1pmjujdlč usjcvob

 1PMJUJDLÈUSJCVOB
o
1PSBEOÓŘJOOPTU
ÁŘBTUŘMFOƉ
BBBW[WB&6
&VSPQF%JSFDUKFTMVäCBLUFSÈWÈNQPNƉäFPEQPWŞEŞU
OBPUÈ[LZUâLBKÓDÓTF&WSPQTLÏVOJF
#F[QMBUOÈUFMFGPOOÓMJOLB
.OPIPEPQMǞVKÓDÓDIJOGPSNBDÓP&WSPQTLÏVOJJKFLEJTQP[JDJOBJOUFSOFUV
.DzäFUFTFTOJNJTF[OÈNJUOBFWSPQTLÏNTFSWFSVIUUQFVSPQBFVJOU
,BUBMPHPWÏÞEBKFKTPVVWFEFOZOBLPODJUÏUPQVCMJLBDF
-VDFNCVSLÁǥBEQSPÞǥFEOÓUJTLZ&WSPQTLâDITQPMFǁFOTUWÓ
*4#/
ª&WSPQTLÈTQPMFǁFOTUWÓ
,PQÓSPWÈOÓKFQPWPMFOPQPV[FTFTPVIMBTFNBVUPSB
1SJOUFEJO*UBMZ
7ĪĥĚIJĥίğĠğĒğĖēίĝĖğţĞġĒġŧύĖ
BBBW[WB&6
1żFENMVWB
/BTWÏJOBVHVSBǁOÓTDIDz[JWCǥF[OVSPLVQǥFW[BM7âCPSSFHJPODzQSPTUǥFEOJDUWÓN
WPMFOâDI[ÈTUVQDDz[PEQPWLJEOPTU[BQMOLJOÓÞMPIZNMVWǁÓIPSFHJPODzNLJTUBNÓTUOÓDI
PSHÈODzWSP[IPEPWBDÓNQSPDFTV4QPMFǁFOTUWÓ
;BMPäFOÓ7âCPSVQǥFETUBWPWBMPWâ[OBNOâLSPLTNLJSFNLEPTBäFOÓDÓMFTUBOPWFOÏIP
WQSFBNCVMJ4NMPVWZP&WSPQTLÏVOJJUPUJävQPLSBǁPWBUWQSPDFTVWZUWÈǥFOÓTUÈMF
VäÝÓIPTWB[LVNF[JOÈSPEZ&WSPQZWOLJNäTFSP[IPEVKFDPOFKCMÓäFPCǁBOPWJ
WTPVMBEVTF[ÈTBEPVTVCTJEJBSJUZi
#LJIFNQPTMFEOÓDIEFTFUJMFUTFÞǁBTUOJMJQMFOÈSOÓDI[BTFEÈOÓ7âCPSVSFHJPODzBTDIDz[Ó
KFIPLPNJTÓNOP[ÓLUFǥÓVTJMPWBMJPOBQMOLJOÓULJDIUPDÓMDz7âCPSV7âCPSQǥFETUBWVKF
INBUBUFMOPVQǥÓNPVWB[CVFWSPQTLâDIJOTUJUVDÓOBSFHJPOZNLJTUBBPCDF&WSPQTLÏ
VOJF+FSPWOLJäEDzMFäJUâNOÈTUSPKFNFLPOPNJDLÏBTPDJÈMOÓTPVESäOPTUJǁMFOTLâDI
TUÈUDzBKFKJDIWOJUǥOÓDITMPäFLSFHJPODzBEBMÝÓDINÓTUOÓDIPSHÈODz
%FTFUMFUQPTWÏN[BMPäFOÓ[BVKÓNÈ7âCPSSFHJPODzQFWOLJKÝÓQPTUBWFOÓWSP[IPEPWBDÓN
QSPDFTV&WSPQTLÈÞTUBWBPCTBIVKFVTUBOPWFOÓ[BLMÈEBKÓDÓQSJODJQNÓTUOÓBSFHJPOÈMOÓ
BVUPOPNJFBTWLJǥVKF7âCPSVEDzMFäJUPVÞMPIVNPOJUPSPWÈOÓQSJODJQVTVCTJEJBSJUZ
7âCPSSFHJPODzWÝBLEPTVEQPTUSÈEÈJOTUJUVDJPOÈMOÓQPTUBWFOÓ/FOÓ[BUÓNEPTUBUFǁOLJ
[BQPKFOEPMFHJTMBUJWOÓQSÈDF&6BOJOFNÈQSÈWPQPEÈWBUWFSCÈMOÓOFCPQÓTFNOÏ
PUÈ[LZ&WSPQTLÏLPNJTJ
4QPMFǁOLJQPLSBǁVKNFWQSÈDJLQPTÓMFOÓSFHJPOÈMOÓIPBNÓTUOÓIPSP[WPKF
1FUFS4USBVC
QǥFETFEB7âCPSVSFHJPODz
1PMJUJDLÈUSJCVOB‰o
#LJIFNULJDIUPQPTMFEOÓDIEFTFUJMFU7âCPSSFHJPODzQSPLÈ[BMTWPVTDIPQOPTUQPTÓMJU
MFHJTMBUJWOÓQSPDFT[BISOVUÓNTUBOPWJTFLNÓTUOÓDIBSFHJPOÈMOÓDIPSHÈODzLUFSÏKTPV
LPOFǁOLJ[FTFENEFTÈUJQSPDFOU[PEQPWLJEOÏ[B[BWÈELJOÓMFHJTMBUJWZ&WSPQTLÏIP
TQPMFǁFOTUWÓ
BBBW[WB&6
4USVŘOÈIJTUPSJF7âCPSVSFHJPOƉ
t
7âCPSSFHJPODzWSPDFǥÈEOâDIǁMFODzBOÈISBEOÓLDz[ǁMFOTLâDI
TUÈUDz
t
7âCPSSFHJPODzQPQǥJTUPVQFOÓOPWâDIǁMFOTLâDITUÈUDzMFEOBǥÈEOâDI
ǁMFODzBOÈISBEOÓLDz[ǁMFOTLâDITUÈUDz
t
7âCPSSFHJPODzPELWLJUOBǥÈEOâDIǁMFODzBOÈISBEOÓLDz[
ǁMFOTLâDITUÈUDz
t
ǁUZǥJQPMJUJDLÈVTLVQFOÓ
t
0ECPSOÏLPNJTFKFKJDIäÞLPMFNKFQǥJQSBWPWBUQMFOÈSOÓ[BTFEÈOÓWTPVǁBTOÏ
EPCLJKFKJDIÝFTU
0CMBTUJŘJOOPTUJLPNJTÓ
1PMJUJDLÈUSJCVOB‰o
9
9
9
9
9
9
)PTQPEÈżTLÈBTPDJÈMOÓTPVESäOPTU
7[EŞMÈWÈOÓBNMÈEFä
,VMUVSB
7FżFKOÏ[ESBWPUOJDUWÓ
5SBOTFWSPQTLÏTÓUŞ
%PQSBWB
9
9
9
9
9
;BNŞTUOBOPTU
4PDJÈMOÓQPMJUJLB
ÇJWPUOÓQSPTUżFEÓ
&WSPQTLâTPDJÈMOÓGPOE
0ECPSOÏBVŘŵPWTLÏW[EŞMÈWÈOÓ
7âTUVQZQPSBEOÓŘJOOPTUJ
8 4UBOPWJTLB 8 6TOFTFOÓ
8 7âIMFEPWÏ
[QSÈWZ
8 ;QSÈWZ
PEPQBEV
8 4UVEJF
BBBW[WB&6
)JTUPSJF
.BBTUSJDIUTLÈTNMPVWBo[BMPäFOÓ7âCPSVSFHJPOƉ
1SWOÓQMFOÈSOÓ[BTFEÈOÓW#SVTFMV
"NTUFSPEBNTLÈTNMPVWBoQPTÓMFOÓ7âCPSVSFHJPOƉ
4NMPVWB[/JDFoQPäBEBWFLBCZŘMFOPWÏ7âCPSVSFHJPOƉNŞMJżÈEOâWPMFCOÓ
NBOEÈUPEPSHÈOƉSFHJPOÈMOÓOFCPMPLÈMOÓTBNPTQSÈWZLUFSÏ[BTUVQVKÓOFCPBCZ
CZMJQPMJUJDLZPEQPWŞEOÓWPMFOÏNVTISPNÈäEŞOÓ
;BTFEÈOÓ&WSPQTLÏSBEZW-BFLFOVo7âCPSSFHJPOƉ[BTUVQVKFQP[PSPWBUFMƉ
W,POWFOUVPCVEPVDOPTUJ&WSPQZ
1SF[JEFOUJ7âCPSVSFHJPOƉ
o +BDRVFT#MBOD'311&
oQżFETFEBSFHJPOÈMOÓSBEZ-BOHVFEPD3PVTTJMMPO
o 1BTRVBM.BSBHBMM*.JSB&414&
oTUBSPTUBNŞTUB#BSDFMPOZ
o .BOGSFE%BNNFZFS%&14&
oNJOJTUSQSPTQPMLPWÏBFWSPQTLÏ[ÈMFäJUPTUJ
4FWFSOÓIP1PSâOÓ7FTUGÈMTLB
o +PT$IBCFSU#&11&
oNJOJTUSWFżFKOâDIQSBDÓEPQSBWZB[ESBWPUOJDUWÓWMÈEZ
3FHJPOV#SVTFM
o "MCFSU#PSF(#14&
oTUBSPTUBNŞTUB#JSNJOHIBNV
o 1FUFS4USBVC%&11&
oQżFETFEBQBSMBNFOUV#ÈEFOTLB8àSUUFNCFSTLB
1PMJUJDLÈUSJCVOB‰o
BBBW[WB&6
BBBW[WB&6
3PL
1żFETFEOJDUWÓ3BEZ
ĻFDLP/ŞNFDLP
6%«-045*
9 %SVIÈGÈ[FSFBMJ[BDF)PTQPEÈǥTLÏBNLJOPWÏVOJF).6
BWZUWPǥFOÓ&WSPQTLÏIP
NLJOPWÏIPJOTUJUVUV*.&
9 7TUVQVKFWQMBUOPTUEPIPEBOBKFKÓNä[ÈLMBELJW[OJLÈ&WSPQTLâIPTQPEÈǥTLâ
QSPTUPS&)1
9 oCǥF[OBoVTUBWVKÓDÓ[BTFEÈOÓ7âCPSVSFHJPODzQSF[JEFOUFNKF[WPMFO
+BDRVFT#MBOD
9 ;BWSÝFOBKFEOÈOÓT3BLPVTLFN'JOTLFN/PSTLFNBÀWÏETLFNW#SVTFMV
9 ƀUWSUÏWÝFPCFDOÏQǥÓNÏWPMCZEP&WSPQTLÏIPQBSMBNFOUV
9 +BDRVFT4BOUFSTUǥÓEÈ+BDRVFTF%FMPSTFWǁFMF&WSPQTLÏLPNJTF
+BDRVFT%FMPST
BBBW[WB&6
7âCPSSFHJPOƉQPMJUJDLÈUSJCVOB
0TPCOPTUJLUFSÏWZTUPVQJMZOBQMFOÈSOÓDI[BTFEÈOÓDI
7QSDzCLJIVQMFOÈSOÓDI[BTFEÈOÓWMFUFDIBäNLJM7âCPSSFHJPODzUVǁFTU
QPTLZUOPVUQǥÓMFäJUPTULWZTUPVQFOÓBLEJTLVTJǥBELJWâ[OBNOâDIQPMJUJDLâDI
PTPCOPTUÓǁÓNäQPUWSEJMKFEOP[FTWâDIQPǁÈUFǁOÓDIQPTMÈOÓoTUÈUTFTLVUFǁOPV
vQPMJUJDLPVUSJCVOPViWFTMVäCÈDIPCǁBODz&WSPQTLÏVOJF
7SPDF
oCǥF[OB
Q%&-034QżFETFEB&WSPQTLÏLPNJTF
x#VEPWÈOÓ&WSPQZOFOÓTBNP[ǥFKNPTUÓ&WSPQVKFNPäOÏWZCVEPWBUKFO[BDFOVWFMLÏ
TOBIZEPTBIPWÈOÓLPOLSÏUOÓDIÞTQLJDIDzBWFMLÏBOHBäPWBOPTUJKFKÓDIPCǁBODz7âCPS
SFHJPODzTFEÓLZTWÏSP[NBOJUPTUJTUBOFKFEJOFǁOâNPSHÈOFNOBÝBDIPWOJDJFWSPQTLâDI
JOTUJUVDÓ B CVEF NÓU WFMJDF TQFDJmDLÏ QSBWPNPDJ WZDIÈ[FKÓDÓ [ KFIP [LVÝFOPTUÓ
BWMJWVj
1PMJUJDLÈUSJCVOB‰o
1ǥFETFEB%FMPSTQPUÏQSPIMÈTJMäF7âCPSSFHJPODzOFTFPCSPWTLPV[PEQPWLJEOPTU
KFIPQPWJOOPTUÓKFWQSWÏǥBELJQPTJMPWBUQPDJUTPVOÈMFäJUPTUJPCǁBODzT&WSPQTLPV
VOJÓBEÈMFVQP[PSǞPWBUJOTUJUVDF&WSPQTLÏVOJFOBOFKSDz[OLJKÝÓÞTLBMÓ
BBBW[WB&6
Q540)"5;0106-04ÞżBEVKÓDÓQżFETFEB3BEZ&6
x/ZOÓOLJLPMJLNLJTÓDDzQPUÏDPWTUPVQJMBWQMBUOPTU4NMPVWBP&WSPQTLÏVOJJKTNF
TWLJELZUPIPäFTF7âCPSSFHJPODzLPOFǁOLJTUÈWÈSFBMJUPV+TFNOFTNÓSOLJÝǬBTUFOäFTF
NPIVWFGVOLDJQǥFETFEZ3BEZ&WSPQTLÏVOJF[ÞǁBTUOJUEOFÝOÓIP[BLMÈEBKÓDÓIP[BTFEÈOÓ
ƤFDLPTFKJäPEQPǁÈULVTWÏIPQǥFETFEOJDUWÓPUFOUPQSPKFLUWFMNJQPESPCOLJ[BKÓNBMP
BKFUFEZQǥJSP[FOÏäFTFWEFOEOFÝOÓIPPmDJÈMOÓIPW[OJLV7âCPSVSFHJPODzSBEVKF
[UPIPäFTFWFÝLFSÏWZOBMPäFOÏÞTJMÓ[ÞSPǁJMPy
j
x;BMPäFOÓ7âCPSVSFHJPODzKFWâ[OBNOâNQPMJUJDLâNBLUFN7âCPSSFHJPODzTQPMFǁOLJ
T&WSPQTLâNQBSMBNFOUFNTZNCPMJ[VKFFWSPQTLÏPCǁBOTUWÓB[ULJMFTǞVKFQSJODJQ
TVCTJEJBSJUZoKFEOÈTFPEPQMǞLPWâJOTUJUVDJPOÈMOÓGBLUPSKFIPäDÓMFNKFTOÓäJU
EFNPLSBUJDLâEFmDJUj
Q,-&14$)QżFETFEB&WSPQTLÏIPQBSMBNFOUV
x7âCPSSFHJPODzLUFSâKFQSPTUǥFEOÓLFNNF[JFWSPQTLâNJBOÈSPEOÓNJPSHÈOZOBKFEOÏ
TUSBOLJBPCǁBOZOBTUSBOLJESVIÏ[BKJTUÓWCVEPVDOPTUJOÈSPEDzNTKFEOPDFOÏ&WSPQZ
PmDJÈMOÓBGPSNÈMOÓIMBTWSÈNDJ&WSPQTLÏVOJFBUPOBWÝFDIÞSPWOÓDIEFNPLSBUJDLÏIP
TZTUÏNV5PVUPTWPVGVOLDÓQǥJTQÓWÈ7âCPSSFHJPODzLSP[ÝJǥPWÈOÓEFNPLSBUJDLÏ[ÈLMBEOZ
&WSPQTLÏVOJFj
oEVCOB
Q4$).*%)6#&3FWSPQTLâLPNJTBż
x%OFÝOÓN[BTFEÈOÓN[BǁÓOÈLPOLSÏUOÓǁJOOPTU7âCPSVSFHJPODz%LJLVKJWÈNäFKTUF
NOFQǥJ[WBMJOBTWPVvQSWOÓQSBDPWOÓQPSBEViBSÈECZDIQǥJUÏUPQǥÓMFäJUPTUJQPQǥÈM
7âCPSVSFHJPODzNOPIPÝULJTUÓWKFIPCVEPVDÓQSÈDJ+TFNQǥFTWLJEǁFOäF[BTUPVQFOÓ
SFHJPOÈMOÓDI[ÈKNDzWZDIÈ[FKÓDÓDI[LPOLSÏUOÓDI[ÈKNDzPCǁBODzTFTUBOFDFOOâN
FMFNFOUFNQPMJUJLZFWSPQTLÏJOUFHSBDFj
oLWLJUOB
Q%&-034QżFETFEB&WSPQTLÏLPNJTF
x7QSDzCLJIVOBEDIÈ[FKÓDÓDIMFUCVEPVFWSPQTLÏTUÈUZǁFMJUPCUÓäÓNW[OJLMâNWLJUÝJOPV
WEDzTMFELVIJTUPSJDLÏIPWâWPKFBNF[JOÈSPEOÓTJUVBDFOJLPMJWEDzTMFELVQSPDFTV
TKFEOPDPWÈOÓ&WSPQZ*UJLUFǥÓOFNBKÓäÈEOâFWSPQTLâJEFÈMCZNPIMJCVEPWÈOÓ
TKFEOPDFOÏ&WSPQZQǥJ[OBUQǥJOFKNFOÝÓNÞMPIVOÈTUSPKFVNPäǞVKÓDÓIPWÝFNFWSPQTLâN
TUÈUDzN QǥJ[QDzTPCJU TF KFWV LUFSâ PECPSOÓDJ OB[âWBKÓ vHMPCBMJ[BDF TWLJUBi OFCP
vNPOEJBMJ[BDFFLPOPNJLZij
Q.*--"/FWSPQTLâLPNJTBżPEQPWŞEOâ[BSFHJPOÈMOÓQPMJUJLV
x+BLPǁMFO,PNJTFPEQPWLJEOâ[BW[UBIZT7âCPSFNSFHJPODzQPWBäVKJ[BWFMLPVǁFTUäF
NPIVQPQSWÏQSPNMVWJUQǥFEUÓNUPGØSFNj
x7äEZDLZKTFNWLJǥJMWOF[CZUOPTUÞǁBTUJSFHJPODzBNÓTUOÓDITBNPTQSÈWWNFDIBOJTNV
SP[IPEPWÈOÓ&WSPQTLÏVOJF7ZUWPǥFOÓ7âCPSVSFHJPODzKFQSWOÓNEDzMFäJUâNLSPLFN
WUPNUPTNLJSVB,PNJTFTFULJÝÓOBTQPMVQSÈDJTWÈNJWCVEPVDÓDINLJTÓDÓDIBMFUFDIj
BBBW[WB&6
1PMJUJDLÈUSJCVOB‰o
o[ÈǥÓ
oMJTUPQBEV
Q-"/%«#636HFOFSÈMOÓżFEJUFM%(97*
x7ZUWPǥFOÓ7âCPSVSFHJPODzKFWâ[OBNOâNLSPLFNTNLJǥVKÓDÓNLQPTUVQOÏNVTOJäPWÈOÓ
EFNPLSBUJDLÏIPEFmDJUV&WSPQTLÏVOJFKFIPǁMFOPWÏTFNPIPVTUÈUOFKEDzMFäJULJKÝÓNJ
ǁJOJUFMJ[BWÈELJOÓQPMJUJLZIPTQPEÈǥTLÏBTPDJÈMOÓTPVESäOPTUJ5BLUPTFKFÝULJWÓDF
QǥJCMJäVKFNF PCǁBODzN B NDzäFNF KJN OBCÓEOPVU KBTOLJKÝÓ B LPOLSÏUOLJKÝÓ PCSB[
TKFEOPDFOÏ&WSPQZj
1PSBEOÓŘJOOPTU
7QSDzCLJIVTWâDIQMFOÈSOÓDI[BTFEÈOÓWSPDFQǥJKBM7âCPSSFHJPODzTUBOPWJTFL
OB WZäÈEÈOÓ B TUBOPWJTFL [WMBTUOÓ JOJDJBUJWZ o DFMLFN TF KFEOBMP P EPLVNFOUDz
1PMJUJDLÈUSJCVOB‰o
ÁŘBTUŘMFOƉ
ė
%BUVN
ÁŘBTUŘMFOƉ
1PŘFUŘMFOƉ
DFMLFN
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
o
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
ÁŘBTUŘMFOƉQPEMFKFEOPUMJWâDITUÈUƉ
#&
%,
%&
&-
&4
'3
*&
ÁDˆBTUSˆÈEOZDIDˆMFOV„
BBBW[WB&6
*5
-6
/-
"5
15
'*
4&
ÁDˆBTUOÈISBEOÓLV„
6, $FMLFN
3PL
1żFETFEOJDUWÓ3BEZ
'SBODJFÀQBOŞMTLP
6%«-045*
9 ƀMFOZ&WSPQTLÏVOJFTFPmDJÈMOLJTUÈWBKÓ3BLPVTLP'JOTLPBÀWÏETLP
9 +NFOPWÈOÓǁMFODz,PNJTFTNBOEÈUFNOBMFU
9 7TUVQVKFWQMBUOPTU4DIFOHFOTLÈEPIPEBQPTUVQOÏSVÝFOÓLPOUSPMOBTQPMFǁOâDI
ISBOJDÓDIB[BWFEFOÓWPMOÏIPQPIZCVPTPC
BBBW[WB&6
1ǥFETFEB&WSPQTLÏLPNJTF+BDRVFT4BOUFS
+BDRVFT4BOUFS
7âCPSSFHJPOƉQPMJUJDLÈUSJCVOB
0TPCOPTUJLUFSÏWZTUPVQJMZQżJQMFOÈSOÓDI[BTFEÈOÓDI
7SPDF
oÞOPSB
QÓ86-'."5)*&407«FWSPQTLÈLPNJTBżLBPEQPWŞEOÈ[BSFHJPOÈMOÓQPMJUJLVW[UBIZT7âCPSFN
SFHJPOƉB'POEFNTPVESäOPTUJ
x+TFNQǥFTWLJEǁFOBäFFWSPQTLÏQPMJUJLZB[FKNÏOBQPMJUJLBSFHJPOÈMOÓCZNLJMZWÓDF
[PIMFEǞPWBUQPUǥFCZNLJTUBSFHJPODzBäFTFNVTÓNFOBOBÝFPCǁBOZPCSBDFUQǥFEFWÝÓN
WNÓTUFDILEFKTPVTPVTUǥFELJOZKFKJDI[ÈKNZ/BÝFQPMJUJLBNVTÓCâUWOFVTUÈMÏN
LPOUBLUVTPCǁBOZBWUPNTQPǁÓWÈQǥÓOPTFYJTUFODF7âCPSVSFHJPODzj
Q41&$*"-&QżFETFEB7âCPSV&WSPQTLÏIPQBSMBNFOUVQSPSFHJPOÈMOÓQPMJUJLV
x/BTDIDz[ÓDIOBÝFIP7âCPSVKFQSPWÈTWäEZWZISB[FOPNÓTUPB[BWB[VKFNFTFäFWÈN
EÈNFLEJTQP[JDJWFÝLFSPVEPLVNFOUBDJ7âCPSVj
1ǥFETUBWJUFMÏTUÈUDzOPWLJQǥJTUVQVKÓDÓDIL&WSPQTLÏVOJJ
1PMJUJDLÈUSJCVOB‰o
Q16354$)&3QżFETFEBSBLPVTLÏEFMFHBDF
x;ÈKNFNWÝFDI3BLVÝBODzKFDÓMFOLJQPTÓMJU7âCPSSFHJPODz7ZUWPǥFOÓPmDJÈMOÓIPPSHÈOV
[BTUVQVKÓDÓIPSFHJPOZ[OBNFOÈQPPUFWǥFOÓEWFǥÓTKFEOPDFOÏ&WSPQZ.BBTUSJDIUTLÈ
TNMPVWBKJäOZOÓQPEQPSVKFTVCTJEJBSJUVWSÈNDJTUSVLUVSZCVEPVDÓ&WSPQTLÏVOJF
/BÝÓNTQPMFǁOâNDÓMFNCZNLJMPCâUUZUPEWFǥFWSPDFPUFWǥÓUEPLPǥÈOBKFÝULJWÓDF
QSPIMPVCJUNPäOPTUJLUFSÏNÈNFLEJTQP[JDJQǥJGPSNPWÈOÓ&WSPQZOFCPǬKTFNIMVCPDF
QǥFTWLJEǁFOPUPNäFEFNPLSBUJDLÈ&WSPQBPCǁBODzCVEFCVDŽ&WSPQPVTVCTJEJÈSOÓ
B&WSPQPVSFHJPODzOFCPOFCVEFFYJTUPWBUWDzCFDj
Q3"),".0QżFETFEBmOTLÏEFMFHBDF
x.Z'JOPWÏ&WSPQVQPUǥFCVKFNFBEPTQPMVQSÈDFWSÈNDJ&6WLMÈEÈNFWFMLÏOBELJKF
+TNFBLUJWOÓNJÞǁBTUOÓLZWZUWÈǥFOÓTÓULJLPOUBLUDzNF[JWâDIPEOÓB[ÈQBEOÓ&WSPQPV
BQPEQPSVKFNFSP[WPKCBMUTLÏ[ØOZOBÝÓNOFKWLJUÝÓNQǥÈOÓNKFWÝBLQǥFTWLJEǁJUPTUBUOÓ
TUÈUZ&6äFQǥJTUPVQFOÓ'JOTLBL&WSPQTLÏVOJJCZMBTQSÈWOÈWPMCBj
BBBW[WB&6
Q,"-*''QżFETFEBÝWÏETLÏEFMFHBDF
xÀWÏETLPWTUPVQJMPEP&WSPQTLÏVOJFBNZLUFǥÓQSBDVKFNFWFÝWÏETLâDISFHJPOÈMOÓDI
BMPLÈMOÓDITBNPTQSÈWÈDITSP[IPEPWBDÓQSBWPNPDÓCVEFNFTQPMVQSBDPWBUT7âCPSFN
SFHJPODzOBDPOFKULJTOLJKÝÓNBOFKQǥÓNLJKÝÓNQSPQPKFOÓPCǁBODzTSP[IPEVKÓDÓNJJOTUJUVDFNJ
&6j
oEVCOB
QÓ86-'."5)*&407«FWSPQTLÈLPNJTBżLBPEQPWŞEOÈ[BSFHJPOÈMOÓQPMJUJLV
1BOÓ8VMG.BUIJFTPWÈWZTWLJUMJMBäF&WSPQTLÈLPNJTFTDIWÈMJMBvLPEFYDIPWÈOÓiLUFSâ
TFNÈTUÈUWPEÓULFNBQPEQPSPVQǥJTQPMVQSÈDJ,PNJTFB7âCPSVSFHJPODz
oǁFSWFODF
Q)­/4$)QżFETFEB&WSPQTLÏIPQBSMBNFOUV
1BO)ÊOTDIDIBSBLUFSJ[PWBM7âCPSSFHJPODzKBLPxWâ[OBNOÏQPMJUJDLÏTISPNÈäELJOÓj
BLFW[UBIDzN7âCPSVSFHJPODzT&WSPQTLâNQBSMBNFOUFNTFWZKÈEǥJMäFx&WSPQTLÈ
VOJFQPUǥFCVKFPCLJUZUPJOTUJUVDFLUFSÏTJOBW[ÈKFNOFLPOLVSVKÓBMFGVOHVKÓKBLP
OBW[ÈKFNTFEPQMǞVKÓDÓQBSUOFǥJj1BO)ÊOTDIWZKÈEǥJMOÈ[PSäFDÓMFNQPäBEBWLV
7âCPSVSFHJPODzBCZTOÓN&WSPQTLâQBSMBNFOULPO[VMUPWBMTWÈSP[IPEOVUÓCZMP
xQPTÓMJUPSHBOJDLÏQSPQPKFOÓPCPVULJDIUPJOTUJUVDÓB[ÈSPWFǞQPSBEOÓQSBWPNPDJ7âCPSV
SFHJPODzj
o[ÈǥÓ
x+FNJ[OÈNPäFWBÝÓNDÓMFNKFNJNPKJOÏ[LSÈUJUW[EÈMFOPTUNF[J#SVTFMFNBOBÝJNJ
PCǁBOZBQSÈWLJQSPTQMOLJOÓUPIPUPQPäBEBWLVNÈUFNJNPǥÈEOLJEPCSÏQPENÓOLZ;OÈUF
LPOLSÏUOÓSFBMJUVSFHJPODzNLJTUBPCDÓ0CǁBOÏWÈNTELJMVKÓTWÏPCBWZJTWÏOBELJKF7BÝF
[OBMPTUJB[LVÝFOPTUJPCPIBDVKÓEFCBUZWSÈNDJ&WSPQTLÏVOJF7[IMFEFNLUPNVäF
KTUFOZOÓ[ÓTLBMJWLJUÝÓNPäOPTUTQPMVWZUWÈǥFUQPMJUJLZ&WSPQTLÏVOJFKTFNQǥFTWLJEǁFO
PUPNäFKFCVEFUFTDIPQOJMÏQFWZTWLJUMPWBUBPCKBTǞPWBUj
1PMJUJDLÈUSJCVOB‰o
Q4"/5&3QżFETFEB&WSPQTLÏLPNJTF
QÓ86-'."5)*&407«FWSPQTLÈLPNJTBżLBPEQPWŞEOÈ[BSFHJPOÈMOÓQPMJUJLV
x1PEMFBUNPTGÏSZLUFSÈWMÈEOFOBUPNUPGØSVWJEÓNäF[EFKTFNWEPCSÏTQPMFǁOPTUJ
+JäOB[BǁÈULVÞOPSBQPäÈEBM7âCPSSFHJPODzWFTWÏNTUBOPWJTLVP[PIMFEOLJOÓTPDJÈMOÓDI
BSFHJPOÈMOÓDIBTQFLUDzJOGPSNBǁOÓTQPMFǁOPTUJB[EDzSB[OJMäFSP[WPKOPWâDIUFDIOPMPHJÓ
TTFCPVOFQǥJOÈÝÓKFOOBELJKJBMFUBLÏPCBWZ[OF[OÈNBÁLPMFNQPMJUJLZWÝBLKFCPKPWBU
QSPUJPCBWÈN[JOGPSNBDÓB[BKJTUJUSPWOPTUQǥÓMFäJUPTUÓWZQMâWBKÓDÓ[SPWOPNLJSOÏIP
QǥÓTUVQVLULJNUPJOGPSNBDÓNj
BBBW[WB&6
x%BMÝÓNIMBWOÓNDÓMFNSFHJPOÈMOÓQPMJUJLZKF[BCSÈOJUW[OJLVEWPVSZDIMPTUOÓTQPMFǁOPTUJ
7âCPS SFHJPODz WF TWÏN TUBOPWJTLV UâLBKÓDÓN TF "LǁOÓIP QMÈOV &WSPQTLÏ VOJF
PJOGPSNBǁOÓTQPMFǁOPTUJ[EDzSB[OJMäFOF[CZUOâNQǥFEQPLMBEFNTPDJÈMOÓTPVESäOPTUJ
KFHMPCÈMOÓ[ÈSVLBOBVOJWFS[ÈMOÓTMVäCZWSÈNDJ6OJFj
oMJTUPQBEV
Q8&45&/%031QżFETFEBTLVQJOZQSPQżÓQSBWV.F[JOÈSPEOÓLPOGFSFODF
1PMJUJDLÈUSJCVOB‰o
xÁǁBTUOÓNTFUPIPUPGØSBQSPUPäFTJEPWÝFDIEDzTMFELDzVWLJEPNVKJEDzMFäJUPTUWBÝFIP
PSHÈOVWNFDIBOJTNVJOTUJUVDÓ&WSPQTLÏVOJF;BTUVQVKFUF[ÈKNZPCDÓLUFSÏNBKÓ
[ÈTBEOÓWâ[OBNWäJWPULJOBÝJDIPCǁBODzBCVEPWÈOÓ&WSPQZ7âCPSSFHJPODzVNPäOÓ
OBÝFW[ÈKFNOÏQǥJCMJäPWÈOÓj
BBBW[WB&6
1PSBEOÓŘJOOPTU
7QSDzCLJIVQMFOÈSOÓDI[BTFEÈOÓWSPDFQǥJKBM7âCPSSFHJPODzTUBOPWJTFLOB
WZäÈEÈOÓ B TUBOPWJTFL [WMBTUOÓ JOJDJBUJWZ o DFMLFN TF KFEOBMP P EPLVNFOUDz
ÁŘBTUŘMFOƉ
ė
%BUVN
ÁŘBTUŘMFOƉ
1PŘFUŘMFOƉ
DFMLFN
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
ÁŘBTUŘMFOƉQPEMFKFEOPUMJWâDITUÈUƉ
#&
%,
%&
&-
&4
'3
*&
ÁDˆBTUSˆÈEOZDIDˆMFOV„
BBBW[WB&6
*5
-6
/-
"5
15
'*
4&
6, $FMLFN
ÁDˆBTUOÈISBEOÓLV„
1PMJUJDLÈUSJCVOB‰o
BBBW[WB&6
3PL
1żFETFEOJDUWÓ3BEZ
*UÈMJF*STLP
6%«-045*
9 7ZUWPǥFOÓDFMOÓVOJFNF[J&6B5VSFDLFN
9 ;BIÈKFOÓ.F[JWMÈEOÓLPOGFSFODF*($
W5VSÓOLJTDÓMFNOPWFMJ[PWBUTNMPVWZ
&WSPQTLÏVOJF
9 &WSPQTLÈLPOGFSFODFPSP[WPKJWFOLPWBWFNLJTULJ$PSL*STLP
9 ;BTFEÈOÓ&WSPQTLÏSBEZW%VCMJOVoTIPEBPSDz[OâDIFMFNFOUFDI[BWFEFOÓ
KFEOPUOÏNLJOZ
BBBW[WB&6
*($W5VSÓOLJ
;BTFEÈOÓ&WSPQTLÏSBEZW%VCMJOV
7âCPSSFHJPOƉQPMJUJDLÈUSJCVOB
0TPCOPTUJLUFSÏWZTUPVQJMZOBQMFOÈSOÓDI[BTFEÈOÓDI
7SPDF
oMFEOB
Q5$)&3/0''QSF[JEFOU,POHSFTVNÓTUOÓDIBSFHJPOÈMOÓDITBNPTQSÈW
1BO5DIFSOPĊTFWZTMPWJMQSP[WâÝFOÓLPPSEJOBDFNF[JPSHÈOFNLUFSÏNVQǥFETFEÈ
B7âCPSFNSFHJPODzUBUPLPPSEJOBDFCZNLJMBVNPäOJUQǥJNLJǥFOPVPDISBOV[ÈKNDz
NÓTUOÓBSFHJPOÈMOÓTBNPTQSÈWZ
QÓ86-'."5)*&407«FWSPQTLÈLPNJTBżLBPEQPWŞEOÈ[BSFHJPOÈMOÓQPMJUJLV
1BOÓ8VMG.BUIJFTPWÈWZKÈEǥJMBQǥÈOÓBCZ7âCPSQǥJTQLJMLVWFEFOÓFWSPQTLÏ
SFHJPOÈMOÓQPMJUJLZEPTMVäFCIPTQPEÈǥTLÏBTPDJÈMOÓTPVESäOPTUJBVESäJUFMOÏIP
SP[WPKFB[WâÝJMBUSBLUJWOPTU&WSPQTLÏVOJF1PEMFKFKÓIPOÈ[PSVCZNLJMPCâUWÝBL
QSJNÈSOÓNDÓMFNNÓTUOÓDIBSFHJPOÈMOÓDITBNPTQSÈW[BWFEFOÓQSPHSBNDzäJWPUOÓIP
QSPTUǥFEÓ
1PMJUJDLÈUSJCVOB‰o
Q$"7"-$)*/*TUÈMâQżFETUBWJUFM*UÈMJFQżJ&WSPQTLâDITQPMFŘFOTUWÓDI
1BO$BWBMDIJOJ[EDzSB[OJMWâ[OBNQPTÓMFOÓJOTUJUVUVFWSPQTLÏIPPCǁBOTUWÓBQSPIMÈTJM
äF7âCPSISBKFWUÏUPPCMBTUJWâ[OBNOPVÞMPIVUÓNäFQPEQPSVKFTCMJäPWÈOÓPCǁBODz
TFWSPQTLâNJJOTUJUVDFNJ
oCǥF[OB
Q41&$*"-&QżFETFEB,PNJTF&WSPQTLÏIPQBSMBNFOUVQSPSFHJPOÈMOÓQPMJUJLV
1BO4QFDJBMFQPELJLPWBM7âCPSVSFHJPODz[BKFIPJOJDJBUJWVBǁJOOPTUBQPEQPǥJMKFIP
TOBIVPTQPMFǁOÏBLUJWJUZ5BLPWâNWFMLâNTQPMFǁOâNDÓMFN&WSPQTLÏIPQBSMBNFOUV
FWSPQTLâDISFHJPODzNÓTUOÓDIPSHÈODzJ&WSPQTLÏVOJFKBLPDFMLVKFOBQǥÓLMBE
WZUWPǥFOÓUSBOTQBSFOUOLJKÝÓBEFNPLSBUJǁULJKÝÓ&WSPQTLÏVOJFLUFSÈTFWÓDFQǥJCMÓäÓ
PCǁBODzN
Q7&3%&*"-%&"NÓTUPQżFETFEB&WSPQTLÏIPQBSMBNFOUV
1BO7FSEFJ"MEFBWZKÈEǥJMTWÏQǥFTWLJEǁFOÓäF7âCPSSFHJPODzJ&WSPQTLâQBSMBNFOU
NBKÓ[ÈKFNOBQPLSPLV&WSPQTLÏVOJFBOBUPNBCZEPTÈIMBOPWâDISP[NLJSDzBäF
QSÈDF7âCPSVSFHJPODzJ&WSPQTLÏIPQBSMBNFOUVCZNLJMBTNLJǥPWBULUPNVUPDÓMJ
BBBW[WB&6
Q.03«/QżFETFEB*OTUJUVDJPOÈMOÓIPWâCPSV&WSPQTLÏIPQBSMBNFOUV
1BO.PSÈOQǥJQPNOLJMäF*OTUJUVDJPOÈMOÓWâCPS&WSPQTLÏIPQBSMBNFOUVWLJOVKF
NJNPǥÈEOPVQP[PSOPTU7âCPSVSFHJPODzOFCPǬTJVWLJEPNVKFäFQSPQPKFOÓPCǁBODz
BJOTUJUVDÓTF[WZÝVKFÞNLJSOLJUPNVKBLTF[JOUFO[JWǞVKÓW[UBIZNF[JSFHJPOÈMOÓNJ
BNÓTUOÓNJTBNPTQSÈWBNJB&WSPQTLPVVOJÓBTUÈWBKÓTFQMZOVMFKÝÓNJ7ZKÈEǥJMOÈ[PS
äFTVCTJEJBSJUBKFOBEWFÝLFSPVQPDIZCOPTUQP[JUJWOÓNBTQFLUFNFYJTUFODF&WSPQTLÏ
VOJFBQSJODJQFNLUFSâKFUǥFCBVQMBUǞPWBUJOBOJäÝÓOFäDFMPTUÈUOÓÞSPWOJ
oǁFSWOB
Q'"44*/0NJOJTUS[BISBOJŘOÓDIWŞDÓ*UÈMJF
1BO'BTTJOPWTPVWJTMPTUJTQPMJUJLPV[BNLJTUOBOPTUJQSPIMÈTJMäFTVCTJEJBSJUBKF
[ÈTBEOÓNQǥFEQPLMBEFNQPTÓMFOÓWÝFDIQPEPCEJBMPHVNF[JTPDJÈMOÓNJQBSUOFSZ
BWMÈEBNJ
Q'*4$)-&3FWSPQTLâLPNJTBżQSP[FNŞEŞMTUWÓBSP[WPKWFOLPWB
1BO'JTDIMFSWZKÈEǥJMOBELJKJOBQMPEOPVTQPMVQSÈDJT7âCPSFNSFHJPODzW[IMFEFN
LUPNVäF[FNLJELJMTUWÓTFUâLÈWÝFDISFHJPODz&WSPQZBäFTQPMFǁOÈ[FNLJELJMTLÈ
QPMJUJLBNVTÓ[PIMFEǞPWBUSDz[OPSPEPTU&WSPQTLÏVOJF
Q4"/5&3QżFETFEB&WSPQTLÏLPNJTF
-BEZ8*--*".407«CâWBMÈCSJUTLÈNJOJTUSZOŞQSÈDFBTPDJÈMOÓDIWŞDÓQżFETFELZOŞ4USBOZ
MJCFSÈMOÓDIEFNPLSBUƉWF4OŞNPWOŞMPSEƉ
-BEZ8JMMJBNTPWÈLUÏNBUVEPEBMBäFNÓTUOÓBSFHJPOÈMOÓTBNPTQSÈWZNPIPVEÓLZ
TWÏQSBLUJDLÏ[OBMPTUJEBOâDIPCMBTUÓQǥJTQLJULWZUWÈǥFOÓQSBDPWOÓDINÓTUTOJäÝÓNJ
OÈLMBEZOFäWMÈEZTUÈUDz
1PMJUJDLÈUSJCVOB‰o
1BO4BOUFSWZKÈEǥJMQPULJÝFOÓ[F[QSÈWZPUFSJUPSJÈMOÓDIQBLUFDI[BNLJTUOBOPTUJLUFSPV
QǥJKBMP4ISPNÈäELJOÓSFHJPODz&WSPQZBQSPIMÈTJMäFPǁFLÈWÈWFMNJBLUJWOÓQPEQPSV
7âCPSVSFHJPODzLUFSâTWâNJ[LVÝFOPTUNJPCPIBDVKFEFCBUZPQPMJUJDF&WSPQTLÏ
VOJFQǥJTQÓWÈLKFKJDIQPDIPQFOÓOBNÓTUOÓÞSPWOJBQǥJCMJäVKFUBL&WSPQTLPVVOJJ
KFKÓNPCǁBODzN
o[ÈǥÓ
Q%&-034CâWBMâQżFETFEB&WSPQTLÏLPNJTF
1BO%FMPST[EDzSB[OJMäFSFHJPOZBNÓTUOÓTBNPTQSÈWZCVEPVISÈU[ÈTBEOÓSPMJQǥJ
WZUWÈǥFOÓOPWÏIPNPEFMVSP[WPKFW[IMFEFNLUPNVäFSFHJPOÈMOÓ[BTUVQJUFMÏ
[QSBWJEMBCâWBKÓMÏQFJOGPSNPWÈOJPPNF[FOÓDIBNPäOPTUFDISP[WPKFOFä[BTUVQJUFMÏ
OBDFMPTUÈUOÓÞSPWOJ
BBBW[WB&6
Q.*5$)&--JSTLâNJOJTUSQSPFWSPQTLÏ[ÈMFäJUPTUJ
x%ÓLZW[ÈKFNOÏTQPMVQSÈDJTFOÈNQPEBǥJMPWZUWPǥJU6OJJKFKÓäWâ[OBNQǥFTBIVKF
Wâ[OBNKFKÓDIKFEOPUMJWâDITPVǁÈTUÓ5FDŽCZDIPNBMFOFNLJMJVTOPVUOBWBWǥÓOFDIBMF
QPLSBǁPWBUWUPNUPQSPDFTVWZUWÈǥFOÓFGFLUJWOLJKÝÓ&WSPQZKFKÓNäDÓMFNKFCMBIPOÈT
WÝFDIj
QÓ7&*-07«CâWBMÈQżFETFELZOŞ&WSPQTLÏIPQBSMBNFOUV
1BOÓ7FJMPWÈ[EDzSB[OJMBWâ[OBNNBYJNÈMOÓBOHBäPWBOPTUJSFHJPODzBNÓTUOÓDI
TBNPTQSÈWWQSPHSBNVSPWOâDIQǥÓMFäJUPTUÓNVäDzBäFOW[IMFEFNLUPNVäFQSP
ǥFÝFOÓLPOLSÏUOÓDITJUVBDÓKFOF[CZUOÏ[OÈUNÓTUOÓQPENÓOLZLUFSÏTFPETFCFǁBTUP
WFMNJMJÝÓ
oMJTUPQBEV
QÓ86-'."5)*&407«FWSPQTLÈLPNJTBżLBPEQPWŞEOÈ[BSFHJPOÈMOÓQPMJUJLV
1PMJUJDLÈUSJCVOB‰o
xMJTUPQBEVMPǞTLÏIPSPLVQǥJKBMB,PNJTF[QSÈWVPIPTQPEÈǥTLÏBTPDJÈMOÓTPVESäOPTUJ
+TFNWFMJDFSÈEBäFKJäEOFTUKQPVIâDIOLJLPMJLEOÓQPSP[IPEOVUÓ,PNJTFNPIVUVUP
[QSÈWVQǥFEMPäJU7âCPSVSFHJPODzLUFSâKJUBLPCESäÓKBLPQSWOÓQǥFEPTUBUOÓNJ
FWSPQTLâNJJOTUJUVDFNJj
BBBW[WB&6
1PSBEOÓŘJOOPTU
7QSDzCLJIVQMFOÈSOÓDI[BTFEÈOÓWSPDFQǥJKBM7âCPSSFHJPODzTUBOPWJTFLOB
WZäÈEÈOÓTUBOPWJTFL[WMBTUOÓJOJDJBUJWZBSDz[OÏEPLVNFOUZQSPIMÈÝFOÓ
VTOFTFOÓVKFEOÈOÓBQPE
oDFMLFNTFKFEOBMPPEPLVNFOUDz
ÁŘBTUŘMFOƉ
ė
%BUVN
ÁŘBTUŘMFOƉ
1PŘFUŘMFOƉ
DFMLFN
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
ÁŘBTUŘMFOƉQPEMFKFEOPUMJWâDITUÈUƉ
#&
%,
%&
&-
&4
'3
*&
ÁDˆBTUSˆÈEOZDIDˆMFOV„
BBBW[WB&6
*5
-6
/-
"5
15
'*
4&
6, $FMLFN
ÁDˆBTUOÈISBEOÓLV„
1PMJUJDLÈUSJCVOB‰o
BBBW[WB&6
3PL
1żFETFEOJDUWÓ3BEZ
/J[P[FNTLP-VDFNCVSTLP
6%«-045*
9 WâSPǁÓQPEQJTVƤÓNTLÏTNMPVWZ
9 4VNNJU&WSPQTLÏSBEZW"NTUFSPEBNVoTDIWÈMFOÓOÈWSIV"NTUFSPEBNTLÏ
TNMPVWZ
9 &WSPQTLÈLPNJTFQǥFEMPäJMBx"HFOEVj
9 .JNPǥÈEOÏ[BTFEÈOÓ;ÈQBEPFWSPQTLÏVOJF;&6
oQSPIMÈÝFOÓPKFKÓÞMP[F
BW[UB[ÓDIT&WSPQTLPVVOJÓ
9 1PEQJT"NTUFSPEBNTLÏTNMPVWZ
9 .F[JOÈSPEOÓLPOGFSFODFPLMJNBUJDLâDI[NLJOÈDIW,KØUV
"NTUFSPEBNTLÈTNMPVWB
BBBW[WB&6
7âCPSSFHJPOƉQPMJUJDLÈUSJCVOB
0TPCOPTUJLUFSÏWZTUPVQJMZOBQMFOÈSOÓDI[BTFEÈOÓDI
7SPDF
oMFEOB
Q4".1"*0QSF[JEFOU1PSUVHBMTLÏSFQVCMJLZBCâWBMâŘMFO7âCPSVSFHJPOƉ
x%OFTTFLUPNVUPWâKJNFǁOÏNVBVEJUPSJVPCSBDÓNTNJNPǥÈEOPVSBEPTUÓBQPIOVUÓN
OFIMFELJOBWâ[OBNOPVÞǁBTU7âCPSVSFHJPODzWQSPDFTVCVEPWÈOÓ&WSPQZBOBKFIP
QǥÓOPTLQSPIMVCPWÈOÓUPIPUPQSPDFTVBLQPTJMPWÈOÓOF[CZUOÏ[BJOUFSFTPWBOPTUJPCǁBODz
NOFLUÏUPJOTUJUVDJQPKÓ[WMÈÝUOÓQPVUBBW[QPNÓOLZ[OFEÈWOÏNJOVMPTUJLUFSÏ
OFNPIPVWZNB[BUBOJOPWÏGVOLDFLUFSÏWZLPOÈWÈNEOFTy
j
x%PCBQPLUFSPVKTFNQSBDPWBMWF7âCPSVBNPKFÞǁBTUWKFIPQSWOÓNWFEFOÓOB
LUFSPVKTFNISEâWFNOLJ[BOFDIBMZOFTNB[BUFMOPVTUPQVBOF[WSBUOLJNOFQǥFTWLJEǁJMZ
POF[BTUVQJUFMOÏGVOLDJ7âCPSVQǥJSP[ÝJǥPWÈOÓB[FGFLUJWǞPWÈOÓOBÝFIPTQPMFǁOÏIP
QSPKFLUVBUPKBLWTPVǁBTOPTUJUBLWCVEPVDOPTUJj
1PMJUJDLÈUSJCVOB‰o
Q'*4$)-&3ŘMFO&WSPQTLÏLPNJTFQPWŞżFOâ[FNŞEŞMTUWÓNBSP[WPKFNWFOLPWB
1BO'JTDIMFSWZKÈEǥJMTWÏ[OFQPLPKFOÓOBEPEDIPEFNQSBDPWOÓDITJM[WFOLPWB
LOLJNVäWTPVǁBTOÏEPCLJCPIVäFMWFTUÈUFDI&6EPDIÈ[Ó1BO'JTDIMFSQSPIMÈTJMäF
WTPVǁBTOÏEPCLJFYJTUVKFQǥJCMJäOLJQSPHSBNDzVSǁFOâDILQPEQPǥF[FNLJELJMTLâDI
PCMBTUÓ[FKNÏOBGPSNPVQPEQPSZEJWFS[JmLBDFFLPOPNJDLâDIBLUJWJUWUPNUPTFLUPSV
7ZKÈEǥJMSPWOLJäQPULJÝFOÓOBETCMJäPWÈOÓN,PNJTFB7âCPSVSFHJPODzLUFSâWZQSBDPWBM
OLJLPMJLTUBOPWJTFLPSP[WPKJWFOLPWB
Q03&+"ŘMFO&WSPQTLÏIPWâCPSVQSPJOTUJUVDJPOÈMOÓ[ÈMFäJUPTUJQżÓQSBWV*($BJOGPSNPWBOPTUPCŘBOƉ
1BO0SFKBQǥJTWÏNWZTUPVQFOÓTF[OÈNJM7âCPSSFHJPODzTJOGPSNBǁOÓLBNQBOÓ
&WSPQTLÏVOJFPOPWâDILPNVOJLBǁOÓDIUFDIOPMPHJÓDIBQǥJQPNOLJMäFJOGPSNPWBOPTU
PCǁBODzKF[ÈLMBEFNFWSPQTLÏEFNPLSBDJF
oCǥF[OB
Q%&)"&/&CFMHJDLâNJOJTUFSTLâQǥFETFEBLUFSâCZMOBUPUPQMFOÈSOÓ[BTFEÈOÓ
QP[WÈOTFTPIMFEFNOBTWÏQPWJOOPTUJOFNPIMEPTUBWJU
1ǥFEWZQSBDPWÈOÓNTUBOPWJTFLCZMBQSPNÓUOVUBWJEFPLB[FUBUJTLPWÏIPPEELJMFOÓ
P7âCPSVSFHJPODz%PQSPHSBNV[BTFEÈOÓCZMSPWOLJäQǥJEÈOKFEFOCPEBCZCZMPNPäOÏ
BBBW[WB&6
QSPKFEOBU[BQPKFOÓǁMFODz7âCPSVSFHJPODzEPQSBDÓOBWSDIPMOÏTDIDz[DFFWSPQTLâDI
SFHJPODzBNLJTULUFSÈTFNLJMBLPOBUBLWLJUOBW"NTUFSPEBNV
#ZMEPQMOLJOBQǥJKBUOÈWSIQǥFECLJäOÏIPWâLB[V[JTLDzB[USÈU[BSPLLUFSâCZM
QǥFENLJUFNäJWÏEFCBUZKJäQǥJWǁFSFKÝÓTDIDz[JQǥFETFEOJDUWB
oǁFSWOB
QÓ86-'."5)*&407«FWSPQTLÈLPNJTBżLBPEQPWŞEOÈ[BSFHJPOÈMOÓQPMJUJLV
1BOÓ8VMG.BUIJFTPWÈ[EDzSB[OJMBäFSP[WPKNLJTUTLâDIDFMLDz[ÈWJTÓOBJOUFHSBDJ
SDz[OâDIQPMJUJLoUKFLPOPNJDLÏTPDJÈMOÓBLVMUVSOÓoUâLBKÓDÓDITFULJDIUPDFMLDz+F
UǥFCBSPWOLJäTKFEOPUJUQPTUVQKFEOPUMJWâDIǁJOJUFMDzOBMPLÈMOÓSFHJPOÈMOÓDFMPTUÈUOÓ
J FWSPQTLÏ ÞSPWOJ 1SPIMÈTJMB äF ,PNJTF NÈ [ÈKFN P QSPIMPVCFOÓ EFCBUZ
PCVEPVDOPTUJNLJTUBOBUPNBCZTF7âCPSSFHJPODzWUÏUPEFCBULJTJMOLJBOHBäPWBM
o[ÈǥÓ
Q4"."3"/$)QżFETFEB.F[JOÈSPEOÓIPPMZNQJKTLÏIPWâCPSV
x+NÏOFNPMZNQJKTLÏIPIOVUÓCZDISÈEQPELJLPWBMPSHBOJ[ÈUPSDzNUPIPUPGØSB[BUPäF
WLJOPWBMJKFEOP[FTWâDIQMFOÈSOÓDI[BTFEÈOÓOF[BTUVQJUFMOÏSPMJTQPSUVQǥJQPTJMPWÈOÓ
JEFOUJUZBSP[WPKFSFHJPODzBNLJTU&WSPQZj
oMJTUPQBEV
Q(*4$"3%%&45"*/(QżFETFEB$&.3CâWBMâQSF[JEFOU'SBODPV[TLÏSFQVCMJLZBŘMFO7âCPSVSFHJPOƉ
x1ǥFEFWÝÓNKFOVUOÏTF[NÓOJUPOFQPDIZCOÏNGBLUVäFWTPVǁBTOÏEPCLJKFOVUOP
VTQPLPKJWLJKJSP[WÓKFUQBSUOFSTUWÓNF[JÞ[FNOÓNJTBNPTQSÈWBNJ,PNJTÓBǁMFOTLâNJ
TUÈUZ&65PUPQBSUOFSTUWÓTJDFGVOHVKFBMFCZMPCZKFKJTULJNPäOÏKFÝULJ[LWBMJUOJU[FKNÏOB
WF TNZTMV EǥÓWLJKÝÓDI [ÈTBIDz UK OFKFO QǥJ SFBMJ[BDJ KFEOPUMJWâDI PQFSBDÓ BMF KJä
WQǥÓQSBWOÏGÈ[JOÈWSIDzBWZKFEOÈWÈOÓj
Q4"/5&3QżFETFEB&WSPQTLÏLPNJTF
x7TPVǁBTOÏEPCLJLEZ[BWÈEÓNFJOUFHSPWBOPVFWSPQTLPVTUSBUFHJJ[BNLJTUOBOPTUJCZDI
SÈEQPVäJMQǥÓOPTMPLÈMOÓIPSP[NLJSVQSPUVUPTUSBUFHJJKBLPBSHVNFOULUPNVBCZTUF
,PNJTJKFÝULJWÓDFQPNÈIBMJLPOLSFUJ[PWBUUFOUPOFVTUÈMâQSPCMÏN[BKJÝULJOÓLPIFSFODF
QPMJUJL&WSPQTLÏVOJF7äEZǬQSÈWLJWZKTUFQMBUGPSNPVOBOÓäCZTFNLJMZWZUWÈǥFUÞWBIZ
BBBW[WB&6
1PMJUJDLÈUSJCVOB‰o
1BO4BNBSBODISPWOLJäWZKÈEǥJMQPULJÝFOÓOBEV[OÈOÓNTQPMFǁFOTLÏÞMPIZTQPSUV
WOÈWSIV"NTUFSPEBNTLÏTNMPVWZ[FKNÏOBQPLVETFKFEOÈPW[ELJMÈWÈOÓJEFOUJUV
BTKFEOPDPWÈOÓOÈSPEDz;EDzSB[OJMäF&WSPQBEÓLZTWâN[ESPKDzNBEÓLZSDz[OPSPEPTUJ
TWâDITUÈUDzBSFHJPODzTUÈMBV[SPEVOFKWâ[OBNOLJKÝÓDILVMUVSOÓDIWLJEFDLâDI
BQPMJUJDLâDIIOVUÓWIJTUPSJJMJETUWB
BOÈWSIZVNPäǞVKÓDÓ[WâÝJUUFSJUPSJÈMOÓQSPWÈ[BOPTUKFEOÈOÓTQPKFOâDITJM6OJFKBLKTUF
UPEPLB[PWBMJKJäPEEPCZ[BWFEFOÓ5FSJUPSJÈMOÓDIQBLUDz.ÈUFSP[TÈIMÏ[LVÝFOPTUJBMF
UBLÏPCSPWTLPV[PEQPWLJEOPTUj
QÓ86-'."5)*&407«ŘMFOLB&WSPQTLÏLPNJTF
x+JäQǥJǥBELJQǥÓMFäJUPTUÓOBQǥÓLMBEOBEVCOPWÏN'ØSVTPVESäOPTUJTFQǥFETUBWJUFMÏ
7âCPSVSFHJPODzJOUFO[ÓWOLJ[BCâWBMJÞWBIBNJPSFGPSNLJ4USVLUVSÈMOÓDIGPOEDzBWBÝF
LPNJTFWTPVǁBTOÏEPCLJUFOUPQǥÓOPTKFÝULJSP[ÝÓǥJMBEÓLZTUBOPWJTLVQÈODz.BOVFMB
'SBHB*3*#"3/&B3FNCFSUB#&)3&/%5"j
x+TFNQǥFTWLJEǁFOBPUPNäFTUSVLUVSÈMOÓQPMJUJLBTF[LWBMJUOÓQPLVEKFKÓSFHJPOÈMOÓ
BMPLÈMOÓÞǁBTUOÓDJCVEPVNÓUWFMLPVÞMPIVWLPODFQDJQSPHSBNDzKFKJDIQSPWÈELJOÓ
BWZIPEOPDPWÈOÓKFKJDILWBMJUZj
Q'*4$)-&3ŘMFO&WSPQTLÏLPNJTF
1PMJUJDLÈUSJCVOB‰o
x3ÈECZDIWZVäJMUÏUPQǥÓMFäJUPTUJBQPELJLPWBMWÈN[BWÈÝLPOTUSVLUJWOÓQǥÓOPTLEFCBULJ
PCVEPVDÓNSP[WPKJTQPMFǁOÏ[FNLJELJMTLÏQPMJUJLZBQPMJUJLZSP[WPKFWFOLPWBj
BBBW[WB&6
1PSBEOÓŘJOOPTU
7QSDzCLJIVQMFOÈSOÓDI[BTFEÈOÓWSPDFQǥJKBM7âCPSSFHJPODzTUBOPWJTFLOB
WZäÈEÈOÓTUBOPWJTFL[WMBTUOÓJOJDJBUJWZBSDz[OâDIEPLVNFOUDzQSPIMÈÝFOÓ
VTOFTFOÓVKFEOÈOÓBQPE
oDFMLFNTFKFEOBMPPEPLVNFOUDz
ÁŘBTUŘMFOƉ
ė
%BUVN
ÁŘBTUŘMFOƉ
1PŘFUŘMFOƉ
DFMLFN
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
ÁŘBTUŘMFOƉQPEMFKFEOPUMJWâDITUÈUƉ
#&
%,
%&
&-
&4
'3
*&
ÁDˆBTUSˆÈEOZDIDˆMFOV„
BBBW[WB&6
*5
-6
/-
"5
15
'*
4&
6, $FMLFN
ÁDˆBTUOÈISBEOÓLV„
1PMJUJDLÈUSJCVOB‰o
BBBW[WB&6
3PL
1żFETFEOJDUWÓ3BEZ
7FMLÈ#SJUÈOJF3BLPVTLP
6%«-045*
9 3P[IPEOVUÓNJNPǥÈEOÏIP[BTFEÈOÓ3BEZPUPNäFǁMFOTLâDITUÈUDzTQMOJMP
QPENÓOLZLPOWFSHFODFVNPäǞVKÓDÓ[BWFEFOÓKFEOPUOÏNLJOZoFVSB
9 3BEB TUBOPWJMB QFWOÏ B OFPEWPMBUFMOÏ TNLJOPWÏ LVSTZ OÈSPEOÓDI NLJO
ǁMFOTLâDITUÈUDzFVSP[ØOZ
9 ;BMPäFOÓ&WSPQTLÏDFOUSÈMOÓCBOLZ&$#
9 7TUVQVKFWQMBUOPTUÁNMVWBP[ǥÓ[FOÓ&VSPQPMV&WSPQTLÏIPQPMJDFKOÓIPÞǥBEV
WSÈNDJQSPTUPSVTWPCPEZCF[QFǁOPTUJBQSÈWB
BBBW[WB&6
8JMMFN%VJTFOCFSH
4ÓEMP&$#
7âCPSSFHJPOƉQPMJUJDLÈUSJCVOB
0TPCOPTUJLUFSÏWZTUPVQJMZOBQMFOÈSOÓDI[BTFEÈOÓDI
7SPDF
oÞOPSB
QÓ86-'."5)*&407«ŘMFOLB&WSPQTLÏLPNJTFQSPPUÈ[LZSFHJPOÈMOÓQPMJUJLZW[UBIZT7âCPSFN
SFHJPOƉB'POEFNTPVESäOPTUJ
x7âCPSSFHJPODzKFWâ[OBNOâNTQPKFODFN&WSPQTLÏLPNJTFQǥJQǥJCMJäPWÈOÓFWSPQTLÏ
QPMJUJLZOBÝJNPCǁBODzNjy
x3BUJmLBDF"NTUFSPEBNTLÏTNMPVWZQPTÓMJMBÞMPIV
7âCPSVSFHJPODz1PLVETFCVEFTUSVLUVSB7âCPSVSFHJPODzQPOPWÏNPCEPCÓWZWÓKFU
QǥÓ[OJWLJ[WâÝÓUPWMJW7âCPSVKBLPSPMFOF[CZUOÏIPQSPTUǥFEOÓLBNF[J#SVTFMFNBNLJTUZ
BSFHJPOZ6OJF.PIVWÈTKNÏOFN,PNJTFVKJTUJUäFWCVEPVDOVIPEMÈNFJOBEÈMF
WZVäÓWBUWBÝJDIPECPSOâDIOÈ[PSDzQǥJTQPMFǁOÏNCVEPWÈOÓSP[ÝÓǥFOÏ6OJFLUFSÈCVEF
[ÈSPWFǞTPVULJäJWÈJTPMJEÈSOÓj
oCǥF[OB
1PMJUJDLÈUSJCVOB‰o
-PSE8)*55:CSJUTLâNJOJTUSTF[WMÈÝUOÓPEQPWŞEOPTUÓ[BCSJUTLÏQżFETFEOJDUWÓ&6QPWŞżFOâW[UBIZ
T&WSPQTLâNQBSMBNFOUFN3PWOŞäWMÈEOÓNMVWŘÓWF4OŞNPWOŞMPSEƉWSPDFQSPFWSPQTLÏPUÈ[LZ
NF[JOÈSPEOÓSP[WPK[BISBOJŘOÓ[ÈMFäJUPTUJB[ÈMFäJUPTUJ$PNNPOXFBMUIVW[EŞMÈWÈOÓB[BNŞTUOBOPTU
x1ǥFKFNFTJWZUWPǥJU&WSPQVLUFSÈCVEFNÓUCMÓäFLMJEFN$IDFNF&WSPQVÞǁJOOLJKÝÓ
BTQSBWFEMJWLJKÝÓ$IDFNF&WSPQVLUFSÈLMBEFEDzSB[OBǥFÝFOÓTPVǁBTOâDIJCVEPVDÓDI
QSPCMÏNDzTWâDIPCǁBODz,EPTBäFOÓUPIPUPDÓMFWÝBLNVTÓNF[BKJTUJUTPVǁJOOPTUJOTUJUVDÓ
6OJFBKFKÓDIPCZWBUFMBWUPNUPPIMFEVTQPMÏIÈNFOBWBÝJQPNPDj
x"CTPMVUOÓQSJPSJUPVCSJUTLÏIPQǥFETFEOJDUWÓKFQǥJTQLJULWZUWPǥFOÓ&WSPQZQSPWÝFDIOZ
PCǁBOZBVNPäOJUULJNUPPCǁBODzNBCZTFEÓLZ[ÈTBIDzN&WSPQTLÏVOJFDÓUJMJÞTQLJÝOLJKÝÓ
CF[QFǁOLJKÝÓBTWPCPEOLJKÝÓj
oLWLJUOB
Q13&4$055CSJUTLâWJDFQSFNJÏSBNJOJTUSäJWPUOÓIPQSPTUżFEÓEPQSBWZBSFHJPOƉ
x+JäEMPVIPKTFN[BTUÈODFNOÈ[PSVäFFWSPQTLÏSFHJPOZWäEZDLZISÈMZW&WSPQLJ[ÈTBEOÓ
SPMJj
BBBW[WB&6
QÓ86-'."5)*&407«ŘMFOLB&WSPQTLÏLPNJTFQSPPUÈ[LZSFHJPOÈMOÓQPMJUJLZW[UBIZT7âCPSFN
SFHJPOƉB'POEFNTPVESäOPTUJ
x4QPULJÝFOÓNLPOTUBUVKJäF7âCPSSFHJPODzWFTWÏNOPWÏNNBOEÈUVTWFMLâNOBTB[FOÓN
KFEOÈPWâ[OBNOÏNCBMÓǁLVSFGPSFNLUFSâKFTPVǁÈTUÓ"HFOEZj
oǁFSWFODF
Q+&/,*/4QSF[JEFOU)PTQPEÈżTLÏIPBTPDJÈMOÓIPWâCPSV
x7äEZ KTFN TJ WÈäJM PUFWǥFOÏIP B WTUǥÓDOÏIP QǥÓTUVQV WBÝFIP QǥFETFEZ QBOB
%BNNFZFSBBEPNOÓWÈNTFäFKTNFWZUWPǥJMJQFWOâQǥÈUFMTLâTWB[FLLUFSâPCTUPKÓ
JWULJDIOFKULJäÝÓDI[LPVÝLÈDILUFSâNNDzäFNF[FKNÏOBWEDzTMFELVQDzTPCFOÓWOLJKÝÓDI
GBLUPSDzCâUOVDFOJǁFMJUj
QÓ'&33&308"-%/&307«TQPMLPWÈNJOJTUSZOŞ[BISBOJŘOÓDIWŞDÓ3BLPVTLÏSFQVCMJLZ
x7SÈNDJULJDIUPSP[IPEOVUÓQPUǥFCVKF&WSPQBTQPMVQSÈDJTWâDINLJTUPCDÓBSFHJPODz
KBLPIOBDÓDITJMKFKJDIäÞLPMFNCVEFQǥJOÈÝFUOÈQBEZBJOJDJBUJWZ%PVGÈNFäFQSÈWLJ
WBÝFTISPNÈäELJOÓQǥJTQLJKFTWâNEÓMFNLWZQSBDPWÈOÓLPOLSÏUOÓDIOÈWSIDzj
Q'*4$)-&3ŘMFO&WSPQTLÏLPNJTFQPWŞżFOâ[FNŞEŞMTUWÓNBSP[WPKFNWFOLPWB
x)OFEOB[BǁÈULVCZDISÈE[EDzSB[OJMäFSP[NBOJUPTU&WSPQZOFQPWBäVKJ[BQǥFLÈäLV
KFKÓÞTQLJÝOÏJOUFHSBDFBMFQSÈWLJOBPQBL[BPCSPWTLÏCPIBUTUWÓLUFSÏCZDIPNSÈEJ
[BDIPWBMJB[IPEOPUJMJj
o[ÈǥÓ
x,WZEÈOÓQSWOÓIPTUBOPWJTLBWMJTUPQBEVLUFSÏTFWZ[OBǁPWBMPNJNPǥÈEOPV
LWBMJUPVEPÝMPQPEMPVIPEPCâDIBQFǁMJWâDIÞWBIÈDI7TPVǁBTOÏEPCLJQSPCÓIBKÓ
JOUFO[ÓWOÓKFEOÈOÓPEPQPSVǁFOÓWÝFPCFDOÏLPODFQDF4USVLUVSÈMOÓDIGPOEDz/ÈWSI
[QSÈWZQÈODz'SBHZB#FISFOEUBBǥBEBQP[NLJǞPWBDÓDIOÈWSIDzKTPVEDzLB[FNUPIP
äF7âCPSSFHJPODzUÏNLJǥWZǁFSQÈWBKÓDÓN[QDzTPCFNPCTÈIMWÝFDIOZBTQFLUZFWSPQTLÏ
EFCBUZPSFGPSNLJ3ÈEBCZDIWÈN[BUVUPNJNPǥÈEOPVBOHBäPWBOPTUWPCMBTUJFWSPQTLÏ
TUSVLUVSÈMOÓQPMJUJLZQPELJLPWBMBj
x7OÈTMFEVKÓDÓDINLJTÓDÓDITUPKÓQǥFE3BLPVTLFNKBLPQǥFETFEBKÓDÓ[FNÓ7âCPSVSFHJPODz
OFMFILâÞLPMQPEQPSPWBUÞǁBTUOÓLZWÓEFǞTLÏIPTVNNJUVQǥJKFEOÈOÓPSFGPSNLJ
4USVLUVSÈMOÓDIGPOEDzBEPTÈIOPVUTIPEZPIMBWOÓDICPEFDIUÏUPSFGPSNZ/BÝÓN
TQPMFǁOâNQǥÈOÓNKFBCZJOUFO[ÓWOÓSP[IPWPSZLUFSÏPULJDIUP[ÈMFäJUPTUFDIQPWFEFUF
JWBÝFTUBOPWJTLPQǥJTQLJMZLQPEQPǥFOFMFILÏIPSP[IPEPWBDÓIPQSPDFTVWSÈNDJ
3BEZj
BBBW[WB&6
1PMJUJDLÈUSJCVOB‰o
QÓ86-'."5)*&407«ŘMFOLB&WSPQTLÏLPNJTFQSPPUÈ[LZSFHJPOÈMOÓQPMJUJLZW[UBIZT7âCPSFN
SFHJPOƉB'POEFNTPVESäOPTUJ
oMJTUPQBEV
Q'MZOOŘMFO&WSPQTLÏLPNJTFPEQPWŞEOâ[B[BNŞTUOBOPTUBTPDJÈMOÓQPMJUJLV
1PMJUJDLÈUSJCVOB‰o
x7ÓNKBLDFOOÏQSPOÈTNDzäFCâUQSPIMPVCFOÓTQPMVQSÈDFTWÈNJBTWBÝJNJLPMFHZ
[$&.3OBFWSPQTLÏNGØSVJTQPMFǁOÏÞTJMÓP[BKJÝULJOÓWBÝFIPQǥÓOPTVLFTUSBUFHJJ
[BNLJTUOBOPTUJj
BBBW[WB&6
1PSBEOÓŘJOOPTU
7QSDzCLJIVQMFOÈSOÓDI[BTFEÈOÓWSPDFQǥJKBM7âCPSSFHJPODzTUBOPWJTFLOB
WZäÈEÈOÓTUBOPWJTFL[WMBTUOÓJOJDJBUJWZBSDz[OÏEPLVNFOUZQSPIMÈÝFOÓ
VTOFTFOÓVKFEOÈOÓBQPE
oDFMLFNTFKFEOBMPPEPLVNFOUDz
ÁŘBTUŘMFOƉ
ė
%BUVN
ÁŘBTUŘMFOƉ
1PŘFUŘMFOƉ
DFMLFN
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
ÁŘBTUŘMFOƉQPEMFKFEOPUMJWâDITUÈUƉ
1PMJUJDLÈUSJCVOB‰o
#&
%,
%&
&-
&4
'3
*&
ÁDˆBTUSˆÈEOZDIDˆMFOV„
BBBW[WB&6
*5
-6
/-
"5
15
'*
4&
6, $FMLFN
ÁDˆBTUOÈISBEOÓLV„
BBBW[WB&6
3PL
1żFETFEOJDUWÓ3BEZ
/ŞNFDLP'JOTLP
6%«-045*
9 0mDJÈMOÓ[BWFEFOÓFVSB
9 +NFOPWÈOÓQ1SPEJIPOPWâNQǥFETFEPV&WSPQTLÏLPNJTF
9 7TUVQVKFWQMBUOPTU"NTUFSPEBNTLÈTNMPVWB
9 ;BTFEÈOÓ&WSPQTLÏSBEZW,PMÓOLJOBE3âOFNoQ4PMBOBKNFOPWÈOWZTPLâN
[NPDOLJODFN QSP 4QPMFǁOPV [BISBOJǁOÓ B CF[QFǁOPTUOÓ QPMJUJLV 4;#1
BHFOFSÈMOÓNUBKFNOÓLFN&WSPQTLÏSBEZ
9 ;BMPäFOÓ&WSPQTLÏIPÞǥBEVQSPCPKQSPUJQPEWPEDzN0-"'
oQSPCPKQSPUJ
QPEWPEDzNQPÝLP[VKÓDÓNSP[QPǁFU&6
BBBW[WB&6
3PNBOP1SPEJ
+BWJFS4PMBOB
7âCPSSFHJPOƉQPMJUJDLÈUSJCVOB
0TPCOPTUJLUFSÏWZTUPVQJMZOBQMFOÈSOÓDI[BTFEÈOÓDI
7SPDF
oMFEOB
-PSE.&/6)*/QSF[JEFOUOBEBDF:&)6%*.&/6)*/"
x;EFW#SVTFMV[BäÓWÈNFNJNPǥÈEOâQPDJU[QǥÓUPNOPTUJTUÈUOÓLDzLUFǥÓKEPVTBNJ
QǥÓLMBEFNBOBWB[VKÓOBQǥÓLMBEOÏKFEOÈOÓ[BLMBEBUFMDzDFMÏIPOBÝFIPIOVUÓ+FOEÓLZ
TLVUFǁOÏÞDULJLCMJäOÓNVKFNPDOÏǥFǁJÝULJOÈSPEBTDIPQOPQǥJKNPVUPNF[FOÓWMBTUOÓDI
BNCJDBUVUPTLVUFǁOPTUCZNLJMQPDIPQJULBäEâ[OÈTBNLJMZCZKJBLDFQUPWBUWÝFDIOZ
SFHJPOZBJOTUJUVDFBCZDÓMFNKFKJDITNLJǥPWÈOÓOFCZMBKFOUPVIBOFVTUÈMFSDzTUCVEPWBU
TUÈMFWLJUÝÓQSPKFLUZ[BWÈELJUTUÈMFWLJUÝÓSP[QPǁUZBǥÓEJUTUÈMFWÓDFPCMBTUÓ.VTÓNFTF
OBVǁJUQLJTUPWBUTQÓÝFvIBQQJOFTTiOFävQMFBTVSFiQSPUPäFQSÈWLJVTQPLPKFOÓ[FW[ÈKFNOPTUJ
B [ LWBMJUZ äJWPUB LUFSPV NÈNF KF ǁBTUP IPEOPUOLJKÝÓ OFä TOBIB EPTÈIOPVU
NBYJNBMJTUJDLâDIDÓMDz[BDFOVPCSPWTLâDIOÈLMBEDzB[BEMVäFOÓj
1PMJUJDLÈUSJCVOB‰o
Q7&3)&6(&/OÈNŞTUFLOŞNFDLÏIPNJOJTUSB[BISBOJŘOÓDIWŞDÓ
BBBW[WB&6
x%ÈNZBQÈOPWÏQǥFETFEOJDUWPNÈ[ÈKFNPTQPMVQSÈDJT7âCPSFNSFHJPODz[BMPäFOPV
OBW[ÈKFNOÏEDzWLJǥF4QPMLPWÈSFQVCMJLB/LJNFDLPTJWÈäÓWBÝJDITUBOPWJTFLoKBLPTUÈUV
TGFEFSÈMOÓTUSVLUVSPVKÓOFKFOOFǁJOÓQPUÓäFBLDFQUPWBUQPMJUJDLPVÞMPIVSFHJPODzBMF
IPEMÈKJQPEQPSPWBUBWUPNUPEVDIVUBLÏCVEFWQSDzCLJIVTWÏIPQǥFETFEOJDUWÓ
PSHBOJ[PWBUTQPMVQSÈDJTWBÝÓN7âCPSFNj
oCǥF[OB
QÓ86-'."5)*&407«ŘMFOLB&WSPQTLÏLPNJTFQSPPUÈ[LZSFHJPOÈMOÓQPMJUJLZW[UBIZT7âCPSFN
SFHJPOƉB'POEFNTPVESäOPTUJ
x1SÈWLJ[UPIPUPEDzWPEVKFOVUOÏ[JOUFO[ÓWOJUTQPMVQSÈDJ[FKNÏOBWPCMBTUJSFHJPOÈMOÓIP
SP[WPKFNLJTUBWFOLPWBBCZDIPNUBL[BCSÈOJMJWZMJEǞPWÈOÓWFOLPWB[MFQÝJMJKFIP
FLPOPNJDLPV QFSTQFLUJWV B QPEQPSPWBMJ KFIP WZWÈäFOâ SP[WPK /FTUBǁÓ KFO WÏTU
J[PMPWBOPVQPMJUJLVQSP[FNLJELJMTLÏPCMBTUJoQǥJ[BWÈELJOÓTUSVLUVSÈMOÓDIPQBUǥFOÓKF
OVUOÏCSÈUPIMFESPWOLJäOBW[ÈKFNOPV[ÈWJTMPTUSP[WPKFWFOLPWBBNLJTU7[IMFEFN
LWFMLÏNVWâ[OBNVNLJTUQSPFLPOPNJDLâQPMJUJDLâBLVMUVSOÓSP[WPK&WSPQTLÏVOJFKF
EOFTWÓDFOFäLEZKJOEZUǥFCBVWLJEPNPWBUTJÞMPIVNLJTUWSFHJPOÈMOÓQPMJUJDFBLMÈTU
WLJUÝÓEDzSB[OBKFKJDIJOUFHSBDJj
Q4"/5&3QżFETFEB&WSPQTLÏLPNJTF
xy
3ÈECZDI[EDzSB[OJMKBLWFMJLâWâ[OBNQǥJLMÈEÈNÞMP[FSFHJPODzW&WSPQTLÏVOJJ
[FKNÏOBWPCMBTUJ[BWÈELJOÓBWZTWLJUMPWÈOÓ[ÈLPODz&WSPQTLÏVOJF1SÈWLJOBWBÝÓÞSPWOJ
OBCâWÈQPKFNTVCTJEJBSJUBTWÏIPQSBWÏIPWâ[OBNVj
oǁFSWOB
QÓ86-'."5)*&407«ŘMFOLB&WSPQTLÏLPNJTFQSPPUÈ[LZSFHJPOÈMOÓQPMJUJLZW[UBIZT7âCPSFN
SFHJPOƉB'POEFNTPVESäOPTUJ
x%OFÝOÓNB[ÓUǥFKÝÓNKFEOÈOÓN7âCPSVSFHJPODzTFV[BWǥFDZLMVTWZKFEOÈWÈOÓP"HFOELJ
*OUFO[ÓWOLJKTNFTQPMVQSBDPWBMJ[FKNÏOBOBSFGPSNLJTUSVLUVSÈMOÓQPMJUJLZPE
QSWOÓDIOÈWSIDzWEVCOVBäQPVTQPǥÈEÈOÓ'ØSBTPVESäOPTUJ+FUFEZMPHJDLÏäF
OBSFBMJ[BDJSFGPSNOÓIPÞTJMÓNLJMWâ[OBNOâQPEÓMQSÈWLJ7âCPSSFHJPODzQSPUPäF
TVCTJEJBSJUBTFVUWÈǥÓWSÈNDJFWSPQTLÏSFHJPOÈMOÓQPMJUJLZ1SÈWLJWUÏUPPCMBTUJCZMZQSP
OÈTOF[CZUOÏWBÝF[LVÝFOPTUJBTDIPQOPTUJ7FMLÈǥBEBWBÝJDIQǥJQPNÓOFLWUÏUPPCMBTUJ
KJäCZMB[BǁMFOLJOBEPOÈWSIDzEPLVNFOUDz,PNJTFj
x7ZOJLBKÓDÓDIWâTMFELDzKTUFWÝBLEPTÈIMJJWMFHJTMBUJWOÓNQSPDFTVQSPUPäF7âCPSSFHJPODz
CZMQSWOÓJOTUJUVDÓLUFSÈ[BVKBMBVDFMFOâQPTUPKLSFGPSNLJ4USVLUVSÈMOÓDIGPOEDzj
o[ÈǥÓ
Q4"4*mOTLâNJOJTUS[BISBOJŘOÓIPPCDIPEV
oMJTUPQBEV
Q'3*&%."//ŘMFO&WSPQTLÏIPÞŘFUOÓIPEWPSB
x+TFNWFMJDFSÈEäFFYJTUVKF7âCPSSFHJPODzQSPUPäFWZWSBDÓQǥFETUBWVǥBEZOBÝJDI
PCǁBODzPCVEPWÈOÓDFOUSBMJTUJDLÏBBOPOZNOÓ&WSPQZj
BBBW[WB&6
1PMJUJDLÈUSJCVOB‰o
x3ÈECZDIWÈNQPELJLPWBM[BUPäFKTUFNJVNPäOJMJQSPNMVWJULWÈNVQǥÓMFäJUPTUJ
QSWOÓIPQMFOÈSOÓIP[BTFEÈOÓ7âCPSVSFHJPODzWEPCLJQǥFETFEOJDUWÓ'JOTLB1PDIÈ[ÓN
[F[FNLJLUFSÈNÈEMPVIPMFUPVUSBEJDJWCVEPWÈOÓSP[WJOVUÏIPTZTUÏNVPCDÓPCDF
QǥFKÓNBKÓWFMLPVǁÈTUPEQPWLJEOPTUJBNBKÓWFMLÏQSBWPNPDJ[FKNÏOBWPCMBTUJ
PSHBOJ[BDFTMVäFCTPVWJTFKÓDÓDITFTPDJÈMOÓPDISBOPV4PIMFEFNOBUVUPTLVUFǁOPTU
QPWBäVKJ[BäÈEPVDÓBCZTF[ÈTUVQDJSFHJPOÈMOÓDITBNPTQSÈWÞǁBTUOJMJBLUJWJU&WSPQTLÏ
VOJFj
Q$)&/"3%QżFETFEB$-3"&
1PMJUJDLÈUSJCVOB‰o
x0EWZUWPǥFOÓWBÝFIP7âCPSVTQPMVPTVEZOBÝJDIJOTUJUVDÓÞ[DFTPVWJTFKÓ+BLCZUPNV
BMFNPIMPCâUKJOBL 7äEZǬNÈNFTQPMFǁOâDÓMoDISÈOJUBQPEQPSPWBUNÓTUOÓBSFHJPOÈMOÓ
EFNPLSBDJJW&WSPQLJ0CLJOBÝFPSHBOJ[BDFKTPVTWâN[QDzTPCFNWDzǁJTWâNNBUFǥTLâN
PSHBOJ[BDÓNUK3BELJ&WSPQZB&WSPQTLÏVOJJKBLâNJTJTUSÈäDJCEÓDÓNJOBEBVUPOPNJÓ
PCDÓLUFSÏ[BTUVQVKFNFƀBTUPEPLPODFQDzTPCÓNFWFTWâDINBUFǥTLâDIPSHBOJ[BDÓDI
KFTUMJNJQSPNJOFUFUFOWâSB[KBLPQPWLJTUOâIǥFCÓLWCPULJj
BBBW[WB&6
1PSBEOÓŘJOOPTU
7QSDzCLJIVQMFOÈSOÓDI[BTFEÈOÓWSPDFQǥJKBM7âCPSSFHJPODzTUBOPWJTFLOB
WZäÈEÈOÓTUBOPWJTFL[WMBTUOÓJOJDJBUJWZBSDz[OâDIEPLVNFOUDzQSPIMÈÝFOÓ
VTOFTFOÓVKFEOÈOÓBQPE
oDFMLFNTFKFEOBMPPEPLVNFOUDz
ÁŘBTUŘMFOƉ
ė
%BUVN
ÁŘBTUŘMFOƉ
1PŘFUŘMFOƉ
DFMLFN
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
ÁŘBTUŘMFOƉQPEMFKFEOPUMJWâDITUÈUƉ
#&
%,
%&
&-
&4
'3
*&
ÁDˆBTUSˆÈEOZDIDˆMFOV„
BBBW[WB&6
*5
-6
/-
"5
15
'*
4&
6, $FMLFN
ÁDˆBTUOÈISBEOÓLV„
1PMJUJDLÈUSJCVOB‰o
BBBW[WB&6
3PL
1żFETFEOJDUWÓ3BEZ
1PSUVHBMTLP'SBODJF
6%«-045*
9 ;BTFEÈOÓPECPSOÏ&WSPQTLÏSBEZW-JTBCPOVoOPWÈTUSBUFHJF&WSPQTLÏVOJF
9 WâSPǁÓ4DIVNBOPWBQSPIMÈÝFOÓ
9 7ZIMÈÝFOÓ$IBSUZ[ÈLMBEOÓDIQSÈW&WSPQTLÏVOJF
9 ;BTFEÈOÓ&WSPQTLÏSBEZW/JDFNF[JWMÈEOÓLPOGFSFODF*($
LPOǁÓEPIPEPV
P4NMPVWLJ[/JDF
&WSPQTLÈSBEBW/JDF
BBBW[WB&6
7âCPSSFHJPOƉQPMJUJDLÈUSJCVOB
0TPCOPTUJLUFSÏWZTUPVQJMZOBQMFOÈSOÓDI[BTFEÈOÓDI
7SPDF
oÞOPSB
Q130%*QżFETFEB&WSPQTLÏLPNJTF
x,EZäWJEÓNQPǥBEEOFWBÝFIPTUÈWBKÓDÓIP[BTFEÈOÓKTFNPISPNFOSP[TBIFNEDzMFäJUâDI
UÏNBULUFSÈQSPKFEOÈWÈUFBLUFSÈQBUǥÓNF[JWZCSBOÈUÏNBUBmHVSVKÓDÓOBQPǥBEVEOF
&WSPQTLÏVOJF,SPNLJUPIPCZMVSǁJUâQPǁFUTUBOPWJTFLBVTOFTFOÓQǥJKBUWFWFMNJ
WIPEOÏNPLBNäJLVj
Q4&*9"4%"$045"TUÈUOÓUBKFNOÓL1PSUVHBMTLBQSPFWSPQTLÏ[ÈMFäJUPTUJ
x7âCPSSFHJPODzKBLPPDISÈODFTVCTJEJBSJUZQǥFETUBWVKFKFEOV[F[ÈLMBEOÓDIPQPS
GVOHPWÈOÓ6OJFBTWâNQPTUBWFOÓN[BSVǁVKFSFHJPOÈMOÓNBNÓTUOÓNTBNPTQSÈWOâN
PSHÈODzNWLJUÝÓJOTUJUVDJPOÈMOÓV[OÈOÓj
oEVCOB
1PMJUJDLÈUSJCVOB‰o
Q#6426*/ŘMFO&WSPQTLÏLPNJTFQPWŞżFOâWâ[LVNFN
1#VTRVJOQPELJLPWBMQÓ#MBOEJOPWÏ[BKFKÓOÈWSIVTOFTFOÓB[QSÈWVLEFKFWFMNJ
QǥÓIPEOLJ[EDzSB[OLJOTPDJÈMOÓMJETLâBLVMUVSOÓBTQFLUWâ[LVNVBKFIPEPQBEQSP
PCǁBOZ;EDzSB[OJMFUJLV[WMÈÝULJQBLWQǥÓQBELJWâ[LVNVBUFDIOPMPHJÓEPUâLBKÓDÓDI
TFäJWâDICZUPTUÓLEFWFÝLFSÏQSPCMÏNZTQPǁÓWBKÓWLPNCJOPWBOÏNSFTQFLUPWÈOÓ
TQPMFǁOâDIIPEOPUBIPEOPUKFäTFOB[ÈLMBELJPEMJÝOÏIPWOÓNÈOÓTQPKFOÏIP
TFWSPQTLPVLVMUVSOÓSP[NBOJUPTUÓMJÝÓ
%ÈMFǥÓLÈäFWPCMBTUJWâ[LVNVNVTÓ7âCPSSFHJPODzBWOLJN[BTUPVQFOÏKFEOPULZ
OBWÈ[BUQFSNBOFOUOÓEJBMPHT,PNJTÓ7Z[âWÈUVEÓäKFIPǁMFOZBCZKFEOBMJWUPNUP
TNZTMVBVKJÝǬVKFKFäF,PNJTFKFQǥJQSBWFOBKJNQPNPDJ
Q#"3/*&3ŘMFO&WSPQTLÏLPNJTFQPWŞżFOâSFHJPOÈMOÓQPMJUJLPVBPEQPWŞEOâBEQFSTPOBN[B
NF[JWMÈEOÓLPOGFSFODJ
x+TFNWFMNJSÈEäFKTFNEOFTUBEZKBL[ǥFKNLJWÓUFNÈNUVǁFTUCâUOÈISBEOÓNǁMFOFN
WBÝFIP[BTFEÈOÓ.ÈOÈLMPOOPTULNÏNVWMBTUOÓNVSFHJPOVCZMBWäEZWTBNPUOÏN
KÈESVNÏIPQPMJUJDLÏIPTOBäFOÓBPTPCOLJQPWBäVKJSPMJSFHJPODzWFWSPQTLÏWâTUBWCLJ[B
WFMNJEDzMFäJUPVj
BBBW[WB&6
oǁFSWOB
Q'*4$)-&3ŘMFO&WSPQTLÏLPNJTFQPWŞżFOâ[FNŞEŞMTUWÓNBSZCPMPWFN
7ZKÈEǥJMTFOBUÏNBv3FHJPOZBNF[JOÈSPEOÓPCDIPEiBWLJOPWBMTFPUÈ[DFFWSPQTLÏIP
NPEFMV[FNLJELJMTUWÓWFTWLJUMFQSPCÓIBKÓDÓDI[FNLJELJMTLâDIKFEOÈOÓWSÈNDJ850
BUBLÏOLJLPMJLBBTQFLUDzNQPMJUJLZSZCPMPWV
x5BLÏELJLVKJWBÝFNV7âCPSVBPC[WMÈÝULJ[QSBWPEBKDzNLUFSâNJCZMJQÈOPWÏ#PDLMFU
B1FOUUJMÊ[BKFKJDIOÈWSITUBOPWJTLBLQP[JDÓN&6UâLBKÓDÓNTFQSPCÓIBKÓDÓDI
[FNLJELJMTLâDIKFEOÈOÓWSÈNDJ850j
x;BQǥJTQLJOÓCZDIDIULJMSPWOLJäQPELJLPWBU[QSBWPEBKDzNLUFSâNJCZMJQBOÓ.JUDIFMMPWÈ
BQÈOPWÏ&OEMFJO7BO(FMEFSB#BMMIBVTFO;WBÝFIPOÈWSIVTUBOPWJTLBUâLBKÓDÓIP
TF[MFQÝFOÓLPOLVSFODFTDIPQOPTUJW[FNLJELJMTLâDIPCMBTUFDIKTFNWZǁFUMäFTFTUBWÓUF[B
QPUǥFCVBQMJLPWBUOB[FNLJELJMTLÏPCMBTUJQPMJUJLVJOUFHSPWBOÏIPHMPCÈMOÓIPBUSWBMF
VESäJUFMOÏIPSP[WPKFB[ÈSPWFǞ[BQPUǥFCVEPTÈIOPVUMFQÝÓSPWOPWÈIZNF[JQPEQPSPV
[FNLJELJMTUWÓBQPEQPSPV[FNLJELJMTLÏIPSP[WPKFj
o[ÈǥÓ
QÓ'0/5"*/07«QżFETFELZOŞ&WSPQTLÏIPQBSMBNFOUV
QÓ%&1"-"$*07«ŘMFOLB&WSPQTLÏLPNJTFQPWŞżFOÈEPQSBWPVBFOFSHJÓ
x%PWPMUFNJBCZDIWÈN[OPWVWZKÈEǥJMBTWÏWFMLÏVTQPLPKFOÓ[FTQPMVQSÈDFOBÝJDI
EWPV JOTUJUVDÓ B ǥFLMB KBL TJ DFOÓN QǥÓOPTDz 7âCPSV QSP QǥJKÓNÈOÓ FWSPQTLâDI
SP[IPEOVUÓj
oQSPTJODF
QÓ3&%*/(07«ŘMFOLB&WSPQTLÏLPNJTFQPWŞżFOÈWâDIPWPVBLVMUVSPV
x+TFNIMVCPDFQǥFTWLJEǁFOBPEDzMFäJUÏSPMJSFHJPODzWPCMBTUFDIKBLPKFWâDIPWB
W[ELJMÈWÈOÓBNMÈEFäj
BBBW[WB&6
1PMJUJDLÈUSJCVOB‰o
x7âCPS SFHJPODz CZM WZUWPǥFO OB [ÈLMBELJ .BBTUSJDIUTLÏ TNMPVWZ B OB [ÈLMBELJ
"NTUFSPEBNTLÏTNMPVWZCZMBQPTÓMFOBKFIPJOTUJUVDJPOÈMOÓSPMFWQSPDFTVQǥJKÓNÈOÓ
LPNVOJUÈSOÓDISP[IPEOVUÓUÓNäFEPÝMPLSP[ÝÓǥFOÓPCMBTUÓLEFKFKFIPTUBOPWJTLP
QPWJOOÏBUÓNäFCZMB1BSMBNFOUVVELJMFOBQSBWPNPDKFKLPO[VMUPWBU7ÈÝ7âCPS
QǥJOÈÝÓDFOOÏQǥÓTQLJWLZDPäCZOÈTNLJMPWÏTUL[JOUFO[JWOLJOÓOBÝFIPEJBMPHVWFWÝFDI
PCMBTUFDIKFäKTPVWQSBWPNPDJ7âCPSVLQPTÓMFOÓOBÝÓTQPMVQSÈDFBCZPSHÈOZ
1BSMBNFOUVNPIMZTOÈ[F[PIMFEOJUTUBOPWJTLB7âCPSVBLQSPIMPVCFOÓKJäFYJTUVKÓDÓIP
QMPEOÏIPEJBMPHVNF[J[QSBWPEBKJj
1PSBEOÓŘJOOPTU
7QSDzCLJIVQMFOÈSOÓDI[BTFEÈOÓWSPDFQǥJKBM7âCPSSFHJPODzTUBOPWJTFLOB
WZäÈEÈOÓTUBOPWJTFL[WMBTUOÓJOJDJBUJWZBSDz[OâDIEPLVNFOUDzQSPIMÈÝFOÓ
VTOFTFOÓVKFEOÈOÓBQPE
oDFMLFNTFKFEOBMPPEPLVNFOUDz
ÁŘBTUŘMFOƉ
ė
%BUVN
ÁŘBTUŘMFOƉ
1PŘFUŘMFOƉ
DFMLFN
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
ÁŘBTUŘMFOƉQPEMFKFEOPUMJWâDITUÈUƉ
1PMJUJDLÈUSJCVOB‰o
#&
%&
&-
&4
'3
*&
ÁDˆBTUSˆÈEOZDIDˆMFOV„
BBBW[WB&6
%,
*5
-6
/-
"5
15
'*
4&
ÁDˆBTUOÈISBEOÓLV„
6, $FMLFN
3PL
1żFETFEOJDUWÓ3BEZ
ÀWÏETLP#FMHJF
6%«-045*
9 ƤFDLPTFQǥJQPKVKFLFVSP[ØOLJ
9 1PEQJT4NMPVWZ[/JDF
9 "UFOUÈUZWF4QPKFOâDITUÈUFDIEOF[ÈǥÓNJNPǥÈEOÏ[BTFEÈOÓ&WSPQTLÏSBEZ
W#SVTFMV
9 ;BTFEÈOÓ&WSPQTLÏSBEZW-BFLFOVo1SPIMÈÝFOÓUâLBKÓDÓTFCVEPVDOPTUJ6OJF
BTWPMÈOÓLPOWFOUVQPWLJǥFOÏIPQǥÓQSBWPVQSPKFLUVÞTUBWOÓTNMPVWZ
7BMÏSZ(JTDBSEE&TUBJOH
BBBW[WB&6
7âCPSSFHJPOƉQPMJUJDLÈUSJCVOB
0TPCOPTUJLUFSÏWZTUPVQJMZOBQMFOÈSOÓDI[BTFEÈOÓDI
7SPDF
oÞOPSB
QÓ-&+0/07«NJOJTUSZOŞTQSBWFEMOPTUJQPWŞżFOÈTQSÈWPVBPUÈ[LBNJEFNPLSBDJF
x#VEPVDOPTU&WSPQZTQPǁÓWÈWFTQPMVQSÈDJ1SBDVKNFTQPMFǁOLJQSPNÓSTWPCPEV
CMBIPCZUBTPDJÈMOÓTPVESäOPTUW&WSPQLJ,UPNVQPUǥFCVKFNFWÝFDIOZOBÝFTÓMZBǬVä
FWSPQTLÏOÈSPEOÓSFHJPOÈMOÓǁJNÓTUOÓj
Q#"3/*&3ŘMFO&WSPQTLÏLPNJTFPEQPWŞEOâ[BSFHJPOÈMOÓQPMJUJLVBJOTUJUVDJPOÈMOÓSFGPSNV
x+FMJLPäW6OJJ[BTUVQVKFUFPSHÈOZNÓTUOÓBSFHJPOÈMOÓTBNPTQSÈWZUP[OBNFOÈUZ
LUFSâNKFSFHJPOÈMOÓQPMJUJLBBESFTPWÈOBQǥFEFWÝÓNDIDJWÈNǥÓDJäFCVEPVDÓQPMJUJLB
TPVESäOPTUJSPWOLJäOFNDzäFCâUTFTUBWFOBCF[WÈTj
oEVCOB
1PMJUJDLÈUSJCVOB‰o
Q40-#&4.*3"ŘMFO&WSPQTLÏLPNJTFPEQPWŞEOâ[BIPTQPEÈżTLÏBNŞOPWÏWŞDJ
BBBW[WB&6
x.ÈNFSBEPTULEZäWJEÓNFäFOBWÝFDIÞSPWOÓDIWFǥFKOÏNPDJCZMBWLJOPWÈOB[WâÝFOÈ
QP[PSOPTUEPQPSVǁFOÓNWZKÈEǥFOâNWSÈNDPWâDITNLJSFDIIPTQPEÈǥTLÏQPMJUJLZ5PKF
OFKMFQÝÓQSPTUǥFEFLKBL[BSVǁJUTPVESäOPTUIPTQPEÈǥTLâDIQPMJUJLWEFDFOUSBMJ[PWBOÏN
QPMJUJDLÏNLPOUFYUVLEFCVEPVSFHJPOZBÞ[FNOÓTBNPTQSÈWOÏDFMLZISÈUWFMNJBLUJWOÓ
ÞMPIVj
oǁFSWOB
QÓ/&:546:55&#30&$,07«[ÈTUVQLZOŞTUÈUOÓIPUBKFNOÓLBOBCFMHJDLÏNNJOJTUFSTUWV
[BISBOJŘOÓDIWŞDÓ
x$IULJMBCZDIQPEPULOPVUäFQǥFETFEOJDUWÓTFOJLEZOFWZLPOÈWÈTBNPUOÏy
1ǥFETFEOJDUWÓTFOFVTUÈMFWZLPOÈWÈOB[ÈLMBELJTPMJEBSJUZUPKFUBLÏEDzWPEQSPǁKTFN
CZMBSÈEBäFKTFNEOFTNPIMBCâUNF[JWÈNJj
o[ÈǥÓ
Q130%*QżFETFEB&WSPQTLÏLPNJTF
x7âCPSSFHJPODzoJOTUJUVDFQǥFEVSǁFOÈLEDzMFäJULJKÝÓSPMJWSÈNDJ6OJFoCVEFNPDJ
BPUPNKTFNQǥFTWLJEǁFOEDzMFäJUâN[QDzTPCFNQǥJTQLJUL[MFQÝFOÓWMÈEZ&WSPQZj
oMJTUPQBEV
Q104"%".03&/0NJOJTUSÝQBOŞMTLâDIPSHÈOƉTUÈUOÓTQSÈWZ
11PTBEBQǥFEMPäJM7âCPSVSFHJPODzQSWOÓQǥFIMFEQSJPSJUOÈTMFEVKÓDÓIPÝQBOLJMTLÏIP
QǥFETFEOJDUWÓ&WSPQTLÏVOJFLUFSÏUBLÏ[BǁOFMFEOB1ǥFEFWÝÓNQBLWZTWLJUMJM
äFxIFTMFNÝQBOLJMTLÏIPQǥFETFEOJDUWÓCVEFvWÓDF&WSPQZiUP[OBNFOÈvWÓDF&WSPQZWF
TWLJULJiOFCPǬ&WSPQBKFQǥJQSBWFOBISÈUTWPKJSPMJOBTWLJUPWÏTDÏOLJBQǥJKNPVUQPMJUJDLÏ
QPTMÈOÓLUFSÏTQPǁÓWÈWQPEQPǥFDÓMDzNF[JOÈSPEOÓIPTQPMFǁFOTUWÓBMFUBLÏvWÓDF&WSPQZi
OFCPǬ&6CVEFTNLJMFQPLSBǁPWBUWFTWâDIPCWZLMâDIǁJOOPTUFDITQPMVTFUǥFNJ[ÈTBEOÓNJ
CPEZSP[ÝÓǥFOÓNFVSFNBEJTLVTÓPCVEPVDÓQPEPCLJFWSPQTLâDIJOTUJUVDÓj
Q%6*4&/#&3(QSF[JEFOU&WSPQTLÏDFOUSÈMOÓCBOLZ
1PMJUJDLÈUSJCVOB‰o
1ǥFEǁMFOZ7âCPSVSFHJPODzQ%VJTFOCFSHQSPWFEMCJMBODJQǥÓQSBWTQPKFOâDI
TVWFEFOÓNCBOLPWFLBNJODÓFVSPEPPCLJIVLUFSÏQSPCLJIOFMFEOBBQPUÏ
[EDzSB[OJMWâ[WZLUFSâNKFUǥFCB[EMPVIPEPCÏIPIMFEJTLBǁFMJUBCZIPTQPEÈǥTLÈ
BNLJOPWÈVOJFCZMBÞTQLJÝOÈx+FQSWPǥBEÏjQSPIMÈTJMxBCZOÈSPEOÓBNÓTUOÓPSHÈOZ
SFBMJ[PWBMZ WÝFDIOB PQBUǥFOÓ WFEPVDÓ L QSVäOÏNV B ÞǁJOOÏNV QǥJ[QDzTPCFOÓ
IPTQPEÈǥTLÏNV WâWPKJ LUFSâ TF KFEOPUMJWâDI [FNÓ B SFHJPODz EPUâLÈ SP[EÓMOâN
[QDzTPCFN$IULJMCZDI[EDzSB[OJUäF[PEQPWLJEOPTUJSFHJPOÈMOÓDIBNÓTUOÓDIPSHÈODz
WZQMâWÈQPEÓMFUTFSP[IPEVKÓDÓN[QDzTPCFNOBLPOTPMJEBDJWFǥFKOâDImOBODÓBNÓUTWÏ
WMBTUOÓWâEBKFQPELPOUSPMPVj
BBBW[WB&6
1PSBEOÓŘJOOPTU
7QSDzCLJIVQMFOÈSOÓDI[BTFEÈOÓWSPDFQǥJKBM7âCPSSFHJPODzTUBOPWJTFLOB
WZäÈEÈOÓTUBOPWJTFL[WMBTUOÓJOJDJBUJWZBSDz[OâDIEPLVNFOUDzQSPIMÈÝFOÓ
VTOFTFOÓVKFEOÈOÓBQPE
oDFMLFNTFKFEOBMPPEPLVNFOUDz
ÁŘBTUŘMFOƉ
ė
%BUVN
ÁŘBTUŘMFOƉ
1PŘFUŘMFOƉ
DFMLFN
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
ÁŘBTUŘMFOƉQPEMFKFEOPUMJWâDITUÈUƉ
1PMJUJDLÈUSJCVOB‰o
#&
%&
&-
&4
'3
*&
ÁDˆBTUSˆÈEOZDIDˆMFOV„
BBBW[WB&6
%,
*5
-6
/-
"5
15
'*
4&
ÁDˆBTUOÈISBEOÓLV„
6, $FMLFN
3PL
1żFETFEOJDUWÓ3BEZ
ÀQBOŞMTLP%ÈOTLP
6%«-045*
9 ;BWFEFOÓLPOWFOǁOÓNLJOZOB[WBOÏFVSP
9 1BU$PY[WPMFOQǥFETFEPV&WSPQTLÏIPQBSMBNFOUV
9 *OBVHVSBǁOÓ[BTFEÈOÓ,POWFOUVPCVEPVDOPTUJ&WSPQZ
9 3BUJmLBDF,KØUTLÏIPQSPUPLPMV
9 ,POFDQMBUOPTUJ4NMPVWZP&460TNMPVWBP[BMPäFOÓ&WSPQTLÏIPTQPMFǁFOTUWÓ
VIMÓBPDFMJWTUPVQJMBWQMBUOPTUWǁFSWFODJ
9 %SVIÏSFGFSFOEVNW*STLVox"/0j4NMPVWLJ[/JDF
9 ;BTFEÈOÓ&WSPQTLÏSBEZW,PEBOJoTDIWÈMFOÓEPQPSVǁFOÓ&WSPQTLÏLPNJTF
UâLBKÓDÓDITFV[BWǥFOÓQǥÓTUVQPWâDIKFEOÈOÓTLBOEJEÈUTLâNJ[FNLJNJ
BBBW[WB&6
1BU$PY
:WFTЅJCBVMUEF4JMHVZB+BDRVFT4BOUFS
7âCPSSFHJPOƉQPMJUJDLÈUSJCVOB
0TPCOPTUJLUFSÏWZTUPVQJMZOBQMFOÈSOÓDI[BTFEÈOÓDI
7SPDF
ÞOPSB
1SWOÓ[BTFEÈOÓǁUZǥMFUÏIPGVOLǁOÓIPPCEPCÓ7âCPSVSFHJPODz
1ǥFETFEBQPEMFTUÈǥÓQ'SBHB*SJCBSOFQSF[JEFOU9VOUZ(BMÓDJF&11&
OFKEǥÓWF
QǥJQPNOLJMäFOB[ÈLMBELJOÈWSIDzǁMFOTLâDITUÈUDz3BEBEOFMFEOB
KNFOPWBMBǥÈEOÏǁMFOZBOÈISBEOÓLZ7âCPSVSFHJPODzOBǁUZǥMFUÏGVOLǁOÓPCEPCÓ
LUFSÏ[BǁÓOÈMFEOBBQPUÏ7âCPSTMBWOPTUOLJVWFEMEPOPWÏIPGVOLǁOÓIP
PCEPCÓ
4ISPNÈäELJOÓ[WPMJMPIMBTZTJSB"MCFSUB#PSBQSF[JEFOUFN7âCPSVSFHJPODz
BIMBTZQ&EVBSEB;BQMBOVQSWOÓNWJDFQSF[JEFOUFN7âCPSVSFHJPODz[ÈTUVQDF
BEQFSTPOBN+7)FSSFSB$BNQP&11&
oCǥF[OB
1PMJUJDLÈUSJCVOB‰o
Q,*//0$,NÓTUPQżFETFEB&WSPQTLÏLPNJTFQPWŞżFOâBENJOJTUSBUJWOÓSFGPSNPV
x&WSPQTLÈLPNJTFQPWBäVKFTWÏW[UBIZT7âCPSFNSFHJPODz[BEDzMFäJUÏOFCPǬQPNÈIBKÓ
JEFOUJmLPWBUQSPCMÏNZTLUFSâNJTFQPUâLBKÓSFHJPOZ6OJFB[ÈSPWFǞQPUFODJÈMLUFSÏ
UZUPNPIPVOBCÓEOPVUj
Q-6$"4(*.²/&;NJOJTUSB[ÈTUVQDFÝQBOŞMTLÏIPQżFETFEOJDUWÓ&6
x7ÓDF&WSPQZoUBLPWÈKFWJ[FBmMP[PmFWMÈEZWFW[UBIVLSPMJLUFSPVNDzäFÀQBOLJMTLP
ISÈUWSÈNDJQǥFETFEOJDUWÓ&WSPQTLÏVOJFKFKÓNäDÓMFNKF[MFQÝJULWBMJUVäJWPUBPCǁBODz
BVǁJOJU[&WSPQZQSPTUPSQSPTQFSJUZPUFWǥFOPTUJTWPCPEZBCF[QFǁOPTUJLUFSâPCǁBOÏ
PǁFLÈWBKÓj
oLWLJUOB
Q'3&3*$)4QSF[JEFOU)PTQPEÈżTLÏIPBTPDJÈMOÓIPWâCPSV
x+FUPEOFTQPQSWÏDPTFKBLPQSF[JEFOU&WSPQTLÏIPIPTQPEÈǥTLÏIPBTPDJÈMOÓIPWâCPSV
VKÓNÈNTMPWBQǥFEQMFOÈSOÓNTISPNÈäELJOÓN7âCPSVSFHJPODz%LJLVKJWÈNäFKTUFNJ
LUPNVEBMJQǥÓMFäJUPTUBQǥFKJTJBCZ[UPIPUÓNUP[QDzTPCFNW[OJLMBUSBEJDFy
j
BBBW[WB&6
QÓ8*/,-&307«żFEJUFMLB&WSPQTLÏIPTUżFEJTLBQSPTMFEPWÈOÓSBTJTNVBYFOPGPCJF
x1SPDFMâUâN4UǥFEJTLBKFUP[ÈSPWFǞǁFTUJQSJWJMFHJVNQǥFETUBWJUWÈNOBÝJQSÈDJ
BQǥFEMPäJUWÈN[IPEOPDFOÓBLUVÈMOÓTJUVBDF.ÓTUOÓSP[NLJSKFQSPOBÝFǁJOOPTUJWFMNJ
EDzMFäJUâ1SÈWLJOBUÏUPÞSPWOJKFNPäOÏQSPCMÏNZǥFÝJUQǥÓNPBQǥJTQLJUUBLLSP[WPKJ
TQPMFǁOâDIQFSTQFLUJWWMÓEOLJKÝÓDIQSPDFMPVTQPMFǁOPTUj
oǁFSWFODF
Q7&3)&6(&/ŘMFO&WSPQTLÏLPNJTF
x.VTÓNFFWSPQTLâNPCǁBODzNWZTWLJUMJUäFSP[ÝÓǥFOÓOFQǥFETUBWVKFQPV[FUFDIOJDLÏ
BEBQUBDFOPSNZPTWLJEǁFOÓBLWØUZOâCSääFTFKFEOÈPLBQJUPMVFWSPQTLÏIJTUPSJF
LUFSÈCVEFNLJOJUQPEPCVOBÝFIPLPOUJOFOUVQPEPCVNOPIBMFULMFQÝÓNVWQǥÓQBELJ
ÞTQLJDIVLIPSÝÓNVWQǥÓQBELJOF[EBSVj
Q)""3%&3EÈOTLâNJOJTUSQSPFWSPQTLÏ[ÈMFäJUPTUJ[ÈTUVQDFEÈOTLÏIPQżFETFEOJDUWÓ&6
x1SPHSBNOBÝFIPQǥFETFEOJDUWÓKTNFOB[WBMJvKFEOBKFEJOÈ&WSPQBi5ÓNDIDFNF
[EDzSB[OJUEDzMFäJUPTUKBLPVQǥJLMÈEÈNFSP[ÝÓǥFOÓTUÓNäFUSWÈNFOBNZÝMFODFFWSPQTLÏ
TQPMVQSÈDF[BISOVKÓDÓDFMâTWLJUj
Q"."50ŘMFO1SFTJEJB&WSPQTLÏIPLPOWFOUV
xy
KFUǥFCBTJVWLJEPNJUäFEFNPLSBDJFOFOÓTCPSFNLEFCZDIPN[QÓWBMJWÝJDIOJ
KFEOPIMBTOLJOâCSääFLBäEâNVTÓISÈUPTPCJUPVSPMJ1SÈWLJUPUPCZ&WSPQB[ÓUǥLBNLJMB
LBäEÏNVVNPäOJUj
x+BLPJOTUJUVDF[BÝUJǬVKÓDÓPSHÈOZNÓTUOÓBSFHJPOÈMOÓTBNPTQSÈWZFWSPQTLâDI[FNÓ
TFEPNOÓWÈNFäFKFEDzMFäJUÏECÈUOBUPBCZOÈTMFELFNSP[ÝÓǥFOÓ6OJFOFEPÝMP
L WZUWÈǥFOÓ OPWâDI CBSJÏS NF[J TUÈUZ 6OJF B FWSPQTLâNJ TUÈUZ KFä OFKTPV KFKÓ
TPVǁÈTUÓj
1PMJUJDLÈUSJCVOB‰o
7ZTUPVQFOÓ[ÈTUVQDDzFWSPQTLâDIBTPDJBDÓ
Q("##&[ÈTUVQDF"TPDJBDFFWSPQTLâDIISBOJŘOÓDISFHJPOƉ
Q$6"53&$"4"4[ÈTUVQDFPSHÈOƉNÓTUOÓBSFHJPOÈMOÓTBNPTQSÈWZ&WSPQZ
x1ǥFTISBOJǁOÓTQPMVQSÈDFBTQPMVQSÈDFNF[JSFHJPOZKTPVQSJPSJUPVFWSPQTLÏQPMJUJLZ
B [ÈLMBEOÓN QPTMÈOÓN &WSPQTLÏ VOJF UBUP QSJPSJUB B UPUP QPTMÈOÓ NVTÓ CâU
LPOLSFUJ[PWÈOZQǥÓNPOBNÓTULJOBNÓTUOÓBSFHJPOÈMOÓÞSPWOJDFTUPVQBSUOFSTUWÓ
TOÈSPEOÓNJPSHÈOZj
BBBW[WB&6
Q)0''4$)6-5&[ÈTUVQDF3BEZPCDÓBSFHJPOƉ&WSPQZ
xÁMPIBPCDÓBSFHJPODzKFǁÓNEÈMWÓDFDIBSBLUFSJ[PWÈOBTLVUFǁOPTUÓäFKTNFUPQSÈWLJ
NZOBÝJTUBSPTUPWÏBOBÝFPCFDOÓBSFHJPOÈMOÓPSHÈOZLEPQPVäÓWÈWFMLPVǁÈTUFWSPQTLÏ
MFHJTMBUJWZWLPOLSÏUOÓDITJUVBDÓDIBW[UBIVKFKJOBPCǁBOZj
Q7"//*45&-300*+ŘMFO7âCPSVSFHJPOƉB4ISPNÈäEŞOÓSFHJPOƉ&WSPQZ
x"3&4ISPNÈäELJOÓSFHJPODz&WSPQZ
QPEQPSVKFQPäBEBWFL7âCPSVSFHJPODzOB
[KFEOPEVÝFOÓTUSVLUVSZ&WSPQTLÏVOJFQPTÓMFOÓJOTUJUVDJPOÈMOÓQP[JDFBGVOLDÓ7âCPSV
SFHJPODz[QSDzIMFEOLJOÓSP[IPEPWBDÓDIQPTUVQDzWSÈNDJ6OJFB[WMÈÝULJQBLOBEDzTMFEOÏ
QPVäÓWÈOÓQSJODJQVTVCTJEJBSJUZOBSFHJPOÈMOÓBNÓTUOÓÞSPWOJj
Q045%")-ŘMFO,POGFSFODFPLSBKPWâDIBQżÓNPżTLâDISFHJPOƉ
x+FEOÈTFPV[OÈOÓSPMFLUFSPVISBKFWOJUSPTUÈUOÓÞSPWFǞW[BLMBEBUFMTLâDIQSJODJQFDI
4NMPVWZ
j
QÓ4$)&1."/407«[ÈTUVQLZOŞ,POGFSFODFQSF[JEFOUƉSFHJPOƉTF[ÈLPOPEÈSOPVNPDÓ$"-3&
o,POGFSFODF[ÈLPOPEÈSOâDISFHJPOÈMOÓDITISPNÈäEŞOÓ&WSPQZ
1PMJUJDLÈUSJCVOB‰o
x1SF[JEFOUJQPWBäVKÓ[BQPUǥFCOÏBCZCZMPQPTÓMFOPQPTUBWFOÓBQSBWPNPD7âCPSV
SFHJPODz7âCPSNVTÓ[ÓTLBUQPTUBWFOÓVOJKOÓJOTUJUVDFQSÈWPQPEBUäBMPCVV4PVEOÓIP
EWPSBBNPäOPTUMÏQFTQPMVQSBDPWBUT,PNJTÓB&WSPQTLâNQBSMBNFOUFNj
BBBW[WB&6
x1SF[JEFOUJSFHJPOÈMOÓDIQBSMBNFOUDzTJLSPNLJUPIPQǥFKÓWZISBEJUEDzMFäJUPVGVOLDJ
NÓTUOÓNTBNPTQSÈWOâNDFMLDzNBNLJTUDzN+TPVOBLMPOLJOJSP[WPKJTÓUÓBISBOJǁOÓ
TQPMVQSÈDFQǥFEFWÝÓNTPIMFEFNOBSP[ÝÓǥFOÓBUBLÏQPEQPǥFPTUSPWOÓDIBPLSBKPWâDI
PCMBTUÓj
QÓ4**50/&/07«ŘMFOLB7âCPSVSFHJPOƉBQżFETFELZOŞTÓUŞ&630$*5*&4
x"QFMVKFNFWFQSPTQLJDIJOUFHSPWBOLJKÝÓIPBWÝFPCFDOÏIPQǥÓTUVQVWMÈEZW&WSPQLJj
Q4:/",[ÈTUVQDF4VCSFHJPOÈMOÓLPPQFSBDFQPCBMUTLâDITUÈUƉ
x1SPOÈTQPCBMUTLÏSFHJPOZKFFYUSÏNOLJEDzMFäJUÏNÓUQPENÓOLZLUFSÏCZOBKFEOÏTUSBOLJ
EPWPMPWBMZUSWBMFVESäJUFMOâSP[WPKW&WSPQLJBOBTUSBOLJESVIÏQPNÈIBMZWZVäÓWBU
WFMLâSDzTUPWâQPUFODJÈMOBÝJDISFHJPODzj
7ZTUPVQFOÓ[ÈTUVQDDzLBOEJEÈUTLâDITUÈUDz
OBUÏNBCVEPVDÓIPSP[ÝÓǥFOÓ&6
Q1FFQ"36[ÈTUVQDF"TPDJBDFNŞTU&TUPOTLB
Q(FMMÏSU4;"#»[ÈTUVQDF3BEZBTPDJBDÓNÓTUOÓWMÈEZ.BśBSTLB
Q*BO.*$"--&'QżFETFEB"TPDJBDFNÓTUOÓDISBE.BMUZ
Q"OUPO,0,"-+QżFETFEB"TPDJBDFTMPWJOTLâDINŞTU
Q-VDIF[BS3044&/07TUBSPTUB%PCSJDIV
Q.JDIBFM;".1&-"4QżFETFEB4WB[VLZQFSTLâDIPCFDOÓDISBEBTUBSPTUB/JLØ[JF
Q"OESJT+"6/4-&*/*4QżFETFEB4WB[VNÓTUOÓDIBSFHJPOÈMOÓDIWMÈE-PUZÝTLB
Q7JENBOUBT."$&7*64[ÈTUVQDFPSHÈOƉNÓTUOÓTBNPTQSÈWZ-JUWZ
Q+BO,0;-084,*WJDFQSFTJEFOUSFHJPOV1PNPżBOZW1PMTLV
Q-JWJV/JDPMBF%3"(/&"[ÈTUVQDFPSHÈOƉNÓTUOÓTBNPTQSÈWZ3VNVOTLB
Q*NSJDI#&3&4[ÈTUVQDFPSHÈOƉOÈSPEOÓJOGSBTUSVLUVSZ4MPWFOTLB
QÓ"ZZTF#BIBS$&#*07«[ÈTUVQLZOŞOÈSPEOÓÞ[FNOÓÞSPWOŞW5VSFDLV
ǥÓKOB
Q."35*/QSWOÓNÓTUPQżFETFEB&WSPQTLÏIPQBSMBNFOUV
Q7*503*/0ŘMFO&WSPQTLÏLPNJTF
x+TFN QǥFTWLJEǁFO äF QPEQPSB LUFSPV WBÝF JOTUJUVDF QǥJOFTF OPWÏvJOGPSNBǁOÓ
BLPNVOJLBǁOÓTUSBUFHJJ&WSPQTLÏVOJFi&WSPQTLÏVOJJEPWPMÓÞǁJOOLJKJǁFMJUWâ[WÈN
LUFSÏKJWQSDzCLJIVQǥÓÝUÓDIMFUǁFLBKÓj
BBBW[WB&6
1PMJUJDLÈUSJCVOB‰o
x1PEBǥJMPTFOÈNSP[WJOPVUWFMNJQMPEOPVTQPMVQSÈDJWQPEPCLJTFULÈOÓQSF[JEFOUDz
HFOFSÈMOÓDI UBKFNOÓLDz VäJUFǁOLJKÝÓDI TDIDz[FL NF[J [QSBWPEBKJ 7âCPSV SFHJPODz
B &WSPQTLÏIP QBSMBNFOUV MFQÝÓ WâNLJOLJ EPLVNFOUDz B DPä OFM[F QPEDFǞPWBU
[JOUFO[JWOLJOÓQPMJUJDLâDILPOUBLUDzy
"MFV[OÈWÈNFäFTJUVBDFCZTFNPIMB[MFQÝJU
1BSMBNFOUTJKFUPUJäWLJEPNTLVUFǁOPTUJäF7âCPSSFHJPODzV[BWǥFMPmDJÈMOÓEPIPEV
PNFUPEÈDITQPMVQSÈDFT,PNJTÓBKFQǥJQSBWFOEJTLVUPWBUPNPäOÏNPCTBIVQPEPCOÏ
TNMPVWZUâLBKÓDÓTFW[UBIDzNF[J&WSPQTLâNQBSMBNFOUFNB7âCPSFNSFHJPODzj
Q#&3&/%[QSBWPEBK&WSPQTLÏIPQBSMBNFOUVP'POEVTPMJEBSJUZ&WSPQTLÏVOJF
x%ÈNZBQÈOPWÏ'POETPMJEBSJUZNVTÓEPCVEPVDOBVNPäOJUBUPQBSBMFMOLJTF
4USVLUVSÈMOÓNJGPOEZQǥJKFUÓOBMÏIBWâDIPQBUǥFOÓKBLPPEQPWLJDŽOBOFEÈWOÏQPWPEOLJ
BQPEPCOÏLBUBTUSPGZy
$ÓMFNUPIPUP'POEVNVTÓCâUQPTLZUPWÈOÓPLBNäJUâDI
mOBOǁOÓDI QPNPDÓ B TOBIB VNPäOJU QPTUJäFOâN MJEFN SFHJPODzN B [FNÓN DP
OFKSZDIMFKÝÓOÈWSBULCLJäOÏNV[QDzTPCVäJWPUBj
oMJTUPQBEV
Q4,"/%"-*%*4NJOJTUSWOJUSBżFDLÏWMÈEZ
x&WSPQTLÈVOJFOFTNÓCâUEPCVEPVDOBKFOTQPMFǁOâNUSIFNFWSPQTLâDIǁMFOTLâDI
TUÈUDz.VTÓTFTUÈU&WSPQPVSFHJPODz1SÈWLJQSPUPTJNZTMÓNäFWZUWPǥFOÓ7âCPSVSFHJPODz
CZMPEDzMFäJUPVOPWJOLPV[JOTUJUVDJPOÈMOÓIPJQPMJUJDLÏIPIMFEJTLBBQPEPDFOLJOÓ
&WSPQTLÏIPQBSMBNFOUVQǥFETUBWPWBMPESVIPVFUBQVOBDFTULJWZSPWOÈOÓEFNPLSBUJDLÏIP
EFmDJUVj
Q%&)"&/&NÓTUPQżFETFEB&WSPQTLÏIPLPOWFOUV
1PMJUJDLÈUSJCVOB‰o
x.ÈNSBEPTU[BLUJWOÓSPMFKBLPVISBKÓQP[PSPWBUFMÏ7âCPSVSFHJPODzWSÈNDJ,POWFOUV
BUPOFKFOQSPKFKJDIWZTUPVQFOÓOBQMFOÈSOÓDI[BTFEÈOÓDIOâCSäUBLÏQSPKFKJDIQÓTFNOÏ
QǥÓTQLJWLZBÞǁBTUWQSBDPWOÓDITLVQJOÈDILUFSÏNBKÓQǥÓNâW[UBILSFHJPOÈMOÓ
QSPCMFNBUJDFj
BBBW[WB&6
1PSBEOÓŘJOOPTU
7QSDzCLJIVQMFOÈSOÓDI[BTFEÈOÓWSPDFQǥJKBM7âCPSSFHJPODzTUBOPWJTFLOB
WZäÈEÈOÓTUBOPWJTFL[WMBTUOÓJOJDJBUJWZBSDz[OÏEPLVNFOUZQSPIMÈÝFOÓ
VTOFTFOÓVKFEOÈOÓBQPE
oDFMLFNTFKFEOBMPPEPLVNFOUDz
ÁŘBTUŘMFOƉ
ė
%BUVN
ÁŘBTUŘMFOƉ
1PŘFUŘMFOƉ
DFMLFN
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
ÁŘBTUŘMFOƉQPEMFKFEOPUMJWâDITUÈUƉ
1PMJUJDLÈUSJCVOB‰o
#&
%,
%&
&-
&4
'3
*&
ÁDˆBTUSˆÈEOZDIDˆMFOV„
BBBW[WB&6
*5
-6
/-
"5
15
'*
4&
6, $FMLFN
ÁDˆBTUOÈISBEOÓLV„
BBBW[WB&6
3PL
1żFETFEOJDUWÓ3BEZ
ĻFDLP*UÈMJF
6%«-045*
9 WâSPǁÓEPWSÝFOÓKFEOPUOÏIPUSIV
9 &6B/"50QPEFQJTVKÓ1BLUCF[QFǁOPTUJ
9 7ÈMLBW*SÈLV
9 x"/0j&WSPQTLÏIPQBSMBNFOUVQǥJTUPVQFOÓLBOEJEÈUTLâDI[FNÓ
9 7SFGFSFOEVPENÓUOVUPQǥJTUPVQFOÓÀWÏETLBLKFEOPUOÏNLJOLJ
9 LPOGFSFODF4WLJUPWÏPCDIPEOÓPSHBOJ[BDF850
W$BODÞOV
9 .F[JWMÈEOÓLPOGFSFODF*($
WƤÓNLJoOFÞTQLJÝOÈKFEOÈOÓPOPWÏÞTUBWLJQSP
&WSPQV
.JDIFM#BSOJFS
BBBW[WB&6
1IJMJQQF#VTRVJO
"OOB%JBNBOUPQPVMPVPWÈ
7JWJBOF3FEJOHPWÈ
7âCPSSFHJPOƉQPMJUJDLÈUSJCVOB
0TPCOPTUJLUFSÏWZTUPVQJMZOBQMFOÈSOÓDI[BTFEÈOÓDI
7SPDF
oÞOPSB
Q7"/45""QżFETFEB,POHSFTVPSHÈOƉNÓTUOÓBSFHJPOÈMOÓTBNPTQSÈWZ3BEZ&WSPQZ
x%PWPMUFNJQBOFQǥFETFEPBCZDI[OPWVQPELJLPWBM[BWZOJLBKÓDÓTQPMVQSÈDJNF[J
,POHSFTFNB7âCPSFNSFHJPODz[WMÈÝULJQBLCLJIFNQPTMFEOÓIPSPLV.PIVWÈTVKJTUJU
äFWUÏUPEPCSÏTQPMVQSÈDJCVEFNFQPLSBǁPWBUj
Q130%*QżFETFEB&WSPQTLÏLPNJTF
x5ÏUPJOJDJBUJWZTFÞǁBTUOÓNTWFMLPVSBEPTUÓKFEOBLKFTWLJEFDUWÓNQPMJUJDLÏIPEOPUZ
LUFSPVNVTÓNF7âCPSVSFHJPODzQǥJ[OBUKFEOBLQǥÓMFäJUPTUÓLUFSPVOFTNÓNF[NFÝLBU
WLJOPWBUTFUÏNBUVKFKÓIPQPTÓMFOÓj
7ZTUPVQFOÓUâLBKÓDÓTFCVEPVDÓIPSP[ÝÓǥFOÓ&6
Q"SUVSBT;60,"4TUBSPTUB7JMOJVTV
1PMJUJDLÈUSJCVOB‰o
QÓ.POJLB)&-#*(07«TUÈUOÓUBKFNOJDFQSPFWSPQTLÏ[ÈMFäJUPTUJ
Q8’BEZT’BX45"4*",[ÈTUVQDFTUBSPTUZ7BSÝBWZ
Q5SBJBO#"4&4$6TUBSPTUB#VLVSFÝUJ
Q1BVM#PSH0-*7*&3TUBSPTUB7BMFUUZ
Q(ÈCPS%&.4;,:TUBSPTUB#VEBQFÝUJ
Q4UFGBO40'*"/4,*TUBSPTUB4PmF
Q1BWFM#².QSJNÈUPSNŞTUB1SBIZ
Q1JFSSF4)"1*3"[ÈTUVQDFTUBSPTUZPEQPWŞEOâ[BNF[JOÈSPEOÓW[UBIZNF[JGSBOLPGPOOÓNJ[FNŞNJ
QÓ%BOJDB4*.À*ė07«TUBSPTULB-KVCMKBOZ
Q.JDIBFM;".1&-"4TUBSPTUB/JLØ[JF
BBBW[WB&6
oEVCOB
QÓ%*"."/50106-0607«LPNJTBżLBQPWŞżFOÈ[BNŞTUOBOPTUÓBTPDJÈMOÓNJWŞDNJ
1ǥFETUBWJMBǁBTPWâQMÈO[BNLJTUOBOPTUJBTPDJÈMOÓDIWLJDÓTUSBUFHJJ[BNLJTUOBOPTUJ
LUFSÈWZDIÈ[Ó[vPUFWǥFOÏNFUPEZLPPSEJOBDFiUP[OBNFOÈKBLVQǥFTOJMBNFUPEZ
vCF[TBOLDÓBCF[MFHJTMBUJWOÓDI[ÈWB[LDzQPLVEKEFPKFKJDIQSPWÈELJOÓiSFHJPOÈMOÓ
SP[NLJSTUSBUFHJF[BNLJTUOBOPTUJ&WSPQTLâTPDJÈMOÓGPOEOPWPVHFOFSBDJTUSVLUVSÈMOÓDI
GPOEDzLUFSÈNÈSP[IPEVKÓDÓN[QDzTPCFN[BISOPVUMJETLâGBLUPSEÈMFUBLÏQSPHSBNZ
UâLBKÓDÓTFSPWOPTUJQǥÓMFäJUPTUÓ[ESBWPUOLJQPTUJäFOâDIPCǁBODzBOBLPOFDIPWPǥJMB
PTQPMVQSÈDJ,PNJTFT&WSPQTLâNTUǥFEJTLFNQSPTMFEPWÈOÓSBTJTNVBYFOPGPCJF
[WMÈÝULJQBLQPLVEKEFPSFBMJ[BDJTUVEJFOBUÏNBJOUFHSBDFNVTMJNTLâDILPNVOJU
WQLJUJWFMLâDIFWSPQTLâDINLJTUFDI
1ǥFEOFTFOÓ[QSÈWZPvÁUPDÓDIBISP[CÈDIQSPUJNÓTUOÓN
BSFHJPOÈMOÓNQPMJUJLDzNW#BTLJDLVi
Q"-0/40ŘMFOCBTLJDLÏMJEPWÏTUSBOZBTUBSPTUBNŞTUB7JUPSJB(BTUFJ[
7ZTWLJUMJMäFWPMCZLUFSÏQSPCÓIBKÓWKFIPPCMBTUJTFLPOBKÓCF[QSJODJQDzSPWOPTUJBWF
WFMNJOBQKBUÏBUNPTGÏǥFx#BTLJDLPäJKFWFWFMLÏNTUSBDIVj
Q4"*/;%&-"."3"ŘMFOCBTLJDLÏOBDJPOBMJTUJDLÏTUSBOZTUBSPTUB-FJPZBQżFETFEBBTPDJBDF
CBTLJDLâDIPCFDOÓDISBE
x&5"TNLJǥVKFTWPKFLSVUÏBBOUJEFNPLSBUJDLÏǁJOZTFMFLUJWOLJJLEZäOFFYLMV[JWOLJ
QSPUJQǥFETUBWJUFMDzNÝQBOLJMTLÏ-JEPWÏTUSBOZB4PDJBMJTUJDLÏTUSBOZy
j
QÓ"OB63$)6&(6*"07«ŘMFOLBÝQBOŞMTLÏTPDJBMJTUJDLÏEŞMOJDLÏTUSBOZBTUBSPTULBNŞTUB-BTBSUF
0SJB
x7TPVǁBTOÏEPCLJKTNFQPTMFEOÓPDISBOOPVISBECPVQSPUJÞLMBEDzNGBÝJTNV+TNF
QPTMFEOÓQǥFISBEPVǁFMÓDÓLBUBTUSPGLJ5BUP[USÈUBTWPCPEZKBLPKFUBOBÝFNVTÓCâU
QPTMFEOÓWâ[WPVLUPNVBCZOBÝFTQPMFǁOPTUEPCZMB[QLJUTWPKJTWPCPEV*LEZäKFTJUVBDF
OFTOBEOÈOFTNÓNFTFOFDIBUPESBEJU+TNFQPTMFEOÓNJNBKÈLZOBELJKF+BLǥÓLBKÓNPKJ
LPMFHPWÏOLJLEZKTNFJWFTWâDIWMBTUOÓDIEPNFDIKBLPWLJ[OJWDFMÈDITNSUJj
QÓ."*5&1"(";"6356/%6"36*;07«ŘMFOLBTPDJBMJTUJDLÏTUSBOZBBTPDJBDF#BTUB:B
BNÓTUOÓSBEOÓ
7[EBMBÞDUVTWÏNVCSBUSPWJ+PTFCV1BHB[BVSUVOEVPWJTPDJBMJTUJDLÏNVCPKPWOÓLV
BǁMFOVBTPDJBDF#BTUB:Ë[BWSBäELJOÏNVPSHBOJ[BDÓ&5"EOFÞOPSBWPCMBTUJ
BBBW[WB&6
1PMJUJDLÈUSJCVOB‰o
x1SPCMÏN #BTLJDLB OFOÓ QPV[F CBTLJDLâN QSPCMÏNFN KF UP QSPCMÏN WÝFDI
&WSPQBODzj
"OEPBJO5BLÏTFTWLJǥJMBTQSPCMÏNZTWÏIPLBäEPEFOOÓIPäJWPUBLUFSÏWZKÈEǥJMBUPVUP
LǥJLMBWPVQSBWEPVxKTFNUBKOPVJMFHÈMOÓNBULPVj
oǁFSWFODF
Q#"3/*&3FWSPQTLâLPNJTBżQPWŞżFOâSFHJPOÈMOÓQPMJUJLPVBSFGPSNPVJOTUJUVDÓ
x.ÈNWFMLPVSBEPTUäFNPIVIPWPǥJUQǥFEWBÝÓNQMFOÈSOÓN[BTFEÈOÓN3BEPTUPUP
WLJUÝÓäFTFLPOÈQPQSWÏ[BQǥÓUPNOPTUJ[ÈTUVQDDzPSHÈODzNÓTUOÓBSFHJPOÈMOÓTBNPTQSÈWZ
OPWâDIǁMFOTLâDITUÈUDz&WSPQTLÏVOJFLUFSÏTSEFǁOLJ[ESBWÓNj
x#LJIFNULJDIUPQBUOÈDUJNLJTÓDDzKTFNCZMEPKBUQBOFQǥFETFEPLWBMJUPVQSPTMPWDz
BWZTUPVQFOÓW,POWFOUV
WBÝJDI[ÈTUVQDDzo$MBVEBEV(SBOESVBU+PTF$IBCFSUB
.BOGSFEB%BNNFZFSB1BUSJDLB%FXBFMB$MBVEJB.BSUJOJIPB3BNPOB7BMDBSDFMB
BUBLÏKFKJDIOÈISBEOÓLDz5JUP[ÈTUVQDJTQMOJMJTWDzKÞLPM/FCZMKFEOPEVDIâW[IMFEFN
LPLPMOPTUFNBQPENÓOLÈN[BLUFSâDICZM,POWFOUWZUWPǥFOPǁFNäKTFNDIULJMQPEBU
TWLJEFDUWÓÁTQLJÝOLJEPLPOǁÓNFQSÈDJLUFSPVQǥFETFEB&WSPQTLÏIPLPOWFOUVQ7BMÏSZ
(JTDBSEE&TUBJOHKBLTFNJ[EÈQSÈWFNP[OBǁJM[B[DFMBOFPǁFLÈWBOPVj
1PMJUJDLÈUSJCVOB‰o
Q-"-0((*"NJOJTUSQSPSFHJPOÈMOÓ[ÈMFäJUPTUJJUBMTLÏWMÈEZ[ÈTUVQDFTUÈWBKÓDÓIPQżFETFEOJDUWÓ
&WSPQTLÏVOJF
4ELJMJM[ÈTUVQDDzNNLJTUBSFHJPODz&WSPQZäFQPTMÈOÓNJUBMTLÏIPQǥFETFEOJDUWÓCVEF
ÞTQLJÝOLJEPLPOǁJUQSPQPKFOÓWâTMFELDz,POWFOUVB.F[JWMÈEOÓLPOGFSFODFKFKÓä
[BIÈKFOÓKFTUBOPWFOPOBNLJTÓDǥÓKFO1PEMFOLJIPCZTF*($NLJMBTPVTUǥFEJUQPV[F
OBCPEZLUFSÏKTPVQǥFENLJUFNQPMJUJDLâDIOFTIPEOJLPMJWTF[BCâWBUWÝFNJTQJTZ
1SPIMÈTJMäFNF[JEBMÝÓQSJPSJUZQǥFETFEOJDUWÓQBUǥÓ[MFQÝFOÓTZOFSHJFNF[JFWSPQTLâNJ
mOBOǁOÓNJJOTUJUVDFNJ[WMÈÝULJQBLV&WSPQTLÏJOWFTUJǁOÓCBOLZQPLSPLWǥFÝFOÓ
QSPCMÏNV JMFHÈMOÓ JNJHSBDF B QPTÓMFOÓ W[UBIDz &WSPQZ T KFKÓNJ CBMLÈOTLâNJ
BTUǥFEPNPǥTLâNJTPVTFEZBUBLÏTF4QPKFOâNJTUÈUZB3VTLFN
oǥÓKOB
Q$09QżFETFEB&WSPQTLÏIPQBSMBNFOUV
ƤFLMäFJQǥFTTWÏOFEPTUBULZQǥFETUBWVKFQSPKFLUÞTUBWZQP[JUJWOÓLSPLBWBSPWBM
QǥFECVEPVDÓNKFEOÈOÓNx7MÈEZNVTÓECÈUOBUPBCZOFQǥFIÈOLJMZTWDzKTUSBDI
BOFW[CVEJMZGBMFÝOÏOBELJKFQPLVEKEFPUPǁFIPKFNPäOPEPTÈIOPVU7ZKÈEǥFUF
TBNP[ǥFKNLJTWDzKOÈ[PSBMFOJLPMJW[QDzTPCFNLUFSâCZSP[IPEVKÓDÓN[QDzTPCFN
LPNQMJLPWBMQǥJKFUÓQPUǥFCOÏIPLPNQSPNJTV1P[ELJKJTLMJEÓUFBUPGPSNPVWFǥFKOÏIP
NÓOLJOÓBIMBTDzUPDPEOFT[BTFKFUFj
x.ZǁMFOPWÏ&WSPQTLÏIPQBSMBNFOUVKTNFQǥFE[BWEÈOÓNQPEOLJUVLF[NLJOÈNQSPKFLUV
PEPMBMJQPLVÝFOÓTFTUBWJUTPVQJTQPäBEBWLDzBQǥJQPNÓOFL%PVGÈNFäFPTUBUOÓCVEPV
QPTUVQPWBUTUFKOLJKJOBLWFÝLFSâLPOTUSVLUJWOÓLPNQSPNJTEPTBäFOâWSÈNDJ,POWFOUV
CVEF[OJǁFODPäCZOFQSPTQLJMPOJLPNVj
BBBW[WB&6
1$PYQǥJQPNOLJMäF&WSPQTLâQBSMBNFOUCVEFVTJMPWBUP[BQPKFOÓOÈSPEOÓDI
QBSMBNFOUDzEPTWâDIQSBDÓUâLBKÓDÓDITF*($x;ÈSPWFǞäÈEÈNQ(JM3PCMFTFBCZ
EPUPIPUPQSPKFLUV[BQPKJMJPTUBUOÓBLUÏSZ[WMÈÝULJQBL7âCPSSFHJPODz+BLPQPMJUJDJ
BQPMJUJǁLZKTNFWÝJDIOJQPUǥFCOÓBNDzäFNFISÈUEDzMFäJUPVSPMJ[WMÈÝULJQBLCLJIFN
SBUJmLBDFj
Q#6426*/ŘMFO&WSPQTLÏLPNJTFPEQPWŞEOâ[BWâ[LVN
7ZTWLJUMJM[ÈTUVQDDzNNLJTUBSFHJPODz&WSPQZQSJPSJUZFWSPQTLÏQPMJUJLZWâ[LVNV
x7TPVǁBTOÏEPCLJWLJOVKF&WSPQBOBWâ[LVNBWâWPKQǥJCMJäOLJEWLJQSPDFOUBTWÏIP)%1
/BÝÓNDÓMFNKFUPUPǁÓTMP[WâÝJUOBUǥJQSPDFOUBBTOÓäJUWQPSPWOÈOÓTF4QPKFOâNJTUÈUZ
SP[EÓMWPCMBTUJWâEBKDzOBWâ[LVN+FEOÓN[IMBWOÓDIDÓMDzKF[MFQÝFOÓQPENÓOFLQSP
JOWFTUJDFEPWâ[LVNVSFBMJ[PWBOÏTPVLSPNâNTFLUPSFN[WMÈÝULJQBLNBMâNJBTUǥFEOÓNJ
QPEOJLZ3FHJPOZISBKÓWUPNUPTNLJSVEDzMFäJUPVSPMJBǬVäTFKFEOÈPmOBODPWÈOÓ
Wâ[LVNOâDIQBSLDzOFCPPQPTLZUOVUÓQPNPDÓNBMâNBTUǥFEOÓNQPEOJLDzN[BCâWBKÓDÓN
TFWâ[LVNOâNJQSPKFLUZ1PǁÓOBKFMFEOFNOFCVEPVNVTFUCâUSFHJPOÈMOÓQPNPDJ
Wâ[LVNVBWâWPKJOBWZTPLÏÞSPWOJQǥJELJMPWBOÏNBMâNBTUǥFEOÓNQPEOJLDzN
QǥFENLJUFN QǥFECLJäOÏIP P[OÈNFOÓ TMVäCÈN ,PNJTF QPWLJǥFOâN IPTQPEÈǥTLPV
TPVULJäÓj
oMJTUPQBEV
Q("(-*"3%*TUÈUOÓUBKFNOÓLQSPSFHJPOÈMOÓ[ÈMFäJUPTUJJUBMTLÏWMÈEZ
x;LVÝFOPTUJ[EFDFOUSBMJ[BDFQSPCÓIBKÓDÓWǁMFOTLâDITUÈUFDIQǥFETUBWVKÓQǥJEBOPV
IPEOPUVWQSPDFTVFWSPQTLÏJOUFHSBDFj[BUÓNDPx7âCPSSFHJPODzCVEFISÈUTUÈMFWLJUÝÓ
ÞMPIVWLPOUFYUVLEZ,PNJTFCVEFNÓUWSÈNDJ[ÈLPOPEÈSOÏIPQSPDFTVQPWJOOPTU
WÓDFLPO[VMUPWBUSFHJPOj
Q("--"()&3NJOJTUS*STLÏIPTUÈUVOBNJOJTUFSTUWVQSPäJWPUOÓQSPTUżFEÓOÈSPEOÓCPIBUTUWÓBDFMLZ
Þ[FNOÓTBNPTQSÈWZ
6LÈ[BMQSJPSJUZCVEPVDÓIPJSTLÏIPQǥFETFEOJDUWÓ/FKEǥÓWF[NÓOJMSP[ÝÓǥFOÓ6OJF
x1SPCÓIÈTKFEOPDPWÈOÓ&WSPQZ"MFQSPDFTSP[ÝÓǥFOÓOFLPOǁÓLWLJUOFN#VEPV
QPLSBǁPWBUKFEOÈOÓT3VNVOTLFN#VMIBSTLFNB$IPSWBUTLFNBWQSPTJODJCZ
NLJMBCâU[BIÈKFOBQǥÓTUVQPWÈKFEOÈOÓT5VSFDLFNj
BBBW[WB&6
1PMJUJDLÈUSJCVOB‰o
7ZKÈEǥJMTFLQPTUVQVQSBDÓNF[JWMÈEOÓLPOGFSFODF[QPEOLJUVJUBMTLÏIPQǥFETFEOJDUWÓ
/FKEǥÓWFQPEUSIMWZWÈäFOPTUQSPKFLUV4NMPVWZ0EWPMÈWBKFTFOBǁMÈOLZV[OÈOÓ
NÓTUOÓBSFHJPOÈMOÓBVUPOPNJF
BQSJODJQZTVCTJEJBSJUZBQSPQPSDJPOBMJUZ
WZKÈEǥJM
TWPKJSBEPTU[UPIPäFQSPKFLUQǥFELMÈEÈxMFQÝÓSP[ELJMFOÓQSBWPNPDÓNF[J&WSPQTLPV
VOJÓBǁMFOTLâNJTUÈUZj
.(BMMBHIFSQSPIMÈTJMäFSP[ÝÓǥFOÓQPTÓMÓCF[QFǁOPTUBTUBCJMJUV6OJFB[BKJTUÓ&WSPQLJ
OPWÏIPTQPEÈǥTLÏNPäOPTUJ1PUWSEJMäFCVEPVDÓQǥFETFEOJDUWÓEÈOBKFWPTWPKJ
TPMJEBSJUVTOPWâNJǁMFOTLâNJTUÈUZx+FUǥFCBQPEQPǥJUKFKJDIQPUǥFCVSP[WPKFj
1(BMMBHIFS[EDzSB[OJMäF4USVLUVSÈMOÓGPOEZQǥJTQLJMZLÞTQLJDIV*STLBB[ÈSPWFǞ
QSPIMÈTJMäFQǥJTUVQVKÓDÓ[FNLJNVTÓCâUxWTSEDJCVEPVDÓQPMJUJLZTPVESäOPTUJQPSPDF
j7ÝFPCFDOLJEPEBMäFxCVEPVDÓJSTLÏQǥFETFEOJDUWÓTFVKJTUÓPQSPWÈELJOÓQPMJUJLZ
TPVESäOPTUJj
%BMÝÓN QSJPSJUOÓN DÓMFN CVEPVDÓIP QǥFETFEOJDUWÓ KF [MFQÝFOÓ IPTQPEÈǥTLÏ
TJUVBDF
ÇJWPUOÓQSPTUǥFEÓKFEBMÝÓQSJPSJUPVJSTLÏIPQǥFETFEOJDUWÓLUFSÏDIDFQǥFEFWÝÓN
TUBOPWJUNFDIBOJTNVTQSPPCDIPEPWÈOÓTFNJTOÓNJLWØUBNJQMZODz[QDzTPCVKÓDÓDI
TLMFOÓLPWâFGFLUBQPEOÓUJUQǥJKFUÓOPWÏMFHJTMBUJWZUâLBKÓDÓTFQMZODzPCTBIVKÓDÓDI
nVPS
QÓ3&%*/(07«FWSPQTLÈLPNJTBżLBQPWŞżFOÈWâDIPWPVBLVMUVSPV
1PMJUJDLÈUSJCVOB‰o
x.ÓTUPWâDIPWZBLVMUVSZKFQPUWS[FOPWQSPKFLUVTNMPVWZWZQSBDPWBOÏN,POWFOUFN
OBÞSPWOJEFmOPWÈOÓQSBWPNPDÓJQPMJUJL+TFNQPULJÝFOBäFQSPKFLU4NMPVWZQPǁÓUÈ
TKFEOPNZTMOâNSP[IPEOVUÓNWPCMBTUJLVMUVSOÓDIBBVEJPWJ[VÈMOÓDITMVäFCOFCPǬUZUP
CZNPIMZPISP[JULVMUVSOÓBKB[ZLPWPVSP[NBOJUPTU6OJFj
BBBW[WB&6
1Ó3FEJOHPWÈVWFEMBäFWPCMBTUJWâDIPWZBW[ELJMÈWÈOÓCVEFTQVÝULJOBOPWÈHFOFSBDF
QSPHSBNDzLUFSÏOBWÈäPVOBQSPHSBNZ4PDSBUFTB-FPOBSEPEB7JODJ,PNJTBǥLB
[ÈSPWFǞ[NÓOJMBQSPHSBN3-v7[ELJMÈWBKÓDÓTFSFHJPOZiBv3FHJPOBMOFUXPSLTGPS
MJGFMPOHMFBSOJOHiLUFSâW[FÝFM[FTQPMVQSÈDFNF[J,PNJTÓ7âCPSFNSFHJPODz
B&WSPQTLâNQBSMBNFOUFN5BUPJOJDJBUJWBLUFSÈTESVäVKFSFHJPODzTFWFSOÓBKJäOÓ
&WSPQZTFTPVTUǥFDŽVKFPLPMPQSPKFLUDzBKFKÓNDÓMFNKFQPEQPSBTÓǬPWÏIPQSPQPKFOÓ
SFHJPODz B NLJTU LUFSÏ NBKÓ EMPVIPEPCÏ [LVÝFOPTUJ W PCMBTUJ DFMPäJWPUOÓIP
W[ELJMÈWÈOÓ
Q.":45"%5QSF[JEFOU&WSPQTLÏJOWFTUJŘOÓCBOLZ&*#
;NÓOJM PQFSBǁOÓ DÓMF CBOLZ OB QSWOÓN NÓTULJ SFHJPOÈMOÓ SP[WPK B TPDJÈMOÓ
BIPTQPEÈǥTLPVTPVESäOPTU#BOLBTJTUBOPWJMB[BDÓMQǥJELJMJUTWâDIQǥÓNâDI
QDzKǁFLQSPKFLUDzNVSǁFOâNQSPPCMBTUJQPEQPSPWBOÏ6OJÓ#BOLBCVEFSPWOLJä
mOBODPWBUUSBOTFWSPQTLÏEPQSBWOÓTÓULJVLUFSâDIWâÝLBÞWLJSDzWSPDFEPTBIVKF
NJMJBSEFVS
%BMÝÓQSJPSJUPVKFQPNPDQǥJTUVQVKÓDÓN[FNÓNBCZvTFQǥJ[QDzTPCJMZQPMJUJLÈN
BOPSNÈNQMBUOâNW6OJJi#BOLBSPWOLJä[BWFEMBNPäOPTUQPTLZUOVUÓÞWLJSDz
QPEFQTBOâDIQPV[FPCFDOÓSBEPVCF[OVUOPTUJTUÈUOÓ[ÈSVLZ#BOLBWJEÓTWÏQSJPSJUZ
W[ÈQBEOÓN#BMLÈOLJQBSUOFSFDI[F4UǥFEPNPǥÓB*OWFTUJǁOÓGBDJMJULJ*OWFTUNFOU
'BDJMJUZ
WSÈNDJ%PIPEZ[$PUPOPV
x,SPNLJUPIP&*#KJäEWBSPLZQPTLZUVKFQǥÓNPSFHJPODzNÞWLJSZOBmOBODPWÈOÓJOWFTUJD
KFäKTPVTPVǁÈTUÓ0QFSBǁOÓDIQSPHSBNDzSFHJPODzj
1PMJUJDLÈUSJCVOB‰o
BBBW[WB&6
1PSBEOÓŘJOOPTU
#LJIFNQSWOÓDIQMFOÈSOÓDI[BTFEÈOÓLPOBOâDIWSPDF7âCPSSFHJPODzKJäQǥJKBM
TUBOPWJTFLOBWZäÈEÈOÓTUBOPWJTFL[WMBTUOÓJOJDJBUJWZBSDz[OâDIEPLVNFOUDz
QSPIMÈÝFOÓVTOFTFOÓVKFEOÈOÓBQPE
WâIMFEPWÏ[QSÈWZWâIMFEPWÈTUBOPWJTLB
BQSPIMÈÝFOÓJOJDJBUJWOÓ
oDFMLFNTFKFEOBMPPEPLVNFOUDz
ÁŘBTUŘMFOƉ
ė
%BUVN
ÁŘBTUŘMFOƉ
1PŘFUŘMFOƉ
DFMLFN
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
B
żÈEOâDIŘMFOƉ
OÈISBEOÓLƉ
ŘMFOƉ
ÁŘBTUŘMFOƉQPEMFKFEOPUMJWâDITUÈUƉ
1PMJUJDLÈUSJCVOB‰o
#&
%,
%&
&-
&4
'3
*&
*5
-6
/-
"5
15
'*
4&
ÁDˆBTUSˆÈEOZDIDˆMFOV„
BBBW[WB&6
ÁDˆBTUOÈISBEOÓLV„
6, $FMLFN