Die Kommunikation von Nachhaltigkeit

Christian Fieseler Die Kommunikation von Nachhaltigkeit

VS RESEARCH

Christian Fieseler

Die Kommunikation von Nachhaltigkeit Gesellschaftliche Verantwortung als Inhalt der Kapitalmarktkommunikation

Mit einem Geleitwort von Prof. Dr. Miriam Meckel

VS RESEARCH

Bibliografische Information Der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über abrufbar.

Dissertation Universität St. Gallen, 2007

1. Auflage 2008 Alle Rechte vorbehalten © VS Verlag für Sozialwissenschaften | GWV Fachverlage GmbH, Wiesbaden 2008 Lektorat: Christina M. Brian / Ingrid Walther Der VS Verlag für Sozialwissenschaften ist ein Unternehmen von Springer Science+Business Media. www.vs-verlag.de Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlags unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw. in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne der Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten wären und daher von jedermann benutzt werden dürften. Umschlaggestaltung: KünkelLopka Medienentwicklung, Heidelberg Gedruckt auf säurefreiem und chlorfrei gebleichtem Papier Printed in Germany ISBN 978-3-531-15902-7

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CWH GORKTKUEJGP 'TIGDPKUUGP MQP\GRVKQPGNNG )TWPFNCIGP H€T FKG 8GTDGUUGTWPI FGT -QOOWPKMCVKQP XQP UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP KO -CRKVCNOCTMV \W NKGHGTP &KG XQTNKGIGPFG #TDGKV YKNN OKV CPFGTGP 9QTVGP GKPGP $GKVTCI \WT $GCPVYQTVWPI FGT (TCIG NGKUVGP YGNEJG $GFGWVWPI FGO (CMVQT FGT ÂIGUGNNUEJCHV NKEJGP 8GTCPVYQTVWPIµ KP FGT 9CJTPGJOWPI FGT -CRKVCNOkTMVG KO #NNIGOGKPGP WPF KP FGT -CRKVCNOCTMVMQOOWPKMCVKQP KO $GUQPFGTGP \WMQOOV 5QOKV UVGNNV FKG #TDGKV GKPGP $CWUVGKP FCT WO FKG -QOOWPKMCVKQP XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ IGIGP€DGT FGP -CRKVCNOkTMVGP KP <WMWPHV UVTCVGIKUEJGT \W IGU VCNVGP &WTEJ FKG +FGPVKHKMCVKQP TGNGXCPVGT -GTPRWPMVG UQNNGP FKG #PHQTFGTWPIGP CP GKPG HWPFKGTVG WPF \KGNIGTKEJVGVG -QOOWPKMCVKQPURQNKVKM XQP 7PVGTPGJOGPU UGKVG UQYKG FGTGP /{INKEJMGKVGP 4KUKMGP WPF )TGP\GP CWU XGTUEJKGFGPGP $NKEMYKPMGNP DGNGWEJVGV YGTFGP
'TYCTVWPI CP 7PVGTPGJOGP UGKVGPU FGT -CRKVCNOkTMVG 5JCTGJQNFGT 8CNWG \W IGPGTKGTGP

5RCPPWPIUHGNF \YKUEJGP FGO 9WPUEJ PCEJ OGJT Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[´ WPF FGT 4GCNKVkV FGT INQDCNGP -CRKVCNOkTMVG


$KUNCPI MGKPG CWUTGKEJGPFG VJGQTGVKUEJG &WTEJFTKPIWPI FGU 6JGOCU WPVGT 'KPDG\WI GKPGT -QOOWPKMCVKQPURGTURGMVKXG

<WPGJOGPFG 0QVYGPFKIMGKV +PXGUVQT 4GNCVKQPU D\Y FCU -QOOWPKMCVKQPUOCPCIGOGPV CNNIGOGKP UVTCVGIKUEJGT \W IGUVCNVGP

#DDKNFWPI 

-CWO IGUKEJGTVG 'TMGPPVPKUUG €DGT FKG 9CJTPGJOWPI XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[´ KO -CRKVCNOCTMV

4GNGXCP\ WPF


 'KPH€JTWPI KP FCU 6JGOC

#WU YKUUGPUEJCHVNKEJGT 5KEJV YKTF YGKVGTJKP FKG €DGTIGQTFPGVG



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+5'# CNNIGOGKP CM\GRVKGTVG $GTKEJVUHQTOGP H€T WPVGTPGJOGTKUEJGU UQ\KCNGU WPF {MQNQIKUEJGU 'PICIGOGPV FWTEJ\WUGV\GP -QNM GV CN  *QRMKPU  1YGP  YCU YKGFGTWO FKG 7PVGTUWEJWPI FGU PQEJ YGKVIGJGPF WPGTHQTUEJ VGP 5VGNNGPYGTVGU KPPGTJCND FGT TGIWNkTGP -CRKVCNOCTMVMQOOWPKMCVKQP KO *KP DNKEM CWH FKG )GPGTKGTWPI PGWGT 'TMGPPVPKUUG CNU XKGNXGTURTGEJGPFGT GTUEJGKPGP NkUUV 8GTYGPFWPI GKPGU GZRNQTCVKXGP SWCNKVCVKXGP #PUCV\ &KGUG #TDGKV O{EJVG CWH FKG 8GTDKPFWPI \YKUEJGP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ WPF KJTGT -QO OWPKMCVKQP KP -CRKVCNOkTMVGP OKVVGNU GKPGU SWCNKVCVKXGP (QTUEJWPIUCPUCV\GU GKPIGJGP KP FGT *QHHPWPI FKG FGO 2JkPQOGP \WITWPFG NKGIGPFGP )T€PFG DGU



 'KPH€JTWPI KP FCU 6JGOC

UGT \W XGTUVGJGP > 8GTUWEJ FGP <WUCOOGPJCPI \YKUEJGP UQ\KCNGT WPF HKPCP \KGNNGT .GKUVWPI OKVVGNU SWCPVKVCVKXGT (QTUEJWPIUFGUKIPU \W WPVGTUWEJGP JCV KP FGP XGTICPIGPGP ,CJTGP \W GKPGT 4GKJG XQP 5VWFKGP OKV WPVGTUEJKGFNKEJGP OG VJQFKUEJGP #PUkV\GP PCOGPVNKEJ 2QTVHQNKQUVWFKGP 'TGKIPKUUVWFKGP WPF 4GITGU UKQPUCPCN[UGP IGH€JTV *KGTDGK YGTFGP 2QTVHQNKQUVWFKGP H€T FGP 8GTINGKEJ FGU 'THQNIGU XQP DGUQPFGTU PCEJJCNVKIGP 7PVGTPGJOGP IGIGP€DGT FGO DGUQPFGTU YGPKI PCEJJCNVKIGT 7PVGTPGJOGP JGTCPIG\QIGP 'TGKIPKUUVWFKGP XGTINGKEJGP YKG UKEJ PCEJJCNVKIGU QFGT PKEJVPCEJJCNVKIGU *CPFGNP MWT\HTKUVKI CWH FGP ${T UGPYGTV GKPGU 7PVGTPGJOGPU CWUYKTMV XIN 4CQ  (KNDGEM GV CN  4GITGUUKQPUCPCN[UGP WPVGTUWEJGP YKGFGTWO FKG NCPIHTKUVKIGP $G\KGJWPIGP \YK UEJGP PCEJJCNVKIGO 9KTVUEJCHVGP WPF HKPCP\KGNNGO 'THQNI



 (QTUEJWPIUHTCIGP #WUIGJGPF XQP FGT
(QTUEJWPIUHTCIGP





9KG YGTFGP 7PVGTPGJOGP KO -CRKVCNOCTMV YCJTIGPQOOGP WPF XQT YGNEJGP *GTCWUHQTFGTWPIGP UVGJGP -CRKVCNOCTMVVGKNPGJOGT FCDGK!

9GNEJGP 5VGNNGPYGTV PGJOGP (CMVQTGP FKG UKEJ KO YGKVGUVGP 5KPPG FGO 6JGOC Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ \WQTFPGP NCUUGP DGK KPUVKVWVKQPGNNGP +PXGUVQTGP #PCN[UVGP WPF 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP YKTMNKEJ GKP!



#DDKNFWPI 

#WH YGNEJG #TV WPF 9GKUG UQNNVG UQ\KCNGU WPF {MQNQIKUEJGU 'PICIGOGPV KO ÂMNCUUKUEJGP´ -CRKVCNOCTMV MQOOWPK\KGTV YGTFGP!

5[UVGOCVKM FGT (QTUEJWPIUHTCIGP

(QTUEJWPIUHTCIG  9KG YGTFGP 7PVGTPGJOGP KO -CRKVCNOCTMV ITWPFUkV\NKEJ YCJTIGPQOOGP WPF XQT YGNEJGP *GTCWUHQTFGTWPIGP UVGJGP -CRKVCNOCTMVVGKN PGJOGT FCDGK! 9CU UKPF FKG /GEJCPKUOGP OKVVGNU FGTGT +PXGUVQTGP #PCN[UVGP UQYKG 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP 'TYCTVWPIGP DG\€INKEJ FGT \WM€PHVK IGP 'PVYKEMNWPI GKPGU 7PVGTPGJOGPU GPVYKEMGNP!



 'KPH€JTWPI KP FCU 6JGOC

(QTUEJWPIUHTCIG  9GNEJGP 5VGNNGPYGTV PGJOGP (CMVQTGP FKG UKEJ KO YGKVGUVGP 5KPPG FGO 6JGOC Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ \WQTFPGP NCUUGP DGK KPUVKVWVKQPGNNGP +PXGUVQTGP #PCN[UVGP UQYKG 9KTVUEJCHVU WPF (KPCP\LQWTPC NKUVGP YKTMNKEJ GKP! +PYKGHGTP URKGNV IGUGNNUEJCHVNKEJG 8GTCPVYQTVWPI DGKURKGNU YGKUG FGT UQ\KCN XGTCPVYQTVNKEJG 7OICPI OKV /KVCTDGKVGTP WOYGNVHTGWPFNKEJG 2TQFWMVKQPURTQ\GUUG QFGT FKG *GTUVGNNWPI {MQNQIKUEJ UKPPXQNNGT 2TQFWMVG KP FGP

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#TDGKV CPIGOGUUGPGU 8GTHCJTGP FCTUVGNNV YKTF JKGT GTNkWVGTV YGTFGP 9GKVGTJKP YKTF FCU IGPCWG OGVJQFKUEJG 8QTIGJGP FKGUGT 7PVGTUWEJWPI CWUH€JTNKEJ DG UEJTKGDGP KPUDGUQPFGTG KO *KPDNKEM CWH FGP -TGKU FGT WPVGTUWEJVGP -CRKVCN OCTMVCMVGWTG FKG #TV WPF 9GKUG FGT &CVGPGTJGDWPI WPF CWUYGTVWPI UQYKG FKG 3WCNKVkV WPF #WUUCIGMTCHV FKGUGT URG\KGNNGP 7PVGTUWEJWPI &CU XKGTVG -CRKVGN YKFOGV UKEJ CPJCPF XQP +FGGP CWU FGT fMQPQOKG 2JKNQ UQRJKG FGT -QIPKVKQPU WPF 5Q\KCNRU[EJQNQIKG FGT /GFKGPYKTMWPIUHQTUEJWPI UQYKG FGP 'TMGPPVPKUUGP FGT 7PVGTUWEJWPI FGT (TCIG YKG -CRKVCNOCTMVVGKNPGJ OGT UKEJ GKPGP 'KPFTWEM XQP GKPGO 7PVGTPGJOGP XGTUEJCHHGP WPF XQT YGNEJGP *GTCWUHQTFGTWPIGP UKG FCDGK UVGJGP  KP FGT *QHHPWPI FCDGK FKG 4G\GRVKQP XQP -QOOWPKMCVKQP KO -CRKVCNOCTMV DGUUGT PCEJ\GKEJPGP \W M{PPGP > (TCIG PCEJ FGO 5VGNNGPYGTV FGP FKG IGUGNNUEJCHVNKEJG 8GTCPVYQTVWPI XQP 7PVGTPGJ OGP KP FGT -CRKVCNOCTMVMQOOWPKMCVKQP GKPPKOOV YKTF UQ KO 4CJOGP FGT € DGTIGQTFPGVGP (TCIG PCEJ FGT 0CVWT FGT OKV FGO 7PVGTPGJOGP XGTDWPFGPGP 'TYCTVWPIU WPF +PVGTRTGVCVKQPUUVTWMVWTGP PCEJIGICPIGP #PJCPF FGT #WUUCIGP FGT 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP YKTF YGKVGTJKP CWEJ GKP $NKEM CWH FGP OCUUGPOGFKCNGP #URGMV FKGUGT 'PVUEJGKFWPIUCWHICDG IGYQTHGP &CU H€PHVG -CRKVGN WPVGTUWEJV CWU FGT 2GTURGMVKXG FGT -CRKVCNOCTMVVGKNPGJ OGT FKG (TCIG PCEJ FGO 5VGNNGPYGTV XQP IGUGNNUEJCHVNKEJGO 'PICIGOGPV *KGT\W YKTF CPJCPF FGT #WUUCIGP FGT +PVGTXKGYRCTVPGT FGT 'KPHNWUU XQP UQ\KCNGP WPF {MQNQIKUEJGP -TKVGTKGP CWH FKG 7PVGTPGJOGPUYCJTPGJOWPI KO &GVCKN PCEJXQNN \QIGP &GP 7PVGTUWEJWPIUGTIGDPKUUGP YGTFGP YGKVGTJKP CWEJ FKG 'TMGPPVPKUUG DGTGKVU XQTJCPFGPGT .KVGTCVWTDGKVTkIG JCWRVUkEJNKEJ CWU FGP $GTGKEJGP FGU UVTC VGIKUEJGP /CPCIGOGPVU FGU +OCIG WPF 4GRWVCVKQPUOCPCIGOGPVU UQYKG FGU /CTMGVKPIU IGIGP€DGTIGUVGNNV WO FGP <WUCOOGPJCPI \YKUEJGP IGUGNNUEJCHVNK EJGO 'PICIGOGPV WPF -CRKVCNOCTMVYCJTPGJOWPI O{INKEJUV WOHCUUGPF FCT\W UVGNNGP &KG #TDGKV UEJNKGˆV KO UGEJUVGP -CRKVGN OKV FGT <WUCOOGPH€JTWPI FGT XGT UEJKGFGPGP #TIWOGPVCVKQPUNKPKGP KP GKPGP VJGQTGVKUEJGP #PUCV\ €DGT FGP 5VGN NGPYGTV XQP UQ\KCNGP WPF {MQNQIKUEJGP (CMVQTGP KP FGT -CRKVCNOCTMVMQOOWPK MCVKQP #WH )TWPFNCIG FGT 'T{TVGTWPIGP FGT XQTCPIGICPIGPGP -CRKVGN YKTF CWH IG\GKIV YKG FGT &KCNQI OKV YKEJVKIGP +PXGUVQTGP OKV (KPCP\CPCN[UVGP WPF OKV 9KTVUEJCHVULQWTPCNKUVGP €DGT UQ\KCNG WPF {MQNQIKUEJG $GNCPIG UKPPXQNN CWUIGUVCN VGV YGTFGP MCPP #PJCPF FGT URG\KGNNGP (TCIGUVGNNWPI PCEJ FGO 5VGNNGPYGTV XQP IGUGNNUEJCHVNKEJGO 'PICIGOGPV YKTF UQ GKPG CWEJ IGPGTGNN TGNGXCPVG 5KEJV FGU -QOOWPKMCVKQPUOCPCIGOGPVU RTkUGPVKGTV KP FGT FKG 'TYCTVWPIGP WPF +PHQTOC VKQPUDGF€THPKUUG FGT -QOOWPKMCVKQPURCTVPGT QFGT CPFGTU CWUIGFT€EMV GKPG CMVGWTUDG\QIGPG MQIPKVKXG 2GTURGMVKXG FGT 7PVGTPGJOGPUYCJTPGJOWPI KO /KVVGNRWPMV FGT gDGTNGIWPIGP UVGJV

 )TWPFNCIGP IGUGNNUEJCHVNKEJGT 8GTCPVYQTVWPI XQP 7PVGTPGJOGP

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#DDKNFWPI 

+PHQTOCVKQPU WPF -QOOWPKMCVKQPUDG\KGJWPIGP KO -CRKVCNOCTMV 2QThM  (KGUGNGT  5 

&KG GTUVG )TWRRG FKG FGT KPUVKVWVKQPGNNGP +PXGUVQTGP  CWEJ Â$W[5KFGµ IGPCPPV  WPVGTUEJGKFGV UKEJ XQP FGP 2TKXCVKPXGUVQTGP XQT CNNGO FWTEJ FGWVNKEJ J{JGTG #PNCIGXQNWOKPC WPF GPVURTGEJGPF IGUVCNVGVG URG\KHKUEJG IGUGV\NKEJG #WHNCIGP WPF #PNCIGTKEJVNKPKGP <W FGP YKEJVKIUVGP KPUVKVWVKQPGNNGP +PXGUVQTGP IGJ{TGP PGDGP 8GTUKEJGTWPIGP CWEJ -CRKVCNCPNCIGIGUGNNUEJCHVGP YGNEJG 8GTO{IGPU XGTYCNVWPI UQYQJN H€T KPUVKVWVKQPGNNG CNU CWEJ H€T RTKXCVG +PXGUVQTGP 2WDNKMWOU HQPFU DGVTGKDGP 8QT CNNGO FKG (QPFU CWU FGO CPIGNUkEJUKUEJGP 4CWO URKGNGP CWHITWPF FGT KJPGP \WT 8GTH€IWPI UVGJGPFGP WOHCPITGKEJGP /KVVGN GKPG DGFGW VGPFG 4QNNG CWH FGO -CRKVCNOCTMV )TWPFNCIG H€T FGP #PNCIGGPVUEJGKF GKPGU KPUVKVWVKQPGNNGP +PXGUVQTU UKPF FCDGK PGDGP TCVKQPCN MCNMWNKGTVGP $GYGTVWPIUMTKVG TKGP YKG \$ -WTU)GYKPP8GTJkNVPKU 5WOQHVJGRCTVU 'EQPQOKE 8CNWG #F FGF WPF %CUJHNQY RTQ #MVKG KP FGT 4GIGN CWEJ GKPG WOHCUUGPFG 7PVGTPGJOGPU CPCN[UG YGNEJG GKPG 4GKJG XQP PKEJVHKPCP\KGNNGP #PNCIGMTKVGTKGP WOHCUUV 1D UKEJ WPVGT FKGUGP PKEJVHKPCP\KGNNGP #PNCIGMTKVGTKGP CWEJ UQ\KCNG QFGT {MQNQIKUEJG DGHKPFGP KUV VJGQTGVKUEJ WPVGT CPFGTGO CWEJ XQP FGT #PNCIGUVTCVGIKG FGU LGYGKNKIGP +PXGUVQTU CDJkPIKI +PUVKVWVKQPGNNG +PXGUVQTGP NCUUGP UKEJ ITQD KP UQ IGPCPPVG )TQYVJ+PXGUVQTGP FKG KP FGT 4GIGN CP MWT\HTKUVKIGO €DGTFWTEJ UEJPKVVNKEJGO 'TVTCIU9CEJUVWO KPVGTGUUKGTV UKPF WPF KP UQ IGPCPPVG 8CNWG +PXGUVQTGP WPVGTUEJGKFGP YGNEJG GKPG QHVOCNU €DGT OGJTGTG ,CJTG TGKEJGPFG CP FGP (WPFCOGPVCNFCVGP GKPGU 7PVGTPGJOGPU QTKGPVKGTVG #PNCIGUVTCVGIKG XGTHQN IGP > 5VGNNGPYGTV XQP UQ\KCNGP WPF {MQNQIKUEJGP (CMVQTGP KUV XGTOWVNKEJ DGK FGP #PNCIGGPVUEJGKFWPIGP FGT NGV\VIGPCPPVGP )TWRRG J{JGT CWUIGRTkIV FC FKG 8GTYGPFWPI XQP GVJKUEJGP #PNCIGMTKVGTKGP H€T )TQYVJ+PXGUVQTGP PWT FCPP GKPG UKPPXQNNG 5VTCVGIKG FCTUVGNNV YGPP UKG \WM€PHVKIG #PNCIGVTGPFU KPPGTJCND UKPP



 )TWPFNCIGP IGUGNNUEJCHVNKEJGT 8GTCPVYQTVWPI XQP 7PVGTPGJOGP

XQNNGT
 -CRKVCNOkTMVG WPF IGUGNNUEJCHVNKEJG 8GTCPVYQTVWPI



HQTOGP OCˆIGDNKEJ FKG /GKPWPI €DGT GKP 7PVGTPGJOGP CWH FGP -CRKVCNOkTMVGP

-WRGTOCP  .CPI  .WPFJQNO  .WG\  8GTTGEEJKC  8GTTGE EJKC  <WEMGTOCP  4CIJWDKT  &CU  5VCVOCP  #WHITWPF FGU UVCTMGP 'KPHNWUUGU CWH FCU 8GTJCNVGP XQP +PXGUVQTGP KP (QTO XQP 'ORHGJ NWPIGP WPF 2TQIPQUGP YGTFGP #PCN[UVGP QHV CWEJ CNU ÂUWTTQICVG KPXGUVQTUµ

*KTUEJ  DG\GKEJPGV +P *KPDNKEM CWH FGP 5VGNNGPYGTV XQP UQ\KCNGP WPF {MQNQIKUEJGP (CMVQTGP KO 4CJOGP FGT +PXGUVOGPVCPCN[UG IKNV aJPNKEJGU YKG H€T FKG KPUVKVWVKQPGNNGP +PXGUVQTGP ° CWEJ UKG \KGJGP PKEJVHKPCP\KGNNG 7PVGTPGJOGPU HCMVQTGP KP KJT 7TVGKN GKP WPF CWEJ UKG XGTHCUUGP KJTG 5VWFKGP VGKNYGKUG H€T GKP 2WDNKMWO FCU CWH UQNEJG (CMVQTGP 9GTV NGIV #WEJ (KPCP\ WPF 9KTVUEJCHVULQWTPCNKUVGP UKPF YKEJVKIG #MVGWTG CWH FGP -CRKVCNOkTMVGP &KGU NKGIV GKPGTUGKVU KP FGT UGKV LGJGT GPIGP 8GTDKPFWPI \YK UEJGP -CRKVCNOkTMVGP WPF /GFKGP DGIT€PFGV UQYKG CPFGTGTUGKVU KP FGT 6CVUCEJG FCUU fMQPQOGP KP FGP NGV\VGP ,CJTGP (KPCP\LQWTPCNKUVGP CPIGUKEJVU FGT #WUYKT MWPIGP FGT (KPCP\ WPF 9KTVUEJCHVUDGTKEJVGTUVCVVWPI CWH FKG -CRKVCNOkTMVG \WPGJOGPF PKEJV NkPIGT CNU TGKPG -CRKVCNOCTMVDGQDCEJVGT UQPFGTP GJGT CNU GK IGPUVkPFKIG -CRKVCNOCTMVGKNPGJOGT CPUGJGP XIN \$ 5JKNNGT  5EJQP CPJCPF FGT JKUVQTKUEJGP $GKURKGNG FGU .QPFQPU WPF #OUVGTFCOU FGU CEJV\GJPVGP ,CJTJWPFGTVU KP FGO YKGFGTMGJTGPFG 5RGMWNCVKQPUDNCUGP CPIGHCPIGP XQO 6WN RGPETCUJ DKU JKP \WT 5€FUGGDNCUG XQP (KPCP\DNkVVGTP OKV FGO 8GTURTGEJGP OkT EJGPJCHVGT )GYKPPG CPIGJGK\V YWTFGP -[PCUVQP  \GKIV UKEJ FGT 'KPHNWUU FGT /GFKGP CWH FCU -CRKVCNOCTMVIGUEJGJGP )CP\ kJPNKEJ YWTFG XQT YGPKIGP ,CJTGP  OKV H€T FKG +PXGUVQTGP FGU CEJV\GJPVGP ,CJTJWPFGTVU PQEJ WPIGCJPVGP &KOGPUKQP  FKG ${TUGPJCWUUG KP FGP 6GEJPQNQIKG 6GNGMQOOWPKMCVKQPU WPF /GFKGPYGTVGP XQP FGT LQWTPCNKUVKUEJGP $GTKEJVGTUVCVVWPI CPIGHGWGTV WPF XGT UVkTMV DKU JKP \W FGO 2WPMV YQ DGTGKVU GKPHCEJG )GT€EJVG FKG -WTUG GZRNQFKGTGP NKGˆGP CDGT CWEJ GKPG UVCTMG -QTTGMVWT FGT €DGT\QIGPGP 'TYCTVWPIGP PCEJ UKEJ \QIGP -KPFNGDGTIGT  5JKNNGT  5JKNNGT  9KNNKCOU  6JTKHV  (€T 7PVGTPGJOGP UVGNNGP ,QWTPCNKUVGP GKPG PKEJV \W WPVGTUEJkV\GPFG Â


 )TWPFNCIGP IGUGNNUEJCHVNKEJGT 8GTCPVYQTVWPI XQP 7PVGTPGJOGP

 HQTOWNKGTV FKGU UQ ²9JGP EJCPIG QEEWTU VJGTG OC[ DG V[RKECNN[ DQVJ UGVU QH HCEVU VJCV UWIIGUV VJCV C EJCPIG UJQWNF JCXG JCRRGPGF CPF [GV CPQVJGT UGV VJCV UWIIGUVU KV UJQWNF PQV JCXG QEEWTTGF 6Q HQTO C EQJGTGPV CPF EQORNGVG UVQT[ TGRQTVGTU YKNN VGPF VQ HQEWU QP VJG HQTOGT UGV QH KPHQTOCVKQP CPF QOKV VJG NCVVGT³

5  5QHGTP FKG IGUGNNUEJCHVNKEJG 8GTCPVYQTVWPI XQP 7PVGTPGJOGP CNUQ GKP JKPTGKEJGPF YKEJVKIGU 6JGOC H€T ,QWTPCNKUVGP WPF FGTGP .GUGT FCTUVGNNV KUV CWEJ GKP GPVURTGEJGPFGT 5VGNNGPYGTV KP FGT 9KTVUEJCHVU WPF (KPCP\DGTKEJVGTUVCVVWPI \W GTYCTVGP /KV FGP KPUVKVWVKQPGNNGP +PXGUVQTGP FGP #PCN[UVGP 5GNN5KFG WPF $W[5KFG UQYKG FGP 9KTVUEJCHVUOGFKGP YWTFGP CWH FGP XGTICPIGPGP 5GKVGP FKG DGFGW VGPFUVGP )TWRRKGTWPIGP KO -CRKVCNOCTMV MWT\ EJCTCMVGTKUKGTV #WH WPVGTUEJKGFNK EJG 9GKUG ° FKTGMV WPF KPFKTGMV ° DGGKPHNWUUGP FKG /KVINKGFGT FGT (KPCP\IGOGKP FG FGP #MVKGPMWTU GKPGU 7PVGTPGJOGPU &COKV DGT€JTGP UKG WPOKVVGNDCT FGUUGP HKPCP\KGNNG $CUKU &KGUG YKGFGTWO GTO{INKEJV WPF DGITGP\V FCU UVTCVGIKUEJG *CPFNWPIURQVGPVKCN GDGPUQ YKG FCU NCPIHTKUVKIG gDGTNGDGP FGU 7PVGTPGJOGPU #WU FKGUGO )TWPF XGTUWEJGP 7PVGTPGJOGP FWTEJ -QOOWPKMCVKQPUCPUVTGPIWP IGP RQVGPVKGNNG +PXGUVQTGP XQO -CWH WPF $GUKV\ KJTGT 9GTVRCRKGTG \W €DGT\GW IGP  $GTKEJVGTUVCVVWPI WPF -CRKVCNOCTMVMQOOWPKMCVKQP /KV UGKPGT ${TUGPMQVKGTWPI XGTRHNKEJVGV UKEJ LGFGU 7PVGTPGJOGP \WT \GKVPCJGP WPF VTCPURCTGPVGP -QOOWPKMCVKQP OKV FGP -CRKVCNOCTMVGKNPGJOGTP WPF FGO LGYGKNKIGP *CPFGNURNCV\ +O 4CJOGP FGT #WHTGEJVGTJCNVWPI FGT -QVKGTWPI DGUVG JGP IGIGP€DGT FGT ${TUG CP FGT FCU 7PVGTPGJOGP IGJCPFGNV YKTF XGTUEJKGFGPG /GNFGRHNKEJVGP &KGUG 2WDNK\KVkVURHNKEJVGP UQNNGP UKEJGTUVGNNGP FCUU FGT ${TUG WPF FGP /CTMVVGKNPGJOGTP VGEJPKUEJG CFOKPKUVTCVKXG WPF {MQPQOKUEJG +PHQTOC VKQPGP €DGT FKG IGJCPFGNVGP 'HHGMVGP \GKVIGTGEJV WPF KP IGGKIPGVGT (QTO \WT 8GTH€IWPI UVGJGP #P FGT 5EJYGK\GT ${TUG 59: MQVKGTVG )GUGNNUEJCHVGP WPVGT NKGIGP IGOkˆ FGO -QVKGTWPIUTGINGOGPV FGT 59: 5YKUU 'ZEJCPIG PGDGP FGT RGTKQFKUEJGP 2WDNKMCVKQPURHNKEJV CWEJ FGT 8GTRHNKEJVWPI FGP /CTMV €DGT MWTUTG NGXCPVG 6CVUCEJGP YGNEJG PKEJV {HHGPVNKEJ DGMCPPV UKPF ÃCF JQE² \W KPHQTOKG TGP +PUDGUQPFGTG #TV  FGU TGXKFKGTVGP -QVKGTWPIUTGINGOGPVGU FGT 59: €DGT FKG $GMCPPVICDGRHNKEJV DGK MWTUTGNGXCPVGP 6CVUCEJGP #F JQE2WDNK\KVkV XGT RHNKEJVGV FGP 'OKVVGPV UQOKV FGP /CTMV \W KPHQTOKGTGP YGPP KP UGKPGO GKIGPGP 6kVKIMGKVUDGTGKEJ PGWG 6CVUCEJGP GKPIGVTGVGP UKPF FKG FGP ${TUGPMWTU GTJGDNKEJ DGGKPHNWUUGP M{PPGP $GK FKGUGT $GMCPPVICDGXGTRHNKEJVWPI JCPFGNV GU UKEJ NGFKINKEJ WO GKPGP /KPFGUVUVCPFCTF &CT€DGT JKPCWU XGTUWEJV FKG -CRKVCNOCTMVMQOOWPKMCVKQP GKPGU

 -CRKVCNOkTMVG WPF IGUGNNUEJCHVNKEJG 8GTCPVYQTVWPI



7PVGTPGJOGPU GPINKUEJ Â+PXGUVQT 4GNCVKQPUµ FWTEJ FGP #WH WPF #WUDCW GKPGT WOHCUUGPFGP +PHQTOCVKQPUUVTCVGIKG FKG 8GTUQTIWPI FGT #PNGIGT #PCN[UVGP WPF +PVGTGUUGPVGP OKV FGP PGWGUVGP 7PVGTPGJOGPUPCEJTKEJVGP WPF FCVGP UKEJGT\W UVGNNGP &KG OGKUVGP $GITKHHUFGHKPKVKQPGP XGTUVGJGP +PXGUVQT 4GNCVKQPU CNU FKG -QOOWPKMCVKQP GKPGU 7PVGTPGJOGPU OKV FGP #PURTWEJUITWRRGP FGU -CRKVCN OCTMVGU $CUMKP GV CN  5  DGUEJTGKDGP \WO $GKURKGN +PXGUVQT 4GNCVK QPU CNU FGP #WHDCW XQP RQUKVKXGP $G\KGJWPIGP OKV FGT (KPCP\IGOGKPFG Â(KPCP EKCN %QOOWPKV[µ 'DGPUQ XGTUVGJV #THKP  5  WPVGT +PXGUVQT 4GNCVKQPU FCU /CPCIGOGPV FGU +PHQTOCVKQPUHNWUUGU \YKUEJGP GKPGO 7PVGTPGJOGP WPF FGP 5VCMGJQNFGTP FGU -CRKVCNOCTMVGU WPVGT FGPGP #PFTGY  5  +PXGUVQTGP #PCN[UVGP UQYKG FKG 9KTVUEJCHVU WPF (KPCP\RTGUUG UWDUWOKGTV 'KPKIG &GHKPKVK QPGP UGJGP FCU 2WDNKMWO XQP +PXGUVQT 4GNCVKQPU GPIGT /CTUVQP WPF 5VTCMGT

 5  FGHKPKGTGP \WO $GKURKGN +PXGUVQT 4GNCVKQPU CNU FKG $G\KGJWPI \YK UEJGP 7PVGTPGJOGP WPF UGKPGP FGT\GKVKIGP WPF RQVGPVKGNNGP #MVKQPkTGP UGJT CPCNQI \W (CTTCIJGT -NGKOCP WPF $C\CU  5  $GTGKVU  DGITGP\VG 5CXCIG  5  FKG (KPCP\IGOGKPFG WPF FCOKV FKG


 )TWPFNCIGP IGUGNNUEJCHVNKEJGT 8GTCPVYQTVWPI XQP 7PVGTPGJOGP

JWPIUOCTMGVKPI (KPCP\ WPF #MVKGPOCTMGVKPI UQYKG KPPGTJCND FGU 4GEJ PWPIUYGUGP #WUUGTJCND FGT $GVTKGDUYKTVUEJCHVUNGJTG YGTFGP FKG +PXGUVQT 4GNC VKQPU FCT€DGT JKPCWU CWEJ WPVGT MQOOWPKMCVKQPUYKUUGPUEJCHVNKEJGT UQ\KCNRU[ EJQNQIKUEJGT WPF LWTKUVKUEJGT 2GTURGMVKXG DGNGWEJVGV 2QThM #EJNGKVPGT (KGUGNGT  )TQVJ  5  1DYQJN +PXGUVQT 4GNCVKQPU MNCT GKPG -QOOWPKMCVKQPU FKU\KRNKP FCTUVGNNV WPF PGDGP FGT 8GTOKVVNWPI XQP (KPCP\FCVGP UKEJ KOOGT UVkTMGT OKV FGT $G\KGJWPIURHNGIG \W YKEJVKIGP #PURTWEJUITWRRGP DGUEJkHVKIV GZKUVKGTGP FGPPQEJ PWT UGJT YGPKIG CMCFGOKUEJG $GKVTkIG \W FKGUGO 6JGOC XIN /CTUVQP  5VTCMGT  5  2GVGTUGP WPF /CTVKP  XGTOKUUGP KPUDGUQPFGTG CMCFGOKUEJG $GKVTkIG CWU FGO $GTGKEJ FGU -QOOWPKMCVKQPUOCPCIGOGPVU ÃVJGQT[ DWKNFKPI UVWFKGU QH KPXGUVQT TGNCVKQPU CU C HWPEVKQP QH EQTRQTCVG RWDNKE TGNCVKQPU CTG TCTG KP VJG EQOOWPKECVKQP UEJQNCTN[ NKVGTCVWTG³ 5  #WU DG VTKGDUYKTVUEJCHVNKEJGT 5KEJV HKPFGP UKEJ KP FGT FGWVUEJURTCEJKIGP .KVGTCVWT gDGT UKEJVGP €DGT XGTUEJKGFGPG #URGMVG FGT +PXGUVQT 4GNCVKQPU DGK #EJNGKVPGT WPF $CUUGP  &TKNN  &€TT  (CN\  /GKGT2HKUVGT WPF 6JQO OGP  WPF 5kPIGT  +PXGUVQT 4GNCVKQPU UKPF GKP $KPFGINKGF \YKUEJGP 7PVGTPGJOGP WPF FGP KP VGTPCVKQPCNGP -CRKVCNOkTMVGP OKV KJTGP XKGNHkNVKIGP
 -CRKVCNOkTMVG WPF IGUGNNUEJCHVNKEJG 8GTCPVYQTVWPI



GKPG 4GFWMVKQP FGT +PHQTOCVKQPUCU[OOGVTKGP KO 8GTJkNVPKU XQP 'KIGPV€OGT \W )GUEJkHVUH€JTWPI CD FKG UQ IGPCPPVG 2TKPEKRCN#IGPV2TQDNGOCVKM 8GTVTCWGP YKTF CNUQ FWTEJ GKPG \WXGTNkUUKIG CMVWGNNG TGIGNOkˆKIG WPF ì KO 5KPPG GKPGT Â1PG 8QKEG 2QNKE[µ ì YKFGTURTWEJUHTGKG +PHQTOCVKQP FGT #PURTWEJUITWRRGP GT\GWIV &KG \WUkV\NKEJG +PHQTOCVKQPUDGTGKVUVGNNWPI MCPP KP FGT 6GPFGP\ \W GK PGO #DDCW XQP +PHQTOCVKQPUCU[OOGVTKGP DGKVTCIGP WPF FWTEJ FKG GTJ{JVG +P HQTOCVKQPUDTGKVG \WT XGTDGUUGTVGP 8KUKDKNKVkV FGU 7PVGTPGJOGPU DGKVTCIGP /GT VQP  5Q UVGNNGP \WO $GKURKGN #EJNGKVPGT )TQVJ WPF 2KGV\UEJ  H€T FGP FGWVUEJGP -CRKVCNOCTMV GKPGP UVCVKUVKUEJ UKIPKHKMCPVGP 'KPHNWUU FGT +PXGUVQT 4GNCVKQPU CWH FKG #PCN[UVGPCDFGEMWPI HGUV #WEJ .CPI WPF .WPIJQNO  UQYKG *GCN[ *WVVQP WPF 2CNGRW  \GKIVGP KP FKGUGO -QPVGZV FCUU 3WCNK VkVUkPFGTWPIGP FGT +PXGUVQT 4GNCVKQPU FGP aPFGTWPIGP FGT #PCN[UVGPCDFGEMWPI XQTCWUIGJGP 'KP gDGTDNKEM €DGT YGKVGTG CWUIGYkJNVG FGWVUEJG WPF KPVGTPCVKQPC NG $GKVTkIG \WT +PXGUVQT4GNCVKQPU(QTUEJWPI KUV KP FGT PCEJHQNIGPFGP 6CDGNNG \WUCOOGPIGHCUUV #WVQT

,CJT #NNGPFQTH



/GVJQFKM $GHTCIWPI FGT  &#: 7PVGTPGJOGP WPF FGUMTKRVKXG /GUUWPIGP

.CPI WPF .WPFJQNO



/WNVKRNG 4GITGUUKQPUCPCN[UG

(TCPEKU GV CN 

'TGKIPKUUVWFKG$GQDCEJVWPIGP \W 757PVGTPGJOGP OKV 2Tk UGPVCVKQPGP DGK FGT 0GY ;QTM 5QEKGV[ QH 5GEWTKV[ #PCN[UVU

0;55#

6KGOCPP



$GHTCIWPI XQP  &8(# (K PCP\CPCN[UVGP 9KTMWPIUOQ

'TMGPPVPKU UG +O 8GTINGKEJ J{JGTGT (TGG (NQCV WPF IGTKPIGTG 8QNCVKNKVkV DGK +4CMVKXGP 7PVGTPGJOGP MGKPG 7PVGTUEJKGFG KP FGT TGNC VKXGP 2GTHQTOCPEG 2QUKVKXGT <WUCOOGPJCPI \YK UEJGP HTGKYKNNKIGT 1HHGPNGIWPI WPF JQJGT #PCN[UVGPCDFG EMWPI JQJGT 2Tk\KUKQP FGT #PCN[UVGPUEJkV\WPIGP UQYKG IGTKPIGTGT 5VTGWWPI XQP #PC N[UVGPUEJkV\WPIGP #PUVKGI FGT #PCN[UVGPCDFG EMWPI KO <WIG XQP \WUkV\NK EJGP +PHQTOCVKQPUCPUVTGPIWP IGP KO 4CJOGP FGT 2TkUGPVC VKQPGP MGKP UKIPKHKMCPVGT #P UVKGI FGU #MVKGPMWTUGU KP FGT )GUCOVITWRRG )GUCOVTKUKMQ WPF 3WCNKVkV FGT +PXGUVQT 4GNCVKQPU UVGJGP KP



 )TWPFNCIGP IGUGNNUEJCHVNKEJGT 8GTCPVYQTVWPI XQP 7PVGTPGJOGP FGNNKGTWPI DGK  /&#: 7PVGTPGJOGP $GHTCIWPI XQP  0'/#: WPF  5/#:9GTVGP *[RQ VJGUGP

PGICVKXGO <WUCOOGPJCPI CWH 2QTVHQNKQGDGPG &GWVUEJG 5KIPKHKMCPV J{JGTGT #PVGKN $CPM 4G KPUVKVWVKQPGNNGT +PXGUVQTGP WPF UGCTEJ (TGG (NQCV DGK +4CMVKXGP 7P

 VGTPGJOGP 5KIPKHKMCPVG gDGTTGPFKVGP KO *GCN[ GV CN 'TGKIPKUUVWFKG FGT 75

 7PVGTPGJOGP OKV UKIPKHKMCPVGP 'TGKIPKU WPF (QNIGLCJT FKG KP 6GKNGP CWH +48GTDGUUGTWPIGP #+/4 $GYGTVWPIUXGTDGUUG TWPIGP \WT +PHQTOCVKQPUSWCNK \WT€EM\WH€JTGP UKPF VkV %QGPGP 'TGKIPKUUVWFKG +PHQTOCVKQPUIGJCNV FGT
 OKV +43WCNKVkVU5EQTG CNU GKPGT XGT <WUCOOGPJCPI \YKUEJGP CDJkPIKIGP 8CTKCDNG WPF #PC 3WCNKVkV FGT +PXGUVQT 4GNCVKQPU N[UVGPCDFGEMWPI CNU WPCDJkP WPF #PCN[UVGPCDFGEMWPI IKIGT 8CTKCDNG 6CDGNNG  #WUIGYkJNVG $GKVTkIG FGT +4(QTUEJWPI 2QThM #EJNGKVPGT  (KGUGNGT  )TQVJ  5  &KG -CRKVCNOCTMVMQOOWPKMCVKQP GKPGU 7PVGTPGJOGPU UQNNVG DGKFGP
 -CRKVCNOkTMVG WPF IGUGNNUEJCHVNKEJG 8GTCPVYQTVWPI



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6TCPUMTKRVKQP



 (QTUEJWPIUMQP\GRV

+PUIGUCOV UKGJV SWCNKVCVKX QTKGPVKGTVG (QTUEJWPI YGPKI 5KPP FCTKP UKEJ PCEJ FGO +FGCN FGU -TKVKUEJGP 4CVKQPCNKUOWU FCTCWH \W DGUEJTkPMGP PWT XQT FGT &CVGPGT JGDWPI HQTOWNKGTVG *[RQVJGUGP \W €DGTRT€HGP &KG Â)TQWPFGF 6JGQT[µ NkUUV FCJGT FKG -QP\GRVDKNFWPI -QFGU WPF -QPUVTWMVG YkJTGPF FGT &CVGPGTJGDWPI DGYWUUV \W WPF YKNN UKG FWTEJUKEJVKI OCEJGP /C[TKPI  5  &KGUGU CWH FGP GTUVGP $NKEM UGJT NKDGTCN YKTMGPFG /GVJQFGPXGTUVkPFPKU FCTH CNNGTFKPIU PKEJV CNU (TGKDTKGH H€T GKP ÂCP[VJKPI IQGUµ KP FGT SWCNKVCVKXGP &CVGPCPCN[UG FGT Â)TQWP FGF 6JGQT[µ OKUUXGTUVCPFGP YGTFGP &CU /GVJQFGPXGTUVkPFPKU FGT Â)TQWPFGF 6JGQT[µ DGFGWVGV CWEJ PKEJV FCUU (QTUEJGT KJTG 7PVGTUWEJWPI QJPG FKG .GKVNKPKG GKPGT VJGQTGVKUEJGP 2GTURGMVKXG DGIKPPGP UQNNVGP 'U DGFGWVGV NGV\VGP 'PFGU FCUU (QTUEJGT PKEJV KO 8QTCWU FGHKPKGTVG -QPUVTWMVG WPF *[RQVJGUGP CP KJTG &CVGP UCOONWPI WPF #PCN[UG JGTCPVTCIGP UQNNVGP &KGUGU <WT€EMUVGNNGP XQP GZKUVKG TGPFGP 6JGQTKGP KUV FGT -GTP FGT XQP Â)TQWPFGF 6JGQT[µ XGTVTGVGPGP #WHHCUUWPI XQP 9KUUGP CNU GOGTIGPVGT 2TQ\GUU Â)TQWPFGF 6JGQT[µ UVGNNV GKPG KP UKEJ MQPUK UVGPVG OGVJQFQNQIKUEJ DGIT€PFGVG 5COONWPI XQP 8QTUEJNkIGP FCT FKG UKEJ H€T FKG 'T\GWIWPI IGJCNVXQNNGT 6JGQTKGP €DGT UQ\KCNYKUUGPUEJCHVNKEJG )TWPFNCIGP DGYKGUGP JCDGP WPF YKTF XQP #WVQTGP YKG 4QDGTVUQP  QFGT %TCPG  CWUFT€EMNKEJ H€T FKG GORKTKUEJG 7PVGTUWEJWPI XQP GVJKUEJGP (TCIGUVGNNWPIGP KP FGT 9KTVUEJCHV GORHQJNGP 'KP 2TQDNGO DGUVGJV CNNGTFKPIU FCTKP FCUU FGT $GITKHH XQP FGT Â)TQWPFGF 6JGQT[µ OKVVNGTYGKNG FQRRGNFGWVKI KUV 5VT€DKPI  8KGNOGJT GZKUVKGTGP \YGK 8CTKCPVGP FKGUGU 8GTHCJTGPU GKPG RTCIOCVKUVKUEJG XQP #PUGNO 5VTCWUU 5VTCWUU  %QTDKP  FKG GT VGKNYGKUG CNNGKP VGKNYGKUG OKV ,WNKGV %QTDKP KP KJTGP RTCM VKUEJGP &KOGPUKQPGP PkJGT CWUIGCTDGKVGV JCV WPF GKPG GORKTKUVKUEJG 8CTKCPVG XQP $CTPG[ )NCUGT FKG GT KP UGKPGO UGJT 5VTCWUUMTKVKUEJGP $WEJ Â'OGTIGPEG XU (QTEKPIµ )NCUGT  RQUVWNKGTV JCV &KGUG #TDGKV QTKGPVKGTV UKEJ CP FGT XQP 5VTCWUU IGRTkIVGP 4KEJVWPI YGNEJG KPUDGUQPFGTG KP FGT (TCIG FGU 7OICPIU OKV VJGQTGVKUEJGO 8QTYKUUGP UQYKG KO *KPDNKEM CWH FKG PQEJ \W DGUEJTGKDGPFG &C VGPCWUYGTVWPI UQTIHkNVKIGT CWUIGCTDGKVGV KUV  9KUUGPUEJCHVUVJGQTGVKUEJGT *KPVGTITWPF FGT 7PVGTUWEJWPI &KG GRKUVGOQNQIKUEJGP WPF UQ\KCNRJKNQUQRJKUEJGP )TWPFNCIGP FGT Â)TQWPFGF 6JGQT[µ URG\KGNN FGT 5VTCWUUEJGP (CUUWPI HKPFGP UKEJ KO #OGTKMCPKUEJGP 2TCIOCVKUOWU WPF KO 5[ODQNKUEJGP +PVGTCMVKQPKUOWU YKGFGT XIN -GNNG  &KGUGT *KPVGTITWPF HQTOV GKPG 4GKJG XQP 9GTVGP WPF OGVJQFKUEJGP #PPCJOGP FKG KP GKPGT DGUVKOOVGP 9GNVUKEJV GKPIGDGVVGV UKPF )WDC WPF .KPEQNP  DCWGP CWH FGP +FGGP XQP 6JQOCU -WJP  €DGT 2CTCFKIOGP CWH WPF DGUEJ TGKDGP FKG #WUYKTMWPIGP FKGUGT OGVJQFKUEJGP #PPCJOGP CWH FGP (QTUEJWPI

 (QTUEJWPIUCPUCV\



URTQ\GUU HQNIGPFGTOCˆGP Ã# RCTCFKIO KU C UGV QH DCUKE DGNKGHU CDQWV VJG PCVWTG QH TGCNKV[ VJG PCVWTG QH VJG TGNCVKQPUJKR DGVYGGP TGUGCTEJGTU CPF VJG YQTNFU CPF UWDLGEVU VJG[ UVWF[ CPF VJG OGVJQFU VJTQWIJ YJKEJ MPQYNGFIG ECP DG CEJKGXGF³ 9KG )WDC CPF .KPEQNP JGTCWUUVTGKEJGP UKPF FKGUG #PPCJOGP ÃDCUKE KP VJG UGPUG VJCV VJG[ OWUV DG CEEGRVGF UKORN[ QP HCKVJ JQYGXGT YGNN CTIWGF VJGTG KU PQ YC[ VQ GUVCDNKUJ VJGKT WNVKOCVG VTWUVHWNPGUU³ )WDC WPF .KPEQNP  5  &KG 1TKGPVKGTWPI FGT Â)TQWPFGF 6JGQT[µ CO 2TCIOCVKUOWU YKTF KPUDG UQPFGTG CWEJ KO HQNIGPFGP


 (QTUEJWPIUMQP\GRV

YQJN CDGT FCUU YKT WPU CWH UKG CNU )CP\G WPF )GIGDGPG DG\KGJGP M{PPGP 5VCVV FGUUGP UQ FGT RTCIOCVKUVKUEJ QTKGPVKGTVG +PVGTCMVKQPKUOWU GPVUVGJV WPUGTG 4GCNK VkV KP FGT VkVKIGP #WUGKPCPFGTUGV\WPI OKV WPUGTGT 7OYGNV 9GKN CDGT WPUGT *CP FGNP KOOGT XQP GKPGT LGYGKNKIGP TCWO\GKVNKEJGP WPF UQ\KCNGP )GDWPFGPJGKV CWU GTHQNIGP OWUU TGCNKUKGTGP YKT FCTKP KOOGT PWT GKP\GNPG WPVGT GKPGT 8KGN\CJN O{INKEJGT 2GTURGMVKXGP 4GCNKVkV KUV \YCT QDLGMVKX CDGT PKEJV WPKXGTUGNN GU IKDV OKVJKP CWEJ MGKPGP #PNCUU GKP WPKXGTUGNNGU CMVGWTUWPCDJkPIKIGU 9CJTJGKVUMTK VGTKWO CP\WPGJOGP 9CU DGFGWVGV FKGUG 2GTURGMVKXG CPIGYCPFV CWH FGP €DGTIG QTFPGVGP -QPVGZV FGT 7PVGTUWEJWPI FCU -QOOWPKMCVKQPUOCPCIGOGPV! -QO OWPKMCVKQP XGTUVCPFGP CNU U[ODQNKUEJ XGTOKVVGNVG +PVGTCMVKQP KUV GDGPUQ YKG UQ\KCNGU *CPFGNP IGPGTGNN CP CPFGTGP CWUIGTKEJVGV &KGU DGFGWVGV H€T GKPG MQO OWPK\KGTGPFG 1TICPKUCVKQP YGNEJG KJTGP #PURTWEJUITWRRGP GKPGP DGUVKOOVGP $GFGWVWPIUKPJCNV €DGTOKVVGNP YKNN FCUU UKG CWEJ FGTGP *CNVWPI IGIGP€DGT FGP GKIGPGP /KVVGKNWPIGP XGTKPPGTNKEJGP OWUU XIN /GCF  5  /KV CPFGTGP 9QTVGP -QOOWPKMCVKQPUOCPCIGOGPV CIKGTV KP /GKPWPIUOkTMVGP WPF KUV OKV 'TYCTVWPIUJCNVWPIGP MQPHTQPVKGTV ,G OGJT GKPG MQOOWPK\KGTGPFG 1TICPKUCVKQP €DGT FKGUG 'TYCTVWPIGP YGKˆ FGUVQ GTHQNITGKEJGT NCUUGP UKEJ FKG -QOOWPKMCVK QPUDG\KGJWPIGP QTICPKUKGTGP #NNGTFKPIU JKNHV FCDGK YGPKIGT GKPG XQO (QTUEJGP FGP PQTOCVKX IGUGV\VG #PPCJOG €DGT FKGUG 'TYCTVWPIGP CNU XKGNOGJT FKG RGT URGMVKXKUEJG #PCN[UG YKG UKG KP FKGUGT #TDGKV XGTUWEJV YKTF 9KG DGTGKVU CPIGURTQEJGP KUV GKP 8GTUVkPFPKU €DGT FKGUG VJGQTGVKUEJG 2GT URGMVKXG FGUJCND YKEJVKI FC UKG DGGKPHNWUUV YKG YKT FKG MQORNGZG UQ\KCNG 9KTM NKEJMGKV XGTUVGJGP WPF YQTCWH YKT WPUGTG #WHOGTMUCOMGKV NGPMGP YGPP YKT &CVGP UCOOGNP WPF MCVGIQTKUKGTGP #PIGUKEJVU FGT RTQ\GUUWCNGP OWNVKRGTURGMVK XKUEJGP 4GCNKVkVUCWHHCUUWPI FGU 2TCIOCVKUOWU WPF FGU 5[ODQNKUEJGP +PVGTCMVKQ PKUOWU MCPP CWEJ FCU 8GTUVkPFPKU XQP 6JGQTKGP MGKP CPFGTGU CNU GKP RTQ\GUUWC NGU UGKP FGPP GKPGTUGKVU UKPF UKG UGNDUV 6GKN FGT 4GCNKVkV WPF CPFGTGTUGKVU O€UUGP UKG WO YKTMNKEJMGKVUCPIGOGUUGP \W UGKP FGP 9CPFGN FGU 9KTMNKEJMGKVUCWU UEJPKVVGU PCEJXQNN\KGJGP €DGT FGP UKG #WUUCIGP OCEJGP YQNNGP &KG (WPMVKQP XQP 6JGQTKGP KP GKPGO CP )NCUGT WPF 5VTCWUU QTKGPVKGTVGP (QTUEJWPIURTQ\GUU kJPGNV FCJGT CWEJ UGJT UVCTM FGO 8GTUVkPFPKU XQP 0GNUQP )QQFOCP  KP FGO 5KPPG FCUU 6JGQTKGP kJPNKEJ YKG CPFGTG (QTOGP FGT &CTUVGNNWPI GORKTK UEJGT <WUCOOGPJkPIG 8GTUKQPGP FGT 9GNV FCTUVGNNGP &KGUG 8GTUKQPGP WPVGTNKG IGP GKPGT MQPVKPWKGTNKEJGP 4GXKUKQP gDGTRT€HWPI -QPUVTWMVKQP WPF 4GMQP UVTWMVKQP 6JGQTKGP UKPF FGOPCEJ PKEJV TKEJVKIG QFGT HCNUEJG #DDKNFWPIGP IG IGDGPGT (CMVGP UQPFGTP 8GTUKQPGP QFGT 2GTURGMVKXGP KP FGPGP FKG 9GNV IGUG JGP YKTF 6JGQTKGP CNU 8GTUKQPGP JCDGP FCT€DGT JKPCWU FGP %JCTCMVGT FGT 4GNC VKXKVkV WPF 8QTNkWHKIMGKV FKG FWTEJ FKG 9GKVGTGPVYKEMNWPI FGT 8GTUKQP \W GKPGT \WPGJOGPFGP )GIGPUVCPFUDGIT€PFGVJGKV H€JTGP +P FKGUGO 5KPPG YKTF FGT #P UCV\ XQP )NCUGT WPF 5VTCWUU \W GKPGO +PUVTWOGPV FGT GORKTKUEJ DGIT€PFGVGP

 &CVGPGTJGDWPI WPF 7PVGTUWEJWPIUUCORNG



(QTOWNKGTWPI WPF 4GHQTOWNKGTWPI UQNEJGT 8GTUKQPGP FGT 9GNV (NKEM  5   &CVGPGTJGDWPI WPF 7PVGTUWEJWPIUUCORNG &KG (TCIG PCEJ FGO 5VGNNGPYGTV FGU (CMVQTU ÂIGUGNNUEJCHVNKEJG 8GTCPVYQTVWPIµ KP FGT -CRKVCNOCTMVMQOOWPKMCVKQP YWTFG GORKTKUEJ KO 4CJOGP FGU (QT UEJWPIURTQLGMVGU Ã%QTRQTCVG 2GTEGRVKQP KP %CRKVCN /CTMGVU² FGT 7PKXGTUKVkV 5V )CNNGP WPVGTUWEJV
 5CN 1RRGPJGKO 5YKUU 4G #UUGV /CPCIGOGPV <€TEJGT -CPVQPCNDCPM

 (QTUEJWPIUMQP\GRV 5QEKoVo )oPoTCNG 9GUV .$ 

6CDGNNG  sŠš›‘‹œ úŠš Œ‘ ŠŽš‰œ– ‘–‰–¢‘–›œ‘œœ‘—–– +O .CWHG FGT 'TJGDWPIGP YWTFGP LGYGKNU WPVGTUEJKGFNKEJG +PUVCP\GP D\Y )TWR RKGTWPIGP KO -CRKVCNOCTMV WPVGTUWEJV YKG 5GNN5KFG#PCN[UVGP $W[5KFG #PCN[UVGP (QPF D\Y 2QTVHQNKQOCPCIGT UQYKG 9KTVUEJCHVUOGFKGP &KG 7PVGTUW EJWPI WOHCUUVG KPUIGUCOV  JCNDUVCPFCTFKUKGTVG 'ZRGTVGPKPVGTXKGYU OKV  8GTVTGVGTP FGT 5GNN WPF $W[5KFG #PCN[UVGP WPF KPUVKVWVKQPGNNG +PXGUVQTGP UQYKG  (KPCP\ WPF 9KTVUEJCHVULQWTPCNKUVGP &KG +PVGTXKGYU YWTFGP \YKUEJGP /CK  WPF 1MVQDGT  FWTEJIGH€JTV &KG +PVGTXKGYRCTVPGT YWTFGP FCDGK KO (CNN FGT (KPCP\ WPF 9KTVUEJCHVULQWTPCNKUVGP CWU FGO FGWVUEJURTCEJKIGP 4CWO &GWVUEJNCPF fUVGTTGKEJ 5EJYGK\ KO (CNN FGT (KPCP\CPCN[UVGP WPF +P XGUVQTGP CWU FGP GWTQRkKUEJGP -CRKVCNOkTMVGP 'PINCPF (TCPMTGKEJ &GWVUEJ NCPF 0KGFGTNCPFG 5EJYGK\ 5RCPKGP CWUIGYkJNV $GHTCIVG 9KTVUEJCHVUOGFKGP $KNCP\ ${TUGP\GKVWPI ${TUG1PNKPG DTCPF GKPU %CRKVCN %CUJ > #MVKQPkT &KG 2TGUUG &KG 9GNV 'WTQ 'WTQ CO 5QPPVCI (KPCPEKCN 6KOGU &GWVUEJNCPF (KPCP\ WPF 9KTVUEJCHV (QEWU /QPG[ (TCPMHWTVGT #NNIGOGKPG
 &CVGPGTJGDWPI WPF 7PVGTUWEJWPIUUCORNG



NG #PYGPFWPIUHQTO XQP .GKVHCFGP+PVGTXKGYU FCT &KG DGHTCIVG 2GTUQP KPVGTGU UKGTV FCDGK KP KJTGT 'KIGPUEJCHV CNU 'ZRGTVG H€T GKP DGUVKOOVGU *CPFNWPIUHGNF YGPKIGT CNU 'KP\GNHCNN UQPFGTP CNU 4GRTkUGPVCPV GKPGT )TWRRG XQP DGUVKOOVGP 'ZRGTVGP &KGU UEJTkPMV FKG $CPFDTGKVG FGT RQVGP\KGNN TGNGXCPVGP +PHQTOCVKQPGP FKG FGT $GHTCIVG NKGHGTP UQNN FGWVNKEJGT CNU DGK CPFGTGP +PVGTXKGYHQTOGP GKP *CNDUVCPFCTFKUKGTVG +PVGTXKGYU WOHCUUGP \WXQT FGHKPKGTVG (TCIGP WPF 6JGOGP KP (QTO GKPGU .GKVHCFGPU FKG KP GKPGT U[UVGOCVKUEJGP WPF MQPUKUVGPVGP 4GKJGPHQNIG DGCTDGKVGV YGTFGP .GKVHCFGP DGUKV\GP GKPG FQRRGNVG (WPMVKQP <WO GKPGP UEJNKGˆV FKG KP FKG 'PVYKEMNWPI GKPGU .GKVHCFGPU GKPIGJGPFG #TDGKV CWU FCUU UKEJ FGT (QTUEJGT CNU KPMQORGVGPVGT )GURTkEJURCTVPGT FCTUVGNNV <W CPFGTGP OKPKOKGTV FKG 1TKGPVKGTWPI CP GKPGO .GKVHCFGP CWEJ FCU 4KUKMQ FCUU UKEJ FCU )GURTkEJ KP WPVGTUWEJWPIUHTGOFGP 6JGOGP XGTNKGTV WPF GTNCWDV \WINGKEJ FGO 'ZRGTVGP UGKPG 5CEJG WPF 5KEJV FGT &KPIG FCT\WUVGNNGP /GWUGT  0CIGN  5  8QP FGT 'KPJCNVWPI FGT IGPCWGP 4GKJGPHQNIG FGU .GKVHCFGPU YWTFG IGNGIGPVNKEJ CD IGUGJGP CWEJ YWTFG FKG IGPCWG (TCIGUVGNNWPI CPIGRCUUV YGPP DGKURKGNUYGKUG #URGMVG GKPGT URkVGTGP (TCIG DGTGKVU KP GKPGT \WXQT IGUVGNNVGP (TCIG DGCPVYQTVGV YWTFGP QFGT FGT $GHTCIVG GKPG CPFGTG #WUFTWEMUYGKUG H€T FCU INGKEJG WPVGTUWEJ VG 2JkPQOGP DGPWV\VG &KGUGU 8QTIGJGP VTkIV FGT #PPCJOG 4GEJPWPI FCUU FKG DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT KJTG 9GNV KP WPVGTUEJKGFNKEJGT 9GKUG XGTUVGJGP WPF FKGU CWH WPVGTUEJKGFNKEJG #TVGP CTVKMWNKGTGP &C KO 8QTHGNF FGT 7PVGTUW EJWPI FKG -QPUVTWMVG PKEJV FGHKPKGTV YCTGP GTUEJKGP FCU JCNDUVCPFCTFKUKGTVG 'ZRGTVGPKPVGTXKGY JKGTDGK CWHITWPF UGKPGT 1HHGPJGKV WPF (NGZKDKNKVkV CNU FKG CO DGUVGP IGGKIPGVG /GVJQFG #WUUCIGP \WO 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT (CMVQTGP \W GTJCNVGP &C GKPG GORKTKUEJ DGIT€PFGVG 6JGQTKG €DGT FGP 7PVGTUWEJWPIUIGIGPUVCPF \W $GIKPP FGU 2TQLGMVGU PQEJ PKEJV XQTNCI GTHQNIVG FKG #WUYCJN FGT +PVGTXKGY RCTVPGT CWH $CUKU FGT XQP )NCUGT WPF 5VTCWUU  XQTIGUEJNCIGPGP 5VTCVGIKG FGU Â6JGQTGVKUEJGP 5CORNKPIµ Â6JGQTGVKUEJGU 5CORNKPIµ DG\GKEJPGV FGP CWH FKG )GPGTKGTWPI XQP 6JGQTKGP \KGNGPFGP 2TQ\GUU FGT &CVGPGTJGDWPI YkJTGPF FGT (QTUEJGT UGKPG &CVGP RCTCNNGN GTJGDV MQFKGTV WPF CPCN[UKGTV UQYKG FCT€DGT GPV UEJGKFGV YGNEJG &CVGP CNU PkEJUVG GTJQDGP YGTFGP UQNNGP WPF YQ UKG \W HKPFGP UKPF &KGUGT 2TQ\GUU FGT &CVGPGTJGDWPI YKTF FWTEJ FKG KO 'PVUVGJGP DGITKHHGPG ° OCVGTKGNNG QFGT HQTOCNG ° 6JGQTKG MQPVTQNNKGTV )NCUGT  5VTCWUU  5  $GKO Â6JGQTGVKUEJGP 5CORNKPIµ YGTFGP CNUQ 7PVGTUWEJWPIUGKPJGKVGP OKVGKPCP FGT XGTINKEJGP FKG GKPG QFGT OGJTGTG KPVGTGUUKGTGPFG -CVGIQTKGP IGOGKPUCO JCDGP WPF JKPUKEJVNKEJ VJGQTGVKUEJ DGFGWVUCOGT /GTMOCNG GPVYGFGT TGNGXCPVG 7PVGTUEJKGFG QFGT ITQˆG aJPNKEJMGKVGP CWHYGKUGP )NCUGT WPF 5VTCWUU URTGEJGP FCDGK XQP FGP /GVJQFGP FGT /KPKOKGTWPI ÂOKPKOK\CVKQPµ WPF /CZKOKGTWPI

ÂOCZKOK\CVKQPµ XQP 7PVGTUEJKGFGP -GNNG  5 &KG /KPKOKGTWPI XQP 7PVGTUEJKGFGP GTJ{JV FKG 9CJTUEJGKPNKEJMGKV kJPNKEJG &CVGP \W GKPGO DGUVKOO



 (QTUEJWPIUMQP\GRV

VGP 6JGOC QFGT GKPGT DGUVKOOVGP -CVGIQTKG \W HKPFGP WPF FCFWTEJ FGTGP VJGQTG VKUEJG 4GNGXCP\ \W DGUVkVKIGP &WTEJ FKG /CZKOKGTWPI XQP 7PVGTUEJKGFGP YKTF FCIGIGP FKG 9CJTUEJGKPNKEJMGKV GTJ{JV *GVGTQIGPKVkV WPF 8CTKCP\ KO 7PVGTUW EJWPIUHGNF CD\WDKNFGP -GNNG  5  7O FKGUGO #PURTWEJ IGTGEJV \W YGTFGP YWTFGP KP FGT XQTNKGIGPFGP 7PVGTUWEJWPI DGYWUUV PKEJV PWT #PCN[UVGP WPF +PXGUVQTGP KPVGTXKGYV FKG UKEJ CWH UQ IGPCPPVG Â5QEKCNN[ 4GURQPUKDNG +P XGUVOGPVUµ URG\KCNKUKGTV JCDGP D\Y #PNGIGT OKV GKPGO NCPIHTKUVKIGP #PNCIGJQ TK\QPV Â8CNWG+PXGUVQTGPµ UQPFGTP DGYWUUV CWEJ UQNEJG FKG GKPG UGJT MWT\HTKU VKIG #PNCIGUVTCVGIKG XGTHQNIGP Â)TQYVJ+PXGUVQTGPµ WO FGP 5VGNNGPYGTV XQP UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP CO -CRKVCNOCTMV KP UGKPGT ICP\GP $TGKVG \W GTHCUUGP 'KPG YKEJVKIG (TCI KO <WUCOOGPJCPI OKV Â6JGQTGVKUEJGO 5CORNKPIµ KUV FGT 7OICPI OKV GORKTKUEJGP #WUUCIGP FKG FGT GPVUVGJGPFGP 6JGQTKG YKFGTURTG EJGP 0GICVKXG (kNNG FKUMTGFKVKGTGP PKEJV WPDGFKPIV FKG GPVUVGJGPFG 6JGQTKG 'U DGFGWVGV GJGT FCUU FKGUG PQEJ PKEJV DKU \W GKPGO 2WPMV GPVYKEMGNV KUV CD FGO FKG -QORNGZKVkV FGU \W WPVGTUWEJGPFGP 2JkPQOGPU XQNNUVkPFKI CDIGDKNFGV YKTF +P FKGUGP KO .CWHG FGT 7PVGTUWEJWPI OGJTOCNU GKPIGVTGVGPGP (kNNGP YWTFG FCJGT XGTUWEJV FKGLGPKIGP $GFKPIWPIGP \W EJCTCMVGTKUKGTGP WPVGT FGPGP FKG GPVUVGJGPFG 6JGQTKG PKEJV \WVTCH 0GICVKXG $GKURKGNG YCTGP KPHQNIGFGUUGP GKPG )GNGIGPJGKV H€T YGKVGTGU VJGQTGVKUEJGU 5CORNKPI WPF #PRCUUGP FGT 6JGQTKG #WUUCIGP FKG GVYC Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ H€T FCU -CRKVCNOCTMVIG UEJGJGP CNU KTTGNGXCPV GKPUVWHVGP YWTFGP FCJGT KP FGP HQNIGPFGP -CRKVGNP PKEJV CWUIGNCUUGP UQPFGTP CNU 4GNCVKXKGTWPI FGT 4GKEJYGKVG WPF FGT #WUUCIGP FGT 6JGQTKG KP FKG &KUMWUUKQP KPVGITKGTV &KG -TKVGTKGP H€T FKG GTHQNIVG /CZKOKGTWPI WPF /KPKOKGTWPI XQP 7PVGTUEJKGFGP YCTGP LGFQEJ PKEJV \W GKPGO GKP\GNPGP
 &CVGPGTJGDWPI WPF 7PVGTUWEJWPIUUCORNG



XKGYRCTVPGT CWU FGP 2QUVWNCVGP FKGUGT 6JGQTKG CDIGNGKVGV YWTFG &KG 7PVGTUW EJWPI MCPP UQ \YCT MGKPG 4GRTkUGPVCVKXKVkV FWTEJ #DDKNFWPI FGT )TWPFIGUCOV JGKV WPF FWTEJ $KNFWPI GKPGU UVCVKUVKUEJGP 5CORNKPI YKG FKGU KP FGT 4GIGN DGK SWCPVKVCVKXGP 5VWFKGP FGT (CNN KUV H€T UKEJ DGCPURTWEJGP &GPPQEJ M{PPGP 6GP FGP\CWUUCIGP €DGT FGP 5VGNNGPYGTV WPF FKG -QOOWPKMCVKQP XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ KO -CRKVCNOCTMV CDIGNGKVGV YGTFGP FKG GKPGP #WUICPIU RWPMV H€T YGKVGTG (QTUEJWPI WPF RTCMVKUEJG *CPFNWPIUCPYGKUWPIGP DKNFGP M{P PGP &CU IGPCWG 8QTIGJGP FGT +PVGTXKGYTWPFG HQNIVG FGO #DNCWH FCUU FKG KPVGT XKGYVGP 2GTUQPGP XQTCD GKPG -WT\KPHQTOCVKQP \W FGP +PJCNVGP WPF


 (QTUEJWPIUMQP\GRV

 &CVGPCWUYGTVWPI #NNG VTCPUMTKDKGTVGP 'ZRGTVGPKPVGTXKGYU YWTFGP CPJCPF GKPGT SWCNKVCVKXGP +P JCNVUCPCN[UG CWUIGYGTVGV 3WCNKVCVKXG +PJCNVUCPCN[UG KUV GKP OGVJQFKUEJGU 8QTIG JGP \WT #WUYGTVWPI XQP &CVGPOCVGTKCN FCU KO (CNNG FKGUGT 7PVGTUWEJWPI OKV FGO
)NCUGT  5VTCWUU  > &CVGPCWUYGTVWPIURTQ\GUU \WT 'PVYKEMNWPI FGT IGIGPUVCPFUDGIT€PFG VGP 6JGQTKG €DGT FGP 5VGNNGPYGTV XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ KP -CRK VCNOkTMVGP DGICPP OKV QHHGPGO -QFKGTGP )GIGP 'PFG FGU IGUCOVGP #PCN[UG RTQ\GUUGU T€EMVG FCU UGNGMVKXG -QFKGTGP KP FGP 8QTFGTITWPF -QFKGTWPI YKTF FCDGK XGTUVCPFGP CNU ÃFKG 8QTIGJGPUYGKUGP ª FWTEJ FKG FKG &CVGP CWHIGDTQ EJGP MQP\GRVWCNKUKGTV WPF CWH PGWG #TV \WUCOOGPIGUGV\V YGTFGP 'U KUV FGT \GPVTCNG 2TQ\GUU FWTEJ FGP CWU FGP &CVGP 6JGQTKGP GPVYKEMGNV YGTFGP² 5VTCWUU  %QTDKP  5  0CEJ FKGUGO 8GTUVkPFPKU DGKPJCNVGV -QFKGTWPI FGP UVkPFKIGP 8GTINGKEJ \YKUEJGP 2JkPQOGPGP (k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€JTGP  > 7OICPI OKV VJGQTGVKUEJGO 8QTYKUUGP &KG KP FGT Â)TQWPFGF 6JGQT[µ NCPIG
 &CVGPCWUYGTVWPI



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 (QTUEJWPIUMQP\GRV

 1HHGPGU -QFKGTGP &CU \GPVTCNG +PUVTWOGPV \WT 5[UVGOCVKUKGTWPI FGT #WUUCIGP YCT FKG $KNFWPI GKPGU €DGTUEJCWDCTGP 5GVU XQP -CVGIQTKGP D\Y GKPGU -CVGIQTKGPU[UVGOU CP JCPF FGUUGP FKG \W WPVGTUWEJGPFGP #URGMVG QRGTCVKQPCNKUKGTV WPF KO /CVGTKCN CWUIGYGTVGV YWTFGP XIN /C[TKPI  5  &KGUGT \GPVTCNG <WQTFPWPIU RTQ\GUU YKTF CWEJ CNU -QFKGTWPI DG\GKEJPGV /C[TKPI  5  1HHGPGU -QFKGTGP \KGNV FCTCWH CD &CVGP WPF 2JkPQOGPG KP $GITKHHG \W HCUUGP <W FKGUGO
XIN /GWUGT  0CIGN  +O YGKVGTGP 8GTNCWH YWTFGP FCPP FKG 6GZVOCVGTKC NKGP 6TCPUMTKRVG WPF 0QVK\GP OKV LGFGO 5EJTKVV YGKVGT XGTFKEJVGV WPF XQO GKP \GNPGP +PVGTXKGY IGN{UV WO FGP )GUCOV\WUCOOGPJCPI FGT #WUUCIGP \W XGT FGWVNKEJGP +P GKPGO YGKVGTGP 5EJTKVV YWTFGP FKG TGMQPUVTWKGTVGP -CVGIQTKGP &GWVWPIUOWUVGT GVE MQORCTCVKX XGTFKEJVGV WPF VJGQTGVKUEJ IGPGTCNKUKGTV &KG 

5QYGKV +PVGTXKGYRCTVPGT \KVKGTV YGTFGP UKPF FGTGP \WO 6GKN WOICPIUURTCEJNKEJ IGHkTDVGP #WUH€J TWPIGP NGKEJV URTCEJNKEJ IGINkVVGV YQTFGP WO FGP +PJCNV FGT 5VGNNWPIPCJOGP MNCTGT JGTXQTVTGVGP \W NCUUGP

 &CVGPCWUYGTVWPI



XGTUEJKGFGPGP %QFGU YWTFGP CNUQ KO 8GTNCWH FGU #PCN[UGRTQ\GUUGU IGIGDGPGP HCNNU \WUCOOGPIGHCUUV WPF MCVGIQTKUKGTV QFGT YGKVGT URG\KHK\KGTV WPF CWUFKHHGTGP \KGTV -WEMCTV\  5  5RkVGT XQTIGPQOOGPG 8GTINGKEJG \GKIVGP GKPG YGUGPVNKEJG gDGTGKPUVKOOWPI KP *KPDNKEM CWH FKG <WQTFPWPI GUUGPVKGNNGT #WU UCIGP &KXGTIKGTGPFG +PVGTRTGVCVKQPGP YWTFGP KO #PUEJNWUU KO IGIGPUGKVKIGP 'KPXGTUVkPFPKU FGP GPVURTGEJGPFGP -CVGIQTKGP \WIGQTFPGV /{INKEJG 3WGNNGP H€T FKG $GPGPPWPI XQP -QFGU YCTGP $GITKHHG FKG FGT .KVGTCVWT GPVNGJPV MQP UVTWKGTVG -QFGU QFGT CWU #WUUCIGP FGT +PVGTXKGYRCTVPGT €DGTPQOOGP KPXKXQ -QFGU YWTFGP YQDGK NGV\VGTG YGIGP KJTGT IT{ˆGTGP 0kJG \WO WPVGTUWEJVGP /CVGTKCN XQTIG\QIGP YWTFGP XIN (NKEM  5   #ZKCNGU -QFKGTGP 9kJTGPF FKGUGU UQ IGPCPPVG QHHGPG -QFKGTGP FGO #WHDTGEJGP FGT &CVGP FWTEJ GKP CPCN[VKUEJGU *GTCWURTkRCTKGTGP GKP\GNPGT 2JkPQOGPG WPF KJTGT 'KIGPUEJCH VGP FKGPV \KGNVG FCU ÂCZKCNG -QFKGTGPµ 5VTCWUU  5  CWH O{INKEJG <W UCOOGPJkPIG \YKUEJGP GKPGT LGYGKNKIGP -CVGIQTKG WPF XGTUEJKGFGPGP CPFGTGP -QP\GRVGP WPF -CVGIQTKGP &KGUGT 5EJTKVV FKGPV CNUQ FC\W FKG -CVGIQTKGP FKG KO QHHGPGP -QFKGTGP GPVUVCPFGP UKPF \W XGTHGKPGTP WPF \W FKHHGTGP\KGTGP &CDGK YGTFGP CWU FGT 8KGN\CJN GPVUVCPFGPGT -CVGIQTKGP FKGLGPKIGP CWUIGYkJNV FGTGP YGKVGTG #WUCTDGKVWPI CO XKGNXGTURTGEJGPFUVGP GTUEJGKPV &KGUG #EJUGPMCVGIQ TKGP YGTFGP OKV O{INKEJUV XKGNGP 6GZVUVGNNGP FKG CWH UKG RCUUGP YGKVGT CPIGTGK EJGTV Ã#ZKCNGU -QFKGTGP KUV FGT 2TQ\GUU FGU +P$G\KGJWPI5GV\GPU FGT 5WDMCVG IQTKGP \W GKPGT -CVGIQTKG 'U UVGNNV GKPGP MQORNGZGP 2TQ\GUU KPFWMVKXGP WPF FGFWMVKXGP &GPMGPU FCT FGT CWU OGJTGTGP 5EJTKVVGP DGUVGJV &KGUG YGTFGP YKG DGKO QHHGPGP -QFKGTGP FWTEJ #PUVGNNGP XQP 8GTINGKEJGP WPF 5VGNNGP XQP (TCIGP FWTEJIGH€JTV $GKO CZKCNGP -QFKGTGP KUV FGT 'KPUCV\ FKGUGT 8QTIGJGPUYGKUGP HQMWUUKGTVGT WPF CWH FCU 'PVYKEMGNP WPF +P$G\KGJWPI5GV\GP XQP -CVGIQTKGP PCEJ FGO -QFKGTRCTCFKIOC CWUIGTKEJVGV² 5VTCWUU  %QTDKP  5  (€T FKG 6JGQTKGDKNFWPI KPPGTJCND FKGUGT #TDGKV YCT XQT CNNGO FCU 'TOKVVGNP XQP $G\KGJWPIGP 4GNCVKQPGP \YKUEJGP FGP KPVGTGUUKGTGPFGP 2JkPQOGP KO -CRKVCNOCTMV WPF FGP FCOKV KP $G\KGJWPI UVGJGPFGP -QP\GRVGP KP KJTGP HQTOC NGP WPF KPJCNVNKEJGP #URGMVGP YKEJVKI 'KPG -CVGIQTKG YWTFG CNUQ KP FGP /KVVGN RWPMV IGUVGNNV PkONKEJ FKG (TCIG PCEJ FGO 5VGNNGPYGTV XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ 7O FKGUG -CVGIQTKG JGTWO YWTFG GKP $G\KGJWPIUPGV\ CWUIGCT DGKVGV *KGT\W YWTFGP DGK FGT #PCN[UG FGT <WUCOOGPJkPIG \YKUEJGP -QP\GRVGP (TCIGP PCEJ  7TUCEJGP FGT \W WPVGTUWEJGPFGP  2JkPQOGPG FGTGP  -QP VGZV TGNGXCPVG  KPVGTXGPKGTGPFG $GFKPIWPIGP RJkPQOGPDG\QIGPGP  *CPF NWPIGP WPF 5VTCVGIKGP UQYKG FGTGP  -QPUGSWGP\GP KP VJGQTKGIGPGTKGTGPFGT



 (QTUEJWPIUMQP\GRV

#DUKEJV CP FCU /CVGTKCN JGTCPIGVTCIGP WO FCOKV FCU \WXQT KUQNKGTV DGVTCEJVGVG 2JkPQOGP KP GKPGP 5VTWMVWT\WUCOOGPJCPI \W DTKPIGP XIN #DDKNFWPI 

5VTCWUU D 5 H 5VTCWUU  %QTDKP  5 HH 7TUCEJGP +PXGUVKVKQPUGPVUEJGKFG CNU KPVGTRTGVCVKXG #WHICDG

-CRKVGN 

$GFKPIWPIGP

2JkPQOGP

-QPVGZV

9CPFGN KP )GUGNNUEJCHV WPF 7OYGNV

-CRKVGN 

5Q\KCNG WPF {MQNQIKUEJG $GNCPIG KO -CRKVCNOCTMV

#WURTkIWPIGP XQP %54

-CRKVGN 

5VTCVGIKGP +PHQTOCVKQPUPCEJHTCIG /GFKGPPWV\WPI

-CRKVGN 

-QPUGSWGP\GP 8GTkPFGTVG 4QNNG FGT +PXGUVQT 4GNCVKQPU

-CRKVGN 

#DDKNFWPI 

<WUCOOGPJkPIG \YKUEJGP #EJUGPMCVGIQTKG WPF -QP\GRVGP

XIN 5VTCWUU  %QTDKP  5 HH

+P GKPGO \YGKVGP &WTEJICPI YWTFGP FKG CPHkPINKEJGP -CVGIQTKGP UQ KP $G\KG JWPI \W FGO \WITWPFG NKGIGPFGP 2JkPQOGP FGT 8GTYGPFWPI XQP UQ\KCNGP WPF {MQNQIKUEJGP -TKVGTKGP KO -CRKVCNOCTMV IGUGV\V *KGT\W YWTFG CWEJ $G\WI CWH FGP YGKVGTGP -QPVGZV FGT +PVGTXKGYU KP (QTO XQP .KVGTCVWT CWU FGT 7PVGTPGJ OGPUMQOOWPKMCVKQP FGT fMQPQOKG FGO UVTCVGIKUEJGP /CPCIGOGPV WPF FGP (KPCP\YKUUGPUEJCHVGP UQYKG FGT 5Q\KCNRU[EJQNQIKG IGPQOOGP &CDGK YWTFGP

 )€VGMTKVGTKGP



JKGT PQEJ UVkTMGT CNU KO QHHGPGP -QFKGTGP 4GNGXCP\GPVUEJGKFWPIGP IGVTQHHGP 0KEJV CNNG KO /CVGTKCN KFGPVKHK\KGTVGP 2JkPQOGPG YWTFGP U[UVGOCVKUEJ XGTINGK EJGPF CWH KJTG 7TUCEJGP 7OUVkPFG WPF -QPUGSWGP\GP DGHTCIV UQPFGTP PWT FKGLGPKIGP XQP FGPGP PCEJ FGO XQTNkWHKIGP 5VCPF FGT #PCN[UG CPIGPQOOGP YGTFGP MQPPVG FCUU UKG H€T FKG -NkTWPI FGT (QTUEJWPIUHTCIG TGNGXCPV UKPF QFGT UGKP M{PPVGP &KG -GTPMCVGIQTKG YWTFG UEJNKGˆNKEJ YGKVGT KP KJTGP 'KIGPUEJCHVGP WPF &KOGPUKQPGP GPVYKEMGNV WPF \W CPFGTGP -CVGIQTKGP WPVGT 8GTYGPFWPI FGT $GUVCPFVGKNG WPF 4GNCVKQPGP FGU -QFKGTRCTCFKIOCU KP $G\KGJWPI IGUGV\V WO UQ FKG )GUEJKEJVG FGU \GPVTCNGP 2JkPQOGPU \W HQTOWNKGTGP OKV CPFGTGP 9QTVGP FKG (QTUEJWPIUHTCIG \W DGCPVYQTVGP  )€VGMTKVGTKGP 3WCNKVCVKXG /GVJQFGP HKPFGP KP FGP 5Q\KCNYKUUGPUEJCHVGP IGOKUEJVGP <WURTWEJ +PUDGUQPFGTG XQP 8GTVTGVGTP FGT RQUKVKXKUVKUEJGP 2QUKVKQP KP FGP 5Q\KCNYKUUGP UEJCHVGP YGNEJG KJTGP 7TURTWPI KP FGP #TDGKVGP XQP #WIWUVG %QOVG KP FGP GT ,CJTGP PCJO WPF FKG 5Q\KCNYKUUGPUEJCHVGP UGKV /KVVG FGU  ,CJTJWP FGTVU FQOKPKGTV YKTF JkWHKI FGT 8GTFCEJV IGkWˆGTV FCUU SWCNKVCVKXG /GVJQFGP PKEJV XGTNkUUNKEJ UKPF /CEMGP\KG  &KGU NKGIV CP GKPGT 4GKJG XQP 2TQDNG OGP FKG GU GTUEJYGTGP &CVGP CWU SWCNKVCVKXGP 5VWFKGP \W XGTKHK\KGTGP 5Q KUV FKG 5KEJGTUVGNNWPI GVCDNKGTVGT 3WCNKVkVUMTKVGTKGP UQ\KCNYKUUGPUEJCHVNKEJGT (QTUEJWPI YKG 4GNKCDKNKVkV 4GRTkUGPVCVKXKVkV WPF 8CNKFKVkV DGK GKPGT SWCNKVCVKXGP 7PVGTUW EJWPI GKPG DGUQPFGTG *GTCWUHQTFGTWPI .COPGM  5  3WCNKVCVKXG 5VWFKGP UKPF CWEJ KOOGT DGUQPFGTU CPHkNNKI H€T #PGMFQVCNKUOWU FJ FKG 6GP FGP\ #WUUEJPKVVG CWU WPUVTWMVWTKGTVGP +PVGTXKGYU CNU $GNGI H€T GKPG DGUVKOOVG $GJCWRVWPI CP\WH€JTGP 5KNXGTOCP  #PFGTU HQTOWNKGTV SWCNKVCVKXGT (QT UEJWPI YKTF XQTIGYQTHGP UKG OCEJG +PVGTRTGVCVKQPGP WPF 'TIGDPKUUG H€T FGP .GUGT NGFKINKEJ FCFWTEJ VTCPURCTGPV WPF PCEJXQNN\KGJDCT FCUU ÂKNNWUVTCVKXGµ


 (QTUEJWPIUMQP\GRV

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0GDGP FGT DGTGKVU CPIGURTQEJGPGP UQ IGPCPPVGP (QTUEJGT6TKCPIWNCVKQP KP FGT WPVGTUEJKGFNKEJG (QTUEJGT FKG 7PVGTUWEJWPI DGINGKVGP WO 8GT\GTTWPIGP FWTEJ FKG 2GTUQP FGU (QTUEJGTU CWH\WFGEMGP D\Y \W OKPKOKGTGP MCO CWEJ FKG UQ IGPCPPVG 6JGQTKGP6TKCPIWNCVKQP \WO 'KPUCV\ XIN &GP\KP  #WUICPIU RWPMV YCT ÃFKG #PPkJGTWPI CP FKG &CVGP WPVGT 'KPDG\KGJWPI XGTUEJKGFGPGT 2GTURGMVKXGP WPF *[RQVJGUGP YQDGK ª XGTUEJKGFGPG VJGQTGVKUEJG 5KEJVYGKUGP PGDGPGKPCPFGT IGUVGNNV YGTFGP WO KJTG 0€V\NKEJMGKV WPF 'TMNkTWPIUMTCHV \W RT€HGP² &GP\KP  5  <WT $GCPVYQTVWPI FGT (QTUEJWPIUHTCIGP YWTFGP FKG #WUUCIGP FGT +PVGTXKGYRCTVPGT KO 4CJOGP XQP +FGGP CWU FGT fMQPQOKG 2JKNQUQRJKG FGT -QIPKVKQPU WPF 5Q\KCNRU[EJQNQIKG UQYKG FGP -QOOWPKMCVK QPUYKUUGPUEJCHVGP FKUMWVKGTV #TIWOGPVCVKXG +PVGTRTGVCVKQPUCDUKEJGTWPI YWTFG KP FGO 5KPPG XGTYCPFV CNU FCU XGTUWEJV YWTFG +PVGTRTGVCVKQPGP CTIWOGPVCVKX \W DGIT€PFGP XIN *KTUEJ  6GTJCTV  &CDGK YCTGP XGTUEJKGFGPG -TKVGTKGP GPVUEJGKFGPF 'KPOCN OWUUVG FCU 8QTXGTUVkPFPKU FGT LGYGKNKIGP +PVGTRTGVCVKQP CFkSWCV UGKP YQFWTEJ FKG &GWVWPI UKPPXQNN VJGQTKGIGNGKVGV YWTFG &KG +PVGTRTGVCVKQP OWUUVG KP UKEJ UEJN€UUKI UGKP FQTV YQ $T€EJG UKEJVDCT YWTFGP OWUUVGP UKG GTMNkTV YGTFGP 5EJNKGˆNKEJ YCT GU DGUQPFGTU YKEJVKI PCEJ #NVGTPCVKXFGWVWPIGP \W UWEJGP WPF UKG \W €DGTRT€HGP &KG 9KFGTNGIWPI XQP UQNEJGP Â0GICVKXHkNNGPµ $GEMGT  )GGT  QFGT Â0GICVKXFGWVWPIGPµ MCPP GKP YKEJVKIGU #TIWOGPV FGT )GN VWPIUDGIT€PFWPI XQP +PVGTRTGVCVKQPGP UGKP /C[TKPI  5  +P FGT (K PCP\KPFWUVTKG KP FGT +PHQTOCVKQPGP UQYQJN #PCN[UGQDLGMV CNU CWEJ GKP YGTVXQN NGU )WV UKPF UKPF #PCN[UVGP WPF +PXGUVQTGP PCV€TNKEJ UGNDUVDGYWUUVG +PVGTXKGY RCTVPGT KO 7OICPI OKV +PHQTOCVKQPGP 1D +PVGTXKGYRCTVPGT CWHITWPF FGT +PVGT XKGYUKVWCVKQP GKPGP #PNCUU JCVVGP DGYWUUV QFGT WPDGYWUUV GKPG URG\KHKUEJG XGTHkNUEJGPFG 8GTUKQP KJTGT 'THCJTWPIGP \W MQPUVTWKGTGP FKG UKEJ PKEJV QFGT PWT UGJT DGITGP\V OKV KJTGP VCVUkEJNKEJGP 5KEJVYGKUGP FGEMV XIN (NKEM  5  MCPP PCV€TNKEJ PKEJV OKV NGV\VGT 5KEJGTJGKV DGCPVYQTVGV YGTFGP &KG +PVGT XKGYU YWTFGP KO 4CJOGP FGU /{INKEJGP CWH #PJCNVURWPMVG H€T UQNEJG 8GT\GT TWPIGP CPCN[UKGTV YQDGK GKPG IGYKUUG 5MGRUKU IGIGP€DGT FGP +PVGTXKGYCWUUCIGP GKPGO SWCNKVCVKXGP (QTUEJWPIUCPUCV\ KOOGT CPJCHVGV <WUCOOGPHCUUGPF \GKEJPGV UKEJ GKPG IWVG CNUQ I€NVKIG WPF FGO )GIGPUVCPF CPIGOGUUGPG Â)TQWPFGF 6JGQT[µ FCFWTEJ CWU FCUU UKG FCU -TKVGTKWO FGT 8GTKHK \KGTDCTMGKV GTH€NNV 5VTCWUU  %QTDKP  5  > XQP 5VTCWUU WPF %QTDKP XGTYCPFVG 8GTKHKMCVKQPUDGITKHH WPVGTUEJGKFGV UKEJ FCDGK XQP FGO FGU MTKVKUEJGP 4CVKQPCNKUOWU YGNEJGT FKG /{INKEJMGKV FGT 8GTKHKMCVKQP GORKTKUEJ IGJCNVXQNNGT 6JGQTKGP DGUVTGKVGV WPF GTUCV\YGKUG FCU 2TKP\KR FGT (CNUKHKMCVKQP GPVYKEMGNV

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 (QTUEJWPIUMQP\GRV

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 <WUCOOGPHCUUWPI



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 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

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 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

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+PVGTPCVKQPCN (KPCPEKCN 4GRQTVKPI 5VCPFCTFU YGKUV H€T #PCN[UVGP WPF +PXGUVQTGP \YCT GKPGP WOHCUUGPFGP gDGTDNKEM €DGT FKG HKPCP\KGNNG 'PVYKEMNWPI GKPGU 7P VGTPGJOGPU €DGT OGJTGTG $GTKEJVGTUVCVVWPIURGTKQFGP JKPYGI CWH WPVGT #PICDG HKPCP\KGNNGT &CVGP YKG 7OUCV\ WPF )GYKPP XQT WPF PCEJ 5VGWGTP 'TIGDPKU XQT
 'KPNGKVWPI &KG *GTCWUHQTFGTWPIGP XQP +PXGUVKVKQPUGPVUEJGKFGP



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 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

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'KP\GNYGTVCPCN[UG

#DDKNFWPI  8QTIGJGP DGK GKPGT #MVKGPCPCN[UG -COGU  5  +O 4CJOGP GKPGT 7PVGTPGJOGPUDGYGTVWPI IGJGP KPUVKVWVKQPGNNG +PXGUVQTGP WPF #PCN[UVGP KP FGT 4GIGN PCEJ GKPGO DGUVKOOVGP 5EJGOC GKPGO UQ IGPCPPVGP Â6QR&QYP#PUCV\µ XQT +P GKPGO GTUVGP 5EJTKVV YGTFGP JKGT\W KO 4CJOGP GKPGT )NQDCNCPCN[UG FKG IGUCOVYKTVUEJCHVNKEJGP &CVGP GKPGT 8QNMUYKTVUEJCHV DGVTCEJVGV KP GKPGO CPUEJNKGˆGPFGP 5EJTKVV FCPP FKG LGYGKNKIG $TCPEJG GKPGU 7PVGTPGJOGPU XIN -COGU  5  5VGKPGT  $TWPU  5  +P FGT $TCPEJGPCPCN[UG YGTFGP DTCPEJGPURG\KHKUEJG +PFKMCVQTGP YKG WPVGT CPFGTGO /CTMV WPF -WPFGPRQVGPVKCN /CTMVCPVGKNG -QPMWTTGP\CPCN[UG WPF MQORCTCVKXG 8QTVGKNG WPVGT $GT€EMUKEJVKIWPI XQP -QPLWPMVWTFCVGP DGYGTVGV &KG 'KP\GNYGTVCPCN[UG DKNFGV FKG )TWPFNCIG H€T FKG 5EJkV\WPI FGT \WM€PHVK IGP 'PVYKEMNWPI XQP +PXGUVOGPVU FWTEJ 'KPDG\WI CMVWGNNGT 7PVGTPGJOGPUKP HQTOCVKQPGP UQYKG XQNMUYKTVUEJCHVNKEJGT 4CJOGP WPF 9CEJUVWOUFCVGP *KGTDGK YGTFGP LG PCEJ /{INKEJMGKV WPVGTPGJOGPUKPVGTPG )GUKEJVURWPMVG WOHCUUGPF CPCN[UKGTV WPF FCTIGUVGNNV \WO $GKURKGN TGEJVNKEJG UVGWGTNKEJG QTICPKUCVQTKUEJG RGTUQPGNNG VGEJPQNQIKUEJG UQYKG RTQ\GUU WPF RTQFWMVDG\QIGPG #URGMVG &CT €DGT JKPCWU YKTF CWEJ FCU 7PVGTPGJOGPUWOHGNF CWH GXGPVWGNNG 9GTVTKUKMGP JKP

 'KPNGKVWPI &KG *GTCWUHQTFGTWPIGP XQP +PXGUVKVKQPUGPVUEJGKFGP



WPVGTUWEJV TGEJVNKEJG RQNKVKUEJG {MQNQIKUEJG VGEJPQNQIKUEJG WPF CDUCV\OCTMV DG\QIGPG #URGMVG $GUVCPFVGKN GKPGT 'KP\GNYGTVCPCN[UG KUV CWEJ GKPG $KNCP\CPC N[UG YGNEJG FKG HKPCP\ WPF GTHQNIUYKTVUEJCHVNKEJG #PCN[UG CNNGT XGT{HHGPVNKEJVGP 7PVGTPGJOGPUFCVGP KP (QTO XQP $KNCP\ 'THQNIUTGEJPWPI WPF %CUJ (NQY 5VCVG OGPV WPVGT #PYGPFWPI XQP -GPP\CJNGPU[UVGOGP WOHCUUV <WT *CWRVCWHICDG XQP #PCN[UVGP WPF +PXGUVQTGP \kJNV JKGTDGK FKG $GTGEJPWPI GKPGU HCKTGP #MVKGP RTGKUGU WPVGT <WJKNHGPCJOGP XQP CDFKUMQPVKGTVGP \WM€PHVKIGP
> #DFKUMQPVKGTWPIUUCV\ H€T FCU &%(/QFGNN YKTF KP FGT 4GIGN CPJCPF FGT IGUEJkV\VGP -CRKVCN MQUVGP FGU LGYGKNKIGP 7PVGTPGJOGPU DGTGEJPGV 0CEJ FGO %#2/ KUV FKGU FKG WO GKPGP (CMVQT $G VC FGT FCU WPVGTPGJOGPUURG\KHKUEJG 4KUKMQ YKGFGTIKDV CFLWUVKGTVG 5WOOG GKPGT TKUKMQNQUGP 4GP FKVG \ $ GKPGT 5VCCVUCPNGKJG WPF FGT /CTMVTKUKMQRTkOKG NCPIHTKUVKIG 4GPFKVG CD\€INKEJ TKUKMQNQ UGT 4GPFKVG %QRGNCPF -QNNGT  /WTTKP  5 HH



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

8KGNG FGT KPVGTXKGYVGP #PCN[UVGP WPF +PXGUVQTGP YCPFVGP HGTPGT DGK FGT $GYGTVWPI GKPGU 7PVGTPGJOGPU /WNVKRNKMCVQTGP /WNVKRNGU CP FKG GKPG +PXGUVK VKQPUGPVUEJGKFWPI XQP FGT $GYGTVWPI XGTINGKEJDCTGT 7PVGTPGJOGP CDJkPIKI OCEJGP $GK FKGUGO $GYGTVWPIUCPUCV\ JCPFGNV GU UKEJ PKEJV WO GKPG kJPNKEJ GZCMVG $GYGTVWPIUOGVJQFG YKG FKG FGT <WMWPHVUGTHQNIUYGTVGXGTHCJTGP UQPFGTP WO GKPG XGTGKPHCEJGPFG $GYGTVWPI XIN 5EJWNV\G  5  > /CTMVYGTV XQP XGTINGKEJDCTGP 7PVGTPGJOGP YKTF JKGT KP 4GNCVKQP \W CWUIGYkJNVGP -GPP \CJNGP CWU FGP $KNCP\GP D\Y )GYKPP WPF 8GTNWUVTGEJPWPIGP CWUIGFT€EMV

5EJYGV\NGT  5 HH &KGUG /WNVKRNKMCVQTGP YGTFGP OKV GPVURTGEJGPFGP -GPP\CJNGP FGU \W DGYGTVGPFGP 7PVGTPGJOGPU XGTINKEJGP YQTCWU GKPG 9GTV GKPUEJkV\WPI FGU DGVTGHHGPFGP 7PVGTPGJOGPU TGUWNVKGTV <W FGP MNCUUKUEJGP HK PCP\KGNNGP /WNVKRNGU \kJNGP FCU 7OUCV\ FCU 'CTPKPIU DGHQTG +PVGTGUV 6CZGU &GRTGEKCVKQP CPF #OQTVK\CVKQP '$+6&# FCU 'CTPKPIU DGHQTG +PVGTGUV CPF 6CZGU '$+6 FCU 2' 2TKEG'CTPKPIU WPF FCU /$ /CTMVGV$QQM /WNVKR NG /WNVKRNKMCVQTXGTHCJTGP XGTUWEJGP FKG 1DLGMVKXKVkV FGU /CTMVGU KP FKG $GYGT VWPI GKPHNKGUUGP \W NCUUGP &CDGK KUV FKG #WUYCJN IGGKIPGVGT 8GTINGKEJUWPVGT PGJOGP KP FGT 2TCZKU OKVWPVGT FGT UEJYKGTKIUVG 6GKN FKGUGT $GYGTVWPIUOGVJQFG /WNVKRNKMCVQTXGTHCJTGP UKPF \WO $GKURKGN CPHkNNKI H€T /CPKRWNCVKQPGP FWTEJ FKG #WUYCJN QFGT FKG $GTGKPKIWPI WO 'ZVTGOYGTVG FGT 8GTINGKEJUITWRRG YCU FGP #WUUCIGIGJCNV FGT 7PVGTPGJOGPUDGYGTVWPI UVCTM XGTHkNUEJGP MCPP 0KEJV \WNGV\V CWU FKGUGO )TWPF YGTFGP /WNVKRNKMCVQTXGTHCJTGP XQP +PXGUVQTGP WPF #PCN[UVGP OGKUV CPIGYCPFV WO FKG OKVVGNU ÂKPVTKPUKUEJGTµ /GVJQFGP GTOKVVGNVGP 7PVGTPGJ OGPUYGTVG \W MQPVTQNNKGTGP WPF P{VKIGPHCNNU \W MQTTKIKGTGP XIN 5EJWNV\G  5 H 'KP YGKVGTGU YGPKIGT JkWHKI CPIGYCPFVGU $GYGTVWPIUXGTHCJTGP YCT UEJNKGˆNKEJ FCU Â'EQPQOKE 8CNWG #FFGFµ '8# /QFGN GKP CWH DWEJJCNVGTKUEJG )T{ˆGP DG\QIGPGU $GYGTVWPIUXGTHCJTGP XIN 5VGYCTV  +O )GIGPUCV\ \W FGP &KUEQWPVGF %CUJ (NQY 8GTHCJTGP DCUKGTV GU PKEJV CWH RTQIPQUVK\KGTVGP
 'KPNGKVWPI &KG *GTCWUHQTFGTWPIGP XQP +PXGUVKVKQPUGPVUEJGKFGP



'8# 9GTV €DGTUVKGIGP FKG (KPCP\KGTWPIUMQUVGP FGP DGVTKGDNKEJGP 0GVVQIGYKPP &CU '8# -QP\GRV IGJV YKG DGTGKVU CPIGURTQEJGP XQP DWEJJCNVGTKUEJGP )T{ ˆGP WPF PKEJV XQP M€PHVKIGP (TGG %CUJ (NQYU CWU &C CDGT PKEJV FKG DWEJJCNVGTK UEJGP UQPFGTP YKTVUEJCHVNKEJG /CˆUVkDG CWUUEJNCIIGDGPF UKPF YGTFGP #PRCU UWPIGP CP FKG 2GTURGMVKXGP FGU RQVGPVKGNNGP +PXGUVQTU XQTIGPQOOGP 7O FGP 7PVGTPGJOGPUYGTV \W GTOKVVGNP O€UUGP UkOVNKEJG M€PHVKIGP '8# 9GTVG FKU MQPVKGTV YGTFGP > $CTYGTV JGKˆV Â/CTMGV 8CNWG #FFGFµ /8# WPF GPVURTKEJV FGT &KHHGTGP\ FGT IGUCOVGP -CRKVCNKUKGTWPI WPF FGO 'KIGPMCRKVCNGKPUCV\ > 7PVGTPGJOGPUYGTV GPVURTKEJV FGT 5WOOG CWU /8# WPF FGO $GVTKGDUXGTO{IGP

0GV 1RGTCVKPI #UUGVU  > /8# NkUUV UKEJ CWEJ GZ RQUV GTOKVVGNP CNU &KHHG TGP\ \YKUEJGP FGT ${TUGPMCRKVCNKUKGTWPI FCU JGKˆV FGO /CTMVYGTV FGU 7PVGT PGJOGPU WPF FGO 9GTV FGU $GVTKGDUXGTO{IGPU &KGUG KPFWMVKXG /8#)T{ˆG KUV VJGQTGVKUEJ OKV FGT HKPCP\VJGQTGVKUEJ GTOKVVGNVGP KFGPVKUEJ #DYGKEJWPIGP NCUUGP 4€EMUEJN€UUG CWH O{INKEJG (GJNDGYGTVWPIGP FWTEJ FGP /CTMV gDGT D\Y 7P VGTDGYGTVWPIGP \W 9KG DGTGKVU CPIGURTQEJGP IGNCPIV KP FGT $GYGTVWPIURTCZKU UGNVGP PWT GKP $GYGTVWPIUXGTHCJTGP \WT #PYGPFWPI 8KGNOGJT YGTFGP QHVOCNU OGJTGTG #PUkV \G KP -QODKPCVKQP GKPIGUGV\V &KGU GTNCWDV #PCN[UVGP WPF +PXGUVQTGP #DYGK EJWPIGP \YKUEJGP FGP GKP\GNPGP $GYGTVWPIUTGUWNVCVGP \W CPCN[UKGTGP WPF GKP XGTVKGHVGU 8GTUVkPFPKU FGT 9GTVTGKDGT \W GTJCNVGP 'KP YGKVGTGT 8QTVGKN FGT #P YGPFWPI OGJTGTGT $GYGTVWPIUCPUkV\G NKGIV KP FGT .{UWPI XQP FGT 8QTUVGNNWPI GKPG GZCMVG


 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

 gDGT FKG 0QVYGPFKIMGKV XQP UWDLGMVKXGP #PPCJOGP &KG VkINKEJG 'THCJTWPI CWH FGP -CRKVCNOkTMVGP \GKIV FCUU FGT OKVVGNU XGTUEJKG FGPGT OCVJGOCVKUEJGT /QFGNNG GTTGEJPGVG 9GTV GKPGU 7PVGTPGJOGPU UGNDUV CWH NCPIG 5KEJV QHVOCNU PKEJV OKV FGO TGCNGP CP FGP 9GTVRCRKGTOkTMVGP IGJCPFGNVGP 9GTV €DGTGKPUVKOOV FKG 2TQIPQUGSWCNKVkV XQP TGKP OCVJGOCVKUEJGP /GVJQFGP PKEJV UGNVGP OCPIGNJCHV KUV &KG #WUUCIGP FGT DGHTCIVGP #PCN[UVGP WPF +PXGUVQ TGP DGUVkVKIVGP FCUU 2TQIPQUGP FGU 7PVGTPGJOGPUYGTVGU WPF FGT \WM€PHVKIG 'THQNI GKPGU 7PVGTPGJOGPU CWEJ XQP \CJNTGKEJGP 5CEJXGTJCNVGP CDJkPIKI UKPF FKG PKEJV CWUUEJNKGˆNKEJ CWU FGP
 'KPNGKVWPI &KG *GTCWUHQTFGTWPIGP XQP +PXGUVKVKQPUGPVUEJGKFGP



VGF %CUJ (NQY #PUCV\GU FGT (TGG %CUJ (NQY LGPG )T{ˆG FKG FGP #MVKQPkTGP \WUVGJV DGKPJCNVGV GKPG INGKEJHCNNU UWDLGMVKXG 4GHGTGP\ CWH CPFGTG \WM€PHVKIG +PXGUVKVKQPGP D\Y #PPCJOGP €DGT DGVTKGDUPQVYGPFKIGU WPF PKEJV DGVTKGDUPQV YGPFKIGU -CRKVCN 2TQIPQUGP €DGT 7PVGTPGJOGP CWH\WUVGNNGP DGFGWVGV KO )TWPFUCV\ FCJGT GKPG 4GKJG XQP 'TYCTVWPIGP €DGT FKG <WMWPHV HQTOWNKGTGP \W O€UUGP 6[RKUEJG #WUUCIGP WPUGTGT $GHTCIWPI €DGT FKG 5WDLGMVKXKVkV FGT $GYGT VWPI XGTFKEJVGVGP UKEJ GVYC KP FGP HQNIGPFGP
,GFG $GYGTVWPIUOGVJQFG MCPP UQOKV KO 'PFGHHGMV PKEJV OGJT DKGVGP CNU GKPG #PPkJGTWPI CP FGP VCVUkEJNKEJGP KPPGTGP 9GTV &KG KP $KNCP\GP WPF )GYKPP WPF 8GTNWUVTGEJPWPIGP XGT{HHGPVNKEJVGP (KPCP\FCVGP GTNCWDGP CWHITWPF FGT 7P UKEJGTJGKV FGT <WMWPHV DGUVGPHCNNU GKPG XGTICPIGPJGKVUDCUKGTVG 'KPUEJkV\WPI FGT )GYKPP WPF 9GVVDGYGTDUUKVWCVKQP GKPGU 7PVGTPGJOGPU YGUJCND #WVQTGP YKG &TGOCP WPF $CTT[  CPIGUKEJVU FGT 3WCNKVkV FGT )GYKPPRTQIPQUGP XQP RTQHGUUKQPGNNGP -CRKVCNOCTMVVGKNPGJOGTP \W HQNIGPFGT 5EJNWUUHQNIGTWPI MQO OGP ² 6JG HKPFKPIU QH QWT UVWF[ SWGUVKQP VJG WUG QH HKPGN[ ECNKDTCVGF GCTPKPIU HQTGECUVU VJCV CTG KPVGITCN VQ VJG OQUV EQOOQP XCNWCVKQP OQFGNU CPF KPFKTGEVN[ SWGUVKQP VJG XCNWCVKQP OQFGNU VJGOUGNXGU³ 5  &KG DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP VGKNVGP kJPNKEJG 8QTDGJCNVG IGIGP -CNMWNCVKQPGP FKG CWUUEJNKGˆNKEJ CWH GKPGT 'ZVTCRQNCVKQP FGT (KPCP\FCVGP GKPGU 7PVGTPGJOGPU DCUKGTVGP +P FGT 2TCZKU URKGIGNVG UKEJ FKGU \WO $GKURKGN KP 9GTVMQTTGMVWTGP H€T (CMVQTGP YKG FGT 'KPUEJkV\WPI FGU /CPCIGOGPVU WPF FGT 5VTCVGIKG YKFGT YGNEJG #PCN[UVGP KP KJTG 2TQIPQUGP WPF UQOKV KP FKG $GTGEJPWPI FGU 7PVGTPGJOGPUYGTVGU GKPHNKGU



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

UGP NKGUUGP &C\W NCWVGVGP GKPKIG V[RKUEJG #PVYQTVGP KO 4CJOGP WPUGTGT $GHTC IWPI Ã5QHV (CEVQTU JCXG CP KORCEV QP XCNWG 6JCV KU DGECWUG + DCUG O[ LWFIOGPV CDQWV YJCV C EQORCP[ YKNN FQ HKPCPEKCNN[ KP VGTOU QH DKI FGEKUKQPU UWEJ CU CESWKUKVKQPU FKUKPXGUVOGPVU QP VJQUG HCEVQTU 6JG XCNWG QH C EQORCP[ KU PQV UVTKEVN[ TGNCVGF VQ YJCV [QW RTGFKEV YKNN EQOG QWV QH VJG GZKUVKPI QRGTCVKQPU³ 5GNN5KFG #PCN[UV +PVGT XKGY  #RTKN  Ã0KEJVHKPCP\KGNNG 7PVGTPGJOGPUHCMVQTGP UKPF PCV€TNKEJ TGNCVKX UEJYGT GKP\WDCWGP 'U IKDV KO )TWPFG IGPQOOGP \YGK 5VGNNUEJTCWDGP FCU GKPG KUV GKP &KUEQWPVGF %CUJ (NQY 8GTHCJTGP *KGT MCPP OCP UQNEJG (CMVQTGP DGK FGT #PPCJOG FGU $GVCU WPF FCOKV CWEJ KP FGT &GHKPKVKQP GKPGU &KUMQPVKGTWPIU\KPUUCV\GU DGT€EMUKEJVKIGP 'KP YGKVGTGT 2WPMV KP FKGUGO <WUCOOGPJCPI KUV FCUU DGK WPU KO *CWUG PKEJV \YCPIU YGKUG -WTU\KGNG WPF HCKTG 9GTVG GKPU\WGKPU KP FKG 'ORHGJNWPI €DGTUGV\V YGTFGP 9GPP YKT DGH€TEJVGP FCUU UKEJ FCU 7PVGTPGJOGP QFGT FCU /CPCIGOGPV UVTCVGIKUEJ KP GKPG HCNUEJG 4KEJVWPI GPVYKEMGNV UCIGP YKT CWEJ UEJQP FCUU YKT FCU 7PVGTPGJ OGP CWU FKGUGO )TWPF PKEJV \WO -CWH GORHGJNGP &KGU UKPF FKG DGKFGP 5VGNNUEJTCW DGP YQDGK FKG YKEJVKIGTG 5VGNNUEJTCWDG FCDGK PCV€TNKEJ KOOGT FCU $GVC FCTUVGNNV²

5GNN5KFG #PCN[UV +PVGTXKGY  #RTKN 

(€T FKG YGKVGTGP gDGTNGIWPIGP MCPP HGUVIGJCNVGP YGTFGP FCUU -CRKVCNOCTMVVGKN PGJOGT CPIGUKEJVU OCPIGNPFGT <WMWPHVUFCVGP CWH GKPG 4GKJG XQP #PPCJOGP \WT 'PVYKEMNWPI FGU 7PVGTPGJOGPU \WT€EMITGKHGP 5Q UKPF DGKURKGNUYGKUG 2TQIPQUGP \WT GTYCTVGVGP -QPLWPMVWT
 UKPF ,CJTGUCDUEJN€UUG \WPGJOGPF YGPKIGT KP FGT .CIG FGP YCJTGP 9GTV XQP 7PVGTPGJOGP CD\WDKNFGP )TWPFUkV\NKEJ NKGIV FKG 7TUCEJG FKGUGT WP\WTGK EJGPFGP #WUUCIGMTCHV XQP (KPCP\FCVGP KP FGT XGTkPFGTVGP 0CVWT OQFGTPGT 8QNMUYKTVUEJCHVGP KP FGPGP YKTVUEJCHVNKEJGT 'THQNI KP GTUVGT .KPKG CWH 9KUUGP WPF kJPNKEJGP KOOCVGTKGNNGP 8GTO{IGPUYGTVGP DCUKGTGP XIN -KGTPCP  8QO GJGOCNKIGP %'1 FGT %KVKEQTR 9CNVGT 9TKUVQP GKPGO CNU UGJT \CJNGPQTKGP VKGTVGP DGMCPPVGP /CPCIGT KUV KP FKGUGO <WUCOOGPJCPI FCU
 'KPNGKVWPI &KG *GTCWUHQTFGTWPIGP XQP +PXGUVKVKQPUGPVUEJGKFGP



ECRCEKV[ HQT KPPQXCVKQP CPF JWOCP TGUQWTEGU ;GV PQPG QH VJGUG KPVCPIKDNG CUUGVU CRRGCT QP C DCNCPEG UJGGV 6JKU KU CPQVJGT YC[ QH UC[KPI VJCV VJG YQTM QH C DTCPF PCOG NKMG %KVKDCPM QT (QTF JCU PQ XCNWG³ \KVKGTV PCEJ -CNCHWV  .QY  5  #PCN[UVGP WPF +PXGUVQTGP FKG GKPG O{INKEJUV \WXGTNkUUKIG 'KPUEJkV\WPI FGT )GUEJkHVUGPVYKEMNWPI GKPGU 7PVGTPGJOGPU CPUVTGDVGP XGTUWEJVGP PCV€TNKEJ FGP 9GTV XQP KOOCVGTKGNNGP 7PVGTPGJOGPUYGTVGP KP KJTG 2TQIPQUGP WPF $GTGEJ PWPIUOQFGNNG GKPHNKGˆGP \W NCUUGP 'KPKIG EJCTCMVGTKUVKUEJG #WUUCIGP JKGT\W YCTGP \WO $GKURKGN FKG (QNIGPFGP Ã'KP 7PVGTPGJOGP DGUVGJV PKEJV PWT CWU
&KG 'KPUEJkV\WPI GKPGU 7PVGTPGJOGPU DGTWJV CNUQ PGDGP FGP DKNCP\KGTVGP (K PCP\FCVGP CWEJ CWH 2TQIPQUGP €DGT FKG KOOCVGTKGNNGP 9GTVVTGKDGT GKPGU 7PVGT PGJOGPU 1HHGPUKEJVNKEJ JCV \WO $GKURKGN FKG 'PVYKEMNWPI WPF 'KPH€JTWPI XQP PGWGP 2TQFWMVGP WPF &KGPUVNGKUVWPIGP GKPGP GPVUEJGKFGPFGP 'KPHNWUU CWH FKG \WM€PHVKIG 'TVTCIUNCIG GKPGU 7PVGTPGJOGPU 'ZGORNCTKUEJ NkUUV UKEJ FKGU CP FGT 2JCTOCDTCPEJG XGTFGWVNKEJGP FKG UKEJ FWTEJ JQJG +PXGUVKVKQPGP KP (' WPF GKPGT -QP\GPVTCVKQP FGU 7OUCV\GU CWH PWT XGTINGKEJUYGKUG YGPKIG 2TQFWMVG CWU\GKEJPGV (€T +PXGUVQTGP WPF #PCN[UVGP KUV FCJGT GKP 'KPDNKEM KP FGP 'PVYKEM NWPIUUVCPF DG\KGJWPIUYGKUG FKG 2NkPG H€T FKG /CTMVGKPH€JTWPI PGWGT 2TQFWMVG XQP \GPVTCNGT $GFGWVWPI 'DGPUQ KPVGTGUUKGTGP KP CPFGTGP $TCPEJGP GVYC #PIC DGP \WT (GTVKIWPIUVGEJPKM FGO 4QJUVQHHXGTDTCWEJ (GTVKIWPIU\GKVGP WPF  MCRC\KVkVGP UQYKG FGO 2GTUQPCNDGFCTH #WEJ GKP #WUDNKEM CWH FKG GTYCTVGVG 'PVYKEMNWPI DGK .KGHGTCPVGP WPF -WPFGP KUV ° UQYGKV O{INKEJ ° H€T +PXGUVQTGP WPF #PCN[UVGP XQP JQJGT 4GNGXCP\ $GKURKGNUYGKUG Y€TFG GKP O{INKEJGT 2TGKU MCORH CWH 5GKVGP FGT .KGHGTCPVGP GKPG RQUKVKXG -QUVGPGPVYKEMNWPI GTYCTVGP NCUUGP 7OIGMGJTV M{PPVG CDGT \WO $GKURKGN GKPG -QP\GPVTCVKQP XQP )TQˆMWP FGP PGICVKXG #WUYKTMWPIGP CWH 2TGKUG WPF FCOKV /CTIGP KORNK\KGTGP &C XQT CNNGO 9CEJUVWOUEJCPEGP H€T FKG 'PVYKEMNWPI GKPGU 7PVGTPGJOGPU GPVUEJGKFGPF UKPF JCDGP UEJNKGˆNKEJ CWEJ IGRNCPVG +PXGUVKVKQPGP ICT O{INKEJGP #MSWKUKVKQ



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

PGP \GPVTCNG $GFGWVWPI >GP #WUYKTMWPIGP CWH FGP -CRKVCNDGFCTH FGU 7PVGT PGJOGPU DGVTGHHGP FKG 2TQIPQUGP FGT +PXGUVQTGP WPF #PCN[UVGP WPOKVVGNDCT #NU GKPG YGKVGTG *GTCWUHQTFGTWPI YWTFG KP FGP +PVGTXKGYU UEJNKGˆNKEJ CWEJ KOOGT YKGFGT DGVQPV FCUU XKGNG FKGUGT H€T FKG #TDGKV FGT DGHTCIVGP -CRKVCNOCTMV VGKNPGJOGT YKEJVKIGP +PHQTOCVKQPGP PKEJV KP FGT 7PVGTPGJOGPUDGTKEJVGTUVCVVWPI GTUEJGKPGP &KGU KUV GKP YGKVGTGT #URGMV FGT #PPCJOGP UGKVGPU +PXGUVQTGP WPF #PCN[UVGP WPWOIkPINKEJ OCEJV ,G YGPKIGT +PHQTOCVKQPGP €DGT GKP 7PVGTPGJ OGP FGP -CRKVCNOkTMVGP DGTGKVUVGJGP FGUVQ WPUKEJGTGT YGTFGP FKG 2TQIPQUGP &KGUG #TV FGT 7PIGYKUUJGKVGP CO -CRKVCNOCTMV MCPP CNU Â+PHQTOCVKQPUCU[OOGV TKGPµ \YKUEJGP 7PVGTPGJOGP WPF -CRKVCNOCTMVVGKNPGJOGTP DGUEJTKGDGP YGTFGP 1DYQJN PCV€TNKEJ GKP 7PVGTPGJOGP UGNDUV D\Y FGUUGP )GUEJkHVUNGKVWPI QHVOCNU FKG GKIGPG 7PVGTPGJOGPUGPVYKEMNWPI PKEJV JKPTGKEJGPF XGTNkUUNKEJ RTQIPQUVK\KG TGP MCPP UQ JCV GU FQEJ <WICPI \W GKPGO WPINGKEJ IT{ˆGTGP /Cˆ CP +PHQTOCVK QP €DGT FKG .CIG FGU 7PVGTPGJOGPU FKG KJO \WT 8GTH€IWPI UVGJGPFGP 4GUUQWT EGP
 'KPNGKVWPI &KG *GTCWUHQTFGTWPIGP XQP +PXGUVKVKQPUGPVUEJGKFGP



HCMVQTGP -CRKVCNOCTMVVGKNPGJOGT XGTUWEJGP FWTEJ 'KPDG\WI UQNEJGT SWCNKVCVKXGT 7PVGTPGJOGPUHCMVQTGP GKP CFkSWCVGTGU $KNF FGU 7PVGTPGJOGPU \W \GKEJPGP 1HHGPUKEJVNKEJ WOHCUUV FKG 9CJTPGJOWPI GKPGT )GUGNNUEJCHV FWTEJ #PCN[UVGP WPF +PXGUVQTGP UQYQJN HKPCP\KGNNG CNU CWEJ PKEJVHKPCP\KGNNG 7PVGTPGJOGPUHCMVQ TGP XIN CWEJ -WRGTOCP  &KG XQP FGP $GHTCIVGP GTYkJPVG 6CVUCEJG FCUU FKG \WPkEJUV OCVJGOCVKUEJ GTOKVVGNVGP 2TQIPQUGP QHVOCNU PCEJ WPVGP MQTTKIKGTV YGTFGP JCV CNNGTFKPIU PKEJV WPDGFKPIV OKV GKPGT PGICVKXGP 'KPUEJkV\WPI FGT PKEJVHKPCP\KGNNGP (CMVQTGP \W VWP *KGT TGIKGTV OGKUV FCU 8QTUKEJVURTKP\KR KP FGT $GYGTVWPI FGU 5EJkV\TKUKMQU #NNG IkPIKIGP $GYGTVWPIUOQFGNNG JkPIGP YKG GTYkJPV UVCTM XQP 2TQIPQUGP WPF #PPCJOGP CD ° FCJGT FCU GTYkJPVG 5EJkV\TKUKMQ 8QTVGKNJCHVG YGKEJG 7P VGTPGJOGPUHCMVQTGP H€JTGP PWP FC\W FCUU FGP 7PVGTPGJOGPURTQIPQUGP GKPG IT{ˆGTG )NCWDY€TFKIMGKV \WGTMCPPV YKTF ° UKG XGTTKPIGTP FCU 5EJkV\TKUKMQ +O 4CJOGP FGT $GHTCIWPI OWUUVG HGUVIGUVGNNV YGTFGP FCUU PKEJVHKPCP\KGNNG (CMVQ TGP OGKUV GJGT WPU[UVGOCVKUEJ WPF DCUKGTGPF CWH FGT RGTU{PNKEJGP 'KPUEJkV\WPI FGU $GYGTVGTU KP FKG -CNMWNCVKQP GKPHNQUUGP 8KGNG FGT $GHTCIVGP XGTYGPFGVGP UEJNKEJVG 5EQTKPI/QFGNNG H€T FKG )GYKEJVWPI FGT PKEJVHKPCP\KGNNGP (CMVQTGP &KG \GPVTCNG 'TMGPPVPKU CP FKGUGT 5VGNNG KUV LGFQEJ FKG (GUVUVGNNWPI FCUU €DGT GKPG TGKP OCVJGOCVKUEJG 8GTCTDGKVWPI WPVGTPGJOGTKUEJGT (KPCP\MGPP\CJNGP JKPCWU FKG UWDLGMVKXG 9CJTPGJOWPI FGU 7PVGTPGJOGPU WPF UGKPGU #WHVTGVGPU KO -CRKVCNOCTMV FKG /CTMVVGKNPGJOGT JKPUKEJVNKEJ FGUUGP $GYGTVWPI DGGKPHNWUUV 'U GZKUVKGTGP QHHGPUKEJVNKEJ GKPKIG \GPVTCNG (CMVQTGP YGNEJG FKG 9CJTPGJOWPI FGT


 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV VCNN[ VKEM OQTG DQZGU VJCP VJG QVJGT QP VJGUG KVGOU VJGP + YKNN RTQDCDN[ IQ YKVJ VJCV QPG³ +PUVKVWVKQPGNNGT +PXGUVQT +PVGTXKGY  #RTKN  

'U MCPP HGUVIGJCNVGP YGTFGP FCUU CWHITWPF FGT 7PIGYKUUJGKV DG\€INKEJ FGT \WM€PHVKIGP 'PVYKEMNWPI GKPGU 7PVGTPGJOGPU WPVGTPGJOGPUGZVGTPG #PCN[UVGP WPF +PXGUVQTGP XQT FGT OCUUKXGP *GTCWUHQTFGTWPI UVGJGP GKP CFkSWCVGU $KNF D\Y \WXGTNkUUKIGU 9KUUGP €DGT GKP 7PVGTPGJOGP \W IGYKPPGP 9KG PQEJ IG \GKIV YGTFGP YKTF H€JTGP FGT /CPIGN CP IGUKEJGTVGT +PHQTOCVKQP WPF FKG FCTCWU TGUWNVKGTGPFG #ODKIWKVkV \W GKPGT XGTUVkTMVGP 0WV\WPI XQP DGUVKOOVGP +PHQTOC VKQPUUVTCVGIKGP &KG -CRKVCNOCTMVVGKNPGJOGT UWDUVKVWKGTGP JKGTDGK FCU 2TQDNGO HGJNGPFGT WPIGYKUUGT +PHQTOCVKQPGP WPF ITGKHGP CWH XGTH€IDCTG CDGT JkWHKI UWDLGMVKXG +PHQTOCVKQPUITWPFNCIGP \WT€EM /CP MCPP JKGT GKPG 9KTMWPIUMGVVG MQPUVTWKGTGP FKG FC NCWVGV ,G YGPKIGT CP RTk\KUGP 7PVGTPGJOGPUFCVGP \WT 8GT H€IWPI UVGJV LG OGJT OWUU IGUEJkV\V YGTFGP ,G OGJT IGUEJkV\V YGTFGP OWUU LG J{JGT UVGKIV FGT 5VGNNGPYGTV PKEJVHKPCP\KGNNGT (CMVQTGP FC UKG YKG \WXQT DGTGKVU CWUIGH€JTV FKG 4KUKMQRTkOKGP DGGKPHNWUUGP #PIGYCPFV CWH FKG (TCIGUVGNNWPI FGT 7PVGTUWEJWPI DGFGWVGV FKGU FCUU FKG 9CJTPGJOWPI GKPGU 7PVGTPGJOGPU FWTEJ #PCN[UVGP WPF +PXGUVQTGP XQP DGUVKOOVGP (CMVQTGP CDJkPIKI KUV XQP FGPGP CPIGPQOOGP YKTF FCUU UKG FKG \WM€PHVKIG 'TVTCIUMTCHV FGU 7PVGTPGJOGPU DGUVKOOGP 6JGQTGVKUEJG *KPYGKUG €DGT FKG 0CVWT UQNEJGT +PHQTOCVKQPUUVTCVGIKGP WPVGT 7PUKEJGTJGKV HKPFGP UKEJ KP .KVGTCVWTDGKVTkIGP CWU FGT fMQPQOKG FGT -QIPKVK QPU UQYKG FGT 5Q\KCNRU[EJQNQIKG
 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI  7PVGTPGJOGPUGKPUEJkV\WPI CNU KPVGTRTGVCVKXG #WHICDG #PCN[UVGP +PXGUVQTGP WPF ,QWTPCNKUVGP MQPUVTWKGTGP YKG CNNG /GPUEJGP KJT 9KUUGP €DGT KJTG 9GNV KP GKPGO CMVKXGP 2TQ\GUU 6JGQTGVKUEJ IGURTQEJGP UKPF CWEJ UKG KP GKPG KPFKXKFWGNNG -WNVWT GKPIGDGVVGV YQFWTEJ UkOVNKEJG $GFGWVWPIGP FKG UKG {MQPQOKUEJGP UQ\KCNGP QFGT PCV€TNKEJGP 1DLGMVGP \WURTGEJGP CNU U[O DQNKUEJG -QPUVTWMVKQP \WOKPFGUV CDGT CNU 5COONWPI U[ODQNKUEJ DGFGWVUCOGT (CMVGP CWH\WHCUUGP UKPF XIN %CUUKTGT  4GCNKVkV DGUVGJV XQT CNNGO CWU GKPGO 0GV\YGTM XQP $GFGWVWPIGP YGNEJG FGT 9GNV GKPG 1TFPWPI IGDGP UKG UKPPGTH€NNV WPF CMVKX KPVGTRTGVKGTDCT GTUEJGKPGP NkUUV > GPVUEJGKFGPFG +PRWV KP FGP 'PVUEJGKFWPIURTQ\GUU GKPGU #PCN[UVGP +P XGUVQTU QFGT ,QWTPCNKUVGP KUV FGOGPVURTGEJGPF CWEJ FKG 9CJTPGJOWPI FGT 7O YGNV WPF PKEJV FKG VCVUkEJNKEJG 7OYGNV #P FKGUGT +PVGTRTGVCVKQPUDGF€THVKIMGKV FGT 9GNV UGV\V XQP VJGQTGVKUEJGT 5GKVG FGT U[ODQNKUEJG +PVGTCMVKQPKUOWU CP

$NWOGT  /GPUEJGP JCPFGNP IGIGP€DGT KJTGT 7OYGNV CWHITWPF FGT $G FGWVWPIGP FKG UKG FKGUGT 7OYGNV DGKOGUUGP &GO /GPUEJGP KUV FKG (kJKIMGKV \WT 4GHNGMVKQP IGIGDGP FKGUG 'KIGPUEJCHV XGTNGKJV UGKPGO *CPFGNP GTUV GKPGP URG\KHKUEJGP %JCTCMVGT 9GPP GT JCPFGNP YKNN OWUU GT FKG 9GNV FKG KJO IGIG P€DGTUVGJV KPVGTRTGVKGTGP &KGUG +PVGTRTGVCVKQPGP GPVUVGJGP CWH )TWPFNCIG FGU FWTEJCWU UWDLGMVKX YCJTIGPQOOGP #DDKNFGU FKGUGT kWˆGTGP 4GCNKVkV &GPKU  5  /KV CPFGTGP 9QTVGP UKPF MQIPKVKXG QFGT OGPVCNG #DDKNFWPIGP FKG IGKUVKIGP )GIGPUV€EMG FGT kWˆGTGP 9KTMNKEJMGKV KO OGPUEJNKEJGP 8GTUVCPF WPF H€T FKG +PVGTRTGVCVKQP FKGUGT 9KTMNKEJMGKV GPVUEJGKFGPF #WHDCWGPF JKGTCWH O€UUGP #MVGWTG WO OKV FKGUGT +PVGTRTGVCVKQPUDGF€THVKI MGKV FGT 9GNV \WTGEJV \W MQOOGP WPF WO GKPGP 'KPFTWEM FGT 9GNV \W GTJCNVGP FGT \WO *CPFGNP DGHkJKIV CWH XGTUEJKGFGPG 5VTCVGIKGP FGT 9KUUGPUMQPUVTWMVKQP \WT€EMITGKHGP 5Q MQPUVTWKGTV LGFG 2GTUQP )TWRRG WPF 1TICPKUCVKQP JCPFNWPIU TGNGXCPVGU 9KUUGP WPF 'TYCTVWPIGP KP CNNGP $GTGKEJGP PKEJV PWT KO URG\KGNNGP -QPVGZV FGU -CRKVCNOCTMVGU &KGUG 'TYCTVWPIUDKNFWPI WOHCUUV CNNG 4GIGNP 8QT IGJGPUYGKUGP WPF *GWTKUVKMGP YGNEJG CWH TKEJVKIG QFGT WPUCEJIGOkˆG #TV WPF 9GKUG CWH FKG XGTH€IDCTGP +PHQTOCVKQPGP CPIGYCPFV YGTFGP OKV FGO


 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

TQPOGPV EQPITWGPV YKVJ TGCNKV[ QP VJG QPG JCPF CPF VJG PGGFU CPF FKURQUKVKQPU QH VJG QTICPKUO QP VJG QVJGT³ 2QUVOCP  $TWPGT  5  0KEJVHKPCP\KGNNG 7PVGTPGJOGPUHCMVQTGP URKGNGP CWH -CRKVCNOkTMVGP PKEJV \WNGV\V FGUJCND GKPG 4QNNG FC UKG FCU &GPMGP FGT -CRKVCNOCTMVVGKNPGJOGT €DGT FCU GPVURTGEJGPFG 7PVGTPGJOGP DGGKPHNWUUGP 0WP MCPP CP FKGUGT 5VGNNG PCV€T NKEJ PWT CPUCV\YGKUG CWH FKG 0CVWT FGU OGPUEJNKEJGP &GPMGPU GKPIGICPIGP YGT FGP 'U MCPP CDGT H€T FKG YGKVGTGP gDGTNGIWPIGP FKG #PPCJOG \WITWPFG IGNGIV YGTFGP FCUU OGPUEJNKEJGU &GPMGP GJGT KP CDUVTCMVGP MQIPKVKXGP 'KPJGKVGP CP UVCVV CWUUEJNKGˆNKEJ KP 5RTCEJG UVCVVHKPFGV XIN #PFGTUQP  #WEJ KO -QO OWPKMCVKQPUOCPCIGOGPV KUV FKG gDGT\GWIWPI XGTYWT\GNV FCUU )GFCPMGP GKP -QPUVTWMV CWU 9{TVGTP CPFGTGP 5[ODQNGP UQYKG FKTGMVGP 5KPPGUGKPFT€EMGP UKPF WPF FCUU YKGFGTWO 9{TVGT WPF CPFGTG 5[ODQNG FC\W XGTYCPFV YGTFGP CDUVTCM VG )GFCPMGP CP CPFGTG \W MQOOWPK\KGTGP XIN \$ )TWPKI 4COUG[  5EJPGK FGT  #WEJ FCU UQ IGPCPPVG ÂEQORWVCVKQPCN OQFGN QH VJG OKPFµ 2CTCFKIOC DCUKGTV \WO $GKURKGN CWH FGT #PPCJOG FCUU UKEJ &GPMGP FWTEJ FKG /CPKRWNCVKQP XQP 5[ODQNGP DGUEJTGKDGP NkUUV )CTFPGT  2KPMGT  &KGUGP #PUkV\GP KUV IGOGKPUCO FCUU KPUDGUQPFGTG FKG (kJKIMGKV €DGT FCU )GIGDGPG JKPCWU\WIG JGP  \W ²HKNNKPI ICRU KP GXKFGPEG³ FCU OGPUEJNKEJG &GPMGP CWU\GKEJPGV /KEJC GN 2QUPGT  UKGJV KP FKGUGT (kJKIMGKV FKG GNGOGPVCTG 'TYGKVGTWPI FGT 9CJT PGJOWPI FKG GU GTUV GTNCWDV €DGT FKG KP FGT 9GNV XQTJCPFGPGP +PHQTOCVKQPGP JKPCWU\WIGJGP WPF FCTCWU 4€EMUEJN€UUG H€T WPUGT *CPFGNP \KGJGP \W M{PPGP 9GPP FKGUG CNNIGOGKPG 'TMGPPVPKU CWH FGP -CRKVCNOCTMVMQPVGZV CPIGYCPFV YKTF JGKˆV FKGU PKEJVU CPFGTGU CNU FCUU -CRKVCNOCTMVVGKNPGJOGT UKEJ DGUVkPFKI OKV GKPGO 2TQ\GUU DGHCUUGP FGT UKEJ CNU GKPG -QPUVTWMVKQP XQP 9KUUGP €DGT 7PVGT PGJOGP DGUEJTGKDGP NkUUV KO (QNIGPFGP CWEJ MWT\ 9KUUGPUMQPUVTWMVKQP IG PCPPV +PXGUVQTGP #PCN[UVGP WPF 9KTVUEJCHVULQWTPCNKUVGP XGTUWEJGP OKV CPFGTGP 9QTVGP GKPGP 5KPP CWU LGPGP +PHQTOCVKQPGP \W IGPGTKGTGP FKG KJPGP FWTEJ 7P VGTPGJOGP XQP YGKVGTGP +PVGTOGFKkTGP WPF CWU KJTGT GKIGPGP 'THCJTWPI \WT 8GTH€IWPI UVGJGP WO UQ GKP $KNF GKPGU 7PVGTPGJOGPU \W UEJCHHGP WPF \W GTYGK VGTP &KGUG CMVKXG -QPUVTWMVKQP XQP 'TYCTVWPIGP YWTFG UGJT RTkIPCPV CO HQN IGPFGP
+O -QPVGZV FGU -CRKVCNOCTMVGU GPVUVGJV UQ FGT 'KPFTWEM €DGT GKP 7PVGTPGJOGP CWU FGT 5WOOG FGT KPFKXKFWGNN WPF MQNNGMVKX CWUIGH€JTVGP #MVKXKVkVGP FWTEJ FKG

 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



+PXGUVQTGP #PCN[UVGP WPF ,QWTPCNKUVGP GKP IGPCWGU WPF FGVCKNNKGTVGU 8GTUVkPFPKU FGU {MQPQOKUEJGP UQ\KCNGP WPF RQNKVKUEJGP 7OHGNFGU GKPGU +PXGUVKVKQPUQDLGMVGU JGTUVGNNGP &KG -QPUVTWMVKQP XQP 9KUUGP WPF XQP 'TYCTVWPIGP KUV FCDGK GKP ITWPFNGIGPFGU OGPUEJNKEJGU 9GUGPUOGTMOCN WPF PKEJV CNNGKPG CWH FKG URG\KGNNGP $GFKPIWPIGP FGU -CRKVCNOCTMVGU DGUEJTkPMV UQPFGTP XKGNOGJT WPKXGTUGNNGT 0CVWT 9GPP YKT KP FGP gDGTNGIWPIGP GKPGP 5EJTKVV \WT€EMIGJGP WPF FCU 2Jk PQOGP FGT 9KUUGPUMQPUVTWMVKQP CWH GKPGT GNGOGPVCTGP 'DGPG DGVTCEJVGP UQ NkUUV UKEJ ITWPFUk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€EMGP (CMVQTGP YCJT CWU FGPGP UKG UKEJ GKP $KNF €DGT FKGUGU 7PVGTPGJOGP UGKPG 2QVGPVKCNG WPF <WMWPHVUCWUUKEJ VGP OCEJGP XIN #DDKNFWPI  GZVGTPG 9KTMNKEJMGKV

*KPYGKU(CMVQTGP

7PVGTPGJOGPUYCJTPGJOWPI

Z Z Z

7PVGTPGJOGP 'TIGDPKUUG

ZP

'ZVGTPGT $GQDCEJVGT *CPFNWPI

#DDKNFWPI  gDGTUKEJV €DGT FKG (WPMVKQPUYGKUG FGT 9CJTPGJOWPI XQP 7PVGTPGJOGP &KGUG (CMVQTGP M{PPGP CWH FGT GKPGP 5GKVG PCV€TNKEJ HKPCP\KGNNG 2TQIPQUGP CDGT CWEJ FWTEJCWU PKEJVHKPCP\KGNNG (CMVQTGP FCTUVGNNGP 3WCNKVCVKXG (CMVQTGP YKG \WO $GKURKGN FKG 'THCJTWPI FGT 7PVGTPGJOGPUH€JTWPI QFGT DGUVKOOVG 'NGOGPVG FGT 7PVGTPGJOGPUUVTCVGIKG UKPF KO 4CJOGP GKPGU +PXGUVKVKQPUGPVUEJGKFGU GPV



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

YGFGT DGTGKVU H€T UKEJ CNNGKPG CWUTGKEJGPF H€T GKPG DGUVKOOVG 'KPUEJkV\WPI FGU 7PVGTPGJOGPU UKG M{PPGP CDGT CWEJ XGTOKVVGNPF KP DGUVKOOVG HKPCP\KGNNG #P PCJOGP GKPHNKGˆGP WPF UQ +PXGUVKVKQPUGPVUEJGKFG RQUKVKX QFGT PGICVKX DGGKPHNWU UGP &KG 9CJTPGJOWPI GKPGU 7PVGTPGJOGPU CO -CRKVCNOCTMV KUV UQOKV FKG 5WOOG CNNGT HKPCP\KGNNGP WPF PKEJVHKPCP\KGNNGP 7PVGTPGJOGPUHCMVQTGP FKG INGKEJ\GKVKI KP KTIGPFGKPGT #TV WPF 9GKUG CNU *KPYGKU CWH FKG FGT\GKVKIG CDGT CWEJ KPUDGUQPFGTG \WM€PHVKIG 5KVWCVKQP FGU 7PVGTPGJOGPU FKGPGP M{PPGP +P FKGUGO -QPVGZV UVGNNGP FKG FWTEJ FKG 7PVGTPGJOGP \WT 8GTH€IWPI IGUVGNNVGP +PHQTOCVKQPGP PWT GKPGP #URGMV GKPGU MQORNGZGTGP $KNFGU FCT YGNEJGU -CRK VCNOCTMVVGKNPGJOGT XQP GKPGO 7PVGTPGJOGP KO -QRH VTCIGP 'KP $KNF FCU \WO $GKURKGN FWTEJ FGP 8GTINGKEJ FGU 7PVGTPGJOGPU OKV 9GVVDGYGTDGTP GPVUVGJV QFGT CWEJ FWTEJ FGP -QPUWO FGT 2TQFWMVG WPF &KGPUVNGKUVWPIGP GKPGU 7PVGT PGJOGPU #WH )TWPFNCIG FGT 9CJTPGJOWPI GKPGU 7PVGTPGJOGPU GPVUVGJGP FKG 2TQIPQUGP FGT #PCN[UVGP +PXGUVQTGP WPF 9KTVUEJCHVULQWTPCNKUVGP €DGT FGUUGP \WM€PHVKIGU 'PVYKEMNWPIURQVGPVKCN &KGUG #PPCJOGP UKPF \WO $GKURKGN H€T CP UVGJGPFG +PXGUVKVKQPUGPVUEJGKFG UGKVGPU FGT -CRKVCNOCTMVVGKNPGJOGT WPOKVVGNDCT TGNGXCPV WPF UKG DGGKPHNWUUGP KP (QNIG FKG -CRKVCNDCUKU FKG QHHGP UVGJGPFGP (KPCP\KGTWPIUO{INKEJMGKVGP WPF PCV€TNKEJ CWEJ FKG TGCNGP 'PVYKEMNWPIUO{I NKEJMGKVGP FGU 7PVGTPGJOGPU UGNDGT 'KP\GNPG XQP FGP DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP CPIGYCPFVG +PHQTOC VKQPUUVTCVGIKGP D\Y -QPUVTWMVKQPUCTVGP M{PPGP WPVGTUEJKGFGP YGTFGP 0GDGP GKPGO +PHQTOCVKQPUXGTJCNVGP FCUU CPIGUKEJVU DGITGP\VGT
 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



9KUUGPUMQPUVTWMVKQP

Â$QWPFGF 4CVKQPCNKV[´ WPF {MQPQOKUEJGU 8GTJCNVGP

5EJGOCVC WPF OGPVCNG /QFGNNG

8GTYGPFWPI XQP *GWTKUVKMGP

#DDKNFWPI  #TVGP FGT 'TYCTVWPIUDKNFWPI WPF 9KUUGPUMQPUVTWMVKQP #WU FKGUGP WPVGTUEJKGFNKEJGP -QPUVTWMVKQPUCTVGP NkUUV UKEJ DGTGKVU GKP *KPYGKU FCTCWH CDNGKVGP YCTWO UQYQJN FKG 5WEJG PCEJ +PHQTOCVKQPGP CNU CWEJ FGTGP 8GTCTDGKVWPI QHVOCNU UVCTM XGTGKPHCEJV QFGT UQICT XGT\GTTV YKTF PkONKEJ WO FGO KPFKXKFWGNNGP KPUVTWOGPVCNGP $GFCTH FGT 'PVUEJGKFGT IGTGEJV \W YGTFGP #VMKP  Ã*WOCP DGKPIU JCXG FGUKTGU CPF PGGFU CPF VJG[ WUG VJGKT MPQYNGFIG VQ FGEKFG YJCV VQ FQ CPF VQ KPHGT JQY VQ DGUV CEJKGXG VJGKT IQCNU 6JG[ TGCUQP KP QTFGT VQ OCMG FGEKUKQPU CPF VQ LWUVKH[ VJGO DQVJ VQ VJGOUGNXGU CPF QVJGTU VJG[ TGCUQP KP QTFGT VQ FGVGTOKPG VQ VJG EQPUGSWGPEGU QH VJGKT DGNKGHU CPF QH VJGKT J[RQVJGVKECN CEVKQPU VJG[ TGCUQP VQ YQTM QWV RNCPU QH CEVKQPU 6JG[ OCMG FGEK UKQPU CDQWV YJCV XCNWGU VQ VTGCV CU RCTCOQWPV VJG[ OCMG FGEKUKQPU CDQWV YJCV CEVKQPU VQ VCMG CPF VJG[ OCMG FGEKUKQPU QP YJCV KPHQTOCVKQP VQ DCUG VJGKT TGC UQPKPI QP *GPEG VJGTG KU CP KPVGTFGRGPFGPEG DGVYGGP TGCUQPKPI CPF FGEKUKQP OCMKPI³ ,QJPUQP.CKTF  5JCHKT  5 H &C FKG 9CJTPGJOWPI XQP 7PVGTPGJOGP PKEJV CWUUEJNKGˆNKEJ FWTEJ FKG #WURTkIWPIGP FGT GZVGTPGP 4GCNKVkV FGVGTOKPKGTV YKTF JCPFGNV GU UKEJ DGK FGP TGUWNVKGTGPFGP $GNKGHU FGP gDGT\GWIWPIGP FGT #MVGWTG KOOGT CWEJ WO UWD LGMVKXG 'KPUEJkV\WPIGP 5Q M{PPGP UKEJ CWU GKPGT ICP\ DGUVKOOVGP +PVGTRTGVCVKQP GKPGU 7PVGTPGJOGPUGTGKIPKUUGU FKG CPIGPQOOGPGP 4GCNKUKGTWPIUYCJTUEJGKP NKEJMGKVGP DGK CPUQPUVGP KFGPVKUEJGP 4CPFDGFKPIWPIGP \YKUEJGP +PFKXKFWGP WPVGTUEJGKFGP <WO $GKURKGN \GKIGP 5VWFKGP XQP 6XGTUM[  -CJPGOCPP  FCUU UKEJ QHVOCNU FKG 6[RKMCNKVkV GKPGU 'TGKIPKUUGU OKV 5VGTGQV[RGP WPCPIGOGU UGP UVCTM CWH FKG 'TYCTVWPIGP FGT #MVGWTG CWUYKTMV +P FKGUGT *KPUKEJV JCPFGNV GU UKEJ CWEJ DGK FGT 'KPUEJkV\WPI GKPGU 7PVGTPGJOGPU CNUQ WO UWDLGMVKXG OGPVCNG -QPUVTWMVG FGT #PCN[UVGP +PXGUVQTGP WPF 9KTVUEJCHVULQWTPCNKUVGP FKG CDGT FGP PQEJ CNU )TWPFNCIG H€T FKG 'TMNkTWPI FGU 'PVUEJGKFWPIUXGTJCNVGPU CPIGUGJGP YGTFGP O€UUGP #WH FKG DGITGP\VG 4CVKQPCNKVkV XQP 'PVUEJGKFGTP DGK FGT +PHQTOCVKQPUYCJT PGJOWPI YKTF PQEJ KO YGKVGTGP 8GTNCWH FGU -CRKVGNU CNU GKP 6GKNCURGMV FGT 9KU



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

UGPUMQPUVTWMVKQP XGTVKGHV GKPIGICPIGP )GIGPYkTVKI TGKEJV GU HGUV\WJCNVGP FCUU FKG 9CJTPGJOWPI GKPGU 7PVGTPGJOGPU GKP KPVGTRTGVCVKXGT 8QTICPI KUV XIN \$ <WEMGTOCP  6C[NQT  %TQEMGT  6JQOCU %NCTM  )KQKC  #NU 6GKN FKGUGU 2TQ\GUUGU YGTFGP PGWG &CVGP QFGT +PHQTOCVKQPGP €DGT GKP 7PVGT PGJOGP FGO XQTJCPFGPGO 9KUUGP JKP\WIGH€IV WPF OKV FKGUGO XGTINKEJGP XIN 5VCTDWEM  /KNNKMGP  (KUMG  6C[NQT  .QTF  (QVK  0GKUUGT  0KUDGV  4QUU  &KG 9CJTPGJOWPI GKPGU 7PVGTPGJOGPU DGKPJCNVGV UQ FCU 'TMGPPGP XQP +PHQTOCVKQPGP FGTGP 8GTCTDGKVWPI UQYKG FKG 'KPUEJkV\WPI FGT 4GNGXCP\ FKGUGT +PHQTOCVKQPGP KO *KPDNKEM CWH CMVWGNNG QFGT RQVGPVKGNNG 'PVUEJGKFWPIGP 9GKVGTJKP DGKPJCNVGV FKG #WUDKNFWPI XQP JCPFNWPIUTGNGXCPVGP 'KPFT€EMGP €DGT GKP 7PVGTPGJOGP FKG (kJKIMGKV FKG $GFGWVWPI PGWGT +PHQTOC VKQP KP 4GNCVKQP \WO DKUJGTKIGP 9KUUGP \W GTMGPPGP \W KPVGITKGTGP WPF CMVWCNK UKGTGP WO UEJNKGˆNKEJ KP FGT .CIG \W UGKP CWH )TWPFNCIG FKGUGU 9KUUGPU 5EJN€U UG \KGJGP \W M{PPGP #O *CPFGNP DGYGKUV UKEJ URkVGUVGPU QD FKG +PVGTRTGVCVKQP CPIGOGUUGP KUV &KG 8KGNFGWVKIMGKV FGT 9GNV TGUWNVKGTV CNUQ PKEJV KP GKPGO 4GNCVK XKUOWU 0KEJVU KP FGT 9GNV KUV WPCDJkPIKI XQP FGT KPFKXKFWGNNGP +PVGTRTGVCVKQP CDGT FKGUG +PVGTRTGVCVKQP KUV CWEJ PKEJV WPCDJkPIKI XQP FGT 7OYGNV Ã.KHG KU HWNN QH TGCNKV[ EJGEMU VJCV KP EQPUGSWGPVKCNN[ OCVVGTU ECP DGCT FQYP WPOGTEKHWNN[ QP HQQNKUJ CEVKQPU URCYPGF D[ HCWNV[ LWFIGOGPV ª 5QOG KPVGTRTGVCVKQPU QH TGCNKV[ JCXG ITGCVGT GZRNCPCVQT[ RTGFKEVKXG CPF QRGTCVKXG RQYGT VJCP FQ QVJGTU³ $CP FWTC  5 +P FKGUGO -QPVGZV IGYKPPV PCV€TNKEJ FKG (TCIG CP $GFGWVWPI YKG 7PVGT PGJOGP UQYKG KJTG -QOOWPKMCVKQPUHWPMVKQPGP FGP -CRKVCNOCTMVVGKNPGJOGTP \KGNIGTKEJVGV +PHQTOCVKQPGP \W KJTGT XGTICPIGPGP WPF IGRNCPVGP \WM€PHVKIGP YKTVUEJCHVNKEJGP 'PVYKEMNWPI UQYKG \W KJTGO FGT\GKVKIGP <WUVCPF KJTGP 4GU UQWTEGP WPF 2QVGPVKCNGP \WT 8GTH€IWPI UVGNNGP 7PVGTPGJOGPUMQOOWPKMCVKQP DGVGKNKIV UKEJ CP GKPGO 2TQ\GUU FGT GPVURTGEJGPF CNU Â5GPUGIKXKPIµ XIN -WRGT OCP  DG\GKEJPGV YGTFGP MCPP  UKG NKGHGTV GNGOGPVCTG +PHQTOCVKQPGP CNU Â+PRWVµ H€T FKG CWH FCU 7PVGTPGJOGP DG\QIGPGP Â5GPUGOCMKPIµ 9KU UGPUMQPUVTWMVKQPU $GO€JWPIGP FGT +PXGUVQTGP #PCN[UVGP WPF ,QWTPCNKUVGP

XIN 5VCTDWEM  /KNNKMGP  9GKEM  'KP 7PVGTPGJOGP MCPP FWTEJ UGKPG -QOOWPKMCVKQPUDGO€JWPIGP FKGUG Â5GPUGOCMKPIµ2TQ\GUUG UGKPGT $GQD CEJVGT PWT KPUQYGKV DGGKPHNWUUGP CNU GU FKG +PHQTOCVKQPUPCEJHTCIG FGTUGNDGP VCVUkEJNKEJ MGPPV WPF FKGUG GPVURTGEJGPF DGFKGPGP MCPP XIN -WRGTOCP  'KP 8GTUVkPFPKU FGT 9CJTPGJOWPIURTQ\GUUG FGT -CRKVCNOCTMVVGKNPGJOGT KJTGT $GO€JWPIGP 9KUUGP €DGT 7PVGTPGJOGP \W UCOOGNP WPF \W KPVGTRTGVKGTGP OWUU FCJGT FKG )TWPFNCIG HQMWUUKGTVGT -QOOWPKMCVKQPUCTDGKV XQP 7PVGTPGJOGP UGKP <W FKGUGO
 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



+PXGUVQTGP WPF ,QWTPCNKUVGP FGP 5VGNNGPYGTV XQP UQ\KCNGP WPF {MQNQIKUEJGP (CM VQTGP KO -CRKVCNOCTMVIGUEJGJGP GTMNkTGP UQYKG FKG 'KPHNWUUO{INKEJMGKVGP FGT +PXGUVQT 4GNCVKQPU CWH FKGUG 9CJTPGJOWPI FGU WPVGTPGJOGTKUEJGP IGUGNNUEJCHV NKEJGP 'PICIGOGPVU CWH\GKIGP MCPP #WUIGJGPF XQP GKPGT KP FKGUGO -CRKVGN DGJCPFGNVGP GKPIGJGPFGP 7PVGTUWEJWPI FGT /GEJCPKUOGP 2TQ\GUUG WPF $G YGIIT€PFG FKG FKG 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV DGUVKOOGP UQNN KO H€PHVGP WPF KO UGEJUVGP -CRKVGN CWH FKG GKP\GNPGP UQ\KCNGP WPF {MQNQIK UEJGP *KPYGKUHCMVQTGP WPF FKG +ORNKMCVKQPGP H€T FKG -CRKVCNOCTMVMQOOWPKMCVK QP GKPIGICPIGP YGTFGP #PJCPF FKGUGT 5EJTKVVG GPVUVGJV UQ GKPG YGKVGTGPVYKEMGN VG 6JGQTKG €DGT FGP 5VGNNGPYGTV XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ KP FGT -CRKVCNOCTMVMQOOWPKMCVKQP $GIKPPGP YQNNGP YKT FKGUG gDGTNGIWPIGP OKV GKPGO $NKEM CWH FGP VJGQTGVK UEJGP 5VCPF FGT (KPCP\YKUUGPUEJCHV KPUDGUQPFGTG OKV *KPDNKEM CWH FKG 4QNNG XQP PGWGTGP -CRKVCNOCTMVJGQTKGP YKG \WO $GKURKGN FGO $GJCXKQTCN (KPCPEG 2CTCFKIOC WPF FGO -QP\GRV FGT PCEJJCNVKIGP (KPCP\YKUUGPUEJCHV +P FGP NGV\GP ,CJT\GJPVGP JCV JKGT GKP 7OFGPMGP KP $G\WI CWH FKG VJGQTGVKUEJGP #PPCJOGP €DGT FKG 'PVUEJGKFWPIUHKPFWPI XQP -CRKVCNOCTMVCMVGWTGP UVCVVIGHWPFGP YKG KO (QNIGPFGP FCTIGUVGNNV YGTFGP YKTF  #PUkV\G CWU FGT -CRKVCNOCTMVVJGQTKG +P FGT GTUVGP *kNHVG FGU  ,CJTJWPFGTVU YCT FKG (KPCP\YKUUGPUEJCHV RTKOkT FWTEJ FGUMTKRVKXG /GVJQFGP IGRTkIV +PUDGUQPFGTG NCI FKG $GVQPWPI CWH FGP HKPCP\KGNNGP +PHQTOCVKQPGP CWU $KNCP\GP )GYKPP WPF 8GTNWUVTGEJPWPIGP UQYKG FGT 8GTYGPFWPI XQP URG\KGNNGP -GPP\CJNGP \WT +PXGUVOGPVCPCN[UG 9KEJVKIG 8GTVTGVGT FKGUGT 2GTKQFG UKPF $GTNG WPF /GCPU  UQYKG )TCJCO WPF &QFF

 +O \YGKVGP 6GKN FGU ,CJTJWPFGTVU YWTFG FKG (KPCP\YKUUGPUEJCHV UVCTM XQP FGT PGQMNCUUK\KUVKUEJG 9KTVUEJCHVUVJGQTKG DGGKPHNWUUV -GPP\GKEJPGPF KUV FGT UQ IGPCPPVG Â/GCP8CTKCPEG#PUCV\µ FGT KP /QFGNNGP YKG FGO Â%CRKVCN #UUGV 2TKEKPI /QFGNµ %#2/ XQP /CTMQYKV\  .KPVPGT  WPF 5JCTRG

 UQYKG FGT Â#TDKVTCIG 2TKEKPI 6JGQT[µ #26 XQP 4QUU  UGKPGP 0KGFGTUEJNCI HCPF &CU \WITWPFG NKGIGPFG Â4KUM4GVWTPµ 2CTCFKIOC 8GTJkNVPKU FGU H€T GKPG +PXGUVKVKQP GKP\WIGJGPFGP 4KUKMQU \WO GTYCTVGVGP 'TVTCI FKGUGT +PXGUVKVKQP YCT H€T FKG HQNIGPFGP ,CJTG CWUUEJNCIIGDGPF <WUCOOGP OKV YGKVG TGP $CWUVGKPGP YKG FGT Â'HHKEKGPV /CTMGV *[RQVJGUKUµ '/* XQP (COC  FGT Â#IGPE[ 6JGQT[µ ,GPUGP  /GEMNKPI  UQYKG FGO Â1RVKQP 2TKEKPI /QFGNµ 12/ XQP $NCEM WPF 5EJQNGU  GPVUVCPFGP UQ \YGK )TWPFCPPCJ OGP €DGT FKG 0CVWT XQP -CRKVCNOkTMVGP &KG GTUVG KUV FKG #PUKEJV FCUU FGT 7P VGTPGJOGPU\YGEM CNNGKPG FKG /CZKOKGTWPI XQP %CUJ (NQYU UGKP UQNN &KG \YGKVG



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

KUV FKG #PPCJOG FCUU -CRKVCNOCTMVCMVGWTG \WT RGTHGMVGP SWCPVKVCVKXGP 2TQIPQ UGDKNFWPI KP FGT .CIG UKPF +P FGP NGV\VGP ,CJTGP YKTF XGTOGJTV FKG 6JGQTKG KPGHHK\KGPVGT -CRKVCNOkTMVG QFGT Â$GJCXKQTCN (KPCPEGµ \WT 'TMNkTWPI FGU -CRKVCNOCTMVIGUEJGJGPU JGTCPIG \QIGP &KG 9WT\GNP FKGUGU XQP -QP\GRVGP YKG Â+PHQTOCVKQPUCU[OOGVTKGPµ # MGTNQH  WPF Â$QWPFGF 4CVKQPCNKV[µ 5KOQP  KPURKTKGTVGP 2CTCFKIOCU UKPF WPIGHkJT KP FGT /KVVG FGT GT ,CJTG \W UWEJGP Â$GJCXKQTCN (KPCPEGµ DGHCUUV UKEJ OKV FGT 'TMNkTWPI XQP #DYGKEJWPIGP UQ IGPCPPVGP #PQOCNKGP FKG FGP VTCFKVKQPGNNGP {MQPQOKUEJGP )NGKEJIGYKEJVUOQFGNNGP YKFGTURTGEJGP +P FGT VTCFKVKQPGNNGP (KPCP\YKUUGPUEJCHV KUV FKG PQTOCVKXG #PPCJOG XQTJGTTUEJGPF FCUU {MQPQOKUEJG #MVGWTG GKIGPP€V\KI WPF UVTKMV TCVKQPCN JCPFGNP /GPUEJNKEJGU 8GTJCNVGP UGNDUV KUV MGKP \GPVTCNGT )GIGPUVCPF FGT 9KTVUEJCHVUYKUUGPUEJCHVGP UQPFGTP YKTF KP DGPCEJDCTVGP &KU\KRNKPGP YKG FGT 2U[EJQNQIKG WPF FGT 5Q\KQNQ IKG DGJCPFGNV &CU 2TQDNGO KUV LGFQEJ FCUU FCU 8GTJCNVGP WPF FGT %JCTCMVGT XQP /GPUEJGP GKP YGUGPVNKEJGT $GUVCPFVGKN FGU )GUEJGJGPU CWH FGP -CRKVCNOkTMVGP KUV 6TCFKVKQPGNNG (KPCP\OQFGNNG FKG CWH FGO UQ IGPCPPVGP Â4CVKQPCN 'ZRGEVCVK QPUµ #PUCV\ WPF FGT Â*QOQ 1GEQPQOKEWUµ #PPCJOG DGTWJGP M{PPGP FCJGT GKPG 4GKJG XQP #PQOCNKGP CWH FGP -CRKVCNOkTMVGP PKEJV GTMNkTGP XIN 6XGFG  5JGHHTKP  > -GTP FKGUGU PGWGP 2CTCFKIOCU FKG #PUKEJV FCUU PGDGP FGP (KPCP\FCVGP GKPGU 7PVGTPGJOGPU CWEJ RU[EJQNQIKUEJG 'HHGMVG GKPG 4QNNG KO -CRKVCNOCTMVIGUEJGJGP URKGNGP YWTFG CWEJ XQP FGP DGHTCIVGP #PCN[U VGP WPF +PXGUVQTGP IGVGKNV Ã/GKPGT #PUKEJV PCEJ UKPF FKG YKEJVKIUVGP (CMVGP \WT $GYGTVWPI FGT #MVKG FQEJ GTUVOCN FKG HWPFCOGPVCNGP FKG SWCPVKVCVKXGP
&GO Â$GJCXKQTCN (KPCPEGµ 2CTCFKIOC NKGIV GDGPUQ YKG FGT MNCUUKUEJGP (KPCP\ OCTMVVJGQTKG FGT \GPVTCNG 5VGNNGPYGTV FGU 8GTJkNVPKUUGU XQP 4KUKMQ \WO 'TVTCI \WITWPFG +O 7PVGTUEJKGF \WT VTCFKVKQPGNNGP (KPCP\YKUUGPUEJCHV YKTF JKGT LGFQEJ GKPG 4GKJG XQP \WUkV\NKEJGP #PPCJOGP €DGT FCU 8GTJCNVGP {MQPQOKUEJGT #MVGW TG IGVTQHHGP +PUDGUQPFGTG YKTF FKG #PPCJOG GHHK\KGPVGT /kTMVG PKEJV IGVGKNV &KG UQ IGPCPPVG Â1XGTTGCEVKQP *[RQVJGUKUµ XQP &G $QPFV WPF 6JCNGT  UVGNNV \WO $GKURKGN FKG \WXQT CNNIGOGKP CPGTMCPPVG #PPCJOG KPHQTOCVKQPUGHHK\KGPVGT /kTMVG KP (TCIG &KGU DGFGWVGV OKV CPFGTGP 9QTVGP FCUU XGTUEJKGFGPG RU[EJQ NQIKUEJG 'HHGMVG FKG FCU 8GTJCNVGP FGT +PXGUVQTGP DGUVKOOGP \W ÂPQKUGµ IGPCPP VGP #DYGKEJWPIGP \YKUEJGP FGP 2TGKUGP XQP 9GTVRCRKGTGP WPF KJTGO LGYGKNKIGP

 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



(WPFCOGPVCNYGTV H€JTGP M{PPGP FKG UKEJ WPVGT IGYKUUGP 7OUVkPFGP CWEJ NCPI HTKUVKI JCNVGP &KGU UVGJV KO )GIGPUCV\ \WT 6JGQTKG KPHQTOCVKQPUGHHK\KGPVGT -CRK VCNOkTMVG KP FGPGP CWHITWPF XQP #TDKVTCIG KOOGT GKPG MQTTGMVG QFGT HCKTG $G YGTVWPI FGT 9GTVRCRKGTG KP $G\WI CWH FKG WPVGTUVGNNVGP (WPFCOGPVCNFCVGP XQT JGTTUEJV 5RkVGUVGPU UGKV *CWIGPU Â0GY (KPCPEGµ *CWIGP  KUV OKVVNGTYGK NG LGFQEJ GKP 2CTCFKIOC KP FGP 9KTVUEJCHVUYKUUGPUEJCHVGP XQTJGTTUEJGPF PCEJ FGO -CRKVCNOkTMVG PKEJV KPHQTOCVKQPUGHHK\KGPV UKPF &KG Â$GJCXKQTCN (KPCPEGµ GTMCPPVG FKG PQTOCVKXGP CDGT PKEJV KOOGT TGCNKU VKUEJGP #PPCJOGP €DGT FCU 8GTJCNVGP XQP {MQPQOKUEJGP #MVGWTGP CNU FGP \GPV TCNGP 5EJYCEJRWPMV VTCFKVKQPGNNGT (KPCP\OCTMVVJGQTKGP ,GPUGP WPF /GEMNKPI

 GTIkP\VGP GPVURTGEJGPF FKG Â*QOQ 1GEQPQOKEWUµ 5KEJVYGKUG WO #URGM VG YKG 8GTNWUVCPIUV WPF FKG /CZKOKGTWPI FGU 'KIGPPWV\GPU WPVGT 'KPDG\WI XQP 0GDGPDGFKPIWPIGP FCU UQ IGPCPPVG 4'//  4GUQWTEGHWN 'XCNWCVKXG /CZKOK \KPI  /QFGNN #WEJ CWU UQ\KQNQIKUEJGT 2GTURGMVKXG YKTF UEJQP UGKV NCPIGO GKPIGYCPFV FCUU FKG {MQPQOKUEJG MCNMWNKGTGPFG &WTEJFTKPIWPI XQP *CPF NWPIUUKVWCVKQPGP CNU #WUPCJOGHCNN CP\WUGJGP KUV XIN )CTHKPMGN  2CTUQPU  +O 0QTOCNHCNN XGTVTCWGP {MQPQOKUEJG #MVGWTG KJTGO 4GIGNYKUUGP HQN IGP DGYkJTVGP &CWOGPTGIGNP WPF FGP 4QWVKPGP FGU #NNVCIU (GUV\WJCNVGP DNGKDV FCUU CNNGKPG UEJQP CWHITWPF FGT WP€DGTYKPFDCTGP 7PUKEJGTJGKV €DGT FKG MQTTGMVG +PVGTRTGVCVKQP FGT 7OYGNV XQNNUVkPFKI FWTEJMCNMWNKGTVG 'PVUEJGKFWPIGP GKPG ITQˆG 5EJYKGTKIMGKV FCTUVGNNGP 5Q NKGIGP \CJNTGKEJG $GNGIG FCH€T XQT FCUU /GP UEJGP KP XKGNGP 5KVWCVKQPGP FGP +ORNKMCVKQPGP XQP 'KPUVGNNWPIGP 5VGTGQV[RGP QFGT UQ\KCNGP 5MTKRVGP HQNIGP $CTIJ  GKPG #WUUCIG FKG UKEJ CWEJ KP FGP #PVYQTVGP FGT DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT YKFGTURKGIGNVG Ã'U KUV FQEJ UQ FCUU OCP GKP /QFGNN JCV WPF UGKPG 5EJkV\WPIGP OCEJV *KGTKP GPV JCNVGP UKPF JCTVG CDGT CWEJ YGKEJG (CMVQTGP 'KP IWVGT #PCN[UV NkUUV CNN FKGU KP UGKP /QFGNN WPF UGKPG 5EJkV\WPIGP GKPHNKGUUGP FCTCWH DGTWJV UGKPG $GYGTVWPI #DGT FCPP URKGNV CWEJ FKG 2U[EJQNQIKG GKPG UVCTMG 4QNNG #WU OGKPGT 5KEJV FCTH OCP CNU #PCN[UV PKEJV CNNGKPG CWHITWPF XQP /QFGNNGP (CKT 8CNWGU UEJkV\GP #WEJ FKG 5GPVK OGPVHCMVQTGP KO /CTMV O€UUGP DGT€EMUKEJVKIV YGTFGP .GV\VGPFNKEJ KUV KO /CTMV 2U[EJQNQIKG MWT\HTKUVKI KOOGT XQTJCPFGP  RQUKVKX YKG PGICVKX gDGTVTGKDWPI YKG 7PVGTVTGKDWPI (CKT 8CNWGU YGTFGP OGKPGT #PUKEJV PCEJ PWT NCPIHTKUVKI GTTGKEJV &KG 2U[EJQNQIKG KUV H€T FGP #PCN[UVGP KP *KPUKEJV CWH FGP -CRKVCNOCTMV FCJGT CWEJ GKP YGKEJGT (CMVQT FGP GT WPDGFKPIV OKV DGT€EMUKEJVKIV OWUU² 5GNN5KFG #PCN[UV +P VGTXKGY  ,WNK 

&CU Â$GJCXKQTCN (KPCPEGµ 2CTCFKIOC KUV FCDGK PWT GKP #WUUEJPKVV PGWGTGT YKTV UEJCHVUYKUUGPUEJCHVNKEJGT 6JGQTKGP FKG FKG #PPCJOG QRVKOCNGT WPF PWV\GPOC ZKOKGTGPFGT 'PVUEJGKFWPIURTQ\GUUG KP (TCIG UVGNNGP XIN 5KOQP    &KGUGU UQ IGPCPPVG Â$QWPFGF 4CVKQPCNKV[µ 2CTCFKIOC UKGJV {MQPQOKUEJG



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

#MVGWTG \YCT CNU TCVKQPCNG CDGT PKEJV CNU RGTHGMV TCVKQPCNG 'PVUEJGKFGT FKG CWH ITWPF PKEJV KOOGT CWUTGKEJGPFGT MQIPKVKXGT -CRC\KVkVGP KP KJTGT 'PVUEJGKFWPIU HKPFWPI .KOKVCVKQPGP WPVGTNKGIGP /GPUEJGP XGTH€IGP FGOPCEJ KP FGP UGNVGPUVGP (kNNGP €DGT CWUTGKEJGPFG +PHQTOCVKQPGP #WHOGTMUCOMGKV WPF +PHQTOCVKQPUXGT CTDGKVWPIUHkJKIMGKVGP FKG H€T GKPG QRVKOCNG WPF XQNNUVkPFKI PWV\GPOCZKOKGTGPFG #TV FGT 'PVUEJGKFWPIUHKPFWPI PQVYGPFKI YkTGP 5KG UKPF KOOGT OKV FGO 2TQD NGO HGJNGPFGT +PHQTOCVKQPGP WPF FGT UKEJ FCTCWU GTIGDGPFGP 7PUKEJGTJGKV MQP HTQPVKGTV 7PVGT FKGUGT $GFKPIWPI GTHQNIV FKG PQVYGPFKIG #PVK\KRCVKQP \WM€PHVK IGT 'PVYKEMNWPIGP KOOGT CWEJ CPJCPF GKPGT UWDLGMVKXGP -QP\GRVKQP FGT 'PV UEJGKFWPIUUKVWCVKQP WPF FGT FCDGK YCJTIGPQOOGPGP 4CPFDGFKPIWPIGP *GTDGTV 5KOQP HCUUV FKGUG 5KEJV CWH OGPUEJNKEJGU 'PVUEJGKFWPIUXGTJCNVGP HQNIGPFGT OCˆGP \WUCOOGP Ã6JG GZKUVGPEG QH VJGUG PCTTQY URCP QH JWOCP CVVGPVKQP KU VJG RTKPEKRNG TGCUQP YJ[ YG OWUV FKUVKPIWKUJ DGVYGGP VJG TGCN UKVWCVKQP RGTEGKXGF D[ VJG CEVQTU YJGP YG VT[ VQ CRRN[ VJG TCVKQPCNKV[ RTKPEKRNG VQ OCMG RTGFKEVKQPU QH DGJCXKQWT³ 5KOQP  5  7PF UGNDUV YGPP FKGUG $GFKPIWPI CWUTGKEJGPFGT +PHQTOCVKQPGP CWUPCJOU YGKUG GTH€NNV KUV OWUU CPIGPQOOGP YGTFGP FCUU {MQPQOKUEJG #MVGWTG JkWHKI PKEJV JKPTGKEJGPF \W GKPGT UQNEJ CWHYGPFKIGP #TV FGT 'PVUEJGKFWPIUHKPFWPI OQVKXKGTV UKPF &CJGT OWUU KOOGT OKV FGO UQ IGPCPPVGP Â5CVKUHKEKPIµ FGT #MVGW TG IGTGEJPGV YGTFGP YCU DGFGWVGV FCUU MGKP QRVKOCNGU UQPFGTP PWT GKP DGHTKG FKIGPFGU *CPFNWPIUGTIGDPKU CPIGUVTGDV YKTF $GIT€PFGV YKTF FKGUG 5VTCVGIKG XQO VJGQTGVKUEJGP 5VCPFRWPMV JGT OKV FGT 7PXGTGKPDCTMGKV FGT KO VTCFKVKQPGNNGP {MQPQOKUEJGP /QFGNN RQUVWNKGTVGP RGTHGMV PWV\GPOCZKOKGTGPFGP #TV FGT *CPF NWPIUUGNGMVKQP OKV FGT 8QTUVGNNWPI GKPGU {MQPQOKUEJGP 7OICPIU OKV MPCRRGP MQIPKVKXGP 4GUUQWTEGP 5KOQP  8KGNOGJT NCUUGP UKEJ -QORNGZKVkV WPF FKG FCOKV GKPJGTIGJGPFGP MQIPKVKXGP #PHQTFGTWPIGP GKPGT 'PVUEJGKFWPIUCWHICDG FWTEJ FKG 8GTYGPFWPI GKPHCEJGT 'PVUEJGKFWPIURTQ\GFWTGP TGFW\KGTGP &KG 8GT YGPFWPI UQNEJGT UQ IGPCPPVGP OGPVCNGP /QFGNNG QFGT *GWTKUVKMGP YKTF CNU #WU FTWEM GKPGU {MQPQOKUEJGP 7OICPIU OKV MPCRRGP MQIPKVKXGP 4GUUQWTEGP XGT UVCPFGP Ã%QORNGZKV[ KU FGGR KP VJG PCVWTG QH VJKPIU CPF FKUEQXGTKPI VQNGTCDNG CRRTQZKOCVKQP RTQEGFWTGU CPF JGWTKUVKEU VJCV RGTOKV JWIG URCEGU VQ DG UGCTEJGF XGT[ UGNGEVKXGN[ NKGU CV VJG JGCTV QH KPVGNNKIGPEG YJGVJGT JWOCP QT CTVKHKEKCN³

5KOQP  5  &KG #TDGKVGP XQP 5KOQP WPF #PFGTGP UKPF )TWPFNCIG H€T GKPG 4GKJG XQP 'TMNkTWPIUCPUkV\GP XQP {MQPQOKUEJGO 8GTJCNVGP WPVGT 7PUKEJGTJGKV 5KG TGNCVK XKGTGP \W GKPGO IGYKUUGP )TCF FCU RGTHGMV DGTGEJPGPFG \YGEMTCVKQPCNG 'TMNk TWPIUOQFGNN YGNEJGU CWEJ KP XKGNGP #TDGKVGP \WT -CRKVCNOCTMVMQOOWPKMCVKQP PQEJ XQTJGTTUEJV &KG 6JGQTKG OGPVCNGT /QFGNNG FKG KP FGP HQNIGPFGP #WUH€J TWPIGP CNU 'TMNkTWPIGP H€T FGP 5VGNNGPYGTV XQP PKEJVHKPCP\KGNNGP 7PVGTPGJOGPU KPHQTOCVKQPGP CWEJ XQP UQ\KCNGP WPF {MQNQIKUEJGP XQTIGUVGNNV YKTF KUV KO -QP

 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



VGZV FKGUGT PGWGTGP YKTVUEJCHVUYKUUGPUEJCHVNKEJGP 2CTCFKIOGP \W UGJGP #P\W OGTMGP DNGKDV FCUU FGT Â$QWPFGF 4CVKQPCNKV[µ #PUCV\ PKEJV KO 9KFGTURTWEJ \WO {MQPQOKUEJGP *CPFGNP IGPGTGNN UVGJV XKGNOGJT KUV FGT #PUCV\ GKPG 4GNCVKXKGTWPI FGT DKU CPJKP XQTJGTTUEJGPFGP /GKPWPI {MQPQOKUEJGU *CPFGNP YkTG CNNGKPG MCNMWNKGTGPFGU *CPFGNP Ã5KOQP U YQTM JCU QHVGP DGGP OKUKPVGTRTGVGF CU C FGPKCN QH OCZKOK\KPI DGJCXKQWT CPF OKUWUGF GURGEKCNN[ KP VJG OCTMGVKPI CPF DGJCXK QWTCN UEKGPEG NKVGTCVWTG *KU NCVGT WUG QH VJG VGTO UCVKUHKEKPI JCU WPFQWDVGFN[ EQPVTKDWVGF VQ VJKU EQPHWUKQP DGECWUG KV UWIIGUVU TGLGEVKQP QH OCZKOK\KPI DGJCX KQWT TCVJGT VJCP OCZKOK\CVKQP UWDLGEV VQ EQUVU QH KPHQTOCVKQP CPF FGEKUKQP OCM KPI³ ,GPUGP  /GEMNKPI  5  'U DNGKDV YGKVGTJKP HGUV\WJCNVGP FCUU KPPGTJCND FGU Â$QWPFGF 4CVKQPCNKV[µ D\Y FGU Â$GJCXKQTCN (KPCPEGµ 2CTCFKIOCU \YCT FKG QHVOCNU QRRQTVWPKUVKUEJG WPF DGITGP\V TCVKQPCNG 0CVWT XQP {MQPQOKUEJGP #MVGWTGP DGJCPFGNV YKTF CDGT MGKPGTNGK PQTOCVKXG #WUUCIGP €DGT OQTCNKUEJG #URGMVG XQP *CPFNWPIUUKVWCVKQ PGP IGVTQHHGP YGTFGP &KG 8GTYGPFWPI XQP UQ\KCNGP 0QTOGP 'KPUVGNNWPIGP WPF 5VGTGQV[RGP CNU 'PVUEJGKFWPIUITWPFNCIG YKTF KP FKGUGO -QPVGZV PWT CNU *KPYGKU FCTCWH IGFGWVGV FCUU *GWTKUVKMGP \WT 8GTGKPHCEJWPI FGT 'PVUEJGKFWPIUHKPFWPI XGTYGPFGV YGTFGP /CETCG /KNPG  $QFGPJCWUGP  /GUUKEM  &GOPCEJ YGTFGP OQTCNKUEJG 4GIGNP WPF MCVGIQTKCN QTICPKUKGTVG 9KUUGPUDG UVCPFVGKNG CNU GKPHCEJG WPF WPCWHYGPFKIG /{INKEJMGKVGP \WT $GYkNVKIWPI MQO RNGZGT WPF PKEJV FWTEJ -CNMWNCVKQP DGJGTTUEJDCTGT 'PVUEJGKFWPIUUKVWCVKQPGP JGTCPIG\QIGP &CJGT YKTF UEJNKGˆNKEJ XQP GKPKIGP #WVQTGP FKG 0WV\GPHWPMVKQP {MQPQOK UEJGT #MVGWTG D\Y FGTGP MQIPKVKXG 2CTCOGVGT WO YGKVGTG KPUDGUQPFGTG OQTC NKUEJG #URGMVG GTYGKVGTV &KGUG UQ IGPCPPVG PCEJJCNVKIG (KPCP\YKUUGPUEJCHV VGKNV FKG -TKVKM CP FGP PQTOCVKXGP 8GTJCNVGPUCPPCJOGP FGU Â*QOQ 1GEQPQOKEWUµ /QFGNNU GTYGKVGTV FKG 8QTUVGNNWPI XQP {MQPQOKUEJGP #MVGWTGP CDGT WO OQTCNK UEJG &KOGPUKQPGP &KGU KORNK\KGTV FCUU FGT
 HCUUV FGP 6GPQT XKGNGT $GKVTkIG \WT 0CVWT {MQPQOKUEJGT #MVGWTG FCJKPIG JGPF \WUCOOGP FCUU FKGUG CWEJ CNU ÃECNEWNCVKPI RGTUQP YJQUG DGJCXKQWT KU FGVGTOKPGF D[ VJG OQTCN EJCTCEVGT QH VJG CIGPV CPF VJG TGNCVKXG EQUV QH GVJKECN DGJCXKQWT² 5 ° \W UGJGP UKPF > JKGT RQUVWNKGTVG Â/QTCN 'EQPQOKE /CPµ \KGNV \YCT GDGPHCNNU CWH FKG /CZKOKGTWPI UGKPGU 0WV\GPU UGKPG 0WV\GPHWPMVKQP KUV CDGT PKEJV CNNGKPG CWH OQPGVkTG &KPIG DG\QIGP UQPFGTP XKGNOGJT OGJTFKOGP UKQPCNGT 0CVWT +O -CRKVCNOCTMVMQPVGZV KUV PCV€TNKEJ KPUDGUQPFGTG FKG Â5QEKCNN[ 4GURQPUKDNG +PXGUVOGPVµ 54+ $GYGIWPI CNU QHHGPUKEJVNKEJGT $GYGKU JKGTH€T \W PGPPGP YGNEJG \WO $GKURKGN \WT 'KPH€JTWPI GKIGPGT +PFK\GU YKG FGU Â&QY ,Q PGU +UNCOKE /CTMGV +PFGZµ H€T 7PVGTPGJOGP FKG OKV FGT KUNCOKUEJGP 5JCTKCJ



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

)GUGV\IGDWPI MQPHQTO IGJGP QFGT FGU &QY ,QPGU 5WUVCKPCDKNKV[ +PFGZµ WPF FGU Â(65')QQFµ IGH€JTV JCV -NCUUKUEJG (KPCP\OCTMVVJGQTKG

$QWPFGF 4CVKQPCNKV[

0CEJJCNVKIG (KPCP\YKUUGPUEJCHV

+PXGUVOGPVCPCN[UG WPVGT 8GTYGPFWPI XQP HKPCP\KGNNGP +PHQTOCVKQPGP CWU $KNCP\GP UQYKG )GYKPP WPF 8GTNWUVTGEJPWPIGP

#PPCJOG GKPGT QHVOCNU QRRQTVWPKUVKUEJGP WPF DGITGP\V TCVKQPCNGP 0CVWT XQP {MQPQOKUEJGP #MVGWTGP

'TYGKVGTWPI FGT 0WV\GPHWPMVKQP {MQPQOKUEJGT #MVGWTG WO \WUkV\NKEJG KPUDGUQPFGTG OQTCNKUEJG #URGMVG

#DDKNFWPI  .KVGTCVWTCPUkV\G \WT 'TMNkTWPI FGT 9CJTPGJOWPI XQP %54 KO -CRKVCNOCTMV #NU (C\KV FGT DKUJGTKIGP #WUH€JTWPIGP NkUUV UKEJ HGUVJCNVGP FCUU KP FGT (KPCP\ YKUUGPUEJCHV GKPG 'PVYKEMNWPI \W DGQDCEJVGP KUV PCEJ FGT PGDGP FGT MNCUUKUEJGP +PXGUVOGPVCPCN[UG IGOkˆ FGU Â4KUM4GVWTP2CTCFKIOCUµ CWEJ \WPGJOGPF FGT 5VGNNGPYGTV XQP 'TMNkTWPIUCPUkV\GP CPGTMCPPV YKTF KP FGPGP {MQPQOKUEJG #M VGWTG PWT DGITGP\V {MQPQOKUEJ TCVKQPCN JCPFGNP QFGT OQTCNKUEJG 2TKP\KRGP FKG -QUVGP0WV\GP-CNMWNCVKQP DGGKPHNWUUGP #PJCPF FKGUGT PGWGTGP YKTVUEJCHVUYKU UGPUEJCHVNKEJGP #PUkV\G NCUUGP UKEJ DGUVKOOVG KP FGP +PVGTXKGYU IGkWˆGTVG 8QTIGJGPUYGKUGP DGUUGT GTMNkTGP KPUDGUQPFGTG FGT 'KPDG\WI XQP PKEJVHKPCP\KGN NGP 7PVGTPGJOGPUHCMVQTGP KP FKG +PXGUVOGPVCPCN[UG 9KG KP FGP HQNIGPFGP #WU H€JTWPIGP IG\GKIV YGTFGP YKTF UKPF CWU )T€PFGP FGT
> Â&QY ,QPGU +UNCOKE /CTMGV +PFGZµ GPVJkNV UQNEJG 9GTVG CWU FGO &QY ,QPGU )NQDCN +PFGZ FKG PKEJV KP FGP $GTGKEJGP #NMQJQN 6CDCM 5EJYGKPGHNGKUEJ (KPCP\FKGPUVNGKUVWPIGP 4€UVWPI WPF 7PVGTJCNVWPI VkVKI UKPF XIN )WKFG VQ VJG &QY ,QPGU +UNCOKE /CTMGV +PFGZ &QY ,QPGU 

 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



5EJNWUUHQNIGTPU CWH )TWPFNCIG XGTH€IDCTGT +PHQTOCVKQPGP WPF WPVGTUEJKGFNKEJ JQJGO 8QTYKUUGP D\Y gDGT\GWIWPIGP €DGT 5CEJXGTJCNVG XQTIGNCIGTV /KV CP FGTGP 9QTVGP #PCN[UVGP +PXGUVQTGP WPF ,QWTPCNKUVGP GTUEJNKGˆGP WPXQNNUVkPFKI DGMCPPVG WPF GPVUEJGKFWPIUTGNGXCPVG (CMVGP FWTEJ GKPG CMVKXG +PVGTRTGVCVKQPU NGKUVWPI QHVOCNU CWH )TWPFNCIG TGRTkUGPVKGTVGT 9KUUGPU WPF $GYGTVWPIUUVTWMVW TGP 5QNEJG UEJGOCVKUEJG 9KUUGPUUVTWMVWTGP 5EJGOCVC UVGNNGP FCU 8QTYKUUGP GKPGU -CRKVCNOCTMVVGKNPGJOGTU €DGT GKP 7PVGTPGJOGP GKPG $TCPEJG QFGT GKPGP /CTMV FCT (QTOCN CWUIGFT€EMV DGKPJCNVGP 5EJGOCVC /GTMOCNUKPHQTOCVKQPGP €DGT ICP\G -NCUUGP XQP 1DLGMVGP JkWHKI CWEJ $GYGTVWPIGP WPF KP OCPEJGP (kNNGP UQICT MQPMTGVG *CPFNWPIUCPYGKUWPIGP #WIQWUVKPQU  9CNMGT  5 HH (KUMG  6C[NQT  5 HH 5EJYCT\  5EJGOCVC M{PPGP UKEJ FWTEJ FKG $GTGKVUVGNNWPI XQP <WUCV\KPHQTOCVKQPGP WPF XQTIGHGTVKIVGP $GYGTVWPIGP RQVGPVKGNN CWH FCU 'PVUEJGKFWPIUXGTJCNVGP CWU YKTMGP UKG WOHCUUGP UQYQJN GKP +PVGTRTGVCVKQPU CNU CWEJ GKP *CPFNWPIUGNGOGPV

(KUMG  6C[NQT  5  6JQOCU %NCTM  )QKC  9GKEM  &CDGK YKTF WPVGT +PVGTRTGVCVKQP FKG +PVGITCVKQP PGWGT +PHQTOCVKQPGP KP GKPG GZKUVKGTGP FG OGPVCNG 5VTWMVWT XGTUVCPFGP YGNEJG YKGFGTWO XQTJGTKIGU 9KUUGP GPVJkNV WPF 'KPHNWUU CWH FKG 8GTCTDGKVWPI XQP PGWGP +PHQTOCVKQPGP CWU€DGP MCPP (KUMG  6C[NQT  .QTF  (QVK  0GKUUGT  0KUDGVV  4QUU  6C[NQT  %TQEMGT  5GJT RTkIPCPV YKTF FGT 'KPHNWUU XQP UEJGOCVKUEJ QTICPKUKGTVGO 8QTYKUUGP FWTEJ GKPG 4GKJG XQP +PVGTXKGYCWUUCIGP KNNWUVTKGTV FKG KPJCNVNKEJ UVGNNXGTVTGVGPF H€T FKG DTGKVG /GJTJGKV FGT DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT CPIGUGJGP YGTFGP MCPP ²(QT OQUV QH VJG EQORCPKGU VJCV + EQXGT + FQPµV JCXG GPQWIJ KPHQTOCVKQP QP GCEJ QH VJG RQKPVU VJCV + CO RQVGPVKCNN[ KPVGTGUVGF KP +P VJG GPF YJCV [QW YCPV VQ ECRVWTG KU YJGVJGT [QW CTG EQPHKFGPV VJCV VJG EQORCP[ KU IQKPI VQ EQPVKPWG VQ FGNKXGT XCNWG QT VJG QRRQUKVG 8GT[ QHVGP [QW IGV CP KORTGUUKQP QH VJG EQORCP[ YJGTG [QW VJKPM VJCV VJGTG KU PQV C EQOOKVOGPV VQ FGNKXGT XCNWG CU C EQORCP[ CPF OCPCIGOGPV FQGU PQV WPFGTUVCPF YJCV VJGKT UQWTEGU QH EQORGVKVKXG CFXCPVCIG CTG ª 6JKU KU UQOGVJKPI YJKEJ [QW ECPPQV PGEGUUCTKN[ RWV KPVQ DQZGU KV KU C LWFIOGPV DCUGF QP C PWODGT QH HCEVQTU HTQO GZRGTKGPEG CPF KV YQWNFPµV DG CRRTQRTKCVG VQ EQPHKTO KV KPVQ UEQTGU QH 

+P FGT .KVGTCVWT YKTF KO <WUCOOGPJCPI OKV 5EJGOCVC JkWHKI CWEJ FGT $GITKHH FGU (TCOGU KP GKPGO CPCNQIGP 8GTUVkPFPKU IGDTCWEJV 7O FKGUG DGKFGP $GITKHHG H€T FKG YGKVGTG 7PVGTUWEJWPI XQPGKPCPFGT CD\WITGP\GP > (QMWU FGU 5EJGOC-QP\GRVGU NKGIV KP FGT 'TMNkTWPI XQP KPVTCRU[ EJKUEJGP 2TQ\GUUGP FGT +PHQTOCVKQPUXGTCTDGKVWPI FKG H€T FCU 7PVGTUWEJWPIUHGNF FGU 9KUUGPUGT YGTDU WPF FGT )GFkEJVPKUDKNFWPI TGNGXCPV UKPF &CU RTKOkT KP FGT -QOOWPKMCVKQPU WPF /GFKGP YKUUGPUEJCHV XGTYCPFVG (TCOKPI-QP\GRV KPVGTGUUKGTV UKEJ FCIGIGP UVkTMGT H€T FKG &GWVWPIUOWUVGT KP FGT {HHGPVNKEJGP &KUMWUUKQP +O (TCOKPI-QP\GRV URKGNV FGUJCND CWEJ FKG GXCNWCVKXG &KOGPUKQP GKPG DGFGWVUCOG WPF INGKEJDGTGEJVKIVG 4QNNG PGDGP FGP MQIPKVKXGP #URGMVGP $GKO 5EJGOC -QP\GRV UKPF FKG #M\GPVG CWH FKGUGP &KOGPUKQPGP IGPCW WOIGMGJTV


 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV QPG VQ VGP QP JCNH C FQ\GP FKHHGTGPV HCEVQTU 6JCV KU JQY + UGG KV + LWUV FQPµV HKPF KV JGNRHWN³ 5GNN5KFG #PCN[UV +PVGTXKGY  #RTKN  Ã9KT JCDGP KP FGO 5KPPG MGKPGP HQTOCNKUKGTVGP 2TQ\GUU KP FGO YKT DGUVKOOVG SWC NKVCVKXG -GPP\CJNGP FGHKPKGTV JCDGP FKG YKT WPU GPVURTGEJGPF KOOGT DGK LGFGO 7P VGTPGJOGP CPUEJCWGP &CU JGKUUV YKT JCDGP MGKPG $CNCPEGF 5EQTGECTF QFGT kJPNK EJG &KPIG 8KGNOGJT XGTUWEJV LGFGT #PCN[UV WPVGTPGJOGPUURG\KHKUEJ DGK UGKPGP 7PVGTPGJOGP CWH DGUVKOOVG SWCNKVCVKXG &KPIG \W CEJVGP URG\KGNN KP 4KEJVWPI /CTMV +OCIG -WPFGP GVE #NN FKGUG 6JGOGP YGTFGP PCV€TNKEJ UEJQP KTIGPFYQ DG T€EMUKEJVKIV 'U XGTDNGKDV LGFQEJ KO GKIGPGP )GH€JN FGU #PCN[UVGP YKG GT FCU FCPP KP UGKPG #PCN[UG OKV GKPHNKGUUGP NkUUV² 5GNN 5KFG #PCN[UV +PVGTXKGY  /CK 

#P FKGUGP #WUUCIGP YKTF DGTGKVU FGWVNKEJ FCUU FKG 'THCJTWPI WPF FCU 8QTYKUUGP GKPGU -CRKVCNOCTMVVGKNPGJOGTU GKPG ITQˆG 4QNNG URKGNV KPUDGUQPFGTG PCV€TNKEJ KP UQNEJGP 5KVWCVKQPGP KP FGPGP RQVGPVKGNN GPVUEJGKFWPIUTGNGXCPVG +PHQTOCVKQPGP PKEJV XQTNKGIGP QFGT 2TQIPQUGP €DGT FKG \WM€PHVKIG 'PVYKEMNWPI GKPGT )TQˆKP XGUVKVKQP PQVYGPFKI UKPF 5EJGOCVKUEJG -CVGIQTKUKGTWPI XQP +PHQTOCVKQPGP KUV UQOKV GKP YGUGPVNKEJGT $GUVCPFVGKN H€T FKG <WQTFPWPI WPF $GFGWVWPIUXGTICDG XQP 7PVGTPGJOGPUPCEJTKEJVGP )TWPFNGIGPF NkUUV UKEJ FGT 'KPDG\WI XQP UEJG OCVKUEJ QTICPKUKGTVGP 9KUUGPUDGUVCPFVGKNGP CWH FKG 7PVGTPGJOGPUYCJTPGJOWPI YKG KP #DDKNFWPI  FCTIGUVGNNV GTMNkTGP

5EJGOCVC

-QOOWPKMCVKQP

+FGG # -QFKGTWPI 5GPFGT

+FGG #´ &GMQFKGTWPI 'ORHkPIGT

#DDKNFWPI  5EJGOCVKUEJG +PVGTRTGVCVKQP GKPGT MQOOWPKMCVKXGP $QVUEJCHV 'KPG +PHQTOCVKQP €DGT GKP 7PVGTPGJOGP GKPG $TCPEJG QFGT GKPGP /CTMV KP FGT #DDKNFWPI FCTIGUVGNNV CNU +FGG # YKTF XQP GKPGO -CRKVCNOCTMVVGKNPGJOGT KOOGT CWEJ KO -QPVGZV UGKPGU 8QTYKUUGPU KPVGTRTGVKGTV -CVGIQTKCN QTICPKUKGTVGU 9KUUGP DGUVKOOV OKV CPFGTGP 9QTVGP OKV YKG GKPG +PHQTOCVKQP VCVUkEJNKEJ XGTCTDGKVGV YKTF )NGKEJ\GKVKI URKGNV FKG #TV WPF 9GKUG YKG kNVGTG +PHQTOCVKQPGP CWHIG

 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



PQOOGP D\Y XGTCTDGKVGV YWTFGP GKPG YKEJVKIG 4QNNG DGK FGT 'TKPPGTWPI DGTGKVU KPVGTPCNKUKGTVGT +PHQTOCVKQPGP XIN (KUMG  6C[NQT  <WFGO NKGHGTP UKG FGP -QPVGZV H€T FKG IGIGPYkTVKIG +PVGTRTGVCVKQP PGWGT +PHQTOCVKQPGP &KGUG GJGT UGMWPFkTGP #WUYKTMWPIGP XQP MCVGIQTKCN QTICPKUKGTVGP 9KUUGPUDGUVkPFGP UKPF PKEJV KOOGT QHHGPUKEJVNKEJ GU YKTF CDGT CPIGPQOOGP FCUU KO )GFkEJVPKU IG URGKEJGTVG +PHQTOCVKQPGP NGKEJV FKG #WHPCJOG XQP PGWGP +PHQTOCVKQPGP HkTDGP M{PPGP )NGKEJ\GKVKI XGTNGKVGP MCVGIQTKCNG 9KUUGPUDGUVkPFG \W 5EJNWUUHQNIGTWP IGP FKG CNNGKP CWH )TWPFNCIG FGT CMVWGNN XGTH€IDCTGP &CVGP UQ PKEJV IGTGEJVHGTVKI UKPF &KG 9CJTPGJOWPI GKPGT +PHQTOCVKQP KUV CNUQ PKG FKG WTURT€PINKEJG UQPFGTP GKPG XGTOKVVGNVG KP FGT #DDKNFWPI FCTIGUVGNNV CNU +FGG #µ +PHQTOCVKQPGP M{PPGP KO <WIG FGT -CVGIQTKUKGTWPI XGTUEJKGFGPGP DGTGKVU DGUVGJGPFGP 5EJGOCVC \WIGQTFPGV YGTFGP YCU GKPGO #MVGWT YKGFGTWO FKG /{INKEJMGKV DKGVGV CWH FKG DGUVGJGPFGP WPF FKGUGO 5EJGOC \WIGQTFPGVGP 9KU UGPUUVTWMVWTGP \WT€EM\WITGKHGP &C 5EJGOCVC KPJCNVUURG\KHKUEJGU 9KUUGP DGKP JCNVGP UKPF PKEJV CNNG 5EJGOCVC KP CNNGP 5KVWCVKQPGP VCVUkEJNKEJ TGNGXCPV 'KPIG JGPFG +PHQTOCVKQPGP YGTFGP FGOPCEJ CWHITWPF KJTGT aJPNKEJMGKV \W DGTGKVU DGUVGJGPFGP MQIPKVKXGP -CVGIQTKGP DGWTVGKNV ° CWH WPVGTUEJKGFNKEJG +PHQTOCVKQ PGP YGTFGP GPVURTGEJGPF XGTUEJKGFGPG 5EJGOCVC CPIGYCPFV /CTMWU 


 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

-GTPMCVGIQTKGP PKEJVHKPCP\KGNNGT 7PVGTPGJOGPUHCMVQTGP 3WCNKVkV FGU &KG (kJKIMGKVGP FGT 7PVGTPGJOGPUH€JTWPI KJTG DKUJGTKIGP /CPCIGOGPVU .GKUVWPIGP WPF FCU KJT GPVIGIGP IGDTCEJVG 8GTVTCWGP JCDGP GKPGP DGFGWVGPFGP 'KPHNWUU CWH FKG 9CJTPGJOWPI FGT )G UCOVQTICPKUCVKQP 7PVGTPGJOGPU 'KPG MNCTG FWTEJFCEJVG WPF FKHHGTGP\KGTVG 7PVGTPGJOGPU UVTCVGIKG UVTCVGIKG YGNEJG CWH XGTUVkPFNKEJG #TV WPF 9GKUG XGTOKVVGNV YKTF YKTF XQP #PCN[UVGP WPF +PXGUVQTGP RQUKVKX CWHIG PQOOGP 7PVGTPGJOGPU &CU -QOOWPKMCVKQPUXGTJCNVGP GKPGU 7PVGTPGJOGPU YKTF MQOOWPKMCVKQP MTKVKUEJ DGQDCEJVGV WPF NkUUV JkWHKI YGKVGTIGJGPFG 5EJN€UUG CWH FGP <WUVCPF WPF FKG *CPFNWPIUYGKUGP FGU 7PVGTPGJ OGPU \W +PFWUVTKGGPVYKEM &CU #PUGJGP GKPGU 7PVGTPGJOGPU YKTF WPXGTOGKFNKEJ OKV NWPI IGRTkIV XQP FGP \GPVTCNGP 6TGPFU FGT /kTMVG WPF +PFWUV TKGP KP FGPGP GU VkVKI KUV ° FKGUG M{PPGP UKEJ RQUKVKX YKG PGICVKX CWH FKG -CRKVCNOCTMVYCJTPGJOWPI CWUYKTMGP %QTRQTCVG &KGUGU XKGN FKUMWVKGTVG 6JGOC HKPFGV VCVUkEJNKEJ GKPG IGYKU )QXGTPCPEG UG #WHOGTMUCOMGKV WPVGT -CRKVCNOCTMVVGKNPGJOGTP 5KG GTYCTVGP KPUDGUQPFGTG GKP IGYKUUGU /Cˆ CP 6TCPURCTGP\ DG\€INKEJ FGT WPVGTPGJOGPUKPVGTPGP 5RKGNTGIGNP WPF 2TQ \GUUG -WPFGP WPF +P 6TGWG WPF \WHTKGFGPG -WPFGP UKPF FCU (WPFCOGPV GKPGT FWUVTKGDG\KGJWPIGP PCEJJCNVKIGP 7PVGTPGJOGPUGPVYKEMNWPI +PUDGUQPFGTG FKG 2TQFWMVG GKPGU 7PVGTPGJOGPU DGGKPHNWUUGP CWEJ FGUUGP 9CJTPGJOWPI CO -CRKVCNOCTMV 7PVGTPGJOGPU 9GPPINGKEJ FKGU QJPG
 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



9KUUGPUDGUVCPFVGKNG \WT .{UWPI GKPGU UKVWCVKQPUDG\QIGPGP 'PVUEJGKFWPIURTQD NGOU YKTF KP FGT .KVGTCVWT CWEJ CNU OGPVCNGU /QFGNN DG\GKEJPGV &GP\CW  0QTVJ  5  /GPVCNG /QFGNNG XGTGKPGP KP UKEJ FKG 'TYCTVWPIGP CP GKPG DGUVKOOVG 5KVWCVKQP WPF #PUKEJVGP YKG XGTUEJKGFGPG 5CEJXGTJCNVG XQPGKPCPFGT CDJkPIGP UQYGKV FKGUG \WT .{UWPI GKPGU 'PVUEJGKFWPIURTQDNGOU YKG \WO $GK URKGN GKPGT 2TQIPQUG €DGT FKG 'PVYKEMNWPI GKPGU /CTMVGU KP FGP PkEJUVGP ,CJTGP YKEJVKI GTUEJGKPGP $GK FGT 6JGQTKG OGPVCNGT /QFGNNG YKG DGK CNNGP XQTIGUVGNN VGP 'TMNkTWPIUCPUkV\GP H€T FCU <WUVCPFGMQOOGP FGT 7PVGTPGJOGPUYCJTPGJ OWPI CP -CRKVCNOkTMVGP YKTF IGPGTGNN CPIGPQOOGP FCUU FKG 7TVGKNG WPF *CPFNWPIGP FGT #MVGWTG KOOGT CWH GKPGT UWDLGMVKXGP 4GRTkUGPVCVKQP FGT 'PVUEJGKFWPIUUKVWCVKQP DGTWJGP Ã5VCVGF UKORN[ VJG OQFGN VJGQT[ OCKPVCKPU VJCV RGQRNG TGCUQP D[ EQPUVTWEVKPI C TGRTGUGPVCVKQP QH VJG UVCVG QH CHHCKTU FGUETKDGF KP VJG RTGOKUGU DCUGF QP VJG OGCPKPIU QH VJG RTGOKUGU CPF IGPGTCN MPQYNGFIG PGZV KV KU CV CNN RQUUKDNG VJG[ HQTOWNCVG C PQXGN EQPENWUKQP DCUGF QP VJG OQFGN CPF KH VJGTG CTG PQ CNVGTPCVKXG OQFGNU QH VJKU RTGOKUGU VJCV TGHWVG VJG EQPENWUKQP VJG[ OC[ FTCY KV CU C XCNKF KPHGTGPEG² '[UGPEM  -GCPG  5  /GPVCNG /QFGNNG UKPF IGYKUUGTOCˆGP 6JGQTKGP €DGT FKG 8GTJkNVPKUUG KP FGT *CPFNWPIUWOYGNV  UKG XGTDKPFGP YCJTIGPQOOGPG +PHQTOCVKQP OKV XQTJCPFG PGO 9KUUGP WPF HT€JGTGP 'THCJTWPIGP .GITGP\K )KTQVVQ  ,QJPUQP.CKTF  5  /GPVCNG /QFGNNG UKPF F[PCOKUEJG 5VTWMVWTGP FKG WPVGTUEJKGFNKEJ UVCTM GNCDQTKGTV UGKP M{PPGP FJ CWH OGJT QFGT OKPFGT XKGNG 5EJGOCVC \WT .{ UWPI GKPGU 'PVUEJGKFWPIURTQDNGOU \WT€EMITGKHGP XIN #PFGTUQP  4GFGT  5  > )TCF FGT +PHQTOCVKQPUVKGHG WPF FKG +PVGPUKVkV FGT 8GTCTDGKVWPI KP FGT /QFGNNDKNFWPI M{PPGP UKEJ XQP 2GTUQP \W 2GTUQP WPVGTUEJGKFGP GDGPUQ YKG XGTUEJKGFGPG 6JGOGP WPVGTUEJKGFNKEJG #PHQTFGTWPIGP CP FKG IGFCPMNKEJGP 2TQ \GUUG UVGNNGP 9GNEJG +PHQTOCVKQPUMQORQPGPVGP LGYGKNU KP GKPGO OGPVCNGP /Q FGNN TGRTkUGPVKGTV UKPF YKTF RTKOkT FWTEJ FCU #WUOCˆ FGT +PHQTOCVKQPU\WIkPI NKEJMGKV WPF FWTEJ FKG YGEJUGNPFG #WHOGTMUCOMGKVUHQMWUUKGTWPI FGT #PCN[UVGP WPF +PXGUVQTGP DGUVKOOV 5Q YGTFGP DGKURKGNUYGKUG +PHQTOCVKQPGP FCPP OKV IT{ˆGTGT 9CJTUEJGKPNKEJMGKV KP OGPVCNGP /QFGNNGP DGT€EMUKEJVKIV YGPP FKGUG DGUQPFGTU TGNGXCPVG #URGMVG FGT 'PVUEJGKFWPIUUKVWCVKQP DGVTGHHGP QFGT UKEJ CWH DGUQPFGTU JGTXQTIGJQDGPG /GTMOCNUFKOGPUKQPGP FGT 'PVUEJGKFWPIUCNVGTPCVKXGP DG\KGJGP +O 4CJOGP FGT 7PVGTUWEJWPI NKGˆGP UKEJ CDJkPIKI XQO LGYGKNKIGP +PVGTXKGYRCTVPGT WPF FGO LGYGKNKIGP 'PVUEJGKFWPIURTQDNGO WPVGTUEJKGFNKEJ JQJG )TCFG FGT 'NCDQTCVKQP DGK FGT 'PVUEJGKFWPIUHKPFWPI FKHHGTGP\KGTGP $GK URKGNG H€T GKP UGJT GNCDQTKGTVGU 8QTIGJGP UKPF FKG HQNIGPFGP #PCN[UVGPCWUUCIGP KP FGPGP DGUEJTKGDGP YKTF FCUU GTUV FKG 8KGN\CJN PKEJVHKPCP\KGNNGT (CMVQTGP FKG IGYKUUGPJCHVG 'KPUEJkV\WPI FGT HKPCP\KGNNGP 'PVYKEMNWPI GKPGU 7PVGTPGJOGPU GTNCWDV



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV ²5QHV HCEVQTU UVCTV QHH KP VGTOU QH VJG GPXKTQPOGPV VJCV CHHGEVU GXGT[VJKPI CDQWV C EQORCP[ #PF VJCV GPXKTQPOGPV KPENWFGU VJG GEQPQOKE GPXKTQPOGPV KV KPENWFGU VJG TGIWNCVQT[ GPXKTQPOGPV VJG RQNKVKECN GPXKTQPOGPV VJG NCDQWT TGNCVKQPU GPXKTQPOGPV CPF VJG IGQRQNKVKECN GPXKTQPOGPV KP VGTOU QH VTCFG HNQYU GVE 5Q [GU + VJKPM VJCV QD XKQWUN[ QPGµU HQTGECUVU JCXG IQV VQ DG TGHNGEVGF D[ C DTQCF RKEVWTG QH GXGT[VJKPI VJCV CHHGEVU VJG EQORCP[ 6JCV KU DGECWUG [QW ECPPQV DWKNF VJKPIU CPF UGNN VJKPIU KP C XCEWWO $GECWUG VJG JCTF HCEVQTU [QW VCNM CDQWV CTG CEVWCNN[ VJG RTQFWEV QH CNN VJG UQHV HCEVQTU RWV VQIGVJGT + VJKPM KP O[ XKGY CPF + IWGUU KP CP[ JCNHGZRGTKGPEGF CPCN[UV U XKGY CV VJG JGCTV KU VJCV VJG RCKPVKPI CV VJG GPF QH VJG FC[ KU OCFG QH CNN VJG UQHV DKVU VJCV IQ KPVQ VJCV RCKPVKPI +V KU OCFG WR QH VJG KPURKTCVKQP QH VJG CTVKUV CPF KV KU OCFG WR QH VJG EQNQWTU VJCV CTG CXCKNCDNG VQ JKO CPF VJG GZRGTKGPEGU VJCV JG JCU JCF #PF KV GPFU WR YKVJ C JCTF RTQFWEV #PF VJCV KU YJCV VJG PWODGTU CEJKGXGF D[ VJG EQORCP[ CTG 6JG[ CTG CEVWCNN[ C RTQFWEV QH CNN VJG UQHV HCEVQTU UWTTQWPFKPI VJG EQORCP[ 5GNN5KFG #PCN[UV +PVGTXKGY  /CK  Ã#NUQ KO 2TKP\KR HNKGˆV LC CNNGU KP FGP 'KPFTWEM GKPGU 7PVGTPGJOGPU GKP &CU KUV LC PKEJV GKPG )GUEJKEJVG YQ OCP UKEJ GKPU \YGK FTGK XKGT H€PH (CMVQTGP CPIWEMV +EJ O{EJVG UCIGP FCUU GU KPU 7PGPFNKEJG IGJV CNN FKGUG XKGNGP YGKEJGP (CMVQTGP FKG KP FCU $CWEJIGH€JN OKV GKPHNKGˆGP (€T OKEJ CNU #PCN[UV IGJV GU KOOGT FCTWO GKPG #PNCIGGPVUEJGKFWPI \W VTGHHGP 9GPP KEJ GKPG #PNCIGGORHGJNWPI VTGHHG WPF DGK FGT KOOGT GKP RCCT PGICVKXG (CMVQTGP OKV FCDGK UKPF FCPP JCDG KEJ KOOGT GKP PKEJV UQ IWVGU $CWEJIGH€JN 9GPP JKPIGIGP CNNGU UVKOOV KUV FKGU PCV€TNKEJ WOUQ DGUUGT # DGT FCU YKEJVKIG KUV FGT $CWEJ URTKEJV PCV€TNKEJ CWEJ KOOGT OKV DGK UQ GKPGT 'OR HGJNWPI 7PF KO <WIG FGUUGP MQOOGP PCV€TNKEJ XKGNG (CMVQTGP OKV JKPGKP FKG OCP ICT PKEJV WPDGFKPIV SWCPVKHK\KGTGP MCPP ª 9CU KEJ OGKPG FCU $CWEJIGH€JN OCEJV GU FCPP GKPHCEJGT WPF PKEJV YGPKIGT UEJNGEJV² +PUVKVWVKQPGNNGT +PXGUVQT +PVGTXKGY  /CK 

<WUCOOGPHCUUGPF MCPP UQ H€T FKG YGKVGTGP gDGTNGIWPIGP HGUVIGJCNVGP YGTFGP FCUU GKP 6GKN FGT 7PVGTPGJOGPUYCJTPGJOWPI KO -CRKVCNOCTMV XQP FGP UEJGOC VKUEJGP 9KUUGPUUVTWMVWTGP FGT #PCN[UVGP WPF +PXGUVQTGP FGVGTOKPKGTV YKTF &KG UGU 8QTYKUUGP WOHCUUV PKEJV CWUUEJNKGˆNKEJ FKG HKPCP\KGNNGP /GTMOCNG GKPGU 7PVGTPGJOGPU YKG \WO $GKURKGN UGKPG 2GTHQTOCPEG KP FGP NGV\VGP ,CJTGP UQP FGTP CWEJ 'THCJTWPIGP FCT€DGT YKG IWV \WO $GKURKGN DGUVKOOVG 5VTCVGIKGP HWPM VKQPKGTGP YKG UKEJ /kTMVG \[MNKUEJ GPVYKEMGNP 'THCJTWPIGP OKV /KVDGYGTDGTP GVE  CNUQ GKP UGJT WOHCUUGPFGU $KNF &KGUG UEJGOCVKUEJGP 9KUUGPUUVTWMVWTGP YGTFGP CPNkUUNKEJ DGUVKOOVGT 'PVUEJGKFWPIUUKVWCVKQPGP \W OGJT QFGT OKPFGT GNCDQTKGTVGP OGPVCNGP /QFGNNGP MQODKPKGTV #PIGYCPFV CWH FGP 8QTICPI FGT 7PVGTPGJOGPUMQOOWPKMCVKQP DGFGWVGV FKGU FCUU CDJkPIKI XQP FGT #TV FGT MQOOWPK\KGTVGP +PJCNVG CWEJ XGTUEJKGFGPG 5EJGOCVC DGT€JTV YGTFGP &CDGK IKNV \W DGCEJVGP FCUU -QOOWPKMCVKQP D\Y FKG +PVGTRTGVCVKQP GKPGT $QVUEJCHV CWH 5GKVGP FGU -CRKVCNOCTMVGU PWT FCPP IG NKPIV YGPP RCUUGPFG 5EJGOCVC XQTJCPFGP UKPF CPUQPUVGP XGTUEJYKPFGV FKG

 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



+PHQTOCVKQP TCUEJ CWU FGO $GYWUUVUGKP 4GCMVKQPGP FGT -CRKVCNOCTMVVGKNPGJOGT CWH FKG 7OIGDWPI FKG UKG FKTGMV QFGT OGFKGPXGTOKVVGNV YCJTPGJOGP GTHQNIV FGOPCEJ FWTEJ FKG 5GNGMVKQP WPF #PRCUUWPI CPIGOGUUGPGT 5EJGOCVC XIN 5EJGPM  5  +P FGT .QIKM FGU KP FGP DKUJGTKIGP #WUH€JTWPIGP GPVYK EMGNVGP 9CJTPGJOWPIUMQP\GRVGU MCPP GKP 7PVGTPGJOGP GPVYGFGT OKV FGT #D UKEJV MQOOWPK\KGTGP FGP LGYGKNKIGP
 5  DKU JKP \W &WPEMGTU JGWTKUVKUEJGP /GVJQFGP FKG FWTEJ UEJTKVVYGKUG 0GWHQTOWNKGTWPI GKPGU 2TQDNGOU \W FGUUGP .{UWPI H€JTGP UQNNGP

)TQPGT )TQPGT  $KUEJQH  &KG MQIPKVKXG 9GPFG KP FGT 2U[EJQNQIKG WPF KPUDGUQPFGTG FKG #TDGKVGP XQP *GTDGTV 5KOQP  JCDGP FGO -QP\GRV KP FGP 9KTVUEJCHVUYKUUGPUEJCHVGP XGTOGJTV #WHOGTMUCOMGKV \WMQOOGP NCUUGP 9KG DGTGKVU FCTIGUVGNNV MQPUVTWKGTGP OGPUEJNKEJG #MVGWTG CWHITWPF DGUEJTkPMVGT -CRC\KVkVGP \WT +PHQTOCVKQPUXGTCTDGKVWPI GKP XGTGKPHCEJVGU #DDKNF FGT 9GNV *GWTKUVKMGP UKPF GKP 2TQFWMV FKGUGT #DDKNFWPIGP UKG UVGNNGP 8GTGKPHCEJWPIGP \WT .{UWPI XQP 'PVUEJGKFWPIURTQDNGOGP FCT &KGUGU DGTGKVU CPIGURTQEJGPG



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

5CVKUHKEKPI2TKP\KR YKTF CNU .{UWPI H€T FCU 2TKP\KR DGUEJTkPMVGT MQIPKVKXGT -CRC\KVkVGP CPIGUGJGP DGK INGKEJ\GKVKIGT /KPKOKGTWPI FGU #WHYCPFGU H€T FKG 'PVUEJGKFWPIUHKPFWPI 'CIN[  %JCKMGP  5  H 'PVUEJGKFWPIUHKPFWPI DGFGWVGV CNUQ CWEJ KOOGT FKG MQTTGMVGUVG #TV IGIGP FKG RTCMVKUEJUVG #TV CD\WYkIGP YCU QHV PKEJV FCU )NGKEJG KUV &CU 'TIGDPKU KUV FCPP QHV GKPG FGP 7OUVkPFG GPVURTGEJGPFG ÂUCVKUHKEKPIµ .{UWPI WPF PKEJV WP DGFKPIV FKG QRVKOCNG 5Q MCPP GU XQTMQOOGP FCUU FKG $GVTCEJVWPI FGU PKEJVHK PCP\KGNNGP )GUCOVDKNFGU PKEJV U[UVGOCVKUEJ GTHQNIV KPFGO IGYKUUG XGTH€IDCTG (CMVQTGP CWU FGT #WUYCJN CWUIGUEJNQUUGP YGTFGP FC KJTG 'KPUEJkV\WPI \W CWH YGPFKI QFGT WPIGYKUU GTUEJGKPV &KGU MCPP WPVGT 7OUVkPFGP GKPG #NVGTPCVKXG \WT U[UVGOCVKUEJGP WPF \GKVCWHYGPFKIGP 7PVGTUWEJWPI CNNGT RQVGPVKGNN TGNGXCPVGP 1RVKQPGP FCTUVGNNGP > #WHYCPF CP IGYKUUG +PHQTOCVKQPGP \W IGNCPIGP YKTF UQ \WO #WUYCJNMTKVGTKWO H€T FGTGP 'KPDG\WI KP FKG 'PVUEJGKFWPIUHKPFWPI XIN #PFGTUQP  -CJPGOCP  6XGTUM[  &KGU DGFGWVGV OKV CPFGTGP 9QT VGP FCUU CPUVGNNG FGU 8GTUWEJGU CPJCPF CNNGT FGPMDCTGP PKEJVHKPCP\KGNNGP (CMVQ TGP GKP WOHCUUGPFGU $KNF €DGT 7PVGTPGJOGP WPF /kTMVG \W GTNCPIGP NGFKINKEJ *GWTKUVKMGP FJ KUQNKGTVG WPF NGKEJV \WIkPINKEJG (CMVQTGP CNU 'PVUEJGKFWPIUMTK VGTKWO JGTCPIG\QIGP YGTFGP YkJTGPF CPFGTG YGIGP OCPIGNPFGT YCJTIGPQO OGPGT 9KEJVKIMGKV QFGT HGJNGPFGT )GNGIGPJGKV H€T GKPG GNCDQTKGTVG +PHQTOCVKQPU XGTCTDGKVWPI GPVHCNNGP 5Q UGJGP %JCKMGP .KDGTOCP WPF 'CIN[  KP FKGUGT JGWTKUVKUEJGP +PHQTOCVKQPUXGTCTDGKVWPI à C OQTG NKOKVGF RTQEGUUKPI OQFG VJCV FGOCPFU OWEJ NGUU EQIPKVKXG GHHQTV CPF ECRCEKV[ VJCP U[UVGOCVKE RTQEGUUKPI 9JGP RTQEGUUKPI JGWTKUVKECNN[ RGQRNG HQEWU QP VJG UWDUGV QH CXCKNCDNG KPHQTOC VKQP VJCV GPCDNGU VJGO VQ WUG UKORNG KPHGTGPVKCN TWNGU UEJGOCVC QT EQIPKVKXG JGWTKUVKEU VQ HQTOWNCVG VJGKT LWFIGOGPVU CPF FGEKUKQPU³ 5  9KG FGVCKNNKGTV WPF WOHCUUGPF GKPG 'KPUEJkV\WPI FGU 7PVGTPGJOGPU CPJCPF SWCNKVCVKXGT (CMVQ TGP IGUWEJV YKTF JkPIV FCDGK XQP FGT -QORNGZKVkV FGT 2TQDNGOUVGNNWPI WPF XQP FGT /QVKXCVKQP FGT 'PVUEJGKFGT CD XIN 5KOQP    5VGNNXGTVTG VGPF H€T FKGUG 'KPUVGNNWPI D\Y FKG DGYWUUVG #M\GRVCP\ GKPGU 6QNGTCP\HGNFGU YCT \WO $GKURKGN FKG HQNIGPFG #WUUCIG GKPGU #PCN[UVGP Ã+ FQ PQV FQ NQQM CV SWCNKVCVKXG EQORCP[ HCEVQTU KP C U[UVGOCVKE YC[ + JCXG FQPG UQ KP VJG RCUV CPF VQ DG JQPGUV KV YCU FGRGPFCPV QP VJG QTICPK\CVKQP + JCXG DGGP YQTM KPI HQT + YQTMGF HQT CP QTICPK\CVKQP VJCV YCPVGF VQ ECRVWTG VJGUG SWCNKVCVKXG HCEVQTU KP C U[UVGOCVKE YC[ CPF VJCP VQ DCUKECNN[ NQQM CV VJQUG CPF EQPXGTV VJGO KPVQ C UEQTG CPF VJGP WUG VJCV UEQTG VQ EQORCTG FKHHGTGPV EQORCPKGU 6Q DG JQPGUV + FQ PQV HKPF VJKU SWCPVKHKECVKQP QH VJG SWCNKVCVKXG HCEVQTU VQ DG RCTVKEWNCTN[ JGNRHWN KP TGEQOOGP FCVKQPU + HKPF KV OQTG WUGHWN VQ KPHQTOCNN[ HQTO QPG U QRKPKQP QP C NKOKVGF UGV QH HCE VQTU CV JCPF 6JCV OCMGU C FGEKUKQP KV KPHQTOU QPGU EQPHKFGPEG CDQWV C EQORCP[³

5GNN5KFG #PCN[UV +PVGTXKGY  #RTKN 

 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



+P FGT .KVGTCVWT YGTFGP GKPG 4GKJG UQNEJGT MQORNGZKVkVUTGFW\KGTGPFGT *GWTKUVK MGP IGPCPPV \WO $GKURKGN YKTF CPIGPQOOGP FCUU {MQPQOKUEJG #MVGWTG KO 4CJOGP FGT Ã#XCKNCDKNKV[ *GWTKUVKE³ FKG .GKEJVKIMGKV OKV FGT GKP 'TGKIPKU MQIPK VKX XGTH€IDCT KUV CNU +PFKMCVQT €DGT FGUUGP 9CJTUEJGKPNKEJMGKV JGTCP\KGJGP

6XGTUM[  -CJPGOCPP  9GKVGTG GKPHCEJG 5GNGMVKQPUTGIGNP UKPF \WO $GKURKGN FKG 'ZRGTVGPJGWTKUVKM 'ZRGTVU UVCVGOGPVU ECP DG VTWUVGF FKG -QP UGPUJGWTKUVKM %QPUGPUWU KORNKGU EQTTGEVPGUU QFGT FKG 5[ORCVJKGJGWTKUVKM

2GQRNG IGPGTCNN[ CITGG YKVJ RGQRNG VJG[ NKMG YGNEJG CNU QDGTHNkEJNKEJG 'PV UEJGKFWPIUTGIGNP H€T FKG 4KEJVKIMGKV GKPGT DGUVKOOVGP 'KPUVGNNWPI CPIGUGJGP YGTFGP M{PPGP %JCKMGP  6C[NQT GV CN  9TKIJV  #NNGP #TVGP XQP *GWTKUVKMGP KUV IGOGKPUCO FCUU PKEJV WPDGFKPIV UkOVNKEJG GPVUEJGKFWPIU WPF WTVGKNUTGNGXCPVG +PHQTOCVKQPGP DGT€EMUKEJVKIV YGTFGP QDYQJN FKGUG RTKP\K RKGNN \WT 8GTH€IWPI UVGJGP 5VCVVFGUUGP YGTFGP WPVGTUEJKGFNKEJG KP LGFGO (CNN LGFQEJ NGKEJV XGTH€IDCTG WPF OKV IGTKPIGO #WHYCPF XGTYGPFDCTG 4GIGNP UQYKG GPVURTGEJGPFG +PHQTOCVKQPUMQORQPGPVGP CPIGYGPFGV 1HVOCNU YGTFGP NCWV #WUUCIG WPUGTGT +PVGTXKGYVGKNPGJOGT \WO $GKURKGN PKEJVHKPCP\KGNNG (CMVQTGP RWPMVWGNN QJPG FGP 8GTUWEJ FGT 'TNCPIWPI GKPGU WOHCUUGPFGP $KNFGU JGTCPIG \QIGP WO UKEJ KPHQTOGNN FGT IGOCEJVGP HKPCP\KGNNGP #PPCJOGP WPF 2TQIPQUGP \W XGTUKEJGTP ²+ EQORCTG VJG XCNWCVKQP YJKEJ + ECOG WR VQ VJG OCTMGV RTKEG )KXGP VJGTG KU C FKH HGTGPEG QPG U XKGYU CDQWV QVJGT HCEVQTU YKNN RTQDCDN[ KPHNWGPEG O[ TGEQOOGPFC VKQP +H VJGTG KU C UOCNN XCNWG ICR CPF [QW CTG SWKVG RQUKVKXG CDQWV VJG HCEVQTU [QW CTG OQTG NKMGN[ VQ IKXG C RQUKVKXG TGEQOOGPFCVKQP CPF [QW OKIJV DG CDNG VQ UWUVCKP C FKHHGTGPEG DGVYGGP [QWT HCKT XCNWG CPF VJG OCTMGV +V OKIJV DG VJCV VJG EQORCP[ NQQMU GZRGPUKXG DWV KH [QW CTG EQPHKFGPV CDQWV VJG SWCNKVCVKXG HCEVQTU VJCP [QW CTG PQV IQKPI VQ EJCPIG [QWT TGEQOOGPFCVKQP FQYPYCTFU 6JG YC[ VJGUG VJKPIU YQTM KV KU OQTG VJCV KV IKXGU [QW EQOHQTV TCVJGT VJCP CHHGEVKPI VJG HQTOCN FGEKUKQP³ 5GNN 5KFG #PCN[UV +PVGTXKGY  #RTKN  Ã5QYQJN DGK OKT CNU CWEJ DGK FGP OGKUVGP OGKPGT -QNNGIGP JCV OCP PKEJV KTIGPF UQ GKPG .KUVG /CP UCIV CNUQ PKEJV HCNNU FCU /CPCIGOGPV FKGUGU QFGT LGPGU OCEJV DG FGWVGV FKGU LGPGU KO 5KPPG GKPGT $CNCPEGF 5EQTGECTF PGKP €DGTJCWRV PKEJV > 2WPMV KUV GKIGPVNKEJ FGT FCUU GTUVOCN FGT RGTU{PNKEJG 'KPFTWEM UGJT XKGN CWUOCEJV /CP UKGJV LC FCPP CWEJ YKG FKG +PFKMCVKQPGP WPF FKG TGCNG 'TIGDPKUGPVYKEMNWPI YC TGP <WUkV\NKEJ FC\W DGMQOOV OCP KOOGT CWEJ GKP KPFKXKFWGNNGU $KNF \WO $GKURKGN CWU RGTU{PNKEJGP <WUCOOGPVTGHHGP 9CU JCV OCP H€T GKPGP 'KPFTWEM GKPHCEJ XQP FGT /CPCIGOGPVMCRC\KVkV FGU 8QTUVCPFGU 7PF FCPP J{TV OCP PCV€TNKEJ CWEJ UEJQP CWH FKG 5VKOOGP CWU FGO /CTMV WPF aJPNKEJGU² 5GNN5KFG #PCN[UV +PVGTXKGY  ,WNK 



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

&CU CWH -CRKVCNOkTMVGP PWT GKP 6GKN CNNGT 'PVUEJGKFWPIGP YKTMNKEJ CWH DGYWUU VGO #DYkIGP XGTUEJKGFGPGT *CPFNWPIUCNVGTPCVKXGP WPF CWH FGO 'KPDG\WI CNNGT \WIkPINKEJGP +PHQTOCVKQPGP DGTWJV NkUUV UKEJ UGJT IWV CPJCPF FGU 'KPHNWUUGU FGT 4GRWVCVKQP GKPGU 7PVGTPGJOGPU QFGT UGKPGU /CPCIGOGPVU KNNWUVTKGTGP 5Q \KVKGTVG \WO $GKURKGN GKP +PVGTXKGYRCTVPGT FKG 'KPUVGNNWPI FGU )TQˆKPXGUVQTU 9CTTGP $WHHGV \W 4GRWVCVKQPUCPOWVWPI KP FKG UGJT RTKXCVG 8GTJCNVGPUOWUVGT GKPHNQUUGP ²+VµU PQV VJG PQTOCN QEECUKQP DWV VJGTG YGTG UKVWCVKQPU KP VJG RCUV YJGTG + ECP NQQM DCEM CPF UGG EGTVCKP GZCORNGU YJGTG VJGTG YGTG HQT GZCORNG PQPHKPCPEKCN HCEVQTU CDQWV C EQORCP[ YJKEJ ICXG OG C DCF HGGNKPI DWV + FKFPµV TGCEV VQ VJQUG #PF VJCV YCU C OKUVCMG 2GQRNG OKIJV VGNN [QW UVQTKGU YJKEJ CTG PQV VTWG CPF VJKU KU PQV UQ OWEJ C HKPCPEKCN VJKPI DWV KVµU C LWFIOGPV VJKPI YJKEJ [QW PGGF VQ DG CYCTG QHª 9CTTGP $WHHGV JCU CP GZRTGUUKQP YJGTG JG UC[U VJCV JG YQWNF QPN[ KPXGUV KP C EQO RCP[ YJGTG VJG %'1 KU C RGTUQP VJCV JG YQWNF VTWUV NKMG CPF TGURGEV *KU FGHKPKVKQP HQT VJCV KU VJCV KV YQWNF JCXG VQ DG C RGTUQP VJCV JG YQWNF DG JCRR[ HQT JKU FCWIJVGT VQ IGV OCTTKGF VQ #PF VJCVµU VJG PGCTGUV FGHKPKVKQP VJCV + ECP VJKPM QH + ECP VJKPM QH GZCORNGU YJGTG + TGEQOOGPFGF C UJCTG GXGP VJQWIJ + JCF CP WPEQOHQTVCDNG HGGNKPI CDQWV VJG %'1 .QQMKPI DCEM + UJQWNF JCXG IQPG YKVJ O[ HGGNKPI TCVJGT VJCP YKVJ VJG HKPCPEKCNU 5Q PQPHKPCPEKCN HCEVQTU CTG XGT[ KORQTVCPV +P VJG GPF GXGT[VJKPI EQOGU FQYP VQ 'WTQU QT 2QWPFU QT YJCVGXGT DWV VJGTG CTG OQTG VJKPIU VJCV IQ KPVQ VJG GSWCVKQP TCVJGT VJCP LWUV PWODGTU³ 5GNN5KFG #PCN[UV +PVGTXKGY  ,WNK 

<WCNNGTGTUV KORNK\KGTV FKGUG 4GRWVCVKQP GKPGU 7PVGTPGJOGPU QFGT UGKPGU /CPC IGOGPVU CWEJ 8GTVTCWGP KP FGUUGP -QOOWPKMCVKQPUDQVUEJCHVGP WPF RTQIPQUVK \KGTVG 7PVGTPGJOGPUGTIGDPKUUG )WKFCPEG #PIGUKEJVU FGT 7PIGYKUUJGKV €DGT FKG <WMWPHV GKPGU 7PVGTPGJOGPU WPF XQTJCPFGPGT +PHQTOCVKQPUCU[OOGVTKGP VGPFKGTVGP FKG DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT FC\W KJT +PHQTOCVKQPUXGTJCNVGP URCTUCOGT \W IGUVCNVGP YGPP UKG GKPGO 7PVGTPGJOGP XGTVTCWVGP #NNIGOGKPGT IGURTQEJGP #PCN[UVGP WPF KPUVKVWVKQPGNNG +PXGUVQTGP UKPF TGIGNOkˆKI FCTCWH CPIGYKGUGP DCUKGTGPF CWH KJTGP 'THCJTWPIUYGTVGP FGP /KVVGKNWPIGP FGT 7PVGT PGJOGP OGJT QFGT YGPKIGT 8GTVTCWGP \W UEJGPMGP 7PVGTPGJOGP OKV GKPGT RQUK VKXGP 4GRWVCVKQP YWTFGP FCDGK FGWVNKEJ YGPKIGT MTKVKUEJ DGVTCEJVGV CNU UQNEJG OKV GKPGT PGICVKXGP +JTGP /KVVGKNWPIGP YWTFG GJGT )NCWDGP IGUEJGPMV KJTG 2TQIPQ UGP YWTFGP YGPKIGT MTKVKUEJ JKPVGTHTCIV 9KG FKGU KP FKG 7PVGTPGJOGPUDGYGT VWPI GKPHNQUU XGTFGWVNKEJV UKEJ CO HQNIGPFGP
 'NGOGPVG FGT 7PVGTPGJOGPUYCJTPGJOWPI



2TQIPQUGP QFGT YGPP OCP UQ YKNN 8GTURTGEJGP OKV FGO RGTU{PNKEJGP (GGNKPI H€T FKG 8GTVTCWGPUY€TFKIMGKV FGU /CPCIGOGPVU CD &KGUGT 8GTINGKEJ MCPP UKEJ FCPP CWU FGP 'THCJTWPIGP KP FGP NGV\VGP ,CJTGP URGKUGP YGPP OCP \WO $GKURKGN UEJQP GKP RCCT /CN KTIGPFYCU GT\kJNV DGMQOOGP JCV YCU UKEJ PKEJV TGCNKUKGTV JCV &CU KUV LC CN NGU PKEJVHKPCP\KGNN (CMVQTGP CNUQ FKG OCP PKEJV KP
#WU FGP XQTCPIGJGPFGP #WUH€JTWPIGP YKTF FGWVNKEJ FCUU -CRKVCNOCTMVVGKNPGJ OGT GKPGO 7PVGTPGJOGP IGIGP€DGT FCU UKEJ KP FGT 8GTICPIGPJGKV CNU XGTVTCW GPUY€TFKI GTYKGUGP JCV YGUGPVNKEJ NQ[CNGT UKPF WPF FC\W VGPFKGTGP KP UQNEJGP 7PVGTPGJOGP UGNDUV KP -TKUGP\GKVGP KPXGUVKGTV \W DNGKDGP 'KPG 5VWFKG CWH )TWPF NCIG FGT LkJTNKEJGP Â#OGTKEC U /QUV #FOKTGF %QORCPKGUµ 7OHTCIG FGU Â(QTVWPG /CIC\KPGµ GTICD \WO $GKURKGN FCUU FKG -WTUG XQP 7PVGTPGJOGP FKG KP FKGUGO 4CPMKPI FKG J{EJUVG 4GRWVCVKQP CWHYGKUGP MQPPVGP XQO ${TUGP\WUCOOGPDTWEJ KO ,CJT  YGUGPVNKEJ IGTKPIGT DGVTQHHGP YCTGP WPF UKEJ KP (QNIG CWEJ YG UGPVNKEJ UEJPGNNGT GTJQNVGP CNU FKG XQP 7PVGTPGJOGP KP FGP WPVGTGP 4kPIGP

$TQWKNCTF %QOOWPKECVKQPU  ;CPMGNQXKEJ 2CTVPGTU  'KPG IWVG 4GRWVCVK QP UEJGKPV FGOPCEJ FKG #PNGIGTNQ[CNKVkV \W GTJ{JGP WPF UGPMV UGNDUV KP -TKUGP \GKVGP FKG 8QNCVKNKVkV FGU #MVKGPMWTUGU &KG #MVKGPMWTUXQNCVKNKVkV GKPGU 7PVGT PGJOGPU OKV GKPGT JQJGP -CRKVCNOCTMVTGRWVCVKQP KUV FGOPCEJ KP FGT 4GIGN IG TKPIGT UGKP 7PVGTPGJOGPUYGTV CP FGT ${TUG VGPFGP\KGNN J{JGT &KG PQVYGPFKIGTYGKUG \WMWPHVUDG\QIGPG 7PVGTPGJOGPUYCJTPGJOWPI XQP +PXGUVQTGP WPF #PCN[UVGP YKTF XQP kWˆGTGP 4GUVTKMVKQPGP YKG


 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

'TYCTVWPIGP XQP +PXGUVQTGP WPF #PCN[UVGP XGTKPPGTNKEJGP UQNNVG UQPFGTP CWEJ YKUUGP OWUU YKG 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP UQ\KCNG WPF {MQNQIKUEJG $GNCPIG DGYGTVGP D\Y KP KJTG 7PVGTPGJOGPU WPF /CTMVDGTKEJVGTUVCVVWPI KPVGI TKGTGP  > 'KPHNWUU FGT /GFKGP CWH FKG -CRKVCNOCTMVYCJTPGJOWPI (KPCP\OGFKGP D\Y 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP URKGNGP KP KJTGT /KVVNGT WPF /WNVKRNKMCVQTHWPMVKQP \YKUEJGP 7PVGTPGJOGP WPF #PNGIGTP GKPG PKEJV \W WPVGTUEJkV\GPFG 4QNNG KO -CRKVCNOCTMVIGUEJGJGP &KGU NKGIV KP FGT UGKV LGJGT GPIGP 8GTDKPFWPI \YKUEJGP -CRKVCNOkTMVGP WPF /GFKGP DGIT€PFGV FKG KP FGP NGV\VGP ,CJTGP KJTGP XQTNkWHKIGP *{JGRWPMV KP FGT XQP FGP /GFKGP OKV CPIGHGW GTVGP WPF XGTUVkTMVGP ${TUGPJCWUUG KP FGP 6GEJPQNQIKG 6GNGMQOOWPKMCVKQPU WPF /GFKGPYGTVGP HCPF 5JKNNGT  5JKNNGT  &KG /CUUGPOGFKGP XGTH€ IGP €DGT FKG /GEJCPKUOGP WPF -CPkNG WO 0CEJTKEJVGP €DGT 7PVGTPGJOGP GKPGO DTGKVGP 2WDNKMWO DGMCPPV \W OCEJGP &KG 9KTVUEJCHVUDGTKEJVGTUVCVVWPI XGTUGV\V {MQPQOKUEJG #MVGWTG KP FKG .CIG DGUUGT CP FGO )GUEJGJGP CWH FGP (KPCP\OkTMVGP VGKN\WJCDGP KPFGO DGKURKGNUYGKUG 1TKGPVKGTWPIUFGHK\KVG WPF /CTMVKPVTCPURCTGP\GP CWUIGINKEJGPGP QFGT IGUCOVYKTVUEJCHVNKEJG 9KTMWPIU\W UCOOGPJkPIG QHHGP IGNGIV YGTFGP XIN 5RCEJOCPP  5  6CIGU\GKVWP IGP 9KTVUEJCHVUOCIC\KPG FGT 2TGUUG UQYKG 9KTVUEJCHVUOCIC\KPG WPF 0CEJTKEJ VGPUGPFWPIGP KO (GTPUGJGP NKGHGTP FCDGK OKVWPVGT KP 6GKNCURGMVGP LGYGKNU GKIGPG +PVGTRTGVCVKQPGP FGU 9KTVUEJCHVUNGDGPU GKPG 'TMGPPVPKU FKG \WPGJOGPF CWEJ KP FGT /CPCIGOGPVHQTUEJWPI YCJTIGPQOOGP YKTF ²6JG OGFKC VJGOUGNXGU CEV PQV QPN[ CU XGJKENGU HQT CFXGTVKUKPI CPF OKTTQTU TGHNGEVKPI HKTOUµ CEVKQPU DWV CNUQ CU CEVKXG CIGPVU UJCRKPI KPHQTOCVKQP VJTQWIJ GFKVQTKCNU CPF HGCVWTG CTVKENGU³ (QOD TWP  5JCPNG[  5  &KG -CRKVCNOCTMVMQOOWPKMCVKQP GKPGU 7PVGTPGJOGPU MCPP KP FKGUGO -QP VGZV PWT FGP FKTGMVGP -QOOWPKMCVKQPUHNWUU \YKUEJGP FGO GKIGPGP 7PVGTPGJOGP WPF FGT GPVURTGEJGPFGP
 > 'KPHNWUU FGT /GFKGP CWH FKG -CRKVCNOCTMVYCJTPGJOWPI



FGTUEJNCI IGHWPFGP 7O FKG $GFGWVWPI XQP UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP KP FGT -CRKVCNOCTMVYCJTPGJOWPI XQNNWOHkPINKEJ CD\WDKNFGP KUV GU FCJGT CWEJ PQVYGPFKI FKG 4€EMMQRRGNWPIGP WPVGT FGP -CRKVCNOCTMVVGKNPGJOGTP KP FKG 7PVGTUWEJWPI OKV GKP\WDG\KGJGP KPUDGUQPFGTG KO *KPDNKEM FCTCWH YKG FKG LQWT PCNKUVKUEJG $GTKEJVGTUVCVVWPI FKG 9CJTPGJOWPI XQP WPVGTPGJOGTKUEJGO IGUGNN UEJCHVNKEJGP 'PICIGOGPV WPVGT FGP €DTKIGP -CRKVCNOCTMVVGKNPGJOGTP DGGKPHNWU UGP MCPP    

 

  

   

   

       

 



             

  

        

#DDKNFWPI  +PHQTOCVKQPU WPF -QOOWPKMCVKQPUDG\KGJWPIGP KO -CRKVCNOCTMV 2QThM  (KGUGNGT  5  +O (QNIGPFGP UQNN FCJGT XGTUWEJV YGTFGP DCUKGTGPF CWH CMVWGNNGP /GFKGPYKT MWPIUVJGQTKGP WPF FGP #WUUCIGP FGT KPVGTXKGYVGP -CRKVCNOCTMVVGKNPGJOGT FGT (TCIG PCEJ\WIGJGP KPYKGHGTP FKG /GFKGPDGTKEJVGTUVCVVWPI €DGT UQ\KCNG WPF {MQNQIKUEJG 6JGOGP 'KPHNWUU CWH FKG #WHOGTMUCOMGKV XQP #PCN[UVGP WPF +PXGU VQTGP UQYKG FGTGP 9CJTPGJOWPI XQP 7PVGTPGJOGP PKOOV &KG HT€JUVGP #PUkV\G \WT /GFKGPYKTMWPIUHQTUEJWPI IKPIGP PQEJ FCXQP CWU FCUU FKG /GFKGPDGTKEJV GTUVCVVWPI GKPGP UGJT UVCTMGP WPF FKTGMVGP 'KPHNWUU CWH FKG {HHGPVNKEJG /GKPWPI



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

CWU€DV $GKURKGNG H€T UQNEJG #PUkV\G UKPF FKG UQ IGPCPPVG Â$WNNGV 6JGQT[µ

5EJTCOO  FKG Â*[RQFGTOKE 0GGFNG 6JGQT[µ $GTNQ  QFGT FKG Â5VK OWNWU4GURQPUG 6JGQT[µ &G(NGWT  $CNN4QMGCEJ  -GPP\GKEJPGPF H€T FKGUG HT€JGP /GFKGPYKTMWPIUVJGQTKGP KUV FKG 'KPQTFPWPI FGT /GFKGPTG\KRKGPVGP CNU GKP RCUUKXGU WPF NGKEJV \W DGGKPHNWUUGPFGU 2WDNKMWO ÃOCUU EQOOWPKECVKQPU ´KPLGEVµ KFGCU CVVKVWFGU CPF FKURQUKVKQPU VQYCTF DGJCXKQT KPVQ RCUUKXG CVQOK\GF GZVTGOGN[ XWNPGTCDNG KPFKXKFWCNU³ &G(NGWT  $CNN4QMGCEJ  5  +O -QPVGZV FGT (TCIG PCEJ FGT 9KTMWPI FGT /GFKGP UVGNNVG UKEJ FCJGT CWEJ FKG (TCIG QD /GFKGPUEJCHHGPFG NGFKINKEJ OKV FGO #PURTWEJ CP KJTG #TDGKV IG JGP FKG 9GNV UQ YKGFGT\WIGDGP YKG UKG KUV QFGT UGNDGT DGYWUUV XGTUWEJGP DG UVKOOVG 9KTMWPIGP \W GT\GWIGP /KV 5KEJGTJGKV KUV CP\WPGJOGP FCUU UKEJ GKP IGYKUUGT )TCF CP 5WDLGMVKXKVkV PKG XGTOGKFGP NkUUV UGK GU CNNGKPG UEJQP DGK FGT (TCIG YGNEJGP 0CEJTKEJVGP YGNEJGT 5VGNNGPYGTV KP FGT $GTKEJVGTUVCVVWPI \WIG UVCPFGP YKTF &GWVNKEJ YKTF FKGU \WO $GKURKGN YGPP .CUUYGNN  FKG 4QNNG FGT /GFKGPUEJCHHGPFGP WPVGT CPFGTGO CNU $GQDCEJVGT DGUEJTGKDV FKG FCT €DGT GPVUEJGKFGP YGNEJG 'TGKIPKUUG €DGTJCWRV )GIGPUVkPFG FGT $GTKEJVGTUVCV VWPIGP YGTFGP UQNNGP +PFKXKFWGNNG 5KEJVYGKUGP FKG KP FGT $GTKEJVGTUVCVVWPI \WO 6TCIGP MQOOGP DGUVKOOGP UQ YKGFGTWO FCU $KNF FGT fHHGPVNKEJMGKV €DGT 5CEJ XGTJCNVG FKG CWˆGTJCND KJTGT WPOKVVGNDCTGP 'THCJTWPI NKGIGP $GTGKVU 9CNVGT .KRROCPP DGUEJTKGD FCJGT FKG YCJTIGPQOOGPG 9GNV CWˆGTJCND FGT FKTGMVGP RGTU{PNKEJGP 'THCJTWPI CWEJ CNU GKPG UQ IGPCPPVG 5EJGKPWOIGDWPI ÂRUGWFQ GPXKTQPOGPVµ DGUVGJGPF CWU $KNFGTP FKG XQP FGP /GFKGP IGUEJCHHGP YGTFGP Ã9JCVGXGT YG DGNKGXG VQ DG C VTWG RKEVWTG YG VTGCV CU KH KV YGTG VJG GPXKTQPOGPV KVUGNH³ .KRROCPP  5  .KRROCPP FT€EMV FCOKV PKEJV CWU FCUU FKGUG $KNFGT HCNUEJ QFGT XGT\GTTGPF UGKP O€UUGP XKGNOGJT FCUU UKG PQVYGPFKIGTYGKUG KO <WIG FGT $GTKEJVGTUVCVVWPI CP -QORNGZKVkV XGTNKGTGP O€UUGP WO FCTUVGNNDCT \W YGTFGP &KG #TDGKVGP XQP 2CWN .C\CTUHGNF JKPIGIGP XGTUWEJGP FKG 'HHGMVG FGT /G FKGPDGTKEJVGTUVCVVWPI DGITGP\VGT \W UGJGP UKG UKPF FKG 5WEJG PCEJ ÃURGEKHKE OGCUWTCDNG UJQTVVGTO KPFKXKFWCN CVVKVWFKPCN CPF DGJCXKQTCN ´GHHGEVUµ QH OGFKC EQPVGPV³ )KVNKP  5  &KG #TDGKVGP XQP .C\CTUHGNF H€JTVGP UQ IGPCPPVG KPVGTXGPKGTGPFG 8CTKCDNGP \YKUEJGP FGT /GFKGPDGTKEJVGTUVCVVWPI WPF FGO 2WDNK MWO GKP &KGUG WOHCUUGP \WO GKPGP UQ IGPCPPVG FGOQITCRJKUEJG 8CTKCDNGP YKG #NVGT #WUDKNFWPIUUVCPF WPF 'KPMQOOGP \WO CPFGTGP UQNEJG YKG FCU #WUOCˆ WPF FKG +PVGPUKVkV FGT UQ\KCNGP -QPVCMVG UQYKG FGP 5VCVWU D\Y FKG 4GRWVCVKQP FGT LGYGKNKIGP /GFKGP 7PVGT FGP UQ\KCNGP -QPVCMVGP YGTFGP PGDGP FGO RGTU{P NKEJGP 7OHGNF CWEJ /GKPWPIUH€JTGT KPPGTJCND FGT )GUGNNUEJCHV XGTUVCPFGP YGN EJG 'KPHNWUU CWH FKG /GFKGPTG\GRVKQP PGJOGP M{PPGP &KGUGT #PUCV\ FGT /G FKGPYKTMWPIUHQTUEJWPI KUV CNU Â6YQ 5VGR (NQY QH %QOOWPKECVKQPµ -CV\  .C\CTUHGNF  DGMCPPV IGYQTFGP /GKPWPIUH€JTGT HWPIKGTGP CNU 8GTOKVVNGT

 > 'KPHNWUU FGT /GFKGP CWH FKG -CRKVCNOCTMVYCJTPGJOWPI



\YKUEJGP FGT {HHGPVNKEJGP /GKPWPI WPF FGT /GFKGPDGTKEJVGTUVCVVWPI ,QUGRJ -NCRRGT  DGOGTMV KP FKGUGO <WUCOOGPJCPI Ã/CUU EQOOWPKECVKQP QTFK PCTKN[ FQGU PQV UGTXG CU C PGEGUUCT[ CPF UWHHKEKGPV ECWUG QH CWFKGPEG GHHGEVU DWV TCVJGT HWPEVKQPU COQPI CPF VJTQWIJ C PGZWU QH OGFKCVKPI HCEVQTU CPF KPHNWGPEGU³

5  &KGU DGFGWVGV FCUU FCU 2WDNKMWO DGYWUUV YkJNV YGNEJG /GFKGPKPJCNVG GU MQPUWOKGTV PkONKEJ UQNEJG YGNEJG UGKPGO 9GNVDKNF CO GJGUVGP GPVURTGEJGP &GOGPVURTGEJGPF YGTFGP CWEJ FKGLGPKIGP KP FGP /GFKGP IGkWˆGTVGP #PUKEJVGP CO GJGUVGP CWHIGPQOOGP FKG OKV FGP 9GTVXQTUVGNNWPIGP WPF 'TYCTVWPIGP FGU 2WDNKMWOU €DGTGKPUVKOOGP <WUCOOGPHCUUGPF NkUUV UKEJ CWU FKGUGP #TDGKVGP GPVPGJOGP FCUU FGT 'KPHNWUU FGT /GFKGP CWH FKG {HHGPVNKEJG /GKPWPI YGPP €DGTJCWRV FCPP PWT GJGT KPFKTGMVGT 0CVWT KUV FGT €DGT GKPGP \YGKUVWHKIGP ÂVYQ UVGR HNQYµ RGTU{PNKEJGP 2TQ\GUU XGTOKVVGNV YKTF &CU \WT\GKV XQTJGTTUEJGPFG 2CTCFKIOC FGT /GFKGPYKTMWPIUHQTUEJWPI XGT GKPV FKGUG DGKFGP XQTCPIGJGPF XQTIGUVGNNVGP #PUKEJVGP KP FGO 5KPPG FCUU FGT 'KPHNWUU FGT /GFKGP YGFGT FKTGMVGT PQEJ DGITGP\VGT UQPFGTP XKGNOGJT KPFKTGMVGT 0CVWT KUV >GP 9KTMWPI NKGIV FGOPCEJ YGPKIGT FCTKP 'KPUVGNNWPIGP WPOKVVGN DCT \W kPFGTP GJGT HQTOV FKG /GFKGPDGTKEJVGTUVCVVWPI FKG 9CJTPGJOWPI GKPGU )GIGPUVCPFGU QFGT 'TGKIPKUUGU > 7PVGTUEJKGF \YKUEJGP FGP 2GTURGMVKXGP DGITGP\VGT WPF KPFKTGMVGT /GFKGPYKTMWPIGP NkUUV UKEJ FGOGPVURTGEJGPF KP FGP 9QTVGP XQP $GTPCTF %QJGP  HQNIGPFGTOCˆGP \WUCOOGPHCUUGP à VJG RTGUU OC[ PQV DG UWEEGUUHWN OWEJ QH VJG VKOG KP VGNNKPI RGQRNG YJCV VQ VJKPM DWV KV KU UVWPPKPIN[ UWEEGUUHWN KP VGNNKPI KVU TGCFGTU YJCV VQ VJKPM CDQWVª³ 5  +P FGT PGWGTGP /GFKGPYKTMWPIUHQTUEJWPI YKTF FKG 4QNNG FGT /GFKGP KP GTU VGT .KPKG KP FGT $GGKPHNWUUWPI FGT YCJTIGPQOOGPGP 9KEJVKIMGKV XQP 6JGOGP IGUGJGP KP -QODKPCVKQP OKV FGT 8GTNGKJWPI XQP 9GTVKIMGKVGP FKGUG 6JGOGP DGVTGHHGPF /E%QODU  $GNN  &KGUGT 2TQ\GUU YKTF CNU #IGPFC5GVVKPI DG\GKEJPGV &KG /GFKGP OCEJGP CWH GKPGP )GIGPUVCPF CWHOGTMUCO WPF DTKPIGP KJP KP FGP {HHGPVNKEJGP &KUMWTU GKP 9kJTGPF FKGUGU 2TQ\GUUGU YKTF CWU FGT 8KGN \CJN XQP 'TGKIPKUUGP GKP 5WDUGV CWUIGYkJNV FCU )GIGPUVCPF FGT $GTKEJVGTUVCV VWPI YKTF &KGUG #WUYCJN H€JTV FC\W FCUU FKGUG 'TGKIPKUUG KP FGT {HHGPVNKEJGP 9CJTPGJOWPI CNU YKEJVKIGT CPIGUGJGP YGTFGP CNU UQNEJG FKG KP FGT $GTKEJVGT UVCVVWPI PKEJV UVCVVHKPFGP &KG Â#IGPFCµ GKPGT 4GFCMVKQP \GKIV UKEJ FCPP OKV FGT


 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

PCNIGVTGW CDDKNFGP M{PPGP UQPFGTP FWTEJ FKG 5GNGMVKQP XQP 6JGOGP #IGPFC 5GVVKPI WPF FKG UVTWMVWTKGTVG 2TkUGPVCVKQP (TCOKPI GKPG PGWG /GFKGPTGCNKVkV MQPUVTWKGTGP > 2QRWNCTKVkV FGU #IGPFC5GVVKPI #PUCV\GU KPPGTJCND FGT /GFKGPYKT MWPIUHQTUEJWPI \WO 6TQV\ UKPF OKV #WUPCJOG XQP YGPKIGP .KVGTCVWTDGKVTkIGP YKG \WO $GKURKGN XQP %CTTQNN WPF /E%QODU  FKG GKPG #FCRVKQP FGT 6JG QTKG FGU #IGPFC5GVVKPI CWH FKG 9KTVUEJCHVUDGTKEJVGTUVCVVWPI XQTPGJOGP KPPGT JCND FGT ,QWTPCNKUOWUHQTUEJWPI UGNDGT PWT UGJT YGPKIG #PUkV\G \WT U[UVGOCVK UEJGP #PCN[UG FGT $G\KGJWPIGP \YKUEJGP 9KTVUEJCHV ,QWTPCNKUOWU WPF 2WDNK MWO \W HKPFGP &KG 7PVGTUWEJWPIGP DG\KGJGP UKEJ XKGNOGJT €DGTYKGIGPF CWH FGP RQNKVKUEJGP WPF FGP 0CEJTKEJVGPLQWTPCNKUOWU QFGT \KGNGP CWH 7PVGTJCNVWPIU HQTOGP CD &KG VJGQTGVKUEJGP -QP\GRVG FGU #IGPFC5GVVKPI YGTFGP FCJGT CWEJ JCWRVUkEJNKEJ \WT 7PVGTUWEJWPI RQNKVKUEJGT (TCIGPUVGNNWPIGP KPUDGUQPFGTG UQN EJGT PCEJ FGO 'KPHNWUU FGT /GFKGP CWH FKG RQNKVKUEJG &KUMWUUKQP JGTCPIG\QIGP

XIN (WPMJQWUGT  2CNOITGGP  %NCTMG  5OKVJ  9KPVGT  '[CN  &KGUG 5VWFKGP JCDGP \WO $GKURKGN IG\GKIV FCUU GKP <WUCOOGPJCI \YKUEJGP FGP #PVYQTVGP KP /GKPWPIUWOHTCIGP WPF XQTIkPIKIGT /GFKGPDGTKEJV GTUVCVVWPI DGUVGJV YCU YKGFGTWO FCTCWH JKPYGKUV FCUU ,QWTPCNKUVGP FWTEJ FKG 9CJN KJTGT 6JGOGP FGTGP {HHGPVNKEJGP 5VGNNGPYGTV DGGKPHNWUUGP &KGU YKTHV PCV€T NKEJ KO -QPVGZV FGT 7PVGTUWEJWPI FKG (TCIG CWH YGNEJGP URG\KGNNGP 'KPHNWUU FKG /GFKGPDGTKEJVGTUVCVVWPI CWH FKG 7PVGTPGJOGPUYCJTPGJOWPI XQP #PCN[UVGP WPF +PXGUVQTGP KO #NNIGOGKPGP WPF CWH FGP YCJTIGPQOOGPGP 5VGNNGPYGTV XQP UQ\K CNGP WPF {MQNQIKUEJGP $GNCPIGP KO 5RG\KGNNGP DGUKV\V  &KG <WUCOOGPCTDGKV \YKUEJGP /GFKGP #PCN[UVGP WPF +PXGUVQTGP &KG +PVGTXKGYU OKV #PCN[UVGP WPF +PXGUVQTGP CWH FGT GKPGP 5GKVG WPF OKV (KPCP\ WPF 9KTVUEJCHVULQWTPCNKUVGP CWH FGT CPFGTGP 5GKVG €DGT FKG <WUCOOGPCTDGKV OKV FGT LGYGKNU CPFGTGP -CRKVCNOCTMVITWRRG NKGˆGP CWH GKPGP TGIGNOkˆKIGP +PHQTOC VKQPUCWUVCWUEJ UEJNKGˆGP <WO $GKURKGN YWTFGP #PCN[UVGPTGRQTVU XQP ,QWTPCNKU VGP QHVOCNU CNU +PHQTOCVKQPUITWPFNCIG KJTGT 4GEJGTEJGCTDGKV €DGT GKP DGUVKOOVGU 7PVGTPGJOGP XGTYGPFGV &KG /GFKGPDGTKEJVGTUVCVVWPI €DGT 7PVGTPGJOGP €DVG CWH FGT CPFGTGP 5GKVG CWEJ 'KPHNWUU CWH FKG 5KEJVYGKUG XQP +PXGUVQTGP WPF #PC N[UVGP CWU  \WO $GKURKGN XGTUWEJVGP KP XKGNGP (kNNGP FKG KPVGTXKGYVGP -CRKVCN OCTMVVGKNPGJOGT FKG /GFKGPDGTKEJVGTUVCVVWPI WPF FKG {HHGPVNKEJG /GKPWPI €DGT GKP 7PVGTPGJOGP KP KJTG #PCN[UGP OKV GKPHNKGˆGP \W NCUUGP &KG DGHTCIVGP ,QWT PCNKUVGP WPF #PCN[UVGP DGUEJTKGDGP FKGUGU <WUCOOGPURKGN \YKUEJGP FGP /GFKGP WPF FGO -CRKVCNOCTMV HQNIGPFGTOCˆGP

 > 'KPHNWUU FGT /GFKGP CWH FKG -CRKVCNOCTMVYCJTPGJOWPI



Ã&KG (KPCP\CPCN[UVGP OKV FGPGP KEJ TGIGNOkUUKI KP -QPVCMV UVGJG NGIGP UGJT 9GTV CWH FCU YCU YKT CNU ,QWTPCNKUVGP UEJTGKDGP )CP\ GKPHCEJ FGUJCND FC YKT GKPGP <W ICPI \W FGP 5QHV (CMVQTGP DGUKV\GP FGP MGKP #PCN[UV JCV 7OIGMGJTV MCPP KEJ PC V€TNKEJ KP $G\WI CWH (KPCP\CPCN[UGP PKG FCU NGKUVGP YCU GKP (KPCP\CPCN[UV \W NGKUVGP KO 5VCPFG KUV &CU KUV GKPG ICP\ KPVGTGUUCPVG <WUCOOGPCTDGKV YGPP OCP \WO $GK URKGN OKV (KPCP\CPCN[UVGP TGFGV UKGJV OCP UEJQP FCUU FKG GKPGP 6GKN KJTGT +PHQTOC VKQPGP XQP FGT 2TGUUG JCDGP &KG NGUGP PKEJV PWT FKG (KPCP\\CJNGP² ,QWTPCNKUV +P VGTXKGY  ,WNK  Ã+EJ INCWDG PKGOCPF MCPP UKEJ FGT /GFKGPDGTKEJVGTUVCVVWPI GPV\KGJGP <WOKPFGUV DGK OGKPGP -QPVCMVGP YGKˆ KEJ FCUU FKG /GFKGP CWEJ IGPWV\V WPF MQPUWOKGTV YGT FGP 9QDGK KEJ PCV€TNKEJ UEJQP INCWDG FCUU LG PkJGT GKP +PXGUVQT QFGT #PCN[UV CP FKG 1TKIKPCNKPHQTOCVKQPGP UGNDUV JGTCPMQOOV CWEJ FKG $GFGWVWPI FGT /GFKGP GKP 5V€EM YGKV \WT€EMIGJV 9GPP KEJ CNU #PCN[UV UVkPFKI 7PVGTPGJOGPUIGURTkEJG JCDG WPF OKV 1TKIKPCNFCVGP XGTUQTIV YGTFG FCPP DKP KEJ CWEJ PKEJV OGJT UQ UGJT CWH FKG /GFKGPDGTKEJVGTUVCVVWPI CPIGYKGUGP #NNGTFKPIU JCDGP FKGUG .GWVG PCV€TNKEJ CWEJ QHV GKPG UGJT GPI WOITGP\VG 5GMVQTGP QFGT $TCPEJGPCWHVGKNWPI UQ FCUU UKG UGNVGP KP FGT .CIG UKPF UKEJ GKP CNNWOHCUUGPFGU $KNF QJPG FKG /GFKGPDGTKEJVGTUVCVVWPI \W OCEJGP² ,QWTPCNKUV +PVGTXKGY  ,WNK  Ã&KG /GFKGP UKPF OGKPGT /GKPWPI PCEJ KO -CRKVCNOCTMV OGJT /KVVNGT CNU 'KIGPCM VGWTG 5KG VTCPURQTVKGTGP FCU YCU +PHQTOCPVGP CNUQ #PCN[UVGP QFGT 7PVGTPGJOGP UCIGP UKPF /WNVKRNKMCVQTGP XQP &TKVVGP +EJ INCWDG YGPKIGT FCUU UKG KP FKGUGO $G TGKEJ KP #PH€JTWPIU\GKEJGP GKIGPG +PVGTGUUGP TGCNKUKGTGP² ,QWTPCNKUV +PVGTXKGY  ,WNK 

5QYQJN #PCN[UVGP WPF +PXGUVQTGP YKG CWEJ ,QWTPCNKUVGP YGKUGP DGUVKOOVG 5VkT MGP CWH UKG JCDGP LGYGKNU GKPGP URG\KGNNGP (QMWU CWH GKP 7PVGTPGJOGP FGT CWEJ H€T FKG 6kVKIMGKV FGT CPFGTGP 5GKVG XQP 4GNGXCP\ WPF +PVGTGUUG KUV &KG DGHTCIVGP #PCN[UVGP MQP\GPVTKGTVGP UKEJ \WO $GKURKGN XGTINGKEJUYGKUG UVkTMGT CWH FKG HK PCP\KGNNG $GYGTVWPI GKPGU 7PVGTPGJOGPU UKG DGUCˆGP GKPGP CWUIGRTkIVGP CPCN[ VKUEJGP *KPVGTITWPF WPF GKPG GPVURTGEJGPFG +PHTCUVTWMVWT +PUDGUQPFGTG FKG KP VGTXKGYVGP #PCN[UVGP YCTGP \WFGO UGJT XKGN GJGT IGPGKIV ITQˆG /GPIGP CP (KPCP\FCVGP \W WPVGTUWEJGP #PPCJOGP €DGT FKG \WM€PHVKIG 7PVGTPGJOGPUGPV YKEMNWPI \W RTQIPQUVK\KGTGP WPF FGP 9GTV GKPGU 7PVGTPGJOGPU KP OQPGVkTGP )T{ˆGP CWU\WFT€EMGP ,QWTPCNKUVGP URG\KCNKUKGTVGP UKEJ JKPIGIGP GJGT CWH DTGKVGT CPIGNGIVG #PCN[UGP GKPGU 7PVGTPGJOGPU KP FKG UGJT UVCTM CWEJ #URGMVG XQP GJGT IGUGNNUEJCHVNKEJGO +PVGTGUUG GKPHNQUUGP &KG 6KGHG WPF )T€PFNKEJMGKV FKGUGT 4G EJGTEJG YWTFG XQP FGP DGHTCIVGP ,QWTPCNKUVGP CNU /GJTYGTV H€T FKG €DTKIGP -C RKVCNOCTMVVGKNPGJOGT IGUGJGP +P FGT 4GIGN UCJGP UKG FCU DGUQPFGTG KJTGT #T DGKVUYGKUG CWEJ FCTKP FCUU UKG DGUUGTGP <WICPI \W GKPGO 7PVGTPGJOGP DGUCˆGP KPUDGUQPFGTG FCFWTEJ FCUU UKG \WO $GKURKGN GJGT CWEJ OKV /KVCTDGKVGTP PKGFTKIG TGT *KGTCTEJKGUVWHGP GKPGU 7PVGTPGJOGPU QFGT OKV 7PVGTPGJOGPUUVCMGJQNFGTP KP



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

-QPVCMV MCOGP 9KG FKG DGHTCIVGP ,QWTPCNKUVGP HGUVUVGNNGP YCTGP UKG UQ FWTEJ KJTG IT€PFNKEJG 4GEJGTEJGCTDGKV KPUIGUCOV XKGN DGUUGT KP FGT .CIG FKG PKEJVHK PCP\KGNNGP #URGMVG GKPGU 7PVGTPGJOGPU YKG \WO $GKURKGN FKG (KTOGPMWNVWT QFGT -WPFGPDG\KGJWPIGP GKPIGJGPFGT \W DGNGWEJVGP 0GDGP FGT )T€PFNKEJMGKV KJTGT 4GEJGTEJG OCEJVGP CWEJ GZMNWUKXG 0GWKIMGKVGP \WO $GKURKGN KP (QTO XQP +P VGTXKGYU QFGT KTTGIWNkTGP WPGTYCTVGVGP QFGT €DGTTCUEJGPFGP 'TGKIPKUUGP FGP /GJTYGTV FGT 9KTVUEJCHVUDGTKEJVGTUVCVVWPI CWU Ã#NUQ KP FGT VkINKEJGP #TDGKV UGJG KEJ FCUU FKG (KPCP\CPCN[UVGP GKPG /GPIG XQP WPU GTHCJTGP 8KGNNGKEJV YGPKIGT FCTCWU YCU KP FGT
&KG /GFKGP PGJOGP FCDGK CWH \YGKGTNGK 9GKUGP 'KPHNWUU CWH FKG 9CJTPGJOWPI XQP 7PVGTPGJOGP +PFGO UKG FKG #WHOGTMUCOMGKV FGT fHHGPVNKEJMGKV FGT #PC N[UVGP WPF +PXGUVQTGP CWH DGUVKOOVG #URGMVG NGPMGP DGGKPHNWUUGP UKG FKG -TKVG TKGP CPJCPF FGPGP 7PVGTPGJOWPIGP DGWTVGKNV YWTFGP /KV CPFGTGP 9QTVGP NGPMV WPF HQMWUUKGTV FKG VkINKEJG #WUYCJN WPF &CTUVGNNWPI XQP 0CEJTKEJVGP FKG #WH OGTMUCOMGKV FGT -CRKVCNOkTMVG CWH DGUVKOOVG 7PVGTPGJOGPUHCMVQTGP WPF DGGKP HNWUUV UQ KJTG 9CJTPGJOWPI +P FGT #IGPFC5GVVKPI 6JGQTKG YKTF FGT 5VGNNGPYGTV

ÂUCNKGPEGµ FGP GKP 6JGOC \WO $GKURKGN Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ KP FGT /GFKGPDGTKEJVGTUVCVVWPI IGPKGˆV CPJCPF \YGK &KOGPUKQPGP HGUVIGOCEJV #WHOGTMUCOMGKV ÂCVVGPVKQPµ WPF 2TQOKPGP\ ÂRTQOKPGPEGµ -KQWUKU  #WHOGTMUCOMGKV DGUEJTGKDV FGP 7OHCPI CP $GTKEJVGTUVCVVWPI YGNEJGU GKP 6JG OC GKPPKOOV +P FGT 4GIGN YKTF FKGUGT CP FGT #P\CJN WPF 7OHCPI FGT #TVKMGN HGUVIGOCEJV )QNCP  9CPVC  'PI XGTDWPFGP JKGTOKV YKTF FKG 2TQOKPGP\ GKPGU 6JGOCU CWEJ CP FGT KPFKXKFWGNNGP 2NCV\KGTWPI GKPGU $GTKEJVGU HGUVIGOCEJV 'TUEJGKPV GKP $GTKEJV \WO $GKURKGN KP GKPGT
 > 'KPHNWUU FGT /GFKGP CWH FKG -CRKVCNOCTMVYCJTPGJOWPI



6KVGN QFGT FGP GTUVGP 5GKVGP UQ YKTF KJO 2TQOKPGP\ \WIGURTQEJGP 5Q UGJGP \WO $GKURKGN 9CVVU /C\\ WPF 5P[FGT  KP FGT 2TQOKPGP\ FGT $GTKEJVGT UVCVVWPI GKPGP DGUUGTGP +PFKMCVQT H€T FGP 5VGNNGPYGTV FGU 6JGOCU CNU KO DNQˆGP 7OHCPI ÃEQXGTCIG RTQOKPGPEG OGCUWTGU CTG UWRGTKQT VQ UVQT[ EQWPVU DGECWUG VJG[ CEMPQYNGFIG UVTWEVWTCN CPF RTGUGPVCVKQPCN GNGOGPVU QH VJG PGYU UVQT[ 5VQ TKGU KP VJG OGFKC KPFKECVG VJGKT KORQTVCPEG CPF VJWU VJG CIGPFC QH VJG OGFKC VQ VJG CWFKGPEG D[ XKTVWG QH VJGKT RNCEGOGPV NGPIVJ QT VTGCVOGPV³ 5  )GOkˆ FGT #IGPFC5GVVKPI 6JGQTKG DGUVKOOV FKG 2TQOKPGP\ FKG IGYKUUGP /GFKGPQDLGMVGP KP FGT $GTKEJVGTUVCVVWPI GKPIGTkWOV YKTF FGTGP 5VGNNGPYGTV KP FGT {HHGPVNKEJGP &KUMWUUKQP &KG /GFKGP UGV\GP OKV KJTGT $GTKEJVGTUVCVVWPI €DGT DGUVKOOVG 6JGOGP GKPG #IGPFC XQP 2TKQTKVkVGP gDGT FKG
&KG /GFKGP XGTJGNHGP GKPGO 6JGOC PKEJV PWT \W {HHGPVNKEJGT #WHOGTMUCOMGKV UKG DGUEJTGKDGP GU CWEJ 'KPKIG #VVTKDWVG FGT CWUIGYkJNVGP 1DLGMVG YGTFGP JGT XQTIGJQDGP CPFGTG XGTPCEJNkUUKIV QFGT YGIIGNCUUGP &KGUG \YGKVG 'DGPG FGU #IGPFC5GVVKPI DGJCPFGNV FCJGT FKG #VVTKDWVG FKG GKPGO 6JGOC FWTEJ FKG $G



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

TKEJVGTUVCVVWPI IGIGDGP YGTFGP D\Y FKG 9GTVKIMGKV ÂXCNGPEGµ FGP DGYGTVGP FGP 7PVGTVQP FGT $GTKEJVGTUVCVVWPI €DGT GKP 6JGOC -KQWUKU  &KGUG CHHGM VKXG &KOGPUKQP KUV GKP <WIGUVkPFPKU FCUU 0CEJTKEJVGP PKEJV PWT TGKPG $GUEJTGK DWPI UKPF UQPFGTP CWEJ YGTVGPFG 'NGOGPVG WPF GKPGP IGYKUUGP 6GPQT WOHCUUGP

/E%QODU  )JCPGO  &KGUG YGTVGPFG &KOGPUKQP DGT€EMUKEJVKIV OKV CPFGTGP 9QTVGP FCUU 0CEJTKEJVGP PKEJV PWT (CMVGP UQPFGTP CWEJ GKPGP 6GPQT GKP /Cˆ FCH€T YKG XQTVGKNJCHV GKP 6JGOC FCTIGUVGNNV YKTF WPF GPVYGFGT RQUKVKX PGICVKX QFGT PGWVTCN KUV DGKPJCNVGP &KG /GFKGP XGTOKVVGNP FGOPCEJ PKEJV PWT +PHQTOCVKQPGP UQPFGTP NGIGP FGP €DTKIGP -CRKVCNOCTMVVGKNPGJOGTP CWEJ +PVGT RTGVCVKQPGP WPF 'KPUEJkV\WPIGP €DGT FKG 9GTVKIMGKV DGUVKOOVGT 7PVGTPGJOGPU HCMVQTGP XQT #P FGP HQNIGPFGP #WUUCIGP YKTF \YCT FGWVNKEJ FCUU FKG /GFKGP CO -CRKVCNOCTMV MGKP 6JGOC CWU FGO 0KEJVU GTUEJCHHGP M{PPGP CDGT GKPGO TGNGXCPVGP 6JGOC FGPPQEJ \W GKPGT RQUKVKXGTGP QFGT PGICVKXGTGP 5KEJVYGKUG XGTJGNHGP M{PPGP Ã#NUQ YKT M{PPGP FWTEJ FKG LQWTPCNKUVKUEJG $GTKEJVGTUVCVVWPI UKEJGTNKEJ OKV FC\W DGK VTCIGP GKPG 5KEJVYGKUG CWH GKPG DGUVKOOVGU 6JGOC RQUKVKX QFGT PGICVKX \W XGTUVkT MGP #DGT KP FGP UGNVGPUVGP (kNNGP N{UGP YKT PCV€TNKEJ OKV GKPGO $GKVTCI 4GCMVKQPGP CWU KP FGT #TV FCUU CNNG /CTMVVGKNPGJOGT CPUEJNKGˆGPF KJTG #MVKGP MCWHGP QFGT XGT MCWHGP 5Q JQEJ Y€TFG KEJ WPUGTGP 'KPHNWUU FCPP FQEJ PKEJV GKPUEJkV\GP² ,QWTPC NKUV +PVGTXKGY  ,WPK  Ã/CP UVGNNV OGKPGT /GKPWPI PCEJ FGWVNKEJ HGUV FCUU FKG 9KTVUEJCHVURTGUUG FKG 6JG OGP UGV\GP MCPP WPF CWEJ FKG $NKEMYKPMGN WPVGT FGPGP 7PVGTPGJOGP YCJTIGPQO OGP YGTFGP 0GJOGP YKT OCN FCU $GKURKGN &CKONGT%JT[UNGT #NU FKG 9KTVUEJCHVU RTGUUG FCXQP CDT€EMVG GU H€T IWV \W JCNVGP YCU 5EJTGORR OCEJVG WPF UGKPGP 5VKN DT{EMGNVG CWEJ FKG ${TUG CD +EJ UGJG GU CNU GKPGP IGYKUUGP 9GVVNCWH OCPEJOCN NKG IGP FKG KPUVKVWVKQPGNNGP #PNGIGT WPF #PCN[UVGP XQTPG QHV CDGT CWEJ FKG 2TGUUG 5Q DGQDCEJVG KEJ KOOGT YKGFGT FCUU KO -GTP XQP #PCN[UVGPDGTKEJVGP FKG &KPIG YKG FGT CWHVCWEJGP €DGT FKG \WXQT KP FGT 2TGUUG DGTKEJVGV YWTFGP DKU KP FKG &KMVKQP #N NGKPG FGUYGIGP IGJG KEJ UEJQP FCXQP CWU FCUU UKG UKEJ UGJT UVCTM XQP FGT $GTKEJVGT UVCVVWPI DGGKPHNWUUGP NCUUGP² ,QWTPCNKUV +PVGTXKGY  #WIWUV 

 > 'KPHNWUU FGT /GFKGP CWH FKG -CRKVCNOCTMVYCJTPGJOWPI

GZVGTPG 9KTMNKEJMGKV

*KPYGKU(CMVQTGP C



7PVGTPGJOGPUYCJTPGJOWPI

-CVGIQTKG #

C CP

-CVGIQTKG $ -CVGIQTKG %

7PVGTPGJOGP

-CVGIQTKG &

'ZVGTPGT $GQDCEJVGT

-CVGIQTKG '

(KTUV .GXGN #IGPFC5GVVKPI $GGKPHNWUUWPI FGT 6JGOGPCIGPFC FGT (KPCP\IGOGKPFG KO 5KPPG YGNEJG 6JGOGP CNU TGNGXCPV YCJTIGPQOOGP YGTFGP

5GEQPF .GXGN #IGPFC5GVVKPI $GGKPHNWUUWPI FGT #VVTKDWVG OKV FGPGP GKP DGUVKOOVGU 6JGOC XGTUGJGP YKTF KO 5KPPG GKPGT RQUKVKXGP QFGT PGICVKXGP 9GTVKIMGKV

#DDKNFWPI  ,QWTPCNKUVKUEJG 'KPHNWUURWPMVG CWH FKG -CRKVCNOCTMVYCJTPGJOWPI <WUCOOGPHCUUGPF NkUUV UKEJ HGUVJCNVGP FCUU FKG 9KTVUEJCHVU WPF (KPCP\DGTKEJV GTUVCVVWPI \W GKPGO IGYKUUGP )TCF FKG 6JGOGPCIGPFC FGT (KPCP\IGOGKPFG OKV DGGKPHNWUUV FCU UQ IGPCPPVG (KTUV .GXGN #IGPFC5GVVKPI #WEJ FKG #VVTKDWVG OKV FGPGP GKP DGUVKOOVGU 6JGOC XGTUGJGP YKTF FCU UQ IGPCPPVG 5GEQPF .GXGN # IGPFC5GVVKPI YGTFGP XQP FGT /GFKGPDGTKEJVGTUVCVVWPI OKV DGGKPHNWUUV 'U MCPP LGFQEJ YKG KOOGT YKGFGT KP FGP +PVGTXKGYU DGVQPV YWTFG CPIGPQOOGP YGTFGP FCUU 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP DGUVTGDV UKPF FGP €DTKIGP -CRKVCN OCTMVVGKNPGJOGTP PKEJV GKPGP LQWTPCNKUVKUEJ €DGTJ{JVGP UQPFGTP GKPGP O{INKEJUV CFkSWCVGP FJ UCEJNKEJGP WPF DGIT€PFGVGP 'KPFTWEM \W XGTOKVVGNP 'KPG RQUKVK XG QFGT PGICVKXG $GTKEJVGTUVCVVWPI €DGT GKP 7PVGTPGJOGP IGJV FCJGT NGV\VGP 'PFGU KOOGT CWH GPVURTGEJGPFG *CPFNWPIGP FGU DGUCIVGP 7PVGTPGJOGPU \WT€EM 6TQV\ FGT VGKNYGKUG WPVGTUEJKGFNKEJGP #TDGKVUYGKUGP WPF 5EJYGTRWPMVG UKPF KP FKGUGO -QPVGZV UQYQJN H€T +PXGUVQTGP WPF #PCN[UVGP CNU CWEJ 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP kJPNKEJG PKEJVHKPCP\KGNNG 7PVGTPGJOGPUHCMVQTGP XQP +PVGTGU UG +JTG LGYGKNKIGP $GWTVGKNWPIGP WPF 'KPUEJkV\WPIGP DCUKGTGP \WFGO CWH GKPGO GPIGP +PHQTOCVKQPUCWUVCWUEJ WPVGTGKPCPFGT 5Q OQFGTKGTV FKG /GFKGPDGTKEJVGT UVCVVWPI FKG \WXQT DGUEJTKGDGPG 'TYCTVWPIUDKNFWPI XQP #PCN[UVGP WPF KPUVKVWVK QPGNNGP +PXGUVQTGP KPUDGUQPFGTG YKG KO H€PHVGP -CRKVGN FCTIGNGIV YGTFGP YKTF



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

KO *KPDNKEM CWH FKG FGO IGUGNNUEJCHVNKEJGP 'PICIGOGPV GKPGU 7PVGTPGJOGPU \WMQOOGPFG #WHOGTMUCOMGKV D\Y 9GTVKIMGKV  +ORNKMCVKQPGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV +O 4CJOGP FKGUGU -CRKVGNU YWTFG FKG \GPVTCNG *GTCWUHQTFGTWPI CWHIG\GKIV XQT FGPGP -CRKVCNOCTMVVGKNPGJOGT DGK FGT RQUKVKXGP QFGT PGICVKXGP 'KPUEJkV\WPI GKPGU 7PVGTPGJOGPU UVGJGP 2TQIPQUGP €DGT FKG \WM€PHVKIG 'PVYKEMNWPI GKPGU 7PVGTPGJOGPU CWH )TWPFNCIG GKPGT PQVYGPFKIGTYGKUG WPUKEJGTGP WPF WPXQNN UVkPFKIGP +PHQTOCVKQPUDCUKU \W VTGHHGP &CJGT KUV FKG 9CJTPGJOWPI GKPGU 7PVGT PGJOGPU FWTEJ #PCN[UVGP WPF +PXGUVQTGP CWEJ MGKP XQNNUVkPFKI QDLGMVKXKGTDCTGT 2TQ\GUU FGT UKEJ CWUUEJNKGˆNKEJ CP FGP KP $KNCP\GP WPF )GYKPP WPF 8GTNWUV TGEJPWPIGP RWDNK\KGTVGP (KPCP\FCVGP QTKGPVKGTGP Y€TFG 8KGNOGJT ITGKHGP +PXGU VQTGP WPF #PCN[UVGP CWEJ CWH UWDLGMVKXG *GWTKUVKMGP WPF OGPVCNG /QFGNNG €DGT FKG \WM€PHVKIG 7PVGTPGJOGPU WPF 9KTVUEJCHVUGPVYKEMNWPI \WT€EM YGNEJG FWTEJ SWCNKVCVKXG WPF PKEJVHKPCP\KGNNG +PHQTOCVKQPGP IGURGKUV YGTFGP WPF FGTGP YCJT IGPQOOGPG 4GNGXCP\ WPF 9GTVKIMGKV YKGFGTWO XQP FGT /GFKGPDGTKEJVGTUVCV VWPI DGGKPHNWUUV YKTF &KGU MCPP #WUICPIURWPMV H€T GKPG 2GTURGMVKXG CWH FCU -QOOWPKMCVKQPUOCPCIGOGPV UGKP YGNEJG FKG 9CJTPGJOWPI FGT
 +ORNKMCVKQPGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

GZVGTPG 9KTMNKEJMGKV

*KPYGKU(CMVQTGP C



7PVGTPGJOGPUYCJTPGJOWPI

-CVGIQTKG #

C CP

-CVGIQTKG $ -CVGIQTKG %

7PVGTPGJOGP

-CVGIQTKG &

'ZVGTPGT $GQDCEJVGT

-CVGIQTKG '

<WMWPHVUDG\QIGPJGKV 5WDLGMVKXKVkV WPF +PHQTOCVKQPUCU[OOGVTKGP XQP +PXGUVKVKQPUGPVUEJGKFWPIGP

† $QWPFGF 4CVKQPCNKV[ † 5EJGOCPWV\WPI † *GWTKUVKMGP

'KPHNWUU FGT /GFKGPDGTKEJVGTUVCVVWPI CWH FKG YCJTIGPQOOGPG 4GNGXCP\ WPF 9GTVKIMGKV XQP (CMVQTGP

#DDKNFWPI  /QFGNN FGT 7PVGTPGJOGPUYCJTPGJOWPI 9CJTPGJOWPIGP YKG 7TVGKNG UKPF CNUQ KOOGT CWH GKPG UWDLGMVKXG #DDKNFWPI FGT 4GCNKVkV \WT€EM\WH€JTGP 7PVGTPGJOGPUGKPUEJkV\WPIGP CO -CRKVCNOCTMV UKPF UQOKV GKP 2TQ\GUU KP FGO #PCN[UVGP WPF +PXGUVQTGP XGTUWEJGP FGP <WUVCPF XQP 7PVGTPGJOGP WPF /kTMVGP FWTEJ GKPG Â.KPUGµ XQP XGTH€IDCTGP VGKNU OGFKGP XGTOKVVGNVGP +PHQTOCVKQPGP UQ IGPCPPVGP *KPYGKU(CMVQTGP QFGT ÂEWGUµ \W UGJGP 9KG KO 8GTNCWHG FGU -CRKVGNU FCTIGUVGNNV YWTFG UVGJGP JKPVGT FGT 9CJT PGJOWPI FKGUGT *KPYGKU(CMVQTGP GKPG 4GKJG XQP /GEJCPKUOGP YKG \WO $GK URKGN FKG DGITGP\VG MQIPKVKXG #WHPCJOGHkJKIMGKV FGT #MVGWTG 'TYCTVWPIUJCN VWPIGP WPF OQTCNKUEJG 8QTUVGNNWPIGP FKG FKG +PXGUVKVKQPUGPVUEJGKFWPIGP XQP -CRKVCNOCTMVVGKNPGJOGTP RTkIGP M{PPGP #WEJ 5EJGOCVC CNUQ FCU 9KUUGP €DGT kJPNKEJG 5CEJXGTJCNVG KP FGT 8GTICPIGPJGKV WPF FGTGP -QODKPCVKQP KP OGPVCNGP /QFGNNGP UQYKG FKG 8GTYGPFWPI XQP WPCWHYGPFKIGP 'PVUEJGKFWPIUJGWTKUVKMGP UKPF H€T FKG 9CJTPGJOWPI GKPGU 7PVGTPGJOGPU WPF UGKPGT -QOOWPKMCVKQPUDQV UEJCHVGP CO -CRKVCNOCTMV OCˆIGDGPF <WUCOOGPHCUUGPF MCPP UQOKV +PHQTOCVK QPUXGTCTDGKVWPI CNU GKP 2TQ\GUU XGTUVCPFGP YGTFGP FGT \W GKPGO IGYKUUGP )TCF FGVGTOKPKGTV YKTF XQP KP OGPVCNGP /QFGNNGP €DGT GKP 'PVUEJGKFWPIUQDLGMV QTIC PKUKGTVGP UEJGOCVKUEJGP 9KUUGPUDGUVkPFGP <WT 'TMNkTWPI XQP 7TVGKNGP €DGT GKP DGUVKOOVGU 6JGOC KUV GU FCPP YKEJVKI \W YKUUGP YGNEJGU FKG GPVURTGEJGPFGP ÂEWGUµ UKPF FKG #PCN[UVGP QFGT +PXGUVQTGP JGTCP\KGJGP 'U IKNV CNUQ IGYKUUGTOC



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

ˆGP GKP /QFGNN FGT 8QTIkPIG CWH FGT TGEJVGP WPF OKVVNGTGP 5GKVG FGU &KC ITCOOU \W GTUVGNNGP 5Q GPVUVGJV GKP #PUCV\ YGNEJGU FGP -QOOWPKMCVQT Ã7PVGTPGJOGP² CWU FGT 2GTURGMVKXG FGT MQIPKVKXGP 5VTWMVWTGP FGT
 +ORNKMCVKQPGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV



PKGFGT  (KPCP\\CJNGP UKPF H€T IGY{JPNKEJ 5RkVKPFKMCVQTGP H€T FKG #WUYKTMWPIGP GKPGU 'TGKIPKUUGU +O (CNN XQP $TKVKUJ 2GVTQNGWO TGCIKGTVGP GKPG 4GKJG XQP (K PCP\KPUVKVWVKQPGP OKV GKPGO Â&QYPITCFGµ KJTGT 'ORHGJNWPIGP 1HHGPUKEJVNKEJ GZKUVKGTVG KP FGT (KPCP\IGOGKPFG GKP KORNK\KV IGVGKNVGU OGPVCNGU /QFGNN KP FGO PGDGP FGP WPOKVVGNDCTGP (KPCP\FCVGP KP JQJGO 7OHCPI CWEJ UQ IGPCPPVG YGK EJG (CMVQTGP GKPIGRCUUV YGTFGP &KG DGUCIVGP -TKUGPHkNNG DGT€JTGP PWP OGJTGTG 2WPMVG KPPGTJCND FKGUGU /QFGNNU $GUVKOOVG +PFWUVTKGUGMVQTGP UKPF UGJT CPHkNNKI H€T UVCCVNKEJG 'KPITKHHG WPVGT KJPGP CWEJ FKG fNKPFWUVTKG 5GJT YKEJVKI H€T FCU *GTWPVGTUVWHGP FGT 2TQIPQUGP KO (CNN XQP $TKVKUJ 2GVTQNGWO YCTGP FCPP CWEJ INGKEJ\GKVKI DGMCPPV IGYQTFGPG Â2GTEGRVKQPµ5VWFKGP KP FGPGP FGO 7PVGTPGJOGP GKP UGJT IGTKPIGU 8GTVTCWGP UGKVGPU YKEJVKIGT 2QNKVKMGT DGUEJGKPKIV YWTFG &C FKG /GKPWPIGP WPF *CPFNWP IGP FKGUGT 'PVUEJGKFWPIUVTkIGT H€T FGP WPIGJKPFGTVGP )CPI FGU )GUEJkHVU GPQT OG 6TCIYGKVG GPVHCNVGP M{PPGP KUV GKPG WPDGHTKGFKIGPFG $G\KGJWPI \W \GPVTCNGP UVCCVNKEJGP +PUVCP\GP GKP #PNCUU )GYKPPRTQIPQUGP H€T fNWPVGTPGJOGP PCEJ WPVGP \W TGXKFKGTGP fNWPVGTPGJOGP O€UUGP FGT fHHGPVNKEJMGKV XKGNOGJT MQPUVCPV DGYGKUGP FCUU UKG KP FGT .CIG UKPF MTKVKUEJG #PNCIGP YKG $QJTWPIGP WPF 4CHHK PKGTGP UKEJGT WPF WOYGNVHTGWPFNKEJ \W DGVTGKDGP #NU YGKVGTGT GTUEJYGTGPFGT #URGMV KP FKGUGO -QPVGZV MCO JKP\W FCUU FKG 8QTHkNNG CWEJ FCU 8GTVTCWGP FGT -CRKVCNOCTMVVGKNPGJOGT FCTKP GTUEJ€VVGTV JCVVGP FCUU KP FGT 8GTICPIGPJGKV YKTM NKEJ CNNG PQVYGPFKIGP +PXGUVKVKQPGP KP FKG +PHTCUVTWMVWT XQTIGPQOOGP YWTFGP UKPF QFGT CPFGTPHCNNU OKV WPGTYCTVGVGP IT{ˆGTGP #WHYGPFWPIGP KP FGT <WMWPHV \W TGEJPGP KUV &CUU $TKVKUJ 2GVTQNGWO  XQP FGP -CRKVCNOkTMVGP CDIGUVTCHV YWTFG NCI CWEJ FCTKP DGIT€PFGV FCUU UKEJ FCU 7PVGTPGJOGP KP FGP NGV\VGP ,CJ TGP DGXQT\WIV CNU {MQNQIKUEJGT -QP\GTP XGTUWEJV JCV FCT\WUVGNNGP &CU 7PVGT PGJOGP YCT GKPGT FGT 8QTTGKVGT DGK FGT +PXGUVKVKQP KP CNVGTPCVKXG 'PGTIKGP $G VTkIG KP /KNNKQPGPJ{JG UKPF KP FGP #WHDCW FGU PGWGP /CTMGPENCKOU ´$G[QPF RGVTQNGWOµ IGHNQUUGP 5Q YWTFG FCU 7PVGTPGJOGP KP FGP #WIGP FGT fHHGPVNKEJ MGKV DGUQPFGTU CPITGKHDCT IGOCEJV H€T -QPVTCKPFKMCVKQPGP YKG UKG FKG DGKFGP XQTIGPCPPVGP (kNNG FCTUVGNNVGP &KGUG YCTGP FCJGT FGP /GFKGP CWEJ YKNNMQOOG PGT #PNCUU \WT $GTKEJVGTUVCVVWPI 9KG CO $GKURKGN XQP $TKVKUJ 2GVTQNGWO DGTGKVU FGWVNKEJ YKTF YKG KO HQN IGPFGP -CRKVGN CDGT CWEJ PQEJ CNNIGOGKPGT WPF CWUH€JTNKEJGT IG\GKIV YGTFGP YKTF UKPF UQ\KCNG WPF {MQNQIKUEJG $GNCPIG 6GKNCURGMVG GKPGU IT{ˆGTGP YCJTIG PQOOGPGP $KNFGU GKPGU 7PVGTPGJOGPU +O HQNIGPFGP -CRKVGN YKTF FKGU CWHIG ITKHHGP WPF FKG IGPGTGNN I€NVKIGP 5VTWMVWTGP /GEJCPKUOGP WPF $GYGIIT€PFG JKPVGT %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[ KO -CRKVCNOCTMVMQPVGZV CWH\GKIV



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

 +OCIG WPF 4GRWVCVKQP KO -QPVGZV FGU -CRKVCNOCTMVGU &KG KP FKGUGO -CRKVGN CWHIGYQTHGPG (TCIG PCEJ FGP \WITWPFG NKGIGPFGP 9CJT PGJOWPIUUVTWMVWTGP KUV GPI XGTDWPFGP OKV FGT (TCIG PCEJ MQIPKVKXGP 2TQ\GUUGP WPF FGT #WUHQTOWPI XQP +OCIGU &CJGT KUV FKG (TCIG PCEJ FGT 9CJTPGJOWPI XQP 7PVGTPGJOGP KOOGT CWEJ XGTDWPFGP OKV FGT (TCIG PCEJ FGO $KNF FGT 9GNV FCU -CRKVCNOCTMVCMVGWTG KP UKEJ VTCIGP WPF FGUUGP 8GTkPFGTWPI €DGT FKG
#PFGTUQP  5  &CU JGKˆV OKV CPFGTGP 9QTVGP FCUU DWEJUVkDNKEJ GKP OGPVCNGU $KNF IGUGJGP YKTF QDYQJN FKGUGU PCV€TNKEJ MGKP GZCMVGU #DDKNF FGT 4GCNKVkV FCTUVGNNV &KGUGU -QP\GRV FGT OGPVCNGP #DDKNFWPIGP DNKEMV CWH GKPG NCPIG )GUEJKEJVG KP FGT 2U[EJQNQIKG D\Y FGT 2JKNQUQRJKG \WT€EM *QTQYKV\

 H€JTV FKG 9WT\GNP FKGUGU -QP\GRVGU CWH #TKUVQVGNGU \WT€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ˆGP YkJTGPF GT UGKP 8GTJCNVGP QFGT *CP FGNP DGUVKOOV &KG JGWVKIG -QIPKVKQPURU[EJQNQIKG HCUUV FCU -QP\GRV FGU OGPVCNGP #DDKN FGU JKPIGIGP KP GKPGO GPIGTGP 8GTUVkPFPKU CWH CNU FKG CMVWGNNG 2WDNKE4GNCVKQPU WPF /CTMGVKPI&KUMWUUKQP KP FGT YKG )TWPKI  5  MTKVKUKGTV +OCIGU QHVOCNU H€T CNNG 2TQ\GUUG \W UVGJGP UEJGKPGP YGNEJG KO 8GTUVCPF UVCVVHKPFGP *KGT YGTFGP QHVOCNU XKGNG PKEJV \YKPIGPF FGEMWPIUINGKEJG -QP\GRVG YKG 'KP UVGNNWPIGP -QIPKVKQPGP 9CJTPGJOWPIGP WPF gDGT\GWIWPIGP WPVGT FGO 1DGT DGITKHH FGU +OCIGU UWDUWOKGTV 'U IKNV MNCT \W FGHKPKGTGP YKG UKEJ FGT $GITKHH FGT 7PVGTPGJOGPUYCJTPGJOWPI KP FKGUGT 7PVGTUWEJWPI \WO +OCIG QFGT 4GRW

 +ORNKMCVKQPGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV



VCVKQPUMQPUVTWMV CDITGP\V 9GPP KP FKGUGT #TDGKV XQP GKPGO YCJTPGJOWPIUDC UKGTVGP #PUCV\ FGU -QOOWPKMCVKQPUOCPCIGOGPVU FKG 4GFG KUV FCPP OKV FGO
$GTGKVU FKG DGKFGP -QP\GRVG 4GRWVCVKQP WPF +OCIG YGTFGP KP FGT .KVGTCVWT JkWHKI PKEJV GKPFGWVKI XQPGKPCPFGT CDIGITGP\V > +OCIGDGITKHH DG\GKEJPGV KP FGT .KVGTCVWT FKG KPFKXKFWGNNGP /GKPWPIGP WPF 'KPUVGNNWPIGP IGIGP€DGT GKPGO 'KPUVGNNWPIUQDLGMV WPF YKTF OGKUV PWT CWH 7PVGTPGJOGP QFGT 2TQFWMVG CPIGYCPFV 'KPGP gDGTDNKEM €DGT FKG 8GTYGPFWPI FGU +OCIG WPF FGU 4GRWVCVKQPUDGI TKHHU HKPFGV UKEJ DGK )QVUK WPF 9KNUQP  7PVGT GKPGT 4GRWVCVKQP YKTF JKPIGIGP FKG UQ\KCN XGTOKVVGNVG RQUKVKXG QFGT PGICVKXG 'KPUVGNNWPI &TKVVGT IGIGP€DGT GKPGO 'KPUVGNNWPIUQDLGMV XGTUVCP FGP



 7PVGTPGJOGPUYCJTPGJOWPI CO -CRKVCNOCTMV

IGJGP WPF FKG ITWPFNGIGPFGP 'TYCTVWPIUUVTWMVWTGP UGKVGPU FGU -CRKVCNOCTMVGU CP GKP MQOOWPK\KGTGPFGU 7PVGTPGJOGP \W WPVGTUWEJGP &CU +OCIG D\Y FCU 4GRWVCVKQPUMQP\GRV CNNGKPG KUV H€T FKGUGP
 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

gDGTDNKEM €DGT FCU -CRKVGN &CU HQNIGPFG -CRKVGN IGJV FGT (TCIG PCEJ KPYKGHGTP FCU UQ\KCNG WPF {MQNQIKUEJG 'PICIGOGPV GKPGU 7PVGTPGJOGPU H€T FKG 'KPUEJkV\WPI RTQHGUUKQPGNNGT -CRKVCN OCTMVVGKNPGJOGT GKPG 4QNNG URKGNV *KGT\W YKTF CPJCPF FGT #WUUCIGP FGT +PVGT XKGYRCTVPGT FGT 'KPHNWUU XQP UQ\KCNGP WPF {MQNQIKUEJGP -TKVGTKGP CWH FKG 7PVGT PGJOGPUYCJTPGJOWPI KO &GVCKN PCEJXQNN\QIGP &KG 7PVGTUWEJWPIUGTIGDPKUUG YGTFGP YGKVGTJKP CWEJ KO -QPVGZV DGTGKVU XQTJCPFGPGT .KVGTCVWTDGKVTkIG JCWRV UkEJNKEJ CWU FGO UVTCVGIKUEJGP /CPCIGOGPV FGO +OCIG WPF 4GRWVCVKQPUOCPC IGOGPV UQYKG FGU /CTMGVKPIU FKUMWVKGTV 9KG IG\GKIV YGTFGP YKTF PKOOV GKP ITQˆGT 6GKN FGT DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT \WOKPFGUV KORNK\KV GKPGP <W UCOOGPJCPI \YKUEJGP IGUGNNUEJCHVNKEJGO 'PICIGOGPV WPF YKTVUEJCHVNKEJGO 'THQNI CP 9KG FKGUGT <WUCOOGPJCPI KPFKXKFWGNNG 2TQIPQUGP WPF FKG -CRKVCN OCTMVDGTKEJVGTUVCVVWPI DGGKPHNWUUV WPF YGNEJG (CMVQTGP JKGTH€T KP $GVTCEJV IG\Q IGP YGTFGP YKTF KP FGP HQNIGPFGP #WUH€JTWPIGP FCTIGUVGNNV YGTFGP  5VTCVGIKUEJG 8QTVGKNG CWU UQ\KCNGO WPF {MQNQIKUEJGO 'PICIGOGPV #WH FGP GJGOCNKIGP %'1 XQP %JT[UNGT $QD 'CVQP IGJV FCU HQNIGPFG CWH KPUVK VWVKQPGNNG +PXGUVQTGP DG\QIGPG


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

YKTF IGJGP -CRKVCNOCTMVVGKNPGJOGT FWTEJCWU XQP GKPGO <WUCOOGPJCPI \YK UEJGP WPVGTPGJOGTKUEJGP IGUGNNUEJCHVNKEJGO 'PICIGOGPV WPF {MQPQOKUEJGP
)QNFOCP 5CEJU  5  +O 8GTNCWH FGU HQNIGPFGP -CRKVGNU YKTF CPJCPF FGT #WUUCIGP FGT KPVGTXKGY VGP -CRKVCNOCTMVVGKNPGJOGT WPF GPVURTGEJGPFGT .KVGTCVWTDGKVTkIG CWHIG\GKIV YGTFGP YGUJCND UKEJ GKP $GYWUUVUGKPUYCPFGN CP FGP -CRKVCNOkTMVGP OKV $G\WI CWH OGJT 0CEJJCNVKIMGKV XQNN\KGJV #WUICPIURWPMV FGT gDGTNGIWPIGP KUV FKG DGTGKVU KO XQTCPIGICPIGP -CRKVGN FCTIGNGIVG #TV WPF 9GKUG OKVVGNU FGT #PCN[U VGP WPF +PXGUVQTGP #PPCJOGP €DGT FKG \WM€PHVKIG 'PVYKEMNWPI XQP 7PVGTPGJ OGP KP KJTGO #PNCIGWPKXGTUWO JGTNGKVGP *KGT\W DG\KGJGP UKG KP FGT 4GIGN KP GKPGO UQ IGPCPPVGP Â6QR&QYPµ°8QTIGJGP SWCNKVCVKXG PKEJVHKPCP\KGNNG +PHQT OCVKQPGP FGPGP UKG UWDLGMVKX GKPG 4GNGXCP\ H€T FKG O{INKEJUV RTk\KUG (QTOWNKG TWPI XQP 2TQIPQUGP \WUEJTGKDGP KP KJTG 'TYCTVWPIUDKNFWPI OKV GKP +P GKPGO GTUVGP 5EJTKVV YGTFGP UQ KO 4CJOGP GKPGT )NQDCNCPCN[UG FKG IGUCOVYKTVUEJCHVNK EJGP &CVGP GKPGT 8QNMUYKTVUEJCHV DGVTCEJVGV KP GKPGO CPUEJNKGˆGPFGP 5EJTKVV FCPP FKG LGYGKNKIG $TCPEJG GKPGU 7PVGTPGJOGPU 'KPG 7PVGTPGJOGPUCPCN[UG UGV\V CP FGP 4CJOGPDGFKPIWPIGP GKPGU +PFWUVTKGUGMVQTU QFGT /CTMVGU CP &C FGT 6kVKIMGKVUDGTGKEJ XQP #PCN[UVGP WPF +PXGUVQTGP \WFGO KP FGT 4GIGN GKPG 4GKJG XQP INGKEJCTVKIGP (KTOGP WOHCUUV FKG KP GKPGO IGIGDGPGP +PFWUVTKGUGMVQT VkVKI UKPF KUV FKG #PCN[UG FGU KPFKXKFWGNNGP SWCNKVCVKXGP 7PVGTPGJOGPUWOHGNFGU GKPG UGJT GNCDQTKGTVG #WHICDG FKG GKPGP FGOGPVURTGEJGPF ITQˆGP 'KPHNWUU CWH FKG 'KPUEJkV\WPI GKPGU 7PVGTPGJOGPU WPF UGKPGT 2QVGPVKCNG  URG\KGNN CWEJ KO $TCP EJGPXGTINGKEJ CWU€DV #WU FGP IGH€JTVGP +PVGTXKGYU YWTFG FGWVNKEJ FCUU XKGNG KPUVKVWVKQPGNNG +PXGUVQTGP WPF #PCN[UVGP GKP IGOGKPUCOGU 8GTUVkPFPKU DGVTGHHGPF FKG *GTCWUHQTFGTWPIGP GKPGU LGYGKNKIGP +PFWUVTKGUGMVQTU QFGT /CTMVGU VGKNGP 9KG FKG DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT KP FKGUGO <WUCOOGPJCPI CWUH€JTVGP

 5VTCVGIKUEJG 8QTVGKNG CWU UQ\KCNGO WPF {MQNQIKUEJGO 'PICIGOGPV



UKPF KP FGP NGV\VGP ,CJTGP UQ\KCNG WPF KPUDGUQPFGTG {MQNQIKUEJG $GNCPIG GKP YKEJVKIGU 'NGOGPV FGT UGMVQTDG\QIGPGP 'TYCTVWPIUDKNFWPI IGYQTFGP ²+V KU KPVGTGUVKPI VQ UGG VJG DKI VTGPFU HQT GPXKTQPOGPVCN EQPUVTCKPVU YJGVJGT KV KU RQNNWVKQP YJGVJGT KV KU VJG WUG QH YCVGT YJGVJGT KV KU UVTKEVGT UVCPFCTFU HQT YCUVG OCPCIGOGPV CPF VJGUG MKPFU QH VJKPIU +V NKPMU VQ TGIWNCVKQPU DWV + CNUQ VT[ VQ ECR VWTG JQY VJGUG KUUWGU CHHGEV QT ETGCVG QRRQTVWPKVKGU³ 5GNN5KFG #PCN[UV +PVGTXKGY  /CK  ² ª FGXGNQROGPVU KP VJG HWVWTG YJKEJ KP VJG WVKNKVKGU UGEVQT ECP DG TGNCVGF VQ EQP EGTP CDQWV VJG GPXKTQPOGPV CPF VJG CVVKVWFG VQ VJCV³ 5GNN5KFG #PCN[UV +PVGTXKGY  #RTKN 

#WU FGP CPIGH€JTVGP


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

GPVURTGEJGPFGP +PFWUVTKGUGMVQTU KP FGO GU VkVKI KUV 5CKKC %CTTQNN  $WEJJQNV\  $CPGTLGG +[GT  -CUJ[CR  $TCOOGT  /KNNKPIVQP  #WEJ KO 4CJOGP WPUGTGT 7PVGTUWEJWPI UCJGP FKG DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP GKPGP <WUCOOGPJCPI \YKUEJGP FKGUGT 5GPUKDKNKVkV GKPGU 7PVGTPGJOGPU KP $G\WI CWH UQ\KCNG WPF {MQNQIKUEJG 6JGOGP WPF FGUUGP \WM€PHVKIGP 'THQNIUCWUUKEJVGP KP GKPGO IGIGDGPGP +PFWUVTKGDGTGKEJ Ã5KG O€UUGP UKEJ GKPG /GKPWPI €DGT FKG \WM€PHVKIG 'PVYKEMNWPI FGU 7PVGTPGJOGPU DKNFGP 'KPG /GKPWPI ª UQNNVG UKEJ CWU FGT #PCN[UG CDNGKVGP CNUQ CWU FGP 'EMFC VGP D\Y FGP (WPFCOGPVCNFCVGP FGT +PFWUVTKGIGIGDGPJGKVGP FKG LC KO 'PFGHHGMV \W FGT 2TGKUIGUVCNVWPI D\Y \WT 2TGKUGPVYKEMNWPI KO /CTMV H€JTGP ª #MVWGNNGU $GK URKGN &KG %12TGKUG DGT€JTGP QFGT DGGKPHNWUUGP \W GKPGO ITQˆGP 6GKN FGP 5VTQO RTGKU FC KP &GWVUEJNCPF XKGNG -TCHVYGTMG OKV -QJNG DGVTKGDGP YGTFGP WPF UQOKV %1 GOKVVKGTGP² 5GNN5KFG #PCN[UV +PVGTXKGY  /CK  Ã'U IKDV GKPG 4GKJG XQP OCMTQ{MQPQOKUEJGP #URGMVGP LGV\V KO /QOGPV KPUDGUQP FGTG IGQRQNKVKUEJG  fNRTGKUG 4QJUVQHHG GVE 7PF CWU FGPGP MCPP OCP PCV€TNKEJ H€T DGUVKOOVG 5GMVQTGP WPF FGP )GUCOVOCTMV 5EJNWUUHQNIGTWPIGP \KGJGP &CU IGPCWG 8QTIGJGP KUV UEJYGT HGUV\WOCEJGP OCPEJG -QNNGIGP JCDGP GKPHCEJ UQ GKP )GH€JN YQ FGT /CTMV MWT\HTKUVKI JKPNkWHV /CP OWUU UKEJ CNU #PCN[UV €DGTNGIGP CWU YGNEJGT 5KEJV OCP FCU 7PVGTPGJOGP DGVTCEJVGV WPVGT YGNEJGO FGT\GKV CMVWGNNGP #URGMV²

5GNN5KFG #PCN[UV +PVGTXKGY  ,WNK 

#WHITWPF FGT \WPGJOGPFGP 2TGKUYKTMUCOMGKV FGT {MQNQIKUEJGP 4CJOGPDGFKP IWPIGP WPF FGT UVGKIGPFGP 9CJTUEJGKPNKEJMGKV XQP TGIWNKGTGPFGP UVCCVNKEJGP 'KPITKHHGP YCT WPVGT FGP DGHTCIVGP +PXGUVQTGP WPF #PCN[UVGP FKG 6GPFGP\ \W DGQDCEJVGP XGTOGJTV UQ\KCNG WPF {MQNQIKUEJG $GNCPIG GKP\WRTGKUGP 5RG\KGNN FGT 'PGTIKGUGMVQT YWTFG JKGTDGK CWHITWPF UGKPGU JQJGP Â{MQNQIKUEJGP (WˆCDFTW EMGUµ IGIGP€DGT TGIWNCVQTKUEJGP 8GTkPFGTWPIGP CDGT CWEJ IGIGP€DGT 2TGKU UEJYCPMWPIGP HQUUKNGT $TGPPUVQHHG YGUGPVNKEJ UVkTMGT WPF HT€J\GKVKIGT GORHKPF NKEJ H€T UKEJ XGTkPFGTPFG 4CJOGPDGFKPIWPIGP CNU CPFGTG 5GMVQTGP IGUGJGP +O 4CJOGP FGT 7PVGTUWEJWPI YWTFGP FCJGT KPUDGUQPFGTG KO *KPDNKEM CWH FGP ' PGTIKGUGMVQT \YGK UGJT TGNGXCPVG {MQNQIKUEJG 4CJOGPDGFKPIWPIGP KOOGT YKGFGT JGTXQTIGJQDGP FKG UVGKIGPFGP 'PGTIKGRTGKUG WPF FGT 'OKUUKQPUJCPFGN &KG KP VGTXKGYVGP -CRKVCNOCTMVVGKNPGJOGT ICDGP \WO $GKURKGN CP CPIGUKEJVU FGT UVGK IGPFGP \WUkV\NKEJGP 'PGTIKGPCEJHTCIG KP %JKPC WPF +PFKGP FGO DGITGP\VGP #PIGDQV WPF FGT WPUKEJGTGP IGQRQNKVKUEJGP .CIG KO /KVVNGTGP 1UVGP UQYKG XGT OGJTVGP UVCCVNKEJGP 'KPITKHHGP UVkTMGT CWH 6JGOGP YKG 'PGTIKGGHHK\KGP\ WPF 'PGTIKGRTGKUUGPUKVKXKVkV XQP GKP\GNPGP 7PVGTPGJOGP WPF +PFWUVTKGUGMVQTGP \W CEJVGP 'KP $GINGKVGHHGMV FKGUGT 'PVYKEMNWPI YCT \WFGO FCUU FWTEJ FGP UVGK IGPFGP fNRTGKU TGIGPGTKGTDCTG UCWDGTG 'PGTIKGP YGUGPVNKEJ UVkTMGT KP FGP $NKEMRWPMV XQP +PXGUVQTGP WPF #PCN[UVGP T€EMVGP #WEJ YWTFG CPIGOGTMV FCUU

 5VTCVGIKUEJG 8QTVGKNG CWU UQ\KCNGO WPF {MQNQIKUEJGO 'PICIGOGPV



\WT UGNDGP


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

9KG IGPCW UGKVGPU FGT #PCN[UVGP WPF +PXGUVQTGP FKG gDGT\GWIWPI \WUVCPFG MCO FCUU Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ IWV H€T FCU )GUEJkHV WPF FKG ${TUGPDG YGTVWPI UGK KUV GKP MQORNGZGT 2TQ\GUU FGT YKG \W \GKIGP UGKP YKTF CWEJ GKPGT 4GKJG XQP 'KPUEJTkPMWPIGP WPVGTNKGIV )GPGTGNN NKGˆ UKEJ KO 4CJOGP FGT 7PVGT UWEJWPI HGUVUVGNNGP FCUU Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ XQP FGP DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP WPVGT \YGK XGTUEJKGFGPGP )GUKEJVURWPMVGP IGUGJGP YWTFG GKPOCN WPVGT FGO #URGMV FGT UKEJ DKGVGPFGP 2QVGPVKCNG H€T 9GVVDGYGTDU XQTVGKNG WPF J{JGTGT )GYKPPG UQYKG CNU GKP +PFKMCVQT H€T GKP 7PVGTPGJOGPUOC PCIGOGPV FCU NCPIHTKUVKIGU &GPMGP WPF FKG CMVKXG 5WEJG PCEJ &KHHGTGP\KG TWPIUO{INKEJMGKVGP CO /CTMV XGTGKPV <WO CPFGTGP YWTFG FCTCWH JKPIGYKGUGP FCUU FKG +PVGITCVKQP XQP 7OYGNV 5Q\KCN WPF )QXGTPCPEG6JGOGP FGT 8GTOGK FWPI XQP CFXGTUGP 'HHGMVGP FKGPV FKG UKEJ CWU XGTkPFGTVGP IGUGNNUEJCHVNKEJGP 4CJOGPDGFKPIWPIGP GTIGDGP WPF FCOKV FCU 4KUKMQRTQHKN GKPGT +PXGUVKVKQP KP GKP DGUVKOOVGU 7PVGTPGJOGP XGTTKPIGTV &KG &GVCKNU FKGUGT gDGTNGIWPIGP UGKVGPU FGT KPVGTXKGYVGP -CRKVCNOCTMVVGKNPGJOGT YGTFGP KO (QNIGPFGP FCTIGUVGNNV  %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[ WPVGT 4KUKMQIGUKEJVURWPMVGP .CWV #WUUCIGP FGT KPVGTXKGYVGP -CRKVCNOCTMVVGKNPGJOGT HWPIKGTV %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[ CNU GKPG #TV 8GTUKEJGTWPI IGIGP CFXGTUG 'PVYKEMNWPIGP YGNEJG CPUQPUVGP FCU HKPCP\KGNNG 'TIGDPKU FGU 7PVGTPGJOGPU DGGKPVTkEJVKIGP M{PPVGP 9KEJVKI H€T FKGUG &KUMWUUKQP €DGT FGP 4KUKMQ D\Y 8GTUKEJGTWPIUCU RGMV XQP IGUGNNUEJCHVNKEJGO 'PICIGOGPV KUV FCUU UQ\KCNG WPF {MQNQIKUEJG 4KUK MGP KP FGO /CˆG KP FGO UKG KP FGT .CIG UKPF FCU HKPCP\KGNNG 7PVGTPGJOGPUGT IGDPKU \W DGGKPVTkEJVKIGP KP #PNCIGGPVUEJGKFWPIGP OKV GKPDG\QIGP YWTFGP 8QP FGP DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP YWTFG KP FKGUGO -QPVGZV FKG #WH HCUUWPI XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ CNU GKPG #TV Â)QQFYKNNµ IGVTKGDGPG .K\GP\ H€T FCU LGYGKNKIG 7PVGTPGJOGP XGTVTGVGP +P FKGUGO <WUCOOGPJCPI YKTF KP FGT .KVGTCVWT CWEJ FGT GPINKUEJGP $GITKHH ÂNKEGPEG VQ QRGTCVGµ CPIGH€JTV )G OGKPV KUV GKP )GUVCNVGP FGU WPVGTPGJOGTKUEJGP 8GTJCNVGPU GPVURTGEJGPF FGT XQT JGTTUEJGPFGP IGUGNNUEJCHVNKEJGP 0QTOGP \WT 8GTOGKFWPI XQP IGUEJkHVUUEJkFK IGPFGP 5CPMVKQPGP ÃDGKPI VTWUVGF D[ UVCMGJQNFGTU CPF RWTUWKPI UQEKCNN[ TGURQP UKDNG RQNKEKGU TGFWEGU TKUMU CTKUKPI HTQO UCHGV[ KUUWGU RQVGPVKCN DQ[EQVVU CPF NQUU QH EQTRQTCVG TGRWVCVKQP² -PQZ  /CMNCP  'U OWUU LGFQEJ GKPUEJTkPMGPF GTYkJPV YGTFGP FCUU MQPMTGVG -CNMWNCVKQPGP DG\€INKEJ FGU 4KUKMQXGTOGKFWPIU GHHGMVGU XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ NCWV +PVGTXKGYCWUUCIGP FWTEJ FKG 6CVUCEJG GTUEJYGTV YWTFGP FCUU UKEJ FGTNGK 4KUKMGP WPVGT 7OUVkPFGP €DGTJCWRV PKEJV QFGT PWT €DGT UGJT NCPIG
 5VTCVGIKUEJG 8QTVGKNG CWU UQ\KCNGO WPF {MQNQIKUEJGO 'PICIGOGPV



IGYKUUG 6GKNCURGMVG KPUDGUQPFGTG KP $G\WI CWH UVTKMVGT YGTFGPFG 7OYGNVUVCP FCTFU YCT LGFQEJ IGIGDGP 5Q H€JTVG GKP #PCN[UV GZGORNCTKUEJ CWU Ã9GPP GU \WO $GKURKGN WO FKG %1'OKUUKQPGP IGJV FC IKDV GU +PFKMCVQTGP \WO $GKURKGN YKG GKP 7PVGTPGJOGP KPXGUVKGTV 9GPP GU WO -TCHVYGTMUKPXGUVKVKQPGP IGJV UKPF FCU 'PVUEJGKFWPIGP FKG    ,CJTG PCEJYKTMGP M{PPGP +EJ IGJG FC UEJQP XQP OGJT QFGT YGPKIGT PCEJJCNVKIGP 'PVUEJGKFWPIGP CWU WPF DGYGTVG FKG FCPP GPVURTGEJGPF 5RTKEJ OCP MCPP UQ YGKV IGJGP FCUU GKPG +PXGUVKVKQP KP GKPG WOYGNVWPHTGWPFNKEJG 4KEJVWPI FGP 4KUKMQHCMVQT GTJ{JV FKGUG +PXGUVKVKQP CPIGUKEJVU FGT \WM€PHVKIGP 'PVYKEMNWPI WPRTQHKVCDGN IGUVCNVGV \W JCDGP &CU KUV H€T +PXGUVQTGP FWTEJCWU GKP /GTMOCN² 5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

+PUDGUQPFGTG {MQNQIKUEJG $GNCPIG WPVGT 4KUKMQIGUKEJVURWPMVGP YCTGP FWTEJCWU GKP $GUVCPFVGKN FGT 'KPUEJkV\WPI YGNEJG UKEJ #PCN[UVGP WPF +PXGUVQTGP XQP FGP <WMWPHVUCWUUKEJVGP GKPGU 7PVGTPGJOGPU QFGT GKPGT $TCPEJG OCEJVGP &KGU DG FGWVGV FCUU GKPG OCPIGNPFG #WHOGTMUCOMGKV XQP 7PVGTPGJOGPUUGKVG IGIGP€DGT UQNEJGP 6JGOGP \WOKPFGUV CWH NCPIG 5KEJV KP GKPGT #PRCUUWPI FGT CPIGPQO OGPGP -CRKVCNMQUVGP FGU 7PVGTPGJOGPU TGUWNVKGTGP MCPP > XQP FGP +PVGT XKGYRCTVPGTP IGPCPPVG <WUCOOGPJCPI YCT FGT HQNIGPFG &COKV +PXGUVOGPVU KP GKP 7PVGTPGJOGP GKPGP RQUKVKXGP 0WV\GP IGPGTKGTGP O€UUGP FKG -CRKVCNMQUVGP FGU 7PVGTPGJOGPU PKGFTKIGT UGKP CNU FKG \W GTYKTVUEJCHVGPFGP 'TVTkIG &CU WPVGT CPFGTGO CWEJ XQP UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP FGVGTOKPKGTVG 4KUKMQRTQ HKN GKPGU 7PVGTPGJOGPU DGUVKOOV FCDGK \WOKPFGUV RCTVKGNN FKG -QUVGP H€T FKG -CRKVCNCWHPCJOG \WO GKPGP KP FGT (QTO GKPGT 4KUKMQRTkOKG H€T FKG gDGTNCUUWPI XQP 'KIGPMCRKVCN QFGT CNU GTJ{JVGT


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV Ã.GV\VGP 'PFGU UGJG KEJ 7PVGTPGJOGP RQUKVKX FKG GU UEJCHHGP UKEJ KO
#WEJ FKGUG GZGORNCTKUEJGP #WUUCIGP WPVGTUVTGKEJGP FCUU KP FGT 9CJTPGJOWPI FGU -CRKVCNOCTMVGU GKPG IWVG %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[ FCU 4KUKMQ GKPGU +PXGUVOGPVU KP GKP 7PVGTPGJOGPU XGTTKPIGTV aJPNKEJ GKPGT 8GTUKEJGTWPIURQNKEG FKG CWEJ DGK 0KEJVGKPVTGVGP FGU 5EJCFGPUHCNNGU OKV -QUVGP XGTDWPFGP KUV OWUU CDGT CWH FGT 'TVTCIUUGKVG DGT€EMUKEJVKIV YGTFGP FCUU 7PVGTPGJOGP YGNEJG UKEJ FWTEJ IGUGNNUEJCHVNKEJGU 'PICIGOGPV CDUKEJGTP YGPKIGT RTQHKVCDGN GTUEJGKPGP CNU -QPMWTTGP\WPVGTPGJOGP YGNEJG FKGU PKEJV VWP )NGKEJYQJN \GKIVGP FKG +P VGTXKGYU FCUU KO -CRKVCNOCTMV FWTEJCWU GKP $GYWUUVUGKP FCH€T GZKUVKGTVG FCUU FKG HKPCP\KGNNGP 'KPDWˆGP CWHITWPF CFXGTUGT 'HHGMVG YKG \$ FWTEJ GKPG DG UEJkFKIVG 4GRWVCVKQP H€T PKEJV XGTCPVYQTVNKEJ JCPFGNPFG 7PVGTPGJOGP KP FGT 4GIGN XKGN UEJYGTYKGIGPFGT UKPF CNU FKG O{INKEJGP 'KPURCTWPIGP 'KP EJCTCMVG TKUVKUEJGU
&KGUG #WUUCIG KNNWUVTKGTV PGDGP FGO 5KEJGTJGKVUIGFCPMGP CWEJ GKPGP YGKVGTGP )GUKEJVURWPMV WPVGT FGPGP UQ\KCNG WPF {MQNQIKUEJG $GNCPIG CO -CRKVCNOCTMV GDGPHCNNU YCJTIGPQOOGP YWTFGP FGT GKPGT /{INKEJMGKV \WT &KHHGTGP\KGTWPI

 5VTCVGIKUEJG 8QTVGKNG CWU UQ\KCNGO WPF {MQNQIKUEJGO 'PICIGOGPV



IGIGP€DGT -QPMWTTGPVGP WPF \WT 'T{HHPWPI UVTCVGIKUEJGT 9GVVDGYGTDUXQTVGKNG YKG KO (QNIGPFGP FCTIGUVGNNV YGTFGP YKTF  %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[ CNU &KHHGTGP\KGTWPIUCURGMV Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ YWTFG PKEJV PWT CNU GKP /KVVGN \WT 4GFW\KGTWPI XQP CWU FGO 7PVGTPGJOGPUWOHGNF JGTT€JTGPFGP 4KUKMGP DGVTCEJVGV UQPFGTP CWEJ CNU /{INKEJMGKV H€T GKP 7PVGTPGJOGP YGTVIGPGTKGTGPFG 5VTCVGIKGP \W GPV YKEMGNP WPF WO\WUGV\GP &KGUG 'KPUEJkV\WPI YKTF XQP GKPGT 4GKJG XQP CMCFG OKUEJGP .KVGTCVWTDGKVTkIGP DGUVkVKIV PCEJ FGPGP IGUGNNUEJCHVNKEJGU 'PICIGOGPV PKEJV WPDGCEJVNKEJG &KHHGTGP\KGTWPIUO{INKEJMGKVGP IGIGP€DGT 9GVVDGYGTDGTP GT{HHPGP MCPP WPVGT CPFGTGO \WO $GKURKGN GKPG GTJ{JVG -WPFGPNQ[CNKVkV 5GP  $JCVVCEJCT[C  FGOGPVURTGEJGPF J{JGTG 7OUkV\G $TQYP  &CEKP  GKPG KO 8GTINGKEJ \W YGPKIGT UQ\KCN WPF {MQNQIKUEJ CMVKXGP 7PVGTPGJOGP DGUUG TG 4GRWVCVKQP (QODTWP  5JCPNG[  UQYKG GKPG J{JGTG /KVCTDGKVGTOQVKXC VKQP 6WTDCP  )TGGPKPI  #NN FKGUG CPIGURTQEJGPGP #URGMVG YGTFGP KO YGKVGTGP 8GTNCWH FGU -CRKVGNU CPJCPF FGT #WUUCIGP FGT KPVGTXKGYVGP -CRKVCN OCTMVVGKNPGJOGT PQEJOCNU KO &GVCKN DGJCPFGNV YGTFGP 8QTGTUV NkUUV UKEJ CNU GTUVGU (C\KV CWU FGT 7PVGTUWEJWPI HGUVJCNVGP FCUU WPVGT &KHHGTGP\KGTWPIUIG UKEJVURWPMVGP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ CP FGP -CRKVCNOkTMVGP KOOGT FCPP GKP (CMVQT FCTUVGNNV YGPP UKEJ GKPG UQ\KCNG QFGT {MQNQIKUEJG 7PVGTPGJ OGPUUVTCVGIKG CWH FKG NCPIHTKUVKIG 4GPFKVG FGT 7PVGTPGJOGPUGKIGPV€OGT FJ FGT #MVKQPkTG CWUYKTMV 'KP +PXGUVQT HCUUVG FKGUG DTGKV IGVGKNVG #WHHCUUWPI HQNIGP FGTOCˆGP \WUCOOGP ²6JG TGCNKV[ KU VJCV YG CTG KPVGTGUVGF KP HKPCPEKCN RGTHQTOCPEG CV VJG GPF QH VJG FC[ $WV VJGTG KU GPQWIJ GXKFGPEG VQ UWIIGUV VJCV EQTRQTCVG IQXGTPCPEG IQQF UWUVCKPCDKN KV[ CPF GPXKTQPOGPVCN DGJCXKQT CFF XCNWG QXGT VJG NQPIGT VGTO  CNVJQWIJ KV KU JCTF VQ KOOGFKCVGN[ OGCUWTG VJCV KP HKPCPEKCN VGTOU³ +PUVKVWVKQPGNNGT +PXGUVQT  #RTKN 

Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ YWTFG CNU GKP YKEJVKIGT (CMVQT IGUGJGP WO FKG NCPIHTKUVKIG 'TVTCIUMTCHV GKPGU 9GTVGU CTIWOGPVCVKX KP FGP 2TQIPQUGP XQP #PCN[UVGP WPF +PXGUVQTGP QFGT KP FGT $GTKEJVGTUVCVVWPI UGKVGPU FGT DGHTCIVGP 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP CD\WUKEJGTP 'KPG YGKVGTG V[RKUEJG #WUUCIG KO 4CJOGP WPUGTGT 7PVGTUWEJWPI FKG FKGUGP NCPIHTKUVKIGP #URGMV KPPGTJCND FGT 'TYCTVWPIUDKNFWPI VJGOCVKUKGTV YCT FKG HQNIGPFG Ã(€T OKEJ KUV YKEJVKI YKG FCU -GTPIGUEJkHV RQUKVKQPKGTV KUV WPF YQ GU XKGNNGKEJV KP \YCP\KI ,CJTGP UVGJV #NN FKG &KPIG FKG GKP 7PVGTPGJOGP OCEJGP MCPP &CTCWH UQNN



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV VG OCP GKP #WIG YGTHGP WPF PKEJV PWT CWH FCU +UV$WUKPGUU ª +EJ FGPMG UQ\KCNG WPF {MQNQIKUEJG 6JGOGP IGJ{TGP \W GKPGT NCPIHTKUVKIGP $GVTCEJVWPI #WH NCPIG 5KEJV M{PPGP UQNEJG (CMVQTGP GKP -TKVGTKWO UGKP WO +PXGUVKVKQPGP \W WPVGTNGIGP²

5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

)TWPFUkV\NKEJ YCT FGT 6GPQT FGT +PVGTXKGYU FCUU UQ\KCN WPF {MQNQIKUEJ XGTCPV YQTVNKEJG 7PVGTPGJOGP CNU DGUQPFGTU \WMWPHVUQTKGPVKGTV IGUGJGP YWTFGP > 0CEJJCNVKIMGKVUCURGMV YWTFG XQP FGP DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGTP CNU GKPG URG\KHKUEJ YGTVUVGKIGTPFG 5VTCVGIKG YCJTIGPQOOGP *KGT MQOOV YKGFGT FKG DGTGKVU CPIGURTQEJGPG XQP #PCN[UVGP WPF +PXGUVQTGP RQUKVKX CWHIGPQOOGPG Â/CTMGV 1TKGPVCVKQPµ GKPGU 7PVGTPGJOGPU \WO 6TCIGP 'KPG DGUQPFGTG 5GPUKDKNK VkV UGKVGPU FGT 7PVGTPGJOGPUNGKVWPI IGIGP€DGT UKEJ XQNN\KGJGPFGP 'PVYKEMNWP IGP KP FGT 7PVGTPGJOGPUWOYGNV YWTFG UQ CNU *KPYGKU FCTCWH IGUGJGP FCUU GKP +PXGUVOGPV KP FCU LGYGKNKIG 7PVGTPGJOGP CWEJ NCPIHTKUVKI KP FGT .CIG KUV 9GTV H€T FKG 7PVGTPGJOGPUCMVKQPkTG \W IGPGTKGTGP YKG GKPG YGKVGTG #WUUCIG CWU FGT 7PVGTUWEJWPI GZGORNCTKUEJ XGTFGWVNKEJV ²5WUVCKPCDKNKV[ KU KORQTVCPV 6JG TGCUQP KU VJCV KH C EQORCP[ FQGU PQV FQ VJQUG VJKPIU KV KU DCUKECNN[ LGQRCTFK\KPI KVU HWVWTG 6JGTGHQTG C OCPCIGOGPV VJCV FQGU PQV UJQY CP[ EQPEGTP HQT VJGUG KUUWGU KU KP O[ XKGY QPN[ XCNWG PGWVTCN # XCNWG PGWVTCN EQORCP[ KU PQV UGPUKVKXG VQ VJG DWUKPGUU GPXKTQPOGPV KV KU QRGTCVKPI KP ª 4G URQPUKDKNKV[ KU C UKIP QH JQY HQTYCTF VJKPMKPI OCPCIGOGPVµU VJKPMKPI KU KP VGTOU QH DKI UVTCVGIKE KUUWGU YJKEJ OC[ PQV CHHGEV QRGTCVKQPU VQFC[ DWV YJKEJ NC[ VJG HQWPFC VKQPU HQT VJG FGXGNQROGPV KP VJG HWVWTG +UUWGU UWEJ CU VGEJPKECN EJCPIG GPGTI[ CPF EJCPIKPI DWUKPGUU GPXKTQPOGPVU YJKEJ ECP DG TGNCVGF VQ EQPEGTPU CDQWV VJG GPXK TQPOGPV CPF VJG CVVKVWFG VQ VJCV #ICKP KP VJG UJQTV VGTO VJGUG HCEVQTU OC[ PQV CH HGEV HKPCPEKCN RGTHQTOCPEG DWV KP VJG NQPI VGTO CP CRRTQRTKCVG CVVKVWFG VQYCTFU VJCV CPF VJG OCPCIKPI QH VJCV KP CP CRRTQRTKCVG YC[ FQGU 5Q KP O[ QRKPKQP CFFTGUUKPI VJQUG KUUWGU KU KORQTVCPV³ 5GNN5KFG #PCN[UV +PVGTXKGY  #RTKN 

> KP FGP XQTCPIGICPIGPGP
 5VTCVGIKUEJG 8QTVGKNG CWU UQ\KCNGO WPF {MQNQIKUEJGO 'PICIGOGPV



Ã+EJ CEJVG KP LGFGO (CNN \WGTUV GKPOCN FCTCWH FCUU GKP 7PVGTPGJOGP CWEJ FCDGK KUV FKG {MQNQIKUEJGP 6TGPFU PCEJ\WXQNN\KGJGP 1D GU PWP UEJNWUUGPFNKEJ KO #WIGPDNKEM UEJQP \W MQPMTGVGP +PXGUVKVKQPGP MQOOV QFGT OCP FGP /CTMV GJGT FWTEJ +PXGUVKVKQ PGP KP FKG (QTUEJWPI WPF 'PVYKEMNWPI WPVGTUV€V\V QFGT UKEJ CP 2TQLGMVGP DGVGKNKIV FCUU OCEJV H€T OKEJ FCPP MGKPGP 7PVGTUEJKGF² 5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

/KV FKGUGT 'KPUEJTkPMWPI NkUUV UKEJ \WUCOOGPHCUUGPF HGUVJCNVGP FCUU 7PVGT PGJOGP YGNEJG KP FGT .CIG UKPF 7OYGNV WPF 5Q\KCNVJGOGP GTHQNITGKEJ KP KJTG 5VTCVGIKG \W KPVGITKGTGP CWEJ XQP FGP -CRKVCNOkTMVGP EGVGTKU RCTKDWU CNU DGUUG TGU +PXGUVOGPV IGUGJGP YGTFGP &CDGK YGTFGP LGFQEJ FKGLGPKIGP 7PVGTPGJOGP XQO -CRKVCNOCTMV CO RQUKVKXUVGP IGUGJGP YGNEJG GU XQNNDTKPIGP FKG #P URTWEJUITWRRGP GKPGU 7PVGTPGJOGPU DG\KGJWPIUYGKUG FGTGP +PVGTGUUGP KP FKG UVTCVGIKUEJG 7PVGTPGJOGPUH€JTWPI WPVGT QRVKOCNGT #DFGEMWPI CNNGT RQVGPVKGNN TGNGXCPVGP 7OYGNV 5Q\KCN WPF )QXGTPCPEG6JGOGP GKP\WDG\KGJGP  %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[ CNU $G\KGJWPIUOCPCIGOGPV 1JPG FKG -QQRGTCVKQP DGFGWVGPFGT #PURTWEJUITWRRGP NkUUV UKEJ GKP 7PVGTPGJ OGP PKEJV GTHQNITGKEJ H€JTGP &KG -QQRGTCVKQP FGT #PURTWEJUITWRRGP KUV KP FGT 4GIGN \WINGKEJ GKPG 8QTCWUUGV\WPI H€T FGP YKTVUEJCHVNKEJGP 'THQNI FGU 7PVGT PGJOGPU -WPFGP /KVCTDGKVGT .KGHGTCPVGP /GFKGP $GJ{TFGP WPF +PVGTGUUGP ITWRRGP 0)1U DGGKPHNWUUGP FKTGMV QFGT KPFKTGMV FGP )GUEJkHVUXGTNCWH LGFGU 7PVGTPGJOGPU &CJGT VTKVV PGDGP FKG VTCFKVKQPGNNGTGP 8QTUVGNNWPIGP XQO (KPCP\ *WOCP WPF 9KUUGPUMCRKVCN XGTOGJTV CWEJ FKG +FGG XQO 5Q\KCNGP -CRKVCN GKPGU 7PVGTPGJOGPU XIN \$ 9QQNEQEM  0CTC[CP  %QNGOCP  &QPCNF UQP  &WPHGG   5Q\KCNGU -CRKVCN KUV PKEJVU CPFGTGU CNU FCU 2TQFWMV CWU FGP OGJT QFGT OKPFGT JCTOQPKUEJGP $G\KGJWPIGP GKPGU 7PVGTPGJOGPU \W UGKPGP XGTUEJKGFGPGP #PURTWEJUITWRRGP 9KG CWU FGP DKUJGTKIGP #WUH€JTWPIGP DGTGKVU FGWVNKEJ YKTF UCJGP FKG DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP GKPGP 9GTV ÂUWK IGPGTKUµ KP JCTOQPKUEJGP 5VCMGJQNFGTDG\KGJWPIGP KPFGO UKG FGO 7PVGT PGJOGP 1RVKQPGP GT{HHPGP FKG 2NCVVHQTO H€T \WM€PHVKIG )GYKPPG \W XGTDTGKVGTP &KG 2TkOKUUG KUV GKPHCEJ &WTEJ CWUFCWGTPFGU WPF PCEJJCNVKIGU IGUGNNUEJCHVNK EJGU 'PICIGOGPV GTYKTDV UKEJ GKP 7PVGTPGJOGP UQ\KCNGU -CRKVCN CWU FGO UKEJ KP FGT <WMWPHV %JCPEGP GTIGDGP M{PPGP (QODTWP )CTFDGTI  $CTPGVV  5  -WT\ IGUCIV FKG UQ\KCNGP $G\KGJWPIGP GKPGU 7PVGTPGJOGPU \W UGKPGP #P URTWEJUITWRRGP GT{HHPGP /{INKEJMGKVGP YGNEJG 7PVGTPGJOGP FKG GU XGTUkW OGP UQNEJG $G\KGJWPIGP CWH\WDCWGP PKEJV KP FGOUGNDGP /CUUG QHHGP UVGJGP XIN #DDKNFWPI 



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

&KHHGTGP\KGTWPIU /{INKEJMGKV 5Q\KCNGU WPF {MQNQIKUEJGU 'PICIGOGPV

#WHDCW XQP 5VCMGJQNFGT -CRKVCN

7PVGTPGJOGPU 'THQNI

4KUKMQ /CPCIGOGPV

#DDKNFWPI  <WUCOOGPJCPI \YKUEJGP %54 5VCMGJQNFGTMCRKVCN WPF 7PVGTPGJOGPUGTHQNI &KG 8KGNHCNV FGT #PURTWEJUITWRRGP UVGNNV GKPG DGFGWVGPFG *GTCWUHQTFGTWPI H€T FKG UVTCVGIKUEJG 7PVGTPGJOGPUH€JTWPI FCT -NCUUKUEJG -QPHNKMVNKPKGP XGTNCWHGP CWH FGT GKPGP 5GKVG GVYC \YKUEJGP FGP -CRKVCNOkTMVGP WPF CWH FGT CPFGTGP 5GKVG FGP /KVCTDGKVGTP 5VGNNGPCDDCW FGO 5VCCV 5VCPFQTVRQNKVKM GKP\GNPGP IGUGNN UEJCHVNKEJGP +PVGTGUUGPITWRRGP FKXGTUG UQ\KCNG GVJKUEJG WPF {MQNQIKUEJG #P HQTFGTWPIGP CP FCU 7PVGTPGJOGP UQYKG FGP -WPFGP \$ DGK 2TGKUIGUVCNVWPI WPF )GYkJTNGKUVWPIUWOHCPI +PXGUVQTGP  -WTUYGTV

/GFKGP 

/KVCTDGKVGT  'PICIGOGPV

6GPQT FGT $GTKEJVGTUVCVVWPI

)GYGTMUEJCHVGP 

0)1U  <WUCOOGPCTDGKV

/CUU CP -QPHTQPVCVKQP

fHHGPVNKEJMGKV 

.Q[CNKVkV )QQF9KNN

-WPFGP  4GIWNKGTWPIGP

2QNKVKM 

#DDKNFWPI  $G\KGJWPIUTKUKMGP WPF &KHHGTGP\KGTWPIUO{INKEJMGKVGP

 +PXGUVQTGP WPF %QTRQTCVG )QXGTPCPEG



<WFGO YWTFG CDGT CWEJ FKG KTTV€ONKEJ DGXQT\WIVG $GT€EMUKEJVKIWPI GKPGT YGPKI TGNGXCPVGP #PURTWEJUITWRRG \W .CUVGP FGT #MVKQPkTUKPVGTGUUGP XQP FGP DGHTCI VGP #PCN[UVGP WPF KPUVKVWVKQPGNNGP +PXGUVQTGP PGICVKX CWHIGHCUUV 9KG KO (QNIGP FGP IG\GKIV YGTFGP YKTF DGYGIV UKEJ FCU 6JGOC Â%QTRQTCVG 5QEKCN 4GURQPUKDK NKV[µ KO -CRKVCNOCTMVMQPVGZV KP GKPGO MQORNGZGP 5RCPPWPIUHGNF \YKUEJGP FGP 'KIGPKPVGTGUUGP FGT 7PVGTPGJOGPUCMVKQPkTG WPF FGO RQVGP\KGNN YGTVUVGKIGTPFGP 'KPDG\WI XQP WPGTNkUUNKEJGP YGKVGTGP 5VCMGJQNFGTP YKG FGT CNNIGOGKPGP fHHGPV NKEJMGKV UVCCVNKEJGP +PUVCP\GP -WPFGP WPF /KVCTDGKVGTP XIN #DDKNFWPI  # .CPIHTKUVKIG PCEJJCNVKIG 5VTCVGIKGHQTOWNKGTWPI C 4CJOGPDGFKPIWPIGP GKPGU +PFWUVTKGUGMVQTU QFGT /CTMVGU 'KPHNWUU {MQPQOKUEJGT TGIWNCVQTKUEJGT QFGT {MQNQIKUEJGT 4GUVTKMVKQPGP CWH FKG UVTCVGIK UEJGP 'PVHCNVWPIUO{INKEJMGKVGP GKPGU 7PVGTPGJOGPU QFGT 5GMVQTU C $WUKPGUU 'ZRQUWTG 5GPUKVKXKVkV FGT 2TQHKVCDKNKVkV GKPGU 7PVGTPGJOGPU QFGT 5GMVQTU IGIGP€DGT IGUCOVIGUGNNUEJCHVNKEJGP 'PVYKEMNWPIGP KPUDGUQPFGTG FG VGTOKPKGTV FWTEJ FKG 8KGN\CJN WPF 'KPHNWUUO{INKEJMGKVGP FGT XQP FGT 7PVGTPGJ OGPUVkVKIMGKV VCPIKGTVGP #PURTWEJUITWRRGP C /CTMGV 1TKGPVCVKQP (kJKIMGKV FGT 7PVGTPGJOGPUNGKVWPI IGUCOVIGUGNN UEJCHVNKEJG 'PVYKEMNWPIGP CMVKX CWH\WITGKHGP \WO )GIGPUVCPF GKPGT YGTVIGPG TKGTGPFGP 5VTCVGIKG \W OCEJGP WPF FCU 7PVGTPGJOGP XQTCWUUEJCWGPF \W RQUKVK QPKGTGP C #DUKEJGTWPI FGU +PXGUVOGPVU /CˆPCJOGP \WT 5VkTMWPI FGU 8GTVTCWGPU FGU -CRKVCNOCTMVGU FWTEJ 8GTTKPIGTWPI XQP IGUGNNUEJCHVNKEJGP 4KUKMGP UQYKG NCPIHTKUVKIG 5VGKIGTWPI FGU 7PVGTPGJOGPUYGTVGU FWTEJ 'TMGPPGP WPF 8GTOGK FGP \WM€PHVKIGT -QUVGPRQVGPVKCNG C &KHHGTGP\KGTWPIU WPF 'HHK\KGP\CTIWOGPV 'TJ{JVG 2TQHKVCDKNKVkV CWH ITWPF FGU 'KPDG\WIU XQP UQ\KCNGP WPF {MQNQIKUEJGP #URGMVGP \WO $GKURKGN KP FKG 2TQFWMVIGUVCNVWPI QFGT FWTEJ GKPG TGUUQWTEGPGHHK\KGPVG 2TQFWMVKQP 6CDGNNG  %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[ WPVGT 5VTCVGIKGIGUKEJVURWPMVGP

 +PXGUVQTGP WPF %QTRQTCVG )QXGTPCPEG 0KEJV CNNG UQ\KCNGP WPF {MQNQIKUEJGP /CˆPCJOGP UEJNCIGP UKEJ NGV\VGP 'PFGU GTMGPPDCT RQUKVKX KP FGT )GYKPP WPF 8GTNWUVTGEJPWPI GKPGU 7PVGTPGJOGPU PKGFGT 9kTG FGO CPFGTU UQ YkTG FCU 6JGOC Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ GKPG DGVTKGDUYKTVUEJCHVNKEJG 5GNDUVXGTUVkPFNKEJMGKV #PIGUKEJVU QHVOCNU PKEJV



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

UKEJVDCT RTQHKVCDNGT +PKVKCVKXGP YCT GKPGT FGT CO JkWHKIUVGP IGkWˆGTVGP 'KPYkPFG IGIGP IGUGNNUEJCHVNKEJGU 'PICIGOGPV XQP 7PVGTPGJOGP FCJGT FKG 5QTIG WO GKPG 8GTUEJNGEJVGTWPI FGU Â5JCTGJQNFGT 8CNWGUµ .GV\VGP 'PFGU GTYCTVGVGP FKG DG HTCIVGP #PCN[UVGP WPF +PXGUVQTGP XQP GKPGO 7PVGTPGJOGP FCUU GU 9GTV H€T UGKPG 'KIGPV€OGT IGPGTKGTV &KG -CRKVCNOkTMVG XGTVTCWGP GKPGO 7PVGTPGJOGP KJT )GNF CP FGOGPVURTGEJGPF GTYCTVGP UKG CWEJ FCUU FKG 7PVGTPGJOGPUH€JTWPI KJTG +PVGTGUUGP KO #WIG DGJkNV WPF FCU )GNF FGT #MVKQPkTG CWH GKPG CFkSWCVG #TV WPF 9GKUG GKPUGV\V /KV CPFGTGP 9QTVGP FKG DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT UGV\VGP XQTCWU FCUU GKP 7PVGTPGJOGP CWEJ KO 7OICPI OKV 5Q\KCNGO WPF fMQ NQIKUEJGO UGKPGP 'KIGPV€OGTP FKGPV FJ )TWPFUkV\G IWVGT %QTRQTCVG )QXGT PCPEG GKPJkNV > $GITKHH FGT %QTRQTCVG )QXGTPCPEG MCPP KP FKGUGO <WUCOOGPJCPI MQPMTGV \YGK WPVGTUEJKGFNKEJG 9KTMWPIUMTGKUG DGUEJTGKDGP ,G PCEJ 8GTUVkPFPKU DG\KGJV UKEJ %QTRQTCVG )QXGTPCPEG GPVYGFGT CWUUEJNKGˆNKEJ CWH FCU 8GTJkNVPKU FGT DGVTQHHGPGP )GUEJkHVUNGKVWPI FGO 8GTYCNVWPIUTCV WPF FGP #MVKQPkTGP \W GKPCPFGT QFGT CDGT KP GKPGO YGKVGT IGHCUUVGP /QFGNN CWH FCU 8GTJkNVPKU \YK UEJGP FGO 7PVGTPGJOGP WPF YGKVGTGP #PURTWEJUITWRRGP WPVGT FGPGP FKG #MVK QPkTG PWT GKPG 7PVGTITWRRG DKNFGP +P FGT 5EJYGK\ DCUKGTGP \WO $GKURKGN UQYQJN FKG %QTRQTCVG )QXGTPCPEG 4KEJVNKPKGP FGT 59: 5YKUU 'ZEJCPIG CNU CWEJ FKG FGT GEQPQOKGUWKUUG CWH FGO GPIGT IGHCUUVGP 8GTUVkPFPKU WPF MQP\GPVTKGTGP UKEJ CWH 4GIGNWPIGP \W )WPUVGP FGT -CRKVCNKPXGUVQTGP GEQPQOKGUWKUUG  %QTRQTC VG )QXGTPCPEG DGHCUUV UKEJ CNUQ OKV (TCIGP FGT 1TICPKUCVKQP FGT (€JTWPIUQTIC PG FGTGP -QPVTQNNG \YGEMOkˆKIGT ÃEJGEMU CPF DCNCPEGU² WPF FGT 6TCPURCTGP\ XQP 7PVGTPGJOGP &KGUG 5GNDUVDGUEJTkPMWPI DCUKGTV CWH gDGTNGIWPIGP FGT 2TCM VKMCDKNKVkV WPF UVGNNV PKEJV FKG .GIKVKOKVkV FGT +PVGTGUUGP CPFGTGT #PURTWEJUITWR RGP KP (TCIG &KG VJGQTGVKUEJG )TWPFNCIG FGT %QTRQTCVG )QXGTPCPEG KUV FCU KP FGP 9KTV UEJCHVUYKUUGPUEJCHVGP WPVGT FGO $GITKHH FGT #IGPE[2TQDNGOCVKM DGMCPPVG 2Jk PQOGP ,GPUGP  /GEMNKPI  #WH FKG 5KVWCVKQP GKPGT #MVKGPIGUGNNUEJCHV CPIGYCPFV DGUCIV FKGUG 6JGQTKG FCUU #MVKQPkTG ÂRTKPEKRCNUµ WPF 7PVGTPGJ OGPUNGKVWPI ÂCIGPVUµ WPVGTUEJKGFNKEJG +PVGTGUUGP XGTHQNIGP WPF FCDGK ° CWH ITWPF KJTGT WPVGTUEJKGFNKEJGP (WPMVKQPGP  €DGT WPINGKEJG +PHQTOCVKQPUPKXGCWU DG\€INKEJ FGU )GUEJkHVUXGTNCWHU XGTH€IGP &CFWTEJ NCWHGP #PVGKNUGKIPGT )GHCJT KJTG +PVGTGUUGP FWTEJ FKG )GUEJkHVUNGKVWPI PWT WP\WTGKEJGPF XGTHQNIV \W UGJGP #PFGTU CWUIGFT€EMV FKG )GUEJkHVUNGKVWPI WPF FGT 8GTYCNVWPIUTCV DGUKV\GP IG IGP€DGT #MVKQPkTGP WPF CPFGTGP #PURTWEJUITWRRGP GKPGP +PHQTOCVKQPUXQT URTWPI GU KUV FCJGT RQVGPVKGNN O{INKEJ FCUU FCU /CPCIGOGPV WPF CWEJ FGT 8GT YCNVWPIUTCV KJTG 'KIGPKPVGTGUUGP FGPGP FGT 'KIGPV€OGT XQT\KGJGP

 +PXGUVQTGP WPF %QTRQTCVG )QXGTPCPEG



2TKP\KRCN  #MVKQPkTG #-

+ #IGPV  D\Y 2TKP\KRCN  8GTYCNVWPIUTCV

#-

#- #WHVTCI  -QPVTQNNG +

+PHQTOCVKQP

/

/CTMVMQPVTQNNG

+ #IGPV  D\Y 2TKP\KRCN  /CPCIGOGPV

#-

+ #IGPV 

(CMVQTOkTMVG

/

#DVGKNWPIGP

/

)€VGTOkTMVG

#DDKNFWPI  2TKP\KRCN#IGPV/QFGNN X #MVKGPIGUGNNUEJCHVGP (TG[  5 > KO 8GTNCWH FGT 7PVGTUWEJWPI KOOGT YKGFGT IGkWUUGTVG *CWRVGKPYCPF IGIGP UQ\KCNG WPF {MQNQIKUEJG #MVKXKVkVGP YCT FGOGPVURTGEJGPF FCUU 7PVGTPGJOGP UKEJ CWH FCU MQP\GPVTKGTGP UQNNVGP YCU UKG CO DGUVGP M{PPGP ° PkONKEJ CWH FKG 5EJCHHWPI XQP 9GTV H€T KJTG 'KIGPV€OGT FKG #MVKQPkTG &KGUG 'KPUVGNNWPI GTKP PGTV UGJT UVCTM CP FGP fMQPQOGP /KNVQP (TKGFOCP (TKGFOCP  5GJT kJP NKEJ YWTFG XQP FGP KPVGTXKGYVGP -CRKVCNOCTMVVGKNPGJOGTP QHVOCNU FCU #TIWOGPV CPIGDTCEJV FCUU FKG H€T IGUGNNUEJCHVNKEJGU 'PICIGOGPV CWHIGYCPFVGP /KVVGN GKIGPVNKEJ FGP #MVKQPkTGP \WUVGJGP UQNNVGP YGNEJG KO
#PJCPF FKGUGU


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

\W UGV\GP XIN CWEJ $CTPCTF  &KGUG $GH€TEJVWPI KUV NCWV *GOKPIYC[ WPF /CENCICP  PKEJV WPDGTGEJVKIV &KG DGKFGP #WVQTGP MQOOGP CWH )TWPFNCIG GKPGT WOHCPITGKEJGP 5KEJVWPI XQP 5GMWPFkTUVWFKGP \W FGO $GHWPF FCUU FGT KPFKXKFWGNNG 'TOGUUGPURKGNTCWO FGT NGKVGPFGP 7PVGTPGJOGPUCPIGUVGNNVGP QHHGP UVGJV CWEJ FC\W H€JTV FCUU FKG RGTU{PNKEJGP 9GTVXQTUVGNNWPIGP WPF +PVGTGUUGP FKGUGT /CPCIGT 'KPHNWUU CWH FKG #WUIGUVCNVWPI FGU IGUGNNUEJCHVNKEJGP 'PICIG OGPVU XQP 7PVGTPGJOGP PGJOGP #WU FKGUGO )TWPF HTCIGP FKG DGKFGP #WVQTGP QD GKP IGUGNNUEJCHVNKEJGU 'PICIGOGPV FKG +PVGTGUUGP FGU 7PVGTPGJOGPU WPF FC OKV KP NGV\VGT -QPUGSWGP\ FKG FGT 7PVGTPGJOGPUGKIGPV€OGT YKFGTURKGIGNV QFGT FQEJ GJGT FKG FGT NGKVGPFGP #PIGUVGNNVGP (QNIGTKEJVKI NCWVGV KJTG (TCIG CWEJ ÃYJGVJGT ´EQTRQTCVG UQEKCN TGURQPUKDKNKV[µ KU C OKUPQOGT³ *GOKPIYC[  /CENCICP  5  1DYQJN *GOKPIYC[ WPF /CENCICP GKPIGUVGJGP FCUU GU UEJYKGTKI UGKP MCPP \YKUEJGP FGP RGTU{PNKEJGP 9GTVGP WPF +PVGTGUUGP FGT NGK VGPFGP #PIGUVGNNVGP WPF FGP 9GTVGP WPF +PVGTGUUGP FGU 7PVGTPGJOGPU \W WPVGT UEJGKFGP YGKUGP KJTG 'TIGDPKUUG FGPPQEJ FCTCWH JKP FCUU RGTU{PNKEJG +PVGTGUUGP FKG FGU 7PVGTPGJOGPU KP FGT 4GIGN €DGTYKGIGP &KGUG 5MGRUKU JKPVGT FGP /QVK XGP XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ YWTFG CWEJ XQP FGP KPVGTXKGYVGP -CRKVCNOCTMVVGKNPGJOGTP IGVGKNV QHVOCNU YWTFG CPCNQI JKPVGT IGUGNNUEJCHVNKEJGO 'PICIGOGPV FCU RGTU{PNKEJG +PVGTGUUG FGT NGKVGPFGP #PIGUVGNNVGP XGTOWVGV ²+ VJKPM VJG YJQNG FKCNQIWG CDQWV EQTRQTCVG UQEKCN TGURQPUKDKNKV[ KU TWDDKUJ + VJKPM C EQORCP[ JCU CP CDUQNWVGN[ HWPFCOGPVCN ETKVKECN TGSWKTGOGPV VQ DGJCXG KP VJG CR RTQRTKCVG YC[ VQ HQNNQY CRRNKECDNG NCYU +V OGCPU VTGCVKPI KVU GORNQ[GGU CPF KVU EWU VQOGTU CPF KVU UWRRNKGTU YKVJ VJG PQTOCN TGURGEV  VTGCVKPI VJGO VJG UCOG YC[ CU VJG EQORCP[ GZRGEVU VQ DG VTGCVGF 6JCVµU VJG UCOG YC[ KH + OGGV UQOGQPG QP VJG UVTGGV + VTGCV JKO YKVJ TGURGEV + FQPµV VCMG CFXCPVCIG QH JKO + FGCN RTQRGTN[ YKVJ JKO $WV VJCVµU IQV PQVJKPI VQ FQ YKVJ VJG UQECNNGF UQEKCN TGURQPUKDKNKV[ %QORCPKGU QHVGP WUG VJCV YQTF CU CP GZEWUG HQT FQKPI VJKPIU VJG[ UJQWNFPµV DG FQKPI ;QW UGG VJGUG EQO RCPKGU WUKPI VJG EQORCP[µU OQPG[ KG VJG UJCTGJQNFGTU OQPG[ VQ OCMG FQPCVKQPU VQ EJCTKV[ 9J[ FQ VJG[ FQ KV! +VµU VQ OCMG VJG %'1 NQQM IQQF #PF VJKU KU DWNNUJKV²

5GNN5KFG #PCN[UV +PVGTXKGY  ,WNK 

&KG DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP NGJPVGP FKGUG #TV FGU RJKNCPVJTQRKUEJGP 'PICIGOGPVU QJPG GTMGPPDCTGP <WUCOOGPJCPI \WO 7PVGTPGJOGPU\YGEM CD $GIT€PFGV YWTFG FKGUG #DNGJPWPI OKV FGO #TIWOGPV FCUU GKPG UQNEJG RTKOkT FGP RGTU{PNKEJGP +PVGTGUUGP FGT 7PVGTPGJOGPUNGKVWPI HQNIGPFG /KVVGNXGTICDG FGO XQP FGP -CRKVCNOkTMVGP IGHQTFGTVGP
 +PXGUVQTGP WPF %QTRQTCVG )QXGTPCPEG



FKG CWEJ KP FGT GPVURTGEJGPFGP %54.KVGTCVWT \W HKPFGP KUV XIN /KPQY  5OKVJ  9WNHUQP  .CWV %CORDGNN  KUV FGT )TWPF H€T FKGUG 4GFW\KGTWPI FKG 5KEJVDCTMGKV UQNEJGT #MVKXKVkVGP KO )GIGPUCV\ \W YGPKIGT UKEJ VDCTGP CDGT FGPPQEJ YGTVXQNNGP 2TCMVKMGP YKG \WO $GKURKGN FGO HCKTGP 7OICPI OKV /KVCTDGKVGTP ÃEJCTKVCDNG FQPCVKQPU CTG OGCUWTCDNG CPF OC[ DG KPVGPFGF HQT RJKNCPVJTQRKE QT DGPGXQNGPV RWTRQUGU VJCV VJG[ OC[ C RTKQTK DG EQPUKFGTGF VQ DG CP CPCNQIWG HQT C DWUKPGUUµU OQTG IGPGTCN CVVKVWFG VQ UQEKCN TGURQPUKDKNKV[² 5  #WEJ OWUU OKV FGT 8GTICDG XQP 5RGPFGP PKEJV \YKPIGPF GKPG YKTMNKEJG gDGTPCJOG XQP IGUGNNUEJCHVNKEJGT 8GTCPVYQTVWPI XGTDWPFGP UGKP YKG %CORDGNN

 YGKVGTJKP DGOGTMV à FQPCVKQPU CTG PQV C UVTQPI RTQZ[ HQT UQEKCN TGURQP UKDKNKV[ +V OC[ DG VJCV UQ NKVVNG GHHQTV KU KPXGUVGF KP FGEKUKQPU QP VJG NGXGN QH FQPC VKQPU VJCV UVWFKGU UGGMKPI RCVVGTPU CPF GZRNCPCVKQPU CTG TGPFGTGF XCEWQWU (WT VJGT TGUGCTEJ KP VJG FGEKUKQPOCMKPI RTQEGUUGU DGJKPF EJCTKVCDNG FQPCVKQPU OC[ UJGF NKIJV QP VJKU³ 5  5Q\KCNGU WPF {MQNQIKUEJGU 'PICIGOGPV YWTFG XQP FGP DGHTCIVGP KPUVKVWVKQ PGNNGP +PXGUVQTGP WPF #PCN[UVGP LGFQEJ PKEJV ITWPFUkV\NKEJ CDIGNGJPV  YKG DG TGKVU IG\GKIV YWTFG WPF PQEJ IG\GKIV YGTFGP YKTF KUV FKG YCJTIGPQOOGPG 8GT DKPFWPI \WO GKIGPVNKEJGP 7PVGTPGJOGPU\YGEM FGT /GJTWPI FGU 'KIGPV€OGT XGTO{IGPU H€T FGUUGP RQUKVKXG #M\GRVCP\ WPGTNkUUNKEJ 'KP KPVGTXKGYVGT #PCN[UV ICD KP FKGUGO <WUCOOGPJCPI UKEJGTNKEJ \W 4GEJV \W $GFGPMGP FCUU GKP 7PVGT PGJOGP CWEJ OQTCNKUEJG 8GTRHNKEJVWPIGP IGIGP€DGT UGKPGP 'KIGPV€OGTP DGUKV\V FKG KP FGT 4GIGN #PNCIGURCTGT UKPF FKG UKEJ XQP KJTGT +PXGUVKVKQP \WO $GKURKGN GKPG 5KEJGTWPI KJTGT 4GPVG GTJQHHGP ²5Q + VJKPM HQT OG CU CP CPCN[UV KV KU XGT[ XGT[ XGT[ KORQTVCPV VJCV VJG EQORCP[ KU FQKPI VYQ VJKPIU HKTUV QH CNN HWNHKNN KVU TGURQPUKDKNKV[ VQYCTFU KVU UVCHH KVU UWRRNKGTU KVU EWUVQOGTU  DGECWUG VTGCVKPI [QWT UVCHH [QWT UWRRNKGTU QT [QWT EWUVQOGTU DCFN[ DTGCMKPI VJG NCY DTGCMKPI GPXKTQPOGPVCN QT GORNQ[OGPV TGIWNCVKQPU KU PQV QPN[ WP GVJKECN KV KU LWUV DCF DWUKPGUU #PF VJCVµU VJG HKTUV VJKPI VJCV + YCPV VQ UGG HTQO C EQORCP[ DWV VJGP DG[QPF VJCV VJG DGUV VJKPI VJCV C EQORCP[ ECP FQ KU VQ DG C IQQF IWCTFKCP QH VJG OQPG[ QH KVU UJCTGJQNFGTU CPF VQ KPXGUV VJCV OQPG[ YKUGN[ 0QY UQOGVKOGU KV OKIJV DG VJCV VJG EQORCP[ KU OCMKPI C RTQFWEV YJGTG KV KU PQ NQPIGT HGCUKDNG VQ OCPWHCEVWTG VJG RTQFWEV HQT KPUVCPEG KP )GTOCP[ ;QW LWUV ECPµV FQ KV HTQO CP GEQPQOKE UVCPFRQKPV +V YQWNF PQV DG UQEKCNN[ TGURQPUKDNG HQT VJG OCP CIGOGPV VQ MGGR VT[KPI VQ OCMG VJG RTQFWEV KP )GTOCP[ KH KV GXGPVWCNN[ RWVU VJG GZ KUVGPEG QH VJG EQORCP[ KP FCPIGT ;QW JCXG VQ OQXG VJG NQY XCNWGCFFGF VJKPIU UQOGYJGTG GNUG CPF MGGR VJG FGXGNQROGPV QT OCTMGVKPI QT JKIJGT XCNWGCFFGF CE VKXKVKGU KP VJG JGCF QHHKEG #PF VJGP HQEWU QP HKPFKPI C PGY RTQFWEV YJKEJ KU OQTG FKHHGTGPVKCVGF YJKEJ JCU C JKIJGT OCTIKP YJKEJ KU IQKPI VQ ETGCVG XCNWG HQT VJG HW VWTG $GECWUG QPG QH VJG VJKPIU VJCV RGQRNG PQTOCNN[ KIPQTG KU VJCV VJG UJCTGJQNFGTU QH VJG EQORCP[ YJKEJ PQTOCNN[ CTG GSWKV[ OWVWCN HWPFU PGGF RTQHKVU HQT RGQRNGUµ RGPUKQPU 5Q KH [QW CTG PQV C RTQRGT IWCTFKCP QH VJG OQPG[ QH [QWT UJCTGJQNFGTU



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV VJGP [QW CTG OKUJCPFNKPI VJG RGQRNG KP )GTOCP[ QT KP VJG 7- QT CP[YJGTG GNUG YJQ CTG  QT  CPF CTG NQQMKPI HQTYCTF VQ VJGKT TGVKTGOGPV 5Q + VJKPM VJGTG KU C NQV QH TWDDKUJ VCNMGF CDQWV EQTRQTCVG UQEKCN TGURQPUKDKNKV[ ;QW JCXG C TGURQPUKDKNKV[ VQ VJG UVCMGJQNFGTU QH [QWT EQORCP[ DWV VJCV FQGUPµV OGCP VJCV VJG EQORCP[ KU UQOG MKPF QH ´5VKHVWPIµ³ 5GNN5KFG #PCN[UV +PVGTXKGY  ,WNK 

Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ DGYGIV UKEJ UQ DGK IGPCWGTGO *KPUGJGP KP GKPGO MQORNGZGP 5RCPPWPIUHGNF /KVVGN FKG 7PVGTPGJOGP H€T WPRTQHKVCDNGU 'PICIGOGPV CWHYGPFGP IGJGP FGP 'KIGPV€OGTP FGU 7PVGTPGJOGPU WPYGKIGT NKEJ XGTNQTGP &GPP FKGUG 'KIGPV€OGT UKPF KP NGV\VGT -QPUGSWGP\ CWEJ MGKPG CPQP[OGP +PXGUVOGPVHQPFU XKGNOGJT UVGJGP JKPVGT FGP (QPFU 5RCTGT FKG UKEJ GVYCU XQP KJTGT +PXGUVKVKQP GTJQHHGP ,GPGP IGIGP€DGT KUV FKG 7PVGTPGJOGPUNGK VWPI CNNGKPG UEJQP CWU CMVKGPTGEJVNKEJGP )T€PFGP XGTRHNKEJVGV &KGU NkUUV YKGFGT WO GKP YCJNNQUGU 'PICIGOGPV FGU 7PVGTPGJOGPU H€T DGNKGDKIG CNU IGUGNNUEJCHV NKEJ TGNGXCPV GTCEJVGVG #MVKXKVkVGP KP GKPGO CPFGTGP .KEJV GTUEJGKPGP 'KPKIG FGT DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP YCPFVGP FCJGT CWEJ GKP FCUU +PXGUVKVKQPGP KP IGUGNNUEJCHVNKEJ XGTCPVYQTVWPIUXQNNG CDGT H€T FCU 7PVGTPGJOGP WPRTQHKVCDNG #MVKXKVkVGP UEJNKOOUVGPHCNNU \WO YKTVUEJCHVNKEJGP $CPMTQVV FGU 7PVGTPGJOGPU WPF DGUVGPHCNNU \W GKPGT NGV\VNKEJ CWU FGT %QTRQTCVG )QXGTPCPEG 2GTURGMVKXG JGTCWU WPXGTVTGVDCTGP YKNNM€TNKEJGP 7PVGTUV€V\WPI XQP IGOGKPP€V\KIGP 1TICPK UCVKQPGP H€JTV #WEJ PCEJ €DGTGKPUVKOOGPFGT /GKPWPI FGT DGHTCIVGP 9KTVUEJCHVU WPF (K PCP\LQWTPCNKUVGP FCTH Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ PKEJV OKV FGT #PUKEJV XGTYGEJUGNV YGTFGP FCUU FGT RTKOkTG 7PVGTPGJOGPU\YGEM KP FGT WPGKPIG UEJTkPMVGP 'TH€NNWPI XQP 5VCMGJQNFGTKPVGTGUUGP DGIT€PFGV NKGIV #P GTUVGT 5VGNNG FGT 2TKQTKVkVGPNKUVG GKPGU 7PVGTPGJOGPU OWUU FCU )GYKPPRTKP\KR UVGJGP LGFQEJ WPVGT FGT 0GDGPDGFKPIWPI FGT 'KPJCNVWPI GVJKUEJGT UQ\KCNGT WPF {MQNQIKUEJGT 5VCPFCTFU &CJGT GTCEJVGVGP ,QWTPCNKUVGP kJPNKEJ YKG FKG DGHTCIVGP +PXGUVQTGP WPF #PCN[UVGP 'NGOGPVG XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ FKG FGO GKIGPV NKEJGP -GTPIGUEJkHV PCJG UVCPFGP WPF FCOKV \WOKPFGUV OKVVGNDCT GTIGDPKUYKTM UCO UGKP MQPPVGP CNU YGUGPVNKEJ YKEJVKIGT CNU GXGPVWGNNGU RJKNCPVJTQRKUEJGU 'PICIGOGPV Ã7PUGTG .GUGT UKPF FQEJ KO -GTP CWH FKG JCTVGP (CMVGP MQP\GPVTKGTV 5KG YGTFGP GU JQPQTKGTGP YGPP GKP GTHQNITGKEJGU 7PVGTPGJOGP GVJKUEJG 5VCPFCTFU DGCEJVGV GU YKTF GKPGO YGPKI GTHQNITGKEJGP 7PVGTPGJOGP CDGT MCWO GVYCU PWV\GP 'KP 7PVGT PGJOGP YGNEJGU UKEJ GKPUGKVKI UQ\KCN DGO€JV KUV H€T WPUGTG .GUGT PKEJV DGUQPFGTU KPVGTGUUCPV² ,QWTPCNKUV +PVGTXKGY  #WIWUV  Ã/GKPGT #PUKEJV PCEJ OWUU GKP 7PVGTPGJOGP \WGTUV GKPOCN FCU VWP YQH€T GU IG IT€PFGV YWTFG #NUQ IWV \W YKTVUEJCHVGP WPF )GYKPPG \W GT\KGNGP &CU KUV INCWDG

 +PXGUVQTGP WPF %QTRQTCVG )QXGTPCPEG



KEJ FKG GPVUEJGKFGPFG )TWPFXQTTCWUGV\WPI 5Q\KCNGU QFGT RQNKVKUEJGU 'PICIGOGPV FCU UGJT YGKV XQO -GTPIGUEJkHV GPVHGTPV KUV YCU YGKUU KEJ FKGUG 5JGNN ,WIGPFUVW FKGP QFGT KTIGPFYGNEJG $2 5VWFKGP \W 'PGTIKG WPF 7OYGNV UKPF \YCT CWEJ KPVGTGU UCPV CDGT GTUV FCPP YGPP FKG CPFGTGP &KPIG IGIGDGP UKPF² ,QWTPCNKUV +PVGTXKGY  ,WNK  Ã/GKPGT /GKPWPI PCEJ KUV IGUGNNUEJCHVNKEJGU 'PICIGOGPV PKEJV FGT YKEJVKIUVG (CM VQT CDGT GU KUV GKP YGKEJGT (CMVQT FGT JGWV\WVCIG GKP /WUU KUV WPF FGT CWEJ XQTCWU IGUGV\V YKTF DGK GKPGO 7PVGTPGJOGP FCU GTPUV IGPQOOGP YGTFGP WPF NCPIHTKUVKI DGUVGJGP YKNN #NUQ GU IGJ{TV GKIGPVNKEJ FC\W #DGT PWT IWV KP FKGUGP (CMVQTGP \W UGKP WPF FCDGK UEJNGEJVG 'TIGDPKUUG QFGT 2TQFWMVG CD\WNKGHGTP FCU YKTF NGV\GP 'P FGU FCU #WU GKPGU LGFGP 7PVGTPGJOGPU UGKP² ,QWTPCNKUV +PVGTXKGY  ,WNK 

#WEJ PCEJ #WUUCIG FGT KPVGTXKGYVGP 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP DG FKPIVGP UKEJ UQ IGUGNNUEJCHVNKEJGU 'PICIGOGPV CWH FGT GKPGP WPF YKTVUEJCHVNKEJGT 'THQNI CWH FGT CPFGTGP 5GKVG GKPCPFGT IGIGPUGKVKI 0CEJJCNVKIGT YKTVUEJCHVNKEJGT 'THQNI KUV QJPG 4€EMUKEJV CWH FKG )GUGNNUEJCHV GDGPUQ YGPKI \W GT\KGNGP YKG CWEJ GKP 7PVGTPGJOGP FCUU MGKPG )GYKPPG GTYKTVUEJCHV CWH NCPIG 5KEJV H€T GKP )GOGKPYGUGP MGKPG $GTGKEJGTWPI FCTUVGNNV (€T FKG (TCIG PCEJ FGO 5VGNNGPYGTV XQP UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP KUV FCJGT \WUCOOGPHCUUGPF YKEJVKI FCUU NCWV FGP #WUUCIGP FGT +PVGTXKGYRCTVPGT GKP -QPUGPU \YKUEJGP FGP +PVGTGU UGP FGT )GUGNNUEJCHV WPF FGPGP FGT 7PVGTPGJOGPUGKIGPV€OGT IGHWPFGP YGTFGP OWUU 'VYCKIGO IGUGNNUEJCHVNKEJGO 'PICIGOGPV OWUU \WOKPFGUV OKVVGNDCT GKP PCEJYGKUDCTGT 0WV\GP H€T FCU 7PVGTPGJOGP GTYCEJUGP &KGUG #WHHCUUWPI HKPFGV UKEJ GDGPHCNNU KP FGT .KVGTCVWT YKGFGT /KPQY  DGOGTMV \WO $GKURKGN KP FKGUGO <WUCOOGPJCPI ÃEQORCPKGU UJQWNF GXCNWCVG VJGKT EJCTKVCDNG EQPVTKDW VKQPU GZENWUKXGN[ KP VGTOU QH FQEWOGPVCDNG DGPGHKVU VQ UJCTGJQNFGT XCNWG CPF EQPUKFGT EJCTKVCDNG EQPVTKDWVKQPU C RCTV QH VJG EQORCP[µU CFXGTVKUKPI CPF OCTMGV KPI GZRGPFKVWTGU³ 5  #WEJ CWU FGP +PVGTXKGYU YWTFG FGWVNKEJ FCUU FGT <WUCOOGPJCPI \YKUEJGP UQ\KCNGP WPF {MQNQIKUEJGP /CˆPCJOGP FGP -CRKVCN OCTMVVGKNPGJOGTP XQP 5GKVGP FGU 7PVGTPGJOGPU MNCT WPF GHHGMVKX MQOOWPK\KGTV YGTFGP OWUU #PFGTPHCNNU YCT NCWV #WUUCIGP FGT DGHTCIVGP #PCN[UVGP +PXGUVQ TGP WPF ,QWTPCNKUVGP WPVGTPGJOGTKUEJGU IGUGNNUEJCHVNKEJGU 'PICIGOGPV PKEJV UKPPXQNN Ã&CU MNKPIV KOOGT UQ GKP DKUUEJGP JCTUEJ CDGT FKG 7OYGNV 4GRQTVU XQP 7PVGTPGJ OGP KPVGTGUUKGTGP OKEJ GJTNKEJ IGUCIV PKEJV #PFGTG JCDGP FC XKGNNGKEJV GKPG CPFGTG /GKPWPI CDGT OGKPG #WHICDG KUV GU )GNGIGPJGKVGP \W GPVFGEMGP *KGTDGK IGJV GU WO 4GPFKVGP  7OYGNVOCˆPCJOGP UKPF UGJT JkWHKI -QUVGP FKG OKV UGJT YGPKI \W UkV\NKEJGP 'TVTkIGP XGTDWPFGP UKPF #NUQ OGKPGT /GKPWPI PCEJ UKPF UQNEJG /Cˆ PCJOGP H€T FKG +PXGUVQTGPUGKVG PWT FCPP KPVGTGUUCPV YGPP GU FGT 4GPFKVG IWV VWV²

5GNN5KFG #PCN[UV +PVGTXKGY  /CK 



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

#WU FKGUGT \WPkEJUV MQPVGTMCTKGTGPF YKTMGPFGP #WUUCIG YKTF FGWVNKEJ FCUU KP FGT 7PVGTPGJOGPUMQOOWPKMCVKQP PGDGP FGT TGKPGP $GTKEJVGTUVCVVWPI €DGT YGK EJG (CMVQTGP YKG {MQNQIKUEJG /CˆPCJOGP CWEJ WPOKVVGNDCT #WUUCIGP IGVTQHHGP YGTFGP O€UUGP €DGT FKG M€PHVKIG 9KTMWPI CWH FKG (KPCP\GTIGDPKUUG )GUEJKGJV FKGU PKEJV XGTGPIV UKEJ FGT $NKEM O{INKEJGTYGKUG KPU 0GICVKXG 7O JKGT PQEJ OCNU FKG #WUICPIUNCIG H€T FKG YGKVGTGP gDGTNGIWPIGP \WO 5VGNNGPYGTV XQP UQ\K CNGP WPF {MQNQIKUEJGP $GNCPIGP KP FGT -CRKVCNOCTMVMQOOWPKMCVKQP CWH\W\GK IGP -CRKVCNOCTMVVGKNPGJOGT WPF KPUDGUQPFGTG KPUVKVWVKQPGNNG #PNGIGT JCDGP GKP GTJGDNKEJGU HKPCP\KGNNGU 'PICIGOGPV \W XGTCPVYQTVGP 7O \WOKPFGUV GKPG DG UEJTkPMVG -QPVTQNNG €DGT FKG 8GTYGPFWPI FGT GKPIGDTCEJVGP /KVVGN \W GTTGKEJGP WPF FCU FCOKV XGTDWPFGPG 4KUKMQ CDUEJkV\GP \W M{PPGP UVGJGP FCDGK FWTEJCWU CWEJ FKG 'KPHNWUUO{INKEJMGKVGP CWH WPVGTPGJOGTKUEJG 'PVUEJGKFWPIGP KO (QMWU KJTGT $GVTCEJVWPIGP 'KPG IWVG %QTRQTCVG )QXGTPCPEG DGKPJCNVGV FCJGT KOOGT CWEJ FKG 1HHGPNGIWPI FGT UVTCVGIKUEJGP
 fHHGPVNKEJMGKV /GFKGP 0)1U  2QNKVKM



 fHHGPVNKEJMGKV /GFKGP 0)1U  2QNKVKM  fHHGPVNKEJG 9CJTPGJOWPI WPF IGUGNNUEJCHVNKEJG .GIKVKOKVkV &CU UQ\KCNG WPF {MQNQIKUEJG 'PICIGOGPV GKPGU 7PVGTPGJOGPU YWTFG XQP XKGNGP FGT DGHTCIVGP #PCN[UVGP +PXGUVQTGP WPF ,QWTPCNKUVGP CNU GPI XGTDWPFGP OKV FGO )TCF FGT #PGTMGPPWPI WPF .GIKVKOKVkV GKPGU 7PVGTPGJOGPU KPPGTJCND UGKPGT IGUGNNUEJCHVNKEJGP 7OIGDWPI IGUGJGP &KGUG #PUKEJV HKPFGV UKEJ kJPNKEJ CWEJ KP FGT .KVGTCVWT YKGFGT 9CFFQEM WPF )TCXGU  UGJGP \WO $GKURKGN KP %QTRQ TCVG 5QEKCN 4GURQPUKDKNKV[ YGPKIGT HTGKYKNNKIG #WUICDGP KO 'TOGUUGP GKPGU 7PVGTPGJOGPU UQPFGTP XKGNOGJT PQVYGPFKIG -QUVGP WO FCU (QTVDGUVGJGP FGT 7PVGTPGJOGPUVkVKIMGKV NCPIHTKUVKI UKEJGT\WUVGNNGP &KG 'ZKUVGP\ GKPGU 7PVGTPGJ OGPU KUV CWH FGP KORNK\KVGP -QPUGPU \YKUEJGP FGT )GUGNNUEJCHV WPF FGP
/KV CPFGTGP 9QTVGP 7PVGTPGJOGP FKG FGP DGTGEJVKIVGP #PURT€EJGP KJTGT 5VC MGJQNFGT TGURGMVXQNN IGIGP€DGTVTGVGP GTYGTDGP GKPGP )TCF CP .GIKVKOCVKQP KPPGTJCND GKPGT )GUGNNUEJCHV FGT CWH NCPIG 5KEJV H€T FKG 5EJCHHWPI XQP 5JCTGJQN FGT 8CNWG WPGTNkUUNKEJ KUV 'KP UGKVGPU FGT KPVGTXKGYVGP -CRKVCNOCTMVVGKNPGJOGT YKG CWEJ KPPGTJCND FGT GPVURTGEJGPFGP .KVGTCVWT CPIGURTQEJGPGT CNU GKP H€T FKG 9GTVIGPGTKGTWPI H{TFGTNKEJ IGUGJGPGT 'HHGMV KUV FKG #PUKEJV FCUU FKG )GUEJkHVU VkVKIMGKV GKPGU 7PVGTPGJOGPU YGNEJGU UKEJ WO IGUGNNUEJCHVNKEJG #PGTMGPPWPI DGO€JV XQP FGT )GUGNNUEJCHV GJGT CNU CPIGOGUUGP WPF XGTP€PHVKI YCJTIGPQO OGP WPF DGWTVGKNV YKTF $CWO GV CN  /G[GT GV CN  5WEJOCP  H€JTV GPVURTGEJGPF CWU Ã.GIKVKOCVKQP KU C IGPGTCNKUGF RGTEGRVKQP QT CUUWORVKQP VJCV VJG CEVKQPU QH CP GPVKV[ CTG FGUKTCDNG RTQRGT QT CRRTQRTKCVG YKVJKP UQOG UQEKCNN[ EQPUVTWEVGF U[UVGO QH PQTOU XCNWGU DGNKGHU CPF FGHKPKVKQPU³



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

&GOGPVURTGEJGPF kWˆGTVGP WOIGMGJTV GKPKIG #PCN[UVGP WPF +PXGUVQTGP FKG $GH€TEJVWPI FCUU GKPG OCPIGNPFG #WHOGTMUCOMGKV IGIGP€DGT FGO .GIKVKOK VkVUCURGMV FKG 5VGNNWPI GKPGU 7PVGTPGJOGPU KPPGTJCND FGT )GUGNNUEJCHV RQVGPVKGNN DGFTQJGP MCPP &KGUG CFXGTUGP 'HHGMVG M{PPGP UKEJ NCWV +PVGTXKGYCWUUCIGP KP (QTO XQP YKTVUEJCHVNKEJGP TGEJVNKEJGP QFGT CPFGTGP UQ\KCNGP 5CPMVKQPGP OCPK HGUVKGTGP 'KP #PCN[UV H€JTVG \WO $GKURKGN OKV $G\WI CWH FKG 5KVWCVKQP KO 'PGT IKGUGMVQT FGT KPUDGUQPFGTG XQT FGO *KPVGTITWPF FGT CMVWGNNGP &GDCVVG WO FGP -NKOCYCPFGN WPF O{INKEJGT /CˆPCJOGP \W FGUUGP 8GTNCPIUCOWPI UGJT GZRQ PKGTV UVGJV CWU ²+ VJKPM UWUVCKPCDKNKV[ KU C IGPGTCN VTGPF +P O[ QRKPKQP VJGTG KU C YKFGT TKUM HQT EQORCPKGU VJCV CTG RGTEGKXGF VQ DG NKIJVJGCTVGF KP VGTOU QH GPXKTQPOGPVCN KUUWGU 5RGEKHKECNN[ HQT VJG KPFWUVTKGU VJCV + EQXGT C NCEM QH NGIKVKOCE[ KU C XGT[ IGPWKPG TKUM KP VGTOU QH FKTGEV HKPCPEKCN KORCEV³ +PUVKVWVKQPGNNGT +PXGUVQT +PVGTXKGY  #R TKN 

> 'PGTIKGUGMVQT YWTFG PWT UVGNNXGTVTGVGPF H€T GKPG ICP\G 4GKJG YGKVGTGT $TCP EJGP IGPCPPV FGTGP $G\KGJWPIGP OKV FGT fHHGPVNKEJMGKV CNU DGUQPFGTU UGPUKDGN GTCEJVGV YWTFGP 9GKVGTG $GKURKGNG UKPF \WO $GKURKGN FGT %JGOKGUGMVQT 6CDCM .GDGPU WPF )GPWUUOKVVGNRTQFW\GPVGP FKG #WVQOQDKNKPFWUVTKG UQYKG FGT (K PCP\UGMVQT WPF JKGT KPUDGUQPFGTG *GFIG WPF 2TKXCVG 'SWKV[ (WPFU &KG DGHTCI VGP -CRKVCNOCTMVVGKNPGJOGTP GTYCTVGVGP FGOGPVURTGEJGPF XQP 7PVGTPGJOGP FGP 8GTUWEJ KPPGTJCND {MQPQOKUEJ XGTVTGVDCTGT )TGP\GP GKPG \WOKPFGUV VGKNYGKUG gDGTGKPUVKOOWPI FGT 7PVGTPGJOGPUCMVKXKVkVGP OKV FGP 9GTVXQTUVGNNWPIGP WPF 0QTOGP FGT )GUGNNUEJCHV FGTGT UKG 6GKN UKPF \W GT\KGNGP 'U IKNV CDGT JKGT GKP UEJTkPMGPF CP\WOGTMGP FCUU CDJkPIKI XQP FGT 6TCFKVKQP WPF -WNVWT GKPGU 7P VGTPGJOGPU CDGT CWEJ GVYC UGKPGT {HHGPVNKEJGP 'ZRQPKGTVJGKV H€T FKG DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT ICP\ WPVGTUEJKGFNKEJG )TCFG CP IGUGNNUEJCHVNKEJGT .GIK VKOKVkV CM\GRVCDGN YCTGP &KG 9KEJVKIMGKV IGUGNNUEJCHVNKEJGT .GIKVKOKVkV YWTFG CDJkPIKI XQP (CMVQTGP YKG \WO $GKURKGN FGT {HHGPVNKEJGP 5KEJVDCTMGKV FGU 7P VGTPGJOGPU WPF FGO )TCF KP FGO 7PVGTPGJOGP XQP IGUGNNUEJCHVNKEJGT WPF RQNKVKUEJGT 7PVGTUV€V\WPI CDJkPIKI UKPF IGUGJGP XIN CWEJ &QYNKPI GV CN  &CTCWU FGP 7OMGJTUEJNWUU \W \KGJGP FCUU OKVVNGTG QFGT MNGKPGTG 7PVGT PGJOGP YGPKIGT IGUGNNUEJCHVNKEJG .GIKVKOKVkV DGP{VKIGP YkTG CDGT UKEJGT PKEJV JCNVDCT #WEJ UQNEJG 7PVGTPGJOGP YGTFGP XQP IGUGNNUEJCHVNKEJGP 4CJOGPDG FKPIWPIGP DGGKPHNWUUV FKG UKEJ FCPP YGPKIGT CWH KPVGTPCVKQPCNGT QFGT PCVKQPCNGT 'DGPG CNU CWH {TVNKEJGT QFGT TGIKQPCNGT 'DGPG GPVYKEMGNP #WEJ XQP FGP DGHTCIVGP 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP YWTFG FKG 4QN NG WPF FGT 'THQNI GKPGU 7PVGTPGJOGPU CNU UGJT UVCTM CDJkPIKI XQP FGT )GUCOVIG UGNNUEJCHV IGUGJGP &CU 8GTUVkPFPKU GKPGU GTHQNITGKEJGP 7PVGTPGJOGPU YCT FCJGT KP LQWTPCNKUVKUEJGP -TGKUGP CWEJ PKEJV CWUUEJNKGUUNKEJ FCU GKPGU 7PVGTPGJOGP

 fHHGPVNKEJMGKV /GFKGP 0)1U  2QNKVKM



YGNEJGU O{INKEJUV JQJG HKPCP\KGNNG )GYKPPG GTYKTVUEJCHVGV UQPFGTP YGNEJGU CWEJ 5KPP WPF 0WV\GP H€T FGP GTYGKVGTVGP -TGKU FGT 7PVGTPGJOGPUUVCMGJQNFGT UVKHVGV 8GTCPVYQTVWPIUXQNNGU 9KTVUEJCHVGP YCT KP FGP #WIGP FGT DGHTCIVGP ,QWT PCNKUVGP )GYKPPGT\KGNWPI WPVGT 0GDGPDGFKPIWPIGP 0CEJ #WUUCIGP FGT +PVGT XKGYVGKNPGJOGT YWTFG FKG -QQRGTCVKQP FGT )GUGNNUEJCHV KPPGTJCND FGT GKP 7P VGTPGJOGP VkVKI KUV WPF CWU FGT GU UGKPG 4GUUQWTEGP DG\KGJV H€T GKPG NCPIHTKUVKIG )GYKPPGT\KGNWPI CNU WPGTNkUUNKEJ IGUGJGP /KV CPFGTGP 9QTVGP FKG $G\KGJWPI \YKUEJGP 7PVGTPGJOGP WPF FGT )GUGNNUEJCHV YWTFG CNU GKP 9GEJUGNURKGN IGUG JGP KP FGO DGKFG 2CTVPGT H€T KJTGP RGTU{PNKEJGP 'THQNI CWHGKPCPFGT CPIGYKGUGP UKPF Ã+O 5KPPG FGT 0CEJJCNVKIMGKV FGU WPVGTPGJOGTKUEJGP 'THQNIGU KUV GU UEJQP GPVUEJGK FGPF FCUU OCP FKG XGTUEJKGFGPGP IGUGNNUEJCHVNKEJGP #MVGWTG DGT€EMUKEJVKIV +EJ INCWDG GKP 7PVGTPGJOGP FCU GTHQNITGKEJ UGKP YKNN OWUU TGCNKUKGTGP FCUU GU KP GKPGO IGUCOVIGUGNNUEJCHVNKEJGP -QPVGZV CIKGTV WPF FKG CPFGTGP IGUGNNUEJCHVNKEJGP $GTGKEJG PKEJV CWUMNCOOGTP MCPP &KGU HkPIV CP DGK FGP GKIGPGP /KVCTDGKVGTP FGT -QOOWPG KP FGO GKP 7PVGTPGJOGP CIKGTV DKU JKP \W FGT 8GTCPVYQTVWPI H€T IGUCOVIGUGNN UEJCHVNKEJG #WHICDGP² ,QWTPCNKUV +PVGTXKGY  ,WNK  Ã'KP 7PVGTPGJOGT QFGT GKP /CPCIGT JCV PKEJV PWT 8GTCPVYQTVWPI H€T UGKP 7PVGT PGJOGP UQPFGTP PCV€TNKEJ CWEJ H€T FKG )GUGNNUEJCHV 'U KUV UEJNKGˆNKEJ MGKP 5GNDUV \YGEM FCUU GU GKPGO 7PVGTPGJOGP YKTVUEJCHVNKEJ IWV IGJV UQPFGTP GU OWUU 0WV\GP H€T CNN UGKPG 5VCMGJQNFGT NKGHGTP FGP -WPFGP IGIGP€DGT FGP #MVKQPkTGP GVE 0WT CWU FKGUGO )TWPF KUV GU YKEJVKI FCUU GU FGO 7PVGTPGJOGP IWV IGJV *QJGT )GYKPP CP UKEJ OCEJV KP OGKPGP #WIGP PQEJ MGKPGP 5KPP² ,QWTPCNKUV +PVGTXKGY  ,WNK 

&KG CPIGURTQEJGPG IGUCOVIGUGNNUEJCHVNKEJG 5VGNNWPI D\Y {HHGPVNKEJG 9CJTPGJ OWPI GKPGU 7PVGTPGJOGPU FWTEJ UGKPG #PURTWEJUITWRRGP NkUUV UKEJ CO ITGKH DCTUVGP CP FGT UQ IGPCPPVGP 7PVGTPGJOGPUTGRWVCVKQP HGUVOCEJGP FGT 9GTVUEJkV \WPI FKG GKPGO 7PVGTPGJOGP UGKVGPU UGKPGT #PURTWEJUITWRRGP GPVIGIGPIG DTCEJV YKTF WPF FKG TGIGNOkˆKI \WO $GKURKGN CWH )TWPFNCIG FGT LkJTNKEJGP Â/QUV #FOKTGF %QORCPKGUµ 7OHTCIG FGU Â(QTVWPG /CIC\KPGµ QFGT CPFGTGT 7OHTCIGP GTJQDGP YKTF XIN (QODTWP  (QODTWP  5JCPNG[  5QHGTP 7PVGT PGJOGP PKEJV KP FGT .CIG UKPF FGP #PURT€EJGP FGT )GUGNNUEJCHV IGTGEJV \W YGTFGP MCPP UKEJ FGT FCTCWU TGUWNVKGTGPFG #PUGJGPU D\Y .GIKVKOKVkVUXGTNWUV DGKURKGNUYGKUG KP IGTKPIGTGO #DUCV\ QFGT GKPGT IGTKPIGTGP #VVTCMVKXKVkV FGU 7PVGTPGJOGPU DGK IGIGPYkTVKIGP WPF RQVGPVKGNNGP #PIGUVGNNVGP PKGFGTUEJNCIGP

XIN (QODTWP )CTFDGTI  $CTPGVV  5  .CWV #WUUCIG FGT KPVGTXKGYVGP #PCN[UVGP WPF +PXGUVQTGP YCTGP FKGUG CFXGTUGP 'HHGMVG WPOKVVGNDCT GTVTCIUTGNG XCPV WPF XGTOKPFGTVGP FGP 7PVGTPGJOGPUYGTV 5Q YWTFG GKPG UEJNGEJVG 4GRWVC VKQP HCUV KOOGT OKV GKPGT (QNIG PGICVKXGT 0CEJTKEJVGP XQP GPVVkWUEJGPFGP WPF



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

€DGTTCUEJGPFGP )GUEJkHVUGTIGDPKUUGP OCPIGNJCHVGT 5VTCVGIKGWOUGV\WPI QFGT UEJNGEJVGT )QXGTPCPEG KP 8GTDKPFWPI IGDTCEJV YCU \W ITQˆGT 5MGRUKU KO /CTMV H€JTVG WPF KOOGT GKPG IGPCWG #PCN[UG FGT 7PVGTPGJOGPUUKVWCVKQP PQVYGPFKI GTUEJGKPGP NKGUU &KG DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT GTCEJVGVGP KP FKGUGO <WUCOOGPJCPI FKG (kJKIMGKV FGT (€JTWPIUGDGPG GKPGU 7PVGTPGJOGPU UKEJ WPF FCU 7PVGTPGJOGP IGIGP€DGT FGT 8KGN\CJN XQP 5VCMGJQNFGTP TKEJVKI \W RQUKVKQPKG TGP CNU CWˆGTQTFGPVNKEJ YKEJVKI Ã&KG #TV WPF 9GKUG YKG OCP UKEJ KP FGT fHHGPVNKEJMGKV RTkUGPVKGTV WPF YGNEJG -QOOWPKMCVKQPUHGJNGT OCP FC OCEJGP MCPP NCUUG KEJ UEJQP KP OGKPG #PCN[UG GKP HNKGUUGP +O 2TKP\KR IGJ{TV FCU CWEJ KP FCU -CRKVGN UQ\KCNG 8GTCPVYQTVWPI 9GPP OCP \WO $GKURKGN OKV GKPGO 8KEVQT[
+O -QPVTCUV FC\W YWTFG GKPG IWVG 4GRWVCVKQP XQP FGP DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP CNU 5KIPCN IGYGTVGV FCUU GU FGO 7PVGTPGJOGPUOCPCIGOGPV OKV ITQ ˆGT 9CJTUEJGKPNKEJMGKV \WOKPFGUV IGNKPIGP YKTF FGP 7PVGTPGJOGPUYGTV KP <WMWPHV \W GTJCNVGP YGPP PKEJV UQICT \W UVGKIGTP 7PCDJkPIKI XQP FGT 7PVGTUW EJWPI DGNGIGP KP FKGUGO <WUCOOGPJCPI CWEJ GKPG 4GKJG 5VWFKGP FCUU GKPG XQTVGKNJCHVG 4GRWVCVKQP GKPGO 7PVGTPGJOGP JKNHV GKP UQ IGPCPPVGU ÂKPXGUVOGPV QH EJQKEGµ \W YGTFGP FCOKV CNUQ FKG (kJKIMGKV XGTDGUUGTV -CRKVCN \W I€PUVKIGP -QPFKVKQPGP CWH FGO -CRKVCNOCTMV CWH\WPGJOGP (QODTWP  .CTMKP  +O 4CJOGP UGKPGU 4GRWVCVKQPUOCPCIGOGPVU UQNNVG PCEJ #WUUCIGP FGT DGHTCIVGP #PCN[UVGP +PXGUVQTGP WPF ,QWTPCNKUVGP LGFGU 7PVGTPGJOGP UQHGTP CPIGDTCEJV GKPG 4GKJG XQP #URGMVGP FKG UKEJ WPVGT FGO $GITKHH Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ GKPQTFPGP NCUUGP KP UGKPGT )GUEJkHVUVkVKIMGKV DGT€EMUKEJ VKIGP +P FGT $G\KGJWPI OKV FGT DTGKVGP fHHGPVNKEJMGKV YWTFG GU XQP FGP +PVGT XKGYRCTVPGTP CNU YGTVUVGKIGTPF GORHWPFGP HCNNU 7PVGTPGJOGP FCTCWH CEJVGP GKPG IWVG 4GRWVCVKQP FWTEJ WOUKEJVKIGU 9KTVUEJCHVGP CWH\WDCWGP WPF \W DGYCJ TGP XIN CWEJ .GYKU  5  5GKV\  5  9KGNCPF  5  Ã<W GKPGT RQUKVKXGP 4GRWVCVKQP IGJ{TV PGDGP FGO YKTVUEJCHVNKEJGP 'THQNI WPF GKPGO GPVURTGEJGPFGP /CPCIGOGPV OKV 5KEJGTJGKV CWEJ GKP YGKVGTGT KPVGTGUUCPVGT #URGMV FKG IGUGNNUEJCHVNKEJG 8GTCPVYQTVWPI XQP 7PVGTPGJOGP +PYKGHGTP 7PVGTPGJOGP FKG UG 8GTCPVYQTVWPI YCJTPGJOGP #NNGU KO $GTGKEJ %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[

 fHHGPVNKEJMGKV /GFKGP 0)1U  2QNKVKM



GORHKPFG KEJ H€T OGKPG $GTKEJVGTUVCVVWPI WPF OGKPG .GUGTUEJCHV CNU GKP \WPGJOGPF YKEJVKIGT YGTFGPFGU -TKVGTKWO² ,QWTPCNKUV +PVGTXKGY  ,WNK 

#WEJ CP FKGUGO
 YKTF FKG 9CJTPGJOWPI GKPGU 7PVGTPGJOGPU CO -CRKVCNOCTMV DGKURKGNU YGKUG FWTEJ UQ IGPCPPVG ÂJWOCP KPVGTGUVµ )GUEJKEJVGP KP FGT $GTKEJVGTUVCVVWPI GOQVKQPCN IGHkTDV &KGUG 'KPUEJkV\WPI FGU 'KPHNWUUGU FGT /GFKGPDGTKEJVGTUVCV VWPI YWTFG XQP FGP FWTEJ WPU KPVGTXKGYVGP #PCN[UVGP WPF +PXGUVQTGP FWTEJCWU IGVGKNV 9KG DGTGKVU KO XQTCPIGICPIGPGP -CRKVGN FCTIGUVGNNV YWTFG YKTF FKG YCJTIGPQOOGPG 4GRWVCVKQP GKPGU 7PVGTPGJOGPU PKEJV CNNGKPG FWTEJ FKG RGTU{P NKEJG 'THCJTWPI OKV FGO 7PVGTPGJOGP DGGKPHNWUUV UQPFGTP KPUDGUQPFGTG CWEJ XGTOKVVGNV €DGT FKG /GFKGP > 6GPQT FGT /GFKGPDGTKEJVGTUVCVVWPI YWTFG XQP FGP DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGTP CNU FGOGPVURTGEJGPF TGNGXCPV GTCEJVGV Ã5KEJGTNKEJ DGGKPHNWUUV FKG 9CJTPGJOWPI GKPGU 7PVGTPGJOGPU KP FGP /GFKGP WPF KP FGT fHHGPVNKEJMGKV CWEJ FKG 9CJTPGJOWPI FKGUGU 7PVGTPGJOGPU CO -CRKVCNOCTMV &CTCWU TGUWNVKGTV WPVGT #PCN[UVGP #PNGIGTP WPF +PXGUVQTGP UKEJGTNKEJ CWEJ GKP GPV URTGEJGPFGU +OCIG FQEJ CWH LGFGP (CNN ª /CP NKGUV LC UGJT XKGN KP FGT 2TGUUG WPF



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV KP FGP /GFKGP UQ DGMQOOV OCP GKP DKUUEJGP GKP )GH€JN FCH€T YKG FCU 7PVGTPGJ OGP CWEJ KP FGT #WˆGPFCTUVGNNWPI YCJTIGPQOOGP YKTF +EJ GORHKPFG FCU {HHGPVNK EJG +OCIG GKPGU 7PVGTPGJOGPU IGTCFG CWEJ KP FGP GPVURTGEJGPFGP /GFKGP CNU UGJT YKEJVKI² 5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

+P GKPGO UEJNGEJVGP /GFKGPGEJQ UCJGP FKG DGHTCIVGP KPUVKVWVKQPGNNGP +PXGUVQTGP WPF #PCN[UVGP GKP
0CEJ #WUMWPHV FGT DGHTCIVGP ,QWTPCNKUVGP YCT GU JKGTDGK KO <WUCOOGPJCPI OKV UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP WPVGT FGO )GUKEJVURWPMV FGT /GFKGPDG TKEJVGTUVCVVWPI H€T 7PVGTPGJOGP FWTEJCWU O{INKEJ PKEJV PWT MTKVKUEJ UQPFGTP CWEJ CNU RQUKVKXGU $GKURKGN IGPCPPV \W YGTFGP 7PVGTPGJOGTKUEJG +PKVKCVKXGP KP FKGUGT 4KEJVWPI YWTFGP \WO $GKURKGN UGJT IGTPG KP FGT $GTKEJVGTUVCVVWPI €DGT IGUGNNUEJCHVNKEJ TGNGXCPVG 2TQDNGOG CWHIGPQOOGP Ã7O CNU 7PVGTPGJOGP CWEJ GKPOCN RQUKVKX KP FKG 5EJNCI\GKNGP \W MQOOGP LGV\V OCN CWUUGTJCND FGT GKPUGKVKI YKTVUEJCHVUQTKGPVKGTVGP $GTKEJVGTUVCVVWPI KP FGT (KPCPEKCN 6KOGU QFGT FGU *CPFGNUDNCVVU O€UUGP UKG CWEJ UQNEJG UQ\KCNGP WPF {MQNQIKUEJGP (CMVQTGP DGFKGPGP #PUQPUVGP UKPF UKG KOOGT FCPP FTCP YGPP KTIGPFYQ FKG -TKUG CWUDTKEJV QFGT DGK FGT 2TQFWMVJCHVWPI YCU FCPGDGP IGICPIGP KUV QFGT GKPG 4€EM TWHCMVKQP UVCTVGV &CJGT INCWDG KEJ FCUU GU UEJQP YKEJVKI KUV FCUU UKG CNU 7PVGT PGJOGP UQ YCU OCEJGP ª 7PF YKG KEJ UEJQP CPURTCEJ YKT KNNWUVTKGTGP KP WPUG TGT 9KTVUEJCHVUDGTKEJVGTUVCVVWPI CPJCPF FGU $GKURKGNGU GKPGU 7PVGTPGJOGPU IGTPG IGUCOVIGUGNNUEJCHVNKEJG <WUCOOGPJkPIG YKT PGPPGP UQ GVYCU Â4CJOGPFTGJUµ 9GPP CNUQ GKP 7PVGTPGJOGP KP FGT .CIG KUV FKGUGU QFGT LGPGU 2TQDNGO \W N{UGP MCPP UKEJ GKP 7PVGTPGJOGP OKV UGKPGO UQ\KCNGP QFGT {MQNQIKUEJGP 'PICIGOGPV KP WPUGTGT $GTKEJVGTUVCVVWPI FWTEJCWU JGTXQTVWP 7O GKP UEJNKEJVGU $GKURKGN \W PGPPGP )CP\VCIGUMKPFGTDGVTGWWPI YGPP 5KG GKP 7PVGTPGJOGP JCDGP FCU LGV\V OGJT CNU 

 fHHGPVNKEJMGKV /GFKGP 0)1U  2QNKVKM



/KVCTDGKVGT JCV YGNEJGU FCU OCEJV WPF CWH FKG 4GKJG MTKGIV WPF FCU FCPP MQUVGP NQUª FCPP YGTFGP 5KG OKV FKGUGO 7PVGTPGJOGP DGK WPU KP FGP /GFKGP UGKP WPF FCU MCPP +JPGP GKIGPVNKEJ PWT PWV\GP² ,QWTPCNKUV +PVGTXKGY  ,WPK  Ã7PVGTPGJOGP FKG DGUQPFGTU IWV UKPF KP KJTGO UQ\KCNGP 8GTJCNVGP UKPF H€T WPU KPVG TGUUCPV IGPCWUQ YKG CWEJ 7PVGTPGJOGP FKG DGUQPFGTU UEJNGEJV UKPF $GKFGU GT YGEMV PCV€TNKEJ 0GWIKGT #NUQ KEJ PGJOG OCN GKP $GKURKGN ª JCV KP FGP 75# KO OGT UGJT XKGN 5EJNCI\GKNGP IGOCEJV FWTEJ 5MCPFCNG 'DGPUQ JCV =FCU 7PVGTPGJOGP? JKGT KP &GWVUEJNCPF WPIN€EMNKEJ CIKGTV FCU YCT KPVGTGUUCPVGT 5VQHH #DGT CWEJ GKP 7PVGTPGJOGP YKG ª FCUU €DGT ,CJTG GKPG UGJT XGTCPVYQTVWPIUDGYWUUVG 5VCPFQTV RQNKVKM DGVTGKDV WPF OKV FGP /KVCTDGKVGTP IWV WOIGJV KUV KPVGTGUUCPV #NUQ FC Y€TFG KEJ YKGFGT UCIGP FCUU DGUQPFGTU IWVG WPF DGUQPFGTU PGICVKXG $GKURKGNG H€T WPUGTG $GTKEJVGTUVCVVWPI KPVGTGUUCPV UKPF² ,QWTPCNKUV +PVGTXKGY  #WIWUV 

9KG CPJCPF FKGUGT CWUIGYkJNVGP


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

VGKNPGJOGT UCJGP GU FCJGT CNU #WHICDG FGU /CPCIGOGPVU CP FCU 7PVGTPGJOGP FWTEJ GKPG XQTCWUUEJCWGPFG WPF FGP 0QTOGP FGT )GUGNNUEJCHV CPIGOGUUGPG 7PVGTPGJOGPUUVTCVGIKG XQT GKPGT {HHGPVNKEJGP -QPVTQXGTUG OKV URG\KGNNGP +PVGTGU UGPITWRRGP €DGT FCU )GUEJkHVUIGDCTGP FGU 7PVGTPGJOGPU \W DGYCJTGP Ã+PVGTGUUGPITWRRGP UKPF CWEJ 5VCMGJQNFGT WPF GU IGJ{TV GDGP CWEJ FC\W FCUU OCP CNU 7PVGTPGJOGP PKEJV H€T PGICVKXG 0CEJTKEJVGP UQTIV 0GICVKXG 0CEJTKEJVGP UKPF GKPG (QNIG FGU 8GTUVQˆGU IGIGP FKG IGNVGPFGP -QPXGPVKQPGP 8GTUEJOWV\WPI FGT 7OYGNV #WUDGWVGTGK -KPFGTCTDGKVª² 5GNN5KFG #PCN[UV +PVGTXKGY  ,WNK 

.CWV #PUKEJV FGT DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT YWTFGP 7PVGTPGJOGP KP GKPGO KPUIGUCOV YGUGPVNKEJ RQNKVKUEJGTGP 7OHGNF CNU PQEJ XQT YGPKIGP ,CJTGP IGUGJGP ° GKPG IWVG 7PVGTPGJOGPUNGKVWPI UQNNVG FKGUGP 7OUVCPF DGT€EMUKEJVKIGP WPF UKEJ FGOGPVURTGEJGPF RQUKVKQPKGTGP &KG )T€PFG H€T FCU #WHMQOOGP UQN EJGT CWUUGTRCTNCOGPVCTKUEJGP +PVGTGUUGPITWRRGP YWTFGP CNU kWˆGTUV XKGNHkNVKI DGUEJTKGDGP +O -GTP FGU 2JkPQOGPU YWTFG XGTOWVGV FCUU XKGNG /GPUEJGP KJT 8GTVTCWGP KP FKG VTCFKVKQPGNNGP RQNKVKUEJGP +PUVKVWVKQPGP XGTNQTGP JCDGP WPF FCJGT XGTUWEJGP KJTG +PVGTGUUGP WPF 5QTIGP CWH FKGUG PGWG #TV KP FKG {HHGPVNKEJG # IGPFC GKP\WDTKPIGP &CU 5CPMVKQPURQVGPVKCN FKGUGT CWUUGTRCTNCOGPVCTKUEJGP +PVGTGUUGPITWRRGP YWTFG FCTKP IGUGJGP CNNHkNNKIGU (GJNXGTJCNVGP XQP 7PVGTPGJ OGP KP M€T\GUVGT
 fHHGPVNKEJMGKV /GFKGP 0)1U  2QNKVKM



 2QNKVKM &KG DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT NGIVGP YGKVGTJKP IT{ˆVGP 9GTV CWH GKPG IWVG $G\KGJWPI FGT XQP KJPGP DGWTVGKNVGP 7PVGTPGJOGP \W UVCCVNKEJGP +PUVKVWVKQ PGP &KG NCPIHTKUVKIG 'PVYKEMNWPIURGTURGMVKXG GKPGU 7PVGTPGJOGPU YWTFG KP FKGUGO <WUCOOGPJCPI CDJkPIKI XQP FGT IGUGNNUEJCHVNKEJGP #M\GRVCP\ IGUGJGP FKG FKGUGU 7PVGTPGJOGP IGPKGˆV UGKPGT NKEGPEG VQ QRGTCVG  $GH{TFGTV YWTFG FKGUGT 'KPFTWEM PQEJ FWTEJ FGP 7OUVCPF FCUU XKGNG CWUUGTRCTNCOGPVCTKUEJG +PVGTGUUGPITWRRGP &TWEM CWH FKG GVCDNKGTVGP RQNKVKUEJGP 5VTWMVWTGP CWU€DGP FJ XGTUWEJVGP FKG 2QNKVKMCIGPFC XQP 2CTVGKGP \W DGGKPHNWUUGP &GOGPVURTGEJGPF GTCEJVGVG FKG (KPCP\IGOGKPFG FKG 3WCNKVkV FGT 2WDNKE #HHCKTU GKPGU 7PVGTPGJ OGPU CNU GKPGP YKEJVKIGP $GUVKOOWPIUHCMVQT H€T FKG \WM€PHVKI \W GTYCTVGPFG 4GIWNKGTWPIUFKEJVG WPF UQ KP (QNIG CWEJ H€T FGP 'THQNI WPF FGP 7PVGTPGJOGPU YGTV &KG #WUIGUVCNVWPI IWVGT $G\KGJWPIGP \W UVCCVNKEJGP +PUVCP\GP YWTFG FGO GPVURTGEJGPF KPUVTWOGPVGNN IGUGJGP GKP #PCN[UV H€JTVG \WO $GKURKGN CWU ²+H [QW VCMG VJG WVKNKVKGU UGEVQT CU CP GZCORNG [QW UGG VJCV ICKPKPI RQNKVKECN IQQFYKNN KU CP KORQTVCPV HCEVQT + OGCP KV KU UVKNN C XGT[ RQNKVKECN UGEVQT UQ VJG KORQTVCPEG QH UC[KPI QT FQKPI UQOGVJKPI CDQWV KUUWGU VJCV RQNKVKEKCPU CTG EQPEGTPGF CDQWV HQT KP UVCPEG UWUVCKPCDKNKV[ KU FGHKPKVGN[ EQPUVTWEVKXG³ +PUVKVWVKQPGNNGT +PXGUVQT  #RTKN 

7O GKPG TGRWVCVKQPUH{TFGTPFG $G\KGJWPI OKV 2CTVGKGP WPF {HHGPVNKEJGP +PUVCP\GP JGT\WUVGNNGP FKG WPVGT 7OUVkPFGP JKNHV WPCPIGOGUUGPGP IGUGV\NKEJGP $GUVKO OWPIGP XQT\WDGWIGP GTYCTVGVGP FKG -CRKVCNOCTMVVGKNPGJOGT YKGFGTWO XQP 7PVGTPGJOGPUUGKVG GKPG IGYKUUG 5GPUKDKNKVkV IGIGP€DGT IGUGNNUEJCHVNKEJ TGNGXCP VGP UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP &KG \WITWPFG NKGIGPFG #TIWOGPVCVKQP KUV FKG FCUU UQHGTP UVCCVNKEJG 5VGNNGP KJTG 7PVGTUV€V\WPI H€T 7PVGTPGJOGP GKP UEJTkPMGP QFGT TGNGXCPVG IGUGV\NKEJG $GUVKOOWPIGP GKPH€JTGP FKGU KP FGT 4GIGN WPOKVVGNDCT CWH FKG 9GVVDGYGTDUDGFKPIWPIGP WPF UQOKV CWH FKG )GYKPPRTQIPQ UGP WPF FGP 7PVGTPGJOGPUYGTV 'KPHNWUU PKOOV &GOGPVURTGEJGPF XGTUWEJVGP FKG DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP FKGUGU 4KUKMQ GKP\WRTGKUGP YGUJCND UKG CWEJ +PHQTOCVKQPGP €DGT FCU RQNKVKUEJG 4KUKMQRTQHKN XQP 7PVGTPGJOGP KP FKGUGT $G\KGJWPI GTYCTVGVGP 'KPKIG V[RKUEJG #WUUCIGP XQP #PCN[UVGPUGKVG FKG FGP 5VGNNGPYGTV FKGUGU (CMVQTU WOUEJTGKDGP YCTGP FKG HQNIGPFGP Ã+P +PFWUVTKGP KP FGPGP FKG 4GIWNKGTWPIGP KO *KPDNKEM CWH 7OYGNVDGNCUVWPIGP UVTGPI UKPF OWUU OCP UQNEJG 5CEJGP UEJQP GKPUEJkV\GP WO \W GTMGPPGP D\Y \W RTQIPQUVK\KGTGP FCUU YGPP GVYCU CWH FKGUGT 5GKVG RCUUKGTV YCU H€T -QPUGSWGP\GP FKGU H€T FKG (KTOC JCDGP MCPP² 5GNN5KFG #PCN[UV +PVGTXKGY  ,WNK 



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV à 5Q\KCNGU 'PICIGOGPV KUV YKGFGTWO TGNGXCPV YGPP GU FKG RQNKVKUEJGP 'PVUEJGK FWPIUVTkIGT DGGKPHNWUUV FKG YKGFGTWO FCU 7PVGTPGJOGP DGGKPHNWUUGP M{PPGP #NUQ OCN CPIGPQOOGP YGPP UKG \WO $GKURKGN CNU 8GTUQTIGT DGK UVGKIGPFGP 2TGKUGP GKPKIG *CWUJCNVG MQORNGVV CP FKG 9CPF FT€EMGP FCPP NCWHGP UKG )GHCJT FCUU FKG 2QNKVKM TGCIKGTV WPF +JPGP YCU CWH\YKPIV &CU IKNV GU \W DGT€EMUKEJVKIGP WPF FC MQOOV FCPP CWEJ YKGFGT FKG 9GKVUKEJV FGU /CPCIGOGPVU KPU 5RKGN² 5GNN5KFG #PCN[UV +P VGTXKGY  /CK  Ã)GTCFG KO 'PGTIKGUGMVQT URKGNV FKG $G\KGJWPIUSWCNKVkV \W UVCCVNKEJGP +PUVCP\GP PKEJV PWT GKPG YGKEJG 4QNNG UQPFGTP NkUUV UKEJ FWTEJCWU CWEJ KP JCTVG
9KG CP FGP CWHIGH€JTVGP
0CEJ 'KPUEJkV\WPI FGT +PVGTXKGYRCTVPGT MCPP %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[ WPF FGTGP RTQHGUUKQPGNNG -QOOWPKMCVKQP UQ KO RQNKVKUEJGP -QPVGZV PCV€TNKEJ PGDGP CPFGTGP /KVVGNP FC\W FKGPGP 'KPHNWUU CWH FGP )GUGV\IGDGT CWU\W€DGP WPF GVYCKIGP PCEJVGKNKIGP 4GIWNKGTWPIGP \WXQT\WMQOOGP D\Y FKGUG \W XGTJKP FGTP 0KEJV \YKPIGPF YWTFG FKGU OKV GKPGT WPOKVVGNDCTGP $KNCP\YKTMUCOMGKV

 fHHGPVNKEJMGKV /GFKGP 0)1U  2QNKVKM



XGTDWPFGP > 9GTV XQP UQ\KCNGP WPF {MQNQIKUEJGP /CˆPCJOGP YWTFG CWEJ KP 'TGKIPKUUGP IGUGJGP FKG GDGP PKEJV UVCVVHCPFGP <WO $GKURKGN YWTFG IGUGNN UEJCHVNKEJGU 'PICIGOGPV CNU RTQDCVGU /KVVGN IGUGJGP FCOKV GKPGO 7PVGTPGJOGP QFGT GKPGT $TCPEJG YGPKIGT 'KPUEJTkPMWPIGP UGKVGPU FGU )GUGV\IGDGTU QFGT FGU 4GIWNKGTGTU CWHGTNGIV YGTFGP <WUCOOGPHCUUGPF KPVGTGUUKGTVGP UKEJ CNUQ FKG KO 4CJOGP FGT 7PVGTUWEJWPI DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT H€T FKG (kJKIMGKV GKPGU 7PVGTPGJOGPU FWTEJ HTGKYKNNKIGU UQ\KCNGU WPF {MQNQIKUEJGU 'PICIGOGPV IGIGDGPGPHCNNU 'KPHNWUU CWH UVCCVNKEJG +PUVCP\GP PGJOGP \W M{PPGP > 'THQNI UQNEJGT $G\KGJWPIUCTDGKV YWTFG YKGFGTWO KP #DJkPIKIMGKV XQP FGO )TCF IGUG JGP \W FGO GKP 7PVGTPGJOGP QFGT FKG GPVURTGEJGPFG +PFWUVTKG XQP FGT fHHGPV NKEJMGKV WPF UVCCVNKEJGP +PUVCP\GP CNU UQ\KCN WPF {MQNQIKUEJ XGTCPVYQTVNKEJ YCJT IGPQOOGP YWTFG % 'KPXGTPGJONKEJG {HHGPVNKEJG $G\KGJWPIGP E .KEGPEG VQ QRGTCVG .GIKVKOKVkV WPF 5VGNNWPI GKPGU 7PVGTPGJOGPU KO 5KPPG GKPGU RCUUKXGP 5EJWV\GU XQT YKTVUEJCHVNKEJGP TGEJVNKEJGP QFGT UQ\KCNGP 5CPMVKQPGP E 4GRWVCVKQP #PGTMGPPWPI WPF 9GTVUEJkV\WPI GKPGU 7PVGTPGJOGPU KPPGT JCND FGT )GUGNNUEJCHV 'KPJGTIGJGPF FCOKV YGTFGP FKG


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

 0CEJJCNVKIGU 9KTVUEJCHVGP WPF -WPFGPOkTMVG  /CTMGP WPF +OCIG &GP -GTP GKPGU 7PVGTPGJOGPU OCEJGP PKEJV CNNGKPG UGKPG (GTVKIWPIUUVkVVGP CWU UQPFGTP \W GKPGO KOOGT IT{ˆGT YGTFGPFGP 6GKN CWEJ KOOCVGTKGNNG 8GTO{IGPU YGTVG XQTTCPIKI +OCIGU WPF /CTMGPYGTVG #WH 8GTDTCWEJGTOkTMVGP URKGIGNV UKEJ FKGUGT 9GTV GKPGU IWVGP 7PVGTPGJOGPUKOCIG WPF UVCTMGT /CTMGP \WO $GK URKGN KP (QTO XQP #DUCV\EJCPEGP WPF 2TGKUURKGNTkWOGP YKFGT /CTMGPYGTVG UKPF H€T 7PVGTPGJOGP WPF KP -QPUGSWGP\ H€T -CRKVCNOkTMVG CWEJ FGUJCND UQ YKEJVKI FC GKPG RQUKVKXG 9CJTPGJOWPI GKPGT /CTMG KP FGP -{RHGP XQP
 0CEJJCNVKIGU 9KTVUEJCHVGP WPF -WPFGPOkTMVG



'PFMWPFGPOCTMV DGGKPHNWUUGP MCPP YCU GDGPUQ KP FKG XQP #PCN[UVGP WPF +PXGU VQTGP RTQIPQUVK\KGTVGP (KPCP\FCVGP GKPGU 7PVGTPGJOGPU GKPHNKGUUV .CWV FGP #WU UCIGP FGT DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT OCPKHGUVKGTVG UKEJ FGT 'HHGMV XQP UQ\KCNGO WPF {MQNQIKUEJGO 'PICIGOGPV RTKOkT KP FGT 5VkTMG FGT 7PVGTPGJ OGPUOCTMG FCXQP CDIGNGKVGV CWEJ KP FGP 2TQFWMVOCTMGP %542QNKVKM D\Y %CWUG 4GNCVGF /CTMGVKPI -CORCIPG %542QNKVKM 2TQFWMVKQPURTQ\GUUG 7OYGNVUEJWV\ /KVCTDGKVGTRQNKVKM 5RGPFGP 5QPUVKIGU 'PICIGOGPV

-QPUWOGPVGP 8GTVTCWGP 8GTDWPFGPJGKV -CWHXGTJCNVGP

-QPUWOGPVGP 9GTVXQTUVGNNWPIGP -QPUWORTkHGTGP\GP +PVGTGUUG CP %54 6JGOGP 7PVGTPGJOGP 5WRRN[ %JCKP -QORTQOKUUG DGK 3WCNKVkV QFGT 2TGKU

7PVGTPGJOGP -WPFGPVTGWG 2TGKUURKGNTCWO #DUkV\G

+PRWV

1WVRWV

-QPMWTTGP\ %542QNKVKM /CTMGVKPICMVKXKVkVGP

XGTOKVVGNPFG 8CTKCDNGP

#DDKNFWPI  %54 5VTCVGIKGP WPF #WUYKTMWPIGP CWH FGP /CTMGVKPIGTHQNI &KG 5VkTMG WPF FGT 9GTV GKPGT /CTMG JkPIGP XQP FGT +PVGITKVkV WPF #WVJGP VK\KVkV FGU /CTMGPKOCIGU CD 5QDCNF GKP 7PVGTPGJOGP GKPG /CTMG GTHQNITGKEJ GVCDNKGTV JCV KUV GU PCV€TNKEJ KO +PVGTGUUG FGU 7PVGTPGJOGPU FKGUGU /CTMGP KOCIG \W DGYCJTGP 5Q\KCNGU WPF {MQNQIKUEJGU 'PICIGOGPV FKG 'KPJCNVWPI XQP 5Q\KCN WPF 7OYGNVUVCPFCTFU UQYKG ICP\ CNNIGOGKP 6TCPURCTGP\ KP FKGUGP $G NCPIGP KUV GKP YGUGPVNKEJGT $GUVCPFVGKN FKGUGU +OCIGOCPCIGOGPVU /KV CPFGTGP 9QTVGP XQTDKNFJCHVGU IGUGNNUEJCHVNKEJGU 'PICIGOGPV KUV GKP /KVVGN WO CWH -QP UWOGPVGPOkTMVGP GKPGTUGKVU J{JGTG 4GPFKVGP \W GT\KGNGP CWH FGT CPFGTGP 5GKVG CDGT CWEJ RQVGPVKGNNG 4KUKMGP H€T FGP /CTMGPYGTV \W OKPKOKGTGP &CJGT YCT GU H€T FKG KPVGTXKGYVGP #PCN[UVGP WPF +PXGUVQTGP YKEJVKI FCUU \WOKPFGUV IGYKUUG 5VCPFCTFU GKPIGJCNVGP YWTFGP WO GVYCKIGP PGICVKXGP +OCIGGHHGMVGP XQT\WDGW IGP \$ FGT $Q[MQVV XQP -KPFGTCTDGKV DGK <WNKGHGTCPVGP &KGUGT <WUCOOGPJCPI



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

\YKUEJGP FGO /CTMGPKOCIG WPF Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ KUV GKP YKEJ VKIGT 5EJTKVV WO \W XGTUVGJGP YCTWO 7PVGTPGJOGP KP IGUGNNUEJCHVNKEJGU 'PIC IGOGPV KPXGUVKGTGP UQNNVGP /CTMGPKOCIGU UKPF CWH FGT GKPGP 5GKVG UGJT YGTVXQNN CWH FGT CPFGTGP 5GKVG CDGT CWEJ UGJT CPHkNNKI H€T $Q[MQVVFTQJWPIGP XQP #MVKXKU VGPITWRRGP 9KG PCEJHQNIGPF IG\GKIV YGTFGP YKTF UCJGP FKG DGHTCIVGP -CRKVCN OCTMVVGKNPGJOGT FKGUGP <WUCOOGPJCPI WPF NGIVGP 9GTV CWH GKPG IGYKUUG 4KUK MQCDUKEJGTWPI UCJGP CDGT CWEJ H€T 7PVGTPGJOGP 2QVGPVKCNG UKEJ FWTEJ KPPQXC VKXG 2TQFWMVG XQP YGPKIGT IGUGNNUEJCHVNKEJ GPICIKGTVGP /KVDGYGTDGTP CD\WUGV \GP  $TCPF #EVKXKUO CNU RQVGPVKGNNG $GFTQJWPI FGU /CTMGPKOCIG 5VCTMG RQRWNkTG /CTMGP OCEJGP 7PVGTPGJOGP CPHkNNKI H€T -TKVKM WPF IGIGP UKG IGTKEJVGVG -CORCIPGP XIN \$ -NGKP  #NU GKPGU FGT GTUVGP 7PVGTPGJOGP OWUUVG FKGU FKG (KTOC 0GUVNo GTNGDGP FKG KP FGP URkVGP GT ,CJTGP CWHITWPF FGU 8GTVTKGDU XQP M€PUVNKEJGT 2WNXGTOKNEJ H€T $CDKGU \WT
ª WPF ª KOOGT YKGFGT OCEJGP PCV€TNKEJ RTKOkT YKEJVKI H€T FCU +OCIG FGT 7P VGTPGJOGPUOCTMG² 5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

 0CEJJCNVKIGU 9KTVUEJCHVGP WPF -WPFGPOkTMVG



à #WUGKPCPFGTUGV\WPIGP OKV #MVKXKUVGP MQOOGP GDGP TGNCVKX NGKEJV WPF UEJPGNN KP FKG 2TGUUG WPF UQ YCU \KGJV UKEJ FCPP YGKVGT DKU \WO 'PFMWPFGP +EJ DG\KGJG FKGU FGUJCND FWTEJCWU OKV GKP KPUQHGTP OCP JKGTH€T +PHQTOCVKQPGP GTJkNV² 5GNN5KFG # PCN[UV +PVGTXKGY  ,WNK 

&KG *GTCWUHQTFGTWPI 7PVGTPGJOGP PKEJV )GIGPUVCPF GKPGT {HHGPVNKEJGP PGICVKX IGH€JTVGP &GDCVVG \W OCEJGP YKTF FWTEJ FGP 7OUVCPF YGKV XGT\YGKIVGT 2TQFWM VKQPURTQ\GUUG JKPVGT XKGNGP /CTMGPCTVKMGNP GTUEJYGTV 5RkVGUVGPU UGKV #PHCPI FGT GT ,CJTG XGTYKUEJGP FKG )TGP\GP \YKUEJGP RTQFW\KGTGPFGP 7PVGTPGJOGP KJTGP .KGHGTCPVGP WPF 5WDNKGHGTCPVGP KP 'PVYKEMNWPIUNkPFGTP KOOGT UVkTMGT &KGUG PGW IGUEJCHHGPGP INQDCNGP 2TQFWMVKQPURTQ\GUUG UKPF QHVOCNU GDGPHCNNU FCU


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

 %CWUG 4GNCVGF /CTMGVKPI CNU &KHHGTGP\KGTWPIUUVTCVGIKG 0GDGP GKPGT #TV 8GTUKEJGTWPIUCURGMV IGIGP€DGT CWH FKG /CTMG DG\QIGPGT -TKVKM GTNCWDGP 2TQFWMVG FKG UKEJ \WO $GKURKGN FWTEJ GKPG J{JGTG 4GUUQWTEGPGHHK\KGP\ GKPGP IGTKPIGTGP 'PGTIKGXGTDTCWEJ YGPKIGT 8GTRCEMWPI WPF )GHCJTUVQHHG DGU UGTG 4GE[ENKPIO{INKEJMGKVGP WPF <WXGTNkUUKIMGKV CWU\GKEJPGP GKPGO 7PVGT PGJOGP VGPFGP\KGNN FKG &KHHGTGP\KGTWPI IGIGP€DGT /KVDGYGTDGTP &KG +PVGITCVK QP FGU (CMVQTU 0CEJJCNVKIMGKV KP FKG
> CPIGURTQEJGPG #URGMV XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ KUV CWEJ )G IGPUVCPF GKPGT 4GKJG XQP 5VWFKGP /WTTC[ WPF 8QIGN  UVGNNVGP \WO $GK URKGN HGUV FCUU WPVGTPGJOGTKUEJGU IGUGNNUEJCHVNKEJGU 'PICIGOGPV GKPGP UKIPKHK MCPV RQUKVKXGP 'KPHNWUU CWH FKG -CWHCDUKEJVGP XQP -QPUWOGPVGP DGUKV\V %TG[GT WPF 4QUU   YGKUGP YGKVGTJKP GKPGP RQUKVKXGP 'KPHNWUU XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ CWH -CWHCDUKEJVGP PCEJ WPVGT FGT $GFKPIWPI FCUU FCU #WUOCˆ FGU UQ\KCNGP WPF {MQNQIKUEJGP 'PICIGOGPVU GKPGU 7PVGTPGJOGPU FCU XQO -QPUWOGPVGP )GYQJPVG WPF 'TYCTVGVG €DGTUVGKIV $TQYP WPF &CEKP  UVGNNVGP UEJNKGˆNKEJ HGUV FCUU IGUGNNUEJCHVNKEJGU 'PICIGOGPV 'KPHNWUU CWH FCU #PUGJGP FGU 7PVGTPGJOGPU DGK 8GTDTCWEJGTP PKOOV WPF UQ \W GKPGO IGYKUUGP )TCF KJTG 8QTNKGDGP H€T PGWG 2TQFWMVG DGGKPHNWUUV 8QP GKPGT 4GKJG CPFGTGT #WVQTGP YKTF FGT JKGT RQUVWNKGTVG <WUCOOGPJCPI LGFQEJ PKEJV QFGT PKEJV KO INGKEJGP 7OHCPI IGVGKNV XKGNOGJT MQOOGP UKG \W GKPGO KP 6GKNGP YKFGTURT€EJ NKEJGP 'TIGDPKU PkONKEJ FCU Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ KP MGKPGO FKTGM

 0CEJJCNVKIGU 9KTVUEJCHVGP WPF -WPFGPOkTMVG



VGP <WUCOOGPJCPI \W FGP -QPUWORTkHGTGP\GP XQP 8GTDTCWEJGTP UVGJV XIN $CTQPG GV CN  'NNGP /QJT  9GDD  > 'HHGMV XQP UQ\KCNGP WPF {MQNQIKUEJGP +PKVKCVKXGP CWH /CTMGPRTkHGTGP\GP KUV FGOPCEJ CDJkPIKI XQP FGT XQP FGP 8GTDTCWEJGTP YCJTIGPQOOGPGP /QVKXCVKQP JKPVGT FKGUGP /CˆPCJOGP YCU DGFGWVGV FCUU WPINCWDY€TFKIG +PKVKCVKXGP WPVGT 7OUVkPFGP CWEJ IGIGPVGKNK IG 4GCMVKQPGP JGTXQTTWHGP M{PPGP 9GKVGTJKP UKPF UQNEJG #MVKXKVkVGP YGPKIGT YKTMUCO FKG INGKEJ\GKVKI PGICVKXG -QORTQOKUUG GTHQTFGTP KPUDGUQPFGTG DGK FGT 3WCNKVkV WPF FGO 2TGKU GKPGU 2TQFWMVGU $CTQPG GV CN  'U DNGKDV HGUV\WJCNVGP FCUU FKG 8GTDKPFWPI \YKUEJGP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ WPF FGP -CWHCDUKEJVGP XQP 8GTDTCWEJGTP UGJT UWDVKNGT 0CVWT KUV > <WUCOOGPJCPI KUV XQP GKPGT 4GKJG XGTOKVVGNPFGT (CMVQTGP CDJkPIKI YKG FGT GOQVKQPCNGP 8GTDKPFWPI \WT /CTMG FGO +PVGTGUUG CP UQ\KCNGP WPF {MQNQIK UEJGP 6JGOGP WPF FGP 9GTVXQTUVGNNWPIGP FGT -QPUWOGPVGP XIN 5GP  $JCVVC EJCT[C  'PVURTGEJGPF YWTFG Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ XQP FGP DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP KO /CTMGVKPIMQPVGZV CWEJ UVkTMGT WPVGT FGO 4KUKMQ CNU WPVGT FGO &KHHGTGP\KGTWPIUCURGMV IGUGJGP 5KEJGTNKEJ KUV GU \WFGO UQ FCUU YGPP UQ\KCNG WPF {MQNQIKUEJ YGTVXQNNG +PKVKCVKXGP WPF 2TQFWMVG GKPGP KO 8GTDTCWEJGTOCTMV UR€TDCTGP 'HHGMV GT\KGNGP UQNNGP FKG -QPUWOGPVGP OKV FKGUGP #MVKXKVkVGP XGTVTCWV UGKP O€UUGP XIN 'RUVGKP  4Q[  /CKIPCP  (GTTGNN D 9KG GTHkJTV CDGT FGT 8GTDTCWEJGT XQO UQ\KCNGP WPF {MQNQIK UEJGP 'PICIGOGPV FGU 7PVGTPGJOGPU! .CWV #WUUCIGP FGT KPVGTXKGYVGP -CRK VCNOCTMVVGKNPGJOGT YWTFG CNU 8QTTCWUUGV\WPI H€T GKPG UVkTMGTG TGNCVKXG )GYKEJ VWPI FGU &KHHGTGP\KGTWPIUCURGMVGU FKG (kJKIMGKV GKPGU 7PVGTPGJOGP IGUGJGP KP FGP #WIGP FGT fHHGPVNKEJMGKV GKPG 8GTDKPFWPI \YKUEJGP UGKPGO IGUGNNUEJCHVNK EJGP 'PICIGOGPV WPF UGKPGO /CTMGPKOCIG JGT\WUVGNNGP 'TUV KP FGP NGV\VGP ,CJTGP DGUEJkHVKIV UKEJ XQP CMCFGOKUEJGT 5GKVG FKG /CTMGVKPIFKU\KRNKP OKV FGT (TCIG YKG UKEJ IGUGNNUEJCHVNKEJGU 'PICIGOGPV OKV FGT 8GTOCTMVWPI XQP 2TQFWM VGP WPF &KGPUVNGKUVWPIGP XGTGKPDCTGP NkUUV 8CTCFCTCLCP WPF /GPQP  H€JT VGP KP FKGUGO <WUCOOGPJCPI FGP $GITKHH FGU %CWUG4GNCVGF/CTMGVKPI GKP FGT FKG 8GTDKPFWPI XQP UQ\KCNGP QFGT {MQNQIKUEJGP #MVKXKVkVGP OKV FGT 8GTOCTMVWPI GKPGU DGUVKOOVGP 2TQFWMVGU DGUEJTGKDV 'KP kJPNKEJGU -QP\GRV DGUEJTGKDGP /G PQP WPF /GPQP  WPVGT FGO $GITKHH fMQNQIKUEJGU /CTMGVKPI  &KG DGKFGP $GITKHHG DGUEJTGKDGP PKEJVU CPFGTGU CNU FKG (QTFGTWPI FGT DG HTCIVGP KPUVKVWVKQPGNNGP +PXGUVQTGP WPF #PCN[UVGP FCUU 7PVGTPGJOGP 5[PGTIKGP \YKUEJGP GKIGPGP UVTCVGIKUEJGP


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

HKPCP\KGNNGP 4€EMHN€UUGP %TKOOKPU  *QTP  'U NkUUV UKEJ HGUVJCNVGP FCUU %CWUG4GNCVGF/CTMGVKPI WPF RJKNCPVJTQRKUEJG #MVKXKVkVGP UKEJ CWH DGUVKOOVG UGJT VCMVKUEJ CWUIGTKEJVGVG #URGMVG FGU 9KTVUEJCHVGPU XQP 7PVGTPGJOGP DG\KG JGP WPF YGPKIGT FKG )TWPFKFGG WPF 9GTVG FGU 7PVGTPGJOGPU UGNDGT YKFGTURKG IGNP &TWOYTKIJV  /WTRJ[  2JKNCPVJTQRKG DGFGWVGV JKGT CNUQ KP FGT 4GIGN GJGT GKPG (QTVUGV\WPI FGU /CTMGVKPIU OKV CPFGTGP /KVVGNP WPF DGKPJCNVGV KP OCPEJGP 7PVGTPGJOGP YKG \ $ +0) QFGT 0GUVNo CWEJ GKPG UGJT IWV CWUIGU VCVVGVG (WPMVKQP XIN 5OKVJ  2QTVGT  -TCOGT  $TCOOGT  /KNNKPI VQP  5EJNKGˆNKEJ KUV GU KO 5KPPG GKPGT 8GTOKVVNWPI FGU &KHHGTGP\KGTWPIUCU RGMVGU IGIGP€DGT FGO -CRKVCNOCTMV CWEJ WPGTNkUUNKEJ FCUU FKG KORNGOGPVKGTVGP +PKVKCVKXGP FGO -QPUWOGPVGP IWV WPF €DGT\GWIGPF MQOOWPK\KGTV YGTFGP XIN $GTIGT %WPPKPIJCO  -Q\KPGVU  +PUDGUQPFGTG XQP 5GKVGP FGT DGHTCIVGP 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP YCT KO <WUCOOGPJCPI OKV Â%CWUG4GNCVGF /CTMGVKPIµ GKPG IGYKUUG 5MGRUKU \W DGQDCEJVGP Ã&KG 7PVGTUV€V\WPI XQP UQ\KCNGP +PKVKCVKXGP YKTF OKT \W UGJT CNU /CTMGVKPIKPUVTW OGPV OKUUDTCWEJV 9CU UQNN OCP XQP GKPGO 7PVGTPGJOGP JCNVGP FCUU CWH FGT GKPGP 5GKVG OKV    /KNNKQPGP KTIGPFYGNEJG MCTKVCVKXGP 'KPTKEJVWPIGP URQPUGTV WPF CWH FGT CPFGTGP 5GKVG  .GWVG CWH FKG 5VTCUUG UGV\V!² ,QWTPCNKUV +PVGTXKGY  ,WPK  Ã)GUGNNUEJCHVNKEJGU 'PICIGOGPV FCTH PKEJV PWT €DGT 9GTDWPI WPF 24 PCEJ CWUUGP IGVTCIGP YGTFGP UQPFGTP OCP OWUU CWEJ UGJGP FCUU GU WOIGUGV\V YKTF +EJ GTKPPG TG CP FGP (CNN $2 FKG H€T KJT IT€PGU )GYKUUGP YGTDGP WO UQ XQP KJTGO +OCIG CNU UEJOKGTKIGT fNRTQFW\GPVGP YGI\WMQOOGP )NGKEJ\GKVKI IKDV GU CDGT XKGNG $GTKEJVG €DGT 7PTGIGNOkUUKIMGKVGP 5QNEJ YKFGTURT€EJNKEJGP +PHQTOCVKQPGP UGJG KEJ \KGO NKEJ PGICVKX YGKN OCP FCPP \W FGO 5EJNWUU MQOOV FKG YQNNGP FKG .GWVG OKV GKPGT UEJ{PGP #PURTCEJG JKPVGTU .KEJV H€JTGP WPF PKEJVU CP KJTGO ITWPFUkV\NKEJGP )G UEJkHVUIGDCTGP kPFGTP² ,QWTPCNKUV +PVGTXKGY  ,WNK 

#WU FGP DGKFGP XQTIGPCPPVGP +PVGTXKGYCWUUCIGP NkUUV UKEJ UEJNKGUUGP FCUU FKG /CTMGVKPI#URGMVG FKG XQP RJKNCPVJTQRKUEJGP 7PVGTPGJOGPUCMVKXKVkVGP CWUIG JGP UEJPGNN PWV\NQU YGTFGP YGPP FKGUG PKEJV KP GKP UVKOOKIGU INCWDY€TFKIGU -QP\GRV WPVGTPGJOGTKUEJGP 8GTJCNVGPU IGIGP€DGT FGO IGUGNNUEJCHVNKEJGP 7O HGNF GKPIGDGVVGV KUV &KG 8GTOCTMVWPI FGT 2TQFWMVNGKUVWPIGP GKPGU 7PVGTPGJOGPU CNU DGUQPFGTU UQ\KCN QFGT {MQNQIKUEJ KUV KP FKGUGT *KPUKEJV GKP UGPUKDNGU 6JGOC FC GKP 7PVGTPGJOGP OKV UGKPGO 'PICIGOGPV UGJT UEJPGNN CWH 9KFGTUVkPFG UGKGP GU YKFGTURT€EJNKEJG WPF {HHGPVNKEJMGKVUYKTMUCO CWUIGVTCIGPG #PUKEJVGP FGT DGVGKNKIVGP #PURTWEJUITWRRGP QFGT FCU 5EJGKVGTP FGT XQO 7PVGTPGJOGP IGkWU UGTVGP #PURT€EJG CP FGT 4GCNKVkV UVQUUGP MCPP XIN CWEJ $CUKN  *GTT  8GTUVkPFNKEJGTYGKUG DGO€JV UKEJ LGFGU 7PVGTPGJOGP KP FGT #WˆGPFCTUVGNNWPI WO GKPG O{INKEJUV XQTVGKNJCHVG $GUEJTGKDWPI FGU GKIGPGP 'PICIGOGPVU 1DYQJN

 0CEJJCNVKIGU 9KTVUEJCHVGP WPF -WPFGPOkTMVG



GKPG 8GTDKPFWPI \W FGT /GJTWPI FGU 7PVGTPGJOGPUYGTVGU KOOGT UKEJVDCT UGKP UQNNVG DGFGWVGV FKGU PKEJV FCUU Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ CNU GKPG /CTMG VKPIOCˆPCJOG YQO{INKEJ QJPG LGFGP $G\WI \W FGT VCVUkEJNKEJ IGNGDVGP 7PVGT PGJOGPUTGCNKVkV XGTUVCPFGP YGTFGP UQNNVG 9KG CPJCPF FGT QDGP CPIGH€JTVGP


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

 /KVCTDGKVGTDG\KGJWPIGP WPF 7PVGTPGJOGPUMWNVWT &KG /KVCTDGKVGT GKPGU 7PVGTPGJOGPU OCEJGP UGKPGP -GTP WPF UGKPG 9GVVDG YGTDUHkJKIMGKV CWU -GKP 7PVGTPGJOGP M{PPVG FKG #PURT€EJG UGKPGT 5VCMGJQN FGT KPUDGUQPFGTG FKG FGT -CRKVCNOCTMVVGKNPGJOGT CWEJ PWT CPUCV\YGKUG QJPG FKG (kJKIMGKVGP WPF FGP 'KPUCV\ UGKPGT /KVCTDGKVGT DGHTKGFKIGP XIN 0KZQP GV CN  2HGHHGT  8GKIC  &GOGPVURTGEJGPF UGJGP FKG DGHTCIVGP +PXGUVQTGP #PCN[UVGP WPF ,QWTPCNKUVGP KP FGT $G\KGJWPIUSWCNKVkV GKPGU 7PVGTPGJOGPU \W UGKPGP /KVCTDGKVGTP GKPGP YKEJVKIGP +PFKMCVQT H€T FKG \WM€PHVKIG .GKUVWPIUHkJKI MGKV WPF 'TVTCIUMTCHV FGU 7PVGTPGJOGPU 7PVGTPGJOGP OKV GKPGT IWVGP WPF OQVK XKGTGPFGP 7PVGTPGJOGPUMWNVWT YWTFGP NCWV #WUUCIGP FGT DGHTCIVGP -CRKVCN OCTMVVGKNPGJOGT GJGT CNU CWEJ NCPIHTKUVKI HKPCP\KGNN GTHQNITGKEJ GTCEJVGV CNU FKGLG PKIGP 7PVGTPGJOGP QJPG GKPG UQNEJG 'KPG V[RKUEJG #WUUCIG €DGT FGP 5VGNNGP YGTV IWVGT /KVCTDGKVGTDG\KGJWPIGP YCT FCU HQNIGPFG
#NU GPVUEJGKFGPFGT (CMVQT H€T FKGUG 'KPUEJkV\WPI YWTFG FKG KP FGT 4GIGN J{JGTG /KVCTDGKVGT\WHTKGFGPJGKV FKG KPPGTJCND 7PVGTPGJOGP OKV GKPGT IWVGP 7PVGTPGJ OGPUMWNVWT XQTJGTTUEJV IGPCPPV XIN CWEJ 5EJGKP  &GCN  -GPPGF[  5GJT CPCNQI \W FGP #WUUCIGP FGT KPVGTXKGYVGP #PCN[UVGP WPF +PXGUVQTGP YKTF FGT +PJCNV WPF
 /KVCTDGKVGTDG\KGJWPIGP WPF 7PVGTPGJOGPUMWNVWT



Ã.GKFGT HGJNGP GKPGO KP $G\WI \WT IGNGDVGP 7PVGTPGJOGPUMWNVWT GKP DKUUEJGP FKG +P HQTOCVKQPGP 9KTMNKEJ KPVGTGUUCPV KUV GU YGPP OCP OCN FKG /{INKEJMGKV JCV GKP 7P VGTPGJOGP \W DGUWEJGP WPF FCPP YKTMNKEJ OCN OKV /KVCTDGKVGTP CWH WPVGTGP (€J TWPIUUEJKEJVGP QFGT UQICT OCN OKV PQTOCNGP 2TQFWMVKQPUOKVCTDGKVGTP TGFGP MCPP 5Q DGMQOOV OCP XKGN GJGT FCU )GH€JN QD FKG .GWVG XQP FGO 7PVGTPGJOGP KP FGO UKG KJTGP ,QD JCDGP €DGT\GWIV UKPF &CU \GKIV GKPGO FCPP GVYCU €DGT FKG 7PVGTPGJ OGPUMWNVWT FCUU OCP UQ KP MGKPGO ,CJTGUDGTKEJV HKPFGV² +PUVKVWVKQPGNNGT +PXGUVQT +PVGTXKGY  #RTKN 

#NU GKP DGUQPFGTU YKEJVKIGU 'NGOGPV GKPGT IWVGP 7PVGTPGJOGPUMWNVWT YWTFG FKG 3WCNKVkV FGT KPVGTPGP -QOOWPKMCVKQP IGPCPPV > JKGTH€T CPIGH€JTVG )TWPF YCT FCUU FKG 7OUGV\WPI FGT 5VTCVGIKG GKPGU 7PVGTPGJOGPU YKG UKG CWEJ FGP -CRKVCNOCTMVGKNPGJOGTP IGIGP€DGT MQOOWPK\KGTV YKTF WPF CWEJ $CUKU KJTGT $GTGEJPWPIUOQFGNNG FCTUVGNNV PCV€TNKEJ CWEJ FCXQP CDJkPIV YKG IWV FKG /KVCT DGKVGT FKGUG XGTUVGJGP CM\GRVKGTGP WPF JKPVGT KJT UVGJGP #WU FKGUGO )TWPF O€UUGP FKG /KVCTDGKVGT FWTEJ GKPG IWVG KPVGTPG -QOOWPKMCVKQP \KGNIGTKEJVGV KPHQTOKGTV WPF OQVKXKGTV YGTFGP /KV CPFGTGP 9QTVGP KP 7PVGTPGJOGP UQNNVG GKPG IGNGDVG PCEJ QDGP WPF WPVGP HWPMVKQPKGTGPFG -QOOWPKMCVKQPUMWNVWT JGTT UEJGP CWUIGFT€EMV OKV FGP 9QTVGP GKPGU DGHTCIVGP #PCN[UVGP Ã&KG /KVCTDGKVGT UKPF GKP YGUGPVNKEJGT (CMVQT FGT DGK OKT KPFKTGMV KP FKG #PCN[UG GKPHNKGUUV 9GPP UKG CNUQ DGKURKGNUYGKUG (CDTKMDGUWEJG OCEJGP WPF UKEJ XQT 1TV FKG /KVCTDGKVGT CPUEJCWGP FCPP DGMQOOGP UKG UGJT UEJPGNN GKPGP 'KPFTWEM YKG FKG RQ UKVKQPKGTV UKPF QD FGT 8QTUVCPF FKG /KVCTDGKVGT €DGTJCWRV MGPPV WPF YKG FKG CWHGKP CPFGT \WIGJGP DG\KGJWPIUYGKUG OKVGKPCPFGT MQOOWPK\KGTGP² 5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

+PUIGUCOV MQPPVG KO 4CJOGP FGT 7PVGTUWEJWPI HGUVIGUVGNNV YGTFGP FCUU FKG -CRKVCNOCTMVVGKNPGJOGT LGPGP 7PVGTPGJOGP RQUKVKXGT IGIGP€DGTUVCPFGP FKG GU XGTOQEJVGP KJTG /KVCTDGKVGT \W OQVKXKGTGP WPF GKP <WUCOOGPIGJ{TKIMGKVUIG H€JN KPPGTJCND FGU 7PVGTPGJOGPU \W RHNGIGP > )TCF FGU IGNGDVGP 6GCOYQTMU UQYKG FGT (€JTWPIUUVKN YCTGP JKGTH€T IWVG +PFKMCVQTGP &KG DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP KPVGTGUUKGTVGP UKEJ KP FKGUGT $G\KGJWPI DGUQPFGTU H€T FGP (€J TWPIUUVKN FGU /CPCIGOGPVU 5Q XGTFKEJVGVGP UKEJ V[RKUEJG +PVGTXKGYCWUUCIGP KP FGP HQNIGPFGP


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV Ã9GPP FCU 8GTJkNVPKU \YKUEJGP /KVCTDGKVGTP WPF 8QTUVCPF IWV KUV FCPP \KGJGP FKG /KVCTDGKVGT KO (CNN FGT (kNNG OKV ICP\ GKPHCEJ YGKN UKG FCU 8GTVTCWGP KP FGP 8QT UVCPF JCDGP -QOOV GU JKPIGIGP \W -QPHNKMVGP WPF FGOGPVURTGEJGPF \W 5V{THkNNGP WPF 'PVNCUUWPIGP O€PFGV FCU FCPP YKGFGT KP 4€EMUVGNNWPIGP 7PF FCU JCDGP UKG FCPP YKGFGT PGICVKX KO 'TIGDPKU² 5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

9GKVGTJKP VTWI GKPG IWVG 7PVGTPGJOGPUMWNVWT PCEJ #PUKEJV FGT KPVGTXKGYVGP #PCN[UVGP WPF +PXGUVQTGP FC\W DGK DGICDVG #PIGUVGNNVG H€T FCU 7PVGTPGJOGP \W IGYKPPGP WPF UKG NCPIHTKUVKI \W DKPFGP XIN CWEJ 9KGNCPF  5  5VWFKGP YKG FKG XQP 6WTDCP WPF )TGGPKPI  )TGGPKPI WPF 6WTDCP  QFGT XQP #NDKPIGT WPF (TGGOCP  MQOOGP GDGPHCNNU \W FGO 'TIGDPKU FCUU GKPG IWVG WPF UQ\KCNG 7PVGTPGJOGPUMWNVWT GKPGP UKIPKHKMCPV RQUKVKXGP 'KPHNWUU CWH FCU HKPCP\KGNNG 7PVGTPGJOGPUGTIGDPKU DGUKV\V +O 7OMGJTUEJNWUU \W FGT RQUKVKXGP 'KPUEJkV\WPI GKPGT IWVGP 7PVGTPGJOGPUMWNVWT YWTFG FKG WPHCKTG WPF UEJNGEJVG $GJCPFNWPI XQP /KVCTDGKVGTP XQP FGP DGHTCIVGP +PXGUVQTGP WPF #PCN[UVGP KPU DGUQPFGTG WPVGT HKPCP\KGNNGP )GUKEJVURWPMVGP CNU UEJkFNKEJ H€T FGP 7PVGTPGJ OGPUYGTV IGUGJGP Ã/KVCTDGKVGT FKG WPHCKT DG\CJNV YGTFGP YGTFGP CWEJ PKEJV NQ[CN UGKP &CU DGFGWVGV H€T FCU GPVURTGEJGPFG 7PVGTPGJOGP \WUkV\NKEJG -QUVGP <WO $GKURKGN YGKN FCU 7P VGTPGJOGP KOOGT YKGFGT PGW CPYGTDGP OWUU 7PF FCU 7PVGTPGJOGP YKTF .QJPCWH UEJNkIG \CJNGP O€UUGP FC UKEJ GKP UEJNGEJVGT 4WH KP GKP\GNPGP $GTGKEJGP UEJPGNN JG TWOURTKEJV 'U IKDV GKPGP /CTMV H€T %QPVTQNNGT GU IKDV GKPGP /CTMV H€T /CPCIGT H€T CNN FKGUG 2GTUQPGP IKDV GU /kTMVG 7PF YGPP OCP XQP GKPGO 7PVGTPGJOGP YGKˆ FCUU GU UGKPG /KVCTDGKVGT PKEJV HCKT DGJCPFGNV FCPP YKTF GU H€T FCU 7PVGTPGJOGP VGW TGT UGKP SWCNKHK\KGTVG /KVCTDGKVGT \W HKPFGP FC UKG LC 4KUKMQRTkOKGP \CJNGP O€UUGP 7PF FCU IGJV GKPFGWVKI \W .CUVGP FGU 5JCTGJQNFGT 8CNWG ª 5KG O€UUGP \WO $GK URKGN *GCFJWPVGT DG\CJNGP UKG O€UUGP 2GTUQPCNDGTCVWPIGP DG\CJNGP UKG \CJNGP H€T FKG 'KPCTDGKVWPI 7PF YGPP /KVCTDGKVGT IGJGP FCPP UKPF 5VGNNGP PKEJV DGUGV\V FKG YKGFGTWO HGJNGP KJPGP #NNGU -QUVGP² 5GNN5KFG #PCN[UV +PVGTXKGY  #RTKN  ²# EQORCP[ VJCV KU OKUVTGCVKPI VJGKT GORNQ[GGU QT KU PQV VTGCVKPI VJGO HCKTN[ YKNN PQV DG CDNG VQ OCPCIG KVU XCNWG KP VJG NQPI VGTO 6JCV KU DGECWUG NQY GORNQ[GG VWTP QXGT KU XCNWCDNG VQ C EQORCP[ CPF RTQXKFKPI WU YKVJ KPHQTOCVKQP CDQWV EQPVKPWKV[ KU CNUQ KORQTVCPV³ 5GNN5KFG #PCN[UV +PVGTXKGY  #RTKN 

<WUCOOGPHCUUGPFGT 6GPQT FGT #WUUCIGP YCT FCUU GKPG UEJNGEJVG 7PVGTPGJ OGPUMWNVWT GU H€T 7PVGTPGJOGP UEJYKGTKIGT WPF VGWTGT IGUVCNVGV SWCNKHK\KGTVG /KVCTDGKVGT \W IGYKPPGP WPF KPUDGUQPFGTG \W JCNVGP &KGUGT (CMVQT YWTFG CNU WPOKVVGNDCT TGNGXCPV H€T FKG .GKUVWPIUHkJKIMGKV WPF 'TVTCIUMTCHV GKPGU 7PVGTPGJ OGPU YCJTIGPQOOGP &GOGPVURTGEJGPF YWTFG $GUVkPFKIMGKV KPUDGUQPFGTG FGT JQEJSWCNKHK\KGTVGP /KVCTDGKVGT UGJT IGTPG IGUGJGP #WEJ FGUJCND YWTFG GKPG

 /KVCTDGKVGTDG\KGJWPIGP WPF 7PVGTPGJOGPUMWNVWT



GPVURTGEJGPFG 7PVGTPGJOGPUMWNVWT IGUEJkV\V 'KP FKG 7PVGTPGJOGPUOKVCTDGKVGT OQVKXKGTGPFGU #TDGKVUWOHGNF \CJNVG UKEJ NCWV /GKPWPI FGT DGHTCIVGP -CRKVCN OCTMVVGKNPGJOGT NGV\GP 'PFGU KP J{JGTGP 'TVTkIGP H€T FKG 7PVGTPGJOGPUGKIGP V€OGT CWU 'KP DGHTCIVGT #PCN[UV GTMNkTVG FKGUGP <WUCOOGPJCPI HQNIGPFGTOC ˆGP Ã/CP DGVTCEJVGV FGP /KVCTDGKVGTHCMVQT FWTEJCWU DGK FGP 5916 5VTGPIVJ 9GCMPGU UGU1RRQTVWPKVKGU6JTGCVU#PCN[UGP &CTKP UVGJV FCPP \WO $GKURKGN Â*QEJOQVKXKGT VGT /KVCTDGKVGTUVCOOµ QFGT ÂIGTKPIG (NWMVWCVKQPµ 7OUQ OGJT GU UKEJ WO GKP &KGPUV NGKUVWPIUWPVGTPGJOGP JCPFGNV WOUQ YKEJVKIGT YKTF FKGUGT (CMVQT 9GPP GKP 7PVGT PGJOGP \WO $GKURKGN JQEJURG\KCNKUKGTVG &KGPUVNGKUVWPIGP GTDTKPIV M{PPGP UKG DGK GKPGT JQJGP (NWMVWCVKQPUTCVG FCXQP CWUIGJGP FCUU GU KOOGT YKGFGT \W 2TQFWMVKXK VkVUXGTNWUVGP MQOOGP YKTF +OOGT OWUU OCP LGOCPFGP GKPCTDGKVGP OCP OWUU KJP GTUV YKGFGT CWH GKPGP JQJGP 5VCPF DTKPIGP WPF YGPP UQ GKPGT INGKEJ YKGFGT IGJV FCPP HCPIGP UKG CNU 7PVGTPGJOGP YKGFGT XQP XQTPG CP *CDG KEJ JKPIGIGP /KVCTDGK VGT OKV JQJGO 'THCJTWPIUJQTK\QPV WPF FKG DNGKDGP UGJT NCPIG FCPP GPVHCNNGP GJGT FKGUG +PXGUVKVKQPUMQUVGP 7OUQ OGJT GU UKEJ PCV€TNKEJ WO JQEJYGTVKIG &KGPUVNGKU VWPIGP JCPFGNV KUV FKGU YKG IGUCIV H€T OKEJ GKP (CMVQT FGT UGJT YKEJVKI KUV² 5GNN 5KFG #PCN[UV +PVGTXKGY  /CK 

&KG XQO -CRKVCNOCTMV YCJTIGPQOOGPG 9KEJVKIMGKV FGU 8GTJkNVPKUUGU GKPGU 7PVGTPGJOGPU \W UGKPGP /KVCTDGKVGTP UEJKGP CNNGTFKPIU PKEJV €DGT CNNG $TCPEJGP QFGT (WPMVKQPGP KFGPVKUEJ 8KGNOGJT JKPI FKG 9KEJVKIMGKV FGT /KVCTDGKVGTDG\KG JWPIGP KP FGP #WIGP FGT KPVGTXKGYVGP +PXGUVQTGP WPF #PCN[UVGP UGJT UVCTM XQO LGYGKNKIGP 9GTVUEJ{RHWPIURQVGPVKCN WPF FGT 'TUGV\DCTMGKV GKP\GNPGT 2GTUQPCN ITWRRGP CD (€T FGP 'THQNI GKPGU 7PVGTPGJOGPU WPF UGKPG $GYGTVWPI CO -CRK VCNOCTMV YWTFG FGOGPVURTGEJGPF FKG (kJKIMGKV GKPGU 7PVGTPGJOGPU JQEJSWCNK HK\KGTVG #PIGUVGNNVG \W DKPFGP CNU YGUGPVNKEJ CWUUEJNCIIGDGPFGT DGYGTVGV CNU FKG GPVURTGEJGPFG $KPFWPI WPF /QVKXCVKQP XQP /KVCTDGKVGTITWRRGP OKV GKPHCEJGT 3WCNKHKMCVKQP 'KP KO 4CJOGP FGT 7PVGTUWEJWPI DGHTCIVGT #PCN[UV DTCEJVG FKGUG KPUVTWOGPVGNNG 5KEJV HQNIGPFGTOCUUGP \WO #WUFTWEM Ã'U MQOOV DGK FKGUGO (CMVQT PCV€TNKEJ UGJT UVCTM CWH FKG /KVCTDGKVGTUVTWMVWT FGU 7PVGTPGJOGPU CP 9GPP 5KG \WO $GKURKGN GKP 7PVGTPGJOGP JCDGP FCU GJGT KO 0KGFTKINQJPUGMVQT CTDGKVGV WPF KP FGO FCU 2GTUQPCN UGJT NGKEJV CWUIGYGEJUGNV YGT FGP MCPP KUV GU \WOKPFGUV H€T FGP -CRKVCNOCTMV PKEJV UQ TGNGXCPV FCUU FCU 7PVGT PGJOGP GZVTGO OKVCTDGKVGTHTGWPFNKEJ JCPFGNV *KGT UKPF FKG /KVCTDGKVGTDG\KGJWPIGP GKP GJGT WPVGTIGQTFPGVGU -TKVGTKWO &CU KUV YKGFGT CPFGTU DGKO 6QR /CPCIGOGPV WPF FGP JQEJSWCNKHK\KGTVGP /KVCTDGKVGTP FC KUV GU PCV€TNKEJ GPVUEJGKFGPF FCUU 7P VGTPGJOGP KP FGT .CIG UKPF FKG DGUVGP .GWVG \W TGMTWVKGTGP WPF \W JCNVGP² 5GNN 5KFG #PCN[UV +PVGTXKGY  #RTKN 



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

.CWV FGP DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP YCTGP PGDGP FGO 3WCNKHK\KGTWPIU UVCPF FGT #PIGUVGNNVGP PQEJ GKPG 4GKJG YGKVGTGT (CMVQTGP H€T GKPG MQTTGMVG 'KP UEJkV\WPI FGU 5VGNNGPYGTVGU FGT /KVCTDGKVGTDG\KGJWPIGP KO 4CJOGP FGT 7PVGT PGJOGPUDGYGTVWPI YKEJVKI &CDGK JCPFGNV GU UKEJ LGFQEJ WO (CMVQTGP FKG CWU UGTJCND FGU FKTGMVGP 'KPHNWUUDGTGKEJGU FGT 7PVGTPGJOGPUH€JTWPI NKGIGP WPF KP FGT 4GIGN XQP )GIGDGPJGKVGP YKG FGO 'KPHNWUU XQP )GYGTMUEJCHVGP QFGT FGO #PIGDQV XQP #TDGKVUMTkHVGP KPPGTJCND GKPGT 8QNMUYKTVUEJCHV CDJkPIKI UKPF (CNNU GKPG 4GNGXCP\ FKGUGT (CMVQTGP H€T GKP DGVTCEJVGVGU 7PVGTPGJOGP CP GKPGO UGKPGT YKEJVKIGP 5VCPFQTVG IGIGDGP YCT UQ DGIT€UUVGP FKG KPVGTXKGYVGP -CRKVCNOCTMV VGKNPGJOGT GKPG GTMGPPDCTG 5VTCVGIKG XQP 5GKVGP FGU 7PVGTPGJOGPU YGNEJG DG UEJTKGD YKG FKG /KVCTDGKVGTDG\KGJWPIGP CWUIGUVCNVGV YGTFGP UQNNGP WPF KPYKG YGKV FKGU 'KPHNWUU CWH FCU HKPCP\KGNNG 'TIGDPKU FGU 7PVGTPGJOGPU PKOOV 'KP #PCN[UV DGUEJTKGD FGP 8QTICPI YKG GT UQNEJG (CMVQTGP KP UGKPG 2TQIPQUGP GKP CTDGKVGV OKV FGP HQNIGPFGP 9QTVGP ²3WGUVKQP PWODGT QPG KU YJGVJGT NCDQWT TGNCVKQPU CTG KORQTVCPV 3WGUVKQP PWODGT VYQ KU YJGVJGT VJG[ CTG C MG[ HCEVQT KP C EQORCP[ +P QVJGT YC[U CTG VJGTG CP[ RCT VKEWNCT TGCUQPU YJ[ VJG NCDQWT TGUQWTEG OKIJV KORCEV GCTPKPIU HQT GZCORNG DGECWUG QH CP[ UWRRN[ EQPUVTCKPVU! 5Q HQT KPUVCPEG KH [QW IQV CNN [QWT HCEVQTKGU KP (TCPEG VJG YQTMHQTEG KU JKIJN[ WPKQPK\GF CPF [QW JCXG CP CUUGVDCUGF DWUKPGUU VJGP [QW CTG ENGCTN[ VKGF VQ [QWT NCDQWT HQTEG ª 6JKU HKTUV QH CNN CHHGEVU VJG MKPF QH PWODGTU VJCV [QW RWV KP [QWT ECNEWNCVKQPU #PF UGEQPFN[ [QW ENQUGN[ OQPKVQT VJG UVTCVGI[ C EQO RCP[ KU VCMKPI VQ COGNKQTCVG VJCV KUUWG 6JCV KU JQY + CO IQKPI VQ GHHGEVKXGN[ TGFWEG VJG TKUM ° CPF NCDQWT TGNCVKQPU CTG QDXKQWUN[ C TKUM KP UWEJ C UKVWCVKQP³ 5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

&KG /KVCTDGKVGTDG\KGJWPIGP UVGNNVGP PCEJ GKPJGNNKIGT #WUUCIG FGT DGHTCIVGP -C RKVCNOCTMVVGKNPGJOGT GKPGP KP FGT VkINKEJGP #TDGKV UEJYGT \W SWCPVKHK\KGTGPFGP (CMVQT FCT &CJGT MCO GU PCEJ #WUUCIG FGT +PVGTXKGYRCTVPGT DGK FGT #PCN[UG UVCTM CWH FGP RGTU{PNKEJGP 'KPFTWEM WPF FKG 'KPUEJkV\WPI FGU LGYGKNKIGP #PC N[UVGP QFGT +PXGUVQTU CP #PNkUUNKEJ DGUVKOOVGT 6TCPUCMVKQPGP KPUDGUQPFGTG LGFQEJ DGK gDGTPCJOGIGUEJkHVGP YWTFG PCEJ #PICDGP FGT DGHTCIVGP -CRKVCN OCTMVVGKNPGJOGT TGIGNOkUUKI FGT 8GTUWEJ WPVGTPQOOGP FGP /KVCTDGKVGTHCMVQT \WOKPFGUV KP FGP SWCNKVCVKXGP 6GKN FGT 5VWFKGP YGPP PKEJV UQICT KP FKG #PPCJ OGP FGT 'TVTCIUDGTGEJPWPIGP GKPHNKGUUGP \W NCUUGP Ã5KG M{PPGP FKG /KVCTDGKVGT PCV€TNKEJ PKEJV FKTGMV GKPHNKGUUGP NCUUGP YKG GKPG 7OUCV\ QFGT 'DKV
 /KVCTDGKVGTDG\KGJWPIGP WPF 7PVGTPGJOGPUMWNVWT



5[PGTIKGP UEJCHHGP M{PPGP FKG FCU 7PVGTPGJOGP CPUVTGDV 7PF YKG UEJPGNN UKG GU UEJCHHGP M{PPGP QFGT QD GU GXGPVWGNN NkPIGT FCWGTP YKTF 5Q JGTWO MCPP OCP GU KP FKG 5EJkV\WPI GKPHNKGUUGP NCUUGP² 5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

 8GTJkNVPKU \W FGP )GYGTMUEJCHVGP 'KP YGKVGTGT KPPGTJCND FGT 7PVGTUWEJWPI CPIGURTQEJGPGT (CMVQT YCTGP FKG $G \KGJWPIGP XQP 7PVGTPGJOGP \W )GYGTMUEJCHVGP 'KPG IWVG -QQRGTCVKQP \YK UEJGP FGP 6CTKHRCTVGKGP KPUDGUQPFGTG WPVGT 8GTOGKFWPI XQP MQUVURKGNKIGP #WU GKPCPFGTUGV\WPIGP YWTFG XQP FGP DGHTCIVGP -CRKVCNOCTMVGKNPGJOGTP CNU XQT VGKNJCHV IGUGJGP 'KP #PCN[UV GTMNkTVG FKGUG 5KEJVYGKUG FCOKV FCUU KP FGT 4GIGN FKG 0KEJVCWUNCUVWPI XQP VGWTGP 2TQFWMVKQPUMCRC\KVkVGP YGUGPVNKEJ MQUVURKGNKIGT UGK CNU GKP MQQRGTCVKXGT 7OICPI OKV FGP )GYGTMUEJCHVGP Ã6CMKPI ª CU CP GZCORNG [QW ENGCTN[ UGG VJCV KV KU KORQTVCPV HQT VJKU EQORCP[ VQ JCXG C IQQF TGNCVKQPUJKR YKVJ WPKQPU 5GGKPI JQY VJKPIU JCXG DGGP VJGTG KP VJG NCUV FGECFG VJGTG JCU JCTFN[ DGGP CP[ UVTKMG 'URGEKCNN[ HQT C JKIJ HKZ EQUVU DWUKPGUU NKMG

ª C UVTKMG EQWNF JCXG C XGT[ DKI KORCEV QP VJG DQVVQO NKPG³

5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

#WH FGT CPFGTGP 5GKVG YCT FCU 8GTVTCWGP KP FKG 4CVKQPCNKVkV WPF -QQRGTCVKQPUDG TGKVUEJCHV FGT ITQˆGP )GYGTMUEJCHVGP DGK FGP DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGTP IGTKPI CWUIGRTkIV &KG KP FGP +PVGTXKGYU IGHQTFGTVG -QQRGTCVKQP WPF )GURTkEJU DGTGKVUEJCHV YWTFG FCJGT GJGT CWEJ CWH KPPGTDGVTKGDNKEJGT 'DGPG IGUGJGP Ã$GK MNGKPGTGP 7PVGTPGJOGP OKV GKPGO $GVTKGDUTCV KUV FKG #TV WPF 9GKUG YKG FKG OKVGKPCPFGT MQOOWPK\KGTGP UEJQP KPVGTGUUCPV &KG 2QNKVKUKGTWPI QFGT 2QNGOKUKG TWPI FGT )GYGTMUEJCHVGP KPVGTGUUKGTV OKEJ JKPIGIGP PKEJV UQPFGTP GKIGPVNKEJ PWT FGT (CMVQT YKG GU XQT 1TV XQTYkTVU IGJV 9CU ª WPF FGTINGKEJGP UCIGP KUV H€T OKEJ CNUQ XQNNMQOOGP PGDGPUkEJNKEJ ª 5QHGTP GU CNNGTFKPIU 2TQDNGOG OKV FGP )GYGTMUEJCHVGP IKDV O€UUGP UKG FCU GKPHCEJ YKGFGT OKV GKPHNKGUUGP NCUUGP <WO $GKURKGN KPFGO UKG UCIGP FGT 8QTUVCPF JCV JCNV FCU OKV FGP /KVCTDGKVGTP PKEJV KO )TKHH KPFGO GT \WO $GKURKGN MGKPG XGTP€PHVKIGP $G\KGJWPI \W FGP 6CTKHXGTVTCIURCT VGKGP DG\KGJWPIUYGKUG \W FGP /KVCTDGKVGTP UGNDGT CWHDCWGP MCPP ª &C UKPF FCPP -QPHNKMVG XQTRTQITCOOKGTV 9GPP KEJ FCXQP CWUIGJGP OWUU FCUU FKG 2TQ\GUUG NkP IGT FCWGTP M{PPVGP \W .CUVGP FGT #MVKQPkTG FCPP O€PFGV FCU OKVWPVGT FWTEJCWU KP GKPGT 8GTMCWHUGORHGJNWPI² 5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

'U DNGKDV CP\WOGTMGP FCUU NCWV #WUUCIGP FGT -CRKVCNOCTMVVGKNPGJOGT QHHGPG #WUGKPCPFGTUGV\WPIGP QFGT 5VTGKMU PKEJV CWH CNNG (kNNG XGTOKGFGP YGTFGP O€U UGP 5QHGTP GKP 7PVGTPGJOGP KP FGT .CIG KUV +PXGUVQTGP WPF #PCN[UVGP GKPG IWVG



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

CWEJ HKPCP\KGNN CDIGUKEJGTVG 5VTCVGIKG XQT\WUEJNCIGP YKG OKV GXGPVWGNNGP 2TQ FWMVKQPUCWUHkNNGP WOIGICPIGP YGTFGP UQNN YGTFGP 5VTGKMU QFGT #TDGKVUMkORHG CNU GKP GJGT \W XGTPCEJNkUUKIGPFGT (CMVQT DGVTCEJVGV )GOkˆ FGP DGHTCIVGP #PC N[UVGP WPF +PXGUVQTGP KUV FKGU CDGT CWEJ PWT UQNCPIG JCNVDCT YKG GU UKEJ CWH FKG GKIGPVNKEJGP 2TQFWMVKQPURTQ\GUUG DG\KGJV 5QHGTP GKPG UQNEJG #WUGKPCPFGTUGV \WPI {HHGPVNKEJMGKVUYKTMUCO YKTF UKEJ ICT DKU \WO 'PFMWPFGP FWTEJ\KGJV YWT FGP FGTGP #WUYKTMWPIGP XQP FGP +PVGTXKGYRCTVPGTP CNU GKP UEJNGEJV MCNMWNKGTDC TGU 4KUKMQ H€T FCU {HHGPVNKEJG +OCIG WPF FKG 'TVTCIUMTCHV GKPGU 7PVGTPGJOGPU DGUEJTKGDGP WPF UQNNVG PCEJ /{INKEJMGKV XGTOKGFGP YGTFGP ²+V KU C TGNGXCPV HCEVQT KH VJG GORNQ[GGU JCXG CP[ RQYGT %NGCTN[ KH VJG[ FQ PQV CPF [QW JCXG C FKXGTUKHKGF OCPWHCEVWTKPI DCUG KV KU QH PQ DKI EQPEGTP $GECWUG UJQTV VGTO FKUTWRVKQPU CU NQPI CU VJG[ CTG PQV EQORNGVGN[ WPGZRGEVGF CPF FQ PQV JCXG YKFGT TCOKHKECVKQPU ECP DG EQOOWPKECVGF GXGP KH VJG[ JCXG C UJQTVVGTO RTQHKV KO RCEV 5Q VJG QDXKQWU YC[ HQT C EQORCP[ VQ UC[ VJGUG VJKPIU KU HQT KPUVCPEG VJCV KV KU VQQ FKHHKEWNV VQ RTQFWEG EGTVCKP VJKPIU KP C IKXGP EQWPVT[ VJCV VJG[ CTG ENQUKPI FQYP VJKU HCEVQT[ GZRGEVKPI C UC[  OKNNKQP RQWPF JKV VJKU [GCT DGECWUG VJG[ JCF PQV IQV VJKU YKVJKP VJGKT RNCPU VJGP VJG[ CTG TGNQECVKPI VJGKT RTQFWEVKQP VQ YJGTGXGT KV JCR RGPU VQ DG %\GEJQUNQXCMKC QT UQ CPF UQ HQTVJ YKVJQWV CP[ UWRRN[ FKUTWRVKQPU VQ VJGKT EWUVQOGTU GVE CPF DWUKPGUU KU IQKPI QP CU WUWCN HTQO (GDTWCT[ PGZV [GCT 6JGP VJG UJCTG RTKEG OKIJV YQDDNG DWV VQ DG JQPGUV PQDQF[ KU IQKPI VQ ECTG DG ECWUG KV KU RCTV QH VJG TKEJ VCRGUVT[ QH NKHG $WV ENGCTN[ KH KV KU OQTG HWPFCOGPVCN VQ VJG DWUKPGUU VJGP KV FQGU OCVVGT³ 5GNN5KFG #PCN[UV +PVGTXKGY  /CK 

 $GVTKGDUDGFKPIVG -€PFKIWPIGP 'KP NGV\VGU KP FGP +PVGTXKGYU CPIGURTQEJGPGU 6JGOC YCT FKG 5KEJV XQP #PCN[UVGP WPF +PXGUVQTGP CWH DGVTKGDUDGFKPIVG -€PFKIWPIGP 2GTUQPCNCDDCW YKTF XQP 7P VGTPGJOGP QHVOCNU OKV FGO
 /KVCTDGKVGTDG\KGJWPIGP WPF 7PVGTPGJOGPUMWNVWT



&KG DGHTCIVGP KPUVKVWVKQPGNNGP +PXGUVQTGP WPF #PCN[UVGP UCJGP KP DGVTKGDU DGFKPIVGP -€PFKIWPIGP CWU KJTGT 'THCJTWPI JGTCWU MCWO /{INKEJMGKVGP H€T GKPG 5VGKIGTWPI FGT WPVGTPGJOGTKUEJGP 9GVVDGYGTDUHkJKIMGKV XKGN GJGT 5[ORVQOG VKGHGT IGJGPFGT PGICVKXGT 'PVYKEMNWPIGP KPPGTJCND GKPGU 7PVGTPGJOGPU &KGU XGTCPNCUUVG FKG +PVGTXKGYRCTVPGT KP FGT 4GIGN \W GKPGT PQEJ IT€PFNKEJGTGP WPF MTKVKUEJGTGP #PCN[UG FGU DGVTGHHGPFGP 7PVGTPGJOGPU (€T FKG LQWTPCNKUVKUEJG $GTKEJVGTUVCVVWPI CWH FGT CPFGTGP 5GKVG YCT FCU 6JGOC DGVTKGDUDGFKPIVG -€PFK IWPIGP GKPGT FGT YKEJVKIUVGP )GUKEJVURWPMVG WPVGT FGPGP UKG GKP 7PVGTPGJOGP YCJTPCJOGP Ã#PCN[UVGP DGIKPPGP GKIGPVNKEJ KOOGT FCPP \W IQQINGP YGPP IGUCIV YKTF FCUU GKP 7PVGTPGJOGP /KVCTDGKVGT GPVNkUUV &CU DGFGWVGV H€T OKEJ PKEJVU CPFGTGU CNU FKG *KNH NQUKIMGKV FGU /CPCIGOGPVU &C JCV OCP XKGNNGKEJV GVYCU XGTUkWOV WPF GU KUV PKEJV UGJT KPVGNNKIGPV /KVCTDGKVGT \W GPVNCUUGP &CU JGKˆV GU IKDV 8CTKCPVGP GU IKDV GPQT OG /{INKEJMGKVGP  WPF FKG /KVCTDGKVGT UKPF UGJT NGKFGPUHkJKI IGYQTFGP  FKGUGU CP FGTU \W IGUVCNVGP FKGUGU CD\WHGFGTP WPF FCOKV NGV\VGPFNKEJ CWEJ FGT IGUGNNUEJCHVNK EJGP 8GTCPVYQTVWPI IGTGEJV \W YGTFGP 'KP MNCUUKUEJGU $GKURKGN YCU KEJ KOOGT YKGFGT UGJG KUV FCUU $CPMGP KP 2JCUGP FGT *QEJMQPLWPMVWT FGT ${TUGPIkPIG WPF FGTINGKEJGP OGJT GKPUVGNNGP CWH 6GWHGN MQOO TCWU WPF YGPP GU YKGFGT \WT€EM IGJV YGPP PKEJV OGJT XKGN 0CEJHTCIG FC KUV YKGFGT GPVNCUUGP YKTF &CU KUV GKPHCEJ MWT UKEJVKI YGKN 5KG GKPHCEJ OKV FGP /KVCTDGKVGTP GKP #UUGV JCDGP  -QPVCMVG 0GV\YGT MG  WPF UKG \GTUV{TGP OKV 'PVNCUUWPIGP FKGUG 0GV\YGTMG² 5GNN5KFG #PCN[UV +P VGTXKGY  /CK  Ã'KP 7PVGTPGJOGP KUV KO 2TKP\KR GKP QTICPKUEJGU )GH€IG OKV XKGNGP MNGKPGP 6GKN EJGP /KVCTDGKVGT FKG FCWGTPF PWT CPIUVIGUVGWGTV UKPF PCEJ FGO /QVVQ KP FTGK /Q PCVGP UKV\G KEJ CWEJ CWH FGT 5VTCUUG ª UKPF PCV€TNKEJ MGKP $QFGP CWH FGO 7PVGT PGJOGPUGTHQNI NCPIHTKUVKI IGDCWV YKTF² +PUVKVWVKQPGNNGT +PXGUVQT +PVGTXKGY  /CK  Ã9KT JCDGP ITWPFUkV\NKEJ FKG 'THCJTWPI IGOCEJV FCUU FKG <WUEJCWGT CP UQ\KCNGP $GKVTkIGP KPVGTGUUKGTV UKPF  CNNGU YCU OKV FGT #TDGKVUYGNV \W VWP JCV OKV KJTGT GKIG PGP #TDGKVUYGNV CDGT CWEJ FGT (TCIG YKG UKEJGT KUV OGKP #TDGKVURNCV\ WPF YKG IGJV GU OKV FGT 9KTVUEJCHV YGKVGT FCU KUV UEJQP XQP +PVGTGUUG² ,QWTPCNKUV +PVGTXKGY  ,WPK 

9KG CWU FGO NGV\VGP


 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

0CEJTKEJVGP XQP FGP .GUGTP OKV ITQˆGO +PVGTGUUG XGTHQNIV YWTFGP YWTFG KJPGP CWEJ FGOGPVURTGEJGPF XKGN 2NCV\ KP FGT $GTKEJVGTUVCVVWPI \WVGKN Ã2GTUQPCNGPVYKEMNWPIGP UKPF GKIGPVNKEJ KOOGT GKP TGNGXCPVGU 6JGOC H€T WPU FC WP UGTG .GUGT XQP UQ GVYCU WPOKVVGNDCT QFGT OKVVGNDCT DGVTQHHGP UGKP M{PPVGP ª 9KT JCDGP LC \WO $GKURKGN ITQˆG $GYGIWPIGP KO 8GTUKEJGTWPIUUGMVQT QD FCU LGV\V ª QFGT ª KUV WPF FC UEJCWV OCP FCPP CNU /KVCTDGKVGT FGT $TCPEJG FKG \W WPUGTGP .GUGTP IGJ{TGP DGUQPFGTU FCTCWH &GUJCND UKPF 2GTUQPCNGPVYKEMNWPIGP KOOGT GKP TGNGXCPVGU 6JGOC H€T WPU WPF FGUJCND M€OOGTP YKT WPU CWEJ FGOGPVURTGEJGPF FCT WO² ,QWTPCNKUV +PVGTXKGY  ,WNK  Ã9GPP ª  .GWVG TCWUYKTHV FCPP KUV FCU UEJQP URCPPGPF 'U DGVTKHHV TGNCVKX XKGNG /GPUEJGP WPF GU KPVGTGUUKGTV TGNCVKX XKGNG /GPUEJGP <WFGO UCIV GU GKPG ICP \G /GPIG €DGT FGP 5VCPF FGU 7PVGTPGJOGPU FGT $TCPEJG WPF FKG <WMWPHVUCWUUKEJ VGP FGT /GPUEJGP CWU 7PF FCU KUV OGKPGT /GKPWPI PCEJ CWEJ YKGFGT H€T FKG GPV URTGEJGPFG 'KPUEJkV\WPI FGU 7PVGTPGJOGPU CO -CRKVCNOCTMV XQP +PVGTGUUG² ,QWT PCNKUV +PVGTXKGY  ,WNK  Ã0GJOGP UKG FCU 7PVGTPGJOGP ª CNU $GKURKGN FCU \WT\GKV UGJT XKGNG /GPUEJGP GPVNkUUV &CU UKPF PCV€TNKEJ UVCTMG 0GICVKXPCEJTKEJVGP FKG FCU $KNF FGU 7PVGTPGJ OGPU WPF UGKP +OCIG H€T NCPIG
&KG $GTKEJVGTUVCVVWPI OKV $G\WI CWH FKGUGU 6JGOC YCT UGJT UVCTM XQP 0GICVKX PCEJTKEJVGP IGRTkIV 'PVNCUUWPIGP UKPF GKP KPVGTGUUCPVGT /GFKGPKPJCNV 0GWGKP UVGNNWPIGP FCH€T UQ IWV YKG ICT PKEJV 2QUKVKXGU &KHHGTGP\KGTWPIURQVGPVKCN KP FGT $GTKEJVGTUVCVVWPI YCT H€T 7PVGTPGJOGP FCJGT UGJT UEJYGT \W TGCNKUKGTGP .QUIG N{UV XQP FGT PGICVKXGP -QPPQVCVKQP FKGUGU 6JGOCU KP FGT $GTKEJVGTUVCVVWPI UCJGP FKG DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGT KP 'PVNCUUWPIGP CDGT CWEJ KP GKPGT JQJGP /KVCTDGKVGTHNWMVWCVKQP PKEJV PWT GKPGP YKEJVKIGP +PFKMCVQT H€T FKG -WNVWT GKPGU 7PVGTPGJOGPU UQPFGTP CWEJ H€T FKG CNNIGOGKPG 'PVYKEMNWPI WPF FGP 'THQNI FGU 7PVGTPGJOGPU UQYKG FGUUGP {HHGPVNKEJGU +OCIG 'PVNCUUWPIGP YWTFGP XQP FGP +PVGTXKGYRCTVPGTP CWU CNN FKGUGP )T€PFGP CNU PGICVKX CPIGUGJGP +P FGT .KVGTCVWT JGTTUEJV XKGNHCEJ GKPG kJPNKEJG 5KEJV CWH FGP 'HHGMV XQP DG VTKGDUDGFKPIVGP -€PFKIWPIGP XQT &KG /GJT\CJN FGT FKGUDG\€INKEJGP 5VWFKGP MQOOV \W FGO 5EJNWUU FCUU KP FGT 4GIGN FKG OKV GKPGO 2GTUQPCNCDDCW XGTHQNI VGP
 /KVCTDGKVGTDG\KGJWPIGP WPF 7PVGTPGJOGPUMWNVWT



'PVUEJGKFWPIGP VTKHHV )NGDDGGM  $CZ  €DGTYKGIGP (CMVQTGP FKG FKG NCPIHTKUVKIG 9GVVDGYGTDUHkJKIMGKV GKPGU 7PVGTPGJOGPU WPVGTOKPKGTGP YKG GKPG -TKUGPOGPVCNKVkV KPPGTJCND FGT $GNGIUEJCHV GKP 8GTNWUV CP +PPQXCVKQPUMTCHV 9KFGTUVCPF IGIGP YGKVGTG 8GTkPFGTWPIGP UQYKG GKPG PKGFTKIGTG /KVCTDGKVGTOQ VKXCVKQP GKPUCV\ WPF NQ[CNKVkV %JCFYKEM GV CN  /CDGTV  5EJOGPPGT  2GTUQPCNCDDCW KUV QHVOCNU FKG HCNUEJG #PVYQTV CWH 7PVGTPGJOGPURTQDNG OG FKG CP CPFGTGP 5VGNNGP KJTG 7TUCEJG JCDGP &C FKGUG PGICVKXGP 'HHGMVG XQP DGVTKGDUDGFKPIVGP -€PFKIWPIGP KP FGT 4G IGN CWEJ FWTEJ DKNCP\KGNNG 4€EMUVGNNWPIGP H€T FKG #DHKPFWPIGP FGT CWUUEJGKFGP FGP /KVCTDGKVGT DGINGKVGV YGTFGP O€UUGP RCUUVGP FKG DGHTCIVGP #PCN[UVGP WPF +PXGUVQTGP FGOGPVURTGEJGPF KJTG 2TQIPQUGP CP (€T FGP 5VGNNGPYGTV FKGUGT (C EGVVG FGT IGUGNNUEJCHVNKEJGP 8GTCPVYQTVWPI XQP 7PVGTPGJOGP MCPP \WUCOOGP HCUUGPF HGUVIGJCNVGP YGTFGP FCUU FKG -CRKVCNOkTMVG CNNGKPG UEJQP WPVGT HKPCP \KGNNGP )GUKEJVURWPMVGP UGJT XKGN 9GTV CWH GPVURTGEJGPF JCTOQPKUEJG WPF HCKTG /KVCTDGKVGTDG\KGJWPIGP NGIVGP FKG FWTEJ GKPG NCPIHTKUVKIG 5VTCVGIKG CWEJ DG VTKGDUDGFKPIVG -€PFKIWPIGP PCEJ /{INKEJMGKV \W XGTOGKFGP UWEJV ' /KVCTDGKVGTDG\KGJWPIGP G 4GUVTKMVKQPGP FGU (CMVQTU #TDGKV 9GTVUEJ{RHWPIURQVGPVKCN GKP\GNPGT /KVCTDGKVGTITWRRGP UQYKG FGTGP 8GTH€IDCTMGKV CWH FGP #TDGKVUOkTMVGP WPF FCOKV CWEJ FGTGP /CTMVOCEJV D\Y 8GTJCPFNWPIURQUKVKQP G 7PVGTPGJOGPUMWNVWT /QVKXKGTGPFG #TDGKVUWOIGDWPI KP FGT FKG /KVCT DGKVGT CMVKX FKG 5CEJG FGU 7PVGTPGJOGPU XQTCPVTGKDGP DGKPJCNVGV \WO $GKURKGN WC FKG $GTGKVUEJCHV \W -QORTQOKUUGP +PVGITCVKQPUHkJKIMGKV WPF GKPG QHHGPG -QOOWPKMCVKQPUMWNVWT G #VVTCMVKXKVkV FGU 7PVGTPGJOGPU CNU #TDGKVUIGDGT (kJKIMGKV GKPGU 7PVGT PGJOGPU FKG DGUVGP /KVCTDGKVGT CWHITWPF UGKPGT 7PVGTPGJOGPUMWNVWT \W XGT INGKEJUYGKUG IGTKPIGTGP .{JPGP \W TGMTWVKGTGP G /KVCTDGKVGTDKPFWPI NCPIHTKUVKIG $GVTKGDU\WIGJ{TKIMGKV 8GTOGKFWPI XQP DGVTKGDUDGFKPIVGP -€PFKIWPIGP WPF FKG 5EJCHHWPI GKPGU <WUCOOGPIGJ{TKI MGKVUIGH€JNU G )GYGTMUEJCHVUDG\KGJWPIGP #WUIGUVCNVWPI FGT $G\KGJWPI \W )GYGTM UEJCHVGP CWH GKPG #TV WPF 9GKUG FKG FKG 9CJTUEJGKPNKEJMGKV XQP MQUVURKGNKIGP {HHGPVNKEJGP #TDGKVUMkORHGP XGTTKPIGTV 6CDGNNG  —š˜—š‰œ —‹‘‰” ›˜—–›‘Š‘”‘œ¡ –œš ‘œ‰šŠ‘œš›‘‹œ›˜–“œ–



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

 <WUCOOGPHCUUWPI +O 4CJOGP FKGUGU -CRKVGNU YWTFG FGT (TCIG PCEJIGICPIGP KPYKGHGTP FCU UQ\KC NG WPF {MQNQIKUEJG 'PICIGOGPV GKPGU 7PVGTPGJOGPU H€T FKG 'KPUEJkV\WPI RTQ HGUUKQPGNNGT -CRKVCNOCTMVVGKNPGJOGT GKPG 4QNNG URKGNV 9KG CWU FGP +PVGTXKGYU OKV #PCN[UVGP +PXGUVQTGP WPF ,QWTPCNKUVGP FGWVNKEJ YWTFG URKGNV 'PICIGOGPV FWTEJCWU GKPG 4QNNG H€T KJTG 7PVGTPGJOGPUGKPUEJkV\WPI LGFQEJ XQTYKGIGPF WPVGT UVTCVGIKUEJGP )GUKEJVURWPMVGP )TWPFNCIG H€T FGP 5VGNNGPYGTV XQP UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP YCTGP gDGTNGIWPIGP FCUU FGT ${TUGPYGTV GKPGU 7PVGTPGJOGPU PGDGP FGP XGTICPIGPJGKVUDG\QIGPGP KP $KNCP\ UQYKG )GYKPP WPF 8GTNWUVTGEJPWPI PKGFGTIGNGIVGP (KPCP\\CJNGP CWEJ XQP GKPGT 4GKJG \W MWPHVUDG\QIGPGT 5CEJXGTJCNVG CDJkPIV &CJGT WOHCUUV FKG 'TOKVVNWPI GKPGU -WTU\KGNU D\Y GKP +PXGUVKVKQPUGPVUEJGKF OGJT CNU FKG TGKP OCVJGOCVKUEJG $G TGEJPWPI GKPGU 7PVGTPGJOGPUYGTVGU CWH )TWPFNCIG XQP $KNCP\FCVGP +P FKGUGP 2TQ\GUU IGJGP XKGNOGJT GKPG 8KGN\CJN XQP UWDLGMVKXGP 2TQIPQUGP UGKVGPU #PCN[U VGP WPF +PXGUVQTGP €DGT FKG <WMWPHV GKP &KG GPVUEJGKFWPIUTGNGXCPVG 9CJTPGJ OWPI GKPGU 7PVGTPGJOGPU CO -CRKVCNOCTMV WOHCUUV OKV CPFGTGP 9QTVGP PGDGP FGP TGKPGP (KPCP\FCVGP CWEJ GKPG 4GKJG XQP \WMWPHVUDG\QIGPGP PKEJVHKPCP\KGN NGP (CMVQTGP &KG KP FKGUGO -CRKVGN FCTIGNGIVGP #PUKEJVGP FGT KPVGTXKGYVGP +PXGUVQTGP WPF #PCN[UVGP NCUUGP FCTCWH UEJNKGˆGP FCUU UKEJ PKEJV \WNGV\V CPIG UKEJVU FGT *GTCWUHQTFGTWPIGP XQT FGT FKG 9GNVYKTVUEJCHV KP FGP PkEJUVGP ,CJT \GJPVGP UVGJV CWEJ CO MNCUUKUEJGP -CRKVCNOCTMV GKP UVkTMGTGU $GYWUUVUGKP H€T UQ\KCNG WPF {MQNQIKUEJG $GNCPIG CD\GKEJPGV %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[ YWTFG XQP FGP +PVGTXKGYRCTVPGTP CNU GKPG UVTCVGIKUEJG *GTCWUHQTFGTWPI GTCEJVGV FKG KP FKG )NQDCN WPF 7PVGTPGJOGPUCPCN[UGP UQYQJN WPVGT 4KUKMQ CNU CWEJ WPVGT &KHHGTGP\KGTWPIUIGUKEJVURWPMVGP GKPHNKGˆV &KG #WUYGTVWPI FGT +PVGTXKGYU OKV FGP DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGTP JCV HGTPGT IG\GKIV FCUU UKEJ FKG {MQPQOKUEJG $GWTVGKNWPI FGT 7PVGTPGJOGPU GPVYKEMNWPI CPJCPF DGUVKOOVGT UQ\KCNGT WPF {MQNQIKUEJGT 0CEJJCNVKIMGKVUHCMVQ TGP HGUVOCEJGP NkUUV &KGU DGFGWVGV OKV CPFGTGP 9QTVGP FCUU FCU 6JGOC %QTRQ TCVG 5QEKCN 4GURQPUKDKNKV[ XQTPGJONKEJ WPVGT ICP\ DGUVKOOVGP #URGMVGP KPVGTGU UKGTV 7PVGTPGJOGP FKG KO 4CJOGP KJTGT -CRKVCNOCTMVMQOOWPKMCVKQP KJT 'PIC IGOGPV \KGNIGTKEJVGV MQOOWPK\KGTGP YQNNGP UQNNVGP FKGU DGT€EMUKEJVKIGP &GPP ITWPFUkV\NKEJ OWUU PKEJV LGFG 7PVGTPGJOGPUKPHQTOCVKQP CWEJ CWH FGO -CRKVCN OCTMV KJTGP 0KGFGTUEJNCI HKPFGP +PHQTOCVKQPUDGUEJCHHWPI WPF +PHQTOCVKQPUXGT CTDGKVWPI JCV GKPGP 2TGKU UKG MQUVGV
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5QEKCN 4GURQPUKDKNKV[ \W GT\GWIGP #P -CRKVCNOkTMVGP IKNV FCUU LGPG 7PVGTPGJ OGPUKPHQTOCVKQPGP CNU TGNGXCPV GTCEJVGV YGTFGP CWU FGPGP UWDLGMVKX 4€EM UEJN€UUG €DGT FKG \WM€PHVKIG 'PVYKEMNWPI XQP /kTMVGP $TCPEJGP WPF 7PVGT PGJOGP CDIGNGKVGV YGTFGP M{PPGP &KG )GUKEJVURWPMVG WPVGT FGPGP FCU 6JGOC %QTRQTCVG 5QEKCN 4GURQPUKDKNK V[ KP FKG 7TVGKNUHKPFWPI XQP #PCN[UVGP WPF +PXGUVQTGP GKPHNQUU WPF CP FGPGP FCU -QOOWPKMCVKQPUOCPCIGOGPV GKPGU 7PVGTPGJOGPU CPUGV\GP UQNNVG YCTGP KPUDG UQPFGTG WPVGT FGO #URGMV GKPGT NCPIHTKUVKIGP PCEJJCNVKIGP 5VTCVGIKGHQTOWNKG TWPI \W UGJGP &KG #PCN[UG GKPGU 7PVGTPGJOGPU XQP 5GKVGP FGT -CRKVCNOCTMV VGKNPGJOGT UGV\V ITWPFUkV\NKEJ CP FGP 4CJOGPDGFKPIWPIGP GKPGU +PFWUVTKGUGMVQTU QFGT /CTMVGU CP FGOGPVURTGEJGPF YKEJVKI KUV FGT 'KPHNWUU FGP KPUDGUQPFGTG {MQNQIKUEJG CDGT CWEJ UQ\KCNG 'PVYKEMNWPIGP CWH FKG UVTCVGIKUEJGP 'PVHCN VWPIUO{INKEJMGKVGP GKPGU GPVURTGEJGPF UGMVQTCN RQUKVKQPKGTVGP 7PVGTPGJOGPU JCDGP M{PPGP 'KP 7PVGTPGJOGP MCPP UKEJ KP FGP #WIGP FGT -CRKVCNOCTMVVGKN PGJOGT JGTXQTJGDGP KPFGO GU FKGUG IGUCOVIGUGNNUEJCHVNKEJGP 'PVYKEMNWPIGP CMVKX CWHITGKHV WPF UKG \WO )GIGPUVCPF GKPGT YGTVIGPGTKGTGPFGP 5VTCVGIKG OCEJV OKV CPFGTGP 9QTVGP FCU 7PVGTPGJOGP XQTCWUUEJCWGPF CWHUVGNNV &KGU XGTTKPIGTV \WO GKPGP FCU 4KUKMQRTQHKN GKPGU +PXGUVOGPVU KP GKP 7PVGTPGJOGP WPF GTJ{JV \WO CPFGTGP FWTEJ GKP UKEJ GT{HHPGPFGU &KHHGTGP\KGTWPIURQVGPVKCN FKG 9CJT UEJGKPNKEJMGKV J{JGTGT \WM€PHVKIGT 'TVTkIG %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[ YKTF FCDGK KOOGT WPVGT FGO 8QTDGJCNV FGT 'KPJCNVWPI XQP 4GIGNP IWVGT )QXGTPCPEG IGUGJGP FJ GKPG MNCTG 8GTVTGVWPI FGT +PVGTGUUGP FGT 7PVGTPGJOGPUGKIGPV€OGT GKPG 8GTDKPFWPI FGU UQ\KCNGP WPF {MQ NQIKUEJGP 'PICIGOGPVU OKV GKPGO MNCTGP /GJTYGTV H€T FKG #PVGKNUGKIPGT OWUU IGIGDGP UGKP &KGU DGFKPIV FKG 8GTOGKFWPI XQP 'PICIGOGPV YGNEJGU NGFKINKEJ FKG RCTVKMWNkTGP +PVGTGUUGP FGT 7PVGTPGJOGPUNGKVWPI TGHNGMVKGTV WPF GKPG VTCPURC TGPVG WPF XGTOKVVGNPFG 1HHGPNGIWPI XQP UQ\KCNGP WPF {MQNQIKUEJGP #MVKXKVkVGP #DJkPIKI XQP FGT 8KGN\CJN WPF FGP 'KPHNWUUO{INKEJMGKVGP FGT XQP FGT 7PVGT PGJOGPUVkVKIMGKV VCPIKGTVGP #PURTWEJUITWRRGP YGTFGP GKPXGTPGJONKEJG $G\KG JWPIGP \W FGP YKEJVKIUVGP 7PVGTPGJOGPUUVCMGJQNFGTP CNU UGJT YKEJVKI GTCEJVGV &CU UQ\KCNG WPF {MQNQIKUEJG 'PICIGOGPV KUV KP FKGUGT $G\KGJWPI GKP YKEJVKIGU +PUVTWOGPV WO FKG .GIKVKOKVkV WPF 5VGNNWPI GKPGU 7PVGTPGJOGPU UQYKG UGKPG 4GRWVCVKQP KPPGTJCND GKPGT )GUGNNUEJCHV UKEJGT\WUVGNNGP )GUGNNUEJCHVNKEJGU 'P ICIGOGPV VTkIV KPUDGUQPFGTG FC\W DGK FKG 9CJTUEJGKPNKEJMGKV XQP -QPHNKMVGP OKV CWUUGTRCTNCOGPVCTKUEJGP +PVGTGUUGPITWRRGP \W UGPMGP D\Y GXGPVWGNNGP 4GIWNKGTWPIGP XQP UVCCVNKEJGT 5GKVG XQT\WDGWIGP 5Q\KCNG WPF {MQNQIKUEJG 0CEJJCNVKIMGKV KUV CWEJ GKP YKEJVKIGT (CMVQT KP FGT )GUVCNVWPI XQP 2TQFWMVNGKU VWPIGP WPF KO 7OICPI OKV FGP GKIGPGP /KVCTDGKVGTP #DJkPIKI XQP FGP -QP UWORTkHGTGP\GP FGT 8GTDTCWEJGT M{PPGP UQ\KCNG WPF {MQNQIKUEJG 2TQFWMVGKIGP UEJCHVGP \WT +PVGITKVkV WPF #WVJGPVK\KVkV FGT /CTMGP GKPGU 7PVGTPGJOGPU WPF



 > 5VGNNGPYGTV UQ\KCNGT WPF {MQNQIKUEJGT $GNCPIG KO -CRKVCNOCTMV

UQOKV \W GTJ{JVGP #DUkV\GP WPF GKPGT J{JGTGP 2TGKUCM\GRVCP\ H€JTGP ,GFQEJ OCEJV FGT 9GTV XKGNGT /CTMGP WPF FGT 8GTUWEJ FCU IGUGNNUEJCHVNKEJG 'PICIG OGPV GKPGU 7PVGTPGJOGPU \W XGTOCTMVGP XKGNHCEJ CWEJ CPITGKHDCT IGIGP€DGT -TKVKM WPF IGIGP UKG IGTKEJVGVG -CORCIPGP UQHGTP PKEJV CNNG #MVKXKVkVGP KP GKP UVKOOKIGU )GUCOVMQP\GRV GKPIGDWPFGP UKPF > HCKTG 7OICPI OKV FGP /KVCT DGKVGTP YWTFG UEJNKGˆNKEJ CDJkPIKI XQP FGTGP 9GTVUEJ{RHWPIURQVGPVKCN WPF /CTMVOCEJV FGUJCND CNU YGTVXQNN GTCEJVGV FC GKPG OQVKXKGTGPFG 7PVGTPGJOGPU MWNVWT GKPGP YGUGPVNKEJGP $GKVTCI \WT $KPFWPI WPF 4GMTWVKGTWPI XQP /KVCTDGK VGTP FCTUVGNNV YCU UKEJ KO 'PFGHHGMV KP GKPGT J{JGTGP 2TQHKVCDKNKVkV FGU 7PVGT PGJOGPU PKGFGTUEJNkIV

5VTCVGIKG

# .CPIHTKUVKIG PCEJJCNVKIG 5VTCVGIKGHQTOWNKGTWPI C 4CJOGPDGFKPIWPIGP C $WUKPGUU 'ZRQUWTG C /CTMGV 1TKGPVCVKQP C #DUKEJGTWPI C &KHHGTGP\KGTWPIU WPF 'HHK\KGP\CTIWOGPV

$ 4GIGNP IWVGT )QXGTPCPEG D +PVGTGUUGPXGTVTGVWPI D 1HHGPNGIWPI )QXGTPCPEG

#URGMVG XQP %54 KP FGT -CRKVCNOCTMVYCJTPGJOWPI

& 0CEJJCNVKIG 2TQFWMVNGKUVWPIGP F -QPUWORTkHGTGP\GP -WPFGP F /CTMGPXGTURTGEJGP F #DUCV\EJCPEGP F 2TGKUURKGNTkWOG F $TCPF #EVKXKUO F &KHHGTGP\KGTWPIURQVGPVKCN F %CWUG 4GNCVGF /CTMGVKPI

fHHGPV NKEJMGKV

/KVCTDGKVGT

% fHHGPVNKEJG $G\KGJWPIGP E .KEGPEG VQ QRGTCVG E 4GRWVCVKQP E /GFKGPVGPQT E 0)14GNCVKQPU E 2WDNKE #HHCKTU

' /KVCTDGKVGTDG\KGJWPIGP G 4GUVTKMVKQPGP G 7PVGTPGJOGPUMWNVWT G #VVTCMVKXKVkV G /KVCTDGKVGTDKPFWPI G )GYGTMUEJCHVUDG\KGJWPIGP

#DDKNFWPI  #URGMVG XQP %54 KP FGT -CRKVCNOCTMVYCJTPGJOWPI 9KG KO 4CJOGP FGT $GHTCIWPI YGKVGTJKP FGWVNKEJ YWTFG DGUCUUGP FKG KPVGT XKGYVGP 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP KO *KPDNKEM CWH FKG +ORNKMCVKQPGP XQP UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP QHVOCNU GKPGP GKIGPGP (QMWU &KGUGT URG\KGNNG $NKEMYKPMGN WPVGTUEJGKFGV UKG \W GKPGO IGYKUUGP )TCF XQP FGP KPVGT XKGYVGP #PCN[UVGP WPF +PXGUVQTGP KJTG #PUKEJVGP YCTGP CDGT IGTCFG FGUYGIGP H€T FKG €DTKIGP -CRKVCNOCTMVVGKNPGJOGT KPVGTGUUCPV &GPPQEJ UGJGP UKEJ ,QWTPC NKUVGP DGK FGT 8GTOKVVNWPI XQP UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP IGPGTGNN OGJT CNU /KVVNGT FGP CNU 8QTTGKVGT 0CEJ #WUUCIGP FGT KPVGTXKGYVGP ,QWTPCNKUVGP

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 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

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 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

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 RNkFKGTV FCJGT H€T GKPG *GTCPIGJGPUYGKUG FKG CP FGP 9CJTPGJOWPIGP



 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

FGT -QOOWPKMCVKQPURCTVPGT CPUGV\V ²#V VJG OKETQ NGXGN QH RWDNKE TGNCVKQPU RTQ ITCOU RTCEVKVKQPGTU UJQWNF WUG VJG EQPEGRVU QH RGTEGRVKQP EQIPKVKQP CVVKVWFG UEJGOC CPF DGJCXKQT VQ FGTKXG QDLGEVKXGU HQT EQOOWPKECVKQP RTQITCOU CPF VQ FGXGNQR OGCUWTGU VQ GUVCDNKUJ VJGKT GHHGEVKXGPGUU³ 5  #WU GDGP UQNEJ GKPGT 2GTURGMVKXG YWTFG FKG 4QNNG WPVGTUWEJV FKG UQ\KCNG WPF {MQNQIKUEJG $GNCPIG KP FGT 9CJTPGJOWPI GKPGU 7PVGTPGJOGPU FWTEJ +PXGU VQTGP #PCN[UVGP WPF ,QWTPCNKUVGP URKGNGP 'TIGDPKU YCT GKP #PUCV\ FGT FGP 'KPHNWUU XQP UQ\KCNGP WPF {MQNQIKUEJGP 6JGOGP CWH FKG -CRKVCNOCTMVYCJTPGJ OWPI PCEJ\GKEJPGV 'U JCV UKEJ FCDGK IG\GKIV FCUU FKG DGHTCIVGP -CRKVCNOCTMV VGKNPGJOGT UQNEJG $GNCPIG XQTYKGIGPF CWU GKPGT GKIGPPWV\GPQTKGPVKGTVGP 2GT URGMVKXG DGVTCEJVGP YCU FKG 'TIGDPKUUG FGT 7PVGTUWEJWPI CWEJ \W GKPGO IGYKU UGP )TCF XQP UQNEJGP WPVGTUEJGKFV FKG URG\KGNN FCU 5QEKCNN[ 4GURQPUKDNG +P XGUVOGPV 5GIOGPV KO $NKEMHGNF JCDGP 5Q YKTF FCU 6JGOC FWTEJ FCU XQP WPU CWUIGYkJNVG ÂMNCUUKUEJGµ -CRKVCNOCTMVUGIOGPV YGPKIGT WPVGT OQTCNKUEJGP CNU WPVGT HKPCP\KGNNGP )GUKEJVURWPMVGP DGWTVGKNV &GOGPVURTGEJGPF YWTFGP CWEJ FKG #PURT€EJG FGT 5VCMGJQNFGT XQP FGP DGHTCIVGP +PVGTXKGYVGKNPGJOGTP YGPKIGT CWHITWPF GKPGT OQTCNKUEJGP .GIKVKOKVkV CNU DGTGEJVKIV CPIGUGJGP UQPFGTP XKGN OGJT CWHITWPF GKPGT YCJTIGPQOOGPGP (kJKIMGKV GKPGT UQNEJGP 5VCMGJQNFGT ITWRRG FKG HKPCP\KGNNG 2GTHQTOCPEG GKPGU 7PVGTPGJOGPU WPF FCOKV GKPGU +P XGUVOGPVU \W DGGKPHNWUUGP &KG KO \YGKVGP -CRKVGN FCTIGNGIVG 5VCMGJQNFGT 6JGQ TKG XIN (TGGOCP  /KVEJGNN #ING  9QQF  YWTFG UQ CWEJ XQP FGP DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGTP KO 5KPPG GKPGU UQ IGPCPPVGP Â5VTCVGIKE 5VC MGJQNFGT /CPCIGOGPV 1TKGPVCVKQPµ/QFGNNU XIN $GTOCP GV CN  5  KPVGTRTGVKGTV F J OKV FGT #DUKEJV FWTEJ IGUGNNUEJCHVNKEJGU 'PICIGOGPV FKG #M \GRVCP\ FGT WPVGTPGJOGTKUEJGP 9GTVUEJ{RHWPI NCPIHTKUVKI UKEJGT\WUVGNNGP 9GKVGTJKP HKGN KO 8GTINGKEJ \W FGT GKPICPIU CWU FGT .KVGTCVWT CDIGNGKVGVGP #TDGKVUFGHKPKVKQP XQP WPVGTPGJOGTKUEJGT IGUGNNUEJCHVNKEJGT 8GTCPVYQTVWPI CWH FCUU Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ KP FKGUGO /CTMVUGIOGPV CNU GKP /GTMOCN GKPGT NCPIHTKUVKI CPIGNGIVGP 5VTCVGIKG XGTUVCPFGP YGTFGP OWUU FKG UQ\KCNGU WPF {MQNQIKUEJGU 'PICIGOGPV OKV GKPGO MNCTGP /GJTYGTV H€T FKG 7PVGTPGJOGPUGK IGPV€OGT XGTDKPFGV &KGU DGKPJCNVGV GKPG UGJT RQKPVKGTVG 5KEJV CWH FKG XQP #TEJKG %CTTQNN  GKPIGH€JTVGP XKGT XGTUEJKGFGPGP #TVGP XQP WPVGTPGJOGTKUEJGT 8GTCPVYQTVWPI FGT {MQPQOKUEJGP TGEJVNKEJGP GVJKUEJGP WPF RJKNCPVJTQRKUEJGP &CU 7PVGTPGJOGP WPVGT 'KPJCNVWPI FGT IGNVGPFGP )GUGV\G YKTVUEJCHVNKEJ GTHQNI TGKEJ UGKP O€UUGP YWTFG YGPKI €DGTTCUEJGPF XQP FGP DGHTCIVGP #PCN[UVGP +PXGUVQTGP WPF ,QWTPCNKUVGP CWUFT€EMNKEJ IGHQTFGTV #PIGURTQEJGP CWH FKG DGKFGP YGKVGTGP #URGMVG FKG GVJKUEJG WPF RJKNCPVJTQRKUEJG 8GTCPVYQTVWPI XQP 7PVGT PGJOGP XGTVTCVGP FKG +PVGTXKGYRCTVPGT JKPIGIGP GKPG IGIGPUkV\NKEJG /GKPWPI \W DGUCIVGT &GHKPKVKQP XQP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ <WO $GKURKGN YWT FG FKG KP FGP +PVGTXKGYU CWHIGMQOOGPG (TCIG KP YGNEJGT IGUGNNUEJCHVNKEJGP

 gDGT FGP 'KPHNWUU XQP %54 CWH FKG -CRKVCNOCTMVYCJTPGJOWPI



+PUVCP\ €DGT FKG IGNVGPFG )GUGV\IGDWPI JKPCWUIGJGPFGU 'PICIGOGPV CO DGUVGP XGTQTVGV UGK FCJKPIGJGPF DGCPVYQTVGV FCUU FKGUGU DGK 7PVGTPGJOGP UEJNGEJV CWHIGJQDGP KUV 7PVGTPGJOGP UQNNVGP RTKOkT CNU /CTMVQTICPKUCVKQPGP HWPIKGTGP 'PICIGOGPV UQNNVG XQTYKGIGPF DGK UVCCVNKEJGP WPF MCTKVCVKXGP 1TICPKUCVKQPGP XGTQTVGV UGKP &GOGPVURTGEJGPF YWTFG KPUDGUQPFGTG CWEJ FCU RJKNCPVJTQRKUEJG 'PICIGOGPV XQP 7PVGTPGJOGP WPVGT FGO )GUKEJVURWPMV FGT +PVGTGUUGPXGTVTG VWPI FGT 7PVGTPGJOGPUGKIGPV€OGT UGJT MTKVKUEJ IGUGJGP &C CWH FKG YGKVGTIG JGPFGP PQTOCVKXGP +ORNKMCVKQPGP FGT +PVGTXKGYU OKV *KPDNKEM CWH FKG XQTJGTT UEJGPFGP #WHHCUUWPIGP FGT %54.KVGTCVWT PQEJ KO #PUEJNWUU YGKVGTIGJGPF GKPIGICPIGP YKTF UQNN \WNGV\V PQEJ FCU CDUEJNKGUUGPFG 'NGOGPV FGT #TDGKVUFGHK PKVKQP FKG *CTOQPKUKGTWPI FGU )GUEJkHVU\YGEMU FGT 7PVGTPGJOGPUYGTVG WPF ° UVTCVGIKG CWH FGT )TWPFNCIG XQP UQ\KCN WPF {MQNQIKUEJ PCEJJCNVKIGO )GUEJkHVU IGDCTGP CWHIGITKHHGP YGTFGP Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ YWTFG DGKPCJG FWTEJIkPIKI KO -QPVGZV UKEJ XGTkPFGTPFGT 4CJOGPDGFKPIWPIGP WPF FGT +PVGTGU UGP D\Y 'KPHNWUUO{INKEJMGKVGP FGT 7PVGTPGJOGPUUVCMGJQNFGT DGVTCEJVGV YQDGK FKG WPVGTUEJKGFNKEJG )GYKEJVWPI XQP UQ\KCNGP WPF {MQNQIKUEJGP $GNCPIGP CWH HKGN +P FGP +PVGTXKGYU YWTFG UQ\KCNGP $GNCPIGP GKP XGTINGKEJUYGKUG IGTKPIGTGT 'KPHNWUU CWH FGP XQTCWUIGUCIVGP )GUEJkHVUXGTNCWH WPF FKG XQTCWUUKEJVNKEJG 'PV YKEMNWPI GKPGU 7PVGTPGJOGPU \WIGUVCPFGP CNU {MQNQIKUEJGP (CMVQTGP *KGTDGK URKGNVGP KPUDGUQPFGTG TGIWNCVQTKUEJG 'PVYKEMNWPIGP WPF UVTGPIGTG 7OYGNV UEJWV\DGUVKOOWPIGP H€T FKGUG TGNCVKXG gDGTIGYKEJVWPI GKPG GPVUEJGKFGPFG 4QN NG 1DYQJN UQ\KCNG $GNCPIG KP DGUVKOOVGP $GTGKEJGP CNU UGJT YKEJVKI GTCEJVGV YWTFGP KPUDGUQPFGTG KP $G\WI CWH FKG /KVCTDGKVGTDG\KGJWPIGP WPF FGTGP -Q QRGTCVKQPUDGTGKVUEJCHV YWTFG FQEJ FGP GPVURTGEJGPFGP +PVGTGUUGPXGTVTGVWPIGP UQ\KCNGT #PURT€EJG GKP XGTINGKEJUYGKUG IGTKPIGTGU 5CPMVKQPURQVGPVKCN GKPIG TkWOV &KGUG 'KPUEJkV\WPI KUV \WOKPFGUV KP 6GKNGP CWH FKG HQTVUEJTGKVGPFG )NQDC NKUKGTWPI WPF FKG FCOKV GKPJGTIGJGPFG (NGZKDKNKVkV WPF )GUVCNVWPIUO{INKEJMGKVGP XQP 7PVGTPGJOGP KO <WUCOOGPJCPI OKV UQ\KCNGP (TCIGP \WT€EM\WH€JTGP +O )GIGPUCV\ JKGT\W URKGNV H€T FGP DGFGWVGPFGT GKPIGUEJkV\VGP 'KPHNWUU XQP {MQNQ IKUEJGP 'PVYKEMNWPIGP CWH FGP )GUEJkHVUXGTNCWH FKG \WPGJOGPFG 6GPFGP\ GKPG 4QNNG KP 5VWFKGP WPF KP FGP /GFKGP FKG -QUVGP FGT 'TFGTYkTOWPI CWH GKPGO INQDCNGP D\Y TGIKQPCNGP /CˆUVCD \W VJGOCVKUKGTGP XIN \$ +PVGTIQXGTPOGPVCN 2CPGN QP %NKOCVG %JCPIG C D &KGUG 6JGOCVKUKGTWPI DGGKPHNWUUV FKG OGPVCNG $GYGTVWPI XQP {MQNQIKUEJGO 'PICIGOGPV KO -CRKVCNOCTMV WPF GTMNkTV UQ \W GKPGO IGYKUUGP )TCF CWEJ FKG \W $GIKPP FGU -CRKVGNU CPIGURTQEJGPG 4G PCKUUCPEG FGU 6JGOCU 1DYQJN WPUGTG $GHTCIWPI \W GKPGO


 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

IGIGP€DGT FGT UQ\KCNGP FGWVNKEJ 'KPG 'TMNkTWPI JKGTH€T OCI UGKP FCUU UKEJ FKG -QUVGP FGU -NKOCYCPFGNU PKEJV WOIGJGP NCUUGP WPF CNNG /CTMVVGKNPGJOGT DG VTGHHGP (QNINKEJ JGTTUEJV €DGT UKG CWEJ MGKPG PQTOCVKXG 7PGKPKIMGKV YKG \WO $GKURKGN €DGT FKG #PIGOGUUGPJGKV XQP RJKNCPVJTQRKUEJGO 'PICIGOGPV YQOKV FGO 6JGOC CWEJ GKPG IT{ˆGTG 5VTCVGIKGTGNGXCP\ \WGTMCPPV YKTF <WUCOOGPHCUUGPF JCDGP FKG #WUH€JTWPIGP FGT NGV\VGP -CRKVGN CWHIG\GKIV FCUU PKEJV LGFG +PHQTOCVKQP €DGT FCU 'PICIGOGPV GKPGU 7PVGTPGJOGPU XQP INGK EJGT $GFGWVWPI H€T FKG -CRKVCNOCTMVVGKNPGJOGT KUV 8KGNOGJT UKPF NGFKINKEJ FKG LGPKIGP +PHQTOCVKQPGP FKG FKG 2CTCOGVGT FGU $GYGTVWPIURTQ\GUUGU WPF FGUUGP \WM€PHVKIG 'PVYKEMNWPI DGGKPHNWUUGP H€T FKG #TDGKV XQP #PCN[UVGP WPF +PXGUVQ TGP KPVGTGUUCPV WPF XQP 0WV\GP #WHITWPF XQP -QUVGP€DGTNGIWPIGP CWH 7PVGT PGJOGPUUGKVG WPF 0WV\GP€DGTNGIWPIGP CWH 'ORHkPIGTUGKVG UQNNVG FGOGPVURTG EJGPF GKPG QRVKOKGTGPFG #WUYCJN FGT IGUGNNUEJCHVNKEJGP #MVKXKVk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Â2TQRGTV[ 4KIJVU /QFGNµ PCEJ FGT GKP 7P VGTPGJOGP GKPG TGKP RTKXCVG #PIGNGIGPJGKV KUV CWU FGT MGKPGTNGK YGKVGTIGJGPFG UQ\KCNG 8GTRHNKEJVWPI TGUWNVKGTGP XIN (TKGFOCP  WPF FGT FGT %KVK\GPUJKR 2GTURGMVKXG FGT UQ IGPCPPVGP 5QEKCN +PUVKVWVKQP 6JGQT[  PCEJ FGT FGT IGUGNN UEJCHVUTGEJVNKEJG <WUCOOGPUEJNWUU \W GKPGT LWTKUVKUEJGP 2GTUQP GKP XQO 5VCCV IGYkJTVGU 8QTTGEJV KO 5KPPG GKPGU $€TIGTTGEJVGU FCTUVGNNV WPF 7PVGTPGJOGP UQ KOOGT CWEJ FGT fHHGPVNKEJMGKV XGTRHNKEJVGV UKPF &KG XQP FGP +PVGTXKGYRCTVPGTP XGTVTGVGPG 5KEJVYGKUG CWH FGP UQ\KCNGP WPF {MQNQIKUEJGP 0CEJJCNVKIMGKVUIGFCP MGP NkUUV UKEJ UQ EJCTCMVGTKUKGTGP FCUU GKP 2TKXCVWPVGTPGJOGP FWTEJ FKG $GT€EM UKEJVKIWPI FGT DGTGEJVKIVGP +PVGTGUUGP FGT GKPHNWUUTGKEJGP 7PVGTPGJOGPUUVCMG JQNFGT \WT 5VGKIGTWPI FGU #NNIGOGKPYQJNU YKG CWEJ \WO 0WV\GP FGT 7PVGTPGJ OGPUGKIGPV€OGT DGKVTCIGP MCPP ,QJP $QCVTKIJV  5  HCUUV GKPG FKGUGO )GFCPMGP UGJT kJPNKEJG #PUKEJV WPVGT FGO $GITKHH FGT %QPVTCEVWCN 4KIJVU 6JG QT[ HQNIGPFGTOCˆGP \WUCOOGP 5JCTGJQNFGTU CNQPI YKVJ QVJGT KPXGUVQTU GO

 gDGT FGP 'KPHNWUU XQP %54 CWH FKG -CRKVCNOCTMVYCJTPGJOWPI



RNQ[GGU CPF VJG NKMG GCEJ QYP CUUGVU VJCV VJG[ OCMG CXCKNCDNG VQ VJG HKTO 6JWU VJG HKTO TGUWNVU HTQO VJG RTQRGTV[ TKIJVU CPF VJG TKIJV QH EQPVTCEV QH GXGT[ EQTRQ TCVG EQPUVKVWGPE[ CPF PQV HTQO VJG UJCTGJQNFGT CNQPG &KGUG $GVQPWPI FGT 4QNNG FGT 7PVGTPGJOGPUUVCMGJQNFGT UVGNNV KO )TWPFG IGPQOOGP MGKP YKTMNKEJ PGWGU GVJKUEJGU (WPFCOGPV UQPFGTP GKP TCVKQPCNGU {MQPQOKUEJGU 8GTJCNVGP FCT XIN $CPHKGNF  5  6JGQTGVKUEJ IGURTQ EJGP XGTUWEJGP 7PVGTPGJOGP NGFKINKEJ KJTGP 2TQHKV \W OCZKOKGTGP KPFGO UKG UKEJ FGPLGPKIGP #MVKXKVkVGP \WYGPFGP FKG KJPGP FGP J{EJUVGP 'TVTCI \WUKEJGTP /KV CPFGTGP 9QTVGP UQHGTP GKP 7PVGTPGJOGPUOCPCIGOGPV CPPKOOV FCUU UKEJ UQ\KCN WPF {MQNQIKUEJ PCEJJCNVKIGU 8GTJCNVGP CWU\CJNV YKTF GU CWEJ GKP UQNEJGU CP FGP 6CI NGIGP 5QHGTP GKP 7PVGTPGJOGP CPFGTGTUGKVU GKPGP HKPCP\KGNNGP 8QT VGKN CD\€INKEJ CNNGT GXGPVWGNN \W GTYCTVGPFGP 5CPMVKQPGP KP PKEJV PCEJJCNVKIGO 8GTJCNVGP UKGJV YGTFGP YCJTUEJGKPNKEJ CWEJ UQNEJG #MVKXKVkVGP XGTHQNIV > 9GTV GKPGT 6kVKIMGKV YKTF CNUQ CP KJTGO HKPCP\KGNNGP 'TVTCI IGOGUUGP ° GVJKUEJG WPF OQTCNKUEJG $GFGPMGP UKPF WPVGT FKGUGT $GVTCEJVWPIUYGKUG PCEJTCPIKI IG IGP€DGT FGO )GYKPPRTKP\KR &KG JGTCWUIGJQDGPG $GFGWVWPI FGU )GYKPPRTKP\KRU DGFGWVGV KP FKGUGO -QPVGZV LGFQEJ PKEJV FCUU 7PVGTPGJOGP UKEJ PKEJV OQTCNKUEJ XGTJCNVGP UQNNVGP D\Y IGUGV\NKEJG $GUVKOOWPIGP PKEJV GKPJCNVGP QFGT PKEJV ICT €DGTGTH€NNGP UQNN VGP XIN )TCPQXGVVGT  -CV\  -CJP  5EQVV  <WT $GYCJTWPI FGT IGUGNNUEJCHVNKEJGP .GIKVKOKVkV FGU 7PVGTPGJOGPU IKNV GU XKGNOGJT PGDGP FGP #MVKQPkTGP CWEJ CPFGTG YKEJVKIG 5VCMGJQNFGT \WHTKGFGP \W UVGNNGP &QPCNFUQP  2TGUVQP  (TGGOCP  Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ KUV JKGTDGK GKP /KVVGN WO FKG $G\KGJWPIGP FGU 7PVGTPGJOGPU OKV UGKPGP 5VCMGJQNFGTP CWU\W IGUVCNVGP WPF KJO UQ .GIKVKOKVkV WPF 7PVGTUV€V\WPI KPPGTJCND FGT )GUGNNUEJCHV \W XGTUKEJGTP /QUMQYKV\  +P FKGUGO 5KPPG KUV IGUGNNUEJCHVNKEJGU 'PICIG OGPV CNUQ NGV\VNKEJ GKP +PUVTWOGPV \WT )GYKPPGT\KGNWPI H€T FKG 7PVGTPGJOGPUGK IGPV€OGT ,QPGU  0WP KUV CDGT PKEJV KOOGT FCXQP CWU\WIGJGP FCUU UQ\KCNGU WPF {MQNQIKUEJGU 'PICIGOGPV GKPGP RQUKVKXGP $GKVTCI \WO 7PVGTPGJOGPUGTIGDPKU DGKUVGWGTV 7PVGT 7OUVkPFGP MCPP GKP 7PVGTPGJOGP CWHITWPF FKGUGU 'PICIGOGPVU IGIGP €DGT GKPGO PKEJVPCEJJCNVKI CIKGTGPFGP 9GVVDGYGTDGT {MQPQOKUEJ DGPCEJVGKNKIV YGTFGP #WRRGTNG %CTTQNN  *CVHKGNF  /E)WKTG 5WPFITGP  5EJPGG YGKU  7NNOCP  8CPEG  +P GKPGO UGJT JCTVGP 9GVVDGYGTDUWO HGNF MCPP UQNEJ GKP 0CEJVGKN FCU (QTVDGUVGJGP FGU 7PVGTPGJOGPU IGHkJTFGP &CJGT O€UUGP UKEJ UQ\KCNG WPF {MQNQIKUEJG +PKVKCVKXGP YKG CNNG CPFGTGP +PXGUV OGPVU CWEJ CP -QUVGP0WV\GP /CˆUVkDGP QTKGPVKGTGP &KGU DGFGWVGV CDGT KP NGV\VGT -QPUGSWGP\ FCUU FKG KP XKGNGP 7PVGTPGJOGP PCEJ YKG XQT XQTJGTTUEJGP FG 6GPFGP\ GKPG MCWO €DGTUEJCWDCTG 8KGN\CJN XQP +PKVKCVKXGP QJPG <WUCO OGPJCPI \WT (KTOGPMWNVWT WPF QJPG GTMGPPDCTGP 0WV\GP H€T FCU 7PVGTPGJOGP



 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

\W WPVGTUV€V\GP XQP FGP DGHTCIVGP -CRKVCNOCTMVVGKNPGJOGTP CDIGNGJPV YKTF &KGUG #TV XQP 'PICIGOGPV KUV H€T FKG +PXGUVQTGP WPF #PCN[UVGP DGUVGPHCNNU PKEJV XQP +PVGTGUUG KO H€T FCU 7PVGTPGJOGP UEJNGEJVGUVGP (CNN YKTF GU LGFQEJ CNU GKPG MNCTG 8GTUEJYGPFWPI XQP #MVKQPkTUXGTO{IGP CPIGUGJGP +P FKGUGT KP XKGNGP 7PVGTPGJOGP PCEJ YKG XQT XQTJGTTUEJGPFGP 6TGPPWPI \YKUEJGP OQTCNKUEJGP WPF {MQPQOKUEJGP $GYGIIT€PFGP UCJGP DGTGKVU /WTTC[ WPF /QPVCPCTK  FGP 9KFGTYKNNGP UGKVGPU XKGNGT 7PVGTPGJOGP UKEJ H€T FKG )GUGNNUEJCHV \W GPIC IKGTGP DGIT€PFGV ÃVJG HCKNWTG VQ UWRRNGOGPV VJG OQTCN LWUVKHKECVKQP HQT UQEKCN TGURQPUKDKNKV[ YKVJ GEQPQOKE EQPUKFGTCVKQPU OC[ DG YJ[ OCP[ EQTRQTCVG GZGEW VKXGU XKGY UQEKCN TGURQPUKXGPGUU CU C UVTKEVN[ ´PQPRTQFWEVKXG EQUVµ² 5  'U NkUUV UKEJ UQOKV CWEJ HGUVJCNVGP FCUU FKG 5KEJV FGT DGHTCIVGP -CRKVCN OCTMVVGKNPGJOGT \YCT FCU
 gDGT FGP 'KPHNWUU XQP %54 CWH FKG -CRKVCNOCTMVYCJTPGJOWPI



FCJGT CWEJ PCEJ #PUKEJV XKGNGT FGT KPVGTXKGYVGP +PXGUVQTGP ,QWTPCNKUVGP WPF #PCN[UVGP CPIGOGUUGPGT KP FGT DTGKVGP fHHGPVNKEJMGKV CNU CWH FGP 8QTUVCPFUGVC IGP IGH€JTV YGTFGP (KTOGP UQNNVGP FGOPCEJ WPVGT $GCEJVWPI FGT YKEJVKIUVGP #PURTWEJUITWRRGPKPVGTGUUGP WPF GKPGT YKTMNKEJ PCEJJCNVKIGP NCPIHTKUVKIGP 5VTC VGIKGHQTOWNKGTWPI FGP 9GTV H€T KJTG #MVKQPkTG OCZKOKGTGP WPF KJPGP UQ FKG /{INKEJMGKV GT{HHPGP FKG UQ IGYQPPGPGP /KVVGN H€T KJPGP CPIGOGUUGP GTUEJGK PGPFG IGUGNNUEJCHVNKEJG $GNCPIG GKP\WUGV\GP &KGUG /CTMVOGKPWPI \GKIV \WINGKEJ PQEJOCNU FKG )TGP\GP FGU WPVGTPGJOGPUKPFW\KGTVGP UQ\KCNGP WPF {MQNQIKUEJGP 'PICIGOGPVU CWH  7PVGTPGJOGPUYCJTPGJOWPI WPF -QOOWPKMCVKQP 'KP \GPVTCNGT #PUCV\RWPMV \WO #WHDCW GKPGT *CPFNWPIUUVTCVGIKG WPF FGT FCTCWU CD\WNGKVGPFGP MQOOWPKMCVKXGP 8GTOKVVNWPI FGU UQ\KCNGP WPF {MQNQIKUEJGP 'P ICIGOGPVU GKPGU 7PVGTPGJOGPU UKPF FKG KO XKGTVGP WPF H€PHVGP -CRKVGN CPIG URTQEJGPGP 'TYCTVWPIGP FGT -CRKVCNOCTMVVGKNPGJOGT DG\€INKEJ FGU 6JGOCU D\Y KJTG URG\KGNNGP +PVGTGUUGP KP FKGUGO <WUCOOGPJCPI &KGUG HQTOGP KJTG 9CJTPGJOWPI WPF YGTFGP \W GKPGO IGYKUUGP /CUUG FWTEJ FKG -QOOWPKMCVK QPUOCˆPCJOGP GKPGU 7PVGTPGJOGPU DGGKPHNWUUV 0CEJ )KQKC WPF %JKVVKRGFFK

 MCPP 7PVGTPGJOGPUMQOOWPKMCVKQP UQ CNU GKP 2TQ\GUU KPVGTRTGVKGTV YGT FGP FGT UQYQJN CWU FGO 8GTUWEJ GKPGT 5KPPXGTOKVVNWPI UGKVGPU FGU MQOOWPK \KGTGPFGP 7PVGTPGJOGPU CNU CWEJ CWU FGT )GPGTKGTWPI XQP 5KPP CWH 5GKVGP FGT #PURTWEJUITWRRGP DGUVGJV 7PVGTPGJOGPUMQOOWPKMCVKQP KUV GPVURTGEJGPF GKP 8GTUWEJ FKG /GKPWPIUDKNFWPI FGT #PURTWEJUITWRRGP KO 5KPPG FGT


 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

OGPU DGK FGP #PURTWEJUITWRRGP FWTEJ GPVURTGEJGPFG MQOOWPKMCVKXG /CˆPCJ OGP \W GVCDNKGTGP #TIGPVK  5  #PIGYCPFV CWH FGP -QPVGZV FGT 7PVGT UWEJWPI MQOOWPK\KGTGP 7PVGTPGJOGP FC\W CWH FGT GKPGP 5GKVG OKV /GKPWPIU DKNFPGTP #PCN[UVGP WPF ,QWTPCNKUVGP FKG YKGFGTWO FKG -CRKVCNOCTMV{HHGPVNKEJ MGKV KPHQTOKGTGP WPF CWH FGT CPFGTGP 5GKVG FKTGMV OKV IGIGPYkTVKIGP QFGT RQVGP VKGNNGP +PXGUVQTGP 9KG IG\GKIV YWTFG DGUKV\GP 9KTVUEJCHVU WPF (KPCP\LQWTPCNKU VGP CNU +PHQTOCVKQPUKPVGTOGFKkTG GKPGP 'KPHNWUU CWH FKG /GKPWPIUDKNFWPI XQP +PXGUVQTGP WPF #PCN[UVGP &KG /GFKGP NGKUVGP GKPGP $GKVTCI \WO -CRKVCNOCTMV IGUEJGJGP WPF UVGWGTP FCDGK CWEJ GKPG GKIGPG $NKEMYGKUG CWH FCU 6JGOC Â%QT RQTCVG 5QEKCN 4GURQPUKDKNKV[µ DGK 'DGPUQ YWTFG CDGT CWEJ GTUKEJVNKEJ FCUU FGO 'KPHNWUU FGT /GFKGPDGTKEJVGTUVCVVWPI CWH FKG €DTKIGP -CRKVCNOCTMVVGKNPGJOGT GKPG ICP\ DGUQPFGTG 0CVWT KPPGYQJPV &KG 6kVKIMGKVGP XQP #PCN[UVGP WPF +PXGU VQTGP CWH FGT GKPGP WPF 9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP CWH FGT CPFGTGP 5GKVG UKPF GPI OKVGKPCPFGT XGTYQDGP DGKFG 5GKVGP VCWUEJGP TGIGNOkˆKI WPF QHVOCNU KPHQTOGNN +PHQTOCVKQPGP WPVGTGKPCPFGT CWU #WEJ GORHKPFGP DGKFG 5GK VGP FKG 2GTURGMVKXG FGT LGYGKNU CPFGTGP CWH FCU -CRKVCNOCTMVIGUEJGJGP CNU URCP PGPF WPF DGTGKEJGTPF 7PVGTPGJOGP YGNEJG UVTCVGIKUEJ WPF YKTMWPIUXQNN OKV FGP
 gDGT FGP 'KPHNWUU XQP %54 CWH FKG -CRKVCNOCTMVYCJTPGJOWPI GZVGTPG 9KTMNKEJMGKV

*KPYGKU(CMVQTGP C

C

C

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D

D

E

E

E

E

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E

F

F

F

F

F

F

G

G

G

G

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& 0CEJJCNVKIG 2TQFWMVNGKUVWPIGP

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G

'TIGDPKUUG

*CPFNWPI

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 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

CMVKX UVTCVGIKUEJ TGNGXCPVG YGKEJG PKEJVHKPCP\KGNNG 7PVGTPGJOGPUHCMVQTGP VJG OCVKUKGTV  .KOKVCVKQPGP FGT XQTNKGIGPFGP #TDGKV &CU
 #WUDNKEM &KG XGTkPFGTVG 4QNNG FGT -CRKVCNOCTMVMQOOWPKMCVKQP



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 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

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 #WUDNKEM &KG XGTkPFGTVG 4QNNG FGT -CRKVCNOCTMVMQOOWPKMCVKQP



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 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

6TCFKVKQPGNNG %54 -QOOWPKMCVKQP

0CEJJCNVKIMGKVUTGRQTVKPI

-QOOWPKMCVKQP OKV 54++PXGUVQTGP

$GCPVYQTVWPI XQP #PHTCIGP URG\KCNKUKGTVGT 54+4CVKPI #IGPVWTGP $GITGP\VG +PVGITCVKQP FGT +PVGTGUUGP ÂMNCUUKUEJGT´ -CRKVCNOCTMVVGKNPGJOGT *CWRVCWIGPOGTM CWH %544KUKMGP

5VTCVGIKUEJGT &KCNQI OKV FGO -CRKVCNOCTMV €DGT %54(TCIGP


#DDKNFWPI  &KG 4QNNG FGT +PXGUVQT 4GNCVKQPU KO %54-QPVGZV +PXGUVQT 4GNCVKQPU UVGJGP CNUQ XQT FGT *GTCWUHQTFGTWPI KP GKPGO \KGNQTKGPVKGTVGP &KCNQI CO -CRKVCNOCTMV GKP $GYWUUVUGKP H€T FKG UQ\KCNGP WPF {MQNQIKUEJGP *GT CWUHQTFGTWPIGP FGU 7PVGTPGJOGPU \W UEJCHHGP &KGU DGKPJCNVGV CWEJ FKG #WHHQT FGTWPI CP FKG +PXGUVQT 4GNCVKQPU (WPMVKQP UKEJGT\WUVGNNGP FCUU FGT -QOOWPK MCVKQPUHNWUU PKEJV PWT XQO 7PVGTPGJOGP \W FGP -CRKVCNOkTMVGP CWUIGJV UQP FGTP CWEJ CWH FGO CPFGTGP 9GI FCU (GGFDCEM FGT (KPCP\OkTMVG KP FCU 7PVGT PGJOGP JKPGKPVTCPURQTVKGTV +PXGUVQT 4GNCVKQPU UQNNVGP UKEJ CWEJ CNU (€TURTGEJGT FGT +PVGTGUUGP WPF 5QTIGP FGT +PXGUVQTGP KPPGTJCND KJTGU 7PVGTPGJOGPU XGTUVG JGP &CDGK KUV GU YKEJVKI FKG 5VKOOWPI FGT -CRKVCNOCTMVVGKNPGJOGT YCJT\W PGJOGP WPF FGTGP #PNKGIGP CPIGOGUUGP \W DGT€EMUKEJVKIGP &GPP LG DGUUGT +PXGUVQT 4GNCVKQPU FKG +PVGTGUUGP FGU -CRKVCNOCTMVGU KP $G\WI CWH UQ\KCNG WPF {MQNQIKUEJG 6JGOGP YCJTPKOOV FGUVQ J{JGT YKTF CWEJ FCU 8GTVTCWGP KP FCU 7PVGTPGJOGP UGKP WPF FGUVQ PKGFTKIGT YGTFGP EGVGTKU RCTKDWU CWEJ FKG -CRKVCN MQUVGP UGKP &COKV KUV GU KO 'KIGPKPVGTGUUG LGFGU 7PVGTPGJOGPU FKG #PURT€EJG FGU -CRKVCNOCTMVGU YCJT\WPGJOGP WPF DGUVO{INKEJ \W DGFKGPGP

 #WUDNKEM &KG XGTkPFGTVG 4QNNG FGT -CRKVCNOCTMVMQOOWPKMCVKQP



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 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

2WDNKE 4GNCVKQPU

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'PXKTQPOGPVCN *GCNVJ  5CHGV[ '*5 (WPEVKQP

6GKN FGU +UUWGU /CPCIGOGPVU

8GTOKVVNWPI FGT 'SWKV[ 5VQT[ OKV *KPDNKEM CWH FKG 4GNGXCP\ XQP %54 6JGOGP H€T FGP )GUEJkHVUXGTNCWH

5GNN5KFG

54++PXGUVQTGP  54+4CVKPI #IGPVWTGP

<WTXGTH€IWPIUVGNNWPI XQP +PHQTOCVKQPGP OKV $G\WI \W 5ETGGPKPIMTKVGTKGP

+PXGUVQT 4GNCVKQPU

&KCNQIQTKGPVKGTVG -QOOWPKMCVKQP FGU 9GTVRQVGPVKCNU FGT %545VTCVGIKG

$W[5KFG

8GTOKVVNWPI FGT WPVGTPGJOGTKUEJGP %542QNKVKM CNU DGTKEJVGPUYGTVGT WPF IGUGNNUEJCHVNKEJ TGNGXCPVGT /GFKGPKPJCNV

9KTVUEJCHVU WPF (KPCP\LQWTPCNKUVGP

#DDKNFWPI  +PVGITCVKQP FGT +PXGUVQT 4GNCVKQPU KP FKG %54-QOOWPKMCVKQP

XIN *QEMGTVU  /QKT  #WHITWPF FGU JkWHKIGP +PHQTOCVKQPUCWUVCWUEJGU \YKUEJGP ,QWTPCNKUVGP #PCN[U VGP WPF +PXGUVQTGP O€UUGP KPUDGUQPFGTG 7PVGTPGJOGPU WPF (KPCP\MQOOWPKMC VKQP GPI OKVGKPCPFGT MQQRGTKGTGP WO GKPG IGOGKPUCOG .KPKG DGVTGHHGPF FGT Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ PCEJ CWˆGP CWH\WDCWGP WPF \W UKEJGTP 'U KUV FCJGT UKPPXQNN YGPP DGKFG #DVGKNWPIGP UKEJ DGUVkPFKI YGEJUGNUGKVKI €DGT NCW HGPFG WPF IGRNCPVG 2TQLGMVG KPHQTOKGTGP WPF TGIGNOkˆKI \W GKPGO #WUVCWUEJ \WUCOOGPVTGHHGP &KGU DGFKPIV GKPGP WOHCUUGPFGP -QPUGPU CNNGT (€JTWPIUMTkHVG WPF 7PVGTPGJOGPUURTGEJGT €DGT FKG 7PVGTPGJOGPUUVTCVGIKG FKG #WUIGUVCNVWPI FGU IGUGNNUEJCHVNKEJGP 'PICIGOGPVU WPF FKG FKGUDG\€INKEJGP -QOOWPKMCVKQPU KPJCNVG #WH )TWPFNCIG GKPGU UQNEJGP -QPUGPUGU VTCIGP +PXGUVQT 4GNCVKQPU KP KJTGT 4QNNG CNU $G\KGJWPIUOCPCIGT \YKUEJGP FGO 7PVGTPGJOGP WPF FGP -CRK VCNOkTMVGP \WT 6TCPUHQTOCVKQP FGU 7PVGTPGJOGPU DGK &KG -QOOWPKMCVKQP FGU UQ\KCNGP WPF {MQNQIKUEJGP 'PICIGOGPVU GKPGU 7PVGTPGJOGPU IGIGP€DGT FGP -CRKVCNOkTMVGP KUV UQ CWH FGT GKPGP 5GKVG GKP KPVGTPGT .GTPRTQ\GUU CWH FGT FGT CPFGTGP 5GKVG CDGT CWEJ GKP PCEJ #WˆGP IGTKEJVGVGT 8GTOKVVNWPIURTQ\GUU OKV FGO
 #WUDNKEM &KG XGTkPFGTVG 4QNNG FGT -CRKVCNOCTMVMQOOWPKMCVKQP



 5EJNWUUYQTV 5GKV #DUEJNWUU WPUGTGT $GHTCIWPI KO *GTDUV  YKTF KP FGT fHHGPVNKEJMGKV KPUDGUQPFGTG FKG {MQNQIKUEJG 8GTCPVYQTVWPI XQP 7PVGTPGJOGP WPVGT FGO 'KP FTWEM FGU YGKVGT HQTVUEJTGKVGPFGP -NKOCYCPFGNU \WPGJOGPF VJGOCVKUKGTV #WEJ CWH -CRKVCNOCTMVUGKVG \GKEJPGV UKEJ GKPG XGTOGJTV NCPIHTKUVKI QTKGPVKGTVG 2GTURGM VKXG CWH FCU WPVGTPGJOGTKUEJG *CPFGNP CD 5Q HQTFGTVG \WO $GKURKGN KO /kT\  GKPG )TWRRG XQP OGJT CNU  ITQˆGP KPUVKVWVKQPGNNGP +PXGUVQTGP WPVGT KJ PGP CWEJ GVCDNKGTVG -CRKVCNCPNCIGIGUGNNUEJCHVGP YKG /GTTKNN .[PEJ WPF %CN2'45

%CNKHQTPKC 2WDNKE 'ORNQ[GGU 4GVKTGOGPV 5[UVGO FGP 7 5 -QPITGUU \W GKPGT UVTGPIGTGP 'OKUUKQPUXGTOGKFWPIU)GUGV\IGDWPI WPF \W GKPGT PGWGP {MQNQIK UEJGTGP 'PGTIKGRQNKVKM CWH &KGUGT #WHTWH KUV PWT FGT NGV\VG KP GKPGT 4GKJG XQP kJPNKEJGP #PVTkIGP XQP 7PVGTPGJOGPUXGTDkPFGP XIN CWEJ )41%%  75%#2  FKG FCTCWH JKPFGWVGP FCUU {MQNQIKUEJG +PKVKCVKXGP XQP WPVGT PGJOGTKUEJGT YKG CWEJ XQP +PXGUVQTGPUGKVG PKEJV OGJT CWUUEJNKGˆNKEJ CNU {MQ PQOKUEJG $GNCUVWPIGP UQPFGTP XKGNOGJT CNU PQVYGPFKIG /CˆPCJOGP YCJTIG PQOOGP YGTFGP (GTPGT \GKIV FKG \WPGJOGPFG +PVGITCVKQP XQP UQ\KCNGP WPF {MQNQIKUEJGP 6JGOGP KP FKG TGIWNkTG 7PVGTPGJOGPUDGTKEJVGTUVCVVWPI \WO $GKURKGN CPJCPF UQ IGPCPPVGT PKEJVHKPCP\KGNNGT .GKUVWPIUKPFKMCVQTGP OKV 0CEJJCNVKIMGKVUDG\WI YKG UKG H€T FKG .CIGDGTKEJVG XQP ITQˆGP -CRKVCNIGUGNNUEJCHVGP XQP FGT '7 /QFGTPKUKGTWPIUTKEJVNKPKG ') WPF FGTGP 7OUGV\WPI KP ……   *)$ IGHQTFGTV YGTFGP FCUU FGO 6JGOC XGTOGJTV 4GNGXCP\ KO 7PVGTPGJOGPU JCPFGNP WPF KP FGT -CRKVCNOCTMVMQOOWPKMCVKQP \WMQOOV 5Q NGIVG \WO $GK URKGN CWEJ FKG Â%QOOKUUKQP QP VJG 4GIWNCVKQP QH 75 %CRKVCN /CTMGVU KP VJG UV %GPVWT[µ  KO /kT\  KP KJTGT 'ORHGJNWPI FKG 8GTNCIGTWPI XQO €DNKEJGP XKGTVGNLkJTNKEJGP 'TIGDPKUCWUDNKEM '25 )WKFCPEG JKP \W GKPGT LCJTGU DCUKGTVGP )WKFCPEG GKPGT 9GTVDCPFDTGKVG WPVGT 'KPDG\WI FGT -QOOWPKMCVKQP FGT NCPIHTKUVKIGP 7PVGTPGJOGPUUVTCVGIKG PCJG *KPVGTITWPF H€T FKGUG 'ORHGJNWPI KUV NCWV FGP #WVQTGP FCUU FKG CWUUEJNKGˆNKEJ \CJNGPDCUKGTVG WPF SWCTVCNUYGKUG $G TKEJVGTUVCVVWPI FKG 5KEJVYGKUG FGT 7PVGTPGJOGPUNGKVWPI \W UGJT CWH MWT\HTKUVKIG 'THQNIG HQMWUUKGTG WPF FCOKV GKPGP \W UVCTMGP #PTGK\ FCTUVGNNV YGTVUVGKIGTPFG +PXGUVKVKQPGP KP NCPIHTKUVKIG 2TQLGMVG YKG \WO $GKURKGN {MQNQIKUEJG 2TQFWMVG WPF 2TQFWMVKQPURTQ\GUUG \W XGTOGKFGP #NNGKP CWU FGP +PKVKCVKXGP FGT NGV\VGP /QPCVG YKTF DGTGKVU FGWVNKEJ FCUU GKPG UVTCVGIKUEJ CWUIGTKEJVGVG Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ2QNKVKM \WPGJOGPF \WO $GUVCPFVGKN GKPGU XGTCPVYQTVWPIUXQNNGP FC NCPIHTKUVKIGP /CPCIGOGPVU YKTF .CPIHTKUVKI YGTVUEJCHHGPFGU /CPCIGOGPV \GKEJPGV UKEJ FCFWTEJ CWU FCUU GU PGDGP FGP +PVGTGUUGP FGT 7PVGTPGJOGPUGKIGPV€OGT CWEJ FKG +PVGTGUUGP CNNGT YGKVGTGP 7PVGTPGJOGPUUVCMGJQNFGT KO #WIG DGJkNV UQHGTP FKGUG CWH NCPIG 5KEJV



 5EJNWUUHQNIGTWPIGP H€T FCU -QOOWPKMCVKQPUOCPCIGOGPV

KP FGT .CIG UKPF FGP )GUEJkHVUXGTNCWH GKPGU 7PVGTPGJOGPU \W DGGKPHNWUUGP &KG DGUEJTKGDGPGP PGWGP 'PVYKEMNWPIGP WPF +PKVKCVKXGP CWH FGO )GDKGV UKPF JKGTDGK PWT GKP +PFKMCVQT H€T FKG \WPGJOGPFG 5GPUKDKNKVkV FGT 7PVGTPGJOGP KP $G\WI CWH FKG #PURT€EJG FGT DTGKVGP $GX{NMGTWPI KO 4CJOGP {MQNQIKUEJGT WPF UQ\KCNGT *GTCWUHQTFGTWPIGP ,GFQEJ DNGKDV \W DGT€EMUKEJVKIGP FCUU FKGUG 'PVYKEMNWPI YGPKIGT XQP GKPGO CNVTWKUVKUEJGP /QVKX CNU XKGNOGJT XQP GKPGT -QUVGP0WV\GP -CNMWNCVKQP IGVTKGDGP YKTF 5Q KUV \WO $GKURKGN KPUDGUQPFGTG FCU 6JGOC FGU -NKOCYCPFGNU GKP KP FGT {HHGPVNKEJGP &GDCVVG FGTCTVKI MQPVTQXGTU FKUMWVKGTVGU 6JGOC FCUU UVCCVNKEJG QFGT €DGTUVCCVNKEJG +PVGTXGPVKQPGP KP FCU WPVGTPGJOGTK UEJG *CPFGNP KP <WMWPHV CNU DGKPCJG UKEJGT CP\WPGJOGP UKPF 7PF IGPCW KP FKGUGT 'TVTCIUYKTMUCOMGKV NKGIV GKP UGJT YKEJVKIGT $GYGIITWPF YCTWO FCU 6JGOC FGT UQ\KCNGP WPF KPUDGUQPFGTG FGT {MQNQIKUEJGP 8GTCPVYQTVWPI XQO -CRKVCNOCTMV €DGTJCWRV GTUV CNU UVTCVGIKUEJ TGNGXCPV GTCEJVGV YKTF &KGUGT )GUKEJVURWPMV NGIV \WFGO FKG #PPCJOG PCJG FCUU FGO 6JGOC Â%QTRQTCVG 5QEKCN 4GURQPUKDKNKV[µ CWEJ KP <WMWPHV \WPGJOGPFGU +PVGTGUUG UGKVGPU FGT -CRKVCNOkTMVG GPVIGIGPIGDTCEJV YKTF VTQV\ \WO 6GKN IGIGPNkWHKIGT 6GPFGP \GP YKG FGT \WPGJOGPFG (QMWUUKGTWPI CWH MWT\HTKUVKIG 'TVTkIG WPF GKPGT CDPGJ OGPFGP 6QNGTCP\ IGIGP€DGT GKPGT UEJYCEJGP HKPCP\KGNNGP 2GTHQTOCPEG GKPGU +PXGUVOGPVU 5Q PGJOGP \YCT KPUDGUQPFGTG UQ IGPCPPVG 2TKXCVG 'SWKV[ +PXGUVQ TGP WPF *GFIG (WPFU XGTUVkTMV 'KPHNWUU CWH GTVTCIUTGNGXCPVG 'PVUEJGKFWPIGP FGU /CPCIGOGPVU YKG CWEJ ÂMNCUUKUEJGµ KPUVKVWVKQPGNNG #PNGIGT KP *KPUKEJV CWH 2GT HQTOCPEG WPF UQOKV #MVKGPMWTUUVGKIGTWPIGP XGTUVkTMV &TWEM CWH FCU /CPCIG OGPV CWU€DGP ,GFQEJ MQOOGP CWEJ UQNEJG +PXGUVQTGP PKEJV WO FKG 6CVUCEJG JGTWO FCUU UKEJ XGTkPFGTPFG {MQNQIKUEJG WPF IGUGV\NKEJG 4CJOGPDGFKPIWPIGP UQYKG FKG -QQRGTCVKQPUDGTGKVUEJCHV DGFGWVGPFGT 5VCMGJQNFGT FGP 7PVGTPGJ OGPUYGTV DGGKPHNWUUGP &CJGT YKTF CNNGT 9CJTUEJGKPNKEJMGKV PCEJ FKGUG CWH FGP GTUVGP $NKEM IGIGPNkWHKI GTUEJGKPGPFG 6GPFGP\ KO -CRKVCNOCTMV PKEJV FKG $G TGEJVKIWPI XQP UQ\KCN WPF {MQNQIKUEJ XGTCPVYQTVWPIUXQNNGO 7PVGTPGJOGPUJCP FGNP CP UKEJ KP (TCIG UVGNNGP UGJT YQJN CDGT FGUUGP 8GTOKVVNWPI WPF -QOOWPK MCVKQP 5Q\KCNG WPF {MQNQIKUEJG 6JGOGP YGTFGP H€T CNNG -CRKVCNOCTMVVGKNPGJOGT XQT FGO *KPVGTITWPF FGT CMVWGNNGP 'PVYKEMNWPIGP PCV€TNKEJ KOOGT OKV WPVGT UEJKGFNKEJGP #DUVWHWPIGP XQP +PVGTGUUG WPF 0WV\GP UGKP KO *KPDNKEM CWH FKG 2TQIPQUG FGU )GUEJkHVUXGTNCWHU WPF FGT YGUGPVNKEJGP %JCPEGP WPF 4KUMGP GKPGU +PXGUVOGPVU 5Q YKTF KP <WMWPHV CWEJ FKG -CRKVCNOCTMVMQOOWPKMCVKQP UVTCVGIK UEJG 0CEJJCNVKIMGKVUDGNCPIG \WPGJOGPF VJGOCVKUKGTGP +O 4CJOGP FGT MQOOW PKMCVKXGP 8GTOKVVNWPI FKGUGT UQ\KCNGP WPF {MQNQIKUEJGP #MVKXKVkVGP GKPGU 7PVGT PGJOGPU IGIGP€DGT FGO -CRKVCNOCTMV OWUU LGFQEJ UGJT XKGN RQKPVKGTVGT CNU KP FGT DKUJGTKIGP YGKVIGJGPF \KGNITWRRGPKPFKHHGTGPVGP %54-QOOWPKMCVKQP GKP <WUCOOGPJCPI \W FGP +PVGTGUUGP FGT #MVKQPkTG JGTIGUVGNNV YGTFGP &GP +PXGU

 #WUDNKEM &KG XGTkPFGTVG 4QNNG FGT -CRKVCNOCTMVMQOOWPKMCVKQP



VQT 4GNCVKQPU YKTF KP FGT -QOOWPKMCVKQP FKGUGU <WUCOOGPJCPIU GKPG YKEJVKIG 4QNNG \WMQOOGP 9GPP 7PVGTPGJOGP UKEJ UVCTM KP IGUGNNUEJCHVNKEJGP $GNCPIGP GPICIKGTGP O€UUGP FKG +PXGUVQT 4GNCVKQPU 8GTCPVYQTVNKEJGP CWEJ KP FGT .CIG UGKP FCT\WNGIGP YKG FKGU FGP +PVGTGUUGP FGT #MVKQPkTG FKGPV 7PVGTPGJOGP O€UUGP OKV CPFGTGP 9QTVGP KP KJTGT -CRKVCNOCTMVMQOOWPKMCVKQP FKG (kJKIMGKV GTYGTDGP IGUGNNUEJCHVNKEJGU 'PICIGOGPV €DGT\GWIGPF CNU 9GTVIGYKPP H€T FKG 7PVGTPGJOGPUGKIGPV€OGT FC\WNGIGP 9KG ,QJP & 4QEMGHGNNGT GU GKPUV CWU FT€EMVG ²PGZV VQ FQKPI VJG TKIJV VJKPI VJG OQUV KORQTVCPV VJKPI KU VQ NGV RGQRNG MPQY [QW CTG FQKPI VJG TKIJV VJKPI³

.KVGTCVWTXGT\GKEJPKU #CMGT & #  /CPCIKPI DTCPF GSWKV[ %CRKVCNK\KPI QP VJG XCNWG QH C DTCPF PCOG 0GY ;QTM (TGG 2TGUU #EJNGKVPGT #  $CUUGP # *TUI  +PXGUVQT 4GNCVKQPU CO 0GWGP /CTMV
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µ 2GV %JCTKVKGU CPF VJG #IGPE[ 2TQDNGO 0GY ;QTM .CY 5EJQQN .CY 4GXKGY   ° $CTQPG / , /K[C\CMK # &  6C[NQT - #  6JG KPHNWGPEG QH ECWUGTGNCVGF OCTMGVKPI QP EQPUWOGT EJQKEG &QGU QPG IQQF VWTP FGUGTXG CPQVJGT! ,QWTPCN QH VJG #ECFGO[ QH /CTMGVKPI 5EKGPEG  °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° $GTNG # #  /GCPU ) %  6JG /QFGTP %QTRQTCVKQP CPF 2TKXCVG 2TQRGTV[ 0GY ;QTM /CEOKNNCP

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