You are on page 1of 20

         

*% <          
&S\)\MX+ 0,Y]IXX)\T]1 MRRIETSPMW/7

)2+-2))6-2+,%2(&33/
8)', 2 -'% 0-2 *3 61 %8-3 2

78))01%/-2+
1)8%07
%003=7
',)1-'%0'328)28 8LMWHSGYQ IRXERHXLI
MRJSVQ EXMSR

,)%886)%81)28 GSRXEMRIHLIVIMRMWRSX
EHIWMKRWXERHEVH
HIWMKRKYMHISV
SXLIV[ MWIFYXMWLIVI
8)78-2+8,),%6(2)773*1)8%07 WSPIP]JSVXLI
GSRZIRMIRGISJSYV
GYWXSQ IVW*SVQ SVI
1)',%2-'%04634)68-)73*1)8%0 HIWMKREWWMWXERGI
GSRXEGXSYVTPERXSV
GSRWYPXXLI1 EGLMRIV]
1%29*%'896-2+463')77)7 , ERHFSSOTYFPMWLIH
F]-RHYWXVMEP4VIWW-RG
2 I[ =SVO

'3%8-2+40%8-2+
8,)'3036-2+3*1)8%07
'32:)67-32',%687
8%&0)3*'328)287

-RXVSHYGXMSR 

7XIIPQ EOMRK 

1 IXEPWERH% PPS]W 

( IWMKREXMSRWJSV'LIQ MGEP'SRXIRX 

( IWMKREXMSRWJSV, IEX8VIEXQ IRX 

8IWXMRKXLI, EVHRIWWSJ1 IXEPW 

1 IGLERMGEP4VSTIVXMIWSJ1 IXEP 

1 ERYJEGXYVMRK4VSGIWWIW 

1 ERYJEGXYVMRK+ PSWWEV] 

'SRZIVWMSR'SEXMRK4PEXMRKERHXLI'SPSVMRKSJ1 IXEPW 

'SRZIVWMSR'LEVXW 

0MROWERH6IPEXIH7MXIW 

-RHI\ 

&S\y)\MX+ 0, Y]IXX)\TVIWW[ E]c1 MRRIETSPMW/ERWEW


c*E\cWEPIW$ LY]IXXGSQ c[ [ [ LY]IXXGSQ
-2863(9'8-32
%'/23;0)(+1)287
8LMWHSGYQ IRX[ EWGVIEXIHFEWIHSRVIWIEVGLERHI\TIVMIRGISJ, Y]IXXWXEJJ

-RZEPYEFPIXIGLRMGEPMRJSVQ EXMSRMRGPYHMRKWXEXMWXMGEPHEXEGSRXEMRIHMRXLIXEFPIWMWJVSQ XLIXL


)HMXMSR1 EGLMRIV], ERHFSSOGST]VMKLXIHERHTYFPMWLIHMRF]-RHYWXVMEP4VIWW-RGSJ2 I[ =SVO
2 =

7XIIPQ EOMRKMRJSVQ EXMSRERHJPS[ GLEVXW[ IVITVSHYGIH[ MXLMRJSVQ EXMSRJVSQ XLI[ IFWMXISJ8LI


% Q IVMGER-VSRERH7XIIP-RWXMXYXI % -7- 'SRRIGXMGYX%ZI2 ; 7YMXI; EWLMRKXSR( '
1 ER]XIGLRMGEPHIJMRMXMSRWEVIJVSQ w)ZIV]XLMRK=SY% P[ E]W; ERXIHXS/RS[ % FSYX7XIIP%
+ PSWWEV]SJ8IVQ WERH'SRGITXWx7YQ Q IV'SYVXIW]SJ1 MGLIPPI% TTPIFEYQ 1 EREKMRK( MVIGXSV
'ST]VMKLX7EPSQ SR7Q MXL&EVRI]-RG

3 XLIVKPSWWEV]HIJMRMXMSRWEVIXEOIRJVSQ w'YXXMRK8SSP)RKMRIIVMRKx -772  'ST]VMKLXF]


'8)4YFPMGEXMSRW-RG; :ER&YVIR7XI'LMGEKS-0

-RJSVQ EXMSRVIKEVHMRKHMJJIVIRGIWSJWXIIPKVEHIWERHXLIMVTVSTIVXMIWGEQ IJVSQ XLI1 G1 EWXIV'EVV


7YTTP]'SQ TER][ IFWMXIEX[ [ [ Q GQ EWXIVGSQ GST]VMKLXF]XLI1 G1 EWXIV'EVV7YTTP]
'SQ TER]

1 YGLFEWMGERHLIPTJYPMRJSVQ EXMSREFSYXWXIIPTVSTIVXMIWERHYWEKIGEQ IJVSQ 1 IXEPPYVK]*% 5 Z


'ST]VMKLX( VEOI, ( EQ IVEY% PPVMKLXWVIWIVZIHEX7YVZMZEPMWX&SSOW

8LMWHSGYQ IRXMWTVSZMHIHXSGYWXSQ IVWZIRHSVWERHEWWSGMEXIWSJ+ 0, Y]IXXJSVXIGLRMGEPMRJSVQ EXMSR


VIPEXMRKXSXLIQ ERYJEGXYVIERHWEPISJRSRXLVIEHIHMRHYWXVMEPJEWXIRIVW% WWYGLXLMWHSGYQ IRXMW
RSXEHIWMKRWXERHEVHHIWMKRKYMHISVSXLIV[ MWI+ 0, Y]IXXMRRSXIRKEKIHMRTEVXERHTVSHYGX
HIWMKRFIGEYWISJXLIYRORS[ RYWIWSJTEVXWQ EHISVHMWXVMFYXIHF]XLIGSQ TER]( IWMKRWQ YWXFI
TVSHYGIHERHXIWXIHF]SYVGYWXSQ IVWJSVMRHMZMHYEPERHGSQ Q IVGMEPYWI

% WWYGL, Y]IXXEWWYQ IWRSPMEFMPMX]SJER]OMRHMQ TPMIHSVI\TVIWWIHJSVXLIEGGYVEG]WGSTIERH


GSQ TPIXMSRSJXLIMRJSVQ EXMSRLIVIMR
78))01%/-2+
7XIIPMWXLIKIRIVMGXIVQ JSVEPEVKIJEQ MP]SJMVSRzGEVFSREPPS]W[ LMGLEVIQ EPPIEFPI[ MXLMRWSQ I
XIQ TIVEXYVIVERKIMQ Q IHMEXIP]EJXIVWSPMHMJMGEXMSRJVSQ XLIQ SPXIRWXEXI8LITVMRGMTEPVE[
Q EXIVMEPWYWIHMRWXIIPQ EOMRKEVIMVSRSVIGSEPERHPMQ IWXSRI8LIWIQ EXIVMEPWEVIGSRZIVXIHMRE
FPEWXJYVREGIMRXSETVSHYGXORS[ REWwTMKMVSRx[ LMGLGSRXEMRWGSRWMHIVEFPIEQ SYRXWSJGEVFSR
EFSZI Q ERKERIWIWYPJYVTLSWTLSVYWERHWMPMGSR4MKMVSRMWLEVHFVMXXPIERHYRWYMXEFPI
JSVHMVIGXTVSGIWWMRKMRXS[ VSYKLXJSVQ W4MKMVSR[ EWREQ IHPSRKEKS[ LIRQ SPXIRMVSR[ EW
TSYVIHXLVSYKLEXVIRGLMRXLIKVSYRHXSJPS[ MRXSWLEPPS[ IEVXLIRLSPIW8LIEVVERKIQ IRX
PSSOIHPMOIRI[ FSVRTMKWWYGOPMRK8LIGIRXVEPGLERRIPFIGEQ IORS[ REWXLIwWS[ xERHXLI
Q SPHW[ IVIwTMKWx

7XIIPQ EOMRKMWXLITVSGIWWSJVIJMRMRKTMKMVSREW[ IPPEWMVSRERHWXIIPWGVETF]VIQ SZMRKYRHIWMVEFPI


IPIQ IRXWJVSQ XLIQ IPXERHXLIREHHMRKHIWMVEFPIIPIQ IRXWMRTVIHIXIVQ MRIHEQ SYRXW% TVMQ EV]
VIEGXMSRMRQ SWXWXIIPQ EOMRKMWXLIGSQ FMREXMSRSJGEVFSR[ MXLS\]KIRXSJSVQ EKEW-JHMWWSPZIH
S\]KIRMWRSXVIQ SZIHJVSQ XLIQ IPXTVMSVXSSVHYVMRKTSYVMRKXLIKEWISYWTVSHYGXWGSRXMRYIXS
IZSPZIHYVMRKWSPMHMJMGEXMSR-JXLIWXIIPMWWXVSRKP]HIS\MHM^IHF]XLIEHHMXMSRSJHIS\MHM^MRK
IPIQ IRXWRSKEWMWIZSPZIHERHXLIWXIIPMWGEPPIHwOMPPIHxFIGEYWIMXPMIWUYMIXP]MRXLIQ SPHW
-RGVIEWMRKHIKVIIWSJKEWIZSPYXMSR HIGVIEWIHHIS\MHEXMSR GLEVEGXIVM^IWXIIPWGEPPIHwWIQ MOMPPIHx
wGETTIHxSVwVMQ Q IHx8LIHIKVIISJHIS\MHEXMSREJJIGXWWSQ ISJXLITVSTIVXMIWSJXLIWXIIP-R
EHHMXMSRXSS\]KIRPMUYMHWXIIPGSRXEMRWQ IEWYVEFPIEQ SYRXWSJHMWWSPZIHL]HVSKIRERHRMXVSKIR
*SVWSQ IGVMXMGEPWXIIPETTPMGEXMSRWWTIGMEPHIS\MHEXMSRTVEGXMGIWEW[ IPPEWZEGYYQ XVIEXQ IRXWQ E]
FIYWIHXSVIHYGIERHGSRXVSPHMWWSPZIHKEWIW

8LIGEVFSRGSRXIRXSJGSQ Q SRWXIIPKVEHIWVERKIWJVSQ EJI[ LYRHVIHXLWSJETIVGIRXXSEFSYX


TIVGIRX% PPWXIIPWEPWSGSRXEMRZEV]MRKEQ SYRXWSJSXLIVIPIQ IRXWTVMRGMTEPP]Q ERKERIWI[ LMGL
EGXWEWEHIS\MHM^IVERHJEGMPMXEXIWLSX[ SVOMRK7MPMGSRTLSWTLSVYWERHWYPJYVEVIEPWSEP[ E]W
TVIWIRXMJSRP]MRXVEGIEQ SYRXW3 XLIVIPIQ IRXWQ E]FITVIWIRXIMXLIVEWVIWMHYEPWXLEXEVIRSX
MRXIRXMSREPP]EHHIHFYXVIWYPXJVSQ XLIVE[ Q EXIVMEPWSVWXIIPQ EOMRKTVEGXMGISVEWEPPS]MRK
IPIQ IRXWEHHIHXSIJJIGXGLERKIWMRXLITVSTIVXMIWSJXLIWXIIP; LIRVIZMI[ MRKEWXIIPGLIQ MGEP
GIVXMJMGEXMSRVIQ IQ FIVXLEXMVSRMWXLIIPIQ IRXXLEXGSQ TSWIWXLIQ ENSVMX]SJXLIGLIQ MGEPZEPYIW
PMWXIH 7II)\LMFMX-EXXEGLIH

7XIIPWGERFIGEWXXSWLETISVXLIGEWXMRKSXSVWXVERHGERFIVILIEXIHERHLSX[ SVOIHF]VSPPMRK
JSVKMRKI\XVYWMSRSVSXLIVTVSGIWWIWMRXSE[ VSYKLXQ MPPWLETI; VSYKLXWXIIPWEVIXLIQ SWX
[ MHIP]YWIHSJIRKMRIIVMRKQ EXIVMEPWSJJIVMRKEQ YPXMXYHISJJSVQ WJMRMWLIWWXVIRKXLWERHYWEFPI
XIQ TIVEXYVIVERKIW2 SSXLIVQ EXIVMEPSJJIVWGSQ TEVEFPIZIVWEXMPMX]JSVTVSHYGXHIWMKR

*SPPS[ MRKLSX[ SVOMRKWXIIPKSIWXLVSYKLEwTMGOPMRKxTVSGIWW4MGOPMRKMWEGLIQ MGEPTVSGIWW


[ LIVIF]WXIIPMWVYRXLVSYKLETVSKVIWWMZIWIVMIWSJXEROW'LIQ MGEPWMRXLIXEROWVIQ SZIS\MHEXMSR
ERHMQ TYVMXMIWJVSQ XLIWYVJEGISJXLITVSHYGX, ]HVSGLPSVMGEGMHMWEGSQ Q SRGLIQ MGEPGSQ TSYRH
YWIHMRTMGOPMRK

*MRMWLIHWXIIPX]TMGEPSJXLIKVEHIWYWIHMR+ 0, Y]IXXvWQ ERYJEGXYVMRKEVIGSPHVSPPIH SVGSPH


HVE[ R EJXIVFIMRKTMGOPIH'SPHJMRMWLMRKEWXLITVSGIWWMWKIRIVEPP]VIJIVVIHXSMRZSPZIWVYRRMRK
XLILSXVSPPIHTMGOPIHERHSMPTVSHYGXXLVSYKLEWIVMIWSJTVSKVIWWMZIHMIWSVVSPPIVWEXVSSQ
XIQ TIVEXYVI8LIIJJIGXSJWYGL[ SVOWXVIXGLIWXLIWXIIP[ LMGLGVIEXIWETIVQ ERIRXMRGVIEWIMR
XLILEVHRIWWWXVIRKXLERHJMRMWLSJXLITVSHYGX

'SPHJMRMWLIHWXIIPMWX]TMGEPP]VIEH]XSFIYWIHJSVQ ERYJEGXYVMRKJMRMWLIHKSSHWFYXMRWSQ I
GEWIWEHHMXMSREPTVSGIWWIWEVITIVJSVQ IH*SV+ 0, Y]IXXOI]WXSGOFEVWEVIFIEHFPEWXIHXS
GVIEXIEwFVMKLXWXIIPxXLEXMWJVIISJWYVJEGIMQ TIVJIGXMSRWXLEXGSYPHGEYWITVSFPIQ W[ LIRMRWIVXIH
MREOI][ E]

 + 0, Y]IXX

3 XLIVKVEHIWWYGLEW&PYIXIQ TIVIH EPWSORS[ REWw&PYI'PSGOx [ LMGLMWYWIHXSQ ERYJEGXYVI
WLMQ WEVILIEXXVIEXIHERHKVSYRHJSVJMRIVXSPIVERGIWERHLEVHIRIHJMRMWLIW

7XIIPQ YWXFILERHPIHGEVIJYPP]EJXIVQ ERYJEGXYVMRKWSXLEXWXVEMKLXRIWWXSPIVERGIWEVIQ EMRXEMRIH


ERHWYVJEGIMQ TIVJIGXMSRWEVIRSXGVIEXIH4VSTIVWXSVEKIJVSQ XLIIPIQ IRXWQ YWXFIYWIH MRGPYHMRK
[ LIRWLMTTMRKSREXVYGO XSQ MRMQ M^IGSVVSWMSR*MREPP]WXIIPQ YWXFILERHPIHGEVIJYPP]HYVMRK
PSEHMRKERHYRPSEHMRKWSXLEXFEVWEVIRSXFIRX[ EVTIHSVwTMRKIHxSRXLIWMHIW4EVXMGYPEVP]JSV
OI]WXSGOMXMWMQ TSVXERXXLEXIHKIWFIWLEVTWXVEMKLXERHXVYIXSIEWIMRWXEPPEXMSRMRXSXLIOI][ E]

 + 0, Y]IXX

% &
'

*
)

+ , .

%
&
'
(
)
*
+
,
-
.

 + 0, Y]IXX

1)8%07%2(%003=7
7IZIVEPHMJJIVIRXRYQ FIVMRKW]WXIQ WLEZIFIIRHIZIPSTIHJSVQ IXEPWERHEPPS]WF]ZEVMSYWXVEHI
EWWSGMEXMSRWTVSJIWWMSREPIRKMRIIVMRKWSGMIXMIWWXERHEVHWSVKERM^EXMSRWERHF]TVMZEXIMRHYWXVMIW
JSVXLIMVS[ RYWI8LIRYQ IVMGEPGSHIYWIHXSMHIRXMJ]XLIQ IXEPSVEPPS]Q E]SVQ E]RSXFIVIPEXIH
XSEWTIGMJMGEXMSR[ LMGLMWEWXEXIQ IRXSJXLIXIGLRMGEPERHGSQ Q IVGMEPVIUYMVIQ IRXWXLEXXLITVSHYGX
Q YWXQ IIX2 YQ FIVMRKW]WXIQ WMRYWIMRGPYHIXLSWIHIZIPSTIHF]XLI% Q IVMGER-VSRERH7XIIP-RWXMXYXI
% -7- 7SGMIX]SJ% YXSQ SXMZI)RKMRIIVW 7% ) % Q IVMGER7SGMIX]JSV8IWXMRKERH1 EXIVMEPW % 781 
% Q IVMGER2 EXMSREP7XERHEVHW-RWXMXYXI % 2 7- 7XIIP*SYRHIVW7SGMIX]SJ% Q IVMGE% Q IVMGER7SGMIX]
SJ1 IGLERMGEP)RKMRIIVW % 71 ) % Q IVMGER; IPHMRK7SGMIX] %; 7 % PYQ MRYQ % WWSGMEXMSR'STTIV
( IZIPSTQ IRX% WWSGMEXMSR9 7( ITEVXQ IRXSJ( IJIRWI 1 MPMXEV]7TIGMJMGEXMSRW ERHXLI+ IRIVEP
% GGSYRXMRK3 JJMGI *IHIVEP7TIGMJMGEXMSRW 

8LI9 RMJMIH2 YQ FIVMRK7]WXIQ  9 2 7 [ EWHIZIPSTIHXLVSYKLENSMRXIJJSVXSJXLI% 781 ERHXLI7% )


XSTVSZMHIEQ IERWSJGSVVIPEXMRKXLIHMJJIVIRXRYQ FIVMRKW]WXIQ WJSVQ IXEPWERHEPPS]WXLEXLEZIE
GSQ Q IVGMEPWXERHMRK8LMWW]WXIQ EZSMHWXLIGSRJYWMSRGEYWIH[ LIRQ SVIXLERSRIMHIRXMJMGEXMSR
RYQ FIVMWYWIHXSWTIGMJ]XLIWEQ IQ EXIVMEPSV[ LIRXLIWEQ IRYQ FIVMWEWWMKRIHXSX[ SIRXMVIP]
HMJJIVIRXQ EXIVMEPW-XMWMQ TSVXERXXSYRHIVWXERHXLEXE9 2 7RYQ FIVMWRSXEWTIGMJMGEXMSRMXMWER
MHIRXMJMGEXMSRRYQ FIVJSVQ IXEPWERHEPPS]WJSV[ LMGLHIXEMPIHWTIGMJMGEXMSRWEVITVSZMHIHIPWI[ LIVI
)EGLRYQ FIVGSRWMWXWSJEPIXXIVTVIJM\JSPPS[ IHF]JMZIHMKMXW-RWSQ IXLIPIXXIVMWWYKKIWXMZISJXLI
JEQ MP]SJQ IXEPWMHIRXMJMIHF]XLIWIVMIWWYGLEWw% xJSVEPYQ MRYQ ERHw'xJSVGSTTIV; LIRIZIV
TSWWMFPIXLIRYQ FIVWMRXLI9 2 7KVSYTWGSRXEMRRYQ FIVMRKWIUYIRGIWXEOIRHMVIGXP]JVSQ SXLIV
W]WXIQ WXSJEGMPMXEXIMHIRXMJMGEXMSRSJXLIQ EXIVMEPIKXLIGSVVIWTSRHMRK9 2 7RYQ FIVJSV% -7-
WXIIPMW+ 

'EVFSR7XIIPW
'EVFSRWXIIPMWWXIIPXLEXLEWTVSTIVXMIWQ EHIYTQ SWXP]SJXLIIPIQ IRXGEVFSRERH[ LMGLVIPMIW
YTSRGEVFSRGSRXIRXJSVMXWWXVYGXYVI8LIQ SWXTIVJIGXGEVFSRWXVYGXYVIMRXLI[ SVPHMWEHMEQ SRH
[ LMGLMW GEVFSR'EVFSRMWTVIWIRXMREPPWXIIPERHMWXLITVMRGMTEPLEVHIRMRKIPIQ IRXHIXIVQ MRMRK
XLIPIZIPSJLEVHRIWWSVWXVIRKXLEXXEMREFPIF]UYIRGLMRK-XVEMWIWXIRWMPIWXVIRKXLLEVHRIWWVIWMWXERGI
XS[ IEVERHEFVEWMSREWXLIGEVFSRGSRXIRXSJWXIIPMWMRGVIEWIH-XPS[ IVWHYGXMPMX]XSYKLRIWWERH
Q EGLMREFMPMX]

'SPH( VE[ RGEVFSRWXIIPMWX]TMGEPP]RYQ FIVIH[ MXLXLITVIJM\wxMRXLI% -7-RYQ FIVMRKW]WXIQ 


JSPPS[ IHF]X[ SRYQ FIVWXLEXVITVIWIRXXLIRSQ MREPTIVGIRXEKISJGEVFSRMRXLITVSHYGX YTXS
 *SVI\EQ TPI'LEW GEVFSR[ LMPI'LEW 

+ IRIVEPP]GEVFSREHHWLEVHRIWWXSXLIQ EXIVMEP[ LMGLMQ TVSZIW[ IEVEFMPMX]*SVGEVFSRGSRXIRXW


EFSZI XLITVSHYGXQ E]FIHMVIGXLEVHIRIH wXLVSYKLLEVHIRIHx 'EVFSRWXIIPFIRIEXLXLMW
PIZIPX]TMGEPP]VIUYMVIGEVFYVM^MRK[ LIRLIEXXVIEXIHMR[ LMGLGEVFSRQ SPIGYPIWEVIMRXVSHYGIHWS
XLEXELEVHIRIHwWOMRxMWEFPIXSFIHIZIPSTIHSRXLIWYVJEGISVwGEWIx8LMWMW[ LIVIXLIGSRGITXSJ
GEWILEVHIRMRKMWJSYRH

'EVFSRMWQ E\MQ M^IHEXYRHIV SJWXIIPFIGEYWIJSVPIZIPWEFSZIXLMWTIVGIRXEKIQ EXIVMEPGER


FIGSQ IFVMXXPI+ IRIVEPP]XLILMKLIVXLIGEVFSRGSRXIRXXLIQ SVIHMJJMGYPXGEVFSRWXIIPMWXSQ EGLMRI

% PPS]7XIIPW
% PPS]WXIIPWEVIHIVMZEXMZIWSJGEVFSRWXIIPW[ LIVIIPIQ IRXWEVIEHHIHSVHIPIXIHXS]MIPHGIVXEMR
TVSTIVXMIW8]TMGEPP]XLIWITVSTIVXMIWMRGPYHIQ EGLMREFMPMX][ IEVEFMPMX]ERHWXVIRKXL% RMVSRFEWIH
Q M\XYVIMWGSRWMHIVIHXSFIEREPPS]WXIIP[ LIRQ ERKERIWIMWKVIEXIVXLER WMPMGSRSZIV 
GSTTIVEFSZI SVSXLIVQ MRMQ YQ UYERXMXMIWSJEPPS]MRKIPIQ IRXWWYGLEWGLVSQ MYQ RMGOIP
Q SP]FHIRYQ SVXYRKWXIREVITVIWIRX

 + 0, Y]IXX

-VSREPPS]WEVIXLIQ SWXGSQ Q SRJIVVSYWEPPS]7XIIPMWEWSPMHWSPYXMSRSJMVSRERHGEVFSRXLIGEVFSR
MWHMWWSPZIHMRXLIMVSRMVSRMWXLIWSPZIRXERHGEVFSRMWXLIWSPYXI

7XIIPPMOI[ EXIVGERKSXLVSYKLTLEWIGLERKIW; MXL[ EXIVXLITLEWIWEVIWSPMHPMUYMHERHKEW


; MXLGEVFSRWXIIPXLITLEWIWEVIPMUYMHEYWXIRMXIERHJIVVMXI-JWEPXMWEHHIHXS[ EXIVXLIXIQ TIVEXYVI
SJEPPXLITLEWIGLERKIWEVIEPXIVIH8LMWMW[ L]WEPXMWEGSQ Q SRMGIQ IPXGSQ TSYRH7EPX[ MPPPS[ IV
XLIXVERWMXMSRXIQ TIVEXYVISJXLIPMUYMHXSKEWERHPS[ IVWXLIXIQ TIVEXYVISJPMUYMHXSWSPMHEW[ IPP
; LIRGEVFSRMWEHHIHXSMVSRXLIXIQ TIVEXYVIWEVIEPXIVIHMRXLIWEQ I[ E]8LIQ SVIGEVFSRXLEXMW
EHHIH XSETSMRX XLIPS[ IVXLIXIQ TIVEXYVISJXLITLEWIGLERKI[ MPPSGGYV'EVFSREPWSGVIEXIW
RI[ TLEWIWXLEXHSRvXI\MWXMRMVSRF]MXWIPJ4IEVPMXIMWEQ M\XYVISJGIQ IRXMXI *I' TPYWJIVVMXI8LI
Q SWXGEVFSRXLEXGERFIHMWWSPZIHMREYWXIRMXIMW 8LMWMWGEPPIHwIYXIGXMGx3 XLIVEPPS]WGERFI
HIWGVMFIHEWFIMRKIYXIGXMGEPPS]W8LIWIEPPS]WLEZIXLIQ E\MQ YQ EQ SYRXSJXLIEPPS]MRKIPIQ IRX
XLEXGERFIHMWWSPZIHMRXSXLITEVIRXQ EXIVMEP

8LIQ SVIGEVFSR]SYEHHXSWXIIP EFSZI XLIQ SVITIEVPMXI]SYKIXYTXSXLI % FSZI


 ]SYKIXGEVFMHIW-JEWXIIPLEWPIWWXLEX GEVFSREPP]SYGERKIXMWJIVVMXI-JEWXIIPLEW
 GEVFSR]SYKIXTIEVPMXIERHJIVVMXI-JEWXIIPLEW GEVFSR]SYKIXTIEVPMXIERHGEVFMHIW

8SORS[ XLIGLIQ MWXV]SJEWXIIPF]ORS[ MRKMXWKVEHIVIQ IQ FIVXLIJSPPS[ MRKVYPIWTPEMRGEVFSR


WXIIPWEVI\\KVEHIWMWTPEMRGEVFSRERHXLIRI\XX[ SRYQ FIVWEVIXLIGEVFSRGSRXIRX% PP
KVEHIWEPWSLEZIQ ERKERIWITLSWTLSVYWERHWMPMGSR8LIPEWXX[ SRYQ FIVWSJ% 00KVEHIWHIWMKREXI
XLIGEVFSRGSRXIRX-JEKVEHIMW0SV&XLI0Q IERWMXGSRXEMRWPIEHJSVQ EGLMREFMPMX]ERH
XLI&Q IERWMXLEWFSVSRJSVMRGVIEWIHLEVHIREFMPMX]-J]SYORS[ XLIGLIQ MWXV]SJXLIEPPS]]SY[ MPP
ORS[ MXWLEVHRIWWWXVIRKXLWERHMJEXLIVQ EPXVIEXQ IRX[ MPP[ SVOEXEPP

'SQ Q SR'EVFSR7XIIPWERH7XIIP% PPS]W


8LIJSPPS[ MRKMRJSVQ EXMSRWLSYPHFIGSRWMHIVIHSRP]EWEKYMHIPMRI*SVWTIGMJMGETTPMGEXMSRWTVSTIV
XIWXMRKMWVIUYMVIH8LILEVHRIWWSJEQ IXEPMWHIXIVQ MRIHF]MXWVIWMWXERGIXSHIJSVQ EXMSRMRHIRXEXMSR
SVWGVEXGLMRK6SGO[ IPPLEVHRIWWMWXLIQ SWXGSQ Q SRQ IEWYVISJEQ IXEPvWLEVHRIWW7SJXWXIIPWEVI
YWYEPP]Q IEWYVIHYWMRKXLI6SGO[ IPP&WGEPI[ LMPILEVHIVWXIIPWERHHIITGEWILEVHIRIHWXIIPWEVI
YWYEPP]Q IEWYVIHSRXLI6SGO[ IPP'WGEPI-RWSQ IGEWIWSRISFNIGXQ E]JEPP[ MXLMRQ SVIXLERSRI
WGEPI WIIXLILEVHRIWWGSQ TEVMWSRGLEVX *SVI\EQ TPIEX]TMGEPWXIIPWTVMRKLEWE6SGO[ IPPLEVHRIWW
SJSRXLI&WGEPIERHSRXLI'WGEPI2 SXI=MIPHWXVIRKXLMWXLIEQ SYRXSJTVIWWYVIEQ EXIVMEP
[ MPPEGGITXFIJSVIFIGSQ MRKTIVQ ERIRXP]HIJSVQ IH

, IEXXVIEXMRKMRGSRXEGX[ MXLGEVFSR GEVFYVM^MRK LEVHIRWXLIWYVJEGISJXLMWPS[ GEVFSRWXIIP


-XvWIEW]XSGSPHJSVQ FIRHFVE^IERH[ IPH1 E\EXXEMREFPI6SGO[ IPPLEVHRIWWMW&1 IPXMRKTSMRX
MW”*=MIPHWXVIRKXLMWTWM

8LMWQ IHMYQ GEVFSRWXIIPMWWXVSRKIVXLERERHMWQ SVIHMJJMGYPXXSQ EGLMRIERH[ IPH


1 E\EXXEMREFPI6SGO[ IPPLEVHRIWWMW&1 IPXMRKTSMRXMW”*=MIPHWXVIRKXLMWTWM

% + IRIVEPTYVTSWIGEVFSRWXIIPMWWYMXEFPIJSV[ IPHMRKERHQ IGLERMGEPJEWXIRMRK1 E\EXXEMREFPI


6SGO[ IPPLEVHRIWWMW&1 IPXMRK TSMRX MW ” *=MIPH WXVIRK XL MW  TWM

0% PS[ GEVFSRWXIIPXLEXLEWI\GIPPIRXQ EGLMRMRKGLEVEGXIVMWXMGWERHKSSHHYGXMPMX]XLEXQ EOIW


MXIEW]XSFIRHGVMQ TERHVMZIX-XMWZIV]HMJJMGYPXXS[ IPHERHGERRSXFIGEWILEVHIRIH1 E\
EXXEMREFPI6SGO[ IPPLEVHRIWWMW&&1 IPXMRKTSMRXMW”*=MIPHWXVIRKXLMWTWM

% Q IHMYQ GEVFSRVIWYPJIVM^IHWXIIP[ MXLJVIIQ EGLMRMRKUYEPMXMIWWXIIPLIEXXVIEXWFIXXIV


XLERWXIIP7XVIWWVIPMIZMRKEPPS[ WMXXSSFXEMRQ E\MQ YQ HYGXMPMX][ MXLQ MRMQ YQ [ EVTMRK1 E\
EXXEMREFPI6SGO[ IPPLEVHRIWWMW&1 IPXMRKTSMRXMW”*=MIPHWXVIRKXLMWTWM

 + 0, Y]IXX

% PPS]% PWSGEPPIHwGLVSQ IQ SP]xWXIIP-HIEPJSVJSVKMRKERHLIEXXVIEXMRKEPPS]MW
XSYKLHYGXMPIERH[ IEVVIWMWXERX1 E\EXXEMREFPI6SGO[ IPPLEVHRIWWMW''1 IPXMRKTSMRXMW
”*=MIPHWXVIRKXLMWTWM

% 781 % + VEHI&% PPS]7MQ MPEVXSEPPS]FYXMXvWEPVIEH]UYIRGLIHXIQ TIVIH


ERHWXVIWWVIPMIZIH6SGO[ IPPLEVHRIWWMW'Q E\

% PPS]8LMWEPPS]MWXSYKL]IXHYGXMPI-XVIWTSRHW[ IPPXSLIEXXVIEXMRKI\LMFMXWWYTIVFGSVI


GLEVEGXIVMWXMGWERHLEWKSSH[ IPHEFMPMX]ERHQ EGLMRMRKTVSTIVXMIW1 E\EXXEMREFPI6SGO[ IPP
LEVHRIWWMW&&1 IPXMRKTSMRXMW”*=MIPHWXVIRKXLMWTWM
3 RISJXLIQ SVIGSQ Q SREPPS]WMWEGEVFSRWXIIPMR[ LMGLEPPS]MRKIPIQ IRXWIRLERGIQ EGLMRMRK
WXVIWWTVSSJETVSHYGXSJ0E7EPPI7XIIPMWERI\EQ TPISJEREPPS][ MXLKSSHQ EGLMRMRKERH
LEVHIREFMPMX]JIEXYVIWXLEXTSWWIWWIWLMKLWXVIRKXLERHGERFIXLVSYKLLEVHIRIH

'LVSQ IEPPS]WXIIPWWYGLEWERHEVIWSREQ IHFIGEYWIGLVSQ MYQ GSRXIRXMWLMKL


EVSYRH ERHMWXLITVMQ EV]EPPS]MRKIPIQ IRX% WSRIGERWIIGLVSQ IEPPS]WXIIPWFIKMR[ MXL
wxTVIJM\ERHIRHMRX[ SRYQ FIVWXLEXEGGSYRXJSVXLIRSQ MREPTIVGIRXEKISJGEVFSR*SVI\EQ TPI
LEW SJGEVFSRERH GLVSQ MYQ 

2 MGOIPEPPS]WXIIPWWYFWXMXYXIRMGOIPMRTPEGISJVSYKLP]LEPJSJWXERHEVHGLVSQ MYQ GSRXIRXWJSVGLVSQ I


EPPS]W*SVI\EQ TPI[ LIVIEWLEW RMGOIPERH GLVSQ MYQ LEW RMGOIPERH
 GLVSQ MYQ 8LIWIEPPS]WEVIRSVQ EPP]TVIJM\IH[ MXLwxRYQ FIVWGSQ TEVIXSEW
JSPPS[ W
' 1 R 7M 4 7 'V 2M 1S 3 XLIV
         
         

-XMWHMJJMGYPXXSQ EOIQ IGLERMGEPGSQ TEVMWSRWFIX[ IIRGLVSQ IEPPS]WERHRMGOIPEPPS]WEWXLI]EVI


WMQ MPEVFYXYRMUYIXSEKVEHI+ IRIVEPP]RMGOIPEPPS]WGERFIHVE[ RXSEQ SVITVIGMWIJMRMWLWM^IERH
XLIVIJSVIEVIQ SVIGSQ Q SRMRIRHYWIWXIIPWWYGLEWOI]WXSGO

&VMKLX7XIIPW
&IGEYWISJXLIVIPIZERGISJXLIWIKVEHIWXSXLI+ 0, Y]IXXTVSHYGXPMRI[ IEVIKMZMRKWITEVEXI
GSZIVEKILIVI&VMKLXWXIIPWX]TMGEPP]VIJIVXSEGPEWWSJGSPHJMRMWLIHWUYEVIERHVIGXERKPIFEVWXLEX
EVIHVE[ RXSQ SVII\EGXMRKXSPIVERGIWXLI]TSWWIWWWLEVTGSVRIVWTIVTIRHMGYPEVERHTEVEPPIPWMHIW
ERHQ ]FIFIEHFPEWXIHXSQ EOIXLIQ wFVMKLXx&VMKLXWXIIPWEVIEPWSORS[ REWOI]WXSGO

/I]WXSGOWUYEVIWERHVIGXERKPIWEVIQ SVIHMJJMGYPXXSHVE[ XLERVSYRHWFIGEYWISJXLI”ERKPIH


GSVRIVW&EVWQ YWXFIWXVEMKLXERHXVYIERHXLI[ MHXLQ YWXFIMRETIVTIRHMGYPEVTPERI[ MXLXLI
LIMKLX8LIWYVJEGIJMRMWLSJOI]WXSGOQ YWXFIJVIISJTMXWERHWXVIWWIWWSXLEXMRWXEPPEXMSRMWWQ SSXL
ERHIJJMGMIRX1 SWXGYWXSQ IVWTVIJIVWLEVTGSVRIVWJSVMRGVIEWIHOI][ E]GSRXEGX ERHQ MRMQ EPVSGOMRK 
FYXIHKIWQ YWXFIWYJJMGMIRXP]HIFYVVIHJSVIEWISJYWI

4IVTIRHMGYPEV4PERIW 7LEVT'SVRIVW 7XVEMKLX &VMKLX*MRMWL


”

”

8LIHIJMRMXMSRSJOI]WXSGOLEWFIIRIPYWMZIFIGEYWIRSWMRKPIWXERHEVHI\MWXW1 SWXXIGLRMGMERWVIJIVXS
wFEVWXSGOxSVwOI]FEVWXSGOxEWGSPHJMRMWLIHQ EXIVMEPHVE[ RJVSQ Q EVOIXVIEH]KVEHIWXSQ EVOIX
VIEH]XSPIVERGIWw/I]WXSGOxVIJIVWXSFEVWXSGOGEVIJYPP]HVE[ RXS% 2 7-'PEWWJMXW

 + 0, Y]IXX

% 2 7-WIXWJSVXLX[ SX]TIW[ MXLXLIJSPPS[ MRKXSPIVERGIWTIGMJMGEXMSRW

/ I]; MHXL
% 2 7-& 6 8]TISJ/ I] 8SPIVERGI
3 : )6 83  MRGP

  

'PEWW   

w% GPIEVERGISVQ IXEPXSQ IXEP   
WMHIJMXSFXEMRIHF]YWMRKFEV 75 9 % 6) 
WXSGOOI]WERHOI]WIEXXSPIVERGIWx   

  

  

'PEWW   
w% WMHIJMX[ MXLTSWWMFPIMRXIVJIVIRGI 4% 6% 00)0 
SVGPIEVERGISFXEMRIHF]YWMRK
  
75 9 % 6) 
OI]WXSGOERHOI]WIEXXSPIVERGIWx   

1 ER]YWIVWSJOI]WXSGOLEZIYWIHXLIEFSZIWTIGMJMGEXMSRWMRXLIMVS[ RTVSHYGXHIWMKRW[ LMGLLEW


PIHXSX[ STVSFPIQ W*MVWXFIGEYWI% 2 7-HSIWRSXWTIGMJ]EKVEHIXLIVIMWGSRJYWMSR7IGSRHQ SWX
% Q IVMGERQ MPPW[ MPPRSXTVSHYGIXSXLI'PEWW*MX8SPIVERGIMWXSSPS[ GSQ TEVIHXSSXLIVGSPHJMRMWLIH
JSVQ WERHXLIHVE[ MWSZIVP]XIGLRMGEP% WEVIWYPXXLIVIMWSJXIREHMJJIVIRGIFIX[ IIR[ LEXGYWXSQ IVW
[ ERXERH[ LEXMWEZEMPEFPI

+ 0, Y]IXXLEWTMSRIIVIHXLIHIZIPSTQ IRXSJRI[ GSPHHVE[ MRKXIGLRSPSKMIW; SVOMRKMRGSRGIVX


[ MXLWXIIPQ MPPWMRFSXLXLI9 RMXIH7XEXIWERHEFVSEH, Y]IXXLEWTYXXSKIXLIVXLIQ SWXGSQ TPIXIPMRI
SJOI]WXSGOWXIIPER][ LIVIMRXLI[ SVPH

7XEMRPIWW7XIIPW
7XEMRPIWWWXIIPMWXLIXIVQ YWIHJSVKVEHIWSJWXIIPXLEXGSRXEMRQ SVIXLER GLVSQ MYQ [ MXLSV
[ MXLSYXSXLIVEPPS]MRKIPIQ IRXW7XEMRPIWWWXIIPVIWMWXWGSVVSWMSRQ EMRXEMRWMXWWXVIRKXLEXLMKL
XSPIVERGIWERHMWIEWMP]Q EMRXEMRIH8LIQ SWXGSQ Q SRKVEHIWEVI

8= 4)8LIQ SWXGSQ Q SRP]WTIGMJMIHEYWXIRMXMG GLVSQ MYQ RMGOIPWXEMRPIWWGPEWW WXEMRPIWWWXIIP


EGGSYRXMRKJSVQ SVIXLERLEPJSJXLIWXEMRPIWWWXIIPTVSHYGIHMRXLI[ SVPH8LMWKVEHI[ MXLWXERHW
SVHMREV]GSVVSWMSRMREVGLMXIGXYVIMWHYVEFPIMRX]TMGEPJSSHTVSGIWWMRKIRZMVSRQ IRXWERHVIWMWXW
Q SWXGLIQ MGEPW8]TIMWEZEMPEFPIMRZMVXYEPP]EPPTVSHYGXJSVQ WERHJMRMWLIW

8= 4)% YWXIRMXMG GLVSQ MYQ RMGOIPWXEMRPIWWGPEWW WXEMRPIWWWXIIPGSRXEMRMRK 


Q SP]FHIRYQ  [ LIVIEWLEWRSRI 8LIMRGPYWMSRSJQ SP]FHIRYQ KMZIWKVIEXIVVIWMWXERGIXS
ZEVMSYWJSVQ WSJHIXIVMSVEXMSR

8= 4)*IVVMXMG TPEMRGLVSQ MYQ WXEMRPIWWGEXIKSV] WXEMRPIWWWXIIPWYMXEFPIJSVLMKL


XIQ TIVEXYVIW8LMWKVEHILEWXLIPS[ IWXGLVSQ MYQ GSRXIRXSJEPPWXEMRPIWWWXIIPWERHXLYWMWXLI
PIEWXI\TIRWMZI

8= 4)8LIQ SWX[ MHIP]YWIHQ EVXIRWMXMG TPEMRGLVSQ MYQ WXEMRPIWWGPEWW[ MXLI\GITXMSREP


WXVIRKXL WXEMRPIWWWXIIPJIEXYVMRKXLILMKLPIZIPSJWXVIRKXLGSRJIVVIHF]XLIQ EVXIRWMXMGW-XMWE
PS[ GSWXLIEXXVIEXEFPIKVEHIWYMXEFPIJSVRSRWIZIVIGSVVSWMSRETTPMGEXMSRW

8= 4)8LIQ SWX[ MHIP]YWIHJIVVMXMG TPEMRGLVSQ MYQ WXEMRPIWWGEXIKSV] WXEMRPIWWWXIIP


SJJIVMRKKIRIVEPTYVTSWIGSVVSWMSRVIWMWXERGISJXIRMRHIGSVEXMZIETTPMGEXMSRWWXEMRPIWWMWE
Q EVXIRWMXMGWXEMRPIWW[ MXLLMKLIVPIZIPWSJGEVFSR  XLEXEPPS[ MXXSFILIEXXVIEXIHMWEPWS
LMKLP]Q EKRIXMG

 + 0, Y]IXX

8SSP7XIIPW
8SSPWXIIPWWIVZITVMQ EVMP]JSVQ EOMRKXSSPWYWIHMRQ ERYJEGXYVMRKERHMRXLIXVEHIWJSVXLI[ SVOMRK
ERHJSVQ MRKSJQ IXEPW[ SSHTPEWXMGWERHSXLIVMRHYWXVMEPQ EXIVMEPW8SSPWQ YWX[ MXLWXERHLMKL
WTIGMJMGPSEHWSJXIRGSRGIRXVEXIHEXI\TSWIHEVIEWQ E]LEZIXSSTIVEXIEXIPIZEXIHSVVETMHP]
GLERKMRKXIQ TIVEXYVIWERHMRGSRXMRYEPGSRXEGX[ MXLEFVEWMZIX]TIWSJ[ SVOQ EXIVMEPWERHEVISJXIR
WYFNIGXIHXSWLSGOWSVQ E]LEZIXSTIVJSVQ YRHIVSXLIVZEVMIXMIWSJEHZIVWIGSRHMXMSRW2 IZIVXLIPIWW
[ LIRIQ TPS]IHYRHIVGMVGYQ WXERGIWXLEXEVIVIKEVHIHEWRSVQ EPSTIVEXMRKGSRHMXMSRWXLIXSSP
WLSYPHRSXWYJJIVQ ENSVHEQ EKIYRXMQ IP][ IEVVIWYPXMRKMRXLIHYPPMRKSJXLIIHKIWSVFIWYWGITXMFPI
XSHIXVMQ IRXEPQ IXEPPYVKMGEPGLERKIW

8SSPWJSVPIWWHIQ ERHMRKYWIWWYGLEWSVHMREV]LERHXSSPWMRGPYHMRKLEQ Q IVWGLMWIPWJMPIWQ MRMRK


FMXWIXGEVISJXIRQ EHISJWXERHEVH% -7-WXIIPWXLEXEVIRSXGSRWMHIVIHEWFIPSRKMRKXSER]SJXLI
XSSPWXIIPGEXIKSVMIW8LIWXIIPJSVQ SWXX]TIWSJXSSPWQ YWXFIYWIHMRELIEXXVIEXIHWXEXIKIRIVEPP]
LEVHIRIHERHXIQ TIVIHXSTVSZMHIXLITVSTIVXMIWRIIHIHJSVXLITEVXMGYPEVETTPMGEXMSR8LI
EHETXEFMPMX]XSLIEXXVIEXQ IRX[ MXLEQ MRMQ YQ SJLEVQ JYPIJJIGXW[ LMGLHITIRHEFP]VIWYPXWMRXLI
MRXIRHIHFIRIJMGMEPGLERKIWMRQ EXIVMEPTVSTIVXMIWMWWXMPPERSXLIVVIUYMVIQ IRXXLEXXSSPWXIIPWQ YWX
WEXMWJ]

8SQ IIXWYGLZEVMIHVIUYMVIQ IRXWWXIIPX]TIWSJHMJJIVIRXGLIQ MGEPGSQ TSWMXMSRSJXIRTVSHYGIHF]


WTIGMEPQ IXEPPYVKMGEPTVSGIWWIWLEZIFIIRHIZIPSTIH( YIXSXLIPEVKIRYQ FIVSJXSSPWXIIPX]TIW
TVSHYGIHF]XLIWXIIPQ MPPW[ LMGLKIRIVEPP]EVIQ EHIEZEMPEFPI[ MXLTVSTVMIXEV]HIWMKREXMSRWMXMW
VEXLIVHMJJMGYPXJSVXLIYWIVXSWIPIGXXLSWIX]TIWXLEXEVIQ SWXWYMXEFPIJSVER]WTIGMJMGETTPMGEXMSR
YRPIWWXLIVIGSQ Q IRHEXMSRWSJETEVXMGYPEVWXIIPTVSHYGIVSVTVSHYGIVWEVISFXEMRIH

7YFWXERXMEPGPEVMJMGEXMSRLEWVIWYPXIHJVSQ XLIHIZIPSTQ IRXSJEGPEWWMJMGEXMSRW]WXIQ XLEXMWRS[


[ MHIP]EGGITXIHXLVSYKLSYXXLIMRHYWXV]SRXLITEVXSJFSXLXLITVSHYGIVWERHXLIYWIVWSJXSSP
WXIIPW8LEXW]WXIQ MWYWIHMRXLIJSPPS[ MRKEWEFEWIJSVTVSZMHMRKGSRGMWIMRJSVQ EXMSRSRXSSPWXIIP
X]TIWXLIMVTVSTIVXMIWERHQ IXLSHWSJXSSPWXIIPWIPIGXMSR

8]TI
( MQ IRWMSREPP]WXEFPIHYVMRKLEVHIRMRK[ MXLLMKLLEVHRIWWVIWTSRWIMRPS[ XIQ TIVEXYVIW, IEXXVIEXEFPI
3  YTXS, 6'
8SSPERH( MI
% PWSORS[ REWGSQ Q IVGMEPGEVFSRJSVYWIMRKIRIVEPQ IXEP[ SVOMRK9 WIH[ LIVIWMQ TPILIEXXVIEXQ IRX
;  MWHIWMVEFPI1 E\, 6' + IRIVEP4YVTSWI

%  9 WIHMRTPEGISJ3 MRETTPMGEXMSRWVIUYMVMRKWEJIVLIEXXVIEXQ IRXPIWWHMWXSVXMSRERHKVIEXIV[ IEV 1 EGLMRMRKXS


VIWMWXERGI1 E\, 6' JMRMWLNSF
3 JJIVWFIXXIV[ IEVVIWMWXERGIERHLMKLIVGSQ TVIWWMZIWXVIRKXLXLER% + SSHJSVPSRKHYVEXMSRVYRW 7LSGOVIWMWXERX
(  1 E\, 6' 1 EGLMRIXSJMRMWL
9 WIHMRGSPH[ SVOXSSPWRIIHMRKLMKLWLSGOVIWMWXERGI+ SSHXSYKLRIWW[ MXLIEWISJLIEXXVIEXERH
7 Q EGLMREFMPMX]1 E\, 6'
1 SPHHMIW
, MKLWTIIHWXIIP[ MXLKSSHEFVEWMSRVIWMWXERGIERHKSSHXSYKLRIWW6IWMWXWWSJXIRMRKEXLMKLXIQ TIVE , MKLLIEX
1  XYVIW1 E\, 6' IRZMVSRQ IRXW
,  % MVLEVHIRMRKQ EXIVMEPXLEXVIWMWXWXLIVQ EPJEXMKYIGVEGOMRK&IXXIVLEVHIREFMPMX]ERH[ IEVVIWMWXERGI , SX[ SVO
XLER1 E\, 6' HMIWXIIP
:  *VIIQ EGLMRMRKZIVWMSRSJ, XLEXMWTVILEVHIRIHXS, 6' 4VILEVHIRIHJSV
Q EGLMRIXSJMRMWL
% MVLEVHIRMRKKVEHIXLEXLEWLMKLIVXSYKLRIWWXLER( ERHFIXXIV[ IEVVIWMWXERGIXLER7
%  1 E\, 6' 4RIYQ EXMGXSSPW
:IV]GSQ Q SRGSPHJSVQ MRKWXIIPJSVFIRHMRKFVE^MRK[ IPHMRKERHJSVQ MRK1 YWXFIGEVFYVM^IHHYVMRK
 LIEXXVIEXQ IRX ; IPHEFPI
3 MPLEVHIRMRKRSRHIJSVQ MRKX]TIXSSPWXIIP[ MXLKSSHVIWMWXERGIXS[ IEVERHEFVEWMSR)WTIGMEPP] 8SSPERH( MI
3  WYMXEFPIJSVHMIWERHTYRGLIWMRHVE[ MRKJSVQ MRKERHWLETMRKSTIVEXMSRW

 4VILEVHIRIHXS, 6'+ SSH[ IEVVIWMWXERGIXSYKLRIWWERHQ EGLMREFMPMX] *SVKMRK

 1 IHMYQ GEVFSRVIWYPJIVM^IHWXIIP[ MXLI\GIPPIRXJVIIQ EGLMRMRKGETEFMPMXMIW1 E\, 6' *VII1 EGLMRMRK

 + 0, Y]IXX

+ VEHI;  ; EXIV, EVHIRMRK7XIIP 8LMW[ EXIVUYIRGLMRKWXIIPLIEXXVIEXWIZIRP]ERHTVSZMHIW
KSSHXSYKLRIWWERHQ E\MQ YQ [ IEVVIWMWXERGI, MKLGEVFSRGSRXIRXERHJMRIKVEMRWXVYGXYVIQ EOI
MXMHIEPJSVKIRIVEPYWIIZIR[ MXLSYXLIEXXVIEXMRK1 E\EXXEMREFPI6SGO[ IPPLEVHRIWWMW''
1 IPXMRKTSMRXMW”*=MIPHWXVIRKXLMWTWM

+ VEHI3  3 MP, EVHIRMRK7XIIP % RSRWLVMROMRKKIRIVEPTYVTSWIXSSPWXIIP[ MXLKSSHEFVEWMSR


VIWMWXERGIXSYKLRIWWERHQ EGLMREFMPMX]-XMWI\XVIQ IP]WXEFPI[ MXLQ MRMQ EPHIJSVQ EXMSREJXIV
LEVHIRMRKERHXIQ TIVMRK1 E\EXXEMREFPI6SGO[ IPPLEVHRIWWMW''1 IPXMRKTSMRXMW”*
=MIPHWXVIRKXLMWTWM

+ VEHI1  , MKL7TIIH7XIIP 8LMWWXIIPVIWMWXWWSJXIRMRK[ LIRLIEXIHQ EMRXEMRMRKEWLEVT


GYXXMRKIHKI-XMWIEW]XSLIEXXVIEXERHLEWQ MRMQ EPPSWWSJGEVFSR HIGEVFYVM^EXMSR EJXIVLIEX
XVIEXMRK1 E\EXXEMREFPI6SGO[ IPPLEVHRIWWMW'1 IPXMRKTSMRXMW”*=MIPHWXVIRKXLMW
TWM

+ VEHI%  % MV, EVHIRMRK7XIIP 1 EHISJEZIV]JMRIKVEMRWXVYGXYVIXLMWWXIIPLEWI\GIPPIRX


EFVEWMSRERH[ IEVVIWMWXERGI-HIEPJSVXLMRTEVXWXLEXEVITVSRIXSGVEGOMRKHYVMRKLIEXXVIEXMRK
7YTTPMIHMRRSRVIWYPJIVM^IHGSRHMXMSR1 E\EXXEMREFPI6SGO[ IPPLEVHRIWWMW''1 IPXMRK
TSMRXMW”*=MIPHWXVIRKXLMWTWM

+ VEHI(  , MKL'LVSQ I% MV, EVHIRMRK7XIIP 8LILMKLGLVSQ MYQ ERHGEVFSRGSRXIRXMRXLMW


WXIIPTVSZMHIWWYTIVMSV[ IEVVIWMWXERGIERHXSYKLRIWW% PS[ WYPJYVGSRXIRXQ EOIWMXHMJJMGYPXXS
Q EGLMRI1 E\EXXEMREFPI6SGO[ IPPLEVHRIWWMW''1 IPXMRKTSMRXMW”*=MIPHWXVIRKXLMW
TWM

+ VEHI7 7LSGO6IWMWXERX% MV, EVHIRMRK7XIIP 7XVSRKERHHYGXMPIXLMWWXIIPMWORS[ RJSVMXW


EFMPMX]XSVIWMWXJEMPYVIJVSQ WLSGO-XGSQ FMRIWLMKLMQ TEGXWXVIRKXL[ MXLEZIVEKI[ IEVERH
EFVEWMSRVIWMWXERGI1 E\EXXEMREFPI6SGO[ IPPLEVHRIWWMW''1 IPXMRKTSMRXMW”*=MIPH
WXVIRKXLMWTWM

+ VEHI%  0S[ 8IQ TIVEXYVI% MV, EVHIRMRK7XIIP , IEXXVIEXXLMWWXIIPEXPS[ XIQ TIVEXYVIW
”XS”* -XI\TIVMIRGIWEPQ SWXRSHMQ IRWMSREPGLERKIWEJXIVLIEXXVIEXMRK1 E\
EXXEMREFPI6SGO[ IPPLEVHRIWWMW''1 IPXMRKTSMRXMW”*=MIPHWXVIRKXLMWTWM

+ VEHI8LMWWXIIPI\LMFMXWKSSH[ IEVVIWMWXERGIXSYKLRIWWQ EGLMREFMPMX]ERHLMKL


Q IGLERMGEPTVSTIVXMIW4VILEVHIRIHXSE6SGO[ IPPLEVHRIWWSJ'1 IPXMRKTSMRXMW”*=MIPH
WXVIRKXLMWTWM

+ VEHI48LMWLEVHIRIHKIRIVEPTYVTSWIQ SPHWXIIPMWWYMXEFPIJSVTVSHYGXMSRSJQ EGLMRIHSV


)( 1 TPEWXMGQ SPHERH^MRGHMIGEWXMRKGSQ TSRIRXW7YTTPMIHTVILEVHIRIHXSE6SGO[ IPPLEVHRIWW
SJ'1 IPXMRKTSMRXMW”*=MIPHWXVIRKXLMWTWM

 + 0, Y]IXX

( -1 )2 7-3 2 % 078% &-0-8=-2 , )%886)%81 )2 8 83 9 + , 2 )77 , 3 8, % 6( 2 )77
0S[ , MKL 0S[ , MKL 0S[ , MKL

3 0= 1 4-' (  : ( ' ,  ( 3 9 &0)7-<  1 


7)0)'8& %  : -7'3 9 2 8 , 1 3 ( -*-)( : ( ' , 
: ( ' ,  &)% 6'% 8 7 : -7'3 9 2 8 , 
&)% 6'% 8 7 &% ( + )6 3  , SXLEVHRIWWRSXETTPMGEFPIXSGSPH[ SVOWXIIPWWYGLEW
3 P]Q TMG7IPIGXF&EHKIV'EVFSRERH&IEVGEX
( 3 9 &0)7-<  1  '% 6&3 2  ; 
&% ( + )6 3  7)0)'8& % 
8LMW'LEVXWYQ Q EVM^IWQ IXEPPYVKMGEP
'% 6&3 2  ;  ( 3 9 &0)7-<  1  TVSTIVXMIWSJXLIZEVMSYWKVEHIWSJXSSP
:MWGSYRXMWTVILEVHIRIH 3 0= 1 4-' (  WXIIPEZEMPEFPI8LIJMVWXWXITMWETTP]MRK
HEXEJVSQ XLIGLEVXMWXSI\EQ MRIXLI
; )% 66)7-78% 2 ')%863 3 1 8)1 4)6%89 6) 1 % ', -2 % &-0-8= WTIGMJMGETTPMGEXMSRJSVXLIMQ TSVXERX
0S[ , MKL 0S[ , MKL TVSTIVXMIWMRZSPZIH*SVI\EQ TPIER
( 3 9 &0)7-<  1  '% 6&3 2  ;  INIGXSVTMRJSVHMIGEWXMRKVIUYMVIWXST
3 0= 1 4-' (  &% ( + )6 3  XSYKLRIWW[ MXLKSSH[ IEVVIWMWXERGI
7)0)'8& %  &)% 6'% 8 7 ERHLSXLEVHRIWWXLIGLEVXMRHMGEXIW
:( 'EWEPSKMGEPWXEVX-JXLI:( 'TEVX
&% ( + )6 3  : ( ' , 
[ IEVWXSSVETMHP]XLIRI\XQ SZI[ SYPH
'% 6&3 2  ;  7)0)'8& %  FIXS&IEVGEX% RSXLIVETTPMGEXMSR
&)% 6'% 8 7 ( 3 9 &0)7-<  1  Q MKLXMRZSPZIETEVXJSVEWLSVXVYRGSPH
: -7'3 9 2 8 3 0= 1 4-' (  JSVQ MRKHMIWIXYT'SRWMHIVMRKHMIPMJI
: ( ' ,  : -7'3 9 2 8 ERHWXIIPGSWXGEVFSR[ SYPHFIJMVWX
WSYVGIMJ[ IEVSVWM^IGLERKIMRLIEX
XVIEXQ IRXFIGSQ IWETVSFPIQ XLIRI\X
WXIT[ SYPHFIXSYWI7IPIGX&FYXMJWM^I
GLERKIMRLIEXXVIEX[ EWXLISRP]
TVSFPIQ XLIR&EHKIVWLSYPHFIXVMIH

'LIQ MGEP'SQ TSWMXMSR0MQ MXW SJ7XIIP{ -VSRQ EOIWYTXLIVIQ EMRMRKTIVGIRXEKI

   2 SRI   2 SRI 2 SRI 2 SRI 2 SRI

   2 SRI   2 SRI 2 SRI 2 SRI 2 SRI

%       2 SRI 2 SRI 2 SRI 2 SRI

0   2 SRI   2 SRI 2 SRI 2 SRI

   2 SRI   2 SRI 2 SRI 2 SRI 2 SRI

        2 SRI 2 SRI

        2 SRI 2 SRI

;         

3       2 SRI 

1     2 SRI 2 SRI   

%         2 SRI

(         2 SRI

7         2 SRI

%    2 SRI 2 SRI   2 SRI 2 SRI

   2 SRI 2 SRI 2 SRI   2 SRI 2 SRI

4    2 SRI 2 SRI   2 SRI 2 SRI

 + 0, Y]IXX

% PPS]MRK)PIQ IRXWERHXLI)JJIGXSR7XIIP

)PIQ IRX )JJIGX


%PYQ MRYQ ( IS\MHM^IWERHVIWXVMGXWKVEMRKVS[ XL
&SVSR -RGVIEWIWLEVHIREFMPMX]
'EVFSR -RGVIEWIWLEVHIREFMPMX]ERHWXVIRKXL
'LVSQ MYQ -RGVIEWIWGSVVSWMSRVIWMWXERGILEVHIREFMPMX]ERH[ IEVVIWMWXERGI
0IEH -RGVIEWIWQ EGLMREFMPMX]
1 ERKERIWI -RGVIEWIWLEVHIREFMPMX]ERHGSYRXIVEGXWFVMXXPIRIWWJVSQ WYPJYV
1 SP]FHIRYQ ( IITIRWLEVHIRMRKVEMWIWGVIITWXVIRKXLERHLSXLEVHRIWWIRLERGIWGSVVSWMSR
VIWMWXERGIERHMRGVIEWIW[ IEVVIWMWXERGI
2MGOIP -RGVIEWIWWXVIRKXLERHXSYKLRIWW
4LSWTLSVYW -RGVIEWIWWXVIRKXLQ EGLMREFMPMX]ERHGSVVSWMSRVIWMWXERGI
7MPMGSR ( IS\MHM^IWLIPTWIPIGXVMGEPERHQ EKRIXMGTVSTIVXMIWMQ TVSZIWLEVHRIWWERHS\MHEXMSR
VIWMWXERGI
7YPJYV -RGVIEWIWQ EGLMREFMPMX]FYXHEQ EKIWLSXJSVQ MRKGLEVEGXIVMWXMGW
8MXERMYQ *SVQ WGEVFMHIWVIHYGIWLEVHRIWWMRWXEMRPIWWWXIIPW
8YRKWXIR -RGVIEWIW[ IEVVIWMWXERGIERHVEMWIWLSXWXVIRKXLERHLSXLEVHRIWW
:EREHMYQ -RGVIEWIWLEVHIREFMPMX]

*SYV( MKMX% PPS]2 YQ FIVMRK7]WXIQ


2SXI%PPS]MRKIPIQ IRXWEVIMR[ IMKLXTIVGIRX<<HIRSXIWGEVFSRGSRXIRX
\\ &EWMGTPEMRGEVFSRWXIIPW
\\ 4PEMRGEVFSRWXIIP[ MXLLMKLWYPJYV
PS[ TLSWTLSVSYW 6IWYPJIVM^IH
\\ 4PEMRGEVFSRWXIIP[ MXLLMKLWYPJYV
LMKLTLSWTLSVSYW
\\ Q ERKERIWI
\\ RMGOIP WIVMIWHIPIXIHMR
\\ RMGOIP WIVMIWHIPIXIHMR
\\ RMGOIP
'LVSQ MYQ  WIVMIWHIPIXIHMR
\\ RMGOIP
'LVSQ MYQ  WIVMIWHIPIXIHMR
\\ 1 SP]FHIRYQ
\\ GLVSQ MYQ 
Q SP]FHIRYQ
\\ RMGOIPGLVSQ MYQ 
Q SP]FHIRYQ
\\ Q SP]FHIRYQ
\\ SVRMGOIP
Q SP]FHIRYQ
\\ RMGOIPGLVSQ MYQ 
Q SP]FHIRYQ
\\ RMGOIP
Q SP]FHIRYQ
\\ GLVSQ MYQ
\\ GLVSQ MYQ
\\\\ GEVFSR
SVGLVSQ MYQ
\\ SVGLVSQ MYQ 
ZEREHMYQ
\\ RMGOIPGLVSQ MYQ 
Q SP]FHIRYQ
\\ RMGOIPGLVSQ MYQ 
Q SP]FHIRYQ
\\ RMGOIPGLVSQ MYQ 
Q SP]FHIRYQ
\\ WMPMGSR

 + 0, Y]IXX


You might also like