
'EVVMIV+ISXLIVQEP,IEX4YQT7]WXIQW
+84<
6IWMHIRXMEP4VSHYGXW8IGLRMGEP+YMHI
W]WXIQW[MXL9PXVE8IGLQEMRXEMRTVIGMWIXIQTIVEXYVIPIZIPWERH
PS[IVVIPEXMZILYQMHMX]8LMWIPMQMREXIWYRIZIRTIEOWERHZEPPI]W
ERHEPPS[WJSVWXIEH]GSSPMRKGSQJSVX,SQIS[RIVWRS[LEZIE
FIXXIVQSVIIJ½GMIRX[E]XSTS[IVXLIMVLIEXMRKERHGSSPMRKW]WXIQ
VEMWMRKXLIMVPIZIPSJGSQJSVX[LMPIPS[IVMRKIRIVK]FMPPW7S[LIR
]SYVGYWXSQIVWRIIHERI[LIEXMRKERHGSSPMRKW]WXIQQEOIWYVI
MXLEWXLIFIWXXIGLRSPSK]MRWMHI¯XLI'STIPERH7GVSPP9PXVE8IGL
GSQTVIWWSV
7EZI[MXLWYTIVMSVIJ½GMIRG]3ZIVSJWYQQIVYXMPMX]FMPPWGER
GSQIJVSQXLIEMVGSRHMXMSRIVGSQTVIWWSVSTIVEXMSR%W]WXIQ
[MXLXLI'STIPERH7GVSPP9PXVE8IGLGSQTVIWWSVHIPMZIVWLMKLIV
IJ½GMIRG]XLERER]SXLIVWMRKPIGSQTVIWWSVW]WXIQ-RJEGXW]WXIQW
[MXL9PXVE8IGLTVSZMHIYTXSKVIEXIVIRIVK]IJ½GMIRG]EW
GSQTEVIHXS7))6W]WXIQW¯[LMGLGERWEZILSQIS[RIVW
LYRHVIHWSJHSPPEVWE]IEVMRIRIVK]GSWXW
8EOIMXIEW][MXLUYMIXIVGSRXVSP'STIPERH7GVSPP9PXVE8IGLMW
VIQEVOEFP]UYMIXEXFSXLJYPPERHTEVXPSEHGETEGMX]-RJEGXMXMWYTXS
JSYVXMQIWUYMIXIVXLEREVIGMTVSGEXMRKGSQTVIWWSV,SQIS[RIVWGER
IRNS]MXWWYTIVMSVIJ½GMIRG]ERHGSQJSVX[MXLSYXLEZMRKXSLIEVXLI
STIVEXMSR
0IEVRXLIFIEYX]
SJXLIHIWMKR;MXL
'STIPERH7GVSPP
9PXVE8IGLX[S
MRXIVREPF]TEWW
TSVXWIREFPIXLI
W]WXIQXSVYREX
TEVXPSEH
GETEGMX]JSVFIXXIVIJ½GMIRG]ERHLYQMHMX]GSRXVSP&EWIHSRHIQERH
XLIQSHYPEXMSRVMRKMWEGXMZEXIHWIEPMRKXLIF]TEWWTSVXWERHMRWXERXP]
WLMJXMRKGETEGMX]XS8EOIEHZERXEKISJ±WLMJXSRXLI¾]²WXEKI
GLERKMRKRSWXSTTMRKERHWXEVXMRKVIUYMVIHPMOISXLIVX[SWXEKI
GSQTVIWWSVW
'LSSWITVSZIRWGVSPPTIVJSVQERGI;LMPI'STIPERH7GVSPP
9PXVE8IGLFYMPHWSRIWXEFPMWLIHWGVSPPXIGLRSPSK]MXMWWXMPPEWGVSPP
EXLIEVX[LMGLQIERWMXSTIVEXIW[MXLJI[IVQSZMRKTEVXWRS
ZSPYQIXVMGIJ½GMIRG]HVSTSJJSVGSQTVIWWMSRPIEOEKI8LIVIWYPXMW
YRWYVTEWWIHVIPMEFMPMX]ERHZMVXYEPP]WMPIRXSTIVEXMSRJSVFSXLMRHSSV
ERHSYXHSSVETTPMGEXMSRW
3XLIV2I[*IEXYVIW
4S[HIVGSEXIHGEFMRIXXEYTIQIXEPPMG
0MJXSYXLERHPIWJSVJVSRXEGGIWWTERIPW
'SVVSWMSRERHWXEMRVIWMWXERXWXEMRPIWWWXIIPHVEMRTER[MXLI\XVE
WPSTIHIWMKRIHMR
*EGXSV]QSYRXIH½PXIVHVMIVJSVXVSYFPIJVIIVIPMEFMPMX]
)EW]EGGIWWPS[TVS½PILSVM^SRXEPGSRXVSPFS\
(SYFPIMWSPEXIHGSQTVIWWSVJSVUYMIXERHZMFVEXMSRJVIISTIVEXMSR
*SMPJEGIHMRWYPEXMSRMREMVLERHPMRKGSQTEVXQIRXXSEPPS[IEW]
GPIERMRKERHTVIZIRXQMGVS½FIVMRXVSHYGXMSRMRXSXLIEMVWXVIEQ
3TIR7IVZMGI*VMIRHP]'EFMRIXMIEPPGSQTSRIRXWMR
GSQTVIWWSVWIGXMSRGERFIWIVZMGIHJVSQXLIJVSRX
;LEXW I[[MXL'EVVMIV+ISXLIVQEPW+84<#
4YVSR6IJVMKIVERX
4YVSRMWERSRGLPSVMRIFEWIH,*'%VIJVMKIVERXXLEX[MXL
6'ERH6%MWWIIREWXLIJYXYVISJEPPVIJVMKIVERXWYWIH
[SVPH[MHI
,*'%GLEVEGXIVMWXMGWGSQTEVIHXS6EVI
&MREV]ERHRIEVE^ISXVSTMGQM\XYVISJ6ERH
6
,MKLIVIJ½GMIRGMIWLMKLIVSTIVEXMRKTVIWWYVIW
>IVSS^SRIHITPIXMSRTSXIRXMEPERHPS[KPSFEP
[EVQMRKTSXIRXMEP
:MVXYEPP]RSKPMHI9RPMOISXLIVEPXIVREXMZIVIJVMKIVERXWXLI
X[SGSQTSRIRXWMR,*'%LEZIZMVXYEPP]XLIWEQIPIEO
VEXIW8LIVIJSVIVIJVMKIVERXGERFIEHHIHMJRIGIWWEV][MXLSYX
VIGSZIVMRKXLIGLEVKI
1)6:²4PIEXIH½PXIV
%PP+84<YRMXWMRGPYHIEJEGXSV]
MRWXEPPIH²½PXIVVEGOHYGXGSPPEV[MXLE
²TPIEXIHLMKLIJ½GMIRG]1)6:EMV
½PXIV8LI1)6:QMRMQYQIJ½GMIRG]
VITSVXMRKZEPYITIV%7,6%)7XERHEVH
HIWMKRJIEXYVIWYPXVEPS[ZIPSGMX]
JTQJSVI\XIRHIH½PXIVPMJIPS[TVIWWYVIHVST¯
MR[KERHLMKLTEVXMGYPEXIIJ½GMIRG]WM^I)!)!ERH
)!8LITPIEXIHHIWMKRERHPS[ZIPSGMX]GSQFMRIXSEPPS[
XLI½PXIVXSWXSVIEPEVKIEQSYRXSJHMVXERHVIWYPXMRETVEGXMGEP
VITPEGIQIRXPMJISJYTXSQSRXLW
8MR 'SEXIH%MV'SMP
%PP'EVVMIV+ISXLIVQEP+8
4<7IVMIWQSHIPWJIEXYVIE
XMRGSEXIHEMVGSMP8LMWGSEXMRK
TVSGIWW[MPPTVSZMHI]IEVWSJ
TVSXIGXMSREKEMRWXGSVVSWMSRJVSQ
EMVFSVRIGLIQMGEPWVIWYPXMRKJVSQ
QSHIVRFYMPHMRKQEXIVMEPSYX
KEWWMRKERHQSWXIRZMVSRQIRXEP
GLIQMGEPWJSYRHMRXLIEMV
1SHIVRFYMPHMRKQEXIVMEPWWYGLEWGSYRXIVXSTW¾SSVGSZIVMRKW
TEMRXWERHSXLIVQEXIVMEPWGER±SYXKEW²GLIQMGEPWMRXSXLILSQI´WEMV
7SQISJXLIWIGLIQMGEPWEVIWYWTIGXIHSJGSRXVMFYXMRKXSGSVVSWMSR
MRXLIEMVGSMPWJSYRHMRFSXLXVEHMXMSREPERHKISXLIVQEPLIEXMRKERH
GSSPMRKIUYMTQIRX'SVVSWMSRSJXIRVIWYPXWMRVIJVMKIVERXPIEOWERH
IZIRXYEPJEMPYVISJXLIEMVGSMPGSWXMRKLYRHVIHWSJHSPPEVWXSVITPEGI
7XYHMIWLEZIEPWSWLS[RXLEXXLIWIEMVGSMPGSEXMRKWMQTVSZIQSMWXYVI
WLIHHMRKERHXLIVIJSVIMQTVSZIEYRMX´WQSMWXYVIVIQSZEPGETEFMPMX]
VIWYPXMRKMREQSVIGSQJSVXEFPILSQI8LI+84<7IVMIWMW]SYV
EWWYVERGISJFSXLQE\MQYQEMVGSMPPMJIERH
GSQJSVX
'STIPERH7GVSPP'SQTVIWWSV
%GLMIZIEKVIEXIVPIZIPSJGSQJSVX8LI
'STIPERH7GVSPP9PXVE8IGLTVSZMHIWWYTIVMSV
GSQJSVXXLER½\IHGETEGMX]GSQTVIWWSVWF]
MRGSVTSVEXMRKEVIZSPYXMSREV]X[SWXITHIWMKR
;MXLEYRMUYITEVXPSEHGETEGMX]WXIT