]h^Zjblv =hkih^ZaZ_]haZ[hlmb[eZ]hkeh\_gby \ukr__badhlhjuoKug?]hBbkmkOjbklhk² fhcKiZkbl_evYlZd`_[eZ]h^Zj_g=hkih^m aZfhx`_gm:ggmqvyex[h\vl_ji_gb_bihgbfZgb_lZdgm`gufg_KiZkb[hl_[_:ggZaZ l\hxih^^_j`dmbh[h^j_gb_b\hkh[_gghklbaZl\hbfhebl\udgZr_fmHlpm
nK{\|K^~\N}\}(}zK Ohqm\ujZablv[eZ]h^Zjghklv fh_ck_fv_b\hkh[_gghklbWe_gHgZihklhygghgZihfb gZeZfg_qlhy\ey_lkykZfuf\Z`gufbwlbfihfh]ZeZ\kZfu_ljm^gu_fhf_glufh_cjZ [hluY[eZ]h^Zj_gbDmi_jmaZihfhsv\ijZ\bevghfihgbfZgbbi_jki_dlb\`bagb
(\\x}Q~KwzK
Qw~Q~Q
ozQ|Q~Q Fh`_l_eb\uih\_jblvqlhijhrehm`_hdhehiylbe_lkl_oihjdZdfugZqZebjZ[hlmgZ^ i_j\ufba^Zgb_f³'HOSKL Jmdh\h^kl\hjZajZ[hlqbdZ´ <lh\j_fyfu[ueb\k_]hebrv jZajZ [hlqbdZfbbahl^_eZih^^_j`dbyaudh\nbjfu%RUODQG bkdZ\rbfbgh\u_h[eZklbijbf_g_gby kha^Zgguoijh^mdlh\Lh]^Z`_mgZkjh^beZkvb^_ykha^Zgbydgb]bkh^_j`Zs_crbjhdbch[ ahjf_lh^h\gZibkZgbyijh]jZffbgh\_crbol_ogheh]bcijh]jZffbjh\Zgby gh[_ahk\_s_gby \k_o l_o \hijhkh\ hl\_lu gZ dhlhju_ fh]ml [ulv gZc^_gu \ ^hdmf_glZpbb gZ ijh^mdl GZr hiul jZ[hlu ih ij_^hklZ\e_gbx l_ogbq_kdhc ih^^_j`db jZajZ[hlqbdZf iha\heye gZ^_ylvky qlh fu kfh`_f hl\_lblv ^Z`_ gZ l_ bo \hijhku dhlhju_ hgb _s_ lhevdh kh[bjZxlky aZ^Zlv Fuih^_ebebkvwlhcb^__ckkhljm^gbdZfb6DPV3XEOLVKLQJ bhgZihdZaZeZkvbfijb\e_dZl_ev ghcBlh]^ZgZqZebkvbafZlu\Zxsb_ f_kypujZ[hlugZ^jmdhibkvxijh]jZffbjh\Zgby bkgh \Z jZ[hlu b kgh\Z ijh]jZffbjh\Zgby ^he]bfb [_kkhggufb ghqZfb Y ^mfZx qlh g_kdhevdh dhgljhevguokjhdh\hdZaZebkvijhims_ggufb bf_gghbaaZh[bebyijbf_jh\ijh]jZffbjh\Z gbyGh\k_fmijboh^bldhg_pb\dZdhclhfhf_gldgb]ZhdZaZeZkvgZibkZgghc Ijhlb\gZrbokdjhfguoh`b^Zgbcijh^Z`bdgb]bihdZaZeb wlhbf_gghlhqlh³^hdlhj \ gZr_f kemqZ_ kdhj__ jZajZ[hlqbd ijhibkZe´ Hp_gdhc gZrbo mkbebc klZeh ijbagZgb_ qblZl_eyfblh]hnZdlZqlhwlhemqrZydgb]Zh'HOSKL LZdZyhp_gdZg_fh]eZg_\^hogh\blvgZkgZ^Zevg_crmxjZ[hlmbgZfb[ueb\uims_gu dgb]bihk\ys_ggu_ 'HOSKL'HOSKLb'HOSKLIhke_^gyybagbo\gh\v[ueZijbagZgZqb lZl_eyfbemqr_cdgb]hc]h^Zih'HOSKLBgZdhg_pfukha^Zebdgb]mdhlhjmx\u^_j`bl_\ jmdZo GZ^__fky qlh ih dhebq_kl\m b dZq_kl\m baeZ]Z_fh]h fZl_jbZeZ hgZ ij_\hkoh^bl \k_ kha^Zggh_gZfbjZg__ < gZklhys__ \j_fy Klb\ y\ey_lky \bp_ij_ab^_glhf ih jZajZ[hld_ ijh]jZff dhfiZgbb 'H9ULHV 'DWD 6\VWHPV WlZ dhfiZgby ki_pbZebabjm_lky gZ ij_^hklZ\e_gbb dhgkmevlZpbc ih ijh^mdlZf nbjfu %RUODQG b jZkiheh`_gZ \ Kbebdhg <weeb DZebnhjgby DkZ\v_ hkgh\Ze kh[kl\_ggmxnbjfm;$3:$5(7HFKQRORJLHV,QF ki_pbZebabjmxsmxky gZh[mq_gbbbij_ ^hklZ\e_gbb dhgkmevlZpbc ih 'HOSKL GZ^__fky qlh mgbdZevgZy dhf[bgZpby gZr_]h hiulZ jZajZ[hlqbdh\ bijZdlbdh\b]em[hdboagZgbcijh^mdlZihreZdgb]_gZihevam Dgb]Zij_^gZagZq_gZ^eyl_odlhgZf_j_gjZajZ[Zlu\Zlvijbeh`_gbykihfhsvx'HOSKLP_ev dhlhjmx fu klZ\beb i_j_^ kh[hc² g_ ijhklh jZkkdZaZlv dZd kha^Zlv ijbeh`_gby k ihfhsvx 'HOSKLghbh[tykgblvdZdwlhk^_eZlvijZ\bevgh'HOSKL²mgbdZevgucihk\h_cfhsbb\hafh` ghklyfbgkljmf_gljZajZ[hldbH^gh\j_f_ggh kj_adbfkhdjZs_gb_f\j_f_gbjZajZ[hldbhgih a\hey_lkha^Z\Zlvijbeh`_gbyijhba\h^bl_evghklv dhlhjuog_mklmiZ_lZaZqZklmxbij_\hkoh ^bl ihdZaZl_eb ijh^mdlh\ jZajZ[hlZgguo k ihfhsvx kms_kl\mxsbo dhfibeylhjh\ & Dgb]Z jZkkdZ`_l\ZfdZd\aylvemqr__bawlbo^\mofbjh\bdZdkha^ZlvihgZklhys_fmohjhrbcykguc bwnn_dlb\gucdh^ Dgb]ZjZa[blZgZ iylv qZkl_c QZklv , ³Wnn_dlb\ghklv jZ[hlu b __ khklZ\eyxsb_ ´ ih k\ys_gZ hkgh\Zf ijh]jZffbjh\Zgby \ 'HOSKL b :LQ QZklv ,, ³Ijhn_kkbhgZevgh_ ijh ]jZffbjh\Zgb_ ´ ihkljh_ggZy gZ nmg^Zf_gl_ i_j\hc qZklb b gZ ijbf_jZo kha^Zgby fZe_gv dbo gh ihe_aguo ijbeh`_gbc ihfh`_l jZkrbjblv \Zrb agZgby b mf_gby < qZklb ,,, ³Dhfihg_glgh hjb_glbjh\ZggZy jZajZ[hldZ´ h[km`^Z_lky jZajZ[hldZ dhfihg_glh\ 9&/ b ijbeh`_gbckbkihevah\Zgb_f l_ogheh]bb&20QZklv,9³JZ[hlZk[ZaZfb^Zgguo´ihk\y s_gZjZ[hl_k[ZaZfb^Zgguo\'HOSKL² hlehdZevguolZ[ebp^h[Za^Zgguo64/ bfgh]h mjh\g_\uo j_r_gbc < qZklb 9 ³;ukljZy jZajZ[hldZ ijbeh`_gbc [Za ^Zgguo´ \_kv baeh `_gguc fZl_jbZe kh[bjZ_lky \h_^bgh ^ey ihkljh_gby fZkrlZ[gh]h j_Zevgh]h ijbeh`_gby H[sbch[t_fwlhcdgb]b\_kvfZ\_ebdihwlhfmqZklb,b,,[ueb\u^_e_gu\i_j\uclhfZ \k_hklZevgu_qZklbbijbeh`_gby²\h\lhjhc
<\_^_gb_
²Ky\{\^KNN}K~K}Ky~{K DZd ke_^m_l ba gZa\Zgby dgb]b hgZ ij_^gZagZq_gZ ^ey jZajZ[hlqbdh\ Ihwlhfm _keb \u²jZajZ[hlqbdijh]jZffgh]h h[_ki_q_gbybbkihevam_l_'HOSKLwlZdgb]Z²^ey\ZkFu ij_^iheZ]Zebqlhdgb]ZaZbgl_j_km_l ljbhkgh\gu_]jmiiuqblZl_e_c JZajZ[hlqbdh\ gZ'HOSKL`_eZxsboih\ukblvk\hcmjh\_gvijh]jZffbklh\ Hiulguoijh]jZffbklh\ gZ3DVFDO%$6,& beb&& gZf_j_\Zxsboky ijbklmiblvd jZ[hl_k'HOSKL Ijh]jZffbklh\ jZ[hlZxsbo k 'HOSKL gh `_eZxsbo gZmqblvky ihevah\Zlvky \k_fb _]h\hafh`ghklyfb ZlZd`_\hafh`ghklyfb ij_^hklZ\ey_fufb :LQ$3,
(\{K
Q~Nu\\zK~~Qzy~{Q <wlhcdgb]_bkihevah\Zgu ke_^mxsb_lbih]jZnkdb_ kh]eZr_gby Dh^dhfZg^ui_j_f_ggu_hi_jZlhjulbiu\u\h^ijh]jZffex[hcl_dkldhlhjuc \ufh`_l_m\b^_lvgZwdjZg_^Zguuvtv¡qéqtturjbnlhf <\h^bfu_\Zfb^Zggu_lZd`_ijb\_^_gukbkihevah\Zgb_f uvtv¡qéqttvmvrjbnlZ AZf_gbl_eb \ hibkZgbyo kbglZdkbkZ \u^_e_gu ryéxqktu uvtv¡qéqttu rjbnlhf AZf_gbl_eb\j_ZevguodhfZg^ZoaZf_sZxlkygZklhysbfbbf_gZfbnZceh\iZjZf_l jZfbbeb^jm]bfbwe_f_glZfbdhlhju_hgbij_^klZ\eyxl Dmjkb\ bkihevam_lky ijb i_j\hf ihy\e_gbb l_ogbq_kdbo l_jfbgh\ \ l_dkl_ Z lZd`_ ^ey\u^_e_gby\Z`guof_kl Ijhp_^mjubnmgdpbbmdZau\Zxlkykihfhsvxkdh[hd ihke_bobf_gbOhlywlhb g_y\ey_lkyklZg^Zjlguf kbglZdkbkhf 3DVFDO ghihfh]Z_lhl^_eblvnmgdpbbbijhp_ ^mjuhlk\hckl\i_j_f_gguoblbih\ < dZ`^hc ]eZ\_ \klj_qZ_lky g_kdhevdh aZf_qZgbc kh\_lh\ b ij_^hkl_j_`_gbc dhlhju_ ihfh]ml\Zfh[jZlblv\gbfZgb_gZgZb[he__\Z`gu_fhf_glu\baeh`_gbbfZl_jbZeZb ba [_`Zlvhrb[hdijbjZ[hl_
q\u\~Q~yy~{Q >hiheg_gbybkijZ\e_gbybh[gh\e_gbyddgb]_fh`ghgZclb\:HE h[jZlb\rbkv ihZ^ j_km KWWS ZZZ[DSZDUHFRPGGJ
<\_^_gb_
t}Kyu^N}uw GZkbgh]^ZkijZrb\Zxl qlh^\b`_lgZfbaZklZ\eyyibkZlv\k_gh\u_bgh\u_dgb]bih k\ys_ggu_'HOSKL" Wlhljm^ghh[tykgblvGmohly[ulhqlhdh]^Z\klj_qZ_rvky k^jm]bf jZajZ[hlqbdhf 'HOSKL b \b^brv m g_]h \ jmdZo k\hx ihlj_iZggmx dgb]m ihgbfZ_rv² `bagvihljZq_gZg_ajy :l_i_jv\j_fyhl^hogmlvbijbklmiblvd^_emBohlyfug_[m^_fkebrdhfki_rblv\u bh]eygmlvkyg_mki__l_dZdklZg_l_gZklhysbf]mjm\'HOSKL
<\_^_gb_
Qy}z~\N} ^Kx\}QQ N\N}KzQ
,
ÏÐÎÃÐÀÌÌÈÐÎÂÀÍÈÅ ÄËß WINDOWS Â DELPHI 5
30
ßÇÛÊ ÏÐÎÃÐÀÌÌÈÐÎÂÀÍÈß OBJECT PASCAL
55
WIN32 API
135
ÑÒÐÎÅÍÈÅ ÏÐÈËÎÆÅÍÈß È ÊÎÍÖÅÏÖÈÈ ÊÎÍÑÒÐÓÈÐÎÂÀÍÈß
145
ÑÎÎÁÙÅÍÈß WINDOWS
194
ÑÒÀÍÄÀÐÒÛ ÏÐÎÃÐÀÌÌÈÐÎÂÀÍÈß, ÏÐÈÍßÒÛÅ Â ÝÒÎÉ ÊÍÈÃÅ
216
ÈÑÏÎËÜÇÎÂÀÍÈÅ ÝËÅÌÅÍÒÎÂ ÓÏÐÀÂËÅÍÈß ACTIVEX Â DELPHI
235
=eZ\Z<\_^_gb_
³^\{^Kww^\zK~Q |?UZO[ea z)PX]TU
°ÄËÄÈÐÑÁÍÎÏÍÃÒÉÑÍÁ'HOSKL
¶ÑÍÑ¿ÉÍÄ'HOSKL
¬ÄËÌÍÂÍÇÐÑÍÏÇÇ
§ÌÑÄÂÏÇÏÍÁ¿ÌÌ¿ÞÐÏÄÿϿÆÏ¿ÀÍÑÉÇ
'HOSKL
¢ÄÌÄÏ¿ÑÍÏÇÐÔÍÃÌÍÂÍÉÍÿ
°ÍÆÿÌÇÄÎÏÍÐÑÄÈ×ÄÂÍÎÏÇÊÍÅÄÌÇÞ
°ÍÀÚÑÇÞÇÐÍÍÀØÄÌÇÞ
²ÎÏÍØÄÌÇÄÏ¿ÆÏ¿ÀÍÑÉÇÎÏÍÑÍÑÇÎÍÁ
¯¿Ð×ÇÏÞÄËÍÐÑÛ'HOSKL
£ÄÐÞÑÛÁ¿ÅÌÄÈ×ÇÔÓÒÌÉÕÇÈ ÂÏ¿ÓÇÖÄÐÉÍÈÐÏÄÃÚÏ¿ÆÏ¿ÀÍÑÉÇ'HOSKL
¯ÄÆÝËÄ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
<wlhc]eZ\_ij_^klZ\e_g[_]euch[ahj'HOSKL\dexqZyk\_^_gbyihbklhjbbwlh]hiZd_lZ djZldh_hibkZgb__]h\hafh`ghkl_c bkihkh[h\\aZbfh^_ckl\by khkj_^hc:LQGRZV ZlZd`_ ^jm]mx h[smx bgnhjfZpbx g_h[oh^bfmx dZ`^hfm jZajZ[hlqbdm A^_kv `_ h[km`^Zxlky hkgh\gu_ hkh[_gghklb bgl_]jbjh\Zgghc kj_^u jZajZ[hldb ,'( 'HOSKL b ijb\h^ylky k\_ ^_gby h g_dhlhjuo g_^hklZlhqgh hk\_s_gguo \ ^hdmf_glZpbb \hafh`ghklyo dhlhju_ fZeh ba\_klgu^Z`_kZfufbkdmr_gguf jZajZ[hlqbdZf WlZ]eZ\Zg_ij_^gZagZq_gZ ^eyh[mq_gby hkgh\ZfjZajZ[hldbijh]jZff\kj_^_'HOSKLFuiheZ]Z_fqlhqblZl_evijbh[j_ewlmdgb]m kp_evxmagZlvbag__qlhlhgh\h_bbgl_j_kgh_Zg_ijhklhhk\_`blv\iZfylbkh^_j`bfh_ ij_^hklZ\ey_fhc nbjfhc%RUODQG ^hdmf_glZpbb Bkoh^ybawlh]hfukqblZ_fk\h_caZ^Zq_c ijh^_fhgkljbjh\Zlv gZb[he__ fhsgu_ \hafh`ghklb ^Zggh]h ijh^mdlZ b ihykgblv dZd bo fh`ghbkihevah\Zlv ^eyjZajZ[hldbijh]jZffdhff_jq_kdh]h mjh\gyFugZ^__fkyqlhql_ gb_^Zgghc]eZ\u b\k_cwlhcdgb]b hdZ`_lkyihe_agufdZdhiulguflZdbgZqbgZxsbf jZajZ[hlqbdZf < hlghr_gbb ihke_^gbo g_h[oh^bfh aZf_lblv qlh g_ ke_^m_l gZqbgZlv hk \h_gb_'HOSKL kijhql_gbywlhc]eZ\uGZqgbl_kbamq_gby^hdmf_glZpbb %RUODQG bkha^Zgby ijhkl_crboijbf_jh\Ql_gb_wlhc]eZ\uijbg_k_l\Zfihevamebrvihke_ mykg_gby hkgh\ guof_oZgbafh\jZ[hlu,'(bh[s_cijhp_^mjujZajZ[hldbijbeh`_gbc
(QwQvN}z\u^\|y}\z)PX]TU 'HOSKLihklZ\ey_lky\lj_ojZaebqguo\ZjbZglZo ba^Zgbyo 'HOSKL6WDQGDUG'HOSKL 3URIHVVLRQDO b'HOSKL(QWHUSULVH DZ`^ucba\ZjbZglh\ijh^mdlZjZkkqblZggZjZajZ[hlqbdZ hij_^_e_ggh]h lbiZ 'HOSKL6WDQGDUGij_^klZ\ey_l kh[hckZfmxijhklmx\_jkbx<g_cbf__lky\k_g_h[oh ^bfh_^eylh]hqlh[ugZqZlvkha^Zgb_ijbeh`_gbc\kj_^_'HOSKL WlZ\_jkbyb^_ZevgZ^ey ex[bl_e_cbebklm^_glh\ djhf_ijhq_]hhgZkZfZy^_r_\Zy <_jkby\dexqZ_l hilbfbabjmxsbc jZajy^gucdhfibeylhj2EMHFW3DVFDO [b[ebhl_dm9LVXDO&RPSRQHQW/LEUDU\ 9&/ kh^_j`Zsmx[he__ klZg^Zjlguodhf ihg_glh\jZaf_sZ_fuo gZiZg_eb&RPSRQHQW3DOHWWH ih^^_j`dmiZd_lh\iha\heyxsmx kha^Z\ZlvfZeu_ihjZaf_jm\uihegy_fu_ nZceub [b[ebhl_dbdhfihg_glh\ h[t_dlghhjb_glbjh\Zggmx kj_^m jZajZ[hldb ,'( \dexqZxsmx j_^Zdlhj dhgkl jmdlhj nhjf b gZ[hj bgkljmf_glh\ ih\ur_gby ijhba\h^bl_evghklb Dhgkljmdlhj nhjfih^^_j`b\Z_l nmgdpbbgZke_^h\Zgby \b^bfuonhjfbk\yau\Zgby 'HOSKLij_^gZagZq_gguc ^eykha^ZgbyjZajy^guoijbeh`_gbc:LQGRZV ihegmxih^^_j`dm:LQ$3, \dexqZy&20*','LUHFW; fgh]hihlhqghklv bjZaebq gu_6RIWZDUH'HYHORSPHQW.LW 6'. nbjfu0LFURVRIWbklhjhggboijhba\h^bl_e_c <_jkby'HOSKL3URIHVVLRQDOjZkkqblZgZgZijhn_kkbhgZevguo jZajZ[hlqbdh\ g_bkihev amxsbo l_ogheh]bb deb_glk_j\_j ?keb \u² ijhn_kkbhgZevguc jZajZ[hlqbd aZgbfZx sbckykha^Zgb_fbihklZ\dhcijbeh`_gbcbebdhfihg_glh\ 'HOSKL lhwlhlijh^mdlij_^gZ agZq_g bf_ggh ^ey \Zk Ihfbfh \k_]h lh]h qlh \oh^bl \ khklZ\ \_jkbb 6WDQGDUG \ \_jkbx 'HOSKL3URIHVVLRQDO \dexq_gu [he__^hihegbl_evguo dhfihg_glh\ \gZ[hj_&RPSRQHQW3DOHWWH kj_^kl\Z ih^^_j`db jZ[hlu k [ZaZfb ^Zgguo \dexqZy khhl\_lkl\mxsb_ 9&/ dhfihg_glu gbadhmjh\g_\uc bgl_jn_ck ^hklmiZ d [ZaZf ^Zgguo %RUODQG 'DWDEDVH (QJLQH %'( %'(^jZc\_ju ^ey ehdZevguo lZ[ebp kj_^kl\Z ih^^_j`db \bjlmZev
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
guogZ[hjh\^Zgguoiha\heyxsb_\kljZb\Zlv\dhfihg_glu9&/bgl_jn_cku^hklmiZd [ZaZf^Zgguo^jm]bolbih\bgkljmf_gl'DWDEDVH([SORUHU dhfihg_glu,QWHU%DVH([SUHVV kj_^u,QWHU%DVHkj_^kl\Zih^^_j`dbojZgbebs^Zgguobl_ogheh]bb2'%& gZ[hjfZkl_jh\^eykha^Zgby&20dhfihg_glh\ lZdbogZijbf_j dZd mijZ\eyxsb_ we_f_glu$FWLYH;$FWLYH)RUPV k_j\_juZ\lhfZlbaZpbb bkljZgbpuk\hckl\ bgkljmf_glZjbc 4XLFN5HSRUWV ij_^gZagZq_gguc ^ey bgl_]jZpbb \ kha^Z\Z_fu_ ijb eh`_gbyihevah\Zl_evkdbo hlq_lh\ ]jZnbq_kdb_ dhfihg_glu7HH&KDUW ^eyij_^klZ\e_gby ^Zgguo\\b^_]jZnbdh\b^bZ ]jZff h^ghihevah\Zl_evkdbc k_j\_j/RFDO,QWHU%DVH6HUYHU /,%6 iha\heyxsbcjZajZ[Zlu\Zlv 64/ijbeh`_gbyZjobl_dlmjudeb_glk_j\_j[_aih^dexq_gbydk_lb bgkljmf_gl:HE'HSOR\PHQW iha\heyxsbc jZkijhkljZgylv kh^_j`bfh_dhfihg_glh\ $FWLYH;\kj_^_:HE ,QVWDOO6+,(/'([SUHVV ²bgkljmf_glZjbc ^eyjZkijhkljZg_gby ijbeh`_gbc 2SHQ7RROV $3, ^ey jZajZ[hldb dhfihg_glh\ bgl_]jbjh\Zgguo kh kj_^hc 'HOSKL Z lZd`_kbgl_jn_ckhf ^eykbkl_fudhgljhey\_jkbc39&6 mlbeblZ:HE%URNHU gZ[hj fZkl_jh\ )DVW1HW :L]DUGV b dhfihg_glu ij_^gZagZq_ggu_ ^eyjZajZ[hldb,QWHUQHWijbeh`_gbc bkoh^gu_ l_dklu 9&/ [b[ebhl_db \j_f_gb \uiheg_gby 5XQWLPH OLEUDU\ 57/ b j_ ^Zdlhjh\k\hckl\ :LQ6LJKW²bgkljmf_gl^eyijhkfhljZbgnhjfZpbbh[hdgZobkhh[s_gbyo <_jkby 'HOSKL (QWHUSULVH kha^ZgZ ^ey bkihevah\Zgby [hevrbfb nbjfZfb b jZajZ [hlqbdZfb dhjihjZlb\guo ijbeh`_gbc deb_glk_j\_j ?keb \u jZajZ[Zlu\Z_l_ ijbeh `_gby \aZbfh^_ckl\mxsb_ k 64/k_j\_jZfb [Za ^Zgguo \ ^Zgghc \_jkbb \u gZc^_l_ \k_ bgkljmf_glu g_h[oh^bfu_ ^ey ihkljh_gby jZkij_^_e_gguo ijbeh`_gbc < wlhc \_jkbb kh^_j`Zlky \k_ l_ dhfihg_glu dhlhju_ bf_xlky \ ^\mo ij_^u^msbo Z lZd`_ ke_^mxsb_ [he__9&/dhfihg_glh\ \gZ[hj_&RPSRQHQW3DOHWWH ih^^_j`dZ0,'$6 0XOWLWLHU'LVWULEXWHG$SSOLFDWLRQ6HUYLFH bebp_gabygZbkihevah\Z gb_ \ k\hbo jZajZ[hldZo wlh]h ijh^mdlZ h[_ki_qb\Zxs_]h [_kij_p_^_glgh_ mijhs_ gb_ijhp_^mjukha^Zgbyfgh]hmjh\g_\uo ijbeh`_gbc ih^^_j`dZ&25%$\dexqZyk_j\_j9LVL%URNHU25% \_jkbb dhfihg_glu,QWHUQHW([SUHVV;0/ iZd_l 7HDP6RXUFH² ijh]jZffgh_ h[_ki_q_gb_ ^ey mijZ\e_gby ]jmiih\hc jZajZ[hl dhcijh]jZff^himkdZxs__ h^gh\j_f_ggmx jZ[hlmkg_kdhevdbfb\_jkbyfbijh^md lh\ \dexqZ_lih^^_j`dm=,3b39&6 memqr_ggZyih^^_j`dZ0LFURVRIW64/6HUYHU jZkrbj_ggZy ih^^_j`dZ KM;> 2UDFOH \dexqZxsZy h[jZ[hldm ihe_c Z[kljZdlgh]h lbiZ^Zgguo ijyfZyih^^_j`dZh[t_dlh\$FWLYH;'DWD2EMHFWV $'2 dhfihg_glu'HFLVLRQ&XEH iha\heyxsb_ \uihegylv\bamZevgucfgh]hf_jguc ZgZeba ^Zgguo \dexqZybobklhqgbdb
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
^jZc\_ju 64/ /LQNV %'( ^ey ^hklmiZ d [ZaZf ^Zgguo KM;> ,QWHU%DVH 2UDFOH 0LFURVRIW64/6HUYHU6\EDVH,QIRUPL[ b'%ZlZd`_ebp_gabbgZijZ\hg_h]jZgbq_g gh]hi_j_jZkij_^_e_gby wlbo^jZc\_jh\ ijbeh`_gb_64/'DWDEDVH([SORUHU iha\heyxs__ ijhkfZljb\Zlv bj_^Zdlbjh\Zlv ki_ pbnbqgu_^eyk_j\_jh\f_lZ^Zggu_ mlbeblZ64/%XLOGHU²]jZnbq_kdbc bgkljmf_glkha^ZgbyaZijhkh\ iZd_l64/0RQLWRU h[_ki_qb\Zxsbc ijhkfhlj64/khh[s_gbch[f_gZbgnhjfZpb_c kk_j\_jhfbh[e_]qZxsbc hleZ^dmbgZkljhcdmijhba\h^bl_evg hklbijbeh`_gby iZd_l'DWD3XPS([SHUW ij_^gZagZq_gguc ^eymkdhj_gbyfZkrlZ[bjh\Zgby kbkl_f ebp_gaby,QWHU%DVH^ey:LQGRZV17gZiylvihevah\Zl_e_c
¹}\}Ky\Q)PX]TU QZklhgZfaZ^Zxl\hijhkuih^h[gu_ke_^mxsbf ³<q_f]eZ\gu_^hklhbgkl\Z'HOSKL"´ beb³Q_f'HOSKLij_\hkoh^bl iZd_lO"´AZijhr_^rb_]h^ufu\ujZ[hlZeb^\Z\ZjbZglZhl \_lh\gZwlb\hijhku²^ebggucbdhjhldbcDhjhldbchl\_laZdexqZ_lky\h^ghfkeh\_² ³ijh^mdlb\ghklv ´ IjhklhgZk_]h^gyrgbc ^_gvjZ[hlZ\'HOSKL y\ey_lkykZfufijh^mdlb\ guf f_lh^hf kha^Zgby ijbeh`_gbc ^ey :LQGRZV ;_amkeh\gh bf_xlky dZl_]hjbb ebp gZqZevkl\h b \hafh`gu_ deb_glu ^ey dhlhjuo wlh]h hl\_lZ [m^_l g_^hklZlhqgh < wlhf kemqZ_fu^Z_f^ebgguchl\_l\dhlhjhfih^jh[ghhibku\Z_lkylhkhq_lZgb_hkh[_gghkl_c kj_^u 'HOSKL dhlhjh_ ^_eZ_l __ klhev ijh^mdlb\ghc Fu iheZ]Z_f qlh h[sZy ijh^mdlb\ ghklv ex[uo bgkljmf_glh\ kha^Zgby ijh]jZffgh]h h[_ki_q_gby hij_^_ey_lky ke_^mxsbfb iylvx\Z`g_crbfb Zki_dlZfb dZq_kl\hf\bamZevghckj_^ujZajZ[hldb kdhjhklvxjZ[hludhfibeylhjZ b[ukljh^_ckl\b_f hldhfibebjh\Zgguo ijh]jZff fhsghklvxyaudZijh]jZffbjh\Zgby b_]hkeh`ghklvx ]b[dhklvxbfZkrlZ[bjm_fhklvx bkihevam_fhc Zjobl_dlmju[Za^Zgguo gZebqb_fih^^_j`b\Z_fuo kj_^hcjZajZ[hldbrZ[ehgh\ijh_dlbjh\Zgby bbkihevah \Zgby ;_amkeh\gh kms_kl\m_l _s_g_fZeh\Z`guonZdlhjh\² gZijbf_j\hijhkujZa\_jlu \Zgby^hdmf_glZpby ih^^_j`dZlj_lvbonbjfbl^L_fg_f_g__fuijbrebd\u\h^m qlhwlhcmijhs_gghc fh^_eb\iheg_^hklZlhqgh ^eyh[tykg_gby ihq_fmbf__lkfukehk lZgh\blvk\hc\u[hjgZ'HOSKL G_dhlhju_bamihfygmluo dZl_]hjbck\yaZgukhij_^_e_g ghckm[t_dlb\ghklvx hp_gdbDZd `_ fh`gh bkihevah\Zlv bo ^ey hp_gdb ijh^mdlb\ghklb hij_^_e_ggh]h bgkljmf_glZ jZajZ[hldb" Ij_^eZ]Z_fZy ko_fZ ijhklZ Hp_gbl_ dZ`^uc ba iylb ihdZaZl_e_c ZgZebabjm_fuo iZd_lh\ ih iylb[Zeevghc rdZe_ b gZg_kbl_ khhl\_lkl \mxsb_lhqdbgZhkb]jZnbdZij_^klZ\e_ggh]h gZjbkKh_^bgbl_lhqdb^eydZ`^h]h ba iZd_lh\ ebgbyfb² ihemqblky g_kdhevdh iylbm]hevgbdh\ Q_f [hevr_ iehsZ^v ihem qb\r_]hkyiylbm]hevgbdZ l_f\ur_ijh^mdlb\ghklv ^Zggh]hbgkljmf_glZ jZajZ[hldb Fu g_ bf__f p_evx k ihfhsvx ij_^eh`_gghc nhjfmeu gZ\yaZlv \Zf k\h_ aZjZg__ ih^]hlh\e_ggh_ j_r_gb_² \u[hj hklZ_lky aZ \Zfb Fu ijhklh ij_^eZ]Z_f ih^jh[g__ hklZgh\blvky gZ dZ`^hf ba Zki_dlh\ \ur_ijb\_^_gghc ko_fu b hp_gblv khhl\_lkl\mx sb_ ihdZaZl_eb 'HOSKL \ kjZ\g_gbb k ^jm]bfb bgkljmf_glZfb jZajZ[hldb ijbeh`_gbc ^ey:LQGRZV
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
Jbk Ko_fZ ihkljh_gby ^bZ]jZff ^ey hp_gdb ijh ^mdlb\ghklbbgkljmf_glh\jZajZ[hldbijbeh`_gbc
oK~KN^Q|K^K^Kx\}y
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
fh`ghklb baf_gylv ijh]jZffguc l_dkl b ke_^h\Zl_evgh ih\_^_gb_ ijbeh`_gby g_ihkj_^ kl\_ggh \ ijhp_kk_ _]h hleZ^db D kh`Ze_gbx \ kj_^_ dhfibeylhjh\ j_ZebaZpby ih^h[guo nmgdpbck\yaZgZkhq_gv[hevrbfbljm^ghklyfbbihwlhfmhgZhlkmlkl\m_l\'HOSKL Dhgkljmdlhj nhjf y\ey_lky h[yaZl_evghc ijbgZ^e_`ghklvx \k_o 5$'bgkljmf_glh\ \dexqZy'HOSKL9LVXDO%DVLF K%XLOGHU b3RZHU%XLOGHU DeZkkbq_kdbc \ZjbZglkj_^ujZajZ [hldb gZijbf_j 9LVXDO & b %RUODQG & h[uqgh \dexqZ_l j_^Zdlhju ^bZeh]h\ h^gZdh wlb bgkljmf_glu f_g__ m^h[gu ^ey bgl_]jZpbb \ jZ[hqbc ihlhd kha^Zgby ijbeh`_gby q_f dhgkljmdlhju nhjf JZkkfhlj_\ ij_^klZ\e_ggmx gZ jbk ^bZ]jZffm fh`gh k^_eZlv \u \h^qlhhlkmlkl\b_dhgkljmdlhjZ nhjfhdZau\Z_laZf_lgh_g_]Zlb\gh_\ebygb_gZh[sb_ih dZaZl_ebijh^mdlb\ghklb dhgdj_lgh]h bgkljmf_glZ jZajZ[hldbijbeh`_gbc<ihke_^gb_]h ^u'HOSKL b9LVXDO%DVLF hdZaZebkv\lygmlufb\ihklhyggmx[hjv[maZi_j\_gkl\h\jZaghh[ jZabb \hafh`ghkl_c bo dhgkljmdlhjh\ nhjf DZ`^Zy \uims_ggZy \_jkby wlbo ijh^mdlh\ ijhklh bamfey_l k\hbfb gh\ufb nmgdpbhgZevgufb \hafh`ghklyfb GZijbf_j \ dhgkljmd lhj_ nhjf 'HOSKL bkihevam_lky iheghklvx h[t_dlghhjb_glbjh\ZggZy ko_fZ ihkljh_gby < j_amevlZl_\g_k_ggu_\[Zah\u_deZkkubaf_g_gbyg_f_^e_ggh jZkijhkljZgyxlky bgZex[u_ ijhba\h^gu_ hlgbodeZkkuWlhlf_oZgbafbkihevah\Zg^eyj_ZebaZpbbnmgdpbbgZke_^h\Z gby\bamZevguonhjf 9LVXDO)RUP,QKHULWDQFH ²9), 9), iha\hey_l^bgZfbq_kdb ihjh`^Zlv gh\u_nhjfubaex[uo^jm]bonhjfijh_dlZbeb]Ze_j_bnhjf;he__lh]h\g_k_ggu_\[Z ah\mxnhjfmbaf_g_gby[m^mlg_f_^e_ggh jZkijhkljZg_gu bmgZke_^h\Zgu \k_fb__nhjfZ fbihlhfdZfb;he__ih^jh[gZybgnhjfZpbyh[wlhc\Z`ghcnmgdpbbijb\h^blky\]eZ\_ ³Kljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby´
(y\^\N}^Kx\}y\wu}\^K xN}^\|QvN}zQ \}y\wu^\zK~~gu^\{^Kww ;ukljuc dhfibeylhj iha\hey_l jZajZ[Zlu\Zlv ijh]jZffgh_ h[_ki_q_gb_ ihwlZigh ih kdhevdm^himkdZ_lfgh]hdjZlgh_\g_k_gb_\bkoh^gmxijh]jZffmg_[hevrbobaf_g_gbckih ke_^mxs_c i_j_dhfibeypb_c b l_klbjh\Zgb_f < j_amevlZl_ \hagbdZ_l \_kvfZ wnn_dlb\guc pbdejZajZ[hldb;he__f_^e_ggucdhfibeylhj\ugm`^Z_ljZajZ[hlqbdZh^gh\j_f_ggh \ghkblv [hevrbch[t_fbaf_g_gbcdhf[bgbjmyg_kdhevdhhl^_evguo^hjZ[hlhd\h^ghfpbde_dhfib eypbbbhleZ^dbWlh[_amkeh\ghkgb`Z_lwnn_dlb\ghklv hl^_evguopbdeh\jZajZ[hldbIj_ bfms_kl\Z^hklb]Z_fu_aZkq_lih\ur_gghcwnn_dlb\ghklb jZ[hluhldhfibebjh\Zgguo ijh ]jZffhq_\b^gu<ex[hfkemqZ_q_f[uklj__jZ[hlZ_lijh]jZffZbq_ff_gvr____h[t_dl gucdh^l_femqr_ <_jhylghkZfh_ba\_klgh_hlebqb_bkihevam_fh]h \'HOSKL dhfibeylhjZ yaudZ3DVFDO kh klhbl\_]h[ukljh^_ckl\bb NZdlbq_kdbwlh²kZfuc[ukljucdhfibeylhjyaudZ\ukhdh]h mjh\gy ba \k_o kms_kl\mxsbo \ kj_^_ :LQGRZV < ihke_^gb_ ]h^u hlf_qZxlky aZf_lgu_ memqr_gby \ jZ[hl_ dhfibeylhjh\ yaudZ & dhlhjuc ljZ^bpbhggh kqblZeky kZfuf f_^ e_gguf \ kfuke_ kdhjhklb dhfibebjh\Zgby Mki_ob [ueb ^hklb]gmlu aZ kq_l ihrZ]h\h]h k\yau\ZgbybjZaebqguokljZl_]bcdwrbjh\Zgby bkihevam_fuo \qZklghklb\iZd_lZo9LVXDO &b&%XLOGHU L_fg_f_g__^Z`_wlbmemqr_ggu_ dhfibeylhju yaudZ&jZ[hlZxl\ g_kdhevdhjZaf_^e_gg__q_fdhfibeylhj'HOSKL HagZqZ_l eb klhev \ukhdZy kdhjhklv dhfibebjh\Zgby h[yaZl_evgh_ hlklZ\Zgb_ \ wnn_d lb\ghklb kha^Z\Z_fuo ijh]jZff" ;_amkeh\gh hl\_lhf gZ wlhl \hijhk [m^_l ³G_l´ Kha^Z \Z_fuc\'HOSKLh[t_dlgucdh^bf__ll_`_ihdZaZl_ebwnn_dlb\ghklb qlhbh[t_dlgucdh^ kha^ZggucljZgkeylhjhf &%XLOGHU Hlkx^Zfh`ghk^_eZlv\u\h^qlhdZq_kl\hkha^Z\Z_ fuoijh]jZffkhhl\_lkl\m_l mjh\gxh[_ki_qb\Z_fhfm hq_gvohjhrbfdhfibeylhjhf yaudZ
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
& Ihihke_^gbf^hklh\_jguf hp_gdZfijhba\h^bl_evghklb ijh]jZffukha^Zggu_dhf ibeylhjhf 9LVXDO & ^_ckl\bl_evgh bf_xl kZfu_ \ukhdb_ ihdZaZl_eb kdhjhklb \uiheg_ gbybjZaf_jh\l_dklZ<hkgh\ghfwlh^hklb]Z_lkyaZkq_lhq_gvohjhr_chilbfbaZpbb Ohly wlb g_[hevrb_ ij_bfms_kl\Z g_aZf_lgu ijb jZajZ[hld_ h[uqguo ijbeh`_gbc hgb fh]ml bf_lv hq_gv [hevrh_ agZq_gb_ ijb kha^Zgbb ijh]jZff \uihegyxsbo agZqbl_evguc h[t_f \uqbke_gbc Yaud9LVXDO%DVLF y\ey_lkyhkh[uf\hlghr_gbbbkihevam_fhc l_ogheh]bbdhfibebjh\Z gby<oh^_jZajZ[hldbijbeh`_gby9LVXDO%DVLF 9% bkihevam_lky\bgl_jij_lbjmxs_f j_ `bf_bbf__l^hklZlhqgmxkdhjhklvjZ[hluIjbg_h[oh^bfhklb jZkijhkljZg_gby kha^Zggh ]hijbeh`_gbyfh`gh\hkihevah\Zlvky 9%dhfibeylhjhf j_amevlZlhfjZ[hludhlhjh]hy\ ey_lky\uihegy_fuc nZcelbiZ(;(Wlhl dhfibeylhj \_kvfZ f_^ebl_e_g b _]h ihdZaZl_eb kbevghhlklZxlhl\hafh`ghkl_c bgkljmf_glh\ &b'HOSKL ?s_h^bgbgl_j_kguc\ZjbZglij_^klZ\ey_l kh[hcyaud-DYD Emqrb_ bgkljmf_glu wlhc yaudh\hc kj_^u gZijbf_j -%XLOGHU b 9LVXDO - ^_fhgkljbjmxl \j_fy dhfibeypbb kjZ\ gbfh_k'HOSKL H^gZdhwnn_dlb\ghklv kha^Z\Z_fuo ijh]jZff qZs_ \k_]h hklZ\ey_l `_eZlv emqr_]h ih lhc ijhklhc ijbqbg_ qlh yaud -DYD y\ey_lky bgl_jij_lbjm_fuf yaudhf Ohly jZa\blb_ \hafh`ghkl_c bgkljmf_glh\ -DYD b^_l [ukljufb l_fiZfb kdhjhklv \uiheg_gby kha^Z\Z_fuo gZg_fijh]jZff\[hevrbgkl\_ kemqZ_\^Ze_dhmklmiZ_l'HOSKLbK
±\~\N}yKu^\{^Kww^\zK~ Q{\N\~\N} Fhsghklvbkeh`ghklvyaudZ\agZqbl_evghc kl_i_gbhij_^_eyxlky lhqdhcaj_gbykh[_ k_^gbdZ ihwlhfm wlb dZl_]hjbb qZklh kem`Zl ih\h^hf ^ey ijh\_^_gby fgh]hqbke_gguo i_ j_iZehdbh`_klhq_gguo ^bkdmkkbc \ ]jmiiZo gh\hkl_c b kibkdZo jZkkuedb Lh qlh kh\k_f ijhklh^eyh^gh]hq_eh\_dZfh`_lhdZaZlvky\_kvfZkeh`guf^ey^jm]h]h< k\hx hq_j_^v lhqlh\hkijbgbfZ_lky h^gbfq_eh\_dhfdZdh]jZgbq_gb_ fh`_ljZkp_gb\Zlvky ^jm]bfdZd kZfh_ baysgh_ j_r_gb_ Ihwlhfm ijb\_^_ggu_ gb`_ jZkkm`^_gby y\eyxlky baeh`_gb_f lhqdbaj_gbyZ\lhjh\bhljZ`Zxlboebqguchiulbij_^ihql_gby GZb[he__fhsgufba\k_oyaudh\ y\ey_lky Zkk_f[e_j ?^\Z eb kms_kl\m_l qlhlh lZdh_ q_]hg_evay\uihegblvk_]hihfhsvxH^gZdhgZibkZgb_^Z`_kZfh]hijhklh]hijbeh`_gby :LQGRZV gZ Zkk_f[e_j_ y\ey_lky \_kvfZ keh`guf aZ^Zgb_f Z ihemq_gguc j_amevlZl ihqlb gZ\_jgydZ[m^_lkh^_j`Zlvhrb[dbFZehlh]hqZs_\k_]hijZdlbq_kdbg_\hafh`gh h[_ki_ qblvkhijh\h`^_gb_ ijh]jZffgZZkk_f[e_j_]jmiihcjZajZ[hlqbdh\ gZkdhevdhgb[m^vijh ^he`bl_evguc i_jbh^ \j_f_gb Ih f_j_ lh]h dZd l_dkl ijh]jZff i_j_^Z_lky hl h^gh]h bk ihegbl_eyd^jm]hfm\u[jZggu_ijh_dlgu_j_r_gbybf_lh^uklZgh\ylky\k_[he__b[he__ lmfZggufbblZd^hl_oihjihdZl_dklijh]jZffug_ijbh[j_lZ_l kh\_jr_ggh g_\jZamfb l_evguc\b^[hevr_gZihfbgZxsbc k\ys_ggu_l_dklugZkZgkdjbl_q_fh[uqgmxdhfivx l_jgmx ijh]jZffm Ke_^h\Zl_evgh \ jZkkfZljb\Z_fhc dZl_]hjbb Zkk_f[e_jm ke_^m_l ijb k\hblv hq_gv gbadmx hp_gdm g_kfhljy gZ \kx _]h fhsv =eZ\gZy ijbqbgZ² qj_af_jgZy keh`ghklvbkihevah\Zgby wlh]hyaudZ^ey^hklb`_gbyl_op_e_cdhlhju_klhyli_j_^[hev rbgkl\hfjZajZ[hlqbdh\ ijbeh`_gbc KlZd`_y\ey_lkyqj_a\uqZcgh fhsgufyaudhfKihfhsvx_]h^_ckl\bl_evgh wnn_d lb\guobgkljmf_glh\ ih^h[guofZdjhkZfij_ijhp_kkhjZ rZ[ehgZfi_j_]jmad_hi_jZlhjh\ fh`gh ^Z`_ kha^Zlv kh[kl\_gguc yaud \ ij_^_eZo K ?keb ij_^hklZ\e_gguc jZajZ[hlqb dZf bkdexqbl_evgh rbjhdbc gZ[hj nmgdpbhgZevguo \hafh`ghkl_c [m^_l bkihevah\Zlvky ijh^mfZggh lhwlhiha\heblkha^Z\Zlvhq_gvykgu_bijhklu_\khijh\h`^_gbb ijh]jZffu H^gZdh ijh[e_fZ khklhbl \ lhf qlh fgh`_kl\h jZajZ[hlqbdh\ g_ fh`_l ijhlb\hklhylv bk dmr_gbx qj_af_jgh]h b g_hijZ\^Zggh]h bkihevah\Zgby kms_kl\mxsbo \hafh`ghkl_c qlh
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
qZklhijb\h^bldihy\e_gbxijhklhm`Zkguoijh]jZffNZdlbq_kdbgZK ibkZlviehob_ ijh]jZffu]hjZa^he_]q_q_fohjhrb_ihkdhevdmkZfyaudg_hjb_glbjm_l jZajZ[hlqbdZ gZ bkihevah\Zgb_ ohjhrboijb_fh\ijh]jZffbjh\Zgby hklZ\eyywlb\hijhkuiheghklvxgZ_]h mkfhlj_gb_ Kms_kl\m_l ^\ZyaudZdhlhju_ihgZr_fmfg_gbxhq_gvkoh`b\lhfqlh\gbo^hklb] gml hilbfZevguc [ZeZgk f_`^m keh`ghklvx b fhsghklvx Wlh² 2EMHFW 3DVFDO b -DYD < h[hbo yaudZo bkihevah\Zg ih^oh^ ij_^mkfZljb\Zxsbc h]jZgbq_gb_ ^hklmiguo nmgdpbh gZevguo\hafh`ghkl_c kp_evxi_j_ghkZhkgh\guomkbebcjZajZ[hlqbdZ gZeh]bq_kdh_ijh _dlbjh\Zgb_ ijbeh`_gbc GZijbf_j \ h[hbo yaudZo hlkmlkl\m_l ³hq_gv h[t_dlghhjb_g lbjh\ZggZy´ gh kihkh[kl\mxsZy jZaebqguf aehmihlj_[e_gbyf dhgp_ipby fgh`_kl\_ggh]h gZke_^h\Zgby <h[hbokemqZyohgZaZf_gy_lkyj_ZebaZpb_c\deZkkZog_kdhevdbojZaebqguo bgl_jn_ckh\H[ZyaudZbkdexqZxlbaysgmxgh\lh`_\j_fy\_kvfZhiZkgmxnmgdpbxi_ j_]jmadbhi_jZlhjh\Djhf_lh]h\h[hbokemqZyobkoh^gu_nZceujZkkfZljb\Zxlky dZdhk gh\gu_h[t_dluyaudZZg_dZddhfihg_gludhlhju_[m^mlk\yaZgu\_^bgh_p_eh_j_^Zdlh jhfk\ya_c;he__lh]h\h[hboyaudZobkihevamxlky ij_bfms_kl\Z lZdbofhsguonmgdpbc dZd h[jZ[hldZ bkdexq_gbc iZjZf_lju \j_f_gb \uiheg_gby b kljhdh\u_ j_kmjku G_ kem qZcghh[Zhgb[uebkha^Zgug_k\h[h^gufbdhfbl_lZfbZhl^_evgufbjZajZ[hlqbdZfb beb g_[hevrhc bo ]jmiihc \ ij_^_eZo h^ghc hj]ZgbaZpbb bf_xsbo _^bgh_ fg_gb_ h lhf qlh ^he`_gij_^klZ\eylv kh[hckha^Z\Z_fuc bfbyaud 9LVXDO %DVLF bkoh^gh kha^Z\Zeky dZd yaud ^hklZlhqgh ijhklhc qlh[u gZqbgZxsb_ ijh ]jZffbklufh]eb[ukljh_]hhk\hblvH^gZdhihf_j_^h[Z\e_gby\g_]hgh\uonmgdpbcy\ ey\rbokyhl\_lhfgZg_hleh`gu_lj_[h\Zgby\j_f_gbwlhlyaudklZgh\beky\k_[he__b[h e__keh`gufG_kfhljygZ\k_mkbebyijbeZ]Z_fu_ kp_evxhk\h[h`^_gby jZajZ[hlqbdh\ hl h[j_f_gbl_evguo ^_lZe_cyaud9LVXDO%DVLF ihij_`g_fm\dexqZ_lg_kdhevdhk_jv_aguoh] jZgbq_gbc dhlhju_ lj_[m_lky l_f beb bguf h[jZahf h[oh^blv ijb kha^Zgbb ^hklZlhqgh keh`guoijbeh`_gbc
pxy\N}wKN
}Kx^Qw\N} Nu\Qw\vK^g}Qy}^xK|K~~g <dhfiZgbb%RUODQGhlkmlkl\m_lkh[kl\_ggZyebgbyijh^mdlh\mijZ\e_gby[ZaZfb^Zgguo < khklZ\ 'HOSKL \oh^bl bgkljmf_glZjbc dhlhjuc ih gZr_fm fg_gbx h[_ki_qb\Z_l kZfmx ]b[dmx Zjobl_dlmjm ih^^_j`db [Za ^Zgguo ih kjZ\g_gbx kh \k_fb ij_^klZ\e_ggufb gZ jugd_ F_oZgbaf %'( mki_rgh jZ[hlZ_l b h[_ki_qb\Z_l ^hklZlhqgmx ^ey [hevrbgkl\Z lb ih\ijbeh`_gbcijhba\h^bl_evghklv ijb\aZbfh^_ckl\bb krbjhdbf^bZiZahghfehdZevguo jZkij_^_e_gguo b2'%&ieZlnhjf[Za^Zgguo?keb\Zkwlhg_mkljZb\Z_lfh`ghhldZaZlv kyhlkj_^kl\%'(b\hkihevah\Zlvky ki_pbZebabjh\Zggufb $'2dhfihg_glZfb ?kebg_h[ oh^bfu_ dhfihg_glu $'2 hlkmlkl\mxl fh`gh jZajZ[hlZlv kh[kl\_ggu_ deZkku ^hklmiZ d [ZaZf^ZgguogZhkgh\_ij_^eZ]Z_fuo dhfihg_glh\ [Za^Zgguofgh]hmjh\g_\hc Z[kljZdlghc Zjobl_dlmjubebaZdZaZlvg_h[oh^bfu_ dhfihg_glumklhjhgg_cnbjfu;he__lh]hij_^hk lZ\ey_fu_ kj_^kl\Z 0,'$6 kms_kl\_ggh mijhsZxl jZkij_^_e_gb_ ^Zgguo ih g_kdhevdbf eh]bq_kdbfbebnbabq_kdbfmjh\gyfb\lh`_\j_fyh[_ki_qb\Zxl ^hklmidex[ufbakms_ kl\mxsbobklhqgbdh\^Zgguo Ke_^m_l hlf_lblv qlh bgkljmf_glu jZajZ[hldb 0LFURVRIW eh]bq_kdb knhdmkbjh\Zgu gZ ih^^_j`d_ kh[kl\_gguo [Za ^Zgguo 0LFURVRIW b ij_^hklZ\eyxl khhl\_lkl\mxsb_ j_r_gby ^ey^hklmiZdbo^Zgguf\dexqZykj_^kl\Z2'%&2/('% bl^
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
³\||Q^yKN^Q|\v^K^Kx\}y
Kx\~\z u^\Qy}^\zK~Nu\\zK~ Wlh ³qm^h^_ckl\_ggh_ kgZ^h[v_´ b ³k\ylhc ]jZZev´ \k_o l_ogheh]bc jZajZ[hldb ijh ]jZffgh]h h[_ki_q_gby ihoh`_ kh\_jr_ggh b]ghjbjm_lky ^jm]bfb bgkljmf_glZfb jZajZ [hlqbdZ Ohly \k_ we_f_glu 'HOSKL g_h[oh^bfu b \Z`gu kZfuf \Z`guf ba gbo y\ey_lky \k_lZdb[b[ebhl_dZ9&/jm]b_kj_^ujZajZ[hldbih^^_j`b\Zxsb_ jZ[hlmkdhfihg_glZfb qZklh eb[h kebrdhf `_kldb_ eb[h kebrdhf keh`gu_ GZijbf_j we_f_glu mijZ\e_gby $FWLYH; ij_^hklZ\eyxl ijZdlbq_kdbl_`_kZfu_\hafh`ghklb qlh b dhfihg_glu 9&/ h^ gZdhkha^Zlvgh\ucdeZkky\eyxsbckyijhba\h^guf hlwe_f_glZmijZ\e_gby$FWLYH; g_ev ay LjZ^bpbhggu_ kj_^u jZajZ[hldb h[_ki_qb\Zxsb_ jZ[hlm k deZkkZfb gZijbf_j 2:/ beb 0)& h[uqgh lj_[mxl hl jZajZ[hlqbdZ ]em[hdh]h agZgby bo \gmlj_ggbo f_oZgbafh\ Lhevdh \ wlhf kemqZ_ jZ[hlZ \ bo kj_^_ fh`_l [ulv ^hklZlhqgh ijh^mdlb\ghc
²Qw~\{\N}\^ Ih k\h_c kmlb 'HOSKL² wlh dhfibeylhj yaudZ 3DVFDO 'HOSKL y\ey_lky hq_j_^guf rZ ]hf \ w\hexpbb dhfibeylhjh\ 3DVFDO ijh^he`Zxs_cky k l_o \j_f_g dh]^Z :g^_jk O_cek [_j] $QGHUV+HMOVEHUJ kha^Zei_j\ucdhfibeylhj7XUER3DVFDO Kl_oihjijh]jZffbklu g_ mklZxl\hkobsZlvkygZ^_`ghklvx bays_kl\hfbdhg_qgh`_kdhjhklvxjZ[hludhfibeylh jh\3DVFDO nbjfu%RUODQG'HOSKL ²g_bkdexq_gb_<g_f\hiehs_g[he__q_f^_kylbe_l gbc hiul jZajZ[hldb dhfibeylhjh\ ij_\jZlb\rbc wlhl jZajy^guc hilbfbabjmxsbc dhfibeylhj \ gZklhys__ ijhba\_^_gb_ bkdmkkl\Z Ohly k oh^hf \j_f_gb \hafh`ghklb dhf ibeylhjh\ihklhygghm\_ebqb\Zebkv kdhjhklv_]hjZ[hluhklZeZkvijZdlbq_kdbg_baf_gghc ;he__ lh]h klZ[bevghklv dhfibeylhjZ 'HOSKL ijh^he`Z_l hklZ\Zlvky wlZehghf k dhlhjuf kjZ\gb\Zxl\k_hklZevgu_bgkljmf_glu jZajZ[hldb : l_i_jv fu jZkkfhljbf hkh[_gghklb dZ`^hc ba \uims_gguo \_jkbc 'HOSKL Z lZd`_ djZldh hklZgh\bfky gZ oZjZdl_jguo q_jlZo bklhjbq_kdh]h dhgl_dklZ keh`b\r_]hky gZ fh f_glbo\uimkdZ
)PX]TU
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
bo ijh[e_fu Ijh]jZffbklu jZ[hlZxsb_ ih^ :LQGRZV hdZaZebkv i_j_^ koh`_c ijh[e_fhc qlh \u[jZlv² fhsguc gh keh`guc b lj_[mxsbc agZgbc & beb ijhklhc gh djZcg_h]jZgbq_gguc9LVXDO%DVLF"'HOSKL ij_^eh`bejZ^bdZevghgh\ucih^oh^djZajZ[hld_ ijbeh`_gbc\kj_^_:LQGRZV ijhklhcyaud\bamZevgZyjZajZ[hldZijbeh`_gbckha^Zgb_hl dhfibebjh\Zgguo \uihegy_fuonZceh\^bgZfbq_kdbo[b[ebhl_d[Za^Zgguobfgh]h_^jm]h_ 'HOSKL [ue i_j\uf bgkljmf_glhf jZajZ[hldb :LQGRZVijbeh`_gbc h[t_^bgb\rbf \ k_[_ hilbfbabjmxsbc dhfibeylhj \bamZevgmx kj_^m ijh]jZffbjh\Zgby b fhsgu_ \hafh`ghklb jZ[hluk[ZaZfb^ZgguoG%$6( b3DUDGR[ gZm^h\e_l\hj_ gb_ gm`^ ijhn_kkbhgZevguo jZajZ[hlqbdh\ [Za ^Zgguo Z g_ gZ kemqZcguo ihevah\Zl_e_c g_ijhn_kkbhgZeh\ IhdZ%RUODQG jZa[bjZeZkvkjugdhfk\hboijbeh`_gbc0LFURVRIW kihdhcgh \ujZ\gb\ZeZiheh`_gb_^_egZkh[kl\_gghcieZlnhjf_bf_yp_evxijb\e_q_gb_dk\hbfijh ^mdlZf[hevr_cqZklbl_ojZajZ[hlqbdh\ \kj_^_:LQGRZVdhlhju_m`_bkihevah\Zebijh^mdlu %RUODQG Dh]^Z\gbfZgb_%RUODQG \gh\vkhkj_^hlhqbehkv gZ\hijhkZodhgdmj_glghc[hjv[uf_ `^mijbeh`_gbyfb ij_^gZagZq_ggufb ^eyjZajZ[hlqbdh\ \uykgbehkvqlhhgZmljZlbeZqZklv jugdZjZg__ijbgZ^e_`Z\r_]h 'HOSKLbgh\hc\_jkbb%RUODQG&
)PX]TU =h^hfiha`_\'HOSKL[uehij_^eh`_gh \k_lh`_ghgZgh\hfmjh\g_kh\j_f_gghc jZajy^ghchi_jZpbhgghc kbkl_fu:LQGRZV b:LQGRZV17Djhf_lh]h'HOSKLij_^hklZ \beijh]jZffbklm[blh\ucdhfibeylhjkha^Z\Z\rbc[he__[uklju_bwnn_dlb\gu_ ijb eh`_gby fhsgu_ [b[ebhl_db h[t_dlh\ memqr_ggmx ih^^_j`dm [Za ^Zgguo ih^^_j`dm 2/(kj_^kl\Z9LVXDO)RUP,QKHULWDQFH bijbwlhfh[_ki_qb\Zekh\f_klbfhklvkhklZjufb [blh\ufbijbeh`_gbyfb 'HOSKLklZel_ff_jbehfihdhlhjhfmjZ\gyebkv^jm]b_5$' Wlh[ue ]h^GZb[he__\Z`gucwlZibklhjbbHK:LQGRZV ihke_\uoh^Z\_jkbb² jZajy^gZy HK :LQGRZV dhlhjZy \ureZ \ dhgp_ ]h^Z %RUODQG l\_j^h gZf_j_\ZeZkv k^_eZlv 'HOSKL iZd_lhf ij_\hkoh^ysbf \k_ hklZevgu_ bgkljmf_glu jZajZ[hlqbdZ ^ey wlhc ieZlnhjfu Bgl_j_kguf bklhjbq_kdbf nZdlhf y\ey_lky lh qlh 'HOSKL bkoh^gh ihemqbe gZ a\Zgb_'HOSKL² wlh ^he`gh [ueh ih^q_jdgmlv lhl nZdl qlh hg kha^Z\Zeky ki_pbZevgh ^ey jZajy^ghckj_^u:LQGRZVH^gZdhi_j_^kZfuf\uimkdhfgZa\Zgb_ijh^mdlZ[uehbaf_g_gh gZ'HOSKLIj_^iheZ]Zehkv qlhwlhhlf_lbllhlnZdlqlh'HOSKLy\ey_lkykZfhklhyl_evguf aZdhgq_ggufijh^mdlhfZg_ijhklh\ZjbZglhf'HOSKL^eygh\hcieZlnhjfu
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
0LFURVRIW k^_eZeZ ihiuldm hl\_lblv gZ \uah\ \uimklb\ 9LVXDO %DVLF h^gZdh hg h[eZ^Ze gbadhcijhba\h^bl_evghklvx g_h[_ki_qb\Zekh\f_klbfhklv bjZajy^guoijbeh`_gbcZ lZd`_ bf_e g_kdhevdh ^jm]bo aZf_lguo g_^hklZldh\ L_f g_ f_g__ \i_qZleyxs__ dhebq_kl\h jZajZ[hlqbdh\ ihl_fbebbgufijbqbgZfijh^he`Zehbkihevah\Zlv9LVXDO%DVLF Ihfbfhijh q_]hdhfiZgby%RUODQG ohl_eZqlh[u'HOSKL \ur_egZjughd\ukhdhijhba\h^bl_evguo ijbeh `_gbc kj_^u deb_glk_j\_j aZgyluc lZdbfb ijbeh`_gbyfb dZd 3RZHU%LOGHU H^gZdh ^ZggZy \_jkbyg_h[eZ^ZeZg_h[oh^bfhcfhsghklvxqlh[ukdhevdhgb[m^vaZf_lgufh[jZahfihl_k gblvl_ijh^mdludhlhju_iheghklvxaZo\ZlbebdhjihjZlb\guc k_dlhjjugdZ Dlhfm\j_f_gbdhfiZgby%RUODQG \ugm`^_gZ[ueZknhdmkbjh\Zlvk\hbbgl_j_kugZdhjihjZ lb\guoihevah\Zl_eyoWlhj_r_gb_\hfgh]hf[uehijh^bdlh\ZghkhdjZs_gb_fjugdZG%$6( b 3DUDGR[ZlZd`_mf_gvr_gb_f^hoh^h\ihklmiZxsbohlijh^mdlh\K<p_eyoih^]hlh\dbdlZ dhfmkeh`ghfmrZ]m%RUODQG ^himklbeZhrb[dmaZdexqZ\rmxky\ijbh[j_l_gbbdhfiZgbb2SHQ (QYLURQPHQW &RUSRUDWLRQ dhlhjZy ki_pbZebabjh\ZeZkv gZ ijh]jZffghf h[_ki_q_gbb kj_^g_]h mjh\gyb\uimklbeZ^\Zijh^mdlZH^bgbagboklZeij_^r_kl\_ggbdhf &25%$Z^jm]hcih^^_j `b\Z\rbcjZkij_^_e_ggmx l_ogheh]bx2/([ue\ihke_^kl\bb\ul_kg_g'&20
)PX]TU < ijhp_kk_ kha^Zgby 'HOSKL dhfZg^Z jZajZ[hlqbdh\ 'HOSKL [ueZ aZgylZ ij_bfms_kl\_ggh ijh_dlbjh\Zgb_f bj_ZebaZpb_chkgh\guobgkljmf_glh\kj_^ujZajZ[hldbIjbkha^Zgbb'HOSKL hkgh\gZyjZ[hlZkhklhyeZ\i_j_oh^_gZjZajZ^gmxieZlnhjfm kh^gh\j_f_gguf khojZg_gb_f ijZdlbq_kdbiheghch[jZlghckh\f_klbfhklb Djhf_lh]hkha^Z\Zebkvgh\u_kj_^kl\Zih^^_j` db[Za^ZgguokZjobl_dlmjhcdeb_glk_j\_jg_h[oh^bfu_^ey\uoh^ZgZdhjihjZlb\gucjughd< ijhp_kk_jZ[hlugZ^'HOSKLdhfZg^_jZajZ[hlqbdh\[uehihjmq_ghjZkrbjblvgZ[hjbgkljmf_g lh\^eylh]hqlh[uh[_ki_qblvkZfu_rbjhdb_\hafh`ghklb\u[hjZj_r_gbcl_oijh[e_fkdh lhjufbihklhygghklZedb\ZebkvjZajZ[hlqbdb\kj_^_:LQGRZV <qZklghklb\'HOSKL[uehkm s_kl\_gghmijhs_ghbkihevah\Zgb_lZdbokeh`guol_ogheh]bcdZd&20 b$FWLYH; ^h[Z\e_gu kj_^kl\ZjZajZ[hldbijbeh`_gbc^ey:RUOG:LGH:HE \dexq_gukj_^kl\Zkha^Zgbylhgdbodeb_g lh\ijbeh`_gbcbih^^_j`dZ[Za^Zgguokfgh]hmjh\g_\hc Zjobl_dlmjhcFh^_jgbaZpbybgkljm f_glZ&RGH,QVLJKW iha\hebeZmijhklblvijhp_kkgZibkZgbyijh]jZffohly\hklZevghcqZklbbk ihevam_fu_^eykha^Zgbyijbeh`_gbcl_ogheh]bbhklZebkvl_fb`_qlhb\'HOSKL Wlh[ue ]h^bdhgdmj_glgZy [hjv[ZijbgyeZhkh[_gghgZijy`_ggmx nhjfmGZju ghd ijhkluo ijbeh`_gbc 0LFURVRIW gZdhg_p \uimklbeZ ^hklhcguc \gbfZgby ijh^mdl² 9LVXDO %DVLF Hg \dexqZe ^he]h`^Zgguc dhfibeylhj ijba\Zgguc jZaj_rblv ijh[e_fu gbadhc ijhba\h^bl_evghklb hlebqgu_ kj_^kl\Z ih^^_j`db l_ogheh]bb &20$FWLYH; b _s_ g_dhlhju_\Z`gu_memqr_gbyGZjugd_dhjihjZlb\guo ijbeh`_gbc'HOSKL m^Zehkvmki_r ghihl_kgblvlZdb_iZd_ludZd3RZHU%LOGHU b)RUWH <oh^_kha^Zgby'HOSKLdhfZg^ZjZajZ[hlqbdh\ ihl_jyeZk\h_]h]eZ\gh]hqe_gZ:g^_jk O_cek[_j]\_^msbcki_pbZebklb]eZ\gucZjobl_dlhj'HOSKLijbgyej_r_gb_hklZ\blvk\hc ihklbi_j_clbgZjZ[hlm\ dhjihjZpbx 0LFURVRIW H^gZdh wlh g_ gZjmrbeh oh^Z jZ[hl ih kdhevdmhk\h[h^b\r__ky f_klhaZgyeQZdY^`_\kdb^he]h_\j_fyl_kghjZ[hlZ\rbckij_` gbf\_^msbfki_pbZebklhf BadhjihjZpbblZd`_mr_e]eZ\Zkem`[ul_ogbq_kdhcih^^_j` dbIhev=jhkkh^gZdhwlh[hevr_kdZaZehkvgZihevah\Zl_eyo ijh^mdlh\q_fgZoh^_jZajZ [hldbgh\h]hijh]jZffgh]h h[_ki_q_gby
)PX]TU =eZ\gZyaZ^ZqZ'HOSKLkhklhyeZ\mijhs_gbbijhp_^mjujZajZ[hldbijbeh`_gbcGh\Zy mlbeblZ0RGXOH([SORUHU iha\hebeZijhkfZljb\Zlv bj_^Zdlbjh\Zlv fh^mebkihfhsvxm^h[ gh]h ]jZnbq_kdh]h bgl_jn_ckZ Gh\u_ kj_^kl\Z gZ\b]Zpbb \ ijh]jZffZo b bkihevam_fuo
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
deZkkZoiha\heyeb\_klbjZ[hlmgZ^l_dklhfkha^Z\Z_fh]h ijbeh`_gbykfbgbfZevgufb mkb ebyfb eyhdhgqZl_evghc ih[_^ulj_[h\Zehkvh[_ki_qblvlm`_ijhklhlmbkihevah\Z gbykj_^kl\ih^^_j`db&25%$ dhlhjZy[ueZ^hklb]gmlZ\ij_^u^msbo\_jkbyoijh^mdlh\ %RUODQG \hlghr_gbbih^^_j`db&20 bkj_^kl\jZajZ[hldbijbeh`_gbc,QWHUQHW H^gZdhih jZagufijbqbgZfg_h[oh^bfhc kl_i_gbbgl_]jZpbb^hklbqvg_m^Zehkvbbgl_]jbjh\Zggu_ kj_^kl\Zih^^_j`db&25%$ khklZ\bebebrvg_agZqbl_evgmx qZklvh[sbonmgdpbhgZevguo \hafh`ghkl_ckj_^ujZajZ[hldb
)PX]TU <'HOSKL^Zevg_cr__jZa\blb_ijh^mdlZijhbkoh^behkjZamihg_kdhevdbfgZijZ\e_gbyf
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
¹}\|K
Q" Ohly bklhjby ijh^mdlZ ij_^klZ\ey_l hij_^_e_gguc bgl_j_k [he__ \Z`guf y\ey_lky lh qlhh`b^Z_l'HOSKL \[m^ms_fBkoh^ybabklhjbq_kdhc i_jki_dlb\u fh`ghk\ukhdhckl_ i_gvx \_jhylghklb ij_^iheh`blv qlh _s_ ^hklZlhqgh ^he]h 'HOSKL [m^_l ij_^klZ\eylv kh [hc ij_djZkguc bgkljmf_gl jZajZ[hldb ijbeh`_gbc \ kj_^_ :LQGRZV H^gZdh bgl_j_kg__ [ueh[umagZlvihy\blkyebdh]^Zeb[h\_jkby'HOSKL ^eyieZlnhjfhlebqguohl:LQ GZ hkgh\ZgbbihklmiZxsbo badhfiZgbb%RUODQGk\_^_gbcfh`ghaZdexqblvqlhwlhfm\hijhkm m^_ey_lkyk_jv_agh_\gbfZgb_< ]h^mgZdhgn_j_gpbb ihevah\Zl_e_c %RUODQG \_^msbc ki_pbZebkl'HOSKL QZdY^`_\kdbijh^_fhgkljbjh\Ze dhfibeylhj'HOSKL dhlhjuc]_g_jbjh \Ze [Zcldh^ yaudZ -DYD L_hj_lbq_kdb ih^h[gu_ nZceu fh]ml \uihegylvky gZ ex[hf dhf ivxl_j_kmklZgh\e_gghc \bjlmZevghcfZrbghc-DYDOhlybkihevah\Zgb_ ih^h[ghcl_ogheh ]bb k\yaZgh k ij_h^he_gb_f fgh`_kl\Z l_ogbq_kdbo ij_iylkl\bc fh`gh gZ^_ylvky qlh nmgdpby³'HOSKLIRU-DYD´ [m^_ldh]^Zeb[hj_Zebah\ZgZ\ijh^mdl_ GZ g_^Z\g_c dhgn_j_g pbbihevah\Zl_e_c %RUODQG \ ]h^m[uehh[ty\e_ghqlhieZgbjm_lkyjZa\_jgmlvjZ[hlu ih\uimkdm\_jkbb'HOSKL^eyieZlnhjfu/LQX[
t~}Q{^^\zK~~KN^Q|K ^K^Kx\}y)PX]TU K p_evx ih^l\_j`^_gby nZdlZ ij__fkl\_gghklb bkihevam_fhc l_jfbgheh]bb gZ jbk ihdZaZgh[sbc\b^bgl_]jbjh\Zgghc kj_^ujZajZ[hldb ,'( 'HOSKL GZwlhfjbkmgd_hlf_ q_gu\k_hkgh\gu_dhfihg_glukj_^ujZajZ[hldb ]eZ\gh_hdghiZebljZdhfihg_glh\ iZg_ ebbgkljmf_glh\ hdghdhgkljmdlhjZ nhjfhdghj_^ZdlhjZdh^Zhdghbgki_dlhjZh[t_dlh\b hdgh&RGH([SORUHU
pKz~\Q\y~\ =eZ\gh_hdghfh`ghij_^klZ\blvdZdmijZ\eyxsbc p_glj'HOSKL,'(<g_fkh^_j`Zlky \k_klZg^Zjlgu_we_f_glubkhojZg_gZnmgdpbhgZevghklv ^jm]bohdhg:LQGRZVHghkhklhbl ba lj_o hkgh\guo qZkl_c ]eZ\gh]h f_gx iZg_e_c bgkljmf_glh\ b iZeblju dhfihg_glh\ &RPSRQHQW3DOHWWH
pKz~\QwQ~ DZdb\ex[hcijh]jZff_:LQGRZV df_gxh[jZsZxlkyijbg_h[oh^bfhklb hldjulvkh ojZgblvbebkha^Zlvgh\ucnZce\ua\ZlvfZkl_ji_j_clb\^jm]h_hdghbaf_gblviZjZf_lju gZkljhcdbbl^DZ`^ucwe_f_gl]eZ\gh]hf_gx fh`_l [ulv ijh^m[ebjh\Zg khhl\_lkl\mx s_cdghidhcgZiZg_ebbgkljmf_glh\
³K~Q~N}^wQ~}\z)PX]TU IZg_ebbgkljmf_glh\ ij_^hklZ\eyxl ^hklmidjZaebqgufnmgdpbyf]eZ\gh]hf_gx,'(k ihfhsvx _^bgkl\_ggh]h s_eqdZ gZ khhl\_lkl\mxs_c dghid_ H[jZlbl_ \gbfZgb_ qlh ^ey dZ`^hcdghidb iZg_eb bgkljmf_glh\ ij_^mkfhlj_g \u\h^ ih^kdZadb kh^_j`Zs_c hibkZgb_ __gZagZq_gbyG_kqblZyiZebljudhfihg_glh\ \,'('HOSKL bf__lkyiylvhl^_evguoiZg_ e_cbgkljmf_glh\ 'HEXJ HleZ^dZ 'HVNWRS JZ[hqbcklhe 6WDQGDUG KlZg^ZjlgZy 9LHZ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ijbgbfZ_fZy ihmfheqZgbxH^gZdhex[mxbadghihdfh`ghm^Zeblvbeb^h[Z\blvkihfh svx dhfZg^u 9LHZÖ7RROEDUVÖ&XVWRPL]H GZ jbk ihdZaZgh ^bZeh]h\h_ hdgh &XVWRP L]H ij_^gZagZq_ggh_ ^ey gZkljhcdb iZg_e_c bgkljmf_glh\ >h[Z\e_gb_ gh\uo dghihd hkm s_kl\ey_lkyiml_fboi_j_lZkdb\Zgby bawlh]hhdgZgZex[mxiZg_evbgkljmf_glh\ >eym^Z e_gbydghidb^hklZlhqghi_j_lZsblv__aZij_^_euiZg_ebbgkljmf_glh\
JbkH[sbc\b^bgl_]jbjh\Zgghckj_^ujZajZ[hldb ,'( 'HOSKL
ey wlh]h ^hklZlhqgh ihf_klblv mdZaZl_ev furbgZ\_jlbdZevgmxk_jmxihehkdm\e_\hcqZklbiZg_ebbi_j_lZsblv__\lj_[m_fh_iheh `_gb_\hdg_?kebi_j_lZsblviZg_evaZij_^_eu]eZ\gh]hhdgZ[m^_lbkihevah\ZgZ_s_h^gZ ba\hafh`ghkl_cgZkljhcdb²iZg_evbgkljmf_glh\hlkludm_lkyhl]eZ\gh]hhdgZbklZg_lieZ \Zxs_c l_ jZkiheh`_gghc \ kh[kl\_gghf g_aZ\bkbfhf hdg_
³K}^Ky\wu\~Q~}\z IZebljZ dhfihg_glh\ ij_^klZ\ey_l kh[hc iZg_ev bgkljmf_glh\ m^\h_gghc \ukhlu kh ^_j`Zs_cg_kdhevdh\deZ^hd\dhlhjuogZoh^ylky\k_mklZgh\e_ggu_ \kj_^_,'(dhfihg_g lu9&/b$FWLYH; Ihjy^hdke_^h\Zgbyb\b^\deZ^hdbdhfihg_glh\ fh`_l[ulvgZkljh_gk ihfhsvxs_eqdZijZ\hcdghidhcfurbgZbgl_j_kmxs_f h[t_dl_bebihkj_^kl\hf \u[hjZ \]eZ\ghff_gxdhfZg^u&RPSRQHQWÖ&RQILJXUH3DOHWWH
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
¤\~N}^y}\^\^w,[`Y)PaUSZP` IjbaZimkd_dhgkljmdlhj nhjfij_^klZ\ey_l kh[hcimklh_hdgh]hlh\h_dij_\jZs_gbx \ hdgh ijbeh`_gby :LQGRZV ?]h fh`gh jZkkfZljb\Zlv dZd ohekl om^h`gbdZ ij_^gZagZq_g guc^eykha^Zgbybgl_jn_ckZ[m^ms_]hijbeh`_gby²a^_kvhij_^_ey_lky dZdhgh[m^_l\u ]ey^_lv k lhqdb aj_gby ihevah\Zl_ey Ijhp_kk kha^Zgby aZdexqZ_lky \ \u[hj_ dhfihg_glh\ gZ iZeblj_ b i_j_lZkdb\Zgbb bo \ nhjfm Lhqgh_ jZaf_s_gb_ b mklZgh\dZ jZaf_jh\ dhfih g_glh\ lZd`_ \uihegyxlky k ihfhsvx furb Djhf_ lh]h \g_rgbf \b^hf b ih\_^_gb_f dhfihg_glh\ fh`ghmijZ\eylvbahdhg2EMHFW,QVSHFWRUb&RGH(GLWRU
Jbk >bZeh]h\h_ hdgh &XVWRPL]H ij_^gZagZq_gh ^eygZkljhcdbiZg_e_cbgkljmf_glh\
Jbk GZ wlhf jbkmgd_ \k_ iZg_eb bgkljm f_glh\ij_^klZ\e_gu\ieZ\Zxs_f\b^_
t~NuQy}\^\xQy}\z5LVPMb/Za]PMb[` <hdg_2EMHFW,QVSHFWRUfh`ghbaf_gylvk\hckl\Zdhfihg_glh\ nhjfubebhij_^_eylv kh[ulby gZ dhlhju_ [m^_l j_Z]bjh\Zlv wlZ nhjfZ beb __ dhfihg_glu K\hckl\Z SURSHUWLHV ij_^klZ\eyxl kh[hc^Zggu_hij_^_eyxsb_ dZdh[t_dl\u]ey^blgZwdjZg_² \ukhlm p\_l rjbnl b l^ Kh[ulby HYHQWV ² wlh ih^ijh]jZffu \uihegy_fu_ \ hl\_l gZ g_dhlhju_ ijhbkoh^ysb_ \ \Zr_f ijbeh`_gbb ^_ckl\by Ijbf_jhf kh[ulby fh`_l kem`blvihklmie_gb_ khh[s_gbyhlfurbbebi_j_^ZqZkhh[s_gbyhdgmklj_[h\Zgb_f _]h i_j_jbkh\db <hdg_2EMHFW,QVSHFWRU^eyi_j_dexq_gby f_`^mjZ[hlhckkh[ulbyfbbjZ [hlhc kh k\hckl\Zfb bkihevam_lky klZg^ZjlgZy l_ogheh]by \deZ^hd² ^ey i_j_oh^Z \ lm beb bgmx \deZ^dm ^hklZlhqgh s_edgmlv gZ __ dhj_rd_ Bgki_dlhj ihdZau\Z_l kh[ulby b k\hckl\Z hlghkysb_ky d lhc nhjf_ beb dhfihg_glm dhlhjuc Zdlb\_g \ dhgkljmdlhj_ nhjf\gZklhys__\j_fy Gh\hc nmgdpb_c 'HOSKL y\ey_lky \hafh`ghklv mihjy^hqb\Zlv kh^_j`bfh_ hdgZ 2EMHFW ,QVSHFWRUeb[hihdZl_]hjbbeb[hihbf_gZf \ZenZ\blghfihjy^d_ >eywlh]h^hklZlhqgh s_edgmlvijZ\hcdghidhcfurb\ex[hff_kl_hdgZ2EMHFW,QVSHFWRUb\u[jZlv\jZkdju\ r_fkydhgl_dklghff_gxdhfZg^m$UUDQJHGZjbkihdZaZgu^\ZjZkiheh`_gguo jy^hf hdgZ 2EMHFW ,QVSHFWRU < e_\hf hdg_ h[t_dlu mihjy^hq_gu ih dZl_]hjbb Z \ ijZ\hf² ih bf_gZfDjhf_lh]hkihfhsvxdhfZg^u9LHZwlh]h`_dhgl_dklgh]h f_gxfh`ghhij_^_ eblvdZdb_bf_gghdZl_]hjbbh[t_dlh\\Zkbgl_j_kmxl\^Zggucfhf_gl
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
Bgki_dlhjh[t_dlh\l_kghk\yaZgkdhg l_dklghc kijZ\hqghc kbkl_fhc ?keb hkh [_gghklb dZdh]hlh kh[ulby beb k\hckl\Z \Zf g_ihgylgu ihf_klbl_ gZ g_]h mdZaZ l_ev furb b gZ`fbl_ deZ\brm )! GZ wdjZg_ jZkdjh_lky hdgh kijZ\hqghc kbkl_ fukkhhl\_lkl\mxsbf l_dklhf
Jbk
8Q|Ky}\^y\|K'[OP*OUb[` Hdghj_^ZdlhjZl_dklh\ijh]jZff&RGH(GLWRUij_^gZagZq_gh ^ey\\h^ZdhfZg^hij_^_ eyxsboih\_^_gb_kha^Z\Z_fhcijh]jZffuA^_kv`_hlh[jZ`Z_lky l_dkl k]_g_jbjh\Zgguc 'HOSKL ^ey kha^Zgby dhfihg_glh\ jZajZ[hlZgghc nhjfu Hdgh &RGH (GLWRU bkihevam_l l_o gheh]bx \deZ^hd ijbq_f hl^_evgZy \deZ^dZ kha^Z_lky ^ey dZ`^h]h fh^mey beb nZceZ Ijb dZ`^hf ^h[Z\e_gbb \ ijbeh`_gb_ gh\hc nhjfu kha^Z_lky gh\uc fh^mev Z \ hdgh &RGH (GLWRU ^h[Z\ey_lky khhl\_lkl\mxsZy \deZ^dZ Dhgl_dklgh_ f_gx hdgZ &RGH (GLWRU ij_^hk lZ\ey_lrbjhdbc^bZiZahgdhfZg^j_^Zdlbjh\Zgby \dexqZydhfZg^ujZ[hluknZceZfbkha ^ZgbyaZdeZ^hdbihbkdZkbf\heh\ §ÉÁÈÉË»¼ÉÍ»Í×ÌË»ÂÎÌÈÀÌÅÉÆ×ÅÃÇÃÉÅÈ»ÇÃ&RGH(GLWRUÆÚÉÍÅËÖÍÃÚÈɽɾÉÉÅ È» ËÀ¿»ÅÍÉË» ÅÉ¿» ÌÆÀ¿ÎÀÍ ½Ö¼Ë»Í× ½ ¾Æ»½ÈÉÇ ÇÀÈÙ ÅÉǻȿΠ9LHZÖ1HZ (GLW :LQGRZ
6y~\&RGH([SORUHU < hdg_ &RGH ([SORUHU fh^meb ij_^klZ\e_ggu_ \h \deZ^dZo hdgZ &RGH (GLWRU fh`gh ijhkfZljb\Zlv \\b^_^j_\h\b^ghckljmdlmjuIh^h[gh_ij_^klZ\e_gb_ iha\hey_le_]q_hjb _glbjh\Zlvky \fh^meyoZlZd`_^h[Z\eylvgh\u_bebi_j_bf_gh\u\Zlv m`_bf_xsb_kywe_ f_glufh^me_cHq_gv\Z`ghihfgblvqlhf_`^mhdgZfb&RGH([SORUHUb&RGH(GLWRU\k_ ]^Zih^^_j`b\Z_lky k\yavlbiZ³h^bgdh^ghfm´S_eqhdijZ\hcdghidhcfurbgZex[hfba we_f_glh\\hdg_&RGH([SORUHUiha\hey_l\u\_klbdhgl_dklgh_f_gxkdhfZg^Zfb^hklmi gufb wlhfm h[t_dlm Djhf_ lh]h fh`gh mijZ\eylv khjlbjh\dhc b nbevljZpb_c hlh[jZ`Z_ fuo\hdg_&RGH([SORUHUh[t_dlh\>eywlhcp_ebbkihevamxlky iZjZf_ljujZkiheh`_ggu_ \h\deZ^d_([SORUHU^bZeh]h\h]hhdgZ(QYLURQPHQW2SWLRQV
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
pQ~Q^K}\^Ng\|~\{\y\|K IjbjZ[hl_k\bamZevgufbdhfihg_glZfb \dhgkljmdlhj_ nhjf'HOSKL Z\lhfZlbq_kdb ]_ g_jbjm_l khhl\_lkl\mxsbc dh^ gZ yaud_ 2EMHFW 3DVFDO Ijhkl_crbc imlv ihagZdhfblvky k wlhc hkh[_gghklvx 'HOSKL² gZqZlv gh\uc ijh_dl
ªÇÐÑÇ̦¿ÂÍÑÍÁÉ¿ÇÐÔÍÃÌÍÂÍÑÄÉÐÑ¿ÎÏÍÂÏ¿ËËÚ XQLW8QLW LQWHUIDFH XVHV :LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV W\SH 7)RUP FODVV 7)RUP SULYDWH ^3ULYDWHGHFODUDWLRQV` SXEOLF ^3XEOLFGHFODUDWLRQV` HQG YDU )RUP 7)RUP LPSOHPHQWDWLRQ ^5 ')0` HQG H[jZlbl_\gbfZgb_gZlhqlhbkoh^gucdh^Zkkhpbbjh\Zgguc kg_dhlhjhcnhjfhc\k_]^Z khojZgy_lky\hl^_evghffh^me_H^gZdhohlydZ`^ZynhjfZbf__lkh[kl\_ggucfh^mevg_dZ `^ucfh^mevbf__lkh[kl\_ggmxnhjfm ?keb\uiehohagZdhfukyaudhf3DVFDO bbkihevam_ fhc\g_fdhgp_ipb_cfh^mevghklbh[jZlbl_kvaZihykg_gbyfbd]eZ\_³Yaudijh]jZffbjh \Zgby2EMHFW3DVFDO´<^Zgghc]eZ\_kh^_j`blkydjZldh_hibkZgb_yaudZ2EMHFW3DVFDO ij_^gZ agZq_ggh_^eyl_odlhi_j_r_ed'HOSKL ihke_jZ[hluk&9LVXDO%DVLF-DYD b^jm]bfbyau dZfbijh]jZffbjh\Zgby JZkkfhljbfdh^aZ]hlh\db[he__ih^jh[ghGb`_ijb\_^_gZqZklv__l_dklZ W\SH 7)RUP FODVV 7)RUP SULYDWH ^3ULYDWHGHFODUDWLRQV` SXEOLF ^3XEOLFGHFODUDWLRQV` HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
WlhlnjZ]f_glmdZau\Z_lqlhh[t_dl7)RUPihjh`^_ghlh[t_dlZ7)RUPLml`_dhff_glZ jbyfbhlf_q_guf_klZij_^gZagZq_ggu_ ^ey\\h^Zkh[kl\_ggh]h dh^Z²dZd^hklmigh]hba\g_ SXEOLF lZd b kdjulh]h SULYDWH hl \g_rgbo ijh]jZff G_ [_kihdhcl_kv _keb \u ihdZ g_ agZ_l_lhqgh]hagZq_gbyl_jfbgh\³h[t_dl´³kdjuluc´bl^Ih^jh[ghh[wlbob^jm]boihgy lbyoyaudZ2EMHFW3DVFDO jZkkdZau\Z_lky \]eZ\_³Yaudijh]jZffbjh\Zgby 2EMHFW3DVFDO´ Hq_gv\Z`gZke_^mxsZykljhdZijh]jZffu ^5 ')0` <2EMHFW3DVFDO ^bj_dlb\Z5bkihevam_lky^eyaZ]jmadb\g_rg_]hnZceZj_kmjkh\Ijb\_ ^_ggZy kljhdZ k\yau\Z_l nZce k jZkrbj_gb_f GIP jZkrbj_gb_ nZceh\ nhjf 'HOSKL k \u ihegy_fuf fh^me_f NZce GIP kh^_j`bl [bgZjgh_ ij_^klZ\e_gb_ kha^Zgghc k ihfhsvx )RUP'HVLJQHU nhjfuKbf\herZ[ehgZ³ ´\^ZgghfkemqZ_hagZqZ_lqlhbfynZceZ^he`gh [ulvl_f`_qlhbbfyfh^mey<gZr_fijbf_j_bfyfh^meyhij_^_e_ghdZd8QLWke_^h\Z l_evgh_]hbkoh^gucl_dkl[m^_lgZoh^blvky\nZce_8QLWSDVZagZq_gb_ ')0\^bj_d lb\_khhl\_lkl\m_l nZcem8QLWGIP ,'('HOSKLÊÉÚ½ÃÆ»Ì×Èɽ»ÚÏÎÈÅÑÃÚt½ÉÂÇÉÁÈÉÌÍ×ÌÉÐË»ÈÀÈÃÚÌÉ¿»½»ÀÇÖÐÏ»Ä Æɽ')0½ÍÀÅÌÍɽÉÇ»ÈÀ¿½ÉÃÒÈÉǽÿÀ£ÇÀÈÈÉØÍÉÍËÀÁÃÇÍÀÊÀË×ÎÌͻȻ½Æý»ÀÍÌÚ ÊÉÎÇÉÆÒ»ÈÃÙ©¿È»ÅÉÀ¾ÉÇÉÁÈÉÉÍÇÀÈÃÍ׿ÆÚÒÀ¾É ÌÆÀ¿ÎÀÍ Ì¼ËÉÌÃÍ× ÏÆ»ÁÉÅ ÉÊÑÃà 1HZ IRUPV DV WH[W ½É ½ÅÆ»¿ÅÀ 3UHIHUHQFHV ¿Ã»ÆÉ¾É½É¾É ÉÅÈ» (QYLURQPHQW 2S WLRQV°ÉÍÚÌÉÐË»ÈÀÈÃÀÏÉËǽÍÀÅÌÍɽÉÇÏÉËÇ»ÍÀÇÀÈÀÀØÏÏÀÅÍýÈÉÌÍÉÒÅÃÂËÀÈÃÚ Ë»ÂÇÀË»ÌÉ¿»½»ÀÇÖÐÏ»ÄÆɽ¿»ÈÈÖĽ»ËûÈÍÌÆÀ¿ÎÀÍÌÒÃÍ»Í×ÉÒÀÈ×οɼÈÖÇÌË»ÂÎÊÉ ÈÀÌÅÉÆ×ÅÃÇ ÊËÃÒÃÈ»Ç ÉÊÀ˽ÖÐ ØÍÉ ÊɽÉÆÚÀÍ ÉÒÀÈ× ÆÀ¾ÅÉ ½ÈÉÌÃÍ× ÈÀÂÈ»ÒÃÍÀÆ×ÈÖÀ ÃÂÇÀÈÀÈÃÚ ½ ÍÀÅÌÍ ÉÊÃÌ»ÈÃÚ ÏÉËÇÖ ½ ÉÅÈÀ ÆÙ¼É¾É ÍÀÅÌÍÉ½É¾É ËÀ¿»ÅÍÉË» ɽÍÉËÖÐ ÀÌÆÃÏ»ÄÆÊÉÅ»ÅÉÄÆüÉÊËÃÒÃÈÀ¼ÖÆÊɽËÀÁ¿ÀȽÉÌÌÍ»ÈɽÃÍ×ÌÉ¿ÀËÁÃÇÉÀÍÀÅÌÍÉ½É ¾ÉÏ»ÄÆ»¾É˻¿ÉÊËÉÔÀÒÀÇ¿½ÉÃÒÈɾɨÀ»¼Ö½»ÄÍÀÒÍÉÊËÀ¿Ö¿ÎÔÃÀ½ÀËÌÃÃ'HOSKL Ë»¼ÉÍ»ÙÍ ÍÉÆ×ÅÉ Ì ¿½ÉÃÒÈÖÇà ϻÄÆ»Çà ')0 ÊÉØÍÉÇÎ ØÍÉÍ ËÀÁÃÇ ÌÆÀ¿ÎÀÍ ÉÍÇÀÈÃÍ× ÀÌÆÃÌÉ¿»½»ÀÇÖÄÊËÉÀÅͼοÀÍɼ˻¼»ÍÖ½»Í×ÌÚý¿ËξÃнÀËÌÃÚÐ'HOSKL NZce ijh_dlZ ijbeh`_gby lZd`_ aZkem`b\Z_l ohly [u [_]eh]h \a]ey^Z JZkrbj_gb_ nZceZ ijh_dlZ²GSU hl'HOSKL35RMHFW Hgij_^klZ\ey_lkh[hch[uqgucbkoh^gucnZce3DVFDOghk g_dhlhjufb jZkrbj_gbyfb < wlhf nZce_ kh^_j`blky hkgh\gZy qZklv k lhqdb aj_gby 2EMHFW 3DVFDO \Zr_cijh]jZffu<hlebqb_hl^jm]bo\_jkbc3DVFDOdhlhju_\hafh`gh\ZfagZdhfu hkgh\gZyjZ[hlZijh]jZff'HOSKL ijhoh^bl\fh^meyoZg_\]eZ\ghfnZce_ijh]jZffuL_dkl nZceZijh_dlZfh`ghhlh[jZablv\hdg_j_^ZdlhjZkihfhsvxdhfZg^u3URMHFWÖ9LHZ6RXUFH
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
Ijb ^h[Z\e_gbb fh^me_c b nhjf \ ijbeh`_gb_ hgb [m^ml ihy\eylvky \ hibkZgbb XVHV nZceZijh_dlZH[jZlbl_\gbfZgb_qlh\hibkZgbbXVHVk]_g_jbjh\Zgguc dh^kh^_j`blmdZ aZgby \\b^_dhff_glZjby lh]hdZdZynhjfZgZoh^blky\ih^dexqZ_fhf fh^me_?kebm\Zk dh]^Zeb[h\hagbdgmlkhfg_gby\dZdhfbafh^me_ckh^_j`blkylZbebbgZynhjfZboe_]dh fh`gh[m^_ljZa\_ylv\hkihevah\Z\rbkv hdghf3URMHFW0DQDJHUdhlhjh_\u\h^blkygZwd jZgkihfhsvxdhfZg^u9LHZÖ3URMHFW0DQDJHU ¥»Á¿»ÚÏÉËǻ̽Ú»ȻÌÌɼÌͽÀÈÈÖÇÇÉ¿ÎÆÀÇÅËÉÇÀÍɾɽÊËɾ˻ÇÇÎÇɾÎͽÐÉ ¿ÃÍ×ÇÉ¿ÎÆÃÌÉ¿ÀËÁ»ÔÃÀÍÉÆ×ÅÉÅÉ¿ÃÈÀ̽Ú»ÈÈÖÀÌÅ»ÅÉÄÆüÉÏÉËÇÉÄ'HOSKL ÉÌÈɽȻÚË»¼ÉÍ»ÉÌÎÔÀÌͽÆÚÀÍÌÚ½ÇÉ¿ÎÆÚÐýËÚ¿Æý»ÇÅɾ¿»ÆüÉÊËÿÀÍÌÚÈÀ ÊÉÌËÀ¿ÌͽÀÈÈÉË»¼ÉÍ»Í×ÌÏ»ÄÆÉÇÊËÉÀÅÍ»GSU
(\|K~Qu^\N}Qv
Q{\u^\Q~ Ijhkl_cr__ ^_ckl\b_ aZdexqZxs__ky \ i_j_lZkdb\Zgbb g_dhlhjh]h dhfihg_glZ gZijbf_jdghidb \nhjfm\uau\Z_l]_g_jZpbx^hihegbl_evgh]h dh^Z g_h[oh^bfh]h ^ey kha^Zgby\klZ\e_ggh]h \nhjfmwe_f_glZ W\SH 7)RUP FODVV 7)RUP %XWWRQ 7%XWWRQ SULYDWH ^3ULYDWHGHFODUDWLRQV` SXEOLF ^3XEOLFGHFODUDWLRQV` HQG DZd\b^bl_ihf_s_ggZy\nhjfmdghidZij_^klZ\ey_l kh[hcwda_fieyjh[t_dlZ7%XWWRQ\ nhjf_ 7)RUP GZihfgbf qlh ijb h[jZs_gbb d wlhc dghid_ aZ ij_^_eZfb fh^mey ^Zgghc nhjfu bfy wda_fieyjZ wlhc nhjfu ihlj_[m_lky mdZau\Zlv \ dZq_kl\_ h[eZklb \b^bfhklb )RUP%XWWRQIh^jh[ghh[h[eZklyo \b^bfhklb jZkkdZau\Z_lky \ ]eZ\_ ³Yaud ijh]jZf fbjh\Zgby2EMHFW3DVFDO ´ Dh]^ZdghidZ\u[jZgZ\dhgkljmdlhj_ nhjf__nmgdpbhgZevghklv fh`ghbaf_gblv\hdg_ 2EMHFW,QVSHFWRUIj_^iheh`bf qlhlj_[m_lkymklZgh\blv__bkoh^gmx rbjbgm jZ\ghc ibdk_eyfbh[_ki_qblvqlh[u\h\j_fyjZ[hluijh]jZffus_eqhdgZdghid_ijb\h^bedm^ \h_gbx__\ukhlu>eybaf_g_gbyrbjbgudghidb\u[_jbl_\hdg_2EMHFW%URZVHUk\hckl\h :LGWK b mklZgh\bl_ _]h agZq_gb_ jZ\guf ey lh]h qlh[u h[_ki_qblv j_Zdpbx dghidb gZ s_eqhd \ hdg_ 2EMHFW ,Q VSHFWRUi_j_c^bl_\h\deZ^dm(YHQWV<g_ckh^_j`blkykibkhdkh[ulbcgZdhlhju_fh`_l j_Z]bjh\Zlvh[t_dl>\Z`^us_edgbl_gZimgdl_kibkdZ2Q&OLFNijbwlhf'HOSKL k]_g_jbjm _laZ]hlh\dmijhp_^mjudhlhjZy[m^_l\uau\Zlvkyihs_eqdmgZ^Zgghcdghid_bi_j_g_k_l nhdmk \\h^Z \ hdgh k __ l_dklhf \ gZr_f kemqZ_ wlh ijhp_^mjZ 7)RUP%XWWRQ&OLFN eylh]hqlh[uijh\_jblvdZdjZ[hlZ_lkha^ZggZyijh]jZffZgZ`fbl_deZ\brm ) ! b hp_gbl_ihemq_ggu_j_amevlZlu
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
'HOSKLÊÉÌÍÉÚÈÈÉÊÉ¿¿ÀËÁý»ÀÍÑÀÆÉÌÍÈÉÌÍ×̽ÚÂÀÄÇÀÁ¿Î̾ÀÈÀËÃËɽ»ÈÈÖÇÃÊËÉÑÀ¿ÎË» ÇÃÃÍÀÇÃÎÊË»½ÆÚÙÔÃÇÃØÆÀÇÀÈÍ»ÇÃÅÉÍÉËÖÇÉÈÃÌÉÉͽÀÍÌͽÎÙͪËÃÅÉÇÊÃÆÚÑÃÃÃÆà ÌÉÐË»ÈÀÈÃÃÃÌÐÉ¿ÈɾÉÍÀÅÌÍ»ÇÉ¿ÎÆÚ'HOSKLÊËÉÌÇ»ÍËý»ÀÍÅÉ¿Ãο»ÆÚÀͽÌÀÊÎÌÍÖÀ»¾É ÍɽÅÃÊËÉÑÀ¿Î˸ÍÉÉÂȻһÀÍÒÍÉÀÌÆýÖÈÀ½ÈÀÌÀÍÀÈÃÉ¿ÈÉÄÌÍËÉÅÃÅÉ¿»½Â»¾ÉÍɽÅÎ ÊËÉÑÀ¿ÎËÖ 7)RUP%XWWRQ&OLFN 'HOSKL ÊÉÆÈÉÌÍ×٠ο»ÆÃÍ ÀÀ àÇÉ¿ÎÆÚ ©ÌÈɽÈÉÄ ½Ö½É¿ÅÉÍÉËÖÄÌÆÀ¿ÎÀÍÃÂÌŻ»ÈÈɾÉtÈÃÅɾ¿»ÈÀο»ÆÚÄÍÀ̾ÀÈÀËÃËɽ»ÈÈÖÀ'HOSKL» ¾ÉÍɽÅÃÊËÉÑÀ¿ÎËÌ»ÇÉÌÍÉÚÍÀÆ×ÈÉ ÌÆÃÊËÉÑÀ¿ÎË»½»ÇÈÀÈÎÁÈ»ÊËÉÌÍÉο»ÆÃÍÀÀÀÍÀÆÉ ÊÉÌÆÀÒÀ¾É'HOSKLο»ÆÃÍɼÉÆÉÒÅÎÊËÉÑÀ¿ÎËÖÌɼÌͽÀÈÈÖÇÃÌËÀ¿Ìͽ»Çà Ihke_ lh]h dZd dghidZ \ kha^Zgghc \Zfb nhjf_ ijbf_l ^hklZlhqgh [hevrb_ jZaf_ju aZ \_jrbl_jZ[hlmijh]jZffub\_jgbl_kv\kj_^m,'('HOSKL Ke_^m_laZf_lblvqlhh[_ki_qblv j_ZdpbxdghidbgZs_eqhdfurvxfh`ghkjZam`_ihke_ihf_s_gbywlh]hmijZ\eyxs_]h we_ f_glZ\nhjfm>\hcghcs_eqhdfurvxgZex[hfdhfihg_gl_nhjfuZ\lhfZlbq_kdb \uau\Z_l jZkdjulb_hdgZj_^ZdlhjZkl_dklZfbih^ijh]jZffk\yaZgguok^Zggufdhfihg_glhf<[hev rbgkl\_ kemqZ_\ [m^_l Z\lhfZlbq_kdb k]_g_jbjh\ZgZ aZ]hlh\dZ l_dklZ ih^ijh]jZffu lh]h kh [ulbydhlhjh_i_j\ufmihfbgZ_lky\kibkd_kh[ulbchdgZ2EMHFW,QVSHFWRU
(\x}N\\xQ~ ?keb\Zfm`_ijboh^behkv kha^Z\Zlvijbeh`_gby:LQGRZV ljZ^bpbhggufb f_lh^Zfblh \u[_amkeh\ghkfh`_l_hp_gblvijhklhlmbkihevah\Zgby kh[ulbc'HOSKL BkdexqZ_lky\ky dZyg_h[oh^bfhklv hj]ZgbaZpbbi_j_o\ZlZkhh[s_gbc:LQGRZV bo jZkrbnjh\db ZgZebaZ b l^ ?keb `_ \u g_ agZ_l_ h q_f b^_l j_qv h[jZlbl_kv aZ ihfhsvx d ]eZ\_ ³Khh[s_gby :LQGRZV´ DZd ijZ\beh kh[ulby 'HOSKL aZimkdZxlky khh[s_gbyfb :LQGRZV LZd gZijbf_j kh[ulb_ 2Q0RXVH'RZQh[t_dlZ7%XWWRQnZdlbq_kdbbgdZikmebjm_l khh[s_gby:LQGRZV:0B[%87721'2:1 H[jZlbl_ \gbfZgb_ gZ lh qlh kh[ulb_ \uihegy_l ij_^\Zjbl_evgmx h[jZ[hldm khh[s_gby b ij_^hklZ\ey_l \ZfbgnhjfZpbxhlhfdZdZybadghihdfurb[ueZgZ`ZlZb]^_gZoh^bekydmj khjfurbdh]^ZwlhijhbahrehIh^h[gmxbgnhjfZpbx²ghm`_hgZ`ZlbbdeZ\brb²ij_ ^hklZ\ey_lkh[ulb_2Q.H\'RZQ
²Q\xK}Q~\N}u^\{^Kww^\zK~ H^gbfbakZfuoagZqbl_evguo ohlybkihjguo ^hklhbgkl\kbkl_fukh[ulbc'HOSKL ih kjZ\g_gbx kh klZg^Zjlghc kbkl_fhc h[jZ[hldb :LQGRZV y\ey_lky lh qlh \u g_ h[yaZgu ijh]jZffbjh\Zlv h[jZ[hlqbdb kh[ulbc < hlebqb_ hl h[jZ[hldb klZg^Zjlguo khh[s_gbc
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
:LQGRZV g_ lj_[m_lky gb \uau\Zlv h[jZ[hlqbd ih mfheqZgbx gb i_j_^Z\Zlv dZdmxeb[h bgnhjfZpbx gZaZ^\:LQGRZVihke_h[jZ[hldbkhh[s_gby H[jZlgZyklhjhgZf_^ZebaZdexqZ_lky\lhfqlhg_evayk^_eZlv[hevr_lh]hqlh\Zfih a\he_gh
¶u^\Q~Q^K^Kx\}yu^\}\}u\z IhjZ[hlZ\ k 'HOSKL g_dhlhjh_ \j_fy fh`gh aZf_lblv qlh ij_^ty\ey_fu_ wlbf iZd_lhf lj_[h\Zgby d mjh\gx agZgbc ^hklZlhqgh jZafulu Kha^Zgb_ \ 'HOSKL ^Z`_ kZfh]h i_j\h]h ijbeh`_gbyijbghkblgh\bqdZfaZf_lgu_^b\b^_g^uWlh\ujZ`Z_lky\khdjZs_gbb\j_f_ gbjZajZ[hldbbihemq_gbbgZ^_`guomklhcqb\uoijh^mdlh\'HOSKLh[eZ^Z_lijhklhg_h]jZ gbq_ggufb \hafh`ghklyfb \ lhf Zki_dl_ jZajZ[hldb ijbeh`_gbc dhlhjuc ^hklZ\eye ijh ]jZffbklZf\kj_^_:LQGRZV [hevr_\k_]hg_ijbylghkl_c J_qvb^_lhkha^Zgbbbgl_jn_ckZ ihevah\Zl_ey 8VHU,QWHUIDFH ²8, Bgh]^Zijhp_^mjmjZajZ[hldbbgl_jn_ckZihevah\Zl_ey bh[s_]hfZd_lZhdgZijh]jZffu gZau\Zxl³kha^Zgb_fijhlhlbiZ´<g_\bamZevghc kj_^_ijh]jZffbjh\Zgby kha^Zgb_ijhlh lbiZ ijbeh`_gby qZklh lj_[m_l kms_kl\_ggh [hevrbo mkbebc q_f kha^Zgb_ kh[kl\_ggh jZ [hq_cqZklbijh]jZffubeb__³hkgh\gh]hieZgZ´L_fg_f_g__bf_gghj_ZebaZpbyhkgh\gh ]h ieZgZ ijh]jZffu y\ey_lky ]eZ\ghc p_evx __ kha^Zgby ;_amkeh\gh kha^Zgb_ ijb\e_dZ l_evgh]hbbglmblb\ghihgylgh]hbgl_jn_ckZihevah\Zl_ey lZd`_y\ey_lky\Z`g_crbfmkeh \b_fmki_oZH^gZdhdhfm[m^_lgm`gZdhffmgbdZpbhggZy ijh]jZffZkij_\hkoh^gh \uihe g_ggufb^bZeh]h\ufb hdgZfbbm^h[gufbgl_jn_ckhf ghg_kihkh[gZy\uihegblvihkuedm ^Zgguoq_j_afh^_f" Ijh]jZffu\hfgh]hfih^h[gu ex^yf² ijbylgZy \g_rghklv \k_]^Z jZkiheZ]Z_l h^gZdhwlh]hfZeh^eylh]hqlh[u^Zggucq_eh\_daZgyekdhevdhgb[m^vaZf_l gh_f_klh\gZr_c`bagb 'HOSKLiha\hey_lkha^Z\Zlvijh]jZffm\deZ^u\ZyfZdkbfmfkbebmf_gby\__jZ[hqmx qZklv khdjZlb\ ^h fbgbfmfZ aZljZlu \j_f_gb gZ j_ZebaZpbx ihevah\Zl_evkdh]h bgl_j n_ckZIhljZlb\g_dhlhjh_\j_fygZh[mq_gb_jZ[hl_k'HOSKL \ukfh`_l_e_]dhbijhklh jZajZ[Zlu\Zlv ihevah\Zl_evkdb_ bgl_jn_cku g_kjZ\gbfu_gbkdZdbfb^jm]bfbkha^Zg gufb k ihfhsvx ljZ^bpbhggh]h bgkljmf_glZjby ;he__ lh]h hgb [m^ml g_ ijhklh we_ ]Zglgu gh b hjb]bgZevgu l_ [m^ml h[eZ^Zlv ³baxfbgdhc´ \ \b^_ jZajZ[hlZgguo \Zfb gh\uomijZ\eyxsbowe_f_glh\
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
8KN
^Qw\N})PX]TU ;eZ]h^Zjyh[t_dlghhjb_glbjh\Zgghc ijbjh^_'HOSKL fh`ghkha^Z\Zlvkh[kl\_ggu_dhf ihg_glug_lhevdhkgmeyghbgZhkgh\_kms_kl\mxs_]h [h]Zlh]hgZ[hjZklZg^Zjlguodhf ihg_glh\<]eZ\_\lhjh]hlhfZ³Kha^Zgb_ihevah\Zl_evkdbo dhfihg_glh\ \'HOSKL´ fu [he__ih^jh[ghih]h\hjbfhf_lh^Zokha^Zgbygh\uodhfihg_glh\ gZ[Za_m`_bf_xsbokyZ \ ]eZ\_ ³Bkihevah\Zgb_ we_f_glh\ mijZ\e_gby $FWLYH; \ 'HOSKL´² h[ bkihevah\Zgbb \ ijbeh`_gbyo mijZ\eyxsbo we_f_glh\$FWLYH; Ihfbfh kha^Zgby b bgl_]jZpbb \ kj_^m jZajZ[hldb gh\uo dhfihg_glh\ 'HOSKL lZd`_ ^himkdZ_l bgl_]jbjh\Zlv \ ,'( ]hlh\u_ ih^ijh]jZffu gZau\Z_fu_ wdki_jlZfb ([SHUW ,QWHUIDFH iha\hey_l^hihegylv\bamZevgmxkj_^mjZajZ[hldbk\hbfbimgdlZfbf_gxb^bZ eh]h\ufb hdgZfb ij_^gZagZq_ggufb ^ey jZkrbj_gby __ nmgdpbhgZevghklb Ijbf_jhf ih^h[gh]h wdki_jlZy\ey_lkymlbeblZ'DWDEDVH)RUP([SHUW dhfZg^Z\uah\ZdhlhjhcgZoh ^blky \ f_gx 'DWDEDVH ]eZ\gh]h hdgZ Ijhp_kk kha^Zgby kh[kl\_ggh]h wdki_jlZ b bgl_ ]jZpbb_]h\'HOSKL,'( hibku\Z_lky \]eZ\_\lhjh]hlhfZ³Bkihevah\Zgb_ bgl_jn_ckZ 2SHQ7RROV$3, ´
qQN}zK~Qv
g~yv {^KQNy\vN^Q|^K^Kx\}y)PX]TU Ij_`^_ q_f iha\heblv qblZl_ex ijh^he`blv ql_gb_ wlhc dgb]b Z\lhju ohlyl ij_ ^hklZ\blv _fm \hafh`ghklv h\eZ^_lv \k_fb hkgh\gufb bgkljmf_glZfb dhlhju_ fh]ml ihlj_[h\Zlvky \ jZ[hl_ K wlhc p_evx gb`_ ijb\h^blky djZldh_ hibkZgb_ ^_kylb nmgd pbc ]jZnbq_kdhc kj_^u jZajZ[hldb 'HOSKL dhlhju_ fu kqblZ_f gZb[he__ \Z`gufb b g_h[oh^bfufb
·~y|\u\~Q~yKNNK 'XJaa'[Y]XPbU[Z ;hevr_ \k_]h \j_f_gb jZajZ[hlqbdb aZljZqb\Zxl gZ \\h^ l_dklZ ijh]jZff DZd qZklh fu lhqghagZ_fqlhbf_gghohlbfgZibkZlvghg_^hklZlhqgZykdhjhklv\\h^Zl_dklZkdeZ\bZlmju g_\ughkbfhaZly]b\Z_l^hklb`_gb_`_eZ_fh]hj_amevlZlZ<'HOSKL bf__lkyki_pbZevgZynmgd pbyiha\heyxsZykms_kl\_gghkhdjZlblvh[t_fjmlbgghcjZ[hlu ;_amkeh\gh kZfuf \Z`ghc hkh[_gghklvx nmgdpbb ^hiheg_gby deZkkZ y\ey_lky lh qlh hgZg_bf__lkh[kl\_ggh]h bgl_jn_ckZ>hklZlhqghijhklh\\_klbqZklvh[ty\e_gbydeZkkZb gZ`Zlv dhf[bgZpbx deZ\br &WUO6KLIW&! ^ey lh]h qlh[u nmgdpby ^hiheg_gby deZkkZ ij_^ijbgyeZ ihiuldmhij_^_eblvqlhbf_gghij_^iheZ]Zehkv \\_klbbk]_g_jbjh\ZeZ khhl \_lkl\mxsbc l_dklGZijbf_j_kebihf_klblv\deZkkh[ty\e_gb_ijhp_^mju)RRihke_wlh ]hgZ`Zlvmihfygmlmx\ur_dhf[bgZpbxdeZ\brlh hibkZgb_ wlh]h f_lh^Z Z\lhfZlbq_kdb [m^_l\g_k_gh\jZa^_ej_ZebaZpbb^Zggh]hfh^mey?kebh[ty\blvgh\h_k\hckl\hagZq_gb_ dhlhjh]hkqblu\Z_lkybaiheyZaZibku\Z_lky kihfhsvxf_lh^Zlhihke_\uah\Znmgdpbb ^hiheg_gbydeZkkZ[m^_lZ\lhfZlbq_kdb kha^Zghhij_^_e_gb_ iheyZlZd`_l_dklhibkZgbyb j_ZebaZpbbf_lh^Z ?kebijb\_^_ggu_ \ur_ijbf_ju\Zkg_m[_^bebihijh[mcl_wlmnmgdpbxgZijZdlbd_ Hq_gvkdhjhhgZklZg_l\Zfijhklhg_h[oh^bfhc
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
·~y~Kz{K$SS%URZVHU >hklZlhqghqZklh]ey^ygZg_dhlhjmxkljhdml_dklZijh]jZffuijboh^blkyfmqbl_evgh \kihfbgZlv]^_bf_gghh[ty\ey_lkybkihevam_fuc \g_cf_lh^KZfucijhklhckihkh[\u ykgblvwlhkhklhbl\gZ`ZlbbdeZ\brb &WUO!bihke_^mxs_f s_eqd_furvxgZbgl_j_kmx s_ce_dk_f_Ih^ijh]jZffu ,'( bkihevamxlaZjZg__kh[jZggmxdhfibeylhjhf hleZ^hqgmx bgnhjfZpbx^eyi_j_oh^Zdkljhd_h[ty\e_gbymdZaZgghce_dk_fuDZdb\kemqZ_h[uqgh]h :HE[jhma_jZ nmgdpby \_^_l k\hc kh[kl\_gguc kl_d i_j_oh^h\ dhlhjuc fh`gh bkihevah \Zlv^eyi_j_f_s_gby \h[hbogZijZ\e_gbyo I_j_oh^u\uihegyxlky ihkj_^kl\hf s_eqdh\ furvxgZklj_edZojZaf_s_gguo gZijZ\hfdhj_rd_\deZ^dbhdgZj_^ZdlhjZl_dklh\
³Q^QwQQ~QwQ|^K|QKw \xzQ~^QKK >eyi_j_f_s_gby f_`^mh[ty\e_gb_f bj_ZebaZpb_cf_lh^Z^hklZlhqghihf_klblvgZ_]h bfy dmjkhj \\h^Z b gZ`Zlv dhf[bgZpbx deZ\br &WUO6KLIWKlj_edZ \\_jo! beb &WUO6KLIWKlj_edZ\gba!
(\N}y\zyK\y\~ ey ij_^hl\jZs_gby kemqZcghc khkludh\db hdhg ijb bo i_j_f_s_gbb gZ`fbl_ b m^_j`b\Zcl_ deZ\brm &WUO! Djhf_lh]hfh`ghs_edgmlv\hdg_ijZ\hcdghidhcfurbbk[jhkblv\jZkdju\r_fky dhg l_dklghff_gxneZ`hdhipbb'RFNDEOH £ÇÀÀÍÌÚÀÔÀÉ¿È»¿ÉÊÉÆÈÃÍÀÆ×ȻڽÉÂÇÉÁÈÉÌÍ× ÌÆÃÔÀÆÅÈÎÍ×ÊË»½ÉÄÅÈÉÊÅÉÄÇÖ ÓÃÈ»ÅÉËÀÓÅÀÊ»ÈÀÆÃÌÉÌÍÖÅɽ»ÈÈɾÉÉÅÈ»ÍÉÀ¾ÉÇÉÁÈɼοÀÍÊÀËÀÇÀÌÍÃÍ×½½ÀËÐ ÈÙÙÈÃÁÈÙÙÆÀ½ÎÙÃÆÃÊË»½ÎÙÒ»ÌÍ×ɼÔÀ¾ÉÉÅÈ»
n^\Q^\xQy}\z <'HOSKL \_jkbc±bkihevah\Zeky hq_gvijbfblb\guc [jhma_jh[t_dlh\?keb\uhg_f ^Z`_g_keurZeblhwlhg_m^b\bl_evgh ²fgh]b_\hh[s_ij_^ihqblZeb bfg_ihevah\Zlvky ihkdhevdm\hafh`ghklb _]h[ueb\_kvfZh]jZgbq_gu<'HOSKL[jhma_jh[t_dlh\iheghklvx i_j_jZ[hlZg?]hhdghdhlhjh_\u\h^blkygZwdjZgkihfhsvxdhfZg^u9LHZÖ%URZVHUih dZaZghgZjbk<wlhfhdg_hlh[jZ`Z_lky ^j_\h\b^gZykljmdlmjZiha\heyxsZy ihemqZlv ^hklmi d ]eh[Zevguf i_j_f_gguf deZkkZf b fh^meyf Z lZd`_ dhgljhebjh\Zlv h[eZklb \b ^bfhklbp_ihqdbgZke_^h\Zgby bkkuedbgZkbf\heu
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
JbkH[sbc\b^hdgZ[jhma_jZh[t_dlh\
(\|K~Q~\z\{\-=/) GZ`Zlb_dhf[bgZpbbdeZ\br &WUO6KLIW*! iha\hey_lihf_klblv\hdghj_^ZdlhjZdh^Z gh\h_ mgbdZevgh_ agZq_gb_ *8,' mgbdZevgh]h ]eh[Zevgh]h b^_glbnbdZlhjZ bgl_jn_ckZ WlZ\hafh`ghklv hdZau\Z_lky\_kvfZihe_aghcijbkha^Zgbbgh\h]hbgl_jn_ckZ
³\|NzQ}yKN~}KyNNK( ?keb\ijhp_kk_jZ[hlu\kj_^_'HOSKL\ZfqZklhijboh^blkyijhkfZljb\Zlv nZceukijh ]jZffZfbgZyaud_K gZijbf_jnZceuaZ]heh\dh\6'. lh \u kfh`_l_ ih ^hklhbgkl\m hp_gblvwlm\kljh_ggmxnmgdpbxj_^ZdlhjZdh^h\Gm`ghijhklhaZ]jmablv\j_^ZdlhjnZce kl_dklhfijh]jZffugZK²\k_hklZevgh_[m^_lk^_eZghZ\lhfZlbq_kdb
(uN\y<[)[ Bkihevamcl_ kibkhd³7R'R/LVW´ ^ey mijZ\e_gby oh^hf jZ[hlu gZ^ nZceZfb k ijh]jZf fZfb
tNu\\zK~QwQ~Q|Q^Ku^\Qy}\z Hdgh 3URMHFW 0DQDJHU fh`_l hdZaZlvky hq_gv m^h[guf bgkljmf_glhf ijb jZ[hl_ gZ^ [hevrbfbijh_dlZfb² hkh[_gghgZ^l_fbdhlhju_ij_^mkfZljb\Zxl kha^Zgb_g_kdhevdbo nZceh\ (;( beb '// H^gZdh fgh]b_ ihevah\Zl_eb ijhklh aZ[u\Zxl h _]h kms_kl\h\Zgbb
=eZ\ZIjh]jZffbjh\Zgb_^ey:LQGRZV\'HOSKL
nmgdpbhgZevgu_ \hafh`ghklb wlh]hhdgZ[uebjZkrbj_gu<qZklghklbihy\beZkv\hafh` ghklv\klZ\dbbdhibjh\Zgby we_f_glh\kh^gh]hijh_dlZ\^jm]hckihfhsvxhi_jZpbci_ j_lZkdb\Zgby
JbkHdgh7R'R,WHPVijbkludh\Zghdgb`g_cqZklbhdgZj_^ZdlhjZl_dklh\
tNu\\zK~Q~y&RGH,QVLJKW |KzQ^
Q~\xzQ~vuK^KwQ}^\z Ijb\\h^_dexq_\h]hkeh\Z,GHQWLILHUihke_aZ\_jrZxs_clhqdbgZwdjZg[m^_lZ\lhfZlb q_kdb\u\_^_ghhdghkhkibkdhfk\hckl\f_lh^h\kh[ulbcbihe_c^hklmiguo^eywlh]hb^_g lbnbdZlhjZ K ihfhsvx s_eqdZ ijZ\hc dghidhc furb fh`gh hlkhjlbjh\Zlv wlhl kibkhd ih bf_gZfbebihh[eZklb\b^bfhklb?kebhdghbkq_aehkwdjZgZ^hlh]hdZd\umki_ebijhqblZlv _]hkh^_j`bfh_^eyih\lhjgh]h_]h\u\h^Zgm`ghgZ`Zlvdhf[bgZpbxdeZ\br &WUOIjh[_e! AZihfbgZgb_ \k_oiZjZf_ljh\nmgdpbcfh`_lhdZaZlvkykebrdhfh[j_f_gbl_evguf lj_ [h\Zgb_fihwlhfmnmgdpby&RGH,QVLJKW Z\lhfZlbq_kdb \u\h^blhdghih^kdZadbkhkibkdhf iZjZf_ljh\ dZd lhevdh \ hdg_ j_^ZdlhjZ l_dklh\ [m^_l \\_^_gh ex[h_ qu¹B{ytr|qq ?keb wlhhdghbkq_aehkwdjZgZkebrdhf[ukljhfh`ghih\lhjgh\u\_klb_]hkihfhsvxdhf[b gZpbbdeZ\br &WUO6KLIWIjh[_e!
8QwQ <wlhc]eZ\_\uihagZdhfbebkv koZjZdl_jbklbdZfb dZ`^h]hbaijh^mdlh\k_jbb'HOSKL hk\hbebkvk]jZnbq_kdhc kj_^hcjZajZ[hldb'HOSKL ZlZd`_ihemqbebij_^klZ\e_gb_ hij_^ eZ]Z_fuof_lh^ZojZajZ[hldbijbeh`_gbc^ey:LQGRZVHkgh\gh_gZagZq_gb_wlhc]eZ\ukh klhbl\lhfqlh[ugZmqblv\Zkhjb_glbjh\Zlvky \kj_^_'HOSKL bij_^hklZ\blv g_kdhevdh[Z ah\uodhgp_ipbcg_h[oh^bfuo ^eyhk\h_gbyfZl_jbZeZihke_^mxsbo ]eZ\dgb]b>Ze__jZa ]h\hjihc^_lhkm]m[hl_ogbq_kdboZki_dlZojZ[hluk'HOSKL ihwlhfmm[_^bl_kvqlh\uihe ghklvx hk\hbebkv \ ij_^eZ]Z_fhc ]jZnbq_kdhc kj_^_ jZajZ[hldb b m`_ fh`_l_ kZfhklhy l_evgh\uihegylvg_[hevrb_ijh_dlu
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
¿y u^\{^Kww^\zK~ 5LVPMb7JaMJX
©ÍËËÄÌÑ¿ÏÇÇ
¬ÍÁÚÄÁÍÆËÍÅÌÍÐÑÇÎÏÍÕÄÃÒÏÇÓÒÌÉÕÇÈ
®ÄÏÄËÄÌÌÚÄ
©ÍÌÐÑ¿ÌÑÚ
ÎÄÏ¿ÑÍÏÚ
±ÇÎÚÿÌÌÚÔ2EMHFW3DVFDO
®ÍÊÛÆÍÁ¿ÑÄÊÛÐÉÇÄÑÇÎÚÿÌÌÚÔ
®ÏÇÁÄÃÄÌÇÄÇÎÏÄÍÀÏ¿ÆÍÁ¿ÌÇÄÑÇÎÍÁ
°ÑÏÍÉÍÁÚÄÏÄÐÒÏÐÚ
²ÐÊÍÁÌÚÄÍÎÄÏ¿ÑÍÏÚ
µÇÉÊÚ
®ÏÍÕÄÃÒÏÚÇÓÒÌÉÕÇÇ
ÀÊ¿ÐÑÛÁÇÃÇËÍÐÑÇ
«ÍÃÒÊÇ
®¿ÉÄÑÚ
ÀÙÄÉÑÌÍÍÏÇÄÌÑÇÏÍÁ¿ÌÌÍÄÎÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÄ
§ÐÎÍÊÛÆÍÁ¿ÌÇÄÍÀÙÄÉÑÍÁ'HOSKL
°ÑÏÒÉÑÒÏÇÏÍÁ¿ÌÌ¿ÞÍÀÏ¿ÀÍÑÉ¿ÇÐÉÊÝÖÄÌÇÈ
§ÌÓÍÏË¿ÕÇÞÍÑÇÎÄÁÏÄËÄÌÇÁÚÎÍÊÌÄÌÇÞ
¯ÄÆÝËÄ
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
<wlhc]eZ\_g_jZkkfZljb\Zxlky jZaghh[jZagu_ \bamZevgu_we_f_glukj_^ujZajZ[hldb 'HOSKL HgZihk\ys_gZyaudmijh]jZffbjh\Zgby 2EMHFW3DVFDO e_`Zs_fm\hkgh\_wlh]hiZ d_lZ KgZqZeZ j_qv ihc^_l h [Zah\uo we_f_glZo yaudZ _]h ijZ\beZo b dhgkljmdlZo Z aZl_f [m^ml jZkkfhlj_gu [he__ keh`gu_ \hijhku² deZkku b h[jZ[hldZ bkdexqbl_evguo kblmZ pbc Ihkdhevdm wlZ dgb]Z g_ ij_^gZagZq_gZ ^ey gZqbgZxsbo ij_^iheZ]Z_lky qlh qblZl_ev agZdhf k ^jm]bfb yaudZfb ijh]jZffbjh\Zgby \ukhdh]h mjh\gy lZdbfb gZijbf_j dZd & &bebohly[u9LVXDO%DVLF Fu[m^_fqZklhijh\h^blvkjZ\g_gb_l_obebbguoiheh`_gbc yaudZ 2EMHFW 3DVFDO k ^jm]bfb yaudZfb ijh]jZffbjh\Zgby D dhgpm ]eZ\u \u [m^_l_ bf_lv ij_^klZ\e_gb_ h j_ZebaZpbb hkgh\guo dhgp_ipbc ijh]jZffbjh\Zgby i_j_f_gguo lbiZo hi_jZlhjZobfgh]hf^jm]hf \2EMHFW3DVFDO bbohlebqbyohldhgp_ipbclZdboyaudh\dZd Kb9LVXDO%DVLF >Z`__keb\u²hiulgucijh]jZffbklgZ3DVFDO wlZ]eZ\Zg_[m^_l^ey\Zk[_kihe_aghclZd dZdlhevdh\g_c\ukfh`_l_gZclbihegmxbgnhjfZpbxhkbglZdkbk_bk_fZglbd_2EMHFW3DVFDO
¤\wwQ~}K^ GZqg_fklh]hdZdbfh[jZahf\ghkblvdhff_glZjbb \ijh]jZffmgZyaud_2EMHFW3DVFDO Wlhlyaudih^^_j`b\Z_l ljblbiZdhff_glZjb_\ ² kbkihevah\Zgb_f nb]mjguokdh[hdiZj kdh[dZ±a\_a^hqdZ b ^\hcghc gZdehgghc q_jlu \ klbe_ &
²\zQz\w\~\N}u^\Q|^ ~yv Ihkdhevdm[_aijhp_^mjbnmgdpbcg_h[oh^blkygbh^bgyaudijh]jZffbjh\Zgby fug_ [m^_fkebrdhfm]em[eylvky\wlml_fmbhlf_lbfebrvfZehba\_klgu_ bebgh\u_\hafh`gh klb2EMHFW3DVFDO \wlhch[eZklb
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
(y\xy Ohly^h[Z\e_gb_kdh[hdijb\uah\_nmgdpbbbebijhp_^mju[_aiZjZf_ljh\g_y\ey_lky gh\bgdhc\'HOSKLl_fg_f_g__wlZ\hafh`ghklv fZehba\_klgZ<2EMHFW3DVFDO kqblZxlky dhjj_dlgufb h[Z\ZjbZglZ\uah\Z )RUP6KRZ )RUP6KRZ Wlhdhg_qgh\hafh`ghklv g_bal_oqlhihljykZxl\hh[jZ`_gb_ h^gZdhijh]jZffbklu \ugm`^_ggu_ ^_eblv k\h_ jZ[hq__ \j_fy f_`^m jZagufb yaudZfb gZijbf_j lZdbfb dZd 'HOSKLb&hp_gyl__b[hbfg_ijb^_lkyki_pbZevgh\kihfbgZlvhjZaebqghfkbglZdkbk_ \uah\Znmgdpbc\jZaguoyaudZo
o\w\~\N}uQ^Q{^y <'HOSKL[ueZj_Zebah\ZgZdhgp_ipbyi_j_]jmadbnmgdpbc RYHUORDGLQJ dhlhjZyiha\h ey_lbf_lvg_kdhevdhjZaebqguonmgdpbcbebijhp_^mjkh^bgZdh\ufbf_g_fghkjZagufb kibkdZfbiZjZf_ljh\LZdb_ijhp_^mjubnmgdpbb^he`gu[ulvhibkZgukijbf_g_gb_f ^b j_dlb\uRYHUORDG SURFHGXUH+HOOR , ,QWHJHU RYHUORDG SURFHGXUH+HOOR 6 6WULQJ RYHUORDG SURFHGXUH+HOOR ' 'RXEOH RYHUORDG AZf_lbfqlhijZ\beZi_j_]jmadbf_lh^h\deZkkZknhjfmebjh\Zggu_ \khhl\_lkl\mxs_c ]eZ\_dgb]bg_kdhevdhhlebqZxlkyhlijZ\bei_j_]jmadbh[uqguoijhp_^mjbnmgdpbcOhly \g_^j_gby\hafh`ghklb i_j_]jmadbbf_gnmgdpbcijh]jZffbklu lj_[h\Zebkfhf_glZ\uoh ^Z \ k\_l 'HOSKL l_f g_ f_g__ wlh g_ kZfZy [_ahiZkgZy \hafh`ghklv yaudZ GZjy^m k m`_ bf_\r_cky\hafh`ghklvx bkihevah\Zgby \jZaguofh^meyonmgdpbckh^gbfbl_f`_bf_ g_f ijbf_g_gb_ i_j_]jm`_gguo nmgdpbc fh`_l klZlv g_bkkydZ_fuf bklhqgbdhf ljm^gh meh\bfuohrb[hd\ijh]jZff_IhwlhfmklhjZaih^mfZcl_ij_`^_q_fbkihevah\Zlv i_j_ ]jmadmIhfgbl_ahehlh_ijZ\beh ³Ke_^m_lihlj_[eylvghg_aehmihlj_[eylv ´
s~KQ~uK^KwQ}^\zu\w\K~ <'HOSKL [ueZ \\_^_gZ _s_ h^gZ ihe_agZy \hafh`ghklv ² bkihevah\Zgb_ agZq_gbc iZ jZf_ljh\ihmfheqZgbxHgZiha\hey_lmklZgh\blvijbgbfZ_fh_ ihmfheqZgbxagZq_gb_iZ jZf_ljZijhp_^mjubebnmgdpbbWlhagZq_gb_[m^_lbkihevah\Zlvky \l_okemqZyodh]^Z\u ah\ijhp_^mjubebnmgdpbbijhba\h^blky [_amdZaZgbyagZq_gby^Zggh]hiZjZf_ljZ<h[t y\e_gbbijhp_^mjubebnmgdpbbijbgbfZ_fh_ ihmfheqZgbxagZq_gb_iZjZf_ljZmdZau\Z_l kyihke_agZdZjZ\_gkl\Zke_^mxs_]hihke__]hbf_gbIhykgbfwlhgZke_^mxs_fijbf_j_ SURFHGXUH+DV'HI9DO 6 6WULQJ , ,QWHJHU Ih^h[gh_h[ty\e_gb_hagZqZ_lqlhijhp_^mjZ+DV'HI9DOfh`_l[ulv\ua\ZgZ^\mfyim lyfb<i_j\hfkemqZ_²dZdh[uqghkmdZaZgb_fh[hboiZjZf_ljh\ +DV'HI9DO KHOOR
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
hklZlhqghbaf_gblvh[ty\e_gb_nmgdpbblZddZdihdZaZghgb`_ IXQFWLRQ$GG,QWV ,, ,QWHJHU , ,QWHJHU ,QWHJHU EHJLQ 5HVXOW ,,, HQG
³Q^QwQ~~Q ?keb \u ibr_l_ ijh]jZffu ijbf_jgh lZd ³A^_kv fg_ ihgZ^h[blky _s_ h^gZ i_j_f_g gZy²gmqlh`hibr_f__ijyfhkj_^bdh^Z\lhff_kl_]^_hgZihgZ^h[beZkv ´²agZqbl \uijh]jZffbjm_l_ gZ& H^gZdhijbbkihevah\Zgbb i_j_f_gguo\2EMHFW3DVFDO \Zfke_ ^m_lq_ldhaZihfgblv i_j_f_ggu_^he`gu[ulvhibkZgu^hgZqZeZijhp_^mjunmgdpbbbeb ijh]jZffu\p_ehfIj_^iheh`bf gZ&l_dklnmgdpbb\u]ey^bllZd YRLGIRR YRLG ^ LQW[
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
[ LQW\ IORDWI qzjrljsnn« ` :gZeh]bqgZy _cnmgdpbygZ2EMHFW3DVFDO ^he`gZ\u]ey^_lvke_^mxsbfh[jZahf 3URFHGXUH)RR YDU [\ ,QWHJHU I 'RXEOH EHJLQ [ LQF [ \ qzjrljsnn« HQG 2EMHFW3DVFDO Å»ÅÃ9LVXDO%DVLF ½ÉÍÆÃÒÃÀÉÍ&Ã&ÈÀÒνÌͽÃÍÀÆÀÈÅËÀ¾ÃÌÍËÎÌÃÇ ½ÉÆɽ£ÌÊÉÆ×Âɽ»ÈÃÀÌÍËÉÒÈÖÐÃÊËÉÊÃÌÈÖÐÌÃǽÉÆɽ̽ɿÃÍÌÚÅÍÉÇÎÒÍɼÖÌ¿ÀÆ»Í× ÍÀÅÌÍ ¼ÉÆÀÀ οɼÉÒÃÍ»ÀÇÖÇ »Å ÌÆÉÁÈÉ ½ÉÌÊËÃÈÚÍ× ÃÇÚ ÊËÉÑÀ¿ÎËÖ Â»ÊÃÌ»ÈÈÉÀ ŻŠSURFHGXUHWKLVSURFHGXUHQDPHPDNHQRVHQVH ¢È»ÒÃÍÀÆ×ÈÉÊÉÈÚÍÈÀÀÃÇÀÈ»ÊËÉÑÀ ¿ÎË»ÊÃÌ»ÈÈÖÀ½Í»ÅÉǽÿÀ SURFHGXUH7KLV3URFHGXUH1DPH,V0RUH&OHDU ©ÊÃÌ»ÈÃÀÃÌÊÉÆ×ÂÎÀÇɾɽØÍÉÄÅÈþÀÌÍÃÆÚ»ÊÃÌÃÊËɾ˻ÇÇÊËýÀ¿ÀÈɽ ¾Æ»½À p¬Í»È¿»ËÍÖÊËɾ˻ÇÇÃËɽ»ÈÃÚÊËÃÈÚÍÖÀ½ØÍÉÄÅÈþÀq
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
¥ÉÇÊÃÆÚÍÉË 'HOSKL »½ÍÉÇ»ÍÃÒÀÌÅà ÃÈÃÑûÆÃÂÃËÎÀÍ ½ÌÀ ¾Æɼ»Æ×ÈÖÀ ÊÀËÀÇÀÈÈÖÀ ÂÈ» ÒÀÈÃÀÇ »ÅÃÇ É¼Ë»ÂÉÇ ÊËà »ÊÎÌÅÀ ½»ÓÀÄ ÊËɾ˻ÇÇÖ ½ÌÀ ¾Æɼ»Æ×ÈÖÀ ÊÀËÀÇÀÈ ÈÖÀ ÑÀÆÉ¾É ÍÃÊ» ÊËÃÇÎÍ ÂÈ»ÒÀÈÃÀ ÊÀËÀÇÀÈÈÖÀ Ì ÊÆ»½»ÙÔÀÄ ÍÉÒÅÉÄt ÂÈ»ÒÀÈÃÀ ÌÍËÉÅà ¼Î¿ÎÍ ÊÎÌÍÖÇà » ÎŻ»ÍÀÆà ÃÇÀÍ× ÂÈ»ÒÀÈÃÀ QLO ªÉØÍÉÇÎ ÌÊÀÑûÆ×È»Ú ÃÈÃÑûÆûÑÃÚ¾Æɼ»Æ×ÈÖÐÊÀËÀÇÀÈÈÖÐÈÎÆÀ½ÖÇÂÈ»ÒÀÈÃÀÇÈÀÍËÀ¼ÎÀÍÌÚ
¤\~N}K~} DhgklZglu \ 2EMHFW 3DVFDO hij_^_eyxlky \ \ujZ`_gbb FRQVW ^_ckl\b_ dhlhjh]h ih^h[gh hibkZgbxFRQVW\yaud_&
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
W\SH $ DUUD\>@RI,QWHJHU FRQVW Z :RUG 6L]H2I %\WH YDU , ,QWHJHU M 6PDOO,QW 2UG D / /RQJ,QW 7UXQF [ 6KRUW,QW 5RXQG % %\WH +LJK $ % %\WH /RZ $ & &KDU &KU ?keb\uihiulZ_l_kv ijbk\hblvdhgklZgl_g_dhlhjh_agZq_gb_dhfibeylhj \u^Zklkh h[s_gb_h[hrb[d_ihykgyxs__ qlhagZq_gb_dhgklZglug_fh`_l[ulvbaf_g_ghBkoh ^ybalh]hnZdlZqlhdhgklZglu^hklmigulhevdh^eyql_gbydhfibeylhj 2EMHFW3DVFDO hi lbfbabjm_l bkihevah\Zgb_ iZfylbjZkiheZ]ZydhgklZglu\g_aZiheg_gguo qZklyokljZgbp dh^Z ;he__ ^_lZevgmx bgnhjfZpbx h kljZgbpZo dh^Z b ^Zgguo fh`gh gZclb \ ]eZ\_ ³:LQ$3,´ ªÉ½À¿ÀÈÃÀ ÅÉÈÌÍ»ÈÍ ½ ¼ÃÍɽÉÇ 'HOSKL ÉÍÆÃÒ»ÀÍÌÚ ÉÍ Í»ÅÉ½É¾É ½ ¼ÃÍɽÉÇ 'HOSKL 'HOSKL ÅÉÈÌÍ»ÈÍ» Ë»ÌÌÇ»ÍËý»Æ»Ì× Å»Å ÃÈÃÑûÆÃÂÃËɽ»ÈÈ»Ú ÊÀËÀ ÇÀÈÈ»ÚÈ»ÂÖ½»ÀÇ»ÚÑÇÎÇÆÇÏÍÁ¿ÌÌÍÈÉÍÌÐÑ¿ÌÑÍȨ»ÒÃÈ»ÚÌ'HOSKLÅÉÈÌÍ»ÈÍÖÌÍ» ÆÃÃÌÍÃÈÈÖÇÃÅÉÈÌÍ»ÈÍ»Çû¿ÆÚɼ˻ÍÈÉÄÌɽÇÀÌÍÃÇÉÌÍüÖÆ»½½À¿ÀÈ»¿ÃËÀÅÍý» ÅÉÇÊÃÆÚÍÉË»- ¥ËÉÇÀÍɾÉØÍÉÍËÀÁÃÇÇÉÁÀͼÖÍ×»¿»ÈÌÊÉÇÉÔ×ÙÏÆ»ÁÅ»ÉÊ ÑÃà $VVLJQDEOH W\SHG FRQVWDQWV Ë»ÌÊÉÆÉÁÀÈÈÉÇ ½É ½ÅÆ»¿ÅÀ &RPSLOHU ÉÅÈ» 3URMHFW 2SWLRQV ©¿È»ÅÉ ÇÖ ËÀÅÉÇÀÈ¿ÎÀÇ ÈÀ ÊÉÆ»¾»Í×ÌÚ È» ÊÉ¿¿ÀËÁÅΠɼ˻ÍÈÉÄ ÌɽÇÀÌÍÃÇÉÌÍà » ÊÉÍË»ÍÃÍ× ÈÀÅÉÍÉËÉÀ ½ËÀÇÚ Ã ÎÌÃÆÃÚ ÒÍÉ¼Ö Ã¼»½ÃÍ×ÌÚ ÉÍ ÎÌÍ» ËÀ½ÓÃÐÍÃÊÃÂÃËɽ»ÈÈÖÐÅÉÈÌÍ»Èͽ½»ÓÃÐÊËɾ˻ÇǻР2EMHFW 3DVFDO ÈÀ ÃÇÀÀÍ ÊËÀÊËÉÑÀÌÌÉË» ŻŠ& ÃÆà & »ÅÃÇ É¼Ë»ÂÉÇ ½ 2EMHFW 3DVFDO ÉÍÌÎÍÌͽÎÀÍ ÅÉÈÑÀÊÑÃÚ Ç»ÅËÉÌɽ » ÂÈ»ÒÃÍ Ã ØŽý»ÆÀÈÍ ÃÌÊÉÆ×Âɽ»ÈÃÚ GHILQH½&¿ÆÚÉÊËÀ¿ÀÆÀÈÃÚÅÉÈÌÍ»ÈÍ°ÉÍÚÚÂÖÅ2EMHFW3DVFDOÊɽÉÆÚÀͽÖÊÉÆÈÚÍ× ÎÌÆɽÈÎÙ ÅÉÇÊÃÆÚÑÃÙ Ì ÃÌÊÉÆ×Âɽ»ÈÃÀÇ ¿ÃËÀÅÍÃ½Ö ÅÉÇÊÃÆÚÍÉË» GHILQH ½ ÑÀÆÉÇ ÊɿɼÈÉÄ ¿ÃËÀÅÍýÀ GHILQH ½ & ÀÀ ÈÀÆ×ÂÚ ÊËÃÇÀÈÚÍ× ¿ÆÚ ÉÊËÀ¿ÀÆÀÈÃÚ ÅÉÈÌÍ»ÈÍ »Ç¾¿À½ÚÂÖÅÀ¬ÅÉÈÌÍËÎÅÑÃÚGHILQHÃÌÊÉÆ×Âɽ»Æ»Ì׿ÆÚÉÊËÀ¿ÀÆÀÈÃÚÊÉÌÍÉÚÈ ÈÉĽÚÂÖÅÀ2EMHFW3DVFDOÇÖËÀÅÉÇÀÈ¿ÎÀÇÊËÃÇÀÈÚÍ×ÉÊÃÌ»ÈÃÀFRQVW
6uQ^K}\^ Hi_jZlhjZfb y\eyxlkyl_kbf\heu\l_dkl_ijh]jZffukihfhsvxdhlhjuo\uihegyxl ky hij_^_e_ggu_ ^_ckl\by k ^Zggufb jZaebqguo lbih\ Ijhkl_crbf ijbf_jhf fh]ml kem `blvhi_jZlhjukeh`_gby\uqblZgbymfgh`_gbyb^_e_gbyZjbnf_lbq_kdbo lbih\^Zgguo ^jm]bf ijbf_jhf fh`_l [ulv hi_jZlhj ^ey ^hklmiZ d hij_^_e_gghfm we_f_glm fZkkb\Z < wlhfjZa^_e_\uihagZdhfbl_kv khi_jZlhjZfb2EMHFW3DVFDO bmagZ_l_hg_dhlhjuobohleb qbyohlhi_jZlhjh\&b9LVXDO%DVLF
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
6uQ^K}\^u^Nz\Q~ Wlh h^bg ba qZs_ \k_]h bkihevam_fuo hi_jZlhjh\ >ey lh]h qlh[u ijbk\hblv agZq_gb_ i_j_f_gghcijbf_gy_lkyhi_jZlhj ZgZeh]bqguc hi_jZlhjm \yaudZo&beb9LVXDO%DVLF Bgh]^Zijh]jZffbklu gZau\Zxl_]hhi_jZlhjhfihemq_gby JHWV bebgZagZq_gby JZkkfhl jbfijbf_jhi_jZlhjZijbk\h_gby 1XPEHU Wlm kljhdm ijh]jZffu fh`gh ijhqblZlv dZd ³i_j_f_ggZy 1XPEHU ihemqZ_l agZq_gb_ ´ eb[hdZd³i_j_f_gghc1XPEHUijbk\h_ghagZq_gb_´
6uQ^K}\^N^Kz~Q~ ?keb\ujZ[hlZebk9LVXDO%DVLF lhbkihevah\Zgb_ hi_jZlhjh\kjZ\g_gby\2EMHFW3DVFDO g_ \uah\_l gbdZdbo ijh[e_f lZd dZd hgb b^_glbqgu khhl\_lkl\mxsbf hi_jZlhjZf 9LVXDO %DVLF 2EMHFW3DVFDO bkihevam_lhi_jZlhj ^ey\uiheg_gbykjZ\g_gby^\mo\ujZ`_gbcbebagZ q_gbc<yaud_&_fmZgZeh]bq_ghi_jZlhj ijbf_jbkihevah\Zgby dhlhjh]hihdZaZggb`_ LI [ \ GZyaud_2EMHFW3DVFDO wlhl`_hi_jZlhj[m^_l\u]ey^_lvke_^mxsbfh[jZahf LI[ \ ½ÀË¿É»ÊÉÇÈÃÍÀÒÍɽ2EMHFW3DVFDO ÉÊÀË»ÍÉË ÃÌÊÉÆ×ÂÎÀÍÌÚ ÍÉÆ×ÅÉ ¿ÆÚ ÌË»½ÈÀ ÈÃÚÆÚÊËÃ̽ÉÀÈÃÚÂÈ»ÒÀÈÃÄÌÆÀ¿ÎÀÍÊÉÆ×Âɽ»Í×ÌÚÉÊÀË»ÍÉËÉÇ
< 'HOSKL hi_jZlhj ³g_ jZ\gh´ \u]ey^bl lZd ! < yaud_ & _fm ZgZeh]bq_g hi_jZlhj
¥\{QNyQ\uQ^K}\^ <dZq_kl\_eh]bq_kdbohi_jZlhjh\³b´ b³beb´ \yaud_2EMHFW3DVFDO bkihevamxlkydexq_\u_ keh\ZDQGbRU \yaud_&^eywlhcp_ebijbf_gyxlkyhi_jZlhju b__ <hkgh\ghfwlbhi_jZ lhjuijbf_gyxlkydZdwe_f_gluhi_jZlhjZLIbebpbdeZGZijbf_j LI &RQGLWLRQ DQG &RQGLWLRQ WKHQ'R6RPHWKLQJ ZKLOH &RQGLWLRQ RU &RQGLWLRQ GR'R6RPHWKLQJ Hi_jZlhj³g_l´\2EMHFW3DVFDO \u]ey^bldZdQRW hgZgZeh]bq_ghi_jZlhjm\yaud_& < hkgh\ghfhi_jZlhjQRWijbf_gy_lky\ khklZ\_ hi_jZlhjZ LI wlh ^_fhgkljbjm_l ke_^mxsbc ijbf_j LIQRW yxsvkqn WKHQGR6RPH cxsqyxsvkqnsv tvzv«
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
< lZ[e ijb\_^_g kibkhd hi_jZlhjh\ 2EMHFW 3DVFDO b khhl\_lkl\mxsb_ bf hi_jZlhju yaudh\&b9LVXDO%DVLF
±¿ÀÊÇÕ¿ÎÄÏ¿ÑÍÏÚÎÏÇÐÁÍÄÌÇÞÐÏ¿ÁÌÄÌÇÞÇÊÍÂÇÖÄÐÉÇÄ ÎÄÏ¿ÑÍÏ
2EMHFW3DVFDO
ªËÃ̽ÉÀÈÃÀ
&
¬Ë»½ÈÀÈÃÀ
9LVXDO%DVLF
ÃÆÃLV
¨ÀË»½ÀÈÌͽÉ
!
!
§ÀÈ×ÓÀÒÀÇ
ÉÆ×ÓÀÒÀÇ
!
!
!
§ÀÈ×ÓÀÃÆÃË»½ÈÉ
ÉÆ×ÓÀÃÆÃË»½ÈÉ
!
!
!
¦É¾ÃÒÀÌÅÉÀÇ
DQG
DQG
¦É¾ÃÒÀÌÅÉÀÇÊÇ
RU
__
RU
¦É¾ÃÒÀÌÅÉÀÌÄÑ
QRW
QRW
Hi_jZlhjkjZ\g_gbyLVbkihevam_lkylhevdh^eyh[t_dlh\lh]^ZdZdhi_jZlhjkjZ\g_gby ijbf_gy_lky^ey\k_ohklZevguolbih\^Zgguo
%^wQ}QNyQ\uQ^K}\^ ;hevrbgkl\h Zjbnf_lbq_kdbo hi_jZlhjh\2EMHFW3DVFDO ^he`gh[ulv\ZfagZdhfhlZddZd hgbb^_glbqguhi_jZlhjZfbkihevam_fuf \yaudZo&& b9LVXDO%DVLF <lZ[eijb\_ ^_guZjbnf_lbq_kdb_ hi_jZlhju2EMHFW3DVFDO bkhhl\_lkl\mxsb_ bfhi_jZlhjuyaudh\&b 9LVXDO%DVLF
±¿ÀÊÇÕ¿ÏÇÓËÄÑÇÖÄÐÉÇÄÍÎÄÏ¿ÑÍÏÚ ÎÄÏ¿ÑÍÏ
2EMHFW3DVFDO
&
9LVXDO%DVLF
¬ÆÉÁÀÈÃÀ
ÖÒÃÍ»ÈÃÀ
®ÇÈÉÁÀÈÃÀ
ÀÆÀÈÃÀÌÊÆ»½»ÙÔÀÄÍÉÒÅÉÄ
ÀÆÀÈÃÀÑÀÆÖÐÒÃÌÀÆ
GLY
?
ÀÆÀÈÃÀÊÉÇÉ¿ÎÆÙ
PRG
0RG
ɽÀ¿ÀÈÃÀ½ÌÍÀÊÀÈ×
©ÍÌÎÍÌͽÎÀÍ
©ÍÌÎÍÌͽÎÀÍ
A
DZd \b^bl_ hkgh\gh_ jZaebqb_ f_`^m 2EMHFW 3DVFDO b ^jm]bfb yaudZfb ijh]jZffbj h \Zgby khklhbl \ gZebqbb jZaebqguo hi_jZlhjh\ ^ey ^_e_gby p_euo qbk_e b qbk_e k ieZ \Zxs_c lhqdhc Hi_jZlhj GLY Z\lhfZlbq_kdb hlk_dZ_l hklZlhd ijb ^_e_gbb ^\mo p_euo \ujZ`_gbc
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
¨À »¼Ö½»ÄÍÀ ÃÌÊÉÆ×Âɽ»Í× ÊË»½ÃÆ×ÈÖÄ ÉÊÀË»ÍÉË ¿ÀÆÀÈÃÚ ¿ÆÚ ÍÃÊɽ ½ÖË»ÁÀÈÃÄ Ì ÅÉÍÉËÖÇýÖË»¼ÉÍ»ÀÍÀ¥ÉÇÊÃÆÚÍÉ˽ֿ»ÌÍÌÉɼÔÀÈÃÀɼÉÓüÅÀÊËÃÊÉÊÖÍÅÀ¿À ÆÀÈÃÚ¿½ÎÐÒÃÌÀÆÌÊÆ»½»ÙÔÀÄÍÉÒÅÉÄÌÊÉÇÉÔ×ÙÉÊÀË»ÍÉË»GLYÃÆÿ½ÎÐÑÀÆÖÐÒà ÌÀÆÌÊÉÇÉÔ×ÙÉÊÀË»ÍÉ˻ȻÊËÃÇÀË YDU L ,QWHJHU U 5HDO EHJLQ L dlnxrvuwqs¹zvéxvviqzviv¡qirn I GLY êzjxzévrjzjr nxvlné qzv¡qiry HQG ¼ÉÆ×ÓÃÈÌͽÀ¿ËξÃÐÚÂÖÅɽÊËɾ˻ÇÇÃËɽ»ÈÃÚÈÀ¿ÀÆ»ÀÍÌÚË»ÂÆÃÒÃÚÇÀÁ¿Î¿ÀÆÀ ÈÃÀÇÑÀÆÉÒÃÌÆÀÈÈÖÇÿÀÆÀÈÃÀÇÌÊÆ»½»ÙÔÀÄÍÉÒÅÉÄ¥»ÅÊË»½ÃÆɽÌÀ¾¿»½ÖÊÉÆÈÚ ÀÍÌÚ¿ÀÆÀÈÃÀÌÊÆ»½»ÙÔÀÄÍÉÒÅÉÄ»ÊËÃÈÀɼÐÉ¿ÃÇÉÌÍÃËÀÂÎÆ×Í»ÍÅÉȽÀËÍÃËÎÀÍÌÚ½ ÑÀÆÉÀÒÃÌÆÉ©¿È»ÅÉÊËÃÍ»ÅÉÇÊÉ¿ÐÉ¿À½ÉÂÇÉÁÈÉÌÎÔÀÌͽÀÈÈÉÀÌÈÃÁÀÈÃÀÊËÉÃÂ½É ¿ÃÍÀÆ×ÈÉÌÍà ÊËɾ˻ÇÇÖ ©ÊÀË»ÍÉË GLY ÚÂÖÅ» 3DVFDO Ú½ÆÚÀÍÌÚ ¼ÉÆÀÀ ÌÊÀÑûÆÃÂÃËÉ ½»ÈÈÖÇ»ÊÉÍÉÇÎýÖÊÉÆÈÚÀÍÌÚ¼ÖÌÍËÀÀ
³\x}\zQ\uQ^K}\^ Wlh hi_jZlhju iha\heyxsb_ jZ[hlZlv k hl^_evgufb [blZfb aZ^Zgghc i_j_f_gghc QZs_ \k_]h ih[blh\u_ hi_jZlhju bkihevamxlky ^ey k^\b]Z [blh\ \e_\h beb \ijZ\h bo bg\_jkbb Z lZd`_ih[blh\uohi_jZpbc³b´³beb´b³bkdexqZxs__beb´f_`^m^\mfyqbkeZfbHi_jZlhju k^\b]Z\e_\hb\ijZ\h\2EMHFW3DVFDO bf_xl\b^VKObVKUkhhl\_lkl\_ggh hgbZgZeh]bqguhi_ jZlhjZf b!!\yaud_&AZihfgblvhklZevgu_hi_jZlhjulh`_^hklZlhqghe_]dh²wlhQRW DQG RU b [RU < lZ[e ijb\_^_gu ih[blh\u_ hi_jZlhju b khhl\_lkl\mxsb_ bf hi_jZlhju yaudh\&b9LVXDO%DVLF
³^\Q|^zQQ~wQ~
Q~ Ijhp_^mjum\_ebq_gbybmf_gvr_gby]_g_jbjmxlhilbfbabjh\Zgguc dh^^ey^h[Z\e_gby beb\uqblZgby_^bgbpubap_ehci_j_f_gghc2EMHFW3DVFDO g_ij_^hklZ\ey_l lZdborbjhdbo \hafh`ghkl_c dZd ihklnbdkgu_ b ij_nbdkgu_ hi_jZlhju b \ yaud_ & L_f g_ f_g__ ijhp_^mju,QF b'HF h[uqghdhfibebjmxlky \h^gmdhfZg^mijhp_kkhjZ
±¿ÀÊÇÕ¿®ÍÀÇÑÍÁÚÄÍÎÄÏ¿ÑÍÏÚ ÎÄÏ¿ÑÍÏ
2EMHFW3DVFDO
&
9LVXDO%DVLF
£
DQG
$QG
¨À
QRW
a
1RW
£ÆÃ
RU
_
2U
£ÌÅÆÙÒ»ÙÔÀÀÃÆÃ
[RU
A
;RU
¬¿½Ã¾½ÆÀ½É
VKO
¨ÀÍ
¬¿½Ã¾½ÊË»½É
VKU
!!
¨ÀÍ
Ijhp_^mju,QF b'HF fh`gh\uau\ZlvdZdkh^gbflZdbk^\mfyiZjZf_ljZfb Gb`_ ijb\_^_gijbf_jbo\uah\Zkh^gbfiZjZf_ljhf
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
,QF YDULDEOH 'HF YDULDEOH Wlbhi_jZlhju[m^mlkdhfibebjh\Zgu \Zkk_f[e_jgu_ bgkljmdpbbLQFbGHF
±¿ÀÊÇÕ¿ÎÄÏ¿ÑÍÏÚÒÁÄÊÇÖÄÌÇÞÇÒËÄÌÛ×ÄÌÇÞ ÎÄÏ¿ÑÍÏ
2EMHFW3DVFDO
&
9LVXDO%DVLF
®½ÀÆÃÒÀÈÃÀ
,QF
¨ÀÍ
®ÇÀÈ×ÓÀÈÃÀ
'HF
¨ÀÍ
ÌÆÿÆÚÅÉÇÊÃÆÚÍÉË»ÎÌÍ»ÈɽÆÀÈËÀÁÃÇÉÊÍÃÇûÑÃÃÏÎÈÅÑÃÃ,QF Ã'HF ɼÖÒÈÉ ÊÉËÉÁ¿»ÙÍÍ»ÅÉÄÁÀÇ»ÓÃÈÈÖÄÅÉ¿ÒÍÉýÖË»ÁÀÈÃÚYDULDEOH YDULDEOHªÉ ØÍÉÇοÆÚνÀÆÃÒÀÈÃÚÃÆÃÎÇÀÈ×ÓÀÈÃÚÂÈ»ÒÀÈÃÚÑÀÆÉÄÊÀËÀÇÀÈÈÉÄÇÉÁÈÉÃÌÊÉÆ×Âɽ»Í× ÍÉͽ»ËûÈÍ»ÊÃÌÃÅÉÍÉËÖÄÊÉÅ»ÁÀÍÌÚ½»Ç¼ÉÆÀÀοɼÈÖÇ
µu|K~~g5LVPMb7JaMJX H^ghbahkgh\guob\Z`g_crbok\hckl\yaudZ2EMHFW3DVFDO ²kljh]ZylbibaZpby^Zgguo <qZklghklbwlhhagZqZ_lqlh\k_j_Zevgu_i_j_f_ggu_i_j_^Z\Z_fu_ \dZq_kl\_iZjZf_l jh\\nmgdpbxbebijhp_^mjm^he`guZ[khexlghlhqghkhhl\_lkl\h\Zlv lbimnhjfZevguo iZjZf_ljh\\h[ty\e_gbbwlhcnmgdpbbbebijhp_^mju<2EMHFW3DVFDO \ug_m\b^bl_ij_^m ij_`^_gbchijh\_^_gbbih^hajbl_evgh]h ij_h[jZah\Zgby lbiZmdZaZl_eykdhlhjufbohjh rhagZdhfuijh]jZffbklu gZyaud_& Dhfibeylhj 2EMHFW3DVFDO g_^himklbl\uah\Znmgd pbb k lbihf mdZaZl_ey hlebqguf hl lh]h dhlhjuc hibkZg \ h[ty\e_gbb wlhc nmgdpbb H^gZdh\nmgdpbxiZjZf_ljdhlhjhchibkZgdZdg_lbibabjh\Zgguc mdZaZl_evfh`ghi_j_ ^Z\ZlvmdZaZl_ebex[uolbih\ <p_ehfkljh]h_lbibabjh\Zgb_ ^Zgguo\yaud_3DVFDObf__l p_evx\uiheg_gb_ijh\_jhdb\u^Zqmij_^mij_`^_gbc hihiuldZo ijbf_g_gby d\Z^jZlguo ijh[hd^eyaZludZgbydjm]euo^ujhd
(^Kz~Q~Q}u\z|K~~g Hkgh\gu_lbiu^Zgguo2EMHFW3DVFDO koh`bklbiZfb^Zgguoyaudh\&beb9LVXDO%DVLF < lZ[e ijb\_^_gh kjZ\g_gb_ lbih\ ^Zgguo wlbo yaudh\ GZklhyl_evgh j_dhf_g^m_f ihf_ lblvwlmkljZgbpmaZdeZ^dhc²hgZkh^_j`blhlebqguckijZ\hqgucfZl_jbZedhlhjuc[m^_l ihe_a_g ijb \uah\_ nmgdpbc ba ^bgZfbq_kdb dhfihgm_fuo [b[ebhl_d kha^Zgguo ^jm]bfb dhfibeylhjZfb
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
±¿ÀÊÇÕ¿°Ï¿ÁÌÄÌÇÄÑÇÎÍÁÏ¿ÆÌÚÔÞÆÚÉÍÁÎÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÞ ±ÇÎÎÄÏÄËÄÌÌÍÈ
2EMHFW3DVFDO
&&
9LVXDO%DVLF
¼ÃÍɽÉÀÑÀÆÉÀÌÉÂÈ»ÅÉÇ
6KRUW,QW
FKDU
¨ÀÍ
¼ÃÍɽÉÀÑÀÆÉÀ¼ÀÂÂȻŻ
%\WH
XQVLJQHGFKDU
¨ÀÍ
¼ÃÍɽÉÀÑÀÆÉÀÌÉÂÈ»ÅÉÇ
6PDOO,QW
VKRUW
6KRUW
¼ÃÍɽÉÀÑÀÆÉÀ¼ÀÂÂȻŻ
:RUG
XQVLJQHGVKRUW
¨ÀÍ
¼ÃÍɽÉÀÑÀÆÉÀÌÉÂÈ»ÅÉÇ
,QWHJHU /RQJLQW
LQWORQJ
,QWHJHU
¼ÃÍɽÉÀÑÀÆÉÀ¼ÀÂÂȻŻ
&DUGLQDO /RQJ:RUG
XQVLJQHGORQJ
¨ÀÍ
¼ÃÍɽÉÀÑÀÆÉÀÌÉÂÈ»ÅÉÇ
,QW
BBLQW
¨ÀÍ
¼»ÄÍɽÉÀ½ÀÔÀÌͽÀÈÈÉÀ
6LQJOH
IORDW
6LQJOH
¼»ÄÍɽÉÀ½ÀÔÀÌͽÀÈÈÉÀ
5HDO
¨ÀÍ
¨ÀÍ
¼»ÄÍɽÉÀ½ÀÔÀÌͽÀÈÈÉÀ
'RXEOH
GRXEOH
'RXEOH
¼»ÄÍɽÉÀ½ÀÔÀÌͽÀÈÈÉÀ
([WHQGHG
ORQJGRXEOH
¨ÀÍ
¼ÃÍɽÉÀ¿ÀÈÀÁÈÉÀ
FXUUHQF\
¨ÀÍ
&XUUHQF\
¼ÃÍɽÉÀ¿»Í»½ËÀÇÚ
7'DWD7LPH
¨ÀÍ
'DWD
¼»ÄÍɽÖĽ»ËûÈÍ
9DULDQW 2OH9DULDQW 79DU'DWD
9DULDQW 2OH9DULDQW
ªÉÎÇÉÆÒ» ÈÃÙ
¼»ÄÍɽÖÄÌÃǽÉÆ
&KDU
FKDU
¨ÀÍ
¼»ÄÍɽÖÄÌÃǽÉÆ
:LGH&KDU
:&+$5
¨ÀÍ
¬ÍËÉÅ»ÏÃÅÌÃËɽ»ÈÈÉÄ¿ÆÃÈÖ
6KRUW6WULQJ
¨ÀÍ
¨ÀÍ
ÃÈ»ÇÃÒÀÌÅ»ÚÌÍËÉÅ»
$QVL6WULQJ
$QVL6WULQJ
¬ÍËÉŻ̻½ÀËÓ»ÙÔÃÇ ÈÎÆÀ½ÖÇÌÃǽÉÆÉÇ
3&KDU
FKDU
¨ÀÍ
¬ÍËÉÅ»¼»ÄÍɽÖÐÌÃǽÉÆɽ Ì»½ÀËÓ»ÙÔÃÇÈÎÆÀ½ÖÇÌÃǽÉÆÉÇ
3:LGH&KDU
/3&:675
¨ÀÍ
ÃÈ»ÇÃÒÀÌŻڼ»ÄÍɽ»ÚÌÍËÉÅ»
:LGH6WULQJ
:LGH6WULQJ
¨ÀÍ
¼»ÄÍɽÉÀ¼ÎÆÀ½É
%RROHDQ %\WH%RRO
Éíivn ijpzvkvn
¨ÀÍ
¼»ÄÍɽÉÀ¼ÎÆÀ½É
:RUG%RRO
Éíivn ijpzvkvn
%RROHDQ
¼»ÄÍɽÉÀ¼ÎÆÀ½É
%22/ /RQJ%RRO
%22/
¨ÀÍ
DeZkku%RUODQG&%XLOGHU ^eywfmeypbbkhhl\_lkl\mxsbo lbih\2EMHFW3DVFDO
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ÌÆýÖÊÀËÀÈÉÌÃÍÀ¼ÃÍɽÖÄÅÉ¿ÃÂ'HOSKLÊÉÇÈÃÍÀÒÍÉË»ÂÇÀËÍÃÊɽ,QWHJHUà &DUGLQDO½ÖËÉÌ̿ɼÃÍÊËÉÒÀÇØÍÉÎͽÀËÁ¿ÀÈÃÀÈÀÌɽÌÀÇÍÉÒÈÉ ½'HOSKLà ÍÃÊ&DUGLQDOÍË»ÅÍɽ»ÆÌÚŻżÃÍɽÉÀÑÀÆÉÀ¼ÀÂÂȻŻt½ÌÉÉͽÀÍÌͽÃÃÌÍÀÇÃËÀ ÂÎÆ×ͻͻÇÃÅÉÍÉËÖÀÇɾÆüÖÍ×ÊÉÆÎÒÀÈÖÊËýÖÊÉÆÈÀÈÃÃÑÀÆÉÒÃÌÆÀÈÈÖÐÉÊÀË»ÑÃÄ©¿ È»ÅÉÎÁÀ½'HOSKL&DUGLQDOÊËÀ¿ÌÍ»½ÆÚÀÍÌɼÉÄÃÌÍÃÈÈÉÀ¼ÃÍɽÉÀÑÀÆÉÀ¼ÀÂÂȻŻ 'HOSKLÃÍÃÊ5HDOÉÊËÀ¿ÀÆÚƼ»ÄÍɽÉÀ½ÀÔÀÌͽÀÈÈÉÀÒÃÌÆÉ»ÅÉÄÍÃÊÊËà ÌÎÔ ÍÉÆ×ÅÉ ÚÂÖÅÎ 3DVFDO à ÈÀ ÌɽÇÀÌÍÃÇ Ì ¿ËξÃÇà ÚÂÖÅ»Çà ÊËɾ˻ÇÇÃËɽ»ÈÃÚ 'HOSKLØÍÉÍÍÃÊÌÍ»ÆÌÃÈÉÈÃÇÉÇÍÃÊ»'RXEOH¬Í»ËÖļ»ÄÍɽÖÄÍÃÊÉÌÍ»ÆÌÚ½ÚÂÖÅÀ ÊÉ¿ÃÇÀÈÀÇ5HDOÉ¿È»ÅɽÖÇÉÁÀÍÀ»ÌÍ»½ÃÍ×ÅÉÇÊÃÆÚÍÉËÍË»ÅÍɽ»Í×ÍÃÊ5HDOŻŠ¼»ÄÍɽÖÄÌÊÉÇÉÔ×Ù¿ÃËÀÅÍýÖÅÉÇÊÃÆÚÍÉË»^5($/&203$7,%,/,7<21`
(wz\~Q}u <'HOSKLkms_kl\m_lljbkbf\hevguolbiZ $QVL&KDU²klZg^Zjlguc [Zclh\uckbf\heohjhrhagZdhfuc\k_fijh]jZffbklZf :LGH&KDU²[Zclh\uckbf\he8QLFRGH &KDU²k_cqZkwlhlbiwd\b\Ze_glguc $QVL&KDUh^gZdh%RUODQGij_^mij_`^Z_l qlh\ ihke_^mxsbo \_jkbyohgfh`_lbaf_gblvkybklZlvwd\b\Ze_glguf :LGH&KDU < ^Zevg_cr_f g_ j_dhf_g^m_lky iheZ]Zlvky gZ dZaZ\rbcky klhev g_au[e_fuf nZdl qlh jZaf_j kbf\heZ \k_]^Z jZ\_g h^ghfm [Zclm L_i_jv \_a^_ ]^_ bkihevam_lky ^ebgZ kbf\heZ \f_klh_^bgbpuke_^m_lmdZau\Zlv\ujZ`_gb_6L]H2I &KDU ¯ÎÈÅÑÃÚ6L]H2I tÌͻȿ»ËÍÈ»ÚÉÈ»½É½˻ԻÀÍË»ÂÇÀËÍɾÉÃÆÃÃÈɾÉÍÃÊ»ÆÃ¼É À¾ÉØÅÂÀÇÊÆÚË»½ÖË»ÁÀÈÈÖĽ¼»ÄÍ»Ð
8K~QN}^\y\zQ}u Kljhdbij_^klZ\eyxl kh[hclbiu^Zgguobkihevam_fu_ ^eyij_^klZ\e_gby ]jmiikbf\h eh\DZ`^ucyaudihk\h_fmj_rZ_lijh[e_fmjZaf_s_gby\iZfylbbbkihevah\Zgby kljhd 2EMHFW 3DVFDO bf__l g_kdhevdh jZaebqguo lbih\ kljhd b \u fh`_l_ \u[bjZlv lhl beb bghc lbikljhdbbkoh^ybadhgdj_lghckblmZpbb $QVL6WULQJ²hkgh\ghclbikljhdb\2EMHFW3DVFDO khklhys_cbakbf\heh\$QVL&KDUb l_hj_lbq_kdb g_bf_xsbch]jZgbq_gbc ih^ebg_Wlhllbikh\f_klbfkhkljhdZfbk aZ\_jrZxsbf gme_\ufkbf\hehf 6KRUW6WULQJ² hklZeky\yaud_^eyh[jZlghckh\f_klbfhklb 'HOSKL FZdkbfZevgZy ^ebgZwlhckljhdb²kbf\heh\ :LGH6WULQJ² ih k\h_c kmlb koh^_g k $QVL6WULQJ ?^bgkl\_ggh_ hlebqb_ khklhbl \ lhfqlh^ZggZykljhdZkhklhblbakbf\heh\lbiZ:LGH&KDU 3&KDU²ij_^klZ\ey_l kh[hcmdZaZl_evgZkljhdmkaZ\_jrZxsbf gme_\ufkbf\hehf khklhysmxbakbf\heh\lbiZ&KDU:gZeh]lbih\FKDU bebOSVWU\yaud_& 3$QVL&KDU²mdZaZl_evgZkljhdm$QVL&KDUkaZ\_jrZxsbfgme_\ufkbf\hehf 3:LGH&KDU²mdZaZl_evgZkljhdm:LGH&KDUkaZ\_jrZxsbf gme_\ufkbf\hehf
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
IhmfheqZgbxijbh[ty\e_gbbkljhdh\hci_j_f_gghcdhfibeylhjiheZ]Z_lqlhkha^Z_l kykljhdZlbiZ$QVL6WULQJ YDU 6 VWULQJ Ínénunttj¹6qunnzzqw$QVL6WULQJ >eybaf_g_gbyijbgbfZ_fh]h ihmfheqZgbxlbiZkljhdbbkihevam_lky^bj_dlb\Zdhfibey lhjZ+?_iheh`bl_evgh_ ihmfheqZgbx agZq_gb_hij_^_ey_lbkihevah\Zgb_ \dZq_kl\_klZg ^Zjlgh]hkljhqgh]hlbiZ$QVL6WULQJhljbpZl_evgh_ ² 6KRUW6WULQJ@ êzvxzévrjzqwj6KRUW6WULQJéjounévuxqukvsj
µu$QVL6WULQJ Lbi$QVL6WULQJba\_klgucdZd³^ebggZykljhdZ´[ue\\_^_g\'HOSKL\hl\_lgZlj_ [h\Zgbyihevah\Zl_e_c hlf_gblvkbf\hevgh_h]jZgbq_gb_ gZ^ebgmkljhdb Ohly\bkihevah\Zgbb kljhdZ$QVL6WULQJijZdlbq_kdbgbq_fg_hlebqZ_lkyhlk\h_c ij_^ r_kl\_ggbpu iZfylv ^ey g__ \u^_ey_lky ^bgZfbq_kdb Z ^ey __ hk\h[h`^_gby ijbf_gy_lky l_ogheh]by ³k[hjdb fmkhjZ´ JDUEDJH FROOHFW ;eZ]h^Zjy wlhfm $QVL6WULQJ y\ey_lky lbihf k mijZ\ey_fuf\j_f_g_f`bagb OLIHWLPHPDQDJHG 2EMHFW3DVFDO kZfZ\lhfZlbq_kdb \u^_ey_liZ fylv^ey\j_f_gguokljhdlZdqlh\Zfg_ijb^_lky[_kihdhblvkyh[wlhfdZd\kemqZ_yaudh\ &&ZlZd`_kZfaZ[hlblkyhlhfqlh[ukljhdZ\k_]^Z[ueZkaZ\_jrZxsbfgme_\ufkbf\h ehf bl_fkZfufh[_ki_qb\Z_l \hafh`ghklvbkihevah\Zgby __k:LQ$3, GZkZfhf^_e_lbi $QVL6WULQJij_^klZ\ey_lkh[hchij_^_e_ggmxkljmdlmjm\iZfylbihdZaZggmxgZjbk
JbkJZaf_s_gb_$QVL6WULQJ\iZfylb
ªÉÆÈÖÄ ½ÈÎÍËÀÈÈÃÄ ÏÉËÇ»Í ¿ÆÃÈÈÉÄ ÌÍËÉÅà ÈÀ ¿ÉÅÎÇÀÈÍÃËɽ»È ÏÃËÇÉÄ %RUODQG » ÌÆÀ¿É½»ÍÀÆ×ÈÉ ÉÈ» ÉÌÍ»½ÆÚÀÍ Â» ÌɼÉÄ ÊË»½É ÃÂÇÀÈÚÍ× À¾É ½ ¿»Æ×ÈÀÄÓÃÐ ½ÀËÌÃÚÐ ÚÂÖÅ» ªÉØÍÉÇÎ ÊËýÀ¿ÀÈÈ»Ú Â¿ÀÌ× ÃÈÏÉËÇ»ÑÃÚ É ÌÍËÎÅÍÎËÀ $QVL6WULQJ ÌÆÎÁÃÍ ÍÉÆ×ÅÉ¿ÆÚÍɾÉÒÍɼÖɼÆÀ¾ÒÃÍ×ÊÉÈÃÇ»ÈÃÀÀÀÏÎÈÅÑÃÉÈÃËɽ»ÈÃÚýÖÈÀ¿ÉÆÁÈÖ ÃÌÊÉÆ×Âɽ»Í×ØÍÃ̽À¿ÀÈÃÚÊËÃÈ»ÊÃÌ»ÈÃÃÊËɾ˻ÇÇ «»ÂË»¼ÉÍÒÃÅà ÊËɾ˻ÇÇ ÅÉÍÉËÖÀ üÀ¾»Æà ÃÌÊÉÆ×Âɽ»ÈÃÚ ½ÈÎÍËÀÈÈÀÄ ÌÍËÎÅÍÎËÖ ÌÍËÉÅÊËÃÊÀËÀÐÉ¿ÀÉÍ'HOSKLÅ'HOSKLÌÇɾÆÃÊÀËÀÅÉÇÊÃÆÃËɽ»Í×̽ÉÃÊËÉ¾Ë»Ç ÇÖ¼ÀÂÊËɼÆÀÇÀ ÁÀ ÅÍÉ ÉÊÃË»ÆÃÌ× È» ½ÈÎÍËÀÈÈÃÄ ÏÉËÇ»Í ÌÍËÉÅà ȻÊËÃÇÀË È» ÍÉÒÍÉ ÈÎÆÀ½ÉÄ ÌÃǽÉÆ ÌÍËÉÅà ÌÉ¿ÀËÁÃÍ ÀÀ ¿ÆÃÈÎ ¿ÉÆÁÈÖ ¼ÖÆà ÌÉÉͽÀÍÌͽÎÙÔÃÇ É¼Ë»ÂÉÇÃÂÇÀÈÃÍ×̽ÉÄÅÉ¿
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
DZd ihdZaZgh gZ jbk \ kljhd_ $QVL6WULQJ bf__lky kq_lqbd kkuehd ihdZau\Zxsbc dhebq_kl\hkljhdh\uoi_j_f_gguokkueZxsboky gZh^ghblh`_f_klh\iZfylbIjbwlhf lZdZyhi_jZpbydZddhibjh\Zgb_ ihkmlbk\h^blkyddhibjh\Zgbx mdZaZl_eyb m\_ebq_gbx kq_lqbdZJ_Zevgh_dhibjh\Zgb_ kljhdbaZf_^eyxs__ jZ[hlmijh]jZffuijhbkoh^bllhevdh \g_h[oh^bfuo kemqZyodZdihdZaZgh\ke_^mxs_fijbf_j_ YDU 66 6WULQJ EHJLQ fv}éjt¹nuxzévryk6wéqëzvux·nz·qr6xzjtvkqzx¹éjktu 6 Ënrvzvéj¹xzévrj 6 6 ènjstvmvrvwqévkjtq¹xzévrqtn wévqx}vlqz²rvwqéynzx¹yrjojzns otj·ntqnx·nz·qrjxzjtvkqzx¹éjktu bjsnnotj·ntqn6qount¹nzx¹wvëzvuyls¹xzévrq 6klns¹nzx¹wju¹zzyljrvwqéynzx¹xvlné quvn xzévrq6x·nz·qrrvzvévpyunt¡jnzx¹tj 6 6 znwnéqountntj
±ÇÎÚÐÒÎÏ¿ÁÊÞÄËÚËÁÏÄËÄÌÄËÅÇÆÌÇ ªÉÇÃÇÉ$QVL6WULQJ½'HOSKLÌÎÔÀÌͽÎÀÍÈÀÌÅÉÆ×ÅÉ¿ËξÃÐÍÃÊɽ¿»ÈÈÖÐÌÎÊË»½ÆÚÀÇÖǽËÀÇÀÈÀÇ ÁÃÂÈà ¸ÍÉ ¿ÃÈ»ÇÃÒÀÌÅÃÀ Ç»ÌÌÃ½Ö :LGH6WULQJ 9DULDQW 2OH9DULDQW LQWHUIDFH à GLVSLQWHUIDFH»ÆÀÀ½ØÍÉľƻ½ÀÉÈüοÎÍÉÊÃÌ»ÈÖÊÉ¿ËɼÈÀÀ»ÌÀÄÒ»ÌÈ»ÌÃÈÍÀËÀÌÎÀÍÍÉÆ×ÅÉ É¿ÃȽÉÊËÉÌ ÒÍÉÍ»ÅÉÀÎÊË»½ÆÚÀÇÉÀ½ËÀÇÚÁÃÂÈÃÃÅ»ÅØÍÉË»¼ÉÍ»ÀÍ" »ÅÃÀÍÃÊÖÅÉÍÉËÖÀÃÈɾ¿»È»ÂÖ½»ÙÍÍÃÊ»ÇÃpÌÉ̼ÉËÅÉÄÇÎÌÉË»qÃÌÊÉÆ×ÂÎÙÍÈÀÅÉÍÉËÖÀËÀÌÎËÌÖ ÅÉÇÊ×ÙÍÀË» à »½ÍÉÇ»ÍÃÒÀÌÅà É̽ɼÉÁ¿»ÙÍ ÃÐ ÊËà ½ÖÐÉ¿À àɼƻÌÍà ½Ã¿ÃÇÉÌÍà ÌÍÀÌͽÀÈÈÉ ÍÉ Å»ÅÃÀ ÃÇÀÈÈÉ ËÀÌÎËÌÖ ÍËÀ¼ÎÙÍÌÚ ÍÉÇÎ ÃÆà ÃÈÉÇÎ ÍÃÊΠ»½ÃÌÃÍ ÃÌÅÆÙÒÃÍÀÆ×ÈÉ ÉÍ ÈÀ¾É »Å ÍÃÊ $QVL6WULQJ ÃÌÊÉÆ×ÂÎÀÍ Ê»ÇÚÍ× ÅÉÇÊ×ÙÍÀË» ¿ÆÚ ÐË»ÈÀÈÃÚ Ì½ÉÃÐ ¿»ÈÈÖÐ Ã ÊËà ½ÖÐÉ¿À àɼƻÌÍà ½Ã¿ÃÇÉÌÍÃØͻʻÇÚÍ׿ÉÆÁÈ»¼ÖÍ×É̽ɼÉÁ¿ÀÈ» ÆÚ ¾Æɼ»Æ×ÈÖÐ ÊÀËÀÇÀÈÈÖÐ ËÀÓÀÈÃÀ ØÍÉÄ ÊËɼÆÀÇÖ ¿ÉÌÍ»ÍÉÒÈÉ ÍËýûÆ×ÈÉt ÌÉÉͽÀÍÌͽÎÙÔÃÄ ÅÉ¿ É̽ɼÉÁ¿ÀÈÃÚ ËÀÌÎËÌɽ ÊÉÇÀÔ»ÀÍÌÚ ½ »½ÀËÓ»ÙÔÃÄ ÅÉ¿ ÊËÃÆÉÁÀÈÃÚ ªÉÌÅÉÆ×ÅÎ ÊËà ȻһÆ×ÈÉÄ ÃÈà ÑûÆûÑÃÃÊËÉÃÌÐÉ¿ÃÍÃÈÃÑûÆûÑÃÚ¾Æɼ»Æ×ÈÖÐÊÀËÀÇÀÈÈÖÐÈÎÆÀ½ÖÇÃÂÈ»ÒÀÈÃÚÇÃÍÀÏ»ÅÍÃÒÀÌÅà ÂÈ»ÒÀÈÃÚÇÃpÈÀÃÌÊÉÆ×ÂÎÀÍÌÚq»½ÀËÓ»ÙÔÃÄÅÉ¿ÇÉÁÀÍÊËÃÈÃÇ»Í×ËÀÓÀÈÃÀÉÈÀɼÐÉ¿ÃÇÉÌÍÃÉÌ½É¼É Á¿ÀÈÃÚÍÀÐÃÆÃÃÈÖÐËÀÌÎËÌɽÊÉÌÉÌÍÉÚÈÃÙ¾Æɼ»Æ×ÈÉÄÊÀËÀÇÀÈÈÉÄýÖÊÉÆÈÚÍ×̼ÉËÅÎÇÎÌÉË»ÍÉÆ×ÅÉ Í»Ç¾¿ÀØÍÉÈÀɼÐÉ¿ÃÇÉ ÆÚ ÆÉÅ»Æ×ÈÖÐ ÊÀËÀÇÀÈÈÖÐ ØÍÉÍ ÊËÉÑÀÌÌ Â»ÇÀÍÈÉ ÌÆÉÁÈÀÀ ÉÊÀ˽ÖÐ ÅÉÇÊÃÆÚÍÉËÎ ÈÀɼÐÉ¿ÃÇÉ ½ÈÀÌÍÃÅÉ¿ ÅÉÍÉËÖÄ ÃÈÃÑûÆÃÂÃËÎÀÍ ÊÀËÀÇÀÈÈÎÙ ½ÌÚÅÃÄ Ë»Â ÊËà ½ÐÉ¿À ½ ÏÎÈÅÑÃÙ ÃÆà ÊËÉÑÀ¿ÎËΠɽÍÉËÖÐ ÅÉÇÊÃÆÚÍÉË ¾ÀÈÀËÃËÎÀÍ ¼ÆÉŠɼ˻¼ÉÍÅà ÃÌÅÆÙÒÃÍÀÆ×ÈÖÐ ÌÃÍλÑÃÄ WU\«ILQDOO\ ½ÉÅËξ ½ÌÀ¾ÉÍÀÆ»ÏÎÈÅÑÃãȻÅÉÈÀÑÅÉÇÊÃÆÚÍÉËÊÉÇÀÔ»ÀÍÅɿ̼ÉËÅÃÇÎÌÉË»½Ò»ÌÍ×ILQDOO\¼ÆÉÅ» ɼ ɼ˻¼ÉÍÅÀÃÌÅÆÙÒÃÍÀÆ×ÈÖÐÌÃÍλÑÃĽÖÎÂÈ»ÀÍÀ½ÌÉÉͽÀÍÌͽÎÙÔÀÇ˻¿ÀÆÀØÍÉľƻ½Ö ²ÍÉ¼Ö½Ö ÇɾÆÃÆÎÒÓÀÊËÀ¿ÌÍ»½ÃÍ×ÌÀ¼ÀØÍÿÀÄÌͽÃÚË»ÌÌÇÉÍËÃÇÊËÉÌÍÀÄÓÃÄÊËÃÇÀË SURFHGXUHIRR YDU 6 6WULQJ EHJLQ Ònsvwév|nlyéxqxwvsovkjtqnu6 HQG
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
°ÉÍÚÊËÉÑÀ¿Î˻ý־ÆÚ¿ÃÍÉÒÀÈ×ÊËÉÌÍÉ¿ÀÏ»ÅÍÉÅÉÇÊÃÆÚÍÉËË»ÌÌÇ»ÍËý»ÀÍÀÀŻŠSURFHGXUHIRR YDU 6 6WULQJ EHJLQ 6
WU\D Ònsvwév|nlyéxqxwvsovkjtqnu6 ILQDOO\ Ìxkviv lntqnojt¹z}ls¹6énxyéxvk HQG HQG
(}^\y\zQ\uQ^K
>h[Z\blv h^gm kljhdm \ dhg_p ^jm]hc fh`gh k ihfhsvx hi_jZlhjZ beb nmgdpbb &RQFDW Ij_^ihqlbl_evg__ bkihevah\Zlv hi_jZlhjlZddZdnmgdpby&RQFDW khojZg_gZ\ hkgh\ghfbakhh[jZ`_gbc h[jZlghckh\f_klbfhklb
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
¨À»¼Ö½»ÄÍÀÃÌÊÉÆ×Âɽ»Í×ÍÃÇÌ¿ÏÌÚÄÅ»½ÖÒÅà êzvxzévrj ÊËÃË»¼ÉÍÀÌÉÌÍËÉ Å»Çý2EMHFW3DVFDO
q~K^KwQQ~QzuKw} Ijbi_j\hfh[ty\e_gbbkljhdZ$QVL6WULQJg_bf__l^ebguZagZqbliZfylv^ey__agZ q_gby g_ \u^_ey_lky Qlh[u \u^_eblv iZfylv kljhd_ ke_^m_l eb[h ijbk\hblv _c g_dhlhjh_ kljhdh\h_agZq_gb_ gZijbf_jebl_jZe eb[hbkihevah\Zlv ijhp_^mjm6HW/HQJWK dZdih dZaZghgb`_ YDU 6 VWULQJ Ætj·jsnxzévrjtnqunnzlsqt EHJLQ 6 'RK Ælns¹nzx¹wju¹ztnvi}vlquj¹ls¹éjounntq¹xzévrq ^qsq` 6 2WKHU6WULQJ Ïknsq·qkjnzx¹x·nz·qrxxsvrxzévrq2WKHU6WULQJ Íénlwvsjmjnzx¹·zvxzévrj2WKHU6WULQJy nqunnz otj·ntqn ^qsq` 6HW/HQJWK 6 fzévrnklns¹nzx¹wju¹ztnvi}vlquj¹ls¹ éjounntq¹·nzén}xqukvsvk HQG KljhdZ$QVL6WULQJfh`_ljZkkfZljb\Zlvky dZdfZkkb\kbf\heh\h^gZdh[m^vl_hklhjh` gu² bg^_dk we_f_glZ fZkkb\Z g_ fh`_l ij_\urZlv ^ebgm kljhdb LZd ijb\_^_gguc gb`_ dh^\uah\_lhrb[dm YDU 6 VWULQJ EHJLQ 6>@ D Ì¡qirj²wju¹zls¹6tnklnsntj HQG Dhjj_dlghjZ[hlZlv[m^_lke_^mxsbc\ZjbZglwlh]h`_ijbf_jZ YDU 6 VWULQJ EHJLQ 6HW/HQJWK 6 6>@ D Ònwné6y nklnsntjwju¹ztnvi}vlquj¹ ls¹éjounntq¹vltvmvxqukvsj HQG
(\zwQN}w\N}N$7/?UZ DZd mdZau\Zehkv jZg__ kljhdZ lbiZ $QVL6WULQJ \k_]^Z aZ\_jrZ_lky gme_\uf kbf\hehf IhwlhfmlZdZykljhdZ\iheg_kh\f_klbfZknmgdpbyfb$3,:LQ bebex[ufb^jm]bfbbk ihevamxsbfb iZjZf_ljulbiZ3&KDU
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
^_e_ ³Ijb\_^_gb_ b ij_h[jZah\Zgb_ lbih\´ wlhc `_ ]eZ\u Ijb\_^_gguc gb`_ ijbf_j ^_ fhgkljbjm_l \uah\ nmgdpbb :LQ *HW:LQGRZV'LUHFWRU\ dhlhjhc i_j_^Z_lky \ dZq_kl\_ iZjZf_ljh\mdZaZl_evgZ[mn_j3&KDUb_]hjZaf_j YDU 6 VWULQJ EHJLQ 6HW/HQJWK 6 Æj tvftj·jsjklns¹nuwju¹zls¹xzévrq *HW:LQGRZV'LUHFWRU\ 3&KDU 6 HQG Ihke_bkihevah\Zgby $QVL6WULQJ\dZq_kl\_ Zj]mf_glZ 3&KDU g_h[oh^bfh \jmqgmx mklZ gh\blv ^ebgm kljhdh\hc i_j_f_gghc jZ\ghc ^ebg_ kljhdb k aZ\_jrZxsbf gme_\uf kbf\h ehf >ey wlh]h fh`gh bkihevah\Zlv ijhp_^mjm 5HDOL]H/HQJWK ba mihfbgZ\r_]hky jZg__ fh^mey67587,/6 SURFHGXUH5HDOL]H/HQJWK YDU6 VWULQJ EHJLQ 6HW/HQJWK 66WU/HQ 3&KDU 6 HQG
o\u^\NuQ^Q~\Nw\N} Ijb i_j_ghk_ gZ gh\mx [blh\mx ieZlnhjfm klZjuo [blh\uo ijbeh`_gbc kha^Zg guokihfhsvx'HOSKL\Zfg_h[oh^bfhihfgblvke_^mxs__ LZf ]^_ ijbf_gyeky lbi 36WULQJ mdZaZl_ev gZ 6KRUW6WULQJ ke_^m_l bkihevah\Zlv lbi6WULQJIhfgbl_qlh$QVL6WULQJij_^klZ\ey_l kh[hcmdZaZl_evgZkljhdm ey ijb\_^_gby lbih\ kljhd f_`^m 6WULQJ b 3&KDU [hevr_ g_ lj_[mxlky nmgdpbb 6WU3DV b6WU3&RS\ DZdm`_mdZau\Zehkvfh`gh\uihegylvijyfh_ij_h[jZah\Z gb_ lbiZ $QVL6WULQJ \ 3&KDU Ijb dhibjh\Zgbb kh^_j`bfh]h 3&KDU \ $QVL6WULQJ fh`ghbkihevah\Zlv h[uqgh_ijbk\h_gb_ 6WULQJ9DU 3&KDU9DU
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
¨À »¼Ö½»ÄÍÀ ÒÍÉ ¿ÆÚ ÎÌÍ»ÈɽÅà ¿ÆÃÈÖ ÌÍËÉÅ ÍÃÊ» $QVL6WULQJ ¿ÉÆÁÈ» ÃÌÊÉÆ×ÂÉ ½»Í×ÌÚ ÊËÉÑÀ¿ÎË» 6HW/HQJWK ªËÀÁÈÚÚ ÊË»ÅÍÃÅ» ÊËÚÇÉ¾É É¼Ë»ÔÀÈÃÚ Å ÈÎÆÀ½ÉÇÎ ØÆÀÇÀÈÍÎ ÅÉËÉÍÅÃÐ ÌÍËÉŠ¿ÀÌ× ÈÀ ÊËÃÇÀÈÃÇ» ¸ÍÉ Â»ÇÀÒ»ÈÃÀ ÌÆÀ¿ÎÀÍ ÊÉÇÈÃÍ× ÊËà ÊÀËÀÈÉÌÀË»ÂËÚ¿ÈÖÐÊËÃÆÉÁÀÈÃÄ'HOSKL½Ë»ÂËÚ¿ÈÎÙÌËÀ¿Î
µu6KRUW6WULQJ ?keb\u²g_gh\bqhd\'HOSKLlhgZ\_jgydZagZ_l_qlh6KRUW6WULQJ²wlhlbi6WULQJ\ 'HOSKLhg`_lbik[Zclhf^ebgukljhdb?s_jZagZihfgbfqlh^bj_dlb\ZdhfibeylhjZ +iha\hey_l\u[jZlvdZdhcbf_gghlbi[m^_lihgbfZlvkyih^bf_g_f6WULQJ²$QVL6WULQJ beb6KRUW6WULQJ <iZfylbkljhdZ6KRUW6WULQJij_^klZ\ey_lkh[hcfZkkb\kbf\heh\ijbq_fgme_\hcwe_f_gl wlh]hfZkkb\Zkh^_j`bl^ebgmkljhdbIhke_^mxsb_kbf\heukhklZ\eyxlkh^_j`Zgb_kljhdb ijbwlhf__fZdkbfZevgZy^ebgZg_fh`_lij_\urZlv[ZclZ\kykljhdZ\iZfylbg_fh`_l aZgbfZlv [he__ [Zcl [Zcl kljhdb b h^bg [Zcl ^ebgu DZd b \ kemqZ_ k lbihf $QVL6WULQJijbjZ[hl_khkljhdZfb6KRUW6WULQJ\Zfg_gm`gh[_kihdhblvkyh\u^_e_gbbiZ fylb^ey\j_f_gguokljhdbeb__hk\h[h`^_gbb²\kxwlmjZ[hlmdhfibeylhj[_j_lgZk_[y GZjbkihdZaZghjZaf_s_gb_kljhdb6KRUW6WULQJ\iZfylb JbkJZaf_s_gb_kljhdblbiZ6KRUW6WULQJ\iZfylb
Gb`_ijb\_^_ghh[ty\e_gb_bbgbpbZebaZpby kljhdblbiZ6KRUW6WULQJ YDU 6 6KRUW6WULQJ EHJLQ 6 %REWKHFDW HQG Ijbg_h[oh^bfhklb kljhd_fh`gh\u^_eblvf_gvr_ [ZcliZfylb^eyq_]h\__h[t y\e_gb_ke_^m_lihf_klblvy\gh_mdZaZgb_^ebgu YDU 6 VWULQJ>@ ^xqukvstj¹xzévrj` EHJLQ 6 Æëzvpxzévrntnivsnnxqukvsvk HQG <wlhfijbf_j_[m^_lkha^ZgZkljhdZlbiZ6KRUW6WULQJ\g_aZ\bkbfhklbhlkhklhygby^b j_dlb\udhfibeylhjZ +Ke_^h\Zl_evgh fZdkbfZevgh_ ^himklbfh_agZq_gb_fh^bnbdZlhjZ ^ebgukhklZ\ey_lkbf\heh\ G_ke_^m_lkhojZgylv\kljhd_kbf\heh\[hevr_q_f__j_ZevgZy^ebgZ?kebkljhdZ[ueZ hibkZgZ dZd 6WULQJ>@ lh ijb ihiuld_ khojZgblv \ g_c agZq_gb_ :LQGRZV VX[[ 26 UXOH] kljhdZ[m^_lh[j_aZgZ^h\hkvfbkbf\heh\ZhklZevgZyqZklv^Zgguoihl_jygZ Ijbh[jZs_gbbdhl^_evgufkbf\heZf\kljhd_6KRUW6WULQJdZddwe_f_glZffZkkb\Zg_ h[oh^bfh ke_^blv aZ l_f qlh[u bg^_dk we_f_glZ gZoh^beky kljh]h \ ^himklbfuo ij_^_eZo aZijhr_gghc iZfylbIjbihiuld_bkihevah\Zlv bg^_dkwe_f_glZij_\hkoh^ysbc h[ty\e_g gucjZaf_jkljhdbihemq_ggu_j_amevlZlu[m^mleb[hhrb[hqgufbeb[h\uah\mljZajmr_ gb_iZfylbIj_^iheh`bf qlhi_j_f_ggZy[ueZh[ty\e_gZke_^mxsbfh[jZahf YDU 6WU VWULQJ>@
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
?keb\uihegblvaZibkv\^_kylucwe_f_glwlhckljhdblh\j_amevlZl_\_jhylg__\k_]h [m^_lbkihjq_gZiZfylv\u^_e_ggZy^jm]hci_j_f_gghc 9DU 6WU VWULQJ>@ L ,QWHJHU EHJLQ 6WU>[email protected] V êzvzvwnéjzvékovknzéjoéy¡ntqnwju¹zq Fh`ghihlj_[h\ZlvhldhfibeylhjZk]_g_jbjh\Zlvdh^ijh\_jdb\uoh^Zbg^_dkZaZ^himk lbfu_ij_^_eu\ijhp_kk_\uiheg_gbyijh]jZffu>eywlh]hke_^m_lmklZgh\blvneZ`hdhipbb 5DQJH&KHFNLQJ\h\deZ^d_&RPSLOHU^bZeh]h\h]hhdgZ3URMHFW2SWLRQV °ÉÍÚ ½ÅÆÙÒÀÈÃÀ ½ ÊËɾ˻ÇÇÎ ÆɾÃÅà ÊËɽÀËÅà ¿ÉÊÎÌÍÃÇÉÌÍà ÂÈ»ÒÀÈÃÄ ÃÈ¿ÀÅÌɽ ÎÊ ËÉÔ»ÀÍÊÉÃÌÅÉÓüÉŽ˻¼ÉÍÀÌÉÌÍËÉÅ»ÇýÖÊÉÆÈÀÈÃÀÊËɽÀËÉÅÌÎÔÀÌͽÀÈÈÉÌÅ» ÂÖ½»ÀÍÌÚÈ»ÊËÉýɿÃÍÀÆ×ÈÉÌÍÃÊËÃÆÉÁÀÈÃÚ̽ÚÂÃÌØÍÃÇ¿»ÈÈÖÄËÀÁÃÇÌÆÀ¿ÎÀÍ ÊËÃÇÀÈÚÍ× ÍÉÆ×ÅÉ È» ØÍ»ÊÀ ÉÍÆ»¿Åà à ÍÀÌÍÃËɽ»ÈÃÚ ÉÍɽÖÄ ÊËɾ˻ÇÇÈÖÄ ÊËÉ¿ÎÅÍ ËÀÅÉÇÀÈ¿ÎÀÍÌÚÍË»ÈÌÆÃËɽ»Í×¼ÀÂÃÌÊÉÆ×Âɽ»ÈÃÚØÍɾÉËÀÁÃÇ» < hlebqb_ hl kljhd lbiZ $QVL6WULQJ kljhdb 6KRUW6WULQJ g_ kh\f_klbfu kh kljhdZfb \ nhjfZl_kaZ\_jrZxsbf gme_\ufkbf\hehfQlh[ubkihevah\Zlv bo\nmgdpbyo:LQ$3, g_h[oh^bfZ hij_^_e_ggZy ij_^\Zjbl_evgZy h[jZ[hldZ >ey wlh]h fh`gh \hkihevah\Zlvky nmgdpb_c 6KRUW6WULQJ$V3&KDU dhlhjZy \oh^bl \ khklZ\ m`_ mihfbgZ\r_]hky fh^mey 67587,/6L_dkl^Zgghcnmgdpbbijb\_^_ggb`_ IXQFWLRQ6KRUW6WULQJ$V3&KDU YDU6 6KRUW6WULQJ 3&KDU ^Ðytr|q¹lvijks¹nzrqx}vltvpxzévrnojkné¡jíqptysnkvpxqukvs bsqtjxzévrqtnlvs tjwénk¡jzxqukvsj` EHJLQ LI/HQJWK 6 +LJK 6 WKHQ'HF 6>@ ^Ìiénorjxzévrqnxsqvtjxsq¡rvulsqttj` 6>2UG /HQJWK 6 @ ^bvijksntqntysnkvmvxqukvsjkrvtn|xzévrq` 5HVXOW #6>@ ^Ævokéjjnzx¹yrjojzns3&KDU` HQG ¯ÎÈÅÑÃà à ÊËÉÑÀ¿ÎËÖ :LQ $3, Ë»¼ÉÍ»ÙÍ ÍÉÆ×ÅÉ ÌÉ ÌÍËÉÅ»Çà ½ ÏÉËÇ»ÍÀ Ì Â»½ÀË Ó»ÙÔÃÇÈÎÆÀǨÀÊÖÍ»ÄÍÀÌ×ÊÀËÀ¿»Í×È»ÃнÐÉ¿ÌÍËÉÅÃÍÃÊ»6KRUW6WULQJÈÀÊÉ ÌËÀ¿ÌͽÀÈÈÉt ÊËɾ˻ÇÇ» ÊËÉÌÍÉ ÈÀ ¼Î¿ÀÍ ÅÉÇÊÃÆÃËɽ»Í×ÌÚ §ÉÁÈÉ ÌÎÔÀÌͽÀÈÈÉ É¼ÆÀ¾ÒÃÍ×ÌÀ¼ÀÁÃÂÈ×ÀÌÆÃÊËÃË»¼ÉÍÀÌÏÎÈÅÑÃÚÇÃ$3,ÃÌÊÉÆ×Âɽ»Í×ÍÉÆ×ÅÉ¿ÆÃÈ ÈÖÀÌÍËÉÅÃÍÃÊ»$QVL6WULQJ
µu:LGH6WULQJ WlhlbikljhdbkmijZ\ey_fuf\j_f_g_f`bagbih^h[guclbim$QVL6WULQJH[ZwlbolbiZy\ eyxlky^bgZfbq_kdbjZkij_^_ey_fufb Hgbih^\_j]Zxlkyijhp_^mjZfk[hjdbfmkhjZb^Z`_ih gZagZq_gbxkoh`bH^gZdhf_`^mlbiZfb:LGH6WULQJb$QVL6WULQJbf_xlkyljb\Z`guohlebqby KljhdZ:LGH6WULQJkhklhblbakbf\heh\:LGH&KDUqlh^_eZ_l__kh\f_klbfhckhkljh dZfb8QLFRGH
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
Kljhdb :LGH6WULQJ bkihevamxl iZfylv \u^_e_ggmx k ihfhsvx nmgdpbb $3, 6\V$OORF6WU/HQ qlh^_eZ_lbokh\f_klbfufb khkljhdZfb2/(%675 <kljhdZo:LGH6WULQJhlkmlkl\m_lkq_lqbdkkuehdihwlhfmex[h_ijbk\h_gb_h^ghc kljhdb^jm]hcijb\h^bld\u^_e_gbxiZfylbbdhibjh\Zgbx kljhdbWlh^_eZ_l^Zg guclbikljhdf_g__wnn_dlb\guf q_f$QVL6WULQJklhqdbaj_gbyijhba\h^bl_evg h klbbbkihevah\Zgby iZfylb Dhfibeylhj kihkh[_g Z\lhfZlbq_kdb dhg\_jlbjh\Zlv kljhdb lbih\ :LGH6WULQJ b $QVL6WULQJijbijbk\h_gbbdZdihdZaZgh\ke_^mxs_fijbf_j_ YDU : :LGH6WULQJ 6 VWULQJ EHJLQ : 0DUJDULWDYLOOH 6 : Íénviéjovkjtqnxzévrq:LGH6WULQJkxzévry$QVL6WULQJ 6 &RPH0RQGD\ : 6 Íénviéjovkjtqnxzévrq$QVL6WULQJkxzévry:LGH6WULQJ HQG >ey mijhs_gby jZ[hlu kh kljhdZfb wlh]h lbiZ 2EMHFW 3DVFDO i_j_]jm`Z_l nmgdpbb &RQFDW &RS\ ,QVHUW /HQJWK 3RV b6HW/HQJWK ZlZd`_hi_jZlhju b !^ey jZ[hluk:LGH6WULQJLZdbfh[jZahfke_^mxsbcdh^kbglZdkbq_kdb [_amij_q_g YDU :: :LGH6WULQJ 3 ,QWHJHU EHJLQ : (QILHOG : ILHOG LI: !:WKHQ 3 3RV :: HQG DZdb\kemqZ_kljhdlbiZ$QVL6WULQJbeb6KRUW6WULQJ^eykkuehdgZhl^_evgu_kbf\h eukljhdb:LGH6WULQJfh`ghbkihevah\Zlv d\Z^jZlgu_kdh[db YDU : :LGH6WULQJ & :LGH&KDU EHJLQ : (ERQ\DQG,YRU\OLYLQJLQSHUIHFWKDUPRQ\ & :>/HQJWK : @ Ònwné&xvlné qzwvxsnltqpxqukvsxzévrq: HQG
(}^\yNKzQ^
Kw~QzwNwz\\w JZg__\wlhc]eZ\_mihfbgZehkv qlh\'HOSKL bf__lkyljbjZaebqguolbiZkljhdkaZ\_j rZxsbfgme_\ufkbf\hehf 3&KDU3$QVL&KDUb3:LGH&KDUWlhkljhdbkaZ\_jrZxsbf gm e_f^eydZ`^h]hbalj_okljhdh\uolbih\'HOSKL <^Zgghc]eZ\_gZ\k_wlblbiukljhdfu
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
[m^_fkkueZlvkydZdgZlbi3&KDULbi3&KDU\hkgh\ghfh[_ki_qb\Z_l h[jZlgmxkh\f_klb fhklvk'HOSKLbjZ[hlmk:LQ$3, rbjhdhbkihevamxsbf kljhdbkaZ\_jrZxsbf gm e_\ufkbf\hehfLbi3&KDUhij_^_ey_lky dZdmdZaZl_evgZ kljhdm k aZ\_jrZxsbf gme_\uf kbf\hehf Ih^jh[ghmdZaZl_eb[m^mljZkkfZljb\Zlvky gb`_\wlhc`_]eZ\_ <hlebqb_hl kljhd$QVL6WULQJb:LGH6WULQJiZfylv^eykljhdlbiZ3&KDUZ\lhfZlbq_kdb g_\u^_ey_lky b g_hk\h[h`^Z_lky WlhagZqbl qlh ^ey l_o kljhd gZ dhlhju_ mdZau\Zxl ^Zggu_ mdZaZl_eb iZfylvihlj_[m_lky\u^_eylv\jmqgmx²kihfhsvxh^ghcbakms_kl\mxsbo\2EMHFW3DVFDO nmgdpbc\u^_e_gbyiZfylbL_hj_lbq_kdb ^ebgZkljhdb3&KDUfh`_l^hklb]Zlv=[Zcl?_ jZaf_s_gb_\iZfylbihdZaZghgZjbk JbkJZaf_s_gb_kljhdblbiZ3&KDU\iZfylb
ªÉÌÅÉÆ×ÅÎ ½ ¼ÉÆ×ÓÃÈÌͽÀ ÌÆÎÒ»À½ ½ÇÀÌÍÉ 3&KDU ÇÉÁÀÍ ÃÌÊÉÆ×Âɽ»Í×ÌÚ ÍÃÊ $QVL6WULQJ ÇÖ ËÀÅÉÇÀÈ¿ÎÀÇ ÊËÃÇÀÈÚÍ× À¾É ½À¿À ¾¿À ØÍÉ ½ÉÂÇÉÁÈÉ ªËà ØÍÉÇ Î¿»ÀÍÌÚüÀÁ»Í×ÇÈÉÁÀÌͽ»ÈÀÊËÃÚÍÈÉÌÍÀÄ̽Ú»ÈÈÖÐֿ̽ÀÆÀÈÃÀÇÃÉ̽ɼÉÁ¿À ÈÃÀÇÊ»ÇÚÍÃÊÉÌÅÉÆ×ÅÎÊËÃË»¼ÉÍÀÌ$QVL6WULQJÅÉÇÊÃÆÚÍÉ˼ÀËÀÍ»¼ÉÍÎɼØÍÉÇ È»ÌÀ¼Ú DZdm`_mihfbgZehkvi_j_f_ggu_lbiZ3&KDUlj_[mxljmqgh]h\u^_e_gbybhk\h[h`^_gby [mn_jh\ kh^_j`Zsbo khhl\_lkl\mxsb_ kljhdb H[uqgh \u^_e_gb_ iZfylb hkms_kl\ey_lky k ihfhsvxnmgdpbb6WU$OORF h^gZdh^eykha^Zgby[mn_jh\3&KDUfh`ghijbf_gylvb^jm]b_ nmgdpbb lZdb_ gZijbf_j dZd $OORF0HP *HW0HP 6WU1HZ beb ^Z`_ nmgdpbb $3, 9LUWXDO$OORF DZ`^hcnmgdpbbkhhl\_lkl\m_l nmgdpbyhk\h[h`^_gbyiZfylb lZ[e
±¿ÀÊÇÕ¿³ÒÌÉÕÇÇÁÚÃÄÊÄÌÇÞÇÍÐÁÍÀÍÅÃÄÌÇÞοËÞÑÇ ³ÒÌÉÕÇÞÁÚÃÄÊÄÌÇÞοËÞÑÇ
³ÒÌÉÕÇÞÍÐÁÍÀÍÅÃÄÌÇÞοËÞÑÇ
$OORF0HP
)UHH0HP
*OREDO$OORF
*OREDO)UHH
*HW0HP
)UHH0HP
1HZ
'LVSRVH
6WU$OORF
6WU'LVSRVH
6WU1HZ
6WU'LVSRVH
9LUWXDO$OORF
9LUWXDO)UHH
V*XLGH Ívunntqnznrxzjkxzévry6 3 6WU1HZ 3&KDU 6 3yrjokjnztjrvwqí6
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
6WU&DW 33 Ìi~nlqtntqn3q3 6 3 Ònwné6xvlné qz 'HOSKL'HYHORSHU V*XLGH
6WU'LVSRVH 3 Ìxkviv lntqniy{néj3 6WU'LVSRVH 3 Ìxkviv lntqniy{néj3 HQG H[jZlbl_hkh[h_\gbfZgb_gZlhqlhijb\u^_e_gbbiZfylb^ey3bkihevah\ZeZkv nmgd pby 6L]H2I &KDU eyh[t_^bg_gby^\mokljhdbkihevah\ZeZkv nmgdpby6WU&DW ²ijbjZ[hl_k3&KDUg_evay ijbf_gylvhi_jZlhjdZdwlh^_eZ_lky\kemqZ_khkljhdZfblbiZ$QVL6WULQJbeb6KRUW6WULQJ Nmgdpby6WU1HZ [ueZbkihevah\ZgZ kp_evx\u^_e_gbyiZfylb^eykljhdb3bdhibjh \Zgby\g__kljhdb6H^gZdhke_^m_lihfgblvqlhijbwlhfiZfylv\u^_ey_lky\dhebq_kl \_g_h[oh^bfhf lhevdh^eyojZg_gbydhgdj_lgh]h agZq_gby kljhdb IhiuldZ aZibkb \ wlhl [mn_j[he__^ebgghckljhdbijb\_^_ldjZajmr_gbxiZfylbKe_^mxsbcijbf_jbeexkljb jm_lih^h[gmxkblmZpbx YDU 33 3FKDU EHJLQ Ælns¹nzx¹wju¹ztnvi}vlquj¹ls¹éjounntq¹xzévrk3q3 3 6WU1HZ +HOOR 3 6WU1HZ :RUOG 6WU&DW 33 Ívwzrjojwqxqojwénlnsklnsnttvpwju¹zq HQG ¥»ÅýÌÆÎÒ»ÀÌ¿ËξÃÇÃÍÃÊ»ÇÃÌÍËÉÅ¿ÆÚË»¼ÉÍÖÌÍÃÊÉÇ3&KDU2EMHFW3DVFDOÊËÀ ¿ÉÌÍ»½ÆÚÀÍË»ÂÆÃÒÈÖÀÏÎÈÅÑÃÃÃÊËÉÑÀ¿ÎË֪ɿËɼÈÖÀ̽À¿ÀÈÃÚÉÈÃÐÇÉÁÈÉÈ»Ä Íý˻¿ÀÆÀp6WULQJKDQGOLQJURXWLQHV QXOOWHUPLQDWHG qÌÊË»½ÉÒÈÉÄÌÃÌÍÀÇÖ'HOSKL
µu9DULDQW <'HOSKL[ue\\_^_ggh\ucfhsguclbi^Zgguo²9DULDQW<hkgh\ghf_]hgZagZq_ gb_ khklhyeh \ ih^^_j`d_ Z\lhfZlbaZpbb 2/( ]^_ lbi ^Zgguo 9DULDQW bkihevam_lky hq_gv rbjhdh NZdlbq_kdb lbi 9DULDQW yaudZ 2EMHFW 3DVFDO y\ey_lky bgdZikmeypb_c \ZjbZglh\ 2/( DZd fu \kdhj_ m\b^bf j_ZebaZpby \ 'HOSKL \ZjbZglh\ hdZaZeZkv ihe_aghc b k lhqdb aj_gby ^jm]bo Zki_dlh\ ijh]jZffbjh\Zgby 2EMHFW 3DVFDO y\ey_lky _^bgkl\_gguf dhfibeb jm_fuf yaudhf \ dhlhjhf ^ey jZ[hlu k \ZjbZglZfb 2/( \\_^_g ki_pbZebabjh\Zgguc lbi ^Zgguoij_^klZ\ey_fuc dZd^bgZfbq_kdbc \h\j_fy\uiheg_gbyijh]jZffubdZdklZlbq_ kdbc\h\j_fy__dhfibeypbb <'HOSKL^eywlhc`_p_eb[ue\\_^_g_s_h^bggh\uclbi^Zgguo²2OH9DULDQWiheghklvx b^_glbqguclbim9DULDQWaZbkdexq_gb_flh]hqlhhgfh`_l\f_sZlvlhevdhl_lbiudhlhju_ y\eyxlkykh\f_klbfufbk2/( >Zevr_\wlhfjZa^_e_fuih^jh[ghjZkkfhljbflbi9DULDQWZ lZd`_h[km^bfl_hlebqbydhlhju_bf_xlkyf_`^mlbiZfb^Zgguo2OH9DULDQWb9DULDQW
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
q~KwQNy\QwQ~Q~Q}uK Hkgh\gh_ gZagZq_gb_ lbiZ 9DULDQW² ihemqblv \hafh`ghklv hij_^_eylv i_j_f_ggmx lbi dhlhjhc g_ fh`_l [ulv mklZgh\e_g \h \j_fy dhfibeypbb Wlh hagZqZ_l qlh j_Zevguc lbilZdhci_j_f_gghcfh`_lbaf_gylvky\ijhp_kk_\uiheg_gbyijh]jZffuGZijbf_jijb \_^_ggZygb`_ijh]jZffZdhjj_dlgZb[m^_ldhfibebjh\Zlvky b\uihegylvky[_ahrb[hd YDU 9 9DULDQW Ínénunttj¹zqwj9DULDQW EHJLQ 9 'HOSKLLV*UHDW 9xvlné qzxzévry 9 9xvlné qz|nsvn·qxsv 9 9xvlné qzknnxzknttvn·qxsv 9 7UXH 9xvlné qzsvmq·nxrvnotj·ntqn 9 &UHDWH2OH2EMHFW :RUG%DVLF 9xvlné qzvi~nrz2/( HQG
(}^y}^K\u^Q|QQ~|K~~g}uK9DULDQW KljmdlmjZ hij_^_e_gby ^Zgguo lbiZ 9DULDQW hibkZgZ \ fh^me_ 6\VWHP b \u]ey^bl ke_ ^mxsbfh[jZahf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
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
KljmdlmjZ79DU'DWDaZgbfZ_l[ZcliZfylbI_j\uo^\Z[ZclZwlhckljmdlmjukh^_j `Zlkeh\hagZq_gb_dhlhjh]hhij_^_ey_l gZdZdhcbf_gghlbi^ZgguokkueZ_lky\ZjbZgl Gb`_ijb\_^_gudhgdj_lgu_ agZq_gbykhhl\_lkl\mxsb_ jZaebqguflbiZf^Zgguo dhlh ju_fh]mlihf_sZlvky \ihe_97\SHaZibkb79DU'DWDKe_^mxsbo[ZclaZibkbg_bkihev amxlky Ihke_^gbo [Zcl kh^_j`Zl eb[h ^_ckl\bl_evgu_ ^Zggu_ eb[h mdZaZl_ev gZ ^Zg gu_ij_^klZ\ey_fu_ wlbf\ZjbZglhfKe_^m_lhlf_lblvqlh^ZggZykljmdlmjZlhqghkhhl \_lkl\m_llj_[h\Zgbyf ij_^ty\ey_fuf d\ZjbZglZf2/( ^Çvlzqwvk9DULDQW` FRQVW YDU(PSW\ YDU1XOO YDU6PDOOLQW YDU,QWHJHU YDU6LQJOH YDU'RXEOH YDU&XUUHQF\ YDU'DWH YDU2OH6WU YDU'LVSDWFK YDU(UURU $ YDU%RROHDQ % YDU9DULDQW & YDU8QNQRZQ ' YDU%\WH YDU6WU$UJ YDU6WULQJ YDU$Q\ YDU7\SH0DVN ))) YDU$UUD\ YDU%\5HI £Â ÊËýÀ¿ÀÈÈÉ¾É ½ÖÓÀ ÌÊÃÌÅ» ½Ã¿ÈÉ ÒÍÉ 9DULDQW ÈÀ ÇÉÁÀÍ ÌÉ¿ÀËÁ»Í× ÌÌÖÆÅÎ È» ¿»ÈÈÖÀÍÃÊ»3RLQWHUÃÆÃFODVV
Ba hibkZgby kljmdlmju aZibkb 79DU'DWD \b^gh qlh hgZ ^_ckl\bl_evgh fh`_l kh^_j`Zlv ^Zggu_ex[h]hlbiZKe_^m_lhlebqZlvijb\_^_ggmx\ur_aZibkv79DU'DWDhl^_ckl\bl_evguo ^ZgguolbiZ9DULDQWOhlyaZibkvi_j_f_ggh]hkhklZ\Zb^Zggh_lbiZ\ZjbZgl\g_rg_koh`bih k\h_fm gZagZq_gbx hgb ij_^klZ\eyxl ^\_ kh\_jr_ggh jZagu_ dhgkljmdpbb AZibkv 79DU'DWD iha\hey_lojZgblv^Zggu_jZaebqguolbih\\h^ghcblhc`_h[eZklbiZfylb ih^h[ghh[t_^b g_gbyf²XQLRQyaudZ&& Ih^jh[g__h[wlhfj_qvihc^_l^Zevr_\jZa^_e_³AZibkb´wlhc ]eZ\uHi_jZlhjFDVH\hibkZgbbaZibkb79DU'DWDkem`bl^eyhij_^_e_gbylbih\^Zgguodhlh ju_fh`_lij_^klZ\eylv \ZjbZgl LZd _keb \ ihe_ 97\SH kh^_j`blky agZq_gb_ YDU,QWHJHU lh lhevdh q_luj_ ba \hkvfb [Zclh\ ^Zgguo aZibkb [m^ml kh^_j`Zlv ojZgbfh_ i_j_f_gghc p_eh_ agZq_gb_Ih^h[gufh[jZahf_keb\ihe_97\SHkh^_j`blkyagZq_gb_YDU%\WHlhevdhh^bgba \hkvfb[Zclh\h[eZklb^Zgguo[m^_lbkihevah\Zlvky ^eyojZg_gbyagZq_gby
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
H^gZdh_keb\ihe_97\SHkh^_j`blkyagZq_gb_YDU6WULQJlh\hk_fv[Zclh\^Zgguo\aZ ibkbkh^_j`Zlg_j_ZevgmxkljhdmZebrvmdZaZl_evgZg__Wlh\Z`ghq_ldhihgbfZlvih kdhevdmijbjZ[hl_k\ZjbZglZfbfh`ghbf_lvg_ihkj_^kl\_gguc ^hklmidagZq_gbyfex[h]h iheydZdihdZaZgh\ijb\_^_gghf gb`_ijbf_j_ YDU 9 9DULDQW EHJLQ 79DU'DWD 9 97\SH YDU,QWHJHU 79DU'DWD 9 9,QWHJHU HQG Ke_^m_lhl^Z\Zlvk_[_hlq_l\lhfqlhlZdh_bkihevah\Zgb_ \ZjbZglZ²hiZkgZyb]jZlZd dZd ijb wlhf gZijbf_j fh`gh e_]dh jZajmrblv mdZaZl_ev gZ kljhdm beb ^jm]hc h[t_dl k mijZ\ey_fuf \j_f_g_f`bagb<j_amevlZl_h[t_dlklZg_lg_^hklmiguf ^eyijhp_kkh\k[hj dbfmkhjZqlhijb\_^_ldml_qd_iZfylbb^jm]boj_kmjkh\ijbeh`_gbyJZa]h\hjhijhp_k kZok[hjdbfmkhjZihc^_l\ke_^mxs_fjZa^_e_
oK^K~}z}N\xQy}Kw Nu^KzQwwz^QwQ~Qw~ 'HOSKLZ\lhfZlbq_kdb \u^_ey_lbhk\h[h`^Z_l iZfylv^ey^ZgguolbiZ9DULDQWJZkkfhl jbfijb\_^_gguc gb`_ijbf_j\dhlhjhf\ZjbZglmijbk\Zb\Z_lky kljhdZ SURFHGXUH6KRZ9DULDQW 6 VWULQJ YDU 9 9DULDQW EHJLQ 9 6 6KRZ0HVVDJH 9 HQG DZdm`_hlf_qZehkv\ur_\wlhc]eZ\_\hlghr_gbbh[t_dlh\ k mijZ\ey_fuf \j_f_g_f `bagbijb\uiheg_gbb^Zgghcijh]jZffuhkms_kl\ey_lky g_kdhevdh^_ckl\bcdhlhju_g_ \iheg_hq_\b^guIj_`^_\k_]h'HOSKL bgbpbZebabjm_l \ZjbZglimklufagZq_gb_fAZl_f\ oh^_ ijbk\h_gby agZq_gby \ ihe_ 97\SH ihf_sZ_lky agZq_gb_ YDU6WULQJ Z \ ihe_ 96WULQJ dhibjm_lkymdZaZl_evgZkljhdmIjbwlhfkq_lqbdkkuehdkljhdb6m\_ebqb\Z_lky Dh]^Z\Z jbZglihdb^Z_lh[eZklv\b^bfhklb \^ZgghfkemqZ_²ijb\uoh^_baijhp_^mju hghqbsZ _lkybkq_lqbdkkuehdkljhdb6mf_gvrZ_lky'HOSKL \uihegy_lwlhihkj_^kl\hf ihf_s_gby l_eZijhp_^mju\[ehdWU\«ILQDOO\dZdihdZaZghgb`_ SURFHGXUH6KRZ9DULDQW 6 VWULQJ YDU 9 9DULDQW EHJLQ 9 8QDVVLJQHG Êtq|qjsqoj|q¹kjéqjtzj WU\ 9 6 6KRZ0HVVDJH 9 ILQDOO\
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
Ònwnéuv tvvxkvivlqzénxyéxxk¹ojttnxkjéqjtzvu HQG HQG Lhqgh lZdh_ `_ g_y\gh_ hk\h[h`^_gb_ j_kmjkh\ ijhbkoh^bl b ijb ijbk\h_gbb \ZjbZglm ^Zgguogh\h]hlbiZJZkkfhljbfke_^mxsbcijbf_j SURFHGXUH&KDQJH9DULDQW 6 VWULQJ YDU 9 9DULDQW EHJLQ 9 6 9 HQG Wlb ^_ckl\by 'HOSKL [m^_l \uihegylv lZdbf h[jZahf ihke_^mxsbc l_dkl gZibkZg k ih fhsvxik_\^hdh^Z SURFHGXUH&KDQJH9DULDQW 6 VWULQJ YDU 9 9DULDQW EHJLQ Æjéqjtz9qtq|qjsqoqéynzx¹wyxzuotj·ntqnu WU\ 997\SH YDU6WULQJ 996WULQJ 6 ,QF 65HI&RXQW Ìxkviv lntqnénxyéxvkxk¹ojtt}xkjéqjtzvu9 997\SH YDU,QWHJHU 99,QWHJHU ILQDOO\ Ìxkviv lntqnénxyéxvkxk¹ojtt}xkjéqjtzvu9 HQG HQG ?keb\ujZah[jZebkv\lhfdZdjZ[hlZ_lijb\_^_gguc \ur_ijbf_jlhkfh`_l_ihgylv ihq_fm g_ j_dhf_g^m_lky g_ihkj_^kl\_ggh fZgbimebjh\Zlv iheyfb aZibkb 79DU'DWD dZd \ ^ZgghfkemqZ_ SURFHGXUH&KDQJH9DULDQW 6 VWULQJ YDU 9 9DULDQW EHJLQ 9 6 79DU'DWD 9 97\SH YDU,QWHJHU 79DU'DWD 9 9,QWHJHU 9 HQG Ohly\k_dZ`_lky\iheg_dhjj_dlgufwlh^Ze_dhg_lZd²\_^vmf_gvr_gb_kq_lqbdZkku ehdkljhdb6g_\uihegy_lkyqlhijb\h^bldml_qd_iZfylbH^gbfkeh\hf gbdh]^Z g_ jZ[h lZcl_kiheyfb79DU'DWDgZijyfmxZ_kebm`\u^_eZ_l_wlhlh^he`guq_ldhihgbfZlvqlh bf_ggh\u^_eZ_l_bdZdb_ihke_^kl\bywlhfh`_l\ua\Zlv
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
³^Q\x^K\zK~Q}u\z|zK^K~}\z Fh`ghy\ghij_h[jZah\Zlv \ujZ`_gb_dlbim9DULDQWLZd\ujZ`_gb_9DULDQW ; ^Z_l\ j_amevlZl_\ZjbZgllbidhlhjh]hkhhl\_lkl\m_l j_amevlZlm\ujZ`_gby;Ihke_^g__^he`gh [ulvp_euf\_s_kl\_gguf kljhdhckbf\hehf^_g_`gufbeb[me_\uflbihf Fh`gh lZd`_ ij_h[jZah\u\Zlv lbi 9DULDQW d ^jm]bf lbiZf JZkkfhljbf \ZjbZgl 9 bjZaebqgu_\hafh`gu_^eyg_]hij_h[jZah\Zgby lbih\ 6 , % '
VWULQJ 9 6iylnzxvlné jzxzévry ,QWHJHU 9 ,iylnzéjktuisq jp¡nuy|nsvuyzn %RROHDQ 9 %xvlné qz)DOVHnxsq9xvlné qzqtj·n%éjktv7UXH 'RXEOH 9 'wvsy·jnzotj·ntqn
J_amevlZlu\k_owlbo ij_h[jZah\Zgbc ihemq_gu \ khhl\_lkl\bb k hij_^_e_ggufb ijZ\b eZfbijb\_^_gbylbih\ijbf_gbfuodi_j_f_gguflbiZ9DULDQW>_lZevghij_h[jZah\Zgby lbih\hibkZgu\jmdh\h^kl\_'HOSKL³2EMHFW3DVFDO/DQJXDJH*XLGH´ AZf_lbfqlh\ij_^u^ms_f ijbf_j_y\gh_ij_h[jZah\Zgb_ lbih\g_y\ey_lkyg_h[oh^b fufIjb\_^_gguc gb`_dh^ihk\h_cnmgdpbhgZevghklb b^_glbq_gij_^u^ms_fm 9 6 , % '
9 9 9 9
<wlhfijbf_j_ij_h[jZah\Zgb_ lbih\ijhbkoh^blg_y\ghH^gZdhaZkq_llh]hqlhij_ h[jZah\Zgb_hkms_kl\ey_lky g_ihkj_^kl\_ggh \ijhp_kk_\uiheg_gbyijh]jZffu\__khklZ\ \dexqZ_lkykhhl\_lkl\mxsZy eh]bdZDZdhcf_lh^ij_^ihq_klv aZ\bkblhl\Zk?keblbij_ Zevguo^Zgguo\ZjbZglZ\Zfba\_kl_ggZklZ^bbdhfibeypbbemqr_bkihevah\Zlv y\gh_ij_ h[jZah\Zgb_lbih\dhlhjh_[he__wnn_dlb\gh lZddZd\uihegy_lkygZklZ^bbdhfibeypbb Hkh[_gghkijZ\_^eb\h wlhaZf_qZgb_\l_okemqZyodh]^Z\ZjbZglbkihevam_lky\\ujZ`_gb yoj_qvhdhlhjuoihc^_lgb`_
tNu\\zK~QzK^K~}\zzz^KQ~g
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
9 fzévrj 9 gnsvn 9 999 HQG Bkoh^ybak^_eZggh]h\ur_aZf_qZgbyfh`ghij_^iheh`blv qlh \ j_amevlZl_ [m^_l ih emq_ghp_eh_agZq_gb_H^gZdhwlhg_lZdIhkdhevdm\uqbke_gb_\ujZ`_gbc\uihegy_l kyke_\ZgZijZ\hijbi_j\hfkeh`_gbbkdeZ^u\Zxlky ^\_kljhdbb\j_amevlZl_^he`gZih emqblvkylh`_kljhdZbf_xsZyagZq_gb_ :m`_aZl_fihemq_ggucj_amevlZl[m^_l ij_h[jZah\Zg \p_eh_agZq_gb_bijhkmffbjh\Zg klj_lvbfp_ehqbke_gguf hi_jZg^hf\j_ amevlZl_q_]h[m^_lihemq_ghagZq_gb_ <'HOSKL ^eymki_rgh]h\uiheg_gby\uqbke_gbc^Zggu_lbiZ9DULDQW\k_]^Zij_h[jZam xlkydkZfhfm\ukhdhfmlbim^Zgguoijbkmlkl\mxsbo \\ujZ`_gbbH^gZdhdh]^Z\hi_jZ pbbmqZkl\mxl^\Z\ZjbZglZ^eydhlhjuo'HOSKL g_\khklhygbbih^h[jZlvih^oh^ysbclbi ]_g_jbjm_lky bkdexqbl_evgZy kblmZpby g_\hafh`ghklb ij_h[jZah\Zgby lbiZ \ZjbZglZ
³N}\Q~KQ~Q~KQ~Q1XOO Ke_^m_lhl^_evghh[km^blv^\Zki_pbZevguoagZq_gbyihey97\SHI_j\h_²YDU(PSW\² hagZqZ_lqlh\ZjbZglmihdZg_gZagZq_ghgbdZdh]h agZq_gby Wlh gZqZevgh_ agZq_gb_ \Zjb ZglZdhlhjh_dhfibeylhjmklZgZ\eb\Z_l ijb\oh^_i_j_f_gghc\h[eZklv\b^bfhklb
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
?keb ihlj_[m_lky ijbk\hblv beb kjZ\gblv \ZjbZgl k h^gbf ba wlbo ki_pbZevguo agZq_ gbclh^eywlh]h\fh^me_6\VWHPbf__lky^\Zij_^hij_^_e_gguo \ZjbZglZ² 8QDVVLJQHGb 1XOOmdhlhjuoihey97\SHkhhl\_lkl\_ggh bf_xlagZq_gbyYDU(PSW\bYDU1XOO ¢»½ÌÀ½ØÍÉÄÁÃÂÈÃÊËÃÐÉ¿ÃÍÌÚË»ÌÊÆ»Òý»Í×ÌÚý»ËûÈÍÖtÈÀÃÌÅÆÙÒÀÈÃÀ®¿É¼ ÌͽÉË»¼ÉÍÖýÖÌÉŻھüÅÉÌÍ׿ÉÌÍþ»ÙÍÌÚÑÀÈÉÄνÀÆÃÒÀÈÃÚË»ÂÇÀ˻ûÇÀ¿ÆÀ ÈÃÚË»¼ÉÍÖ½»ÓÀ¾ÉÊËÃÆÉÁÀÈÃÚ¥ËÉÇÀÍɾÉÊɽÖÓ»ÀÍÌÚÌÆÉÁÈÉÌÍ×ÌÉÊËɽÉÁ¿ÀÈÃÚ ÌÉ¿»½»ÀÇɾÉÊËɾ˻ÇÇÈɾÉɼÀÌÊÀÒÀÈÃÚ ÌÍÀÌͽÀÈÈɼֽ»ÙÍÌÃÍλÑÃÃÅɾ¿»¼À ½»ËûÈÍɽÍËοÈÉɼÉÄÍÃÌ×Ò»ÌÍÈÉÌÍüƻ¾É¿»ËÚÃоüÅÉÌÍÃÉÈÿÉÌÍ»ÍÉÒÈÉÓà ËÉÅÉ ÊËÃÇÀÈÚÙÍÌÚ ½ ½ÃÂλÆ×ÈÖÐ ÅÉÇÊÉÈÀÈͻРÉÌɼÀÈÈÉ ½ ØÆÀÇÀÈͻРÎÊË»½ÆÀÈÃÚ $FWLYH; à ÅÉÇÊÉÈÀÈͻР¿ÆÚ Ë»¼ÉÍÖ Ì ¼»Â»Çà ¿»ÈÈÖÐ ÀÇ ÈÀ ÇÀÈÀÀ ½ ¼ÉÆ×ÓÃÈÌͽÀ ÌÆÎÒ»À½ ËÀÅÉÇÀÈ¿ÎÀÍÌÚ Ë»¼ÉÍ»Í× Ì É¼ÖÒÈÖÇà ÍÃÊ»Çà ¿»ÈÈÖÐ ¬Í»Ë»ÄÍÀÌ× ÃÌÊÉÆ×ÂÉ ½»Í×½»ËûÈÍÖÍÉÆ×ÅɽÍÀÐÌÃÍλÑÃÚÐÅɾ¿»¼ÀÂÈÃпÀÄÌͽÃÍÀÆ×ÈÉÈÀÆ×ÂÚɼÉÄÍÃÌ× ÃÅɾ¿»Î½ÀÆÃÒÀÈÃÀË»ÂÇÀ˻ûÇÀ¿ÆÀÈÃÀË»¼ÉÍÖÊËÃÆÉÁÀÈÃÚtË»ÂÎÇÈ»ÚÊƻͻ» ¾Ã¼ÅÉÌÍרÀ»¼Ö½»ÄÍÀÒÍÉÃÌÊÉÆ×Âɽ»ÈÃÀÈÀÉ¿ÈÉÂÈ»ÒÈÖÐÍÃÊɽ¿»ÈÈÖÐÊËýɿÃÍÅ ÊÉÚ½ÆÀÈÃÙÈÀÉ¿ÈÉÂÈ»ÒÈÖÐÉÓüÉÅ
oK^K~}wKNNz JZg__ mihfbgZehkv qlh \ZjbZglu fh]ml ij_^klZ\eylv ]_l_jh]_ggu_ fZkkb\u LZd ke_ ^mxsbcdh^kbglZdkbq_kdb Z[khexlghdhjj_dl_g YDU 9 9DULDQW ,- ,QWHJHU EHJLQ , 9>[email protected] HQG H^gZdhohlydh^bkdhfibebjm_lky [_ahrb[dbijb_]h\uiheg_gbb[m^_lk]_g_jbjh\ZgZ bkdexqbl_evgZy kblmZpbylZddZd\ZjbZgl9g_kh^_j`blfZkkb\Z2EMHFW3DVFDO ij_^hklZ\ey _l g_kdhevdh nmgdpbc iha\heyxsbo kha^Zlv \ZjbZglfZkkb\ \ qZklghklb nmgdpbc 9DU$UUD\&UHDWH b9DU$UUD\2I
·~y9DU$UUD\&UHDWH Nmgdpby9DU$UUD\&UHDWH hij_^_e_gZ\fh^me_6\VWHPke_^mxsbfh[jZahf IXQFWLRQ9DU$UUD\&UHDWH FRQVW%RXQGV DUUD\RI,QWHJHU 9DU7\SH ,QWHJHU 9DULDQW Ijbbkihevah\Zgbb nmgdpbb\dZq_kl\_iZjZf_ljh\_ci_j_^Zxlky]jZgbpukha^Z\Z_fh]h fZkkb\Zbdh^lbiZ\ZjbZglZwe_f_glh\kha^Z\Z_fh]h fZkkb\Z I_j\uciZjZf_ljij_^klZ\ey _l kh[hc hldjuluc fZkkb\ j_qv h dhlhjhf ihc^_l gb`_ \ jZa^_e_ ³I_j_^ZqZ iZjZf_ljh\´ wlhc `_ ]eZ\u GZijbf_j \ ijb\_^_gghf gb`_ njZ]f_gl_ dh^Z kha^Z_lky \ZjbZglfZkkb\ p_euoqbk_eihke_q_]h_]hqe_gZfijbk\Zb\Zxlky lj_[m_fu_agZq_gby YDU 9 9DULDQW EHJLQ 9 9DU$UUD\&UHDWH >@YDU,QWHJHU fvoljtqnujxxqkjqoësnuntzvk 9>@ 9>@
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
9>@ 9>@ HQG H^gZdhwlh_s_g_\k_² i_j_^Z\\dZq_kl\_dh^Z lbi YDU9DULDQW \u kha^Z_l_ \ZjbZgl fZkkb\ \ZjbZglh\ Wlh² fZkkb\ we_f_glu dhlhjh]h fh]ml kh^_j`Zlv agZq_gby jZaguo lb ih\Djhf_lh]hlhqghlZd`_fh`ghkha^Z\Zlvbfgh]hf_jgu_ fZkkb\u^eyq_]h^hklZlhqgh ijhklhmdZaZlv^hihegbl_evgu_ agZq_gby]jZgbpGZijbf_j\ijb\_^_gghf gb`_njZ]f_gl_ dh^Zkha^Z_lky^\mof_jguc\ZjbZglfZkkb\jZaf_jghklvx>@ 9 9DU$UUD\&UHDWH >@YDU,QWHJHU
·~y9DU$UUD\2I WlZnmgdpbyhij_^_e_gZ\fh^me_6\VWHPke_^mxsbfh[jZahf IXQFWLRQ9DU$UUD\2I FRQVW9DOXHV DUUD\RI9DULDQW 9DULDQW HgZ \ha\jZsZ_l h^ghf_jguc fZkkb\ we_f_glu dhlhjh]h [ueb aZ^Zgu \ iZjZf_lj_ 9DOXHVGb`_ijb\_^_gijbf_jkha^ZgbyfZkkb\Zbalj_owe_f_glh\ p_eh]hkljhdbb\_s_ kl\_ggh]hqbkeZ 9 9DU$UUD\2I > 'HOSKL @
·~yu^\Q|^|^Kx\} NzK^K~}KwwKNNzKw Ihfbfhnmgdpbc9DU$UUD\&UHDWH b9DU$UUD\2I bf__lky_s_jy^^jm]bonmgdpbcb ijhp_^mjij_^gZagZq_gguo ^eyjZ[hluk \ZjbZglZfbfZkkb\Zfb Hgb hij_^_e_gu \ fh^me_ 6\VWHPke_^mxsbfh[jZahf SURFHGXUH9DU$UUD\5HGLP YDU$ 9DULDQW +LJK%RXQG ,QWHJHU IXQFWLRQ9DU$UUD\'LP&RXQW FRQVW$ 9DULDQW ,QWHJHU IXQFWLRQ9DU$UUD\/RZ%RXQG FRQVW$ 9DULDQW 'LP ,QWHJHU ,QWHJHU IXQFWLRQ9DU$UUD\+LJK%RXQG FRQVW$ 9DULDQW 'LP ,QWHJHU ,QWHJHU IXQFWLRQ9DU$UUD\/RFN FRQVW$ 9DULDQW 3RLQWHU SURFHGXUH9DU$UUD\8QORFN FRQVW$ 9DULDQW IXQFWLRQ9DU$UUD\5HI FRQVW$ 9DULDQW 9DULDQW IXQFWLRQ9DU,V$UUD\ FRQVW$ 9DULDQW %RROHDQ Nmgdpby9DU$UUD\5HGLP iha\hey_lbaf_gylv\_jogxx]jZgbpmjZaf_jghklbkZfh]h\Z jbZglZfZkkb\Z Nmgdpby 9DU$UUD\'LP&RXQW \ha\jZsZ_l jZaf_jghklv \ZjbZglZfZkkb\Z Z nmgdpbb 9DU$UUD\/RZ%RXQG b 9DU$UUD\+LJK%RXQG ² khhl\_lkl\_ggh \ha\jZsZxl gb` gxxb\_jogxx]jZgbpu\ZjbZglZfZkkb\ZKi_pbZebabjh\Zggu_ nmgdpbb9DU$UUD\/RFN b 9DU$UUD\8QORFN ih^jh[g__h[km`^Zxlky\ke_^mxs_fjZa^_e_ Nmgdpby9DU$UUD\5HI g_h[oh^bfZ^eyi_j_^Zqb\ZjbZglh\fZkkb\h\k_j\_jmZ\lhfZlb aZpbb2/( Ijh[e_fu\hagbdZxl\lhfkemqZ__keb\f_lh^Z\lhfZlbaZpbb \dZq_kl\_iZjZ f_ljZi_j_^Z_lky\ZjbZglkh^_j`Zsbc\ZjbZglfZkkb\GZijbf_j 6HUYHU3DVV9DULDQW$UUD\ 9$
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
F_`^mi_j_^Zq_c\ZjbZglZfZkkb\Z b i_j_^Zq_c \ZjbZglZ kh^_j`Zs_]h \ZjbZglfZkkb\ bf_xlkykms_kl\_ggu_ jZaebqby?kebk_j\_jmi_j_^Zlv\ZjbZglfZkkb\Zg_kkuedmgZih ^h[guch[t_dllhijbbkihevah\Zgbb ijb\_^_gghc \ur_aZibkbk_j\_j\u^Zklkhh[s_gb_h[ hrb[d_ Nmgdpby 9DU$UUD\5HI ij_^gZagZq_gZ ^ey ijb\_^_gby i_j_^Z\Z_fh]h agZq_gby d \b^mblbimh`b^Z_fhfmk_j\_jhf 6HUYHU3DVV9DULDQW$UUD\ 9DU$UUD\5HI 9$ Nmgdpby 9DU,V$UUD\ ij_^klZ\ey_l kh[hc ijhklmx ijh\_jdm \ha\jZsZxsmx agZq_gb_ 7UXH_kebi_j_^Z\Z_fuc _ciZjZf_ljij_^klZ\ey_l kh[hcfZkkb\
t~KKx\
\{\wKNNzKNu\w\~y 9DU$UUD\/RFN u^\Q|^9DU$UUD\8QORFN @9DU%\WH A^_kv kha^Z_lky \ZjbZglfZkkb\ jZaf_jhf \ [Zcl Ij_^iheh`bf qlh kms_kl\m_l ^jm]hch[uqgucfZkkb\lh]h`_jZaf_jZbg_h[oh^bfh kdhibjh\Zlv_]hkh^_j`bfh_\kha ^Zgguc\ZjbZglfZkkb\?kl_kl\_ggucimlvlZdh]hdhibjh\Zgby²pbdeih^h[guclhfmdh lhjucijb\_^_ggb`_ EHJLQ 9 9DU$UUD\&UHDWH >@9DU%\WH IRUL WRGR 9>[email protected] $>[email protected] HQG Ijh[e_fZ ijb wlhf aZdexqZ_lky \ h]jhfghc b kh\_jr_ggh baebrg_c jZ[hl_ ijh]jZffu ih hij_^_e_gbx lbiZ b kh\f_klbfhklb dZ`^h]h we_f_glZ _]h bgbpbZebaZpbb b ^j Kmlv \ lhfqlhijbk\h_gb_agZq_gbcwe_f_glZffZkkb\Zhkms_kl\ey_lky \h\j_fy\uiheg_gbyijh ]jZffu>eybkdexq_gby\uiheg_gby\k_og_gm`guoijh\_jhdijbjZ[hl_ijh]jZffuij_^ gZagZq_gunmgdpby9DU$UUD\/RFN bijhp_^mjZ9DU$UUD\8QORFN Nmgdpby9DU$UUD\/RFN [ehdbjm_lfZkkb\\iZfylblZdqlhg_evay[m^_li_j_f_klblv_]h beb baf_gblv _]h jZaf_ju HgZ \ha\jZsZ_l mdZaZl_ev gZ ^Zggu_ fZkkb\Z Ijhp_^mjZ 9DU$UUD\8QORFN ^_[ehdbjm_l fZkkb\ jZaj_rZy _]h i_j_f_s_gb_ \ iZfylb b baf_g_gb_ _]h jZaf_jh\Ihke_[ehdbjh\dbfZkkb\Z^eyaZiheg_gby_]h^Zggufbfh`gh\hkihevah\Zlvky [he__ wnn_dlb\gufb f_lh^ZfbgZijbf_jlZdbfbdZdijhp_^mjZ0RYH Ijb\_^_ggucgb`_ijbf_j iha\hey_lbgbpbZebabjh\Zlv lhl`_fZkkb\agZqbl_evgh[he__wnn_dlb\guff_lh^hf EHJLQ 9 9DU$UUD\&UHDWH >@9DU%\WH 3 9DU$UUD\/RFN 9 WU\ 0RYH $3A
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ILQDOO\ 9DU$UUD\8QORFN 9 HQG HQG
·~y|^Kx\}NzK^K~}Kw Kms_kl\m_l _s_ jy^ nmgdpbc b ijhp_^mj ij_^gZagZq_gguo ^ey jZ[hlu k \ZjbZglZfb Gb`_ijb\_^_gubohij_^_e_gby\fh^me_6\VWHP SURFHGXUH9DU&OHDU YDU9 9DULDQW SURFHGXUH9DU&RS\ YDU'HVW 9DULDQW FRQVW6RXUFH 9DULDQW SURFHGXUH9DU&DVW YDU'HVW 9DULDQW FRQVW6RXUFH 9DULDQW 9DU7\SH ,QWHJHU IXQFWLRQ9DU7\SH FRQVW9 9DULDQW ,QWHJHU IXQFWLRQ9DU$V7\SH FRQVW9 9DULDQW 9DU7\SH ,QWHJHU 9DULDQW IXQFWLRQ9DU,V(PSW\ FRQVW9 9DULDQW %RROHDQ IXQFWLRQ9DU,V1XOO FRQVW9 9DULDQW %RROHDQ IXQFWLRQ9DU7R6WU FRQVW9 9DULDQW VWULQJ IXQFWLRQ9DU)URP'DWH7LPH 'DWH7LPH 7'DWH7LPH 9DULDQW IXQFWLRQ9DU7R'DWH7LPH FRQVW9 9DULDQW 7'DWH7LPH Ijhp_^mjZ 9DU&OHDU hqbsZ_l \ZjbZgl b ihf_sZ_l \ ihe_ 97\SH agZq_gb_ YDU(PSW\ Ijhp_^mjZ9DU&RS\ dhibjm_l\ZjbZgl6RXUFH\\ZjbZgl'HVWIjhp_^mjZ9DU&DVW ij_^gZ agZq_gZ ^ey ij_h[jZah\Zgby \ZjbZglZ d g_dhlhjhfm lbim b khojZg_gby j_amevlZlZ \ ^jm]hf \ZjbZgl_ Nmgdpby 9DU7\SH \ha\jZsZ_l agZq_gb_ dh^Z YDU;;;; ^ey aZ^Zggh]h \ZjbZglZ Nmgdpby 9DU$V7\SH bf__l lh `_ kZfh_ gZagZq_gb_ qlh b ijhp_^mjZ 9DU&DVW Nmgdpby 9DU,V(PSW\ \ha\jZsZ_lagZq_gb_7UXH_kebihe_97\SH\ZjbZglZjZ\gh YDU(PSW\ Z nmgd pby 9DU,V1XOO \ha\jZsZ_l wlh `_ agZq_gb_ _keb ^Zggh_ ihe_ jZ\gh YDU1XOO Nmgdpby 9DU7R6WU dhg\_jlbjm_l \ZjbZgl\kljhdm imklmx_keb\ZjbZglimklbebgme_\hc Kihfhsvxnmgdpbb9DU)URP'DWH7LPH kha^Z_lky\ZjbZglkh^_j`Zsbc aZ^Zggh_agZ q_gb_ lbiZ 7'DWH7LPH Nmgdpby 9DU7R'DWH7LPH \ha\jZsZ_l agZq_gb_ lbiZ 7'DWH7LPH kh^_j`Zs__ky\mdZaZgghf\ZjbZgl_
µu|K~~g2OH9DULDQW Lbi ^Zgguo 2OH9DULDQW ijZdlbq_kdb \h \k_f b^_glbq_g jZkkfhlj_gghfm \ur_ lbim 9DULDQWaZh^gbfbkdexq_gb_f ² hg^himkdZ_llhevdhl_lbiu^Zgguodhlhju_kh\f_k lbfukhkj_^kl\ZfbZ\lhfZlbaZpbb 2/( <gZklhys__\j_fy_^bgkl\_ggh_ hlebqb_ijhy\ ey_lkyijbjZ[hl_khkljhdZfb lbiYDU6WULQJij_^gZagZq_g ^eykljhdlbiZ$QVL6WULQJ < lh \j_fy dZd lbi 9DULDQW jZ[hlZ_l k ih^jh[gufb kljhdZfb ijb ijbk\h_gbb kljhdh\h]h agZq_gby lbiZ $QVL6WULQJ i_j_f_gghc lbiZ 2OH9DULDQW ijhbkoh^bl Z\lhfZlbq_kdh_ dhg \_jlbjh\Zgb_ wlhckljhdb\lbi2/(%675bkhojZg_gb_ __\\ZjbZgl_dZdlbiYDU2OH6WU
µu|K~~g&XUUHQF\ Wlhllbi\i_j\u_[ue\\_^_g\'HOSKLbij_^klZ\ey_l kh[hc^_kylbqgh_ qbkehknbd kbjh\Zgghc lhqdhcbf_xs__agZqZsbopbnj^h^_kylbqghclhqdbbihke_Wlhlnhj fZl b^_Zevgh ih^oh^bl ^ey nbgZgkh\uo \uqbke_gbc ihkdhevdm k\h[h^_g hl hrb[hd hd
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
jm]e_gby k\hckl\_gguo hi_jZpbyf k ieZ\Zxsbfb qbkeZfb GZklhyl_evgh j_dhf_g^m_f baf_gblv\k_mqZkl\mxsb_ \nbgZgkh\uo jZkq_lZoi_j_f_ggu_ lbih\6LQJOH5HDO'RXEOH b([WHQGHGgZlbi&XUUHQF\
³\\zK}QNyQ}u|K~~g LZdbo lbih\ dZd p_eu_ kljhdb b \_s_kl\_ggu_ qbkeZ aZqZklmx g_^hklZlhqgh ^ey Z^_d\Zlgh]h ij_^klZ\e_gby ^Zgguokdhlhjufbijboh^blky bf_lv^_ehijbj_r_gbbj_ ZevguoaZ^ZqQZklhg_h[oh^bfh bkihevah\Zlv b^jm]b_lbiu^Zgguo[he__lhqghhljZ `Zxsb_ j_Zevgmx ^_ckl\bl_evghklv fh^_ebjm_fmx dhgdj_lghc ijh]jZffhc < 2EMHFW 3DVFDO ih^h[gu_ ihevah\Zl_evkdb_ lbiu ^Zgguo h[uqgh ijbgbfZxl \b^ aZibk_c beb h[t_dlh\H[ty\e_gb_ wlbolbih\ijhba\h^blkykihfhsvxdexq_\h]h keh\Z7\SH
±KNNz 2EMHFW 3DVFDO iha\hey_l kha^Z\Zlv fZkkb\u i_j_f_gguo ex[h]h lbiZ djhf_ nZceh\ GZijbf_jgb`_h[ty\ey_lky i_j_f_ggZy ij_^klZ\eyxsZy kh[hcfZkkb\ba\hkvfbp_euo qbk_e YDU $ $UUD\>@RI,QWHJHU LZdhchi_jZlhjwd\b\Ze_gl_g ke_^mxs_fmh[ty\e_gbx\yaud_& LQW$>@ Khhl\_lkl\mxsbc hi_jZlhjyaudZ9LVXDO%DVLF \u]ey^blke_^mxsbfh[jZahf 'LP$ DV,QWHJHU FZkkb\u 2EMHFW 3DVFDO bf_xl h^gh kms_kl\_ggh_ hlebqb_ hl fZkkb\h\ yaudh\ & beb 9LVXDO%DVLF bfgh]bo^jm]boyaudh\ ²hgbg_^he`gugZqbgZlvkykhij_^_e_ggh ]hghf_jZ we_f_glZGZijbf_jfh`ghhij_^_eblvfZkkb\balj_owe_f_glh\gZqbgZxsbcky kwe_f_glZ ih^ghf_jhf YDU $ $UUD\>@RI,QWHJHU Ihkdhevdm \ 2EMHFW 3DVFDO we_f_glu fZkkb\Z g_ h[yaZl_evgh gZqbgZxlky k gme_\h]h beb i_j\h]hwe_f_glZke_^m_lijbgbfZlvg_h[oh^bfu_ f_juijbhj]ZgbaZpbbbl_jZpbcgZijb f_j\pbde_IRU>eywlh]hdhfibeylhjij_^hklZ\ey_l ^\_\kljh_ggu_nmgdpbb² +LJK b /RZ \ha\jZsZxsb_ \_jogxxbgb`gxx]jZgbpuaZ^Zggh]hfZkkb\ZIjh]jZffZ[m^_l[h e__mklhcqb\Zdhrb[dZfb\hafh`gufbaf_g_gbyfhibkZgbyfZkkb\Z_keb\g_c[m^mlbk ihevah\Zlvky wlbnmgdpbbGZijbf_j YDU $ DUUD\>@RI,QWHJHU L ,QWHJHU EHJLQ IRUL /RZ $ WR+LJK $ GRËnqxwvsoypznkwjéjunzéj}|qrsj rvtrénzt}·qxsvk}otj·ntqp $>[email protected] L HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ÌÀ¾¿» È»ÒÃÈ»ÄÍÀ Ç»ÌÌÃ½Ö ÌÃǽÉÆɽ Ì ÈÎÆÀ½É¾É ØÆÀÇÀÈÍ»t Í»ÅÃÀ Ç»ÌÌÃ½Ö ÇɾÎÍ ¼ÖÍ×ÊÀËÀ¿»ÈֽŻÒÀÌͽÀʻ˻ÇÀÍËɽÏÎÈÅÑÃÚÇÃÌÊÉÆ×ÂÎÙÔÃÇʻ˻ÇÀÍËÖÌÍÃÊÉÇ 3&KDU¸ÍÉtÉÌɼ»Ú¿ÉÊÉÆÈÃÍÀÆ×ȻڽÉÂÇÉÁÈÉÌÍ×ÊËÀ¿ÉÌÍ»½ÆÚÀÇ»ÚÅÉÇÊÃÆÚÍÉËÉÇ >eyhij_^_e_gbyfgh]hf_jguo fZkkb\h\\hibkZgbbbkihevam_lkyi_j_qbke_gb_ hibkZgby jZaf_jghkl_c hl^_ey_fuoaZiylufb YDU bky}unétpujxxqk|ns}·qxns $ $UUD\>@RI,QWHJHU >ey ^hklmiZ d we_f_glZf lZdh]h fZkkb\Z bkihevamxlky bg^_dku aZ^Z\Z_fu_ q_j_a aZiylmx , $>@
q~KwQNyQwKNNz >bgZfbq_kdb_ fZkkb\u² wlh fZkkb\u iZfylv ^ey dhlhjuo \u^_ey_lky ^bgZfbq_kdb b jZaf_jghklvdhlhjuog_ba\_klgZaZjZg__\h\j_fydhfibeypbb>eyh[ty\e_gbylZdh]hfZk kb\Zbkihevam_lky h[uqgh_hibkZgb_gh[_amdZaZgbyjZaf_jghklb fZkkb\Z YDU bqtjuq·nxrqpujxxqkxzévr 6$ DUUD\RIVWULQJ I_j_^ bkihevah\Zgb_f lZdh]h fZkkb\Z g_h[oh^bfh hij_^_eblv _]h jZaf_j k ihfhsvx ijhp_^mju6HW/HQJWK dhlhjZy\uihegbljZkij_^_e_gb_ iZfylb^eyfZkkb\Z EHJLQ Ælnsntqnwju¹zqls¹ësnuntzvk 6HW/HQJWK 6$ Ihke_wlh]hfh`ghjZ[hlZlvkwe_f_glZfb^Zggh]hfZkkb\ZlZd`_dZdkwe_f_glZfbex [h]h^jm]h]hfZkkb\Z 6$>@ 3RRKOLNHVKXQQ\ 2WKHU6WULQJ 6$>@ ÃÈ»ÇÃÒÀÌÅÃÀÇ»ÌÌýֽÌÀ¾¿»È»ÒÃÈ»ÙÍÌÚÌÈÎÆÀ½É¾ÉØÆÀÇÀÈÍ»
>bgZfbq_kdb_ fZkkb\u²wlhlbi^ZgguokmijZ\ey_fuf \j_f_g_f`bagbihwlhfmfh` ghg_aZ[hlblvkyhk\h_\j_f_gghf hk\h[h`^_gbb \u^_e_gghcbfiZfylbHgZ[m^_lhk\h[h `^_gZ Z\lhfZlbq_kdb dh]^Z ^ZggZy i_j_f_ggZy ihdbg_l h[eZklv \b^bfhklb H^gZdh wlh g_ agZqbl qlh g_evay kZfhklhyl_evgh hk\h[h^blv iZfylv ijb g_h[oh^bfhklb gZijbf_j _keb fZkkb\bkihevah\Zekebrdhf[hevrh___dhebq_kl\h >eywlh]h^hklZlhqghijhklhijbk\h blvfZkkb\magZq_gb_QLO 6$ QLO Ìxkviv lntqnklnsnttvpujxxqkywju¹zq
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
>eykha^Zgby^bgZfbq_kdbo fZkkb\h\bkihevam_lky l_ogheh]by kkuehd dZd gZijbf_j \ kemqZ_lbiZ$QVL6WULQJ @ihke_\u iheg_gbyijb\_^_ggh]h gb`_njZ]f_glZ"´ YDU $$ DUUD\RI,QWHJHU EHJLQ 6HW/HQJWK $ $ $ $>@ $>@ IjZ\bevguchl\_l² Ihkdhevdmijbk\h_gb_$ $ijb\h^bldlhfmqlhb$b$ kkueZxlkygZh^bgblhl`_fZkkb\\iZfylblhbaf_g_gb_we_f_glZfZkkb\Z$ijb\h^bld baf_g_gbxkhhl\_lkl\mxs_]h we_f_glZfZkkb\Z$ \ijhq_f[he__lhqguf[m^_lml\_j`^_ gb_qlhwlhijhklhh^bgblhl`_we_f_gl ?keb`_lj_[m_lkykha^Zlvbf_gghdhibxfZkkb \Z\hkihevamcl_kv klZg^Zjlghcijhp_^mjhc&RS\ $ &RS\ $ Ihke_ wlh]h [m^_l kha^ZgZ dhiby fZkkb\Z baf_g_gby \ dhlhjhc g_ hdZau\Zxl gbdZdh]h \ebygbygZ^Zggu_\bkoh^ghffZkkb\_Fh`ghlZd`_kdhibjh\Zlvg_\_kvfZkkb\Zlhevdh g_dhlhjuc^bZiZahg_]hwe_f_glh\dZdihdZaZgh\ijb\_^_gghf ijbf_j_]^_dhibjmxlky^\Z we_f_glZgZqbgZyki_j\h]h $ &RS\ $ Çvwqéyízx¹lkjësnuntzjtj·qtj¹xwnékvmv >bgZfbq_kdb_ fZkkb\u fh]ml [ulv fgh]hf_jgufb >ey hij_^_e_gby lZdh]h fZkkb\Z ^h [Z\vl_^hihegbl_evgh_ hibkZgb_DUUD\RI^eydZ`^hc^hihegbl_evghc jZaf_jghklb YDU bky}unétplqtjuq·nxrqpujxxqk|ns}·qxns ,$ DUUD\RIDUUD\RI,QWHJHU Ijb \u^_e_gbb iZfylb ^ey fgh]hf_jgh]h ^bgZfbq_kdh]h fZkkb\Z nmgdpbb 6HW/HQJWK ke_^m_li_j_^Zlv^hihegbl_evguc iZjZf_lj EHJLQ ,$iylnzujxxqkvu|ns}·qxnséjounétvxzí[ 6HW/HQJWK ,$ H[jZs_gb_ d we_f_glZf fgh]hf_jgh]h ^bgZfbq_kdh]h fZkkb\Z gbq_f g_ hlebqZ_lky hl h[jZs_gbydwe_f_glZfh[uqgh]hfZkkb\Z ,$>@
sKuN Kljmdlmjuhij_^_ey_fu_ ihevah\Zl_e_f \ 2EMHFW 3DVFDO gZau\Zxlky aZibkyfb UHFRUG Hgbwd\b\Ze_glgu lbiZf^ZgguoVWUXFW\yaud_&beb7\SH²\yaud_9LVXDO%DVLF ^3DVFDO` 7\SH 0\5HF UHFRUG L ,QWHJHU
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
G 'RXEOH HQG & W\SHGHIVWUXFW^ LQWL GRXEOHG `0\5HF
9LVXDO%DVLF 7\SH0\5HF L$V,QWHJHU G$V'RXEOH (QG7\SH IjbjZ[hl_kaZibkyfb^hklmidboiheyfh[_ki_qb\Z_lky kihfhsvxlhqdb YDU 1 0\5HF EHJLQ 1L 1G HQG 2EMHFW 3DVFDO lZd`_ ih^^_j`b\Z_l \ZjbZglgu_ aZibkb YDULDQW UHFRUGV dhlhju_ h[_ki_ qb\ZxlojZg_gb_jZaghlbiguo^Zgguo\h^ghcblhc`_h[eZklbiZfylbG_imlZcl_wlbaZ ibkbkjZkkfhlj_gguf \ur_lbihf9DULDQW²\ZjbZglgu_aZibkbiha\heyxlg_aZ\bkbfhih emqZlv^hklmiddZ`^hfmbai_j_dju\Zxsboky ihe_c ^Zgguo ?keb \u agZdhfu k yaudhf & beb& lhfh`_l_ihgbfZlv \ZjbZglgu_ aZibkb dZd ZgZeh] dhgp_ipbb XQLRQ \ kljmdlmjZo yaudZ&beb&Ijb\_^_gguc gb`_dh^ihdZau\Z_l\ZjbZglgmxaZibkv\dhlhjhciheylb iZ'RXEOH,QWHJHUb&KDUaZgbfZxlh^gmblm`_h[eZklviZfylb W\SH 79DULDQW5HFRUG UHFRUG 1XOO6WU)LHOG 3&KDU ,QW)LHOG ,QWHJHU FDVH,QWHJHURI ' 'RXEOH , ,QWHJHU & FKDU HQG »ËûÈÍÈ»ÚÒ»ÌÍ×»ÊÃÌÃÈÀÇÉÁÀͼÖÍ×ÊËÀ¿ÌÍ»½ÆÀÈ»ÍÃÊÉÇ¿»ÈÈÖÐÌÎÊË»½ÆÚÀÇÖÇ ½ËÀÇÀÈÀÇÁÃÂÈÃ
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
LQW,QW)LHOG XQLRQ ^ GRXEOH' LQWL FKDUF ` `
±~\QN}zK Fgh`_kl\Z² mgbdZevguc ^ey yaudZ 3DVFDO lbi ^Zgguo dhlhjuc g_ bf__l ZgZeh]h\ \ yaudZo9LVXDO%DVLF& beb& ohly\%RUODQG&%XLOGHU j_Zebah\ZgrZ[ehggucdeZkk6HW wfmebjmxsbc ih\_^_gb_fgh`_kl\\3DVFDO Fgh`_kl\Zh[_ki_qb\Zxl wnn_dlb\guc kihkh[ ij_^klZ\e_gby dhee_dpbc qbk_e kbf\heh\ beb ^jm]bo i_j_qbkebfuo agZq_gbc Gh\uc lbi fgh`_kl\Zfh`ghhij_^_eblvkihfhsvxdexq_\h]hkeh\ZVHWRIkmdZaZgb_fi_j_qbkebfh ]hlbiZbeb^bZiZahgZ\g_dhlhjhffgh`_kl\_^himklbfuoagZq_gbc W\SH 7&KDU6HW VHWRIFKDU bvwyxzqunësnuntz 7(QXP 0RQGD\7XHVGD\:HGQHVGD\7KXUVGD\)ULGD\ 7(QXP6HW VHWRI7(QXP Îv nzxvlné jzsíiyírvuiqtj|qí·sntvk7(QXP 76XEUDQJH6HW VHWRI bvwyxzqunësnuntz 7$OSKD6HW VHWRI $ ] bvwyxzqunësnuntz $ ]
AZf_lbfqlhfgh`_kl\hfh`_lkh^_j`Zlvlhevdh^hwe_f_glh\Djhf_lh]h\fgh`_ kl\Zoihke_dexq_\h]hkeh\Z VHWRI fh]ml mdZau\Zlvky lhevdh i_j_qbkebfu_ lbiu ^Zgguo LZdbfh[jZahfke_^mxsb_h[ty\e_gbyg_dhjj_dlgu W\SH 7,QW6HW VHWRI,QWHJHU fsq¡rvuutvmvësnuntzvk 76WU6HW VHWRIVWULQJ Ënwnén·qxsqupzqwljtt}
tNu\\zK~Qw~\QN}z >eykkuedbgZwe_f_glfgh`_kl\Zbkihevamxlkyd\Z^jZlgu_kdh[dbIjb\_^_ggucgb`_ijb f_j^_fhgkljbjm_l h[ty\e_gb_fgh`_kl\Zbijbk\h_gb_agZq_gbc_]hwe_f_glZf W\SH 7&KDU6HW VHWRIFKDU bvwyxzqun·snt 7(QXP 0RQGD\7XHVGD\:HGQHVGD\7KXUVGD\)ULGD\6DWXUGD\6XQGD\ 7(QXP6HW VHWRI7(QXP Îv nzxvlné jzsíiyírvuiqtj|qí·sntvk7(QXP
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
YDU &KDU6HW 7&KDU6HW (QXP6HW 7(QXP6HW 6XEUDQJH6HW VHWRI bvwyxzqun·snt $OSKD6HW VHWRI $ ] bvwyxzqun·snt $ ]
EHJLQ &KDU6HW > $ - D P @ (QXP6HW >6DWXUGD\6XQGD\@ 6XEUDQJH6HW >@ $OSKD6HW >@ Íyxzvnutv nxzkv HQG
6uQ^K}\^^Kx\}Nw~\QN}zKw 2EMHFW3DVFDO ij_^hklZ\ey_l g_kdhevdhhi_jZlhjh\^eyjZ[hlukfgh`_kl\Zfb gZijbf_j ^eyhij_^_e_gby ijbgZ^e_`ghklb d fgh`_kl\m ^h[Z\e_gby beb m^Ze_gby we_f_glh\ b i_j_ k_q_gbyfgh`_kl\
³^\zQ^yKu^~K|Q~\N}yw~\QN}z Hi_jZlhjLQbkihevam_lky^eyhij_^_e_gby\oh^bleb^Zggucwe_f_gl\khklZ\lh]hbeb bgh]hfgh`_kl\ZGZijbf_jke_^mxsbcdh^bkihevam_lky^eyhij_^_e_gbylh]hkh^_j`blky ebkbf\he 6 \fgh`_kl\_&KDU6HW LI 6 LQ&KDU6HWWKHQ Ënrvzvénlnpxzkq¹ < ijb\_^_gghf gb`_ ijbf_j_ hkms_kl\ey_lky ijh\_jdZ hlkmlkl\by qe_gZ 0RQGD\ \ fgh `_kl\_(QXP6HW LIQRW 0RQGD\LQ(QXP6HW WKHQ Ënrvzvénlnpxzkq¹
q\xKzQ~Q|KQ~QQwQ~}\zw~\QN}z Hi_jZlhjubbebijhp_^mju,QFOXGH b([FOXGH fh]ml[ulvbkihevah\Zgu ^ey^h [Z\e_gbybebm^Ze_gbywe_f_glh\fgh`_kl\ ,QFOXGH &KDU6HW D bvijksntqn D kutv nxzkv &KDU6HW &KDU6HW> E @ bvijksntqn E kutv nxzkv ([FOXGH &KDU6HW [ Ïljsntqn [ qoutv nxzkj &KDU6HW &KDU6HW> \ ] @ Ïljsntqn \ q ] qoutv nxzkj À¿À¾¿ÀÍÉÆ×ÅÉØÍɽÉÂÇÉÁÈÉ¿Æڿɼ»½ÆÀÈÃÚÃÆÃο»ÆÀÈÃÚØÆÀÇÀÈÍɽÃÂÇÈÉÁÀ Ìͽ»½ÇÀÌÍÉÉÊÀË»ÍÉËɽÃÃÌÊÉÆ×ÂÎÄÍÀÊËÉÑÀ¿ÎËÖ,QFOXGH Ã([FOXGH ¥» Á¿»Ú àØÍÃÐ ÊËÉÑÀ¿ÎË ËÀ»ÆÃÂÎÀÍÌÚ É¿ÈÉÄ Ç»ÓÃÈÈÉÄ ÅÉǻȿÉÄ ½ ÍÉ ½ËÀÇÚ Å»Å ¿ÆÚ ËÀ»ÆûÑÃÃÉÊÀË»ÍÉËɽÃÍËÀ¼ÎÀÍÌÚÊÉQÅÉǻȿ ¿ÀÌ×QtÅÉÆÃÒÀÌͽɼà Íɽ½ÇÈÉÁÀÌͽÀ
³Q^QNQQ~Qw~\QN}z Hi_jZlhj bkihevam_lky^ey \uqbke_gby i_j_k_q_gby ^\mo fgh`_kl\ < j_amevlZl_ hi_ jZpbb 6HW 6HW ihemqZ_lky fgh`_kl\h k we_f_glZfb kh^_j`Zsbfbky \ h[hbo fgh`_kl
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
\Zoh^gh\j_f_ggh Ijb\_^_gguc gb`_dh^y\ey_lkywnn_dlb\guf kihkh[hfhij_^_e_gbylh ]hkh^_j`blebfgh`_kl\hg_kdhevdhaZ^Zgguowe_f_glh\ LI> D E F @ &KDU6HW > D E F @WKHQ Ënrvzvénlnpxzkq¹
6xQy} H[t_dlu \ 2EMHFW 3DVFDO fh`gh ij_^klZ\blv dZd aZibkb dhlhju_ ihfbfh ^Zgguo kh ^_j`Zlnmgdpbbbijhp_^mjuGhihkdhevdmh[t_dlgZyfh^_ev'HOSKL ^_lZevghh[km`^Z_l ky \ jZa^_e_ ³Bkihevah\Zgb_ h[t_dlh\ 'HOSKL´ gZklhys_c ]eZ\u a^_kv fu jZkkfhljbf lhevdh hkgh\u kbglZdkbkZ h[ty\e_gby h[t_dlh\ 2EMHFW 3DVFDO H[t_dl h[ty\ey_lky ke_ ^mxsbfh[jZahf 7\SH 7&KLOG2EMHFW FODVV 73DUHQW2EMHFW 6RPH9DU ,QWHJHU SURFHGXUH6RPH3URF HQG Ohly h[t_dlu 'HOSKL g_ kh\k_f b^_glbqgu h[t_dlZf yaudZ & wlh h[ty\e_gb_ hq_gv [ebadhdhibkZgbxbkihevam_fhfm \yaud_& FODVV7&KLOG2EMHFW SXEOLF73DUHQW2EMHFW ^ LQW6RPH9DU YRLG6RPH3URF ` F_lh^uhij_^_eyxlky lZd`_dZdbh[uqgu_ijhp_^mjubnmgdpbb hdhlhjuoj_qvihc ^_liha^g__\jZa^_e_³Ijhp_^mjubnmgdpbb´wlhc`_]eZ\u ?^bgkl\_ggh_ hlebqb_²wlh ^h[Z\e_gb_bf_gbh[t_dlZblhqdbi_j_^bf_g_ff_lh^Z SURFHGXUH7&KLOG2EMHFW6RPH3URF EHJLQ ^rvlwév|nlyé` HQG Kbf\helhqdb\2EMHFW3DVFDO ihk\h_cnmgdpbhgZevghklb ihoh`gZhi_jZlhj³´\yau d_9LVXDO%DVLF bebgZhi_jZlhj³ ´\yaud_&Ke_^m_lhlf_lblvqlhohly\k_ljbyau dZiha\heyxlbkihevah\Zlv deZkkulhevdh2EMHFW3DVFDO b&iha\heyxlkha^Z\Zlvgh\u_ deZkku iheghklvx khhl\_lkl\mxsb_ iZjZ^b]f_ h[t_dlghhjb_glbjh\Zg gh]h ijh]jZffb jh\Zgby «»ÂÇÀÔÀÈÃÀ ɼÕÀÅÍɽ 2EMHFW 3DVFDO ½ Ê»ÇÚÍà ÉÍÆÃÒ»ÀÍÌÚ ÉÍ Ë»ÂÇÀÔÀÈÃÚ ÅÆ»ÌÌɽ & à ÊÉØÍÉÇÎ ÈÀ½ÉÂÇÉÁÈÉ ÃÌÊÉÆ×Âɽ»Í× É¼ÕÀÅÍÖ & ÈÀÊÉÌËÀ¿ÌͽÀÈÈÉ ½ 'HOSKL ÃÆÃȻɼÉËÉ;ƻ½ÀpÉÊÉÆÈÃÍÀÆ×ÈÖÄÃÈÌÍËÎÇÀÈÍ»ËÃÄË»ÂË»¼ÉÍÒÃÅ»qÊÉŻ»Ȼ ÍÀÐÈÉÆɾÃÚ˻¿ÀÆÀÈÃÚɼÕÀÅÍɽÇÀÁ¿Î&Ã'HOSKL £ÌÅÆÙÒÀÈÃÀÇ Ú½ÆÚÙÍÌÚ ÉÊÃÌ»ÈÈÖÀ ŻŠBBGHFOVSHF GHOSKLFODVV ÅÆ»ÌÌÖ %RUODQG &%XLOGHUÅÉÍÉËÖÀÌɽÇÀÌÍÃÇÖÌɼÕÀÅÍ»ÇÃ'HOSKL ÈÉÈÀÌɽÇÀÌÍÃÇÖÌɼÖÒÈÖÇà ÅÆ»ÌÌ»ÇÃ&
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
¶yKK}Q MdZaZl_ev SRLQWHU ij_^klZ\ey_l kh[hc i_j_f_ggmx kh^_j`Zsmx f_klhiheh`_gb_ Z^j_k yq_cdbiZfylbKijbf_jhfmdZaZl_eyfum`_klZedb\Zebkv\wlhc]eZ\_dh]^ZjZkkfZljb\Zeb lbi3&KDUH[sbclbimdZaZl_ey\2EMHFW3DVFDO bf__lgZa\Zgb_3RLQWHU² g_lbibabjh\Zgguc mdZaZl_ev dhlhjuc kh^_j`bl Z^j_k g_dh_]h f_klZ \ iZfylb ijb wlhf dhfibeylhjm gbq_]h g_ ba\_klgh h ^Zgguo jZkiheZ]Zxsboky ih wlhfm Z^j_km H^gZdh ijbf_g_gb_ lZdbo ³mdZaZl_e_c \hh[s_´ijhlb\hj_qbl dhgp_ipbbkljh]h]hdhgljheylbih\Zihlhfm\Zf\hkgh\ghfijb^_lky bf_lv^_ehklbibabjh\Zggufb mdZaZl_eyfbl_kmdZaZl_eyfbgZ^Zggu_dhgdj_lgh]hlbiZ ®Å»Â»ÍÀÆÃt ÍÀÇ» ¿ÉÌÍ»ÍÉÒÈÉ ÌÆÉÁÈ»Ú ¿ÆÚ ÈɽÃÒÅ» à ÇÉÁÈÉ ÊÃÌ»Í× ÊËÃÆÉÁÀÈÃÚ 'HOSKLÈÀ¼Î¿ÎÒÿÉÌÅÉÈ»Æ×ÈÉÌÈÀÄÂÈ»ÅÉÇÖÇ©¿È»ÅÉÊÉÇÀËÀÀÀÉ̽ÉÀÈÃÚÎŻ» ÍÀÆÃÇɾÎÍÌÍ»Í×É¿ÈÃÇÃÂÌ»ÇÖÐÇÉÔÈÖÐÃÈÌÍËÎÇÀÈÍɽÊËɾ˻ÇÇÃËɽ»ÈÃÚ¿ÉÌÍÎÊ ÈÖн'HOSKL Lbibabjh\Zggu_ mdZaZl_eb h[ty\eyxlky \ jZa^_e_ 7\SH ijh]jZffu k bkihevah\Zgb_f kbf\heZA bebdexq_\h]hkeh\Z3RLQWHU ²hi_jZlhjZmdZaZl_eyLbibabjh\Zgg u_mdZaZl_eb iha\heyxldhfibeylhjmhlke_`b\ZlvkdZdbfb^Zggufb\ujZ[hlZ_l_bg_\uihegy_l_eb\u gZ^gbfbg_dhjj_dlgu_ ^_ckl\by
Ihemqblv^hklmid^ZggufgZdhlhju_mdZaZl_evmdZau\Z_lfh`ghkihfhsvxhi_jZlhjZ Ake_^mxs_]h aZbf_g_fwlhci_j_f_gghcWlhlf_lh^gZau\Z_lky³jZaj_r_gb_f mdZaZl_ey´ Gb`_ijb\_^_gijbf_jjZ[hlukmdZaZl_eyfb 3URJUDP3WU7HVW 7\SH 0\5HF UHFRUG
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
, ,QWHJHU 6 VWULQJ 5 5HDO HQG 30\5HF A0\5HF YDU 5HF 30\5HF EHJLQ 1HZ 5HF Ælns¹nuwju¹zls¹tvkvpojwqxq5HF 5HFA, Ívunjnuktnntnrvzvénljttn ÌiéjzqznktqujtqntjvwnéjzvéA 5HFA6 Ònwnéwvunjnuktnnljttnléymvmvzqwj 5HFA5 ^djwqx5HFojwvstntj` 'LVSRVH 5HF Ënojikjpznvxkviv ljzwju¹z HQG
©ÍÂÿÐÊÄÃÒÄÑÇÐÎÍÊÛÆÍÁ¿ÑÛÓÒÌÉÕÇÝ1HZ ¯ÎÈÅÑÃÚ1HZ ÃÌÊÉÆ×ÂÎÀÍÌÚÊËýֿÀÆÀÈÃÃÊ»ÇÚÍÿÆÚÎŻ»ÍÀÆÚÈ»ÌÍËÎÅÍÎËο»ÈÈÖÐýÀÌÍÈɾÉ˻ ÇÀË»»ÅÅ»ÅÅÉÇÊÃÆÚÍÉËÎýÀÌÍÀÈË»ÂÇÀËÌÍËÎÅÍÎËÖ¿ÆÚÅÉÍÉËÉÄÍËÀ¼ÎÀÍÌÚ½Ö¿ÀÆÃÍ×Ê»ÇÚÍ×ÊËÃ½Ö ÊÉÆÈÀÈÃÃÏÎÈÅÑÃÃ1HZ ¼Î¿ÀÍË»ÌÊËÀ¿ÀÆÀÈÉÍËÀ¼ÎÀÇÉÀÅÉÆÃÒÀÌͽɼ»ÄÍɽÊËÃÒÀÇÍ»ÅÉÄÌÊÉÌɼ½Ö ¿ÀÆÀÈÃÚ¼ÉÆÀÀÅÉËËÀÅÍÀÈüÀÂÉÊ»ÌÀÈÒÀǽÖÂɽÏÎÈÅÑÃÃ*HW0HP ÃÆÃ$OORF0HP ÍÉÁÀ½ËÀÇÚ ÈÃÅɾ¿»ÈÀÃÌÊÉÆ×ÂÎÄÍÀÏÎÈÅÑÃÙ1HZ ¿ÆÚ½Ö¿ÀÆÀÈÃÚÊ»ÇÚÍÿÆÚÍÃÊɽ3RLQWHUÃÆÃ3&KDUÍ»ÅŻŽ ØÍÉÇÌÆÎÒ»ÀÅÉÇÊÃÆÚÍÉËÎÈÀýÀÌÍÈÉÅ»ÅÉÀÅÉÆÃÒÀÌͽÉÊ»ÇÚÍÿÉÆÁÈɼÖÍ×½Ö¿ÀÆÀÈÉ£ÈÀ»¼Ö½»ÄÍÀ ÃÌÊÉÆ×Âɽ»Í×ÏÎÈÅÑÃÙ'LVSRVH ¿ÆÚÉ̽ɼÉÁ¿ÀÈÃÚÊ»ÇÚÍýֿÀÆÀÈÈÉÄÌÊÉÇÉÔ×ÙÏÎÈÅÑÃÃ1HZ ÆÚ½Ö¿ÀÆÀÈÃÚÊ»ÇÚÍÃÌÍËÎÅÍÎË»ÇË»ÂÇÀËÅÉÍÉËÖÐÈ»ØÍ»ÊÀÅÉÇÊÃÆÚÑÃÃÀÔÀÈÀýÀÌÍÀÈÃÌÊÉÆ× ÂÎÙÍÌÚ ÏÎÈÅÑÃà *HW0HP à $OORF0HP ¨»ÊËÃÇÀË ÅÉÇÊÃÆÚÍÉË ÈÀ ÇÉÁÀÍ ÉÊËÀ¿ÀÆÃÍ× Â»Ë»ÈÀÀ ÌÅÉÆ×ÅÉ Ê»ÇÚÍà ÊÉÍËÀ¼ÎÀÍÌÚ ½Ö¿ÀÆÃÍ× ¿ÆÚ ÌÍËÎÅÍÎË Â»¿»½»ÀÇÖÐ ÊÀËÀÇÀÈÈÖÇà ÍÃÊ» 3&KDU ÃÆà 3RLQWHUÒÍÉ̽Ú»ÈÉÌÌ»ÇÉÄÊËÃËÉ¿ÉÄØÍɾÉÍÃÊ»¿»ÈÈÖЬ»ÇÉÀ½»ÁÈÉÀtÈÀÊÖÍ»Í×ÌÚÇ»ÈÃÊÎÆà Ëɽ»Í×ÅÉÆÃÒÀÌͽÉÇÊ»ÇÚÍüÍÆ×ÓÃÇÒÀǼÖÆɽֿÀÆÀÈÉËÀ»Æ×ÈÉÊÉÌÅÉÆ×ÅÎȻüÉÆÀÀ½ÀËÉÚÍÈÖÇ ËÀÂÎÆ×Í»ÍÉÇÍ»ÅÃпÀÄÌͽÃļοÀÍÉÓüŻ¿ÉÌÍÎÊ»ÅÊ»ÇÚÍà $FFHVV9LRODWLRQ ÆÚÉ̽ɼÉÁ¿ÀÈÃÚÊ» ÇÚÍýֿÀÆÀÈÈÉÄÌÊÉÇÉÔ×ÙÎÊÉÇÚÈÎÍÖнÖÓÀÏÎÈÅÑÃÄÃÌÊÉÆ×ÂÎÄÍÀÏÎÈÅÑÃÙ)UHH0HP ¥ÌÍ»Íà ¿ÆÚË»ÌÊËÀ¿ÀÆÀÈÃÚÊ»ÇÚÍÃÆÎÒÓÀÊÉÆ×Âɽ»Í×ÌÚÏÎÈÅÑÃÀÄ$OORF0HP Í»ÅÅ»ÅÉÈ»½ÌÀ¾¿»ÃÈÃÑûÆà ÂÃËÎÀͽֿÀÆÀÈÈÎÙÊ»ÇÚÍ×ÈÎÆÀ½ÖÇÃÂÈ»ÒÀÈÃÚÇà H^bgbaZki_dlh\jZ[hlukmdZaZl_eyfb\2EMHFW3DVFDO dhlhjuckms_kl\_ggh hlebqZ_lky hljZ[hlukgbfb\yaud_&²wlhbokljh`ZcrZylbibaZpbyLZd\ijb\_^_gghf gb`_ijb f_j_i_j_f_ggu_DbEg_kh\f_klbfu ihlbim YDU D A,QWHJHU E A,QWHJHU <lh`_\j_fy\wd\b\Ze_glghf hibkZgbbgZyaud_&wlbi_j_f_ggu_\iheg_kh\f_klbfu ihlbim LQW D LQW E 2EMHFW3DVFDO kha^Z_lmgbdZevguclbi^eydZ`^h]hh[ty\e_gbymdZaZl_eygZlbiihwlhfm ^eykh\f_klbfhklb ihlbimke_^m_lh[ty\blvg_lhevdhi_j_f_ggu_ghbbolbi
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
W\SH 3WU,QWHJHU A,QWHJHU fvoljnuzqwljtt} YDU DE 3WU,QWHJHU ÒnwnéDqExvkunxzquwvzqwy
³NQz|\~w}u\z 2EMHFW3DVFDO iha\hey_l^Z\Zlvgh\u_bf_gZm`_bf_xsbfkylbiZf²kha^Z\Zlvboik_\ ^hgbfu DOLDVHV LZd_kebihlj_[m_lkyijbk\hblvgh\h_bfy0\5HDOO\1LIW\,QWHJHUh[uqgh fmlbim,QWHJHUfh`ghbkihevah\Zlv lZdhcdh^ W\SH 0\5HDOO\1LIW\,QWHJHU ,QWHJHU Gh\uc lbi kh\f_klbf k hjb]bgZehf Wlh hagZqZ_l qlh \_a^_ ]^_ \u bkihevah\Zeb ,QWHJHU\ufh`_l_ijbf_gylv0\5HDOO\1LIW\,QWHJHU Ghfh`ghkha^Zlvbkljh]hlbibabjh\Zgguc ik_\^hgbf l_ik_\^hgbfg_kh\f_klbfuc khjb]bgZehf >eywlh]hbkihevam_lky ^hihegbl_evgh_ dexq_\h_keh\hW\SH W\SH 0\2WKHU1HDW,QWHJHU W\SH,QWHJHU Ijbwlhfgh\uclbi[m^_lij_h[jZah\u\Zlvky \hjb]bgZevguc ijblZdbohi_jZpbyodZd gZijbf_jijbk\h_gb_h^gZdhdZdiZjZf_ljhg[m^_lg_kh\f_klbf khjb]bgZehfKe_^mxsbc dh^kbglZdkbq_kdb dhjj_dl_g YDU 021, 0\2WKHU1HDW,QWHJHU , ,QWHJHU EHJLQ , 021, , H^gZdhijbf_jijb\_^_gguc gb`_\uah\_lihy\e_gb_hrb[dbg_kh\f_klbfhklb lbih\ SURFHGXUH*RRQ YDU9DOXH ,QWHJHU EHJLQ tnrqpwévméjuutpznrxz HQG YDU 0 0\2WKHU1HDW,QWHJHU EHJLQ 0 *RRQ 0 Ì¡qirj zqwwnénunttvp0tnxvkunxzqux,QWHJHU Ihfbfhmkbe_ggh]hdhgljheyaZkh\f_klbfhklvx lbiZ^Zgguo^eykljh]hlbibabjh\Zgguo ik_\^hgbfh\dhfibeylhjlZd`_]_g_jbjm_lbgnhjfZpbxhlbi_\h\j_fy\uiheg_gbyijh]jZf fuWlhiha\hey_lkha^Z\ZlvmgbdZevgu_j_^Zdlhjuk\hckl\^eyijhkluolbih\hq_fih^jh[ g__jZkkdZau\Z_lky \]eZ\_\lhjh]hlhfZ³Keh`gu_f_lh^bdbjZ[hlukdhfihg_glZfb´
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
³^zQ|Q~Qu^Q\x^K\zK~Q}u\z Ijb\_^_gb_ lbih\² wlh l_ogheh]by ihkj_^kl\hf dhlhjhc dhfibeylhj fh`gh aZ klZ\blv jZkkfZljb\Zlv i_j_f_ggmx h^gh]h lbiZ dZd i_j_f_ggmx g_dhlhjh]h ^jm]h]h lbiZ3DVFDO y\ey_lkykljh]hlbibabjh\Zgguf yaudhfdhlhjuc\_kvfZ lj_[h\Zl_e_g \ hlghr_gbb khhl\_lkl\by lbih\ nhjfZevguo iZjZf_ljh\ nmgdpbb b j_Zevguo iZjZ f_ljh\ aZ^Z\Z_fuo ijb __ \uah\_ Ihwlhfm \ g_dhlhjuo kemqZyo i_j_f_ggmx h^gh]h lbiZg_h[oh^bfh ijb\_klb dg_dhlhjhfm^jm]hfmlbimqlh[u lj_[h\Zgby dhfibeyl h jZ [ueb m^h\e_l\hj_gu Ij_^iheh`bf g_h[oh^bfh ijbk\hblv kbf\hevgh_ agZq_gb_ i_j_f_gghc lbiZE\WH YDU F FKDU E E\WH EHJLQ F V E F bs¹ëzvpxzévrqrvuwqs¹zvékljxzxvvintqnviv¡qirn HQG < ijb\_^_gghf \ur_ ijbf_j_ g_h[oh^bfh ij_h[jZah\Zlv i_j_f_ggmx x d lbim E\WH NZdlbq_kdb \uiheg_gb_ ijb\_^_gby lbiZ y\gh mdZau\Z_l dhfibeylhjm qlh ijh]jZffbkl lhqghagZ_lqlhhg^_eZ_llj_[myij_h[jZah\Zlv h^bglbi^Zgguo\^jm]hc YDU F FKDU E E\WH EHJLQ F V E E\WH F Ònwnérvuwqs¹zvétnvitjéy qzv¡qirqkëzvpxzévrn HQG ÖÇÉÁÀÍÀÃÌÊÉÆ×Âɽ»Í×ÊËýÀ¿ÀÈÃÀÍÃÊɽ½ÍÉÇÌÆÎÒ»ÀÀÌÆÃË»ÂÇÀËÖ¿»ÈÈÖÐÉ¼É ÃÐÍÃÊɽɿÃÈ»ÅɽֻÅÈÀÆ×ÂÚÊËýÀÌÍÃÍÃÊ'RXEOH½ÍÃÊ,QWHJHUt¿ÆÚÊɿɼÈÉ ¾ÉÊËÀɼ˻Âɽ»ÈÃÚÊËÿÀÍÌÚ½ÉÌÊÉÆ×Âɽ»Í×ÌÚÏÎÈÅÑÃÀÄ 7UXQF ÃÆà 5RXQG ©¿ È»ÅÉ¿ÆÚÊËÀɼ˻Âɽ»ÈÃÚÑÀÆɾɽ½ÀÔÀÌͽÀÈÈÉÀÒÃÌÆÉÇÉÁÈÉÊËÉÌÍÉÃÌÊÉÆ×Âɽ»Í× ÉÊÀË»ÍÉËÊËÃ̽ÉÀÈÃÚ )ORDW9DU ,QW9DU 2EMHFW3DVFDO lZd`_ij_^hklZ\ey_l hq_gvrbjhdb_\hafh`ghklb ihijb\_^_gbxlbih\f_ `^mh[t_dlZfbkbkihevah\Zgb_f hi_jZlhjZDVIh^jh[ghwlb\hafh`ghklb hibkZgugb`_\ jZa^_e_³BgnhjfZpby hlbi_\j_f_gb\uiheg_gby´gZklhys_c]eZ\u
(}^\y\zQ^QN^N < 'HOSKL ihy\beZkv \hafh`ghklv \g_k_gby kljhdh\uo j_kmjkh\ g_ihkj_^kl\_ggh \ bk oh^gucdh^yaudZ2EMHFW3DVFDO ^eyq_]hbkihevam_lky\ujZ`_gb_ UHVRXUFHVWULQJ Kljhdh \u_j_kmjkuij_^klZ\eyxl kh[hcebl_jZevgu_ kljhdb h[uqghwlh²khh[s_gbyijh]jZffu ihevah\Zl_ex dhlhju_nbabq_kdbjZkiheh`_gu \ijbkh_^bg_gguo dijbeh`_gbxbeb[b[
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ebhl_d_j_kmjkZoZg_\g_^j_gu\bkoh^gucl_dklijh]jZffu<qZklghklbih^h[gh_hl^_ e_gb_ kljhd hl bkoh^gh]h dh^Z mijhsZ_l i_j_\h^ ijbeh`_gby gZ ^jm]hc yaud² ^ey wlh]h ^hklZlhqgh ijhklh ijbkh_^bgblv d ijbeh`_gbx kljhdh\u_ j_kmjku gZ g_h[oh^bfhf yaud_ [_aj_ljZgkeypbb kZfh]hijbeh`_gbyKljhdh\u_j_kmjkuhibku\Zxlky\\b^_iZjagZq_gbc qlntzq{qrjzvé xzévrvkpsqznéjsdZdihdZaZghgb`_ UHVRXUFHVWULQJ 5HV6WULQJ 5HVRXUFHVWULQJ 5HV6WULQJ 5HVRXUFHVWULQJ 5HV6WULQJ 5HVRXUFHVWULQJ <ijh]jZff_kljhdh\u_j_kmjkubkihevamxlkylZd`_dZdbh[uqgu_kljhdh\u_dhgklZglu UHVRXUFHVWULQJ 5HV6WULQJ KHOOR 5HV6WULQJ ZRUOG YDU 6WULQJ VWULQJ EHJLQ 6WULQJ 5HV6WULQJ 5HV6WULQJ HQG
¶N\z~Q\uQ^K}\^ < wlhf jZa^_e_ dhgkljmdpbb LI b FDVH yaudZ 2EMHFW 3DVFDO kjZ\gb\Zxlky k khhl\_lkl \mxsbfb dhgkljmdpbyfb yaudh\ & b 9LVXDO %DVLF Ij_^iheZ]Z_lky qlh qblZl_ev m`_ agZ dhfkih^h[gufbdhgkljmdpbyfb Zihlhfmfug_[m^_fljZlblv\j_fygZih^jh[gh_h[t ykg_gb_bogZagZq_gbybnmgdpbhgbjh\Zgby
6uQ^K}\^N\z~\{\uQ^Qg\|KLI Hi_jZlhjLIiha\hey_lijh\_jblv\uihegy_lky eb g_dhlhjh_ mkeh\b_ b \ aZ\bkbfhklb hl j_amevlZlh\wlhcijh\_jdb\uihegblvlhlbebbghc[ehddh^Z<dZq_kl\_ijbf_jZgb`_ijb\_ ^_g ijhkl_crbc njZ]f_gl dh^Z k bkihevah\Zgb_f hi_jZlhjZ LI b _]h ZgZeh]b gZ yaudZo & b 9LVXDO%DVLF ^3DVFDO` LI[ WKHQ\ [ & LI [ \ [
9LVXDO%DVLF ,I[ 7KHQ\ [
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
ªËà ȻÆÃÒÃà ÉÊÀË»ÍÉË» LI Ì ÈÀÌÅÉÆ×ÅÃÇà ÎÌÆɽÃÚÇà ÊÉÇÀÌÍÃÍÀ Å»Á¿ÉÀ ÌË»½ÈÀÈÃÀ ½ ÌÅɼÅÃtÅ»ÅÇÃÈÃÇÎÇØÍÉÌ¿ÀÆ»Àͽ»ÓÅÉ¿¼ÉÆÀÀÚÌÈÖÇÃοɼÉÒÃÍ»ÀÇÖǨ»ÊËÃÇÀË LI [ DQG \ WKHQf £Â¼À¾»ÄÍÀ»ÊÃÌÃÊɿɼÈÉÄÌÆÀ¿ÎÙÔÀÄ ÊÉÌÅÉÆ×ÅÎØÍÉÇÉÁÀͽÖ½»Í×ÉÌÆÉÁÈÀÈÃÚ½ Ë»¼ÉÍÀÍË»ÈÌÆÚÍÉË» LI[ DQG\ WKHQf < l_dklZo gZ yaud_ 3DVFDO dexq_\u_ keh\Z EHJLQ b HQG fh`gh bkihevah\Zlv \ dZq_kl\_ hi_jZlhjguokdh[hd^eyhij_^_e_gby[ehdZdh^Z² ZgZeh]bqghaZ^Zgbxnb]mjguokdh[hd\ hi_jZlhj_LIyaudh\&b&
6uQ^K}\^FDVH Hi_jZlhjFDVH\yaud_3DVFDOih^h[_ghi_jZlhjZfVZLWFK\yaudZo&beb&Hgiha\hey_l k^_eZlv\u[hjh^gh]hbag_kdhevdbo\hafh`guo\ZjbZglh\[_abkihevah\Zgby keh`guodhgkl jmdpbckhklhysbobag_kdhevdbo\eh`_gguohi_jZlhjh\LI«HOVH
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
:\hldZd\u]ey^blwlhl`_ijbf_jgZyaud_& VZLWFK 6RPH,QWHJHU9DULDEOH ^ FDVH 'R6RPH7KLQJ EUHDN FDVH 'R6RPHWKLQJ 'R6RPHWKLQJ(OVH EUHDN FDVH 'R$QRWKHU7KLQJ EUHDN GHIDXOW 'R7KH'HIDXOW `
¸y Pbdeij_^klZ\ey_l kh[hcdhgkljmdpbx dhlhjZyiha\hey_l\uihegylvg_dhlhju_^_ckl\by g_h^ghdjZlgh PbdeuyaudZ3DVFDO \hfgh]hfih^h[gupbdeZf^jm]boyaudh\ihlhfmfug_ [m^_fhklZgZ\eb\Zlvky gZ^_lZeyoboihkljh_gbybjZ[hlu<wlhfjZa^_e_hibku\Zxlky\k_ dhgkljmdpbbpbdeh\kms_kl\mxsb_ \yaud_3DVFDO
¸yIRU PbdeIRU[hevr_\k_]hih^oh^bl^eyhj]ZgbaZpbbih\lhj_gbyg_dhlhjuo^_ckl\bcaZjZ g__ba\_klgh_qbkehjZaGZijbf_jgb`_ijb\_^_gl_dklpbdeZIRU ohlybg_kebrdhfih e_agh]h \dhlhjhfdagZq_gbxi_j_f_gghc^_kylvjZaijb[Z\ey_lky kq_lqbdpbdeZ ^Zevr_ ke_^mxlZgZeh]bwlh]hpbdeZgZyaudZo&b9LVXDO%DVLF ^3DVFDO` YDU ,; ,QWHJHU EHJLQ ; IRU, WRGR LQF ;, HQG & YRLGPDLQ YRLG ^ LQW[L [ IRU L L L [ L `
9LVXDO%DVLF ; )RU, WR ; ;, 1H[W,
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
ªËÃÇÀÒ»ÈÃÀ ¿ÆÚ ÂÈ»ÍÉÅɽ 'HOSKL È»ÒÃÈ»Ú Ì ½ÀËÌÃà 'HOSKL ÊËÃ̽ÉÀÈÃÀ ÂÈ»ÒÀÈÃÄ ÌÒÀÍÒÃÅÎÑÃÅÆ»½ÍÀÆÀØÍɾÉÑÃÅÆ»ÈÀ¿ÉÊÎÌÍÃÇɸÍÉ̽Ú»ÈÉÌÉÊÍÃÇûÑÃÀÄÑÃÅÆɽ ½¼ÃÍɽÉÇÅÉÇÊÃÆÚÍÉËÀ
¸yZKLOH WlhllbipbdeZiha\hey_lih\lhjylv\uiheg_gb_g_dhlhjh]h[ehdZdh^Z^hl_oihjihdZ aZ^Zggh_ mkeh\b_ hklZ_lky bklbgguf Mkeh\b_ ijh\_jy_lky i_j_^ \uiheg_gb_f [ehdZ dh^Z ihwlhfm deZkkbq_kdbf ijbf_jhf bkihevah\Zgby ^Zgghc dhgkljmdpbb y\ey_lky \uiheg_gb_ g_dhlhjuo^_ckl\bcknZcehf gZijbf_jql_gb__]h^Zgguo ijh^he`Zxs__ky ^h l_o ihj ihdZg_[m^_l^hklb]gml_]hdhg_pGb`_ijb\_^_gijbf_jih^h[gh]hpbdeZ\dhlhjhfijb dZ`^hf\uiheg_gbb_]hl_eZh^gZkljhdZnZceZkqblu\Z_lkyb\u\h^blkygZ^bkie_c 3URJUDP)LOH,W ^$337<3(&2162/(` YDU I 7H[W)LOH Ònrxzvkp{jps V VWULQJ EHJLQ $VVLJQ)LOH I IRRW[W 5HVHW I ZKLOHQRW(2) I GREHJLQ UHDGOQ I6 ZULWHOQ 6 HQG &ORVH)LOH I HQG PbdeZKLOH\yaud_3DVFDO ihk\hbfk\hckl\Zfg_hlebqZ_lkyhlpbdeZZKLOH\yaud_&b pbdeZ'R«:KLOH\yaud_9LVXDO%DVLF
¸yUHSHDWXQWLO Wlhlpbde\uihegy_llm`_aZ^ZqmqlhbpbdeZKLOHghg_kdhevdhbgZq_K_]hihfhsvx g_dhlhjuc [ehd dh^Z \uihegy_lky ^h l_o ihj ihdZ aZ^Zggh_ mkeh\b_ g_ klZg_l bklbgguf ijbq_f \gZqZe_ \uihegy_lky [ehd dh^Z Z m`_ aZl_f ijh\_jy_lky bklbgghklv mkeh\by Wlhl pbdekoh`kpbdehfGR«ZKLOH\yaud_&
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
³^\Q|^K%UHDN
³^\Q|^K&RQWLQXH
³^\Q|^~y DZdijh]jZffbkl \u^he`gu[ulvohjhrhagZdhfu k hkgh\gufb iheh`_gbyfb bkihev ah\Zgby nmgdpbc b ijhp_^mj Ijhp_^mjZ ij_^klZ\ey_l kh[hc hl^_evgmx qZklv ijh]jZffu dhlhjZy j_rZ_l g_dhlhjmx aZ^Zqm Z aZl_f \ha\jZsZ_l mijZ\e_gb_ \ lhqdm \uah\Z Nmgdpby jZ[hlZ_lijZdlbq_kdblhqghlZd`_aZh^gbfbkdexq_gb_f ²hgZ\ha\jZsZ_lg_dhlhjh_agZ q_gb_dhlhjh_fh`_l[ulvbkihevah\Zgh \\ua\Z\r_fnmgdpbxdh^_ ?keb\uagZdhfukyaudhfijh]jZffbjh\Zgby &bebKlhfh`_l_jZkkfZljb\Zlv ijhp_ ^mjmyaudZ3DVFDOdZdnmgdpbxyaudZK\ha\jZsZxsmx agZq_gb_YRLG<wlhfZki_dl_nmgdpby yaudZ3DVFDOZgZeh]bqgZnmgdpbbyaudZK\ha\jZsZxs_c g_dhlhjh_dhgdj_lgh_agZq_gb_ < ebklbg]_ ijb\_^_gZ g_[hevrZy ijh]jZffZ \ dhlhjhc bkihevamxlky ijhp_^mjZ b nmgdpby
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
ªÇÐÑÇÌ®ÏÇËÄÏÇÐÎÍÊÛÆÍÁ¿ÌÇÞÓÒÌÉÕÇÈÇÎÏÍÕÄÃÒÏ 3URJUDP)XQF3URF ^$337<3(&2162/(` SURFHGXUH%LJJHU7KDQ7HQ L ,QWHJHU ^Ækvlqztjëréjtxvvintqnnxsq,ivs¡n` EHJLQ LI,!WKHQ ZULWHOQ )XQN\ HQG IXQFWLRQ,V3RVLWLYH , ,QWHJHU %RROHDQ ^Ævokéjjnz7UXHnxsq,ivs¡nqsqéjktv` EHJLQ LI, WKHQ 5HVXOW )DOVH HOVH 5HVXOW 7UXH HQG YDU 1XP ,QWHJHU EHJLQ 1XP %LJJHU7KDQ7HQ 1XP LI,V3RVLWLYH 1XP WKHQ ZULWHOQ 1XP ,VSRVLWLYH HOVH ZULWHOQ 1XP ,VQHJDWLYH HQG ¦ÉÅ»Æ×È»ÚÊÀËÀÇÀÈÈ»Ú5HVXOW½ÏÎÈÅÑÃÃ,V3RVLWLYH ÃÇÀÀÍÌÊÀÑûÆ×ÈÉÀÈ»ÂÈ» ÒÀÈÃÀ Å»Á¿ÉÄ ÏÎÈÅÑÃà ÚÂÖÅ» 2EMHFW 3DVFDO ÌÎÔÀÌͽÎÀÍ ÆÉÅ»Æ×È»Ú ÊÀËÀÇÀÈÈ»Ú Ì ØÍÃÇÃÇÀÈÀÇÊËÀ¿È»ÂÈ»ÒÀÈȻڿÆÚË»ÂÇÀÔÀÈÃڽɽ˻ԻÀÇɾÉÂÈ»ÒÀÈÃÚ©¼Ë»ÍÃÍÀ ½ÈÃÇ»ÈÃÀÈ»ÍÉÒÍɽÉÍÆÃÒÃÀÉÍÚÂÖÅɽ&Ã&½ÖÊÉÆÈÀÈÃÀÏÎÈÅÑÃÃÈÀÊËÀÅË» Ô»ÀÍÌÚÊËÃÊËÃ̽ÉÀÈÃÃÂÈ»ÒÀÈÃÚÊÀËÀÇÀÈÈÉÄ5HVXOW ¥ËÉÇÀ ÍÉ¾É ½ÀËÈÎÍ× ÂÈ»ÒÀÈÃÀ àÏÎÈÅÑÃà ÇÉÁÈÉ Í»ÅÁÀ ÊÎÍÀÇ ÊËÃ̽ÉÀÈÃÚ ÂÈ»ÒÀÈÃÚ ÊÀËÀÇÀÈÈÉÄÃÇÀÙÔÀÄÍÉÁÀÃÇÚÒÍÉÿ»ÈÈ»ÚÏÎÈÅÑÃÚ¸ÍÉÌͻȿ»ËÍÈÖÄÌÃÈÍ»ÅÌÃÌ ÚÂÖÅ»3DVFDOÌÉÐË»ÈýÓÃÄÌÚÉÍÀ¾ÉÊËÀ¿Ö¿ÎÔÃнÀËÌÃĪËÃÃÌÊÉÆ×Âɽ»ÈÃýÍÀÆÀ ÏÎÈÅÑÃÃÊÀËÀÇÀÈÈÉÄÌÀÀÃÇÀÈÀÇÈÀ»¼Ö½»ÄÍÀÒÍÉÌÎÔÀÌͽÎÙͼÉÆ×ÓÃÀÉÍÆÃÒÃÚ½ ɼ˻¼ÉÍÅÀØÍɾÉÃÇÀÈÃt½ÌÀ»½ÃÌÃÍÉÍÍɾɾ¿ÀÉÈÉË»ÌÊÉÆÉÁÀÈÉt½ÆÀ½ÉÄÒ»ÌÍà ÉÊÀË»ÍÉË» ÊËÃ̽ÉÀÈÃÚ ÃÆà ÁÀ ½ ÆÙ¼ÉÇ ¿ËξÉÇ ÇÀÌÍÀ ÍÀÅÌÍ» ÏÎÈÅÑÃà ÌÆà ÃÇÚ ÏÎÈÅÑÃÃÎŻ»ÈɽÆÀ½ÉÄÒ»ÌÍÃÉÊÀË»ÍÉË»ÊËÃ̽ÉÀÈÃÚÍÉÊËÀ¿ÊÉÆ»¾»ÀÍÌÚÒÍÉÈ»ÂÈ» Ò»ÀÍÌÚ ½É½˻ԻÀÇÉÀ ÏÎÈÅÑÃÀÄ ÂÈ»ÒÀÈÃÀ É ½ÌÀÐ ¿ËξÃÐ ÌÆÎÒ»ÚÐ ÊËÀ¿ÊÉÆ»¾»ÀÍÌÚ ÒÍÉÉÌÎÔÀÌͽÆÚÀÍÌÚËÀÅÎËÌýÈÖĽÖÂɽØÍÉÄÏÎÈÅÑÃà ®ÒÍÃÍÀÒÍÉÃÌÊÉÆ×Âɽ»ÈÃÀÊÀËÀÇÀÈÈÉÄ5HVXOWÈÀ¿ÉÊÎÌÍÃÇÉÊËÃ̼ËÉÓÀÈÈÉÇÏÆ»Á ÅÀÉÊÑÃÃ([WHQGHG6\QWD[Ë»ÌÊÉÆÉÁÀÈÈÉǽɽÅÆ»¿ÅÀ&RPSLOHU¿Ã»ÆɾɽɾÉÉÅÈ» 3URMHFW2SWLRQVÃÆÃÊËÃÎŻ»ÈÃÿÃËÀÅÍýÖÅÉÇÊÃÆÚÍÉË»^;`
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
³Q^Q|KKuK^KwQ}^\z 3DVFDO iha\hey_l i_j_^Z\Zlv iZjZf_lju \ nmgdpbb b ijhp_^mju eb[h ih agZq_gbx eb[hihkkued_I_j_^Z\Z_fuc iZjZf_lj fh`_lbf_lvex[hc\kljh_gguc bebihevah\Z l_evkdbclbieb[hy\eylvkyhldjuluf fZkkb\hf hgbjZkkfZljb\Zxlky gb`_\wlhc]eZ \_ IZjZf_lj lZd`_ fh`_l [ulv dhgklZglhc _keb _]h agZq_gb_ \ ijhp_^mj_ beb nmgd pbbg_baf_gy_lky
³Q^Q|KKuK^KwQ}^\zu\~KQ~ Wlhlj_`bfi_j_^ZqbiZjZf_ljh\ijbgbfZ_lkyihmfheqZgbx?kebiZjZf_lji_j_^Z_lkyih agZq_gbxkha^Z_lkyehdZevgZydhiby^Zgghci_j_f_gghcdhlhjZybij_^hklZ\ey_lky ^eyh[jZ [hldb\ijhp_^mjmbebnmgdpbxJZkkfhljbfke_^mxsbcijbf_j SURFHGXUH)RR V VWULQJ Ijb\uah\_mdZaZgghcijhp_^mju[m^_lkha^ZgZdhibyi_j_^Z\Z_fhc _c\dZq_kl\_ iZjZ f_ljZkljhdbVkdhlhjhcb[m^_ljZ[hlZlvijhp_^mjZ)RR Ijbwlhf\k_\g_k_ggu_\ihem q_ggmxkljhdmbaf_g_gbygbdZdg_hljZaylkygZbkoh^ghckljhd_V
³Q^Q|KKuK^KwQ}^\zu\NNyQ 3DVFDO iha\hey_llZd`_i_j_^Z\ZlviZjZf_lju\nmgdpbbbebijhp_^mjuihkkued_²lZ db_iZjZf_ljugZau\ZxlkyiZjZf_ljZfb i_j_f_ggufb I_j_^ZqZiZjZf_ljZihkkued_hagZ qZ_lqlhnmgdpbybebijhp_^mjZkfh`_lbaf_gblvihemq_ggu_agZq_gbyiZjZf_ljh\>eyi_ j_^ZqbiZjZf_ljh\ihkkued_bkihevam_lkydexq_\h_keh\hYDUihf_sZ_fh_ \kibkhdiZjZ f_ljh\\uau\Z_fhcijhp_^mjubebnmgdpbb SURFHGXUH&KDQJH0H YDU[ ORQJLQW EHJLQ [ ^wjéjunzé[qountntkokjttvpwév|nlyévp` HQG eyi_j_^ZqbiZjZf_ljh\ihkkued_\yaud_&bkihevam_lky hi_jZlhj
³K^KwQ}^y\~N}K~}
?kebg_lg_h[oh^bfhklb baf_gylvi_j_^Z\Z_fu_ nmgdpbbbebijhp_^mj_^Zggu_fh`gh hibkZlviZjZf_ljdZddhgklZglmDexq_\h_keh\hFRQVWg_lhevdhaZsbsZ_liZjZf_ljhlba f_g_gbyghbiha\hey_ldhfibeylhjmk]_g_jbjh\Zlv [he__hilbfZevguc dh^i_j_^Zqbkljhd baZibk_c
tNu\\zK~Q\}y^}gwKNNz\z HldjulucfZkkb\iZjZf_ljh\iha\hey_li_j_^Z\Zlv\nmgdpbxbebijhp_^mjmjZaebqgh_dh ebq_kl\h iZjZf_ljh\ < dZq_kl\_ iZjZf_ljZ fh`gh i_j_^Zlv eb[h hldjuluc fZkkb\ we_f_glh\ h^bgZdh\h]hlbiZeb[hfZkkb\udhgklZgljZaebqgh]hlbiZ<ijb\_^_gghfgb`_ijbf_j_h[ty\ ey_lkynmgdpbydhlhjhc\dZq_kl\_iZjZf_ljZ^he`_gi_j_^Z\ZlvkyhldjulucfZkkb\p_euoqbk_e IXQFWLRQ$GG(P8S $ DUUD\RI,QWHJHU ,QWHJHU
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
< hldjulhf fZkkb\_ fh`gh i_j_^Z\Zlv i_j_f_ggu_ dhgklZglu beb \ujZ`_gby ba dhg klZglGb`_ijb\_^_gijbf_jdhlhjuc^_fhgkljbjm_l \uah\nmgdpbb$GG(P8S ki_j_^Zq_c _cg_kdhevdbojZaebqguowe_f_glh\ YDU L5H] ,QWHJHU FRQVW M EHJLQ L 5H] $GG(P8S >LM @ >ey ihemq_gby bgnhjfZpbb h nZdlbq_kdb i_j_^Z\Z_fhf fZkkb\_ iZjZf_ljh\ \ nmgdpbb bebijhp_^mj_fh]mlbkihevah\Zlvky nmgdpbb+LJK /RZ b6L]H2I >eybeexkljZpbbbo bkihevah\Zgby gb`_ijb\_^_gl_dklnmgdpbb$GG(P8S dhlhjZy\ha\jZsZ_lkmffm\k_oi_ j_^Zgguo_cwe_f_glh\fZkkb\Z¬ IXQFWLRQ$GG(P8S $ DUUD\RI,QWHJHU ,QWHJHU YDU L ,QWHJHU EHJLQ 5HVXOW IRUL /RZ $ WR+LJK $ GR LQF 5HVXOW$>[email protected] HQG 2EMHFW 3DVFDO lZd`_ ih^^_j`b\Z_l lbi DUUD\RIFRQVW dhlhjuc iha\hey_l i_j_^Z\Zlv \ h^ghf fZkkb\_ ^Zggu_ jZaebqguo lbih\ KbglZdkbk h[ty\e_gby nmgdpbc beb ijhp_^mj bk ihevamxsbolZdhcfZkkb\^eyihemq_gbyiZjZf_ljh\ke_^mxsbc SURFHGXUH:KDW+DYH,*RW $ DUUD\RIFRQVW 7DEDVFR #:KDW+DYH,*RW 7UXH V @ Ijb i_j_^Zq_ nmgdpbb beb ijhp_^mj_ fZkkb\Z dhgklZgl \k_ i_j_^Z\Z_fu_ iZjZf_lju dhfibeylhj g_y\gh dhg\_jlbjm_l \ lbi 79DU5HF Lbi ^Zgguo 79DU5HF h[ty\e_g \ fh^me_ 6\VWHPke_^mxsbfh[jZahf W\SH 39DU5HF A79DU5HF 79DU5HF UHFRUG FDVH%\WHRI YW,QWHJHU 9,QWHJHU ,QWHJHU 97\SH %\WH YW%RROHDQ 9%RROHDQ %RROHDQ YW&KDU 9&KDU &KDU YW([WHQGHG 9([WHQGHG 3([WHQGHG YW6WULQJ 96WULQJ 36KRUW6WULQJ YW3RLQWHU 93RLQWHU 3RLQWHU YW3&KDU 93&KDU 3&KDU YW2EMHFW 92EMHFW 72EMHFW YW&ODVV 9&ODVV 7&ODVV
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
YW:LGH&KDU 9:LGH&KDU :LGH&KDU YW3:LGH&KDU 93:LGH&KDU 3:LGH&KDU YW$QVL6WULQJ 9$QVL6WULQJ 3RLQWHU YW&XUUHQF\ 9&XUUHQF\ 3&XUUHQF\ YW9DULDQW 99DULDQW 39DULDQW YW,QWHUIDFH 9,QWHUIDFH 3RLQWHU YW:LGH6WULQJ 9:LGH6WULQJ 3RLQWHU YW,QW 9,QW 3,QW HQG Ihe_97\SHhij_^_ey_llbikh^_j`Zsboky \^Zgghfwda_fieyj_aZibkb79DU5HF^Zgguob fh`_lijbgbfZlvh^ghbaijb\_^_gguo gb`_agZq_gbc FRQVW ^otj·ntq¹wvs¹79DU5HF97\SH` YW,QWHJHU YW%RROHDQ YW&KDU YW([WHQGHG YW6WULQJ YW3RLQWHU YW3&KDU YW2EMHFW YW&ODVV YW:LGH&KDU YW3:LGH&KDU YW$QVL6WULQJ YW&XUUHQF\ YW9DULDQW YW,QWHUIDFH YW:LGH6WULQJ YW,QW IhkdhevdmfZkkb\dhgklZglkihkh[_gi_j_^Z\Zlv^Zggu_jZaebqguolbih\wlhfh`_l\u a\Zlv hij_^_e_ggu_ aZljm^g_gby ijb kha^Zgbb h[jZ[Zlu\Zxs_c ihemq_ggu_ iZjZf_lju nmgdpbbbebijhp_^mju<dZq_kl\_ijbf_jZjZ[hluklZdbffZkkb\hfjZkkfhljbfj_ZebaZ pbxijhp_^mju :KDW+DYH,*RW dhlhjZy ijhkfZljb\Z_l we_f_glu ihemq_ggh]h fZkkb\Z iZ jZf_ljh\b\u\h^blbolbi SURFHGXUH:KDW+DYH,*RW $ DUUD\RIFRQVW YDU L ,QWHJHU 7\SH6WU VWULQJ EHJLQ IRUL /RZ $ WR+LJK $ GR EHJLQ FDVH$>[email protected]97\SHRI YW,QWHJHU 7\SH6WU ,QWHJHU YW%RROHDQ 7\SH6WU %RROHDQ YW&KDU 7\SH6WU &KDU YW([WHQGHG 7\SH6WU ([WHQGHG YW6WULQJ 7\SH6WU 6WULQJ
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
YW3RLQWHU 7\SH6WU 3RLQWHU YW3&KDU 7\SH6WU 3&KDU YW2EMHFW 7\SH6WU 2EMHFW YW&ODVV 7\SH6WU &ODVV YW:LGH&KDU 7\SH6WU :LGH&KDU YW3:LGH&KDU 7\SH6WU 3:LGH&KDU YW$QVL6WULQJ 7\SH6WU $QVL6WULQJ YW&XUUHQF\ 7\SH6WU &XUUHQF\ YW9DULDQW 7\SH6WU 9DULDQW YW,QWHUIDFH 7\SH6WU ,QWHUIDFH YW:LGH6WULQJ 7\SH6WU :LGH6WULQJ YW,QW 7\SH6WU ,QW HQG 6KRZ0HVVDJH )RUPDW $UUD\LWHPGLVDV >L7\[email protected] HQG HQG
6xKN}z|w\N} H[eZklv\b^bfhklb²wlhg_dhlhjZyqZklvijh]jZffu\dhlhjhc^ZggZynmgdpbybebi_ j_f_ggZyba\_klgZdhfibeylhjm=eh[Zevgu_dhgklZglu\b^bfu\ex[hclhqd_ijh]jZffu\ lh \j_fy dZd ehdZevgu_ i_j_f_ggu_ \b^gu lhevdh \ ijhp_^mj_ \ dhlhjhc hgb h[ty\e_gu JZkkfhljbfebklbg]
ªÇÐÑÇÌ®ÏÇËÄÏÇÊÊÝÐÑÏÇÏÒÝØÇÈÎÍÌÞÑÇÄÍÀÊ¿ÐÑÇÁÇÃÇËÍÐÑÇ SURJUDP)RR ^$337<3(&2162/(` FRQVW 6RPH&RQVWDQW YDU 6RPH*OREDO ,QWHJHU 5 5HDO SURFHGXUH6RPH3URF YDU5 5HDO YDU /RFDO5HDO 5HDO EHJLQ /RFDO5HDO 5 5/RFDO5HDO HQG EHJLQ 6RPH*OREDO 6RPH&RQVWDQW 5 6RPH3URF 5 HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
A^_kv i_j_f_ggu_ 6RPH&RQVWDQW 6RPH*OREDO b 5 bf_xl ]eh[Zevgmx h[eZklv \b^bfhklb ihwlhfm bo agZq_gby ba\_klgu dhfibeylhjm \ ex[hc lhqd_ ijh]jZffu Ijhp_^mjZ 6RPH3URF bf__l ^\_ kh[kl\_ggu_ ehdZevgu_ i_j_f_ggu_ 5 b /RFDO5HDO Ex[Zy ihiuldZ h[jZs_gby d i_j_f_gghc /RFDO5HDO \g_ ijhp_^mju 6RPH3URF \uah\_l ihy\e_gb_ khh[s_ gbyh[hrb[d_H[jZs_gb_di_j_f_gghc5\gmljbnmgdpbb6RPH3URF ijb\_^_ldkqblu\Z gbxagZq_gby__ehdZevghci_j_f_gghclh]^ZdZdh[jZs_gb_di_j_f_gghc5\g_wlhcnmgd pbb\uah\_lkqblu\Zgb_agZq_gby]eh[Zevghci_j_f_gghckwlbf`_bf_g_f
±\| Fh^meb ij_^klZ\eyxl kh[hc hl^_evgu_ _^bgbpu bkoh^gh]h l_dklZ \ky kh\hdmighklv dhlhjuokhklZ\ey_l ijh]jZffmgZyaud_2EMHFW3DVFDO <fh^me_h[uqghjZaf_sZ_lky g_dh lhjZy ]jmiiZ nmgdpbc b ijhp_^mj dhlhju_ fh]ml [ulv \ua\Zgu ba hkgh\ghc ijh]jZffu >eylh]hqlh[ukqblZlvkyfh^me_fnZcekbkoh^gufl_dklhf ^he`_g khklhylv dZd fbgb fmfbalj_oqZkl_c HibkZgb_XQLWDZ`^ucfh^mev^he`_ggZqbgZlvkykhkljhdbh[ty\eyxs_c qlh^Zg guc[ehdl_dklZy\ey_lkyfh^me_fbaZ^Zxs_cbfywlh]hfh^meyBfyfh^mey\k_]^Z ^he`gh khhl\_lkl\h\Zlv bf_gb _]h nZceZ GZijbf_j _keb nZce gZau\Z_lky )RR%DU _]hi_j\ZykljhdZ^he`gZkh^_j`Zlvke_^mxsbchi_jZlhj XQLW)RR%DU HibkZgb_ bgl_jn_ckZ Ihke_ hij_^_e_gby fh^mey ke_^mxs_c nmgdpbhgZevghc kljh dhc^he`_g[ulvhi_jZlhjLQWHUIDFH
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
ªËÃÈ»ÆÃÒÃÃ˻¿ÀÆɽLQLWLDOL]DWLRQILQDOL]DWLRQÌË»ÂνÈÀÌÅÉÆ×ÅÃÐÇÉ¿ÎÆÚÐ ½ÖÊÉÆÈÀÈÃÀÃÐÊÉ¿ÊËɾ˻ÇÇÊËÉÃÌÐÉ¿ÃͽÍÉÇÊÉËÚ¿ÅÀ½ÅÉÍÉËÉÇØÍÃÇÉ¿ÎÆÃÉÍÅËÖ ½»ÙÍÌÚÅÉÇÊÃÆÚÍÉËÉÇ ÊÀ˽ÖÄÇÉ¿ÎÆ×½ÉÊÃÌ»ÈÃÃXVHVÉÌÈɽÈÉÄÊËɾ˻ÇÇÖ»ÍÀÇ ÊÀ˽ÖÄÇÉ¿ÎÆ×½ÉÊÃÌ»ÈÃÃXVHVØÍɾÉÇÉ¿ÎÆÚÃÍ¿ ©¿È»ÅÉÈÀÌÆÀ¿ÎÀÍÌÉ¿»½»Í× ÊÉ¿ÊËɾ˻ÇÇÖ ÃÈÃÑûÆûÑÃû½ÀËÓÀÈÃÚ ÇÉ¿ÎÆÀÄ Ë»¼ÉÍ» ÅÉÍÉËÖÐ ÊÉÆ»¾»ÀÍÌÚ È» ÈÀÅÉÍÉËÖÄ ÁÀÌÍÅÃÄ ÊÉËÚ¿ÉÅ ÃÐ ½ÖÊÉÆÈÀÈÃÚt ØÍÉ ÊÆÉÐÉÄ ÌÍÃÆ× ÊËɾ˻ÇÇÃËɽ»ÈÃÚ §»ÆÀÄÓÀÀ ÃÂÇÀÈÀÈÃÀ ½ ÆÙ¼ÉÇ ÉÊÀË»ÍÉËÀ XVHV ÇÉÁÀÍ ½Ö½»Í× ÊÉÚ½ÆÀÈÃÀ ÉÓüÅà ȻÄÍÃÅÉÍÉËÎټοÀÍÒËÀ½ÖÒ»ÄÈÉÍËοÈÉ
6uNK~QXVHV < hibkZgbb XVHV i_j_qbkeyxlky fh^meb dhlhju_ [m^ml \dexq_gu \ ^Zggmx ijh]jZffm beb\fh^mev GZijbf_j_keb\ ijh]jZff_ )RR3URJ bkihevamxlky nmgdpbb beb lbiu ^Zg guoba^\mofh^me_c²8QLW$b8QLW%lhhibkZgb_XVHVwlhcijh]jZffu^he`gh\u]ey^_lv ke_^mxsbfh[jZahf 3URJUDP)RR3URJ XVHV8QLW$8QLW% Fh^meb fh]ml kh^_j`Zlv ^\Z hibkZgby XVHV h^gh² \ jZa^_e_ LQWHUIDFH Z ^jm]h_² \ jZa^_e_LPSOHPHQWDWLRQ
oKw~QNNy Bgh]^Zfh`_l\hagbdgmlvkblmZpbydh]^Zfh^mev8QLW$bkihevam_lfh^mev8QLW%Zlhl\ k\hxhq_j_^v²fh^mev8QLW$H[uqghgZebqb_lZdbo\aZbfguokkuehd]h\hjblhijhkq_lZo ^hims_gguogZwlZi_ijh_dlbjh\Zgby kljmdlmjuijbeh`_gby²j_dhf_g^m_lky ba[_]Zlvih y\e_gby \ fh^meyo \aZbfguo kkuehd MkljZgblv ^Zggmx ijh[e_fm fh`gh iml_f kha^Zgby
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
lj_lv_]h fh^mey \ dhlhjuc \ughkylky g_h[oh^bfu_ ^ey jZ[hlu h[hbo fh^me_c nmgdpbb b ijhp_^mju?keb`_ihdZdbfeb[hkhh[jZ`_gbyf wlhg_\hafh`gh ihijh[mcl_\h^ghffh ^me_jZaf_klblvkkuedm\qZklbLQWHUIDFHZ\^jm]hf² \qZklbLPSOHPHQWDWLRQAZqZklmx wlhj_rZ_lijh[e_fm\aZbfguokkuehd
³KyQ} IZd_lu SDFNDJHV 'HOSKL iha\heyxl jZaf_sZlv qZklb g_dhlhjh]h ijbeh`_gby \ jZaebq guo fh^meyo dhlhju_ aZl_f fh]ml kh\f_klgh bkihevah\Zlvky g_kdhevdbfb ijbeh`_gbyfb >eyjZajZ[hlhd\uiheg_gguo \kj_^_'HOSKL b ij_bfms_kl\Zfb bkihevah\Zgby iZd_lh\ fh`gh \hkihevah\Zlvky [_a \g_k_gby dZdboeb[h baf_g_gbc \ kms_kl\mxsb_ bkoh^gu_ l_d kluijh]jZff IZd_lu fh`gh ihgbfZlv dZd dhee_dpbb fh^me_c khojZgy_fuo \ hl^_evguo nZceZo [b[ebhl_dZo %RUODQG3DFNDJH/LEUDU\%3/ ih^h[guo'//nZceZfIjbeh`_gb_ fh`ghk\y aZlv k iZd_lbjh\Zggufb fh^meyfb g_ihkj_^kl\_ggh \h \j_fy \uiheg_gby Z g_ ijb _]h ljZgkeypbb ?kl_kl\_ggh ijb wlhf jZaf_j \uihegy_fh]h nZceZ mf_gvrZ_lky lZd dZd qZklv dh^Zb^ZgguojZkiheZ]Z_lky \%3/nZce_'HOSKLiha\hey_lkha^Z\ZlviZd_luq_luj_olbih\ Bkihegbfuc iZd_lWlhllbiiZd_lh\kh^_j`blfh^mebbkihevam_fu_ ijh]jZffhc\h \j_fy__\uiheg_gbyKdhfibebjh\Zggh_ ^eyjZ[hlukg_dhlhjufiZd_lhfijbeh`_ gb_ g_ [m^_l jZ[hlZlv ijb _]h hlkmlkl\bb Ijbf_jhf iZd_lZ lZdh]h lbiZ fh`_l kem `blviZd_l'HOSKL9&/%3/ Dhgkljmdlhjkdbc iZd_lIZd_lwlh]hlbiZkh^_j`blwe_f_glug_h[oh^bfu_ ^eydhg kljmbjh\Zgby ijbeh`_gby gZijbf_jdhfihg_gluj_^Zdlhjuk\hckl\bdhfihg_glh\ ijh]jZffuwdki_jlu Wlb iZd_lu fh]ml [ulv \dexq_gu \ [b[ebhl_dm dhfihg_glh\ 'HOSKLkihfhsvxdhfZg^u&RPSRQHQWÖ,QVWDOO3DFNDJH<dZq_kl\_ijbf_jZfh`gh ijb\_klbiZd_l'HOSKL '&/ %3/Ih^jh[ghiZd_luwlh]hlbiZhibku\Zxlky\]eZ\_ \lhjh]hlhfZ³Kha^Zgb_ihevah\Zl_evkdbodhfihg_glh\ \'HOSKL´ Bkihegbfu_ bdhgkljmdlhjkdb_ iZd_luLZdb_iZd_luijbf_gyxlky dZdiZd_luh^gh \j_f_ggh h[hbo mdZaZgguo \ur_ lbih\ Bkihevah\Zgb_ ih^h[guo iZd_lh\ mijhsZ_l kha^Zgb_bjZkijhkljZg_gb_ ijbeh`_gbyH^gZdhwlhlbi iZd_lh\ f_g__ wnn_dlb\_g ihkdhevdm ihfbfh g_h[oh^bfhc ^ey jZ[hlu bkihegy_fhc qZklb hgb kh^_j`Zl lZd`_ dhgkljmdlhjkdmx ih^^_j`dm IZd_lu g_ hlghkysb_ky gb d h^ghfm ba i_j_qbke_gguo lbih\ LZdb_ iZd_lu fh]ml ijbf_gylvkylhevdh^jm]bfbiZd_lZfb b g_ bkihevamxlky g_ihkj_^kl\_ggh ijbeh`_ gb_fbebkj_^hcdhgkljmbjh\Zgby
tNu\\zK~QuKyQ}\z)PX]TU Kha^Zgb_ ijbeh`_gbc jZ[hlZxsbo k iZd_lZfb 'HOSKL ij_^klZ\ey_l kh[hc g_keh` gmx aZ^Zqm >ey wlh]h ^hklZlhqgh mklZgh\blv neZ`hd hipbb %XLOG ZLWK 5XQWLPH 3DFN DJHV \h \deZ^d_ 3DFNDJHV ^bZeh]h\h]h hdgh 3URMHFW 2SWLRQV WlZ hipby lj_[m_l hl dhfibeylhjZ kha^Zgby ijbeh`_gby ^bgZfbq_kdb kdhfihgh\Zggh]h k bkihegbfufb iZ d_lZfb\f_klhklZlbq_kdhc dhfihgh\db \k_ofh^me_c\h[sbc(;(beb'//nZce<j_ amevlZl_jZaf_jnZceZijbeh`_gby klZg_lgZfgh]hf_gvr_H^gZdhg_aZ[u\Zcl_ qlh \ wlhf kemqZ_ ijb jZkijhkljZg_gbb ijbeh`_gb_ ihlj_[m_lky ^hihegblv g_h[oh^bfufb iZd_lZfb
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
(~}KyNN\uNK~uKyQ}\z QZs_\k_]hiZd_lukha^Zxlkykihfhsvxj_^ZdlhjZ3DFNDJH(GLWRU dhlhjuc \uau\Z_lky dhfZg^hc )LOHÖ1HZÖ3DFNDJH Wlhl j_^Zdlhj ]_g_jbjm_l bkoh^guc nZce 'HOSKL 3DFNDJH 6RXUFH '3. dhlhjucaZl_fdhfibebjm_lky \iZd_lKbglZdkbkbkihevam_fuc ijbkha^Zgbb '3.nZceZhq_gvijhklbbf__lke_^mxsbcnhjfZl SDFNDJHÊu¹Bwjrnzj UHTXLUHV3DFNDJH3DFNDJH FRQWDLQV 8QLWLQ8QLWSDV 8QLWLQ8QLWSDV HQG IZd_lui_j_qbke_ggu_ \ij_^eh`_gbb UHTXLUHVg_h[oh^bfu^eyjZ[hlul_dms_]hiZd_ lZH[uqghwlbiZd_lukh^_j`blfh^mebbkihevam_fu_ l_fbfh^meyfbdhlhju_i_j_qbke_ gu \ ij_^eh`_gbb FRQWDLQV ihke_^gb_ [m^ml kdhfibebjh\Zgu \ ^Zgguc iZd_l Ijb wlhf ke_^m_l ihfgblv qlh fh^meb i_j_qbke_ggu_ \ ij_^eh`_gbb FRQWDLQV wlh]h iZd_lZ g_ ^he`gu mihfbgZlvky \ ij_^eh`_gbyo FRQWDLQV iZd_lh\ i_j_qbke_gguo \ ij_^eh`_gbb UHTXLUHV^Zggh]hfh^meyAZf_lbflZd`_qlh\iZd_l[m^_lg_y\gh\dexq_gex[hcfh^mev bkihevam_fuc ^jm]bf fh^me_f mdZaZgguf \ ij_^eh`_gbb FRQWDLQV iZd_lZ _keb lhevdh hg m`_g_kh^_j`blky\h^ghfbaiZd_lh\mdZaZgguo\ij_^eh`_gbb UHTXLUHV
6xQy}~\\^Q~}^\zK~~\Q u^\{^Kww^\zK~Q H[t_dlghhjb_glbjh\Zgghfm ijh]jZffbjh\Zgbx HHI ihk\ys_gu fgh]b_ lhfZ \ ^bk dmkkbyohg_fkehfZghg_fZehdhibcbm`_gZqbgZ_ldZaZlvkyqlhHHI² g_f_lh^heh]by ijh]jZffbjh\Zgby Zj_eb]byFug_hjlh^hdkuhlHHIbg_[m^_fiulZlvkyh[jZlblv\Zk\ lmbebbgmx\_jmIhwlhfmfuijhklhbaeZ]Z_fa^_kvhkgh\gu_ijbgpbiuHHIdhlhju_ih eh`_gu\hkgh\myaudZ2EMHFW3DVFDO HHIij_^klZ\ey_l kh[hciZjZ^b]fmijh]jZffbjh\Zgby bkihevamxsmx \dZq_kl\_kljhb l_evguo we_f_glh\ ijh]jZffu ^bkdj_lgu_ h[t_dlu kh^_j`Zsb_ ^Zggu_ b dh^ AZ^ZqZ mi jhs_gbygZibkZgbybkhijh\h`^_gby ijh]jZffg_y\eyeZkvhkgh\ghcp_evxjZajZ[hldbiZ jZ^b]fuHHIwlhkdhj__² ih[hqgucwnn_dlijbf_g_gbyHHIgZijZdlbd_Djhf_lh]h ojZg_gb_^Zgguobdh^Z\h^ghfh[t_dl_iha\hey_lfbgbfbabjh\Zlv \ha^_ckl\b_h^gh]hh[t _dlZgZ^jm]hcZke_^h\Zl_evgh bh[e_]qblvihbkdbbkijZ\e_gb_ hrb[hd\ijh]jZff_ LjZ^bpbhggh h[t_dlghhjb_glbjh\Zggu_ yaudbj_Zebamxlihf_gvr_cf_j_ljbhkgh\ gu_dhgp_ipbbHHI BgdZikmeypby
JZ[hlZk^Zggufbb^_lZeb__j_ZebaZpbbkdjuluhl\g_rg_]hihevah \Zl_ey h[t_dlZ >hklhbgkl\Z bgdZikmeypbb \dexqZxl fh^mevghklv b baheypbxdh^ZjZaguoh[t_dlh\
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
GZke_^h\Zgb_
Ihebfhjnbaf
hklhbgkl\ZgZke_^h\Zgbykhklhyl\i_j\mxhq_j_^v\jZa^_e_gbbh[s_]h dh^Z fgh]bfb h[t_dlZfb GZ jbk ij_^klZ\e_g ijbf_j gZke_^h\Zgby h^bg dhjg_\hc h[t_dl IUXLW njmdlu kem`bl ij_^dhf ^ey \k_o ieh^h\ \dexqZy[Zoq_\u_mdhlhjuo\k\hxhq_j_^vh[t_dlPHORQkem`blij_^ dhflZdboh[t_dlh\dZdZj[ma ZDWHUPHORQ babfgyy^ugy KRQH\GHZ Keh\hihebfhjnbafhagZqZ_l³fgh]hnhjf´<gZr_fkemqZ_ih^wlbf ih^jZamf_\Z_lky qlh \uah\ f_lh^Z i_j_f_gghc h[t_dlZ [m^_l ijb\h ^blvd\uah\mdh^Zkhhl\_lkl\mxs_]h dhgdj_lghfmwda_fieyjmh[t_d lZojZgys_fmky \i_j_f_gghc
JbkIjbf_jb_jZjobbgZke_^h\Zgby
¦¿ËÄÖ¿ÌÇÞÍËÌÍÅÄÐÑÁÄÌÌÍËÌ¿ÐÊÄÃÍÁ¿ÌÇÇ 2EMHFW 3DVFDO ÈÀ ÊÉ¿¿ÀËÁý»ÀÍ ÏÎÈÅÑÃà ÇÈÉÁÀÌͽÀÈÈÉ¾É È»ÌÆÀ¿É½»ÈÃÚ ÊËÃÌÎÍÌͽÎÙÔÀÄ ½ ÚÂÖÅÀ &«ÌÍÅÄÐÑÁÄÌÌÍÄÌ¿ÐÊÄÃÍÁ¿ÌÇÄÉÂȻһÀÍÒÍÉÈÀÅÉÍÉËÖÄɼÕÀÅÍÇÉÁÀͼÖÍ×È»ÌÆÀ¿ÈÃÅÉÇ¿½ÎÐà ¼ÉÆÀÀ¿ËξÃÐË»ÂÆÃÒÈÖÐɼÕÀÅÍɽÍÀÌÉ¿ÀËÁ»Í×½ÌÀ¼À½ÌÀ¿»ÈÈÖÀÃÅɿɼÕÀÅÍɽÊËÀ¿Åɽ ˻ǯРÊËýÀ¿ÀÈÈÉÄ È» ËÃÌ ÃÆÆÙÌÍË»ÑÃà ØÍÉ ÇÉÁÈÉ ÊËÀ¿ÌÍ»½ÃÍ× Å»Å ÅÆ»ÌÌ pÚ¼ÆÉÒÈÉÀ ½»ËÀ È×Àq ÊËÀ¿Å»Çà ÅÉÍÉËÉ¾É ÉÅ»ÁÎÍÌÚ ÎÁÀ ÃÇÀÙÔÃÄÌÚ ÅÆ»ÌÌ DSSOH Ú¼ÆÉÅÉ Ã ÈÀÅÉÍÉËÖÄ ÅÆ»ÌÌ p½»ËÀÈ×Àq°ÉÍÚÊɿɼȻÚÏÎÈÅÑÃÉÈ»Æ×ÈÉÌÍ×È»ÊÀ˽ÖĽ¾ÆÚ¿Å»ÁÀÍÌÚÊÉÆÀÂÈÉÄÉȻһÌÍɽÈÉÌÃͽ ÊËɾ˻ÇÇÖÇÈÉÁÀÌͽÉÊËɼÆÀÇÃÌÆÎÁÃÍÊËÃÒÃÈÉÄÌÈÃÁÀÈÃÚÃÐØÏÏÀÅÍýÈÉÌÍà 2EMHFW3DVFDO¿»ÀÍ¿½»½ÉÂÇÉÁÈÖÐÊÎÍÃËÀÓÀÈÃÚÊËɼÆÀÇÖÇÈÉÁÀÌͽÀÈÈɾÉÈ»ÌÆÀ¿É½»ÈÃÚªÀ˽ÖÄÌÉ ÌÍÉÃͽÌÉ¿»ÈÃÃɼÕÀÅͻɿÈɾÉÅÆ»ÌÌ»ÅÉÍÉËÖÄÌÉ¿ÀËÁÃÍɼÕÀÅÍ¿ËξɾÉÅÆ»ÌÌ» Í»ÅÉÀËÀÓÀÈÃÀÃÌ ÊÉÆ×Âɽ»ÆÉÌ× ÊËà ÊÉÌÍËÉÀÈÃà 9&/ ˻ǯРڼÆÉÒÈɽ»ËÀÈ×À½ÉÄ »È»ÆɾÃà ÇÉÁÈÉ ÊËÀ¿ÌÍ»½ÃÍ× ÌÀ¼À ÈÀÅÃÄ É¼ÕÀÅÍ p½»ËÀÈ×Àq ÅÉÍÉËÖÄ ÌÉ¿ÀËÁÃÍÌÚ ½ ɼÕÀÅÍÀ pÚ¼ÆÉÅÉq ÍÉËÉÀ ËÀÓÀÈÃÀ »ÅÆÙÒ»ÀÍÌÚ ½ ÃÌ ÊÉÆ×Âɽ»ÈÃÃÃÈÍÀËÏÀÄÌɽÉÒÀÇËÀÒ×ÊÉÄ¿ÀÍÈÃÁÀ½ØÍÉľƻ½ÀªËÃÃÌÊÉÆ×Âɽ»ÈÃÃÃÈÍÀËÏÀÄÌɽÊÉÚ½ ÆÚÀÍÌÚ½ÉÂÇÉÁÈÉÌÍ×ÌÉ¿»Í×ɼÕÀÅÍÅÉÍÉËÖļοÀÍÃÇÀÍ×ɼ»ÃÈÍÀËÏÀÄÌ»tÃpÚ¼ÆÉÅ»qÃp½»ËÀÈ×Úq >eyihgbfZgby^Zevg_cr_]h fZl_jbZeZgZfke_^m_ljZah[jZlvkykl_fqlhhagZqZxll_j fbgu³ihe_´³f_lh^´b³k\hckl\h´ Ihe_ )LHOG
Ihey bf_gm_fu_ lZd`_ i_j_f_ggufb wda_fieyjZ ij_^klZ\eyxl kh[hc i_ j_f_ggu_k^Zggufbkh^_j`Zsb_ky \gmljbh[t_dlZIhe_\h[t_dl_koh^gh k ihe_f \ aZibkb 3DVFDO < yaud_ & ^ey gbo bgh]^Z bkihevam_lky l_jfbg qe_gu^Zggu_
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
F_lh^ 0HWKRG K\hckl\h 3URSHUW\
Ijhp_^mju b nmgdpbb ijbgZ^e_`Zsb_ h[t_dlm < yaud_ & ^ey gbo bk ihevam_lkyl_jfbgqe_gunmgdpbb K\hckl\Zij_^klZ\eyxl kh[hc kmsghklb h[_ki_qb\Zxsb_ ^hklmi d ^Zgguf b dh^m kh^_j`Zs_fmky \ h[t_dl_ L_f kZfuf hgb bahebjmxl dhg_qgh]h ihevah\Zl_ey hl^_lZe_cj_ZebaZpbbh[t_dlZ ©©ªÈÀÊÉÌËÀ¿ÌͽÀÈÈÖÄ¿ÉÌÍÎÊÅÊÉÆÚÇɼÕÀÅÍ»½ÑÀÆÉÇÌÒÃÍ»ÀÍÌÚÊÆÉÐÃÇÌÍÃÆÀÇ ÊËɾ˻ÇÇÃËɽ»ÈÃÚ ÊÀ˽ÎÙ ÉÒÀËÀ¿× ØÍÉ Ì½Ú»ÈÉ Ì ÍÀÇ ÒÍÉ ¿ÀÍ»Æà ËÀ»ÆûÑÃà ɼÕÀÅÍ»ÇɾÎÍÌɽËÀÇÀÈÀÇÃÂÇÀÈÃÍ×ÌÚªËÀ¿ÊÉÒÍÃÍÀÆ×ÈÀÀË»¼ÉÍ»Í×ÌÉ̽ÉÄÌͽ»Çà ÊËÀ¿ÌÍ»½ÆÚÙÔÃÇÃÌɼÉÄÌͻȿ»ËÍÈÖÄÃÈÍÀËÏÀÄÌɼÕÀÅÍ»ÌÅËÖ½»ÙÔÃÄÀ¾ÉÅÉÈÅËÀÍ ÈÎÙËÀ»ÆûÑÃÙ
6xQy}~\\N~\zK~~\Q\xQy}~\ \^Q~}^\zK~~\Qu^\{^Kww^\zK~Q G_dhlhju_ yaudb ijh]jZffbjh\Zgby ^Zxl \hafh`ghklv jZ[hlZlv k hl^_evgufb kmsgh klyfbdhlhju_fh`ghkqblZlvh[t_dlZfbh^gZdhg_iha\heyxlkha^Z\Zlvkh[kl\_ggu_h[t _dluOhjhrbfijbf_jhfwlh]hfh]mlkem`blvwe_f_glumijZ\e_gby$FWLYH; [u\rb_2&; \yaud_9LVXDO%DVLF Ohlywe_f_glumijZ\e_gby$FWLYH; fh`ghbkihevah\Zlv \ijbeh`_gbyo 9LVXDO%DVLF bog_evaykha^Z\ZlvaZgh\hbebihjh`^Zlvh^bgwe_f_glmijZ\e_gby$FWLYH; ba ^jm]h]h Kj_^Z ijh]jZffbjh\Zgby k lZdbfb k\hckl\Zfb gZau\Z_lky h[t_dlghhkgh\Zgghc REMHFWEDVHG 'HOSKL ij_^klZ\ey_l kh[hc iheghklvx h[t_dlghhjb_glbjh\Zggmx kj_^m Wlh hagZqZ_l qlh \ 'HOSKL gh\u_ h[t_dlu fh`gh kha^Z\Zlv eb[h k gmey eb[h bkihevamy m`_ bf_xsb_ky Wlh hlghkblky dh \k_f h[t_dlZf 'HOSKL² dZd \bamZevguf lZd b g_\bamZevguf b ^Z`_ d nhjfZf
tNu\\zK~Q\xQy}\z)PX]TU DZd mihfbgZehkv jZg__ h[t_dlu bf_gm_fu_ lZd`_ deZkkZfb ij_^klZ\eyxl kh[hc kms ghklbdhlhju_fh]mlkh^_j`Zlv^Zggu_bdh^H[t_dlu'HOSKL ij_^hklZ\eyxl ijh]jZffbklm \k_hkgh\gu_\hafh`ghklb h[t_dlghhjb_glbjh\Zggh]h ijh]jZffbjh\Zgby lZdb_dZdgZke_ ^h\Zgb_bgdZikmeypby bihebfhjnbaf
6xzQ~QN\|K~Q ;_amkeh\ghi_j_^l_fdZdh[t_dlbkihevah\Zlv _]hke_^m_lh[ty\blv<2EMHFW3DVFDO wlh ^_eZ_lkykihfhsvxdexq_\h]hkeh\ZFODVVH[ty\e_gbyh[t_dlh\ihf_sZxlky\jZa^_eh[t y\e_gbylbih\fh^meybebijh]jZffu W\SH 7)RR2EMHFW FODVV Ihke_ h[ty\e_gby lbiZ h[t_dlZ fh`gh \uihegblv h[ty\e_gb_ i_j_f_gguo gZau\Z_fuo lZd`_wda_fieyjZfb wlh]hlbiZ\jZa^_e_YDU YDU )RR2EMHFW 7)RR2EMHFW
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
<2EMHFW3DVFDO wda_fieyjh[t_dlZkha^Z_lkykihfhsvx\uah\Zh^gh]hbadhgkljmdlhjh\ wlh]h h[t_dlZ Dhgkljmdlhj hl\_qZ_l aZ kha^Zgb_ wda_fieyjZ h[t_dlZ Z lZd`_ aZ \u^_e_gb_ iZfylb b g_h[oh^bfmx bgbpbZebaZpbx ihe_c Hg g_ lhevdh kha^Z_l h[t_dl gh b ijb\h^bl _]h\khklhygb_g_h[oh^bfh_ ^ey_]h^Zevg_cr_]h bkihevah\Zgby DZ`^uch[t_dlkh^_j`bl ih djZcg_c f_j_ h^bg dhgkljmdlhj &UHDWH dhlhjuc fh`_l bf_lv jZaebqgh_ dhebq_kl\h iZjZf_ljh\ jZagh]h lbiZ² \ aZ\bkbfhklb hl lbiZ h[t_dlZ < wlhc ]eZ\_ jZkkfZljb\Z_lky lhevdhijhkl_crbcdhgkljmdlhj&UHDWH [_aiZjZf_ljh\ < hlebqb_ hl yaudZ & dhgkljmdlhju \ 2EMHFW 3DVFDO g_ \uau\Zxlky Z\lhfZlbq_kdb Kha^Zgb_ dZ`^h]h h[t_dlZ k ihfhsvx \uah\Z _]h dhgkljmdlhjZ \oh^bl \ h[yaZgghklb ijh ]jZffbklZKbglZdkbk\uah\ZdhgkljmdlhjZ ke_^mxsbc )RR2EMHFW 7)RR2EMHFW&UHDWH H[jZlbl_ \gbfZgb_ gZ mgbdZevgmx hkh[_gghklv \uah\Z dhgkljmdlhjZ² hg \uau\Z_lky k ihfhsvxkkuedbgZlbiZg_gZwda_fieyjlbiZ \hlebqb_hl^jm]bof_lh^h\dhlhju_\uau \ZxlkykihfhsvxkkuedbgZwda_fieyj GZi_j\uc\a]ey^wlhfh`_lihdZaZlvkyg_e_ihklvx h^gZdh\wlhf_klv]em[hdbckfuke²\_^vwda_fieyjh[t_dlZ)RR2EMHFW\fhf_gl\uah\Zdhg kljmdlhjZ_s_g_kha^ZgH^gZdhdh^dhgkljmdlhjZdeZkkZ7)RR2EMHFWklZlbq_g b gZoh^blky \ iZfylbHghlghkblkydlbimZg__]hwda_fieyjmihwlhfmlZdhc\uah\\iheg_dhjj_dl_g Ijhp_^mjm\uah\ZdhgkljmdlhjZ ^eykha^Zgbywda_fieyjZh[t_dlZqZklhgZau\Zxlj_Zeb aZpb_cdeZkkZ ªËÃÌÉ¿»ÈÃÃØÅÂÀÇÊÆÚ˻ɼÕÀÅÍ»ÌÊÉÇÉÔ×ÙÅÉÈÌÍËÎÅÍÉË»ÅÉÇÊÃÆÚÍÉ˾»Ë»ÈÍÃËÎÀÍ ÒÍɽÌÀÊÉÆÚØÅÂÀÇÊÆÚË»¼Î¿ÎÍÃÈÃÑûÆÃÂÃËɽ»ÈÖÌÀÒÃÌÆɽÖÀÊÉÆڼοÎÍɼÈÎÆÀ ÈÖÎŻ»ÍÀÆÃÊËÃÇÎÍÂÈ»ÒÀÈÃÀQLO»ÌÍËÉÅüοÎÍÊÎÌÍÖ
¶~}\Q~Q Ih hdhgqZgbb bkihevah\Zgby wda_fieyjZ h[t_dlZ ke_^m_l hk\h[h^blv \u^_e_ggmx ^ey g_]hiZfylvkihfhsvxf_lh^Z)UHH Wlhlf_lh^kgZqZeZijh\_jy_lg_jZ\_gebwda_fi eyjh[t_dlZagZq_gbx1LObaZl_f\uau\Z_l^_kljmdlhjh[t_dlZ²f_lh^'HVWUR\ Ih gylghqlh^_ckl\b_^_kljmdlhjZ h[jZlgh^_ckl\bxdhgkljmdlhjZ l_hghk\h[h`^Z_l \kx \u^_e_ggmx iZfylv b \uihegy_l ^jm]b_ ^_ckl\by ih hk\h[h`^_gbx aZo\Zq_gguo dhgkl jmdlhjhfh[t_dlZj_kmjkh\KbglZdkbk\uah\Zf_lh^Z)UHH ijhkl )RR2EMHFW)UHH H[jZlbl_\gbfZgb_qlh\hlebqb_hl\uah\ZdhgkljmdlhjZ \uah\f_lh^Z)UHH \uihe gy_lky k ihfhsvx kkuedb gZ wda_fieyj Z g_ gZ lbi Djhf_ wlh]h aZihfgbl_ _s_ h^bg kh \_l²gbdh]^Zg_bkihevamcl_g_ihkj_^kl\_gguc \uah\f_lh^Z'HVWUR\ ;he__[_ahiZkghb dhjj_dlgh\ua\Zlvf_lh^)UHH ÚÂÖÅÀ&¿ÀÌÍËÎÅÍÉËØÅÂÀÇÊÆÚË»ÌÍ»ÍÃÒÀÌÅÃÌÉ¿»ÈÈɾÉɼÕÀÅÍ»½ÖÂÖ½»ÀÍÌÚ»½ÍÉ Ç»ÍÃÒÀÌÅÃÅɾ¿»ØÍÉÍØÅÂÀÇÊÆÚËÊÉÅÿ»ÀÍɼƻÌÍ׽ÿÃÇÉÌÍÃÌÆÎÒ»À¿ÃÈ»ÇÃÒÀÌÅÉ¾É ÌÉ¿»ÈÃÚØÅÂÀÇÊÆÚË» ÌÊÉÇÉÔ×ÙÉÊÀË»ÍÉË»QHZ ½Ö¿ÉÆÁÈÖÌ»ÇÃÎÈÃÒÍÉÁÃÍ×ɼÕÀÅÍ ½Ö½»½ ÉÊÀË»ÍÉË GHOHWH É ÁÀ ÊË»½ÃÆÉ ¿ÀÄÌͽÎÀÍ Ã ½ 2EMHFW 3DVFDO ÈÉ Ì É¿ÈÉÄ ÊÉ ÊË»½ÅÉÄ ½ÈÀǽÌÀØÅÂÀÇÊÆÚËÖɼÕÀÅÍ»t¿ÃÈ»ÇÃÒÀÌÅÃÀÃÊËɾ˻ÇÇÃÌÍ¿ÉÆÁÀÈÌ»ÇÉ ÌÍÉÚÍÀÆ×ÈÉÃÐÎÈÃÒÍÉÁÃÍ×ÉÂ×ÇÃÍÀÌÀ¼À»ÊË»½ÃÆÉÎÈÃÒÍÉÁ»Í×ÃÉ̽ɼÉÁ¿»Í×½ÌÀÒÍÉ
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
¼ÖÆÉ ÌÉ¿»ÈÉ ½»Çà ½ ÊËɾ˻ÇÇÀ £ÌÅÆÙÒÀÈÃÀÇ Ã ØÍÉ¾É ÊË»½ÃÆ» Ú½ÆÚÙÍÌÚ É¼ÕÀÅÍÖ ÊËÃÈ»¿ÆÀÁ»ÔÃÀ ¿ËξÃÇ É¼ÕÀÅÍ»Ç ÊÉ¿ËɼÈÀÀ ɼ ØÍÉÇ ½Ö ÎÂÈ»ÀÍÀ ½ ¾Æ»½À ½ÍÉËÉ¾É ÍÉÇ»p¥ÆÙÒÀ½ÖÀØÆÀÇÀÈÍÖ9&/ÃÃÈÏÉËÇ»ÑÃÚÉÍÃʻнËÀÇÀÈýÖÊÉÆÈÀÈÃÚq ¸ÍÉÍÍÃÊ É¼ÕÀÅÍɽ ÎÈÃÒÍÉÁ»ÀÍÌÚ »½ÍÉÇ»ÍÃÒÀÌÅà ÔÀ É¿ÈÃÇ ÃÌÅÆÙÒÀÈÃÀÇ Ú½ÆÚÙÍÌÚ É¼ÕÀÅÍÖ Ì ÎÊË»½ÆÚÀÇÖǽËÀÇÀÈÀÇÁÃÂÈÃÃÇÀÙÔÃÀÌɼÌͽÀÈÈÖÄÌÒÀÍÒÃÅÌÌÖÆÉÅ È»ÊËÃÇÀËÊËÉ Ã½ɿÈÖÀ ÉÍ ÅÆ»ÌÌɽ 7,QWHUIDFHG2EMHFW ÃÆà 7&RP2EMHFW ÅÉÍÉËÖÀ »½ÍÉÇ»ÍÃÒÀÌÅà ο»ÆÚÙÍÌÚÊÉÌÆÀÆÃŽÿ»ÑÃÃÊÉÌÆÀ¿ÈÀÄÌÌÖÆÅÃÈ»ÈÃÐ M\Zkfh`_l\hagbdgmlv\hijhk ³Hldm^Z[_jmlky\k_wlbdhgkljmdlhjub^_kljmdlhju"G_ m`_ebg_h[oh^bfh\k_]^Zhibku\Zlvbo²^Z`_^eykZfh]hfZe_gvdh]hh[t_dlZ"´Dhg_qghg_l >_eh\lhfqlh\k_deZkku2EMHFW3DVFDO g_y\ghgZke_^mxlnmgdpbhgZevgu_ \hafh`ghklb[Zah \h]hdeZkkZ72EMHFWijbq_fg_aZ\bkbfhhllh]hmdZau\Z_l_\uwlhgZke_^h\Zgb_y\ghbebg_l JZkkfhljbfke_^mxs__h[ty\e_gb_deZkkZ 7\SH7)RR &ODVV Hgiheghklvxwd\b\Ze_glgh ke_^mxs_fmh[ty\e_gbxwlh]hdeZkkZ 7\SH7)RR &ODVV 72EMHFW
±Q}\| F_lh^u ij_^klZ\eyxl kh[hc ijhp_^mju b nmgdpbb ijbgZ^e_`Zsb_ aZ^Zgghfm h[t_dlm Fh`gh kdZaZlv qlh f_lh^u hij_^_eyxl ih\_^_gb_ h[t_dlZ
µuwQ}\|\z F_lh^u h[t_dlZ fh]ml [ulv hibkZgu dZd klZlbq_kdb_ VWDWLF \bjlmZevgu_ YLUWXDO ^bgZfbq_kdb_ GLQDPLF beb dZd f_lh^ukhh[s_gby PHVVDJH JZkkfhljbf ke_^mxsbc ijbf_j
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
7)RR FODVV SURFHGXUH,$P$6WDWLF SURFHGXUH,$P$9LUWXDO YLUWXDO SURFHGXUH,$P$'\QDPLF G\QDPLF SURFHGXUH,$P$0HVVDJH YDU0 70HVVDJH PHVVDJHZPB6RPH0HVVDJH HQG
(}K}QNyQwQ}\| KlZlbq_kdbcf_lh^,$P$6WDWLFjZ[hlZ_lih^h[ghh[uqghcijhp_^mj_bebnmgdpbbWlhl lbif_lh^h\ijbgbfZ_lkyih mfheqZgbx :^j_k lZdh]h f_lh^Z ba\_kl_g m`_ gZ klZ^bb dhf ibeypbbbdhfibeylhj\l_dkl_ijh]jZffuhnhjfey_l\k_\uah\u^Zggh]hf_lh^ZdZdklZlb q_kdb_LZdb_f_lh^ujZ[hlZxl[uklj__^jm]boh^gZdhg_fh]ml[ulvi_j_]jm`_gu kp_evx ih^^_j`dbihebfhjnbafZ h[t_dlh\
o^}K~QwQ}\| F_lh^,$P$9LUWXDOh[ty\e_gdZd\bjlmZevgucey j_r_gby wlhc aZ^Zqb dhfibeylhj kljhbl lZ[ebpm \bjlmZevguo f_lh^h\ 9LUWXDO 0HWKRG 7DEOH 907 dhlhjZy h[_ki_qb\Z_l hij_^_e_gb_ Z^j_kZ f_lh^Z \ ijhp_kk_ \uiheg_gby ijh ]jZffu 907 kh^_j`bl \k_ \bjlmZevgu_ f_lh^u ij_^dZ b \bjlmZevgu_ f_lh^u kZfh]h h[t_dlZbihlhfm\bjlmZevgu_ f_lh^ubkihevamxl g_kdhevdh [hevrmxiZfylvq_ff_ lh^u^bgZfbq_kdb_ ghijbwlhfbo\uah\ijhbkoh^bl [uklj__q_f\uah\^bgZfbq_kdbo f_lh^h\
q~KwQNyQwQ}\| >bgZfbq_kdbcf_lh^,$P$'\QDPLF\p_ehfih^h[_g\bjlmZevguf f_lh^Zfghh[kem`b\Z _lky^jm]hc^bki_lq_jkdhc kbkl_fhcDZ`^hfm^bgZfbq_kdhfmf_lh^mdhfibeylhjgZagZqZ_l mgbdZevgh_ qbkeh b bkihevam_l _]h \f_kl_ k Z^j_khf f_lh^Z ^ey ihkljh_gby lZ[ebpu ^bgZ fbq_kdbof_lh^h\ '\QDPLF0HWKRG7DEOH ²'07 <hlebqb_hl907'07 kh^_j`bllhev dhf_lh^u^Zggh]hh[t_dlZ[eZ]h^Zjywlhfmh[_ki_qb\Z_lky wdhghfbybkihevam_fhc iZfylb ghh^gh\j_f_ggh aZf_^ey_lky\uah\f_lh^Z ihkdhevdm ^ey ihbkdZ _]h Z^j_kZ kdhj__ \k_]h [m^_li_j_kfhlj_gZ g_h^gZ'07\b_jZjobbh[t_dlh\
±Q}\|N\\xQ~ F_lh^hf h[jZ[hldb khh[s_gbc y\ey_lky ,$P$0HVVDJH AgZq_gb_ ihke_ dexq_\h]h keh\Z PHVVDJHhij_^_ey_lkhh[s_gb_\hl\_lgZdhlhjh_\uau\Z_lky^Zggucf_lh^LZdb_f_lh^u kha^Zxlky^eyj_ZdpbbgZl_bebbgu_khh[s_gby:LQGRZV Hgbgbdh]^Zg_\uau\Zxlkyg_ ihkj_^kl\_ggh ba ijh]jZffu ;he__ ih^jh[gh h[jZ[hldZ khh[s_gbc h[km`^Z_lky \ ]eZ\_ ³Khh[s_gby:LQGRZV´
³Q^Q\u^Q|QQ~QwQ}\|\z I_j_hij_^_e_gb_ RYHUULGLQJ f_lh^Z \ 2EMHFW 3DVFDO j_Zebam_l dhgp_ipbx ihebfhjnbafZ HHIHghiha\hey_lbaf_gylvih\_^_gb_f_lh^ZhlgZke_^gbdZdgZke_^gbdmI_j_hij_^_e_gb_ f_lh^Z \hafh`gh lhevdh \ lhf kemqZ_ _keb i_j\hgZqZevgh hg [ue h[ty\e_g dZd YLUWXDO beb
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
G\QDPLF>eyi_j_hij_^_e_gby f_lh^Zijb_]hh[ty\e_gbb\f_klhdexq_\uokeh\YLUWXDObeb G\QDPLF ke_^m_l mdZaZlv dexq_\h_ keh\h RYHUULGH Gb`_ ijb\_^_g ijbf_j i_j_hij_^_e_gby f_lh^h\,$P$9LUWXDOb,$P$'\QDPLF 7)RR&KLOG FODVV 7)RR SURFHGXUH,$P$9LUWXDO RYHUULGH SURFHGXUH,$P$'\QDPLF RYHUULGH SURFHGXUH,$P$0HVVDJH YDU0 70HVVDJH PHVVDJHZPB6RPH0HVVDJH HQG >bj_dlb\ZRYHUULGH\uau\Z_laZf_s_gb_kljhdbhibkZgbybkoh^gh]hf_lh^Z\907 kljhdhc hibkZgbygh\h]hf_lh^Z?kebh[ty\blvgh\u_nmgdpbbkhibkZl_eyfbYLUWXDObebG\QDPLFZg_ RYHUULGHlh\f_klhaZf_s_gbyklZjuo[m^mlkha^Zgugh\u_f_lh^u?kebi_j_hij_^_eblv klZlb q_kdbcf_lh^lhgh\uc\ZjbZglijhklhiheghklvxaZf_gblklZlbq_kdbcf_lh^jh^bl_ey
³Q^Q{^yKwQ}\|K Ih^h[gh h[uqguf ijhp_^mjZf b nmgdpbyf f_lh^u fh]ml [ulv i_j_]jm`_gu lZd qlh deZkk [m^_lkh^_j`Zlvg_kdhevdhf_lh^h\kh^gbfbf_g_fghkjZaebqgufbkibkdZfbiZjZf_ljh\I_ j_]jm`_ggu_f_lh^u^he`gu[ulvh[ty\e_gukmdZaZgb_f^bj_dlb\uRYHUORDG bkihevah\Zlvwlm ^bj_dlb\mijbhibkZgbbi_j\h]hi_j_]jm`_ggh]h f_lh^Zg_h[yaZl_evgh
qx^\zK~QwQ~wQ}\|\z Fh`_lkemqblvkylZdqlhdh^ghfmbadeZkkh\ihlj_[m_lky^h[Z\blvf_lh^aZf_sZxsbcf_ lh^kl_f`_bf_g_fghijbgZ^e_`Zsbc ij_^dmwlh]hdeZkkZ<^ZgghfkemqZ_lj_[m_lkyg_i_j_ hij_^_eblvbkoh^gucf_lh^Ziheghklvx_]haZf_gblv?kebijhklh^h[Z\blvlZdhcf_lh^\gh\uc deZkkdhfibeylhj\u^Zklij_^mij_`^_gb_ hlhfqlhgh\ucf_lh^kdju\Z_lf_lh^[Zah\h]hdeZkkZ kl_f`_bf_g_f>eymkljZg_gbywlhchrb[db\gh\hff_lh^_mdZ`bl_^bj_dlb\mUHLQWURGXFH W\SH 76RPH%DVH FODVV SURFHGXUH&RRSHU HQG 76RPH&ODVV FODVV SURFHGXUH&RRSHU UHLQWURGXFH HQG
³Q^QwQ~~K6HOI
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
(z\vN}zK K\hckl\Zh[t_dlZ²wlhki_pbZebabjh\Zggu_ kj_^kl\Z^hklmiZdiheyfh[t_dlZiha\heyx sb_baf_gylv_]h^Zggu_b\uihegylv_]hdh^Ihhlghr_gbxddhfihg_glZfk\hckl\Zy\eyxl kyl_fbwe_f_glZfb k\_^_gby h dhlhjuo hlh[jZ`Zxlky \ hdg_ 2EMHFW ,QVSHFWRU
6u^Q|QQ~Q\xKN}z|w\N} 2EMHFW3DVFDO ij_^hklZ\ey_l ^hihegbl_evguc dhgljhevgZ^^hklmighklvx qe_gh\deZkkh\ ihe_cbf_lh^h\ kihfhsvx^bj_dlb\SURWHFWHGSULYDWHSXEOLFSXEOLVKHGbDXWRPDWHG KbglZdkbkbkihevah\Zgby wlbo^bj_dlb\ke_^mxsbc 76RPH2EMHFW FODVV SULYDWH $3ULYDWH9DULDEOH ,QWHJHU $QRWKHU3ULYDWH9DULDEOH %RROHDQ SURWHFWHG SURFHGXUH$3URWHFWHG3URFHGXUH IXQFWLRQ3URWHFW0H %\WH SXEOLF FRQVWUXFWRU$3XEOLF&RQWUXFWRU GHVWUXFWRU$3XEOLF.LOOHU SXEOLVKHG SURSHUW\$3URSHUW\UHDG$3ULYDWH9DULDEOHZULWH$3ULYDWH9DULDEOH HQG
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
AZdZ`^hc ba ^bj_dlb\ fh`_l ke_^h\Zlv ex[h_ g_h[oh^bfh_ dhebq_kl\h h[ty\e_gbc ih e_c beb f_lh^h\ Lj_[h\Zgby ohjhr_]h klbey ij_^iheZ]Zxl gZebqb_ hlklmiZ² ZgZeh]bqgh lhfmdZdwlh^_eZ_lky^eybf_gdeZkkh\Qlh`_hagZqZxlwlb^bj_dlb\u" SULYDWH
SURWHFWHG
SXEOLF
WlZqZklvh[t_dlZ^hklmigZlhevdh^eydh^ZgZoh^ys_]hky \h^ghffh^me_ k^jm]bfdh^hf^Zggh]hh[t_dlZ>bj_dlb\ZSULYDWHkdju\Z_lhkh[_gghklb j_ZebaZpbb h[t_dlZ hl ihevah\Zl_e_c b aZsbsZ_l qe_gu wlh]h h[t_dlZ hl g_ihkj_^kl\_ggh]h ^hklmiZbbaf_g_gbyba\g_ Qe_guh[t_dlZhibkZggu_dZdSURWHFWHG^hklmigu^eyijhba\h^guoh[t _dlh\Wlhiha\hey_lkdjulv\gmlj_gg__mkljhckl\hh[t_dlZhlihevah\Zl_ ey b \ lh `_ \j_fy h[_ki_qblv g_h[oh^bfmx ]b[dhklv b wnn_dlb\ghklv ^hklmiZdiheyfbf_lh^Zfh[t_dlZ^ey_]hihlhfdh\ HibkZggu_ ih^h[guf h[jZahf qe_gu h[t_dlZ ^hklmigu \ ex[hf f_kl_ ^Zgghcijh]jZffuDhgkljmdlhju b^_kljmdlhju\k_]^Z^he`gu[ulvhib kZgudZdSXEOLF
SXEOLVKHG
>eywlhcqZklbh[t_dlZijbdhfibeypbb[m^_lk]_g_jbjh\ZgZ bgnhjfZpbyh lbi_\j_f_gbbkiheg_gby 5XQWLPH7\SH,QIRUPDWLRQ ²577, Wlh^Zkl\ha fh`ghklv^jm]bfqZklyfijbeh`_gbyihemqZlvbgnhjfZpbxhqZklbh[t_dlZ hibkZgghc dZd SXEOLVKHG < qZklghklb ih^h[gZy bgnhjfZpby bkihevam_lky mlbeblhc2EMHFW,QVSHFWRU ijbihkljh_gbbkibkdh\k\hckl\h[t_dlh\ DXWRPDWHG WlhlhibkZl_evkhojZg_glhevdh^eyh[_ki_q_gbyh[jZlghckh\f_klbfhklb k 'HOSKL ;he__ ihegmx bgnhjfZpbx ih wlhfm \hijhkm fh`gh gZclb \ ]eZ\_\lhjh]hlhfZ³&20hjb_glbjh\Zggu_ l_ogheh]bb´ Gb`_ijb\_^_ghh[ty\e_gb_deZkkZ70\2EMHFW bkihevah\Z\r__ky \jZa^_e_ihk\ys_gghf k\hckl\Zfh[t_dlZ k^h[Z\e_gbyfb ih\urZxsbfb _]hp_ehklghklvbeh]bqghklv 70\2EMHFW FODVV SULYDWH 6RPH9DOXH ,QWHJHU SURFHGXUH6HW6RPH9DOXH $9DOXH ,QWHJHU SXEOLVKHG SURSHUW\9DOXH ,QWHJHUUHDG6RPH9DOXHZULWH6HW6RPH9DOXH HQG SURFHGXUH70\2EMHFW6HW6RPH9DOXH $9DOXH ,QWHJHU EHJLQ LI6RPH9DOXH !$9DOXHWKHQ 6RPH9DOXH $9DOXH HQG L_i_jv gb h^bg ba ihevah\Zl_e_c wlh]h deZkkZ g_ kfh`_l baf_gblv agZq_gb_ 6RPH9DOXH g_ihkj_^kl\_ggh b\ugm`^_g[m^_lbkihevah\Zlv lhevdhbgl_jn_ck ij_^hklZ\ey_fuc k\hc kl\hf9DOXH
q^QN}zQ~~QyKNN <yaud_&j_Zebah\Zghdhgp_ipby^jm`_kl\_gguodeZkkh\l_deZkkh\dhlhjufjZaj_r_g ^hklmid^Zggufbnmgdpbyf^jm]h]hdeZkkZaZsbs_ggufhibkZl_e_fSULYDWH<yaud_&wlhl f_oZgbafj_Zebam_lkykihfhsvxdexq_\h]hkeh\ZIULHQGOhlykljh]h]h\hjy\2EMHFW3DVFDO g_l
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
gblZdh]hdexq_\h]hkeh\ZgblZdh]hihgylbyl_fg_f_g__nZdlbq_kdblh]h`_wnn_dlZfh`gh ^h[blvkyijhklhhibkZ\h[t_dlu\h^ghffh^me_HibkZggu_\h^ghffh^me_h[t_dlubf_xlijZ \h ^hklmiZ d aZdjuluf ^Zgguf b nmgdpbyf ^jm] ^jm]Z [eZ]h^Zjy q_fm b h[_ki_qb\Z_lky ³^jm`_kl\_gghklv ´\ij_^_eZofh^mey
o~}^Q~~QQu^Q|N}KzQ~Q\xQy}\z
¤KNN72EMHFW ^\|}QNyv\xQy} zNQg\xQy}\z
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
SURFHGXUH%HIRUH'HVWUXFWLRQ YLUWXDO SURFHGXUH'LVSDWFK YDU0HVVDJH YLUWXDO SURFHGXUH'HIDXOW+DQGOHU YDU0HVVDJH YLUWXDO FODVVIXQFWLRQ1HZ,QVWDQFH 72EMHFW YLUWXDO SURFHGXUH)UHH,QVWDQFH YLUWXDO GHVWUXFWRU'HVWUR\ YLUWXDO HQG HibkZgb_dZ`^h]hbai_j_qbke_gguo f_lh^h\fh`ghgZclb\bgl_jZdlb\ghc kijZ\hqghc kbkl_f_'HOSKL H[jZlbl_\gbfZgb_gZf_lh^uh[ty\e_gb_dhlhjuogZqbgZ_lkykhkeh\ZFODVVWlhhagZqZ _lqlhf_lh^fh`_l[ulv\ua\ZgdZdh[uqgZyijhp_^mjZbebnmgdpby[_akha^Zgbywda_fieyjZ deZkkZqe_ghfdhlhjh]hy\ey_lky^Zggucf_lh^ :gZeh]ZfblZdbof_lh^h\\yaud_& y\ey xlky f_lh^u hibkZggu_ dZd VWDWLF ;m^vl_ hklhjh`gu ijb kha^Zgbb ih^h[guo f_lh^h\² hgbg_^he`gubkihevah\ZlvgbdZdhcbgnhjfZpbbwda_fieyjZdeZkkZ
t~}Q^QvN
6u^Q|QQ~Q~}Q^QvNK LZd`_dZd\k_deZkkuyaudZ2EMHFW3DVFDO y\eyxlkygZke_^gbdZfb deZkkZ72EMHFW\k_bg l_jn_ckuy\ghbebg_y\ghy\eyxlkyijhba\h^gufb hlbgl_jn_ckZ,8QNQRZQh[ty\e_gb_dh lhjh]h\fh^me_6\VWHP\u]ey^blke_^mxsbfh[jZahf W\SH ,8QNQRZQ LQWHUIDFH > ^&` @ IXQFWLRQ4XHU\,QWHUIDFH FRQVW,,' 7*8,' RXW2EM ,QWHJHU VWGFDOO IXQFWLRQB$GG5HI ,QWHJHU VWGFDOO IXQFWLRQB5HOHDVH ,QWHJHU VWGFDOO HQG DZd \b^bl_ kbglZdkbk hij_^_e_gby bgl_jn_ckZ hq_gv ihoh` gZ kbglZdkbk hij_^_e_gby deZkkZHkgh\gh_hlebqb_f_`^mwlbfb^\mfyhij_^_e_gbyfb aZdexqZ_lky\lhfqlhbgl_jn_ck fh`_l [ulv k\yaZg k ]eh[Zevguf mgbdZevguf b^_glbnbdZlhjhf *OREDOO\ 8QLTXH ,GHQWLILHU ² *8,' Hij_^_e_gb_bgl_jn_ckZ,8QNQRZQ³ijhbkoh^bl´bafh^_ebfgh]hdhfihg_glguo h[t_d lh\0LFURVRIW &RPSRQHQW2EMHFW0RGHO ²&20 [he__^_lZevghhibkZgghc\]eZ\_\lhjh]h lhfZ³&20hjb_glbjh\Zggu_ l_ogheh]bb´
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
Hij_^_e_gb_ ihevah\Zl_evkdh]h bgl_jn_ckZg_ij_^klZ\ey_l hkh[uokeh`ghkl_c_keb\u agZ_l_dZdhij_^_eyxlky deZkku'HOSKL Gb`_ ijb\_^_g ijbf_j hij_^_e_gby gh\h]h bgl_j n_ckZ,)RRdhlhjucj_Zebam_l_^bgkl\_gguc f_lh^) W\SH ,)RR LQWHUIDFH > ^%)$$'$ %) $$` @ IXQFWLRQ) ,QWHJHU HQG ªÉÆÎÒÀÈÃÀÈɽɾÉ*8,'½ÃÈÍÀ¾ËÃËɽ»ÈÈÉÄÌËÀ¿ÀË»ÂË»¼ÉÍÒÃÅ»'HOSKLɼÀÌÊÀÒý»ÀÍ ÌÚÅÉǼÃÈ»ÑÃÀÄÅÆ»½ÃÓ &WUO6KLIW*!
^%)$$'$ %) $$` @ IXQFWLRQ) ,QWHJHU HQG
8QKK~}Q^QvN\z Ijb\_^_gguc gb`_njZ]f_gll_dklZ^_fhgkljbjm_l j_ZebaZpbxbgl_jn_ckh\,)RRb,%DU \deZkk_7)RR%DU W\SH 7)RR%DU FODVV 7,QWHUIDFHG2EMHFW,)RR,%DU IXQFWLRQ) ,QWHJHU IXQFWLRQ) ,QWHJHU HQG IXQFWLRQ7)RR%DU) ,QWHJHU EHJLQ 5HVXOW HQG IXQFWLRQ7)RR%DU) ,QWHJHU EHJLQ 5HVXOW HQG H[jZlbl_\gbfZgb_gZlhqlhihke_mdZaZgbydeZkkZij_^dZ\i_j\hckljhd_h[ty\e_gby deZkkZfh`_l[ulv i_j_qbke_gh g_kdhevdh bgl_jn_ckh\ K\yau\Zgb_ nmgdpbb bgl_jn_ckZ k hij_^_e_gghc nmgdpb_cdeZkkZhkms_kl\ey_lky dhfibeylhjhf lh]^Zdh]^Zhgh[gZjm`b\Z_l f_lh^deZkkZkb]gZlmjZdhlhjh]hkh\iZ^Z_lkkb]gZlmjhcf_lh^Zbgl_jn_ckZDeZkk ^he`_g j_Zebah\Zlv \k_ f_lh^u bgl_jn_ckZ iml_f h[ty\e_gby b j_ZebaZpbb kh[kl\_gguo f_lh^h\ ?keb\deZkk_g_j_Zebam_lkyohly[uh^bgbaf_lh^h\bgl_jn_ckZdhfibeylhj\u^Zklkhhl \_lkl\mxs__khh[s_gb_h[hrb[d_bijh]jZffZhldhfibebjh\ZgZ g_[m^_l
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
?kebdeZkkj_Zebam_lg_kdhevdh bgl_jn_ckh\ dhlhju_ bf_xl h^bgZdh\u_ f_lh^u ba[_ `Zlvg_h^ghagZqghklb iha\hey_lgZagZq_gb_f_lh^Zfbf_gik_\^hgbfh\ dZdihdZaZgh\ke_ ^mxs_fijbf_j_ W\SH ,)RR LQWHUIDFH > ^%)$$'$ %) $$` @ IXQFWLRQ) ,QWHJHU HQG ,%DU LQWHUIDFH > ^%)$$'$ %) $$` @ IXQFWLRQ) ,QWHJHU HQG 7)RR%DU FODVV 7,QWHUIDFHG2EMHFW,)RR,%DU Ìwénlnsntqnwxnklvtquvk IXQFWLRQ,)RR) )RR) IXQFWLRQ,%DU) %DU) Înzvlrsjxxjxquntjuqwxnklvtquvk IXQFWLRQ)RR) ,QWHJHU IXQFWLRQ%DU) ,QWHJHU HQG IXQFWLRQ7)RR%DU)RR) ,QWHJHU EHJLQ 5HVXOW HQG IXQFWLRQ7)RR%DU%DU) ,QWHJHU EHJLQ 5HVXOW HQG
q^Qy}zKLPSOHPHQWV < 'HOSKL \\_^_gZ ^bj_dlb\Z LPSOHPHQWV dhlhjZy iha\hey_l ^_e_]bjh\Zlv j_ZebaZpbx f_lh^h\bgl_jn_ckZ^jm]bfdeZkkZfbebbgl_jn_ckZf HgZ\k_]^ZmdZau\Z_lkydZdihke_^gyy ^bj_dlb\Z\h[ty\e_gbbk\hckl\ZdeZkkZbebbgl_jn_ckZ W\SH 76RPH&ODVV FODVV 7,QWHUIDFHG2EMHFW,)RR Ìwqxjtq¹ IXQFWLRQ*HW)RR 7)RR SURSHUW\)RR 7)RRUHDG*HW)RRLPOHPHQWV,)RR Ìwqxjtq¹ HQG <ijb\_^_gghf ijbf_j_bkihevah\Zgb_ ^bj_dlb\uLPSOHPHQWV]h\hjblhlhfqlhf_lh^u j_Zebamxsb_ bgl_jn_ck,)RRke_^m_lbkdZlv\k\hckl\_)RRLbik\hckl\Z^he`_g[ulvdeZk khf kh^_j`Zsbf f_lh^u ,)RR bgl_jn_ck ,)RR beb _]h ihlhfdh\ Ihke_ ^bj_dlb\u
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
LPSOHPHQWV\ufh`_l_bkihevah\Zlv g_h^bgZp_euckibkhdbgl_jn_ckh\ we_f_glukibkdZ ^he`guhl^_eylvky aZiylufb < wlhf kemqZ_ deZkk bkihevam_fuc ^ey ij_^klZ\e_gby k\hc kl\Z^he`_gkh^_j`Zlvf_lh^uj_Zebamxsb_ \k_ijb\_^_ggu_ \kibkd_bgl_jn_cku >bj_dlb\Z LPSOHPHQWV iha\hey_l \uihegylv [_kdhgnebdlgh_ h[t_^bg_gb_ H[t_^bg_gb_ ij_^klZ\ey_l dhgp_ipbx &20 hlghkysmxky d dhf[bgZpbb g_kdhevdbo deZkkh\ ^ey \uiheg_ gby h^ghc aZ^Zqb [he__ ih^jh[gh h[ wlhf jZkkdZau\Z_lky \ ]eZ\_ \lhjh]h lhfZ ³&20 hjb_glbjh\Zggu_ l_ogheh]bb´ >jm]h_ g_fZeh\Z`gh_ ^hklhbgkl\h ijbf_g_gby ^bj_dlb\u LPSOHPHQWV aZdexqZ_lky \ lhf qlh hgZ iha\hey_l hleh`blv bkihevah\Zgb_ g_h[oh^bfuo ^ey j_ZebaZpbbbgl_jn_ckZj_kmjkh\^hlh]hfhf_glZdh]^Zhgbihlj_[mxlkyj_Zevgh Ij_^iheh `bfqlh^eyj_ZebaZpbbg_dhlhjh]hbgl_jn_ckZg_h[oh^bff_]Z[ZcliZfylb^eyojZg_gbyjZk ljh\h]hbah[jZ`_gbyghwlhlbgl_jn_cklj_[m_lkyihevah\Zl_exdjZcg_j_^dh<jy^ebfh`gh kqblZlvwnn_dlb\gufj_r_gb_ihklhyggh\u^_eylvf_]Z[ZcliZfylbdhlhjuc[m^_lbkihevah \Zlvky ebrv \j_fy hl \j_f_gb >bj_dlb\Z LPSOHPHQWV iha\hey_l j_Zebah\Zlv bgl_jn_ck \ hl ^_evghfdeZkk_wda_fieyjdhlhjh]h[m^_lkha^Z\ZlvkylhevdhihijyfhfmaZijhkmihevah\Zl_ey
tNu\\zK~Q~}Q^QvN\z Ijbbkihevah\Zgbb i_j_f_gguobgl_jn_ckgh]h lbiZ\ijbeh`_gbyo g_h[oh^bfh ihfgblv hg_kdhevdbo\Z`guoijZ\beZo
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
gh²^_lZevghwlZl_fZ[m^_ljZkkfhlj_gZ \]eZ\_\lhjh]hlhfZ³&20hjb_glbjh\Zggu_ l_ogheh]bb´ >Zggh_ijZ\behfh`ghijhbeexkljbjh\Zlv ke_^mxsbfijbf_jhf YDU )% 7)RR%DU ) ,)RR % ,%DU EHJLQ )% 7)RR%DU&UHDWH ) )% bvwyxzquvzjrrjr)%wvllné qkjnz,)RR % )DV,%DU Æovk{ytr|qq4XHU\,QWHUIDFH)ls¹,%DU ?keblj_[m_fucbgl_jn_ckg_ih^^_j`b\Z_lky[m^_lk]_g_jbjh\ZgZbkdexqbl_evgZykblmZpby
(}^y}^^\zK~~K\x^Kx\}yK NyQ~v Kljmdlmjbjh\ZggZy h[jZ[hldZ bkdexq_gbc 6WUXFWXUHG H[FHSWLRQ KDQGOLQJ ² 6(+ ij_^ klZ\ey_lkh[hcf_lh^h[jZ[hldbhrb[hd[eZ]h^Zjydhlhjhfmfh`gh\hkklZgh\blv ghjfZev gmxjZ[hlmijbeh`_gbyihke_k[hy\jZ[hl_ijh]jZffudhlhjuc\ijhlb\ghfkemqZ_[ue[u nZlZevgufBkdexq_gby[ueb\\_^_gu\yaud2EMHFW3DVFDO \'HOSKLghlhevdhgZqbgZyk 'HOSKL hgb klZeb qZklvx :LQ $3, Ij_^klZ\e_gb_ bkdexqbl_evguo kblmZpbc k ihfh svxdeZkkh\kh^_j`ZsbobgnhjfZpbxhlhf]^_bdZdZyhrb[dZijhbahreZ^_eZ_lbkihev ah\Zgb_kbkl_fuh[jZ[hldbhrb[hd\2EMHFW3DVFDO ijhklufbihgylguf 'HOSKL bf__l ij_^hij_^_e_ggu_ deZkku bkdexqbl_evguo kblmZpbc ^ey h[jZ[hldb klZg ^Zjlguohrb[hdlZdbodZdg_o\ZldZiZfylb^_e_gb_gZgmevqbkeh\h_i_j_iheg_gb_ bkq_a gh\_gb_agZqghklbbebhrb[db\\h^Z\u\h^Z'HOSKL lZd`_iha\hey_lkha^Z\Zlvkh[kl\_ggu_ deZkkubkdexqbl_evguo kblmZpbcij_^gZagZq_ggu_ ^eyh[jZ[hldbhrb[hd\ijbeh`_gbyo <ebklbg]_ijb\_^_gijbf_jh[jZ[hldbbkdexqbl_evghc kblmZpbbijbnZceh\uohi_ jZpbyo
ªÇÐÑÇÌÂÀÏ¿ÀÍÑÉ¿Í×ÇÀÍÉÓ¿ÈÊÍÁÍÂÍÁÁÍÿÁÚÁÍÿ 3URJUDP)LOH,2 XVHV&ODVVHV'LDORJV ^$337<3(&2162/(` YDU ) 7H[W)LOH 6 VWULQJ EHJLQ $VVLJQ)LOH ) )227;7 WU\ 5HVHW ) WU\
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
5HDG/Q )6 ILQDOO\ &ORVH)LOH ) HQG H[FHSW RQ(,Q2XW(UURUGR 6KRZ0HVVDJH (UURU$FFHVVLQJ)LOH HQG HQG < ^Zgghf ebklbg]_ \gmlj_ggbc [ehd WU\«ILQDOO\ bkihevam_lky ^ey lh]h qlh[u nZce [ue aZdjul \ ex[hf kemqZ_ l_ g_aZ\bkbfh hl lh]h [ueZ hrb[dZ beb g_l GZ ³q_eh\_q_kdhf ´ yaud_ wlh a\mqbl lZd ³>jm`bs_ \uihegb dh^ f_`^m hi_jZlhjZfb WU\ b ILQDOO\ey wlhc p_eb ij_^gZagZq_g [ehd WU\«H[FHSWijbf_jbkihevah\Zgby dhlhjh]hihdZaZg\ebklbg]_
ªÇÐÑÇÌ ÊÍÉÍÀÏ¿ÀÍÑÉÇÍ×ÇÀÍÉWU\«H[FHSW 3URJUDP+DQGOH,W ^$337<3(&2162/(` YDU 55 'RXEOH
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
EHJLQ ZKLOH7UXHGREHJLQ WU\ :ULWH (QWHUDUHDOQXPEHU 5HDG/Q 5 :ULWH (QWHUDQRWKHUUHDOQXPEHU 5HDG/Q 5 :ULWHOQ ,ZLOOQRZGLYLGHWKHILUVWQXPEHUE\WKHVHFRQG :ULWHOQ 7KHDQVZHULV 55 H[FHSW 2Q(=HUR'LYLGHGR :ULWHOQ
¤KNNNy}Q~gN}Kv Bkdexq_gby H[FHSWLRQV ij_^klZ\eyxl kh[hcki_pbZevgu_ wda_fieyjuh[t_dlh\Hgbkha ^Zxlkyijb\hagbdgh\_gbb bkdexqbl_evguo kblmZpbcbmgbqlh`Zxlky dh]^ZkblmZpbyh[jZ [hlZgZ ;Zah\uf ^ey \k_o deZkkh\ bkdexq_gbc y\ey_lky deZkk ([FHSWLRQ h[ty\ey_fuc ke_ ^mxsbfh[jZahf
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
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
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
Ex[h_bkdexq_gb_dhlhjh_g_[m^_li_j_o\Zq_gh bh[jZ[hlZghkZfhcijh]jZffhc[m^_l i_j_o\Zq_gh bh[jZ[hlZghklZg^Zjlguf h[jZ[hlqbdhf bkdexq_gbc\oh^ysbf\khklZ\[b[ ebhl_db\j_f_gb\uiheg_gby'HOSKLWlhlh[jZ[hlqbd\u\h^bl^bZeh]h\h_hdghkkhh[s_gb _fba\_sZxsbf ihevah\Zl_ey h\hagbdr_cbkdexqbl_evghc kblmZpbb<]eZ\_³Kljh_gb_ ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby ´fuh[km^bfdZdbfh[jZahffh`ghi_j_hij_^_ eblvklZg^Zjlguc h[jZ[hlqbdhrb[hd'HOSKL Ijbh[jZ[hld_bkdexqbl_evghc kblmZpbbfh`_lihlj_[h\Zlvky ^hklmid kZfhfm wda_fi eyjm h[t_dlZ bkdexq_gby² gZijbf_j ^ey ihemq_gby ^hihegbl_evghc bgnhjfZpbb h kem qb\r_fkyihf_sZ_fhc\k\hckl\h0HVVDJHwlh]hh[t_dlZ>eywlh]h_klv^\Zimlb bkihevah \Zgb_ g_h[yaZl_evgh]h b^_glbnbdZlhjZ \ dhgkljmdpbb (6RPH([FHSWLRQ beb h[jZs_gb_ d nmgdpbb([FHSW2EMHFW Ihkj_^kl\hf ^h[Z\e_gby ^hihegbl_evgh]h b^_glbnbdZlhjZ d njZa_ (6RPH([FHSWLRQ [ehdZ H[FHSW fh`gh ihemqblv b^_glbnbdZlhj h[hagZqZxsbc lhl h[t_dl bkdexq_gby dhlhjuc [ue kha^Zg ijb \hagbdgh\_gbb l_dms_c bkdexqbl_evghc kblmZpbb KbglZdkbk aZ^Zgby ^hihegb l_evgh]h b^_glbnbdZlhjZ khklhbl \ mdZaZgbb wlh]h b^_glbnbdZlhjZ b ^\h_lhqby g_ihkj_^kl \_gghi_j_^lbihfbkdexqbl_evghc kblmZpbb WU\ Ìwnéjzvé H[FHSW RQ( (6RPH([FHSWLRQGR 6KRZ0HVVDJH (0HVVDJH HQG <wlhfkemqZ_b^_glbnbdZlhj \gZr_fijbf_j_wlh( h[hagZqZ_lwda_fieyjh[t_dlZbk dexq_gbyk]_g_jbjh\Zggh]h ijb\hagbdgh\_gbb l_dms_cbkdexqbl_evghc kblmZpbb>Zgguc b^_glbnbdZlhj \k_]^Zbf__llhl`_lbiqlhbh[t_dlbkdexq_gbydhlhjuchgh[hagZqZ_l Djhf_lh]hfh`gh\hkihevah\Zlvky nmgdpb_c([FHSW2EMHFW dhlhjZy\ha\jZsZ_lwda_fieyj h[t_dlZbkdexq_gbykha^Zggh]h^eyl_dms_cbkdexqbl_evghc kblmZpbbH^gZdhke_^m_laZf_lblv qlhlbi\ha\jZsZ_fh]h nmgdpb_cagZq_gby\k_]^ZjZ\_g72EMHFWb^eyjZ[hlukgbfihlj_[m_lky \uihegblvij_h[jZah\Zgb_ lbih\
6x^Kx\}yKNy}Q~gN}Kv Ihke_]_g_jZpbbbkdexqbl_evghc kblmZpbbbkha^Zgbyh[t_dlZbkdexq_gbyghjfZevguc oh^ \uiheg_gby ijh]jZffu ij_ju\Z_lky b mijZ\e_gb_ i_j_^Z_lky hl h^gh]h h[jZ[hlqbdZ hrb[hdd^jm]hfm^hl_oihjihdZbkdexqbl_evgZy kblmZpbyg_[m^_lh[jZ[hlZgZZwda_fi
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
eyjh[t_dlZbkdexq_gby²mgbqlh`_gWlhlijhp_kkihkljh_ggZh[jZ[hld_kl_dZ\uah\h\b ke_^h\Zl_evgh ghkbl]eh[ZevgucoZjZdl_j\ij_^_eZo\k_cijh]jZffuZg_lhevdh\jZfdZo l_dms_cijhp_^mjubebfh^mey<ebklbg]_ijb\_^_gijbf_jbeexkljbjmxsbc mdZaZg guc ijbgpbi h[jZ[hldb bkdexq_gbc A^_kv ij_^klZ\e_g hkgh\ghc fh^mev g_dhlhjh]h ijb eh`_gby 'HOSKL kh^_j`Zs_]h _^bgkl\_ggmx nhjfm \ dhlhjmx ihf_s_gZ h^gZ dghidZ Ih s_eqdmgZdghid_f_lh^%XWWRQ&OLFN \uau\Z_lijhp_^mjm3URF dhlhjZy\k\hxhq_ j_^v\uau\Z_lijhp_^mjm3URF \uau\Zxsmx ijhp_^mjm3URF Bkdexq_gb_]_g_jbjm _lkybf_ggh\wlhcihke_^g_cgZb[he__]em[hdh\eh`_gghcijhp_^mj_3URF qlh iha\h ey_l ijhke_^blv ijhoh`^_gb_ ijhp_kkZ h[jZ[hldb bkdexqbl_evghc kblmZpbb q_j_a dZ`^uc ba[ehdh\WU\«ILQDOO\^hl_oihjihdZ^ZggZybkdexqbl_evgZy kblmZpbyg_[m^_lh[jZ[h lZgZ\ih^ijh]jZff_ f_lh^Z%XWWRQ&OLFN ÌÆýÖ»ÊÎÌÅ»ÀÍÀØÍÎÊËɾ˻ÇÇÎÃÂÃÈÍÀ¾ËÃËɽ»ÈÈÉÄÌËÀ¿ÖË»ÂË»¼ÉÍÅÃ'HOSKLÍÉ ÊËÉÌÆÀ¿ÃÍ×ÊËÉÑÀÌÌɼ˻¼ÉÍÅÃÃÌÅÆÙÒÃÍÀÆ×ÈÉÄÌÃÍλÑÃüοÀÍÊËÉÔÀÀÌÆÃÊËÀ¿½» ËÃÍÀÆ×ÈÉ ÉÍÅÆÙÒÃÍ× ½ÌÍËÉÀÈÈÖÄ ÊÀËÀн»ÍÒÃÅ ÃÌÅÆÙÒÃÍÀÆ×ÈÖÐ ÌÃÍλÑÃÄ ÉÍÆ»¿ÒÃÅ» ÆÚØÍɾÉÌÆÀ¿ÎÀÍ̼ËÉÌÃÍ×ÏÆ»ÁÉÅÉÊÑÃÃ6WRSRQ'HOSKL([FHSWLRQV½É½ÅÆ»¿ÅÀ /DQJXDJH([FHSWLRQV¿Ã»ÆɾɽɾÉÉÅÈ»'HEXJJHU2SWLRQVÉÌÍÎÊÅØÍÉÇοû ÆɾɽÉÇÎÉÅÈÎÉÌÎÔÀÌͽÆÚÀÍÌÚÊÉÅÉǻȿÀ7RROVÖ'HEXJJHU2SWLRQV
ªÇÐÑÇÌ®ÏÇÊÍÅÄÌÇÄÃÄËÍÌÐÑÏÇÏÒÝØÄÄÎÏÍÕÄÃÒÏÒÍÀÏ¿ÀÍÑÉÇ ÇÐÉÊÝÖÇÑÄÊÛÌÚÔÐÇÑÒ¿ÕÇÈ XQLW0DLQ LQWHUIDFH XVHV 6\V8WLOV:LQGRZV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV 6WG&WUOV W\SH 7)RUP FODVV 7)RUP %XWWRQ 7%XWWRQ SURFHGXUH%XWWRQ&OLFN 6HQGHU 72EMHFW SULYDWH ^3ULYDWHGHFODUDWLRQV` SXEOLF ^3XEOLFGHFODUDWLRQV` HQG YDU )RUP 7)RUP LPSOHPHQWDWLRQ ^5 ')0` W\SH (%DG6WXII FODVV ([FHSWLRQ SURFHGXUH3URF
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
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email protected] HQG HQG HQG
8Q{Q~Q^KNyQ~v ?keb\Zfg_h[oh^bfh \uihegblvg_dhlhju_^_ckl\byijb\hagbdgh\_gbb bkdexq_gby\h \gmlj_gg_f [ehd_ WU\«H[FHSW gh g_ ij_djZlblv gZ wlhf h[jZ[hldm Z i_j_^Zlv bkdexq_gb_ ^Zevr_ \g_rg_fm h[jZ[hlqbdm \u fh`_l_ \hkihevah\Zlvky l_ogheh]b_c j_]_g_jZpbb bk dexq_gbc<ebklbg]_ijb\_^_gijbf_jwlhcl_ogheh]bb
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ªÇÐÑÇ̯ÄÂÄÌÄÏ¿ÕÇÞÇÐÉÊÝÖÄÌÇÈ WU\Ætn¡tqpisvr ^vwnéjzvé` ^vwnéjzvé` ^vwnéjzvé` WU\Ætyzénttqpisvr ^Ënrvzvénlnpxzkq¹zéniyíqnxwn|qjstvpviéjivzrqqxrsí·ntq¹` H[FHSW RQ(6RPH([FHSWLRQGR EHJLQ ^fwn|qjstj¹viéjivzrjqxrsí·ntq¹` UDLVH ènmntnéj|q¹qxrsí·ntq¹ HQG HQG H[FHSW Ætn¡tqpisvrxvxzjtljéztvpviéjivzrvp RQ(6RPH([FHSWLRQGR6RPHWKLQJ HQG
t~\^wK\}uQz^QwQ~ zu\~Q~ BgnhjfZpby hlbi_\j_f_gb\uiheg_gby 5XQWLPH7\SH,QIRUPDWLRQ ²577, ij_^klZ\ ey_lkh[hcnmgdpbxyaudZh[_ki_qb\Zxsmx ij_^hklZ\e_gb_ ijbeh`_gbyf 'HOSKL bgnhj fZpbbh[h[t_dlZog_ihkj_^kl\_ggh \h\j_fy\uiheg_gby ijh]jZffuWlZ`_nmgdpbybk ihevam_lky ^ey h[f_gZ bgnhjfZpb_c f_`^m dhfihg_glZfb 'HOSKL b ]jZnbq_kdhc kj_^hc jZajZ[hldb ;m^mqbihlhfdZfb72EMHFW\k_h[t_dlu2EMHFW3DVFDO kh^_j`ZlmdZaZl_evgZbgnhjfZpbx hlbi_bg_dhlhju_\kljh_ggu_f_lh^u^eyjZ[hlukg_ch[_ki_qb\Zxsb_ nmgdpbhgZevgu_ \hafh`ghklb 577, Gb`_ ijb\_^_gu g_dhlhju_ f_lh^u deZkkZ 72EMHFW ij_^gZagZq_ggu_ ^eyihemq_gbybgnhjfZpbbhdhgdj_lghfwda_fieyj_h[t_dlZ ³ÒÌÉÕÇÞ
¡ÍÆÁÏ¿Ø¿ÄËÚÈÑÇÎ
§ÌÓÍÏË¿ÕÇÞ
&ODVV1DPH
VWULQJ
£ÇÚÅÆ»Ì̻ɼÕÀÅÍ»
&ODVV7\SH
7&ODVV
ÃÊɼÕÀÅÍ»
,QKHULWV)URP
%RROHDQ
¬½À¿ÀÈÃÚ ¿»ÈÀÍ ÉÍÉÇÚ½ÆÚÀÍÌÚÆÿ»ÈÈÖÄ ÅÆ»ÌÌÊÉÍÉÇÅÉÇÎŻ»ÈÈɾÉÅÆ»ÌÌ»
&ODVV3DUHQW
7&ODVV
ÃÊÊËÀ¿Å»É¼ÕÀÅÍ»
,QVWDQFH6L]H
ZRUG
«»ÂÇÀËØÅÂÀÇÊÆÚ˻ɼÕÀÅÍ»½¼»ÄÍ»Ð
&ODVV,QIR
3RLQWHU
®Å»Â»ÍÀÆ×È»577,ɼÕÀÅÍ»
2EMHFW3DVFDO ij_^hklZ\ey_l ijh]jZffbklm^\Zhi_jZlhjZ²LVbDV²dhlhju_iha\hey xlijh\h^blvkjZ\g_gb_bij_h[jZah\Zgb_lbih\kihfhsvxkj_^kl\577,
=eZ\ZYaudijh]jZffbjh\Zgby2EMHFW3DVFDO
Hi_jZlhjDVh[_ki_qb\Z_l gh\mxnhjfmij_h[jZah\Zgby lbih\dhlhjZyiha\hey_lijb\_klb gbadhmjh\g_\uc jh^bl_evkdbch[t_dldlbimihlhfdm ijbg_\hafh`ghklb lZdh]hij_h[jZah\Z gby[m^_lk]_g_jbjh\ZgZ bkdexqbl_evgZy kblmZpby Ij_^iheh`bfqlhkms_kl\m_lijhp_^mjZ dhlhjhc fh`_l [ulv i_j_^Zg \ dZq_kl\_ iZjZf_ljZ h[t_dl ex[h]h lbiZ Gb`_ ijb\_^_g \ha fh`guc\ZjbZglh[ty\e_gbylZdhcijhp_^mju SURFHGXUH)RR $Q2EMHFW 72EMHFW ?keblj_[m_lkyg_ijhklhihemqblvh[t_dl\dZq_kl\_iZjZf_ljZZk^_eZlvk_]hihfhsvx qlheb[h ihe_agh_ g_h[oh^bfh kmf_lv ijb\_klb _]h d lbimihlhfdm h[eZ^Zxs_fm g_h[oh ^bfhcnmgdpbhgZevghklvx Ij_^iheh`bf qlhihemq_gguch[t_dl$Q2EMHFWhihagZgdZdih lhfhd deZkkZ 7(GLW b g_h[oh^bfh baf_gblv l_dkl kh^_j`Zsbcky \ wlhf h[t_dl_ < 'HOSKL deZkk 7(GLW y\ey_lky we_f_glhf mijZ\e_gby 9&/ ij_^klZ\eyxsbf kh[hc hdgh l_dklh\h]h j_^ZdlhjZ >eywlh]hfh`gh\hkihevah\Zl vkylZdbfdh^hf )RRDV7(GLW 7H[W +HOOR:RUOG Djhf_lh]h^eyg_ihkj_^kl\_ggh]h kjZ\g_gbylbih\h[t_dlh\fh`ghbkihevah\Zlvhi_jZlhj LVWlhlhi_jZlhjiha\hey_lkjZ\gblvoZjZdl_jbklbdb g_ba\_klgh]h h[t_dlZkoZjZdl_jbklbdZfb ba\_klgh]hlbiZ^Zgguobebwda_fieyjZh[t_dlZGZhkgh\_wlh]hkjZ\g_gbyfh`gh[m^_lk^_ eZlv \u\h^u h \hafh`guo k\hckl\Zo b ih\_^_gbb g_ba\_klgh]h h[t_dlZ LZd ^h \uiheg_gby ijb\_^_gbylbiZ kf ij_^u^msbc ijbf_j fh`gh ijh\_jblv y\ey_lky eb ihemq_gguc h[t_dl $Q2EMHFWkh\f_klbfufkdeZkkhf7(GLW ,I )RRLV7(GLW WKHQ 7(GLW )RR 7H[W +HOOR:RUOG H[jZlbl_\gbfZgb_qlh\wlhfijbf_j_\h\lhjhckljhd_\f_klhhi_jZlhjZDVbkihevah \ZghklZg^Zjlgh_ijb\_^_gb_lbiZWlhk^_eZgh^eyih\ur_gbywnn_dlb\ghklb jZ[hluijh ]jZffu lZd dZd \ i_j\hc kljhd_ dh^Z fu m`_ mklZgh\beb qlh lbi h[t_dlZ )RR² 7(GLW b ^hihegbl_evgZy ijh\_jdZ ^himklbfhklb ij_h[jZah\Zgby \uihegy_fZy ijb bkihevah\Zgbb hi_jZlhjZDVm`_g_gm`gZ
8QwQ <wlhc]eZ\_\uhagZdhfbebkv khkgh\ZfbkbglZdkbkZbk_fZglbdbyaudZ2EMHFW3DVFDO \ lhf qbke_ k _]h i_j_f_ggufb hi_jZlhjZfb nmgdpbyfb ijhp_^mjZfb lbiZfb ^Zgguo hk gh\gufb ijh]jZffgufb dhgkljmdpbyfb b ^jm]bfb dhfihg_glZfb Djhf_ lh]h l_i_jv \Zf ba\_klgu [Zah\u_ dhgp_ipbb HHI \dexqZy ihgylby h[t_dlh\ ihe_c k\hckl\ f_lh^h\ b fgh]h_^jm]h_ Ihke_ lh]h dZd qblZl_ev ihemqbe ij_^klZ\e_gb_ h yaud_ \ p_ehf fu i_j_c^_f d [he__ dhgdj_lgufl_fZfdZkZxsbfky:LQ$3,b[b[ebhl_db9LVXDO&RPSRQHQW/LEUDU\
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
=eZ\Z:LQ$3,
?UZ$7/
ÀÙÄÉÑÚÇÄØÄÏ¿ÆÍÀÙÄÉÑÚ
«ÌÍÂÍƿÿÖÌÍÐÑÛÇËÌÍÂÍÎÍÑÍÖÌÍÐÑÛ
²ÎÏ¿ÁÊÄÌÇÄοËÞÑÛÝÁ:LQ
ÀÏ¿ÀÍÑÉ¿Í×ÇÀÍÉÁ:LQ
¯ÄÆÝËÄ
>ZggZy]eZ\Zkem`bl\\_^_gb_f\:LQ$3, b\p_ehf\kbkl_fm:LQ A^_kvh[km`^Zxlky \hafh`ghklb wlhc kbkl_fu b __ dexq_\u_ hlebqby hl [blh\hc \_jkbb FZl_jbZe wlhc ]eZ\u g_evay kqblZlv bkq_jiu\Zxsbf b ^_lZevguf hibkZgb_f kbkl_fu :LQ _]h gZagZq_gb_ kdjhf g__²ij_^hklZ\blvqblZl_exk\_^_gbylhevdhh[hkgh\guoijbgpbiZonmgdpbhgbjh\Zgby kbkl_ fuQ_ldh_ihgbfZgb_wlbohkgh\guoijbgpbih\iha\hebl\Zf\hkihevah\Zlvky ex[ufb\hafh` ghklyfbkbkl_fu:LQdh]^Z\wlhf\hagbdg_lj_ZevgZyg_h[oh^bfhklv
6xQy}QQ^K\xQy} Ihgylb_h[t_dl\_kvfZfgh]h]jZgghbaZ\bkblhldhgl_dklZH[km`^ZyZjobl_dlmjmkbkl_ fu:LQfu\gh\vklZedb\Z_fkykgbfh^gZdha^_kvh[t_dl²kh\k_fg_lhqlhih^jZamf_\Z _lkyih^wlbfl_jfbghf\l_hjbbh[t_dlghhjb_glbjh\Zggh]h ijh]jZffbjh\Zgby beb\l_ogh eh]bb&20A^_kvh[t_dlu²g_qlhkh\k_f^jm]h_ qlh[uhdhgqZl_evgh \ZkaZimlZlv^h[Z\bf qlh h[t_dlu \ kj_^_ :LQ hlebqZxlky hl h[t_dlh\ \ [blh\uo :LQGRZV Ihijh[m_f jZah [jZlvkyqlh`_lZdh_h[t_dlu\kj_^_:LQ <kj_^_:LQ kms_kl\m_l^\Zhkgh\guolbiZh[t_dlh\²h[t_dluy^jZ NHUQHO bh[t_d lu*',86(5 ]jZnbq_kdh]h bgl_jn_ckZbbgl_jn_ckZihevah\Zl_ey
6xQy}|^K
H[t_dlu y^jZ ij_^klZ\eyxl kh[hc [Zah\u_ h[t_dlu :LQ b \dexqZxl kh[ulby hlh [jZ`_gbynZceh\nZceuihqlh\u_]g_a^Z[ehdbkh\f_klgh]h bkihevah\Zgby dZgZeuk_fZ nhjuijhp_kkubihlhdb>eydZ`^h]hlbiZh[t_dlZy^jZ\:LQ$3, bf_xlkyk\hbki_pb nbq_kdb_nmgdpbbIj_`^_q_fi_j_clbdg_ihkj_^kl\_gghfm jZkkfhlj_gbx wlboh[t_dlh\ p_e_khh[jZagh h[km^blv ihgylb_ ijhp_kkZ qlh kh\_jr_ggh g_h[oh^bfh ^ey ihgbfZgby ijbgpbih\jZ[hlukh[t_dlZfb\kj_^_:LQ
³^\QNNu\}\y
Ijhp_kk fh`gh ij_^klZ\blv dZd \uihegyxs__ky ijbeh`_gb_ beb hl^_evguc wda_fieyj ijbeh`_gby<kj_^_:LQ h^gh\j_f_ggh fh]ml [ulv Zdlb\gufb kjZam g_kdhevdh ijhp_kkh\ DZ`^uc ijhp_kk ihemqZ_l kh[kl\_ggh_ ]b]Z[Zclh\h_ Z^j_kgh_ ijhkljZgkl\h ^ey dh^Z b ^Zg guo<wlbo]b]Z[ZclZoiZfylbjZaf_sZ_lky\kyjZkij_^_ey_fZy ijbeh`_gb_fiZfylv\k__]h ihlhdbdZjlunZceh\bfgh]h_^jm]h_Djhf_lh]h\ wlh `_ Z^j_kgh_ ijhkljZgkl\h ijhp_kkZ aZ]jm`Zxlkyb\k_^bgZfbq_kdbih^dexqZ_fu_ bf[b[ebhl_db '// ;he__^_lZevghjZ[hlZk iZfylvx\kj_^_:LQhibkZgZ\jZa^_e_³MijZ\e_gb_iZfylvx\:LQ´gb`_\wlhc]eZ\_ KZfbihk_[_ijhp_kkubg_jlgul_hgbgbq_]hg_\uihegyxlH^gZdhdZ`^ucijhp_kkbf__l i_j\bqgucihlhd SULPDU\WKUHDG \jZfdZodhlhjh]hb\uihegy_lkyijh]jZffgucdh^ijbkmlkl \mxsbc \ dhgl_dkl_ ^Zggh]h ijhp_kkZ Ijhp_kk fh`_l bf_lv g_kdhevdh ihlhdh\ h^gZdh lhevdh h^bgbagboy\ey_lkyi_j\bqgufbeb]eZ\guf ªÉÍÉÅ WKUHDG t ØÍÉ É¼ÕÀÅÍ ÉÊÀË»ÑÃÉÈÈÉÄ ÌÃÌÍÀÇÖ ÅÉÍÉËÖÄ ÊËÀ¿ÌÍ»½ÆÚÀÍ ÈÀ»½Ã ÌÃÇÎÙÊÉÌÆÀ¿É½»ÍÀÆ×ÈÉÌÍ×½ÖÊÉÆÈÀÈÃÚÊËɾ˻ÇÇÈÉ¾É ÅÉ¿» ÃÇÀÙÔÎÙ ÇÀÌÍÉ ½ Ë»Ç Å»ÐÈÀÅÉÍÉËɾÉÊËÉÑÀÌÌ»¥»Á¿ÉÀÊËÃÆÉÁÀÈÃÀ:LQÃÇÀÀÍÇÃÈÃÇÎÇÉ¿ÃÈÊÉÍÉÅÒ»Ì ÍÉÃÇÀÈÎÀÇÖÄÊÀ˽ÃÒÈÖÇÃÆþƻ½ÈÖÇ©¿È»ÅÉÊËÃÈÀɼÐÉ¿ÃÇÉÌÍÃÊËÃÆÉÁÀÈÃÀÇÉ ÁÀÍÌÉ¿»½»Í×ÿËξÃÀÊÉÍÉÅÃÊËÀ¿È»ÂÈ»ÒÀÈÈÖÀ¿ÆÚËÀÓÀÈÃÚÉÍ¿ÀÆ×ÈÖл¿»ÒÀ Í»Æ×ÈÉÊÉÍÉÅÃÉÊÃÌÖ½»ÙÍÌÚ½¾Æ»½Àp¬É¿»ÈÃÀÇÈɾÉÊÉÍÉÒÈÖÐÊËÃÆÉÁÀÈÃÄq Ijbkha^Zgbbijhp_kkZhi_jZpbhggZykbkl_fZZ\lhfZlbq_kdb kha^Z_l_]h]eZ\gucihlhd< k\hxhq_j_^vwlhlihlhdijbg_h[oh^bfhklb fh`_lkha^Z\Zlv^hihegbl_evgu_ ihlhdbKbkl_ fZ :LQ jZkij_^_ey_l \j_fy p_gljZevgh]h ijhp_kkhjZ f_`^m \k_fb ihlhdZfb \u^_eyy dZ` ^hfmbagbo^ey\uiheg_gbyhl^_evgu_d\Zglu\j_f_gb WLPHVOLFHV
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
<lZ[ehibkZguhkgh\gu_nmgdpbb:LQ$3,^eyjZ[hlukijhp_kkZfb
±¿ÀÊÇÕ¿³ÒÌÉÕÇÇ:LQ$3,ÃÊÞÏ¿ÀÍÑÚÐÎÏÍÕÄÐпËÇ ³ÒÌÉÕÇÞ
ÎÇпÌÇÄ
&UHDWH3URFHVV
¬É¿»ÈÃÀÈɽɾÉÊËÉÑÀÌÌ»ÃÀ¾ÉÊÀ˽ÃÒÈɾÉÊÉÍÉÅ»¸Í»ÏÎÈÅÑÃÚ» ÇÀÔ»ÀÍÏÎÈÅÑÃÙ:LQ([HF ÃÌÊÉÆ×Âɽ»½ÓÎÙÌÚ½:LQGRZV
([LW3URFHVV
ÖÐÉ¿ÃÂÍÀÅÎÔÀ¾ÉÊËÉÑÀÌÌ»ÊËÀÅË»ÔÀÈÃÀÀ¾É½ÖÊÉÆÈÀÈÃÚÃÉÌÍ»ÈɽŻ ½ÌÀÐÀ¾ÉÊÉÍÉÅɽ
*HW&XUUHQW3URFHVV
ªÉÆÎÒÀÈÃÀÊÌÀ½¿É¿ÀÌÅËÃÊÍÉË»ÍÀÅÎÔÀ¾ÉÊËÉÑÀÌÌ»ªÌÀ½¿É¿ÀÌÅËÃÊÍÉË ÊËÀ¿ÌÍ»½ÆÚÀÍÌɼÉÄÌÊÀÑûÆ×ÈÖÄ¿ÀÌÅËÃÊÍÉËÃÈÍÀËÊËÀÍÃËÎÀÇÖÄŻŠ¿ÀÌÅËÃÊÍÉËÍÀÅÎÔÀ¾ÉÊËÉÑÀÌÌ»¨»ÌÍÉÚÔÃÄ¿ÀÌÅËÃÊÍÉËÇÉÁÀͼÖÍ×ÊÉ ÆÎÒÀÈÌÊÉÇÉÔ×ÙÏÎÈÅÑÃÃ'XSOLFDWH+DQGOH
'XSOLFDWH+DQGOH
¬É¿»ÈÃÀÅÉÊÃÿÀÌÅËÃÊÍÉ˻ɼÕÀÅͻڿ˻
*HW&XUUHQW3URFHVV,' ªÉÆÎÒÀÈÃÀÿÀÈÍÃÏÃÅ»ÍÉË»ÍÀÅÎÔÀ¾ÉÊËÉÑÀÌÌ»ÅÉÍÉËÖÄÎÈÃÅ»Æ×ÈÖÇ É¼Ë»ÂÉÇÿÀÈÍÃÏÃÑÃËÎÀÍÊËÉÑÀÌ̽ÌÃÌÍÀÇÀ½É½ËÀÇÚÀ¾ÉË»¼ÉÍÖ *HW([LW&RGH3URFHVV ªÉÆÎÒÀÈÃÀÌÍ»ÍÎ̻»½ÀËÓÀÈÃÚÎŻ»ÈÈɾÉÊËÉÑÀÌÌ» *HW3ULRULW\&ODVV
ªÉÆÎÒÀÈÃÀÅÆ»ÌÌ»ÊËÃÉËÃÍÀͻί»ÈÈɾÉÊËÉÑÀÌÌ»¸ÍÉÂÈ»ÒÀÈÃÀà ÂÈ»ÒÀÈÃÀÊËÃÉËÃÍÀͻŻÁ¿É¾ÉÃÂÊÉÍÉÅɽÊËÉÑÀÌÌ»ÉÊËÀ¿ÀÆÚÙÍÉÌÈɽ ÈÉÄÎËɽÀÈ×ÊËÃÉËÃÍÀͻŻÁ¿É¾ÉÊÉÍÉÅ»
*HW6WDUWXS,QIR
ªÉÆÎÒÀÈÃÀÌÉ¿ÀËÁÃÇɾÉÌÍËÎÅÍÎËÖ76WDUWXS,QIRÃÈÃÑÃÃËÎÀÇÉÄÊËà ÌÉ¿»ÈÃÃÊËÉÑÀÌÌ»
2SHQ3URFHVV
ªÉÆÎÒÀÈÃÀ¿ÀÌÅËÃÊÍÉË»ÌÎÔÀÌͽÎÙÔÀ¾ÉÊËÉÑÀÌ̻»¿»½»ÀÇɾÉÀ¾É ÿÀÈÍÃÏÃÅ»ÍÉËÉÇ
6HW3ULRULW\&ODVV
®ÌÍ»ÈɽŻÅÆ»ÌÌ»ÊËÃÉËÃÍÀÍ»ÊËÉÑÀÌÌ»
7HUPLQDWH3URFHVV
ªËÀÅË»ÔÀÈÃÀ½ÖÊÉÆÈÀÈÃÚÊËÉÑÀÌ̻ýÌÀÐÀ¾ÉÊÉÍÉÅɽ
:DLW)RU,QSXW,GOH
ªËÃÉÌÍ»ÈɽŻÊËÉÑÀÌ̻Ȼ½ËÀÇÚÉÁÿ»ÈÃÚ½½É¿»ÊÉÆ×Âɽ»ÍÀÆÚ
H^gbnmgdpbb:LQ$3, lj_[mxlmdZaZgby^_kdjbilhjZwda_fieyjZijbeh`_gbyZ^jm ]b_²^_kdjbilhjZfh^mey<[blh\uo\_jkbyo:LQGRZV wlbagZq_gbyhlebqZebkvh^gZdh \kj_^_:LQwlhg_lZdDZ`^ucijhp_kkihemqZ_lk\hckh[kl\_gguc^_kdjbilhjwda_fiey jZ < ijbeh`_gbyo 'HOSKL wlh agZq_gb_ ojZgblky \ ]eh[Zevghc i_j_f_gghc +,QVWDQFH LZd dZdi_j_f_ggZy+,QVWDQFHb^_kdjbilhjfh^meyijbeh`_gbyij_^klZ\eyxl h^ghblh`_agZ q_gb_fh`ghi_j_^Z\Zlvi_j_f_ggmx+,QVWDQFH\dZq_kl\_iZjZf_ljZbnmgdpbyflj_[mx sbfmdZaZgby^_kdjbilhjZfh^mey²gZijbf_jnmgdpbb*HW0RGXOH)LOH1DPH \ha\jZsZx s_cbfynZceZfh^meyaZ^Zggh]h_]h^_kdjbilhjhf ªÀËÀÇÀÈÈ»Ú+,QVWDQFH ÈÀ ¼Î¿ÀÍ ÌÉ¿ÀËÁ»Í× ¿ÀÌÅËÃÊÍÉË ÇÉ¿ÎÆÚ ¿ÆÚ ÅÉ¿» ÉÍÅÉÇÊà ÆÃËɽ»ÈÈɾɽʻÅÀÍØÍÉÇÌÆÎÒ»À¿ÀÌÅËÃÊÍÉËÉÌÈɽÈɾÉÇÉ¿ÎÆÚÊËɾ˻ÇÇּοÀÍ ÌÉ¿ÀËÁ»Í×ÌÚ½ÊÀËÀÇÀÈÈÉÄ0DLQ,QVWDQFH»½ÊÀËÀÇÀÈÈÎÙ+,QVWDQFH¼Î¿ÀÍÊÉÇÀ ÔÀÈ¿ÀÌÅËÃÊÍÉËÇÉ¿ÎÆÚÌÉ¿ÀËÁ»ÔÀ¾ÉÃÌÊÉÆÈÚÀÇÖÄÅÉ¿ ?s_h^ghhlebqb_f_`^m:LQb[blh\hc\_jkb_c:LQGRZVk\yaZghkbkihevah\Zgb_f ]eh [Zevghci_j_f_gghc+3UHY,QVW<[blh\uo\_jkbyo:LQGRZV hgZkh^_j`bl ^_kdjbilhj jZg__ aZims_ggh]h wda_fieyjZ wlh]h `_ ijbeh`_gby >Zggmx i_j_f_ggmx fh`gh [ueh bkihevah\Zlv gZijbf_j^eyij_^hl\jZs_gby ih\lhjgh]haZimkdZijbeh`_gbyH^gZdhih^h[gZyl_ogheh]byg_
=eZ\Z:LQ$3,
jZ[hlZ_l \ kj_^_ :LQ² a^_kv dZ`^uc ijhp_kk bf__l kh[kl\_ggh_ Z^j_kgh_ ijhkljZgkl\h \ =[ZclZ b g_ \b^bl ^jm]bo ijhp_kkh\ Ihwlhfm agZq_gb_ i_j_f_gghc +3UHY,QVW \ kj_^_ :LQ \k_]^ZjZ\ghH^gZdhwlhg_agZqblqlhaZ^ZqZhij_^_e_gbygZebqbyaZims_gguojZg__wda_fi eyjh\wlh]h`_ijbeh`_gbyg_jZaj_rbfZijbgpbibZevgh [he__ihegmxbgnhjfZpbxhf_lh^Zo __j_r_gbyfh`ghgZclb\]eZ\_³>hihegbl_evguc bgkljmf_glZjbc jZajZ[hlqbdZ´
µu\xQy}\z|^K <:LQkms_kl\m_lg_kdhevdhjZaebqguolbih\h[t_dlh\y^jZIjbkha^ZgbblZdhch[t_dl jZaf_sZ_lky \ Z^j_kghf ijhkljZgkl\_ ihjh^b\r_]h _]h ijhp_kkZ dhlhjhfm i_j_^Z_lky ^_kd jbilhj \gh\v kha^Zggh]h h[t_dlZ Wlhl ^_kdjbilhj g_ fh`_l [ulv i_j_^Zg ^jm]hfm ijhp_kkm bebih\lhjghbkihevah\Zlvky ihke_^mxsbfb ijhp_kkZfbkp_evx^hklmiZdh^ghfmblhfm`_ h[t_dlmy^jZH^gZdhkihfhsvxki_pbZevguonmgdpbc:LQ$3, ^jm]hcijhp_kkfh`_lih emqblv kh[kl\_gguc ^_kdjbilhj m`_ kms_kl\mxs_]h h[t_dlZ y^jZ GZijbf_j nmgdpby &UHDWH0XWH[ kha^Z_l bf_gh\Zgguc beb g_bf_gh\Zgguc [ehd kh\f_klgh]h bkihevah\Zgby b \ha\jZsZ_l _]h ^_kdjbilhj Nmgdpby 2SHQ0XWH[ \ha\jZsZ_l gh\uc ^_kdjbilhj ^ey kms_kl \mxs_]h ihbf_gh\Zggh]h [ehdZ kh\f_klgh]h bkihevah\Zgby Wlhc nmgdpbb i_j_^Z_lky bfy [ehdZkh\f_klgh]hbkihevah\Zgby ^_kdjbilhjdhlhjh]hm`_[ueaZj_]bkljbjh\Zg \kbkl_f_ ªËÃÌÉ¿»ÈÃÃɼÕÀÅÍ»ÇÚ¿Ë»ÇɾÎͼÖÍ×È»ÂÈ»ÒÀÈÖÃÇÀÈ»ÊËÀ¿ÌÍ»½ÆÀÈÈÖÀÌÍËÉÅÉÄ Ì»½ÀËÓ»ÙÔÃÇÈÎÆÀ½ÖÇÌÃǽÉÆÉÇÊÀËÀ¿»ÈÈÉĽŻÒÀÌͽÀʻ˻ÇÀÍË»½ÌÉÉͽÀÍÌÍ ½ÎÙÔÎÙÏÎÈÅÑÃÙ&UHDWH;;; ¸ÍÉÃÇÚËÀ¾ÃÌÍËÃËÎÀÍÌÚ½ÉÊÀË»ÑÃÉÈÈÉÄÌÃÌÍÀÇÀ» ɼÕÀÅÍÈ»ÂÖ½»ÀÍÌÚÃÇÀÈɽ»ÈÈÖÇËξÃÀÊËÉÑÀÌÌÖÇɾÎÍÊÉÆÎÒÃÍ׿ÉÌÍÎÊÅØÍÉÇÎÁÀ ɼÕÀÅÍÎ Ú¿Ë» ÊÉÌËÀ¿ÌͽÉÇ ½ÖÂɽ» ÏÎÈÅÑÃà 2SHQ;;; Ì ÊÀËÀ¿»ÒÀÄ ÀÄ ÃÇÀÈà ÍËÀ ¼ÎÀÇɾÉɼÕÀÅÍ»ªËÃÇÀËÃÌÊÉÆ×Âɽ»ÈÃÚØÍÉÄÍÀÐÈÉÆɾÃüοÀÍÊËýÀ¿ÀȽ¾Æ»½À pÉÊÉÆÈÃÍÀÆ×ÈÖÄÃÈÌÍËÎÇÀÈÍ»ËÃÄË»ÂË»¼ÉÍÒÃÅ»qÊËÿÀÇÉÈÌÍË»ÑÃÃÇÀÍɿɽ»ÔÃÍÖ ÉÍ»ÊÎÌÅ»ÈÀÌÅÉÆ×ÅÃÐØÅÂÀÇÊÆÚËɽÊËÃÆÉÁÀÈÃÚÉ¿ÈɽËÀÇÀÈÈÉ ?kebg_h[oh^bfhjZaj_rblv^hklmid[ehdmkh\f_klgh]hbkihevah\Zgby khklhjhgu^jm]bo ijhp_kkh\lhhkgh\ghcijhp_kk^he`_gkha^Zlv_]hkihfhsvxnmgdpbb&UHDWH0XWH[ <dZ q_kl\_ iZjZf_ljZ wlhc nmgdpbb h[yaZl_evgh ke_^m_l i_j_^Zlv bfy dhlhjh_ [m^_l ijbk\h_gh kha^Z\Z_fhfm[ehdmhklmi^jm]boijhp_kkh\dm`_kms_kl\mxsbf h[t_dlZfy^jZfh`_l[ulvl_f beb bguf h[jZahf h]jZgbq_g Lj_[m_fuc gZ[hj h]jZgbq_gbc mklZgZ\eb\Z_lky ijb kha^Zgbb [ehdZkihfhsvxnmgdpbb&UHDWH0XWH[ HibkZgb_\hafh`guoh]jZgbq_gbc^hklmiZ^eydZ` ^h]hlbiZh[t_dlZy^jZfh`ghgZclb\bgl_jZdlb\ghc kijZ\hqghckbkl_f_ LZd dZd d h[t_dlZf y^jZ fh]ml bf_lv ^hklmi g_kdhevdh ijhp_kkh\ mijZ\e_gb_ lZdbfb h[t_dlZfbhkms_kl\ey_lky kihfhsvxkq_lqbdZh[jZs_gbcAgZq_gb_wlh]hkq_lqbdZm\_eb qb\Z_lky\kydbcjZadh]^Z^jm]h_ijbeh`_gb_ihemqZ_l^hklmid^Zgghfmh[t_dlmAZ\_jrZy jZ[hlmk\g_rgbfh[t_dlhfijbeh`_gb_^he`gh\ua\Zlv nmgdpbx &ORVH+DQGOH dhlhjZy mf_gvrZ_lkq_lqbdh[jZs_gbckhhl\_lkl\mxs_]h h[t_dlZ
6xQy}-)/=aP` < [blh\uo \_jkbyo :LQGRZV h[t_dlZfb gZau\Zebkv kmsghklb h[jZs_gb_ d dhlhjuf hkms_kl\eyehkv kihfhsvx^_kdjbilhjh\ KdZaZggh_g_hlghkblkydh[t_dlZfy^jZihkdhev dm\[blh\uo\_jkbyo:LQGRZVboijhklhg_kms_kl\h\Zeh
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
<[blh\uo\_jkbyo:LQGRZV lbih\h[t_dlh\[ueh^\Z h[t_dlujZkiheh`_ggu_ \eh dZevghciZfylbfh^me_c*',b86(5bh[t_dlujZaf_s_ggu_ \]eh[ZevghciZfylbIjbf_ jZfb h[t_dlh\ *', ]jZnbq_kdh]h bgl_jn_ckZ fh]ml [ulv i_jvy dbklb rjbnlu iZeblju bah[jZ`_gbybh[eZklbIjbf_jZfbh[t_dlh\86(5 bgl_jn_ckZihevah\Zl_ey y\eyxlkyhd gZdeZkkuhdhgZlhfZjgu_h[t_dlubf_gx <wlhcfh^_ebkms_kl\h\ZeZ g_ihkj_^kl\_ggZy k\yavf_`^mh[t_dlhfb_]h^_kdjbilh jhf>_kdjbilhj h[t_dlZnZdlbq_kdb ij_^klZ\eye kh[hck_e_dlhjdhlhjucijbdhg\_jlZ pbb\mdZaZl_evZ^j_kh\Zekljmdlmjm^Zgguohibku\Zxsmx h[t_dlWlZkljmdlmjZ\aZ\b kbfhklbhllbiZh[t_dlZgZoh^beZkv \k_]f_gl_^Zgguofh^mey*',beb86(5 Djhf_lh ]h^_kdjbilhj h[t_dlZkkueZekygZ]eh[Zevgmx iZfylvdZdk_e_dlhjk_]f_glZ]eh[Zevghc iZfylb Ihwlhfm ijb dhg\_jlZpbb \ mdZaZl_ev ihke_^gbc mdZau\Ze gZ khhl\_lkl\mxsbc [ehdiZfylb Ke_^kl\b_f ih^h[gh]h ihkljh_gby h[t_dlh\ \ [blh\uo \_jkbyo :LQGRZV y\eyeZkv \hafh`ghklv bo jZa^_e_gby >hklmigZy ]eh[Zevgh lZ[ebpZ ehdZevguo ^_kdjbilhjh\ /RFDO 'HVFULSWRU7DEOH ²/'7 kh^_j`ZeZmdZaZl_ebgZwlbh[t_dluDjhf_lh]h\k_fijbeh`_gbyf b [b[ebhl_dZf '// [ueb ^hklmigu lZd`_ k_]f_glu ^Zgguo *', b 86(5 LZdbf h[jZahf ex[h_ijbeh`_gb_beb^bgZfbq_kdZy [b[ebhl_dZfh]ebihemqblv^hklmidh[t_dlmbkihev am_fhfm^jm]bfijbeh`_gb_f
=eZ\Z:LQ$3,
±~\{\K|K~\N}w~\{\u\}\~\N}
Fgh]haZ^Zqghklv PXOWLWDVNLQJ ² l_jfbg bkihevam_fuc ^ey hibkZgby kihkh[ghklb hi_ jZpbhgghc kbkl_fu ih^^_j`b\Zlv jZ[hlm h^gh\j_f_ggh g_kdhevdbo ijbeh`_gbc Kbkl_fZ h[_ki_qb\Z_l lZdmx jZ[hlm \u^_eyy dZ`^hfm ijbeh`_gbx hij_^_e_ggmx ihjpbx d\Zglh\ \j_f_gb ijhp_kkhjZ < wlhf kfuke_ fgh]haZ^Zqghklv kdhj__ hagZqZ_l i_j_dexq_gb_ f_`^m aZ^ZqZfbq_fbklbggh_\uiheg_gb_jy^ZaZ^ZqiZjZee_evgh >jm]bfbkeh\Zfbj_Zevghhi_ jZpbhggZykbkl_fZg_iha\hey_lg_kdhevdbfijbeh`_gbyf jZ[hlZlv\h^bgblhl`_fhf_gl \j_f_gbZijhklhhj]Zgbam_lboihke_^h\Zl_evgh_ \uiheg_gb_\l_q_gb_mklZgh\e_gguo bg l_j\Zeh\ \j_f_gb H^gZdh ihkdhevdm wlb bgl_j\Zeu hq_gv fZeu m ihevah\Zl_ey kha^Z_lky \i_qZle_gb_iZjZee_evghc jZ[hlujZaebqguoijbeh`_gbc Dhgp_ipby fgh]haZ^Zqghklb g_ gh\Z ^ey :LQGRZV b [ueZ j_Zebah\ZgZ b \ ij_^u^msbo \_jkbyo wlhc kbkl_fu Hkgh\gh_ hlebqb_ f_`^m j_ZebaZpb_c fgh]haZ^Zqghklb \ :LQ b ij_^u^msbo\_jkbyokhklhbl\bkihevah\Zgbb \gh\hc\_jkbbZe]hjblfZ\ul_kgyxs_c fgh ]haZ^Zqghklb <ij_^u^msbo\_jkbyofgh]haZ^Zqghklv [ueZg_\ul_kgyxs_c ²wlhhagZqZ_l qlh ijb \u^_e_gbb ijbeh`_gbyf d\Zglh\ \j_f_gb hi_jZpbhggZy kbkl_fZ g_ bkihevah\ZeZ kbkl_fguclZcf_jeyih^h[ghcdhhj^bgZpbb ^_ckl\bcihlhdh\bkihevamxlky ki_pbZevgu_ l_ogheh]bbkbgojhgbaZpbbihlhdh\;he__^_lZevgh_hibkZgb_ijbgpbih\jZ[hlukihlhdZfb fh`ghgZclb\]eZ\_³Kha^Zgb_fgh]hihlhqguo ijbeh`_gbc´
¶u^KzQ~QuKw}z?UZ Kbkl_fZ :LQ \\h^bl \Zk \ fbj jZajy^ghc iehkdhc fh^_eb iZfylb L_i_jv m ijh ]jZffbklh\gZyaud_3DVFDOihy\beZkvj_ZevgZy\hafh`ghklv kha^Z\Zlv[hevrb_fZkkb\u[_a jbkdZ\hagbdgh\_gby hrb[dbdhfibeypbb %LJ$UUD\ DUUD\>@RI,QWHJHU <ihke_^mxsbo jZa^_eZofuh[km^bfhkgh\gu_ijbgpbiuijbgylhc\kj_^_:LQfh^_ ebiZfylbbf_lh^h\mijZ\e_gby_x
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
³\NyKw\|QuKw} < jZajy^ghc kj_^_ bkihevah\ZeZkv k_]f_glbjh\ZggZy fh^_ev iZfylb
8Kx\}KNN}Qwu^KzQ~uKw}?UZ <_kvfZ\_jhylghqlhgZ\Zr_fdhfivxl_j_mklZgh\e_gh f_g__=[ZcliZfylbDZdbf`_ h[jZahfkbkl_fZ:LQiha\hey_lijhp_kkZfbkihevah\Zlv [hevr_iZfylbq_fj_ZevghmklZ gh\e_gh\dhfivxl_j_">_eh\lhfqlhjZajy^gu_Z^j_kZg_mdZau\Zxlg_ihkj_^kl\_ggh gZyq_cdbnbabq_kdhciZfylbGZkZfhf^_e_ijhp_kku\kbkl_f_:LQ jZ[hlZxlk\bjlm ZevgufbZ^j_kZfb Bkihevah\Zgb_ \bjlmZevghc iZfylb iha\hey_l \u^_eblv dZ`^hfm ijhp_kkm ]b]Z[Zclh\h_ Z^j_kgh_ ijhkljZgkl\h \ dhlhjhf h[eZklv \_jogbo Z^j_kh\ jZaf_jhf \ =[Zcl \u^_e_gZ ^ey bkihevah\Zgby :LQGRZV Zgb`gb_=[Zcl²wlhh[eZklv]^_jZaf_sZ_lky\Zr_ijbeh`_gb_b ]^_\ufh`_l_\u^_eylviZfylvH^ghba]eZ\guo^hklhbgkl\lZdhcko_fu²ihegh_jZa^_e_gb_ iZfylbijhp_kkh\ h^bgijhp_kkg_fh`_lihemqblvg_ihkj_^kl\_gguc ^hklmidiZfylb^jm]h]h ijhp_kkZGZijbf_j\bjlmZevgucZ^j_k\h^ghfijhp_kk_mdZau\Z_lgZkh\_jr_ggh bgmxnbabq_kdmxh[eZklviZfylbq_flhl`_Z^j_k\^jm]hfijhp_kk_ Hq_gv\Z`ghihgbfZlvqlhgZkZfhf^_e_ijhp_kkg_ihemqZ_l=[ZcliZfylbhgijhklh bf__l\hafh`ghklvh[jZlblvkydiZfylb\wlhf^bZiZahg_Z^j_kh\Dhebq_kl\hiZfylbj_Zevgh ^hklmigh_ijhp_kkmaZ\bkblhllh]hdZdh_dhebq_kl\hHAMbf__lky\dhfivxl_j_bdZdhcmqZ klhd^bkdZ^hklmi_gnZcemkljZgbqgh]hh[f_gZ>eyij_^hklZ\e_gby iZfylbijbeh`_gbyf^hk lmigu_hi_jZpbhgghckbkl_f_ nbabq_kdZy iZfylv b nZce kljZgbqgh]h h[f_gZ jZa[b\Zxlky gZ kljZgbpuJZaf_jkljZgbpuaZ\bkblhlbkihevam_fhcieZlnhjfuGZieZlnhjf_,QWHObkihevam xlkykljZgbpujZaf_jhf\D[Zcl \ kemqZ_ ijhp_kkhjh\ $OSKD² D[Zcl klZg^Zjlguc jZa f_jkljZgbp3RZHU3& b0,36 lZd`_jZ\_gD[ZclHi_jZpbhggZykbkl_fZijbg_h[oh^bfhklb i_j_f_sZ_l kljZgbpu f_`^m nZcehf kljZgbqgh]h h[f_gZ b hi_jZlb\ghc iZfylvx Ijb wlhf ^ey ij_h[jZah\Zgby \bjlmZevgh]h Z^j_kZ ijhp_kkZ \ j_Zevguc nbabq_kdbc Z^j_k bkihevam_lky ki_pbZevgZydZjlZkljZgbpFug_[m^_f\^Z\Zlvky\ih^jh[ghklbwlh]hijhp_kkZ²^hklZlhqgh bf_lvh[s__ij_^klZ\e_gb_ hf_oZgbaf_bkihevah\Zgby \bjlmZevghciZfylb < kj_^_ :LQ jZajZ[hlqbdm ij_^eZ]Z_lky ljb jZaebqguo kihkh[Z bkihevah\Zgby iZfy lb²jZ[hlZk\bjlmZevghciZfylvxhlh[jZ`Z_fufb nZceZfbbdmq_c
o^}K~KuKw} Kbkl_fZ :LQ ij_^hklZ\ey_l gZ[hj gbadhmjh\g_\uo nmgdpbc iha\heyxsbo fZgbimebjh \Zlv\bjlmZevghciZfylvxijhp_kkZWlZiZfylvfh`_lgZoh^blvky\h^ghfbalj_okhklhygbc K\h[h^gZy AZj_a_j\bjh\ZggZy
IZfylvdhlhjZyfh`_l[ulvaZj_a_j\bjh\ZgZ bebjZaf_s_gZ IZfylv\g_dhlhjhf^bZiZahg_Z^j_kh\dhlhjZyaZj_a_j\bjh\ZgZ ^ey [m^ms_]h bkihevah\Zgby WlZ iZfylv aZsbs_gZ hl ihke_^mxsbo aZ
=eZ\Z:LQ$3,
ijhkh\ gZ \u^_e_gb_ iZfylb H^gZdh hgZ hklZ_lky g_^hklmighc ijh p_kkm ihkdhevdm nbabq_kdZy iZfylv wlhfm ^bZiZahgm Z^j_kh\ [m^_l \u^_e_gZlhevdhijb_]hjZaf_s_gbb>eyj_a_j\bjh\Zgby iZfylbbk ihevam_lkynmgdpby9LUWXDO$OORF JZaf_s_ggZy
IZfylvdhlhjZy[ueZaZj_a_j\bjh\ZgZ bdhlhjhc\u^_e_gZnbabq_kdZy iZfylv LZdZy iZfylv fh`_l bkihevah\Zlvky ijhp_kkhf JZaf_s_gb_ iZfylb\uihegy_lkylZd`_kihfhsvxnmgdpbb9LUWXDO$OORF
>ey jZ[hlu k \bjlmZevghc iZfylvx :LQ ij_^hklZ\ey_l gZ[hj nmgdpbc ]jmiiu 9LUWXDO;;; djZldb_k\_^_gbyhdhlhjuoijb\_^_gu\lZ[eIh^jh[gh_hibkZgb_\k_o wlbonmgdpbcbf__lky\bgl_jZdlb\ghc kijZ\hqghckbkl_f_
±¿ÀÊÇÕ¿³ÒÌÉÕÇÇÃÊÞÏ¿ÀÍÑÚÐÁÇÏÑÒ¿ÊÛÌÍÈοËÞÑÛÝ ³ÒÌÉÕÇÞ
ÎÇпÌÇÄ
9LUWXDO$OORF
«ÀÂÀ˽ÃËÎÀÍÃÃÆÃË»ÂÇÀÔ»ÀÍÌÍË»ÈÃÑÖÊ»ÇÚÍý½ÃËÍλÆ×ÈÉÇ»¿ËÀÌÈÉÇ ÊËÉÌÍË»ÈÌͽÀÊËÉÑÀÌÌ»
9LUWXDO)UHH
©Ì½É¼ÉÁ¿»ÀÍÌÍË»ÈÃÑÖÊ»ÇÚÍý½ÃËÍλÆ×ÈÉÇ»¿ËÀÌÈÉÇÊËÉÌÍË»ÈÌͽÀÊËÉ ÑÀÌÌ»
9LUWXDO/RFN
ÆÉÅÃËÎÀͿûʻÂÉȽÃËÍλÆ×ÈÖл¿ËÀÌɽÊËÉÑÀÌ̻»ÔÃÔ»ÚÀ¾ÉÉÍ½Ö Í»ÆÅý»ÈÃڽϻÄÆÌÍË»ÈÃÒÈɾÉɼÇÀȻȻ¿ÃÌÅÀ
9LUWXDO8QORFN
À¼ÆÉÅÃËÎÀÍÎŻ»ÈÈÖĿûʻÂÉÈ»¿ËÀÌɽʻÇÚÍÃË»ÂËÀÓ»ÚÀ¾É½ÖÍ»ÆÅà ½»ÈÃÀ½Ï»ÄÆÌÍË»ÈÃÒÈɾÉɼÇÀÈ»
9LUWXDO4XHU\
ɽ˻ԻÀÍÃÈÏÉËÇ»ÑÃÙɿûʻÂÉÈÀÌÍË»ÈÃѽ½ÃËÍλÆ×ÈÉÇ»¿ËÀÌÈÉÇ ÊËÉÌÍË»ÈÌͽÀ½ÖÂÖ½»ÙÔÀ¾ÉÊËÉÑÀÌÌ»
9LUWXDO4XHU\([
ɽ˻ԻÀÍÍÎÁÀÃÈÏÉËÇ»ÑÃÙÒÍÉÃÏÎÈÅÑÃÚ9LUWXDO4XHU\ ÈÉ¿ÆÚ ÈÀÅÉÍÉËɾÉÎŻ»ÈÈɾÉÊËÉÑÀÌÌ»
9LUWXDO3URWHFW
£ÂÇÀÈÚÀÍÊË»½»¿ÉÌÍÎÊ»ÅÉÊËÀ¿ÀÆÀÈÈÉÇοûʻÂÉÈÎË»ÂÇÀÔÀÈÈÉÄÊ»ÇÚÍà ½»¿ËÀÌÈÉÇÊËÉÌÍË»ÈÌͽÀ½ÖÂÖ½»ÙÔÀ¾ÉÊËÉÑÀÌÌ»
9LUWXDO3URWHFW([ £ÂÇÀÈÚÀÍÊË»½»¿ÉÌÍÎÊ»ÅÉÊËÀ¿ÀÆÀÈÈÉÇοûʻÂÉÈÎË»ÂÇÀÔÀÈÈÉÄÊ»ÇÚÍà ½»¿ËÀÌÈÉÇÊËÉÌÍË»ÈÌͽÀÈÀÅÉÍÉËɾÉÎŻ»ÈÈɾÉÊËÉÑÀÌÌ» ¯ÎÈÅÑÃÃ[[[([ ÉÊÃÌ»ÈÈÖÀ½Í»¼ÆÇɾÎÍÃÌÊÉÆ×Âɽ»Í×ÌÚÍÉÆ×ÅÉÊËÉÑÀÌÌ»Çà ÃÇÀÙÔÃÇà ÉÍÆ»¿ÉÒÈÖÀ ÊËýÃÆÀ¾Ãà ÊÉ ÉÍÈÉÓÀÈÃÙ Å ÉÊËÀ¿ÀÆÀÈÈÉÇÎ ÊËÉÑÀÌÌÎ £Ì ÊÉÆ×Âɽ»Í×ØÍÃÏÎÈÅÑÃýɼÖÒÈÉÄÊË»ÅÍÃÅÀÈÀÍÈÀɼÐÉ¿ÃÇÉÌÍÃ
6}\x^KKQwQzuKw}Kv Hlh[jZ`Z_fu_ \ iZfylb nZceu PHPRU\PDSSHG ILOHV iha\heyxl h[jZsZlvky d ^Zgguf ^bkdh\uonZceh\lZd`_dZdd^bgZfbq_kdb \u^_e_gghciZfylbWlhhkms_kl\ey_lky iml_f hlh[jZ`_gby\k_]hnZceZbeb_]hqZklb\^bZiZahg_Z^j_kh\ijhp_kkZIhke_wlh]h^hklmid ^Zgguf \ nZce_ fh`_l [ulv ihemq_g k ihfhsvx h[uqgh]h mdZaZl_ey ;he__ ^_lZevgh wlb h[t_dlujZkkfZljb\Zxlky \]eZ\_³JZ[hlZknZceZfb´
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
¤ Dmqb KHDSV ij_^klZ\eyxl kh[hcg_ij_ju\gu_ [ehdb iZfylb \ ij_^_eZo dhlhjuo fh]ml [ulv\u^_e_guf_gvrb_[ehdbDmqbiha\heyxl[he__wnn_dlb\gh \u^_eylv^bgZfbq_kdmx iZfylv b fZgbimebjh\Zlv _x >ey jZ[hlu k dmqZfb kbkl_fZ :LQ ij_^hklZ\ey_l gZ[hj nmgdpbc+HDS;;; djZldb_k\_^_gbyhdhlhjuoijb\_^_gu\ lZ[e Z ih^jh[gh_ hibkZ gb_²\bgl_jZdlb\ghc kijZ\hqghckbkl_f_'HOSKL
±¿ÀÊÇÕ¿³ÒÌÉÕÇÇÏ¿ÀÍÑÚÐÉÒÖÄÈ ³ÒÌÉÕÇÞ
ÎÇпÌÇÄ
+HDS&UHDWH
«ÀÂÀ˽ÃËÎÀÍÈÀÊËÀËÖ½ÈÖļÆÉŽ½ÃËÍλÆ×ÈÉÇ»¿ËÀÌÈÉÇÊËÉÌÍË»ÈÌͽÀ ½ÖÂÖ½»ÙÔÀ¾ÉÊËÉÑÀÌ̻ýֿÀÆÚÀÍÏÃÂÃÒÀÌÅÎÙÊ»ÇÚÍ׿ÆÚÉÊËÀ¿ÀÆÀÈ ÈÉÄȻһÆ×ÈÉÄÒ»ÌÍÃØÍɾɼÆÉÅ»
+HDS$OORF
Ö¿ÀÆÚÀͽÅÎÒÀ¼ÆÉÅÈÀÊÀËÀÇÀÔ»ÀÇÉÄÊ»ÇÚÍÃ
+HDS5H$OORF
ªÉ½ÉÆÚÀÍÃÂÇÀÈÃÍ×Ë»ÂÇÀ˽ֿÀÆÀÈÈɾɼÆÉŻʻÇÚÍÃÅÎÒÃÒÍÉÊÉÂ½É ÆÚÀÍÃÂÇÀÈÃÍ×ÀÀ̽ÉÄÌͽ»
+HDS)UHH
©Ì½É¼ÉÁ¿»ÀͼÆÉÅÊ»ÇÚÍýֿÀÆÀÈÈÖÄÃÂÅÎÒÃÌÊÉÇÉÔ×ÙÏÎÈÅÑÃà +HDS$OORF
+HDS'HVWUR\
®ÈÃÒÍÉÁ»ÀÍɼÕÀÅÍÅÎÒÃÌÉ¿»ÈÈÖÄÌÊÉÇÉÔ×ÙÏÎÈÅÑÃÃ+HDS&UHDWH
¬ÆÀ¿ÎÀÍÃÇÀÍ×½½Ã¿ÎË»ÂÆÃÒÃÚ½ËÀ»ÆûÑÃÃÏÎÈÅÑÃÄ:LQ½ÌËÀ¿»Ð:LQGRZV17 à :LQGRZV ÉÌÈɽÈÉÇ ÉÈà Ż̻ÙÍÌÚ ¼ÀÂÉÊ»ÌÈÉÌÍà à ÌÅÉËÉÌÍà ¨»ÊËÃÇÀË ÇÀ ÈÀ¿ÁÀË Ê»ÇÚÍà :LQGRZV ÇÀÈÀÀ ÇÉÔÈÖÄ ÒÀÇ ÇÀÈÀ¿ÁÀË :LQGRZV17 ÅÉÍÉ ËÖÄÐË»ÈÃÍÌÎÔÀÌͽÀÈÈɼÉÆ×ÓÀÀÅÉÆÃÒÀÌͽÉÃÈÏÉËÇ»ÑÃÃɼÆÉÅ»ÐÊ»ÇÚÍà ªËÃË»ÂË»¼ÉÍÅÀÊËɾ˻ÇÇÌÃÌÊÉÆ×Âɽ»ÈÃÀÇÏÎÈÅÑÃÄ:LQ$3,ÊÉÌÍÉÚÈÈÉÊÉÇÈÃÍÀÉ ÊɿɼÈÖÐ Ë»ÂÆÃÒÃÚÐ ªÉ¿ËɼÈÉÌÍÃ É ÊÆ»ÍÏÉËÇÀÈÈÉ»½ÃÌÃÇÖÐ Ë»ÂÆÃÒÃÚÐ ½ ÃÌÊÉÆ× Âɽ»ÈÃÃÏÎÈÅÑÃÄ:LQÇÉÁÈÉÈ»ÄÍýÃÈÍÀË»ÅÍýÈÉÄÌÊË»½ÉÒÈÉÄÌÃÌÍÀÇÀtÈÀ» ¼Ö½»ÄÍÀÅÈÀÄ̽ÉÀ½ËÀÇÀÈÈÉɼ˻ԻÍ×ÌÚ
6x^Kx\}yK\
x\yz?UZ ;hevrbgkl\h nmgdpbc :LQ $3, \ha\jZsZ_l [me_\h agZq_gb_ 7UXH beb )DOVH mdZau \Zxs__ khhl\_lkl\_ggh gZ m^Zqgh_ beb g_m^Zqgh_ __ \uiheg_gb_ ?keb nmgdpby \_jgmeZ agZq_gb_ )DOVH \uah\ g_m^Zq_g ke_^m_l bkihevah\Zlv nmgdpbx *HW/DVW(UURU iha\h eyxsmxihemqblvdh^ihke_^g_chrb[dbijhbkr_^r_c \^Zgghfihlhd_ ¥ ÌÉÁ»ÆÀÈÃÙ ÈÀ ½ÌÀ ÏÎÈÅÑÃà :LQ $3, ÎÌͻȻ½Æý»ÙÍ ÅÉ¿ ÉÓüÅà ÅÉÍÉËÖÄ ¼Î¿ÀÍ ¿ÉÌÍÎÊÀÈÏÎÈÅÑÃÃ*HW/DVW(UURU Ò»ÌÍÈÉÌÍÃØÍÉŻ̻ÀÍÌÚÇÈɾÃÐÏÎÈÅÑÃÃ*',
Dh^ hrb[db khojZgy_lky ^ey dZ`^h]h ihlhdZ \ hl^_evghklb ihwlhfm nmgdpby *HW/DVW(UURU ^he`gZ [ulv \ua\ZgZ \ lhf `_ dhgl_dkl_ ihlhdZ \ dhlhjhf ijhbahreZ hrb[dZ
=eZ\Z:LQ$3,
UDLVH([FHSWLRQ&UHDWH (UURUFUHDWLQJSURFHVV ,QW7R6WU *HW/DVW(UURU §É¿ÎÆ× 6<687,/6 'HOSKL ÌÉ¿ÀËÁÃÍ Ìͻȿ»ËÍÈÖÄ ÅÆ»ÌÌ ÃÌÅÆÙÒÃÍÀÆ×ÈÉÄ ÌÃÍλÑÃà à ½ÌÊÉÇɾ»ÍÀÆ×ÈÎÙÏÎÈÅÑÃÙ¿ÆÚÅÉȽÀËÍÃËɽ»ÈÃÚÌÃÌÍÀÇÈÖÐÉÓüÉŽÃÌÅÆÙÒÀÈÃÚ«ÀÒ× Ã¿ÀÍ É ÏÎÈÅÑÃÚÐ :LQ&KHFN à 5DLVH/DVW:LQ(UURU ¾ÀÈÀËÃËÎÙÔÃÐ ÃÌÅÆÙÒà ÍÀÆ×ÈÎÙ ÌÃÍλÑÃÙ (:LQ(UURU £ÌÊÉÆ×ÂÎÄÍÀ ØÍà ½ÌÊÉÇɾ»ÍÀÆ×ÈÖÀ ÏÎÈÅÑÃà ½ÇÀÌÍÉ È»ÊÃÌ»ÈÃÚÌɼÌͽÀÈÈɾÉÅÉ¿»ÊËɽÀËÅÃËÀÂÎÆ×Í»Íɽ½ÖÂɽ»ÏÎÈÅÑÃÄ:LQ$3, <ijb\_^_gghfijbf_j_dh^Zij_^ijbgbfZ_lky ihiuldZkha^Zlvijhp_kkhij_^_ey_fuckljh dhc k aZ\_jrZxsbf gme_\uf kbf\hehf &RPPDQG/LQH H[km`^_gb_ f_lh^Z &UHDWH3URFHVV fu hklZ\bf^eyihke_^mxsbo]eZ\Zk_cqZkkhkj_^hlhqbf\gbfZgb_gZnmgdpbb*HW/DVW(UURU ?k eb\uiheg_gb_nmgdpbb&UHDWH3URFHVV aZ\_jrblkyg_m^Zqgh]_g_jbjm_lkybkdexqbl_evgZykb lmZpbyWlhbkdexq_gb_[m^_lhljZ`Zlvdh^ihke_^g_caZnbdkbjh\Zgghc ijb\uiheg_gbb\uau \Z_fhcnmgdpbbhrb[dbihemq_gguckihfhsvxnmgdpbb*HW/DVW(UURU Ih^h[gucih^oh^\u fh`_l_bkihevah\Zlv\k\hboijbeh`_gbyo ¥É¿Ö ÉÓüÉÅ ½É½˻ԻÀÇÖÀ ÏÎÈÅÑÃÀÄ *HW/DVW(UURU ŻŠÊË»½ÃÆÉ ÉÊÃÌ»ÈÖ ½ ÌÍ»Í×ÀÃÈÍÀË»ÅÍýÈÉÄÌÊË»½ÉÒÈÉÄÌÃÌÍÀÇÖÊÉÍÉÄÏÎÈÅÑÃÃÊËýÖÊÉÆÈÀÈÃÃÅÉÍÉËÉÄ ¼Öƻ»ÏÃÅÌÃËɽ»È»ÉÓüŻËξÃÇÃÌÆɽ»ÇÃÅÉ¿ÖÉÓüÉÅÅÉÍÉËÖÀÇɾÎͽÉÂÈÃÅ ÈÎÍ×ÊËýÖÊÉÆÈÀÈÃÃÏÎÈÅÑÃÃ&UDWH0XWH[ ÉÊÃÌ»ÈÖ½ÌÍ»Í×ÀÃÈÍÀË»ÅÍýÈÉÄÌÊË» ½ÉÒÈÉÄÌÃÌÍÀÇÖ:LQÊÉ̽ÚÔÀÈÈÉÄ¿»ÈÈÉÄÏÎÈÅÑÃÃ
8QwQ <wlhc]eZ\_\uihagZdhfbebkv k:LQ$3, magZebh[h[t_dlZoy^jZbhlhfdZd:LQ mijZ\ey_liZfylvxDjhf_lh]hfuh[km^bebdZdb_kms_kl\mxl \hafh`ghklb jZ[hlukiZ fylvx\ijbeh`_gbyo Ijh]jZffbklZf 'HOSKL g_h[yaZl_evgh agZlv\k_lhgdhklbnmgdpbhgb jh\Zgbykbkl_fu:LQH^gZdhihgbfZgb_hkgh\jZ[hlukbkl_fu:LQbagZgb_nmgdpbh gZevguo \hafh`ghkl_c __ $3, iha\hebl [he__ hkhagZggh Z agZqbl b [he__ mki_rgh kha^Z \Zlvkh[kl\_ggu_ ijbeh`_gby
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
(}^\Q~Qu^\Q~ y\~Qu y\~N}^^\zK~
°ÏÄÿ'HOSKLÇ¿ÏÔÇÑÄÉÑÒÏ¿ÎÏÍÄÉÑ¿
³¿ÈÊÚÁÔÍÃÞØÇÄÁÐÍÐÑ¿ÁÎÏÍÄÉÑ¿'HOSKL
°ÍÁÄÑÚÎÍÒÎÏ¿ÁÊÄÌÇÝÎÏÍÄÉÑÍË
¿ÆÍÁÚÄÉÊ¿ÐÐÚÎÏÍÄÉÑÍÁ'HOSKL
ÏÔÇÑÄÉÑÒÏ¿ÎÏÇÊÍÅÄÌÇÈÇÇÐÎÍÊÛÆÍÁ¿ÌÇÄ ÔÏ¿ÌÇÊÇØ¿ÍÀÙÄÉÑÍÁ
£ÍÎÍÊÌÇÑÄÊÛÌÚÄÁÍÆËÍÅÌÍÐÑÇ ÒÎÏ¿ÁÊÄÌÇÞÎÏÍÄÉÑÍË
¯ÄÆÝËÄ
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
<wlhc]eZ\_j_qvihc^_lh[mijZ\e_gbb ijh_dlZfbbZjobl_dlmj_ ijbeh`_gbc ijbgy lhc\kj_^_'HOSKL
(^Q|K)PX]TUK^g}Qy}^Ku^\Qy}K >ey ijZ\bevgh]h ihkljh_gby b mijZ\e_gby ijh_dlZfb 'HOSKL g_h[oh^bfu ih f_gvr_c f_j_^\Z\Z`guowe_f_glZ² hlebqgh_agZgb_kj_^ujZajZ[hldb'HOSKL bihgbfZgb_ijbkm s_c ijbeh`_gbyf 'HOSKL Zjobl_dlmju Fu g_ [m^_f hklZgZ\eb\Zlvky gZ jZ[hl_ bgl_]jbjh \Zgghc kj_^u jZajZ[hldb 'HOSKL² wlh ^hklZlhqgh ohjhrh hk\_s_gh \ ^hdmf_glZpbb
·Kvzg\|QzN\N}Kz u^\Qy}K)PX]TU Ijh_dl'HOSKLkhklhblbag_kdhevdbok\yaZgguonZceh\H^gbbagbokha^Zxlkyijbihkljh_ gbb nhjf ^jm]b_ hlkmlkl\mxl ^h fhf_glZ dhfibeypbb ijh_dlZ >ey wnn_dlb\gh]h mijZ\e_gby ijh_dlZfb'HOSKL g_h[oh^bfh agZlv gZagZq_gb_ dZ`^h]h ba mdZaZgguo nZceh\ h[ wlhf fh`gh ijhq_klv dZd \ klZg^Zjlghc ^hdmf_glZpbb lZd b \ hi_jZlb\ghc kijZ\hqghc kbkl_f_ G_iehoZy fukev² h[jZlblvky d ^hdmf_glZpbb ijyfh k_cqZk qlh[u hk\_`blv \ iZfylb khhl\_lkl\mxsb_ jZa^_eui_j_^^Zevg_crbfql_gb_fwlhc]eZ\u
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
·Kvu^\Qy}K NZce ijh_dlZ kha^Z_lky \h \j_fy jZ[hlu gZ^ ijh_dlhf b bf__l jZkrbj_gb_ GSU Wlhl nZcekh^_j`blbkoh^gucl_dkl]eZ\ghc PDLQ ijh]jZffuijbeh`_gbyBf_ggha^_kvkha^Z _lky wda_fieyj ]eZ\ghc nhjfu ijbeh`_gby Z lZd`_ bgbpbbjmxlky \k_ ijhqb_ Z\lhfZlbq_ kdb kha^Z\Z_fu_ nhjfu
·Kvw\|Qvu^\Qy}K Fh^mebij_^klZ\eyxl kh[hcnZceukbkoh^gufb l_dklZfbijh]jZffgZyaud_3DVFDO b bf_xl jZkrbj_gby bf_gb SDV Kms_kl\m_l ljb hkgh\guo lbiZ wlbo nZceh\ fh^meb nhjf^ZgguobebdZ^jh\fh^mebdhfihg_glh\ bfh^mebh[s_]hgZagZq_gby Fh^mebnhjf^Zgguo beb dZ^jh\ Z\lhfZlbq_kdb ]_g_jbjmxlky 'HOSKL ^ey dZ`^hc hl^_evgh kha^Z\Z_fhc nhjfu beb dZ^jZ G_\hafh`gh hij_^_eblv \ h^ghf fh^me_ ^\_nhjfubijbwlhfbf_lv \hafh`ghklv jZ[hlZlv k gbfb h[_bfb \ dhgkljmdlhj_ nhjfIjb h[km`^_gbb nhjfZlZ nZceh\ nhjf fu g_ [m^_f ^_eZlv jZaebqby f_`^m fh^meyfbnhjf^ZgguobebdZ^jh\ Fh^meb dhfihg_glh\ ij_^klZ\eyxl kh[hc fh^meb ]_g_jbjm_fu_ 'HOSKL ijb kha^Z gbbdZ`^h]hgh\h]hdhfihg_glZ
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
Fh^meb h[s_]h gZagZq_gby fh]ml [ulv kha^Zgu ^ey jZaebqguo lbih\ ^Zgguo i_j_ f_gguoijhp_^mjbdeZkkh\dhlhju_lj_[m_lkyk^_eZlv^hklmigufbjZaebqgufijb eh`_gbyf K^_lZevgufhibkZgb_ffh^me_cfuihagZdhfbfky gb`_\wlhc]eZ\_
·Kv\^w NZceu nhjf kh^_j`Zl ^\hbqgh_ ij_^klZ\e_gb_ nhjf Ijb kha^Zgbb gh\hc nhjfu 'HOSKL aZibku\Z_l nZce nhjfu k jZkrbj_gb_f GIP h^gh\j_f_ggh k fh^me_f nhjfu gZ yaud_3DVFDO kjZkrbj_gb_f SDV <l_dkl_fh^meyex[hckha^Zgghcnhjfuh[yaZl_evgh[m ^_lijbkmlkl\h\Zlv kljhdZih^h[gZyke_^mxs_c ^5 ')0` WlZkljhdZmdZau\Z_ldhfibeylhjmgZg_h[oh^bfhklv k\yaZlvkijh_dlhfkhhl\_lkl\mxsbc nZcenhjfubf_xsbclh`_bfyqlhbnZcefh^meynhjfughkjZkrbj_gb_fbf_gbGIP DZdijZ\behkZfhklhyl_evgh j_^Zdlbjh\Zlv l_dklnZceZnhjfu\Zfg_ihlj_[m_lky ohly lZdZy\hafh`ghklv bbf__lky >eyj_^Zdlbjh\Zgby nZceZnhjfu\l_dklh\hfij_^klZ\e_gbb ^hklZlhqghijhklhaZ]jmablv_]h\hdg_j_^ZdlhjZ'HOSKLjm]hc \ZjbZgl² s_edgmlv ijZ\hc dghidhc furb \ ihe_ dhgkljmdlhjZ nhjf b \u[jZlv \ jZkdju\r_fky dhgl_dklghff_gxdhfZg^m9LHZDV7H[W<ex[hfkemqZ_gZwdjZg[m^_l\u \_^_ghhdghj_^ZdlhjZ'HOSKLkl_dklh\ufij_^klZ\e_gb_f nZceZnhjfu Ijhkfhljl_dklh\h]hij_^klZ\e_gby [u\Z_lm^h[_g\qZklghklbl_fqlhijbwlhf\u\b ^bl_\k_k\hckl\Zbdhfihg_glunhjfuJ_^Zdlbjh\Zgb_ l_dklh\h]hij_^klZ\e_gby iha\hey_l \ZfgZijbf_jbaf_gylvlbilh]hbebbgh]hdhfihg_glZIj_^iheh`bf gZijbf_jqlhnZce nhjfukh^_j`blke_^mxs__hij_^_e_gb_ dhfihg_glZ7EXWWRQ REMHFW%XWWRQ 7EXWWRQ /HIW 7RS :LGWK +HLJKW &DSWLRQ %XWWRQ
7DE2UGHU HQG ?keb \ i_j\hc kljhd_ njZam REMHFW %XWWRQ 7EXWWRQ \u aZf_gbl_ njZahc REMHFW %XWWRQ 7ODEHOlhl_fkZfuf\ukf_gbl_lbih[t_dlZbijbijhkfhlj_nhjfu\dhgkljmd lhj_gZf_kl_dghidbm\b^bl_gZ^ibkv £ÂÇÀÈÀÈÃÀ ÍÃÊ» ÅÉÇÊÉÈÀÈÍɽ ½ Ï»ÄÆÀ ÏÉËÇÖ ÇÉÁÀÍ ÊËýÀÌÍà ŠÉÓÃ¼Å»Ç ÊËà ÒÍÀÈÃà ̽ÉÄÌͽÍɾÉÃÆÃÃÈɾÉÅÉÇÊÉÈÀÈÍ»¨»ÊËÃÇÀËÃÂÇÀÈÀÈÃÀÍÃÊ»7EXWWRQ ÅÉÍÉËÖÄÃÇÀ ÀÍ̽ÉÄÌͽÉ7DE2UGHU È»ÍÃÊ7ODEHO ÅÉÍÉËÖÄÍ»ÅɽɾÉ̽ÉÄÌͽ»ÈÀÃÇÀÀÍ ÊËýÀ¿ÀÍÅ ÎŻ»ÈÈÉÄÉÓüÅÀ©¿È»ÅÉÀÌÆýÖË»¼ÉÍ»ÀÍÀ½'HOSKLÉÌɼɾÉÊɽɿ»¿ÆÚ¼ÀÌÊÉÅÉÄ Ìͽ»ÈÀÍÍ»ÅÅ»Å'HOSKLÎÌÍË»ÈÃÍÌÌÖÆÅÎȻ̽ÉÄÌͽÉÊËÃÉÒÀËÀ¿ÈÉÇÌÉÐË»ÈÀÈÃÃÏÉËÇÖ ªËÃÊËÚÇÉÇËÀ¿»ÅÍÃËɽ»ÈÃÃÏ»ÄÆ»ÏÉËÇÖÌÆÀ¿ÎÀÍÊËÉÚ½ÆÚÍ×ÃÌÅÆÙÒÃÍÀÆ×ÈÎÙÉÌÍÉ ËÉÁÈÉÌÍ×Í»ÅÅ»ÅÀ¾ÉÇÉÁÈÉÊɽËÀ¿ÃÍ×È»ÌÍÉÆ×ÅÉÌÀË×ÀÂÈÉÒÍɽ'HOSKL¼ÉÆ×ÓÀÈÀ ÌÇÉÁÀÍÀ¾ÉÉÍÅËÖÍ×
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
'HOSKLÊÉÚ½ÃÆ»Ì×Èɽ»Ú½ÉÂÇÉÁÈÉÌÍ×ÌÉÐË»ÈÚÍ×Ï»ÄÆÖÏÉËǽÍÀÅÌÍɽÉÇÏÉËÇ» ÍÀ¸ÍɼÖÆÉÌ¿ÀÆ»ÈÉÌÑÀÆ×ÙÊËÀ¿ÉÌÍ»½ÆÀÈÃÚ½ÉÂÇÉÁÈÉÌÍÃËÀ¿»ÅÍÃËɽ»ÈÃÚÏ»ÄÆɽ ÏÉËÇÌÊÉÇÉÔ×Ù¿ËξÃÐɼÔÀË»ÌÊËÉÌÍË»ÈÀÈÈÖÐÃÈÌÍËÎÇÀÈÍɽȻÊËÃÇÀËÍ»ÅÃÐŻŠ1RWHSDGH[H ÆÚ ØÍÉ¾É ¿ÉÌÍ»ÍÉÒÈÉ ÔÀÆÅÈÎÍ× ½ ÊÉÆÀ ÅÉÈÌÍËÎÅÍÉË» ÏÉËÇ ÊË»½ÉÄ ÅÈÉÊÅÉÄÇÖÓÃýּ˻Í׽˻ÌÅËÖ½ÓÀÇÌÚÅÉÈÍÀÅÌÍÈÉÇÇÀÈÙÅÉǻȿÎ7H[W')0
·Kv^QN^N\z NZceuj_kmjkh\kh^_j`Zl^\hbqgu_^Zggu_gZau\Z_fu_lZd`_j_kmjkZfbdhlhju_k\yaZgu k \uihegy_fuf nZcehf ijbeh`_gby NZce UHV Z\lhfZlbq_kdb kha^Z\Z_fuc 'HOSKL kh^_j `blibdlh]jZffmijbeh`_gbybgnhjfZpbxh\_jkbbijbeh`_gbyb^jm]b_k\_^_gby>h[Z\blv ^jm]b_j_kmjku\gh\h_ijbeh`_gb_fh`ghihkj_^kl\hfkha^Zgbyhl^_evgh]hnZceZj_kmjkh\k ihke_^mxsbfk\yau\Zgb_f_]hkijh_dlhfLZdhcnZcej_kmjkh\fh`_l[ulvkha^Zgkihfhsvx j_^ZdlhjZj_kmjkh\² gZijbf_j\oh^ys_c\khklZ\'HOSKL mlbeblu,PDJH(GLWRU beb ijbeh `_gby5HVRXUFH:RUNVKRS ¨ÀËÀ¿»ÅÍÃËÎÄÍÀÏ»ÄÆÖËÀÌÎËÌɽ»½ÍÉÇ»ÍÃÒÀÌÅÃÌÉ¿»½»ÀÇÖÀ'HOSKL½É½ËÀÇÚÅÉÇ ÊÃÆÚÑÃûÅÃÀÃÂÇÀÈÀÈÃڼοÎÍÊÉÍÀËÚÈÖÊËÃÌÆÀ¿ÎÙÔÀÄÁÀÅÉÇÊÃÆÚÑÃÃÊËÃÆÉÁÀ ÈÃÚ ÌÆýÖÐÉÍÃÍÀ¿É¼»½ÃÍ×ËÀÌÎËÌֽ̽ÉÀÊËÃÆÉÁÀÈÃÀÌÉ¿»ÄÍÀÏ»ÄÆËÀÌÎËÌÉ½Ì ÉÍÆÃÒÈÖÇÉÍÃÇÀÙÔÃÐÌÚÃÇÀÈÀǻ»ÍÀÇ̽ÚÁÃÍÀÀ¾ÉÌÊËÉÀÅÍÉÇÌÊÉÇÉÔ×Ù¿ÃËÀÅ ÍýÖ5Å»ÅÊÉŻ»ÈÉÈÃÁÀ ^50<5(6),/5(6`
·Kv\uvu^\Qy}KN}K~\z\y ^Kx\Q{\N}\K NZceuhipbcijh_dlZ kjZkrbj_gbyfb GRI ojZgylmklZgh\dbhij_^_e_ggu_ \h\deZ^ dZohdgZ3URMHFW2SWLRQV JZkdjulvwlhhdghfh`ghkihfhsvxdhfZg^u3URMHFWÖ2SWLRQV LZdhcnZcekha^Z_lkyijbi_j\hf`_khojZg_gbbijh_dlZb h[gh\ey_lky ijb dZ`^hf ihke_ ^mxs_f NZcemklZgh\hdjZ[hq_]hklheZ kjZkrbj_gb_f GVN ojZgbliZjZf_ljumklZgh\e_ggu_ \h \deZ^dZo hdgZ (QYLURQPHQW 2SWLRQV b hij_^_eyxsb_ oZjZdl_jbklbdb jZ[hq_]h klheZ 'HOSKL ,'( JZkdjulv wlh hdgh fh`gh k ihfhsvx dhfZg^u 7RROVÖ(QYLURQPHQW 2SWLRQV IZjZf_lju jZ[hq_]h klheZ hlebqZxlky hl iZjZf_ljh\ ijh_dlZ lZd dZd ihke_^gb_ y\eyxlky ki_pbnbq_kdbfb ^eyhl^_evgh]hijh_dlZZi_j\u_hij_^_eyxlgZkljhcdm\bamZevghckj_^u ijh_dlbjh\Zgby'HOSKL ªÉ½ËÀÁ¿ÀÈÃÀÏ»ÄÆɽGVNÃGRIÇÉÁÀÍÊËýÀÌÍÃÅÈÀÊËÀ¿ÌÅ»ÂÎÀÇÖÇÊÉÌÆÀ¿Ìͽà ÚÇt È»ÊËÃÇÀË Å ÉÓüÅÀ »ÔÃÍÖ Ê»ÇÚÍà ÊËà ÅÉÇÊÃÆÚÑÃà ÊËÉÀÅÍ» ÌÆà ØÍÉ ÊËÉ ÃÂÉÄ¿ÀÍ ÊËÉÌÍÉ Î¿»ÆÃÍÀ ɼ» ÎŻ»ÈÈÖÐ Ï»ÄÆ»t ÊËà ØÍÉÇ ÉÊÑÃà ¼Î¿ÎÍ ½ÈÉ½× ÎÌÍ» ÈɽÆÀÈÖ ÊÉ ÎÇÉÆÒ»ÈÃÙ » ο»ÆÀÈÈÖÀ Ï»ÄÆÖ ÊÀËÀ»ÊÃÌ»ÈÖ ÊËà ÊÀ˽ÉÇ ÁÀ ÌÉÐË»ÈÀ ÈÃÃÊËÉÀÅÍ»
·Kv^QQ^z~gy\uv 'HOSKLkha^Z_lnZceuj_a_j\guodhibc^eynZceZijh_dlZbnZceh\fh^me_cijbbo\lh jhfb\k_oihke_^mxsbo khojZg_gbyoNZceuj_a_j\guo dhibc kh^_j`Zl ij_^u^msmx \_j kbxkh^_j`bfh]h khhl\_lkl\mxs_]h nZceZbbf_xljZkrbj_gbyaGSbaSDkhhl\_lkl\_ggh ^eynZceh\ijh_dlZbnZceh\fh^me_c
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
NZcej_a_j\ghcdhibbkha^Z_lkyb^ey^\hbqgh]hnZceZnhjfuijb\lhjhfb\k_oihke_ ^mxsbo_]hkhojZg_gbyHgbf__ljZkrbj_gb_bf_gbaGI ?kebm^ZeblvwlbnZceugbq_]hkljZrgh]hg_ijhbahc^_l<om^r_fkemqZ_[m^_lml_jy gZ\hafh`ghklv \ha\jZlZdij_^u^ms_c\_jkbbijh]jZffuFh`gh\hh[s_hldZaZlvkyhlbo kha^Zgby>eywlh]hke_^m_lk[jhkblvneZ`hdhipbb&UHDWH%DFNXS)LOHV\h\deZ^d_'LVSOD\ ^bZeh]h\h]hhdgZ(GLWRU2SWLRQV
·KvuKyQ}\z IZd_luij_^klZ\eyxlkh[hch[uqgu_[b[ebhl_db'// kh^_j`Zsb_ijh]jZffgucdh^dhlh juc fh`_l kh\f_klgh bkihevah\Zlvky fgh]bfb ijbeh`_gbyfb H^gZdh ijbf_g_gb_ iZdlh\ \ 'HOSKLhlebqZ_lkyl_fqlhhgbiha\heyxljZa^_eylvdhfihg_gludeZkku^Zggu_bdh^lZd`_f_ `^mfh^meyfbijbeh`_gbyWlhhagZqZ_lqlhfh`ghkms_kl\_gghkhdjZlblvjZaf_junZceh\ijb eh`_gbyaZkq_l^bgZfbq_kdh]h bkihevah\ZgbykhojZgy_fuo\iZd_lZodhfihg_glh\\f_klhijy fh]hihf_s_gbybo\nZceuijbeh`_gbyHiZd_lZoj_qvihc^_l\ihke_^mxsbo]eZ\ZoZihdZaZ f_lbflhevdhqlhbkoh^gu_nZceuiZd_lh\bf_xljZkrbj_gb_GSNIjbljZgkeypbbbagbokha ^Zxlky ESOnZceu nZceu %3/ nmgdpbhgZevgh ZgZeh]bqgu nZceZf '// NZceu ESO fh]ml [ulvkhklZ\e_gubag_kdhevdbofh^me_cbeb'&8nZceh\ kdhfibebjh\Zgguo fh^me_c >\hbq gh_ij_^klZ\e_gb_'3.nZceZkh^_j`bl\k_\dexqZ_fu_fh^mebbaZ]heh\hdiZd_lZbij_^klZ\ey _lkh[hcnZcekjZkrbj_gb_fbf_gbGFSG_jZkkljZb\Zcl_kv _kebbaeh`_ggZy\ur_bgnhjfZ pbyihdZ`_lky\ZfkebrdhfaZimlZgghc²\k_g_h[oh^bfu_ihykg_gby[m^ml^Zguiha`_
(\zQ}u\u^KzQ~u^\Qy}\w ?klv fgh`_kl\h iml_c hilbfbaZpbb ijhp_kkZ jZajZ[hldb ijbeh`_gbc k bkihevah\Zgb_f ki_pbZevguo ijb_fh\ memqr_gby hj]ZgbaZpbb b ih\lhjgh]h bkihevah\Zgby dh^Z H g_dhlh juobagbobihc^_lj_qv\ke_^mxsbojZa^_eZo
6|~u^\Qy}\|~yK}K\{ G_ ke_^m_l kf_rb\Zlv kha^Z\Z_fu_ ijh_dlu NZceu h^gh]h ijh_dlZ g_ ^he`gu [ulv \ lhf `_ dZlZeh]_ qlh b nZceu ^jm]h]h ijh_dlZ Wlh h^bg ba ijhkl_crbo kh\_lh\ gh g_ ih ke_^gbcih\Z`ghklb Hlf_lbf qlh dZ`^uc ijh_dl ihf_s_gguc gZ dhfiZdl^bkd ijbeZ]Z_fuc dh \lhjhfm lhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP jZaf_s_g\hl^_evghfdZlZeh]_J_dhf_g^m _f\k_]^Zijb^_j`b\Zlvky wlh]hijhklh]hijbgpbiZ
°ÍÂÊ¿×ÄÌÇÞÎÍÎÏÇÐÁÍÄÌÇÝÇËÄÌ ©ÒÀÈ×ÊÉÆÀÂÈɽÖË»¼ÉÍ»Í×ÈÀÅÉÍÉËÉÀÌɾƻÓÀÈÃÀÉÊËÃ̽ÉÀÈÃÃÌͻȿ»ËÍÈÖÐÃÇÀÈÏ»ÄƻǽÐÉ¿ÚÔÃǽ ÌÉÌÍ»½ÌÉ¿»½»ÀÇÖÐÊËÉÀÅÍɽªÉÆÀÂÈÖÀËÀÅÉÇÀÈ¿»ÑÃÃÇÉÁÈÉÈ»ÄÍý¿ÉÅÎÇÀÈÍÀ''*p&RGLQJ6WDQGDUG 'RFXPHQWq̽À¿ÀÈÃÚÉÅÉÍÉËÉÇÊËýɿÚÍÌÚ½¾Æ»½Àp¬Í»È¿»ËÍÖÊËɾ˻ÇÇÃËɽ»ÈÃÚÊËÃÈÚÍÖÀ½ØÍÉÄ ÅÈþÀq ªËÀ¿Æ»¾»ÀÇÖÀ ½ ÈÀÇ ËÀÓÀÈÃÚ ÃÌÊÉÆ×Âɽ»ÆÃÌ× »½ÍÉË»Çà ½É ½ÌÀÐ ÊËÉÀÅͻРÊËÀ¿ÌÍ»½ÆÀÈÈÖÐ ½ ¿»ÈÈÉÄÅÈþÀ
±\|N^K|QQwwy\|\w Fh`ghhj]Zgbah\Zlv h^gh\j_f_ggh_ bkihevah\Zgb_ g_dhlhjuo ih^ijh]jZff \ jZaebq guoijbeh`_gbyo i_j_f_klb\ bo\hl^_evgu_fh^meb^hklmigu_^eyjZaebqguoijh_dlh\ H[uqgh^eylZdbofh^me_c\u^_ey_lky kh[kl\_gguc dZlZeh] Ijb g_h[oh^bfhklb bkihev
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ah\Zgbyhij_^_e_gghc ih^ijh]jZffu ihf_s_gghc \h^bgbafh^me_cih^h[gh]h dZlZeh]Z ^hklZlhqgh ijhklh mdZaZlv bfy lj_[m_fh]h fh^mey \ h[ty\e_gbb XVHV kha^Z\Z_fhc ijh ]jZffu >eyh[e_]q_gbyihbkdZfh^mey\g_kbl_khhl\_lkl\mxsbc dZlZeh]\ihe_6HDUFK3DWKjZk iheh`_gghf\h\deZ^d_'LUHFWRULHV&RQGLWLRQDOV^bZeh]h\h]hhdgZ3URMHFW2SWLRQV ªËÃÃÌÊÉÆ×Âɽ»ÈÃÃ3URMHFW0DQDJHU½ÌÎÔÀÌͽÎÙÔÃÄÊËÉÀÅÍÇÉÁÈɿɼ»½ÃÍ×ÇÉ¿ÎÆ× Ã Ã ¿ËÎ¾É¾É Å»Í»Æɾ» ¨ÀɼÐÉ¿ÃÇÖÀ ÇÀËÖ ÊÉ ¿É¼»½ÆÀÈÃÙ ÊÎÍà ¼Î¿ÎÍ ÊËÀ¿ÊËÃÈÚÍÖ »½ÍÉÇ»ÍÃÒÀÌÅà >eyihykg_gbyf_lh^h\bkihevah\Zgby fh^me_cmlbebl\ebklbg]_ijb\_^_gl_dklg_ [hevrh]hfh^mey6WU8WLOVSDV\dexqZxs_]h _^bgkl\_ggmx nmgdpbxh[jZ[hldbkljhdGZ ijZdlbd_\fh^me_h[uqghkh^_j`blkyg_kdhevdhnmgdpbch^gZdh^eygZr_]hijbf_jZ[m^_l ^hklZlhqghbh^ghcGZagZq_gb_kZfhcnmgdpbbihykgy_lky\dhff_glZjbyo
ªÇÐÑÇÌ«ÍÃÒÊÛ6WU8WLOVSDV XQLWVWUXWLOV LQWHUIDFH IXQFWLRQ6KRUW6WULQJ$V3&KDU YDU6 6KRUW6WULQJ 3&KDU LPSOHPHQWDWLRQ IXQFWLRQ6KRUW6WULQJ$V3&KDU YDU6 6KRUW6WULQJ 3&KDU ^êzj{ytr|q¹ojkné¡jnzxzjtljéztyíxzévrytysnku xqukvsvuls¹qxwvsovkjtq¹nnkrj·nxzknjémyuntzj3&KDU` EHJLQ LI/HQJWK 6 +LJK 6 WKHQ'HF 6>@ ^Ìiénorjxsq¡rvulsqtt}xzévr` 6>2UG /HQJWK 6 @ ^ÍvunntqnxqukvsjQXOOkrvtn|xzévrq` 5HVXOW #6>@ ^Ævokéjntqnktvkxvoljttvpxzévrqzqwj3&KDU` HQG HQG Ij_^iheh`bf l_i_jvqlhbf__lkyfh^mev 6RPH8QLWSDV \ dhlhjhf g_h[oh^bfh bkihev ah\Zlvwlmnmgdpbx>eywlh]h^hklZlhqghijhklh^h[Z\blvbfy6WU8WLOV\kibkhdXVHV XQLW6RPH8QLW LQWHUIDFH LPSOHPHQWDWLRQ XVHV VWUXWLOV HQG L_i_jvfu^he`guh[_ki_qblv'HOSKL\hafh`ghklvgZclblj_[m_fucfh^mevmdZaZ\imlvd g_fm\hdg_k\hckl\ijh_dlZjZkdju\Z_fhfkihfhsvxdhfZg^u3URMHFWÖ2SWLRQV
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
»Å ŻŠÏÎÈÅÑÃÚ 6KRUW6WULQJ$V3&KDU ½ÀÌ×Ç» οɼȻ à ½ÀËÉÚÍÈÉ ¼Î¿ÀÍ Ò»ÌÍÉ ÊËÃÇÀÈÚÍ×ÌÚ ÉÈ» Ú½ÆÚÀÍÌÚ ÊÀ˽ÖÇ ÊËÀÍÀÈ¿ÀÈÍÉÇ È» ÊɽÍÉËÈÉÀ ÃÌÊÉÆ×Âɽ»ÈÃÀ à ˻ÂÇÀÔÀÈÃÀ½ÇÉ¿ÎÆÀÎÍÃÆÃÍÀ
±\||{\xK~g|Q~}yK}\^\z Fh^meby\eyxlky\_kvfZm^h[guff_oZgbafhfhibkZgby]eh[Zevguob^_glbnbdZlhjh\ ijh _dlZDZdm`_mihfbgZehkvjZg__ijh_dlh[uqghkhklhblbafgh`_kl\Zfh^me_c²nhjfdhf ihg_glh\bh[s_]hgZagZq_gbyQlh^_eZlv_kebg_dhlhjZyi_j_f_ggZy^he`gZ[ulv^hklmigZ ih\kx^m\\Zr_cijh]jZff_l_\h\k_o__fh^meyo"Gb`_ijb\_^_gZijhp_^mjZkha^Zgbyfh ^mey^eyojZg_gbylZdbo]eh[Zevguob^_glbnbdZlhjh\ Kha^Zcl_gh\ucfh^mev'HOSKL Ijbk\hcl_ _fm bfy mdZau\Zxs__ qlh \ g_f ojZgylky ]eh[Zevgu_ b^_glbnbdZlhju gZijbf_j*OREDOVSDVbeb3URM*ORESDV Ihf_klbl_i_j_f_ggu_lbiubijhqmxbgnhjfZpbx\jZa^_eLQWHUIDFHkha^Z\Z_fh]h fh^mey < j_amevlZl_ wlb b^_glbnbdZlhju klZgml ^hklmigufb ^jm]bf fh^meyf ijb eh`_gby >eylh]hqlh[uk^_eZlv]eh[Zevgu_b^_glbnbdZlhju ^hklmigufb\g_dhlhjhffh^me_ ijhklh^h[Z\vl_bfyfh^meyk]eh[Zevgufb b^_glbnbdZlhjZfb \_]hkibkhdXVHV
6xQNuQQ~QzKw~\v|\N}u~\N}\^w DZ`^ZynhjfZkh^_j`blky\gmljbkh[kl\_ggh]h fh^meyZagZqblg_bf__l^hklmiZdi_ j_f_gguf k\hckl\Zf b f_lh^Zf ^jm]bo nhjf 'HOSKL ]_g_jbjm_l bkoh^guc l_dkl nhjfu \ khhl\_lkl\mxs_f SDVnZce_h[ty\eyywda_fieyjlZdhcnhjfu]eh[Zevghci_j_f_gghcIh wlhfm\k_qlhg_h[oh^bfh ^eyh[_ki_q_gby^hklmiZ²wlh^h[Z\blvbfyfh^meykg_dhlhjhc nhjfhc \ kibkhd XVHV fh^mey lhc nhjfu dhlhjhc g_h[oh^bf ^hklmi d i_j\hc nhjf_ GZ ijbf_j _keb nhjf_ )RUP hij_^_e_gghc \ fh^me_ 8QLWSDV lj_[m_lky ^hklmi d nhjf_ )RUPhij_^_e_gghc \fh^me_8QLWlh^hklZlhqghijhklh \g_klb agZq_gb_ 8QLW \ kibkhd XVHVfh^mey8QLW XQLW8QLW LQWHUIDFH LPSOHPHQWDWLRQ XVHV 8QLW HQG < j_amevlZl_ kkuedb gZ )RUP fh`gh [m^_l bkihevah\Zlv \ ex[hf f_kl_ jZa^_eZ LPSOHPHQWDWLRQfh^mey8QLW ªËÃÅÉÇÊÃÆÚÑÃÃÊËÉÀÅÍ»½»Ç¼Î¿ÀÍÊËÀ¿ÆÉÁÀÈÉ»½ÍÉÇ»ÍÃÒÀÌÅýÅÆÙÒÃÍ×ÃÇÚÇÉ¿ÎÆÚ 8QLW½ÊËÀ¿ÆÉÁÀÈÃÀXVHVÇÉ¿ÎÆÚ8QLWÀÌÆýØÍÉÇÇÉ¿ÎÆÀÃÇÀÀÍÌÚÐÉÍÚ¼ÖÉ¿È» ÌÌÖÆŻȻØÅÂÀÇÊÆÚËÏÉËÇÖ)RUP
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
±~\QN}zQ~~\Qu^KzQ~Qu^\Qy}Kw {^uuu^\Qy}\z AZqZklmxkha^Z\Z_fucijh^mdlkhklhblbag_kdhevdboijh_dlh\dhlhju_aZ\bkylh^bghl ^jm]h]hIjbf_jhfih^h[guoijh_dlh\fh]mlkem`blvijh]jZffuhl^_evguomjh\g_c\fgh ]hmjh\g_\hf ijbeh`_gbbkj_^udeb_glk_j\_jDjhf_lh]hdZdqZklbh[s_]hijh_dlZfh]ml jZkkfZljb\Zlvky [b[ebhl_db'//bkihevam_fu_ \^jm]boijh_dlZo²^Z`_\lhfkemqZ__k ebdZ`^Zybawlbo[b[ebhl_dij_^klZ\ey_l kh[hchl^_evgucijh_dl 'HOSKL ij_^hklZ\ey_l fhsgu_ kj_^kl\Z ^ey jZ[hlu k lZdbfb ]jmiiZfb ijh_dlh\ eyjZa jZ[hldbkhhl\_lkl\mxs_c kljmdlmjufh`gh\hkihevah\Zlvky kj_^kl\Zfbf_g_^`_jZijh_dlh\
nK\zQyKNNu^\Qy}\z)PX]TU :[khexlgh_[hevrbgkl\hijh_dlh\'HOSKL\dexqZ_lihf_gvr_cf_j_h^bgwda_fieyjh[t _dlZ deZkkZ 7)RUP Ex[u_ 9&/ijbeh`_gby kh^_j`Zl ih h^ghfm wda_fieyjm h[t_dlh\ deZkkh\ 7$SSOLFDWLRQb76FUHHQLjbmihfygmluodeZkkZb]jZxl\Z`gmxjhev\hij_^_e_gbbnmgdpbh gZevguo\hafh`ghkl_cex[uoijh_dlh\'HOSKL<ihke_^mxsbojZa^_eZofuihagZdhfbfkykbo gZagZq_gb_fbhkh[_gghklyfbqlhiha\hebl\Zfijbg_h[oh^bfhklbbaf_gylvih\_^_gb_wlboh[t _dlh\ijbgbfZ_fh_ihmfheqZgbx
¤KNN7)RUP DeZkk7)RUP²wlhnhdmkgZylhqdZijbeh`_gbc'HOSKL<[hevrbgkl\_kemqZ_\jZ[hlZ\k_]h ijbeh`_gbykljhblky\hdjm]bkihevah\Zgby_]h]eZ\ghcnhjfuDZdijZ\behex[u_^jm]b_nhj fu hldju\Zxlky k ihfhsvx dhfZg^u f_gx beb s_eqdZ furvx gZ dghidZo \ ]eZ\ghc nhjf_
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
<'HOSKLfh`ghbkihevah\ZlvnmgdpbxZ\lhfZlbq_kdh]h kha^Zgbynhjfqlhba[Z\bl\Zkhlg_ h[oh^bfhklb[_kihdhblvkyh[bobgbpbZebaZpbbbmgbqlh`_gbbDjhf_lh]hfh`ghmklZgh\blv j_`bf^bgZfbq_kdh]h kha^Zgbynhjfg_ihkj_^kl\_ggh \ijhp_kk_\uiheg_gbyijbeh`_gby 'HOSKLÇÉÁÈÉÌÉ¿»½»Í×ÃÊËÃÆÉÁÀÈÃÚÈÀÃÌÊÉÆ×ÂÎÙÔÃÀÏÉËÇtÈ»ÊËÃÇÀËÅÉÈ ÌÉÆ×ÈÖÀÊËÃÆÉÁÀÈÃÚÌÆÎÁ¼Öà ÌÀ˽ÀËÖ &20 »ÅÃÇ É¼Ë»ÂÉÇ ÅÆ»ÌÌ 7)RUP ½ÌÀ ÁÀ ÈÀ½ÌÀ¾¿»Ú½ÆÚÀÍÌÚÍÉÄÉÌ×Ù½ÉÅËξÅÉÍÉËÉĽ˻ԻÀÍÌÚË»¼ÉÍ»½ÌÀ¾ÉÊËÃÆÉÁÀÈÃÚ Hlh[jZ`_gb_ nhjf gZ wdjZg_ ihevah\Zl_ey fh`_l [ulv hkms_kl\e_gh ^\mfy f_lh^Zfb fh^Zevguf b g_fh^Zevguf
6}\x^KQ~Qw\|K~\v\^w Fh^ZevgZynhjfZ\u\h^blkygZwdjZglZdbfh[jZahfqlhijbjZ[hl_kg_cihevah\Zl_ev g_ihemqbl^hklmiZdhklZevgufqZklyfijbeh`_gby^hl_oihjihdZwlZnhjfZg_[m^_laZ djulZ H[uqgh fh^Zevgu_ nhjfu k\yaZgu k ^bZeh]h\ufb hdgZfb b bkihevamxlky ]hjZa^h qZs_ g_fh^Zevguo >ey \uah\Z nhjfu \ fh^Zevghf j_`bf_ bkihevam_lky f_lh^ 6KRZ0RGDO Ijb\_^_gguc gb`_dh^²wlhijbf_jkha^Zgbywda_fieyjZnhjfu70RGDO)RUP b\u\h^Z__gZwdjZgdZdfh^Zevghc %HJLQ fvoljtqnëronuws¹éj{véu 0RGDO)RUP 70RGDO)RUP&UHDWH $SSOLFDWLRQ WU\ LI0RGDO)RUP6KRZ0RGDO PU2NWKHQÌzviéj ntqn{véukuvljstvuén qun ^GRVRPHWKLQJ` Æwvstntqntnrvzvé}lnpxzkqp ILQDOO\ 0RGDO)RUP)UHH Ìxkviv lntqnvi~nrzj{véu 0RGDO)RUP QLO Ïtq·zv ntqnvi~nrzj{véu HQG HQG A^_kvihdZaZghdZd^bgZfbq_kdbkha^Zlvwda_fieyjh[t_dlZ70RGDO)RUPbijbk\hblv_]hi_j_ f_gghc0RGDO)RUPKe_^m_laZf_lblvqlhijbkha^Zgbbh[t_dlZnhjfu^bgZfbq_kdbg_h[oh^bfh m^Zeblv__bakibkdZ^hklmiguonhjf$XWR&UHDWHjZkiheh`_ggh]h \h\deZ^d_)RUPV^bZeh]h\h ]hhdgZ3URMHFW2SWLRQV Wlhhdgh\u\h^blkygZwdjZgkihfhsvxdhfZg^u3URMHFWÖ2SWLRQV < lhfkemqZ_dh]^Zwda_fieyjnhjfum`_kha^Zg\u\_klb__gZwdjZgdZdfh^Zevgmxfh`ghijhklh ihkj_^kl\hf\uah\Zf_lh^Z6KRZ0RGDO Ijbwlhf\_kvhdjm`Zxsbcl_dklke_^m_lm^Zeblv EHJLQ LI0RGDO)RUP6KRZ0RGDO PU2NWKHQÐvéuj0RGDO)RUPy nxvoljtj ^GRVRPHWKLQJ`Æwvstntqntnrvzvé}lnpxzkqp HQG F_lh^6KRZ0RGDO \ha\jZsZ_lagZq_gb_gZagZq_ggh_k\hckl\m0RGDO5HVXOWIhmfheqZ gbxwlhagZq_gb_jZ\ghgmexbkhhl\_lkl\m_l ij_^hij_^_e_gghc dhgklZgl_PU1RQHIjbk\h_ gb_k\hckl\m0RGDO5HVXOWg_gme_\h]hagZq_gbyijb\h^bldg_f_^e_gghfmaZdjulbxnhjfub \ha\jZs_gbx wlh]hagZq_gbydZdj_amevlZlZ\uiheg_gbyf_lh^Z6KRZ0RGDO
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
K\hckl\h0RGDO5HVXOWbf__lkybmh[t_dlh\dghihd?keb_fmaZjZg__gZagZqblvg_dhlh jh_ agZq_gb_ lh ijb \uiheg_gbb gZ dghid_ s_eqdZ furvx mklZgh\e_ggh_ agZq_gb_ [m^_l ijbk\h_ghk\hckl\m0RGDO5HVXOWnhjfu Wlh \uah\_l __ aZdjulb_ _keb mklZgh\e_ggh_ agZ q_gb_g_jZ\ghPU1RQH b\ha\jZl\\uau\Zxsmx nmgdpbxlh]hagZq_gbydhlhjh_[uehgZ agZq_ghk\hckl\mdghidb AgZq_gb_k\hckl\m0RGDO5HVXOWnhjfufh`ghijbk\hblvb\h\j_fyjZ[hluijh]jZffu EHJLQ 0RGDO)RUP0RGDO5HVXOW Íéqxkvntqnotj·ntq¹0RGDO5HVXOW êzvwéqknlnzrojrézqí{véu HQG <lZ[eihdZaZguij_^hij_^_e_ggu_ agZq_gbyk\hckl\Z0RGDO5HVXOW
±¿ÀÊÇÕ¿¦Ì¿ÖÄÌÇÞÐÁÍÈÐÑÁ¿0RGDO5HVXOW ©ÍÌÐÑ¿ÌÑ¿
¦Ì¿ÖÄÌÇÄ
PU1RQH
PU2N
LG2N
PU&DQFHO
LG&DQFHO
PU$ERUW
LG$ERUW
PU5HWU\
LG5HWU\
PU,JQRUH
LG,JQRUH
PU
LG
PU1R
LG1R
PU$OO
PU1R
oz\|~Qw\|K~\v\^w G_fh^ZevgZynhjfZhlh[jZ`Z_lky kihfhsvx\uah\Zf_lh^Z6KRZ <kemqZ_hlh[jZ`_ gbynhjfudZdg_fh^Zevghc \hlebqb_hlfh^Zevguonhjf ihevah\Zl_ev kfh`_li_j_dex qZlvkyf_`^mg_xb^jm]bfbnhjfZfbijbeh`_gbyGZagZq_gb_g_fh^Zevguonhjfkhklhbl\ ij_^hklZ\e_gbb ihevah\Zl_ex \hafh`ghklb h^gh\j_f_ggh jZ[hlZlv k jZaebqgufb qZklyfb h^gh]hblh]h`_ijbeh`_gbyij_^klZ\e_ggufb jZaebqgufbnhjfZfb
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
h[jZlblvkyddhfZg^_f_gxdhlhjZy\u\h^blm`_\u\_^_ggmxnhjfm70RGHOHVVHq_gv\Z`gh dhjj_dlgufh[jZahfhj]Zgbah\Zlvijhp_kkukha^Zgbybm^Ze_gbyh[t_dlh\nhjf ?s_ h^bg g_fZeh\Z`guc fhf_gl² ijb aZdjulbb g_fh^Zevghc nhjfu k ihfhsvx dh fZg^uf_gxbebs_eqdZgZdghid_aZdjulby\\_jog_fijZ\hfm]emnhjfu nhjfZZ\lhfZlb q_kdb g_ hk\h[h`^Z_lky Wda_fieyj nhjfu hklZ_lky \ iZfylb ^h aZdjulby ]eZ\ghc nhjfu l_ nZdlbq_kdb ^h ij_djZs_gby jZ[hlu ijbeh`_gby < ij_^u^ms_f ijbf_j_ hi_jZlhj \ njZa_WKHQmkeh\gh]h\ujZ`_gbyh[_ki_qb\Z_l kha^Zgb_b\u\h^nhjfulhevdh\lhfkemqZ_ _keb hgZ _s_ g_ [ueZ kha^ZgZ < ijhlb\ghf kemqZ_ wlb ^_ckl\by [ehdbjmxlky ihkdhevdm h[t_dlnhjfum`_kms_kl\m_l ohlykZfZnhjfZm`_fh`_l[ulvaZdjulZ _eh\lhfqlh ih^ijh]jZffu [b[ebhl_db 9&/ Z\lhfZlbq_kdb g_ ijbk\Zb\Zxl agZq_gb_ QLO i_j_f_gghc 0RGHOHVVijbhk\h[h`^_gbb nhjfuIhwlhfmwlh^_ckl\b_ ^he`gh \uihegylvky kZfhcijh]jZffhc <hlebqb_hlfh^Zevghcnhjfuijh]jZffZg_fh`_l ijyfh mklZgh\blv fhf_gl mgbqlh `_gby g_fh^Zevghc nhjfu Ke_^h\Zl_evgh g_evay mgbqlh`Zlv nhjfm \ ij_^_eZo lhc ih^ ijh]jZffudhlhjZy__kha^Z_lIhevah\Zl_ev fh`_laZdjulvnhjfm\ex[hcfhf_gljZ[hlu kijbeh`_gb_f Ihwlhfmijbk\h_gb_i_j_f_gghc0RGHOHVVagZq_gbyQLO^he`gh\uihegylv kykZfbfdeZkkhf70RGHOHVVGZbemqrbff_klhf ^ey \uiheg_gby ih^h[guo ^_ckl\bc y\ey _lkyih^ijh]jZffZ h[jZ[hldbkh[ulby2Q'HVWUR\deZkkZ70RGHOHVV SURFHGXUH70RGHOHVV)RUP'HVWUR\ 6HQGHU 72EMHFW EHJLQ 0RGHOHVV QLO fiévxotj·ntq¹wnénunttvpwéqytq·zv ntqq{véu HQG Bl_i_jvijbdZ`^hfmgbqlh`_gbbh[t_dlZnhjfui_j_f_gghc0RGHOHVV[m^_lijbk\Zb\Zlvky agZq_gb_QLObj_amevlZlu\uiheg_gbyf_lh^Z$VVLJQHG \k_]^Z[m^mldhjj_dlguL_fg_f_g__ g_aZ[u\Zcl_hkms_kl\eylvdhgljhevaZl_fqlh[u\dZ`^ucfhf_gl\j_f_gb\ijh]jZff_kms_kl \h\Zehg_[he__h^gh]h wda_fieyjZ deZkkZ70RGHOHVVdZdwlhk^_eZgh\ijb\_^_gghfjZg__ijbf_j_
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
£Â¼À¾»ÄÍÀÌÆÀ¿ÎÙÔÀÄÉÓüÅÃÊËÃÃÌÊÉÆ×Âɽ»ÈÃÃÈÀÇÉ¿»Æ×ÈÖÐÏÉËÇ EHJLQ )RUP 7)RUP&UHDWH $SSOLFDWLRQ )RUP6KRZ HQG ªÉ¿É¼ÈÉÀËÀÓÀÈÃÀÇÉÁÀͽÖ½»Í×¼ÀÌÊÉÆÀÂÈÖÄË»ÌÐÉ¿Ê»ÇÚÍÃÊÉÌÅÉÆ×ÅÎÊËÃÅ»Á¿ÉÇ ÌÉ¿»ÈÃÃØÅÂÀÇÊÆÚË»ÏÉËÇÖÊÀËÀÅËÖ½»ÀÍÌÚÍÀÅÎÔÀÀÂÈ»ÒÀÈÃÀÎŻ»ÍÀÆÚ)RUPËÀ ÂÎÆ×Í»ÍÀÈÀÉ¿ÈÉÅË»ÍÈɾɽÖÊÉÆÈÀÈÃÚØÍɾÉÅÉ¿»½ÖÊÉÆÎÒÃÍÀÏÉËÇÖÈÀ̽Ú»ÈÈÖÀÈÃÌ Å»ÅÃÇà ÊÀËÀÇÀÈÈÖÇà °ÉÍÚ ¿ÉÌÍÎÊ Å Å»Á¿ÉÇΠàÌÉ¿»ÈÈÖÐ ØÅÂÀÇÊÆÚËɽ ÏÉËÇ ÇÉÁÀÍ ¼ÖÍ× ÉÌÎÔÀÌͽÆÀÈ Ì ÊÉÇÉÔ×Ù ÌÊÃÌÅ» 6FUHHQ)RUPV ËÀÅÉÇÀÈ¿ÎÀÍÌÚ Ã¼À¾»Í× Êɿɼ ÈÖÐ ËÀÓÀÈÃÄ ªÀËÀ¿»Ò» ÁÀ ½ ÅÉÈÌÍËÎÅÍÉË &UHDWH ʻ˻ÇÀÍË» QLO ÊËýÀ¿ÀÍ Å ÍÉÇÎ ÒÍÉ¿»ÁÀÍ»ÅÉÄÇÀÍÉ¿¿ÉÌÍÎÊ»ÅÊÉÍÀËÚÈÈÖÇÏÉËǻǼοÀÍÈÀ½ÉÂÇÉÁÀÈ GZdhfiZdl^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP bf__lky ijh_dl 0RG6WDWHGSU beexkljbjmxsbc bkihevah\Zgb_ dZd fh^Zevguo lZd b g_fh ^Zevguonhjf
¶u^KzQ~Quy}\{^KwwKw^KwyKw\^w DeZkk 7)RUP bf__l k\hckl\h %RUGHU,FRQV ij_^klZ\eyxs__ kh[hc fgh`_kl\h dhlhjh_ fh`_lkh^_j`ZlvagZq_gbyEL6\VWHP0HQXEL0LQLPL]HEL0D[LPL]HbEL+HOSKihfhsvxmk lZgh\dbbawlboagZq_gbc\)DOVHfh`ghm^Zeylvbanhjfukhhl\_lkl\_ggh kbkl_fgh_f_gx dghidb fZdkbfbaZpbb fbgbfbaZpbb b kijZ\db L_f g_ f_g__ ex[u_ nhjfu \k_]^Z [m^ml bf_lvklZg^Zjlgmxdghidm:LQGRZV &ORVH Djhf_lh]hbaf_gyyagZq_gbyk\hckl\Z%RUGHU6W\OHfh`ghbaf_gylvlbijZfdbnhjfu Wlhk\hckl\hh[ty\ey_lkyke_^mxsbfh[jZahf 7)RUP%RUGHU6W\OH EV1RQHEV6LQJOHEV6L]HDEOHEV'LDORJ ªEV6L]H7RRO:LQEV7RRO:LQGRZ MklZgh\dZk\hckl\m%RUGHU6W\OHlh]hbebbgh]hagZq_gbyijb^Z_lnhjf_ke_^mxsb_oZ jZdl_jbklbdb EV'LDORJ²g_baf_gy_fuc jZaf_jlhevdhh^gZdghidZ&ORVH EV1RQH²g_baf_gy_fuc jZaf_jhlkmlkl\b_jZfdbhlkmlkl\b_dghihd EV6LQJOH² g_baf_gy_fuc jZaf_j gZebqb_ \k_o klZg^Zjlguo dghihd ?keb h^gh ba k\hckl\²EL0LQLPL]HbebEL0D[LPL]H²jZ\gu\)DOVH\nhjf_ihy\eyxlkyh[_dghi dbghlhevdhh^gZbagbo[m^_lZdlb\gZ?kebh[Zk\hckl\ZjZ\gu)DOVHdghidb\nhjf_ hlkmlkl\mxl?kebk\hckl\hEL6\VWHP0HQXjZ\gh)DOVHdghihd\nhjf_g_[m^_l EV6L]HDEOH² baf_gy_fuc jZaf_j Fh]ml ijbkmlkl\h\Zlv \k_ dghidb Ih\_^_gb_ b ihy\e_gb_ dghihd hij_^_ey_lky l_fb `_ ijZ\beZfb dhlhju_ ijbf_gyxlky \ kemqZ_ agZq_gbyEV6LQJOH EV6L]H7RRO:LQ² baf_gy_fuc jZaf_j ijbkmlkl\m_l lhevdh dghidZ &ORVH fZe_gvdZy ihehkZaZ]heh\dZ EV7RRO:LQGRZ²g_baf_gy_fuc jZaf_j ijbkmlkl\m_l lhevdhdghidZ&ORVH fZe_gvdZy ihehkZaZ]heh\dZ
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
£ÂÇÀÈÀÈÃÚÂÈ»ÒÀÈÃÄ̽ÉÄÌͽ%RUGHU,FRQÃ%RUGHU6W\OHÈÀÊËÉÚ½ÆÚÙÍÌڽɽËÀ ÇÚÅÉÈÌÍËÎÃËɽ»ÈÃÚ©ÈüοÎÍÉÍɼ˻ÁÀÈÖÍÉÆ×ÅɽɽËÀÇÚË»¼ÉÍÖÊËÃÆÉÁÀÈÃÚ ÉÁÀÌ»ÇÉÀÌÊË»½À¿ÆýÉÿÆÚ¼ÉÆ×ÓÃÈÌͽ»¿ËξÃÐ̽ÉÄÌͽÅÆ»ÌÌ»7)RUP»ÅÉÀ ÊɽÀ¿ÀÈÃÀ ÆÀ¾ÅÉ É¼ÕÚÌÈÃÇÉt ÃÈÍÀËÀÌÈÉ ¼ÖÆÉ ¼Ö ÊËÀ¿ÌÍ»½ÃÍ× ½»ÓÎ Ë»¼ÉÍÎ Ì ÏÉËÇÉÄÀÌÆüÖÃÂÇÀÈÀÈÃÀÀÀ ̽ÉÄÌͽ» 9LVLEOH ½ )DOVH ÌË»¼ÉÍ»ÆÉ ÊËà ÅÉÈÌÍ ËÎÃËɽ»ÈÃÃ
¬¿ÃÍÄÃÊÇÁÚÄÆ¿ÂÍÊÍÁÉÇ ÀËÉÚÍÈɽÖÎÁÀ»ÇÀÍÃÆÃÒÍÉÈÃÉ¿ÈÉÌÉÒÀÍ»ÈÃÀÉÊÃÌ»ÈÈÖÐ̽ÉÄÌͽÈÀÊɽÉÆÚÀÍÌÉ¿»Í×ÏÉË ÇμÀ»¾ÉÆɽŻÈÉÌÃÂÇÀÈÚÀÇÖÇÃË»ÂÇÀË»Çé¿È»ÅÉØÍÉÈÀÂÈ»ÒÃÍÒÍÉÍ»ÅÉĽÉÂÇÉÁÈÉÌÍÃÈÀ ÌÎÔÀÌͽÎÀÍt ÊËÉÌÍÉ ÌÆÀ¿ÎÀÍ ÃÌÊÉÆ×Âɽ»Í× ÈÀÅÉÍÉËÖÀ ÉÌɼÖÀ ÀÔÀ ÈÀ Ë»ÌÌÇÉÍËÀÈÈÖÀ ÇÀÍÉ¿Ö ¨ÀɼÐÉ¿ÃÇÉÊÀËÀÉÊËÀ¿ÀÆÃÍ×ÇÀÍÉ¿&UHDWH3DUDPV ɼÕÀÅÍ»ÏÉËÇÖÃÎÌÍ»ÈɽÃÍ×È»¼ÉËÌÍÃÆÀÄ ÈÀɼÐÉ¿ÃÇÖпÆڽֽɿ»ÉÅÈ»ÌÊɿɼÈÖÇÃ̽ÉÄÌͽ»ÇÃ¥»ÅØÍÉÌ¿ÀÆ»Í×ÊÉŻ»ÈɽÌÆÀ¿ÎÙÔÀÇ ÊËÃÇÀËÀ XQLW1RFDSX LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV *UDSKLFV&RQWUROV)RUPV'LDORJV W\SH 7)RUP FODVV 7)RUP SXEOLF ^Ínénvwénlnsntqnunzvlj&UHDWH3DUDPV` SURFHGXUH&UHDWH3DUDPV YDU3DUDPV 7&UHDWH3DUDPV RYHUULGH HQG YDU )RUP 7)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH7)RUP&UHDWH3DUDPV YDU3DUDPV 7&UHDWH3DUDPV EHJLQ LQKHULWHG&UHDWH3DUDPV 3DUDPV ^Æovkytjxsnlvkjttvmvunzvlj` 3DUDPV6W\OH :6B7+,&.)5$0(RU:6B32383RU:6B%25'(5 HQG HQG ÉÊÉÆÈÃÍÀÆ×ÈÎÙ ÃÈÏÉËÇ»ÑÃÙ É ÇÀÍÉ¿À &UHDWH3DUDPV ÇÉÁÈÉ È»ÄÍà ½ ¾Æ»½À ½ÍÉËÉ¾É ÍÉÇ» p¬É¿»ÈÃÀÊÉÆ×Âɽ»ÍÀÆ×ÌÅÃÐÅÉÇÊÉÈÀÈÍɽ½'HOSKLq ªËÃÇÀË ÃÌÊÉÆ×Âɽ»ÈÃÚ ÏÉËÇÖ Ì ÃÂÇÀÈÚÀÇÖÇ Ë»ÂÇÀËÉÇ ÈÉ ¼À ˻ÇÅà ÇÉÁÈÉ È»ÄÍà ½ ÊËÉÀÅÍÀ 1R&DSWLRQGSU ÃÇÀÙÔÀÇÌÚ È» ÅÉÇÊ»ÅÍ¿ÃÌÅÀ ÊËÃÆ»¾»ÀÇÉÇ ÅÉ ½ÍÉËÉÇÎ ÍÉÇÎ ÌÇ Í»ÅÁÀ ZZZZLOOLDPVSXEOLVKLQJFRP ¥ËÉÇÀÍɾɽØÍÉÇÊËÃÆÉÁÀÈÃÿÀÇÉÈÌÍËÃËÎÀÍÌÚÅ»ÅÇÉÁÈÉÊÀ ËÀн»ÍÃÍ× ÌÉɼÔÀÈÃÀ :0B1&+,77(67 Ì ÑÀÆ×Ù ÊÉ¿¿ÀËÁÅà ½ÉÂÇÉÁÈÉÌÍà ÊÀËÀÍ»ÌÅý»ÈÃÚ ÏÉËÇÖ ¼À »¾ÉÆɽŻÌÊÉÇÉÔ×ÙÇÖÓÃ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ªÇÐÑÇÌ¢ʿÁÌ¿ÞÓÍÏË¿ÎÏÍÄÉÑ¿%RUGHU6W\OH%RUGHU,FRQ XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQGRZV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV6WG&WUOV([W&WUOV W\SH 70DLQ)RUP FODVV 7)RUP JE%RUGHU,FRQV 7*URXS%R[ FE6\VWHP0HQX 7&KHFN%R[ FE0LQLPL]H 7&KHFN%R[ FE0D[LPL]H 7&KHFN%R[ UJ%RUGHU6W\OH 75DGLR*URXS FE+HOS 7&KHFN%R[ SURFHGXUHFE0LQLPL]H&OLFN 6HQGHU 72EMHFW SURFHGXUHUJ%RUGHU6W\OH&OLFN 6HQGHU 72EMHFW HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH70DLQ)RUPFE0LQLPL]H&OLFN 6HQGHU 72EMHFW YDU ,FRQ6HW 7%RUGHU,FRQV Æénunttj¹wnénunttj¹ls¹éjounntq¹otj·ntqp EHJLQ ,FRQ6HW >@ Êtq|qjsqoj|q¹wyxzvmvutv nxzkj LIFE6\VWHP0HQX&KHFNHGWKHQ ,FRQ6HW ,FRQ6HW>EL6\[email protected] bvijksntqnrtvwrqEL6\VWHP0HQX LIFE0LQLPL]H&KHFNHGWKHQ ,FRQ6HW ,FRQ6HW>EL0LQLPL][email protected] bvijksntqnrtvwrqEL0LQLPD]H LIFE0D[LPL]H&KHFNHGWKHQ ,FRQ6HW ,FRQ6HW>EL0D[LPL][email protected] bvijksntqnrtvwrqEL0D[LPDL]H LIFE+HOS&KHFNHGWKHQ ,FRQ6HW ,FRQ6HW>[email protected] %RUGHU,FRQV ,FRQ6HW Ívunntqnénoyszjzjk xkvpxzkv%RUGHU,FRQ{véu HQG SURFHGXUH70DLQ)RUPUJ%RUGHU6W\OH&OLFN 6HQGHU 72EMHFW EHJLQ %RUGHU6W\OH 7%RUGHU6W\OH UJ%RUGHU6W\OH,WHP,QGH[ HQG HQG
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
©¿ÈÃ̽ÉÄÌͽ»½ÉÅÈÀ2EMHFW,QVSHFWRU ½ÖÂÖ½»ÙÍ ÃÂÇÀÈÀÈÃÀ ½ÈÀÓÈÀ¾É ½Ã¿» ÏÉË ÇÖ¿ËξÃÀ½ÆÃÚÙÍÍÉÆ×ÅÉÈ»ÀÀÊɽÀ¿ÀÈÃÀªËɽÀ¿ÃÍÀÌÀËÃÙØÅÌÊÀËÃÇÀÈÍɽÌÉÂÈ» ÒÀÈÃÚÇà ̽ÉÄÌͽ È»ÂÈ»ÒÀÈÃÀ ÅÉÍÉËÖÐ ½»Ç ÈÀÚÌÈÉ ÆÚ ÊÉÆÎÒÀÈÃÚ ¿ÉÊÉÆÈÃÍÀÆ×ÈÉÄ ÃÈÏÉËÇ»ÑÃÃɼ˻ÍÃÍÀÌ×ÅÃÈÍÀË»ÅÍýÈÉÄÌÊË»½ÉÒÈÉÄÌÃÌÍÀÇÀ'HOSKL
³\z}\^~\QNu\\zK~Q~KNQ|\zK~Q zK~g\^w <_kvfZ ihe_aghc dhgp_ipb_c j_Zebah\Zgghc \ 'HOSKL y\ey_lky gZke_^h\Zgb_ \bamZevguo nhjf<i_j\hc\_jkbb'HOSKL fh`gh[uehkha^ZlvnhjfmbkhojZgblv__dZdrZ[ehgh^gZdh wlhg_[uehbklbggufgZke_^h\Zgb_f k\hafh`ghklvx^hklmiZddhfihg_glZff_lh^Zfbk\hc kl\Zf ij_^dZ K ihy\e_gb_f f_oZgbafZ gZke_^h\Zgby \k_ nhjfuihlhfdb ihemqbeb \hafh` ghklvbkihevah\Zlvlhl`_dh^qlhbboij_^hd?^bgkl\_ggufb^hihegbl_evgufb jZkoh^Zfb\ wlhfkemqZ_y\eyxlkyebrv\gh\v^h[Z\ey_fu_\deZkkuihlhfdbf_lh^uLZdbfh[jZahfih fbfhijhqboij_bfms_kl\gZke_^h\Zgb_iha\hey_lmf_gvrblvjZaf_jkha^Z\Z_fh]h ijbeh`_ gby ?s_ h^gbf \Z`guf ^hklhbgkl\hf y\ey_lky lh qlh baf_g_gby \ jZ[hl_ bkoh^ghc nhjfu [m^mlg_f_^e_gghijbf_g_gubdh\k_f__ihlhfdZf
´Ï¿ÌÇÊÇØÄÍÀÙÄÉÑÍÁ 'HOSKL ÃÇÀÀÍ ½ÀÌ×Ç» ÊÉÆÀÂÈÉÀ ÌËÀ¿ÌÍ½É ÊÉ¿¿ÀËÁÅà ˻ÂË»¼ÉÍÅà ÊËÉÀÅÍɽ ÊɽÉÆÚÙÔÀÀ ÊËÉ¾Ë»Ç ÇÃÌÍ»ÇɼÀÌÊÀÒý»Í×ÊɽÍÉËÈÉÀÃÌÊÉÆ×Âɽ»ÈÃÀÏÉËǿûÆɾɽÖÐÉÅÉÈÇÉ¿ÎÆÀÄ¿»ÈÈÖÐÃÓ»¼ÆÉÈɽ ÊËÉÀÅÍɽ¸ÍÉÌËÀ¿ÌͽÉÈ»ÂÖ½»ÀÍÌÚÔÏ¿ÌÇÊÇØÄËÍÀÙÄÉÑÍÁ 2EMHFW5HSRVLWRU\ ¬ÊÉÇÉÔ×ÙÐË»ÈÃÆÃÔ» ɼÕÀÅÍɽ˻ÂË»¼ÉÍÒÃÅÊÉÆÎÒ»ÀͽÉÂÇÉÁÈÉÌÍ×ÃÌÊÉÆ×Âɽ»Í×Ë»ÂÆÃÒÈÖÀØÆÀÇÀÈÍÖÅÉÍÉËÖÀ¼ÖÆÃÌÉ ¿»ÈÖ ¿ÆÚ ¿ËξÃÐ ÊËÉÀÅÍɽ ¥ËÉÇÀ ÍÉ¾É ÐË»ÈÃÆÃÔÀ ɼÕÀÅÍɽ ÊɽÉÆÚÀÍ Ç»ÅÌÃÇ»Æ×ÈÉ Î½ÀÆÃÒÃÍ× ÊÉ ½ÍÉËÈÉÀÃÌÊÉÆ×Âɽ»ÈÃÀË»ÂË»¼ÉÍ»ÈÈÖÐÊËɾ˻ÇÇ»ÌÒÀÍÃÐÈ»ÌÆÀ¿É½»ÈÃÚÃÂÌÉÌÍ»½»ÐË»ÈÚÔÃÐÌÚ½ ÈÀÇɼÕÀÅÍɽªÉ¿ËɼÈÉÃÌÊÉÆ×Âɽ»ÈÃÀÐË»ÈÃÆÃԻɼÕÀÅÍɽÉÊÃÌ»Èɽ¿ÉÅÎÇÀÈÍ»ÑÃÃÊÉ'HOSKL ÌÀÍÀ½ÉÇ ÉÅËÎÁÀÈÃà ÇÉÁÈÉ ÃÌÊÉÆ×Âɽ»Í× Ó»¼ÆÉÈÖ ÊËÉÀÅÍɽ ÌÉ¿»ÈÈÖÀ ¿ËξÃÇà ÊËɾ˻ÇÇÃÌÍ»Çà ¸ÍÉ ÌÍ»ÆÉ ½ÉÂÇÉÁÈÖÇ ¼Æ»¾É¿»ËÚ ÃÌÊÉÆ×Âɽ»ÈÃ٠˻¿ÀÆÚÀÇÉ¾É ÐË»ÈÃÆÃÔ» ɼÕÀÅÍɽ ¾É ÇÀÌÍÉÈ»ÐÉÁ¿ÀÈÃÀ ÉÊËÀ¿ÀÆÚÀÍÌÚ ½ ÊÉÆÀ 6KDUHG 5HSRVL WRU\½ÅÆ»¿ÅÃ3UHIHUHQFH¿Ã»ÆɾɽɾÉÉÅÈ»(QYLURQPHQW2SWLRQV ÉÈɽֽɿÃÍÌÚ È»ØÅË»ÈÌÊÉÇÉÔ×ÙÅÉǻȿÖ7RROVÖ(QYLURQPHQW2SWLRQV ¥»Á¿ÖÄÊËɾ˻ÇÇÃÌÍ È» ̽ÉÀÇ ÅÉÇÊ×ÙÍÀËÀ ¿ÉÆÁÀÈ È»ÂÈ»ÒÃÍ× É¿ÈÉ Ã ÍÉ ÁÀ ÌÀÍÀ½ÉÀ ÎÌÍËÉÄÌÍ½É ÅÉÍÉËÉÀ ¼Î¿ÀÍÌÉÉͽÀÍÌͽɽ»Í×Ë»ÌÊÉÆÉÁÀÈÃÙØÍɾÉŻͻÆɾ»ËÀÂÎÆ×Í»ÍÀÊÉÚ½ÃÍÌÚ½ÉÂÇÉÁ ÈÉÌÍ׿ÉÌÍÎÊ»ÅÈ»ÐÉ¿ÚÔÃÇÌÚ½ÈÀÇÓ»¼ÆÉÈ»ÇÌÊÉÇÉÔ×ÙÅÉǻȿÖ)LOHÖ1HZ GZke_^h\Zgb_ nhjfu ba ^jm]hc nhjfu \ 'HOSKL² ijhklhc ijhp_kk h[_ki_qb\Z_fuc \kljh_ggufb nmgdpbyfbkj_^ujZajZ[hldb>eykha^Zgbynhjfuihjh`^_gghc ^jm]hcnhj fhcke_^m_l\u[jZlvdhfZg^m)LOHÖ1HZ<j_amevlZl_gZwdjZg_jZkdjh_lky^bZeh]h\h_hdgh 1HZ ,WHPV iha\heyxs__ ijhkfZljb\Zlv h[t_dlu ihf_s_ggu_ \ ojZgbebs_ h[t_dlh\ eyba\e_q_gbybbkihevah\Zgby wlbonhjf\\Zr_fijh_dl_ij_^gZagZq_gu ljbhipbb &RS\,QKHULWb8VH
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
MklZgh\dZi_j_dexqZl_ey \iheh`_gb_&RS\\uah\_l^h[Z\e_gb_\ijh_dllhqghcdhibb \u[jZgghcnhjfu?kebihf_s_ggZy\ojZgbebs_h[t_dlh\nhjfZ[m^_l\ihke_^kl\bb baf_ g_gZwlhgbdZdg_hljZablkygZ__dhibb\\Zr_fijh_dl_ MklZgh\dZi_j_dexqZl_ey \iheh`_gb_,QKHULW\uah\_lihjh`^_gb_gh\h]hdeZkkZgZ[Za_ \u[jZgghc \ ojZgbebs_ h[t_dlh\ nhjfu b ^h[Z\e_gb_ _]h \ ijh_dl Ijb wlhf baf_g_gby \g_k_ggu_\ihke_^kl\bb \khojZgy_fmx\ojZgbebs_h[t_dlh\bkoh^gmxnhjfmhljZaylkyb gZmgZke_^h\Zgguo nhjfZobkihevam_fuo \ijh_dl_Bf_gghwlhlj_`bfqZs_\k_]hbkihev am_lkyjZajZ[hlqbdZfb MklZgh\dZi_j_dexqZl_ey \iheh`_gb_8VHijb\_^_ld^h[Z\e_gbx\u[jZgghcnhjfu\ ijh_dl²lZddZd[m^lhhgZ[ueZkha^ZgZdZdqZklvwlh]hijh_dlZIjbwlhf\g_k_ggu_\ih ke_^kl\bb \ nhjfm baf_g_gby [m^ml ijhy\eylvky \h \k_o ijh_dlZo bkihevamxsbo ^Zggmx nhjfmbeb__gZke_^gbdh\
¤KNN7$SSOLFDWLRQ DZ`^Zy bkihevamxsZy nhjfu ijh]jZffZ 'HOSKL \dexqZ_l ]eh[Zevgmx i_j_f_ggmx $SSOLFDWLRQ k lbihf 7$SSOLFDWLRQ DeZkk 7$SSOLFDWLRQ bgdZikmebjm_l kZfm ijh]jZffm b g_y\gh \uihegy_l fgh`_kl\h ^_ckl\bc h[_ki_qb\Zxsbo jZ[hlm ijbeh`_gby \ kj_^_ :LQGRZV Wlb nmgdpbb \dexqZxl ih^]hlh\dm hij_^_e_gby deZkkZ hdgZ kha^Zgb_ ]eZ\gh]h hdgZ ijbeh`_gby Zdlb\baZpbx ijbeh`_gby h[jZ[hldm khh[s_gbc \u\h^ dhgl_dklghc kijZ\dbh[jZ[hldm[ukljuodeZ\brgZagZq_gguodhfZg^Zff_gxZlZd`_h[jZ[hldmh[t_d lh\bkdexq_gbc[b[ebhl_db9&/ Æɼ»Æ×ÈÎÙÊÀËÀÇÀÈÈÎÙ$SSOLFDWLRQÃÇÀÙÍÍÉÆ×ÅÉÊËÃÆÉÁÀÈÃÚÉÌÈɽ»ÈÈÖÀÈ»ÃÌ ÊÉÆ×Âɽ»ÈÃà ÏÉËÇ ËξÃÀ ÍÃÊÖ ÊËÃÆÉÁÀÈÃÄt È»ÊËÃÇÀË ÅÉÈÌÉÆ×ÈÖÀ ÊËÃÆÉÁÀÈÃÚ ÈÀ½ÅÆÙÒ»ÙÍɼÕÀÅÍɽ$SSOLFDWLRQ¼Ã¼ÆÃÉÍÀÅÃ9&/ DZd ijZ\beh \f_rb\Zlvky \ jZ[hlm deZkkZ 7$SSOLFDWLRQ \Zf g_ ihlj_[m_lky H^gZdh \ g_dhlhjuokblmZpbyo[_alZdh]h\f_rZl_evkl\Z g_h[hclbkv Ihkdhevdm deZkk 7$SSOLFDWLRQ g_ hlh[jZ`Z_lky \ hdg_ bgki_dlhjZ h[t_dlh\ 2EMHFW ,Q VSHFWRU ijh\_klbfh^bnbdZpbx _]hk\hckl\kihfhsvxwlh]hbgkljmf_glZ g_m^Zklky
(z\vN}zKyKNNK7$SSOLFDWLRQ DeZkk7$SSOLFDWLRQbf__ljy^k\hckl\ddhlhjuffh`ghh[jZsZlvky\ijhp_kk_jZ[hlu ijbeh`_gby Gb`_ h[km`^Zxlky g_dhlhju_ ba wlbo k\hckl\ Z lZd`_ bo bkihevah\Zgb_ ^ey baf_g_gbyijbgbfZ_fh]h ihmfheqZgbxih\_^_gbyh[t_dlZ7$SSOLFDWLRQkp_evxjZkrbj_ gby\hafh`ghkl_c ijbeh`_gbyAZf_lbflZd`_qlhk\hckl\Z7$SSOLFDWLRQohjhrh^hdmf_g lbjh\Zgu\bgl_jZdlb\ghc kijZ\hqghckbkl_f_'HOSKL
(z\vN}z\7$SSOLFDWLRQ([H1DPH K\hckl\h ([H1DPH kh^_j`bl iheguc imlv ^hklmiZ b bfy nZceZ ijbeh`_gby < ijhp_kk_ \uiheg_gbyijh]jZffu^Zggh_k\hckl\h^hklmighlhevdh^eyql_gby² baf_gylv_]hagZq_
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
gb_g_evay
(z\vN}z\7$SSOLFDWLRQ0DLQ)RUP < ij_^u^ms_f jZa^_e_ [ue ijb\_^_g ijbf_j bkihevah\Zgby wlh]h k\hckl\Z ^ey hlh[jZ `_gbygZa\ZgbynZceZijbeh`_gby\aZ]heh\d__]h]eZ\ghcnhjfuK\hckl\h0DLQ)RUP\k_]^Z mdZau\Z_lgZwda_fieyjdeZkkZ7)RUP<j_amevlZl_ihy\ey_lky\hafh`ghklv bkihevah\Zlv \k_ k\hckl\Zbf_lh^uwlh]hh[t_dlZDjhf_lh]hihevamykvkhhl\_lkl\mxsbf ij_h[jZah\Zgb_f lbih\fh`ghihemqblv^hklmibdk\hckl\Zf_]hihlhfdh\gZijbf_j 0DLQ)RUPDV7)RUP 6RQJ7LWOH 7KH)ORRG K\hckl\h0DLQ)RUP^hklmighlhevdh^eyql_gbyHij_^_eblvdZdZyba nhjf [m^_l ]eZ\ghc nhjfhckha^Z\Z_fh]h ijbeh`_gbyfh`gh\h\deZ^d_)RUPV^bZeh]h\h]hhdgZ3URMHFW2SWLRQV
(z\vN}z\7$SSOLFDWLRQ+DQGOH K\hckl\h +DQGOH ij_^klZ\ey_l kh[hc +:1' \ l_jfbgZo :LQ $3,² ^_kdjbilhj hdgZ Wlhl^_kdjbilhjhdgZy\ey_lky\eZ^_evp_f\k_ohdhg[he__\ukhdh]hmjh\gy^Zggh]hijbeh `_gbyBf_gghk\hckl\h+DQGOHbkihevam_lky^eyhj]ZgbaZpbbfh^Zevgh]h^hklmiZdg_dhlh jhfmhdgmbaqbkeZ\k_oijhqbohldjuluohdhg^Zggh]hijbeh`_gby>hklmidwlhfmk\hckl \m\Zfihlj_[m_lky\lhfkemqZ__kebihgZ^h[blkybaf_gblvklZg^Zjlgh_ ih\_^_gb_ ijbeh `_gbyh[_ki_qb\Z_fh_ 'HOSKLihmfheqZgbxDjhf_lh]hhghfh`_lbkihevah\Zlvky ijbh[ jZs_gbb d nmgdpbyf :LQ $3, lj_[mxsbf mdZaZgby ^_kdjbilhjZ hdgZ ijbeh`_gby Ih^ jh[g__k\hckl\h+DQGOHfuh[km^bfgb`_\wlhc]eZ\_
(z\vN}zK7$SSOLFDWLRQ,FRQ 7$SSOLFDWLRQ7LWOH K\hckl\h,FRQkh^_j`blibdlh]jZffmij_^klZ\eyxsmx ijbeh`_gb_\k\_jgmlhfkhklhygbb Fh`ghbaf_gblvwlmibdlh]jZffm^eyq_]hke_^m_lih^h[jZlvbebkha^Zlv^jm]mxibdlh]jZffmZ aZl_fgZagZqblv__k\hckl\m$SSOLFDWLRQ,FRQIh^jh[g__h^h[Z\e_gbb\ijh_dlj_kmjkh\ ddh lhjufhlghkylkybibdlh]jZffu j_qvihc^_lgb`_\jZa^_e_³>h[Z\e_gb_j_kmjkh\\ijh_dl´ L_dkldhlhjucihy\ey_lky\hae_ibdlh]jZffu gZiZg_ebaZ^Zq:LQGRZV hij_^_ey _lkyk\hckl\hf7LWOHh[t_dlZijbeh`_gbyIjbjZ[hl_\kj_^_:LQGRZV17wlhll_dkl[m^_l \u\_^_g ih^ ibdlh]jZffhc ijbeh`_gby Baf_g_gb_ ^Zggh]h l_dklZ hkms_kl\ey_lky iml_f ijhklh]hijbk\h_gbyk\hckl\m7LWOHgh\h]hagZq_gby $SSOLFDWLRQ7LWOH 1HZ7LWOH
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
q^{QNz\vN}zK K\hckl\h$FWLYH^hklmigh_lhevdh^eyql_gbybf__llbi%RROHDQbhij_^_ey_lh[eZ^Z_l ebijbeh`_gb_nhdmkhf\\h^Z K\hckl\h&RPSRQHQW&RXQWhij_^_ey_l dhebq_kl\h dhfihg_glh\ kh^_j`Zsboky \ h[t_dl_ $SSOLFDWLRQ<hkgh\ghfwlh²nhjfubwda_fieyjuh[t_dlh\deZkkZ7+LQW:LQGRZ \kemqZ_ _kebk\hckl\h$SSOLFDWLRQ6KRZ+LQWjZ\gh7UXH AgZq_gb_k\hckl\Z&RPSRQHQW,QGH[ex[uo dhfihg_glh\ dhlhju_ g_ bf_xl \eZ^_evpZ \k_]^Z jZ\gh Ke_^h\Zl_evgh k\hckl\h 7$SSOLFDWLRQ&RPSRQHQW,QGH[\k_]^Z[m^_ljZ\ghWlhk\hckl\h\hkgh\ghfijbf_gy_lky dnhjfZfbbodhfihg_glZf K\hckl\h &RPSRQHQWV ij_^klZ\ey_l kh[hc fZkkb\ dhfihg_glh\ dhlhju_ ijbgZ^e_`Zl h[t_dlm $SSOLFDWLRQ Dhebq_kl\h kh^_j`Zsboky \ wlhf fZkkb\_ we_f_glh\ hij_^_ey_lky agZq_gb_f k\hckl\Z 7$SSOLFDWLRQ&RPSRQHQW&RXQW [email protected]&ODVV1DPH HQG K\hckl\h +HOS)LOH hij_^_ey_l bfy nZceZ kijZ\db :LQGRZV dhlhjuc bkihevam_lky ^Zg gufijbeh`_gb_f \dZq_kl\_bgl_jZdlb\gh]h kijZ\hqgh]h nZceZ K\hckl\h 7$SSOLFDWLRQ2ZQHU \k_]^Z jZ\gh QLO lZd dZd h[t_dl 7$SSOLFDWLRQ g_ fh`_l ijbgZ^e_`Zlv dZdhfmeb[h^jm]hfmdhfihg_glm K\hckl\h 6KRZ+LQW jZaj_rZ_l beb aZij_sZ_l \u\h^ ih^kdZahd \h \k_f ijbeh`_gbb Ih wlhfm^Z`__keb\hij_^_e_gghf dhfihg_gl_k\hckl\h6KRZ+LQW[m^_ljZ\gh7UXHijbk\h_ gb_k\hckl\m$SSOLFDWLRQ6KRZ+LQWagZq_gby)DOVHaZij_lbl\u\h^ih^kdZahdb\wlhfdhf ihg_gl_ dZdb\h\k_o^jm]bodhfihg_glZo ijbeh`_gby K\hckl\h 7HUPLQDWHG jZ\gh 7UXH _keb jZ[hlZ ijbeh`_gby [ueZ aZ\_jr_gZ aZdjulb_f ]eZ\ghcnhjfubeb\uah\hff_lh^Z7$SSOLFDWLRQ7HUPLQDWH
±Q}\|yKNNK7$SSOLFDWLRQ DeZkk7$SSOLFDWLRQbf__ljy^f_lh^h\dhlhju_ke_^m_lohjhrhagZlvbmf_lvbfbihev ah\ZlvkyJZkkfhljbfg_dhlhju_bagbo
±Q}\|7$SSOLFDWLRQ&UHDWH)RUP Wlhlf_lh^hij_^_ey_lky lZd SURFHGXUH&UHDWH)RUP ,QVWDQFH&ODVV 7&RPSRQHQW&ODVV YDU5HIHUHQFH >Zgguc f_lh^ kha^Z_l wda_fieyj nhjfu k lbihf hij_^_e_gguf iZjZf_ljhf ,QVWDQFH&ODVVbgZagZqZ_l_]hi_j_f_gghc5HIHUHQFHFum`_\klj_qZebkvkwlbff_lh^hf dh]^Z jZkkfZljb\Zeb GSUnZceu < ke_^mxs_f ijbf_j_ kha^Z_lky wda_fieyj nhjfu )RUP lbiZ7)RUP $SSOLFDWLRQ&UHDWH)RUP 7)RUP)RUP
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
WlZkljhdZ]_g_jbjm_lky 'HOSKLZ\lhfZlbq_kdb _kebbfy)RUPkh^_j`blky\kibkd_Z\lh fZlbq_kdbkha^Z\Z_fuonhjf>Zggucf_lh^fh`gh\ua\Zlv\ex[hff_kl_ijh]jZffu_keb g_h[oh^bfh kha^Zlv wda_fieyj nhjfu g_ \oh^ys_c \ kibkhd Z\lhfZlbq_kdb kha^Z\Z_fuo Wlhl \uah\ [m^_l ih^h[_g \uah\m f_lh^Z &UHDWH kZfhc nhjfu gh aZ h^gbf bkdexq_gb _f² f_lh^ 7$SSOLFDWLRQ&UHDWH)RUP \k_]^Z ijh\_jy_l g_ jZ\gh eb k\hckl\h 7$SSOLFDWLRQ0DLQ)RUP agZq_gbx QLO ?keb wlh lZd lh k\hckl\m $SSOLFDWLRQ0DLQ)RUP gZ agZqZ_lky bfy \gh\v kha^Zgghc nhjfu
±Q}\|7$SSOLFDWLRQ+DQGOH([FHSWLRQ K ihfhsvx f_lh^Z +DQGOH([FHSWLRQ h[t_dl 7$SSOLFDWLRQ \u\h^bl bgnhjfZpbx h \ha gbdrbo ijb jZ[hl_ ijbeh`_gby bkdexqbl_evguo kblmZpbyo WlZ bgnhjfZpby \u\h^blky \ klZg^Zjlghf hdg_ khh[s_gbc [b[ebhl_db 9&/ Fh`gh i_j_hij_^_eblv klZg^Zjlgmx h[jZ [hldm bkdexq_gbc ^ey q_]h ke_^m_l kha^Zlv kh[kl\_gguc h[jZ[hlqbd kh[ulby $SSOLFDWLRQ2Q([FHSWLRQHlhfdZdwlhk^_eZlvjZkkdZau\Z_lky \jZa^_e_³I_j_hij_^_e_gb_ f_lh^h\h[jZ[hldbbkdexq_gbc\ijbeh`_gbb´gb`_\wlhc]eZ\_
±Q}\|+HOS&RPPDQG +HOS&RQWH[W +HOS-XPS Wlb f_lh^u bkihevamxlky ^ey hj]ZgbaZpbb \aZbfh^_ckl\by \Zr_]h ijbeh`_gby kh kijZ\hqghc kbkl_fhc:LQGRZVjZ[hlZdhlhjhch[_ki_qb\Z_lky ijbeh`_gb_f :,1+(/3(;( F_lh^+HOS&RPPDQG iha\hey_l\uau\ZlvfZdjhdhfZg^u :LQ+HOS b fZdjhku hij_^_e_g gu_ \ nZce_ kijZ\db ijbeh`_gby F_lh^ +HOS&RQWH[W hkms_kl\ey_l \u\h^ lj_[m_fhc kljZgbpunZceZkijZ\dbmdZaZggh]h k\hckl\hf 7$SSOLFDWLRQ+HOS)LOH Ghf_j kljZgbpu hij_^_ey_lky agZq_gb_fiZjZf_ljZ&RQWH[Wi_j_^Z\Z_fh]h \f_lh^+HOS&RQWH[W F_lh^ +HOS-XPS ih^h[_gf_lh^m+HOS&RQWH[W aZh^gbfbkdexq_gb_f ²\dZq_kl\_iZjZf_l jZ_fmi_j_^Z_lkykljhdZ
±Q}\|7$SSOLFDWLRQ3URFHVV0HVVDJHV Wlhlf_lh^iha\hey_lijbeh`_gbx\u[bjZlvbahq_j_^bbh[jZ[Zlu\Zlv i_j_^Zggu__fm khh[s_gby Wlh fh`_l hdZaZlvky ihe_aguf ijb g_h[oh^bfhklb h[jZ[hldb khh[s_gbc gZijbf_jhs_eqd_gZdghid_hlf_gu \gmljb`_kldh]hpbdeZh[jZ[hldb<ijhlb\hiheh ` ghklv f_lh^m 7$SSOLFDWLRQ+DQGOH0HVVDJH dhlhjuc i_j_\h^bl ijbeh`_gb_ \ khklhygb_ [_a^_ckl\mxs_]h h`b^Zgby _keb khh[s_gby \ hq_j_^b hlkmlkl\mxl f_lh^ 3URFHVV0HVVDJHV \ih^h[ghfkemqZ_g_hklZgZ\eb\Z_l jZ[hlmijbeh`_gbyIjbf_jbkihev ah\Zgbyf_lh^Z3URFHVV0HVVDJHV ijb\_^_g\]eZ\_³I_qZlv\'HOSKL´
±Q}\|7$SSOLFDWLRQ5XQ 'HOSKLZ\lhfZlbq_kdb ihf_sZ_l\uah\f_lh^Z5XQ \hkgh\ghc[ehdnZceZijh_dlZ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
±Q}\|7$SSOLFDWLRQ6KRZ([FHSWLRQ Wlhlf_lh^ihemqZ_l\dZq_kl\_iZjZf_ljZ deZkkbkdexq_gb_ b \u\h^bl gZ wdjZg hdgh k khh[s_gb_f h \hagbdr_c bkdexqbl_evghc kblmZpbb H aZf_g_ ^Zggh]h f_lh^Z kh[kl\_gghc ih^ijh]jZffhc h[jZ[hldb hrb[hd j_qv ihc^_l \ jZa^_e_ ³I_j_hij_^_e_gb_ f_lh^h\ h[jZ [hldbbkdexq_gbc\ijbeh`_gbb´wlhc]eZ\u
q^{QwQ}\| F_lh^7$SSOLFDWLRQ&UHDWH kha^Z_lwda_fieyjh[t_dlZdeZkkZ7$SSOLFDWLRQWlhlf_ lh^ g_ ^he`_g \uau\Zlvky g_ihkj_^kl\_ggh 'HOSKL \uihegy_l wlh kZfhklhyl_evgh ijb bgbpbZebaZpbb ijbeh`_gby F_lh^ 7$SSOLFDWLRQ'HVWUR\ mgbqlh`Z_l wda_fieyj h[t_dlZ deZkkZ 7$SSOLFDWLRQ Wlhl f_lh^lZd`_\uau\Z_lky'HOSKLZ\lhfZlbq_kdb bg_^he`_g\uau\Zlvkyijh]jZffbklhf F_lh^ 7$SSOLFDWLRQ0HVVDJH%R[ iha\hey_l \u\_klb klZg^Zjlgh_ hdgh khh[s_gby :LQGRZV h^gZdhhgg_lj_[m_li_j_^Zqb_fm\dZq_kl\_iZjZf_ljZ^_kdjbilhjZhdgZ\hleb qb_hlklZg^Zjlghcnmgdpbb:LQGRZV0HVVDJH%R[ F_lh^ 7$SSOLFDWLRQ0LQLPL]H k\hjZqb\Z_l hdgh ijbeh`_gby Z f_lh^ 7$SSOLFDWLRQ5HVWRUH \hkklZgZ\eb\Z_l _]hij_^u^ms__khklhygb_ F_lh^7$SSOLFDWLRQ7HUPLQDWH kem`bl^eyij_djZs_gby jZ[hluijbeh`_gby<hleb qb_ hl +DOW wlhl f_lh^ dhjj_dlgh aZ\_jrZ_l jZ[hlm ijbeh`_gby ihkj_^kl\hf \uah\Z nmgdpbb3RVW4XLW0HVVDJH ÆÚ»½ÀËÓÀÈÃÚ Ë»¼ÉÍÖ ÊËÃÆÉÁÀÈÃÚ ÃÌÊÉÆ×ÂÎÄÍÀ ÇÀÍÉ¿ 7$SSOLFDWLRQ7HUPLQDWH ¸ÍÉÍÇÀÍÉ¿½ÖÂÖ½»ÀÍÏÎÈÅÑÃÙ:LQGRZV$3,3RVW4XLW0HVVDJH ÅÉÍÉË»ÚÊÉÌÖÆ»ÀÍÌÉ ÉͽÀÍÌͽÎÙÔÀÀÌÉɼÔÀÈÃÀ½ÉÒÀËÀ¿×ÌÉɼÔÀÈÃÄÊËÃÆÉÁÀÈÃÚ¨»ØÍÉÌÉɼÔÀÈÃÀÊÉ¿ÊËÉ ¾Ë»ÇÇּüÆÃÉÍÀÅÃ9&/ÉͽÀÒ»ÙÍÅÉËËÀÅÍÈÖÇÉ̽ɼÉÁ¿ÀÈÃÀǽÌÀÐÌÉ¿»ÈÈÖнÊËÃÆÉÁÀ ÈÃÃɼÕÀÅÍɽû½ÀËÓÀÈÃÀÇË»¼ÉÍÖÊËÃÆÉÁÀÈÃÚ¬ÆÀ¿ÎÀÍÊÉÈÃÇ»Í×ÒÍÉÊËÃÆÉÁÀÈÃÀÈÀ ÊËÀÅ˻ԻÀÍ̽ÉÙË»¼ÉÍÎÈÀÇÀ¿ÆÀÈÈÉÊËýÖÂɽÀÇÀÍÉ¿»7HUPLQDWH tÉÈÉÊËÉ¿ÉÆÁ» ÀÍÈÉËÇ»Æ×ÈÉÀ½ÖÊÉÆÈÀÈÃÀ¿ÉÊÉÆÎÒÀÈÃÚÌÉɼÔÀÈÃÚ:0B48,7§ÀÍÉ¿+DOW È»ÊËÉÍý ÊËÀÅ˻ԻÀͽÖÊÉÆÈÀÈÃÀÊËÃÆÉÁÀÈÃÚÈÀÇÀ¿ÆÀÈÈɼÉÆ×ÓÀÈÀ½É½˻ԻÚÎÊË»½ÆÀÈÃÚÊËà ÆÉÁÀÈÃÙªËÃØÍÉÇÈÀÊËÉÃÌÐÉ¿ÃÍÅÉËËÀÅÍÈɾÉÉ̽ɼÉÁ¿ÀÈÃÚ»н»ÒÀÈÈÖÐÊËÃÆÉÁÀÈÃÀÇ ËÀÌÎËÌɽ ÈÀÌÒÃÍ»ÚÃÐÉ̽ɼÉÁ¿ÀÈÃÚÌ»ÇÉÄÉÊÀË»ÑÃÉÈÈÉÄÌÃÌÍÀÇÉÄ
(\x}yKNNK7$SSOLFDWLRQ DeZkk7$SSOLFDWLRQ\dexqZ_lg_kdhevdhkh[ulbc^eydhlhjuofh`ghij_^hklZ\blvkh[kl \_ggu_ih^ijh]jZffu h[jZ[hldb<ij_^u^msbo\_jkbyo'HOSKLwlbkh[ulby[uebg_^hklmigu \ hdg_ bgki_dlhjZ h[t_dlh\ >ey ^h[Z\e_gby h[jZ[hlqbdZ kh[ulby i_j_f_gghc $SSOLFDWLRQ lj_[h\ZehkvkgZqZeZhij_^_eblv_]hdZdf_lh^ZaZl_fm`_ijb\uiheg_gbbijh]jZffugZagZ qblv wlhl f_lh^ dZd h[jZ[hlqbd khhl\_lkl\mxs_]h kh[ulby < 'HOSKL \h \deZ^dm $GGLWLRQDO iZeblju dhfihg_glh\ ^h[Z\e_g gh\uc dhfihg_gl ih^ bf_g_f 7$SSOLFDWLRQ(YHQWV Wlhl dhf ihg_gliha\hey_lgZagZqZlvh[jZ[hlqbdbkh[ulbc]eh[Zevghfmh[t_dlm$SSOLFDWLRQijyfhgZ wlZi_ijh_dlbjh\Zgby Kh[ulbydeZkkZ7$SSOLFDWLRQhibkZgu\lZ[e ¬É¼ÖÍÃÀ7$SSOLFDWLRQ2Q,GOHÊɽÉÆÚÀÍÊËÃÆÉÁÀÈÃÙ½ÖÊÉÆÈÚÍ×ÈÀÅÉÍÉËÎÙɼ˻ ¼ÉÍÅÎ ½É ½ËÀÇÚ ÉÁÿ»ÈÃÚ ¿ÀÄÌͽÃÄ ÊÉÆ×Âɽ»ÍÀÆÚ ©¿ÈÉ Ã ÊËÃÇÀÈÀÈÃÄ ØÍÉ¾É ÌÉ¼Ö ÍÃÚtɼÈɽÆÀÈÃÀÌÉÌÍÉÚÈÃÚÇÀÈÙÃÅÈÉÊÉÅÊ»ÈÀÆÀÄÃÈÌÍËÎÇÀÈÍɽÌÎÒÀÍÉÇÍÀÅÎÔÀ¾É ÌÉÌÍÉÚÈÃÚÊËÃÆÉÁÀÈÃÚ
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
±¿ÀÊÇÕ¿°ÍÀÚÑÇÞÉÊ¿Ðп7$SSOLFDWLRQ °ÍÀÚÑÇÄ
ÎÇпÌÇÄ
2Q$FWLYDWH
ªËÉÃÌÐÉ¿ÃÍÅɾ¿»ÊËÃÆÉÁÀÈÃÀÌÍ»ÈɽÃÍÌÚ»ÅÍýÈÖǬɼÖÍÃÀ2Q'HDFWLYDWH ÊËÉÃÌÐÉ¿ÃÍÅɾ¿»ÊËÃÆÉÁÀÈÃÀÊÀËÀÌÍ»ÀͼÖÍ×»ÅÍýÈÖÇtÈ»ÊËÃÇÀËÊËÃÊÀËÀÐÉ ¿ÀÊÉÆ×Âɽ»ÍÀÆÚÅ¿ËξÉÇÎÊËÃÆÉÁÀÈÃÙ
2Q([FHSWLRQ
ªËÉÃÌÐÉ¿ÃÍÊËýÉÂÈÃÅÈɽÀÈÃÃÈÀɼ˻¼ÉÍ»ÈÈÉÄÃÌÅÆÙÒÃÍÀÆ×ÈÉÄÌÃÍλÑÃÃÆÚÃÐÊÀËÀ н»Í»ÇÉÁÈÉÊÉ¿¾ÉÍɽÃÍ×ÌɼÌͽÀÈÈÖÄɼ˻¼ÉÍÒÃŬɼÖÍÃÀÊËÉÃÌÐÉ¿ÃÍÊÉÌÆÀÍɾÉŻŠɼÕÀÅÍÃÌÅÆÙÒÀÈÃÚÊËÉÄ¿ÀÍ̽ÉÄɼÖÒÈÖÄÊÎÍ×ÊɽÌÀÇÊÀËÀн»ÍÒÃÅ»ÇÃÌÅÆÙÒÀÈÃĽ ÊËÃÆÉÁÀÈÃÃ¥»ÅÊË»½ÃÆÉɼ˻¼ÉÍÅ»ÆÙ¼ÉÄÃÌÅÆÙÒÃÍÀÆ×ÈÉÄÌÃÍλÑÃÿÉÆÁÈ»¼ÖÍ×½Ö ÊÉÆÈÀÈ»½Ö¼ÃË»ÀÇÖÇÊÉÎÇÉÆÒ»ÈÃÙɼ˻¼ÉÍÒÃÅÉÇ¿ÉÍɾÉÅ»ÅÃÌÅÆÙÒÀÈÃÀÊÉÊ»¿ÀÍÈ» ÎËɽÀÈ×ɼÕÀÅÍ»$SSOLFDWLRQ ÌÆÃÌɼÌͽÀÈÈÖÄɼ˻¼ÉÍÒÃÅÃÌÅÆÙÒÃÍÀÆ×ÈÉÄÌÃÍλÑÃà ÊÀËÀн»ÍÖ½»ÀÍÈÀýÀÌÍÈÉÀÀÇÎÌÉɼÔÀÈÃÀÌÆÀ¿ÎÀÍËÀ¾ÀÈÀËÃËɽ»Í×ØÍÎÃÌÅÆÙÒÃÍÀÆ× ÈÎÙÌÃÍλÑÃÙÊËÀ¿½»ËÃÍÀÆ×ÈÉμÀ¿Ã½ÓÃÌ×ÒÍÉÌÉ¿»½»ÀÇÖÄɼÕÀÅÍÌÉ¿ÀËÁÃÍÊÉÆÈÉÀ ÉÊÃÌ»ÈÃÀÉÓüÉÒÈÉÄÌÃÍλÑÃøÍÉÉÊÃÌ»ÈÃÀ¼Î¿ÀͽֽÀ¿ÀÈÉÊÉÆ×Âɽ»ÍÀÆÙɼ˻¼ÉÍÒà ÅÉÇÃÌÅÆÙÒÃÍÀÆ×ÈÖÐÌÃÍλÑÃÄÃÌÊÉÆ×ÂÎÀÇÖÇÊÉÎÇÉÆÒ»ÈÃÙ
2Q+HOS
ªËÉÃÌÐÉ¿ÃÍÊËýÖÂɽÀÌÊË»½ÉÒÈÉÄÌÃÌÍÀÇÖtÈ»ÊËÃÇÀËÊËÃÈ»Á»ÍÃÃÅÆ»½ÃÓà )!ÃÆýÖÂɽÀÇÀÍɿɽ+HOS&RPPDQG +HOS&RQWH[W ÆüÉ+HOS-XPS
2Q0HVVDJH
ªÉ½ÉÆÚÀÍÊÀËÀн»ÍÃÍ×ÌÃÌÍÀÇÈÉÀÌÉɼÔÀÈÃÀ¿ÉȻһƻÀ¾Éɼ˻¼ÉÍÅÃÍÀÇØÆÀ ÇÀÈÍÉÇÎÊË»½ÆÀÈÃÚÅÉÍÉËÉÇÎÉÈÉ»¿ËÀÌɽ»ÈɪÀËÀн»ÍÖ½»ÙÍÌÚ½ÌÀÌÉɼÔÀÈÃÚ ¿ÆÚ½ÌÀÐÎÊË»½ÆÚÙÔÃÐØÆÀÇÀÈÍɽÊËÃÆÉÁÀÈÃÚο×ÍÀ½ÈÃÇ»ÍÀÆ×ÈÖÊËÃË»¼ÉÍÀÌ ØÍÃÇÌɼÖÍÃÀÇÊÉÌÅÉÆ×ÅÎÊÉ¿ÊËɾ˻ÇÇ»À¾Éɼ˻¼ÉÍÅÃÆÀ¾ÅÉÇÉÁÀÍÊËÀ½Ë»ÍÃÍ×ÌÚ ½ÎÂÅÉÀÇÀÌÍÉÍÉËÇÉÂÚÔÀÀË»¼ÉÍνÌÀ¾ÉÊËÃÆÉÁÀÈÃÚ
2Q+LQW
ªÉ½ÉÆÚÀͽֽɿÃÍ×ÊÉ¿ÌÅ»ÂÅÃÊËÃÈ»ÐÉÁ¿ÀÈÃÃÎŻ»ÍÀÆÚÇÖÓÃÈ»¿ÍÀÇÃÆÃÃÈÖÇ ÎÊË»½ÆÚÙÔÃÇØÆÀÇÀÈÍÉÇÀÅÌÍÊÉ¿ÌÅ»ÂÅÃÇÉÁÀͼÖÍ×ÊÉÇÀÔÀÈÈ»ÊËÃÇÀ˽ ÌÍËÉÅÎÌÉÌÍÉÚÈÃÚÊËÃÆÉÁÀÈÃÚ
2Q,GOH
ªËÉÃÌÐÉ¿ÃÍÊËÃÊÀËÀÐÉ¿ÀÊËÃÆÉÁÀÈÃÚ½ÌÉÌÍÉÚÈÃÀÊËÉÌÍÉÚ̽Ú»ÈÈɾÉÌÉÁÿ»ÈÃÀÇ ÉÒÀËÀ¿ÈɾÉÌɼÖÍÃÚ¸ÍÉÌɼÖÍÃÀÈÀ½ÖÂÖ½»ÀÍÌÚÊÉÌÍÉÚÈÈÉtÊÀËÀÄ¿Ú½ÌÉÌÍÉÚÈÃÀ ÊËÉÌÍÉÚÊËÃÆÉÁÀÈÃÀ½ÖÄ¿ÀÍÃÂÈÀ¾ÉÍÉÆ×ÅÉÊÉÌÆÀÊÉÆÎÒÀÈÃÚÉÒÀËÀ¿ÈɾÉÌÉɼÔÀÈÃÚ
Fu_s_\_jg_fkydh[km`^_gbxh[t_dlZ$SSOLFDWLRQgb`_\wlhc]eZ\_ZlZd`_ijbjZk kfhlj_gbbjZaebqguoijh_dlh\\^jm]bo]eZ\Zo
¤KNN76FUHHQ Wlhl deZkk bgdZikmebjm_l khklhygb_ wdjZgZ gZ dhlhjhf \uihegy_lky \Zr_ ijbeh`_gb_ DeZkk76FUHHQg_y\ey_lkydhfihg_glhf^h[Z\ey_fuf\nhjfu'HOSKL\h\j_fyjZajZ[hldb beb ^bgZfbq_kdb kha^Z\Z_fuf \ ijhp_kk_ \uiheg_gby ijbeh`_gby 'HOSKL Z\lhfZlbq_kdb kha^Z_l h^bg ]eh[Zevguc wda_fieyj h[t_dlZ deZkkZ 76FUHHQ ih^ bf_g_f 6FUHHQ dhlhjuc ^hklmi_g \ ex[hf f_kl_ ijbeh`_gby DeZkk 76FUHHQ \dexqZ_l g_kdhevdh i_j_qbke_gguo \ lZ[ek\hckl\dhlhju_fh]mlhdZaZlvky\Zfihe_agufb
±¿ÀÊÇÕ¿°ÁÍÈÐÑÁ¿ÉÊ¿Ðп76FUHHQ °ÁÍÈÐÑÁÍ
ÎÇпÌÇÄ
$FWLYH&RQWURO
¬½ÉÄÌͽÉÌ¿ÉÌÍÎÊÉÇpÍÉÆ×ÅÉ¿ÆÚÒÍÀÈÃÚqÉÊËÀ¿ÀÆÚÙÔÀÀÅ»ÅÉÄÎÊË»½ÆÚÙÔÃÄ ØÆÀÇÀÈͽ¿»ÈÈÖÄÇÉÇÀÈÍÃÇÀÀÍÏÉÅÎ̽½É¿»ªËÃÊÀËÀÇÀÔÀÈÃÃÏÉÅÎÌ»½½É¿» ÉÍÉ¿ÈɾÉØÆÀÇÀÈͻſËξÉÇÎ̽ÉÄÌͽÉÊÉÆÎÒ»ÀÍÈɽÉÀÂÈ»ÒÀÈÃÀ¿ÉÉÅÉÈÒ»ÈÃÚ ÌɼÖÍÃÚ2Q([LWɼÕÀÅÍ»ÍÀËÚÙÔÀ¾ÉÏÉÅÎÌ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ÉÍÌÖ¿ÌÇÄÑ¿ÀÊ °ÁÍÈÐÑÁÍ
ÎÇпÌÇÄ
$FWLYH)RUP
®Å»ÂÖ½»ÀÍÏÉËÇÎÃÇÀÙÔÎٽȻÌÍÉÚÔÀÀ½ËÀÇÚÏÉÅÎ̽½É¿»¬½ÉÄÌͽÉÎÌÍ» È»½Æý»ÀÍÌÚÊËÃÊÀËÀ¿»ÒÀÏÉÅÎÌ»½½É¿»¿ËξÉÄÏÉËÇÀÃÆÃÊËÃÊÉÆÎÒÀÈÃÃÏÉ ÅÎÌ»½½É¿»ÉÍ¿ËξɾÉÊËÃÆÉÁÀÈÃÚ
&XUVRU
¯ÉËÇ»ÅÎËÌÉË»¾Æɼ»Æ×ȻڿÆÚ½ÌÀ¾ÉÊËÃÆÉÁÀÈÃڢȻÒÀÈÃÀÊÉÎÇÉÆÒ»ÈÃÙt FU'HIDXOW¥»Á¿ÖÄÅÉÇÊÉÈÀÈÍÃÇÀÀÍÌɼÌͽÀÈÈÉÀ̽ÉÄÌͽÉ&XUVRUÅÉÍÉËÉÀ ÇÉÁÀÍÇÉ¿ÃÏÃÑÃËɽ»Í×ÌÚÊËÃË»¼ÉÍÀÊËɾ˻ÇÇÖ©¿È»ÅÉÅɾ¿»ÅÎËÌÉËÊËÃɼ ËÀÍ»ÀͽÿÉÍÆÃÒÈÖÄÉÍFU'HIDXOW½ÌÀÉÌÍ»Æ×ÈÖÀÅÉÇÊÉÈÀÈÍּοÎÍÉÍË» Á»Í×ØÍÉÃÂÇÀÈÀÈÃÀ¿ÉÍÀÐÊÉËÊÉŻ̽ÉÄÌͽÉ6FUHHQ&XUVRU½Èɽ×ÈÀÊÉÆÎ ÒÃÍÂÈ»ÒÀÈÃÀFU'HIDXOWËξÃÇÃÌÆɽ»ÇÃÀÌÆÃÂÈ»ÒÀÈÃÀ̽ÉÄÌͽ» 6FUHHQ&XUVRUË»½ÈÉFU'HIDXOWÍÉÉÏÉËÇÀÅÎËÌÉË»ÌÆÀ¿ÎÀÍ»ÊËÉÌÃÍ× ØÆÀÇÀÈͽÅÉÍÉËÉÇÉÈÃÂɼ˻Á»ÀÍÌÚ ÌÆÃÂÈ»ÒÀÈÃÀ̽ÉÄÌͽ»ÈÀË»½ÈÉ FU'HIDXOWÍÉÉÊËÉÌÊËÉýɿÃÍ×ÈÀÍËÀ¼ÎÀÍÌÚ
&XUVRUV
¬ÊÃÌÉŽÌÀÐÅÎËÌÉËɽ¿ÉÌÍÎÊÈÖÐÎÌÍËÉÄÌͽÎØÅ˻Ȼ
'DWD0RGXOHV
¬ÊÃÌÉŽÌÀÐÇÉ¿ÎÆÀÄ¿»ÈÈÖÐÊËÃÆÉÁÀÈÃÚ
'DWD0RGXOH&RXQW ¥ÉÆÃÒÀÌͽÉÇÉ¿ÎÆÀÄ¿»ÈÈÖÐÃÇÀÙÔÃÐÌÚ½ÊËÃÆÉÁÀÈÃà )RUP&RXQW
¥ÉÆÃÒÀÌͽÉÏÉËÇ¿ÉÌÍÎÊÈÖнÊËÃÆÉÁÀÈÃÃ
)RUPV
¬ÊÃÌÉÅÏÉËÇ¿ÉÌÍÎÊÈÖнÊËÃÆÉÁÀÈÃÃ
)RQWV
¬ÊÃÌÉÅÃÇÀÈÓËÃÏÍɽ¿ÉÌÍÎÊÈÖÐÎÌÍËÉÄÌͽÎØÅ˻Ȼ
+HLJKW
ÖÌÉÍ»ØÅ˻Ȼ½ÊÃÅÌÀÆÚÐ
3L[HOV3HU,QFK
©ÍÈÉÌÃÍÀÆ×ÈÖÄÇ»ÌÓÍ»¼ÌÃÌÍÀÇÈɾÉÓËÃÏÍ»
:LGWK
³ÃËÃÈ»ØÅ˻Ȼ½ÊÃÅÌÀÆÚÐ
%^g}Qy}^Ku^\Q~v Nu\\zK~Qg^K~K \xQy}\z 'HOSKL gZklhevdh mijhsZ_l jZajZ[hldm qlh ijhp_glh\ l_dklZ kha^Z\Z_fh]h ijbeh`_gby [m^_l]hlh\h_s_^hlh]hdZd\uijbklmibl_djZ[hl_gZ^gbfWlhiha\hey_lm^_eblv[hevr_ \j_f_gbbmkbebc^eyjZ[hlugZ^Zjobl_dlmjhcijbeh`_gby=eZ\gZyijh[e_fZjZajZ[hlqbdh\ aZdexqZ_lky\lhfqlhhgbkebrdhflhjhiylkyijbklmiblvddh^bjh\Zgbxg_m^_eb\^he`gh]h \gbfZgbyijh^mfu\Zgbxdhgkljmdpbbijbeh`_gbyBf_gghwlhqZklh[u\Z_lhkgh\ghcijbqb ghcg_m^ZqijbjZajZ[hld_ijh_dlZ
ox\^K^g}Qy}^u^\Q~ >ZggZy dgb]Z g_ ihk\ys_gZ \hijhkZf jZajZ[hldb Zjobl_dlmju ijbeh`_gbc beb h[t_dlgh hjb_glbjh\ZgghfmZgZebambdhgkljmbjh\ZgbxH^gZdhfu iheZ]Z_f qlh wlh² h^bg ba \Z` g_crboZki_dlh\jZajZ[hldbijbeh`_gbcgZjy^mkh[s_cihklZgh\dhcaZ^ZqbjZajZ[hldhc^_ lZevgh]hijh_dlZb^jm]bo\Z`g_crbohi_jZpbc\uihegy_fuo^hgZqZeZgZibkZgbyijh]jZff
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
KkuedbgZ^hihegbl_evgu_bklhqgbdbih\hijhkZfjZajZ[hldbbijh_dlbjh\Zgbyijbeh`_gbc dhlhju_ fu kqblZ_f gZb[he__ ihe_agufb ijb\_^_gu \ ijbeh`_gbb < \h \lhjhf lhf_ ³J_dhf_g^m_fZyebl_jZlmjZ´GZklhyl_evghj_dhf_g^m_f\ZflsZl_evghijhjZ[hlZlvfZl_jbZe wlh]hjZa^_eZij_`^_q_fijbklmiZlvddh^bjh\Zgbxijh]jZffkha^Z\Z_fh]hijbeh`_gby Ijb\_^_f ebrv g_kdhevdh \hijhkh\ ba qbkeZ l_o gZ dhlhju_ g_h[oh^bfh hl\_lblv ijb h[^mfu\ZgbbZjobl_dlmjugh\h]hijbeh`_gby >he`gZeb\u[jZggZyZjobl_dlmjZh[_ki_qb\Zlvih\lhjgh_bkihevah\Zgb_dh^Z" himkdZ_leb\u[jZggZyZjobl_dlmjZijhklh_\g_k_gb_baf_g_gbc" Iha\hey_lebehdZebaZpbybgl_jn_ckZihevah\Zl_ey b nhgh\uo ijhp_kkh\ bo g_aZ\b kbfmxaZf_gm" >himkdZ_leb\u[jZggZyZjobl_dlmjZkh\f_klgmxjZ[hlmdhfZg^uijh]jZffbklh\gZ^ ijh_dlhf">jm]bfbkeh\Zfbfh`_leb dhfZg^Z e_]dh b ijhklh jZ[hlZlv gZ^ hl^_ev gufbfh^meyfb[_ai_j_k_q_gby^_ckl\bc"
%^g}Qy}^Ku^\Q~v)PX]TU DZdfum`_hlf_qZeb^eylh]hqlh[ujZajZ[Zlu\Zlvijbeh`_gby\kj_^_'HOSKLg_gm` ghmf_lvkha^Z\Zlvhl^_evgu_dhfihg_gluWlh^_ckl\bl_evghlZdh^gZdhih^h[gh_mf_gb_ k^_eZ_l\Zk[he__d\Zebnbpbjh\Zggufijh]jZffbklhf IjbqbgZ \ lhf qlh kihkh[guc d kha^Zgbx dhfihg_glh\ ijh]jZffbkl hlebqgh ij_^klZ\ey_l k_[_h[t_dlgmxfh^_evbijbgylmxZjobl_dlmjmijbeh`_gbc'HOSKLAgZqbllZdhcijh]jZffbkl\ [hevr_ckl_i_gbkihkh[_gdbkihevah\Zgbx\k_cfhsbb^hklhbgkl\h[t_dlghcfh^_eb'HOSKL\ k\hboijbeh`_gbyoZ`__keb\Zfg_ijb^_lkykha^Z\Zlvkh[kl\_ggu_dhfihg_glu\j_fyihljZq_ggh_gZbo bamq_gb_g_ijhiZ^_lajyIhijh[mcl_klZlvgZklhysbfki_pbZebklhf\h\k_f²\[b[ebh l_d_9&/yaud_2EMHFW3DVFDObhi_jZpbhgghckbkl_f_:LQ
³^wQ^K^g}Qy}^u^\Q~ >ey ^_fhgkljZpbb fhsb gZke_^h\Zgby nhjf b bkihevah\Zgby ojZgbebsZ h[t_dlh\ ih ijh[m_f\hkihevah\ZlvkybfbgZijZdlbd_kha^Z\_keb g_ kZfh ijbeh`_gb_ \ p_ehf lh ih djZcg_cf_j__]hkd_e_lHkgh\gu_p_ebdhlhju_fu[m^_fij_ke_^h\Zlv²wlh^hklb`_gb_ \hafh`ghklb ih\lhjgh]h bkihevah\Zgby dh^Z h[_ki_q_gb_ ijhklhlu \g_k_gby baf_g_gbc ]ZjZglbykh]eZkh\Zgghklbijh_dlZZlZd`_ih^^_j`dZ]jmiih\hcjZajZ[hldb
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
JZkkfZljb\Z_fZyb_jZjobydeZkkh\nhjfkhklhblbanhjfij_^gZagZq_gguo^eyjZ[hluk [ZaZfb ^Zgguo Wlb nhjfu lbibqgu ^ey [hevrbgkl\Z ijbeh`_gbc \ dhlhjuo g_h[oh^bf ^hklmid[ZaZf^ZgguoNhjfu^he`guh[_ki_qb\Zlv\uiheg_gb_hkgh\guohi_jZpbck^Zg gufb lZdbo dZd j_^Zdlbjh\Zgb_ ^h[Z\e_gb_ b ijhkfhlj Hgb lZd`_ ^he`gu kh^_j`Zlv mijZ\eyxsb_we_f_glug_h[oh^bfu_ ^ey \uiheg_gby wlbo nmgdpbc gZijbf_j iZg_ev bg kljmf_glh\bebkljhdmkhklhygby Khklhygb_h[t_dlh\mijZ\e_gby^he`ghbaf_gylvky\kh hl\_lkl\bbkbaf_g_gb_fkhklhygbykZfhcnhjfuDjhf_lh]hlZdb_nhjfu^he`guh[_ki_ qb\Zlv]_g_jZpbxkh[ulbyijbbaf_g_gbbj_`bfZjZ[hlunhjfu Kha^Z\Z_fZyb_jZjobydeZkkh\^he`gZ^himkdZlv\hafh`ghklvjZ[hludhfZg^uijh]jZf fbklh\gZ^ jZaebqgufb qZklyfb ijbeh`_gby dhlhju_ \ wlhf kemqZ_ ^he`gu [ulv \ ^hklZ lhqghckl_i_gbh[hkh[e_gu<ijhlb\ghfkemqZ_\_ebdZ\_jhylghklvkblmZpbbdh]^Zh^gbb l_`_nZceu[m^mlfh^bnbpbjh\Zlvkyg_kdhevdbfbijh]jZffbklZfbh^gh\j_f_ggh JZkkfZljb\Z_fZyb_jZjobykhklhblbalj_omjh\g_cIh^jh[gh_boh[km`^_gb_[m^_lijh \_^_ghgb`_ <lZ[eijb\_^_giheguckibkhdbkihevam_fuonhjfb^Zguk\_^_gbyhbogZagZq_gbb
±¿ÀÊÇÕ¿³ÍÏËÚÃÊÞÏ¿ÀÍÑÚÐÀ¿Æ¿ËÇÿÌÌÚÔ ³ÍÏË¿
¬¿ÆÌ¿ÖÄÌÇÄ
7&KLOG)RUP FODVV 7)RUP
©¼ÀÌÊÀÒý»ÀÍÌÊÉÌɼÈÉÌÍ×½ÌÍ»½Åý¿ËξÉÀÉÅÈɽŻÒÀÌͽÀ¿ÉÒÀËÈÀ¾É
7'%0RGH)RUP FODVV 7FKLOG)RUP
©¼ÀÌÊÀÒý»ÀÍÏÎÈÅÑÃÃË»¼ÉÍÖÌ¿»ÈÈÖÇà ËÀ¿»ÅÍÃËɽ»ÈÃÀ¿É¼»½ÆÀ ÈÃÀÊËÉÌÇÉÍË ÃÊËÀ¿ÉÌÍ»½ÆÚÀÍÌɼÖÍÃÀ¾ÀÈÀËÃËÎÀÇÉÀÊËÃÃÂÇÀÈÀÈÃà ÌÉÌÍÉÚÈÃÚÏÉËÇÖ
7'%1DY6WDW)RUP FODVV 7'%%DVH)RUP
ÃÊÃÒÈ»ÚÏÉËÇ»½½É¿»¿»ÈÈÖÐÌÉ¿ÀËÁ»Ô»ÚÌͻȿ»ËÍÈÎÙÈ»½Ã¾»ÑÃÉÈ ÈÎÙÊ»ÈÀÆ×ÃÌÍËÉÅÎÌÉÌÍÉÚÈÃÚtÅÉÇÊÉÈÀÈÍÖÃÌÊÉÆ×ÂÎÀÇÖÀÊË»ÅÍÃÒÀ ÌÅýɽÌÀÐÊËÃÆÉÁÀÈÃÚÐË»¼ÉÍ»ÙÔÃÐ̼»Â»Çÿ»ÈÈÖÐ
¤KNN7&KLOG)RUP DeZkk 7&KLOG)RUP ij_^klZ\ey_l kh[hc [Zah\uc deZkk ^ey nhjf dhlhju_ fh]ml \uihe gylvkydZdg_aZ\bkbfu_fh^Zevgu_bebg_fh^Zevgu_nhjfuZlZd`_[ulv^hq_jgbfbhdgZ fb\ex[hf^jm]hfhdg_ WlZkihkh[ghklv^Zggh]hdeZkkZmijhsZ_ljZ[hlmdhfZg^ujZajZ[hlqbdh\gZ^hl^_evgu fb qZklyfb ijbeh`_gby iha\heyy hleZ`b\Zlv dZ`^mx nhjfm dZd kZfhklhyl_evgmx qZklv ijbeh`_gbyg_aZ\bkysmxhl^jm]boqZkl_cDjhf_lh]hwlhldeZkkij_^hklZ\ey_lm^h[gmx nmgdpbxbgl_jn_ckZ ihevah\Zl_ey iha\heyxsmx _fm aZimkdZlv dZ`^mx nhjfm dZd hl^_ev guc we_f_gl ijbeh`_gby ohly ih^h[guc f_lh^ b g_evay kqblZlv h[s_ijbgyluf kihkh[hf jZ[hluk nhjfZfb < ebklbg]_ ijb\_^_g bkoh^guc dh^ deZkkZ 7&KLOG)RUP L_dkl wlhc b \k_o ^jm]bo nhjf gZoh^blky \ ojZgbebs_ h[t_dlh\ jZaf_s_gghf \ dZlZeh]_ &RGH gZ dhf iZdl^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
ªÇÐÑÇ̧ÐÔÍÃÌÚÈÑÄÉÐÑÉÊ¿Ðп7&KLOG)RUP XQLW&KLOG)UP LQWHUIDFH XVHV :LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
)RUPV'LDORJV6WG&WUOV([W&WUOV0HQXV W\SH 7&KLOG)RUP FODVV 7)RUP SULYDWH )$V&KLOG %RROHDQ )7HPS3DUHQW 7:LQ&RQWURO SURWHFWHG SURFHGXUH&UHDWH3DUDPV YDU3DUDPV 7&UHDWH3DUDPV RYHUULGH SURFHGXUH/RDGHG RYHUULGH SXEOLF FRQVWUXFWRU&UHDWH $2ZQHU 7&RPSRQHQW RYHUORDG RYHUULGH FRQVWUXFWRU&UHDWH $2ZQHU 7&RPSRQHQW $3DUHQW 7:LQ&RQWURO UHLQWURGXFH RYHUORDG êzvzunzvllvs ntizwnénméy ntqkvokéjjz sqivmsjktvnuntí{véusqivQLO IXQFWLRQ*H7)RUP0HQX 70DLQ0HQX YLUWXDO DEVWUDFW IXQFWLRQ&DQ&KDQJH %RROHDQ YLUWXDO HQG LPSOHPHQWDWLRQ ^5 ')0` FRQVWUXFWRU7&KLOG)RUP&UHDWH $2ZQHU 7&RPSRQHQW EHJLQ )$V&KLOG )DOVH LQKHULWHG&UHDWH $2ZQHU HQG FRQVWUXFWRU7&KLOG)RUP&UHDWH $2ZQHU 7&RPSRQHQW $3DUHQW 7:LQ&RQWURO EHJLQ )$V&KLOG 7UXH )7HPS3DUHQW D3DUHQW LQKHULWHG&UHDWH $2ZQHU HQG SURFHGXUH7&KLOG)RUP/RDGHG EHJLQ LQKHULWHG LI)$V&KLOGWKHQ EHJLQ DOLJQ DO&OLHQW %RUGHU6W\OH EV1RQH %RUGHU,FRQV >@ 3DUHQW )7HPS3DUHQW 3RVLWLRQ SR'HIDXOW HQG HQG SURFHGXUH7&KLOG)RUP&UHDWH3DUDPV YDU3DUDPV 7&UHDWH3DUDPV %HJLQ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
,QKHULWHG&UHDWH3DUDPV 3DUDPV LI)$V&KLOGWKHQ 3DUDPV6W\OH 3DUDPV6W\OHRU:6B&+,/' HQG IXQFWLRQ7&KLOG)RUP&DQ&KDQJH %RROHDQ EHJLQ 5HVXOW 7UXH HQG HQG < ijb\_^_gghf \ur_ ebklbg]_ \u fh`_l_ m\b^_lv g_dhlhju_ ki_pbnbqgu_ ijb_fu bk ihevah\Zgb_ \hafh`ghkl_c i_j_]jmadb yaudZ 2EMHFW 3DVFDO b hij_^_e_gb_ nhjfu \ dZq_kl\_ ^hq_jg_]hhdgZ
tNu\\zK~Qz}\^\{\y\~N}^y}\^K <_jhylgh\um`_h[jZlbeb\gbfZgb_gZlhqlh^ZggZynhjfZbf__l^\ZdhgkljmdlhjZI_j\uc bagbobkihevam_lkyijbkha^Zgbbh[uqghcnhjfuWlhdhgkljmdlhjkh^gbfiZjZf_ljhf
·\^wKyKy|\Q^~QQ\y~\ >eylh]hqlh[u nhjfZ klZeZ ^hq_jgbf hdghf ke_^m_l ijbeh`blv hij_^_e_ggu_ mkbeby Ij_`^_\k_]hke_^m_ldhjj_dlghmklZgh\blvg_dhlhju_k\hckl\Znhjfuqlhb^_eZ_lky\f_ lh^_ 7&KLOG)RUP/RDGHG Ijb\_^_gguc \ ebklbg]_ dh^ h[_ki_qb\Z_l nhjf_ \g_rgbc \b^hlebqguchl^bZeh]h\h]hhdgZijb__\uah\_\dZq_kl\_^hq_jg_]hhdgZWlhhkms_kl\ ey_lkyihkj_^kl\hfm^Ze_gbyjZfdbb\k_ojZaf_s_gguogZg_cibdlh]jZffDjhf_lh]h\u ihegy_lky \ujZ\gb\Zgb_ nhjfu hlghkbl_evgh jh^bl_evkdh]h hdgZ aZ^Z\Z_fh]h i_j_f_gghc )7HPS3DUHQW ?keb nhjfZ \k_]^Z bkihevam_lky \ dZq_kl\_ ^hq_jg_]h hdgZ \k_ wlb k\hckl\Z fh]ml[ulvmklZgh\e_gu_s_ \h \j_fy dhgkljmbjh\Zgby nhjfu H^gZdh gZrZ nhjfZ fh`_l \uau\ZlvkybdZdh[uqgZyihwlhfmhibkZggu_k\hckl\Z mklZgZ\eb\Zxlky lhevdh \ lhf kem qZ__kebagZq_gb_i_j_f_gghc)$V&KLOGjZ\gh7UXH Djhf_lh]hke_^m_li_j_hij_^_eblvf_lh^&UHDWH3DUDPV qlh[umdZau\Zlv:LQGRZVh g_h[oh^bfhklb kha^Zgby ^hq_jg_]h hdgZ Wlh hkms_kl\ey_lky iml_f mklZgh\db klbey :6B&+,/'\k\hckl\_3DUDPV6W\OH _ fhgkljZpbhgguc ijbf_j bkihevah\Zgby wlhc nhjfu dZd ghjfZevghc b dZd ^hq_jg_]h hdgZ kh^_j`blky\ijh_dl_&KLOG7HVW'35jZaf_s_gghf\dZlZeh]_?)RUP)UDPHZRUNgZdhfiZdl ^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
'HOSKL½ÌÉÌÍ»½¼Ã¼ÆÃÉÍÀÅÃ9&/¼ÖÆý½À¿ÀÈÖÅ»¿ËÖ©ÈÃÊÉÌÍËÉÀÈÖÍ»ÅÃÇɼ˻ ÂÉÇ ÒÍÉ ¿ÉÊÎÌÅ»ÙÍ ½ÈÀ¿ËÀÈÃÀ ½ ÏÉËÇÎ ªÉÌÅÉÆ×ÅÎ Å»¿ËÖ ÌÆÎÁ»Í ÅÉÈÍÀÄÈÀË»Çà ¿ÆÚ ÊËÉÒÃÐÅÉÇÊÉÈÀÈÍɽÃÐÏÎÈÅÑÃýÀÌ×ǻȻÊÉÇÃÈ»ÙÍÊɽÀ¿ÀÈÃÀ¿ÉÒÀËÈÃÐÏÉËÇËÀÒ× É ÅÉÍÉËÖÐ ÓÆ» ½ÖÓÀ ªÉ¿ËɼÈÉÀ ɼÌÎÁ¿ÀÈÃÀ Å»¿Ëɽ ¼Î¿ÀÍ ÊËÀ¿ÌÍ»½ÆÀÈÉ ½»ÓÀÇÎ ½ÈÃÇ»ÈÃÙÒÎÍ×ÊÉ¿ÈÀÀ
¤KNN7'%0RGH)RUP DeZkk7'%0RGH)RUPy\ey_lkyijhba\h^gufhldeZkkZ7&KLOG)RUP?]hgZagZq_gb_²jZ[hlZk lZ[ebp_c ^Zgguo ijhkfhlj ^h[Z\e_gb_ j_^Zdlbjh\Zgb_ Djhf_ lh]h deZkk 7'%0RGH)RUP \dexqZ_lkh[ulb_\uau\Z_fh_ijbbaf_g_gbbj_`bfZjZ[hlu Bkoh^gucl_dkldeZkkZ7'%0RGH)RUPijb\_^_g\ebklbg]_
ªÇÐÑÇ̧ÐÔÍÃÌÚÈÑÄÉÐÑÉÊ¿Ðп7'%0RGH)RUP XQLW'%0RGH)UP LQWHUIDFH XVHV :LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV &+,/')50 W\SH 7)RUP0RGH IP%URZVHIP,QVHUWIP(GLW 7'%0RGH)RUP FODVV 7&KLOG)RUP SULYDWH ))RUP0RGH 7)RUP0RGH )2Q6HW)RUP0RGH 71RWLI\(YHQW SURWHFWHG SURFHGXUH6HW)RUP0RGH $9DOXH 7)RUP0RGH YLUWXDO IXQFWLRQ*HW)RUP0RGH 7)RUP0RGH YLUWXDO SXEOLF SURSHUW\)RUP0RGH 7)RUP0RGHUHDG*HW)RUP0RGHZULWH6HW)RUP0RGH SXEOLVKHG SURSHUW\2Q6HW)RUP0RGH 71RWLI\(YHQWUHDG)2Q6HW)RUP0RGHZULWH )2Q6HW)RUP0RGH HQG YDU '%0RGH)RUP 7'%0RGH)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH7'%0RGH)RUP6HW)RUP0RGH $9DOXH 7)RUP0RGH EHJLQ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
))RUP0RGH $9DOXH LI$VVLJQHG )2Q6HW)RUP0RGH WKHQ )2Q6HW)RUP0RGH VHOI HQG IXQFWLRQ7'%0RGH)RUP*HW)RUP0RGH 7)RUP0RGH EHJLQ 5HVXOW ))RUP0RGH HQG HQG J_ZebaZpbynhjfu7'%0RGH)RUPij_^_evghijhklZbykgZOhlya^_kvbbkihevamxlkyg_ dhlhju_ _s_ g_ h[km`^Z\rb_ky gZfb ijb_fu hq_gv e_]dh ijhke_^blv dZd jZ[hlZ_l ijb\_ ^_gguc\ebklbg]_dh^Ki_j\Zhij_^_ey_lkyi_j_qbkebfuclbi7)RUP0RGHij_^klZ\eyxsbc \hafh`gu_ khklhygby nhjfu AZl_f h[ty\ey_lky k\hckl\h )RUP0RGH b f_lh^u _]h ql_gby b aZibkb Ih^jh[gh\hijhkukha^Zgbyk\hckl\bf_lh^h\boql_gbyaZibkb[m^mlh[km`^Zlvky \]eZ\_\lhjh]hlhfZ³Kha^Zgb_ihevah\Zl_evkdbodhfihg_glh\\'HOSKL´ Ijh_dl)RUP0RGH7HVW'35^_fhgkljbjmxsbcjZ[hlmnhjfu7'%0RGH)RUPfh`ghgZclb\ dZlZeh]_ ?)RUP )UDPHZRUN gZ dhfiZdl^bkd_ ijbeZ]Z_fhf dh \lhjhfm lhfm kf lZd`_ ZZZZLOOLDPVSXEOLVKLQJFRP
¤KNN7'%1DY6WDW)RUP DeZkk7'%1DY6WDW)RUPh[_ki_qb\Z_l hkgh\gmx nmgdpbhgZevghklv ijbeh`_gby \ hibku\Z_ fhcgZfbb_jZjobbWlZnhjfZkh^_j`blh[sbcgZ[hjdhfihg_glh\bkihevam_fuo\ijbeh`_ gbyo^eyjZ[hluk[ZaZfb^Zgguo<qZklghklbhgZkh^_j`blgZ\b]ZpbhggmxiZg_evbkljhdm khklhygby dhlhju_ Z\lhfZlbq_kdb h[gh\eyxlky ijb baf_g_gbb khklhygby nhjfu GZijbf_j ijb i_j_\h^_ nhjfu \ khklhygb_ IV%URZVH ijhkfhlj dghidb $FFHSW b &DQFHO gZoh^ylky \ iZkkb\ghfkhklhygbbH^gZdhijbi_j_\h^_nhjfu\khklhygb_IV,QVHUW \klZ\dZ bebIV(GLW j_^Zdlbjh\Zgb_ wlbdghidbklZgh\ylkyZdlb\gufbL_dms__khklhygb_nhjfu\k_]^ZhljZ`Z _lky\__kljhd_khklhygby <ebklbg]_ ijb\_^_g bkoh^guc l_dkl deZkkZ 7'%1DY6WDW)RUP H[jZlbl_ \gbfZgb_ ba wlh]h ebklbg]Z m^Ze_g kibkhd dhfihg_glh\ Iheguc l_dkl deZkkZ fh`gh m\b^_lv ihke_ aZ ]jmadb^_fhgkljZpbhggh]hijh_dlZwlhcnhjfu
ªÇÐÑÇ̧ÐÔÍÃÌÚÈÑÄÉÐÑÉÊ¿Ðп7'%1DY6WDW)RUP ÁÐÍÉÏ¿ØÄÌÇÇ XQLW'%1DY6WDW)UP LQWHUIDFH XVHV :LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV '%02'()50&RP&WUOV7RRO:LQ0HQXV([W&WUOV,PJ/LVW W\SH 7'%1DY6WDW)RUP FODVV 7'%0RGH)RUP ^Çvuwvtntztnkv¡nl¡qnksqxzqtm` SURFHGXUHVE$FFHSW&OLFN 6HQGHU 72EMHFW SURFHGXUHVE,QVHUW&OLFN 6HQGHU 72EMHFW
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
SURFHGXUHVE(GLW&OLFN 6HQGHU 72EMHFW SULYDWH ^3ULYDWHGHFODUDWLRQV` SURWHFWHG SURFHGXUH6HWEXWWRQV YLUWXDO SURFHGXUH6HW6WDWXV%DU YLUWXDO SURFHGXUH6HW)RUP0RGH $9DOXH 7)RUP0RGH RYHUULGH SXEOLF FRQVWUXFWRU&UHDWH $2ZQHU 7&RPSRQHQW RYHUORDG RYHUULGH FRQVWUXFWRU&UHDWH $2ZQHU 7&RPSRQHQW $3DUHQW 7:LQ&RQWURO RYHUORDG SURFHGXUH6HW7RRO%DU3DUHQW $3DUHQW 7:LQ&RQWURO SURFHGXUH6HW6WDWXV%DU3DUHQW $3DUHQW 7:LQ&RQWURO HQG YDU '%1DY6WDW)RUP 7'%1DY6WDW)RUP LPSOHPHQWDWLRQ ^5 ')0` ^7'%0RGH)RUP` SURFHGXUH7'%1DY6WDW)RUP6HW)RUP0RGH $9DOXH 7)RUP0RGH EHJLQ LQKHULWHG6HW)RUP0RGH $9DOXH 6HW%XWWRQV 6HW6WDWXV%DU HQG SURFHGXUH7'%1DY6WDW)RUP6HWEXWWRQV SURFHGXUH6HW%URZVH%XWWRQV EHJLQ VE$FFHSW(QDEOHG )DOVH VE&DQFHO(QDEOHG )DOVH VE,QVHUW(QDEOHG 7UXH VE'HOHWH(QDEOHG 7UXH VE(GLW(QDEOHG 7UXH VE)LQG(QDEOHG 7UXH VE%URZVH(QDEOHG 7UXH VE)LUVW(QDEOHG VE3UHY(QDEOHG VE1H[W(QDEOHG VE/DVW(QDEOHG HQG
7UXH 7UXH 7UXH 7UXH
SURFHGXUH6HW,QVHUW%XWWRQV EHJLQ VE$FFHSW(QDEOHG 7UXH
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
VE&DQFHO(QDEOHG 7UXH VE,QVHUW(QDEOHG )DOVH VE'HOHWH(QDEOHG )DOVH VE(GLW(QDEOHG )DOVH VE)LQG(QDEOHG )DOVH VE%URZVH(QDEOHG )DOVH VE)LUVW(QDEOHG VE3UHY(QDEOHG VE1H[W(QDEOHG VE/DVW(QDEOHG HQG
)DOVH )DOVH )DOVH )DOVH
SURFHGXUH6HW(GLW%XWWRQV EHJLQ VE$FFHSW(QDEOHG 7UXH VE&DQFHO(QDEOHG 7UXH VE,QVHUW(QDEOHG )DOVH VE'HOHWH(QDEOHG )DOVH VE(GLW(QDEOHG )DOVH VE)LQG(QDEOHG )DOVH VE%URZVH(QDEOHG 7UXH VE)LUVW(QDEOHG VE3UHY(QDEOHG VE1H[W(QDEOHG VE/DVW(QDEOHG HQG
)DOVH )DOVH )DOVH )DOVH
EHJLQ FDVH)RUP0RGHRI IP%URZVH 6HW%URZVH%XWWRQV IP,QVHUW 6HW,QVHUW%XWWRQV IP(GLW 6HW(GLW%XWWRQV HQG ^FDVH` HQG SURFHGXUH7'%1DY6WDW)RUP6HW6WDWXV%DU EHJLQ FDVH)RUP0RGHRI IP%URZVH VWE6WDWXV%DU3DQHOV>@7H[W %URZVLQJ IP,QVHUW VWE6WDWXV%DU3DQHOV>@7H[W ,QVHUWLQJ IP(GLW VWE6WDWXV%DU3DQHOV>@7H[W (GLW HQG PPL,QVHUW(QDEOHG VE,QVHUW(QDEOHG PPL(GLW(QDEOHG VE(GLW(QDEOHG PPL'HOHWH(QDEOHG VE'HOHWH(QDEOHG
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
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
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
;hevrbgkl\h h[jZ[hlqbdh\ kh[ulbc jZaebqguo dghihd 77RRO%XWWRQV ijhklh mklZgZ\eb\Z_l nhjfm\khhl\_lkl\mxs__khklhygb_<k\hxhq_j_^vbaf_g_gb_khklhygbynhjfukihfhsvx\u ah\Z ijhp_^mj 6HW%XWWRQV b 6HW6WDWXV%DU hljZ`Z_lky gZ khklhygbyo dghihd b kljhdb kh klhygby<ijhp_^mj_6HW%XWWRQV \uihegy_lkyZdlb\baZpbyb^_Zdlb\baZpbydghihdiZg_ebbg kljmf_glh\\khhl\_lkl\bbkgh\ufkhklhygb_fnhjfu H[jZlbl_ \gbfZgb_ gZ ^\_ ijhp_^mju ij_^gZagZq_ggu_ ^ey baf_g_gby jh^bl_evkdh]h hdgZdhfihg_glh\nhjfu77RRO%DUb76WDWXV%DUWlhk^_eZgh^eylh]hqlh[u\kemqZ_\u ah\ZnhjfudZd^hq_jg_]hhdgZfh`gh[ueh\dZq_kl\_jh^bl_evkdh]hhdgZ^eywlbodhfih g_glh\mdZaZlv]eZ\gmxnhjfmAZq_fwlhgm`ghklZg_l\Zfihgylghihke_aZimkdZ^_fhgkl jZpbhggh]hijbf_jZihf_s_ggh]h\dZlZeh]?)RUP)UDPHZRUNjZkiheh`_ggucgZdhfiZdl ^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP DZdhlf_qZehkvjZg__nhjfZ7'%1DY6WDW)RUPmgZke_^h\ZeZnmgdpbhgZevgu_\hafh`ghklb dhlhju_iha\heyxl_c\uklmiZlvdZd\dZq_kl\_g_aZ\bkbfhcnhjfulZdb\dZq_kl\_^hq_jg_]h hdgZ < ^_fhgkljZpbhgghc ijh]jZff_ nhjfZ 7'%1DY6WDW)RUP \uau\Z_lky dZd g_aZ\bkbfZy k ihfhsvxke_^mxs_]hdh^Z SURFHGXUH70DLQ)RUPEWQ1RUPDO&OLFN 6HQGHU 72EMHFW YDU /RFDO1DY6WDW)RUP 71DY6WDW)RUP EHJLQ /RFDO1DY6WDW)RUP 71DY6WDW)RUP&UHDWH $SSOLFDWLRQ WU\ /RFDO1DY6WDW)RUP6KRZ0RGDO ILQDOO\ /RFDO1DY6WDW)RUP)UHH HQG HQG >ey\u\h^Znhjfu\dZq_kl\_^hq_jg_]hhdgZbkihevah\Zgke_^mxsbcdh^ SURFHGXUH70DLQ)RUPEWQ$V&KLOG&OLFN 6HQGHU 72EMHFW EHJLQ LIQRW$VVLJQHG )1DY6WDW)RUP WKHQ EHJLQ )1DY6WDW)RUP 71DY6WDW)RUP&UHDWH $SSOLFDWLRQSQO3DUHQW )1DY6WDW)RUP6HW7RRO%DU3DUHQW VHOI )1DY6WDW)RUP6HW6WDWXV%DU3DUHQW VHOI PP0DLQ0HQX0HUJH )1DY6WDW)RUPPP)RUP0HQX )1DY6WDW)RUP6KRZ SQO3DUHQW+HLJKW SQO3DUHQW+HLJKW HQG HQG Ijb wlhf g_ lhevdh nhjfZ hij_^_ey_lky dZd ^hq_jg__ hdgh ih hlghr_gbx d nhjf_ SQO3DUHQWghb__dhfihg_glu77RRO%DUb76WDWXV%DUklZgh\ylky^hq_jgbfbihhlghr_gbx d ]eZ\ghc nhjf_ LZd`_ h[jZlbl_ \gbfZgb_ gZ kebygb_ f_gx hkgh\ghc b ^hq_jg_c nhjf k ihfhsvx ijhp_^mju 70DLQ)RUPPP0DLQ0HQX0HUJH ?kl_kl\_ggh ijb hk\h[h`^_gbb ^h q_jg_c nhjfu ke_^m_l h[yaZl_evgh \ua\Zlv ijhp_^mjm 70DLQ)RUPPP0DLQ0HQX8Q0HUJH dZdihdZaZghgb`_
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
SURFHGXUH70DLQ)RUPEWQ)UHH&KLOG&OLFN 6HQGHU 72EMHFW EHJLQ LI$VVLJQHG )1DY6WDW)RUP WKHQ EHJLQ PP0DLQ0HQX8Q0HUJH )1DY6WDW)RUPPP)RUP0HQX )1DY6WDW)RUP)UHH )1DY6WDW)RUP QLO HQG HQG
Jbk
Iha`_ fu ^h\_^_f gZqZlmx a^_kv jZ[hlm ^h kha^Zgby iheghklvx nmgdpbhgZevgh]h ijb eh`_gbyij_^gZagZq_ggh]h^eyjZ[hluk[Zahc^Zgguo
tNu\\zK~QyK|^\zu^^K^Kx\}yQu^\Qy}\z <'HOSKL [ueZ ^h[Z\e_gZ gh\Zy \hafh`ghklv jZ[hlu k dZ^jZfb DZ^ju IUDPH ij_^gZ agZq_gu^eykha^Zgbydhgl_cg_jh\dhfihg_glh\\g_^jy_fuo\lmbebbgmxnhjfm<p_ehf wlhgZihfbgZ_llhlf_oZgbafjZ[hlm dhlhjh]h fu lhevdh qlh ijh^_fhgkljbjh\Zeb k ihfh svx nhjfu 7&KLOG)RUP Hlebqb_ dZ^jh\ khklhbl \ lhf qlh hgb iha\heyxl \uihegylv ih ^h[gu_^_ckl\byg_ihkj_^kl\_gghgZwlZi_jZajZ[hldbZlZd`_^h[Z\eylvihemq_ggu_h[t_d lu\iZebljmdhfihg_glh\kp_evxboih\lhjgh]hbkihevah\Zgby<ebklbg]_ihdZaZgbk oh^guc l_dkl ]eZ\ghc nhjfu ijh_dlZ ih k\hbf \hafh`ghklyf koh^gh]h k ij_^u^msbf ^_ fhgkljZpbhgguf ijbf_jhf Hlebqb_ khklhbl lhevdh \ lhf qlh \ wlhf kemqZ_ \ ijh]jZff_ bkihevamxlkydZ^ju
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ªÇÐÑÇÌ®ÏÇËÄÏÎÏÍÂÏ¿ËËÚÇÐÎÍÊÛÆÒÝØÄÈÉ¿ÃÏÚ XQLW0DLQ)UP LQWHUIDFH XVHV :LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV 6WG&WUOV([W&WUOV W\SH 70DLQ)RUP FODVV 7)RUP VSOWU0DLQ 76SOLWWHU SQO3DUHQW 73DQHO SQO0DLQ 73DQHO EWQ)UDPH 7%XWWRQ EWQ)UDPH 7%XWWRQ SURFHGXUHEWQ)UDPH&OLFN 6HQGHU 72EMHFW SURFHGXUHEWQ)UDPH&OLFN 6HQGHU 72EMHFW SULYDWH ^3ULYDWHGHFODUDWLRQV` ))UDPH 7)UDPH SXEOLF ^3XEOLFGHFODUDWLRQV` HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ XVHV)UDPH)UDP)UDPH)UDP ^5 ')0` SURFHGXUH70DLQ)RUPEWQ)UDPH&OLFN 6HQGHU 72EMHFW EHJLQ LI))UDPH !QLOWKHQ ))UDPH)UHH ))UDPH 7)UDPH&UHDWH SQO3DUHQW ))UDPH$OLJQ DO&OLHQW ))UDPH3DUHQW SQO3DUHQW HQG SURFHGXUH70DLQ)RUPEWQ)UDPH&OLFN 6HQGHU 72EMHFW EHJLQ LI))UDPH !QLOWKHQ ))UDPH)UHH ))UDPH 7)UDPH&UHDWH SQO3DUHQW ))UDPH$OLJQ DO&OLHQW ))UDPH3DUHQW SQO3DUHQW HQG HQG
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
<ebklbg]_ihdZaZgl_dkl]eZ\ghcnhjfukh^_j`Zs_c^\_h[eZklbhnhjfe_ggu_dZd ^\_hl^_evgu_iZg_ebIjZ\ZyiZg_evij_^gZagZq_gZ^eyjZaf_s_gbydZ^jZ<ijh]jZff_hi j_^_eyxlky^\ZjZaebqguodZ^jZAZdjulh_ihe_))UDPHkkueZ_lkygZh[t_dldeZkkZ 7)UDPH Ihkdhevdmh[Zbkihevam_fuo\ijh]jZff_dZ^jZy\eyxlkyijhba\h^gufbg_ihkj_^kl\_gghhl deZkkZ 7)UDPH i_j_f_ggZy ))UDPH fh`_l kh^_j`Zlv kkuedm gZ ex[hc ba gbo >\_ dghidb \ ]eZ\ghcnhjf_ij_^gZagZq_gu^eykha^ZgbyjZaebqguoh[t_dlh\7)UDPHbgZagZq_gbyboi_ j_f_gghc ))UDPH Ihemq_gguc j_amevlZl [m^_l ZgZeh]bq_g bkihevah\Zgbx nhjfu deZkkZ 7&KLOG)RUP>_fhgkljZpbhggucijh_dl)UDPH'HPRGSUfh`ghgZclbgZdhfiZdl^bkd_ijb eZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
q\u\~}Q~Qz\w\~\N} u^KzQ~u^\Qy}\w < wlhf jZa^_e_ jZkkfZljb\Zxlky g_dhlhju_ ^hihegbl_evgu_ ihe_agu_ ijb_fu mijZ\e_ gbyijh_dlhfdhlhju_\ukfh`_l_bkihevah\Zlv\\Zrboijbeh`_gbyo
q\xKzQ~Q^QN^N\zzu^\Qy} JZg__m`_mihfbgZehkvhlhfqlhUHVnZceuij_^klZ\eyxlkh[hcih^dexqZ_fu_dijh_d lZfj_kmjkuDjhf_lh]h\Zf^he`gh[ulvm`_ba\_klghqlhbf_gghfh]mlij_^klZ\eylvkh[hc j_kmjku:LQGRZVFh`gh^h[Z\blvdijh_dlmex[h_dhebq_kl\hj_kmjkh\kha^Z\Zyhl^_evgu_ UHVnZceukbah[jZ`_gbyibdlh]jZffZfbdmjkhjZfbbli >eykha^ZgbyUHVnZceh\ke_^m_lbkihevah\Zlvj_^Zdlhjj_kmjkh\Ihke_kha^Zgbyhq_j_^gh ]hnZceZhgk\yau\Z_lkykijbeh`_gb_fkihfhsvx^bj_dlb\u5ihf_sZ_fhc\GSUnZce ^50<),/(5(6` WlZaZibkvfh`_lke_^h\Zlvg_ihkj_^kl\_gghaZ^bj_dlb\hck\yau\Zxs_ckijbeh`_gb _fnZcej_kmjkh\kl_f`_bf_g_fqlhbmkZfh]hijbeh`_gby ^5 5(6` ?keb\k_k^_eZghijZ\bevgh\ijhp_kk_jZ[hluijbeh`_gbyj_kmjkufh]ml[ulvaZ]jm`_ gu gZijbf_j k ihfhsvx f_lh^h\ 7%LWPDS/RDG)URP5HVRXUFH1DPH beb 7%LWPDS/RDG)URP5HVRXUFH,' < ebklbg]_ ijb\_^_g ijbf_j aZ]jmadb ba UHVnZceh\ lZdboj_kmjkh\dZdbah[jZ`_gb_ibdlh]jZffZbdmjkhj>Zggucijh_dl²5HVRXUFHGSU² bf__lky gZ dhfiZdl^bkd_ ijbeZ]Z_fhf dh \lhjhfm lhfm kf lZd`_ ZZZZLOOLDPVSXEOLVKLQJFRP H[jZlbl_ \gbfZgb_ gZ bkihevam_fu_ \ wlhf ijh_dl_ nmgd pbb:LQ$3,/RDG,FRQ b/RDG&XUVRU ih^jh[g__hgbofh`ghmagZlv\bgl_jZdlb\ghc kijZ\hqghckbkl_f_ihnmgdpbyf:LQ$3, ÆÚ»¾ËÎÂÅÃË»ÌÍËɽɾÉÃÂɼ˻ÁÀÈÃÚÃÂÏ»ÄÆ»ËÀÌÎËÌ»:LQGRZV$3,ÊËÀ¿ÉÌÍ»½ÆÚÀÍ ÏÎÈÅÑÃÙ/RDG%LWPDS ©¿È»ÅÉØÍ»ÏÎÈÅÑÃÚÈÀ½É½˻ԻÀÍÊ»ÆÃÍËÖѽÀÍɽÃÌÆÀ ¿É½»ÍÀÆ×ÈÉÈÀÇÉÁÀÍÃÌÊÉÆ×Âɽ»Í×ÌÚ ¿ÆÚ Â»¾ËÎÂÅà ѽÀÍÈÖÐ ÃÂɼ˻ÁÀÈÃÄ ÇÀ ÌÍÉ ÈÀÀ ÌÆÀ¿ÎÀÍ ÃÌÊÉÆ×Âɽ»Í× ÏÎÈÅÑÃà 7%LWPDS/RDG)URP5HVRXUFH1DPH ÃÆà 7%LWPDS/RDG)URP5HVRXUFH,'
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ªÇÐÑÇÌ®ÏÇËÄÏÆ¿ÂÏÒÆÉÇÏÄÐÒÏÐÍÁÇÆUHVÓ¿ÈÊ¿ XQLW0DLQ)UP LQWHUIDFH XVHV :LQGRZV)RUPV&RQWUROV&ODVVHV6WG&WUOV([W&WUOV FRQVW FU;+DLU Çvtxzjtzjls¹tvkvmvryéxvéjêzv·qxsvlvs tviz sqivwvsv qznstusqivunt¡n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` SURFHGXUH70DLQ)RUPEWQ&KHPLFDOV&OLFN 6HQGHU 72EMHFW EHJLQ ^djméyorjqoviéj ntq¹cmvqu¹lvs tvizyrjojtvwévwqxtuqiyrkjuq` LPJ%LWPDS3LFWXUH%LWPDS/RDG)URP5HVRXUFH1DPH K,QVWDQFH &+(0,&$/ HQG SURFHGXUH70DLQ)RUPEWQ&OHDU&OLFN 6HQGHU 72EMHFW EHJLQ LPJ%LWPDS3LFWXUH$VVLJQ QLO Ì·qxzrjqoviéj ntq¹ HQG SURFHGXUH70DLQ)RUPEWQ&KDQJH,FRQ&OLFN 6HQGHU 72EMHFW EHJLQ ^djméyorjwqrzvméjuucnqu¹lvs tvizyrjojtvwévwqxtuqiyrkjuq` $SSOLFDWLRQ,FRQ+DQGOH /RDG,FRQ K,QVWDQFH 6.
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
SURFHGXUH70DLQ)RUPEWQ1HZ&XUVRU&OLFN 6HQGHU 72EMHFW EHJLQ ^Ætnxntqntvkvmvryéxvéjkujxxqkryéxvévk` 6FUHHQ&XUVRUV>FU;[email protected] /RDG&XUVRU K,QVWDQFH ;+$,5 6FUHHQ&XUVRU FU;+DLU Êountntqnryéxvéj HQG SURFHGXUH70DLQ)RUPEWQ2OG&XUVRU&OLFN 6HQGHU 72EMHFW EHJLQ Ævokéjzrxzjtljéztvuyryéxvéy 6FUHHQ&XUVRU FU'HIDXOW HQG SURFHGXUH70DLQ)RUPEWQ2OG,FRQ&OLFN 6HQGHU 72EMHFW EHJLQ ^djméyorjwqrzvméjuucnqu¹lvs tvizyrjojtvwévwqxtuqiyrkjuq` $SSOLFDWLRQ,FRQ+DQGOH /RDG,FRQ K,QVWDQFH '(/3+, HQG SURFHGXUH70DLQ)RUPEWQ$WKHQD&OLFN 6HQGHU 72EMHFW EHJLQ ^djméyorjqoviéj ntq¹cmvqu¹lvs tvizyrjojtvwévwqxtuqiyrkjuq` LPJ%LWPDS3LFWXUH%LWPDS/RDG)URP5HVRXUFH1DPH K,QVWDQFH $7+(1$ HQG HQG
twQ~Q~Qy^N\^K <_jhylghh^gbfbaqZs_\k_]hbkihevam_fuok\hckl\ deZkkZ 7VFUHHQ y\ey_lky k\hckl\h &XUVRU iha\heyxs__ baf_gylv \b^ dmjkhjZ h[sbc ^ey \k_]h ijbeh`_gby GZijbf_j ke_ ^mxsbcnjZ]f_gldh^Zijb^Z_ldmjkhjm \b^ i_khqguo qZkh\ ihdZau\Zxsbo ihevah\Zl_ex qlhhg^he`_gih^h`^ZlvhdhgqZgbyg_dhlhjh]h^ebl_evgh]hijhp_kkZ 6FUHHQ&XUVRU FU+RXU*ODVV ^Ënrvzvénlsqznstnlnpxzkq¹` 6FUHHQ&XUVRU FU'HIDXOW B^_glbnbdZlhjFU+RXU*ODVV²wlhij_^hij_^_e_ggZydhgklZglZaZ^ZxsZybg^_dk\fZkkb \_&XUVRUV?klvb^jm]b_ij_^hij_^_e_ggu_dhgklZglugZijbf_jFU%HDPbebFU6L]Hey wlh]hg_h[oh^bfhhij_^_eblvdhgklZglmhibku\Zxsmxgh\ucdmjkhjb_s_g_aZgylmx^jm ]bfdmjkhjhfIj_^hij_^_e_ggu_dmjkhjuaZ^ZxlkyagZq_gbyfbhl^hHljbpZl_evgu_ agZq_gbydhgklZglaZj_a_j\bjh\Zgu%RUODQGihwlhfm^eykh[kl\_gguodmjkhjh\ijbeh`_gbc ke_^m_lbkihevah\Zlvlhevdhiheh`bl_evgu_agZq_gbyGZijbf_j FU&URVV+DLU
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
>eykha^ZgbykZfh]hdmjkhjZfh`ghbkihevah\Zlvex[hcj_^Zdlhjj_kmjkh\²gZijbf_j \oh^ysmx\khklZ\'HOSKLmlbeblm,PDJH(GLWRUDmjkhj^he`_g[ulvkhojZg_g\nZce_j_ kmjkh\ UHVnZce_ A^_kvke_^m_lh[jZlblv\gbfZgb_gZh^gm\Z`gmx^_lZev bfykha^Zggh ]h\ZfbnZceZj_kmjkZ^he`ghhlebqZlvkyhlbf_gbijh_dlZ>_eh\lhfqlhnZcej_kmjkh\k bf_g_f khhl\_lkl\mxsbf bf_gb ijh_dlZ kha^Z_lky 'HOSKL Z\lhfZlbq_kdb ijb dZ`^hc dhfibeypbb ijh_dlZ b fh`_l ijhklh i_j_djulv ih^]hlh\e_gguc \Zfb nZce H^gZdh kh[kl \_ggu_ UHVnZceu ^he`gu gZoh^blvky \ lhf `_ dZlZeh]_ qlh b bkoh^gu_ nZceu ijh_dlZ qlh[udhfibeylhjfh]gZclbbk\yaZlvbokkha^Z\Z_fufijbeh`_gb_fMdZaZlv'HOSKLgZ g_h[oh^bfhklvijbkh_^bg_gbydijbeh`_gbx^hihegbl_evgh]hnZceZj_kmjkh\fh`ghkih fhsvxke_^mxs_c^bj_dlb\uihf_sZ_fhc\GSUnZce ^5&URVV+DLU5HV5(6` B gZdhg_p ^ey aZ]jmadb dmjkhjZ b \g_k_gby _]h \ kibkhd &XUVRUV ke_^m_l bkihevah\Zlv ke_^mxsb_hi_jZlhju SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW EHJLQ 6FUHHQ&XUVRUV>[email protected] /RDG&XUVRU K,QVWDQFH &5266+$,5 6FUHHQ&XUVRU FU&URVV+DLU HQG A^_kv^eyaZ]jmadbdmjkhjZbkihevah\ZgZnmgdpby:LQ$3,/RDG&XUVRU dhlhjhci_j_ ^Zxlky^\ZiZjZf_ljZ²^_kdjbilhjfh^meykh^_j`ZsbcdmjkhjbbfydmjkhjZ\UHVnZce_ Mqlbl_qlhbfydmjkhjZ^he`gh[ulvmdZaZghijhibkgufb[md\Zfb I_j_f_ggZy K,QVWDQFH mdZau\Z_l gZ l_dms__ ijbeh`_gb_ >Ze__ \ha\jZsZ_fh_ nmgdpb_c /RDG&XUVRU agZq_gb_ gZagZqZ_lky we_f_glm fZkkb\Z &XUVRUV k bg^_dkhf jZ\guf agZq_gbx FU&URVV+DLUGZdhg_pagZq_gb_FU&URVV+DLUgZagZqZ_lkyk\hckl\m6FUHHQ&XUVRUl_fkZfuf h[_ki_qb\Z_lkylj_[m_fh_baf_g_gb_nhjfudmjkhjZ GZdhfiZdl^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP bf__lkykhhl\_lkl\mxsbcijbf_j²ijbeh`_gb_&URVV+DLUGSU<wlhfijh_dl_hkh[ucdmjkhj aZ]jm`Z_lkyb\u\h^blkygZwdjZgkihfhsvxbaeh`_gguo\ur_^_ckl\bcKZfh[jZagh\h]hdmj khjZkhojZgy_lky\nZce_j_kmjkh\ih^bf_g_f&URVV+DLU5HVUHV Qlh[uihgylvdZdkha^Z_lkydmjkhjkihfhsvxdhfZg^u7RROVÖ,PDJH(GLWRUaZimklbl_ mlbeblm,PDJH(GLWRUbhldjhcl_\__hdg_nZce&URVV+DLU5HVUHV
³^Q|u^Q|Q~QN\|K~~QNy\yg yQwu^\z\^w ?keb ^ey kha^Zgby nhjf bkihevamxlky f_lh^u $SSOLFDWLRQ&UHDWH)RUP beb 7)RUP&UHDWH ke_^m_lm[_^blkyqlhiZjZf_lj5HIHUHQFHg_mdZau\Z_lgZm`_kms_kl\mx sbcwda_fieyjwlhcnhjfu
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
6RPH)RUP)UHH 6RPH)RUP QLO HQG HQG HOVH 6RPH)RUP6KRZ0RGDO HQG < wlhf \ZjbZgl_ ijb mgbqlh`_gbb nhjfu i_j_f_gghc 6RPH)RUP h[yaZl_evgh ke_^m_l ijbk\hblv agZq_gb_ QLO < ijhlb\ghf kemqZ_ f_lh^ $VVLJQHG [m^_l jZ[hlZlv g_\_jgh b lj_[m_fu_p_ebg_[m^ml^hklb]gmlu<kemqZ_g_fh^Zevghcnhjfug_\hafh`ghhij_^_eblv fhf_gl__aZdjulbyZihlhfmijbk\h_gb_agZq_gbyQLO__i_j_f_gghcke_^m_l\uihegylv\ h[jZ[hlqbd_ kh[ulby 2Q'HVWUR\ Wlhl f_lh^ m`_ jZkkfZljb\Zeky gZfb \ur_ \ jZa^_e_ ³
q\xKzQ~Qy\|KzGSUKv Fh`gh^h[Z\blvg_dhlhjucdh^\nZceijh_dlZ^h\u\h^Z]eZ\ghc nhjfu ijbeh`_gby Wlh fh`_l[ulv\uiheg_gb_ijhp_^mjbgbpbZebaZpbb\u\h^aZklZ\dbhldjulb_[Zau^Zgguobebex [u_^jm]b_^_ckl\bydhlhju_g_h[oh^bfh\uihegblv^h\u\h^Z]eZ\ghcnhjfu<kemqZ_g_h[oh ^bfhklbfh`gh^Z`_ij_djZlblv\uiheg_gb_ijbeh`_gbyg_kha^Z\Zy_]h]eZ\gmxnhjfmLZd\ ebklbg]_ijb\_^_gijbf_jijh_dlZ\dhlhjhf^eyihemq_gby^hklmiZdijbeh`_gbxihevah\Z l_ev^he`_g\\_klbiZjhev<kemqZ_g_dhjj_dlgh]h\\h^ZiZjheyijbeh`_gb_ij_djZlbljZ[hlm^h kha^Zgby_]h]eZ\ghcnhjfu
ªÇÐÑÇÌ®ÏÇËÄÏÁÚÎÍÊÌÄÌÇÞÃÄÈÐÑÁÇÈÎÍÇÌÇÕÇ¿ÊÇÆ¿ÕÇÇÎÏÍÄÉÑ¿ SURJUDP,QLWLDOL]H XVHV )RUPV 'LDORJV &RQWUROV 0DLQ)UPLQ 0DLQ)UPSDV ^0DLQ)RUP` ^5 5(6` YDU 3DVVZRUG 6WULQJ EHJLQ LI,QSXW4XHU\ 3DVVZRUG (QWHU\RXUSDVVZRUG 3DVV:RUG WKHQ LI3DVVZRUG ''* WKHQ EHJLQ Íév·qnlnpxzkq¹wvqtq|qjsqoj|qq $SSOLFDWLRQ&UHDWH)RUP 70DLQ)RUP0DLQ)RUP $SSOLFDWLRQ5XQ HQG HOVH 0HVVDJH'OJ ,QFRUUHFW3DVVZRUGWHUPLQDWLQJSURJUDP PW(UURU>[email protected] HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
³Q^Q\u^Q|QQ~QwQ}\|\z\x^Kx\}y NyQ~vzu^\Q~ Ih mfheqZgbx ijb \hagbdgh\_gbb \ ijbeh`_gbb bkdexqbl_evghc kblmZpbb h[t_dl $SSOLFDWLRQZ\lhfZlbq_kdbh[jZ[Zlu\Z_l__b\u\h^blihevah\Zl_exklZg^Zjlgh_hdghkkh hl\_lkl\mxsbfkhh[s_gb_f H^gZdh\[hevrboijbeh`_gbyoh[uqghkha^Zxlkykh[kl\_ggu_deZkkubkdexqbl_evguo kblmZpbcdhlhju_[m^mlg_dhjj_dlghh[jZ[Zlu\ZlvkyklZg^Zjlgufbkj_^kl\Zfb'HOSKL< wlhfkemqZ_g_h[oh^bfhhj]Zgbah\Zlvki_pbZevgmxh[jZ[hldm^eydZ`^h]hdhgdj_lgh]hlbiZ bkdexq_gbyDZdijZ\beh\ih^h[guokblmZpbyoihlj_[m_lkyi_j_hij_^_eblvbklZg^Zjlgu_ f_lh^uh[jZ[hldbbkdexqbl_evguokblmZpbcdeZkkZ7$SSOLFDWLRQaZf_gb\ bo ih^ijh]jZf fZfbkh[kl\_gghcjZajZ[hldb DeZkk 7$SSOLFDWLRQ bf__l klZg^Zjlguc h[jZ[hlqbd kh[ulby 2Q([FHSWLRQ \ dhlhjuc fh`gh \g_klb kh[kl\_gguc dh^ Wlhl h[jZ[hlqbd Z\lhfZlbq_kdb \uau\Z_lky ijb \hagbdgh \_gbbbkdexqbl_evghckblmZpbb<g_ffh`gh\uihegblvex[mx^hihegbl_evgmxh[jZ[hl dmbbkdexqblv\u^ZqmklZg^Zjlgh]hkhh[s_gbyh[hrb[d_ H^gZdhk\hckl\Zh[t_dlZ7$SSOLFDWLRQg_^hklmigu\hdg_bgki_dlhjZh[t_dlh\Ihwlh fm^ey^h[Z\e_gby\ijbeh`_gb_ki_pbZebabjh\Zggh]hh[jZ[hlqbdZbkdexq_gbcihlj_[m_lky \hkihevah\Zlvkydhfihg_glhf7$SSOLFDWLRQ(YHQWV <ebklbg]_ ihdZaZghdZdbf_gghke_^m_li_j_hij_^_eylvklZg^Zjlguch[jZ[hlqbdbk dexqbl_evguokblmZpbcijbeh`_gby
ªÇÐÑÇÌ ±ÄÉÐÑÂÊ¿ÁÌÍÈÓÍÏËÚÎÏÇÊÍÅÄÌÇÞÐÎÄÏÄÍÎÏÄÃÄÊÄÌÌÚË ÍÀÏ¿ÀÍÑÖÇÉÍËÇÐÉÊÝÖÄÌÇÈ XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQGRZV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV6WG&WUOV$SS(YQWV%XWWRQV W\SH (1RW6R%DG(UURU FODVV ([FHSWLRQ (%DG(UURU FODVV ([FHSWLRQ (5HDO%DG(UURU FODVV ([FHSWLRQ 70DLQ)RUP FODVV 7)RUP EWQ1RW6R%DG 7%XWWRQ EWQ%DG 7%XWWRQ EWQ5HDO%DG 7%XWWRQ DSSHYQ0DLQ 7$SSOLFDWLRQ(YHQWV SURFHGXUHEWQ1RW6R%DG&OLFN 6HQGHU 72EMHFW SURFHGXUHEWQ%DG&OLFN 6HQGHU 72EMHFW SURFHGXUHEWQ5HDO%DG&OLFN 6HQGHU 72EMHFW SURFHGXUHDSSHYQ0DLQ([FHSWLRQ 6HQGHU 72EMHFW ( ([FHSWLRQ SXEOLF HQG
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH70DLQ)RUPEWQ1RW6R%DG&OLFN 6HQGHU 72EMHFW EHJLQ UDLVH(1RW6R%DG(UURU&UHDWH µ7KLVLVQ¶¶WVREDG¶ HQG SURFHGXUH70DLQ)RUPEWQ%DG&OLFN 6HQGHU 72EMHFW EHJLQ UDLVH(%DG(UURU&UHDWH µ7KLVLVEDG¶ HQG SURFHGXUH70DLQ)RUPEWQ5HDO%DG&OLFN 6HQGHU 72EMHFW EHJLQ UDLVH(5HDO%DG(UURU&UHDWH µ7KLVLVUHDOEDG¶ HQG SURFHGXUH70DLQ)RUPDSSHYQ0DLQ([FHSWLRQ 6HQGHU 72EMHFW ( ([FHSWLRQ YDU UVOW %RROHDQ EHJLQ LI(LV(%DG(UURUWKHQ EHJLQ ^Ækvlxvixzknttvmvvrtjxxvvintqnuviv¡qirnq wénlsv ntqnuojkné¡qzéjivzywéqsv ntq¹` UVOW 0HVVDJH'OJ )RUPDW µVVVVV¶>µ$Q¶(&ODVV1DPH µH[FHSWLRQKDVRFFXUUHG¶(0HVVDJHµ4XLW$SS"¶@ PW(UURU>PEµ$Q¶(&ODVV1DPH µH[FHSWLRQKDVRFFXUHG¶(0HVVDJHµ4XLWWLQJ$SSOLFDWLRQ¶@ PW(UURU>[email protected] $SSOLFDWLRQ7HUPLQDWH HQG HOVHÆwvstntqnxzjtljéztvpviéjivzrqqxrsí·qznst}xqzyj|qp $SSOLFDWLRQ6KRZ([FHSWLRQ ( HQG HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
< ebklbg]_ f_lh^ DSSHYU0DLQ([FHSWLRQ y\ey_lky ih^ijh]jZffhc h[jZ[hldb kh[ulby 2Q([FHSWLRQdhfihg_glZ7$SSOLFDWLRQ(YHQW<wlhfh[jZ[hlqbd_kh[ulby^eyijh\_jdblbiZ\ha gbdr_cbkdexqbl_evghckblmZpbbbkihevam_lkybgnhjfZpbyhlbi_\j_f_gb\uiheg_gby 577, GZhkgh\Zgbbihemq_gguok\_^_gbchlbi_h[t_dlZbkdexq_gby\ih^ijh]jZff_ij_^ijbgbfZxlky l_bebbgu_^_ckl\byJZ[hlZwlhcih^ijh]jZffuh[tykgy_lky\dhff_glZjbyoIjh_dl\dhlhjhf bkihevam_lkywlhlh[jZ[hlqbdkh[ulbcghkblbfy2Q([FHSWLRQGSUbjZkiheZ]Z_lkygZdhfiZdl ^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP ÌÆà ½É ½ÅÆ»¿ÅÀ /DQJXDJH ([FHSWLRQV ¿Ã»ÆÉ¾É½É¾É ÉÅÈ» 'HEXJJHU 2SWLRQV ½Ö½ÀÌÍà À¾É ÇÉÁÈÉ Ì ÊÉÇÉÔ×Ù ÅÉÇ»È¿Ö 7RROVÖ'HEXJJHU 2SWLRQV ÎÌÍ»ÈɽÆÀÈ ÏÆ»ÁÉÅÉÊÑÃÃ6WRSRQ'HOSKL([FHSWLRQVÍÉÉÍÆ»¿ÒÃÅ,'('HOSKL¼Î¿ÀͽֽɿÃÍ× Ì½À¿ÀÈÃÚɽÉÂÈÃÅÓÃÐÃÌÅÆÙÒÃÍÀÆ×ÈÖÐÌÃÍλÑÃÚн̽ÉÀÇÌɼÌͽÀÈÈÉÇÉÅÈÀÈÀ¿» ½»ÚÊËÃÆÉÁÀÈÃÙ½ÉÂÇÉÁÈÉÌÍýÖÊÉÆÈÃÍ×ÃÐɼ˻¼ÉÍÅÎ̽ÉÃÇÃÌÃÆ»ÇðÉÍÚØÍÉÍËÀ ÁÃÇ ÇÉÁÀÍ ÉŻ»Í×ÌÚ ½ÀÌ×Ç» ÊÉÆÀÂÈÖÇ ½ ËÀÁÃÇÀ ÉÍÆ»¿Åà ÎÌÍ»ÈɽŻ ÎÊÉÇÚÈÎÍÉ¾É ÏÆ»ÁÅ»ÉÊÑÃÃÇÉÁÀÍÊÉÇÀÓ»Í׻ȻÆÃÂÎË»¼ÉÍÖÌɼÌͽÀÈÈÖÐÊÉ¿ÊËɾ˻ÇÇɼ˻¼ÉÍÅà ÃÌÅÆÙÒÀÈÃÄ ½»ÓÀ¾É ÊËÉÀÅÍ» ÆÚ ½ÉÂɼÈɽÆÀÈÃÚ ÈÉËÇ»Æ×ÈÉÄ Ë»¼ÉÍÖ ÊËÃÆÉÁÀÈÃÚ ØÍÉÍÏÆ»ÁÉÅÈÀɼÐÉ¿ÃÇÉ̼ËÉÌÃÍ×
oz\|KN}Kzy Ij_^iheh`bfqlh^hgZqZeZjZ[hluijbeh`_gbylj_[m_lky\u\_klbg_dhlhjmxaZklZ\dm Ih^h[gZynhjfZfh`_l[ulv\u\_^_gZgZwdjZgkjZam`_ihke_aZimkdZijbeh`_gbybhklZ \ZlvkygZg_f^haZ\_jr_gbyijhp_kkZih^]hlh\dbijbeh`_gbydjZ[hl_@ Ihf_klbl_\nhjfm6SODVK)RUPdhfihg_gl7,PDJHbmklZgh\bl_agZq_gb__]hk\hckl\Z $OLJQjZ\gufDO&OLHQW AZ]jmabl_\dhfihg_gl7,PDJHbah[jZ`_gb_ ijbk\hb\ khhl\_lkl\mxs__ agZq_gb_ _]h k\hckl\m3LFWXUH L_i_jvdh]^Zm\Zkbf__lkynhjfZaZklZ\dZhklZehkvlhevdh\u\_klb__gZwdjZg^eyq_]h ^hklZlhqgh ke_]dZ baf_gblv GSUnZce Ijbf_j lZdh]h baf_g_gby ihdZaZg \ ebklbg]_ kh^_j`Zs_f l_dkl nZceZ ijh_dlZ ijbeh`_gby 6SODVKGSU ijbkmlkl\mxs_]h gZ dhfiZdl ^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
ªÇÐÑÇ̱ÄÉÐÑGSUÓ¿ÈÊ¿ÎÏÄÃÒÐË¿ÑÏÇÁ¿ÝØÄÂÍÁÚÁÍÃÆ¿ÐÑ¿ÁÉÇ SURJUDPVSODVK XVHV )RUPV 0DLQ)UPLQ 0DLQ)UPSDV ^0DLQ)RUP` 6SODVK)UPLQ 6SODVK)UPSDV ^6SODVK)RUP`
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
^5 5(6` EHJLQ $SSOLFDWLRQ,QLWLDOL]H ^fvoljtqn{véuojxzjkrq` 6SODVK)RUP 76SODVK)RUP&UHDWH $SSOLFDWLRQ 6SODVK)RUP6KRZ Ækvlojxzjkrq 6SODVK)RUP8SGDWH Ìinxwn·ntqnnnwv¹ksntq¹tjëréjtn ^fsnlyíqp|qrswévxzvxvoljnzkqlquvxztnrvzvévp lsqznstvpéjivzwvqtq|qjsqoj|qqwéqsv ntq¹` ZKLOH6SODVK)RUPWP0DLQ7LPHU(QDEOHGGR $SSOLFDWLRQ3URFHVV0HVVDJHV $SSOLFDWLRQ&UHDWH)RUP 70DLQ)RUP0DLQ)RUP 6SODVK)RUP+LGH Ïljsntqnojxzjkrq 6SODVK)RUP)UHH Ìxkviv lntqnwju¹zq $SSOLFDWLRQ5XQ HQG H[jZlbl_\gbfZgb_gZke_^mxsb_^\_kljhdbebklbg]Z ZKLOH6SODVK)RUPWP0DLQ7LPHU(QDEOHGGR $SSOLFDWLRQ3URFHVV0HVVDJHV Wlhijhklh bfblZpby g_dhlhjh]h ^ebl_evgh]h ijhp_kkZ qlh[u aZklZ\dZ g_ bkq_aeZ k wd jZgZ _^\Z gZ g_f ihy\b\rbkv Dhfihg_gl 77LPHU [ue ihf_s_g \ nhjfm 6SODVK)RUP b _]h k\hckl\h,QWHUYDOmklZgh\e_ghjZ\gufIhbkl_q_gbblj_ok_dmg^ijhbkoh^blkh[ulb_ 2Q7LPHU\h[jZ[hlqbd_dhlhjh]hkh^_j`blkyke_^mxsZykljhdZ WP0DLQ7LPHU(QDEOHG )DOVH <j_amevlZl_wlh]h^_ckl\by\uiheg_gb_ijb\_^_ggh]h\ur_pbdeZij_djZsZ_lky
6{^K~Q~QwQ~Q~v^KwQ^K\y~K\^w >eybeexkljZpbblh]hdZdbfh[jZahffh`ghmijZ\eylvbaf_g_gb_fjZaf_jZnhjfuih^ ]hlh\e_gijh_dl\dhlhjhfhkgh\gZy nhjfZ kbg_]h p\_lZ kh^_j`bl iZg_ev gZ dhlhjhc jZa f_s_guhklZevgu_dhfihg_gluIjbex[uobaf_g_gbyojZaf_jZnhjfuiZg_ev\k_]^ZhklZ _lkyjZaf_s_gghcihp_gljmnhjfuDjhf_lh]h ihevah\Zl_ev g_ fh`_l mf_gvrblv jZaf_j nhjfulZdqlh[uhgZklZeZf_gvr_kh^_j`Zs_cky\g_ciZg_ebBkoh^gucl_dklwlhcnhj fuijb\_^_g\ebklbg]_
ªÇÐÑÇ̧ÐÔÍÃÌÚÈÑÄÉÐÑÓÍÏËÚÎÏÇÊÍÅÄÌÇÞ7HPS'HPR XQLW%OXH%DFN)UP LQWHUIDFH XVHV 6\V8WLOV:LQGRZV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV 6WG&WUOV%XWWRQV([W&WUOV
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
W\SH 7%OXH%DFN)RUP FODVV 7)RUP SQO0DLQ 73DQHO EEWQ2. 7%LW%WQ EEWQ&DQFHO 7%LW%WQ SURFHGXUH)RUP5HVL]H 6HQGHU 72EMHFW SULYDWH 3URFHGXUH&HQWHU3DQHO ^Ìiéjivz·qrxvvintq¹:0B:,1'2:326&+$1*,1*` SURFHGXUH:0:LQGRZ3RV&KDQJLQJ YDU0VJ 7:0:LQGRZ3RV&KDQJLQJ PHVVDJH:0B:,1'2:326&+$1*,1* HQG YDU %OXH%DFN)RUP 7%OXH%DFN)RUP LPSOHPHQWDWLRQ XVHV0DWK ^5 ')0` SURFHGXUH7%OXH%DFN)RUP&HQWHU3DQHO ^êzjwév|nlyéj|ntzéqéynzmsjktyíwjtnsk{véun` EHJLQ ^véqovtzjstvn|ntzéqévkjtqn` LISQO0DLQ:LGWK &OLHQW:LGWKWKHQ SQO0DLQ/HIW &OLHQW:LGWKSQO0DLQ:LGWK GLY HOVH SQO0DLQ/HIW ^Ænézqrjstvn|ntzéqévkjtqn` LISQO0DLQ+HLJKW &OLHQW+HLJKWWKHQ SQO0DLQ7RS &OLHQW+HLJKWSQO0DLQ+HLJKW GLY HOVH SQO0DLQ7RS HQG SURFHGXUH7%OXH%DFN)RUP:0:LQGRZ3RV&KDQJLQJ YDU0VJ 7:0:LQGRZ3RV&KDQJLQJ YDU &DSWLRQ+HLJKW LQWHJHU EHJLQ ^Æ·qxsntqnkxvzojmvsvkrj` &DSWLRQ+HLJKW *HW6\VWHP0HWULFV 60B&<&$37,21 ^êzjwév|nlyéjtny·qzkjnzkxvzyq¡qéqtyéjurq{véu bs¹y·nzjëzq}knsq·qtuv tvkvxwvsovkjzx¹unzvlvu*HW6\VWHP0HWULFV ` djqzjvrtjvzyunt¡ntq¹lvéjounévkunt¡q}éjounévkwjtnsq 0VJ:LQGRZ3RVAF[ 0D[ 0VJ:LQGRZ3RVAF[SQO0DLQ:LGWK 0VJ:LQGRZ3RVAF\ 0D[ 0VJ:LQGRZ3RVAF\SQO0DLQ+HLJKW&DSWLRQ+HLJKW LQKHULWHG
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
HQG SURFHGXUH7%OXH%DFN)RUP)RUP5HVL]H 6HQGHU 72EMHFW EHJLQ &HQWHU3DQHO gntzéqévkjtqnwjtnsqwéqqountntqqéjounéj{véu HQG HQG < wlhf ebklbg]_ ^_fhgkljbjm_lky i_j_o\Zl khh[s_gbc hdgZ \ qZklghklb khh[s_gby :0B:,1'2:326&+$1*,1* dhlhjh_ ]_g_jbjm_lky ijb \uiheg_gbb ihevah\Zl_e_f ihiuldb baf_gblv jZaf_juhdgZ?]hh[jZ[hldZiha\hey_lij_^hl\jZlblvbaf_g_gb_jZaf_jh\nhjfuf_gvr_^himk lbfuo>hihegbl_evgmxbgnhjfZpbxhkhh[s_gbyo:LQGRZVfh`ghgZclb\]eZ\_³Khh[s_gby :LQGRZV´>Zgguc^_fhgkljZpbhggucijh_dlghkblgZa\Zgb_7HPS'HPRGSUHgijbkmlkl\m_lgZ dhfiZdl^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
³^\Qy}~QwQQ\^w Nhjfu ij_^klZ\eyxl kh[hc p_gljZevgu_ a\_gvy \hdjm] dhlhjuo kljhblky [hevrbgkl\h ijbeh`_gbc 'HOSKL H^gZdh \ ijbgpbi_ gbqlh g_ aZij_sZ_l kha^Zlv ijbeh`_gb_ g_ bk ihevamxs__nhjfNZceijh_dlZGSUy\ey_lkyh[uqgufnZcehfkijh]jZffgufl_dklhf\ dhlhjhfbkihevamxlky^hihegbl_evgu_fh^mebknhjfZfbb^jm]bfbh[t_dlZfb<wlhfijh ]jZffghfnZce_[_amkeh\ghfh`_l\uihegylvkyex[Zyh[jZ[hldZg_lj_[mxsZybkihevah \Zgbynhjf>eylh]hqlh[um\b^_lvdZd[m^_l\u]ey^_lvih^h[gh_ijbeh`_gb_ijhklhkha ^Zcl_ gh\h_ ijbeh`_gb_ 'HOSKL b m^Zebl_ ]eZ\gmx nhjfm ba ijh_dlZ k ihfhsvx dhfZg^u )LOHÖ5HPRYH)URP3URMHFWL_i_jvGSUnZcewlh]hijbeh`_gby[m^_l\u]ey^_lvlZd SURJUDP3URMHFW XVHV )RUPV ^5 5(6` EHJLQ $SSOLFDWLRQ,QLWLDOL]H $SSOLFDWLRQ5XQ HQG ;he__ lh]h ba wlh]h nZceZ fh`gh m^Zeblv ^Z`_ hi_jZlhj XVHV b \uah\ f_lh^h\ $SSOLFDWLRQ,QLWLDOL]Hb$SSOLFDWLRQ5XQ SURJUDP3URMHFW EHJLQ HQG Ihemq_ggZy ijh]jZffZ kh\_jr_ggh [_kihe_agZ h^gZdh g_ ke_^m_l aZ[u\Zlv qlh \ [ehd EHJLQHQGfh`ghihf_klblvex[h_dhebq_kl\hdZdbom]h^ghhi_jZlhjh\Ihkmlbwlhl[ehd ij_^klZ\ey_lkh[hclhqdm\oh^Zdhgkhevgh]hijbeh`_gby:LQ
og\|?UZO[ea
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ihevah\Zl_exkZfhfmi_j_aZ]jmablv:LQGRZVghemqr_kijhkblvmihevah\Zl_ey`_eZ _lebhgijhba\_klbi_j_aZ]jmadmkbkl_fug_f_^e_gghihke_q_]h\uihegblvwlmjZ[hlm [_a_]hmqZklby<ex[hfkemqZ_ihklZjZcl_kv\kha^Z\Z_fuoijbeh`_gbyoba[_]Zlvi_ j_aZ]jmadb:LQGRZV[_adjZcg_cg_h[oh^bfhklb >ey\uoh^Zba:LQGRZVfh`gh\hkihevah\Zlvkyh^ghcba^\monmgdpbc:LQGRZV$3,² ([LW:LQGRZV beb([LW:LQGRZV([ Nmgdpby ([LW:LQGRZV mgZke_^h\ZgZ hl [blh\hc :LQGRZV < ij_^u^msbo \_jkb yo:LQGRZVfh`gh[uehi_j_^Z\Zlv_cjZaebqgu_iZjZf_ljub\uihegylvi_j_aZ]jmadm kbkl_fuihaZ\_jr_gbb__jZ[hlu<kj_^_:LQhgZijhklhij_djZsZ_ll_dmsbck_Zgk jZ[hluihevah\Zl_eybiha\hey_l\hclb\kbkl_fm^jm]hfmihevah\Zl_ex <:LQnmgdpby([LW:LQGRZV [ueZaZf_g_gZgh\hcnmgdpb_c([LW:LQGRZV([ HgZih a\hey_laZdhgqblvk_ZgkjZ[hluaZ\_jrblvjZ[hlm:LQGRZVbi_j_aZ]jmablvhi_jZpbhggmxkbkl_ fm<ebklbg]_ihdZaZgijbf_jbkihevah\Zgbyh[_bowlbonmgdpbc
ªÇÐÑÇ̧ÐÎÍÊÛÆÍÁ¿ÌÇÄÓÒÌÉÕÇÈ([LW:LQGRZV Ç([LW:LQGRZV([ XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQGRZV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV 6WG&WUOV([W&WUOV W\SH 70DLQ)RUP FODVV 7)RUP EWQ([LW 7%XWWRQ UJ([LW2SWLRQV 75DGLR*URXS SURFHGXUHEWQ([LW&OLFN 6HQGHU 72EMHFW HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH70DLQ)RUPEWQ([LW&OLFN 6HQGHU 72EMHFW EHJLQ FDVHUJ([LW2SWLRQV,WHP,QGH[RI :LQ&KHFN ([LW:LQGRZV Æ}vlqoxqxznu qk}vlwvlléymququntnu :LQ&KHFN ([LW:LQGRZV([ (:;B5(%227 Ínénojméyorjxqxznu :LQ&KHFN ([LW:LQGRZV([ (:;B6+87'2:1 Æ}vlqkrsí·ntqnwqzjtq¹ :LQ&KHFN ([LW:LQGRZV([ (:;B/2*2)) Æ}vlqoxqxznuqk}vlwvlléymququntnu HQG HQG HQG
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
<ebklbg]_^eyhij_^_e_gby\ZjbZglZ\uoh^Zba:LQGRZVbkihevam_lkyagZq_gb_i_j_ dexqZl_eyUJ([LW2SWLRQVI_j\Zyhipbybkihevam_lnmgdpbx([LW:LQGRZV dhlhjZyij_djZ sZ_lk_ZgkjZ[hlul_dms_]hihevah\Zl_eybiha\hey_l\hclb\kbkl_fm^jm]hfmihevah\Zl_ex HklZ\rb_ky hipbb jZ[hlZxl k nmgdpb_c ([LW:LQGRZV([
sK}K\}zg\|K?UZO[ea :l_i_jvih]h\hjbfhlhfdZdfh`ghaZsblblvkyhli_j_aZ]jmadb²\_^v\lhlfhf_gldh]^Z g_dhlhjh_ijbeh`_gb_ihiulZ_lkyi_j_aZ]jmablvdhfivxl_j\Zr_ijbeh`_gb_fh`_ljZ[hlZlvk hldjulufb nZceZfb b jZkiheZ]Zlv g_khojZg_gghc bgnhjfZpb_c ?keb \Zr_fm ijbeh`_gbx g_ m^ZklkydZdbfeb[hh[jZahfi_j_o\ZlblvaZijhkgZi_j_aZ]jmadmkbkl_fufh]mlhdZaZlvky[_a\ha \jZlghihl_jyggufbp_ggu_^Zggu_H^gZdhi_j_o\ZlblvaZijhkgZ i_j_aZ]jmadm g_keh`gh >ey wlh]h lj_[m_lky ebrv h[_ki_qblv h[jZ[hldm kh[ulby 2Q&ORVH4XHU\ ]eZ\ghc nhjfu ijbeh`_gby L_dklih^ijh]jZffuh[jZ[hldbwlh]hkh[ulbyfh`_l\u]ey^_lvke_^mxsbfh[jZahf SURFHGXUH70DLQ)RUP)RUP&ORVH4XHU\ 6HQGHU 72EMHFW YDU&DQ&ORVH %RROHDQ EHJLQ LI0HVVDJH'OJ 6KXWGRZQ" PW&RQILUPDWLRQPE_fhgkljZpbhgguc ijbf_j ih wlhc l_f_ ghkbl gZa\Zgb_ 1R&ORVHGSU b ijbkmlkl\m_l gZ dhfiZdl^bkd_ ijbeZ ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP ÌÆÎÒ»À ÎÊÉÇÃÈ»½ÓÀ¾ÉÌÚ Ë»ÈÀÀ ÊËÉÀÅÍ» ÈÀ ÃÌÊÉÆ×ÂÎÙÔÀ¾É ÏÉËÇÖ ÊËÃÆÉÁÀÈÃÀ ¿ÉÆÁÈÉÊÀËÀн»ÍÖ½»Í×ÌÃÌÍÀÇÈÉÀÌÉɼÔÀÈÃÀ:0B48(5<(1'6(66,21©ÈÉÊÉÌÖÆ»ÀÍÌÚ ½ÌÀÇ Ë»¼ÉÍ»ÙÔÃÇ ÊËÃÆÉÁÀÈÃÚÇ ÊËà ½ÖÊÉÆÈÀÈÃà ŻÅÃÇÆÃ¼É Ã ÈÃÐ ÊËÉÑÀ¿ÎË ([LW:LQGRZV ÃÆÃ([LW:LQGRZV(; ɽ˻ÍýÈÎÆÀ½ÉÀÂÈ»ÒÀÈÃÀ½ÉͽÀÍÈ»ØÍÉ ÌÉɼÔÀÈÃÀÇÉÁÈÉÎŻ»Í×:LQGRZVÒÍɽ»ÓÀÊËÃÆÉÁÀÈÃÀÈÀ»½ÀËÓÃÆÉ̽ÉÙË»¼É ÍÎ Ã ÊÉØÍÉÇÎ ÊÀËÀ»¾ËÎÂÅ» ÈÀ½ÉÂÇÉÁÈ» ªÉ¿ËɼÈÀÀ ɼ ɼ˻¼ÉÍÅÀ ÌÉɼÔÀÈÃÄ :LQGRZVËÀÒ×ÊÉÄ¿Àͽ¾Æ»½Àp¬ÉɼÔÀÈÃÚ:LQGRZVq
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
8QwQ < wlhc ]eZ\_ jZkkfZljb\Zebkv \hijhku mijZ\e_gby ijh_dlZfb b \u[hjZ Zjobl_dlmju ijbeh`_gbc ;ueh ijh\_^_gh h[km`^_gb_ dexq_\uo dhfihg_glh\ \oh^ysbo \ khklZ\ [hevrbgkl\Zijh_dlh\'HOSKL deZkkh\7)RUP7$SSOLFDWLRQb76FUHHQFuihdZaZebqlh jZajZ[hldmijbeh`_gbcke_^m_lgZqbgZlvk\u[hjZlj_[m_fhcZjobl_dlmjuijh_dlZDjhf_ lh]h\Zr_fm\gbfZgbx[uehij_^eh`_ghfgh`_kl\hihe_aguol_ogbq_kdbo ijb_fh\ dh lhju_fh`ghbkihevah\Zlv\kha^Z\Z_fuoijbeh`_gbyo
=eZ\ZKljh_gb_ijbeh`_gbybdhgp_ipbbdhgkljmbjh\Zgby
(\\xQ~?UZO[ea
¶ÑÍÑ¿ÉÍÄÐÍÍÀØÄÌÇÄ
±ÇÎÚÐÍÍÀØÄÌÇÈ
®ÏÇÌÕÇÎÚÏ¿ÀÍÑÚÐÇÐÑÄËÚÐÍÍÀØÄÌÇÈ:LQGRZV
°ÇÐÑÄË¿ÍÀÏ¿ÀÍÑÉÇÐÍÍÀØÄÌÇÈÁ'HOSKL
ÀÏ¿ÀÍÑÉ¿ÐÍÍÀØÄÌÇÈ
§ÐÎÍÊÛÆÍÁ¿ÌÇÄÐÍÀÐÑÁÄÌÌÚÔÑÇÎÍÁÐÍÍÀØÄÌÇÈ
¬ÄÐÑ¿ÌÿÏÑÌÚÄÐÍÍÀØÄÌÇÞ
Ì¿ÑÍËÇÞÐÇÐÑÄËÚÐÍÍÀØÄÌÇÈÀÇÀÊÇÍÑÄÉÇ9&/
°ÁÞÆÛËÄÅÃÒÐÍÍÀØÄÌÇÞËÇÇÐÍÀÚÑÇÞËÇ
¯ÄÆÝËÄ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
Ohlydhfihg_glu[b[ebhl_db9&/hlh[jZ`Zxlfgh`_kl\hkhh[s_gbc:LQ\kh[ulby yaudZ2EMHFW3DVFDOihgbfZgb_ kbkl_fu khh[s_gbc :LQGRZV g_h[oh^bfh ex[hfm ijh]jZf fbklmbf_xs_fm^_ehk:LQ Ihlj_[ghklb ijh]jZffbklZ gZ 'HOSKL ijZdlbq_kdb iheghklvx m^h\e_l\hjyxlky \hafh` ghklyfb jZ[hlu k kh[ulbyfb ij_^hklZ\ey_fufb 9&/ H^gZdh ijb kha^Zgbb k_jv_aguo g_ klZg^Zjlguo ijbeh`_gbc b hkh[_ggh ijb jZajZ[hld_ dhfihg_glh\ 'HOSKL \Zf [_amkeh\gh ihlj_[m_lky g_ihkj_^kl\_ggh h[jZ[Zlu\Zlv khh[s_gby :LQGRZV ihke_ q_]h ]_g_jbjh\Zlv kh[ulbykhhl\_lkl\mxsb_wlbfkhh[s_gbyf
¹}\}Ky\QN\\xQ~Q Khh[s_gb_ PHVVDJH ij_^klZ\ey_lkh[hcba\_s_gb_hg_dhlhjhfbf_\r_ff_klhkh[ulbb ihkueZ_fh_kbkl_fhc:LQGRZV\Z^j_k ijbeh`_gby Ex[u_ ^_ckl\by ihevah\Zl_ey² s_eqhd furvxbaf_g_gb_jZaf_jh\hdgZijbeh`_gbygZ`Zlb_deZ\brbgZdeZ\bZlmj_²\ugm`^Zxl :LQGRZVhlijZ\blvijbeh`_gbxkhh[s_gb_ba\_sZxs__hlhfqlhijhbahreh\kbkl_f_ Khh[s_gb_ij_^klZ\ey_lkh[hchij_^_e_ggmxaZibkv i_j_^Z\Z_fmx ijbeh`_gbx kbkl_ fhc:LQGRZVWlZaZibkvkh^_j`blk\_^_gbyhlhfqlhbf_gghijhbahrehZlZd`_^hihegb l_evgmx bgnhjfZpbx aZ\bkysmx hl lbiZ kh[ulby GZijbf_j \ kemqZ_ s_eqdZ furvx aZ ibkv ^hihegbl_evgh kh^_j`bl dhhj^bgZlu mdZaZl_ey furb \ fhf_gl s_eqdZ Lbi ^Zgguo bkihevam_fuc'HOSKL^eyij_^klZ\e_gbykhh[s_gbc:LQGRZVgZau\Z_lky70VJHgij_^klZ\ ey_lkh[hcaZibkvbh[ty\ey_lky\fh^me_:LQGRZVke_^mxsbfh[jZahf W\SH 70VJ SDFNHGUHFRUG KZQG +:1' bnxréqwzvévrtjwvsy·jzns¹ PHVVDJH 8,17 Êlntzq{qrjzvéxvvintq¹ :3DUDP :3$5$0 iqzjlvwvstqznstvpqt{véuj|qq /3DUDP /3$5$0 iqzjlvwvstqznstvpqt{véuj|qq WLPH ':25' Æénu¹xvoljtq¹xvvintq¹ SW 73RLQW Ívsv ntqnyrjojzns¹u¡qkuvuntzxvoljtq¹xvvintq¹ HQG
¶ÑÍÐÍÃÄÏÅÇÑÐÞÁÐÍÍÀØÄÌÇÇ" ÌÆÃÊËýÀ¿ÀÈÈÖнÉÊÃÌ»ÈÃûÊÃÌÃÅÉÇÇÀÈÍ»ËÃÀ½½»ÇÊÉŻ»ÆÃÌ×ÈÀ¿ÉÌÍ»ÍÉÒÈÉÍÉÈÃÁÀÊËà ½É¿ÃÍÌÚ¼ÉÆÀÀÊÉ¿ËɼÈÉÀÉÊÃÌ»ÈÃÀÈ»ÂÈ»ÒÀÈÃÚÊÉÆÀÄÌÉɼÔÀÈÃÚ:LQGRZV KZQG ¼ÃÍɽÖÄ ¿ÀÌÅËÃÊÍÉË ÉÅÈ» ÅÉÍÉËÉÇÎ ÊËÀ¿È»ÂÈ»ÒÀÈÉ ÌÉɼÔÀÈÃÀ ©ÅÈÉ ÇÉÁÀÍ ¼ÖÍ× ÊË»ÅÍÃÒÀÌÅÃÆÙ¼ÖÇØÅË»ÈÈÖÇɼÕÀÅÍÉÇÍ»ÅÅ»Å:LQÊÉ¿¿ÀËÁý»ÀÍ ¿ÀÌÅËÃÊÍÉËÖ ÉÅÉÈ ¿ÆÚ¼ÉÆ×ÓÃÈÌͽ»½ÃÂλÆ×ÈÖÐɼÕÀÅÍɽ ÉÅÉȿûÆɾɽÖÐÉÅÉÈÅÈÉÊÉÅÊÉÆÀĽ½É¿»ÃÍÊ PHVVDJH ¥ÉÈÌÍ»ÈÍ» ÊËÀ¿ÌÍ»½ÆÚÙÔ»Ú ÍÃÊ ÌÉɼÔÀÈÃÚ ©È» ÇÉÁÀÍ ¼ÖÍ× ÉÊËÀ¿ÀÆÀÈ» ÌÃÌÍÀÇÉÄ :LQGRZVÃÉÊÃ̻Ȼ½ÇÉ¿ÎÆÀ:LQGRZVÆüÉÉÊËÀ¿ÀÆÀÈ»ÊËɾ˻ÇÇÃÌÍÉÇÅ»ÅÉÊËÀ¿À ÆÚÀÇÉÀÊÉÆ×Âɽ»ÍÀÆÀÇÌÉɼÔÀÈÃÀ :SDUDP ¸ÍÉÊÉÆÀ Ò»ÌÍÉ ÌÉ¿ÀËÁÃÍ ÈÀÅÉÍÉËÎÙ ÅÉÈÌÍ»ÈÍÎ ÂÈ»ÒÀÈÃÀ ÅÉÍÉËÉÄ ÉÊËÀ¿ÀÆÚÀÍÌÚ Íà ÊÉÇÌÉɼÔÀÈÃÚ¥ËÉÇÀÍɾÉÉÈÉÇÉÁÀÍÌÉ¿ÀËÁ»Í×ÿÀÈÍÃÏÃÅ»ÍÉËÉÅÈ»ÃÆÃØÆÀÇÀÈ Í»ÎÊË»½ÆÀÈÃÚ̽Ú»ÈÈɾÉÌ¿»ÈÈÖÇÌÉɼÔÀÈÃÀÇ /SDUDP ¸ÍÉ ÊÉÆÀ Ò»ÔÀ ½ÌÀ¾É ÐË»ÈÃÍ ÃÈ¿ÀÅÌ ÃÆà ÎŻ»ÍÀÆ× È» ÈÀÅÉÍÉËÖÀ ¿»ÈÈÖÀ ½ Ê»ÇÚÍà »ÅÅ»ÅÊÉÆÚ:3DUDP/3DUDPÃ3RLQWHUÃÇÀÙÍÉ¿ÃÈÃÍÉÍÁÀË»ÂÇÀËË»½ÈÖļà ͻÇÇÀÁ¿ÎÈÃÇÿÉÊÎÌÅ»ÀÍÌڽ»ÃÇÈÉÀÊËÀɼ˻Âɽ»ÈÃÀÍÃÊɽ BlZd fu ihagZdhfbebkv k l_f qlh ij_^klZ\eyxl kh[hc khh[s_gby :LQGRZV \ p_ehf \ ihke_^mxsbojZa^_eZo[m^mlih^jh[ghjZkkfhlj_gujZaebqgu_lbiuwlbokhh[s_gbc
=eZ\ZKhh[s_gby:LQGRZV
µuN\\xQ~v <:LQ$3,dZ`^hfmkhh[s_gbx:LQGRZVklZ\blky\khhl\_lkl\b_hij_^_e_ggh_agZq_ gb_dhlhjh_aZghkblky\ihe_PHVVDJHaZibkb70VJ<'HOSKL\k_wlbdhgklZgluhij_^_eyxlky \fh^me_PHVVDJHVZ[hevrZyboqZklv^hihegbl_evghhibkZgZ\bgl_jZdlb\ghckijZ\hqghc kbkl_f_H[jZlbl_\gbfZgb_gZlhqlhbfydZ`^hcdhgklZgluij_^klZ\eyxs_clbikhh[s_ gbygZqbgZ_lkykkbf\heh\:0 l_:LQGRZV0HVVDJH <lZ[eij_^klZ\e_gug_dhlhju_ gZb[he__jZkijhkljZg_ggu_khh[s_gby:LQGRZVbboqbkeh\u_dh^u
±¿ÀÊÇÕ¿ÐÌÍÁÌÚÄÑÇÎÚÐÍÍÀØÄÌÇÈ:LQGRZV §ÃÄÌÑÇÓÇÉ¿ÑÍÏÐÍÍÀØÄÌÇÞ
¦Ì¿ÖÄÌÇÄ
°ÍÍÀØ¿ÄÑÍÉÌÒÍÑÍËÖÑÍg
:0B$&7,9$7(
¸ÍÉÉÅÈÉ»ÅÍýÃÂÃËÎÀÍÌÚÃÆÿÀ»ÅÍýÃÂÃËÎÀÍÌÚ
:0B&+$5
ÆÚÈÀÅÉÍÉËÉÄÅÆ»½ÃÓüÖÆÃÊÉÌÆ»ÈÖÌÉɼÔÀÈÃÚ :0B.(<'2:1ÃÆÃ:0B.(<83
:0B&/26(
»ÈÈÉÀÉÅÈÉ¿ÉÆÁÈɼÖÍ×»ÅËÖÍÉ
:0B.(<'2:1
¨»ÅÆ»½Ã»ÍÎËÀ¼ÖƻȻÁ»Í»ÅÆ»½ÃÓ»
:0B.(<83
¥Æ»½ÃӻȻÅÆ»½Ã»ÍÎËÀ¼ÖÆ»ÉÍÊÎÔÀÈ»
:0B/%87721'2:1
ªÉÆ×Âɽ»ÍÀÆ×È»Á»ÆÆÀ½ÎÙÅÈÉÊÅÎÇÖÓÃ
:0B0286(029(
®Å»Â»ÍÀÆ×ÇÖÓÃÊÀËÀÇÀÌÍÃÆÌÚ
:0B3$,17
)
¨ÀɼÐÉ¿ÃÇÉÊÀËÀËÃÌɽ»Í×ÅÆÃÀÈÍÌÅÎÙɼƻÌÍ׿»ÈÈÉ ¾ÉÉÅÈ»
:0B7,0(5
ªËÉÃÂÉÓÆÉÌɼÖÍÃÀÍ»ÄÇÀË»
:0B48,7
ªËɾ˻ÇÇ»¿ÉÆÁÈ»¼ÖÍ×»½ÀËÓÀÈ»
³^~u^Kx\}NN}Qw N\\xQ~v?UZO[ea Kbkl_fZkhh[s_gbc:LQGRZVkhklhblbalj_odhfihg_glh\ Hq_j_^v khh[s_gbc 0HVVDJH TXHXH :LQGRZV kh^_j`bl hl^_evgmx hq_j_^v khh[s_ gbc ^ey dZ`^h]h ijbeh`_gby Ijbeh`_gb_ :LQGRZV ^he`gh ihemqZlv khh[s_gby ba wlhchq_j_^bbi_j_^Z\Zlvbokhhl\_lkl\mxs_fmhdgm Pbdekhh[s_gbc 0HVVDJHORRS =jmiiZpbdebq_kdb\uihegy_fuohi_jZlhjh\ijbeh `_gby hkms_kl\eyxsZy \u[hjdm khh[s_gby ba hq_j_^b b i_j_^Zqm _]h khhl\_lkl \mxs_fm hdgm ^ey h[jZ[hldb AZl_f ba hq_j_^b \u[bjZ_lky ke_^mxs__ khh[s_gb_ dhlhjh_lZd`_i_j_^Z_lkyihgZagZq_gbxblZd²^hhdhgqZgbyjZ[hluijbeh`_gby Ijhp_^mjZ hdgZ :LQGRZ SURFHGXUH DZ`^h_ hdgh ijbeh`_gby bf__l kh[kl\_ggmx ijhp_^mjmdhlhjZyihemqZ_l\k_i_j_^Z\Z_fu_wlhfmhdgmkhh[s_gby<hl\_lgZih emq_ggh_ khh[s_gb_ ijhp_^mjZ ^he`gZ \uihegblv hij_^_e_ggu_ ^_ckl\by WlZ ijh p_^mjZy\ey_lkyijhp_^mjhch[jZlgh]h\uah\Zbh[uqgh\ha\jZsZ_l:LQGRZVg_dhlh jh_agZq_gb_ihaZ\_jr_gbbh[jZ[hldbkhh[s_gby
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
³ÒÌÉÕÇÞ ÍÀÏ¿ÑÌÍÂÍ ÁÚÆÍÁ¿ FDOOEDFN IXQFWLRQ ÊËÀ¿ÌÍ»½ÆÚÀÍ ÌɼÉÄ ÏÎÈÅÑÃÙ ½ ½»ÓÀÄ ÊËɾ˻ÇÇÀ½ÖÂÖ½»ÀÇÎÙ:LQGRZVÃÆÃÈÀÅÉÍÉËÖÇ¿ËξÃǽÈÀÓÈÃÇÇÉ¿ÎÆÀÇ
Iml_r_kl\b_khh[s_gbybaimgdlZ: ]^_ijhbahrehihjh^b\r___]hkh[ulb_ \imgdl; hdgh\\Zr_fijbeh`_gbbhl\_qZxs__gZwlhkhh[s_gb_ khklhblbaiylbwlZih\ <kbkl_f_ijhbkoh^blg_dhlhjh_kh[ulb_ :LQGRZV ij_\jZsZ_l wlh kh[ulb_ \ khhl\_lkl\mxs__ khh[s_gb_ b ihf_sZ_l _]h \ hq_j_^vkhh[s_gbc\Zr_]hijbeh`_gby Ijbeh`_gb_ihemqZ_lkhh[s_gb_bahq_j_^bbihf_sZ_l_]h\aZibkvlbiZ70VJ Ijbeh`_gb_i_j_^Z_lkhh[s_gb_ijhp_^mj_khhl\_lkl\mxs_]hhdgZ\Zr_]hijbeh`_gby Ijhp_^mjZhdgZ\uihegy_lg_dhlhju_^_ckl\by\hl\_lgZkhh[s_gb_ WlZiu b \uihegyxlky pbdehf khh[s_gbc dhlhjuc nZdlbq_kdb ij_^klZ\ey_l kh[hc ³k_j^p_´ijh]jZffu:LQGRZVBf_gghwlhlpbdeh[_ki_qb\Z_l\aZbfh^_ckl\b_ijh]jZffuk \g_rgbffbjhfihemqZykhh[s_gbybahq_j_^bbi_j_^Z\Zybokhhl\_lkl\mxs_fmhdgmijb eh`_gby ?keb hq_j_^v khh[s_gby ^Zggh]h ijbeh`_gby [m^_l bkq_jiZgZ kbkl_fZ :LQGRZV h[jZlblkyd^jm]bfijbeh`_gbyfbiha\heblbf\uihegblvh[jZ[hldmkhh[s_gbc\bohq_ j_^yo
JbkKo_fZh[jZ[hldbkhh[s_gbc:LQGRZV
(N}QwK\x^Kx\}yN\\xQ~v z)PX]TU Ih^ijh]jZffu [b[ebhl_db 9&/ \uihegyxl kms_kl\_ggmx qZklv h[jZ[hldb khh[s_gbc :LQGRZV\ijbeh`_gbb<qZklghklbpbdekhh[s_gbc\kljh_g\fh^mev)RUPV[b[ebhl_db9&/ ihwlhfmijbdeZ^ghfmijh]jZffbklmg_ijb^_lky[_kihdhblvkyh\u[hjd_khh[s_gbcbahq_j_^bb i_j_^Zq_bokhhl\_lkl\mxsbfijhp_^mjZfhdhgDjhf_lh]h'HOSKLihf_sZ_lbgnhjfZpbxbaaZ ibkblbiZ70VJ\kh[kl\_ggmxaZibkvlbiZ70HVVDJHhibkZgb_dhlhjhcijb\_^_ghgb`_ W\SH 70HVVDJH UHFRUG 0VJ &DUGLQDO
=eZ\ZKhh[s_gby:LQGRZV
FDVH,QWHJHURI :3DUDP /RQJLQW /3DUDP /RQJLQW 5HVXOW /RQJLQW :3DUDP/R :RUG :3DUDP+L :RUG /3DUDP/R :RUG /3DUDP+L :RUG 5HVXOW/R :RUG 5HVXOW+L :RUG HQG H[jZlbl_ \gbfZgb_ qlh \ aZibkb 70HVVDJH kh^_j`blky f_gvr_ bgnhjfZpbb q_f \ bk oh^ghc aZibkb 70VJ IjbqbgZ \ lhf qlh 'HOSKL [_j_l qZklv h[jZ[hldb khh[s_gbc :LQGRZV gZk_[yb\aZibkv70HVVDJHihf_sZ_lkylhevdhlZqZklvbgnhjfZpbbdhlhjZyg_h[oh^bfZy ^ey^Zevg_cr_ch[jZ[hldb
(uQK^\zK~~QKuN <^hiheg_gb_dh[s_caZibkblbiZ70HVVDJH\'HOSKLhij_^_e_ggZ[hjki_pbZebabjh\Zg guoaZibk_c^ey\k_olbih\khh[s_gbc:LQGRZVGZagZq_gb_wlboaZibk_ckhklhbl\ij_^hk lZ\e_gbbijh]jZffbklm\k_ckh^_j`Zs_cky\bkoh^ghfkhh[s_gbb:LQGRZVbgnhjfZpbbgh [_ag_h[oh^bfhklb^_rbnjh\dbagZq_gbcihe_cZ3DUDPbO3DUDPHibkZgby\k_owlbo aZib k_cgZoh^ylky\fh^me_0HVVDJHVGb`_ijb\_^_gijbf_jlZdhcki_pbZebabjh\ZgghcaZibkb bkihevam_fhc^ey[hevrbgkl\Zlbih\khh[s_gbc:LQGRZVhkh[ulbyofurb W\SH 7:00RXVH UHFRUG 0VJ &DUGLQDO .H\V /RQJLQW FDVH,QWHJHURI ;3RV 6PDOOLQW <3RV 6PDOOLQW 3RV 76PDOO3RLQW 5HVXOW /RQJLQW HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
¬ÊÀÑûÆÃÂÃËɽ»ÈÈÖÀ»ÊÃÌÃÌÉɼÔÀÈÃÄÉÊËÀ¿ÀÆÀÈÖÊË»ÅÍÃÒÀÌÅÿÆÚ½ÌÀÐÌͻȿ»ËÍ ÈÖÐÌÉɼÔÀÈÃÄ:LQGRZV¬É¾Æ»ÓÀÈÃÀÉÊËÃ̽ÉÀÈÃÃÃÇÀÈÍËÀ¼ÎÀÍÒÍɼÖÃÇÚ»ÊÃÌà ¼ÖÆÉË»½ÈÉÃÇÀÈÃÌÉɼÔÀÈÃÚÌÊËÀÏÃÅÌÉÇ7üÀÂÌÃǽÉÆ»ÊÉ¿ÒÀËÅý»ÈÃÚ¨»ÊËà ÇÀË»ÊÃÌ׿ÆÚÌÉɼÔÀÈÃÚ:0B6(7)217¿ÉÆÁÈ»ÃÇÀÍ×ÃÇÚ7:06HW)RQW ¬ÆÀ¿ÎÀÍ ÉÍÇÀÍÃÍ× ÒÍÉ Â»ÊÃÌ× ÍÃÊ» 70HVVDJH ÌÉ¿»ÀÍÌÚ ¿ÆÚ ½ÌÀÐ ÍÃÊɽ ÌÉɼÔÀÈÃÄ :LQGRZVýÆÙ¼ÖÐÌÃÍλÑÃÚЩ¿È»ÅÉË»¼ÉÍ»Í×ÌØÍÃÇûÊÃÌÚÇÃÇÀÈÀÀοɼÈÉÒÀÇ ÌÉÌÊÀÑûÆÃÂÃËɽ»ÈÈÖÇûÊÃÌÚÇÃÌÉɼÔÀÈÃÄ
6x^Kx\}yKN\\xQ~v H[jZ[hldZkhh[s_gbchagZqZ_lqlhijbeh`_gb_l_fbebbgufh[jZahfj_Z]bjm_lgZihem qZ_fu_hlhi_jZpbhgghckbkl_fukhh[s_gby<klZg^Zjlghfijbeh`_gbb:LQGRZVh[jZ[hldZ khh[s_gbckhkj_^hlhqb\Z_lky \ ijhp_^mjZo hdgZ H^gZdh 'HOSKL qZklbqgh h[jZ[Zlu\Zy khh[ s_gbymijhsZ_ljZ[hlmijh]jZffbklZiha\heyy\f_klhh^ghcijhp_^mju^eyh[jZ[hldb\k_o lbih\ khh[s_gbc kha^Z\Zlv g_aZ\bkbfu_ ijhp_^mju ^ey h[jZ[hldb khh[s_gbc jZaebqguo lb ih\Ex[Zyijhp_^mjZh[jZ[hldbkhh[s_gbc^he`gZhl\_qZlvlj_flj_[h\Zgbyf Ijhp_^mjZ^he`gZ[ulvf_lh^hfh[t_dlZ Ijhp_^mj_^he`_gi_j_^Z\Zlvkyh^bgi_j_^Z\Z_fucihkkued_ kihfhsvxhibkZgbyYDU iZjZf_ljklbihf70HVVDJHbebklbihfex[h]h^jm]h]hki_pbZebabjh\Zggh]hkhh[s_gby HibkZgb_ ijhp_^mju ^he`gh \dexqZlv dexq_\h_ keh\h PHVVDJH aZ dhlhjuf ^he`gZ ke_^h\ZlvdhgklZglZaZ^ZxsZylbih[jZ[Zlu\Z_fh]hkhh[s_gby
<dZq_kl\_ijbf_jZgZibr_fijhklmxijhp_^mjmh[jZ[hldbkhh[s_gby:0B3$,17dhlhjZy \f_klhi_j_jbkh\dbkhh[s_gby[m^_lih^Z\Zlva\mdh\hckb]gZe Kha^Zcl_ gh\uc imklhc ijh_dl >h[Z\vl_ \ hdg_ j_^ZdlhjZ aZ]heh\hd ^ey nmgdpbb :03DLQWihf_klb\_]h\jZa^_eSULYDWHh[t_dlZ7)RUP SURFHGXUH:03DLQW YDU0VJ 7:03DLQW PHVVDJH:0B3$,17 L_i_jv\jZa^_eLPSOHPHQWDWLRQfh^mey^h[Z\vl_hij_^_e_gb_ijhp_^mju<wlhfkem qZ_ mdZaZgb_ dexq_\h]h keh\Z PHVVDJH g_ lj_[m_lky G_ aZ[m^vl_ hij_^_eblv h[eZklv \b ^bfhklbgh\hcijhp_^mjumdZaZ\kihfhsvxhi_jZlhjZ³lhqdZ´qlhhgZy\ey_lkyf_lh^hf deZkkZ7)RUP SURFHGXUH7)RUP:03DLQW YDU0VJ 7:03DLQW EHJLQ %HHS LQKHULWHG HQG
=eZ\ZKhh[s_gby:LQGRZV
H[jZlbl_ \gbfZgb_ gZ bkihevah\Zgb_ \ ijhp_^mj_ dexq_\h]h keh\Z LQKHULWHG dhlhjh_ iha\hey_l i_j_^Zlv khh[s_gb_ h[jZ[hlqbdm wlh]h khh[s_gby ijbgZ^e_`Zs_fm deZkkm ij_^dm < gZr_f kemqZ_ ih dexq_\hfm keh\m LQKHULWHG khh[s_gb_ i_j_^Z_lky h[jZ[hlqbdm khh[s_gby:0B3$,17deZkkZ7)RUP ÉÍÆÃÒÃÀÉͽÖÂɽ»É¼ÖÒÈÖÐÎÈ»ÌÆÀ¿É½»ÈÈÖÐÇÀÍɿɽ½¿»ÈÈÉÇÌÆÎÒ»ÀÃÇÚÇÀÍÉ¿» ÊËÀ¿Å» ÈÀ ÎÅ»ÂÖ½»ÀÍÌÚ ÀÆÉ ½ ÍÉÇ ÒÍÉ ÊËà ɼ˻¼ÉÍÅÀ ÌÉɼÔÀÈÃÄ ÃÇÚ ÇÀÍÉ¿» ÈÀ ÃÇÀÀÍÂÈ»ÒÀÈÃÚÍ»ÅÅ»Å'HOSKLÉÍÖÌÅý»ÀÍÊËÉÑÀ¿ÎËÎɼ˻¼ÉÍÅÃÌÉɼÔÀÈÃÚÊÉ ÂÈ» ÒÀÈÃÙ»¿»½»ÀÇÉÇνÃÈÍÀËÏÀÄÌÀÅÆ»ÌÌ»ÅÆÙÒÀ½ÖÇÌÆɽÉÇPHVVDJH < ebklbg]_ ijb\_^_g ijbf_j ijhklhc nhjfu \ dhlhjhc [m^_l h[jZ[Zlu\Zlvky khh[ s_gb_ :0B3$,17 Ih^]hlh\blv ^Zgguc ijh_dl hq_gv ijhklh² ^hklZlhqgh kha^Zlv gh\uc ijh_dlb^h[Z\blvl_dklijhp_^mju:03DLQW\hibkZgb_h[t_dlZ7)RUP
ªÇÐÑÇÌ®ÏÇËÄÏÍÀÏ¿ÀÍÑÉÇÐÍÍÀØÄÌÇÞ XQLW*00DLQ LQWHUIDFH XVHV 6\V8WLOV:LQGRZV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV W\SH 7)RUP FODVV 7)RUP SULYDWH SURFHGXUH:03DLQW YDU0VJ 7:03DLQW PHVVDJH:0B3$,17 HQG YDU )RUP 7)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH7)RUP:03DLQW YDU0VJ 7:03DLQW EHJLQ 0HVVDJH%HHS LQKHULWHG HQG HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
®ÏÍÕÄÃÒÏ¿0HVVDJH%HHS xÍÑÊ¿ÃÖÇÉÃÊÞÀÄÃÌÚÔ «»ÂÎÁÇÖÎÊÉÇÚÈÎÆÃÊËÉÑÀ¿ÎËÎ0HVVDJH%HHS ÊɽÉÆÃÇÌÀ¼ÀÈÀ¼ÉÆ×ÓÉÀÉÍÌÍÎÊÆÀÈÃÀÉÍÉÌÈɽ ÈÉÄ ÍÀÇÖ ¸Í» ÊËÉÑÀ¿ÎË» Ú½ÆÚÀÍÌÚ É¿ÈÃÇ Ã ̻ÇÖÐ ÊËÉÌÍÖÐ Ã ÊÉÆÀÂÈÖÐ ØÆÀÇÀÈÍɽ :LQ $3, ©È» ÉÒÀÈ× ÊËÉÌÍ» ½ ÃÌÊÉÆ×Âɽ»ÈÃÃt ¿ÉÌÍ»ÍÉÒÈÉ ÆÃÓ× ÊÀËÀ¿»Í× ÀÄ ÈÀÅÉÍÉËÎ٠»˻ÈÀÀ ÉÊËÀ¿ÀÆÀÈÈÎÙ ÅÉÈÌÍ»ÈÍÎ Ã ÌÃÌÍÀÇ» :LQGRZV ÊÉÓÆÀÍ Â½ÎÅɽÉÄ ÌÃ¾È»Æ È» ¿ÃÈ»ÇÃÅ ÅÉÇÊ×ÙÍÀË» ÃÆà ÊËà ȻÆÃÒÃà ½ÎÅɽÉÄÊÆ»ÍÖ½ÉÌÊËÉýÀ¿ÀÍÌÉÉͽÀÍÌͽÎÙÔÃÄ:$9Ï»ÄÆ p¨ÎÃÒÍÉ"qtÌÊËÉÌÃÍÀ½Ö°ÉÍÚØÍÉà ÈÀÉÒÀ½Ã¿ÈÉÌÊÀ˽ɾɽ¾ÆÚ¿»ÈÉÊËÉÑÀ¿ÎË»0HVVDJH%HHS ÉÒÀÈ×οɼȻ¿ÆÚÉÍÆ»¿ÉÒÈÖÐÑÀÆÀÄ ÌÆÃÍËÀ¼ÎÀÍÌÚ¼ÖÌÍËɼÀÂÊËýÆÀÒÀÈÃÚÉÍÆ»¿ÒÃŻû¿»ÈÃÚÍÉÒÀÅÉÌÍ»Èɽ»ÎÍÉÒÈÃÍ׿ÉÌÍþ»ÀÍÆà ÊËɾ˻ÇÇ»½ÐÉ¿À̽ÉÀ¾É½ÖÊÉÆÈÀÈÃÚÈÀÅÉÍÉËɾÉÇÀÌÍ»½ÀÀÍÀÅÌÍÀÊÉÇÀÌÍÃÍÀÍο»½ÖÂɽÊËÉÑÀ¿Î ËÖ0HVVDJH%HHS ¸Í»ÊËÉÑÀ¿ÎË»ÈÀÍËÀ¼ÎÀÍÊÀËÀ¿»ÒÃÀĽŻÒÀÌͽÀʻ˻ÇÀÍË»¿ÀÌÅËÃÊÍÉË»ÉÅÈ» ÃÆÃÈÀÅÉÍÉËɾɿËξɾÉËÀÌÎËÌ»:LQGRZVÊÉØÍÉÇÎÀÀÇÉÁÈɽÖ½»Í×ÊË»ÅÍÃÒÀÌÅÃàÆÙ¼É¾É ÇÀÌÍ» ÊËɾ˻ÇÇÖ ÌÆýÅÉÇÊ×ÙÍÀËÀÃÇÀÀÍÌÚ½ÎÅɽ»ÚÊƻͻÇÉÁÈÉÊÀËÀ¿»½»Í×ØÍÉÄÊËÉÑÀ¿ÎËÀÈÀÌÅÉÆ× ÅÉ Â»Ë»ÈÀÀ ÉÊËÀ¿ÀÆÀÈÈÖÐ ÂÈ»ÒÀÈÃÄ Ê»Ë»ÇÀÍË» ÉÈà ÉÊÃÌ»ÈÖ ½ ÃÈÍÀË»ÅÍýÈÉÄ ÌÊË»½ÉÒÈÉÄ ÌÃÌÍÀÇÀ :LQ$3, ÃÉÊËÀ¿ÀÆÚÍ×ÊɽÉÌÊËÉýɿÃÇÉÄÇÀÆÉ¿ÃÃÒÍÉÁÀÃÇÀÈÈÉÊËÉÃÂÉÓÆÉ ÌÆýÖÈÀÐÉÍÃÍÀÅ»Á¿ÖÄË»ÂÊÃÌ»Í×Í»ÅÉÀ¿ÆÃÈÈÉÀȻ½»ÈÃÀÊËÉÑÀ¿ÎËÖÃÌÊÉÆ×ÂÎÄÍÀÊËÉÑÀ¿ÎËÎ%HHS ÃÂÇÉ¿ÎÆÚ6\V8WLOVÅÉÍÉË»ÚÊËÀ¿ÌÍ»½ÆÚÀÍÌɼÉĽÖÂɽÊËÉÑÀ¿ÎËÖ0HVVDJH%HHS Ìʻ˻ÇÀÍËÉÇ
6x^Kx\}yKN\\xQ~vxN\zQ\xK}Q~\Q <hlebqb_hlkh[ulbc'HOSKLh[jZ[hldZkhh[s_gbcy\ey_lkyh[yaZl_evghcbg_fh`_l\u ihegylvkybebg_\uihegylvkyihmkfhlj_gbxijh]jZffbklZH[uqgh_keb\ijh]jZff_h[ty\ e_ghhijh\_^_gbbkh[kl\_gghch[jZ[hldbkhh[s_gbckbkl_fZ:LQGRZVh`b^Z_l \uiheg_gby g_dhlhjuo ij_^hij_^_e_gguo ^_ckl\bc k\yaZgguo k h[jZ[hldhc khh[s_gby QZs_ \k_]h dhf ihg_glu9&/\uihegyxl[hevrmxqZklvh[jZ[hldbk\hbfb\kljh_ggufbkj_^kl\Zfb^ey^hk lmiZddhlhjufijh]jZffbklm^hklZlhqghebrv\ua\Zlvh[jZ[hlqbddeZkkZij_^dZkihfhsvx ^bj_dlb\uLQKHULWHGH[sZyko_fZ\u]ey^blijbf_jghlZd kh[kl\_ggh\h[jZ[hlqbd_khh[s_ gby ^he`gu \uihegylvky ^_ckl\by dhlhju_ g_h[oh^bfu ^ey ijbeh`_gby Z ^ey \uiheg_gby l_o^_ckl\bcdhlhju_h`b^Zxlkykbkl_fhc:LQGRZVke_^m_l\ua\Zlvf_lh^LQKHULWHG ©¿È»ÅÉÊËÉÌÍɾɽÖÂɽ»ÎÈ»ÌÆÀ¿É½»ÈÈɾÉɼ˻¼ÉÍÒÃÅ»ÌÉɼÔÀÈÃÚ½ÈÀÅÉÍÉËÖÐÌÆÎÒ»ÚÐ ÇÉÁÀÍÉŻ»Í×ÌÚÈÀ¿ÉÌÍ»ÍÉÒÈɪËÃɼ˻¼ÉÍÅÀÌÉɼÔÀÈÃÄ:LQGRZVÈ»ÊÉ¿ÊËɾ˻ÇÇÎÃРɼ˻¼ÉÍÅýÉÊËÀ¿ÀÆÀÈÈÖÐÌÆÎÒ»ÚÐÇɾÎͼÖÍ×È»ÆÉÁÀÈÖ¿ÉÊÉÆÈÃÍÀÆ×ÈÖÀɾ˻ÈÃÒÀÈÃÚ ¨»ÊËÃÇÀË ÊËà ɼ˻¼ÉÍÅÀ ÌÉɼÔÀÈÃÚ :0B.,//)2&86 ÊÀËÀ¿»Ò» ÏÉÅÎÌ» ½½É¿» ¿ËξÉÇÎ ÎÊË»½ÆÚÙÔÀÇÎØÆÀÇÀÈÍνÖÂɽÀÍ»½»ËÃÄÈÉÀÊËÀÅË»ÔÀÈÃÀË»¼ÉÍÖÊËÃÆÉÁÀÈÃÚ >ey^_fhgkljZpbb\Z`ghklb\uah\ZmgZke_^h\Zggh]hh[jZ[hlqbdZihijh[mcl_m[jZlv\u ah\f_lh^ZLQKHULWHGbajZkkfhlj_ggh]hjZg__ijbf_jZIh^ijh]jZffZh[jZ[hldbijbwlhf [m^_l\u]ey^_lvlZd SURFHGXUH7IRUP:03DLQW YDU0VJ 7:03DLQW EHJLQ 0HVVDJH%HHS HQG Ihkdhevdmkbkl_f_:LQGRZVgbdh]^Zg_ij_^hklZ\ey_lky\hafh`ghklb\uihegblvhkgh\gmx h[jZ[hldmkhh[s_gby:0B3$,17nhjfZwlh]hijbeh`_gbygbdh]^Zg_[m^_li_j_jbkh\u\Zlvky
=eZ\ZKhh[s_gby:LQGRZV
o\z^K}^Q}K}K\x^Kx\}yN\\xQ~ Ijb h[jZ[hld_ hij_^_e_gguo khh[s_gbc :LQGRZV h`b^Z_l \ha\jZlZ g_dhlhjh]h j_amev lbjmxs_]h agZq_gby DeZkkbq_kdbf ijbf_jhf fh`_l kem`blv khh[s_gb_ :0B&7/&2/25 Hl ih^ijh]jZffu h[jZ[hldb wlh]h khh[s_gby :LQGRZV h`b^Z_l ihemqblv ^_kdjbilhj dbklb k ihfhsvxdhlhjhc^he`gh[ulvijhjbkh\Zgh^bZeh]h\h_hdghbebwe_f_glmijZ\e_gby >ey k\hbodhfihg_glh\'HOSKLij_^hklZ\ey_lk\hckl\h&RORUh[_ki_qb\Zxs__\uiheg_gb_ mih fygmluo ^_ckl\bc lZd qlh ijbf_j ghkbl ebrv beexkljZlb\guc oZjZdl_j Fh`gh b kZfh klhyl_evgh\_jgmlvlj_[m_fuc^_kdjbilhjdbklbbaijhp_^mjuh[jZ[hldbkhh[s_gbcgZagZ qb\khhl\_lkl\mxs__agZq_gb_ihex5HVXOWaZibkb7PHVVDJH bebaZibkbkhh[s_gby^jm]h]h lbiZ ihke_\uah\Zf_lh^ZLQKHULWHGGZijbf_jijbh[jZ[hld_khh[s_gby:0B&7/&2/25lj_ [m_fuclbidbklbfh`ghmdZaZlv:LQGRZVkihfhsvxke_^mxsbohi_jZlhjh\ SURFHGXUH7IRUP:0&WO&RORU YDU0VJ 7:0&WO&RORU YDU %UXVK+DQG K%UXVK EHJLQ LQKHULWHG ^fvoljtqnlnxréqwzvéjrqxzqqtjotj·ntqnnmvwnénunttvp%UXVK+DQG` 0VJ5HVXOW %UXVK+DQG HQG
(\x}Q2Q0HVVDJHyKNNK7DSSOLFDWLRQ >jm]hc f_lh^ h[jZ[hldb khh[s_gbc aZdexqZ_lky \ bkihevah\Zgbb kh[ulby 2Q0HVVDJH deZkkZ7DSSOLFDWLRQIjbgZagZq_gbbijhp_^mjuwlhfmkh[ulbxhgZ[m^_l\uau\Zlvky\ky dbcjZaijbihemq_gbbkhh[s_gbybahq_j_^bbih^]hlh\d__]hdh[jZ[hld_H[jZ[hlqbdkh [ulby2Q0HVVDJH\k_]^Z\uau\Z_lky^hlh]hdZdkbkl_fZ:LQGRZVihemqbl\hafh`ghklvh[ jZ[hlZlv khh[s_gb_ Ih^ijh]jZffZ 7DSSOLFDWLRQ2Q0HVVDJH ^he`gZ bf_lv lbi 70HVVDJH(YHQWbh[ty\eylvkykhkibkdhfiZjZf_ljh\ihdZaZggufgb`_ 3URFHGXUH6RPH2EMHFW$SS0HVVDJH+DQGOHU YDU0VJ 70VJ YDU+DQGOHG %RROHDQ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
hihegbl_evguc bgkljm f_glZjbcjZajZ[hlqbdZ´\umagZ_l_hlhfqlhh[hclbwlbh]jZgbq_gbyfh`ghaZf_gb\klZg ^Zjlgu_ijhp_^mjuhdgZkh[kl\_ggufbih^ijh]jZffZfb ¬É¼ÖÍÃÀ 2Q0HVVDJH ÊÀËÀн»ÍÖ½»ÀÍ ½ÌÀ ÌÉɼÔÀÈÃÚ È»ÊË»½ÆÚÀÇÖÀ ½ »¿ËÀÌ ½ÌÀРÿÀÈÍÃÏÃÅ»ÍÉËɽÉÅÉÈÉÍÈÉÌÚÔÃÐÌÚÅ¿»ÈÈÉÇÎÊËÃÆÉÁÀÈÃÙ©¼Ë»¼ÉÍÒÃÅØÍɾÉÌÉ¼Ö ÍÃÚ ¼Î¿ÀÍ Ì»ÇÉÄ Â»¾ËÎÁÀÈÈÉÄ ÊÉ¿ÊËɾ˻ÇÇÉÄ ÊËÃÆÉÁÀÈÃÚ ÊÉÌÅÉÆ×ÅÎ ØÍÃÐ ÌɼÖÍÃÄ ÉÒÀÈ×ÇÈɾÉt¿ÉÍÖÌÚÒ½ÌÀÅÎȿΪÉØÍÉÇÎüÀ¾»ÄÍÀ½ÖÊÉÆÈÀÈÃÚ½ØÍÉÄÊËÉÑÀ¿ÎËÀ ÆÙ¼ÖÐ ÊËÉ¿ÉÆÁÃÍÀÆ×ÈÖÐ ¿ÀÄÌͽÃÄ ÃÈ»ÒÀ Ë»¼ÉÍ» ½ÌÀ¾É ÊËÃÆÉÁÀÈÃÚ ÇÉÁÀÍ ÌÎÔÀÌÍ ½ÀÈÈÉ»ÇÀ¿ÆÃÍ×ÌÚÒ»ÌÍÈÉÌÍÃØÍÉÉ¿ÈÉÃÂÌ»ÇÖÐÈÀÊÉ¿ÐÉ¿ÚÔÃÐÇÀÌÍ¿ÆÚË»ÂÇÀ ÔÀÈÃÚÍÉÒÀÅÉÌÍ»Èɽ»½ÊËÉÑÀÌÌÀÉÍÆ»¿ÅÃ
tNu\\zK~QN\xN}zQ~~g}u\z N\\xQ~v :gZeh]bqghlhfmdZdkbkl_fZ:LQGRZVihkueZ_lk\hbkhh[s_gbyjZaebqgufhdgZfijbeh`_ gby\kZfhfijbeh`_gbblZd`_fh`_lihy\blvkyg_h[oh^bfhklvh[f_gZkhh[s_gbyfbf_`^m_]h hdgZfb b mijZ\eyxsbfb we_f_glZfb 'HOSKL ij_^hklZ\ey_l jZajZ[hlqbdm g_kdhevdh kihkh[h\ hkms_kl\e_gbyh[f_gZkhh[s_gbyfb\ij_^_eZoijbeh`_gby f_lh^3HUIRUP jZ[hlZxsbcg_aZ \bkbfhhl:LQGRZV$3, bnmgdpbb:LQ$3,6HQG0HVVDJH b3RVW0HVVDJH
±Q}\|3HUIRUP Wlbf f_lh^hf h[eZ^Zxl \k_ ihlhfdb deZkkZ 7FRQWURO \oh^ysb_ \ khklZ\ [b[ebhl_db 9&/F_lh^3HUIRUP iha\hey_lihkeZlvkhh[s_gb_ex[hc nhjf_ beb mijZ\eyxs_fm we_ f_glmaZ^Zgghfmbf_g_fwda_fieyjZlj_[m_fh]hh[t_dlZF_lh^m3HUIRUP i_j_^Z_lkyljb iZjZf_ljZ² kZfh khh[s_gb_ b khhl\_lkl\mxsb_ _fm iZjZf_lju /SDUDP b :SDUDP Hij_^_ e_gb_wlh]hf_lh^Zbf__lke_^mxsbc\b^ IXQFWLRQ7FRQWURO3HUIRUP 0VJ &DUGLQDO :SDUDP/SDUDP /RQJLQW /RQJLQW >ey ihkuedb khh[s_gby nhjf_ beb mijZ\eyxs_fm we_f_glm bkihevam_lky ke_^mxsbc kbglZdkbk 5HW9DO &RQWURO1DPH3HUIRUP 0HVVDJH,':SDUDP/SDUDP Ijb\uah\_3HUIRUP mijZ\e_gb_\uau\Zxs_cijh]jZff_g_[m^_l\ha\jZs_gh^hl_oihj ihdZkhh[s_gb_g_[m^_lh[jZ[hlZgh<f_lh^_i_j_^Zggu__fmiZjZf_ljukh[bjZxlky\aZibkv lbiZ7PHVVDJHihke_q_]h\uau\Z_lkyf_lh^'LVSDWFK mdZaZggh]hh[t_dlZfbgmykbkl_fmh[ jZ[hldbkhh[s_gbc:LQGRZV$3,Ih^jh[g__hf_lh^_'LVSDWFK ih]h\hjbfg_fgh]hiha`_
=eZ\ZKhh[s_gby:LQGRZV
·~y$7/6HQG0HVVDJH 3RVW0HVVDJH <g_dhlhjuokemqZyofh`_lihlj_[h\ZlvkyihkeZlvkhh[s_gb_hdgm^eydhlhjh]hg_lkhhl \_lkl\mxs_]h wda_fieyjZ h[t_dlZ 'HOSKL GZijbf_j bgh]^Z g_h[oh^bfh ihkeZlv khh[s_gb_ hdgm kha^Zgghfm g_ 'HOSKL b \ky bgnhjfZpby dhlhjZy ^hklmigZ ijh]jZff_² wlh _]h ^_kd jbilhj >ey ih^h[guo p_e_c bkihevamxlky ^\_ nmgdpbb :LQGRZV $3,² 6HQG0HVVDJH b 3RVW0HVVDJH ² dhlhju_ ijZdlbq_kdb b^_glbqgu gh bf_xl h^gh kms_kl\_ggh_ jZaebqb_ Nmgdpby6HQG0HVVDJH ih^h[gZf_lh^m3HUIRUP ²hgZihkueZ_lkhh[s_gb_g_ihkj_^kl\_g gh ijhp_^mj_ hdgZ b h`b^Z_l hdhgqZgby _]h h[jZ[hldb < hlebqb_ hl g__ nmgdpby 3RVW0HVVDJH ijhklhihf_sZ_lkhh[s_gb_\hq_j_^vkhh[s_gbc:LQGRZVbg_f_^e_ggh\ha \jZsZ_lmijZ\e_gb_\ua\Z\r_c__ijh]jZff_g_^h`b^Zykvj_amevlZlh\h[jZ[hldbkhh[s_gby Nmgdpbbhij_^_e_guke_^mxsbfh[jZahf IXQFWLRQ6HQG0HVVDJH K:QG +:1' 0VJ 8,17 :SDUDP :3$5$0 /SDUDP /3$5$0 /5(68/7 VWGFDOO IXQFWLRQ3RVW0HVVDJH K:QG +:1' 0VJ 8,17 :SDUDP :3$5$0 /SDUDP /3$5$0 %22/ VWGFDOO ]^_ N K:QG²^_kdjbilhjhdgZihemqZl_eykhh[s_gby N 0VJ²b^_glbnbdZlhjkhh[s_gby N :SDUDP²[blZ^hihegbl_evghcmlhqgyxs_cbgnhjfZpbb N /SDUDP²_s_[blZ^hihegbl_evghcmlhqgyxs_cbgnhjfZpbb °ÉÍÚÏÎÈÅÑÃà 6HQG0HVVDJH à 3RVW0HVVDJH ÉÒÀÈ× ÊÉÐÉÁà ÉÈà ½É½˻ԻÙÍ Ë»Â ÆÃÒÈÖÀ ÊÉ Ì½ÉÀÇÎ ÌÇÖÌÆÎ ÂÈ»ÒÀÈÃÚ ¯ÎÈÅÑÃÚ 6HQG0HVVDJH ½É½˻ԻÀÍ ÂÈ»ÒÀÈÃÀ ÊÉÆÎÒÀÈÈÉÀ½ËÀÂÎÆ×Í»ÍÀɼ˻¼ÉÍÅÃÌÉɼÔÀÈÃÚÍɾ¿»Å»ÅÏÎÈÅÑÃÚ3RVW0HVVDJH ½É ½Ë»Ô»ÀÍ ÂÈ»ÒÀÈÃÀ ÍÃÊ» %RROHDQ ÎÅ»ÂÖ½»ÙÔÀÀ ο»ÆÉÌ× Æà ÊÉÇÀÌÍÃÍ× ÌÉɼÔÀÈÃÀ ½ ÉÒÀËÀ¿×ÌÉɼÔÀÈÃÄÌÉÉͽÀÍÌͽÎÙÔÀ¾ÉÉÅÈ»
²QN}K~|K^}~QN\\xQ~ >hkboihjfuh[km`^ZeblhevdhklZg^Zjlgu_khh[s_gby:LQGRZVb^_glbnbdZlhjudh lhjuo bf_xl \b^ :0B;;; H^gZdh _klv _s_ ^\_ h[rbjgu_ dZl_]hjbb khh[s_gbc dhlhju_ ke_^m_ljZkkfhlj_lvih^jh[g__²ba\_sZxsb_khh[s_gbybihevah\Zl_evkdb_khh[s_gby
tzQKQN\\xQ~ Ba\_sZxsb_khh[s_gby QRWLILFDWLRQPHVVDJHV ij_^klZ\eyxlkh[hckhh[s_gbyihkueZ_ fu_jh^bl_evkdhfmhdgm\lhfkemqZ_dh]^Z\h^ghfba_]h^hq_jgbowe_f_glh\mijZ\e_gby ijhbkoh^blg_qlhaZkem`b\Zxs__\gbfZgbyjh^bl_eyWlbkhh[s_gby]_g_jbjmxlkylhevdh klZg^Zjlgufb we_f_glZfb mijZ\e_gby :LQGRZV dghidb kibkdb jZkdju\Zxsb_ky kibkdb ihey j_^Zdlbjh\Zgby b h[sbfb we_f_glZfb mijZ\e_gby :LQGRZV ^_j_\h h[t_dlh\ kibkhd h[t_dlh\bli S_eqhdbeb^\hcghcs_eqhdgZmijZ\eyxs_fwe_f_gl_\u[hjl_dklZ\ih e_ j_^Zdlbjh\Zgby beb i_j_f_s_gb_ iheamgdZ ihehku ijhdjmldb² \hl ijbf_ju kh[ulbc \uau\Zxsbo]_g_jZpbxba\_sZxsbokhh[s_gbc
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
H[jZ[hldZba\_sZxsbokhh[s_gbchkms_kl\ey_lkykihfhsvxkhhl\_lkl\mxsboijhp_ ^mj h[jZ[hldb ijbgZ^e_`Zsbo lhc nhjf_ \ dhlhjhc kh^_j`blky g_dhlhjuc mijZ\eyxsbc we_f_gl<lZ[eijb\_^_gkibkhdba\_sZxsbokhh[s_gbc^eyklZg^ZjlguomijZ\eyxsbo we_f_glh\:LQ
±¿ÀÊÇÕ¿§ÆÁÄØ¿ÝØÇÄÐÍÍÀØÄÌÇÞÐÑ¿ÌÿÏÑÌÚÔÜÊÄËÄÌÑÍÁÒÎÏ¿ÁÊÄÌÇÞ:LQGRZV §ÆÁÄØÄÌÇÄ
°ËÚÐÊÐÍÍÀØÄÌÇÞ
£Â½ÀÔÀÈÃÚÉÍÅÈÉÊÉÅ
%1B&/,&.('
ªÉÆ×Âɽ»ÍÀÆ×ÔÀÆÅÈÎÆÈ»ÅÈÉÊÅÀ
%1B',6$%/(
¥ÈÉÊÅ»ÊÀËÀ½À¿ÀÈ»½ÈÀ»ÅÍýÈÉÀÌÉÌÍÉÚÈÃÀ
%1B'28%/(&/,&.('
ªÉÆ×Âɽ»ÍÀÆ׿½»Á¿ÖÔÀÆÅÈÎÆÈ»ÅÈÉÊÅÀ
%1B+,/,7(
ªÉÆ×Âɽ»ÍÀÆ×½Ö¿ÀÆÃÆÅÈÉÊÅÎ
%1B3$,17
¥ÈÉÊÅ»¿ÉÆÁÈ»¼ÖÍ×ÊÀËÀËÃÌɽ»È»
%1B81+,/,7(
Ö¿ÀÆÀÈÃÀÅÈÉÊÅÿÉÆÁÈɼÖÍ×ÉÍÇÀÈÀÈÉ
£Â½ÀÔÀÈÃÚË»ÌÅËÖ½»ÙÔÃÐÌÚÌÊà ÌÅɽ
&%1B&/26(83
«»ÌÅËÖÍÖÄÌÊÃÌÉżÖÆ»ÅËÖÍÊÉÆ×Âɽ»ÍÀÆÀÇ
&%1B'%/&/.
ªÉÆ×Âɽ»ÍÀÆ׿½»Á¿ÖÔÀÆÅÈÎÆÈ»ÌÍËÉÅÀ
&%1B'523'2:1
¬ÊÃÌÉżÖÆÌ¿½ÃÈÎͽÈÃÂ
&%1B(',7&+$1*(
ªÉÆ×Âɽ»ÍÀÆ×ÃÂÇÀÈÃÆÍÀÅÌͽÊÉÆÀ½½É¿»
&%1B(',783'$7(
ËÀ¼ÎÀÍÌÚ½Ö½ÀÌÍÃÃÂÇÀÈÀÈÈÖÄÍÀÅÌÍ
&%1B(5563$&(
¸ÆÀÇÀÈÍÎÎÊË»½ÆÀÈÃÚÌÊÃÌÅ»ÈÀн»Í»ÀÍÊ»ÇÚÍÃ
&%1B.,//)2&86
¬ÊÃÌÉÅÊÉÍÀËÚÆÏÉÅÎ̽½É¿»
&%1B6(/&+$1*(
ּ˻ÈÈɽÖÄØÆÀÇÀÈÍÌÊÃÌÅ»
&%1B6(/(1'&$1&(/
ªÉÆ×Âɽ»ÍÀÆ×ÉÍŻ»ÆÌÚÉÍÌ¿ÀÆ»ÈÈɾÉÃǽּÉË»
&%1B6(/(1'2.
Ö¼ÉËÊÉÆ×Âɽ»ÍÀÆÚÅÉËËÀÅÍÀÈ
&%1B6(7)2&86
¬ÊÃÌÉÅÊÉÆÎÒÃÆÏÉÅÎ̽½É¿»
£Â½ÀÔÀÈÃÚÊÉÆÀĽ½É¿»
(1B&+$1*(
ËÀ¼ÎÀÍÌÚɼÈɽÆÀÈÃÀÊÉÌÆÀ½ÈÀÌÀÈÃÚÃÂÇÀÈÀÈÃÄ
(1B(5563$&(
¸ÆÀÇÀÈÍÎÎÊË»½ÆÀÈÃÚÈÀн»Í»ÀÍÊ»ÇÚÍÃ
(1B+6&52//
ªÉÆ×Âɽ»ÍÀÆ×ÔÀÆÅÈÎÆÈ»¾ÉËÃÂÉÈÍ»Æ×ÈÉÄÊÉÆÉÌÀÊËÉÅËÎÍÅÃ
(1B.,//)2&86
ªÉÆÀ½½É¿»ÊÉÍÀËÚÆÉÏÉÅÎ̽½É¿»
(1B0$;7(;7
½À¿ÀÈÈÖÄÍÀÅÌͼÖÆɼËÀ»È
(1B6(7)2&86
ªÉÆÀ½½É¿»ÊÉÆÎÒÃÆÉÏÉÅÎ̽½É¿»
(1B83'$7(
ËÀ¼ÎÀÍÌÚÉÍɼ˻ÁÀÈÃÀ½½À¿ÀÈÈɾÉÍÀÅÌÍ»
(1B96&52//
ªÉÆ×Âɽ»ÍÀÆ×ÔÀÆÅÈÎÆÈ»½ÀËÍÃÅ»Æ×ÈÉÄÊÉÆÉÌÀÊËÉÅËÎÍÅÃ
£Â½ÀÔÀÈÃÚÌÊÃÌÅɽ
/%1B'%/&/.
ªÉÆ×Âɽ»ÍÀÆ׿½»Á¿ÖÔÀÆÅÈÎÆÈ»ÌÍËÉÅÀ
/%1B(5563$&(
¸ÆÀÇÀÈÍÎÎÊË»½ÆÀÈÃÚÈÀн»Í»ÀÍÊ»ÇÚÍÃ
=eZ\ZKhh[s_gby:LQGRZV
ÉÍÌÖ¿ÌÇÄÑ¿ÀÊ §ÆÁÄØÄÌÇÄ
°ËÚÐÊÐÍÍÀØÄÌÇÞ
£Â½ÀÔÀÈÃÚÌÊÃÌÅɽ
/%1B.,//)2&86
¬ÊÃÌÉÅÊÉÍÀËÚÆÏÉÅÎ̽½É¿»
/%1B6(/&$1&(/
©ÍÇÀÈ»½Ö¿ÀÆÀÈÃÚ
/%1B6(/&+$1*(
£ÂÇÀÈÀÈÃÀ½Ö¿ÀÆÀÈÃÚ
/%1B6(7)2&86
¬ÊÃÌÉÅÊÉÆÎÒÃÆÏÉÅÎ̽½É¿»
o~}^Q~~QN\\xQ~y\wu\~Q~}\z>'2 Dhfihg_glu [b[ebhl_db 9&/ bkihevamxl h[rbjguc gZ[hj kh[kl\_gguo \gmlj_ggbo b ba\_sZxsbokhh[s_gbcOhly\kha^Z\Z_fuo\Zfb ijbeh`_gbyo \jy^ eb ihlj_[m_lky jZ[h lZlvkwlbfbkhh[s_gbyfbg_ihkj_^kl\_gghl_fg_f_g__jZajZ[hlqbdmdhfihg_glh\ihagZ dhfblvkykgbfb[m^_l\_kvfZihe_aghBf_gZwlbokhh[s_gbc\k_]^ZgZqbgZxlkykij_nbdkZ &0B khh[s_gby dhfihg_glh\² FRPSRQHQW PHVVDJHV beb &1B ba\_s_gby dhfihg_glh\² FRPSRQHQW QRWLILFDWLRQ Hgb bkihevamxlky dhfihg_glZfb [b[ebhl_db 9&/ ^ey mijZ\e_gby khklhygb_f bo \gmlj_ggbo k\hckl\² gZijbf_j ^ey i_j_^Zqb nhdmkZ mklZgh\db p\_lZ ba f_g_gby khklhygby \b^bfhklb \u^Zqb lj_[h\Zgby i_j_jbkh\db hdgZ ih^^_j`db hi_jZpbc i_j_lZkdb\Zgbybl^Iheguckibkhdwlbokhh[s_gbcfh`ghgZclb\jZa^_e_bgl_jZdlb\ghc kijZ\hqghckbkl_fu'HOSKLihk\ys_gghfkha^Zgbxihevah\Zl_evkdbodhfihg_glh\
³\\zK}QNyQN\\xQ~ IjbjZajZ[hld_ijbeh`_gbcfh`_l\hagbdgmlvkblmZpbydh]^Zijbeh`_gbxihlj_[m_lky ihkeZlvkhh[s_gb_eb[hkZfhfmk_[_eb[h^jm]hfmijbeh`_gbxbaqbkeZkha^Zgguo\ZfbM fgh]boij_^u^ms__ml\_j`^_gb_\uah\_lg_^hmf_gb_²aZq_fijbeh`_gbxihkueZlvkhh[ s_gb_kZfhfmk_[__kebfh`ghijhklh\ua\Zlvkhhl\_lkl\mxsmxijhp_^mjm"Wlhohjhrbc \hijhkgZdhlhjucfh`gh^ZlvkjZamg_kdhevdhhl\_lh\
tNu\\zK~QN\\xQ~vz~}^u^\Q~ AZklZ\blv ijbeh`_gb_ ihkeZlv khh[s_gb_ kZfhfm k_[_ hq_gv ijhklh² ^hklZlhqgh \hk ihevah\Zlvky nmgdpb_c :LQ $3, 6HQG0HVVDJH beb 3RVW0HVVDJH eb[h \ua\Zlv f_lh^ 3HUIRUP Khh[s_gb_^he`ghbf_lvb^_glbnbdZlhj\^bZiZahg_hl:0B86(5^h)))) wlhl^bZiZahg:LQGRZVj_a_j\bjm_l^eykhh[s_gbcihevah\Zl_ey GZijbf_j FRQVW 6;B0<0(66$*( :0B86(5 EHJLQ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
6RPH)RUP3HUIRUP 6;B0<0(66$*( ^qsq` 6HQG0HVVDJH 6RPH)RUP+DQGOH6;B0<0(66$*( ^qsq` 3RVW0HVVDJH 6RPH)RUP+DQGOH6;B0<0(66$*( HQG >ey ihemq_gby ih^h[gh]h khh[s_gby g_h[oh^bfh kha^Zlv ijhp_^mjmh[jZ[hlqbd \ lhc nhjf_dhlhjhcwlhkhh[s_gb_ij_^gZagZqZ_lky 7)RUP FODVV 7)RUP SULYDWH SURFHGXUH6;0\0HVVDJH YDU0VJ 70HVVDJH PHVVDJH6;B0<0(66$*( HQG SURFHGXUH7)RUP6;0\0HVVDJH YDU0VJ 70HVVDJH EHJLQ 0HVVDJH'OJ 6KHWXUQHGPHLQWRDQHZW PW,QIRUPDWLRQ>[email protected] HQG DZd \b^bl_ jZaebqby \ h[jZ[hld_ kh[kl\_ggh]h khh[s_gby b klZg^Zjlgh]h khh[s_gby :LQGRZV g_\_ebdb Hgb aZdexqZxlky \ bkihevah\Zgbb b^_glbnbdZlhjh\ \ ^bZiZahg_ hl :0B86(5 b \ur_ Z lZd`_ \ ijbk\h_gbb dZ`^hfm khh[s_gbx bf_gb dhlhjh_ dZdbflh h[jZahf[m^_lhljZ`Zlv_]hkfuke ¨ÃÅɾ¿»ÈÀÊÉÌÖÆ»ÄÍÀÌÉɼÔÀÈÃÚÿûʻÂÉÈ»:0B86(5²))))ÀÌÆÃÈÀνÀËÀÈÖ ÒÍÉÊÉÆÎÒ»ÍÀÆ×ÌÊÉÌɼÀÈÀ¾ÉÅÉËËÀÅÍÈÉɼ˻¼ÉÍ»ÍתÉÌÅÉÆ×ÅÎÅ»Á¿ÉÀÉÅÈÉÇÉÁÀÍÈÀ» ½ÃÌÃÇɽּÃË»Í×ÃÌÊÉÆ×ÂÎÀÇÖÀÃÇÂÈ»ÒÀÈÃÚ½ÀÌ×Ç»½ÀËÉÚÍÈÉÊÉÚ½ÆÀÈÃÀÍËοÈÉÎÆɽà ÇÖÐÉÓüÉÅÀÌÆÃÍÉÆ×ÅÉ»˻ÈÀÀÈÀÌÉÌÍ»½ÃÍ×Í»¼ÆÃÑÖÿÀÈÍÃÏÃÅ»ÍÉËɽÌÉɼÔÀÈÃÄÌ ÅÉÍÉËÖÇüοÎÍË»¼ÉÍ»Í×½ÌÀÉÍÊË»½ÃÍÀÆÃÃÊÉÆÎÒ»ÍÀÆÃÌÉɼÔÀÈÃÄ
6xwQ~N\\xQ~wwQ|u^\Q~w Ijbg_h[oh^bfhklbhj]Zgbah\Zlvh[f_gkhh[s_gbyfbf_`^m^\mfybeb[he__ijbeh`_gbyfb ke_^m_lbkihevah\Zlv\gbonmgdpbx:LQ$3,5HJLVWHU:LQGRZ0HVVDJH Wlhlf_lh^]ZjZglbjm _lqlh^eyaZ^Zggh]hlbiZkhh[s_gbcdZ`^h_ijbeh`_gb_[m^_lbkihevah\Zlvh^bgblhl`_ghf_j Nmgdpby 5HJLVWHU:LQGRZ0HVVDJH ijbgbfZ_l \ dZq_kl\_ iZjZf_ljZ kljhdm k aZ\_jrZxsbf gme_fb\ha\jZsZ_lb^_glbnbdZlhj^eygh\h]hkhh[s_gby\^bZiZahg_&²)))WlhhagZ qZ_lqlh\uah\Zwlhcnmgdpbbkh^ghcblhc`_kljhdhc\dZq_kl\_iZjZf_ljZ\dZ`^hfijbeh`_ gbb[m^_l^hklZlhqghqlh[u]ZjZglbjh\Zlvh^bgZdh\u_ghf_jZkhh[s_gbc\h\k_oijbeh`_gbyo ijbgbfZxsbomqZklb_\h[f_g_?s_h^ghij_bfms_kl\hwlhcnmgdpbbkhklhbl\lhfqlhkbkl_ fZ]ZjZglbjm_lmgbdZevghklvb^_glbnbdZlhjZgZagZq_ggh]hex[hcaZ^Zgghckljhd_Wlhiha\hey _l ihkueZlv rbjhdh\_sZl_evgu_ khh[s_gby \k_f kms_kl\mxsbf \ kbkl_f_ hdgZf g_ hiZkZykv g_`_eZl_evguoih[hqguownn_dlh\G_^hklZldhf^Zggh]hf_lh^Zy\ey_lkyg_dhlhjh_mkeh`g_gb_ h[jZ[hldbih^h[guokhh[s_gbcKmlv\lhfqlhb^_glbnbdZlhjkhh[s_gbyklZgh\blkyba\_klguf lhevdhijbjZ[hl_ijbeh`_gbyihwlhfmbkihevah\Zgb_klZg^Zjlguoijhp_^mjh[jZ[hldbkhh[s_
=eZ\ZKhh[s_gby:LQGRZV
gbchdZau\Z_lkyg_\hafh`guf>eyjZ[hlukih^h[gufbkhh[s_gbyfbihlj_[m_lkyi_j_hij_^_ eblv klZg^Zjlguc f_lh^ :QG3URF beb 'HIDXOW+DQGOHU khhl\_lkl\mxsbo dhfihg_glh\ eb[h kha^Zlvih^deZkkkms_kl\mxs_cijhp_^mjuhdgZIjbf_jbkihevah\Zgby^Zgghcl_ogheh]bbfh` ghgZclb\]eZ\_³>hihegbl_evgucbgkljmf_glZjbcjZajZ[hlqbdZ´ ɽ˻ԻÀÇÖÄ ÏÎÈÅÑÃÀÄ 5HJLVWHU:LQGRZ0HVVDJH ÿÀÈÍÃÏÃÅ»ÍÉË ½Ö¿ÀÆÚÀÍÌÚ ¿ÃÈ»ÇÃÒÀÌÅà à ÇÉÁÀÍ ÊËÃÈÃÇ»Í× Ë»ÂÆÃÒÈÖÀ ÂÈ»ÒÀÈÃÚ ½ Ë»ÂÈÖÐ ÌÀÌÌÃÚÐ :LQGRZV » ÂÈ»ÒÃÍÈÀÇÉÁÀͼÖÍ×ÉÊËÀ¿ÀÆÀÈ¿ÉÇÉÇÀÈÍ»½ÖÊÉÆÈÀÈÃÚÊËɾ˻ÇÇÖ
º^\y\zQK}Q~QN\\xQ~ DeZkk ijhba\h^guc hl deZkkZ 7:LQ&RQWURO fh`_l k ihfhsvx f_lh^Z %URDGFDVW ih keZlvrbjhdh\_sZl_evgh_khh[s_gb_dZ`^hfmmijZ\eyxs_fmwe_f_glm\eZ^_evp_fdhlhjh ]hhgy\ey_lkyWlZl_ogheh]bybkihevam_lky\l_okemqZyodh]^Zlj_[m_lkyihkeZlvh^ghblh `_khh[s_gb_]jmii_dhfihg_glh\GZijbf_jqlh[uihkeZlvihevah\Zl_evkdh_khh[s_gb_k bf_g_fXPB)RR\k_fmijZ\eyxsbf we_f_glZf ijbgZ^e_`Zsbf h[t_dlm 3DQHO fh`gh \hk ihevah\Zlvkyke_^mxsbfdh^hf YDU 0 70HVVDJH EHJLQ ZLWK0GR EHJLQ 0HVVDJH 80B)22 :3DUDP /3DUDP 5HVXOW HQG 3DQHO%URDGFDVW 0 HQG
%~K}\wNN}QwN\\xQ~v xx\}Qy>'2 Kbkl_fZkhh[s_gbc[b[ebhl_db9&/²wlhg_qlh[hevr__q_f ijhklh h[jZ[hldZ khh[ s_gbc k ihfhsvx ^bj_dlb\u PHVVDJH Ihke_ lh]h dZd :LQGRZV hlijZ\bl khh[s_gb_ hgh ijhc^_l g_kdhevdh ihke_^h\Zl_evguo wlZih\ h[jZ[hldb ij_`^_ q_f ^hklb]g_l ijhp_^mju h[jZ[hldb khh[s_gbc \Zr_]h ijbeh`_gby Djhf_ lh]h hgh fh`_l ijhclb _s_ g_kdhevdh wlZih\ h[jZ[hldb b ihke_ \uiheg_gby wlhc ijhp_^mju Ih^ijh]jZffu [b[ebhl_db 9&/ h[_ki_qb\Zxl^hklmidkhh[s_gbxgZijhly`_gbb\k_]hwlh]h^he]h]himlb Ex[h_khh[s_gb_:LQGRZVihkeZggh_[_alj_[h\Zgbyihemq_gbyj_amevlZlh\h[jZ[hldb i_j\hgZqZevghh[jZ[Zlu\Z_lkyf_lh^hf$SSOLFDWLRQ3URFHVV0HVVDJH \dhlhjhfj_Zebah \Zg ]eZ\guc pbde h[jZ[hldb khh[s_gbc kj_^kl\Zfb [b[ebhl_db 9&/ Ke_^mxsbc wlZi kh klhbl \ i_j_^Zq_ khh[s_gby h[jZ[hlqbdm kh[ulby $SSOLFDWLRQ2Q0HVVDJH Kh[ulb_ 2Q0HVVDJH ]_g_jbjm_lky ijb \u[hjd_ khh[s_gby ba hq_j_^b ijbeh`_gby \ f_lh^_ 3URFHVV0HVVDJH Ihkdhevdm khh[s_gby ihkueZ_fu_ [_a lj_[h\Zgby ihemq_gby j_amevlZ lh\h[jZ[hldbg_ihf_sZxlky\hq_j_^vkh[ulb_2Q0HVVDJH^eygbog_]_g_jbjm_lky
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
>ey h[jZ[hldb khh[s_gbc ihkueZ_fuo k lj_[h\Zgb_f ij_^hklZ\e_gby j_amevlZlh\ bo h[jZ[hldbg_y\gh\uau\Z_lkynmgdpby:LQ$3,'LVSDWFK0HVVDJH dhlhjZy\k\hxhq_ j_^vi_j_^Z_ldZ`^h_khh[s_gb_nmgdpbb6WG:QG3URF >eyhlijZ\ey_fuokhh[s_gbcwlZ nmgdpby\uau\Z_lkyg_ihkj_^kl\_gghkbkl_fhc:LQNmgdpby6WG:QG3URF ij_^klZ\ey_l kh[hcgZibkZggmxgZZkk_f[e_j_nmgdpbxgbadh]hmjh\gydhlhjZyijbgbfZ_lkhh[s_gb_hl :LQGRZVbi_j_ijZ\ey_l_]hgZagZq_gghfmh[t_dlm F_lh^ h[t_dlZ dhlhjuc ihemqZ_l khh[s_gb_ gZau\Z_lky 0DLQ:QG3URF GZqbgZy k wlh]h fhf_glZ\ijh]jZff_fh`gh\uihegylvex[mxki_pbZevgmxh[jZ[hldmkhh[s_gbydZdZylhev dh fh`_l ihlj_[h\Zlvky H[uqgh \ h[jZ[hldm khh[s_gby gZ wlhf wlZi_ \f_rb\Zxlky lhevdh ^eylh]hqlh[ug_^himklblvklZg^Zjlghch[jZ[hldbkhh[s_gbykj_^kl\Zfb[b[ebhl_db9&/ Ih aZ\_jr_gbb jZ[hlu f_lh^Z 0DLQ:QG3URF khh[s_gb_ i_j_^Z_lky f_lh^m :QG3URF h[t_dlZZaZl_fihklmiZ_l\jZkihjy`_gb_f_oZgbafZ^bki_lq_jbaZpbbkhh[s_gbcWlhlf_ oZgbaf nmgdpbhgbjmxsbc \ jZfdZo f_lh^Z 'LVSDWFK i_j_ijZ\ey_l khh[s_gb_ ^Zevr_ g_dhlhjhc dhgdj_lghc ijhp_^mj_ h[jZ[hldb khh[s_gbc hij_^_e_gghc ijh]jZffbklhf beb m`_bf_xs_cky\khklZ\_kj_^kl\[b[ebhl_db9&/
JbkKo_fZf_oZgbafZh[jZ[hldbkhh[s_gbckj_^kl\Zfb[b[ebhl_db9&/
GZdhg_pkhh[s_gb_^hklb]Z_l hij_^_e_gghc \ ijh]jZff_ ki_pbZebabjh\Zgghc ijhp_^mju h[jZ[hldbkhh[s_gbc^Zggh]hlbiZIhke_\uiheg_gby\k_o^_ckl\bcij_^mkfhlj_gguoihev ah\Zl_evkdhc ijhp_^mjhc h[jZ[hldb b \k_fb mgZke_^h\Zggufb ijhp_^mjZfb \uau\Z_fufb k ihfhsvx dexq_\h]h keh\Z LQKHULWHG khh[s_gb_ i_j_^Z_lky f_lh^m 'HIDXOW+DQGOHU Wlhl f_lh^ hkms_kl\ey_l ex[u_ aZ\_jrZxsb_ ^_ckl\by ih h[jZ[hld_ khh[s_gby b i_j_^Z_l _]h nmgdpbb:LQ$3,'HI:LQGRZ3URF beb^jm]hcklZg^Zjlghcijhp_^mj_h[jZ[hldbgZijbf_j 'HI0',3URF ^eyklZg^Zjlghch[jZ[hldbkj_^kl\Zfb:LQGRZVH[sZyko_fZf_oZgbafZh[jZ [hldbkhh[s_gbckj_^kl\Zfb[b[ebhl_db9&/ij_^klZ\e_gZgZjbk ªËÃɼ˻¼ÉÍÅÀÌÉɼÔÀÈÃĽÌÀ¾¿»ÌÆÀ¿ÎÀͽÖÂÖ½»Í×ÇÀÍÉ¿ LQKHULWHG»ÃÌÅÆÙÒÀ ÈÃÀÇÍÀÐÌÆÎÒ»À½Åɾ¿»ÃÇÀÀÍÌÚ»¼ÌÉÆÙÍÈ»ÚνÀËÀÈÈÉÌÍ×½ÍÉÇÒÍÉÌͻȿ»ËÍÈ»Úɼ Ë»¼ÉÍÅ»ÌÉɼÔÀÈÃÚÈÀÍËÀ¼ÎÀÍÌÚ ªÉÌÅÉÆ×ÅÎ ½ÌÀ ÈÀɼ˻¼ÉÍ»ÈÈÖÀ ÌÉɼÔÀÈÃÚ ¿ÉÌÍ»½ÆÚÙÍÌÚ É¼Ë»¼ÉÍÒÃÅÎ 'HIDXOW+DQGOHU ØÍÉÍ ÇÀÍÉ¿ ÊËÀ¿ÌÍ»½ÆÚÀÍ ÌɼÉÄ Ì»ÇÉÀ ÊÉ¿ÐÉ¿ÚÔÀÀ ÇÀÌÍÉ ¿ÆÚ ½ÖÊÉÆÈÀÈÃÚ É¼Ë»¼ÉÍÅà ÌÉɼÔÀÈÃÄ Ã ¿ËξÃÐ ÊËÃÆÉÁÀÈÃÄ Ã¿ÀÈÍÃÏÃÅ»ÍÉËÖ ÅÉÍÉËÖÐ È»ÂÈ»ÒÀÈÖÌÊÉÇÉÔ×ÙÊËÉÑÀ¿ÎËÖ5HJLVWHU:LQGRZ0HVVDJH
=eZ\ZKhh[s_gby:LQGRZV
>ey emqr_]h ihgbfZgby ko_fu h[jZ[hldb khh[s_gbc kj_^kl\Zfb [b[ebhl_db 9&/ jZk kfhljbfg_[hevrmxijh]jZffm\dhlhjhchij_^_e_ggZyh[jZ[hldZkhh[s_gbc\uihegy_lky \f_lh^Zo$SSOLFDWLRQ2Q0HVVDJHb:QG3URF \ijhp_^mj_h[jZ[hldbkhh[s_gbcb\f_lh ^_'HIDXOW+DQGOHU Wlhlijh_dlghkblbfy&DWFK,WH[sbc\b^_]h]eZ\ghcnhjfuihdZ aZggZjbk
Jbk=eZ\gZynhjfZijbeh`_gby&DWFK,W
Gb`_ ijb\_^_g l_dkl h[jZ[hlqbdh\ kh[ulby 2Q&OLFN ^ey h[t_dlh\ dghihd 3RVW0HVV%XWWRQ b 6HQG0HVV%XWWRQ < i_j\hf ba gbo ^ey hlijZ\db ihevah\Zl_evkdh]h khh[ s_gby \ Z^j_k nhjfu ijbeh`_gby bkihevam_lky nmgdpby 3RVW0HVVDJH Z \h \lhjhf ^ey wlhc`_p_ebijbf_gy_lkynmgdpby6HQG0HVVDJH >eylh]hqlh[u\ijbeh`_gbbfh`gh[u eh hlebqblv khh[s_gby ihkeZggu_ k ihfhsvx nmgdpbb 3RVW0HVVDJH hl khh[s_gbc ih keZgguokihfhsvxnmgdpbb6HQG0HVVDJH gm`gh\i_j\hfkemqZ_\ihe_:3DUDPkhh[s_ gbyihf_klblvagZq_gb_Z\h\lhjhf² SURFHGXUH70DLQ)RUP3RVW0HVV%XWWRQ&OLFN 6HQGHU 72EMHFW ^Ìzwéjkrj{véunxvvintq¹inozénivkjtq¹wénlvxzjksntq¹énoyszjzvkviéjivzrq` EHJLQ 3RVW0HVVDJH +DQGOH6;B0<0(66$*( HQG SURFHGXUH70DLQ)RUP6HQG0HVV%XWWRQ&OLFN 6HQGHU 72EMHFW ^Ìzwéjkrj{véunxvvintq¹xzénivkjtqnuwénlvxzjksntq¹énoyszjzvkviéjivzrq` EHJLQ 6HQG0HVVDJH +DQGOH6;B0<0(66$*( HQG Wlh ijbeh`_gb_ ij_^hklZ\ey_l ihevah\Zl_ex \hafh`ghklv ³ijh]ehlblv´ khh[s_gb_ \ h[jZ[hlqbd_ kh[ulby 2Q0HVVDJH f_lh^_ :QG3URF f_lh^_ ki_pbZebabjh\Zgghc h[jZ[hl dbkhh[s_gbybeb\f_lh^_'HIDXOW+DQGOHU <ex[hfkemqZ_g_[m^_l\uiheg_gZmgZk e_^h\ZggZyh[jZ[hldZkhh[s_gby aZimkdZ_fZykihfhsvxdexq_\h]hkeh\ZLQKHULWHG b ke_^h\Zl_evgh pbde ijhoh`^_gby khh[s_gb_f \k_c p_ihqdb f_oZgbafZ h[jZ[hldb khh[ s_gbc kj_^kl\Zfb [b[ebhl_db 9&/ [m^_l g_aZ\_jr_gguf < ebklbg]_ ijb\_^_g ihe guc l_dkl ]eZ\gh]h fh^mey ijbeh`_gby beexkljbjmxs_]h ijhp_kku h[jZ[hldb khh[s_ gbc\ijbeh`_gbyo'HOSKL
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ªÇÐÑÇ̧ÐÔÍÃÌÚÈÑÄÉÐÑËÍÃÒÊÞ&,0DLQ3DV XQLW&,0DLQ LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV6WG&WUOV([W&WUOV0HQXV FRQVW 6;B0<0(66$*( :0B86(5 Êlntzq{qrjzvéwvsovkjznsxrvmvxvvintq¹ 0HVV6WULQJ VPHVVDJHQRZLQV Ìwvknntqnwvsovkjzns¹vxvvintqq W\SH 70DLQ)RUP FODVV 7)RUP *URXS%R[ 7*URXS%R[ 3RVW0HVV%XWWRQ 7%XWWRQ :QG3URF&% 7&KHFN%R[ 0HVV3URF&% 7&KHFN%R[ 'HI+DQG&% 7&KHFN%R[ 6HQG0HVV%XWWRQ 7%XWWRQ $SS0VJ&% 7&KHFN%R[ (DW0VJ&% 7&KHFN%R[ (DW0VJ*% 7*URXS%R[ 2Q0VJ5% 75DGLR%XWWRQ :QG3URF5% 75DGLR%XWWRQ 0VJ3URF5% 75DGLR%XWWRQ 'HI+DQGOHU5% 75DGLR%XWWRQ SURFHGXUH3RVW0HVV%XWWRQ&OLFN 6HQGHU 72EMHFW SURFHGXUH6HQG0HVV%XWWRQ&OLFN 6HQGHU 72EMHFW SURFHGXUH(DW0VJ&%&OLFN 6HQGHU 72EMHFW SURFHGXUH)RUP&UHDWH 6HQGHU 72EMHFW SURFHGXUH$SS0VJ&%&OLFN 6HQGHU 72EMHFW SULYDWH ^Ìiéjivzrjxvvintqptjyévktnvi~nrzj$SSOLFDWLRQ` SURFHGXUH2Q$SS0HVVDJH YDU0VJ 70VJ YDU+DQGOHG %RROHDQ ^Ìiéjivzrjxvvintqptjyévktnwév|nlyé:QG3URF` SURFHGXUH:QG3URF YDU0VJ 70HVVDJH RYHUULGH ^Ìiéjivzrjxvvintqpwvxsnlqxwnz·néqoj|qq` SURFHGXUH6;0\0HVVDJH YDU0VJ 70HVVDJH PHVVDJH6;B0<0(66$*( ^Ìiéjivzrjxvvintqpwvyuvs·jtqí` SURFHGXUH'HIDXOW+DQGOHU YDU0VJ RYHUULGH HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0`
=eZ\ZKhh[s_gby:LQGRZV
FRQVW fzévrqls¹yrjojtq¹xwvxvijwvxsrqxvvintq¹ 6HQG3RVW6WULQJV DUUD\>@RI6WULQJ 6HQW 3RVWHG SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW ^Ìiéjivz·qrxvizq¹2Q&UHDWHmsjktvp{véu` EHJLQ Ìwénlnsntqnunzvlj2Q$SS0HVVDJHrjrviéjivz·qrjxvizq¹2Q0HVVDJH $SSOLFDWLRQ2Q0HVVDJH 2Q$SS0HVVDJH Êxwvsovkjtqnxkvpxzkj7DJvi~nrzj{sj rjvw|qqls¹éjounntq¹ xxsrqtjxk¹ojttyíxtqurtvwrywnénrsí·jzns¹ $SS0VJ&%7DJ /RQJLQW 2Q0VJ5% :QG3URF&%7DJ /RQJLQW :QG3URF5% 0HVV3URF&%7DJ /RQJLQW 0VJ3URF5% 'HI+DQG&%7DJ /RQJLQW 'HI+DQGOHU5% Êxwvsovkjtqnxkvpxzkj7DJvi~nrzjrtvwrqwnénrsí·jzns¹ls¹ éjounntq¹xxsrqtjxk¹ojttpxtnpvi~nrz{sj rjvw|qq 2Q0VJ5%7DJ /RQJLQW $SS0VJ&% :QG3URF5%7DJ /RQJLQW :QG3URF&% 0VJ3URF5%7DJ /RQJLQW 0HVV3URF&% 'HI+DQGOHU5%7DJ /RQJLQW 'HI+DQG&% HQG SURFHGXUH70DLQ)RUP2Q$SS0HVVDJH YDU0VJ 70VJ YDU+DQGOHG %RROHDQ ^Ìiéjivz·qrxvizq¹2Q0HVVDJHvi~nrzj$SSOLFDWLRQ` EHJLQ Íévknérj¹ks¹nzx¹sqljttvnxvvintqnxvixzknttuxvvintqnu{véu LI0VJ0HVVDJH 6;B0<0(66$*(WKHQ EHJLQ LI$SS0VJ&%&KHFNHGWKHQ EHJLQ Êoknntqnwvsovkjzns¹vwvxzywsntqqxvvintq¹q yxzjtvkrjxvvzknzxzkyínmv{sj rj+DQGOHG 6KRZ0HVVDJH )RUPDW 0HVV6WULQJ>6HQG3RVW6WULQJV>0VJ:[email protected] $SSOLFDWLRQ2Q0HVVDJH @ +DQGOHG 2Q0VJ5%&KHFNHG HQG HQG HQG SURFHGXUH70DLQ)RUP:QG3URF YDU0VJ 70HVVDJH ^Íév|nlyéj:QG3URFvi~nrzj{véu` YDU &DOO,QKHULWHG %RROHDQ EHJLQ Íénlwvsjmjnu·zvytjxsnlvkjttnunzvliylyzkokjzx¹ &DOO,QKHULWHG 7UXH Íévknérjwvsy·ntq¹xvixzknttvmvxvvintq¹{véu LI0VJ0VJ 6;B0<0(66$*(WKHQ EHJLQ LI:QG3URF&%&KHFNHGWKHQcxsq{sj vr:QG3URF&%yxzjtvksnt
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
EHJLQ Êoknntqnwvsovkjzns¹vwvxzywsntqqxvvintq¹ 6KRZ0HVVDJH )RUPDW 0HVV6WULQJ>6HQG3RVW6WULQJV>0VJ:[email protected] :QG3URF @ ^Æovkytjxsnlvkjtt}unzvlvkkxsy·jn nxsqxvvintqntnwévmsjzkjnzx¹` &DOO,QKHULWHG QRW:QG3URF5%&KHFNHG HQG HQG LI&DOO,QKHULWHGWKHQLQKHULWHG:QG3URF 0VJ HQG SURFHGXUH70DLQ)RUP6;0\0HVVDJH YDU0VJ 70HVVDJH ^Íév|nlyéjviéjivzrqwvsovkjznsxrvmvxvvintq¹` YDU Íénlwvsjmjnu·zvytjxsnlvkjttnunzvliylyzkokjzx¹ &DOO,QKHULWHG %RROHDQ EHJLQ &DOO,QKHULWHG 7UXH LI0HVV3URF&%&KHFNHGWKHQcxsq{sj vr0HVV3URF&%yxzjtvksnt EHJLQ Êoknntqnwvsovkjzns¹vwvxzywsntqqxvvintq¹ 6KRZ0HVVDJH )RUPDW 0HVV6WULQJ>6HQG3RVW6WULQJV>0VJ:[email protected] 0HVVDJH3URFHGXUH @ ^Æovkytjxsnlvkjtt}unzvlvkkxsy·jn nxsqxvvintqntnwévmsjzkjnzx¹` &DOO,QKHULWHG QRW0VJ3URF5%&KHFNHG HQG LI&DOO,QKHULWHGWKHQ,QKHULWHG HQG SURFHGXUH70DLQ)RUP'HIDXOW+DQGOHU YDU0VJ ^Ìiéjivzrjxvvintq¹wvyuvs·jtqí` YDU &DOO,QKHULWHG %RROHDQ EHJLQ Íénlwvsjmjnu·zvytjxsnlvkjttnunzvliylyzkokjzx¹ &DOO,QKHULWHG 7UXH Íévknérjwvxzywsntq¹xvixzknttvmvxvvintq¹wéqsv ntq¹ LI70HVVDJH 0VJ 0VJ 6;B0<0(66$*(WKHQ EHJLQ LI'HI+DQG&%&KHFNHGWKHQcxsq{sj vr'HI+DQG&%yxzjtvksnt EHJLQ Êoknntqnwvsovkjzns¹vwvxzywsntqqxvvintq¹ 6KRZ0HVVDJH )RUPDW 0HVV6WULQJ>6HQG3RVW6WULQJV>70HVVDJH 0VJ :[email protected] 'HIDXOW+DQGOHU @ ^Æovkytjxsnlvkjtt}unzvlvkkxsy·jn nxsqxvvintqntnwévmsjzkjnzx¹` &DOO,QKHULWHG QRW'HI+DQGOHU5%&KHFNHG HQG HQG
=eZ\ZKhh[s_gby:LQGRZV
LI&DOO,QKHULWHGWKHQLQKHULWHG'HIDXOW+DQGOHU 0VJ HQG SURFHGXUH70DLQ)RUP3RVW0HVV%XWWRQ&OLFN 6HQGHU 72EMHFW ^Ìzwéjksntqnxvvintq¹wvunzvlySRVW` EHJLQ 3RVW0HVVDJH +DQGOH6;B0<0(66$*( HQG SURFHGXUH70DLQ)RUP6HQG0HVV%XWWRQ&OLFN 6HQGHU 72EMHFW ^Ìzwéjksntqnxvvintq¹wvunzvlyVHQG` EHJLQ 6HQG0HVVDJH +DQGOH6;B0<0(66$*( HQG SURFHGXUH70DLQ)RUP$SS0VJ&%&OLFN 6HQGHU 72EMHFW ^¬rzqkqoj|q¹lnjrzqkqoj|q¹rtvwvrwnénrsí·jznsnp{véuwvyxzjtvkrn{sj rj` EHJLQ LI(DW0VJ&%&KHFNHGWKHQ EHJLQ ZLWK75DGLR%XWWRQ 6HQGHUDV7&KHFN%R[ 7DJ GR EHJLQ (QDEOHG 7&KHFNER[ 6HQGHU &KHFNHG LIQRW(QDEOHGWKHQ&KHFNHG )DOVH HQG HQG HQG SURFHGXUH70DLQ)RUP(DW0VJ&%&OLFN 6HQGHU 72EMHFW ^¬rzqkqoj|q¹lnjrzqkqoj|q¹wnénrsí·jznsnp{véuxvvzknzxzknttv{sj rju` YDU L ,QWHJHU 'R(QDEOH(DW(QDEOHG %RROHDQ EHJLQ Ìwénlnsntqnxvxzv¹tq¹xvvzknzxzkyínmv{sj rj (DW(QDEOHG (DW0VJ&%&KHFNHG Êznéj|q¹wvlv·nétquësnuntzjuywéjksntq¹vi~nrzj*URXS%R[ ls¹jrzqkqoj|qqrtvwvrqyxzjtvkrqxvxzv¹tq¹{sj rvk IRUL WR(DW0VJ*%&RQWURO&RXQWGR ZLWK(DW0VJ*%&RQWUROV>[email protected]DV75DGLR%XWWRQGR EHJLQ 'R(QDEOH (DW(QDEOHG LI'R(QDEOHWKHQ'R(QDEOH 7&KHFNER[ 7DJ &KHFNHG LIQRW'R(QDEOHWKHQ&KHFNHG )DOVH (QDEOHG 'R(QDEOH HQG HQG HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
°ÉÍÚ ½ ÊËÉÑÀ¿ÎËÀ ɼ˻¼ÉÍÅà ÌÉɼÔÀÈÃÚ ¿ÆÚ ÊÀËÀ¿»Òà ÌÉɼÔÀÈÃÚ È» ɼ˻¼ÉÍÅÎ ½ ÎÈ»ÌÆÀ¿É½»ÈÈÖÀÇÀÍÉ¿Ö¿ÉÌÍ»ÍÉÒÈÉÎŻ»Í×ÅÆÙÒÀ½ÉÀÌÆɽÉLQKHULWHGØÍÉÍÇÀÍÉ¿ ÈÀÊËþɿÀȽÌÆÎÒ»ÀÊËÉÑÀ¿ÎË:QG3URF Ã'HIDXOW+DQGOHU ØÍÃÐÌÆÎÒ»ÚÐÈÀ ɼÐÉ¿ÃÇÉ Ú½ÈÉ ÎŻ»Í× ÃÇÚ ½ÖÂÖ½»ÀÇÉÄ ÎÈ»ÌÆÀ¿É½»ÈÈÉÄ ÊËÉÑÀ¿ÎËÖ È»ÊËÃÇÀË LQKHULWHG:QG3URF 0VJ H[jZlbl_ \gbfZgb_ ijhp_^mjZ 'HIDXOW+DQGOHU g_kdhevdh hlebqZ_lky hl ^jm]bo² _c lj_[m_lky i_j_^Z\Zlv h^bg g_lbibabjh\Zgguc YDUiZjZf_lj Kmlv \ lhf qlh \ ijhp_^mj_ 'HIDXOW+DQGOHU ij_^iheZ]Z_lkyqlhi_j\h_keh\h\agZq_gbbiZjZf_ljZ[m^_lb^_glbnbdZ lhjhfkhh[s_gbylh]^ZdZdhklZevgZyqZklvkhh[s_gbyijhp_^mjhcb]ghjbjm_lky<j_amev lZl_ fh`gh e_]dh ba\e_qv ba khh[s_gby _]h b^_glbnbdZlhj k ihfhsvx y\gh]h ijb\_^_gby iZjZf_ljZdlbim70HVVDJH
(zwQ|N\\xQ~w N\x}w L_i_jv\um`_agZ_l_^hklZlhqghqlh[uihgylvqlhkbkl_fZkh[ulbc'HOSKLij_^klZ\ey _lkh[hcbgl_jn_ck^ey\aZbfh^_ckl\bykkhh[s_gbyfb:LQGRZVihdjZcg_cf_j_²kg_dh lhjhcboqZklvxFgh]b_kh[ulbydhfihg_glh\[b[ebhl_db9&/g_ihkj_^kl\_gghk\yaZguk khh[s_gbyfb :LQGRZV lbiZ :0B;;; < lZ[e ijb\_^_gu hkgh\gu_ kh[ulby dhfihg_glh\ [b[ebhl_db9&/bk\yaZggu_kgbfbkhh[s_gby:LQGRZV
±¿ÀÊÇÕ¿°ÍÍÑÁÄÑÐÑÁÇÄÐÍÀÚÑÇÈÉÍËÎÍÌÄÌÑÍÁÀÇÀÊÇÍÑÄÉÇ9&/ÐÍÍÀØÄÌÇÞË:LQGRZV °ÍÀÚÑÇÄ9&/
°ÍÍÀØÄÌÇÄ:LQGRZV
°ÍÀÚÑÇÄ9&/
°ÍÍÀØÄÌÇÄ:LQGRZV
2Q$FWLYDWH
:0B$&7,9$7(
2Q.H\3UHVV
:0B&+$5
2Q&OLFN
:0B;%87721'2:1
2Q.H\8S
:0B.(<83
2Q&UHDWH
:0B&5($7(
2Q3DLQW
:0B3$,17
2Q'EO&OLFN
:0B;%87721'%/&/,&.
2Q5HVL]H
:0B6,=(
2Q.H\'RZQ
:0B.(<'2:1
2Q7LPHU
:0B7,0(5
LZ[e fh`gh jZkkfZljb\Zlv dZd djZldbc kijZ\hqgbd ihe_aguc ijb ihbkd_ kh[ulbc g_ihkj_^kl\_gghkhhl\_lkl\mxsbol_fbebbgufkhh[s_gbyf:LQGRZV ¨ÀÌÍÉÃÍÊÃÌ»Í×ɼ˻¼ÉÍÒÃÅÌÉɼÔÀÈÃÚ:LQGRZVÀÌÆÿÆÚÈÀ¾ÉÎÁÀÃÇÀÀÍÌÚÊËÀ¿É ÊËÀ¿ÀÆÀÈÈÉÀÌɼÖÍÃÀÍɾÉÁÀÈ»ÂÈ»ÒÀÈÃÚªÉÌÅÉÆ×ÅÎɼ˻¼ÉÍÅ»ÌɼÖÍÃÄÈÀÚ½ÆÚÀÍÌÚ É¼Ú»ÍÀÆ×ÈÉÄØÍÉÌÎÔÀÌͽÀÈÈÉÎÊËÉÔ»ÀÍÃÐÃÌÊÉÆ×Âɽ»ÈÃÀÊÉÌË»½ÈÀÈÃÙÌÊËÚÇÉÄ É¼Ë»¼ÉÍÅÉÄÌÉɼÔÀÈÃÄ:LQGRZV
8QwQ <wlhc]eZ\_fu]h\hjbebhjZ[hl_kbkl_fukhh[s_gbc:LQbbgdZikmeypbbh[jZ[hldb wlbokhh[s_gbckj_^kl\Zfb[b[ebhl_db9&/Ohlykbkl_fZkh[ulbc\'HOSKL²^hklZlhqgh fhsgZyagZgb_f_oZgbafh\h[jZ[hldbkhh[s_gbc\:LQGRZVy\ey_lky\Z`guflj_[h\Zgb_f dex[hfmijh]jZffbklmjZ[hlZxs_fm\kj_^_:LQ >hihegbl_evgmxbgnhjfZpbxhjZ[hl_kbkl_fukhh[s_gbc:LQGRZVfh`ghgZclb\]eZ\_ \lhjh]h lhfZ ³Kha^Zgb_ ihevah\Zl_evkdbo dhfihg_glh\ \ 'HOSKL´ A^_kv j_qv ihc^_l h f_lh^Zo ijZdlbq_kdh]hijbf_g_gbyl_oagZgbcdhlhju_[uebijbh[j_l_guijbql_gbb^Zgghc]eZ\u
=eZ\ZKhh[s_gby:LQGRZV
(}K~|K^} u^\{^Kww^\zK~ u^~}Qz}\vy~{Q
ÀØÇÄÎÏ¿ÁÇÊ¿ÓÍÏË¿ÑÇÏÍÁ¿ÌÇÞÇÐÔÍÃÌÍÂÍÉÍÿ
¾ÆÚÉ2EMHFW3DVFDO
³¿ÈÊÚ
³ÍÏËÚÇËÍÃÒÊÇÿÌÌÚÔ
®¿ÉÄÑÚ
©ÍËÎÍÌÄÌÑÚ
°ÁÄÃÄÌÇÞÍÀÇÆËÄÌÄÌÇÇÐÑ¿ÌÿÏÑÍÁ ÎÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÞ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
<wlhc]eZ\_hibkZguklZg^Zjluijh]jZffbjh\Zgby\'HOSKLijbgylu_\^Zgghcdgb]_dh lhjZy \ khhl\_lkl\bb k __ gZa\Zgb_f ij_^klZ\ey_l kh[hc jmdh\h^kl\h ^ey jZajZ[hlqbdZ \ 'HOSKL<p_ehfa^_kvij_^klZ\e_guijZdlbq_kdb\k_g_ibkZgu_ijZ\beZbkihevam_fu_nbj fhc%RUODQG,QWHUQDWLRQDOWlZ]eZ\Z\dexq_gZ\^Zggmxdgb]mkp_evx^_fhgkljZpbbf_lh^Zk ihfhsvx dhlhjh]h jZajZ[hlqbdb kh\f_klgh jZ[hlZxsb_ gZ^ ijh_dlZfb kfh]ml ijb^_j`b \Zlvky_^bgh]hklbeyijh]jZffbjh\Zgby;eZ]h^Zjybkihevah\Zgbx_^bgh]hklbeygZibkZggu_ jZagufbijh]jZffbklZfbijh]jZffuklZgml^ey\k_o[he__ihgylgufbbm^h[hqblZ_fufb Wlm]eZ\mgb\dh_fkemqZ_g_evayjZkkfZljb\ZlvdZdbkq_jiu\ZxsbcbklhqgbdbgnhjfZ pbbhklZg^ZjlZoijh]jZffbjh\ZgbyH^gZdhij_^eZ]Z_fuoa^_kvk\_^_gbc\iheg_^hklZlhq gh qlh[u ijbklmiblv d jZ[hl_ Ihevamykv ij_^eh`_ggufb klZg^ZjlZfb qm\kl\mcl_ k_[y k\h[h^ghbbaf_gycl_bo\khhl\_lkl\bbkhk\hbfbihlj_[ghklyfbH^gZdhfug_j_dhf_g^m _f kebrdhf kbevgh hldehgylvky hl klZg^Zjlh\ ijbf_gy_fuo jZajZ[hlqbdZfb nbjfu %RUODQGKmlv\lhfqlh_keb\\ZrmdhfZg^mijb^_lgh\ucijh]jZffbkl \_jhylg__ \k_]h hg [m^_l agZlv bf_ggh klZg^Zjlu nbjfu %RUODQG ;hevrbgkl\h ^hdmf_glh\ kh^_j`Zsbo hibkZgb_klZg^Zjlh\ijh]jZffbjh\Zgbykl_q_gb_f\j_f_gbw\hexpbhgbjm_l²bwlZ]eZ\Z g_ y\ey_lky bkdexq_gb_f Ihwlhfm _keb \Zk bgl_j_km_l [he__ gh\Zy \_jkby ^Zggh]h ^hdm f_glZh[jZsZcl_kvihZ^j_km ZZZ[DSZDUHFRPGGJ <wlhc]eZ\_g_hibkZguklZg^Zjluk\yaZggu_kbgl_jn_ckhfihevah\Zl_eyWlhhl^_ev gZyl_fZdhlhjZyih\Z`ghklbg_mklmiZ_l^Zgghc?cihk\ys_ghfgh`_kl\hdgb]g_]h\hjy h^hdmf_glZpbbnbjfu0LFURVRIWbihlhfmfuj_rbebg_^m[ebjh\Zlvkh^_j`Zsmxky\gbo bgnhjfZpbx DZ`^uc fh`_l h[jZlblvky g_ihkj_^kl\_ggh d 0LFURVRIW 'HYHORSHUV 1HWZRUN bebd^jm]bfbklhqgbdZfdhlhju_fh]mlhdZaZlvkyihe_agufb\wlhfhlghr_gbb
6xQu^KzK\^wK}^\zK~ Ng\|~\{\y\|K 6}N}u >ey hj]ZgbaZpbb hlklmih\ bkihevamcl_ ih ^\Z ijh[_eZ ^ey dZ`^h]h mjh\gy G_ ke_^m_l ijb[_]Zlv d kbf\heZf lZ[meypbb ihkdhevdm ihevah\Zl_eb fh]ml ihjZaghfm mklZgh\blv iZ jZf_ljulZ[meypbbb\j_amevlZl_j_ZevgZyrbjbgZhlklmih\[m^_ljZaebqghcDjhf_lh]h jZagu_kbkl_fgu_mlbeblu i_qZlbZjob\bjh\ZgbymijZ\e_gby\_jkbyfbb^j lZd`_bf_xl jZaebqgmxrbjbgmlZ[meypbb Fh`gh aZij_lblv khojZg_gb_ kbf\heh\ lZ[meypbb \ bkoh^guo nZceZo k[jhkb\ neZ`db hipbc8VH7DE&KDUDFWHUb2SWLPDO)LOO\h\deZ^d_*HQHUDO^bZeh]h\h]hhdgZ(GLWRU3URS HUWLHV^hklmiddhlhjhfmfh`ghihemqblvkihfhsvxdhfZg^u7RROVÖ(GLWRU2SWLRQV
º^~Ku\ MklZgZ\eb\Zcl_rbjbgmiheyjZ\ghckbf\heZf<h[s_fkemqZ_bkoh^gucl_dkl^he`_g mdeZ^u\Zlvky\mdZaZggmx^ebgmkljhdb²aZbkdexq_gb_fl_okblmZpbcdh]^Zg_h[oh^bfhaZ dhgqblvkeh\hH^gZdhwlZj_dhf_g^Zpbyg_y\ey_lkykebrdhfm``_kldhcQZklvbgkljmdpbb dhlhjZyg_ihf_sZ_lky\l_dms_ckljhd_^he`gZ[ulvi_j_g_k_gZ _kebwlh\hafh`gh gZke_ ^mxsmxkljhdmFh`ghjZaju\Zlvbgkljmdpbxihke_ex[h]hkbf\heZaZiylhcbebg_dhlhjh]h hi_jZlhjZ?kebbgkljmdpbyaZgbfZ_lg_kdhevdhkljhdlhijh^he`_gb_gZihke_^mxsbokljh dZohnhjfey_lkykihfhsvxhlklmiZjZ\gh]h^\mfkbf\heZfhl__gZqZevghcihabpbb
=eZ\ZKlZg^Zjluijh]jZffbjh\Zgbyijbgylu_\wlhcdgb]_
n\yEHJLQHQG BgkljmdpbyEHJLQaZgbfZ_l hl^_evgmx kljhdm < ke_^mxsbo ^\mo kljhdZo i_j\Zy² g_ \_jgZZ\lhjZykem`blijbf_jhfijZ\bevgh]hhnhjfe_gbybgkljmdpbcijh]jZffu IRU, WRGREHJLQËnknétvzjrrjrqtxzéyr|q¹EHJLQtj}vlqzx¹ kvltvpxzévrnxvxsvkvuIRU IRU, WRGR EHJLQÆnétvzjrrjrqtxzéyr|q¹EHJLQtj}vlqzx¹kvzlnstvpxzévrn Bkdexq_gb_fbawlh]hijZ\beZy\ey_lkykemqZcdh]^ZbgkljmdpbyEHJLQhdZau\Z_lkyqZ klvxmkeh\gh]hij_^eh`_gbyHOVHgZijbf_j LIqtxzéyr|q¹ WKHQ EHJLQ HQG HOVHEHJLQ qtxzéyr|q¹ HQG BgkljmdpbyHQG\k_]^ZaZgbfZ_lhl^_evgmxkljhdm ?kebbgkljmdpbyEHJLQg_y\ey_lkyqZklvxij_^eh`_gbyHOVHlhkhhl\_lkl\mxsZy_cbg kljmdpbyHQG\k_]^Zbf__llhl`_hlklmiqlhbEHJLQ
¿y5LVPMb7JaMJX ¤^{QNy\xy F_`^mhldju\Zxs_cdjm]ehckdh[dhcbke_^mxsbfkbf\hehfg_^he`gh[ulvijh[_eZ dZdbf_`^maZdju\Zxs_cdjm]ehckdh[dhcbij_^u^msbfkbf\hehfgZijbf_j &DOO3URF $SDUDPHWHU Ënknétv &DOO3URF $SDUDPHWHU Ænétv Gbdh]^Z g_ \dexqZcl_ \ bgkljmdpbx ebrgbo djm]euo kdh[hd Bo gm`gh bkihevah\Zlv lhevdh\l_okemqZyodh]^Zhgbiha\heyxlihemqblvlj_[m_fh_agZq_gb_bkoh^gh]hdh^ZgZ ijbf_j LI , WKHQËnknétv²sq¡tqnréymsnxrvirq LI , RU - WKHQÆnétv²réymsnxrvirqtnvi}vlqu
sK^QQ^z^\zK~~QyQzQN\zK <yaud_2EMHFW3DVFDOaZj_a_j\bjh\Zggu_bdexq_\u_keh\Z\k_]^Z^he`guaZibku\Zlvky kljhqgufb[md\Zfb
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
³^\Q|^~y u\|u^\{^Kww ³^Nz\Q~QwQ~\^wK}^\zK~Q Bf_gZ ih^ijh]jZff \k_]^Z ^he`gu gZqbgZlvky k ijhibkghc [md\u K ijhibkguo [md\ lZd`_^he`gugZqbgZlvkybkhklZ\gu_qZklbbf_g²wlhh[e_]qblbo\hkijbylb_GZijbf_j bfyke_^mxs_cijhp_^mjuhlnhjfZlbjh\Zghg_\_jgh himklbflhlnZdlqlh^eybf_gh\Zgby ijhp_^mj^he`gubkihevah\Zlvkylhevdhkbf\heuZg]ebckdh]hZenZ\blZ SURFHGXUHëzvtnylj·tvnqu¹ls¹wév|nlyé Kh\k_f ^jm]h_ ^_eh dh]^Z khklZ\gu_ qZklb bf_gb ijhp_^mju gZqbgZxlky k ijhibkghc [md\u SURFHGXUHêzvÊu¹Íév|nlyéÍév·qzjzvéjolvÉnm·n Ih^ijh]jZffZf ke_^m_l ijbk\Zb\Zlv bf_gZ dhlhju_ hljZ`Zxl bo gZagZq_gb_ Bf_gZ ijhp_^mj \uihegyxsbo g_dhlhjh_ ^_ckl\b_ ^he`gu gZqbgZlvky kh keh\Z h[hagZqZxs_]h wlh^_ckl\b_gZijbf_j SURFHGXUH)RUPDW+DUG'ULYH Íév|nlyéj{véujzqévkjtq¹ nxzrvmvlqxrj Bf_gZijhp_^mjmklZgZ\eb\ZxsboagZq_gby^he`gugZqbgZlvkykhkeh\ZVHWgZijbf_j SURFHGXUH6HW8VHU1DPH Íév|nlyéjyxzjtvkrqquntqwvsovkjzns¹ Bf_gZih^ijh]jZffhkms_kl\eyxsbo\u[hjdmagZq_gbcke_^m_lgZqbgZlvkhkeh\ZJHW gZijbf_j IXQFWLRQ*HW8VHU1DPH VWULQJ Ðytr|q¹wvsy·ntq¹quntqwvsovkjzns¹
·\^wK~QuK^KwQ}^ ·\^wK}^\zK~Q NhjfZevgu_iZjZf_ljuh^gh]hblh]h`_lbiZke_^m_lih\hafh`ghklbh[t_^bgylv\h^gm bgkljmdpbx SURFHGXUH)RR 3DUDP3DUDP3DUDP LQWHJHU 3DUDP VWULQJ
³^Nz\Q~QwQ~
=eZ\ZKlZg^Zjluijh]jZffbjh\Zgbyijbgylu_\wlhcdgb]_
³\^|\yNQ|\zK~uK^KwQ}^\z Ihjy^hd ke_^h\Zgby iZjZf_ljh\ bf__l \Z`gh_ agZq_gb_ ihkdhevdm a^_kv bkihevamxlky ij_bfms_kl\Zj_]bkljh\uo\uah\h\ QZs_\k_]hbkihevam_fu_ \uau\Zxs_cklhjhghc iZjZf_ljuke_^m_lmdZau\Zlv\gZqZe_ kibkdZZl_dhlhju_ijbf_gyxlkyj_`_²\dhgp_l_kgb`_gb_qZklhlubkihevah\ZgbyiZ jZf_ljh\^he`ghijhbkoh^blv\ihjy^d_ke_\ZgZijZ\h Kibkhd\oh^guoiZjZf_ljh\^he`_gij_^r_kl\h\Zlvkibkdm\uoh^guo lZd`_ \ ihjy^d_ ke_\ZgZijZ\h ;he__h[sb_iZjZf_ljuke_^m_ljZaf_sZlvi_j_^iZjZf_ljZfbmadh]hgZagZq_gby\ihjy^d_ ke_\ZgZijZ\hgZijbf_j 6RPH3URF $3ODQHW$&RQWLQHQW$&RXQWU\$6WDWH$&LW\ < ijZ\be_ ke_^h\Zgby iZjZf_ljh\ \hafh`gu bkdexq_gby gZijbf_j ijb bkihevah\Zgbb h[jZ[hlqbdh\ kh[ulbc dh]^Z iZjZf_lj k bf_g_f 6HQGHU hlijZ\bl_ev lbiZ 72EMHFW qZklh i_j_^Z_lkyi_j\uf
³K^KwQ}^y\~N}K~} ?kebiZjZf_ljuaZibkbfZkkb\Zkljhdb6KRUW6WULQJbeblbiZbgl_jn_ckZg_fh^bnbpb jmxlkyih^ijh]jZffhclhnhjfZevgu_iZjZf_lju^eywlhcih^ijh]jZffuke_^m_lihf_qZlv aZj_a_j\bjh\Zggufkeh\hfFRQVW<wlhfkemqZ_dhfibeylhjk]_g_jbjm_lijh]jZffgucdh^ kh]eZkghdhlhjhfmwlbg_fh^bnbpbjm_fu_iZjZf_lju[m^mli_j_^Z\Zlvky kZfuf wnn_dlb\ gufh[jZahf IZjZf_lju ^jm]bo lbih\ _keb hgb g_ fh^bnbpbjmxlky ih^ijh]jZffhc fh]ml eb[h ih f_qZlvkydZdFRQVWeb[hg_l²gZwnn_dlb\ghklvwlhg_hdZ`_lgbdZdh]h\ebygby H^gZdh bkihevah\Zgb_ keh\Z FRQVW ij_^hklZ\bl bklhqgbdm \uah\Z wlhc ih^ijh]jZffu [hevr_ bg nhjfZpbbhoZjZdl_j_bkihevah\Zgby^Zggh]hiZjZf_ljZ
¤\NzK~~QNwQ~Kw Ijbbkihevah\Zgbb^\mofh^me_ckh^_j`Zsboih^ijh]jZffukh^bgZdh\ufbf_g_f[m ^_l \uau\Zlvky lZ ih^ijh]jZffZ fh^mev dhlhjhc \ ij_^eh`_gbb XVHV jZkiheh`_g ihke_^ gbf
³Q^QwQ~~Q ³^Nz\Q~QwQ~\^wK}^\zK~Q I_j_f_ggufke_^m_lijbk\Zb\Zlvbf_gZkhhl\_lkl\mxsb_bogZagZq_gbx I_j_f_ggufmijZ\e_gbypbdehfh[uqghijbk\Zb\Z_lkybfykhklhys__bah^gh]hkbf\h eZgZijbf_j,-beb.Ghgbqlhg_f_rZ_lbkihevah\Zlv^eygbob]hjZa^h[he__\ujZab l_evgu_bf_gZlbiZ8VHU,QGH[ Bf_gZ [me_\uo i_j_f_gguo ^he`gu [ulv ^hklZlhqgh gZ]ey^gufb qlh[u bo agZq_gby 7UXHb)DOVH[ueb\iheg_ykgufb
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
¥\yK~QuQ^QwQ~~Q EhdZevgu_i_j_f_ggu_bkihevam_fu_\gmljbijhp_^mjih^qbgyxlkyl_f`_kh]eZr_gb yf h[ bf_gZo dhlhju_ jZkijhkljZgyxlky gZ \k_ hklZevgu_ i_j_f_ggu_ <j_f_ggu_ i_j_ f_ggu_^he`gubf_lvkhhl\_lkl\mxsb_bf_gZ Ijb g_h[oh^bfhklb bgbpbZebaZpby ehdZevguo i_j_f_gguo \uihegy_lky kjZam ijb \oh^_ \ ih^ijh]jZffmEhdZevgu_i_j_f_ggu_lbiZ$QVL6WULQJZ\lhfZlbq_kdbbgbpbZebabjmxlkyagZq_ gbyfbjZ\gufbimklhckljhd_ehdZevgu_i_j_f_ggu_lbiZbgl_jn_ckZb^bkibgl_jn_ckZ²agZ q_gbyfbQLOZehdZevgu_i_j_f_ggu_lbiZ9DULDQWb2OH9DULDQW²agZq_gbyfb8QDVVLJQHG
tNu\\zK~Q{\xK~guQ^QwQ~~g Bkihevah\Zlv]eh[Zevgu_i_j_f_ggu_g_j_dhf_g^m_lkyGh\kemqZ_g_h[oh^bfhklbkgbfb fh`gh jZ[hlZlv g_ baf_gyy dhgl_dklZ bo bkihevah\Zgby GZijbf_j ]eh[ZevgZy i_j_f_ggZy fh`_l[ulv]eh[Zevghclhevdh\gmljbh[eZklb\b^bfhklbjZa^_eZj_ZebaZpbbh^gh]hfh^mey =eh[Zevgu_^Zggu_ij_^gZagZq_ggu_^eybkihevah\Zgbyg_kdhevdbfbfh^meyfbke_^m_l i_j_g_klb\hldjulucfh^mev^hklmiguc\k_fh[t_dlZf =eh[Zevgu_^Zggu_fh]ml[ulvbgbpbZebabjh\Zguex[ufbagZq_gbyfb\jZa^_e_YDUGh bf_cl_\\b^mqlh]eh[Zevgu_^Zggu_Z\lhfZlbq_kdbbgbpbZebabjh\Zgugmeyfbihwlhfmg_ ke_^m_lijb[_]ZlvdlZdbf³imkluf´agZq_gbyfdZdQLO
8QDVVLJQHGbli>_eh\lhf qlh]eh[Zevgu_^Zggu_bgbpbZebabjh\Zggu_gmeyfbg_aZgbfZxlf_klZ\H[HnZce_Hgb ojZgylky\\bjlmZevghfk_]f_gl_^ZgguodhlhjucjZaf_sZ_lky\iZfylblhevdhijbaZimkd_ ijbeh`_gby =eh[Zevgu_ ^Zggu_ bgbpbZebabjh\Zggu_ g_gme_\ufb agZq_gbyfb aZgbfZxl f_klh\H[HnZce_gZ^bkd_
µu (\{K
Q~Q\z|QQ~u^\uN~wxyzKw GZa\Zgby lbih\ dhlhju_ y\eyxlky aZj_a_j\bjh\Zggufb keh\Zfb ^he`gu [ulv ihegh klvxgZibkZgukljhqgufb[md\ZfbLbiu:LQ$3,h[uqghiheghklvxibrmlkyijhibkgu fb [md\Zfb ijb wlhf \Zf ke_^m_l kh[ex^Zlv kh]eZr_gb_ ^ey hij_^_e_ggh]h bf_gb lbiZ ij_^eh`_ggh_\fh^me_:LQGRZVSDVbebex[hf^jm]hffh^me_$3,>jm]b_bf_gZlbih\i_ j_f_gguo ^he`gu gZqbgZlvky k ijhibkghc [md\u djhf_ lh]h k ijhibkghc ^he`gu gZqb gZlvkybkhklZ\gu_qZklbbf_gbqlhh[e_]qbl_]h\hkijbylb_
µu~KQ~vNuKzKQv}\y\v Bkihevah\Zlvlbi5HDOg_j_dhf_g^m_lkyihkdhevdmhgkms_kl\m_l lhevdh ^ey h[jZlghc kh\f_klbfhklbkijh]jZffZfbgZibkZggufbgZ[he__klZjuo\_jkbyoyaudZ3DVFDOOhlyhg kh\_jr_ggh ZgZeh]bq_g lbim 'RXEOH bkihevah\Zgb_ _]h fh`_l \ua\Zlv khfg_gby m ^jm]bo jZajZ[hlqbdh\<h[s_fkemqZ_^eyjZ[hluk^Zggufb\ieZ\Zxs_fnhjfZl_ke_^m_lbkihev ah\Zlvlbi'RXEOHWlhdZdjZalhllbiih^dhlhjuchilbfbabjh\Zgubgkljmdpbbijhp_kkhjZ brbguDjhf_lh]hlbi'RXEOHy\ey_lkynhjfZlhf^Zgguohij_^_e_ggufklZg^Zjlhf,((( ij_^klZ\e_gby qbk_e k ieZ\Zxs_c lhqdhc Lbi ([WHQGHG bkihevamcl_ lhevdh \ l_o kemqZyo
=eZ\ZKlZg^Zjluijh]jZffbjh\Zgbyijbgylu_\wlhcdgb]_
dh]^Z ^ey ij_^klZ\e_gby ^Zgguo lj_[m_lky ^bZiZahg [hevrbc q_f ij_^eZ]Z_l lbi 'RXEOH Lbi ([WHQGHG hij_^_e_g nbjfhc ,QWHO b g_ ih^^_j`b\Z_lky \ yaud_ -DYD Bkihevamcl_ lbi 6LQJOH lhevdh lh]^Z dh]^Z \Z`_g nbabq_kdbc jZaf_j [ZclZ \_s_kl\_gghc i_j_f_gghc gZijbf_jijbbkihevah\Zgbb[b[ebhl_d'//gZibkZgguogZ^jm]boyaudZo
³Q^QNwQ}u Bf_gZ^eyi_j_qbkebfuolbih\ke_^m_l\u[bjZlv\khhl\_lkl\bbkgZagZq_gb_fi_j_qbke_ gby Bfy lbiZ ^he`gh gZqbgZlvky k [md\u 7 dhlhjZy mdZau\Z_l gZ h[ty\e_gb_ lbiZ Kibkhd b^_glbnbdZlhjh\i_j_qbkebfh]hlbiZ^he`_gkh^_j`ZlvgZ[jZgguckljhqgufb[md\Zfb^\mo beblj_okbf\hevgucij_nbdkmdZau\ZxsbcgZbfybkoh^gh]hi_j_qbkebfh]hlbiZgZijbf_j 76RQJ7\SH VW5RFNVW&ODVVLFDOVW&RXQWU\VW$OWHUQDWLYHVW+HDY\0HWDOVW5% Wda_fieyjZfi_j_f_gguoi_j_qbkebfh]hlbiZke_^m_lijbk\Zb\Zlvbf_gZkh\iZ^Zxsb_ k bf_g_f lbiZ gh [_a ij_nbdkZ 7 6RQJ7\SH _keb g_l ijbqbgu gZa\Zlv i_j_f_ggmx [he__ dhgdj_lgufbf_g_fgZijbf_j)DYRULWH6RQJ7\SH)DYRULWH6RQJ7\SHbl^
µu>J`UJZb5XP>J`UJZb Bkihevah\Zlvlbiu9DULDQWb2OH9DULDQW\hkgh\ghfg_j_dhf_g^m_lkyh^gZdhhgbg_h[oh ^bfu\l_okemqZyodh]^Zlbiu^ZgguoklZgh\ylkyba\_klgulhevdh\h\j_fy\uiheg_gbyijh ]jZffuqlhaZqZklmxoZjZdl_jgh^eyijbeh`_gbck^hklmihfd[ZaZf^Zgguobijbbkihevah \Zgbb&20Bkihevamcl_lbi2OH9DULDQW^eylZdbo&20hjb_glbjh\ZgguoaZ^ZqdZdZ\lhfZ lbaZpbybwe_f_glumijZ\e_gby$FWLYH;:lbi9DULDQWemqr_ijbf_gylv^eyaZ^Zqg_hjb_g lbjh\Zgguo gZ &20 >_eh \ lhf qlh lbi 9DULDQW fh`_l wnn_dlb\gh ojZgblv kh[kl\_ggu_ kljhdb'HOSKL ih^h[ghlbimVWULQJ Zlbi2OH9DULDQWij_h[jZam_l\k_kljhdbdlbim:LGH&KDU
(}^y}^^\zK~~Q}u ±KNNz Bf_gZih^[bjZ_fu_^eylbih\fZkkb\h\^he`guhljZ`ZlvgZagZq_gb_fZkkb\ZBfylbiZ gZqbgZ_lkyk[md\u7?kebh[ty\ey_lkymdZaZl_evgZlbifZkkb\Zlh_]hbfygZqbgZ_lkyk[md\u 3bwlhh[ty\e_gb_gZoh^blkyg_ihkj_^kl\_gghi_j_^h[ty\e_gb_flbiZfZkkb\ZgZijbf_j W\SH 3&\FOH$UUD\ A7&\FOH$UUD\ 7&\FOH$UUD\ DUUD\>@RILQWHJHU DZdijZ\behwda_fieyjZfi_j_f_gguolbiZfZkkb\Zijbk\Zb\Zxlkybf_gZkh\iZ^Zxsb_ kbf_g_flbiZgh[_aij_nbdkZ7
sKuN Bf_gZbkihevam_fu_^eylbih\ aZibk_c ^he`gu hljZ`Zlv bo gZagZq_gb_ Bfy lbiZ gZ qbgZ_lkyk[md\u7?kebh[ty\ey_lkymdZaZl_evgZlbiaZibkblh_]hbfygZqbgZ_lkyk[md\u 3bwlhh[ty\e_gb_gZoh^blkyg_ihkj_^kl\_gghi_j_^h[ty\e_gb_flbiZaZibkbH[ty\e_gb_ lbiZ^eydZ`^h]hwe_f_glZfh`ghijhba\hevghjZkiheZ]Zlv\klhe[p_kijZ\ZgZijbf_j W\SH 3(PSOR\HH A7(PSOR\HH 7(PSOR\HH UHFRUG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
(PSOR\HH1DPH VWULQJ (PSOR\HH5DWH 'RXEOH HQG
t~N}^y t~N}^yLI GZb[he__\_jhylguc\ZjbZgl\uiheg_gbybgkljmdpbbLIWKHQHOVHke_^m_ljZaf_sZlv\ ij_^eh`_gbbWKHQZgZbf_g__\_jhylgu_\ZjbZglu²\ij_^eh`_gbb ij_^eh`_gbyo HOVH KlZjZcl_kv ba[_]Zlv gZ]jhfh`^_gby bgkljmdpbc LI² \f_klh gbo emqr_ bkihevah\Zlv _kebwlh\hafh`gh bgkljmdpbbFDVH G_ ke_^m_l ^himkdZlv \eh`_gby bgkljmdpbc LI gZ ]em[bgm [he__ iylb mjh\g_c GZc^bl_ [he__djZkb\h_j_r_gb_ G_bkihevamcl_ebrgbodjm]euokdh[hd\bgkljmdpbbLI ?keb k ihfhsvx bgkljmdpbb LI ijh\_jy_lky g_kdhevdh mkeh\bc lh bo ke_^m_l jZkiheh `blvke_\ZgZijZ\h\ihjy^d_\hajZklZgbybgl_gkb\ghklb\uqbke_gbcIjbwlhfijh]jZffZ kfh`_lbkihevah\Zlvij_bfms_kl\Z\kljh_gghc\dhfibeylhjeh]bdbhp_gdb\uqbke_gbcih djZldhc ko_f_ GZijbf_j _keb mkeh\b_ &RQGLWLRQ ijh\_jy_lky [uklj__ q_f mkeh\b_ &RQGLWLRQ Z mkeh\b_ &RQGLWLRQ² [uklj__ q_f mkeh\b_ &RQGLWLRQ lh bgkljmdpby LI ^he`gZ[ulvihkljh_gZke_^mxsbfh[jZahf LI&RQGLWLRQDQG&RQGLWLRQDQG&RQGLWLRQWKHQ
t~N}^yFDVH 6xQKwQK~ Hl^_evgu_kemqZb\bgkljmdpbbFDVH^he`gu[ulvmihjy^hq_gueb[hihqbkeZfeb[hih ZenZ\blm Bgkljmdpbb^_ckl\bcdZ`^h]hjZkkfZljb\Z_fh]hkemqZy`_eZl_evghg_mkeh`gylv hgbg_ ^he`gu ij_\urZlv q_luj_oiylb ijh]jZffguo kljhd ?keb \uihegy_fu_ ^_ckl\by [he__ keh`gu_lhwlhlnjZ]f_gldh^Zke_^m_lhnhjfblv\\b^_hl^_evghcijhp_^mjubebnmgdpbb Ij_^eh`_gb_HOVHbgkljmdpbbFDVHke_^m_lbkihevah\Zlv lhevdh ^ey agZq_gbc mklZgZ\ eb\Z_fuoihmfheqZgbxbeb^eyh[gZjm`_gbyhrb[hd
·\^wK}^\zK~Q BgkljmdpbbFDVHih^qbgyxlkyl_f`_ijZ\beZfnhjfZlbjh\Zgbyk\yaZggufknhjfbjh \Zgb_fhlklmih\bkh]eZr_gb_fihijbk\h_gbxbf_gqlhb^jm]b_dhgkljmdpbb
t~N}^yZKLOH Bkihevah\Zlvijhp_^mjm([LW^ey\uoh^ZbapbdeZZKLOHg_j_dhf_g^m_lky?keb\hafh` gh\uoh^bl_bapbdeZlhevdhkihfhsvxmkeh\by\uiheg_gbypbdeZ
=eZ\ZKlZg^Zjluijh]jZffbjh\Zgbyijbgylu_\wlhcdgb]_
t~N}^yIRU BgkljmdpbbIRUke_^m_lbkihevah\Zlv\f_klhbgkljmdpbcZKLOH\l_okemqZyo_kebg_dh lhjucijh]jZffgucdh^^he`_g\uihegblvkyba\_klgh_qbkehjZa
t~N}^yUHSHDW Bgkljmdpbb UHSHDW ZgZeh]bqgu pbdeZf ZKLOH b ijb jZ[hl_ k gbfb ke_^m_l ijb^_j`b \Zlvkyl_o`_h[sboijZ\be
t~N}^yZLWK 6xQKwQK~ BgkljmdpbbZLWKg_h[oh^bfhijbf_gylvijb^hklZlhqguogZlhhkgh\Zgbyobk[hevrhchk lhjh`ghklvxG_ke_^m_laehmihlj_[eylvbkihevah\Zgb_fbgkljmdpbcZLWK\hh[s_bdhebq_kl \hfijbf_gy_fuo\gboh[t_dlh\baZibk_c\qZklghklbGZijbf_jijh]jZffgu_kljhdb ZLWK5HFRUG5HFRUGGR fh]ml\\_klbijh]jZffbklZ\aZ[em`^_gb_bihkem`blvijbqbghcihy\e_gbyhrb[hddh lhju_\ihke_^kl\bb[m^_lljm^gh\uy\blv
·\^wK}^\zK~Q BgkljmdpbbZLWKih^qbgyxlkyl_f`_ijZ\beZfnhjfZlbjh\Zgbyk\yaZggufknhjfbjh \Zgb_fhlklmih\bkh]eZr_gb_fihijbk\h_gbxbf_gdhlhju_hibkZgu\wlhf^hdmf_gl_
(}^y}^^\zK~~K\x^Kx\}yK Ny}Q~gN}Kv 6xQKwQK~ H[jZ[hldmbkdexqbl_evguokblmZpbcke_^m_lrbjhdhbkihevah\ZlvdZd^eybkijZ\e_gby hrb[hdlZdb^eyaZsbluj_kmjkh\WlhagZqblqlh\h\k_okemqZyogZagZq_gbyj_kmjkh\g_ h[oh^bfh bkihevah\Zlv dhgkljmdpbx WU\ILQDOO\ ^ey bo dhjj_dlgh]h hk\h[h`^_gby Bk dexq_gbyfb ba wlh]h ijZ\beZ y\eyxlky kemqZb dh]^Z j_kmjku gZagZqZxlky beb hk\h[h`^Z xlky\jZa^_e_bgbpbZebaZpbbaZ\_jr_gbyfh^meybeb\dhgkljmdlhj_^_kljmdlhj_h[t_dlZ
tNu\\zK~Qy\~N}^yWU\ILQDOO\ <_a^_ ]^_ wlh \hafh`gh dZ`^hfm gZagZq_gbx j_kmjkh\ ^he`gZ khhl\_lkl\h\Zlv dhgkl jmdpbyWU\ILQDOO\GZijbf_jke_^mxsbcdh^fh`_lijb\_klbd\hagbdgh\_gbxhrb[hd 6RPH&ODVV 76RPH&ODVV&UHDWH 6RPH&ODVV 76RPH&ODVV&UHDWH WU\ ^Ënrvzvéprvl` ILQDOO\ 6RPH&ODVV)UHH 6RPH&ODVV)UHH HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
;he__ [_ahiZkguc ih^oh^ d ijb\_^_gghfm \ur_ gZagZq_gbx j_kmjkh\ [m^_l \u]ey^_lv ke_^mxsbfh[jZahf 6RPH&ODVV 76RPH&ODVV&UHDWH WU\ 6RPH&ODVV 76RPH&ODVV&UHDWH WU\ ^Ënrvzvéprvl` ILQDOO\ 6RPH&ODVV)UHH HQG ILQDOO\ 6RPH&ODVV)UHH HQG
tNu\\zK~Qy\~N}^yWU\H[FHSW Bkihevamcl_dhgkljmdpbxWU\H[FHSWlhevdh\lhfkemqZ_dh]^Zijb\hagbdgh\_gbbbkdex qbl_evghckblmZpbblj_[m_lky\uihegblvg_dhlhju_\Z`gu_^_ckl\by<h[s_fkemqZ_g_ke_^m_l bkihevah\Zlv[ehdbWU\H[FHSWebrv^eylh]hqlh[uijhklhhlh[jZablvgZwdjZg_khh[s_gb_h[ hrb[d_ ihkdhevdm wlh [m^_l k^_eZgh Z\lhfZlbq_kdb \ dhgl_dkl_ ijbeh`_gby h[t_dlhf $SSOLFDWLRQ ?keb \u ohlbl_ Zdlb\babjh\Zlv klZg^Zjlgmx h[jZ[hldm bkdexqbl_evghc kblmZpbb ihke_\uiheg_gbyg_dhlhjhcaZ^Zqb\[ehd_H[FHSWbkihevamcl_dexq_\h_keh\hUDLVHqlh[uih \lhjghk]_g_jbjh\Zlv^Zggmxbkdexqbl_evgmxkblmZpbx^eyke_^mxs_]hh[jZ[hlqbdZ
tNu\\zK~Qy\~N}^yWU\H[FHSWHOVH Bkihevah\Zlvij_^eh`_gb_HOVH\f_kl_kdhgkljmdpb_cWU\H[FHSWg_j_dhf_g^m_lky ihkdhevdm hgh aZ[ehdbjm_l \k_ bkdexqbl_evgu_ kblmZpbb \ lhf qbke_ g_ ij_^mkfhlj_g gu_\Zfb
¤KNN ³^Nz\Q~QwQ~\^wK}^\zK~Q Bf_gZlbih\^eydeZkkh\^he`guhl\_qZlvgZagZq_gbxdeZkkh\ Bfy lbiZ ^he`gh gZqb gZlvkyk[md\u7dhlhjZykem`bl^eymdZaZgbyhij_^_e_gbylbiZgZijbf_j W\SH 7&XVWRPHU FODVV 72EMHFW Bf_gZwda_fieyjh\^eydeZkkh\^he`gukh\iZ^Zlvkbf_g_flbiZdeZkkZghg_kh^_j`Zlv [md\m7gZijbf_j YDU &XVWRPHU 7&XVWRPHU ÆÚÊÉÆÎÒÀÈÃÚ¿ÉÊÉÆÈÃÍÀÆ×ÈÉÄÃÈÏÉËÇ»ÑÃÃÉ ÊËÃ̽ÉÀÈÃà ÃÇÀÈ ÅÉÇÊÉÈÀÈÍ»Ç É¼Ë» Ô»ÄÍÀÌ×Å˻¿ÀÆÎp¬Í»È¿»ËÍÖÊËÃ̽ÉÀÈÃÚÃÇÀÈÍÃÊ»ÇÅÉÇÊÉÈÀÈÍɽq
=eZ\ZKlZg^Zjluijh]jZffbjh\Zgbyijbgylu_\wlhcdgb]_
³\ ³^Nz\Q~QwQ~\^wK}^\zK~Q Bf_gZ ihe_c deZkkZ ih^qbgyxlky kh]eZr_gbyf h ijbk\h_gbb bf_g ij_^mkfhlj_gguf ^ey b^_glbnbdZlhjh\i_j_f_gguoaZbkdexq_gb_flh]hqlhhgb^he`gugZqbgZlvkykij_nbdkZ) mdZau\Zxs_]hgZbfyihey Zg]eILHOG
o|w\N}
±Q}\| ³^Nz\Q~QwQ~\^wK}^\zK~Q Bf_gZf_lh^h\ih^qbgyxlkyl_f`_kh]eZr_gbyfhijbk\h_gbbbf_gdhlhju_hibkZgu\ wlhf^hdmf_gl_^eyijhp_^mjbnmgdpbc
tNu\\zK~QN}K}QNygwQ}\|\z
Bkihevamcl_klZlbq_kdb_f_lh^u_keb\ug_ohlbl_qlh[ug_dhlhjucf_lh^[uei_j_hi j_^_e_gdeZkkZfbihlhfdZfb
tNu\\zK~Qz^}K~g|~KwQNygwQ}\|\z
?keb ij_^iheZ]Z_lky qlh g_dhlhjuc f_lh^ h[yaZl_evgh [m^_l i_j_hij_^_eylvky deZkkZ fbihlhfdZfbh[ty\eycl__]hdZd\bjlmZevguc>bgZfbq_kdb_f_lh^uke_^m_lbkihevah\Zlv lhevdh \ deZkkZo ^ey dhlhjuo ij_^iheZ]Z_lky kms_kl\h\Zgb_ fgh]hqbke_gguo ihlhfdh\ ijyfuobebg_ijyfuo GZijbf_jdeZkkkh^_j`Zsbch^bgj_^dhi_j_hij_^_ey_fucf_lh^ bklhdeZkkh\ihlhfdh\^he`_gk^_eZlvwlhlf_lh^^bgZfbq_kdbfqlh[umf_gvrblvbkihev ah\Zgb_iZfylbkhlg_cdeZkkh\ihlhfdh\
tNu\\zK~QKxN}^Ky}~gwQ}\|\z
G_bkihevamcl_Z[kljZdlgu_f_lh^u\deZkkZo^eydhlhjuo[m^mlkha^Z\Zlvkywda_fiey juIjbf_gycl_dexq_\h_keh\hDEVWUDFWlhevdhdf_lh^Zf[Zah\uodeZkkh\^eydhlhjuog_ ij_^iheZ]Z_lkykha^Zgb_wda_fieyjh\
±Q}\||\N}uKyNz\vN}zKw
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
(z\vN}zK ³^Nz\Q~QwQ~\^wK}^\zK~Q Bf_gZk\hckl\dhlhju_kem`Zl\dZq_kl\_ kj_^kl\Z ^hklmiZ d aZdjuluf iheyf ^he`gu kh\iZ^Zlvkiheyfbdhlhju_hgbij_^klZ\eyxlgh[_agZqZevghc[md\u) Bf_gZk\hckl\^he`gu[ulvkms_kl\bl_evgufbZg_]eZ]heZfbK\hckl\Zij_^klZ\eyxl ^Zggu_Zf_lh^u²^_ckl\by Bf_gZ k\hckl\ fZkkb\h\ bf_xl nhjfm fgh`_kl\_ggh]h qbkeZ \ lh \j_fy dZd bf_gZ h[uqguok\hckl\²_^bgkl\_ggh]h
tNu\\zK~QwQ}\|\z|\N}uK
>Z`__kebwlhy\ghg_lj_[m_lkyj_dhf_g^m_lkykha^Z\ZlvdZdfbgbfmff_lh^uaZibkb ^ey\k_ok\hckl\dhlhju_ij_^klZ\eyxlaZdjulh_ihe_
·Kv ·Kvu^\Qy}K ³^Nz\Q~QwQ~ NZceZf ijh_dlh\ ke_^m_l ijbk\Zb\Zlv hibkZl_evgu_ bf_gZ GZijbf_j ijh_dl 7KH 'HOSKL'HYHORSHU¶V*XLGH%XJ0DQDJHU[m^_lbf_lvbfy''*%XJVGSUIjh]jZffZhlh[jZ`_ gbykbkl_fghcbgnhjfZpbbfh`_lbf_lvlZdh_bfydZd6\V,QIRGSU
·Kv\^w ³^Nz\Q~QwQ~ NZceZf nhjf ke_^m_l ijbk\Zb\Zlv bf_gZ hibku\Zxsb_ gZagZq_gb_ khhl\_lkl\mxsbo nhjf aZ\_jrZlv bo gm`gh lj_fy kbf\heZfb )UP GZijbf_j nZcem nhjfu $ERXW H ijh ]jZff_« ke_^m_lijbk\hblvbfy$ERXW)UPGSUZnZcemnhjfu0DLQ²bfy0DLQ)UPGSU
·Kvw\|Qv|K~~g ³^Nz\Q~QwQ~ Fh^meyf^Zgguoke_^m_lijbk\Zb\Zlvbf_gZhibku\Zxsb_bogZagZq_gb_ aZ\_jrZlvbo gm`gh ^\mfy kbf\heZfb '0 GZijbf_j fh^mev ^Zgguo &XVWRPHUV [m^_l bf_lv bfy nZceZ &XVWRPHUV'0GIP
·Kvw\|Qv|KQ~~g|K~~g ³^Nz\Q~QwQ~ Fh^meyfm^Ze_gguo^Zgguoke_^m_lijbk\Zb\Zlvbf_gZhibku\Zxsb_bogZagZq_gb_ aZ \_jrZlv bo gm`gh kbf\heZfb 5'0 GZijbf_j fh^mev m^Ze_gguo ^Zgguo &XVWRPHUV [m^_l bf_lvbfynZceZ&XVWRPHUV5'0GIP
=eZ\ZKlZg^Zjluijh]jZffbjh\Zgbyijbgylu_\wlhcdgb]_
·Kvw\|Qv 6xKN}^y}^Kw\|Qv tww\| NZceZf fh^me_c ke_^m_l ^Z\Zlv hibkZl_evgu_ bf_gZ GZijbf_j fh^mev kh^_j`Zsbc ]eZ\gmxnhjfmijbeh`_gby[m^_lgZau\Zlvky0DLQ)UPSDV
³^Q|\Q~XVHV Ij_^eh`_gb_ XVHV \ jZa^_e_ bgl_jn_ckZ ^he`gh kh^_j`Zlv lhevdh l_ fh^meb dhlhju_ lj_[m_l ijh]jZffguc dh^ \ wlhf jZa^_e_ M^Zebl_ ex[u_ ebrgb_ bf_gZ fh^me_c dhlhju_ fh]eb[ulvZ\lhfZlbq_kdb\klZ\e_gukbkl_fgufbkj_^kl\Zfb'HOSKL Ij_^eh`_gb_ XVHV \ jZa^_e_ j_ZebaZpbb ^he`gh kh^_j`Zlv lhevdh l_ fh^meb dhlh ju_lj_[mxlkyijh]jZffgufdh^hf\wlhfjZa^_e_Ex[u_ebrgb_bf_gZfh^me_cke_ ^m_lm^Zeblv
8K|Q~}Q^QvNK WlhljZa^_e^he`_g\dexqZlvh[ty\e_gbylhevdhl_olbih\bi_j_f_gguoZlZd`_mij_` ^Zxsb_ h[ty\e_gby l_o ijhp_^mjnmgdpbc b f_lh^h\ d dhlhjuf ^he`_g [ulv h[_ki_q_g ^hklmi kh klhjhgu \g_rgbo fh^me_c
8K|Q^QKK >ZggucjZa^_ekh^_j`blex[u_h[ty\e_gby^eylbih\i_j_f_gguoijhp_^mjnmgdpbc b lhfmih^h[gu_ ^Zggh]hfh^meydhlhju_^he`gu[ulvaZdjulufb
8K|Q~KK < jZa^_e_ bgbpbZebaZpbb fh^mey g_ ke_^m_l jZaf_sZlv ijh]jZffguc dh^ lj_[mxsbc [hevrboaZljZl\j_f_gbWlhkha^Zkl\i_qZle_gb_bg_jlghklbijbeh`_gbyijb_]haZimkd_
8K|QKzQ^
Q~ M[_^bl_kvqlh\uhk\h[h^beb\k_we_f_glugZagZq_ggu_\jZa^_e_bgbpbZebaZpbb
±\|\^w ³^Nz\Q~QwQ~ NZcemfh^meynhjfuijbk\Zb\Z_lkybfykh\iZ^Zxs__kbf_g_fkhhl\_lkl\mxs_]hnZc eZnhjfuGZijbf_jnhjfZ$ERXW^he`gZbf_lvbfynZceZfh^mey$ERXW)UPSDVZ]eZ\gZy nhjfZ0DLQ²bfynZceZfh^mey0DLQ)UPSDV
±\||K~~g NZceu fh^me_c ^Zgguo ^he`gu bf_lv l_ `_ bf_gZ qlh b khhl\_lkl\mxsb_ bf nZceu nhjfGZijbf_jfh^mev^Zgguo&XVWRPHUV[m^_lbf_lvbfy&XVWRPHUV'0SDV
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
±\|\xQ{\~K~KQ~ ³^Nz\Q~QwQ~ Fh^meyfh[s_]hgZagZq_gbyg_h[oh^bfhijbk\Zb\Zlvbf_gZ\khhl\_lkl\bbkbogZagZq_ gb_f GZijbf_j fh^mex mlbebl fh`gh ijbk\hblv bfy %XJ8WLOLWLHVSDV Fh^mev kh^_j `Zsbc]eh[Zevgu_i_j_f_ggu_aZkem`b\Z_lbf_gb&XVWRPHUV*OREDOVSDV Bf_cl_ \ \b^m qlh bf_gZ fh^me_c ^he`gu [ulv mgbdZevgufb \h \k_o iZd_lZo bkihev am_fuo^Zggufijh_dlhf>Z\Zlvfh^meyf]jmiih\u_bf_gZg_j_dhf_g^m_lky
±\|y\wu\~Q~}\z ³^Nz\Q~QwQ~ Fh^meb dhfihg_glh\ g_h[oh^bfh jZaf_sZlv \ hl^_evghf dZlZeh]_ qlh[u fh^meb hij_ ^_e_gbydhfihg_glh\bebgZ[hjh\dhfihg_glh\g_kf_rb\Zebkvk^jm]bfbfh^meyfbGbdh ]^Zg_jZaf_sZcl_bo\h^ghfdZlZeh]_kijh_dlhfBfylZdh]hfh^mey^he`ghkhhl\_lkl\h \Zlv_]hkh^_j`bfhfm ÆÚ ÊÉÆÎÒÀÈÃÚ ¿ÉÊÉÆÈÃÍÀÆ×ÈÉÄ ÃÈÏÉËÇ»ÑÃÃ É Ìͻȿ»ËͻРÊËÃ̽ÉÀÈÃÚ ÃÇÀÈ ÅÉÇÊÉ ÈÀÈÍ»Çɼ˻ԻÄÍÀÌ×Å˻¿ÀÆÎp¥ÉÇÊÉÈÀÈÍÖÉÊËÀ¿ÀÆÚÀÇÖÀÊÉÆ×Âɽ»ÍÀÆÀÇq
sK{\\zyKv\z >ey\k_obkoh^guonZceh\nZceh\ijh_dlZfh^me_cblhfmih^h[guoj_dhf_g^m_lkybk ihevah\Zlv bgnhjfZpbhgguc aZ]heh\hd nZceZ dhlhjuc ^he`_g kh^_j`Zlv ke_^mxsmx bg nhjfZpbx ^ &RS\ULJKWÌb¬ÆÒÌèÔ `
·\^ww\||K~~g ·\^w (}K~|K^}u^Nz\Q~wQ~}uKw\^w LbiZfnhjfke_^m_lijbk\Zb\Zlvbf_gZhibku\Zxsb_gZagZq_gb_nhjfbgZqbgZxsb_ky k[md\u7AZwlbfij_nbdkhf^he`ghke_^h\ZlvhibkZl_evgh_bfydhlhjh_aZ\_jrZ_lkykeh \hf)RUPGZijbf_jbfylbiZ^eynhjfu$ERXW[m^_lke_^mxsbf 7$ERXW)RUP FODVV 7)RUP Hij_^_e_gb_]eZ\ghcnhjfubf__l\b^ 70DLQ)RUP FODVV 7)RUP
=eZ\ZKlZg^Zjluijh]jZffbjh\Zgbyijbgylu_\wlhcdgb]_
Bfynhjfu^ey\\h^Z^Zgguohdeb_gl_[m^_llZdbf 7&XVWRPHU(QWU\)RUP FODVV 7)RUP
(}K~|K^}u^Nz\Q~wQ~yQwu^Kw\^w Wda_fieyju nhjf ^he`gu ihemqZlv bf_gZ kh\iZ^Zxsb_ k bf_gZfb khhl\_lkl\mxsbo lbih\ gh [_a ij_nbdkZ 7 GZijbf_j bf_gZ wda_fieyjh\ ^ey lbih\ hibkZgguo \ur_ nhjf [m^mlbf_lvke_^mxsbc\b^ §ËÞÑÇο
§ËÞÜÉÆÄËÎÊÞÏ¿
7$ERXW)RUP
$ERXW)RUP
70DLQ)RUP
0DLQ)RUP
7&XVWRPHU(QWU\)RUP
&XVWRPHU(QWU\)RUP
·\^wN\|KzKQwQKz}\wK}QNy :\lhfZlbq_kdb[m^_lkha^Z\Zlvkylhevdh]eZ\gZynhjfZ _kebg_kms_kl\m_l\_kdhcijb qbguqlh[u[uehih^jm]hfm
·~y^QKKw\|K~g\^w
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
^Ìzréznvi~¹ksntq¹` HQG IXQFWLRQ*HW8VHU'DWD YDUD8VHU1DPH 6WULQJ YDUD8VHU,' ,QWHJHU :RUG LPSOHPHQWDWLRQ ^5 ')0` IXQFWLRQ*HW8VHU'DWD YDUD8VHU1DPH 6WULQJ YDUD8VHU,' ,QWHJHU :RUG YDU 8VHU'DWD)RUP 78VHU'DWD)RUP EHJLQ 8VHU'DWD)RUP 78VHU'DWD)RUP&UHDWH $SSOLFDWLRQ WU\ 8VHU'DWD)RUP&DSWLRQ Ívsy·ntqnljtt}vzwvsovkjzns¹ 5HVXOW 8VHU'DWD)RUP6KRZ0RGDO LI 5HVXOW PU2. WKHQEHJLQ D8VHU1DPH 8VHU'DWD)RUPHGW8VHU1DPH7H[W D8VHU,' 6WU7R,QW 8VHU'DWD)RUPHGW8VHU,'7H[W HQG ILQDOO\ 8VHU'DWD)RUP)UHH HQG HQG HQG
±\||K~~g (}K~|K^}u^Nz\Q~wQ~w\|w|K~~g LbiZffh^me_c^Zgguoke_^m_lijbk\Zb\Zlvbf_gZhibku\Zxsb_bogZagZq_gb_bgZqb gZxsb_ky k [md\u 7 AZ wlbf ij_nbdkhf ^he`gh ke_^h\Zlv hibkZl_evgh_ bfy d dhlhjhfm ijbkh_^bgy_lkykeh\h'DWD0RGXOHGZijbf_jbfylbiZ^eyfh^mey^Zgguo&XVWRPHU^he`gh \u]ey^_lvke_^mxsbfh[jZahf 7&XVWRPHU'DWD0RGXOH FODVV 7'DWD0RGXOH :gZeh]bqghfh^mev^Zgguo2UGHUVke_^m_lgZa\ZlvlZd 72UGHUV'DWD0RGXOH FODVV 7'DWD0RGXOH
(}K~|K^}u^Nz\Q~wQ~yQwu^Kww\|Qv|K~~g Wda_fieyju fh^me_c ^Zgguo ke_^m_l gZau\Zlv lZd `_ dZd b khhl\_lkl\mxsb_ bf lbiu gh [_a ij_nbdkZ 7 GZijbf_j ^ey lbih\ hibkZgguo \ur_ nhjf bf_gZ wda_fieyjh\ [m^ml bf_lvke_^mxsbc\b^ §ËÞÑÇο
§ËÞÜÉÆÄËÎÊÞÏ¿
7&XVWRPHU'DWD0RGXOH
&XVWRPHU'DWD0RGXOH
72UGHUV'DWD0RGXOH
2UGHUV'DWD0RGXOH
=eZ\ZKlZg^Zjluijh]jZffbjh\Zgbyijbgylu_\wlhcdgb]_
³KyQ} ³KyQ}z^QwQ~zu\~Q~uKyQ} z^QwQ~^K^Kx\}y IZd_lu\j_f_gb\uiheg_gby^he`gukh^_j`Zlvlhevdhl_fh^mebbdhfihg_gludhlhju_ lj_[mxlky ^jm]bfb dhfihg_glZfb \ wlhf iZd_l_ >jm]b_ fh^meb kh^_j`Zsb_ j_^Zdlhju k\hckl\ beb dhfihg_glh\ b ^jm]b_ kj_^kl\Z jZajZ[hldb ijh]jZffgh]h dh^Z ^he`gu jZaf_ sZlvky \ iZd_l_ \j_f_gb dhgkljmbjh\Zgby Fh^meb j_]bkljZpbb lZd`_ gm`gh jZaf_sZlv \ iZd_l_\j_f_gbjZajZ[hldb
(}K~|K^}u^Nz\Q~wQ~KvKw IZd_lugm`ghgZau\Zlv\khhl\_lkl\bbkhke_^mxsbfbrZ[ehgZfb LLLOLEYYGSN²iZd_l\j_f_gbdhgkljmbjh\Zgby LLLVWGYYGSN²iZd_l\j_f_gb\uiheg_gby A^_kv kbf\heu LLL hagZqZxl lj_okbf\hevguc ij_nbdk b^_glbnbdZpbb dhlhjuc fh`gh bkihevah\Zlv ^ey mdZaZgby dhfiZgbb ebpZ beb ex[hc ^jm]hc b^_glbnbdZpbhg ghcbgnhjfZpbb Kbf\heuYYhagZqZxl\_jkbxiZd_lZkhhl\_lkl\mxsmx\_jkbb'HOSKL^eydhlhjhcij_^ gZagZq_g^ZgguciZd_l H[jZlbl_\gbfZgb_ gZ lh qlh bfy iZd_lZ kh^_j`bl khq_lZgb_ OLE beb VWG hagZqZxsb_ iZd_l\j_f_gb\uiheg_gby aZ]jmahqguciZd_l eb[hiZd_l\j_f_gbjZajZ[hldb <l_okemqZyo_kebkms_kl\mxlh[ZlbiZiZd_lh\nZceu^he`gugZau\Zlvkyihh^ghcko_ f_GZijbf_jiZd_lu^ey^Zgghcdgb]b 'HOSKL'HYHORSHU¶V*XLGH bf_xlke_^mxsb_bf_gZ 'GJ/LEGSN²iZd_l\j_f_gbjZajZ[hldb 'GJ6WGGSN²iZd_l\j_f_gb\uiheg_gby
¤\wu\~Q~} ¤\wu\~Q~}\u^Q|QQwQu\\zK}QQw (}K~|K^}u^Nz\Q~wQ~}uKwy\wu\~Q~}\z Dhfihg_gluke_^m_lgZau\ZlvZgZeh]bqghdeZkkZf kfjZa^_e³DeZkku´ klhcebrvjZagb p_cqlhbobf_gZ^he`guij_^\Zjylvkylj_okbf\hevgufb^_glbnbdZpbhggufij_nbdkhfWlhl ij_nbdkfh`ghbkihevah\Zlv^eyh[hagZq_gbydhfiZgbbjZajZ[hlqbdZbebdZdhceb[h^jm]hc dZl_]hjbb GZijbf_j dhfihg_gl hl\_qZxsbc aZ jZ[hlm qZkh\ FORFN dhlhjuc gZibkZg ^ey ^Zgghcdgb]b 'HOSKLJmdh\h^kl\hjZajZ[hlqbdZ hij_^_ey_lkyke_^mxsbfh[jZahf 7GGJ&ORFN FODVV 7&RPSRQHQW AZf_lvl_qlh\lj_okbf\hevghfij_nbdk_bkihevah\Zgu\k_kljhqgu_[md\u
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
±\|y\wu\~Q~}\z Fh^mevdhfihg_glZ^he`_gkh^_j`Zlvlhevdhh^bghkgh\ghcdhfihg_glHkgh\ghcdhf ihg_gl²wlhlZdhcdhfihg_gldhlhjuchlh[jZ`Z_lky\iZeblj_dhfihg_glh\ &RPSRQHQW 3DOHWWH < h^ghf fh^me_ k hkgh\guf dhfihg_glhf fh]ml jZkiheZ]Zlvky ex[u_ \kihfh]Z l_evgu_dhfihg_glubh[t_dlu
tNu\\zK~Qw\|Qv^Q{N}^K Ijhp_^mjm j_]bkljZpbb ^ey dhfihg_glh\ g_h[oh^bfh m^Zeblv ba fh^mey dhfihg_glZ b jZaf_klblv\hl^_evghffh^me_dhlhjucij_^gZagZq_g^eyj_]bkljZpbbex[uodhfihg_glh\ j_^Zdlhjh\k\hckl\j_^Zdlhjh\dhfihg_glh\wdki_jlh\bli J_]bkljZpby dhfihg_glh\ \uihegy_lky lhevdh \ iZd_lZo \j_f_gb dhgkljmbjh\Zgby ih wlhfm fh^mev j_]bkljZpbb ^he`_g [ulv \dexq_g \ khklZ\ iZd_lZ jZajZ[hldb Z g_ \ khklZ\ iZd_lZ\j_f_gb\uiheg_gby Ij_^eZ]Z_lkyfh^mebj_]bkljZpbbgZau\Zlvke_^mxsbfh[jZahf ;[[5HJSDV A^_kv;[[²wlhlj_okbf\hevgucij_nbdkbkihevam_fuc^eyb^_glbnbdZpbb dhfiZgbb jZajZ[hlqbdZ beb ^jm]hc dZl_]hjbb GZijbf_j fh^mex j_]bkljZpbb ^ey dhfihg_glh\ wlhc dgb]bfh`gh[ueh[uijbk\hblvbfy'GJ5HJSDV
(\{K
Q~\u^Nz\Q~wQ~yQwu^Kw y\wu\~Q~}\z eyihkljh_gbybf_gdhfihg_glh\ke_ ^m_lbkihevah\Zlvh^bgba\ZjbZglh\\_g]_jkdhcghlZpbb<khhl\_lkl\bbkwlbfkh]eZr_gb_f bfydhfihg_glZ^he`ghkhklhylvba^\moqZkl_c ij_nbdkZlbiZbd\ZebnbdZlhjZbf_gb
³^QyN}u\zy\wu\~Q~}\z Ij_nbdklbiZdhfihg_glZmdZau\Z_lkykljhqgufb[md\Zfbbhij_^_ey_llbidhfihg_glZ GZijbf_jgb`_ij_^klZ\e_gu^himklbfu_ij_nbdkulbiZ^eyg_dhlhjuodhfihg_glh\ 7EXWWRQ EWQ 7(GLW HGW 76SHHG%XWWRQ VSGEWQ 7/LVW%R[ OVWE[ DZd ke_^m_l ba ijb\_^_ggh]h ijbf_jZ ij_nbdk lbiZ dhfihg_glZ kha^Z_lky ihkj_^kl\hf fh^bnbdZpbbbf_gblbiZdhfihg_glZ 7%XWWRQbeb7(GLW ihke_^mxs_fmijZ\bem M^Zebl_babf_gbdhfihg_glZij_nbdk7GZijbf_j7%XWWRQij_\jZsZ_lky\%XWWRQ Ba ihemq_ggh]h agZq_gby m^Zebl_ \k_ ]eZkgu_ [md\u aZ bkdexq_gb_f i_j\uo [md\ keh\ZGZijbf_j%XWWRQij_\jZsZ_lky\EWWQZ(GLWij_\jZsZ_lky\HGW M^Zebl_k^\h_ggu_kh]eZkgu_[md\uGZijbf_jEWWQij_\jZsZ_lky\EWQ ?keb\j_amevlZl_\hagbdZ_ldhgnebdlbf_g\ha\jZsZcl_\ihemq_ggh_ijhf_`mlhqgh_ agZq_gb_ ]eZkgu_ [md\u² ih h^ghc ke_\Z gZijZ\h GZijbf_j _keb ihy\blky gh\uc dhfihg_gl7%DWWRQ_]hij_nbdklbiZ\hc^_l\dhgnebdlkij_nbdkhflbiZdhfihg_glZ 7%XWWRQKe_^h\Zl_evgh^eygh\h]hdhfihg_glZke_^m_lmklZgh\blvij_nbdklbiZEDWQ
=eZ\ZKlZg^Zjluijh]jZffbjh\Zgbyijbgylu_\wlhcdgb]_
¤zK^\zK~~\Qwy\wu\~Q~}K D\Zebnbpbjh\Zggh_ bfy dhfihg_glZ ^he`gh khhl\_lkl\h\Zlv gZagZq_gbx dhfihg_glZ GZijbf_j dhfihg_glm lbiZ 7%XWWRQ ij_^gZagZq_gghfm ^ey aZdjulby nhjfu ke_^m_l ijb k\hblvbfyEWQ&ORVHZdhfihg_glmlbiZ7(GLWij_^gZagZq_gghfm^ey\\h^ZnZfbebb²bfy HGW)LUVW1DPH
(zQ|Q~\xwQ~Q~N}K~|K^}\z u^\{^Kww^\zK~ Ijb\_^_ggu_\ur_kh]eZr_gbyj_]meyjghh[gh\eyxlkykp_evxhljZ`_gby^hiheg_gbcb jZkrbj_gbcyaudZ2EMHFW3DVFDOb[b[ebhl_db9&/KZfmxk\_`mx\_jkbxwlh]h^hdmf_glZ \k_]^Zfh`ghihemqblvh[jZlb\rbkvihZ^j_km KWWS ZZZ[DSZDUHFRPGGJ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
tNu\\zK~Q QwQ~}\zu^KzQ~ [email protected]z)PX]TU
¶ÑÍÎÏÄÃÐÑ¿ÁÊÞÄÑÐÍÀÍÈ ÜÊÄËÄÌÑÒÎÏ¿ÁÊÄÌÇÞ$FWLYH;
©ÍÂÿÐÊÄÃÒÄÑÇÐÎÍÊÛÆÍÁ¿ÑÛÜÊÄËÄÌÑ ÒÎÏ¿ÁÊÄÌÇÞ$FWLYH;
¡ÌÄÐÄÌÇÄÜÊÄËÄÌÑ¿ÒÎÏ¿ÁÊÄÌÇÞ$FWLYH;ÁοÊÇÑÏÒ ÉÍËÎÍÌÄÌÑÍÁ
ÀÍÊÍÖÉ¿ÉÍËÎÍÌÄÌÑÍÁ'HOSKL
§ÐÎÍÊÛÆÍÁ¿ÌÇÄÜÊÄËÄÌÑÍÁÒÎÏ¿ÁÊÄÌÇÞ$FWLYH; ÁÎÏÇÊÍÅÄÌÇÞÔ
¯¿ÐÎÏÍÐÑÏ¿ÌÄÌÇÄÎÏÇÊÍÅÄÌÇÈÍÐÌ¿ØÄÌÌÚÔ ÜÊÄËÄÌÑ¿ËÇÒÎÏ¿ÁÊÄÌÇÞ$FWLYH;
%ODFN-DFN ÎÏÇËÄÏÎÏÇÊÍÅÄÌÇÞÐÉÍËÎÍÌÄÌÑÍË $FWLYH;
¯ÄÆÝËÄ
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
H^gh ba \Z`guo ^hklhbgkl\ 'HOSKL aZdexqZ_lky \ ijhklhl_ bgl_]jZpbb \ ihevah\Zl_ev kdb_ ijbeh`_gby klZg^Zjlbah\Zgguo we_f_glh\ mijZ\e_gby $FWLYH; jZg__ ba\_klguo dZd we_f_glumijZ\e_gby2&;b2/( <hlebqb_hlkh[kl\_gguodhfihg_glh\'HOSKLwe_f_glu mijZ\e_gby$FWLYH;g_aZ\bkylhldhgdj_lguokj_^kl\jZajZ[hldbWlhagZqblqlh\ufh`_l_ ihevah\Zlvky mkem]Zfb jZaguo ihklZ\sbdh\ ij_^eZ]Zxsbo jZaghh[jZagu_ ih k\hckl\Zf b nmgdpbyfj_r_gby$FWLYH; Ih^^_j`dZwe_f_glh\mijZ\e_gby$FWLYH; \ jZajy^ghc kbkl_f_ 'HOSKL j_Zebah\ZgZ ZgZeh ]bqghih^^_j`d_dhfihg_glh\9%;\jZajy^ghckbkl_f_'HOSKLHl\Zklj_[m_lkyebrv\u [jZlv\]eZ\ghff_gx,'('HOSKLbebj_^ZdlhjZiZd_lh\3DFNDJH(GLWRUdhfZg^m^h[Z\e_gbygh\uo we_f_glh\ mijZ\e_gby $FWLYH;² b 'HOSKL ihkljhbl 2EMHFW3DVFDOh[hehqdm ^ey wlh]h we_f_glZ mijZ\e_gbydhlhjucaZl_f[m^_lkdhfibebjh\Zg\iZd_lb^h[Z\e_g\iZebljmdhfihg_glh\,'( 'HOSKLIhke_ihf_s_gby\iZebljmdhfihg_glh\gh\ucwe_f_glmijZ\e_gby$FWLYH;h[t_^bgy_lky k^jm]bfbdhfihg_glZfb9&/b$FWLYH;<^Zevg_cr_fqlh[u^h[Z\blvwlhlwe_f_glmijZ\e_gby $FWLYH;\ijbeh`_gb_ihevah\Zl_ex^hklZlhqghs_edgmlvgZg_fbaZl_fi_j_lZsblv_]hbaiZ eblju \ kha^Z\Z_fmx nhjfm < wlhc ]eZ\_ j_qv ihc^_l h[ bgl_]jZpbb we_f_glh\ mijZ\e_gby $FWLYH;\kj_^mjZajZ[hldb'HOSKLbkihevah\Zgbbwe_f_glh\mijZ\e_gby$FWLYH;\ijbeh`_gbbb hkh[_gghklyojZkijhkljZg_gbyijbeh`_gbchkgZs_gguowe_f_glZfb$FWLYH; 'HOSKL ¼ÖÆ» ÊÉÌÆÀ¿ÈÀÄ ½ÀËÌÃÀÄ 'HOSKL ÅÉÍÉË»Ú ÊÉ¿¿ÀËÁý»Æ» ØÆÀÇÀÈÍÖ ÎÊË»½ÆÀ ÈÃÚ9%; 9LVXDO%DVLF([WHQVLRQ ÌÆÃν»ÌÀÌÍ×ÊËÉÀÅÍÅÉÍÉËÖÄÉÊÃË»ÀÍÌÚȻɿÃÈ ÃÆÃÈÀÌÅÉÆ×ÅÉÍ»ÅÃÐØÆÀÇÀÈÍɽÊËÉÅÉÈÌÎÆ×ÍÃËÎÄÍÀÌ×ÌÉÌÊÀÑûÆÃÌÍ»ÇÃÏÃËÇtÊÉ ÌÍ»½ÔÃÅɽÅÉÇÊÉÈÀÈÍɽ9%;ÃÎÂÈ»ÄÍÀÉË»½ÈÉÑÀÈÈÉÄ»ÇÀÈÀÅÉÇÊÉÈÀÈÍɽ9%;ØÆÀ ÇÀÈÍ»ÇÃ$FWLYH;ÅÉÍÉËÖÀÇÉÁÈɼοÀÍÃÌÊÉÆ×Âɽ»Í×½ÌËÀ¿ÀË»ÂËÚ¿ÈÉÄ'HOSKL
¹}\u^Q|N}KzQ}N\x\vQwQ~} u^KzQ~[email protected] We_f_glumijZ\e_gby$FWLYH;ij_^klZ\eyxlkh[hcg_klZg^Zjlgu_we_f_glumijZ\e_gby jZajZ[hlZggu_ ^ey b jZajy^guo ijbeh`_gbc :LQGRZV \ dhlhjuo bkihevamxlky ij_ bfms_kl\Zl_ogheh]bc&202/(b$FWLYH;<hlebqb_hlwe_f_glh\mijZ\e_gby9%;dhlh ju_ [ueb jZajZ[hlZgu ^ey jZajy^ghc kbkl_fu 9LVXDO %DVLF Z ke_^h\Zl_evgh bf [ueb ijbkmsb b \k_ h]jZgbq_gby 9LVXDO %DVLF \ jZajZ[hldm we_f_glh\ $FWLYH; k kZfh]h gZqZeZ [ueZ aZeh`_gZ b^_y g_aZ\bkbfhklb hl dhgdj_lguo ijbeh`_gbc =jm[h ]h\hjy we_f_glu $FWLYH; fh`gh ij_^klZ\blv k_[_ dZd j_amevlZl kebygby ijhklhc \ ijbf_g_gbb l_ogheh]bb 9%;khldjulufklZg^Zjlhf$FWLYH;>eyihgbfZgbyfZl_jbZeZwlhc]eZ\ufh`ghg_m]em[ eylvky\jZaebqbyf_`^m2/(b$FWLYH;ghl_dh]hwlhl\hijhkbgl_j_km_lfh]mlh[jZlblv kyd]eZ\_\lhjh]hlhfZ³&20hjb_glbjh\Zggu_l_ogheh]bb´ ?kebdhigmlv]em[`_lh\^_ckl\bl_evghklbwe_f_gl$FWLYH;ij_^klZ\ey_lkh[hck_j\_j $FWLYH;dhlhjuc\h^ghfiZd_l_fh`_lij_^hklZ\blv\kxfhsv$FWLYH;\dexqZy\k_nmgd pbbbk_j\bk2/(\bamZevgh_j_^Zdlbjh\Zgb_ih^^_j`dmhi_jZpbci_j_lZkdb\ZgbybZ\lh fZlbaZpbx2/(Ih^h[gh\k_fk_j\_jZf$FWLYH;we_f_glumijZ\e_gby$FWLYH;j_]bkljbjm xlky \ kbkl_fghf j__klj_ We_f_glu $FWLYH; fh`gh jZajZ[Zlu\Zlv k ihfhsvx lZdbo ijh ^mdlh\dZd'HOSKL%RUODQGK%XLOGHU9LVXDO&b9LVXDO%DVLF NbjfZ 0LFURVRIW Zdlb\gh ijhiZ]Zg^bjm_l we_f_glu $FWLYH; dZd h^gm ba \_^msbo l_ogh eh]bckha^Zgbyihevah\Zl_evkdbowe_f_glh\mijZ\e_gbyg_aZ\bkysbohlijbeh`_gbcNbj fZ0LFURVRIWaZy\beZ qlh l_ogheh]by 9%; g_ [m^_l ih^^_j`b\Zlvky \ hi_jZpbhgguo kbkl_ fZo:LQb\ur_Ihwlhfmijbkha^ZgbbjZajy^guoijbeh`_gbcjZajZ[hlqbdZfke_^m_l h[jZlblvk\hb\ahjugZwe_f_glumijZ\e_gby$FWLYH;Zg_gZwe_f_glu9%;
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
ÉÆÀÀ ÊÉÆÈÉÀ ÉÊÃÌ»ÈÃÀ ÍÀÐÈÉÆɾÃà $FWLYH; ÌÉ¿ÀËÁÃÍÌÚ ½ ¾Æ»½À ½ÍÉËÉ¾É ÍÉÇ» p¬É¿»ÈÃÀØÆÀÇÀÈÍɽÎÊË»½ÆÀÈÃÚ$FWLYH;q
¤\{|KNQ|Q}Nu\\zK}QwQ~} u^KzQ~[email protected] H[uqgh ijb\h^yl ^\_ ijbqbgu aZklZ\eyxsb_ bkihevah\Zlv we_f_glu mijZ\e_gby $FWLYH;\f_klhdhfihg_glh\'HOSKLI_j\Zy²wlhhlkmlkl\b_dhfihg_glh\'HOSKLdhlhju_ fh]eb[um^h\e_l\hjylvbf_xsbfkydhgdj_lguflj_[h\ZgbyfIhkdhevdmjughdwe_f_glh\ mijZ\e_gby $FWLYH; rbj_ q_f jughd dhfihg_glh\ 9&/ ihevah\Zl_ev \_jhylgh gZc^_l \ g_f [he__ rbjhdbc Zkkhjlbf_gl lZdbo iheghnmgdpbhgZevguo b dhgdmj_glhkihkh[guo we_ f_glh\ dZd l_dklh\u_ ijhp_kkhju [jhma_ju :RUOG :LGH :HE beb we_dljhggu_ lZ[ebpu jm]Zyijh[e_fZaZ dexqZ_lky\lhfqlhwe_f_glumijZ\e_gby$FWLYH;\aZbfh^_ckl\mxlkijbeh`_gbyfbq_j_a ijhf_`mlhqgucmjh\_gv&20\lh\j_fydZddhfihg_glu'HOSKL\klmiZxl\g_ihkj_^kl\_g gh_ \aZbfh^_ckl\b_ k ijbeh`_gbyfb b ^jm]bfb dhfihg_glZfb Wlh agZqbl qlh ohjhrh gZ ibkZggucdhfihg_gl'HOSKLh[uqghjZ[hlZ_lwnn_dlb\g__q_fohjhrhgZibkZggucwe_f_gl mijZ\e_gby $FWLYH; G_ kebrdhf y\gh \ujZ`_gguf g_^hklZldhf we_f_glh\ mijZ\e_gby $FWLYH;y\ey_lkyblhqlhbofh`ghgZa\Zlvj_r_gb_flbiZ³gZbf_gvr_]hh[s_]hagZf_gZ l_ey´Zihlhfmhgbg_kihkh[guj_Zebah\Zlv\k_\hafh`ghklbl_okj_^kl\jZajZ[hldb\dh lhjuobkihevamxlky
o~QNQ~QQwQ~}Ku^KzQ~[email protected] zuK}^y\wu\~Q~}\z Bkihevah\Zgb_dhgdj_lgh]hwe_f_glZmijZ\e_gby$FWLYH;\ijbeh`_gbb'HOSKLgZqbgZ_l ky k ^h[Z\e_gby _]h \ iZebljm dhfihg_glh\ ,'( 'HOSKL < j_amevlZl_ wlhc hi_jZpbb ibdlh ]jZffZwe_f_glZmijZ\e_gby$FWLYH;ihy\blky\iZeblj_dhfihg_glh\kj_^b^jm]bowe_f_g lh\'HOSKLb$FWLYH;ihke_q_]h__fh`gh[m^_li_j_lZkdb\Zlv\ex[mxnhjfmbbkihevah \Zlv^Zggucdhfihg_glih^h[ghex[hfm^jm]hfmwe_f_glmmijZ\e_gby'HOSKL Qlh[u\g_klbwe_f_glmijZ\e_gby$FWLYH;\iZebljmdhfihg_glh\\uihegbl_ke_^mxsb_ ^_ckl\by
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
Jbk>bZeh]h\h_hdgh,PSRUW$FWLYH;
>bZeh]h\h_hdgh,PSRUW$FWLYH;jZa^_e_ghgZ^\_qZklb<\_jog_ckh^_j`blkykib khdaZj_]bkljbjh\Zgguowe_f_glh\mijZ\e_gby$FWLYH;ZlZd`_^\_dghidb$GGb 5HPRYH k ihfhsvx dhlhjuo fh`gh aZj_]bkljbjh\Zlv beb \uq_jdgmlv we_f_gl mijZ\e_gby < gb`g_c qZklb wlh]h ^bZeh]h\h]h hdgZ fh`gh aZ^Zlv iZjZf_lju ^ey kha^Zgbydhfihg_glZ'HOSKLbmdZaZlvfh^mev\dhlhjhf^Zggucwe_f_gl[m^_lbg dZikmebjh\Zg ?kebbfywe_f_glZmijZ\e_gby$FWLYH;dhlhjuc\uohlbl_bkihevah\Zlvm`_kh^_j`bl ky\kibkd_jZkiheh`_gghf\\_jog_cqZklbwlh]h^bZeh]h\h]hhdgZi_j_oh^bl_di< ijhlb\ghf kemqZ_ s_edgbl_ gZ dghid_ $GG qlh[u aZj_]bkljbjh\Zlv gh\uc we_f_gl \ kbkl_f_ Ih s_eqdm gZ dghid_ $GG hldjh_lky ^bZeh]h\h_ hdgh 5HJLVWHU 2/( &RQWURO ihdZaZggh_gZjbk
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
< ihe_ j_^Zdlbjh\Zgby 3DOHWWH 3DJH ^bZeh]h\h]h hdgZ ,PSRUW $FWLYH; kh^_j`blky bfy kljZgbpu iZeblju dhfihg_glh\ gZ dhlhjmx [m^_l ihf_s_g ^Zgguc we_f_gl mijZ\e_gby Ih mfheqZgbx ij_^eZ]Z_lky kljZgbpZ $FWLYH; Gh kms_kl\m_l \hafh` ghklv \u[jZlv b ^jm]mx bf_xsmxky kljZgbpm ?keb \\_klb \ wlh ihe_ gh\h_ bfy \ iZeblj_dhfihg_glh\[m^_lkha^ZgZkhhl\_lkl\mxsZykljZgbpZ
Jbk>bZeh]h\h_hdgh5HJLVWHU2/(&RQWURO
<ihe_&ODVV1DPHV^bZeh]h\h]hhdgZ,PSRUW$FWLYH;kh^_j`Zlkybf_gZgh\uoh[t _dlh\kha^Zgguo\wlhfwe_f_gl_mijZ\e_gbyH[uqgh^Zggu_bf_gZhklZ\eyxlg_ba f_g_ggufb_kebdhg_qghg_l\_kdhcijbqbguihklmiblvbgZq_Ijbqbghc^ey\f_ rZl_evkl\Z fh`_l kem`blv dhgnebdl bf_g f_`^m ^h[Z\ey_fuf deZkkhf b deZkkhf ^jm]h]hdhfihg_glZm`_mklZgh\e_ggh]h\kj_^_,'( GZwlhfwlZi_\^bZeh]h\hfhdg_,PSRUW$FWLYH;fh`ghs_edgmlveb[hgZdghid_,QVWDOO eb[hgZ dghid_ &UHDWH8QLW Ih s_eqdm gZ dghid_ &UHDWH8QLW[m^_l k]_g_jbjh\Zg bk oh^guc l_dkl ijh]jZffu dhlhjuc \hc^_l \ fh^mev ^ey h[hehqdb dhfihg_glZ ^Zggh]h we_f_glZmijZ\e_gby$FWLYH;S_eqhdgZdghid_,QVWDOO\uah\_l]_g_jZpbxijh]jZffgh ]hdh^Zh[hehqdbZaZl_fhldjh_l^bZeh]h\h_hdgh,QVWDOOiha\heyxs__\u[jZlviZd_l\ dhlhjuc[m^_lbgklZeebjh\Zggh\ucdhfihg_glWlhhdghihdZaZghgZjbk
Jbk>bZeh]h\h_hdgh,QVWDOO
<^bZeh]h\hfhdg_,QVWDOOfh`gh\u[jZlv\ZjbZgleb[h^h[Z\e_gbywe_f_glZmijZ\e_ gbydm`_kms_kl\mxs_fmiZd_lmeb[hkha^Zgbykh\_jr_gghgh\h]hiZd_lZdhlhjuc [m^_l bgklZeebjh\Zg \ iZebljm dhfihg_glh\ S_edgbl_ gZ dghid_ 2. b dhfihg_gl [m^_lmklZgh\e_g\iZeblj_ L_i_jvgh\ucwe_f_gl$FWLYH;gZoh^blky\iZeblj_dhfihg_glh\b]hlh\djZ[hl_
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
6x\\yKy\wu\~Q~}\z)PX]TU GZklZeh\j_fyh[jZlblv\gbfZgb_gZh[hehqdm2EMHFW3DVFDOkha^Z\Z_fmx^eybgdZikmey pbb we_f_glZ mijZ\e_gby $FWLYH; Wlh ijhev_l g_dhlhjuc k\_l gZ lh dZd hkms_kl\ey_lky ih^^_j`dZl_ogheh]bb$FWLYH;\kj_^_'HOSKLbihfh`_l\Zfihemqblvq_ldh_ij_^klZ\e_gb_ h \hafh`ghklyo b h]jZgbq_gbyo ijbkmsbo we_f_glZf mijZ\e_gby $FWLYH; < ebklbg]_ ^_fhgkljbjm_lky l_dkl fh^mey &DUGB7/%SDV k]_g_jbjh\Zggh]h 'HOSKL Wlhl fh^mev bgdZi kmebjm_lwe_f_gl$FWLYH;$[&DUGRF[ ©ÊÃÌ»ÈÃÀË»ÂË»¼ÉÍÅÃØÆÀÇÀÈÍ»ÎÊË»½ÆÀÈÃÚ$FWLYH;$[&DUGRF[ÊËýÀ¿ÀÈɽ¾Æ»½À ½ÍÉËɾÉÍÉÇ»p¬É¿»ÈÃÀØÆÀÇÀÈÍɽÎÊË»½ÆÀÈÃÚ$FWLYH;q
ªÇÐÑÇÌ«ÍÃÒÊÛÍÀÍÊÍÖÉÇÉÍËÎÍÌÄÌÑ¿'HOSKLÃÊÞÜÊÄËÄÌÑ¿ÒÎÏ¿ÁÊÄÌÇÞ$[&DUGRF[ XQLW$[&DUGB7/%
ÆËÊάËÊc Òqwvi~¹ksnttnkëzvu{jpsnisqxmntnéqévkjttjvxtvkjtqqljtt} x·qzjtt}qoiqisqvznrqzqwvkcxsqëzjiqisqvznrjzqwvk¹ktvqsqtn¹ktv ·nénoléymyíiqisqvznryzqwvkxxsjíyíx¹tjëzyiqisqvznry iylnz quwvézqévkjtjojtvkvqsqwéqnnénljrzqévkjtqqkvrtnénljrzvéjiqisqvznrq zqwvkiylnzkiéjtjrvujtlj 5HIUHVK xvlné quvnëzvmv{jpsjiylnz xmntnéqévkjtvojtvkvjkxnkéy·tyíktnxnttnktnmvqountntq¹wvzné¹t
3$67/:75 5HYLVLRQ )LOHJHQHUDWHGRQ IURP7\SH/LEUDU\GHVFULEHGEHORZ
7\SH/LE & ?'(/3+,?'(/3+,'*?&2'(?&+?$;&$5'?$;&$5'2&; ,,'?/&,' ^%' $&'$(&%&`? +HOSILOH 'HSQG/VW YVWGROH & ?: ?6<67(0?67'2/(7/% Y6WG9&/ & ?: ?6<67(0?67'9&/'//
^7<3('$''5(662))`Îvlyslvs ntrvuwqsqévkjzx¹inowévknérqzqwvk yrjojznsnp ,QWHUIDFH XVHV:LQGRZV$FWLYH;&ODVVHV*UDSKLFV2OH6HUYHU2OH&WUOV6WG9&/
*8,'6vi~¹ksntkiqisqvznrnzqwvkÊxwvsoyízx¹xsnlyíqnwén{qrx Èqisqvznrqzqwvk /,%,'B[[[[ Çsjxxrvuwvtntzvk &/$66B[[[[
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
',63qtzn{npx ',,'B[[[[ 1RQ',63qtzné{npx ,,'B[[[[
FRQVW Èqisqvznrqzqwvkknéxqp0DMRUqPLQRU $[&DUG0DMRU9HUVLRQ $[&DUG0LQRU9HUVLRQ /,%,'B$[&DUG 7*8,' ^%' $&'$(&%&` ,,'B,&DUG; 7*8,' ^%' $&'$(&%&` ',,'B,&DUG;(YHQWV 7*8,' ^%' $&'$(&%&` &/$66B&DUG; 7*8,' ^%' $&'$(&%&`
Ìi~¹ksntq¹wnén·qxsntqpvwénlnsntt}kiqisqvznrnzqwvk
Çvtxzjtzls¹wnén·qxsntq¹7['UDJ0RGH W\SH 7['UDJ0RGH 72OH(QXP FRQVW GP0DQXDO GP$XWRPDWLF Çvtxzjtzls¹wnén·qxsntq¹7[&DUG6XLW W\SH 7[&DUG6XLW 72OH(QXP FRQVW FV&OXE FV'LDPRQG FV+HDUW FV6SDGH Çvtxzjtzls¹wnén·qxsntq¹7[&DUG9DOXH W\SH 7[&DUG9DOXH 72OH(QXP FRQVW FY$FH FY7ZR FY7KUHH FY)RXU FY)LYH FY6L[ FY6HYHQ FY(LJKW FY1LQH FY7HQ FY-DFN $ FY4XHHQ % FY.LQJ &
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
Çvtxzjtzls¹wnén·qxsntq¹7[0RXVH%XWWRQ W\SH 7[0RXVH%XWWRQ 72OH(QXP FRQVW PE/HIW PE5LJKW PE0LGGOH Çvtxzjtzls¹wnén·qxsntq¹7[$OLJQPHQW W\SH 7[$OLJQPHQW 72OH(QXP FRQVW WD/HIW-XVWLI\ WD5LJKW-XVWLI\ WD&HQWHU Çvtxzjtzls¹wnén·qxsntq¹7[%L'L0RGH W\SH 7[%L'L0RGH 72OH(QXP FRQVW EG/HIW7R5LJKW EG5LJKW7R/HIW EG5LJKW7R/HIW1R$OLJQ EG5LJKW7R/HIW5HDGLQJ2QO\ W\SH
Íénlkjéqznstvnvi~¹ksntqnqtzné{npxvkvwénlns¹nu}kiqisqvznrnzqwvk
,&DUG; LQWHUIDFH ,&DUG;'LVS GLVSLQWHUIDFH ,&DUG;(YHQWV GLVSLQWHUIDFH
Ìi~¹ksntqnrsjxxvkrvuwvtntzvkvwénlns¹nu}kiqisqvznrnzqwvk djun·jtqn dlnxyxzjtjksqkjnzx¹xvvzknzxzkqnrj lvmvrsjxxjrvuwvtntzj xkvnuyxzjtljéztvuyqtzné{npxy
&DUG; ,&DUG;
,QWHUIDFH ,&DUG; )ODJV 'XDO2OH$XWRPDWLRQ'LVSDWFKDEOH *8,' ^%' $&'$(&%&`
,&DUG; LQWHUIDFH ,'LVSDWFK > ^%' $&'$(&%&` @ IXQFWLRQ*HWB%DFN&RORU 2/(B&2/25 VDIHFDOO
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
SURFHGXUH6HWB%DFN&RORU 9DOXH 2/(B&2/25 VDIHFDOO IXQFWLRQ*HWB&RORU 2/(B&2/25 VDIHFDOO SURFHGXUH6HWB&RORU 9DOXH 2/(B&2/25 VDIHFDOO IXQFWLRQ*HWB'UDJ&XUVRU 6PDOOLQW VDIHFDOO SURFHGXUH6HWB'UDJ&XUVRU 9DOXH 6PDOOLQW VDIHFDOO IXQFWLRQ*HWB'UDJ0RGH 7['UDJ0RGH VDIHFDOO SURFHGXUH6HWB'UDJ0RGH 9DOXH 7['UDJ0RGH VDIHFDOO IXQFWLRQ*HWB)DFH8S :RUG%RRO VDIHFDOO SURFHGXUH6HWB)DFH8S 9DOXH :RUG%RRO VDIHFDOO IXQFWLRQ*HWB3DUHQW&RORU :RUG%RRO VDIHFDOO SURFHGXUH6HWB3DUHQW&RORU 9DOXH :RUG%RRO VDIHFDOO IXQFWLRQ*HWB6XLW 7[&DUG6XLW VDIHFDOO SURFHGXUH6HWB6XLW 9DOXH 7[&DUG6XLW VDIHFDOO IXQFWLRQ*HWB9DOXH 7[&DUG9DOXH VDIHFDOO SURFHGXUH6HWB9DOXH 9DOXH 7[&DUG9DOXH VDIHFDOO IXQFWLRQ*HWB'RXEOH%XIIHUHG :RUG%RRO VDIHFDOO SURFHGXUH6HWB'RXEOH%XIIHUHG 9DOXH :RUG%RRO VDIHFDOO SURFHGXUH)OLS&KLOGUHQ $OO/HYHOV :RUG%RRO VDIHFDOO IXQFWLRQ'UDZ7H[W%L'L0RGH)ODJV )ODJV ,QWHJHU ,QWHJHU VDIHFDOO IXQFWLRQ'UDZ7H[W%L'L0RGH)ODJV5HDGLQJ2QO\ ,QWHJHU VDIHFDOO IXQFWLRQ*HWB(QDEOHG :RUG%RRO VDIHFDOO SURFHGXUH6HWB(QDEOHG 9DOXH :RUG%RRO VDIHFDOO IXQFWLRQ*HW&RQWUROV$OLJQPHQW 7[$OLJQPHQW VDIHFDOO SURFHGXUH,QLWLDWH$FWLRQ VDIHFDOO IXQFWLRQ,V5LJKW7R/HIW :RUG%RRO VDIHFDOO IXQFWLRQ8VH5LJKW7R/HIW$OLJQPHQW :RUG%RRO VDIHFDOO IXQFWLRQ8VH5LJKW7R/HIW5HDGLQJ :RUG%RRO VDIHFDOO IXQFWLRQ8VH5LJKW7R/HIW6FUROO%DU :RUG%RRO VDIHFDOO IXQFWLRQ*HWB%L'L0RGH 7[%L'L0RGH VDIHFDOO SURFHGXUH6HWB%L'L0RGH 9DOXH 7[%L'L0RGH VDIHFDOO IXQFWLRQ*HWB9LVLEOH :RUG%RRO VDIHFDOO SURFHGXUH6HWB9LVLEOH 9DOXH :RUG%RRO VDIHFDOO IXQFWLRQ*HWB&XUVRU 6PDOOLQW VDIHFDOO SURFHGXUH6HWB&XUVRU 9DOXH 6PDOOLQW VDIHFDOO IXQFWLRQ&ODVV1DPH,V FRQVW1DPH :LGH6WULQJ :RUG%RRO VDIHFDOO SURFHGXUH$ERXW%R[ VDIHFDOO SURSHUW\%DFN&RORU 2/(B&2/25UHDG*HWB%DFN&RORUZULWH6HWB%DFN&RORU SURSHUW\&RORU 2/(B&2/25UHDG*HWB&RORUZULWH6HWB&RORU SURSHUW\'UDJ&XUVRU 6PDOOLQWUHDG*HWB'UDJ&XUVRUZULWH6HWB'UDJ&XUVRU SURSHUW\'UDJ0RGH 7['UDJ0RGHUHDG*HWB'UDJ0RGHZULWH6HWB'UDJ0RGH SURSHUW\)DFH8S :RUG%RROUHDG*HWB)DFH8SZULWH6HWB)DFH8S SURSHUW\3DUHQW&RORU :RUG%RROUHDG*HWB3DUHQW&RORUZULWH6HWB3DUHQW&RORU SURSHUW\6XLW 7[&DUG6XLWUHDG*HWB6XLWZULWH6HWB6XLW SURSHUW\9DOXH 7[&DUG9DOXHUHDG*HWB9DOXHZULWH6HWB9DOXH SURSHUW\'RXEOH%XIIHUHG :RUG%RROUHDG*HWB'RXEOH%XIIHUHG ZULWH6HWB'RXEOH%XIIHUHG SURSHUW\(QDEOHG :RUG%RROUHDG*HWB(QDEOHGZULWH6HWB(QDEOHG SURSHUW\%L'L0RGH 7[%L'L0RGHUHDG*HWB%L'L0RGHZULWH6HWB%L'L0RGH SURSHUW\9LVLEOH :RUG%RROUHDG*HWB9LVLEOHZULWH6HWB9LVLEOH SURSHUW\&XUVRU 6PDOOLQWUHDG*HWB&XUVRUZULWH6HWB&XUVRU
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
HQG
'LVS,QWI ,&DUG;'LVS )ODJV 'XDO2OH$XWRPDWLRQ'LVSDWFKDEOH *8,' ^%' $&'$(&%&`
,&DUG;'LVS GLVSLQWHUIDFH > ^%' $&'$(&%&` @ SURSHUW\%DFN&RORU 2/(B&2/25GLVSLG SURSHUW\&RORU 2/(B&2/25GLVSLG SURSHUW\'UDJ&XUVRU 6PDOOLQWGLVSLG SURSHUW\'UDJ0RGH 7['UDJ0RGHGLVSLG SURSHUW\)DFH8S :RUG%RROGLVSLG SURSHUW\3DUHQW&RORU :RUG%RROGLVSLG SURSHUW\6XLW 7[&DUG6XLWGLVSLG SURSHUW\9DOXH 7[&DUG9DOXHGLVSLG SURSHUW\'RXEOH%XIIHUHG :RUG%RROGLVSLG SURFHGXUH)OLS&KLOGUHQ $OO/HYHOV :RUG%RRO GLVSLG IXQFWLRQ'UDZ7H[W%L'L0RGH)ODJV )ODJV ,QWHJHU ,QWHJHU GLVSLG IXQFWLRQ'UDZ7H[W%L'L0RGH)ODJV5HDGLQJ2QO\ ,QWHJHU GLVSLG SURSHUW\(QDEOHG :RUG%RROGLVSLG IXQFWLRQ*HW&RQWUROV$OLJQPHQW 7[$OLJQPHQW GLVSLG SURFHGXUH,QLWLDWH$FWLRQ GLVSLG IXQFWLRQ,V5LJKW7R/HIW :RUG%RRO GLVSLG IXQFWLRQ8VH5LJKW7R/HIW$OLJQPHQW :RUG%RRO GLVSLG IXQFWLRQ8VH5LJKW7R/HIW5HDGLQJ :RUG%RRO GLVSLG IXQFWLRQ8VH5LJKW7R/HIW6FUROO%DU :RUG%RRO GLVSLG SURSHUW\%L'L0RGH 7[%L'L0RGHGLVSLG SURSHUW\9LVLEOH :RUG%RROGLVSLG SURSHUW\&XUVRU 6PDOOLQWGLVSLG IXQFWLRQ&ODVV1DPH,V FRQVW1DPH :LGH6WULQJ :RUG%RRO GLVSLG SURFHGXUH$ERXW%R[ GLVSLG HQG
'LVS,QWI ,&DUG;(YHQWV )ODJV 'LVSDWFKDEOH *8,' ^%' $&'$(&%&`
,&DUG;(YHQWV GLVSLQWHUIDFH > ^%' $&'$(&%&` @ SURFHGXUH2Q&OLFN GLVSLG SURFHGXUH2Q'EO&OLFN GLVSLG SURFHGXUH2Q.H\3UHVV YDU.H\ 6PDOOLQW GLVSLG HQG
Ìi~¹ksntqn3UR[\rsjxxjësnuntzjywéjksntq¹2/(
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
Êu¹ësnuntzjywéjksntq¹ 7&DUG; fwéjkv·tj¹xzévrj &DUG;&RQWURO fzjtljéztpqtzné{npx ,&DUG; fzjtlqtzné{ls¹',63" 1R Êtzné{npxxvizqp ,&DUG;(YHQWV 7\SH)ODJV &DQ&UHDWH&RQWURO
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
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
SURSHUW\2Q(QG'UDJ SURSHUW\2Q(QWHU SURSHUW\2Q([LW SURSHUW\2Q6WDUW'UDJ SURSHUW\%DFN&RORU 7&RORULQGH[UHDG*HW7&RORU3URSZULWH 6HW7&RORU3URSVWRUHG)DOVH SURSHUW\&RORU 7&RORULQGH[UHDG*HW7&RORU3URSZULWH 6HW7&RORU3URSVWRUHG)DOVH SURSHUW\'UDJ&XUVRU 6PDOOLQWLQGH[UHDG*HW6PDOOLQW3URSZULWH 6HW6PDOOLQW3URSVWRUHG)DOVH SURSHUW\'UDJ0RGH 72OH(QXPLQGH[UHDG*HW72OH(QXP3URSZULWH 6HW72OH(QXP3URSVWRUHG)DOVH SURSHUW\)DFH8S :RUG%RROLQGH[UHDG*HW:RUG%RRO3URSZULWH 6HW:RUG%RRO3URSVWRUHG)DOVH SURSHUW\3DUHQW&RORU :RUG%RROLQGH[UHDG*HW:RUG%RRO3URSZULWH 6HW:RUG%RRO3URSVWRUHG)DOVH SURSHUW\6XLW 72OH(QXPLQGH[UHDG*HW72OH(QXP3URSZULWH 6HW72OH(QXP3URSVWRUHG)DOVH SURSHUW\9DOXH 72OH(QXPLQGH[UHDG*HW72OH(QXP3URSZULWH 6HW72OH(QXP3URSVWRUHG)DOVH SURSHUW\&XUVRU 6PDOOLQWLQGH[ UHDG*HW6PDOOLQW3URSZULWH 6HW6PDOOLQW3URSVWRUHG)DOVH SURSHUW\2Q&OLFN 71RWLI\(YHQWUHDG)2Q&OLFNZULWH)2Q&OLFN SURSHUW\2Q'EO&OLFN 71RWLI\(YHQWUHDG)2Q'EO&OLFNZULWH2Q'EO&OLFN SURSHUW\2Q.H\3UHVV 7&DUG;2Q.H\3UHVVUHDG)2Q.H\3UHVVZULWH)2Q.H\3UHVV HQG SURFHGXUH5HJLVWHU LPSOHPHQWDWLRQ XVHV&RP2EM SURFHGXUH7&DUG;,QLW&RQWURO'DWD FRQVW &(YHQW'LVS,'V DUUD\>@RI':25' &&RQWURO'DWD 7&RQWURO'DWD &ODVV,' ^%' $&'$(&%&` (YHQW,,' ^%' $&'$(&%&` (YHQW&RXQW (YHQW'LVS,'V #&(YHQW'LVS,'V /LFHQVH.H\ QLO +5 )ODJV 9HUVLRQ EHJLQ &RQWURO'DWD #&&RQWURO'DWD 7&RQWURO'DWD &&RQWURO'DWD )LUVW(YHQW2IV &DUGLQDO ##)2Q&OLFN &DUGLQDO 6HOI HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
SURFHGXUH7&DUG;&UHDWH&RQWURO SURFHGXUH'R&UHDWH EHJLQ ),QWI ,8QNQRZQ 2OH2EMHFW DV,&DUG; HQG EHJLQ LI),QWI QLOWKHQ'R&UHDWH HQG IXQFWLRQ7&DUG;*HW&RQWURO,QWHUIDFH ,&DUG; EHJLQ &UHDWH&RQWURO 5HVXOW ),QWI HQG SURFHGXUH7&DUG;)OLS&KLOGUHQ $OO/HYHOV :RUG%RRO EHJLQ 'HIDXOW,QWHUIDFH)OLS&KLOGUHQ $OO/HYHOV HQG IXQFWLRQ7&DUG;'UDZ7H[W%L'L0RGH)ODJV )ODJV ,QWHJHU ,QWHJHU EHJLQ 5HVXOW 'HIDXOW,QWHUIDFH'UDZ7H[W%L'L0RGH)ODJV )ODJV HQG IXQFWLRQ7&DUG;'UDZ7H[W%L'L0RGH)ODJV5HDGLQJ2QO\ ,QWHJHU EHJLQ 5HVXOW 'HIDXOW,QWHUIDFH'UDZ7H[W%L'L0RGH)ODJV5HDGLQJ2QO\ HQG IXQFWLRQ7&DUG;*HW&RQWUROV$OLJQPHQW 7[$OLJQPHQW EHJLQ 5HVXOW 'HIDXOW,QWHUIDFH*HW&RQWUROV$OLJQPHQW HQG SURFHGXUH7&DUG;,QLWLDWH$FWLRQ EHJLQ 'HIDXOW,QWHUIDFH,QLWLDWH$FWLRQ HQG IXQFWLRQ7&DUG;,V5LJKW7R/HIW :RUG%RRO EHJLQ 5HVXOW 'HIDXOW,QWHUIDFH,V5LJKW7R/HIW HQG IXQFWLRQ7&DUG;8VH5LJKW7R/HIW$OLJQPHQW :RUG%RRO EHJLQ 5HVXOW 'HIDXOW,QWHUIDFH8VH5LJKW7R/HIW$OLJQPHQW
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
HQG IXQFWLRQ7&DUG;8VH5LJKW7R/HIW5HDGLQJ :RUG%RRO EHJLQ 5HVXOW 'HIDXOW,QWHUIDFH8VH5LJKW7R/HIW5HDGLQJ HQG IXQFWLRQ7&DUG;8VH5LJKW7R/HIW6FUROO%DU :RUG%RRO EHJLQ 5HVXOW 'HIDXOW,QWHUIDFH8VH5LJKW7R/HIW6FUROO%DU HQG IXQFWLRQ7&DUG;&ODVV1DPH,V FRQVW1DPH :LGH6WULQJ :RUG%RRO EHJLQ 5HVXOW 'HIDXOW,QWHUIDFH&ODVV1DPH,V 1DPH HQG SURFHGXUH7&DUG;$ERXW%R[ EHJLQ 'HIDXOW,QWHUIDFH$ERXW%R[ HQG SURFHGXUH5HJLVWHU EHJLQ 5HJLVWHU&RPSRQHQWV $FWLYH; >7&DUG;@ HQG HQG L_i_jvhagZdhfb\rbkvkijh]jZffgufl_dklhfk]_g_jbjh\Zggufj_^Zdlhjhf[b[ebhl_ dblbih\jZkkfhljbf^_lZebjZ[hluf_oZgbafZbfihjlbjh\Zgby[b[ebhl_dlbih\
6}y|KxQ^}NKv\x\\Qy I_j\h_qlh[jhkZ_lky\]eZaZ²wlhhdhgqZgb_B7/%\bf_gbnZceZDjhf_lh]hfh`gh aZf_lblvqlh\k]_g_jbjh\Zgghfbkoh^ghfnZce__klvg_kdhevdhkkuehdgZ[b[ebhl_dbH[Z wlbonZdlZgZ\h^ylgZfukevqlhi_j\hbklhqgbdhf^eyihkljh_gbynZceZh[hehqdbkem`bl [b[ebhl_dZ lbih\ dhgdj_lgh]h we_f_glZ mijZ\e_gby ;b[ebhl_dZ lbih\ ex[h]h we_f_glZ mijZ\e_gby $FWLYH; ij_^klZ\ey_l kh[hc ki_pbZevgmx bgnhjfZpbx dhlhjZy k\yau\Z_lky k gbf\\b^_j_kmjkZhibku\Zxs_]hjZaebqgu_we_f_gluwlh]hdhfihg_glZ<qZklghklb[b[ ebhl_db lbih\ kh^_j`Zl bgnhjfZpbx h[ bgl_jn_ckZo ih^^_j`b\Z_fuo ^Zgguf we_f_glhf mijZ\e_gby k\hckl\Zo f_lh^Zo b kh[ulbyo Z lZd`_ bkihevam_fuo i_j_qbkebfuo lbiZo I_j\Zy aZibkv \ nZce_ h[hehqdb kh^_j`bl mgbdZevguc b^_glbnbdZpbhgguc ghf_j *8,' [b[ebhl_dblbih\^Zggh]hwe_f_glZmijZ\e_gby üÆÃÉÍÀÅà ÍÃÊɽ ÃÌÊÉÆ×ÂÎÙÍÌÚ ¿ÉÌÍ»ÍÉÒÈÉ ÓÃËÉÅÉt ¿ÆÚ É¼ÕÀÅÍɽ »½ÍÉÇ»ÍûÑÃà 2/(ÆټɾÉÍÃÊ»ªÉ¿ËɼÈÀÀɼüÆÃÉÍÀÅ»ÐÍÃÊɽÃÃÐÃÌÊÉÆ×Âɽ»ÈÃÃÇÉÁÈÉÎÂÈ»Í× ½¾Æ»½À½ÍÉËɾÉÍÉÇ»p&20ÉËÃÀÈÍÃËɽ»ÈÈÖÀÍÀÐÈÉÆɾÃÃq
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
³Q^QNQ~ KjZamaZb^_glbnbdZpbhgguf ghf_jhf *8,' [b[ebhl_db lbih\ jZkiheZ]Zxlky i_j_qbk ebfu_lbiubkihevam_fu_^Zggufwe_f_glhfmijZ\e_gbyH[jZlbl_\gbfZgb_qlhi_j_qbk e_gbyh[ty\eyxlkydZdijhklu_dhgklZgluZg_dZdgZklhysb_i_j_qbkebfu_ lbiu >_eh \ lhfqlhi_j_qbke_gby[b[ebhl_dblbih\ dZdbi_j_qbke_gbyyaudZK fh]mlgZqbgZlvkyg_k gmey Z ihjy^dh\u_ ghf_jZ ijbk\Zb\Z_fu_ we_f_glZf fh]ml g_ [ulv ihke_^h\Zl_evgufb Ih^h[gu_ \hevghklb \ h[ty\e_gbb i_j_qbkebfuo lbih\ \ 2EMHFW 3DVFDO g_ jZaj_r_gu ih wlhfmi_j_qbke_gbya^_kv^he`guh[ty\eylvkydZddhgklZglu
t~}Q^QvNQwQ~}\zu^KzQ~ >Ze__\nZce_h[hehqdbhibku\Z_lkybkoh^gucbgl_jn_ckwe_f_glZmijZ\e_gbyA^_kv\u gZc^_l_\k_k\hckl\Zbf_lh^uwe_f_glZmijZ\e_gby$FWLYH;K\hckl\Z_s_jZah[ty\eyxlky \jZa^_e_GLVSLQWHUIDFHqlh^Z_l\hafh`ghklvwe_f_glmmijZ\e_gbyijbf_gylvky\dZq_kl\_ ^\hcgh]hbgl_jn_ckZKh[ulbyh[ty\eyxlkyhl^_evgh\ke_^mxs_fjZa^_e_GLVSLQWHUIDFH Qlh[ubkihevah\Zlvwe_f_glumijZ\e_gby$FWLYH;\k\hboijbeh`_gbyo\Zfg_gm`ghfgh]h agZlvh[bgl_jn_ckZoihwlhfma^_kvfug_[m^_fkebrdhfm]em[eylvky\^_lZeb;he__ih^ jh[gmx bgnhjfZpbx h[ bgl_jn_ckZo \hh[s_ \u gZc^_l_ \ ]eZ\_ \lhjh]h lhfZ ³&20 hjb_glbjh\Zggu_l_ogheh]bb´Zh[bgl_jn_ckZowe_f_glh\mijZ\e_gby$FWLYH;²\]eZ\_ \lhjh]hlhfZ³Kha^Zgb_we_f_glh\mijZ\e_gby$FWLYH;´
³\}\w\yyKNNK72OH&RQWURO >Ze__\nZce_fh^meyke_^m_lhij_^_e_gb_deZkkZ^eyh[hehqdbwe_f_glZmijZ\e_gbyIh mfheqZgbxbfyh[hehqdbwe_f_glZ$FWLYH;bf__l\b^7;;]^_;²wlhbfydeZkkZdhfihg_g lZwe_f_glZmijZ\e_gby\[b[ebhl_d_lbih\Wlhlh[t_dlih^h[gh\k_fh[hehqdZfwe_f_glh\ $FWLYH; y\ey_lky ijhba\h^guf hl deZkkZ 72OH&RQWURO Wlh dhfihg_gl dhlhjuc iha\hey_l \uihegylv hij_^_e_ggmx h[jZ[hldm ^_kdjbilhjZ hdgZ b y\ey_lky ihlhfdhf deZkkZ 7:LQ&RQWURO DeZkk 72OH&RQWURO bgdZikmebjm_l \kx keh`ghklv hlh[jZ`_gby nmgdpbc we_ f_glh\mijZ\e_gby$FWLYH;gZdhfihg_glu'HOSKLqlhiha\hey_lwe_f_glZf$FWLYH;mki_rgh jZ[hlZlv\kj_^_'HOSKLDeZkk72OH&RQWUROy\ey_lkyZ[kljZdlgufZwlhagZqblqlhkha^Zlv _]hwda_fieyjg_\hafh`ghghaZlh_]hhq_gvm^h[ghbkihevah\Zlv\dZq_kl\_hlijZ\ghclhq db^eykha^Zgby^jm]bodeZkkh\
±Q}\| I_j\hc\ebklbg]_ijb\_^_gZijhp_^mjZ,QLW&RQWURO'DWD HgZh[ty\e_gZ\hibkZgbb h[t_dlZ72OH&RQWUROb^he`gZi_j_hij_^_eylvky\h\k_o_]hihlhfdZoIhfbfhijhq_cbgnhj fZpbbk\yaZgghckdhgdj_lgufwe_f_glhfmijZ\e_gby\wlhcijhp_^mj_mklZgZ\eb\Z_lkymgb dZevgucdeZkk2/(bb^_glbnbdZpbhggu_ghf_jZkh[ulbc<qZklghklbwlhlf_lh^m\_^hfey_l h[t_dl72OH&RQWUROhlZdbo\Z`guo^_lZeyodZdb^_glbnbdZlhjdeZkkZjZaghh[jZagu_neZ`db mijZ\e_gby b ghf_j ebp_gabb _keb ^Zgguc we_f_gl mijZ\e_gby ebp_gabjh\Zg Wlhl f_lh^ jZkiheh`_g \ aZsbs_gghc SURWHFWHG qZklb hibkZgby deZkkZ ihkdhevdm ^ey ihevah\Zl_e_c ^Zggh]hdeZkkZhg[_kihe_a_gbij_^klZ\ey_lp_gghklvlhevdh^eykZfh]hdeZkkZ F_lh^ ,QLW&RQWURO,QWHUIDFH i_j_hij_^_e_g k p_evx bgbpbZebaZpbb aZdjulh]h ihey bgl_jn_ckZ),QWIagZq_gb_fmdZaZl_eygZbgl_jn_ck,&DUGV;we_f_glZmijZ\e_gby
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
We_f_glmijZ\e_gby$FWLYH;&DUG;ij_^hklZ\ey_l_s_lhevdhh^bgf_lh^²$ERXW%R[ Ijb_]h\uah\_hldju\Z_lky^bZeh]h\h_ hdgh $ERXW kh^_j`Zs__ hibkZgb_ gZagZq_gby ^Zg gh]hwe_f_glZmijZ\e_gbyqlhy\ey_lkyklZg^ZjlghcijZdlbdhcWlhlf_lh^ \uau\Z_lky ih kj_^kl\hf bgl_jn_ckZ Y7DEOH k ihfhsvx k\hckl\Z &RQWURO,QWHUIDFH dhlhjh_ kqblu\Z_lky baihey),QWI ªÉÇÃÇɽÖÂɽɽÃÈÍÀËÏÀÄÌ»Y7DEOHÃÌÊÉÆ×ÂÎÙÔÀ¾É̽ÉÄÌͽÉ&RQWURO,QWHUIDFH ÇÀÍÉ¿Ö &RQWURO ÇÉÁÈÉ »ÅÍýÃÂÃËɽ»Í× ÒÀËÀ »½ÍÉÇ»ÍûÑÃÙ Ì ÊÉÇÉÔ×٠̽ÉÄÌͽ» 2/(2EMHFWÅÆ»ÌÌ»72OH&RQWURO¨ÉŻŽÖÎÂÈ»ÀÍÀ½¾Æ»½À½ÍÉËɾÉÍÉÇ»p&20 ÉËÃÀÈÍÃËɽ»ÈÈÖÀ ÍÀÐÈÉÆɾÃÃq ɼÖÒÈÉ ¼ÉÆÀÀ ØÏÏÀÅÍýÈÉ ½ÖÂÖ½»Í× ÇÀÍÉ¿Ö ÒÀËÀ ÃÈÍÀËÏÀÄÌY7DEOH»ÈÀÒÀËÀ»½ÍÉÇ»ÍûÑÃÙ
(z\vN}zK ey qe_gh\h^ghc]jmiiug_aZ^Zguf_lh^uql_gbybebaZibkbagZq_gbcWlZ]jmiiZij_^klZ\ey _l kh[hc klZg^Zjlgu_ k\hckl\Z b kh[ulby dhfihg_glh\ 'HOSKL mgZke_^h\Zggu_ hl deZkkh\ ij_^dh\7:LQ&RQWUROb7&RPSRQHQW>ey\k_oqe_gh\^jm]hc]jmiiuaZ^Zgubg^_dkuZlZd`_ f_lh^u ql_gby JHW b aZibkb VHW Wlm ]jmiim khklZ\eyxl k\hckl\Z we_f_glh\ mijZ\e_gby $FWLYH;bgdZikmebjh\Zggu_deZkkhf72OH&RQWURO Ki_pbZebabjh\Zggu_ f_lh^u JHW b VHW ^ey bgdZikmebjh\Zgguo k\hckl\ kem`Zl k\h_]h jh^Z k\yamxsbf fhklhf ijheh`_gguf f_`^m k\hckl\Zfb we_f_glh\ mijZ\e_gby $FWLYH; b dhfihg_glZfb2EMHFW 3DVFDO H[jZlbl_ \gbfZgb_ gZ f_lh^u ql_gby b aZibkb dhlhju_ ihem qZxl b mklZgZ\eb\Zxl k\hckl\Z ^ey dZ`^h]h aZ^Zggh]h lbiZ gZijbf_j *HW%RRO3URS 6HW%RRO3URS *HW6WULQJ 6HW6WULQJ3URS b l^ B ohly f_lh^u JHW b VHW kms_kl\mxl ^ey dZ`^h]h lbiZ k\hckl\Z \k_ hgb ^_ckl\mxl ih koh^ghfm ijbgpbim < ke_^mxs_f njZ] f_gl_ijh]jZffgh]hdh^Z^_fhgkljbjmxlkyh[sb_f_lh^uJHWbVHW^eydeZkkZ72OH&RQWURO dhlhju_bhij_^_eyxljZ[hlm^Zggh]hk\hckl\ZlbiZ; IXQFWLRQ72OH&RQWURO*HW;3URS ,QGH[ ,QWHJHU ; YDU 7HPS 79DU'DWD EHJLQ *HW3URSHUW\ ,QGH[7HPS 5HVXOW 7HPS9; HQG SURFHGXUH72OH&RQWURO6HW;3URS ,QGH[ ,QWHJHU 9DOXH ; YDU 7HPS 79DU'DWD EHJLQ 7HPS97\SH YDU; 7HPS9; 9DOXH 6HW3URSHUW\ ,QGH[7HPS HQG < wlhf ijh]jZffghf njZ]f_gl_ bg^_dk k\hckl\Z h[hagZq_gguc ^bj_dlb\hc LQGH[ \ k\hckl\Zodhfihg_glZ7&DUGV&WUO g_y\ghi_j_^Z_lkyijhp_^mjZfI_j_f_ggZylbiZ;miZdh \u\Z_lky\aZibkv^Zgguo79DU'DWD aZibkvij_^klZ\eyxsZylbi9DULDQW ZaZl_fwlbiZjZ
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
f_lju i_j_^Zxlky f_lh^m *HW3URSHUW\ beb 6HW3URSHUW\ deZkkZ 72OH&RQWURO DZ`^h_ k\hckl\hwe_f_glZmijZ\e_gby$FWLYH;bf__lmgbdZevgucbg^_dkdhlhjuc^_ckl\m_lih^h[ gh b^_glbnbdZlhjm K ihfhsvx wlh]h bg^_dkZ b i_j_f_gghc 7HPS lbiZ 79DU'DWD f_lh^u *HW3URSHUW\ b6HW3URSHUW\ bkihevamxlZ\lhfZlbaZpbx2/(^eyihemq_gbybmklZgh\db agZq_gbck\hckl\\gmljbwe_f_glZmijZ\e_gby$FWLYH; ?keb\Zfijboh^behkvklZedb\Zlvkyk^jm]bfbiZd_lZfbjZajZ[hldblh\um`_agZ_l_qlh 'HOSKL h[_ki_qb\Z_l mijhs_gguc ^hklmi g_ lhevdh d k\hckl\Zf dhgdj_lgh]h we_f_glZ $FWLYH; gh lZd`_ b d h[uqguf k\hckl\Zf b f_lh^Zf h[t_dlZ 7:LQ&RQWURO Wlh iha\hey_l bkihevah\Zlvex[hcwe_f_glmijZ\e_gby$FWLYH;ih^h[gh^jm]bfmijZ\eyxsbfwe_f_glZf\ 'HOSKL b ^Z_l ihevah\Zl_eyf \hafh`ghklv ijbf_gylv h[t_dlghhjb_glbjh\Zggu_ ijbgpbiu ^eyi_j_hij_^_e_gbyih\_^_gbywe_f_glZmijZ\e_gby$FWLYH;iml_fkha^ZgbygZkljZb\Z_fuo ihlhfdh\we_f_glh\$FWLYH;\kj_^_'HOSKL
tNu\\zK~QQwQ~}\zu^KzQ~ [email protected]zu^\Q~g
JbkJZ[hlZkwe_f_glhfmijZ\e_gby$FWLYH;\kj_^_'HOSKL
Ihfbfh\hafh`ghklbmklZgZ\eb\Zlvk\hckl\Zkihfhsvxbgki_dlhjZh[t_dlh\^eyg_dh lhjuowe_f_glh\mijZ\e_gby $FWLYH; lZd`_ ij_^mkfhlj_gh ^bZeh]h\h_ hdgh 3URSHUWLHV dh lhjh_ hldju\Z_lky ijb \u[hj_ dhfZg^u 3URSHUWLHV \ dhgl_dklghf f_gx \ ^baZcg_j_ nhjf 'HOSKLWlhdhgl_dklgh_f_gxlZd`_ihdZaZggh_gZjbkhldju\Z_lkyihs_eqdmijZ\hc dghidhc furb gZ khhl\_lkl\mxs_f we_f_gl_ mijZ\e_gby GZ jbk ihdZaZgh ^bZeh]h\h_ hdgh3URSHUWLHV K\hckl\Z we_f_glZ$FWLYH;7&DUG;
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
Jbk>bZeh]h\h_hdgh3URSHUWLHVwe_f_glZmijZ\e_gby $FWLYH;7&DUG;
DZd \u gZ\_jgh_ ^h]Z^u\Z_l_kv ^Zgguc we_f_gl mijZ\e_gby hkgZs_g ki_pbnbq_kdbfb k\hckl\Zfbiha\heyxsbfbmklZgZ\eb\Zlv fZklv dZjlu __ agZq_gb_ p\_l beb bah[jZ`_gb_ gZg_k_ggh_ gZ __ h[hjhlgmx klhjhgm Z lZd`_ klZg^Zjlgufb k\hckl\Zfb hij_^_eyxsbfb ihabpbxihjy^hdh[oh^ZihgZ`ZlbxdeZ\brb 7DE!bliMdZjluihdZaZgghcgZjbk k\hckl\h9DOXH AgZq_gb_ mklZgh\e_ghjZ\guf Lma Zk\hckl\h6XLW FZklv ² Ibdb
8KNu^\N}^K~Q~Qu^\Q~v \N~KQ~~gQwQ~}Kw u^KzQ~[email protected] Dh]^Z ijbeh`_gb_ hkgZs_ggh_ we_f_glZfb mijZ\e_gby $FWLYH; [m^_l ]hlh\h d k^Zq_ \ wdkiemZlZpbx i_j_^Z\Zy _]h we_f_glu b khhl\_lkl\mxsb_ nZceu aZdZaqbdZf h[yaZl_evgh mqblu\Zcl_ke_^mxsb_aZf_qZgby G_h[oh^bfhi_j_^ZlvaZdZaqbdm2&;beb'//nZceukh^_j`Zsb_we_f_glumijZ\ e_gby$FWLYH;bkihevam_fu_\\Zr_fijbeh`_gbb2&;nZceuy\eyxsb_ky[b[ebh l_dZfb ^bgZfbq_kdhc dhfihgh\db '// g_ h[t_^bgyxlky k aZ]jmahqguf fh^me_f ijbeh`_gby Djhf_ lh]h ij_`^_ q_f ihevah\Zl_ev kfh`_l jZ[hlZlv k \Zrbf ijbeh `_gb_fdZ`^uci_j_^Z\Z_fucwe_f_glmijZ\e_gby$FWLYH;^he`_g[ulvaZj_]bkljb jh\Zg\kbkl_fghfj__klj_dhfivxl_jZwlh]hihevah\Zl_eyIjhp_kkj_]bkljZpbbwe_ f_glh\mijZ\e_gby$FWLYH;jZkkfZljb\Z_lky\ke_^mxs_fjZa^_e_ JZ[hlZg_dhlhjuowe_f_glh\mijZ\e_gby$FWLYH;g_\hafh`gZ[_ah^ghcbebg_kdhev dbo\g_rgbo[b[ebhl_d'//beb^jm]bonZceh\H[jZlbl_kvd^hdmf_glZpbbihwe_ f_glZf mijZ\e_gby $FWLYH; jZajZ[hlZgguf klhjhggbfb ijhba\h^bl_eyfb qlh[u lhqghagZlvgm`ghebi_j_^Z\ZlvaZdZaqbdmdZdb_eb[h^hihegbl_evgu_nZceuH[jZ lbl_kv lZd`_ d ]eZ\_ \lhjh]h lhfZ ³Kha^Zgb_ we_f_glh\ mijZ\e_gby $FWLYH;´ aZ bgnhjfZpb_chlhfdZdb_^hihegbl_evgu_nZceufh]mlihgZ^h[blvky^eykhijh\h` ^_gbywe_f_glh\mijZ\e_gbykha^Zgguo\kj_^_'HOSKL
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
Fgh]b_ we_f_glu mijZ\e_gby $FWLYH; ihklZ\eyxlky k ebp_gabhgguf nZcehf dhlh juc g_h[oh^bf \ lhf kemqZ_ _keb \u kh[bjZ_l_kv bkihevah\Zlv ^Zgguc we_f_gl \ ijhp_kk_jZajZ[hldbWlhlnZce\u^Z_lnbjfZ²ba]hlh\bl_ev we_f_glZ mijZ\e_gby Hg ijba\Zg aZsblblv ijh^Z\Z_fu_ ijhba\h^bl_e_f we_f_glu mijZ\e_gby hl bkihev ah\Zgby \ p_eyo jZajZ[hldb dhg_qgufb ihevah\Zl_eyfb dhlhjuf \u i_j_^Z_l_ wlb we_f_glukhk\hbfbijbeh`_gbyfb
8Q{N}^KQwQ~}\zu^KzQ~[email protected] Ij_`^_q_fdZdhceb[hwe_f_glmijZ\e_gby$FWLYH;fh`gh[m^_lbkihevah\Zlv\ex[hckbk l_f_ \dexqZyl_o`_aZdZaqbdh\bebdeb_glh\dhlhjuf[m^mli_j_^Zguijbeh`_gby hg^he`_g [ulvaZj_]bkljbjh\Zg\kbkl_fghfj__klj_QZs_\k_]hwlh\uihegy_lkykihfhsvxijbeh`_gby 5HJ6YUH[Hdhlhjh_\oh^bl\khklZ\[hevrbgkl\Z\_jkbc:LQGRZV<dZq_kl\_Zevl_jgZlb\gh]h \ZjbZglZfh`ghbkihevah\Zlvmlbeblmj_]bkljZpbb75HJ6YUH[HjZ[hlZxsmx\j_`bf_dhfZg^ ghc kljhdb wlZ mlbeblZ gZoh^blky \ ih^dZlZeh]_ ELQ dZlZeh]Z 'HOSKL <_jhylgh \u ohl_eb [u bf_lv\hafh`ghklvj_]bkljbjh\Zlvwe_f_glumijZ\e_gby[he__hq_\b^gufkihkh[hfqlh[u\Zr_ ijbeh`_gb_ dZaZehkv iheghklvx bgl_]jbjh\Zgguf D kqZklvx kh\k_f g_ ljm^gh bgl_]jbjh\Zlv j_]bkljZpbx dZdb^_j_]bkljZpbx we_f_glh\$FWLYH;\\Zr_ijbeh`_gb_NbjfZ,QSULVHij_^hk lZ\ey_lbkoh^gucdh^^eymlbeblu75HJ6YU\dZq_kl\_ijbf_jZijbeh`_gbydhlhjh_y\ey_lky\_ ebdhe_ighc^_fhgkljZpb_clh]hdZdj_]bkljbjh\Zlvk_j\_ju$FWLYH;b[b[ebhl_dblbih\
&XJMW0JMW u^wQ^u^\Q~ Ny\wu\~Q~}\w[email protected] Emqrbckihkh[ijh^_fhgkljbjh\Zlvbkihevah\Zgb_we_f_glZmijZ\e_gby$FWLYH;\ijbeh`_ gbb²ihdZaZlvdZdfh`ghgZibkZlvdZdh_eb[hihe_agh_ijbeh`_gb_\dexqZxs__wlhlwe_f_gl <gZr_fijbf_j_bkihevam_lkywe_f_glmijZ\e_gby7&DUG;ZdZdbfh[jZahffh`ghemqr_ijh^_ fhgkljbjh\Zlv bkihevah\Zgb_ we_f_glZ mijZ\e_gby \ \b^_ b]jZevghc dZjlu _keb g_ \ b]j_ EODFNMDFN">eym[_^bl_evghklbij_^iheh`bfqlh\k_ijh]jZffbklu²djmlu_b]jhdbdhlhjufg_ gm`ghh[tykgylvijZ\beZb]ju jZa\_\ug_agZebijbihdmid_qlhwlZdgb]ZijbgZ^e_`blde_] dhfm`Zgjm" qlh[u\ufh]ebkdhgp_gljbjh\Zlvkybf_gghgZijh]jZffbjh\Zgbb G_ljm^gh^h]Z^Zlvkyqlh [hevrZy qZklv ijh]jZffgh]h l_dklZ kha^Z\Z_fh]h ijbeh`_gby [m^_lk\yaZgZkeh]bdhcb]ju\EODFNMDFNZggucijh_dlgZau\Z_lky%-Qlh[uihemqblvij_^klZ\e_gb_hlhf^eyq_]h ij_^gZagZq_glhlbebbghcijh]jZffgucnjZ]f_gl\a]eygbl_gZjbkgZdhlhjhfihdZaZ gZb]jZ''*%-\^_ckl\bb
¤\\|KyK^} Ij_`^_q_fibkZlvkZfmb]jmg_h[oh^bfhkgZqZeZkha^Zlvh[t_dldhlhjucbgdZikmebjm _ldheh^mb]jZevguodZjl<hlebqb_hlgZklhys_cdheh^udZjl \dhlhjhcdZjlukgbfZxlky k\_joZi_j_lZkh\Zgghcdheh^u wlhlh[t_dlkh^_j`blg_i_j_lZkh\Zggmxdheh^mZ^ey\u [hjZbag__kemqZcghcdZjlukem`Zlik_\^hkemqZcgu_qbkeZLZdhcih^oh^\hafh`_g[eZ]h
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
^ZjylhfmqlhgZdZ`^hcdZjl_^_eZ_lkyhlf_ldZhlhf[ueZebhgZm`_bkihevah\ZgZWlh agZqbl_evgh mijhsZ_l ijhp_^mjm lZkh\Zgby dZjl ihkdhevdm lj_[m_lky \k_]h ebrv k[jhkblv ^eydZ`^hcdZjluijbagZdbkihevah\Zgby<ebklbg]_ijb\_^_gl_dklijh]jZffu^eyfh ^mey3OD\&DUGSDVdhlhjuckh^_j`blh[t_dl7&DUG'HFN
JbkB]jZ%-
ªÇÐÑÇÌ«ÍÃÒÊÛ3OD\&DUGSDV XQLW3OD\&DUG LQWHUIDFH XVHV6\V8WLOV&DUGV W\SH (&DUG(UURU FODVV ([FHSWLRQ Ìij¹qxrsí·qznstj¹xqzyj|q¹ls¹rjéz 73OD\LQJ&DUG UHFRUGwénlxzjks¹nzvltyrjézy )DFH 7&DUG9DOXH dtj·ntqn{qmyérjéz 6XLW 7&DUG6XLW dtj·ntqnujxzqrjéz HQG ^Îjxxqkqorjézwénlxzjks¹íq}vltyrvsvly` 7&DUG$UUD\ DUUD\>@RI73OD\LQJ&DUG ^Ìi~nrzrvzvépwénlxzjks¹nzrvsvlyqoÏËÊǬÉhËÔ®rjéz` ^Èvsnnzvmvëzvzvi~nrz²wnénzjxvkjttj¹rvsvljqorjéz` ^rvzvéj¹wvutqzxrvsrvrjézwvsovkjznsy nxtnnxt¹s` 7&DUG'HFN FODVV SULYDWH )&DUG$UUD\ 7&DUG$UUD\ )7RS LQWHJHU SURFHGXUH,QLW&DUGV IXQFWLRQ*HW&RXQW LQWHJHU
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
SXEOLF SURSHUW\&RXQW LQWHJHUUHDG*HW&RXQW FRQVWUXFWRU&UHDWH YLUWXDO SURFHGXUH6KXIIOH IXQFWLRQ'UDZ 73OD\LQJ&DUG HQG ^Înzvl*HW&DUG9DOXHkvokéjjnz·qxsvkvnotj·ntqnsíivprjéz` IXQFWLRQ*HW&DUG9DOXH & 73OD\LQJ&DUG ,QWHJHU LPSOHPHQWDWLRQ IXQFWLRQ*HW&DUG9DOXH & 73OD\LQJ&DUG ,QWHJHU ^Ævokéjjnz·qxsvkvnotj·ntqnrjéz` EHJLQ 5HVXOW 2UG &)DFH LI5HVXOW!WKHQ5HVXOW HQG SURFHGXUH7&DUG'HFN,QLW&DUGV ^Êtq|qjsqoqéynzrvsvlywyznutjotj·ntq¹rj lvp` ^rjéznytqrjstvprvuiqtj|qqotj·ntqnujxz` YDU L LQWHJHU $)DFH 7&DUG9DOXH $6XLW 7&DUG6XLW EHJLQ $)DFH FY$FH Ëj·jsvxzyoj $6XLW FV&OXE tj·jsvxzén{ IRUL WRGRls¹rj lvprjézkrvsvln« EHJLQ )&DUG$UUD\>[email protected])DFH $)DFH Íéqxkvntqnotj·ntq¹ )&DUG$UUD\>[email protected]6XLW $6XLW Íéqxkvntqnujxzq LI LPRG DQG L ! WKHQïnénorj ln·nzénrjéz LQF $)DFH yknsq·qkjnzx¹otj·ntqn LI$6XLW !+LJK 7&DUG6XLW WKHQÍvxzv¹ttvnyknsq·ntqnujxzq LQF $6XLW HOVH $6XLW /RZ 7&DUG6XLW HQG HQG FRQVWUXFWRU7&DUG'HFN&UHDWH ^Çvtxzéyrzvéls¹vi~nrzj7&DUG'HFN` EHJLQ LQKHULWHG&UHDWH ,QLW&DUGV 6KXIIOH HQG
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
IXQFWLRQ7&DUG'HFN*HW&RXQW LQWHJHU ^Ævokéjjnz·qxsvtnqxwvsovkjtt}rjéz` EHJLQ 5HVXOW )7RS HQG SURFHGXUH7&DUG'HFN6KXIIOH ^Ínénun¡qkjtqnrjézqyxzjtvkrjtvunéjkné}tnprjézéjktu` YDU L LQWHJHU 5DQG&DUG 73OD\LQJ&DUG 5DQG1XP LQWHJHU EHJLQ IRUL WRGR EHJLQ 5DQG1XP 5DQGRP Ívsy·ntqnxsy·jptvmv·qxsj 5DQG&DUG )&DUG$UUD\>[email protected] Ìiuntxsnlyínprjéztj )&DUG$UUD\>[email protected] )&DUG$UUD\>[email protected] xsy·jptyírjézykrvsvln )&DUG$UUD\>[email protected] 5DQG&DUG HQG )7RS HQG IXQFWLRQ7&DUG'HFN'UDZ 73OD\LQJ&DUG ^Æivéxsnlyínprjézqorvsvl` EHJLQ LQF )7RS LI)7RS WKHQ UDLVH(&DUG(UURU&UHDWH Çvsvljwyxzj 5HVXOW )&DUG$UUD\>)[email protected] HQG LQLWLDOL]DWLRQ 5DQGRPL]H Ënvi}vlquvqtq|qjsqoqévkjzmntnéjzvéxsy·jpt}·qxns HQG
(\|K~Q{^ < b]j_ EODFNMDFN h[jZs_gb_ d h[t_dlm 7&DUG; \klj_qZ_lky ]eZ\guf h[jZahf \ lj_o ijhp_^mjZo jm]Zy ijhp_^mjZ 'HDOHU+LW \uau\Z_lky dh]^Z _s_ h^gm dZjlm oh q_l\aylv lhl dlh k^Z_l dZjlu ^be_j B gZdhg_p ijhp_^mjZ )UHH&DUGV \uau\Z_lky dh]^Z \k_ hlh[jZ`_ggu_ gZ wdjZg_ dZjlu hl^Zxlky ^ey ih^]hlh\db d gh\hc k^Zq_ dZjl ^jm]bfb]jhdhf Ijhp_^mjZ+LW jZ[hlZ_lkwe_f_glhfmijZ\e_gby$FWLYH;7&DUG;hkh[ufh[jZahf Ij_`^_\k_]h\f_klhbkihevah\Zgbywe_f_glh\mijZ\e_gbybaiZebljudhfihg_glh\\k_ hgb we_f_glu mijZ\e_gby \ ^Zgghc ijhp_^mj_ kha^Zxlky ^bgZfbq_kdb Djhf_ lh]h
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
a^_kv gb]^_ g_ ijbf_gy_lky i_j_f_ggZy wda_fieyjZ lbiZ 7&DUG;² \f_klh g__ bkihev amxlkyij_bfms_kl\ZdhgkljmdpbbZLWKGR^eykha^Zgbybbkihevah\Zgbywlh]hh[t_d lZ\h^ghfrZ]_Ijhp_^mjZ+LW ij_^klZ\e_gZ\ke_^mxs_fijh]jZffghfnjZ]f_gl_ SURFHGXUH70DLQ)RUP+LW ^®vlqmévrj` EHJLQ &XU&DUG &DUG'HFN'UDZ Æo¹zqnrjézqorvsvl ZLWK7&DUG;&UHDWH 6HOI GRfvoljtqnrjéz2&; EHJLQ /HIW 1H[W3OD\HU3RV Ïxzjtvkrjwvoq|qq 7RS 3<3RV 6XLW 2UG &XU&DUG6XLW Ïxzjtvkrjujxzq 9DOXH 2UG &XU&DUG)DFH Ïxzjtvkrjotj·ntq¹ 3DUHQW 6HOI Ëjotj·ntqnévlqzns¹ ,QF 1H[W3OD\HU3RV:LGWKGLY Ìzxsn qkjtqnwvoq|qq 8SGDWH Ìzviéj ntqnrjéz HQG 'EO%WQ(QDEOHG )DOVH LI&XU&DUG)DFH FY$FHWKHQ3$FH)ODJ 7UXH Ïxzjtvkrjwéqotjrjzyoj ,QF 3OD\HU7RWDO*HW&DUG9DOXH &XU&DUG Ëjrvwsntqnznrynpxyuu 3OD\/EO&DSWLRQ ,QW7R6WU 3OD\HU7RWDO Ìzviéj ntqnxyuuv·rvk LI3OD\HU7RWDO!WKHQÈjtrévzxzkv EHJLQ 6KRZ0HVVDJH %XVWHG 6KRZ)LUVW&DUG 6KRZ:LQQHU HQG HQG <wlhcijhp_^mj_kemqZcgZydZjlZij_^klZ\e_ggZyi_j_f_gghc&XU&DUG[_j_lkybadheh ^ul_bah[t_dlZ&DUG'HFNbf_xs_]hlbi7&DUG'HFNAZl_fkha^Z_lkywe_f_glmijZ\e_gby $FWLYH; 7&DUG; ^ey dhlhjh]h mklZgZ\eb\Zxlky khhl\_lkl\mxsb_ agZq_gby k\hckl\ I_j_ f_ggZy 1H[W3OD\HU3RV ij_^gZagZq_gZ ^ey hlke_`b\Zgby ihabpbb ^ey ke_^mxs_c dZjlu ih hkb;DhgklZglZ3<3RVhij_^_ey_lihabpbxihhkb<^ey³jmdb´b]jhdZK\hckl\Zf6XLWb 9DOXH ijbk\Zb\Zxlky agZq_gby dhlhju_ khhl\_lkl\mxl agZq_gbyf 6XLW b )DFH kemqZcghc dZjlu&XU&DUG Hkgh\gZy nhjfZ 0DLQ)RUP gZagZqZ_lky jh^bl_evkdhc nhjfhc 3DUHQW wlh]h we_f_glZmijZ\e_gbyZagZq_gb_i_j_f_gghc1H[W3OD\HU3RVm\_ebqb\Z_lkygZiheh\bgmrb jbgudZjluIhke_\k_]hwlh]hagZq_gb_i_j_f_gghc3OD\HU7RWDOm\_ebqb\Z_lkygZagZq_gb_ dZjlukp_evxih^kq_lZkmffuhqdh\b]jhdZ Ijhp_^mjZ'HDOHU+LW ^_ckl\m_lZgZeh]bqghijhp_^mj_+LW
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
)DFH8S &DUG9LVLEOH 9DOXH 2UG &XU&DUG)DFH Íéqxkvntqnotj·ntq¹rjéz 3DUHQW 6HOI Íéqxkvntqnévlqznsxrvp{véuls¹2&; ,QF 1H[W'HDOHU3RV:LGWKGLY Ívoq|q¹ls¹éjounntq¹xsnlyínprjéz 8SGDWH Ìzviéj ntqnrjéz HQG LI&XU&DUG)DFH FY$FHWKHQ'$FH)ODJ 7UXH Ïxzjtvkrjwéqotjrjzyoj ,QF 'HDOHU7RWDO*HW&DUG9DOXH &XU&DUG Æ·qxsntqnxyuuv·rvk 'HDO/EO&DSWLRQ ,QW7R6WU 'HDOHU7RWDO Ìzviéj ntqnxyuuv·rvktjëréjtn LI'HDOHU7RWDO!WKHQÈjtrévzxzkvxljínmv 6KRZ0HVVDJH 'HDOHU%XVWHG HQG Wlhfm f_lh^m i_j_^Z_lky iZjZf_lj &DUG9LVLEOH lbiZ %RROHDQ dhlhjuc hij_^_ey_l ^he`gZ eb dZjlZ eh`blvky ³ebphf´ \\_jo >_eh \ lhf qlh kh]eZkgh ijZ\beZf b]ju \ EODFNMDFNi_j\ZydZjlZ^be_jZ^he`gZhklZ\Zlvky³ebphf´\gba^hl_oihjihdZb]jhdj_rbl g_[jZlv[hevr_dZjlbebg_h[Zgdjhlblky>eykh[ex^_gbywlh]hijZ\beZijbi_j\hfh[jZ s_gbbdijhp_^mj_'HDOHU+LW q_j_ai_j_f_ggmx&DUG9LVLEOHi_j_^Z_lkyagZq_gb_)DOVH < h[yaZgghklb ijhp_^mju )UHH&DUGV \oh^bl m^Ze_gb_ \k_o we_f_glh\ mijZ\e_gby 7&DUG;gZoh^ysbokygZ]eZ\ghcnhjf_Ihkdhevdm\wlhfijbeh`_gbb^eymijZ\e_gbydZj lZfbgZwdjZg_g_ih^^_j`b\Z_lkyfZkkb\bebgZ[hji_j_f_gguolbiZ7&DUG;\^Zgghcijh p_^mj_\uihegy_lkyijhkfhljwe_f_glh\fZkkb\Z h[jZamxsbok\hckl\hnhjfu&RQWURO gZ ij_^f_l ihbkdZ we_f_glh\ lbiZ 7&DUG; H[gZjm`_gguc we_f_gl mijZ\e_gby bkdhfh]h lbiZ m^Zey_lkybaiZfylbiml_f\uah\Zf_lh^Z)UHHHk\h[h`^_gb_we_f_glh\mijZ\e_gbyih^h[ gufh[jZahfijhbkoh^bldhjj_dlgh[eZ]h^Zjyh[jZlghfmh[oh^mfZkkb\Z?keb[uijhkfhlj we_f_glh\ fZkkb\Z ijhbkoh^be \ ijyfhf gZijZ\e_gbb lh kms_kl\h\ZeZ [u \_jhylghklv ba f_g_gbyihjy^dZke_^h\Zgbywe_f_glh\mijZ\e_gby\fZkkb\_qlhijb\_eh[ud\hagbdgh\_ gbxhrb[hdGb`_ijb\h^blkyl_dklijhp_^mju)UHH&DUGV SURFHGXUH70DLQ)RUP)UHH&DUGV ^Ïljsntqnkxn}rjézxëréjtj` YDU L LQWHJHU EHJLQ IRUL &RQWURO&RXQWGRZQWRGRÆviéjztvutjwéjksntqq LI&RQWUROV>[email protected]LV7&DUG;WKHQ &RQWUROV>[email protected])UHH HQG GZwlhfaZ\_jrZ_lkyh[km`^_gb_hkgh\guoqZkl_cijh]jZffu[eZ]h^Zjydhlhjufijhbk oh^ylfZgbimeypbbkwe_f_glZfbmijZ\e_gby $FWLYH; Iheguc l_dkl ]eZ\gh]h fh^mey wlh]h ijbeh`_gby0DLQSDVijb\_^_g\ebklbg]_
ªÇÐÑÇÌ«ÍÃÒÊÛ0DLQSDVÃÊÞÎÏÍÄÉÑ¿%XQLW0DLQ LQWHUIDFH XVHV
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
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
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
'$FH)ODJ %RROHDQ 3%-)ODJ %RROHDQ '%-)ODJ %RROHDQ '')ODJ %RROHDQ 3URFHGXUH'HDO SURFHGXUH'HDOHU+LW &DUG9LVLEOH %RROHDQ SURFHGXUH'RXEOH'RZQ SURFHGXUH(QDEOH0RYHV (QDEOH %RROHDQ SURFHGXUH)UHH&DUGV SURFHGXUH+LW SURFHGXUH+ROG SURFHGXUH6KRZ)LUVW&DUG SURFHGXUH6KRZ:LQQHU HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` XVHV$ERXW8 FRQVW 3<3RV Ëj·jstj¹wvoq|q¹\ls¹rjézqmévrj '<3RV Ëj·jstj¹wvoq|q¹\ls¹rjézlqsnéj SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW EHJLQ &DUG'HFN 7&DUG'HFN&UHDWH HQG SURFHGXUH70DLQ)RUP)RUP'HVWUR\ 6HQGHU 72EMHFW EHJLQ &DUG'HFN)UHH HQG SURFHGXUH70DLQ)RUP$ERXW&OLFN 6HQGHU 72EMHFW ^fvoljtqnqjrzqkqoj|q¹qt{véuj|qvttvmvvrtj$ERXW` EHJLQ ZLWK7$ERXW%R[&UHDWH 6HOI GR WU\ 6KRZ0RGDO ILQDOO\ )UHH HQG HQG SURFHGXUH70DLQ)RUP&KHDW&OLFN 6HQGHU 72EMHFW
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
EHJLQ &KHDW&KHFNHG QRW&KHDW&KHFNHG &KHDW3DQHO9LVLEOH &KHDW&KHFNHG HQG SURFHGXUH70DLQ)RUP([LW%WQ&OLFN 6HQGHU 72EMHFW EHJLQ &ORVH HQG SURFHGXUH70DLQ)RUP'EO%WQ&OLFN 6HQGHU 72EMHFW EHJLQ 'RXEOH'RZQ HQG SURFHGXUH70DLQ)RUP'HDO%WQ&OLFN 6HQGHU 72EMHFW EHJLQ 'HDO HQG SURFHGXUH70DLQ)RUP+LW%WQ&OLFN 6HQGHU 72EMHFW EHJLQ +LW HQG SURFHGXUH70DLQ)RUP+ROG%WQ&OLFN 6HQGHU 72EMHFW EHJLQ +ROG HQG SURFHGXUH70DLQ)RUP'HDO ^Ëvkj¹wjézq¹ls¹lqsnéjqqmévrj` EHJLQ )UHH&DUGV Ïljsntqnkxn}rjézxëréjtj %HW(GLW(QDEOHG )DOVH djwénntqnqountntqpxzjkvr %HW/DEHO(QDEOHG )DOVH djwénntqnqt{véuj|qqvxzjkrj} LI&DUG'HFN&RXQW WKHQÍnénzjxvkrjrvsvlnxsqunt¡nrjéz EHJLQ 3DQHO&DSWLRQ 5HVKXIIOLQJDQGGHDOLQJ &DUG'HFN6KXIIOH HQG HOVH 3DQHO&DSWLRQ 'HDOLQJ 3DQHO6KRZ Ìzviéj ntqnwjtnsqGHDOLQJ 3DQHO8SGDWH jéjtzq¹nnkqlquvxzq 1H[W3OD\HU3RV Ïxzjtvkrjwvoq|qqrjézwvmvéqovtzjsq 1H[W'HDOHU3RV 3OD\HU7RWDO Ìitysntqnxyuuv·rvk 'HDOHU7RWDO 3$FH)ODJ )DOVH fiévxwéqotjrvk
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
'$FH)ODJ )DOVH 3%-)ODJ )DOVH '%-)ODJ )DOVH '')ODJ )DOVH +LW ®vlqmévrj 'HDOHU+LW )DOVH ®vllqsnéj +LW ®vlqmévrj 'HDOHU+LW 7UXH ®vllqsnéj 3DQHO+LGH fvrézqnwjtnsq LI 3OD\HU7RWDO DQG3$FH)ODJWKHQ 3%-)ODJ 7UXH ÍévknérjtjEODFNMDFNyqmévrj LI 'HDOHU7RWDO DQG'$FH)ODJWKHQ '%-)ODJ 7UXH ÍévknérjtjEODFNMDFNylqsnéj LI3%-)ODJRU'%-)ODJWKHQcxsqEODFNMDFNwvsy·qsx¹ EHJLQ 6KRZ)LUVW&DUG Ìzrékjnzx¹rjézjlqsnéj 6KRZ0HVVDJH %ODFNMDFN 6KRZ:LQQHU Ìwénlnsntqnwvinlqzns¹ HQG HOVH (QDEOH0RYHV 7UXH èjoén¡ntqn}vljinovzrékjtq¹lky}rjézré¹ly HQG SURFHGXUH70DLQ)RUP'HDOHU+LW &DUG9LVLEOH %RROHDQ ^®vllqsnéj` EHJLQ &XU&DUG &DUG'HFN'UDZ bqsnéinénzrjézyqorvsvl ZLWK7&DUG;&UHDWH 6HOI GRfvoljtqnësnuntzjywéjksntq¹$FWLYH; EHJLQ /HIW 1H[W'HDOHU3RV èjounntqnrjéztj{véun 7RS '<3RV 6XLW 2UG &XU&DUG6XLW Íéqxkvntqnujxzq )DFH8S &DUG9LVLEOH 9DOXH 2UG &XU&DUG)DFH Íéqxkvntqnotj·ntq¹rjéz 3DUHQW 6HOI Ëjotj·ntqnévlqznsxrvp{véuls¹ësnuntzj$FWLYH; ,QF 1H[W'HDOHU3RV:LGWKGLY Æ·qxsntqnwvoq|qqxsnlyínprjéz 8SGDWH Ìzviéj ntqnrjéz HQG LI&XU&DUG)DFH FY$FHWKHQ'$FH)ODJ 7UXH Ïxzjtvkrjwéqotjrjzyoj ,QF 'HDOHU7RWDO*HW&DUG9DOXH &XU&DUG Æ·qxsntqnznrynpxyuuv·rvk 'HDO/EO&DSWLRQ ,QW7R6WU 'HDOHU7RWDO Ìzviéj ntqnxyuuv·rvk LI'HDOHU7RWDO!WKHQÈjtrévzxzkvlqsnéj 6KRZ0HVVDJH 'HDOHU%XVWHG HQG SURFHGXUH70DLQ)RUP'RXEOH'RZQ ^Æokjnzx¹wéqko¹zqqlky}tnvzréz}rjéz` EHJLQ '')ODJ 7UXH Ïxzjtvkrjwéqotjrjxsnwvpqméls¹rvéénrzqévkrqxzjkvr +LW Æo¹zqnvltvprjéz
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
+ROG èjoén¡ntqnlqsnéyko¹zxkvqrjéz HQG SURFHGXUH70DLQ)RUP(QDEOH0RYHV (QDEOH %RROHDQ ^èjoén¡jnzojwénjnzlnpxzkq¹rtvwvrësnuntzvkuntí` EHJLQ +LW%WQ(QDEOHG (QDEOH Çtvwrj}vlj +ROG%WQ(QDEOHG (QDEOH Çtvwrjisvrqévkrq 'EO%WQ(QDEOHG (QDEOH Çtvwrjlkvptvmv}vlj +LW(QDEOHG (QDEOH êsnuntzuntí}vlj +ROG(QDEOHG (QDEOH êsnuntzuntíisvrqévkrq 'RXEOH'RZQ(QDEOHG (QDEOH êsnuntzuntílkvptvmv}vlj HQG SURFHGXUH70DLQ)RUP)UHH&DUGV ^Ìxkviv lntqnkxn}rjéztjëréjtn` YDU L LQWHJHU EHJLQ IRUL &RQWURO&RXQWGRZQWRGRÆviéjztvutjwéjksntqq LI&RQWUROV>[email protected]LV7&DUG;WKHQ &RQWUROV>[email protected])UHH HQG SURFHGXUH70DLQ)RUP+LW ^®vlqmévrj` EHJLQ &XU&DUG &DUG'HFN'UDZ Æo¹zqnrjéz ZLWK7&DUG;&UHDWH 6HOI GRfvoljtqnrjézznësnuntzjywéjksntq¹$FWLYH; EHJLQ /HIW 1H[W3OD\HU3RV Ïxzjtvkrjwvoq|qq 7RS 3<3RV 6XLW 2UG &XU&DUG6XLW Ïxzjtvkrjujxzq 9DOXH 2UG &XU&DUG)DFH Ïxzjtvkrjotj·ntq¹ 3DUHQW 6HOI Ëjotj·ntqnévlqznsxrvp{véu ,QF 1H[W3OD\HU3RV:LGWKGLY Ívoq|q¹xsnlyínprjéz 8SGDWH Ìzviéj ntqnrjéz HQG 'EO%WQ(QDEOHG )DOVH djwénntqnlkvptvmv}vljkxsnwyí LI&XU&DUG)DFH FY$FHWKHQ3$FH)ODJ 7UXH Ïxzjtvkrjwéqotjrjzyoj ,QF 3OD\HU7RWDO*HW&DUG9DOXH &XU&DUG Ëjrvwsntqnznrynpxyuuv·rvk 3OD\/EO&DSWLRQ ,QW7R6WU 3OD\HU7RWDO Ìzviéj ntqnxyuuv·rvk LI3OD\HU7RWDO!WKHQÈjtrévzxzkv EHJLQ 6KRZ0HVVDJH %XVWHG 6KRZ)LUVW&DUG 6KRZ:LQQHU HQG HQG
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
SURFHGXUH70DLQ)RUP+ROG ^Êmévrwénréjjnziéjzqorvsvlrjézfwvuvíëzvpwév|nlyé }vlwnénljnzx¹lqsnéy` EHJLQ (QDEOH0RYHV )DOVH 6KRZ)LUVW&DUG Ìzviéj ntqnrjézlqsnéj LI3OD\HU7RWDO WKHQnxsqyqmévrjtnwnénivé EHJLQ LI'$FH)ODJWKHQnxsqylqsnéjnxzzyo EHJLQ ^bqsnélvs ntxlnsjz}vl` ZKLOH 'HDOHU7RWDO RU 'HDOHU7RWDO! DQG 'HDOHU7RWDO GR 'HDOHU+LW 7UXH HQG HOVH cxsqkwjstnzyo}vlqzwvrjtntjrvwqzx¹v·rvk ZKLOH'HDOHU7RWDO GR'HDOHU+LW 7UXH HQG 6KRZ:LQQHU Ìwénlnsntqnwvinlqzns¹ HQG SURFHGXUH70DLQ)RUP6KRZ)LUVW&DUG YDU L LQWHJHU EHJLQ Ìzviéjoqzkxnrjéz IRUL WR&RQWURO&RXQWGR LI&RQWUROV>[email protected]LV7&DUG;WKHQ EHJLQ 7&DUG; &RQWUROV>[email protected] )DFH8S 7UXH 7&DUG; &RQWUROV>[email protected] 8SGDWH HQG HQG SURFHGXUH70DLQ)RUP6KRZ:LQQHU ^Ìwénlnsntqnxzvévtwvinlqzns¹` YDU 6 VWULQJ EHJLQ LI'$FH)ODJWKHQcxsqylqsnéjnxzzyo EHJLQ LI'HDOHU7RWDO WKHQÆ·qxsntqntjqsy·¡nmv}vlj LQF 'HDOHU7RWDO HQG LI3$&H)ODJWKHQcxsqnxzzyoyqmévrj EHJLQ LI3OD\HU7RWDO WKHQÆ·qxsntqntjqsy·¡nmv}vlj LQF 3OD\HU7RWDO HQG
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
LI'HDOHU7RWDO!WKHQÍéqwnénivénxiévxx·nzjktvs 'HDOHU7RWDO LI3OD\HU7RWDO!WKHQ 3OD\HU7RWDO LI3OD\HU7RWDO!'HDOHU7RWDOWKHQcxsqqmévrkqmékjnz EHJLQ 6 PE
%y}zKwQ}\|KQwQ~}Ku^KzQ~ [email protected] <ebklbg]_dZd\ufh]ebaZf_lblv]eZ\gZynhjfZkh^_j`blf_lh^dhlhjuckha^Z_lb hlh[jZ`Z_l^bZeh]h\h_hdgh$ERXWihdZaZggh_gZjbk <wlhf^bZeh]h\hfhdg_ij_^mkfhlj_gZdghidZihs_eqdmgZdhlhjhchlh[jZ`Z_lkyhdgh $ERXW we_f_glZ mijZ\e_gby $FWLYH; &DUGV qlh hkms_kl\ey_lky k ihfhsvx \uah\Z f_lh^Z $ERXW%R[
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
Jbk>bZeh]h\h_hdgh$ERXWb]ju%-
Jbk >bZeh]h\h_ hdgh $ERXW we_f_glZ mijZ\e_gby$FWLYH;&DUGV
8QwQ IjhqblZ\wlm]eZ\m\uihemqbebij_^klZ\e_gb_h[h\k_o\Z`guoZki_dlZobkihevah\Zgby we_f_glh\mijZ\e_gby$FWLYH;\kj_^_'HOSKLFuh[km^bebbgl_]jZpbxwe_f_glZ$FWLYH;\ 'HOSKL b jZkkfhlj_eb dZd jZ[hlZ_l h[hehqdZ we_f_glZ mijZ\e_gby $FWLYH; gZibkZggZy gZ yaud_2EMHFW3DVFDO
QZklv,Wnn_dlb\ghklvjZ[hlub__khklZ\eyxsb_
³^\QNN\~K~\Q u^\{^Kww^\zK~Q
,,
GDI, ØÐÈÔÒÛ È ÃÐÀÔÈÊÀ
268
ÄÈÍÀÌÈ×ÅÑÊÈ ÊÎÌÏÎÍÓÅÌÛÅ ÁÈÁËÈÎÒÅÊÈ
354
ÏÅ×ÀÒÜ Â DELPHI 5
397
ÑÎÇÄÀÍÈÅ ÌÍÎÃÎÏÎÒÎ×ÍÛÕ ÏÐÈËÎÆÅÍÈÉ
447
ÐÀÁÎÒÀ Ñ ÔÀÉËÀÌÈ
505
ÄÎÏÎËÍÈÒÅËÜÍÛÉ ÈÍÑÒÐÓÌÅÍÒÀÐÈÉ ÐÀÇÐÀÁÎÒ×ÈÊÀ 570 ÏÎËÓ×ÅÍÈÅ ÑÈÑÒÅÌÍÎÉ ÈÍÔÎÐÌÀÖÈÈ
638
ÏÅÐÅÕÎÄ ÍÀ DELPHI 5
691
MDI-ÏÐÈËÎÆÅÍÈß
718
ÏÅÐÅÍÎÑ ÈÍÔÎÐÌÀÖÈÈ Ñ ÏÎÌÎÙÜÞ ÁÓÔÅÐÀ ÎÁÌÅÍÀ 763 ÌÓËÜÒÈÌÅÄÈÀ-ÏÐÎÃÐÀÌÌÈÐÎÂÀÍÈÅ Â DELPHI
776
ÎÒËÀÄÊÀ È ÒÅÑÒÈÐÎÂÀÍÈÅ
801
=eZ\ZBkihevah\Zgb_we_f_glh\mijZ\e_gby$FWLYH;\'HOSKL
-)/
^} {^KyK
®ÏÄÃÐÑ¿ÁÊÄÌÇÄÏÇÐÒÌÉÍÁÁ'HOSKL ÉÊ¿ÐÐ7,PDJH
°ÍÔÏ¿ÌÄÌÇÄÇÆÍÀÏ¿ÅÄÌÇÈ
§ÐÎÍÊÛÆÍÁ¿ÌÇÄÐÁÍÈÐÑÁÉÊ¿Ðп7&DQYDV
§ÐÎÍÊÛÆÍÁ¿ÌÇÄËÄÑÍÃÍÁÉÊ¿Ðп7&DQYDV
©ÍÍÏÃÇÌ¿ÑÌÚÄÐÇÐÑÄËÚÇÏÄÅÇËÚÍÑÍÀÏ¿ÅÄÌÇÞ
°ÍÆÿÌÇÄÎÏÍÂÏ¿ËËÚÏÇÐÍÁ¿ÌÇÞ
®ÏÍÂÏ¿ËËÇÏÍÁ¿ÌÇÄ¿ÌÇË¿ÕÇÇ
·ÏÇÓÑÚÎÍÁÚ×ÄÌÌÍÈÐÊÍÅÌÍÐÑÇ
®ÏÇËÄÏÐÍÆÿÌÇÞ×ÏÇÓÑ¿
¯ÄÆÝËÄ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
<ij_^u^msbo]eZ\ZogZfm`_ijboh^behkvjZ[hlZlvkhk\hckl\hfbf_gm_fuf&DQYDV \ i_j_\h^_kZg]ebckdh]hhagZqZ_l³ohekl´beb³dZg\Z´ WlhgZa\Zgb_\iheg_hijZ\^u\Z_lk_ [yihkdhevdmex[h_hdghfh`ghkjZ\gblvkqbklufoheklhfom^h`gbdZgZdhlhjhfbah[jZ `Zxlky jZaebqgu_ h[t_dlu :LQGRZV DZ`^Zy dghidZ hdgh beb dmjkhj ² wlh g_ qlh bgh_ dZdkh\hdmighklvibdk_e_c\dhlhjuop\_lZih^h[jZgulZdqlh[uijb^Zlv_chij_^_e_gguc \g_rgbc\b^hklmi d wlbf bgkljmf_glZf hkms_kl\ey_lky q_j_a ]jZnbq_kdbc bgl_jn_ck mkljhckl\ ba \_klgucdZd*', *UDSKLFV'HYLFH,QWHUIDFH Bgl_jn_ck*',bkihevam_lky\kbkl_f_:LQ^eyjbkh\ZgbybebjZkdjZkdbbah[jZ`_gbc dhlhju_ ihevah\Zl_ev \b^bl gZ wdjZg_ dhfivxl_jZ >h ihy\e_gby 'HOSKL \ ljZ^bpbhgghf ijh]jZffbjh\Zgbb ^ey kj_^u :LQGRZV ijh]jZffbklu jZ[hlZeb g_ihkj_^kl\_ggh k nmgd pbyfbbbgkljmf_glZfb*',<gZklhys__\j_fyh[t_dl7&DQYDVbgdZikmebjm_lbmijhsZ_l bkihevah\Zgb_ wlbo nmgdpbc bgkljmf_glh\ b f_lh^h\ < ^Zgghc ]eZ\_ \u magZ_l_ dZd bk ihevah\Zlvh[t_dl7&DQYDV^ey\uiheg_gbyihe_aguo]jZnbq_kdbchi_jZpbcDjhf_lh]hfu ihdZ`_f dZd kha^Z\Zlv keh`gu_ ]jZnbq_kdb_ ijh_dlu k bkihevah\Zgb_f 'HOSKL b bgl_j n_ckZ :LQ *', >ey wlhc p_eb [m^ml jZajZ[hlZgu ijh_dlu ijh]jZffu jbkh\Zgby b ijh ]jZffuZgbfZpbb
³^Q|N}KzQ~Q^N~y\zz)PX]TU yKNN7,PDJH Dhfihg_gl7,PDJH^hklmi_g\iZeblj_dhfihg_glh\'HOSKLbij_^klZ\ey_l]jZnbq_kdh_ bah[jZ`_gb_dhlhjh_fh`_l[ulvhlh[jZ`_gh\ex[hff_kl_nhjfuKihfhsvxdhfihg_g lZ 7,PDJH fh`gh aZ]jmablv b hlh[jZablv gZ wdjZg_ ex[hc jZkljh\uc nZce EPS jZajy^gucf_lZnZce:LQGRZV ZPI jZajy^gucf_lZnZcejZkrbj_ggh]hnhjfZlZ HPI nZce ibdlh]jZffu LFR nZce nhjfZlZ -3(* MSJ MSHJ eb[h nZceu ^jm]bo nhjfZlh\ ih^^_j`b\Z_fuogZ^kljhcdZfbdeZkkZ7*UDSKLFJ_Zevgh]jZnbq_kdb_^Zggu_khojZgyxlky\ k\hckl\_3LFWXUHh[t_dlZ7,PDJHdhlhjh_bf__llbi73LFWXUH
¢Ï¿ÓÇÖÄÐÉÇÄÇÆÍÀÏ¿ÅÄÌÇÞ Ï¿ÐÑÏÚËÄÑ¿Ó¿ÈÊÚÇÎÇÉÑÍÂÏ¿ËËÚ ¯¿ÐÑÏÚ ¯¿ÐÑÏÍÁÚÄÓ¿ÈÊÚ ELWPDS ½ÌÃÌÍÀÇÀ:LQÊËÀ¿ÌÍ»½ÆÚÙÍÌɼÉÄ¿½ÉÃÒÈÎÙÃÈÏÉËÇ»ÑÃÙÉ˾»ÈÃÂɽ»ÈÈÎÙ½ ½Ã¿ÀÈ»¼ÉË»¼ÃÍɽÎÂÉËÃÂÅÉÍÉËÖÐÃÌÉ¿»À;˻ÏÃÒÀÌÅÃÄɼ˻ÂÒ»ÌÍÈÉÌÍýØÍÃмÃÍ»ÐÐË»ÈÚÍÌÚØÆÀ ÇÀÈÍÖ ÃÈÏÉËÇ»ÑÃÃ É Ñ½ÀÍÀ È»ÂÖ½»ÀÇÖÀ ÎÇÉÐÄÊÞËÇ ¬ÎÔÀÌͽÎÀÍ ¿½» ÍÃÊ» Ë»ÌÍËɽ »½ÃÌÃÇÖÀ ÉÍ ÎÌÍ ËÉÄÌͽ GHYLFHGHSHQGHQWELWPDSVt''% ÃÈÀ»½ÃÌÃÇÖÀÉÍÈÃÐ GHYLFHLQGHSHQGHQWELWPDSVt',% ¥»ÅÊËɾ˻ÇÇÃÌÍοÆÚÌËÀ¿Ö:LQ½»Ç½ÀËÉÚÍÈɽËÚ¿ÆÃÊËÿÀÍÌÚ ÃÇÀÍ× ¿ÀÆÉ Ì ''%Ë»ÌÍË»Çà ÊÉÌÅÉÆ×ÅÎ ØÍÉÍ ÏÉËÇ»Í ÉÌÍ»½ÆÀÈ ÃÌÅÆÙÒÃÍÀÆ×ÈÉ Ë»¿Ã ɼ˻ÍÈÉÄ ÌɽÇÀÌÍÃÇÉÌÍà »ÅÃÀ Ë»ÌÍËɽÖÀ Ï»ÄÆÖ»½ÃÌÚÍÉÍÍÃÊ»ÅÉÈÅËÀÍÈɾÉÎÌÍËÉÄÌͽ»È»ÅÉÍÉËÉÇÉÈüÖÆÃÌÉ¿»ÈÖªËÃÌÉÐË»ÈÀÈÃÿ»È ÈÖнØÍÉÇÏÉËÇ»ÍÀÈÀ»ÊÉÇÃÈ»ÀÍÌÚÈÃÃÈÏÉËÇ»ÑÃÚ̽Ú»ÈÈ»ÚÌÃÌÊÉÆ×ÂÎÀÇÉÄѽÀÍɽÉÄÊ»ÆÃÍËÉÄ ÈÃÃÈÏÉËÇ»ÑÃÚ̽Ú»ÈÈ»ÚÌË»ÂËÀÓÀÈÃÀÇ
=eZ\Z*',rjbnlub]jZnbdZ
¨À»½ÃÌÃÇÖÀ ÉÍ ÎÌÍËÉÄÌͽ Ë»ÌÍËɽÖÀ Ï»ÄÆÖ ',% ÐË»ÈÚÍ ½ÌÙ ÈÀɼÐÉ¿ÃÇÎÙ ÃÈÏÉËÇ»ÑÃÙ ÊÉÂ½É ÆÚÙÔÎÙÉÍɼ˻ÂÃÍ׾˻ÏÃÒÀÌÅÃÀɼ˻ÂÖÈ»ÆÙ¼ÉÇÎÌÍËÉÄÌͽÀ¼À½ÈÀÌÀÈÃÚÌÎÔÀÌͽÀÈÈÖÐÃÂÇÀÈÀ ÈÃĽÃнÈÀÓÈÃĽÿ Ê»ÇÚÍà ɼ» ÏÉËǻͻ ŻŠ''% ͻŠà ',% ÊËÀ¿ÌÍ»½ÆÀÈÖ ÊË»ÅÍÃÒÀÌÅà ɿÃÈ»ÅɽÖÇà ÌÍËÎÅÍÎË»Çà ¥ÆÙÒÀ½ÉÀË»ÂÆÃÒÃÀÌÉÌÍÉÃͽÍÉÇÒÍɽÏÉËÇ»ÍÀ''%ÃÌÊÉÆ×ÂÎÀÍÌÚÊ»ÆÃÍË»ÊËÀ¿ÉÌÍ»½ÆÚÀÇ»ÚÌÃÌ ÍÀÇÉĽÍɽËÀÇÚÅ»ÅÏ»ÄÆÏÉËǻͻ',%ÌÉ¿ÀËÁÃÍÌɼÌͽÀÈÈÎÙÊ»ÆÃÍËί»ÄÆ''%tØÍÉÊÉÊËÉÌÍÎ ÈÀÌÍËÎÅÍÎËÃËɽ»ÈÈÉÀ ÐË»ÈÃÆÃÔÀ ¿»ÈÈÖÐ ÌÉ¿ÀËÁÃÇÉÀ ÅÉÍÉËÉ¾É É¼Ë»¼»ÍÖ½»ÀÍÌÚ ÊËɾ˻ÇÇ»Çà ½Ã ¿Àɿ˻ĽÀËɽà ÌÊÀÑûÆ×ÈÖÇà »Êʻ˻ÍÈÖÇà ½Ã¿ÀÉÌËÀ¿Ìͽ»Çà ¯»ÄÆ ',% ÌÉ¿ÀËÁÃÍ ¿»ÈÈÖÀ ½ ÌÍ»È ¿»ËÍÃÂÃËɽ»ÈÈÖÐ ÊÃÅÌÀÆ×ÈÖÐ ÏÉËǻͻРɼ˻¼»ÍÖ½»ÀÇÖÀ ɼÔÃÇà ÏÎÈÅÑÃÚÇà *', à ÐË»ÈÚÔÃÀÌÚ ½ ɼÔÀľÆɼ»Æ×ÈÉÄÊ»ÇÚÍèÀÅÉÍÉËÖÀ½Ã¿ÀÉÊÆ»ÍÖ ÃÌÊÉÆ×ÂÎÙÍ ÊÃÅÌÀÆ×ÈÖÀ ÏÉËÇ»ÍÖ ',% ½ Å»ÒÀÌͽÀ ÌɼÌͽÀÈÈÖÐÐË»ÈÃÆÃÔtÍɾ¿»ÏÉËÇ»Í''%ØŽý»ÆÀÈÍÀÈÏÉËÇ»ÍÎ',%¨É½É¼ÔÀÇÌÆÎÒ»ÀÏÉËÇ»Í ',%ÊËÀ¿ÉÌÍ»½ÆÚÀͼÍÆ×ÓÎپüÅÉÌÍ×ÃÊËÉÌÍÉÍÎÃÈɾ¿»Â»ÌÒÀÍÈÀÂÈ»ÒÃÍÀÆ×ÈÖÐÊÉÍÀË×½ÊËÉÃÂ½É ¿ÃÍÀÆ×ÈÉÌÍïÉËÇ»Í''%½ÌÀ¾¿»Ë»¼ÉÍ»ÀͼÖÌÍËÀÀÈÉÇÀÈÀÀοɼÀÈ «ÄÑ¿Ó¿ÈÊÚ ÉÍÆÃÒÃÀÉÍË»ÌÍËɽËÄÑ¿Ó¿ÈÊÚÊËÀ¿ÌÍ»½ÆÚÙͽÀÅÍÉËÈÉÉËÃÀÈÍÃËɽ»ÈÈÖÀ¾Ë»ÏÃÒÀÌÅÃÀÃÂɼ˻ÁÀ ÈÃÚ¸ÍÉÏ»ÄÆÖ½ÅÉÍÉËÖÐÐË»ÈÃÍÌÚÈ»¼ÉËÏÎÈÅÑÃÄ*',ÒÍÉ¿»ÀͽÉÂÇÉÁÈÉÌÍ×ÌÉÐË»ÈÚÍ×ɼ˻ÔÀÈÃÚ ÏÎÈÅÑÃÄ*',Å¿ÃÌÅÎÒÍɼÖÇÉÁÈɼÖÆÉÊÉÂÁÀÊɽÍÉËÈÉÉÍɼ˻ÂÃÍ׿»ÈÈÖľ˻ÏÃÒÀÌÅÃÄɼ˻¸ÍÉ Í»ÅÁÀ ÊɽÉÆÚÀÍ ÃÌÊÉÆ×Âɽ»Í× ÏÎÈÅÑÃà ËÃÌɽ»ÈÃÚ ÌɽÇÀÌÍÈÉ Ì ¿ËξÃÇà ÊËɾ˻ÇÇ»Çà É̽ɼÉÁ¿»Ú ÉÍÈÀɼÐÉ¿ÃÇÉÌÍýÖÂɽ»ÌÊÀÑûÆ×ÈÖÐÏÎÈÅÑÃÄ*',½Å»Á¿ÉÄÊËɾ˻ÇÇÀ ÔÀ É¿ÈÃÇ ÊËÀÃÇÎÔÀÌÍ ½ÉÇÇÀͻϻÄÆɽڽÆÚÀÍÌÚ½ÉÂÇÉÁÈÉÌÍ×ÊËÉýÉÆ×ÈɾÉÃÂÇÀÈÀÈÃÚË»ÂÇÀËɽÒÍÉÈÃÅÉÃÇɼ˻ÂÉÇÈÀ ½ÆÃÚÀÍÈ»¾Æ»¿ÅÉÌÍ×ÆÃÈÃÄÿξtÍɾ¿»Å»Å¿ÆÚË»ÌÍËɽÖÐÃÂɼ˻ÁÀÈÃÄØÍÉÈÀл˻ÅÍÀËÈɸÍÉڽà ÆÉÌ× É¿ÈÉÄ Ã ÊËÃÒÃÈ ÍÉ¾É ÒÍÉ ÊËà ½ÖÊÉÆÈÀÈÃà »¿»ÈÃÄ ÊÀÒ»Íà ÇÀлÈÃÂÇ ÊÀÒ»Íà ÌÃÌÍÀÇÖ :LQ ÉÊÃË»ÀÍÌÚÈ»ÃÌÊÉÆ×Âɽ»ÈÃÀÇÀͻϻÄÆɽ˻ÌÓÃËÀÈÈɾÉÏÉËǻͻ ¬ÎÔÀÌͽÎÀÍ ¿½» ÏÉËǻͻ ÇÀͻϻÄÆɽ Ìͻȿ»ËÍÈÖÄ É¼ÖÒÈÉ ÃÌÊÉÆ×ÂÎÙÔÃÄ Ï»ÄÆÖ Ì Ë»ÌÓÃËÀÈÃÀÇ ZPIÃË»ÌÓÃËÀÈÈÖÄÃÌÊÉÆ×ÂÎÙÔÃÄHPIÏ»ÄÆÖ ¬Í»È¿»ËÍÈÖÀÇÀͻϻÄÆÖ¿ÉÌÍ»ÆÃÌ׽ȻÌÆÀ¿ÌͽÉÉÍÌÃÌÍÀÇÖ :LQ ªÉÌÅÉÆ×ÅÎ Ë»ÌÓÃËÀÈÈÖÀ ÇÀÍ» Ï»ÄÆÖ¼ÉÆÀÀÎÌÍÉÄÒýÖÅ ÉÓÃ¼Å»Ç Ã É¼Æ»¿»ÙÍ ¼ÉÆ×ÓÀÄ ÍÉÒÈÉÌÍ×Ù ÊËà ÌÉ¿»ÈÃà ÇÀͻϻÄÆɽ ¿ÆÚ ÌɼÌͽÀÈÈÖÐÊËÃÆÉÁÀÈÃÄÆÎÒÓÀÃÌÊÉÆ×Âɽ»Í×ÏÉËÇ»Í(0)¨ÉÀÌÆýÖÌɼÃË»ÀÍÀÌ×ØÅÌÊÉËÍÃËɽ»Í× Ì½ÉÃÇÀͻϻÄÆÖ½¼ÉÆÀÀÌÍ»ËÖÀÊËɾ˻ÇÇÖÈÀÌÊÉÌɼÈÖÀË»¼ÉÍ»Í×ÌË»ÌÓÃËÀÈÈÖÇÏÉËÇ»ÍÉÇÃÌ ÊÉÆ×ÂÎÄÍÀË»ÂËÚ¿ÈÖÄÏÉËÇ»Í :0) ªËà ØÍÉÇ É¿È»ÅÉ ÌÆÀ¿ÎÀÍ ÃÇÀÍ× ½ ½Ã¿Î ÒÍÉ pÉÊÎÌÍýÓÃÌ×q ¿É Ë»ÂËÚ¿ÈÉ¾É ÏÉËǻͻ :0) ½Ö ÍÀËÚÀÍÀ ÈÀÅÉÍÉËÖÀ *',ÊËÃÇÃÍÃ½Ö ÅÉÍÉËÖÀ ½ ÏÉËÇ»ÍÀ (0) ÊÉ¿¿ÀËÁý»ÙÍÌÚ » ½ ÏÉËÇ»ÍÀ :0)t ÈÀÍ ¥Æ»ÌÌÎ 70HWD)LOH 'HOSKL ýÀÌÍÈÉ É ÌÎÔÀÌͽɽ»ÈÃà ¿½ÎÐÍÃÊɽÇÀͻϻÄÆɽ ®ÇÉÑÍÂÏ¿ËËÚ ¸ÍÉ ËÀÌÎËÌÖ ÌÃÌÍÀÇÖ :LQ ÅÉÍÉËÖÀ ɼÖÒÈÉ ÐË»ÈÚÍÌÚ ½ Ï»ÄÆÀ Ì Ë»ÌÓÃËÀÈÃÀÇ LFR ¥ËÉÇÀ ÍÉ¾É ÉÈÃÇɾÎÍË»ÌÊÉÆ»¾»Í×ÌÚýϻÄÆ»ÐËÀÌÎËÌɽ ÌË»ÌÓÃËÀÈÃÀÇUHV :LQGRZVÌÎÔÀÌͽÎÀÍ¿½»Íà ÊÃÒÈÖÐË»ÂÇÀË»ÊÃÅÍɾ˻ÇÇ ÅËÎÊÈÖÀ KÊÃÅÌÀÆÚ ÃÇÀÆÅÃÀ KÊÃÅÌÀÆÀÄ É½ÌÀÐÊËÃÆÉÁÀ ÈÃÚÐ:LQGRZVÃÌÊÉÆ×ÂÎÙÍÌÚÂÈ»ÒÅÃɼÉÃÐË»ÂÇÀËɽ§ÀÆÅÃÀÂÈ»ÒÅÃÉÍɼ˻Á»ÙÍÌÚ½½ÀËÐÈÀÇÆÀ½ÉÇ Î¾Æξƻ½ÈɾÉÉÅÈ»ÊËÃÆÉÁÀÈÃڻͻÅÁÀ½ØÆÀÇÀÈÍ»ÐÎÊË»½ÆÀÈÃÚ:LQGRZV ÊËÀ¿ÌÍ»½ÆÚÙÔÃÐ ÌÊà ÌÅà ÆÚ ÃÈÅ»ÊÌÎÆÚÑÃà ØÍÉ¾É ØÆÀÇÀÈÍ» ÎÊË»½ÆÀÈÃÚ ½ 'HOSKL ÌÆÎÁÃÍ ÅÉÇÊÉÈÀÈÍ 7/LVW9LHZ ÅÉÍÉËÖÄ Ë»ÌÊÉÆ»¾»ÀÍÌڽɽÅÆ»¿ÅÀ:LQÊ»ÆÃÍËÖÅÉÇÊÉÈÀÈÍɽ ªÃÅÍɾ˻ÇÇÖ ÌÉÌÍ»½ÆÚÙÍÌÚ Ã ¿½ÎÐ Ë»ÌÍËɽ ©¿ÃÈ Ã ÈÃРɼÖÒÈÉ È»ÂÖ½»ÀÇÖÄ ÍÀÏ¿ÆÍË LPDJH ÊËÀ¿ÌÍ»½ÆÚÀÍ ÌɼÉÄ ËÀ»Æ×ÈÉÀ ÃÂɼ˻ÁÀÈÃÀ ÅÉÍÉËÉÀ ÊÉÚ½ÆÚÀÍÌÚ È» ØÅË»ÈÀ ËξÉÄ ÁÀ ÃÇÀÈÎÀÇÖÄ Ë¿ÐÉÍÈ PDVN ÊɽÉÆÚÀÍ ¿É¼ÃÍ×ÌÚ ÊËÉÂË»ÒÈÉÌÍà ÊËà ÉÍɼ˻ÁÀÈÃà ÊÃÅÍɾ˻ÇÇÖ ªÃÅÍɾ˻ÇÇÖ ÃÌ ÊÉÆ×ÂÎÙÍÌڽ˻ÂÆÃÒÈÖÐÑÀÆÚШ»ÊËÃÇÀËÍ»ÅÃÀÂÈ»ÒÅÃË»ÂÇÀÔ»ÙÍÌÚȻʻÈÀÆû¿»ÒÊËÃÆÉÁÀÈÃÚà ½ÉÅÈ»ÐÌÉɼÔÀÈÃÄ ½ØÍÉÇÌÆÎÒ»À¿ÆÚÊËýÆÀÒÀÈÃÚ½ÈÃÇ»ÈÃÚ½ÈÃÐÍ»ÅÁÀÊÉÇÀÔ»ÙÍÌÚÂÈ»ÒÅÃÌÃÂÉ ¼Ë»ÁÀÈÃÀǽÉÊËÉÌÃÍÀÆ×ÈɾÉýÉÌÅÆÃÑ»ÍÀÆ×ÈɾÉÂȻŻÃÆÃÌÍÉÊÌþȻƻ DeZkk73LFWXUHij_^klZ\ey_lkh[hcdhgl_cg_jguc deZkk ^ey bgdZikmeypbb Z[kljZdlgh]h deZkkZ7*UDSKLFGZa\Zgb_dhgl_cg_jgucdeZkkhagZqZ_lqlhdeZkk73LFWXUHfh`_lojZgblv kkuedm gZ h[t_dlu 7%LWPDS 70HWD)LOH 7,FRQ beb ^jm]b_ lbiu deZkkh\ ijhba\h^guo hl
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
deZkkZ7JUDSKLFbhlh[jZ`Zlvbog_\uykgyydhgdj_lghkq_fbf_gghhgbf__l^_eh\^Zg gucfhf_gl>eyaZ]jmadbnZceh\bah[jZ`_gbc\dhfihg_gl7,PDJHbkihevamcl_k\hckl\Zb f_lh^udeZkkZ7,PDJH3LFWXUHdZdihdZaZghgZijbf_j\ke_^mxs_cbgkljmdpbb 0\,PDJH3LFWXUH/RDG)URP)LOH )LOH1DPHEPS :gZeh]bqgmxbgkljmdpbxfh`ghbkihevah\Zlvb^eyaZ]jmadbnZceh\ibdlh]jZffbebf_ lZnZceh\GZijbf_jkihfhsvxke_^mxs_]hdh^Z\uihegy_lkyaZ]jmadZf_lZnZceZ:LQ 0\,PDJH3LFWXUH/RDG)URP)LOH )LOH1DPHHPI :wlZkljhdZihfh`_laZ]jmablvnZceibdlh]jZffu:LQ 0\,PDJH3LFWXUH/RDG)URP)LOH )LOH1DPHLFR <'HOSKLdeZkk73LFWXUHijbh[j_egh\mx\hafh`ghklvaZ]jm`Zlvbah[jZ`_gby\nhjfZ l_-3(*>eywlh]hbkihevam_lkylhl`_f_lh^qlhbijbaZ]jmad_jZkljh\uobah[jZ`_gbc 0\,PDJH3LFWXUH/RDG)URP)LOH )LOH1DPHMSHJ
(\g^K~Q~Q\x^KQ~v >eykhojZg_gbyex[h]hbah[jZ`_gbybkihevamcl_f_lh^6DYH7R)LOH 0\,PDJH3LFWXUH6DYH7R)LOH )LOH1DPHEPS DeZkk7%LWPDSbgdZikmebjm_lh[t_dlujZkljZbiZebljukbkl_fu:LQbij_^hklZ\ey_l f_lh^u^eyaZ]jmadbkhojZg_gbyhlh[jZ`_gbybdhibjh\ZgbyjZkljh\uobah[jZ`_gbc>Zg gucdeZkklZd`_Z\lhfZlbq_kdbih^^_j`b\Z_lj_ZebaZpbxiZebljuWlhagZqblqlhkihfh svxdeZkkZ7%LWPDS'HOSKLmlhfbl_evgmxaZ^ZqmmijZ\e_gbyjZkljZfbfh`gh\agZqbl_ev ghc kl_i_gb mijhklblv Hg iha\hey_l khkj_^hlhqblv \gbfZgb_ gZ bkihevah\Zgbb jZkljZ g_ \gbdZy\h\k_^_lZebj_ZebaZpbb ¥Æ»ÌÌ7%LWPDSÈÀÚ½ÆÚÀÍÌÚÀ¿ÃÈÌͽÀÈÈÖÇɼÕÀÅÍÉǽɼÚ»ÈÈÉÌÍÃÅÉÍÉËɾɽÐÉ¿ÃÍ ËÀ»ÆûÑÃÚÊ»ÆÃÍËÖ»ÅÃÀÅÉÇÊÉÈÀÈÍÖÅ»Å7,PDJH70HWD)LOHÃÆÙ¼ÉÄ¿ËξÉÄÊÉ ÍÉÇÉÅ ÅÆ»ÌÌ» 7*UDSKLF Í»ÅÁÀ ËÀ»ÆÃÂÎÙÍ Ê»ÆÃÍËÖ Ì½ÉÃÐ Ë»ÌÍËɽ ÊÉ Â»ÊËÉÌÎ ÌÆà ½ÖÊÉÌÍËÉÃÍÀÅÉÇÊÉÈÀÈÍÖÌÉ¿ÀËÁ»ÔÃÀɼÕÀÅÍÖ7%LWPDSÅÉÍÉËÖÀÇɾÎÍÃÇÀÍ×ÃÂÉ ¼Ë»ÁÀÈÃÚÃÌÊÉÆ×ÂÎÙÔÃÀѽÀÍɽÍɽ»ÇÊËÿÀÍÌÚÊÀËÀÉÊËÀ¿ÀÆÃÍ×ÇÀÍɿ̽ÉÀ¾É ÅÉÇÊÉÈÀÈÍ»*HW3DOHWWH ¿Æڽɽ˻ͻÅѽÀÍɽÉÄÊ»ÆÃÍËÀØÍɾÉË»ÌÍË» >ey kha^Zgby wda_fieyjZ deZkkZ 7%LWPDS b aZ]jmadb \ g_]h gZijbf_j jZkljh\h]h nZceZ bkihevamcl_ke_^mxsb_dhfZg^u 0\%LWPDS 7%LW0DS&UHDWH 0\%LWPDS/RDG)URP)LOH 0\%03%03 ËξÉÄÇÀÍɿ»¾ËÎÂÅÃË»ÌÍËɽ½ÊËÃÆÉÁÀÈÃÀÌÉÌÍÉÃͽÃл¾ËÎÂÅÀÃÂÏ»ÄÆ»ËÀÌÎË Ìɽ«ÀÒ×ɼØÍÉÇÊÉÄ¿ÀÍ¿»ÆÀÀ
=eZ\Z*',rjbnlub]jZnbdZ
>eydhibjh\Zgbyh^gh]hjZkljZ\^jm]hcbkihevam_lkyf_lh^7%LWPDS$VVLJQ dZdihdZ aZgh\^Zgghfijbf_j_ %LWPDS$VVLJQ %LWPDS Djhf_lh]hkihfhsvxf_lh^Z&RS\5HFW fh`ghkdhibjh\ZlvqZklvjZkljh\h]hbah[jZ `_gbybah^gh]hwda_fieyjZh[t_dlZ7%LWPDS\^jm]hcbeb^Z`_gZdZg\mnhjfu YDU 5 75HFW EHJLQ ZLWK5GR EHJLQ 7RS /HIW 5LJKW %LW0DS:LGWKGLY %RWWRP %LW0DS+HLJKWGLY HQG %LWPDS&DQYDV&RS\5HFW &OLHQW5HFW%LW0DS&DQYDV5 HQG <ijb\_^_gghf\ur_njZ]f_gl_ijh]jZffgh]hdh^ZkgZqZeZ\uqbkeyxlkykhhl\_lkl\mx sb_agZq_gby\aZibkb75HFWZaZl_ff_lh^7&DQYDV&RS\5HFW bkihevam_lky^eydhibjh\Z gbyqZklbjZkljZAZibkv75HFWhij_^_ey_lkyke_^mxsbfh[jZahf 75HFW UHFRUG FDVH,QWHJHURI /HIW7RS5LJKW%RWWRP ,QWHJHU 7RS/HIW%RWWRP5LJKW 73RLQW HQG Wlhlf_lh^bkihevam_lky\ijh]jZff_jbkh\Zgbyh[km`^Z_fhcgb`_\wlhc]eZ\_F_lh^ &RS\5HFW Z\lhfZlbq_kdbjZkly]b\Z_lkdhibjh\ZggmxihjpbxdZg\uqlh[uhgZaZihegbeZ \kxiehsZ^vh[t_dlZgZagZq_gby ¬ÆÀ¿ÎÀÍ ÎÒÃÍÖ½»Í× ÌÎÔÀÌͽÀÈÈÉÀ Ë»ÂÆÃÒÃÀ ½ Ë»ÌÐɿɽ»ÈÃà ËÀÌÎËÌɽ ÊËà ÅÉÊÃËɽ»ÈÃà ˻ÌÍËɽ ½ ¿½ÎÐ ÊËÀ¿Ö¿ÎÔÃÐ ÊËÃÇÀ˻РªËà ÃÌÊÉÆ×Âɽ»ÈÃà ÇÀÍÉ¿» &RS\5HFW ÊÉÍËÀ¼ÆÀÈÃÀ Ê»ÇÚÍà ο½»Ã½»ÀÍÌÚ Â» ÌÒÀÍ ÌÎÔÀÌͽɽ»ÈÃÚ ½ ÈÀÄ ¿½ÎÐ ÉÍ¿ÀÆ×ÈÖÐ ÅÉÊÃÄ ÃÂɼ˻ÁÀÈÃÚ ÍÉ ÁÀ ½ËÀÇÚ ÇÀÍÉ¿ $VVLJQ ÈÀ ÈÎÁ¿»ÀÍÌÚ ½ ÆÃÓÈÃР»Í˻ͻРÊÉÌÅÉÆ×ÅÎ ¿½» Ë»ÌÍËɽÖРɼÕÀÅÍ» ¼Î¿ÎÍ ÌɽÇÀÌÍÈÉ ÃÌÊÉÆ×Âɽ»Í× ÌÌÖÆÅÎ È» É¿ÃÈ Ã ÍÉÍ ÁÀ ¾Ë»ÏÃÒÀÌÅÃÄ É¼Ë»Â ½ Ê»ÇÚÍà ÌÆà ½»Ç ÊÉÈ»¿É¼ÃÍÌÚ ÇÉ¿ÃÏÃÑÃËɽ»Í× É¿ÃÈ Ã ˻ÌÍËɽÖРɼÕÀÅÍɽ ÊÉ¿ÊËɾ˻ÇÇÖ ¼Ã¼ÆÃÉÍÀÅà 9&/ »½ÍÉÇ»ÍÃÒÀÌÅýÖÊÉÆÈÚÍÅÆÉÈÃËɽ»ÈÃÀØÍɾÉÃÂɼ˻ÁÀÈÃÚ Kms_kl\m_l _s_ h^bg f_lh^ iha\heyxsbc dhibjh\Zlv p_euc jZklj gZ dZg\m nhjfu kh k`Zlb_fbebjZkrbj_gb_fbah[jZ`_gbylZdqlh[uhghihf_sZehkvbiheghklvxaZihegyeh ijhkljZgkl\h\gmljb]jZgbpdZg\uJ_qvb^_lhf_lh^_6WUHWFK'UDZ &DQYDV6WUHWFK'UDZ 50\%LWPDS Ih^jh[g__f_lh^udeZkkZ7&DQYDVjZkkfZljb\Zxlkygb`_\wlhc]eZ\_
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
tNu\\zK~QNz\vN}z yKNNK7&DQYDV DeZkku \ukhdh]h mjh\gy ijhba\h^gu_ hl deZkkh\ 7)RUP b 7*UDSKLF&RQWURO h[eZ^Zxl k\hckl\hf &DQYDV Wlhl h[t_dl² dZg\m² fh`gh jZkkfZljb\Zlv dZd ih\_joghklv gZ dhlh jhc jbkmxlky \k_ dhfihg_glu ex[hc nhjfu < dZq_kl\_ bgkljmf_glh\ jbkh\Zgby h[t_dl &DQYDVbkihevam_li_jvydbklbbrjbnlu
tNu\\zK~QuQ^Qz <wlhfjZa^_e_fukgZqZeZh[km^bfdZdbkihevah\Zlvk\hckl\Zh[t_dlZ73HQZaZl_fjZk kfhljbfijbf_jijh_dlZ\dhlhjhfhibku\Z_fu_k\hckl\Z[m^mlj_Zevghbkihevah\Zlvky K ihfhsvx i_jv_\ gZ dZg\_ jbkmxlky ebgbb >hklmi d i_jvyf hkms_kl\ey_lky q_j_a k\hckl\h &DQYDV3HQ >ey baf_g_gby kihkh[Z jbkh\Zgby ebgbc ke_^m_l fh^bnbpbjh\Zlv k\hckl\Zh[t_dlZi_jZ &RORU:LGWK6W\OHb0RGH K\hckl\h&RORUhij_^_ey_lp\_li_jZ<'HOSKLij_^mkfhlj_guij_^hij_^_e_ggu_p\_ lh\u_ dhgklZglu khhl\_lkl\mxsb_ fgh]bf h[s_mihlj_[bl_evguf p\_lZf GZijbf_j dhg klZglu FO5HGbFO
³ÒÌÉÕÇÞ5*% ÇÑÇÎ7&RORU ÃÈÍÀËÏÀÄÌÀ ÌÃÌÍÀÇÖ :LQ ѽÀÍ» ÊËÀ¿ÌÍ»½ÆÀÈÖ ½ ½Ã¿À ÑÀÆÖÐ ÂÈ»ÒÀÈÃÄ ½ ÅÉÍÉËÖÐ ÇÆ»¿ÓÃÐ ÍËà ¼»ÄÍ» ÉÂȻһÙÍ ÎËɽÈà ÚËÅÉÌÍà ÌÉÉͽÀÍÌͽÀÈÈÉ ÅË»ÌÈÉ¾É ÂÀÆÀÈÉ¾É Ã ÌÃÈÀ¾É ѽÀÍɽ ¥ÉǼÃÈ»ÑÃÚ ØÍÃÐ ÍËÀÐ ÂÈ»ÒÀÈÃÄ É¼Ë»ÂÎÀÍ Ñ½ÀÍ :LQ ¯ÎÈÅÑÃà 5*% 5*% ÊÀËÀ¿»ÀÍÌÚ ÍËà ʻ˻ÇÀÍË» ÎÅ»ÂÖ ½»ÙÔÃÐÎËɽÀÈ× ÃÈÍÀÈÌýÈÉÌÍà ÅË»ÌÈÉ¾É ÂÀÆÀÈÉ¾É Ã ÌÃÈÀ¾É ѽÀÍɽ ¸Í» ÏÎÈÅÑÃÚ ½É½˻ԻÀÍ Ñ½ÀÍ :LQÅ»ÅÑÀÆÉÀÂÈ»ÒÀÈÃÀ'HOSKLÍ»ÅÉÀÊËÀ¿ÌÍ»½ÆÀÈÃÀѽÀÍɽÊÉ¿¿ÀËÁý»ÀÍÌÚÍÃÊÉÇ7&RORUÆÚ Å»Á¿É¾ÉÎËɽÈÚÃÈÍÀÈÌýÈÉÌÍÃÌÎÔÀÌͽÎÀͽÉÂÇÉÁÈÖÐÂÈ»ÒÀÈÃÄÌÆÀ¿É½»ÍÀÆ×ÈÉÏÎÈÅÑÃÚ5*% ÇÉÁÀͽɽ˻ÍÃÍ×ÊËüÆÃÂÃÍÀÆ×ÈÉÇÆÈѽÀÍɽ¨»ÊËÃÇÀ˽ÖÂɽ5*% ½É½˻ԻÀÍÂÈ»ÒÀ ÈÃÀ ¿ÆÚ ÒÀËÈÉ¾É Ñ½ÀÍ» ½ ÍÉ ½ËÀÇÚ Å»Å ½ÖÂɽ 5*% t ¿ÆÚ ¼ÀÆÉ¾É ÖÂÉ½Ö 5*% 5*% à 5*% ½É½˻ԻÙÍ Ñ½ÀÍɽÖÀ ÂÈ»ÒÀÈÃÚ ¿ÆÚ ÅË»ÌÈÉ¾É ÂÀ ÆÀÈÉ¾É Ã ÌÃÈÀ¾É ѽÀÍɽ ÌÉÉͽÀÍÌͽÀÈÈÉ »Ë×ÃËÎÚ ÂÈ»ÒÀÈÃÚ ÊÀËÀ¿»½»ÀÇÖÀ ÏÎÈÅÑÃà 5*% ÇÉÁÈÉ ÊÉÆÎÒÃÍ×ÆÙ¼ÉÄѽÀÍÿÉÌÍÎÊÈɾÉѽÀÍɽɾÉÌÊÀÅÍË» ÃÊ ¿»ÈÈÖÐ 7&RORU Ú½ÆÚÀÍÌÚ ÌÊÀÑÃÏÃÒÀÌÅÃÇ ¿ÆÚ ¼Ã¼ÆÃÉÍÀÅà 9&/ à ÌÌÖÆ»ÀÍÌÚ È» ÅÉÈÌÍ»ÈÍÖ ÉÊËÀ¿À ÆÀÈÈÖÀ ½ ÇÉ¿ÎÆÀ *UDSKLFVSDV ¸Íà ÅÉÈÌÍ»ÈÍÖ ÌÉÉͽÀÍÌͽÎÙÍ ÆÃ¼É ¼ÆÃÁ»ÄÓÀÇÎ ÌÉÉͽÀÍÌͽÎÙÔÀÇΠѽÀÍÎ ½ ÌÃÌÍÀÇÈÉÄ Ê»ÆÃÍËÀ ÆÃ¼É ÉÊËÀ¿ÀÆÀÈÈÉÇΠѽÀÍÎ ÎÌͻȻ½Æý»ÀÇÉÇÎ ½ ÉÅÈÀ Ê»ÈÀÆà ÎÊË»½ÆÀÈÃÚ :LQGRZV¨»ÊËÃÇÀËÅÉÈÌÍ»ÈÍ»FO%OXHÌÉÉͽÀÍÌͽÎÀÍÌÃÈÀÇÎѽÀÍÎÍɾ¿»Å»ÅÅÉÈÌÍ»ÈÍ» FO%WQ)DFHt ѽÀÍÎÎÌÍ»ÈɽÆÀÈÈÉÇνÌÃÌÍÀÇÀ¿ÆÚÆÃÑÀ½ÖÐÊɽÀËÐÈÉÌÍÀÄÅÈÉÊÉÅ¥ËÉÇÀÍËÀм»ÄÍɽÉÊËÀ¿ÀÆÚÙÔÃÐ
=eZ\Z*',rjbnlub]jZnbdZ
ÌɼÌͽÀÈÈÉѽÀͽ¿»ÈÈÖÐÍÃÊ»7&RORUÌÍ»ËÓÃļ»ÄÍÃÌÊÉÆ×ÂÎÀÍÌÚ¿ÆÚɼÉÂÈ»ÒÀÈÃÚÍɾÉÒÍÉÃÇÀÈÈÉ ÊËÀ¿ÌÍ»½ÆÚÀÍÌɼÉÄØÍÉÍѽÀÍ ÌÆÃÂÈ»ÒÀÈÃÀØÍɾɼ»Äͻ˻½ÈÉ¿»ÈÈÖÄ Ñ½ÀÍ ÊËÀ¿ÌÍ»½ÆÚÀÍ ¼Æà Á»ÄÓÃÄÌÉÉͽÀÍÌͽÎÙÔÃÄѽÀͽÌÃÌÍÀÇÈÉÄÊ»ÆÃÍËÀ¢È»ÒÀÈÃÀÊËÀ¿ÌÍ»½ÆÚÀͼÆÃÁ»ÄÓÀÀÌÉÉͽÀÍ ÌͽÃÀ ½ ÃÌÊÉÆ×ÂÎÀÇÉÄ ½ ¿»ÈÈÖÄ ÇÉÇÀÈÍ Ê»ÆÃÍËÀ ¨»ÅÉÈÀÑ ÂÈ»ÒÀÈÃÀ ÌÍ»ËÓÀ¾É ¼»ÄÍ» ÉÊËÀ¿ÀÆÚÀÍ ¼ÆÃÁ»ÄÓÃÄ Ñ½ÀÍ ½ ÆɾÃÒÀÌÅÉÄ Ê»ÆÃÍËÀ ÍÀÅÎÔÀ¾É ÅÉÈÍÀÅÌÍ» ÎÌÍËÉÄÌͽ» ÉÊÉÆÈÃÍÀÆ×ÈÎÙ ÃÈÏÉËÇ»ÑÃÙ ÇÉÁÈÉÈ»ÄÍýÌÍ»Í×Àp7&RORUW\SHqÃÈÍÀË»ÅÍýÈÉÄÌÊË»½ÉÒÈÉÄÌÃÌÍÀÇÖ'HOSKL ÆÚÊËÀɼ˻Âɽ»ÈÃÚÌÃÌÍÀÇÈÖÐѽÀÍɽ:LQ È»ÊËÃÇÀËFO:LQGRZ ½¿ÀÄÌͽÎÙÔÃÀ 5*%ѽÀÍ»ÃÌÊÉÆ×ÂÎÄÍÀÏÎÈÅÑÃÙ&RORU7R5*% ¸Í»ÏÎÈÅÑÃÚÉÊÃ̻Ȼ½ÃÈÍÀË»ÅÍý ÈÉÄÌÊË»½ÉÒÈÉÄÌÃÌÍÀÇÀ'HOSKL Kihfhsvxi_jZfh`ghlZd`_jbkh\ZlvebgbbhlebqZxsb_ky^jm]hl^jm]Zklbe_fdh lhjuchij_^_ey_lkyk\hckl\hf6W\OH<lZ[eihdZaZgujZaebqgu_klbebdhlhju_fh`gh mklZgZ\eb\Zlv^eyk\hckl\Z3HQ6W\OH
±¿ÀÊÇÕ¿°ÑÇÊÇÎÄÏ¿ °ÑÇÊÛ
¶ÑÍÏÇÐÒÄÑÐÞ
SV&OHDU
¨À½Ã¿ÃÇ»ÚÆÃÈÃÚ
SV'DVK
¦ÃÈÃÚÌÉÌÍÉÚÔ»ÚÃÂÓÍËÃÐɽ
SV'DVK'RW
¦ÃÈÃÚÌÉÌÍÉÚÔ»ÚÃÂÒÀËÀ¿ÎÙÔÃÐÌÚÓÍËÃÐɽÃÍÉÒÀÅ
SV'DVK'RW'RW
¦ÃÈÃÚÌÉÌÍÉÚÔ»ÚÃÂÌÉÒÀÍ»ÈÃÄÓÍËÃÐÍÉÒÅ»ÍÉÒÅ»
SV'RW
¦ÃÈÃÚÌÉÌÍÉÚÔ»ÚÃÂÍÉÒÀÅ
SV,QVLGH)UDPH ¦ÃÈÃÚ½ÈÎÍËÃË»ÇÅûÇÅÈÎÍÉÄÏÉËÇÖÉÊËÀ¿ÀÆÚÙÔÀÄɾ˻ÈÃÒý»ÙÔÃÄÊËÚÇÉ Î¾ÉÆ×ÈÃÅ SV6ROLG ¬ÊÆÉÓÈ»ÚÆÃÈÃÚ Ke_^mxsZykljhdZ^_fhgkljbjm_ldZdbaf_gylvklbevjbkh\Zgbyi_jhf &DQYDV3HQ6W\OH SV'DVK'RW GZjbkihdZaZghdZd\u]ey^yljZaebqgu_klbebi_jZijbjbkh\ZgbbgZdZg\_nhjfu H^ghaZf_qZgb_ p\_l\ijhf_`mldZorljboh\uoebgbcaZ\bkblhlp\_lZdbklb?keblj_[m _lkyijh\_klbq_jgmxrljboh\mxebgbxihdjZkghcih\_joghklbke_^m_lmklZgh\blvk\hc kl\h &DQYDV%UXVK&RORU jZ\guf dhgklZgl_ FO5HG eb[h k\hckl\h &DQYDV%UXVK6W\OH jZ\ gufdhgklZgl_EV&OHDUMklZgh\dZp\_lZi_jZbdbklbiha\hey_l^hklbqvex[h]h`_eZ_fh]h \b^Zebgbc gZijbf_jijh\_klbgZ[_ehcih\_joghklbdjZkgmxbkbgxximgdlbjgu_ebgbb K\hckl\h3HQ:LGWKiha\hey_lmdZaZlvrbjbgmebgbb\ibdk_eyoijh\h^bfmxi_jhfijb jbkh\ZgbbIjbmklZgh\d_[hevr_]hagZq_gbyi_jhjbkm_l[he__lheklmxebgbx ¬ÍÃÆ× ÓÍËÃÐɽÖÐ ÆÃÈÃÄ ÊËÃÇÀÈÚÀÍÌÚ ¿ÆÚ ÊÀË×À½ ÓÃËÃÈÉÄ Ë»½ÈÉÄ ÊÃÅÌÀÆÙ ªËà ÎÌÍ»ÈɽÅÀÓÃËÃÈÖË»½ÈÉÄÊÀËɼοÀÍËÃÌɽ»Í×ÌÊÆÉÓÈÎÙÆÃÈÃÙ»ÅÉÀÊɽÀ¿ÀÈÃÀ ÎÈ»ÌÆÀ¿É½»ÈÉ ÉÍ Ë»ÂËÚ¿ÈÉ¾É *', ¿ÀÄÌͽÃÚ ÅÉÍÉËÉ¾É ÌÃÌÍÀÇ» :LQ ØÇÎÆÃËÎÀÍ ½ ÑÀÆÚÐÌɽÇÀÌÍÃÇÉÌÍÃ:LQGRZV ÈÀËÃÌÎÙÍÌÚÁÃËÈÖÀÊÎÈÅÍÃËÈÖÀÆÃÈÃÃÉ¿È» ÅÉ ½ :LQGRZV17 ØÍÉ ½ÉÂÇÉÁÈÉ ÈÉ ÊËà ÎÌÆɽÃà ÒÍÉ ÃÌÊÉÆ×ÂÎÀÍÌÚ ÍÉÆ×ÅÉ Ë»Ì ÓÃËÀÈÈÖÄÈ»¼ÉËÌËÀ¿Ìͽ*',
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
JbkJZaebqgu_klbebi_jZ
Kms_kl\m_lljbnZdlhjZdhlhju_hij_^_eyxldZdkbkl_fZ:LQjbkm_libdk_ebbebeb gbbgZih\_joghklbdZg\u p\_li_jZp\_lih\_joghklbbebdhg_qgucp\_lZlZd`_ih[blh \Zy hi_jZpby dhlhjmx bgl_jn_ck kbkl_fu :LQ \uihegy_l ^ey ^\mp\_lguo agZq_gbc WlZ hi_jZpbygZau\Z_lkyjZkljh\hc 523 LbijZkljh\hchi_jZpbbaZ^Z_lkykihfhsvxk\hckl \Z3HQ0RGHijbf_gy_fh]hd^ZgghcdZg\_<kbkl_f_:LQhij_^_e_guj_`bfh\i_j_ qbke_gguo\lZ[e
±¿ÀÊÇÕ¿¯ÄÅÇËÚÏ¿ÀÍÑÚÎÄÏ¿ÁÐÇÐÑÄËÄ:LQÐÒÖÄÑÍËÇÐÔÍÃÌÍÂÍÕÁÄÑ¿3HQ&RORU 6 ÇÉÍÌÄÖÌÍÂÍÕÁÄÑ¿ ' ¯ÄÅÇË
¯ÄÆÒÊÛÑÇÏÒÝØÇÈÕÁÄÑÎÇÉÐÄÊÞ
ªÍÂÇÖÄÐÉ¿Þ ÍÎÄÏ¿ÕÇÞ
SP%ODFN
ÌÀ¾¿»ÒÀËÈÖÄ
SP:KLWH
ÌÀ¾¿»¼ÀÆÖÄ
SP123
¨ÀÃÂÇÀÈÚÀÇÖÄ
'
SP127
£È½ÀËÌÃÚѽÀÍ»'
¨À'
SP&RS\
±½ÀÍ6
6
SP1RW&RS\
£È½ÀËÌÃÚѽÀÍ»6
¨À6
SP0HUJH3HQ1RW ©¼ÕÀ¿ÃÈÀÈÃÀѽÀÍ»6ÃÃȽÀËÌÃÃ'
6ÃÆÃÈÀ'
SP0DVN3HQ1RW
6ÃÈÀ'
©¼ÕÀ¿ÃÈÀÈÃÀѽÀÍɽɼÔÃпÆÚ6ÃÃȽÀËÌÃÃ'
SP0HUJH1RW3HQ ¬ÉÒÀÍ»ÈÃÀѽÀÍ»'ÃÃȽÀËÌÃÃ6
¨À6ÃÆÃ'
SP0DVN1RW3HQ
©¼ÕÀ¿ÃÈÀÈÃÀѽÀÍɽɼÔÃпÆÚ'ÃÃȽÀËÌÃÃ6
¨À6Ã'
SP0HUJH
©¼ÕÀ¿ÃÈÀÈÃÀѽÀÍɽ6Ã'
6ÃÆÃ'
SP1RW0HUJH
£È½ÀËÌÃÚËÀÂÎÆ×ͻͻÉÊÀË»ÑÃÃSP0HUJH¿ÆÚѽÀÍɽ6Ã'
¨À 6ÃÆÃ'
SP0DVN
©¼ÕÀ¿ÃÈÀÈÃÀѽÀÍɽɼÔÃпÆÚ6Ã'
6Ã'
SP1RW0DVN
£È½ÀËÌÃÚËÀÂÎÆ×ͻͻÉÊÀË»ÑÃÃSP0DVN¿ÆÚѽÀÍɽ6Ã'
¨À 6Ã'
SP;RU
¦Ã¼ÉѽÀÍ6ÆüÉ'ÈÉÈÀɼ»
6;25' ÃÌÅÆÙÒ»ÙÔÀÀ £¦£
SP1RW;RU
£È½ÀËÌÃÚËÀÂÎÆ×ͻͻÉÊÀË»ÑÃÃSP;RU¿ÆÚѽÀÍɽ6Ã'
¨À 6;25'
=eZ\Z*',rjbnlub]jZnbdZ
Ih mfheqZgbx k\hckl\h 3HQPRGH mklZgh\e_gh jZ\guf agZq_gbx SP&RS\ Wlh ]h\hjbl h lhfqlhi_jhjbkm_lp\_lhfaZ^Zgguf_]hk\hckl\hf&RORUIj_^iheh`bf\uohlbl_gZjb kh\Zlv q_jgu_ ebgbb gZ [_ehf nhg_ ?keb dZdZygb[m^v ebgby i_j_k_q_l gZjbkh\Zggmx jZ g__lh\f_kl_i_j_k_q_gby^he`_ghklZlvky[_eucp\_lZg_q_jguc H^bgba\hafh`guoiml_cj_r_gbywlhcaZ^Zqbkhklhbl\ijh\_jd_p\_lZh[eZklb\dhlh jhc\ukh[bjZ_l_kvjbkh\Zlv?kebhgZ[_eZymklZgh\bl_k\hckl\hSHQ&RORUjZ\gufagZq_ gbx khhl\_lkl\mxs_fm q_jghfm p\_lm Z _keb q_jgZy lh k\hckl\h SHQ&RORU ^he`gh aZ^Z \Zlv [_euc p\_l G_kfhljy gZ lh qlh wlhl kihkh[ jZ[hlZ_l hg kebrdhf ]jhfha^dbc b f_^ e_gguc;ueh[u]hjZa^hemqr_mklZgh\blvk\hckl\hSHQ&RORUjZ\gufdhgklZgl_FO%ODFNZ k\hckl\h3HQ0RGH²dhgklZgl_SP1RWWlhijb\_^_ldlhfmqlhjbkh\Zgb_i_jhf\uev_lky\ bg\_jkbx hi_jZpbb h[t_^bg_gby p\_lZ i_jZ b ih\_joghklb GZ jbk ihdZaZg j_amevlZl wlhchi_jZpbbijbjbkh\Zgbbq_jgufi_jhf
JbkJ_amevlZlhi_jZpbbSP1RW
< ebklbg]_ ijb\_^_g ijbf_j ijh]jZffu j_amevlZl jZ[hlu dhlhjhc ihdZaZg gZ jbkb
ªÇÐÑÇÌ®ÏÇËÄÏÚÍÎÄÏ¿ÕÇÈÐÎÄÏÍË XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQGRZV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV)RUPV 'LDORJV0HQXV6WG&WUOV%XWWRQV([W&WUOV W\SH 70DLQ)RUP FODVV 7)RUP PP0DLQ 70DLQ0HQX PPL3HQV 70HQX,WHP PPL6W\OHV 70HQX,WHP PPL3HQ&RORUV 70HQX,WHP PPL3HQ0RGH 70HQX,WHP SURFHGXUHPPL6W\OHV&OLFN 6HQGHU 72EMHFW SURFHGXUHPPL3HQ&RORUV&OLFN 6HQGHU 72EMHFW SURFHGXUHPPL3HQ0RGH&OLFN 6HQGHU 72EMHFW SULYDWH
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
^djréznvi~¹ksntq¹` SXEOLF ^Ìzréznvi~¹ksntq¹` SURFHGXUH&OHDU&DQYDV SURFHGXUH6HW3HQ'HIDXOWV HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH70DLQ)RUP&OHDU&DQYDV YDU 5 75HFW EHJLQ Ì·qxzrjxvlné quvmvrjtk ZLWK&DQYDVGR EHJLQ %UXVK6W\OH EV6ROLG %UXVK&RORU FO:KLWH &DQYDV)LOO5HFW &OLHQW5HFW HQG HQG SURFHGXUH70DLQ)RUP6HW3HQ'HIDXOWV EHJLQ ZLWK&DQYDV3HQGR EHJLQ :LGWK 0RGH SP&RS\ 6W\OH SV6ROLG &RORU FO%ODFN HQG HQG SURFHGXUH70DLQ)RUPPPL6W\OHV&OLFN 6HQGHU 72EMHFW YDU \3RV LQWHJHU 3HQ6W\OH 73HQ6W\OH EHJLQ &OHDU&DQYDV Ínékj¹v·qxzrjxvlné quvmvrjtk 6HW3HQ'HIDXOWV \3RVwénlxzjks¹nzrvvélqtjzy< <3RV ZLWK&DQYDVGR EHJLQ IRU3HQ6W\OH SV6ROLGWRSV,QVLGH)UDPHGR
=eZ\Z*',rjbnlub]jZnbdZ
EHJLQ 3HQ&RORU FO%OXH 3HQ6W\OH 3HQ6W\OH 0RYH7R \3RV /LQH7R &OLHQW:LGWK\3RV LQF \3RV HQG Ækvltjokjtqpls¹éjosq·t}xzqsnpwnéj 7H[W2XW SV6ROLG 7H[W2XW SV'DVK 7H[W2XW SV'RW 7H[W2XW SV'DVK'RW 7H[W2XW SV'DVK'RW'RW 7H[W2XW SV&OHDU 7H[W2XW SV,QVLGH)UDPH HQG HQG SURFHGXUH70DLQ)RUPPPL3HQ&RORUV&OLFN 6HQGHU 72EMHFW YDU L LQWHJHU EHJLQ &OHDU&DQYDV Ì·qxzrjxvlné quvmvrjtk 6HW3HQ'HIDXOWV ZLWK&DQYDVGR EHJLQ IRUL WRGR EHJLQ Ívsy·qzxsy·jptvn|knzvkvnotj·ntqnqtjéqxvkjzsqtqíëzvmv|knzj 3HQ&RORU 5*% 5DQGRP 5DQGRP 5DQGRP 0RYH7R UDQGRP &OLHQW:LGWK 5DQGRP &OLHQW+HLJKW /LQH7R UDQGRP &OLHQW:LGWK 5DQGRP &OLHQW+HLJKW HQG HQG HQG SURFHGXUH70DLQ)RUPPPL3HQ0RGH&OLFN 6HQGHU 72EMHFW YDU [\ LQWHJHU EHJLQ &OHDU&DQYDV Ì·qxzrjxvlné quvmvrjtk 6HW3HQ'HIDXOWV \ FDQYDV3HQ:LGWK ZKLOH\ &OLHQW+HLJKWGR EHJLQ FDQYDV0RYH7R \ Ëjéqxvkjzsqtqíqyknsq·qzotj·ntqnrvvélqtjz< FDQYDV/LQH7R &OLHQW:LGWK\ LQF \
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
HQG [ FDQYDVSHQ0RGH SP1RW ZKLOH[ &OLHQW:LGWKGR EHJLQ &DQYDV0RYH7R [ FDQYDV/LQH7R [&OLHQW+HLJKW LQF [ HQG HQG HQG <ebklbg]_ijb\_^_guljbijbf_jZbkihevah\Zgbyi_jZdZg\u>\_ \kihfh]Zl_evgu_ nmgdpbb&OHDU&DQYDV b6HW3HQ'HIDXOWV ijbf_gyxlky^eyhqbkldbkh^_j`bfh]hdZg\u ]eZ\ghcnhjfubmklZgh\dbk\hckl\ h[t_dlZ &DQYDV3HQ jZ\gufb bo klZg^Zjlguf agZq_gb yfihkdhevdmwlbk\hckl\Zfh^bnbpbjmxlkydZ`^ufbalj_oh[jZ[hlqbdh\kh[ulbc Nmgdpby&OHDU&DQYDV ²wlhhq_gvihe_agucbgkljmf_glm^Ze_gbykh^_j`bfh]hex[h ]h dhfihg_glZ bf_xs_]h k\hckl\h &DQYDV < nmgdpbb &OHDU&DQYDV bkihevam_lky dbklv gZghkysZykiehrghc[_eucp\_l^eym^Ze_gby\k_]hqlh[uehjZg__gZg_k_ghgZdZg\mF_ lh^)LOO5HFW hl\_qZ_laZhdjZrb\Zgb_ijyfhm]hevghch[eZklbaZ^Z\Z_fhci_j_^Zgghc_fm \dZq_kl\_iZjZf_ljZkljmdlmjhclbiZ75HFWkbf_g_f&OLHQW5HFW F_lh^PPL6W\OHV&OLFN ^_fhgkljbjm_ldZd\u]ey^yljZaebqgu_klbebi_jZijbjbkh\Z gbb]hjbahglZevguoebgbcgZdZg\_nhjfu kfjbk Ijhp_kkjbkh\ZgbyebgbcgZdZg\_ j_Zebam_lkykihfhsvxf_lh^h\7&DQYDV0RYH7R b7&DQYDV/LQH7R GZ ijbf_j_ f_lh^Z PPL3HQ&RORUV&OLFN ijhbeexkljbjh\Zgh jbkh\Zgb_ ebgbc i_jvyfb jZaebqguop\_lh\A^_kv^eyihemq_gbykemqZcgh]hagZq_gbyp\_lZijbk\Zb\Z_fh]hk\hckl\m 73HQ&RORU bkihevam_lky nmgdpby 5*% Ljb agZq_gby i_j_^Z\Z_fu_ nmgdpbb 5*% y\ey xlkykemqZcgufbqbkeZfb\bgl_j\Ze_hl^hJ_amevlZljZ[hluwlh]hf_lh^ZihdZaZggZ jbk GZdhg_p f_lh^ PPL3HQ0RGH&OLFN beexkljbjm_l jbkh\Zgb_ ebgbc k bkihevah\Zgb_f jZaebqguoj_`bfh\jZ[hlui_jZ<^ZgghfkemqZ_^ey\uiheg_gby hibkZgguo \ur_ ^_ckl \bcijbf_gy_lkyj_`bfSP1RW kfjbk
JbkJ_amevlZljZ[hluf_lh^ZPPL3HQ&RORUV&OLFN
=eZ\Z*',rjbnlub]jZnbdZ
tNu\\zK~QNz\vN}zK3L[HOV \xQy}K7&DQYDV K\hckl\h 7&DQYDV3L[HOV ij_^klZ\ey_l kh[hc ^\mof_jguc fZkkb\ \ dhlhjhf dZ`^uc we_f_gly\ey_lkyagZq_gb_fibdk_ey7&RORUgZih\_joghklbnhjfubebh[eZklbdeb_glZE_ \uc\_jogbcm]heih\_joghklbjbkh\Zgbynhjfuhij_^_ey_lkylZd &DQYDV3L[HOV>@ :ijZ\ucgb`gbcm]hehij_^_ey_lkylZd &DQYDV3L[HOV>FOLHQW:LGWK[email protected] <jy^ eb \Zf dh]^Zeb[h ijb^_lky h[jZsZlvky d hl^_evguf ibdk_eyf \Zr_c nhjfu DZd ijZ\beh k\hckl\h 3L[HOV g_ ijbf_gy_lky ih ijbqbg_ _]h f_^ebl_evghklb h^gZdh _]h bk ihevamxllZdb_nmgdpbb*',dZd*HW3L[HO b6HW3L[HO dhlhju_ ihijbagZgbxnbjfu 0LFURVRIW g_^hjZ[hlZgu b g_wnn_dlb\gu Kmlv \ lhf qlh \ h[_bo nmgdpbyo bkihevamxlky [blh\u_agZq_gbynhjfZlZ5*%?kebdhgl_dklmkljhckl\Zg_jZ[hlZ_lkih^h[gufij_^ klZ\e_gb_f p\_lZ lh \uiheg_gb_ wlbo nmgdpbc [m^_l khijy`_gh k fZkkh\ufb hi_jZpbyfb ij_h[jZah\Zgby^Zgguo5*%\nhjfZlibdk_eydhgl_dklZmkljhckl\Z>ey[ukljuohi_jZpbc kibdk_eyfbemqr_bkihevah\Zlvk\hckl\hfZkkb\7%LWPDS6FDQ/LQHH^gZdh^eykqblu\Zgby bebmklZgh\db\k_]hh^gh]h^\moibdk_e_cih^hc^_lbk\hckl\h3L[HOV
tNu\\zK~QyN} <wlhfjZa^_e_hibkZguk\hckl\Zh[t_dlZ7%UXVKb\dZq_kl\_ijbf_jZij_^eh`_gijh_dl \dhlhjhfihdZaZghdZdwlbk\hckl\Zfh`ghbkihevah\Zlv
tNu\\zK~QNz\vN}z\xQy}K7%UXVK ?kebi_jh h[t_dl73HQ iha\hey_ljbkh\ZlvgZdZg\_ebgbblhkihfhsvxdbklb h[t_dlZ 7%UXVK \uihegy_lkyaZdjZrb\Zgb_h[eZkl_cbnb]mjgZjbkh\ZgguogZwlhcdZg\_Ijbwlhf fh]mlbkihevah\ZlvkyjZaebqgu_p\_lZklbebbmahju hjgZf_glu H[t_dl7%UXVKh[eZ^Z_llj_fy\Z`gufbk\hckl\Zfb&RORU6W\OHb%LWPDSdhlhju_hi j_^_eyxldZddbklv[m^_laZdjZrb\Zlvih\_joghklvdZg\uK\hckl\h&RORUhij_^_ey_lp\_l dbklb 6W\OH² mahj nhgZ dbklb Z %LWPDS aZ^Z_l jZklj dhlhjuc fh`gh bkihevah\Zlv ^ey kha^Zgbyihevah\Zl_evkdbohjgZf_glh\kem`Zsbonhghfdbklb K\hckl\h6W\OHdbklbfh`_lijbgbfZlvh^ghba\hkvfb^himklbfuoagZq_gbc EV6ROLG EV&OHDU EV+RUL]RQWDO EV9HUWLFDO EV)'LDJRQDO EV%'LDJRQDO EV&URVV beb EV'LDJ&URVV Ih mfheqZgbx p\_l dbklb mklZgZ\eb\Z_lky jZ\guf dhgklZgl_ FO:KLWH klbev² dhgklZgl_ EV6ROLGZjZkljg_aZ^Z_lky<\Zr_c\eZklbbaf_gylvklZg^Zjlgu_p\_lbklbevjZ[hludbk lbijb\uiheg_gbbaZdjZrb\Zgbyh[eZkl_cjZaebqgufbmahjZfb<ke_^mxs_fijbf_j_be exkljbjm_lkybkihevah\Zgb_dZ`^h]hbak\hckl\h[t_dlZ7%UXVK
³^wQ^Nu\\zK~\xQy}K7%UXVK < ebklbg]_ ij_^klZ\e_g fh^mev ijh_dlZ dhlhjuc beexkljbjm_l bkihevah\Zgb_ jZk kfhlj_gguo\ur_k\hckl\h[t_dlZ7%UXVK
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
ªÇÐÑÇÌ®ÏÇËÄÏÏ¿ÀÍÑÚÐÍÀÙÄÉÑÍË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` SURFHGXUH70DLQ)RUP&OHDU&DQYDV YDU 5 75HFW EHJLQ Ì·qxzrjxvlné quvmvrjtk ZLWK&DQYDVGR EHJLQ %UXVK6W\OH EV6ROLG %UXVK&RORU FO:KLWH *HW:LQGRZ5HFW +DQGOH5 57RS/HIW 6FUHHQ7R&OLHQW 57RS/HIW 5%RWWRP5LJKW 6FUHHQ7R&OLHQW 5%RWWRP5LJKW )LOO5HFW 5 HQG HQG SURFHGXUH70DLQ)RUPPPL3DWWHUQV&OLFN 6HQGHU 72EMHFW
=eZ\Z*',rjbnlub]jZnbdZ
EHJLQ &OHDU&DQYDV ZLWK&DQYDVGR EHJLQ Ækvltjokjtqpéjosq·t}xzqsnprqxzq 7H[W2XW EV6ROLG 7H[W2XW EV&OHDU 7H[W2XW EV&URVV 7H[W2XW EV%'LDJRQDO 7H[W2XW EV)'LDJRQDO 7H[W2XW EV'LDJ&URVV 7H[W2XW EV+RUL]RQWDO 7H[W2XW EV9HUWLFDO èqxvkjtqnwé¹uvymvstqrjxqxwvsovkjtqnuéjosq·t}xzqsnprqxzq %UXVK6W\OH EV&OHDU 5HFWDQJOH %UXVK&RORU FO%ODFN %UXVK6W\OH EV6ROLG 5HFWDQJOH ^bnuvtxzéj|q¹wévoéj·tvprqxzqéqxvkjtqnuvréj¡nttvmvwé¹uvymvstqrj wvkné}rvzvévmviylnztjéqxvkjtléymvpwé¹uvymvstqr` %UXVK6W\OH EV6ROLG %UXVK&RORU FO5HG 5HFWDQJOH %UXVK6W\OH EV&URVV %UXVK&RORU FO%ODFN 5HFWDQJOH %UXVK6W\OH EV%'LDJRQDO 5HFWDQJOH %UXVK6W\OH EV)'LDJRQDO 5HFWDQJOH %UXVK6W\OH EV'LDJ&URVV 5HFWDQJOH %UXVK6W\OH EV+RUL]RQWDO 5HFWDQJOH %UXVK6W\OH EV9HUWLFDO 5HFWDQJOH HQG HQG
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
SURFHGXUH70DLQ)RUPPPL%LWPDS3DWWHUQ&OLFN 6HQGHU 72EMHFW EHJLQ &OHDU&DQYDV djméyorjéjxzéjxlqxrj )%LW0DS/RDG)URP)LOH SDWWHUQEPS &DQYDV%UXVK%LWPDS )%LWPDS WU\ ^èqxvkjtqnwé¹uvymvstqrjv}kjzkjínmvkxívisjxzrsqntzj xqxwvsovkjtqnuéjxzévkvmvyovéjrqxzq` &DQYDV5HFWDQJOH &OLHQW:LGWK&OLHQW+HLJKW ILQDOO\ &DQYDV%UXVK%LWPDS QLO HQG HQG SURFHGXUH70DLQ)RUPPPL%LWPDS3DWWHUQ&OLFN 6HQGHU 72EMHFW EHJLQ &OHDU&DQYDV djméyorjéjxzéjxlqxrj )%LW0DS/RDG)URP)LOH SDWWHUQEPS &DQYDV%UXVK%LWPDS )%LWPDS WU\ ^èqxvkjtqnwé¹uvymvstqrjv}kjzkjínmvkxívisjxzrsqntzj xqxwvsovkjtqnuéjxzévkvmvyovéjrqxzq` &DQYDV5HFWDQJOH &OLHQW:LGWK&OLHQW+HLJKW ILQDOO\ &DQYDV%UXVK%LWPDS QLO HQG HQG SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW EHJLQ )%LWPDS 7%LWPDS&UHDWH HQG SURFHGXUH70DLQ)RUP)RUP'HVWUR\ 6HQGHU 72EMHFW EHJLQ )%LWPDS)UHH HQG HQG £ÌÊÉÆ×ÂÎÀÇÖÄ¿ÀÌ×ÇÀÍÉ¿&OHDU&DQYDVÚ½ÆÚÀÍÌÚοɼÈÉÄÊÉ¿ÊËɾ˻ÇÇÉÄ¿ÆÚ˻ ÆÃÒÈÖÐÌÆÎÁÀ¼ÈÖÐÇÉ¿ÎÆÀħÉÁÈÉÉÊËÀ¿ÀÆÃÍ×ØÍÉÍÇÀÍÉ¿Í»ÅÃÇɼ˻ÂÉÇÒÍɼÖÀÇÎ ÊÀËÀ¿»½»ÆÃÌ×ʻ˻ÇÀÍËÖ7&DQYDVÃ75HFWÎÅ»ÂÖ½»ÙÔÃÀɼÕÀÅÍÅÅÉÍÉËÉÇÎÊËÃÇÀ ÈÚÀÍÌÚÊËÉÑÀ¿ÎË»ÉÒÃÌÍÅà SURFHGXUH&OHDU&DQYDV $&DQYDV 7&DQYDV $5HFW 75HFW YDU Ì·qxzrjxvlné quvmvrjtk ZLWK$&DQYDVGR EHJLQ
=eZ\Z*',rjbnlub]jZnbdZ
%UXVK6W\OH EV6ROLG %UXVK&RORU FO:KLWH )LOO5HFW $5HFW HQG HQG K ihfhsvx f_lh^Z PPL3DWWHUQV&OLFN beexkljbjm_lky jbkh\Zgb_ k ijbf_g_gb_f d h[t_dlm7%UXVKjZaebqguomahjh\KgZqZeZ\u\h^ylkygZa\Zgbyklbe_cZaZl_fgZdZg\_nhj fujbkmxlkyijyfhm]hevgbdbaZdjZr_ggu_\k_fb\hafh`gufbmahjZfbGZjbkihdZaZg j_amevlZljZ[hluwlh]hf_lh^Z
JbkMahjudhlhju_fh`_lih^^_j`b\Zlvdbklv
GZ ijbf_j_ f_lh^h\ PPL%LWPDS3DWWHUQ&OLFN b PPL%LWPDS3DWWHUQ&OLFN ihdZaZgh dZdbkihevah\Zlv\dZq_kl\_bgkljmf_glZdbklbjZkljh\ucmahjK\hckl\h7&DQYDV%UXVKkh ^_j`bl\k\hxhq_j_^vk\hckl\h7%LWPDSdhlhjhfmfh`ghgZagZqblvjZkljh\ucmahjWlhl mahj [m^_l bkihevah\Zg ^ey aZiheg_gby aZdjZrb\Z_fhc dbklvx h[eZklb \f_klh h[uqgh]h mahjZaZ^Z\Z_fh]hk\hckl\hf7%UXVK6W\OHH^gZdhijbbkihevah\Zgbbwlh]hkihkh[ZaZeb\ db gm`gh ke_^h\Zlv g_kdhevdbf ijZ\beZf
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
Jbk J_amevlZl PPL%LWPDS3DWWHUQ&OLFN
jZ[hlu
f_lh^Z
«»ÌÍËɽÖÄ ÎÂÉË ÃÌÊÉÆ×ÂÎÀÇÖÄ ¿ÆÚ Â»ÆýÅà ÈÀÅÉÍÉËÉÄ É¼Æ»ÌÍÃ Å»È½Ö ÇÉÁÀÍ ¼ÖÍ× ÊËÃÇÀÈÀÈÈÀÍÉÆ×ÅÉÅŻȽÀÌ»ÇÉÄÏÉËÇÖÈÉÍ»ÅÁÀÃÅÆÙ¼ÉÇÎÅÉÇÊÉÈÀÈÍÎÅÉÍÉËÖÄ ÌÉ¿ÀËÁÃÍ̽ÉÄÌͽÉ&DQYDVÉÌÍ»ÍÉÒÈÉÊÉÆÎÒÃÍ׿ÉÌÍÎÊÅÇÀÍÉ¿»ÇÃÃÆÃ̽ÉÄÌͽ»Ç ÈÎÁÈɾÉÅÉÇÊÉÈÀÈÍ»»ÈÀÏÉËÇÖ¨»ÊËÃÇÀË¿ÆÚÎÂÉËÈÉÄ»ÆýÅÃÅÉÇÊÉÈÀÈÍ»,PDJH ½ÉÌÊÉÆ×ÂÎÄÍÀÌ×ÌÆÀ¿ÎÙÔÃÇÅÉ¿ÉÇ ,PDJH&DQYDV%UXVK%LWPDS 6RPH%LWPDS WU\ ,PDJH&DQYDV5HFWDQJOH ,PDJH:LGWK,PDJH+HLJKW ILQDOO\ ,PDJH&DQYDV%UXVK%LWPDS QLO HQG
Jbk J_amevlZl PPL%LWPDS3DWWHUQ&OLFN
=eZ\Z*',rjbnlub]jZnbdZ
jZ[hlu
f_lh^Z
tNu\\zK~Q
^}\z K ihfhsvx k\hckl\Z &DQYDV)RQW fh`gh \u\h^blv gZ dZg\m l_dkl bkihevamy ex[hc ba ^hklmiguo\bgl_jn_ck_kbkl_fu:LQrjbnlh\Ijbwlhfkms_kl\m_l\hafh`ghklvbaf_ gylv\g_rgbc\b^ihf_sZ_fh]hgZdZg\ml_dklZiml_ffh^bnbdZpbblZdh]hk\hckl\Zrjbn lZdZd&RORU1DPH6L]H+HLJKWbeb6W\OH K\hckl\m)RQW&RORUfh`ghijbk\hblvex[hchij_^_e_gguc\'HOSKLp\_lGZijbf_jk ihfhsvxke_^mxs_ckljhdbfh`ghihemqblvrjbnldjZkgh]hp\_lZ &DQYDV)RQW&RORU FO5HG K\hckl\h1DPHij_^gZagZq_gh^eymdZaZgbybf_gb rjbnlZ :LQGRZV LZd bkihevamy ke_ ^mxsmxkljhdm\dZq_kl\_rjbnlZdZg\ufh`ghmklZgh\blvex[hclj_[m_fucrjbnl &DQYDV)RQW1DPH 7LPHV1HZ5RPDQ K\hckl\h&DQYDV)RQW6L]HaZ^Z_ljZaf_jrjbnlZ\imgdlZo K\hckl\h&DQYDV)RQW6W\OHij_^klZ\ey_lkh[hcfgh`_kl\hdhlhjh_fh`_lkhklhylvba h^gh]hbebbaijhba\hevghcdhf[bgZpbbklbe_cijb\_^_gguo\lZ[e
±¿ÀÊÇÕ¿°ÑÇÊÇ×ÏÇÓÑÍÁ ¦Ì¿ÖÄÌÇÄ
°ÑÇÊÛ
IV%ROG
ªÉÆÎÁÃËÈÖÄ
IV,WDOLF
¥ÎËÌý
IV8QGHUOLQH
ªÉ¿ÒÀËÅý»ÈÃÀ
IV6WULNH2XW
ªÀËÀÒÀËÅÈÎÍÖÄÍÀÅÌÍ
>eyh[t_^bg_gby^\moklbe_cbkihevamcl_ke_^mxsbckbglZdkbk &DQYDV)RQW6W\OH >IV%ROGIV,[email protected] >ey \u[hjZ hij_^_e_ggh]h rjbnlZ \ kbkl_f_ :LQ b ijbk\h_gby _]h k\hckl\m 70HPR)RQWfh`ghbkihevah\Zlvh[t_dl7)RQW'LDORJ LI)RQW'LDORJ([HFXWHWKHQ 0HPR)RQW$VVLJQ )RQW'LDORJ)RQW Lhl`_j_amevlZl[m^_l^hklb]gml_kebijbk\hblvrjbnl\u[jZgguckihfhsvxh[t_dlZ 7)RQW'LDORJk\hckl\mh[t_dlZ&DQYDVhl\_qZxs_fmaZrjbnl &DQYDV)RQW$VVLJQ )RQW'LDORJ)RQW Djhf_lh]hrjbnlmh[t_dlZ&DQYDVfh`ghijbk\hblvhl^_evgu_Zljb[mluijbgZ^e_`Z sb_rjbnlm\u[jZgghfmkihfhsvxh[t_dlZ7)RQW'LDORJ &DQYDV)RQW1DPH )RQW'LDORJ)RQW1DPH &DQYDV)RQW6L]H )RQW'LDORJ)RQW6L]H
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
¨À »¼Ö½»ÄÍÀ ÊËà ÅÉÊÃËɽ»ÈÃà ØÅÂÀÇÊÆÚËɽ ÊÀËÀÇÀÈÈÖÐ ÍÃÊ» 7%LWPDS 7%UXVK 7,FRQ 70HWD)LOH 73HQ ÃÆà 73LFWXUH ÃÌÊÉÆ×Âɽ»Í× ÇÀÍÉ¿ $VVLJQ «»ÌÌÇÉÍËÃÇ ÌÆÀ¿ÎÙÔÎÙÃÈÌÍËÎÅÑÃÙ 0\%UXVK 0\%UXVK °ÉÍÚ ÉÈ» à ½Ö¾ÆÚ¿ÃÍ ÅÉËËÀÅÍÈÉÄ ÈÉ ½ÖÊÉÆÈÚÀÍ ÊËÚÇÉÀ ÅÉÊÃËɽ»ÈÃÀ ÎŻ»ÍÀÆÚ ½ ËÀ ÂÎÆ×Í»ÍÀÒÀ¾Éɼ»ØÅÂÀÇÊÆÚË»¼Î¿ÎÍÎÅ»ÂÖ½»Í×ȻɿÃÈÃÍÉÍÁÀɼÕÀÅÍÅÃÌÍûØÍÉÇÉ ÁÀÍÊËýÀÌÍÃÅÎÍÀÒÅÀÊ»ÇÚÍêËÃÃÌÊÉÆ×Âɽ»ÈÃÃÁÀÇÀÍÉ¿»$VVLJQ ¾»Ë»ÈÍÃËÎÀÍÌÚ ÒÍÉÊËÀ¿Ö¿ÎÔÃÀËÀÌÎËÌּοÎÍÉ̽ɼÉÁ¿ÀÈÖ ®ÊÉÇÚÈÎͻڽÖÓÀÉÊ»ÌÈÉÌÍ×ÈÀ½ÉÂÈÃÅ»ÀÍÊËýÖÊÉÆÈÀÈÃÃÊËÃ̽ÉÀÈÃÚ̽ÉÄÌͽ7IRQW )RUP)RQW )RUP)RQW ¸Í» ÃÈÌÍËÎÅÑÃÚ ½ÊÉÆÈÀ ¿ÉÊÎÌÍÃÇ» ÊÉÌÅÉÆ×ÅΠ̽ÉÄÌÍ½É 7)RUP)RQW Ú½ÆÚÀÍÌÚ Ì½ÉÄÌÍ ½ÉÇÇÀÍɿ»ÊÃÌÃÅÉÍÉËɾÉÈÀÚ½ÈɽÖÂÖ½»ÀÍÏÎÈÅÑÃÙ$VVLJQ ¿ÆÚÅÉÊÃËɽ»ÈÃÚ¿»È ÈÖÐÃÂÌÉÉͽÀÍÌͽÎÙÔÀ¾ÉɼÕÀÅÍ»ÓËÃÏÍ»¨É¼Î¿×ÍÀÉÌÍÉËÉÁÈÖ Í»ÅÎÙÃÈÌÍËÎÅÑÃÙ¿É ÊÎÌÍÃÇÉÊËÃÇÀÈÚÍ×ÊËÃÈ»ÂÈ»ÒÀÈÃÃÐÁÍÈÐÑÁ7)RQW»ÈÀÎÄÏÄËÄÌÌÚÔÍÃÊ»7)RQW²ÍÉ¼Ö ÈÀ¿ÉÊÎÌÍÃÍ×ÉÓüÅÎÆÎÒÓÀ½ÌÀ¾¿»Ú½ÈÉÃÌÊÉÆ×Âɽ»Í×ÇÀÍÉ¿$VVLJQ GZ wlhf fu ihdZ aZ\_jrbf jZkkfhlj_gb_ \hafh`ghkl_c dZg\u dZkZxsboky jZ[hlu kh rjbnlZfb>hihegbl_evgmxbgnhjfZpbxhrjbnlZo\ugZc^_l_\dhgp_]eZ\u
tNu\\zK~QNz\vN}zK&RS\0RGH K\hckl\h 7&DQYDV&RS\0RGH hij_^_ey_l dZd bah[jZ`_gb_ dhibjm_lky k h^ghc dZg\u gZ ^jm ]mxGZijbf_j_kebk\hckl\h&RS\0RGHbf__lagZq_gb_FP6UF&RS\wlhagZqblqlhbkoh^gh_bah [jZ`_gb_[m^_liheghklvxkdhibjh\ZghgZh[eZklvgZagZq_gbyAgZq_gb_aZ^Z\Z_fh_dhgklZglhc &P6UF,QYHUW lj_[m_l khq_lZlv ibdk_eb bah[jZ`_gbc bklhqgbdZ b ijb_fgbdZ k mq_lhf ^_ckl\by ihjZajy^gh]hhi_jZlhjZ;25 bkdexqZxs__BEB K\hckl\h&RS\0RGHbkihevam_lky^eyihemq_gby jZaebqguownn_dlh\ijbdhibjh\Zgbbh^gh]hjZkljZgZ^jm]hcH[uqghaZf_gZklZg^Zjlgh]hagZ q_gby k\hckl\Z &RS\0RGH jZ\gh]h dhgklZgl_ FP6UF&RS\ dZdbfgb[m^v ^jm]bf agZq_gb_f hdZau\Z_lky ihe_aghc ijb gZibkZgbb ZgbfZ pbhgguo ijbeh`_gbc H lhf dZd kha^Z_lky ZgbfZpbyj_qvihc^_lgb`_\wlhc]eZ\_ Qlh[uihgylvdZdbkihevam_lkyk\hckl \h&RS\0RGH\a]eygbl_gZjbk
Jbk NhjfZ kh^_j`ZsZy ^\Z bah[jZ`_gby y\ey_lky ohjhr_c beexkljZpb_c bkihevah\Zgby k\hckl\Z&RS\0RGH
GZjbkihdZaZgZnhjfZk^\mfy]jZnbq_kdbfbbah[jZ`_gbyfbgZdhlhjuogZjbkh\Zgu weebiku Ijb \u[hj_ ba kibkdZ ij_^klZ\e_ggh]h h[t_dlhf 7&RPER%R[ jZaebqguo agZq_gbc k\hckl\Z&RS\0RGHfh`ghihemqZlvjZaebqgu_j_amevlZludhibjh\Zgbyh^gh]hbah[jZ`_gbyih \_jo^jm]h]h dhibjh\Zgb_ijhbkoh^blihs_eqdmgZdghid_&RS\ GZjbkb ihdZaZgh dZdb_wnn_dluihemqZxlkyijbdhibjh\Zgbbh[t_dlZLPJ)URP,PDJH\h[t_dlLPJ7R,PDJHkbk ihevah\Zgb_fdhgklZglj_`bfZdhibjh\ZgbyFP6UF$QGbFP6UF,QYHUW
=eZ\Z*',rjbnlub]jZnbdZ
Jbk Hi_jZpby dhibjh\Zgby k bkihevah\Zgb_f agZq_gbyFP6UF$QG
Jbk Hi_jZpby dhibjh\Zgby k bkihevah\Zgb_f agZq_gbyFP6UF,QYHUW
< ebklbg]_ ij_^klZ\e_g bkoh^guc l_dkl ijh_dlZ beexkljbjmxs_]h mklZgh\db jZa ebqguoj_`bfh\dhibjh\Zgby
ªÇÐÑÇÌ®ÏÍÄÉÑÇÊÊÝÐÑÏÇÏÒÝØÇÈÇÐÎÍÊÛÆÍÁ¿ÌÇÄÐÁÍÈÐÑÁ¿&RS\0RGH XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQGRZV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV)RUPV 'LDORJV6WG&WUOV([W&WUOV W\SH 70DLQ)RUP FODVV 7)RUP LPJ&RS\7R 7,PDJH LPJ&RS\)URP 7,PDJH FE&RS\0RGH 7&RPER%R[ EWQ'UDZ,PDJHV 7%XWWRQ EWQ&RS\ 7%XWWRQ SURFHGXUH)RUP6KRZ 6HQGHU 72EMHFW SURFHGXUHEWQ&RS\&OLFN 6HQGHU 72EMHFW SURFHGXUHEWQ'UDZ,PDJHV&OLFN 6HQGHU 72EMHFW SULYDWH SURFHGXUH'UDZ,PDJHV SURFHGXUH*HW&DQYDV5HFW $,PDJH 7,PDJH YDU$5HFW 75HFW HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH70DLQ)RUP*HW&DQYDV5HFW $,PDJH 7,PDJH YDU$5HFW 75HFW
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
YDU 5 75HFW 5 75HFW EHJLQ 5 $,PDJH&DQYDV&OLS5HFW ZLWK$,PDJHGREHJLQ $5HFW7RS/HIW 3RLQW $5HFW%RWWRP5LJKW 3RLQW :LGWK+HLJKW HQG 5 $5HFW $5HFW 5 HQG SURFHGXUH70DLQ)RUP'UDZ,PDJHV YDU 5 75HFW EHJLQ èqxvkjtqnëssqwxjktyzéqwnékvmvwé¹uvymvstqrj ZLWKLPJ&RS\7R&DQYDVGR EHJLQ %UXVK6W\OH EV6ROLG %UXVK&RORU FO:KLWH *HW&DQYDV5HFW LPJ&RS\7R5 )LOO5HFW 5 %UXVK&RORU FO5HG (OOLSVH HQG èqxvkjtqnëssqwxjktyzéqkzvévmvwé¹uvymvstqrj ZLWKLPJ&RS\)URP&DQYDVGR EHJLQ %UXVK6W\OH EV6ROLG %UXVK&RORU FO:KLWH *HW&DQYDV5HFW LPJ&RS\)URP5 )LOO5HFW 5 %UXVK&RORU FO%OXH (OOLSVH HQG HQG SURFHGXUH70DLQ)RUP)RUP6KRZ 6HQGHU 72EMHFW EHJLQ Êtq|qjsqoj|q¹rvuiqtqévkjttvmvxwqxrjxkivévuwnékvmvësnuntzj FE&RS\0RGH,WHP,QGH[ 'UDZ,PDJHV HQG SURFHGXUH70DLQ)RUPEWQ&RS\&OLFN 6HQGHU 72EMHFW YDU FP /RQJLQW
=eZ\Z*',rjbnlub]jZnbdZ
&RS\7R5HFW &RS\)URP5HFW 75HFW EHJLQ Ìwénlnsntqnén qujrvwqévkjtq¹tjvxtvknkivéjësnuntzjkxwqxrn FDVHFE&RS\0RGH,WHP,QGH[RI FP FP%ODFN1HVV FP FP'VW,QYHUW FP FP0HUJH&RS\ FP FP0HUJH3DLQW FP FP1RW6UF&RS\ FP FP1RW6UF(UDVH FP FP3DW&RS\ FP FP3DW,QYHUW FP FP3DW3DLQW FP FP6UF$QG FP FP6UF&RS\ FP FP6UF(UDVH FP FP6UF,QYHUW FP FP6UF3DLQW FP FP:KLWHQHVV HOVH FP FP6UF&RS\ HQG Íéqxkvntqnkiéjttvmvén qujrvwqévkjtq¹xkky&RS\0RGHmvqoviéj ntq¹ LPJ&RS\7R&DQYDV&RS\0RGH FP *HW&DQYDV5HFW LPJ&RS\7R&RS\7R5HFW *HW&DQYDV5HFW LPJ&RS\)URP&RS\)URP5HFW Çvwqévkjtqnkzvévmvqoviéj ntq¹kwnékvnxqxwvsovkjtqnu otj·ntq¹&RS\0RGHls¹wnékvmv LPJ&RS\7R&DQYDV&RS\5HFW &RS\7R5HFWLPJ&RS\)URP&DQYDV&RS\)URP5HFW HQG SURFHGXUH70DLQ)RUPEWQ'UDZ,PDJHV&OLFN 6HQGHU 72EMHFW EHJLQ 'UDZ,PDJHV HQG HQG Wlhlijh_dlkgZqZeZjbkm_lweebikgZ^\modhfihg_glZo7,PDJH LPJ)URP,PDJHbLPJ7R,PDJH Zihs_eqdmgZdghid_&RS\h[t_dlLPJ)URP,PDJHdhibjm_lky\h[t_dlLPJ7R,PDJHkbkihevah\Z gb_f^eyk\hckl\Z&RS\0RGHagZq_gbyihemq_ggh]hbadhfihg_glZFE&RS\0RGH
q^{QNz\vN}zK H[t_dl 7&DQYDV h[eZ^Z_l b ^jm]bfb k\hckl\Zfb dhlhju_ [m^ml ih^jh[gh jZkkfhlj_gu gb`_² ih f_j_ bo bkihevah\Zgby \ ijbf_jZo ijh]jZff < wlhf jZa^_e_ fu h]jZgbqbfky lhevdhbodjZldbfhibkZgb_f
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
K\hckl\h 7&DQYDV&OLS5HFW ij_^klZ\ey_l h[eZklv dZg\u \ dhlhjhc fh`_l [ulv \uihe g_gh jbkh\Zgb_ Wlh k\hckl\h bkihevam_lky ^ey \u^_e_gby hij_^_e_gghc h[eZklb ^Zgghc dZg\uaZij_^_eZfbdhlhjhcjbkh\Zgb_g_\hafh`gh ªÉ ÎÇÉÆÒ»ÈÃ٠̽ÉÄÌÍ½É &OLS5HFW ÊËÀ¿ÌÍ»½ÆÚÀÍ ½Ì٠ɼƻÌÍ× Å»È½Ö ÒÍÉ ÇÉÁÀÍ È» ½ÀÌÍà ½»Ì È» ÇÖÌÆ× É¼ ÃÌÊÉÆ×Âɽ»ÈÃà ØÍÉ¾É Ì½ÉÄÌͽ» ¿ÆÚ ÊÉÆÎÒÀÈÃÚ ¾Ë»ÈÃÑ Å»È½Ö ¨É½ÉÍÍÎÍÍÉÃÇÉÁÈÉÊÉÊ»ÌÍ×½ÊËÉ̻Š̽ÉÄÌͽÉ&OLS5HFWÈÀ½ÌÀ¾¿»ÊËÀ¿ÌÍ»½ÆÚÀÍ É¼ÔÃÄË»ÂÇÀË̽ÉÀ¾ÉÅÉÇÊÉÈÀÈÍ»ÃÀ¾ÉÂÈ»ÒÀÈÃÀÇÉÁÀͼÖÍ×ÇÀÈ×ÓÀɼƻÌÍÃÉÍÉ ¼Ë»ÁÀÈÃÚɼÕÀÅÍ»&DQYDV K\hckl\h7&DQYDV+DQGOHij_^hklZ\ey_l^hklmidj_Zevghfmdhgl_dklmmkljhckl\Zdhlh jucbgdZikmebjm_lkywda_fieyjhfdeZkkZ7&DQYDVDhgl_dklumkljhckl\[m^mljZkkfhlj_gu gb`_\wlhc]eZ\_ K\hckl\h 7&DQYDV3HQ3RV ijhklh ojZgbl agZq_gby dhhj^bgZl [ \ ihabpbb i_jZ dZg\u Baf_gblv ihabpbx i_jZ fh`gh k ihfhsvx lZdbo f_lh^h\ deZkkZ 7&DQYDV dZd 0RYH7R /LQH7R 3RO\/LQH 7H[W2XW b^j
tNu\\zK~QwQ}\|\zyKNNK7&DQYDV DeZkk7&DQYDVbgdZikmebjm_lfgh]b_nmgdpbbjbkh\Zgbybgl_jn_ckZ*',Bkihevamyf_ lh^u deZkkZ 7&DQYDV fh`gh jbkh\Zlv ebgbb b nb]mju ibkZlv l_dkl dhibjh\Zlv p_eu_ h[ eZklbba h^ghc dZg\u \ ^jm]mx b ^Z`_ jZkly]b\Zlv g_dhlhjmx h[eZklv dZg\u qlh[u aZihe gblv__kh^_j`bfuf[hevrmxh[eZklv
8N\zK~Q~vNu\w\wQ}\|\z yKNNK7&DQYDV F_lh^7&DQYDV0RYH7R baf_gy_lihabpbxjbkh\Zgbyh[t_dlZ&DQYDV3HQgZih\_jogh klbdZg\uIjb\uiheg_gbbke_^mxs_ckljhdb ihabpby jbkh\Zgby i_j_f_sZ_lky \ \_jogbc e_\ucm]hedZg\u &DQYDV0RYH7R F_lh^ 7&DQYDV/LQH7R ij_^gZagZq_g ^ey ijh\_^_gby ijyfhc ebgbb ba l_dms_c ihab pbbgZih\_joghklbdZg\u\ihabpbxaZ^ZggmxiZjZf_ljZfbnmgdpbb/LQH7R Kh\f_klgh_ bkihevah\Zgb_ nmgdpbc 0RYH7R b /LQH7R iha\hey_l jbkh\Zlv ijyfu_ ebgbb \ ex[hf f_kl_dZg\uKihfhsvxke_^mxsbokljhdfh`ghijh\_klbijyfmxebgbxba\_jog_ce_\hc ihabpbbdeb_glkdhch[eZklbnhjfu\__gb`gbcijZ\ucm]he &DQYDV0RYH7R &DQYDV/LQH7R &OLHQW:LGWK&OLHQW+HLJKW Bkihevah\Zgb_f_lh^h\0RYH7R b/LQH7R [uehijh^_fhgkljbjh\ZghjZg__²\jZa^_ e_ihk\ys_gghfk\hckl\m7&DQYDV3HQ 'HOSKL½È»ÌÍÉÚÔÀÀ½ËÀÇÚÌÊÉÌɼÀÈÊÉ¿¿ÀËÁý»Í×ÍÀÅÌÍ Ã Ë»ÌÊÉÆÉÁÀÈÃÀ ØÆÀÇÀÈÍɽ ÎÊË»½ÆÀÈÃÚÌÉËÃÀÈÍ»ÑÃÀÄÌÊË»½»È»ÆÀ½É ÈÀÅÉÍÉËÖÀØÆÀÇÀÈÍÖÎÊË»½ÆÀÈÃÚÃÂÇÀÈÚÙÍ ÌÃÌÍÀÇÎÅÉÉË¿ÃÈ»ÍŻȽÖÊÀËÀ½ÉË»Òý»ÚÉÌ×;ªÉØÍÉÇÎÊËûÊÎÌÅÀ'HOSKL½¼ÆÃÁ ÈÀ½ÉÌÍÉÒÈÉÄ 0LGGOH (DVWHUQ ½ÀËÌÃà :LQGRZV ÊËýÀ¿ÀÈÈÖÄ ½ÖÂɽ 0RYH7R ÇÉÁÀÍ ÊÀËÀÈÀÌÍÃÊÉÂÃÑÃÙËÃÌɽ»ÈÃÚÊÀËÉǽ½ÀËÐÈÃÄÊË»½ÖÄξÉÆÉÅÈ»
=eZ\Z*',rjbnlub]jZnbdZ
8N\zK~Q{^Nu\w\ wQ}\|\zyKNNK7&DQYDV < deZkk_ 7&DQYDV ij_^mkfhlj_gu jZaebqgu_ f_lh^u \hkijhba\_^_gby nb]mj gZ dZg\_ $UF &KRUG (OOLSVH 3LH 3RO\JRQ 3RO\/LQH 5HFWDQJOH b5RXQG5HFW Qlh [ugZjbkh\Zlvweebikbkihevamcl_f_lh^(OOLSVH dZdihdZaZgh\ke_^mxs_ckljhd_ &DQYDV(OOLSVH &OLHQW:LGWK&OLHQW+HLJKW Fh`ghlZd`_\uihegblvaZeb\dmex[hch[eZklbdZg\ukihfhsvxmahjZdbklbaZ^Zggh ]h\k\hckl\_&DQYDV%UXVK6W\OHIjb\uiheg_gbbke_^mxs_]hnjZ]f_glZ[m^_lgZjbkh\Zg weebikaZdjZr_gguc\khhl\_lkl\bbkhagZq_gb_fk\hckl\Z&DQYDV%UXVK6W\OH &DQYDV%UXVK6W\OH EV&URVV &DQYDV(OOLSVH &OLHQW:LGWK&OLHQW+HLJKW
³^wQ^u^\{^Kww^N\zK~{^ < ebklbg]_ kh^_j`blky l_dkl ijbeh`_gby beexkljbjmxs_]h bkihevah\Zgb_ jZaebq guof_lh^h\deZkkZ7&DQYDVij_^gZagZq_gguo^eyjbkh\Zgbynb]mjgZdZg\_Ihegucl_dkl wlh]h ijh_dlZ kh^_j`blky gZ dhfiZdl^bkd_ ijbeZ]Z_fhf dh \lhjhfm lhfm kf lZd`_ ZZZZLOOLDPVSXEOLVKLQJFRP
ªÇÐÑÇ̧ÊÊÝÐÑÏ¿ÕÇÞÏÇÐÍÁ¿ÌÇÞÓÇÂÒÏ XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQGRZV0HVVDJHV&ODVVHV*UDSKLFV &RQWUROV)RUPV'LDORJV0HQXV
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
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` SURFHGXUH70DLQ)RUP&OHDU&DQYDV EHJLQ Ì·qxzrjxvlné quvmvrjtk ZLWK&DQYDVGR EHJLQ %UXVK6W\OH EV6ROLG %UXVK&RORU FO:KLWH
=eZ\Z*',rjbnlub]jZnbdZ
)LOO5HFW &OLHQW5HFW HQG HQG SURFHGXUH70DLQ)RUP6HW)LOO3DWWHUQ EHJLQ ^Ìwénlnsntqnzvmvty tvsqéqxvkjz{qmyéyxqxwvsovkjtqnuéjxzévkvmv yovéjcxsqljzvty tvojméyoqz{jpséjxzéjÆwévzqktvuxsy·jn xsnlynzqxwvsovkjzxzjtljéztpyovérqxzq` LIPPL8VH%LWPDS3DWWHUQ&KHFNHGWKHQ &DQYDV%UXVK%LWPDS )%LWPDS HOVH ZLWK&DQYDV%UXVKGR EHJLQ %LWPDS QLO &RORU FO%OXH 6W\OH EV&URVV HQG HQG SURFHGXUH70DLQ)RUPPPL)LOO&OLFN 6HQGHU 72EMHFW EHJLQ PPL)LOO&KHFNHG QRWPPL)LOO&KHFNHG ^cxsqwéqotjrPPL8VH%LWPDS3DWWHUQisyxzjtvksntëzyyxzjtvkryty tv vzuntqzqyxzjtvkqzxkvpxzkvqxwvsovkjtq¹éjxzéjrqxzqéjktuQLO` LIPPL8VH%LWPDS3DWWHUQ&KHFNHGWKHQ EHJLQ PPL8VH%LWPDS3DWWHUQ&KHFNHG QRWPPL8VH%LWPDS3DWWHUQ&KHFNHG &DQYDV%UXVK%LWPDS QLO HQG HQG SURFHGXUH70DLQ)RUPPPL8VH%LWPDS3DWWHUQ&OLFN 6HQGHU 72EMHFW EHJLQ ^ÏxzjtvkrjwéqotjrvkPPL)LOO&KHFNHGqPPL8VH%LWPDS3DWWHUQ&KHFNHG rvzvéj¹wéqknlnzrkovkywév|nlyé6HW)LOO3DWWHUQÌltjrvnxsq wéqotjrPPL8VH%LWPDS3DWWHUQxzjtnzéjktu7UXHxkvpxzky &DQYDV%UXVK%LWPDSwéqxkjqkjnzx¹otj·ntqnQLO` PPL8VH%LWPDS3DWWHUQ&KHFNHG QRWPPL8VH%LWPDS3DWWHUQ&KHFNHG PPL)LOO&KHFNHG PPL8VH%LWPDS3DWWHUQ&KHFNHG LIQRWPPL8VH%LWPDS3DWWHUQ&KHFNHGWKHQ &DQYDV%UXVK%LWPDS QLO HQG SURFHGXUH70DLQ)RUPPPL$UF&OLFN 6HQGHU 72EMHFW EHJLQ &OHDU&DQYDV ZLWK&OLHQW5HFWGR &DQYDV$UF /HIW7RS5LJKW%RWWRP5LJKW7RS/HIW7RS
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
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
=eZ\Z*',rjbnlub]jZnbdZ
&DQYDV5HFWDQJOH HQG SURFHGXUH70DLQ)RUPPPL5RXQG5HFW&OLFN 6HQGHU 72EMHFW EHJLQ &OHDU&DQYDV LIPPL)LOO&KHFNHGWKHQ 6HW)LOO3DWWHUQ &DQYDV5RXQG5HFW HQG SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW EHJLQ )%LWPDS 7%LWPDS&UHDWH )%LW0DS/RDG)URP)LOH 3DWWHUQEPS &DQYDV%UXVK%LWPDS QLO HQG SURFHGXUH70DLQ)RUP)RUP'HVWUR\ 6HQGHU 72EMHFW EHJLQ )%LWPDS)UHH HQG SURFHGXUH70DLQ)RUPPPL3RO\%H]LHU&OLFN 6HQGHU 72EMHFW EHJLQ &OHDU&DQYDV &DQYDV3RO\%H]LHU >3RLQW 3RLQW 3RLQW 3RLQW @ HQG HQG Nmgdpbbjbkh\Zgbynb]mj\uihegyxlkyh[jZ[hlqbdZfbkh[ulbc]eZ\gh]hf_gx>\Zhl djuluof_lh^Z&OHDU&DQYDV b6HW)LOO3DWWHUQ kem`Zl^eywlboh[jZ[hlqbdh\kh[ulbc \kihfh]Zl_evgufbnmgdpbyfbIjb\u[hj_h^gh]hbai_j\uo\hkvfbwe_f_glh\f_gx\uau \Z_lkykhhl\_lkl\mxsZynmgdpbyjbkh\Zgbynb]mjugZdZg\_nhjfuZkihfhsvx^\moih ke_^gbo we_f_glh\ f_gx )LOO AZeblv b 8VH %LWPDS 3DWWHUQ Bkihevah\Zlv jZkljh\uc mahj hij_^_ey_lkydZdbfh[jZahfgm`gh\uihegblvaZeb\dmnhjfuh^gbfbaklZg^Zjlguo mahjh\dbklbbebkijbf_g_gb_fnZceZjZkljh\h]hmahjZkhhl\_lkl\_ggh GZagZq_gb_b\hafh`ghklbf_lh^Z&OHDU&DQYDV \Zfm`_^he`gu[ulvagZdhfuF_lh^ 6HW)LOO3DWWHUQ ij_^gZagZq_g^eyhij_^_e_gbykihkh[ZaZeb\dbnb]mjgZjbkh\Zgguo^jm ]bfbf_lh^Zfb kihfhsvxh^gh]hbaklZg^Zjlguomahjh\dbklbeb[hjZkljh\h]hnZceZmah jZ?keb\u[jZgjZkljh\ucnZcehggZagZqZ_lkyk\hckl\m&DQYDV%UXVK%LWPDS
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
< ijhp_kk_ jbkh\Zgby nb]mj bo \gmlj_ggxx h[eZklv h]jZgbq_ggmx aZfdgmluf dhglm jhf[u\Z_lg_h[oh^bfhaZeblveb[hklZg^Zjlgufmahjhfdbklbeb[hmahjhfbajZkljh\h]h nZceZBohlydZaZehkv[ugbqlhg_f_rZ_lbkihevah\Zlvf_lh^u3RO\/LQH b)ORRG)LOO ^eykha^ZgbyaZfdgmlhc]jZgbpuaZiheg_gghcdZdbfgb[m^vmahjhfijb[_]Zlvdwlhfmkih kh[m \k_lZdb g_ j_dhf_g^m_lky F_lh^ 3RO\/LQH ijbf_gylky bkdexqbl_evgh ^ey jbkh\Z gby ebgbc ?keb `_ \Zf gm`gh gZjbkh\Zlv aZdjZr_ggu_ fgh]hm]hevgbdb \uah\bl_ f_lh^ 7&DQYDV3RO\JRQ G_lhqghklv \ ibdk_ev ijb jbkh\Zgbb ebgbc k ihfhsvx nmgdpbb 3RO\/LQH \uah\_lijbh[jZs_gbbdnmgdpbb)ORRG)LOO aZeb\dm\k_cdZg\uIjbijbf_ g_gbb^eyjbkh\Zgbynb]mjkaZeb\dhcnmgdpbb3RO\JRQ bkihevamxlkyfZl_fZlbq_kdb_f_ lh^udhlhju_aZsbs_guhlih^h[guodhe_[Zgbc\ihabpbhgbjh\Zgbbibdk_e_c
oz\|}QyN}KNu\w\wQ}\|\z yKNNK7&DQYDV DeZkk7&DQYDV bgdZikmebjm_l nmgdpbb bgl_jn_ckZ :LQ *', ^ey \u\h^Z l_dklZ gZ ih \_joghklv jbkh\Zgby Bo bkihevah\Zgbx b [m^_l m^_e_gh \gbfZgb_ \ ke_^mxsbo jZa^_eZo Djhf_ lh]h \u magZ_l_ dZd bkihevah\Zlv ^jm]b_ nmgdpbb dhlhju_ g_ bgdZikmebjh\Zgu deZkkhf7&DQYDV
tNu\\zK~Q~yvzz\|K}QyN}Ku^~K|QKg yKNN7&DQYDV DZd hlf_qZehkv \ ij_^u^msbo ]eZ\Zo ^ey \u\h^Z l_dklZ gZ ih\_joghklv jbkh\Zgby bk ihevam_lkyhij_^_e_ggZy\deZkk_7&DQYDVnmgdpby7H[W2XW H^gZdhdeZkk7&DQYDVkh^_j `bl b g_dhlhju_ ^jm]b_ ihe_agu_ f_lh^u 7H[W:LGWK b 7H[W+HLJKW ij_^gZagZq_ggu_ ^eyhij_^_e_gbyjZaf_jZl_dklZ\kljhd_ \ibdk_eyo bkihevamxs_crjbnl\hkijhba\h^b fuc deZkkhf 7&DQYDV < ke_^mxs_f njZ]f_gl_ ijh]jZffu hij_^_ey_lky rbjbgZ b \ukhlZ kljhdb³'HOSKL
=eZ\Z*',rjbnlub]jZnbdZ
ªÇÐÑÇÌÂÎÄÏ¿ÕÇÇÁÚÁÍÿÑÄÉÐÑ¿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` SURFHGXUH70DLQ)RUP&OHDU&DQYDV EHJLQ ZLWK&DQYDVGR EHJLQ %UXVK6W\OH EV6ROLG %UXVK&RORU FO:KLWH )LOO5HFW &OLS5HFW HQG HQG
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
SURFHGXUH70DLQ)RUPPPL7H[W5HFW&OLFN 6HQGHU 72EMHFW YDU 5 75HFW 7:LGWK7+HLJKW LQWHJHU EHJLQ &OHDU&DQYDV &DQYDV)RQW6L]H Æ·qxsntqn¡qéqtkxvzxzévrqznrxzj 7:LGWK &DQYDV7H[W:LGWK '6WULQJ 7+HLJKW &DQYDV7H[W+HLJKW '6WULQJ ^Êtq|qjsqoj|q¹xzéyrzyé75HFWÆxvzjëzvmvwé¹uvymvstqrjiylnz éjktjwvsvkqtnkxvzxzévrqznrxzj·zviwévqssíxzéqévkjz yxn·ntqnznrxzjméjtq|juqwé¹uvymvstqrj` 5 5HFW 7+HLJKWGLY7:LGWK7+HLJKW 7+HLJKWGLY èqxvkjtqnwé¹uvymvstqrjtjvxtvknéjounévkznrxzj &DQYDV5HFWDQJOH 5/HIW57RS55LJKW5%RWWRP Ækvlznrxzjktyzéqwé¹uvymvstqrj &DQYDV7H[W5HFW 5'6WULQJ HQG SURFHGXUH70DLQ)RUPPPL7H[W6L]H&OLFN 6HQGHU 72EMHFW EHJLQ &OHDU&DQYDV ZLWK&DQYDVGR EHJLQ )RQW6L]H 7H[W2XW '6WULQJ 7H[W2XW 7H[W:LGWK ,QW7R6WU 7H[W:LGWK '6WULQJ 7H[W2XW 7H[W+HLJKW ,QW7R6WU 7H[W+HLJKW '6WULQJ HQG HQG SURFHGXUH70DLQ)RUPPPL'UDZ7H[W&HQWHU&OLFN 6HQGHU 72EMHFW YDU 5 75HFW EHJLQ &OHDU&DQYDV &DQYDV)RQW6L]H 5 5HFW èqxvkjtqnwé¹uvymvstqrjvikvl¹nmvvi~nrz75HFWméjtq|np vzxzv¹nptjwqrxns¹ &DQYDV5HFWDQJOH 5/HIW57RS55LJKW5%RWWRP Ækvlznrxzjwv|ntzéywyznuojljtq¹vw|qqGWB&HQWHU 'UDZ7H[W &DQYDV+DQGOH3&KDU '6WULQJ 5GWB:RUG%UHDNRU GWB&HQWHU HQG SURFHGXUH70DLQ)RUPPPL'UDZ7H[W5LJKW&OLFN 6HQGHU 72EMHFW YDU 5 75HFW
=eZ\Z*',rjbnlub]jZnbdZ
EHJLQ &OHDU&DQYDV &DQYDV)RQW6L]H 5 5HFW èqxvkjtqnwé¹uvymvstqrjvikvl¹nmvvi~nrz75HFWméjtq|np vzxzv¹nptjwqrxns¹ &DQYDV5HFWDQJOH 5/HIW57RS55LJKW5%RWWRP Ækvlznrxzjxkéjktqkjtqnukwéjkvwyznuojljtq¹vw|qqGWB5LJKW 'UDZ7H[W &DQYDV+DQGOH3&KDU '6WULQJ 5GWB:RUG%UHDNRUGWB5LJKW HQG SURFHGXUH70DLQ)RUPPPL'UDZ7H[W/HIW&OLFN 6HQGHU 72EMHFW YDU 5 75HFW EHJLQ &OHDU&DQYDV &DQYDV)RQW6L]H 5 5HFW èqxvkjtqnwé¹uvymvstqrjvikvl¹nmvvi~nrz75HFWméjtq|np vzxzv¹nptjwqrxns¹ &DQYDV5HFWDQJOH 5/HIW57RS55LJKW5%RWWRP Ækvlznrxzjxkéjktqkjtqnuksnkvwyznuojljtq¹vw|qqGWB/HIW 'UDZ7H[W &DQYDV+DQGOH3&KDU '6WULQJ 5GWB:RUG%UHDNRUGWB/HIW HQG HQG DZdb\k_ij_^u^msb_ijh_dlu ^Zgguc ijh_dl kh^_j`bl f_lh^ &OHDU&DQYDV bkihev am_fuc^eyklbjZgbykh^_j`bfh]hdZg\unhjfu JZaebqgu_f_lh^u]eZ\ghcnhjfuy\eyxlkyh[jZ[hlqbdZfbkh[ulbc^ey]eZ\gh]hf_gxnhjfu <f_lh^_PPL7H[W5HFW&OLFN beexkljbjm_lkybkihevah\Zgb_f_lh^Z7&DQYDV7H[W5HFW A^_kv kgZqZeZ hij_^_ey_lky rbjbgZ b \ukhlZ aZ^Zggh]h l_dklZ Z aZl_f wlhl l_dkl \u\h^blky \gmljbijyfhm]hevgbdZk\ukhlhcjZ\ghciheh\bg_\ukhluaZ^Zggh]hjZaf_jZrjbnlZJ_amev lZljZ[hluwlh]hf_lh^ZihdZaZggZjbk
JbkJ_amevlZljZ[hluf_lh^ZPPL7H[W5HFW&OLFN
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
GZ ijbf_j_ nmgdpbb PPL7H[W6L]H&OLFN ihdZaZgh dZd hij_^_ey_lky jZaf_j l_dklh\hc kljhdbkihfhsvxf_lh^h\7&DQYDV7H[W:LGWK b7&DQYDV7H[W+HLJKW J_amevlZljZ[hlu wlhcnmgdpbbihdZaZggZjbk
JbkJ_amevlZljZ[hlunmgdpbbPPL7H[W6L]H&OLFN
tNu\\zK~Q-)/~yvzz\|K}QyN}K ~Qu^~K|QKgyKNN7&DQYDV < ijb\_^_gghf \ur_ ijbf_j_ k ihfhsvx f_lh^h\ PPL'UDZ7H[W&HQWHU PPL'UDZ7H[W5LJKW b PPL'UDZ7H[W/HIW ^_fhgkljbjm_lky bkihevah\Zgb_ nmgdpbb bgl_j n_ckZ:LQ*','UDZ7H[W dhlhjZyg_bgdZikmebjm_lkydeZkkhf7&DQYDV L_f kZfuf ihdZaZgh qlh bgdZikmeypby \ 'HOSKL bgl_jn_ckZ :LQ *', ihkj_^kl\hf deZkkZ7&DQYDVg_f_rZ_lbkihevah\Zlv\k_[h]Zlkl\hnmgdpbcbgl_jn_ckZ:LQ*',DeZkk 7&DQYDV ebrv mijhsZ_l ijbf_g_gb_ gZb[he__ ihimeyjguo nmgdpbc ihij_`g_fm iha\heyy \uau\Zlvex[mx^jm]mxnmgdpbxbgl_jn_ckZ:LQ*',dhlhjZyfh`_lihlj_[h\Zlvky Ba hibkZgby lZdbo nmgdpbc *', dZd %LW%OW beb 'UDZ7H[W ke_^m_l qlh h^gbf ba h[yaZl_evguo bo iZjZf_ljh\ y\ey_lky dhgl_dkl mkljhckl\Z GHYLFH FRQWH[W² '& >hklmi d dhgl_dklm mkljhckl\Z hkms_kl\ey_lky q_j_a k\hckl\h dZg\u +DQGOH l_ k\hckl\h 7&DQYDV+DQGOHkh^_j`bldhgl_dklmkljhckl\Z '& ^ey^ZgghcdZg\u
©ÍÌÑÄÉÐÑÚÒÐÑÏÍÈÐÑÁ ¥ÉÈÍÀÅÌÍÖ ÎÌÍËÉÄÌͽ 'HYLFH &RQWH[W ÊËÀ¿ÌÍ»½ÆÚÙÍ ÌɼÉÄ ¿ÀÌÅËÃÊÍÉËÖ ÊËÀ¿ÎÌÇÉÍËÀÈÈÖÀ ÃÈÍÀË ÏÀÄÌÉÇ:LQ¿ÆÚÿÀÈÍÃÏÃÅ»ÑÃÃ̽ÚÂÃÊËÃÆÉÁÀÈÃÚ:LQÌÍ»ÅÃÇýÖÐÉ¿ÈÖÇÃÎÌÍËÉÄÌͽ»ÇÃŻŠÇÉÈÃÍÉË ÊËÃÈÍÀË ÃÆà ÊÆÉÍÍÀË ÉÌÎÔÀÌͽÆÚÀÇÉÄ ÒÀËÀ ¿Ë»Ä½ÀË ÎÌÍËÉÄÌͽ» ÍË»¿ÃÑÃÉÈÈÉÇ :LQGRZVÉËÃÀÈÍÃËɽ»ÈÈÉÇ ÊËɾ˻ÇÇÃËɽ»ÈÃà ¿ÆÚ ÊËÉËÃÌɽÅà ÊɽÀËÐÈÉÌÍà ÉÅÈ» ÊËɾ˻ÇÇÃÌÍ ¿ÉÆ ÁÀȼÖÆÌ»ÇÊÉ»¼ÉÍÃÍ×ÌÚÉ»ÊËÉÌÀÈ»ÊÉÆÎÒÀÈÃÀ'&ªÉ»½ÀËÓÀÈÃÃÉÊÀË»ÑÃÃÉȼÖÆɼÚ»ȽÀË ÈÎÍ×'&ÌÃÌÍÀÇÀ'HOSKLÊËÉÑÀ¿Î˻˻¼ÉÍÖÌ'&ÎÊËÉÔÀÈ»ÊÉÌËÀ¿ÌͽÉÇÃÈÅ»ÊÌÎÆÚÑÃÃÎÊË»½ÆÀ ÈÃÚ'&½ÅÆ»ÌÌÀ7&DQYDV¸ÍÉÍÅÆ»ÌÌ¿»ÁÀÅØÓÃËÎÀÍÃÌÊÉÆ×ÂÎÀÇÖÀ'&ÌÉÐË»ÈÚÚÃпÆÚÊÉÌÆÀ¿ÎÙ ÔÃÐÊËÃÇÀÈÀÈÃÄÌÑÀÆ×ÙÎÇÀÈ×ÓÀÈÃÚÒ»ÌÍÉÍÖ»ÊËÉÌɽÅÌÃÌÍÀÇÀ:LQÃÌÆÀ¿É½»ÍÀÆ×ÈÉνÀÆÃÒÀ ÈÃÚɼÔÀ¾É¼ÖÌÍËÉ¿ÀÄÌͽÃÚÊËɾ˻ÇÇÖ Qlh[u ihdZaZlv dZd deZkk 7&DQYDV bkihevam_lky kh\f_klgh k nmgdpbyfb bgl_jn_ckZ :LQ*',\ijb\_^_gghf\ur_ebklbg]_[ueZijbf_g_gZnmgdpby*','UDZ7H[W ij_^ gZagZq_ggZy ^ey \u\h^Z l_dklZ k ^hihegbl_evgufb \hafh`ghklyfb nhjfZlbjh\Zgby Wlhc nmgdpbbi_j_^Z_lkyiylvhibkZgguogb`_iZjZf_ljh\
=eZ\Z*',rjbnlub]jZnbdZ
®¿Ï¿ËÄÑÏ
ÎÇпÌÇÄ
'& 6WU
¥ÉÈÍÀÅÌÍÎÌÍËÉÄÌͽ»ÊɽÀËÐÈÉÌÍÃËÃÌɽ»ÈÃÚ ®Å»Â»ÍÀÆ×È»¼ÎÏÀËÅÉÍÉËÖÄÌÉ¿ÀËÁÃÍÊÉ¿ÆÀÁ»ÔÃĽֽɿÎÍÀÅÌÍ ÌÆÃʻ˻ÇÀÍË &RXQWË»½ÀÈÍÉØÍÉ¿ÉÆÁÈ»¼ÖÍ×ÌÍËÉŻ̻½ÀËÓ»ÙÔÃÇÈÎÆ×ÌÃǽÉÆÉÇ
&RXQW
²ÃÌÆɼ»ÄÍɽ½ÌÍËÉÅÀ6WU ÌÆÃØÍÉÂÈ»ÒÀÈÃÀË»½ÈÉÍÉ6WU¿ÉÆÁÀÈÎÅ»ÂÖ½»Í×È» ÌÍËÉÅÎÌ»½ÀËÓ»ÙÔÃÇÈÎÆ×ÌÃǽÉÆÉÇ ®Å»Â»ÍÀÆ×È»ÌÍËÎÅÍÎËÎ75HFWÌÉ¿ÀËÁ»ÔÎÙÅÉÉË¿ÃÈ»ÍÖÊËÚÇÉξÉÆ×ÈÃÅ»½ÅÉÍÉËÉÇ ÏÉËÇ»ÍÃËÎÀÍÌÚÍÀÅÌÍ ÃÍɽÉÀÊÉÆÀÌÊËÃÂȻŻÇÃÉÊËÀ¿ÀÆÚÙÔÃÇÃË»ÂÆÃÒÈÖÀÉÊÑÃÃÏÉËÇ»ÍÃËɽ»ÈÃÚ¿ÆÚÊ» Ë»ÇÀÍË»6WU
5HFW )RUPDW
<ijb\_^_gghc\ur_ijh]jZff_kljmdlmjZ75HFWbgbpbZebabjm_lkykihfhsvxnmgdpbb 5HFW WlZkljmdlmjZbkihevam_lky^eyjbkh\Zgbyijyfhm]hevgbdZ\hdjm]l_dklZ\u\h^bfh ]h k bkihevah\Zgb_f nmgdpbb 'UDZ7H[W DZ`^uc ba lj_o f_lh^h\ i_j_^Z_l wlhc nmgdpbb jZaebqguc gZ[hj ijbagZdh\ nhjfZlbjh\Zgby IjbagZdb GWB:RUG%UHDN b GWB&HQWHU bkihev amxlky ^ey p_gljbjh\Zgby l_dklZ \ ijyfhm]hevgbd_ aZ^Zgghf i_j_f_gghc 5 lbiZ 75HFW H[t_^bg_ggu_ hi_jZpb_c eh]bq_kdh]h BEB ijbagZdb nhjfZlbjh\Zgby GWB:RUG%UHDN b GWB5LJKW kem`Zl ^ey \ujZ\gb\Zgby l_dklZ \ ijyfhm]hevgbd_ ih ijZ\hfm djZx Z GWB:RUG%UHDN b GWB/HIW² ih e_\hfm djZx Ki_pbnbdZlhj GWB:RUG%UHDN ij_^gZagZq_g ^ey i_j_ghkZkeh\gZgh\mxkljhdm\ij_^_eZo]jZgbpuh[mkeh\e_gghcrbjbghc dhlhjZyaZ^Z _lky khhl\_lkl\mxsbf iZjZf_ljhf ijyfhm]hevgbdZ b ^ey fh^bnbdZpbb \ukhlu ijyfh m]hevgbdZihke_j_ZebaZpbbwlh]hi_j_ghkZkeh\ J_amevlZljZ[hluf_lh^ZPPL'UDZ7H[W&HQWHU&OLFN ihdZaZggZjbk
Jbk J_amevlZl PPL'UDZ7H[W&HQWHU&OLFN
jZ[hlu
f_lh^Z
DeZkk 7&DQYDV lZd`_ kh^_j`bl f_lh^u 'UDZ &RS\ &RS\5HFW b 6WUHWFK'UDZ k ihfhsvx dhlhjuo fh`gh jbkh\Zlv jZkly]b\Zlv b k`bfZlv bah[jZ`_gby beb bo qZklb eb[h dhibjh\ZlvbogZ^jm]mxdZg\mH[bkihevah\Zgbbnmgdpbb&RS\5HFW fuih]h\hjbf^Ze__ \ wlhc ]eZ\_ dh]^Z h[jZlbfky d kha^Zgbx ijh]jZffu jbkh\Zgby Djhf_ lh]h \ ]eZ\_ ³0',ijbeh`_gby´ihdZaZghdZdijbf_gylvf_lh^6WUHWFK'UDZ ^eyjZkly`_gbyjZkljh\h ]hbah[jZ`_gby\aZ^Zgghch[eZklbdeb_glZnhjfu
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
¤\\^|~K}~QNN}Qw^Qw \}\x^KQ~ ;hevrbgkl\h*',nmgdpbcjbkh\Zgbylj_[m_lmdZau\ZlvgZ[hjdhhj^bgZldhlhjucaZ^Z _lihabpbx^eyjbkh\Zgby?^bgbp_cbaf_j_gbywlbodhhj^bgZly\ey_lkyibdk_evDjhf_lh ]h*',nmgdpbbij_^iheZ]Zxlhij_^_e_ggmxhjb_glZpbxhk_cdhhj^bgZll_gZij\e_gb_\ dhlhjhf agZq_gby dhhj^bgZl dZ`^hc ba hk_c \hajZklZxl beb m[u\Zxl Ijb \uiheg_gbb nmgdpbc jbkh\Zgby bgl_jn_ck :LQ hibjZ_lky gZ ^\Z [Zah\uo nZdlhjZ gZ dhhj^bgZlgmx kbkl_fmbgZj_`bfhlh[jZ`_gbyh[eZklbjbkh\Zgby Dhhj^bgZlgu_ kbkl_fu :LQ \ h[s_f kemqZ_ g_ hlebqZxlky hl ^jm]bo dhhj^bgZlguo kbkl_f
¤\\^|~K}N}^\vN}zK DZdke_^m_lbagZa\Zgbywlbdhhj^bgZluk\yaZgukmkljhckl\hfgZdhlhjhfjZ[hlZ_lbg l_jn_ck:LQBo_^bgbpZfbbaf_j_gbyy\eyxlkyibdk_ebZhjb_glZpby]hjbahglZevghcb \_jlbdZevghc hk_c lZdh\Z qlh agZq_gby dhhj^bgZl m\_ebqb\Zxlky ke_\Z gZijZ\h b k\_jom \gbaGZijbf_j_kebaZimklblv:LQGRZVgZ^bkie__kjZaj_r_gb_fKlhdhhj^bgZlu lhqdb\\_jog_fe_\hfm]em\Zr_]hmkljhckl\Z[m^mljZ\gu Z\gb`g_fijZ\hfm]em²
¥\{QNyQy\\^|~K} Ih^ eh]bq_kdbfb ihgbfZxl dhhj^bgZlu kbkl_fu bkihevam_fu_ ex[hc h[eZklvx \ kbk l_f_ :LQ h[eZ^Zxs_c dhgl_dklhf mkljhckl\Z '& LZdbfb h[eZklyfb y\eyxlky wdjZg nhjfZ beb deb_glkdZy h[eZklv nhjfu JZaebqb_ f_`^m dhhj^bgZlZfb mkljhckl\Z b eh]bq_ kdbfbdhhj^bgZlZfbjZatykgy_lkygb`_ZihdZfuhklZgh\bfkygZdhhj^bgZlZowdjZgZhdgZ nhjfubh[eZklbdeb_glZ
¤\\^|~K}y^K~K Dhhj^bgZluwdjZgZbf_xlijyfh_hlghr_gb_d^bkie_xbihwlhfmbaf_jyxlky\ibdk_ eyo>ey^bkie_ykjZaj_r_gb_fKk\hckl\Z6FUHHQ:LGWKb6FUHHQ+HLJKWjZ\gu b ibdk_e_c khhl\_lkl\_ggh Qlh[u ihemqblv dhgl_dkl mkljhckl\Z wdjZgZ bkihevamcl_ nmgdpbx:LQ$3,*HW'& Ijbwlhfex[Zynmgdpbykqblu\ZxsZy dhgl_dkl mkljhckl\Z ^he`gZ jZ[hlZlv kh\f_klgh k nmgdpb_c 5HOHDVH'& wlZ kh]eZkh\Zgghklv beexkljbjm_lky ke_^mxsbfnjZ]f_glhf YDU 6FUHHQ'& +'& EHJLQ
=eZ\Z*',rjbnlub]jZnbdZ
6FUHHQ'& *HW'& WU\ ^Éíinlnpxzkq¹qxwvsoyíqnrvtznrxzyxzévpxzkj6FUHHQ'&` ILQDOO\ 5HOHDVH'& 6FUHHQ'& HQG HQG
¤\\^|~K}\^w Dhhj^bgZlunhjfufh`ghkqblZlvkbghgbfhfl_jfbgZdhhj^bgZluhdgZdh]^ZjZkkfZljb\Z _lky \ky nhjfZ beb hdgh p_ebdhf \dexqZy kljhdm aZ]heh\dZ b h]jZgbqb\Zxsmx jZfdm < 'HOSKLg_ij_^mkfhlj_ghlZdh]hk\hckl\Znhjfudhlhjh_[ukh^_j`ZehagZq_gb_'&^eyh[eZk lbjbkh\Zgbynhjfugh_]hfh`ghihemqblvkihfhsvxnmgdpbb:LQ$3,*HW:LQGRZ'& 0\'& *HW:LQGRZ'& )RUP+DQGOH WlZnmgdpby\ha\jZsZ_ldhgl_dklmkljhckl\Z^ey^_kdjbilhjZhdgZi_j_^Zggh]h_c\dZ q_kl\_iZjZf_ljZ ÆÚÃÈÅ»ÊÌÎÆÚÑÃÃÂÈ»ÒÀÈÃÄÅÉÈÍÀÅÌÍɽÎÌÍËÉÄÌͽÊÉÆÎÒ»ÀÇÖÐÊËÃɼ˻ÔÀÈÃÚÐÅ ÏÎÈÅÑÃÚÇ*HW'& Ã*HW:LQGRZ'& ÇÉÁÈÉÃÌÊÉÆ×Âɽ»Í×ɼÕÀÅÍ7&DQYDVÒÍÉÊÉ Â½ÉÆÃÍÊËÃÇÀÈÚÍ×ÇÀÍÉ¿ÖÅÆ»ÌÌ»7&DQYDV½ÇÀÌÍÉÚ½ÈÖÐÂÈ»ÒÀÈÃÄÅÉÈÍÀÅÌÍɽÎÌÍ ËÉÄÌͽÆÚØÍɾɿÉÌÍ»ÍÉÒÈÉÌÉ¿»Í×ØÅÂÀÇÊÆÚËÅÆ»ÌÌ»7&DQYDV»Â»ÍÀÇÊËÃ̽ÉÃÍ× ËÀÂÎÆ×ͻͽÖÂɽ»ÏÎÈÅÑÃÃ*HW'& ÃÆÃ*HW:LQGRZ'& ̽ÉÄÌͽÎ7&DQYDV+DQGOH «»¼ÉÍÉÌÊÉÌɼÈÉÌÍ×ØÍɾÉÊÉ¿ÐÉ¿»¿ÉÌÍþ»ÀÍÌڼƻ¾É¿»ËÚÍÉÇÎÒÍÉÅÆ»ÌÌÊËÃɼËÀÍ» ÀÍÊË»½ÉÌɼÌͽÀÈÈÉÌÍÃÈ»ÊËÃ̽ÉÀÈÈÖÄÀÇοÀÌÅËÃÊÍÉËÊÉÌÆÀÒÀ¾ÉÈÀÌÀÍ»ÈÀ¾É ÊÉÆÈÎÙÉͽÀÍÌͽÀÈÈÉÌÍ×É̽ɼÉÁ¿»Ú'&ÊËÃÉ̽ɼÉÁ¿ÀÈÃÃŻȽÖÉÍÏË»¾ÇÀÈÍ ÃÆÆÙÌÍËÃËÎÙÔÃÄÉÊÃÌ»ÈÈÖÄÇÀÍÉ¿ YDU F 7&DQYDV EHJLQ F 7&DQYDV&UHDWH WU\ F+DQGOH *HW'& F7H[W2XW +HOOR:RUOG ILQDOO\ F)UHH HQG HQG Dhhj^bgZlu deb_glkdhc h[eZklb nhjfu hlghkylky d h[eZklb deb_glZ nhjfu dhgl_dkl mkljhckl\Z '& dhlhjhc jZ\_g agZq_gbx k\hckl\Z +DQGOH dZg\u h[t_dlZ &DQYDV nhjfu JZaf_ju deb_glkdhc h[eZklb fh`gh ihemqblv k ihfhsvx k\hckl\ &DQYDV&OLHQW:LGWK b &DQYDV&OLHQW+HLJKW
6}\x^KQ~Qy\\^|~K} Qlh`_f_rZ_lijbjZ[hl_knmgdpbyfbjbkh\Zgby\f_klheh]bq_kdbodhhj^bgZlbkihev ah\Zlvdhhj^bgZlumkljhckl\Z"JZkkfhljbfke_^mxsmxkljhdmdh^Z )RUP&DQYDV7H[W2XW 8SSHU/HIW&RUQHURI)RUP
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
Ijb\uiheg_gbbwlhcijh]jZffghckljhdbaZ^ZggZykljhdZl_dklZjZaf_sZ_lky\\_jog_f e_\hf m]em nhjfu AZ^Zggu_ dhhj^bgZlu mdZau\Zxl gZ ihabpbx \ dhgl_dkl_ mkljhckl\Z nhjfu l_ y\eyxlky eh]bq_kdbfb Gh ihabpby ^ey ^Zgghc nhjfu bf__l kh\_jr_ggh^jm]b_agZq_gby\kbkl_f_dhhj^bgZlmkljhckl\ZbaZ\bkblhldhgdj_lgh]hjZk iheh`_gby nhjfu gZ wdjZg_ ?keb \_jogbc e_\uc m]he nhjfu kh\iZ^Z_l k \_jogbf e_\uf m]ehfwdjZgZlhdhhj^bgZlunhjfu fh]mlb\kZfhf^_e_kh\iZklvkihabpb_c \ dhhj^bgZlZomkljhckl\ZH^gZdhijbi_j_f_s_gbbnhjfugZ^jm]h_f_klhlhqdZkdhhj^bgZ lZfbnhjfu [m^_lkhhl\_lkl\h\Zlvkh\_jr_ggh^jm]hcihabpbbhij_^_ey_fhc\dhhj ^bgZlZomkljhckl\Z ÆÚÊËÀɼ˻Âɽ»ÈÃÚÆɾÃÒÀÌÅÃÐÅÉÉË¿ÃÈ»ÍÍÉÒÅýÅÉÉË¿ÃÈ»ÍÖÎÌÍËÉÄÌͽ»ÃȻɼÉËÉÍ ÃÌÊÉÆ×ÂÎÄÍÀ ÏÎÈÅÑÃà :LQ $3, &OLHQW7R6FUHHQ à 6FUHHQ7R&OLHQW ÌÉÉͽÀÍÌÍ ½ÀÈÈɸÍÃÏÎÈÅÑÃÃÚ½ÆÚÙÍÌÚÍ»ÅÁÀÇÀÍÉ¿»ÇÃÅÆ»ÌÌ»7&RQWURO©¼Ë»ÍÃÍÀ½ÈÃÇ»ÈÃÀÈ» ÍÉÒÍÉÉÈÃË»¼ÉÍ»ÙÍÍÉÆ×ÅÉÌÅÉÈÍÀÅÌÍ»ÇÃÎÌÍËÉÄÌͽØÅ˻Ȼ̽Ú»ÈÈÖÇÃ̽ÿÃÇÖÇà ØÆÀÇÀÈÍ»Çà ÎÊË»½ÆÀÈÃÚ ÆÚ ÅÉÈÍÀÅÌÍ» ÎÌÍËÉÄÌͽ» ÊËÃÈÍÀË» ÃÆà ÇÀͻϻÄÆ» ÅÉÍÉËÖÀ ÈÀÃÇÀÙÍÉÍÈÉÓÀÈÃÚÅØÅË»ÈÎÊËÀɼ˻Âɽ»ÈÃÀÆɾÃÒÀÌÅÃÐÊÃÅÌÀÆÀĽÊÃÅÌÀÆÃÎÌÍËÉÄ Ìͽ»Ãɼ˻ÍÈɽÖÊÉÆÈÚÀÍÌÚÌÊÉÇÉÔ×ÙÏÎÈÅÑÃÄ:LQ$3,/3WR'3 Ã'3WR/3 ÌÉÉÍ ½ÀÍÌͽÀÈÈÉ Ijb\uiheg_gbbf_lh^Z&DQYDV7H[W2XW gZkZfhf^_e_bkihevamxlkydhhj^bgZlumkl jhckl\Z>eywlh]hbgl_jn_ck:LQ^he`_gij_h[jZah\Zlveh]bq_kdb_dhhj^bgZludhgdj_l gh]h'&\dhhj^bgZlumkljhckl\ZWlh^hklb]Z_lkyaZkq_lbkihevah\Zgbyhij_^_e_ggh]hj_ `bfZhlh[jZ`_gbyk\yaZggh]hk'& >jm]Zy ijbqbgZ bkihevah\Zgby eh]bq_kdbo dhhj^bgZl² g_`_eZgb_ bkihevah\Zlv ibd k_eb^eyjZ[hluknmgdpbyfbjbkh\Zgby
=eZ\Z*',rjbnlub]jZnbdZ
±¿ÀÊÇÕ¿¯ÄÅÇËÚÍÑÍÀÏ¿ÅÄÌÇÞÐÇÐÑÄËÚ:LQ ¯ÄÅÇËÍÑÍÀÏ¿ÅÄÌÇÞ
¯¿ÆËÄÏÊÍÂÇÖÄÐÉÍÈÄÃÇÌÇÕÚÇÆËÄÏÄÌÇÞ
ÏÇÄÌÑ¿ÕÇÞ ;<
00B$1,627523,&
ªËÉýÉÆ×ÈÉ [ !\ÃÆÃ[ \
¢»¿»½»Àǻڢ»¿»½»ÀÇ»Ú
00B+,(1*/,6+
¿ÙÄÇ»
¨»ÊË»½É½ÀËÐ
00B+,0(75,&
ÇÇ
¨»ÊË»½É½ÀËÐ
00B,627523,&
ªËÉýÉÆ×ÈÉ [ \
¢»¿»½»Àǻڢ»¿»½»ÀÇ»Ú
00B/2(1*/,6+
¿ÙÄÇ»
¨»ÊË»½É½ÀËÐ
00B/20(75,&
ÇÇ
¨»ÊË»½É½ÀËÐ
00B7(;7
ÊÃÅÌÀÆ×
¨»ÊË»½ÉÈÃÂ
00B7:,36
¿ÙÄÇ»
¨»ÊË»½É½ÀËÐ
< kbkl_f_ :LQ hij_^_e_gh g_kdhevdh nmgdpbc k ihfhsvx dhlhjuo fh`gh baf_gblv bebihemqblvbgnhjfZpbxhj_`bfZohlh[jZ`_gby^ey^Zggh]h'& 6HW0DS0RGH
®ÌͻȻ½Æý»ÀÍËÀÁÃÇÉÍɼ˻ÁÀÈÃÚ¿ÆÚ¿»ÈÈɾÉÅÉÈÍÀÅÌÍ»ÎÌÍËÉÄÌͽ»
*HW0DS0RGH
ªÉÆÎÒ»ÀÍËÀÁÃÇÉÍɼ˻ÁÀÈÃÚ¿ÆÚ¿»ÈÈɾÉÅÉÈÍÀÅÌÍ»ÎÌÍËÉÄÌͽ»
6HW:LQGRZ2UJ([
©ÊËÀ¿ÀÆÚÀÍȻһÆÉÅÉÉË¿ÃÈ»ÍÉÅÈ»¿ÆÚ¿»ÈÈɾÉÅÉÈÍÀÅÌÍ»ÎÌÍËÉÄÌͽ» ÍÉÒÅ»ÌÅÉÉË¿ÃȻͻÇÃ
6HW9LHZ3RUW2UJ([
©ÊËÀ¿ÀÆÚÀÍȻһÆÉÅÉÉË¿ÃÈ»ÍÉÅÈ»ÊËÉÀÅÑÃÿÆÚ¿»ÈÈɾÉÅÉÈÍÀÅÌÍ» ÎÌÍËÉÄÌͽ» ÍÉÒÅ»ÌÅÉÉË¿ÃȻͻÇÃ
6HW:LQGRZ([W([
©ÊËÀ¿ÀÆÚÀͽÀÆÃÒÃÈÖ;<¿ÆÚ'&¿»ÈÈɾÉÉÅÈ»¸ÍÃÂÈ»ÒÀÈÃÚÃÌÊÉÆ× ÂÎÙÍÌÚ½ÇÀÌÍÀ̽ÀÆÃÒÃÈ»ÇÃ;<ÉÅÈ»¿ÆÚ½ÖÊÉÆÈÀÈÃÚÊÀËÀ½É¿»Æɾà ÒÀÌÅÃÐÀ¿ÃÈÃÑÃÂÇÀËÀÈÃÚ½À¿ÃÈÃÑÖÃÂÇÀËÀÈÃÚÎÌÍËÉÄÌͽ»
6HW9LHZ3RUW([W([
©ÊËÀ¿ÀÆÚÀͽÀÆÃÒÃÈÖ;<¿ÆÚ'&¿»ÈÈɾÉÉÅÈ»ÊËÉÀÅÑÃøÍÃÂÈ» ÒÀÈÃÚÃÌÊÉÆ×ÂÎÙÍÌÚ½ÇÀÌÍÀ̽ÀÆÃÒÃÈ»ÇÃ;<ÉÅÈ»¿ÆÚ½ÖÊÉÆÈÀÈÃÚ ÊÀËÀ½É¿»ÆɾÃÒÀÌÅÃÐÀ¿ÃÈÃÑÃÂÇÀËÀÈÃÚ½À¿ÃÈÃÑÖÃÂÇÀËÀÈÃÚÎÌÍ ËÉÄÌͽ»
H[jZlbl_\gbfZgb_gZlhqlh\gZa\Zgbbwlbonmgdpbckh^_j`blkyeb[hkeh\h:LQGRZeb[h keh\h9LHZ3RUWZ\hibkZgbbmihlj_[ey_lkykhhl\_lkl\_ggheb[hkeh\hhdgheb[hkeh\hkhq_lZgb_ hdghijh_dpbbWlbkeh\ZijhklhhagZqZxlkj_^kl\Zkihfhsvxdhlhjuobgl_jn_ck:LQ*', fh`_l\uihegylvij_h[jZah\Zgb_baeh]bq_kdbo_^bgbpbaf_j_gby\_^bgbpubaf_j_gbymkljhc kl\Z Nmgdpbb kh keh\hf :LQGRZ k\yaZgu k eh]bq_kdhc kbkl_fhc dhhj^bgZl Z kh keh\hf 9LHZ3RUW²kkbkl_fhcdhhj^bgZlmkljhckl\ZAZbkdexq_gb_flZdboj_`bfh\hlh[jZ`_gbydZd 00B$1,627523,& b 00B,627523,& \Zf \jy^ eb ijb^_lky kebrdhf [_kihdhblvky h[ bo mklZgh\d_ Ke_^m_lhlf_lblvqlhihmfheqZgbx\kbkl_f_:LQbkihevam_lkyj_`bf00B7(;7 ®ÌÍ»ÈɽÆÀÈÈÖÄ ÊÉ ÎÇÉÆÒ»ÈÃÙ ËÀÁÃÇ ÉÍɼ˻ÁÀÈÃÚ 00B7(;7 È»ÊËÚÇÎÙ ÊÀËÀ½É ¿ÃÍÆɾÃÒÀÌÅÃÀÅÉÉË¿ÃÈ»ÍÖ½ÅÉÉË¿ÃÈ»ÍÖÎÌÍËÉÄÌͽ»ªÉØÍÉÇÎÀÌÆýÖÈÀÃÂÇÀÈÚÆà ËÀÁÃÇÉÍɼ˻ÁÀÈÃÚ½ÌÀ¾¿»ÃÌÊÉÆ×ÂÎÄÍÀÅÉÉË¿ÃÈ»ÍÖÎÌÍËÉÄÌͽ»¿ÆÚ½ÌÀÐÅÉÈÍÀÅÌÍɽ ÎÌÍËÉÄÌͽ ÌÍ× ÈÀÌÅÉÆ×ÅÉ ÏÎÈÅÑÃÄ $3, ¿ÆÚ ÅÉÍÉËÖÐ ØÍÉÍ ÇÉÇÀÈÍ ÉÒÀÈ× ½»ÁÀÈ ¨» ÊËÃÇÀ˽ÖÌÉÍ»ÓËÃÏÍ»½ÌÀ¾¿»ÉÊËÀ¿ÀÆÚÀÍÌÚ½ÊÃÅÌÀÆÚÐÎÌÍËÉÄÌͽ»»ÈÀ½ÆɾÃÒÀ ÌÅÃÐÊÃÅÌÀÆÚÐ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
¶N}K~\zyK^QwK\}\x^KQ~
¶N}K~\zyKzQ~?UZO[e>UPe][`b Nmgdpbb6HW:LQGRZ([W([ b6HW9LHZ3RUW([W([ iha\heyxl mdZaZlv kihkh[ ij_h[jZah \Zgby eh]bq_kdbo _^bgbp baf_j_gby \ _^bgbpu mkljhckl\Z Wlb nmgdpbb ^_ckl\mxl lhevdh ijb mklZgh\d_ j_`bfZ hlh[jZ`_gby hdgZ jZ\guf 00B$1,627523,& beb 00B,627523,& < ex [hf^jm]hfkemqZ_hgbb]ghjbjmxlkyLZdbfh[jZahfke_^mxsb_^\_kljhdbdh^ZhagZqZxl qlhgZh^gmeh]bq_kdmx_^bgbpmijboh^blky^\__^bgbpumkljhckl\Z ^\Zibdk_ey 6HW:LQGRZ([W([ &DQYDV+DQGOHQLO 6HW9LHZSRUW([W([ &DQYDV+DQGOHQLO :gZeh]bqghke_^mxsb_kljhdbdh^ZhagZqZxlqlhgZiylveh]bq_kdbo_^bgbpijboh^bl ky^_kylv_^bgbpmkljhckl\Z 6HW:LQGRZ([W([ &DQYDV+DQGOHQLO 6HW9LHZSRUW([W([ &DQYDV+DQGOHQLO <_jhylgh\uaZf_lbebqlhihke_^gbcijbf_jwd\b\Ze_gl_gij_^u^ms_fm<h[hbokem qZyokhojZgy_lkyh^ghblh`_hlghr_gb_eh]bq_kdbo_^bgbpd_^bgbpZfmkljhckl\ZZbf_g gh <ke_^mxs_fijbf_j_^_fhgkljbjm_lkydZdwlhlih^oh^fh`ghbkihevah\Zlv^eyba f_g_gby_^bgbp\nhjf_ 6HW:LQGRZ([W([ &DQYDV+DQGOHQLO 6HW9LHZSRUW([W([ &DQYDV+DQGOH&OLHQW:LGWK&OLHQW+HLJKWQLO
=eZ\Z*',rjbnlub]jZnbdZ
£ÂÇÀÈÀÈÃÀËÀÁÃÇ»ÉÍɼ˻ÁÀÈÃÚ¿ÆÚÅÉÈÍÀÅÌÍ» ÎÌÍËÉÄÌͽ» ÊËÀ¿ÌÍ»½ÆÀÈÈÉ¾É Å»È½ÉÄ ÅÆ»ÌÌ»¼Ã¼ÆÃÉÍÀÅÃ9&/ÈÃÅÒÀÇÎÉÌɼÀÈÈÉÇν»ÌÈÀɼÚÂÖ½»ÀÍÍÀÊËÃÈÀɼÐÉ¿Ã ÇÉÌÍà ½Ö ÇÉÁÀÍÀ ÌÊÉÅÉÄÈÉ ½ÀËÈÎÍ×ÌÚ Å ÃÌÐÉ¿ÈÉÇÎ ËÀÁÃÇΠɼÔÀÇ ÌÆÎÒ»À ½ ÊËÉ ÑÀÌÌÀËÃÌɽ»ÈÃÚËÀÁÃÇÉÍɼ˻ÁÀÈÃÚ¿ÉÆÁÀȼÖÍ×ÎÌÍ»ÈɽÆÀȽÈÎÍËÿÀÌÅËÃÊÍÉË» Ihwlhfmg_kfhljygZbaf_g_gb_jZaf_jh\nhjfu\ukfh`_l_jZ[hlZlvknhjfhcrbjb gZb\ukhlZh[eZklbdeb_glZdhlhjhckhklZ\eyxlK_^bgbp g_ibdk_e_c Kihfhsvxnmgdpbc6HW:LQGRZ2UJ([ b6HW9LHZ3RUW2UJ([ fh`ghbaf_gblvjZkiheh`_gb_ gZqZeZdhhj^bgZll_ihabpbx dhlhjZyihmfheqZgbxgZoh^blky\\_jog_fe_\hfm]emh[ eZklbdeb_glZnhjfu^eyj_`bfZhlh[jZ`_gby00B7(;7DZdijZ\beh \Zfijb^_lkyfh^bnbpbjh\ZlvlhevdhgZqZehdhhj^bgZlhdgZijh_dpbb GZijbf_jkihfhsvxke_^mxs_cijh]jZffghckljhdbmklZgZ\eb\Z_l kyq_luj_od\Z^jZglgZykbkl_fZdhhj^bgZlihdZaZggZygZjbk 6HW9LHZSRUW2UJ([ &DQYDV+DQGOH&OLHQW:LGWKGLY &OLHQW+HLJKWGLYQLO H[jZlbl_ \gbfZgb_ gZ lh qlh \ dZq_kl\_ ihke_^g_]h iZjZ f_ljZ nmgdpbyf 6HW:LQGRZ2UJ([ 6HW9LHZ3RUW2UJ([ Jbk Kbkl_fZ dhhj^b gZlkq_lujvfyd\Z^jZglZfb 6HW:LQGRZ([W([ b 6HW9LHZ3RUW([W([ i_j_^Z_lky agZq_gb_ QLO Nmgdpbyf 6HW:LQGRZ2UJ([ b 6HW9LHZ3RUW2UJ([ i_j_ ^Z_lkyiZjZf_ljlbiZ73RLQWdhlhjhfmijbk\Zb\Z_lkyihke_^g__agZq_gb_ gZqZeZ dhhj ^bgZl qlh[u ijb g_h[oh^bfhklb _]h fh`gh [ueh \hkklZgh\blv ^ey ^Zggh]h '& Nmgd pbyf6HW:LQGRZ([W([ b6HW9LHZ3RUW([W([ i_j_^Z_lkykljmdlmjZ76L]Hkp_evx kh ojZg_gbybkoh^guo\_ebqbg^ey'&²ihlhc`_ijbqbg_
³^wQ^Nu\\zK~^Qw\z\}\x^KQ~ <ebklbg]_^_fhgkljbjm_lkydZdmklZgZ\eb\Zlvj_`bfuhlh[jZ`_gbygZqZeZdhhj^b gZlhdgZbhdgZijh_dpbbZlZd`_ij_^_evgu_\_ebqbguhdgZbhdgZijh_dpbbDjhf_lh]h a^_kv beexkljbjm_lky ijhp_kk jbkh\Zgby jZaebqguo nb]mj k ihfhsvx f_lh^h\ 7&DQYDV NZceuwlh]hijh_dlZfh`ghgZclbgZdhfiZdl^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd `_ZZZZLOOLDPVSXEOLVKLQJFRP
ªÇÐÑÇ̧ÊÊÝÐÑÏ¿ÕÇÞÇÐÎÍÊÛÆÍÁ¿ÌÇÞÏÄÅÇËÍÁÍÑÍÀÏ¿ÅÄÌÇÞ XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQGRZV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV0HQXV'%'%&*ULGV'%7DEOHV W\SH 70DLQ)RUP FODVV 7)RUP PP0DLQ 70DLQ0HQX PPL0DSSLQJ0RGH 70HQX,WHP PPL00B,627523,& 70HQX,WHP PPL00B$1,627523,& 70HQX,WHP
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
PPL00B/2(1*/,6+ 70HQX,WHP PPL00B+,,1*/,6+ 70HQX,WHP PPL00B/20(75,& 70HQX,WHP PPL00B+,0(75,& 70HQX,WHP SURFHGXUH)RUP&UHDWH 6HQGHU 72EMHFW SURFHGXUHPPL00B,627523,&&OLFN 6HQGHU 72EMHFW SURFHGXUHPPL00B$16,7523,&&OLFN 6HQGHU 72EMHFW SURFHGXUHPPL00B/2(1*/,6+&OLFN 6HQGHU 72EMHFW SURFHGXUHPPL00B+,,1*/,6+&OLFN 6HQGHU 72EMHFW SURFHGXUHPPL00B/20(75,&&OLFN 6HQGHU 72EMHFW SURFHGXUHPPL00B+,0(75,&&OLFN 6HQGHU 72EMHFW SXEOLF 0DSSLQJ0RGH ,QWHJHU SURFHGXUH&OHDU&DQYDV SURFHGXUH'UDZ0DS0RGH 6HQGHU 72EMHFW HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH70DLQ)RUP&OHDU&DQYDV EHJLQ ZLWK&DQYDVGR EHJLQ %UXVK6W\OH EV6ROLG %UXVK&RORU FO:KLWH )LOO5HFW &OLS5HFW HQG HQG SURFHGXUH70DLQ)RUP'UDZ0DS0RGH 6HQGHU 72EMHFW YDU 3UHY0DS0RGH ,QWHJHU EHJLQ &OHDU&DQYDV &DQYDV7H[W2XW 6HQGHUDV70HQX,WHP &DSWLRQ Ïxzjtvkqzén quvzviéj ntq¹00B/2(1*/,6+qxv}éjtqzwénllyqpén qu 3UHY0DS0RGH 6HW0DS0RGH &DQYDV+DQGOH0DSSLQJ0RGH WU\ Ïxzjtvkqztj·jsvrvvélqtjzvrtjwévnr|qqksnkvutq tnuymsy 6HW9LHZ3RUW2UJ([ &DQYDV+DQGOH&OLHQW+HLJKWQLO ^Ëjéqxvkjztnxrvsrv{qmyéls¹qssíxzéj|qqéqxvkjtq¹xwvuví éjosq·t}én quvkojljtt}wjéjunzévu0DSSLQJ0RGH` &DQYDV5HFWDQJOH &DQYDV5HFWDQJOH &DQYDV(OOLSVH
=eZ\Z*',rjbnlub]jZnbdZ
&DQYDV0RYH7R &DQYDV/LQH7R &DQYDV0RYH7R &DQYDV/LQH7R ILQDOO\ Ævxxzjtvkqzwénllyqpén quvzviéj ntq¹ 6HW0DS0RGH &DQYDV+DQGOH3UHY0DS0RGH HQG HQG SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW EHJLQ 0DSSLQJ0RGH 00B7(;7 HQG SURFHGXUH70DLQ)RUPPPL00B,627523,&&OLFN 6HQGHU 72EMHFW YDU 3UHY0DS0RGH ,QWHJHU EHJLQ &OHDU&DQYDV Ïxzjtvkqzén quvzviéj ntq¹00B,627523,&qxv}éjtqzwénllyqpén qu 3UHY0DS0RGH 6HW0DS0RGH &DQYDV+DQGOH00B,627523,& WU\ Ïxzjtvkqzéjounévrtjéjktuq[ 6HW:LQGRZ([W([ &DQYDV+DQGOHQLO Ïxzjtvkqzéjounévrtjwévnr|qqéjktuqvisjxzqrsqntzjvrtj 6HW9LHZSRUW([W([ &DQYDV+DQGOH&OLHQW:LGWK&OLHQW+HLJKWQLO Ïxzjtvkqztj·jsvrvvélqtjzvrtjwévnr|qqk|ntzénvisjxzqrsqntzj 6HW9LHZSRUW2UJ([ &DQYDV+DQGOH&OLHQW:LGWKGLY&OLHQW+HLJKWGLYQLO Ëjéqxvkjzwé¹uvymvstqrxqxwvsovkjtqnuznryq}yxzjtvkvr &DQYDV5HFWDQJOH ^Ïxzjtvkqzléymvpéjounévrtjwévnr|qqqtjéqxvkjzléymvpwé¹uvymvstqr Æwvstqzëzvnnzéqéjoj·zvitjéqxvkjttpwé¹uvymvstqr uv tvisvqxwvsovkjzls¹wénlxzjksntq¹vltvpwsvxrvxzqwévnr|qq kxqxznunx·nzéu¹rkjléjtzjuq` 6HW9LHZSRUW([W([ &DQYDV+DQGOH&OLHQW:LGWK&OLHQW+HLJKWQLO &DQYDV5HFWDQJOH 6HW9LHZSRUW([W([ &DQYDV+DQGOH&OLHQW:LGWK&OLHQW+HLJKWQLO &DQYDV5HFWDQJOH 6HW9LHZSRUW([W([ &DQYDV+DQGOH&OLHQW:LGWK&OLHQW+HLJKWQLO &DQYDV5HFWDQJOH Ëjéqxvkjzëssqwxk|ntzénvisjxzqrsqntzj &DQYDV(OOLSVH ILQDOO\ Ævxxzjtvkqzwénllyqpén quvzviéj ntq¹ 6HW0DS0RGH &DQYDV+DQGOH3UHY0DS0RGH HQG HQG
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
SURFHGXUH70DLQ)RUPPPL00B$16,7523,&&OLFN 6HQGHU 72EMHFW YDU 3UHY0DS0RGH ,QWHJHU EHJLQ &OHDU&DQYDV Ïxzjtvkqzén quvzviéj ntq¹00B$1,627523,&qxv}éjtqzwénllyqpén qu 3UHY0DS0RGH 6HW0DS0RGH &DQYDV+DQGOH00B$1,627523,& WU\ Ïxzjtvkqzéjounévrtjéjktuq[ 6HW:LQGRZ([W([ &DQYDV+DQGOHQLO Ïxzjtvkqzéjounévrtjwévnr|qqéjktuqëzvpvisjxzqrsqntzjvrtj 6HW9LHZSRUW([W([ &DQYDV+DQGOH&OLHQW:LGWK&OLHQW+HLJKWQLO Ïxzjtvkqztj·jsvrvvélqtjzvrtjwévnr|qqk|ntzénvisjxzqrsqntzj 6HW9LHZSRUW2UJ([ &DQYDV+DQGOH&OLHQW:LGWKGLY &OLHQW+HLJKWGLYQLO Ëjéqxvkjzwé¹uvymvstqrxqxwvsovkjtqnuznryq}yxzjtvkvr &DQYDV5HFWDQJOH ^Ïxzjtvkqzléymvpéjounévrtjwévnr|qqqtjéqxvkjzléymvpwé¹uvymvstqr Æwvstqzëzvnnzéqéjoj·zvitjéqxvkjttpwé¹uvymvstqr uv tvisvqxwvsovkjzls¹wénlxzjksntq¹vltvpwsvxrvxzqwévnr|qq kxqxznunx·nzéu¹rkjléjtzjuq` 6HW9LHZSRUW([W([ &DQYDV+DQGOH&OLHQW:LGWK&OLHQW+HLJKWQLO &DQYDV5HFWDQJOH 6HW9LHZSRUW([W([ &DQYDV+DQGOH&OLHQW:LGWK&OLHQW+HLJKWQLO &DQYDV5HFWDQJOH 6HW9LHZSRUW([W([ &DQYDV+DQGOH&OLHQW:LGWK&OLHQW+HLJKWQLO &DQYDV5HFWDQJOH Ëjéqxvkjzëssqwxk|ntzénvisjxzqrsqntzj &DQYDV(OOLSVH ILQDOO\ Ævxxzjtvkqzwénllyqpén quvzviéj ntq¹ 6HW0DS0RGH &DQYDV+DQGOH3UHY0DS0RGH HQG HQG SURFHGXUH70DLQ)RUPPPL00B/2(1*/,6+&OLFN 6HQGHU 72EMHFW EHJLQ 0DSSLQJ0RGH 00B/2(1*/,6+ 'UDZ0DS0RGH 6HQGHU HQG SURFHGXUH70DLQ)RUPPPL00B+,,1*/,6+&OLFN 6HQGHU 72EMHFW EHJLQ 0DSSLQJ0RGH 00B+,(1*/,6+ 'UDZ0DS0RGH 6HQGHU HQG SURFHGXUH70DLQ)RUPPPL00B/20(75,&&OLFN 6HQGHU 72EMHFW EHJLQ
=eZ\Z*',rjbnlub]jZnbdZ
0DSSLQJ0RGH 00B/20(75,& 'UDZ0DS0RGH 6HQGHU HQG SURFHGXUH70DLQ)RUPPPL00B+,0(75,&&OLFN 6HQGHU 72EMHFW EHJLQ 0DSSLQJ0RGH 00B+,0(75,& 'UDZ0DS0RGH 6HQGHU HQG HQG Ihe_]eZ\ghcnhjfu0DSSLQJ0RGHbkihevam_lky^eyojZg_gbyl_dms_]hj_`bfZhlh[jZ`_ gbydhlhjucbgbpbZebabjm_lky\f_lh^_)RUP&UHDWH mklZgh\dhcagZq_gby00B7(;7WlZi_ j_f_ggZy mklZgZ\eb\Z_lky ijb \uah\_ f_lh^h\ 00/2(1*/,6+&OLFN 00+,(1*/,6+&OLFN 00/20(75,&&OLFN b 00+,0(75,&&OLFN ba khhl\_lkl\mxsbo f_gx < wlbo f_lh^Zo aZl_f \uihegy_lkyh[jZs_gb_df_lh^m'UDZ0DS0RGH dhlhjuckgZqZeZmklZgZ\eb\Z_lj_`bfhlh [jZ`_gby]eZ\ghcnhjfujZ\gufagZq_gbxhij_^_ey_fhfmi_j_f_gghc0DSSLQJ0RGHZaZl_f jbkm_lg_kdhevdhnb]mjbijyfuobkihevamy^eyaZ^ZgbybojZaf_jh\agZq_gbydhgklZgl?k eb\ijhp_kk_jbkh\Zgbynb]mjbkihevamxlkyjZagu_j_`bfuhlh[jZ`_gbylhjZaf_juwlbo nb]mj[m^mljZaebqZlvkybaaZjZaguo_^bgbpbaf_j_gbybkihevam_fuo\dhgl_dkl_aZ^Zggh ]h j_`bfZ hlh[jZ`_gby GZ jbk b ihdZaZgu j_amevlZlu jZ[hlu f_lh^Z 'UDZ0DS0RGH \j_`bfZohlh[jZ`_gby00B/2(1*/,6+b00B/20(75,&
Jbk J_amevlZl jZ[hlu f_lh^Z 'UDZ0DS0RGH k bkihevah\Zgb_f j_`bfZ hlh[jZ`_gby00B/2(1*/,6+
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
Kihfhsvxf_lh^ZPPL00B,627523,&&OLFN ^_fhgkljbjm_lkyijhp_kkjbkh\ZgbygZdZg\_ nhjfu\j_`bf_00B,627523,&<wlhff_lh^_kgZqZeZmklZgZ\eb\Z_lkymdZaZggucj_`bfhlh [jZ`_gbyZaZl_fij_^_evgu_\_ebqbguhdgZijh_dpbbmklZgZ\eb\ZxlkyjZ\gufbjZaf_jZfh[ eZklbdeb_glZnhjfuIhke_wlh]h\p_glj_h[eZklbdeb_glZnhjfujZkiheZ]Z_lkygZqZehdhhj ^bgZlqlhiha\hey_lohjhrhijhkfZljb\Zlv\k_q_luj_d\Z^jZglZkbkl_fudhhj^bgZl Ihke_ \uiheg_gby ih^]hlh\bl_evguo hi_jZpbc wlhl f_lh^ jbkm_l \ dZ`^hc iehkdhklb ijh_dpbb ijyfhm]hevgbd Z \ p_glj_ h[eZklb deb_glZ² weebik H[jZlbl_ \gbfZgb_ gZ lh qlh^eyjbkh\ZgbyjZaebqguoh[eZkl_cdZg\ubkihevamxlkyh^gbbl_`_agZq_gbyiZjZf_l jh\ i_j_^Z\Z_fuo nmgdpbb &DQYDV5HFWDQJOH Wlh ^hklb]Z_lky aZ kq_l hljbpZl_evgh]h agZq_gbyeb[hiZjZf_ljZ;eb[hiZjZf_ljZ<eb[hkjZamh[hboiZjZf_ljh\i_j_^Z\Z_fuo nmgdpbb6HW9LHZ3RUW([W P_ev\dexq_gby\ijh_dlf_lh^ZPPL00B$1,627523,&&OLFN \uihegyxs_]hl_`_kZfu_ hi_jZpbb aZbkdexq_gb_fbkihevah\Zgbyj_`bfZ00B$1,627523,& khklhbl\^_fhgkljZpbb ijbgpbibZevguojZaebqbcf_`^mj_`bfZfbhlh[jZ`_gby00B,627523,&b00B$1,627523,& Ijb bkihevah\Zgbb j_`bfZ 00B,627523,& bgl_jn_ck :LQ ]ZjZglbjm_l ih h[_bf hkyf h^bg b lhl `_ nbabq_kdbc jZaf_j b \uihegy_l g_h[oh^bfu_ \ujZ\gb\Zgby Gh \ j_`bf_ 00B$1,627523,&bkihevamxlkynbabq_kdb_jZaf_judhlhju_\h[s_fkemqZ_fh]mlbg_[ulv h^bgZdh\ufb Wlh ohjhrh \b^gh gZ jbk b
Jbk J_amevlZl jZ[hlu f_lh^Z 'UDZ0DS0RGH k bkihevah\Zgb_f j_`bfZ hlh[jZ`_gby00B/20(75,&
=eZ\Z*',rjbnlub]jZnbdZ
JbkJ_amevlZlbkihevah\Zgbyj_`bfZ00B,627523,&
JbkJ_amevlZlbkihevah\Zgbyj_`bfZ00B$1,627523,&
(\|K~Qu^\{^Kww^N\zK~ GZijbf_j_ijb\h^bfhcgb`_ijh]jZffujbkh\Zgby^_fhgkljbjm_lkybkihevah\Zgb_g_kdhev dbo[he__keh`guof_lh^h\jZ[hlukbgl_jn_ckhf*',b]jZnbq_kdbfbbah[jZ`_gbyfbBkoh^ guc dh^ ijh_dlZ ij_^klZ\e_g \ ebklbg]_ Iheguc l_dkl ijh_dlZ ''*3DLQWGSU gZoh^blky gZ dhfiZdl^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
ªÇÐÑÇÌ®ÏÍÂÏ¿ËË¿ÏÇÐÍÁ¿ÌÇÞ''*3DLQW XQLW0DLQ)UP LQWHUIDFH XVHV
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
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
=eZ\Z*',rjbnlub]jZnbdZ
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Ìzréznvi~¹ksntq¹` 0RXVH2UJ 73RLQW ®éjtqzqt{véuj|qívu¡q 1H[W3RLQW 73RLQW ®éjtqzqt{véuj|qívu¡q 'UDZLQJ %RROHDQ Íéqotjrkwvstntq¹éqxvkjtq¹ 'UDZ7\SH 7'UDZ7\SH ®éjtqzqt{véuj|qívzqwnéqxvkjtq¹ 7'UDZ7\SH )LOO6HOHFWHGÍéqotjrojsqkrq{qmyé %RUGHU6HOHFWHG %RROHDQ Íéqotjréqxvkjtq¹{qmyéinoéjurq (UDVH&OLS5HFW %RROHDQ Ïrjokjnzyljs¹zqsqtnz kénojnupwé¹uvymvstqr 0RGLILHG %RROHDQ Íéqotjruvlq{qrj|qqqoviéj ntq¹ )LOH1DPH 6WULQJ ®éjtqzqu¹{jpsjqoviéj ntq¹ 2OG&OLS9LHZ+ZQG +ZQG ®éjtqzxzjévnvrtvwévxuvzéjiy{néjviuntj ^Ínénunttnkxzjkrqqoviéj ntq¹` 3%R[0RYLQJ %RROHDQ Íéqotjrwnénunntq¹vi~nrzj3DVWH%R[ 3%R[0RXVH2UJ 73RLQW ®éjtqzrvvélqtjzu¡qls¹ wnénunntq¹vi~nrzj3DVWH%R[ 3DVWH%LW0DS 7%LWPDS ®éjtqzéjxzévkvnqoviéj ntqn kxzjksntt}ljtt} 3DVWHG %RROHDQ Íéqotjrkxzjksntt}ljtt} /DVW'RW 73RLQW ®éjtqzrvvélqtjzy73RLQWls¹éqxvkjtq¹ wévqokvstvpsqtqq SURFHGXUH'UDZ7R,PDJH 7/%5 73RLQW 3HQ0RGH 73HQ0RGH ^êzjwév|nlyéjéqxynzqoviéj ntqnojljttvnwvsnu'UDZ7\SH ls¹rvuwvtntzjqoviéj ntq¹LPJ'UDZLQJ3DG` SURFHGXUH6HW'UDZLQJ6W\OH ^Æëzvpwév|nlyényxzjtjksqkjízx¹éjosq·tnxzqsqwnéjq rqxzq 3HQ%UXVK tjvxtvknotj·ntqpojljtt}xwvuví ësnuntzvkywéjksntq¹{véubs¹yxzjtvkrqëzq}otj·ntqp qxwvsoyízx¹wjtnsqqtxzéyuntzvkq|knzvkj¹xnzrj`
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
SURFHGXUH&RS\3DVWH%R[7R,PDJH ^êzjwév|nlyéjrvwqéynzljttnkxzjksnttnqoxqxznutvmviy{néj viuntj:LQGRZVkrvuwvtntzmsjktvmvqoviéj ntq¹LPJ'UDZLQJ3DG` SURFHGXUH:0'UDZ&OLS%RDUG YDU0VJ 7:0'UDZ&OLS%RDUG PHVVDJH:0B'5$:&/,3%2$5' ^êzvzviéjivz·qrxvvintqpwnén}kjzkjnzxvvintq¹:0B'5$:&/,3%2$5' rvzvénwvxsjízx¹kxnuvrtjulvijksnttuk|nwv·rywévxuvzéj iy{néjviuntjfwvuví{ytr|qq:LQ$3,6HW&OLS%RDUG9LHZHU síivnwéqsv ntqnuv nzlvijkqzxni¹këzy|nwv·rywvlvitvzvuy rjrëzvxlnsjtvk{ytr|qq)RUP&UHDWH ` SURFHGXUH&RS\&XW &XW %RROHDQ ^êzvzunzvlrvwqéynz·jxzmsjktvmvqoviéj ntq¹LPJ'UDZLQJ3DG kiy{néviuntj:LQGRZV` HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ XVHV&OLS%UGPDWK ^5 ')0` SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW ^Æëzvuunzvlnwvs¹{véuyxzjtjksqkjízx¹éjktuqotj·ntq¹ulnpxzkyíqu wvyuvs·jtqídjznuls¹rvuwvtntzjLPJ'UDZLQJ3DGxvoljnzx¹éjxzévkvn qoviéj ntqntjrvzvévukwvst¹nzx¹éqxvkjtqnÊtjrvtn|xwvuví {ytr|qq6HW&OLS%RDUG9LHZHU ljttvnwéqsv ntqnlvijks¹nzx¹rjr·jxz |nwv·rqwévxuvzéjiy{néjviuntj:LQGRZVÈsjmvljé¹ëzvuy{véunéjoén¡jnzx¹ wvsy·jzxvvintq¹:0B'5$:&/,3%2$5'rvzvénwvxsjízx¹kxnuvrtju ywvu¹tyzvp|nwv·rqwéquvlq{qrj|qqljtt}iy{néjviuntj` EHJLQ 6FUHHQ&XUVRUV>[email protected] /RDG&XUVRU K,QVWDQFH 029( )LOO6HOHFWHG )DOVH %RUGHU6HOHFWHG 7UXH 0RGLILHG )DOVH )LOH1DPH
3DVWHG )DOVH SE3DVWH%R[(QDEOHG )DOVH fvoljtqnéjxzéjls¹rvuwvtntzjLPJ'UDZLQJ3DGqyxzjtvkrjnmvméjtq| ZLWKLPJ'UDZLQJ3DGGR EHJLQ 6HW%RXQGV 3LFWXUH*UDSKLF 7%LW0DS&UHDWH 3LFWXUH*UDSKLF:LGWK 3LFWXUH*UDSKLF+HLJKW HQG fvoljtqnéjxzévkvmvqoviéj ntq¹ls¹xv}éjtntq¹kxzjksntt}ljtt}
=eZ\Z*',rjbnlub]jZnbdZ
3DVWH%LWPDS 7%LWPDS&UHDWH SE3DVWH%R[%ULQJ7R)URQW ^bvijksntqn{véuk|nwv·rywévxuvzéjiy{néjviuntj:LQGRZV fv}éjtntqnlnxréqwzvéjxsnlyínmvvrtjk|nwv·rnls¹zvmv·zvinmv uv tvisvkvxxzjtvkqzxwvuví{ytr|qq:LQ$3,&KDQJH&OLSERDUG&KDLQ kunzvlnëzvp{véu)RUP'HVWUR\ ` 2OG&OLS9LHZ+ZQG 6HW&OLS%RDUG9LHZHU +DQGOH HQG SURFHGXUH70DLQ)RUP:0'UDZ&OLS%RDUG YDU0VJ 7:0'UDZ&OLS%RDUG EHJLQ ^êzvzunzvlkokjnzx¹wéqsíivuqountntqqljtt}iy{néjviuntj Ívxrvsryk|nwv·rywévxuvzéjiy{néjviuntjisjlvijksntjmsjktj¹ {véujvtjwvsy·qzxvvintqn:0B'5$:&/,3%2$5'xqmtjsqoqéyínn viqountntqqljtt}iy{néjviuntj` LQKHULWHG ^Ïinlqznx·zvljttnxvlné jqnx¹kiy{nénviuntjlnpxzkqznstv ¹ks¹ízx¹ljttuqéjxzévkvmvqoviéj ntq¹` LI&OLS%RDUG+DV)RUPDW &)B%,70$3 WKHQ PPL3DVWH(QDEOHG 7UXH HOVH PPL3DVWH(QDEOHG )DOVH 0VJ5HVXOW HQG SURFHGXUH70DLQ)RUP'UDZ7R,PDJH 7/%5 73RLQW 3HQ0RGH 73HQ0RGH ^Æëzvuunzvlnkwvst¹nzx¹vwnéj|q¹éqxvkjtq¹ojljttj¹wvsnu'UDZ7\SH` EHJLQ ZLWKLPJ'UDZLQJ3DG&DQYDVGR EHJLQ 3HQ0RGH 3HQ0RGH FDVH'UDZ7\SHRI GW/LQH'UDZ EHJLQ 0RYH7R 7/;7/< /LQH7R %5;%5< HQG GW5HFWDQJOH 5HFWDQJOH 7/;7/<%5;%5< GW(OOLSVH (OOLSVH 7/;7/<%5;%5< GW5RXQG5HFW 5RXQG5HFW 7/;7/<%5;%5< 7/;%5; GLY 7/<%5< GLY GW&OLS5HFW 5HFWDQJOH 7/;7/<%5;%5< HQG HQG HQG SURFHGXUH70DLQ)RUP&RS\3DVWH%R[7R,PDJH
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
^êzvzunzvlrvwqéynzqoviéj ntqnkxzjksnttvnqoiy{néjviuntj:LQGRZV krvuwvtntzLPJ'UDZLQJ3DGftj·jsjyljs¹nzx¹vméjtq·qkjíqpwé¹uvymvstqr tjéqxvkjttpvi~nrzvuSE3DVWH%R[rvzvép¹ks¹nzx¹ëronuws¹évurvuwvtntzj 3DLQW%R[djznuqovi~nrzjSE3DVWH%R[ljttnrvwqéyízx¹krvuwvtntz LPJ'UDZLQJ3DGkwvoq|qqkrvzvéyíwnénzjqsqvi~nrzSE3DVWH%R[·néno rvuwvtntzLPJ'UDZLQJ3DGÍvxrvsrywéqwnénzjxrqkjtqq·jxzqvi~nrzj SE3DVWH%R[ojwénlnskqlquvpvisjxzq:LQGRZVtnvzviéj jnznnwéq}vlqzx¹ tnrvwqévkjzxvlné quvnrjtkvi~nrzjSE3DVWH%R[jqxwvsovkjz rjtkyvi~nrzj3DVWH%LWPDSfsnlvkjznstvty tvqxwvsovkjzkxzjksnttp éjxzéqotnkqlquvmvéjxzévkvmvqoviéj ntq¹` YDU 6UF5HFW'HVW5HFW 75HFW EHJLQ ftj·jsjxzqéjnuwé¹uvymvstqrtjéqxvkjttpvi~nrzvuSE3DVWH%R[ ZLWKSE3DVWH%R[GR EHJLQ &DQYDV3HQ0RGH SP1RW;25 &DQYDV3HQ6W\OH SV'RW &DQYDV%UXVK6W\OH EV&OHDU &DQYDV5HFWDQJOH :LGWK+HLJKW 'HVW5HFW 5HFW /HIW7RS/HIW:LGWK7RS+HLJKW 6UF5HFW 5HFW :LGWK+HLJKW HQG ^dlnxkunxzvvi~nrzjSE3DVWH%R[ty tvqxwvsovkjzvi~nrz 3DVWH%LWPDSwvxrvsryvi~nrzSE3DVWH%R[vzxn·nzkxnk}vl¹nn ojwénlnskqlquvpvisjxzq` LPJ'UDZLQJ3DG&DQYDV&RS\5HFW 'HVW5HFW3DVWH%LWPDS&DQYDV6UF5HFW SE3DVWH%R[9LVLEOH )DOVH SE3DVWH%R[(QDEOHG )DOVH 3DVWHG )DOVH Ìwnéj|q¹kxzjkrqkwvstntj HQG SURFHGXUH70DLQ)RUPLPJ'UDZLQJ3DG0RXVH'RZQ 6HQGHU 72EMHFW %XWWRQ 70RXVH%XWWRQ 6KLIW 76KLIW6WDWH ;< ,QWHJHU EHJLQ 0RGLILHG 7UXH Ïljsqzwé¹uvymvstqrvzxn·ntq¹nxsqvtistjéqxvkjt LI 'UDZ7\SH GW&OLS5HFW DQG(UDVH&OLS5HFWWKHQ 'UDZ7R,PDJH 0RXVH2UJ1H[W3RLQWSP1RW;25 HOVHLI 'UDZ7\SH GW&OLS5HFW WKHQ (UDVH&OLS5HFW 7UXH Ævxxzjtvksntqnéjoén¡ntq¹tjxzqéjtqn wé¹uvymvstqrjvzxn·ntq¹ ^cxsqéjxzéiskxzjksntqoiy{néjviuntjxrvwqéypznnmvtj qoviéj ntqnqyljsqznvi~nrz3DLQW%R[` LI3DVWHGWKHQ &RS\3DVWH%R[7R,PDJH 'UDZLQJ 7UXH fv}éjtntqnqt{véuj|qqxk¹ojttvpxu¡í 0RXVH2UJ 3RLQW ;<
=eZ\Z*',rjbnlub]jZnbdZ
1H[W3RLQW 0RXVH2UJ /DVW'RW 1H[W3RLQW Ìitvksntqnwnénunttvp/DVWGRWqoojwnénunntq¹u¡q LPJ'UDZLQJ3DG&DQYDV0RYH7R ;< HQG SURFHGXUH70DLQ)RUPLPJ'UDZLQJ3DG0RXVH0RYH 6HQGHU 72EMHFW 6KLIW 76KLIW6WDWH ;< ,QWHJHU ^Æëzvuunzvlnvwénlns¹nzx¹wénlxzv¹j¹vwnéj|q¹éqxvkjtq¹jojznu sqivkwvst¹nzx¹éqxvkjtqnwévqokvstvpsqtqqsqivkokjnzx¹unzvl 'UDZ7R,PDJHls¹éqxvkjtq¹ojljttvp{qmyé` EHJLQ LI'UDZLQJWKHQ EHJLQ LI'UDZ7\SH GW&URRNHGWKHQ EHJLQ LPJ'UDZLQJ3DG&DQYDV0RYH7R /DVW'RW;/DVW'RW< LPJ'UDZLQJ3DG&DQYDV/LQH7R ;< /DVW'RW 3RLQW ;< HQG HOVHEHJLQ 'UDZ7R,PDJH 0RXVH2UJ1H[W3RLQWSP1RW;RU 1H[W3RLQW 3RLQW ;< 'UDZ7R,PDJH 0RXVH2UJ1H[W3RLQWSP1RW;RU HQG HQG Ìitvksntqnxzévrqxvxzv¹tq¹kxvvzknzxzkqqxznrynpwvoq|qnpu¡q VWE0DLQ3DQHOV>@7H[W )RUPDW ; G< ' >;<@ HQG SURFHGXUH70DLQ)RUPLPJ'UDZLQJ3DG0RXVH8S 6HQGHU 72EMHFW %XWWRQ 70RXVH%XWWRQ 6KLIW 76KLIW6WDWH ;< ,QWHJHU EHJLQ LI'UDZLQJWKHQ ^djqzjwé¹uvymvstqrjvzxn·ntq¹vzéjoéy¡ntq¹y nquníq}x¹qoviéj ntqp` LIQRW 'UDZ7\SH GW&OLS5HFW WKHQ 'UDZ7R,PDJH 0RXVH2UJ3RLQW ;< SP&RS\ 'UDZLQJ )DOVH HQG SURFHGXUH70DLQ)RUPVE/LQH&OLFN 6HQGHU 72EMHFW EHJLQ ftj·jsjyljsquwé¹uvymvstqrvzxn·ntq¹nxsqëzvznryqpzqwéqxvkjtq¹ LI'UDZ7\SH GW&OLS5HFWWKHQ 'UDZ7R,PDJH 0RXVH2UJ1H[W3RLQWSP1RW;25 ^Ònwnéyxzjtvkquwvsn'UDZ7\SHkxvvzknzxzkqqxvotj·ntqnuvi~nrzj 76SHHG%XWWRQwnénljttukëzvzunzvldtj·ntq¹7DJrvuwvtntzj 76SHHG%XWWRQxvkwjljízxrvtrénztuotj·ntqnu7'UDZ7\SHqwvëzvuy xwvuvívwnéj|qqwéqknlntq¹zqwvkwvsí'UDZ7\SHyxwn¡tv tjotj·jnzx¹lnpxzkqznstvnotj·ntqnzqwj7'UDZ7\SH` LI6HQGHULV76SHHG%XWWRQWKHQ 'UDZ7\SH 7'UDZ7\SH 76SHHG%XWWRQ 6HQGHU 7DJ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
Ívojivzqux¹·zvixzqsGW&OLS5HFWtnxzqéjstjéqxvkjttvnéjtnn LI'UDZ7\SH GW&OLS5HFWWKHQEHJLQ (UDVH&OLS5HFW )DOVH HQG Ïxzjtvkquxzqséqxvkjtq¹ 6HW'UDZLQJ6W\OH HQG SURFHGXUH70DLQ)RUPFJ'UDZLQJ&RORUV&KDQJH 6HQGHU 72EMHFW ^êzvzunzvléqxynzwé¹uvymvstqrwénlxzjks¹¹|knzjojsqkrqqvikvlrq ls¹qtlqrj|qqkivéjwvsovkjznsnuvivq}|knzvkÌi~nrzSQO)J%J,QQHU qSQO)J%J%RUGHUquníqnzqw73DQHOVls¹lvxzq ntq¹ nsjnuvmv ë{{nrzjéjxwvsjmjízx¹vlqtwvkné}léymvmv` EHJLQ SQO)J%J,QQHU&RORU FJ'UDZLQJ&RORUV)RUH*URXQG&RORU SQO)J%J,QQHU&RORU FJ'UDZLQJ&RORUV%DFN*URXQG&RORU 6HW'UDZLQJ6W\OH HQG SURFHGXUH70DLQ)RUP6HW'UDZLQJ6W\OH ^Æëzvuunzvlnyxzjtjksqkjízx¹éjosq·tnxzqsqéqxvkjtq¹tjvxtvkn kivéjxlnsjttvmvtjwjtnsqSQO)LOO6W\OH vi~nrzzqwj73DQHO ls¹xzqsnpojsqkrqqvikvlrq` EHJLQ ZLWKLPJ'UDZLQJ3DGGR EHJLQ LI'UDZ7\SH GW&OLS5HFWWKHQ EHJLQ &DQYDV3HQ6W\OH SV'RW &DQYDV%UXVK6W\OH EV&OHDU &DQYDV3HQ&RORU FO%ODFN HQG HOVHLI)LOO6HOHFWHGWKHQ &DQYDV%UXVK6W\OH EV6ROLG HOVH &DQYDV%UXVK6W\OH EV&OHDU LI%RUGHU6HOHFWHGWKHQ &DQYDV3HQ6W\OH SV6ROLG HOVH &DQYDV3HQ6W\OH SV&OHDU LI)LOO6HOHFWHGDQG 'UDZ7\SH !GW&OLS5HFW WKHQ &DQYDV%UXVK&RORU SQO)J%J,QQHU&RORU LI'UDZ7\SH !GW&OLS5HFWWKHQ &DQYDV3HQ&RORU SQO)J%J,QQHU&RORU HQG HQG SURFHGXUH70DLQ)RUPPPL([LW&OLFN 6HQGHU 72EMHFW EHJLQ
=eZ\Z*',rjbnlub]jZnbdZ
&ORVH djkné¡ntqnéjivzwéqsv ntq¹ HQG SURFHGXUH70DLQ)RUPPPL6DYH)LOH&OLFN 6HQGHU 72EMHFW ^Æëzvuunzvlnqoviéj ntqnxv}éjt¹nzx¹k{jpsnojljttvuwnénunttvp )LOH1DPHËvnxsqqu¹{jpsjvrjokjnzx¹wyxzuls¹wvsy·ntq¹quntq {jpsjkokjnzx¹unzvl6DYH$V&OLFN` EHJLQ LI)LOH1DPH
WKHQ PPL6DYH$V&OLFN QLO HOVHEHJLQ LPJ'UDZLQJ3DG3LFWXUH6DYH7R)LOH )LOH1DPH VWE0DLQ3DQHOV>@7H[W )LOH1DPH 0RGLILHG )DOVH HQG HQG SURFHGXUH70DLQ)RUPPPL6DYH$V&OLFN 6HQGHU 72EMHFW ^êzvzunzvljrzqkqoqéynzlqjsvmvkvnvrtv6DYH'LDORJls¹wvsy·ntq¹ quntq{jpsjwénltjotj·nttvmvls¹xv}éjtntq¹xvlné quvmvqoviéj ntq¹` EHJLQ LI6DYH'LDORJ([HFXWHWKHQ EHJLQ )LOH1DPH 6DYH'LDORJ)LOH1DPH fv}éjtntqnquntq{jpsj PPL6DYH)LOH&OLFN QLO HQG HQG SURFHGXUH70DLQ)RUP)RUP&ORVH4XHU\ 6HQGHU 72EMHFW YDU&DQ&ORVH %RROHDQ ^cxsqwvsovkjznswvwzjnzx¹ojréz{véuytnxv}éjtqkqoviéj ntqn këzvuunzvlnnuyiylnzwénlsv ntvkxnzjrqxlnsjzëzv` YDU 5VOW :RUG EHJLQ &DQ&ORVH )DOVH Íénlwvsv quwévuj}wvsovkjzns¹ LI0RGLILHGWKHQEHJLQ 5VOW 0HVVDJH'OJ )LOHKDVFKDQJHGVDYH" PW&RQILUPDWLRQPE
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
YDU 5VOW :RUG EHJLQ LI0RGLILHGWKHQEHJLQ 5VOW 0HVVDJH'OJ )LOHKDVFKDQJHGVDYH" PW&RQILUPDWLRQ PE
VWE0DLQ3DQHOV>@7H[W )LOH1DPH HQG 6HW'UDZLQJ6W\OH Ævxxzjtvksntqnwénllynmvxzqs¹éqxvkjtq¹ 0RGLILHG )DOVH HQG SURFHGXUH70DLQ)RUPPPL2SHQ)LOH&OLFN 6HQGHU 72EMHFW ^Æëzvuunzvlnvzrékjnzx¹éjxzévkp{jpsojljttpxkvpxzkvu 2SHQ'LDORJ)LOH1DPHcxsq{jpsy nxvoljtwvsovkjznsíwénlsjmjnzx¹ xv}éjtqz{jpsls¹·nmvqkokjnzx¹viéjivz·qrxvizqpPPL6DYH)LOH&OLFN` YDU 5VOW :RUG EHJLQ LI2SHQ'LDORJ([HFXWHWKHQ EHJLQ LI0RGLILHGWKHQEHJLQ 5VOW 0HVVDJH'OJ )LOHKDVFKDQJHGVDYH" PW&RQILUPDWLRQPE@7H[W )LOH1DPH 0RGLILHG )DOVH HQG HQG
=eZ\Z*',rjbnlub]jZnbdZ
SURFHGXUH70DLQ)RUPPPL(GLW&OLFN 6HQGHU 72EMHFW ^Òjpunéqxwvsoynzx¹ls¹k¹xtntq¹zvmvviknlntjsqrjrj¹tqiylvisjxz msjktvmvqoviéj ntq¹vméjtq·qkjíquwé¹uvymvstqrvucxsqljzvësnuntz untí&RS\ Çvwqévkjz q&XW Æénojz jrzqktÆwévzqktvuxsy·jn vtqtnlvxzywt` YDU ,V5HFW %RROHDQ EHJLQ ,V5HFW 0RXVH2UJ; !1H[W3RLQW; DQG 0RXVH2UJ< !1H[W3RLQW< LI 'UDZ7\SH GW&OLS5HFW DQG,V5HFWWKHQ EHJLQ PPL&XW(QDEOHG 7UXH PPL&RS\(QDEOHG 7UXH HQG HOVHEHJLQ PPL&XW(QDEOHG )DOVH PPL&RS\(QDEOHG )DOVH HQG HQG SURFHGXUH70DLQ)RUP&RS\&XW &XW %RROHDQ ^Æëzvuunzvlnrvwqéynzx¹·jxzmsjktvmvqoviéj ntq¹kiy{néviuntj Çvwqéynuj¹visjxzojljnzx¹vméjtq·qkjíquwé¹uvymvstqrvutjmsjktvu qoviéj ntqqcxsqkiéjtjrvujtlj&XWzvvisjxzojrsí·nttj¹ kvméjtq·qkjíqpwé¹uvymvstqrxzqéjnzx¹` YDU &RS\%LW0DS 7%LWPDS 'HVW5HFW6UF5HFW 75HFW 2OG%UXVK&RORU 7&RORU EHJLQ &RS\%LW0DS 7%LW0DS&UHDWH WU\ ^Ïxzjtvkqzéjounérvwqéynuvmvéjxzéj vi~nrzj&RS\%LWPDS tjvxtvkn rvvélqtjzvméjtq·qkjínmvwé¹uvymvstqrj` &RS\%LW0DS:LGWK $EV 1H[W3RLQW;0RXVH2UJ; &RS\%LW0DS+HLJKW $EV 1H[W3RLQW<0RXVH2UJ< 'HVW5HFW 5HFW &RS\%LW0DS:LGWK&RS\%LWPDS+HLJKW 6UF5HFW 5HFW 0LQ 0RXVH2UJ;1H[W3RLQW; 0LQ 0RXVH2UJ<1H[W3RLQW< 0D[ 0RXVH2UJ;1H[W3RLQW; 0D[ 0RXVH2UJ<1H[W3RLQW< ^Çvwqévkjtqn·jxzqmsjktvmvqoviéj ntq¹viknlnttvpvméjtq·qkjíqu wé¹uvymvstqrvukiy{néviuntj:LQGRZV` &RS\%LW0DS&DQYDV&RS\5HFW 'HVW5HFWLPJ'UDZLQJ3DG&DQYDV6UF5HFW ^Æwénllyq}knéxq¹}'HOSKLty tvisvqxwvsovkjzxkvpxzkv éjxzéj+DQGOH·zvivinxwn·qzlvxzywrëzvuyéjxzéyêzvzénivkjtqn isvkokjtvrë¡qévkjtqnuéjxzévk}qoviéj ntqpÍvëzvuyxsnlyíj¹ qtxzéyr|q¹uv nzizqoizv·tvp` &RS\%LW0DS+DQGOH Ëjotj·ntqnqoviéj ntq¹iy{néyviuntj &OLS%RDUG$VVLJQ &RS\%LW0DS
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
^cxsqisjojljtjrvujtljkénorqkwvst¹nzx¹xzqéjtqn·jxzq msjktvmvqoviéj ntq¹viknlnttvpvméjtq·qkjíquwé¹uvymvstqrvu` LI&XWWKHQ ZLWKLPJ'UDZLQJ3DG&DQYDVGR EHJLQ 2OG%UXVK&RORU %UXVK&RORU %UXVK&RORU FO:KLWH WU\ )LOO5HFW 6UF5HFW ILQDOO\ %UXVK&RORU 2OG%UXVK&RORU HQG HQG ILQDOO\ &RS\%LW0DS)UHH HQG HQG SURFHGXUH70DLQ)RUPPPL&XW&OLFN 6HQGHU 72EMHFW EHJLQ &RS\&XW 7UXH HQG SURFHGXUH70DLQ)RUPPPL&RS\&OLFN 6HQGHU 72EMHFW EHJLQ &RS\&XW )DOVH HQG SURFHGXUH70DLQ)RUPPPL3DVWH&OLFN 6HQGHU 72EMHFW ^êzvzunzvlkwvst¹nzkxzjkryljtt}xvlné jq}x¹kiy{nénviuntj kéjxzékxzjkrq vi~nrz3DVWH%LWPDS rvzvép¹ks¹nzx¹ktnëréjttu éjxzévuêzvlnsjnzx¹ls¹zvmv·zviwvsovkjznsuvmwnénunxzqz kxzjks¹nuvnqoviéj ntqnksíivnunxzvmsjktvmvqoviéj ntq¹êzvénjsqoynzx¹ xwvuvívi~nrzjSE3DVWH%R[ëronuws¹éjrvuwvtntzj73DLQW%R[Çvmlj wvsovkjznséjounjnzk nsjnuvuunxznvi~nrzkxzjkrq SE3DVWH%R[ xvlné quvnvi~nrzj73DVWH%LWPDSrvwqéynzx¹kvi~nrzLPJ'UDZLQJ3DG kwvoq|qqojljttvpéjxwvsv ntqnuvi~nrzjSE3DVWH%R[` EHJLQ ^Ì·qxzrjvméjtq·qkjínmvwé¹uvymvstqrj` SE3DVWH%R[(QDEOHG 7UXH LI'UDZ7\SH GW&OLS5HFWWKHQ EHJLQ 'UDZ7R,PDJH 0RXVH2UJ1H[W3RLQWSP1RW;25 (UDVH&OLS5HFW )DOVH HQG 3DVWH%LWPDS$VVLJQ &OLS%RDUG dj}kjzljtt}qoiy{néjviuntj 3DVWHG 7UXH Ïxzjtvkrjwvoq|qqls¹kxzjksnttvmvqoviéj ntq¹kkné}tnusnkvuymsy SE3DVWH%R[/HIW
=eZ\Z*',rjbnlub]jZnbdZ
SE3DVWH%R[7RS Ïxzjtvkrjéjounévkvi~nrzjSE3DVWH%R[éjktuqéjounéju vi~nrzj3DVWH%LWPDS SE3DVWH%R[:LGWK 3DVWH%LWPDS:LGWK SE3DVWH%R[+HLJKW 3DVWH%LWPDS+HLJKW SE3DVWH%R[9LVLEOH 7UXH SE3DVWH%R[,QYDOLGDWH HQG SURFHGXUH70DLQ)RUPSE3DVWH%R[0RXVH'RZQ 6HQGHU 72EMHFW %XWWRQ 70RXVH%XWWRQ 6KLIW 76KLIW6WDWH ;< ,QWHJHU ^Æëzvuunzvlnviéjoynzx¹vi~nrzSE3DVWH%R[zqwj73DLQW%R[k wév|nxxnwnénunntq¹u¡qwéqtj jzvpnnsnkvprtvwrn` EHJLQ LI%XWWRQ PE/HIWWKHQ EHJLQ 3%R[0RYLQJ 7UXH 6FUHHQ&XUVRU FU0RYH 3%R[0RXVH2UJ 3RLQW ;< HQG HOVH 3%R[0RYLQJ )DOVH HQG SURFHGXUH70DLQ)RUPSE3DVWH%R[0RXVH0RYH 6HQGHU 72EMHFW 6KLIW 76KLIW6WDWH ;< ,QWHJHU ^êzvzunzvlwnénunjnzvi~nrzSE3DVWH%R[nxsqwéqotjr3%R[0RYLQJ éjknt7UXHjëzvotj·qz·zvwvsovkjznsylné qkjnzsnkyírtvwry u¡qqwnénzjxrqkjnzvi~nrz3DLQW%R[` EHJLQ LI3%R[0RYLQJWKHQ EHJLQ SE3DVWH%R[/HIW SE3DVWH%R[/HIW ;3%R[0RXVH2UJ; SE3DVWH%R[7RS SE3DVWH%R[7RS <3%R[0RXVH2UJ< HQG HQG SURFHGXUH70DLQ)RUPSE3DVWH%R[0RXVH8S 6HQGHU 72EMHFW %XWWRQ 70RXVH%XWWRQ 6KLIW 76KLIW6WDWH ;< ,QWHJHU EHJLQ ^êzvzunzvlojwénjnzwnénunntqnvi~nrzjSE3DVWH%R[rvmlj wvsovkjznsvzwyxrjnzsnkyírtvwryu¡q` LI3%R[0RYLQJWKHQ EHJLQ 3%R[0RYLQJ )DOVH 6FUHHQ&XUVRU FU'HIDXOW HQG SE3DVWH%R[5HIUHVK Ínénéqxvkrjvi~nrzjSE3DVWH%R[ HQG
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
SURFHGXUH70DLQ)RUPSE3DVWH%R[3DLQW 6HQGHU 72EMHFW ^Ìisjxzéqxvkjtq¹viéjoynzx¹rvmljwvsovkjznskiqéjnzkuntí rvujtlykxzjkrq 3DVWH Ævisjxzkxzjkrq vi~nrzSE3DVWH%R[rsjxxj 73DLQW%R[ rvwqéynzx¹xvlné quvnvi~nrzj3DVWH%LWPDSkrvzvévu}éjtqzx¹ qoviéj ntqnwvsy·nttvnqoiy{néjviuntjêzvlnsjnzx¹ls¹zvmv ·zviwvsovkjznsuvmzjr nwnénunjzëzvzvi~nrzwvwvkné}tvxzq msjktvmvqoviéj ntq¹béymquqxsvkjuqvi~nrzSE3DVWH%R[uv tvsqiv wnénlkqmjzsqivxrézwéqtnvi}vlquvxzq` YDU 'HVW5HFW6UF5HFW 75HFW EHJLQ Ìzviéj ntqnvisjxzqéqxvkjtq¹zvsrvwéqkivénvwnéj|qqkxzjkrq LI3DVWHGWKHQ EHJLQ ^cxsqvisjxzéqxvkjtq¹ivs¡ntnwnénunjnzx¹zvxtj·jsjrvwqéynzx¹ xvlné quvnvi~nrzj3DVWH%LWPDSxwvuví{ytr|qqrjtk&RS\5HFW êzvwvokvs¹nzyunt¡qzuné|jtqn` LIQRW3%R[0RYLQJWKHQ EHJLQ 'HVW5HFW 5HFW SE3DVWH%R[:LGWKSE3DVWH%R[+HLJKW 6UF5HFW 5HFW 3DVWH%LWPDS:LGWK3DVWH%LWPDS+HLJKW SE3DVWH%R[&DQYDV&RS\5HFW 'HVW5HFW3DVWH%LWPDS&DQYDV6UF5HFW HQG ^Ònwnérvwqéynuvméjtq·qkjíqpwé¹uvymvstqr·zviwvrjojz ·zvSE3DVWH%R[¹ks¹nzx¹lkq yqux¹vi~nrzvuÍéqëzvuqxwvsoynzx¹ én quwnéjSP1RW;25wvxrvsryrvmljwvsovkjznsxrvwqéynz xvlné quvnvi~nrzj3DLQW%R[tjmsjktvnqoviéj ntqnty tvxznénz ëzvzwé¹uvymvstqrtvxv}éjtqzwéqëzvunmvqx}vltvnxvlné quvn` SE3DVWH%R[&DQYDV3HQ0RGH SP1RW;25 SE3DVWH%R[&DQYDV3HQ6W\OH SV'RW SE3DVWH%R[&DQYDV%UXVK6W\OH EV&OHDU SE3DVWH%R[&DQYDV5HFWDQJOH SE3DVWH%R[:LGWKSE3DVWH%R[+HLJKW HQG HQG SURFHGXUH70DLQ)RUP)RUP'HVWUR\ 6HQGHU 72EMHFW EHJLQ Ïljsntqn{véuqo|nwv·rqiy{néjviuntj &KDQJH&OLS%RDUG&KDLQ +DQGOH2OG&OLS9LHZ+ZQG 3DVWH%LWPDS)UHH Ìxkviv lntqnëronuws¹éj3DVWH%LWPDS HQG HQG
¤Ky^Kx\}KQ}u^\{^KwwK^N\zK~ Ijh]jZffZjbkh\Zgbybf__l\gmrbl_evgu_jZaf_juIhkdhevdm[ueh [u ljm^gh jZatyk gylvjZ[hlmijh]jZffug_\b^y__l_dklZfu\klZ\bebh[rbjgu_ dhff_glZjbb ijyfh \ __ bkoh^gucdh^<wlhfjZa^_e_hibku\Zxlkyh[sb_ijbgpbiunmgdpbhgbjh\Zgbyijh]jZffu GZjbkihdZaZgZ__]eZ\gZynhjfZ
=eZ\Z*',rjbnlub]jZnbdZ
©¼Ë»ÍÃÍÀ½ÈÃÇ»ÈÃÀÈ»ÍÉÒÍɽŻÒÀÌͽÀÊɽÀËÐÈÉÌÍÃËÃÌɽ»ÈÃÚ¿ÆÚØÍÉÄÊËɾ˻ÇÇÖ ¼ÖÆ ÃÌÊÉÆ×Âɽ»È ɼÕÀÅÍ ÍÃÊ» 7,PDJH £ÇÀÄÍÀ ½ ½Ã¿Î ÒÍÉ ØÍÉ ¿ÉÊÎÌÍÃÇÉ ÍÉÆ×ÅÉ ½ ÌÆÎÒ»ÀÀÌÆÿÆÚÃÂɼ˻ÁÀÈÃÚÃÌÊÉÆ×ÂÎÀÍÌÚɼÕÀÅÍÍÃÊ»7%LWPDS
Jbk=eZ\gZynhjfZ^eyijh]jZffujbkh\Zgby
=eZ\gZynhjfZkh^_j`bldhfihg_gl]eZ\gh]hbah[jZ`_gbyLPJ'UDZLQJ3DG dhlhjuc jZa f_sZ_lkygZdhfihg_gl_lbiZ76FUROO%R[Dhfihg_glLPJ'UDZLQJ3DGij_^hklZ\ey_lih\_jo ghklvgZdhlhjhcihevah\Zl_ev\uihegy_ljbkh\Zgb_
8Kx\}KNuK~Q~N}^wQ~}\z Klbev aZeb\db b lbi ]jZgbp h[\h^db aZ^Z_lky k ihfhsvx i_j_dexqZl_ey )LOO 2SWLRQV P\_l aZeb\db b h[\h^db mklZgZ\eb\Zxlky k ihfhsvx iZeblju p\_lh\ &RORU3DQHO lZd`_ ihdZaZgghcgZjbk
oN}KzyK^KN}^\zg|K~~gxQ^K\xwQ~K >ey \klZ\db ^Zgguo ba [mn_jZ h[f_gZ bkihevam_lky \g_wdjZgguc jZklj 3DVWH%LW0DS ij_^gZagZq_gguc ^ey ojZg_gby \klZ\ey_fuo ^Zgguo : wda_fieyj dhfihg_glZ SE3DVWH%R[ bf_xsbc lbi 73DLQW%R[ kem`bl ^ey ihke_^mxs_c i_j_jbkh\db wlbo ^Zgguo ba jZkljZ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
3DVWH%LW0DS;eZ]h^Zjybkihevah\Zgbxi_j_\Zehqgh]himgdlZ\\b^_dhfihg_glZ73DLQW%R[ ihevah\Zl_evfh`_li_j_f_sZlvh[t_dlSE3DVWH%R[ih\k_cih\_joghklb]eZ\gh]hbah[jZ`_ gbyqlh[uhij_^_eblvdhgdj_lgh_f_klhdhibjh\Zgby\klZ\ey_fuo^Zgguo
³^N\Q|~Q~QyQu\yQu^\Nw\}^KxQ^K\xwQ~K NN}Qw?UZ < ijh]jZff_ jbkh\Zgby ihdZaZgh dZd ex[h_ ijbeh`_gb_ fh`_l \dexqblvky \ p_ihqdm ijh kfhljZ [mn_jZ h[f_gZ kbkl_fu :LQ Wlh \dexq_gb_ j_Zebah\Zgh \ f_lh^_ )RUP&UHDWH ih kj_^kl\hf h[jZs_gby d nmgdpbb :LQ $3, 6HW&OLSERDUG9LHZHU Nmgdpby 6HW&OLSERDUG9LHZHU ijbgbfZ_l^_kdjbilhjhdgZijbkh_^bgyxs_]hk_[ydwlhcp_ihqd_b\ha \jZsZ_l^_kdjbilhjmdZau\ZxsbcgZke_^mxs__hdgh\p_ib
¤\u^\zK~Q^KN}^K Hi_jZpbb dhibjh\Zgby \uihegyxlky \ f_lh^Zo &RS\&XW SE3DVWH%R[3DLQW b &RS\3DVWH%R[7R,PDJH F_lh^hf&RS\&XW \[mn_jh[f_gZdhibjm_lkyqZklv]eZ\gh]hbah [jZ`_gby \u^_e_ggZy h]jZgbqb\Zxsbf ijyfhm]hevgbdhf k ihke_^mxsbf klbjZgb_f wlhc h[eZklb _keb agZq_gb_ i_j_^Zggh]h iZjZf_ljZ &XW jZ\gh 7UXH < ijhlb\ghf kemqZ_ wlZ h[ eZklvhklZ_lkyg_ljhgmlhc F_lh^ 3E3DVWH%R[3DLQW dhibjm_l kh^_j`bfh_ ³\g_wdjZggh]h´ jZkljZ \ h[t_dl SE3DVWH%R[&DQYDV gh ihkdhevdm ihevah\Zl_ex jZaj_r_gh i_j_^\b]Zlv ih nhjf_ h[t_dl SE3DVWH%R[dhibjh\Zgb_ ^eymf_gvr_gbyf_jpZgby ijhbkoh^bllhevdh\lhfkemqZ_dh]^Z h[t_dlSE3DVWH%R[g_i_j_f_sZ_lky F_lh^&RS\3DVWH%R[7R,PDJH \uihegy_ldhibjh\Zgb_kh^_j`bfh]h³\g_wdjZggh]h´jZk ljZ\wda_fieyjdhfihg_glZ]eZ\gh]hbah[jZ`_gbyLPJ'UDZLQJ3DGijbq_f ihabpby dhibjh \Zgbyhij_^_ey_lkyh[t_dlhfSE3DVWH%R[
¤\wwQ~}K^u^\{^Kww^N\zK~ DZdmihfbgZehkv\ur_[hevrbgkl\h^_ckl\bc\uihegy_fuoijh]jZffhcihykgy_lky \ l_dkl_ kZfhc ijh]jZffu k ihfhsvx dhff_glZjb_\ Ihwlhfm bf__l kfuke \gbfZl_evgh jZkkfhlj_lv __ bkoh^guc dh^ h[jZsZy hkh[h_ \gbfZgb_ gZ ijb\_^_ggu_ dhff_glZjbb Wlhiha\heblemqr_ihgylvjZ[hlmijh]jZffu
³^\{^Kww^\zK~QK~wK <wlhfjZa^_e_ihdZaZghdZdh[t_^bgb\deZkku'HOSKLknmgdpbyfb:LQ*',fh`gh ^h[blvkyZgbfZpbbmijhs_ggh]hbah[jZ`_gbywevnZ<ebklbg]_ij_^klZ\e_gl_dkl]eZ\ ghc nhjfu ijh_dlZ $QLPDWHGSU iheguc l_dkl dhlhjh]h fh`gh gZclb gZ dhfiZdl^bkd_ ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
=eZ\Z*',rjbnlub]jZnbdZ
ªÇÐÑÇÌ¢ʿÁÌ¿ÞÓÍÏË¿ÎÏÍÄÉÑ¿ÐÍÆÿÌÇÞ¿ÌÇË¿ÕÇÇ XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV0HQXV6WGFWUOV $SS(YHQWV ^5635,7(65(6`Íéqk¹orjéjxzévk}qoviéj ntqprkwvst¹nuvuy{jpsy W\SH 76SULWH FODVV SULYDWH ):LGWK LQWHJHU )+HLJKW LQWHJHU )/HIW LQWHJHU )7RS LQWHJHU )$QG,PDJH)2U,PDJH 7%LW0DS SXEOLF SURSHUW\7RS ,QWHJHUUHDG)7RSZULWH)7RS SURSHUW\/HIW ,QWHJHUUHDG)/HIWZULWH)/HIW SURSHUW\:LGWK ,QWHJHUUHDG):LGWKZULWH):LGWK SURSHUW\+HLJKW ,QWHJHUUHDG)+HLJKWZULWH)+HLJKW FRQVWUXFWRU&UHDWH GHVWUXFWRU'HVWUR\ RYHUULGH HQG 70DLQ)RUP FODVV 7)RUP PP0DLQ 70DLQ0HQX PPL)LOH 70HQX,WHP PPL6ORZHU 70HQX,WHP PPL)DVWHU 70HQX,WHP 1 70HQX,WHP PPL([LW 70HQX,WHP DSSHY0DLQ 7$SSOLFDWLRQ(YHQWV SURFHGXUH)RUP&UHDWH 6HQGHU 72EMHFW SURFHGXUH)RUP3DLQW 6HQGHU 72EMHFW SURFHGXUH)RUP'HVWUR\ 6HQGHU 72EMHFW SURFHGXUHPPL([LW&OLFN 6HQGHU 72EMHFW SURFHGXUHPPL6ORZHU&OLFN 6HQGHU 72EMHFW SURFHGXUHPPL)DVWHU&OLFN 6HQGHU 72EMHFW SURFHGXUHDSSHY0DLQ,GOH 6HQGHU 72EMHFW YDU'RQH %RROHDQ SULYDWH %DFN*QG%DFN*QG 7%LW0DS 6SULWH 76SULWH *R/HIW*R5LJKW*R8S*R'RZQ ERROHDQ )6SHHG)6SHHG,QGLFDWRU ,QWHJHU SURFHGXUH'UDZ6SULWH HQG
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
FRQVW %DFN*URXQG %$&.%03 YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` FRQVWUXFWRU76SULWH&UHDWH EHJLQ LQKHULWHG&UHDWH ^fvoljtqnéjxzévkls¹}éjtntq¹qoviéj ntqpës{jrvzvéniylyz qxwvsovkjtwéqkwvstntqqvwnéj|qq$1'25ls¹xvoljtq¹jtquj|qq` )$QG,PDJH 7%LW0DS&UHDWH )$QG,PDJH/RDG)URP5HVRXUFH1DPH K,QVWDQFH $1' )2U,PDJH 7%LW0DS&UHDWH )2U,PDJH/RDG)URP5HVRXUFH1DPH K,QVWDQFH 25 /HIW 7RS +HLJKW )$QG,PDJH+HLJKW :LGWK )$QG,PDJH:LGWK HQG GHVWUXFWRU76SULWH'HVWUR\ EHJLQ )$QG,PDJH)UHH )2U,PDJH)UHH HQG SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW EHJLQ fvoljtqnqx}vltvmv{vtvkvmvqoviéj ntq¹ %DFN*QG 7%LW0DS&UHDWH ZLWK%DFN*QGGR EHJLQ /RDG)URP5HVRXUFH1DPH K,QVWDQFH %$&. 3DUHQW QLO 6HW%RXQGV :LGWK+HLJKW HQG fvoljtqnrvwqq{vtvkvmvqoviéj ntq¹ %DFN*QG 7%LW0DS&UHDWH %DFN*QG$VVLJQ %DFN*QG fvoljtqnqoviéj ntq¹ës{j
=eZ\Z*',rjbnlub]jZnbdZ
6SULWH 76SULWH&UHDWH Êtq|qjsqoj|q¹wnénuntt}tjwéjksntq¹ *R5LJKW 7UXH *R'RZQ 7UXH *R/HIW )DOVH *R8S )DOVH )VSHHG )6SHHG,QGLFDWRU Ïxzjtvkrjkxvzq¡qéqtvisjxzqrsqntzj{véu &OLHQW:LGWK %DFN*QG:LGWK &OLHQW+HLJKW %DFN*QG+HLJKW HQG SURFHGXUH70DLQ)RUP)RUP'HVWUR\ 6HQGHU 72EMHFW EHJLQ Ìxkviv lntqnkxn}vi~nrzvkxvoljtt}krvtxzéyrzvén{véu)RUP&UHDWH %DFN*QG)UHH %DFN*QG)UHH 6SULWH)UHH HQG SURFHGXUH70DLQ)RUP'UDZ6SULWH YDU 2OG%RXQGV 75HFW EHJLQ fv}éjtntqnméjtq|ës{jkvi~nrzn2OG%RXQGV ZLWK2OG%RXQGVGR EHJLQ /HIW 6SULWH/HIW 7RS 6SULWH7RS 5LJKW 6SULWH:LGWK %RWWRP 6SULWH+HLJKW HQG ^Ònwnéqount¹numéjtq|ës{j·zvivtlkqmjsx¹kvltvutjwéjksntqq qsqqount¹nutjwéjksntqnwéqxvwéqrvxtvkntqqxméjtq|juq{véu` ZLWK6SULWHGR EHJLQ LI*R/HIWWKHQ LI/HIW!WKHQ /HIW /HIW HOVHEHJLQ *R/HIW )DOVH *R5LJKW 7UXH HQG
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
LI*R'RZQWKHQ LI 7RS+HLJKW VHOI&OLHQW+HLJKWWKHQ 7RS 7RS HOVHEHJLQ *R'RZQ )DOVH *R8S 7UXH HQG LI*R8SWKHQ LI7RS!WKHQ 7RS 7RS HOVHEHJLQ *R8S )DOVH *R'RZQ 7UXH HQG LI*R5LJKWWKHQ LI /HIW:LGWK VHOI&OLHQW:LGWKWKHQ /HIW /HIW HOVHEHJLQ *R5LJKW )DOVH *R/HIW 7UXH HQG HQG ^fzqéjnuqx}vltvnqoviéj ntqnës{jtj{vtn%DFN*QGwyznu rvwqévkjtq¹wé¹uvymvstqrjqo{vtj%DFN*QG` ZLWK2OG%RXQGVGR %LW%OW %DFN*QG&DQYDV+DQGOH/HIW7RS5LJKW%RWWRP %DFN*QG&DQYDV+DQGOH/HIW7RS6UF&RS\ ^Ònwnééqxynuës{jtjktnëréjttvuéjxzén znuxjuuqoijks¹¹xvzuné|jtq¹` ZLWK6SULWHGR EHJLQ ^fvoljlqu·nétvnw¹ztvxxqsyëzvuës{jxwvuvívwnéj|qqsvmq·nxrvmvÊ kwvstnttvptjléjxzéjuq)$QG,PDJHq%DFN*QG` %LW%OW %DFN*QG&DQYDV+DQGOH/HIW7RS:LGWK+HLJKW )$QG,PDJH&DQYDV+DQGOH6UF$QG Æwvstquojsqkry·nétvmvw¹ztjqx}vltuq|knzjuqës{j %LW%OW %DFN*QG&DQYDV+DQGOH/HIW7RS:LGWK+HLJKW )2U,PDJH&DQYDV+DQGOH6UF3DLQW HQG ^Çvwqéynuës{jknmvtvkvpwvoq|qqtjrjtky{véuÍéqëzvu qxwvsoynzx¹wé¹uvymvstqrrvzvéptnutvmvivs¡n·nuty tvls¹ {qmyéës{jÒnuxjuuulviqkjnux¹ë{{nrzqktvmvxzqéjtq¹ës{j wyznunmvwnénojwqxqwvxsn·nmvéqxynutvkvmvës{jktvkvp wvoq|qqxwvuvívltvmvkovkj{ytr|qq%LW%OW` ZLWK2OG%RXQGVGR
=eZ\Z*',rjbnlub]jZnbdZ
%LW%OW &DQYDV+DQGOH/HIW7RS5LJKW%RWWRP %DFN*QG&DQYDV+DQGOH/HIW7RS6UF&RS\ HQG SURFHGXUH70DLQ)RUP)RUP3DLQW 6HQGHU 72EMHFW EHJLQ èqxynu{vtvkvnqoviéj ntqnwéqojréj¡qkjtqq{véu %LW%OW &DQYDV+DQGOH&OLHQW:LGWK&OLHQW+HLJKW %DFN*QG&DQYDV+DQGOH6UF&RS\ HQG SURFHGXUH70DLQ)RUPPPL([LW&OLFN 6HQGHU 72EMHFW EHJLQ &ORVH HQG SURFHGXUH70DLQ)RUPPPL6ORZHU&OLFN 6HQGHU 72EMHFW EHJLQ ,QF )6SHHG,QGLFDWRU HQG SURFHGXUH70DLQ)RUPPPL)DVWHU&OLFN 6HQGHU 72EMHFW EHJLQ LI)6SHHG,QGLFDWRU! WKHQ 'HF )6SHHG,QGLFDWRU HOVH )6SHHG,QGLFDWRU HQG SURFHGXUH70DLQ)RUPDSSHY0DLQ,GOH 6HQGHU 72EMHFW YDU'RQH %RROHDQ EHJLQ LI)6SHHG! )6SHHG,QGLFDWRUWKHQ EHJLQ 'UDZ6SULWH )6SHHG HQG HOVH LQF )6SHHG ^bvwyxrjnzkovk2Q,GOHlj nrvmljxvvintq¹kv·nénlq xvizqpwéqsv ntq¹vzxyzxzkyíz` 'RQH )DOVH HQG HQG :gbfZpbhgguc ijh_dl khklhbl ba nhgh\h]h bah[jZ`_gby b gZjbkh\Zggh]h gZ g_f wevnZ\\b^_e_lZxs_]h[ex^pZdhlhjh_i_j_f_sZ_lky\ij_^_eZoh[eZklbdeb_glZnh gZ Nhg ij_^klZ\e_g jZkljh\uf bah[jZ`_gb_f g_[Z k jZa[jhkZggufb ih g_fm a\_a^Zfb jbk
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
Jbk NhgZgbfZpbhggh]hijh_dlZ
Wevn khklZ\e_g ba ^\mo jZkljh\ jZaf_jhf K H gbo j_qv ihc^_l gb`_ Z ihdZ jZk kfhljbfqlhijhbkoh^bl\ijh]jZff_ < ijb\_^_gghf fh^me_ hij_^_ey_lky deZkk 76SULWH dhlhjuc kh^_j`bl ihey ij_^gZagZ q_ggu_ ^ey ojZg_gby ihabpbc wevnZ gZ bah[jZ`_gbb nhgZ b ^\Z h[t_dlZ lbiZ 7%LWPDS ^ey ojZg_gbyjZkljh\uobah[jZ`_gbcwevnZDhgkljmdlhj76SULWH&UHDWHkha^Z_lh[Zwda_fiey jZdeZkkZ7%LWPDSbaZ]jm`Z_l\gboj_Zevgu_jZkljuH[ZjZkljh\uo bah[jZ`_gby wevnZ b nhgh\ucjZkljkh^_j`Zlky\nZce_j_kmjkh\dhlhjucijb\yau\Z_lkydijh_dlmiml_f\dex q_gby\hkgh\ghcfh^mevke_^mxs_cbgkljmdpbb ^5635,7(65(6` Ihke_ aZ]jmadb jZkljZ mklZgZ\eb\Zxlky ]jZgbpu bah[jZ`_gby wevnZ >_kljmdlhj 76SULWH'RQHhk\h[h`^Z_lh[Zwda_fieyjZjZkljZ =eZ\gZynhjfZkh^_j`bl^\Zh[t_dlZlbiZ7%LWPDSh[t_dl76SULWHbbg^bdZlhjugZijZ\ e_gbc aZ^Zxsb_ ebgbx ^\b`_gby wevnZ Djhf_ lh]h \ ]eZ\ghc nhjf_ hij_^_e_g f_lh^ 'UDZ6SULWH ij_^gZagZq_gguc ^ey jbkh\Zgby bah[jZ`_gby wevnZ Dhfihg_gl 7$SSOLFDWLRQ(YHQWVy\ey_lkygh\ufdhfihg_glhfhgihy\bekylhevdh\'HOSKLbiha\hey _lk\yau\Zlvkykkh[ulbyfbh[t_dlZijbeh`_gby<ij_`gbo\_jkbyo'HOSKLih^h[gu_^_ckl \by fh`gh [ueh hkms_kl\eylv lhevdh \h \j_fy \uiheg_gby ijh]jZffu L_i_jv [eZ]h^Zjy wlhfm dhfihg_glm \k_ gZagZq_gby ^ey kh[ulbc h[t_dlZ $SSOLFDWLRQ fh`gh \uihegblv gZ wlZi_ ijh_dlbjh\Zgby < ^Zgghf kemqZ_ dhfihg_gl 7$SSOLFDWLRQ(YHQWV bkihevam_lky ^ey ihemq_gby^hklmiZdkh[ulbx2Q,GOHh[t_dlZ$SSOLFDWLRQ H[jZlbl_\gbfZgb_gZlhqlh^eymijZ\e_gbykdhjhklvxZgbfZpbbijbf_gyxlky^\_aZ djulu_i_j_f_ggu_²)6SHHGb)6SHHG,QGLFDWRUHgbbkihevamxlky\f_lh^_'UDZ6SULWH ^eyaZf_^e_gbyijhp_kkZZgbfZpbbgZ[he__[ukljh^_ckl\mxsbodhfivxl_jZo H[jZ[hlqbdkh[ulbc)RUP&UHDWH kha^Z_lh[Zwda_fieyjZdeZkkZ7%LWPDSbaZ]jm`Z_l\ dZ`^ucbagboh^ghblh`_jZkljh\h_bah[jZ`_gb_ aZq_f²jZa[_j_fkyqmlvgb`_ AZl_f kha^Z_lky wda_fieyj deZkkZ 76SULWH b mklZgZ\eb\Zxlky agZq_gby bg^bdZlhjh\ gZijZ\e_gbc GZdhg_ph[jZ[hlqbdkh[ulbcnhjfu)RUP&UHDWH baf_gy_ljZaf_junhjfu\khhl\_lkl\bb kjZaf_jZfbnhgh\h]hbah[jZ`_gby
=eZ\Z*',rjbnlub]jZnbdZ
F_lh^)RUP3DLQW \uihegy_ljbkh\Zgb_gZdZg\_nhgZ%DFN*QGZf_lh^)RUP'HVWUR\ hk\h[h`^Z_lwda_fieyjudeZkkh\7%LWPDSb76SULWH F_lh^0\,GOH(YHQW \uau\Z_lf_lh^'UDZ6SULWH dhlhjuci_j_f_sZ_lbjbkm_lwevnZ gZ kms_kl\mxs_f nhg_ Bf_ggh wlhl f_lh^ \uihegy_l [hevrmx qZklv \k_c jZ[hlu F_lh^ DSSOHY0DLQ,GOH \uau\Z_lky \kydbc jZa dh]^Z ijbeh`_gb_ i_j_oh^bl \ khklhygb_ h`b^Z gbyl_dh]^Zihevah\Zl_evg_\uihegy_lgbdZdbo^_ckl\bcgZdhlhju_ijbeh`_gbxke_^h \Zeh[uhlj_Z]bjh\Zlv F_lh^'UDZ6SULWH baf_gy_ljZkiheh`_gb_wevnZihhlghr_gbxdnhgm>eywlh]hlj_ [m_lky \uihegblv g_fZeh bgkljmdpbc² \_^v kgZqZeZ gm`gh kl_j_lv klZjh_ bah[jZ`_gb_ wevnZZaZl_fgZjbkh\Zlv_]hgZgh\hff_kl_khojZgb\p\_lnhgZ\hdjm]j_Zevgh]hbah[jZ `_gbywevnZDjhf_lh]hf_lh^'UDZ6SULWH ^he`_g\uihegblvwlb^_ckl\by[_af_jpZgby >ey ^hklb`_gby ihklZ\e_gguo p_e_c ijhp_kk jbkh\Zgby \uihegy_lky gZ ³\g_wdjZgghf´ jZklj_%DFN*QGJZklju%DFN*QGb%DFN*QGy\eyxlkylhqgufbdhibyfbnhgh\h]hbah[jZ `_gbyh^gZdh%DFN*QGgbdh]^Zg_fh^bnbpbjm_lky ihwlhfm_]hfh`ghgZa\Zlvqbklhcdh ib_c nhgZ Ih aZ\_jr_gbb jbkh\Zgby fh^bnbpbjh\ZggZy h[eZklv jZkljZ %DFN*QG dhibjm _lkygZdZg\mnhjfuWlhiha\hey_laZh^ghh[jZs_gb_dnmgdpbb%LW%OW \uihegblvdZd klbjZgb_gZdZg\_nhjfuklZjh]hbah[jZ`_gbylZdbjbkh\Zgb_wevnZ\gh\hcihabpbbDZ db_`_hi_jZpbb\uihegyxlkykjZkljhf%DFN*QG"
JbkJZklj)$QG,PDJH^eywevnZ
±¿ÀÊÇÕ¿ÎÄÏ¿ÕÇÞ$1'ÐÖÄÏÌÚËÕÁÄÑÍË ³ÍÌ
¦Ì¿ÖÄÌÇÄ
%DFN*QG
¨ÀÅÉÍÉËÖÄѽÀÍ
)$QG,PDJH
²ÀËÈÖÄ
«ÀÂÎÆ×Í»Í
²ÀËÈÖÄ
µÁÄÑ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
±¿ÀÊÇÕ¿ÎÄÏ¿ÕÇÞ$1'ÐÀÄÊÚËÕÁÄÑÍË ³ÍÌ
¦Ì¿ÖÄÌÇÄ
µÁÄÑ
%DFN*QG
¨ÀÅÉÍÉËÖÄѽÀÍ
)$QG,PDJH
ÀÆÖÄ
«ÀÂÎÆ×Í»Í
¨ÀÅÉÍÉËÖÄѽÀÍ
Wlb lZ[ebpu ihdZau\Zxl dZd \uiheg_gb_ hi_jZpbb eh]bq_kdh]h B ijb\h^bl d aZq_jg_ gbx h[eZklb aZgbfZ_fhc wevnhf gZ jZklj_ %DFN*QG < lZ[e klhe[_p ³AgZq_gb_´ ij_^ klZ\ey_lp\_libdk_ey?kebibdk_evgZjZklj_%DFN*QGkh^_j`blg_dhlhjucijhba\hevguc p\_llhh[t_^bg_gb_wlh]hp\_lZkq_jgufijbbkihevah\Zgbbhi_jZlhjZ$1'aZklZ\bl^Zg gucibdk_eviheghklvxihq_jg_lv:gZeh]bqgZyhi_jZpby\uiheg_ggZygZ^l_f`_p\_lhfb Z[khexlgh [_euf _]h ³dhee_]hc´ gbdZd g_ hljZablky gZ bkoh^ghf p\_l_ dZd \b^gh \ lZ[e:ihkdhevdmp\_lnhgZgZdhlhjhfgZoh^bekywevn\jZklj_)$QG,PDJH[ue[_euf lhibdk_ebgZjZklj_%DFN*QGdhibjmxlky[_abaf_g_gbybop\_lh\ Ihke_dhibjh\ZgbyjZkljZ)$QG,PDJH\h[t_dl%DFN*QGjZklj)2U,PDJH^he`_g[ulvkdhib jh\Zg\lh`_kZfh_f_klhjZkljZ%DFN*QGqlh[uaZihegblvq_jgh_iylghkha^Zggh_h[t_^b g_gb_fjZkljZ)$QG,PDJHkj_Zevgufbp\_lZfbwevnZJZklj)2U,PDJHlZd`_bf__lijyfhm]hev gbdhdjm`Zxsbcj_Zevgh_bah[jZ`_gb_wevnZB\gh\vfuklZedb\Z_fkykaZ^Zq_cihemq_gby p\_lh\wevnZ^eyjZkljZ%DFN*QGbh^gh\j_f_ggufkhojZg_gb_fp\_lh\wlh]hjZkljZ\h[eZklb hdjm`Zxs_cwevnWlh^hklb]Z_lkyiml_fh[t_^bg_gbyjZkljh\)2U,PDJHb%DFN*QGkbkihev ah\Zgb_fhi_jZlhjZ25 eh]bq_kdh_BEB JZklj)2U,PDJHihdZaZggZjbk
JbkJZklj)2U,PDJH
H[jZlbl_\gbfZgb_gZlhqlhh[eZklvhdjm`ZxsZybah[jZ`_gb_wevnZhdjZr_gZ\q_j gucp\_l<lZ[eihdZaZguj_amevlZlu\uiheg_gbyhi_jZpbbBEBkjZkljZfb)2U,PDJHb %DFN*QG
±¿ÀÊÇÕ¿ÎÄÏ¿ÕÇÞ25ÐÖÄÏÌÚËÕÁÄÑÍË ³ÍÌ
¦Ì¿ÖÄÌÇÄ
µÁÄÑ
%DFN*QG
¨ÀÅÉÍÉËÖÄѽÀÍ
)2U,PDJH
²ÀËÈÖÄ
«ÀÂÎÆ×Í»Í
¨ÀÅÉÍÉËÖÄѽÀÍ
=eZ\Z*',rjbnlub]jZnbdZ
Ba lZ[e ke_^m_l qlh _keb jZklj %DFN*QG kh^_j`bl ijhba\hevguc p\_l lh ihke_ hi_jZpbbeh]bq_kdh]hkeh`_gbykq_jgufp\_lhfhklZg_lkylhl`_p\_ljZkljZ%DFN*QG GZihfgbfqlh\k_jbkh\Zgb_\uihegy_lkygZ³\g_wdjZgghf´jZklj_IhaZ\_jr_gbbjb kh\Zgby^hklZlhqghlhevdhh^gh]hh[jZs_gbydnmgdpbb%LW%OW qlh[ukl_j_lvbkdhibjh \Zlvbah[jZ`_gb_wevnZ < hibkZgghf kihkh[_ kha^Zgby ZgbfZpbb g_l gbq_]h g_h[uqgh]h
º^}u\z
Q~~\vN\~\N} G_kfhljygZlhqlhkihfhsvx[b[ebhl_db9&/fh`ghhlghkbl_evghe_]dhfZgbimebjh\Zlv rjbnlZfb \ g_c g_ ij_^mkfhlj_gh klhev h[rbjgh]h gZ[hjZ nmgdpbc hlh[jZ`_gby rjbnlh\ dZdbfb jZkiheZ]Z_l bgl_jn_ck :LQ $3, < wlhf jZa^_e_ ij_^hklZ\e_gu [Zah\u_ k\_^_gby h rjbnlZobf_lh^ZofZgbimebjh\Zgbybfbij_^hklZ\ey_fuobgl_jn_ckhf:LQ$3,
µu
^}\zzNN}QwQ?UZ Kms_kl\m_l ^\Z hkgh\guo lbiZ rjbnlh\ \ kbkl_f_ :LQ rjbnlu *', b rjbnlu mkl jhckl\I_j\u_khojZgyxlky\nZceZoj_kmjkh\bbf_xljZkrbj_gb_IRQ ^eyjZkljh\uob \_dlhjguo rjbnlh\ beb WRW b WWI ^ey rjbnlh\ 7UXH7\SH
6N~\z~QQwQ~}
^}\z Ij_`^_q_fgZmqblvkyihevah\ZlvkyjZaebqgufbrjbnlZfb\kbkl_f_:LQke_^m_lih agZdhfblvkykl_jfbgZfbbwe_f_glZfbkgbfbk\yaZggufb
pK^~}^KNQwQvN}zKQ|~wQ^Q~
^}\z Ij_^klZ\vl_ k_[_ rjbnl lhevdh dZd g_dmx dZjlbgdm beb agZd hij_^_eyxsbc kbf\he Wlhlkbf\hebf__l^\_oZjZdl_jbklbdb ]ZjgblmjmbjZaf_j <kbkl_f_:LQ]ZjgblmjZrjbnlZk\yau\Z_lkykhklbe_frjbnlZb_]hjZaf_jhf
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
AZk_qdZ²wlhfZe_gvdZyebgby\gZqZe_bebdhgp_]eZ\guoebgbcrjbnlZdhlhju_ijb ^Zxl _fm aZdhgq_gguc \b^ Rljbo² wlh hkgh\gZy ebgby hij_^_eyxsZy rjbnl Wlb ^\_ hkh[_gghklbihdZaZgugZjbk
JbkAZk_qdZbrljbo
JZaebqgu_k_f_ckl\Zrjbnlh\bbolbibqgu_ij_^klZ\bl_ebijb\_^_gu\lZ[e
±¿ÀÊÇÕ¿°ÄËÄÈÐÑÁ¿×ÏÇÓÑÍÁÇÇÔÑÇÎÇÖÌÚÄÎÏÄÃÐÑ¿ÁÇÑÄÊÇ °ÄËÄÈÐÑÁÍ×ÏÇÓÑÍÁ
±ÇÎÇÖÌÚÄ×ÏÇÓÑÚ
'HFRUDWLYH
¨À¿»½ÈɽÖÊÎÓÀÈÈÖÀÓËÃÏÍÖ 2OG(QJOLVK
0RGHUQ
³ËÃÏÍÖÌÊÉÌÍÉÚÈÈÉÄÍÉÆÔÃÈÉÄÓÍËÃлÃÇÀÙÔÃÀÃÆÃÈÀÃÇÀÙÔÃÀ»ÌÀÒÅà 3LFD(OLWH&RXULHU1HZ
5RPDQ
³ËÃÏÍÖÌÊÀËÀÇÀÈÈÉÄÍÉÆÔÃÈÉÄÓÍËÃлûÌÀÒÅ»Çà 7LPHV1HZ5RPDQ 1HZ&HQWXU\6FKRRO%RRN
6FULSW
³ËÃÏÍÖÅÉÍÉËÖÀ½Ö¾ÆÚ¿ÚÍÅ»ÅËÎÅÉÊÃÌÈÖÀ 6FULSW&XUVLYH
6ZLVV
³ËÃÏÍÖÌÊÀËÀÇÀÈÈÉÄÍÉÆÔÃÈÉÄÓÍËÃлÈɼÀ»ÌÀÒÀÅ $ULDO+HOYHWLFD
JZaf_j rjbnlZ hij_^_ey_lky \ imgdlZo Imgdl jZ\_g ^xcfZ
JbkAgZq_gbyjZaf_jguoiZjZf_ljh\kbf\heh\
<lZ[e jZatykgy_lkyagZq_gb_jZaebqguojZaf_jguoiZjZf_ljh\kbf\heh\
±¿ÀÊÇÕ¿ ¯¿ÆËÄÏÌÚÄοϿËÄÑÏÚÐÇËÁÍÊÍÁ ®¿Ï¿ËÄÑÏ
¦Ì¿ÖÄÌÇÄ
£ÈÍÀËÆÃÈ×ÚÁ ([WHUQDOOHDGLQJ
«»ÌÌÍÉÚÈÃÀÇÀÁ¿ÎÆÃÈÃÚÇÃÍÀÅÌÍ»
ªÆÀÒÉ ,QWHUQDOOHDGLQJ
«»ÂÈÃÑ»ÇÀÁ¿Î½ÖÌÉÍÉÄÂÈ»ÒÅ»ÌÃǽÉƻýÖÌÉÍÉÄÚÒÀÄÅÃ
ÖÌÉͻȻ¿ÌÍËÉÒÈɾÉØÆÀÇÀÈÍ»
«»ÌÌÍÉÚÈÃÀÉͼ»ÂɽÉÄÆÃÈÃÿɽÀËÓÃÈÖÚÒÀÄÅÃÌÃǽÉÆ»
ÖÌÉÍ»ÊÉ¿ÌÍËÉÒÈɾÉØÆÀÇÀÈÍ»
«»ÌÌÍÉÚÈÃÀÉͼ»ÂɽÉÄÆÃÈÃÿÉÉÌÈɽ»ÈÃÚÚÒÀÄÅÃÌÃǽÉÆ»
«»ÂÇÀ˽ÊÎÈÅÍ»Ð
ÖÌÉÍ»ÌÃǽÉÆ»ÇÃÈÎÌÂÈ»ÒÀÈÃÀWP,QWHUQDO/HDGLQJ
ÖÌÉÍ»
¬ÎÇÇ»ÂÈ»ÒÀÈÃÄÈ»¿ÌÍËÉÒÈɾÉÊÉ¿ÌÍËÉÒÈɾÉØÆÀÇÀÈÍɽÃÊÆÀÒ»
»Âɽ»ÚÆÃÈÃÚ
¦ÃÈÃÚÈ»ÅÉÍÉËÉÄË»ÌÊÉÆ»¾»ÙÍÌÚÌÃǽÉÆÖ
=eZ\Z*',rjbnlub]jZnbdZ
¤K}Q{\^
^}\z-)/ Kms_kl\m_l ljb hl^_evgu_ dZl_]hjbb rjbnlh\ *', jZkljh\u_ \_dlhjgu_ dhlhju_ lZd`_gZau\Zxlkyrljboh\ufb brjbnlu7UXH7\SHI_j\u_^\_dZl_]hjbbkms_kl\h\Z ebb\[he__klZjuo\_jkbyo:LQGRZVZlj_lvy\i_j\u_ihy\beZkvlhevdh\:LQGRZV
8KN}^\zQ
^} JZkljh\u_ rjbnlu ij_^klZ\eyxl kh[hc [blh\u_ fZljbpu jZklju ij_^mkfhlj_g gu_ ^ey dhgdj_lgh]h jZaj_r_gby beb dhwnnbpb_glZ k`Zlby hlghr_gb_ \ukhlu b rbjbguibdk_ey^Zggh]hmkljhckl\Z bjZaf_jZrjbnlZIhkdhevdmwlbrjbnlukha^Z xlky k hij_^_e_gguf jZaf_jhf kbkl_fZ :LQ fh`_l kbgl_abjh\Zlv gZ bo hkgh\_ gh \uc rjbnl lj_[m_fh]h jZaf_jZ gh lhevdh \ lhf kemqZ_ dh]^Z ba f_gvr_]h ih jZaf_jm rjbnlZ gm`gh k^_eZlv [hevrbc H[jZlguc kbgl_a g_\hafh`_g ihkdhevdm ]_g_jZpby rjbnlh\ hkms_kl\ey_lky \ kbkl_f_ :LQ iml_f m^\h_gby kljhd b klhe[ph\ khklZ\ eyxsbo bkoh^guc jZklj rjbnlZ JZkljh\ufb rjbnlZfb m^h[gh ihevah\Zlvky dh]^Z lj_[m_fucjZaf_jhlghkblkydqbkembkoh^guojZaf_jh\<wlhfkemqZ_hgbohjhrh\u ]ey^yl b bf_xl [hevrmx kdhjhklv hlh[jZ`_gby H^gZdh bo \g_rgbc \b^ agZqbl_evgh mom^rZ_lky ijb m\_ebq_gbb jZaf_jZ dZd ihdZaZgh gZ jbk gZ dhlhjhf ijb\_^_g ijbf_jkbf\heZrjbnlZ6\VWHPkbkl_fu:LQ
oQy}\^~Q
^} <_dlhjgu_rjbnlu\ijhlb\hiheh`ghklvjZkljh\uf]_g_jbjmxlky\kbkl_f_:LQk ihfhsvx gZ[hjZ ebgbc kha^Z\Z_fuo nmgdpbyfb *', Hgb hlebqZxlky ]hjZa^h emqrbfb j_amevlZlZfb fZkrlZ[bjh\Zgby gh ^ey gbo oZjZdl_jgZ [he__ gbadZy iehlghklv ijb hlh [jZ`_gbb ^ey dh]hlh wlhl nZdlhj fh`_l kem`blv iexkhf Z ^ey dh]hlh² fbgmkhf Djhf_lh]h[ukljh^_ckl\b_\_dlhjguorjbnlh\]hjZa^hgb`_ihkjZ\g_gbxkjZkljh\u fbD\_dlhjgufrjbnlZfemqr_\k_]hh[jZsZlvkyijbbkihevah\Zgbbiehll_jh\ghhgb g_ih^hc^ml^eybkihevah\Zgby\bgl_jn_ckZoihevah\Zl_e_cLbibqguc\_dlhjgucrjbnl ihdZaZggZjbk
º^}<`cP
JbkJZkljh\ucrjbnl
Jbk<_dlhjgucrjbnl
JbkRjbnl7UXH7\SH
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
6}\x^KQ~Q^K~g}u\z
^}\z < ij_^u^msbo jZa^_eZo [ueb baeh`_gu h[sb_ dhgp_ipbb dZkZxsb_ky rjbnlh\ :LQGRZV?keb\uaZbgl_j_kh\Zgu\[he__ih^jh[ghfbamq_gbbwlhcl_fuh[jZlbl_kvdbg l_jZdlb\ghc kijZ\hqghc kbkl_f_ :LQ jZa^_e ³)RQWV 2YHUYLHZ´ : l_i_jv gZklZeh \j_fy magZlvdZdbkihevah\Zlvnmgdpbb:LQ$3,bkljmdlmju'HOSKL^eykha^Zgbybhlh[jZ`_ gbyrjbnlh\ex[hcnhjfubjZaf_jZ
³^wQ^N\|K~
^}K < ijb\_^_gghf gb`_ ijbf_j_ ^_fhgkljbjm_lky ijhp_kk j_ZebaZpbb jZaebqguo lbih\ rjbnlh\\:LQGRZV<wlhfijh_dl_lZd`_ihdZaZghdZdihemqblvbgnhjfZpbx h dhgdj_l ghfrjbnl_Ijh_dlgZau\Z_lky0DNH)RQWGSU²l_dkl_]hgZoh^blkygZdhfiZdl^bkd_ijb eZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
¤Ky^Kx\}KQ}}\}u^\Qy} GZ ]eZ\ghc nhjf_ \u[bjZxlky jZaebqgu_ Zljb[mlu rjbnlh\ dhlhju_ ij_^iheZ]Z_lky bkihevah\Zlvijbkha^Zgbbgh\h]hrjbnlZIjbdZ`^hfbaf_g_gbbagZq_gbyex[h]hbaZljb [mlh\ rjbnlZ gh\uc \ZjbZgl _]h gZq_jlZgby hlh[jZ`Z_lky \ dhfihg_gl_ 73DLQW%R[
Jbk=eZ\gZynhjfZkha^ZgbyrjbnlZ
=eZ\Z*',rjbnlub]jZnbdZ
ªÇÐÑÇÌ ®ÏÍÄÉÑÐÍÆÿÌÇÞ×ÏÇÓÑ¿ XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV6WG&WUOV([W&WUOV0DVN6SLQ FRQVW Îjxxqkotj·ntqp7/2*)217OI&KDU6HW &KDU6HW$UUD\ DUUD\>@RIE\WH $16,B&+$56(7'()$8/7B&+$56(7 6<0%2/B&+$56(76+,)7-,6B&+$56(72(0B&+$56(7 Îjxxqkotj·ntqp7/2*)217OI:HLJKW :HLJKW$UUD\ DUUD\> @RILQWHJHU ):B'217&$5():B7+,1):B(;75$/,*+7):B/,*+7):B1250$/):B0(',80 ):B6(0,%2/'):B%2/'):B(;75$%2/'):B+($9< Îjxxqkotj·ntqp7/2*)217OI2XW3UHFLVLRQ 2XW3UHF$UUD\ DUUD\>@RIE\WH 287B'()$8/7B35(&,6 287B675,1*B35(&,6287B&+$5$&7(5B35(&,6287B6752.(B35(&,6 287B77B35(&,6287B'(9,&(B35(&,6287B5$67(5B35(&,6 287B77B21/@RIE\WH ))B'217&$5())B520$1 ))B6:,66))B02'(51))B6&5,37))B'(&25$7,9( Îjxxqkotj·ntqplky}usjl¡q}éjoé¹lvk7/2*)217OI3LWFK$QG)DPLO\ 3LWFK$UUD\ DUUD\>@RIE\WH '()$8/7B3,7&+),;('B3,7&+ 9$5,$%/(B3,7&+ Îjxxqkotj·ntqp7/2*)217OI&OLS3UHFLVLRQ &OLS3UHF$UUD\ DUUD\>@RIE\WH &/,3B'()$8/7B35(&,6 &/,3B&+$5$&7(5B35(&,6&/,3B6752.(B35(&,6&/,3B0$6.&/,3B/+B$1*/(6 &/,3B77B$/:$<6&/,3B(0%(''(' Îjxxqkotj·ntqp7/2*)217OI4XDOLW\ 4XDOLW\$UUD\ DUUD\>@RIE\WH '()$8/7B48$/,7<'5$)7B48$/,7< 3522)B48$/,7< W\SH 70DLQ)RUP FODVV 7)RUP OEO+HLJKW 7/DEHO OEO:LGWK 7/DEHO JE(IIHFWV 7*URXS%R[ FE[,WDOLF 7&KHFN%R[
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
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djréznvi~¹ksntq¹` )/RJ)RQW 7/RJ)RQW )+)RQW +)RQW SURFHGXUH0DNH)RQW SURFHGXUH6HW'HIDXOWV SXEOLF ^Ìzréznvi~¹ksntq¹` HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ XVHV)RQW,QIR)UP ^5 ')0`
=eZ\Z*',rjbnlub]jZnbdZ
SURFHGXUH70DLQ)RUP0DNH)RQW EHJLQ Ì·qjnuxvlné quvn)/RJ)RQW )LOO&KDU )/RJ)RQWVL]HRI 7/RJ)RQW Ïxzjtjksqkjnuwvs¹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f·qzkjnuzéniynup¡éq{z )+)RQW &UHDWH)RQW,QGLUHFW )/RJ)RQW Íéqxkjqkjnuotj·ntqnlnxréqwzvéy)RQW+DQGOH SE[)RQW)RQW+DQGOH )+)RQW SE[)RQW5HIUHVK HQG SURFHGXUH70DLQ)RUP6HW'HIDXOWV EHJLQ Ïxzjtjksqkjnuësnuntzywéjksntq¹kqx}vltvnxvxzv¹tqnls¹$/RJ)RQW VH+HLJKW7H[W VH:LGWK7H[W FE[,WDOLF&KHFNHG )DOVH FE[6WULNH2XW&KHFNHG )DOVH FE[8QGHUOLQH&KHFNHG )DOVH FE:HLJKW,WHP,QGH[ FE(VFDSHPHQW,WHP,QGH[ FE2ULHQWDWLRQ,WHP,QGH[ FE&KDUVHW,WHP,QGH[ FE2XW3UHF,WHPLQGH[ FE)DPLO\,WHP,QGH[ FE&OLS3UHF,WHP,QGH[ UJ3LWFK,WHP,QGH[ UJ4XDOLW\,WHP,QGH[ djwvst¹nurvuiqtqévkjttpxwqxvr&%)RQW)DFHëréjttuq¡éq{zjuq FE)RQW)DFH,WHPV$VVLJQ 6FUHHQ)RQWV
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
FE)RQW)DFH,WHP,QGH[ FE)RQW)DFH,WHPV,QGH[2I )RQW1DPH HQG SURFHGXUH70DLQ)RUPSE[)RQW3DLQW 6HQGHU 72EMHFW EHJLQ ZLWKSE[)RQWGR EHJLQ ^djunzzn·zvk:LQGRZV méj{q·nxrqnén qukxnmljvwénlns¹ízx¹ otj·ntqnu*0B&203$7,%/(kzvkénu¹rjrén qu*0B$'9$1&(' éjxwvotjnzx¹zvsrvk:LQGRZV17` FDVHUJ*UDSKLFV0RGH,WHP,QGH[RI 6HW*UDSKLFV0RGH SE[)RQW&DQYDV+DQGOH*0B&203$7,%/( 6HW*UDSKLFV0RGH SE[)RQW&DQYDV+DQGOH*0B$'9$1&(' HQG &DQYDV5HFWDQJOH :LGWK+HLJKW djwqxkjnuqu¹¡éq{zj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
=eZ\Z*',rjbnlub]jZnbdZ
SURFHGXUH70DLQ)RUP)RQW&KDQJHG 6HQGHU 72EMHFW EHJLQ 0DNH)RQW HQG HQG < nZce_ 0$,1)2503$6 ijbkmlkl\m_l g_kdhevdh hij_^_e_gbc fZkkb\h\ khijh\h`^Zxsboky djZldbfb ihykg_gbyfb IhdZ aZf_lvl_ qlh ^ey nhjfu h[ty\e_gu ^\_ aZdjulu_ SULYDWH i_j_ f_ggu_ )/RJ)RQW b )+)RQW I_j_f_ggZy )/RJ)RQW bf__l lbi 7/2*)217 b ij_^klZ\ey_l kh[hc kljmdlmjmaZibk_cbkihevam_fmx^eyhibkZgbykha^Z\Z_fh]hrjbnlZI_j_f_ggZy)+)RQWkh^_j `bl ^_kdjbilhj ^ey kha^Z\Z_fh]h rjbnlZ AZdjuluc SULYDWH f_lh^ 0DNH)RQW ij_^gZagZq_g ^eykha^ZgbyrjbnlZiml_fi_j\hgZqZevgh]haZiheg_gbykljmdlmju)/RJ)RQWagZq_gbyfbhij_^_ ey_fufb dhfihg_glZfb ]eZ\ghc nhjfu k ihke_^mxs_c i_j_^Zq_c wlhc kljmdlmju nmgdpbb :LQ *', &UHDWH)RQW,QGLUHFW dhlhjZy \ha\jZsZ_l ^_kdjbilhj ^ey gh\h]h rjbnlZ Ij_`^_ q_fijh^he`blvjZkkfhljbfkljmdlmjm7/2*)217
(}^y}^K7/2*)217 DZdmdZau\Zehkv\ur_kljmdlmjZ7/2*)217bkihevam_lky^eyhij_^_e_gbyrjbnlZdhlh juclj_[m_lkykha^ZlvWlZkljmdlmjZhij_^_ey_lky\fh^me_:,1'2:6ke_^mxsbfh[jZahf 7/RJ)RQW UHFRUG OI+HLJKW ,QWHJHU OI:LGWK ,QWHJHU OI(VFDSHPHQW ,QWHJHU OI2ULHQWDWLRQ ,QWHJHU OI:HLJKW ,QWHJHU OI,WDOLF %\WH OI8QGHUOLQH %\WH OI6WULNH2XW %\WH OI&KDU6HW %\WH OI2XW3UHFLVLRQ %\WH OI&OLS3UHFLVLRQ %\WH OI4XDOLW\ %\WH OI3LWFK$QG)DPLO\ %\WH OI)DFH1DPH DUUD\>OIB)DFH6L]H@RI&KDU HQG AZ^ZqZ khklhbl \ lhf qlh[u ihf_klblv lj_[m_fu_ agZq_gby \ l_ ihey kljmdlmju 7/2*)217dhlhju_hij_^_eyxl`_eZ_fu_Zljb[mlu
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
¦Ì¿ÖÄÌÇÄÎÍÊÞ
ÎÇпÌÇÄ
OI+HLJKW
ÖÌÉÍ»ÓËÃÏÍ»¢È»ÒÀÈÃÀ¼ÉÆ×ÓÀÈÎÆÚÉÂȻһÀͽÖÌÉÍÎÚÒÀÄÅÃÇÀÈ×ÓÀÈÎ ÆÚt½ÖÌÉÍÎÂÈ»ÒÅ» ½ÖÌÉÍ»ÚÒÀÄÅÃÇÃÈÎÌÊÆÀÒÉ ¨ÎÆÀ½ÉÀÂÈ»ÒÀÈÃÀÊÉÂ½É ÆÚÀÍÌÃÌÍÀÇÀ:LQÉÊËÀ¿ÀÆÃÍ×½ÖÌÉÍÎÊÉÌɼÌͽÀÈÈÉÇÎÎÌÇÉÍËÀÈÃÙ
OI:LGWK
¬ËÀ¿ÈÚÚÓÃËÃÈ»ÓËÃÏÍ»¨ÎÆÀ½ÉÀÂÈ»ÒÀÈÃÀÊɽÉÆÚÀÍÌÃÌÍÀÇÀ:LQ½Ö ¼Ë»Í×ÓÃËÃÈÎÊÉÌɼÌͽÀÈÈÉÇÎÎÌÇÉÍËÀÈÃÙ
OI(VFDSHPHQW
®¾ÉÆ ½¿ÀÌÚÍÖпÉÆÚо˻¿ÎÌ» ÊɽÉËÉÍ»¼»ÂɽÉÄÆÃÈÃÃÓËÃÏÍ»ÍÀÆÃÈÃÃÈ» ÅÉÍÉËÉÄË»ÌÊÉÆ»¾»ÙÍÌÚÌÃǽÉÆÖ:LQGRZV ÌÍËÉÅ»ÍÀÅÌÍ»ÃÉÍ¿ÀÆ×ÈÖÀ ÌÃǽÉÆÖËÃÌÎÙÍÌÚÌÃÌÊÉÆ×Âɽ»ÈÃÀÇÉ¿ÈɾÉÃÍɾÉÁÀξƻÍÀÂÈ»ÒÀÈÃÚ OI(VFDSHPHQWÃOI2ULHQWDWLRQÉ¿ÃÈ»ÅɽÖ:LQGRZV17ÍÀÅÌÍËÃÌÎÀÍÌÚ ÈÀ»½ÃÌÃÇÉÉÍξƻÉËÃÀÈÍ»ÑÃÃÅ»Á¿É¾ÉÌÃǽÉÆ»½ÍÀÅÌÍɽÉÄÌÍËÉÅÀ²ÍÉ¼Ö ¿É¼ÃÍ×ÌÚØÍɾÉÈÎÁÈÉÌÊÉÇÉÔ×ÙÏÎÈÅÑÃÃÃÈÍÀËÏÀÄÌ»:LQ*', 6HW*UDSKLFV0RGH ÎÌÍ»ÈɽÃÍ׾˻ÏÃÒÀÌÅÃÄËÀÁÃÇ¿ÆÚÎÌÍËÉÄÌͽ»Ë»½ÈÖÇ ÂÈ»ÒÀÈÃÙ*0B$'9$1&('ªÉÎÇÉÆÒ»ÈÃپ˻ÏÃÒÀÌÅÃÄËÀÁÃÇÎÌÍ»ÈɽÆÀÈË»½ ÈÖÇ*0B&203$7,%/(ÒÍÉ»ÌÍ»½ÆÚÀÍ:LQGRZV17½ÀÌÍÃÌÀ¼ÚÊɿɼÈÉ :LQGRZV ¸ÍÉÍØÏÏÀÅÍ¿ÀÄÌͽÎÀÍÍÉÆ×ÅɽÌÆÎÒ»ÀÓËÃÏÍɽ7UXH7\SH
OI2ULHQWDWLRQ
ªÉ½ÉÆÚÀÍ»¿»½»Í×ξÉÆÊÉ¿ÅÉÍÉËÖÇÇÉÁÈÉËÃÌɽ»Í×ÉÍ¿ÀÆ×ÈÖÀÌÃǽÉÆÖ :LQGRZV ØÍÉÂÈ»ÒÀÈÃÀÌɽʻ¿»ÀÍÌÉÂÈ»ÒÀÈÃÀÇÊÉÆÚOI(VFDSHPHQW :LQGRZV17ØÍÃÂÈ»ÒÀÈÃÚÇɾÎͼÖÍ×Ë»ÂÆÃÒÈÖ ÌÇOI(VFDSHPHQW
OI:HLJKW
¸ÍÉÂÈ»ÒÀÈÃÀÉÅ»ÂÖ½»ÀͽÆÃÚÈÃÀÈ»ÊÆÉÍÈÉÌÍ×ÓËÃÏÍ»ÇÉ¿ÎÆÀ:,1'2:6 ÉÊËÀ¿ÀÆÀÈÉÈÀÌÅÉÆ×ÅÉÅÉÈÌÍ»ÈÍ¿ÆÚØÍɾÉÊÉÆÚÈ»ÊËÃÇÀË):B%2/'à ):B1250$/ªËÃÎÌÍ»ÈɽÅÀÅÉÈÌÍ»ÈÍÖ):B'217&$5(ÌÃÌÍÀÇ»:LQ½Ö¼ÃË» ÀÍÍÉÆÔÃÈÎÊÉÌɼÌͽÀÈÈÉÇÎÎÌÇÉÍËÀÈÃÙ
OI,WDOLF
¨ÀÈÎÆÀ½ÉÀÂÈ»ÒÀÈÃÀÉÂȻһÀÍÅÎËÌý»ÈÎÆÀ½ÉÀtÈÀÅÎËÌý
OI8QGHUOLQH
¨ÀÈÎÆÀ½ÉÀÂÈ»ÒÀÈÃÀtÊÉ¿ÒÀËÅý»ÈÃÀ»ÈÎÆÀ½ÉÀtÉÍÌÎÍÌͽÃÀÊÉ¿ÒÀËÅý»ÈÃÚ
OI6WULNH2XW
¨ÀÈÎÆÀ½ÉÀÂÈ»ÒÀÈÃÀtÊÀËÀÒÀËÅý»ÈÃÀ»ÈÎÆÀ½ÉÀtÉÍÌÎÍÌͽÃÀÊÀËÀÒÀËÅà ½»ÈÃÚ
OI&KDU6HW
ÌÃÌÍÀÇÀ:LQÉÊËÀ¿ÀÆÀÈÖÌÆÀ¿ÎÙÔÃÀÈ»¼ÉËÖÌÃǽÉÆɽ $16,B&+$56(7 '()$8/7B&+$56(7 6<0%2/B&+$56(7 6+,)7-,6B&+$56(7 Ã2(0B&+$56(7 ªÉÎÇÉÆÒ»ÈÃÙÃÌÊÉÆ×ÂÎÀÍÌÚ '()$8/7B&+$56(7
OI2XW3UHFLVLRQ
¸ÍÃÇÂÈ»ÒÀÈÃÀÇÉÊËÀ¿ÀÆÚÀÍÌÚÅ»ÅÌÃÌÍÀÇ»:LQ¿ÉÆÁÈ»ÌÉÊÉÌÍ»½ÆÚÍ×» ÊË»Óý»ÀÇÖÄË»ÂÇÀËÃл˻ÅÍÀËÃÌÍÃÅÃÓËÃÏÍ»ÌËÀ»Æ×ÈÖÇÓËÃÏÍÉÇ£Ì ÊÉÆ×ÂÎÄÍÀÅÉÈÌÍ»ÈÍÎ77B21/
OI&OLS3UHFLVLRQ
¸ÍÉÂÈ»ÒÀÈÃÀÉÊËÀ¿ÀÆÚÀÍÅ»ÅÌÃÌÍÀÇ»:LQÉÍÌÀÅ»ÀÍÌÃǽÉÆÖÌÈ»ËÎÁÃɼ Æ»ÌÍÃÉÍÌÀÒÀÈÃÚ¥ÉÈÌÍ»ÈÍ»&/,3B'()$8/7B35(&,6ÊɽÉÆÃÍÌÃÌÍÀÇÀ:LQ Ì¿ÀÆ»Í×½Ö¼É˼À½»ÓÀ¾ÉÎÒ»ÌÍÃÚ
OI4XDOLW\
¸ÍÉÂÈ»ÒÀÈÃÀÉÊËÀ¿ÀÆÚÀÍÅ»ÒÀÌͽÉÓËÃÏÍ»t½ÍÉÇÌÇÖÌÆÀÅ»ÅÃÈÍÀËÏÀÄÌ *',¼Î¿ÀÍÀ¾ÉËÃÌɽ»Í׬ÊÉÇÉÔ×ÙÅÉÈÌÍ»ÈÍÖ'()$8/7B48$/,7<ÇÉÁÈÉ ÊËÀ¿ÉÌÍ»½ÃÍ×½Ö¼ÉËÌÃÌÍÀÇÀ:LQÊËÉÍýÈÉÇÌÆÎÒ»ÀÃÌÊÉÆ×ÂÎÄÍÀÅÉÈ ÌÍ»ÈÍÎ3522)B48$/,7<ÃÆÃ'5$)7B48$/,7<
OI3LWFK$QG)DPLO\
¿½ÎÐÇÆ»¿ÓÃÐË»ÂËÚ¿»ÐÎÅ»ÂÖ½»ÀÍÌÚÍÃÊÓËÃÏÍ»»½ÒÀÍÖËÀÐÌÍ»ËÓÃÐt ÌÀÇÀÄÌͽɬÀÇÀÄÌͽ»ÊÀËÀÒÃÌÆÀÈֽͻ¼Æ
OI)DFH1DPH
£ÇÚ¾»ËÈÃÍÎËÖÓËÃÏÍ»
=eZ\Z*',rjbnlub]jZnbdZ
< ijhp_^mj_ 0DNH)RQW bkihevamxlky agZq_gby hij_^_e_ggu_ \ jZa^_e_ FRQVW fh^mey 0DLQ)RUPSDV Wlb fZkkb\u dhgklZgl kh^_j`Zl jZaebqgu_ aZjZg__ hij_^_e_ggu_ agZq_gby dhgklZgl ^ey kljmdlmju 7/2*)217 Wlb agZq_gby jZkiheh`_gu \ lhf `_ ihjy^d_ qlh b we_ f_glu\dhf[bgbjh\ZgguokibkdZo dhfihg_glZo7&RPER%R[ ]eZ\ghcnhjfuGZijbf_jih jy^hd ke_^h\Zgby we_f_glh\ \ kibkd_ k_f_ckl\Z rjbnlh\ wda_fieyj &%)DPLO\ dhfihg_glZ 7&RPER%R[ kh\iZ^Z_l k ihjy^dhf agZq_gbc \ fZkkb\_ )DPLO\$UUD\ ;eZ]h^Zjy wlhfm khdjZ sZ_lky dhebq_kl\h ijh]jZffguo bgkljmdpbc lj_[m_fuo ^ey aZiheg_gby kljmdlmju 7/2*)217I_j\ZykljhdZ\nmgdpbb0DNH)RQW ILOO&KDU )/RJ)RQWVL]HRI 7/RJ)RQW hqbsZ_lkljmdlmjm)/RJ)RQW^haZibkb\g__dZdbo[ulhgb[uehagZq_gbc:ihke_aZiheg_ gbywlhckljmdlmju\kljhd_ )+)RQW &UHDWH)RQW,QGLUHFW )/RJ)RQW \uau\Z_lkynmgdpby:LQ$3,&UHDWH)RQW,QGLUHFW dhlhjhckljmdlmjZ)/RJ)RQWi_j_^Z _lky dZd iZjZf_lj Nmgdpby \ha\jZsZ_l ^_kdjbilhj ^ey aZijZrb\Z_fh]h rjbnlZ AgZq_gb_ wlh]h^_kdjbilhjZijbk\Zb\Z_lkyk\hckl\m+DQGOHwda_fieyjZSE[)RQW)RQWkbkl_fgh]hdhf ihg_glZ 73DLQW%R[ I_j_^ \uiheg_gb_f ijbk\h_gby ih^ijh]jZffu 'HOSKL \uihegyxl mgbqlh`_gb_ ij_^u^ms_]h rjbnlZ dhfihg_glZ 73DLQW%R[ Ihke_ ijbk\h_gby \uihegy_lky h[gh\e_gb_ i_j_jbkh\dZ h[t_dlZSE[)RQWiml_f\uah\Z_]hf_lh^Z5HIUHVK F_lh^ 6HW'HIDXOWV bgbpbZebabjm_l kljmdlmjm 7/2*)217 klZg^Zjlgufb agZq_gbyfb Wlhlf_lh^\uau\Z_lkyijbkha^Zgbb]eZ\ghcnhjfuZlZd`_\l_okemqZyodh]^Zihevah\Z l_evs_edZ_lgZdghid_6HW'HIDXOWVJ_amevlZlh^gh]hbawdki_jbf_glh\kjZkkfZljb\Z_fuf ijh_dlhf \uihegy_fuo ^ey ^_fhgkljZpbb jZaebqguo wnn_dlh\ dhlhju_ fh`gh ihemqblv ijbkha^Zgbbrjbnlh\ihdZaZggZjbk
JbkBah[jZ`_gb_ih\_jgmlh]hrjbnlZ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
6}\x^KQ~Q~\^wK\
^}Kg Ihs_eqdmgZdghid_]eZ\ghcnhjfu)RQW,QIRUPDWLRQ BgnhjfZpbyhrjbnl_ \uau\Z _lkyf_lh^deZkkZ)RQW,QIR)RUPdhlhjuchlh[jZ`Z_lbgnhjfZpbxh\u[jZgghfrjbnl_< ijhp_kk_ aZ^Zgby Zljb[mlh\ rjbnlZ \ kljmdlmj_ 7/2*)217 kbkl_fZ :LQ klZjZ_lky gZclb rjbnl dhlhjuc gZbemqrbf h[jZahf khhl\_lkl\m_l aZijZrb\Z_fhfm Ijb wlhf \iheg_ \ha fh`ghqlhrjbnldhlhjuc\_jg_l\Zfnmgdpby&UHDWH)RQW,QGLUHFW [m^_lbf_lvZljb[m lu kh\_jr_ggh hlebqgu_ hl aZijZrb\Z_fuo F_lh^ )RQW,QIR)RUP iha\hey_l ijhkfhlj_lv Zljb[mlu\u[jZggh]hrjbnlZb^eykqblu\ZgbyaZijhr_gghcbgnhjfZpbbbkihevam_lnmgd pbx:LQ$3,*HW7H[W0HWULFV Nmgdpbb*HW7H[W0HWULFV i_j_^Z_lky^\ZiZjZf_ljZ ^_kdjbilhjdhgl_dklZmkljhckl\Z rjbnl dhlhjh]h lj_[m_lky ijhZgZebabjh\Zlv b kkuedZ gZ _s_ h^gm kljmdlmjm kbkl_fu :LQ² 77(;70(75,& AZ^ZqZ nmgdpbb *HW7H[W0HWULFV ² h[gh\blv kljmdlmjm 77(;70(75,&bgnhjfZpb_chaZ^Zgghfrjbnl_<fh^me_:,1'2:6aZibkv77(;70(75,&hij_ ^_e_gZke_^mxsbfh[jZahf 77H[W0HWULF UHFRUG WP+HLJKW ,QWHJHU WP$VFHQW ,QWHJHU WP'HVFHQW ,QWHJHU WP,QWHUQDO/HDGLQJ ,QWHJHU WP([WHUQDO/HDGLQJ ,QWHJHU WP$YH&KDU:LGWK ,QWHJHU WP0D[&KDU:LGWK ,QWHJHU WP:HLJKW ,QWHJHU WP,WDOLF %\WH WP8QGHUOLQHG %\WH WP6WUXFN2XW %\WH WP)LUVW&KDU %\WH WP/DVW&KDU %\WH WP'HIDXOW&KDU %\WH WP%UHDN&KDU %\WH WP3LWFK$QG)DPLO\ %\WH WP&KDU6HW %\WH WP2YHUKDQJ ,QWHJHU WP'LJLWL]HG$VSHFW; ,QWHJHU WP'LJLWL]HG$VSHFW< ,QWHJHU HQG Ihey aZibkb 77(;70(75,& ij_^gZagZq_gu ^ey ojZg_gby bgnhjfZpbb [hevrmx qZklv dhlhjhc fu m`_ jZkkfhlj_eb GZijbf_j \u m`_ agZ_l_ qlh ihgbfZ_lky ih^ \ukhlhc rjbnlZ kj_^g_c rbjbghc kbf\heZ ih^q_jdb\Zgb_f dmjkb\hf i_j_q_jdb\Zgb_f b ij ;he__ih^jh[gmxbgnhjfZpbxhkljmdlmj_77(;70(75,&fh`ghihemqblv\bgl_jZdlb\ghc kijZ\hqghc kbkl_f_ :LQ $3, < ebklbg]_ kh^_j`blky ijbf_j ijh]jZffu \uihe gyxs_ch[jZ[hldmbgnhjfZpbbhrjbnl_
=eZ\Z*',rjbnlub]jZnbdZ
ªÇÐÑÇ̧ÐÔÍÃÌÚÈÑÄÉÐÑÓÍÏËÚÁÚÁÍÿÇÌÓÍÏË¿ÕÇÇÍ×ÏÇÓÑÄ XQLW)RQW,QIR)UP LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV([W&WUOV6WG&WUOV W\SH 7)RQW,QIR)RUP FODVV 7)RUP OE)RQW,QIR 7/LVW%R[ SURFHGXUH)RUP$FWLYDWH 6HQGHU 72EMHFW SULYDWH ^djréznvi~¹ksntq¹` SXEOLF ^Ìzréznvi~¹ksntq¹` HQG YDU )RQW,QIR)RUP 7)RQW,QIR)RUP LPSOHPHQWDWLRQ XVHV0DLQ)UP ^5 ')0` SURFHGXUH7)RQW,QIR)RUP)RUP$FWLYDWH 6HQGHU 72EMHFW FRQVW 3,7&+B0$6. E\WH ) Ïxzjtvkrjusjl¡q}éjoé¹lvk )$0,/
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
77(;70(75,& ZLWKOE)RQW,QIR,WHPV7[0HWULFGR EHJLQ &OHDU $GG )RQWIDFHQDPH )DFH1DPH $GG WP+HLJKW ,QW7R6WU WP+HLJKW $GG WP$VFHQW ,QW7R6WU WP$VFHQW $GG WP'HVFHQW ,QW7R6WU WP'HVFHQW $GG WP,QWHUQDO/HDGLQJ ,QW7R6WU WP,QWHUQDO/HDGLQJ $GG WP([WHUQDO/HDGLQJ ,QW7R6WU WP([WHUQDO/HDGLQJ $GG WP$YH&KDU:LGWK ,QW7R6WU WP$YH&KDU:LGWK $GG WP0D[&KDU:LGWK ,QW7R6WU WP0D[&KDU:LGWK $GG WP:HLJKW ,QW7R6WU WP:HLJKW LIWP,WDOLF !WKHQ $GG WP,WDOLF <(6 HOVH $GG WP,WDOLF 12 LIWP8QGHUOLQHG !WKHQ $GG WP8QGHUOLQHG <(6 HOVH $GG WP8QGHUOLQHG 12 LIWP6WUXFN2XW !WKHQ $GG WP6WUXFN2XW <(6 HOVH $GG WP6WUXFN2XW 12 ¬tjsqozqwj¡éq{zj 3LWFK7HVW WP3LWFK$QG)DPLO\DQG3,7&+B0$6. LI 3LWFK7HVWDQG703)B),;('B3,7&+ 703)B),;('B3,7&+WKHQ $GG WP3LWFK$QG)DPLO\3LWFK )L[HG3LWFK LI 3LWFK7HVWDQG703)B9(&725 703)B9(&725WKHQ $GG WP3LWFK$QG)DPLO\3LWFK 9HFWRU LI 3LWFK7HVWDQG703)B758(7<3( 703)B758(7<3(WKHQ $GG WP3LWFK$QG)DPLO\3LWFK 7UXHW\SH LI 3LWFK7HVWDQG703)B'(9,&( 703)B'(9,&(WKHQ $GG WP3LWFK$QG)DPLO\3LWFK 'HYLFH LI3LWFK7HVW WKHQ $GG WP3LWFK$QG)DPLO\3LWFK 8QNQRZQ ¬tjsqoxnunpxzkj¡éq{zj )DPLO\7HVW WP3LWFK$QG)DPLO\DQG)$0,/
=eZ\Z*',rjbnlub]jZnbdZ
LI )DPLO\7HVWDQG))B6&5,37 ))B6&5,37WKHQ $GG WP3LWFK$QG)DPLO\)DPLO\ ))B6&5,37 LI )DPLO\7HVWDQG))B'(&25$7,9( ))B'(&25$7,9(WKHQ $GG WP3LWFK$QG)DPLO\)DPLO\ ))B'(&25$7,9( LI)DPLO\7HVW WKHQ $GG WP3LWFK$QG)DPLO\)DPLO\ 8QNQRZQ $GG WP&KDU6HW ,QW7R6WU WP&KDU6HW $GG WP2YHUKDQJ ,QW7R6WU WP2YHUKDQJ $GG WP'LJLWL]HG$VSHFW; ,QW7R6WU WP'LJLWL]HG$VSHFW; $GG WP'LJLWL]HG$VSHFW< ,QW7R6WU WP'LJLWL]HG$VSHFW< HQG HQG HQG < f_lh^_ )RUP$FWLYH kgZqZeZ kqblu\Z_lky bfy rjbnlZ k ihfhsvx nmgdpbb :LQ $3, *HW7H[W)DFH dhlhjhc\dZq_kl\_iZjZf_ljh\i_j_^Zxlkydhgl_dklmkljhckl\ZjZaf_j[mn_jZb kZf kbf\hevguc [mn_j \ nhjfZl_ k aZ\_jrZxsbf gmevkbf\hehf AZl_f \uau\Z_lky nmgdpby *HW7H[W0HWULFV ^eyaZiheg_gbykljmdlmju7[0HWULF bf_xs_clbi77(;70(75,& bgnhjfZpb_c khhl\_lkl\mxs_c\u[jZgghfmrjbnlmIhke_wlh]h\h[jZ[hlqbd_kh[ulbcihemq_ggu_agZq_gby ihe_ckljmdlmju7[0HWULF^h[Z\eyxlky\hdghkibkdZ\dZq_kl\_hl^_evguokljhdQlh[uhlh[jZ ablvlbirjbnlZbk_f_ckl\hddhlhjhfmhgijbgZ^e_`blagZq_gb_WP3LWFK$QG)DPLO\fZkdbjm_l ky^ey\u^_e_gbyklZjrbobebfeZ^rbojZajy^h\\aZ\bkbfhklbhllh]hqlhbf_ggh²lbibeb k_f_ckl\h²hij_^_ey_lky\^Zggucfhf_glihke_q_]hagZq_gbylZd`_^h[Z\eyxlky\hdghkib kdZ
Jbk NhjfZ^eyhlh[jZ`_gbybgnhjfZpbbhrjbnl_
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
8QwQ < wlhc ]eZ\_ [ueh ij_^klZ\e_gh fgh`_kl\h k\_^_gbc h \hafh`ghklyo ]jZnbq_kdh]h bg l_jn_ckZmkljhckl\ *', kbkl_fu:LQFujZkkfhlj_ebdeZkk7&DQYDV'HOSKL_]hk\hc kl\Z b f_lh^u jbkh\Zgby Fgh]h \gbfZgby m^_eyehkv ij_^klZ\e_gbx bah[jZ`_gbc k ihfh svxdhfihg_glZ'HOSKL7,PDJHZlZd`_j_`bfZfhlh[jZ`_gbybdhhj^bgZlgufkbkl_fZf :LQ Djhf_ lh]h h[km`^Zebkv f_lh^u ]jZnbq_kdh]h ijh]jZffbjh\Zgby ^ey ihkljh_gby ijh]jZffjbkh\Zgbyb\uiheg_gbyijhklhcZgbfZpbbZlZd`_jZ[hlZkhrjbnlZfbH[km` ^Zebkvf_lh^ukha^Zgbyrjbnlh\bhlh[jZ`_gbybgnhjfZpbbhgbo KZfh_ p_ggh_ \ jZ[hl_ k bgl_jn_ckhf *', aZdexqZ_lky \ lhf qlh wdki_jbf_glu k _]h nmgdpbyfbfh]ml^hklZ\blv\Zfg_fZehbgl_j_kguofbgml>_jaZcl_²b\k_m\Zkihemqblky
=eZ\Z*',rjbnlub]jZnbdZ
q~KwQNy y\wu\~QwQ xx\}Qy
¶ÑÍÑ¿ÉÍÄÀÇÀÊÇÍÑÄÉ¿'//
°Ï¿ÁÌÄÌÇÄÐÑ¿ÑÇÖÄÐÉÍÈÇÃÇÌ¿ËÇÖÄÐÉÍÈÉÍËÎÍÌÍÁÉÇ ¦¿ÖÄËÌÒÅÌÚÀÇÀÊÇÍÑÄÉÇ'//
°ÍÆÿÌÇÄÇÇÐÎÍÊÛÆÍÁ¿ÌÇÄÀÇÀÊÇÍÑÄÉ'//
ÑÍÀÏ¿ÅÄÌÇÄÌÄËÍÿÊÛÌÚÔÓÍÏËÇÆÀÇÀÊÇÍÑÄÉ'// §ÐÎÍÊÛÆÍÁ¿ÌÇÄÀÇÀÊÇÍÑÄÉ'//ÁÎÏÇÊÍÅÄÌÇÞÔ'HOSKL ³ÒÌÉÕÇÞÁÔÍÿÁÚÔÍÿÃÊÞÀÇÀÊÇÍÑÄÉ'//
§ÐÉÊÝÖÇÑÄÊÛÌÚÄÐÇÑÒ¿ÕÇÇÇÀÇÀÊÇÍÑÄÉÇ'//
³ÒÌÉÕÇÇÍÀÏ¿ÑÌÍÂÍÁÚÆÍÁ¿
ÀÏ¿ØÄÌÇÄÉÓÒÌÉÕÇÞËÍÀÏ¿ÑÌÍÂÍÁÚÆÍÁ¿ ÇÆÀÇÀÊÇÍÑÄÉÇ'//
¯¿ÆÃÄÊÄÌÇÄÿÌÌÚÔÀÇÀÊÇÍÑÄÉÇ'// ËÄÅÃÒÏ¿ÆÊÇÖÌÚËÇÎÏÍÕÄÐпËÇ
¼ÉÐÎÍÏÑÍÀÙÄÉÑÍÁÇÆÀÇÀÊÇÍÑÄÉ'//
¯ÄÆÝËÄ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
WlZ]eZ\Zihk\ys_gZ^bgZfbq_kdbdhfihgm_fuf[b[ebhl_dZf:LQ beb '// G\QDPLF OLQN OLEUDULHV Hgb y\eyxlky dexq_\uf dhfihg_glhf ijb gZibkZgbb ex[h]h ijbeh`_gby :LQGRZV < wlhc ]eZ\_ jZkkfZljb\Zxlky g_dhlhju_ Zki_dlu bkihevah\Zgby b kha^Zgby [b[ ebhl_d'//Ij_`^_\k_]h^Z_lkyh[ahjijbgpbih\jZ[hlu'//bh[km`^Zxlkykihkh[ubo kha^Zgby b ijbf_g_gby Fu jZkkfhljbf jZaebqgu_ f_lh^u bo aZ]jmadb b ijb\yadb d l_f ijhp_^mjZf b nmgdpbyf dhlhju_ hgb wdkihjlbjmxl Djhf_ lh]h \ wlhc ]eZ\_ m^_ey_lky \gbfZgb_ nmgdpbyf h[jZlgh]h \uah\Z FDOOEDFN IXQFWLRQV b kh\f_klghfm bkihevah\Zgbx ^Zgguo[b[ebhl_d'//jZaebqgufb\uau\Zxsbfbijhp_kkZfb
¹}\}Ky\Qxx\}QyK)22 >bgZfbq_kdb dhfihgm_fu_ [b[ebhl_db ij_^klZ\eyxl kh[hc ijh]jZffgu_ fh^meb kh ^_j`Zsb_ dh^ ^Zggu_ beb j_kmjku dhlhju_ fh]ml kh\f_klgh bkihevah\Zlvky g_kdhevdbfb ijbeh`_gbyfb:LQGRZVH^ghbahkgh\guogZagZq_gbc[b[ebhl_d'//²iha\heblvijbeh `_gbyf aZ]jm`Zlv dh^ dhlhjuc hljZ[Zlu\Z_lky \h \j_fy \uiheg_gby \f_klh lh]h qlh[u dhfihgh\Zlv _]h \ kZfh ijbeh`_gb_ \ ijhp_kk_ dhfibeypbb : wlh agZqbl qlh g_kdhevdh ijbeh`_gbcfh]mlh^gh\j_f_gghbkihevah\Zlvh^bgblhl`_dh^ kh^_j`Zsbcky \ [b[ebh l_d_'//LZdnZceu[b[ebhl_d.HUQHOGOO8VHUGOOb*',GOOy\eyxlkyl_fblj_fy dblZfb gZ dhlhju_ hibjZ_lky kbkl_fZ :LQ NZce .HUQHOGOO gZijbf_j hl\_qZ_l aZ mijZ\e_gb_ iZfylvx ijhp_kkZfb b ihlhdZfb NZce 8VHUGOO kh^_j`bl nmgdpbb bgl_j n_ckZ ihevah\Zl_ey g_h[oh^bfu_ ^ey kha^Zgby hdhg b h[jZ[hldb khh[s_gbc :LQ B gZ dhg_pgZnZce*',GOO\haeh`_gZjZ[hlZk]jZnbdhcjm]h_ij_bfms_kl\hbkihevah\Zgby[b[ebhl_d'//khklhbl\lhfqlh\Zr_ijbeh`_gb_ klZgh\blkyfh^mevgufWlhmijhsZ_lijhp_kkh[gh\e_gbyijbeh`_gbcihkdhevdmijbg_h[ oh^bfhklb h[gh\ey_lky g_ \k_ ijbeh`_gb_ iheghklvx Z lhevdh hij_^_e_ggu_ [b[ebhl_db Lbibqgufijbf_jhffh`_lkem`blvkj_^Z:LQGRZVIjbdZ`^hcmklZgh\d_gh\h]hmkljhckl \Zijboh^blkymklZgZ\eb\Zlvbgh\mx[b[ebhl_dm'//k^jZc\_jhfkihfhsvxdhlhjh]hwlh mkljhckl\hkfh`_lh[sZlvkyk:LQGRZVIj_bfms_kl\hfh^mevghklbklZg_lhq_\b^guf_keb ij_^klZ\blv g_h[oh^bfhklv ih\lhjghc bgklZeeypbb :LQGRZV ijb dZ`^hc mklZgh\d_ gh\h]h mkljhckl\Z\kbkl_fm Klhqdbaj_gbyojZg_gby gZ ^bkd_ nZceu [b[ebhl_d '// ijZdlbq_kdb gbq_f g_ hlebqZ xlky hl (;(nZceh\ :LQGRZV JZagbpZ ebrv \ lhf qlh nZce [b[ebhl_db '// g_ y\ey_lky g_aZ\bkbfuf \uihegy_fuf nZcehf ohly fh`_l kh^_j`Zlv \uihegy_fuc dh^ QZs_ \k_]h nZceu[b[ebhl_d'//bf_xljZkrbj_gb_GOOGhfh]ml\klj_qZlvkyb^jm]b_ GUY²^ey ^jZc\_jh\mkljhckl\V\V²^eykbkl_fguonZceh\IRQ²^eynZceh\j_kmjkh\rjbnlh\ dhlhju_g_kh^_j`Zl\uihegy_fh]hdh^Z 'HOSKLÃÌÊÉÆ×ÂÎÙÍÌڼüÆÃÉÍÀÅÃ'//ÌÊÀÑûÆ×ÈɾÉÈ»ÂÈ»ÒÀÈÃÚ È»ÂÖ½»ÀÇÖÀ οÉÄ Ñ¿ËÇ©ÈÃÊËÃÇÀÈÚÙÍÌÚÈÀÍÉÆ×ÅɽÌËÀ¿À'HOSKLÈÉýÌËÀ¿À%RUODQG&%XLOGHU ªÉ¿ËɼÈÀÀÉÊ»ÅÀÍ»ÐË»ÌÌÅ»ÂÖ½»ÀÍÌÚ½¾Æ»½À½ÍÉËɾÉÍÉÇ»p¬É¿»ÈÃÀÊÉÆ×Âɽ» ÍÀÆ×ÌÅÃÐÅÉÇÊÉÈÀÈÍɽ½'HOSKLq ;b[ebhl_db'//fh]mlbkihevah\Zlvk\hcdh^kh\f_klghk^jm]bfbijbeh`_gbyfb[eZ]h^Z jy ijhp_kkm gZau\Z_fhfm ^bgZfbq_kdhc dhfihgh\dhc dhlhjuc jZkkfZljb\Z_lky gb`_ \ wlhc ]eZ\_DZdijZ\behdh]^ZdZdh_eb[hijbeh`_gb_bkihevam_l[b[ebhl_dm'//kbkl_fZ:LQ ]ZjZglbjm_lqlh\iZfylb[m^_ljZaf_s_gZlhevdhh^gZdhibywlhc[b[ebhl_dbWlh^hklb]Z_l
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
kykihfhsvxf_oZgbafZhlh[jZ`_gbynZceZ\iZfylv PHPRU\PDSSHGILOHV Kmlv_]hkhklh bl\lhfqlh[b[ebhl_dZ'//kgZqZeZaZ]jm`Z_lky\]eh[Zevgmxk\h[h^gmxiZfylv dmqm kbk l_fu:LQZaZl_fhlh[jZ`Z_lkygZZ^j_kgh_ijhkljZgkl\h\uau\Zxs_]hijhp_kkZ<kbkl_f_ :LQdZ`^hfmijhp_kkm\u^_ey_lkykh[kl\_ggh_jZajy^gh_ebg_cgh_Z^j_kgh_ijhkljZgkl \h Ihwlhfm dh]^Z h^gZ b lZ `_ [b[ebhl_dZ '// aZ]jm`Z_lky kjZam g_kdhevdbfb ijhp_kkZfb dZ`^ucbagboihemqZ_lkh[kl\_gguch[jZawlhc[b[ebhl_dbKe_^h\Zl_evghijhp_kkug_bk ihevamxlh^gh\j_f_gghh^bgblhl`_nbabq_kdbcdh^^Zggu_bebj_kmjkudZdwlh[ueh\ jZajy^ghc:LQGRZV<kbkl_f_:LQjZ[hlZhj]Zgbah\ZgZlZdqlh[b[ebhl_dZ'//klZgh\blky dZd [u j_Zevguf dh^hf ijbgZ^e_`Zsbf \uau\Zxs_fm ijhp_kkm ;he__ ih^jh[gh h jZ[hl_ kbkl_fu:LQih]h\hjbf\]eZ\_³:LQ$3,´ KdZaZggh_ \ur_ \h\k_ g_ hagZqZ_l qlh dh]^Z g_kdhevdh ijhp_kkh\ aZ]jm`Z_l h^gm b lm `_[b[ebhl_dm'//nbabq_kdZyiZfylvjZkoh^m_lkygZojZg_gb_\k_og_h[oh^bfuo__dhibc H[jZa'//fh`ghjZaf_klblv\Z^j_kghfijhkljZgkl\_\k_oijhp_kkh\hlh[jZab\_]hbakbk l_fghc ]eh[Zevghc dmqb gZ Z^j_kgh_ ijhkljZgkl\h dZ`^h]h ijhp_kkZ bkihevamxs_]h wlm '//²ihdjZcg_cf_j_\b^_Ze_ qblZcl_ \j_adm ³MklZgh\dZ ij_^ihqlbl_evgh]h [Zah\h]h Z^j_kZ[b[ebhl_db'//´
²ÐÑ¿ÌÍÁÉ¿ÎÏÄÃÎÍÖÑÇÑÄÊÛÌÍÂÍÀ¿ÆÍÁÍÂÍ¿ÃÏÄпÀÇÀÊÇÍÑÄÉÇ'// ¥É¿¼Ã¼ÆÃÉÍÀÅÃ'//˻¿ÀÆÚÀÍÌÚÇÀÁ¿ÎÊËÉÑÀÌÌ»ÇÃÍÉÆ×ÅɽÍÉÇÌÆÎÒ»ÀÀÌÆÃØÍμüÆÃÉÍÀÅÎÇÉÁÈÉ Â»¾ËÎÂÃÍ× ½ »¿ËÀÌÈÉÀ ÊËÉÌÍË»ÈÌÍ½É ÊËÉÑÀÌÌɽ ½ÌÀР»ÃÈÍÀËÀÌɽ»ÈÈÖÐ ÅÆÃÀÈÍɽ ÊÉ ÈÀÅÉÍÉËÉÇÎ ÊËÀ¿ ÊÉÒÍÃÍÀÆ×ÈÉÇμ»ÂɽÉÇλ¿ËÀÌμüÆÃÉÍÀÅÃ'// ÌÆÃÊËÀ¿ÊÉÒÍÃÍÀÆ×ÈÖļ»ÂɽÖÄ»¿ËÀÌÌÎÒÀÍÉÇ˻ ÇÀË»¼Ã¼ÆÃÉÍÀÅÃ'//ÊÀËÀÅËÖ½»ÀÍÌÚÌÅ»ÅÃÇÆüɿËξÃÇɼÕÀÅÍÉÇÎÁÀË»ÂÇÀÔÀÈÈÖǽʻÇÚÍÃÊËÉ ÑÀÌ̻»¾ËÎÂÒÃÅ:LQ¿ÉÆÁÀÈÃÂÇÀÈÃÍ×Ë»ÌÊÉÆÉÁÀÈÃÀ½ÌÀ¾Éɼ˻»¼Ã¼ÆÃÉÍÀÅÃ'//ÃÌÊÉÆ×ÂÎÚ¿ËξÉÄ ¼»ÂɽÖÄ»¿ËÀÌØÍÉÇÌÆÎÒ»ÀÈÃÉ¿ÃÈÃÂÊÀËÀÇÀÔÀÈÈÖÐɼ˻Âɽ'//ÈÀÃÌÊÉÆ×ÂÎÀÍÌÚÈÃÅ»ÅÃÇÿËξà ÇÃÊËÉÑÀÌÌ»ÇýÌÃÌÍÀÇÀÍÀÅ»Á¿ÖÄÊÀËÀÇÀÔÀÈÈÖÄØÅÂÀÇÊÆÚ˼üÆÃÉÍÀÅÃ'//»ÈÃÇ»ÀͼÆÉÅÌɼÌÍ ½ÀÈÈÉÄÏÃÂÃÒÀÌÅÉÄÊ»ÇÚÍÃÃÒ»ÌÍ×ÊËÉÌÍË»ÈÌͽ»ÊËÀ¿È»ÂÈ»ÒÀÈÈɾɿÆÚÊÉ¿Å»ÒÅÃÏ»ÄÆɽ »ÁÈÉÎÌÍ»ÈɽÃÍ×¼»ÂɽÖÄ»¿ËÀÌÅ»Á¿ÉļüÆÃÉÍÀÅÃ'//Ë»½ÈÖÇÍ»ÅÉÇÎÂÈ»ÒÀÈÃÙÅÉÍÉËÉÀÈÀÅÉÈ ÏÆÃÅÍÎÀÍÃÆÃÈÀÊÀËÀÅËÖ½»ÀÍÌÚÌ¿ËξÃÇû¿ËÀÌÈÖÇÿûʻÂÉÈ»ÇÃÃÌÊÉÆ×ÂÎÀÇÖÇýÌÉ¿»½»ÀÇÉÇ ÊËÃÆÉÁÀÈÃÃÆÚØÍÉÄÑÀÆÃÌÆÎÁÃÍ¿ÃËÀÅÍý»ÅÉÇÊÃÆÚÍÉË»,0$*(%$6( ÌÆüüÆÃÉÍÀÅ»'//ÊËÀ¿È»ÂÈ»ÒÀÈ»¿ÆÚÃÌÊÉÆ×Âɽ»ÈÃÚÈÀÌÅÉÆ×ÅÃÇÃÊËÃÆÉÁÀÈÃÚÇýּÀËÃÍÀÎÈÃÅ»Æ×ÈÖÄ ¼»ÂɽÖÄ»¿ËÀÌÅÉÍÉËÖÄÌÇÃÈÃÇ»Æ×ÈÉĽÀËÉÚÍÈÉÌÍ×ټοÀÍÊÀËÀÅËÖ½»Í×ÌÚÌ»¿ËÀÌ»ÇÃÊËÃÆÉÁÀÈÃڽɼ Æ»ÌÍÃÇÆ»¿ÓÃÐÂÈ»ÒÀÈÃĽÃËÍλÆ×Èɾɻ¿ËÀÌÈɾɿûʻÂÉÈ»ÃÆÃɼÔÃмüÆÃÉÍÀÅ'// È»ÊËÃÇÀËÊ»ÅÀÍɽ 9&/ ½É¼Æ»ÌÍÃÌÍ»ËÓÃл¿ËÀÌɽ¿Ã»Ê»ÂÉÈ»ªÉÎÇÉÆÒ»ÈÃÙ¼»ÂɽÖÄ»¿ËÀÌ ½ÌÀÐ ½ÖÊÉÆÈÚÀÇÖÐ Ï»ÄÆɽ Ì Ë»ÌÓÃËÀÈÃÚÇÃ(;(Ã'// Ë»½ÀÈ»ØÍÉÂÈ»ÒÃÍÒÍÉÀÌÆÃÈÀÃÂÇÀÈÃÍ×¼»ÂɽÖÄ»¿ËÀÌÅÉÈÅËÀÍÈÉÄ ¼Ã¼ÆÃÉÍÀÅÃ'//ÍÉÅÉÈÏÆÃÅÍ̼»ÂɽÖÇ»¿ËÀÌÉÇÀÀ¾Æ»½ÈɾÉ(;(Ï»ÄÆ»¼Î¿ÀÍÈÀüÀÁÀÈÃÉÈ»ÈÃÅɾ¿»ÈÀ ¼Î¿ÀÍÌɽÇÀÌÍÈÉÃÌÊÉÆ×Âɽ»Í×ÌÚ½ÌÀÇûÃÈÍÀËÀÌɽ»ÈÈÖÇÃÊËÉÑÀÌÌ»Çà ÊËÃÇÀÈÀÈÃü»Âɽɾɻ¿ËÀÌ»ÀÌÍ×ÀÔÀÉ¿ÃÈÊÆÙ̪ÉÌÅÉÆ×ÅμüÆÃÉÍÀÅ»'//ÈÀÍËÀ¼ÎÀÍÃÂÇÀÈÀ ÈÃÚË»ÌÊÉÆÉÁÀÈÃÚÃÆýÈÀÌÀÈÃÚÃÌÊË»½ÆÀÈÃÄ ÒÍÉɼÖÒÈÉÃÊËÉÃÌÐÉ¿ÃÍ ÃÌÉÐË»ÈÚÀÍÌÚÈ»ÆÉÅ»Æ×ÈÉÇ ¿ÃÌÅÀÌÍË»ÈÃÑÖÀÀÊ»ÇÚÍÃÉÍɼ˻Á»ÙÍÌÚÊËÚÇɽϻÄÆ'//È»¿ÃÌÅÀ¥É¿'//ÈÀ»ÈÃÇ»ÀÍÈÃÅ»ÅÉ¾É ÊËÉÌÍË»ÈÌͽ» ½ ÌÃÌÍÀÇÈÉÇ Ï»ÄÆÀ ÌÍË»ÈÃÑ Ï»ÄÆÀ ÊÉ¿Å»ÒÅà ÃÆà ÌÍË»ÈÃÒÈÉ¾É É¼ÇÀÈ» ÉÍ ÊÉÒÀÇΠɼÔÀÀÅÉÆÃÒÀÌͽÉÃË»ÂÇÀ˽ֽÀ¿ÀÈÈÖÐÈ»¿ÃÌÅÌÍË»ÈÃÑÌÃÌÍÀÇÖÇÉÁÀÍÈ»ÇÈɾÉÊËÀ½ÖÓ»Í×Ë»ÂÇÀ ËÖÌÃÌÍÀÇÈɾÉÏ»ÄÆ»ÊÉ¿Å»ÒÅÃÃɼÕÀÇ©¢® ªÉ¿ËɼÈÎÙÃÈÏÉËÇ»ÑÃÙɼÃÌÊÉÆ×Âɽ»ÈÃÿÃËÀÅÍýÖÅÉÇÊÃÆÚÍÉË»,0$*(%$6(ÇÉÁÈÉÈ»ÄÍý˻ ¿ÀÆÀp,PDJH%DVH$GGUHVVqÃÈÍÀË»ÅÍýÈÉÄÌÊË»½ÉÒÈÉÄÌÃÌÍÀÇÖ'HOSKL Ij_`^_q_fijh^he`blvh[km`^_gb_^Zgghcl_fug_h[oh^bfhmlhqgblvg_dhlhju_l_jfbgu Ijbeh`_gb_Ijh]jZffZ:LQGRZVjZaf_s_ggZy\H[HnZce_
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
Wda_fieyj ?keb j_qv b^_l h ijbeh`_gbyo beb [b[ebhl_dZo '// l_jfbg wda_fieyj bkihevam_lky^eyh[hagZq_gbyhl^_evgh]h \uihegy_fh]h nZceZ DZ`^hfm wda_fieyjm khhl\_lkl\m_l ^_kdjbilhj wda_fieyjZ dhlhjuc gZagZqZ_lky kbkl_fhc :LQ GZijb f_jdh]^Zg_dhlhjh_ijbeh`_gb_aZimkdZ_lky^\Z`^uh[jZam_lky^\Zwda_fieyjZwlh ]hijbeh`_gbybke_^h\Zl_evgh^\Z^_kdjbilhjZwda_fieyjZIjbaZ]jmad_[b[ebhl_ db'//kha^Z_lkywda_fieyjwlhc[b[ebhl_dbbkhhl\_lkl\mxsbc^_kdjbilhjwda_fi eyjZBkihevam_fuca^_kvl_jfbgwda_fieyjg_ke_^m_limlZlvkwda_fieyjhfdeZkkZ Fh^mev < jZajy^ghc :LQGRZV \ hlebqb_ hl jZajy^ghc l_jfbgu fh^mev b wd a_fieyjfh]mlbkihevah\ZlvkydZdkbghgbfu<jZajy^ghc:LQGRZV^eymijZ\e_gby fh^meyfb kms_kl\m_l ki_pbZevgZy [ZaZ ^Zgguo \ dhlhjhc ^ey dZ`^h]h fh^mey ojZ gblky k\hc ^_kdjbilhj < jZajy^ghc :LQGRZV dZ`^uc wda_fieyj ijbeh`_gby ih emqZ_l kh[kl\_ggh_ Z^j_kgh_ ijhkljZgkl\h ke_^h\Zl_evgh g_l gm`^u \ h[jZah\Zgbb hl^_evgh]h b^_glbnbdZlhjZ fh^mey H^gZdh nbjfZ 0LFURVRIW \ k\h_c ^hdmf_glZpbb ihij_`g_fm bkihevam_l wlhl l_jfbg Ihwlhfm \Zf ijhklh gm`gh bf_lv \ \b^m qlh fh^mevbwda_fieyjhagZqZxlh^ghblh`_ AZ^ZqZKbkl_fZ:LQGRZVy\ey_lkyfgh]haZ^Zqghckj_^hc bebkj_^hcki_j_dexq_gb _f aZ^Zq HgZ ^he`gZ h[eZ^Zlv kihkh[ghklvx jZkij_^_eylv kbkl_fgu_ j_kmjku b \j_fy f_`^m jZaebqgufb wda_fieyjZfb ijbeh`_gbc jZ[hlZxsbfb ih^ __ mijZ\e_ gb_fWlh^hklb]Z_lkyiml_f\_^_gby[Zau^ZgguoaZ^Zq\dhlhjhcojZgylky^_kdjbi lhju wda_fieyjh\ b ^jm]Zy g_h[oh^bfZy bgnhjfZpby iha\heyxsZy kbkl_f_ \uihe gylvnmgdpbbi_j_dexq_gbyaZ^ZqLZdbfh[jZahfaZ^ZqZ²wlhwe_f_gl^eydhlhjh ]h:LQGRZV\u^_ey_lj_kmjkub[ehdb\j_f_gb
(^Kz~Q~QN}K}QNy\v |~KwQNy\vy\wu\~\zy KlZlbq_kdhc dhfihgh\dhc gZau\Z_lky f_lh^ k ihfhsvx dhlhjh]h dhfibeylhj 'HOSKL jZaj_rZ_l \uah\u nmgdpbb beb ijhp_^mju \ \uihegy_fhf dh^_ Dh^ nmgdpbb fh`_l ojZ gblvky \ GSUnZce_ ijbeh`_gby beb \ ex[hf fh^me_ gh ijb dhfihgh\d_ ijbeh`_gbc wlb nmgdpbbbijhp_^mjuklZgh\ylkyqZklvxdhg_qgh]h\uihegy_fh]hnZceZ>jm]bfbkeh\Zfb dZ`^Zynmgdpby[m^_laZgbfZlvgZ^bkd_hij_^_e_ggh_f_klh\H[HnZce_ijh]jZffu JZkiheh`_gb_ nmgdpbb aZjZg__ hij_^_e_gh hlghkbl_evgh f_klZ aZgbfZ_fh]h \ iZfylb ijh]jZffhcEx[u_h[jZs_gbydwlhcnmgdpbb\uau\Zxli_j_^ZqmmijZ\e_gbyg_ihkj_^kl \_ggh ih Z^j_km jZkiheh`_gby nmgdpbb >Ze__ wlZ nmgdpby \uihegy_lky b ih aZ\_jr_gbb \ha\jZsZ_lmijZ\e_gb_\lhf_klhhldm^ZhgZ[ueZ\ua\ZgZHlghkbl_evgucZ^j_knmgdpbb \uqbkey_lky\h\j_fyijhp_kkZdhfihgh\db Wlh²ijb[ebabl_evgh_hibkZgb_\^_ckl\bl_evghklb[he__keh`gh]hijhp_kkZdhlhjuc dhfibeylhj'HOSKLbkihevam_l^ey\uiheg_gbyklZlbq_kdhcdhfihgh\dbH^gZdhaZ^Zqbih klZ\e_ggu_ \ wlhc dgb]_ g_ lj_[mxl hl \Zk ihgbfZgby g_y\guo hi_jZpbc \uihegy_fuo dhfibeylhjhf k p_evx ih\ur_gby wnn_dlb\ghklb bkihevah\Zgby [b[ebhl_d '// \ kha^Z \Z_fuoijbeh`_gbyo 'HOSKLËÀ»ÆÃÂɽ»ÈÃÈÍÀÆÆÀÅÍλÆ×ÈÖÄÅÉÇÊÉÈɽÔÃÅÅÉÍÉËÖÄ»½ÍÉÇ»ÍÃÒÀÌÅÃο»ÆÚÀÍ ÏÎÈÅÑÃÃÊËÉÑÀ¿ÎËÖÊÀËÀÇÀÈÈÖÀÃÍÃÊÃÂÃËɽ»ÈÈÖÀÅÉÈÌÍ»ÈÍÖÈ»ÅÉÍÉËÖÀÈÀÍÌÌÖ ÆÉÅ ½ ÉÅÉÈÒ»ÍÀÆ×ÈÉÇ ½»ËûÈÍÀ ÊËÉÀÅÍ» ¬ÆÀ¿É½»ÍÀÆ×ÈÉ Ë»ÌÊÉÆÉÁÀÈÈÖÀ ½ ¼ÉÆ×ÓÃÐ ÇÉ¿ÎÆÚÐÏÎÈÅÑÃÃÈÀÃÌÊÉÆ×ÂÎÀÇÖÀ½¿»ÈÈÉÇÊËÉÀÅÍÀÈÃÅɾ¿»ÈÀÌÍ»ÈɽÚÍÌÚÒ»ÌÍ×Ù ÌÉ¿»½»ÀÇɾÉH[HÏ»ÄÆ»
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
Ij_^iheh`bfbf_xlky^\Zijbeh`_gbydhlhju_bkihevamxlh^gmblm`_nmgdpbxgZ oh^ysmxky\g_dhlhjhffh^me_<h[hboijbeh`_gbyobfywlh]hfh^mey[_amkeh\gh[m^_l \oh^blv\kibkhdbf_ghi_jZlhjZXVHV?kebh^gh\j_f_gghaZimklblvh[Zijbeh`_gby\kj_^_ :LQGRZVl_dklwlhcnmgdpbb[m^_l^\Z`^uijbkmlkl\h\Zlv\iZfylb?kebaZimklblvlj_lv_ ijbeh`_gb_ \ iZfylb ihy\blky b lj_lbc wda_fieyj wlhc nmgdpbb Z h[sbc jZkoh^ iZfylb [m^_l\ljh_ij_\hkoh^blv__jZaf_jWlhlfZe_gvdbcijbf_jbeexkljbjm_lh^gmba]eZ\guo ijbqbgbkihevah\Zgby^bgZfbq_kdhcdhfihgh\db?kebwlmnmgdpbxjZkiheh`blv\[b[ebh l_d_'//lhijb__aZ]jmad_\iZfylvh^gbfijbeh`_gb_f\k_^jm]b_ijbeh`_gbydhlhjuf ihlj_[m_lkykkuedZgZg__kfh]mlbkihevah\Zlv__dh^ihkj_^kl\hfhlh[jZ`_gbyh[jZaZwlhc [b[ebhl_db '// gZ Z^j_kgh_ ijhkljZgkl\h bo kh[kl\_gguo ijhp_kkh\ < j_amevlZl_ ^ZggZy nmgdpby[m^_lkms_kl\h\Zlv\iZfylblhevdh\h^ghfwda_fieyj_²l_hj_lbq_kdb Ijb ^bgZfbq_kdhc dhfihgh\d_ k\yav f_`^m \uah\hf nmgdpbb b __ \uihegy_fuf dh^hf mklZgZ\eb\Z_lky\h\j_fy\uiheg_gbyijbeh`_gbyihkj_^kl\hfkha^Zgby\g_rg_ckkuedbgZ dhgdj_lgmx nmgdpbx [b[ebhl_db '// Ih^h[gu_ kkuedb fh]ml [ulv h[ty\e_gu \ kZfhf ijbeh`_gbbghh[uqghhgbjZaf_sZxlky\hl^_evghffh^me_LPSRUW<fh^me_LPSRUWh[t y\eyxlkybfihjlbjm_fu_nmgdpbbbijhp_^mjuZlZd`_hij_^_eyxlkyjZaebqgu_lbiu^Zg guobkihevam_fu_nmgdpbyfb[b[ebhl_d'// Ij_^iheh`bfgZijbf_jqlhbf__lky[b[ebhl_dZ'//kbf_g_f0D[/LEGOOkh^_j`ZsZy ke_^mxsmxnmgdpbx IXQFWLRQ0D[ L, LQWHJHU LQWHJHU WlZnmgdpby\ha\jZsZ_l[hevr__ba^\moi_j_^Zgguo_cp_euoqbk_eLbibqgucfh^mev LPSRUW^eywlhcnmgdpbb[m^_l\u]ey^_lvke_^mxsbfh[jZahf XQLW0D[8QLW LQWHUIDFH IXQFWLRQ0D[ ,, LQWHJHU LQWHJHU LPSOHPHQWDWLRQ IXQFWLRQ0D[ H[WHUQDO 0$;/,% HQG <_jhylgh \u aZf_lbeb qlh ohly wlZ nmgdpby \g_rg_ gZihfbgZ_l lbibqguc fh^mev \ g_c g_l hij_^_e_gby nmgdpbb 0D[ Dexq_\h_ keh\h H[WHUQDO ijhklh ]h\hjbl h lhf qlh ^ZggZy nmgdpby gZoh^blky \ nZce_ bfy dhlhjh]h mdZaZgh kjZam aZ wlbf dexq_\uf keh\hf >ey bkihevah\Zgby mdZaZggh]h fh^mey ijbeh`_gbx ^hklZlhqgh bf_lv \ kibkd_ bgkljmdpbb XVHV_]hbfyl_0D[8QLWIjb\uiheg_gbbijbeh`_gbylj_[m_fZy[b[ebhl_dZ'//aZ]jm`Z _lky\iZfylvZ\lhfZlbq_kdbbex[u_h[jZs_gbydnmgdpbb0D[ k\yau\Zxlkyknmgdpb_c 0D[ gZoh^ys_cky\wlhc[b[ebhl_d_ Wlhlijbf_jbeexkljbjm_lh^bgba^\mokihkh[h\aZ]jmadb[b[ebhl_d'//dhlhjucgZ au\Z_lky g_y\ghc aZ]jmadhc Hg lj_[m_l hl :LQGRZV Z\lhfZlbq_kdb aZ]jm`Zlv [b[ebhl_dm '//ijbaZ]jmad_ijbeh`_gby
sKQw~~xx\}Qy)22 Kms_kl\m_lg_kdhevdhijbqbgbkihevah\Zgby[b[ebhl_d'//qZklvbadhlhjuom`_mih fbgZeZkv \ur_ DZd ijZ\beh [b[ebhl_db '// ijbf_gyxlky eb[h ^ey jZa^_e_gby dh^Z beb kbkl_fguo j_kmjkh\ eb[h ^ey khdjulby j_ZebaZpbb ijh]jZffgh]h dh^Z beb kbkl_fguo nmgdpbcgbadh]hmjh\gyeb[h^eyjZajZ[hldb ihevah\Zl_evkdbo we_f_glh\ mijZ\e_gby Wlb l_fubjZkkfZljb\Zxlky\ihke_^mxsbojZa^_eZo
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
(\zwQN}~\QNu\\zK~Qu^\{^Kww~\{\ y\|K^QN^N\z|K~~g~QNy\yw u^\Q~w JZg__ mihfbgZehkv qlh kZfhc jZkijhkljZg_gghc ijbqbghc kha^Zgby [b[ebhl_d '// y\ ey_lky jZa^_e_gb_ dh^Z < hlebqb_ hl fh^me_c dhlhju_ iha\heyxl kh\f_klgh bkihevah\Zlv bkoh^guc dh^ \ jZaebqguo ijbeh`_gbyo 'HOSKL [b[ebhl_db '// iha\heyxl kh\f_klgh bk ihevah\Zlv h^bg b lhl `_ bkihegy_fuc dh^ ex[ufb ijbeh`_gbyfb :LQGRZV kihkh[gufb \uau\Zlvnmgdpbbba[b[ebhl_d'// Djhf_ lh]h [b[ebhl_db '// ij_^hklZ\eyxl kihkh[ kh\f_klgh]h bkihevah\Zgby jZkljh \uobah[jZ`_gbcrjbnlh\ibdlh]jZffb^jm]boj_kmjkh\dhlhju_h[uqgh\oh^yl\khklZ\ nZceZ j_kmjkh\ b g_ihkj_^kl\_ggh k\yau\Zxlky k kha^Z\Z_fuf ijbeh`_gb_f ?keb wlb j_ kmjkujZaf_klblv\[b[ebhl_d_'//fgh]b_ijbeh`_gbykfh]ml\hkihevah\Zlvkybfbg_aZ ljZqb\Zy ^hihegbl_evghc iZfylb g_h[oh^bfhc ^ey aZ]jmadb ^hihegbl_evguo wda_fieyjh\ wlboj_kmjkh\ < jZajy^ghc :LQGRZV [b[ebhl_db '// bkihevah\Zeb kh[kl\_gguc k_]f_gl ^Zg guo ihwlhfm \k_ ijbeh`_gby dhlhju_ h[jZsZebkv d hij_^_e_gghc [b[ebhl_d_ '// ihemqZeb ^hklmi d h^gbf b l_f `_ ]eh[Zevguf ^Zgguf b klZlbq_kdbf i_j_f_gguf < kbkl_f_ :LQ ^_eh h[klhbl bgZq_ Ihkdhevdm h[jZa [b[ebhl_db '// hlh[jZ`Z_lky gZ Z^j_kgh_ijhkljZgkl\hdZ`^h]hijhp_kkZ\k_^Zggu_hij_^_e_ggu_nmgdpbyfb\ '// ijbgZ^e_`Zl hl^_evghfm ijhp_kkm Ijb wlhf klhbl ih^q_jdgmlv h^gm ^_lZev g_kfhljy gZlhqlh^Zggu_[b[ebhl_d'//g_jZkij_^_eyxlkyf_`^mjZaebqgufbijhp_kkZfbhgb fh]ml jZa^_eylvky g_kdhevdbfb ihlhdZfb \gmljb h^gh]h b lh]h `_ ijhp_kkZ : ih kdhevdmihlhdb\uihegyxlkyg_aZ\bkbfh^jm]hl^jm]Zg_h[oh^bfhij_^ijbgbfZlvf_ ju ij_^hklhjh`ghklb iha\heyxsb_ ba[_`Zlv dhgnebdlh\ ijb ^hklmi_ d ]eh[Zevguf ^Zgguf[b[ebhl_d'// Wlh \h\k_ g_ hagZqZ_l qlh g_l kihkh[h\ aZklZ\blv g_kdhevdh ijhp_kkh\ kh\f_klgh bk ihevah\Zlv^Zggu_^hklmigu_q_j_a[b[ebhl_db'//H^bgbalZdbokihkh[h\aZdexqZ_lky\ kha^Zgbb \gmljb [b[ebhl_db '// h[s_c h[eZklb iZfylb k ihfhsvx hlh[jZ`_ggh]h \ iZ fylvnZceZ <wlhfkemqZ_dZ`^h_ijbeh`_gb_bkihevamxs__lZdmx[b[ebhl_dmihemqZ_l \hafh`ghklvijhqblZlv^Zggu_ojZgysb_ky\h[s_ch[eZklbiZfylbIh^jh[g__^Zggucf_ lh^[m^_lhibkZggb`_\wlhc]eZ\_
(\y^}Q^QKK < hij_^_e_gguo kemqZyo fh`_l \hagbdgmlv g_h[oh^bfhklv kdjulv ^_lZeb j_ZebaZpbb ijh]jZff ihf_sZ_fuo \ [b[ebhl_db '// Kms_kl\m_l fgh`_kl\h ijbqbg ih[m`^Zxsbo \Zkkdjulvj_ZebaZpbxk\h_]hdh^Z;b[ebhl_db'//iha\heyxlk^_eZlv\Zrbnmgdpbb^hk lmigufbihevah\Zl_eyf[_ajZkdjulbybobkoh^gh]hl_dklZHl\Zkihlj_[m_lkyebrvih^]h lh\blvfh^mevbgl_jn_ckZiha\heyxsbc^jm]bfihevah\Zl_eyfihemqblv^hklmidkha^Z\Z_ fhc [b[ebhl_d_ ?keb \u iheZ]Z_l_ qlh ih^h[gZy \hafh`ghklv m`_ ^Z\gh h[_ki_qb\Z_lky f_oZgbafhfhldhfibebjh\Zgguofh^me_c'HOSKL '&8 lhke_^m_laZf_lblvqlhnZce'&8 fh`_lbkihevah\Zlvkyebrv^jm]bfbijbeh`_gbyfb'HOSKLijbq_fkha^Zggufbdhfibeylh jhf lhc `_ kZfhc \_jkbb Lh]^Z dZd nhjfZl [b[ebhl_d '// g_ aZ\bkbl hl bkihevam_fh]h yaudZijh]jZffbjh\Zgbyihwlhfmkha^Zggu_\'HOSKL[b[ebhl_dbfh`gh[m^_lijbf_gylv\ ijbeh`_gbyogZibkZgguogZ&9LVXDO%DVLFbebex[hf^jm]hfyaud_dhlhjucih^^_j`b \Z_ljZ[hlmknZceZfb'//
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
Fh^mev :LQGRZV y\ey_lky fh^me_f bgl_jn_ckZ k [b[ebhl_dhc :LQ '// < ihklZ\dm 'HOSKL \dexq_gu bkoh^gu_ nZceu fh^mey :LQ $3, Kj_^b gbo \u gZc^_l_ nZce :LQGRZVSDV kh^_j`Zsbc bkoh^guc dh^ fh^mey :LQGRZV < jZa^_e_ LQWHUIDFH nZceZ :LQGRZVSDVg_ljm^ghhlukdZlvhij_^_e_gbynmgdpbcih^h[gu_ke_^mxs_fm IXQFWLRQ&OLHQW7R6FUHHQ +ZQG +:1' YDUOS3RLQW 73RLQW %22/ VWGFDOO <jZa^_e_LPSOHPHQWDWLRQijbkmlkl\m_lkhhl\_lkl\mxsZyk\yadZk[b[ebhl_dhc'// IXQFWLRQ&OLHQW7R6FUHHQ H[WHUQDOXVHUQDPH &OLHQW7R6FUHHQ WlZ kljhdZ hagZqZ_l qlh ijhp_^mjZ &OLHQW7R6FUHHQ gZoh^blky \ ^bgZfbq_kdb k\yau \Z_fhc[b[ebhl_d_8VHUGOOb__bfy&OLHQW7R6FUHHQ
³\\zK}QNyQQwQ~}u^KzQ~ Ihevah\Zl_evkdb_we_f_glumijZ\e_gbyh[uqghjZaf_sZxlky\[b[ebhl_dZo'//Bog_ ke_^m_l imlZlv k ihevah\Zl_evkdbfb dhfihg_glZfb 'HOSKL Ihevah\Zl_evkdb_ we_f_glu mijZ\e_gbyj_]bkljbjmxlky\kj_^_:LQGRZVbfh]mlbkihevah\Zlvky\ex[hcyaudh\hckj_^_ jZajZ[hldb ^ey :LQGRZV Hgb jZaf_sZxlky \ [b[ebhl_dZo '// \ p_eyo wdhghfbb iZfylb ^hklb]Z_fhcaZkq_ljZaf_s_gby\iZfylblhevdhh^ghcdhibbijh]jZffgh]hdh^Z^Z`_ijb bkihevah\Zgbb\kbkl_f_g_kdhevdbowda_fieyjh\dhgdj_lgh]hwe_f_glZmijZ\e_gby ®ÌÍ»ËÀ½ÓÃÄ ÇÀлÈÃÂÇ ÊËÃÇÀÈÀÈÃÚ ¼Ã¼ÆÃÉÍÀÅ '// Ì ÊÉÆ×Âɽ»ÍÀÆ×ÌÅÃÇà ØÆÀÇÀÈÍ»Çà ÎÊË»½ÆÀÈÃÚ ¼ÖÆ ÃÌÅÆÙÒÃÍÀÆ×ÈÉ ÁÀÌÍÅÃÇ Ã ÈÀ¿ÉË»¼ÉÍ»ÈÈÖÇ ªÉØÍÉÇÎ ½ È»ÌÍÉÚÔÀÀ ½ËÀÇÚÏÃËÇ»0LFURVRIWÃÌÊÉÆ×ÂÎÀÍÍÉÆ×ÅÉØÆÀÇÀÈÍÖÎÊË»½ÆÀÈÃÚ2/(Ã$FWLYH;
(\|K~QNu\\zK~Q xx\}Qy)22 <wlhfjZa^_e_^_fhgkljbjm_lkyijhp_kkj_Zevgh]hkha^Zgby[b[ebhl_db'//\kj_^_'HOSKL FujZkkfhljbfdZdkha^Z_lkyfh^mevbgl_jn_ckZiha\heyxsbck^_eZlv[b[ebhl_dm'//^hklmi ghc^jm]bfijh]jZffZfH^gZdhij_`^_q_fi_j_clbd[he__keh`guf\hijhkZfbkihevah\Zgby [b[ebhl_d\'HOSKLfuihagZdhfbfkykf_lh^Zfbihf_s_gby\[b[ebhl_db'//nhjf'HOSKL
³\|NQ}w\~Q} u^wQ^u^\N}\vxx\}Qy)22 < ijb\_^_gghf gb`_ ijbf_j_ beexkljbjm_lky ihf_s_gb_ \ [b[ebhl_dm '// nmgdpbb dhlhjmx hq_gv ex[yl ij_^eZ]Zlv klm^_glZf ijhn_kkhjZ dhfivxl_jguo gZmd WlZ nmgdpby jZkkqblu\Z_lfbgbfZevgh_dhebq_kl\hfhg_l^hklhbgkl\hf\bebp_glh\g_h[oh ^bfuo^eyihemq_gbyaZ^Zgghckmffu lZd`_\p_glZo
nK\zKxx\}QyK)22 Kha^Z\Z_fZy[b[ebhl_dZkhklhblbaf_lh^Z3HQQLHV7R&RLQV <ebklbg]_ kh^_j`blky aZdhgq_ggucijh_dl[b[ebhl_db'//
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
ªÇÐÑÇÌ ³¿ÈÊ3HQQLHV/LEGSUxÀÇÀÊÇÍÑÄÉ¿'//ÎÏÄÃÌ¿ÆÌ¿ÖÄÌÌ¿ÞÃÊÞ ÎÏÄÃÐÑ¿ÁÊÄÌÇÞÐÒËËÚÁÕÄÌÑ¿ÔÁÁÇÃÄÌ¿ÀÍÏ¿ËÍÌÄÑÏ¿ÆÊÇÖÌÍÂÍÃÍÐÑÍÇÌÐÑÁ¿ OLEUDU\3HQQLHV/LE ^'(),1(3(11,(6/,%` XVHV 6\V8WLOV &ODVVHV 3HQQLHV,QW IXQFWLRQ3HQQLHV7R&RLQV 7RW3HQQLHV ZRUG &RLQV5HF 3&RLQV5HF ZRUG 6WG&DOO EHJLQ 5HVXOW 7RW3HQQLHV Íéqxkvntqnotj·ntq¹wnénunttvp5HVXOW ^Æ·qxsntqnrvsq·nxzkjuvtnzlvxzvqtxzkvukq|ntzxvvzknzxzknttv ` ZLWK&RLQV5HFAGR EHJLQ 4XDUWHUV 7RW3HQQLHVGLY 7RW3HQQLHV 7RW3HQQLHV4XDUWHUV 'LPHV 7RW3HQQLHVGLY 7RW3HQQLHV 7RW3HQQLHV'LPHV 1LFNHOV 7RW3HQQLHVGLY 7RW3HQQLHV 7RW3HQQLHV1LFNHOV 3HQQLHV 7RW3HQQLHV HQG HQG ^êrxwvézqévkjtqn{ytr|qqwvquntq` H[SRUWV 3HQQLHV7R&RLQV HQG H[jZlbl_\gbfZgb_qlh\wlhc[b[ebhl_d_bkihevam_lkyfh^mev3HQQLHV,QWdhlhjucfu jZkkfhljbf[he__^_lZevghqmlvgb`_ JZa^_e H[SRUWV mdZau\Z_l dZdb_ nmgdpbb beb ijhp_^mju wdkihjlbjmxlky ^Zgghc [b[ ebhl_dhc'//bklZgh\ylky^hklmigufb\uau\Zxsbfijbeh`_gbyf
6u^Q|QQ~Qw\|~}Q^QvNK Kihfhsvxfh^me_cbgl_jn_ckZihevah\Zl_ebkha^Zgghc\Zfb[b[ebhl_db'//kfh ]mlklZlbq_kdbbfihjlbjh\Zlvnmgdpbbwlhc[b[ebhl_db\k\hbijbeh`_gbyiml_fijh klh]h jZaf_s_gby bf_gb bfihjlbjm_fh]h fh^mey \ bgkljmdpbb XVHV k\hbo fh^me_c Fh^meb bgl_jn_ckZ lZd`_ iha\heyxl kha^Zl_ex [b[ebhl_db '// hij_^_eylv h[sb_ kljmdlmju bkihevam_fu_ dZd kZfhc [b[ebhl_dhc lZd b \uau\Zxsbf ijbeh`_gb_f Ijh^_fhgkljbjm_f wlb \hafh`ghklb gZ ijbf_j_ fh^mey bgl_jn_ckZ ^ey [b[ebhl_db 3HQQLHV/LE'OO < ebklbg]_ kh^_j`blky bkoh^guc l_dkl fh^mey bgl_jn_ckZ 3HQQLHV,QWSDV
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
ªÇÐÑÇÌ «ÍÃÒÊÛÇÌÑÄÏÓÄÈп3HQQLHV,QWSDVÃÊÞÀÇÀÊÇÍÑÄÉÇ3HQQLHV/LE'OO XQLW3HQQLHV,QW ^Îvlysqtzné{npxjls¹iqisqvznrq3(11,(6'//` LQWHUIDFH W\SH ^êzjojwqxiylnzxvlné jzwnén·ntuvtnzwvxsnkwvstntq¹wénviéjovkjtqp` 3&RLQV5HF A7&RLQV5HF 7&RLQV5HF UHFRUG 4XDUWHUV 'LPHV 1LFNHOV 3HQQLHV ZRUG HQG ^,)1'()3(11,(6/,%` ^Ìi~¹ksntqn{ytr|qqxqxwvsovkjtqnursí·nkvmvxsvkjH[SRUW` IXQFWLRQ3HQQLHV7R&RLQV 7RW3HQQLHV ZRUG &RLQV5HF 3&RLQV5HF ZRUG 6WG&DOO ^(1',)` LPSOHPHQWDWLRQ ^,)1'()3(11,(6/,%` ^Ìwénlnsntqnquwvézqévkjttvp{ytr|qq` IXQFWLRQ3HQQLHV7R&RLQV H[WHUQDO 3(11,(6/,%'// QDPH 3HQQLHV7R&RLQV ^(1',)` HQG <jZa^_e_W\SHwlh]hfh^meyh[ty\ey_lkyaZibkv7&RLQV5HFZlZd`_mdZaZl_ev gZ wlm aZ ibkvMihfygmlZyaZibkv[m^_lkh^_j`Zlvk\_^_gbyhdhebq_kl\_fhg_ldZ`^h]h^hklhbgkl\Z g_h[oh^bfuo^eykhklZ\e_gbykmffu\p_glZoi_j_^Zgghcnmgdpbb3HQQLHV7R&RLQV Wlhc nmgdpbbi_j_^Z_lky^\ZiZjZf_ljZ h[sZy^_g_`gZykmffZ\p_glZobmdZaZl_evgZi_j_f_g gmx7&RLQV5HFJ_amevlZlhf\uiheg_gbynmgdpbby\ey_lkylZ`_kZfZy^_g_`gZykmffZdh lhjZy[ueZi_j_^ZgZnmgdpbb\dZq_kl\_iZjZf_ljZghm`_\\b^_g_dhlhjh]hgZ[hjZfhg_l < fh^me_ 3HQQLHV,QWSDV h[ty\ey_lky nmgdpby dhlhjmx [b[ebhl_dZ 3HQQLHV/LEGOO wdkihjlbjm_l \ k\h_f jZa^_e_ LQWHUIDFH Hij_^_e_gb_ nmgdpbb jZaf_sZ_lky \ jZa^_e_ j_ZebaZpbb LPSOHPHQWDWLRQ Wlhhij_^_e_gb_hagZqZ_lqlhnmgdpbyy\ey_lky\g_rg_cb gZoh^blky\[b[ebhl_qghfnZce_3HQQLHV/LEGOOK\yavk'//nmgdpb_cmklZgZ\eb\Z_lky ihbf_gbnmgdpbbH[jZlbl_\gbfZgb_ qlh a^_kv [ueZ bkihevah\ZgZ ^bj_dlb\Z dhfibey lhjZ,)1'()3(11,(6/,%ijbf_gy_fZy^ey\uiheg_gbymkeh\ghcdhfibeypbbh[ty\e_gby nmgdpbb3HQQLHV7R&RLQV Wlh\ua\Zghhlkmlkl\b_fg_h[oh^bfhklbdhfihgh\Zlv^Zggh_ h[ty\e_gb_ ijb dhfibeypbb fh^mey bgl_jn_ckZ ^ey [b[ebhl_db ;eZ]h^Zjy wlhfm fh`gh ijbf_gylv h[ty\e_gby lbiZ ba fh^mey bgl_jn_ckZ kh\f_klgh dZd k [b[ebhl_dhc lZd b k ex[ufbijbeh`_gbyfbdhlhju_[m^mlbkihevah\Zlvwlm[b[ebhl_dmEx[u_ baf_g_gby \ kljmdlmjm bkihevam_fmx dZd [b[ebhl_dhc lZd b ijbeh`_gbyfb gm`gh \ghkblv lhevdh \ fh^me_bgl_jn_ckZ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
²ÍɼÖÉÊËÀ¿ÀÆÃÍ׿ÃËÀÅÍýÎÎÌÆɽÈÉÄÅÉÇÊÃÆÚÑÃýǻÌÓÍ»¼ÀÊËÃÆÉÁÀÈÃÚÎÅ»ÁÃÍÀ ÀÀ ½É ½ÅÆ»¿ÅÀ 'LUHFWRULHV&RQGLWLRQDOV¿Ã»ÆÉ¾É½É¾É ÉÅÈ» 3URMHFW2SWLRQV ÅÉÍÉ ËÉÀÉÍÅËÖ½»ÀÍÌÚÊËýּÉËÀÅÉǻȿÖ3URMHFWÖ2SWLRQVªÉÌÆÀØÍɾÉÌÆÀ¿ÎÀÍÉ¼Ú Â»ÍÀÆ×ÈÉ»ÈɽÉÌÉ¿»Í× ¿»ÈÈÖÄ ÊËÉÀÅÍ ÒÍÉ¼Ö ½ÌÍÎÊÃÆà ½ ÌÃÆÎ ÃÂÇÀÈÀÈÃÚ Ì½ÚÂ»È ÈÖÀÌÎÌÆɽÈÖÇÿÃËÀÅÍý»ÇÃÊÉÌÅÉÆ×ÅνÆɾÃÅÀÅÉǻȿÖ0DNHÈÀÊËÀ¿ÎÌÇÉÍËÀÈÉ ÊÀËÀÉÑÀÈÅÃÎÌÆɽÈÖÐÉÊËÀ¿ÀÆÀÈÃÄ ¬ÆÀ¿ÎÙÔÀÀÉÊËÀ¿ÀÆÀÈÃÀÊÉÅ»ÂÖ½»ÀÍÉ¿ÃÈÿ½ÎнÉÂÇÉÁÈÖÐÌÊÉÌɼɽÃÇÊÉËÍÃËÉ ½»ÈÃÚ'//ÏÎÈÅÑÃà IXQFWLRQ3HQQLHV7R&RLQV H[WHUQDO 3(11,(6/,%'// LQGH[ ¸ÍÉÍ ÇÀÍÉ¿ È»ÂÖ½»ÀÍÌÚ ÃÇÊÉËÍÉÇ ÊÉ ÊÉËÚ¿ÅɽÉÇÎ ÈÉÇÀËÎ £ÇÊÉËÍÃËɽ»Í× '// ÏÎÈÅÑÃÃÇÉÁÈÉÍ»ÅÁÀÿËξÃÇÌÊÉÌɼÉÇÅÉÍÉËÖÄÈ»ÂÖ½»ÀÍÌÚÃÇÊÉËÍÉÇÊÉÃÇÀÈà IXQFWLRQ3HQQLHV7R&RLQV H[WHUQDO 3(11,(6/,%'// QDPH
3HQQLHV7R&RLQV ¨ÀÍËοÈÉ ¿É¾»¿»Í×ÌÚ ÒÍÉ ¿ÆÚ ÉÊËÀ¿ÀÆÀÈÃÚ ÍÉ¾É Å»ÅÎÙ ÏÎÈÅÑÃÙ ÌÆÀ¿ÎÀÍ Ì½Ú»Í× Ì ¿»ÈÈÉÄ ¼Ã¼ÆÃÉÍÀÅÉÄ '// ½É ½ÍÉËÉÇ ÇÀÍÉ¿À ÃÌÊÉÆ×ÂÎÀÍÌÚ ÃÇÚ ÎÅ»ÂÖ½»ÀÇÉÀ ÊÉÌÆÀ ÅÆÙÒÀ½É¾ÉÌÆɽ»QDPH ªËà ÃÌÊÉÆ×Âɽ»ÈÃà ÃÇÊÉËÍ» ÊÉ ÊÉËÚ¿ÅɽÉÇÎ ÈÉÇÀËÎ ÎÇÀÈ×Ó»ÀÍÌÚ ½ËÀÇÚ Â»¾ËÎÂÅà ¼Ã¼ÆÃÉÍÀÅà '// ÊÉÌÅÉÆ×ÅÎ ½ ØÍÉÇ ÌÆÎÒ»À ÉÍÊ»¿»ÀÍ ÈÀɼÐÉ¿ÃÇÉÌÍ× ÊÉÃÌÅ» ÃÇÀÈà ÏÎÈÅÑÃýÀÀÍ»¼ÆÃÑÀÃÇÀÈÀÇÈÀÇÀÈÀÀ½:LQÊËÀ¿ÊÉÒÍÀÈÃÀÉÍ¿»ÀÍÌÚÃÇÊÉËÍÎ ÊÉÃÇÀÈÃØÍÉÇÌÆÎÒ»ÀÊËÃÆÉÁÀÈÃÚÈÀɼƻ¿»ÙÍÈÀÁÀÆ»ÍÀÆ×ÈÉÄÒνÌͽÃÍÀÆ×ÈÉÌÍ×Ù ÅÃÂÇÀÈÀÈÃÙÇÀÌÍÉË»ÌÊÉÆÉÁÀÈÃÚÍÉÒÀŽÐÉ¿»½ÏÎÈÅÑÃÃ'//½ÉÂÇÉÁÈÉÇÎÊËÃÒ»ÌÍÖРɼÈɽÆÀÈÃÚмüÆÃÉÍÀÅêËÃÃÇÊÉËÍÀÊÉÊÉËÚ¿ÅɽÉÇÎÈÉÇÀËÎÊËɾ˻ÇÇ»ÊËýÚ»Ȼ ÅÉÊËÀ¿ÀÆÀÈÈÉÇÎÇÀÌÍν¼Ã¼ÆÃÉÍÀÅÀ'//»ÊËÃÃÇÊÉËÍÀÊÉÃÇÀÈÃtÅÃÇÀÈÃÏÎÈÅ ÑÃÃÈÀ»½ÃÌÃÇÉÉÍÀÀË»ÌÊÉÆÉÁÀÈÃÚ½¼Ã¼ÆÃÉÍÀÅÀ ?keb jZkkfZljb\Z_fZy \ur_ [b[ebhl_dZ [ueZ [u j_Zevghc '// dhlhjmx ij_^iheZ]Zehkv bkihevah\Zlv b \ ^Zevg_cr_f ke_^h\Zeh [u ij_^hklZ\blv ihevah\Zl_eyf h[Z nZceZ² b 3HQQLHV/LEGOOb3HQQLHV,QWSDVLh]^Zhgbkfh]eb[ujZ[hlZlvk^Zgghc[b[ebhl_dhchij_ ^_eyylbiubnmgdpbb\fh^me_3HQQLHV,QWSDVlj_[m_fu_^eynZceZ3HQQLHV/LEGOODjhf_ lh]h ijh]jZffbklu jZ[hlZxsb_ gZ ^jm]bo yaudZo gZijbf_j & fh]eb [u ij_h[jZah\Zlv fh^mev3HQQLHV,QWSDV\k\hcyaudqlhiha\hebeh[ubfbkihevah\Zlv\Zrm[b[ebhl_dm'//\ k\h_ckj_^_jZajZ[hldbIjh_dljZ[hlZxsbck[b[ebhl_dhc3HQQLHV/LEGOOfh`ghgZclbgZ dhfiZdl^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
6}\x^KQ~Qw\|K~g\^w xx\}Qy)22 <wlhfjZa^_e_fujZkkfhljbfdZdk^_eZlvfh^Zevgu_nhjfu^hklmigufb\[b[ebhl_d_ '//H^gZbaijbqbgihf_s_gbyqZklhbkihevam_fuonhjf\[b[ebhl_dm'//khklhbl\\ha fh`ghklbijbf_g_gbywlbonhjf\^jm]boijbeh`_gbyo:LQGRZVb^Z`_\^jm]hckj_^_jZa jZ[hldb gZijbf_j\&beb\9LVXDO%DVLF >ey^hklb`_gbygZf_q_gghcp_ebij_`^_\k_]hm^Zebl_[m^msmx'//nhjfmbakibkdZ Z\lhfZlbq_kdbkha^Z\Z_fuonhjf JZg__ fu m`_ kha^Zeb ih^oh^ysmx nhjfm \ ]eZ\ghf hdg_ dhlhjhc kh^_j`blky dhfih g_gl 7&DOHQGDU
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
< ebklbg]_ ihdZaZg bkoh^guc l_dkl nZceZ ijh_dlZ &DOHQGDU/LEGSU Z \ ebklbg ]_ ²bkoh^gucl_dklfh^meykZfhc'//nhjfu'OO)UPSDVH[Z wlbo nZceZ kem`Zl be exkljZpb_cf_lh^ZbgdZikmeypbbnhjfu\[b[ebhl_dm'//
ªÇÐÑÇÌ §ÐÔÍÃÌÚÈÑÄÉÐÑÓ¿ÈÊ¿ÎÏÍÄÉÑ¿&DOHQGDU/LEGSU XQLW'//)UP LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV*ULGV&DOHQGDU W\SH 7'//)RUP FODVV 7)RUP FDO'OO&DOHQGDU 7&DOHQGDU SURFHGXUHFDO'OO&DOHQGDU'EO&OLFN 6HQGHU 72EMHFW HQG ^Ìi~¹ksntqnërxwvézqéynuvp{ytr|qq` IXQFWLRQ6KRZ&DOHQGDU $+DQGOH 7+DQGOH $&DSWLRQ 6WULQJ 7'DWH7LPH 6WG&DOO LPSOHPHQWDWLRQ ^5 ')0` IXQFWLRQ6KRZ&DOHQGDU $+DQGOH 7+DQGOH $&DSWLRQ 6WULQJ 7'DWH7LPH YDU '//)RUP 7'OO)RUP EHJLQ Çvwqévkjtqnlnxréqwzvéjwéqsv ntq¹kvi~nrz7$SSOLFDWLRQiqisqvznrq'// $SSOLFDWLRQ+DQGOH $+DQGOH '//)RUP 7'//)RUP&UHDWH $SSOLFDWLRQ WU\ '//)RUP&DSWLRQ $&DSWLRQ '//)RUP6KRZ0RGDO Ævokéjntqnljzkrj·nxzknénoyszjzj 5HVXOW '//)RUPFDO'//&DOHQGDU&DOHQGDU'DWH ILQDOO\ '//)RUP)UHH HQG HQG SURFHGXUH7'//)RUPFDO'OO&DOHQGDU'EO&OLFN 6HQGHU 72EMHFW EHJLQ &ORVH HQG HQG
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
=eZ\gZynhjfZ\wlhc[b[ebhl_d_'//\dexqZ_lky\wdkihjlbjm_fmxnmgdpbxH[jZlbl_ \gbfZgb_gZlhqlhh[ty\e_gb_'//)RUP[uehm^Ze_ghbajZa^_eZLQWHUIDFHbi_j_g_k_gh\ l_dklkZfhcnmgdpbb < jZkkfZljb\Z_fhc '//nmgdpbb k\hckl\m $SSOLFDWLRQ+DQGOH [ue ijbk\h_g iZjZf_lj $+DQGOH GZihfgbf qlh \k_ ijh_dlu 'HOSKL \kihfgbl_ ]eZ\m ³Kljh_gb_ ijbeh`_gby b dhgp_ipbbdhgkljmbjh\Zgby´ \dexqZyb[b[ebhl_qgu_ijh_dlukh^_j`Zl]eh[Zevguch[t _dl $SSOLFDWLRQ < nmgdpbb [b[ebhl_db '// wlhl h[t_dl hlebq_g hl h[t_dlZ $SSOLFDWLRQ dhlhjuc kms_kl\m_l \ \uau\Zxs_f ijbeh`_gbb Qlh[u '//nhjfZ ijZ\bevgh jZ[hlZeZ \ dZq_kl\_ fh^Zevghc nhjfu ^ey \uau\Zxs_]h ijbeh`_gby g_h[oh^bfh ijbk\hblv ^_kdjbi lhj wlh]h \uau\Zxs_]h ijbeh`_gby k\hckl\m $SSOLFDWLRQ+DQGOH nmgdpbb ba [b[ebhl_db '// qlh b [ueh ijh^_fhgkljbjh\Zgh ;_a wlh]h ih\_^_gb_ [b[ebhl_qghc nhjfu [ueh [u g_dhjj_dlgufhkh[_ggh\kemqZ___fbgbfbaZpbbDjhf_lh]hijbkha^Zgbbih^h[ghcnhj fug_ke_^m_li_j_^Z\ZlvagZq_gb_jZ\gh_QLO Ihke_ kha^Zgby '//nhjfu __ k\hckl\m &DSWLRQ ijbk\Zb\Z_lky kljhdZ $&DSWLRQ AZl_f nhjfZhlh[jZ`Z_lky\fh^Zevghfj_`bf_Dh]^ZnhjfZaZdju\Z_lky ^ZlZ \u[jZggZy ihev ah\Zl_e_f\dhfihg_gl_7&DOHQGDUi_j_^Z_lkyh[jZlgh\\uau\ZxsmxnmgdpbxNhjfZaZ dju\Z_lkyih^\hcghfms_eqdmgZdhfihg_gl_7&DOHQGDU ÌÆÃÌÉ¿»½»ÀǻڼüÆÃÉÍÀÅ»'//ØÅÌÊÉËÍÃËÎÀÍÆÙ¼ÖÀÊËÉÑÀ¿ÎËÖÃÆÃÏÎÈÅÑÃÃÅÉ ÍÉËÖÀÊÉÆÎÒ»ÙͽŻÒÀÌͽÀʻ˻ÇÀÍËɽÃÆýɽ˻ԻÙͽ½Ã¿ÀËÀÂÎÆ×Í»Íɽ½ÖÊÉÆÈÀ ÈÃÚ ÌÍËÉÅà ÃÆà ¿ÃÈ»ÇÃÒÀÌÅÃÀ Ç»ÌÌÃ½Ö ÍÉ ÊÀ˽ÖÇ ØÆÀÇÀÈÍÉÇ ÌÊÃÌÅ» ÃÈÌÍËÎÅÑÃà XVHVØÍÉļüÆÃÉÍÀÅÃÃÊËÉÀÅÍ» ½Ö¼ÀËÃÍÀÅÉǻȿÎ9LHZÖ3URMHFW6RXUFH ¿ÉÆÁÀÈ ¼ÖÍ×ÇÉ¿ÎÆ×6KDUH0HP¸ÍÉÉÍÈÉÌÃÍÌÚÅɽÌÀÇÌÍËÉÅ»ÇÊÀËÀ¿»½»ÀÇÖÇÃÆÃÊÉÆÎÒ»À ÇÖÇÉͼüÆÃÉÍÀÅ'//¿»ÁÀÀÌÆÃØÍÃÌÍËÉÅýÆÉÁÀÈֽ»ÊÃÌÃÃÆÃÅÆ»ÌÌ֧ɿÎÆ× 6KDUH0HPÚ½ÆÚÀÍÌÚÇÉ¿ÎÆÀÇÃÈÍÀËÏÀÄÌ»¿ÆڼüÆÃÉÍÀÅÃ%RUOQGPPGOO ¿ÃÌÊÀÍÒÀË» ˻¿ÀÆÚÀÇÉÄÊ»ÇÚÍà ÅÉÍÉËÖÄÈÀɼÐÉ¿ÃÇÉÃÌÊÉÆ×Âɽ»Í×½ÇÀÌÍÀÌØÍÉļüÆÃÉÍÀÅÉÄ ²ÍÉ¼Ö É¼ÉÄÍÃÌ× ¼À ÇÉ¿ÎÆÚ %RUOQGPQGOO ÊÀËÀ¿»½»ÄÍÀ ÌÍËÉÅɽÎÙ ÃÈÏÉËÇ»ÑÃÙ Ì ÊÉÇÉÔ×Ùʻ˻ÇÀÍË»ÍÃÊ»3&KDUÃÆÃ6KRUW6WULQJ £ÌÊÉÆ×Âɽ»ÈÃÀ ÇÉ¿ÎÆÚ 6KDUH0HP Ú½ÆÚÀÍÌÚ À¿ÃÈÌͽÀÈÈÖÇ É¼Ú»ÍÀÆ×ÈÖÇ ÎÌÆɽÃÀÇ ¿ÆÚÉ˾»ÈûÑÃÃÊÀËÀ¿»ÒÃÃÂÉ¿ÈɾÉÊËÃÆÉÁÀÈÃÚ½¿ËξÉÀË»ÂÇÀÔÀÈÈÖнÅÎÒÀÌÍËÉÅ ÃÆà ¿ÃÈ»ÇÃÒÀÌÅÃÐ Ç»ÌÌýɽ ªËà ØÍÉÇ Í»ÅÁÀ ÊÀËÀ¿»ÀÍÌÚ Ã ÊË»½É ÌɼÌͽÀÈÈÉÌÍà Ȼ ¿»ÈÈÎÙÌÍËÉÅɽÎÙÊ»ÇÚÍתÉÌÆÀÊËÀɼ˻Âɽ»ÈÃÚ½ÈÎÍËÀÈÈÀÄÌÍËÉÅÃÅÍÃÊÎ3&KDU Ì ÊÉÇÉÔ×ÙÉÊÀË»ÑÃÃÊËýÀ¿ÀÈÃÚÍÃÊ» ÌÊÉÌÆÀ¿ÎÙÔÀÄÊÀËÀ¿»ÒÀÄÀÀ½¿ËξÉÄÇÉ¿ÎÆ× Å»Åʻ˻ÇÀÍË»ÍÃÊ»3&KDUÊË»½ÉÌɼÌͽÀÈÈÉÌÍÃÈ»ÌÍËÉÅɽÎÙÊ»ÇÚÍ×½ÖÂÖ½»ÀÇÉÇÎ ÇÉ¿ÎÆÙÈÀÊÀËÀ¿»ÀÍÌÚÃÊÉØÍÉÇÎÇÉ¿ÎÆ×ÃÈÍÀËÏÀÄÌ»6KDUH0HPÈÀÍËÀ¼ÎÀÍÌÚ ¬ÆÀ¿ÎÀÍÎÒÀÌÍ×ÒÍÉÇÉ¿ÎÆ×6KDUH0HPÊËÃÇÀÈÚÀÍÌÚÍÉÆ×ÅÉżüÆÃÉÍÀÅ»Ç'HOSKL%&% '// ÅÉÍÉËÖÀ ÊÀËÀ¿»ÙÍ ÌÍËÉÅà ÃÆà ¿ÃÈ»ÇÃÒÀÌÅÃÀ Ç»ÌÌÃ½Ö ¿ËξÃÇ ¼Ã¼ÆÃÉÍÀÅ»Ç 'HOSKL%&%'//ÃÆÃ(;(Ï»ÄƻǨÃÅɾ¿»ÈÀÊÀËÀ¿»½»ÄÍÀÌÍËÉÅÃÃÆÿÃÈ»ÇÃÒÀÌÅÃÀ Ç»ÌÌýÖ'HOSKL ½Å»ÒÀÌͽÀʻ˻ÇÀÍËɽÃÆÃËÀÂÎÆ×Í»Íɽ½ÖÊÉÆÈÀÈÃÚØÅÌÊÉËÍÃËÎÀÇÖÐ ÏÎÈÅÑÃÄ ¼Ã¼ÆÃÉÍÀÅ '// ½ ÏÎÈÅÑÃà ¼Ã¼ÆÃÉÍÀÅ '// ÃÆà ÊËÃÆÉÁÀÈÃÚ È»ÊÃÌ»ÈÈÖÀ È» ¿ËξÉÇÚÂÖÅÀ¬ÎÍ×½ÍÉÇÒÍɽÈÀÓÈÃÀÊËÃÆÉÁÀÈÃÚÈÀÂÈ»ÙÍÅ»ÅÅÉËËÀÅÍÈÉÉÌ½É¼É ¿ÃÍ×ØÍÃØÆÀÇÀÈÍÖÌËÀ¿Ö'HOSKL ¥ËÉÇÀ ÍÉ¾É ÇÉ¿ÎÆ× 6KDUH0HP ÈÃÅɾ¿» ÈÀ ÍËÀ¼ÎÀÍÌÚ ½ ÉÍÈÉÓÀÈÃÚÐ ÇÀÁ¿Î ÊËÃÆÉÁÀ ÈÃÚÇýÌÍËÉÀÈÈÖÇýʻÅÀÍÖØÍÉÇÌÆÎÒ»À¿ÃÌÊÀÍÒÀËÊ»ÇÚÍÃË»ÌÊËÀ¿ÀÆÚÀÍÊ»ÇÚÍ× ÇÀÁ¿ÎÒÆÀÈ»ÇÃÊ»ÅÀÍ»ÈÀÚ½ÈÉ
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
6}\x^KQ~Q~Qw\|K~g\^w xx\}Qy)22 >eybeexkljZpbbjZaf_s_gby\[b[ebhl_d_'//g_fh^Zevguonhjf\gh\v\hkihevam_fky nhjfhckdZe_g^Zj_fddhlhjhcfuh[jZsZebkv\ij_^u^ms_fjZa^_e_ >ey hlh[jZ`_gby ba [b[ebhl_db '// g_fh^Zevguo nhjf lZdZy '// ^he`gZ kh^_j`Zlv ^\_nmgdpbbGZi_j\mx\haeZ]Z_lkyaZ^ZqZkha^Zgbybhlh[jZ`_gbynhjfuZgZ\lhjmx² __ hk\h[h`^_gby < ebklbg]_ ij_^klZ\e_g bkoh^guc l_dkl beexkljbjmxsbc \u\h^ g_ fh^Zevghcnhjfunmgdpbyfb'//
ªÇÐÑÇÌ ¬ÄËÍÿÊÛÌ¿ÞÓÍÏË¿ÁÀÇÀÊÇÍÑÄÉÄ'// XQLW'//)UP LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV*ULGV&DOHQGDU W\SH 7'//)RUP FODVV 7)RUP FDO'OO&DOHQGDU 7&DOHQGDU HQG ^Ìi~¹ksntqnërxwvézqéynuvp{ytr|qq` IXQFWLRQ6KRZ&DOHQGDU $+DQGOH 7+DQGOH $&DSWLRQ 6WULQJ /RQJLQW VWG&DOO SURFHGXUH&ORVH&DOHQGDU $)RUP5HI /RQJLQW VWGFDOO LPSOHPHQWDWLRQ ^5 ')0` IXQFWLRQ6KRZ&DOHQGDU $+DQGOH 7+DQGOH $&DSWLRQ 6WULQJ /RQJLQW YDU '//)RUP 7'OO)RUP EHJLQ Çvwqévkjtqnlnxréqwzvéjwéqsv ntq¹kvi~nrz'//7$SSOLFDWLRQ $SSOLFDWLRQ+DQGOH $+DQGOH '//)RUP 7'//)RUP&UHDWH $SSOLFDWLRQ 5HVXOW /RQJLQW '//)RUP '//)RUP&DSWLRQ $&DSWLRQ '//)RUP6KRZ HQG SURFHGXUH&ORVH&DOHQGDU $)RUP5HI /RQJLQW EHJLQ LI$)RUP5HI!WKHQ 7'//)RUP $)RUP5HI 5HOHDVH HQG HQG
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
< wlhf ebklbg]_ kh^_j`blky ^\Z f_lh^Z 6KRZ&DOHQGDU b &ORVH&DOHQGDU F_lh^ 6KRZ&DOHQGDU ihoh`gZh^ghbf_ggmxnmgdpbxbaijbf_jZkfh^Zevghcnhjfhcl_fqlh^_ kdjbilhj\uau\Zxs_]hijbeh`_gbyijbk\Zb\Z_lkyk\hckl\m+DQGOHh[t_dlZijbeh`_gbynmgd pbb '// ihke_ q_]h kha^Z_lky kZfZ nhjfZ H^gZdh \f_klh \uah\Z f_lh^Z 6KRZ0RGDO wlZ nmgdpby\uau\Z_lf_lh^6KRZ bijbwlhfg_hk\h[h`^Z_lnhjfmH[jZlbl_\gbfZgb_gZlh qlhhgZ\ha\jZsZ_lagZq_gb_lbiZORQJLQW\jhebdhlhjh]h\uklmiZ_lwda_fieyj'//)RUP_fhgkljZpbhggu_ijbf_jufh^Zevghcbg_fh^Zevghcnhjfbf_xlkygZdhfiZdl^bkd_ ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
tNu\\zK~Qxx\}Qy)22 zu^\Q~g)PX]TU DZdm`_hlf_qZehkv\ur_\wlhc]eZ\_kms_kl\m_l^\Zkihkh[ZaZ]jmadbbebbfihjlbjh \Zgbynmgdpbc[b[ebhl_d'//²y\gucbg_y\guc < wlhf jZa^_e_ h[Z kihkh[Z [m^ml ijh ^_fhgkljbjh\ZgugZijbf_j_kha^ZgguojZg__[b[ebhl_d'// I_j\Zy[b[ebhl_dZ'//kha^ZggZy\wlhc ]eZ\_ kh^_j`ZeZ fh^mev LQWHUIDFH
ªÇÐÑÇÌ ¢Ê¿ÁÌ¿ÞÓÍÏË¿ÃÄËÍÌÐÑÏ¿ÕÇÍÌÌÍÂÍÎÏÍÄÉÑ¿Ï¿ÆËÄÌ¿ÐÒËË XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV6WG&WUOV0DVN W\SH
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
70DLQ)RUP FODVV 7)RUP OEO7RWDO 7/DEHO OEO4OEO 7/DEHO OEO'OEO 7/DEHO OEO1OEO 7/DEHO OEO3OEO 7/DEHO OEO4XDUWHUV 7/DEHO OEO'LPHV 7/DEHO OEO1LFNHOV 7/DEHO OEO3HQQLHV 7/DEHO EWQ0DNH&KDQJH 7%XWWRQ PH7RWDO3HQQLHV 70DVN(GLW SURFHGXUHEWQ0DNH&KDQJH&OLFN 6HQGHU 72EMHFW HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ XVHV3HQQLHV,QW Êxwvsovkjtqnuvlys¹qtzné{npxj ^5 ')0` SURFHGXUH70DLQ)RUPEWQ0DNH&KDQJH&OLFN 6HQGHU 72EMHFW YDU &RLQV5HF 7&RLQV5HF 7RW3HQQLHV ZRUG EHJLQ ^Æovk'//{ytr|qqls¹vwénlnsntq¹uqtqujstvmvrvsq·nxzkjuvtnz xvxzjks¹íq}lntn tyíxyuuyojljttyík|ntzj}` 7RW3HQQLHV 3HQQLHV7R&RLQV 6WU7R,QW PH7RWDO3HQQLHV7H[W #&RLQV5HF ZLWK&RLQV5HFGR EHJLQ ^Ækvlqt{véuj|qqvtjivénuvtnz` OEO4XDUWHUV&DSWLRQ ,QW7R6WU 4XDUWHUV OEO'LPHV&DSWLRQ ,QW7R6WU 'LPHV OEO1LFNHOV&DSWLRQ ,QW7R6WU 1LFNHOV OEO3HQQLHV&DSWLRQ ,QW7R6WU 3HQQLHV HQG HQG HQG H[jZlbl_ \gbfZgb_ \ fh^me_ 0DLQ)UPSDV bkihevam_lky fh^mev 3HQQLHV,QW GZihfgbf qlhfh^mev3HQQLHV,QWSDVkh^_j`bl\g_rgb_h[ty\e_gby^eynmgdpbcihf_s_gguo\[b[ ebhl_qgucnZce3HQQLHV/LEGSUIjbaZimkd_wlh]hijbeh`_gbykbkl_fZ:LQZ\lhfZlbq_ kdbaZ]jm`Z_l[b[ebhl_dm3HQQLHV/LEGSUbhlh[jZ`Z_l__gZZ^j_kgh_ijhkljZgkl\hijhp_k kZ\uau\Zxs_]hijbeh`_gby
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
Bkihevah\Zlv fh^mev LPSRUW g_ h[yaZl_evgh
¿z~KK{^yKxx\}Qy)22 G_kfhljygZm^h[kl\hf_lh^Zg_y\ghcaZ]jmadb[b[ebhl_d'//hgg_\k_]^Z[u\Z_l`_ eZl_evgufIj_^iheh`bfqlhkms_kl\m_lg_dhlhjZy[b[ebhl_dZ'//kh^_j`ZsZyfgh`_kl \hnmgdpbcjm]bf ijbf_jhf fh`_l kem`blvijbf_g_gb_dhfihg_glh\[b[ebhl_d'//^eyaZiheg_gbyh[t_dlh\bf_xsbohq_gv [hevrhc jZaf_j b kh^_j`Zsbo kibkdb \_kvfZ ki_pbZebabjh\Zgguo nmgdpbc ij_^hklZ\ey_ fuo gZ \u[hj ^ey bkihevah\Zgby \ dhgdj_lguo kblmZpbyo GZijbf_j kibkdb ^hklmiguo ^jZc\_jh\ ijbgl_jh\ beb ih^ijh]jZff ij_h[jZah\Zgby nhjfZlZ nZceh\ < lZdhc kblmZpbb bf_eh[ukfukeaZ]jm`ZlvdZ`^mx[b[ebhl_dm'//lhevdhihdhgdj_lghfmlj_[h\Zgbxbk oh^ys_fmhlijbeh`_gbyWlhlf_lh^bgZau\Z_lkyy\ghcaZ]jmadhc[b[ebhl_d'// >eybeexkljZpbby\ghcaZ]jmadb\_jg_fkydijbf_jm[b[ebhl_db'//kfh^Zevghcnhj fhc<ebklbg]_ kh^_j`blkyijh]jZffgucl_dkl]eZ\ghcnhjfuijbeh`_gby\dhlhjhf ^_fhgkljbjm_lkyy\gZyaZ]jmadZwlhc'//NZceijh_dlZwlh]hijbeh`_gbyfh`ghgZclbgZ dhfiZdl^bkd_ijbeZ]Z_fhfdh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
ªÇÐÑÇÌ ¢Ê¿ÁÌ¿ÞÓÍÏË¿ÎÏÇÊÍÅÄÌÇÞÃÄËÍÌÐÑÏÇÏÒÝØÄÂÍÞÁÌÒÝÆ¿ÂÏÒÆÉÒÀÇÀÊÇÍÑÄÉÇ'// XQLW0DLQ)IP LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV6WG&WUOV
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
W\SH ^ftj·jsjvwénlns¹nuwév|nlyétpzqwljtt}rvzvéplvs nt vzéj jzërxwvézqéynuyíqoiqisqvznrq'//wév|nlyéy` 76KRZ&DOHQGDU IXQFWLRQ $+DQGOH 7+DQGOH $&DSWLRQ 6WULQJ 7'DWH7LPH 6WG&DOO ^fvoljnutvkprsjxxqxrsí·ntq¹ls¹vzéj ntq¹tnylj·tvpojméyorq'//` ('///RDG(UURU FODVV ([FHSWLRQ 70DLQ)RUP FODVV 7)RUP OEO'DWH 7/DEHO EWQ*HW&DOHQGDU 7%XWWRQ SURFHGXUHEWQ*HW&DOHQGDU&OLFN 6HQGHU 72EMHFW HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH70DLQ)RUPEWQ*HW&DOHQGDU&OLFN 6HQGHU 72EMHFW YDU /LE+DQGOH 7+DQGOH 6KRZ&DOHQGDU 76KRZ&DOHQGDU EHJLQ ^bnsjnuwvwzryojméyoqz'//` /LE+DQGOH /RDG/LEUDU\ &$/(1'$5/,%'// WU\ ^cxsqojméyorj'//vrj nzx¹tnylj·tvpwnénunttj¹/LE+DQGOHiylnzqunz tysnkvnotj·ntqnÆëzvuxsy·jnkvotqrtnzqxrsí·qznstj¹xqzyj|q¹` LI/LE+DQGOH WKHQ UDLVH('///RDG(UURU&UHDWH 8QDEOHWR/RDG'// ^cxsqkwvstntqnwévméjuulvplnzlvëzvmvunxzjotj·qz'// ojméyoqsjxylj·tvÒnwnéyxzjtjksqkjnuxk¹oxërxwvézqéynuvp {ytr|qnp'//·zvinnuv tvisvkokjz` #6KRZ&DOHQGDU *HW3URF$GGUHVV /LE+DQGOH 6KRZ&DOHQGDU ^cxsq{ytr|q¹quwvézqéynzx¹yxwn¡tvyxzjtjksqkjnuxkvpxzkvOEO'DWH&DSWLRQ ls¹vzviéj ntq¹ljzkvokéjjnuvpëzvp{ytr|qnpÆwévzqktvuxsy·jn mntnéqéynzx¹qxrsí·qznstj¹xqzyj|q¹` LIQRW #6KRZ&DOHQGDU QLO WKHQ OEO'DWH&DSWLRQ 'DWH7R6WU 6KRZ&DOHQGDU $SSOLFDWLRQ+DQGOH&DSWLRQ HOVH 5DLVH/DVW:LQ(UURU ILQDOO\ )UHH/LEUDU\ /LE+DQGOH Æméyorj'// HQG HQG HQG
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
<gZqZe_wlh]hfh^meyhij_^_ey_lkyijhp_^mjguclbi^Zgguo76KRZ&DOHQGDUdhlhjuchlh [jZ`Z_lhij_^_e_gb_nmgdpbb\uau\Z_fhcba[b[ebhl_db&DOHQGDU/LEGOOAZl_fhij_^_ey_l kyki_pbZevgZybkdexqbl_evgZykblmZpbydhlhjZy]_g_jbjm_lkyijb\hagbdgh\_gbbijh[e_fk aZ]jmadhc [b[ebhl_db '// H[jZlbl_ \gbfZgb_ gZ lh qlh \ h[jZ[hlqbd_ kh[ulbc EWQ*HW&DOHQGDU&OLFN bkihevamxlkyljbnmgdpbb:LQ$3, /RDG/LEUDU\ )UHH/LEUDU\ b*HW3URF$GGUHVV Nmgdpby/RDG/LEUDU\ hij_^_ey_lkyke_^mxsbfh[jZahf IXQFWLRQ/RDG/LEUDU\ OS/LE)LOH1DPH 3&KDU +02'8/( VWGFDOO WlZ nmgdpby aZ]jm`Z_l wda_fieyj [b[ebhl_db '// mdZaZgghc i_j_f_gghc OS/LE)LOH1DPHbhlh[jZ`Z_l__gZZ^j_kgh_ijhkljZgkl\h\uau\Zxs_]hijhp_kkZ?kebjZ [hlZnmgdpbbaZ\_jrZ_lkymki_rghhgZ\ha\jZsZ_l^_kdjbilhjwda_fieyjZ'//Z\kemqZ_ g_m^Zqb²gme_\h_agZq_gb_dhlhjh_by\ey_lkykb]gZehfd]_g_jZpbbbkdexqbl_evghckb lmZpbbAZih^jh[ghcbgnhjfZpb_chjZ[hl_nmgdpbb/RDG/LEUDU\ b\ha\jZsZ_fuo_cdh ^Zohrb[hdh[jZlbl_kvdbgl_jZdlb\ghckijZ\hqghckbkl_f_ Nmgdpby)UHH/LEUDU\ hij_^_ey_lkyke_^mxsbfh[jZahf IXQFWLRQ)UHH/LEUDU\ K/LE0RGXOH +02'8/( %22/ VWGFDOO Nmgdpby)UHH/LEUDU\ mf_gvrZ_lkq_lqbdwda_fieyjh\[b[ebhl_dbaZ^ZgghcagZq_gb_f i_j_f_gghcK/LE0RGXOH?kebkq_lqbdwda_fieyjh\ijbf_lgme_\h_agZq_gb_lh^ZggZy[b[ ebhl_dZ[m^_lm^Ze_gZbaiZfylbMihfygmluckq_lqbdwda_fieyjh\hlke_`b\Z_ldhebq_kl\h aZ^Zqbkihevamxsbo^Zggmx[b[ebhl_dm'// :\hldZdhij_^_ey_lkynmgdpby*HW3URF$GGUHVV IXQFWLRQ*HW3URF$GGUHVV K0RGXOH +02'8/( OS3URF1DPH /3&675 )$5352& VWGFDOO Nmgdpby *HW3URF$GGUHVV \ha\jZsZ_l Z^j_k nmgdpbb \gmljb [b[ebhl_qgh]h fh^m eyaZ^Zggh]hagZq_gb_fi_j\h]hiZjZf_ljZK0RGXOHWlhliZjZf_ljbf__llbi 7+DQGOH \ha\jZsZ_fuf ijb h[jZs_gbb d nmgdpbb /RDG/LEUDU\ < kemqZ_ g_mki_rgh]h aZ\_j r_gby jZ[hlu nmgdpbb *HW3URF$GGUHVV ihke_^gyy \ha\jZsZ_l agZq_gb_ QLO >ey ih emq_gby jZkrbj_gghc bgnhjfZpbb h[ hrb[dZo gm`gh \ua\Zlv nmgdpbx :LQ $3, *HW/DVW(UURU <h[jZ[hlqbd_kh[ulbc%XWWRQ2Q&OLFNnmgdpby/RDG/LEUDU\ \uau\Z_lky^eyaZ]jma db [b[ebhl_db &$/'// ?keb aZ]jmadZ aZ\_jrZ_lky g_m^Zqgh ]_g_jbjm_lky bkdexqbl_evgZy kblmZpby < kemqZ_ mki_rghc aZ]jmadb [m^_l \uiheg_gh h[jZs_gb_ d nmgdpbb hdgZ *HW3URF$GGUHVV p_ev dhlhjh]h² ihemq_gb_ Z^j_kZ nmgdpbb 6KRZ&DOHQGDU GZebqb_ kbf\heZhi_jZlhjZ Z^j_kZ # i_j_^ i_j_f_gghc ijhp_^mjgh]h lbiZ 6KRZ&DOHQGDU g_ iha\h ey_l dhfibeylhjm \u^Zlv hrb[dm h g_kh\iZ^_gbb lbih\ Ihemq_gguc Z^j_k nmgdpbb 6KRZ&DOHQGDU fh`gh [m^_l bkihevah\Zlv m`_ \ \b^_ i_j_f_gghc lbiZ 76KRZ&DOHQGDU B gZdhg_p\gmljb[ehdZILQDOO\\uau\Z_lkynmgdpby)UHH/LEUDU\ ]ZjZglbjmxsZyqlhaZ ]jm`_ggZy[b[ebhl_dZ[m^_lhk\h[h`^_gZ
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
·~yzg\|Kzg\|K |xx\}Qy)22 <kemqZ_g_h[oh^bfhklb^eykha^Z\Z_fhc[b[ebhl_db'//fh`ghih^]hlh\blvnmgdpbb \uihegyxsb_ lj_[m_fu_ hi_jZpbb bgbpbZebaZpbb b aZ\_jr_gby jZ[hlu < qZklghklb ih ^h[gu_hi_jZpbbfh]mlihlj_[h\ZlvkyijbaZimkd_bhklZgh\_jZ[hluijhp_kkh\bebihlhdh\
·~y~KKKzQ^
Q~ u^\QNN\zu\}\y\z D lbibqguf hi_jZpbyf bgbpbZebaZpbb hlghkylky j_]bkljZpby deZkkh\ :LQGRZV bgb pbZebaZpby]eh[Zevguoi_j_f_gguobnmgdpbb\oh^Z\uoh^Z
±¿ÀÊÇÕ¿ °ÍÀÚÑÇÞÁÔÍÿÁÚÔÍÿÃÊÞÀÇÀÊÇÍÑÄÉÇ'// °ÍÀÚÑÇÄ
¬¿ÆÌ¿ÖÄÌÇÄ
'//B352&(66B$77$&+ üÆÃÉÍÀÅ»'//ÊËÃÌÉÀ¿ÃÈÚÀÍÌÚÅ»¿ËÀÌÈÉÇÎÊËÉÌÍË»ÈÌͽÎÍÀÅÎÔÀ¾ÉÊËÉ ÑÀÌÌ»ÊËûÊÎÌÅÀÊËÉÑÀÌÌ»ÃÆýËÀÂÎÆ×Í»ÍÀ½ÖÂɽ»ÏÎÈÅÑÃà /RDG/LEUDU\ ªËÃɼ˻¼ÉÍÅÀØÍɾÉÌɼÖÍÃÚ½¼Ã¼ÆÃÉÍÀÅÀ'//ÃÈÃÑû ÆÃÂÃËÎÙÍÌÚØÅÂÀÇÊÆÚËÖÆÙ¼ÖÐÍÃÊɽ¿»ÈÈÖÐ '//B352&(66B'(7$&+ üÆÃÉÍÀÅ»'//ÉÍÌÉÀ¿ÃÈÚÀÍÌÚÉÍ»¿ËÀÌÈɾÉÊËÉÌÍË»ÈÌͽ»½ÖÂÖ½»ÙÔÀ¾É ÊËÉÑÀÌÌ»¸Í»ÌÃÍλÑÃÚ½ÉÂÈÃÅ»ÀÍÊËýÖÐÉ¿ÀÃÂÊËÉÑÀÌÌ»ÉÒÃÌÍÅÃÃÆÃÊËà ɼ˻ÔÀÈÃÃÅÏÎÈÅÑÃÃ)UHH/LEUDU\ ªËÃɼ˻¼ÉÍÅÀØÍɾÉÌɼÖÍÃÚ½¼Ã¼ ÆÃÉÍÀÅÀ'//ÇɾÎÍ¿ÀÃÈÃÑûÆÃÂÃËɽ»Í×ÌÚØÅÂÀÇÊÆÚËÖ¿»ÈÈÖÐÆÙ¼ÖÐÍÃÊɽ '//B7+5($'B$77$&+ ¸ÍÉÌɼÖÍÃÀÊËÉÃÌÐÉ¿ÃÍÅɾ¿»ÍÀÅÎÔÃÄÊËÉÑÀÌÌÌÉ¿»ÀÍÈɽÖÄÊÉÍÉÅ ÊɿɼÈÖÐÌÆÎÒ»ÚÐÌÃÌÍÀÇ»½ÖÂÖ½»ÀÍÏÎÈÅÑÃÙ½ÐÉ¿ÈÉÄÍÉÒÅÿÆÚÆÙ¼ÉÄ ¼Ã¼ÆÃÉÍÀÅÃ'//ÊËÃÌÉÀ¿ÃÈÀÈÈÉÄÅÊËÉÑÀÌÌθÍÉͽÖÂɽ½ÖÊÉÆÈÚÀÍÌÚ½ ÅÉÈÍÀÅÌÍÀÈɽɾÉÊÉÍÉÅ»ÃÇÉÁÀͼÖÍ×ÃÌÊÉÆ×Âɽ»È¿ÆÚË»ÂÇÀÔÀÈÃÚÆÙ¼ÖÐ ¿»ÈÈÖÐÊËÀ¿È»ÂÈ»ÒÀÈÈÖÐÅÉÈÅËÀÍÈÉÇÎÊÉÍÉÅÎ '//B7+5($'B'(7$&+ ¸ÍÉÌɼÖÍÃÀÊËÉÃÌÐÉ¿ÃÍÅɾ¿»Ë»¼ÉÍ»ÊÉÍÉŻ»½ÀËÓ»ÀÍÌÚÊËÉÑÀÌÌÀ ɼ˻¼ÉÍÅÃØÍɾÉÌɼÖÍÃÚ½¼Ã¼ÆÃÉÍÀÅÀ'//ÇɾÎÍÉ̽ɼÉÁ¿»Í×ÌÚÆÙ¼ÖÀ ÃÈÃÑûÆÃÂÃËɽ»ÈÈÖÀ¿»ÈÈÖÀÅÉÈÅËÀÍÈɾÉÊÉÍÉÅ» ÊÉÍÉÅ»ÐË»¼ÉÍ»ÅÉÍÉËÖл½ÀËÓ»ÀÍÌÚÈÀÈÉËÇ»Æ×ÈÉ È»ÊËÃÇÀËÊÉÌËÀ¿ÌͽÉǽÖÂÉ ½» ÏÎÈÅÑÃà 7HUPLQDWH7KUHDG ¾ÀÈÀË»ÑÃÚ ÌɼÖÍÃÚ '//B7+5($'B'(7$&+ ÈÀ ¾» Ë»ÈÍÃËÎÀÍÌÚ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
³^wQ^Nu\\zK~u\|u^\{^Kww zg\|Kzg\|Kzxx\}QyQ)22 <ebklbg]_ ihdZaZghdZdfh`gh[ueh[uhij_^_eblvijhp_^mjm\oh^Z\uoh^Z\i_j_ f_gghck\yaZgghck[b[ebhl_dhc'//3URF
ªÇÐÑÇÌ §ÐÔÍÃÌÚÈÑÄÉÐÑÓ¿ÈÊ¿ÎÏÍÄÉÑ¿'//(QWU\GSU OLEUDU\'OO(QWU\ XVHV 6\V8WLOV :LQGRZV 'LDORJV &ODVVHV SURFHGXUH'//(QWU\3RLQW GZ5HDVRQ ':RUG EHJLQ FDVHGZ5HDVRQRI '//B352&(66B$77$&+ 6KRZ0HVVDJH $WWDFKLQJWRSURFHVV '//B352&(66B'(7$&+ 6KRZ0HVVDJH 'HWDFKLQJIURPSURFHVV '//B7+5($'B$77$&+ 0HVVDJH%HHS '//B7+5($'B'(7$&+ 0HVVDJH%HHS HQG HQG EHJLQ ^ftj·jsjtjotj·jnuwév|nlyéywnénunttvp'//3URF` 'OO3URF #'//(QWU\3RLQW ^Ònwnékokjnuëzywév|nlyéyls¹vzviéj ntq¹zvmv·zv'//wéqxvnlqtntjr wév|nxxy` '//(QWU\3RLQW '//B352&(66B$77$&+ HQG Ijhp_^mjZ \oh^Z\uoh^Z gZagZqZ_lky i_j_f_gghc '//3URF [b[ebhl_db '// \ [ehd_ EHJLQHQG nZceZ ijh_dlZ ^Zgghc [b[ebhl_db WlZ ijhp_^mjZ gZau\Z_fZy '//(QWU\3RLQW ijh\_jy_lagZq_gb_iZjZf_ljZlbiZZRUGkp_evxhij_^_e_gbylh]hdZdh_kh[ulb_y\behkvijb qbghc__\uah\Zey [hevr_cgZ]ey^ghklbijbaZ]jmad_b\u]jmad_wlhc[b[ebhl_db'//dZ`^h_kh[ulb_\^Zgghf ijh_dl_[m^_lkhijh\h`^Zlvky\u\h^hfhdgZkhh[s_gbyIjbkha^Zgbbbmgbqlh`_gbbihlhdZ\ \uau\Zxs_fijbeh`_gbb\f_kl_kkhh[s_gb_f[m^_lba^Z\Zlvkya\mdh\hckb]gZe >ey beexkljZpbb bkihevah\Zgby wlhc [b[ebhl_db '// jZkkfhljbf ijh]jZffguc l_dkl ij_^klZ\e_gguc\ebklbg]_
ªÇÐÑÇÌ ®ÏÇËÄÏÃÄËÍÌÐÑÏ¿ÕÇÍÌÌÍÈÎÏÍÂÏ¿ËËÚÇÐÎÍÊÛÆÍÁ¿ÌÇÞÓÒÌÉÕÇÈ ÁÔÍÿÁÚÔÍÿÀÇÀÊÇÍÑÄÉÇ'// XQLW0DLQ)UP LQWHUIDFH XVHV
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV6WG&WUOV&RP&WUOV*DXJHV W\SH ^Ìwénlnsntqnwvzvurjrsjxxj77KUHDG`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` SURFHGXUH77HVW7KUHDG([HFXWH EHJLQ ZKLOH0DLQ)RUP*R7KUHDGGR EHJLQ 6\QFKURQL]H 6HW&DSWLRQ'DWD ,QF 0DLQ)RUP&RXQWHU HQG HQG SURFHGXUH77HVW7KUHDG6HW&DSWLRQ'DWD EHJLQ 0DLQ)RUPOEO&RXQW&DSWLRQ ,QW7R6WU 0DLQ)RUP&RXQWHU HQG SURFHGXUH70DLQ)RUPEWQ/RDG/LE&OLFN 6HQGHU 72EMHFW ^êzjwév|nlyéjojméy jnziqisqvznry'OO(QWU\/LE'//` EHJLQ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
LI/LE+DQGOH WKHQ EHJLQ /LE+DQGOH /RDG/LEUDU\ '//(175[email protected] HQG SURFHGXUH70DLQ)RUPEWQ)UHH/LE&OLFN 6HQGHU 72EMHFW ^êzjwév|nlyéjvxkviv ljnziqisqvznry` EHJLQ LIQRW /LE+DQGOH WKHQ EHJLQ )UHH/LEUDU\ /LE+DQGOH /LE+DQGOH HQG HQG SURFHGXUH70DLQ)RUPEWQ&UHDWH7KUHDG&OLFN 6HQGHU 72EMHFW ^êzjwév|nlyéjxvoljnzëronuws¹érsjxxj77KUHDGcxsq'//ojméy ntj iylnzwvljtokyrvkvpxqmtjs` EHJLQ LI7HVW7KUHDG QLOWKHQ EHJLQ *R7KUHDG 7UXH 7HVW7KUHDG 77HVW7KUHDG&UHDWH )DOVH HQG HQG SURFHGXUH70DLQ)RUPEWQ)UHH7KUHDG&OLFN 6HQGHU 72EMHFW ^Íéqvxkviv lntqqëronuws¹éj77KUHDGiylnzwvljtokyrvkvpxqmtjs nxsq'//ojméy ntj` EHJLQ LIQRW 7HVW7KUHDG QLO WKHQ EHJLQ *R7KUHDG )DOVH 7HVW7KUHDG)UHH 7HVW7KUHDG QLO &RXQWHU HQG HQG SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW EHJLQ /LE+DQGOH 7HVW7KUHDG QLO HQG HQG
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
Wlhlijh_dlkhklhblba]eZ\ghcnhjfukq_lujvfydghidZfb dhfihg_gl7%XWWRQ Ih s_eqdm gZ dghid_ %WQ/RDG/LE aZ]jm`Z_lky [b[ebhl_dZ 'OO(QWU\/LEGOO DghidZ %WQ)UHH/LEij_^gZagZq_gZ^eym^Ze_gbywlhc[b[ebhl_dbbaijhp_kkZKihfhsvxdghidb %WQ&UHDWH7KUHDG kha^Z_lky h[t_dl deZkk dhlhjh]h y\ey_lky ijhba\h^guf hl deZkkZ 77KUHDG Wlhl h[t_dl bkihevam_lky ^ey kha^Zgby gh\h]h ihlhdZ Ih s_eqdm gZ dghid_ %WQ)UHH7KUHDG h[t_dl 77KUHDG jZajmrZ_lky F_ldZ OEO&RXQW bkihevam_lky lhevdh ^ey ^_ fhgkljZpbbjZ[hluihlhdZ H[jZ[hlqbdkh[ulbyEWQ/RDG/LE&OLFN \uau\Z_lnmgdpbx/RDG/LEUDU\ ^eyaZ]jmadb [b[ebhl_db'OO(QWU\/LEGOO\j_amevlZl_q_]hmdZaZggZy[b[ebhl_dZaZ]jm`Z_lkybhlh[jZ `Z_lkygZZ^j_kgh_ijhkljZgkl\hijhp_kkZDjhf_lh]h\[b[ebhl_d_'//\uihegy_lkyih^ ijh]jZffZ bgbpbZebaZpbb kh^_j`ZsZyky \ [ehd_ EHJLQHQG dhlhjZy aZimkdZ_l ijhp_^mjm \oh^Z\uoh^Z^eywlhc[b[ebhl_db EHJLQ ^ftj·jsjtjotj·jnuwév|nlyéywnénunttvp'//3URF` 'OO3URF #'//(QWU\3RLQW ^djznukokjnuëzywév|nlyéyls¹vzviéj ntq¹{jrzjwéqxvnlqtntq¹ iqisqvznrq'//rwév|nxxy` '//(QWU\3RLQW '//B352&(66B$77$&+ HQG GZ ijhly`_gbb \k_c jZ[hlu ijhp_kkZ jZa^_e bgbpbZebaZpbb [m^_l \ua\Zg lhevdh h^bg jZa ?keb ^jm]hc ijhp_kk aZ]jmabl lm `_ kZfmx [b[ebhl_dm '// wlhl jZa^_e [m^_l \ua\Zg kgh\Z gh m`_ \ dhgl_dkl_ gh\h]h ijhp_kkZ ihkdhevdm ijhp_kku g_ jZa^_eyxl wda_fieyju [b[ebhl_d'// H[jZ[hlqbd kh[ulby EWQ)UHH/LE&OLFN \u]jm`Z_l [b[ebhl_dm '// k ihfhsvx \uah\Z nmgdpbb )UHH/LEUDU\ < wlhf kemqZ_ \uau\Z_lky ijhp_^mjZ '//(QWU\3URF gZ dhlhjmx mdZau\Z_l i_j_f_ggZy '//3URF \ dZq_kl\_ iZjZf_ljZ _c i_j_^Z_lky agZq_gb_ '//B352&(66B'(7$&+ H[jZ[hlqbd kh[ulby EWQ&UHDWH7KUHDG&OLFN kha^Z_l h[t_dl y\eyxsbcky ihlhfdhf deZkkZ77KUHDGIjbwlhf\uau\Z_lkyijhp_^mjZ'//(QWU\3URF b_c\dZq_kl\_iZjZf_ljZ i_j_^Z_lkyagZq_gb_'//B7+5($'B$77$&+H[jZ[hlqbdkh[ulbcEWQ)UHH7KUHDG&OLFN \uau \Z_l lm `_ ijhp_^mjm '//(QWU\3URF gh gZ wlhl jZa k iZjZf_ljhf jZ\guf '//B7+5($'B'(7$&+G_kfhljygZlhqlh\gZr_fijbf_j_ijb\hagbdgh\_gbbkh[ulbc\u\h ^blky \k_]h ebrv hdgh khh[s_gbc wlb kh[ulby fh`gh bkihevah\Zlv ^ey ex[uo hi_jZpbc bgbpbZebaZpbbeb[hk\hjZqb\Zgbyex[h]hijhp_kkZbebihlhdZdhlhju_fh]mlihlj_[h\Zlv ky\ijbeh`_gbbGb`_jZkkfZljb\Z_lkyijbf_g_gb_wlh]hf_lh^Z^eymklZgh\dbkh\f_klgh bkihevam_fuo ]eh[Zevguo ^Zgguo '// Ijb\_^_gguc \ur_ ijbf_j kh^_j`blky \ ijh_dl_ '//(QWU\7HVWGSU ihf_s_gghf gZ dhfiZdl^bkd ijbeZ]Z_fuc dh \lhjhfm lhfm kf lZd`_ ZZZZLOOLDPVSXEOLVKLQJFRP
tNy}Q~QN}K xx\}Qy)22 < wlhf jZa^_e_ jZkkfZljb\Zxlky \hijhku k\yaZggu_ k bkdexqbl_evgufb kblmZpbyfb b boh[jZ[hldhc\[b[ebhl_dZo'//bkbkl_f_:LQ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
³Q^QgzK}Ny}Q~gN}Kv z^K^|~\v)PX]TU < kj_^_ jZajy^ghc 'HOSKL h[t_dlu bkdexq_gbc bf_eb ki_pbnbq_kdbc ^ey wlhc kj_^u nhjfZlIhwlhfm\kemqZ_\hagbdgh\_gbybkdexqbl_evguokblmZpbcijbjZ[hl_nmgdpbc[b[ebh l_d'//boijboh^behkvi_j_o\Zlu\Zlv^h\uoh^Zbaih^ijh]jZff'//<ijhlb\ghfkemqZ_hgb jZajmrZebkl_d\uah\Zfh^me_chkgh\gh]hijbeh`_gbyqlhg_fbgm_fhijb\h^behdnZlZevghfm bkoh^m ey j_ZebaZpbb ihke_^g_]h ml\_j`^_gby g_h[oh^bfh \dexqblv \ bgkljmdpbx XVHV bk oh^gh]hnZceZ[b[ebhl_db'//fh^mev6\V8WLOV<ijhlb\ghfkemqZ_ih^^_j`dZbkdexqb l_evguokblmZpbckj_^kl\Zfb'HOSKL\gmljb[b[ebhl_db'//g_^_ckl\m_l ¼ÉÆ×ÓÃÈÌͽÀÊËÃÆÉÁÀÈÃÄ:LQ ɼ˻¼ÉÍÅ» ÃÌÅÆÙÒÃÍÀÆ×ÈÖÐ ÌÃÍλÑÃÄ ÈÀ ÊËÀ¿ÎÌÇÉÍ ËÀÈ»ÊÉØÍÉÇÎÈÃÊÀËÀ½É¿ÃÌÅÆÙÒÀÈÃÄ'HOSKL½ÃÌÅÆÙÒÀÈÃÚ:LQÈÃÍÉÒÍÉÊËɾ˻ÇÇÀ ο»ÌÍÌÚ½ÖÄÍÃÃÂÏÎÈÅÑÃüüÆÃÉÍÀÅÃ'//½¾Æ»½ÈÉÀÊËÃÆÉÁÀÈÃÀÌÅÉËÀÀ½ÌÀ¾ÉÊÉÆÉ ÁÀÈÃÚÈÀÌÊ»ÌÀÍ Í»ÅÉÀÊËÃÆÉÁÀÈÃÀ¼Î¿ÀÍ»ÅËÖÍÉ ÌÆÃÉÌÈɽÈÉÀÊËÃÆÉÁÀÈÃÀÊÉÌÍËÉÀÈÉÌÊÉÇÉÔ×Ù'HOSKLÃÆÃ&%XLOGHU¼ÉÆ×ÓÃÐÊËÉ ¼ÆÀÇÈÀ½ÉÂÈÃÅÈÀÍÈɽÀ¿×ÈÀÌÀÅËÀÍÒÍÉÊÉÊËÀÁÈÀÇνÐÉ¿ÎÇ»ÌÌ»ÊËɾ˻ÇǽÅÉÍÉ ËÖÐÃÌÅÆÙÒÃÍÀÆ×ÈÖÇÌÃÍλÑÃÚÇÈÀοÀÆÚÀÍÌÚ¿ÉÆÁÈɾɽÈÃÇ»ÈÃÚ ¬ÆÀ¿É½»ÍÀÆ×ÈÉÒÍɼÖÌ¿ÀÆ»Í×ÏÎÈÅÑÃüüÆÃÉÍÀÅÃ'//»ÔÃÔÀÈÈÖÇÃÃË»¼ÉÍÉÌÊÉÌɼ ÈÖÇÃÊËÃÃÐÃÌÊÉÆ×Âɽ»ÈÃýÆÙ¼ÉÇÊËÃÆÉÁÀÈÃÃÈÎÁÈÉÊÉÊËÀÁÈÀÇÎÊËüÀ¾»Í×ÅÍÉÇÎ ÇÀÍɿλÔÃÍÖÍÉÒÀŽÐÉ¿»½'//ÅÉÍÉËÖļÖÆÊËÃÈÚͽ˻ÂËÚ¿ÈÄ'HOSKLÃÊËÀ¿ÊÉ Æ»¾»ÆÊËÃÇÀÈÀÈÃÀ¼ÆÉÅɽWU\H[FHSWÊËÀ¿È»ÂÈ»ÒÀÈÈÖпÆÚÊÀËÀн»Í»½ÌÀÐÃÌÅÆÙÒà ÍÀÆ×ÈÖÐÌÃÍλÑÃĽÉÂÈÃÅ»ÙÔÃнÏÎÈÅÑÃÚмüÆÃÉÍÀÅÃ'// ÌÆà ÊËÃÆÉÁÀÈÃÀ È»ÊÃÌ»ÈÈÉÀ È» ÚÂÖÅÀ ÉÍÆÃÒÈÉÇ ÉÍ 'HOSKL ÃÌÊÉÆ×ÂÎÀÍ ÌÉ¿»ÈÈÎÙ ½ 'HOSKL¼Ã¼ÆÃÉÍÀÅÎ'//ÉÈÉÈÀÌÇÉÁÀÍË»¼ÉÍ»Í×ÌÅÆ»ÌÌ»ÇÃÃÌÅÆÙÒÃÍÀÆ×ÈÖÐÌÃÍλÑÃÄ Â»½ÃÌÚÔÃÐÉÍÅÉÈÅËÀÍÈÉÄËÀ»ÆûÑÃÃÚÂÖÅ»'HOSKL©¿È»ÅÉͻŻÚÌÃÍλÑÃÚÇÉÁÀͼÖÍ× É¼Ë»¼ÉͻȻ ŻŠÃÌÅÆÙÒÃÍÀÆ×È»Ú ÌÃÍλÑÃÚ ÌÃÌÍÀÇÖ :LQ ÊËÀ¿ÌÍ»½ÆÀÈÈ»Ú ÅÉ¿ÉÇ ((')$&(ªËÃØÍÉÇ»¿ËÀÌÍÉÒÅýÅÉÍÉËÉĽÉÂÈÃÅÆ»ÃÌÅÆÙÒÃÍÀÆ×È»ÚÌÃÍλÑÃڼοÀÍ ÊÀ˽ÖÇ ØÆÀÇÀÈÍÉÇ Ç»ÌÌý» ([FHSWLRQ,QIRUPDWLRQ ½ ÌÍËÎÅÍÎËÀ (;&(37,21B5(&25' ÌÃÌÍÀÇÖ:LQÍÉËÉÄØÆÀÇÀÈÍØÍɾÉÇ»ÌÌý»ÌÉ¿ÀËÁÃÍÌÌÖÆÅÎȻɼÕÀÅÍÃÌÅÆÙÒÀÈÃÚ 'HOSKL¢»¿ÉÊÉÆÈÃÍÀÆ×ÈÉÄÃÈÏÉËÇ»ÑÃÀÄɼ˻ÍÃÍÀÌ×ÅÃÈÍÀË»ÅÍýÈÉÄÌÊË»½ÉÒÈÉÄÌÃÌ ÍÀÇÀ'HOSKL ÌÍ»Í×ÚÉÌÍËÎÅÍÎËÀ(;&(37,21B5(&25'
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
tNy}Q~QN}K |^Qy}zK6DIHFDOO Nmgdpbbhlf_q_ggu_^bj_dlb\hc6DIHFDOObkihevamxlky\fh^_eb&20bijbh[jZ[hl d_ bkdexqbl_evguo kblmZpbc Hgb ]ZjZglbjmxl qlh ex[Zy bkdexqbl_evgZy kblmZpby [m^_l i_j_^ZgZbklhqgbdm\uah\Z^ZgghcnmgdpbbIjbwlhfnmgdpbyk^bj_dlb\hc6DIHFDOOij_ h[jZam_l bkdexq_gb_ \ \ha\jZsZ_fh_ agZq_gb_ +5HVXOW Djhf_ lh]h j_ZebaZpbb ^bj_dlb\u 6DIHFDOOaZdexqZ_l\k_[_ih^^_j`dmki_pbnbdZlhjZ6WG&DOOhij_^_eyxs_]hkh]eZr_gb_h i_j_^Zq_ iZjZf_ljh\ ijb \uah\Zo nmgdpbc >himklbf qlh nmgdpby k ^bj_dlb\hc 6DIHFDOO h[ty\e_gZlZd IXQFWLRQ)RR L LQWHJHU VWULQJ 6DIHFDOO <wlhfkemqZ_dhfibeylhj\hkijbf_l__dZdhij_^_e_ggmxke_^mxsbfh[jZahf IXQFWLRQ)RR L LQWHJHU VWULQJ +5HVXOW 6WG&DOO AZl_f dhfibeylhj g_y\gh ihf_klbl \k_ kh^_j`bfh_ wlhc nmgdpbb \ [ehd WU\H[FHSW dhlhjuc[m^_li_j_o\Zlu\Zlvex[u_bkdexqbl_evgu_kblmZpbb>Zgguc[ehdH[FHSWkh^_j `blh[jZs_gb_dnmgdpbb6DIHFDOO([FHSWLRQ+DQGOHU ^eyij_h[jZah\Zgbyh[t_dlZbkdex q_gby\agZq_gb_+5HVXOWLZdhcih^oh^g_kdhevdhgZihfbgZ_lf_lh^i_j_o\ZlZbkdexq_gby bi_j_^ZqbagZq_gbchrb[dbijbgyluc\jZajy^ghc'HOSKL
·~y\x^K}~\{\z\zK Nmgdpby h[jZlgh]h \uah\Z FDOOEDFN IXQFWLRQ ² wlh nmgdpby ijbeh`_gby \uau\Z_fZy [b[ebhl_dZfb'//:LQbeb^jm]bfb[b[ebhl_dZfb'//NZdlbq_kdb\kbkl_f_:LQGRZV _klv\k_]hg_kdhevdhnmgdpbc$3,dhlhju_bkihevamxlnmgdpbbh[jZlgh]h\uah\ZIjb\u ah\_ wlbo nmgdpbc \u i_j_^Z_l_ bf Z^j_k nmgdpbb \Zr_]h ijbeh`_gby dhlhjmx :LQGRZV fh`_l\uau\Zlv?keb\ug_ihgbfZ_l_dZdh_hlghr_gb_wlhbf__ld[b[ebhl_dZf'//lh gZihfgxqlhj_Zevghnmgdpbb:LQ$3,wdkihjlbjmxlkybakbkl_fguo[b[ebhl_d'//Ih kmlbijbi_j_^Zq_Z^j_kZnmgdpbbh[jZlgh]h\uah\Z\nmgdpbx:LQ$3,ijhbkoh^bli_ j_^ZqZwlhcnmgdpbb\[b[ebhl_dm'// H^ghcbalZdbonmgdpbcy\ey_lkynmgdpby:LQ$3,(QXP:LQGRZV dhlhjZyj_]bkljb jm_l\k_hdgZ\_jog_]hmjh\gyHgZi_j_^Z_lnmgdpbyfh[jZlgh]h\uah\Zijbeh`_gbc^_kd jbilhjudZ`^h]hhdgZh[t_^bg_ggu_\i_j_qbke_gb_Hl\Zklj_[m_lkyebrvi_j_^Zlvnmgd pbb (QXP:LQGRZV Z^j_k nmgdpbb h[jZlgh]h \uah\Z ij_^\Zjbl_evgh hij_^_eb\ __ ke_^mx sbfh[jZahf IXQFWLRQ(QXP:LQGRZV3URF +Z +:QG OS O3DUDP %RROHDQ VWGFDOO Ijbf_j bkihevah\Zgby nmgdpbb (QXP:LQGRZV ijb\h^blky \ ijh_dl_ &DOO%DFNGSU l_dkldhlhjh]hihdZaZg\ebklbg]_ Wlhlijh_dlihf_s_ggZdhfiZdl^bkdijbeZ]Z_fuc dh\lhjhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
ªÇÐÑÇÌ ®ÏÇËÄÏÇÐÎÍÊÛÆÍÁ¿ÌÇÞÓÒÌÉÕÇÇÍÀÏ¿ÑÌÍÂÍÁÚÆÍÁ¿ XQLW0DLQ)UP LQWHUIDFH XVHV :LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV6WG&WUOV&RP&WUOV W\SH ^Ìwénlnsntqnojwqxqrsjxxjls¹}éjtntq¹quntqvrtjqquntqrsjxxjls¹ rj lvmvvrtjêronuws¹éëzvmvrsjxxjwvunjízx¹kxwqxvr/LVW%R[` 7:LQGRZ,QIR FODVV :LQGRZ1DPHÊu¹vrtj :LQGRZ&ODVV 6WULQJ Êu¹rsjxxjvrtj HQG 70DLQ)RUP FODVV 7)RUP OE:LQ,QIR 7/LVW%R[ EWQ*HW:LQ,QIR 7%XWWRQ KG:LQ,QIR 7+HDGHU&RQWURO SURFHGXUHEWQ*HW:LQ,QIR&OLFN 6HQGHU 72EMHFW SURFHGXUH)RUP'HVWUR\ 6HQGHU 72EMHFW SURFHGXUHOE:LQ,QIR'UDZ,WHP &RQWURO 7:LQ&RQWURO ,QGH[ ,QWHJHU 5HFW 75HFW 6WDWH 72ZQHU'UDZ6WDWH SURFHGXUHKG:LQ,QIR6HFWLRQ5HVL]H +HDGHU&RQWURO 7+HDGHU&RQWURO 6HFWLRQ 7+HDGHU6HFWLRQ HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` IXQFWLRQ(QXP:LQGRZV3URF +Z +:QG $0DLQ)RUP 70DLQ)RUP %RROHDQ VWGFDOO ^êzjwév|nlyéjkokjnzx¹iqisqvznrvp8VHU'//wvxrvsryvtjénmqxzéqéynz jrzqktnvrtjkxqxznun` YDU :LQ1DPH&1DPH DUUD\>@RIFKDU :LQGRZ,QIR 7:LQGRZ,QIR EHJLQ ^Ævokéjjnuvnotj·ntqnwvyuvs·jtqíéjktvWUXHqëzvvotj·jnz tnojrvt·nttyíénmqxzéj|qívrvt` 5HVXOW 7UXH *HW:LQGRZ7H[W +Z:LQ1DPH Ívsy·ntqnznrxzjznrynmvvrtj *HW&ODVV1DPH +Z&1DPH Ívsy·ntqnquntqrsjxxjvrtj
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
^fvoljnzx¹ëronuws¹érsjxxj7:LQGRZ,QIRwvs¹rvzvévmvojwvst¹ízx¹ otj·ntq¹uqéjktuqquntqvrtjqquntqrsjxxjvrtjdjznuëzvzvi~nrz lvijks¹nzx¹kujxxqk2EMHFWVxwqxrj/LVW%R[Ívo nëzqotj·ntq¹ iylyzvzviéj ntkvrtnxwqxrj` :LQGRZ,QIR 7:LQGRZ,QIR&UHDWH ZLWK:LQGRZ,QIRGR EHJLQ 6HW/HQJWK :LQGRZ1DPHVWUOHQ :LQ1DPH 6HW/HQJWK :LQGRZ&ODVV6WU/HQ &1DPH :LQGRZ1DPH 6WU3DV :LQ1DPH :LQGRZ&ODVV 6WU3DV &1DPH HQG bvijksntqnkujxxqk2EMHFWV 0DLQ)RUPOE:LQ,QIR,WHPV$GG2EMHFW
:LQGRZ,QIR HQG SURFHGXUH70DLQ)RUPEWQ*HW:LQ,QIR&OLFN 6HQGHU 72EMHFW EHJLQ ^ènmqxzéj|q¹kxn}vzviéj jnu}vrvtkné}tnmvyévkt¹Ínénlj·jjlénxj {ytr|qqviéjztvmvkovkj(QXP:LQGRZV3URFrvzvéj¹iylnzkokjtj ls¹rj lvmvvrtj` (QXP:LQGRZV #(QXP:LQGRZV3URF HQG SURFHGXUH70DLQ)RUP)RUP'HVWUR\ 6HQGHU 72EMHFW YDU L LQWHJHU EHJLQ ^Ìxkviv lntqnkxn}ëronuws¹évkrsjxxj7:LQGRZ,QIR` IRUL WROE:LQ,QIR,WHPV&RXQWGR 7:LQGRZ,QIR OE:LQ,QIR,WHPV2EMHFWV>[email protected] )UHH HQG SURFHGXUH70DLQ)RUPOE:LQ,QIR'UDZ,WHP &RQWURO 7:LQ&RQWURO ,QGH[ ,QWHJHU 5HFW 75HFW 6WDWH 72ZQHU'UDZ6WDWH EHJLQ ^ftj·jsjv·qjnuwé¹uvymvstqrwénltjotj·nttpls¹kkvljqt{véuj|qq` OE:LQ,QIR&DQYDV)LOO5HFW 5HFW ^Ònwnékkvlquxzévrqojwqxq7:LQGRZ,QIR}éjt¹npx¹kxwqxrnwvl tvunévu,QGH[Ívoq|qqkkvljrj lvpxzévrqvwénlns¹ízx¹éjolnsjuq +HDGHU&RQWURO` ZLWK7:LQGRZ,QIR OE:LQ,QIR,WHPV2EMHFWV>,QGH[@ GR EHJLQ 'UDZ7H[W OE:LQ,QIR&DQYDV+DQGOH3&KDU :LQGRZ1DPH /HQJWK :LQGRZ1DPH 5HFWGWB/HIWRUGWB9&HQWHU ^funjnuwé¹uvymvstqréqxvkjtq¹qxwvsoy¹éjounééjolnsvk +HDGHU&RQWUROls¹vwénlnsntq¹wvoq|qqkkvljxsnlyínpxzévrq` 5HFW/HIW 5HFW/HIWKG:LQ,QIR6HFWLRQV>@:LGWK 'UDZ7H[W OE:LQ,QIR&DQYDV+DQGOH3&KDU :LQGRZ&ODVV /HQJWK :LQGRZ&ODVV 5HFWGWB/HIWRUGWB9&HQWHU
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
HQG HQG SURFHGXUH70DLQ)RUPKG:LQ,QIR6HFWLRQ5HVL]H +HDGHU&RQWURO 7+HDGHU&RQWURO 6HFWLRQ 7+HDGHU6HFWLRQ EHJLQ OE:LQ,QIR,QYDOLGDWH Ínénéqxvkrjxwqxrj/LVW%R[ HQG HQG < wlhf ijbeh`_gbb nmgdpby (QXP:LQGRZV bkihevam_lky ^ey ihemq_gby bf_gb hdgZ b bf_gb deZkkZ \k_o hdhg \_jog_]h mjh\gy ihf_sZ_fuo \ g_klZg^Zjlguc kibkhd h[t_dlh\ \ ]eZ\ghcnhjf_=eZ\gZynhjfZbkihevam_lwlhlg_klZg^Zjlguckibkhd^ey\u\h^Zbf_gbhd gZ b bf_gb deZkkZ hdgZ \ \b^_ hl^_evguo klhe[ph\ Gh ij_`^_ q_f jZa[bjZlvky \ lhf dZd kha^Zxlkyg_klZg^Zjlgu_kibkdbkhklhe[pZfbjZkkfhljbff_lh^ubkihevah\Zgbynmgdpbb h[jZlgh]h\uah\Z
tNu\\zK~Q~y\x^K}~\{\z\zK <ebklbg]_ ijb\_^_ghhij_^_e_gb_ijhp_^mju(QXP:LQGRZV3URF dhlhjhc\dZq_kl\_ i_j\h]h iZjZf_ljZ i_j_^Z_lky ^_kdjbilhj hdgZ
6}\x^KQ~Q~QN}K~|K^}~\{\NuNyK Bf_gZhdhgbbf_gZdeZkkh\\k_ohdhg\_jog_]hmjh\gy\u\h^ylky\\b^_hl^_evguoklhe[ph\\ h[t_dl_ih^bf_g_fOE:LQ,QIRWlh²wda_fieyjdeZkkZ7/LVW%R[\dhlhjhfk\hckl\m6W\OHijb k\h_ghagZq_gb_OE2ZQHU'UDZIjb\u[hj_^Zggh]hklbeykh[ulb_7/LVW%R[2Q'UDZ,WHP]_g_jbjm _lky \kydbc jZa dh]^Z \ dhfihg_gl_ 7/LVW%R[ lj_[m_lky hlh[jZablv hq_j_^ghc we_f_gl ^Zgguo Ijbwlhf\kyhl\_lkl\_gghklvaZhlh[jZ`_gb_^Zgguo\haeZ]Z_lkygZijh]jZffbklZqlhiha\hey_l _fmkZfhklhyl_evgh\u[bjZlvkihkh[boij_^klZ\e_gby
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
< ebklbg]_ h[jZ[hlqbd kh[ulbc OE:LQ,QIR'UDZ,WHP kh^_j`bl \_kv dh^ hkms_kl\ eyxsbc\u\h^we_f_glh\kibkdZ<^ZgghfkemqZ_\u\h^ylkykljhdbkh^_j`Zsb_ky\wda_fi eyjZodeZkkZ7:LQGRZ,QIRihf_s_gguo\fZkkb\OE:LQ,QIR2EMHFWVWlbagZq_gby[uebihem q_gu hl nmgdpbb h[jZlgh]h \uah\Z (QXP:LQGRZV3URF Qlh[u jZah[jZlvky \ jZ[hl_ ih^ijh ]jZffuh[jZ[hldb^Zggh]hkh[ulbyijhZgZebabjmcl_dhff_glZjbbihf_s_ggu_\__l_dkl
6x^KQ~Qy~yw\x^K}~\{\ z\zKxx\}Qy)22 :gZeh]bqghlhfmdZdZ^j_kZnmgdpbbh[jZlgh]h\uah\Zi_j_^Zxlkynmgdpbyf[b[ebhl_d '//fh`ghhj]Zgbah\Zlvb\uah\wlbonmgdpbcbaijh]jZff[b[ebhl_d'//<wlhfjZa^_e_ [m^_lihdZaZghdZdkha^Zlv[b[ebhl_dm'//\dhlhjhcwdkihjlbjm_fhcnmgdpbb\dZq_kl\_ iZjZf_ljZi_j_^Z_lkyZ^j_kijhp_^mjuh[jZlgh]h\uah\Z<kemqZ_ihemq_gbyhlihevah\Zl_ eyZ^j_kZijhp_^mjuh[jZlgh]h\uah\Zihke_^gyy[m^_l\ua\ZgZnmgdpb_c[b[ebhl_db'// <ebklbg]_ kh^_j`blkybkoh^gucdh^ih^h[ghc[b[ebhl_db'//
ªÇÐÑÇÌ §ÐÔÍÃÌÚÈÑÄÉÐÑÀÇÀÊÇÍÑÄÉÇ6WU6UFK/LEGOOxÎÏÇËÄÏÁÚÆÍÁ¿ÓÒÌÉÕÇÈ ÍÀÏ¿ÑÌÍÂÍÁÚÆÍÁ¿ÇÆÀÇÀÊÇÍÑÄÉÇ'// OLEUDU\6WU6UFK/LE XVHV :LQW\SHV :LQ3URFV 6\V8WLOV 'LDORJV W\SH ^Ìi~¹ksntqnzqwj{ytr|qqviéjztvmvkovkj` 7)RXQG6WU3URF SURFHGXUH 6WU3RV 3&KDU 6WG&DOO IXQFWLRQ6HDUFK6WU $6UF6WU$6HDUFK6WU 3&KDU $3URF 7)DU3URF ,QWHJHU 6WG&DOO ^êzj{ytr|q¹kwvst¹nzwvqxrwvlxzévrq$6HDUFK6WUkxzévrn$6UF6WU Æxsy·jnvitjéy ntq¹qxrvuvpwvlxzévrq$6HDUFK6WUkokjnzx¹wév|nlyéj viéjztvmvkovkjojljttj¹wjéjunzévu$SURF nxsqvtiswnénljt cxsqkrj·nxzknotj·ntq¹ëzvmvwjéjunzéjwvsovkjznswnénljsotj·ntqn QLOëzjwév|nlyéjkokjzx¹tniylnz` YDU )LQG6WU 3&KDU EHJLQ )LQG6WU $6UF6WU )LQG6WU 6WU3RV )LQG6WU$6HDUFK6WU ZKLOH)LQG6WU !QLOGR EHJLQ LI$3URF !QLOWKHQ 7)RXQG6WU3URF $3URF )LQG6WU )LQG6WU )LQG6WU
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
)LQG6WU 6WU3RV )LQG6WU$6HDUFK6WU HQG HQG H[SRUWV 6HDUFK6WU EHJLQ HQG <wlhc[b[ebhl_d_'//lZd`_hij_^_ey_lkyijhp_^mjguclbi7)RXQG6WU3URFij_^gZagZ q_gguc ^ey nmgdpbb h[jZlgh]h \uah\Z Hg bkihevam_lky ^ey \uiheg_gby ijb\_^_gby lbiZ nmgdpbbh[jZlgh]h\uah\Zijbhkms_kl\e_gbb__\uah\Z Kh[kl\_ggh\uah\nmgdpbbh[jZlgh]h\uah\Zhkms_kl\ey_lky\wdkihjlbjm_fhcijhp_^m j_6HDUFK6WU JZ[hlZwlhcijhp_^mjuihykgy_lky\dhff_glZjbyo Ijbf_jbkihevah\Zgbywlhc[b[ebhl_db '// ijb\_^_g \ ijh_dl_ &DOO%DFN'HPRGSU ih f_s_gghf \ dZlZeh] ?'//&DOO%DFN jZkiheh`_gguc gZ dhfiZdl^bkd_ ijbeZ]Z_fhf dh \lh jhfmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP Bkoh^gucl_dkl]eZ\ghcnhjfu wlh]h ^_fhgkljZpbhggh]hijh_dlZijb\_^_g\ebklbg]_
ªÇÐÑÇÌ ¢Ê¿ÁÌ¿ÞÓÍÏË¿ÎÏÍÂÏ¿ËËÚÃÄËÍÌÐÑÏÇÏÒÝØÄÈÏ¿ÀÍÑÒÐÀÇÀÊÇÍÑÄÉÍÈ 6WU6UFK/LEGOO XQLW0DLQ)UP LQWHUIDFH XVHV :LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV6WG&WUOV W\SH 70DLQ)RUP FODVV 7)RUP EWQ&DOO'//)XQF 7%XWWRQ HGW6HDUFK6WU 7(GLW OEO6UFK:UG 7/DEHO PHP6WU 70HPR SURFHGXUHEWQ&DOO'//)XQF&OLFN 6HQGHU 72EMHFW HQG YDU 0DLQ)RUP 70DLQ)RUP &RXQW ,QWHJHU LPSOHPHQWDWLRQ ^5 ')0` ^Ìwénlnsntqnërxwvézqéynuvpwév|nlyéiqisqvznrq'//` IXQFWLRQ6HDUFK6WU $6UF6WU$6HDUFK6WU 3&KDU $3URF 7)DU3URF
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
,QWHJHU 6WG&DOOH[WHUQDO 67565&+/,%'// ^Ìwénlnsntqnwév|nlyéviéjztvmvkovkjxvi¹ojznstu qxwvsovkjtqnulqénrzqk6WG&DOO` SURFHGXUH6WU3RV3URF $6WU3VQ 3&KDU 6WG&DOO EHJLQ LQF &RXQW Ïknsq·ntqnotj·ntq¹wnénunttvp&RXQWtjnlqtq|y HQG SURFHGXUH70DLQ)RUPEWQ&DOO'//)XQF&OLFN 6HQGHU 72EMHFW YDU 6 6WULQJ 6 6WULQJ EHJLQ &RXQW Êtq|qjsqoj|q¹wnénunttvp&RXQWotj·ntqnuéjktutysí ^Ìwénlnsntqnlsqtznrxzjkrvzvévuqnzx¹wvlxzévrj` 6HW/HQJWK 6PHP6WU*HW7H[W/HQ ^Çvwqévkjtqnëzvmvznrxzjkwnénunttyí6` PHP6WU*HW7H[W%XI 3&KDU 6 PHP6WU*HW7H[W/HQ ^Çvwqévkjtqnqxrvuvmvznrxzjkxzévrvkyíwnénunttyí·zvinn uv tvisvwnénljz{ytr|qqiqisqvznrq'//` 6 HGW6HDUFK6WU7H[W ^Æovk{ytr|qqiqisqvznrq'//` 6HDUFK6WU 3&KDU 6 3&KDU 6 #6WU3RV3URF ^Ækvlxknlntqpvzvuxrvsrvéjoojljttvnxsvkvkxzén·jnzx¹kxzévrn ènoyszjzojwvuqtjnzx¹kwnénunttvp&RXQWrvzvéj¹qxwvsoynzx¹ k{ytr|qqviéjztvmvkovkj` 6KRZ0HVVDJH )RUPDW VVGV >HGW6HDUFK6WU7H[W RFFXUV &RXQW
WLPHV @ HQG HQG < wlhf ijbeh`_gbb bkihevam_lky we_f_gl mijZ\e_gby deZkkZ 70HPR ih^ bf_g_f PHP6WU K\hckl\h(GW6HDUFK6WU7H[Wdhfihg_glZdeZkkZ7(GLWkh^_j`blkljhdmdhlhjZy[m^_lhlu kdb\Zlvky \ kh^_j`bfhf dhfihg_glZ PHP6WU Kh^_j`bfh_ h[t_dlZ PHP6WU i_j_^Z_lky nmgd pbb 6HDUFK6WU [b[ebhl_db '// \ dZq_kl\_ bkoh^ghc kljhdb Z agZq_gb_ k\hckl\Z HGW6HDUFK6WU7H[W²\dZq_kl\_bkdhfhckljhdb Nmgdpby6WU3RV3URF ²wlhbkihevam_fZynmgdpbyh[jZlgh]h\uah\ZHgZm\_ebqb\Z_l gZ _^bgbpm agZq_gb_ ]eh[Zevghc i_j_f_gghc &RXQW ij_^gZagZq_gghc ^ey ojZg_gby qbkeZ \oh`^_gbcbkdhfhckljhdb\l_dklihf_s_gguc\dhfihg_glPHP6WU
8K|QQ~Q|K~~gxx\}Qy)22 wQ|^K~wu^\QNNKw <kj_^_jZajy^ghc:LQGRZVmijZ\e_gb_iZfylvx[b[ebhl_d'//ijhbkoh^behkh\k_f g_lZddZd\kj_^_jZajy^ghc:LQH^gZbakZfuooZjZdl_jguohkh[_gghkl_cjZ[hlu jZajy^guo[b[ebhl_d'//aZdexqZeZkv\kh\f_klghfbkihevah\Zgbb]eh[ZevghciZfylbjZa
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
ebqgufb ijbeh`_gbyfb Bgufb keh\Zfb _keb \ nmgdpbb jZajy^ghc [b[ebhl_db '// h[ty\ey_lky ]eh[ZevgZy i_j_f_ggZy lh d g_c ihemqbl ^hklmi ex[h_ ijbeh`_gb_ bkihev amxs__wlm'//Baf_g_gby\g_k_ggu_\wlmi_j_f_ggmxh^gbfijbeh`_gb_f[m^ml\b^gu \k_fhklZevgufijbeh`_gbyf <hij_^_e_gguokemqZyolZdh_ih\_^_gb_fh]eh[ulvhiZkgufihkdhevdmh^ghijbeh`_ gb_kihkh[ghi_j_aZibkZlv^Zggu_hldhlhjuoaZ\bkbljZ[hlZ^jm]h]hijbeh`_gby<^jm]bo kemqZyojZajZ[hlqbdbki_pbZevghbkihevah\Zebwlmhkh[_gghklvkbkl_fu < kj_^_ :LQ ih^h[gh]h jZa^_e_gby ]eh[Zevguo ^Zgguo [b[ebhl_d '// [hevr_ g_ km s_kl\m_lIhkdhevdmdZ`^ucijhp_kkijbeh`_gbyhlh[jZ`Z_l[b[ebhl_dm'//gZk\h_kh[ kl\_ggh_ Z^j_kgh_ ijhkljZgkl\h ^Zggu_ [b[ebhl_db lZd`_ hlh[jZ`Zxlky gZ wlh Z^j_kgh_ ijhkljZgkl\h < j_amevlZl_ dZ`^h_ ijbeh`_gb_ ihemqZ_l kh[kl\_gguc wda_fieyj ^Zgguo [b[ebhl_db'//Ihwlhfmbaf_g_gby \g_k_ggu_ \ ]eh[Zevgu_ ^Zggu_ [b[ebhl_db '// h^ gbfijbeh`_gb_fg_[m^ml\b^gu^jm]hfm ?keb ieZgbjm_lky jZ[hlZ k jZajy^guf ijbeh`_gb_f dhlhjh_ hibjZ_lky gZ h[s_^hk lmighklv]eh[Zevguo^Zgguo'//fh`gh dZdbij_`^_ ij_^hklZ\blvlZdhfmijbeh`_gbx \hafh`ghklv kh\f_klgh]h bkihevah\Zgby ^Zgguo '// k ^jm]bfb ijbeh`_gbyfb Wlhl ijh p_kkg_y\ey_lkyZ\lhfZlbq_kdbfb^eyojZg_gbyh[sbo^Zgguobkihevamxlkyhlh[jZ`_ggu_ \iZfylvnZceuhdhlhjuoj_qvihc^_l\]eZ\_³JZ[hlZknZceZfb´A^_kv`_fu\hkihev am_fkybfbebrv^eybeexkljZpbbwlh]hf_lh^ZH^gZdhihke_lh]hdZd\uijhql_l_]eZ\m b [eb`_ ihagZdhfbl_kv k hlh[jZ`_ggufb \ iZfylv nZceZfb `_eZl_evgh \_jgmlvky d wlhfm jZa^_embijhkfhlj_lv_]h_s_jZa
(\|K~Qxx\}Qy)22N\xwu\QwuKw} < ebklbg]_ kh^_j`blky bkoh^guc l_dkl nZceZ ijh_dlZ [b[ebhl_db '// iha\heyx s_c h[jZsZxsbfky d __ nmgdpbyf ijbeh`_gbyf kh\f_klgh bkihevah\Zlv ]eh[Zevgu_ ^Zg gu_Wlb]eh[Zevgu_^Zggu_ojZgylky\i_j_f_gghcih^bf_g_f*OREDO'DWD
ªÇÐÑÇÌ ÇÀÊÇÍÑÄÉ¿'//6KDUH/LEÇÊÊÝÐÑÏÇÏÒÝØ¿ÞÐÍÁËÄÐÑÌÍÄÇÐÎÍÊÛÆÍÁ¿ÌÇÄ ÂÊÍÀ¿ÊÛÌÚÔÿÌÌÚÔ OLEUDU\6KDUH/LE XVHV 6KDUH0HP:LQGRZV6\V8WLOV&ODVVHV FRQVW F00)LOH1DPH 3&KDU 6KDUHG0DS'DWD ^,'//'$7$,1&` YDU *OREDO'DWD 3*OREDO'//'DWD 0DS+DQGOH 7+DQGOH ^Íév|nlyéj*HW'//'DWD¹ks¹nzx¹ërxwvézqéynuvp{ytr|qnp'//` SURFHGXUH*HW'//'DWD YDU$*OREDO'DWD 3*OREDO'//'DWD 6WG&DOO EHJLQ ^Ïrjojzns$*OREDO'DWDiylnzyrjokjztjzvz njlénxwju¹zq tjrvzvépxxsjnzx¹qyrjojzns*OREDO'DWD`
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
$*OREDO'DWD *OREDO'DWD HQG SURFHGXUH2SHQ6KDUHG'DWD YDU 6L]H ,QWHJHU EHJLQ ^Ìwénlnsntqnéjounéjvzviéj jnu}ljtt}` 6L]H 6L]H2I 7*OREDO'//'DWD ^Ònwnéwvsy·jnuvi~nrzvzviéj nttvmvkwju¹z{jpsjÌiéjzqznktqujtqn tjzv·zvwnékpwjéjunzéwnénljnzotj·ntqn))))))))qsq':RUG ·zviwévxzéjtxzkvklns¹svxqoxqxznutvmv{jpsjwvlrj·rq bs¹ëzvmvty tv·zviqu¹vzviéj nttvmvkwju¹zvi~nrzj wnénljkjsvxkrj·nxzknwvxsnltnmvwjéjunzéj` 0DS+DQGOH &UHDWH)LOH0DSSLQJ ':RUG QLO3$*(B5($':5,7( 6L]HF00)LOH1DPH LI0DS+DQGOH WKHQ 5DLVH/DVW:LQ(UURU ^Ìzviéj ntqnljtt}tjjlénxtvnwévxzéjtxzkvkokjínmvwév|nxxj qwvsy·ntqnyrjojzns¹tjtj·jsvëzvmvjlénxj` *OREDO'DWD 0DS9LHZ2I)LOH 0DS+DQGOH),/(B0$3B$//B$&&(666L]H ^Êtq|qjsqoj|q¹ëzq}ljtt}` *OREDO'DWDA6 6KDUH/LE *OREDO'DWDA, LI*OREDO'DWD QLOWKHQ EHJLQ &ORVH+DQGOH 0DS+DQGOH 5DLVH/DVW:LQ(UURU HQG HQG SURFHGXUH&ORVH6KDUHG'DWD ^êzjwév|nlyéjojrékjnzvzviéj nttpkwju¹z{jpsqvxkviv ljnz nmvlnxréqwzvé` EHJLQ 8QPDS9LHZ2I)LOH *OREDO'DWD &ORVH+DQGOH 0DS+DQGOH HQG SURFHGXUH'//(QWU\3RLQW GZ5HDVRQ ':RUG EHJLQ FDVHGZ5HDVRQRI '//B352&(66B$77$&+ 2SHQ6KDUHG'DWD '//B352&(66B'(7$&+ &ORVH6KDUHG'DWD HQG HQG
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
H[SRUWV *HW'//'DWD EHJLQ ^ftj·jsjtjotj·jnuwév|nlyéywnénunttvp'//3URF` 'OO3URF #'//(QWU\3RLQW ^Ònwnékokjnuëzywév|nlyéyls¹vzéj ntq¹{jrzjwéqxvnlqtntq¹ ljttvpiqisqvznrq'//rwév|nxxy` '//(QWU\3RLQW '//B352&(66B$77$&+ HQG I_j_f_ggZy *OREDO'DWD bf__l lbi 3*OREDO'//'DWD dhlhjuc hij_^_ey_lky \h \dexqZ_ fhfnZce_'OO'DWDLQFWlhlnZcekh^_j`blke_^mxs__hij_^_e_gb_lbiZ h[jZlbl_\gbfZ gb_gZlhqlhnZce\dexq_gbyijbkh_^bgy_lkykihfhsvx^bj_dlb\u\dexq_gby, W\SH 3*OREDO'//'DWD A7*OREDO'//'DWD 7*OREDO'//'DWD UHFRUG 6 6WULQJ>@ , ,QWHJHU HQG < wlhc [b[ebhl_d_ '// bkihevam_lky lhl `_ ijhp_kk dhlhjuc jZkkfZljb\Zeky \ur_ \ wlhc ]eZ\_ ijb h[km`^_gbb ^h[Z\e_gby dh^Z bgbpbZebaZpbbaZ\_jr_gby [b[ebhl_db '// \ \b^_ ijhp_^mju \oh^Z\uoh^Z MihfygmlZy ijhp_^mjZ gZau\Z_lky '//(QWU\3RLQW dZd ih dZaZgh \ ebklbg]_ Dh]^Z ijhp_kk aZ]jm`Z_l wlm [b[ebhl_dm '// \uau\Z_lky f_lh^ 2SHQ6KDUHG'DWD Zdh]^Zijhp_kkhlkh_^bgy_lkyhlg__²f_lh^&ORVH6KDUHG'DWD Fu g_ [m^_f m]em[eylvky \ ih^jh[ghklb bkihevah\Zgby hlh[jZ`_gguo \ iZfylv nZc eh\²^he`gh_\gbfZgb_bfm^_ey_lky\]eZ\_³JZ[hlZknZceZfb´Gh^eylh]hqlh[u\u fh]ebihgylvgZagZq_gb_wlhc[b[ebhl_db '// g_h[oh^bfh m`_ k_cqZk jZatykgblv g_dhlh ju_fhf_glu NZceu hlh[jZ`_ggu_ \ iZfylv iha\heyxl j_a_j\bjh\Zlv g_dhlhjmx h[eZklv Z^j_kgh]h ijhkljZgkl\Z\kbkl_f_:LQ^eydhlhjhcgZagZqZxlkykljZgbpunbabq_kdhciZfylbWlhl ijhp_kkgZihfbgZ_l\u^_e_gb_iZfylbk\hafh`ghklvxkkuedbgZg__kihfhsvxmdZaZl_ey H^gZdh\kemqZ_hlh[jZ`_gguo\iZfylvnZceh\\wlhZ^j_kgh_ijhkljZgkl\hfh`ghhlh[jZ ablvex[hc^bkdh\ucnZceZaZl_fkihfhsvxmdZaZl_eykkueZlvkygZZ^j_kgh_ijhkljZgkl \h\gmljbnZceZlZd`_dZdgZex[mx^jm]mxh[eZklviZfylb >ey jZ[hlu k hlh[jZ`_gguf \ iZfylv nZcehf g_h[oh^bfh kgZqZeZ ihemqblv ^_kdjbi lhj^eykms_kl\mxs_]hgZ^bkd_nZceZ^eydhlhjh]h[m^_lkha^Zgh[t_dlhlh[jZ`_gby\ iZfylvAZl_fwlhlh[t_dlhlh[jZ`Z_lkygZmdZaZggucnZce<gZqZe_wlhc]eZ\ufuh[km ^bebdZdkbkl_fZjZa^_ey_l[b[ebhl_db'//f_`^mg_kdhevdbfbijbeh`_gbyfbey wlh]h gm`gh ebrv \uihegblv g_h[oh ^bfu_h[jZs_gbydnmgdpbyf:LQ$3,dhlhju_h[_ki_qb\Zxlkha^Zgb_b^hklmidnZc eZfhlh[jZ`_gguf\iZfylv
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
L_i_jv jZkkfhljbf ke_^mxsbc kp_gZjbc Ij_^iheh`bf qlh g_dhlhjh_ ijbeh`_gb_ gZah\_f _]h $SS kha^Z_l hlh[jZ`_gguc \ iZfylv nZce dhlhjuc k\yau\Z_lky k ^bkdh\uf nZcehf0\)LOHGDWIjbeh`_gb_$SSfh`_ll_i_jvkqblu\ZlvbaZibku\Zlv^Zggu_\wlhl nZce?keb\h\j_fyjZ[hluijbeh`_gby$SS^jm]h_ijbeh`_gb_$SSlZd`_[m^_l\uihe gylvhlh[jZ`_gb_\lhl`_nZce lh baf_g_gby \g_k_ggu_ $SS [m^ml \b^gu $SS GZ kZ fhf ^_e_ \k_ h[klhbl g_kdhevdh keh`g__ ^ey g_f_^e_ggh]h i_j_ghkZ gZ ^bkd \g_k_gguo \ nZce baf_g_gbc g_h[oh^bfh mklZgh\blv hij_^_e_ggu_ neZ`db Z lZd`_ \uihegblv g_dhlh jmx ^jm]mx ih^]hlh\bl_evgmx jZ[hlm Gh \ gZrbo jZkkm`^_gbyo \k_ wlb ih^jh[ghklb g_ bf_xlagZq_gby>hklZlhqghkdZaZlvqlhbaf_g_gby[m^ml\hkijbgyluh[hbfbijbeh`_gby fbihkdhevdmwlh\hafh`gh H^bg ba ^himklbfuo \ZjbZglh\ bkihevah\Zgby hlh[jZ`_gguo \ iZfylv nZceh\² kha ^Zgb_nZceh\h]hhlh[jZ`_gbygZhkgh\_nZceZih^dZqdb kljZgbqgh]hh[f_gZ :LQZg_ h[uqgh]hnZceZ^ZgguoWlhagZqblqlh\f_klhhlh[jZ`_gby\iZfylvnZceZj_Zevghkm s_kl\mxs_]hgZ^bkd_fh`ghaZj_a_j\bjh\Zlvg_dhlhjmxh[eZklviZfylbgZdhlhjmxaZ l_fkkueZlvkydZdgZ^bkdh\ucnZceWlhba[Z\bl\Zkhlg_h[oh^bfhklbkha^Zgbybmgbq lh`_gby\j_f_ggh]hnZceZ_keb\k_qlhlj_[m_lkyaZdexqZ_lkyebrv\kha^Zgbbg_dhlh jh]h Z^j_kgh]h ijhkljZgkl\Z ^hklmigh]h g_kdhevdbf ijhp_kkZf Kbkl_fZ :LQ Z\lhfZ lbq_kdb mijZ\ey_l k\hbf nZcehf ih^dZqdb ihwlhfm dh]^Z iZfylv [hevr_ g_ lj_[m_lky hgZhk\h[h`^Z_lkykbkl_fhc _c kl\bl_evgh _keb [b[ebhl_dZ '// aZ]jm`Z_fZy g_dhlhjuf ijbeh`_gb_f kha^Z_l hlh[jZ `_gguc \ iZfylv nZce lh ihke_ aZ]jmadb wlhc [b[ebhl_db ^jm]bf ijbeh`_gb_f hgZ [m^_l ijh^he`Zlvbkihevah\Zlv\k_lhl`_hlh[jZ`_gguc\iZfylvnZceIjbwlhf[m^ml kms_kl \h\Zlv^\Zh[jZaZ [b[ebhl_db '// ih h^ghfm ^ey dZ`^h]h \uau\Zxs_]h ijbeh`_gby bk ihevamxsb_h^bgblhl`_wda_fieyjnZceZhlh[jZ`_ggh]h\iZfylvNmgdpbb[b[ebhl_db '//fh]mlh[_ki_qblv^hklmid^Zggufhlh[jZ`_ggh]h\iZfylvnZceZex[hfm\uau\Zxs_ fmboijbeh`_gbxDh]^Zh^ghijbeh`_gb_\g_k_l\wlb^Zggu_baf_g_gbyhgb[m^ml\b^gu ^jm]hfmijbeh`_gbxihkdhevdmh[Zijbeh`_gbyh[jZsZxlkydh^gbfbl_f`_^Zggufgh hlh[jZ`_gguf^\mfyjZaebqgufbwda_fieyjZfbhlh[jZ`_gguo\iZfylv[b[ebhl_dHibkZg gucf_lh^bbkihevam_lky\ijbf_j_ij_^klZ\e_gghf\ebklbg]_ < wlhf ijbf_j_ kha^Zgb_ hlh[jZ`_ggh]h \ iZfylv nZceZ \haeh`_gh gZ ijhp_^mjm 2SHQ6KDUHG'DWD >eykha^Zgbybkoh^gh]hh[t_dlZnZceh\h]hhlh[jZ`_gby\g_cbkihevam _lky nmgdpby &UHDWH)LOH0DSSLQJ dhlhjZy i_j_^Z_l kha^Zgguc h[t_dl nmgdpbb 0DS9LHZ2I)LOH WlZnmgdpbyhlh[jZ`Z_lh[jZanZceZgZZ^j_kgh_ijhkljZgkl\h\uau\Zx s_]h ijhp_kkZ b \ha\jZsZ_l Z^j_k gZqZeZ \u^_e_ggh]h Z^j_kgh]h ijhkljZgkl\Z L_i_jv \kihfgbf qlh wlh Z^j_kgh_ ijhkljZgkl\h ijbgZ^e_`bl \uau\Zxs_fm ijhp_kkm >ey ^\mo jZaebqguoijbeh`_gbcbkihevamxsbo^Zggmx[b[ebhl_dm'//wlbZ^j_kgu_h[eZklbfh]ml [ulvjZaebqgufbg_kfhljygZlhqlh^Zggu_gZdhlhju_hgbkkueZxlkyh^gbbl_`_ ªÀ˽ÖÇ Ê»Ë»ÇÀÍËÉÇ ÊÀËÀ¿»½»ÀÇÖÇ ÏÎÈÅÑÃà &UHDWH)LOH0DSSLQJ Ú½ÆÚÀÍÌÚ ¿À ÌÅËÃÊÍÉËÏ»ÄÆ»ÅÉÍÉËÖÄÍËÀ¼ÎÀÍÌÚÉÍɼ˻ÂÃÍ׽ʻÇÚÍרÉÀÌÆÃÉÍɼ˻ÁÀÈÃÀ½Ö ÊÉÆÈÚÀÍÌÚ¿ÆÚ»¿ËÀÌÈɾÉÊËÉÌÍË»ÈÌͽ»ÌÃÌÍÀÇÈɾÉÏ»ÄÆ»ÊÉ¿Å»ÒÅÃÊÀËÀ¿»ÀÍÌÚÂÈ» ÒÀÈÃÀ))))))))ÒÍÉË»½ÈÉÌÃÆ×ÈÉÂÈ»ÒÀÈÃÙ':RUG tŻŽȻÓÀÇÊËÃÇÀËÀ Å»ÒÀÌͽÀ ½ÍÉËÉ¾É Ê»Ë»ÇÀÍË» ÏÎÈÅÑÃà &UHDWH)LOH0DSSLQJ ÈÎÁÈÉ ÊÀËÀ¿»Í× ÃÇÚ É¼ÕÀÅÍ» ÉÍɼ˻ÁÀÈÃÚ Ï»ÄÆ» ½ Ê»ÇÚÍ× ¸ÍÉ ÃÇÚ ÌÃÌÍÀÇ» ¼Î¿ÀÍ ÃÌÊÉÆ×Âɽ»Í× ¿ÆÚ ÌÌÖÆÅÃÈ»ÌÉÉͽÀÍÌͽÎÙÔÀÀÏ»ÄÆɽÉÀÉÍɼ˻ÁÀÈÃÀ ÌÆÃÌË»ÂÎÈÀÌÅÉÆ×ÅÉÊËÉÑÀÌÌɽ ÌÉ¿»¿ÎÍÉÍɼ˻ÁÀÈÈÖĽʻÇÚÍ×Ï»ÄÆÃÌÊÉÆ×ÂÎÚÊËÃØÍÉÇÉ¿ÈÉÃÍÉÁÀÃÇÚɼÕÀÅ ÍÖÉÍɼ˻ÁÀÈÃڼοÎÍÌÌÖÆ»Í×ÌÚȻɿÈÎÃÍÎÁÀÌÃÌÍÀÇÈÎÙÊ»ÇÚÍ×
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
Ihke_ h[jZs_gby d nmgdpbb 0DS9LHZ2I)LOH i_j_f_ggZy *OREDO'DWD mdZau\Z_l gZ Z^ j_kgh_ijhkljZgkl\hnZceZhlh[jZ`_ggh]h\iZfylv<j_amevlZl_\uiheg_gbywdkihjlbjm_ fhcnmgdpbb*HW'//'DWD iZjZf_lj$*OREDO'DWD[m^_lmdZau\ZlvgZlm`_h[eZklviZfylb qlhbmdZaZl_ev*OREDO'DWDIZjZf_lj$*OREDO'DWDi_j_^Z_lkyba\uau\Zxs_]hijbeh`_gby ke_^h\Zl_evgh \uau\Zxs__ ijbeh`_gb_ ihemqbl \hafh`ghklv kqblu\Zlv b aZibku\Zlv h[ sb_^Zggu_ Ijhp_^mjZ &ORVH6KDUHG'DWD aZdju\Z_l hlh[jZ`_gb_ h[s_]h nZceZ ^ey ^Zggh]h \uau \Zxs_]hijhp_kkZbhk\h[h`^Z_l_]hh[t_dlnZceh\h]hhlh[jZ`_gbyWlhgbdZdg_\eby_lgZ ^jm]b_ h[t_dlu nZceh\h]h hlh[jZ`_gby b gZ hlh[jZ`_gb_ ]eh[Zevgh]h nZceZ kh klhjhgu ^jm]boijbeh`_gbc
tNu\\zK~Qxx\}Qy)22 N\xQvuKw} >eybeexkljZpbbbkihevah\Zgby[b[ebhl_db'//kh[s_ciZfylvxfukha^Zeb^\ZjZ[h lZxsbo k g_c ijbeh`_gby I_j\h_ ijbeh`_gb_ ijh_dl $SSGSU iha\hey_l fh^bnbpbjh \Zlv]eh[Zevgu_^Zggu_[b[ebhl_db'//
ªÇÐÑÇÌ ¢Ê¿ÁÌ¿ÞÓÍÏË¿ÎÏÇÊÍÅÄÌÇÞ$SSGSU XQLW0DLQ)UP$ LQWHUIDFH XVHV :LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV6WG&WUOV([W&WUOV0DVN ^,'//'$7$,1&` W\SH 70DLQ)RUP FODVV 7)RUP HGW*ORE'DWD6WU 7(GLW EWQ*HW'OO'DWD 7%XWWRQ PH*ORE'DWD,QW 70DVN(GLW SURFHGXUHEWQ*HW'OO'DWD&OLFN 6HQGHU 72EMHFW SURFHGXUHHGW*ORE'DWD6WU&KDQJH 6HQGHU 72EMHFW SURFHGXUHPH*ORE'DWD,QW&KDQJH 6HQGHU 72EMHFW SURFHGXUH)RUP&UHDWH 6HQGHU 72EMHFW SXEOLF *OREDO'DWD 3*OREDO'//'DWD HQG
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
YDU 0DLQ)RUP 70DLQ)RUP ^Ìwénlnsntqnërxwvézqéynuvpwév|nlyéiqisqvznrq'//` SURFHGXUH*HW'//'DWD YDU$*OREDO'DWD 3*OREDO'//'DWD 6WG&DOO([WHUQDO 6+$5(/,%'// LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH70DLQ)RUPEWQ*HW'OO'DWD&OLFN 6HQGHU 72EMHFW EHJLQ ^Ívsy·ntqnyrjojzns¹tjljttniqisqvznrq'//` *HW'//'DWD *OREDO'DWD ^Ìitvksntqnësnuntzvkywéjksntq¹ls¹vzéj ntq¹otj·ntqpwvsnp*OREDO'DWD` HGW*ORE'DWD6WU7H[W *OREDO'DWDA6 PH*ORE'DWD,QW7H[W ,QW7R6WU *OREDO'DWDA, HQG SURFHGXUH70DLQ)RUPHGW*ORE'DWD6WU&KDQJH 6HQGHU 72EMHFW EHJLQ ^Ìitvksntqnljtt}iqisqvznrq'//kxvvzknzxzkqqxktnxnttuqqountntq¹uq` *OREDO'DWDA6 HGW*ORE'DWD6WU7H[W HQG SURFHGXUH70DLQ)RUPPH*ORE'DWD,QW&KDQJH 6HQGHU 72EMHFW EHJLQ ^Ìitvksntqnljtt}iqisqvznrq'//kxvvzknzxzkqqxktnxnttuqqountntq¹uq` LIPH*ORE'DWD,QW7H[W (PSW\6WUWKHQ PH*ORE'DWD,QW7H[W *OREDO'DWDA, 6WU7R,QW PH*ORE'DWD,QW7H[W HQG SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW EHJLQ EWQ*HW'OO'DWD&OLFN QLO HQG HQG <wlhijbeh`_gb_lZd`_\oh^bl\dexqZ_fucnZce'OO'DWDLQF\dhlhjhfhij_^_ey_lkylbi ^Zgguo7*OREDO'//'DWDbmdZaZl_evgZwlb^Zggu_H[jZ[hlqbdkh[ulbyEWQ*HW'OO'DWD&OLFN kihfhsvx\uah\Znmgdpbb*HW'//'DWD ihemqZ_lmdZaZl_evgZ]eh[Zevgu_^Zggu_[b[ebhl_ db'//^hklmiddhlhjuf\hafh`_gkihfhsvxhlh[jZ`_ggh]h\iZfylvnZceZijbgZ^e_`Z s_]h[b[ebhl_d_AZl_fbkihevamyagZq_gb_wlh]hmdZaZl_ey*OREDO'DWD\uihegy_lkyh[gh\e_ gb_ we_f_glh\ mijZ\e_gby nhjfu H[jZ[hlqbdb kh[ulby 2Q&KDQJH ^ey ihe_c \\h^Z baf_gyxl agZq_gb_ h[eZklb iZfylb gZ dhlhjmx mdZau\Z_l i_j_f_ggZy *OREDO'DWD Ihkdhevdm mdZaZl_ev *OREDO'DWDkkueZ_lkygZ]eh[Zevgu_^Zggu_[b[ebhl_db'//fh^bnbdZpbbih^\_j]Zxlky^Zg gu_gZdhlhju_kkueZ_lkyhlh[jZ`_gguc\iZfylvnZcekha^Zgguc[b[ebhl_dhc'//
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
<ebklbg]_ ij_^klZ\e_gbkoh^gucl_dkl]eZ\ghcnhjfuijbeh`_gby$SSGSU
ªÇÐÑÇÌ §ÐÔÍÃÌÚÈÑÄÉÐÑÂÊ¿ÁÌÍÈÓÍÏËÚÎÏÇÊÍÅÄÌÇÞ$SSGSU XQLW0DLQ)UP$ LQWHUIDFH XVHV :LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV([W&WUOV6WG&WUOV ^,'//'$7$,1&` W\SH 70DLQ)RUP FODVV 7)RUP OEO*ORE'DWD6WU 7/DEHO WP7LPHU 77LPHU OEO*ORE'DWD,QW 7/DEHO SURFHGXUHWP7LPHU7LPHU 6HQGHU 72EMHFW SXEOLF *OREDO'DWD 3*OREDO'//'DWD HQG ^Ìwénlns¹nuërxwvézqéynuyíwév|nlyéy'//` SURFHGXUH*HW'//'DWD YDU$*OREDO'DWD 3*OREDO'//'DWD 6WG&DOO([WHUQDO 6+$5(/,%'// YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` SURFHGXUH70DLQ)RUPWP7LPHU7LPHU 6HQGHU 72EMHFW EHJLQ *HW'OO'DWD *OREDO'DWD Ívsy·ntqnlvxzywjrljttu ^Ìzviéj ntqnxvlné quvmvwvsnp*OREDO'DWD` OEO*ORE'DWD6WU&DSWLRQ *OREDO'DWDA6 OEO*ORE'DWD,QW&DSWLRQ ,QW7R6WU *OREDO'DWDA, HQG HQG WlZ nhjfZ kh^_j`bl ^\Z dhfihg_glZ 7/DEHO dhlhju_ h[gh\eyxlky \h \j_fy h[jZ[hldb kh[ulby2Q7LPHUh[t_dlZWP7LPHU?kebihevah\Zl_evbaf_gblagZq_gby]eh[Zevguo ^Zgguo [b[ebhl_db'//\ijbeh`_gby$SSijbeh`_gb_$SShlh[jZablwlbbaf_g_gby
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
yNu\^}\xQy}\zxx\}Qy)22 Dh[t_dlmb_]hf_lh^Zffh`ghihemqblv^hklmi^Z`_\lhfkemqZ__kebwlhlh[t_dlkh ^_j`blky\gmljb[b[ebhl_db'//H^gZdhdh[ty\e_gbxlZdh]hh[t_dlZ\gmljb[b[ebhl_db '//ij_^ty\eyxlkyhij_^_e_ggu_lj_[h\ZgbyZgZ_]hbkihevah\Zgb_gZdeZ^u\Zxlkyg_dh lhju_h]jZgbq_gbyIj_^klZ\e_gguca^_kvih^oh^fh`_l[ulvihe_a_g\\_kvfZki_pbnbq_ kdbokblmZpbyoDZdijZ\behlZdh]h`_wnn_dlZfh`gh^hklbqvaZkq_lijbf_g_gbyiZd_lh\ bebbgl_jn_ckh\ GZwdkihjlh[t_dlh\ba[b[ebhl_d'//gZdeZ^u\Zxlkyke_^mxsb_h]jZgbq_gby eybeexkljZpbbwlhcl_ogheh]bbih^]hlh\e_gijhklhcgh^hklZlhqghgZ]ey^gucijbf_j wdkihjlbjm_fh]h h[t_dlZ Wlhl h[t_dl kh^_j`bl nmgdpbx \ha\jZsZxsmx aZ^Zggmx kljhdm gZibkZggmxijhibkgufbbebkljhqgufb[md\Zfb²\aZ\bkbfhklbhlagZq_gby^jm]h]hiZjZ f_ljZhij_^_eyxs_]h`_eZ_fucj_]bkljHibkZgb_wlh]hh[t_dlZijb\_^_gh\ebklbg]_
ªÇÐÑÇÌ ÀÙÄÉÑÎÏÄÃÌ¿ÆÌ¿ÖÄÌÌÚÈÃÊÞÜÉÐÎÍÏÑ¿ÇÆÀÇÀÊÇÍÑÄÉÇ'// W\SH 7&RQYHUW7\SH FW8SSHUFW/RZHU 76WULQJ&RQYHUW FODVV 72EMHFW ^,)'()675,1*&219(57/,%` SULYDWH )3UHSHQG 6WULQJ )$SSHQG 6WULQJ ^(1',)` SXEOLF IXQFWLRQ&RQYHUW6WULQJ $&RQYHUW7\SH 7&RQYHUW7\SH $6WULQJ 6WULQJ 6WULQJ YLUWXDO VWGFDOO ^,)1'()675,1*&219(57/,%`DEVWUDFW ^(1',)` ^,)'()675,1*&219(57/,%` FRQVWUXFWRU&UHDWH $3UHSHQG$$SSHQG 6WULQJ GHVWUXFWRU'HVWUR\ RYHUULGH ^(1',)` HQG ^bs¹síivmvwéqsv ntq¹qxwvsoyínmvëzvzrsjxxiqisqvznrj675,1*&219(57/,%tn vwénlnsntjjotj·qzvwénlnsntqnëzvmvrsjxxjiylnzërkqkjsntztvxsnlyínuy 76WULQJ&RQYHUW FODVV 72EMHFW
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
SXEOLF IXQFWLRQ&RQYHUW6WULQJ $&RQYHUW7\SH 7&RQYHUW7\SH $6WULQJ 6WULQJ 6WULQJ YLUWXDO VWGFDOO DEVWUDFW HQG ` < ebklbg]_ nZdlbq_kdb kh^_j`blky bkoh^guc dh^ \dexqZ_fh]h nZceZ 6WU&RQYHUWLQFJZaf_s_gb_wlh]hh[t_dlZ\h\dexqZ_fhf nZce_ \ua\Zgh g_h[oh^bfhklvx kh[ex^_gbylj_lv_]himgdlZijb\_^_ggh]h\ur_kibkdZlj_[h\Zgbckh]eZkghdhlhjhfmh[t _dl^he`_g[ulvh^bgZdh\hhij_^_e_gdZd\[b[ebhl_d_'//lZdb\\uau\Zxs_fijbeh`_ gbbIjbjZaf_s_gbbhibkZgbyh[t_dlZ\h\dexqZ_fhfnZce_dZd\uau\Zxs__ijbeh`_gb_ lZdb[b[ebhl_dZ'//kfh]mlih^dexqblvwlhlnZce?keb`_\h[t_dl[m^ml\g_k_gubaf_ g_gbylhihlj_[m_lkyebrvih\lhjghkdhfibebjh\Zlvh[Zijh_dlZZg_\\h^blvwlbbaf_g_ gby^\Z`^u²kgZqZeZ\\uau\Zxs__ijbeh`_gb_ZaZl_f\[b[ebhl_dm'//²qlhkha^Z_l [eZ]hijbylgmxihq\m^eyihy\e_gbyhrb[hd JZkkfhljbfke_^mxs__hij_^_e_gb_f_lh^Z&RQYHUW6ULQJ IXQFWLRQ&RQYHUW6WULQJ $&RQYHUW7\SH 7&RQYHUW7\SH $6WULQJ 6WULQJ ª6WULQJ YLUWXDO VWGFDOO IjbqbgZ h[ty\e_gby wlh]h f_lh^Z \bjlmZevguf k ihfhsvx dexq_\h]h keh\Z YLUWXDO aZdexqZ_lkyg_\g_h[oh^bfhklbkha^Z\Zlvh[t_dluihlhfdb\dhlhjuofh`gh[ueh[u\ih ke_^kl\bbi_j_hij_^_eylvf_lh^&RQYHUW6WULQJ Hgh[ty\e_g\bjlmZevgufkp_evxkha^Z gbylhqdb\oh^Z\lZ[ebpm\bjlmZevguof_lh^h\ 9LUWXDO0HWKRG7DEOH²907 A^_kvfug_ [m^_f \^Z\Zlvky \ ih^jh[ghklb jZ[hlu wlhc lZ[ebpu _c m^_e_gh \gbfZgb_ \ ]eZ\_ ³>hihegbl_evguc bgkljmf_glZjbc jZajZ[hlqbdZ´ IhdZ jZkkfZljb\Zcl_ lZ[ebpm 907 dZd g_dhlhjuc[ehdiZfylbkh^_j`ZsbcmdZaZl_ebgZ\bjlmZevgu_f_lh^uh[t_dlZKihfhsvx lZ[ebpu 907 \uau\Zxs__ ijbeh`_gb_ fh`_l ihemqblv mdZaZl_ev gZ hij_^_e_gguc f_lh^ dhgdj_lgh]h h[t_dlZ ?keb g_ h[ty\blv f_lh^ \bjlmZevguf lZ[ebpZ 907 g_ [m^_l kh^_j `Zlvkljhdb^eywlh]hf_lh^Zb\uau\Zxs__ijbeh`_gb_[m^_lebr_gh\hafh`ghklbihem qblvgZg_]hmdZaZl_evDZd \b^bl_ \k_ wlh ^_eZ_lky jZ^b ihemq_gby \ \uau\Zxs_f ijbeh `_gbb mdZaZl_ey gZ nmgdpbx Gh ihkdhevdm wlhl mdZaZl_ev aZ\bkbl hl lbiZ f_lh^Z hij_^_ ey_fh]h \ h[t_dl_ 'HOSKL Z\lhfZlbq_kdb h[jZ[Zlu\Z_l ex[u_ Z^j_kgu_ ijb\yadb g_y\guf h[jZahfi_j_^Z\Zyf_lh^m^hihegbl_evguciZjZf_ljVHOI H[jZlbl_\gbfZgb_gZmkeh\gh_hij_^_e_gb_[b[ebhl_db675,1*&219(57/,%Ijbwdkihj l_ h[t_dlZ i_j_hij_^_e_gb_ \ \uau\Zxs_f ijbeh`_gbb g_h[oh^bfh ebrv l_f f_lh^Zf d dhlhjufgm`ghh[_ki_qblv\g_rgbc^hklmiba'//Djhf_lh]hwlbf_lh^ufh`ghhij_^_ eblv dZd Z[kljZdlgu_ qlh[u ba[_`Zlv ]_g_jZpbb hrb[db \j_f_gb dhfibeypbb Wlh \iheg_ ^himklbfhihkdhevdm\h\j_fy\uiheg_gbyijh]jZffuwlbf_lh^u[m^mlj_Zebah\Zgu\dh^_ '// JZkkfhlj_\ ijb\_^_gguc \ ebklbg]_ dhff_glZjbc \u ihcf_l_ dZd \u]ey^bl h[t_dl 76WULQJ&RQYHUWkhklhjhguijbeh`_gby <ebklbg]_ ^_fhgkljbjm_lkyj_ZebaZpbyh[t_dlZ76WULQJ&RQYHUW
ªÇÐÑÇÌ ¯Ä¿ÊÇÆ¿ÕÇÞÍÀÙÄÉÑ¿76WULQJ&RQYHUW XQLW6WULQJ&RQYHUW,PS ^'(),1(675,1*&219(57/,%` LQWHUIDFH XVHV6\V8WLOV
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
^,6WU&RQYHUWLQF` IXQFWLRQ,QLW6WU&RQYHUW $3UHSHQG$$SSHQG 6WULQJ 76WULQJ&RQYHUW VWGFDOO LPSOHPHQWDWLRQ FRQVWUXFWRU76WULQJ&RQYHUW&UHDWH $3UHSHQG$$SSHQG 6WULQJ EHJLQ LQKHULWHG&UHDWH )3UHSHQG $3UHSHQG )$SSHQG $$SSHQG HQG GHVWUXFWRU76WULQJ&RQYHUW'HVWUR\ EHJLQ LQKHULWHG'HVWUR\ HQG IXQFWLRQ76WULQJ&RQYHUW&RQYHUW6WULQJ $&RQYHUW7\SH 7&RQYHUW7\SH $6WULQJ 6WULQJ 6WULQJ EHJLQ FDVH$&RQYHUW7\SHRI FW8SSHU 5HVXOW )RUPDW VVV >)3UHSHQG8SSHU&DVH $6WULQJ )[email protected] FW/RZHU 5HVXOW )RUPDW VVV >)3UHSHQG/RZHU&DVH $6WULQJ )[email protected] HQG HQG IXQFWLRQ,QLW6WU&RQYHUW $3UHSHQG$$SSHQG 6WULQJ 76WULQJ&RQYHUW EHJLQ 5HVXOW 76WULQJ&RQYHUW&UHDWH $3UHSHQG$$SSHQG HQG HQG Kh]eZkghij_^ty\ey_fufdwdkihjlbjm_fufh[t_dlZflj_[h\ZgbyflZdhch[t_dl^he`_g kha^Z\Zlvky \ [b[ebhl_d_ '// Wlh mkeh\b_ j_Zebam_lky \ klZg^Zjlghc wdkihjlbjm_fhc nmgdpbb,QLW6WU&RQYHUW dhlhjhci_j_^Zxlky^\ZiZjZf_ljZij_^gZagZq_gguo^eydhgkl jmdlhjZ Fu ^h[Z\beb wlh ^ey beexkljZpbb kihkh[Z i_j_^Zqb bgnhjfZpbb dhgkljmdlhjm h[t_dlZq_j_anmgdpbxbgl_jn_ckZ H[jZlbl_ \gbfZgb_ \ wlhf fh^me_ hij_^_ey_lky mkeh\gZy ^bj_dlb\Z 675,1*&219(57/,% HklZevgZy qZklv fh^mey g_ gm`^Z_lky \ ^hihegbl_evguo jZatykg_gbyo NZce ijh_dlZ [b[ ebhl_db'//ij_^klZ\e_g\ebklbg]_
ªÇÐÑÇÌ ³¿ÈÊÎÏÍÄÉÑ¿ÃÊÞÀÇÀÊÇÍÑÄÉÇ6WULQJ&RQYHUW/LEGOO OLEUDU\6WULQJ&RQYHUW/LE XVHV 6KDUH0HP 6\V8WLOV &ODVVHV
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
6WULQJ&RQYHUW,PSLQ 6WULQJ&RQYHUW,PSSDV H[SRUWV ,QLW6WU&RQYHUW HQG < l_dkl_ wlhc [b[ebhl_db g_ ^he`gh [ulv gbq_]h gh\h]h ^ey \Zk H^gZdh ke_^m_l h[jZ lblv\gbfZgb_gZbkihevah\Zgb_fh^mey6KDUH0HP?]hbfy^he`gh[ulvh[ty\e_ghi_j\uf\ nZce_ijh_dlZ[b[ebhl_dbZlZd`_\nZce_ijh_dlZ\uau\Zxs_]hijbeh`_gbyWlhlfhf_gl hq_gv\Z`_gbhg_fg_ke_^m_laZ[u\Zlv <ebklbg]_ ihdZaZgijbf_jbkihevah\Zgbywdkihjlbjm_fh]hh[t_dlZ^eyij_h[jZah \Zgbyijhba\hevghckljhdb\kljhdmbaijhibkguobebkljhqguo[md\Ijh_dlwlh]hijbf_jZ gZau\Z_lky6WU&RQYHUW7HVWGSU?]hfh`ghgZclbgZdhfiZdl^bkd_ijbeZ]Z_fhfdh\lhjh fmlhfm kflZd`_ZZZZLOOLDPVSXEOLVKLQJFRP
ªÇÐÑÇÌ ®ÏÍÄÉÑÃÄËÍÌÐÑÏÇÏÒÝØÇÈÇÐÎÍÊÛÆÍÁ¿ÌÇÄÍÀÙÄÉÑ¿ÎÏÄÍÀÏ¿ÆÍÁ¿ÌÇÞÐÑÏÍÉ XQLW0DLQ)UP LQWHUIDFH XVHV :LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV 'LDORJV6WG&WUOV ^,VWUFRQYHUWLQF` W\SH 70DLQ)RUP FODVV 7)RUP EWQ8SSHU 7%XWWRQ HGW&RQYHUW6WU 7(GLW EWQ/RZHU 7%XWWRQ SURFHGXUHEWQ8SSHU&OLFN 6HQGHU 72EMHFW SURFHGXUHEWQ/RZHU&OLFN 6HQGHU 72EMHFW SULYDWH SXEOLF HQG YDU 0DLQ)RUP 70DLQ)RUP IXQFWLRQ,QLW6WU&RQYHUW $3UHSHQG$$SSHQG 6WULQJ 76WULQJ&RQYHUW VWGFDOO H[WHUQDO 675,1*&219(57/,%'// LPSOHPHQWDWLRQ ^5 ')0`
=eZ\Z >bgZfbq_kdbdhfihgm_fu_[b[ebhl_db
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
8QwQ JZajZ[hldZ [b[ebhl_d '//² g_hlt_fe_fZy qZklv kha^Zgby ijbeh`_gbc :LQGRZV Bo jhevhkh[_ggh\_ebdZdh]^Zlj_[m_lkyfgh]hdjZlgh_bkihevah\Zgb_g_dhlhjh]hijh]jZffgh ]hdh^Z<wlhc]eZ\_jZkkdZau\Zehkvhkha^Zgbbbbkihevah\Zgbb[b[ebhl_d'//\ijbeh`_ gbyo'HOSKLZlZd`_hjZaebqguof_lh^ZoboaZ]jmadbDjhf_ lh]h [ueb hlf_q_gu g_dhlh ju_ki_pbZevgu_kh]eZr_gbydhlhju_g_h[oh^bfhmqblu\Zlvijbbkihevah\Zgbb[b[ebhl_d '// \ kj_^_ 'HOSKL Z lZd`_ ihdZaZgh dZd k^_eZlv ^Zggu_ \ [b[ebhl_dZo '// ^hklmigufb jZaebqgufijbeh`_gbyf hihegbl_evgu_k\_ ^_gbyhjZ[hl_k[b[ebhl_dZfb'//[m^mlijb\_^_gub\^jm]bo]eZ\Zowlhcdgb]b
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
³QK}z)PX]TU
ÀÙÄÉÑ73ULQWHU
°ÁÍÈÐÑÁÍ73ULQWHU&DQYDV
®ÏÍÐÑ¿ÞÎÄÖ¿ÑÛ
®ÄÖ¿ÑÛÓÍÏËÚ
®ÄÖ¿ÑÛÐÊÍÅÌÚÔÃÍÉÒËÄÌÑÍÁ
®ÏÍÖÇÄƿÿÖÇÎÄÖ¿ÑÇ
®ÍÊÒÖÄÌÇÄÇÌÓÍÏË¿ÕÇÇÍÎÏÇÌÑÄÏÄ
¯ÄÆÝËÄ
=eZ\ZI_qZlv\'HOSKL
I_qZlv\:LQGRZV²]heh\gZy[hevfgh]boijh]jZffbklh\Ghmgu\Zlvg_klhbl²'HOSKL kms_kl\_gghmijhsZ_l\k_qlhk\yaZghki_qZlvxIjbeh`b\fbgbfmfmkbebcfh`ghgZibkZlv ijhklu_ijhp_^mju^ey\u\h^ZgZijbgl_jdZdl_dklZlZdbjZkljh\uobah[jZ`_gbcDhg_qgh ^ey \uiheg_gby [he__ keh`guo aZ^Zq i_qZlb ijb^_lky ihagZdhfblvky k g_dhlhjufb dhgp_i pbyfbbhk\hblvg_kdhevdhki_pbZebabjh\Zgguoijb_fh\ijh]jZffbjh\Zgbyh^gZdh\Zrbmkb eby[m^ml\hagZ]jZ`^_gub[ueu_ljm^ghklbki_qZlvxaZ[m^mlkydZd^mjghckhg É ½ÅÆ»¿ÅÀ 45HSRUW Ê»ÆÃÍËÖ ÅÉÇÊÉÈÀÈÍɽ ½Ö ȻĿÀÍÀ ËÚ¿ ÅÉÇÊÉÈÀÈÍɽ ÏÃËÇÖ 4X6RIWÊËÀ¿È»ÂÈ»ÒÀÈÈÖпÆÚÌÉÌÍ»½ÆÀÈÃÚÉÍÒÀÍ»ÉÅÎÇÀÈÍ»ÑÃÚÅØÍÉÇÎÈ»¼ÉËÎÃÈ ÌÍËÎÇÀÈÍɽȻÐÉ¿ÃÍÌڽϻÄÆÀÃÈÍÀË»ÅÍýÈÉÄÌÊË»½ÅÃ4XLFN5SWKOS £ÈÌÍËÎÇÀÈÍÖ4X6RIWοɼÈÖ¿ÆÚÊËÃÆÉÁÀÈÃĽÅÉÍÉËÖоÀÈÀËÃËÎÙÍÌÚÌÆÉÁÈÖÀÉÍÒÀ ÍÖ©¿È»ÅÉÉÈÃɾ˻ÈÃÒý»ÙͽÉÂÇÉÁÈÉÌÍÃÎÊË»½ÆÀÈÃÚÊËÉÑÀÌÌÉÇÊÀÒ»ÍýÃÌÐÉ¿ÈÉÇ ÍÀÅÌÍÀÊËɾ˻ÇÇ»ÂÈ»ÒÃÍÃÌÍÀÊÀÈ×½»ÓÀ¾ÉÅÉÈÍËÉÆÚÈ»¿ÍÀÇÒÍÉÃŻżοÀÍÊÀÒ» Í»Í×ÌÚ©¼ÌÎÁ¿ÀÈÃÀÃÌÊÉÆ×Âɽ»ÈÃÚÃÈÌÍËÎÇÀÈÍɽ4XLFN5HSRUW½ÖÐÉ¿ÃÍ»˻ÇÅÃØÍÉÄ ¾Æ»½ÖÅÉÍÉË»ÚÑÀÆÃÅÉÇÊÉ̽ÚÔÀȻ˻ÌÌÇÉÍËÀÈÃÙÇÀÍɿɽÌÉ¿»ÈÃÚ½'HOSKLÉÍÒÀÍɽ ÊËÉýÉÆ×ÈÉÄÏÉËÇÖ < kj_^_ 'HOSKL ih^ijh]jZffu deZkkZ 73ULQWHU bgdZikmebjmxs_]h f_oZgbafu i_qZlb \ :LQGRZV \uihegyxl [hevrmx qZklv jmlbgghc jZ[hlu dhlhjmx \ ijhlb\ghf kemqZ_ \Zf ijbrehkv[uijh^_eZlvkZfhklhyl_evgh <wlhc]eZ\_fuh[km^bfdZdkihfhsvxh[t_dlZ73ULQWHU\uihegblvex[mxbahi_jZ pbci_qZlbKgZqZeZfujZkkfhljbfkZfu_ijhklu_kj_^kl\Z'HOSKLkihkh[gu_kms_kl\_ggh mijhklblv\u\h^^ZgguogZi_qZlvZaZl_fh[km^bff_lh^ukha^Zgby[he__keh`guoih^ijh ]jZffi_qZlbdhlhju_ihfh]ml\Zf^h[blvky\wlhch[eZklbex[uo`_eZ_fuoj_amevlZlh\
6xQy}73ULQWHU H[t_dl 73ULQWHU bgdZikmebjm_l bgl_jn_ck i_qZlb :LQGRZV ^_eZy g_\b^bfhc [hevrmx qZklvmijZ\e_gbyijhp_kkhfi_qZlbKihfhsvxf_lh^h\bk\hckl\deZkkZ 73ULQWHU fh`gh \uihegylvi_qZlvgZ_]hdZg\mlZddZd[m^lh\uoh^gu_^Zggu_ijhklhjbkmxlkygZih\_jo ghklbnhjfuIjbi_j\hfh[jZs_gbbdnmgdpbb3ULQWHU hgZ \ha\jZsZ_l ]eh[Zevguc wd a_fieyjdeZkkZ73ULQWHUk\hckl\Zbf_lh^udhlhjh]hi_j_qbke_gu\lZ[eb
±¿ÀÊÇÕ¿°ÁÍÈÐÑÁ¿ÉÊ¿Ðп73ULQWHU °ÁÍÈÐÑÁÍ
¬¿ÆÌ¿ÖÄÌÇÄ
$ERUWHG
ªÀËÀÇÀÈÈ»ÚÍÃÊ»%RROHDQÅÉÍÉË»ÚÉÊËÀ¿ÀÆÚÀÍÈÀÊËÀÅË»ÍÃÆÆÃÊÉÆ×Âɽ»ÍÀÆ× ½ÖÊÉÆÈÀÈÃÀ»¿»ÈÃÚÊÀÒ»ÍÃ
&DQYDV
ªÉ½ÀËÐÈÉÌÍ×ÊÀÒ»ÍÿÆÚÍÀÅÎÔÀÄÌÍË»ÈÃÑÖ
)RQWV
¬ÊÃÌÉÅÌÉ¿ÀËÁ»ÔÃÄÃÇÀÈ»ÓËÃÏÍɽÊÉ¿¿ÀËÁý»ÀÇÖÐÊËÃÈÍÀËÉÇ
+DQGOH
®ÈÃÅ»Æ×ÈÖÄÈÉÇÀËÊËÀ¿ÌÍ»½ÆÚÙÔÃÄ¿ÀÌÅËÃÊÍÉËÎÌÍËÉÄÌͽ»¿ÆÚÊËÃÈÍÀË»¬Ç ½ËÀÂÅÎpÀÌÅËÃÊÍÉËÖq½¾Æ»½À½ÍÉËɾÉÍÉÇ»p¥ÆÙÒÀ½ÖÀØÆÀÇÀÈÍÖ9&/ÃÃÈ ÏÉËÇ»ÑÃÚÉÍÃʻнËÀÇÀÈýÖÊÉÆÈÀÈÃÚq
2ULHQWDWLRQ
ªÀËÀÇÀÈÈ»ÚÂÈ»ÒÀÈÃÀÅÉÍÉËÉÄÉÊËÀ¿ÀÆÚÀ;ÉËÃÂÉÈÍ»Æ×ÈÎÙ SR/DQG6FDSH ÃÆà ½ÀËÍÃÅ»Æ×ÈÎÙ SR3RUWUDLW ÉËÃÀÈÍ»ÑÃÙÆÃÌÍ»ÊÀÒ»ÍÃ
3DJH+HLJKW
ÖÌÉÍ»ÊɽÀËÐÈÉÌÍÃÊÀһͻÀÇÉÄÌÍË»ÈÃÑÖ½ÊÃÅÌÀÆÚÐ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
ÉÍÌÖ¿ÌÇÄÑ¿ÀÊ °ÁÍÈÐÑÁÍ
¬¿ÆÌ¿ÖÄÌÇÄ
3DJH1XPEHU
¨ÉÇÀËÊÀһͻÀÇÉÄÌÍË»ÈÃÑÖ¸ÍÉÂÈ»ÒÀÈÃÀνÀÆÃÒý»ÀÍÌÚÌÅ»Á¿ÖÇÊÉÌÆÀ¿É½» ÍÀÆ×ÈÖÇɼ˻ÔÀÈÃÀÇÅÇÀÍÉ¿Î73ULQWHU1HZ3DJH
3DJH:LGWK
³ÃËÃÈ»ÊɽÀËÐÈÉÌÍÃÊÀһͻÀÇÉÄÌÍË»ÈÃÑÖ½ÊÃÅÌÀÆÚÐ
3ULQWHU,QGH[
£È¿ÀÅÌÉÊËÀ¿ÀÆÚÙÔÃĽּ˻ÈÈÖÄÊËÃÈÍÀËÃÂÌÊÃÌÅ»¿ÉÌÍÎÊÈÖнÌÃÌÍÀÇÀ ÊÉÆ×Âɽ»ÍÀÆÚ
3ULQWHUV
¬ÊÃÌÉÅ¿ÉÌÍÎÊÈÖÐÊËÃÈÍÀËɽ½ÌÃÌÍÀÇÀ
3ULQWLQJ
ªÀËÀÇÀÈÈ»ÚÍÃÊ»%RROHDQÅÉÍÉË»ÚÉÊËÀ¿ÀÆÚÀÍÊËÉ¿ÉÆÁ»ÀÍÌÚÆÃÊÀÒ»Í×»¿»ÈÃÚ
7LWOH
©ÊËÀ¿ÀÆÚÀÇÖÄÊÉÆ×Âɽ»ÍÀÆÀÇÍÀÅÌÍÅÉÍÉËÖÄÿÀÈÍÃÏÃÑÃËÎÀÍ»¿»ÈÃÀÊÀÒ»Íý ÉÅÈÀ3ULQW0DQDJHUÃÌÀÍÀ½ÖÐÌÍË»ÈÃÑ»Ð
±¿ÀÊÇÕ¿«ÄÑÍÃÚÉÊ¿Ðп73ULQWHU «ÄÑÍÃ
¬¿ÆÌ¿ÖÄÌÇÄ
$ERUW
ªËÀËÖ½»ÀÍÊËÉÑÀÌÌÊÀÒ»Íû¿»ÈÃÚ
%HJLQ'RF
¨»ÒÃÈ»ÀÍÊËÉÑÀÌÌÊÀÒ»Íû¿»ÈÃÚ
(QG'RF
¢»½ÀËÓ»ÀÍÊËÉÑÀÌÌÊÀÒ»Íû¿»ÈÃÚ §ÀÍÉ¿(QG'RF»½ÀËÓ»ÀÍÊÀÒ»Í×»¿»ÈÃÚ ÊÉÉÅÉÈÒ»ÈÃÃÊÀÒ»ÍûÇÀÍÉ¿$ERUWÇÉÁÀÍÊËÀ˽»Í×½ÖÊÉÆÈÀÈÃÀ»¿»ÈÃÚ¿É ÉÅÉÈÒ»ÈÃÚÊÀÒ»ÍÃ
*HW3ULQWHU
¬ÒÃÍÖ½»ÀÍÃÈ¿ÀÅÌÍÀÅÎÔÀ¾ÉÊËÃÈÍÀË»
1HZ3DJH
¢»ÌÍ»½ÆÚÀÍÊËÃÈÍÀËȻһÍ×ÊÀÒ»Í×È»ÈɽÉÄÌÍË»ÈÃÑÀÃνÀÆÃÒý»ÀÍÂÈ»ÒÀÈÃÀ ̽ÉÄÌͽ»3DJH&RXQW
6HW3ULQWHU
©ÊËÀ¿ÀÆÚÀÍÎŻ»ÈÈÖÄÊËÃÈÍÀ˽ŻÒÀÌͽÀÍÀÅÎÔÀ¾É
(z\vN}z\73ULQWHU&DQYDV K\hckl\h73ULQWHU&DQYDV\hfgh]hfgZihfbgZ_ldZg\mh[t_dlZnhjfuHghij_^klZ\ey _lih\_joghklvjbkh\ZgbygZdhlhjmx\u\h^blkyl_dklb]jZnbdZJZagbpZebrv\lhfqlh ih\_joghklvjbkh\Zgbyh[t_dlZ73ULQWHU ij_^gZagZq_gZ ^ey \u\h^Z gZ ijbgl_j Z g_ gZ wd jZg ;hevrbgkl\h ijhp_^mj ijbf_gy_fuo ^ey jbkh\Zgby nb]mj \u\h^Z l_dklZ b ]jZnbq_ kdbo bah[jZ`_gbc fh`_l ZgZeh]bqguf h[jZahf bkihevah\Zlvky b ^ey \u\h^Z gZ ijbgl_j H^gZdhijbi_qZlbke_^m_lmqblu\Zlvbg_dhlhju_hlebqbyijb\_^_ggu_gb`_
=eZ\ZI_qZlv\'HOSKL
Ihkdhevdmihevah\Zl_ebjZ[hlZxlih^mijZ\e_gb_f:LQGRZVj_ahgghij_^iheh`blv qlhbo^bkie_bih^^_j`b\Zxl\u\h^]jZnbq_kdbobah[jZ`_gbcGh^eyijbgl_jh\lZ dh]h ^hims_gby k^_eZlv g_evay JZaebqgu_ ijbgl_ju h[eZ^Zxl jZaebqgufb oZjZdl_ jbklbdZfb H^gb ba gbo fh]ml bf_lv \ukhdh_ jZaj_r_gb_ ^jm]b_² hq_gv gbadh_ Z g_dhlhju_ fh]ml \hh[s_ g_ ih^^_j`b\Zlv i_qZlv ]jZnbq_kdbo bah[jZ`_gbc Wlh gm`ghh[yaZl_evghmqblu\Zlv\k\hboijh]jZffZoi_qZlb
³^\N}KuQK}
³QK}N\|Q^w\{\y\wu\~Q~}K70HPR GZi_qZlZlvkljhdbl_dklZkihfhsvxijhp_^mju$VVLJQ3UQ b\kZfhf^_e_g_ij_^klZ\ey_l ljm^ZWlZijhp_^mjZiha\hey_lgZagZqblvl_dms_fmijbgl_jmi_j_f_ggmxkl_dklh\ufnZcehf WlZi_j_f_ggZybkihevam_lkylZd`_\ijhp_^mjZo5HZULWH b&ORVH)LOH dZdihdZaZghgb`_ YDU I 7H[W)LOH EHJLQ $VVLJQ3UQ I WU\ 5HZULWH I ZULWHOQ I 3ULQWWKHRXWSXW ILQDOO\ &ORVH)LOH I HQG HQG I_qZlvkljhdbl_dklZgZijbgl_j_\uihegy_lkylZd`_dZdb\u\h^kljhdbl_dklZ\nZce Ijbwlhfbkihevam_lkyke_^mxsbckbglZdkbk ZULWHOQ I êzvuv¹xzévrjznrxzj
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
< ]eZ\_ ³0',ijbeh`_gby´ ihdZaZgh dZd ^h[Z\blv dhfZg^m f_gx ^ey i_qZlb kh^_j `bfh]h nhjfu 70GL(GLW)RUP < ebklbg]_ ^_fhgkljbjm_lky dZd gZi_qZlZlv ijhba\hev gh_kh^_j`bfh_bah[t_dlZ70GL(GLW)RUP:gZeh]bqgucih^oh^fh`ghbkihevah\Zlv^eyi_ qZlbl_dklZijZdlbq_kdbbaex[h]hbklhqgbdZ
ªÇÐÑÇÌ®ÍÃÎÏÍÂÏ¿ËË¿ÎÄÖ¿ÑÇÃÊÞÓÍÏËÚ70GL(GLW)RUP SURFHGXUH70GL(GLW)RUPPPL3ULQW&OLFN 6HQGHU 72EMHFW YDU L LQWHJHU 37H[W 7H[W)LOH EHJLQ LQKHULWHG LI3ULQW'LDORJ([HFXWHWKHQ EHJLQ $VVLJQ3UQ 37H[W 5HZULWH 37H[W WU\ 3ULQWHU&DQYDV)RQW PHP0DLQ0HPR)RQW IRUL WRPHP0DLQ0HPR/LQHV&RXQWGR ZULWHOQ 37H[WPHP0DLQ0HPR/LQHV>[email protected] ILQDOO\ &ORVH)LOH 37H[W HQG HQG HQG H[jZlbl_ \gbfZgb_ qlh rjbnl bkihevah\Zgguc \ ihe_ j_^Zdlbjh\Zgby lZd`_ gZagZqZ _lkyk\hckl\m)RQWh[t_dlZ3ULQWHUWlhh[_ki_qb\Z_lbkihevah\Zgb_ijbi_qZlblh]hrjbn lZdhlhjuc[ueijbf_g_g\h[t_dl_PHP0DLQ0HPR ¨ÀɼÐÉ¿ÃÇÉ ÃÇÀÍ× ½ ½Ã¿Î ÒÍÉ ÊËà ÊÀÒ»Íà ÊËÃÈÍÀË ¼Î¿ÀÍ ÃÌÊÉÆ×Âɽ»Í× Â»¿»ÈÈÖÄ Ì½ÉÄÌͽÉÇ3ULQWHU)RQWÓËÃÏÍÍÉÆ×ÅɽÍÉÇÌÆÎÒ»ÀÀÌÆÿ»ÈÈÖÄÍÃÊÊËÃÈÍÀË»À¾É ÊÉ¿¿ÀËÁý»ÀÍ ÊËÉÍýÈÉÇ ÌÆÎÒ»À ¼Î¿ÀÍ ÊËÃÇÀÈÀÈ ÓËÃÏÍ ÅÉÍÉËÖÄ ÊËüÆÃÁ»ÀÍÌÚ ÊÉ̽ÉÃÇл˻ÅÍÀËÃÌÍÃÅ»ÇÅ»¿»ÈÈÉÇÎ
³QK}^KN}^\z\{\\x^KQ~ I_qZlvjZkljh\h]hbah[jZ`_gbylZd`_g_\uau\Z_l ljm^ghkl_c < ijh_dl_ 0GL$SS ij_^ klZ\e_gghf\]eZ\_³0',ijbeh`_gby´^_fhgkljbjm_lkydZdjZki_qZlZlvjZkljh\h_bah [jZ`_gb_\nhjf_70GL%PS)RUPL_dklbkihevam_fh]h\ijh_dl_h[jZ[hlqbdZkh[ulbcijb\_ ^_g\ebklbg]_ >ey i_qZlb jZkljh\h]h bah[jZ`_gby k ihfhsvx f_lh^Z 7&DQYDV6WUHWFK'UDZ lj_[m_lky \k_]h ljb kljhdb dh^Z LZdh_ kms_kl\_ggh_ mijhs_gb_ i_qZlb jZkljh\uo bah[jZ`_gbc klZeh \hafh`guf[eZ]h^ZjylhfmqlhgZqbgZyk'HOSKLjZkljh\u_bah[jZ`_gbyihmfheqZgbxbf_ xlnhjfZl',%ZwlhdZdjZalhlnhjfZldhlhjuclj_[m_lky^jZc\_jmijbgl_jZ?kebhdZ`_lky qlhm\Zk_klv^_kdjbilhjjZkljZdhlhjucojZgblkyg_\nhjfZl_',%_]hfh`ghkdhibjh\Zlv kihfhsvxhi_jZpbb$VVLJQ \h\j_f_gguch[t_dl7%LWPDSijbgm^bl_evghij_h[jZah\Z\wlh ijhf_`mlhqgh_ bah[jZ`_gb_ \ nhjfZl ',% ihkj_^kl\hf ijbk\h_gby agZq_gby EP',% k\hckl\m 7%LWPDS+DQGOH7\SHbebrvaZl_f\uihegblvi_qZlvjZkljZ\gh\hfnhjfZl_
=eZ\ZI_qZlv\'HOSKL
ªÇÐÑÇ̱ÄÉÐÑÎÏÍÕÄÃÒÏÚÎÄÖ¿ÑÇÍÀÙÄÉÑ¿70GL%PS)RUP SURFHGXUH70GL%03)RUPPPL3ULQW&OLFN 6HQGHU 72EMHFW EHJLQ LQKHULWHG ZLWK,PJ0DLQ3LFWXUH%LWPDSGR EHJLQ 3ULQWHU%HJLQ'RF 3ULQWHU&DQYDV6WUHWFK'UDZ &DQYDV&OLS5HFWLPJ0DLQ3LFWXUH%LWPDS 3ULQWHU(QG'RF HQG ^rvtn|isvrjZLWK` HQG ©¿ÃÈÃÂÅÆÙÒÀ½ÖÐÇÉÇÀÈÍɽ½Ö½É¿»È»ÊËÃÈÍÀËt½ÉÂÇÉÁÈÉÌÍ×ÊÀһͻÍ×ÃÂɼ˻ÁÀ ÈÃÚÍ»ÅÅ»ÅÉÈý־ÆÚ¿ÚÍÈ»ØÅË»ÈÀÍÀÊËüÆÃÂÃÍÀÆ×ÈÉÌÍÀÇÃÁÀË»ÂÇÀË»Çè» ÊËÃÇÀË¿Æھ˻ÏÃÒÀÌÅɾÉÃÂɼ˻ÁÀÈÃÚË»ÂÇÀËÉÇK¿ÙÄǻȻØÅË»ÈÀÌË»ÂËÀÓÀ ÈÃÀÇKÃÌÊÉÆ×ÂÎÀÍÌÚÇÀÈ×ÓÀÊÃÅÌÀÆÀÄÒÀÇÊÉÍËÀ¼É½»ÆÉÌ×¼Ö¿ÆÚÊÀÒ»ÍÃÈ» ÊËÃÈÍÀËÀ Ì Ë»ÂËÀÓÀÈÃÀÇ GSL ªÉØÍÉÇÎ ÈÎÁÈÉ Ë»ÌÍÚÈÎÍ× ÃÂɼ˻ÁÀÈÃÀ È» ŻȽÀ ɼÕÀÅÍ»73ULQWHUÅ»ÅØÍɼÖÆÉÌ¿ÀÆ»ÈɽÊËÀ¿Ö¿ÎÔÀÇÊËÃÇÀËÀtÌÊÉÇÉÔ×Ùɼ Ë»ÔÀÈÃÚ Å ÏÎÈÅÑÃà 7&DQYDV6WUHWFK',%LWV ÔÀ É¿ÃÈ ÌÊÉÌɼ »ÅÆÙÒ»ÀÍÌÚ ½ ½Ö½É¿À ÃÂɼ˻ÁÀÈÃÄ Ì ÊÉÇÉÔ×Ù ÎÌÍ»ÈɽÅà ÌÊÀÑûÆ×ÈÉ¾É ËÀÁÃÇ» ÉÍɼ˻ÁÀÈÃÚ ØÍà ËÀÁÃÇÖÉÊÃÌ»ÈÖ½¾Æ»½Àp*',ÓËÃÏÍÖþ˻ÏÃÅ»q ªËÃØÍÉÇÌÆÀ¿ÎÀÍÃÇÀÍ×½½Ã ¿ÎÒÍÉÈÀÅÉÍÉËÖÀÌÍ»ËÖÀÊËÃÈÍÀËÖÇɾÎÍÈÀÊÉ¿¿ÀËÁý»Í×Ë»ÌÍھý»ÈÃÚÃÂɼ˻ÁÀ ÈÃÄ ¨ÎÁÈÎÙ ÃÈÏÉËÇ»ÑÃÙ É ½ÉÂÇÉÁÈÉÌÍÚÐ ÅÉÈÅËÀÍÈÉ¾É ÊËÃÈÍÀË» ÇÉÁÈÉ ÊÉÆÎÒÃÍ× Ì ÊÉÇÉÔ×ÙÏÎÈÅÑÃÄ:LQ$3,*HW'HYLFH&DSV
³QK}|K~~gz\^wK}Q:<, :UMTeyi_qZlbkh^_j`bfh]hdhfihg_glZ75LFK(GLWg_h[oh^bfh\ua\Zlv\k_]hebrvh^bgf_ lh^<ke_^mxs_fnjZ]f_gl_ihdZaZghdZdwlhk^_eZlvWlhldh^lZd`_bkihevam_lky^eyi_ qZlbkh^_j`bfh]hh[t_dlZ70GL5WI)RUP\fh^me_0GL$SS ]eZ\Z³0',ijbeh`_gby´ SURFHGXUH70GL5WI)RUPPPL3ULQW&OLFN 6HQGHU 72EMHFW EHJLQ LQKHULWHG UH0DLQ3ULQW &DSWLRQ HQG
³QK}\^w Dhgp_ilmZevghi_qZlvnhjfufh]eZ[uklZlvh^ghcbakZfuoljm^guoaZ^Zq^eyj_ZebaZ pbbgh[eZ]h^Zjyf_lh^m3ULQW dhfihg_glZ7)RUP[b[ebhl_db9&/wlZaZ^ZqZagZqbl_evgh mijhsZ_lkyKe_^mxsZyijhp_^mjZ h[t_fhf\h^gmkljhdm jZki_qZlu\Z_lh[eZklvdeb_glZ nhjfu\f_kl_kh\k_fbjZkiheh`_ggufb\wlhch[eZklbdhfihg_glZfb
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
SURFHGXUH7)RUP3ULQW0\)RUP 6HQGHU 72EMHFW EHJLQ 3ULQW HQG ªÀÒ»Í×ÏÉËÇÖÇÉÁÈÉÌÒÃÍ»Í×ÒÀËÈɽÖǽ»ËûÈÍÉÇÊÀÒ»Íþ˻ÏÃÒÀÌÅÃÐÃÂɼ˻ÁÀÈÃÄ ©¿È»ÅÉûÊËÉÑÀÌÌ»ÉÍÌÀÒÅÃ:LQGRZVÈ»ÊËÃÈÍÀ˽ֽɿÃÍÌÚÍÉÆ×ÅÉÍÉÒÍÉÚ½ÆÚÀÍ ÌڽÿÃÇÖÇÈ»ØÅË»ÈÀ¿ÃÌÊÆÀÚªËÃØÍÉÇÌȻһƻÌÉ¿»ÀÍÌÚË»ÌÍËÌÊÆÉÍÈÉÌÍ×Ù» ¿ÀÄÌͽɽ»ÈÈÖÐ ØÅË»ÈÈÖÐ ÊÃÅÌÀÆÀÄ » »ÍÀÇ ½ÖÊÉÆÈÚÀÍÌÚ Ë»ÌÍھý»ÈÃÀ ¿É Ë»ÂËÀÓÀ ÈÃÚÊËÃÈÍÀË»ÀÅÌÍË»ÌÊÉÆÉÁÀÈÈÖÄÈ»ÏÉËÇÀÍ»ÅÁÀ½Ö½É¿ÃÍÌÚÌË»ÂËÀÓÀÈÃÀÇØŠ˻Ȼ»ÈÀÊËÃÈÍÀË»ÃÍÉÆ×ÅÉÊÉÍÉÇË»ÌÍھý»ÀÍÌÚÊÉØÍÉÇÎÈ»ÊÀһͻÈÈÉÀÃÂɼ˻ÁÀ ÈÃÀ ÏÉËÇÖ ÃÇÀÀÍ Â»ÇÀÍÈÉ Â»ÂμËÀÈÈÖÄ ½Ã¿ ¸ÍÉ ÂÈ»ÒÃÍ ÒÍÉ ¿ÆÚ ÊÀÒ»Íà ÌÆÉÁÈÖÐ ¾Ë»ÏÃÒÀÌÅÃÐ ÃÂɼ˻ÁÀÈÃÄ ÈÎÁÈÉ ÊËÃÇÀÈÚÍ× ¼ÉÆÀÀ ÊËÉ¿ÎÇ»ÈÈÖÀ ÇÀÍÉ¿Ö ÅÉÍÉËÖÀ Ë»ÌÌÇ»ÍËý»ÙÍÌÚ¿»ÆÀÀ½ØÍÉľƻ½À
³QK}N\~g|\ywQ~}\z >h\hevghqZklh\hagbdZ_lg_h[oh^bfhklv\i_qZlbki_pbnbq_kdbo^hdmf_glh\ijbwlhf h[uqgu_bgkljmf_glujZajZ[hldbbebkj_^kl\Zkha^Zgbyhlq_lh\ij_^eZ]Z_fu_klhjhggbfb ijhba\h^bl_eyfbhdZau\Zxlky[_kkbevgufb<wlhfkemqZ_ijboh^blkyjZkkqblu\Zlvlhevdh gZ kh[kl\_ggu_ kbeu b j_rZlv aZ^Zqb i_qZlb gZ gbadhf mjh\g_ < ke_^mxsbo g_kdhevdbo jZa^_eZo ihdZaZgh dZd ibrmlky lZdb_ ijhp_^mju \u\h^Z gZ ijbgl_j Z lZd`_ ij_^klZ\e_gZ f_lh^heh]bydhlhjmxfh`ghijbf_gblvdh\k_faZ^ZqZfi_qZlb ¨ÀÌÇÉÍËÚÈ»ÍÉÒÍÉØÍÉÍ˻¿ÀÆÊÉ̽ÚÔÀÈÊËÉÑÀÌÌÎÊÀÒ»Íý»ÇÌÆÀ¿ÎÀÍÂÈ»Í×ÒÍÉ» ½ËÀÇÚ È»ÊÃÌ»ÈÃÚ ØÍÉÄ ÅÈþà ǻÌÌɽÉÇÎ ÊÉÆ×Âɽ»ÍÀÆÙ ÌÍ»Æà ¿ÉÌÍÎÊÈÖ ÈÀÌÅÉÆ×ÅÉ ÅÉÇÊÉÈÀÈÍɽÊÀÒ»ÍÃÌÍÉËÉÈÈÃÐÊËÉýɿÃÍÀÆÀÄÌÊÉÌɼÈÖÀοɽÆÀͽÉËÃÍ×¼ÉÆ×ÓÃÈ ÌÍ½É ½»ÓÃÐ ÊÉÍËÀ¼ÈÉÌÍÀÄ ½ ØÍÉÄ É¼Æ»ÌÍà ÀÇÉÈÌÍË»ÑÃÉÈÈÖÀ ½ÀËÌÃà ÈÀÅÉÍÉËÖРàØÍÃÐ ÃÈÌÍËÎÇÀÈÍɽ È»ÐÉ¿ÚÍÌÚ È» ÅÉÇÊ»ÅÍ¿ÃÌÅÀ ÊËÃÆ»¾»ÀÇÉÇ ÅÉ ½ÍÉËÉÇÎ ÍÉÇÎ ÌÇ Í»ÅÁÀZZZZLOOLDPVSXEOLVKLQJFRP
³QK}\}Q}KN~QNy\ywN}\xKw
=eZ\ZI_qZlv\'HOSKL
I_qZlvgZa\Zgbcklhe[ph\ I_qZlvkljZgbpu Ih\lhj_gb_iib^hhdhgqZgbyi_qZlb AZ\_jr_gb_aZ^Zgbyi_qZlb
Jbk=eZ\gZynhjfZhlq_lZhnhjfe_ggh]h\\b^_klhe[ph\
ªÇÐÑÇÌ®ÏÇËÄÏÎÏÇÊÍÅÄÌÇÞÃÊÞÐÍÆÿÌÇÞÍÑÖÄÑ¿ÁÁÇÃÄÐÑÍÊÀÕÍÁ XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJV*ULGV'%*ULGV'%'%7DEOHV0HQXV6WG&WUOV6SLQ *DXJHV([W&WUOV&RP&WUOV W\SH 70DLQ)RUP FODVV 7)RUP ^Êx}vltpznrxzrvuwvtntzvktnkrsí·ntt}këzvzsqxzqtmuv tv tjpzqkqx}vlt}znrxzj}wéqsv ntq¹tjwéqsjmjnuvurvuwjrzlqxrn` SURFHGXUHPPL3ULQW&OLFN 6HQGHU 72EMHFW SURFHGXUHEWQ+HDGHU)RQW&OLFN 6HQGHU 72EMHFW SULYDWH 3L[HOV,Q,QFK[ LQWHJHU /LQH+HLJKW ,QWHJHU ^Ìzxsn qkjtqnknézqrjstvmvéjounéjznrxzjy nvzwn·jzjttvmv tjxzéjtq|nkwqrxns¹}` $PRXQW3ULQWHG LQWHJHU ^Çvsq·nxzkvwqrxnsnpklípujêzvotj·ntqnqxwvsoynzx¹ ls¹un xzév·tvmvqtznékjsj` 7HQWKV2I,QFK3L[HOV< LQWHJHU
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
SURFHGXUH3ULQW/LQH ,WHPV 76WULQJ/LVW SURFHGXUH3ULQW+HDGHU SURFHGXUH3ULQW&ROXPQ1DPHV HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ XVHVSULQWHUV$ERUW)UP ^5 ')0` SURFHGXUH70DLQ)RUP3ULQW/LQH ,WHPV 76WULQJ/LVW YDU 2XW5HFW 75HFW ,QFKHV GRXEOH L LQWHJHU EHJLQ ftj·jsjyxzjtjksqkjnuwé¹uvymvstqrwn·jzqtjrjtknwéqtznéj 2XW5HFW/HIW 2XW5HFW7RS $PRXQW3ULQWHG 2XW5HFW%RWWRP 2XW5HFW7RS/LQH+HLJKW :LWK3ULQWHU&DQYDVGR IRUL WR,WHPV&RXQWGR EHJLQ ,QFKHV ORQJLQW ,WHPV2EMHFWV>[email protected] Ìwénlns¹nuwéjkpréjp 2XW5HFW5LJKW 2XW5HFW/HIWURXQG 3L[HOV,Q,QFK[ ,QFKHV LIQRW3ULQWHU$ERUWHGWKHQ Ín·jzjnuxzévry 7H[W5HFW 2XW5HFW2XW5HFW/HIW2XW5HFW7RS,WHPV>[email protected] Æéjktqkjnuwéjkpréjp 2XW5HFW/HIW 2XW5HFW5LJKW HQG ^Ívunénwn·jzqrj lvpxzévrqotj·ntqnwnénunttvp$PRXQW3ULQWHG lvs tvyknsq·qkjzx¹ls¹vzéj ntq¹zvmvrjrj¹·jxzxzéjtq|y n tjwn·jzjtjwéq·nuéjx·nzknlnzx¹tjvxtvknkxvzxzévrq` $PRXQW3ULQWHG $PRXQW3ULQWHG7HQWKV2I,QFK3L[HOV< HQG SURFHGXUH70DLQ)RUP3ULQW+HDGHU YDU 6DYH)RQW 7)RQW EHJLQ ^fv}éjt¹nuznryqp¡éq{zwéqtznéjojznuyxzjtjksqkjnutvkp¡éq{ztjvxtvkn kivéjxlnsjttvmvxwvuvíësnuntzjywéjksntq¹(GLW` 6DYH)RQW 7)RQW&UHDWH WU\ 6DYHIRQW$VVLJQ 3ULQWHU&DQYDV)RQW 3ULQWHU&DQYDV)RQW$VVLJQ HGW+HDGHU)RQW)RQW
=eZ\ZI_qZlv\'HOSKL
ftj·jsjwn·jzjnuojmvsvkvr ZLWK3ULQWHUGR EHJLQ LIQRW3ULQWHU$ERUWHGWKHQ &DQYDV7H[W2XW 3DJH:LGWKGLY &DQYDV7H[W:LGWK HGW+HDGHU)RQW7H[W GLY HGW+HDGHU)RQW7H[W Ïknsq·qkjnu$PRXQW3ULQWHGtjotj·ntqn/LQH+HLJKW $PRXQW3ULQWHG $PRXQW3ULQWHG/LQH+HLJKW7HQWKV2I,QFK3L[HOV< HQG Ævxxzjtjksqkjnuwén tqp¡éq{zrjtkvi~nrzj3ULQWHU 3ULQWHU&DQYDV)RQW$VVLJQ 6DYH)RQW ILQDOO\ 6DYH)RQW)UHH HQG HQG SURFHGXUH70DLQ)RUP3ULQW&ROXPQ1DPHV YDU &RO1DPHV 76WULQJ/LVW EHJLQ ^fvoljnuëronuws¹érsjxxj76WULQJ/LVWls¹}éjtntq¹tjokjtqpxzvsi|vk qq}éjounntq¹wéq·nu¡qéqtjrj lvmvxzvsi|jvwénlns¹nzx¹tjvxtvkn otj·ntqpësnuntzvkywéjksntq¹7(GLW` &RO1DPHV 76WULQJ/LVW&UHDWH WU\ Ín·jzjnutjokjtq¹xzvsi|vkwvsy qétu¡éq{zvuxwvl·nérqkjtqnu 3ULQWHU&DQYDV)RQW6W\OH >IV%ROG[email protected] ZLWK&RO1DPHVGR EHJLQ fv}éjt¹nutjokjtq¹xzvsi|vkqotj·ntq¹¡qéqtkvi~nrzn76WULQJ/LVW $GG2EMHFW /$671$0( SRLQWHU 6WU7R,QW HGW/DVW1DPH7H[W $GG2EMHFW ),5671$0( SRLQWHU 6WU7R,QW HGW)LUVW1DPH7H[W $GG2EMHFW $''5(66 SRLQWHU 6WU7R,QW HGW$GGUHVV7H[W $GG2EMHFW &,7< SRLQWHU 6WU7R,QW HGW&LW\7H[W $GG2EMHFW 67$7( SRLQWHU 6WU7R,QW HGW6WDWH7H[W $GG2EMHFW =,3 SRLQWHU 6WU7R,QW HGW=LS7H[W HQG 3ULQW/LQH &RO1DPHV 3ULQWHU&DQYDV)RQW6W\OH >@ ILQDOO\ &RO1DPHV)UHH Ìxkviv ljnuëronuws¹é76WULQJ/LVWxquntjuqxzvsi|vk HQG HQG SURFHGXUH70DLQ)RUPPPL3ULQW&OLFN 6HQGHU 72EMHFW YDU ,WHPV 76WULQJ/LVW EHJLQ ^fvoljnuëronuws¹érsjxxj76WULQJ/LVWls¹}éjtntq¹wvsnpqotj·ntqp
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
¡qéqtxzvsi|vkkrvzvé}vtqiylyzkknlnttjvxtvknxvlné quvmv xzévrkkvlj` ,WHPV 76WULQJ/LVW&UHDWH WU\ Ìwénlns¹nurvsq·nxzkvwqrxnsnptjlípuwvmvéqovtzjsq 3L[HOV,Q,QFK[ *HW'HYLFH&DSV 3ULQWHU+DQGOH/2*3,;(/6; 7HQWKV2I,QFK3L[HOV< *HW'HYLFH&DSV 3ULQWHU+DQGOH/2*3,;(/6< GLY $PRXQW3ULQWHG 0DLQ)RUP(QDEOHG )DOVH Ìzrsí·jnuévlqznsxryí{véuy WU\ 3ULQWHU%HJLQ'RF $ERUW)RUP6KRZ $SSOLFDWLRQ3URFHVV0HVVDJHV ^Æ·qxs¹nukxvzyxzévrqtjijonkxvzznrxzjxy·nzvuznrynmv¡éq{zj` /LQH+HLJKW 3ULQWHU&DQYDV7H[W+HLJKW ; 7HQWKV2I,QFK3L[HOV< LIHGW+HDGHU)RQW7H[W !
WKHQ 3ULQW+HDGHU 3ULQW&ROXPQ1DPHV WEO&OLHQWV)LUVW ^fv}éjt¹nurj lvnotj·ntqnwvs¹kvi~nrzn76WULQJ/LVWjzjr n xvvzknzxzkyíyí¡qéqtyxzvsi|j`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Íéqtylqznstpwnén}vltjtvkyíxzéjtq|yls¹ljttvmv ojljtq¹wn·jzqnxsqwénk¡ntjkxvzjxzéjtq|` LI$PRXQW3ULQWHG/LQH+HLJKW!3ULQWHU3DJH+HLJKWWKHQ EHJLQ $PRXQW3ULQWHG LIQRW3ULQWHU$ERUWHGWKHQ 3ULQWHU1HZ3DJH 3ULQW+HDGHU 3ULQW&ROXPQ1DPHV HQG ,WHPV&OHDU
=eZ\ZI_qZlv\'HOSKL
WEO&OLHQWV1H[W HQG $ERUW)RUP+LGH LIQRW3ULQWHU$ERUWHGWKHQ 3ULQWHU(QG'RF ILQDOO\ 0DLQ)RUP(QDEOHG 7UXH HQG ILQDOO\ ,WHPV)UHH HQG HQG SURFHGXUH70DLQ)RUPEWQ+HDGHU)RQW&OLFN 6HQGHU 72EMHFW EHJLQ ^Ëjotj·ntqn¡éq{zjkiéjttvmvxwvuvívi~nrzj)RQW'LDORJ ësnuntzyywéjksntq¹(GLW` )RQW'LDORJ)RQW$VVLJQ HGW+HDGHU)RQW)RQW LI)RQW'LDORJ([HFXWHWKHQ HGW+HDGHU)RQW)RQW$VVLJQ )RQW'LDORJ)RQW HQG HQG < h[jZ[hlqbd_ kh[ulbc PPL3ULQW&OLFN kgZqZeZ kha^Z_lky wda_fieyj deZkkZ 76WULQJ/LVW^eyojZg_gbykljhdh\uoagZq_gbckhklZ\eyxsbokljhdmij_^gZagZq_ggmx^ey i_qZlb AZl_f \ i_j_f_gghc 3L[HOV3HU,QFK; hij_^_ey_lky dhebq_kl\h ibdk_e_c gZ ^xcf \^hev \_jlbdZevghc hkb b wlZ \_ebqbgZ bkihevam_lky ^ey \uqbke_gby agZq_gbc rbjbgu klhe[ph\AgZq_gb_i_j_f_gghc7HQWKV2I,QFK3L[HOV<bkihevam_lky^eyh[jZah\Zgbyf_`^m kljhqgh]hbgl_j\ZeZjZaf_jhf\^xcfZI_j_f_ggZy$PRXQW3ULQWHGkem`bl^eygZdhie_ gbyh[s_]hqbkeZibdk_e_c\^hev\_jlbdZevghchkbih\_joghklbi_qZlbihke_dZ`^hchli_ qZlZgghc kljhdb Dh]^Z agZq_gb_ i_j_f_gghc $PRXQW3ULQWHG ij_\ukbl agZq_gb_ k\hckl\Z 3ULQWHU3DJH+HLJKWwlhihkem`blkb]gZehfdgZqZemgh\hckljZgbpu ?keb\k\hckl\_HGW+HDGHU)RQW7H[WmdZaZgl_dklaZ]heh\dZlhhg[m^_ljZki_qZlZgkih fhsvx ijhp_^mju 3ULQW+HDGHU : ijhp_^mjZ 3ULQW&ROXPQ1DPHV ij_^gZagZq_gZ ^ey i_ qZlbgZa\Zgbcklhe[ph\^eydZ`^h]hihey wlb^\_ijhp_^mjujZkkfZljb\Zxlky^Ze__\^Zg ghfjZa^_e_ BgZdhg_pjZki_qZlu\ZxlkyaZibkblZ[ebpu <ke_^mxs_fpbde_\uihegy_lkyijhoh^ih\k_faZibkyflZ[ebpuWEO&OLHQWVb\gmljb dZ`^hcaZibkbi_qZlZxlky\u[jZggu_ihey ZKLOH QRWWEO&OLHQWV(RI RU3ULQWHU$ERUWHGGREHJLQ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
¬½ÉÄÌͽ»Ç»ÌÌýÖɼÕÀÅÍɽÅÆ»ÌÌ»2EMHFWÌÃÇÀÈ»ÇÃ76WULQJVÃ76WULQJ/LVWοɼ ÈÖ ¿ÆÚ ÐË»ÈÀÈÃÚ ÑÀÆÉÒÃÌÆÀÈÈÖÐ ÂÈ»ÒÀÈÃÄ ¬ ÊÉÇÉÔ×Ù ÇÀÍɿɽ $GG2EMHFW ÃÆà ,QVHUW2EMHFW ÇÉÁÈÉÊÉÇÀÌÍÃÍ×È»ÐË»ÈÀÈÃÀ½ØÍÃÐÇ»ÌÌý»ÐÆÙ¼ÉÀÒÃÌÆÉÈÀÊËÀ ½ÖÓ»ÙÔÀÀÂÈ»ÒÀÈÃÚ0D[/RQJ,QWªÉÌÅÉÆ×ÅÎÇÀÍÉ¿Î$GG2EMHFW ½Å»ÒÀÌͽÀ½ÍÉËÉ¾É Ê»Ë»ÇÀÍË» ÊÀËÀ¿»ÀÍÌÚ ÌÌÖÆÅ» È» ɼÕÀÅÍ ÍÃÊ» 72EMHFW ÈÀɼÐÉ¿ÃÇÉ ÊÉ¿½À˾ÈÎÍ× ØÍÉÍ Ê»Ë»ÇÀÍËÉÊÀË»ÑÃÃÊËýÀ¿ÀÈÃÚÍÃÊ»ÒÍɼÖÉȼÖÆÊÀËÀ¿»ÈÅ»ÅÎŻ»ÍÀÆ× 0\/LVW$GG2EMHFW 6RPH6WULQJ SRLQWHU 6RPH,QWHJHU ÆÚÌÒÃÍÖ½»ÈÃÚÂÈ»ÒÀÈÃÚÃÌÊÉÆ×ÂÎÀÍÌÚÉÊÀË»ÑÃÚÊËýÀ¿ÀÈÃÚÅÍÃÊÎ/RQJLQW 0\,QWHJHU /RQJLQW 0\/LVW2EMHFWV>,QGH[@ AZl_f\h[jZ[hlqbd_kh[ulbchij_^_ey_lkyg_[m^_lebij_\ur_gZ\ukhlZkljZgbpuijb i_qZlbgh\hckljhdb LI$PRXQW3ULQWHG/LQH+HLJKW!3ULQWHU3DJH+HLJKWWKHQ ?kebj_amevlZlkjZ\g_gbyhdZ`_lkyjZ\guf7UXH i_j_f_gghc $PRXQW3ULQWHG \gh\v ijb k\Zb\Z_lky gme_\h_ agZq_gb_ b \uau\Z_lky f_lh^ 3ULQWHU1HZ3DJH ^ey i_j_oh^Z gZ gh\mx kljZgbpmgZdhlhjhckgh\Zi_qZlZxlky\_jogbcaZ]heh\hd b gZa\Zgby klhe[ph\ Ihke_ lh]h dZd[m^mlhli_qZlZgu\k_aZibkblZ[ebpuWEO&OLHQWV^eyaZ\_jr_gbyaZ^Zgbyi_qZlb\uau \Z_lkyf_lh^3ULQWHU(QG'RF Ijhp_^mjZ 3ULQW+HDGHU bkihevamy agZq_gby k\hckl\ HGW+HDGHU)RQW7H[W b HGW+HDGHU)RQW)RQWi_qZlZ_l\_jogbcaZ]heh\hdp_gljbjh\Zgguc\\_jog_ckljhd_dZ`^hc kljZgbpuIhke_wlh]hi_j_f_ggZy$PRXQW3ULQWHGm\_ebqb\Z_lkyb\hkklZgZ\eb\Z_lkyij_` gbcklbevrjbnlZh[t_dlZ3ULQWHU Ijhp_^mjZ 3ULQW&ROXPQ1DPHV ij_^gZagZq_gZ ^ey \u\h^Z gZ i_qZlv gZa\Zgbc klhe[ph\ hlq_lZ < wlhf f_lh^_ bf_gZ klhe[ph\ ^h[Z\eyxlky \ h[t_dl &RO1DPHV wda_fieyj deZkkZ 76WULQJ/LVW dhlhjucaZl_fi_j_^Z_lkyf_lh^m3ULQW/LQH H[jZlbl_\gbfZgb_gZlhqlh gZa\Zgbyklhe[ph\i_qZlZxlkyihem`bjgufrjbnlhfbih^q_jdb\Zxlky^eyq_]hij_^\Zjb l_evgh\uihegy_lkykhhl\_lkl\mxsZymklZgh\dZk\hckl\Z3ULQWHU&DQYDV)RQW Ijhp_^mjZ3ULQW/LQH dhlhjhci_j_^Z_lkyZj]mf_gl,WHPVlbiZ 76WULQJ/LVW i_qZlZ_l dZ`^h_ kljhdh\h_ agZq_gb_ \ fZkkb\_ ,WHPV gZ h^ghc kljhd_ \ \b^_ klhe[ph\ I_j_f_ggZy 2XW5HFW ojZgbl iZjZf_lju h]jZgbqbl_evgh]h ijyfhm]hevgbdZ gZ dZg\_ h[t_dlZ 3ULQWHU \ dhlhjuc\u\h^blkyl_dkl I_j_f_ggZy 2XW5HFW i_j_^Z_lky f_lh^m 7H[W5HFW \f_kl_ k l_d klhf ij_^gZagZq_gguf ^ey \u\h^Z gZ i_qZlv Ihkdhevdm agZq_gby we_f_glh\ fZkkb\Z ,WHPV2EMHFW>[email protected]baf_jyxlky\^_kyluo^heyo^xcfZlhihke_mfgh`_gbydZ`^h]hwe_f_glZ gZqbkehihemqZ_lkyagZq_gb_k\hckl\Z2XW5HFW5LJKW
³^Q^zK~Qu^\QNNKuQK} DZdm`_hlf_qZehkv\wlhc]eZ\_ihevah\Zl_eb^he`gubf_lv\hafh`ghklvij_j\Zlvijh p_kk i_qZlb m`_ ihke_ _]h aZimkdZ >ey wlh]h ke_^m_l bkihevah\Zlv ijhp_^mjm 73ULQWHU$ERUW b k\hckl\h $ERUWHG L_dkl ijb\_^_gguc \ ebklbg]_ kh^_j`bl khhl \_lkl\mxsb_ ^_ckl\by Qlh[u ^h[Z\blv \ ijh]jZffm i_qZlb eh]bdm h[_ki_qb\Zxsmx ij_ ju\Zgb_ijhp_kkZi_qZlb\Zrdh^^he`_ghl\_qZlvlj_fmkeh\byf
=eZ\ZI_qZlv\'HOSKL
G_h[oh^bfh h[_ki_qblv kh[ulb_ ijb h[jZ[hld_ dhlhjh]h \uau\ZeZkv [u ijhp_^mjZ 3ULQWHU$ERUWij_ju\ZxsZyijhp_kki_qZlb I_j_^ \uah\hf ex[hc ba nmgdpbc h[t_dlZ 73ULQWHU gZijbf_j 7H[W2XW 1HZ3DJH b (QG'RF gm`ghh[yaZl_evghijh\_jylvj_amevlZlkjZ\g_gby 73ULQWHU$ERUWHG 7UXH Ijhp_kk i_qZlb ^he`_g aZ\_jrZlvky dZd lhevdh ijh\_jdZ agZq_gby k\hckl\Z 73ULQWHU$ERUWHGihdZ`_lqlhhghjZ\gh7UXH I_j\hfm mkeh\bx fh`_l m^h\e_l\hjblv ijhklh_ ^bZeh]h\h_ hdgh lbiZ $ERUW ijbkmlkl \mxs__ \ ij_^u^ms_f ijbf_j_ Wlh hdgh ^he`gh kh^_j`Zlv dghidm \uau\Zxsmx ij_djZ s_gb_i_qZlb H[jZ[hlqbdkh[ulbcwlhcdghidb^he`_gijhklh\ua\Zlvijhp_^mjm73ULQWHU$ERUWdh lhjZy aZ\_jrbl aZ^Zgb_ i_qZlb b hlf_gbl ex[u_ aZijhku m`_ k^_eZggu_ d h[t_dlm 73ULQWHU JZkkfhljbf dh^ kh^_j`Zsbcky \ fh^me_ 0DLQ)RUPSDV b ij_^gZagZq_gguc ^ey hlh[jZ `_gbynhjfu$ERUW)RUPkjZamihke_\uah\Zijhp_^mju73ULQWHU%HJLQGRF 3ULQWHU%HJLQ'RF $ERUW)RUP6KRZ $SSOLFDWLRQ3URFHVV0HVVDJHV IhkdhevdmnhjfZ$ERUW)RUPhlh[jZ`Z_lkydZdg_fh^Zevgh_^bZeh]h\h_hdghlhh[jZs_ gb_ d f_lh^m $SSOLFDWLRQ3URFHVV0HVVDJHV ]ZjZglbjm_l qlh wlh hdgh ihy\blky ^h ijh^he `_gbyh[jZ[hldbdZdbo[ulhgb[ueh^_ckl\bck\yaZgguoki_qZlvx >eym^h\e_l\hj_gby\lhjh]hlj_[h\Zgbyijh\_jdZ73ULQWHU$ERUWHG 7UXH\uihegy_lky i_j_^ \uah\hf ex[h]h f_lh^Z deZkkZ 73ULQWHU K\hckl\h $ERUWHG mklZgZ\eb\Z_lky jZ\guf 7UXHdh]^Zbanhjfu$ERUW)RUP\uau\Z_lkyf_lh^$ERUW <dZq_kl\_ijbf_jZi_j_^\uah \hff_lh^Z3ULQWHU7H[W5HFWijh\_jbfj_amevlZlkjZ\g_gby$ERUWHG 7UXH LIQRW3ULQWHU$ERUWHGWKHQ 7H[W5HFW 2XW5HFW2XW5HFW/HIW2XW5HFW7RS,WHPV>[email protected] Djhf_ lh]h ihke_ \uah\Z f_lh^Z $ERUW g_ ke_^m_l \uau\Zlv nmgdpbx (QG'RF beb ex[hc^jm]hcf_lh^\u\h^Z h[t_dlZ 73ULQWHU&DQYDV ihkdhevdm ijbgl_j [m^_l aZ[ehdbjh \Zg >eym^h\e_l\hj_gbylj_lv_fmlj_[h\Zgbx\wlhfijbf_j_bkihevam_lkypbdebq_kdZydhg kljmdpby ZKLOH QRW 7DEOH(RI dhlhjZy lZd`_ ijh\_jy_l g_ jZ\gh eb k\hckl\h 73ULQWHU$ERUWHGagZq_gbx7UXHIjbih^l\_j`^_gbbjZ\_gkl\Z\uihegy_lkyijbgm^bl_ev guc\uoh^bapbdeZj_Zebamxs_]heh]bdmi_qZlb
³QK}y\~zQ^}\z < ij_^u^ms_f ijbf_j_ [ue ihdZaZg f_lh^ i_qZlb hlq_lZ \ \b^_ klhe[ph\ B ohly hib kZgguc kihkh[ g_kdhevdh keh`g__ q_f ijhklhc \uah\ nmgdpbc \u\h^Z gZ ijbgl_j ZULWHOQ l_fg_f_g__wlh[ueijbf_jihkljhqghci_qZlbIjbi_qZlbdhg\_jlh\\hagbdZ xlgh\u_nZdlhjudhlhju_g_kdhevdhmkeh`gyxlaZ^Zqm
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
GZ ijbf_j_ i_qZlb dhg\_jlZ ^_fhgkljbjm_lky ihrZ]h\uc ijhp_kk dhlhjuc fh`gh bk ihevah\Zlv ^ey i_qZlb \k_]h q_]h m]h^gh Bf_cl_ \ \b^m qlh \k_ gZjbkh\Zggh_ gZ dZg\_ ijbgl_jZ\u\h^blky\gmljbg_dhlhjh]hh]jZgbqbl_evgh]hijyfhm]hevgbdZgZdZg\_beb\hi j_^_e_ggu_lhqdbwlhcdZg\u
µQ\^Q}QNy\QQ~QK|K Ihijh[m_fih^hclbdihklZ\e_gghcaZ^Zq_[he__Z[kljZdlgh<ex[hfkemqZ_^ey__j_ r_gbyg_h[oh^bfZih\_joghklvgZdhlhjhc[m^_l\uihegylvkyi_qZlvbh^bgbebg_kdhevdh we_f_glh\ij_^gZagZq_gguo^eygZg_k_gbygZwlmih\_joghklv
JbkLjbijyfhm]hevgbdZ
Jbk Ijyfhm]hevgbdb % b & gZeh `_ggu_gZijyfhm]hevgbd$
JbkKbkl_fZdhhj^bgZl^eyijyfhm]hevgbdh\$%b&
JbkJZaf_juijyfhm]hevgbdh\
H[jZlbl_\gbfZgb_qlh^ey^hklb`_gbydhg_qgh]hj_amevlZlZijyfhm]hevgbdb%b&ih \_jgmlugZ GGhwlh_s_ihe[_^u?keb[u_^bgbpubaf_j_gby\k_owlboijyfhm]hevgbdh\ [ueb h^bgZdh\u lh ijbf_gyy ijhkl_crmx ]_hf_ljbx fh`gh [ueh e_]dh gZi_qZlZlv wlb ijyfhm]hevgbdb\lj_[m_fhf\b^_Ghqlh^_eZlv_keb_^bgbpubaf_j_gbymgbojZaebqgu"
=eZ\ZI_qZlv\'HOSKL
Ij_^iheh`bfqlhijyfhm]hevgbd$ij_^klZ\ey_lih\_joghklv^eydhlhjhc_^bgbpuba f_j_gby^Zgu\ibdk_eyo __jZaf_ju²Kibdk_e_cIjyfhm]hevgbd%baf_jy_lky\ ^xcfZo K^xcfh\Ij_^iheh`bflZd`_qlh\Zfg_ba\_klgujZaf_juijyfhm]hevgb dZ & \u magZ_l_ bo iha`_ gh ba\_klgh qlh hgb baf_jyxlky \ ibdk_eyo JZaf_ju ijyfh m]hevgbdh\ihdZaZgugZjbk K ihfhsvx wlhc Z[kljZdpbb beexkljbjm_lky h^gZ ba ijh[e_f k\yaZgguo k i_qZlvx gZ dhg\_jlZo Ijyfhm]hevgbd $ ij_^klZ\ey_l kljZgbpm ijbgl_jZ k jZaj_r_gb_f GSL ijb GSLK^xcfh\jZ\guKibdk_eyf Ijyfhm]hevgbd%ij_^klZ\ey_ldhg\_jl jZaf_ju dhlhjh]h mdZaZgu \ ^xcfZo Z &² h]jZgbqbl_evguc ijyfhm]hevgbd ^ey i_qZlb l_dklZZ^j_kZGh\udhg_qghihgbfZ_l_qlhwlZZ[kljZdpbyg_ijb\yaZgZlhevdhddhg\_j lZf Ijyfhm]hevgbdb % b & k l_f `_ mki_ohf fh]ml ij_^klZ\eylv gZijbf_j dhfihg_glu 7,PDJHjZaf_judhlhjuobaf_jyxlky\fbeebf_ljZo BlZdjZkkfhlj_\wlmaZ^Zqmkh\_jr_gghZ[kljZdlghfum`_gZf_lbebljbi_j\uorZ]Z dhlhju_ g_h[oh^bfh \uihegblv ^ey i_qZlb \ :LQGRZV b^_glbnbdZpby \k_o we_f_glh\ ij_^gZagZq_gguo ^ey i_qZlb b^_glbnbdZpby _^bgbpu baf_j_gby p_e_\hc ih\_joghklb b b^_glbnbdZpby _^bgbp baf_j_gby dZ`^h]h hl^_evgh]h we_f_glZ ij_^gZagZq_ggh]h ^ey gZ eh`_gbygZp_e_\mxih\_joghklv ?keb^hkboihjfuke_^h\Zebijyfhc^hjh]hcl_\k_[uehijhklhbihgylghlhl_i_jv i_j_^ gZfb ih\hjhl² dklZlb \ [md\Zevghf kfuke_ Ijb i_qZlb dhg\_jlZ \ \_jlbdZevghc hjb_glZpbbl_dkllh`_gm`ghih\_jgmlv\_jlbdZevgh
³\
K{\zvu^\QNNuQK} Ijbijh]jZffbjh\Zgbbijhp_kkZi_qZlbke_^m_l\uihegblvke_^mxsb_^_ckl\by B^_glbnbpbjh\Zlv\k_we_f_gluij_^gZagZq_ggu_^eyi_qZlbgZp_e_\hcih\_joghklb B^_glbnbpbjh\Zlv_^bgbpmbaf_j_gby^eyp_e_\hcih\_joghklbbebdZg\uijbgl_jZ B^_glbnbpbjh\Zlv _^bgbpu baf_j_gby ^ey dZ`^h]h hl^_evgh]h we_f_glZ dhlhjuc ^he`_g[ulvgZg_k_ggZp_e_\mxih\_joghklv
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
³Q^Qg\|wy|Q Ihke_lh]hdZdfujZah[jZebkv l_hj_lbq_kdb \ijhp_kk_i_qZlbaZ^ZqZi_qZlbdhg\_jlZ klZeZgZfgh]hykg__@RI7(QYHORSH .LQG 6L]H :LGWK +HLJKW [ .LQG 6L]H :LGWK +HLJKW [ Imgdlu b \uiheg_gu Fu agZ_f qlh \ jheb p_e_\hc ih\_joghklb \uklmiZ_l dZg\Z ijbgl_jZ73ULQWHU&DQYDVbaf_jy_fZy\ibdk_eyoDhg\_jluij_^klZ\e_gu\^xcfZoZZ^ j_k²\ibdk_eyoKh]eZkghigm`gh\u[jZlv_^bgmx_^bgbpmbaf_j_gby>eywlh]hijh _dlZ[m^_fbkihevah\Zlvibdk_eb Qlh[ui_j_clbdi^hklZlhqgh\uihegblvi_j_\h^^xcfh\\ibdk_ebeyi_j_\h^ZjZaf_jh\dhg\_jlZ\ibdk_eb^hklZlhqghmfgh`blvqbkeh^xcfh\gZagZq_ gby 3L[3HU,Q; beb 3L[3HU,Q< \ j_amevlZl_ q_]h [m^ml ihemq_gu khhl\_lkl\_ggh ]hjbahg lZevgu_b\_jlbdZevgu_jZaf_judhg\_jlZ\ibdk_eyo (QYHORSH:LGWK,Q3L[HOV WUXQF (QYHORSH:LGWK9DOXH 3L[3HU,Q; (QYHORSH+HLJKW,Q3L[HOV WUXQF (QYHORSH+HLJKW9DOXH 3L[3HU,Q< Ihkdhevdm \ j_amevlZl_ hi_jZpbb mfgh`_gby \ukhlZ beb rbjbgZ dhg\_jlZ fh`_l bf_lv ^jh[gh_ agZq_gb_ g_h[oh^bfh bkihevah\Zlv nmgdpbx 7UXQF ^ey ihemq_gby p_ehc qZklb \_s_kl\_ggh]hqbkeZij_^klZ\e_ggh]h\nhjfZl_kieZ\Zxs_clhqdhcWlZnmgdpbyijhklh hlk_dZ_l^jh[gmxqZklvqbkeZ <ijb\_^_gghf gb`_ ijh_dl_ ^_fhgkljbjm_lky \hafh`gZy j_ZebaZpby ii b =eZ\gZy nhjfZ wlh]h ijh_dlZ ihdZaZgZ gZ jbk Bkoh^guc l_dkl ijh_dlZ i_qZlb dhg\_jlZ ij_^ klZ\e_g\ebklbg]_
=eZ\ZI_qZlv\'HOSKL
Jbk=eZ\gZynhjfZ^_fhgkljZpbhggh]hijh_dlZi_qZlbdhg\_jlZ
ªÇÐÑÇÌ£ÄËÍÌÐÑÏ¿ÕÇÍÌÌÚÈÎÏÍÄÉÑÎÄÖ¿ÑÇÉÍÌÁÄÏÑ¿ XQLW0DLQ)UP LQWHUIDFH XVHV 6\V8WLOV:LQ7\SHV:LQ3URFV0HVVDJHV&ODVVHV*UDSKLFV&RQWUROV )RUPV'LDORJVSULQWHUV6WG&WUOV([W&WUOV0HQXV&RP&WUOV W\SH 7(QYHORSH UHFRUG .LQG VWULQJ ®éjtqztjokjtqnzqwjrvtknézj :LGWK GRXEOH fvlné qz¡qéqtyrvtknézj +HLJKW GRXEOH fvlné qzkxvzyrvtknézj HQG FRQVW Æëzvuujxxqknrvtxzjtz}éjt¹zx¹zqwrvtknézvk (QY$UUD\ DUUD\>@RI7(QYHORSH .LQG 6L]H :LGWK +HLJKW [ .LQG 6L]H :LGWK +HLJKW [ W\SH êzvzwnén·qxsqupzqwwénlxzjks¹nzwvoq|qqwn·jzq 7)HHG7\SH HS/+RU]HS/9HUWHS5+RU]HS59HUW 73ULQW3UHY3DQHO FODVV 73DQHO SXEOLF
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
SURSHUW\&DQYDV Ìzrézvnxkvpxzkv&DQYDV HQG 70DLQ)RUP FODVV 7)RUP JE(QYHORSH6L]H 7*URXS%R[ UE6L]H 75DGLR%XWWRQ UE6L]H 75DGLR%XWWRQ PP0DLQ 70DLQ0HQX PPL3ULQW,W 70HQX,WHP OEO$GUHVVHH 7/DEHO HGW1DPH 7(GLW HGW6WUHHW 7(GLW HGW&LW\6WDWH 7(GLW UJ)HHG7\SH 75DGLR*URXS 3ULQW'LDORJ 73ULQW'LDORJ SURFHGXUH)RUP&UHDWH 6HQGHU 72EMHFW SURFHGXUHUJ)HHG7\SH&OLFN 6HQGHU 72EMHFW SURFHGXUHPPL3ULQW,W&OLFN 6HQGHU 72EMHFW SULYDWH 3ULQW3UHY 73ULQW3UHY3DQHO Íjtnswénlkjéqznstvmvwévxuvzéj (QY6L]H 73RLQW ®éjtqzéjounérvtknézj (QY3RV 75HFW ®éjtqzwvoq|qíéjounntq¹rvtknézj 7R$GGU3RV 75HFW ®éjtqzwvoq|qíéjounntq¹jlénxj )HHG7\SH 7)HHG7\SH ®éjtqzzqwwvlj·qqo7(QY3RVLWLRQ IXQFWLRQ*HW(QYHORSH6L]H 73RLQW IXQFWLRQ*HW(QYHORSH3RV 75HFW IXQFWLRQ*HW7R$GGU6L]H 73RLQW IXQFWLRQ*HW7R$GGU3RV 75HFW SURFHGXUH'UDZ,W SURFHGXUH5RWDWH3ULQW)RQW SURFHGXUH6HW&RSLHV &RSLHV ,QWHJHU HQG YDU 0DLQ)RUP 70DLQ)RUP LPSOHPHQWDWLRQ ^5 ')0` IXQFWLRQ70DLQ)RUP*HW(QYHORSH6L]H 73RLQW Ævokéjjnzéjounérvtknézjwénlxzjksnttpojwqxízqwj73RLQW YDU (QY:(QY+ LQWHJHU 3L[3HU,Q; 3L[3HU,Q< LQWHJHU EHJLQ Íqrxnsqtjlípuklvsmvéqovtzjstvpvxq 3L[3HU,Q; *HW'HYLFH&DSV 3ULQWHU+DQGOH/2*3,;(/6; Íqrxnsqtjlípuklvsknézqrjstvpvxq 3L[3HU,Q< *HW'HYLFH&DSV 3ULQWHU+DQGOH/2*3,;(/6<
=eZ\ZI_qZlv\'HOSKL
èjounérvtknézjojkqxqzvzkivéjwvsovkjzns¹ LI5%6L]H&KHFNHGWKHQ EHJLQ (QY: WUXQF (QY$UUD\>@:LGWK 3L[3HU,Q; (QY+ WUXQF (QY$UUD\>@+HLJKW 3L[3HU,Q< HQG HOVHEHJLQ (QY: WUXQF (QY$UUD\>@:LGWK 3L[3HU,Q; (QY+ WUXQF (QY$UUD\>@+HLJKW 3L[3HU,Q< HQG Ævokéjjnuvnotj·ntqn5HVXOWwénlxzjks¹nzx¹kkqlnojwqxq73RLQW 5HVXOW 3RLQW (QY:(QY+ HQG IXQFWLRQ70DLQ)RUP*HW(QYHORSH3RV 75HFW ^Ævokéjjnzwvoq|qírvtknézjvztvxqznstvzqwjwvlj·qêzj{ytr|q¹ zéniynz·zviwnénunttj¹(QY6L]Hisjqtq|qjsqoqévkjtj` EHJLQ Ìwénlns¹nuzqwwvlj·qtjvxtvknkivéjwvsovkjzns¹ )HHG7\SH 7)HHG7\SH UJ)HHG7\SH,WHP,QGH[ ^Ðvéuqéynuxzéyrzyéy75HFWvwénlns¹íyíwvoq|qírvtknézj wéqnmvk}vlnqowéqtznéj` FDVH)HHG7\SHRI HS/+RU] 5HVXOW 5HFW (QY6L]H;(QY6L]H< HS/9HUW 5HVXOW 5HFW (QY6L]H<(QY6L]H; HS5+RU] 5HVXOW 5HFW 3ULQWHU3DJH:LGWK(QY6L]H; 3ULQWHU3DJH:LGWK(QY6L]H< HS59HUW 5HVXOW 5HFW 3ULQWHU3DJH:LGWK(QY6L]H< 3ULQWHU3DJH:LGWK(QY6L]H; HQG Çvtn|qtxzéyr|qq&DVH HQG IXQFWLRQ0D[/Q 99 ,QWHJHU ,QWHJHU Ævokéjjnzivs¡nnqolky}·qxnsÍéqéjkntxzknkvokéjjnzwnékvn EHJLQ 5HVXOW 9 Ívyuvs·jtqíénoyszjzéjknt9` LI9 9WKHQ 5HVXOW 9 HQG IXQFWLRQ70DLQ)RUP*HW7R$GGU6L]H 73RLQW YDU 7HPS3RLQW 73RLQW EHJLQ
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
fwvuví{ytr|qq0D[/Q k·qxs¹nuéjounéxjuvplsqttvpxzévrq 7HPS3RLQW[ 3ULQWHU&DQYDV7H[W:LGWK HGW1DPH7H[W 7HPS3RLQW[ 0D[/Q 7HPS3RLQW[3ULQWHU&DQYDV7H[W:LGWK HGW6WUHHW7H[W 7HPS3RLQW[ 0D[/Q 7HPS3RLQW[ 3ULQWHU&DQYDV7H[W:LGWK HGW&LW\6WDWH7H[W Æ·qxs¹nuviyíkxvzykxn}xzévrjlénxj 7HPS3RLQW\ 3ULQWHU&DQYDV7H[W+HLJKW HGW1DPH7H[W 3ULQWHU&DQYDV7H[W+HLJKW HGW6WUHHW7H[W 3ULQWHU&DQYDV7H[W+HLJKW HGW&LW\6WDWH7H[W 5HVXOW 7HPS3RLQW HQG IXQFWLRQ70DLQ)RUP*HW7R$GGU3RV 75HFW êzj{ytr|q¹zéniynz·zviojwqxq(QY6L]Hq(QY3RVisqqtq|qjsqoqévkjt 9DU 7HPS6L]H 73RLQW /75% 73RLQW EHJLQ Ìwénlns¹nuéjounévméjtq·qznstvmvwé¹uvymvstqrjjlénxj 7HPS6L]H *HW7R$GGU6L]H ^Æ·qxs¹nulknzv·rqvltjqorvzvé}wénlxzjks¹nzsnkyíkné}tíí /HIW7RS²/7 jkzvéj¹²wéjkyítq tíí 5LJKW%RWWRP²5% wvoq|qí vméjtq·qznstvmvwé¹uvymvstqrjjlénxjÊ}rvvélqtjzojkqx¹zvz otj·ntq¹)HHG7\SH` FDVH)HHG7\SHRI HS/+RU] EHJLQ /7 3RLQW (QY6L]H[GLY 7HPS6L]H[GLY (QY6L]H\GLY 7HPS6L]H\GLY 5% 3RLQW /7[7HPS6L]H[/7\7HPS6L]H< HQG HS/9HUW EHJLQ /7 3RLQW (QY6L]H\GLY 7HPS6L]H\GLY (QY6L]H[GLY 7HPS6L]H[GLY 5% 3RLQW /7[7HPS6L]H\/7\7HPS6L]H[ HQG HS5+RU] EHJLQ /7 3RLQW (QY6L]H[GLY 7HPS6L]H[GLY (QY3RV/HIW (QY6L]H\GLY 7HPS6L]H\GLY 5% 3RLQW /7[7HPS6L]H[/7\7HPS6L]H< HQG HS59HUW EHJLQ /7 3RLQW (QY6L]H\GLY 7HPS6L]H\GLY (QY3RV/HIW (QY6L]H[GLY 7HPS6L]H[GLY 5% 3RLQW /7[7HPS6L]H\/7\7HPS6L]H[ HQG HQG Çvtn|qtxzéyr|qq&DVH
=eZ\ZI_qZlv\'HOSKL
5HVXOW 5HFW /7[/7\5%[5%\ HQG SURFHGXUH70DLQ)RUP'UDZ,W Íév|nlyéjzéniynz·zviojwqxq(QY3RVq(QY6L]Hisqqtq|qjsqoqévkjt EHJLQ 3ULQW3UHY,QYDOLGDWH fzqéjnuxvlné quvnwjtnsq 3ULQW3UHY8SGDWH Ïxzjtjksqkjnuén quvzviéj ntq¹ls¹wjtnsqéjktu00B,627523,& 6HW0DS0RGH 3ULQW3UHY&DQYDV+DQGOH00B,627523,& Ïxzjtjksqkjnuéjounévi~nrzj73DQHOkxvvzknzxzkqqxméjtq|juqwéqtznéj 6HW:LQGRZ([W([ 3ULQW3UHY&DQYDV+DQGOH 3ULQWHU3DJH:LGWK3ULQWHU3DJH+HLJKWQLO ^Ïxzjtjksqkjnuéjounévrtjwévnr|qqéjktuqéjounéjuwjtnsq vi~nrzj73DQHO wénlkjéqznstvmvwévxuvzéj3ULQW3UHY` 6HW9LHZ3RUW([W([ 3ULQW3UHY&DQYDV+DQGOH 3ULQW3UHY:LGWK3ULQW3UHY+HLJKWQLO Ïxzjtjksqkjnutj·jsvrvvélqtjzkzv·rn 6HW9LHZSRUW2UJ([ 3ULQW3UHY&DQYDV+DQGOHQLO 3ULQW3UHY%UXVK6W\OH EV6ROLG ZLWK(QY3RVGR èqxynuwé¹uvymvstqrwénlxzjks¹íqprvtknéz 3ULQW3UHY&DQYDV5HFWDQJOH /HIW7RS5LJKW%RWWRP ZLWK7R$GGU3RV3ULQW3UHY&DQYDVGR FDVH)HHG7\SHRI HS/+RU]HS5+RU] EHJLQ 5HFWDQJOH /HIW7RS5LJKW7RS 5HFWDQJOH /HIW7RS %RWWRP7RS GLY5LJKW 7RS %RWWRP7RS GLY 5HFWDQJOH /HIW%RWWRP5LJKW%RWWRP HQG HS/9HUWHS59HUW EHJLQ 5HFWDQJOH /HIW7RS/HIW%RWWRP 5HFWDQJOH /HIW 5LJKW/HIW GLY7RS/HIW 5LJKW/HIW GLY%RWWRP 5HFWDQJOH 5LJKW7RS5LJKW%RWWRP HQG HQG Çvtn|qtxzéyr|qq&DVH HQG SURFHGXUH70DLQ)RUP)RUP&UHDWH 6HQGHU 72EMHFW YDU 5DWLR GRXEOH EHJLQ Æ·qxs¹nuvztv¡ntqnotj·ntq¹3DJH:LGWKr3DJH+HLJKW 5DWLR 3ULQWHU3DJH+HLJKW3ULQWHU3DJH:LGWK
QZklv,,Ijhn_kkbhgZevgh_ijh]jZffbjh\Zgb_
fvoljnutvkpëronuws¹érvuwvtntzj73DQHO ZLWK73DQHO&UHDWH VHOI GR EHJLQ 6HW%RXQGV WUXQF 5DWLR &RORU FO%ODFN %HYHO,QQHU EY1RQH %HYHO2XWHU EY1RQH 3DUHQW VHOI HQG fvoljnuwjtnswénlkjéqznstvmvwévxuvzéjwn·jzq 3ULQW3UHY 73ULQW3UHY3DQHO&UHDWH VHOI ZLWK3ULQW3UHYGR EHJLQ 6HW%RXQGV WUXQF 5DWLR &RORU FO:KLWH %HYHO,QQHU EY1RQH %HYHO2XWHU EY1RQH %RUGHU6W\OH EV6LQJOH 3DUHQW VHOI HQG HQG SURFHGXUH70DLQ)RUPUJ)HHG7\SH&OLFN 6HQGHU 72EMHFW EHJLQ (QY6L]H *HW(QYHORSH6L]H (QY3RV *HW(QYHORSH3RV 7R$GGU3RV *HW7R$GGU3RV 'UDZ,W HQG SURFHGXUH70DLQ)RUP6HW&RSLHV &RSLHV ,QWHJHU YDU $'HYLFH$'ULYHU$3RUW 6WULQJ $'HYLFH0RGH 7+DQGOH 'HY0RGH 3'HYLFH0RGH EHJLQ 6HW/HQJWK $'HYLFH 6HW/HQJWK $'ULYHU 6HW/HQJWK $3RUW ^cxsqotj·ntqn$'HYLFH0RGHéjktvtysíotj·qzléjpknéwéqtznéjtnojméy nt Ïxzjtvkrjxkvpxzkj3ULQWHU,QGH[kovknzojméyoryléjpknéj` LI$'HYLFH0RGH WKHQ EHJLQ 3ULQWHU3ULQWHU,QGH[ 3ULQWHU3ULQWHU,QGH[ 3ULQWHU*HW3ULQWHU 3&KDU $'HYLFH 3&KDU $'ULYHU 3&KDU $3RUW $'HYLFH0RGH
=eZ\ZI_qZlv\'HOSKL
HQG LI$'HYLFH0RGH !WKHQ EHJLQ 'HY0RGH *OREDO/RFN $'HYLFH0RGH WU\ 'HY0RGHAGP)LHOGV 'HY0RGHAGP)LHOGVRU'0B&RSLHV 'HY0RGHAGP&RSLHV &RSLHV ILQDOO\ *OREDO8QORFN $'HYLFH0RGH HQG HQG HOVH UDLVH([FHSWLRQ&UHDWH &RXOGQRWVHWSULQWHUFRSLHV HQG SURFHGXUH70DLQ)RUPPPL3ULQW,W&OLFN 6HQGHU 72EMHFW YDU 7HPS+HLJKW LQWHJHU 6DYH)RQW 7)RQW EHJLQ LI3ULQW'LDORJ([HFXWHWKHQ EHJLQ Ïxzjtjksqkjnurvsq·nxzkvwn·jzjnu}rvwqp 6HW&RSLHV 3ULQW'LDORJ&RSLHV 3ULQWHU%HJLQ'RF WU\ Æ·qxs¹nukénunttyíkxvzyxzévrq 7HPS+HLJKW 3ULQWHU&DQYDV7H[W+HLJKW HGW1DPH7H[W ZLWK7R$GGU3RVGR EHJLQ ^Íéqknézqrjstvpwn·jzqkwvst¹nuwvkvévz¡éq{zjtjymvs G` LI )HHG7\SH HSO9HUW RU )HHG7\SH HS59HUW WKHQ EHJLQ 6DYH)RQW 7)RQW&UHDWH WU\ fv}éjt¹nuqx}vltp¡éq{z 6DYH)RQW$VVLJQ 3ULQWHU&DQYDV)RQW 5RWDWH3ULQW)RQW Ækvlquxzévrqjlénxjtjrjtkywéqtznéj 3ULQWHU&DQYDV7H[W2XW /HIW%RWWRPHGW1DPH7H[W 3ULQWHU&DQYDV7H[W2XW /HIW7HPS+HLJKW%RWWRPHGW6WUHHW7H[W 3ULQWHU&DQYDV7H[W2XW /HIW7HPS+HLJKW %RWWRP HGW&LW\6WDWH7H[W 