BY KI M BERLY DI LLON SUM M ERS
COUNTRIES OF THE WORLD
COUNTRIES OF THE WORLD
81,7('.,1*'20
81,7(' .,1*'20...
151 downloads
1726 Views
13MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
BY KI M BERLY DI LLON SUM M ERS
COUNTRIES OF THE WORLD
COUNTRIES OF THE WORLD
81,7('.,1*'20
81,7(' .,1*'20 F]/MQFIVP](MPPSR7YQQIVW
'SRXIRX'SRWYPXERX 7XITLIR%7GLYOIV 4VSJIWWSV9RMZIVWMX]SJ:MVKMRME(ITEVXQIRXSJ,MWXSV]
&5(',76 4YFPMWLIHF]%&(34YFPMWLMRK'SQTER];IWXXL7XVIIX)HMRE1MRRIWSXE 'ST]VMKLXF]%FHS'SRWYPXMRK+VSYT-RG-RXIVREXMSREPGST]VMKLXW VIWIVZIHMREPPGSYRXVMIW2STEVXSJXLMWFSSOQE]FIVITVSHYGIHMRER]JSVQ[MXLSYX [VMXXIRTIVQMWWMSRJVSQXLITYFPMWLIV8LI)WWIRXMEP0MFVEV]MWEXVEHIQEVOERHPSKS SJ%&(34YFPMWLMRK'SQTER] 4VMRXIHMRXLI9RMXIH7XEXIWSJ%QIVMGE 2SVXL1EROEXS1MRRIWSXE
)HMXSV1IPMWWE=SVO 'ST])HMXSV7YWER1*VIIWI 7IVMIWHIWMKRERHGSZIVTVSHYGXMSR)QMP]0SZI -RXIVMSVTVSHYGXMSR/E^YOS'SPPMRW %FSYXXLI%YXLSV/MQFIVP](MPPSR7YQQIVWMWEJVIIPERGIIHMXSVERH[VMXIV 0MFVEV]SJ'SRKVIWW'EXEPSKMRKMR4YFPMGEXMSR(EXE 7YQQIVW/MQFIVP](MPPSR 9RMXIH/MRKHSQF]/MQFIVP](MPPSR7YQQIVW TGQ 'SYRXVMIWSJXLI[SVPH -RGPYHIWFMFPMSKVETLMGEPVIJIVIRGIW -7&2 +VIEX&VMXEMR.YZIRMPIPMXIVEXYVI-8MXPI (%7 HG
'SZIV&MK&IRGPSGOERHXLI,SYWIWSJ4EVPMEQIRX0SRHSR)RKPERH
7$%/(2)&217(176 &+$37(5
%:MWMXXSXLI9RMXIH/MRKHSQ
1ET4SPMXMGEP&SYRHEVMIWSJXLI9RMXIH/MRKHSQ
7RETWLSX
&+$37(5
+ISKVETL]1SYRXEMRWERH1SSVW
1ET+ISKVETL]SJXLI9RMXIH/MRKHSQ
1ET'PMQEXISJXLI9RMXIH/MRKHSQ
&+$37(5
%RMQEPWERH2EXYVI%'LERKIH0ERHWGETI
&+$37(5
,MWXSV]%4VSYH4EWX
&+$37(5
4ISTPI8LI1IPXMRK4SX
1ET4STYPEXMSR(IRWMX]SJXLI9RMXIH/MRKHSQ
&+$37(5
'YPXYVI0IEHMRKXLI;SVPH
&+$37(5
4SPMXMGW4EVXMIWMR4EVPMEQIRX
&+$37(5
)GSRSQMGW%HETXMRKXS'LERKI
1ET6IWSYVGIWSJXLI9RMXIH/MRKHSQ
&+$37(5
8LI9RMXIH/MRKHSQ8SHE]
7,0(/,1(
)$&76$7<285),1*(57,36 */266$5<
$'',7,21$/5(6285&(6
6285&(127(6
,1'(;
3+272&5(',76
'39286-)73*8,);360(92-8)(/-2+(31
&+$37(5
$9,6,7727+( 81,7('.,1*'20 =SY´ZIWIIR4VMRGI;MPPMEQERHLMWRI[FVMHI'EXLIVMRIMREPPXLIMVVIKEP KPEQSYVSRXIPIZMWMSR2S[]SYGERLEVHP]FIPMIZIXLEX]SY´VIWXERHMRK SYXWMHIXLIFIEYXMJYPSVREXI&YGOMRKLEQ4EPEGIMR0SRHSRLSTMRKXS GEXGLEPYGO]°FYXYRPMOIP]°KPMQTWISJXLIGSYTPISVERSXLIVQIQFIV SJXLIVS]EPJEQMP]0MOIQER]SXLIVXSYVMWXW]SYWTSXXLIWXSMGKYEVHW SYXWMHIXLITEPEGI(S]SY[ERXXSLEZI]SYVTMGXYVIXEOIR[MXLXLIQSV [MPP]SYXV]XSQEOIXLIQX[MXGLSVWQMPI# =SYVRI\XWXSTMR0SRHSRMW4MGGEHMPP]'MVGYW8LMWFYWXPMRKTPEGI MWJMPPIH[MXLWLSTWGSJJIILSYWIWGPYFWERHVIWXEYVERXW=SYGERWQIPP JVIWLFEOIHFVIEHERHRI[P]FVI[IHGSJJII0SSOMRKXSXLIWO]]SYWII XLI%RKIPSJ'LVMWXMER'LEVMX]WXEXYIEPWSGEPPIH)VSW[EXGLMRKSZIVXLI GVS[HW
8LIGLERKMRKSJXLIKYEVHSYXWMHI&YGOMRKLEQ4EPEGI
2SZMWMXXS0SRHSR[SYPHFIGSQTPIXI[MXLSYXXSYVMRKEXPIEWXE JI[SJXLIGMX]´W[SVPHJEQSYWQYWIYQW;MXLEGSPPIGXMSRWXEVXIHMR XLI&VMXMWL1YWIYQMWLSQIXSEWXEKKIVMRKRYQFIVSJEVX[SVOW ERHEVXMJEGXWJVSQEVSYRHXLI[SVPH8LIIRXMVIQYWIYQ[SYPHXEOI HE]WXSZMI[WS]SYWIIOSYXWSQISJMXWQSWXJEQSYWTMIGIW*MVWX]SY JMRHXLI6SWIXXE7XSRIER ERGMIRXWPEFSJFPEGOKVERMXI [LSWIHMWGSZIV]EPPS[IH WGLSPEVWXSHIGSHIERGMIRX )2+0%2(+6)%8&6-8%-2 368,)92-8)(/-2+(31# )K]TXMER[VMXMRK8LIR ]SYPSGEXIXLI4EVXLIRSR 8LIQSHIVR9RMXIH/MRKHSQMWEGSYRXV]QEHI 7GYPTXYVIWTSTYPEVP]ORS[R YTSJWIZIVEPTEVXW-XGSRWMWXWSJJSYVQENSV EWXLI)PKMR1EVFPIWE GSRWXMXYIRXYRMXWSVTEVXW)RKPERH;EPIW7GSXPERH GSPPIGXMSRSJERGMIRX+VIIO ERH2SVXLIVR-VIPERH8LIGSYRXV][EWSJJMGMEPP] GEPPIH+VIEX&VMXEMRMRXLIIMKLXIIRXLGIRXYV][LIR WGYPTXYVIWERHEVGLMXIGXYVEP MXGSRWMWXIHSJ)RKPERH;EPIWERH7GSXPERHERH IPIQIRXWJVSQ%XLIRW XLIRVIREQIHXLI9RMXIH/MRKHSQSJ+VIEX&VMXEMR +VIIGI1SZMRKXSXLI ERH-VIPERHMR[LIR-VIPERH[EWFVSYKLXMRXS 2EXMSREP+EPPIV]]SYWII XLIYRMSR-X[EWMRJSVQEPP]GEPPIH&VMXEMRYRXMPTEVX SJ-VIPERHKEMRIHMRHITIRHIRGIMRERHMX[EW JEQSYW[SVOWSJ;IWXIVR SJJMGMEPP]VIREQIHXLI9RMXIH/MRKHSQSJ+VIEX EVXMRGPYHMRKWIZIVEPF] &VMXEMRERH2SVXLIVR-VIPERHMR°XLI9RMXIH 0ISREVHSHE:MRGMERH /MRKHSQSVXLI9/JSVWLSVX SXLIVQEWXIVEVXMWXW0EXIV &VMXMWLMWXLIKIRIVEPPEFIPJSVGMXM^IRWSJXLI EXXLI8EXI1SHIVRKEPPIV] 9RMXIH/MRKHSQ[LMPI)RKPMWL7GSXXMWL;IPWLERH 2SVXLIVR-VMWLVIJIVXSXLIMRLEFMXERXWSJ)RKPERH ]SYIRNS]GYXXMRKIHKI 7GSXPERH;EPIWERH2SVXLIVR-VIPERHVIWTIGXMZIP] [SVOWSJQSHIVREVX
'39286-)73*8,);360(92-8)(/-2+(31
0SRHSRXLIGETMXEPERHPEVKIWXGMX]SJXLI9RMXIH/MRKHSQMWEPWS ORS[RJSVMXWEVGLMXIGXYVI°FSXLQSHIVRERHLMWXSVMG8LI8S[IVSJ 0SRHSR;IWXQMRWXIV %FFI]&YGOMRKLEQ4EPEGI ;MRHWSV'EWXPIERHXLI ,SYWIWSJ4EVPMEQIRX[LMGL ;)781-278)6 %&&)= JIEXYVIXLI&MK&IRGPSGO XS[IVLEZI[EXGLIHSZIV ;MXLMXWSVREXI+SXLMGEVGLMXIGXYVIERHWSEVMRK XLIGMX]JSVGIRXYVMIW8LI XS[IVW;IWXQMRWXIV%FFI]MWSRISJXLIMGSRWSJ XEPPWO]WGVETIVWXLEXLEZI XLI9RMXIH/MRKHSQ8LIJMVWXEFFI][EWFYMPXMRMXW WTSXMRXLSYKLRSRISJXLMWSVMKMREPWXVYGXYVI VIGIRXP]WTVSYXIHYTEVI WXMPPI\MWXW1SREVGLWLEZIFIIRGVS[RIHMR VIQMRHIVWXLEX0SRHSRMW ;IWXQMRWXIV%FFI]WMRGI;MPPMEQXLI'SRUYIVSV EPWSEXLVMZMRKQSHIVRGMX] LIPHLMWGSVSREXMSRXLIVIMRERHQER]LEZI %RHXLIGMX]´WWIRWISJJYR FIIRFYVMIHMRXLIEFFI]XSS MWI\LMFMXIHF]XLI)]ISJ 0SRHSRE*IVVMW[LIIPXLEX PMJXWTEWWIRKIVWJIIX Q MRXLIWO]*VSQ XLIXSTSJXLII]I]SY[EZIKSSHF]IXSXLIGMX]=SY´VIVIEH]XSFSEVH XLIXVEMRERHGSRXMRYI]SYVXSYVSJXLI9RMXIH/MRKHSQ +IXXMRKSJJXLIXVEMRMR)HMRFYVKLXLIGETMXEPSJ7GSXPERH]SYLIEH WXVEMKLXXS)HMRFYVKL'EWXPI=SYWIIXLIGVS[RSJ7GSXPERHMRXLMW JSVQIVLSQISJ7GSXXMWLOMRKW=SY[EPOHS[R,MKL7XVIIXTEVXSJXLI 6S]EP1MPIMR)HMRFYVKL[MXLXLIWSYRHWSJXLIFEKTMTIVWVMRKMRKMR]SYV IEVW8LMWGETMXEPGMX]MWORS[RJSVMXWQER]GYPXYVEPERHQYWMGJIWXMZEPW ERHXLIIRIVK]ERHIRXLYWMEWQSJXLI,MKLPERHFEKTMTIVWFVMRKXLI
%:-7-8838,)92-8)(/-2+(31
WXVIIXWSJ7GSXPERHXSPMJI8LI6S]EP1MPIMWSRIWXVIIX[MXLJMZIREQIW ERHMXPIEHW]SYXSXLI4EPEGISJ,SP]VSSHLSYWIXLISJJMGMEPVIWMHIRGISJ 5YIIR)PM^EFIXL--[LIRWLIZMWMXW7GSXPERH%XXLIIRHSJXLIHE]]SY GPMQF%VXLYV´W7IEXELMPPSRXLIIHKISJXLIGMX]7MRGIXLIHE]MWGPIEV ]SYGERWIIEPPXLI[E]XSXLI*MVXLSJ*SVXLERMRPIXSJXLI2SVXL7IE
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
'39286-)73*8,);360(92-8)(/-2+(31
2I\X]SYVXSYVXEOIW ]SYEGVSWWXLIREVVS[ 2SVXL'LERRIPJVSQ 7GSXPERHXS2SVXLIVR -VIPERH,IVI]SYLMOIMR XLI1SYVRI1SYRXEMRW ERHXEOIMRXLIWTIGXEGYPEV WGIRIV]SJXLIVSPPMRKLMPPW 8LIVIWMHIRXWSJ&IPJEWXXLI GETMXEPEVITVSYHSJXLIMV QER]KEVHIRW8LI&SXERMG +EVHIRWMRXLIGIRXIVSJ XLIGMX]HEXIFEGOXSXLI W=SYJMRMWL]SYVZMWMX XS&IPJEWX[MXLEWXSTEXXLI HSGOW[LIVIXLIHSSQIH SGIERPMRIV 8MXERMG[EWFYMPX ERHPEYRGLIHSRMXWSRP] SGIERZS]EKI
%VXLYV´W7IEXVMWIWYTFILMRHXLI4EPEGI SJ,SP]VSSHLSYWI
%:-7-8838,)92-8)(/-2+(31
=SYVRI\XWXSTMW;EPIW[LIVI]SYPEGIYT]SYVLMOMRKFSSXWEKEMR XSI\TPSVIWSQISJXLIVIKMSR´WTMGXYVIWUYIQSYRXEMRW-R7RS[HSRME 2EXMSREP4EVO]SYGPMQF1SYRX7RS[HSRXLILMKLIWXTSMRXMRIMXLIV ;EPIWSV)RKPERH8LIR]SYXSYV'EIVREVJSR'EWXPIETIVJIGXI\EQTPI SJEQIHMIZEPGEWXPI-X[EWFIKYRMRXLIWF]/MRK)H[EVH-SJ )RKPERHEJXIVLIGSRUYIVIHXLIVIKMSR-RXLIGETMXEPGMX]SJ'EVHMJJ]SY I\TPSVIWSQISJXLIRI[WLSTWERHVIWXEYVERXWXLEXLEZIVIZMXEPM^IH XLIMRRIVLEVFSVEPWSGEPPIH8MKIV&E]8LIZMI[SJXLILEVFSV´W WTEVOPMRK[EXIVWQEOIWEFIEYXMJYPIRHMRKJSV]SYV9RMXIH /MRKHSQXSYV
;MRHWSV'EWXPIMW XLISPHIWXGEWXPIXLEX
$+,6725<2)*5($71(66
MWWXMPPSGGYTMIH°ERH
8LI9RMXIH/MRKHSQ[EWSRGIXLIQSWXTS[IVJYP REXMSRMRXLI[SVPH&IGEYWISJMXWZEWXPERHLSPHMRKW MX[EWSJXIRVIJIVVIHXSEWXLIIQTMVISR[LMGLXLIWYR RIZIVWIX-XWTISTPI[IVIORS[RJSVXLIMVVITYXIH±WXMJJ YTTIVPMT²VIJIVVMRKXSXLIMVEFMPMX]XSTIVWIZIVIXLVSYKL LEVHGMVGYQWXERGIW[MXLSYXJPMRGLMRK%WI\IQTPMJMIHF]WGMIRXMWX ERHQEXLIQEXMGMER7MV-WEEG2I[XSRERHTSIXERHTPE][VMKLX;MPPMEQ 7LEOIWTIEVITISTPIJVSQXLI9RMXIH/MRKHSQVIZSPYXMSRM^IHWGMIRGIERH [VSXIWSQISJXLIQSWX[MHIP]VIEHPMXIVEXYVIMR;IWXIVR'MZMPM^EXMSR %PXLSYKLSJXIRTSVXVE]IHMRQSZMIW°IWTIGMEPP]XLSWIWIXMRXLI RMRIXIIRXLGIRXYV]SVIEVPMIV°EWTSPMXIEPQSWXXSXLITSMRXSJGSPHRIWW XLI&VMXMWLEVIJVMIRHP]ERH[IPGSQMRK)EGL]IEVXLIMWPERHREXMSR VIGIMZIWQMPPMSRWSJXSYVMWXWMRXIVIWXIHMRI\TPSVMRKXLIREXMSR´WLMWXSV]
XLIPEVKIWX
'39286-)73*8,);360(92-8)(/-2+(31
×
e
-RXIVREXMSREPFSYRHEV] 'SRWXMXYIRX9RMXFSYRHEV] 2EXMSREPGETMXEP 'SRWXMXYIRX9RMXGETMXEP 'MX]SVZMPPEKI
0IV[MGO
×
;MGO
/MPSQIXIVW
Ne ss Lo
(YRHII
North Sea
7XMVPMRK
2368,)62 -6)0%2(
+PEWKS[
(YQJVMIW
el
nn
ha
hC
0SRHSRHIVV]
)HMRFYVKL
81,7('.,1*'20
rt No
×
%FIVHIIR
7'38 0 %2(
Inner
AT L A N T I C OCEAN
1257+
)PKMR -RZIVRIWW
ch
Hebrides
Oute
r
1MPIW
id
×
Shetland Islands
Orkney Islands
es
H
br
×
&IPJEWX
Isle of Man
×
2I[GEWXPI 'EVPMWPI 7YRHIVPERH (YVLEQ 1MHHPIWFVSYKL
2I[V]
Irish Se a
Trent
'XEOLQ
&PEGOTSSP &VEHJSVH 0IIHW ,YPP &SPXSR 1ERGLIWXIV 0MZIVTSSP 7LIJJMIPH 7XSOI (IVF]
,5(/$1'
) 2+ 0 %2(
The Wash 2SV[MGL
0IMGIWXIV 0S[IWXSJX 'SZIRXV] 'EQFVMHKI l e -TW[MGL n ;SVGIWXIV 2SVXLEQTXSR han ;% 0 ) 7 e’s C +PSYGIWXIV g r 7SYXLIRHSR7IE o Ge Mouth of 7[ERWIE 3\JSVH /RQGRQ St. the Thames 'EVHMJJ 1EVKEXI 6IEHMRK es m Tha &VMWXSP Bristol Channel (SZIV er &VMKLXSR ov D 7SYXLEQTXSR ERH,SZI f o it ra )\IXIV &SYVRIQSYXL 4SVXWQSYXL St 4P]QSYXL )5$1&( 8SVFE] nel &MVQMRKLEQ Se v e r
n
AT L A N T I C OCEAN × ×
Englis
n h Cha
×
×
×
4SPMXMGEP&SYRHEVMIWSJXLI9RMXIH/MRKHSQ
%:-7-8838,)92-8)(/-2+(31
1ER]XSYVMWXWZMWMXXLI5YIIR :MGXSVME1IQSVMEP MR0SRHSR
ERHFIEYX]EPSRK[MXLXLSYWERHWSJMQQMKVERXW[LSGSQIMRWIEVGLSJE FIXXIVPMJI %PXLSYKLRSPSRKIVXLI[SVPH´WPIEHMRKWYTIVTS[IVXLI9RMXIH /MRKHSQGSRXMRYIWXSTPE]EWYFWXERXMEPVSPIMRMRXIVREXMSREPTSPMXMGWERH IGSRSQMGWXSHE]FSXLMRMXWS[RVMKLXERHEWEOI]EPP]SJXLI9RMXIH 7XEXIW8SHE]XLI&VMXMWLEVITVSYHSJXLIMVTEWXEGGSQTPMWLQIRXWERHEVI [SVOMRKXSQIIXXLIGLEPPIRKIWSJXLIJYXYVI
'39286-)73*8,);360(92-8)(/-2+(31
?61$36+27A 3JJMGMEPREQI 9RMXIH/MRKHSQSJ+VIEX&VMXEMRERH2SVXLIVR-VIPERH 'ETMXEPGMX] 0SRHSR *SVQSJKSZIVRQIRX GSRWXMXYXMSREPQSREVGL] 8MXPISJPIEHIV OMRKSVUYIIR LIEHSJWXEXI TVMQIQMRMWXIV LIEHSJ KSZIVRQIRX 'YVVIRG] &VMXMWLTSYRH 4STYPEXMSR .YP]IWX ;SVPHVERO 7M^I WUYEVIQMPIW WUOQ ;SVPHVERO 0ERKYEKI )RKPMWL7GSXW7GSXXMWL+EIPMG;IPWL-VMWLERH'SVRMWLEVI VIGSKRM^IHVIKMSREPPERKYEKIW 3JJMGMEPVIPMKMSR RSRIXLI'LYVGLSJ)RKPERHERHXLI'LYVGLSJ7GSXPERH EVITVSXIGXIHF]XLIKSZIVRQIRX 4IVGETMXE+(4 97HSPPEVW ;SVPHVERO
%:-7-8838,)92-8)(/-2+(31
&+$37(5
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
0SRHSRMWSJXIRVEMR]ERHJSKK]
×
×
-RXIVREXMSREPFSYRHEV] 2EXMSREPGETMXEP 'MX]SVZMPPEKI 1MPIW
Orkney Islands
nd
rth
Lo
No
ra
th f For
o Firth
North Sea
)HMRFYVKL
ha
n
Solway Firth
el
nn &IPJEWX
×
2I[GEWXPI 'EVPMWPI Tyne
hC
Ba n
81,7('.,1*'20
rt No
Lake Neagh
%FIVHIIR
ns ai nt u o Sco ttis h M Ben Nevis Highlands an i p m
C l yd e +PEWKS[
×
1257+
ore
w
th Fir ray Mo -RZIVRIWW
G
Hebrides Inner
AT L A N T I C OCEAN
est Hi Gl ch N gh en ess la M
He ter Ou
'VSTPERH 4EWXYVI *SVIWX 1SYRXEMRVIKMSR
×
s
des
/MPSQIXIVW
bri
×
Shetland Islands
Scafell Pike
1MHHPIWFVSYKL
Lake District
'XEOLQ
,5(/$1'
1ERGLIWXIV 0MZIVTSSP
Holy Island
Mount Snowdon
×
in
ta
an
M
Bl a c
kM
ta oun
ins
'EVHMJJ Bristol Channel )\IXIV
Isles of Scilly
Land’s End
×
4P]QSYXL
Lyme Bay
Mouth of the Thames
3\JSVH /RQGRQ &VMWXSP
Thames
Stonehenge 7SYXLEQTXSR
4SVXWQSYXL
nn h Cha Englis
×
'39286-)73*8,);360(92-8)(/-2+(31
2SV[MGL -TW[MGL
+ISKVETL]SJXLI9RMXIH/MRKHSQ
The Wash
t en Tr 0IMGIWXIV
+PSYGIWXIV
Avon
AT L A N T I C OCEAN
C
ri
n
o Ge St.
b am
&MVQMRKLEQ
er
Se v e r
nel
han
sC rge’
n ou
mb
7LIJJMIPH
s
Snowdonia Mountains
0IIHW ,YPP Hu
s ine nn
Irish Se a
Ouse
Isle of Man
Pe
Mourne Mountains
(SZIV
it
ra St
r
e ov D f o
)5$1&(
el
× ×
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´WXSXEPTSTYPEXMSR 0SGEXIHMR)RKPERHXLIGETMXEPGMX]SJ0SRHSRMWEPWSXLIGSYRXV]´WQSWX TSTYPSYWGMX][MXLQMPPMSRVIWMHIRXW
&/,0$7( 8LI9RMXIH/MRKHSQMWORS[RJSVMXWJSKK]HVIEV][IEXLIVEPXLSYKL XLIVEMRJEPPWQSVISJXIREWEHVM^^PIXLEREHS[RTSYV8LI[IEXLIVMW KIRIVEPP]GSSPSVQMPHFYXMXMWUYMXIYRTVIHMGXEFPIIWTIGMEPP]MRXLI LMPPW-XGERFIHV]ERHWYRR]SRIQMRYXIERHHEQTERHVEMR]XLIRI\X 7GSXPERHERH2SVXLIVR-VIPERHEVIGSPHMRXLI[MRXIV
+)3+6%4,=13928%-27%2(13367
%:)6%+) 8)14)6%896)%2(6%-2*%00
6IKMSR 'MX]
%ZIVEKI.ERYEV] 8IQTIVEXYVI1MRMQYQ 1E\MQYQ
%ZIVEKI.YP] 8IQTIVEXYVI 1MRMQYQ1E\MQYQ
%ZIVEKI6EMRJEPP .ERYEV].YP]
;EPIW 'EVHMJJ
* '
* '
MRGLIW GQ
7GSXPERH )HMRFYVKL
* '
* '
MRGLIW GQ
2SVXLIVR-VIPERH &IPJEWX
* '
* '
MRGLIW GQ
)RKPERH 0SRHSR
* '
* '
MRGLIW GQ
8LMWGLERKIEFPI[IEXLIVMWGEYWIHF]XLIPSGEXMSRSJXLI9RMXIH /MRKHSQ-XPMIWSRXLI)YVSTIERWLIPJSJXLI%XPERXMG3GIER8LI+YPJ 7XVIEQFVMRKW[EVQEMVGYVVIRXWERHVEMR[LMGLGSRXVMFYXIWXSXLITPYWL KVIIRKVEWWIWSJXLI9RMXIH/MRKHSQ0EVKIVUYERXMXMIWSJVEMRJEPPEX IPIZEXMSRWLMKLIVXLERJIIX Q °QSVIXLERMRGLIW GQ TIV]IEVMWX]TMGEPERHEWQYGLEWMRGLIW GQ [MPPJEPPMRWSQI EVIEW%R]WRS[JEPPYWYEPP]QIPXWUYMGOP]
'39286-)73*8,);360(92-8)(/-2+(31
Shetland Islands
8IQTIVEXI2S(V]7IEWSR;EVQ7YQQIV
-RZIVRIWW
%FIVHIIR
Lo
ch
Ne ss
Heb ri
des
Orkney Islands
AT L A N T I C OCEAN
North Sea +PEWKS[ )HMRFYVKL rt No
2I[GEWXPI el
nn
ha
hC
&IPJEWX
Irish Sea 0MZIVTSSP
0IIHW
,YPP
1ERGLIWXIV 7LIJJMIPH 2SV[MGL
&MVQMRKLEQ Ch
'EVHMJJ Bristol Channel
0SRHSR &VMWXSP
4P]QSYXL
English
Str a
it o
7SYXLEQTXSR
AT L A N T I C OCEAN
fD ove r
ge’s
or Ge St.
el ann
Chann
el
'PMQEXISJXLI9RMXIH/MRKHSQ
+)3+6%4,=13928%-27%2(13367
5,9(56 ;MRHMRKXLVSYKL0SRHSRXLI8LEQIWMWXLIQSWXJEQSYWVMZIVMRXLI 9RMXIH/MRKHSQ*MZILYRHVIH]IEVWEKSXLIVMZIV[EWYWIHXSXVERWTSVX [SSPJVSQXLI'SXW[SPH,MPPWPSGEXIHMR[IWXGIRXVEP)RKPERH8LEXEVIE MWORS[REW±XLILIEVXSJ)RKPERH²&IGEYWISJXVEHISRXLI8LEQIW6MZIV 0SRHSRFIGEQISRISJXLIFYWMIWXTSVXWMRXLI[SVPH8LIVMZIVJPS[W YRHIVXLIJEQSYW8S[IV&VMHKI%JPSSHFEVVMIV[EWFYMPXSRXLIVMZIV MRXSTVIZIRXEJPSSHSVYRYWYEPP]LMKLXMHEP[EZIJVSQHIZEWXEXMRK 0SRHSR8SHE]TPIEWYVIFSEXWHSGOSRXLIVMZIVEPSRKWMHIGEVKSWLMTW 8LIVMZIV,YQFIVMWRSXXIGLRMGEPP]EVMZIV6EXLIVMXMWSRISJXLI PEVKIWXIWXYEVMIWMRXLI9RMXIH/MRKHSQ°EREVQSJXLI2SVXL7IEXLEX QIIXWWIZIVEPXMHEPVMZIVWQMPIW OQ MRPERH8LI,YQFIV&VMHKI [EWXLIPSRKIWXWYWTIRWMSRFVMHKIMRXLI[SVPH[LIRMX[EWGSQTPIXIH MR-XLEWHVSTTIHXSJMJXLPSRKIWXMRXLI[SVPHFYXMXVIQEMRWXLI PSRKIWXFVMHKIMRXLI9RMXIH/MRKHSQ /RS[REWXLIPSRKIWXVMZIVMR+VIEX&VMXEMREXQMPIW OQ XLI7IZIVR6MZIVJPS[WXLVSYKLXLI;IPWL1SYRXEMRW-XIZIRXYEPP]HVEMRW MRXSXLI'IPXMG7IEXLVSYKLXLI&VMWXSP'LERRIP;MXLIZIV]SGIERXMHIE LMKL[EZIGEPPIHEXMHEPFSVIVYWLIWYTXLIVMZIV-XMWSRISJXLILMKLIWX XMHEPFSVIWMRXLI[SVPH 3XLIVMQTSVXERXVMZIVWMRGPYHIXLIVMZIV8]RIERHXLI%ZSR6MZIV 0SGEXIHMRRSVXLIVR)RKPERHXLIVMZIV8]RIMWEQMPI OQ [EXIV[E]ERHVYRWXLVSYKLXLIGSYRXMIWSJ2SVXLYQFIVPERHERH (YVLEQ*SVGIRXYVMIWGSEP[EWWLMTTIHHS[RXLI8]RI8LIQSYXLSJ
'39286-)73*8,);360(92-8)(/-2+(31
8LI7IZIVR6MZIVTEWWIWXLVSYKL ;EPIW ERH)RKPERH
+)3+6%4,=13928%-27%2(13367
XLIVMZIVMWRS[XLIWMXISJERMRHYWXVMEPM^IHYVFERGSQQYRMX]XLI8]RI ERH;IEVQIXVSTSPMXEREVIE0SGEXIHMRXLIWSYXL[IWXTEVXSJ)RKPERH XLI%ZSR6MZIVMWEPWSORS[REWXLI0S[IV%ZSRSV&VMWXSP%ZSR% 'IPXMG[SVHJSV±VMZIV² %ZSRMWYWIHXSHIWGVMFIQER]VMZIVWMRXLI 9RMXIH/MRKHSQ
02817$,16 1ER]VSPPMRKLMPPWERHGVEKK]QSYRXEMRWEHHXSXLITMGXYVIWUYIGLEVEGXIV SJXLI9RMXIH/MRKHSQ´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
'39286-)73*8,);360(92-8)(/-2+(31
&IR2IZMW7GSXPERH
+)3+6%4,=13928%-27%2(13367
8LI4IRRMRI1SYRXEMRWORS[REW±XLIFEGOFSRISJ)RKPERH² EVIGSRWMHIVIHTEVXSJXLI,MKLPERH1SYRXEMRW8LI]WXVIXGLXLVSYKL GIRXVEP)RKPERHWSYXLXS1ERGLIWXIV6YRRMRKXLVSYKLXLIQSYRXEMRWMW EREXMSREPXVEMPGEPPIH4IRRMRI;E]8LMWQMPI OQ LMOMRKXVEMPMW PMRIH[MXLJPS[IVWMRGPYHMRKTVMQVSWIWERHFPYIFIPPW 7GEJIPP4MOI)RKPERH´WLMKLIWXTSMRXEXJIIX Q MWE TSTYPEVXSYVMWXHIWXMREXMSR%XXLIFEWISJXLMWQSYRXEMRTIEOMW ;EWHEPI:EPPI][LMGLMWPSGEXIHSRXLI[IWXWMHISJXLI0EOI(MWXVMGX 7GEJIPP4MOIMWXLILMKLIWX WYQQMXMREPEVKIGPYWXIVSJ VSGO]JSSXLMPPW
8,)+-%28´7'%97);%= 8LI+MERX´W'EYWI[E]GVIEXIHF]GSSPIHPEZEMW PSGEXIHMR2SVXLIVR-VIPERH-RXLMWJSVQEXMSR ETTVS\MQEXIP]FEWEPXTMPPEVWVMWISYXSJXLI WIE%GGSVHMRKXSPIKIRHXLIKMERX*MRR1G'SSP IVIGXIHXLIWXSRIWXVYGXYVIWSLIGSYPHSYX[MX XLI7GSXXMWLKMERX&IRERHSRRIV-RVIEPMX]XLIWM\ WMHIHGSPYQRW[IVIJSVQIHQSVIXLERQMPPMSR ]IEVWEKS8LIGEYWI[E]MWSRXLI9RMXIH2EXMSRW )HYGEXMSREP7GMIRXMJMGERH'YPXYVEP3VKERM^EXMSR 92)7'3 ;SVPH,IVMXEKIPMWXSJREXYVEPP] WMKRMJMGERXTPEGIW
'39286-)73*8,);360(92-8)(/-2+(31
&,7,(6 0SRHSRXLI9RMXIH /MRKHSQ´WGETMXEPERHQSWX TSTYPEXIHGMX]MWORS[R EWEGIRXIVSJGYPXYVIERH LMWXSV]-XWMXWSRFSXL WMHIWSJXLI8LEQIW6MZIV MRWSYXLIEWXIVR)RKPERH 0SRHSR[EWWIPIGXIHXS LSWXXLI3P]QTMGERH 4EVEP]QTMG7YQQIV+EQIW
0SRHSRMWEPWSXLIJMRERGMEPGIRXIVSJXLI9RMXIH/MRKHSQ8LIGMX]´W JMRERGMEPHMWXVMGXMWSJXIRGEPPIHXLI7UYEVI1MPISVWMQTP]XLI'MX]ERH MXJIEXYVIWKPSFEPP]MQTSVXERXMRWXMXYXMSRWWYGLEWXLI&EROSJ)RKPERH XLI0SRHSR7XSGO)\GLERKIERH0PS]H´WSJ0SRHSRERMRWYVERGI GSQTER] 'EVHMJJXLIGETMXEPGMX]SJ;EPIWMWLSQIXSQSVI XLERSRIXLMVHSJXLIVIKMSR´WTSTYPEXMSR8LISJJMGMEP 0SRHSRLEWXLI IWXMQEXISJ'EVHMJJ´WTSTYPEXMSRWXSSHEXMR LMKLIWXTSTYPEXMSR -RXLIPEXIIMKLXIIRXLGIRXYV]XLIGETMXEPGMX] SJER]GMX]MRXLI [EWEWIETSVX&]XLIIRHSJXLIRMRIXIIRXLGIRXYV] )YVSTIER9RMSR MXLEHFIGSQIXLI[SVPH´WPEVKIWXGSEPI\TSVXMRKTSVX 8LIGSEPMRHYWXV]HIGPMRIHF]XLIWFYXXSHE] WXIIPXI\XMPIWQIXEPERHJSSHEPPTEWWXLVSYKLXLMWGMX] WIETSVX'EVHMJJ&E]MWXSYXIHEW)YVSTI´WPEVKIWX[EXIVJVSRX HIZIPSTQIRXERHSRISJXLIQSWXZMWMXIHXSYVMWXHIWXMREXMSRWMRXLI 9RMXIH/MRKHSQ &IPJEWXXLIGETMXEPGMX]SJ2SVXLIVR-VIPERH[EWEXVEHMRKXS[R MRXLIIEVP]WIZIRXIIRXLGIRXYV]8LI0SRK&VMHKIFYMPXSZIVXLI 0EKER6MZIVMRLIPTIH&IPJEWXFIGSQISRISJXLI[SVPH´WPEVKIWX WLMTFYMPHMRKGIRXIVW8LEXFVMHKI[EWVITPEGIHF]XLI5YIIR´W&VMHKIMR *VSQXS&IPJEWXKVI[MRXSSRISJXLI9RMXIH/MRKHSQ´W PIEHMRKMRHYWXVMEPGIRXIVW8SHE]XLIGMX]MWLSQIXSXLI+VERH3TIVE ,SYWI9PWXIV,EPPXLI&IPJEWX;EXIVJVSRX,EPPERHXLI3H]WWI]%VIRE -RXLITSTYPEXMSRSJ&IPJEWX[EWIWXMQEXIHEX
+)3+6%4,=13928%-27%2(13367
'39286-)73*8,);360(92-8)(/-2+(31
)HMRFYVKLXLIGETMXEPSJ7GSXPERH[EWLSQIXSETTVS\MQEXIP] TISTPIEXXLIXMQISJXLIQSWXVIGIRXGIRWYW6MGL MRLMWXSV]ERHEVGLMXIGXYVIXLMWGMX][EWIWXEFPMWLIHEWXLIGETMXEPSJ 7GSXPERHMR7GSXPERH´W VYPIVWYWIH)HMRFYVKL 'EWXPIEWXLIMVVIWMHIRGI FIKMRRMRKMRXLIIPIZIRXL 8,)92-8)(/-2+(31´70%6+)78 GIRXYV])HMRFYVKL´W6S]EP 1)863430-8%2 %6)%7 )78 1MPIMWJSVQIHF]JSYV WXVIIXWXLEXGSRXEMRWLSTW 0SRHSRQMPPMSR VIWXEYVERXWLMWXSVMGLSYWIW &MVQMRKLEQQMPPMSR ERHXLISPH4EVPMEQIRX 1ERGLIWXIVQMPPMSR FYMPHMRK-X[EWMRXLMW 0IIHWQMPPMSR FYMPHMRKXLEX7GSXPERH´W +PEWKS[QMPPMSR PIEHIVWZSXIHMR XSNSMRXLIMVREXMSR[MXL )RKPERHEWSRIOMRKHSQ -RERI[4EVPMEQIRX FYMPHMRKSTIRIHEXXLIIRH SJXLI6S]EP1MPI
3RISJXLIFIWXZMI[WMR0SRHSRMWJVSQXLI0SRHSR)]I
+)3+6%4,=13928%-27%2(13367
'39286-)73*8,);360(92-8)(/-2+(31
&+$37(5
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
3EOXVIIWGER PMZIQSVIXLER ]IEVW
8LI9RMXIH/MRKHSQ[EWSRGIGSZIVIH[MXLSEOJSVIWXW 8LISEOXVIIMWEW]QFSPSJ)RKPERH
TISTPILEZIGLERKIHXLIMVIRZMVSRQIRXWSQIWTIGMIW°WYGLEWXLI[MPH FSEVERHXLI[SPJ°LEZIFIGSQII\XMRGX
&20021$1,0$/6 1ER]SJXLIERMQEPWJSYRHMRXLI9RMXIH/MRKHSQXSHE]EVIXLSWIXLEX WYVZMZIHXLIPSWWSJXLIMVREXYVEPJSVIWXLEFMXEXERHEHETXIHXSPMJIEVSYRH JEVQJMIPHWERHLYQERWIXXPIQIRXW8LIWIMRGPYHIHIIVVEFFMXWFEHKIVW JS\IW[IEWIPWERHWQEPP VSHIRXWWYGLEWQMGIVEXW WLVI[WERHZSPIW8LIVI EVIEJI[WTIGMIWSJJVSKW %2-1%0%2(40%287=1&307 ERHWREOIWEPXLSYKLRS )RKPERH -RLIVEPHV]XLIW]WXIQSJW]QFSPWYWIH WREOIWPMZISRXLIMWPERH MRGSEXWSJEVQW)RKPERHMWVITVIWIRXIHF]EPMSR-X SJ-VIPERH8LIVIHHIIV MWEPWSEWWSGMEXIH[MXLXLIVSWIERHXLISEOXVII XLIPEVKIWXQEQQEPSJXLI 7GSXPERH -RLIVEPHV]7GSXPERHMWVITVIWIRXIHF] MWPERHWGERWXMPPFIJSYRHSR EYRMGSVR8LIXLMWXPILEWWIVZIHEWERIQFPIQSJ XLI[MPHQSSVWSJRSVXLIVR 7GSXPERHJSVQSVIXLER]IEVW )RKPERHERHMRXLI7GSXXMWL 2SVXLIVR-VIPERH 8LIIQFPIQSJ2SVXLIVR -VIPERHMWXLIJPE\TPERX[LMGLW]QFSPM^IWXLI LMKLPERHW8LIQSSVWEVI LMWXSVMGEPP]MQTSVXERXPMRIR[IEZMRKMRHYWXV]8LMW QSWXP]GEVTIXIHMRTIEX IQFPIQMWYWIHF]XLI2SVXLIVR-VIPERH%WWIQFP] QSWWEGPYQTMRKTPERXXLEX ERHETTIEVWSRGSMRW VERKIWJVSQPMKLXKVIIRXS ;EPIW 8LI;IPWLJPEKJIEXYVIWEVIHHVEKSR PMKLXVIHERHTYVTPILIEXLIV ;EPIWMWEPWSEWWSGMEXIH[MXLXLIPIIOEVIPEXMZISJ ETPERX[MXLXMR]JPS[IVW XLISRMSR
'39286-)73*8,);360(92-8)(/-2+(31
6IHHIIVMR7GSXPERH
%2-1%07%2(2%896)%',%2+)(0%2(7'%4)
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´WGSPPIGXMSRWLEZIKVS[RXS MRGPYHIX]TIWSJPMZMRKTPERXWERHQMPPMSRWSJ WTIGMQIRW8LIKEVHIRMWSRXLI92)7'3;SVPH ,IVMXEKIPMWXJSVMXWGYPXYVEPWMKRMJMGERGI
8LI&VMXMWL-WPIWPMIMR XLITEXLSJQER]QMKVEXMRK FMVHWWSEXHMJJIVIRXXMQIW SJXLI]IEVETTVS\MQEXIP] WTIGMIWSJFMVHWGERFI WIIR4MKISRWTLIEWERXW KVSYWIWTEVVS[WFPEGOFMVHW ERHWXEVPMRKWEVIGSQQSR FYXQSWX[EXIVJS[PPMZI SRP]MRWERGXYEVMIWFIGEYWI QER][IXPERHWLEZIFIIR HIWXVS]IH8LI3VORI] -WPERHW[LMGLPMIRSVXLIEWX SJ7GSXPERHEVIORS[RJSV XLIMVRIWXMRKFMVHW°EQSRK XLIQKERRIXWERHTYJJMRW SRXLIWIEGPMJJWERHKYPPW TPSZIVERHOIWXVIPWSR XLIQSSVW
*VIWL[EXIVJMWLTSTYPEXMSRWLEZIHIGPMRIHEWVMZIVWERHPEOIWLEZI FIGSQITSPPYXIHFYXWEPQSRXVSYXERHTMOIEVIWXMPPGEYKLX3JJWLSVI XLI2SVXL7IEERHXLI-VMWL7IELSPHEVMGLHMZIVWMX]SJJMWLMRGPYHMRK GSHLEHHSGOERHLIVVMRK;LEPIWMRGPYHMRK2SVXL%XPERXMGVMKLX[LEPIW
4YJJMRWEVIGSQQSRMRXLI3VORI]-WPERHW
'39286-)73*8,);360(92-8)(/-2+(31
%2-1%07%2(2%896)%',%2+)(0%2(7'%4)
(IZIPSTQIRXMRGMXMIWWYGLEW0SRHSRGEYWIWQSVITSPPYXMSR ERH[EWXI[LMGLRIKEXMZIP]MQTEGXWXLIIRZMVSRQIRX
'39286-)73*8,);360(92-8)(/-2+(31
LYQTFEGO[LEPIWERHFPYI [LEPIWEPPW[MQMR&VMXMWL [EXIVW7IEPWPSYRKISRXLI VSGOWSRXLI2SVXL7IE GSEWX
(19,5210(17$/ 7+5($76 %WXLITSTYPEXMSRSJXLI 9RMXIH/MRKHSQLEWKVS[R TVIWWYVISRXLIREXMSR´W [MPHWTIGMIWLEWGSRXMRYIH MRGVIEWMRK8SHE]SRI [MHIWTVIEHTVSFPIQMW XLIYWISJMRWIGXMGMHIWERH LIVFMGMHIWXSTVSXIGXGVSTW JVSQMRJIWXEXMSR8LIWI GLIQMGEPWHIWXVS][IIHW ERHYRHIWMVEFPIMRWIGXW FYXXLI]EPWSVIHYGIXLI TSTYPEXMSRWSJFYXXIVJPMIW QSXLWERHFMVHWEW[IPPEW SXLIVERMQEPWERHTPERXW
)2(%2+)6)(74)'-)7 -28,)92-8)(/-2+(31 %GGSVHMRKXSXLI-RXIVREXMSREP9RMSRJSV 'SRWIVZEXMSRSJ2EXYVI -9'2 XLI9RMXIH /MRKHSQMWLSQIXSXLIJSPPS[MRKRYQFIVWSJ WTIGMIWXLEXEVIGEXIKSVM^IHF]XLISVKERM^EXMSREW 'VMXMGEPP])RHERKIVIH)RHERKIVIHSV:YPRIVEFPI 1EQQEPW
&MVHW
6ITXMPIW
%QTLMFMERW
*MWLIW
1SPPYWOW
3XLIV -RZIVXIFVEXIW
4PERXW
8SXEP
%2-1%07%2(2%896)%',%2+)(0%2(7'%4)
%WIGSRHXLVIEXXSXLI9RMXIH/MRKHSQ´WREXYVEPLEFMXEXWMWYVFER WTVE[PERHHIZIPSTQIRX4ISTPIEVIXEOMRKQSVIERHQSVIPERHXS HIZIPSTMXJSVMRHYWXV]ERHLSYWMRK%RHEWXLITSTYPEXMSRKVS[W[EWXI QEREKIQIRXMWFIGSQMRKEKVIEXIVMWWYIEWXLIGSYRXV]MWVYRRMRKSYXSJ TPEGIWXSHMWTSWISJMXWXVEWL
&216(59$7,21 ())2576 %446)'-%8-32*362%896) (YVMRKXLIRMRIXIIRXLGIRXYV]QER]&VMXMWL EVXMWXWJSYRHXLIMVMRWTMVEXMSRMRXLIGPIEREMVERH FIEYX]SJXLISYXHSSVW;MXLXLISRWIXSJXLI -RHYWXVMEP6IZSPYXMSREXXLIIRHSJXLIIMKLXIIRXL GIRXYV]ERHXLIKVS[XLSJXS[RWERHGMXMIWKVSYTW SJTISTPIWSSRVIGSKRM^IHXLIMQTSVXERGISJ OIITMRKXLIGSYRXV]WMHIFIEYXMJYPERHJSVQIH SVKERM^EXMSRWWYGLEWXLI'SQQSRW4VIWIVZEXMSR 7SGMIX] RS[ORS[REWXLI3TIR7TEGIW7SGMIX] XLI'EQTEMKRXS4VSXIGX6YVEP)RKPERHERHXLI 6EQFPIVW´%WWSGMEXMSR8LIWIKVSYTWETTIEPIHXS XLIKSZIVRQIRXXSWIXEWMHIPERHJSVREXMSREPTEVOW XLEXGSYPHRSXFIHIZIPSTIHPIEHMRKXSXLI 2EXMSREP4EVOWERH%GGIWWXSXLI'SYRXV]WMHI%GX
'39286-)73*8,);360(92-8)(/-2+(31
7MQMPEVXSQER]GSYRXVMIW XLI9RMXIH/MRKHSQLEW TVSXIGXIHEVIEWSJ[MPH PERHF]GVIEXMRKREXMSREP TEVOW8LIVIEVIREXMSREP TEVOWSRXLIMWPERHSJ+VIEX &VMXEMRERHXLI]IRGSQTEWW QSYRXEMRWQSSVPERHW [IXPERHW[SSHWERH QIEHS[W1ER]TISTPI PMZI[MXLMRXLIFSYRHEVMIW SJXLIWITEVOWERHWSQI LMWXSVMGZMPPEKIWLEZIFIIR TVIWIVZIHEPSRK[MXLXLI STIRPERHWEVSYRHXLIQ 1YGLSJXLIPERH[MXLMRXLI REXMSREPTEVOWMWTVMZEXIP]
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´WLMKLIWXQSYRXEMR7GEJIPP4MOIXLI0EOI(MWXVMGXLEW ETSTYPEXMSRSJEPQSWXTISTPI%WMRXLISXLIVREXMSREPTEVOW XLIVIWMHIRXWSJ0EOI(MWXVMGX2EXMSREP4EVOEVITVEGXMGMRK GSRWIVZEXMSRIJJSVXW7RS[HSRME2EXMSREP4EVOMWXLIPEVKIWX REXMSREPTEVOMR;EPIW-XEPWSMWLSQIXSXLILMKLIWX ;EPIW´WXLVII QSYRXEMRTIEOMR;EPIWERH)RKPERH7RS[HSR REXMSREPTEVOW 8LI9RMXIH/MRKHSQ´WPEVKIWXREXMSREPTEVOXLI IRGSQTEWWNYWX 'EMVRKSVQWGSZIVWQSVIXLERWUYEVIQMPIW YRHIVTIVGIRXSJ WUOQ ERHMRGPYHIWJMZISJ7GSXPERH´WLMKLIWX MXWXSXEPEVIE QSYRXEMRW8[IRX]JMZITIVGIRXSJXLI9RMXIH/MRKHSQ´W XLVIEXIRIHWTIGMIWGERFIJSYRHMRXLMWTEVO1SVIXLER TISTPIPMZIMRXLITEVOEW[IPPERHXSYVMWQEGGSYRXW JSVTIVGIRXSJMXWIGSRSQ]
%2-1%07%2(2%896)%',%2+)(0%2(7'%4)
'39286-)73*8,);360(92-8)(/-2+(31
8LVSYKLSYXXLI9RMXIH/MRKHSQQER]KVSYTWEVI [SVOMRKXSTVSXIGXXLIREXMSR´W[MPHPMJI*SVI\EQTPIXLI 6S]EP7SGMIX]JSVXLI4VSXIGXMSRSJ&MVHW 674& JSYRHIH MRTVIWIVZIWERHVIGVIEXIWFMVHLEFMXEXWMR;EPIW )RKPERH7GSXPERHERH2SVXLIVR-VIPERH
8LI9/MWLSQI XSRMRIGVMXMGEPP] IRHERKIVIHERH IRHERKIVIH ERMQEPWTIGMIW
%VEVIFMXXIVRMWVIPIEWIHMRXSXLI[MPHF]XLI674&ERH6S]EP7SGMIX]JSV XLI4VIZIRXMSRSJ'VYIPX]XS %RMQEPW
%2-1%07%2(2%896)%',%2+)(0%2(7'%4)
'39286-)73*8,);360(92-8)(/-2+(31
&+$37(5
+,6725< $3528'3$67 +VIEX&VMXEMRLEWFIIRER MWPERHJSVETTVS\MQEXIP] ]IEVW&IJSVIXLEX MX[EWGSRRIGXIHXS )YVSTIF]EPERHFVMHKI %VGLEISPSKMWXWLEZI YRIEVXLIHWXSRIXSSPW EWSPHEWQMPPMSR]IEVW RIEVTVIWIRXHE]2SVJSPO )RKPERH-VIPERH[EW PMOIP]RSXMRLEFMXIHYRXMP &')
7832),)2+) 7XSRILIRKISRISJXLIQSWXJEQSYWWMXIWMR )RKPERH[EWFYMPXJVSQETTVS\MQEXIP]&') XS&')7SQISJXLIQEWWMZIWXSRIWYWIH XSGSQTPIXIXLMWGMVGPI[IVIFVSYKLXQSVIXLER QMPIW OQ %VGLEISPSKMWXWLEZIJSYRH IZMHIRGISJQER]FYVMEPWMRXLIEVIESJXLIWXSRI GMVGPI&YXFIGEYWIMXWGVIEXSVWPIJXRS[VMXXIR VIGSVHWMXWTYVTSWIERHQIERMRKEVIWXMPPYRGPIEV XSHE]
7XSRILIRKIMWEVSGOQSRYQIRXGVIEXIHF]TVILMWXSVMGTISTPI MR7EPMWFYV])RKPERH
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
7+(520$16$1'7+(6$;216 -R¯&')6SQERPIEHIV+EMYW.YPMYW'EIWEVERHLMWXVSSTWMRZEHIH &VMXEMR&EH[IEXLIVERHJMIVGIXVMFEP[EVVMSVWHVSZIXLI6SQERWFEGO ERHXLI]WXE]IHE[E]JSVHIGEHIW&YXMR')XLI6SQERWMRZEHIHXLI MWPERHSJ+VIEX&VMXEMREKEMRIZIRXYEPP]GSRUYIVMRKXLI'IPXMGXVMFIWERH QEOMRKXLIMWPERHTEVXSJXLI6SQER)QTMVI8LI6SQERW[IRXSRXS GSRUYIVTEVXWSJ;EPIW-VIPERHERH7GSXPERH 8LI6SQERWGSRWXVYGXIHVSEHWERHFYMPHMRKWERHIWXEFPMWLIH IPIQIRXWSJ6SQERGYPXYVIMRGPYHMRKXLIEXIVWERHFEXLLSYWIWEVX ERHPE[ERHXLI0EXMRPERKYEKI)ZIRXYEPP]XLI6SQERWEPWSFVSYKLX 'LVMWXMERMX]XSXLIMWPERHW8LITSTYPEXMSRKVI[EWLMKLEWQMPPMSR TISTPI%WXLI6SQER)QTMVI[IEOIRIHMRXLIJSYVXLGIRXYV]MX
'39286-)73*8,);360(92-8)(/-2+(31
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
0SRHSR[EW GEPPIH0SRHMRMYQ F]XLI6SQERW ERH0YHIR[MGF] XLI7E\SRW
;MXL)H[EVH´WHIEXLMRWIZIVEPGPEMQERXWWSYKLX XLIXLVSRI,EVSPH--[EWGLSWIRF]EGSYRGMPSJ)RKPMWLRSFPIWFYX ;MPPMEQ(YOISJ2SVQERH]EPWSGPEMQIHEVMKLXXSXLIXLVSRI-RXLI RI\XQSRXLW,EVSPH--JSYKLXSJJE2SV[IKMERMRZEWMSRMRXLIRSVXLERH XLIRXYVRIHWSYXLXSQIIX;MPPMEQ´WMRZEWMSREX,EWXMRKWSR3GXSFIV
,-7836=%4639(4%78
&SYHMGGE[EWUYIIRSJE&VMXMWLXVMFIERHPIH XLIPEWXQENSVVIFIPPMSREKEMRWXXLI6SQERW7LI HMIHMR')EJXIVXLEXFEXXPI[EWPSWX
,EVSPH[EWOMPPIHERH ;MPPMEQXSSOXLIXLVSRI EW;MPPMEQ-)\GITXJSV WQEPPKVSYTWSJVIWMWXERGI 7E\SRVYPIIRHIHMR)RKPERH [MXLXLMWIZIRXGEPPIHXLI 2SVQER'SRUYIWX
8LIPIKIRHEV]/MRK%VXLYV[EWJIEXYVIHMR XEPIWXSPHF]QIHMIZEP[VMXIVWLYRHVIHWSJ]IEVW EJXIVXLIIZIRXW2SLMWXSVMG%VXLYVMWORS[RFYX WGLSPEVWFIPMIZIXLIWXSVMIWQE]LEZIFIIRMRWTMVIH F]EVIEP'IPXMG[EVPIEHIVMRXLIJMJXLGIRXYV]
7+(0,''/( $*(6
*%1397/-2+7%2(59))27 8LILMWXSV]SJXLI&VMXMWL-WPIWMWJMPPIH[MXLWXSVMIW SJLIVSMGOMRKWERHUYIIRW
%PJVIH ¯ [LSVYPIHXLI7E\SR OMRKHSQSJ;IWWI\[EWXLISRP])RKPMWLOMRKXS LEZIFIIRGEPPIH±XLI+VIEX²,ITYWLIHFEGOXLI (ERMWLMRZEWMSRJSVEKIRIVEXMSRERHTVSQSXIH IHYGEXMSRF]XVERWPEXMRK0EXMR[SVOWMRXS)RKPMWL )PIERSVSJ%UYMXEMRI ¯ [EW JMVWXQEVVMIHXSXLIOMRKSJ*VERGI*SPPS[MRKER ERRYPQIRXWLIQEVVMIH,IRV]--HYOISJXLI 2SVQERWERHWLSVXP]FIGEQIUYIIRSJ)RKPERH 8LIQSWXTS[IVJYP[SQERMR)YVSTIEXXLIXMQI WLI[MIPHIHTS[IVMRXLIKSZIVRQIRXERHEPPS[IH XLIEVXWXSJPSYVMWL )PIERSV´WWSR6MGLEVH-XLI0MSRLIEVX ¯ PIHXLI)RKPMWLMRXLI8LMVH'VYWEHIMR .IVYWEPIQ*MKLXMRKXLMWJSVIMKR[EV[EWI\TIRWMZI ERHMR6MGLEVH´WEFWIRGI)RKPERHEPWSPSWXWSQISJ MXWXIVVMXSV],IHMIHXV]MRKXSVIKEMRPSWXPERHMR *VERGI
'39286-)73*8,);360(92-8)(/-2+(31
;MXLXLI2SVQER 'SRUYIWXGEQIKVIEX GLERKIWXS)RKPMWLWSGMIX] 8LI2SVQERWMRXVSHYGIH JIYHEPMWQEW]WXIQ GLEVEGXIVM^IHF]XLI VIPEXMSRWLMTFIX[IIRXLI OMRKERHXLIRSFPIW8LI 2SVQERWEPWSFYMPXXLI JMVWXGEWXPIWMR)RKPERH8LMW IVEMWSJXIRORS[REWXLI 1MHHPI%KIW 9RHIVXLIJIYHEP W]WXIQXLIOMRKWLEH
&SHMEQ'EWXPI[EWFYMPXHYVMRKXLI1MHHPI %KIW MR)EWX7YWWI\)RKPERH
,-7836=%4639(4%78
EFWSPYXITS[IV/MRK.SLR[LSVYPIHJVSQXSFIGEQI YRTSTYPEV[MXLXLIRSFPIWEJXIVGLEVKMRKXLIQLIEZ]XE\IWXSJMRERGI LMWQER][EVW8LI]VIFIPPIHEKEMRWXXLIOMRKERHKEMRIHGSRXVSP-R.YRI XLI]JSVGIH.SLRXSWMKREHSGYQIRXRS[ORS[REWXLI 1EKRE'EVXE8LIHSGYQIRXPMQMXIHLMWTS[IVVIGSKRM^IHXLI VMKLXWSJRSFPIWERHHIJMRIHWSQIPMQMXIHVMKLXWJSVJVII QIR0EXIVHSGYQIRXWMRGPYHMRKXLI97(IGPEVEXMSRSJ /MRK.SLR[EWXLI -RHITIRHIRGIHVE[HMVIGXP]SRXLI1EKRE'EVXE´WMHIEW WSRSJ)PIERSVSJ SJPMQMXIHTS[IVERHHIJMRIHVMKLXW
%UYMXEMRIERH
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´WJMRERGIW
/MRK,IRV]--
(YVMRKXLIPEXIX[IPJXLGIRXYV])RKPERHGSRUYIVIHQYGLSJ-VIPERH )ZIRXLSYKL-VIPERHJIPPYRHIVGSRXVSPSJXLI)RKPMWLGVS[RMX[EWQSWXP] VYPIHPSGEPP]F]MXWRSFPIW-RXLIWERHW[EVFIX[IIR;EPIW ERH)RKPERHIRHIHMREWLEO]GSRUYIWXSJTEVXSJ;EPIWQEOMRKMXER )RKPMWLTVMRGMTEPMX]6YPIHF]ETVMRGI EQIQFIVSJXLI)RKPMWLVS]EP
'39286-)73*8,);360(92-8)(/-2+(31
JEQMP] ;EPIW[EWRSXMRHITIRHIRXEPXLSYKLWQEPPVIFIPPMSRWSGGYVVIH JVSQXMQIXSXMQIXLVSYKLSYXXLIJSPPS[MRKGIRXYVMIW-X[EWJYPP] ERRI\IHMRXS)RKPERHMR-RXLIW)RKPERHGSRUYIVIH7GSXPERH JSVEWLSVXXMQI9RPMOIXLI;IPWLXLI7GSXXMWL[IVIYPXMQEXIP]WYGGIWWJYP MRVIWMWXMRKXLI)RKPMWL7GSXPERHERH)RKPERHWMKRIHEXVIEX]MR VIGSKRM^MRK7GSXXMWLMRHITIRHIRGI (YVMRKXLMWXMQI)RKPERHEPWSJSYKLXRYQIVSYW[EVW[MXL*VERGI (MWTYXIWSZIVXIVVMXSV]ERH[LSWLSYPHFIOMRKSJ*VERGIWXEVXIHXLI ,YRHVIH=IEVW´;EV ¯ HYVMRK[LMGL)RKPERHPSWXQSWXSJMXW PERHLSPHMRKWSRXLI'SRXMRIRX8LMW[EWETIVMSHSJQYGLQMWIV]JSV XLIGSQQSRTISTPI%KVIEXJEQMRIXLITVIHIGIWWSVSJQER]HYVMRKXLI RI\XGIRXYV]OMPPIHEFSYXEXIRXLSJXLITSTYPEXMSR%RHXLI&PEGO(IEXL SVFYFSRMGTPEKYIEPWSWXVYGOVITIEXIHP]HYVMRKXLIJSYVXIIRXLGIRXYV] &IX[IIRERHXLITPEKYIOMPPIHETTVS\MQEXIP]SRIXLMVHSJXLI )RKPMWLTSTYPEXMSRKVIEXP]HMWVYTXMRKWSGMIX]ERHLYVXMRKXLIIGSRSQ]
7+(:$52)7+(526(6$1'7+(78'256 'MZMP[EVFVSOISYXMR)RKPERHHYVMRKXLIWIGSRHLEPJSJXLIJMJXIIRXL GIRXYV]8LIQENSVGSRJPMGXGIRXIVIHSRX[SJEQMPMIW=SVOERH0ERGEWXIV 8LIJSVQIVJEQMP][EWW]QFSPM^IHF]E[LMXIVSWIERHXLIPEXXIVF]E VIHVSWIWSXLMWTIVMSHMWORS[REWXLI;EVSJXLI6SWIW8LIZEVMSYW GPEMQERXWXSXLIXLVSRIJSYKLXGSRXMRYEPP]ERHEWEVIWYPXXLIQSREVGL] PSWXQYGLSJMXWEYXLSVMX]
,-7836=%4639(4%78
-REJXIVHIGEHIWSJTIVMSHMGGLESW,IRV]8YHSVSV,IRV]:-- IQIVKIHEWOMRK%PQSWX]IEVWPEXIVXLIXLVSRITEWWIHXS,IRV]:--- VYPIH¯ [LSFVSOI[MXLXLI'EXLSPMG'LYVGL[LIRXLITSTI VIJYWIHXSVIGSKRM^ILMWHMZSVGI,IRV]:---MRWXIEHQEHILMQWIPJLIEHSJ XLI'LYVGLSJ)RKPERHMR8LIGSQTPMGEXIHVIPMKMSYWWMXYEXMSREXXLMW XMQIFIGEQIORS[REWXLI6IJSVQEXMSRFIGEYWIWSQITISTPISFNIGXIH XSXLIPY\YV]MRXLI'EXLSPMG'LYVGLERHGPEMQIHEHMVIGXVIPEXMSRWLMT [MXL+SH7SQISJXLIRI[P]GSRZIVXIH4VSXIWXERXW[LSFIGEQIORS[R MR)RKPERHEWXLI(MWWIRXIVWJSPPS[IHXLIXIEGLMRKWSJXLI+IVQER TEWXSV1EVXMR0YXLIVSVXLI7[MWWXLISPSKMER.SLR'EPZMR -R,IRV]:---MRGSVTSVEXIH;EPIWMRXSXLIOMRKHSQ,IRV] :---HMIHMREJXIVQEVV]MRKWM\XMQIW[EKMRKEPQSWXGSRWXERX[EV ERHI\IGYXMRKXLSYWERHWSJSTTSRIRXW%JXIV,IRV]´WHIEXLXLIFS]OMRK )H[EVH:-ERH1EV]-,IRV]´WHEYKLXIVF]LMWJMVWX[MJIVYPIHMRUYMGO WYGGIWWMSR1EV][EWEJEREXMG'EXLSPMGERHTIVWIGYXIH4VSXIWXERXW[LS [IVIKVS[MRKMRRYQFIV-R)PM^EFIXL-,IRV]´WHEYKLXIVF]LMW WIGSRH[MJIFIKERLIV]IEVVIMKR)PM^EFIXL-VIZIVWIHQER]SJ1EV]´W TSPMGMIWTVSGPEMQIHLIVWIPJLIEHSJXLI)RKPMWLGLYVGLERHEPPS[IHXLI 4YVMXERJSVQSJ4VSXIWXERXMWQXSWTVIEH)PM^EFIXLTVSZIHEWOMPPJYPERH [MWIEHQMRMWXVEXSV7LIWXVIRKXLIRIHXLITS[IVWSJKSZIVRQIRXERH GEVVMIHXLVSYKL[LEX[SYPHFIGSQIORS[REWXLI8YHSV6IZSPYXMSR-R 7TEMR°E'EXLSPMGGSYRXV]ERH&VMXEMR´WGLMIJVMZEP°WIRXEREVQEHE SJWLMTWXSGSRUYIV)RKPERH8LI&VMXMWLJPIIXHIJIEXIHXLI7TERMWLMRE RYQFIVSJFEXXPIWERHQER]SJXLIWYVZMZMRK7TERMWLWLMTW[IRXHS[RMR JMIVGIWXSVQWSRXLIZS]EKILSQI
'39286-)73*8,);360(92-8)(/-2+(31
,IRV] :---
,-7836=%4639(4%78
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
7+(&,9,/:$5$1'7+(*/25,286 5(92/87,21 .EQIW-ERHLMWWSR'LEVPIW-GPEWLIHVITIEXIHP][MXL4EVPMEQIRX[MXL FSXLWMHIWWIIOMRKXSGSRXVSPXLIREXMSR´WXVIEWYV]8LMW[EWEPWSE XMQISJWMQQIVMRKGSRJPMGXEQSRKWIZIVEPVIPMKMSYWKVSYTWMRGPYHMRK %RKPMGERW'EXLSPMGWERH4YVMXERW'LEVPIW´WEXXIQTXXSMQTSWILMW[MPPSR 4EVPMEQIRXMREREYXLSVMXEVMERJEWLMSRPIHXSXLI)RKPMWL'MZMP;EV1ENSV JMKLXMRKFIKERMRERH'LEVPIWWYVVIRHIVIHMR-QTVMWSRIH LIHIJIRHIHVS]EPTS[IVEWGSQMRKJVSQ+SHERHVIJYWIHXSRIKSXMEXI
'39286-)73*8,);360(92-8)(/-2+(31
[MXL4EVPMEQIRX%XXLIMRWMWXIRGISJXLIEVQ]LI[EWGLEVKIH[MXLLMKL XVIEWSRERHI\IGYXIHMR 4EVPMEQIRXEFSPMWLIH XLIQSREVGL]ERHHIGPEVIH )RKPERHEVITYFPMG8LI VITYFPMG´WRI[PIEHIV GEPPIHXLI0SVH4VSXIGXSV [EW3PMZIV'VSQ[IPPE QIQFIVSJ4EVPMEQIRXERH XLIVEHMGEPGSQQERHIV SJXLI2I[1SHIP%VQ] 'VSQ[IPPTYXHS[RXLI VIFIPPMSRWERHXVMIHXS GSRWSPMHEXIE6ITYFPMGER JSVQSJKSZIVRQIRX %JXIVLMWHIEXLMR LS[IZIVLMWWSR6MGLEVH JEMPIHXSQEMRXEMRGSRXVSP SJ4EVPMEQIRXERHZEVMSYW JEGXMSRWMRXLIEVQ]8LI HMWTYXIGIRXIVIHFSXLSR VIPMKMSRERHSRXLITS[IVW SJ4EVPMEQIRX%XPIRKXL XLIEVQ]MRZMXIH'LEVPIW-- WSRSJ'LEVPIW-XSVIXYVR XSXLIXLVSRIMRFYX
'-:-0 ;%6 6IPMKMSYWXIRWMSRVIZMZIHYRHIV'LEVPIW-[LS[EW YRHIVXLIMRJPYIRGISJLMW'EXLSPMG[MJI-R 'LEVPIWHMWWSPZIH4EVPMEQIRXERHVYPIHSRLMWS[R JSVQSVIXLEREHIGEHIJMRHMRK[E]WXSKIXQSRI] [MXLSYX4EVPMEQIRX´WGSRWIRX-RVIWTSRWIXSE 7GSXXMWLYTVMWMRK'LEVPIWGEPPIH4EVPMEQIRX MRXSWIWWMSRMRXSVIUYIWXJYRHW8LI7LSVX 4EVPMEQIRXQIXMR%TVMPERHVIJYWIHLMWVIUYIWX8LI 0SRK4EVPMEQIRXQIXMR2SZIQFIVERHTEWWIHPE[W VIWXVEMRMRKXLIOMRK´WTS[IVERHI\XIRHMRKMXWS[R TS[IVW -R-VIPERHQIER[LMPI'EXLSPMGTIEWERXW VSWIYTEKEMRWXXLI4VSXIWXERXEVMWXSGVEG]QEOMRK )RKPMWL4VSXIWXERXWRIVZSYW'LEVPIWGEPPIHYTER EVQ]EKEMRWXXLI[MWLIWSJ4EVPMEQIRXERHJMKLXMRK FIKERMR'LEVPIWERHXLI6S]EPMWXWEPWS GEPPIHXLI'EZEPMIVWSTTSWIHXLVIIJEGXMSRWXLI 4EVPMEQIRXEVMERWSV6SYRHLIEHWMR)RKPERHXLI 'SZIRERXIVWMR7GSXPERHERHXLI'SRJIHIVEXIW MR-VIPERH9PXMQEXIP]'LEVPIWWYVVIRHIVIHXS E7GSXXMWL4VIWF]XIVMEREVQ]MRERHEJXIV MRXVMGEXIRIKSXMEXMSRW[EWI\IGYXIHMR
,-7836=%4639(4%78
[MXLHMQMRMWLIHTS[IVW8LITIVMSHORS[REWXLI6IWXSVEXMSRRS[ FIKER6IPMKMSYWWXVMJIGSRXMRYIHERHXLI%RKPMGERWFIKERSTTVIWWMRKXLI 'EXLSPMGWERHXLI4YVMXERWEPMOI .EQIW--'LEVPIW--´W'EXLSPMGFVSXLIVGEQIXSXLIXLVSRIMR IZIRXLSYKLXLI%RKPMGERJEGXMSRLEHIEVPMIVWSYKLXXSI\GPYHILMQ .EQIWTVSQMWIHXSTVIWIVZIXLI%RKPMGER'LYVGLFYXQER]TISTPIHMH RSXFIPMIZILMQ9PXMQEXIP]4EVPMEQIRXMRZMXIH1EV].EQIW´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
*52:7+$1'(;3$16,21 -R7GSXPERHERH)RKPERHEKVIIHXSXLI%GXSJ9RMSR[LMGLYRMXIH XLIQYRHIVSRIKSZIVRQIRX7GSXPERHKEMRIHIGSRSQMGWYTTSVXMR I\GLERKIJSVEKVIIMRKXS+ISVKI´WWYGGIWWMSR8LIRI[GSYRXV]´WSJJMGMEP
'39286-)73*8,);360(92-8)(/-2+(31
REQI[EWXLI/MRKHSQSJ+VIEX&VMXEMR7SQITEXVMSXMG 7GSXWVIWMWXIHXLIYRMSRERHMRERH7GSXPERH XVMIHERHJEMPIHXSTYXHIWGIRHERXWSJ'LEVPIW--SRXLI )RKPMWLXLVSRI
8LI+VIEX*MVISJ
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´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
,-7836=%4639(4%78
-R-VIPERHNSMRIH)RKPERH;EPIWERH7GSXPERH[MXLERSXLIV %GXSJ9RMSR%XXLEXXMQIXLIGSYRXV]´WREQIGLERKIHEKEMRXSXLI 9RMXIH/MRKHSQSJ+VIEX&VMXEMRERH-VIPERH&VMXEMRERHMXWEPPMIWJSYKLX VIZSPYXMSREV]*VERGIMRERSXLIVWIVMIWSJ[EVWFIX[IIRERH 2ETSPqSR-XLIQMPMXEV]ERHTSPMXMGEPVYPIVSJ*VERGIQEHITPERW XSMRZEHI)RKPERHMRFYX[EWHIJIEXIH°JMVWXF]0SVH2IPWSREX XLI&EXXPISJ8VEJEPKEVSR3GXSFIVERHJMREPP]F]XLI(YOISJ ;IPPMRKXSREXXLI&EXXPISJ;EXIVPSSSR.YRI
8,)&%880)3* 86%*%0+%6 8LI&EXXPISJ8VEJEPKEVXSSOTPEGISR3GXSFIV ERHTMXXIHXLI6S]EP2EZ]°PIHF]XLI LIVSMG0SVH,SVEXMS2IPWSR°EKEMRWX7TERMWLERH *VIRGLJSVGIW8LI&VMXMWLLEHMQTSWIHEREZEP FPSGOEHIGEPPIHXLI'SRXMRIRXEP7]WXIQEKEMRWX XLI*VIRGLQEOMRKMXHMJJMGYPXJSVXLIQXSXVEHIERH YWIXLIMVS[RJPIIXIJJIGXMZIP]%PXLSYKLXLI][IVI SYXRYQFIVIHXLI&VMXMWLHIJIEXIHFSXLXLI*VIRGL ERH7TERMWLJPIIXW2S&VMXMWLWLMTW[IVIWYROMRXLI FEXXPIFYX2IPWSR[EWQSVXEPP][SYRHIH
'39286-)73*8,);360(92-8)(/-2+(31
5YIIR:MGXSVMEVYPIH JVSQXSEXXLI LIMKLXSJ&VMXMWLMQTIVMEP TS[IV(IWTMXILIVTIVWSREP TSTYPEVMX]:MGXSVMEKVEHYEPP] PSWXTSPMXMGEPTS[IVXS 4EVPMEQIRXERHEWXVMRK SJTVMQIQMRMWXIVW;MXL TEVPMEQIRXEV]WYTVIQEG] RS[IWXEFPMWLIHXLI QSREVGL]GSRXMRYIHE WPS[XVERWJSVQEXMSRJVSQ EREGXMZIKSZIVRMRKTS[IV XSEW]QFSPMGMRWXMXYXMSR 8LILEVZIWXWJEMPIHEPPSZIV )YVSTIFIX[IIRERH 8LIWMXYEXMSRTVSZIH QSWXHMVIMR-VIPERH[LIVI
5YIIR :MGXSVME
,-7836=%4639(4%78
XLITSXEXSJEQMRIOMPPIHQSVIXLERQMPPMSRTISTPIERHWXEVXIHER IQMKVEXMSRQSZIQIRXXLEXVIHYGIH-VIPERH´WTSTYPEXMSRF]LEPJF] 3[MRKXSVETMHMRHYWXVMEPHIZIPSTQIRXERHXLIWYGGIWWSJ&VMXMWL XVEHIXLIGSYRXV]FIGEQIXLI[SVOWLSTSJXLI[SVPHSZIVXLIGSYVWISJ XLIRMRIXIIRXLGIRXYV]8LI&VMXMWLREZ]VYPIHXLI[EZIWERHXLIFEROW SJ0SRHSRHSQMREXIH[SVPHJMRERGI8LI&VMXMWL)QTMVIGSRXMRYIHEHHMRK RYQIVSYWXIVVMXSVMIWMRGPYHMRK7SYXL%JVMGE,SRK/SRKERHPEVKIEVIEW SJ;IWXERH)EWX%JVMGE
:25/':$5,$1',5,6+,1'(3(1'(1&( 8LIX[IRXMIXLGIRXYV]FIKERTIEGIJYPP][MXLUYMGOEHZERGIWMR XIGLRSPSK]%XPEWXXLIYVFER[SVOMRKGPEWWNSMRIHMRXLIKIRIVEP TVSWTIVMX],S[IZIVXLIEWWEWWMREXMSRSJ%VGLHYOI*VER^*IVHMRERHSJ %YWXVMEMRHVI[XLIQENSVTS[IVWSJ)YVSTIMRXS[EV8LI'IRXVEP TS[IVW°+IVQER]%YWXVME,YRKEV]ERH8YVOI]°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
'39286-)73*8,);360(92-8)(/-2+(31
-VMWL*VII7XEXI[EWIWXEFPMWLIHMR8LIWM\4VSXIWXERXQENSVMX] GSYRXMIWSJ2SVXLIVR-VIPERHVIQEMRIHETEVXSJ&VMXEMRFYXHIZIPSTIH ELSQIVYPIW]WXIQSJKSZIVRQIRXMRGPYHMRKXLIMVS[RPSGEPTEVPMEQIRX 8LIGSYRXV]XSSOMXWGYVVIRXREQIMRXLI9RMXIH/MRKHSQSJ +VIEX&VMXEMRERH2SVXLIVR-VIPERH
:25/':$5,,$1'48((1(/,=$%(7+ 8LI&VMXMWLIGSRSQ]WYJJIVIHJVSQQEWWYRIQTPS]QIRXMRXLIW ERHJVSQXLI[SVPH[MHI+VIEX(ITVIWWMSRMRXLIW8LI&VMXMWL KSZIVRQIRXWSYKLXXSGSRGIRXVEXISRWXVIRKXLIRMRKTSPMXMGEPERH IGSRSQMGXMIW[MXLXLIHIZIPSTIHTEVXWSJMXWIQTMVI-XHMHRSX[ERXXS YWIEPVIEH]WGEVGIVIWSYVGIWMRGSYRXIVMRK+IVQERI\TERWMSRMR)EWXIVR )YVSTI,S[IZIV2E^MPIEHIV%HSPJ,MXPIVSJ+IVQER]MRZEHIH4SPERH MRFIKMRRMRK;SVPH;EV-- ¯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
,-7836=%4639(4%78
4VMQI1MRMWXIV ;MRWXSR'LYVGLMPPKMZMRKEVEHMSFVSEHGEWX MRHYVMRK ;SVPH ;EV--
'39286-)73*8,);360(92-8)(/-2+(31
5YIIR)PM^EFIXL--FIGEQIXLIQSREVGLMR9RHIVLIVVYPIXLI 9RMXIH/MRKHSQNSMRIHXLI)YVSTIER)GSRSQMG'SQQYRMX]MR8LMW SVKERM^EXMSRIZSPZIHMRXSXLI)YVSTIER9RMSR )9 [LMGLXSHE]MRGPYHIW GSYRXVMIW8LI&VMXMWLEGGITXIH)9QIQFIVWLMT[MXLVIPYGXERGI FIGEYWIMXVIUYMVIHXLIPSSWIRMRKSJGLIVMWLIHXMIWXSMXWIQTMVI 2IZIVXLIPIWWTEXXIVRWSJXVEHI[IVIGLERKMRK 8LVSYKLXLIPEWXHIGEHIWSJXLIX[IRXMIXLGIRXYV]XLIGSYRXV] KVETTPIH[MXLKPSFEPM^EXMSRXLIPSWWSJJEGXSV]NSFWERHQEWWMQQMKVEXMSR JVSQXLI;IWX-RHMIW)EWX%JVMGEERH%WME1EVKEVIX8LEXGLIVFIGEQI &VMXEMR´WJMVWXJIQEPITVMQI QMRMWXIVMRERHWSYKLX XSGYVFWSQII\GIWWIW 8,)'31132;)%08, SJXLI[IPJEVIWXEXI=IX HIWTMXIGSRXMRYIHHIFEXI %PXLSYKLQER]JSVQIVGSPSRMIWSJXLI9RMXIH SZIVXLIKSZIVRQIRX´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
,-7836=%4639(4%78
8LSYWERHW[IVIOMPPIHMRXLIWERHWYRXMPTSPMXMGEPEKVIIQIRXW GEPQIHXLIZMSPIRGI -RXLIJMVWXHIGEHISJXLIX[IRX]JMVWXGIRXYV]XLIREXMSRKVETTPIH [MXL[EVMR-VEUERH%JKLERMWXEREW[IPPEWXLIIJJIGXWSJEHIITKPSFEP VIGIWWMSR4VMQI1MRMWXIV8SR]&PEMVJSPPS[IHXLI9RMXIH7XEXIWXS [EVMREJXIVXLI 7ITXIQFIV EXXEGOWSR2I[=SVO'MX] ERH;EWLMRKXSR(',MW 8,)63=%074380-+,8 WYGGIWWSV+SVHSR&VS[R 1MPPMSRWSJZMI[IVWXYRIHMRSR%TVMPXS WIVZIHEHMJJMGYPXXIVQJVSQ WII4VMRGI;MPPMEQ[IH'EXLIVMRI1MHHPIXSRSV XSS[MRKXS /EXI8LIQEVVMEKI[EWYRYWYEPFIGEYWI/EXI[EW XLIHS[RXYVRMRXLI[SVPH RSXEQIQFIVSJERSFPIJEQMP],S[IZIVTISTPI JVSQEVSYRHXLI9RMXIH/MRKHSQERHEVSYRHXLI IGSRSQ](EZMH'EQIVSR [SVPHLEZIJEPPIRMRPSZI[MXL/EXI[LSMWRS[XLI VITPEGIHLMQMR (YGLIWWSJ'EQFVMHKI TVSQMWMRKXSGYVFI\GIWW %KIRIVEXMSREKSXLI&VMXMWLTYFPMGJIPPMRPSZI KSZIVRQIRXWTIRHMRK [MXL;MPPMEQ´WQSXLIV(MERE7TIRGIV7LIQEVVMIH 8LVSYKLMXEPP5YIIR 4VMRGI'LEVPIWMRMREVIKEPGIVIQSR]XLEX )PM^EFIXLGEVVMIHSRXLI [EWFVSEHGEWXEVSYRHXLI[SVPH(MERE´WPMJI[EWRS JEMV]XEPILS[IZIV*SPPS[MRKWGERHEPERHHMZSVGI XVEHMXMSRWSJXLIQSREVGL] (MEREHMIHMREGEVEGGMHIRXMR 8LI9RMXIH/MRKHSQ[EW RSPSRKIVE[SVPHTS[IV FYXXLITIVWIZIVERGISJXLI TISTPIGSRXMRYIHXSGEVV] MXJSV[EVH
'39286-)73*8,);360(92-8)(/-2+(31
4VMRGI ;MPPMEQ[LSMWWIGSRHMRPMRIXSXLIXLVSRI QEVVMIH'EXLIVMRISR %TVMP
,-7836=%4639(4%78
&+$37(5
3(23/( 7+(0(/7,1*327 8LIJSYVGSRWXMXYIRXYRMXWSJXLI9RMXIH/MRKHSQSJJIVEKVIEXHMZIVWMX] SJPERKYEKIVIPMKMSRIXLRMGMX]ERHGYPXYVI8LILMWXSV]SJIEGLYRMXLEW GSRXVMFYXIHXSMXWYRMUYIRIWWEW[IPP1ER]SJXLIGSYRXV]´WTISTPIW LEZIIQMKVEXIHJVSQSXLIVREXMSRWMR)YVSTIERHWMRGIXLIWJVSQ SYXWMHI)YVSTI
/$1*8$*(6 8LISJJMGMEPPERKYEKISJXLI9RMXIH/MRKHSQMW)RKPMWL8LMWPERKYEKI LEWMXWVSSXWMRXLI+IVQERMGPERKYEKIWWTSOIRF]XLI%RKPIWERHXLI 7E\SRW-X[EWMRJPYIRGIHF]XLI7GERHMREZMERPERKYEKIWSJXLI(ERIWERH EPWSFSVVS[IHLIEZMP]JVSQXLI*VIRGLPERKYEKIFVSYKLXF]XLI2SVQER GSRUYIVSVWMRXLIIPIZIRXLGIRXYV]
8LI9RMXIH/MRKHSQ´WTSTYPEXMSRMWKVS[MRKQSVIHMZIVWI
-REHHMXMSRXS)RKPMWLMR7GSXPERHETTVS\MQEXIP]TIVGIRXSJXLI TSTYPEXMSRWTIEOW7GSXWEPERKYEKIVIPEXIHXSERSPHIVJSVQSJ)RKPMWL %TTVS\MQEXIP]TISTPIWTIEO7GSXXMWL+EIPMGERHXLIKSZIVRQIRX WYTTSVXWWGLSSPWERHXIPIZMWMSRWLS[WXLEXXIEGL+EIPMGMRSVHIVXSLIPT TVIZIRXXLIPERKYEKI´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
'39286-)73*8,);360(92-8)(/-2+(31
=397%=-8 )RKPMWL
7GSXXMWL+EIPMG
;IPWL
+SSHQSVRMRK
1EHEMRRQLEXL 1%,XMLRZEL
&SVIHE &3,VILHEL
+SSHEJXIVRSSR
*IEWLEVQEXL JILWOILVQEL
4V]RLE[RHE 46-,2LSYRHEL
+SSHRMKLX
3MHLGLIQLEXL S]GLE]ZEL
2SWHE RSLWHEL
8LERO]SY
8ETEHLPIMFL XELTE]PI]Z
(MSPGL ())SLPGL
-R2SVXLIVR-VIPERHETTVS\MQEXIP]TIVGIRXSJXLITSTYPEXMSR WTIEOWEXPIEWXWSQI-VMWLEPXLSYKLJI[WTIEOMXEWEJMVWXPERKYEKI-R JEGXWTIEOMRK-VMWLGERFIGSRWMHIVIHETSPMXMGEPWXEXIQIRX-XMWEWWSGMEXIH [MXL'EXLSPMGW[LS[MWLXSPIEZIXLI9RMXIH/MRKHSQERHVIYRMXI[MXL XLIVIWXSJ-VIPERH
'(02*5$3+,&6 &]EKITIVGIRXSJXLITSTYPEXMSRSJXLI9RMXIH/MRKHSQJEPPWMRXS XLIXS]IEVSPHGEXIKSV]%TTVS\MQEXIP]TIVGIRXSJXLI
4)340)8,)1)08-2+438
TISTPIEVIYRHIV]IEVWSJEKIERHTIVGIRXEVIWIRMSVGMXM^IRW SZIVEKI)MKLX]TIVGIRXSJXLITSTYPEXMSRPMZIWMRERYVFEREVIE 8LIPMJII\TIGXERG]MRXLI9RMXIH/MRKHSQMW]IEVW°XLI X[IRX]RMRXLLMKLIWXMRXLI[SVPH1EPIWLEZIEPMJII\TIGXERG]SJ ]IEVWERHJIQEPIWLEZIEPMJII\TIGXERG]SJ]IEVW3ZIVEPPXLI GSYRXV]LEWEGSQTEVEXMZIP]PS[JIVXMPMX]VEXIGLMPHVIREVIFSVRXS IEGL[SQERVEROMRKXLIGSYRXV]SRILYRHVIHXLMVX]RMRXLMRXLI[SVPH ,S[IZIVXLIVEXIMWLMKLIVEQSRKMQQMKVERXTSTYPEXMSRW
(7+1,&,7< 7IZIVEPGIRXYVMIWEKSTISTPIWJVSQEGVSWW)YVSTIMQQMKVEXIHXSXLI &VMXMWL-WPIWERHWIXXPIHMR[LEXEVIXSHE])RKPERH7GSXPERH;EPIWERH 2SVXLIVR-VIPERH7SQISJXLIWITISTPIWGEQIJVSQIXLRMGKVSYTW XLEXMRGPYHIHXLI%RKPS7E\SRW.YXIW'IPXW:MOMRKWERH6SQERW1SVI VIGIRXP]MQQMKVERXWLEZIGSQIJVSQXLI;IWX-RHMIW)EWX%JVMGE XLI1MHHPI)EWXERHTEVXMGYPEVP]7SYXL%WME 8LI9RMXIH/MRKHSQMWETVIHSQMREXIP][LMXI 'PSWIXSSRIXLMVHSJ GSYRXV]TSTYPEXIHF]TISTPISJ)YVSTIERLIVMXEKI%WSJ XLISJJMGMEPGIRWYWTIVGIRXSJXLITSTYPEXMSR 0SRHSR´WVIWMHIRXW MW[LMXITIVGIRXMW)RKPMWLTIVGIRXMW7GSXXMWL [IVIFSVRMR TIVGIRXMW;IPWLERHTIVGIRXMW2SVXLIVR-VMWL JSVIMKRGSYRXVMIW 8[STIVGIRXSJXLI9RMXIH/MRKHSQTSTYPEXMSRMWFPEGO SVSJ%JVMGERLIVMXEKI-REHHMXMSRTIVGIRXMW-RHMER TIVGIRXMW4EOMWXERMTIVGIRXMWQM\IHERHTIVGIRXMW
'39286-)73*8,);360(92-8)(/-2+(31
8LIEZIVEKI&VMXMWLJEQMP]LEWJI[IVXLERX[SGLMPHVIR
4)340)8,)1)08-2+438
TPEGIHMRXLI±3XLIV²GEXIKSV]7MRGIXLIGIRWYWXLIQMRSVMX]TSTYPEXMSR LEWGSRXMRYIHMRGVIEWMRKMXWWLEVISJXLIXSXEPTSTYPEXMSR7SQIWXYHMIW TVIHMGXXLIQMRSVMX]TSTYPEXMSR[MPPMRGVIEWIXSTIVGIRXF]
5(/,*,21 -11-+6%287-2 8,)92-8)(/-2+(31 8LI9RMXIH/MRKHSQ°IWTIGMEPP]0SRHSR°LEWPSRK TVSZMHIHEWERGXYEV]JSVTISTPI[LSLEZIJPIHXLIMV REXMZIPERHWERHWSYKLXFIXXIVPMZIWJSVXLIQWIPZIW ERHXLIMVJEQMPMIW%JXIV;SVPH;EV--QER]TISTPI JVSQEGVSWW)YVSTIMQQMKVEXIHXSXLI9RMXIH /MRKHSQ-RXLIWERHWJSPPS[MRKXLI MRXVSHYGXMSRSJXLI[IPJEVIWXEXIMQQMKVERXWGEQI JVSQXLI'EVMFFIERERH7SYXLIEWX%WME 8SHE]QER]MQQMKVERXWXSXLI9RMXIH /MRKHSQTEVXMGYPEVP]XLSWISJ%WMERSVMKMRPMZI MRTSZIVX]MRXLIREXMSR´WMRRIVGMXMIW,S[IZIV XIVVSVMWXEGXWMRGPYHMRKXLI.YP]0SRHSR WYF[E]FSQFMRKW[LMGL[IVIGEVVMIHSYXF] &VMXMWLFSVRQIRSJ4EOMWXERMLIVMXEKIERHSRI .EQEMGERQERMRGVIEWITYFPMGJIEVSJ1YWPMQWERH WYWTIGXIH1YWPMQW8LMWMRGVIEWIHXIRWMSRFIX[IIR REXMZIFSVRERHMQQMKVERXGSQQYRMXMIWHSIW RSXLMRKXSLIPTRI[KVSYTWMRXIKVEXIMRXS&VMXMWL WSGMIX]
'39286-)73*8,);360(92-8)(/-2+(31
)RKPERHERH7GSXPERHIEGL LEZIEREXMSREPGLYVGLXLI 'LYVGLSJ)RKPERHERH XLI'LYVGLSJ7GSXPERH VIWTIGXMZIP]8LIWIX[S GLYVGLIWLEZIFIIR SJJMGMEPP]IWXEFPMWLIHF] XLIKSZIVRQIRXEPXLSYKL XLITISTPISJXLI9RMXIH /MRKHSQLEZIJYPPJVIIHSQ SJVIPMKMSR8LI)RKPMWL QSREVGLMWXLISJJMGMEPLIEH SJXLI'LYVGLSJ)RKPERH ERHLEWEVIPEXMSRWLMT[MXL XLI'LYVGLSJ7GSXPERH 8LI'LYVGLSJ7GSXPERH STIVEXIWMRHITIRHIRXP] JVSQXLIKSZIVRQIRXERH LEWRSWMRKPIPIEHIV
3RSXODWLRQ 4IV7UYEVI/Q 3ZIV XS XS XS XS
Shetland Islands
Orkney Islands
-RZIVRIWW
%FIVHIIR
Lo
ch
Ne ss
Heb ri
des
4IV7UYEVI1MPI 3ZIV XS XS XS XS
AT L A N T I C OCEAN
(YRHII
North Sea +PEWKS[ )HMRFYVKL rt No
2I[GEWXPI
nn
ha
hC
&IPJEWX
el
1MHHPIWFVSYKL
Irish Sea 0MZIVTSSP
Ch
&MVQMRKLEQ
Tr
2SV[MGL
Se v e r
+PSYGIWXIV 7SYXLIRHSR7IE 7[ERWIE 0SRHSR 'EVHMJJ Thames &VMWXSP Bristol Channel &VMKLXSR 7SYXLEQTXSR ERH,SZI )\IXIV 4SVXWQSYXL &SYVRIQSYXL 4P]QSYXL nel Str a
AT L A N T I C OCEAN
it o
fD ove r
n
ge’s
or Ge St.
el ann
0IIHW ,YPP 1ERGLIWXIV 7LIJJMIPH t (IVF] en
English
Chan
4STYPEXMSR(IRWMX]SJXLI9RMXIH/MRKHSQ
4)340)8,)1)08-2+438
(ERGIVWGIPIFVEXI(I[EPME,MRHYJIWXMZEPMR ;IWXQMRWXIV0SRHSR
-RTVIZMSYWGIRXYVMIWXLI9RMXIH/MRKHSQ[EWXLIWIXXMRKJSV QYGLVIPMKMSYWWXVMJIEXXMQIW[IEXLIVMRKEXLVIITEVXGSRJPMGXEQSRK XLI%RKPMGERWSJXLIIWXEFPMWLIH'LYVGLSJ)RKPERHXLI'EXLSPMGWERH
'39286-)73*8,);360(92-8)(/-2+(31
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
&6-8-7,)2+0-7, 8LI%QIVMGERWERHXLI&VMXMWLFSXLWTIEO)RKPMWL FYXXLIPERKYEKILEWHMZIVKIHWPMKLXP]SZIVXMQI 'SQTEVMRKXLIX[SJSVQWVIZIEPWHMJJIVIRGIW MR[SVHWJSVXLIWEQIXLMRKW,IVIEVIWSQI I\EQTPIW &VMXMWL
%QIVMGER
NYQTIV
W[IEXIV
GLIQMWX
TLEVQEGMWX
RETT] XIPP] FMWGYMX GLMTW JSVXRMKLX
HMETIV XIPIZMWMSR GSSOMI *VIRGLJVMIW X[S[IIOW
4)340)8,)1)08-2+438
'39286-)73*8,);360(92-8)(/-2+(31
&+$37(5
&8/785(/($',1* 7+(:25/' 8LI9RMXIH/MRKHSQMWORS[RJSVMXWVIQEVOEFPIEVGLMXIGXYVIMXW WMKRMJMGERXGSRXVMFYXMSRWXSWTSVXWERHMXW[IPPVIWTIGXIHQIHMESYXPIXW WYGLEWXLI&VMXMWL&VSEHGEWXMRK'SVTSVEXMSR &&' &YXMXMWEPWSE PERHSJXVEHMXMSRERHGYPXYVI[MXLMXWGIPIFVEXMSRWERHJIWXMZEPW ERHMXWTEXVSREKISJGPEWWMGEPQYWMGERHXLIZMWYEPEVXW 1ER]QYWIYQWERHKEPPIVMIWJIEXYVIXLI[SVOWSJFSXL )RKPMWLMWFEWIHMR GSRXIQTSVEV]ERHGPEWWMGEPEVXMWXW +IVQERKVEQQEV
9,68$/$576 8LITISTPISJXLI&VMXMWL-WPIWLEZIPSRKJMKYVIH TVSQMRIRXP]MRXLI;IWXIVREVXXVEHMXMSR0SRHSR´W I\GIPPIRXQYWIYQWWYGLEWXLI6S]EP%GEHIQ]XLI2EXMSREP
FYXQYGLSJMXW ZSGEFYPEV]GSQIW JVSQ0EXMR
(ERGIVWJSVXLI6S]EP&EPPIXTVEGXMGIMR0SRHSR
;)(+;33(4388)6= &SVRMR.SWMEL;IHK[SSHGEQIJVSQEJEQMP] SJTSXXIVWERH[IRXMRXSXLIJEQMP]FYWMRIWW%WLI LSRIHLMWGVEJXLIGEVIJYPP]I\TIVMQIRXIH[MXLLMW QEXIVMEPW,MWWGMIRXMJMGQIXLSHPIHXSMQTVSZIH KPE^IWERHRI[X]TIWSJTSXXIV],MWQSWXTSTYPEV GVIEXMSR[EW5YIIR´W;EVIEX]TISJGVIEQ GSPSVIHIEVXLIR[EVI5YIIR´W;EVI[EW[MHIP] MQMXEXIHF]GSQTIXMXSVWERHMXMWWXMPPTVSHYGIH XSHE]
+EPPIV]XLI2EXMSREP 4SVXVEMX+EPPIV]XLI:MGXSVME ERH%PFIVX1YWIYQERH FVERGLIWSJXLI8EXI KEPPIVMIWJIEXYVI[SVOF] LMWXSVMGERHGSRXIQTSVEV] EVXMWXWJVSQEVSYRHXLI [SVPH
+PEWKS[7GSXPERHMW LSQIXSXLI/IPZMRKVSZI %VX+EPPIV]ERH1YWIYQ [LMGLSTIRIHMR%X XLI+PEWKS[7GLSSPSJ %VXWXYHIRXWPIEVREFSYXXLILMWXSV]ERHXIGLRMUYIWSJLMWXSVMGEPEVXMWXW 8LI2EXMSREP1YWIYQSJ;EPIWMR'EVHMJJLSPHWMQTSVXERXGSPPIGXMSRWSJ ;IWXIVREVXERHEPWSTVIWIVZIWXLILMWXSV]SJEVXMR;EPIW8LI'EVHMJJ 7GLSSPSJ%VXERH(IWMKRSTIRIHMRXLI;IPWLGETMXEPMR
086,&$1''$1&( 8LIQYWMGSJXLI9RMXIH/MRKHSQGVSWWIWWIZIVEPKIRVIWERHETTIEPWXS TISTPISJEPPEKIW)ZIV]VIKMSRLEWMXWS[RJSPOQYWMG'PEWWMGEPQYWMGMW TSTYPEVEW[IPPERHFSEWXWWYGLGSQTSWIVWEW;MPPMEQ&]VH ¯
%FERHTIVJSVQWJSVXLI,MKLPERH+EQIWMR7GSXPERH
'39286-)73*8,);360(92-8)(/-2+(31
'90896)0)%(-2+8,);360(
,IRV]4YVGIPP ¯ ERH&IRNEQMR&VMXXIR ¯ 7MV%VXLYV7YPPMZER ¯ MWFIWXORS[RJSVLMW[SVO [MXL7MV;7+MPFIVX ¯ 8LIJEQSYWHYSSJ +MPFIVXERH7YPPMZERTVSHYGIHGSQMGSTIVIXXEWWYGLEW 0SRHSRLEWJMZI 8LI4MVEXIWSJ4IR^ERGI 8LI1MOEHSERH,174MREJSVI JYPPWM^IW]QTLSR] 0SRHSRMWLSQIXSXLI0SRHSR7]QTLSR] SVGLIWXVEW 3VGLIWXVEXLI6S]EP3TIVEXLI6S]EP&EPPIXERH XLI&&'SVGLIWXVEW3RISJXLIPEVKIWXGPEWWMGEPQYWMG JIWXMZEPWMRXLI[SVPH8LI4VSQWMWLIPHMRXLIGMX]IEGL ]IEVJVSQ.YP]XLVSYKL7ITXIQFIV0MZIVTSSP)RKPERH[EW LSQISJXLI&IEXPIWXLI±*EF*SYV²[LSLIPTIHTSTYPEVM^IVSGO QYWMGHYVMRKXLIW -R7GSXPERHXLIFEKTMTIMWETSTYPEVMRWXVYQIRXERHGERFILIEVH HYVMRKQER]LSPMHE]WERHJIWXMZEPW8LI2EXMSREP4MTMRK'IRXVIMR+PEWKS[ XIEGLIWFEKTMTIWERHSXLIVXVEHMXMSREP7GSXXMWLMRWXVYQIRXWERHSTIVEXIW EQYWIYQXLEXGSQQIQSVEXIWXLILMWXSV]SJFEKTMTMRK
+2/,'$<6$1')(67,9$/6 4ISTPIXLVSYKLSYXXLI9RMXIH/MRKHSQGIPIFVEXI'LVMWXQEWSR (IGIQFIVERH&S\MRK(E]SR(IGIQFIV&S\MRK(E]MWEREXMSREP LSPMHE]ERHQER]FYWMRIWWIWEVIGPSWIH4ISTPIKSWLSTTMRKZMWMXJVMIRHW ERH[EXGLWTSVXW-REHHMXMSRXLI&VMXMWLIRNS]WIZIVEPWSGEPPIHFERO LSPMHE]WXLVSYKLXLI]IEVHYVMRK[LMGLFYWMRIWWIWERHFEROWEVIGPSWIH
'39286-)73*8,);360(92-8)(/-2+(31
)EGLGSRWXMXYIRXYRMX VIGSKRM^IWMXWS[RREXMSREP HE]MR[LMGLMXGIPIFVEXIW MXWYRMUYILIVMXEKI3R 1EVGL;EPIWGIPIFVEXIW MXWREXMSREPHE]ORS[REW 7EMRX(EZMH´W(E]ERHSR 1EVGL2SVXLIVR-VIPERH GIPIFVEXIW7EMRX4EXVMGO´W (E])RKPERH´WREXMSREPHE] MW%TVMPMRVIGSKRMXMSRSJ 7EMRX+ISVKIERH7GSXPERH´W MW7EMRX%RHVI[´W(E]SR 2SZIQFIV +Y]*E[OIW2MKLXSV &SRJMVI2MKLXMWGIPIFVEXIH SR2SZIQFIV-R +Y]*E[OIWERHSXLIV GSRWTMVEXSVWTPSXXIHXS FPS[YTXLI4EVPMEQIRX FYMPHMRKFYXXLI][IVI GETXYVIHFIJSVIXLI]GSYPH GEVV]SYXXLIMVTPER8LMW LSPMHE]GIPIFVEXIWXLI XL[EVXMRKSJXLIGSRWTMVEG] [MXLJMVI[SVOWTEVEHIWERH
7%-287´(%=7 )EGLGSRWXMXYIRXYRMXSJXLI9RMXIH/MRKHSQ GIPIFVEXIWEREXMSREPHE]MRLSRSVSJEHMJJIVIRX WEMRX[LS[EWMQTSVXERXXSXLIVIKMSR´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
'90896)0)%(-2+8,);360(
FSRJMVIW6IQIQFVERGI(E]MWVIGSKRM^IHSR2SZIQFIVMRQIQSVMEP SJXLIHIEHSJ;SVPH;EV-WMQMPEVXSXLI97:IXIVERW(E]
8VSSTMRKXLI'SPSYV MWWSTSTYPEVXLEX XMGOIXWEVIKMZIR
8LI)HMRFYVKL-RXIVREXMSREP*IWXMZEPMWEX[S[IIO IZIRXLIPHMR%YKYWXMR7GSXPERH4ISTPIJVSQEPPSZIVXLI [SVPHGSQIXSGIPIFVEXIEVXJMPQWQYWMGERHFSSOW8LI LMKLPMKLXSJXLIJIWXMZEPMWXLI1MPMXEV]8EXXSSEKVSYTSJ FERHTMTIVWERHHVYQQIVW
8VSSTMRKXLI'SPSYVMR)RKPERHMWEHIQSRWXVEXMSR LIPHIZIV].YRIMRGSQQIQSVEXMSRSJXLIFMVXLHE]SJXLI GYVVIRXOMRKSVUYIIR VIKEVHPIWWSJ[LIRXLIQSREVGL´W FMVXLHE]EGXYEPP]SGGYVW 8LITEVEHIGSRWMWXWSJQSVIXLER WSPHMIVWLSVWIWERHQYWMGMERW8LITEVEHIXVEZIPW TEWX&YGOMRKLEQ4EPEGIEPSRKXLI1EPPXSXLI,SVWI+YEVHW4EVEHIERH XLIRFEGOEKEMR8LIJIWXMZEPIRHW[MXLEJP]F]JVSQXLI6S]EP%MV*SVGI 8LMWXVEHMXMSRHEXIWFEGOXSXLIWIZIRXIIRXLGIRXYV][LIRWSPHMIVW HMWTPE]IHXLIMVYRMJSVQWERHJPEKWFIJSVIFEXXPI
E[E]F]PSXXIV]
)22' )RKPERHMWORS[RJSVMXWJEVQLSYWIGSSOMRKMXWFIIVERHTYFWERHMXW WLITLIVH´WTMI%RSXLIVPSGEPJEZSVMXIMWJMWLERHGLMTW8LIJMWLMWJVMIH ERHXLIGLMTWEVIJMRKIVWM^IHTSXEXSIWWMQMPEVXS*VIRGLJVMIW8LI )RKPMWLLEZIFIIRWIVZMRKEJXIVRSSRXIEWMRGIXLIRMRIXIIRXLGIRXYV]ERH HVMROQSVIXLERX[MGIEWQYGLXIEEWGSJJII=SVOWLMVITYHHMRKQEHI JVSQFEOIHHSYKLMWEXVEHMXMSREP)RKPMWLHMWLFIWXWIVZIH[MXLVSEWX
'39286-)73*8,);360(92-8)(/-2+(31
%JXIVRSSRXIEMWSJXIRWIVZIH[MXLWGSRIW SVSXLIVFEOIHKSSHW
'90896)0)%(-2+8,);360(
FIIJ;MXLXLIMRJPY\SJMQQMKVERXWJVSQEVSYRHXLI[SVPHRI[JSSH XVEHMXMSRWLEZIFIGSQITSTYPEVEW[IPPRSXEFP]-RHMERGYMWMRI 7GSXPERHFSEWXWEHMWLGEPPIHLEKKMW[LMGLMWEGSQFMREXMSRSJ SEXQIEPERHEWLIIT´WLIEVXPMZIVERHPYRKW%RSXLIV[IPPPMOIHHMWL MWTSVVMHKIEHMWLQEHISJSEXW-XGERFIQEHI[MXLWYKEVERHGVIEQ SVQMPOFYXXVEHMXMSREPMWXW[MPPEHHSRP][EXIVERHWEPXXSXLIMVSEXW ;LMWOI]MW7GSXPERH´WREXMSREPHVMRO%;IPWLWXETPIMWVEVIFMXSVVEFFMX XSEWXWIVZIH[MXLEWEYGISJQIPXIHGLIIWIERHFIIV2SVXLIVR-VIPERH MWJEQSYWJSVEQSVRMRK9PWXIVJV]GSRWMWXMRKSJFEGSRIKKWERHWEYWEKI [MXLTSXEXSFVIEH-VMWLWXI[MWERSXLIVGYPXYVEPJEZSVMXIERHGSRWMWXWSJ PEQFTSXEXSIWERHGEVVSXW
632576 8,),-7836=3*'6-'/)8 'VMGOIXFIKEREWEWMQTPIKEQIMR[LMGLSRITPE]IV XLVI[EWXSRISVEWMQMPEVSFNIGXERHERSXLIVTPE]IV LMXMX[MXLEXVIIFVERGLSVGPYF0EXIVFEXXIVWFIKER HIJIRHMRKEXVIIWXYQTSVJIRGIKEXIEWXLIFS[PIV EXXIQTXIHXSLMXXLIKSEP&]GVMGOIXLEH FIGSQIWSTSTYPEVXLEXTISTPI[IVIFIMRKJMRIHJSV QMWWMRKGLYVGLXSTPE]XLIKEQI8LIJMVWXVIGSVHIH XSYVREQIRXXSSOTPEGIMR/IRXMR;MPPMEQ +SPH[]RTYFPMWLIHXLIJMVWXHIWGVMTXMSRSJXLIKEQI MRERHXLI0E[WSJ'VMGOIX[IVIIWXEFPMWLIH MR
'39286-)73*8,);360(92-8)(/-2+(31
4STYPEVWTSVXWMR)RKPERH MRGPYHIWSGGIVVYKF] GVMGOIXLSVWIVEGMRKERH XIRRMW8LIJMVWX;MQFPIHSR XIRRMWQEXGL[EWLIPHMR )RKPERHMRERHXSHE] ;MQFPIHSRMWSRISJXLI [SVPH´WTVIQMIVWTSVXW IZIRXW8LI%WGSX6EGIWE LSVWIVEGIFIKYRMR F]5YIIR%RRIMWWXMPPLIPH IZIV]]IEV0SRHSR[EW
&EXWQERTPE]MRKGVMGOIX
'90896)0)%(-2+8,);360(
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
0(',$ +IRIVEXMSRWSJXEPIRXIH[VMXIVWTVSHYGIVWEGXSVWERHHMVIGXSVWLEZI LEMPIHJVSQXLI9RMXIH/MRKHSQ%RHGIVXEMRP]XLIQSWXJEQSYWERH MRJPYIRXMEP&VMXMWLEYXLSVSJEPPXMQIMW;MPPMEQ7LEOIWTIEVI[LSPMZIH MR7XVEXJSVHYTSR%ZSRJVSQXS,MWQER]TPE]WEVIWXMPP[MHIP] TIVJSVQIHEHETXIHERHEREP]^IHEVSYRHXLI[SVPH3RISJXLIQSWX TSTYPEVQSHIVRHE]&VMXMWLEYXLSVWMW./6S[PMRK[LS[VSXIXLI
%GXSVWTIVJSVQETPE]F] ;MPPMEQ7LEOIWTIEVIEXXLI+PSFI 8LIEXVI
'39286-)73*8,);360(92-8)(/-2+(31
'90896)0)%(-2+8,);360(
,EVV]4SXXIVFSSOW;IPPORS[RLMWXSVMGEYXLSVWMRGPYHI0I[MW'EVVSPP [LS[VSXI %PMGI´W%HZIRXYVIWMR;SRHIVPERH ERH'LEVPIW(MGOIRW [LS[VSXI %'LVMWXQEW'EVSP ERH %8EPISJ8[S'MXMIW 1SZMIHMVIGXSV%PJVIH,MXGLGSGO[LSFIGEQI[IPPORS[RJSV WYGLXLVMPPIVWEW 8LI&MVHW4W]GLSERH6IEV;MRHS[[EWFSVRMR0SRHSR MR4STYPEVEGXSVWERHEGXVIWWIW[LSLEZIGSQIJVSQXLI9RMXIH /MRKHSQMRGPYHI.YPMI%RHVI[W 8LI7SYRHSJ1YWMGERH8LI4VMRGIWW (MEVMIW 7IER'SRRIV]ERH.YHM(IRGL XLI.EQIW&SRHJMPQW 0MEQ 2IIWSR 'PEWLSJXLI8MXERW (ERMIP6EHGPMJJI XLI,EVV]4SXXIVWIVMIW ERH 'EXLIVMRI>IXE.SRIW 8LI1EWOSJ>SVVSERH'LMGEKS
;-00-%17,%/)74)%6) ;MPPMEQ7LEOIWTIEVI[EWFSVRSR%TVMP MR7XVEXJSVHYTSR%ZSR)RKPERH,MWTPE]W°FSXL XVEKIHMIWERHGSQIHMIW°LEZIFIIRTIVJSVQIHF] XLIEXIVKVSYTWJSVQSVIXLER]IEVW(YVMRKLMW PMJIXMQIQER]SJLMWTPE]W[IVITIVJSVQIHEXXLI +PSFI8LIEXIVMR0SRHSR7SQISJ7LEOIWTIEVI´W QSWXJEQSYWTPE]WMRGPYHI1EGFIXL6SQISERH.YPMIX ERH,EQPIX7LEOIWTIEVIHMIHSR%TVMP ,MWTSIQWIWTIGMEPP]LMWWSRRIXWEVI[MHIP]VIEH ERHWXYHMIH
'39286-)73*8,);360(92-8)(/-2+(31
8LI9RMXIH/MRKHSQ´W QSWXMQTSVXERXQIHME GSQTER]XLI&VMXMWL &VSEHGEWXMRK'SVTSVEXMSR &&' KSXMXWWXEVXMRVEHMS MR8LI&&'TVSHYGIW XIPIZMWMSRVEHMSERH -RXIVRIXFVSEHGEWXMRKERH MWXLIPEVKIWXFVSEHGEWXMRK GSQTER]MRXLI[SVPH 7IZIVEP&VMXMWLXIPIZMWMSR WLS[WLEZIFIIREHETXIHMR XLI9RMXIH7XEXIWMRGPYHMRK 8LI3JJMGIERH 8LI<*EGXSV
$5&+,7(&785( 8LI9RMXIH/MRKHSQMWJMPPIH[MXLFIEYXMJYPERHLMWXSVMGFYMPHMRKW)RKPERH LEW;MRHWSV'EWXPI&YGOMRKLEQ4EPEGIERHXLI8S[IVSJ0SRHSR 1ER]SJXLIWXVYGXYVIWFSEWXLMKLGIMPMRKWKVERHEVGL[E]WERHSVREXI HIWMKRWSRXLI[EPPWERHFYXXVIWWIW;IWXQMRWXIV%FFI]ERH'ERXIVFYV] 'EXLIHVEPEVII\EQTPIWSJQIHMIZEPEVGLMXIGXYVI 7GSXPERHMWVMGLMRGEWXPIWERHGEXLIHVEPW-RXLIGETMXEPSJ +PEWKS[[EWHIWMKREXIHEWXLI9RMXIH/MRKHSQ´W'MX]SJ%VGLMXIGXYVI 4IVLETWXLIQSWXJEQSYW WXVYGXYVIMWXLI+PEWKS[ 'EXLIHVEPHEXMRKFEGOXS XLIW;EPIWJIEXYVIW 13()62032(32 QER]GEWXPIWEW[IPP-RXLI PEXIXLMVXIIRXLGIRXYV]/MRK %PXLSYKLJEQIHJSVMXWLMWXSVMGFYMPHMRKW0SRHSR )H[EVH-SJ)RKPERHPIH MWLSQIXSWSQIWXYRRMRKI\EQTPIWSJVIGIRX ERMRZEWMSRSJ;EPIWERH EVGLMXIGXYVI8LI7[MWW6IFYMPHMRKPSGEPP]ORS[REW FYMPX'EIVREVJSR'EWXPIERH ±XLI+LIVOMR²MWWLETIHPMOIEWXIIPERHKPEWWTMGOPI -RXLILIEVXSJXLI&VMXMWL1YWIYQXLIVIPSGEXMSR 6LYHHPER'EWXPIXSLIPT SJXLIPMFVEV]HITEVXQIRXEPPS[IHJSVERSPH LMQGSRXVSPXLIGSRUYIVIH GSYVX]EVHWTEGIXSFIVISTIRIHXSXLITYFPMG8LI PERHW VIWYPXMRK+VIEX'SYVX[EWVSSJIHMRWXIIPERHKPEWW 2SVXLIVR-VIPERH MWORS[RJSVMXWLMWXSVMG GEWXPIWERHVIPMKMSYW FYMPHMRKWMRGPYHMRK
TERIWERHSTIRIHMRFIGSQMRKXLIPEVKIWX GSZIVIHWUYEVIMR)YVSTI
'90896)0)%(-2+8,);360(
'39286-)73*8,);360(92-8)(/-2+(31
QSREWXIVMIWERHGLYVGLIW3RISJXLIQSWXTSTYPEVWMXIW MW'EVVMGOJIVKYW'EWXPIFYMPXF].SLRHI'SYVG]EW LMWLIEHUYEVXIVWEJXIVLIMRZEHIHXLIEVIEMR 1SREWXIV]VYMRWJVSQEVSYRH2SVXLIVR-VIPERHMRGPYHI 2IHVYQ-RGL%FFI]ERH+VI]%FFI]
'EWXPIW[IVISJXIR FYMPXEXXLIXSTSJ WXIITLMPPWXSQEOI HIJIRWIIEWMIV
'EVVMGOJIVKYW'EWXPI
'90896)0)%(-2+8,);360(
'39286-)73*8,);360(92-8)(/-2+(31
&+$37(5
32/,7,&63$57,(6 ,13$5/,$0(17 8LI&VMXMWL-WPIW[IVISRGI VYPIHF]EFWSPYXIQSREVGLW [LSWI[SVH[EWPE[3ZIV XMQIXLITS[IVWSJXLI QSREVGL[IVIXVERWJIVVIH XSEKSZIVRMRKFSH] GEPPIH4EVPMEQIRX8SHE] XLI9RMXIH/MRKHSQMWE GSRWXMXYXMSREPQSREVGL] ;LMPIXLIQSREVGLWXMPP TPE]WEGIVIQSRMEPVSPI MRTVEGXMGIXLIEGXYEP KSZIVRMRKMWHSRIF]XLI PIKMWPEXYVI4EVPMEQIRX7MRGI
8,)92-32.%'/ 8LIJPEKSJXLI9RMXIH/MRKHSQLEWEFPYI FEGOKVSYRHXLEXMWSZIVTVMRXIH[MXLEVIHGVSWW ERHEVIH<SYXPMRIHMR[LMXI-XGSQFMRIWXLI GVSWWIWSJ7X+ISVKIJSV)RKPERH7X%RHVI[JSV 7GSXPERHERH7X4EXVMGOJSV-VIPERH8LIGYVVIRX JSVQSJXLIJPEKHEXIWXS8LI9RMXIH/MRKHSQ JPEKLEWEPWSFIIRMRGSVTSVEXIHMRXSXLIJPEKWSJ WIZIVEPJSVQIVGSPSRMIWMRGPYHMRK%YWXVEPMEERH 2I[>IEPERH-XMWTSTYPEVP]ORS[REWXLI9RMSR .EGO8LI[SVH9RMSRVIJIVWXSXLIYRMSRSJ )RKPERH;EPIW7GSXPERHERH-VIPERHFYXXLISVMKMR SJ.EGOMWHMWTYXIH
*PEKSJXLI9RMXIH/MRKHSQ
XLIJSYVXIIRXLGIRXYV]4EVPMEQIRXLEWFIIRQEHIYTSJX[SHMWXMRGX FSHMIWSVLSYWIWXLI,SYWISJ'SQQSRWERHXLI,SYWISJ0SVHW8LI TS[IVWERHGSQTSWMXMSRSJFSXLLSYWIWLEZIIZSPZIHSZIVXMQI
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
8LI,SYWIWSJ4EVPMEQIRX
'39286-)73*8,);360(92-8)(/-2+(31
430-8-'74%68-)7-24%60-%1)28
7869'896)3*8,)+3:)621)283*92-8)(/-2+(31
8LI7XEXI
8LI+SZIVRQIRX TIVJSVQWI\IGYXMZI JYRGXMSRW
1SREVGL
4VMQI1MRMWXIV 'EFMRIX
4EVPMEQIRX TIVJSVQW PIKMWPEXMZIJYRGXMSRW
8LI.YHMGMEV]
4VMQI1MRMWXIV ,SYWISJ'SQQSRW
7YTVIQI'SYVX
,SYWISJ0SVHW
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
'39286-)73*8,);360(92-8)(/-2+(31
IRSYKL14WFIPMIZIXLIKSZIVRQIRXMWRSXSTIVEXMRKIJJIGXMZIP]-JXLI ZSXIGEVVMIWEPPXLI14WZEGEXIXLIMVWIEXWERHRI[IPIGXMSRWEVILIPH 8LITVMQIQMRMWXIVEPWSQE]EWOTIVQMWWMSRJVSQXLIQSREVGLXSLSPHER IPIGXMSRMJLISVWLIXLMROWLMWSVLIVTSPMXMGEPTEVX]LEWEFIXXIVGLERGI SJ[MRRMRKEXXLEXXMQI 8LITVMQIQMRMWXIVMW LIEHSJXLIKSZIVRQIRXERH ETTSMRXWQIQFIVWSJXLI ,SYWISJ'SQQSRWSVXLI ,SYWISJ0SVHWXSFIGSQI QMRMWXIVWMRXLI'EFMRIX 8LITVMQIQMRMWXIVERHXLI 'EFMRIXTIVJSVQI\IGYXMZI JYRGXMSRWIRWYVMRKPE[WEVI GEVVMIHSYX *SVLYRHVIHWSJ ]IEVW4EVPMEQIRX[EWXLI LMKLIWXPIKEPFSH]MRXLI 9RMXIH/MRKHSQERHXLI 0E[0SVHWQIQFIVWSJXLI ,SYWISJ0SVHW[IVIXLI LMKLIWXNYHKIW-RE RI[7YTVIQI'SYVXW]WXIQ [EWMQTPIQIRXIH8LI 7YTVIQI'SYVXMWRS[XLI
1%6+%6)8 8,%8',)6 1EVKEVIX8LEXGLIVXLI9RMXIH/MRKHSQ´WJMVWX JIQEPITVMQIQMRMWXIV[EWFSVR1EVKEVIX,MPHE 6SFIVXWSR3GXSFIVMR+VERXLEQ )RKPERH7LIQEVVMIH(IRMW8LEXGLIVMR 8LEXGLIVFIKERLIVTSPMXMGEPGEVIIVEWEFEVVMWXIV SVPE[]IVERHFIGEQIE1IQFIVSJ4EVPMEQIRXMR 7LIFIGEQITVMQIQMRMWXIVMRERHLIPH XLITSWXYRXMP°PSRKIVXLERER]SXLIVTVMQI QMRMWXIVMRXLIX[IRXMIXLGIRXYV]/RS[REW±8LI -VSR0EH]²8LEXGLIVWTIEVLIEHIHXLITVMZEXM^EXMSR SJQER]MRHYWXVMIWXLEXLEHSRGIFIIRVYRF]XLI KSZIVRQIRX-RWLIPIHXLI&VMXMWLQMPMXEV]XS EZMGXSV]MRXLI*EPOPERH-WPERHW;EV[MXL%VKIRXMRE %QMHGSRJPMGXMRLIVTEVX]8LEXGLIVVIWMKRIHLIV TSWXSR2SZIQFIV
430-8-'74%68-)7-24%60-%1)28
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
&VMXMWL[SQIR KEMRIHZSXMRKVMKLXW IUYEPXSQIR MR
7GSXPERHLEWX[SQENSVGSYVXW8LI'SYVXSJ 7IWWMSRLIEVWGMZMPGEWIWERHXLI,MKL'SYVXSJ.YHMGMEV] LIEVWGVMQMREPGEWIW9RPMOIGVMQMREPWMRQER]GSYRXVMIW´ W]WXIQWSJNYWXMGIXLSWIMR7GSXPERHGERFIJSYRHRSX KYMPX]KYMPX]SVRSXTVSZIR7GSXXMWLPE[WEVIFEWIHSR FSXLGSQQSRPE[ERHGMZMPPE[
%PXLSYKL4EVPMEQIRXMWXLIGIRXVEPKSZIVRMRKFSH]MRXLI 9RMXIH/MRKHSQ2SVXLIVR-VIPERH;EPIWERH7GSXPERHLEZIXLIMV S[RTEVPMEQIRXW[MXLNYVMWHMGXMSRSZIVWSQIPSGEPQEXXIVW)RKPERHLEW RSPSGEPKSZIVRMRKFSH]HMWXMRGXJVSQXLIREXMSREP4EVPMEQIRX&SXLXLI 2EXMSREP%WWIQFP]SJ;EPIWERHXLI2SVXLIVR-VIPERH)\IGYXMZIERH %WWIQFP]LEZIPIWWPIKMWPEXMZIEYXLSVMX]XLERXLI7GSXXMWL4EVPMEQIRX
'39286-)73*8,);360(92-8)(/-2+(31
&2167,787,21 2SWMRKPI[VMXXIRHSGYQIRX GSRXEMRWXLIGSRWXMXYXMSRSJ XLI9RMXIH/MRKHSQ6EXLIV XLIGSRWXMXYXMSRI\MWXWMR XLIJSVQSJWXEXYXIWGEWI PE[WXVIEXMIWERHGSYVX NYHKQIRXW-REHHMXMSR 4EVPMEQIRXLEWTEWWIH WIZIVEPEGXWMRSVHIVXS WIGYVIGMXM^IRW´FEWMGVMKLXW ,S[IZIV4EVPMEQIRXMW WYTVIQIERHRSGSYVXGER SZIVVYPIMXSVJMRHMXWEGXW YRGSRWXMXYXMSREP
8,))9634)%292-32 8LIJSVIVYRRIVXSXLI)YVSTIER9RMSR )9 [EW GVIEXIHEJXIV;SVPH;EV--XSYRMJ]XLIGSYRXVMIW SJ)YVSTITSPMXMGEPP]ERHIGSRSQMGEPP]-XWXEVXIHEW XLI)YVSTIER'SEPERH7XIIP'SQQYRMX]ERHLEH WM\QIQFIVW*VERGI;IWX+IVQER]&IPKMYQ-XEP] 0Y\IQFSYVKERH8LI2IXLIVPERHW8LI)9LEW KVS[RXSMRGPYHIQSWX)YVSTIERREXMSRWERHLEW QEHIMXIEWMIVJSVTISTPIXSXVEZIPERHWIPPKSSHW XLVSYKLSYXXLIGSRXMRIRX8LIIYVSFIGEQIXLI GSQQSRGYVVIRG]JSVQER])YVSTIERREXMSRW8LI 9RMXIH/MRKHSQNSMRIHXLI)9MRFYXLEWRSX EHSTXIHXLIIYVS
*SVI\EQTPIXLI,YQER6MKLXW%GXSJTVSXIGXWXLIVMKLXXS PMJIKVERXWJVIIHSQSJI\TVIWWMSRTVSLMFMXWHMWGVMQMREXMSRKVERXWXLI VMKLXXSIHYGEXMSRERHTVSZMHIWJSVXLITVSXIGXMSRSJTVMZEXITVSTIVX] 8LI)YVSTIER'SQQYRMXMIW%GXSJEPPS[IHXLI9RMXIH/MRKHSQ XSNSMRXLI)9ERHXLYWIWXEFPMWLRI[XVEHIVIPEXMSRWLMTW[MXLSXLIV TEVXMGMTEXMRKGSYRXVMIW,S[IZIVF]NSMRMRKXLI)9XLI9RMXIH/MRKHSQ EKVIIHXLEXPE[WSJXLI)9[SYPHSZIVVYPIER]GSRJPMGXMRKEGXWSJ 4EVPMEQIRX
430-8-'74%68-)7-24%60-%1)28
'39286-)73*8,);360(92-8)(/-2+(31
&855(17 /($'(56 8LIQSREVGLMWXLILIEH SJWXEXISJXLI9RMXIH /MRKHSQ5YIIR)PM^EFIXL-- LEWWIVZIHEWQSREVGL WMRGI4VMRGI'LEVPIW LIVIPHIWXWSRMWLIMVXSXLI XLVSRIERHLMWWSR4VMRGI ;MPPMEQMWWIGSRHMRPMRI%W LIEHSJWXEXIXLIQSREVGL EGXWSRXLIEHZMGIKMZIRXS LIVJVSQXLITVMQIQMRMWXIV XLIKSZIVRQIRXERH 4EVPMEQIRX8LIQSREVGL´W HYXMIWEVIEPQSWXIRXMVIP] GIVIQSRMEPERHMRGPYHI VMFFSRGYXXMRKWHIHMGEXMRK QSRYQIRXWQEOMRKTYFPMG ETTIEVERGIWFIWXS[MRK LSRSVWERHKVIIXMRKJSVIMKR HMKRMXEVMIW
59))2)0->%&)8,-)PM^EFIXL[EWFSVRMR0SRHSRSR%TVMPXS XLI(YOIERH(YGLIWWSJ=SVO[LSPEXIVFIGEQI /MRK+ISVKI:-ERH5YIIR)PM^EFIXL%WXLI GSYTPI´WIPHIWXGLMPH4VMRGIWW)PM^EFIXL[EWXLMVHMR WYGGIWWMSRXSXLIXLVSRIEJXIVLIVYRGPI)H[EVH XLI4VMRGISJ;EPIWERHLIVJEXLIV-R)H[EVH WLSGOIHTISTPI[SVPH[MHI[LIRYRHIVTVIWWYVI LIKEZIYTXLIXLVSRIXSQEVV]ERYRTSTYPEV JSVIMKRIV%WEVIWYPX)PM^EFIXL´WJEXLIVFIGEQI/MRK +ISVKI:- +VS[MRKYT4VMRGIWW)PM^EFIXLXSSOPIWWSRW MRGSRWXMXYXMSREPPE[LMWXSV]ERH*VIRGL7LIEPWS WXYHMIHEVXERHQYWMGERHPIEVRIHLS[XSW[MQ ERHVMHILSVWIW-R4VMRGIWW)PM^EFIXLQEVVMIH LIVLYWFERH4LMPPMT&IGEYWISJJEMPMRKLIEPXLMR /MRK+ISVKI:-EFERHSRIHEXVMTXS%YWXVEPME ERH2I[>IEPERHERHWIRX4VMRGIWW)PM^EFIXL MRWXIEH;LIRXLIOMRKHMIHSR*IFVYEV] ERH)PM^EFIXLFIGEQIUYIIRWLI[EWXSYVMRKMR /IR]E,IVGSVSREXMSRXSSOTPEGIEX;IWXQMRWXIV %FFI]SR.YRIERH[EWTIVJSVQIHF]XLI EVGLFMWLSTSJ'ERXIVFYV]
5YIIR)PM^EFIXL--KVIIXW4VMQI1MRMWXIV(EZMH'EQIVSR MR&YGOMRKLEQ4EPEGI
430-8-'74%68-)7-24%60-%1)28
4VSXIWXIVWHIQSRWXVEXIEKEMRWXGYXWMRTYFPMGWTIRHMRK MR
'39286-)73*8,);360(92-8)(/-2+(31
8LITVMQIQMRMWXIV LSPHWXLILMKLIWXTSPMXMGEP SJJMGIMRXLI9RMXIH /MRKHSQ,MWSVLIVVSPIW MRGPYHIETTSMRXMRKERH SZIVWIIMRKXLI'EFMRIX KSZIVRMRKXLIPE[QEOMRK FSH]SJXLI,SYWISJ 'SQQSRWERHEPQSWX EP[E]WWIVZMRKEWLIEHSJLMW SVLIVTSPMXMGEPTEVX](EZMH 'EQIVSRXSSOSJJMGIEW TVMQIQMRMWXIVSR1E] -RVIWTSRWIXSXLI KPSFEPIGSRSQMGGVMWMWERH XLIGSYRXV]´WVMWMRKHIFXLI MRMXMEXIHPEVKIWTIRHMRKGYXW
'3%0-8-32+3:)621)28 -RXLI9RMXIH/MRKHSQETSPMXMGEPTEVX]QE]JSVQE RI[KSZIVRQIRXERHGLSSWIETVMQIQMRMWXIVEJXIV ERIPIGXMSRSRP]MJMXLSPHWEQENSVMX]SJWIEXWMRXLI ,SYWISJ'SQQSRW-RXLI'SRWIVZEXMZIW LIPHXLIQSWXWIEXWFYXHMHRSXLEZIIRSYKLXS JSVQEKSZIVRQIRX8LITEVX]RIKSXMEXIH[MXL XLI0MFIVEP(IQSGVEXWXSJSVQ[LEXMWGEPPIHE GSEPMXMSRKSZIVRQIRXSVEKSZIVRQIRXSJQYPXMTPI TEVXMIW%WTEVXSJXLIEKVIIQIRXXLIHITYX]TVMQI QMRMWXIV2MGO'PIKK[EWWIPIGXIHJVSQXLI0MFIVEP (IQSGVEX4EVX]RSXXLI'SRWIVZEXMZI4EVX]SJ 4VMQI1MRMWXIV(EZMH'EQIVSR
32/,7,&$/3$57,(6 8LI'SRWIVZEXMZI4EVX]JSYRHIHMRKVI[SYXSJXLI8SV]4EVX] ERHLEWLMWXSVMGEPP]WYTTSVXIHXLITS[IVSJXLIQSREVGL1SHIVR 'SRWIVZEXMZIWFIPMIZIMRPMQMXMRKXLIVSPISJKSZIVRQIRXMRTISTPI´W PMZIWERHXLI]STTSWI7GSXXMWLERH;IPWLIJJSVXWEXMRHITIRHIRGI )GSRSQMGEPP]XLI'SRWIVZEXMZI4EVX]HSIWRSX[ERXXSEHSTXXLI )YVSTIERGYVVIRG]XLIIYVS1IQFIVWSJXLMWTEVX]EPWSFIPMIZIMR
430-8-'74%68-)7-24%60-%1)28
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
8SR]&PEMV[EWXLI ]SYRKIWX&VMXMWL TVMQIQMRMWXIV WMRGI
8LI0MFIVEP(IQSGVEXWGSQFMRITSPMGMIWJVSQ FSXLXLI'SRWIVZEXMZI4EVX]ERHXLI0EFSYV4EVX]8LI 0MFIVEP(IQSGVEXMGTPEXJSVQMRGPYHIWEGSQQMXQIRXXS XLIIRZMVSRQIRX1IQFIVWSJXLMWTEVX]JEZSVMRGVIEWIH VIKYPEXMSRSJFEROW8LI0MFIVEP(IQSGVEXWEPWS[ERX JVIILIEPXLGEVIERHJVIITYFPMGIHYGEXMSRJSVXLIREXMSR´W GMXM^IRWEW[IPPEWJSVRI[MQQMKVERXW
*SVQIV4VMQI1MRMWXIV 8SR]&PEMV
'39286-)73*8,);360(92-8)(/-2+(31
430-8-'74%68-)7-24%60-%1)28
&+$37(5
(&2120,&6 $'$37,1*72 &+$1*( 8LVSYKLSYXXLIRMRIXIIRXLERHIEVP]X[IRXMIXLGIRXYV]XLI&VMXMWL )QTMVIGSRXVSPPIHELYKIXIVVMXSV]XLEXWXVIXGLIHEVSYRHXLIKPSFI 1YGLSJXLI[SVPH´WGSQQIVGITEWWIHXLVSYKL0SRHSRERH)RKPERH WIVZIHEWXLIJMRERGMEPGIRXIVSJXLI[SVPH8SHE]XLI9RMXIH/MRKHSQMW GSRWMHIVEFP]WQEPPIVMRWGSTIERHTS[IVFYXWXMPPLEWFSXLIGSRSQMGERH TSPMXMGEPMRJPYIRGI 8LI9RMXIH/MRKHSQXSHE]LEWXLIIMKLXLPEVKIWXIGSRSQ]SJER] GSYRXV]MRXLI[SVPHFEWIHSRMXWKVSWWHSQIWXMGTVSHYGX +(4 SVXLI GSYRXV]´WXSXEPTVSHYGXMSR-XLEWXLIXLMVHPEVKIWXIGSRSQ]MR)YVSTI EJXIV+IVQER]ERH*VERGI8LIREXMSR´WPEFSVJSVGISJQMPPMSR [SVOIVWMWEQSRKXLIXSTPEVKIWXMRXLI[SVPH-RXLIREXMSR´W
'SQQYXIVWIRXIV'EREV] ;LEVJ9RHIVKVSYRH7XEXMSRMR0SRHSR 'EREV] ;LEVJMWXLIJMRERGMEPGIRXIVSJ0SRHSR
TIVGETMXE+(4 XSXEPTVSHYGXMSRHMZMHIHF]TSTYPEXMSR [EWXLI XLMVX]WM\XLLMKLIWXMRXLI[SVPH %PWSMRLS[IZIVXLIYRIQTPS]QIRXVEXIMRXLI9RMXIH /MRKHSQ[EWTIVGIRX°PS[IVXLERXLIVEXIWMRQER]GSYRXVMIWFYX WXMPPLMKLIVXLERTVIVIGIWWMSRPIZIPW8LIWEQI]IEVXLIREXMSRJEGIHE HIFXIUYMZEPIRXXSQSVIXLERTIVGIRXSJMXW+(4XLIX[IRX]XLMVH LMKLIWXPIZIPMRXLI[SVPH
&855(1&< 8,)&%2/3*)2+0%2( 8LI&EROSJ)RKPERH[EWIWXEFPMWLIHMR XSJMRERGIE[EV[MXL*VERGI-X[EWGSRWMHIVIH TVMQEVMP]XLIKSZIVRQIRX´WFEROEPXLSYKLMXEPWS MWWYIHPSERWERHWIXXPIHHIFXWJSVSXLIVFEROW -X[EWRSXYRXMPXLIIMKLXIIRXLGIRXYV]XLEXXLI FEROFIKERXVEHMXMSREPFEROMRKTVEGXMGIWWYGLEW GSRWYQIVWEZMRKWERHPSERW-XFIKERTVMRXMRK&VMXMWL QSRI]MR8SHE]XLI&EROSJ)RKPERHEPWS QEREKIWXLIKSPHVIWIVZIWERHJSVIMKRI\GLERKI VEXIW8LIFEROMWWSQIXMQIWVIJIVVIHXSEWXLI ±3PH0EH]²SJ8LVIEHRIIHPI7XVIIXERMGOREQI XLEXSVMKMREXIHMRERIMKLXIIRXLGIRXYV]TSPMXMGEP GEVXSSR
'39286-)73*8,);360(92-8)(/-2+(31
8LIGYVVIRG]SJXLI9RMXIH /MRKHSQMWXLITSYRH WXIVPMRK;LIR)9QIQFIVW EHSTXIHXLIIYVSEWXLIMV GYVVIRG]MRXLI 9RMXIH/MRKHSQHIGMHIHXS OIITMXWS[R8LIREXMSR´W GYVVIRG]MWMWWYIHF]XLI &EROSJ)RKPERHMR0SRHSR XLIQEMRFEROMRKGIRXIV ,MWXSVMGEPP]XLI TSYRH[EWHMZMHIHMRXS WLMPPMRKWSVTIRRMIW SVTIRGI8LEXW]WXIQ GLERKIHMRERHXSHE]
9/TSYRHWERHTIRGI
)'3231-'7%(%48-2+83',%2+)
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
5(6285&(6$1',1)5$6758&785( -R]IEVWTEWXXLI9RMXIH/MRKHSQ´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´WIPIGXVMGMX]-R
'39286-)73*8,);360(92-8)(/-2+(31
'EXXPI Shetland Islands
'IVIEP'VSTW Orkney Islands
'SEP
Ne ss
2EXYVEP+EW
Heb ri
1ERYJEGXYVMRK
des
-VSRERH7XIIP
-RZIVRIWW
%FIVHIIR
Lo
ch
7LIIT 8SYVMWQ :IKIXEFPIW
North Sea +PEWKS[
)HMRFYVKL
rt No
2I[GEWXPI el
nn
ha
hC
&IPJEWX
Irish Sea 0MZIVTSSP
0IIHW ,YPP 1ERGLIWXIV 7LIJJMIPH 2SV[MGL
&MVQMRKLEQ Ch
'EVHMJJ Bristol Channel
0SRHSR &VMWXSP
4P]QSYXL
English
Str a
it o
7SYXLEQTXSR
AT L A N T I C OCEAN
fD ove r
ge’s
or Ge St.
el ann
Chann
el
6IWSYVGIWSJXLI9RMXIH/MRKHSQ
)'3231-'7%(%48-2+83',%2+)
XLI&VMXMWLYWIHFMPPMSROMPS[EXXLSYVWSJIPIGXVMGMX]°XLIX[IPJXL LMKLIWXEQSYRXMRXLI[SVPH8SQIIXMXWIRIVK]RIIHWXLIREXMSRQYWX MQTSVXSMPERHREXYVEPKEW 8LI9RMXIH/MRKHSQMWERMRHYWXVMEPM^IHERHQSHIVRGSYRXV][MXL EXIGLRSPSKMGEPP]EHZERGIHMRJVEWXVYGXYVIERHW]WXIQSJGSQQYRMGEXMSRW RIX[SVOW-REHHMXMSRXSMXWQER]OI]TSVXGMXMIWXLIGSYRXV] LEWEMVTSVXWERHQMPIW OQ SJTEZIH VSEHW8LI9RMXIH/MRKHSQ´WI\XIRWMZIVSEHW]WXIQVEROW WM\XIIRXLMRXLI[SVPHIZIRXLSYKLXLIGSYRXV]VEROW 8LI9/LEW SRP]WIZIRX]RMRXLMRXSXEPEVIE,S[IZIVXLIREXMSR´W QMPIW VEMPW]WXIQMWWPS[IVERHQSVII\TIRWMZIXLERWMQMPEV W]WXIQWMRGSRXMRIRXEP)YVSTI OQ SJ
VEMP[E]W
8LIZEWXQENSVMX]SJTISTPIMRXLI9RMXIH/MRKHSQ S[RGIPPTLSRIW%RHQSVIXLERQMPPMSR&VMXMWLEVI -RXIVRIXYWIVWXLIWIZIRXLLMKLIWXMRXLI[SVPH&SXLSJ XLIWIPIZIPWSJXIGLRSPSK]YWIEVILMKLMRGSQTEVMWSRXSXLI GSYRXV]´WTSTYPEXMSR[LMGLVEROWX[IRX]WIGSRHMRXLI[SVPH
,1'8675,(6 8LI9RMXIH/MRKHSQYWIHXSFISRISJXLIPEVKIWXWXIIPQERYJEGXYVIVW MRXLI[SVPH&IX[IIRERHXLIREXMSR´WWXIIPTVSHYGXMSR MRGVIEWIHJMZIJSPHJVSQQMPPMSRWLSVXXSRW QMPPMSRQIXVMGXSRW E ]IEVXSQSVIXLERQMPPMSRWLSVXXSRW QMPPMSRQIXVMGXSRW E]IEV ERHXLIMRHYWXV]JPSYVMWLIHXLVSYKLXLIJMVWXHIGEHIWSJXLIX[IRXMIXL
'39286-)73*8,);360(92-8)(/-2+(31
GIRXYV],S[IZIVQYGL SJXLIGSYRXV]´WMRHYWXVMEP MRJVEWXVYGXYVI[EW HIWXVS]IHMR;SVPH;EV-- ERHMXXSSOHIGEHIWXS VIFYMPH
-143687%2()<43687 -QTSVXW IWX FMPPMSR ;SVPHVERO
*SPPS[MRKXLI[EV 4EVXRIVW+IVQER]TIVGIRX9RMXIH7XEXIW XLIJSGYWSJXLI9RMXIH TIVGIRX'LMRETIVGIRXXLI2IXLIVPERHW /MRKHSQ´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
)'3231-'7%(%48-2+83',%2+)
'39286-)73*8,);360(92-8)(/-2+(31
8LIQEMRWIVZMGIMRHYWXV]MRXLI9RMXIH/MRKHSQMWJMRERGI0SRHSR MWSRISJXLI[SVPH´WPEVKIWXJMRERGMEPGIRXIVWEWMRHMGEXIHF]XLIGMX]´W QER]WO]WGVETIVWSJJMGIFYMPHMRKWERHFYWMRIWWGIRXIVW8SYVMWQMW ERSXLIVWMKRMJMGERXWIVZMGIMRHYWXV]MRXLI9RMXIH/MRKHSQ;MXLMXW GYPXYVEPSJJIVMRKWERHJEQSYWLMWXSVMGWMXIWXLIREXMSRMWEHIWXMREXMSRJSV XSYVMWXWJVSQEVSYRHXLIKPSFI-REPQSWXQMPPMSRJSVIMKRZMWMXSVW GEQIXSXLI9RMXIH/MRKHSQ%WXLIGSYRXV]´WJMJXLPEVKIWXMRHYWXV] XSYVMWQFVMRKWMRETTVS\MQEXIP]97QMPPMSR QMPPMSRTSYRHW IEGL]IEVERHIQTPS]WQMPPMSRTISTPI %QSRKMRHYWXVMIWEYXSQSFMPIQERYJEGXYVMRKMWWXMPPMQTSVXERXMRXLI 9RMXIH/MRKHSQ8LIREXMSRTVSHYGIWQER]I\TIRWMZIGEVWMRGPYHMRKXLI 6SPPW6S]GIERHXLI%WXSR1EVXMR8LITLEVQEGIYXMGEPMRHYWXV]MWWXVSRK EW[IPP(VYKWJVSQGSQTERMIWWYGLEW+PE\S7QMXL/PMRIERH%WXVE>IRIGE EVIWSPHEPPSZIVXLI[SVPH
$*5,&8/785( ,MWXSVMGEPP]QSWXSJXLIMRLEFMXERXWSJXLI&VMXMWL-WPIW [SVOIHXLIPERHFYXEJXIVXLI-RHYWXVMEP6IZSPYXMSRXLI TSTYPEXMSRWLMJXIHMRGVIEWMRKP]XSXLIGMXMIW8LI9RMXIH /MRKHSQMWSRISJXLIQSWXHIRWIP]TSTYPEXIHGSYRXVMIW MRXLI[SVPHERHMRTIVGIRXSJMXWTSTYPEXMSR PMZIHMRGMXMIW
8LI9/QYWXMQTSVX TIVGIRXSJXLI JSSHMXRIIHW
8SYVMWXWWLSTMR %]V7GSXPERH 8SYVMWQMWSRISJXLI9RMXIH/MRKHSQ´W FMKKIWXMRHYWXVMIW
)'3231-'7%(%48-2+83',%2+)
'39286-)73*8,);360(92-8)(/-2+(31
8SHE]PIWWXLERTIVGIRXSJXLITSTYPEXMSRQEOIWMXWPMZMRKMR EKVMGYPXYVIERHEKVMGYPXYVIGSRXVMFYXIWPIWWXLERTIVGIRXXSXLIREXMSR´W +(4)ZIRWSXLI9RMXIH/MRKHSQTVSHYGIWQSWXSJXLIJSSHRIIHIH XSWYWXEMRMXWTSTYPEXMSR8LIQEMREKVMGYPXYVEPTVSHYGXWMRGPYHITSXEXSIW ZIKIXEFPIWGEXXPIJMWLERHWLIIT(YVMRKXLIPEXIWXLVSYKLXLI WXLIGEXXPIMRHYWXV]WYJJIVIHPSWWIWEJXIVX[SFSZMRIHMWIEWIW°QEH GS[HMWIEWIERHJSSXERHQSYXLHMWIEWI°WTVIEHEGVSWWXLIGSYRXV] 8LI9RMXIH/MRKHSQ[EWSRGIORS[RJSVMXWWXVSRKSGIERJMWLMRK MRHYWXV]FYXMXWJMWLIVMIWEVIFIGSQMRKHITPIXIH8LIREXMSREFMHIWF])9 VIKYPEXMSRWXLEXPMQMXJMWLMRKERHXLIMRHYWXV]RS[WYTTPMIWSRP]LEPJSJ XLIHIQERHJSVWIEJSSH
329(57<$1':(/)$5( 7MQMPEVXSQER]SXLIVGSYRXVMIWXLI9RMXIH/MRKHSQ [EWLMXLEVHF]XLIKPSFEPVIGIWWMSRXLEXSGGYVVIHMR %PXLSYKLXLIREXMSR´W+(4LEWWMRGIVIFSYRHIH YRIQTPS]QIRXVIQEMRIHEXTIVGIRXMRYT WPMKLXP]JVSQ%TTVS\MQEXIP]SRIJMJXLSJXLI &VMXMWLTSTYPEXMSR[EWPMZMRKMRTSZIVX]MR¯ [LIRTSZIVX][EWHIJMRIHEWLEZMRKELSYWILSPHMRGSQISJ PIWWXLERTIVGIRXSJXLIEZIVEKIMRGSQI
8[SJMJXLWSJ TISTPIJVSQER IXLRMGQMRSVMX]PMZI MREPS[MRGSQI LSYWILSPH
'EXXPIMR7RS[HSRME ;EPIW
)'3231-'7%(%48-2+83',%2+)
8SWYTTSVXMXWGMXM^IRW XLI9RMXIH/MRKHSQLEWE WXVSRKRIX[SVOSJWSGMEP WIVZMGIW8LIGSYRXV] &-+&9(+)8'987 TVSZMHIWLIEPXLGEVIJSV IZIV]SRIXLVSYKLXLI -RERIJJSVXXSPS[IVXLIREXMSR´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
'39286-)73*8,);360(92-8)(/-2+(31
-RVIWTSRWIXSXLIREXMSR´WLMKLFYHKIXHIJMGMXXLIKSZIVRQIRX SJ4VMQI1MRMWXIV(EZMH'EQIVSRFIKEREWSGEPPIHJMZI ]IEVEYWXIVMX]TPER4EVXSJXLEXTPERMRGPYHIHEWQEPP VIHYGXMSRMR[IPJEVIFIRIJMXWERHVEMWMRKXLIEKISJ IPMKMFMPMX]JSVVIXMVIQIRXTIRWMSRW
8LI9/LEWXLI WIGSRHLMKLIWXXSXEP HIFXSJER]GSYRXV]
)'3231-'7%(%48-2+83',%2+)
'39286-)73*8,);360(92-8)(/-2+(31
&+$37(5
7+(81,7(' .,1*'2072'$< 8LIQSHIVR9RMXIH/MRKHSQMWEWXVSRKGSYRXV][MXLEHZERGIH XIGLRSPSK]ERHERIGSRSQ]XLEXMWKVS[MRKWXIEHMP]EPFIMXWPS[P] 8LIREXMSRXEOIWMRGPSWIXSXIQTSVEV]SVTIVQERIRX VIWMHIRXWJVSQEFVSEHIEGL]IEV3RIXLMVHGSQIJVSQ GSYRXVMIWMRXLI)9ERHWPMKLXP]QSVIXLERSRIXLMVH GSQIEWWXYHIRXW%PXLSYKLXLI9RMXIH/MRKHSQSJJIVW -RXLI9/XEOMRK MXWVIWMHIRXWQER]FIRIJMXWXLIQSHIVRGSYRXV]JEGIW EZEGEXMSRMWGEPPIH WIZIVEPGLEPPIRKIWEWMXQSZIWJSV[EVH ±KSMRKSRLSPMHE]²
'$,/</,)( 8LIQENSVMX]SJ&VMXMWLTISTPI[SVOMRXLIWIVZMGIWIGXSV [LMGLMRGPYHIWJMRERGIFYWMRIWWMRWYVERGIERHXSYVMWQ*EQMP]
&VMXMWLJEQMPMIWIRNS]EHE]EXXLIFIEGLMR7EMRX %KRIW)RKPERH
MWERMQTSVXERXTEVXSJ&VMXMWLGYPXYVIERHQSWXJEQMPMIWHMRI XSKIXLIVIZIV]RMKLX3R[IIOIRHW&VMXMWLJEQMPMIWWTIRH XMQIXSKIXLIVZMWMXMRKXSYVMWXWMXIWKSMRKXSQYWIYQW [EXGLMRKERHTPE]MRKWTSVXWERHKSMRKSYXXSIEX 1ERRIVWMRXLI9/
EVIKIRIVEPP]QSVI
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´W [IEPXLERHTS[IV[EWLIPHF]XLIEVMWXSGVEG]ERHXLIYTTIVQMHHPIGPEWW 8SHE]XLIVIMWQSVIWSGMEPQSFMPMX]ERHEPPGPEWWIWIRNS]QYGLSJXLI WEQITSTYPEVGYPXYVI8IPIZMWMSRERHVEHMSTVSKVEQWWLS[GEWIEGGIRXW
'39286-)73*8,);360(92-8)(/-2+(31
JVSQVIKMSRWEGVSWW XLIGSYRXV]ERHJVSQ 'SQQSR[IEPXLREXMSRW JVSQEVSYRHXLI[SVPH
434'63773:)6 8IIRTSTGYPXYVIMRXLI9RMXIH/MRKHSQWLEVIW
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
('8&$7,21 )HYGEXMSRMRXLI9RMXIH/MRKHSQMWGSRWMHIVIHEVMKLXJSVEPPGMXM^IRWERH KSMRKXSWGLSSPMWQERHEXSV]YRXMPEKI8LIREXMSRFSEWXWERSZIVEPP PMXIVEG]VEXISJTIVGIRX8LI&VMXMWLIHYGEXMSRW]WXIQMRGPYHIWJVII WXEXIWGLSSPWXLEXEVIJYRHIHF]XLIKSZIVRQIRXERHTVMZEXIWGLSSPWJSV [LMGLTEVIRXWQYWXTE]XYMXMSR8LIVIEVIEPWSTVMZEXIERHMRHITIRHIRX WGLSSPWXLEXQE]FIEJJMPMEXIH[MXLEVIPMKMSYWHIRSQMREXMSRWYGLEW 'EXLSPMGMWQ
8,)92-8)(/-2+(3183(%=
3<*36(92-:)67-8= 3\JSVH9RMZIVWMX]MR3\JSVH)RKPERHXVEGIWMXW SVMKMRWXSXLIIPIZIRXLGIRXYV]QEOMRKMXSRISJ XLISPHIWXYRMZIVWMXMIWMRXLI[SVPHERHXLI[SVPH´W SPHIWX)RKPMWLWTIEOMRKYRMZIVWMX]&]XLIQMHHPI SJXLIJSYVXIIRXLGIRXYV]3\JSVHLEHIEVRIHMXW VITYXEXMSREWXLI[SVPH´WQSWXTVIWXMKMSYWTPEGIJSV PIEVRMRK°EHMWXMRGXMSRMXWXMPPLSPHWXSHE]-XWPMFVEV] W]WXIQGSRXEMRWQER]VEVIFSSOWERHQERYWGVMTXW 8LIYRMZIVWMX]MWEPWSLSQIXSXLISPHIWXTYFPMG QYWIYQMRXLI9RMXIH/MRKHSQXLI%WLQSPIER [LMGL[EWSTIRIHXSXLITYFPMGMR
&IKMRRMRKEXEKI XLVII]SYRKGLMPHVIREVI IPMKMFPIJSVJVIITEVXXMQI TVIWGLSSPERHEXEKIJMZI EVII\TIGXIHXSEXXIRH WGLSSP%XEKIWXYHIRXW QE]IPIGXXSGSRXMRYIXLIMV IHYGEXMSREXEYRMZIVWMX]SV ZSGEXMSREPWGLSSPSVGLSSWI XSHVSTSYX7XYHIRXW XEOIERI\EQGEPPIHXLI +IRIVEP'IVXMJMGEXISJ 7IGSRHEV])HYGEXMSR +'7) FIJSVIXLI]PIEZI WGLSSPXSHIXIVQMRIXLIMV TVSJMGMIRGMIWMRZEVMSYW WYFNIGXW
8LI9RMXIH/MRKHSQLEWYRMZIVWMXMIWEJI[SJ[LMGL[IVI IWXEFPMWLIHGIRXYVMIWEKSEW[IPPEWLYRHVIHWSJSXLIVMRWXMXYXMSRW SJLMKLIVIHYGEXMSR-RXLIWGLSSP]IEVRIEVP]QMPPMSR WXYHIRXW[IVIIRVSPPIHMR&VMXMWLGSPPIKIWERHYRMZIVWMXMIW
%XIEGLIVLIPTWWXYHIRXWEXETVMZEXIWGLSSP
'39286-)73*8,);360(92-8)(/-2+(31
8,)92-8)(/-2+(3183(%=
32/,7,&$/&+$//(1*(6 -RXLI9RMXIH/MRKHSQQER]TSPMXMGEPMWWYIWEVILSXP]GSRXIWXIH7MRGI 4VMQI1MRMWXIV(EZMH'EQIVSRERRSYRGIHGYXWXSWSGMEPTVSKVEQWERH MRGVIEWIHYRMZIVWMX]XYMXMSRMRQYPXMTPITVSXIWXVEPPMIWLEZIXEOIR TPEGIMRGPYHMRKETIVWSRQEVGLSR1EVGL &SXLGMXM^IRWERHPIEHIVWHMWEKVIIEFSYX[LEXMRZSPZIQIRXXLI 9RMXIH/MRKHSQWLSYPHLEZIMRXLISRKSMRK1MHHPI)EWXGSRJPMGXW8LI 9RMXIH/MRKHSQEPWSJEGIWXLIXLVIEXSJXIVVSVMWQ-R0SRHSR´W WYF[E]W]WXIQ[EWFSQFIHGPEMQMRKXLIPMZIWSJQSVIXLERTISTPI ERHMRNYVMRKQSVIXLER -RXLIGSRWXMXYIRXYRMXWIWTIGMEPP]2SVXLIVR-VIPERHERH7GSXPERH WSQITSPMXMGEPKVSYTW[ERXMRHITIRHIRGIJVSQXLI9RMXIH/MRKHSQ-R 7GSXPERHXLI7GSXXMWL2EXMSREPMWX4EVX]LEWKEMRIHIRSYKLMRJPYIRGIWS XLEXSRISJMXWQIQFIVW%PI\7EPQSRH[EWXLILIEHSJXLI7GSXXMWL 4EVPMEQIRXJVSQXS%RH[MXLMR2SVXLIVR-VIPERHXLIVIMWER YRIEW]WXEXISJTIEGIFIX[IIRXLI'EXLSPMGREXMSREPMWXW[LS[ERXXS YRMXI[MXL-VIPERHERHXLI4VSXIWXERXYRMSRMWXW[LS[ERXXSVIQEMRTEVX SJXLI9RMXIH/MRKHSQ
7+()8785(2)7+(81,7('.,1*'20 %PXLSYKLRIEVP]EHS^IRTVMQIQMRMWXIVWLEZIGSQIERHKSRIHYVMRK XLITEWX]IEVW5YIIR)PM^EFIXL--LEWFIIREGSRWXERXMR&VMXMWLPMJI° WSQI[SYPHWE]XLISRP]GSRWXERXMREXMQISJSXLIV[MWIVETMHGLERKI
'39286-)73*8,);360(92-8)(/-2+(31
'VS[HWJPSGOIHXS0SRHSRXSGIPIFVEXIXLIVS]EP[IHHMRK MR %TVMP
8,)92-8)(/-2+(3183(%=
'39286-)73*8,);360(92-8)(/-2+(31
;LIRXLIGVS[RTEWWIWXSLIVLIMVXLI9RMXIH/MRKHSQ[MPPLEZI XSEHNYWXXSERI[QSREVGL%WQEPPWIKQIRXSJ&VMXMWLGMXM^IRWXLMRO )PM^EFIXLWLSYPHFIXLIPEWXQSREVGLEVKYMRKXLEXXLIQSREVGL]MWER SYXHEXIHMRWXMXYXMSR %PXLSYKLMXMWYRPMOIP] XLIQSREVGL][MPPFI EFSPMWLIHWSSRMXMWGIVXEMR ±&VMXEMR[MPPGSRXMRYIXSFISRISJXLIQSWX XLEXXLI9RMXIH/MRKHSQ WYGGIWWJYPGSYRXVMIWMRXLI[SVPH[MXLEWXVSRK IGSRSQ]ERHKSSHTYFPMGWIVZMGIW;IPMZIMRE [MPPGSRXMRYIVIWTSRHMRK FIEYXMJYPTVSWTIVSYWGSYRXV][LIVIQSWXSJYW XSXLIGLEPPIRKIWSJXLI [SVOLEVHERHPMZIHIGIRXLSRIWXPMZIW-REREKI QSHIVR[SVPH-X[MPP SJVETMHGLERKIRI[GLEPPIRKIWERHXLVIEXW[MPP JEGIIGSRSQMGGLEPPIRKIW IQIVKIGSRWXERXP]FYX[IWLSYPHEP[E]WFIKVEXIJYP JSV[LEXEKVIEXGSYRXV]&VMXEMRMW² JSVIMKR[EVWERHEGLERKMRK WSGMIX]EWXVEHMXMSRWJEPP °8SR]&PEMV2I[=IEV´WQIWWEKI(IGIQFIV E[E]ERHMQQMKVERXWFVMRK RI[MHIEWERHHMJJIVIRX [E]WSJPMZMRK8LVSYKLMX EPPXLI&VMXMWLTISTPI[MPP XEOITVMHIMRXLIMVTEWXEGGSQTPMWLQIRXWERHVIQEMRGSRJMHIRXXLEXXLIMV TIVWIZIVERGI°XLIJEQSYW±WXMJJYTTIVPMT²°[MPPOIITXLIQQSZMRK XS[EVHETVSWTIVSYWJYXYVI
8LIQSHIVR7[MWW6IFYMPHMRKORS[REWXLI±+LIVOMR²VMWIWYT FILMRHXLIGIRXYVMIWSPH 8S[IVSJ0SRHSR
8,)92-8)(/-2+(3183(%=
? 7,0(/,1( A
&')
;SVOFIKMRWSRXLI7XSRILIRKIQSRYQIRX
&')
8LI6SQERWGSRUYIVTEVXWSJXLI&VMXMWL-WPIW
')
8LIPEWX6SQEREVQ]PIEZIWXLI&VMXMWL-WPIW
3R3GXSFIV;MPPMEQ(YOISJ2SVQERH][MRWXLI&EXXPISJ,EWXMRKW XSXEOIXLI)RKPMWLGVS[R
/MRK.SLRWMKRWXLI1EKRE'EVXE
¯
8LIFYFSRMGTPEKYISV&PEGO(IEXLVIEGLIW)RKPERHERHOMPPWSRIXLMVH SJXLITSTYPEXMSR
*VERGIHIJIEXW)RKPERHMRXLI,YRHVIH=IEVW´;EVWXSTTMRKE]IEV GEQTEMKRF]XLI)RKPMWLXSSGGYT]*VIRGLXIVVMXSVMIW
,IRV]:---IWXEFPMWLIWXLI'LYVGLSJ)RKPERHEJXIVFVIEOMRK[MXLXLI 6SQER'EXLSPMG'LYVGL
;EPIWMWERRI\IHXS)RKPERHF],IRV]:---
3R%TVMPTPE][VMKLX;MPPMEQ7LEOIWTIEVIMWFSVR
8LIJPIIXSJ5YIIR)PM^EFIXL-HIJIEXWXLI7TERMWL%VQEHE
-R1EVGL/MRK.EQIW:-OMRKSJ7GSXPERHMWGVS[RIH/MRK.EQIW-SJ )RKPERHMRXLI9RMSRSJXLI'VS[RW
/MRK'LEVPIW-MWSZIVXLVS[RERHI\IGYXIH)RKPERHMWHIGPEVIH EVITYFPMG
'LEVPIW--WYGGIIHWXSXLIXLVSRIEJXIVXLIQSREVGL]MWVIWXSVIH
8LI&EROSJ)RKPERHMWIWXEFPMWLIH
-RXLI%GXSJ9RMSR7GSXPERHMWNSMRIH[MXL)RKPERH
%RSXLIV%GXSJ9RMSRNSMRW)RKPERH7GSXPERH;EPIWERH-VIPERHXS JSVQXLI9RMXIH/MRKHSQSJ+VIEX&VMXEMRERH-VIPERH
2SVXLIVR-VIPERHVIQEMRWETEVXSJXLI9RMXIH/MRKHSQEWXLI-VMWL *VII7XEXIJSVQWERMRHITIRHIRXGSYRXV]
¯
8LI9RMXIH/MRKHSQJMKLXW;SVPH;EV--ERHWYJJIVWQENSVFSQFMRK EXXEGOW
5YIIR)PM^EFIXL--FIGSQIWQSREVGLYTSRXLIHIEXLSJLIVJEXLIVSR *IFVYEV]
8LI9RMXIH/MRKHSQNSMRWXLI)YVSTIER)GSRSQMG'SQQYRMX]
3R1E]1EVKEVIX8LEXGLIVFIGSQIWXLIREXMSR´WJMVWX[SQERTVMQI QMRMWXIV
&VMXMWLJSVGIWNSMR97JSVGIWMRXLI[EVEKEMRWX-VEU
8LIKSZIVRQIRXSJ(EZMH'EQIVSR[SVOWXSGYXWTIRHMRK
? )$&76$7<285),1*(57,36 A +)3+6%4,=
4)340)
3JJMGMEPREQI9RMXIH/MRKHSQSJ +VIEX&VMXEMRERH2SVXLIVR-VIPERH
4STYPEXMSR .YP]IWX
%VIEWUYEVIQMPIW WUOQ
1SWXTSTYPSYWGMX]0SRHSR
0S[IWXIPIZEXMSR8LI*IRWJIIX Q FIPS[WIEPIZIP
)XLRMGKVSYTW;LMXI MRGPYHIW )RKPMWLTIVGIRX7GSXXMWL TIVGIRX;IPWLTIVGIRX 2SVXLIVR-VMWLTIVGIRX TIVGIRXFPEGOTIVGIRX-RHMER TIVGIRX4EOMWXERMTIVGIRX QM\IHTIVGIRXSXLIV TIVGIRX
7MKRMJMGERXKISKVETLMGJIEXYVI 8LEQIW6MZIV
4IVGIRXEKISJVIWMHIRXWPMZMRKMR YVFEREVIEWTIVGIRX
'PMQEXI:EVMEFPI[MXLSGGEWMSREP I\XVIQI[IEXLIVVEMRMWGSQQSR ,MKLIWXIPIZEXMSR&IR2IZMW JIIX Q EFSZIWIEPIZIP
0MJII\TIGXERG]]IEVWEXFMVXL [SVPHVERO 0ERKYEKI W )RKPMWLSXLIV VIGSKRM^IHPERKYEKIWMRGPYHI7GSXW EFSYXTIVGIRXSJXLITSTYPEXMSR SJ7GSXPERH7GSXXMWL+EIPMGEFSYX WTIEOIVWMR7GSXPERH;IPWL EFSYXTIVGIRXSJXLITSTYPEXMSR SJ;EPIW-VMWLEFSYXTIVGIRXSJ XLITSTYPEXMSRSJ2SVXLIVR-VIPERH 'SVRMWLXSWTIEOIVWMR 'SVR[EPP
6IPMKMSR W 'LVMWXMERMX] %RKPMGER 6SQER'EXLSPMG4VIWF]XIVMER 1IXLSHMWX TIVGIRX-WPEQ TIVGIRX,MRHYMWQTIVGIRXSXLIV TIVGIRXYRWTIGMJMIHSVRSRI TIVGIRX
+3:)621)28%2( )'3231= +SZIVRQIRXGSRWXMXYXMSREP QSREVGL] 'ETMXEP0SRHSR (EXISJEHSTXMSRSJGYVVIRX GSRWXMXYXMSR2%GSRWXMXYXMSRMWE GSQTMPEXMSRSJPE[WERHGYWXSQW ,IEHSJWXEXIOMRKSVUYIIR ,IEHSJKSZIVRQIRXTVMQI QMRMWXIV 0IKMWPEXYVI4EVPMEQIRXGSRWMWXWSJ ,SYWISJ'SQQSRWERH,SYWISJ 0SVHW 'YVVIRG]TSYRHWXIVPMRK -RHYWXVMIWERHREXYVEPVIWSYVGIW SMPREXYVEPKEWGSEPQERYJEGXYVIH KSSHW
? )$&76$7<285),1*(57,36&217,18('A 2%8-32%07=1&307 ,SPMHE]W8VSSTMRKXLI'SPSYV.YRI GIPIFVEXIWXLIQSREVGL´WFMVXLHE] 6IQIQFVERGI(E]SR2SZIQFIV GSQQIQSVEXIW;;-HIEXLW *PEKFPYI[MXLXLIVIHGVSWWSJ 7EMRX+ISVKISYXPMRIHMR[LMXISZIV XLI[LMXIGVSWWSJ7EMRX%RHVI[
2EXMSREPERXLIQ±+SH7EZIXLI 5YIIR²MRYWIWMRGI 2EXMSREPERMQEPRSRIW]QFSPMG ERMQEPWMRGPYHIXLIPMSRSJ)RKPERH XLIYRMGSVRSJ7GSXPERHERHXLIVIH HVEKSRSJ;EPIW
/)=4)340) 5YIIR)PM^EFIXL--GYVVIRXLIEH SJWXEXIXSSOXLIXLVSRISR *IFVYEV]YTSRLIV JEXLIV´WHIEXL ;MPPMEQ7LEOIWTIEVIWM\XIIRXL GIRXYV]PMXIVEV]JMKYVIERHEYXLSV SJ[IPPORS[RTPE]WMRGPYHMRK 6SQISERH.YPMIXERH,EQPIX
'3278-89)2892-873* 8,)92-8)(/-2+(31 9RMX'ETMXEP )RKPERH0SRHSR HIJEGXS 2SVXLIVR-VIPERH&IPJEWX 7GSXPERH)HMRFYVKL ;EPIW'EVHMJJ
? */266$5< A %RKPMGERW
1IQFIVWSJXLI'LYVGLSJ)RKPERH EVGLMTIPEKS
%PEVKIKVSYTSJMWPERHW GSPSR]
%XIVVMXSV]XLEXMWKSZIVRIHF]ERHSXLIV[MWIXMIHXSETEVIRXGSYRXV] GSQQSRPE[
%X]TISJPE[FEWIHSRLMWXSVMGEPGEWIWERHGSYVXHIGMWMSRW GSRWXMXYIRXYRMXW
8LIJSYVTEVXWSJXLI9RMXIH/MRKHSQ;EPIW)RKPERH7GSXPERHERH 2SVXLIVR-VIPERH IWXYEV]
8LIQSYXLSJEVMZIV[LIVIXLIGYVVIRXQIIXWXLIWIE´WXMHI KVSWWHSQIWXMGTVSHYGX +(4
8LIQEVOIXZEPYISJEPPXLIKSSHWERHWIVZMGIWTVSHYGIHF]EGSYRXV]MRE ]IEV PSGL
%+EIPMG[SVHQIERMRK±PEOI² QSREWXIV]
8LILSQISJEVIPMKMSYWSVHIVIWTIGMEPP]QSROW QSSV
3TIRGSYRXV]WMHIXLEXMWSJXIRMRJIVXMPI
TVMZEXM^EXMSR
8SXYVRSZIVGSRXVSPSJTYFPMGP]SVKSZIVRQIRXS[RIHMRHYWXVMIWXSTVMZEXI GSQTERMIWSVMRZIWXSVW 4YVMXERW
%HMWWMHIRX4VSXIWXERXKVSYTXLEXFIPMIZIHXLI'LYVGLSJ)RKPERH[EWXSS WMQMPEVXSXLI'EXLSPMG'LYVGL
? $'',7,21$/5(6285&(6 A 7)0)'8)(&-&0-3+6%4,= &PEGO.IVIQ] %,MWXSV]SJXLI&VMXMWL-WPIW2I[=SVO7X1EVXMR´W4VMRX *SHSV´W7GSXPERHWXIH2I[=SVO*SHSV´W4VMRX *VSQQIV´W)RKPERH[MXL;EPIW,SFSOIR2.;MPI]4VMRX ,MFFIVX'LVMWXSTLIV 8LI7XSV]SJ)RKPERH0SRHSR9/4LEMHSR4VMRX ,SFFIW2MGLSPEW)RKPERH8LMRKW=SY2IIHXS/RS[0SRHSR9/%XPERXMG &SSOW4VMRX
*968,)66)%(-2+7 &IER6EGLIP9RMXIH/MRKHSQ;EWLMRKXSR('2EXMSREP+ISKVETLMG7SGMIX] 4VMRX &PEWLJMIPH.IER*)RKPERH)RGLERXQIRXSJXLI;SVPH2I[=SVO7GLSPEWXMG 4VMRX 7XIMR'SRVEH7GSXPERH2I[=SVO7GLSPEWXMG4VMRX
;)&0-2/7 8SPIEVRQSVIEFSYXXLI9RMXIH/MRKHSQZMWMX%&(34YFPMWLMRK'SQTER] SRPMRIEX[[[EFHSTYFPMWLMRKGSQ;IFWMXIWEFSYXXLI9RMXIH/MRKHSQ EVIJIEXYVIHSRSYV&SSO0MROWTEKI8LIWIPMROWEVIVSYXMRIP]QSRMXSVIHERH YTHEXIHXSTVSZMHIXLIQSWXGYVVIRXMRJSVQEXMSREZEMPEFPI
40%')783 :-7-8 -J]SYEVIIZIVMRXLI9RMXIH/MRKHSQGSRWMHIVGLIGOMRKSYXXLIWIMQTSVXERXERH MRXIVIWXMRKWMXIW &YGOMRKLEQ4EPEGI
8LMWLMWXSVMGFYMPHMRKMWXLIVIWMHIRGISJXLIQSREVGL 1YWIYQSJ0SRHSR
8LMWQYWIYQHIXEMPWXLIQMPMXEV]LMWXSV]SJ0SRHSR 7XSRILIRKI
0SGEXIHSRXLI7EPMWFYV]4PEMRXLIQSRYQIRXEPWXSRIGMVGPI7XSRILIRKILEW WXSSHJSVXLSYWERHWSJ]IEVW
? 6285&(127(6 A ',%48)6 % :-7-8838,)92-8)(/-2+(31 ±0EQFIXL²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV
',%48)6+)3+6%4,=13928%-27%2(13367 ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] 1EV;IF%TV -FMH ±4STYPEXMSR)WXMQEXIWJSV9/)RKPERHERH;EPIW7GSXPERHERH2SVXLIVR-VIPERH°'YVVIRX (EXEWIXW1MH=IEV4STYPEXMSR)WXMQEXIW²3JJMGIJSV2EXMSREP7XEXMWXMGW3JJMGIJSV 2EXMSREP7XEXMWXMGW%TV;IF%TV ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] 1EV;IF%TV ±'SYRXV]+YMHI9RMXIH/MRKHSQ²&&';IEXLIV&&'RH;IF.ER -FMH ±6MZIV,YQFIV²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±6MZIV7IZIVR²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±6MZIV8]RI²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±&IR2IZMW²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±4IRRMRI;E]2EXMSREP8VEMP²REXMSREPXVEMPGSYO2EXMSREP8VEMPWRH;IF%TV ±'STIPERH²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±+MERX´W'EYWI[E]²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±'SYRGMP,STIW'IRWYW;MPP(IXIVQMRI8VYI4STYPEXMSRSJ'EVHMJJEJXIV]IEV 9RGIVXEMRX]²+YEVHMER'EVHMJJ+YEVHMER2I[WERH1IHME0MQMXIH7ITX;IF%TV ±&IPJEWX(IQSKVETLMGW²&IPJEWX'MX]'SYRGMP&IPJEWX'MX]'SYRGMPRH;IF%TV ±)HMRFYVKL²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI %KIRG]1EV;IF%TV
',%48)6 %2-1%07%2(2%896) %',%2+)(0%2(7'%4) ±9RMXIH/MRKHSQ²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV -FMH *VSQQIV´W)RKPERH[MXL;EPIW,SFSOIR2.;MPI]4VMRX ±/I[+EVHIRW²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV
±7YQQEV]7XEXMWXMGW7YQQEVMIWF]'SYRXV]8EFPI8LVIEXIRIH7TIGMIWMR)EGL'SYRXV]² -9'26IH0MWXSJ8LVIEXIRIH7TIGMIW-RXIVREXMSREP9RMSRJSV'SRWIVZEXMSRSJ2EXYVIERH2EXYVEP 6IWSYVGIW;IF%TV ±;LEX-WE2EXMSREP4EVO#²2EXMSREP4EVOW&VMXEMR´W&VIEXLMRK7TEGIW2EXMSREP4EVOW4SVXEPRH ;IF%TV ±*EGXWERH*MKYVIW²0EOI(MWXVMGX2EXMSREP4EVO2EXMSREP4EVOWRH;IF%TV *VSQQIV´W)RKPERH[MXL;EPIW,SFSOIR2.;MPI]4VMRX ±/I]*EGXW²'EMVRKSVQW2EXMSREP4EVO%YXLSVMX]'EMVRKSVQW2EXMSREP4EVO%YXLSVMX]RH;IF %TV
',%48)6,-7836= %4639(4%78 ±7XSRILIRKI²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±9RMXIH/MRKHSQ²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV .IVIQ]&PEGO %,MWXSV]SJXLI&VMXMWL-WPIW2I[=SVO7X1EVXMR´W4VMRX -FMH ±-VIPERH²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±;SVPH;EV-²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV
',%48)64)340) 8,)1)08-2+438 ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] 1EV;IF%TV -FMH -FMH ±)RKPMWL0ERKYEKI²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] 1EV;IF%TV -FMH -FMH -FMH ±9/´W)XLRMG1MRSVMX]2YQFIVW³XS6MWIXS F]´²&&'2I[W&&'.YP];IF %TV ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI %KIRG]1EV;IF%TV
? 6285&(127(6&217,18(' A ',%48)6'90896)0)%(-2+8,) ;360( ±5YIIR1EVOW&MVXLHE]EX8VSSTMRKXLI'SPSYV4EVEHI²&&'2I[W&&'.YRI;IF %TV ±+SPJ&VIEOWMR7GSXPERH²7GSXPERH8LI,SQISJ+SPJ:MWMX7GSXPERHRH;IF%TV ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] 1EV;IF%TV ±+VIEX'SYVX² 8LI&VMXMWL1YWIYQ8VYWXIIWSJXLI&VMXMWL1YWIYQRH;IF%TV
',%48)6430-8-'74%68-)7-24%60-%1)28 ±4EVPMEQIRXEV]'SRWXMXYIRGMIW²[[[TEVPMEQIRXYO9/4EVPMEQIRXRH;IF%TV
',%48)6)'3231-'7 %(%48-2+83',%2+) ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] 1EV;IF%TV -FMH ±2YGPIEV4S[IVMRXLI9RMXIH/MRKHSQ² ;SVPH2YGPIEV%WWSGMEXMSR;SVPH2YGPIEV%WWSGMEXMSR .ER;IF%TV ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] 1EV;IF%TV -FMH -FMH 0EGI]&EPH[MR7QMXL)RKPMWL,MWXSV]1EHI&VMIJ-VVIZIVIRXERH4PIEWYVEFPI'LMGEKS%GEHIQ] 'LMGEKS4VMRX ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] 1EV;IF%TV -FMH ±8VEZIPERH8SYVMWQ3ZIVWIEW:MWMXW7XMPP7YFHYIH²3JJMGIJSV2EXMSREP7XEXMWXMGW3JJMGIJSV 2EXMSREP7XEXMWXMGW1EV;IF%TV ±;L]8SYVMWQ1EXXIVW² :MWMX&VMXEMR:MWMX&VMXEMRRH;IF%TV ±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI %KIRG]1EV;IF%TV -FMH ±9RMXIH/MRKHSQ²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV
±8LI;SVPH*EGXFSSO9RMXIH/MRKHSQ²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI %KIRG]1EV;IF%TV +Y]4EPQIV±9RMXIH/MRKHSQ2YQFIVWMR0S[-RGSQI²4SZIVX]7MXI4SZIVX]7MXIRH;IF %TV ±9RMXIH/MRKHSQ²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF%TV ±&VMXEMR4PERW(IITIWX'YXWXS7TIRHMRKMR=IEVW²2I[=SVO8MQIW2I[=SVO8MQIW 3GX;IF%TV
',%48)6 8,)92-8)(/-2+(31 83(%= ±1MKVEXMSR2IX1MKVEXMSR6IQEMRW,MKL²3JJMGIJSV2EXMSREP7XEXMWXMGW3JJMGIJSV2EXMSREP 7XEXMWXMGW2SZ;IF%TV 1EVO7[IRI]±&VMXSRW³;EXGL*SYV,SYVWSJ8:E(E]´²KYEVHMERGSYO+YEVHMER2I[WERH 1IHME0MQMXIH1E];IF%TV ±&EGOKVSYRH2SXI9RMXIH/MRKHSQ²97(ITEVXQIRXSJ7XEXI97(ITEVXQIRXSJ7XEXI(IG ;IF%TV ±)HYGEXMSRERH8VEMRMRK7XEXMWXMGWJSVXLI9RMXIH/MRKHSQ²IHYGEXMSRKSZYO(ITEVXQIRX SJ)HYGEXMSR;IF%TV ±7XEXMWXMGW7XYHIRXWERH5YEPMJMIVWEX9/,) ,MKLIV)HYGEXMSR -RWXMXYXMSRW²,MKLIV)HYGEXMSR 7XEXMWXMGW%KIRG],MKLIV)HYGEXMSR7XEXMWXMGW%KIRG];IF%TV ±%RXM'YXW1EVGL8IRWSJ8LSYWERHWEX0SRHSR4VSXIWX²&&'2I[W9/&&'1EV ;IF%TV ±.YP]&SQFMRKW;LEX,ETTIRIH3ZIVZMI[²&&'2I[W&&'RH;IF%TV ±41W2I[1IWWEKI²2EXMSREP%VGLMZIW2EXMSREP%VGLMZIW%TV;IF%TV
? ,1'(; A DRMQEPW¯ EVGLMXIGXYVI¯ EVIE EVXW¯ %XPERXMG3GIER %ZSR6MZIV¯ %IPJEWX &IR2IZMW &MK&IR &PEMV8SR] &VMWXSP'LERRIP &VMXMWL&VSEHGEWXMRK 'SVTSVEXMSR &VMXMWL-WPIW &VMXMWL1YWIYQ &VS[R+SVHSR &YGOMRKLEQ4EPEGI &EIVREVJSR'EWXPI 'EIWEV+EMYW.YPMYW 'EMVRKSVQW 'EQIVSR(EZMH 'ERXIVFYV]'EXLIHVEP 'EVHMJJ 'EVVMGOJIVKYW'EWXPI 'EVVSPP0I[MW 'IPXMG7IE 'LEVPIW- 'LYVGLMPP;MRWXSR GPMQEXI¯ GSRWXMXYXMSR¯
'VSQ[IPP3PMZIV GYVVIRG]¯
GI'SYVG].SLR (IRQEVO (MERE4VMRGIWW (MGOIRW'LEVPIW (SPFEHEVR'EWXPI (SP[]HHIPER'EWXPI (YVLEQ (HMRFYVKL )HMRFYVKL'EWXPI IHYGEXMSR ¯ )H[EVH- )H[EVH:- )H[EVHXLI'SRJIWWSV )PM^EFIXL-¯ )PM^EFIXL-- )RKPERH ¯ ¯¯ ¯ )RKPMWL'LERRIP IRZMVSRQIRXEPXLVIEXW¯ IXLRMGKVSYTW¯ I\TSVXW )]ISJ0SRHSR
)MVXLSJ*SVXL JSSH¯ *VERGI¯
*ISVKISJ,ERSZIV +IVQER] +PEWKS[ +PEWKS['EXLIHVEP KSZIVRQIRXWXVYGXYVI ¯ KVSWWHSQIWXMGTVSHYGX ¯
+EVSPH--¯ ,IRV]:-- ,IRV]:--- ,MKLPERH1SYRXEMRW LSPMHE]W¯ ,SP]VSSHLSYWI ,YQFIV6MZIV ,YRHVIH=IEVW´;EV
LQTSVXW¯ MRHITIRHIRGI¯ MRHYWXVMIW¯ ¯ MRJVEWXVYGXYVI -VMWL7IE
-EQIW- .EQIW-- /EKER6MZIV 0EOI(MWXVMGX2EXMSREP4EVO PERKYEKI¯ PMJII\TIGXERG] PMXIVEG]VEXI PMXIVEXYVI
0MZIVTSSP 0SRHSR¯ ¯
0ERGLIWXIV 1EV]- 1SYVRI1SYRXEMRW QYWMG¯
QEXMSREPTEVOW¯ 2I[XSR-WEEG 2SVJSPO 2SVXL'LERRIP 2SVXL7IE 2SVXLIVR-VIPERH 2SVXLYQFIVPERH RJJMGMEPREQI 3VORI]-WPERHW
3EVPMEQIRX ¯¯ 4IEO(MWXVMGX 4IRRMRI1SYRXEMRW 4MGGEHMPP]'MVGYW TPERXW TSPMXMGEPTEVXMIW¯ ¯
TSTYPEXMSR ¯ ¯ TSZIVX]¯
UIPMKMSR¯ 6ITYFPMGSJ-VIPERH 6S[PMRK./
6EPQSRH%PI\ 7GEJIPP4MOI 7GSXPERH ¯ ¯¯ 7IZIR=IEVW;EV 7IZIVR6MZIV 7LEOIWTIEVI;MPPMEQ 7RS[HSR1SYRX 7RS[HSRME2EXMSREP4EVO WTSVXW¯
9MGXSVME5YIIR :EPIW ¯ ;EWHEPI:EPPI] ;IPWL1SYRXEMRW ;IWXQMRWXIV%FFI] ;MPPMEQSJ3VERKI ;MPPMEQ(YOISJ2SVQERH] ;MPPMEQ4VMRGI ;MRHWSV'EWXPI
7EXI1SHIVR+EPPIV] XIE XIIREKIPMJI 8LEQIW6MZIV 8LEXGLIV1EVKEVIX XSYVMWQ 8S[IV&VMHKI 8S[IVSJ0SRHSR 8]RI6MZIV
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