IMPLEMENTING THE STOP TB STRATEGY A handbook for national tuberculosis control programmes
-QTPIQIRXMRKXLI ;,37XST8&7XVEXIK] %,%2(&33/*362%8-32%08&'328630463+6%11)7
;,30MFVEV]'EXEPSKYMRKMR4YFPMGEXMSR(EXE -QTPIQIRXMRKXLI;,37XST8&7XVEXIK]ELERHFSSOJSVREXMSREP XYFIVGYPSWMWGSRXVSPTVSKVEQQIW ;,3,818& 8YFIVGYPSWMW4YPQSREV]¦TVIZIRXMSRERHGSRXVSP,ERHFSSOW 1ERYEPW-;SVPH,IEPXL3VKERM^EXMSR7XST8&(ITX -7&2
201GPEWWM´GEXMSR;*
4VHHFTUFEDJUBUJPO -QTPIQIRXMRKXLI7XST8&7XVEXIK]ELERHFSSOJSVREXMSREPXYFIVGYPSWMW GSRXVSPTVSKVEQQIW+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&
8PSME)FBMUI0SHBOJ[BUJPO %PPVMKLXWVIWIVZIH4YFPMGEXMSRWSJXLI;SVPH,IEPXL3VKERM^EXMSRGERFISFXEMRIHJVSQ;,34VIWW ;SVPH,IEPXL3VKERM^EXMSR%ZIRYI%TTME+IRIZE7[MX^IVPERH XIP JE\IQEMPFSSOSVHIVW$[LSMRX 6IUYIWXWJSVTIVQMWWMSRXSVITVSHYGISVXVERW PEXI;,3TYFPMGEXMSRW¦[LIXLIVJSVWEPISVJSVRSRGSQQIVGMEPHMWXVMFYXMSR¦WLSYPHFIEHHVIWWIH XS;,34VIWWEXXLIEFSZIEHHVIWW JE\IQEMPTIVQMWWMSRW$[LSMRX 8LIHIWMKREXMSRWIQTPS]IHERHXLITVIWIRXEXMSRSJXLIQEXIVMEPMRXLMWTYFPMGEXMSRHSRSXMQTP] XLII\TVIWWMSRSJER]STMRMSR[LEXWSIZIVSRXLITEVXSJXLI;SVPH,IEPXL3VKERM^EXMSRGSRGIVR MRKXLIPIKEPWXEXYWSJER]GSYRXV]XIVVMXSV]GMX]SVEVIESVSJMXWEYXLSVMXMIWSVGSRGIVRMRKXLI HIPMQMXEXMSRSJMXWJVSRXMIVWSVFSYRHEVMIW(SXXIHPMRIWSRQETWVITVIWIRXETTVS\MQEXIFSVHIV PMRIWJSV[LMGLXLIVIQE]RSX]IXFIJYPPEKVIIQIRX 8LIQIRXMSRSJWTIGM´GGSQTERMIWSVSJGIVXEMRQERYJEGXYVIVW«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
MMM
'SRXIRXW
4VIJEGI
Z
%GORS[PIHKIQIRXW
ZMM
%FFVIZMEXMSRW
\M
-RXVSHYGXMSR
1BSU* 5VCFSDVMPTJTDBSFBOEQSFWFOUJPO
'LETXIV
'EWIHIXIGXMSR
'LETXIV
8VIEXQIRXSJXYFIVGYPSWMWTEXMIRXW
'LETXIV
6IGSVHMRKERHVITSVXMRK
'LETXIV
8YFIVGYPSWMWMRGLMPHVIR
'LETXIV
'SRXEGXMRZIWXMKEXMSR
'LETXIV
-RJIGXMSRGSRXVSPMRLIEPXLGEVIWIXXMRKW
'LETXIV
-WSRME^MHTVIZIRXMZIXLIVET]
'LETXIV
&'+ZEGGMREXMSR
'LETXIV
4VIZIRXMSRXLVSYKLEHHVIWWMRKVMWOJEGXSVW
1BSU** 1SPHSBNNBUJDNBOBHFNFOUPGUVCFSDVMPTJT
'LETXIV 1EREKIVMEPWXVYGXYVI
'LETXIV 1EREKIQIRXG]GPI
'LETXIV 4VSKVEQQEXMGQEREKIQIRXSJHVYKVIWMWXERX XYFIVGYPSWMW
'LETXIV 4VSKVEQQEXMGQEREKIQIRXSJXYFIVGYPSWMWERH XLILYQERMQQYRSHI´GMIRG]ZMVYW
'LETXIV 0EFSVEXSV]WIVZMGIW
'LETXIV 1EREKIQIRXSJERXMXYFIVGYPSWMWHVYKWYTTPMIW
MZ
%,%2(&33/*362%8-32%08&'328630463+6%11)7
'LETXIV 7YTIVZMWSV]WYTTSVXXSFEWMGQEREKIQIRXYRMXW
'LETXIV (IZIPSTQIRXSJLYQERVIWSYVGIW
'LETXIV 1SRMXSVMRKERHIZEPYEXMSRSJTVSKVEQQI TIVJSVQERGI
'LETXIV *YRHMRKSJXYFIVGYPSWMWGSRXVSP
'LETXIV 0IKEPERHVIKYPEXSV]MWWYIW
1BSU*** &OTVSJOHDPNQSFIFOTJWFDPOUSPMPGUVCFSDVMPTJT
'LETXIV 'SRXVMFYXMRKXSWXVIRKXLIRMRKSJLIEPXLW]WXIQW
'LETXIV )RKEKMRKEPPGEVITVSZMHIVW
'LETXIV 4VEGXMGEPETTVSEGLXSPYRKLIEPXLERHSXLIV MRXIKVEXIHETTVSEGLIWXSLIEPXLGEVI
'LETXIV )UYMX]SJERHEGGIWWXSWIVZMGIWJSVTVIZIRXMSR SJXYFIVGYPSWMWERHXVIEXQIRXSJTEXMIRXW
'LETXIV 7TIGMEPKVSYTWERHWMXYEXMSRW
'LETXIV -RZSPZIQIRXSJGSQQYRMXMIWERHTEXMIRXWMR XYFIVGYPSWMWGEVIERHTVIZIRXMSR
'LETXIV %HZSGEG]GSQQYRMGEXMSRERHWSGMEPQSFMPM^EXMSR
'LETXIV 6SPISJREXMSREPXYFIVGYPSWMWGSRXVSPTVSKVEQQIW MRVIWIEVGL
"OOFY 4USBUFHZGPSUIFDPOUSPMBOEFMJNJOBUJPOPGUVCFSDVMPTJT
Z
4VIJEGI
7
MRGIXLITYFPMGEXMSRSJXLI8YFIVGYPSWMWLERHFSSOF]XLI;SVPH,IEPXL3VKE RM^EXMSRMRMQTSVXERXGLERKIWLEZIXEOIRTPEGIMRXLIKPSFEPGSRXI\XMR [LMGLGSRXVSPSJXYFIVGYPSWMW 8& MWGEVVMIHSYX*MVWXP]XLI(387WXVEXIK]LEW FIIREHSTXIHF]ZMVXYEPP]EPPGSYRXVMIWHYVMRKXLITEWXHIGEHIEPXLSYKL[MXL ZEV]MRKUYEPMX]ERHJYPPWGEPI(387MQTPIQIRXEXMSRLEWRSX]IXFIIREGLMIZIH %X XLI WEQI XMQI IJJSVXW XS GSRXVSP XLI HMWIEWI LEZI FIGSQI MRGVIEWMRKP] TEXMIRXGIRXVIHERHHMVIGXIHXS[EVHWYRMZIVWEPEGGIWWXSGEVIJSVEPP 7IGSRHP]RI[QENSVGLEPPIRKIWXSTYFPMGLIEPXLLEZIIQIVKIHEHHMRKGSQ TPI\MXMIWJSVXLI[SVOSJREXMSREP8&GSRXVSPTVSKVEQQIW 284W ERHWXVEMRMRK EZEMPEFPI VIWSYVGIW 8LI ITMHIQMG SJ MRJIGXMSR [MXL XLI LYQER MQQYRSHI´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´KLX EKEMRWX8&FYXXLIMVIRKEKIQIRXERHIQTS[IVQIRXRIIHXSFIJYVXLIVTVS QSXIHERHJEGMPMXEXIH8LIVIGIRXP]TYFPMWLIH4EXMIRXW«GLEVXIVJSVXYFIVGYPSWMW
ZM
%,%2(&33/*362%8-32%08&'328630463+6%11)7
GEVIFEWIHSRMRTYXJVSQEJJIGXIHGSQQYRMXMIW[SVPH[MHILEWRSX]IXFIIR [MHIP]EHSTXIHF]284W7SGMEPQSFMPM^EXMSRMWERMQTSVXERXMRRSZEXMZIGSQTS RIRXSJXLI7XST8&7XVEXIK] *MREPP]VIWIEVGLSR8&RIKPIGXIHJSVHIGEHIWWLSYPHFIJSWXIVIHXSQIIXXLI MRGVIEWMRKP]TVIWWMRKRIIHJSVRI[HVYKWHMEKRSWXMGWERHZEGGMRIW%HHVIWWMRK 8&,-:ERH1(68&VIUYMVIWMQTVSZIHERHVETMHHMEKRSWXMGXSSPWRI[GPEWWIW SJHVYKWEVIRIIHIHJSV1(68&ERH<(68&ERHXSWLSVXIRXLIPIRKXLSJXVIEX QIRXIRKEKMRKRSRWXEXITVEGXMXMSRIVWERHGSQQYRMXMIWVIUYMVIWSTIVEXMSREP VIWIEVGLXS´RIXYRIMRXIVZIRXMSRW)PMQMREXMRK8&VIUYMVIWIJJIGXMZITVIZIRXMZI QIEWYVIWEW[IPPEWSTXMQEPGEWIQEREKIQIRX 8EOMRK EGGSYRX SJ XLIWI RI[ ERH GLERKMRK WMXYEXMSRW XLI 7XST 8& 7XVEXIK] HI´RIWWTIGM´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
1EVMS6EZMKPMSRI (MVIGXSV 7XST8&(ITEVXQIRX
.IVIQMEL'LEOE]E 'LEMVQER (387)\TERWMSR ;SVOMRK+VSYT
'SR]IV8ETME 'LEMVQER 7GMIRXM´GERH8IGLRMGEP %HZMWSV]+VSYTSR8&
ZMM
%GORS[PIHKIQIRXW
8
LI7XST8&(ITEVXQIRXSJXLI;SVPH,IEPXL3VKERM^EXMSR ;,3 KVEXIJYPP] EGORS[PIHKIWXLIGSRXVMFYXMSRSJXLIJSPPS[MRKMRHMZMHYEPW
)\TIVXVIZMI[TERIP .EMQI&E]SRE(MVIGXSVHI4VS]IGXSW7SGMSW)R7EPYH¦7YGYVWEP4IV0MQE 4IVY /EM&P}RHEP7IRMSV8&'SRWYPXERX6I]ONEZMO,IEPXL'EVI7IVZMGIW6I]ONEZMO -GIPERH .IVIQMEL 'LEOE]E 'LMIJ 6IWIEVGL 3J´GIV 'IRXVI JSV 6IWTMVEXSV] (MWIEWIW 6IWIEVGL/IR]E1IHMGEP6IWIEVGL-RWXMXYXI2EMVSFM/IR]E 1MVXLE (IP +VEREHS 6IKMSREP %HZMWIV JSV 8& ;,3 6IKMSREP 3J´GI JSV XLI %QIVMGEW;EWLMRKXSR('97% 1EVGSW)WTMREP)\IGYXMZI7IGVIXEV]7XST8&4EVXRIVWLMT7IGVIXEVMEX+IRIZE 7[MX^IVPERH 4IXIV +SRHVMI ,IEH -RXIVREXMSREP 9RMX /2': 8YFIVGYPSWMW *SYRHEXMSR 8LI ,EKYI2IXLIVPERHW 6IYFIR+VERMGL1IHMGEP3J´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
ZMMM
%,%2(&33/*362%8-32%08&'328630463+6%11)7
-(6YWIR(MVIGXSV(ITEVXQIRXSJ8YFIVGYPSWMW'SRXVSPERH4VIZIRXMSR-RXIV REXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI4EVMW*VERGI %OMLMVS 7IMXE 6IKMSREP %HZMWIV JSV 8& ;,3 6IKMSREP 3J´GI JSV XLI )EWXIVR 1IHMXIVVERIER'EMVS)K]TX 4IHVS+YMPPIVQS7YEVI^4VSKVEQ(MVIGXSVJSV8&ERH8&,-:%-(7'IRXIVJSV ,IEPXL4VSKVEQW1EREKIQIRX7GMIRGIWJSV,IEPXL'EQFVMHKI1%97% 4MIXIVZER1EEVIR6IKMSREP%HZMWIVJSV8&;,36IKMSREP3J´GIJSVXLI;IWX IVR4EGM´G1ERMPE4LMPMTTMRIW (V%RREPMIW:ER6MI%WWSGMEXI4VSJIWWSV(ITEVXQIRXSJ)TMHIQMSPSK]9RMZIV WMX]SJ2SVXL'EVSPMRE'LETIP,MPP2'97% *VERGMW:EVEMRI'SSVHMREXSV;SVOMRK+VSYTSR8&1qHIGMRW7ERW*VSRXMrVIW 4EVMW*VERGI 6SWEPMRH:MER^SR2EXMSREP8&'SRXVSP4VSKVEQQI1EREKIV2EXMSREP'IRXVIJSV (MWIEWI'SRXVSPERH4VIZIRXMSR(ITEVXQIRXSJ,IEPXL1ERMPE4LMPMTTMRIW ;ERK0M\ME(MVIGXSV2EXMSREP'IRXVIJSV8&'SRXVSPERH4VIZIRXMSR'LMRIWI 'IRXIVJSV(MWIEWI'SRXVSPERH4VIZIRXMSR&IMNMRK'LMRE 6MGLEVH >EPIWOMW 6IKMSREP %HZMWIV JSV 8& ;,3 6IKMSREP 3J´GI JSV )YVSTI 'STIRLEKIR(IRQEVO
'SRXVMFYXSVWXSXLI%RRI\ .SWq *MKYIVSE (ITYX] (MVIGXSV SJ 4YFPMG ,IEPXL 'MX] ERH ,EGORI] 4VMQEV] ,IEPXL'EVI8VYWX2EXMSREP,IEPXL7IVZMGI0SRHSR)RKPERH :MRGIRX/Y]ZIRLSZIR7IRMSV'SRWYPXERX/2':8YFIVGYPSWMW*SYRHEXMSR8LI ,EKYI2IXLIVPERHW +MSZERRM&EXXMWXE1MKPMSVM(MVIGXSV;,3'SPPEFSVEXMRK'IRXVIJSV8&ERH0YRK (MWIEWIW*SRHE^MSRI71EYKIVM'EVIERH6IWIEVGL-RWXMXYXI8VEHEXI-XEP] .YER'EVPSW1MPPjR4VSJIWWSV SJ 1IHMGMRI ,IEH SJ(ITEVXQIRX SJ1IHMGMRI -RWXMXYXI4IHVS/SYVM,EZERE9RMZIVWMX],EZERE'YFE -ZER 7SPSZMG %WWSGMEXI 4VSJIWWSV ,IEH SJ (IETEVXQIRX ERH 284 1EREKIV 2EXMSREP-RWXMXYXIJSV8&0YRK(MWIEWIWERH8LSVEGMG7YVKIV]:]ÏWRq,jK] 7PSZEOME
;,37XST8&(ITEVXQIRXERH7XST8&4EVXRIVWLMT7IGVIXEVMEX [VMXMRKGSQQMXXIIERHWXIIVMRKKVSYTQIQFIVW 1SLEQQIH%FHIP%^M^/EVMR&IVKWXV}Q0qSTSPH&PERG%RRIQMIOI&VERHW /EXLIVMRI*PS]H+MYPMERS+EVKMSRM,EMPI]IWYW+IXELYR%RHVIE+SHJVI]1EP KSWME+V^IQWOE'LVMWXMER+YRRIFIVK)VRIWXS.EVEQMPPS*EFMIRRI.SYFIVXSR /RYX 0}RRVSXL (IVQSX 1ELIV 0MRHWE] 1EVXMRI^ *YEH 1MV^E]IZ 4MIVVI=ZIW 2SVZEP7EPEL)HHMRI3XXQERM6SWI4VE]*EFMS7GERS2MGSPI7GLMIKK1YOYRH 9TPIOEV0ERE:IPIFMX:qVSRMUYI:MRGIRX&VMER;MPPMEQW
%'/23;0)(+)1)287
M\
1EREKMRKIHMXSV 0MRHWE]1EVXMRI^
*MRERGMEPWYTTSVX 8LI9RMXIH7XEXIW%KIRG]JSV-RXIVREXMSREP(IZIPSTQIRXQEHIE´RERGMEPGSR XVMFYXMSRMRWYTTSVXSJXLMWTYFPMGEXMSRXLVSYKLMXW8YFIVGYPSWMW'SRXVSP%WWMW XERGI4VSKVEQ
'SRµMGXSJMRXIVIWX %PPTEVXMGMTERXWMRXLITVITEVEXMSRERHVIZMI[SJXLMWHSGYQIRXGSQTPIXIHE (IGPEVEXMSRSJ-RXIVIWXW2SGSRµMGXSJMRXIVIWX[EWHIGPEVIHF]ER]TEVXMGM TERX
+YMHIPMRI6IZMI['SQQMXXII%TTVSZEP 8LI8YFIVGYPSWMW,ERHFSSO[EWETTVSZIHF]XLI;,3«W+YMHIPMRI6IZMI['SQ QMXXIISR%TVMPLEZMRKQIXXLIQMRMQYQVITSVXMRKVIUYMVIQIRXWMR TPEGIEXXLEXXMQI
\M
%FFVIZMEXMSRW
%'71
EHZSGEG]GSQQYRMGEXMSRERHWSGMEPQSFMPM^EXMSR
%*&
EGMHJEWXFEGMPPM
%-(7
EGUYMVIHMQQYRSHI´GMIRG]W]RHVSQI
%68
ERXMVIXVSZMVEPXLIVET]
&'+
FEGMPPI'EPQIXXI¦+YqVMR ZEGGMRI
&19
FEWMGQEREKIQIRXYRMX
&7'
FMSWEJIX]GEFMRIX
&70
FMSWEJIX]PIZIP
'&3
GSQQYRMX]FEWIHSVKERM^EXMSR
'48
GSXVMQS\E^SPITVIZIRXMZIXLIVET]
'<6
GLIWX<VE] I\EQMREXMSR
(38
HMVIGXP]SFWIVZIHXLIVET]
(67
HVYKVIWMWXERGIWYVZIMPPERGI
(78
HVYKWYWGITXMFMPMX]XIWXMRK
)5%
I\XIVREPUYEPMX]EWWYVERGI
*&3
JEMXLFEWIHSVKERM^EXMSR
*('
´\IHHSWIGSQFMREXMSR ERXM8&QIHMGMRIW
+(*
+PSFEP(VYK*EGMPMX]
+(4
KSSHHMWXVMFYXMSRTVEGXMGI
+0'
+VIIR0MKLX'SQQMXXII
+14
KSSHQERYJEGXYVMRKTVEGXMGI
+PSFEP*YRH
+PSFEP*YRHXS*MKLX%-(78YFIVGYPSWMWERH1EPEVME
,)4%
LMKLIJ´GMIRG]TEVXMGYPEXIEMV
,-:
LYQERMQQYRSHI´GMIRG]ZMVYW
,6(
LYQERVIWSYVGIHIZIPSTQIRX
,6,
LYQERVIWSYVGIWJSVLIEPXL
,77
LIEPXLW]WXIQWXVIRKXLIRMRK
\MM
%,%2(&33/*362%8-32%08&'328630463+6%11)7
-)'
MRJSVQEXMSRIHYGEXMSRERHGSQQYRMGEXMSR
-,6
-RXIVREXMSREP,IEPXL6IKYPEXMSRW
-1%-
MRXIKVEXIHQEREKIQIRXSJEHYPXERHEHSPIWGIRXMPPRIWW
-1'-
MRXIKVEXIHQEREKIQIRXSJGLMPHLSSHMPPRIWW
-48
MWSRME^MHTVIZIRXMZIXLIVET]
-6-7
MQQYRIVIGSRWXMXYXMSRMRµEQQEXSV]W]RHVSQI
/%4
ORS[PIHKIEXXMXYHIWERHTVEGXMGIW
08&-
PEXIRX8&MRJIGXMSR
1',
QEXIVREPERHGLMPHLIEPXL
1(+
1MPPIRRMYQ(IZIPSTQIRX+SEP
1(68&
QYPXMHVYKVIWMWXERXXYFIVGYPSWMW
18)*
QIHMYQXIVQI\TIRHMXYVIJVEQI[SVO
1874
QIHMYQXIVQWXVEXIKMGTPER
2+3
RSRKSZIVRQIRXEPSVKERM^EXMSR
260
REXMSREPVIJIVIRGIPEFSVEXSV]
284
REXMSREPXYFIVGYPSWMWGSRXVSPTVSKVEQQI
4%0
TVEGXMGEPETTVSEGLXSPYRKLIEPXL
4,'
TVMQEV]LIEPXLGEVI
40,-:
TISTPIPMZMRK[MXL,-:
441
TYFPMG¦TVMZEXIQM\
4674
TSZIVX]VIHYGXMSRWXVEXIK]TETIV
48
TVIZIRXMZIXLIVET]
48&
TYPQSREV]XYFIVGYPSWMW
5'
UYEPMX]GSRXVSP
7''
WLSVXGSYVWIGLIQSXLIVET]
7;%4
WIGXSV[MHIETTVSEGL
8&
XYFIVGYPSWMW
878
XYFIVGYPMRWOMRXIWX
9RMSR
-RXIVREXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI
92-')*
9RMXIH2EXMSRW'LMPHVIR«W*YRH
9:+-
YPXVEZMSPIXKIVQMGMHEPMVVEHMEXMSR
;,3
;SVPH,IEPXL3VKERM^EXMSR
<(68&
I\XIRWMZIP]HVYKVIWMWXERXXYFIVGYPSWMW
-RXVSHYGXMSR
%
REHIUYEXIWXVEXIK]JSVXLIGSRXVSPSJXYFIVGYPSWMW 8& KPSFEPP]GEPPWJSVE GSQTVILIRWMZIETTVSEGLXSEHHVIWWEPPXLIQEMRGSRWXVEMRXWXSGSRXVSPSJ XLIHMWIEWIMRGPYHMRKIQIVKMRKGLEPPIRKIWEW[IPPEWXLIQEMRJEGXSVWMRµY IRGMRKXLIMRGMHIRGISJ8&WYGLEWWSGMSIGSRSQMGERHIRZMVSRQIRXEPEWTIGXW 'SRWIUYIRXP]XLIWGSTISJEGXMZMXMIWYRHIVXEOIRF]REXMSREP8&GSRXVSPTVS KVEQQIW 284W LEW KVIEXP] MRGVIEWIH 8LI TYVTSWI SJ XLMW LERHFSSO MW XS FVMRKXSKIXLIVMRWYQQEVM^IHJSVQXLIMWWYIWVIGSQQIRHIHWXVEXIKMIWERH TVEGXMGEPQIEWYVIWMRZSPZIHMREHHVIWWMRKIEGLSJXLIGSQTSRIRXWSJXLI7XST 8&7XVEXIK]-XSYXPMRIWXLIVERKISJEGXMZMXMIWXSFIEHHVIWWIHF]284WERHXLI VIGSQQIRHIHETTVSEGLIWXSMQTPIQIRXEXMSRSJXLI7XVEXIK] 8LMW TYFPMGEXMSR HVE[W YTSR GYVVIRX KYMHIPMRIW ERH MRJSVQEXMSR HSGYQIRXW MWWYIHF]XLI;SVPH,IEPXL3VKERM^EXMSR ;,3 [LMGLTVSZMHIQSVIHIXEMPIH KYMHERGISRMQTPIQIRXEXMSRJSVIEGLSJXLIWTIGM´GWYFNIGXEVIEW8LIPMWXIH VIJIVIRGIWEVIPMQMXIHXSOI]VIEHMRKWJSVMQTPIQIRXEXMSRSJTVSKVEQQIEGXMZM XMIWERHXSXI\XWXLEXTVSZMHIMQTSVXERXEHHMXMSREPFEGOKVSYRHERHWYTTPIQIR XEV]MRJSVQEXMSR%WJYVXLIVMRJSVQEXMSRFIGSQIWEZEMPEFPIMX[MPPFITVSZMHIH SRXLI;,3[IFWMXI6IEHIVWEVIEHZMWIHXSGSRWYPXXLMW[IFWMXITIVMSHMGEPP] JSVYTHEXIHMRJSVQEXMSRERHKYMHERGI
8LIWXVYGXYVIERHSVKERM^EXMSRSJXLILERHFSSOJSPPS[ERHVIµ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
[[[[LSMRXXFIR
%,%2(&33/*362%8-32%08&'328630463+6%11)7
VIGSQQIRHIHETTVSEGLIWERHQIEWYVIWXSFIXEOIRMREGGSVHERGI[MXLXLI VIJIVIRGIHKYMHIPMRIWERHSXLIVHSGYQIRXWXLEXTVSZMHIQSVIHIXEMPIHMRJSV QEXMSRSRMQTPIQIRXEXMSR -QTPIQIRXMRKXLI7XST8&7XVEXIK]ELERHFSSOJSVREXMSREP8&GSRXVSPTVS KVEQQIWMWXLIWYGGIWWSVXSXLI8YFIVGYPSWMWLERHFSSOTYFPMWLIHF];,3MR 8LIGSRXIRXWSJXLITVMRXIHFSSOEVII\TIGXIHXSVIQEMRZEPMHJSVEXPIEWX ´ZI]IEVWJVSQXLIHEXISJTYFPMGEXMSR[MXLYTHEXIHMRJSVQEXMSRTVSZMHIHSR WTIGM´GMWWYIWSRXLI;,3[IFWMXIEWMXFIGSQIWEZEMPEFPI8LITVMRXIHIHM XMSR[MPPFIGSRWMHIVIHJSVTSWWMFPIVIZMWMSREJXIV
1IXLSHSPSK] 8LMWTYFPMGEXMSRMWEREFVMHKIHZIVWMSRSJXLIKYMHERGIERHMRJSVQEXMSRHIXEMPIH MREWIVMIWSJVIGIRXP]TVSHYGIH;,3KYMHIPMRIWTYFPMGEXMSRWSRW]WXIQEXMG VIZMI[WERHMRJSVQEXMSRHSGYQIRXW TYFPMWLIHFIJSVI7ITXIQFIV 8LIWI HSGYQIRXWEVIXLIQWIPZIWFEWIHYTSRFIWXEZEMPEFPIIZMHIRGIMRGPYHMRKGPMRM GEPXVMEPWMRWSQIMRWXERGIWEW[IPPEWXLIEGGYQYPEXIHI\TIVMIRGIJVSQ284W [SVPH[MHI[LMGLVITSVXIHWSQIQMPPMSR8&GEWIWXS;,3FIX[IIR ERH-RVETMHP]GLERKMRKWYFNIGXEVIEW[LIVIEZEMPEFPIMRJSVQEXMSRSRXLI IJ´GEG]ERHIJJIGXMZIRIWWSJXLIVIGSQQIRHIHQIEWYVIWMWPMQMXIHKYMHERGI MWFEWIHSRI\TIVXSTMRMSRERHFIWXTVEGXMGIWHIVMZIHJVSQI\TIVMIRGIKEMRIH MR8&GSRXVSPERHSXLIVLIEPXLTVSKVEQQIWEWSJXLITYFPMGEXMSRHEXISJXLMW LERHFSSO 8LI -RXIVREXMSREP WXERHEVHW JSV XYFIVGYPSWMW GEVI HIWGVMFI E [MHIP] EGGITXIH PIZIPSJGEVIXLEXEPPTVEGXMXMSRIVW¦TYFPMGERHTVMZEXI¦WLSYPHWIIOXSEGLMIZI MRQEREKMRKTEXMIRXW[LSLEZISVEVIWYWTIGXIHSJLEZMRK8&8LI]MRGPYHIE GSQTVILIRWMZIPMWXSJXLITYFPMWLIHSVMKMREPVIWIEVGLERHW]WXIQEXMGVIZMI[WXLEX MRJSVQXLI;,3VIGSQQIRHEXMSRWGSRXEMRIHMRXLMWLERHFSSOSRXLIHMEKRSWMW ERHXVIEXQIRXSJ8&)\XIRWMZIVIJIVIRGIPMWXWEVIEPWSTVSZMHIHMR8SQER«WXYFIV GYPSWMWGEWIHIXIGXMSRXVIEXQIRXERHQSRMXSVMRK)EGLGLETXIVPMWXWVIPIZERX ;,3KYMHIPMRIWERHOI]TIIVVIZMI[IHXI\XWSR[LMGLXLIGLETXIVMWFEWIH %FVSEHMRXIVREXMSREPGSRWYPXEXMZITVSGIWW[EWYWIHXSHVEJXXLMWHSGYQIRX 8LITVSGIWWMRZSPZIHXLIJSPPS[MRK´ZIWXITW )WXEFPMWLQIRXSJE7XST8&(ITEVXQIRXWXIIVMRKKVSYT TISTPI VIWTSR WMFPIJSVTPERRMRKXLIWXVYGXYVIERHSVKERM^EXMSRSJXLILERHFSSOWIPIGXMRK XLIQIQFIVWSJXLIVIZMI[KVSYTTVSZMHMRKKYMHERGIXSEGSRWYPXERX[LS GSSVHMREXIH XLI HIZIPSTQIRX SJ XLI XI\X ERH GSRWMHIVMRK XLI GSQQIRXW VIGIMZIHJVSQVIZMI[IVW %TTSMRXQIRX SJ E [VMXMRK GSQQMXXII GSQTVMWMRK WXEJJ JVSQ XLI 7XST 8& (ITEVXQIRXERHXLI7XST8&4EVXRIVWLMT7IGVIXEVMEX TISTPI MRGPYHMRK
-2863(9'8-32
XIGLRMGEPJSGEPTSMRXWXEJJQIQFIVWJSVIEGLWYFNIGXEVIEVIWTSRWMFPIJSV IRWYVMRKXLIEGGYVEG]SJXLIXIGLRMGEPGSRXIRXSJWTIGM´GWIGXMSRWERHGSR WMHIVMRKXLIGSQQIRXWSJVIZMI[IVW )WXEFPMWLQIRXSJERMRXIVREXMSREPI\TIVXVIZMI[KVSYT TISTPI MRGPYHMRK VITVIWIRXEXMZIW JVSQ E FVSEH VERKI SJ XIGLRMGEP TEVXRIV EKIRGMIW EW [IPP EWXIGLRMGEPI\TIVXW284QEREKIVWERHWXEJJJVSQ;,3LIEHUYEVXIVWERH VIKMSREPSJ´GIW 6IZMI[SJXLIGSQTPIXIHVEJXXI\XF]XLIMRXIVREXMSREPVIZMI[KVSYT%PPGSQ QIRXW[IVIGSRWMHIVIHF]XLIXIGLRMGEPJSGEPTSMRXWXEJJERHJSPPS[IHYTEW ETTVSTVMEXIMRGPYHMRKJYVXLIVHMWGYWWMSR[MXLVIZMI[IVWERHGSRWMHIVEXMSR F]XLIWXIIVMRKKVSYTEWRIGIWWEV]%PPGSQQIRXWVIGIMZIH[IVIOITXSR VIGSVH1SWXSJXLIVIZMI[IVW«GSQQIRXW[IVIMRGSVTSVEXIH[MXLXLII\GIT XMSRSJXLSWIXLEX[IVIIMXLIV M MRGSRWMWXIRX[MXLGYVVIRX;,3TSPMG]SV MM [IRXFI]SRHXLIWGSTISJXLMWTYFPMGEXMSR %QIRHQIRXSJXLIXI\XSRXLIFEWMWSJXLIGSQQIRXWVIGIMZIHJVSQXLIMRXIV REXMSREPVIZMI[KVSYT6IZMI[SJXLIEQIRHIHXI\XF]XLIWXIIVMRKKVSYTERH ´REPVIZMWMSR 'SRµMGXSJMRXIVIWX%PPTEVXMGMTERXWMRZSPZIHMRXLITVITEVEXMSRERHVIZMI[ SJXLIXI\XGSQTPIXIHE(IGPEVEXMSRSJ-RXIVIWXW2SGSRµMGXSJMRXIVIWX[EW HIGPEVIHF]ER]TEVXMGMTERX
)TMHIQMSPSK]SJXYFIVGYPSWMW 8YFIVGYPSWMWVIQEMRWEQENSVGEYWISJQSVFMHMX]ERHQSVXEPMX]MRQER]GSYR XVMIWERHEWMKRM´GERXTYFPMGLIEPXLTVSFPIQ[SVPH[MHI8LIKPSFEPMRGMHIRGI SJ8&[EWIWXMQEXIHXSFIGEWIWTIVTSTYPEXMSRTIV]IEVMR VERKMRKJVSQTIVTIV]IEVMRXLI;,36IKMSRSJXLI%QIVMGEWXS TIVTIV]IEVMRXLI;,3%JVMGER6IKMSR8LMWVITVIWIRXWEXSXEP SJQMPPMSRRI[GEWIWSJ8&ERHQMPPMSRHIEXLWJVSQ8&IZIV]]IEV8LI LMKLFYVHIRGSYRXVMIWEWHI´RIHF];,3EVIXLSWIGSYRXVMIWXLEXGSZIV SJXLI[SVPH«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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
XMQIPIEHMRKXSRI[MRJIGXMSRWERRYEPP]MI SJXLITSTYPEXMSRFIGSQ MRKMRJIGXIHIZIV]]IEV 3JEPPXLSWIMRJIGXIH[MXL1XYFIVGYPSWMWEFSYX [MPPHIZIPSTEGXMZI8&HMW IEWI[MXLMR´ZI]IEVWSJTVMQEV]MRJIGXMSRXLISXLIV [MPPHIZIPSTEPEXIRX MRJIGXMSRXLEXQE]PEXIVTVSKVIWWXSGEYWIHMWIEWIHITIRHMRKSRXLIWXEXYWSJ XLIMQQYRIW]WXIQ3ZIVEPPEFSYX SJMRJIGXIHMRHMZMHYEPW[MPPIZIRXYEPP] HIZIPSTEGXMZI8& -RXLIEFWIRGISJMRJIGXMSR[MXLLYQERMQQYRSHI´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¦JSPH[MXLMR]IEVW-RJIGXMSR[MXL FSXL1XYFIVGYPSWMWERH,-:MWTVIZEPIRXMRWSQITSTYPEXMSRKVSYTWMRGIVXEMR GSYRXVMIWSJ7SYXL)EWX%WMEMRGPYHMRK'EQFSHME'LMRE-RHME8LEMPERHERH :MIX2EQ3XLIVWMKRM´GERXVMWOJEGXSVWQE]EPWSLEZIERMQTSVXERXMQTEGXEX TSTYPEXMSRPIZIPHITIRHMRKSRXLIHIKVIISJI\TSWYVIXSXLIWIVMWOJEGXSVWMR XLITSTYPEXMSR 8LIHIZIPSTQIRXERHMRGVIEWMRKMQTSVXERGISJERXM8&HVYKVIWMWXERGIEVISJ GSRGIVRXS284WFIGEYWIHVYKVIWMWXERX8&MWQYGLQSVIHMJ´GYPXERHGSWXP] XSXVIEXXLERJYPP]HVYKWYWGITXMFPI8&%RIWXMQEXIHGEWIWSJQYPXMH VYKVIWMWXERX8& 1(68& SGGYVIEGL]IEVEQSRKRI[ERHTVIZMSYWP]XVIEXIH 8&GEWIWERHI\XIRWMZIP]HVYKVIWMWXERX8& <(68& LEWFIIRVITSVXIHJVSQ QER]GSYRXVMIW(VYKVIWMWXERGIIQIVKIW[LIVIGYVIVEXIWEVIPS[JSVI\EQTPI
-2863(9'8-32
[LIVIERXM8&HVYKWEVIEZEMPEFPI[MXLSYXQIHMGEPTVIWGVMTXMSR-XMWJSVXLMW VIEWSRXLEX284WLEZIFIIREHZMWIHSZIVXLI]IEVWXSGSRGIRXVEXISREGLMIZ MRKLMKLGYVIVEXIWERHSTXMQM^MRKXLIUYEPMX]SJERHEGGIWWXSERXM8&HVYKW SRMRGVIEWMRKGEWIHIXIGXMSRVEXIWSRIRWYVMRKKSSHXVIEXQIRXSYXGSQIWJSV TEXMIRXW[MXL1(6SV<(68&ERHMRWIXXMRKW[LIVI,-:MWTVIZEPIRXSRIRWYV MRKXLEX8&TEXMIRXWEVIXIWXIHJSV,-:ERHXLEXTISTPI[MXL,-:EVII\EQMRIH JSV8& 3XLIVJEGXSVWQE]EPWSLEZIEWMKRM´GERXIJJIGXSRXLIHMWXVMFYXMSRSJ8&MRTST YPEXMSRWERHSR8&XVIRHWSZIVXMQI*EGXSVWXLEXEJJIGXI\TSWYVIXS1XYFIV GYPSWMWMRJIGXMSRERHTVSKVIWWMSRXSEGXMZI8&MRGPYHISZIVGVS[HMRKXSFEGGS WQSOMRKHMEFIXIWERHQEPRYXVMXMSR 8LIMVMRµYIRGISRXLI8&ITMHIQMGHITIRHWSRXLIPIZIPSJVMWOTIVTIVWSR ERHSRXLIMVTVIZEPIRGIMRXLITSTYPEXMSRUYERXMXMIWXLEXEVIEW]IXTSSVP] HI´RIH ;MXLMRXLIJVEQI[SVOSJXLI1MPPIRRMYQ(IZIPSTQIRX+SEPW 1(+W XLIQEMR XEVKIXJSV8&GSRXVSPMWXSIRWYVIXLEXXLIKPSFEPMRGMHIRGIVEXIJEPPWF] 7YTTPIQIRXEV]XEVKIXWIRHSVWIHF]XLI7XST8&4EVXRIVWLMTEVIXSLEPZIXLI TVIZEPIRGIERHHIEXLVEXIWF]3FWIVZEXMSRWSR284WFEGOIHF] QEXLIQEXMGEPQSHIPPMRKMRHMGEXIXLEXMRXLIEFWIRGISJ,-:XLIHIXIGXMSRSJ SJMRJIGXMSYWGEWIWSGGYVVMRKIEGL]IEVERHGYVISJEXPIEWX SJXLIQ WLSYPH VIHYGI XLI MRGMHIRGI SJ 8& EX E VEXI SJ EFSYX ¦ TIV ]IEV -J ER ERRYEPVEXISJHIGPMRISJ SVQSVIMWEGLMIZIHWLSVXP]MXWLSYPHFITSWWMFPI XSQIIXXLI1(+ERH7XST8&4EVXRIVWLMTXEVKIXWKPSFEPP]F]
8LI7XST8&7XVEXIK] 1ENSVTVSKVIWWMRKPSFEP8&GSRXVSPJSPPS[IHXLI[MHIWTVIEHMQTPIQIRXEXMSR SJXLI(387WXVEXIK]MRGSYRXVMIW[MXLELMKLFYVHIRSJ8&,S[IZIVKPSFEP WXEXMWXMGWMRHMGEXIHXLEX(387EPSRI[SYPHRSXFIWYJ´GMIRXXSEGLMIZIKPSFEP 8&GSRXVSPERHIPMQMREXMSR-RXLI;SVPH,IEPXL%WWIQFP]VIGSKRM^IHXLI RIIHJSVERI[WXVEXIK]XLEX[SYPHFYMPHYTSRERHIRLERGIXLIEGLMIZIQIRXW SJ(3878LI7XST8&7XVEXIK]PEYRGLIHSR;SVPH8&(E]MRMWHIWMKRIH XSQIIXXLI8&VIPEXIH1MPPIRRMYQ(IZIPSTQIRX+SEP 1(+ EW[IPPEWXLI7XST 8&4EVXRIVWLMTXEVKIXWWIXJSV8LI7XST8&7XVEXIK]YRHIVTMRWXLI+PSFEP 4PERXS7XST8&¦ $IBMMFOHFTUPDPOUSPMMJOH5# 'SRXVSPSJ8&KPSFEPP]GSRXMRYIWXSJEGIQENSVGLEPPIRKIW)JJSVXWQYWXGSRXMRYI XSTYVWYILMKLUYEPMX](387I\TERWMSRERHIRLERGIQIRX%HHVIWWMRK8&,-: ERH1(68&VIUYMVIWMRGVIEWMRKIJJSVXERHVIWSYVGIWEWHSSXLIVGLEPPIRKIW JEGMRK284WWYGLEWMQQMKVEXMSRERHLMKLVMWOKVSYTW;IEOLIEPXLW]WXIQW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
8,)78348&786%8)+=%8%+0%2') 7JTJPO
%[SVPHJVIISJXYFIVGYPSWMW
(PBM
8SVIHYGIHVEQEXMGEPP]XLIKPSFEPFYVHIRSJXYFIVGYPSWMW 8& F]MRPMRI [MXLXLI1MPPIRRMYQ(IZIPSTQIRX+SEPW 1(+W ERHXLI7XST8&4EVXRIVWLMT XEVKIXW
0CKFDUJWFT
8SEGLMIZIYRMZIVWEPEGGIWWXSLMKLUYEPMX]HMEKRSWMWERHTEXMIRXGIRXVIH XVIEXQIRX 8SVIHYGIXLIWYJJIVMRKERHWSGMSIGSRSQMGFYVHIREWWSGMEXIH[MXL8& 8STVSXIGXTSSVERHZYPRIVEFPITSTYPEXMSRWJVSQ8&8&,-:ERHQYPXMHVYK VIWMWXERX8& 1(68& 8SWYTTSVXXLIHIZIPSTQIRXSJRI[XSSPWERHIREFPIXLIMVXMQIP]ERHIJJIGXMZI YWI
5BSHFUT
1(+XEVKIX¦XSLEZILEPXIHERHFIKYRXSVIZIVWIXLIMRGMHIRGISJ8& F] 8EVKIXWPMROIHXSXLI1(+WERHIRHSVWIHF]XLI7XST8&4EVXRIVWLMT § F]XSLEZIHIXIGXIHEXPIEWX SJRI[WTYXYQWQIEVTSWMXMZI8& GEWIWERHGYVIHEXPIEWX SJXLIWIGEWIW § F]XSLEZIVIHYGIH8&TVIZEPIRGIERHHIEXLVEXIWF] VIPEXMZIXS PIZIPW § F]XSLEZIIPMQMREXIH8&EWETYFPMGLIEPXLTVSFPIQ GEWITIV QMPPMSRTSTYPEXMSR
'SQTSRIRXWSJXLI7XVEXIK]ERHMQTPIQIRXEXMSRETTVSEGLIW 1VSTVJOHIJHIRVBMJUZ%054FYQBOTJPOBOEFOIBODFNFOU E4SPMXMGEPGSQQMXQIRX[MXLMRGVIEWIHERHWYWXEMRIH´RERGMRK F'EWIHIXIGXMSRXLVSYKLUYEPMX]EWWYVIHFEGXIVMSPSK] G7XERHEVHM^IHXVIEXQIRX[MXLWYTIVZMWMSRERHTEXMIRXWYTTSVX H%RIJJIGXMZIHVYKWYTTP]ERHQEREKIQIRXW]WXIQ I1SRMXSVMRKERHIZEPYEXMSRW]WXIQEW[IPPEWMQTEGXQIEWYVIQIRX "EESFTTJOH5#)*7 .%35#BOEPUIFSDIBMMFOHFT E-QTPIQIRXGSPPEFSVEXMZI8&,-:EGXMZMXMIW F4VIZIRXERHGSRXVSP1(68& G%HHVIWWTVMWSRIVWVIJYKIIWERHSXLIVLMKLVMWOKVSYTWERHWTIGMEPWMXYEXMSRW $POUSJCVUJOHUPIFBMUITZTUFNTUSFOHUIFOJOH E%GXMZIP]TEVXMGMTEXIMRIJJSVXWXSMQTVSZIW]WXIQ[MHITSPMG]LYQERVIWSYVGIW´RERGMRK QEREKIQIRXWIVZMGIHIPMZIV]ERHMRJSVQEXMSRW]WXIQW F7LEVIMRRSZEXMSRWXLEXWXVIRKXLIRW]WXIQWMRGPYHMRKXLI4VEGXMGEP%TTVSEGLXS0YRK,IEPXL G%HETXMRRSZEXMSRWJVSQSXLIV´IPHW &OHBHJOHBMMDBSFQSPWJEFST E4YFPMG¦TYFPMGERHTYFPMG¦TVMZEXIQM\ETTVSEGLIW F-RXIVREXMSREPWXERHEVHWJSVXYFIVGYPSWMWGEVI &NQPXFSJOHQFPQMFXJUI5# BOEDPNNVOJUJFT E%HZSGEG]GSQQYRMGEXMSRERHWSGMEPQSFMPM^EXMSR F'SQQYRMX]TEVXMGMTEXMSRMR8&GEVI G4EXMIRXW«GLEVXIVJSVXYFIVGYPSWMWGEVI &OBCMJOHBOEQSPNPUJOHSFTFBSDI E4VSKVEQQIFEWIHSTIVEXMSREPVIWIEVGL F6IWIEVGLXSHIZIPSTRI[HVYKWHMEKRSWXMGWERHZEGGMRIW 7SYVGI8LI7XST8&7XVEXIK]FYMPHMRKSRERHIRLERGMRK(387XSQIIXXLI8&VIPEXIH1MPPIRRMYQ(IZIPST QIRX+SEPW+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&
-2863(9'8-32
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«GLEVXIV JSVXYFIVGYPSWMWGEVI JSVKMRKRI[EPPMERGIWERHMRMXMEXMZIWJSVXLIHIZIPSTQIRXSJRI[XSSPW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
5IF(MPCBM1MBOUP4UPQ5#° 8LI+PSFEP4PERVIµ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
/I]VIJIVIRGIW 'IKMIPWOM .4 1G1YVVE] (2 8LI VIPEXMSRWLMT FIX[IIR QEPRYXVMXMSR ERH XYFIVGYPSWMW IZMHIRGIJVSQWXYHMIWMRLYQERWERHI\TIVMQIRXEPERMQEPW-RXIVREXMSREP.SYVREPSJ 8YFIVGYPSWMWERH0YRK(MWIEWI¦ 'SQQMWWMSRSR7SGMEP(IXIVQMRERXWSJ,IEPXL7SGMEPHIXIVQMRERXWSJXYFIVGYPSWMW-R &PEW)IH7SGMEPHIXIVQMRERXWSJLIEPXLERHTYFPMGLIEPXLTVSKVEQQIW6ITSVXSJXLI 4VMSVMX]4YFPMG,IEPXL'SRHMXMSRW/RS[PIHKI2IX[SVO+IRIZE;SVPH,IEPXL3VKERM^E XMSR (]I'IXEP4VSWTIGXWJSV[SVPH[MHIXYFIVGYPSWMWGSRXVSPYRHIVXLI;,3(387WXVEXIK] (MVIGXP]SFWIVZIHWLSVXGSYVWIXLIVET]0ERGIX ¦ +PSFEPXYFIVGYPSWMWGSRXVSPWYVZIMPPERGITPERRMRK´RERGMRK;,3VITSVX+IRI ZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&EZEMPEFPIEXLXXT[[[ [LSMRXXFTYFPMGEXMSRWIR -RXIVREXMSREPWXERHEVHWJSVXYFIVGYPSWMWGEVI8LI,EKYI8YFIVGYPSWMW'SEPMXMSRJSV8IGL RMGEP%WWMWXERGI EZEMPEFPIEXLXXT[[[[LSMRXXFTYFPMGEXMSRWIR 0MR,,)^^EXM11YVVE]18SFEGGSWQSOIMRHSSVEMVTSPPYXMSRERHXYFIVGYPSWMWE W]WXIQEXMGVIZMI[ERHQIXEEREP]WMW40S71IHMGMRII?SRPMRINSYVREPA
-2863(9'8-32
1ELIV(IXEP4PERRMRKXSMQTVSZIKPSFEPLIEPXLXLIRI\XHIGEHISJXYFIVGYPSWMWGSR XVSP&YPPIXMRSJXLI;SVPH,IEPXL3VKERM^EXMSR¦ 6EZMKPMSRI1'9TPIOEV1;,3«WRI[7XST8&7XVEXIK]0ERGIX¦ 6IMH%IXEP8S[EVHWYRMZIVWEPEGGIWWXS,-:TVIZIRXMSRXVIEXQIRXGEVIERHWYTTSVX 0ERGIX-RJIGXMSYW(MWIEWIW ¦ 6ITSVXSJXLI%HLSG'SQQMXXIISRXLIXYFIVGYPSWMWITMHIQMG+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3'(78& 6MIHIV ,0 )TMHIQMSPSKMG FEWMW SJ XYFIVGYPSWMW GSRXVSP 4EVMW -RXIVREXMSREP 9RMSR %KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI 7XIZIRWSR'6IXEP(MEFIXIWERHXLIVMWOSJXYFIVGYPSWMWERIKPIGXIHXLVIEXXSTYFPMG LIEPXL#'LVSRMG-PPRIWW¦ 8LI +PSFEP 4PER XS 7XST 8& ¦ +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,8178&EZEMPEFPIEXLXXT[[[[LSMRXXFTYFPMGEXMSRWIR 8LITEXMIRXW«GLEVXIVJSVXYFIVGYPSWMWGEVI+IRIZE;SVPH'EVI'SYRGMP 8LI7XST8&7XVEXIK]FYMPHMRKSRERHIRLERGMRK(387XSQIIXXLI8&VIPEXIH1MP PIRRMYQ (IZIPSTQIRX +SEPW +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,81 8&EZEMPEFPIEXLXXT[[[[LSMRXXFTYFPMGEXMSRWIR 8SQER«W XYFIVGYPSWMW 'EWI HIXIGXMSR XVIEXQIRX ERH QSRMXSVMRK RH IH +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,818& EZEMPEFPI EX LXXT[[[ [LSMRXXFTYFPMGEXMSRWIR ;EXX'.IXEP8LIKPSFEPITMHIQMSPSK]SJXYFIVGYPSWMW-R7GLEEJERH>YQPEIHW8YFIV GYPSWMW0SRHSR+PSFEP1IHMGMRI MRTVIWW >MKRSP1IXEP+PSFEPMRGMHIRGISJQYPXMHVYKVIWMWXERXXYFIVGYPSWMW.SYVREPSJ-RJIGXMSYW (MWIEWIW¦
4%68-
8YFIVGYPSWMWGEVI ERHTVIZIRXMSR 8LMWWIGXMSRVIµIGXWXLITEXMIRXGIRXVIHETTVSEGLXS8&GSRXVSP GEVI[LMGLMWEJYRHEQIRXEPTVMRGMTPISJ8&GSRXVSPEWVIGSQQIRHIH F]XLI7XST8&7XVEXIK]-XJSGYWIWSRXLIGEVIERHQEREKIQIRX SJTEXMIRXWERHXLIVIHYGXMSRSJVMWOJSVSXLIVW%PPEWTIGXWSJGEWI HIXIGXMSRHMEKRSWMWXVIEXQIRXERHGEWIQEREKIQIRXSJMRHMZMHYEP TEXMIRXWEVIMRGPYHIHEW[IPPEWXLIEZEMPEFPIETTVSEGLIWXS8& TVIZIRXMSR7TIGM´GMWWYIWGSRGIVRMRKXLIHMEKRSWMWERHXVIEXQIRXSJ HVYKVIWMWXERX8&ERH8&,-:EVIIQTLEWM^IHMRZMI[SJXLIMRGVIEWMRK TYFPMGLIEPXLMQTSVXERGISJXLIWIGSRHMXMSRW'LETXIVMWHIZSXIHXS XLIQEREKIQIRXSJ8&MRGLMPHVIR[LMGLVIUYMVIWWTIGMEPQIEWYVIWERH HMJJIVIRXETTVSEGLIWXSXLSWIJSV8&MREHYPXW 4VIZIRXMSRSJ8&MRGPYHIWMRXIVZIRXMSRWXSVIHYGIXVERWQMWWMSR ERHXSVIHYGIXLIVMWOSJ8&HMWIEWIMRMRJIGXIHTIVWSRW7SQISJXLI MRXIVZIRXMSRWVIWYPXMRWTIGM´GEGXMZMXMIWSJ8&GSRXVSPTVSKVEQQIW GSRXEGXXVEGMRKHIXIGXMSRSJWSYVGIWMRJIGXMSRGSRXVSPTVIZIRXMZI XLIVET]&'+ZEGGMREXMSRERHXVIEXQIRXSJ,-:MRJIGXIHTIVWSRW[MXL %6:3XLIVJEGXSVWXLEXWXVSRKP]MRµYIRGIXLIVMWOSJFIGSQMRKI\TSWIH ERHMRJIGXIH WYGLEWSZIVGVS[HMRK SVHIZIPSTMRKEGXMZI8& WYGL EW,-:TSSVRYXVMXMSRWQSOMRKHMEFIXIW SJXIRGERRSXFIVIEHMP] MRµYIRGIHF]XLI8&GSRXVSPTVSKVEQQIEGXMZMXMIWERHVIWSYVGIWERH YWYEPP]HSRSXJEPPYRHIVXLIHMVIGXVIWTSRWMFMPMX]SJXLI284W,S[IZIV XLI284WGERTPE]EWXVSRKEHZSGEG]VSPIMREXXIQTXMRKXSEPPIZMEXIXLI MQTEGXSJXLIWIVMWOJEGXSVW
'EWIHIXIGXMSR
8
LI HIXIGXMSR SJ 8& GEWIW VIUYMVIW XLEX EJJIGXIH MRHMZMHYEPW EVI E[EVI SJ XLIMVW]QTXSQWLEZIEGGIWWXSLIEPXLJEGMPMXMIWERHEVIIZEPYEXIHF]LIEPXL [SVOIVW HSGXSVWRYVWIWQIHMGEPEWWMWXERXWGPMRMGEPSJ´GIVW [LSVIGSKRM^I XLIW]QTXSQWSJ8&,IEPXL[SVOIVWQYWXLEZIEGGIWWXSEVIPMEFPIPEFSVEXSV] ERHIRWYVIXLEXXLIRIGIWWEV]WTIGMQIRWEVIGSPPIGXIHJSVI\EQMREXMSR8LMWMW EGSQTPI\WIXSJEGXMZMXMIWERHFILEZMSYVWERHJEMPYVIEXER]WXEKIGERGEYWI HIPE]WMRHMEKRSWMWSVQMWHMEKRSWIW 8LIQSWXGSQQSRW]QTXSQSJTYPQSREV]8&MWETIVWMWXIRXTVSHYGXMZIGSYKL SJXIREGGSQTERMIHF]SXLIVRSRWTIGM´GW]QTXSQW%PXLSYKLXLITVIWIRGISJ EGSYKLJSV¦[IIOWMWRSRWTIGM´GXVEHMXMSREPP]LEZMRKEGSYKLSJXLMWHYVE XMSRLEWWIVZIHEWXLIGVMXIVMSRJSVHI´RMRKWYWTIGXIH8&ERHMWYWIHMRQSWX REXMSREPERHMRXIVREXMSREPKYMHIPMRIW 8LIJSPPS[MRKW]QTXSQWSJTYPQSREV]8&QE]EGGSQTER]GSYKLERHWTYXYQ TVSHYGXMSR
VIWTMVEXSV]W]QTXSQWWLSVXRIWWSJFVIEXLGLIWXERHFEGOTEMRWLEIQST X]WMW GSRWXMXYXMSREPW]QTXSQWPSWWSJETTIXMXI[IMKLXPSWWJIZIVRMKLXW[IEXW JEXMKYI 7]QTXSQWSJI\XVETYPQSREV]8&EVIVIPEXIHXSWTIGM´GI\XVETYPQSREV]WMXIW WYGLEWP]QTLRSHIWTPIYVEPEV]R\QIRMRKIWKIRMXSYVMREV]ERHMRXIWXMREP XVEGXWFSRIWTMREPGSVHI]IERHWOMR 7TYXYQWQIEVQMGVSWGST]7TYXYQWTIGMQIRWWLSYPHFISFXEMRIHJSVQMGVSWGSTMG I\EQMREXMSRJVSQEPPTEXMIRXWWYWTIGXIHSJLEZMRKTYPQSREV]8&1MGVSFMSPSKMGEP HMEKRSWMW MW GSR´VQIH F] GYPXYVMRK 1XYFIVGYPSWMW SV YRHIV ETTVSTVMEXI GMV GYQWXERGIWF]MHIRXMJ]MRKWTIGM´GRYGPIMGEGMHWIUYIRGIWMREGPMRMGEPWTIGMQIR JVSQER]WYWTIGXIHWMXISJHMWIEWI,S[IZIVMRQER]WIXXMRKW[LIVIVIWSYVGIW EVIPMQMXIHRIMXLIVGYPXYVIRSVVETMHEQTPM´GEXMSRQIXLSHWEVIGYVVIRXP]EZEMPE FPISVJIEWMFPI-RWYGLGMVGYQWXERGIWXLIHMEKRSWMWSJ8&QE]EPWSFIGSR´VQIH F]XLITVIWIRGISJEGMHJEWXFEGMPPM %*& MRWTYXYQWQIEVI\EQMREXMSR6ITIEXIH WTYXYQWQIEVQMGVSWGST]QE]HMEKRSWITYPQSREV]8&MRYTXSX[SXLMVHWSJ EGXMZIGEWIW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
-RRIEVP]EPPGPMRMGEPGMVGYQWXERGIWMRWIXXMRKWSJLMKL8&TVIZEPIRGIMHIRXM´GE XMSRSJ%*&F]QMGVSWGSTMGI\EQMREXMSRMWLMKLP]WTIGM´GJSVXLI1XYFIVGYPSWMW GSQTPI\7TYXYQWQIEVQMGVSWGST]MWXLIQSWXVETMHQIXLSHJSVHIXIVQMRMRK [LIXLIVETIVWSRLEW8&MXMHIRXM´IWTISTPI[LSEVIEXKVIEXIWXVMWOSJH]MRK JVSQXLIHMWIEWIERHXLIQSWXPMOIP]XVERWQMXXIVWSJMRJIGXMSR 7TYXYQWTIGMQIRW8LISTXMQYQRYQFIVSJWTYXYQWTIGMQIRWXSIWXEFPMWLE HMEKRSWMWLEWFIIRIZEPYEXIH8LI´VWXWTIGMQIR[EWJSYRHTSWMXMZIMR¦ SJEPPTEXMIRXWMR[LSQ%*&EVIYPXMQEXIP]HIXIGXIHXLIWIGSRHWTIGMQIR[EW TSWMXMZIMREREHHMXMSREP¦ ERHXLIXLMVHWTIGMQIRMREJYVXLIV¦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´GEXMSRERHVIGSVHMRKSJTEXMIRXW«EHHVIWWIW (MEKRSWMWSJWQIEVRIKEXMZIXYFIVGYPSWMW*SVWQIEVRIKEXMZIERHI\XVETYPQS REV]8&EHMEKRSWMWF]EGPMRMGMERWTIGMEPP]XVEMRIHMR8&QE]FIVIUYMVIHEW [IPPEWVEHMSKVETLMGI\EQMREXMSR%WRSGLIWXVEHMSKVETLMGTEXXIVRMWEFWS PYXIP]WTIGM´GJSVTYPQSREV]8&XLIHMEKRSWMWSJWQIEVRIKEXMZI8&MWEP[E]W TVIWYQTXMZIERHWLSYPHFIFEWIHSRSXLIVGPMRMGEPERHITMHIQMSPSKMGEPMRJSV QEXMSRMRGPYHMRKJEMPYVIXSVIWTSRHXSEGSYVWISJFVSEHWTIGXVYQERXMFMSXMGW ERHI\GPYWMSRSJSXLIVTEXLSPSK]6IPMERGISRGLIWXVEHMSKVETL]EWXLISRP] HMEKRSWXMGXIWXJSV8&VIWYPXWMRIMXLIVSZIVHMEKRSWMWSJ8&SVQMWWIHHMEKRSWIW SJ 8& ERH SXLIV HMWIEWIW ERH MW XLIVIJSVI RSX VIGSQQIRHIH 6EHMSKVETLMG I\EQMREXMSR LS[IZIV MW QSWX YWIJYP [LIR ETTPMIH EW TEVX SJ E W]WXIQEXMG
%VIHYGXMSRMRXLIRYQFIVSJWTIGMQIRWI\EQMRIHJSVWGVIIRMRK8&WYWTIGXWJVSQXLVIIXSX[S [EWVIGSQQIRHIHF];,3ERHIRHSVWIHF]XLI7XVEXIKMG8IGLRMGEPERH%HZMWSV]+VSYTJSV 8YFIVGYPSWMWMR.YRI
'%7)()8)'8-32
ETTVSEGLXSIZEPYEXITEXMIRXW[LSWIW]QTXSQWERHSV´RHMRKWWYKKIWX8&FYX [LSWIWTYXYQWQIEVWEVIRIKEXMZI*PYSVSWGST]VIWYPXWEVIRSXEGGITXEFPIEW HSGYQIRXIHIZMHIRGISJTYPQSREV]8& 4VIKRERG]'EWIHIXIGXMSRQIXLSHWMRTVIKRERG]WLSYPHI\GPYHIVEHMSKVETLMG I\EQMREXMSRTEVXMGYPEVP]MRXLI´VWXXVMQIWXIV 'YPXYVI;LMPIWTYXYQWQIEVQMGVSWGST]MWXLI´VWXFEGXIVMSPSKMGEPHMEKRSWXMG XIWXSJGLSMGI[LIVIEHIUYEXIUYEPMX]EWWYVIHPEFSVEXSV]JEGMPMXMIWEVIEZEMP EFPI XLI IZEPYEXMSR SJ TEXMIRXW [MXL RIKEXMZI WTYXYQ WQIEVW WLSYPH EPWS MRGPYHIGYPXYVI'YPXYVIEHHWI\XVEGSWXERHGSQTPI\MX]FYXKVIEXP]MRGVIEWIW XLIWIRWMXMZMX]ERHWTIGM´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¦ SJ8&MRTSTYPEXMSRW[MXLEPS[TVIZEPIRGISJ ,-:MRJIGXMSR-RTSTYPEXMSRW[MXLELMKLTVIZEPIRGISJ,-:MRJIGXMSRXLITVSTSV XMSRSJGEWIW[MXLI\XVETYPQSREV]8&MWLMKLIV&IGEYWIETTVSTVMEXIWTIGMQIRW QE]FIHMJ´GYPXXSSFXEMRJVSQWSQISJXLIWIWMXIWFEGXIVMSPSKMGEPGSR´VQEXMSR SJI\XVETYPQSREV]8&MWSJXIRQSVIHMJ´GYPXXLERJSVTYPQSREV]8&6IPEXMZIP] JI[1XYFIVGYPSWMWSVKERMWQWEVITVIWIRXMRI\XVETYPQSREV]WMXIWERHMHIRXM ´GEXMSRSJ%*&F]QMGVSWGST]MRWTIGMQIRWJVSQXLIWIWMXIWMWMRJVIUYIRX*SV I\EQTPIQMGVSWGSTMGI\EQMREXMSRSJTPIYVEPµYMHMRXYFIVGYPSYWTPIYVMXMWERH XYFIVGYPSYWQIRMRKMXMWHIXIGXW%*&MRSRP]EFSYX¦ SJGEWIW +MZIRXLIPS[]MIPHSJQMGVSWGST]FSXLGYPXYVIERHLMWXSTEXLSPSKMGEPI\EQMRE XMSRSJXMWWYIWTIGMQIRWWYGLEWXLSWIXLEXQE]FISFXEMRIHF]RIIHPIFMSTW] SJP]QTLRSHIWEVIMQTSVXERXHMEKRSWXMGXIWXWJSVI\XVETYPQSREV]8&
'EWIHI´RMXMSRWSJXYFIVGYPSWMW
%HMEKRSWMWSJ8&WLSYPHFIJSPPS[IHF]WTIGM´GEXMSRSJXLIX]TISJ8&MI XLIGEWIHI´RMXMSR[LMGLMWRIGIWWEV]JSVTVIWGVMFMRKXVIEXQIRXEGGSVHMRKXS WXERHEVHM^IHVIKMQIRWJSVTEXMIRXVIKMWXVEXMSRERHVITSVXMRKJSVGSLSVXEREP] WMWSJXVIEXQIRXSYXGSQIWERHJSVHIXIVQMRMRKXVIRHW 'EWIHI´RMXMSRWJSV8&XEOIMRXSEGGSYRXXLIEREXSQMGEPWMXISJHMWIEWIXLI FEGXIVMSPSKMGEPVIWYPXWXLIWIZIVMX]SJHMWIEWIERHXLILMWXSV]SJTVIZMSYWXVIEX
%,%2(&33/*362%8-32%08&'328630463+6%11)7
'*(63& %2-009786%8-:)%4463%',838,)(-%+237-73*7974)'8)(490132%6= 89&)6'9037-7 EF %PPTYPQSREV]8&W]QTXSQWG
8[SWTYXYQWEQTPIWSFXEMRIH
7TYXYQ%*&QMGVSWGST]
%PPWQIEVWRIKEXMZI
3RISVX[SWQIEVWTSWMXMZI
<VE]I\EQMREXMSR
%RXMFMSXMGWSXLIVXLERERXM8&HVYKW ERHµYSVSUYMRMPSRIW
2SMQTVSZIQIRX
-QTVSZIQIRX
6ITIEXWTYXYQ%*&QMGVSWGST]
3RISVX[SWQIEVWTSWMXMZI
%PPWQIEVWRIKEXMZI
'PMRMGEPNYHKIQIRX
7QIEVTSWMXMZI8&
7QIEVRIKEXMZI8&
2S8&
%*&!EGMHJEWXFEGMPPM8&!XYFIVGYPSWMW E %HETXIH JVSQ 8VIEXQIRX SJ XYFIVGYPSWMW KYMHIPMRIW JSV REXMSREP TVSKVEQQIW +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3'(78& F %TTPMGEFPIJSVEVIEW[MXLPS[,-:TVIZEPIRGI G 7GVIIRMRKGSYKL"¦[IIOW
'%7)()8)'8-32
QIRX8EFPIWERHTVIWIRXXLIHI´RMXMSRWSJ8&GEWIWF]WMXIFEGXIVMSPSKM GEPWXEXYWERHLMWXSV]SJTVIZMSYWXVIEXQIRXMREHYPXTEXMIRXW8LIHI´RMXMSR SJEWTYXYQWQIEVTSWMXMZIGEWIMWXLIWEQIJSV,-:TSWMXMZIERH,-:RIKEXMZI TEXMIRXWMIVIUYMVMRKEXPIEWXSRITSWMXMZIWQIEVMRGSYRXVMIW[MXLEJYRGXMSREP W]WXIQSJI\XIVREPUYEPMX]EWWYVERGI )5%
"OBUPNJDBMTJUFPGEJTFBTF
8LIX[SQEMRGEXIKSVMIWSJ8&F]EREXSQMGEPWMXISJHMWIEWIEVI M TYPQSREV] 8&SVHMWIEWIEJJIGXMRKXLIPYRKTEVIRGL]QE XLIQSWXGSQQSRJSVQSJ8& ERH MM I\XVETYPQSREV]8&SVHMWIEWIEJJIGXMRKWMXIWMRGPYHMRKP]QTLRSHIW TPIYVEQIRMRKIWTIVMGEVHMETIVMXSRIYQWTMRIMRXIWXMRIKIRMXSYVMREV]XVEGX PEV]R\FSRIERHNSMRXWERHWOMR
#BDUFSJPMPHJDBMSFTVMUT
¨7QIEVTSWMXMZI©SV¨WQIEVRIKEXMZI©MWXLIQSWXYWIJYPFEGXIVMSPSKMGEPGPEW WM´GEXMSRSJTYPQSREV]GEWIWFIGEYWIMXGSVVIPEXIW[MXLMRJIGXMSYWRIWW-RWIX XMRKW[LIVIGYPXYVIJEGMPMXMIWEVIEZEMPEFPIXLIVIWYPXWSJGYPXYVIEVIMRGPYHIHMR XLIFEGXIVMSPSKMGEPGPEWWM´GEXMSR9RHIVQSWXTVSKVEQQEXMGGSRHMXMSRW¦[LIR SRP]QMGVSWGST]PEFSVEXSV]WIVZMGIWEVIEZEMPEFPIERH[LIRHMEKRSWXMGGVMXIVME EVITVSTIVP]ETTPMIH¦WQIEVTSWMXMZIGEWIWVITVIWIRXQSVIXLER SJXLI 5"#-&
'%7)()*-2-8-327&=7-8)%2(&%'8)6-303+-'%078%897-2,-:2)+%8-:) %(9087%2(*36232,-:46):%0)287)88-2+7
$BTFDMBTTJ¾DBUJPO
%F¾OJUJPO
1VMNPOBSZUVCFSDVMPTJT 3RISVQSVIMRMXMEPWTYXYQWQIEVI\EQMREXMSRWTSWMXMZIJSV TQVUVNTNFBSQPTJUJWF 15# %GMHJEWXFEGMPPMF]QMGVSWGST] 1VMNPOBSZUVCFSDVMPTJT %GEWISJTYPQSREV]XYFIVGYPSWMW[LSHSIWRSXQIIXXLIEFSZI TQVUVNTNFBSOFHBUJWF 15#° HI´RMXMSRJSVWQIEVTSWMXMZIXYFIVGYPSWMW
/PUF-ROIITMRK[MXLKSSHGPMRMGEPERHTYFPMGLIEPXLTVEGXMGIW HMEKRSWXMGGVMXIVMEWLSYPHMRGPYHI
%XPIEWXX[SWTYXYQWTIGMQIRWRIKEXMZIJSVEGMHJEWXFEGMPPM BOE 6EHMSKVETLMGEFRSVQEPMXMIWGSRWMWXIRX[MXLEGXMZITYPQSREV] XYFIVGYPSWMWBOE 2SVIWTSRWIXSEGSYVWISJFVSEHWTIGXVYQERXMFMSXMGWERH (IGMWMSRF]EGPMRMGMERXSXVIEX[MXLEJYPPGSYVWISJERXM XYFIVGYPSWMWGLIQSXLIVET]
8LMWKVSYTMRGPYHIWTEXMIRXW[LSWIWTYXYQWQIEVWEVI RIKEXMZIFYX[LSWIGYPXYVIMWTSWMXMZI
&YUSBQVMNPOBSZUVCFSDVMPTJT
%TEXMIRX[MXLXYFIVGYPSWMWEJJIGXMRKSVKERWSXLIVXLERXLI PYRKW(MEKRSWMWWLSYPHFIFEWIHSRSRIGYPXYVITSWMXMZI WTIGMQIRSVLMWXSPSKMGEPSVWXVSRKGPMRMGEPIZMHIRGIGSRWMWXIRX [MXLEGXMZII\XVETYPQSREV]XYFIVGYPSWMWJSPPS[IHF]EHIGMWMSR F]EGPMRMGMERXSXVIEX[MXLEJYPPGSYVWISJERXMXYFIVGYPSWMW GLIQSXLIVET]
%,%2(&33/*362%8-32%08&'328630463+6%11)7
5"#-& '%8)+36=3*4%8-)287*366)+-786%8-3232(-%+237-7 &%7)(32,-7836=3*46):-39786)%81)28 %JBHOPTUJDSFHJTUSBUJPODBUFHPSZ
%F¾OJUJPO
/FX
%TEXMIRX[LSLEWRIZIVLEHXVIEXQIRXJSVXYFIVGYPSWMWSV [LSLEWXEOIRERXMXYFIVGYPSWMWHVYKWJSVPIWWXLERSRI QSRXL
3FUSFBUNFOU DBTFT
3FMBQTF
%TEXMIRXTVIZMSYWP]XVIEXIHJSVXYFIVGYPSWMW[LSLEWFIIR HIGPEVIHGYVIHSVXVIEXQIRXGSQTPIXIHERHMWHMEKRSWIH [MXLFEGXIVMSPSKMGEPP]TSWMXMZI EXPIEWXSRIWQIEVSV GYPXYVI XYFIVGYPSWMW
5SFBUNFOU BGUFSGBJMVSF
%TEXMIRX[LSMWWXEVXIHSREVIXVIEXQIRXVIKMQIREJXIV TVIZMSYWXVIEXQIRXLEWJEMPIH
5SFBUNFOU BGUFSEFGBVMU
%TEXMIRX[LSVIXYVRWXSXVIEXQIRX[MXLTSWMXMZI FEGXIVMSPSK]JSPPS[MRKMRXIVVYTXMSRSJXVIEXQIRXJSVX[S QSRXLWSVQSVI
5SBOTGFSJO
%TEXMIRX[LSLEWFIIRXVERWJIVVIHJVSQERSXLIV XYFIVGYPSWMWVIKMWXIVXSGSRXMRYIXVIEXQIRXMREHMJJIVIRX VIKMWXIVEVIE
0UIFS
%PPGEWIW[LSHSRSX´XXLIEFSZIHI´RMXMSRW8LMW KVSYTMRGPYHIWTEXMIRXW[LSEVIWTYXYQWQIEVTSWMXMZI EXXLIIRHSJEVIXVIEXQIRXVIKMQIR TVIZMSYWP]HI´RIH EW'LVSRMGGEWIW ERH[LSQE]FIVIWMWXERXXSXLI ´VWXPMRIHVYKW
/PUF7QIEVRIKEXMZITYPQSREV]ERHI\XVETYPQSREV]GEWIWQE]EPWSFIVIPETWIWJEMPYVIWSV SXLIVGEWIW7YGLHMEKRSWIWWLSYPHFIWYTTSVXIHF]TEXLSPSKMGEPSVFEGXIVMSPSKMGEPIZMHIRGI
XSXEPRYQFIVSJGEWIWSJTYPQSREV]8&MREHYPXWERH SVQSVISJEPP8& GEWIW EPXLSYKLXLSWITVSTSVXMSRWQE]FIEPXIVIHMRWIXXMRKW[MXLLMKLTVIZE PIRGISJ,-:MRJIGXMSR %TEXMIRX[MXLFSXLTYPQSREV]ERHI\XVETYPQSREV]8&MWGPEWWM´IHEWEGEWI SJTYPQSREV]8&
4FWFSJUZPGEJTFBTF
&EGMPPEV] PSEH I\XIRX SJ HMWIEWI ERH EREXSQMGEP WMXI EVI JEGXSVW XLEX HIXIV QMRIXLIWIZIVMX]SJ8&HMWIEWIERHGSRWIUYIRXP]MXWETTVSTVMEXIXVIEXQIRX %GEWISJTYPQSREV]8&MWGPEWWM´IHEWWIZIVIMJTEVIRGL]QEPMRZSPZIQIRXMW I\XIRWMZI1MPMEV]HMWWIQMREXIH8&MWEPWSGSRWMHIVIHWIZIVI-RZSPZIQIRXSJER EREXSQMGEPWMXIVIWYPXWMRGPEWWM´GEXMSREWWIZIVIHMWIEWIMJXLIVIMWEWMKRM´GERX EGYXIXLVIEXXSPMJI IKTIVMGEVHMEP8& EVMWOSJWYFWIUYIRXWIZIVILERHMGET IKWTMREP8& SVFSXL IKQIRMRKIEP8& 8LIJSPPS[MRKJSVQWSJI\XVETYPQSREV]8&EVIGPEWWM´IHEWWIZIVIQIRMRKIEP TIVMGEVHMEPTIVMXSRIEPFMPEXIVEPSVI\XIRWMZITPIYVEPIJJYWMSRWTMREPMRXIWXMREP ERH KIRMXSYVMREV] 8& SJ XLI P]QTL RSHIW YRMPEXIVEP TPIYVEP IJJYWMSR FSRI I\GPYHMRKWTMRI TIVMTLIVEPNSMRXERHWOMRMWGPEWWM´IHEWPIWWWIZIVI
'%7)()8)'8-32
'EWIHIXIGXMSRSJHVYKVIWMWXERXXYFIVGYPSWMW 4VSKVEQQEXMGWXVEXIKMIWJSVXLIQEREKIQIRXSJHVYKVIWMWXERX8&EMQXSMHIR XMJ]TEXMIRXWERHMRMXMEXIEHIUYEXIXVIEXQIRXJSVHVYKVIWMWXERXGEWIWMREXMQIP] QERRIV4VSQTXMHIRXM´GEXMSRERHMRMXMEXMSRSJEHIUYEXIXVIEXQIRXKMZIWEFIX XIVGLERGISJGYVIJSVTEXMIRXWTVSZMHIWXLIFIWXMRJIGXMSRGSRXVSPQIEWYVIERH TVIZIRXWXLIEGUYMWMXMSRSJJYVXLIVVIWMWXERGIERHTVSKVIWWMSRXSEGLVSRMGWXEXI SJTIVQERIRXPYRKHEQEKI ;,3 VIGSQQIRHW XLEX TVSKVEQQIW LEZI TSTYPEXMSRVITVIWIRXEXMZI HEXE SJ HVYKVIWMWXERGIWYVZIMPPERGI (67 JSVRI[TEXMIRXWJSVXLIHMJJIVIRXGEXIKSVMIW SJ VIXVIEXQIRX TEXMIRXW JEMPYVI EJXIV 'EXIKSV] - JEMPYVI EJXIV VIXVIEXQIRX HIJEYPXERHVIPETWI ERHJSVSXLIVLMKLVMWOKVSYTW WII'LETXIV (IWMKRMRK ERIJJIGXMZIGEWI´RHMRKWXVEXIK]HITIRHWSRXLMWMRJSVQEXMSR%ZEMPEFMPMX]SJ (67HEXEJSVXLIHMJJIVIRXKVSYTWEPWSIREFPIWGEPGYPEXMSRSJXLIRYQFIVSJ TEXMIRXW[LSWLSYPHIRXIVXLITVSKVEQQIXLMWMRXYVRKVIEXP]JEGMPMXEXIWTVS KVEQQITPERRMRKERHHVYKTVSGYVIQIRX WIIEPWS'LETXIV 7SQITVSKVEQQIWQE]RSXLEZIWYJ´GMIRXPEFSVEXSV]GETEGMX]XSTVSZMHIHVYK WYWGITXMFMPMX]XIWXMRK (78 SJEPPTEXMIRXW;LIVIXEVKIXIH(78WYVZI]WMHIRXMJ] EVMWOKVSYTSVKVSYTWSJTEXMIRXW[MXLELMKLTVSTSVXMSRSJ1(68& [LMGLQE] I\GIIH XLIYWISJ'EXIKSV]-:VIKMQIRWMREPPTEXMIRXWMRXLEXKVSYTMW NYWXM´IH 8LIXLVIIVMWOKVSYTWGSQQSRP]GSRWMHIVIHJSVHMVIGXIRVSPQIRXJSVE'EXIKSV] -:VIKMQIREVI 'EXIKSV]--JEMPYVIW GLVSRMG8&GEWIW 8&TEXMIRXW[LSEVIGPSWIGSRXEGXWSJ1(68&GEWIW 'EXIKSV]-JEMPYVIW[LSVIGIMZIHEJYPP GSYVWISJXVIEXQIRX 8LI TVSTSVXMSR SJ 1(68& MR XLIWI XLVIIKVSYTWQE]ZEV]GSRWMHIVEFP]-X MWXLIVIJSVIMQTSVXERXXSGSR´VQ1(6 8&XLVSYKLXLIYWISJ(78 XSEXPIEWX MWSRME^MHERHVMJEQTMGMR JSVEPPTEXMIRXW [LSWXEVXE'EXIKSV]-:VIKMQIR -R QSWX WIXXMRKW SXLIV KVSYTW EVI YRPMOIP]XSLEZIVEXIWSJ1(68&WYJ´ GMIRXP]LMKLXS[EVVERXIRXV]MRXSEHVYK VIWMWXERX8&XVIEXQIRXVIKMQIR[MXLSYX GSR´VQEXMSR SJ 1(68& F] (78 &S\
#09 %&'*/*5*0/40'.6-5*%36( 3&4*45"/556#&3$6-04*4"/% &95&/4*7&-:%36(3&4*45"/5 56#&3$6-04*4 N .%35#8YFIVGYPSWMW[MXL VIWMWXERGIXSEXPIEWXMWSRME^MHERH VMJEQTMGMR N 9%35#8YFIVGYPSWMW[MXL VIWMWXERGIXSEXPIEWXMWSRME^MH ERHVMJEQTMGMRBOEXSER]SJXLI µYSVSUYMRSPSRIWBOEXSSRISJXLI JSPPS[MRKMRNIGXEFPIHVYKWEQMOEGMR GETVISQ]GMROEREQ]GMR
%,%2(&33/*362%8-32%08&'328630463+6%11)7
'EWIHIXIGXMSRSJXYFIVGYPSWMWERHLYQERMQQYRSHI´GMIRG]ZMVYW
-QTSVXERX HMJJIVIRGIW I\MWX MR XLI HMEKRSWMW SJ 8& MR ,-:TVIZEPIRX WIXXMRKW ERHMRWIXXMRKWSJPS[,-:TVIZEPIRGI,-:EPXIVWXLIGPMRMGEPTEXXIVRSJ8&ERH GSQTPMGEXIWMXWHMEKRSWMW -RJIGXMSR [MXL ,-: MRGVIEWIW XLI VMWO SJ TVSKVIWWMSR SJ VIGIRX 1XYFIVGYPS WMWMRJIGXMSRERHSJVIEGXMZEXMSRSJPEXIRX1XYFIVGYPSWMWMRJIGXMSRF]¦ ERRYEPP]HITIRHMRKSRXLIHIKVIISJMQQYRIHI´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´GERXP]GSQ TVSQMWIHTEXMIRXW[MXL8&LEZIXLIX]TMGEPW]QTXSQWSJ8&ERHWQIEVQMGVS WGST]MWYWYEPP]TSWMXMZI;MXLQSVIEHZERGIH,-:MRJIGXMSRERHGSQTVSQMWIH MQQYRIWXEXYW8&W]QTXSQWEVIEX]TMGEPERHXLIWQIEVMWSJXIRRIKEXMZI4EY GMFEGMPPEV] WGERX] WQIEVWEVIEPWSQSVIJVIUYIRXMR,-:MRJIGXIH8&TEXMIRXW ,-:TSWMXMZITEXMIRXW[MXLWQIEVRIKEXMZI8&EVIQSVIPMOIP]XSHMIHYVMRKSV FIJSVIHMEKRSWMWXLER,-:RIKEXMZIWQIEVTSWMXMZITEXMIRXW 6EHMSKVETL]8LIYWISJGLIWXVEHMSKVETL]XSHMEKRSWITYPQSREV]8&QE]FI GSQTVSQMWIHF]TSSV´PQUYEPMX]PS[WTIGM´GMX]ERHHMJ´GYPXMIW[MXLMRXIVTVI XEXMSR,-:MRJIGXMSRJYVXLIVHMQMRMWLIWXLIVIPMEFMPMX]SJGLIWXVEHMSKVETLWJSV XLIHMEKRSWMWSJTYPQSREV]8&FIGEYWIXLIHMWIEWIGSQQSRP]TVIWIRXW[MXL ER EX]TMGEP TEXXIVR *YVXLIVQSVI XLI GLIWX VEHMSKVETL QE] FI RSVQEP MR E TVSTSVXMSRSJ,-:MRJIGXIHTEXMIRXW[MXLWTYXYQGYPXYVITSWMXMZI8& SFWIVZIH MRYTXS SJWYGLGEWIW ,S[IZIVGLIWXVEHMSKVETL]VIQEMRWERMQTSVXERX EHNYRGXXSXLIHMEKRSWMWSJWQIEVRIKEXMZITYPQSREV]8&MRTISTPIPMZMRK[MXL ,-: 40,-: (MEKRSWXMGEPKSVMXLQW%PKSVMXLQWJSVXLIHMEKRSWMWSJ8&MREQFYPEXSV]TEXMIRXW MR,-:TVIZEPIRXWIXXMRKWERHMRWIVMSYWP]MPP,-:TSWMXMZITEXMIRXWEVITVSZMHIH FIPS[ *MKYVIWERH
'%7)()8)'8-32
'*(63& %0+36-8,1*368,)(-%+237-73*89&)6'9037-7-2 %1&90%836=,-:437-8-:)4%8-)287 %QFYPEXSV]TEXMIRX[MXLGSYKL¦[IIOWERHRSHERKIVWMKRW E
TUWJTJU
%*& ,-:XIWX F
,-:SVWXEXYWYRORS[RG
OEWJTJU
%*&TSWMXMZI H
8VIEXJSV8& '48 I ,-:EWWIWWQIRX J
%*&RIKEXMZI H
8&PMOIP]
'<6 K 7TYXYQ%*&ERHGYPXYVI K 'PMRMGEPEWWIWWQIRX K
SEWJTJU
8&YRPMOIP]
8VIEXJSVFEGXIVMEPMRJIGXMSR L ,-:EWWIWWQIRX J '48 I
8VIEXJSV4'4 M ,-:EWWIWWQIRX J
UIWJTJU
6IWTSRWI N
2SSVTEVXMEPVIWTSRWI
6IWTSRWI N
6IEWWIWWJSV8&
E
8LIHERKIVWMKRWMRGPYHIER]SRISJVIWTMVEXSV]VEXI"QMRYXIJIZIV"'TYPWIVEXI"QMRERHYR EFPIXS[EPOYREMHIH *SVGSYRXVMIW[MXLEHYPX,-:TVIZEPIRGIVEXI* SVTVIZEPIRGIVEXISJ,-:EQSRKXYFIVGYPSWMWTEXMIRXW* G -RXLIEFWIRGISJ,-:XIWXMRKGPEWWMJ]MRK,-:WXEXYWYRORS[REW,-:TSWMXMZIHITIRHWSRGPMRMGEPEWWIWW QIRXSVREXMSREPERHSVPSGEPTSPMG] H %*&TSWMXMZIMWHI´RIHEWEXPIEWXSRITSWMXMZIERH%*&RIKEXMZIEWX[SSVQSVIRIKEXMZIWQIEVW I '48!'SXVMQS\E^SPITVIZIRXMZIXLIVET] J ,-:EWWIWWQIRXMRGPYHIW,-:GPMRMGEPWXEKMRKHIXIVQMREXMSRSJ'(GSYRXMJEZEMPEFPIERHVIJIVVEPJSV,-:GEVI K 8LIMRZIWXMKEXMSRW[MXLMRXLIFS\WLSYPHFIHSRIEXXLIWEQIXMQI[LIVIZIVTSWWMFPIMRSVHIVXSHIGVIEWI XLIRYQFIVSJZMWMXWERHWTIIHYTXLIHMEKRSWMW L %RXMFMSXMGW I\GITXµYSVSUYMRSPSRIW XSGSZIVFSXLX]TMGEPERHEX]TMGEPFEGXIVMEWLSYPHFIGSRWMHIVIH M 4'44RIYQSG]WXMWGEVMRMMTRIYQSRMEEPWSORS[REW4RIYQSG]WXMWNMVSZIGMMTRIYQSRME N %HZMWIXSVIXYVRJSVVIEWWIWWQIRXMJW]QTXSQWVIGYV F
%,%2(&33/*362%8-32%08&'328630463+6%11)7
'*(63& %0+36-8,1*368,)(-%+237-73*89&)6'9037-7-2 7)6-3970=-00,-:437-8-:)4%8-)287 7IVMSYWP]MPPTEXMIRX[MXLGSYKL¦[IIOWERHHERKIVWMKRW E
6IJIVVEPXSLMKLIV PIZIPJEGMPMX]
4EVIRXIVEPERXMFMSXMGXVIEXQIRXJSV FEGXIVMEPMRJIGXMSRFH 7TYXYQ%*&ERHGYPXYVIF ,-:XIWXFG '<6F
-QQIHMEXIVIJIVVEP RSXTSWWMFPI
4EVIRXIVEPERXMFMSXMGWJSV FEGXIVMEPMRJIGXMSRFH 'SRWMHIVXVIEXQIRXJSV4'4I 7TYXYQ%*&ERHGYPXYVIF ,-:XIWXFG
,-:SVYRORS[RJ
2S XYFIVGYPSWMW
6IEWWIWWJSVSXLIV ,-:VIPEXIHHMWIEWI
E
8VIEX XYFIVGYPSWMW
8YFIVGYPSWMW YRPMOIP]
%*&TSWMXMZIK
%*&RIKEXMZIK
-QTVSZIQIRX EJXIV¦HE]W
2SMQTVSZIQIRX EJXIV¦HE]W
6IEWWIWWJSV XYFIVGYPSWMWL
7XEVX8&XVIEXQIRX 'SQTPIXIERXMFMSXMGW 6IJIVJSV,-:ERH XYFIVGYPSWMWGEVI
8LIHERKIVWMKRWMRGPYHIER]SRISJVIWTMVEXSV]VEXI"QMRYXIJIZIV"'TYPWIVEXI"QMRERHYR EFPIXS[EPOYREMHIH 8LIMRZIWXMKEXMSRW[MXLMRXLIFS\WLSYPHFIHSRIEXXLIWEQIXMQI[LIVIZIVTSWWMFPIMRSVHIVXSHIGVIEWI XLIRYQFIVSJZMWMXWERHWTIIHYTXLIHMEKRSWMW G *SVGSYRXVMIW[MXLEHYPX,-:TVIZEPIRGIVEXI* SVTVIZEPIRGIVEXISJ,-:EQSRKXYFIVGYPSWMWTEXMIRXW* H %RXMFMSXMGW I\GITXµYSVSUYMRSPSRIW XSGSZIVFSXLX]TMGEPERHEX]TMGEPFEGXIVMEWLSYPHFIGSRWMHIVIH I 4'44RIYQSG]WXMWGEVMRMMTRIYQSRMEEPWSORS[REW4RIYQSG]WXMWNMVSZIGMMTRIYQSRME J -RXLIEFWIRGISJ,-:XIWXMRKGPEWWMJ]MRK,-:WXEXYWYRORS[REW,-:TSWMXMZIHITIRHWSRGPMRMGEPEWWIWW QIRXSVREXMSREPERHSVPSGEPTSPMG] K %*&TSWMXMZIMWHI´RIHEWEXPIEWXSRITSWMXMZIERH%*&RIKEXMZIEWX[SSVQSVIRIKEXMZIWQIEVW L 6IEWWIWWQIRXJSVXYFIVGYPSWMWMRGPYHIW%*&I\EQMREXMSRERHGPMRMGEPEWWIWWQIRX F
'%7)()8)'8-32
8LIHMEKRSWMWSJWQIEVRIKEXMZITYPQSREV]8&MWTEVXMGYPEVP]HMJ´GYPXEQSRK ,-:TSWMXMZITEXMIRXWERHYWISJXLIEPKSVMXLQMWXLIVIJSVIVIGSQQIRHIH 8LIEPKSVMXLQJSV,-:RIKEXMZITEXMIRXW *MKYVI MRGPYHIWXVIEXQIRX[MXLE GSYVWISJFVSEHWTIGXVYQERXMFMSXMGWXSI\GPYHIMRJIGXMSRWSXLIVXLER8&ERH XSMQTVSZIXLIWTIGM´GMX]SJXLIHMEKRSWMW 8LIVIWYPXSJERXMFMSXMGXVIEXQIRXMWRSXEJJIGXIHF],-:WXEXYW,S[IZIVTEXMIRXW [MXL8&QE]PSWIXLIMVVIWTMVEXSV]W]QTXSQWEJXIVEGSYVWISJERXMFMSXMGW 8LIWTIGM´GEWTIGXWSJ8&HMEKRSWMWMR,-:TVIZEPIRXWIXXMRKWEVIXLEX XLIGPMRMGEPEWWIWWQIRXSJXLIWIVMSYWRIWWSJHMWIEWIMWXEOIRMRXSEGGSYRX WTIGMEPIJJSVXWXSEZSMHHIPE]MRIWXEFPMWLMRKXLIHMEKRSWMWWLSYPHFIQEHI XLIYWISJERXMFMSXMGW JSVGPMRMGEPVIEWSRW MWRSXEWXITMRXLIHMEKRSWXMG TVSGIWW EPPEZEMPEFPIMRZIWXMKEXMSRWWYGLEWGLIWXVEHMSKVETL]GYPXYVI SJ WTYXYQ ERHWTIGMQIRGYPXYVIJSVGEWIWSJI\XVETYPQSREV]8&WLSYPHFIGEVVMIHSYX EWWSSREWTSWWMFPI
;,3KYMHIPMRIW +YMHIPMRIWJSVXLITVSKVEQQEXMGQEREKIQIRXSJHVYKVIWMWXERXXYFIVGYPSWMW+IRIZE ;SVPH,IEPXL3VKERM^EXMSR ;,3,818& +YMHIPMRIWJSVWYVZIMPPERGISJHVYKVIWMWXERGIMRXYFIVGYPSWMW+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3'(78& 8VIEXQIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIWVHIH+IRIZE;SVPH ,IEPXL3VKERM^EXMSR ;,3'(78&
/I]VIJIVIRGIW %RXMXYFIVGYPSWMW HVYK VIWMWXERGI MR XLI [SVPH 8LMVH KPSFEP VITSVX +IRIZE ;SVPH ,IEPXL3VKERM^EXMSR ;,3,818& &SRRIX1IXEP6IHYGMRKXLIRYQFIVSJWTYXEI\EQMRIHERHXLVIWLSPHWJSVTSWMXMZMX] ERSTTSVXYRMX]XSSTXMQM^IWQIEVQMGVSWGST]?EGGITXIHJSVTYFPMGEXMSRA-RXIVREXMSREP .SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI (E].,IXEP7GVIIRMRKJSVXYFIVGYPSWMWTVMSVXSMWSRME^MHTVIZIRXMZIXLIVET]EQSRK ,-:MRJIGXIHKSPHQMRIVWMR7SYXL%JVMGE-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK (MWIEWI ¦ )REVWSR(%IXEP1EREKIQIRXSJXYFIVGYPSWMWEKYMHIJSVPS[MRGSQIGSYRXVMIWXL IH4EVMW-RXIVREXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWIW +IXELYR,IXEP(MEKRSWMWSJWQIEVRIKEXMZITYPQSREV]XYFIVGYPSWMWMRTISTPIPMZMRK [MXL,-:%-(7MRVIWSYVGIGSRWXVEMRIHWIXXMRKWMRJSVQMRKYVKIRXTSPMG]GLERKIW0ER GIX¦
%,%2(&33/*362%8-32%08&'328630463+6%11)7
,EVVMIW % ;LEX EVI XLI VIPEXMZI QIVMXW SJ GLIWX VEHMSKVETL] ERH WTYXYQ I\EQMRE XMSR WQIEV QMGVSWGST] ERH GYPXYVI MR GEWI HIXIGXMSR EQSRK RI[ SYXTEXMIRXW [MXL TVSPSRKIHGLIWXW]QTXSQW#-R8SQER«WXYFIVGYPSWMWGEWIHIXIGXMSRXVIEXQIRXERH QSRMXSVMRKRHIH+IRIZE;SVPH,IEPXL3VKERM^EXMSR¦ -QTVSZMRKXLIHMEKRSWMWERHXVIEXQIRXSJWQIEVRIKEXMZITYPQSREV]ERHI\XVETYPQS REV]XYFIVGYPSWMWEQSRKEHYPXWERHEHSPIWGIRXWVIGSQQIRHEXMSRWJSV,-:TVIZEPIRX ERH VIWSYVGIGSRWXVEMRIH WIXXMRKW +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3 ,818&;,3,-: -RXIVREXMSREP WXERHEVHW JSV XYFIVGYPSWMW GEVI 8LI ,EKYI 8YFIVGYPSWMW 'SEPMXMSR JSV 8IGLRMGEP%WWMWXERGI /STTEOE6&SGO2,S[VIPMEFPIMWGLIWXVEHMSKVETL]#-R8SQER«WXYFIVGYPSWMWGEWI HIXIGXMSR XVIEXQIRX ERH QSRMXSVMRK RH IH +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ¦ 0E[R7(IXEP-QTEGXSJ,-:MRJIGXMSRSRXLIITMHIQMSPSK]SJXYFIVGYPSWMWMRETIVM YVFERGSQQYRMX]MR7SYXL%JVMGEXLIRIIHJSVEKIWTIGM´GMRXIVZIRXMSRW'PMRMGEP-RJIG XMSYW(MWIEWIW ¦ 1EWI76IXEP=MIPHSJWIVMEPWTYXYQWTIGMQIRI\EQMREXMSRWMRXLIHMEKRSWMWSJTYP QSREV]XYFIVGYPSWMWEW]WXIQMGVIZMI[-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK (MWIEWI¦ 1YOEHM=(IXEP-QTEGXSJ,-:MRJIGXMSRSRXLIHIZIPSTQIRXGPMRMGEPTVIWIRXEXMSR ERH SYXGSQI SJ XYFIVGYPSWMW EQSRK GLMPHVIR MR %FMHNER 'SXI H«-ZSMVI %-(7 ¦ 2YRR4IXEP8YFIVGYPSWMWGSRXVSPMRXLIIVESJ,-:2EXYVI6IZMI[W-QQYRSPSK] ¦ 6ITSVX SJ XLI QIIXMRK SJ XLI ;,3 +PSFEP 8EWO *SVGI SR <(68& +IRIZE 7[MX^IV PERH ¦ 3GXSFIV +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,81 8& 7EVEZME.'IXEP6IXVIEXQIRXQEREKIQIRXWXVEXIKMIW[LIR´VWXPMRIXYFIVGYPSWMWXLIVE T]JEMPW-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦ 8SQER«W XYFIVGYPSWMW GEWI HIXIGXMSR XVIEXQIRX ERH QSRMXSVMRK RH IH +IRIZE ;SVPH,IEPXL3VKERM^EXMSR ZER(IYR%;LEXMWXLIVSPISJQ]GSFEGXIVMEPGYPXYVIMRHMEKRSWMWERHGEWIHI´RMXMSR# -R8SQER«WXYFIVGYPSWMWGEWIHIXIGXMSRXVIEXQIRXERHQSRMXSVMRKRHIH+IRIZE ;SVPH,IEPXL3VKERM^EXMSR¦ ;SVPH ,IEPXL 3VKERM^EXMSR -RXIVREXMSREP 9RMSR %KEMRWX 8YFIVGYPSWMW ERH 0YRK (MW IEWI6S]EP2IXLIVPERHW8YFIVGYPSWMW%WWSGMEXMSR6IZMWIHMRXIVREXMSREPHI´RMXMSRWMR XYFIVGYPSWMW GSRXVSP -RXIVREXMSREP .SYVREP SJ 8YFIVGYPSWMW ERH 0YRK (MWIEWI ¦
8VIEXQIRXSJ XYFIVGYPSWMWTEXMIRXW
7XERHEVHM^IHVIKMQIRW
8
LI WXERHEVHM^IH VIKMQIRW JSV ERXM8& XVIEXQIRX VIGSQQIRHIH F] ;,3 MRGPYHI ´ZI IWWIRXMEP QIHMGMRIW HIWMKREXIH EW ¨´VWX PMRI© MWSRME^MH , VMJEQTMGMR 6 T]VE^MREQMHI > IXLEQFYXSP ) ERHWXVITXSQ]GMR 7 8EFPI WLS[WXLIVIGSQQIRHIHHSWIWJSVEHYPXWERHGLMPHVIR
*SVXVIEXQIRXTYVTSWIWTEXMIRXWEVIGEXIKSVM^IHEWTVIZMSYWP]YRXVIEXIH GEX IKSVMIW-ERH--- ERHTVIZMSYWP]XVIEXIH GEXIKSVMIW--ERH-: 8EFPIWERH JYVXLIVHI´RIXLIWIGEXIKSVMIW ;,3VIGSQQIRHWXLIYWISJ´\IHHSWIGSQFMREXMSRW *('W SJHVYKWJSVXLI XVIEXQIRXSJEPP8&TEXMIRXW7IZIVEPEHZERXEKIWSJ*('WSZIVMRHMZMHYEPQIHM GMRIW SVWMRKPIHVYKJSVQYPEXMSRW LEZIFIIRMHIRXM´IH TVIWGVMTXMSRIVVSVWEVIPMOIP]XSFIPIWWJVIUYIRX JI[IVXEFPIXWRIIHXSFIMRKIWXIH[LMGLQE]IRGSYVEKIEHLIVIRGIXSXVIEX QIRX 5"#-& 6)'311)2()((37)73**-6780-2)%28-89&)6'9037-7(69+7*36 %(9087%2(',-0(6)2E (VYK
6IGSQQIRHIHHSWI (EMP]
MWSRME^MH VMJEQTMGMR T]VE^MREQMHI IXLEQFYXSP WXVITXSQ]GMR E
8LVIIXMQIW[IIOP]
(SWIERHVERKI QKOKFSH][IMKLX
1E\MQYQ QK
¦
(SWIERHVERKI QKOKFSH][IMKLX
(EMP]QE\MQYQ QK
¦
¦
¦
¦
¦
¦
¦
¦
GLMPHVIR ¦ EHYPXW ¦
¦
¦
¦
¦
¦
¦
¦
%HETXIHJVSQ8VIEXQIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIWVHIH+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3'(78&
%,%2(&33/*362%8-32%08&'328630463+6%11)7
TEXMIRXW GERRSX WIPIGX [LMGL QIHMGMRIW XS XEOI [LIR XVIEXQIRX MW RSX SFWIVZIH 4SSVFMSEZEMPEFMPMX]SJVMJEQTMGMRLEWFIIRJSYRHMRWSQI*('W8LIYWISJHVYK GSQFMREXMSRWSJEWWYVIHUYEPMX] MRGPYHMRKTVSZIRFMSEZEMPEFMPMX] MWIWWIRXMEP XLIWIQIHMGMRIWQE]FISFXEMRIHXLVSYKLXLI+PSFEP(VYK*EGMPMX] +(*
$IJMESFO
8LIVIGSQQIRHIHHEMP]HSWISJIXLEQFYXSPMWLMKLIVMRGLMPHVIR QKOK XLERMREHYPXW QKOK FIGEYWIXLITLEVQEGSOMRIXMGWEVIHMJJIVIRX TIEO WIVYQIXLEQFYXSPGSRGIRXVEXMSRWEVIPS[IVMRGLMPHVIRXLERMREHYPXWVIGIMZ MRKXLIWEQIQKOKHSWI %PXLSYKLIXLEQFYXSP[EWJVIUYIRXP]SQMXXIHJVSQ VIKMQIRWJSVGLMPHVIRMRXLITEWXS[MRKMRTEVXXSGSRGIVRWEFSYXXLIHMJ´GYPX] SJQSRMXSVMRKJSVXS\MGMX] TEVXMGYPEVP]JSVSTXMGRIYVMXMW MR]SYRKGLMPHVIREPMX IVEXYVIVIZMI[MRHMGEXIWXLEXIXLEQFYXSPMWWEJIMRGLMPHVIREXEHSWISJQK OK VERKI¦QKOK HEMP]7XVITXSQ]GMRWLSYPHFIEZSMHIH[LIRTSWWMFPI MRGLMPHVIRFIGEYWIXLIMRNIGXMSRWEVITEMRJYPERHMVVIZIVWMFPIEYHMXSV]RIVZI HEQEKIQE]SGGYV8LIYWISJWXVITXSQ]GMRMRGLMPHVIRMWQEMRP]VIWIVZIHJSV XLI´VWXX[SQSRXLWSJXVIEXQIRXSJ8&QIRMRKMXMW
/FXDBTFT
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
86)%81)283*89&)6'9037-74%8-)287
5"#-&
6)'311)2()(86)%81)286)+-1)27*362);'%7)73*89&)6'9037-7E
4EXMIRXXVIEXQIRX GEXIKSV]
4EXMIRXHMEKRSWXMG GEXIKSV]
-
2I[WQIEVTSWMXMZITEXMIRXWRI[ WQIEVRIKEXMZITEXMIRXW[MXL I\XIRWMZITEVIRGL]QEPMRZSPZIQIRX GSRGSQMXERX,-:VIPEXIHHMWIEWIWSV WIZIVIJSVQWSJI\XVETYPQSREV]8&
---
2I[WQIEVRIKEXMZITYPQSREV]8& SXLIVXLERMR'EXIKSV]- ERHPIWW WIZIVIJSVQWSJI\XVETYPQSREV]8&
8VIEXQIRXVIKMQIRWF -RMXMEPTLEWI
'SRXMRYEXMSRTLEWI
4VIJIVVIH ,6>)G
4VIJIVVIH ,6 ,6
3TXMSREP ,6>)
3TXMSREP ,)
3TXMSREPH ,6>)
3TXMSREP ,6
4VIJIVVIH ,6>)I
4VIJIVVIH ,6 ,6
3TXMSREP ,6>)
3TXMSREP ,)
3TXMSREP ,6>)
3TXMSREP ,6
E
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¦ I )XLEQFYXSPMRXLIMRMXMEPTLEWIQE]FISQMXXIHJSVTEXMIRXW[MXLPMQMXIHRSRGEZMXEV]WQIEVRIKEXMZITYP QSREV]8&[LSEVIORS[RXSFI,-:RIKEXMZITEXMIRXW[MXLPIWWWIZIVIJSVQWSJI\XVETYPQSREV]8&ERH TEXMIRXW[MXLORS[RWYWGITXMFPIWXVEMRW F
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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
XSXLITEXMIRX«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´GERXP]LMKLIVYRJEZSYVEFPISYXGSQI JEMPYVISVVIPETWI EXQSRXLWEJXIV XLIIRHSJGLIQSXLIVET]8LITVSTSVXMSRW[MXLYRJEZSYVEFPISYXGSQIW[IVI JSVXLI,6>),)VIKMQIR MRMXMEPERHGSRXMRYEXMSRTLEWIWEHQMRMWXIVIH HEMP] JSV ,6>) ,) MRMXMEP TLEWI EHQMRMWXIVIH XLVII XMQIW [IIOP] ERH JSV,6>),6 4VIKRERG] ERH PEGXEXMSR 3J XLI ´VWXPMRI HVYKW MWSRME^MH VMJEQTMGMR ERH IXLEQFYXSP QE] FI KMZIR WEJIP] HYVMRK TVIKRERG] 7XVITXSQ]GMR QE] GEYWI SXSXS\MGMX]MRXLIJIXYWERHMWGSRXVEMRHMGEXIH1SWXERXM8&HVYKWETTIEVMRPS[ GSRGIRXVEXMSRWMRFVIEWXQMPOEXPIZIPWXLEXHSRSXTVSHYGIXS\MGMX]MRMRJERXW &VIEWXJIIHMRKMWRSXGSRXVEMRHMGEXIH
1SFWJPVTMZUSFBUFEDBTFT
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´ZIHVYKWMRXLIMRMXMEPTLEWI VMJEQTMGMRMWSRME^MHT]VE^MREQMHIIXLEQ FYXSPERHWXVITXSQ]GMR 8LIMRMXMEPTLEWIMWEHQMRMWXIVIHJSVXLVIIQSRXLW [MXLEPP´ZIHVYKWEHQMRMWXIVIHJSVXLI´VWXX[SQSRXLW7XVITXSQ]GMRMW HMWGSRXMRYIHEJXIVX[SQSRXLWERHXLIJSYVVIQEMRMRKHVYKWEVIKMZIRMR XLIXLMVHQSRXL;,3VIGSQQIRHWHEMP]EHQMRMWXVEXMSRSJHVYKWMRXLIMRMXMEP TLEWI
86)%81)283*89&)6'9037-74%8-)287
5"#-&
6)'311)2()(86)%81)286)+-1)27*3646):-3970=86)%8)(4%8-)287 6)86)%81)286)+-1)27 E
4EXMIRX HMEKRSWXMG GEXIKSV]
8&TEXMIRXHMEKRSWXMG GEXIKSV]
--
6IPETWIW 8VIEXQIRXEJXIVHIJEYPX
--
8VIEXQIRXJEMPYVISJ'EXIKSV]-
8&XVIEXQIRXVIKMQIRW -RMXMEPTLEWI
'SRXMRYEXMSRTLEWI
4VIJIVVIH ,6>)7,6>)
4VIJIVVIH ,6)
3TXMSREP ,6>)7 ,6>)
3TXMSREP ,6)
4VIJIVVIH ,6>)7,6>)
4VIJIVVIH ,6)
-RWIXXMRKW[LIVI 3TXMSREP 6ITVIWIRXEXMZI(67HEXEWLS[PS[ ,6>)7 ,6>) VEXIWSJ1(68&SVMRHMZMHYEPM^IH (78WLS[WHVYKWYWGITXMFPIHMWIEWI SV -RWIXXMRKWSJ 4SSVTVSKVEQQITIVJSVQERGI %FWIRGISJVITVIWIRXEXMZI(67HEXE ERHSVGETEGMX]JSV(78SJGEWIW -RWYJ´GMIRXVIWSYVGIWXSMQTPIQIRX 'EXIKSV]-:XVIEXQIRX -:
8VIEXQIRXJEMPYVISJ'EXIKSV]-RWIXXMRKW[MXL %HIUYEXITVSKVEQQITIVJSVQERGI 6ITVIWIRXEXMZI(67HEXEWLS[MRK LMKLVEXIWSJ1(68&ERHSVGETEGMX] JSV(78SJGEWIW %ZEMPEFMPMX]SJRHPMRIHVYKW
-:
7XMPPWQIEVSVGYPXYVITSWMXMZIEJXIV WYTIVZMWIHVIXVIEXQIRXVIKMQIR TVSZIRSVWYWTIGXIH1(68&GEWIWG
3TXMSREP ,6)
7TIGMEPP]HIWMKRIHWXERHEVHM^IHFSV MRHMZMHYEPMWIHVIKMQIRW[MXLXLI YWISJRHPMRIHVYKW
7TIGMEPP]HIWMKRIHWXERHEVHM^IHSV MRHMZMHYEPMWIHVIKMQIRW[MXLXLI YWISJRHPMRIHVYKW
(67!HVYKVIWMWXERGIWYVZIMPPERGI(78!HVYKWYWGITXMFMPMX]XIWXMRK1(68&!QYPXMHVYKVIWMWXERXXYFIV GYPSWMW E %HETXIHJVSQ8VIEXQIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIWVHIH+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3'(78& F -XMWVIGSQQIRHIHXLEXWXERHEVHM^IHVIKMQIRWEVIFEWIHSRVITVIWIRXEXMZI(67HEXEJVSQTEXMIRXGEXIKS VMIWSVKVSYTW G (VYKWYWGITXMFMPMX]XIWXMRKMWVIGSQQIRHIHJSVTEXMIRXW[LSEVIGSRXEGXWSJORS[R1(68&GEWIW
XLVIIHVYKWMRXLIGSRXMRYEXMSRTLEWI VMJEQTMGMRMWSRME^MHERHIXLEQFYXSP 8LIGSRXMRYEXMSRTLEWIMWEHQMRMWXIVIHJSV´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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
FIEXXVMFYXEFPIXSERMRMXMEPVIWMWXERGIXSXLIHVYKWJEMPYVIMRWMXYEXMSRW[LIVI XVIEXQIRXLEWRSXFIIRHMVIGXP]SFWIVZIHQE]FIXLIVIWYPXSJTSSVXVIEXQIRX EHLIVIRGIGLESXMGXVIEXQIRXSVMRWYJ´GMIRXHVYKHSWEKIW 8LI'EXIKSV]--WXERHEVHM^IHVIKMQIRLEWTSSVVIWYPXWMR1(68&GEWIW PIWW XLER GYVIVEXI ERHQE]VIWYPXMRXLIEGUYMWMXMSRSJEHHMXMSREPVIWMWXERGI XSXLSWIHVYKWXLEX[IVIWXMPPIJJIGXMZIEXXLIWXEVXSJXVIEXQIRX IK)ERHSV > 'SYRXVMIW[MXLELMKLTVSTSVXMSRSJ1(68&EQSRKJEMPYVIWSJXLI'EXIKSV] - VIKMQIR WLSYPH GSRWMHIV XVIEXMRK WYGL GEWIW [MXL E VIKMQIR GSRWMWXMRK SJ WIGSRHPMRIHVYKW WII'LETXIV 7XVITXSQ]GMRWLSYPHFIEHQMRMWXIVIHF]MRNIGXMSRYWMRKHMWTSWEFPI WMRKPIYWI SVWXIVMPI VIYWEFPI RIIHPIWERHW]VMRKIW-XWLSYPHRSXFIYWIHMRWIXXMRKW [LIVIXLIYWISJHMWTSWEFPISVWXIVMPIRIIHPIWERHW]VMRKIWMWRSXEWWYVIH8LI YWISJMREHIUYEXIP]WXIVMPM^IHVIYWEFPIW]VMRKIWERHRIIHPIWGEVVMIWEVMWOSJ XVERWQMWWMSRSJ,-:ERHSXLIVFPSSHFSVRITEXLSKIRW
%HZIVWIIJJIGXWSJERXM8&HVYKW %QMRSVMX]SJ8&TEXMIRXW ¦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
8VIEXQIRXSJHVYKVIWMWXERXXYFIVGYPSWMW 4EXMIRXWMR[LSQHVYKVIWMWXERX8&MWHMEKRSWIHERH[LSVIUYMVIXVIEXQIRX [MXLWIGSRHPMRIHVYKWEVIGPEWWM´IHEW;,38&HMEKRSWXMG'EXIKSV]-:ERH VIUYMVIVIKMQIRWXIVQIH¨'EXIKSV]-:VIKMQIRW©8LMWWIGXMSRTVSZMHIWKYMH ERGISRXLIWXVEXIK]STXMSRWMRGPYHMRKWXERHEVHM^IHIQTMVMGEPERHMRHMZMHYEP M^IHETTVSEGLIWJSVXVIEXMRKHVYKVIWMWXERX8&%HIWGVMTXMSRSJHVYKWHSWIW ERHGSHMRKSJXVIEXQIRXVIKMQIRWMWTVSZMHIHMR+YMHIPMRIWJSVXLITVSKVEQ QEXMGQEREKIQIRXSJHVYKVIWMWXERXXYFIVGYPSWMW <(68&MWEWYFWIXSJ1(68&XLEXWLS[WEHHMXMSREPVIWMWXERGIXSWIGSRHPMRI HVYKW4EXMIRXW[MXL1(68&VIUYMVIWTIGMEPEXXIRXMSRXSEZSMHXLIHIZIPSTQIRX
86)%81)283*89&)6'9037-74%8-)287
SJ<(68&ERHXLSWI[LSLEZI<(68&VIUYMVIVMKSVSYWXVIEXQIRX[MXLXLI JVIUYIRXEHHMXMSRSJXLMVHPMRIEKIRXW 'EXIKSV]:HVYKW %ZEMPEFPIIZMHIRGISR <(68&ERHMXWXVIEXQIRXMWPMQMXIHFYXI\TIVMIRGIMRWSQI[IPPGSRXVSPPIHWIX XMRKWWLS[WWMKRM´GERXP]PS[IVXVIEXQIRXWYGGIWWVEXIWGSQTEVIH[MXLXLSWI JSV1(68&GEWIW
5SFBUNFOUTUSBUFHJFT
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´XEPPWMXYEXMSRWERHXLIGLSMGIFIX[IIRXLIWIWXVEXIKMIW[MPPHITIRHSRQER] JEGXSVWMRGPYHMRKXLISTIVEXMSREPGSRXI\XERHPEFSVEXSV]GETEGMX] 3FHJNFOEFTJHO 8LIJSPPS[MRKFEWMGTVMRGMTPIWEVIMRZSPZIHMRVIKMQIRHIWMKR 6IKMQIRWWLSYPHFIFEWIHSRXLILMWXSV]SJQIHMGMRIWXEOIRF]XLITEXMIRX (VYKWGSQQSRP]YWIHMRXLIGSYRXV]ERHTVIZEPIRGISJVIWMWXERGIXS´VWX PMRIERHWIGSRHPMRIHVYKWWLSYPHFIXEOIRMRXSGSRWMHIVEXMSR[LIRHIWMKR MRKEVIKMQIR 6IKMQIRWWLSYPHGSRWMWXSJEXPIEWXJSYVHVYKW[MXLIMXLIVGIVXEMRSVLMKLP] TVSFEFPIIJJIGXMZIRIWW-RXLIGEWISJYRGPIEVIZMHIRGIEFSYXMXWIJJIGXMZI RIWWEHVYKGERFITEVXSJXLIVIKMQIRFYXMXWLSYPHRSXFIHITIRHIHYTSR JSVWYGGIWW1SVIXLERJSYVHVYKWQE]FIWXEVXIHMJXLIWYWGITXMFMPMX]TEXXIVR
%,%2(&33/*362%8-32%08&'328630463+6%11)7
MWYRORS[RMJIJJIGXMZIRIWWMWUYIWXMSREFPIJSVSRISVWIZIVEPEKIRXWSVMJ I\XIRWMZIFMPEXIVEPTYPQSREV]HMWIEWIMWTVIWIRX (VYKWEVIEHQMRMWXIVIHEXPIEWXWM\HE]WTIV[IIO;LIRTSWWMFPIT]VE^M REQMHI IXLEQFYXSP ERH µYSVSUYMRSPSRIW WLSYPH FI KMZIR SRGI TIV HE] FIGEYWIXLILMKLTIEOWEXXEMRIHMRSRGIEHE]HSWMRKQE]FIQSVIIJ´GE GMSYW3RGIEHE]HSWMRKMWTIVQMWWMFPIJSVSXLIVWIGSRHPMRIHVYKWHITIRH MRK SR TEXMIRX XSPIVERGI ,S[IZIV IXLMSREQMHITVSXMSREQMHI G]GPSWIVMRI ERH 4EQMRSWEPMG]PMG EGMH LEZI XVEHMXMSREPP] FIIR KMZIR MR HMZMHIH HSWIW HYVMRKXLIHE] 8LIHVYKHSWEKIWLSYPHFIHIXIVQMRIHF]FSH][IMKLX%WYKKIWXIH[IMKLX FEWIHHSWMRKWGLIQIMWWLS[RMR8EFPI %RMRNIGXEFPIEKIRX EREQMRSKP]GSWMHISVGETVISQ]GMR MWYWIHJSVEQMRM QYQSJWM\QSRXLWSVJSVJSYVQSRXLWEJXIVGYPXYVIGSRZIVWMSR[LMGLIZIVMW PSRKIV )EGLHSWIMWKMZIREW(38XLVSYKLSYXXLIXVIEXQIRXERHEXVIEXQIRXGEVH MWQEVOIHJSVIEGLSFWIVZIHHSWI (78[LIREZEMPEFPIERHJVSQEVIPMEFPIPEFSVEXSV]WLSYPHFIYWIHXSKYMHI XLIVET],S[IZIVXLIUYEPMX]ERHGSQTEVEFMPMX]SJVIWYPXWMR(78SJWSQI ´VWXPMRI ERH QSWX SJ XLI WIGSRHPMRI ERXM8& HVYKW LEZI RSX FIIR JYPP] EWWIWWIHERH(78HSIWRSXTVIHMGXXLIIJJIGXMZIRIWWSJEHVYK[MXLGSQ TPIXIGIVXEMRX](IWTMXIXLIWIPMQMXEXMSRWVIKMQIRWWLSYPHMRGPYHIEXPIEWX JSYVHVYKWLMKLP]PMOIP]XSFIIJJIGXMZIFEWIHSR(78ERHSVHVYKLMWXSV]SJ XLITEXMIRX 4]VE^MREQMHIQE]FIYWIHJSVXLIIRXMVIXVIEXQIRXMJMXMWNYHKIHXSFIIJJIG XMZI1ER]1(68&TEXMIRXWLEZIGLVSRMGEPP]MRµEQIHPYRKW[LMGL XLISVIXM GEPP] TVSHYGIXLIEGMHMGIRZMVSRQIRXMR[LMGLT]VE^MREQMHIMWEGXMZI
%VSBUJPOPGUSFBUNFOU
8LIVIGSQQIRHIHHYVEXMSRSJXVIEXQIRXMWKYMHIHF]WQIEVERHGYPXYVIGSR ZIVWMSR8LIQMRMQEPVIGSQQIRHEXMSRMWXLEXXVIEXQIRXPEWXWJSVEXPIEWX QSRXLWEJXIVGYPXYVIGSRZIVWMSRI\XIRWMSRXSQSRXLWQE]FIMRHMGEXIHMR GLVSRMGGEWIW[MXLI\XIRWMZITYPQSREV]HEQEKI 8VIEXQIRXSJHVYKVIWMWXERX8&MWEGSQTPI\LIEPXLMRXIVZIRXMSRERHRSWMRKPI WXVEXIK][MPP´XEPPWMXYEXMSRW4VSKVEQQIQEREKIVWRIIHXSGSRWMHIVXLIITM HIQMSPSKMGEP´RERGMEPERHSTIVEXMSREPJEGXSVW[LIRHIGMHMRK[LMGLWXVEXIK] XSYWI
86)%81)283*89&)6'9037-74%8-)287
8VIEXQIRXSJXYFIVGYPSWMWMR,-:MRJIGXIHTEXMIRXW *SV,-:MRJIGXIHTEXMIRXW[MXLEGXMZI8&HMWIEWIXLI´VWXTVMSVMX]MWXSMRMXM EXIWXERHEVHM^IHERXM8&XVIEXQIRX8LISTXMQEPXMQIJSVWXEVXMRK%68MRXLIWI GEWIWMWRSXORS[RERHXLIHIGMWMSRMWFEWIHSRVMWO¦FIRI´XGSRWMHIVEXMSRW 8LI TVMRGMTPIW SJ ERXM8& XVIEXQIRX EVI XLI WEQI MVVIWTIGXMZI SJ ,-: WXEXYW %PXLSYKLIXLEQFYXSPERHMWSRME^MHEVIMRGPYHIHMRVIGSQQIRHEXMSRWJSVXLI GSRXMRYEXMSRTLEWIWLSVXGSYVWIVIKMQIRWXLEXGSRXEMRVMJEQTMGMRXLVSYKLSYX LEZIFIXXIVSYXGSQIERHVIHYGIXLIVMWOSJ8&VIGYVVIRGI 8LIYWISJXLMSEGIXE^SRIMWDPOUSBJOEJDBUFEMR,-:MRJIGXIHMRHMZMHYEPWFIGEYWI SJ XLI VMWO SJ JEXEP L]TIVWIRWMXMZMX] VIEGXMSRW ERH MW HMWGSYVEKIH F] ;,3 FIGEYWISJXLIVMWOSJWIZIVIXS\MGMX])XLEQFYXSPWLSYPHVITPEGIXLMSEGIXE ^SRIIWTIGMEPP]MREVIEW[LIVI,-:MWTVIZEPIRX
0VUDPNFTPGBOUJ5#USFBUNFOU
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
)*7UFTUJOH USFBUNFOUBOEDBSFPG5#QBUJFOUT
8YFIVGYPSWMWMWSJXIRXLI´VWXGPMRMGEPMRHMGEXMSRXLEXWSQISRILEWYRHIVP]MRK ,-:MRJIGXMSRERHMXMWXLIVIJSVIMQTSVXERXXSSJJIVEPP8&TEXMIRXWER,-:XIWX %WWYGL8&TVSKVEQQIWGERFIERI\XVIQIP]MQTSVXERXIRXV]TSMRXXS,-:GEVI ERHXVIEXQIRXMRGPYHMRK'48ERHSJXIR%68
1SPWJTJPOPGDPUSJNPYB[PMFQSFWFOUJWFUIFSBQZ
%HQMRMWXIVMRKTVSTL]PEGXMGGSXVMQS\E^SPIQE]TVIZIRX4RIYQSG]WXMWNMVSZIGMM ERHFEGXIVMEPMRJIGXMSRWMR,-:TSWMXMZI8&TEXMIRXW'48WYFWXERXMEPP]VIHYGIW QSVXEPMX]MR,-:TSWMXMZI8&TEXMIRXW F]YTXS MRXLI;,3%JVMGER6IKMSR *SV8&TEXMIRXW'48WLSYPHFIMRMXMEXIHEWWSSREWTSWWMFPIMVVIWTIGXMZISJ XLI'(GIPPGSYRXERHKMZIRXLVSYKLSYXERXM8&XVIEXQIRXGSRXMRYEXMSREJXIV XVIEXQIRXMWGSQTPIXIHWLSYPHFIGSRWMHIVIHMREGGSVHERGI[MXLREXMSREPKYMHI PMRIW8&ERH,-:GSRXVSPTVSKVEQQIWWLSYPHIWXEFPMWLEW]WXIQJSVTVSZMWMSR SJ'48XSIPMKMFPI40,-:[LSLEZIEGXMZI8&
%,%2(&33/*362%8-32%08&'328630463+6%11)7
1SPWJTJPOPGBOUJSFUSPWJSBMUIFSBQZ
-RXLMWVETMHP]IZSPZMRK´IPHYTHEXIHMRJSVQEXMSRERHKYMHERGIMWTVSZMHIHF] ;,3 %68MWVIGSQQIRHIHJSVEPP,-:TSWMXMZITEXMIRXW[MXLI\XVETYPQSREV]8& 7XEKI ERHJSVEPPXLSWI[MXLTYPQSREV]8& 7XEKI YRPIWWXLI'(GIPPGSYRX I\GIIHWGIPPWQQ%68VIHYGIWFSXLGEWIJEXEPMX]VEXIWERHXLIMRGMHIRGI SJ8&ERHVIGYVVIRX8&-JQIEWYVIQIRXSJXLI'(GIPPGSYRXMWRSXTSWWMFPI %68WLSYPHFIMRMXMEXIHJSVWXEKIWERHSRGIXLITEXMIRXLEWWXEFMPM^IHSR ERXM8&XVIEXQIRXKIRIVEPP]EJXIV¦[IIOWSJXVIEXQIRX 8LISTXMQEPXMQIXSWXEVX%68MWRSXGPIEVGYX)EVP]MRMXMEXMSRSJ%68[MXLMRE JI[[IIOWSJWXEVXMRKERXM8&XVIEXQIRXMWEWWSGMEXIH[MXLELMKLFYVHIRSJ XEFPIXW XS MRKIWX [LMGL QE] HMWGSYVEKI XVIEXQIRX EHLIVIRGI ERH QE] FI GSQTPMGEXIHF]EHZIVWIIJJIGXWHVYK¦HVYKMRXIVEGXMSRWERHMQQYRIVIGSRWXM XYXMSRMRµEQQEXSV]W]RHVSQI -6-7 ,S[IZIVWMRGIQYGLSJXLIGEWIJEXEPMX] MR,-:TSWMXMZI8&TEXMIRXWSGGYVWMRXLI´VWXX[SQSRXLWSJERXM8&XVIEXQIRX HIPE]IHMRMXMEXMSRSJ%68QE]VIHYGIMXWTSXIRXMEPFIRI´XW 7IPIGXMSRSJHVYKW 6MJEQTMGMRGSRXEMRMRK VIKMQIRW EVI VIGSQQIRHIH JSV XVIEXQIRX SJ 8& MR ,-:MRJIGXIH TEXMIRXW ,S[IZIV VMJEQTMGMR MRHYGIW XLI EGXMZMX] SJ LITEXMG G]XSGLVSQI4PIEHMRKXSWYFXLIVETIYXMGGSRGIRXVEXMSRWSJWSQIERXMVIX VSZMVEPHVYKW
5"#-& -2-8-%8-2+*-6780-2)%28-6)863:-6%08,)6%4=-26)0%8-328378%68-2+ %28-8&86)%81)28E '(GIPPGSYRX
'( GIPPWQQ '(¦GIPPWQQ '("GIPPWQQ
'(RSXEZEMPEFPI E
%68VIGSQQIRHEXMSRW
8MQMRKSJ%68MRVIPEXMSRXSXLIWXEVXSJ ERXM8&XVIEXQIRX
6IGSQQIRH%68F
&IX[IIRERH[IIOWG
6IGSQQIRH%68
%JXIV[IIOW
H
(IJIV%68
6IIZEPYEXITEXMIRXEX[IIOWERH EXXLIIRHSJERXM8&XVIEXQIRX
6IGSQQIRH%68I
&IX[IIRERH[IIOW
%HETXIHJVSQ%RXMVIXVSZMVEPXLIVET]JSV,-:MRJIGXMSRMREHYPXWERHEHSPIWGIRXW6IGSQQIRHEXMSRWJSVE TYFPMGLIEPXLETTVSEGLXLVIZMWMSR+IRIZE;SVPH,IEPXL3VKERM^EXMSR %VIKMQIRGSRXEMRMRKIJEZMVIR^MWXLITVIJIVVIH´VWXPMRIVIKMQIREPXIVREXMZIVIKMQIRWMRGPYHIRIZMVETMRI 2:4 ERHXVMTPIRYGPISWMHIVIZIVWIXVERWGVMTXEWIMRLMFMXSVWFEWIHSRVIKMQIRWYWMRKXIRSJSZMVHMWSTVS\MP JYQEVEXISVEFEGEZMV*SV2:4GSRXEMRMRKVIKMQIRWEPERMRIEQMRSXVERWJIVEWIWLSYPHFIGLIGOIHEX ERH[IIOWERHHMVIGXIHF]W]QTXSQWXLIVIEJXIV G 7XEVX%68EWWSSREWERXM8&XVIEXQIRXMWXSPIVEXIH H -JSXLIVRSR8&WXEKISVIZIRXWEVITVIWIRXWXEVX%68 I *SVWSQI8&HMEKRSWIWXLEXKIRIVEPP]VIWTSRH[IPPXSERXM8&XVIEXQIRX MI8&SJXLIP]QTLRSHIWYR GSQTPMGEXIHTPIYVEPIJJYWMSR GSRWMHIVHIJIVVMRK%68 F
LXXT[[[[LSMRX,-:
86)%81)283*89&)6'9037-74%8-)287
)JEZMVIR^GSRXEMRMRKVIKMQIRWEVIXLIVIGSQQIRHIH´VWXPMRI%68VIKMQIRW JSV8&TEXMIRXWWMRGIMRXIVEGXMSRW[MXLERXM8&HVYKWEVIQMRMQEP)JEZMVIR^ MWTSXIRXMEPP]XIVEXSKIRMGERHMWDPOUSBJOEJDBUFEJSV[SQIRSJGLMPHFIEVMRK TSXIRXMEP[MXLSYXEHIUYEXIGSRXVEGITXMSRSVJSVXLSWI[LSEVIMRXLI´VWX XVMQIWXIVSJTVIKRERG] 2IZMVETMRIMWEREPXIVREXMZIXSIJEZMVIR^FYXMRGSQFMREXMSR[MXLVMJEQTMGMR TSWIWERMRGVIEWIHVMWOSJLITEXSXS\MGMX]-JYWIHGPMRMGEPERH PEFSVEXSV] QSRMXSVMRK EVI VIGSQQIRHIH 8LI YWI SJ XVMTPI RYGPISWMHI ERXMVIXVSZMVEP VIKMQIRWMWIQIVKMRKEWEREHHMXMSREPEPXIVREXMZI ;LIRVMJEFYXMRMWYWIHMRTPEGISJVMJEQTMGMRTVSXIEWIMRLMFMXSVGSRXEMRMRK VIKMQIRW QE] FI EHQMRMWXIVIH [MXL VMJEFYXMR HSWI EHNYWXQIRX ,S[IZIV VMJEFYXMRQE]RSXFIEZEMPEFPISVEGGIWWMFPIERHMXMWGSWXP]
5VCFSDVMPTJTJOQBUJFOUTBMSFBEZSFDFJWJOHBOUJSFUSPWJSBMUIFSBQZ
4EXMIRXW MR [LSQ 8& MW HMEKRSWIH [LMPI VIGIMZMRK %68 WLSYPH WXEVX ERXM8& XVIEXQIRXMQQIHMEXIP]XSEWWIWW[LIXLIVXLIHIZIPSTQIRXSJEGXMZI8&VIµIGXW EJEMPYVISJ%68XLEX[SYPHVIUYMVIGLERKMRKXLI%68VIKMQIR%HNYWXQIRXWSJ %68QE]FIRIIHIHJSVTEXMIRXW[LSHIZIPSTEGXMZI8&[MXLMRWM\QSRXLWSJ XLIWXEVXSJ´VWXPMRISVWIGSRHPMRI%68 ;MXLMRWM\QSRXLWSJMRMXMEXMRK%68-JERITMWSHISJ8&SGGYVWHYVMRKXLI´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
*NNVOFSFDPOTUJUVUJPOJO¿BNNBUPSZTZOESPNF
-QQYRI VIGSRWXMXYXMSR MRµEQQEXSV] W]RHVSQI -6-7 MW E XIQTSVEV] I\EGIV FEXMSRSJW]QTXSQWERHSVVEHMSKVETLMGWMKRWSJ8&SGGYVVMRKWSSREJXIVXLI WXEVXSJXVIEXQIRX[MXL%68ERHERXM8&HVYKW8LIW]RHVSQIQSWXGSQQSRP] TVIWIRXW[MXLJIZIVERH[SVWIRMRKSJTVII\MWXMRKVIWTMVEXSV]HMWIEWISVP]Q TLEHIRSTEXL]EJXIVMRMXMEPMQTVSZIQIRXSRERXM8&XVIEXQIRXMRTEXMIRXW[LS LEZIWXEVXIHSR%68MRXLITEWXXLVIIQSRXLWEPXLSYKLMXQE]SGGYV[MXLMR´ZI HE]W-XMWWMQMPEVXSFYXQSVIJVIUYIRXXLERXLITEVEHS\MGEPVIEGXMSRWWIIRMR MQQYRSGSQTIXIRXTEXMIRXWSRERXM8&XLIVET]
%,%2(&33/*362%8-32%08&'328630463+6%11)7
-6-7ETTIEVWXSFIQSVIGSQQSRMJ%68MWWXEVXIHIEVP]MRXLIGSYVWISJERXM 8&XVIEXQIRX8LIHMEKRSWMWMWGPMRMGEPERHXLIHMJJIVIRXMEPHMEKRSWMWMRGPYHIW EHZIVWIIJJIGXWSJ%68JEMPYVISJ8&XVIEXQIRXGEYWIHF]HVYKVIWMWXERGISV TSSVEHLIVIRGIJEMPYVISJ%68SVSXLIVYRHIVP]MRKMRJIGXMSR1SWXGEWIWVIWSPZI [MXLSYXER]MRXIVZIRXMSRERH%68QE]FIWEJIP]GSRXMRYIH3GGEWMSREPP]WIVM SYWVIEGXMSRWWYGLEWXVEGLIEPGSQTVIWWMSRGEYWIHF]QEWWMZIEHIRSTEXL]SV VIWTMVEXSV]HMJ´GYPX]QE]VIUYMVIXLIYWISJGSVXMGSWXIVSMHW 8&VIPEXIH-6-7QE]TVIWIRXEWSRISJX[SQEMRW]RHVSQIW M ETEVEHS\MGEP VIEGXMSREJXIVXLIWXEVXSJ%68MRTEXMIRXWVIGIMZMRKXVIEXQIRXJSV8& ¨TEVEHS\M GEP8&-6-7© SV MM ERI\EKKIVEXIHRI[TVIWIRXEXMSRSJ8&XLEXMW¨YRQEWOIH© MRXLI[IIOWJSPPS[MRKMRMXMEXMSRSJ%68
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´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
86)%81)283*89&)6'9037-74%8-)287
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«WLSQIMRSVHIVXSVIHYGI XVEZIPGSWXWERHPSWWSJXMQIERH[EKIW ETTVSTVMEXITEXMIRXIHYGEXMSRMRGPYHMRKMRJSVQEXMSRVIKEVHMRKXLIVIKMQIR HYVEXMSR ERH TSWWMFPI XVIEXQIRX SYXGSQIW TVSZMHIH VITIEXIHP] F] [IPP XVEMRIHERHGSRWMHIVEXIWXEJJ TVSZMWMSRSV´RERGMRKSJXVERWTSVXERHMRGIRXMZIWWYGLEWJSSHSVL]KMIRMG TEGOEKIWJSVTEXMIRXWERHXLIMVJEQMPMIWMJETTVSTVMEXIJSVXLIGSRXI\XERH TEXMIRXTVS´PI ,SWTMXEPM^EXMSRMWIWWIRXMEPJSVTEXMIRXWMREWIZIVIGPMRMGEPGSRHMXMSR[MXLGSQ TPMGEXMSRW SV EWWSGMEXMSRW VIUYMVMRK GPSWIV GPMRMGEP QSRMXSVMRK -X QMKLX EPWS FIEREPXIVREXMZIIWTIGMEPP]HYVMRKXLIMRMXMEPTLEWISJXVIEXQIRXJSVEWQEPP RYQFIVSJTEXMIRXWJSV[LSQSXLIVSTXMSRWSJIRWYVMRKXVIEXQIRXEHLIVIRGI ERHWYTTSVXEVIRSXEZEMPEFPI,S[IZIVLSWTMXEPM^EXMSRTIVWIHSIWRSXIRWYVI VIKYPEVHVYKMRXEOISVGSQTPIXMSRSJXLIXVIEXQIRX
;,3KYMHIPMRIW +YMHERGIJSVREXMSREPXYFIVGYPSWMWTVSKVEQQIWSRXLIQEREKIQIRXSJXYFIVGYPSWMWMR GLMPHVIR+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&;,3*', '%, +YMHIPMRIWJSVXLITVSKVEQQEXMGQEREKIQIRXSJHVYKVIWMWXERXXYFIVGYPSWMW+IRIZE ;SVPH,IEPXL3VKERM^EXMSR ;,3,818& +YMHIPMRIW SR GSXVMQS\E^SPI TVSTL]PE\MW JSV ,-:VIPEXIH MRJIGXMSRW EQSRK GLMPHVIR EHSPIWGIRXWERHEHYPXWVIGSQQIRHEXMSRWJSVETYFPMGLIEPXLETTVSEGL+IRIZE;SVPH ,IEPXL3VKERM^EXMSR
%,%2(&33/*362%8-32%08&'328630463+6%11)7
7GEPMRKYTERXMVIXVSZMVEPXLIVET]MRVIWSYVGIPMQMXIHWIXXMRKW9THEXIHKYMHIPMRIWJSVE TYFPMGLIEPXLETTVSEGLVIZMWMSR+IRIZE;SVPH,IEPXL3VKERM^EXMSR 8VIEXQIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIWVHIH+IRIZE;SVPH ,IEPXL3VKERM^EXMSR ;,3'(78&
/I]VIJIVIRGIW %HLIVIRGIXSPSRKXIVQXLIVETMIWIZMHIRGIJSVEGXMSR+IRIZE;SVPH,IEPXL3VKERM^E XMSR %QIVMGER8LSVEGMG7SGMIX]'IRXIVWJSV(MWIEWI'SRXVSPERH4VIZIRXMSR-RJIGXMSYW(MW IEWIW7SGMIX]SJ%QIVMGE8VIEXQIRXSJXYFIVGYPSWMW%QIVMGER.SYVREPSJ6IWTMVEXSV] ERH'VMXMGEP'EVI1IHMGMRI ¦ &EHVM1IXEP)JJIGXSJLMKLP]EGXMZIERXMVIXVSZMVEPXLIVET]SRMRGMHIRGISJXYFIVGYPSWMW MR7SYXL%JVMGEEGSLSVXWXYH]0ERGIX ¦ &IMXL%)MGLPIV6;IMP(4IVJSVQERGIFEWIHMRGIRXMZIWJSVLIEPXLE[E]XSMQTVSZI XYFIVGYPSWMW HIXIGXMSR ERH XVIEXQIRX GSQTPIXMSR# 'IRXIV JSV +PSFEP (IZIPSTQIRX '+( %TVMP '+([SVOMRKTETIVRYQFIVEZEMPEFPIEXLXXT[[[GKHIZSVK ´PIWC´PIC8&C´REPTHJ &PSQFIVK&IXEP8LIVEXMSREPIJSVVIGSQQIRHMRK´\IHHSWIGSQFMREXMSRXEFPIXWJSV XVIEXQIRXSJXYFIVGYPSWMW&YPPIXMRSJXLI;SVPH,IEPXL3VKERM^EXMSR ¦ &VMXMWL8LSVEGMGERH8YFIVGYPSWMW%WWSGMEXMSR7LSVXGSYVWIGLIQSXLIVET]MRTYPQS REV]XYFIVGYPSWMWEGSRXVSPPIHXVMEPF]XLI&VMXMWL8LSVEGMGERH8YFIVGYPSWMW%WWSGME XMSR0ERGIX¦ &VMXMWL8LSVEGMG%WWSGMEXMSR%GSRXVSPPIHXVMEPSJQSRXLWGLIQSXLIVET]MRTYPQSREV] XYFIVGYPSWMWWIGSRHVITSVXVIWYPXWHYVMRKXLIQSRXLWEJXIVXLIIRHSJGLIQSXLIVE T]%QIVMGER6IZMI[SJ6IWTMVEXSV](MWIEWI¦ 'LEPGS/IXEP2YVWIWEWTVSZMHIVWSJIQSXMSREPWYTTSVXXSTEXMIRXW[MXL1(68&-RXIV REXMSREP2YVWMRK6IZMI[¦ )EWX%JVMGE&VMXMWL1IHMGEP6IWIEVGL'SYRGMP'SRXVSPPIHGPMRMGEPXVMEPSJ´ZIWLSVXGSYVWI QSRXL GLIQSXLIVET]VIKMQIRWMRTYPQSREV]XYFIVGYPSWMWWIGSRHVITSVXSJXLIXL WXYH]%QIVMGER6IZMI[SJ6IWTMVEXSV](MWIEWI¦ *M\IHHSWI GSQFMREXMSR SJ XEFPIXW JSV XLI XVIEXQIRX SJ XYFIVGYPSWMW +IRIZE ;SVPH ,IEPXL3VKERM^EXMSR ;,3'(7'4'8& +MVEVHM)IXEP-QTEGXSJGSQFMREXMSRERXMVIXVSZMVEPXLIVET]SRXLIVMWOSJXYFIVGYPSWMW EQSRKTIVWSRW[MXL,-:MRJIGXMSR%-(7 ¦ -RXIVMQTSPMG]SRGSPPEFSVEXMZI8&,-:EGXMZMXMIW+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& -RXIVREXMSREP WXERHEVHW JSV XYFIVGYPSWMW GEVI 8LI ,EKYI 8YFIVGYPSWMW 'SEPMXMSR JSV 8IGLRMGEP%WWMWXERGI .EOYFS[MEO;1IXEP7SGMEPWYTTSVXERHMRGIRXMZIWTVSKVEQQIJSVTEXMIRXW[MXLXYFIV GYPSWMWI\TIVMIRGIJVSQXLI6YWWMER*IHIVEXMSR-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMW ERH0YRK(MWIEWI¦
86)%81)283*89&)6'9037-74%8-)287
.MRHERM%2YRR%.)REVWSR()8[SQSRXLVIKMQIRWSJGLIQSXLIVET]JSVXVIEXQIRX SJ RI[P] HMEKRSWIH TYPQSREV] XYFIVGYPSWMW MRXIVREXMSREP QYPXMGIRXVI VERHSQM^IH XVMEP0ERGIX¦ /MQ7.(VYKWYWGITXMFMPMX]XIWXMRKMRXYFIVGYPSWMWQIXLSHWERHVIPMEFMPMX]SJVIWYPXW )YVSTIER6IWTMVEXSV].SYVREP¦ 0E[R 7( IX EP &YVHIR SJ XYFIVGYPSWMW MR ER ERXMVIXVSZMVEP XVIEXQIRX TVSKVEQQI MR WYF7ELEVER%JVMGEMQTEGXSRXVIEXQIRXSYXGSQIWERHMQTPMGEXMSRWJSVXYFIVGYPSWMW GSRXVSP%-(7 ¦ 0E[RIXEP8YFIVGYPSWMWEQSRK,-:MRJIGXIHTEXMIRXWVIGIMZMRK,%%68PSRKXIVQMRGM HIRGIERHVMWOJEGXSVWMRE7SYXL%JVMGERGSLSVX%-(7 ¦ 0IMQERI:IXEP'PMRMGEPSYXGSQISJMRHMZMHYEPMWIHXVIEXQIRXSJQYPXMHVYKVIWMWXERX XYFIVGYPSWMWMR0EXZMEEVIXVSWTIGXMZIGSLSVXWXYH]0ERGIX¦ 2EXLERWSR ) IX EP 1YPXMHVYKVIWMWXERX XYFIVGYPSWMW GER FI WYGGIWWJYPP] XVIEXIH MR VIWSYVGIPMQMXIHWIXXMRKW)QIVKMRK-RJIGXMSYW(MWIEWIW ¦ 7LMR77IXEP8VIEXQIRXSYXGSQIWMRERMRXIKVEXIHGMZMPMERERHTVMWSR1(68&XVIEX QIRXTVSKVEQMR6YWWME-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦ 7MRKETSVI8YFIVGYPSWMW7IVZMGI&VMXMWL1IHMGEP6IWIEVGL'SYRGMP0SRKXIVQJSPPS[ YTSJEGPMRMGEPXVMEPSJQSRXLERHQSRXLVIKMQIRWSJGLIQSXLIVET]MRXLIXVIEX QIRX SJ TYPQSREV] XYFIVGYPSWMW %QIVMGER 6IZMI[ SJ 6IWTMVEXSV] (MWIEWI ¦ ;,3-9%80( +PSFEP 4VSNIGX SR %RXMXYFIVGYPSWMW (VYK 6IWMWXERGI 7YVZIMPPERGI %RXM XYFIVGYPSWMWHVYKVIWMWXERGIMRXLI[SVPH6ITSVX2S+IRIZE;SVPH,IEPXL3VKERM^E XMSR ;,3,818&
6IGSVHMRKERHVITSVXMRK
+
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´RIHEREP]WMWSJTVSKVEQQITIVJSVQERGI ,S[IZIVXLI IPIGXVSRMGW]WXIQMWSRP]EWKSSHEWXLIHEXEXLIQWIPZIWERHXLIEGGYVEG]SJ HEXEXLEXEVIQERYEPP]IRXIVIH )PIGXVSRMGVIGSVHMRKERHVITSVXMRKJSPPS[WXLI WEQI TVMRGMTPI ERH JSVQEX EW XLI TETIVFEWIH VIGSVHMRK ERH VITSVXMRK W]W XIQ%TVSTIVIPIGXVSRMGW]WXIQWLSYPHTVSZMHIEVIKYPEVTVMRXSYXSJUYEVXIVP] VITSVXWERHVIKMWXIVWXSJEGMPMXEXIHEXEEREP]WMWERHHEXEZIVM´GEXMSR
6IGSVHMRKERHVITSVXMRKW]WXIQ
8LI;,38&VIGSVHMRKERHVITSVXMRKW]WXIQMWTEVXSJXLIKIRIVEPLIEPXLMRJSV QEXMSRW]WXIQ &S\ -XGSRWMWXWSJHIXEMPIHTEXMIRXJSVQWXLEXEVI´PPIHSYX EXXLITSMRXSJGEVIERHWYQQEVM^IHMRPEFSVEXSV]ERHQIHMGEPVIKMWXIVW8LIWI HEXEEVIEKKVIKEXIHXSTVITEVIUYEVXIVP]VITSVXWSREGXMZMXMIWERHVIWYPXWEW [IPPEWERRYEPQEREKIQIRXVITSVXWEXXLIFEWMGQEREKIQIRXYRMX &19 YWYE PP]XLIHMWXVMGXPIZIPERHXLIRWIRXXSXLIGIRXVEPPIZIP8LIVIGSVHMRK TEXMIRX VIKMWXVEXMSR ERHVITSVXMRKW]WXIQMWYWIHXSW]WXIQEXMGEPP]IZEPYEXITEXMIRX TVSKVIWWERHXVIEXQIRXSYXGSQIWEW[IPPEWXSQSRMXSVSZIVEPPTVSKVEQQI TIVJSVQERGI XLVSYKLGSLSVXEREP]WMW
3FDPSEJOHTZTUFN
8LIVIGSVHMRKW]WXIQ TEXMIRXVIKMWXVEXMSR GSQTVMWIW M PEFSVEXSV]VIKMWXIVW [LMGLVIGSVHEPPW]QTXSQEXMGTEXMIRXW[LSLEZILEHEWTYXYQWQIEVI\EQMRE
LXXT[[[[LSMRXXFHSXWVCERHCVCJSVQWIRMRHI\LXQP
6)'36(-2+%2(6)4368-2+
#09 3&$03%*/("/%3&1035*/('03.43&26*3&%#:8)0B "UCBTJDNBOBHFNFOUVOJU #.6 MFWFM EJTUSJDU
N 8&PEFSVEXSV]VIKMWXIV N &198&VIKMWXIV N 5YEVXIVP]VITSVXSR8&GEWIVIKMWXVEXMSRMR&19 N 5YEVXIVP]VITSVXSR8&8VIEXQIRXSYXGSQIWERH8&,-:EGXMZMXMIWMR&19 N 5YEVXIVP]SVHIVJSVQJSV8&HVYKW N 5YEVXIVP]SVHIVJSVQJSVPEFSVEXSV]WYTTPMIWMR&19 N =IEVP]VITSVXSRTVSKVEQQIQEREKIQIRXMR&19 N 5YEVXIVP]VITSVXSRWTYXYQGSRZIVWMSR STXMSREP "U#.6MFWFM EJTUSJDU VTJOHSPVUJOFDVMUVSFBOEESVHTVTDFQUJCJMJUZUFTUJOH %45
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
7SYVGI 6IZMWIH 8& VIGSVHMRK ERH VITSVXMRK JSVQW ERH VIKMWXIVW ¦ ZIVWMSR +IRIZE ;SVPH ,IEPXL3VKERM^EXMSR ;,3,818&
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´GE XMSRRYQFIV8LIVIWYPXWSJXLIWTYXYQWQIEVI\EQMREXMSRWEVIVIGSVHIHMRXLI PEFSVEXSV]VIKMWXIVIMXLIVJSVHMEKRSWMWSVJSVJSPPS[YTERHXLIRVIXYVRIHXS XLIVIJIVVMRKJEGMPMX] 4EXMIRX XVIEXQIRX GEVH % TEXMIRX XVIEXQIRX GEVH MW GVIEXIH JSV IEGL 8& GEWI WQIEVTSWMXMZIWQIEVRIKEXMZISVI\XVETYPQSREV] -XVIGSVHWFEWMGITMHIQMSPS
%,%2(&33/*362%8-32%08&'328630463+6%11)7
KMGEPERHGPMRMGEPMRJSVQEXMSRERHXLIEHQMRMWXVEXMSRSJHVYKW8LILIEPXL[SVOIV YWIWXLITEXMIRXXVIEXQIRXGEVHJSVVIGSVHMRKXVIEXQIRXERHJSVJSPPS[YT -HIRXMX]GEVH%RMHIRXMX]GEVHMWGSQTPIXIHJSVIZIV]TEXMIRX[LSWXEVXWERXM8& XVIEXQIRX-XVIGSVHWXLIREQIEKIWI\EHHVIWWLIEPXLJEGMPMX]X]TISJ8& VIKMQIRERHHEXIWSJXVIEXQIRX8LMWGEVHMWOITXF]XLITEXMIRX &19 HMWXVMGX 8&VIKMWXIV8LI&198&VIKMWXIVMWYWIHXSQSRMXSVTVSKVIWWERH XVIEXQIRXSYXGSQIWJSVEPPTEXMIRXWMRXLIHMWXVMGX-XTVSZMHIWSRSRIPMRITIV TEXMIRXXLIIWWIRXMEPMRJSVQEXMSRJSVMHIRXM´GEXMSRSJXLITEXMIRXERHWXEXYW SJGEWIQEREKIQIRX8LIVIKMWXIVMWYWIHF]XLIVIWTSRWMFPILIEPXL[SVOIVXS TVSZMHIXLIHMWXVMGXSVPSGEPLIEPXLSJ´GIV[MXLVETMHJIIHFEGOSRTVSKVEQQI TIVJSVQERGIMRXLIHMWXVMGX
3FQPSUJOHTZTUFN
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¦ 1EVGL%TVMP¦.YRI.YP]¦7ITXIQFIVERH3GXSFIV¦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
6)'36(-2+%2(6)4368-2+
5"#-&
()*-2-8-3273*86)%81)28398'31)7E
$VSFE
%TEXMIRX[LS[EWMRMXMEPP]GYPXYVISVWTYXYQWQIEVQMGVSWGST]EXXLI FIKMRRMRKSJXLIXVIEXQIRXFYX[LS[EWWQIEVRIKEXMZIMRXLIPEWX QSRXLSJXVIEXQIRXERHSREXPIEWXSRITVIZMSYWSGGEWMSR
5SFBUNFOUDPNQMFUFE
%TEXMIRX[LSGSQTPIXIHXVIEXQIRXFYX[LSHMHRSXQIIXXLIGVMXIVMEXS FIGPEWWM´IHEWEGYVISVEXVIEXQIRXJEMPYVI8LMWHI´RMXMSRETTPMIWXS TYPQSREV]WQIEVTSWMXMZIERHWQIEVRIKEXMZITEXMIRXWERHXSTEXMIRXW [MXLI\XVETYPQSREV]HMWIEWI
5SFBUNFOUGBJMVSF
M %RI[TEXMIRX[LSMWGYPXYVISVWTYXYQWQIEVQMGVSWGST]TSWMXMZIEX ´ZIQSRXLWSVPEXIVHYVMRKXVIEXQIRXSV[LSMWW[MXGLIHXS'EXIKSV]-: XVIEXQIRXFIGEYWIWTYXYQGYPXYVIVIZIEPIH1(68& MM %TVIZMSYWP]XVIEXIHTEXMIRX[LSMWGYPXYVISVWTYXYQWQIEV QMGVSWGST]TSWMXMZIEXXLIIRHSJXLIVIXVIEXQIRXVIKMQIRSV[LSMW W[MXGLIHXS'EXIKSV]-:XVIEXQIRXFIGEYWIWTYXYQGYPXYVIVIZIEPIH 1(68&
%JFE
%TEXMIRX[LSHMIHJVSQER]GEYWIHYVMRKXLIGSYVWISJXVIEXQIRX
%FGBVMUFE
%TEXMIRX[LSWIXVIEXQIRX[EWMRXIVVYTXIHJSVX[SGSRWIGYXMZIQSRXLW SVQSVI
5SBOTGFSSFEPVU
%TEXMIRX[LS[EWXVERWJIVVIHXSELIEPXLJEGMPMX]MRERSXLIVFEWMG QEREKIQIRXYRMXERHJSV[LSQXLIXVIEXQIRXSYXGSQIMWRSXORS[R
4VDDFTTGVMMZUSFBUFE
%TEXMIRX[LS[EWGYVIHSV[LSGSQTPIXIHXVIEXQIRX
E
7SYVGI 6IZMWIH 8& VIGSVHMRK ERH VITSVXMRK JSVQW ERH VIKMWXIVW ¦ ZIVWMSR +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,818&
HMJJIVIRXX]TIWSJXVIEXQIRXYRMX IKTYFPMGERHTVMZEXI SVJSVHMJJIVIRXX]TIW SJXVIEXQIRXWYTTSVXIVW IKLIEPXL[SVOIVWGSQQYRMX]ZSPYRXIIVWSVJEQMP] QIQFIVW 8LIXVIEXQIRXSYXGSQIWEVIHI´RIHMR8EFPI 8LIVIGSVHMRKERHVITSVXMRKW]WXIQEPPS[WJSVMRHMZMHYEPM^IHJSPPS[YTXSLIPT TEXMIRXW [LS HS RSX QEOI WEXMWJEGXSV] TVSKVIWW ERH JSV VETMH QEREKIVMEP EWWIWWQIRXSJXLISZIVEPPTIVJSVQERGISJIEGLMRWXMXYXMSR&19 HMWXVMGX VIKMSR SVGSYRXV]%VSFYWXW]WXIQSJEGGSYRXEFMPMX]MRZSPZMRKGVSWWGLIGOWFIX[IIR VITSVXWVIKMWXIVWERHJSVQWWLSYPHQMRMQM^IER]VMWOSJJEPWIVITSVXMRK(EXE UYEPMX]EYHMXXSSPWWXERHEVHM^IXLIGVSWWGLIGOWFIX[IIRVITSVXWVIKMWXIVWERH JSVQW(EXEZIVM´GEXMSRXLVSYKLGVSWWGLIGOMRKVIUYMVIWVIKYPEVTVMRXSYXWSJ IPIGXVSRMGUYEVXIVP]VITSVXWERHVIKMWXIVWWYTTSVXIHF]ETVSTIVTETIVFEWIH EVGLMZMRKW]WXIQ ;,3TVSZMHIWYTHEXIHVIGSQQIRHEXMSRWSRXLIVIGSVHMRKERHVITSVXMRKJSVQW XSKIXLIV[MXLHIXEMPIHMRWXVYGXMSRWSRLS[XSGSQTPIXIXLIQ
6IJIVVEPERHXVERWJIV 8VERWJIVWERHVIJIVVEPWSJTEXMIRXWEMQXSMQTVSZIXLIUYEPMX]SJXLIMVGEVIMR JEGMPMXMIWSJJIVMRKQSVIETTVSTVMEXIWIVZMGIWSVWIVZMGIWXLEXEVIQSVIGSRZI
LXXT[[[[LSMRXXFHSXWVCERHCVCJSVQWIRMRHI\LXQP
%,%2(&33/*362%8-32%08&'328630463+6%11)7
RMIRXP]PSGEXIHYWYEPP]GPSWIVXSXLITEXMIRX«WLSQI4EXMIRXWQE]FIVIJIVVIH XSSVXVERWJIVVIHJVSQJEGMPMXMIWJSVHMEKRSWMWXVIEXQIRXSVWTIGMEPGEVI6IJIVVEP ERHXVERWJIVEVIHMWXMRGXJYRGXMSRW[MXLHMJJIVIRXJSPPS[YTERHVIPEXIHXEWOW ERHMXMWMQTSVXERXXSHMJJIVIRXMEXIGPIEVP]FIX[IIRVIJIVVEPERHXVERWJIVJSVXLI TYVTSWIWSJ8&GSRXVSP8VERWJIVSJTEXMIRXW[MXLSYXTVSTIVJSPPS[YTMRJSVQE XMSRVIµ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¨VIJIVVIH©TEXMIRXMWVIWTSRWMFPIJSVMRJSVQMRKXLIVIJIVVMRK JEGMPMX]EFSYXXLIEVVMZEPSJXLITEXMIRXERHJSVXLIGEVITVSZMHIH%8&TEXMIRX VIKMWXIVIHMRE&198&VIKMWXIV MIETEXMIRXWXEVXIHSRERXM8&XVIEXQIRX GSYPHEPWSFIVIJIVVIHXSERSXLIVJEGMPMX]MRXLIWEQI&19SVSYXWMHIXLIVIJI VVMRK&19JSVSXLIV RSR8& XIWXWSVXVIEXQIRX IKWYVKIV]%68 8VERWJIV MW XLI TVSGIWW SJ EVVERKMRK XLI QSZIQIRX SJ E 8& TEXMIRX [LS MW EPVIEH]VIKMWXIVIHMRE&198&VIKMWXIVFIX[IIRX[S&19WMIXLITEXMIRXLEW WXEVXIHXVIEXQIRXERH[MPPGSRXMRYIXVIEXQIRXMRERSXLIVEVIE[MXLEHMJJIVIRX &198&VIKMWXIV8LI&19¨XVERWJIVVMRKSYX©ETEXMIRXMWVIWTSRWMFPIJSVVITSV XMRKXLIXVIEXQIRXSYXGSQIMRXLIUYEVXIVP]VITSVXSR8&XVIEXQIRXSYXGSQIW ERH8&,-:EGXMZMXMIWEJXIVSFXEMRMRKXLMWMRJSVQEXMSRJVSQXLI&19GSQTPIXMRK XLIHIXEMPWSJXVIEXQIRXSYXGSQIW8LI&19VIGIMZMRKETEXMIRX¨XVERWJIVVIH MR©MWVIWTSRWMFPIJSVMRJSVQMRKXLI&19XLEXXVERWJIVVIHXLITEXMIRXYTSRXLI EVVMZEPSJXLITEXMIRXERHSRXLIIZIRXYEPXVIEXQIRXSYXGSQI 8LI8&XVIEXQIRXVIJIVVEPXVERWJIVJSVQMWERMRHMZMHYEPTEXMIRXJSVQYWIHFSXL MRGEWISJXVERWJIVERHVIJIVVEP,EPJSJXLIJSVQWLSYPHFIVIXYVRIHXSXLISVM KMREXMRKJEGMPMX]YTSREVVMZEPSJXLITEXMIRXXSTVSZMHIJIIHFEGOERHIRWYVIE WYGGIWWJYPVIJIVVEP %JEGMPMX]VIJIVVMRKSVXVERWJIVVMRKPEVKIRYQFIVWSJTEXMIRXWWYGLEWEPEVKI LSWTMXEPQE]YWIWITEVEXIJSVQWJSVVIJIVVEPERHXVERWJIVERHQE]LEZIEWTIGM ´GVIKMWXIVJSVVIJIVVEPW,SWTMXEPWXVERWJIVVMRKTEXMIRXWSYXXSERSXLIV&19EVI VIWTSRWMFPIJSVGSR´VQMRKXLEXXLI&19LEWVIGIMZIHXLITEXMIRXWERHWLSYPH GSPPIGXMRJSVQEXMSRSRXLISYXGSQIWSJXVIEXQIRXYWMRKEPPQIERWTSWWMFPIMR SVHIVXSYTHEXIXLIMV&19 HMWXVMGX 8&VIKMWXIVERHGSLSVXEREP]WMW
6)'36(-2+%2(6)4368-2+
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«WXYFIVGYPSWMWGEWIHIXIGXMSRXVIEXQIRXERHQSRMXSV MRKRHIH+IRIZE;SVPH,IEPXL3VKERM^EXMSR¦ 1EREKIQIRXSJXYFIVGYPSWMWXVEMRMRKJSVHMWXVMGX8&GSSVHMREXSVW+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3,818&E 1EREKIQIRX SJ XYFIVGYPSWMW XVEMRMRK JSV LIEPXL JEGMPMX] WXEJJ +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,818& 4YFPMG¦TVMZEXI QM\ JSV (387 TVEGXMGEP XSSPW XS LIPT MQTPIQIRXEXMSR +IRIZE ;SVPH ,IEPXL3VKERM^EXMSR ;,3'(78& 6IZMWIH8&VIGSVHMRKERHVITSVXMRKJSVQWERHVIKMWXIVW¦ZIVWMSR+IRIZE;SVPH ,IEPXL3VKERM^EXMSR ;,3,818&EZEMPEFPIEXLXXT[[[[LSMRX XFHSXWVCERHCVCJSVQWIRMRHI\LXQPEGGIWWIH*IFVYEV]
8YFIVGYPSWMWMRGLMPHVIR
7TIGMEPJIEXYVIWSJXYFIVGYPSWMWMRGLMPHVIR
3
JXLIIWXMQEXIHQMPPMSRRI[GEWIWSJ8&XLEXSGGYVVIHKPSFEPP]MR EFSYXQMPPMSR [IVIGLMPHVIREKIHYRHIV]IEVW'LMPHVIR[MXL8& HMJJIVJVSQEHYPXWMRXLIMVVIWTSRWIXSXLIHMWIEWIMR[E]WXLEXQE]LEZIMQTSV XERXMQTPMGEXMSRWJSVXLITVIZIRXMSRHMEKRSWMWERHXVIEXQIRXSJ8&*YVXLIV QSVIGLMPHVIREVIEXMRGVIEWIHVMWOSJTVSKVIWWMSRSJTVMQEV]1XYFIVGYPSWMW MRJIGXMSRXSHMWIEWIERHEVIXLIVIJSVIEXEVKIXKVSYTJSVTVIZIRXMZIXVIEXQIRX 'LMPHVIREPWSHIZIPSTTVMQEV]8&QSVIGSQQSRP]XLEREHYPXW%PXLSYKLFEGXI VMSPSKMGEPGSR´VQEXMSRSJ8&WLSYPHFIWSYKLX[LIRIZIVTSWWMFPIXLMWMWSJXIR RSXTSWWMFPIMR]SYRKGLMPHVIR[MXLTYPQSREV]8&[LSYWYEPP]GERRSXTVSHYGI EWTYXYQWEQTPI
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«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
89&)6'9037-7-2',-0(6)2
QIRHEXMSRW3TIVEXMSREPVIWIEVGLMWIWWIRXMEPXSIWXEFPMWLLS[284WGERFIWX IRWYVIXLIHIPMZIV]SJIJJIGXMZITVIZIRXMSRERHGEVIJSVGLMPHLSSH8&
1PMJDZDIBOHFT
284WWLSYPHFIE[EVISJX[SMQTSVXERXTSPMG]GLERKIWXLEXVIPEXIXSVIGSVHMRK ERHVITSVXMRKERHXSXLIHSWEKISJIXLEQFYXSP 6IGSVHMRKERHVITSVXMRK284WWLSYPHVIGSVHERHVITSVXX[SEKIKVSYTWJSV GLMPHVIR ¦]IEVWERH¦]IEVW 8LMWLEWGSRWMHIVEFPIFIRI´XW M MXMW GVYGMEPMRIRWYVMRKXLIQEREKIQIRXSJGLMPHLSSH8&EWTEVXSJVSYXMRI284 EGXMZMXMIW MM MXMWYWIJYPMRSVHIVMRKHVYKWWMRGIGLMPHJVMIRHP]JSVQYPEXMSRW EVITEVXMGYPEVP]MQTSVXERXMRGLMPHVIREKIH¦]IEVW MMM MXMWMQTSVXERXMR QSRMXSVMRK SJ XVIRHW MR XLIWI X[S HMWXMRGX EKI KVSYTW WMRGI GLMPHVIR EKIH ¦]IEVWEVIXLIQSWXZYPRIVEFPIERHMRJIGXMSREXXLIWIIEVP]EKIWMRHMGEXIW VIGIRXXVERWQMWWMSR MZ MX[MPPTVSZMHIZEPYEFPIERHGSRXMRYSYWMRJSVQEXMSR SRQEVOIXRIIHWGSRGIVRMRKGLMPHJVMIRHP]JSVQYPEXMSRWSJERXM8&HVYKWERH Z MXMWGSRWMWXIRX[MXLEKIKVSYTMRKWYWIHMRXLI-RXIKVEXIH1EREKIQIRXSJ 'LMPHLSSH-PPRIWW -1'- (SWISJIXLEQFYXSP;LIREGLMPHVIGIMZIWXVIEXQIRX[MXLEVIKMQIRGSRXEMR MRKIXLEQFYXSPXLIVIZMWIHVIGSQQIRHIHHSWIMWQKOK VERKI¦QK OK HEMP]%PMXIVEXYVIVIZMI[MRHMGEXIWXLEXIXLEQFYXSPMWWEJIMRGLMPHVIRSJEPP EKIWEXXLMWHSWI)XLEQFYXSP[EWTVIZMSYWP]SJXIRSQMXXIHJVSQVIKMQIRWJSV GLMPHVIRS[MRKMRTEVXXSGSRGIVRWEFSYXSTXMGRIYVMXMW
7XVEXIKMGETTVSEGLXSTVIZIRXMRKERHQEREKMRK XYFIVGYPSWMWMRGLMPHVIR 8LI284«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¦ +YqVMR &'+ SRISJXLIGLMPHLSSHZEGGMRIWEHQMRMWXIVIHYRHIVXLI)\TERHIH 4VSKVEQQISR-QQYRM^EXMSR
%,%2(&33/*362%8-32%08&'328630463+6%11)7
8LI284WLSYPHGSPPEFSVEXI[MXLGLMPHLIEPXLWIVZMGIWMRMQTPIQIRXMRKXLIWXVE XIKMGETTVSEGLXSTVIZIRXMSRERHQEREKIQIRXSJ8&MRGLMPHVIR8LISZIVEPP GSRXI\XJSVTVSZMHMRKLMKLUYEPMX]GEVIXSWMGOGLMPHVIRMWTVSZMHIHF]XLI-1'- WXVEXIK]TVSQSXIHF];,3ERHXLI9RMXIH2EXMSRW'LMPHVIR«W*YRH 92-')* WII'LETXIVWIGXMSR
1SFWFOUJPOPGUVCFSDVMPTJTJODIJMESFO
284WWLSYPHSVKERM^IEW]WXIQJSVWGVIIRMRKXLIGLMPHVIRSJLSYWILSPHGSR XEGXWSJMRJIGXMSYWTYPQSREV]8&GEWIW8LMWIREFPIWXLSWIGLMPHVIRJSYRHXS LEZI8&XSFIVIKMWXIVIHERHXVIEXIHERHJSVXLSWIGLMPHVIRRSXJSYRHXSLEZI 8&FYX[LSEVIEXLMKLVMWOSJ8& GLMPHVIREKIHPIWWXLER]IEVWERHEPP,-: MRJIGXIHGLMPHVIR XSVIGIMZI-48 MIHEMP]MWSRME^MHJSVEXPIEWXWM\QSRXLW 8LIXYFIVGYPMRWOMRXIWX 878 MWXLIFIWX[E]XSHIXIGX1XYFIVGYPSWMWMRJIG XMSRERHGLIWX<VE] '<6 MWXLIFIWXQIXLSHXSWGVIIRJSV8&HMWIEWIEQSRK GSRXEGXW8LIWIXIWXWWLSYPHFIYWIH[LIVIEZEMPEFPIXSWGVIIRI\TSWIHGSR XEGXW,S[IZIVXYFIVGYPMRMWSJXIRYREZEMPEFPIMRPS[VIWSYVGIWIXXMRKW878 ERH'<6[LIRRSXVIEHMP]EZEMPEFPIWLSYPHRSXTVIGPYHIGSRXEGXWGVIIRMRKERH QEREKIQIRXEWXLMWGERFIGSRHYGXIHSRXLIFEWMWSJWMQTPIGPMRMGEPEWWIWW QIRX *MKYVI '*(63& %4463%',83'328%'81%2%+)1)28;,)2',)78<6%=%2( 89&)6'90-27/-28)78%6)2386)%(-0=%:%-0%&0)E
$IJMEJODMPTFDPOUBDUXJUITPVSDFDBTF PGTNFBSQPTJUJWFQVMNPOBSZUVCFSDVMPTJT
"HFEVOEFSZFBST
8FMM
"HFEZFBSTPSPMEFS
4ZNQUPNBUJDC
4ZNQUPNBUJDC
8FMM
)D
&WBMVBUFGPSUVCFSDVMPTJT
/PUSFBUNFOUE
*GDIJMECFDPNFT TZNQUPNBUJD
*GDIJMECFDPNFT TZNQUPNBUJD
E
%HETXIHJVSQ+YMHERGIJSVREXMSREPXYFIVGYPSWMWTVSKVEQQIWSRXLIQEREKIQIRXSJXYFIVGYPSWMWMRGLMP HVIR+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& F -JXYFIVGYPSWMWMWWYWTIGXIHVIJIVXS4EVX- G -WSRME^MHQKOKHEMP]JSVQSRXLW H 9RPIWWXLIGLMPHMW,-:MRJIGXIH MR[LMGLGEWIMWSRME^MHQKOKHEMP]JSVQSRXLWMWMRHMGEXIH
89&)6'9037-7-2',-0(6)2
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´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´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
XLVIISVQSVISJXLIJSPPS[MRK N GLVSRMGW]QTXSQWWYKKIWXMZISJ XYFIVGYPSWMW N TL]WMGEPWMKRWLMKLP]WYKKIWXMZI SJXYFIVGYPSWMW N ETSWMXMZIXYFIVGYPMRWOMRXIWX N GLIWX<VE]WYKKIWXMZISJ8&
%,%2(&33/*362%8-32%08&'328630463+6%11)7
QSVI EGYXI VIWIQFPMRK EGYXI WIZIVI TRIYQSRME ERH WLSYPH FI WYWTIGXIH [LIRXLIVIMWETSSVVIWTSRWIXSERXMFMSXMGW-RWYGLWMXYEXMSRWXLIVIMWSJXIR ERMHIRXM´EFPIWSYVGIGEWIYWYEPP]XLIQSXLIV )\MWXMRK HMEKRSWXMG XIWXW JSV 8& MR GLMPHVIR LEZI WLSVXGSQMRKW ERH XLI JYPP VERKISJXIWXW MRGPYHMRKFEGXIVMSPSKMGEPGYPXYVIERH878 MWSJXIRRSXEZEMPEFPI MRWIXXMRKW[LIVIXLIHMWIEWIMWHMEKRSWIHMRXLIZEWXQENSVMX]SJGEWIW -RWSQIGSYRXVMIWWGSVIGLEVXWEVIYWIHJSVXLIHMEKRSWMWSJ8&MRGLMPHVIR 8LIWIGLEVXWLEZIVEVIP]FIIRIZEPYEXIHSVZEPMHEXIHEKEMRWXE¨KSPHWXERH EVH©ERHWLSYPHXLIVIJSVIFIYWIHEWWGVIIRMRKXSSPWERHRSXEWXLIQIERWSJ QEOMRKE´VQHMEKRSWMW7GSVIGLEVXWTIVJSVQTEVXMGYPEVP]TSSVP]MRGLMPHVIR WYWTIGXIHSJTYPQSREV]8&ERHMRGLMPHVIR[LSEVIEPWS,-:MRJIGXIH &S\WYQQEVM^IW;,3«WVIGSQQIRHIHETTVSEGLJSVXLIHMEKRSWMWSJ8&MR GLMPHVIR 'LMPHVIREVIIUYEPP]WYWGITXMFPIXSHVYK VIWMWXERX ERH XS HVYKWYWGITXMFPI 8& (VYKVIWMWXERX8&MWEPEFSVEXSV]HMEKRS WMW,S[IZIVHVYKVIWMWXERX8&WLSYPHFI WYWTIGXIH MJ ER] SJ XLI JIEXYVIW FIPS[ EVITVIWIRX *IEXYVIW MR XLI WSYVGI GEWI WYKKIW XMZISJHVYKVIWMWXERX8& GSRXEGX[MXLEORS[RGEWISJHVYK VIWMWXERX8& VIQEMRW WTYXYQ WQIEVTSWMXMZI EJXIVXLVIIQSRXLWSJXVIEXQIRX LMWXSV]SJTVIZMSYWP]XVIEXIH8& LMWXSV]SJXVIEXQIRXMRXIVVYTXMSR
#09 3&$0..&/%&%"1130"$) '03%*"(/04*40'56#&3$6-04*4 */$)*-%3&/ 'EVIJYPLMWXSV] MRGPYHMRKLMWXSV] SJ8&GSRXEGXERHW]QTXSQW GSRWMWXIRX[MXL8& 'PMRMGEPI\EQMREXMSR MRGPYHMRK KVS[XLEWWIWWQIRX 8YFIVGYPMRWOMRXIWXMRK &EGXIVMSPSKMGEPGSR´VQEXMSR [LIRIZIVTSWWMFPI -RZIWXMKEXMSRWVIPIZERXJSV WYWTIGXIHTYPQSREV]SV I\XVETYPQSREV]8& ,-:XIWXMRK MREVIEWSJLMKL,-: TVIZEPIRGI
*IEXYVIWSJEGLMPHWYWTIGXIHSJLEZMRKHVYKVIWMWXERX8& GSRXEGX[MXLEORS[RGEWISJHVYKVIWMWXERX8& RSXVIWTSRHMRKXSXLIERXM8&VIKMQIR VIGYVVIRGISJ8&EJXIVEHLIVIRGIXSXVIEXQIRX
5SFBUNFOUPGUVCFSDVMPTJTJODIJMESFO
'LETXIVHIXEMPWXLIHVYKHSWIWVIGSQQIRHIHF];,3JSV8&MRGLMPHVIR 'LMPHVIRYWYEPP]LEZITEYGMFEGMPPEV]TYPQSREV]HMWIEWI PS[SVKERMWQRYQ FIVW EWGEZMXEXMRKHMWIEWIMWVIPEXMZIP]VEVI EFSYX SJGEWIWSVJI[IV MR XLSWIEKIHYRHIV]IEVW XLIQENSVMX]SJXLISVKERMWQWMREHYPXX]TIHMWIEWI
89&)6'9037-7-2',-0(6)2
EVIJSYRHMRXLIGEZMXMIW -RGSRXVEWXI\XVETYPQSREV]8&SGGYVWQSVIGSQ QSRP]MRGLMPHVIRXLERMREHYPXW7IZIVIERHHMWWIQMREXIH8& IK8&QIRMRKM XMWERHQMPMEV]8& SGGYVIWTIGMEPP]MR]SYRKGLMPHVIR EKIHYRHIV]IEVW &SXL XLIFEGMPPEV]PSEHERHXLIX]TISJHMWIEWIQE]MRµ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«WQSXLIVSVSXLIVGEV IKMZIV7YTTSVXJVSQXLIGLMPH«WTEVIRXWERHMQQIHMEXIJEQMP]MWZMXEPXSIRWYVI EWEXMWJEGXSV]XVIEXQIRXSYXGSQI3JXIRELIEPXLGEVI[SVOIVGERSFWIVZIERH VIGSVHXLIXVIEXQIRXFYXMJXLMWEVVERKIQIRXMWRSXGSRZIRMIRXJSVXLIJEQMP] EXVEMRIHGSQQYRMX]QIQFIV TVIJIVEFP]WSQISRISXLIVXLERXLIGLMPH«WTEV IRXSVMQQIHMEXIJEQMP] GERYRHIVXEOIXLMWVIWTSRWMFMPMX]%PPGLMPHVIRWLSYPH
%,%2(&33/*362%8-32%08&'328630463+6%11)7
VIGIMZIXVIEXQIRXJVIISJGLEVKI[LIXLIVXLIGLMPHMWWQIEVTSWMXMZIEXHMEK RSWMWSVRSX*('WWLSYPHFIYWIH[LIRIZIVTSWWMFPIXSMQTVSZIWMQTPMGMX] SJERHEHLIVIRGIXSXVIEXQIRX4EXMIRXXVIEXQIRXGEVHWEVIVIGSQQIRHIHJSV HSGYQIRXMRKXVIEXQIRXEHLIVIRGI ,SWTMXEPGEVI'LMPHVIR[MXLWIZIVIJSVQWSJ8&WLSYPHFILSWTMXEPM^IHJSVMRXIR WMZIQEREKIQIRX[LIVITSWWMFPI'SRHMXMSRWXLEXQIVMXLSWTMXEPM^EXMSRMRGPYHI M 8&QIRMRKMXMWERHQMPMEV]8&TVIJIVEFP]JSVEXPIEWXXLI´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´VWX,S[IZIVMRMXMEXMSRSJXVIEXQIRXJSV 8&WLSYPHRSXFIHIPE]IH'LMPHVIR[MXL8&ERH,-:GSMRJIGXMSRWLSYPHEPWS VIGIMZIGSXVMQS\E^SPIEWTVSTL]PE\MWJSVSXLIVMRJIGXMSRW -R,-:MRJIGXIHGLMPHVIR[MXLGSR´VQIHSVTVIWYQTXMZI8&HMWIEWIMRMXMEXMSRSJ ERXM8&XVIEXQIRXMWXLITVMSVMX]LS[IZIVXLISTXMQEPXMQMRKJSV%68MRMXMEXMSR MWRSXORS[R8LIHIGMWMSRSR[LIRXSWXEVX%68EJXIVWXEVXMRKERXM8&XVIEX QIRXMRZSPZIWEFEPERGIFIX[IIRXLIGLMPH«WEKITMPPFYVHIRTSXIRXMEPHVYK MRXIVEGXMSRWSZIVPETTMRKXS\MGMXMIWERHTSWWMFPI-6-7ZIVWYWXLIVMWOSJJYVXLIV TVSKVIWWMSRSJMQQYRIWYTTVIWWMSR[MXLMXWEWWSGMEXIHMRGVIEWIMRQSVXEPMX] ERHQSVFMHMX]1ER]GPMRMGMERWWXEVX%68¦[IIOWEJXIVWXEVXMRKERXM8&XVIEX QIRX
89&)6'9037-7-2',-0(6)2
3FDPSEJOHBOESFQPSUJOH 'LMPHVIR[MXL8&WLSYPHEP[E]WFIMRGPYHIHMRXLIVSYXMRI284VIGSVHMRKERH VITSVXMRKW]WXIQ WII'LETXIV -XMWGVYGMEPXSRSXMJ]XLI284SJEPPMHIRXM´IH 8&GEWIWMRGLMPHVIRVIKMWXIVXLIQJSVXVIEXQIRXERHVIGSVHXLIMVXVIEXQIRX SYXGSQI%XXLIIRHSJXLIXVIEXQIRXGSYVWIJSVIEGLGLMPH[MXL8&XLIHMW XVMGX8&SJ´GIVWLSYPHVIGSVHXLIWXERHEVHSYXGSQIMRXLIHMWXVMGX8&VIKMWXIV *SYVSJXLIWXERHEVHSYXGSQIWEVIETTPMGEFPIXSGLMPHVIR[MXLWQIEVRIKEXMZI TYPQSREV] SV I\XVETYPQSREV] 8& XVIEXQIRX GSQTPIXMSR HIJEYPX HIEXL ERH XVERWJIVSYX 6IGSVHMRKERHVITSVXMRKX[SEKIKVSYTWJSVGLMPHVIR ¦]IEVWERH¦]IEVW MRXLI8&VIKMWXIVWMWYWIJYPJSVHVYKTVSGYVIQIRX MRGLMPHJVMIRHP]JSVQYPE XMSRWJSV]SYRKGLMPHVIR ERHXSQSRMXSVXVIRHWSJGEWI´RHMRKERHXVIEXQIRX SYXGSQIW)ZEPYEXMSRSJXVIEXQIRXSYXGSQIF]GSLSVXEREP]WMWMRGLMPHVIRMWE ZEPYEFPIMRHMGEXSVSJXLIUYEPMX]SJTVSKVEQQIWJSVGLMPH8&TEXMIRXW*SV8& ,-:MRHMGEXSVWMRGLMPHVIRWII'LETXIV
1EMREGXMZMXMIWXSFIGEVVMIHSYXF]XLIREXMSREP8&GSRXVSP TVSKVEQQIJSVMQTPIQIRXEXMSRSJMRXIVZIRXMSRWXSTVIZIRXERH QEREKIXYFIVGYPSWMWMRGLMPHVIR -QTPIQIRXEXMSRF]XLI284SJMRXIVZIRXMSRWXSTVIZIRXERHQEREKIGLMPHLSSH 8&VIUYMVIWXLIEGXMZMXMIWPMWXIHFIPS[ 4VITEVEXMSRW EHZSGEXIXSLIEPXLEYXLSVMXMIWJSVQEMRWXVIEQMRKSJ¨GLMPHLSSH8&MRXIV ZIRXMSRW©EWTEVXSJVSYXMRI284EGXMZMXMIWMRGSPPEFSVEXMSR[MXLXLIQEXIV REPERHGLMPHLIEPXLTVSKVEQQI GSRHYGXEWMXYEXMSREREP]WMWSJXLII\XIRXXS[LMGLGLMPHLSSH8&MRXIV ZIRXMSRWEVIQEMRWXVIEQIHEWTEVXSJVSYXMRI284EGXMZMXMIWSJGYVVIRXP] EZEMPEFPIHEXESRTVIZIRXMSRGEWI´RHMRKERHXVIEXQIRXSYXGSQIERHSJ VIWSYVGIWEZEMPEFPIJSVMQTPIQIRXEXMSRSJGLMPHLSSH8&MRXIVZIRXMSRW EHETX284KYMHIPMRIWXSVIµIGXGLMPHLSSH8&MRXIVZIRXMSRW EHETXQEXIVREPERHGLMPHLIEPXLKYMHIPMRIWXSVIµIGXGLMPHLSSH8&TSPM GMIW IRKEKI[MXLOI]GSQQYRMX]WXEOILSPHIVW EGEHIQMGWEGXMZMWXWIXG XS HIZIPST ETTVSTVMEXI MRJSVQEXMSR IHYGEXMSR ERH GSQQYRMGEXMSR -)' QEXIVMEP MRWIXXMRKW[MXLLMKL,-:TVIZEPIRGIIRWYVIIJJIGXMZIPMROEKIW[MXL,-: GSRXVSPWIVZMGIW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
*EGMPMXEXIQIIXMRKW[MXLVIPIZERXLIEPXLERHSXLIVEYXLSVMXMIWEXREXMSREP VIKMSREPSVTVSZMRGMEPERHHMWXVMGXPIZIPXSIRWYVIIRKEKIQIRXSJEPPLIEPXL TVSZMHIVW KSZIVRQIRXRSRKSZIVRQIRXEPSVKERM^EXMSRWTVMZEXIWIGXSVVIPM KMSYWERHGLEVMX]SVKERM^EXMSRWIXG 8VEMRMRKXSMQTPIQIRXGLMPHLSSH8&MRXIVZIRXMSRW HIZIPSTERHTVSHYGIXVEMRMRKQEXIVMEPJSVLIEPXLWXEJJFEWIHSRREXMSREP KYMHIPMRIW HIZIPSTERHTVSHYGIXVEMRMRKQEXIVMEPJSVGSQQYRMX]TEVXMGMTERXW IK XLSWIMRZSPZIHMRGSRXEGXXVEGMRKERHGEWI´RHMRKERHMRTVSQSXMRKERH IRGSYVEKMRKEHLIVIRGIEW¨XVIEXQIRXWYTTSVXIVW© WIRWMXM^I LIEPXL WXEJJ ERH VIPIZERX GSQQYRMX] QIQFIVW VIKEVHMRK XLI REXYVIERHI\XIRXSJXLITVSFPIQSJGLMPHLSSH8&ERHQSXMZEXIXLIQXS WLEVIVIWTSRWMFMPMX]JSVGSRXEGXXVEGMRKGEWI´RHMRKERHXVIEXQIRXWYT TSVX (IPMZIV]SJGLMPHLSSH8&MRXIVZIRXMSRWEWTEVXSJVSYXMRI284EGXMZMXMIW EWWIWWHVYKTVSGYVIQIRXW]WXIQJSVIJJIGXMZIRIWWMRIRWYVMRKEZEMPEFMPMX] SJUYEPMX]EWWYVIHJSVQYPEXMSRWSJERXM8&HVYKWJSVGLMPHVIR ERHGSRWMHIV SFXEMRMRKXLIWIHVYKWXLVSYKLXLI+(* QSRMXSVVIWYPXWSJGSRXEGXXVEGMRKGEWI´RHMRKERHXVIEXQIRXWYTTSVX GLIGOLS[IJJIGXMZIP]XLIVSYXMRI284VIGSVHMRKERHVITSVXMRKW]WXIQMW GETXYVMRKXLIHEXESRGEWI´RHMRKERHXVIEXQIRXSYXGSQIW IZEPYEXILS[IJJIGXMZIP]XLIJYPPVERKISJLIEPXLTVSZMHIVWMWQSFMPM^IHXS GSRXVMFYXIXSQEOMRKLMKLUYEPMX]GLMPHLSSH8&MRXIVZIRXMSRWYRMZIVWEPP] EGGIWWMFPI EWWIWWIJJIGXMZIRIWWSJXLIW]WXIQSJTVSGYVIQIRXSJXYFIVGYPMR %HZSGEG]GSQQYRMGEXMSRWERHWSGMEPQSFMPM^EXMSR %'71 EGXMZMXMIW MRGSVTSVEXIQIWWEKIWEFSYXGLMPHLSSH8&MR%'71EGXMZMXMIWJSVLIEPXL TVSQSXMSR EHZSGEXIJSVGSQQMXQIRXERHJYRHWXSIRWYVIYRMZIVWEPEGGIWWXSLMKL UYEPMX]GLMPHLSSH8&MRXIVZIRXMSRWEWTEVXSJVSYXMRI284EGXMZMXMIW
;,3KYMHIPMRIW +YMHERGIJSVREXMSREPXYFIVGYPSWMWTVSKVEQQIWSRXLIQEREKIQIRXSJXYFIVGYPSWMWMR GLMPHVIR+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&;,3*', '%,
89&)6'9037-7-2',-0(6)2
+YMHIPMRIWJSVXLITVSKVEQQEXMGQEREKIQIRXSJHVYKVIWMWXERXXYFIVGYPSWMW+IRIZE ;SVPH,IEPXL3VKERM^EXMSR ;,3,818& 8VIEXQIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIWVHIH+IRIZE;SVPH ,IEPXL3VKERM^EXMSR ;,3'(78&
/I]VIJIVIRGIW %RXMVIXVSZMVEPXLIVET]SJ,-:MRJIGXMSRMRMRJERXWERHGLMPHVIRXS[EVHWYRMZIVWEPEGGIWW 6IGSQQIRHEXMSRWJSVETYFPMGLIEPXLETTVSEGL+IRIZE;SVPH,IEPXL3VKERM^EXMSR )XLEQFYXSPIJ´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¦ 1EVEMW&.IXEP(MZIVWMX]SJHMWIEWIQERMJIWXEXMSRWMRGLMPHLSSHTYPQSREV]XYFIVGYPS WMW%RREPWSJ8VSTMGEP4EIHMEXVMGW¦ 2IPWSR0.;IPPW'(+PSFEPITMHIQMSPSK]SJGLMPHLSSHXYFIVGYPSWMW-RXIVREXMSREP.SYV REPSJ8YFIVGYPSWMWERH0YRK(MWIEWI¦ 3J´GMEPWXEXIQIRX+YMHERGIJSVREXMSREPXYFIVGYPSWMWTVSKVEQQIWSRXLIQEREKIQIRX SJXYFIVGYPSWMWMRGLMPHVIR'LETXIVW¦MRXLIWIVMIW § 'LETXIV-RXVSHYGXMSRERHHMEKRSWMWSJXYFIVGYPSWMWMRGLMPHVIR-RXIVREXMSREP.SYV REPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦ § 'LETXIV%RXMXYFIVGYPSWMWXVIEXQIRXMRGLMPHVIR-RXIVREXMSREP.SYVREPSJ 8YFIVGYPSWMWERH0YRK(MWIEWI ¦ § 'LETXIV 1EREKIQIRX SJ 8& MR XLI ,-:MRJIGXIH GLMPH -RXIVREXMSREP .SYVREP SJ 8YFIVGYPSWMWERH0YRK(MWIEWI ¦ § 'LETXIV'LMPHLSSHGSRXEGXWGVIIRMRKERHQEREKIQIRX-RXIVREXMSREP.SYVREPSJ 8YFIVGYPSWMWERH0YRK(MWIEWI ¦ § 'LETXIV,IEPXLWXEJJVSPIWERHVIWTSRWMFMPMXMIWVIGSVHMRKERHVITSVXMRKERH&'+ ZEGGMREXMSR-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦ ;IMWQYPPIV11IXEP(MEKRSWMWSJGLMPHLSSHXYFIVGYPSWMWMR1EPE[MEREYHMXSJLSWTMXEP TVEGXMGI-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI¦
'SRXEGXMRZIWXMKEXMSR
%
VIZMI[ SJ GSRXEGX MRZIWXMKEXMSRW GEVVMIH SYX MR PS[MRGSQI ERH QMHHPI MRGSQIGSYRXVMIWWLS[IHXLEX SJMHIRXM´IHLSYWILSPHGSRXEGXWSJRI[ TYPQSREV]8&GEWIWLEH8&EXXLIXMQISJXLIIZEPYEXMSRSJ[LSQ LEH FEGXIVMSPSKMGEPP]GSR´VQIH8&%QSRKGSRXEGXWEKIHYRHIV]IEVW [IVI JSYRHXSLEZI8&1SVIXLER SJLSYWILSPHGSRXEGXWLEHPEXIRX8&MRJIGXMSR 08&- ;,3ERHXLI-RXIVREXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI XLI9RMSR VIGSQQIRHXEVKIXMRKGLMPHVIREKIHYRHIV]IEVWJSVGSRXEGXMRZIW XMKEXMSRERHXVIEXQIRXSJ08&-MRPS[MRGSQIGSYRXVMIW[LIVIJYPPMQTPIQIRXE XMSRSJGSRXEGXMRZIWXMKEXMSRWQE]RSXFIJIEWMFPI8LI´RHMRKWMRHMGEXIXLI RIIHJSVTSPMGMIWXSEHHVIWW08&-EQSRKGPSWIGSRXEGXWMRWIXXMRKWSJLMKL8& MRGMHIRGI-RPS[MRGMHIRGIWIXXMRKWETTVSEGLMRKXLIIPMQMREXMSRTLEWIGSRXEGX MRZIWXMKEXMSRTPE]WEWMKRM´GERXVSPIMR8&GSRXVSP WII%RRI\
7XERHEVHWJSVGSRXEGXMRZIWXMKEXMSR
8LIMQTPIQIRXEXMSRSJ8&GSRXEGXMRZIWXMKEXMSREGXMZMXMIWF]XLI284WLSYPH YWIGPIEVHI´RMXMSRWSJXLI8&MRHI\GEWIERHGSRXEGXWTVSGIHYVIWXSFIYWIH MRIZEPYEXMRKGSRXEGXWTSPMGMIWJSVXVIEXMRK08&-ERHQSRMXSVMRKSJXLIVIWYPXW SJGSRXEGXMRZIWXMKEXMSRW8LIWIHI´RMXMSRWEVIRSX[IPPWXERHEVHM^IHEXXLI KPSFEPPIZIPERHZEV]EQSRKGSYRXVMIWEVIEWERHIZIR[MXLMRGSYRXVMIW(IGM WMSRWEFSYXGSRXEGXMRZIWXMKEXMSRERHXVIEXQIRXSJ08&-WLSYPHFIFEWIHSRXLI FYVHIRSJ8&MRXLIGSYRXV]ERHXLIVIWSYVGIWEZEMPEFPI
(I´RMXMSRWJSVGSRXEGXMRZIWXMKEXMSR &IJSVI YRHIVXEOMRK GSRXEGX MRZIWXMKEXMSRW TVIGMWI HI´RMXMSRW JSV XLI MRHI\ GEWIERHJSVXLIGSRXEGXWRIIHXSFIIWXEFPMWLIH
*OEFYDBTF
%PPWQIEVTSWMXMZITYPQSREV]8&GEWIWWLSYPHFIGSRWMHIVIHEWMRHI\GEWIWXLIMV GSRXEGXWWLSYPHFIIZEPYEXIHJSV8&%PPGLMPHVIR[MXL8&WLSYPHFIGSRWMHIVIHEW MRHI\GEWIWXLITYVTSWISJGSRXEGXMRZIWXMKEXMSRMWXSMHIRXMJ]XLIWSYVGISJ8& XVERWQMWWMSR7SQIGSYRXVMIWQE]YWIFVSEHIVHI´RMXMSRWJSVI\EQTPIMRGPYHMRK EWMRHI\GEWIWSXLIVJSVQWSJ8&WYGLEWWQIEVRIKEXMZITYPQSREV]8&GEWIWSV ER]JSVQSJTYPQSREV]8&MVVIWTIGXMZISJMXWFEGXIVMSPSKMGEPWXEXYW
'328%'8-2:)78-+%8-32
$POUBDUT
8&GSRXEGXWWLSYPHFIGPIEVP]HI´RIHMRXIVQWSJXLIX]TISJGSRXEGXERHXLI GPSWIRIWW ERH HYVEXMSR SJ I\TSWYVI XS XLI MRHI\ GEWI -R QER] HIZIPSTMRK GSYRXVMIWE8&GSRXEGXMWHI´RIHEWER]LSYWILSPHQIQFIVEXXLIQSQIRXSJ XLIMHIRXM´GEXMSRSJXLIMRHI\GEWI%PPGLMPHVIRMRXLILSYWILSPHIWTIGMEPP] XLSWIEKIHYRHIV]IEVWWLSYPHFIEWWIWWIHJSV8&,MKLTVMSVMX]WLSYPHEPWS FIKMZIRXSGSRXEGXW[LSLEZI,-:MRJIGXMSRERHXLSWI[MXLSXLIVYRHIVP]MRK VMWOJEGXSVWJSV8&8LIHI´RMXMSRSJGSRXEGXWQE]FII\XIRHIHXSMRGPYHIMRHM ZMHYEPWMRGSRKVIKEXIWIXXMRKW IKXLI[SVOTPEGIWGLSSPWWSGMEPKEXLIVMRKW TVMWSRWLSWTMXEPWSXLIVLIEPXLJEGMPMXMIW MJTVSPSRKIHGSRXEGX[MXLERMRHI\ GEWILEWXEOIRTPEGI
4VSGIWWSJGSRXEGXMRZIWXMKEXMSR 8LIMRHI\GEWIWLSYPHFIMRXIVZMI[IHEWWSSREWTSWWMFPIEJXIVHMEKRSWMWXS MHIRXMJ]GSRXEGXW8LIMRXIVZMI[WLSYPHEWE´VWXTVMSVMX]JSGYWSRXLILSYWI LSPHFYXXLIUYIWXMSRWWLSYPHGSZIVSXLIVIRZMVSRQIRXWEWQIRXMSRIHEFSZI -HIEPP]XLIMRXIVZMI[WLSYPHFIGSRHYGXIHF]ETIVWSRJEQMPMEV[MXLXLIGYPXYVI ERHXLIWIXXMRK;LIVIZIVTSWWMFPIELSQIZMWMXWLSYPHFIQEHIXSSFXEMRE GPIEVIVYRHIVWXERHMRKSJXLITEXMIRX«WGMVGYQWXERGIWERHXSGSR´VQXLIVIWYPXW SJXLIMRXIVZMI[ %PP MHIRXM´IH TVMSVMXM^IH GSRXEGXW SJ XLI MRHI\ GEWI WLSYPH FI MRWXVYGXIH XS GSQIXSXLILIEPXLJEGMPMX]JSVIZEPYEXMSR8LIMHIRXM´IHGSRXEGXWWLSYPHFI PMWXIH MJ XLI] HS RSX ETTIEV JSV IZEPYEXMSR E LSQI SV SXLIV WIXXMRK ZMWMX WLSYPHFIQEHI%WETVMSVMX]IZIV]IJJSVXWLSYPHFIQEHIXSEWWIWWGLMPHVIR ERHTISTPIPMZMRK[MXL,-:%-(7SVXLSWI[MXLSXLIVGSRHMXMSRWERHWMXYEXMSRW EWWSGMEXIH[MXLERMRGVIEWIHVMWOSJ8&%JXIVPMWXMRKXLIGSRXEGXWXLIVIWYPXWSJ XLIMVEWWIWWQIRXWLSYPHFIVIGSVHIH 8LITVSGIHYVIJSVWGVIIRMRK8&GSRXEGXWWLSYPHFIGPIEVP]HI´RIH8LIIZEPY EXMSRQE]FIPMQMXIHXSHIXIVQMRMRK[LIXLIVXLIGSRXEGXLEWW]QTXSQWXLEX QE]WYKKIWX8&%WEQMRMQYQEPPEHSPIWGIRXERHEHYPX8&GSRXEGXWWLSYPHFI EWOIH[LIXLIVXLI]LEZIETIVWMWXMRKGSYKL "[IIOW 7TYXYQWQIEVI\EQM REXMSRWWLSYPHFIGEVVMIHSYXSRXLSWI[MXLETIVWMWXIRXGSYKL%PPGLMPHVIRERH 40,-:WLSYPHFIQSVIXLSVSYKLP]EWWIWWIHJSV8&MRGPYHMRKSJI\XVETYPQSREV] WMXIW
4VSZMWMSRSJXVIEXQIRX *SYVMQTSVXERXGSRWMHIVEXMSRWWLSYPHFIXEOIRMRXSEGGSYRX[LIRTVSZMHMRK XVIEXQIRX M %R]GSRXEGXMHIRXM´IHEWLEZMRKEGXMZI8&WLSYPHFIVIKMWXIVIHERHXVIEXIH MRPMRI[MXLXLI284TSPMG]
%,%2(&33/*362%8-32%08&'328630463+6%11)7
MM 'LMPHVIREKIHYRHIV]IEVW[LSEVIGPSWIGSRXEGXWERH[LSHSRSXLEZI IZMHIRGI SJ 8& WLSYPH FI W]WXIQEXMGEPP] XVIEXIH [MXL MWSRME^MH GLIQS TVSTL]PE\MWQKOKHEMP]JSVWM\QSRXLW MMM 'LMPHVIREKIH]IEVWERHEFSZI[LSEVIMRKSSHLIEPXLHSRSXVIUYMVI GLIQSTVSTL]PE\MWFYXWLSYPHFIJSPPS[IHYTSREGPMRMGEPFEWMW MZ 40,-:[LSEVIGPSWIGSRXEGXWSJERMRJIGXMSYWMRHI\GEWIERH[LSHSRSX LEZIIZMHIRGISJ8&WLSYPHFIXVIEXIH[MXLMWSRME^MHQKHE]JSV¦ QSRXLW
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
1SRMXSVMRK 8LIMQTPIQIRXEXMSRSJ8&GSRXEGXMRZIWXMKEXMSREGXMZMXMIWVIUYMVIWEQSRMXSVMRK ERHIZEPYEXMSRW]WXIQXSTVSZMHIMRJSVQEXMSRSR M XLITVSGIWWSJ8&GSRXEGX MRZIWXMKEXMSR MM XLI]MIPHSJ8&GSRXEGXWGVIIRMRKERH MMM XLIEGXMZMXMIWERH QSRMXSVMRKSJ-48%QSHIPSJVIKMWXIVJSVGSRXEGXWMWTVSTSWIHMRXLI;,3 VIGSVHMRKERHVITSVXMRKW]WXIQ
8YFIVGYPSWMWERHMRXIVREXMSREPEMVXVEZIP 8VERWQMWWMSR SJ 1 XYFIVGYPSWMW MRJIGXMSR QE] SGGEWMSREPP] SGGYV MR TEWWIR KIVWWIEXIHMRGPSWITVS\MQMX]XSERMRJIGXMSYW8&TEXMIRXSRFSEVHEREMVGVEJX HYVMRKTVSPSRKIHµMKLXW µMKLXWI\GIIHMRKLSYVW -RRSGEWILEWEGXMZI8& FIIRVITSVXIHWYFWIUYIRXP]EQSRKWYGLGSRXEGXW8LIVMWOSJMRJIGXMSRHYV MRKTVSPSRKIHEMVXVEZIPMWIWXMQEXIHXSFIWMQMPEVXS SVPIWWXLER XLIVMWOMR SXLIVGSRKVIKEXIWIXXMRKW*SPPS[MRKERMRGMHIRXMRZSPZMRKTSWWMFPII\TSWYVI XSERMRJIGXMSYW8&GEWISREPSRKLEYPµMKLXGSRXEGXMRZIWXMKEXMSRWEVIVIG SQQIRHIHJSVXLITEWWIRKIVWWIEXIHMRXLIWEQIVS[ERHMRXLIX[SVS[W MRJVSRXERHXLIX[SVS[WFILMRHXLIMRHI\GEWI MI´ZIVS[W ERHEMVGVI[ [SVOMRKMRXLIWEQIGEFMREVIE;,3LEWTYFPMWLIHKYMHIPMRIWSRTVSGIHYVIW ERHVIWTSRWMFMPMXMIWJSVXLITVIZIRXMSRERHGSRXVSPSJ8&EWWSGMEXIH[MXLEMV XVEZIP WIIFIPS[
'328%'8-2:)78-+%8-32
;,3KYMHIPMRIW +YMHERGIJSVREXMSREPXYFIVGYPSWMWTVSKVEQQIWSRXLIQEREKIQIRXSJXYFIVGYPSWMWMR GLMPHVIR+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& 8YFIVGYPSWMW ERH EMV XVEZIP KYMHIPMRIW JSV TVIZIRXMSR ERH GSRXVSP VH IH +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,818& EZEMPEFPI EX LXXT[[[ [LSMRXXFTYFPMGEXMSRW;,3C,81C8&CCIRKTHJ
/I]VIJIVIRGIW &E]SRE.IXEP'SRXEGXMRZIWXMKEXMSRWEWEQIERWSJHIXIGXMSRERHXMQIP]XVIEXQIRX SJTIVWSRW[MXLMRJIGXMSYWQYPXMHVYKVIWMWXERXXYFIVGYPSWMW-RXIVREXMSREP.SYVREPSJ 8YFIVGYPSWMWERH0YRK(MWIEWI ¦ &I]IVW2IXEP%TVSWTIGXMZIIZEPYEXMSRSJGLMPHVIRYRHIVXLIEKISJ]IEVWPMZMRKMR XLIWEQILSYWILSPHEWEHYPXW[MXLVIGIRXP]HMEKRSWIHTYPQSREV]XYFIVGYPSWMW-RXIV REXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI 'PEIWWIRW2.1IXEP,MKLJVIUYIRG]SJXYFIVGYPSWMWMRLSYWILSPHWSJMRHI\8&TEXMIRXW -RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦ (VMZIV'6IXEP8VERWQMWWMSRSJ1]GSFEGXIVMYQXYFIVGYPSWMWEWWSGMEXIH[MXLEMVXVEZIP .SYVREPSJXLI%QIVMGER1IHMGEP%WWSGMEXMSR¦ )GOLSJJ'8)ZEPYEXMSRSJEGPMRMGEPMRHI\EQSRKEHYPXGSRXEGXWSJGLMPHVIR[MXLXYFIV GYPSWMW MR VYVEP ,EMXM -RXIVREXMSREP .SYVREP SJ 8YFIVGYPSWMW ERH 0YRK (MWIEWI ¦ )XOMRH7':IIR.8LIVSPISJGSRXEGXXVEGMRKMRPS[ERHLMKLTVIZEPIRGIGSYRXVMIW-R 6EZMKPMSRI1'IH6IMGLQERERH,IVWL´IPH«WXYFIVGYPSWMWEGSQTVILIRWMZIMRXIVRE XMSREPETTVSEGLVHIH2I[=SVO-RJSVQE,IEPXLGEVI97%-RG¦ /IR]SR8%IXEP8VERWQMWWMSRSJQYPXMHVYKVIWMWXERX1]GSFEGXIVMYQXYFIVGYPSWMWHYVMRK EPSRKEMVTPERIµMKLX2I[)RKPERH.SYVREPSJ1IHMGMRI¦ 6IMGLPIV16IXEP8YFIVGYPSWMWGSRXEGXMRZIWXMKEXMSRW-RXIVREXMSREP.SYVREPSJ8YFIV GYPSWMWERH0YRK(MWIEWI 7¦7 6MIHIV,'SRXEGXWSJXYFIVGYPSWMWTEXMIRXWMRLMKLMRGMHIRGIGSYRXVMIW-RXIVREXMSREP .SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI 7¦7 >EGLEVMEL6IXEP4EWWMZIZIVWYWEGXMZIXYFIVGYPSWMWGEWI´RHMRKERHMWSRME^MHTVI ZIRXMZIXLIVET]EQSRKLSYWILSPHGSRXEGXWMREVYVEPHMWXVMGXSJ1EPE[M-RXIVREXMSREP .SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦
-RJIGXMSRGSRXVSPMR LIEPXLGEVIWIXXMRKW
*
SPPS[MRKXLIMRXVSHYGXMSRSJWLSVXGSYVWIGLIQSXLIVET]MRXLIWQIEW YVIWXSMQTVSZIMRJIGXMSRGSRXVSPMRLIEPXLGEVIWIXXMRKWVIGIMZIHVIPEXMZIP] PS[TVMSVMX]+MZIRXLIVETMHWXIVMPM^MRKIJJIGXSJVMJEQTMGMRXLIMWSPEXMSRSJMRJIG XMSYW8&TEXMIRXWJVSQSXLIVLSWTMXEPTEXMIRXWERHJVSQXLIGSQQYRMX][EWRS PSRKIVGSRWMHIVIHMQTSVXERX%WEVIWYPX8&MWSPEXMSR[EVHW[IVIHMWGSRXMR YIHERHQIEWYVIWWYGLEWGSYKLL]KMIRIERH[IEVMRKSJWYVKMGEPQEWOWF] MRJIGXMSYWTEXMIRXW[IVIRSPSRKIVIRGSYVEKIH8LIVMWOSJMRJIGXMSRJSVLIEPXL [SVOIVW[EWRSXXLSYKLXXSVIUYMVIER]WTIGM´GTSPMG]SVTVIZIRXMZIQIEWYVIW I\GITXJSVPEFSVEXSV]WXEJJHIEPMRK[MXLGYPXYVIERH(78SJ1XYFIVGYPSWMW
8LIMRGVIEWMRKMQTSVXERGISJHVYKVIWMWXERX8&EW[IPPEWXLIMQTEGXSJ,-: MRJIGXMSR LEW PIH XS E VIETTVEMWEP SJ XLI MQTSVXERGI SJ MRJIGXMSR GSRXVSP MR LIEPXLGEVIERHSXLIVGSRKVIKEXIWIXXMRKW8LITVIWIRGISJQER],-:MRJIGX IH ERH MQQYRSGSQTVSQMWIH TEXMIRXW TPYW LIEPXLGEVI [SVOIVW MR LSWTMXEPW XSKIXLIV[MXLXLIEFWIRGISJETTVSTVMEXIMRJIGXMSRGSRXVSPTSPMG]ERHTVEGXMGI GVIEXIW E JEZSYVEFPI IRZMVSRQIRX JSV XVERWQMWWMSR ERH WTVIEH SJ 8& EQSRK LSWTMXEPTEXMIRXWLSWTMXEP[SVOIVWERHXLIGSQQYRMX]8LIVIMWXLIVIJSVIER YVKIRXRIIHXSVIJSGYWEXXIRXMSRSR8&MRJIGXMSRGSRXVSPTEVXMGYPEVP]MRLMKL VMWOWIXXMRKW
6MWOSJXVERWQMWWMSRSJXYFIVGYPSWMWMRLIEPXLGEVIWIXXMRKW
,IEPXLGEVI[SVOIVWEVIEXQYGLLMKLIVVMWOSJ8&MRJIGXMSRERHHMWIEWIGSQ TEVIH[MXLXLIKIRIVEPTSTYPEXMSR-RLIEPXLGEVIWIXXMRKWSXLIVRSRQIHMGEP WXEJJQE]EPWSFIEXVMWOXLVSYKLGSRXEGX[MXLMRJIGXMSYWWSYVGIW1IEWYVIWXS GSRXVSPMRJIGXMSREVIRIIHIHMREPPWIXXMRKW[LIVIXLIVIMWEWMKRM´GERXVMWOSJ XVERWQMWWMSRSJ8&MRJIGXMSR8LIWIWIXXMRKWMRGPYHIKIRIVEPLIEPXLJEGMPMXMIW [LIVITEXMIRXW[MXLGSYKLERHMR[LSQTYPQSREV]8&LEWFIIRHMEKRSWIHEVI MRGPSWIGSRXEGX[MXLLIEPXLWXEJJERHSXLIVWMREGVS[HIHERHTSSVP]ZIRXMPEXIH IRZMVSRQIRX ;EMXMRKVSSQW SVGSVVMHSVW [LIVITEXMIRXWERHEGGSQTER]MRKTISTPIMRGPYH MRKGLMPHVIR[EMXXSVIGIMZIQIHMGEPGEVIEVISJXIREVIEWSJTEVXMGYPEVVMWO-R LSWTMXEPWXLIVMWOSJXVERWQMWWMSRMWVIPEXMZIP]LMKLIWTIGMEPP]MRTYPQSREV] HMWIEWI[EVHW8LIVMWOSJWTVIEHMRGVIEWIW[LIRXLITVIZEPIRGISJ,-:MRXLI
-2*)'8-32'328630-2,)%08,'%6)7)88-2+7
GSRXEGXW WXEJJERHSXLIVTEXMIRXW MWLMKL0EFSVEXSVMIWTEVXMGYPEVP]XLSWIGEV V]MRKSYX1XYFIVGYPSWMWGYPXYVITVSGIHYVIWEVIEPWSLMKLVMWOEVIEW3XLIV LMKLVMWOWIXXMRKWMRGPYHIMRWXMXYXMSRWWYGLEWNEMPWTVMWSRWERHHIXIRXMSRGIR XVIWERHHVYKVILEFMPMXEXMSRGIRXVIW3XLIVWMXYEXMSRWWYGLEWIRGPSWIHIRZM VSRQIRXWHYVMRKTVSPSRKIHXVEZIPQE]VIUYMVIWTIGMEPEXXIRXMSR 8LIVIEVIWTIGM´GWXVEXIKMIWXSEHHVIWWMRJIGXMSRGSRXVSPFYXXLIQEMRMRJIGXMSR GSRXVSPQIEWYVIMWXLITVSTIVSVKERM^EXMSRERHMQTPIQIRXEXMSRSJGEWIHIXIG XMSRTVSGIHYVIW4EXMIRXWVIGIMZMRKEHIUYEXIXVIEXQIRXEVIVETMHP]VIRHIVIH RSRMRJIGXMSYW
-RJIGXMSRGSRXVSPWXVEXIKMIW 8LIXLVIIPIZIPWSJ8&MRJIGXMSRGSRXVSPEVI[SVOTPEGIERHEHQMRMWXVEXMZI QER EKIVMEP GSRXVSPQIEWYVIWIRZMVSRQIRXEPGSRXVSPQIEWYVIWERHTIVWSREPTVS XIGXMZIIUYMTQIRX VIWTMVEXSV]TVSXIGXMSR )EGLPIZIPSTIVEXIWEXEHMJJIVIRX TSMRXMRXLIXVERWQMWWMSRTVSGIWW [SVOTPEGIERHEHQMRMWXVEXMZIGSRXVSPQIEWYVIWVIHYGIXLII\TSWYVISJWXEJJ ERHTEXMIRXW IRZMVSRQIRXEPGSRXVSPQIEWYVIWVIHYGIXLIGSRGIRXVEXMSRSJMRJIGXMSYWHVST PIXRYGPIM TIVWSREPTVSXIGXMZIIUYMTQIRX VIWTMVEXSV]TVSXIGXMSR TVSXIGXWWXEJJMRWTI GM´GWIXXMRKW[LIVIXLIGSRGIRXVEXMSRSJHVSTPIXRYGPIMGERRSXFIEHIUYEXIP] VIHYGIHF]EHQMRMWXVEXMZIERHIRZMVSRQIRXEPGSRXVSPQIEWYVIW
8PSLQMBDFBOEBENJOJTUSBUJWFDPOUSPMNFBTVSFT
;SVOTPEGIERHEHQMRMWXVEXMZIGSRXVSPQIEWYVIWLEZIXLIKVIEXIWXMQTEGXSR TVIZIRXMRK8&XVERWQMWWMSR8LI]WIVZIEWXLI´VWXPMRISJHIJIRGIJSVTVIZIRX MRKXLIWTVIEHSJ8&MRLIEPXLGEVIWIXXMRKW8LIKSEPWEVI M XSTVIZIRX8& I\TSWYVISJWXEJJERHTEXMIRXW ERH MM XS VIHYGI XLI WTVIEH SJMRJIGXMSRF] IRWYVMRKVETMHERHVIGSQQIRHIHHMEKRSWXMGMRZIWXMKEXMSRERHXVIEXQIRXJSV TEXMIRXWERHWXEJJWYWTIGXIHSVORS[RXSLEZI8& 8LI´ZIGSQTSRIRXWSJKSSH[SVOTPEGIERHEHQMRMWXVEXMZIGSRXVSPEVI ERMRJIGXMSRGSRXVSPTPER EHQMRMWXVEXMZIWYTTSVXJSVTVSGIHYVIWGSRXEMRIHMRXLITPERMRGPYHMRKUYEP MX]EWWYVERGI XVEMRMRKSJLIEPXLGEVIERHSXLIVWXEJJ IHYGEXMSRSJTEXMIRXWERHMRGVIEWMRKGSQQYRMX]E[EVIRIWW GSSVHMREXMSRERHGSQQYRMGEXMSR[MXLXLI8&GSRXVSPTVSKVEQQI
%,%2(&33/*362%8-32%08&'328630463+6%11)7
)EGLJEGMPMX]WLSYPHLEZIE[VMXXIR8&MRJIGXMSRGSRXVSPTPER[MXLETVSXSGSPJSV XLITVSQTXVIGSKRMXMSRWITEVEXMSRTVSZMWMSRSJWIVZMGIWMRZIWXMKEXMSRJSV8& ERHVIJIVVEPSJTEXMIRXW[MXLWYWTIGXIHSVGSR´VQIH8&HMWIEWI%HIWMKREXIH MRJIGXMSR GSRXVSP SJ´GIV MW VIWTSRWMFPI JSV SZIVWIIMRK XLI MQTPIQIRXEXMSR SJ MRJIGXMSRGSRXVSPQIEWYVIWERHTVSZMHMRKMRJIGXMSRGSRXVSPXVEMRMRKJSVLIEPXL GEVIERHSXLIVWXEJJ[LSQE]FII\TSWIHXS8&MRJIGXMSR %PPWXEJJ[SVOMRKMREJEGMPMX]WLSYPHYRHIVWXERHXLIMQTSVXERGISJMRJIGXMSR GSRXVSPTSPMGMIWERHXLIMVVSPIMRMQTPIQIRXMRKXLIQ%WTEVXSJXVEMRMRKIEGL LIEPXLGEVI[SVOIVERHWXEJJQIQFIVMRGPYHMRKER]PE][SVOIVWWLSYPHVIGIMZI NSFGEXIKSV]WTIGM´GMRWXVYGXMSR8VEMRMRKWLSYPHFIGSRHYGXIHFIJSVIMRMXMEP EWWMKRQIRXERHGSRXMRYMRKIHYGEXMSRWLSYPHFITVSZMHIHXSEPPIQTPS]IIWERH ZSPYRXIIVWERRYEPP] 6IQMRHIVWXLEXLIEPXLGEVI[SVOIVWERHSXLIVWXEJJGERHIZIPST8&VIKEVHPIWW SJ TVIZMSYW MRJIGXMSR WXEXYW SV &'+ ZEGGMREXMSR WLSYPH FI KMZIR EW TEVX SJ ERRYEPVIXVEMRMRKSRMRJIGXMSRGSRXVSP7XEJJWLSYPHFIMRZIWXMKEXIHJSV8&JVII SJGLEVKIMJXLI]LEZIEGSYKLJSVX[S[IIOWSVPSRKIV8LIMRJIGXMSRGSRXVSP TPERWLSYPHPMWXHIWMKREXIHWXEJJQIQFIVWXSFIGSRXEGXIHXSMRMXMEXIGSR´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´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
-2*)'8-32'328630-2,)%08,'%6)7)88-2+7
SRP]NYWXM´IHMJXLIVIMWJVIIEMVµS[SYXJVSQXLIVSSQXLVSYKLSTIR[MRHS[W (IWMKRMRK[EMXMRKEVIEWERHI\EQMREXMSRVSSQWXSQE\MQM^IREXYVEPZIRXMPEXMSR GERWMKRM´GERXP]VIHYGIXLIWTVIEHSJ8&-R[EVQGPMQEXIWSTIREMVWLIPXIVW [MXLEVSSJXSTVSXIGXTEXMIRXWJVSQWYRERHVEMREVIETTVSTVMEXI 2IKEXMZITVIWWYVIZIRXMPEXMSRMWERSXLIVQIXLSHYWIHXSTVIZIRXGSRXEQMREXIH EMVJVSQµ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´GMIRG]TEVXMGYPEXIEMV ,)4% ´PXIVWQE]FIEYWIJYPEPXIVREXMZIXSQIGLERMGEPZIRXMPEXMSRVIUYMVMRKWXVYGXYVEP GLERKIW6SSQEMVGPIERIVW[MXL,)4%´PXIVWQE]FIJVIIWXERHMRKSVQE]FI TIVQERIRXP]EXXEGLIHXSµSSVWSVGIMPMRKWXSQMRMQM^IXEQTIVMRK'SVVIGXQEMR XIRERGISJXLI´PXIVMWIWWIRXMEP 9PXVEZMSPIXKIVQMGMHEPMVVEHMEXMSR1XYFIVGYPSWMWMWOMPPIHMJXLISVKERMWQWEVI I\TSWIHXSWYJ´GMIRXYPXVEZMSPIXKIVQMGMHEPMVVEHMEXMSR 9:+- ,S[IZIVIJJIG XMZIRIWWHITIRHWSRGPSWIGSRXEGX[MXLXLI9:PMKLXWSYVGIERHQE]FIPMQMXIH MJLYQMHMX]MWLMKL SZIV ERH[LIVIHYWXPIZIPWEVILMKL9:PMKLXWWLSYPH FIHMVIGXIHXSXLIGIMPMRKEWWSGMEXIH[MXLEHIUYEXIEMVµS[ERHVIKYPEVP]QEMR XEMRIH8LIQENSVGSRGIVRWEFSYXMREHIUYEXIP]MRWXEPPIHERHQEMRXEMRIH9:+- LEZIFIIREHZIVWIVIEGXMSRWWYGLEWEGYXIERHGLVSRMGWOMRERHI]IGLERKIW VIWYPXMRK JVSQ SZIVI\TSWYVI *SV XLIWI VIEWSRW ERH FIGEYWI SJ MREFMPMX] XS EWWIWWMXWIJJIGXMZIRIWWMR´IPHGSRHMXMSRW9:+-MWRSXKIRIVEPP]VIGSQQIRHIH EWEQIXLSHXSHMWMRJIGXVSSQEMVMRTEXMIRX[EVHW
1FSTPOBMQSPUFDUJWFFRVJQNFOU SFTQJSBUPSZQSPUFDUJPO
4IVWSREPVIWTMVEXSV]TVSXIGXMSRMRZSPZIWXVEMRMRKMRXLIWIPIGXMSRERHYWISJ VIWTMVEXSVW6IWTMVEXSVWWLSYPHRSXFIVIPMIHYTSRXSTVSXIGXLIEPXLGEVI[SVO IVWJVSQMRLEPMRK1XYFIVGYPSWMWMRXLIEFWIRGISJWXERHEVH[SVOTPEGIERH IRZMVSRQIRXEPGSRXVSPW8LI]EVII\TIRWMZIVIUYMVIWTIGMEPM^IHIUYMTQIRXXS IRWYVITVSTIV´XERHEVISJXIRYREZEMPEFPIMRVIWSYVGIPMQMXIHWIXXMRKW8LIMV
%,%2(&33/*362%8-32%08&'328630463+6%11)7
YWIWLSYPHFIVIWXVMGXIHXSWTIGM´GLMKLVMWOEVIEWMRLSWTMXEPWERHVIJIVVEP GIRXVIWWYGLEWVSSQW[LIVIWTMVSQIXV]SVFVSRGLSWGST]EVITIVJSVQIHSV WTIGMEPM^IHXVIEXQIRXGIRXVIWJSVTEXMIRXW[MXL1(68&-JEVIWTMVEXSVMWRIIH IHE97%GIVXM´IH2 SVKVIEXIV SV)9GIVXM´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¦%HHIR HYQ XS ;,3 +YMHIPMRIW JSV XLI TVIZIRXMSR SJ XYFIVGYPSWMW MR LIEPXL GEVI JEGMPMXMIW MR VIWSYVGIPMQMXIH WIXXMRKW +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,81 8&
/I]VIJIVIRGIW &EWY 7 IX EP 4VIZIRXMSR SJ RSWSGSQMEP XVERWQMWWMSR SJ I\XIRWMZIP] HVYKVIWMWXERX XYFIVGYPSWMW MR VYVEP 7SYXL %JVMGER HMWXVMGX LSWTMXEPW ER ITMHIQMSPSKMGEP QSHIPPMRK WXYH]0ERGIX¦ +YMHIPMRIWJSVTVIZIRXMRKXLIXVERWQMWWMSRSJ1]GSFEGXIVMYQXYFIVGYPSWMWMRLIEPXL GEVIWIXXMRKW1SVFMHMX]ERH1SVXEPMX];IIOP]6ITSVX¦ EZEMPEFPI EXLXXT[[[GHGKSZQQ[V4(*VVVVTHJEGGIWWIH*IFVYEV] )WGSQFI%3IWIV'1EVXMRI^'2EXYVEPZIRXMPEXMSRXSVIHYGIRSWSGSQMEPXVERWQMWWMSR SJXYFIVGYPSWMWERHSXLIVEMVFSVRIMRJIGXMSRW-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH 0YRK(MWIEWI7¦7
-2*)'8-32'328630-2,)%08,'%6)7)88-2+7
4EM14VSXIGXMRKLIEPXLGEVI[SVOIVWJVSQXYFIVGYPSWMWMRXLIIVESJI\XIRWMZIP]HVYK VIWMWXERXXYFIVGYPSWMW2EXMSREP1IHMGEP.SYVREPSJ-RHME¦ 6ENMRMWL . IX EP 8YFIVGYPSWMW EQSRK LIEPXLGEVI [SVOIVW MR PS[ ERH QMHHPIMRGSQI GSYRXVMIWEW]WXIQEXMGVIZMI[4YFPMG0MFVEV]SJ7GMIRGI¦ 1IR^MIW(.SWLM64EM16MWOSJXYFIVGYPSWMWMRJIGXMSRERHHMWIEWIEWWSGMEXIH[MXL [SVOMRLIEPXLGEVIWIXXMRKW-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦
-WSRME^MHTVIZIRXMZIXLIVET]
4
VIZIRXMZIXLIVET]EPWSORS[REWGLIQSTVSTL]PE\MW[MXLMWSRME^MHVIHYGIW XLIVMWOSJ M E´VWXITMWSHISJ8&SGGYVVMRKMRTISTPII\TSWIHXSMRJIGXMSR SV[MXLPEXIRXMRJIGXMSRERH MM EVIGYVVIRXITMWSHISJ8&%PXLSYKLEPPTISTPI [MXLPEXIRX8&MRJIGXMSR[LSXEOIMWSRME^MHFIRI´XXLIKVIEXIWXVIHYGXMSRMR MRJIGXMSR MW SFWIVZIH MR ,-:RIKEXMZI TEXMIRXW ERH MR 878 ERH ,-:TSWMXMZI MRHMZMHYEPW ;,3 VIGSQQIRHW MWSRME^MH XEOIR EX E HEMP] HSWI SJ QKOK QE\MQYQ QK JSVEXPIEWXWM\QSRXLWERHMHIEPP]JSVRMRIQSRXLW7LSVXIVVMJEQTMGMR GSRXEMRMRKVIKMQIRWLEZIWLS[RWMQMPEVIJ´GEG]GSQTEVIH[MXL¦QSRXLW SJMWSRME^MHQSRSXLIVET]FYXVMJEQTMGMRGSRXEMRMRKVIKMQIRWEVIQSVIPMOIP] XSFIHMWGSRXMRYIHFIGEYWISJEHZIVWIIJJIGXW-RGVIEWIHVEXIWSJLITEXSXS\MG MX]ERHHIEXLMR,-:YRMRJIGXIHMRHMZMHYEPWLEZIFIIRVITSVXIHJSVVIKMQIRW GSRXEMRMRKVMJEQTMGMRERHT]VE^MREQMHI,S[IZIVXLMWVMWOETTIEVWXSFIPMQ MXIHXS,-:YRMRJIGXIHMRHMZMHYEPWEWEVMKSVSYWVIEREP]WMWSJEPEVKIXVMEPSJ VMJEQTMGMRERHT]VE^MREQMHIMR,-:MRJIGXIHTEXMIRXWGSR´VQIHEREFWIRGISJ WIVMSYWXS\MGMX] 4VIZIRXMZIXLIVET]LEWFIIRYWIHQEMRP]JSVMXWFIRI´GMEPIJJIGXMRXLIMRHM ZMHYEP%XETSTYPEXMSRPIZIPQEXLIQEXMGEPQSHIPPMRKSJGSQQYRMX][MHITVI ZIRXMZIXLIVET]MRWIXXMRKW[MXLELMKLFYVHIRSJFSXL,-:ERH8&WYKKIWXWXLEX XLMWWXVEXIK]QE]GSRXVMFYXIXSEVIHYGXMSRMRXLIMRGMHIRGISJ8& 8LIMQTEGXSJTVIZIRXMZIXLIVET]TVSKVEQQIWSRXLIIQIVKIRGISJHVYKVIWMW XERGIMWRSX]IXORS[R0MQMXIH´RHMRKWHSRSXI\GPYHIERMRGVIEWIHVMWOSJ MWSRME^MHVIWMWXERX8&EJXIV-48 8LI QEMR KVSYTW JSV TVIZIRXMZI XLIVET] YRHIV TVSKVEQQEXMG GSRHMXMSRW EVI XLSWIEXQSWXVMWOSJTVSKVIWWMRKXS8&HMWIEWI8LIWIEVI M 40,-: MM MRJERXW ERHGLMPHVIR[LSEVIGSRXEGXWSJ8&TEXMIRXWERH MMM VIGIRX878GSRZIVXIVW WMRGIXLIVMWOSJHIZIPSTMRKEGXMZI8&MWMRGVIEWIHMRXLI´VWXJI[]IEVW
-WSRME^MHTVIZIRXMZIXLIVET]MRGLMPHVIR
7II'LETXIV
-732-%>-(46):)28-:)8,)6%4=
-WSRME^MHTVIZIRXMZIXLIVET]MRVIGIRX878GSRZIVXIVW 8VIEXQIRX[MXLMWSRME^MHSJ878TSWMXMZIMRHMZMHYEPWPMZMRKMRWIXXMRKW[MXLLMKL TVIZEPIRGISJ8&MWLMKLP]IJ´GEGMSYWMRVIHYGMRKXLIVMWOSJHIZIPSTMRKEGXMZI 8&4VIZIRXMZIXLIVET]MWXLIVIJSVIVIGSQQIRHIHJSV878TSWMXMZIMRHMZMHYEPW [LSHSRSXLEZIEGXMZI8& 878QE]RSXMHIRXMJ]VIGIRXP]MRJIGXIHGSRXEGXWIWTIGMEPP]GLMPHVIRERHQE] RSXFITSWMXMZIMRTISTPI[MXL1XYFIVGYPSWMWERH,-:GSMRJIGXMSRFIGEYWISJ VIHYGIHMQQYRIVIWTSRWMZIRIWW878QE]EPWSFIRIKEXMZIMRETTVS\MQEXIP] SJ,-:RIKEXMZITISTPI[MXLEGXMZI8&
-WSRME^MHTVIZIRXMZIXLIVET]MRTISTPIPMZMRK[MXL,-:
8LIVMWOSJ8&MRMRHMZMHYEPWMRJIGXIH[MXLFSXL1XYFIVGYPSWMWERH,-:MWQYGL LMKLIVXLERJSVXLSWI[MXLSYX,-:MRJIGXMSREX¦ VMWOTIV]IEVERH¦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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
%PPTISTPIEXXIRHMRK,-:GSYRWIPPMRKERHXIWXMRKWLSYPHFIEWOIH[LIXLIVXLI] LEZIEGSYKLERHSXLIVW]QTXSQWWYGLEWJIZIVSV[IMKLXPSWWXLSWI[LSHS WLSYPHFIWGVIIRIHJSV8&8LSWIJSYRHXSLEZI8&WLSYPHFIVIKMWXIVIHERH XVIEXIHF]XLI8&GSRXVSPTVSKVEQQI'<6MWVIGSQQIRHIHXSI\GPYHIEGXMZI8& FIJSVIGSRWMHIVMRKTVIZIRXMZIXLIVET] ,S[IZIVI\GPYWMSRSJEGXMZI8&QE]FI QSVIHMJ´GYPXMRXLMWKVSYTEWQER],-:TSWMXMZITEXMIRXWEVIWQIEVRIKEXMZIERH VEHMSKVETLMG´RHMRKWQE]FIPIWWWTIGM´G 7GVIIRMRKFEWIHWSPIP]SRW]QTXSQW LEWFIIRJSYRHEHIUYEXIXSI\GPYHIEGXMZI8&EQSRKEW]QTXSQEXMG,-:TSWMXMZI TEXMIRXWMRXVMEPWIXXMRKW8LIIJ´GEG]SJYWMRKW]QTXSQFEWIHWGVIIRMRKEPSRIXS I\GPYHIEGXMZI8&MRTVSKVEQQEXMGWIXXMRKWRIIHWXSFIZEPMHEXIH -RTSTYPEXMSRW[MXLELMKLTVIZEPIRGISJ8&XLIHYVEXMSRSJFIRI´XJSPPS[MRK GSQTPIXMSRSJEJYPPWM\QSRXLGSYVWISJ-48MWPMQMXIH YTXS]IEVW 8LMWMW TVSFEFP]XLIVIWYPXSJGSRXMRYIHI\TSWYVIXS1XYFIVGYPSWMWMRJIGXMSR 8LIYWISJTVIZIRXMZIXLIVET]MRGSQFMREXMSR[MXL%68JSV40,-:QE]FIFIR I´GMEPFYXLEWRSXFIIRJYPP]IZEPYEXIH4VIZIRXMZIXLIVET]KMZIREJXIVEJYPP GSYVWISJERXM8&XVIEXQIRXLEWVIHYGIHXLIVMWOSJVIGYVVIRX8&MR40,-:MR WIZIVEPWIXXMRKWFYXHMHRSXTVSPSRKWYVZMZEP,S[IZIVXLIVMWOWVIWYPXMRKJVSQ RSXYWMRK-48WLSYPHFIXEOIRMRXSEGGSYRX MRJIGXMSRGSRXVSPMRGVIEWIHQSVFMH MX]XVERWQMWWMSRIXG
4VIZIRXMZIXLIVET]MRTVIKRERG] ;,3VIGSQQIRHWXVIEXQIRXSJEGXMZI8&HYVMRKTVIKRERG]FYXLEWRSXHIZIP STIHVIGSQQIRHEXMSRWSRTVIZIRXMZIXLIVET]HYVMRKTVIKRERG] WII'LETXIV 8LIYWISJ-48[LIRGPMRMGEPERHPEFSVEXSV]QSRMXSVMRKGERRSXFIIRWYVIHMW GSRXVSZIVWMEPFIGEYWISJVITSVXWSJMWSRME^MHVIPEXIHLITEXSXS\MGMX]MRTVIKRERX ERHTSWXTEVXYQTEXMIRXW
;,3KYMHIPMRIW 'LVSRMG,-:GEVI[MXL%6:XLIVET]ERHTVIZIRXMSRMRXIVMQKYMHIPMRIWJSVLIEPXL [SVOIVWEXLIEPXLGIRXVISVHMWXVMGXLSWTMXEPSYXTEXMIRXGPMRMG+IRIZE;SVPH ,IEPXL3VKERM^EXMSR EZEMPEFPIEXLXXT[[[[LSMRXF]TYFPMGEXMSRW HSGYQIRXWGLVSR'EVI1SH+IR(VEJX6IZTHJEGGIWWIH*IFVYEV] +YMHERGIJSVREXMSREPXYFIVGYPSWMWTVSKVEQQIWSRXLIQEREKIQIRXSJXYFIV GYPSWMW MR GLMPHVIR +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,81 8& -RXIVMQTSPMG]SRGSPPEFSVEXMZI8&,-:EGXMZMXMIW+IRIZE;SVPH,IEPXL3VKERM ^EXMSR ;,3,818& 8&,-:EGPMRMGEPQERYEPRHIH+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&
-732-%>-(46):)28-:)8,)6%4=
/I]VIJIVIRGIW 'LYVGL]EVH+.IXEP8YFIVGYPSWMWTVIZIRXMZIXLIVET]MRXLIIVESJ,-:MRJIG XMSR SZIVZMI[ ERH VIWIEVGL TVMSVMXMIW .SYVREP SJ -RJIGXMSYW (MWIEWIW 7¦7 'YVVMI'71IXEP8YFIVGYPSWMWITMHIQMGWHVMZIRF],-:MWTVIZIRXMSRFIXXIV XLERGYVI#%-(7¦ (]I';MPPMEQW&+)PMQMREXMRKLYQERXYFIVGYPSWMWMRXLIX[IRX]´VWXGIRXYV] .SYVREPSJXLI6S]EP7SGMIX]-RXIVJEGI%YKYWX +SPYF.)IXEP8LIMQTEGXSJERXMVIXVSZMVEPXLIVET]ERHMWSRME^MHTVIZIRXMZI XLIVET]SRXYFIVGYPSWMWMRGMHIRGIMR,-:MRJIGXIHTEXMIRXWMR6MSHI.ERIMVS &VE^MP%-(7 ¦ +SVHMR*1IXEP,ITEXSXS\MGMX]SJVMJEQTMRERHT]VE^MREQMHIMRXLIXVIEXQIRX SJPEXIRXXYFIVGYPSWMWMRJIGXMSRMR,-:MRJIGXIHTIVWSRWMWMXHMJJIVIRXXLERMR ,-:YRMRJIGXIHTIVWSRW#'PMRMGEP-RJIGXMSYW(MWIEWIW ¦ -RXIVMQTSPMG]SRGSPPEFSVEXMZI8&,-:EGXMZMXMIW+IRIZE;SVPH,IEPXL3VKERM ^EXMSR ;,3,818& 4VIZIRXMZIXLIVET]EKEMRWX8&MRTISTPIPMZMRK[MXL,-:;IIOP])TMHIQMSPSKMGEP 6IGSVH¦ 6EZMKPMSRI1'IXEP8YFIVGYPSWMWERH,-:GYVVIRXWXEXYWMR%JVMGE%-(7 7YTTP&7¦ 7QMINE1.IXEP-WSRME^MHJSVTVIZIRXMRKXYFIVGYPSWMWMRRSR,-:MRJIGXIHTIV WSRW'SGLVERI(EXEFEWISJ7]WXIQEXMG6IZMI[W'((3- '( 8EVKIXIHXYFIVGYPMRXIWXMRKERHXVIEXQIRXSJPEXIRXXYFIVGYPSWMWMRJIGXMSR1SV FMHMX]ERH1SVXEPMX];IIOP]6ITSVX 2S66 8&,-:EGPMRMGEPQERYEPRHIH+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& ;SPHILERRE 7 :SPQMRO . 8VIEXQIRX SJ PEXIRX XYFIVGYPSWMW MRJIGXMSR MR ,-: MRJIGXIHTIVWSRW'SGLVERI(EXEFEWISJ7]WXIQEXMG6IZMI[W'(
&'+ZEGGMREXMSR
'
SZIVEKI[MXL&'+ZEGGMRIVIEGLIW" SJRISREXIWERHMRJERXWMRGSYRXVMIW [LIVIMXMWTEVXSJXLIREXMSREPGLMPHLSSHMQQYRM^EXMSRTVSKVEQQI&'+ZEGGMRI LEWHSGYQIRXIHTVSXIGXMZIIJ´GEG]EKEMRWX8&QIRMRKMXMWERHQMPMEV]HMWWIQM REXIHHMWIEWIMRGLMPHVIR SREZIVEKI -XHSIWRSXTVIZIRXTVMQEV]MRJIGXMSR ERHQSVIMQTSVXERXP]HSIWRSXTVIZIRXVIEGXMZEXMSRSJPEXIRXTYPQSREV]MRJIG XMSRXLITVMRGMTEPWSYVGISJFEGMPPEV]WTVIEHMRXLIGSQQYRMX]8LIMQTEGXSJ&'+ ZEGGMREXMSRSRXVERWQMWWMSRSJ1XYFIVGYPSWMWMWXLIVIJSVIPMQMXIH
;,3VIGSQQIRHEXMSRWSRXLIYWISJ&'+ZEGGMRI -RGSYRXVMIW[MXLELMKLFYVHIRSJ8&EWMRKPIHSWISJ&'+ZEGGMRIWLSYPH FIKMZIRXSEPPMRJERXWEWWSSREWTSWWMFPIEJXIVFMVXL7MRGIWIZIVIEHZIVWI IJJIGXWSJ&'+ZEGGMREXMSREVII\XVIQIP]VEVIEPPLIEPXL]RISREXIWWLSYPHFI &'+ZEGGMREXIHIZIRMREVIEWIRHIQMGJSV,-: &'+ZEGGMREXMSRWLSYPHOPUFIKMZIRXS M MRJERXWERHGLMPHVIR[MXL%-(7 MM MRJERXWERHGLMPHVIRORS[RXSFI,-:MRJIGXIHSV MMM GLMPHVIRORS[RXSLEZI SXLIVMQQYRSHI´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
%PS[FYVHIRTSTYPEXMSRMWHI´RIHEWETSTYPEXMSR[MXL M ERERRYEPRSXM´GEXMSRVEXISJWQIEV TSWMXMZITYPQSREV]8&GEWIWFIPS[TIVSVEREZIVEKIERRYEPRSXM´GEXMSRVEXISJ XYFIVGYPSYWQIRMRKMXMWMRGLMPHVIREKIH ]IEVWFIPS[TIVQMPPMSRTSTYPEXMSRHYVMRKXLI TVIZMSYW´ZI]IEVWSVEREZIVEKIERRYEPVMWOSJXYFIVGYPSYWMRJIGXMSRFIPS[
&'+:%''-2%8-32
XMSRLEWFIIRVITPEGIHF]MRXIRWM´IHGEWIHIXIGXMSRERHWYTIVZMWIHIEVP] XVIEXQIRX 9RXMP ER MQTVSZIH ERXM8& ZEGGMRI FIGSQIW EZEMPEFPI IJJSVXW XS GSRXVSP XLI WTVIEHSJXLIHMWIEWI[MPPGSRXMRYIXSVIP]SRGYVVIRXP]EZEMPEFPIXSSPWREQIP] IEVP] HMEKRSWMW ERH XVIEXQIRX ETTVSTVMEXI TVIZIRXMZI XVIEXQIRX ERH SXLIV TYFPMGLIEPXLERHMRJIGXMSRGSRXVSPQIEWYVIW
/I]VIJIVIRGIW ,IWWIPMRK%'IXEP8LIVMWOSJHMWWIQMREXIH&EGMPPI'EPQIXXI+YqVMR &'+ HMWIEWIMR ,-:MRJIGXIHGLMPHVIR:EGGMRI ¦ &'+ZEGGMRI;IIOP])TMHIQMSPSKMGEP6IGSVH¦ -WWYIWVIPEXMRKXSXLIYWISJ&'+MRMQQYRM^EXMSRTVSKVEQQIW+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3: & 6MIHIV,0-RXIVZIRXMSRWJSVXYFIVGYPSWMWGSRXVSPERHIPMQMREXMSR4EVMW-RXIVREXMSREP 9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI 6IZMWIH&'+ZEGGMREXMSRKYMHIPMRIWJSVMRJERXWEXVMWOJSV,-:MRJIGXMSR;IIOP])TMHI QMSPSKMGEP6IGSVH¦
4VIZIRXMSRXLVSYKL EHHVIWWMRKVMWOJEGXSVW
'
LERKIWMRI\TSWYVIXSZEVMSYWVMWOJEGXSVWQE]WMKRM´GERXP]MRµYIRGIXVIRHW MRXLIMRGMHIRGISJ8& WII-RXVSHYGXMSR¦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
7QSOMRK
&SXLEGXMZIERHTEWWMZIWQSOMRKMRGVIEWI M WYWGITXMFMPMX]XS8&MRJIGXMSR MM TVSKVIWWMSRXSEGXMZI8&HMWIEWIERH MMM XLIVMWOSJEHZIVWIERXM8&XVIEXQIRXSYX GSQIW7]WXIQEXMGVIZMI[WWYKKIWXXLEXXLIVMWOSJ8&HMWIEWIEQSRKWQSOIVWMW MRGVIEWIHX[SXSXLVIIJSPHGSQTEVIH[MXLTISTPI[LSLEZIRIZIVWQSOIH8LIVI MWMRWYJ´GMIRXIZMHIRGIXSWYTTSVXEREWWSGMEXMSRSJWQSOMRKERHTEXMIRXHIPE] HIJEYPXWPS[IVWQIEVGSRZIVWMSRSVVMWOSJEGUYMVIHHVYKVIWMWXERGI;IMKLXIH WQSOMRKTVIZEPIRGIEGVSWWGSYRXVMIW[MXLELMKL8&FYVHIR[EWEFSYX MR ¦ [MXL QYGL LMKLIV TVIZEPIRGI EQSRK QIR XLER EQSRK [SQIR MR QSWXGSYRXVMIW8LITVIZEPIRGISJWQSOMRKMWMRGVIEWMRKMRHIZIPSTMRKGSYRXVMIW 8SFEGGSGSRXVSPERHWQSOMRKGIWWEXMSREQSRKTISTPI[MXL8&GERXLIVIJSVITPE] ERMQTSVXERXVSPIMRPMQMXMRKXLIFYVHIRSJ8&284WWLSYPHWYTTSVXEGXMZMXMIWXS GSRXVSPYWISJXSFEGGSEXREXMSREPERHPSGEPPIZIPW7QSOMRKGIWWEXMSRGSYPHFIE TEVXSJXLITEGOEKISJWIVZMGIWHIPMZIVIHYRHIV4%0 WII'LETXIV
1EPRYXVMXMSR 1EPRYXVMXMSRMWGSQQSRMRQSWXGSYRXVMIW[MXLELMKL8&FYVHIR8LI[IMKLXIH TVIZEPIRGISJYRHIVRYXVMXMSREWHI´RIHF]XLI*SSHERH%KVMGYPXYVI3VKERM^E XMSRSJXLI9RMXIH2EXMSRWEGVSWWXLILMKL8&FYVHIRGSYRXVMIWMWEPQSWX 1EPRYXVMXMSRQE]FIPMROIHXSMRGVIEWIHVMWOJSV8&HMWIEWIXLVSYKLMQQYRI
46):)28-328,639+,%((6)77-2+6-7/*%'8367
HI´GMIRG]GEYWIHF]HI´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´XTEXMIRXWERHGSRXVMFYXIXSXLIMQTPIQIRXEXMSRSJFVSEH IVRYXVMXMSREPTVSKVEQQIW,S[IZIVMXMWYRGPIEV[LIXLIVRYXVMXMSREPWYTTSVX MQTVSZIWXVIEXQIRXSYXGSQIWJSV8&TEXMIRXW7MRGIXVIEXQIRXWYGGIWWVEXIW I\GIIHMRK GERFIEGLMIZIH[MXLSYXRYXVMXMSREPWYTTSVXXLMWMRXIVZIRXMSR QE]RSXTVSZIXSFIIWWIRXMEPXSVIEGLXVIEXQIRXWYGGIWWXEVKIXW8LIIZMHIRGI FEWIGSRGIVRMRKXLIEHHIHZEPYISJHMJJIVIRXX]TIWSJRYXVMXMSREPWYTTSVXJSV 8&TEXMIRXWRIIHWXSFIWXVIRKXLIRIH
(MEFIXIWQIPPMXYW )WXMQEXIWSJXLIVIPEXMZIVMWOJSVHIZIPSTMRK8& EPPX]TIW EQSRKTISTPI[MXL HMEFIXIW X]TI-SV-- GSQTEVIH[MXLGSRXVSPKVSYTWVERKIFIX[IIRERH (MEFIXIWTVIZEPIRGIMWMRGVIEWMRKKPSFEPP]MRGPYHMRKMRQER]GSYRXVMIW[LIVI XLIFYVHIRSJ8&MWLMKL8LIMQTPMGEXMSRJSVXLI8&FYVHIRSJGLERKMRKHMEFIXIW TVIZEPIRGIMWYRGPIEV*YXYVI8&GSRXVSPWXVEXIKMIWQE]RIIHXSMRGPYHII\TPMGMX IJJSVXWXSWYTTSVXTYFPMGLIEPXLTVSKVEQQIWEMQIHEXVIHYGMRKHMEFIXIWTVIZE PIRGIERHMQTVSZMRKQEREKIQIRXSJHMEFIXIW
'VS[HMRK 'VS[HMRKMWEGPEWWMGEP8&VMWOJEGXSV,SYWILSPHSGGYTEXMSRHIRWMX]ZIRXMPEXMSR ERHLYQMHMX]MRµYIRGIXLIVMWOSJI\TSWYVIXSMRJIGXMSYWHVSTPIXW8LITVIGMWI MRGVIEWIMRVMWOEWWSGMEXIH[MXLHMJJIVIRXPIZIPWSJGVS[HMRKMWRSX[IPPIWXEF PMWLIH-XMWGPIEVLS[IZIVXLEXMQTVSZIHPMZMRKGSRHMXMSRWMRTVMZEXIH[IPPMRKW ERHMRZEVMSYWVIWMHIRXMEPMRWXMXYXMSRWGERLEZIERMQTSVXERXMQTEGX SR XLI XVERWQMWWMSRSJ8&
-RHSSVEMVTSPPYXMSR -RHSSV EMV TSPPYXMSR GEYWIH F] MRHSSV FYVRMRK SJ WSPMH JYIPW [MXLSYX TVSTIV ZIRXMPEXMSRMWEGSQQSRTLIRSQIRSRMRQSWXTSSVGSYRXVMIW1SVIXLER SJLSYWILSPHWMRLMKL8&FYVHIRGSYRXVMIWEVII\TSWIHXSXLMWLIEPXLLE^EVH %PMQMXIHFSH]SJIZMHIRGIWYKKIWXWXLEXMRHSSVEMVTSPPYXMSRQE]MRGVIEWIXLI VMWOSJ8&-JEGEYWEPPMROMWGSR´VQIHXLIMQTPMGEXMSRWEXXLITSTYPEXMSRPIZIP [MPPFIMQTSVXERXKMZIRXLILMKLTVIZEPIRGISJI\TSWYVI284WQMKLXEHZSGEXI JSVJYVXLIVVIWIEVGLSRXLMWXSTMG
%,%2(&33/*362%8-32%08&'328630463+6%11)7
%PGSLSPEFYWIERHHITIRHIRG] 8LIMRGVIEWIHVMWOSJ8&HMWIEWIEQSRKTISTPI[LSEFYWIEPGSLSPLEWFIIR WLS[RMRQER]WXYHMIW%REP]XMGEPITMHIQMSPSKMGEPWXYHMIWXLEXLEZIGSRXVSPPIH JSV MQTSVXERX GSRJSYRHMRK JEGXSVW LEZI VITSVXIH VIPEXMZI VMWO SJ 8& HMWIEWI VERKMRKFIX[IIRERHJSVTISTPI[MXLZIV]LMKLEPGSLSPGSRWYQTXMSRSVE HMEKRSWMWSJEPGSLSPEFYWISVEPGSLSPHITIRHIRGI8LMWVMWOMRGVIEWIQMKLXFI I\TPEMRIHF]WTIGM´GWSGMEPQM\MRKTEXXIVRWERHPMZMRKGSRHMXMSRWJSVTISTPI EFYWMRKEPGSLSPPIEHMRKXSMRGVIEWIHVMWOSJMRJIGXMSREW[IPPEWF]GSQTVS QMWIH MQQYRMX] PMROIH XS XS\MG IJJIGXW SJ EPGSLSP SV XS QIHMGEP GSRHMXMSRW GEYWIHF]EPGSLSPEFYWI%HI´RMXIGEYWEPPMROFIX[IIREPGSLSPEFYWIERH8& HMWIEWILEWRSX]IXFIIRIWXEFPMWLIH
7MPMGSWMWERHSXLIVVEVIGLVSRMGGSRHMXMSRW 7MPMGSWMWERHE[MHIVERKISJSXLIVGLVSRMGHMWIEWIWQEPMKRERGMIWW]WXIQMG MPPRIWWIWERHMQQYRSWYTTVIWWERXXVIEXQIRXWMRGVIEWIWXLIVMWOSJ8&HMWIEWI HVEQEXMGEPP]4VIZEPIRGISJWMPMGSWMWMWLMKLMRGIVXEMRTSTYPEXMSRKVSYTW[LIVI IQTPS]QIRXMRXLIQMRMRKMRHYWXV]MWGSQQSR1SWXSJXLISXLIVVMWOJEGXSVW EVITVSFEFP]SJPMQMXIHMQTSVXERGIEXETSTYPEXMSRPIZIP
/I]VIJIVIRGIW % ;,38LI 9RMSR 1SRSKVETL SR 8& ERH XSFEGGS GSRXVSP +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR-RXIVREXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWIW;,3,81 8&-7&2 'IKMIPWOM .4 1G1YVVE] (2 8LI VIPEXMSRWLMT FIX[IIR QEPRYXVMXMSR ERH XYFIVGYPSWMW IZMHIRGIJVSQWXYHMIWMRLYQERWERHI\TIVMQIRXEPERMQEPW-RXIVREXMSREP.SYVREPSJ 8YFIVGYPSWMWERH0YRK(MWIEWI¦ *YIPJSVPMJILSYWILSPHIRIVK]ERHLIEPXL+IRIZE;SVPH,IEPXL3VKERM^EXMSR 0MR,,)^^EXM11YVVE]18SFEGGSWQSOIMRHSSVEMVTSPPYXMSRERHXYFIVGYPSWMWE W]WXIQEXMGVIZMI[ERHQIXEEREP]WMW40S71IHMGMRII 4SRGIHI0ISR%IXEP8YFIVGYPSWMWERHHMEFIXIWMRWSYXLIVR1I\MGS(MEFIXIW'EVI ¦ 6MIHIV ,0 )TMHIQMSPSKMG FEWMW SJ XYFIVGYPSWMW GSRXVSP 4EVMW -RXIVREXMSREP 9RMSR %KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI 7XIZIRWSR'6IXEP(MEFIXIWERHXLIVMWOSJXYFIVGYPSWMWERIKPIGXIHXLVIEXXSTYFPMG LIEPXL#'LVSRMG-PPRIWW¦ 8SQER/;LEX[IVIXLIQEMR´RHMRKWSJXLI1EHVEWWXYH]GSQTEVMRKLSQIERHWERE XSVMYQXVIEXQIRX#-R*VMIHIR8IH8SQER«WXYFIVGYPSWMWGEWIHIXIGXMSRXVIEXQIRX ERHQSRMXSVMRKRHIH+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;EXX'.IXEP8LIKPSFEPITMHIQMSPSK]SJXYFIVGYPSWMW-R7GLEEJ,7>YQPE%IHW 8YFIVGYPSWMW0SRHSR+PSFEP1IHMGMRI ;,3JVEQI[SVOGSRZIRXMSRSRXSFEGGSGSRXVSP+IRIZE;SVPH,IEPXL3VKERM^EXMSR
4%68--
4VSKVEQQEXMGQEREKIQIRX SJXYFIVGYPSWMW 8LI284MWSRISJXLIGSQTSRIRXWSJXLIREXMSREPLIEPXLW]WXIQ -XMWVIWTSRWMFPIJSVIRWYVMRKXLEXXLIIRXMVILIEPXLW]WXIQGEVVMIW SYXXLIEGXMSRWRIGIWWEV]XSVIHYGIQSVXEPMX]ERHQSVFMHMX]JVSQ 8&ERHMRXIVVYTXXVERWQMWWMSRSJXLIHMWIEWI8LMWVIUYMVIWPMROEKIW ERHGSPPEFSVEXMSRSYXWMHIXLIQMRMWXV]SJLIEPXLWMRGIQER]LIEPXL GEVIJEGMPMXMIWEVIKSZIVRIHF]SXLIVQMRMWXVMIWWYGLEWXLSWIJSV NYWXMGIHIJIRGIPEFSYVIHYGEXMSRWSGMEP[IPJEVIERHXVERWTSVX 8LI284MWEPWSVIWTSRWMFPIJSVGSQQYRMGEXMRKXSHIGMWMSRQEOIVW SYXWMHIXLILIEPXLWIGXSVXLIRIIHXSEHHVIWWXLIWSGMSIGSRSQMGERH IRZMVSRQIRXEPHIXIVQMRERXWSJ8&MRSVHIVXSIRWYVIPSRKXIVQGSRXVSP ERHIPMQMREXMSRSJXLIHMWIEWI WII'LETXIV 8LI284MWVIWTSRWMFPIJSVWIXXMRKTSPMG]WXERHEVHWHIZIPSTMRK TVSKVEQQIKYMHIPMRIWERHXVEMRMRKQEXIVMEPWIRWYVMRKXLEXWYJ´GMIRX ´RERGMEPERHLYQERVIWSYVGIWEVIEZEMPEFPIERHQSRMXSVMRKXLI TVSGIWWERHVIWYPXWSJTVSKVEQQIMQTPIQIRXEXMSR-RERMRXIKVEXIH W]WXIQMXMWVIWTSRWMFPIJSVIRWYVMRKXLEX8&VIPEXIHWIVZMGIWEVI TVSZMHIHTVSTIVP]XLVSYKLKIRIVEPLIEPXLWIVZMGIW*SVIJJIGXMZI8& WIVZMGIWXSVIEGLEPPWIGXMSRWSJXLITSTYPEXMSRXLI284WLSYPH[SVO MRGPSWIGSPPEFSVEXMSR[MXLGSQQYRMXMIWERH[MXLEPPVIPIZERXTYFPMGEW [IPPEWTVMZEXILIEPXLGEVITVSZMHIVW'LETXIVSYXPMRIWXLIRSVQEP WXVYGXYVISVKERM^EXMSRERHJYRGXMSRWSJER284
1EREKIVMEPWXVYGXYVI
3VKERM^EXMSRSJREXMSREPXYFIVGYPSWMWGSRXVSPTVSKVEQQIW
7
SQISJXLIOI]IPIQIRXWSJIJJIGXMZI8&GSRXVSPTVSKVEQQIQEREKIQIRX EVI
E GIRXVEP YRMX MR XLI QMRMWXV] SJ LIEPXL XS IRWYVI TSPMXMGEP XIGLRMGEP ERH STIVEXMSREPWYTTSVXTVSZMHIWXI[EVHWLMTKIRIVEXIVIWSYVGIWERHSZIVWII TVSKVEQQIQEREKIQIRX GPIEVP]MHIRXM´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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
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´RERGIHTVS GYVIHERHHMWXVMFYXIHF]XLI284SV MXW MRZSPZIQIRX QE] FI PMQMXIH XS TPERRMRK ERH QSRMXSVMRK [MXL TVS GYVIQIRX ERH HMWXVMFYXMSR IRWYVIH XLVSYKL XLI IWWIRXMEP HVYK TVS KVEQQISJXLIQMRMWXV]SJLIEPXL 7IVZMGIHIPMZIV]WLSYPHFIMRXIKVEXIHEX XLITIVMTLIVEPPIZIPSJXLILIEPXLWIVZ MGIW 8LI RIIH JSV WTIGMEPM^IH MRWXMXY XMSRW ERH TVSJIWWMSREPW WIGSRH ERH XLMVHPIZIPSJGEVI [MPPZEV]EGGSVHMRKXS XLIFYVHIRSJHMWIEWI8SIRWYVIETTVS TVMEXIWIVZMGIHIPMZIV]EXXLITIVMTLIVEP PIZIPXLI284YWYEPP]LEWXLIJSPPS[MRK SVKERM^EXMSREPWXVYGXYVI &S\
#09 03("/*;"5*0/"-4536$563&0'" 5:1*$"-/"5*0/"-56#&3$6-04*4 $0/530-130(3"..& /51
'IRXVEPYRMXMRGPYHMRKREXMSREP 8&VIJIVIRGIPEFSVEXSV][MXL284 QEREKIVXIGLRMGEPSJ´GIVWERH WYTTSVXWXEJJ 6IKMSREPTVSZMRGMEPGSSVHMREXSVW WTIGM´GJSV8&GSRXVSPMRGPYHMRK VIKMSREPVIJIVIRGI8&PEFSVEXSV] (MWXVMGX FEWMGQEREKIQIRXYRMX GSSVHMREXSVWWTIGM´GJSV8&GSRXVSP SV[MXLQYPXMTPIVIWTSRWMFMPMXMIW MRGPYHMRK8&PEFSVEXSV]WIVZMGIW ,IEPXLWIVZMGIHIPMZIV]TSMRXW¦8& WIVZMGIWMRGPYHMRKPEFSVEXSV] MRXIKVEXIHMRXSKIRIVEPLIEPXL WIVZMGIW
'IRXVEPPIZIP8LIGIRXVEPYRMXMRWSQI 284WLEWHMVIGXEGGIWWXSERHTE]WXLIWEPEVMIWSJLIEPXL[SVOIVWEXXLI TIVMTLIVEPPIZIPLIEPXLJEGMPMXMIWERHHMWXVMGXLSWTMXEPWXLEXTVSZMHIHMEKRSWMW ERHXVIEXQIRXSJ8&8LIGIRXVEPYRMXGSSVHMREXIWWYTTSVXEXEPPPIZIPWJSV XLIWIVZMGIHIPMZIV]EXXLITIVMTLIVEPPIZIP-XWJYRGXMSRWEVIWYQQEVM^IHMR WIGXMSRFIPS[
1%2%+)6-%07869'896)
6IKMSREPTVSZMRGMEPPIZIP-RQER]GSYRXVMIWWIVZMGIHIPMZIV]MWGSSVHMREXIH ERHJEGMPMXEXIHJVSQVIKMSREPSVTVSZMRGMEPPIZIPWIXXMRKW-RQER]PEVKIGSYR XVMIWXLI284LEWEJYPPXMQI8&GSSVHMREXSVEXXLMWPIZIPXSJEGMPMXEXIERH GSSVHMREXIWIVZMGIHIPMZIV]EXSXLIVPIZIPW (MWXVMGX &19 PIZIP%XHMWXVMGX &19 PIZIPMRMRXIKVEXIHTVSKVEQQIWXLI HMWXVMGX LIEPXL SJ´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´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´RIHJSVIEGLPIZIP 'SYRXV]GSSVHMREXMSRQIGLERMWQW IKMRXIVEKIRG]GSSVHMREXMSR GSQQMXXIIW SVREXMSREP7XST8&TEVXRIVWLMTW EVIFIMRKIWXEFPMWLIHMRQER]GSYRXVMIWXS EHHVIWWXLIMRGVIEWMRKRIIHXSGSSVHMREXIEGXMZMXMIW[MXLSXLIVTVSKVEQQIW ERH[MXLPSGEPERHMRXIVREXMSREPTEVXRIVW8&GSRXVSPTVSKVEQQIWWLSYPHIWXEF PMWL GSPPEFSVEXMZI QIGLERMWQW [MXL REXMSREP ,-: GSRXVSP TVSKVEQQIW SJXIR XLVSYKLEREXMSREP8&,-:[SVOMRKKVSYT
*YRGXMSRWSJREXMSREPXYFIVGYPSWMWGSRXVSPTVSKVEQQIW 8LISZIVEVGLMRKJYRGXMSRSJXLI284MWXLISVKERM^EXMSRERHHIPMZIV]SJ8&GEVI ERHTVIZIRXMSRWIVZMGIWXSHIXIGXERHGYVIEPPTISTPI[MXL8&8EFPIWLS[W XLIGSVIJYRGXMSRWSJXLI284EXHMJJIVIRXPIZIPWSJXLILIEPXLGEVIW]WXIQ %GSQTVILIRWMZIETTVSEGLXS8&GSRXVSPVIUYMVIWEREHIUYEXIP]ERHETTVSTVM EXIP]WXEJJIHGIRXVEP8&YRMX8LIQMRMWXV]SJLIEPXLWLSYPHIRWYVIXLEXXLMWYRMX
%,%2(&33/*362%8-32%08&'328630463+6%11)7
5"#-& 1%-2*92'8-3273*8,)2%8-32%089&)6'9037-7'328630463+6%11) 284 %8(-**)6)280):)07 0IZIP 2EXMSREP
4VSZMRGMEP VIKMSREP
(MWXVMGX FEWMG QEREKIQIRXYRMX¦&19
*SVQYPEXMRKTSPMGMIWERH WXVEXIKMIW284QERYEP
'SRXVMFYXMRKXS HIZIPSTQIRXSJREXMSREP TSPMGMIWERHWXVEXIKMIW
'SRXVMFYXMRKXS HIZIPSTQIRXSJREXMSREP TSPMGMIWERHWXVEXIKMIW
4PERRMRKERHFYHKIXMRK EGXMZMXMIWJSV8&GSRXVSP
4PERRMRKERHFYHKIXMRK EGXMZMXMIWJSV8&GSRXVSP
4PERRMRKERHFYHKIXMRK EGXMZMXMIWJSV8&GSRXVSP
4PERRMRKLYQERVIWSYVGI HIZIPSTQIRXMRGPYHMRKPMROW [MXLQIHMGEPRYVWMRKERH PEFSVEXSV]XIGLRMGMERWGLSSPW
4PERRMRKLYQERVIWSYVGI HIZIPSTQIRX
4PERRMRKERHQEREKMRK LYQERVIWSYVGIW
4VSHYGMRKERHYTHEXMRKXVEMRMRK 1EXIVMEPWGSRHYGXMRKXVEMRMRKJSV TVSZMRGMEPVIKMSREPSJ´GIVW
'SRHYGXMRKXVEMRMRKSJ HMWXVMGXSJ´GIVW
'SRHYGXMRKXVEMRMRKSJ PSGEPWXEJJMRGPYHMRKSJ GPMRMGEPWXEJJERHGSQQYRMX] XVIEXQIRXWYTTSVXIVW
7YTIVZMWMSRSJERHXIGLRMGEP WYTTSVXXSTVSZMRGIWVIKMSRW
7YTIVZMWMSRSJERH XIGLRMGEPWYTTSVXXS HMWXVMGXW&19
7YTIVZMWMSRSJERHXIGLRMGEP WYTTSVXXSGPMRMGW
'SSVHMREXMRKEGXMZMXMIWYRHIVXEOIR 'SSVHMREXMRKEGXMZMXMIW F]HMJJIVIRXQMRMWXVMIWTVSKVEQQIW YRHIVXEOIRF]HMJJIVIRX WIGXSVWERHTEVXRIVW TVSKVEQQIWERHTEVXRIVW
'SSVHMREXMRKEGXMZMXMIW YRHIVXEOIRF]HMJJIVIRX TVSKVEQQIWERHTEVXRIVW
%WWMWXMRKHITEVXQIRXWMRXLI QMRMWXV]SJLIEPXLXSHI´RI WTIGM´GEXMSRWSJERHRIIHWJSV QIHMGMRIWPEFSVEXSV]QEXIVMEPW ERHIUYMTQIRXERHWYTTPMIW
7YTTP]ERHHMWXVMFYXMSRSJ QIHMGMRIWERHSXLIV GSQQSHMXMIWXSHMWXVMGXW &19
7YTTP]ERHHMWXVMFYXMSRSJ QIHMGMRIWERHSXLIV GSQQSHMXMIWXSGPMRMGW
'SSVHMREXMRKPEFSVEXSV]EGXMZMXMIW [MXLTVSKVEQQIRIIHW
'SSVHMREXMRKPEFSVEXSV] EGXMZMXMIW[MXLTVSKVEQQI RIIHW
'SSVHMREXMRKPEFSVEXSV] EGXMZMXMIW[MXLTVSKVEQQI RIIHW
1SRMXSVMRKERHIZEPYEXMSR HEXE 1SRMXSVMRKERHIZEPYEXMSR QEREKIQIRX MRGPYHMRKEWWIWWQIRX SJHMWXVMGX&19VIWYPXW SJTVSKVEQQITVSKVIWWEKEMRWX SFNIGXMZIWXEVKIXW
6IGSVHMRKERHVITSVXMRK QSRMXSVMRKERHIZEPYEXMSR
%HZSGEG]GSQQYRMGEXMSRERH WSGMEPQSFMPM^EXMSRIRKEKMRK GMZMPWSGMIX]
%HZSGEG]GSQQYRMGEXMSR ERHWSGMEPQSFMPM^EXMSR IRKEKMRKGMZMPWSGMIX]
%HZSGEG]GSQQYRMGEXMSR ERHWSGMEPQSFMPM^EXMSR MRGPYHMRKGMZMPWSGMIX]ERH GSQQYRMX]MRZSPZIQIRXMR WYTTSVXXSTEXMIRXW
3TIVEXMSREPVIWIEVGL
3TIVEXMSREPVIWIEVGL
'SRXVMFYXMRKXSSTIVEXMSREP VIWIEVGLEGXMZMXMIW
1%2%+)6-%07869'896)
LEWEQYPXMHMWGMTPMREV]XIEQMRGPYHMRKEWEQMRMQYQETVSKVEQQIQEREKIVE PSKMWXMGWSJ´GIVERHERITMHIQMSPSKMWXWXEXMWXMGMER-RPEVKIGSYRXVMIWXLIXIEQ WLSYPHEPWSMRGPYHIWXEJJVIWTSRWMFPIJSVXVEMRMRKERH%'71ERHJSVWYTIVZMWMRK ERHQSRMXSVMRKEGXMZMXMIWEXVIKMSREPERHHMWXVMGXPIZIPW7XEJJVIWTSRWMFPIJSV TYFPMG¦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´GIVMRGLEVKI SJXLI&198LIHMWXVMGX&19PIZIPMRMXMEXIWSVI\TERHW8&GSRXVSPTVSKVEQQI MQTPIQIRXEXMSR MR XLI HMWXVMGX LIEPXL JEGMPMXMIW SJ XLI EVIE ERH QSRMXSVW MXW MQTPIQIRXEXMSREXTIVMTLIVEPPIZIP
/I]VIJIVIRGIW &SWQER1,IEPXLWIGXSVVIJSVQERHXYFIVGYPSWMWGSRXVSPXLIGEWISJ>EQFME-RXIVRE XMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦ )REVWSR(IXEP1EREKIQIRXSJ8YFIVGYPSWMWEKYMHIJSVPS[MRGSQIGSYRXVMIWXLIH 4EVMW-RXIVREXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI ,ERWSR'/MFYKE()JJIGXMZIXYFIVGYPSWMWGSRXVSPERHLIEPXLWIGXSVVIJSVQWMR/IR]E GLEPPIRKIW SJ ER MRGVIEWMRK XYFIVGYPSWMW FYVHIR ERH STTSVXYRMXMIW XLVSYKL VIJSVQ -RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦ -RXIVREXMSREP WXERHEVHW JSV XYFIVGYPSWMW GEVI 8LI ,EKYI 8YFIVGYPSWMW 'SEPMXMSR JSV 8IGLRMGEP%WWMWXERGI 1EREKIQIRXSJXYFIVGYPSWMWXVEMRMRKJSVHMWXVMGX8&GSSVHMREXSVW+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3,818& 1EREKIQIRX SJ XYFIVGYPSWMW XVEMRMRK JSV LIEPXL JEGMPMX] WXEJJ +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3'(78& *MKYIVSE1YRS^.IXEP8LILIEPXL[SVOJSVGIGVMWMWMR8&GSRXVSPEVITSVXJVSQLMKL FYVHIRGSYRXVMIW,YQER6IWSYVGIWJSV,IEPXLLXXT[[[LYQERVIWSYVG IWLIEPXLGSQGSRXIRX
%,%2(&33/*362%8-32%08&'328630463+6%11)7
1ELPIV,'SRHMXMSRWJSVIJJIGXMZIP]MRXIKVEXIHXYFIVGYPSWMWTVSKVEQQI&YPP-RX9RMSR 8YFIVGPI¦ 6EZMKPMSRI1')ZSPYXMSRSJ;,3TSPMGMIWJSVXYFIVGYPSWMWGSRXVSP¦0ERGIX ¦
1EREKIQIRXG]GPI
8
LITYFPMGLIEPXLQEREKIQIRXG]GPIFIPS[MPPYWXVEXIWLS[XLIHMJJIVIRXGSQ TSRIRXWSJ8&GSRXVSPEWWIWWQIRXTPERRMRKMQTPIQIRXEXMSRERHQSRMXSV MRKWYTIVZMWMSREVIPMROIH *MKYVI '*(63&'39286=0):)0794)6:-7-32%2(132-836-2+%74%683*8,) 1%2%+)1)28'='0)
%WWIWWQIRX SFWJFXFWBMVBUJPO TJUVBUJPOBOBMZTJT
4PERRMRK 'JWFZFBS° ZFBSMZQMBO
7YTIVZMWMSRERH QSRMXSVMRK 1EREKIQIRX WYTTSVX
-QTPIQIRXEXMSR ERHXVEMRMRK
284WWLSYPHTIVMSHMGEPP] M HIGMHI[LIXLIVXLIREXMSREPWXVEXIK]XSGSRXVSP8& MWETTVSTVMEXIXSGYVVIRXGSRHMXMSRWSVMRRIIHSJVIZMWMSRWEHHMXMSRWIXG MM EWWIWW[LIXLIVXLIWXVEXIK]MWIJJIGXMZIERHYWIWXLIEZEMPEFPIXIGLRSPSK]MR XLIQSWXIJ´GMIRX[E] MMM IWXMQEXIXLIJYXYVIRIIHWERHMRZIWXQIRXVIUYMVIH XSI\TERHSVGLERKIXLIWXVEXIK]ERH MZ MRXVSHYGIRI[XIGLRSPSK]SVRI[ ETTVSEGLIWEWRIGIWWEV]8LMWTVSGIWWSJWXVEXIKMGTPERRMRKYWYEPP]XEOIWTPEGI IZIV]´ZI]IEVWERHVIWYPXWMREQIHMYQXIVQWXVEXIKMGTPER 1874 8LITPER LEWTSPMG]MQTPMGEXMSRWKYMHIWMQTPIQIRXEXMSRSJXLITVSKVEQQIERHWIVZIW XSSFXEMRMRXIVREPERHI\XIVREPVIWSYVGIW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
%W [IPP EW XLI 1874 ER ERRYEP MQTPIQIRXEXMSR TPER HI´RIW TVIGMWIP] XLI SFNIGXMZIW ERH EGXMZMXMIW XS FI GEVVMIH SYX HYVMRK XLI ]IEV XSKIXLIV [MXL E HIXEMPIHFYHKIX 8LI WEQI G]GPIW SGGYV EX MRXIVREXMSREP PIZIP % QIHMYQXIVQ KPSFEP TPER MW HIZIPSTIHF];,3ERHQYPXMTPITEVXRIVW[LSGSQQMXXLIMVWYTTSVX)EGLMRWXM XYXMSRGEVVMIWSYXMXWS[RERRYEPTPERSJEGXMZMXMIW[MXLEZEMPEFPIVIWSYVGIWMR WYTTSVXSJREXMSREPTVSKVEQQIWERHKPSFEPMRMXMEXMZIW
4PERRMRK .FEJVNUFSNTUSBUFHJDQMBO 1SWXGSYRXVMIWLEZIEHSTXIHERHMQTPIQIRXIHXLI(387WXVEXIK]XLVSYKLSYX XLIMVXIVVMXSV]4PERWMRGPYHIQEMRXEMRMRKERHMQTVSZMRKXLIUYEPMX]SJEGXMZMXMIW MRXLI&19ERHLIEPXLJEGMPMXMIWGSZIVIH*SVEGSQTVILIRWMZIETTVSEGLXS8& GSRXVSPXLIGSYRXV]WXVEXIKMGTPERWLSYPHMRGPYHIEGXMZMXMIWJSVEPPGSQTSRIRXW SJXLI7XST8&7XVEXIK] 8LI1874WTIGM´IWXLIGSYRXV]«WSFNIGXMZIWERHXEVKIXWJSVXLI284MRPMRI[MXL KPSFEPSFNIGXMZIWERHXEVKIXWYWYEPP]JSVETIVMSHSJ´ZI]IEVWGSRWMWXIRX[MXL KSZIVRQIRXLIEPXLTSPMGMIWERH[MXLXLISZIVEPPLIEPXLHIZIPSTQIRXTPERSJ XLIGSYRXV]8LI1874WLSYPHFIHIZIPSTIH[MXLMRTYXWJVSQEPPETTVSTVMEXI WXEOILSPHIVW WYGL EW VIPIZERX HITEVXQIRXW SJ XLI QMRMWXV] SJ LIEPXL TPER RMRK´RERGMRKLYQERVIWSYVGIWVIKYPEXMSRPIKEPGYVEXMZIWIVZMGIWLSWTMXEP QEREKIQIRXLIEPXLMRJSVQEXMSRW]WXIQTYFPMGLIEPXLPEFSVEXSV]LIEPXLIHY GEXMSR,-:%-(7 WSGMEPWIGYVMX]WIVZMGIWSXLIVQMRMWXVMIWYRHIV[LMGLWTIGMEP LIEPXLWIVZMGIWEVISVKERM^IHXIGLRMGEPERHSXLIVTEVXRIVW 8LI1874WIXWSYXXLIREXMSREPWXVEXIK]ERHTSPMGMIWXSEGLMIZIXLSWIXEVKIXW ERHMRHMGEXIWHIGMWMSRWSRGLERKIWRIIHIHJSVMQTPIQIRXEXMSR1ENSVEGXMZM XMIWJSVIEGLSJXLIGSQTSRIRXWSJXLI284EVIWTIGM´IHERHFYHKIXIHJSVXLI RI\X´ZI]IEVWFEWIHSRIWXMQEXIHRIIHWXSGEVV]SYXTPERRIHEGXMZMXMIWXLMW EPPS[WVIWSYVGIQSFMPM^EXMSRXS´PPJYRHMRKKETW9WISJXLI;,3WXERHEVH8& TPERRMRKERHFYHKIXMRKXSSPMWVIGSQQIRHIH WII'LETXIV 8LI1874EMQWXSEGLMIZII\TERWMSRSJEGXMZMXMIWXSEPPGSQTSRIRXWSJXLI284 ERH IRWYVI TSPMXMGEP GSQQMXQIRX [MXL MRGVIEWIH ERH WYWXEMRIH ´RERGMRK SJ MRJVEWXVYGXYVILYQERVIWSYVGIWWYTTPMIWERHIUYMTQIRXERHEGXMZMXMIW%R MRHITXLTVSKVEQQIVIZMI[WLSYPHFISVKERM^IHMRSVHIVXSMHIRXMJ]GLERKIW XLEXRIIHXSFIMRGSVTSVEXIHMRXSXLI1874 WII'LETXIV 8LIQEMRHIGMWMSRWFEWIHSRXLITVSKVEQQIVIZMI[EVI XSQEMRXEMRSVGLERKIWTIGM´GWXVEXIKMIW XSQEMRXEMRSVGLERKIXIGLRMGEPERHSTIVEXMSREPTVSGIHYVIW
1%2%+)1)28'='0)
XSI\TERHTVSKVEQQIEGXMZMXMIWMRTYFPMGLIEPXLJEGMPMXMIWERHXSSXLIVTVS ZMHIVWERHWIGXSVW XSI\TERHTVSKVEQQIEGXMZMXMIWXSGSPPEFSVEXIMRSXLIVEVIEWERHEGXMZMXMIW 4VSKVEQQIWKVEHYEPP]IZSPZIJVSQEQMRMQYQTEGOEKISJIWWIRXMEPMRXIVZIR XMSRWMRTYFPMGLIEPXLJEGMPMXMIWXSHIZIPSTEJYPPWIXSJMRXIVZIRXMSRWGSZIVMRK EPPEWTIGXWSJ8&GSRXVSPERHVIPEXIHHMWIEWIWERHHIPMZIVIHF]QYPXMTPILIEPXL TVSZMHIVWERHMRWXMXYXMSRW 8LI1874GSQTSRIRXWWTIGMJ]XLIJSPPS[MRK XLIGSYRXV]«WKSEPWERHSFNIGXMZIWJSVXLI284GSRWMWXIRX[MXLREXMSREPERH MRXIVREXMSREPLIEPXLERHHIZIPSTQIRXKSEPW XEVKIXWJSVXLI284MRXLIQIHMYQXIVQFEWIHSRXLIVEXIWSJGYVVIRXGEWI HIXIGXMSRERHGYVI REXMSREP WXVEXIK] ERH XIGLRMGEPSTIVEXMSREP TSPMGMIW JSV XLI QIHMYQ XIVQ MRHMGEXMRKER]TSPMG]GLERKIWERHLS[XLI][MPPFIMQTPIQIRXIH XLIQENSVGLEPPIRKIWJSV8&GSRXVSPMRXLIGSYRXV]ERHWXVEXIKMIWXSEHHVIWW XLIQ XLIQEMREGXMZMXMIWMRXLIWM\OI]GSQTSRIRXWSJXLI7XST8&7XVEXIK]JSVXLI RI\X´ZI]IEVW OI]QEREKIVMEPEGXMZMXMIWUYERXM´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´VWXXLVIIUYEVXIVWERHJSVXLITVIZMSYWGEPIRHEV SVFYHKIXEV] ]IEV EVIEZEMPEFPIERHWIVZIXSIWXMQEXII\TIGXIHEGLMIZIQIRXW8LIERRYEPTPER WLSYPHMRGPYHI
%,%2(&33/*362%8-32%08&'328630463+6%11)7
XEVKIXWJSVXLI]IEV[LMGLWLSYPHFIGLEPPIRKMRKFYXJIEWMFPI XLIERRYEPFYHKIX[MXLVIWTSRWMFPISJ´GIVTPEGIERHHEXIF]EGXMZMX] VIWSYVGIQSFMPM^EXMSR KSZIVRQIRXERHI\XIVREPWYTTSVX JSVXLIJSPPS[MRK ]IEV 8LIJSPPS[MRKEGXMZMXMIWEVITEVXSJXLITPERRMRKTVSGIWW8LI]EVIGEVVMIHSYX EXREXMSREPPIZIPF]XLIGIRXVEP284YRMXERHVIWYPXMRETPERXLEXWLSYPHFI ETTVSZIHF]XLIEYXLSVMXMIWERHFIGSQITEVXSJXLIKIRIVEPTPERERHFYHKIX SJXLIQMRMWXV]SJLIEPXL8LITPERWLSYPHWTIGMJ]XLIWSYVGIWSJJYRHWERHXLI TVSFEFMPMX]SJ´RERGMRK)WWIRXMEPEGXMZMXMIWWLSYPHFIFEWIHSRWIGYVIJYRH MRK M %REP]WIXLIMRJSVQEXMSRERHEWWIWWXLIEGLMIZIQIRXWSJXLI284HYVMRKXLI GYVVIRX]IEV8LIQEMRWSYVGIWSJHEXEEVIXLIUYEVXIVP]VITSVXWJVSQHMW XVMGXWERHVIKMSRWXLIVIKYPEVQSRMXSVMRKSJMQTPIQIRXEXMSRSJXLITVIZMSYW TPERERHER]STIVEXMSREPVIWIEVGLGEVVMIHSYX8LIEWWIWWQIRXI\EQMRIW XLII\XIRXXS[LMGLXLI284[EWEFPIXS SFXEMRTSPMXMGEPGSQQMXQIRX[MXLMRGVIEWIHSVWYWXEMRIH´RERGMRK I\TERHGEWIHIXIGXMSRXLVSYKLUYEPMX]EWWYVIHFEGXIVMSPSK] EGLMIZIXLIXEVKIXJSVXVIEXQIRXWYGGIWW QEMRXEMREVIKYPEVHVYKWYTTP]ERHQEREKIQIRXW]WXIQ QSRMXSVERHIZEPYEXIXLITVSKVEQQIERHQIEWYVIMQTEGX EHHVIWW8&,-:1(68&ERHSXLIVGLEPPIRKIW GSRXVMFYXIXSLIEPXLW]WXIQWXVIRKXLIRMRK IRKEKIEPPGEVITVSZMHIVW IQTS[IVTISTPI[MXL8&ERHGSQQYRMXMIW IREFPIERHTVSQSXIVIWIEVGLTEVXMGYPEVP]TVSKVEQQIFEWIHSTIVEXMSREP VIWIEVGL MM (IZIPST E [SVOTPER JSV XLI JSPPS[MRK ]IEV FEWIH SR XLI 1874 ERH SR IZEPYEXMSRSJXLITVIZMSYW]IEV«WVIWYPXWEW[IPPEWSXLIVMRJSVQEXMSRWYGL EWI\TIGXIHVIWSYVGIW-HIEPP]XLIREXMSREPTPERMWXLIGSRWSPMHEXMSRSJXLI HMWXVMGXERHVIKMSREPTPERW[LMPIMRTVEGXMGIXLIWITPERWEVISJXIRHIZIP STIHMRTEVEPPIPERHPEXIVGSRWSPMHEXIH MMM 4PERWTIGM´GEGXMZMXMIWJSVXLIJSPPS[MRK]IEVXSMQTPIQIRXGLERKIWMRXLI284 MREGGSVHERGI[MXLXLI1874ERH[MXLXLIEGLMIZIQIRXWSJXLITVIZMSYWTPER
1%2%+)1)28'='0)
1SRMXSVMRKERHVIZMI[ 1SRMXSVMRKMWXLISFWIVZEXMSRSJGSYRXV]TVSKVEQQITIVJSVQERGIXSEWGIVXEMR [LIXLIVEGXMZMXMIWEVIEGGSQTPMWLIHEGGSVHMRKXSKYMHIPMRIWERHTPERW'PSWIP] PMROIH[MXLWYTIVZMWMSRQSRMXSVMRKMWGEVVMIHSYXEXFSXLXLIWIVZMGIHIPMZIV] YRMXXLVSYKLHMVIGXGSRXEGX[MXLLIEPXL[SVOIVW WYTIVZMWMSR ERHEXXLIGIR XVEPQEREKMRKSJ´GIF]I\EQMRMRKTIVMSHMGVITSVXWWYGLEWUYEVXIVP]GSLSVX VITSVXWSRGEWIRSXM´GEXMSRXVIEXQIRXSYXGSQIWERHHVYKSVHIVW1SRMXSVMRK 8&GSRXVSPMWFEWIHSRXLIWXERHEVHVIGSVHMRKERHVITSVXMRKW]WXIQWXERHEVH MRHMGEXSVWERHHMVIGXGSRXEGX[MXLLIEPXL[SVOIVW )ZEPYEXMSRMWETIVMSHMGEWWIWWQIRXSJTVSKVIWWXS[EVHWSTIVEXMSREPXEVKIXW ERHITMHIQMSPSKMGEPSFNIGXMZIW)ZEPYEXMSRMWYRHIVXEOIREJXIVERMRXIVZEPSJ QSRXLWSVPSRKIV'PSWIP]PMROIHXSQSRMXSVMRKIZEPYEXMSRMWETVSGIWWF][LMGL TVSKVEQQIMRTYXWEGXMZMXMIWTVSGIWWSYXTYXWERHSYXGSQIWEVIEREP]WIHERH EWWIWWIHEKEMRWXHI´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´ZI]IEVERHERRYEPTPEREVIQIXSRXMQIERH[MXLVIUYMVIH UYEPMX] KEXLIVERHZEPMHEXIVITSVXMRKERHVIGSVHMRKHEXE OIITXVEGOSJWIPIGXIHMRHMGEXSVWSRXLITIVJSVQERGIERHXLIGSRHMXMSRWXLEX MRµYIRGITIVJSVQERGI TVSZMHIETTVSTVMEXIWYTTSVXXSWXEJJXSMQTVSZIMQTPIQIRXEXMSRSJXLI284 1SRMXSVMRKMQTPIQIRXEXMSRERHTVSKVIWWXS[EVHWXEVKIXWMWJEGMPMXEXIH[LIR TPERWMRGPYHIEVIEPMWXMGWGLIHYPISJEGXMZMXMIWJSVIEGLGSQTSRIRXSJXLI7XST 8&7XVEXIK]ERH[LIREPMQMXIHRYQFIVSJMRHMGEXSVWSJJIVEKIRIVEPSZIVZMI[SJ XLI8&GSRXVSPWMXYEXMSRMREKMZIRWIXXMRK8LIPMWXSJWIPIGXIHMRHMGEXSVWWLSYPH VIJIVXSXLIGSQTSRIRXSJXLI7XST8&7XVEXIK]ERHEWXERHEVHREXMSREP8& QERYEPWLSYPHHIWGVMFIXIGLRMGEPP]WSYRH8&GEWIQEREKIQIRXTVSGIHYVIWJSV
%,%2(&33/*362%8-32%08&'328630463+6%11)7
HMEKRSWMWXVIEXQIRXVIGSVHMRKERHVITSVXMRKHVYKQEREKIQIRXERHPEFSVE XSV]WYTTPMIW 1SRMXSVMRKMRGPYHIWWMXIZMWMXWJVSQXLIREXMSREPPIZIPXSMRXIVQIHMEXIERHTIVMTL IVEPPIZIPWERHJVSQXLIMRXIVQIHMEXIXSTIVMTLIVEPPIZIP7MXIZMWMXWEVITPERRIH XSGSZIVXLI[LSPIGSYRXV]SREVIKYPEVFEWMWXSEWWIWWGSRWMWXIRXMQTPIQIRXE XMSRSJTSPMGMIWXMQIP]GSQTPIXMSRSJEGXMZMXMIWERHTVSKVIWWXS[EVHWXEVKIXW ERHXSMHIRXMJ]TVSFPIQWIRGSYRXIVIHF]HMJJIVIRXPIZIPW %XXLIIRHSJXLI´VWXUYEVXIVSJXLI]IEVMRJSVQEXMSRJVSQXLITVIZMSYW]IEVMW EZEMPEFPIJSVXLIERRYEPIZEPYEXMSRSJXLITVIZMSYW]IEV«WTPERRIHEGXMZMXMIWERH EREP]WMWSJERRYEPXVIRHW8LMWMRJSVQEXMSRERHEREP]WMWWLSYPHFIGSR´VQIHMR ERERRYEPGSYRXV]VITSVX &YUFSOBM JOUFSOBUJPOBM NPOJUPSJOH )\XIVREPQSRMXSVMRKMWYRHIVXEOIRXSEWWIWWXLI284«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¦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¦QSRXLTVITEVE XSV]TIVMSH8LIVIZMI[MXWIPJYWYEPP]PEWXW¦[IIOW8LI´VWXX[S[IIOWEVI HIZSXIHXSFVMI´RKXLIVIZMI[XIEQ´IPHZMWMXWERHXLITVIWIRXEXMSRSJ´IPH ZMWMX VITSVXW 8LI XLMVH [IIO MRGPYHIW HMWGYWWMSR SJ ´RHMRKW JSVQYPEXMSR SJ VIGSQQIRHEXMSRWERHHIFVMI´RK
1%2%+)1)28'='0)
8LISYXGSQIWSJXLIVIZMI[EVI EREP]WMWSJXLIITMHIQMSPSKMGEPWMXYEXMSR EREP]WMWSJXLITVSKVEQQIWXVYGXYVIERHVIWSYVGIWERHXLIGSRXI\XSJXLI KIRIVEPLIEPXLGEVIW]WXIQLIEPXLWIGXSVVIJSVQERHVSPISJLSWTMXEPWQIHM GEPGSPPIKIWTVMZEXIWIGXSVERHSXLIVIRXMXMIWMRZSPZIHMR8&GSRXVSP EREP]WMWSJTVSKVEQQIHIPMZIV]ERHMHIRXM´GEXMSRSJEGLMIZIQIRXWERHGSR WXVEMRXW VIGSQQIRHEXMSRWJSVSZIVGSQMRKXLITVSFPIQWMHIRXM´IH 8&GSRXVSPTVSKVEQQIVIZMI[WEVIERMQTSVXERXXSSPJSVWIGYVMRKKSZIVRQIRX GSQQMXQIRXERHTVSZMHMRKXLIFEWMWJSVVISVMIRXMRK8&GSRXVSPTSPMGMIWERHXLI HIZIPSTQIRXSJER1874 ,FZSFGFSFODFT %VREHSXXMV86MIHIV,0)REVWSR(%8YFIVGYPSWMWTVSKVEQQIWVIZMI[TPERRMRKXIGL RMGEPWYTTSVX%QERYEPSJQIXLSHWERHTVSGIHYVIW4EVMW-RXIVREXMSREP9RMSR%KEMRWX 8YFIVGYPSWMWERH0YRK(MWIEWI +PSFEP(387I\TERWMSRTPERTVSKVIWWMR8&GSRXVSPMRLMKLFYVHIRGSYRXVMIW+IRIZE ;SVPH,IEPXL3VKERM^EXMSR ;,3'(778& +PSFEPXYFIVGYPSWMWGSRXVSPWYVZIMPPERGITPERRMRK´RERGMRK;,3VITSVX+IRI ZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&EZEMPEFPIEXLXXT[[[ [LSMRXXFTYFPMGEXMSRWIR +YMHIPMRIWJSVGSRHYGXMRKEVIZMI[SJREXMSREPXYFIVGYPSWMWTVSKVEQQIW+IRIZE;SVPH ,IEPXL3VKERM^EXMSR EZEMPEFPISRP]EXLXXT[LSMRXXFIR 8LI +PSFEP 4PER XS 7XST 8& ¦ +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,8178& 8LITPERRMRKTVSGIWWGSRGITXWQIXLSHWERHWXVEXIKMIWMRLIEPXLTPERRMRKJSVIJJIG XMZIQEREKIQIRX3\JSVH3\JSVH9RMZIVWMX]4VIWW ;,38&TPERRMRKERHFYHKIXMRKXSSP+IRIZE;SVPH,IEPXL3VKERM^EXMSR EZEMPE FPIEXLXXT[[[[LSMRXXFHSXWTPERRMRKCFYHKIXMRKCXSSPHS[RPSEHIRMRHI\LXQP
4VSKVEQQEXMGQEREKIQIRXSJ HVYKVIWMWXERXXYFIVGYPSWMW
4
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´GERXWSYVGISJRI[HVYKVIWMWXERXGEWIW
%HHVIWWMRKXLIWSYVGIWSJHVYKVIWMWXERX8& 8LI HIZIPSTQIRX SJ RI[ GEWIW SJ HVYKVIWMWXERX 8& WLSYPH FI EHHVIWWIH YVKIRXP]EXXLIWXEVXSJEHVYKVIWMWXERX8&XVIEXQIRXTVSKVEQQI8LIMRXIKVE XMSRSJ(387ERHXLIQEREKIQIRXSJHVYKVIWMWXERX8&QE]LIPTMHIRXMJ]ERH GYVXEMPTSWWMFPIWSYVGIWSJHVYKVIWMWXERX8& 4SWWMFPIJEGXSVWGSRXVMFYXMRKXSXLIHIZIPSTQIRXSJRI[GEWIWSJHVYKVIWMWXERX 8&WLSYPHFIVIZMI[IH;IPPEHQMRMWXIVIH´VWXPMRIXVIEXQIRXJSVWYWGITXMFPI GEWIWYWMRKLMKLUYEPMX]HVYKWMWXLIFIWX[E]XSTVIZIRXEGUYMWMXMSRSJVIWMWX ERGIJSVWYWGITXMFPIGEWIW)EVP]MHIRXM´GEXMSRSJHVYKVIWMWXERX8&ERHTVSQTX MQTPIQIRXEXMSRSJEHIUYEXIHVYKVIWMWXERX8&XVIEXQIRXVIKMQIRW 'EXIKSV]-: VIKMQIRW EVIIWWIRXMEPXSWXSTXVERWQMWWMSRSJVIWMWXERXWXVEMRW 5IF(SFFO-JHIU$PNNJUUFF*OJUJBUJWF 8LI+VIIR0MKLX'SQQMXXII +0' -RMXMEXMZITVSQSXIWVEXMSREPYWISJWIGSRH PMRIHVYKWERHLIPTWXSIREFPITEXMIRXW[MXLSVEXVMWOJVSQEPPJSVQWSJHVYK
463+6%11%8-'1%2%+)1)283*(69+6)7-78%2889&)6'9037-7
VIWMWXERX8&[SVPH[MHIXSVIGIMZITVSTIVHMEKRSWMWERHXMQIP]LMKLUYEPMX]ERH IJJIGXMZIXVIEXQIRX 8LVSYKLXLI+0'-RMXMEXMZI284WLEZIEGGIWWXS M I\TIVXMWIMRTVSKVEQQEXMG QEREKIQIRXSJHVYKVIWMWXERX8&FEWIHSRFIWXEZEMPEFPIIZMHIRGIERHGSP PIGXMZII\TIVMIRGI MM LMKLUYEPMX]HVYKWXSXVIEXHVYKVIWMWXERX8&EXGSRGIW WMSREP TVMGIW MMM XIGLRMGEP EWWMWXERGI XLVSYKL E [MHI RIX[SVO SJ XIGLRMGEP TEVXRIVW MZ TIIV WYTTSVX ERH ORS[PIHKIWLEVMRK MR GSQQYRMGEXMSR [MXL SXLIV+0'ETTVSZIHTVSKVEQQIWERH Z MRHITIRHIRXI\XIVREPQSRMXSVMRKERH IZEPYEXMSR
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´RHMRK STXMSRWJSVTVSTIVXVIEXQIRX[MXLMRXLII\MWXMRKMRJVEWXVYGXYVISJXLILIEPXL GEVIW]WXIQMRGPYHMRKXLITVMZEXIWIGXSV EZEMPEFMPMX]SJPEFSVEXSV]GETEGMX]MRGPYHMRKUYEPMX]EWWYVIHGYPXYVIERH(78 WIVZMGIW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
VIWSYVGIWEZEMPEFPIJSV(38SZIVETVSPSRKIHTIVMSHSJXMQI EZEMPEFMPMX] SJ ´RERGMEP VIWSYVGIW XS MRXIKVEXI HVYKVIWMWXERX 8& MRXS XLI 284 UYEPMX]EWWYVIHWXERHEVHWSJXLIPEFSVEXSV]RIX[SVO EZEMPEFMPMX]SJLYQERVIWSYVGIWERHXVEMRMRKRIIHWFEWIHSREXEWOEREP] WMW I\MWXMRKPIKEPJVEQI[SVOJSVWSYVGMRKMQTSVXEXMSRVIKMWXVEXMSRERHHMWXVMFY XMSRSJWIGSRHPMRIHVYKW RIIHJSVXIGLRMGEPEWWMWXERGI 8LIRIIHWEWWIWWQIRX[MPPJEGMPMXEXIXLIHIWMKRERHMQTPIQIRXEXMSRSJEGSQ TVILIRWMZITPERXSEHHVIWWXLIKETWMHIRXM´IHMRXIVQWSJWIVZMGI HIPMZIV] MRJVEWXVYGXYVIERHJYRGXMSRWSJXLILIEPXLGEVIW]WXIQ3RGIXLIMRJVEWXVYGXYVI MWMRTPEGIERHXLIOI]JYRGXMSRWEVISTIVEXMRKEWXIT[MWIMRXIKVEXMSRSJHVYK VIWMWXERX8&GSRXVSPEGXMZMXMIWQE]FIYRHIVXEOIRKMZMRKMRMXMEPTVMSVMX]XSHMW XVMGXWSVEHQMRMWXVEXMZIEVIEW[LIVIMRXIKVEXMSRMWQSWXPMOIP]XSWYGGIIH 8LIHIWMKRERHMQTPIQIRXEXMSRSJER284EHHVIWWMRKHVYKVIWMWXERX8&QE] ZEV]FIX[IIRERH[MXLMRGSYRXVMIWHITIRHMRKSRXLIPSGEPRIIHWERHVIWSYVG IWEZEMPEFPI-RWIXXMRKW[LIVIXLITVMZEXIWIGXSVTPE]WEWMKRM´GERXVSPIMRXLI QEREKIQIRXSJHVYKVIWMWXERX8&XLIWXVEXIKMIWHIZIPSTIHWLSYPHMRGPYHI441 ETTVSEGLIW WII'LETXIV 441ETTVSEGLIWWLSYPHFIGSRWMHIVIH[LIVI M HVYKVIWMWXERX8&MWKIRIVEXIHXLVSYKLQMWQEREKIQIRXSJ´VWXPMRIHVYKWMRXLI TVMZEXIWIGXSV MM QER]SJXLIHVYKVIWMWXERX8&GEWIWEVIXVIEXIHMRXLITVMZEXI WIGXSVERHSV MMM XLITVMZEXIWIGXSVLEWEGGIWWXSSVGETEGMX]JSV(78 ;LEXIZIVETTVSEGLMWXEOIRXLIIWWIRXMEPVIUYMVIQIRXWWYGLEWUYEPMX]EWWYVIH PEFSVEXSVMIWJSVHMEKRSWMWERHQSRMXSVMRKHIPMZIV]SJXVIEXQIRXYRHIV(38ERH YWISJUYEPMX]EWWYVIHWIGSRHPMRIHVYKWWLSYPHFIQIXXSIRWYVITVSTIVGEWI QEREKIQIRXERHTVIZIRXMSRSJIQIVKIRGISJVIWMWXERGIXSWIGSRHPMRIHVYKW
;,3KYMHIPMRIW +YMHIPMRIWJSVXLITVSKVEQQEXMGQEREKIQIRXSJHVYKVIWMWXERXXYFIVGYPSWMW+IRIZE ;SVPH,IEPXL3VKERM^EXMSR ;,3,818& +YMHIPMRIWJSVWYVZIMPPERGISJHVYKVIWMWXERGIMRXYFIVGYPSWMW+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3'(78& -RWXVYGXMSRWJSVETTP]MRKXSXLI+VIIR0MKLX'SQQMXXIIJSVEGGIWWXSWIGSRHPMRIERXM XYFIVGYPSWMW HVYKW +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,818&
463+6%11%8-'1%2%+)1)283*(69+6)7-78%2889&)6'9037-7
/I]VIJIVIRGIW %RXMXYFIVGYPSWMW HVYK VIWMWXERGI MR XLI [SVPH 8LMVH KPSFEP VITSVX +IRIZE ;SVPH ,IEPXL3VKERM^EXMSR ;,3,818& (VYKVIWMWXERXXYFIVGYPSWMWEWYVZMZEPKYMHIJSVGPMRMGMERW7ER*VERGMWGS*VERGMW.'YVV] 2EXMSREP8YFIVGYPSWMW'IRXIVERH'EPMJSVRME(ITEVXQIRXSJ,IEPXL7IVZMGIW )QIVKIRGI SJ 1]GSFEGXIVMYQ XYFIVGYPSWMW [MXL I\XIRWMZI VIWMWXERGI XS WIGSRHPMRI HVYKW§[SVPH[MHI¦1SVFMHMX]ERH1SVXEPMX];IIOP]6ITSVX ¦ 0IMQERI : IX EP 'PMRMGEP SYXGSQI SJ MRHMZMHYEPMWIH XVIEXQIRX SJ QYPXMHVYKVIWMWXERX XYFIVGYPSWMWMR0EXZMEEVIXVSWTIGXMZIGSLSVXWXYH]0ERGIX ¦ 2EXLERWSR ) IX EP 1YPXMHVYKVIWMWXERX XYFIVGYPSWMW GER FI WYGGIWWJYPP] XVIEXIH MR VIWSYVGIPMQMXIHWIXXMRKW)QIVKMRK-RJIGXMSYW(MWIEWIW ¦ 6ITSVXSJXLIQIIXMRKSJXLI;,3+PSFEP8EWO*SVGISR<(68&+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3,818& 8YTEWM8)IXEP*IEWMFMPMX]ERHGSWXIJJIGXMZIRIWWSJXVIEXMRKQYPXMHVYKVIWMWXERXXYFIV GYPSWMWEGSLSVXWXYH]MRXLI4LMPMTTMRIW40S71IHMGMRI I >MKRSP1IXEP+PSFEPMRGMHIRGISJQYPXMHVYKVIWMWXERXXYFIVGYPSWMW.SYVREPSJ-RJIGXMSYW (MWIEWIW ¦
4VSKVEQQEXMGQEREKIQIRX SJXYFIVGYPSWMWERHLYQER MQQYRSHI´GMIRG]ZMVYW
8
LITVSKVEQQEXMGQEREKIQIRXSJGSMRJIGXMSR[MXL1XYFIVGYPSWMWERH,-: MRZSPZIW WTIGMEP GLEPPIRKIW XLEX GEPP JSV IJJIGXMZI GSPPEFSVEXMSR FIX[IIR REXMSREP8&ERH%-(7GSRXVSPTVSKVEQQIW'SPPEFSVEXMZI8&,-:EGXMZMXMIWEMQ XSHIGVIEWIXLIFYVHIRSJ8&,-:MRJIGXMSRERH%-(7MRTSTYPEXMSRWEJJIGXIHF] FSXLHMWIEWIWXLI]EVIFYMPXSRIJJIGXMZITEXMIRXGIRXVIHGSPPEFSVEXMSRFIX[IIR XLIX[STVSKVEQQIW 8EFPI %QIGLERMWQJSVGSPPEFSVEXMSRFIX[IIRXLI 8&ERH%-(7GSRXVSPTVSKVEQQIWWLSYPHFIMRTPEGI /I]EGXMZMXMIWJSVXLITVSKVEQQEXMGQEREKIQIRXSJGSPPEFSVEXMZI8&,-:EGXMZM XMIWMRGPYHI 'VIEXMSR SJ E NSMRX REXMSREP 8& ERH ,-: GSSVHMREXMRK FSH] [SVOMRK EX VIKMSREPHMWXVMGXERHPSGEPPIZIPW WIRWMXMZIXSGSYRXV]WTIGM´GJEGXSVW [MXL ETTVSTVMEXIVITVIWIRXEXMSRSJXLI8&ERH%-(7GSRXVSPTVSKVEQQIWERHSJ WXEOILSPHIVWMRGPYHMRK8&ERH,-:TEXMIRXWYTTSVXKVSYTWERHGSQQYRMX] FEWIHSVKERM^EXMSRW8LIGSSVHMREXMSRFSH] [LMGLQE]FIEGSQQMXXII XEWOJSVGISVKVSYTHITIRHMRKSRGSYRXV]WTIGM´GJEGXSVW JEGMPMXEXIWXLI
5"#-& ;,36)'311)2()('300%&36%8-:)%'8-:-8-)7*368&,-:'328630 E % )WXEFPMWLXLIQIGLERMWQWJSVGSPPEFSVEXMSR % 7IXYTEGSSVHMREXMRKFSH]JSV8&,-:EGXMZMXMIWIJJIGXMZIEXEPPPIZIPW % 'SRHYGXWYVZIMPPERGISJ,-:TVIZEPIRGIEQSRK8&TEXMIRXW % 'EVV]SYXNSMRX8&,-:TPERRMRK % 'SRHYGXQSRMXSVMRKERHIZEPYEXMSR & (IGVIEWIXLIFYVHIRSJ8&MRTISTPIPMZMRK[MXL,-: & )WXEFPMWLMRXIRWM´IH8&GEWI´RHMRK & -RXVSHYGIMWSRME^MHTVIZIRXMZIXLIVET] & )RWYVI8&MRJIGXMSRGSRXVSPMRLIEPXLGEVIERHGSRKVIKEXIWIXXMRKW ' (IGVIEWIXLIFYVHIRSJ,-:MR8&TEXMIRXW ' 4VSZMHI,-:XIWXMRKERHGSYRWIPPMRK ' -RXVSHYGI,-:TVIZIRXMSRQIXLSHW ' -RXVSHYGIGSXVMQS\E^SPITVIZIRXMZIXLIVET] ' )RWYVI,-:GEVIERHWYTTSVX ' -RXVSHYGIERXMVIXVSZMVEPXLIVET] E
%HETXIHJVSQ-RXIVMQTSPMG]SRGSPPEFSVEXMZI8&,-:EGXMZMXMIW+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&;,3,81,-:
463+6%11%8-'1%2%+)1)283*8&%2(,-:
GVIEXMSRSJEJEZSYVEFPITSPMG]ERHTVSKVEQQIIRZMVSRQIRX[LMGLMRGPYHIW XLIHIZIPSTQIRXSJETTVSTVMEXIREXMSREPTSPMG]HI´RMRKXLIEGXMZMXMIWXSFI MQTPIQIRXIHMRXLIGSYRXV]ERHSTIVEXMSREPKYMHIPMRIWXVEMRMRKQERYEPW ERH TVSXSGSPW *SV GSYRXVMIW [MXL GSRGIRXVEXIH ERH PS[ ,-: TVIZEPIRGI TVMSVMX]WIXXMRKW[MXLELMKLFYVHIRSJ,-:EWWSGMEXIH8& TVSZMRGIWHMW XVMGXWSVJEGMPMXMIW WLSYPHFIMHIRXM´IH8&MRJIGXMSRGSRXVSPMR,-:ERH%-(7 TVIZIRXMSRGEVIERHXVIEXQIRXWIXXMRKWWLSYPHFITVMSVMXM^IH WII'LETXIV (IZIPSTQIRXSJNSMRXREXMSREPWXVEXIKMGERHSTIVEXMSREPTPERWXLEXHI´RI XLI VSPIW ERH VIWTSRWMFMPMXMIW SJ IEGL TVSKVEQQI ERH XLI EPPSGEXMSR SJ VIWSYVGIW MRGPYHMRK XLI HITPS]QIRX SJ WYJ´GMIRX LYQER VIWSYVGIW ERH GETEGMX]JSVLIEPXLGEVIHIPMZIV]XSMQTPIQIRXGSPPEFSVEXMZI8&,-:EGXMZM XMIW EX EPP PIZIPW 8LI TPER QE] FI IMXLIV WITEVEXI SV MRGSVTSVEXIH MRXS REXMSREP8&ERH,-:WXVEXIKMGTPERW[MXL8&ERH,-:GSQTSRIRXW8VEMRMRK SJLIEPXL[SVOIVWMRTVSKVEQQIQEREKIQIRXERHGPMRMGEPGSQTIXIRGMIWMW GVYGMEPERHWLSYPHFIMRGPYHIHMRXLISTIVEXMSREPTPER ,-:WYVZIMPPERGIEQSRK8&TEXMIRXWMREPPGSYRXVMIWMVVIWTIGXMZISJREXMSREP EHYPX,-:TVIZEPIRGIVEXIWMREGGSVHERGI[MXL;,3KYMHIPMRIW )\TIHMXIHHMEKRSWMWERHXVIEXQIRXSJ8&MR,-:TVIZEPIRXEVIEWERHEQSRK ,-:TSWMXMZIMRHMZMHYEPW[MXLMRXIRWM´IH8&GEWI´RHMRKMREPP,-:GSYRWIP PMRKERHXIWXMRK%-(7GEVIERHXVIEXQIRXWIXXMRKWERHEQSRKTSTYPEXMSRW EXLMKLVMWOSJ,-:%VIJIVVEPW]WXIQWLSYPHFIIWXEFPMWLIHFIX[IIR,-: GSYRWIPPMRKERHXIWXMRK%-(7GEVIERHXVIEXQIRXERH8&HMEKRSWXMGERH XVIEXQIRXGIRXVIW*SVGSYRXVMIW[MXLGSRGIRXVEXIHERHPS[,-:TVIZEPIRGI XLIVIGSQQIRHEXMSRWJSVXLIHMEKRSWMWERHXVIEXQIRXSJWQIEVRIKEXMZI TYPQSREV]ERHI\XVETYPQSREV]8&WLSYPHFIMQTPIQIRXIHMRTVMSVMX]WIX XMRKW 4VSZMWMSRSJMWSRME^MHTVIZIRXMZIXLIVET]F],-:WIVZMGITVSZMHIVWEWTEVXSJ XLITEGOEKISJGEVIJSV40,-:[LIREGXMZI8&LEWFIIRI\GPYHIH-RJSVQE XMSREFSYX-48WLSYPHFIQEHIEZEMPEFPIXSEPP40,-: ,-: XIWXMRK ERH GSYRWIPPMRK SJJIVIH XS EPP 8& TEXMIRXW VIKEVHPIWW SJ XLI REXMSREP,-:ITMHIQMGWXEXYW284WWLSYPHIMXLIVMRXIKVEXITVSZMWMSRSJ,-: XIWXMRKERHGSYRWIPPMRKMRXLIMVSTIVEXMSRWSVIWXEFPMWLEVIJIVVEPPMROEKI [MXLXLI,-:TVSKVEQQIWXSHSWS%PP,-:MRJIGXIHTISTPI[LSLEZIGSR ´VQIH8&WLSYPHEPWSFITVSZMHIH[MXL,-:GEVIXVIEXQIRXERHWYTTSVX WIVZMGIWMRGPYHMRK%68 'SQTVILIRWMZI,-:TVIZIRXMSRWXVEXIKMIWHIZIPSTIHERHMQTPIQIRXIHF] 284WJSVXLIMVTEXMIRXWXEVKIXMRKWI\YEPTEVIRXIVEPSVZIVXMGEPXVERWQMWWMSR SVVIJIVVEPPMROEKI[MXL,-:TVSKVEQQIWXSHSWSWLSYPHFIIWXEFPMWLIH
%,%2(&33/*362%8-32%08&'328630463+6%11)7
284WWLSYPHTVSZMHILEVQVIHYGXMSRQIEWYVIWJSV8&TEXMIRXW[LSTVEG XMGIMRNIGXMRKHVYKYWISVWLSYPHIWXEFPMWLEVIJIVVEPPMROEKI[MXL,-:TVS KVEQQIWXSHSWS )WXEFPMWLQIRXSJEW]WXIQXSTVSZMHI'48F]8&ERH,-:GSRXVSPTVSKVEQQIW XSIPMKMFPI40,-:[LSLEZIEGXMZI8& %KVIIQIRX SR E GSVI WIX SJ MRHMGEXSVW ERH HEXE GSPPIGXMSR XSSPW F] ,-: ERH 8& TVSKVEQQIW ERH HEXE GSPPIGXMSR JSV QSRMXSVMRK ERH IZEPYEXMSR SJGSPPEFSVEXMZI8&,-:EGXMZMXMIW8LI;,3KYMHIPMRIWJSVQSRMXSVMRKERH IZEPYEXMSRSJGSPPEFSVEXMZI8&,-:EGXMZMXMIWWLSYPHFIYWIHEWEFEWMWXS WXERHEVHM^IGSYRXV]WTIGM´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´VQIH8&TEXMIRXWFYXEPWSXLSWITVIWIRXMRK [MXLWMKRWERHW]QTXSQWSJ8& ¨8&WYWTIGXW© MRXIRWMZIGSRXMRYMRKXVEMRMRKERHWYTTSVXMZIWYTIVZMWMSRSJLIEPXL[SVO IVW MQTPIQIRXMRKVIZMWIHVIGSVHMRKERHVITSVXMRKJSVQEXWSRGSPPEFSVEXMZI 8&,-:EGXMZMXMIWXSHSGYQIRXTVSKVIWWMRMQTPIQIRXEXMSR8LIMRGPYWMSR SJ8&GSQTSRIRXWMR,-:VIKMWXIVWERH,-:GSQTSRIRXWMR8&VIKMWXIVWMR PMRI[MXLMRXIVREXMSREPKYMHIPMRIWMWMQTSVXERX IJJIGXMZIERHGSRWXERXWYTTP]SJ,-:XIWXOMXWHVYKWERHSXLIVMQTSVXERX GSQQSHMXMIWXLEXEVIIWWIRXMEPJSVEGGIPIVEXIHMQTPIQIRXEXMSR
463+6%11%8-'1%2%+)1)283*8&%2(,-:
;,3KYMHIPMRIW +YMHIPMRIWJSV,-:WYVZIMPPERGIEQSRKXYFIVGYPSWMWTEXMIRXWRHIH+IRIZE;SVPH ,IEPXL 3VKERM^EXMSR.SMRX 9RMXIH 2EXMSRW 4VSKVEQQI SR ,-:%-(7 ;,3,81 8&;,3,-:92%-(7)
/I]VIJIVIRGIW %KYMHIXSQSRMXSVMRKERHIZEPYEXMSRJSVGSPPEFSVEXMZI8&,-:EGXMZMXMIW+IRIZE;SVPH ,IEPXL3VKERM^EXMSR ;,3,818&;,3,-: &IPP.'IXEP8YFIVGYPSWMWTVIZIRXMZIXLIVET]JSV,-:MRJIGXIHTISTPIMRWYF7ELEVER %JVMGEMWGSWXIJJIGXMZI%-(7 ¦ )WTMREP1%IXEP7GVIIRMRKJSVEGXMZIXYFIVGYPSWMWMR,-:XIWXMRKGIRXVI0ERGIX ¦ +SPYF.)IXEP8LIMQTEGXSJERXMVIXVSZMVEPXLIVET]ERHMWSRME^MHTVIZIRXMZIXLIVET] SRXYFIVGYPSWMWMRGMHIRGIMR,-:MRJIGXIHTEXMIRXWMR6MSHI.ERIMVS&VE^MP%-(7 ¦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¦ 2EGLIKE.IXEP8YFIVGYPSWMWEGXMZIGEWI´RHMRKMREQSXLIVXSGLMPH,-:XVERWQMWWMSR TVIZIRXMSRTVSKVEQQIMR7S[IXS7SYXL%JVMGE%-(7 ¦ 2YRR4IXEP8YFIVGYPSWMWGSRXVSPMRXLIIVESJ,-:2EXYVI6IZMI[W-QQYRSPSK] ¦ 8&,-:EGPMRMGEPQERYEPRHIH+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,81 8& ;SPHILERRE7IXEP8VIEXQIRXSJPEXIRXXYFIVGYPSWMWMRJIGXMSRMR,-:MRJIGXIHTIVWSRW 'SGLVERI(EXEFEWISJ7]WXIQEXMG6IZMI[W '( >EGLEVMEL6IXEP:SPYRXEV]GSYRWIPPMRK,-:XIWXMRKERHEHNYRGXMZIGSXVMQS\E^SPIVIHYG IWQSVXEPMX]MRXYFIVGYPSWMWTEXMIRXWMR8L]SPS1EPE[M%-(7 ¦
0EFSVEXSV]WIVZMGIW
0
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´IPH GSRHMXMSRW
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´GWIVZMGIW-R
0%&36%836=7)6:-')7
LMKL,-:TVIZEPIRXWIXXMRKW,-:XIWXMRKWLSYPHFISJJIVIHXS8&WYWTIGXWEPSRK [MXLWTYXYQI\EQMREXMSR&EWIHSRREXMSREPTSPMGMIW,-:XIWXWQE]FIGEVVMIH SYXMR8&PEFSVEXSVMIWERHSVF]LIEPXLGEVITVSZMHIVW
(MEKRSWXMGTVSGIHYVIW 4QVUVNTNFBSNJDSPTDPQZ )EVP]PEFSVEXSV]HMEKRSWMWSJ8&VIPMIWSRXLIQMGVSWGSTMGI\EQMREXMSRSJVIW TMVEXSV]WTIGMQIRWJSV%*&8LIXIGLRMUYIEPXLSYKLSJPMQMXIHWIRWMXMZMX]MW VIPEXMZIP]WMQTPIERHMRI\TIRWMZIERHMWGYVVIRXP]MRHMWTIRWEFPIMRXLIHIXIG XMSRSJXLIQSWXMRJIGXMSYWGEWIWSJTYPQSREV]8&%RMRXIVREXMSREPP]EKVIIH XVEMRMRKTEGOEKIERHI\XIVREPUYEPMX]EWWYVERGIW]WXIQJSVWXERHEVHWTYXYQ WQIEVQMGVSWGST]MWEZEMPEFPI *PYSVIWGIRGIQMGVSWGST]MWQSVIWIRWMXMZIXLERWXERHEVHPMKLXQMGVSWGST]JSV 8&HMEKRSWMW1SHIVRMQTVSZIHµYSVIWGIRXQMGVSWGSTIWIUYMTTIH[MXLEPMKLX IQMXXMRK HMSHI 0)( SJJIV E TVSQMWMRK EPXIVREXMZI XS WXERHEVH µYSVIWGIRGI PEQTWEZSMHMRKXLIRIIHJSVHEVOVSSQW8LIMVYWIMWVIGSQQIRHIH[LIVITSW WMFPIMRPEFSVEXSVMIWI\EQMRMRKQSVIXLERWQIEVWTIVHE]XLMWEPPS[WQSVI VETMHI\EQMREXMSRHIGVIEWIHXIGLRMGMER[SVOPSEHERHMQTVSZIHIJ´GMIRG]SJ %*&HIXIGXMSR $VMUVSF 1]GSFEGXIVMEPGYPXYVIMWQYGLQSVIWIRWMXMZIXLERWQIEVQMGVSWGST]ERHTVS ZMHIWEHI´RMXMZIHMEKRSWMWSJ8&-XMWXLIVIJSVIWIIREWXLIKSPHWXERHEVHJSV FEGXIVMSPSKMGEP GSR´VQEXMSR 'YPXYVI SR WSPMH QIHME IWTIGMEPP] 0}[IRWXIMR .IRWIRERHMXWQSHM´IHZIVWMSRMWXLIQSWX[MHIP]YWIHXIGLRMUYI,S[IZIV MXLEWHMWEHZERXEKIWS[MRKXSXLIPIRKXLSJXMQIVIUYMVIH XS[IIOW JSV KVS[XLSJQ]GSFEGXIVMESREWSPMHQIHMYQERHHIPE]WMRWXEVXMRKXVIEXQIRX [LMPIE[EMXMRKEGSR´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
1MGVSWGSTMGHIXIGXMSRSJEWMRKPI%*&MREWTYXYQWQIEVGSVVIWTSRHWXSEGSRGIRXVEXMSRSJ FEGMPPMQPWTYXYQGYPXYVIHIXIGXW%*&EXEGSRGIRXVEXMSRGSVVIWTSRHMRKXSFEGMPPMQP WTYXYQ
%,%2(&33/*362%8-32%08&'328630463+6%11)7
%SVHTVTDFQUJCJMJUZUFTUJOH (78TIVJSVQIHSRIMXLIVWSPMHSVPMUYMHQIHMETVSZMHIWFEGXIVMSPSKMGEPGSR ´VQEXMSRSJHVYKVIWMWXERX8&;,3VIGSQQIRHWGEVV]MRKSYX(78JSV´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«WITMHIQMS PSKMGEPWMXYEXMSRHI´RIHEWJSPPS[W M LMKL1(68&FYVHIRGSYRXVMIW[LIVI 1(68&GEWIWXSKIXLIVGSRXVMFYXI SJXLIKPSFEP1(68&FYVHIR MM LMKL ,-:TVIZEPIRGIWIXXMRKW GSYRXVMIWHMWXVMGXWGSYRXMIWSVWIPIGXIHJEGMPMXMIWWYGL EWVIJIVVEPLSWTMXEPW [LIVIXLI,-:TVIZEPIRGIVEXIEQSRKTVIKRERX[SQIRSV XLIKIRIVEPTSTYPEXMSRMWEXPIEWX SV,-:TVIZEPIRGIEQSRK8&TEXMIRXWMW EXPIEWX MMM EPPSXLIVGSYRXVMIWWIXXMRKW 'YPXYVIERH(78EVIVIGSQQIRHIHJSVEPPVIXVIEXQIRXERHGLVSRMG8&GEWIW ERH JSV GLMPHVIR [MXL 8& 7IGSRHPMRI (78 MW VIGSQQIRHIH JSV EPP 1(68& GEWIW8LISZIVEPPEMQMWXSSJJIVYRMZIVWEPEGGIWWXSEPPGYPXYVIERH(78WIVZ MGIWF] %FUFDUJPOPGMBUFOU5#JOGFDUJPO 8YFIVGYPMR WOMR XIWX 8LI HMEKRSWMW SJ PEXIRX 8& MRJIGXMSR KIRIVEPP] HITIRHW YTSRXLIWXERHEVH878HIWTMXIPMQMXEXMSRWGSRGIVRMRKXLIVIPMEFMPMX]SJMXWMRXIV TVIXEXMSR 8IGLRMGEP EWTIGXW SJ XYFIVGYPMR EHQMRMWXVEXMSR ERH XLI QIXLSH SJ VIEHMRK QE] PIEH XS JEPWI RIKEXMZI VIWYPXW [LMPI JEPWI TSWMXMZI VIWYPXW QE] FIVIPEXIHXSTVMSVMQQYRM^EXMSR[MXLXLI&'+ZEGGMRISVI\TSWYVIXSIRZMVSR QIRXEP Q]GSFEGXIVME -RXIVTVIXEXMSR SJ XLI XIWXW WLSYPH WXVMGXP] JSPPS[ ;,3 VIGSQQIRHEXMSRWHIXEMPIHIPWI[LIVI WII+YMHERGIJSVREXMSREPXYFIVGYPSWMW TVSKVEQQIWSRXLIQEREKIQIRXSJXYFIVGYPSWMWMRGLMPHVIR8&,-:EGPMRMGEP QERYEPERHGLETXIVWERH -RXIVJIVSRKEQQEVIPIEWIEWWE]W&PSSHXIWXWHIXIGXMRKXLIVIPIEWIMRZMXVSSJ MRXIVJIVSRKEQQE -*2aSVQIEWYVMRKXLIRYQFIVSJ8GIPPWTVSHYGMRK-*2aSR GSRXEGX[MXLWIGVIXIHERXMKIRWSJ1XYFIVGYPSWMWLEZIFIIRHIZIPSTIHERH
0%&36%836=7)6:-')7
EVIGSQQIVGMEPP]EZEMPEFPI8LIWIPIGXIHERXMKIRWYWIHMRXLIWIXIWXWEVILMKLP] WTIGM´GJSVXYFIVGPIFEGMPPMWMRGIXLI]EVIEFWIRXJVSQEPP&'+WXVEMRWERHJVSQ QSWXIRZMVSRQIRXEPQ]GSFEGXIVME'SRWIUYIRXP]XLISGGYVVIRGISJJEPWITSWM XMZIVIWYPXWMWQMRMQM^IH,S[IZIVEW[MXL878ERIKEXMZI-*2aXIWXMWRSXWYJ ´GMIRXXSVYPISYXPEXIRX8&MRJIGXMSRIWTIGMEPP]MRGEWIWSJMQQYRSHI´GMIRG] GEYWIHF],-:MRJIGXMSRSVSXLIVGSQSVFMHMXMIW-RWIZIVEP8&PS[MRGMHIRGI GSYRXVMIW-*2aXIWXWEVIVIGSQQIRHIHMRTPEGISJ8788LITSXIRXMEPTYFPMG LIEPXLVSPISJXLIWIXIWXWMRLMKLFYVHIRGSYRXVMIWVIQEMRWXSFIIZEPYEXIH )*7UFTUJOH ,-:XIWXMRKWLSYPHFIVSYXMRIP]SJJIVIHEPSRK[MXLWTYXYQI\EQMREXMSRJSV%*& MR,-:TVIZEPIRXWIXXMRKWJSVTEXMIRXWTVIWIRXMRK[MXLEGSYKLSJ¦[IIOW« HYVEXMSR%TIVWSR[MXLYRORS[R,-:WXEXYW IKFIGEYWISJYREZEMPEFMPMX]SJ ,-:XIWXOMXWSVVIJYWEPXSFIXIWXIH QE]FIGPEWWM´IHEW,-:TSWMXMZIMJXLIVI MWWXVSRKGPMRMGEPIZMHIRGISJ,-:MRJIGXMSR /FXUFDIOPMPHJFT 2I[8&HMEKRSWXMGXIWXWEVIRIIHIHXSTVSZMHIWIRWMXMZIWTIGM´GERHXMQIP] HIXIGXMSRSJFSXLHVYKWIRWMXMZIERHHVYKVIWMWXERX8&ERHXSTIVJSVQIUYEPP] [IPPMR8&,-:GSMRJIGXMSR7IZIVEPTVSHYGXWXLEXQE]QIIXXLIWIHIQERHMRK GVMXIVMEEVIYRHIVHIZIPSTQIRX2I[XSSPWWLSYPHFIXIWXIHXLVSYKLVIWIEVGL XLEX TVSZMHIW VIPMEFPI HEXE SR WIRWMXMZMX] WTIGM´GMX] TSWMXMZI ERH RIKEXMZI TVIHMGXMZIZEPYITIVXIWXERHTIVTEXMIRXGSRHYGXIHMRLMKLFYVHIRGSYRXVMIW YRHIV´IPHGSRHMXMSRW 4VMSVXS[MHIMQTPIQIRXEXMSRSJERI[XIWXGSYRXVMIWWLSYPHHIWMKRERSTIVE XMSREPVIWIEVGLTVSXSGSPERH´IPHXIWXXLIRI[XSSPMRSVHIVXSHI´RIPSKMWXMGW MRJVEWXVYGXYVIERHIUYMTQIRXRIIHWXIGLRMGEPGSRWXVEMRXWXVEMRMRKRIIHWERH TSXIRXMEPWGSTISJMQTPIQIRXEXMSR8LIHIGMWMSRSR[LIXLIVXSMQTPIQIRXE XIWXWLSYPHFIFEWIHSRGSRWMHIVEXMSRSJMXWEHZERXEKIWERHPMQMXEXMSRW8LI MQTEGXSJEGLERKISJXIWXMRKTSPMG]SRXLIGYVVIRXPEFSVEXSV]HMEKRSWMWSJ8& SVHVYKVIWMWXERGIWLSYPHFIEHHVIWWIH[MXLXLI284
0EFSVEXSV]WEJIX] 8SSFXEMRVIPMEFPIVIWYPXWEPPPEFSVEXSV]XIGLRMUYIWMRGPYHMRKQMGVSWGST]GYP XYVIERH(78WLSYPHFITIVJSVQIHF]ETTVSTVMEXIP]XVEMRIHWXEJJ[SVOMRKMR TVSTIVP]IUYMTTIHWEJIPEFSVEXSVMIW3GGYTEXMSREPLIEPXLVIUYMVIQIRXWWLSYPH FIETTPMIH WIIWIGXMSR 8VEMRMRKMRWEJIX]QIEWYVIWWLSYPHFITEVXSJ XLIFEWMGXVEMRMRKGYVVMGYPEJSVPEFSVEXSV]TIVWSRRIP8VEMRMRKWLSYPHMRGPYHI MRJSVQEXMSRSRI\TSWYVIXS8&FEGMPPMGSRXVSPSJPEFSVEXSV]LE^EVHWERHWEJI PEFSVEXSV]TVSGIHYVIW)\TSWYVIXSFMSLE^EVHWHMJJIVWEGGSVHMRKXSXLIX]TISJ WIVZMGIWTIVJSVQIH
%,%2(&33/*362%8-32%08&'328630463+6%11)7
-R PEFSVEXSVMIW [LIVI WTYXYQ WEQTPIW EVI LERHPIH JSV QMGVSWGST] SRP] I\TSWYVIXSMRJIGXMSYWTEVXMGPIWKIRIVEXIHJVSQWTIGMQIRWMWPS[HYIXSXLI LMKLZMWGSWMX]SJWTYXYQ-RXLIWIPEFSVEXSVMIWEHIUYEXITVSXIGXMSRSJPEFS VEXSV]WXEJJMWTVSZMHIHF]ETTVSTVMEXIP]HMVIGXIHEMVµS[IRWYVMRKWYJ´GMIRX EMVGLERKIWMRXLIVSSQ 7TIGMQIRTVSGIWWMRKJSVGYPXYVITYVTSWIWWLSYPHFITIVJSVQIHMRFMSPSKMGEP WEJIX]GEFMRIXW &7'W EXPIEWXMR&MSWEJIX]0IZIP &70 JEGMPMXMIW,S[ IZIV FIGEYWI GYPXYVI QERMTYPEXMSR VITVIWIRXW E LMKL FMSLE^EVH VMWO [MXL I\TSWYVIXSLMKLGSRGIRXVEXMSRWSJ8&FEGMPPMMHIRXM´GEXMSRERH(78EGXMZM XMIWWLSYPHFITIVJSVQIHMR&70JEGMPMXMIWF]ETTVSTVMEXIP]UYEPM´IHWXEJJ MREGGSVHERGI[MXL&70TVEGXMGIW9TKVEHMRKXS&70WLSYPHFITPERRIH ERHMQTPIQIRXIHEGGSVHMRKXSEWLSVXXIVQTPERERH[MXLMHIRXM´GEXMSRSJ EHIUYEXIVIWSYVGIWXLMWMWEVIWTSRWMFMPMX]SJXLIGSYRXV] *SVQSWXLMKLFYVHIRGSYRXVMIWXLIVIEVIQENSVGSRWXVEMRXWXSXLIWYGGIWW JYPIWXEFPMWLQIRXWXEJ´RKERHQEMRXIRERGISJ&70PEFSVEXSVMIW%R]TVS TSWEPXSGVIEXIE&70PEFSVEXSV]WLSYPHXEOIEGGSYRXSJEPPXLIWXVYGXYVEP PSKMWXMGERHWXEJ´RKVIUYMVIQIRXWERHEWWSGMEXIHGSWXWSZIVXMQI 0EFSVEXSVMIW XLEX WIRH GYPXYVIW SJ 1XYFIVGYPSWMW XS SXLIV PEFSVEXSVMIW WLSYPHGSQTP][MXLXLI REXMSREPERH MRXIVREXMSREPVIKYPEXMSRWSRXLIXVERW TSVXSJHERKIVSYWKSSHW WII'LETXIV
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
0%&36%836=7)6:-')7
6IKYPEVSRWMXIIZEPYEXMSR WYTIVZMWMSR YWMRKEWXERHEVHM^IHGLIGOPMWXMWER MQTSVXERXXSSPXSEWWIWWPEFSVEXSV]TIVJSVQERGI-QTVSZIQIRXMWJEGMPMXEXIHF] EVIKYPEVERHXMQIP]JIIHFEGOQIGLERMWQ[MXLMHIRXM´GEXMSRERHGSVVIGXMSRSJ WLSVXGSQMRKW
4YFPMG¦TVMZEXIQM\JSVPEFSVEXSV]WIVZMGIW 1ER]GSYRXVMIWLEZIEPEVKITVMZEXIQIHMGEPWIGXSVWIVZMRKEWMKRM´GERXTVSTSV XMSRSJ8&GEWIW4VMZEXIGEVITVSZMHIVWSJXIRHITIRHSRTVMZEXIPEFSVEXSVMIW JSVWQIEVQMGVSWGST]ERHMRWSQITPEGIWQ]GSFEGXIVMEPGYPXYVIERH(78-J PMROIHETTVSTVMEXIP]XS284WTVMZEXIPEFSVEXSVMIWQE]TSXIRXMEPP]GSRXVMFYXI WMKRM´GERXP]XSMQTVSZMRKEGGIWWXS8&HMEKRSWMW*SVIJJIGXMZIGSPPEFSVEXMSR ZIVM´EFPIQIGLERMWQWJSVSRKSMRKWYTIVZMWMSRERH)5%SJTEVXMGMTEXMRKTVMZEXI PEFSVEXSVMIWWIVZMGIWEVIIWWIRXMEP ;E]WXSIRKEKITVMZEXIPEFSVEXSVMIWMR8&GSRXVSP[MPPZEV]MRHMJJIVIRXWIXXMRKW -XMWMQTSVXERXXSLEZIERI\TPMGMXREXMSREPTSPMG]XLEXJEGMPMXEXIWGSPPEFSVEXMSR [MXLTVMZEXIPEFSVEXSVMIW8LI284WLSYPHHI´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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
WLSYPHEP[E]WMRGPYHIXLI´RERGMEPRIIHWJSVXLIWXVIRKXLIRMRKSJPEFSVEXSVMIW EW HI´RIH MR GSPPEFSVEXMSR [MXL XLI QIQFIVW SJ XLI 260 0EFSVEXSV] WXEJJ IUYMTQIRXQEMRXIRERGIWYTTPMIWUYEPMX]EWWYVERGIWYTIVZMWMSRERHXVEMRMRK EVIIWWIRXMEPIPIQIRXWSJXLIPEFSVEXSV]WIVZMGIERHWLSYPHFIKMZIRETTVSTVM EXIGSRWMHIVEXMSR
;,3KYMHIPMRIW +YMHIPMRIWJSVWYVZIMPPERGISJHVYKVIWMWXERGIMRXYFIVGYPSWMW+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3'(7'7661(
/I]VIJIVIRGIW %^M^1%IXEP)TMHIQMSPSK]SJERXMXYFIVGYPSWMWHVYKVIWMWXERGI XLI+PSFEP4VSNIGXSR %RXMXYFIVGYPSWMW (VYK 6IWMWXERGI 7YVZIMPPERGI ER YTHEXIH EREP]WMW 0ERGIX ¦ &SYPLEFEP*,IMJIXW0&EGXIVMSPSKMGEPHMEKRSWMWSJXYFIVGYPSWMW&EGXIVMSPSK]SJXYFIV GYPSWMW-R6EZMKPMSRI1'IH6IMGLQERERH,IVWL´IPH«WXYFIVGYPSWMWEGSQTVILIR WMZIMRXIVREXMSREPETTVSEGL8LMVH)HMXMSR4EVX%2I[=SVO-RJSVQE,IEPXLGEVI97% -RG 0EFSVEXSV]FMSWEJIX]QERYEPVHIH+IRIZE;SVPH,IEPXL3VKERM^EXMSR 0EFSVEXSV]WIVZMGIWMR8&GSRXVSP4EVXSVKERM^EXMSRERHQEREKIQIRX+IRIZE;SVPH ,IEPXL3VKERM^EXMSR ;,38& 1IR^MIW((SLIVX]81-RXIVJIVSRKEQQEVIPIEWIEWWE]W(MEKRSWMWSJPEXIRXXYFIVGY PSWMWMRJIGXMSR-R6EZMKPMSRI1'IH6IMGLQERERH,IVWL´IPH«WXYFIVGYPSWMWEGSQ TVILIRWMZIMRXIVREXMSREPETTVSEGL8LMVH)HMXMSR4EVX%2I[=SVO-RJSVQE,IEPXLGEVI 97%-RG¦ 4VMSVMXMIWJSVXYFIVGYPSWMWFEGXIVMSPSK]WIVZMGIWMRPS[MRGSQIGSYRXVMIWRHIH4EVMW -RXIVREXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI 7XIMRKEVX /6 IX EP *PYSVIWGIRGI ZIVWYW GSRZIRXMSREP WTYXYQ WQIEV QMGVSWGST] JSV XYFIVGYPSWMWEW]WXIQEXMGVIZMI[0ERGIX-RJIGXMSYW(MWIEWIW¦ 7XVEXIKMGETTVSEGLJSVXLIWXVIRKXLIRMRKSJPEFSVEXSV]WIVZMGIWJSVXYFIVGYPSWMWGSRXVSP ¦+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& %^M^1&VIX^IP+9WISJEWXERHEVHMWIHGLIGOPMWXXSEWWIWWTIVMTLIVEPWTYXYQWQIEV QMGVSWGST]PEFSVEXSVMIWJSV8&HMEKRSWMWMR9KERHE-RXIVREXMSREP.SYVREPSJ8YFIVGYPS WMWERH0YRK(MWIEWI ¦ ;SVPH,IEPXL3VKERM^EXMSR%WWSGMEXMSRSJ4YFPMG,IEPXL0EFSVEXSVMIW/2':6IWIEVGL -RWXMXYXISJ8YFIVGYPSWMW-RXIVREXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI 'IRXIVWJSV(MWIEWI'SRXVSPERH4VIZIRXMSR2EXMSREP-RWXMXYXIWSJ,IEPXL)\XIVREPUYEP MX]EWWIWWQIRXJSV%*&WQIEVQMGVSWGST];EWLMRKXSR('%WWSGMEXMSRSJ4YFPMG,IEPXL 0EFSVEXSVMIW
1EREKIQIRXSJ ERXMXYFIVGYPSWMW HVYKWYTTPMIW
+
SSH 8& GSRXVSP VIUYMVIW XLI EZEMPEFMPMX] SJ EHIUYEXI UYERXMXMIW SJ QIHM GMRIW[LIRIZIVRIIHIHF]TEXMIRXWERHLIEPXL[SVOIVW%PPEWTIGXWSJHVYK QEREKIQIRXWLSYPHXLIVIJSVIFIMRGPYHIHHYVMRKXLI8&GSRXVSPTPERRMRKERH MQTPIQIRXEXMSRTVSGIWWIW(VYKQEREKIQIRXMRZSPZIWGPSWIGSPPEFSVEXMSR[MXL XLIREXMSREPIWWIRXMEPQIHMGMRIWTVSKVEQQIMRQER]GSYRXVMIWERXM8&HVYKW EVIGSQEREKIHF]XLIIWWIRXMEPQIHMGMRIWTVSKVEQQI %WWLS[RMR*MKYVIHVYKQEREKIQIRXMRGPYHIWIWWIRXMEPWXITWMRXLIWIPIG XMSRTVSGYVIQIRXHMWXVMFYXMSRERHVEXMSREPYWISJHVYKW
'*(63&(69+1%2%+)1)28463')77 7IPIGXMSR Q 1IHMGMRIWHSWEKIW JSVQYPEXMSRW Q 4EGOEKMRK
4VSGYVIQIRX Q 2IIHWIWXMQEXMSR Q 5YEPMJ]MRKWYTTPMIVW Q 8IRHIVMRKERHGSRXVEGXMRK JSVKSSHTVMGIWERH UYEPMX]EWWYVIHTVSHYGXW
6EXMSREPYWI Q *SPPS[MRK284VIKMQIRW Q 'SYRWIPPMRKTEXMIRXW Q 7YTIVZMWMSRQSRMXSVMRK Q 7XYH]MRKHVYKYWI
(MWXVMFYXMSR Q 4SVXGPIEVERGIERH MQTSVXHYXMIW Q 5YEPMX]GSRXVSP Q 8VERWTSVXMRKXS LIEPXLJEGMPMXMIW Q +SSHWXSVEKIERH MRZIRXSV]TVEGXMGIW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
7IPIGXMSRSJERXM8&HVYKW ;,3VIGSQQIRHW´ZIIWWIRXMEPQIHMGMRIWJSV´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
4VSGYVIQIRXSJERXM8&HVYKW (VYKTVSGYVIQIRXWLSYPHXEOIEGGSYRXSJXLIJSPPS[MRKOI]MWWYIW %GGYVEXIHIQERHJSVIGEWXMRKSJERXM8&HVYKWMIGSVVIGXUYERXM´GEXMSRSJ XLIRIIHWJSVHVYKWJSVEWTIGM´GTIVMSHSJXMQIMWERIWWIRXMEPTVIVIUYMWMXI JSVIRWYVMRKERYRMRXIVVYTXIHWYTTP] )JJIGXMZIQEREKIQIRXSJTVSGYVIQIRXIRWYVIWXLIEZEMPEFMPMX]SJXLIHVYKW WIPIGXIHMRXLIVMKLXUYERXMXMIWEXXLIVMKLXXMQIEXEJJSVHEFPITVMGIWERHEX EGGITXEFPIWXERHEVHWSJUYEPMX] %RRYEPGIRXVEPM^IHTVSGYVIQIRXMWXLIQSWXIJ´GMIRX[E]XSFYMPHYTXLIGSR ´HIRGISJWYTTPMIVWERHHVE[TVMGIWERHGSWXWHS[RXLVSYKLXLIYWISJE WXERHEVHM^IHTEGOEKISJTVSGYVIQIRXFMHHMRKHSGYQIRXWERHFYPOTYVGLEWI SJQIHMGMRIW-XMWEPWSIEWMIVXSGSRXVSPERHJEGXSVMRXLIPIEHXMQIWSJWYT TPMIVW 8LVSYKLMXWTVIUYEPM´GEXMSRWGLIQI;,3VIKYPEVP]YTHEXIWEPMWXSJQERY JEGXYVIVW[LSWIERXM8&HVYKWLEZIFIIREWGIVXEMRIHXSFISJEGGITXEFPI UYEPMX] MITVIUYEPM´IH 8LIQSWXGSQTIXMXMZITVMGIWJSV´VWXPMRIERXM8&HVYKWEVISFXEMRIHJVSQXLI +(*[LMGLMWERMRMXMEXMZISJXLI7XST8&4EVXRIVWLMTXSMRGVIEWIEGGIWWXS LMKLUYEPMX]ERXM8&HVYKW
8LIPMWXMWEZEMPEFPIEXLXXT[[[WXSTXFSVKKHJ
7IILXXT[[[WXSTXFSVKKHJ
1%2%+)1)283*%28-89&)6'9037-7(69+79440-)7
8LI+(*SJJIVWEVIPMEFPIWSYVGISJTSSPIHTVSGYVIQIRXSJWIGSRHPMRIHVYKW 'SYRXVMIWWLSYPHETTP]XSXLI+VIIR0MKLX'SQQMXXIIXSFIRI´XJVSQUYEP MX]EWWYVIH HVYKW TVIJIVIRXMEP TVMGIW ERH E VIPMEFPI WSYVGI XSKIXLIV [MXL VIKYPEVI\XIVREPQSRMXSVMRKIZEPYEXMSRERHXIGLRMGEPEWWMWXERGIXSGSRHYGXE QEREKIQIRXTVSKVEQQIJSVHVYKVIWMWXERX8& %PPHVYKWYWIHMREVIKMQIRJSVERXM8&XVIEXQIRXWLSYPHQIIXXLI;,3VIG SQQIRHIHWXERHEVHWJSVWEJIX]IJ´GEG]ERHUYEPMX]5YEPMX]EPWSHITIRHW SREWIXSJWXERHEVHWQEMRXEMRIHXLVSYKLSYXXLIIRXMVITVSGIWWSJQERYJEG XYVIERHHMWXVMFYXMSR
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´IHF]XLIQERYJEGXYVIVWVIKEVHMRKXIQTIVEXYVIERHLYQMHMX]+SSH WXSVEKITVEGXMGIWWLSYPHFIMRTPEGIEXEPPPIZIPW[LMGLVIUYMVIWXLEXWXEJJ EVIETTVSTVMEXIP]XVEMRIHERHWXSVEKIGSRHMXMSRWEHIUYEXI -RTIVMTLIVEPGIRXVIW[LIVIWXSVEKIGSRHMXMSRWHSRSXQIIXVIGSQQIRHE XMSRWSRXIQTIVEXYVIERHLYQMHMX]MXMWEHZMWEFPIXSSVKERM^IJVIUYIRXWYT TPMIWSJPMQMXIHUYERXMX]MRSVHIVXSQMRMQM^IXLIHYVEXMSRSJWXSVEKIYRHIV WYFSTXMQEPGSRHMXMSRW % VIKYPEV W]WXIQ SJ HMWXVMFYXMSR JSV HVYKW ERH GSQQSHMXMIW WLSYPH FI MR TPEGIJVSQXLIGIRXVEPPIZIPXSXLIVIKMSRWERHTIVMTLIVEPPIZIPWMRSVHIVXS IRWYVIERYRMRXIVVYTXIHWYTTP] %RMRZIRXSV]QEREKIQIRXW]WXIQRIIHWXSFIWIXYTMRSVHIVXSIRWYVIE WEJIX]WXSGOERHSTXMQEPWXSGOQSZIQIRXERHTVSZMHIEREGGYVEXIWSYVGISJ MRJSVQEXMSRJSVHVYKHIQERHJSVIGEWXMRK 6IKYPEVTL]WMGEPUYEPMX]GLIGOW[LIRHVYKWEVVMZIERHEXEPPWXEKIWSJXLI HVYKWYTTP]G]GPI [EVILSYWIWLIEPXLGIRXVIW WLSYPHFITIVJSVQIH;LIVI
%,%2(&33/*362%8-32%08&'328630463+6%11)7
XIWXMRKPEFSVEXSVMIWEVIRSXEZEMPEFPIMRXLIGSYRXV]XLIWIWIVZMGIWQE]FI GSRXVEGXIHXSXLIGPSWIWXI\XIVREPPEFSVEXSV] -RLIEPXLJEGMPMXMIWXLISVKERM^EXMSRSJGSQTPIXIGSYVWIWSJXVIEXQIRXMRMRHM ZMHYEPGSRXEMRIVW TEXMIRXOMXW EZSMHWXVIEXQIRXMRXIVVYTXMSRWERHMQTVSZIW TEXMIRXEHLIVIRGI
6EXMSREPYWISJQIHMGMRIW %GGIWWXSERXM8&QIHMGMRIWQYWXFIEGGSQTERMIHF]QIEWYVIWXSIRWYVIXLIMV VEXMSREPYWI WII'LETXIV 8LMWEPWSMRZSPZIWEGXMSRWXSPMQMXQMWYWISJ´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¦TVMZEXI QM\ ETTVSEGLIW WLSYPH FI ETTPMIHXSMQTVSZIVEXMSREPYWISJ8&QIHMGMRIWXLVSYKLSYXXLILIEPXLW]WXIQ WII'LETXIV
;,3KYMHIPMRIW 1EREKIQIRXSJXYFIVGYPSWMWXVEMRMRKJSVHMWXVMGXLIEPXLGSSVHMREXSVW1SHYPI)QER EKIHVYKWERHWYTTPMIWJSV8&GSRXVSP+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3 ,818&I 3TIVEXMSREPTVMRGMTPIWJSVKSSHTLEVQEGIYXMGEPTVSGYVIQIRXIWWIRXMEPHVYKWERHQIH MGMRIW TSPMG] +IRIZE -RXIVEKIRG] 4LEVQEGIYXMGEP 'SSVHMREXMSR +VSYT ;,3 )(14%6
/I]VIJIVIRGIW +YMHIPMRIWJSVXLIWXSVEKISJIWWIRXMEPQIHMGMRIWERHSXLIVLIEPXLGSQQSHMXMIW EZEMP EFPIEXLXXT[[[[LSMRXF]IRWXSVEKICTSGOIXKYMHITHJ 1EREKIQIRX7GMIRGIWJSV,IEPXLMRGSPPEFSVEXMSR[MXL;,31EREKMRKHVYKWYTTP]XLI WIPIGXMSRTVSGYVIQIRXHMWXVMFYXMSRERHYWISJTLEVQEGIYXMGEPWRHIH&PSSQ´IPH '8/YQEVMER4VIWW-RG 1EREKMRK TLEVQEGIYXMGEPW ERH GSQQSHMXMIW JSV XYFIVGYPSWMW E KYMHI JSV REXMSREP XYFIVGYPSWMW TVSKVEQW 6EXMSREP 4LEVQEGIYXMGEP 1EREKIQIRX 4PYW EZEMPEFPI EXLXXT[[[QWLSVKTVSNIGXWVTQTPYW(SGYQIRXWYTPSEH+YMHICJSVC2EXMSREPC 8YFIVGYPSWMWC4VSKVEQWTHJEGGIWWIH*IFVYEV]
7YTIVZMWSV]WYTTSVXXS FEWMGQEREKIQIRXYRMXW
8
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¨SRXLIWTSXXVEMRMRK©7YTIVZMWMSRWLSYPHFIIHYGEXMZIERHWYTTSVXMZIRSX TYRMXMZI8LIWYTIVZMWSV]VIPEXMSRWLMTWLSYPHFITSWMXMZIERHIRGSYVEKMRKJSV XLIWYTIVZMWIHWXEJJ 7YTIVZMWMSRERHQSRMXSVMRKGERFISJKVIEXFIRI´XJSVXLIMQTVSZIQIRXSJTVS KVEQQITIVJSVQERGI8LISFNIGXMZIWSJWYTIVZMWMSR[LIXLIVTIVJSVQIHXLVSYKL I\XIVREPQSRMXSVMRKQMWWMSRSVHYVMRKVSYXMRIWYTIVZMWSV]EGXMZMXMIWF]284EVI WMQMPEVMIXSIRWYVIXLIUYEPMX]SJXLI[SVOEGGSVHMRKXSXLITVSKVEQQI«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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
FIGSQIMRJSVQIHSJXLISTMRMSRWSJ8&TEXMIRXWGSRGIVRMRKWIVZMGIHIPMZIV] ERHI\TIGXEXMSRW 7YTIVZMWSV]ZMWMXWWLSYPHMRZSPZI´ZIQEMRYRMXWXLIPEFSVEXSV]JEGMPMX]XLI GIRXVEPHVYKTLEVQEG]XLILSWTMXEP[EVHKIRIVEPERH8&WTIGM´GSYXTEXMIRX JEGMPMXMIWERHXLISJ´GI[LIVIVIGSVHWERHVITSVXWEVIOITX (YVMRK´IPHZMWMXWWYTIVZMWSVWQEOISFWIVZEXMSRWERHGEVV]SYXMRXIVZMI[W WSQIXMQIW[MXLXLIEMHSJEWYTIVZMWSV]GLIGOPMWX,S[IZIVQYGLSJ[LEX WYTIVZMWSVWHSMWTVSFPIQWSPZMRKERHXVEMRMRK4VSFPIQWSPZMRKERHSRXLI WTSXXVEMRMRKWLSYPHEP[E]WVIJIVXSXLIREXMSREPKYMHIPMRIWERHREXMSREPXVEMRMRK HSGYQIRX-JTVSFPIQWGERRSXFIGSVVIGXIHSRXLIWTSXXLIWYTIVZMWSVWLSYPH QEOIE[VMXXIRVIGSVHMHIRXMJ]TSXIRXMEPGEYWIWERHTVSTSWIWSPYXMSRW 8LIOI]GSQTSRIRXWERHWYFGSQTSRIRXWSJXLI7XST8&7XVEXIK]WLSYPHFIGSR WMHIVIHHYVMRKWYTIVZMWMSRERHQSRMXSVMRKEGXMZMXMIW4VMSVMX]WLSYPHFIKMZIRXS WIVMSYW[IEOTSMRXWMRSVHIVXSJSGYWSRTVSFPIQWSPZMRK8LIQEMRJYRGXMSRSJ XLI´IPHZMWMXMWRSXSRP]XSKEXLIVUYERXMXEXMZIHEXE[LMGLWLSYPHFIEZEMPEFPI FIJSVIXLIZMWMXWXEVXWFYXEPWSXSSFWIVZIXLISVKERM^EXMSRERHHIPMZIV]SJ8& WIVZMGIWXSHMWGYWWTVSFPIQWERHXSEWWIWWXLIZEPMHMX]SJXLIHEXE 7YTIVZMWMSRMWQSWXP]TVSZMHIHF]SRIUYEPM´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´ZI]IEVTPERERHERERRYEPSTIVEXMSREPTPERSJ[SVOJEGMPMXEXIXLIQEREKI QIRX TVSGIWW F] TVSZMHMRK VIJIVIRGIW ERH WXERHEVHW JSV GSQTEVMWSR HYVMRK IEGLQEREKIQIRXTIVMSHMRGPYHMRKWYTIVZMWSV]ERHQSRMXSVMRKEGXMZMXMIW % VIKYPEV QSRMXSVMRK ERH WYTIVZMWMSR QIGLERMWQ WLSYPH FI TYX MR TPEGI XS IRWYVIXLEXEGXMZMXMIWEVIGSRHYGXIHEWTPERRIHMRXLI´ZI]IEVTPERERHXLI
794)6:-736=794436883&%7-'1%2%+)1)2892-87
ERRYEPSTIVEXMSREPTPERVIWTIGXMRKKSSHTVEGXMGIWVIGSQQIRHIHMRXLIXIGLRM GEPKYMHIPMRIW 8LITVITEVEXMSRSJRI[QMHXIVQERHPSRKXIVQTPERWMWFEWIHSRETIVMSHMG ERHVIKYPEVIZEPYEXMSRSJXLITVSKVEQQI
/I]VIJIVIRGIW 1EREKIQIRXSJXYFIVGYPSWMW8VEMRMRKJSVHMWXVMGX8&GSSVHMREXSVWGSRHYGXWYTIVZMWSV] ZMWMXW+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&G 3RFIMRKMRGLEVKIEKYMHIXSQEREKIQIRXSJTVMQEV]LIEPXLGEVI+IRIZE;SVPH ,IEPXL3VKERM^EXMSR
(IZIPSTQIRXSJ LYQERVIWSYVGIW
,
YQERVIWSYVGIHIZIPSTQIRX ,6( MWEOI]IPIQIRXMRSZIVEPPLIEPXLW]W XIQWHIZIPSTQIRX8LIUYEPMX]SJWIVZMGIHIPMZIV]MRGPYHMRKSJMRXIVZIR XMSRWJSVGSQTVILIRWMZI8&GSRXVSPHITIRHWXSEPEVKII\XIRXYTSREHIUYEXI RYQFIVWSJWXEJJERHXLIMVTIVJSVQERGIWYTTSVXIHF]XLIEZEMPEFMPMX]SJWYJ ´GMIRXJEGMPMXMIWIUYMTQIRXHVYKWERHSXLIVGSQQSHMXMIW8LITIVJSVQERGISJ TIVWSRRIPHITIRHWSRZEVMSYWJEGXSVWWYGLEWQSXMZEXMSRXVEMRMRKWYTIVZM WMSRWEPEVMIWERH[SVOMRKGSRHMXMSRWEPPSJ[LMGLVIUYMVIGEVIJYPP]JSVQYPEXIH ERHMQTPIQIRXIHLIEPXL[SVOJSVGITSPMGMIW
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´PPIH ZEGERGMIW ERH TSSV [SVOMRK GSRHMXMSRW I\EGIVFEXI XLI TVSFPIQ8LMWWLSVXEKIMWMRQER]TPEGIWEQENSVGSRWXVEMRXXSEGLMIZMRKXLI LIEPXLVIPEXIH1(+W 8LIPSRKXIVQKSEPJSV,6(JSVGSQTVILIRWMZI8&GSRXVSPMWXSVIEGLERHWYW XEMREWMXYEXMSR[LIVI LIEPXL[SVOIVWEXHMJJIVIRXPIZIPWSJXLILIEPXLW]WXIQLEZIXLIWOMPPWORS[P IHKI ERH EXXMXYHIW TVSJIWWMSREP GSQTIXIRGI RIGIWWEV] XS WYGGIWWJYPP] MQTPIQIRX ERH WYWXEMR GSQTVILIRWMZI 8& GSRXVSP WIVZMGIW FEWIH SR XLI 7XST8&7XVEXIK] EWYJ´GMIRXRYQFIVSJLIEPXL[SVOIVWSJEPPGEXIKSVMIWMRZSPZIHMRGSQTVILIR WMZI8&GSRXVSPEVIEZEMPEFPIEXEPPPIZIPWSJXLILIEPXLW]WXIQ[MXLXLIRIIHIH WYTTSVXW]WXIQWXSQSXMZEXIWXEJJXSYWIXLIMVGSQTIXIRGMIWXSTVSZMHILMKL UYEPMX]8&WIVZMGIWJSVXLIIRXMVITSTYPEXMSREGGSVHMRKXSXLIMVRIIHW
():)0341)283*,91%26)7396')7
)JJIGXMZIWXVEXIKMIWTVSZMHIXLIVSEHQETJSVEGLMIZMRKERHWYWXEMRMRKXLIKSEP JSV,6(JSVGSQTVILIRWMZI8&GSRXVSPIRLERGMRKXLITIVJSVQERGISJXLILIEPXL W]WXIQIZIRYRHIVHMJ´GYPXGMVGYQWXERGIW7YGLWXVEXIKMIWMRGPYHIFYXEVIRSX PMQMXIHXSXLIPMWXFIPS[8LIWIWXVEXIKMIWETTP]XSEPPGSYRXVMIWEVIEW,S[ IZIVHITIRHMRKSRXLIGSYRXV]WTIGM´GWMXYEXMSRXLIEGXMZMXMIWTPERRIHYRHIV IEGLWXVEXIK][MPPHMJJIV8LIOI]WXVEXIKMIWERHMQTPIQIRXEXMSRETTVSEGLIW EVI GSRXVMFYXMRKXSSZIVEPP[SVOJSVGITPERRMRKERHTSPMG]HIZIPSTQIRX SVKERM^MRK MRWIVZMGI XVEMRMRK GPMRMGEP PEFSVEXSV] ERH QEREKIVMEP JSV EPP LIEPXL[SVOIVWMRZSPZIHMR8&GSRXVSPMRGPYHMRKTVMZEXITVSZMHIVWIRKEKIH MRTVSKVEQQIEGXMZMXMIW §MRMXMEPXVEMRMRKMREPPEWTIGXWSJFEWMG(387MQTPIQIRXEXMSRJSVI\MWXMRK WXEJJERHRI[VIGVYMXWEXEPPPIZIPW §MRMXMEPXVEMRMRKSR8&,-:ERH1(68& §VIXVEMRMRK QENSVTIVJSVQERGITVSFPIQWXLEXQE]FIEHHVIWWIHXLVSYKL JSVI\EQTPIEJSVQEPXVEMRMRKGSYVWI §SRXLINSFSVVIJVIWLIVXVEMRMRK QMRSVTIVJSVQERGITVSFPIQWXLEXQE]FI EHHVIWWIHHYVMRKEWYTIVZMWSV]ZMWMX §GSRXMRYIHIHYGEXMSR XSFYMPHWOMPPWERHORS[PIHKI §XVEMRMRKSVMIRXEXMSRSJEPPTYFPMGERHTVMZEXITVSZMHIVW §EHZERGIHXVEMRMRKSRQEREKIQIRXEWTIGXW LIEPXL´RERGMRKPIEHIVWLMT KSZIVRERGIFYWMRIWWTPERRMRKSVKERM^EXMSREPHIZIPSTQIRX WXVIRKXLIRMRKTVIWIVZMGIXVEMRMRK FEWMGXVEMRMRK JSVTL]WMGMERWRYVWIWPEF SVEXSV]XIGLRMGMERWERHSXLIVLIEPXL[SVOIVWMRZSPZIHMRXLIMQTPIQIRXEXMSR SJ8&GSRXVSP IRKEKMRK MR WXVEXIKMG TEVXRIVWLMTW JSV LIEPXL [SVOJSVGI HIZIPSTQIRX JSV GSQTVILIRWMZI8&GSRXVSP[MXLJSVI\EQTPI §XVEMRMRKHMZMWMSRWMRWXMXYXMSRW §SXLIVMRWIVZMGIXVEMRMRKTVSKVEQQIWIK,-: §QMRMWXV]SJIHYGEXMSRERHSXLIVVIPIZERXQMRMWXVMIW §TVSJIWWMSREPEWWSGMEXMSRW §TVMZEXIWIGXSVMRGPYHMRK2+3W §FMPEXIVEPERHMRXIVREXMSREPSVKERM^EXMSRW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
GSRXVMFYXMRKXSMRXIKVEXIHTIVWSRRIPQEREKIQIRXW]WXIQWEXEPPPIZIPWXS JSWXIV EHIUYEXI [SVOJSVGI TPERRMRK VIGVYMXQIRX LMVMRK HITPS]QIRX ERH VIXIRXMSR QSRMXSVMRKERHWYTIVZMWMRKLIEPXL[SVOIVTIVJSVQERGI §XSHIXIGXERHVIQIH]TIVJSVQERGIHI´GMIRGMIW §XSMHIRXMJ]RI[WXEJJMRRIIHSJXVEMRMRK §XSMHIRXMJ]EHHMXMSREPWXEJJRIIHW
8LIQEREKIQIRXERHMQTPIQIRXEXMSRSJWXVEXIKMIWWLSYPHFIQEHI[MXLMRXLIGSRXI\XSJ XLI,YQER6IWSYVGIWJSV,IEPXL%GXMSR*VEQI[SVO[LMGLEHHVIWWIWXLILIEPXL[SVOJSVGI GVMWMW8LIJVEQI[SVOMRGPYHIWWM\EGXMSR´IPHWTSPMG]´RERGIIHYGEXMSRTEVXRIVWLMT PIEHIVWLMTERHLYQERVIWSYVGIQEREKIQIRXW]WXIQWERHJSYVTLEWIWSJXLIEGXMSR G]GPIWMXYEXMSREREP]WMWTPERRMRKMQTPIQIRXEXMSRERHQSRMXSVMRKERHIZEPYEXMSR LXXT[[[[LSMRXLVLXSSPWIR
8SIRWYVIEGSQTVILIRWMZIETTVSEGLXSXLI,6(GLEPPIRKIEPPEGXMSR´IPHW ERHTLEWIWSJXLIEGXMSRG]GPI[MPPIZIRXYEPP]RIIHXSFIEHHVIWWIH,S[IZIV FEWIHSRETEVXMGYPEVEVIESJRIIHSV284VIWTSRWMFMPMX]ER]EGXMSR´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
4PERRMRKXLIHIZIPSTQIRXSJLYQERVIWSYVGIWJSVLIEPXLJSVMQTPIQIRXEXMSRSJXLI7XST8& 7XVEXIK]EQERYEP?MRTVIWWA+IRIZE;SVPH,IEPXL3VKERM^EXMSR
():)0341)283*,91%26)7396')7
5"#-& 630)%2(*92'8-3273*2%8-32%089&)6'9037-7'328630463+6%11)7 2847 *36,91%26)7396')():)0341)28 ,6( %GXMSR´IPHW
2EXMSREPXYFIVGYPSWMWGSRXVSPTVSKVEQQI
4SPMG]
%WWIWWIWRIIHJSV,6TSPMG]VIZMWMSRWXSIREFPIMQTPIQIRXEXMSRSJXLI7XST 8&7XVEXIK] IKXEWOWLMJXMRKLMVMRKSJEHHMXMSREPWXEJJEFSZIGYVVIRXWXEJ´RK WXERHWMRGIRXMZIWJSVHMWEHZERXEKIHKISKVETLMGEPTPEGIQIRXW,6RIIHW MRWTIGMEPWMXYEXMSRWRIIHWJSVERHTEVXMGMTEXMSRMRWTIGMEPXEWOWJSVGIWERH GSSVHMREXMSRKVSYTW
*MRERGI
%PMKRW[MXLERHYWIW8&WTIGM´GJYRHWXSWYTTSVXSZIVEPPLIEPXL[SVOTPEGI HIZIPSTQIRX )RWYVIWXLIEPPSGEXMSRSJ8&WTIGM´GJYRHWIREFPIWMQTPIQIRXEXMSRSJXLI WXVEXIKMGTPERJSV,6(JSVGSQTVILIRWMZI8&GSRXVSP )RWYVIWHSRSVGSSVHMREXMSRJSV´RERGMEPWYTTSVXXSXLIMQTPIQIRXEXMSRSJ XLIWXVEXIKMG,6(TPERJSVGSQTVILIRWMZI8&GSRXVSP
)HYGEXMSR MRGPYHMRKTVI WIVZMGI FEWMG TSWXKVEHYEXI MRWIVZMGIERH GSRXMRYMRK IHYGEXMSR
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
4EVXRIVWLMTW
)RWYVIPMROEKIW[MXLSXLIVTYFPMGWIGXSVTVMZEXIWIGXSVERHGSQQYRMX] RIX[SVOW[MXLGSQQSRPMROEKIWXS8&JSVI\EQTPI,-:REXMSREPTVSKVEQQIW QIHMGEPEWWSGMEXMSRWJEMXLFEWIHSVKERM^EXMSRW;,3/2':-9%80(
0IEHIVWLMT
4VSZMHIWZMWMSREV]PIEHIVWLMTERHEHZSGEG]JSV8&TVSKVEQQIRIIHW )RWYVIWPIEHIVWLMTHIZIPSTQIRXJSVQEREKIVWEXEPP8&TVSKVEQQIPIZIPW IQTS[IVWQEREKIVWXSWSPZITVSFPIQWEXWIVZMGIHIPMZIV]PIZIPIRWYVMRK RIIHIHVIWSYVGIWEVIEZEMPEFPI 4VSZMHIWWYTTSVXMZIWYTIVZMWMSRXSHIZIPST[SVOTPERWERHQSRMXSV TIVJSVQERGI 'SRXMRYIH
%,%2(&33/*362%8-32%08&'328630463+6%11)7
8EFPI'SRXMRYIH ,YQER VIWSYVGI QEREKIQIRX
4IVWSRRIPQEREKIQIRX %WWIWWIWWXEJ´RKRIIHWEXEPPPIZIPWMRGPYHMRKXLIGIRXVEPPIZIPJSVXLI MQTPIQIRXEXMSRSJXLI284 'SRXVMFYXIW´RERGMEPVIWSYVGIWXSWXEJJVIXIRXMSRWXVEXIKMIWERHMRGIRXMZI TEGOEKIWJSVVYVEPTSWXMRKW (IXIVQMRIWQMRMQYQHEXEVIUYMVIQIRXJSVEHIUYEXI,6QEREKIQIRX )RWYVIWEPP,6(EGXMZMXMIWGSRJSVQXSSZIVEPP,6QEREKIQIRXW]WXIQWERH TSPMGMIWGYVVIRXP]MRTPEGI 'SQQYRMGEXIWWXEJ´RKTVSFPIQW IKZEGERXTSWXWWIZIVIP]YRHIVWXEJJIH LIEPXLGIRXVIW MHIRXM´IHHYVMRKWYTIVZMWSV]ZMWMXW 4IVJSVQERGIQEREKIQIRX 9THEXIWEWRIGIWWEV]ERHPMWXJYRGXMSRWERHXEWOWF]PIZIPERHF] TVSJIWWMSREPGEXIKSV]GSZIVMRKEPPGSQTSRIRXWSJXLI284 (IZIPSTWVIZMWIWNSFHIWGVMTXMSRWJSVWXEJJMRZSPZIHMR8&GSRXVSPXS GSVVIWTSRH[MXLGYVVIRXTSPMGMIWERHVIGSQQIRHEXMSRWJSV8&GSRXVSPIK XLIMRXVSHYGXMSRSJQEREKIQIRXSJ1(68& 'SSVHMREXIWGETEGMX]HIZIPSTQIRX GSQTIXIRGIERHWXEJ´RK JSVWYTTSVXMZI WYTIVZMWMSR¦JSVMQTPIQIRXEXMSRSJXLI7XST8&7XVEXIK]¦[MXLSXLIVLMKL TVMSVMX]TVSKVEQQIW 'SRXVMFYXIWI\TIVXMWIERHVIWSYVGIWXSXLIHIZIPSTQIRXERH MQTPIQIRXEXMSRSJWXVEXIKMIWJSVWXEJJQSXMZEXMSRERHVIXIRXMSR RSXSRP] ´RERGMEP
MR GPSWI GSPPEFSVEXMSR ERH GSSVHMREXMSR [MXL XLI SZIVEPP ,6, HITEVXQIRX XS IRWYVISTXMQEPIJ´GMIRG]ERHVIWYPXW8LMWWLSYPHEPWSIRWYVIXLEX,6(EGXMZM XMIW[MXLMRXLI284EVIMRLEVQSR][MXLXLISZIVEPP,6,TSPMGMIWSJXLIQMRMWXV] SJLIEPXLERHIRWYVIXLEXXLI284,6(TPERWEVIMRXIKVEPTEVXWSJSZIVEPP,6, TPERW 284WRIIHXSHIZIPSTERHWYTTSVXWXVEXIKMGETTVSEGLIWXSWXEJ´RKGSQTIXIRGI HIZIPSTQIRXERHGVIEXMSRSJERIREFPMRKIRZMVSRQIRXJSVEPPWXEJJMRZSPZIHMR XLI MQTPIQIRXEXMSR SJ 8& GSRXVSP FEWIH SR XLI SYXPMRI EFSZI EW [IPP EW GSSVHMREXMRKXLIMVIJJSVXW[MXLSZIVEPPLIEPXL[SVOJSVGIHIZIPSTQIRX,6TPERW WLSYPHFIMRXIKVEPTEVXWSJXLIX[SX]TIWSJTPERWTVIZMSYWP]HIWGVMFIHXLI WXVEXIKMGQIHMYQXIVQTPERERHXLIERRYEPMQTPIQIRXEXMSRTPER 8LIWXVEXIKMGTPERJSGYWIWSRPSRKXIVQHMVIGXMSRERHTVSZMHIWSZIVEPPKYMH ERGIJSVMQTPIQIRXEXMSRERH´RERGMRKXSIRWYVIXLIEGLMIZIQIRXSJXLIKSEPSJ EREHIUYEXIGSQTIXIRXERHTIVJSVQMRKLIEPXL[SVOJSVGI-XTVSZMHIWKYMHERGI JSVXLIERRYEPMQTPIQIRXEXMSRTPERW 8LIERRYEPMQTPIQIRXEXMSRTPERWLSYPHFIWLSVXXIVQXEGXMGEPJSGYWIHJIEWMFPI ERHQIEWYVEFPI-XWLSYPHMRGPYHIWLSVXXIVQSFNIGXMZIWERHEGXMZMXMIWRIIHIH XSTVSKVIWWXS[EVHWXLIKSEPSJEREHIUYEXIERHGSQTIXIRX[SVOJSVGI -RXIVREXMSREPSVKERM^EXMSRWWYTTSVXREXMSREP8&,6(F]TVSZMHMRKXIGLRMGEPERH ´RERGMEP EWWMWXERGI HIZIPSTMRK KIRIVMG XVEMRMRK QSHYPIW ERH QERYEPW ERH SVKERM^MRKMRXIVREXMSREPXVEMRMRKGSYVWIW
():)0341)283*,91%26)7396')7
/I]VIJIVIRGIW 'LIGOPMWXJSVVIZMI[SJXLILYQERVIWSYVGIHIZIPSTQIRXGSQTSRIRXSJREXMSREPTPERW XSGSRXVSPXYFIVGYPSWMW+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& 'LIR0IXEP,YQERVIWSYVGIWJSVLIEPXLSZIVGSQMRKXLIGVMWMW0ERGIX¦ (VIIWGL2IXEP%RETTVSEGLXSIWXMQEXMRKLYQERVIWSYVGIVIUYMVIQIRXWXSEGLMIZIXLI 1MPPIRRMYQ(IZIPSTQIRX+SEPW,IEPXL4SPMG]ERH4PERRMRK ¦ *MKYIVSE1YRS^.IXEP8LILIEPXL[SVOJSVGIGVMWMWMR8&GSRXVSPEVITSVXJVSQLMKL FYVHIRGSYRXVMIW,YQER6IWSYVGIWJSV,IEPXL *IFVYEV] 4PERRMRKXLIHIZIPSTQIRXSJLYQERVIWSYVGIWJSVLIEPXLJSVMQTPIQIRXEXMSRSJXLI 7XST8&7XVEXIK]EQERYEP?MRTVIWWA+IRIZE;SVPH,IEPXL3VKERM^EXMSR ,EVVMIW%(IXEP,YQERVIWSYVGIWJSVXYFIVGYPSWMWERH,-:EWWSGMEXIHXYFIVGYPSWMW -RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦ ,EVVMIW%(IXEP8IEGLMRKXYFIVGYPSWMWGSRXVSPXSQIHMGEPYRHIVKVEHYEXIWXLI1EPE[M I\TIVMIRGI-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI¦ 1EREKIQIRXSJGSPPEFSVEXMZI8&,-:EGXMZMXMIW8VEMRMRKJSVQEREKIVWEXXLIREXMSREP ERHWYFREXMSREPPIZIPW+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& 1EREKIQIRXSJXYFIVGYPSWMW8VEMRMRKJSVHMWXVMGX8&GSSVHMREXSVW+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3,818& 1EREKIQIRXSJXYFIVGYPSWMW8VEMRMRKJSVLIEPXLJEGMPMX]WXEJJ+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3,818& 8EWOEREP]WMWXLIFEWMWJSVHIZIPSTQIRXSJXVEMRMRKMRQEREKIQIRXSJXYFIVGYPSWMW +IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&
1SRMXSVMRKERHIZEPYEXMSRSJ TVSKVEQQITIVJSVQERGI
1
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´GEXMSRVEXIWERHXVIEXQIRXSYXGSQIW MHIRXMJ]MRKXIGLRMGEPERHSTIVEXMSREPTVSFPIQWWTIGMJ]MRKXLIVIEWSRWJSV XLITVSFPIQWERHXEOMRKXLIRIGIWWEV]GSVVIGXMZIEGXMSRW EWWMWXMRKWXEJJXSMQTVSZIWXERHEVHWSJTVEGXMGI MQTVSZMRKTEXMIRXGEVIERHWYTTSVXERHXLIUYEPMX]SJMRJSVQEXMSR
-RHMGEXSVW 8LI YWI SJ MRHMGEXSVW TVSZMHIW E GSRZIRMIRX [E] SJ QIEWYVMRK TVSKVEQQI TIVJSVQERGI MRGPYHMRK XLI GSZIVEKI XEVKIXW QSRMXSVMRK VIEGLMRK WXVEXIKMG ERH SYXGSQI SFNIGXMZIW IZEPYEXMSR ERH MQTEGX SFNIGXMZIW ITMHIQMSPSKMGEP WYVZIMPPERGI 6SYXMRIVITSVXMRKHIWGVMFIHMR'LETXIVTVSZMHIWXLIHEXEXSGEPGYPEXIQSWX SJXLIMRHMGEXSVW%YWIJYPMRHMGEXSVWLSYPHFIIEW]XSQIEWYVITVSZMHIEZEPMH QIEWYVI SJ XLI VIPIZERX JEGXSV FI VITVSHYGMFPI KMZI XLI WEQI VIWYPX [LIR QIEWYVIH F] HMJJIVIRX TISTPI MR WMQMPEV WIXXMRKW ERH FI GSQTEVEFPI EGVSWW WIXXMRKW%JI[TIVJSVQERGIERHMQTEGXMRHMGEXSVWFEWIHSRVSYXMRIHEXEEVI YWYEPP]WYJ´GMIRX%HHMXMSREPMRHMGEXSVWQE]FIYWIHMRWTIGMEPWXYHMIWXSHIXIGX ERHEHHVIWWTVSFPIQW)\EQTPIWSJQSRMXSVMRKERHIZEPYEXMSRMRHMGEXSVWEVI KMZIRMRXLI7XST8&4PERRMRK1EXVM\
LXXT[[[[LSMRXXFHSXWTPERRMRKJVEQI[SVOWKJCXFCTVSTSWEPWCTVITEVEXMSRIRMRHI\LXQP
132-836-2+%2():%09%8-323*463+6%11)4)6*361%2')
'SLSVXEREP]WMW 'SLSVXEREP]WMWMWXLIOI]QEREKIQIRXXSSPYWIHXSIZEPYEXIXLIIJJIGXMZI RIWWSJ8&GSRXVSPEGXMZMXMIWMRER]KMZIREVIE-XQE]FIYWIHXSMHIRXMJ]XLI UYEVXIVP]ERHERRYEPXVIEXQIRXWYGGIWWVEXIW TIVGIRXEKISJTEXMIRXW[LSEVI GYVIHTPYWXLSWI[LSGSQTPIXIXVIEXQIRX ERHTVSZMHIQMHHPISVLMKLIVPIZIP QEREKIVW[MXLXMQIP]GSRGVIXIMRHMGEXSVWSJEGLMIZIQIRX8LIUYEVXIVP]WQIEV GSRZIVWMSRVITSVXERHXVIEXQIRXSYXGSQIWIREFPIXLIMHIRXM´GEXMSRSJTVSF PIQWWSXLEXETTVSTVMEXIEGXMSRQE]FIXEOIRXSMQTVSZITVSKVEQQITIVJSVQ ERGI IKPS[GYVIVEXILMKLHIJEYPXVEXILMKLIVXLERI\TIGXIHTVSTSVXMSRSJ WTYXYQWQIEVRIKEXMZI48&SVI\XVETYPQSREV]8&ERHPS[IVXLERI\TIGXIH GEWIHIXIGXMSRVEXI
1IEWYVIQIRXSJMQTEGX 8LIIWXEFPMWLQIRXSJXEVKIXW[MXLMRXLI1(+JVEQI[SVOERHSJWYFWIUYIRX XEVKIXWHIZIPSTIHF]XLI7XST8&4EVXRIVWLMTLEZITVSZMHIHKVIEXIVMQTIXYW MRXLIIZEPYEXMSRSJ8&TVSKVEQQIW284WRIIHXSQIEWYVIQSVIEGXMZIP]XLI ITMHIQMSPSKMGEPMQTEGXSJ8&GSRXVSPMREHHMXMSRXSQSRMXSVMRKMQTPIQIRXEXMSR SJXLI7XST8&WXVEXIK]8LIIZEPYEXMSRSJXLIMQTEGXSJ8&GSRXVSPVIUYMVIWXLI QIEWYVIQIRXSJ8&TVIZEPIRGIMRGMHIRGIERHQSVXEPMX]
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´GIVIZIV]UYEVXIV ERHEXXLIIRHSJIZIV]]IEV HMWXVMGXUYEVXIVP]VITSVXWSRXVIEXQIRXSYXGSQIJSV[EVHIHXSXLIMRXIVQIHM EXIPIZIP IKVIKMSR JSVZIVM´GEXMSR ZIVM´GEXMSRXLEXHMWXVMGXVITSVXWEVIGSVVIGXGSQTPIXIHEXIHWMKRIHERHGSR WMWXIRXGSQTMPEXMSRSJGSLSVXEREP]WMWVITSVXWSREPPTEXMIRXWMRXLIVIKMSR WYFQMWWMSRSJXLIVITSVXXSXLIGIRXVEPYRMXSJXLI284 GSQTMPEXMSRSJGSLSVXEREP]WMWVITSVXWSREPP8&TEXMIRXWVIKMWXIVIHREXMSR EPP]
%,%2(&33/*362%8-32%08&'328630463+6%11)7
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
;,3KYMHIPMRIW +YMHIPMRIWJSVGSRHYGXMRKEVIZMI[SJEREXMSREPXYFIVGYPSWMWGSRXVSPTVSKVEQQI+IRI ZE;SVPH,IEPXL3VKERM^EXMSR ;,38&EZEMPEFPIEXLXXT[[[[LSMRX XFIR 8VIEXQIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIWVHIH+IRIZE;SVPH ,IEPXL3VKERM^EXMSR ;,3'(78&
/I]VIJIVIRGIW %WWIWWMRK XYFIVGYPSWMW TVIZEPIRGI XLVSYKL TSTYPEXMSRFEWIH WYVZI]W 1ERMPE ;,3 3J´GI JSV XLI ;IWXIVR 4EGM´G EZEMPEFPI EX LXXT[[[[TVS[LSMRX26VHSR P]VIW*'&'%&'&)&%%%WWIWWMRK8&TVIZEPIRGITHJ 'SQTIRHMYQ SJ MRHMGEXSVW JSV QSRMXSVMRK ERH IZEPYEXMRK REXMSREP XYFIVGYPSWMW TVS KVEQQIW+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& )REVWSR(%IXEP1EREKIQIRXSJXYFIVGYPSWMWEKYMHIJSVPS[MRGSQIGSYRXVMIWXL IH4EVMW-RXIVREXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI +PSFEPXYFIVGYPSWMWGSRXVSPWYVZIMPPERGITPERRMRK´RERGMRK;,3VITSVX+IRI ZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&EZEMPEFPIEXLXXT[[[ [LSMRXXFTYFPMGEXMSRWIR
*YVXLIVMRJSVQEXMSREFSYX;,3«WQSRMXSVMRKEGXMZMXMIWKPSFEPMRJSVQEXMSRERHVITSVXWMWEZEMP EFPIEX[[[[LSMRXXFSVF]IQEMPVIUYIWXXSGHWHSG$[LSMRX
*YRHMRKSJ XYFIVGYPSWMWGSRXVSP
'
SYRXV]PIZIPTPERRMRKERHFYHKIXMRKJSV8&GSRXVSPXLEXEVIMRPMRI[MXLXLI 7XST8&7XVEXIK]ERHXLI+PSFEP4PERXS7XST8&EVIIWWIRXMEPJSVEGLMIZMRK XLI1(+ERH7XST8&4EVXRIVWLMTXEVKIXWWIXJSV6IWSYVGIQSFMPM^EXMSR JVSQREXMSREPKSZIVRQIRXWERHHSRSVEKIRGMIWXSIRWYVIXLEXXLIWITPERWEVI JYPP]JYRHIHMWEPWSIWWIRXMEP 1ER]284WSTIVEXIYRHIVWIZIVI´RERGMEPGSRWXVEMRXWERHLEZIXSGSQTIXI [MXLSXLIVLIEPXLTVSKVEQQIWJSVFYHKIXEPPSGEXMSRWJVSQXLIKSZIVRQIRXERH HSRSVW6EXMSREPM^EXMSRSJXLIEPPSGEXMSRTVSGIWWGERFIMRµYIRGIHF]XLIYWI SJIGSRSQMGEREP]WMWWYGLEWGSWXIJJIGXMZIRIWWEREP]WIW*EQMPMEVMX][MXLXLI QEMRX]TIWSJIGSRSQMGEREP]WMWLS[XLI]EVIYRHIVXEOIRERHLS[XLI]QE] FIYWIHXSGSRZMRGITSPMG]QEOIVWEFSYXXLIVIPEXMZIFIRI´XWSJMRZIWXMRKMR 8&GSRXVSPMWXLIVIJSVIMQTSVXERX
&YHKIXTPERRMRK 8LI HIZIPSTQIRX SJ FYHKIXW JSV QIHMYQXIVQ WXVEXIKMG TPERW ERH SRI]IEV STIVEXMSREPTPERWWLSYPHFIEGSVIGSQTSRIRXSJ8&TVSKVEQQIQEREKIQIRX MRFSXLGIRXVEPM^IHERHHIGIRXVEPM^IHW]WXIQWERHMWEOI]XEWOJSVREXMSREPERH WYFREXMSREP8&TVSKVEQQIQEREKIVWMRTEVXMGYPEV&YHKIXMRKWLSYPHIRWYVI XLEXXLIJYRHWRIIHIHJSVEPPTVSKVEQQIMRTYXWERHEGXMZMXMIWEVIEGGYVEXIP] MHIRXM´IHERHMRGPYHIHMREFYHKIXVIUYIWXJSVXLI8&TVSKVEQQIWTIGM´GEPP] ERHSVEWTEVXSJKIRIVEPHMWXVMGXFYHKIXWJSVLIEPXLGEVI-HIEPP]XLMWWLSYPH FIHSRIJSVIEGLQENSVGSQTSRIRXERHWYFGSQTSRIRXSJXLI8&GSRXVSPTVS KVEQQIWITEVEXIP]EW[IPPEWJSVEPPGSQTSRIRXWGSQFMRIH%R]MRZIWXQIRX VIUYMVIHMRKIRIVEPLIEPXLWIVZMGIWJSV8&GSRXVSPWLSYPHEPWSFIMHIRXM´IH 3RGIXLIFYHKIXLEWFIIR´REPM^IHEGPIEVTMGXYVISJXLIJYRHMRKEZEMPEFPI JVSQXLIKSZIVRQIRXERHHSRSVEKIRGMIWWLSYPHFIHIZIPSTIH8LMWMWRIGIW WEV]XSHI´RI[LIVIJYRHMRKKETWI\MWXERH[LIVIJYVXLIVVIWSYVGIQSFMPM^E XMSRMWRIIHIH%GPIEVYRHIVWXERHMRKSJJYRHMRKRIIHWERH[LIVIJYRHMRKKETW I\MWXMWJYRHEQIRXEPXSIJJIGXMZITVSKVEQQIQEREKIQIRXERHMRTEVXMGYPEV JSVRIKSXMEXMSRWEFSYXJYRHMRK[MXLREXMSREPSVPSGEPEYXLSVMXMIWGPSWIP]VIPEXIH
%,%2(&33/*362%8-32%08&'328630463+6%11)7
TVSKVEQQIWSVMRMXMEXMZIW IK,-:%-(7TVSKVEQQIWSVXLI4)4*%6MRMXMEXMZI ERHHSRSVEKIRGMIW
8&TPERRMRKERHFYHKIXMRKXSSP 8SEWWMWXMRXLIEWWIWWQIRXSJJYRHMRKRIIHWEW[IPPEWXLIWYFWIUYIRXXVEGO MRKSJJYRHMRKERHI\TIRHMXYVIW;,3LEWHIZIPSTIHETPERRMRKERHFYHKIX MRKXSSPJSVYWIF]284W-XMWHIWMKRIHXSLIPTGSYRXVMIWHIZIPSTTPERWERH FYHKIXWJSV8&GSRXVSPEXREXMSREPERHWYFREXMSREPPIZIPW[MXLMRXLIJVEQI[SVO TVSZMHIHF]XLI7XST8&7XVEXIK]ERHXLI+PSFEP4PERXS7XST8&ERHXSMHIR XMJ]XLIEZEMPEFPIJYRHMRKERHJYRHMRKKETWXLEXVIQEMRXSFI´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¨UYMGOIWXMQEXIW© )EGL[SVOWLIIXMRGPYHIWEVIEH]QEHIPMWXSJPMOIP]MRTYXWERHEGXMZMXMIWXS GSRWMHIVEW[IPPEWHIJEYPXZEPYIW 8LIXSSPMWµI\MFPIIKREQIWSJMRTYXWERHEGXMZMXMIWERHHIJEYPXZEPYIW QE]FIQSHM´IHEWETTVSTVMEXI %R¨ETTPMGEXMSRSTXMSRW©JIEXYVIMWMRGPYHIHXSIRLERGIYWIVJVMIRHPMRIWW -XMRGPYHIWLMWXSVMGEPITMHIQMSPSKMGEPHIQSKVETLMGERH´RERGMEPHEXEERH ITMHIQMSPSKMGEPHIQSKVETLMGTVSNIGXMSRWYTXS -XMWHIWMKRIHXSEWWMWX[MXLTVSNIGXMSRWSJOI]MRHMGEXSVWXLEXYRHIVTMRER] TPERERHFYHKIXIKXLIRYQFIVSJTEXMIRXWXSFIXVIEXIH 8LIVIMWEWXEXYWFEVXSWLS[XLIWXEXYWSJ[SVOHSRI[MXLMRXLIXSSP
4VIWMHIRX«W)QIVKIRG]4PERJSV%-(76IPMIJPEYRGLIHF]4VIWMHIRX&YWL*YRHMRKLEWEQSYRXIH XS97FMPPMSRHYVMRKXLI´ZI]IEVW¦
LXXT[[[[LSMRXXFHSXWTPERRMRKCFYHKIXMRKCXSSPIRMRHI\LXQP
*92(-2+3*89&)6'9037-7'328630
7YQQEV]XEFPIWERH´KYVIWEVIEYXSQEXMGEPP]TVSHYGIHMRGPYHMRKXLI´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´RERGMEPKETWERHTVITEVEXMSRSJEHIXEMPIHFYHKIX MREGGSVHERGI[MXL+PSFEP*YRHVIUYMVIQIRXW -XTVSZMHIWEJVEQI[SVOJSVQSRMXSVMRKERHIZEPYEXMSRSJ8&GSRXVSPMRGPYH MRKSJ+PSFEP*YRHKVERXMQTPIQIRXEXMSRERHI\TIRHMXYVIW
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¾OBODJOH (SRSV´RERGMRKGSQIWJVSQX[SQENSVWSYVGIWXLI+PSFEP*YRHERHFMPEXIVEP HSRSVEKIRGMIW (SQIWXMG JYRHMRK JVSQ REXMSREP ERH PSGEP KSZIVRQIRXW WLSYPH TVSZMHI XLI JSYRHEXMSRJSVXLIJYRHMRKSJ8&GSRXVSPERHXLIWLEVISJXSXEPJYRHMRKRIIHW XLEXMWGSZIVIHJVSQHSQIWXMGKSZIVRQIRXWSYVGIWMWEOI]MRHMGEXSVSJTSPMXMGEP
%,%2(&33/*362%8-32%08&'328630463+6%11)7
GSQQMXQIRX(SRSVJYRHMRKMWSJXIRPIWWVIPMEFPIERHTVIHMGXEFPIQE]RIZIVSV SRP]VEVIP]GSZIVGIVXEMROI]MRTYXWXS8&GSRXVSP IKWXEJJERHLIEPXLW]WXIQW MRJVEWXVYGXYVIXLSYKLXLIVIEVIVIGIRXI\GITXMSRWWYGLEWXLI4)4*%6MRMXME XMZI ERHPSRKXIVQGSQQMXQIRXW IKJSVXLI´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´PPMRKQER]SJXLIMV ´RERGMEPKETWJSV8&GSRXVSP ;,3TVSZMHIWETPERRMRKQEXVM\JSVTVSTSWEPWXSXLI+PSFEP*YRHMRPMRI[MXL XLI 7XST 8& 7XVEXIK] HIPMZIV] EVIEW MRGPYHMRK TSWWMFPI MRHMGEXSVW ERH FYH KIX MXIQW 8LMW MW EGGSQTERMIH F] TPERRMRK JVEQI[SVOW KMZMRK QSVI HIXEMP SRTSWWMFPIEGXMZMXMIWFEWIHSRGYVVIRXKYMHIPMRIW8LIQEXVM\ERHTPERRMRK JVEQI[SVOWEVIGSRWMWXIRX[MXLXLI8&TPERRMRKERHFYHKIXMRKXSSP8LITPER RMRKERHFYHKIXMRKXSSPJEGMPMXEXIWEREP]WMWSJ´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
[[[[LSMRXRLE
*92(-2+3*89&)6'9037-7'328630
;,3KYMHIPMRIW +YMHIPMRIW JSV GSWX ERH GSWXIJJIGXMZIRIWW EREP]WMW SJ XYFIVGYPSWMW GSRXVSP +IRIZE ;SVPH,IEPXL3VKERM^EXMSR ;,3'(78&E¦G
/I]VIJIVIRGIW (]I'*PS]H/8YFIVGYPSWMW-R.EQMWSR(8IXEPIHW(MWIEWIGSRXVSPTVMSVMXMIWMR HIZIPSTMRKGSYRXVMIWRHIH;EWLMRKXSR(';SVPH&EROERH2I[=SVO2=3\JSVH 9RMZIVWMX]4VIWW *PS]H/IXEP6IWSYVGIWVIUYMVIHJSVKPSFEPXYFIVGYPSWMWGSRXVSP7GMIRGI ¦ *PS]H/4ERXSNE%(]I'*MRERGMRKXYFIVGYPSWMWGSRXVSPXLIVSPISJEKPSFEP´RERGMEP QSRMXSVMRKW]WXIQ&YPPIXMRSJXLI;SVPH,IEPXL3VKERM^EXMSR ¦ *PS]H/4ERXSNE%*MRERGMEPVIWSYVGIWVIUYMVIHJSV8&GSRXVSPXSEGLMIZIKPSFEPXEVKIXW WIXJSV?WYFQMXXIHJSVTYFPMGEXMSREZEMPEFPIJVSQEYXLSVWYTSRVIUYIWXA +PSFEPXYFIVGYPSWMWGSRXVSPWYVZIMPPERGITPERRMRK´RERGMRK;,3VITSVX+IRI ZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&EZEMPEFPIEXLXXT[[[ [LSMRXXFTYFPMGEXMSRWIR 6EZMKPMSRI1'9TPIOEV1;;,3«WRI[7XST8&7XVEXIK]0ERGIX¦ 6ITSVX SJ XLI 'SQQMWWMSR SR 1EGVSIGSRSQMGW ERH ,IEPXL +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR
0MROWJSVJYVXLIVMRJSVQEXMSR +PSFEP*YRHXS*MKLX%-(78YFIVGYPSWMWERH1EPEVMELXXT[[[XLIKPSFEPJYRHSVK 7XST8&4EVXRIVWLMT+PSFEP4PERLXXT[[[WXSTXFSVKKPSFEPTPER 7XST8&(ITEVXQIRXLXXT[[[[LSMRXXFWXVEXIK]IR 7XST 8& (ITEVXQIRX +PSFEP *YRH TVSTSWEP TVITEVEXMSR LXXT[[[[LSMRXXFHSXW TPERRMRKJVEQI[SVOWIRMRHI\LXQP ;SVPH,IEPXL3VKERM^EXMSR2EXMSREPLIEPXLEGGSYRXW[[[[LSMRXRLE
0IKEPERHVIKYPEXSV]MWWYIW
1
IEWYVIWXSGSRXVSP8&WLSYPHFIGEVVMIHSYXMRGSQTPMERGI[MXLMRXIVRE XMSREPERHREXMSREPPIKMWPEXMSRERHVIKYPEXMSRWTIVXEMRMRKXSGSQQYRMGEFPI HMWIEWIWERHWTIGM´GTVSZMWMSRWGSRGIVRMRK8&284WWLSYPHFIE[EVISJXLI TVSZMWMSRWETTPMGEFPIXS8&8LIJSPPS[MRKWIGXMSRWSYXPMRIXLIQEMRGEXIKSVMIW SJPIKEPERHVIKYPEXSV]QIEWYVIWXLEXEVIVIPIZERXXS8&GSRXVSP
-RXIVREXMSREP,IEPXL6IKYPEXMSRW -,6 8LITYVTSWISJXLI-,6 [LMGLIRXIVIHMRXSJSVGIMR.YRIMW¨XSTVI ZIRXTVSXIGXEKEMRWXGSRXVSPERHTVSZMHITYFPMGLIEPXLVIWTSRWIXSXLIMRXIV REXMSREPWTVIEHSJHMWIEWIMR[E]WXLEXEVIGSQQIRWYVEXI[MXLERHVIWXVMGXIH XSTYFPMGLIEPXLVMWOWERH[LMGLEZSMHYRRIGIWWEV]MRXIVJIVIRGI[MXLMRXIVRE XMSREPXVEJ´GERHXVEHI©8LIQERHEXIMWQYGLFVSEHIVXLERXLEXSJXLITVIZM SYW-,6 MR[LMGLXLITVSZMWMSRWETTPMIHTVMQEVMP]XSTPEKYIGLSPIVEERH ]IPPS[JIZIV8LI-,6 TVSZMHIKIRIVEPP]JSVER]IZIRX[MXLXLITSXIRXMEP XSGEYWIETYFPMGLIEPXLIQIVKIRG]SJMRXIVREXMSREPGSRGIVR[LMGLQE]FISJ FMSPSKMGEP GLIQMGEP SV VEHMSRYGPIEV SVMKMR ERH [LIXLIV SV RSX XLI IXMSPSK] MWORS[REXXLIXMQI4VSZMWMSRWMRGPYHI M VSYXMRITYFPMGLIEPXLQIEWYVIWEX TSVXWEMVTSVXWERHKVSYRHGVSWWMRKWERH MM MHIRXM´GEXMSRSJERHVIWTSRWIXS TYFPMGLIEPXLIQIVKIRGMIW 2SXM´GEXMSRSJ8&XS;,3MWRSXVIUYMVIHYRHIVXLI-,6 YRPIWWETSXIR XMEPMRXIVREXMSREPIQIVKIRG]MWMRZSPZIH7MXYEXMSRWMR[LMGL8&QE]TSXIRXMEPP] JEPP[MXLMRXLIWGSTISJXLI-,6QMKLXEVMWIMRGSRRIGXMSR[MXLMRXIVREXMSREP XVEZIPF]MRJIGXMSYW8&TEXMIRXWTEVXMGYPEVP]XLSWI[MXL1(68&SV<(68&8LI -,6 MRGPYHIE(IGMWMSR-RWXVYQIRX[MXLGVMXIVMEXSMHIRXMJ]IZIRXWXLEX EVIXSFIRSXM´IH %VXMGPI%RRI\ ;LIR;,3MWMRJSVQIHSJERIZIRXXLEXQMKLXTSXIRXMEPP]VITVIWIRXERMRXIVRE XMSREPTYFPMGLIEPXLIQIVKIRG]EGSRWYPXEXMZITVSGIWWSJVMWOEWWIWWQIRXXEOI TPEGI[MXLXLIREXMSREPLIEPXLEYXLSVMX]SRXLIVMWOWTSWIHERHER]JYVXLIV QIEWYVIWXSFIXEOIR %VXMGPIW¦ 7YFNIGXXSZEVMSYWTVSXIGXMSRW7XEXIW 4EVXMIWQE]VIUYMVI M MRXIVREXMSREPXVEZIPPIVWXSTVSZMHIMRJSVQEXMSRSRXLI MXMRIVEV]ERHVIZMI[SJXVEZIPHSGYQIRXW MM RSRMRZEWMZIQIHMGEPI\EQMRE XMSRW XLEXGSYPHMRGPYHIWTYXYQI\EQMREXMSR XSHIXIVQMRI[LIXLIVSVRSXE
0)+%0%2(6)+90%836=-779)7
TYFPMG LIEPXL VMWO MW MRZSPZIH ERH MMM EHHMXMSREP TVSGIHYVIW HITIRHMRK SR IZMHIRGIERHGMVGYQWXERGIW %VXMGPI 4VSZMWMSRW EVI MRGPYHIH MR XLI -,6 XS TVSXIGX MRXIVREXMSREP XVEZIPPIVW EKEMRWXYRNYWXM´IHLIEPXLQIEWYVIWERHXSVIWTIGXXLIMVLYQERVMKLXWXLIWI GSZIVMRJSVQIHGSRWIRXJSVQIHMGEPI\EQMREXMSRERHLIEPXLQIEWYVIWGSR´ HIRXMEPMX]SJTIVWSREPHEXEERHTVSXIGXMSREKEMRWXGLEVKIWJSVLIEPXLQIEWYVIW ETTPMIHJSVTYFPMGLIEPXLTVSXIGXMSR 7XEXIW4EVXMIWLEZIEWEVIUYMVIQIRXEREXMSREP-,6JSGEPTSMRXEXGIRXVEPPIZIP YWYEPP]MRXLIQMRMWXV]SJLIEPXL -RXLIGEWISJE8&IZIRXMRZSPZMRKXLI-,6 XLI;,3GSYRXV]ERHVIKMSREPEHZMWIVWJSV8&ERHXLI284QEREKIV[MPPFI XLITSMRXWSJGSRXEGXJSVXLIREXMSREP-,6JSGEPTSMRXHYVMRKMRZIWXMKEXMSRERH JSPPS[YT
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´IHERHYTHEXIHEGGSVHMRK XSGLERKIWMRITMHIQMSPSK]SVXIGLRMGEPVIWSYVGIW [LIVIEWREXMSREPPIKMWPEXMSR MWPIWWVIEHMP]VIZMWIH 8LITYVTSWISJPIKMWPEXMSRMWXSWYTTSVXXLITVIZIRXMSRERHGSRXVSPSJ8&[LMPI TVSXIGXMRKTYFPMGLIEPXLERHXLIPIKEPVMKLXWSJMRHMZMHYEPW%;,3¨KSSHTVEG XMGI©QSHIPJSVGSQQYRMGEFPIHMWIEWIPIKMWPEXMSRERH8&VIKYPEXMSRMWEZEMP EFPI-XMWVIGSQQIRHIHXLEXREXMSREP8&GSRXVSPVIKYPEXMSRWWLSYPHMRGPYHI QIEWYVIWJSV TVSXIGXMRKYRMRJIGXIHMRHMZMHYEPWEKEMRWX1XYFIVGYPSWMWMRJIGXMSR HIXIGXMRK8&GEWIWERHMRMXMEXMRKERXM8&XVIEXQIRXEXERIEVP]WXEKI EHIUYEXIP]XVIEXMRKEPPTEXMIRXW[MXLEGXMZI8& QMRMQM^MRKXLIQMWYWISJERXM8&QIHMGMRIW RSXMJ]MRKERHVITSVXMRK8&GEWIW WGVIIRMRKGPSWIGSRXEGXWSJ8&TEXMIRXW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
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
;LIVIZSPYRXEV]GSQTPMERGIGERRSXFISFXEMRIHGSQTYPWMSRWLSYPHEP[E]WFI VIKEVHIHEWXLIEGXMSRSJPEWXVIWSVXERHETTPMIH[MXLWEJIKYEVHWXSIRWYVIXLEXMXMW JYPP]NYWXM´IHWXVMGXP]TVSZMHIHF]XLIPE[RSRHMWGVMQMREXSV][MXLTSWWMFMPMX]SJETTIEP SJPMQMXIHHYVEXMSRWYFNIGXXSVIZMI[ERHXLEXXLIPIEWXVIWXVMGXMZISTXMSRMWETTPMIH 'SQTYPWSV]QIEWYVIWWLSYPHFIGSQQIRWYVEXI[MXLXLIVIWYPXMRKFIRI´XERHETTPMIHMR XLII\TIGXEXMSRXLEXIJJIGXMZIEGXMSR[MPPVIWYPX
1IEWYVIWETTPMIHXSMRXIVREXMSREPXVEZIPPIVW[MPPEPWSRIIHXSEGGSVH[MXLXLI GSYRXV]«WSFPMKEXMSRWYRHIVXLI-,6
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
0)+%0%2(6)+90%836=-779)7
GSRJSVQXSVIUYMVIHWXERHEVHWSJUYEPMX]WEJIX]ERHIJ´GEG](VYKIZEPYEXMSR ERHVIKMWXVEXMSRMRGPYHIXLIVIZMI[ERHETTVSZEPSJXLITVSHYGXHEXEWLIIXW ERHPEFIPW8LMWMRJSVQEXMSRMWYWYEPP]HMWWIQMREXIHXLVSYKLHVYKMRWIVXWSV HVYKJSVQYPEVMIW *NQPSUBOENBSLFUDPOUSPMT 8LIQEVOIXMRKWYVZIMPPERGIEGXMZMXMIWSJXLIHVYKVIKYPEXSV]EYXLSVMX]MRXIKVEXI EHQMRMWXVEXMZITVSGIHYVIWXSIRWYVIXLEXTLEVQEGIYXMGEPTVSHYGXWEVIMQTSVX IHSRP]MJXLI]LEZIVIGIMZIHERMQTSVXPMGIRGIFIJSVIVIEGLMRKXLIGSYRXV] 8LIIRXMX]VIWTSRWMFPIJSVMQTSVXEXMSRSJTLEVQEGIYXMGEPTVSHYGXWWLSYPHGSQ TP][MXLEPPWTIGM´GEXMSRWSRXLIVIPIZERXMQTSVXPMGIRGI%PPMQTSVXIHTVSH YGXWWLSYPHLEZIFIIRVIKMWXIVIHF]XLIREXMSREPHVYKVIKYPEXSV]EYXLSVMX]SV WLSYPHLEZIVIGIMZIHEQEVOIXMRKEYXLSVM^EXMSR)\GITXMSREPP]E[EMZIVQE]FI KVERXIHFEWIHSRTYFPMGLIEPXLGSRWMHIVEXMSRW -JDFOTJOH % QERHEXSV] W]WXIQ SJ PMGIRWMRK QERYJEGXYVIVW MQTSVXMRK ERH I\TSVXMRK EKIRXWHMWXVMFYXSVWERHVIXEMPTLEVQEGMIWMWYWYEPP]MRTPEGIXSIRWYVIXLEX EPPTVSHYGXWGSRJSVQXSEGGITXEFPIWXERHEVHWSJUYEPMX]WEJIX]ERHIJ´GEG] -REHHMXMSREPPTVIQMWIWERHTVEGXMGIWYWIHXSQERYJEGXYVIWXSVIHMWXVMFYXI ERHHMWTIRWIXLIWITVSHYGXWWLSYPHGSQTP][MXLVIUYMVIQIRXWXSIRWYVIGSR XMRYIHGSRJSVQMX]XSWXERHEVHWYRXMPTVSHYGXWEVIHIPMZIVIHXSXLIIRHYWIV 3ZIVEPPUYEPMX]EWWYVERGISJHVYKQERYJEGXYVIMWIWWIRXMEPXSIRWYVIKSSHUYEP MX]8LIWITVEGXMGIWEVIHI´RIHMRKSSHQERYJEGXYVMRKTVEGXMGI +14 KYMHI PMRIW8LIIRXMX]MRZSPZIHMRXLIMQTSVXEXMSRI\TSVXEXMSRERHHMWXVMFYXMSRGLEMR WLSYPHIRWYVIXLITVSTIVWXSVEKISJTVSHYGXWERHXLIMVETTVSTVMEXILERHPMRK TEGOEKMRKERHHMWXVMFYXMSR8LIWITVEGXMGIWEVIHI´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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
VIEGXMSRVITSVXMRKQIGLERMWQERHXLIVIKYPEXSV]GETEGMX]XSYWIXLIMRJSVQE XMSR KEXLIVIH )\EQTPIW SJ TSWWMFPI EGXMSRW MRGPYHI WYWTIRWMSR SJ E HVYK«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
3GGYTEXMSREPLIEPXLPIKMWPEXMSR 8LI;,3(IGPEVEXMSRSRSGGYTEXMSREPLIEPXLJSVEPP GEPPWYTSRKSZIVR QIRXW XS TVITEVI E WTIGMEP REXMSREP TSPMG] ERH TVSKVEQQI JSV SGGYTEXMSR EP LIEPXL MRGPYHMRK TVSZMWMSR SJ GSQTIXIRX SGGYTEXMSREP LIEPXL WIVZMGIW JSV EPP TISTPI EX [SVO 7YGL E TVSKVEQQI WLSYPH MRGPYHI XLI HIZIPSTQIRX SJ ETTVSTVMEXIPIKEPTVSZMWMSRWERHW]WXIQWJSVIRJSVGIQIRX[MXLMRWTIGXMSRF] GSQTIXIRXSGGYTEXMSREPLIEPXLEYXLSVMXMIW8LI(IGPEVEXMSRWTIGM´IWXLIGLEV EGXIVMWXMGWSJE[IPPSVKERM^IHERHGSQTIXIRXSGGYTEXMSREPLIEPXLWIVZMGI 8LI284WLSYPHFIE[EVISJXLII\MWXMRKREXMSREPPIKMWPEXMSRERHVIKYPEXMSRW GSRGIVRMRKSGGYTEXMSREPLIEPXL-RLIEPXLGEVIWIXXMRKWQIHMGEPERHSXLIVWXEJJ QE]FIEXWMKRM´GERXVMWOSJI\TSWYVIXS1XYFIVGYPSWMWMRJIGXMSR WII'LETXIV -RXLIIZIRXSJMRJIGXMSRSGGYVVMRKEQSRKWXEJJPIKEPEGXMSRQE]FIIRZMW EKIH F] XLI MRJIGXIH WXEJJ MJ EHIUYEXI QIEWYVIW XS TVIZIRX XVERWQMWWMSR SJ 1XYFIVGYPSWMWLEZIRSXFIIRMQTPIQIRXIH7XEJJWLSYPHFIJYPP]MRJSVQIHSJ XLIREXMSREPSGGYTEXMSREPVIKYPEXMSRWERHER]TSWWMFMPMXMIWXLEXI\MWXJSVGSQ TIRWEXMSRMRXLIIZIRXSJMRJIGXMSREGUYMVIHMRXLI[SVOTPEGI
-RXIVREXMSREPVIKYPEXMSRWSRXVERWTSVXSJMRJIGXMSYWWYFWXERGIW 6IGSQQIRHEXMSRWSRXLIXVERWTSVXSJMRJIGXMSYWWYFWXERGIWEVIMRGPYHIHMR XLI1SHIP6IKYPEXMSRWSRXLI8VERWTSVXSJ(ERKIVSYW+SSHWHIZIPSTIHF] XLI9RMXIH2EXMSRW)GSRSQMGERH7SGMEP'SYRGMP«W'SQQMXXIISJ)\TIVXWSRXLI 8VERWTSVX SJ (ERKIVSYW +SSHW ERH YTHEXIH IZIV] X[S ]IEVW 8LIWI VIGSQ QIRHEXMSRWJSVQXLIFEWMWSJREXMSREPERHMRXIVREXMSREPXVERWTSVXVIKYPEXMSRW 4EGOMRKVIUYMVIQIRXWPEFIPPMRKERHHSGYQIRXEXMSREVIWYFNIGXXSVIKYPEXMSR JSV XLI REXMSREP [LIVI ETTPMGEFPI ERH MRXIVREXMSREP XVERWTSVX SJ MRJIGXMSYW WYFWXERGIW
0)+%0%2(6)+90%836=-779)7
*SV XLI MRXIVREXMSREP XVERWTSVX SJ 8& WEQTPIW GYPXYVIW SJ 1XYFIVGYPSWMW WLSYPHFIWLMTTIHEGGSVHMRKXS9RMXIH2EXMSRWTEGOEKMRKMRWXVYGXMSR4ERH EGGSQTERMIH F] XLI ETTVSTVMEXI HERKIVSYW KSSHW HSGYQIRXEXMSR WLMTTMRK HIGPEVEXMSR92 3XLIV8&GSRXEMRMRKWTIGMQIRWWLSYPHFIWLMTTIHEGGSVHMRKXS9RMXIH2EXMSRW TEGOEKMRKMRWXVYGXMSR42SEGGSQTER]MRKHERKIVSYWKSSHWHSGYQIRXE XMSRMWVIUYMVIHMRXLIWIGEWIW WLMTTMRKHIGPEVEXMSR92 0EFSVEXSVMIWXLEXWIRH8&WEQTPIWWLSYPHFIE[EVISJEPPETTPMGEFPIVIKYPE XMSRW ERH LEZI XLI RIGIWWEV] QEXIVMEPW EZEMPEFPI -X MW EHZMWEFPI XS MHIRXMJ] PSGEPP]EZEMPEFPIWIVZMGIWERHLEZIWYTTPMIWERHPSGEPEVVERKIQIRXWMRTPEGI MREHZERGI
/I]VIJIVIRGIW (IGPEVEXMSRSRSGGYTEXMSREPLIEPXLJSVEPP+IRIZE;SVPH,IEPXL3VKERM^EXMSR +SSHTVEGXMGIMRPIKMWPEXMSRERHVIKYPEXMSRWJSV8&GSRXVSPERMRHMGEXSVSJTSPMXMGEP[MPP +IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3'(78& +YMHERGISRVIKYPEXMSRWJSVXLIXVERWTSVXSJMRJIGXMSYWWYFWXERGIW¦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´GEXMSRW JSV TLEVQEGIYXMGEP TVITEVEXMSRW *SVXMIXL VITSVX +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3 8IGLRMGEP 6ITSVX 7IVMIW 2S %RRI\+SSHHMWXVMFYXMSRTVEGXMGIWJSVTLEVQEGIYXMGEPTVSHYGXW
4%68---
)RWYVMRKGSQTVILIRWMZI GSRXVSPSJXYFIVGYPSWMW 8LI7XST8&7XVEXIK]PEYRGLIHMRMWFEWIHSRE GSQTVILIRWMZIETTVSEGLXS8&GSRXVSP[LMGLVIGSKRM^IWXLI MQTSVXERGISJQER]JEGXSVWXLEXKSFI]SRHXLIIWWIRXMEPIPIQIRXW SJXLI(387WXVEXIK]8LIWIJEGXSVWVIµ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
'SRXVMFYXMRKXSWXVIRKXLIRMRK SJLIEPXLW]WXIQW
8
LI284JYRGXMSRW[MXLMRERHMWERMQTSVXERXTEVXSJXLIREXMSREPLIEPXL W]WXIQ-XMWGSRWIUYIRXP]MRZSPZIHMRERHEJJIGXIHF]XLIJYRGXMSRMRKSJ XLIW]WXIQERHER]LIEPXLWIGXSVVIJSVQMRMXMEXMZIW-XMWMQTSVXERXJSVXLI284 XSKIXLIV[MXLSXLIVTYFPMGLIEPXLTVSKVEQQIWXSTPE]EGSRWXVYGXMZIVSPIMR WXVIRKXLIRMRKLIEPXLW]WXIQWXSIRWYVIXLEX8&GSRXVSPFVMRKWFIRI´XWJSVXLI KIRIVEPLIEPXLW]WXIQERHXSIRWYVIXLEX8&WIVZMGIWEVIRSXHMWEHZERXEKIHEW EVIWYPXSJVIJSVQQIEWYVIW
%REP]WMRKFEVVMIVWXSLIEPXLW]WXIQWXVIRKXLIRMRK 8LVSYKLEREP]WMWSJLIEPXLW]WXIQWFEVVMIVWXS8&GSRXVSPXLI284QE]LIPT MRGVIEWIYRHIVWXERHMRKSJXLIVSSXGEYWIWSJ[IEOLIEPXLW]WXIQWWYGLEW [IEOKSZIVRERGIMREHIUYEXILIEPXL´RERGMRKERMRWYJ´GMIRX[SVOJSVGIERH YRGSSVHMREXIH WIVZMGI HIPMZIV] &S\ TVSZMHIW E PMWX SJ TSXIRXMEP LIEPXL W]WXIQWFEVVMIVWXSIJJIGXMZI8&GSRXVSPKVSYTIHEGGSVHMRKXSXLIWM\LIEPXL W]WXIQFYMPHMRKFPSGOWHI´RIHMR;,3«WJVEQI[SVOJSVEGXMSRSRLIEPXLW]W XIQWXVIRKXLIRMRK8LI284MWSJXIR[IPPIUYMTTIHXLVSYKLMXWYWISJEWXERH EVHM^IH QSRMXSVMRK ERH IZEPYEXMSR W]WXIQ XS TVSZMHI GSRGVIXI ERH WTIGM´G MRJSVQEXMSR XLEX QE] LIPT MQTVSZI YRHIVWXERHMRK SJ KIRIVEP LIEPXL W]WXIQ [IEORIWWIW*SVI\EQTPIXLIVSYXMRIQSRMXSVMRKSJTIVJSVQERGIMRHMGEXSVW WYGLEWXVIRHWMRXLIRYQFIVSJ8&WYWTIGXWMRZIWXMKEXIHMRVIPEXMSRXSXLI RYQFIVSJSYXTEXMIRXZMWMXWMRKIRIVEPLIEPXLJEGMPMXMIWXVIRHWSJVEXIWSJWTY XYQ WQIEV TSWMXMZMX] GEWI RSXM´GEXMSR XVIRHW ERH XVIRHW MR XVIEXQIRX SYX GSQIW TVSZMHIW MRJSVQEXMSR EFSYX XLI SZIVEPP LIEPXL W]WXIQ [MXLMR [LMGL XLI284STIVEXIW7MQMPEVP]QSRMXSVMRKSJTVSKVEQQIQEREKIQIRXMRGPYHMRK LIEPXL[SVOJSVGIHVYKQEREKIQIRXPEFSVEXSV]UYEPMX]VSPISJTVMZEXIWIGXSV ERHGSQQYRMX]QE]LIPTMHIRXMJ]EVIEWSJXLIKIRIVEPLIEPXLW]WXIQMRRIIH SJMQTVSZIQIRX8LIWISFWIVZEXMSRWWLSYPHFIWLEVIH[MXLVIPIZERXTEVXRIVW MRZSPZIHMRWXVIRKXLIRMRKSJXLIKIRIVEPLIEPXLW]WXIQ
-HIRXMJ]MRKSTTSVXYRMXMIWERHXLVIEXWMRTVSGIWWIWJSV LIEPXLWIGXSVHIZIPSTQIRX ,IEPXLWIGXSVVIJSVQWGERFVMRKQENSVSTTSVXYRMXMIWJSVMQTVSZIH8&GSRXVSP XLVSYKLMQTVSZMRKLIEPXLGEVI´RERGMRKMRJVEWXVYGXYVILIEPXL[SVOJSVGIGETEG
%,%2(&33/*362%8-32%08&'328630463+6%11)7
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´GMIRXPIKMWPEXMSR ERHGIRXVEPGSSVHMREXMSRWIGYVMRK EHIUYEXIHMWIEWIGSRXVSPQIEWYVIW N ;IEOLIEPXLWIGXSVVIKYPEXMSRERH PMQMXIHQIGLERMWQWERHVIWSYVGIWJSV IRJSVGMRKI\MWXMRKVIKYPEXMSR N 2SRI\MWXIRXSV[IEOTSPMG]GSRGIVRMRK XLIVSPISJXLITVMZEXILIEPXLGEVI WIGXSVMRGPYHMRKPMQMXIHMRJSVQEXMSRSR XLITVMZEXIWIGXSVERHTSSVVIKYPEXSV] JVEQI[SVO ,IEPXL´RERGMRK N 0MQMXIHKIRIVEPLIEPXLWIGXSVFYHKIXW ERHGETWSRI\TERWMSRSJLIEPXL VIWSYVGIW N 9RJEMV´RERGMRKW]WXIQWIKEFWIRGI SVPS[GSZIVEKISJLIEPXLMRWYVERGI [MXLEFMPMX]XSTSSPERHVIHMWXVMFYXI VIWSYVGIWMRE[E][LMGLQMRMQM^IW ´RERGMEPEGGIWWFEVVMIVW N ;IEO´RERGMEPWXIIVMRKQIGLERMWQW JSVWXVEXIKMGVIWSYVGIEPPSGEXMSRERH TYVGLEWMRKSJWIVZMGIW N ;IEOQIGLERMWQWJSVXVEGOMRK´RERGMEP µS[WERHTSSVGETEGMX]JSVTIVJSVQMRK REXMSREPLIEPXLEGGSYRXW ,IEPXL[SVOJSVGI N 0EGOSJFEWMGMRJSVQEXMSREFSYXXLI LIEPXL[SVOJSVGIHIRWMX]HMWXVMFYXMSR ERHWOMPPQM\ N -RWYJ´GMIRXWM^IERHGSQTIXIRGISJXLI LIEPXL[SVOJSVGI N ;IEOWXVYGXYVIERHTSSVUYEPMX] SJIHYGEXMSREPW]WXIQWJSVLIEPXL TVSJIWWMSREPW
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´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´GEXMSRERH EGGVIHMXEXMSRSJTYFPMGERHTVMZEXI TVSZMHIVW N 0MQMXIHYWISJUYEPMX]WXERHEVHWERH IZMHIRGIFEWIHKYMHIPMRIW N 4SSVW]WXIQWJSVVIJIVVEPWERH MRJSVQEXMSRI\GLERKIFIX[IIR TVSZMHIVW
'3286-&98-2+83786)2+8,)2-2+3*,)%08,7=78)17
MX]IXG,S[IZIVLIEPXLWIGXSVVIJSVQWEVIWLETIHXLVSYKLGSQTPI\TSPMXMGEP TVSGIWWIW284QEREKIVWEVIRSXYWYEPP]EXXLIGIRXVISJWYGLTVSGIWWIWERH QE] RSX FI JYPP] MRJSVQIH EFSYX XLIQ 'SRWIUYIRXP] 8& TVSKVEQQIW QE] FIEXVMWOSJFIMRKRIKPIGXIHSVIZIRHEQEKIHHYVMRKLIEPXLWIGXSVVIJSVQW ERHSTTSVXYRMXMIWJSV8&TVSKVEQQIWXSGSRXVMFYXIXSKIRIVEPLIEPXLW]WXIQW WXVIRKXLIRMRKQE]FIPSWX 284WRIIHXSWXE]MRXSYGL[MXLERHWIIOXSMRµYIRGILIEPXLWIGXSVVIJSVQ TVSGIWWIW 6IJSVQW XLEX QE] FI MQTPIQIRXIH MRGPYHI HIGIRXVEPM^EXMSR ERH HIZSPYXMSRSJLIEPXLGEVI´RERGMRKERHHIGMWMSRQEOMRKTVMZEXM^EXMSRERHSV TVSZMHIV¦TYVGLEWIVWTPMX[MXLQSVIMRHITIRHIRXLIEPXLMRWXMXYXMSRWERHGLERK MRK´RERGMRKQIGLERMWQWIKMRXVSHYGXMSRSJLIEPXLMRWYVERGIWGLIQIW 284WEPWSRIIHXSFIMRJSVQIHEFSYXFVSEHIVLIEPXLGEVITPERRMRKERH´RERG MRKJVEQI[SVOWTVSGIWWIWERHGSRGITXWXLEXEVIYWIHF]QMRMWXVMIWSJLIEPXL TEVXRIVW ERH MRXIVREXMSREP HSRSVW 8LIWI MRGPYHI WIGXSV[MHI ETTVSEGLIW 7;%4W QIHMYQXIVQI\TIRHMXYVIJVEQI[SVOW 18)*W ERHTSZIVX]VIHYGXMSR WXVEXIK]TETIVW 4674W
'SRXVMFYXMRKXSW]WXIQ[MHIWSPYXMSRW[LMPITVSXIGXMRK IWWIRXMEP8&GSRXVSPJYRGXMSRW ,EZMRKMHIRXM´IHLIEPXLW]WXIQFEVVMIVWERHQETTIHSYXSRKSMRKERHTPERRIH LIEPXLWIGXSVHIZIPSTQIRXTVSGIWWIW284WWLSYPHHIZMWIEGXMSRWXSWXVIRKXL IRLIEPXLW]WXIQWXLEX GSRXVMFYXIXSEHHVIWWMRKXLIVSSXGEYWIWSJLIEPXLW]WXIQ[IEORIWWIW STXMQM^I XLI TSWMXMZI MQTEGX SR XLI KIRIVEP LIEPXL W]WXIQ SJ WTIGM´G 8& TVSKVEQQIEGXMZMXMIWXLVSYKLETTVSTVMEXIMRXIKVEXMSRERHLEVQSRM^EXMSRSJ ´RERGMRKTPERRMRKERHWIVZMGIHIPMZIV] TVSXIGXIWWIRXMEP8&WTIGM´GJYRGXMSRWXLEXQE]FIHEQEKIHHYVMRKLIEPXL WIGXSVVIJSVQTVSGIWWIW 8LI284WWLSYPHXSXLII\XIRXTSWWMFPIFITVSEGXMZIP]MRZSPZIHMRREXMSREP LIEPXLWIGXSVHIZIPSTQIRXTVSGIWWIW8LISTTSVXYRMXMIWJSVXLI284XSHMVIGXP] MRµ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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
%PXLSYKLHMWIEWIWTIGM´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´GMIRXIEVQEVOIHVIWSYVGIWERH HIHMGEXIHWXEJJJSVTVSKVEQQIYRMXWEXGIRXVEPERHVIKMSREPTVSZMRGMEPPIZIPW HIHMGEXIH WXEJJ JSV TVSKVEQQI WYTIVZMWMSR EX HMWXVMGX PIZIP ERH YRPIWW XLI KIRIVEPLIEPXLW]WXIQMWWXVSRKIRSYKLSRXLIWIJYRGXMSRWWITEVEXIVITSVXMRK SJOI]TVSKVEQQIMRHMGEXSVWERHGETEGMX]XSQEREKITVSGYVIQIRXERHHMWXVM FYXMSRSJERXM8&HVYKW8LIFEPERGIFIX[IIRMRXIKVEXMSRERHXLIVIXIRXMSRSJ OI]8&WTIGM´GWXVYGXYVIWERHWXEJJ[MPPZEV]EGVSWWGSYRXVMIWHITIRHMRKSR XLIVSFYWXRIWWSJXLIKIRIVEPLIEPXLW]WXIQ
/I]VIJIVIRGIW )ZIV]FSH]«W FYWMRIWW ¦ 7XVIRKXLIRMRK LIEPXL W]WXIQW XS MQTVSZI LIEPXL SYXGSQIW ;,3«WJVEQI[SVOJSVEGXMSR+IRIZE;SVPH,IEPXL3VKERM^EXMSR )\TERHMRK(387MRXLIGSRXI\XSJEGLERKMRKLIEPXLW]WXIQ+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3'(7 ,S[ XLI 7XST 8& 7XVEXIK] GER GSRXVMFYXI XS LIEPXL W]WXIQW WXVIRKXLIRMRK ?7XST 8& (ITEVXQIRXHMWGYWWMSRTETIVA+IRIZE;SVPH,IEPXL3VKERM^EXMSR
)RKEKMRKEPPGEVITVSZMHIVW
8
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
4YFPMG¦TVMZEXIQM\ 8LIXIVQ¨TYFPMG¦TVMZEXIQM\©SV441VITVIWIRXWEGSQTVILIRWMZIETTVSEGL JSVIRKEKMRKEPPVIPIZERXLIEPXLGEVITVSZMHIVWMRGEVISJ8&TEXMIRXWERHGSRXVSP SJXLIHMWIEWI-XIRGSQTEWWIWEPPJSVQWSJTYFPMG¦TVMZEXIGSPPEFSVEXMSR IK FIX[IIR284ERHXLITVMZEXISVGSVTSVEXIWIGXSV TYFPMG¦TYFPMGGSPPEFSVEXMSR IKFIX[IIR284ERHLSWTMXEPSVTVMWSRLIEPXLWIVZMGIW ERHTVMZEXI¦TVMZEXI GSPPEFSVEXMSR IKFIX[IIRER2+3SVETVMZEXILSWTMXEPERHXLIRIMKLFSYV LSSHTVMZEXITVEGXMXMSRIVW JSVXLIGSQQSRTYVTSWISJIRWYVMRKTVSZMWMSRSJ WXERHEVH8&GEVIMRXLIGSQQYRMX]441MWEPWSVIPIZERXJSVPEFSVEXSV][SVO 5"#-& '%8)+36-)73*,)%08,'%6)463:-()678,%81%2%+)89&)6'9037-74%8-)287 4YFPMGLIEPXLGEVITVSZMHIVW
2SRWXEXISVTVMZEXILIEPXLGEVITVSZMHIVW
+IRIVEPLSWTMXEPW
4VMZEXILSWTMXEPWERHGPMRMGW
7TIGMEPX]LSWTMXEPWERHQIHMGEPGSPPIKIW 'SVTSVEXILIEPXLWIVZMGIW ,IEPXLMRWXMXYXMSRWYRHIVWXEXI MRWYVERGIWGLIQIW
2SRKSZIVRQIRXEPSVKERM^EXMSRLSWTMXEPWERHGPMRMGW *EMXLFEWIHSVKERM^EXMSRWIVZMGIW
,IEPXLJEGMPMXMIWYRHIVTYFPMG GSVTSVEXMSRW
-RHMZMHYEPTVMZEXITVEGXMXMSRIVW
4VMWSRLIEPXLWIVZMGIW
4LEVQEGMIWERHHVYKHMWTIRWEVMIW
1MPMXEV]LIEPXLWIVZMGIW
8VEHMXMSREPLIEPIVWERHTVEGXMXMSRIVW -RJSVQEPRSRUYEPM´IHTVEGXMXMSRIVW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
8&,-: GSPPEFSVEXMZI EGXMZMXMIW ERH JSV TVIZIRXMSR ERH QEREKIQIRX SJ HVYK VIWMWXERX8&MRGPYHMRK1(68&ERH<(68& 8LI-RXIVREXMSREPWXERHEVHWJSVXYFIVGYPSWMWGEVIEHHVIWWXLIFEWMGIPIQIRXWSJ HMEKRSWMWSJ8&ERHXVIEXQIRXSJ8&TEXMIRXWERHTVSZMHIERI\GIPPIRXXSSPXS LIPTWXERHEVHM^I8&QEREKIQIRXTVEGXMGIWEQSRKEPPGEVITVSZMHIVW
-QTPIQIRXMRKTYFPMG¦TVMZEXIQM\EXREXMSREPPIZIP )ZMHIRGIJVSQGSYRXV]I\TIVMIRGIWWLS[WXLEX441JSV8&GEVIERHGSRXVSPMW JIEWMFPITVSHYGXMZIERHGSWXIJJIGXMZIMXLIPTWXSMQTVSZI8&GEWIHIXIGXMSR ERHXVIEXQIRXSYXGSQIWMXJSWXIVWIUYMX]SJEGGIWWXS8&GEVIERHMXEJJSVHW ´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´PPXLIKETWF]WYT TSVXMRKSVXEOMRKSRXLIXEWOWXLEXSXLIVTVSZMHIVWEVIYR[MPPMRKSVYREFPIXS GEVV]SYX-REPPWIXXMRKWMXMWIWWIRXMEPXLEXXLI284MWVIWTSRWMFPIJSVGSZIVMRK XLIQEMRTEVXSJXLIGSWXSJHMEKRSWMWERHXVIEXQIRX%WEQMRMQYQXLI284 WLSYPHTVSZMHIERXM8&HVYKWJVIISJGLEVKIXSTVSZMHIVW[LSWLSYPHHMWTIRWI XLIQJVIISJGLEVKIXSTEXMIRXW8LI284WLSYPHEPWSHIZIPSTERHQEMRXEMR WXVSRKWXI[EVHWLMTGETEGMX]XSKYMHIERHSZIVWIITVMZEXIERHTYFPMGTVSZMH IVW-RFVMIJXLIKSZIVRQIRXVYR284EWWYQIWXLIVIWTSRWMFMPMX]JSVJYRHMRK
)2+%+-2+%00'%6)463:-()67
5"#-& -2(-'%8-:)8%7/1-<*36(-**)6)28'%8)+36-)73*,)%08,'%6)463:-()6E 2EXMSREP 8&GSRXVSP TVSKVEQQI
8EWOW
4YFPMGSV TVMZEXI MRWXMXYXMSR
-RHMZMHYEP TVMZEXI TVSZMHIV
4VMZEXI TYFPMG PEFSVEXSV]
2SR TL]WMGMER TLEVQEG]
-HIRXMJ]W]QTXS QEXMG8&TEXMIRXW 'SPPIGXWTYXYQ WQIEVWEQTPIW 'PMRMGEPXEWOW
6IJIV8&WYWTIGXW 2SXMJ]VIGSVHGEWIW 7YTIVZMWIXVIEXQIRX (SWTYXYQWQIEV QMGVSWGST] (MEKRSWI8& 4VIWGVMFIXVIEXQIRX -RJSVQTEXMIRXW EFSYX8& -HIRXMJ]ERHWYTIV ZMWIXVIEXQIRX WYTTSVXIVW
4YFPMGLIEPXLXEWOW
*SPPS[YTHIJEYPXIVW 8VEMRLIEPXLGEVI TVSZMHIVW 7YTIVZMWI %WWYVIUYEPMX]SJ PEFSVEXSVMIW 1SRMXSVERH IZEPYEXI 1EREKIHVYKWERH WYTTPMIW 4VSZMHIWXI[EVH WLMT´RERGMRKERH VIKYPEXMSR E
7LEHIHGIPPWVITVIWIRXXEWOWXLEXGSYPHFIGEVVMIHSYXF]VIWTIGXMZITVSZMHIVX]TI
VIKYPEXMRKERHQSRMXSVMRK[LMPIXLIHE]XSHE]GSPPEFSVEXMZIMQTPIQIRXEXMSR EGXMZMXMIWQE]FIGEVVMIHSYXF]XLIPSGEPYRMXSJXLI284SVF]ETTVSTVMEXIRSR 284TVSZMHIVW -RHIZIPSTMRKEREXMSREPWXVEXIK]JSV441XLI284WLSYPHGSRWXMXYXIEXEWO JSVGIGSEPMXMSRSVGSSVHMREXMSRGSQQMXXII[MXLFVSEHVITVIWIRXEXMSRSJWXEOI LSPHIVW 8EFPI 8LMWFSH]QE]EGXEWERMRXIVJEGIFIX[IIRXLI284ERH SXLIVTVSZMHIVW-XQE]EPWSEHZMWIXLI284MRGEVV]MRKSYXZEVMSYWXEWOWWYGL
%,%2(&33/*362%8-32%08&'328630463+6%11)7
5"#-& 78%/),30()67-249&0-'¦46-:%8)1-<*36(387%82%8-32%0 463:-2'-%0%2(03'%00):)07 Q Q Q Q Q Q Q Q Q Q Q
1MRMWXV]SJLIEPXLMXWHITEVXQIRXWERHWYFREXMSREPGSYRXIVTEVXW 3XLIVQMRMWXVMIWWYGLEWQMRMWXVMIWSJPEFSYVXLIMRXIVMSVHIJIRGI ,IEPXLMRWYVERGISVKERM^EXMSRW (VYKVIKYPEXSV]EYXLSVMXMIW %GEHIQMGMRWXMXYXMSRW 7SGMEP[IPJEVITVSKVEQQIWJSVTSSVERHQEVKMREPM^IHTISTPI 4VSJIWWMSREPSVKERM^EXMSRW ,SWTMXEPEWWSGMEXMSRWTLEVQEGIYXMGEPEWWSGMEXMSRWIXG 2EXMSREPERHMRXIVREXMSREPRSRKSZIVRQIRXEPSVKERM^EXMSRWMRZSPZIHMRHIPMZIV]SJ WIVZMGIWJSV8&GSRXVSP (VYKMRHYWXV] 'SRWYQIVSVKERM^EXMSRW
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
-QTPIQIRXMRKTYFPMG¦TVMZEXIQM\EXPSGEPPIZIP 8LIREXMSREPKYMHIPMRIWWLSYPHFIµI\MFPIIRSYKLXSEPPS[JSVPSGEPEHETXE XMSR8LIPSKMGEPWXITWMRPSGEPMQTPIQIRXEXMSREVITVITEVEXMSRQETTMRKERH ´VWXGSRXEGX[MXLTVSZMHIVWWIPIGXMSRSJTVSZMHIVWMQTPIQIRXEXMSRTVSTIVERH EHZSGEG]ERHGSQQYRMGEXMSR 1SFQBSBUJPO %GPIEV[VMXXIRQIWWEKIJVSQXLIWIRMSV284QEREKIQIRXSRXLIMQTSVXERGI ERHTVMSVMX]SJ441MWXLI´VWXTVIVIUYMWMXIFIJSVIPSGEPMQTPIQIRXEXMSRFIKMRW 3TIVEXMSREPKYMHIPMRIWWLSYPHFIQEHIEZEMPEFPI(VEJXWIRWMXM^EXMSRERHXVEMR MRKQEXIVMEPWWLSYPHFIVIEH]JSVYWI8LIMQTPIQIRXEXMSRXSSPWMRGPYHMRKER] RI[JSVQEXWERHEHETXIH284VIKMWXIVWERHVITSVXWWLSYPHFIEZEMPEFPI284 WXEJJWLSYPHFISVMIRXIHEFSYX441XLIMVXEWOWERHVIWTSRWMFMPMXMIWWLSYPHFI HI´RIHERHETPERSJMQTPIQIRXEXMSRWLSYPHFIEZEMPEFPIEGGSVHMRKXSPSGEPP] HI´RIHSFNIGXMZIWJSV441
)2+%+-2+%00'%6)463:-()67
5"#-& )77)28-%0'31432)2873*():)034-2+34)6%8-32%0+9-()0-2)7 *3649&0-'¦46-:%8)1-<%4463%',)7 'SQTSRIRX
7YQQEV]
*SVQYPEXMRK SFNIGXMZIW
)\EQTPIWMRGVIEWIMRGEWIHIXIGXMSRMQTVSZIHXVIEXQIRXSYXGSQIW MQTVSZIHEGGIWWXSHMEKRSWXMGERHXVIEXQIRXWIVZMGIWJSVTSSVTISTPIERH MQTSZIVMWLIHGSQQYRMXMIWVIHYGIH´RERGMEPFYVHIRJSVTEXMIRXW
(I´RMRKXLI XEWOQM\
6SPIWERHVIWTSRWMFMPMXMIWJSVHMJJIVIRXTVSZMHIVWGPIEVP]HI´RIHTVSZMHMRK HMJJIVIRXSTXMSRWWSXLEXKYMHIPMRIWGERFIEHETXIHPSGEPP]
(IZIPSTMRK TVEGXMGEPXSSPW
)\EQTPIWPEFSVEXSV]VIUYIWXJSVQVIJIVVEPJSVXVIEXQIRXJSVQJIIHFEGO SVFEGOVIJIVVEPJSVQXVERWJIVJSVQPEFSVEXSV]VIKMWXIV8&VIKMWXIV8& XVIEXQIRXGEVH
(IZIPSTMRKE XVEMRMRKWXVEXIK]
8VEMRMRKWXVEXIK]XSFIFEWIHSRXLIHI´RIHXEWOQM\ERHXEVKIXWXEJJSJ XLIREXMSREP8&GSRXVSPTVSKVEQQIWXEJJERHTVSZMHIVWMRZSPZIH
'IVXM´GEXMSRSV EGGVIHMXEXMSRSJ TVSZMHIVW
'VMXIVMEJSVGIVXM´GEXMSRERHHIGIVXM´GEXMSRXSFIVIPEXIHXSXLIWTIGM´G XEWOSTXMSRWWMQMPEVP]JSVXLITYFPMGERHTVMZEXIWIGXSVW'IVXM´GEXMSRQE] FIMRJSVQEPMRMXMEPP]ERHIZSPZIMRXSEJSVQEPWXERHEVHM^IHTVSGIHYVI
(IZIPSTMRK MRGIRXMZIW ERHIREFPIVW
*MRERGMEPGSQTIRWEXMSRQE]FIRIGIWWEV]JSVTVSZMHIVW[LSQEREKIE PEVKIRYQFIVSJ8&WYWTIGXWERHGEWIW,S[IZIVTVMZEXITVEGXMXMSRIVW [MXLJI[8&TEXMIRXWERHZSPYRXEV]SVKERM^EXMSRWTVSZMHMRK8&GEVIQE] ´RHMROMRHRSRQSRIXEV]MRGIRXMZIWWYJ´GMIRXXSIRXIVMRXSGSPPEFSVEXMSR [MXLXLITVSKVEQQIIKEGGIWWXSERXM8&HVYKWXVEMRMRKERHGSRXMRYMRK IHYGEXMSRERHQMGVSWGST]WIVZMGIWEPPJVIISJGLEVKI
(VEJXMRKQSRMXSVMRK 1SRMXSVMRKERHIZEPYEXMSRSJXLITYFPMG¦TVMZEXIQM\TVSGIWWMRVIPEXMSRXS ERHIZEPYEXMSRTPER HI´RIHSFNIGXMZIWMWRIIHIHXSIREFPIWXIT[MWIEHNYWXQIRXSJWXVEXIKMIW ERHMQTPIQIRXEXMSRTPERW
.BQQJOHBOE¾STUDPOUBDUXJUIQSPWJEFS 8LIPSGEP284YRMXWLSYPHLEZIEQETSJMXWEVIESR[LMGLXSQEVOEPPTYFPMG ERH RSRTYFPMG TVSZMHIVW -R HIEPMRK [MXL TVMZEXI TVSZMHIVW YWMRK E RIYXVEP MRXIVJEGIWYGLEWEPSGEP2+3SVEGMZMPWSGMIX]MRWXMXYXMSRQE]I\TIHMXIFSXL TVSZMHIVIRVSPQIRXERHTVSKVEQQIMQTPIQIRXEXMSR1ETTMRKERHQEOMRKXLI ´VWXGSRXEGX[MXLXLITVSZMHIVERHWIRWMXM^EXMSRQE]FIGSQFMRIH 4FMFDUJPOPGQSPWJEFST 4VMSVMXM^EXMSRSJTVSZMHIVWJSVEGXMZIGSPPEFSVEXMSRERHXLIMVXVEMRMRKEVIMQTSV XERXWXITW8LIJSPPS[MRKGSRWMHIVEXMSRWWLSYPHFIXEOIRMRXSEGGSYRX -RWXMXYXMSREPTVSZMHIVWWYGLEWPEVKILSWTMXEPWERHQIHMGEPGSPPIKIWEVIPMOIP] XSKMZIELMKLIV]MIPHSJGEWIWFYX[MPPEPWSVIUYMVIKVIEXIVXMQIERHEXXIRXMSR SRXLITEVXSJWIRMSV284WXEJJ -XQE]FITSWWMFPIXSMHIRXMJ]ERHXEVKIX´VWXXLITVMZEXITVEGXMXMSRIVW[LS LERHPIEPEVKIRYQFIVSJ8&WYWTIGXWERHGEWIW -RZSPZMRKSXLIVTYFPMGWIGXSVMRWXMXYXMSRW[MXLMRERHSYXWMHIXLIQMRMWXV]SJ LIEPXLQE]VIUYMVIETEVEPPIPTVSGIWWSJETTVSZEPWERHHMVIGXMZIWJVSQXLIMV WIRMSVVIKMSREPSVREXMSREPQEREKIVW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
8LI TSSVIWX TEXMIRXW EVI PMOIP] XS ´VWX ETTVSEGL 2+3W STIVEXMRK MR TSSV EVIEWERHRSRTL]WMGMERWWYGLEWTLEVQEGMWXWRSRUYEPM´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´IHTVSFPIQW ERHTSXIRXMEPXIRWMSRW "EWPDBDZBOEDPNNVOJDBUJPO 8SKIRIVEXIERHWYWXEMRMRXIVIWXMR441EHZSGEG]WLSYPHFIHMVIGXIHFSXL XS[EVHW 284 WXEJJ ERH XLIMV GSYRXIVTEVXW EQSRK SXLIV TVSZMHIV KVSYTW %PP GEVITVSZMHIVWEVIPMOIP]XSFIRI´XJVSQMQTVSZIQIRXMRXLIMVGSQQYRMGEXMSR ERHMRXIVEGXMSR[MXL8&WYWTIGXWERHGEWIW4VSZMHMRKMRJSVQEXMSRXSTEXMIRXW SRXLIEZEMPEFMPMX]SJ8&WIVZMGIWMRXLITYFPMGERHTVMZEXIWIGXSVWERHSRXLI GLEVKIWXLI]QE]SVQE]RSXRIIHXSTE]JSVHMJJIVIRXWIVZMGIWLIPTWQEOIXLI GSPPEFSVEXMSRSTIRERHXVERWTEVIRXERHQE]EPWSLIPTXSQMRMQM^IXLITSWWM FMPMXMIWSJQMWYWIERHQEPTVEGXMGI
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
)2+%+-2+%00'%6)463:-()67
4VSTSVXMSRSJRI[WQIEVTSWMXMZIGEWIWHIXIGXIHXLVSYKLHMEKRSWMWF]RSR 284TVSZMHIVW 4VSTSVXMSRSJRI[WQIEVTSWMXMZI8&TEXMIRXWVIGIMZMRK(38JVSQRSR284 TVSZMHIVW 8VIEXQIRXSYXGSQIWSJRI[WQIEVTSWMXMZIGEWIWXVIEXIHF]RSR284TVSZMH IVW
/I]VIJIVIRGIW %QFI+IXEP)ZIV]TVSZMHIVGSYRXW)JJIGXWSJEGSQTVILIRWMZITYFPMG¦TVMZEXIQM\ ETTVSEGLJSV8&GSRXVSPMREPEVKIQIXVSTSPMXEREVIEMR-RHME-RXIVREXMSREP.SYVREPSJ 8YFIVGYPSWMWERH0YRK(MWIEWI¦ %XSSPJSVREXMSREPWMXYEXMSREWWIWWQIRXTYFPMG¦TVMZEXIQM\JSV8&GEVIERHGSRXVSP +IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& (I[ER 4/ IX EP 4YFPMGTVMZEXI QM\ MR -RHME MQTVSZMRK XYFIVGYPSWMW GSRXVSP XLVSYKL MRXIVWIGXSVEPTEVXRIVWLMTW&VMXMWL1IHMGEP.SYVREP¦ )RKEKMRK EPP LIEPXL GEVI TVSZMHIVW MR 8& GSRXVSP ¦ +YMHERGI SR MQTPIQIRXMRK TYF PMG¦TVMZEXI QM\ ETTVSEGLIW +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,81 8& *PS]H/IXEP'SWXERHGSWXIJJIGXMZIRIWWSJTYFPMGERHTVMZEXIWIGXSVGSPPEFSVEXMSRMR XYFIVGYPSWMWGSRXVSPIZMHIRGIJVSQ-RHME&YPPIXMRSJXLI;SVPH,IEPXL3VKERM^EXMSR ¦ 0}RRVSXL/IXEP4YFPMG¦4VMZEXI1M\JSV-QTVSZIH8&'SRXVSP¦[LEXQEOIWMX[SVO#&YP PIXMRSJXLI;SVPH,IEPXL3VKERM^EXMSR¦ 0}RRVSXL/9TPIOEV1&PERG0,EVHKEMRWXLVSYKLWSJXGSRXVEGXW¦TVSHYGXMZIIRKEKI QIRXSJTVMZEXITVSZMHIVWMRXYFIVGYPSWMWGSRXVSP&YPPIXMRSJXLI;SVPH,IEPXL3VKERM^E XMSR¦ 4YFPMG¦TVMZEXI QM\ JSV (387 TVEGXMGEP XSSPW XS LIPT MQTPIQIRXEXMSR +IRIZE ;SVPH ,IEPXL3VKERM^EXMSR ;,3'(78& 7EPMQ1%,IXEP8YVRMRKPMEFMPMXMIWMRXSVIWSYVGIWXLIMRJSVQEPZMPPEKIHSGXSVWERH8& GSRXVSPMR&ERKPEHIWL&YPPIXMRSJXLI;SVPH,IEPXL3VKERM^EXMSR¦ 9TPIOEV10}RRVSXL/)RKEKMRKTVMZEXITVSZMHIVWMR8&GSRXVSPTYFPMG¦TVMZEXIQM\JSV (387-R6EZMKPMSRI1'IH6IMGLQERERH,IVWL´IPH«WXYFIVGYPSWMWEGSQTVILIRWMZI MRXIVREXMSREPETTVSEGL8LMVH)HMXMSR4EVXF2I[=SVO-RJSVQE,IEPXLGEVI97%-RG ¦ 9TPIOEV10}RRVSXL/1(6ERH<(6TVMGISJHIPE]MRKIRKEKIQIRX[MXLEPPGEVITVS ZMHIVWJSVGSRXVSPSJ8&ERH8&,-:8VSTMGEP1IHMGMRIERH-RXIVREXMSREP,IEPXL ¦ 9TPIOEV14EXLERME:6EZMKPMSRI14VMZEXITVEGXMXMSRIVWERHTYFPMGLIEPXL[IEOPMROW MRXYFIVGYPSWMWGSRXVSP0ERGIX ¦
4VEGXMGEPETTVSEGLXSPYRK LIEPXLERHSXLIVMRXIKVEXIH ETTVSEGLIWXSLIEPXLGEVI
8
LI TVMQEV] LIEPXLGEVI GSRGITX MW IQFSHMIH MR MRXIKVEXIH HIGIRXVEPM^IH KIRIVEPLIEPXLWIVZMGIWXLEXTVSZMHITVIZIRXMZIQIEWYVIWEW[IPPEWXVIEX QIRXERHGEVIJSVXLIGSQQYRMX]«WQSWXGSQQSRP]SGGYVVMRKTVMSVMX]LIEPXL TVSFPIQW+IRIVEPLIEPXLWIVZMGIWSJJIVZEPYEFPISTTSVXYRMXMIWJSVXLIHMEKRSWMW ERHQEREKIQIRXSJ8&'EWIHIXIGXMSRXVIEXQIRXERHJSPPS[YTEVIIRLERGIH [LIR 8& WIVZMGIW EVI TVSZMHIH [MXLMR XLI KIRIVEP LIEPXL W]WXIQ EX WIVZMGI HIPMZIV]TSMRXW*EGMPMXEXMRKJEGXSVWMRGPYHIMQTVSZIHEGGIWWXSHMEKRSWXMGERH XVIEXQIRXWIVZMGIWVIHYGXMSRSJWXMKQEERHWMQTPM´IHGSRXEGXXVEGMRK7IZIVEP MRMXMEXMZIWTVSQSXIERMRXIKVEXIHETTVSEGLXSTVMSVMX]LIEPXLMRXIVZIRXMSRW
4VEGXMGEPETTVSEGLXSPYRKLIEPXL 4%0 6IWTMVEXSV]GSRHMXMSRWEVIXLI´VWXSVWIGSRHPIEHMRKGEYWISJGEVIWIIOMRKMR QSWXTVMQEV]LIEPXLGEVI 4,' WIXXMRKWEGGSYRXMRKJSVWSQI¦ SJZMWMXW 7MRGI8&EGGSYRXWJSVSRP]EZIV]WQEPPTVSTSVXMSRSJEPPVIWTMVEXSV]GEWIW8& WYWTIGXWEVISJXIRMRETTVSTVMEXIP]QEREKIHERHXLIVIJSVI8&MWQMWHMEKRSWIH 8LI4%0WXVEXIK]EHHVIWWIWXLIRIIHJSVMQTVSZIHVIWTMVEXSV]GEVIXLVSYKL E W]QTXSQFEWIH MRXIKVEXIH ETTVSEGL XS XLI WXERHEVHM^IH QEREKIQIRX SJ TEXMIRXW[MXLVIWTMVEXSV]GSRHMXMSRWMR4,'WIXXMRKW4%0IQTLEWM^IWTVMSVMX] VIWTMVEXSV]MPPRIWWIWTEVXMGYPEVP]8&EGYXIVIWTMVEXSV]MRJIGXMSRWERHGLVSRMG VIWTMVEXSV]HMWIEWIW[MXLEJSGYWSREWXLQEERHGLVSRMGSFWXVYGXMZITYPQS REV]HMWIEWI-QTVSZMRKKIRIVEPVIWTMVEXSV]GEVIMRGVIEWIWXLIUYEPMX]SJXLI MHIRXM´GEXMSRSJ8&GEWIWEQSRKVIWTMVEXSV]TEXMIRXW8LMWMWXLIFEWMGTVMRGMTPI EGGSVHMRKXS[LMGLXLI4%0WXVEXIK]LEWFIIRHIZIPSTIHERHMRGSVTSVEXIHMR XLI7XST8&7XVEXIK] 8LI-1'-MRMXMEXMZIJSGYWIWSRGLMPHVIREKIHFIPS[´ZI]IEVWMRGPYHMRKXLSWI [MXL VIWTMVEXSV] W]QTXSQW 4%0 XEVKIXW VIWTMVEXSV] TEXMIRXW EKIH ´ZI ]IEVW ERHSZIV ,FZPCKFDUJWFT 8LI4%0WXVEXIK]JSGYWIWSRXLIUYEPMX]SJQEREKIQIRXSJTEXMIRXW[MXLVIWTMVE XSV]GSRHMXMSRWEQSRK[LSQ8&GEWIWWLSYPHFIMHIRXM´IH-XEPWSHI´RIWLS[ XLIQEREKIQIRXTVSGIWWWLSYPHFIEHETXIHXSXLIEZEMPEFPILIEPXLVIWSYVGIW ERHMRJVEWXVYGXYVI
4%0%2(38,)6-28)+6%8)(%4463%',)783,)%08,'%6)
8LIX[SQENSVSFNIGXMZIWSJ4%0EVI XSMQTVSZIXLIUYEPMX]SJVIWTMVEXSV]GEVIMR4,'WIXXMRKW XSMQTVSZIXLIIJ´GMIRG]SJVIWTMVEXSV]WIVZMGIHIPMZIV][MXLMRLIEPXLW]W XIQWJSGYWMRKSRXLIHMWXVMGXLIEPXLW]WXIQ 1SJODJQBMDPNQPOFOUT 4%0MRGPYHIWX[SQENSVGSQTSRIRXWWXERHEVHM^EXMSRSJGPMRMGEPGEVIERHGSSV HMREXMSR[MXLMRXLILIEPXLWIGXSV 7XERHEVHM^EXMSRSJGPMRMGEPGEVI'PMRMGEPTVEGXMGIKYMHIPMRIWEVIRIIHIHJSV´VWX PIZIPLIEPXLJEGMPMXMIWERHJSVVIJIVVEPPIZIPWXLIX[SWLSYPHFIGSSVHMREXIH *MVWXPIZIPKYMHIPMRIWWLSYPHFIW]QTXSQFEWIH[LMPIXLSWIJSVVIJIVVEPPIZIPW WLSYPHHIEP[MXLXLIWTIGM´GVIWTMVEXSV]GSRHMXMSRWXLEXEVIQEREKIHEXXLMW PIZIP 4%0KYMHIPMRIWYWIEQMRMQYQRYQFIVSJOI]WMKRWXLEXPIEHXSHMEKRSWXMGGPEW WM´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´RIHWSXLEXJYPPMRXIKVEXMSRXEOIWTPEGI[MXLMRXLILIEPXL W]WXIQTEVXMGYPEVP]EXHMWXVMGXPIZIP 8LIHIZIPSTQIRXERHMQTPIQIRXEXMSRSJXLI4%0WXVEXIK]EPWSVIUYMVIWGSSVHM REXMSR[MXLREXMSREPLIEPXLVIWSYVGITPERRMRKERHSXLIVTVMSVMX]REXMSREPLIEPXL TVSKVEQQIWERH4,'WIVZMGIW &TTFOUJBMFMFNFOUT 8LIJSPPS[MRKIWWIRXMEPXIGLRMGEPERHQEREKIVMEPIPIQIRXWWLSYPHFIGSRWMH IVIHMR4%0HIZIPSTQIRXMREPPWIXXMRKW )WWIRXMEPXIGLRMGEPIPIQIRXW E'PEWWM´GEXMSRERHHMEKRSWMWSJGEWIWXLVSYKLWXERHEVHM^IHPSGEPP]EHETX IHKYMHIPMRIWJSVSYXTEXMIRXWIVZMGIW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
F8VIEXQIRXYWMRKWXERHEVHM^IHVIKMQIRWSJTVSZIRIJ´GEG]ERHQIHMGMRIW MRGPYHIHMRXLIREXMSREPPMWXSJIWWIRXMEPQIHMGMRIW G1MRMQYQIUYMTQIRXJSVHMEKRSWMWERHXVIEXQIRXSJVIWTMVEXSV]HMWIEWIW HI´RIHJSVIEGLPIZIPSJXLILIEPXLWIVZMGI H,IEPXLIHYGEXMSRSJTEXMIRXWERHXLIMVJEQMPMIWSRGSQTPMERGI[MXLXVIEX QIRXERHTVIZIRXMZIQIEWYVIWWYGLEWMQQYRM^EXMSRWXSTTMRKWQSOMRK EZSMHMRKXVMKKIVMRKJEGXSVWJSVEWXLQEERHVIHYGMRKMRHSSVEMVTSPPYXMSR )WWIRXMEPQEREKIVMEPIPIQIRXW E4SPMXMGEPGSQQMXQIRXEWIZMHIRGIHF]HIGMWMSRWWYGLEWXLIHIWMKREXMSR SJEHITEVXQIRXSVSJ´GIVVIWTSRWMFPIJSV4%0EGXMZMXMIWXLIRSQMREXMSRSJ EREXMSREP[SVOMRKKVSYTSR4%0ERHXLIQSFMPM^EXMSRSJJYRHWXSMRMXMEXI EGXMZMXMIW F8VEMRMRKLIEPXLTVSJIWWMSREPWMRXLIYWISJ4%0KYMHIPMRIW G%RIRWYVIHVIKYPEVWYTTP]SJUYEPMX]EWWYVIHEJJSVHEFPIHVYKWJSVQER EKMRK VIWTMVEXSV] HMWIEWIW ERH XLI QMRMQYQ IUYMTQIRX HI´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
4%0%2(38,)6-28)+6%8)(%4463%',)783,)%08,'%6)
QIHMGMRIWRIIHIHXSQEREKIXLIQXLIVSPISJIEGLLIEPXL[SVOIVGEXIKSV] XLITVSGIWWJSVVIJIVVEPERHXLIWXERHEVHM^IHMRJSVQEXMSRW]WXIQJSVGSPPIGX MRKHEXE %TPERXSMQTPIQIRX4%0IMXLIVJSVWTIGM´GVIKMSRWSVJSVXLI[LSPIGSYRXV] WLSYPHFIIPEFSVEXIHMRGPSWIGSSVHMREXMSR[MXLXLI284ERHXLIREXMSREP 4,'HITEVXQIRXERHMRGSRWYPXEXMSR[MXLSXLIVVIPIZERXWXEOILSPHIVW-R GSYRXV]WIXXMRKW[LIVIXLIMRMXMEXMZISJXLI+PSFEP%PPMERGIEKEMRWX'LVSRMG 6IWTMVEXSV](MWIEWIWLEWFIIRMRXVSHYGIHXLIMQTPIQIRXEXMSRSJ4%0WLSYPH XEOIMRXSEGGSYRXXLIEGXMZMXMIWSJXLMWMRMXMEXMZI 8SWGEPIYT4%0MQTPIQIRXEXMSR´RERGMEPWYTTSVXQE]FIQSFMPM^IHXLVSYKL XLIKSZIVRQIRXERHI\TPSVIH[MXLFMPEXIVEPERHQYPXMPEXIVEPEKIRGMIWMRZSPZIH MRXLIHIZIPSTQIRXSJLIEPXLWIVZMGIW[MXLMRXLIGSYRXV] 4%0MQTPIQIRXEXMSRWLSYPHFIYRHIVXLIPIEHIVWLMTSJEGPIEVP]MHIRXM´IH GSSVHMREXMSRYRMX[MXLMRXLIQMRMWXV]SJLIEPXLIRWYVMRKETTVSTVMEXIPMROW [MXLVIPIZERXWIVZMGIW #FOF¾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
-RXIKVEXIHHMWIEWIQEREKIQIRX 8LI ;,3 MRMXMEXMZIW -1%- -RXIKVEXIH 1EREKIQIRX SJ %HSPIWGIRX ERH %HYPX -PPRIWW ERH-1'- -RXIKVEXIH1EREKIQIRXSJ'LMPHLSSH-PPRIWW FSXLWYTTSVX XLIHIPMZIV]SJIWWIRXMEPLIEPXLWIVZMGIW[MXLMRXLIGSRXI\XSJTVMQEV]LIEPXL GEVIXLVSYKLWMQTPM´IHERHWXERHEVHM^IHKYMHIPMRIW8LIKYMHIPMRIWEHHVIWW XLIHIGIRXVEPM^EXMSRSJIWWIRXMEPWIVZMGIWJSVTVMSVMX]LIEPXLTVSFPIQWXSXLI HMWXVMGXLSWTMXEPLIEPXLGIRXVIERHGSQQYRMX]PIZIPW8LI]GSZIVERMRXIKVEXIH ETTVSEGLXSTVIZIRXMSRGEVIERHXVIEXQIRXWIVZMGIWFEWIHSRWXERHEVHM^IH TVSXSGSPWXVEMRMRKSJWXEJJERHWYTTSVXMZIWYTIVZMWMSR*EQMP]FEWIHGEVIMW TVSQSXIHERHLYQERVIWSYVGIPMQMXEXMSRWEVIEPPIZMEXIHXLVSYKL¨XEWOWLMJX MRK©VSYXMRIEWTIGXWSJTEXMIRXQEREKIQIRXERHJSPPS[YTJVSQHSGXSVWERH QIHMGEPSJ´GIVWXSLIEPXL[SVOIVWXSGSQQYRMX]FEWIH[SVOIVWERHXSXLI TEXMIRXWXLIQWIPZIW WIPJQEREKIQIRX -1%-MWEQSVIVIGIRXERHIZSPZMRKMRM
%,%2(&33/*362%8-32%08&'328630463+6%11)7
XMEXMZIXLER-1'-SR[LMGLMXMWQSHIPPIHERHYTHEXIHMRJSVQEXMSRMWVIKYPEVP] TVSZMHIHSRMXW[IFWMXI 8LI-1%-ERH-1'-XSSPWXSKIXLIVEHHVIWWFSXLEGYXIERHGLVSRMG,-:GEVIERH 8&GEWIHIXIGXMSRTVIZIRXMSRSJ8&XVERWQMWWMSRVIJIVVEPXSERHPMROEKIW[MXL 8&XVIEXQIRXEVIMRGPYHIHMRXLIWIXSSPW8LI-1%-%GYXIGEVIKYMHIPMRIQSHYPI I\TERHWJVSQXLI4%0KYMHIPMRIWSRGSYKLSVHMJ´GYPXFVIEXLMRKERHJIZIVXS EHHVIWWEPPQENSVEGYXIW]RHVSQIW-REHHMXMSR-1%-ERHXLI;,37XST8& (ITEVXQIRXLEZINSMRXP]HIZIPSTIHERI[KYMHIPMRIQSHYPIJSV´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´GEXMSRMRLIEPXLJEGMPMXMIWSJGLMPHLSSH MPPRIWWIWMRSYXTEXMIRXWIXXMRKWIRWYVIWETTVSTVMEXIGSQFMRIHXVIEXQIRXSJEPP QENSVMPPRIWWIWWXVIRKXLIRWXLIGSYRWIPPMRKSJGEVIKMZIVWERHWTIIHWYTXLI VIJIVVEPSJWIZIVIP]MPPGLMPHVIR-RXLILSQIWIXXMRKMXTVSQSXIWETTVSTVMEXI GEVIWIIOMRKFILEZMSYVWMQTVSZIHRYXVMXMSRERHTVIZIRXMZIGEVIERHXLIGSV VIGXMQTPIQIRXEXMSRSJTVIWGVMFIHGEVI'LMPHVIR[LSTVIWIRXEXXLI´VWXPIZIP LIEPXLJEGMPMX][MXLGSYKLSJQSVIXLERHE]WEVIVIJIVVIHXSXLIVIJIVVEPJEGMP MX]JSVEWWIWWQIRXSJ8&
/I]VIJIVIRGIW %GYXI GEVI MRXIKVEXIH QEREKIQIRX SJ EHSPIWGIRX ERH EHYPX MPPRIWW +IRIZE ;SVPH ,IEPXL3VKERM^EXMSR ;,3'(7-1%- &LIIOMI%IXEP8LI4VEGXMGEP%TTVSEGLXS0YRK,IEPXLMR7SYXL%JVMGE 4%07% MRXIV ZIRXMSRVIWTMVEXSV]KYMHIPMRIMQTPIQIRXEXMSRJSVRYVWIXVEMRIVW-RXIVREXMSREP2YVWMRK 6IZMI[¦ &SPXYWWIR6IXEP4VMSVMX]WIXXMRKYWMRKQYPXMTPERGVMXIVMEWLSYPHEPYRKLIEPXLTVS KVEQQIFIMQTPIQIRXIHMR2ITEP#,IEPXL4SPMG]ERH4PERRMRK¦
%GGIWWEPPXLI-1%-XSSPWMRGPYHMRKXVEMRMRKQEXIVMEPWJSVXLIGPMRMGEPKYMHIPMRIQSHYPIWERH HMWXVMGXQEREKIQIRXXSSPWEXLXXT[[[[LSMRXLMZTYFMQEMIR
8LIIRXMVI-1%--1'-XSSPOMXMRGPYHMRKHVEJXZIVWMSRWMWEGGIWWMFPIEXLXXT[[[[LSMRXLMZ GETEGMX]%GGIWWC7LEVITSMRXTHJ VIKMWXVEXMSRVIUYMVIH
4%0%2(38,)6-28)+6%8)(%4463%',)783,)%08,'%6)
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¦ EZEMPEFPI EX LXXT [[[FMSQIHGIRXVEPGSQ )ZEPYEXMSRSJXLI4VEGXMGEP%TTVSEGLXS0YRK,IEPXL6ITSVXSJEQIIXMRKLIPHSR¦.YRI ;,3+IRIZE+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,81 *EMVEPP06IXEP)JJIGXSJIHYGEXMSREPSYXVIEGLXSRYVWIWSRXYFIVGYPSWMWGEWIHIXIGXMSR ERHTVMQEV]GEVISJVIWTMVEXSV]MPPRIWWTVEKQEXMGGPYWXIVVERHSQM^IHGSRXVSPPIHXVMEP &VMXMWL1IHMGEP.SYVREP¦ 1YVVE].*4MS%3XXQERM74%0ERI[ERHTVEGXMGEPETTVSEGLXSPYRKLIEPXL-RXIVRE XMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI¦ 3XXQERM 7 1ELNSYV . 8LI TVEGXMGEP ETTVSEGL XS PYRK LIEPXL WXVEXIK] JSV MRXIKVEXIH VIWTMVEXSV]GEVI-R6EZMKPMSRI1'IH6IMGLQERERH,IVWL´IPH«WXYFIVGYPSWMWEGSQ TVILIRWMZIMRXIVREXMSREPETTVSEGL8LMVH)HMXMSR4EVX&2I[=SVO-RJSVQE,IEPXLGEVI 97%-RG¦ 4VEGXMGEP%TTVSEGLXS0YRKLIEPXL 4%0 ETVMQEV]LIEPXLGEVIWXVEXIK]JSVMRXIKVEXIH QEREKIQIRXSJVIWTMVEXSV]GSRHMXMSRWMRTISTPISJ´ZI]IEVWSJEKIERHSZIV+IRI ZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,818& ;,321,',4'41 '6% 6IWTMVEXSV] GEVI MR TVMQEV] GEVI WIVZMGIW ¦ % WYVZI] MR GSYRXVMIW +IRIZE ;SVPH ,IEPXL3VKERM^EXMSR ;,3,818& 6SWIR1.'LVSRMGGSYKLHYIXSXYFIVGYPSWMWERHSXLIVMRJIGXMSRW%''4IZMHIRGIFEWIH GPMRMGEPTVEGXMGIKYMHIPMRIW'LIWX¦ 8&GEVI[MXL8&,-:GSQEREKIQIRX+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3 ,81,-:;,3,818& 7LVIWXLE2IXEP-QTEGXSJVIWTMVEXSV]GEVIKYMHIPMRIWSRTVIWGVMFMRKGSWXWMR2ITEP 8VSTMGEP1IHMGMRIERH-RXIVREXMSREP,IEPXL¦ 8IR %WFVSIO % IX EP -QTPIQIRXMRK KPSFEP ORS[PIHKI MR PSGEP TVEGXMGI E ;,3 PYRK LIEPXLMRMXMEXMZIMR2ITEP,IEPXL4SPMG]4PER¦
)UYMX]SJERHEGGIWWXS WIVZMGIWJSVTVIZIRXMSRSJ XYFIVGYPSWMWERHXVIEXQIRX SJTEXMIRXW
8
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´RERGMEPFYVHIRJSVTEXMIRXW8LIJSPPS[MRKWM\QEMRWXITWEVI VIGSQQIRHIH 7XIT-HIRXMJ]XLIZYPRIVEFPIKVSYTWMRXLIGSYRXV]VIKMSR %WWIWWXLITSSVERHZYPRIVEFPIKVSYTW[LSJEGIFEVVMIVWXSEGGIWWMRKFSXL KIRIVEPLIEPXLERH8&WIVZMGIW[LMGLQE]MRGPYHIXLSWIMREFWSPYXIIGS RSQMGTSZIVX]XLSWIHMWEHZERXEKIHF]KIRHIVVIPEXIHJEGXSVWQEVKMREPM^IH IXLRMGKVSYTWTISTPIPMZMRKMRVIQSXIPSGEXMSRWXLIYVFERTSSVSXLIVTIS TPIMRWTIGMEPWMXYEXMSRWERHKVSYTW )WXEFPMWLETVS´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
46):)28-32%2(86)%81)287)6:-')7
(IXIVQMRIJSVIEGLKVSYTXLIQEMRFEVVMIVWMRZSPZIHMRXLIGSYRXV]VIKMSR WYGL EW IGSRSQMG FEVVMIVW GSQTPI\MX] SJ XLI TEXL[E] XS GEVI GSWXW XS TEXMIRXW KISKVETLMGEPFEVVMIVW HMWXERGIJVSQERHHMJ´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´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´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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
(IGMHIYTSREGXMSRWXSEHHVIWWXLIWTIGMEPRIIHWSJXLIWIKVSYTWMHIRXMJ]XLI WTIGM´GRIIHWSJIEGLSJXLIKVSYTWIWXEFPMWLTVMSVMXMIWJSVEGXMSRFEWIHSR RIIHWJIEWMFMPMX]EZEMPEFPIVIWSYVGIWIJJIGXMZIRIWWSJXLIQIEWYVIWI\EQMRI GYVVIRXWIVZMGIWEZEMPEFPIXSXLITVMSVMX]KVSYTWMHIRXM´IHHI´RIWXVEXIKMIWXS IRWYVIXLIHMEKRSWMWXVIEXQIRXERHJSPPS[YTSJ8&GEWIWJSVIEGLXEVKIXIH KVSYTTPERTLEWIHMQTPIQIRXEXMSRSJXLITVSTSSVMRXIVZIRXMSRWWIPIGXIH 7XIT)\TPSVITSWWMFMPMXMIWJSVLEVRIWWMRKEHHMXMSREPVIWSYVGIW %WWIWWEZEMPEFPIWXVEXIKMIWXSIRKEKIMRFVSEHMRMXMEXMZIWXSMQTVSZIEGGIWW XSLIEPXLWIVZMGIWWSYVGIWSJJYRHMRKJSVMQTVSZIQIRXSJLIEPXLSYXGSQIW MRWXMXYXMSRW SJJIVMRK EHHMXMSREP ´RERGMEP ERH SXLIV VIWSYVGIW JSV TVSTSSV QIEWYVIWMR8&GSRXVSPTVSKVEQQIWLYQERVIWSYVGIWXSI\TERHXLITYFPMG ERHTVMZEXIWIGXSVMRZSPZIQIRXMR8&WIVZMGIWERHXIGLRSPSKMIWXSIRLERGI IJ´GMIRG]ERHIJJIGXMZIRIWWSJ8&WIVZMGIW *EGMPMXEXI EGGIWW XS EHHMXMSREP VIWSYVGIW F] IRKEKMRK MR FVSEHIV TSZIVX] VIHYGXMSR SV LIEPXL WIGXSV TPERW MHIRXMJ]MRK TSXIRXMEP RI[ TEVXRIVWLMTW MR XLI GSYRXV] TVMSVMXM^MRK QIGLERMWQW SJJIVMRK KVIEXIWX EHHIH ZEPYI JSV MRGVIEWMRKEGGIWWXS8&WIVZMGIWTPERRMRKXLITVITEVEXMSRSJJYRHMRKTVS TSWEPWMRZSPZMRKSXLIVWXEOILSPHIVWMRXLITPERRMRKTVSGIWW 7XIT)ZEPYEXIXLIMQTEGXSJTVSTSSVQIEWYVIW )WXEFPMWLXLIFEWMWJSVMQTEGXIZEPYEXMSRF]WIXXMRKWTIGM´GXEVKIXWJSV8&GSR XVSPMRTSSVERHZYPRIVEFPITSTYPEXMSRWEWWIWWMRKXLIHMWXVMFYXMSRSJ8&MRXLI TSTYPEXMSRERHTSZIVX]VIPEXIHHMWTEVMXMIWEQSRK8&WIVZMGIFIRI´GMEVMIW *EGMPMXEXIXLIQSRMXSVMRKSJTSZIVX]VIPEXIHMRIUYEPMXMIWERHXLIMQTEGXSJ TVSTSSVMRXIVZIRXMSRWF]MHIRXMJ]MRKTEVXRIVWXSGEVV]SYXIUYMX]QSRMXSV MRKMRGPYHMRKWSGMSIGSRSQMGZEVMEFPIWMRVSYXMRIHEXEGSPPIGXMSRERHEREP] WMWMRGPYHMRKWSGMSIGSRSQMGUYIWXMSRWMR8&TVIZEPIRGIWYVZI]WGSRHYGXMRK TIVMSHMGWXYHMIWSJGEVIWIIOMRKEWWIWWMRK[LSMRXLIGSQQYRMX]FIRI´XW JVSQ8&WIVZMGIWERH[LSHSIWRSX
/I]VIJIVIRGI %HHVIWWMRKTSZIVX]MR8&GSRXVSPSTXMSRWJSVREXMSREP8&GSRXVSPTVSKVEQQIW+IRIZE ;SVPH,IEPXL3VKERM^EXMSR ;,3,818& ,ERWSR'IXEP8YFIVGYPSWMWMRXLITSZIVX]EPPIZMEXMSREKIRHE-R6EZMKPMSRI1IH 6IMGLQERERH,IVWL´IPH«WXYFIVGYPSWMWEGSQTVILIRWMZIMRXIVREXMSREPETTVSEGL8LMVH )HMXMSR4EVX&2I[=SVO-RJSVQE,IEPXLGEVI97%-RG 6IEGLMRKXLITSSVGLEPPIRKIWJSV8&TVSKVEQQIWMRXLI;IWXIVR4EGM´G6IKMSR1ERMPE ;SVPH,IEPXL3VKERM^EXMSR6IKMSREP3J´GIJSVXLI;IWXIVR4EGM´G ;,3,81 8&EZEMPEFPIEXLXXT[[[[TVS[LSMRX26VHSRP]VIW)&( %%)&('*)%6IEGLMRKCXLIC4SSVTHJ
7TIGMEPKVSYTW ERHWMXYEXMSRW
8&MRTVMWSRW
4
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¦GSQQYRMX]GSRHYMXW 5#DPOUSPM )JJIGXMZI8&GSRXVSPMRTVMWSRWVIUYMVIWXLIWEQIGSQTSRIRXWMHIRXM´IHMRXLI 7XST 8& 7XVEXIK] 8LIVI EVI WIZIVEP WTIGM´G MWWYIW XS FI EHHVIWWIH JSV XLI GSRXVSPSJ8&MRXLMWGSRXI\X 4SPMXMGEPGSQQMXQIRX4SPMXMGEPGSQQMXQIRXMRGPYHMRKXLEXJVSQTVMWSRERH NEMPEHQMRMWXVEXSVWMWGVMXMGEPJSVIWXEFPMWLMRKETTVSTVMEXIGSRHMXMSRWJSVHMEK RSWMWERHXVIEXQIRXSJ8&MRTVMWSRWERHQEMRXEMRMRK8&TVSKVEQQIPMROW XLEXQYWXGVSWWXLIGMZMPMERERHTVMWSRWIGXSVW 'EWILSPHMRK §8LIXVIEXQIRXSJVIPIEWIHTVMWSRIVWSRERXM8&XLIVET]WLSYPHFIGSRXMR YIHMRXLIGSQQYRMX][MXLEXXIRXMSRKMZIRXSTVMWSRIVJEQMP]IHYGEXMSR ERHVIJIVVEPQIGLERMWQW
8LMWWIGXMSRVIJIVWXSTVMWSRWNEMPWERHSXLIVHIXIRXMSRGIRXVIW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
§8& TEXMIRXW [LS IRXIV E HIXIRXMSR W]WXIQ HYVMRK E GYVVIRX GSYVWI SJ QIHMGEXMSRWLSYPHFIVETMHP]MHIRXM´IHWSXLEXEHIUYEXIXVIEXQIRXQE] GSRXMRYI[MXLSYXMRXIVVYTXMSRERHXLIVMWOSJEGUYMVMRKHVYKVIWMWXERGIFI EZSMHIH %GXMZIGEWI´RHMRKWXVEXIK]4EWWMZIGEWIHIXIGXMSRXLVSYKLTVMWSRLIEPXL JEGMPMXMIW MW MREHIUYEXI FIGEYWI QER] TIVWSRW IRXIV TVMWSR [MXL YRHMEK RSWIH8&ERHFIGEYWIGSRHMXMSRWMRNEMPWERHTVMWSRWEVIGSRHYGMZIXSXLI VETMHWTVIEHSJHMWIEWI8LIVIJSVIMXMWIWWIRXMEPXLEXEREGXMZIGEWI´RHMRK WXVEXIK]FIMQTPIQIRXIHMRETVMWSR8&TVSKVEQQIJSGYWMRKSRWGVIIRMRKEX IRXV]MRXSXLIW]WXIQGSYTPIH[MXLEWXVEXIK]XSHIXIGXVIWTMVEXSV]W]QTXS QEXMGGEWIWEJXIVIRXV]-RZIWXMKEXMSRSJHSVQMXSV]SVGIPPGSRXEGXWQE]EPWS FIIJJIGXMZIMJTVMWSRIVGSPPEFSVEXMSRMW[IPPIWXEFPMWLIH 'MZMPMERTVMWSR GSPPEFSVEXMSR *SV E TVMWSR 8& GSRXVSP TVSKVEQQI XS KEMR GVIHMFMPMX]ERHHIZIPSTEWYWXEMREFPIW]WXIQIJJIGXMZIGMZMPMER¦TVMWSRPMROW EVIIWWIRXMEP-XMWMQTSVXERXXLEX284WXEJJVIWTIGXXLIMVTIREPGSYRXIVTEVXW EWIUYEPTEVXRIVWERHWXEOILSPHIVW%PWSXLIMWWYIWWTIGM´GXSXLITVMWSR IRZMVSRQIRXERHXLITVMWSRTSTYPEXMSRWLSYPHFIVIGSKRM^IHERHEHHVIWWIH EGGSVHMRKP] )*7DPOUSPMBOEQSFWFOUJPO 8&MWSJXIRXLI´VWXHMWIEWITVIWIRXEXMSRMR,-:TSWMXMZIMRHMZMHYEPW,-:XIWXMRK WLSYPHFIGSRWMHIVIHJSVXLSWI[LSWI,-:WXEXYWMWYRORS[RJSPPS[MRK92%-(7 KYMHIPMRIWJSVXIWXMRK[LMGLMRGPYHIZSPYRXEV]XIWXMRKTVIERHTSWXXIWXGSYR WIPPMRKERHEREWWYVERGISJGSR´HIRXMEPMX] 7XVEXIKMIW XS TVIZIRX XLI WTVIEH SJ ,-: MR TVMWSRW WLSYPH FI MQTPIQIRXIH MR EGGSVHERGI [MXL 92%-(7 VIGSQQIRHEXMSRW 1IEWYVIW MRGPYHI IHYGEXMSR TVSKVEQQIWJSVWXEJJERHMRQEXIWYWISJYRMZIVWEPTVIGEYXMSRWTVSZMWMSRSJ QIHMGEPP]WYTIVZMWIHHIXS\M´GEXMSRTVSKVEQQIWJSVEHHMGXWLEVQVIHYGXMSR TVSKVEQQIWERHJVIIGSR´HIRXMEPEZEMPEFMPMX]SJGSRHSQW
8&GSRXVSPMRVIJYKIIERHHMWTPEGIHTSTYPEXMSRW 1SVIXLER SJVIJYKIIWSVMKMREXIJVSQERHVIQEMR[MXLMRGSYRXVMIW[MXL ELMKLMRGMHIRGISJ8&6IJYKIIWERHHMWTPEGIHTSTYPEXMSRWEVIEXTEVXMGYPEVP] LMKLVMWOSJHIZIPSTMRK8&'VS[HIHPMZMRKGSRHMXMSRWJEGMPMXEXIXLIXVERWQMW WMSRSJ8&MRJIGXMSRERHWYWGITXMFMPMX]XS8&HMWIEWIMWMRGVIEWIHF]GSI\MWXIRX MPPRIWWTEVXMGYPEVP],-:ERHF]TSSVRYXVMXMSREPWXEXYW8&MWERMRGVIEWMRKP] MQTSVXERXGEYWISJQSVFMHMX]ERHQSVXEPMX]EQSRKVIJYKIIERHHMWTPEGIHTST YPEXMSRW
74)'-%0+63947%2(7-89%8-327
8&GSRXVSPEGXMZMXMIWQE]FIMQTPIQIRXIHIJJIGXMZIP]ERHTVSHYGIKSSHXVIEX QIRXSYXGSQIWMRETTVSTVMEXIP]GLSWIRVIJYKIIERHHMWTPEGIHTSTYPEXMSRWIX XMRKWERHMRTSWXGSRµ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´IHERHETTVSTVMEXI MRZIWXMKEXMSRERHVIJIVVEPEVVERKIH 8&GSRXVSPWLSYPHFIYRHIVXEOIRSRP]MJXLIWIGYVMX]WMXYEXMSRMWWYJ´GMIRXP] WXEFPIXSIREFPIMQTPIQIRXEXMSRSJEGXMZMXMIWERHMJRSQENSVQSZIQIRXWSJXLI GEQTSVXLITSTYPEXMSRWIVZIHEVIERXMGMTEXIHMRXLIRIEVJYXYVI%XEQMRM QYQTVSKVEQQIJYRHMRKWLSYPHFIWYJ´GMIRXXSIRVSPTEXMIRXWJSVQSRXLW ERHGSQTPIXIXLIXVIEXQIRXSJEPPQIQFIVWSJXLMWGSLSVX¦EQMRMQYQSJ QSRXLW 3PMFPGUIF/51 ;LIRIZIV TSWWMFPI XLI 284 SJ XLI LSWX GSYRXV] WLSYPH FI MRZSPZIH MR XLI HIZIPSTQIRXSJXLI8&GSRXVSPEGXMZMXMIWJSVVIJYKIIWERHHMWTPEGIHTISTPI8LI TSPMGMIWSJXLI284MRXLIGSYRXV]SJSVMKMRWLSYPHEPWSFIXEOIRMRXSGSRWMHIV EXMSRMJVIJYKIIWEVIPMOIP]XSFIVITEXVMEXIH'SSVHMREXMSR[MXL92,'6MRXLI TPERRMRKWXEKIMWGVMXMGEPMRSVHIVXSQMRMQM^IXLIVMWOSJTEXMIRXWMRXIVVYTXMRK XVIEXQIRX[LIRGEQTWSVTSTYPEXMSRWEVIQSZIH 8LITVMSVMXMIWSJ8&GSRXVSPEVI´VWXXSMHIRXMJ]ERHXVIEXMRJIGXMSYWTEXMIRXW[MXL WIZIVIJSVQWSJXLIHMWIEWIERHXLSWI[MXLWQIEVTSWMXMZITYPQSREV]8&3RGI 8&GSRXVSPEGXMZMXMIWEVI[IPPIWXEFPMWLIHMXMWETTVSTVMEXIXSXVIEXXLISXLIV JSVQWSJ8&EWVIWSYVGIWTIVQMX
3J´GISJXLI9RMXIH2EXMSRW,MKL'SQQMWWMSRIVJSV6IJYKIIW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
8&GSRXVSPMRXLMWTSTYPEXMSRWIXXMRKWLSYPHJSPPS[XLITVMRGMTPIWSJXLI7XST 8&7XVEXIK]
8&GSRXVSPERHREXYVEPHMWEWXIVW 2EXYVEPHMWEWXIVWWYGLEWµSSHWX]TLSSRWXWYREQMWSVIEVXLUYEOIWQE]SGGYV MREVIEW[LIVI8&WIVZMGIWEVI[IPPSVKERM^IH8LILIEPXLMRJVEWXVYGXYVIQE] FIHEQEKIHSVHIWXVS]IHERHLIEPXLWXEJJYWYEPP]MRZSPZIHMR8&GSRXVSPQE] FIHMVIGXP]EJJIGXIHMRXLIWIWMXYEXMSRWVIWYPXMRKMRMRXIVVYTXMSRSJ8&GSRXVSP EGXMZMXMIW 4EXMIRXW[LS[IVISR8&XVIEXQIRXMRXLIHMWEWXIVEJJIGXIHEVIEWQE]RSPSRKIV LEZIEGGIWWXSER]ETTVSTVMEXIHVYKHMWXVMFYXMSRW]WXIQ1ER]TEXMIRXWQE] FIHMJ´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´IH MR XLI PMWX IWXEFPMWLIHF]XLI284
74)'-%0+63947%2(7-89%8-327
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
8&GSRXVSPMRSXLIVWTIGMEPTSTYPEXMSRKVSYTW 7IZIVEPZYPRIVEFPIQMRSVMX]TSTYPEXMSRKVSYTWTSWIWTIGMEPGLEPPIRKIWJSV8& GSRXVSPFIGEYWISJHMJ´GYPX]SJEGGIWWXSWIVZMGIW WIIEPWS'LETXIV &EVVM IVWXSEGGIWWQE]FIXLIVIWYPXSJIGSRSQMGTSPMXMGEPWSGMEPKISKVETLMGEPSV IXLRMGJEGXSVWERHSJXIRQSVIXLERSRISJXLIWIJEGXSVWMWMRZSPZIH(ITIRH MRKSRXLIGSYRXV]WMXYEXMSRXLIWIKVSYTWQE]MRGPYHIMQQMKVERXWWIEWSREP QMKVERX[SVOIVWVIJYKIIWEW]PYQWIIOIVWGVSWWFSEVHIVTSTYPEXMSRWRSQEH MG TSTYPEXMSRW TSTYPEXMSRW MR VIQSXI EVIEW IXLRMG QMRSVMXMIW QEVKMREPM^IH MRHMKIRSYWTSTYPEXMSRWLSQIPIWWTISTPIERHSXLIVZYPRIVEFPIKVSYTWWYGLEW MRNIGXMRKHVYKYWIVW 3RISVQSVISJXLI¨HMJ´GYPXXSVIEGL©TSTYPEXMSRKVSYTWEVITVIWIRXMRQSWX GSYRXVMIW&IGEYWIXLI]EVIKIRIVEPP]RSXEHIUYEXIP]GSZIVIHF]XLIVSYXMRI8& WIVZMGIWTVSZMHIHJSVXLIKIRIVEPTSTYPEXMSRXLI284WLSYPHEHETXERHHIZIP STETTVSEGLIWXSIRWYVIXLEX8&GSRXVSPWIVZMGIWEVIEZEMPEFPIERHEGGIWWMFPI JSVXLIWIKVSYTW8LIHIZIPSTQIRXERHMQTPIQIRXEXMSRSJLIEPXLMRXIVZIRXMSRW WLSYPHMRZSPZIWSGMEP[IPJEVIMRWXMXYXMSRW2+3WERHSXLIVTVSJIWWMSREPW[LS EVIMRGSRXEGX[MXLXLIKVSYTWGSRGIVRIH )EGL KVSYT RIIHW XS FI GEVIJYPP] HI´RIH ERH PSGEXIH -XW LIEPXL TVMSVMXMIW WLSYPHFIMHIRXM´IHERHXLIEGGIWWXSLIEPXLWIVZMGIWEWWIWWIH8LILIEPXL GEVITVSZMHIVW[LSYWYEPP][SVO[MXLXLIWIKVSYTWWLSYPHFIMHIRXM´IHERH MRZSPZIHMRTVSZMWMSRSJ8&GSRXVSPWIVZMGIW7XVEXIKMIWERHQIEWYVIWXSMQTPI QIRXERHMQTVSZI8&GEVIERHGSRXVSPWLSYPHFIHI´RIHMRGSPPEFSVEXMSR[MXL XLIWILIEPXLGEVITVSZMHIVWWSGMEPWIVZMGIWERHPSGEP2+3W8LIMRXIVZIRXMSRW WLSYPHFIQSRMXSVIHERHIZEPYEXIH
%,%2(&33/*362%8-32%08&'328630463+6%11)7
;,3KYMHIPMRIW ;,3KYMHIPMRIWSR,-:MRJIGXMSRERH%-(7MRTVMWSRW+IRIZE;SVPH,IEPXL3VKERM^E XMSR ;,3+4%(-6;,3
/I]VIJIVIRGIW %HHVIWWMRKTSZIVX]MR8&GSRXVSPSTXMSRWJSVREXMSREP8&GSRXVSPTVSKVEQQIW+IRIZE ;SVPH,IEPXL3VKERM^EXMSR ;,3,818& 'SQQYRMGEFPIHMWIEWIGSRXVSPMRIQIVKIRGMIWE´IPHQERYEP+IRIZE;SVPH,IEPXL 3VKERM^EXMSR 'SRMR\68YFIVGYPSWMWGSRXVSPMRGSQTPI\IQIVKIRGMIW&YPPIXMRSJXLI;SVPH,IEPXL 3VKERM^EXMSR¦ +E]IV1'SRRSPP]1%8YFIVGYPSWMWGSRXVSPMRVIJYKIIERHHMWTPEGIHTSTYPEXMSRW-R 6EZMKPMSRI 1' IH 6IMGLQER ERH ,IVWL´IPH«W XYFIVGYPSWMW E GSQTVILIRWMZI MRXIV REXMSREP ETTVSEGL 8LMVH )HMXMSR 4EVX & 2I[ =SVO -RJSVQE ,IEPXLGEVI 97% -RG ¦ /MQIVPMRK 1) 8LI 6YWWMER IUYEXMSR ER IZSPZMRK TEVEHMKQ MR XYFIVGYPSWMW GSRXVSP -RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI7¦7 6I]IW,'SRMR\64MXJEPPWSJXYFIVGYPSWMWTVSKVEQQIWMRTVMWSRW&VMXMWL1IHMGEP.SYV REP¦ 8YFIVGYPSWMWGEVIERHGSRXVSPMRVIJYKIIERHHMWTPEGIHTSTYPEXMSRWERMRXIVEKIRG]´IPH QERYEP RH IH +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR ;,3,818& ;,3'(7(') 8YFIVGYPSWMW GSRXVSP MR TVMWSRW E QERYEP JSV TVSKVEQQI QEREKIVW +IRIZE ;SVPH ,IEPXL3VKERM^EXMSR ;,3'(78&
-RZSPZIQIRXSJGSQQYRMXMIW ERHTEXMIRXWMRXYFIVGYPSWMW GEVIERHTVIZIRXMSR
7
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«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«GLEVXIVJSVXYFIVGYPSWMWGEVI XLI'LEVXIV WIXW SYXXLIVMKLXWERHVIWTSRWMFMPMXMIWSJTEXMIRXW8LIVMKLXWGSRGIVRGEVIHMKRMX] MRJSVQEXMSRGLSMGIGSR´HIRGINYWXMGISVKERM^EXMSRERHWIGYVMX]8LIVIWTSR WMFMPMXMIW GSZIV WLEVMRK MRJSVQEXMSR EHLIVIRGI XS XVIEXQIRX GSRXVMFYXMRK XS GSQQYRMX]LIEPXLERHWLS[MRKWSPMHEVMX] 8LI 'LEVXIV MHIRXM´IW [E]W MR [LMGL EPP WXEOILSPHIVW QE] [SVO XSKIXLIV MR ER STIR ERH TSWMXMZI VIPEXMSRWLMT ;LMPI MXW FEWMG TVMRGMTPIW EVI YRMZIVWEP GYPXYVEPHMJJIVIRGIWQE]MRµYIRGIXLIVSPIWI\TIGXIHSJLIEPXLTVSJIWWMSREPW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
ERH TEXMIRXW ERH XLIWI WLSYPH FI XEOIR MRXS GSRWMHIVEXMSR [LIR EHETXMRK MRXIVREXMSREPVIGSQQIRHEXMSRWXSXLIREXMSREPWIXXMRK8LIIWXEFPMWLQIRXSJ ERIJJIGXMZIGSPPEFSVEXMSRFIX[IIRLIEPXLWIVZMGIWERHWSGMIX]SJXIRVIUYMVIW FYMPHMRKXLIGETEGMX]SJGSQQYRMXMIWERHGMZMPWSGMIX]SVKERM^EXMSRWJSWXIVMRK EGSRXMRYSYWHMEPSKYIERHMRZSPZMRKXLIQJVSQXLIWXEVXMRHIWMKRMRKTPERRMRK MQTPIQIRXMRKERHIZEPYEXMRKGSQQYRMX]MRMXMEXMZIW )JJIGXMZIGSQQYRMX]ERHTEXMIRXMRZSPZIQIRX]MIPHWTSWMXMZIVIWYPXWWYGLEW MQTVSZIHGEWI´RHMRKERHXVIEXQIRXSYXGSQIWVEMWIHE[EVIRIWWGSRGIVRMRK XLI REXYVI SJ XLI HMWIEWI ERH XLI EZEMPEFMPMX] SJ IJJIGXMZI XVIEXQIRX JVII SJ GLEVKISVKIRIVEPLIEPXLTVSQSXMSR8SFIWYGGIWWJYPGSQQYRMX]ERHTEXMIRX MRZSPZIQIRXMRMXMEXMZIWWLSYPHFIHIWMKRIHERHMQTPIQIRXIH[MXLGSQQYRMX] QIQFIVWMRZSPZIHEWIUYEPTEVXRIVW
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«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
'31192-8=%2(4%8-)28-2:30:)1)28
4VIWIRXMRKXLIMRMXMEXMZIXSVIPIZERXSJ´GMEPWEXXLIGIRXVEPERHPSGEPPIZIPWMW ER MQTSVXERX WXIT MR WIXXMRK YT GSQQYRMX]FEWIH EGXMZMXMIW 8LMW IRGSYVEKIW MRZSPZIQIRXSJEPPWXEOILSPHIVWEW[IPPEWTSPMXMGEPERH´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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
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¾OBODJOH 1IEWYVIWJSVFYHKIXERH´RERGMRKMRZSPZI MHIRXMJ]MRKEGSQTVILIRWMZIPMWXSJI\TIRHMXYVIWEXEPPPIZIPWVIPEXIHXSGSQ QYRMX]MRZSPZIQIRX IRWYVMRKXLEXWYJ´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´RMRKEWIXSJMRHMGEXSVWWITEVEXMRKXLSWIXSFIGSPPIGXIHSRERSRKSMRK FEWMWERHXLSWIXSFIGSPPIGXIHIZIV]SRISVX[S]IEVW 'SQQYRMXMIWWLSYPHTEVXMGMTEXIMRXLIEWWIWWQIRXSJXLIMVS[RGSRXVMFYXMSR ERHXLEXSJXLILIEPXLWIVZMGIW8LIHEXEGSPPIGXIHWLSYPHFIPMQMXIHXSXLI IWWIRXMEPMRJSVQEXMSRXLEX[MPPFIEREP]WIHERHYWIHJSVEWWIWWMRKWIVZMGIWERH GSQQYRMX]MRZSPZIQIRX-RHMGEXSVWXSQSRMXSVGSQQYRMX]MRZSPZIQIRXWLSYPH VIµIGXSVKERM^EXMSRVITVIWIRXEXMSRTIVGIMZIHUYEPMX]SJWIVZMGIWERHWYWXEMR EFMPMX]4EXMIRXWEXMWJEGXMSR8&VIPEXIHORS[PIHKIERH8&VIPEXIHWXMKQEQE] FIEWWIWWIHXLVSYKLE/%4 ORS[PIHKIEXXMXYHIWERHTVEGXMGIW WYVZI]IZIV] SRISVX[S]IEVW
'31192-8=%2(4%8-)28-2:30:)1)28
0QFSBUJPOBMSFTFBSDI 4PERRMRKJSVSTIVEXMSREPVIWIEVGLMRZSPZIW MHIRXMJ]MRK STIVEXMSREP VIWIEVGL XLIQIW FEWIH SR PSGEP GLEPPIRKIW ERH STTSVXYRMXMIW IKGSRHYGXMRKVIWIEVGLSRTEXMIRXWEXMWJEGXMSRHSGYQIRX MRKKSSHTVEGXMGIW 3TIVEXMSREPVIWIEVGLQE]FIVIUYMVIHXSEHHVIWWWTIGM´GSTIVEXMSREPMWWYIWERH MQTVSZI GSQQYRMX] MRZSPZIQIRX &SXL UYEPMXEXMZI ERH UYERXMXEXMZI VIWIEVGL QIXLSHWWLSYPHFIGSRWMHIVIH[LIREWWIWWMRKXLISYXGSQISJEGXMZMXMIWEW [IPPEWTIVGITXMSRWERHQSXMZEXMSREXXLIGSQQYRMX]PIZIP
/I]VIJIVIRGIW &LY]ER//,IEPXLTVSQSXMSRXLVSYKLWIPJGEVIERHGSQQYRMX]TEVXMGMTEXMSRIPIQIRXW SJETVSTSWIHTVSKVEQQIMRXLIHIZIPSTMRKGSYRXVMIW&1'4YFPMG,IEPXL 'SQQYRMX]GSRXVMFYXMSRXS8&GEVITVEGXMGIERHTSPMG]+IRIZE;SVPH,IEPXL3VKERM ^EXMSR ;,3'(78& 'SQQYRMX]MRZSPZIQIRXMRXYFIVGYPSWMWGEVIERHTVIZIRXMSR8S[EVHWTEVXRIVWLMTWJSV LIEPXL+YMHMRKTVMRGMTPIWERHVIGSQQIRHEXMSRWFEWIHSRE;,3VIZMI[;SVPH,IEPXL 3VKERM^EXMSR;,3,818&-7&2 (IQMWWMI1IXEP'SQQYRMX]XYFIVGYPSWMWGEVIXLVSYKL¨8&GPYFW©MRVYVEP2SVXL)XLMS TME7SGMEP7GMIRGIERH1IHMGMRI¦ )WGSXX7IXEP0MWXIRMRKXSXLSWISRXLIJVSRXPMRIPIWWSRWJSVGSQQYRMX]FEWIHXYFIV GYPSWMWTVSKVEQQIWJVSQEUYEPMXEXMZIWXYH]MR7[E^MPERH7SGMEP7GMIRGIERH1IHMGMRI ¦ /LER1%IXEP'SWXERHGSWXIJJIGXMZIRIWWSJHMJJIVIRX(38WXVEXIKMIWJSVXLIXVIEXQIRX SJXYFIVGYPSWMWMR4EOMWXER,IEPXL4SPMG]ERH4PERRMRK¦ 0[MPPE*IXEP)ZEPYEXMSRSJIJ´GEG]SJGSQQYRMX]FEWIHZWMRWXMXYXMSREPFEWIHHMVIGX SFWIVZIHWLSVXGSYVWIXVIEXQIRXJSVXLIGSRXVSPSJXYFIVGYPSWMWMR/MPSQFIVSHMWXVMGX 8ER^ERME8VSTMGEP,IEPXLERH1IHMGMRI¦ 1ELIV ( 8LI VSPI SJ GSQQYRMX] MR XLI GSRXVSP SJ XYFIVGYPSWMW 8YFIVGYPSWMW ¦ 3QEW[E*8LI¨'SQQYRMX]8&'EVIMR%JVMGE©4VSNIGX-RXIVREXMSREP.SYVREPSJ8YFIV GYPSWMWERH0YRK(MWIEWI 7¦7 5YEPMX]SJGEVIJVSQXLITEXMIRXW«TIVWTIGXMZI8LI,EKYI/2': 7LMR7IXEP'SQQYRMX]FEWIHXVIEXQIRXSJQYPXMHVYKVIWMWXERXXYFIVGYPSWMWMR0MQE 4IVY]IEVWSJI\TIVMIRGI7SGMEP7GMIRGIERH1IHMGMRI¦ 7MRKL%%IXEP)JJIGXMZIRIWWSJYVFERGSQQYRMX]ZSPYRXIIVWMRHMVIGXP]SFWIVZIHXVIEX QIRXSJXYFIVGYPSWMWTEXMIRXWE´IPHVITSVXJVSQ,EV]ERE2SVXL-RHME-RXIVREXMSREP .SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI¦ 8LITEXMIRXW«GLEVXIVJSVXYFIVGYPSWMWGEVI+IRIZE;SVPH'EVI'SYRGMP
%HZSGEG]GSQQYRMGEXMSR ERHWSGMEPQSFMPM^EXMSR
'
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
TEVXRIVWLMTW[MXLMRXLIGSRXI\X SJREXMSREPXYFIVGYPSWMWGSRXVSP TVSKVEQQIW 0IEVRMRKEHETXMRKERHFYMPHMRK SRKSSH%'71TVEGXMGIWERH ORS[PIHKII\GLERKI
%HZSGEG][SVOWTVMQEVMP]XSGLERKIXLIFILEZMSYVSJTYFPMGPIEHIVWSVHIGM WMSRQEOIVW'SQQYRMGEXMSRKIRIVEPP]XEVKIXWMRHMZMHYEPWERHWQEPPKVSYTW 7SGMEPQSFMPM^EXMSREMQWXSWIGYVIGSQQYRMX]FEWIHWYTTSVX 8LIHMWXMRGXMSRFIX[IIRXLIXLVIIGEXIKSVMIWMWSJXIRYRGPIEVERHMRXIVZIRXMSRW YRHIVSRIEVIEQE]FIRI´GMEPP]MRµYIRGISVJEGMPMXEXITVSGIWWIWMRXLISXLIV EVIEW%'71MWERMQTSVXERXEPP]MR8&GSRXVSPIJJSVXWERHWLSYPHFIERMRXIKVEP JYRHIHIPIQIRXMRER]8&GSRXVSPTVSKVEQQI *MKYVI
%HZSGEG]ERHVIWSYVGIQSFMPM^EXMSR 4SPMXMGEPGSQQMXQIRXLEWFIIRVIGSKRM^IHEWEGVYGMEPIPIQIRXSJXLI(387 WXVEXIK]0EGOSJTSPMXMGEP[MPPLEWLEQTIVIHFSXLXLIHIZIPSTQIRXSJETTVSTVM
%(:3'%'='31192-'%8-32%2(73'-%013&-0->%8-32
'*(63&7%140)132-836-2+%2():%09%8-32*6%1);36/*36%(:3'%'= '31192-'%8-32%2(73'-%013&-0->%8-32 %HZSGEG]SYXGSQIW N /RS[PIHKISJSTMRMSRPIEHIVW N 4SPMXMGEPGSQQMXQIRXVIµIGXIHMRTSPMG]ERH VITSVXW N 'SZIVEKISJEHZSGEG]EGXMZMXMIWERHGEQTEMKRW 'SQQYRMGEXMSRSYXGSQIW N -RGVIEWIHORS[PIHKIEFSYX8&EQSRKTSTYPEXMSR N 'SZIVEKISJMRJSVQEXMSRIHYGEXMSRERH GSQQYRMGEXMSREGXMZMXMIWERHGEQTEMKRW
-RGVIEWIHFYHKIX EPPSGEXMSRW
-RGVIEWIHVEXIWSJ8& WYWTIGXW (IGVIEWIHVEXIWSJ XVIEXQIRXHIJEYPXIVW
7SGMEPQSFMPM^EXMSRSYXGSQIW N .SMRXEGXMSRF]TEVXRIVWERHGSQQYRMXMIW REXMSREP8&GSRXVSPTVSKVEQQI N 'SZIVEKISJ8&TPERWHIZIPSTIHF]TEVXRIVWERH GSQQYRMXMIW
-RGVIEWIHGETEGMX]SJ LYQERVIWSYVGIW
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´GMEPQIQSVERHEERHTEVXRIVWLMTQIIXMRKW
'SQQYRMGEXMSR ;MXLMRGSYRXVMIWERHMRXLIGSRXI\XSJ8&GSRXVSPTVSKVEQQIGSQQYRMGEXMSR MWGSRGIVRIH[MXLMRJSVQMRKERHGVIEXMRKE[EVIRIWWEQSRKXLIKIRIVEPTYFPMG SVWTIGM´GTSTYPEXMSRKVSYTWEFSYX8&ERHIQTS[IVMRKTISTPIXSXEOIEGXMSR -XMWSJXIRQEMRP]GSRGIVRIH[MXLGSQQYRMGEXMRKEWIVMIWSJQIWWEKIWEFSYX XLIHMWIEWI IK¨MJ]SYLEZIEGSYKLJSVQSVIXLERX[S[IIOWWIIOXVIEX
%,%2(&33/*362%8-32%08&'328630463+6%11)7
QIRX©SV¨8&MWGYVEFPI© SVMRJSVQMRKXLITYFPMGEFSYX[LMGLWIVZMGIWI\MWX JSVHMEKRSWMWERHXVIEXQIRX
7SGMEPQSFMPM^EXMSR 7SGMEPQSFMPM^EXMSRMWXLITVSGIWWSJFVMRKMRKXSKIXLIVEPPMIWXSVEMWIE[EVIRIWW SJERHHIQERHJSVETEVXMGYPEVTVSKVEQQIXSEWWMWXMRXLIHIPMZIV]SJVIWSYVGIW ERHWIVZMGIWERHXSWXVIRKXLIRGSQQYRMX]TEVXMGMTEXMSRJSVWYWXEMREFMPMX]ERH WIPJVIPMERGI WIIEPWS'LETXIV ¨%PPMIW©MRGPYHIHIGMWMSRERHTSPMG]QEOIVW STMRMSR PIEHIVW 2+3W WYGL EW TVSJIWWMSREP ERH VIPMKMSYW KVSYTW XLI QIHME XLITVMZEXIWIGXSVGSQQYRMXMIWERHMRHMZMHYEPW7SGMEPQSFMPM^EXMSRKIRIVEXIW HMEPSKYIRIKSXMEXMSRERHGSRWIRWYWIRKEKMRKEVERKISJTPE]IVWMRMRXIVVIPEXIH ERHGSQTPIQIRXEV]IJJSVXWXEOMRKMRXSEGGSYRXXLIRIIHWSJTISTPI &S\
1SRMXSVMRKERHIZEPYEXMSR
#09
-RGVIEWMRKP]%'71WXVEXIKMIWGSRXEMRE QSRMXSVMRK ERH IZEPYEXMSR QIGLERMWQ XLEXMWGVMXMGEPXSFYMPHMRKEWXVSRKIVIZM HIRGIFEWIJSVQIEWYVMRKTVSGIWWSYX TYXERHMQTEGXSJ%'71WXVEXIKMIWJSV 8&GSRXVSP284WXEJJEVIIRGSYVEKIHXS HIZIPST E UYEPMXEXMZI ERH UYERXMXEXMZI QSRMXSVMRK ERH IZEPYEXMSR WXVEXIK] JSV %'71EGXMZMXMIW
,&:45&14'03*.1-&.&/5"5*0/ 0'"%70$"$: $0..6/*$"5*0/ "/%40$*"-.0#*-*;"5*0/ "$4. "$5*7*5*&4"5/"5*0/"- %*453*$5 "/%1307*/$*"--&7&-4
/I]VIJIVIRGIW %HZSGEG]GSQQYRMGEXMSRERHWSGMEPQSFMPM ^EXMSRJSV8&GSRXVSPEKYMHIXSHIZIPSTMRK ORS[PIHKI EXXMXYHI ERH TVEGXMGI WYVZI]W +IRIZE;SVPH,IEPXL3VKERM^EXMSR %HZSGEG]GSQQYRMGEXMSRERHWSGMEPQSFMPM ^EXMSRJSVXYFIVGYPSWMWGSRXVSPELERHFSSO JSV GSYRXV] TVSKVEQQIW +IRIZE ;SVPH ,IEPXL3VKERM^EXMSR %HZSGEG]GSQQYRMGEXMSRERHWSGMEPQSFM PM^EXMSRXS´KLX8&E]IEVJVEQI[SVOJSV EGXMSR+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;EMWFSVH 7 &I]SRH XLI QIHMGEPMRJSVQE XMSREPQSHIPVIGEWXMRKXLIVSPISJGSQQYRM GEXMSRMRXYFIVGYPSWMWGSRXVSP7SGMEP7GMIRGI
1IHMGMRI ¦
'VIEXIEREXMSREPTEVXRIVWLMTSV XEWOJSVGI 'LEVKIH[MXLTPERRMRK MQTPIQIRXMRKERHIZEPYEXMRKEPP EGXMZMXMIW 'SRHYGXER%'71RIIHW EWWIWWQIRX 6IZMI[ITMHIQMSPSKMGEPHEXE -HIRXMJ]TVMSVMX]TSTYPEXMSRW -HIRXMJ]OI]WSGMEPHIXIVQMRERXW SJ8& (IXIVQMRIFILEZMSYVEPKSEPW (IXIVQMRIWSGMEPGLERKIKSEPW (IZIPSTE[SVOTPERERHFYHKIX 1EXGLKSEPWERHXEVKIXIH EYHMIRGIW[MXLEGXMZMXMIW )WXEFPMWLFIRGLQEVOWERH TVSGIWWSVMQTEGXMRHMGEXSVW -QTPIQIRXEGXMZMXMIW (IZIPSTTVIXIWXERHTVSHYGI QEXIVMEPW 3VKERM^IEHZSGEG]IZIRXW WSGMEPQSFMPM^EXMSREGXMZMXMIW IXG 1SRMXSVERHIZEPYEXIVIWYPXW 2EXMSREPHMWXVMGXTVSZMRGMEP PIZIPW
;IFWMXILXXT[[[WXSTXFSVK[KEHZSGEG]CGSQQYRMGEXMSREGWQGP
6SPISJREXMSREP XYFIVGYPSWMWGSRXVSP TVSKVEQQIWMRVIWIEVGL
6
IWIEVGLEGVSWWE[MHIWTIGXVYQSJEVIEWMWRIGIWWEV]XSEGGIPIVEXITVSKVIWW MRKPSFEP8&GSRXVSPERHIREFPIXLIVIZSPYXMSRMRXIGLRSPSKMIWJSV8&GSRXVSP RIIHIHXSEGLMIZIXLIKSEPSJIPMQMREXMRKXLIHMWIEWIF]/I]EVIEWSJ VIWIEVGLMRGPYHI
ETTPMIHVIWIEVGLMISTXMQM^MRKXLIYWISJGYVVIRXETTVSEGLIWXS8&GSRXVSP XLVSYKLITMHIQMSPSKMGEPTVSKVEQQEXMGLIEPXLW]WXIQWLIEPXLIGSRSQMGW ERHWSGMEPERHTSPMG]VIWIEVGL HIZIPSTQIRX SJ RI[ XSSPW MI VIWIEVGL ERH HIZIPSTQIRX 6 ( JSV RI[ HMEKRSWXMGWHVYKWERHZEGGMRIW IZEPYEXMSR ERH HIQSRWXVEXMSR SJ RI[ XSSPW HMEKRSWXMGW HVYKW ERH ZEG GMRIW FEWMGVIWIEVGLMIMQTVSZMRKYRHIVWXERHMRKSJXLIFEWMGWGMIRGIXLEXYRHIV TMRWXLIHIZIPSTQIRXSJRI[XSSPW
2EXMSREP8&GSRXVSPTVSKVEQQIWERHXLI6IWIEVGL 1SZIQIRXXS7XST8& 6IGSKRMXMSRSJXLIMQTSVXERGISJ8&VIWIEVGLMWVIµIGXIHMRXLI7XST8&7XVEX IK]8LI6IWIEVGL1SZIQIRXXS7XST8&QERHEXIHMRF]XLI7XST8& 4EVXRIVWLMTERH;,3VITVIWIRXWERSTTSVXYRMX]XSIRKEKIXLIJYPPVERKISJ8& VIWIEVGLIVWMREGSPPEFSVEXMZIWXVEXIKMGIJJSVXXSMRGVIEWIXLIWGSTIWGEPIERH WTIIHSJ8&VIWIEVGL8LIWYGGIWWSJXLI6IWIEVGL1SZIQIRXEWEFVSEHEPPM ERGISJEPPXLSWIMRZSPZIHMR8&VIWIEVGLHITIRHWSRIRKEKMRKXLIJYPPVERKISJ VIWIEVGLIVWMRFEWMGVIWIEVGL6 (ERHETTPMIHVIWIEVGL MRGPYHMRKXLI284W
%TTPMIHVIWIEVGL 1EOMRKXLIQSWXSJGYVVIRXETTVSEGLIWXS8&GSRXVSPHITIRHWSRXLIGSRXVMFY XMSRSJQER]EVIEWSJETTPMIHVIWIEVGLITMHIQMSPSKMGEPTVSKVEQQEXMG STIV EXMSREP LIEPXL W]WXIQW LIEPXL IGSRSQMGW ERH WSGMEP ERH TSPMG] VIWIEVGL 6IWIEVGLMRXLIWIEVIEWWLSYPHMRZSPZI284WWMRGIXLIEMQMWXSMQTVSZITVS KVEQQITIVJSVQERGI284WLEZIEGVYGMEPVSPIXSTPE]MRHIWMKRMRKERHGEVV]MRK SYXSTIVEXMSREPVIWIEVGLXLEXMRZSPZIWXLIIZEPYEXMSRSJTVSKVEQQISTIVEXMSRW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
EMQIHEXMQTVSZIHTSPMG]QEOMRKFIXXIVHIWMKRERHSTIVEXMSRSJLIEPXLW]W XIQWERHQSVIIJ´GMIRXQIXLSHWSJWIVZMGIHIPMZIV]8LI284WLSYPHHIZIPST IJJIGXMZIGSPPEFSVEXMSR[MXLVIWIEVGLIVWJVSQEGEHIQMGSVSXLIVVIWIEVGLMRWXM XYXMSRW[LSSJXIRTPE]XLIPIEHVSPIMRGEVV]MRKSYXSTIVEXMSREPVIWIEVGL
(IZIPSTQIRXSJRI[XSSPWJSV8&GSRXVSP 4VSKVIWWMRKPSFEP8&GSRXVSPMWGSRWXVEMRIHF]XLIPEGOSJIJJIGXMZIRI[XSSPW HMEKRSWXMGWHVYKWERHZEGGMRIW 8LI7XST8&4EVXRIVWLMTERH;,3EVITVS QSXMRKXLIHIZIPSTQIRXSJFIXXIVXIGLRSPSKMIWJSVTVIZIRXMRKERHMQTVSZMRK XLIHMEKRSWMWERHXVIEXQIRXSJ8&XLVSYKLXLI4EVXRIVWLMT«WXLVII[SVOMRK KVSYTWSRRI[XSSPWHIZIPSTQIRX8LIWI[SVOMRKKVSYTW SRRI[HMEKRSW XMGW HVYKW ERH ZEGGMRIW EMQ XS TVSZMHI FIXXIV XIGLRSPSKMIW JSV TVIZIRXMRK 8& ERH XS EGGIPIVEXI XLI TVSGIWW SJ HMEKRSWMW ERH XVIEXQIRX IWTIGMEPP] MR VIKMSRW[LIVI8&,-:ERH1(68&QEOI8&GSRXVSPTEVXMGYPEVP]HMJ´GYPX8LI 7XST8&7XVEXIK]IQTLEWM^IWXLIRIIHXSHIZIPSTFIXXIVXIGLRSPSKMIWJSVTVI ZIRXMRKERHMQTVSZMRKXLIHMEKRSWMWERHXVIEXQIRXSJ8&EXEJJSVHEFPIGSWX JSVHIZIPSTMRKGSYRXVMIW'VIEXMZIMRXIPPIGXYEPTVSTIVX]QIGLERMWQWEVIFIMRK HIZIPSTIHXLEXTVSXIGXXLITYFPMGLIEPXLWIGXSVERHIRLERGIEGGIWWXSRI[ XIGLRSPSKMIWF]YRHIVTVMZMPIKIHTEXMIRXW -RXLI7XST8&4EVXRIVWLMT'SSVHMREXMRK&SEVHIWXEFPMWLIHE8EWO*SVGI SR6IXSSPMRKXSVIWTSRHWTIGM´GEPP]XSXLIRIIHXSTVITEVIJSVXLIPEYRGLSJ RI[8&XIGLRSPSKMIW¨6IXSSPMRK©MWXLITVSGIWWSJMRXVSHYGXMSREHSTXMSRERH MQTPIQIRXEXMSR SJ RI[ ERH MQTVSZIH HMEKRSWXMGW QIHMGMRIW ERH ZEGGMRIW [MXLXLIKSEPSJQE\MQM^MRKXLIMV[MHIWTVIEHYWI[LMPIQMRMQM^MRKHIPE]W8S FIWYGGIWWJYPXLIVIXSSPMRKTVSGIWWMRZSPZIWXLITEVXMGMTEXMSRSJE[MHIVERKI SJWXEOILSPHIVWEXXLIKPSFEPERHGSYRXV]PIZIPWERHXLIGSRWMHIVEXMSRSJE RYQFIVSJOI]GSQTSRIRXWMRGPYHMRKEREWWIWWQIRXSJEGSYRXV]«WGETEGMX]XS EHSTXERHMQTPIQIRXERI[XIGLRSPSK]
)ZEPYEXMSRERHHIQSRWXVEXMSRSJRI[XSSPW 284QEREKIVWRIIHXSOIITEFVIEWXSJVIWIEVGLHIZIPSTQIRXW8LI284LEW ERIWWIRXMEPVSPIMRXLIIWXEFPMWLQIRXSJGPMRMGEPXVMEPTPEXJSVQWJSVXLIIZEPYE XMSRERHHIQSRWXVEXMSRSJRI[XSSPW HMEKRSWXMGWHVYKWERHZEGGMRIW 'PMRMGEP XVMEPWVIUYMVIWXERHEVHIXLMGEPETTVSZEP%WRI[XSSPWFIGSQIEZEMPEFPI284 QEREKIVW[MPPFIMRZSPZIHMRXLITVSGIWWSJIRWYVMRKXLIMVWQSSXLERHVETMH XVERWMXMSRHMVIGXP]XSXLI´IPH4VITEVEXMSRWJSVMRGSVTSVEXMRKRI[XSSPWMRXS 284EGXMZMXMIWMRGPYHIVIKYPEXSV]ETTVSZEPSJRI[XSSPWHIZIPSTMRKTYVGLEWMRK QIGLERMWQWERHXVEMRMRKXLILIEPXLGEVI[SVOIVW[LS[MPPYWIERHEHQMRMWXIV XLIQMRXLI´IPH
7II[[[WXSTXFSVKVIXSSPMRK
630)3*2%8-32%089&)6'9037-7'328630463+6%11)7-26)7)%6',
&EWMGVIWIEVGL 1SVI FEWMG VIWIEVGL MW RIGIWWEV] XS EHHVIWW JYRHEQIRXEP KETW MR XLI WGM IRGIERHYRHIVWXERHMRKSJXLIFMSPSK]ERHTEXLSKIRIWMWSJ1XYFIVGYPSWMW %HZERGIWMRFEWMG8&VIWIEVGLEVIRIIHIHXSKIRIVEXIXLIHMWGSZIV]SJRI[ EKIRXWXSWYWXEMRXLITMTIPMRISJVIWIEVGLERHXLIHIZIPSTQIRXSJRI[XSSPW 8LVSYKL XLI 7XST 8& 4EVXRIVWLMT 284W QE] TPE] E VSPI MR EHZSGEXMRK JSV MRGVIEWIHMRZIWXQIRXMRJYRHEQIRXEPWGMIRXM´GVIWIEVGLSR8&XSJSVXMJ]XLI JSYRHEXMSRWSJORS[PIHKIXLEX[MPPPIEHXSOI]EHZERGIQIRXWMRXLI´IPH
/I]VIJIVIRGIW (IZIPSTMRKGSYRXVMIWXEOIEGVIEXMZIETTVSEGLXS6 (+IRIZE;SVPH,IEPXL3VKERM^E XMSR EZEMPEFPIEXLXXT[[[[LSMRXFYPPIXMRZSPYQIWJIEXYVIIRTVMRX LXQPEGGIWWIH1EVGL ,EVHSR%IXEP%TTPMIHLIEPXLVIWIEVGLQERYEPERXLVSTSPSK]SJLIEPXLERHLIEPXL GEVIVIZMWIHIHMXMSR,IX7TMRLYMW%QWXIVHEQ ,EVVMIW%(-RXIKVEXMSRSJSTIVEXMSREPVIWIEVGLMRXS2EXMSREP8YFIVGYPSWMW'SRXVSPTVS KVEQQIW8YFIVGYPSWMW¦ 2I[XIGLRSPSKMIWJSVXYFIVGYPSWMWGSRXVSPEJVEQI[SVOJSVXLIMVEHSTXMSRMRXVSHYGXMSR ERHMQTPIQIRXEXMSR+IRIZE;SVPH,IEPXL3VKERM^EXMSR 7TIGMEP 4VSKVEQQI JSV 6IWIEVGL ERH 8VEMRMRK MR 8VSTMGEP (MWIEWIW 8(6 7GMIRXM´G ;SVOMRK+VSYTSR8YFIVGYPSWMW1IIXMRKVITSVX¦3GXSFIV+IRIZE7[MX^IV PERH+IRIZE;SVPH,IEPXL3VKERM^EXMSR 8(67;+ 7XST8&6IWIEVGL1SZIQIRX[IFTEKILXXT[[[WXSTXFSVKVIWIEVGLQSZIQIRX 8&,-:VIWIEVGLTVMSVMXMIWMRVIWSYVGIPMQMXIHWIXXMRKW6ITSVXSJERI\TIVXGSRWYPXEXMSR ¦*IFVYEV]+IRIZE7[MX^IVPERH+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& EZEMPEFPI EX LXXT[LUPMFHSG[LSMRXLU;,3C,81C 8&CTHJ
%22)<
7XVEXIK]JSVXLIGSRXVSPERH IPMQMREXMSRSJXYFIVGYPSWMW -RXVSHYGXMSR
8
LI7XST8&7XVEXIK] ¦ TEZIWXLI[E]JSVGSRXVSPPMRKXYFIVGYPSWMW 8& ERHFI]SRHXS[EVHWXLIPSRKXIVQKSEPSJIPMQMREXMRKXLIHMWIEWI EW E KPSFEP LIEPXL TVSFPIQ F] 8& IPMQMREXMSR MW HI´RIH EW EGLMIZMRK ERMRGMHIRGISJPIWWXLERGEWISJMRJIGXMSYW8&TIVQMPPMSRTSTYPEXMSRSVE TVIZEPIRGISJPEXIRX8&MRJIGXMSRSJPIWWXLER 7IZIVEPGSYRXVMIWLEZIEPVIEH] VIEGLIHXLI8&IPMQMREXMSRTLEWISXLIVWEVII\TIGXIHXSHSWSMRXLIJSVIWII EFPIJYXYVI8LI8&IPMQMREXMSRTLEWIMWHI´RIHEWERMRGMHIRGISJJI[IVXLER GEWIWTIVTSTYPEXMSR 8LIWXVEXIK]JSV8&IPMQMREXMSRMRZSPZIWXLIMQTPIQIRXEXMSRSJMRXIVZIRXMSRW EHHMXMSREPXSWXERHEVH8&GSRXVSPQIEWYVIW-XMWRSXSRP]VIPIZERXXSGSYRXVMIW [MXLEPS[MRGMHIRGISJXLIHMWIEWIXLEXEVIETTVSEGLMRKXLIIPMQMREXMSRTLEWI FYXWLSYPHEPWSFIGSRWMHIVIHF]GSYRXVMIW[MXLERMRXIVQIHMEXIERHWXIEHMP] HIGVIEWMRK8&MRGMHIRGI MI GEWIWTIVTSTYPEXMSR 8LMWERRI\TVSZMHIWERSZIVZMI[SJXLIIWWIRXMEPTVIVIUYMWMXIWJSV8&IPMQMRE XMSR HIWGVMFIW WSQI VIPIZERX MRXIVZIRXMSRW JSV GSYRXVMIW MR XLI IPMQMREXMSR TLEWIERHI\EQMRIWXLIGLEPPIRKIWMRZSPZIHMRTPERRMRKJSV8&IPMQMREXMSR 'SYRXV]I\EQTPIWJVSQ'YFE &S\% -XEP] &S\% XLI2IXLIVPERHW &S\% 7PSZEOME &S\% ERHXLI9RMXIH/MRKHSQ &S\% MPPYWXVEXIXLIVIPEXMSRWLMT FIX[IIR ITMHIQMSPSKMGEP XVIRHW ERH MQTPIQIRXEXMSR SJ MRXIVZIRXMSRW JSV 8& IPMQMREXMSR %WEVIWYPXSJKPSFEPM^EXMSRXLIIPMQMREXMSRSJ8&MRPS[MRGMHIRGIGSYRXVMIW [MPPHITIRHYTSRXLIEGLMIZIQIRXSJKPSFEP8&GSRXVSP-XMWXLIVIJSVIIWWIRXMEP XLEXXLIWIGSYRXVMIWGSRXMRYIXSWYTTSVXXLIMQTPIQIRXEXMSRSJIJJIGXMZI8& GSRXVSPMRLMKLMRGMHIRGIEVIEWERHWIXXMRKWMRTEVEPPIP[MXLXLIMRXVSHYGXMSRSJ IPMQMREXMSRWXVEXIKMIW
% 7XVEXIK]JSVGSRXVSPERHIPMQMREXMSR 8LI7XST8&7XVEXIK]WIXWSYXXLIOI]WXITWJSVGSQTVILIRWMZI8&GSRXVSP8LI JSGYWJSVXLIIPMQMREXMSRSJ8&MRPS[MRGMHIRGIGSYRXVMIWERHXLITVMSVMXMIWJSV MQTPIQIRXEXMSR SJ XLI 8& IPMQMREXMSR WXVEXIK] MRZSPZI WSQI QSHM´GEXMSR SJ
%,%2(&33/*362%8-32%08&'328630463+6%11)7
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´RKIVTVMRXMRKXSMHIRXMJ]TEXXIVRWSJXVERWQMWWMSR ERHEWWIWWUYEPMX]SJTIVJSVQERGISJPEFSVEXSVMIW 4VIZIRXMZIXVIEXQIRXJSVIZIV]8&GSRXEGXERHJSVTISTPIPMZMRK[MXL,-:%-(7 3JJIVMRKER,-:XIWXJVIISJGLEVKIXSIZIV]TIVWSRPMZMRK[MXL8& -QTVSZMRKLIEPXLIHYGEXMSRJSVGSQQYRMXMIW[MXLLMKLIVMRGMHIRGISVTVIZEPIRGIVEXIW ERHLMKLVMWOKVSYTWWYGLEWTVMWSRIVW
XLIWXERHEVHETTVSEGLIWXS8&GSRXVSP(YVMRKXLIIPMQMREXMSRTLEWIIQTLEWMW RIIHWXSFITPEGIHSRMRXIVZIRXMSRWJSV M LMKLVMWOKVSYTQEREKIQIRX MM SYXFVIEOQEREKIQIRXERH MMM MRJIGXMSRGSRXVSP " .BOBHFNFOUPGIJHISJTLHSPVQT 8LIQEREKIQIRXSJLMKLVMWOKVSYTWMRZSPZIWXLIMHIRXM´GEXMSRSJWTIGM´GTST YPEXMSRKVSYTW[LSEVIEXMRGVIEWIHVMWOSJ8& SV8&MRJIGXMSR ERHXLIMQTPI QIRXEXMSRSJWXVEXIKMIWJSVEGXMZI8&GEWI´RHMRKEW[IPPEWXLIMHIRXM´GEXMSRSJ PEXIRX8&MRJIGXMSRIRWYVMRKTVSZMWMSRSJWYTIVZMWIHERHWYTTSVXIHXVIEXQIRX ERHQSRMXSVMRKSJXVIEXQIRXSYXGSQIW8LITSPMG]JSVLMKLVMWOKVSYTQEREKI QIRXWLSYPHWTIGMJ]LS[VMWOKVSYTWEVIHI´RIHMRXLIGSYRXV]SVVIKMSRIK F]ITMHIQMSPSKMGEPGLEVEGXIVMWXMGWWYGLEWEWTIGM´IHXLVIWLSPHSJ8&MRGMHIRGI SV LMKL TVIZEPIRGI SJ VMWO JEGXSVW JSV 8& VIGIRX MQQMKVEXMSR JVSQ LMKL 8& MRGMHIRGIGSYRXVMIWHITVMZEXMSREPGSLSPERHWYFWXERGIQMWYWIQEPRYXVMXMSR LSQIPIWWRIWW ERHSVF]GSWXIJJIGXMZIRIWWGSRWMHIVEXMSRW
%22)<786%8)+=*368,)'328630%2()0-1-2%8-323*89&)6'9037-7
#09" 453"5&(:'03&-*.*/"5*/(56#&3$6-04*4*/*5"-: -XEP]RSXM´IHSRP]RI[8&GEWIW WTYXYQWQIEVTSWMXMZI TIVTSTYPEXMSRERH ETVIZEPIRGISJPEXIRXMRJIGXMSRFIPS[ MR]SYRKGSLSVXW EKIH ]IEVW MRERHMW ETTVSEGLMRKXLIIPMQMREXMSRTLEWI+YMHIPMRIWERHEPIKEPJVEQI[SVO[IVIHIZIPSTIHMR XLIIEVP]WEMQIHEXMQTVSZMRKVMWOKVSYTQEREKIQIRXSYXFVIEOQEREKIQIRXERH MRJIGXMSRGSRXVSPMRGSRKVIKEXIWIXXMRKW7MRGIEPP8&GEWIWQYWXFIRSXM´IHF]FSXL GPMRMGMERWERHPEFSVEXSVMIW8LI2EXMSREP8&7XYH]+VSYTSJXLI%WWSGME^MSRI-XEPMERE 4RIYQSPSKM3WTIHEPMIVM %-43 TVSQSXIHHIZIPSTQIRXSJGSQTVILIRWMZIKYMHIPMRIWSR 8&GSRXVSPHMWGYWWMSR[MXLMRXLIWGMIRXM´GERHTYFPMGLIEPXLGSQQYRMX]ERHIZEPYEXMSRSJ XLIMVMQTEGX +SZIVRQIRXGSQQMXQIRXMWEXXIWXIHF]XLIPIKEPEHSTXMSRSJXLIWIKYMHIPMRIWERH XLIIWXEFPMWLQIRXSJGIRXVIWJSVHMWIEWIGSRXVSPEGXMRKEWEJVEQI[SVOJSVE2EXMSREP 8&'SQQMWWMSRRSQMREXIHF]XLI1MRMWXV]SJ,IEPXL MRGPYHMRKVITVIWIRXEXMZIWSJ WGMIRXM´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´RKIVTVMRXMRKSJEPP HVYKVIWMWXERXGEWIW (I´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¦ 1MKPMSVM+&IXEP XLI7XST8&-XEPME+VSYT6MTTIHJVSQXLILIEHPMRIWLS[GER[I LEVRIWWGSQQYRMGEXMSRWXSGSRXVSP8)YVSTIER6IWTMVEXSV].SYVREP¦
%,%2(&33/*362%8-32%08&'328630463+6%11)7
#09" 508"3%4&-*.*/"5*0/0'56#&3$6-04*4*/5)&/&5)&3-"/%4 8LI2IXLIVPERHWEXXEMRIHPS[8&TVIZEPIRGIMR[MXLERERRYEPMRGMHIRGISJJI[IV XLERGEWIWTIVTSTYPEXMSRTEVXP]EWEVIWYPXSJQEWW<VE]WGVIIRMRKMRXLI WERHW-RXLIWERHWXLIWXVEXIK]GSQTVMWIHTVSQTXHMEKRSWMWERH XVIEXQIRXSJW]QTXSQEXMGGEWIWGSRXEGXXVEGMRKEVSYRHMRJIGXMSYW8&GEWIWERHWGVIIRMRK SJMQQMKVERXW-RXLIWEQSVII\TPMGMXTSPMG]JSVQEREKIQIRXSJVMWOKVSYTW[EW JSVQYPEXIHERHREXMSR[MHI(2%´RKIVTVMRXMRKSJEPPWXVEMRW[EWMRXVSHYGIH-R SJ8&GEWIW[IVIHIXIGXIHF]TEWWMZIGEWI´RHMRKERH F]WGVIIRMRKVMWOKVSYTW 3*4,(3061."/"(&.&/5 7GVIIRMRKJSVEGXMZI8& 2I[P]EVVMZIHMQQMKVERXWERHEW]PYQWIIOIVWSFPMKEXSV]EXIRXV]ERHTIVMSHMGEPP]JSV TISTPIJVSQGSYRXVMIW[MXLE8&MRGMHIRGI"GEWIWTIVTSTYPEXMSR MRNIGXMRKHVYKYWIVWSRGISVX[MGIE]IEVHITIRHMRKSRPSGEPGMVGYQWXERGIW LSQIPIWWTISTPISRGISVX[MGIE]IEVHITIRHMRKSRPSGEPGMVGYQWXERGIW TVMWSRIVWSRGISRMRGEVGIVEXMSR GSRXEGXWSJMRJIGXMSYWTEXMIRXWSRGISVTIVMSHMGEPP] TVSJIWWMSREPGSRXEGXWSJVMWOKVSYTWTIVMSHMGEPP] 6MWOKVSYTQEREKIQIRXMRGPYHIWMRXIRWMZIWYTIVZMWMSR (38 F]8&RYVWIWSJXLI QYRMGMTEPLIEPXLWIVZMGIWJSVEPPTEXMIRXW[MXLTSXIRXMEPP]PS[GSQTPMERGI EW]PYQ WIIOIVWMRNIGXMRKHVYKYWIVWXLILSQIPIWWMPPIKEPMQQMKVERXWGLMPHVIRVIPETWIGEWIW VIWMWXERXGEWIW ERHXVIEXQIRXSYXGSQIQSRMXSVMRKJSVIEGLVMWOKVSYT 4DSFFOJOHGPS5#JOGFDUJPOBOEQSFWFOUJWFUSFBUNFOU 'SRXEGXWSJMRJIGXMSYW8&TEXMIRXW 4VSJIWWMSREPGSRXEGXWSJVMWOKVSYTW TIVMSHMGEPP] 4IVWSRW[MXLEVMWOJEGXSV GSQSVFMHMX] JSVFVIEOHS[RXSEGXMZIHMWIEWI 8VEZIPPIVWXSIRHIQMGEVIEW 065#3&",."/"(&.&/5 'SYRXV][MHI(2%´RKIVTVMRXMRKSJEPPGYPXYVITSWMXMZIMWSPEXIW *SPPS[YTSJITMHIQMSPSKMGEPPMROWXSMHIRXMJ]KVS[MRKGPYWXIVWERHYRSFWIVZIH XVERWQMWWMSR */'&$5*0/$0/530 %HIUYEXIMWSPEXMSRSJMRJIGXMSYWTEXMIRXWMRFSXLMRTEXMIRXERHSYXTEXMIRXWIXXMRKW %HIUYEXIMRWXMXYXMSREPMRJIGXMSRGSRXVSPQIEWYVIW 1SFSFRVJTJUFTJSVIJJIGXMZI8&GSRXVSPERHIPMQMREXMSREVIMRTPEGIWYTTSVXMRKREXMSREPERH HIGIRXVEPM^IHWXVYGXYVIW 2EXMSREP8&GSRXVSPTSPMG]GSQQMXXII5YEVXIVP]QIIXMRKSJMRHITIRHIRXKVSYTSJ TVSJIWWMSREPW[MXLWGMIRXM´GTVEGXMGEPERHEHQMRMWXVEXMZII\TIVXMWIMR8&GSRXVSP 'SQTMPEXMSRSJREXMSREP8&TSPMG]JSVGSRXVSPERHIPMQMREXMSR 2EXMSREPWYTTSVXYRMX)\TIVXWEXGIRXVEPPIZIPXSGSSVHMREXIERHJEGMPMXEXI MQTPIQIRXEXMSRI\IGYXIWYVZIMPPERGITVSZMHIWYTTSVXERHWYTIVZMWMSRERHIZEPYEXI XLITIVJSVQERGISJREXMSREPGSRXVSPEGXMZMXMIW )ZEPYEXMSRSJVIWYPXWSJXLIVIKMSREP8&GSRXVSPTSPMG]REXMSREPERHMRXIVREXMSREP VIZMI[SJ8&GSRXVSPIZIV]´ZI]IEVW 7YVZIMPPERGIERHQSRMXSVMRK'SQTVMWMRK M [IFFEWIHGSPPIGXMSRSJMRHMZMHYEP HMEKRSWXMGHEXEXVIEXQIRXSYXGSQIWERHVIWYPXWSJGSRXEGXMRZIWXMKEXMSRJSVEPP8& TEXMIRXWERH MM QSRMXSVMRKW]WXIQJSVWGVIIRMRKTVSKVEQQIW *VIIEGGIWWMFPI8&WIVZMGIWEXQYRMGMTEPLIEPXLWIVZMGIERHLSWTMXEPW 3TIVEXMSREPVIWIEVGLXSHIZIPSTERHIZEPYEXI8&GSRXVSPMRXIVZIRXMSRW
%22)<786%8)+=*368,)'328630%2()0-1-2%8-323*89&)6'9037-7
#09" 453"5&(*&4'03$0/530-"/%&-*.*/"5*0/0'56#&3$6-04*4*/4-07",*" %W]WXIQEXMGETTVSEGLXSXLIXVIEXQIRXSJ8&WXEVXIHMR'^IGLSWPSZEOMEMRXLIQMHHPI SJXLIXLGIRXYV]8LI2EXMSREP8&1EREKIQIRX'SQQMXXII¦EREHZMWSV]FSH] IWXEFPMWLIHF]XLI1MRMWXV]SJ,IEPXL¦MWRS[VIWTSRWMFPIJSVTVSZMHMRKKYMHERGISR GSRXVSPERHIPMQMREXMSRSJ8&MR7PSZEOME8LI1MRMWXV]IRHSVWIHEPIKEPJVEQI[SVOJSV 8&GSRXVSPXLEXEPPS[WLIEPXLGEVITVSJIWWMSREPWXSIRJSVGIMWSPEXMSRHMEKRSWMWERH XVIEXQIRXSJRSRGSQTPMERXTEXMIRXW8LIREXMSREPGSSVHMREXMSRGIRXVIJSV8&MWPSGEXIHMR XLI2EXMSREP-RWXMXYXIJSV8YFIVGYPSWMW0YRK(MWIEWIWERH8LSVEGMG7YVKIV]%REXMSREP8& VIKMWXIV[MXLMRHMZMHYEPM^IHHEXESR8&TEXMIRXWLEWFIIRMRYWIWMRGIER1(68& YRMX[EWGVIEXIHMR8LIVIMWEPMROFIX[IIRVITSVXWTVSZMHIHF]GPMRMGMERWERHXLI PEFSVEXSVMIWSRGEWI´RHMRKSJWQIEVERHGYPXYVITSWMXMZI8&8LIREXMSREPKYMHIPMRIW EVIVIKYPEVP]YTHEXIHXSEHHVIWWRI[HIZIPSTQIRXWMR8&GSRXVSPERHMRGSVTSVEXIRI[ ;,3VIGSQQIRHEXMSRW ¦-QTPIQIRXEXMSRSJXLI(387WXVEXIK] ¦-QTPIQIRXEXMSRSJXLIRI[VITSVXMRKW]WXIQ ¦-RXVSHYGXMSRSJRI[HMEKRSWXMGQIXLSHWJSVWGVIIRMRKJSV8&MRJIGXMSR 'SRXEGXMRZIWXMKEXMSRMWGEVVMIHSYXJSVGSRXEGXWSJMRJIGXMSYW8&TEXMIRXWTVSJIWWMSREP GSRXEGXWSJVMWOKVSYTWERHTISTPI[MXLVMWOJEGXSVWJSV8&0EXIRX8&MRJIGXMSRMWHIXIGXIH F]XYFIVGYPMRWOMRXIWXMRKERHMRXIVJIVSRKEQQEEWWE]W-RHMZMHYEPW[MXLTSWMXMZI WGVIIRMRKVIWYPXWVIGIMZITVIZIRXMZIXLIVET]%PPTEXMIRXW[MXLGSR´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
%,%2(&33/*362%8-32%08&'328630463+6%11)7
#09" '0$64*/(0/)*()3*4,(30614'035)&&-*.*/"5*0/0'56#&3$6-04*4 */5)&6/*5&%,*/(%0. 'SRXVSPSJ8&MRXLI9RMXIH/MRKHSQMWTEXMIRXGIRXVIHERHXEOIWEGGSYRXSJXLI TEXMIRX«WMRHMZMHYEPRIIHWERHTVIJIVIRGIW-XMWFEWIHSRIZMHIRGIFEWIHKYMHIPMRIW GSQQMWWMSRIHF]XLI2EXMSREP-RWXMXYXIJSV,IEPXLERH'PMRMGEP)\GIPPIRGI 8VIEXQIRXEHLIVIRGI%PPTEXMIRXWEVIEWWIWWIHJSVVMWOJEGXSVWJSVXVIEXQIRXHIJEYPX XSMHIRXMJ]XLSWIVIUYMVMRKEHHMXMSREPWYTTSVX4EXMIRXWEVIMRZSPZIHMREPPXVIEXQIRX HIGMWMSRW)EGLTEXMIRXLEWEHIWMKREXIHLIEPXL[SVOIVERHVIGIMZIWMRJSVQEXMSRPIEµIXW EZEMPEFPIMREPPVIPIZERXPERKYEKIW 7XVIIXSVWLIPXIVH[IPPMRKLSQIPIWWTISTPIVIGIMZI MRGIRXMZIWJSVXVIEXQIRXEHLIVIRGIWYGLEWXIQTSVEV]EGGSQQSHEXMSR 1(68&VMWOEWWIWWQIRX%PPGEWIWEVIEWWIWWIHJSVHVYKVIWMWXERGIYWMRKWTYXYQGYPXYVI SRPMUYMHQIHMEERHXIWXIHJSV´VWXPMRIHVYKWIRWMXMZMX]8VIEXQIRXVIWTSRWIMWGPSWIP] QSRMXSVIHMRWYWTIGXIHGEWIW1(68&GEVIMWGSSVHMREXIHF]WTIGMEPMWXWXEOMRKMRXS EGGSYRXXLIZMI[WSJTEXMIRXWERHMRGPYHMRKWLEVIHGEVI ,MKLVMWOKVSYTWGVIIRMRK 2I[EVVMZEPWEVIMHIRXM´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´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
%22)<786%8)+=*368,)'328630%2()0-1-2%8-323*89&)6'9037-7
" 4DSFFOJOHGPSBDUJWF5# 7GVIIRMRKJSVEGXMZI8&WLSYPHFISJJIVIHVIKYPEVP]XSMRHMZMHYEPWMRLMKLVMWO KVSYTWERHEPPGEWIWWLSYPHFIEHIUYEXIP]XVIEXIHMRGPYHMRKXVIEXQIRXWYT TSVXERHQSRMXSVMRKSJXVIEXQIRXSYXGSQIW1ER]MRHMZMHYEPWMRLMKL8&VMWO KVSYTWEVIEPWSEXMRGVIEWIHVMWOSJXVIEXQIRXHIJEYPXS[MRKXSSXLIVGLEVEG XIVMWXMGWWYGLEWGLESXMGPMJIWX]PIWTW]GLSPSKMGEPHMWXYVFERGIWLSQIPIWWRIWW MQQMKVEXMSRPIKEP WXEXYW ERH LMKL QSFMPMX] 8LIWI MRHMZMHYEPW VIUYMVI MRXIR WMZIXVIEXQIRXWYTTSVXERHWYTIVZMWMSR MRGPYHMRKHMVIGXP]SFWIVZIHXLIVET] SV(38 )RSYKLWXEJJERHVIWSYVGIW MRGPYHMRKXMQIXVERWTSVXJEGMPMXMIWERH IREFPIVW WLSYPHFIEZEMPEFPIXSQIIXXLIRIIHWSJXLIWITEVXMGYPEVLMKLVMWO KVSYTW 1SRMXSVMRK XLI SYXGSQI SJ XVIEXQIRX MW IWWIRXMEP JSV IZEPYEXMSR SJ XLI]MIPHSJWGVIIRMRKERHXLISZIVEPPVIWYPXSJXLIMRXIVZIRXMSR8LITVSTSWIH XEVKIXWJSVLMKLVMWOKVSYTWEVIXSWGVIIR SJXLITSTYPEXMSRERHXSSFXEMR XVIEXQIRXWYGGIWW-REHHMXMSREPPGPSWIGSRXEGXWSJMRJIGXMSYW8&GEWIW WLSYPHFIWGVIIRIH 7GVIIRMRKSJWSQILMKLVMWOKVSYTWWYGLEWMPPIKEPMQQMKVERXWQE]MRZSPZIEHHM XMSREPTVSFPIQWFIGEYWIXLIWIMRHMZMHYEPWEVIRSXIEWMP]VIEGLIHF]XLILIEPXL W]WXIQ%GGIWWXSWIVZMGIWWLSYPHFIJEGMPMXEXIHERHMRGIRXMZIWGLIQIWTVSZMHIH MRSVHIVXSVIHYGIHMEKRSWXMGERHXVIEXQIRXHIPE]EWQYGLEWTSWWMFPI " 4DSFFOJOHGPS5#JOGFDUJPO 7GVIIRMRKJSVPEXIRX8&MRJIGXMSRYWMRKXYFIVGYPMRWOMRXIWXMRKERHSVMRXIVJIVSR KEQQEVIPIEWIEWWE]WWLSYPHFIGEVVMIHSYXVIKYPEVP]MRLMKLVMWOKVSYTWERH TSWMXMZIMRHMZMHYEPWWLSYPHFISJJIVIHTVIZIRXMZIXLIVET]MRGPYHMRKXVIEXQIRX WYTTSVXERHQSRMXSVMRKSJXVIEXQIRXSYXGSQIW 7SQIKVSYTWXLEXWLSYPHFITVMSVMXM^IHJSVPEXIRX8&WGVIIRMRKEVI 'SRXEGXWSJTEXMIRXW[MXLMRJIGXMSYW8&)JJIGXMZIGSRXEGXXVEGMRKXSMHIRXMJ] ERHWGVIIREPPMRHMZMHYEPWHMVIGXP]I\TSWIHXSEREGXMZI8&GEWIEW[IPPEW VIKYPEVWGVIIRMRKSJSXLIVMRHMZMHYEPWEXMRGVIEWIHVMWOFIGEYWISJXLIMVJVI UYIRXGSRXEGX[MXLLMKLVMWOKVSYTW 4VSJIWWMSREPGSRXEGXWSJLMKLVMWOKVSYTW3GGYTEXMSREPLIEPXLHITEVXQIRXW WLSYPHSJJIVVIKYPEVWGVIIRMRKXSEPPWXEJJ[LSLEZIJVIUYIRXTVSJIWWMSREP GSRXEGX[MXLQIQFIVWSJER]LMKLVMWOKVSYTTEVXMGYPEVP]MJGEWI´RHMRKMR XLIVMWOKVSYTVIZIEPWELMKLMRGMHIRGISJWQIEVTSWMXMZI8& -RHMZMHYEPW[MXLVMWOJEGXSVWGSQSVFMHMX]JSVHIZIPSTMRKEGXMZIHMWIEWI-RHM ZMHYEPWEXVMWOSJHIZIPSTMRKEGXMZI8&WLSYPHVIGIMZIWTIGMEPTVIZIRXMZIGEVI )TMHIQMSPSKMGEPEREP]WMWSJWIRWMXMZMX]WTIGM´GMX]ERHTSWMXMZIERHRIKEXMZI TVIHMGXMZIZEPYIWQMKLXLIPTHIXIVQMRIPS[IVGYXSJJZEPYIWJSVXLIHMEKRSWMW SJPEXIRX8&MRJIGXMSRMRXLIWIKVSYTW
%,%2(&33/*362%8-32%08&'328630463+6%11)7
" .BOBHFNFOUPGPVUCSFBLT %HIUYEXIWYVZIMPPERGIW]WXIQWWLSYPHFIMRTPEGIXSIRWYVIIEVP]MHIRXM´GE XMSRSJSYXFVIEOW)TMHIQMSPSKMGEPEREP]WMWSJ8&GEWIWERH(2%´RKIVTVMRXMRK [LMGLIREFPIWXLIGSR´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´GMIRG]ZMVYWWXEXYW ERHHEXEJVSQGSWX IJJIGXMZIRIWWWXYHMIW-HIRXMJ]MRKJEGXSVWXLEXQE]GSRXVMFYXIXSXVERWQMWWMSR JVSQTSXIRXMEPP]MRJIGXMSYWGEWIWERHMRWXMXYXMRKEHIUYEXIGSRXVSPQIEWYVIWEVI SJTVMQEV]MQTSVXERGI
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
%22)<786%8)+=*368,)'328630%2()0-1-2%8-323*89&)6'9037-7
%R EYXLSVMXEXMZI GIRXVEP FSH] XLEX VIZMI[W ERH HIZIPSTW IZMHIRGIFEWIH KYMHERGIJSV8&GSRXVSPERHIPMQMREXMSR8LMWMWRSXRIGIWWEVMP]EKSZIVR QIRXEPMRWXMXYXMSRERHMRQER]GSYRXVMIWMXGSYPHFIERMRHITIRHIRXKVSYT SJ EGEHIQMGW SV TVSJIWWMSREPW XLEX HIZIPSTW ERH IRHSVWIW TSPMGMIW ERH KYMHIPMRIWGSZIVMRKGEWI´RHMRKWXERHEVHM^IHXVIEXQIRXMQTPIQIRXEXMSRSJ LMKLVMWOKVSYTQEREKIQIRXERHMRJIGXMSRGSRXVSPTSPMGMIW8LMWREXMSREP8& GSRXVSPTSPMG]GSQQMXXIIWLSYPHMRGPYHIWGMIRXM´GTVEGXMGEPERHEHQMRMWXVE XMZII\TIVXMWI 8LIGSQTMPEXMSRSJTSPMGMIWERHKYMHIPMRIWGSRWXMXYXIWXLIREXMSREPTSPMG]JSV 8&GSRXVSPERHIPMQMREXMSR %REXMSREPWYTTSVXYRMXSJXIRJSVQIHF]EXIEQSJI\TIVMIRGIHI\TIVXWEX GIRXVEPPIZIPWLSYPHSZIVWIIXLIMQTPIQIRXEXMSRSJREXMSREPTSPMG]GSSVHM REXIEHIUYEXIWYVZIMPPERGITVSZMHIWYTTSVXERHWYTIVZMWMSRERHIZEPYEXI XLITIVJSVQERGISJREXMSREPGSRXVSPEGXMZMXMIW 8LIREXMSREP8&GSRXVSPRIX[SVOSJTVSJIWWMSREPWMRZSPZIHMRHEMP]8&GSR XVSPEGXMZMXMIWWLSYPHFIVIGSKRM^IHEWWYGLERH´RERGMEPP]WYTTSVXIH8LI XVMERKPI SJ JVSRXPMRI LSWTMXEP GPMRMGMERW FEGXIVMSPSKMGEP PEFSVEXSVMIW ERH VIKMSREP 8& TYFPMGLIEPXLWTIGMEPMWXWMWZMXEPXSXLMWGSRXVSPRIX[SVO8LI 8&GSRXVSPRIX[SVOWLSYPHEPWSMRGPYHIOI]MRHMZMHYEPWEXXLIQMRMWXVMIWSJ LIEPXLERHNYWXMGIWSGMEPWIVZMGIWREXMSREPVIJIVIRGIPEFSVEXSV]ERHSXLIV VIPIZERXMRWXMXYXMSRW )ZEPYEXMSRSJVIWYPXWSJXLIVIKMSREP8&GSRXVSPQIEWYVIWERHTSPMG]WLSYPH FIHSRIVIKYPEVP]F]ERI\XIVREPMRHITIRHIRXXIEQSJI\TIVXW0MOI[MWIEX PIEWXSRGIIZIV]´ZI]IEVWEGSYRXV][MHIEYHMXSVVIZMI[WLSYPHFIHSRIF] ERMRHITIRHIRXXIEQSJREXMSREPERHMRXIVREXMSREPI\TIVXW " -FHBMGSBNFXPSL 8LII\MWXIRGISJERETTVSTVMEXIPIKEPJVEQI[SVOMWIWWIRXMEPJSVGSRXVSPERH IPMQMREXMSRSJ8&8LIPIKEPJVEQI[SVOWLSYPHMRGPYHIRSXM´GEXMSRSJGEWIW VITSVXMRK SJ 1]GSFEGXIVMYQ XYFIVGYPSWMW MWSPEXIW ERH WIRWMXMZMX] TEXXIVRW MRGPYHMRKXLITIVJSVQERGISJ(2%´RKIVTVMRXMRK MRGPYHMRK[MXLSYXGSRWIRXSJ XLITEXMIRXYRHIVWTIGM´IHGSRHMXMSRW ´RERGMRKSJEGXMZIERHTEWWMZIGEWI ´RHMRK´RERGMRKSJ8&XVIEXQIRXMRGPYHMRK´RERGMEPWYTTSVXERHEGGSQQS HEXMSRXSMPPIKEPMQQMKVERXWHYVMRKXVIEXQIRXMRJIGXMSRGSRXVSPPIKEPTS[IVW ERHTVSGIHYVIWJSVGSQTYPWSV]MWSPEXMSRJSVHMEKRSWMWERHXVIEXQIRXMRRSR GSQTPMERXMRHMZMHYEPW " 4VSWFJMMBODFBOENPOJUPSJOH 1EMRXIRERGISJERI\XIRWMZIWYVZIMPPERGIERHQSRMXSVMRKW]WXIQEGGSVHMRKXS MRXIVREXMSREPVIGSKRM^IHWXERHEVHWXEMPSVIHXSXLIREXMSREPSVVIKMSREPWMXYE
%,%2(&33/*362%8-32%08&'328630463+6%11)7
XMSRMWXLIFEGOFSRISJXLI8&IPMQMREXMSRWXVEXIK]-XWLSYPHTVSZMHITVSQTX MRJSVQEXMSRSRXLIHMEKRSWMWERHXVIEXQIRXSYXGSQISJEPPGEWIWEW[IPPEW XLIVIWYPXWERH]MIPHSJGSRXEGXXVEGMRKERHLMKLVMWOKVSYTQEREKIQIRXEGXMZM XMIW " %/"¾OHFSQSJOUJOH 6SYXMRIREXMSR[MHI(2%´RKIVTVMRXMRKTVSZMHIWMQTSVXERXMRJSVQEXMSRHYVMRK XLIIPMQMREXMSRTLEWI M MXLIPTWXLIMHIRXM´GEXMSRSJITMHIQMSPSKMGEPPMROW FIX[IIRTEXMIRXWERHWYKKIWXWTEXXIVRWSJXVERWQMWWMSRWSQIXMQIWYRHIXIGX IHXLVSYKLXVEHMXMSREPGSRXEGXMRZIWXMKEXMSRW MM MXWLS[W[LIVIXVERWQMWWMSR GSRXMRYIWXSSGGYVMRVIKMSRWSVGSYRXVMIW[MXLPS[RYQFIVWSJGEWIW MMM MX WYTTSVXWXLIMHIRXM´GEXMSRSJWTIGM´GLMKLVMWOKVSYTWMRGPYWXIVW[LIVIMRJIG XMSRGSRXMRYIWXSWTVIEHHIWTMXIXVEHMXMSREPGSRXVSPQIEWYVIWERHJSV[LMGL SXLIVMRXIVZIRXMSRWWLSYPHFIGSRWMHIVIHERH MZ MXLIPTWXSMHIRXMJ]PEFSVE XSV]GVSWWGSRXEQMREXMSRKMZMRKMQTSVXERXMRJSVQEXMSRSRXLIUYEPMX]SJPEFS VEXSV]TIVJSVQERGITEVXMGYPEVP]MRXLSWIXLEXQE]LERHPISRP]WQEPPRYQFIVW SJWTIGMQIRWMRVIKMSRW[MXLJI[WYWTIGXSV8&GEWIW " "DDFTTJCMFTFSWJDFT %GGIWWXSHMEKRSWXMGERHXVIEXQIRXWIVZMGIWWLSYPHFIQEHIIEW]TEVXMGYPEVP] JSV XLSWI MRHMZMHYEPW MR LMKLVMWO KVSYTW MQQMKVERXW PIKEP ERH MPPIKEP XLI LSQIPIWWERHMRHMZMHYEPWHITIRHIRXSREPGSLSPERHMPPIKEPWYFWXERGIW7IV ZMGIWWLSYPHEPWSFIGYPXYVEPP]WIRWMXMZIERHXLIPEGOSJLIEPXLMRWYVERGISV MHIRXM´GEXMSRHSGYQIRXWWLSYPHRSXFIERMQTIHMQIRXXSEGGIWWXSXLILIEPXL W]WXIQ3RGI8&MWHMEKRSWIHWTIGMEPEVVERKIQIRXWJSVVMWOKVSYTW[MXLWTI GM´GHMJ´GYPXMIWWLSYPHFIQEHIXSJEGMPMXEXIXVIEXQIRXWYGGIWW " 5SBJOFETUBGG %HIUYEXIP] XVEMRIH WXEJJ [MXL XLI IWWIRXMEP ORS[PIHKI WOMPPW ERH EXXMXYHIW WLSYPHFIEZEMPEFPIEXEPPPIZIPW%RIHYGEXMSREPTPERJSVXLIHMJJIVIRXTVSJIW WMSREPWMRZSPZIHMR8&IPMQMREXMSRWLSYPHFIEZEMPEFPIMRGPYHMRKGPMRMGEPQMGVS FMSPSKMGEPERHTYFPMGLIEPXLWOMPPWEW[IPPEWWXEJJMRWSGMEPWIVZMGIW8VEMRMRKMR MRXIVGYPXYVEPGSQQYRMGEXMSRMWIWWIRXMEPWMRGIVETMHGEWI´RHMRKERHWYGGIWW JYPXVIEXQIRXEVIPEVKIP]HITIRHIRXSRMX " )FBMUIJOGPSNBUJPO 'YPXYVEPP]EHETXIH LIEPXL MRJSVQEXMSR QEXIVMEPW WLSYPH FI EZEMPEFPI 8LMW MRJSVQEXMSRMWHMVIGXIHXS[EVHWVIHYGMRKHIPE]WMRHMEKRSWMWTVSQSXMRKLMKL TEVXMGMTEXMSR MR WGVIIRMRK TVSKVEQQIW ERH WYTTSVXMRK XVIEXQIRX WYGGIWW 8VERWQMWWMSRSJXLIMRJSVQEXMSRXSWTIGM´GKVSYTWWLSYPHFIGEVVMIHSYXMRE QERRIVETTVSTVMEXIXSXLIKVSYTWGSRGIVRIH
%22)<786%8)+=*368,)'328630%2()0-1-2%8-323*89&)6'9037-7
" *OUFSOBUJPOBMDPPQFSBUJPO -RXIVREXMSREPGSSTIVEXMSRMWMQTSVXERXTEVXMGYPEVP]MRWQEPPSVQIHMYQWM^IH GSYRXVMIW[MXLEPS[MRGMHIRGISJ8& GEWIWTIVTSTYPEXMSR [LIVI XLIRYQFIVSJ8&GEWIWMWZIV]WQEPP%HSTXMSRSJVIKMSREPTSPMGMIWERHMRXIVRE XMSREPMRXIVGSYRXV]GSSTIVEXMSRERHWYTTSVX[MXLI\GLERKISJI\TIVMIRGIWERH MRJSVQEXMSRMRGPYHMRKXLIYWISJMRXIVREXMSREPI\TIVXWMRXLITVSGIWWSJEKVII MRKVIKMSREPTSPMGMIWERHWLEVIHWYVZIMPPERGIW]WXIQWQE]EPWSGSRXVMFYXIXS WSPZMRKGSQQSRTVSFPIQWERHIRWYVMRKEHIUYEXIIPMQMREXMSR
% 'LEPPIRKIW 4VSKVIWWMZIEHETXEXMSRSJXLISVKERM^EXMSRSJ8&GSRXVSPXSEPS[IVGEWIPSEH [LMPI QEMRXEMRMRK I\TIVXMWI ERH GSQQMXQIRX TVIWIRXW QENSV GLEPPIRKIW MR GSYRXVMIW[MXLEPS[ERHHIGPMRMRK8&MRGMHIRGI7TIGM´GMWWYIWVIUYMVMRKGSR WMHIVEXMSREVISYXPMRIHFIPS[ " 1SPKFDUJOHUSFOET %HETXEXMSRSJXLIWXVYGXYVIERHSVKERM^EXMSRSJ8&GSRXVSPXSEWYFWXERXMEPP] PS[IV GEWIPSEH VIUYMVIW TVSNIGXMSR SJ XVIRHW SZIV E ¦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¾OEJOH ;LMPIEGXMZIGEWI´RHMRKMWTMZSXEP[MXLMRLMKLVMWOKVSYTWTEWWMZIGEWI´RH MRKSJW]QTXSQEXMGGEWIW[MPPVIQEMRXLIQSWXMQTSVXERX[E]XSMHIRXMJ]RI[ 8& GEWIW MR XLI GSQQYRMX] 7XVEXIKMIW XS QEMRXEMR WXERHEVHW JSV HMEKRSWXMG WIVZMGIWERHXSTVIZIRXHMEKRSWXMGHIPE]W[MPPFIRIIHIH0EFSVEXSV]WIVZMGIW WLSYPHFIWYTIVZMWIHF]I\TIVXTVSJIWWMSREPWXSJYP´PVIUYMVIQIRXWSJUYEPMX] ERHWEJIX]%TVSGIWWSJGIRXVEPM^MRKPEFSVEXSV]EGXMZMXMIWMREJI[PEFSVEXSVMIW MRXLIGSYRXV]QE]FIIRZMWEKIHFEWIHSRGSRWYPXEXMSRWMRZSPZMRKREXMSREP I\TIVXGIRXVIWERHXLIQ]GSFEGXIVMEPVIJIVIRGIPEFSVEXSV]
%,%2(&33/*362%8-32%08&'328630463+6%11)7
3VKERM^EXMSRSJEGXMZIGEWI´RHMRKWLSYPHFIGSRWMHIVIHJSVGSYRXVMIWXLEXEVI ETTVSEGLMRKGEWITIVTSTYPEXMSR7GVIIRMRKJSV8&ERHJSVPEXIRX MRJIGXMSRWLSYPHFIGSRXMRYIHMRLMKLVMWOKVSYTWMRGPYHMRKMRGSRXEGXWSJ8& TEXMIRXW " .BJOUBJOJOHFYQFSUJTF &SXL XVIEXQIRX ERH XVIEXQIRX WYTIVZMWMSR VIUYMVI WOMPPW XLEX EVI HMJ´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´RIH " /FXJOUFSWFOUJPOT 2I[MRXIVZIRXMSRWWLSYPHFIGSRWMHIVIHJSVGSYRXVMIWXSEGGIPIVEXIXLIHIGPMRI MRXLIRYQFIVSJ8&GEWIW%RIJJIGXMZIZEGGMRI[SYPHFIXLIQSWXMQTSVXERX XSSPJSV8&IPMQMREXMSRFYXXLMWMWYRPMOIP]XSFIEZEMPEFPIMRXLIWLSVXXIVQ 6IHYGMRKXLITVIZEPIRGISJPEXIRX8&MRJIGXMSRXLVSYKLEGXMZIWGVIIRMRKERH TVIZIRXMZIXLIVET]WLSYPHFIGSRWMHIVIH
/I]VIJIVIRGIW %QIVMGER8LSVEGMG7SGMIX]'IRXIVWJSV(MWIEWI'SRXVSPERH4VIZIRXMSR-RJIGXMSYW(MW IEWIW7SGMIX]SJ%QIVMGEGSRXVSPPMRKXYFIVGYPSWMWMRXLI9RMXIH7XEXIW%QIVMGER.SYV REPSJ6IWTMVEXSV]ERH'VMXMGEP'EVI1IHMGMRI ¦ &SVKHSVJJ1;IXEP8YFIVGYPSWMWIPMQMREXMSRMRXLI2IXLIVPERHW)QIVKMRK-RJIGXMSYW (MWIEWIW ¦ &VSIOQERW.*IXEP)YVSTIERJVEQI[SVOJSVXYFIVGYPSWMWGSRXVSPERHIPMQMREXMSRMR GSYRXVMIW[MXLEPS[MRGMHIRGI)YVSTIER6IWTMVEXSV].SYVREP¦ 'PERG]0IXEP8YFIVGYPSWMWIPMQMREXMSRMRXLIGSYRXVMIWSJ)YVSTIERHSXLIVMRHYWXVMEP M^IHGSYRXVMIW)YVSTIER6IWTMVEXSV].SYVREP¦ 1MKPMSVM +& IX EP 8YFIVGYPSWMW QEREKIQIRX MR )YVSTI 6IGSQQIRHEXMSRW SJ E 8EWO *SVGISJXLI)YVSTIER6IWTMVEXSV]7SGMIX] )67 XLI;SVPH,IEPXL3VKERM^EXMSR ;,3 ERHXLI-RXIVREXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI -9%80( )YVSTI 6IKMSR)YVSTIER6IWTMVEXSV].SYVREP¦ 7X]FPS/8LIIPMQMREXMSRSJXYFIVGYPSWMWMR8LI2IXLIVPERHW&YPPIXMRSJXLI-RXIVRE XMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI ¦ ¦
An adequate strategy for the control of tuberculosis (TB) globally calls for a comprehensive approach to address all of the main constraints facing TB control, including emerging challenges, as well as the main risk factors influencing the incidence of TB, including socioeconomic and environmental aspects. Consequently, the scope of activities undertaken by national TB control programmes has greatly increased. The purpose of this handbook is to bring together in summarized form the issues, recommended strategies and practical measures involved in addressing each of the components of the Stop TB Strategy. The handbook has been prepared principally for use by national TB control programme managers and staff, as well as partner organizations and professionals involved in implementing TB control activities. Readers are provided with a concise account of the essential elements of a comprehensive TB control programme and an overview of the full range of activities that need to be implemented to achieve the TB control targets set for 2015. This publication is the successor to the WHO Tuberculosis Handbook published in 1998.
For further information about tuberculosis, please contact: Information Resource Centre HTM/STB World Health Organization 20 Avenue Appia 1211 Geneva 27 Switzerland www.who.int/tb
ISBN 978 92 4 154667 6