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Hitachi MRO-NBK5000E Microwave Oven

Product's Documents

Below are documents related to this product, you can read online or download:
User Manual Other Documents Specification
Main documentSpecificationQuestions and answersRelateds Products
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Operating Manual / Recipes

This is the main product document for model MRO-NBK5000E.

The file format is pdf, 306 pages, you can download this manual here .

5
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STIRMRKSRFSXXSQ
'SRZIGXMSRLIEXIV
3ZIRPEQT
'IVEQMGXVE]
QEHISJGIVEQMG
8VE]VEGO
7XIEQSYXPIX
(SSV
(SSVKPEWW
7XIEQFSMPIV
&SMPIVJSVLIEXMRK[EXIVXSQEOIWXIEQ-XMWFYMPXMRXSXLIQEMRYRMX
0MKLXWYTHYVMRKLIEXMRKERHXYVRWSJJ[LIRXLIHSSVMWSTIRIH
&YMPXMRXSXLIGIMPMRK
SJXLISZIRGEZMX]
'SQIWSYXJVSQXLI
KETSRXLIVMKLXWMHI
SJXLISZIRGEZMX]JSV
%YXS-RNIGXMSRSJHV]
]IEWXERHQEXIVMEPW
MRFEOIV]JYRGXMSR
&YMPXMRXSXLIFEGOSJ
XLISZIRGEZMX]
7IXSRXLIFSXXSQSJ
SZIRGEZMX]HITIRHMRKSR
GSSOMRKQIRYSTXMSRW
;LIRXLISZIRMWTVILIEXMRKSVMRXLI%YXS&EOIV]
QIRYXLIPEQTMWXYVRIHSJJMRSVHIVXSWEZIIRIVK]
;LIR]SY[ERXXSPSSOEXXLISZIRGEZMX]MRWMHISZIR
HYVMRKTVILIEXMRKTVIWW
7XEVX
6ILIEX
FYXXSR
8SXYVRMXSJJTVIWW
7XEVX
6ILIEX
EKEMR
7IXXLIQIXEPXVE]WERH
WYTIVKVMPPXVE]YRMX
8S T
1MHHPI
&SXXSQ
&YMPXMRFIRIEXLXLISZIRGEZMX]6SXEXIWXLIQM\MRKFPEHIJSVQM\MRKMRXLIFEOIV]JYRGXMSR
1M\MRKQSXSV
4VSXIGXMSRGSZIV
(SRSXVIQSZI
'LIGO*MVWX
background
%GGIWWSVMIW
'IVEQMGXVE]QEHIJVSQGIVEQMG 7XSVEKIGEWI
&EOMRKTERQEHIJVSQ
EPYQMRYQ
-RNIGXSV
=IEWXGSZIV
1M\MRKFPEHIQEHIJVSQ
EPYQMRYQ
4EPQ
WMHI
&EGO
WMHI
7TSSRWERHQIEWYVIQIRX
GYTJSVFEOIV]
;EXIVXERO
1IXEPXVE]WX[SXVE]WQEHIJVSQWXIIP
7YTIVKVMPPXVE]YRMXQEHIJVSQWXIIP
+VMPPPMHQEHIJVSQEPYQMRYQ
%TEMVSJQMXXIRW
'SSOMRK+YMHIXLMWHSGYQIRX
)EW]9WIV+YMHI
7XSVIWEPPXLIEGGIWWSVMIW
JSVXLIFEOIV]
4PIEWIGPIERXLIQYT
FIJSVIWXSVMRKMRXLMWGEWI
EJXIVGSSOMRK
7IXSRXLIFEOMRKTERVEGOWIX
SRXLIFSXXSQSJSZIRGEZMX]
7IXXSXLIFEOMRKTER
7IXSRXLI]IEWXMRPIXSJXLI
MRNIGXSV
8LMWMWEXMR]TEVXWSXEOIGEVI
RSXXSPSWIMX
7IXXSXLIVSXEV]WLEJXEXXLI
FSXXSQSJXLIFEOMRKTER
7TSSRWJSVFEOIV]MRGPYHIEPEVKI
WTSSRJSVWYKEVERHWOMQQMPOERH
EWQEPPWTSSRJSVWEPXERHHV]]IEWX
8LIQIEWYVIQIRXGYTMWJSVPMUYMH
PPIH[LIRXLI
WXIEQJYRGXMSRIXGMWYWIH
7IXXSXLIXVE]VEGO
HITIRHMRKSRGSSOMRK
QIRYSTXMSRW
YSVMRI
7IXXSXLIWYTIVKVMPPXVE]YRMXHITIRHMRKSRGSSOMRKQIRYSTXMSRW
8LMWGERRSXFIYWIHMRQERYEPQIRY
7XIEQMRPIX
7TSSRWJSVFEOIV]
1IEWYVIQIRX
GYT
0EVKIWTSSR
7QEPPWTSSR
9WIHXSVIQSZILIEXIH
EGGIWWSVMIWERH
GSRXEMRIVWEJXIVGSSOMRK
-XQE]FILIEXIHMJ]SY
YWIXLIWISRXLI[VSRK
WMHI
8LIWMHI[MXLEFERHMWJSV
XLITEPQWMHI
7IXSRXLIFSXXSQSJXLI
SZIRGEZMX]JSVWSQI
GSSOMRKQIRYSTXMSRW
YSVMRI%LIEXMRKIPIQIRX
XLEXEFWSVFWQMGVS[EZIWERHTVSHYGIWLIEXMWEXXEGLIHXS
XLIFEGOWYVJEGI
4PEGIHSRXLIGIVEQMG
XVE]SVWIXXSXLIXSTSJ
XVE]VEGOHITIRHMRKSR
GSSOMRKQIRYSTXMSRW
,S[XS9WI%GGIWWSVMIW
4
%GGIWWSVMIWJSV&EOIV]
XSFIWXSVIHMRXLIWXSVEKIGEWI
,S[XS9WI%GGIWWSVMIW
4
&EOMRKTERVEGO
7IXSRXLIFSXXSQSJXLI
SZIRGEZMX]
'LIGO*MVWX
background
(SRSXVIQSHIP
1YWXRSXFIVITEMVIHSVHMWEWWIQFPIH
F]ER]SRISXLIVXLEREVITEMVXIGLRMGMER
WIVZMGIWXEJJ
-JEQEPJYRGXMSRSGGYVWGSRWYPX[MXLXLI
7IVZMGI'IRXIV
8LITVSHYGXGSRXEMRWLMKLTVIWWYVITEVXW
(SRSXHMW
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LSPIWSVKETWMRXLISZIRWYGLEWXLIMRPIXZIRXSYXPIX
ZIRXSV[EXIVXEROWXSVEKIEVIEWFITEVXMGYPEVP]
GEVIJYPEFSYXGLMPHVIRvWQMWGLMIJERHXLIPMOI
-JEJSVIMKRSFNIGXKIXWMRXSXLIQEMR
YRMXTYPPSYXXLITS[IVTPYKERH
GSRWYPX[MXLXLI7IVZMGI'IRXIV
7EJIX]4VIGEYXMSRW
8LMWTVSHYGXMWJSVKIRIVEPLSYWILSPHYWI-XMWRSXMRXIRHIHJSVMRHYWXVMEPYWI
-JXLIHSSVSVHSSVWIEPWEVIHEQEKIHXLI
SZIRQYWXRSXFISTIVEXIHYRXMPMXLEWFIIR
VITEMVIHF]EGSQTIXIRXTIVWSR
-XMWLE^EVHSYWJSVER]SRISXLIVXLERE
GSQTIXIRXTIVWSRXSGEVV]SYXER]WIVZMGI
SVVITEMVSTIVEXMSRXLEXMRZSPZIWXLIVIQSZEP
SJEGSZIV[LMGLKMZIWTVSXIGXMSREKEMRWX
I\TSWYVIXSQMGVS[EZIIRIVK]
0MUYMHWERHSXLIVJSSHWQYWXRSXFILIEXIH
MRWIEPIHGSRXEMRIVWWMRGIXLI]EVIPMEFPIXS
I\TPSHI
%GGIWWMFPITEVXWQE]FIGSQILSXHYVMRKYWI
=SYRKGLMPHVIRWLSYPHFIOITXE[E]
8LMWETTPMERGIMWRSXMRXIRHIHJSVYWIF]
TIVWSRWMRGPYHMRKGLMPHVIR[MXLVIHYGIH
TL]WMGEPWIRWSV]SVQIRXEPGETEFMPMXMIW
SVPEGOSJI\TIVMIRGIERHORS[PIHKI
YRPIWWXLI]LEZIFIIRKMZIRWYTIVZMWMSRSV
MRWXVYGXMSRGSRGIVRMRKYWISJXLIETTPMERGI
F]ETIVWSRVIWTSRWMFPIJSVXLIMVWEJIX]
'%98-32
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(%2+)6
4VIGEYXMSRWXLEXWLSYPHFISFWIVZIHXSEZSMHTL]WMGEPLEVQERHTVSTIVX]HEQEKIEVII\TPEMRIHFIPS[FEWIH
SRXLIJSPPS[MRKGEXIKSVMIW'EVIJYPP]VIEHXLITVIGEYXMSRWMRXLMWXI\XERHFIWYVIXSYWIXLITVSHYGXTVSTIVP]
,EVQERHHEQEKIXLEXSGGYV[LIRXLITVSHYGXMWYWIHMQTVSTIVP]EVII\TPEMRIH
FEWIHSRGEXIKSVMIWXLEXGSVVIWTSRHXSXLII\XIRXSJWYGLLEVQERHHEQEKI
1EXXIVWMRZSPZMRKE[EVRMRKSV
GEYXMSR
4VSLMFMXIHQEXXIVW[LMGLQYWX
RSXFIHSRI
1EXXIVWMRZSPZMRKEVMWOSJ
MRNYV]SVTL]WMGEPHEQEKI
1EXXIVWMRZSPZMRKMRWXVYGXMSRW
XLEXQYWXFIGEVVMIHSYX
1EXXIVWXLEXWLSYPHFISFWIVZIHEVII\TPEMRIH
FEWIHSRXLIJSPPS[MRKGEXIKSVMIWSJW]QFSPW
1EXXIVWMRZSPZMRKEVMWOSJ
HIEXLSVWIVMSYWMRNYV]
1EXXIVWMRZSPZMRKE
TEVXMGYPEVP]LMKLVMWOSJ
HIEXLSVWIVMSYWMRNYV]
-14368%287%*)8=-27869'8-3276)%('%6)*900=%2(/))4*36*9896)6)*)6)2')
(%2+)6
;%62-2+
'LIGO*MVWX
background
'LMPHVIRWLSYPHFIWYTIVZMWIHXSIRWYVIXLEX
XLI]HSRSXTPE][MXLXLIETTPMERGI
8LIGSRXIRXWSJJIIHMRKFSXXPIWERHFEF]
JSSHNEVWWLEPPFIWXMVVIHSVWLEOIRERHXLI
XIQTIVEXYVIGLIGOIHFIJSVIGSRWYQTXMSRMR
SVHIVXSEZSMHFYVRW
)KKWMRXLIMVWLIPPERH[LSPILEVHFSMPIHIKKW
WLSYPHRSXFILIEXIHMRQMGVS[EZISZIRW
WMRGIXLI]QE]I\TPSHIIZIREJXIVQMGVS[EZI
LIEXMRKLEWIRHIH
8LISZIRWLSYPHFIGPIERIHVIKYPEVP]ERHER]
JSSHHITSWMXWVIQSZIH
*EMPYVIXSQEMRXEMRXLISZIRMREGPIER
GSRHMXMSRGSYPHPIEHXSHIXIVMSVEXMSRSJXLI
WYVJEGIXLEXGSYPHEHZIVWIP]EJJIGXXLIPMJI
SJXLIETTPMERGIERHTSWWMFP]VIWYPXMRE
LE^EVHSYWWMXYEXMSR
(YVMRKYWIXLIETTPMERGIFIGSQIWLSX'EVI
WLSYPHFIXEOIRXSEZSMHXSYGLMRKLIEXMRK
IPIQIRXWMRWMHIXLISZIR
(SRSXYWILEVWLEFVEWMZIGPIERIVWSVWLEVT
QIXEPWGVETIVWXSGPIERXLISZIRHSSVKPEWW
WMRGIXLI]GERWGVEXGLXLIWYVJEGI[LMGL
QE]VIWYPXMRWLEXXIVMRKSJXLIKPEWW
8STVIZIRXIPIGXVMGWLSGOERH
PIEOEKIFIWYVIXSYWIEKVSYRHIH
TS[IVTPYK
+VSYRH
3RP]YWIYXIRWMPWXLEXEVIWYMXEFPIJSVYWIMR
QMGVS[EZISZIRW
3RP]EPPS[GLMPHVIRXSYWIXLISZIR[MXLSYX
WYTIVZMWMSR[LIREHIUYEXIMRWXVYGXMSRW
LEZIFIIRKMZIRWSXLEXGLMPHMWEFPIXSYWI
XLISZIRMREWEJI[E]ERHYRHIVWXERHWXLI
LE^EVHWSJMQTVSTIVYWI
;LIRLIEXMRKJSSHMRTPEWXMGSVTETIV
GSRXEMRIVWOIITERI]ISRXLISZIRHYIXS
XLITSWWMFMPMX]SJMKRMXMSR
8LIQMGVS[EZISZIRMWMRXIRHIHJSVLIEXMRK
JSSHERHFIZIVEKIW(V]MRKSJJSSHSV
GPSXLMRKERHLIEXMRKSJ[EVQMRKTEHW
WPMTTIVWWTSRKIWHEQTGPSXLERHWMQMPEV
QE]PIEHXSVMWOSJMRNYV]MKRMXMSRSV´VI
-JWQSOIMWSFWIVZIHW[MXGLSJJSVYRTPYKXLI
ETTPMERGIERHOIITXLIHSSVGPSWIHMRSVHIV
XSWXMµIER]µEQIW
6E[IKKW &SMPIHIKKW
)KK]SPOSVJVMIH
IKKW
1MGVS[EZILIEXMRKSJFIZIVEKIWGERVIWYPX
MRHIPE]IHIVYTXMZIFSMPMRK
XLIVIJSVIGEVIQYWXFIXEOIR
[LIRLERHPMRKXLIGSRXEMRIV
7YHHIR
FSMPMRK
;%62-2+
-JXLIWYTTP]GSVHMWHEQEKIHMXQYWXFI
VITPEGIHF]XLIQERYJEGXYVIVMXW
WIVZMGIEKIRXSVWMQMPEVP]UYEPM´IH
TIVWSRWMRSVHIVXSEZSMHELE^EVH
'LIGO*MVWX
background
-RWXEPPEXMSR
4
(SRSXYWIXLMWTVSHYGXMRXLIJSPPS[MRKPSGEXMSRW
1E]VIWYPXMRMKRMXMSRHYIXSLMKLXIQTIVEXYVIW[LMPILIEXMRKXLISZIRSVKVMPP
0SGEXMSRWXLEXEVI[MXLMRVIEGLSJERMRJERX
1E]VIWYPXMREGGMHIRXFYVRWERHMRNYV]
EQQEFPIMXIQWWYGLEWGYVXEMRWERHWTVE]GERW
3RXSTSJQEXIVMEPWXLEXEVI[IEO[MXLVIWTIGXXSLIEXWYGLEWGEVTIXW
XEFPIGPSXLWERHXLIPMOI
(SRSXTPEGIER]SFNIGXPMOIEWTVE]GERSRXSTSJXLIQEMRYRMX
;LIRXLISZIRSVKVMPPMWFIMRKLIEXIHXLIXIQTIVEXYVIVMWIWERHSFNIGXWSRXSTQE]FIGSQISZIVLIEXIH
VIWYPXMRKMREREGGMHIRXFYVRWSVHIJSVQEXMSR
(YVMRKQM\MRKSJXLIFEOIV]JYRGXMSRXLIQEMRYRMXWLEOIWERHQE]GEYWISFNIGXWSRXSTXSJEPPVIWYPXMRKMRE
HEQEKISVMRNYV]
6IQSZIEPPTEGOEKMRKQEXIVMEPWJVSQXLITVSHYGXERHMXWEGGIWWSVMIWERHWXSVIXLI
TPEWXMGFEKWMREPSGEXMSRSYXSJVIEGLSJERMRJERXSVHMWTSWISJWYGLFEKW
4EGOEKMRKQEXIVMEPWQE]MKRMXIERHTPEWXMGFEKWQE]GEYWIEGLSOMRKLE^EVH
7EJIX]4VIGEYXMSRW
'SRXMRYIH
4S[IV4PYKW4S[IV'SVHW3YXPIXW
9WIER:%':%'SV:
%'TS[IVSYXPIXSRP]
-JXLISYXPIXMWWLEVIH[MXLERSXLIVHIZMGIXLI
SYXPIXQE]FIGSQIEFRSVQEPP]LIEXIHVIWYPXMRK
MRMKRMXMSR
&IWYVIXSGSQTPIXIP]VIQSZIHYWX
JVSQXLITS[IVTPYK
TEVXMGYPEVP]XLITVSRKWERHXLIWIGXMSR
[LIVIXLITVSRKWEVIEXXEGLIH
1SMWXYVIFIGSQIWXVETTIHMRXLIHYWX[LMGL
4YPPSYX
XLITS[IV
TPYK
;LIR]SYHSRSXYWIXLITVSHYGX
JSVEPSRKTIVMSHSJXMQIVIQSZIXLI
TS[IVTPYKJVSQXLISYXPIX
)PIGXVMGEPMRWYPEXMSRFIGSQIW[IEOIRIHVIWYPXMRK
(SRSXTPYKMRSVTYPPSYXXLITS[IV
TPYK[MXL[IXLERHW
1E]GEYWIIPIGXVMGEPWLSGO
2S[IXLERHW
(SRSXHEQEKITS[IVTPYKWSVTS[IVGSVHW
)\EQTPIWSJLERHPMRKXLEXQE]GEYWI
HEQEKIXSTS[IVGSVHW
%PXIVMRK
*SVGIHFIRHMRK
4YPPMRK
8[MWXMRK
8]MRKMREFYRHPI
4PEGMRKWSQIXLMRK
LIEZ]SRXST
4YWLMRKXLIGSVH
YRHIVSVFIX[IIR
SXLIVSFNIGXW
(SRSXI\TSWIXLITS[IVTPYKERH
TS[IVGSVHXS[EXIV
-JXLITS[IVTPYKFIGSQIW[IXHS
RSXYWIMX
1E]VIWYPXMRIPIGXVMGPIEOEKIIPIGXVMGWLSGOSV
QEPJYRGXMSR
(SRSXYWIHEQEKIHSVPSSWISYXPIXW
-RWIVXXLITS[IVTPYK
WIGYVIP]XSXLIIRH
1E]VIWYPXMRIPIGXVMGEPWLSGO
;%62-2+
'LIGO*MVWX
background
'SSOMRK
(SRSXPIXGLMPHVIRYWIXLMW
ETTPMERGI[MXLSYXWYTIVZMWMSRRSV
PIXMRJERXWSVXSHHPIVWXSYGLMX
1E]VIWYPXMRFYVRWIPIGXVMGWLSGO
SVMRNYV]
(SRSXYWIXLMWSZIRJSVTYVTSWIW
SXLIVXLERGSSOMRK
'SSOMREGGSVHERGI[MXLMRWXVYGXMSRW
TVSZMHIHMRXLMWHSGYQIRXVIKEVHMRKJSSH
UYERXMX]GSRXEMRIVERHEGGIWWSVMIWYWIHIXG
4PEGIJSSHERHFIZIVEKIEXXLIGIRXIV
SJXLISZIRGEZMX]
(YVMRK'SSOMRKERH%JXIV'SSOMRK
-RGPYHMRK
3ZIR-RXIVMSV'PIERMRK

(VEMR4MTI
6YRRMRK3ZIR)QTX]
(ISHSVM^MRK

4VIWWXLI
'ERGIP
FYXXSRXSGERGIPGSSOMRK
(SRSXLIEXVE[IKKWFSMPIHIKKWFSXL
[MXL[MXLSYXXLIWLIPPSVJVMIHIKKW
3XLIV[MWIXLIIKKWQE]FYVWXERHHEQEKIXLI
GIVEQMGXVE]SVHSSVKPEWW
;LIRLIEXMRKIKKWFIEXXLIIKKW
FIJSVILIEXMRK
(SRSXLIEXER]XLMRKSXLIVXLERJSSH
(SRSXLIEXWXSVIFSYKLXQMGVS[EZEFPILSX
[EXIVFSXXPIWFEF]FSXXPIWWXIVMPM^IVFEKW
ERHWSSR
(SRSXSZIVLIEXJSSHW
1E]VIWYPXMRMKRMXMSRFYVRWERHMRNYV]
*SVWQEPPEQSYRXWPIWWXLERK
SJJSSH
YWI1ERYEP1IRYERH
1MGVS[EZI

;
SV
PIWWWIXXLI
LIEXMRKXMQIXSWIGSRHWERH
OIITERI]ISRXLIJSSHEWMXGSSOW
;LIR]SYYWI%YXS1IRYLIEXJSSH
EGGSVHMRKXSXLIGSRXIRXSJXLMWQERYEP
JSVI\EQTPI[MXLVIKEVHXSXLIEQSYRXSJ
JSSHERHGSRXEMRIVWXSYWIERHWSSR
;LIRLIEXMRKYWIEGSRXEMRIVXLEX
[IMKLWEFSYXXLIWEQIEWXLIUYERXMX]SJ
JSSH
;LIR]SYYWI1ERYEP1IRYQMGVS[EZI
LIEXMRKLIEXJSSH[LMPI[EXGLMRKSYX
XLIHSRIRIWWSJJSSH[MXLWLSVXIVXMQIV
WIXXMRK
(SRSXLIEXYRHIVXLIJSPPS[MRK
GSRHMXMSRW
;LIREJVIWLRIWWIRLERGIVHIS\MHERX
MWEXXEGLIHXSXLITEGOEKMRKSVJSSH
;LIRPEFIPWSVXETIEVIEXXEGLIHXSXLI
TEGOEKMRKSVJSSH
;LIREPMHSVWXSTTIVMWWXMPPSREFSXXPI
SVGSRXEMRIV
;LIRGERRIHJSSHMWPIJXMRMXWGER
;LIRWXSVIFSYKLXFSMPMRXLIFEKJSSH
VIQEMRWMRMXWTSYGL
6IQSZIER]JVIWLRIWWOIITMRKEKIRXPEFIP
XETIERHPMHTPYK*SVGERRIHJSSHHMWTPEGI
XLIGSRXIRXXSERSXLIVGSRXEMRIV
,IEXJSSHW[MXLWLIPPWSVQIQFVERIWSRP]EJXIVWTPMXXMRKSVWPMXXMRKXLIWLIPPSVQIQFVERI
1E]FYVWXVIWYPXMRKMRFYVRWERHMRNYV]
1MGVS[EZI,IEXMRK6ILIEXMRKJSV%YXS'SSOMRKERH1MGVS[EZI,IEXMRKJSV1ERYEP'SSOMRK
;%62-2+
6E[IKKW &SMPIHIKKW
)KK]SPOSV
JVMIHIKKW
'LIGO*MVWX
background
7EJIX]4VIGEYXMSRW
'SRXMRYIH
;%62-2+
,IEXMRK&IZIVEKIIXG4PIEWIYWIGEYXMSREFSYXWYHHIRFSMPMRK
1EMRXEMRMRK=SYV3ZIR
7XMVFIZIVEKIWFIJSVILIEXMRK
1E]FSMPWYHHIRP]ERHWTPEXXIVHYVMRK
LIEXMRKERHEJXIVLIEXMRKVIWYPXMRKMR
FYVRWMRNYV]SVHEQEKIXSXLIGIVEQMG
XVE]
;LIRVILIEXMRKFIZIVEKIWYWIE
WLSVXERH[MHIQSYXLIHGSRXEMRIV
1E]FSMPWYHHIRP]ERHWTPEXXIVHYVMRKLIEXMRK
ERHEJXIVLIEXMRKVIWYPXMRKMRFYVRWMRNYV]SV
HEQEKIXSXLIGIVEQMGXVE][LIREXEPPERH
REVVS[QSYXLIHGSRXEMRIVMWYWIH
(SRSXSZIVLIEXFIZIVEKIIXG
1E]FSMPWYHHIRP]ERHWTPEXXIVHYVMRKLIEXMRK
ERHEJXIVLIEXMRKVIWYPXMRKMRFYVRWMRNYV]SV
HEQEKIXSXLIGIVEQMGXVE]
&IZIVEKIW[EXIVQMPOGSJJIIWS]QMPOERHXLIPMOI
*SSHXLEXLEWEGIVXEMRXLMGORIWWGYVV]WXI[ERHXLIPMOI
*SSH[MXLELMKLSMPERHJEXGSRXIRXJVIWLGVIEQFYXXIVERHXLIPMOI
-JSZIVLIEXMRKSGGYVWPIXXLIJSSHGSSPHS[RMRXLISZIRGEZMX]
JSVEFSYXQMRYXIWFIJSVIVIQSZMRKMX
6MKLXEJXIVLIEXMRKHSRSXTIIOMRWMHIJVSQEFSZI
1E]FSMPWYHHIRP]ERHWTPEXXIVVIWYPXMRKMRFYVRWMRNYV]ERHHEQEKIXSXLIGIVEQMGXVE]
6MKLXEJXIVLIEXMRKHSRSXTYXMRTS[HIVPMOIMRWXERXGSJJIISVPMUYMH
QEXIVMEPWYGLEWQMPO
1E]FSMPWYHHIRP]ERHWTPEXXIVVIWYPXMRKMRFYVRWMRNYV]ERHHEQEKIXSXLIGIVEQMGXVE]
(SRSXLIEXFIZIVEKIWSVNYMGIWYWMRK
6ILIEX

1E]FSMPWYHHIRP]ERHWTPEXXIVHYVMRKLIEXMRK
ERHEJXIVLIEXMRKVIWYPXMRKMRFYVRWMRNYV]SV
HEQEKIXSXLIGIVEQMGXVE]
,IEXQMPOGSJJIIXIE[EXIVERHXLIPMOI
YWMRK
&IZIVEKIW;EVQ1MPO

,IEXWSYTERHXLIPMOIYWMRK1ERYEP
1IRY1MGVS[EZI,IEXMRK
;LIREHHMRKLIEXEJXIVLIEXMRKLIEXYWMRK
1MGVS[EZI;
SVPS[IVERHOIITER
I]ISRXLIJSSHEWMXGSSOW
7YHHIR
FSMPMRK
&IJSVILIEXMRK
%FRSVQEPMXMIWERH8VSYFPIWLSSXMRK
4VIWW
'ERGIP
MQQIHMEXIP]ERHWXST
YWMRKXLISZIR
4YPPSYXXLITS[IVTPYKJVSQXLISYXPIX
MQQIHMEXIP]ERHEWOXLI7IVZMGI'IRXIVXS
MRWTIGXSVVITEMVXLISZIR
8LITS[IVGSVHERHTS[IVTPYKEVIEFRSVQEPP]LSX
8LIVIMWEFYVRMRKWQIPP
8LIVIMWEFRSVQEPRSMWI
8LIVIEVIWTEVOW
8LIVIMWEXMRKPMRKWIRWEXMSRPMOIERIPIGXVMG
WLSGO[LIR]SYXSYGLXLIQEMRYRMX
GERXP]QMWWLETIRSVHIJSVQIH
7SQIXMQIWLIEXMRKHSIWRSXIRHEYXSQEXMGEPP]
4YPPSYXXLI
TS[IVTPYK
4IVJSVQSZIRQEMRXIRERGIEJXIV]SY
TYPPSYXXLITS[IVTPYK
-JXLITS[IVTPYKVIQEMRWTPYKKIHMRXLMWQE]
VIWYPXMRIPIGXVMGWLSGO
4IVJSVQQEMRXIRERGISJ]SYVSZIREJXIVEPPXLITEVXWSJXLI
QEMRYRMXEGGIWWSVMIWERHWSSRLEZIGSSPIHHS[R
-JXLISZIREGGIWWSVMIWERHWSSREVILSXXLMWQE]VIWYPXMRFYVRW
(SRSX[MTIXLIQEMRYRMXSVEGGIWWSVMIW
[MXLSZIRGPIERIVWXLMRRIVWFIR^IRIKPEWW
TSPMWLWTVE]WFPIEGLMRKEKIRXWERHWSSR
1E]VIWYPXMRWGVEXGLIWHIJSVQEXMSRSVHMWGSPSVEXMSR
(SRSXVIQSZIXLITVSXIGXMSRGSZIV
ERHQM\MRKQSXSVKIEVTEVXEXXLI
FYXXSRSJXLISZIRGEZMX]
1E]VIWYPXMRMRNYV]SVQEPJYRGXMSR
8LITVSXIGXMSRGSZIVMWETEVXXSTVSXIGXXLI
VSXEV]QIGLERMWQMRWMHIXLIQEGLMRIV]
(SRSXWGVYFXLIQEMRYRMXERH
EGGIWWSVMIW[MXLEQIXEPWGVYFFMRK
FVYWLSVEWLEVTSFNIGX
1E]VIWYPXMRMRNYV]SVHEQEKI

'LIGO*MVWX
background
3YXPIXZIRX
(SRSXTPEGIXLITS[IVGSVH
RIEVLMKLXIQTIVEXYVIEVIEW
WYGLEWXLISYXPIXZIRX
8LITS[IVGSVHQE]FIHEQEKIH
;LIRTYPPMRKSYXXLITS[IVTPYK
HSRSXTYPPSRXLITS[IVGSVH
8LIGSVHQE]FVIEOVIWYPXMRKMRMKRMXMSR
+VEWTXLITS[IVTPYKERHXLIRTYPPMXSYX
4S[IV4PYKW4S[IV'SVHW3YXPIXW
'%98-32
-RWXEPPEXMSR
4
EQIWLIEXWYGLEWEWMROSVWXSZI
1E]GEYWIIPIGXVMGEPWLSGOIPIGXVMGEPPIEOEKISVMKRMXMSR
-RWXEPPXLISZIRMRERIZIRWXYVH]PSGEXMSR
-RWXEPPEXMSRMRERYRWXEFPIPSGEXMSRQE]VIWYPXMRZMFVEXMSRWERHRSMWIERHXLITVSHYGXQE]JEPP[LMGLQE]GEYWI
ERMRNYV]
-RWXEPPXLIQEMRYRMXXSIRWYVIXLIHMWXERGIJVSQE[EPPEWHIWGVMFIHFIPS[
&IWYVIXSPIEZIEXPIEWXXLIHMWXERGIMRHMGEXIHMRXLIGLEVX
FIPS[FIX[IIRXLIQEMRYRMXERHE[EPP
(SRSXMRWXEPPXLIQEMRYRMXRIEVE[EPPSVJYVRMXYVIQEHISJER]LIEXWIRWMXMZI
QEXIVMEPSVETSWMXMSR[LIVIXLISYXPIXMWTSWMXMSRIHRIEVXLISYXPIXZIRX
-J]SYMRWXEPPXLMWTVSHYGXMREPSGEXMSR[LIVIXLIFEGOMWJEGMRKKPEWWPIEZIGQSVQSVIFIX[IIRXLIKPEWW
ERHXLIFEGOSJXLISZIREWXLIKPEWWGSYPHGVEGOHYIXSXIQTIVEXYVIHMJJIVIRGIW
)ZIRMJXLIHMWXERGIMRHMGEXIHMRXLIXEFPIERHHMEKVEQMWQEMRXEMRIHGSRHIRWEXMSRSVWSMPMRKQE]SGGYVHYIXS
XLII\LEYWXEMVJVSQXLISZIR
7SMPMRKERHGSRHIRWEXMSRGERFIVIHYGIHIMXLIVF]PIEZMRKQSVIWTEGIFIX[IIRXLISZIRERHXLI[EPPSVXLI
4SWMXMSR 8ST
&SXXSQ
0IJX 6MKLX *VSRX &EGO
(MWXERGIGQ  3TIR
&EGO
GQSVEFSZI
GQ
SV
EFSZI
7MHI
GQSVEFSZI
GQ
SV
EFSZI

'LIGO*MVWX
background
7EJIX]4VIGEYXMSRW
'SRXMRYIH
'%98-32
1MGVS[EZI,IEXMRK6ILIEXMRKJSV%YXS'SSOMRKERH1MGVS[EZI,IEXMRKJSV1ERYEP'SSOMRK
(SRSXLIEXXLISZIR[MXLSYXTYXXMRK
ER]JSSHMRXLISZIRGEZMX]
1E]VIWYPXMRQEPJYRGXMSRWERHMKRMXMSR
,IEXWXSVIFSYKLXFEF]JSSHEJXIV
XVERWJIVVMRKMXXSEWITEVEXIGSRXEMRIV
1E]VIWYPXMRFYVRWSVMRNYV]
(SRSXLIEXFEF]QMPOERHFEF]
JSSHYWMRK%YXS1IRY
9WI1ERYEP1IRY1MGVS[EZI
,IEXMRKXSLIEXQMPOSVFEF]JSSH
ERHOIITERI]ISRMXEWMXGSSOW
1E]VIWYPXMRFYVRW
7PS[P]VIQSZIGSZIVMRKWWYGLEW
TPEWXMG[VETERHXLIPMOI
7XIEQQE]TSYVSYXEWWSSREW]SYVIQSZI
XLI[VETTMRKVIWYPXMRKMRFYVRW
(SRSXYWIXLIQIXEPTVSHYGXWRSXIHFIPS[
1E]VIWYPXMRQEPJYRGXMSRWMKRMXMSRERH
FVIEOEKISJHSSVKPEWWHYIXSWTEVOW
7YTTPMIHQIXEPXVE]WYTIVKVMPPXVE]YRMX
KVMPPPMHFEOMRKTERERHMRNIGXSV
[MXLXLII\GITXMSRSJWSQI%YXS1IRYSTXMSRW
1IXEPPMGWOI[IVWSV
QIXEPPMGJSSHTVITEVEXMSRXSSPW
%PYQMRYQJSMP
1IXEPPMGSVLSPPS[TERERHPMH
4PEWXMGGSRXEMRIVW[MXLEPYQMRYQXVIEXIH
WYVJEGIWERHXLIPMOI
'SSOMRK
(SRSXGSSOJSSHMJXLIVIMWER
SFNIGXWXYGOFIX[IIRXLISZIRHSSV
ERHXLIFSH]SJXLISZIR
QMGVS[EZIPIEOEKIERHLIEXPIEOEKI
(SRSXYWIXLISZIRMJXLIQEMRYRMXLEW
XYVRIHSZIVSVLEWFIIRHVSTTIH
1E]VIWYPXMRQMGVS[EZIPIEOEKILIEXPIEOEKI
IPIGXVMGEPWLSGOSVFYVRW
4PIEWIEWOXLI7IVZMGI'IRXIVXSMRWTIGX
XLISZIR
(SRSXGSSOJSSHMJXLIVIEVIWGVETW
SJJSSHSRXLI[EPPSJXLISZIR
GEZMX]SVSRXLIGIVEQMGXVE]
(SRSXYWII\GIWWMZIJSVGI[LIR]SY
TPEGIGSRXEMRIVWSRXLIGIVEQMGXVE]
ERHHSRSXHVSTXLIGIVEQMGXVE]
(SRSXYWIXLIGIVEQMGXVE]MJMXMWGVEGOIHSVFVSOIR
%WOXLI7IVZMGI'IRXIVXSMRWTIGXXLIGIVEQMGXVE]
'SRXMRYMRKYWMRKMXMRWYGLEGSRHMXMSR[MPPPIEHXSQEPJYRGXMSRW
(SRSXGSZIVXLIMRPIXZIRXSVSYXPIXZIRX
(SRSXWTMPP[EXIVSRXSXLIQEMRYRMX
1E]VIWYPXMRIPIGXVMGWLSVXEKISVIPIGXVMGWLSGO
-J[EXIVMWEGGMHIRXEPP]WTMPPIHSRXSXLISZIR
EWOXLI7IVZMGI'IRXIVXSMRWTIGXXLISZIR
(SRSXETTP]I\GIWWMZIJSVGIXSXLIHSSV
ERHHSRSXWMXSVWXERHSRXLIQEMRYRMX
8LIHSSVQE]FIGSQIQMWWLETIRPIEHMRKXS
MRNYV]SVFYVRWVIWYPXMRKJVSQQMGVS[EZIPIEOEKI
SVLIEXPIEOEKI
;LIRVYRRMRKXLISZIRIQTX]
(ISHSVM^EXMSR
IRWYVIXLEX]SYHSXLIJSPPS[MRK
4
(SRSXTPEGIER]XLMRKMRXLISZIRGEZMX]
1SZIWQEPPERMQEPWXLEXEVIWIRWMXMZIXSWQSOI
ERHSHSVWYGLEWFMVHWXSEHMJJIVIRXVSSQ
3TIRE[MRHS[SVZIRXMPEXIXLIEVIEYWMRKEJER
8LIVIQE]FIEWQIPPSJFYVRMRKSMPSVWQSOI
QE]ETTIEV

'LIGO*MVWX
background
'%98-32
(YVMRK'SSOMRKERH%JXIV'SSOMRK
-RGPYHMRKVYRRMRKXLIQMGVS[EZISZIRIQTX]
(ISHSVM^EXMSR

;LIRSTIRMRKXLIHSSVHSRSXTIIOMRWMHI
1E]VIWYPXMRFYVRWHYIXSLSXEMVERH[EXIV
ZETSVIXG
(SRSXWTMPP[EXIVSRXLILMKLXIQTIVEXYVI
HSSVKPEWWSVGIVEQMGXVE]IXG
8LMWQE]VIWYPXMRGVEGOMRK
-JXLIJSSHMRWMHIXLISZIRGEZMX]
WXEVXWXSFYVRSVWQSOIMWSFWIVZIH
OIITXLIHSSVGPSWIH
4VIWW
'ERGIP
MQQIHMEXIP]WXSTXLI
SZIRERHTYPPSYXXLITS[IVTPYK

EWMXMW%WOXLI7IVZMGI'IRXIVXSMRWTIGXXLISZIR
9WIXLIWYTTPMIHQMXXIRWSVEXLMGO
HV]HMWLGPSXL[LIR]SYTPEGIJSSH
GSRXEMRIVWSVEGGIWWSVMIWMRXSXLI
SZIRSV[LIR]SYXEOIXLIQSYX
(MVIGXP]XSYGLMRKXLIJSSHERHWSSR[MPPVIWYPXMRFYVRWSVMRNYV]
(SRSXHMVIGXP]XSYGLXLISYXIVGSZIV
SYXPIXZIRXSZIRGEZMX]GIVEQMGXVE]
QIXEPXVE]WWYTIVKVMPPXVE]YRMXFEOMRK
TERMRNIGXSV]IEWXGSZIVSVFEOMRKTER
VEGOEWXLI][MPPFIZIV]LSX
1E]VIWYPXMRMRNYV]SVFYVRW
(SRSXXSYGL
RKIVWMRXLI
HSSV[LIRSTIRMRKERHGPSWMRKXLIHSSV
1E]VIWYPXMRFYVRWSVMRNYV]
;EXGLSYX
RKIVW
/IITWQEPPERMQEPWPMOIFMVHWE[E]
JVSQXLISZIR
1SZIXLIQXSEHMJJIVIRXVSSQSVZIRXMPEXIXLI
VSSQF]STIRMRKE[MRHS[SVVYRRMRKEREMVJER
(SRSXYWIXLIWYTIVKVMPPXVE]YRMX
JSVER]XLMRKSXLIVXLERKVMPPLIEXMRK
MR%YXS1IRYERH1ERYEP1IRY
1E]VIWYPXMRHEQEKIQIPXMRKSVHIJSVQEXMSR
;LIR]SYYWIXLIWYTIVKVMPPXVE]
YRMXQEOIWYVIXLEXXLIPIKWEVI
JYPP]STIR
-JXLIPIKWEVIRSXJYPP]STIRJSSH[MPPVSPPSZIV
(SRSXYWI%YXS1IRY[MXLXLIWYTIV
KVMPPXVE]YRMXJSVEQSYRXSJJSSH
FIPS[KI\GITXJSV
8SEWX

1E]VIWYPXMRHEQEKIQIPXMRKSVHIJSVQEXMSR
(SRSXTPEGIER]SFNIGXSJOKSV
LIEZMIVSRXSTSJXLISZIR
1E]VIWYPXMRHEQEKISVHIJSVQEXMSR
;LIR]SYVIQSZIMXEJXIVGSSPMRK
JSSH[MXLXLIYRMXSRXLIGIVEQMG
XVE]XEOIMXSYXWPS[P]EPSRK[MXLXLI
GIVEQMGXVE]
1E]VIWYPXMRHEQEKIMJMXGSQIWSJJ
9WIXLIWYTTPMIHQMXXIRWSVEXLMGOHV]
HMWLGPSXL[LIR]SYTPEGIXLIWYTIVKVMPPXVE]
YRMXMRXSXLISZIRSV[LIR]SYXEOIXLIQSYX
;LIR]SYYWIMXSRXLIGIVEQMGXVE]
IRWYVIXLEXMXMWRSXMRGSRXEGX[MXL
XLISZIRGEZMX]WYVJEGI
1E]VIWYPXMRQEPJYRGXMSRHYIXSWTEVOW
(SRSXXSYGLXLIWYTIVKVMPPXVE]YRMX[MXL
]SYVFEVILERHWMQQIHMEXIP]EJXIVGSSOMRK
1E]VIWYPXMRFYVRW
8LIWYTIVKVMPPXVE]YRMX[MPPFILSXIZIREJXIV
QMGVS[EZILIEXMRKMR%YXS1IRY
(SRSX
XSYGL
(SRSXPIEZIXLIWYTIVKVMPPXVE]YRMX
XMPXIHMRWMHIXLISZIR
1E]GEYWIJEPPMRKSJXLIWYTIVKVMPPXVE]YRMXJSSH
HVSTSJJSVFYVRWGEYWIHF]WTMPPIHWSYT
1E]VIWYPXMRHEQEKISVQEPJYRGXMSR
7YTIV+VMPP8VE]9RMX

'LIGO*MVWX
background
7EJIX]4VIGEYXMSRW
'SRXMRYIH
(SRSXGSZIVXLIFEOMRKTER[MXLE
PMHSVXLIPMOI
1E]VIWYPXMRQEPJYRGXMSR
'SZIVMRKXLIFEOMRKTER[MPPZEV]XLI
XVERWQMWWMSRSJLIEXERHEHZIVWIP]EJJIGXXLI
HSRIRIWWSJJSSH
&VIEH]SYGER[MXLXLMWFEOMRKTERMW
HSQIWLETIHFVIEHXLEXKSIWXLVSYKLSZIR
WTVMRK
=SYGERRSXQEOIGYFIWLETIHFVIEH[MXL
(SRSXPIXXLIFEOMRKTERMRNIGXSV
]IEWXGSZIVERHQM\MRKFPEHIJEPP
1E]VIWYPXMRHIJSVQEXMSRSVQEPJYRGXMSR
'SSOMRKJSSHYWMRKEHIJSVQIHFEOMRKTER
SVMRNIGXSVQE]ZEV]XVERWQMWWMSRSJLIEX
ERHTVIZIRXEYXSMRNIGXMSRVIWYPXMRKMRTSSV
HSRIRIWW
(SRSXOIITXLIFEOMRKTERSV
MRNIGXSVWSEOIHMR[EXIVJSVGPIERMRK
1E]VIWYPXMRHEQEKIQEPJYRGXMSRSVVYWX
-JMRWMHISJXLIFEOMRKTERSVMRNIGXSVMWKIX
[EXIVWSTPIEWIHSRSXWSEOXLIQMR[EXIV
(SRSXYWIXLIEGGIWWSVMIWJSV
TYVTSWIWSXLIVXLER7XITJSVXLI
%YXS&EOIV]1IRYERH,ERHQEHI
&EOIV]1IRYSVXLI/RIEH1M\1IRY
1E]VIWYPXMRHEQEKIHIJSVQEXMSRERHWTEVOW
(SRSXLIEXJSSHSRXLIGIVEQMGXVE]WYTIV
KVMPPXVE]YRMXSVQIXEPXVE]SVYWIXLIQMR%YXS
1IRYJSVXLIQMGVS[EZIERHSZIRJYRGXMSRWSV
1ERYEP1IRY
(SRSXYWIXLIEGGIWWSVMIWJSV
IH
JYRGXMSRWJSVQEOMRKFVIEHYHSR
RSSHPIHSYKLVMGIGEOIVMWSXXSERH
WSSR
1E]VIWYPXMRHEQEKIQEPJYRGXMSRSVMRNYV]
-JER]LEVHSVPEVKISFNIGXKIXWWXYGOMRXLI
QM\MRKFPEHIELIEZ]PSEH[MPPFIETTPMIHXS
XLIQSXSVVIWYPXMRKMRQEPJYRGXMSR
8LIFEOMRKTERMWRSXEQM\IV
(SRSXXV]XSQEOIZIKIXEFPINYMGISVJVYMX
NYMGI[MXLXLIFMR
9WIXLIWYTTPMIHQMXXIRWSVEXLMGO
HV]HMWLGPSXL[LIR]SYVIQSZIXLI
FEOMRKTERMRNIGXSVSVFEOMRKTER
VEGOJVSQXLILIEXIHSZIRGEZMX]
1E]VIWYPXMRFYVRWSVMRNYV]
(SRSXTPEGIXLIFEOMRKTERMRER]
YRWXEFPITSWMXMSR
1E]VIWYPXMRHEQEKISVHIJSVQEXMSRGEYWIHF]
JEPPMRK
8LIFSXXSQTEVXSJXLIFEOMRKTERMWWPMQ
WSMXQE]JEPPHS[RMJXLITSWMXMSRWLEOIW
PEVKIP]SVEPEXIVEPMQTEGXMWKMZIR
(SRSXTYXXLI]IEWXGSZIVMRXS]SYV
QSYXL
-XMWRSXIEXEFPI
%GGMHIRXEPMRKIWXQE]GEYWIWYJJSGEXMSR
(SRSXGSRXEGXER]WLEVTSFNIGX
WYGLEWERIIHPISVFEQFSSWOI[IV
[MXLTEVXWEVSYRHXLIVSXEV]WLEJXEX
XLIFSXXSQSJXLIFEOMRKTER
1E]WGVEXGLXLIVSXEV]WLEJXERHVIWYPXMR
HEQEKISVQEPJYRGXMSR
(EQEKMRKXLIVSXEV]WLEJXERHTEGOMRK
WYVVSYRHMRKMXQE]GEYWI[EXIVPIEOEKISV
HSYKLPIEOEKISVTVIZIRXXLIWLEJXVSXEXMSR
4PIEWIEWOXLI7IVZMGI'IRXIVXSMRWTIGXXLISZIR
8SXEOISYXXLIFEOMRKTEREJXIV
LIEXMRKTYXMXSRETSHWXERHSV
XLMGOHV]HMWLGPSXL
-JMXMWTYXSRER]LIEXWIRWMXMZISFNIGXMXQE]
VIWYPXMRHMWGSPSVEXMSRSVHIJSVQEXMSR
8LIFEOMRKTERMWLSXVMKLXEJXIVLIEXMRK
%GGIWWSVMIWJSV&EOIV]
'%98-32

'LIGO*MVWX
background
'%98-32
;EXIV8ERO
7XSVEKI'EWI
(SRSXWMXSRSVWXERHSRXLIWXSVEKI
GEWI
(SRSXYWIMXEWEXEFPI
1E]VIWYPXMRHEQEKIHIJSVQEXMSRSVMRNYV]
GEYWIHF]JEPPMRK
(SRSXYWIXLIWXSVEKIGEWIJSV
TYVTSWIWSXLIVXLERWXSVEKISJ
EGGIWWSVMIWWYGLEWXLIFEOMRKTER
MRNIGXSVERHFEOMRKTERVEGOIXG
1E]VIWYPXMRHEQEKISVHIJSVQEXMSR
-J]SYTYXER]SXLIVIPIGXVSXLIVQEPIUYMTQIRXGPSXLIW
MVSRERHXLIPMOI[LMPIMXMWLSXSVEXSSLIEZ]SFNIGX
MRMXXLIGEWI[MPPFIQIPXIHSVHEQEKIH
4YXXLMRKWMRXLIWXSVEKIGEWIEJXIV
XLI]LEZIGSSPIHHS[R
1E]VIWYPXMRHEQEKISVHIJSVQEXMSR
%GGIWWSVMIWWYGLEWFEOMRKTEREVILSX
VMKLXEJXIVLIEXMRK
1EMRXEMRXLIQEJXIVXLI]LEZIGSSPIHHS[R
ERH[MTISJJ[EXIVGSRXIRXFIJSVIWXSVMRK
XLIQ
%JXIVTYXXMRKEGGIWWSVMIWMRXLI
WXSVEKIGEWIPSGOXLIGEWI[MXLMXW
LSSO
1E]VIWYPXMRHEQEKISVMRNYV]GEYWIHF]JEPPMRK
*EGMRKXLIHSSVHS[R[EVH[MXLSYXPSGOMRKMX
QE]GEYWIXLIEGGIWWSVMIWMRMXXSHVSTSJJ
&IWYVIXSPSGOXLIGEWIWIGYVIP]EJXIV
TYXXMRKMRXLIEGGIWWSVMIWJSVFEOIV]
(SRSXTYXER]XLMRKSXLIVXLER
[EXIVMRXLI[EXIVXERO
-JEPGSLSPSVXLIPMOIMWYWIHMRXLIXEROXLMW[MPP
VIWYPXMRMKRMXMSR
(SRSX[EWLSVHV]XLI[EXIVXERO
YWMRKEHMWL[EWLIVSVHMWLHV]IV
1E]VIWYPXMRHEQEKISVHIJSVQEXMSR
*MPPXLIXERO[MXLJVIWL[EXIVJSV
IEGLYWI
9WMRKWXEPI[EXIV[MPPVIWYPXMRWERMXEV]TVSFPIQW
;EWLXLI[EXIVXEROJVIUYIRXP]ERH
OIITMXGPIER
2SX[EWLMRKXLI[EXIVXERO[MPPVIWYPXMRWERMXEV]TVSFPIQW
(SRSXYWIXLI[EXIVXEROMJMXMWFVSOIR
;EXIV[MPPPIEOVIWYPXMRKMRQEPJYRGXMSRW
(SRSXTYXXLI[EXIVXEROMREPSGEXMSR
XLEXGERFIGSQILIEXIHWYGLEWRIEV
EWXSZISVSRXSTSJXLISZIR
3ZIRERHKVMPPLIEXMRK[MPPQEOIXLIQEMRYRMX
LMKLMRXIQTIVEXYVIVIWYPXMRKMRHEQEKISV
HIJSVQEXMSR
(SRSXTPEGIXLI[EXIVXEROMRLSX
[EXIVSVWGEPHXLI[EXIVXERO
1E]VIWYPXMRHEQEKISVHIJSVQEXMSR

'LIGO*MVWX
background
8SYGL4ERIP0'((MWTPE] 8MQIV3R(MWTPE]
&EGO&YXXSR
,IEXMRK1IXLSH(MWTPE]
1MGVS[EZI&YXXSR
8MQIV
1MGVS[EZI
3ZIR
+VMPP 7XIEQ
7YTIVLIEXIH
7XIEQ
'SRXVSP4ERIP*YRGXMSRW
'SRXVSP4ERIP
*SVFSXLHMWTPE]WGVIIRERHSTIVEXMSR
WGVIIR
IHWIXXMRKWSTIVEXMSR
WXEXYWERHTVSGIWWIWSJ%YXS1ERYEP
1IRYEZEMPEFPIJSVXSYGLSTIVEXMSRW
8LMWMWXLIWXEVXWGVIIR
8YVRWSR[LIRXLI8MQIV
JSVXLI%YXS&EOIV]1IRY
MWEGXMZI
4VIWWXSVIXYVRXSXLI
TVIZMSYWSTIVEXMSRWXIT
=SYGERRSXKSFEGOSRGI
GSSOMRKMWWXEVXIH
4VIZMSYWTEKIWGERRSXFI
WLS[R
9WI4VIZERH2I\X
;LIRSTIVEXMRKXLIXSYGLTERIPFYXXSRWXSYGLXLIFYXXSRPMKLXP]ERHHSRSXYWI
I\GIWWMZIJSVGI
1E]VIWYPXMRHEQEKI
'EYXMSRWSR9WMRK8SYGL4ERIP
6IWTSRWIJVSQXLIXSYGLTERIPQE]ZEV]HITIRHMRKSREQFMIRXXIQTIVEXYVIERH
LYQMHMX]ERHIJJIGXWSJWYVVSYRHMRKIPIGXVMGETTPMERGIW
(SRSXTVIWWXLIXSYGLTERIP[MXLEWTSSRSVGLSTWXMGOW
1E]VIWYPXMRHEQEKI
(SRSXPIEZI[EXIVHVSTWQMPHHIXIVKIRXSVHMVXEXXEGLIHXSXLIXSYGLTERIP
1E]MQTEMVMXWVIWTSRWMZIRIWW
6IQSZIER]HMVX
(YVMRKQIRYWIPIGXMSRERH
GSSOMRKLIEXMRKQIXLSHW
PMKLXYTERHEVIHMWTPE]IH
9WIXLMWFYXXSRJSVLIEXMRK
[MXLQERYEP1MGVS[EZI
;;
&YXXSRJSV)EW]3TIVEXMSRW
4

'LIGO*MVWX
background
7XIEQ+VMPP(MWTPE]
&VIEH&YXXSR
&EOIV](MWTPE]
'PIERMRK&YXXSR
7XEVX6ILIEX&YXXSR
'ERGIP&YXXSR
7XIEQ+VMPP &EOIV]
&EGO 'PIERMRK
&VIEH
1MGVS [ EZI
7XEVX
6ILIEX
'ERGIP
8YVRWSR[LIR7XIEQ+VMPP
%YXS1IRYMWWIPIGXIH
9WIXLMWFYXXSRJSV
&VIEH
*SV&VIEHWIXXMRKWSJXMQIV
GPSGOQEXIVMEPMRNIGXMSRERH
HSRIRIWWEHNYWXQIRXEVIWEZIH
&YXXSRJSV)EW]3TIVEXMSRW
8YVRWSR[LIR&EOIV]
*YRGXMSRMWWIPIGXIH
6IGEPP
3ZIR-RXIVMSV'PIERMRK

(VEMR4MTI
ERH
(ISHSVM^EXMSR

&YXXSRJSV)EW]3TIVEXMSRW
4
4VIWWXSWXEVXXLISTIVEXMSRSJ6ILIEX
%YXS1IRYSV1ERYEP1IRY
;LIRXLMWMWTVIWWIHHYVMRKTVILIEXMRKSV
GSSOMRKMR%YXS&EOIV]1IRYXLISZIR
PEQTPMKLXWYT
4VIWWXSGERGIPXLIWIXXMRKWSVSTIVEXMSRW
;LIRXLMWMWTVIWWIHMRXLIWXEVXWGVIIR
XLI0'(FEGOPMKLXXYVRWSJJ4VIWWERH
LSPHXLMWJSVWIGSRHWSVPSRKIVXSWXEVX
4SMRX%HNYWXQIRXSJXLI[IMKLXWIRWSV
4

'LIGO*MVWX
background
7GVIIR'SRJMKYVEXMSR
7XEVX7GVIIR
;LIRXLIHSSVMWSTIRIHXLIWXEVXWGVIIRETTIEVW
1MGVS[EZIERH3ZIR*YRGXMSRW
%YXS1IRY
6ILIEX(IJVSWX
,IEPXL]1IRY
%QIRYJSVVILIEXMRKJSSHWXSVIHEXVSSQSVJVS^IR
,IEPXL]QIRYSTXMSRWWYGLEW2S3MP(IIT*V]ERHHMWLIW-VSR6MGLEVIEZEMPEFPI
1ERYEP1IRYJSVQERYEPSZIR7XIEQ7YTIVLIEXIH7XIEQ[MXL4VILIEX
2S4VILIEXERHQERYEPKVMPP7XIEQERH7YTIVLIEXIH7XIEQ
=SYGERWIPIGXQIRYSTXMSRWSJXLI6IGMTIWJVSQ'SSO1IXLSH
-RKVIHMIRXW1IRY2SERH7TIIH)EW]5YMGO
1ERYEP1IRYJSVQERYEPQMGVS[EZIVIPE]LIEXMRKXLEX
W[MXGLIWSYXTYXHYVMRKLIEXMRKERHWXIEQQMGVS[EZIPIEZIR
1IRYXSQEOIZEVMSYWOMRHWSJFVIEH
1IRYXSQEOIWLETIHFVIEH
1IRYXSGSSOYHSRHSYKLVMGI
GEOIGEOIERHWSSR
=SYGERWIPIGXJVSQXLIPEWXYWIHQIRYSTXMSRWJVSQ%YXS1IRYLMWXSV]1MGVS[EZIERH3ZIRJYRGXMSRWERH&EOIV]*YRGXMSR
1EMRXIRERGI[SVOWMRGPYHMRKHISHSVM^EXMSRERHSZIRMRXIVMSVGPIERMRKERHWIXXMRKWJSVTSMRXEHNYWXQIRXSJ[IMKLXWIRWSVERH8SYGLTERIPFEGOPMKLXEVIEZEMPEFPIMRXLMWQIRY
(ISHSVM^EXMSR(VEMR4MTI3ZIR-RXIVMSV'PIERMRK
4
4SMRX%HNYWXQIRX
4
KYVI7IXXMRKW
4
6IGMTI
1MGVS[EZI
%YXS&EOIV]
,ERHQEHI&EOIV]
1M\MRK
'PIERMRK7IXXMRK
9WIH1IRY
1ERYEP1IRY
&EOIV]*YRGXMSR
9WIH1IRY
'PIERMRK7IXXMRK
7XEVXWGVIIRHMWTPE]
4
4
4
4
4
4
4
4
4
4
7XIEQ3ZIR+VMPP0IEZIR
4

'LIGO*MVWX
background
,S[XS2EZMKEXI4EKIW
,S[XS(MWTPE]-RKVIHMIRXW
8SYGLXSWLS[XLITVIZMSYWTEKI
8SYGL-RKVIHMIRXW
8SYGL'PSWIXSVIXYVRXSXLITVIZMSYW
WGVIIR
8SYGL
XSREZMKEXITEKIW
;LIRKVE]IHSYXXLIWIFYXXSRWEVIHMWEFPIH
4EKI2SGYVVIRXTEKIXSXEPTEKI
8SHMWTPE]MRKVIHMIRXWSJVIGMTIWMR6IGMTIW
)\EQTPI7XMV*VMIH:IKIXEFPI
-JXLIVIEVIQYPXMTPITEKIWEWMRXLIQIRYWIPIGXMSRWGVIIRXSYGL4VIZ2I\XMRXLIYTTIVVMKLXGSVRIV
SJXLIWGVIIRXSREZMKEXITEKIW-JXLIFYXXSRWHSRSXETTIEVMXQIERWXLIVIMWSRP]SRITEKI
8SYGLXSWLS[XLIRI\XTEKI
;LIR]SYXSYGL
2I\X
MRXLIPEWXTEKI
VWXTEKI[MPPETTIEV
8SYGL-RKVIHMIRXWMRXLIYTTIVVMKLXGSVRIVSJXLIQIRYWGVIIRXSGLIGOXLIMRKVIHMIRXW

'LIGO*MVWX
background
'%98-32
;LIRXLIVIMWEHERKIVSJPMKLXRMRKWXVMOIWTYPPSYXXLITS[IVTPYKJVSQXLISYXPIX
1E]VIWYPXMRQEPJYRGXMSR
'LIGOMRK7IXYT
;LEXXS'LIGOERH4VITEVI&IJSVI9WMRK=SYV3ZIRJSVXLI*MVWX8MQI
;LIR]SYMRWXEPP]SYVSZIRPIEZI
IRSYKLWTEGIJSVLIEXXSVEHMEXI
JSPPS[MRKXLIHMEKVEQWLS[RLIVI
%PXLSYKL]SYGEREPMKRXLIFEGOSJ
XLIQEMRYRMXHMVIGXP]EKEMRWXE[EPPSV
JYVRMXYVIFIWYVIXSGLIGOXLIJSPPS[MRK
-WXLI[EPPSVWXSVEKIVEGO[IEO[MXLVIWTIGX
XSLIEX#'SRXEGX[MXLXLISZIRQE]GEYWI
QEVOWSRXLI[EPPHITIRHMRKSRXLI[EPP
QEXIVMEP4PIEWIPIEZIWSQIWTEGIFIX[IIR
XLI[EPPERHSZIR
-JXLI[EPPFILMRHXLISZIRMWEKPEWW[EPP
PIEZIGQSVQSVI-JXLISZIRMWGPSWIXS
EKPEWW[EPPHMJJIVIRGIWMRXIQTIVEXYVIQE]
GEYWIXLIKPEWWXSFVIEO
8LIVIMWERSYXPIXZIRXSRXLIXSTSJXLISZIR
XS[EVHWXLIFEGO,IEXVEHMEXIWJVSQXLMW
SYXPIXZIRX
IH
EFSZIJSVXLILIEXXSVEHMEXIXLI[EPPWYVJEGI
GERFIGSQIHMWGSPSVIHERHXLIQEMRYRMX
QE]QEPJYRGXMSR
VWXXMQIFIWYVIXSJSPPS[XLITVSGIHYVIWFIPS[XS
TIVJSVQRIGIWWEV]GLIGOWERHTVITEVEXMSR
(SRSXMRWXEPPXLISZIRRIEVGYVXEMRWSVSFNIGXWXLEXEVI[IEO[MXLVIWTIGXXSLIEX
(SRSXMRWXEPPXLISZIRWSXLEXXLIMRPIXZIRXSRXLIFSXXSQMWGSZIVIH
-RWXEPPXLISZIRMRERIZIRWXYVH]PSGEXMSR
0IEZIEHMWXERGISJQSVQSVIFIX[IIRXLIQEMRYRMXERHVEHMSWXIPIZMWMSRW
[MVIPIWWIUYMTQIRX[MVIPIWW0%2ERHERXIRRE[MVIW
1E]GEYWIHMWVYTXMSRWMRXLIWSYRHERHTMGXYVIEW[IPPEWGSQQYRMGEXMSRIVVSVW
238)
GMIRXERH'SSOMRK(SIW2SX+S;IPP
-J]SYYWIETEGIQEOIVTPIEWIGSRWYPX[MXLEWTIGMEPM^IHHSGXSVVIKEVHMRKYWISJXLMWTVSHYGX
GMIRXERHGSSOMRKHSIWRSXKS[IPPOIITERI]ISRIEGL
1ERYEP1IRY1MGVS[EZI3ZIR+VMPPF]LIEXMRKERHGSSOMRK
GEXMSRWLIEXMRK
XLVSYKL1MGVS[EZI'SSOMRK[MPP[IEOIRERHPMKLXFVS[RMRKXLVSYKL+VMPP
GYPX
4
GQSVEFSZI
3YXPIXZIRX
8LIFEGOERHWMHIW
GERFIHMVIGXP]
EKEMRWXE[EPP
GQ
SVEFSZI
GQSVEFSZI
GQSVEFSZI
4

'LIGO*MVWX
background
,S[XS8YVR3RXLI4S[IV
,S[XS'LIGOERH%HNYWX8MQI
%GGSVHMRKXS'LIGOMRK7IXYTMRWXEPPXLI
QEMRYRMXMRERIZIRWXYVH]PSGEXMSR
-RWIVXXLITS[IVTPYKMRXSERSYXPIX
3TIRERHGPSWIXLIHSSV
8LITS[IVXYVRWSRWXEVXWGVIIRETTIEVWSR
XLI0'(HMWTPE]ERHXLIFEGOPMKLXPMKLXWYT
4VIWW
'ERGIP
ERHXLIRXLI0'(FEGOPMKLX
XYVRWSJJ
;LIRXLISZIRMWPIJX[MXLTS[IV3RXLI
0'(FEGOPMKLXXYVRWSJJEJXIVQMRYXIW
%JXIVEFSYXQMRYXIWXLITS[IVXYVRWSJJ
EYXSQEXMGEPP]
8SWEZITS[IV[LIRXLISZIRMWRSXMRYWI
XLITS[IV[MPPRSXXYVRSR[LIR]SYWMQTP]
MRWIVXXLITS[IVTPYKMRXSERSYXPIX
8YVRXLITS[IVSREGGSVHMRKXS,S[XS
8YV R3RXLI4S[IV
(ITIRHMRKSRVSSQXIQTIVEXYVIXLIGPSGOQE]KEMRSVPSSWIEFSYXQMRYXIWMRQSRXL*SPPS[
XLITVSGIHYVIFIPS[XSGLIGOERHEHNYWXXMQI
)\EQTPI8SEHNYWXXLIHMWTPE]IHXMQIXS
4S[IV3R
%JXIVEFSYXQMRYXIWXLI0'(FEGOPMKLXXYVRWSJJ
%JXIVEFSYXQMRYXIW4S[IV3JJ
8SYGL'PIERMRK7IXXMRKERHXLIR7IX8MQI
8SYGL XSWIX,SYVXSERH
1MRYXIXSERHXLIRXSYGL)RXIV
3ZIVXMQIXLIMRXIVREPFEXXIV][MPPFYVRSYXERH
GEYWIXSXEPP][VSRKXMQIHMWTPE]SV-R
WYGLGEWIWTPIEWIVIWIXXLIXMQI
-JXLIWEQIW]QTXSQETTIEVWEJXIVXMQIVI
WIXTPIEWIEWOXLI7IVZMGI'IRXIVJSVFEXXIV]
VITPEGIQIRXEPSRK[MXLXLIFSEVHEXI\XVE
GSWX
8LIGYVVIRXXMQIFIJSVIGLERKIMWHMWTPE]IHMRXLIYTTIVVMKLXGSVRIVSJXLIWGVIIR
8SYGL
)RXIVXSWIXXLIXMQI
8SXYVRXLITS[IVSREJXIVXLITS[IVMWXYVRIH
SJJSTIRERHGPSWIXLIHSSVEKEMR
3ZIR +VM PP 7XI EQ8MQI V
1MGVS[EZI
7YT IVLI EXIH
7XIE Q
7XIEQ+VMPP &EOIV]
7XEVX
6ILIEX
'ERGIP
&EGO 'PIERMRK
&VIE H
1MGVS[EZI
8MQI V
1MGVS[EZI
3ZIR +VM PP
7YT IVLI EXIH
7XIE Q
7XIEQ
7XIEQ+VMPP &EOIV]
&EGO 'PIERMRK
&VIE H
7XEVX
6ILIEX
'ERGIP
1MGVS[EZI
8MQI V
1MGVS[EZI
3ZIR +VM PP
7YT IVLI EXIH
7XIE Q
7XIEQ 7XIEQ+VMPP &EOIV]
&EGO 'PIERMRK
&VIE H
7XEVX
6ILIEX
'ERGIP
1MGVS[EZI
3TIRGPSWI
XLIHSSV
0MKLX3JJ
4S[IVXYVRW32

'LIGO*MVWX
background
4SMRX%HNYWXQIRXGSQTPIXIH
4SMRX%HNYWXQIRXSJXLI[IMKLXWIRWSV
;LEXXS'LIGOERH4VITEVI&IJSVI9WMRK=SYV3ZIRJSVXLI*MVWX8MQI
'SRXMRYIH
9WMRK%YXS1IRY]SYHSRSXRIIHXSWIXXLILIEXMRKQIXLSHXMQIXIQTIVEXYVIERHWSSR;LIR]SY
GMIRXP]XLISZIR
MWIUYMTTIH[MXLE[IMKLXWIRWSVXLEXQIEWYVIWXLI[IMKLXSJXLIGSRXEMRIVMR[LMGLXLIJSSHMWTPEGIH
VWXXMQITIVJSVQXLITSMRXEHNYWXQIRXSJXLMW[IMKLXWIRWSVF]
JSPPS[MRKXLIWXITWFIPS[
KYVISRXLIVMKLX
LSPHXLIGIVEQMGXVE][MXLXLIRSXVMQ
WMHISR]SYVWMHIWPS[P]TYXMXSRXLI
[IMKLXWIRWSVPSGEXIHEXXLIFSXXSQSJ
XLISZIRGEZMX]ERHGPSWIXLIHSSV
4VIWW
7XEVX
6ILIEX
XSWXEVX
=SYGEREPWSWXEVX4SMRX%HNYWXQIRX
SJXLI[IMKLXWIRWSVF]TVIWWMRKERH
LSPHMRKXLI
'ERGIP
FYXXSRMRXLI
WXEVXWGVIIRJSVWIGSRHWSVPSRKIV
-RSVHIVXSQEMRXEMRKSSHGSSOMRKUYEPMX]TIVJSVQXLITSMRXEHNYWXQIRXEFSYXSRGIEQSRXL
%PWS[LIR]SYYWIXLISZIREJXIVPIEZMRKMXYRYWIHJSVPSRKTIVMSHSJXMQITIVJSVQXLITSMRX
EHNYWXQIRX
8LIEHNYWXQIRXGERRSXFIQEHI[IPPMJXLISZIRGEZMX]MWLSX
)RWYVIXLEXXLISZIRGEZMX]LEWFIIRGSQTPIXIP]GSSPIHHS[RFIJSVIQEOMRKXLIEHNYWXQIRX
6IQSZIEPPEGGIWWSVMIWSXLIVXLERXLIGIVEQMG
XVE]
;LIR4SMRX%HNYWXQIRXMWGSQTPIXIXLISZIR
PEQTXYVRWSJJEJXIVEJI[WIGSRHW
3ZIRPEQT
PMKLXWYT
3ZIRPEQT
XYVRWSJJ
(YVMRK4SMRX%HNYWXQIRX
%JXIV4SMRX%HNYWXQIRX
8SYGL'PIERMRK7IXXMRKERHXLIRXSYGL
4SMRX%HNYWXQIRX
;IMKLXWIRWSV
3ZIR
GEZMX]
'IVEQMG
XVE]
4SMRX%HNYWXQIRX

'LIGO*MVWX
background
'%98-32
,S[XS6YRXLI3ZIR)QTX](ISHSVM^MRK
8LI[EPPWSJXLISZIRGEZMX]EVIGSEXIH[MXLSMPXSTVIZIRXVYWXMRK;LIR]SYYWIXLISZIRJSVXLI
VWXXMQIVYRXLISZIRIQTX]HISHSVM^MRKXSFYVRSJJXLISMPF]JSPPS[MRKXLIWXITWFIPS[
)QTX]XLISZIRGEZMX]ERHGPSWIXLI
HSSV
4VIWW
7XEVX
6ILIEX
XSWXEVX
6YRRMRKXLISZIRIQTX]HISHSVM^MRKMWTIVJSVQIH
[MXLELIEXIVKVMPPERHSZIRLIEXMRK
,IEXMRKXEOIWQMRYXIW
;LIRXLITVSGIHYVIMWGSQTPIXIHEFIIT[MPPWSYRH
RMWLIWVYRRMRKIQTX]
XLIJERWTMRWJSVQMRYXIWMRSVHIVXS
GSSPXLISZIR%JXIVQMRYXIWMX[MPP
EYXSQEXMGEPP]WXST
8SYGL'PIERMRK7IXXMRKERHXLIRXSYGL
(ISHSVM^EXMSR
;LIRVYRRMRKXLISZIRIQTX]
(ISHSVM^MRKXLIVIQE]FIEWQIPP
SJFYVRMRKSMPSVWQSOIQE]ETTIEV
3TIRE[MRHS[SVZIRXMPEXIXLIEVIE
YWMRKEJER
1SZIWQEPPERMQEPWXLEXEVI
WIRWMXMZIXSWQSOIERHSHSVWYGL
EWFMVHWXSEHMJJIVIRXVSSQ
;LIRVYRRMRKXLISZIRIQTX]
(ISHSVM^MRKHSRSXTPEGIER]XLMRK
MRXLISZIRGEZMX]
;LIRVYRRMRKXLISZIRIQTX]
(ISHSVM^MRKHYVMRKXLILIEXMRK
ERHEPWSJSVWSQIXMQIEJXIVXLI
TVSGIWWMWGSQTPIXIHHSRSXXSYGL
XLIQEMRYRMXHSSVSYXIVGSZIV
SZIRGEZMX]ERHWYVVSYRHMRKW
(SRSX
XSYGL
(SRSXPIEZIXLIGIVEQMGXVE]
QIXEPXVE]WYTIVKVMPPXVE]YRMX
SV+VMPPPMHMRWMHIXLISZIR
6IQSZIEPPTEGOEKMRKQEXIVMEPW
;EXIVXERO?)QTX]A
,IEXMRKQIXLSH7XEVXW[MXL+VMPPXLIRW[MXGLIW
XS3ZIRLIEXMRKQMH[E]
(ISHSVM^EXMSR

'LIGO*MVWX
background
,S[XS'SR´KYVI7IXXMRKW
KYVIWIXXMRKWSJ0'(FEGOPMKLX3R3JJHYVMRKLIEXMRKERHXSYGLTERIPGSRXVEWXIXG
;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
8SYGL'PIERMRK7IXXMRK
8SYGLERMXIQXSWIX
8SYGLTERIPFEGOPMKLXWIXXMRK
8SYGLTERIPGSRXVEWXEHNYWXQIRX
8LIWXEVXWGVIIRETTIEVW
EKEMR[LIRXLIWIXXMRKMW
GSQTPIXIH
0MKLX32MWWIXF]HIJEYPX
1MHHPIMWWIXF]HIJEYPX
8LIWXEVXWGVIIRETTIEVW
EKEMR[LIRXLIEHNYWXQIRX
MWGSQTPIXIH
8SYGLTERIPFEGOPMKLXWIXXMRK
3TIVEXMSR)RH7SYRHWIXXMRK
8SYGLTERIPGSR
XVEWXEHNYWXQIRX
SJGSRXVEWXSJ0'(HMWTPE]
FVMKLXRIWWPIZIPW
0'(FEGOPMKLX3R3JJHYVMRK
LIEXMRK
=SYGERW[MXGLXLISTIVEXMSR IRH
WSYRH1IPSH]&IITMRKSV1YXI
=SYGERHIPIXIXLIIR
XMVILMWXSV]SJYWIHEYXS
QIRY
=SYGERRSXHIPIXISRP]
WSQISJXLIQ
(IPIXMRKEPP9WIH
1IRYMXIQW
)\EQTPI8SWIXXS0MKLX3**
)\EQTPI8SWIXXS(EVO
8SYGL0MKLX3**ERHXSYGL)RXIV
8SYGL
XLVIIXMQIWERHXSYGL)RXIV
2SXI
&EGO0MKLX7IXXMRKERH'SRXVEWX%HNYWXQIRX

4VIZ2I\XXSW[MXGLTEKIW

'LIGO*MVWX
background
(S2SX(IPIXIMWWIXF]HIJEYPX
8SYGL(S2SX(IPIXI
)RXIVXSVIXYVRXSXLIWXEVXWGVIIR
3TIVEXMSR)RH7SYRHERH(IPIXI9WIH1IRY
3TIVEXMSR)RHWSYRHWIXXMRK
(IPIXIEPP9WIH1IRYMXIQW
)\EQTPI8SWIXXS&IITMRK
8SHIPIXIEPPLMWXSV]MXIQW=SYGERRSXHIPIXISRP]WSQISJXLIQ
8SYGL&IITMRKERHXSYGL)RXIV
8SYGL(IPIXIERHXSYGL)RXIV
8SYGL=IWERHXSYGL)RXIV
1IPSH]MWWIXF]HIJEYPX
8LIWXEVXWGVIIRETTIEVW
EKEMR[LIRXLIWIXXMRKMW
GSQTPIXIH
;LIR1YXIMWWIPIGXIHXLIVIQSZEPVIQMRHIV
WSYRHERHSTIVEXMSRWSYRHWEVI1YXI
;LIRXLIWIXXMRKMWGLERKIHE1IPSH]
SV&IITMRK[LMGLIZIVMWWIPIGXIH
WSYRHWSVEFIITWSYRHWSRGIMJ1YXI
MWWIPIGXIH

'LIGO*MVWX
background
9WEFPIERH9RYWEFPI'SRXEMRIVW
,IEXVIWMWXERX
TPEWXMGGSRXEMRIVW
9WITPEWXMGGSRXEMRIVW
[MXLERYTTIV
XIQTIVEXYVIPMQMXSJ
'SVLMKLIVXLEX
EVIMRHMGEXIHEWFIMRK
QMGVS[EZIWEJI
,S[IZIV[MXLJSSHW
GSRXEMRMRKWYKEV
FYXXIVERHSMP[LMGL
FIGSQILMKLMR
XIQTIVEXYVITPEWXMG
GSRXEMRIVWFIGSQI
HIJSVQIHERHGERRSX
FIYWIH
,S[IZIVGSRXEMRIVW
MRHMGEXIHEWFIMRKKVMPP
WEJISVSZIRWEJIGER
FIYWIH
,S[IZIV[MXLFS[PWERH
XLIPMOILEZMRKSZIVKPE^I
IREQIPHIGSVEXMSRW
TEXXIVRWSJGVEGOWMR
XLIKPE^ISVKSPHWMPZIV
HIWMKRWXLIHMWLQE]FI
HEQEKIHSVMXQE]GEYWI
WTEVOWERHXLIWIOMRHWSJ
GSRXEMRIVWGERRSXFIYWIH
-REHHMXMSRFS[PWHMWLIW
ERHXLIPMOIWYGLEW
YRKPE^IHGIVEQMGWERH
IEVXLIRTSXXLEXLEZIE
LMKL[EXIVEFWSVTXMSRVEXI
ERHGIVEQMGWTSVGIPEMR
XLEXLEZIFIIRMQQIVWIH
MR[EXIVJSVEPSRKTIVMSH
SJXMQIQE]FIGSQILSX
ERHFVIEOYTWSQYWXFI
LERHPIH[MXLGEVI
4PEWXMG'SRXEMRIVW
1MGVS[EZI
'IVEQMGW4SVGIPEMR
1EHISJTSP]TVST]PIRI
ERHXLIPMOI
'SGSXXIWKVEXMR
HMWLIWERHXLIPMOI
&S[PWTPEXIWERHXLIPMOI
3XLIVTPEWXMG
GSRXEMRIVW
,IEXVIWMWXERX
GIVEQMGWTSVGIPEMR
3VHMREV]GIVEQMGW
TSVGIPEMR
9WEFPI
9RYWEFPI
'SRXEMRIVW[MXLER
YTTIVXIQTIVEXYVI
PMQMXSJ'SVPS[IV
TSP]IXL]PIRIWX]VSP
VIWMRERHXLIPMOIERH
GSRXEMRIVWXLEXLEZIE
LMKLYTTIVXIQTIVEXYVI
PMQMXFYX[LSWITVSTIVXMIW
EVIXVERWJSVQIHSR
I\TSWYVIXSQMGVS[EZIW
QIPEQMRITLIRSPYVIE
VIWMREPYQMRYQERHXLI
PMOIGERRSXFIYWIH
,S[IZIVTSP]WX]VIRI
JSEQXVE]WGERFI
YWIHFYXSRP]JSV
6ILIEX(IJVSWX
(IJVSWX

'LIGO*MVWX
background
,S[IZIVKPEWW
GSRXEMRIVWQE]
FVIEOMJGSSPIH
VETMHP]EJXIV
LIEXMRK
,S[IZIVXLSWI[MXLE
TPEWXMGLERHPIGERRSX
FIYWIH
,S[IZIVTPEWXMG
[VETGERFIYWIH
JSVPIEZIRMRK
,S[IZIVTEVGLQIRX
TETIVERHTETIV
TVSHYGXWXLEX
LEZIYRHIVKSRI
LIEXVIWMWXERGI
TVSGIWWMRKGERFI
YWIH
,S[IZIVKPEWW
GSRXEMRIVWQE]
FVIEOMJGSSPIH
VETMHP]EJXIV
LIEXMRK
4PEWXMG[VET[MXLER
YTTIVXIQTIVEXYVI
PMQMXSJ'SV
LMKLIVGERFIYWIH
,S[IZIV[MXLJSSHW
GSRXEMRMRKWYKEV
FYXXIVERHSMP[LMGL
FIGSQILMKLMR
XIQTIVEXYVITPEWXMG
GSRXEMRIVWFIGSQI
HIJSVQIHERH
GERRSXFIYWIH
%JXIVSZIRKVMPP
LIEXMRKFIGEVIJYP
XLISZIRGEZMX]MW
LSXERHQE]GEYWI
TPEWXMG[VETXSQIPX
'ERRSXFIYWIH
QMGVS[EZIW
,S[IZIVEPYQMRYQJSMP
GERFIYWIHMRTEVX
JSVI\EQTPIF]QEOMRK
YWISJXLIJEGXXLEXMX
GSZIVEVIEWXLEXEVI
SZIVLIEXIH
&IGEVIJYP[LIR]SY
HSXLMWFIGEYWI
XLIVI[MPPFIWTEVOWMJ
EPYQMRYQJSMPXSYGLIW
XLISZIRGEZMX][EPPWSV
HSSVKPEWW[LMGLQE]
VIWYPXMRHEQEKIERH
QEPJYRGXMSRW
'ERRSXFIYWIH
EWWYGLGSRXEMRIVW
QE]FYVRTIIPSV
GVEGO
-RTEVXMGYPEV
GSRXEMRIVWERH
XLIPMOIXLEX
GSRXEMR[MVIWEVI
9WIWSJFEQFSS
WOI[IVW
XSSXLTMGOWERH
TETIVEVIPMQMXIH
XSXLIQIXLSHW
PMWXIHMRXLI
6IGMTIWWIGXMSR
+PEWW'SRXEMRIVW
3XLIVW
8IQTIVIHKPEWW
'V]WXEPKPEWW
'YXKPEWWERHXLIPMOI
,IEXVIWMWXERXKPEWW
GSRXEMRIVW
2SRLIEXVIWMWXERX
KPEWWGSRXEMRIVW
4PEWXMG;VET
1IXEPPMGSVLSPPS[TERW
PMHWQIXEPGSRXEMRIVW
QIXEPWOI[IVWEPYQMRYQ
JSMPERHXLIPMOI
&EQFSS[SSH[MGOIV
SVTETIVGSRXEMRIVWSV
ZEVRMWLIHERHPEGUYIVIH
GSRXEMRIVWERHXLIPMOI
(SRSXQEOIER]QMWXEOIWWIPIGXMRKQMGVS[EZILIEXMRKSZIRLIEXMRKSVKVMPPLIEXMRK-J]SYQEOIEQMWXEOIMR]SYV
WIPIGXMSRXLIJSSHSVGSRXEMRIVQE]KMZISJJWQSOISVMKRMXI&IJSVI]SYWXEVXLIEXMRKGLIGOXLIX]TISJLIEXMRKWIPIGXIH
4VIGEYXMSRWJSV9WI
*SVTPEWXMGWVIJIVXSXLIYTTIVXIQTIVEXYVIPMQMXPEFIPTVSZMHIHEGGSVHMRKXSXLI,SYWILSPH+SSHW5YEPMX]0EFIPMRK0E[
(SRSXYWIER]GSRXEMRIVWJSV[LMGLXLIQEXIVMEPWSVYTTIVXIQTIVEXYVIPMQMXMWYRGPIEV

'LIGO*MVWX
background
4VSGIHYVIWJSV1MGVS[EZIERH3ZIR*YRGXMSRW
'SSOMRK1IXLSH
6ILIEX
6ILIEXMRKVMGI
6ILIEXMRKWMHIHMWLIW
6ILIEXMRKFIZIVEKIW
(IJVSWXMRK
&SMPMRK
3RIXSYGLVILIEXMRK
8SEHNYWXXLIVILIEXMRKPIZIPWIPIGX(SRIRIWW
%HNYWXQIRXFIJSVIWXEVXMRKGSSOMRK
4
6ILIEX(IJVSWX
7IPIGXVILIEXMRKEGGSVHMRKXSX]TIWSJJSSH
SVTVITEVMRKJSSH
4
1MGVS[EZI)EW]3TIVEXMSRW
4
*VIUYIRXP]YWIH;;
1MGVS[EZI
1ERYEP1MGVS[EZI7XIEQ1MGVS[EZIERH7XIEQ1MGVS[EZI0IEZIR
7XIEQ3ZIR+VMPP0IEZIR
1ERYEP3ZIR7XIEQ3ZIR7XIEQ3ZIR0IEZIR
7YTIVLIEXIH7XIEQ3ZIR+VMPP
7XIEQ+VMPPERH
7YTIVLIEXIH7XIEQ+VMPP
'SSOMRK*SSH
1MGVS[EZIKVMPPERHSZIRGSSOMRK
7XIEQ+VMPPGSSOMRK
(IWWIVX
1ERYEPP]WIXXLILIEXMRKX]TI
XMQIERHXIQTIVEXYVIJSVGSSOMRK
1MGVS[EZI
+VMPP
3ZIR
7XIEQ
7YTIVLIEXIH7XIEQ
7XIEQ1MGVS[EZI0IEZIR
7XIEQ3ZIR0IEZIR
%YXS1IRY 1ERYEP1IRY
3TIVEXMSR4VSGIHYVI
4
4
7XEVX
6ILIEX
1MGVS[EZI
4
4
4
4
6IGMTI
6IGMTIW
4
7IPIGXQIRYMR6IGMTI
d2S4VILIEX1IRY
4
d4VILIEX1IRY
4
9WIH1IRY
7IPIGXEQIRYJVSQPEWXQIRYSTXMSRW
YWIHJVSQXLILMWXSV]
4
,IEPXL]1IRY
7IPIGXJVSQLIEPXL]QIRYSTXMSRW
4

1MGVS[EZI3ZIRERH+VMPP
background
6ILIEX(IJVSWX
4IVJSVQ1ERYEP
1IRY(SRIRIWW
%HNYWXQIRXHYVMRK
LIEXMRK
4
8LIVIEVI[E]W
'SSO1IXLSH
4
-RKVIHMIRXW
4
1IRY2S
4
7TIIH)EW]5YMGO
4
6IGMTI
,IEPXL]1IRY
1MGVS[EZI)EW]3TIVEXMSRW
1MGVS[EZI
7XIEQ
1MGVS[EZI
+VMPP0IEZIR
%JXIV'SSOMRK
'SSOMRK4VSGIHYVIJSV&EOIV]*YRGXMSR
4
)RWYVIXLEX
EGGIWWSVMIWERH
JSSHETTVSTVMEXI
JSVXLIQIRYEVI
TVITEVIH
7IPIGX(SRIRIWW
%HNYWXQIRX
4

4VIWW
7XEVX
6ILIEX
XSWXEVX
7IPIGXELIEXMRK
X]TISYXTYX
XIQTIVEXYVIERH
XMQI

4VIWW
7XEVX
6ILIEX
XSWXEVX
-JJSSHMWRSXLIEXIH
IRSYKLTIVJSVQ
%HHMXMSREP,IEXMRK
4
;LIR]SYPIEZI
XLISZIRJSVEFSYX
QMRYXIWXLI
TS[IVXYVRWSJJ
EYXSQEXMGEPP]3TIR
XLIHSSVXSXYVRSR
4
8LIVIQE]FI
[MRHRSMWIJVSQ
XLIGSSPMRKJER
4
1EMRXEMRXLISZIR
MJ]SYHSRSX
GSRXMRYIGSSOMRK
4

1MGVS[EZI3ZIRERH+VMPP
background
%QSYRXSJ*SSHERH7M^I;IMKLXSJ'SRXEMRIVW
;LIVIXS4PEGIXLI*SSH
6ILIEXMRK8[SSV1SVI4MIGIWSJ*SSHEXXLI7EQI8MQI
8MTWJSV9WMRKXLI3ZIR)J´GMIRXP]'SSOMRK
1MGVS[EZILIEXMRK
0IEZIWSQIWTEGI
FIX[IIRWMHIHMWLIW
3ZIRLIEXMRK
4PEGIFIZIVEKIWXSKIXLIV
XS[EVHXLIGIRXIV
+VMPPLIEXMRK
1EOIWM^I[IMKLXSJXLI
GSRXEMRIVWETTVS\MQEXIP]
XLIWEQI
6ILIEX
'SSOMRK
*SSH
%QSYRXSJJSSH
7M^I[IMKLXSJGSRXEMRIVW
4PEGIXLIJSSHMREGIRXVEP
TSWMXMSR
;LIRVILIEXMRKX[SSVQSVI
TMIGIWSJXLIWEQIOMRHSJJSSHEX
XLIWEQIXMQIYWMRK%YXS1IRY
QEOIXLIEQSYRXSJJSSHERH
XLIWM^I[IMKLXSJXLIGSRXEMRIVW
ETTVS\MQEXIP]XLIWEQI
;LIRVILIEXMRKX[STMIGIWSJJSSHSJEHMJJIVIRXWXSVEKIXIQTIVEXYVISVX[SX]TIWSJJSSHYWMRK%YXS1IRY
;LIRVILIEXMRKX[STMIGIWSJVSSQXIQTIVEXYVIJSSHSRITMIGISJVSSQXIQTIVEXYVIJSSHERHSRI
TMIGISJGLMPPIHJSSHSVX[STMIGIWSJGLMPPIHJSSHEXXLIWEQIXMQI

6ILIEX
 4
*SVFIZIVEKIWYWI
&IZIVEKIW;EVQ1MPO
JSVVILIEXMRK 4
;LIRVILIEXMRKSRITMIGISJJVS^IRJSSHERHSRITMIGISJGLMPPIHJSSHEXXLIWEQIXMQI

*VS^IR0'LMPPIH6

4
*SVJSSHWSXLIVXLERXLSWIPMWXIHEFSZIVILIEXYWMRK1ERYEP1IRY1MGVS[EZI,IEXMRKERHOIITERI]ISRXLIJSSHEWMXGSSOW
4
PIWWXLERK
%YXS1IRY
1ERYEP1IRY
KK
1ERYEP1IRY
%YXS1IRYSV
1ERYEP1IRY
SJXLIGSRXEMRIV
8LI[IMKLXSJXLIGSRXEMRIVWLSYPHFI
EFSYXXLIWEQIEWXLIEQSYRXSJJSSH
*SV%YXS1IRYERH1ERYEP1IRYYWIXLIEQSYRXW
SJJSSHERHGSRXEMRIVWHIWGVMFIHMRXLMWQERYEP
*SVXLIEQSYRXWSJJSSHERHETTVSTVMEXIGSRXEMRIVW
VIJIVXSXLIVIPIZERXTEKIWMRXLMWQERYEP

1MGVS[EZI3ZIRERH+VMPP
background
%HNYWXMRK(SRIRIWWMR%YXS1IRY
'LIGOMRK(SRIRIWW(YVMRK'SSOMRK
%HHMXMSREP,IEXMRK%JXIV'SSOMRK
6IQSZMRK*SSH'SRXEMRIVWERH%GGIWWSVMIW%JXIV'SSOMRK
4IVJSVQEHHMXMSREPLIEXMRKERHOIITERI]ISRXLIJSSHEWMXGSSOW
%JXIVGSSOMRKMWGSQTPIXIHXEOIXLIJSSHSYXSJXLISZIREWWSSREWTSWWMFPI
8LIHSRIRIWWQE]GLERKIHYIXSVIWMHYEPLIEX
%JXIVYWMRKSZIRERHKVMPPGSSOMRK[LIR]SYVIQSZIXLIGIVEQMG
XVE]ERHQIXEPXVE]LSPHMX[MXLFSXLLERHWYWMRKXLIWYTTPMIHQMXXIRW
SVEXLMGOHV]HMWLGPSXL
&IGEVIJYPRSXXSWTMPPJSSHIWTIGMEPP]FIZIVEKIWERHWSYT
%WQYGLEWTSWWMFPIEZSMHSTIRMRKERHGPSWMRKXLIHSSVHYVMRKGSSOMRK-J]SYSTIRERHGPSWIXLIHSSVXV]XSXEOIEWLSVXXMQI
*SV
&IZIVEKIW;EVQ1MPO
XLITVIZMSYWHSRIRIWWWIXXMRKWEVIVIKMWXIVIH
(SRIRIWW%HNYWXQIRXEHNYWXQIRXSJVILIEXMRKERHGSSOMRKHSRIRIWWMWEYXSQEXMGEPP]WIXXS1-(7XERHEVH
FYX]SYGEREHNYWXMXEW]SYTVIJIV8SEHNYWXXSYGL
ERHWIXXLIQEVOXSXLIHIWMVIHTSWMXMSR
6IQSZIEJXIV]SYLIEVXLI
GSSOMRKGSQTPIXMSRWSYRH
7SEWRSXXSPS[IVXLIXIQTIVEXYVI
;LIRXLIHSSVMWSTIRIHGSSOMRKMWWYWTIRHIH
'SQTPIXMSRSJ
'SSOMRK
-RXLIJSPPS[MRKGEWIW
;LIR]SY[ERXXSLIEXEPMXXPIQSVI
;LIR]SY[ERXXSKVMPPEPMXXPIQSVI
8SY GL
%HHMXMSREP,IEXMRK

TIVJSVQEHHMXMSREPP]LIEXMRK
JSSHERHOIITERI]ISRXLI
JSSHEWMXGSSOW
4
6IQSZEPVIQMRHIVWSYRH
8SQEOIWYVI]SYHSRSXJSVKIXXSVIQSZIXLIJSSHXLVIIFIITW[MPPWSYRHIZIV]QMRYXI
JSVQMRYXIWJVSQXLIXMQI[LIRGSSOMRKMWGSQTPIXIHYRXMPXLIHSSVMWSTIRIH
8EOIEWLSVXXMQISTIRMRK
ERHGPSWMRKXLIHSSV
'LIGOJVSQSYXWMHI
XLIHSSV
1EVO
,-
1-(,-
1-(
1-(03
03
(ITIRHMRKSRXLI
QIRYSTXMSR]SY
GEREHNYWXXLI
HSRIRIWWXSSRISJ
ZIPIZIPWSVXSSRI
SJXLVIIPIZIPW
;LIRKVE]IHSYX
XLIWIFYXXSRWEVI
HMWEFPIH
(YVMRKGSSOMRKERHEJXIVGSSOMRKMWGSQTPIXIHXLIJSSHGSRXEMRIVERHZEVM
SYWTEVXWSJXLISZIRWYGLEWXLIEGGIWWSVMIWSZIRGEZMX]HSSVERHWSSR
QE]FILSX&IGEVIJYP[LIR]SYXEOIXLIJSSHERHXLIPMOISYXSJXLISZIR
1E]VIWYPXMRFYVRW
'%98-32

1MGVS[EZI3ZIRERH+VMPP
background
,S[XS9WIXLI'IVEQMG8VE]
,S[XS9WI1IXEP8VE]
,S[XS9WI%GGIWWSVMIW
,S[XS7IX
XLIRSXVMQWMHISR]SYVWMHIERHWPS[P]TYXMXSRXLI
[IMKLXWIRWSVPSGEXIHEXXLIFSXXSQSJXLISZIRGEZMX]
;IMKLXWIRWSV
,S[XS6IQSZI
9WMRKFSXLLERHWTYWLXLIJVSRXSJXLIGIVEQMGXVE]
XLIGIVEQMGXVE]ERHWPS[P]TYPPSYXXLIGIVEQMGXVE]YWMRK
FSXLLERHW
9WIXLIWYTTPMIHQMXXIRWSVEXLMGOHV]HMWLGPSXL[LIR]SYMRWIVXXLI
GIVEQMGXVE]MRXSSVVIQSZIMXJVSQELIEXIHSZIRGEZMX]
1E]GEYWIFYVRW
9WIXLIWYTTPMIHQMXXIRWSVEXLMGOHV]HMWLGPSXL[LIR]SYTPEGI
XLIQIXEPXVE]MRXSXLISZIRSV[LIR]SYXEOIXLIQSYX
1E]GEYWIFYVRW
4PEGIERHXEOISYXXLIQIXEPXVE]LSVM^SRXEPP]
1E]GEYWIJSSHHVSTSJJSVFYVRWGEYWIHF]WTMPPIHWSYT
(SRSXYWIXLIQIXEPXVE]MR%YXS1IRY[MXLQMGVS[EZILIEXMRK
6ILIEXIXGSV1ERYEP1IRY1MGVS[EZI,IEXMRK
1E]VIWYPXMRQEPJYRGXMSRSVMKRMXMSRHYIXSWTEVOW
8LIQIXEPXVE]MWYWIHMRXLIJSPPS[MRKQIRYW
3ZIR,IEXMRKERH+VMPP,IEXMRKMRXLI%YXS1IRY
3ZIR,IEXMRKERH+VMPP,IEXMRKMRXLI1ERYEP1IRY
7XITWERHMRXLI,ERHQEHI&EOIV]1IRY
(SRSXYWIXLIQIXEPXVE]MRQMGVS[EZILIEXMRKJSV1ERYEP1IRYSV%YXS
1IRY[MXLQMGVS[EZILIEXMRK6ILIEXIXG
7IXXLIQIXEPXVE]XSXLIXVE]VEGOMRXLISZIRGEZMX]
7IPIGX8ST1MHHPISV&SXXSQEGGSVHMRKXSXLIQIRY
'%98-32
'%98-32

1MGVS[EZI3ZIRERH+VMPP
background
,S[XS9WIXLI;EXIV8ERO
,S[XS6IQSZI
-RWIVXMRXSXLI1EMR9RMX
,S[XSVIQSZIXLI[EXIVXEROGSZIV
,S[XS*MPP;MXL;EXIV
6IQSZIJVSQXLIQEMRYRMX
+VEWTXLI[EXIVXERO[MXL
RKIVWEWWLS[R
ERHTYPPMXSYXLSVM^SRXEPP]
,SPHXLI[EXIVXEROLSVM^SRXEPP]MRWIVXMXMRXSXLIQEMR
YRMXERHTYWLMXMRWIGYVIP]XS[EVHWXLIFEGO
)RWYVIXLEXXLIGSZIVERH[EXIVSYXPIXGSZIVEVIGPSWIH
-JXLI[EXIVXEROMWRSXMRWIVXIHWIGYVIP][EXIVQE]
PIEOSVXLIVIQE]RSXFIIRSYKLWXIEQ
'LIGOXLEXXLIHVMTXVE]WEVIMRWIVXIHEPPXLI[E]XSXLI
FEGOERHTYWLXLI[EXIVXEROMRWSXLEXMXMWMREFSYXXLI
WEQITSWMXMSREWXLIHVMTXVE]WSRIMXLIVWMHI
4
0MKLXP]KVEWTXLIFSH]SJXLI
[EXIVXEROFYXQEOIWYVI]SY
HSRSXXSYGLXLITMTIEVIE
8YVRXLI[EXIVSYXPIX
GSZIVXSXLIPIJX
RKIVWTYWLYTVMKLX
WMHISJXLIFVMQSJXLIGSZIV
ERHPMJXYTXLIIRXMVIVMKLXWMHI
/IITXLI[EXIVXERO
LSVM^SRXEPP]PIZIPERH
PPMX[MXL[EXIVXET
[EXIVXSXLIJYPPPMRI
8LIFEVJYPP[EXIV
KEYKISRXLIXEROMRPIX
MRHMGEXIWXLIJYPPPIZIP
RKIVW
TYWLYTXLIPIJXWMHI
SJXLIFVMQPMJXYTXLI
IRXMVIPIJXWMHIERH
VIQSZIXLIGSZIV
%PMKRXLI[EXIVSYXPIX
GSZIV[MXLXLI W]QFSP
ERHXYVRXLIGSZIV
GPSGO[MWIXSGPSWI
;LIRXLI[EXIVXEROMW
XMPXIH[EXIVQE]WTMPPWSFI
WYVIXSOIITMXPIZIP[LIR
]SYLERHPIXLI[EXIVXERO
8EOIRSXIXLEXTVIWWMRK
XLIGIRXVEPTEVXSJXLI
PPMRK[EXIV
QE]GEYWI[EXIVXSWTMPP
JVSQXLITMTIEVIE
PPXLI[EXIVXERO[MXL
ER]XLMRKSXLIVXLER[EXIV
1E]VIWYPXMRHIJSVQEXMSRSVHEQEKI
*MPPMRKXLI[EXIVXERO[MXLEPGSLSPERHXLIPMOIQE]VIWYPXMRMKRMXMSR
*MPPXLI[EXIVXERO[MXLJVIWL
[EXIVJSVIEGLYWI
9WMRKWXEPI[EXIV[MPPVIWYPXMRWERMXEV]
TVSFPIQW
8LI[EXIVXYVRWMRXS[EXIVZETSVERH
HMVIGXP]GSRXEGXWJSSH*SVWERMXEV]
TYVTSWIWYWIJVIWL[EXIV
;LIRWXIEQSVWYTIVLIEXIHWXIEQ
EVIYWIHMRGSRNYRGXMSR[MXLXLISZIR
SVKVMPPFIGEVIJYPXLI[EXIVXLEXVI
QEMRWMRXLI[EXIVXEROQE]FILSX
1E]VIWYPXMRFYVRW
(SRSXYWIXLI[EXIVXEROMRIRZMVSRQIRXWEX
SVFIPS['
7XIEQSVWYTIVLIEXIHWXIEQGSSOMRK[MPPRSX
GSSOJSSH[IPP
*SVXLI[EXIVYWIGLPSVMREXIHXET[EXIV-J]SY
YWILEVHIV[EXIVGLEPO]WYFWXERGIW[LMXI
TS[HIVQE]ETTIEV[LMGLQE]GPSKXLIWXIEQ
SYXPIXEJXIVYWIJSVEPSRKXMQI
4
-JXLI[LMXIGSRXIRXMWLMKLP]ZMWMFPIEVSYRHXLI
SYXPIXTPIEWIYWIWSJXIVQMRIVEP[EXIV
;LIR
]SYYWIXLIJSPPS[MRKX]TIWSJ[EXIV[EWLXLI
[EXIVXEROIZIV]XMQI]SYYWIMXEWMXMWIEW]
JSVQSPHERHFEGXIVMEXSHIZIPST
%JXIVWXIEQGSSOMRKMWGSQTPIXIHGPIERXLI
[EXIVXEROERHHVEMRXLI[EXIVJVSQXLITMTI
4
-JMXMWYWIH[MXLSYXFIMRKGPIERIHQSPHERH
FEGXIVME[MPPVITVSHYGIIEWMP]
PPXLI[EXIV
XERO[MXL[EXIVYTXSXLIJYPPPMRIERHWIGYVIP]MRWIVXXLI
[EXIVXEROMRXSXLIQEMRYRMX;LIRXLIEQSYRXSJ[EXIV
FIGSQIWPS[SVXLI[EXIVXEROMWMRWIVXIHSRP]LEPJ[E]
PP;EXIVMWHMWTPE]IHXLIWXIEQWXSTWERHXLIJSSH
MWRSXGSSOIH[IPP
4
;LIR]SYEVIRSXYWMRKXLI[EXIVXEROPIEZI
MXIQTX]ERHMRWXEPPIHMRXLIQEMRYRMX
IH[EXIV
e;IPP[EXIV
e-SRM^IHEPOEPMRI[EXIV
e1MRIVEP[EXIV
'%98-32
8E T [ E X I V
*YPP[EXIV
KEYKI
&VMQ
PIJXWMHI
&VMQVMKLXWMHI
;EXIVXERO
4MTIEVIE
TVSXVYWMSR
;EXIVSYXPIXGSZIV
9TTIVGSZIV
'EYXMSRWSR9WMRK;EXIV8ERO
(VMTXVE]

1MGVS[EZI3ZIRERH+VMPP
background
,S[XS9WI7YTIV+VMPP8VE]9RMX
,S[XS9WI%GGIWWSVMIW
'SRXMRYIH
8LIWYTIVKVMPPXVE]YRMXMWYWIHJSV%YXS1IRYERH+VMPP,IEXMRKMR1ERYEP1IRY
;LIRMXMWTPEGIHSRXLIGIVEQMGXVE]VIQSZIXLIYRMXEPSRK[MXL
XLIGIVEQMGXVE]
'EYXMSRWSR9WMRK7YTIV+VMPP8VE]9RMX
;LIRSTIRMRKXLIPIKWERH
ETIRWYVIXLEXXLI]
EVIWIGYVIP]STIRIHSR
FSXLWMHIW
-J]SYXV]XSTYXXLIYRMXSRXLI
GPSWIHSRP]SRSRIWMHIXLIWYTIV
KVMPPXVE]YRMXQE]JEPPERHVIWYPXMR
HEQEKIERHQEPJYRGXMSR
ETSV
PIKWXSGEVV]XLIYRMX
;LIR]SYGEVV]XLIYRMXLSPHMRK
XLIHVMZMRKTEVXWXLIWYTIVKVMPP
XVE]YRMXGERRSXFIWXEFMPM^IH
[LMGLQE]VIWYPXMRHEQEKISV
VIQSZEPHYIXSGVEWLXSXLI[EPP
(SRSXSTIRSVGPSWIXLI
ETSVPIKWJSVGMFP]
)\GIWWMZIJSVGIQE]HEQEKI
ERHGEYWIHIJSVQEXMSRSJXLI
ETERHTYXXLIYRMXMR
XLIQMHHPISVFSXXSQTSWMXMSRSJXLIXVE]VEGO
8LIYTTIVLIEXIVERHLIEXMRKIPIQIRXGERRSXLIEX
IRSYKLERHXLIJSSH[MPPRSXXYVRSYX[IPP
8STSJXVE]
VEGO
3ZIRGEZMX]
7YTIVKVMPP
XVE]YRMX
'IVEQMG
XVE]
,S[XS7IXXLI0IKW
8LIWYTIVKVMPPXVE]YRMXGERFIYWIHMRXLVII[E]WEWMPPYWXVEXIHFIPS[
7YTIVKVMPPXVE]
YRMX0S[
ETGPSWIH
8LI+VMPPPMHMWYWIHJSVWSQI
%YXS1IRY
7YTIVKVMPPXVE]
YRMX,MKL
ETGPSWIH
0IKW
7YTIVKVMPPXVE]
YRMX8ST
ETGPSWIH
ET
8V E] VE GO
8S T
8
ET
6IQSZEP
'PSWI
'PSWI
3TIR
3TIR
ET
ETHITIRHMRKSR
XLIQIRY
0IKW
ETHITIRHMRKSR
XLIQIRY

1MGVS[EZI3ZIRERH+VMPP
background
;EXGL
SYX]SYV
RKIVW
,S[XS3TIRERH'PSWIXLI0IKW
,S[XS3TIRERH'PSWIXLI8ST*PET
,S[XSSTIRXLIPIKW
8YVRXLIWYTIVKVMPPXVE]YRMXYTWMHI
HS[RERHTPEGIMXSRXSTSJEPIZIP
WYVJEGIERHSTIRMXWPS[P]YRXMPXLI
VSXEXMSRWXSTW
;LIRSTIRMRKXLIPIKWSJXLIWYTIVKVMPP
XVE]YRMX]SYQE]LIEVWSQIWSYRH
HITIRHMRKSRLS[]SYSTIRXLIQ
8LMWTSWIWRSTVSFPIQMR
TIVJSVQERGI
,S[XSGPSWIXLIXST
ET
8SGPSWIMXTYPPSYX[EVH
ERHVSXEXIMXPS[IV
,S[XSGPSWIXLIPIKW
8YVRXLIWYTIVKVMPPXVE]YRMX
YTWMHIHS[RERHTPEGIMXSRXST
SJEPIZIPWYVJEGIERHGPSWIMX
WPS[P]YRXMPXLIVSXEXMSRWXSTWEW
]SYHS[LIRSTIRMRKMX
ET
ETVEMWIMX
YRXMPMXWXSTW
7PMHIMXXS[EVHMRWMHISJXLIWYTIVKVMPPXVE]
YRMXXSTYXMXSRXLIXEF
7YTIV+VMPP8VE]9RMX
'%98-32
(SRSXYWIXLIWYTIVKVMPPXVE]YRMXJSV
EQSYRXSJJSSHWQEPPIVXLERK
1E]VIWYPXMRHEQEKIQIPXMRKSVHIJSVQEXMSR
)\GITXJSV 8SEWX HIWGVMFIHMRXLMWKYMHI
(SRSXTPEGIER]SFNIGXSJOKSV
LIEZMIVSRXSTSJXLISZIR
1E]VIWYPXMRHEQEKISVHIJSVQEXMSR
8EF
ET
(SRSXYWIXLIWYTIVKVMPPXVE]
YRMXJSVER]XLMRKSXLIVXLER
+VMPP,IEXMRKMRXLI%YXS1IRY
ERH1ERYEP1IRY
1E]VIWYPXMRHEQEKIQIPXMRK
SVHIJSVQEXMSR
1ERYEP
1MGVS[EZI
1ERYEP
3ZIR
(SRSXPIEZIXLIWYTIVKVMPPXVE]YRMX
XMPXIHMRWMHIXLISZIR
1E]GEYWIJEPPMRKSJXLIWYTIV
KVMPPXVE]YRMXJSSHWPMTTEKISV
FYVRWGEYWIHF]WTMPPIHWSYT
1E]VIWYPXMRHEQEKISVQEPJYRGXMSR
4PEGIERHXEOISYXXLIWYTIV
KVMPPXVE]YRMXLSVM^SRXEPP][MXLFSXLLERHW
(SRSXHVSTSVWXVMOI
XLIWYTIVKVMPPXVE]YRMX
1E]VIWYPXMRHEQEKISVHI
JSVQEXMSRSJXLIWYTIVKVMPPXVE]
YRMXERHMXWPIKWSVQMWEPMKRQIRXSJXLIPIKW
6IQSZMRKXLIYRMXJVSQELIEXIHSZIR
GEZMX]QE]VIWYPXMRFYVRW9WIXLI
WYTTPMIHQMXXIRWSVEXLMGOHV]HMWLGPSXL
1E]GEYWIWPMTTEKISJJSSHERHXLIVIF]FYVRW
*SVVITIEXIHGSSOMRKGPIERYTXLIWYTIV
KVMPPXVE]YRMXERHIPMQMREXIER]JSSH
GVYQFWERHSMPHMVXFIJSVIVIYWMRKMX
6IQEMRMRKJSSHGVYQFWERHSMPHMVXQE]VIWYPXMRHEQEKI
HIJSVQEXMSRSVQIPXMRKHYIXSFYVRMRKERHWTEVOW
RKIVW
[LIRSTIRMRKERHGPSWMRK
ETERHPIKW
1E]GEYWIMRNYV]
)WTIGMEPP]FIWYVIXSOIITMX
E[E]JVSQGLMPHVIR
'PSWIXLIPIKWSRIF]SRI
E
R
EP
1MGV
YEP
3ZI
YEP
1MGVS[
1MGVS
RYEP
RYEP
3ZIR
3ZIR

1MGVS[EZI3ZIRERH+VMPP
background
,S[XS9WI+VMPPPMH
%GGIWWSVMIW9WIHMR%YXS1IRY
8LIKVMPPPMHMWXSFITYXSRXLIWYTIVKVMPPXVE]YRMX
4YXMXSRXLIWYTIVKVMPPXVE]YRMX[MXLMXWPIKWERHXST
ETGPSWIH
-R%YXS1IRYXLIQMGVS[EZISZIRSYXTYXSZIRKVMPPXIQTIVEXYVIERHXMQIEVIEPPEYXSQEXMGEPP]
GSRXVSPPIHWSXLIEGGIWWSVMIWYWIHEVIHMJJIVIRXJVSQXLSWIYWIHJSV1ERYEP1IRY
8LIEGGIWWSVMIWYWIHHMJJIVHITIRHMRKSRXLIQIRYSTXMSR
*SPPS[XLISTIVEXMSRTVSGIHYVIWERHMPPYWXVEXMSRWMRXLIXSYGLTERIPXSTVSTIVP]YWIXLIEGGIWWSVMIW
3RXLIGIVEQMGXVE]MRXLISZIRGEZMX]MXWWXIEQMRPIX
WLSYPHFISRXLI
PIJXWMHI
4PEGIMXMRXLIGIRXIV
TSWMXMSRSRXLIGIVEQMG
XVE][MXLMXWWXIEQMRPIX
SRXLIPIJXWMHIEPMKRMRK
MX[MXLXLIWXIEQSYXPIX
(SRSXYWIXLIWYTIVKVMPPXVE]YRMXMR
SXLIVXLER%YXS1IRY
1E]VIWYPXMRHEQEKIQIPXMRKERHHIJSVQEXMSR
(SRSXXSYGLXLIKVMPPPMH[MXL]SYV
FEVILERHWMQQIHMEXIP]EJXIVGSSO
MRK8LIKVMPPPMH[MPPFILSXIZIREJXIV
QMGVS[EZILIEXMRKMR%YXS1IRY
1E]VIWYPXMRFYVRW
(SRSXPIXXLMWYRMXGSRXEGX[MXLXLI
[EPPWSJXLISZIRGEZMX]
1E]VIWYPXMRQEPJYRGXMSRHYIXSWTEVOW
7XIEQMRPIX
4PEGIMXWSXLEXXLIVIMWRSKET
EGVSWWMXWIRXMVIGMVGYQJIVIRGI
(SRSX
XSYGL
,S[XS0SSOEXXLI-PPYWXVEXMSRWSJ%GGIWWSVMIW
)\EQTPISJEGGIWWSVMIWYWIH
;LIRXLIGIVEQMGXVE]ERHQIXEPXVE]EVI
YWIH
4SWMXMSRW[LIVIEGGIWWSVMIWEVIWIX
4PEGIXLIGIVEQMGXVE]SRXLIFSXXSQSJ
XLISZIRGEZMX]ERHXLIQIXEPXVE]SRXLI
QMHHPISJXVE]VEGO
'SRHMXMSRWSJ[EXIVXERO
-RWIVXXLI[EXIVXEROMRXSXLIQEMRYRMX
PPMRKMX[MXL[EXIV
PPIH
[MXL[EXIVERHXLIRMRWIVXIHMRXSXLIQEMRYRMX
'%98-32
1IXEP8VE]1MHHPI
'IVEQMG8VE]
)QTX]
;EXIVXERO
%GGIWWSVMIWYWIH
'IVEQMGXVE]YWIH
'IVEQMGXVE]RSX
YWIH
1IXEPXVE]
YWIH
1IXEPXVE]
RSXYWIH
0IKWGPSWIH
0IKW
GPSWIH
ET
STIRIH
ET
STIRIH
;EXIVXEROJYPP
[MXL[EXIV
;EXIVXERO
IQTX]
)QTX]
+VMPPPMHRSX
YWIH
+VMPPPMH
YWIH
,S[XS9WI%GGIWWSVMIW
'SRXMRYIH
0IKW
STIRIH
0IKW
STIRIH
*YPP
7YTIVKVMPPXVE]YRMXYWIH
7YTIVKVMPPXVE]YRMXRSXYWIH

1MGVS[EZI3ZIRERH+VMPP
background
%GGIWWSVMIW9WIHMR1ERYEP1IRY
,IEXMRKQIXLSH
'IVEQMGXVE] 1IXEPXVE]
7YTIVKVMPPXVE]YRMX
;EXIVXERO
0IKWGPSWIH 0IKWSTIRIH
ETSTIRIH
+VMPPPMH
1MGVS[EZI
7XIEQ
1MGVS[EZI
+VMPP
7XIEQ
+VMPP
7XIEQ
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP
7YTIVLIEXIH7XIEQ
3ZIR
3ZIR
;MPPGEYWIWTEVOWMRXLIEVIE
FIX[IIRXLIQIXEPXVE]ERH
XVE]VEGOVIWYPXMRKMRHEQEKI
;MPPGEYWIWTEVOWMRXLIEVIE
FIX[IIRXLIQIXEPXVE]ERH
XVE]VEGOVIWYPXMRKMRHEQEKI
9WISJEGGIWWSVMIW 9WEFPI 9RYWEFPI
)QTX]
*YPP
)QTX]
*YPP
)QTX]
*YPP
;MPPGEYWIWTEVOWMRXLIEVIE[LIVIXLIPIKMW
EXXEGLIHXSXLIWYTIVKVMPPXVE]YRMXXLIVIMWE
VMWOXLEXXLIPIKWQE]QIPX
;MPPGEYWIWTEVOWMRXLIEVIE[LIVIXLIPIKMW
EXXEGLIHXSXLIWYTIVKVMPPXVE]YRMXXLIVIMWE
VMWOXLEXXLIPIKWQE]QIPX




;MXL0IKWGPSWIHJSSHGERRSX
GMIRX
LIMKLX
;MXL0IKWGPSWIHJSSHGERRSX
GMIRX
LIMKLX
8LITPEWXMGTSVXMSR[MPPFIGSQILMKL
MRXIQTIVEXYVI[LMGLQE]VIWYPXMR
HIJSVQEXMSR
8LITPEWXMGTSVXMSR[MPPFIGSQILMKL
MRXIQTIVEXYVI[LMGLQE]VIWYPXMR
HIJSVQEXMSR
 8LIKVMPPPMHGERRSXFIYWIHMR1ERYEP1IRY
8LITPEWXMGTSVXMSR[MPPFIGSQILMKLMRXIQTIVEXYVI[LMGLQE]VIWYPXMRHIJSVQEXMSR,S[IZIVMRGEWI
SJ
%HHMXMSREP,IEXMRK
IHQIXLSH
 8LIWYTIVKVMPPXVE]YRMXGERRSXFIYWIHJSV
1MGVS[EZI

7XIEQ1MGVS[EZI

3ZIR

7XIEQ3ZIR
ERH
7YTIVLIEXIH7XIEQ3ZIR

1E]GEYWIWTEVOWMRXLIEVIE[LIVIXLIPIKMWEXXEGLIHXSXLIWYTIVKVMPPXVE]YRMXXLIVIMWEVMWOXLEXXLI
PIKWQE]FIGSQIJYWIHSVTPEWXMGTEVXWHIJSVQ,S[IZIVMRGEWISJ
%HHMXMSREP,IEXMRK
MR%YXS1IRY
IHQIXLSH
(SRSXYWIXLIFEOMRKTERMRNIGXSVERHFEOMRKTERVEGOJSV1MGVS[EZIERH3ZIRJYRGXMSRW
1E]VIWYPXMRHEQEKIHIJSVQEXMSRSVWTEVOW
4VIGEYXMSRWJSV9WI

1MGVS[EZI3ZIRERH+VMPP
background
,S[,IEXMRK;SVOW
,IEXWJSSHWYWMRKQMGVS[EZIWLMKLJVIUYIRG]VEHMS[EZIW
*SSHMWLIEXIHF]XLIYTTIVLIEXIVFVS[RMRKXLI
JSSHERHQEOMRKXLIMRWMHIWSJX
8LIXIQTIVEXYVIMRWMHIXLISZIRGEZMX]MWIZIRP]QEMRXEMRIH
F]XLIGSRZIGXMSRLIEXIVERHYTTIVLIEXIVFEOMRKXLIJSSHMR
E[E]XLEXIRXMVIP]IRZIPSTWXLIJSSH
PPIH[MXLWXIEQ[EXIVZETSVEVSYRH'ERHJSSHMWLIEXIH
MRGSRNYRGXMSR[MXLXLIQMGVS[EZISZIRKVMPPSVSZIR1SMWXYVIMWEHHIHXSXLIJSSH
[LMGLQEOIWMXXIRHIV
PPIH[MXLWYTIVLIEXIHWXIEQERHJSSHMWLIEXIHMRGSRNYRGXMSR[MXLXLI
KVMPPSVSZIR
WLEVIVIQSZIHXSKIXLIV[MXLGSRHIRWIH[EXIVQEOMRK
XLIJSSHLIEPXL]
RIXSWII
*SSHWXLEXGSRXEMR
QSMWXYVIEFWSVF
QMGVS[EZIW
7TIIH]ERH
IGSRSQMGEP
1MGVS[EZIWTEWWXLVSYKL
GSRXEMRIVWQEHISJKPEWW
ERHGIVEQMGIXG
&IGEYWI[EXIVMWRSXYWIH
RYXVMIRXWEVITVIWIVZIH
QMGVS[EZIW
'SPSVWLETIERH
XEWXIEVITVIWIVZIH
*SSHGERFILIEXIH
IZIREJXIVMXMWEVVERKIH
1MGVS[EZIWLMKLJVIUYIRG]
VEHMS[EZIWLEZIXLI
JSPPS[MRKXLVIITVSTIVXMIW
1MGVS[EZIWXLEXEVIEFWSVFIHF]JSSHI\GMXIXLIQSZIQIRXSJ[EXIVQSPIGYPIWERHXLMWKIRIVEXIWLIEX
8LIJSSHLIEXWYTUYMGOP]HYIXSXLMWJVMGXMSREPLIEX
7YTIVLIEXIH7XIEQ
7XIEQ 7XIEQ 7XIEQ
7YTIVLIEXIH7XIEQ
3
Z
I
R
+
V
M
P
P
+VMPP
+VMPP
1MGVS[EZI
3ZIR
3ZIR
7YTIVLIEXIH
7XIEQ
7XIEQ
'SRHIRWIH
[EXIV
*SSH
*EX

1MGVS[EZI3ZIRERH+VMPP
background
%YXS1IRY
6ILIEX
%YXS1IRY
6ILIEX
6ILIEXMRKVMGIWXSVIHEXVSSQ
XIQTIVEXYVISVGLMPPIH
6ILIEX

4
6ILIEXMRKJVS^IRVMGI

*VS^IR6MGI

4

*VS^IR0'LMPPIH6

4
6ILIEXMRKGSJJIIXIEERH[EXIVEX
VSSQXIQTIVEXYVI
&IZIVEKIW;EVQ1MPO

4
6ILIEXMRKWXSVIFSYKLXGLMPPIHJSSH
QEOMRKXLIWYVJEGIGVMWT]
'VMWT]'SSOMRK'LMPPIH

4
6ILIEXMRKWXSVIFSYKLXJVS^IRJSSH
QEOMRKXLIWYVJEGIGVMWT]
'VMWT]'SSOMRK*VS^IR

4
6ILIEXMRKGLMPPIHQMPO
&IZIVEKIW;EVQ1MPO

4
&SMPMRKZIKIXEFPI
&SMP :IKIXEFPIW

4
&SMP6SSX:IKIXEFPIW

4
WL
(IJVSWX

4
(IJVSWXMRKWEWLMQM
(IJVSWX7EWLMQM

4
6MGI
&IZIVEKIW
'LMPPIHERH
*VS^IR*SSH
(IJVSWX
&SMPMRK
8LIJSPPS[MRKMWEKYMHIJSVYWMRK%YXS1IRYJSVVILIEXMRKSJX]TIWSJJSSH
*SVQERYEPGSSOMRKVILIEXERHOIITERI]ISRXLIJSSHEWMXGSSOW[MXLVIJIVIRGIXS,IEXMRK8MQIJSV
'SSOMRKMR1ERYEP1IRY
4
)EW]+YMHIJSV6ILIEXMRKERH(IJVSWXMRK
6ILIEXMRKGLMPPIHWXIEQIHFYR
YJJ]
6ILIEX7XIEQ&YRW'LMPPIH

4

6ILIEXMRKJVS^IRWXIEQIHFYR
YJJ]
6ILIEX7XIEQ&YRW*VS^IR

4

7XIEQIH
FYR
'LMGOIRWXIEO
/IITVIJVMKIVEXIH
8IVM]EOM
6ILIEXMRKHIITJVMIHJSSHQEOMRK
XLIWYVJEGIGVMWT]
6ILIEX*VMIH*SSH

4
(IIT*VMIH
*SSH
6ILIEXMRKVMGIWXSVIHEXVSSQ
YJJ]

7XIEQ6ILIEX

4

*VS^IR0'LMPPIH6

4
6ILIEXMRKWMHIHMWLIWWXSVIHEXVSSQ
XIQTIVEXYVISVGLMPPIH
6ILIEX

4
6ILIEXMRKJVS^IRWMHIHMWLIW
(IJVSWX6ILIEX

4
7MHI(MWLIW
6ILIEXMRKWMHIHMWLIWWXSVIHEXVSSQ
YJJ]

7XIEQ6ILIEX

4

*VS^IR0'LMPPIH6

4

1MGVS[EZI3ZIRERH+VMPP
background
,S[XSEHNYWXHSRIRIWW
(SRIRIWWMWEYXSQEXMGEPP]WIX
XS1-(7XERHEVH8SEHNYWX
HSRIRIWWTVIWW
ERHWIX
XLIQEVOXSXLIHIWMVIHTSWMXMSR
8LITVIZMSYWHSRIRIWW
EHNYWXQIRXMWRSXVIKMWXIVIH
7XEVX
6ILIEX
'PIERMRK
&VIEH1MGVS[EZI
&EGO
'ERGIP
%YXS1IRY
6ILIEX
6ILIEXMRK6MGIERH7MHI(MWLIW7XSVIHEX6SSQSV'LMPPIH8IQTIVEXYVI
6ILIEX
6ILIEXWVSSQXIQTIVEXYVIJSSHERHGLMPPIHJSSH
*VS^IRVMGIEVIVILIEXIHYWMRK
*VS^IR6MGI

4
&IZIVEKIWQMPOGSJJIIWS]QMPOXIE[EXIVERHXLIPMOIEVILIEXIHYWMRK
&IZIVEKIW;EVQ1MPO

4
*VS^IRJSSHWLSQIJVS^IREVIVILIEXIHYWMRK
(IJVSWX6ILIEX

4
%GGIWWSV]9WIH
'IVEQMG8VE]
)QTX]
;EXIV8ERO
2SXI
;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIGSRXEMRIVSVTPEXISJJSSHMRXLI
GIRXIVSJXLIGIVEQMGXVE]ERHGPSWIXLIHSSV
4VIWW
7XEVX
6ILIEX
XSWXEVX
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
6IQMRHIV
*SSHXLEXGERRSXFIVILIEXIH[MXL6ILIEX
*SV
6ILIEX
TVIWW
7XE VX
6ILIEX
[MXLMREFSYXQMRYXIWEJXIV
]SYGPSWIXLIHSSV[LMPIMWWLS[RMRXLIHMWTPE]EVIE
6ILIEXMRK[MPPRSXWXEVXMJEFSYXQSVIXLERQMRYXIWTEWW
EJXIV]SYSTIRERHGPSWIXLIHSSV3TIRERHGPSWIXLI
HSSVERHTVIWW
7XE VX
6ILIEX

4
*SVJSSHWPMWXIHFIPS[VILIEXYWMRK1ERYEP1IRYERHOIITERI]ISRXLIJSSHEWMXGSSOW
4
*SSHXLEX[IMKLW
PIWWXLERK
7XIEQIHFYRW
&VIEH
*VS^IRZIKIXEFPIW
7XSVIFSYKLXVMGIFEPPW
&EF]QMPOFEF]JSSH
7XSVIFSYKLX
GSSOIHJSSH
8VERWJIVXSE
WITEVEXIGSRXEMRIV
8VERWJIVXSE
WITEVEXIGSRXEMRIV
6IQSZITEGOEKMRKQEXIVMEPW
ERHXVERWJIVXSETPEXI
6ILIEX
GEREPWSFIWIPIGXIHF]XLIJSPPS[MRKTVSGIHYVI
8SYGL
6ILIEX(IJVSWX
8SYGL
6ILIEX
8SYGL
6ILIEX
8SYGL
6ILIEX(IJVSWX
-J]SYWIPIGXJVSQ
XLMWWIXXLIHSRIRIWW
EHNYWXQIRXFIJSVI
WXEVXMRK
1EVO
,-
1-(,-
1-(
1-(03
03
8SEHNYWXHSRIRIWW
%HNYWXFIJSVIXLILIEXMRKXMQIMWHMWTPE]IH
'
Y
V
V
]
0IWWXLERK
,IEXMRK[MXL
6ILIEX WXEVXW

1MGVS[EZI3ZIRERH+VMPP
background

;MXLWXSVIFSYKLXWMHIHMWLIWSVLSQIGSSOIHJSSHXV]XSQEOIXLI[IMKLXSJXLIJSSHERHXLI[IMKLXSJXLIGSRXEMRIVEFSYXXLIWEQI
-JJSSHMWLIEZMIVXLERMXWGSRXEMRIVWIX(SRIRIWW%HNYWXQIRXXS
1-(,-
8LIQE\MQYQEQSYRXSJJSSHXLEXGERFIVILIEXIHEXEWMRKPIXMQIMWETTVS\MQEXIP]
KJSSHERHGSRXEMRIVGSQFMRIH

8LIXIQTIVEXYVISJXLIJSSHWLSYPHFIETTVS\MQEXIP]'JSVVSSQXIQTIVEXYVIJSSHERH'JSVGLMPPIHJSSH
,S[XS6ILIEX6MGIERH7MHI(MWLIW7OMPPJYPP]
'SZIV
MRK
1IRYWIPIGXMSRERHGSSOMRKXMTW 1IRYWIPIGXMSRERHGSSOMRKXMTW
7MQQIVIH*SSH
+VMPPIH*SSH
7XIEQIH*SSH 7SYTW8LMGOIV0MUYMHW
'SZIV
MRK
8LMWW]QFSPMRHMGEXIW
XLEXXLIJSSHWLSYPH
FIGSZIVIH[MXL
TPEWXMG[VET
;
V
E
T
;
V
E
T
6MGI
*SVGLMPPIHVMGILIEX[MXLXLI
HSRIRIWWEHNYWXQIRXEX
1-(,-

*VMIH6MGI4MPEJ
1M\EJXIVLIEXMRK
6MGI
7TEKLIXXM=EOMWSFE.ETERIWI
WX]PIJVMIHRSSHPIW
4PEGISREHMWL1M\EJXIVLIEXMRK
*SVGLMPPIHJSSHLIEX[MXLXLI
HSRIRIWWEHNYWXQIRXEX
1-(,-

;
V
E
T
;
V
E
T
+VMPPIH*MWL
'SZIVEWXLIJSSHQE]WTEXXIV
HSRIRIWWEHNYWXQIRXEX
1-(,-

,EQFYVK7XIEO
8YVRXLIWXIEOYTWMHIHS[RJSV
QMRYXIWEJXIVLIEXMRK'SZIV[MXL
WEYGIEJXIVLIEXMRKEWXLIWEYGI
QE]WTEXXIV
*SVGLMPPIHWXIEOLIEX[MXLXLI
HSRIRIWWEHNYWXQIRXEX
1-(,-

7OI[IVIH'LMGOIR+VMPPIH1IEX
%VVERKISREHMWL,IEXEJXIVGSEXMRK
[MXLWEYGI
*SVGLMPPIHQIEXLIEX[MXLXLI
HSRIRIWWEHNYWXQIRXEX
1-(,-

(IIT*VMIH*SSH'VSUYIXXIW
%VVERKISREHMWLERHLIEX[MXLHSRIRIWW
EHNYWXQIRXEX
1-(03
SV
03
'SZIVWLVMQTERHWUYMHEWXLI]
QE]WTEXXIV
7XMVJVMIHZIKIXEFPIW7[IIX
ERH7SYV4SVO'LST7YI]
4PEGIMREGSRXEMRIV-JWXMVJVMIH
ZIKIXEFPIWEVIHV]EHHFYXXIVSV
WEPEHSMP1M\EJXIVLIEXMRK
*SVGLMPPIHJSSHLIEX[MXLXLI
HSRIRIWWEHNYWXQIRXEX
1-(,-

7XMV*VMIH*SSH
7MQQIVIHZIKIXEFPIW6IQSZI
)KKW
4PEGIMREGSRXEMRIVERHGSZIV[MXL
FVSXL
*SVGLMPPIHJSSHLIEX[MXLXLI
HSRIRIWWEHNYWXQIRXEX
1-(,-

7MQQIVIH*MWL
4PEGIMREGSRXEMRIVERHGSZIV[MXL
WTEXXIVYWIEHIITHMWLERHGSZIV
[MXLTPEWXMG[VET
HSRIRIWWEHNYWXQIRXEX
1-(,-

;
V
E
T
;
V
E
T
7XIEQIH1IEX(YQTPMRKW
%VVERKISRETPEXIPIEZMRKWSQI
WTEGIFIX[IIRMRHMZMHYEPTSVXMSRW
7TVMROPIWSQI[EXIVSZIVXLI
HYQTPMRKWERHLIEX
-JXLIHYQTPMRKWEVISRXLIHV]WMHI
*SVGLMPPIHHYQTPMRKWLIEX[MXLXLI
HSRIRIWWEHNYWXQIRXEX
1-(,-

'YVV]7XI[
%WWLVMQTWUYMHERH[LSPI
QYWLVSSQWQE]WTEXXIVGSZIVXLIMV
GSRXEMRIV[MXLTPEWXMG[VET
7XMV[IPPEJXIVLIEXMRK6IQSZI
[LSPIQYWLVSSQWFIJSVILIEXMRK
ERHEHHXLIQMREJXIV[EVHW
7IXXLIHSRIRIWWEHNYWXQIRXXS
1-(,-
SV
,M

6ILIEXWSYTYWMRK1ERYEP1IRY
1MGVS[EZI,IEXMRKERHOIITER
I]ISRXLIJSSHEWMXGSSOW
4
9WIEGIVEQMGSVLIEXVIWMWXERX
GSRXEMRIV
0EGUYIVIHSVRSRLIEXVIWMWXERX
GSRXEMRIVWGERRSXFIYWIH
4
;
V
E
T
;
V
E
T
6ILIEX

1MGVS[EZI3ZIRERH+VMPP
background
7XEVX
6ILIEX
'PIERMRK
&VIEH1MGVS[EZI
&EGO
'ERGIP
%YXS1IRY
6ILIEX
6ILIEXMRK6MGIERH7MHI(MWLIW7XSVIHEX*VII^MRK8IQTIVEXYVI
(IJVSWX6ILIEX
*VS^IR6MGI
6ILIEXWJVS^IRVMGI
*VS^IR6MGI
6ILIEXWJVS^IRWMHIHMWLIW
(IJVSWX6ILIEX
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIGSRXEMRIVSVTPEXISJJSSHMRXLI
GIRXIVSJXLIGIVEQMGXVE]ERHGPSWIXLIHSSV
*SV
*VS^IR6MGI
TPEGIXLIJSSHHMVIGXP]SR
XLIGIVEQMGXVE]
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
VIQSZIXLIJSSH
8SEHNYWXHSRIRIWW
4
8MTWJSV*VII^MRK*SSHW7OMPPJYPP]
9WIJVIWLMRKVIHMIRXW
(MZMHIXLIJSSHMRXSWMRKPIWIVZMRKWK
WYVIXLEXRSEVIEWFIGSQII\GIWWMZIP]XLMR
6SYRHMRKXLIQSVJVII^MRKXLIQEWE
6MGIGYVV]ERHWSSR
(MZMHIVMGIMRXSMRHMZMHYEPWIVZMRKWEFSYXKERH
GYVV]MRXSWIVZMRKWSJKIEGL%VVERKIXLIQ
JSSHWWYGLEW[LSPIQYWLVSSQWXLEXVIEHMP]WTEXXIV
[LIRLIEXIHGYXXLIQMRLEPJFIJSVILERH
4VIWW
7XEVX
6ILIEX
XSWXEVX
8SYGL
6ILIEX(IJVSWX
ERHXLIR
6ILIEX

8SYGL
*VS^IR6MGI

)\EQTPI-RGEWISJ
*VS^IR6MGI

9WITPEWXMG[VETSVXLIPMOIXSWIEP
XLIJSSHXMKLXP]
:IKIXEFPIW
I\GIWW[EXIVERHHMZMHIXLIQMRXSWMRKPIWIVZMRKW
K&YRHPIMRTPEWXMG[VETSVXLIPMOIERHJVII^I
8LMGORIWWSJGQ
%GGIWWSV]9WIH
'IVEQMG8VE]
)QTX]
;EXIV8ERO

1MGVS[EZI3ZIRERH+VMPP
background
(IJVSWX6ILIEX
*VS^IR6MGI
*VS^IR7TEKLIXXM=EOMWSFE
.ETERIWIWX]PIJVMIHRSSHPIW
4PEGISREHMWL1M\EJXIVLIEXMRK
*VS^IR7XIEQIH1IEX
(YQTPMRKW
EVVERKISREHMWL
%JXIVLIEXMRKMQQIHMEXIP]VIQSZI
XLITPEWXMG[VET
*VS^IR,EQFYVK7XIEO
4PEGISREHMWL8YVRXLIWXIEO
YTWMHIHS[RJSVQMRYXIWEJXIV
LIEXMRK
*VS^IR'YVV]7XI[
4PEGIMREGSRXEMRIVERHGSZIVXLI
GSRXEMRIV;LIR]SYYWITPEWXMG
[VETMRWXIEHSJEPMHGSZIVXLI
GSRXEMRIVPSSWIP]7IXXLIHSRIRIWW
EHNYWXQIRXXS
1-(,-
SV
,M

%JXIVLIEXMRKFVIEOETEVXXLIGLYRO]
TEVXWERHQM\XLIJSSH
*VS^IR(IIT*VMIH*SSH
'VSUYIXXIW
%VVERKISREHMWL7IXXLIHSRIRIWW
EHNYWXQIRXXS
1-(03
SV
03
-J]SYEVIGSRGIVRIHEFSYXSMP
VIQSZIXLISMPYWMRKTETIVXS[IPW
EJXIVLIEXMRK
'SZIVWLVMQTERHWUYMHEWXLI]
QE]WTEXXIV
*VS^IR7LST7YI]1IEXFEPPW
4PEGIMREGSRXEMRIV1M\EJXIV
LIEXMRK
'SZIVMRK
(IJVSWXERHVILIEXJVS^IRJSSHMREGSRXEMRIV
(IJVSWXERHVILIEXJVS^IRJSSHVMGI
1IRYWIPIGXMSRERHGSSOMRKXMTW
1IRYWIPIGXMSRERHGSSOMRKXMTW
1IRYWIPIGXMSRERHGSSOMRKXMTW
2SSHPIW
(IIT*VMIH*SSH
'SZIVMRK
'SZIVMRK
;
V
E
T
;
V
E
T
;
V
E
T
;
V
E
T
;
V
E
T
;
V
E
T
;
V
E
T
;
V
E
T
;
V
E
T
;
V
E
T
;
V
E
T
;
V
E
T
8LIQE\MQYQEQSYRXSJJSSHXLEXGERFIVILIEXIHEXEWMRKPIXMQIMWETTVS\MQEXIP]
KJSV
*VS^IR6MGI
ERHKJSV
(IJVSWX6ILIEX
JSSHERH
GSRXEMRIVGSQFMRIH
*SV
(IJVSWX6ILIEX
[MXLWXSVIFSYKLXWMHIHMWLIWSVLSQIGSSOIHJSSH
XV]XSQEOIXLI[IMKLXSJXLIJSSHERHXLI[IMKLXSJXLIGSRXEMRIVEFSYXXLIWEQI
*SV
(IJVSWX6ILIEX
MJJSSHMWLIEZMIVXLERMXWGSRXEMRIVWIX(SRIRIWW
%HNYWXQIRXXS
1-(,-

8LIXIQTIVEXYVISJXLIJSSHWLSYPHFIETTVS\MQEXIP]i'
,S[XS6ILIEX6MGIERH7MHI(MWLIW7XSVIHEX*VII^MRK8IQTIVEXYVI
*VS^IR6MGI
(IJVSWX6ILIEX
8LMWW]QFSP
MRHMGEXIWXLEX
XLIJSSHWLSYPH
FIGSZIVIH[MXL
TPEWXMG[VET
;
V
E
T
;
V
E
T
6MGI
*VS^IR6MGI*VMIH6MGI4MPEJ
4PEGIEWUYEVIWLETIHFPSGOSJJVS^IRVMGI[VETTIH[MXLTPEWXMG[VETHMVIGXP]SRXLIGIRXIVTSWMXMSR
SJXLIGIVEQMGXVE]
4VITEVIJVS^IRVMGIMRELIEXVIWMWXERXJVS^IRGSRXEMRIVQEHISJTPEWXMGEGGSVHMRKXSMRWXVYGXMSRWSJ
XLIGSRXEMRIVQERYJEGXYVIVERHTPEGIMXMRXLIGIRXIVTSWMXMSRSJXLIGIVEQMGXVE]
;LIRVILIEXMRKX[SSVQSVIFPSGOWSJVMGIQEOIXLIQEFSYXXLIWEQIUYERXMX]ERHTPEGIXLIQMR
XLIQMHHPI
*SVJVS^IRJVMIHVMGIERHTMPEJWIXXLI(SRIRIWW%HNYWXQIRXXS1-(03ERHQM\EJXIVLIEXMRK
8SVILIEXJVS^IRVMGITYXSRETPEXIYWI
(IJVSWX6ILIEX
JSVLIEXMRK

1MGVS[EZI3ZIRERH+VMPP
background
%YXS1IRY
6ILIEX
6ILIEXMRK8[S8]TIWSJ*SSHW7YGLEW6MGIERH7MHI(MWLIW
7XSVIHEX6SSQ8IQTIVEXYVISV'LMPPIHEXXLI7EQI8MQI
6ILIEX
*SSHWXLEXEVIJVS^IRERHWXSVIHLSQIJVS^IRGERRSXFILIEXIHEXXLIWEQIXMQIEWVSSQXIQTIVEXYVIJSSH
9WI
*VS^IR6MGI
SV
(IJVSWX6ILIEX
XSVILIEXJVS^IRJSSH
2SXI
;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIX[SMXIQWSRXSTSJXLIGIVEQMGXVE]
PIEZMRKWSQIWTEGIFIX[IIRXLIQ'PSWIXLIHSSV
4VIWW
7XEVX
6ILIEX
XSWXEVX
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
8SEHNYWXHSRIRIWW
4
%HNYWXFIJSVIXLILIEXMRKXMQIMWHMWTPE]IH
8MTWJSV6ILIEXMRK8[S8]TIWSJ*SSH[MXL6ILIEX'LMPPIHSVEX6SSQ8IQTIVEXYVI
*SSH1E]2SX,IEX;IPPMRXLI*SPPS[MRK'EWIW
*SSHWXLEXGERFIVILIEXIH
'LMPPIHJSSHSVVSSQXIQTIVEXYVIJSSH
%QSYRXSJJSSH
e
%SRIHMWLTSVXMSRSJJSSHMWETTVS\MQEXIP]K
e1EOIXLIUYERXMXMIWSJJSSHMRIEGLSJXLIX[S
TSVXMSRWETTVS\MQEXIP]XLIWEQI
%WEVSYKLXEVKIXXLIEQSYRXSJJSSHMRSRITSVXMSR
WLSYPHFIEFSYXzXMQIWXLEXSJXLISXLIVTSVXMSR
)\EQTPIKVMGIERHEKWMHIHMWL
%YXS'SSOMRKGERRSXFIYWIHJSVEQSYRXWSJJSSHMRVEXMSW
SXLIVXLERXLISRIHIWGVMFIHEFSZI,IEXYWMRK1ERYEP'SSOMRK
1MGVS[EZI,IEXMRKERHOIITERI]ISRXLIJSSHEWMXGSSOW
7M^ISJGSRXEMRIVW
9WIEGSRXEMRIV[MXLEWM^IERH[IMKLXXLEXEVIETTVSTVMEXI
JSVXLIUYERXMX]SJJSSH
*VS^IRJSSHW
6ILIEXIEGLHMWLYWMRK
*VS^IR6MGI
SV
(IJVSWX6ILIEX
4
*SSHWXLEXGERRSXFILIEXIHEXXLIWEQIXMQI
*SSH[MXLELMKLWEPXGSRXIRXERHJSSH[MXLELMKL
WYKEVGSRXIRX
*SSH[MXLELMKL[EXIVGSRXIRXERHJSSH[MXLEPS[
[EXIVGSRXIRX
,IEXYWMRK1ERYEP1IRY1MGVS[EZI,IEXMRKERH
OIITERI]ISRXLIJSSHEWMXGSSOW
4
9WIGSRXEMRIVWXLEXEVIETTVS\MQEXIP]XLIWEQIWM^I
ERH[IMKLXJSVFSXLGSRXEMRIVWSJJSSH
8SGSSOXLIJSSHWOMPPJYPP]
(ITIRHMRKSRXLIX]TISJJSSHMXQE]FIRIGIWWEV]
XSGSZIVXLIJSSH[MXLTPEWXMG[VETSVXLIPMOIMRSVHIV
XSTVIZIRXXLIJSSHJVSQWTEXXIVMRKSVXSLIEXXLIJSSH
XSERETTVSTVMEXIXIQTIVEXYVI
*SSHW[MXLWEYGIFVSXLSVWSYT
*SSHW[MXLEGIVXEMRXLMGORIWWWYGLEWGYVV]WXI[ERHWSSR
;LIRXLIJSSHWYVJEGIXIRHWXSFIHV]SV[LIR]SY[ERXXSQEOI
XLIJSSHWSJXWTVMROPISVWTVE]WSQI[EXIVSVWEOISRXSXLIJSSH
*SVGYVV]WXI[WERHWXMVJVMIHZIKIXEFPIWQM\[IPPEJXIVLIEXMRK
(ITIRHMRKSRXLIX]TISJJSSHERHTVIWIVZEXMSR
GSRHMXMSRWVSSQXIQTIVEXYVISVGLMPPIHYWIER
ETTVSTVMEXIHSRIRIWWEHNYWXQIRX
4
6ILIEXFIZIVEKIWWYGLEWQMPOERHGSJJII
YWMRK
&IZIVEKIW;EVQ1MPO
(MJJIVIRXX]TIWSJFIZIVEKIWGERRSXFIVILIEXIHEX
XLIWEQIXMQI6ILIEXXLIWEQIX]TISJFIZIVEKIW
YWMRK
&IZIVEKIW;EVQ1MPO

4
*SSHWXLEXGERRSXFILIEXIH[MXL
6ILIEX
GERRSXFILIEXIHEXXLIWEQIXMQI
4
9WI1ERYEP1IRY1MGVS[EZI,IEXMRKXSVILIEXQMPO
SVFEF]JSSHERHOIITERI]ISRMXEWMXGSSOW
4
%GGIWWSV]9WIH
'IVEQMG8VE]
)QTX]
;EXIV8ERO
6ILIEX
GEREPWSFIWIPIGXIHJVSQ
6ILIEX(IJVSWX
6ILIEX 6ILIEX

4

1MGVS[EZI3ZIRERH+VMPP
background
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIJSSHSRXLIGIVEQMGXVE]WSXLEXXLIJVS^IRJSSHMWSRXLIPIJXWMHIERHXLI
GLMPPIHJSSHMWSRXLIVMKLXWMHIPIEZMRKWSQIWTEGIFIX[IIRXLIQ'PSWIXLIHSSV
;LIR]SYLIEVXLIGSQTPIXMSRWSYRHVIQSZIXLIJSSH
8SEHNYWXHSRIRIWW
4
4VIWW
7XEVX
6ILIEX
XSWXEVX
8SY GL
6ILIEX(IJVSWX

6ILIEX
ERHXLIR
2I\X

8SY GL
*VS^IR0'LMPPIH6
6ILIEXMRK8[S8]TIWSJ*SSHW7YGLEW*VS^IR6MGIERH7MHI(MWLIW
7XSVIHEX(MJJIVIRX8IQTIVEXYVIW'LMPPIHSV*VS^IREXXLI7EQI8MQI
*VS^IR0'LMPPIH6
*SSHWWXSVIHEXVSSQXIQTIVEXYVIGERRSXFIVILIEXIHEXXLIWEQIXMQIEWJVS^IR
JSSHW
8LIJSSHWXSVIHEXVSSQXIQTIVEXYVI[MPPFIGSQIXSSLSX
8MTWJSV*VS^IR0'LMPPIH6
;LIVIXSTPEGIXLIJSSHXLITSWMXMSRWEVITVIHIXIVQMRIH
%QSYRXSJJSSH
4
*SSHWXLEXGERFILIEXIH
*VS^IRVMGIGLMPPIHJSSHWTVIGSSOIHJVS^IRKVMPPIHJSSHWWYGL
EWLEQFYVKWXIEOWERHHIITJVMIHJSSHWGERFILIEXIH
7M^ISJGSRXEMRIVW
4
8SGSSOXLIJSSHWOMPPJYPP]
4
;LIRXLIJSSHWYVJEGIXIRHWXSFIHV]SV[LIR]SY
[ERXXSQEOIXLIJSSHWSJXWTVMROPISVWTVE]WSQI
[EXIVSVWEOISRXSXLIJSSH
*SVGYVV]WXI[WERHWXMVJVMIHZIKIXEFPIWQM\[IPP
EJXIVLIEXMRK
*SSHWXLEXGERRSXFILIEXIH[MXL
6ILIEX
GERRSXFILIEXIHEXXLIWEQIXMQI
4
9WI1ERYEP1IRY1MGVS[EZI,IEXMRKXSVILIEXQMPO
SVFEF]JSSHERHOIITERI]ISRMXEWMXGSSOW
4
0IJX*VS^IRJSSH 6MKLX'LMPPIHJSSH
%GGIWWSV]9WIH
'IVEQMG8VE]
)QTX]
;EXIV8ERO

1MGVS[EZI3ZIRERH+VMPP
background
%YXS1IRY
6ILIEX
6ILIEXFIZIVEKIWWYGLEWQMPOGSJJIIXIEWS]QMPOERH[EXIV
&IZIVEKIW;EVQ1MPO
YJJ]VMGIERHXIRHIVJSSHW
7XIEQ6ILIEX
6ILIEX7XIEQ&YRW'LMPPIH
6ILIEX7XIEQ&YRW*VS^IR
7YTIV+VMPP8VE]9RMX
ETGPSWIH
+VMPPPMH
'IVEQMG8VE]
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIJSSHERHXLIETTVSTVMEXIEGGIWWSV]MR
XLISZIRERHGPSWIXLIHSSV
*SV

7XIEQ6ILIEX

6ILIEX7XIEQ&YRW'LMPPIH
SV
6ILIEX7XIEQ&YRW*VS^IR
 PPXLI[EXIVXERO[MXL
[EXIVYTXSXLIJYPPPMRIERHMRWIVXMRXSXLIQEMRYRMX
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
VIQSZIXLIJSSH
8SEHNYWXHSRIRIWW
4
4VIWW
7XEVX
6ILIEX
XSWXEVX
8S YG L
6ILIEX(IJVSWX
ERHXLIRXSYGL
6ILIEX

8S YG L
&IZIVEKIW;EVQ1MPO
)\EQTPI-RGEWISJ
&IZIVEKIW;EVQ1MPO
*SV
&IZIVEKIW;EVQ1MPO
XLIHSRIRIWWEHNYWXQIRXWIXXMRK
MWWXSVIHMRQIQSV]
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERH
HSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
&IZIVEKIW;EVQ1MPO
6ILIEX7XIEQ&YRW'LMPPIH
6ILIEX7XIEQ&YRW*VS^IR
7XIEQ6ILIEX
%GGIWWSV]9WIH
'IVEQMG8VE]
*YPP
;EXIV8ERO
%GGIWWSV]9WIH
'IVEQMG8VE]
)QTX]
;EXIV8ERO
*YPP
;EXIV8ERO
%GGIWWSV]9WIH
6ILIEXMRK&IZIVEKIWERH6ILIEXMRKMR7XIEQJSV*PYJJ]*SSH
,S[XSWIPIGXEQIRYSTXMSR
SXLIVXLER1MPO
4VIZ2I\XXSW[MXGLTEKIW

1MGVS[EZI3ZIRERH+VMPP
background
,S[XS6ILIEX&IZIVEKIW7OMPPJYPP]
,S[XS6ILIEX&IZIVEKIW7OMPPJYPP]9WMRK7XIEQ
8V]XSQEOIXLI[IMKLXSJXLIFIZIVEKIERHXLI
[IMKLXSJXLIGSRXEMRIVEFSYXXLIWEQI
-JFIZIVEKIMWPMKLXIVXLERMXWGSRXEMRIVWIXXLI
HSRIRIWWEHNYWXQIRXXS
1-(03
SV
03

&IZIVEKIWXLEXGERFIVILIEXIH
'LMPPIHQMPOERHVSSQXIQTIVEXYVIGSJJIIXIE[EXIVERHWSSR
%QSYRXGYTWXLEXGERFILIEXIHEXSRIXMQI
;LIRVILIEXMRKX[SSVQSVIFIZIVEKIWEXXLIWEQIXMQI
4PEGIXLIFIZIVEKIWMRXLIQMHHPISJXLIGIVEQMGXVE]
*SSHWXLEXGERFIVILIEXIH
6MGIWXIEQIHQIEXHYQTPMRKW=EOMWSFE.ETERIWIWX]PIJVMIH
RSSHPIWERHWSSRWXSVIHEXVSSQXIQTIVEXYVISVGLMPPIH

(SRSXGSZIVXLIJSSHJSVI\EQTPI[MXLTPEWXMG[VET
*SSHMWVILIEXIHYWMRKWXIEQXSFIGSQIQSMWX
ERHWSJXERHXSTVIZIRXMXJVSQHV]MRKSYX
%QSYRXSJJSSHXLEXGERFIVILIEXIHEXSRIXMQI
8]TIWSJGSRXEMRIVW
9WIEGIVEQMGSVLIEXVIWMWXERXGSRXEMRIV
1MPOGLMPPIH Q0
'SJJII Q0
8IE Q0
;EXIV Q0
6MGI
WIVZMRKWK
7XIEQIHQIEXHYQTPMRKWERH=EOMWSFE
.ETERIWIWX]PIJVMIHRSSHPIW
K
PPXLIQ[MXLFIZIVEKIW
[MXLXLIFIZIVEKIYRXMPMXMWJYPP
-J]SYLIEXEWQEPPEQSYRXJSV
I\EQTPI[LIRMXMWPIWWXLER
LEPJJYPPXLIFIZIVEKIQE]
WYHHIRP]LIEXERHWTEXXIVIZIR
EJXIV]SYVIQSZIMXJVSQXLI
SZIRGEZMX]8LMWQE]VIWYPXMR
FYVRW
7SVILIEXYWMRK1ERYEP1IRY
1MGVS[EZI,IEXMRK
4
=SYGERRSXLIEXQMPOMRKPEWWQMPOFSXXPIW
9WIJVIWLQMPOXLEXLEWNYWXFIIRXEOIRSYXSJXLIVIJVMKIVEXSV
7XMVFIZIVEKIW[IPPFIJSVILIEXMRK
'LMPPIHJSSHW
,IEX[MXLXLIHSRIRIWWEHNYWXQIRXEX
1-(,-
*VS^IRWMHIHMWLIWGERRSXFILIEXIHWOMPPJYPP]
9WI
(IJVSWX6ILIEX
4
*VS^IRVMGIGERRSXFILIEXIHWOMPPJYPP]
9WI *VS^IR6MGI
4
*SVJSSHWXLEXGERRSXFILIEXIHYWMRK
6ILIEX
4
GERRIMXLIVFILIEXIH[MXL
7XIEQ6ILIEX
7SVILIEXYWMRK1ERYEP1IRY1MGVS[EZI,IEXMRK
ERHOIITERI]ISRXLIJSSHEWMXGSSOW
4
,IEXMRK[MPPXEOIPSRKIVXMQIXLER
6ILIEX
&IZIVEKIW;EVQ1MPO
7XIEQ6ILIEX
7YHHIR
FSMPMRK
,S[XS6ILIEX7XIEQIH&YRW7OMPPJYPP]
;LIRXLIJSSHMWLEVHFIJSVILIEXMRKSV]SY[ERX
YJJ]
-QQIVWIXLIJSSHMR[EXIVSVWTVE][EXIVSRMXFIJSVILIEXMRK
+VMPPPMH
(SRSXGSZIVXLIJSSHJSVI\EQTPI[MXLTPEWXMG[VET
2YQFIVSJWXIEQIHFYRWXLEXGERFIVILIEXIHEXSRIXMQI
EFSYXKTMIGIWEFSYXK
=SYGERVILIEXXSWXIEQIHFYRWSJKIEGL
MR[IMKLXSVSVSJK
7XSVIFSYKLXWXIEQIHFYRW
9WI
6ILIEX7XIEQ&YRW'LMPPIH
JSVVILIEXMRKFYRWEX
VSSQXIQTIVEXYVISVGLMPPIHSV
6ILIEX7XIEQ&YRW*VS^IR
JSVJVS^IRFYRW
&IERTEWXIFYRW
7IXXLIHSRIRIWWEHNYWXQIRXXS
1-(03
SV
03

%HNYWXXLIHSRIRIWWWOMPPJYPP]HITIRHMRKSRJSSH
QERYJEGXYVIVWWXSVEKIGSRHMXMSRWERHWLETIW
0IEZITETIVEXXEGLIHXSXLIFSXXSQERHTPEGI
XLIFYRWSRXLIWYTIVKVMPPXVE]YRMX
;LIRJSSHMWRSXLIEXIHIRSYKL
%JXIV
%HHMXMSREP,IEXMRK
XYVRWSJJXVERWJIVXLIFYRWXSE
LIEXVIWMWXERXHMWL8LIRLIEXXLIQ[MXL
7XIEQ1MGVS[EZI
ERHOIITERI]ISRXLIJSSHEWMXGSSOW
4
6ILIEX7XIEQ&YRW'LMPPIH
6ILIEX7XIEQ&YRW*VS^IR

1MGVS[EZI3ZIRERH+VMPP
background
%YXS1IRY
6ILIEX
%YXS1IRY
6ILIEX
1EOIJSSHWYVJEGIGVMWT]F]VILIEXMRK[MXLWYTIVLIEXIHWXIEQ
'VMWT]'SSOMRK'LMPPIH
'VMWT]'SSOMRK*VS^IR
6ILIEX*VMIH*SSH
7YTIV+VMPP8VE]9RMXPIKW
ETGPSWIH
'IVEQMG8VE]
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIJSSHERHXLIETTVSTVMEXIEGGIWWSV]MR
XLISZIRERHGPSWIXLIHSSV
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRI
ERHMRWIVXMRXSXLIQEMRYRMX
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
VIQSZIXLIJSSH
8SEHNYWXHSRIRIWW
4
4VIWW
7XEVX
6ILIEX
XSWXEVX
8S YG L
6ILIEX(IJVSWX
ERHXLIR
6ILIEX

8SY GL
'VMWT]'SSOMRK'LMPPIH
)\EQTPI-RGEWISJ
'VMWT]'SSOMRK'LMPPIH

;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERH
HSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
'VMWT]'SSOMRK'LMPPIH
'VMWT]'SSOMRK*VS^IR
6ILIEX*VMIH*SSH
*YPP
;EXIV8ERO
%GGIWWSV]9WIH
'VMWT]'SSOMRK[MXL7YTIVLIEXIH7XIEQ
8SY GL
2I\X
X[MGI

1MGVS[EZI3ZIRERH+VMPP
background
,S[XS6ILIEX7XSVI&SYKLX'LMPPIH*SSHWERH*VS^IR7MHI(MWLIW
,S[XS6ILIEX(IIT*VMIH*SSH7OMPPJYPP]
*SSHWXLEXGERFIVILIEXIH
'LMPPIHJSSHWTVIGSSOIHJVS^IRKVMPPIHJSSHWWYGLEW
LEQFYVKWXIEOWSVKVMPPIHVMGIFEPPWERHHIITJVMIHJSSHW
9WIXLIWYTIVKVMPPXVE]YRMX[MXLPIKWSTIRIH
=SYGERRSXVILIEXJSSHW[MXLEGIVEQMGSVLIEX
VIWMWXERXGSRXEMRIV
'LSSWISRISJXLIWISTXMSRWHITIRHMRKSRXLI
X]TISJJSSH
9WI
'VMWT]'SSOMRK'LMPPIH
XSVILIEXGLMPPIH
JSSHERHJSSHWXSVIHEXVSSQXIQTIVEXYVISV
'VMWT]'SSOMRK*VS^IR
XSVILIEXJVS^IRJSSH
*SSHWXLEXGERFIVILIEXIH
(IITJVMIHJSSHEXRSVQEPXIQTIVEXYVISVGLMPPIH
%QSYRXSJHIITJVMIHJSSHXLEXGERFIVILIEXIH
EXSRIXMQI
(IITJVMIHJSSHEXRSVQEPXIQTIVEXYVISVGLMPPIH
K
2YQFIVSJWXIEQIHFYRWXLEXGERFIVILIEXIHEXSRIXMQI
8[SWIVZMRKWEFSYXKXSWM\WIVZMRKWEFSYXK
*SSH[IMKLMRKPIWWXLERKGERRSXFILIEXIH
%VVERKIJSSH[IMKLMRKPIWWXLERKSVWQEPPJSSH
SRXLIQIXEPXVE]HMVIGXP]SVSRESZIRWLIIXWIXXS
1MHHPI8LIRLIEXXLIQ[MXL
3ZIR
2S4VILIEX
'
ERHOIITERI]ISRXLIJSSHEWMXGSSOW
4
;LIRVIQSZMRKXLIJSSH
9WIXLIWYTTPMIHQMXXIRWSVEXLMGOHV]HMWLGPSXL
XSVIQSZIXLIWYTIVKVMPPXVE]YRMXERHGIVEQMGXVE]
[LMPIXLIJSSHMWWXMPPSRXST=SYGEREPWSYWIOMXGLIR
GLSTWXMGOWXSHMVIGXP]VIQSZIXLIJSSHJVSQXLISZIR
*SSH[IMKLMRKPIWWXLERKGERRSXFILIEXIH
1EOIMXKSVEFSZISVEVVERKISRXLIQIXEPXVE]
WIXXS1MHHPILIEX[MXL
7YTIVLIEXIH7XIEQ3ZIR
2S4VILIEX ' ERHOIITERI]ISRXLIJSSHEW
MXGSSOW
4
;LIRXLIFSXXSQWYVJEGIMWWXMGO]
EJXIVLIEXMRKSJHIITJVMIHJSSH
;MTISJJXLISMPGSRXIRX[MXLTETIV
XS[IPSVXLIPMOI
'VMWT]'SSOMRK'LMPPIH
'VMWT]'SSOMRK*VS^IR
6ILIEX*VMIH*SSH
(SRSXTYXER]QIXEPSFNIGXWYGLEWEPYQMRYQJSMP
;MPPVIWYPXMRQEPJYRGXMSRWMKRMXMSRERHFVIEOEKISJHSSVKPEWWHYIXSWTEVOW
(SRSXLIEXWQEPPEQSYRXSJJSSH[IMKLMRKPIWWXLERK
-J[IMKLXTIVTMIGIMWPIWWXLERKTYXQYPXMTPITMIGIWXSQEOIXLIXSXEP[IMKLXKSVEFSZI
'%98-32

1MGVS[EZI3ZIRERH+VMPP
background
-JRSXVE]MWEZEMPEFPI
6IQSZIER]TEGOEKMRKQEXIVMEP
TPEGIERSZIRWLIIXSVTETIVXS[IP
SRXLIGIVEQMGXVE]ERHTPEGIXLI
WLSRXST
%YXS1IRY
4VITEVMRK*SSH
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
6IQSZIER]TEGOEKMRKWYGLEWTPEWXMG[VET
TPEGIXLIXVE][MXLJVS^IRQIEXSRXSTMRXLI
GIRXIVSJXLIGIVEQMGXVE]ERHGPSWIXLIHSSV
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRI
ERHMRWIVXMRXSXLIQEMRYRMX
,IEXVMKLXEJXIVXEOMRKXLIJSSHSYXJVSQXLIJVII^IV
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
8SY G L
6ILIEX(IJVSWX
ERHXLIRXSYGL
(IJVSWX
8SY GL
(IJVSWX
(IJVSWXMRK1IEXERH*MWL
)\EQTPI-RGEWISJ
(IJVSWX
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERH
HSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
%GGIWWSV]9WIH
'IVEQMG8VE]
*YPP
;EXIV8ERO
8SEHNYWXHSRIRIWW
4

(IJVSWX

(IJVSWX7EWLMQM
(IJVSWX7EWLMQM
(IJVSWX

1MGVS[EZI3ZIRERH+VMPP
background
,S[XS(IJVSWX*SSHW7OMPPJYPP]
WLNYWXXEOIRSYXSJXLIJVII^IV
*SSHWXLEXWXEVXWQIPXMRKGERRSXFIHIJVSWXIH[IPP
*VSQKSJJSSHGERFIHIJVSWXIHEXSRIXMQI
;LIRXLIJSSHMWXSSLIEZ]MXQE]RSXFIHIJVSWXIH[IPP6IHYGIXLIEQSYRXSJJSSH
;LIRJSSHMWTPEGIHSRXSTSJETSP]WX]VIRIJSEQXVE]VIQSZIER]TEGOEKMRKWYGLEWTPEWXMG
[VETERHTPEGIXLIXVE]MRXLIGIRXIVSJXLIGIVEQMGXVE]
-JXLIVIMWRSXVE]VIQSZIER]TEGOEKMRKQEXIVMEPTPEGIERSZIRWLIIXSVTETIVXS[IPSRXLI
GIVEQMGXVE]ERHTPEGIXLIJSSHSRXST
(SRSXYWIER]GIVEQMGSVLIEXVIWMWXERXGSRXEMRIV1E]GEYWII\GIWWMZIHIJVSWXMRKERHXLIJSSHQE]RSXHIJVSWX[IPP
8SLIPTHIJVSWXMRKJSSH[MXLWXIEQVIQSZIER]TEGOEKMRKQEXIVMEPWYGLEWTPEWXMG[VET
GMIRXP]
-J]SYHIJVSWXJSSH[LMPIXLISZIRMWLSXXLIXVE]QE]QIPXSVXLIJSSHQE]FII\GIWWMZIP]HIJVSWXIH
*MPPXLI[EXIVXERO[MXL[EXIVXSXLIJYPPPMRI
9WIEPYQMRYQJSMPJSVJSSHXLEXMWYRIZIRMRWLETISVXLMGORIWW
1EOIWYVIXLEXXLIEPYQMRYQJSMPHSIWRSXXSYGLXLI[EPPWSJXLISZIRGEZMX]SVXLIHSSVKPEWW8LIVI[MPPFI
WTEVOWERHXLIGIVEQMGXVE]ERHHSSVKPEWWQE]FIHEQEKIH
-RXLIJSPPS[MRKGEWIWHIJVSWXYWMRK1ERYEP1IRY1MGVS[EZI,IEXMRKERHOIITERI]ISRXLIJSSH[LMPIMXMWHIJVSWXMRK
4
7LETI[MHXLXLMGORIWWX]TI %VIEXS[VET[MXLEPYQMRYQJSMP
;MHXLERHXLMGORIWWEVIYRIZIR
8LMREVIEW
0EVKIJVS^IRWIGXMSR 7MHI
*MWL ,IEHERHXEMP
4VIGSSOIHJVS^IR
JSSHSVJVS^IR
ZIKIXEFPIW
*SSHWXLEXEVIWXEVXMRK
XSQIPX
;LIRXLIEQSYRXSJJSSHMW
PIWWXLERK
*SSHWXLEXLEZIFIIR
FVSOIRYTERHJVS^IR
*SSHWXLEXLEZIRSXFIIR
GMIRXP]HIJVSWXIH
*VS^IRJSSHWz'SVGSPHIV
,IEXYWMRK1MGVS[EZI
;
,IEXYWMRK1MGVS[EZI;
SV1MGVS[EZI;
0IWWXLER
K
1IPXIH
TSVXMSR
8MTWJSV*VII^MRK*SSHW7OMPPJYPP]
9WIJVIWLMRKVIHMIRXW
(MZMHIXLIJSSHMRXSWMRKPI
WIVZMRKWKERH
XLMGO1EOIWYVIXLEXRSEVIEW
FIGSQII\GIWWMZIP]XLMR
*SVEXLMGOQIEXFPSGO[MXLXLMRIRHWQEOIXLMGORIWW
IZIRF]JSPHMRKXLIQIEXFIJSVIJVII^MRK
EX
WLETI[MXLXLMGORIWWSJGQ
9WITPEWXMG[VETSVXLIPMOIXSWIEPXLI
JSSHXMKLXP]
;LIR[VETTMRKXLIJSSHQEOIWYVIXLEXXLI
TPEWXMG[VETHSIWRSXKIXFIX[IIRJSSHWWS
MXGERFIIEWMP]VIQSZIHPEXIV
6IQSZIER]HIGSVEXMSRWWYGLEWTPEWXMG
PIEZIWEW[IPPEWEFWSVFIRXTEHWERHWSSR
*MWLTVITEVEXMSR
6IQSZIXLIWGEPIWKMPPWERHMRXIVREPSVKERW
8LMGORIWWSJGQ
8LIVSYKLXEVKIX
JSVHIJVSWXMRKMW
QMRYXIWTIVK
*SV%YXS1IRYHIJVSWXMRKXLIWXERHEVH
XIQTIVEXYVIJSVJVS^IRJSSHMWz'
,IEXYWMRK1MGVS[EZI;
(IJVSWX
(IJVSWX7EWLMQM

1MGVS[EZI3ZIRERH+VMPP
background
,IEXMRKYWMRK%YXS1IRYMWRSXTSWWMFPIJSVJSSHPIWWXLERK
,IEXYWMRK1MGVS[EZI;ERHOIITERI]ISRXLIJSSHEWMXGSSOW
4
(SRSX[VET[MXLTETIVTVSHYGXWWYGLEWEGSSOMRKWLIIX
'%98-32
%YXS1IRY
4VITEVMRK*SSH
)\EQTPI8SLIEXWTMREGL[MXL&SMP:IKIXEFPIW
,IEXMRK:IKIXEFPIW&SMPMRK
&SMP6SSX:IKIXEFPIW
&SMP:IKIXEFPIW
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
&YRHPIXLIWTMREGLXMKLXP][MXLTPEWXMG[VET
TPEGIXLI[VETTIHZIKIXEFPIWHMVIGXP]MRXLI
GIRXIVSJXLIGIVEQMGXVE]ERHGPSWIXLIHSSV
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
8SEHNYWXHSRIRIWW
4
4VIWW
7XEVX
6ILIEX
XSWXEVX
8S Y G L
6ILIEX(IJVSWXERHXLIR&SMP
8S Y G L
&SMP:IKIXEFPIW
%GGIWWSV]9WIH
'IVEQMG8VE]
)QTX]
;EXIV8ERO

&SMP:IKIXEFPIW

&SMP6SSX:IKIXEFPIW

1MGVS[EZI3ZIRERH+VMPP
background
&SMP:IKIXEFPIW
&SMP6SSX:IKIXEFPIW
;MXLSYXHV]MRKXLIZIKIXEFPIWFYRHPIXLIQXMKLXP][MXLTPEWXMG[VETTPEGIXLIQHMVIGXP]MRXLI
GIRXIVSJXLIGIVEQMGXVE]ERHXLIRLIEX
-J]SYTPEGIXLIZIKIXEFPIWSRETPEXIERHXLIRLIEXXLIQXLI][MPPFIGSQISZIVGSSOIH
*VSQKSJ&SMP:IKIXEFPIWERHJVSQKSJ&SMP6SSX:IKIXEFPIWGERFILIEXIH
,S[XS&SMP:IKIXEFPIW7OMPPJYPP]
,S[XSTVITEVIXLIJSSHEGGSVHMRKXSXLIGYMWMRI
GPYWXIVIHMRFYRGLIWWLSYPHFIFVSOIRYTMRXSWQEPPIVGPYWXIVW
'YXVSSXZIKIXEFPIWMRXSTMIGIWSJXLIWEQIWM^IERHWIPIGXZIKIXEFPIWXLEXEVIEFSYXXLIWEQIWM^I
,S[XSVIQSZIEWXVMRKIRG]EGGSVHMRKXSXLIMRKVIHMIRXW
WEPXIH[EXIVSVZMRIKEV[EXIVFIJSVILIEXMRKXSVIQSZIEWXVMRKIRG]
*SVHMGIHSVXLMRWPMGIHZIKIXEFPIWWIXXLIHSRIRIWWEHNYWXQIRXXS03
;LIR]SY[VETPIEJ]ZIKIXEFPIWWYGLEWWTMREGL
%PXIVREXIWXEPOWERHPIEJ]TEVXWERH[VETXLIQXMKLXP]
S[IVZIKIXEFPIW
(MZMHIZIKIXEFPIWMRXSWQEPPGPYWXIVWEVVERKIXLIQMREWMRKPIPE]IV[MXLSYXER]
WTEGIWFIX[IIRXLIQERH[VETXLIQXMKLXP]
1EOIWYVIXLI]EVIRSXSZIVPETTIH
;LIR]SY[VETQYPXMTPIVSSXZIKIXEFPIWWYGLEWTSXEXSIW[MXLSYXGYXXMRKXLIQ
;VETXLIQXMKLXP][MXLEWTEGIEXXLIGIRXIV
%JXIVLIEXMRKXYVRXLIQYTWMHIHS[RERHPIEZIJSVEFSYXQMRYXIW
&SMP:IKIXEFPIW
&SMP6SSX:IKIXEFPIW
0IEJ]
ZIKIXEFPIW
6SSX
:IKIXEFPIW
*VYMX
ZIKIXEFPIW
*PS[IV
ZIKIXEFPIW
:IKIXEFPIW[MXLIHMFPIPIEZIWWYGLEWWTMR
EGL.ETERIWIQYWXEVHWTMREGLERHWSSR
:IKIXEFPIWXLEXLEZIIHMFPIYRHIVKVSYRH
VSSXWXEPOWERHVSSXWWYGLEWTSXEXSIW
W[IIXTSXEXSIWERHXLIPMOI
:IKIXEFPIW[MXLIHMFPIJVYMXERHWIIHW
WYGLEWIKKTPERXW

WUYEWL
ERHWSSR

1MGVS[EZI3ZIRERH+VMPP
background
4VSGIHYVIJSV7IPIGXMRK1IRYMR6IGMTI
7IPIGXQIRYJVSQ'SSO1IXLSHMRGEWISJ2S4VILIEX
%YXS1IRY'SSOMRK
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIJSSHERHXLIETTVSTVMEXIEGGIWWSV]MR
XLISZIRERHGPSWIXLIHSSV
*SVEQIRYSTXMSRXLEXYWIWWXIEQSVWYTIVLIEXIH
PPXLI[EXIVXEROYTXSXLIJYPPPMRIERH
MRWIVXMRXSXLIQEMRYRMX
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
VIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
8SY GL
6IGMTIERH'SSO1IXLSH
8SY GL
+VMPP
8SY GL
,EQFYVK7XIEO
'SSOJSSH[MXLSYXTVILIEXMRKXLISZIRGEZMX]
*SV[LIXLIVXSTIVJSVQTVILIEXMRKVIJIVXSXLI6IGMTIW
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERH
HSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
9WIXLIWYTTPMIHQMXXIRWSV
EXLMGOHV]HMWLGPSXL[LIR
]SYTPEGIXLIEGGIWWSVMIW
MRXSXLISZIRSV[LIR]SY
XEOIXLIQSYX
1E]GEYWIFYVRW
%JXIV]SYVIQSZIXLIEGGIWWSVMIW
HSRSXTPEGIXLIQMREPSGEXMSR
XLEXMW[IEO[MXLVIWTIGXXSLIEX
&IWYVIXSOIITXLIEGGIWWSVMIWSYXSJ
XLIVIEGLSJGLMPHVIRERHMRJERXW
(SRSXYWIHEQEKIHSZIRQMXXWSVE[IXGPSXL
(SRSXTIVJSVQ%YXS
1IRYXLEXYWIWXLI
WYTIVKVMPPXVE]YRMXJSV
EQSYRXSJJSSHWQEPPIV
XLERKI\GITXJSV

8S EWX

;MPPVIWYPXMRHEQEKIQIPXMRKERH
HIJSVQEXMSR
'%98-32
)\EQTPI,EQFYVK7XIEO
-JKVIEWIFYMPHYTMRXLISZIRGEZMX]
SVSHSVEJXIVGSSOMRKMWGSRGIVRIH
LIEX[MXL(ISHSVM^EXMSR
4
8SEHNYWXHSRIRIWW
4

1MGVS[EZI3ZIRERH+VMPP
background
7IPIGXMRKEQIRYSTXMSRJVSQ'SSO1IXLSHMRGEWISJ4VILIEX
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
'LIGOXLEXXLIGIVEQMGXVE]MWWIXEXXLIFSXXSQ
SJXLISZIRGEZMX]ERHGPSWIXLIHSSV
*SVEQIRYSTXMSRXLEXYWIWWXIEQSV
PPXLI[EXIVXEROYTXSXLI
JYPPPMRIERHMRWIVXMRXSXLIQEMRYRMX
;LIR]SYLIEVXLITVILIEXMRKGSQTPIXMSR
WSYRHTYXMRXLIEGGIWWSVMIW[MXLJSSH
ERHGPSWIXLIHSSV
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
VIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVXTVILIEXMRK
4VIWW
7XEVX
6ILIEX
XSWXEVX
8SY GL
6IGMTIERH'SSO1IXLSH
8SY GL
+VMPPERH,EQFYVK7XIEO,IEPXL]
'SSOJSSHEJXIVTVILIEXMRKXLISZIRGEZMX]
*SV[LIXLIVXSTIVJSVQTVILIEXMRKVIJIVXSXLI6IGMTIW
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERH
HSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
9WIXLIWYTTPMIHQMXXIRWSV
EXLMGOHV]HMWLGPSXL[LIR
]SYTPEGIXLIEGGIWWSVMIW
MRXSXLISZIRSV[LIR]SY
XEOIXLIQSYX
1E]GEYWIFYVRW
%JXIV]SYVIQSZIXLIEGGIWWSVMIW
HSRSXTPEGIXLIQMREPSGEXMSR
XLEXMW[IEO[MXLVIWTIGXXSLIEX
4PEGIXLIQSRXSTSJXLISTIRHSSV
&IWYVIXSOIITXLI
EGGIWWSVMIWSYXSJXLIVIEGLSJ
GLMPHVIRERHMRJERXW
(SRSXYWIHEQEKIHSZIR
QMXXWSVE[IXGPSXL
(SRSXTIVJSVQ%YXS
1IRYXLEXYWIWXLI
WYTIVKVMPPXVE]YRMXJSV
EQSYRXSJJSSHPIWW
XLERKI\GITXJSV

8S EWX

1E]VIWYPXMRHEQEKIQIPXMRKERH
HIJSVQEXMSR
'%98-32
)\EQTPI,EQFYVK7XIEO,IEPXL]
-JKVIEWIFYMPHYTMRXLISZIRGEZMX]SV
SHSVEJXIVGSSOMRKMWGSRGIVRIHLIEX
[MXL(ISHSVM^EXMSR
4
(YVMRKTVILIEXMRKXLISZIR
PEQTMWXYVRIHSJJMRSVHIVXS
WEZITS[IV
-J]SY[ERXXSGLIGOMRWMHIXLISZIR
GEZMX]HYVMRKTVILIEXMRKTVIWW
7XEVX
6ILIEX
XSPMKLXXLISZIRPEQT
8SXYVRMXSJJTVIWW
7XEVX
6ILIEX
EKEMR
8SEHNYWXHSRIRIWW
4

1MGVS[EZI3ZIRERH+VMPP
background
4VSGIHYVIJSV7IPIGXMRK1IRYMR6IGMTI'SRXMRYIH
7IPIGXEQIRYSTXMSRJVSQ-RKVIHMIRXW
%YXS1IRY'SSOMRK
=SYGERWIPIGXEQIRYSTXMSRF]MRKVIHMIRXWMRGPYHMRK1IEX7IEJSSH)KK8SJY:IKIXEFPI6MGI
2SSHPI*PSYV4VSHYGXWERH(EMV]4VSHYGXW*IVQIRXIH*SSH
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIJSSHERHXLIETTVSTVMEXIEGGIWWSV]MR
XLISZIRERHGPSWIXLIHSSV
*SVEQIRYSTXMSRXLEXYWIWWXIEQSVWYTIVLIEXIH
PPXLI[EXIVXEROYTXSXLIJYPPPMRIERH
MRWIVXMRXSXLIQEMRYRMX
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
8SY GL
6IGMTIERH-RKVIHMIRXW
8SY GL
1IEX
8SY GL
,EQFYVK7XIEO
)\EQTPI,EQFYVK7XIEO
8SEHNYWXHSRIRIWW
4
9WIXLIWYTTPMIHQMXXIRWSV
EXLMGOHV]HMWLGPSXL[LIR
]SYTPEGIXLIEGGIWWSVMIW
MRXSXLISZIRSV[LIR]SY
XEOIXLIQSYX
1E]GEYWIFYVRW
%JXIV]SYVIQSZIXLIEGGIWWSVMIWHS
RSXTPEGIXLIQMREPSGEXMSRXLEXMW
[IEO[MXLVIWTIGXXSLIEX
&IWYVIXSOIITXLIEGGIWWSVMIWSYX
SJXLIVIEGLSJGLMPHVIRERHMRJERXW
(SRSXYWIHEQEKIHSZIR
QMXXWSVE[IXGPSXL
(SRSXTIVJSVQ%YXS
1IRYXLEXYWIWXLIWYTIV
KVMPPXVE]YRMXJSVEQSYRX
SJJSSHPIWWXLERK
I\GITXJSV

8S EWX

;MPPVIWYPXMRHEQEKIQIPXMRKERH
HIJSVQEXMSR
'%98-32

1MGVS[EZI3ZIRERH+VMPP
background
7IPIGXEQIRYSTXMSRJVSQ7TIIH)EW]5YMGO
7IPIGXEQIRYSTXMSRJVSQ1IRY2S
=SYGERWIPIGXGSRZIRMIRXQIRYSTXMSRWWYGL
EWQMRYXIQIRYWIXQIRYERHVILIEXIHVMGI
HMWLIWIXG
=SYGERWIPIGXEQIRYSTXMSRJVSQQIRY
RYQFIVWMRHMGEXIHMRXLMWKYMHI
2SXI2SXI
;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIJSSHERHXLI
ETTVSTVMEXIEGGIWWSV]MRXLI
SZIRERHGPSWIXLIHSSV
*SVEQIRYSTXMSRXLEXYWIWWXIEQSV
PPXLI[EXIVXEROYT
XSXLIJYPPPMRIERHMRWIVXMRXSXLIQEMRYRMX
4PEGIXLIJSSHERHXLI
ETTVSTVMEXIEGGIWWSV]MRXLI
SZIRERHGPSWIXLIHSSV
*SVEQIRYSTXMSRXLEXYWIWWXIEQSV
PPXLI[EXIVXEROYT
XSXLIJYPPPMRIERHMRWIVXMRXSXLIQEMRYRMX
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
4VIWW
7XEVX
6ILIEX
XSWXEVX
8S Y G L
6IGMTIERHXLIR
7TIIH)EW]5YMGO
8SY GL
6IGMTIERHXLIR
1IRY2S
8SY GL
1MR1IRY
8SYGLMRSVHIVSJERH
=SYGEREPWSWIPIGX
EQIRYSTXMSRF]
XSYGLMRKERHSRP]
ERHXLIR)RXIV
*SVSRIHMKMXQIRY
RYQFIV]SYGERZMI[
XLIQIRYJVSQ3RI
(MKMX
)RXIV
)\EQTPI
6MGI1EPX1EVMREHI'LMGOIR
)\EQTPI,EQFYVK7XIEO
8SY GL
)RXIV
8S Y G L
6MGI1EPX1EVMREHI'LMGOIR
8SEHNYWXHSRIRIWW
4
8SEHNYWXHSRIRIWW
4

1MGVS[EZI3ZIRERH+VMPP
background
%YXS1IRY'SSOMRK
4VSGIHYVIJSV7IPIGXMRK,IEPXL]1IRYERH9WIH1IRY
=SYGERWIPIGXLIEPXL]QIRYSTXMSRWWYGLEWRS
SMPHIITJV]ERHZIKIXEFPIHMWLIW[MXLTVIWIVZIH
ZMXEQMR'
2SXI
;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIJSSHERHXLI
ETTVSTVMEXIEGGIWWSV]MRXLI
SZIRERHGPSWIXLIHSSV
*SVEQIRYSTXMSRXLEXYWIWWXIEQSV
PPXLI[EXIVXEROYT
XSXLIJYPPPMRIERHMRWIVXMRXSXLIQEMRYRMX
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
8SYGL
,IEPXL]ERH2SSMP(IIT*V]
)\EQTPI*VMIH'LMGOIR
8SY GL
*VMIH'LMGOIR
8SEHNYWXHSRIRIWW
4
%YXS1IRYSTXMSRWVIGIRXP]YWIHEVIEYXSQEXMGEPP]VIKMWXIVIH
-XMWGSRZIRMIRX[LIRWIPIGXMRKJVIUYIRXP]YWIHQIRYSTXMSRW
%YXS1IRYLMWXSV]SJ1MGVS[EZIERH3ZIR
JYRGXMSRWERH&EOIV]*YRGXMSRMWHMWTPE]IH
2SXI
;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIJSSHERHXLI
ETTVSTVMEXIEGGIWWSV]MRXLI
SZIRERHGPSWIXLIHSSV
*SVEQIRYSTXMSRXLEXYWIWWXIEQSV
PPXLI[EXIVXEROYT
XSXLIJYPPPMRIERHMRWIVXMRXSXLIQEMRYRMX
8SY GL
9WIH1IRY
ERH
,EQFYVK7XIEO
)\EQTPI-RGEWISJ ,EQFYVK7XIEO 
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
-J]SYLEZIRSXYWIH
,EQFYVK7XIEO
MX
HSIWRSXETTIEVMR
9WIH1IRY
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIR
GEZMX]ERHHSSVEJXIVXLIQEMRYRMX
LEWGSSPIHHS[R
-JKVIEWIFYMPHYTMRXLISZIRGEZMX]SV
SHSVEJXIVGSSOMRKMWGSRGIVRIHLIEX
[MXL(ISHSVM^EXMSR
4

1MGVS[EZI3ZIRERH+VMPP
background
8LISTIVEXMRKQIXLSHJSV;ERH;[MPPFII\TPEMRIHLIVI
;ERH;GEREPWSFIWIPIGXIHJVSQ1MGVS[EZIMRXLIXSYGLTERIP0'(HMWTPE]
4
*SV;;ERH;TPIEWIVIJIVXS,IEXMRKEXE'SRWXERX3YXTYX;EXXEKI
4
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
1ERYEP1IRY
1MGVS[EZI,IEXMRK
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIGSRXEMRIVSVTPEXISJJSSHMRXLIGIRXIV
SJXLIGIVEQMGXVE]ERHGPSWIXLIHSSV
4VIWW
1MGVS[EZI
8SYGL1MGVS[EZI;
8SYGLQMRSRGIERHWIGXLVIIXMQIW
1MGVS[EZI)EW]3TIVEXMSRW
)\EQTPI8SLIEXYWMRK
1MGVS[EZI ;
JSV
QMRWIG
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
3YXTYX ,IEXMRKXMQIVERKI
;
;
WIGQMRWIGYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW
7YTIVKVMPPXVE]YRMXRSXYWIH
+VMPPPMHRSXYWIH
1IXEPXVE]RSXYWIH
(SRSXLIEXVE[IKKWFSMPIH
IKKWFSXL[MXL[MXLSYXXLI
WLIPPSVJVMIHIKKW
3XLIV[MWIXLIIKKWQE]FYVWXERHHEQEKIXLI
GIVEQMGXVE]SVHSSVKPEWW
;LIRLIEXMRKIKKWFIEXXLIIKKWFIJSVILIEXMRK
;%62-2+
6E[IKKW &SMPIHIKKW
)KK]SPOSVJVMIHIKKW
7XEVX
6ILIEX
'PIERMRK
&VIEH1MGVS[EZI
&EGO
'ERGIP
%GGIWWSV]9WIH
'IVEQMG8VE]
)QTX]
;EXIV8ERO

1MGVS[EZI3ZIRERH+VMPP
background
8LISTIVEXMRKQIXLSHJSV;;;;ERH;[MPPFI
I\TPEMRIHLIVI
*SVLIEXMRK[MXL7XIEQ1MGVS[EZITPIEWIVIJIVXS'SQFMRI1MGVS[EZI
,IEXMRK[MXL7XIEQ
4
*SVLIEXMRK[MXL7XIEQ1MGVS[EZI0IEZIRTPIEWIVIJIVXS,IEX9WMRK
7XIEQ1MGVS[EZI0IEZIRMRK
4
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
1ERYEP1IRY
1MGVS[EZI,IEXMRK
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIGSRXEMRIVSVTPEXISJJSSHMRXLIGIRXIV
SJXLIGIVEQMGXVE]ERHGPSWIXLIHSSV
8SYGL1MGVS[EZI
8SYGL;
8SYGLQMRSRGIERHXLIRXSYGLWIGX[MGI
,IEXMRKEXE'SRWXERX3YXTYX;EXXEKI
)\EQTPI8SLIEX[MXL1MGVS[EZI;JSVQMRWIG
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
 -J]SYGSRXMRYSYWP]YWI
; QMR1MGVS[EZI
XLIQMGVS[EZISTIVEXIW
EXEFSYXSYXTYXXSGSRXVSPXIQTIVEXYVIMRGVIEWIWSJXLIIPIGXVMGTEVXW
(SRSXLIEXVE[IKKWFSMPIH
IKKWFSXL[MXL[MXLSYXXLI
WLIPPSVJVMIHIKKW
3XLIV[MWIXLIIKKWQE]FYVWXERH
HEQEKIXLIGIVEQMGXVE]SVHSSVKPEWW
;LIRLIEXMRKIKKWFIEXXLI
IKKWFIJSVILIEXMRK
;%62-2+
6E[IKKW
&SMPIHIKKW
)KK]SPOSVJVMIHIKKW
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
3YXTYX ,IEXMRKXMQIVERKI
;
WIGQMRWIGYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW
;
;
WIGQMRWIGYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW
;
;
WIGQMRWIGYRMXW
QMRQMRQMRYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW
7YTIVKVMPPXVE]YRMXRSXYWIH
+VMPPPMHRSXYWIH
1IXEPXVE]RSXYWIH
%GGIWWSV]9WIH
'IVEQMG8VE]
)QTX]
;EXIV8ERO

1MGVS[EZI3ZIRERH+VMPP
background
,S[XS(IXIVQMRI,IEXMRK8MQI
7IXELIEXMRKXMQIXLEXMWTVSTSVXMSREPXSXLIEQSYRXSJJSSH
;LIR]SYHSYFPIXLIEQSYRXSJJSSHHSYFPIXLILIEXMRKXMQIEW[IPP
,IEXMRKXMQIHMJJIVWHITIRHMRKSRXLIGSRXEMRIVYWIH
,IEXMRKXMQIHMJJIVWWPMKLXP]HITIRHMRKSRXLIQEXIVMEPWWM^IERHWLETISJXLIGSRXEMRIV
,IEXMRKXMQIEPWSHMJJIVWHITIRHMRKSRXLIXIQTIVEXYVISJXLIJSSHFIJSVILIEXMRK
1SVIXMQIMWVIUYMVIH[LIR]SYLIEXJSSHWXEOIRSYXSJXLIVIJVMKIVEXSVSVJVII^IVIZIRMJMXMWXLIWEQIX]TISJJSSH
*SVVIJVMKIVEXIHJSSHWXLIVSYKLXEVKIXMWEFSYXXMQIWPSRKIVXLERXLILIEXMRKXMQIEXVSSQXIQTIVEXYVIEFSYX
'ERHJSVJVS^IRJSSHWXLIVSYKLXEVKIXMWEFSYXXMQIWPSRKIV
,IEXMRKXMQIHMJJIVWWPMKLXP]MRXLIWYQQIVERH[MRXIV
*SVLIEXMRK[MXL1MGVS[EZI;XLILIEXMRKXMQIWLSYPHFIEFSYXXMQIWPSRKIV
;LIRXLIJSSHMWEXVSSQXIQTIVEXYVIFIJSVILIEXMRKEFSYX
'

1ERYEP1IRYGERRSXFIWIXJSV1MGVS[EZI;
1MGVS[EZI;JYRGXMSRWJSVEPMQMXIHRYQFIVSJQIRYSTXMSRWWYGLEW6ILIEXERHWSSRMR%YXS1IRY
;LIR]SYLIEXWQEPPEQSYRXWSJJSSHPIWWXLERK
9WI1MGVS[EZI;WIXXLILIEXMRKXMQIXSWIGSRHWERHOIITERI]ISRXLIJSSH[LMPIMXMW
LIEXMRK-RTEVXMGYPEV[LIR]SYLIEXEWQEPPEQSYRXPIWWXLERKSJZIKIXEFPIWWYGLEWGEVVSXWXLEXEVI
GYXMRXSWQEPPTMIGIWXLI]QE]HV]SYXSVXLIVIQE]FIWTEVOWERHXLIJSSHQE]FYVR7TVMROPIEKIRIVSYW
EQSYRXSJ[EXIVSZIVXLIZIKIXEFPIWERH[VETXLIQMRTPEWXMG[VETSVWTVIEHXLIJSSHSYXSRETPEXISVXLI
PMOIEHHNYWXIRSYKL[EXIVXSGSZIVXLIJSSHGSZIVXLIGSRXEMRIV[MXLTPEWXMG[VETERHXLIRLIEX
0IEJ]ZIKIXEFPIW
2SSHPIW
(IITJVMIHJSSH
WYGLEWGVSUYIXXIW
7SYT
7SYTERHWSSR
&IZIVEKIW
1MPOGSJJIIERHWSSR
&VIEHERH
WXIEQIH
FYRW
6SSXZIKIXEFPIW
*MWLERHWIEJSSH
8]TISJJSSH 8]TISJJSSH
7XEVXMRKVE[
6ILIEXMRK
6ILIEXMRK
7XEVXMRKVE[
1IEX
6MGI
:IKIXEFPIW
WIG
QMRWIG
QMR
QMRWIG
WIG
QMRWIG
QMR
QMRWIG
WIG
QMRWIG
QMRWIG
QMRWIG
WIGQMR
WIGWIG
%FSYXQMRWIG
'SSOMRKXMQIHMJJIVWHITIRHMRKSRXLIX]TISJJSSHIZIRMJXLIEQSYRXMWXLIWEQI;LIRXLI
JSSHMWEXVSSQXIQTIVEXYVIEFSYX'
6SYKLXEVKIXWJSVLIEXMRKXMQIWTIVKSJJSSHYWMRK1MGVS[EZI;

1MGVS[EZI3ZIRERH+VMPP
background
*SVXLI[EXXEKIERHLIEXMRKXMQIYWIXLI[EXXEKIERHLIEXMRKXMQIWPMKLXP]LMKLIVERHPSRKIV
XLERXLSWIMRHMGEXIHF]XLIJSSHQERYJEGXYVIVJSV1MGVS[EZI;SV1MGVS[EZI;
*VS^IRKVMPPIHJSSHWERHHIITJVMIHJSSHQE]EPWSFIVILIEXIH[MXL'VMWT]'SSOMRK*VS^IR
4
1ERYEP1IRY
1MGVS[EZI,IEXMRK
,S[XS,IEXMR3VHIVXS4VIZIRX&YVWXMRKERH7TEXXIVMRK
,S[XS6ILIEX7XSVI&SYKLX*VS^IR*SSHW
4PEGIXLIJSSHSREXVE]SVMREGSRXEMRIVEGGSVHMRKXSXLIJSSHQERYJEGXYVIVvW
MRWXVYGXMSRWERHTPEGIMXMRXLIGIRXIVSJXLIGIVEQMGXVE]
8LMWMWFIGEYWITEGOEKIPEFIPMRHMGEXMSRWEWWYQISZIRQMGVS[EZIW[MXLEXYVRXEFPI
%PWSMRGEWITEGOEKIPEFIPSJJVS^IRJSSHWMRWXVYGXWXSTPEGIJSSHWEGVSWWXLIIHKIW
TPEGIJSSHWMRXLIGIRXIVSJXLIGIVEQMGXVE]
*SVJSSHW[MXLWOMRWSVWLIPPWWYGL
EWWUYMHSGXSTYWWLVMQTERHXLI
PMOIQEOIWPMXWMRXLIWYVJEGISJXLI
WOMRSVWLIPP
*SVPIWWXLERKSJHMGIHZIKIXEFPIWWYGL
EWGEVVSXWWTVMROPIEKIRIVSYW
EQSYRXSJ[EXIVSZIVXLIJSSHERH
GSZIVXLIGSRXEMRIV[MXLTPEWXMG
[VET9WI1MGVS[EZI;ERH
OIITERI]ISRXLIJSSH[LMPIMXMW
LIEXMRK
,IEXLMNMOMYWMRK1MGVS[EZI;ERHOIITERI]I
SRXLIJSSHEWMXGSSOW
*SVXLMGOPMUYMHWERHXLIPMOIGSZIVERHQM\
FIJSVIERHEJXIVLIEXMRK
*SVWLIPPIHGLIWXRYXWERHKMROKS
RYXWQEOIERMRGMWMSRMRXLI
WLIPPERHGSZIVFIJSVILIEXMRK
'YXQYWLVSSQWMRLEPJFIJSVILIEXMRK
&IJSVILIEXMRK
9WI
1MGVS[EZI ;
ERH
VIHYGIXLILIEXMRKXMQI
TMIGI TMIGIW TMIGIW
%GGSVHMRKXSTEGOEKI
PEFIPW
2SXETTPMGEFPIXSXLMW
SZIR
,S[XSTPEGIJSSHWMR
XLMWSZIR
4PEGIMRXLIGIRXIV
*SSH
'IVEQMG
XVE]
8YVR
XEFPI
*SSH

1MGVS[EZI3ZIRERH+VMPP
background
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
*SVWXI[WVMGIERHXLIPMOI[LIVIXLILIEXMRKQIXLSHGLERKIWXSWMQQIVMRKHYVMRKLIEXMRK
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIGSRXEMRIVSVTPEXISJJSSHMRXLIGIRXIV
SJXLIGIVEQMGXVE]ERHGPSWIXLIHSSV
8SYGL1MGVS[EZIERH2I\X
8SYGL; ;
8SYGLQMRSRGIERHXSYGL)RXIV
8SYGLQMRXLVIIXMQIW
%YXSQEXMGEPP]0S[IV3YXTYX;EXXEKI(YVMRK,IEXMRK6IPE],IEXMRK
)\EQTPI8SLIEX[MXL1MGVS[EZI;JSVQMRERHXLIRLIEX[MXL1MGVS[EZI;JSVQMR
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
7YTIVKVMPPXVE]YRMX
RSXYWIH
+VMPPPMHRSXYWIH
1IXEPXVE]RSXYWIH
%GGIWWSV]9WIH
'IVEQMG8VE]
)QTX]
;EXIV8ERO
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
3YXTYX ,IEXMRKXMQIVERKI
;
WIGQMRWIGYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW
;
;
WIGQMRWIGYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW
;
;
WIGQMRWIGYRMXW
QMRQMRQMRYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW

1MGVS[EZI3ZIRERH+VMPP
background
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
1ERYEP1IRY
+VMPP,IEXMRK
PPIXWWOI[IVIHJSSHERHWSSR[MXL+VMPP
2SXI
;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIJSSHSRXLIWYTIVKVMPPXVE]YRMXSVQIXEP
XVE]2I\XWIXXLIWYTIVKVMPPXVE]YRMX[MXLPIKW
STIRIHMRXLIGIRXIVSJXLIGIVEQMGXVE]SVWIXXLI
ETSTIRIHSVXLIQIX
EPXVE]SR8S T SJXLIXVE]VEGOERHGPSWIXLIHSSV
9WIEGGIWWSVMIWERHXLIXVE]VEGOEGGSVHMRKXSXLIJSSH
8SYGL7XIEQ3ZIR+VMPP0IEZIRERH
XSYGL+VMPP
ZIXMQIW
,IEX;LMPI&VS[RMRKXLI7YVJEGISJ*SSHW0MOI*MWL
)\EQTPI8SLIEX[MXL+VMPPJSVQMR
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
7YTIVKVMPPXVE]YRMX
PMHRSXYWIH
8LIWYTIVKVMPPXVE]YRMXTPEGIHSRXLI
GIVEQMGXVE]MWXSSPS[XSGSSO[IPP
;MXL +VMPP XLIFSXXSQWYVJEGIHSIW
RSXFVS[R8SQEOIFSXLWMHIWFVS[R
XYVRXLIJSSHYTWMHIHS[RQMH[E]
WIGQMRWIGYRMXW
QMRQMRQMRYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW
9WIXLIWYTTPMIHQMXXIRWSVE
XLMGOHV]HMWLGPSXL[LIR]SY
TPEGIXLIEGGIWWSVMIWMRXSXLI
SZIRSV[LIR]SYXEOIXLIQSYX
1E]GEYWIFYVRW
%JXIV]SYVIQSZIXLIEGGIWWSVMIWHSRSXTPEGI
XLIQMREPSGEXMSRXLEXMW[IEO[MXLVIWTIGXXSLIEX
&IWYVIXSOIITXLIEGGIWWSVMIWSYXSJXLI
VIEGLSJGLMPHVIRERHMRJERXW
(SRSXYWIHEQEKIHSZIRQMXXWSVE[IXGPSXL
'%98-32
,S[XS9WI+VMPP7OMPPJYPP]
;LMPI]SYEVILIEXMRK]SYGERMRGVIEWIERHHIGVIEWIXLILIEXMRKXMQIMRYRMXWSJQMRYXIW9WIJSV
RMWLIH
4
-JXLILIEXMRKXMQI[EWWXEVXIHJVSQQMRYXIWMXMWRSXTSWWMFPIXSMRGVIEWIXLILIEXMRKXMQI
-JPIWWXLERQMRYXIWVIQEMRWMXMWRSXTSWWMFPIXSMRGVIEWISVHIGVIEWIXLILIEXMRKXMQI
%GGIWWSVMIW *SSHWXLEXGERFIKVMPPIH
7OI[IVIHJSSHERHWSSR
PPIXWXSEWXERHWSSR
MRXIVREPSVKERWMRXEGXGERRSXFI
-X[MPPXEOIWSQIXMQIJSVXSEWXXSKVMPP
,S[XSEVVERKIXLIJSSH ,S[XSKVMPPXLIJSSH
*PMTSZIV[LMPIKVMPPMRK
*PMTSZIVWOI[IVIHJSSHERH
WSSRLEPJ[E]XLVSYKLXLI
KVMPPMRKXMQIERHGSRXMRYI
KVMPPMRK
*PMTSZIV[LMPIKVMPPMRK
WMHIXLEX[MPPFIJEGIHS[R[LIR
]SYWIVZIMX,EPJ[E]XLVSYKLKVMPPMRK
7YTIV+VMPP8VE]9RMXPIKW
ETGPSWIH
7YTIV+VMPP8VE]9RMXPIKW
ETSTIRIH
1IXEPXVE]GEREPWSFIYWIH
7YTIV+VMPP8VE]9RMXPIKW
ETGPSWIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ETSTIRIH
8ST
'IVEQMG8VE]
1IXEP8VE]8ST
'IVEQMG8VE]
%GGIWWSV]9WIH%GGIWWSV]9WIH%GGIWWSV]9WIH
)QTX]
;EXIV8ERO
)QTX]
;EXIV8ERO
)QTX]
;EXIV8ERO

1MGVS[EZI3ZIRERH+VMPP
background
9WIXLIWYTTPMIHQMXXIRWSVE
XLMGOHV]HMWLGPSXL[LIR]SY
TPEGIXLIEGGIWWSVMIWMRXSXLI
SZIRSV[LIR]SYXEOIXLIQSYX
1E]GEYWIFYVRW
%JXIV]SYVIQSZIXLIEGGIWWSVMIW
HSRSXTPEGIXLIQMREPSGEXMSR
XLEXMW[IEO[MXLVIWTIGXXSLIEX
&IWYVIXSOIITXLIEGGIWWSVMIWSYX
SJXLIVIEGLSJGLMPHVIRERHMRJERXW
(SRSXYWIHEQEKIHSZIRQMXXWSVE[IXGPSXL
'%98-32
1IXEP8VE]8ST
1MHHPI&SXXSQ
'IVEQMG8VE]
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
'SSOJSSH[MXLSYXTVILIEXMRKXLISZIRGEZMX]
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
7IXXLIQIXEPXVE][MXLXLIJSSHSRMXSR
XLIXVE]VEGOERHGPSWIXLIHSSV
9WIXLIXVE]VEGOEGGSVHMRKXSXLIJSSH
8SYGL7XIEQ3ZIR+VMPP0IEZIRERHXSYGL3ZIR
8SYGL2S4VILIEXERH0IZIP
8SY GL
JSYVXMQIWERHXSYGL )RXIV
8SYGLQMRXLVIIXMQIW
,IEXMRK[MXL2S4VILIEX
VWX
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
7YTIVKVMPPXVE]YRMX
RSXYWIH
+VMPPPMHRSXYWIH
1ERYEP1IRY
3ZIR,IEXMRK
,IEXMRK4SMRX
8SEHNYWXXLIFVS[RMRKHIKVIISJJSSHW
]SYGERGLERKIXLIXIQTIVEXYVIERH
LIEXMRKXMQIHYVMRKLIEXMRK
4
8IQTIVEXYVI
,IEXMRKXMQIWIGQMRWIGYRMXW
QMRQMRQMRYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW
%GGIWWSV]9WIH
)QTX]
;EXIV8ERO

1MGVS[EZI3ZIRERH+VMPP
background
1ERYEP1IRY
3ZIR,IEXMRK
'SSOJSSH[MXL3ZIREJXIVTVILIEXMRKXLISZIRGEZMX]
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
'LIGOXLEXXLIGIVEQMGXVE]MWWIXEXXLI
FSXXSQSJXLISZIRGEZMX]ERHGPSWIXLIHSSV
4VITEVIXLIQIXEPXVE][MXLJSSHSRXST
9WIXLIXVE]VEGOEGGSVHMRKXSXLIJSSH
8SYGL4VILIEXERH0IZIP
,IEXMRK[MXL4VILIEX
-JXLISZIRGEZMX]MWLSXXLI
QE\MQYQXIQTIVEXYVIXLEXGER
FIWIXMW'
8LISTIVEXMSRXMQIEX'MW
EFSYXQMRYXIW
%JXIV[EVHWXLIXIQTIVEXYVI
EYXSQEXMGEPP]W[MXGLIWXS'
7YTIVKVMPPXVE]YRMX
RSXYWIH
+VMPPPMHRSXYWIH
8SYGL7XIEQ3ZIR+VMPP0IEZIRERHXSYGL3ZIR
8SY GL
JSYVXMQIWERHXSYGL )RXIV 
VWX
1IXEP8VE]8ST
1MHHPI&SXXSQ
'IVEQMG8VE]
%GGIWWSV]9WIH
)QTX]
;EXIV8ERO

1MGVS[EZI3ZIRERH+VMPP
background
4VILIEXMRKMWGSQTPIXIH[LIR
XLIWIXXIQTIVEXYVIMWVIEGLIH
8LIQE\MQYQTVILIEXMRKXMQIMW
QMRYXIW
;LIR]SYPIEZIXLISZIREWMWJSV
EJXIVGSQTPIXMSRSJTVILIEXMRK
TVILIEXMRKGSRXMRYIWJSVQMRYXIW
ERHXLIRLIEXMRKMWTIVJSVQIHJSVXLI
WIXXMQI[MXLXLISZIRPEQTXYVRIHSJJ
9WIXLIWYTTPMIHQMXXIRWSVE
XLMGOHV]HMWLGPSXL[LIR]SY
TPEGIXLIEGGIWWSVMIWMRXSXLI
SZIRSV[LIR]SYXEOIXLIQSYX
1E]GEYWIFYVRW
%JXIV]SYVIQSZIXLIEGGIWWSVMIW
HSRSXTPEGIXLIQMREPSGEXMSR
XLEXMW[IEO[MXLVIWTIGXXSLIEX
&IWYVIXSOIITXLIEGGIWWSVMIWSYX
SJXLIVIEGLSJGLMPHVIRERHMRJERXW
(SRSXYWIHEQEKIHSZIRQMXXWSVE[IXGPSXL
'%98-32
,S[XS9WI3ZIR7OMPPJYPP]
=SYGERMRGVIEWISVHIGVIEWIXLIXIQTIVEXYVIHYVMRK
TVILIEXMRK=SYGERMRGVIEWISVHIGVIEWIXLIXIQTIVEXYVIERH
LIEXMRKXMQIHYVMRKLIEXMRK
4
RMWLIH

-JXLILIEXMRKXMQI[EWWXEVXIHJVSQQMRYXIWMXMWRSXTSWWMFPIXSMRGVIEWIXLILIEXMRKXMQI

-JPIWWXLERQMRYXIWVIQEMRWMXMWRSXTSWWMFPIXSMRGVIEWISVHIGVIEWIXLILIEXMRKXMQI
8SYGLQMRXLVIIXMQIW
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
9WIXLIXVE]VEGOEGGSVHMRKXSXLIJSSH
%WXLISZIRGEZMX]MWLSXFIGEVIJYP[LIRTYXXMRK
XLIQIXEPXVE]MR
;LIR]SYLIEVXLITVILIEXGSQTPIXMSRWSYRH
ERHTVILIEXMRKMWGSQTPIXIHWIXXLIQIXEPXVE]
[MXLJSSHXSXLIXVE]VEGOERHGPSWIXLIHSSV
4VIWW
7XEVX
6ILIEX
XSWXEVXTVILIEXMRK
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
(YVMRKTVILIEXMRKXLISZIRPEQTMWXYVRIH
SJJMRSVHIVXSWEZITS[IV
-J]SY[ERXXSGLIGOSRXLIJSSHMRXLISZIRGEZMX]
HYVMRKTVILIEXMRKTVIWW
7XEVX
6ILIEX
XSPMKLXXLISZIR
PEQT8SXYVRMXSJJTVIWW
7XEVX
6ILIEX
EKEMR
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
S[
WIGQMRWIGYRMXW
QMRQMRQMRYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW

1MGVS[EZI3ZIRERH+VMPP
background
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
1ERYEP1IRY
'SQFMREXMSR[MXL7XIEQ7YTIVLIEXIH7XIEQ
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIGSRXEMRIVSVTPEXISJJSSHMRXLI
GIRXIVSJXLIGIVEQMGXVE]ERHGPSWIXLIHSSV
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRI
ERHMRWIVXMRXSXLIQEMRYRMX
8SYGL1MGVS[EZIERH
7XIEQ1MGVS[EZI0IEZIR
8SYGL;
ZIXMQIW
'SQFMRI1MGVS[EZI,IEXMRK[MXL7XIEQ
)\EQTPI8SLIEX[MXL7XIEQ1MGVS[EZIJSVQMR
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
3YXTYX ,IEXMRKXMQIVERKI
;
WIGQMRWIGYRMXW
7YTIVKVMPPXVE]YRMXRSXYWIH
+VMPPPMHRSXYWIH
1IXEPXVE]RSXYWIH
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]
ERHHSSVEJXIVXLIQEMRYRMXLEWGSSPIH
HS[R
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
7XIEQ
1MGVS[EZI
%GGIWWSV]9WIH
'IVEQMG8VE]
*YPP
;EXIV8ERO

1MGVS[EZI3ZIRERH+VMPP
background
%GGIWWSV]9WIH
*YPP
;EXIV8ERO
%GGIWWSV]9WIH
*YPP
;EXIV8ERO
%GGIWWSV]9WIH
*YPP
;EXIV8ERO
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIEGGIWWSV]XSFIYWIHEGGSVHMRKXS
XLIJSSHERHXLILIEXMRKQIXLSHMRXLISZIR
ERHGPSWIXLIHSSV
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRI
ERHMRWIVXMRXSXLIQEMRYRMX
ZIXMQIW
'SQFMRI+VMPP3ZIR,IEXMRK[MXL7XIEQ7YTIVLIEXIH7XIEQ
)\EQTPI8SLIEX[MXL7XIEQ+VMPPJSVQMR
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
+VMPPPMHRSXYWIH
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERH
HSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
7XIEQ7YTIVLIEXIH7XIEQ
+VMPP3ZIR
8SY GL
7XIEQ3ZIR+VMPP0IEZIR
ERH
7XIEQ+VMPP
8LIHIXEMPWSJLIEXMRKXLEXGERFIWIPIGXIHEVI
HMJJIVIRXJSV3ZIRERH+VMPP
6IJIVXSXLIJSPPS[MRKTEKIWJSVSTIVEXMRKTVSGIHYVIW
3ZIR
4
+VMPP
4
7YTIV+VMPP8VE]9RMXPIKW
ETGPSWIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ETSTIRIH
8ST
'IVEQMG8VE]
1IXEP8VE]
8ST1MHHPI&SXXSQ
'IVEQMG8VE]
+VMPPPMHRSXYWIH
7YTIVKVMPPXVE]YRMXRSXYWIH
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
7XIEQ+VMPP7YTIVLIEXIH7XIEQ+VMPP
,IEXMRKXMQI
WIGQMRWIGYRMXW
9TXSQMRYXIW
QMRQMRQMRYRMXW
7XIEQ3ZIR
4VILIEX =IW2S
2YQFIVSJVEGOW
0IZIP0IZIP
8IQTIVEXYVI
,IEXMRKXMQI
WIGQMRWIGYRMXW
9TXSQMRYXIW
QMRQMRQMRYRMXW
7YTIVLIEXIH7XIEQ3ZIR
4VILIEX =IW2S
2YQFIVSJVEGOW
2SRILIEXYWMRK1MHHPISV&SXXSQ
=SYGERRSXWTIGMJ]XLIRYQFIVSJVEGOW
8IQTIVEXYVI
*SV4VILIEX
,IEXMRKXMQI
WIGQMRWIGYRMXW
9TXSQMRYXIW
QMRQMRQMRYRMXW

1MGVS[EZI3ZIRERH+VMPP
background
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
1ERYEP1IRY
0IEZIRMRK
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
4PEGIXLIJSSHMRXLIGIRXIVSJXLIGIVEQMGXVE]ERHGPSWIXLIHSSV
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRI
ERHMRWIVXMRXSXLIQEMRYRMX
8SYGL1MGVS[EZIERH7XIEQ1MGVS[EZI0IEZIR
8SYGL0IEZIR;
8SYGLQMRSRGI
,IEX9WMRK7XIEQ1MGVS[EZI0IEZIRMRK
)\EQTPI8SLIEX[MXL7XIEQ1MGVS[EZI0IEZIR

0IEZIR;JSVQMR
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
3YXTYX ,IEXMRKXMQIVERKI
0IEZIR;
0IEZIR;
0IEZIR;
0IEZIR;
0IEZIR;
WIGQMRWIGYRMXW
QMRQMRQMRYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW
7YTIVKVMPPXVE]YRMXRSXYWIH
+VMPPPMHRSXYWIH
1IXEPXVE]RSXYWIH
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERH
HSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
=SYGERUYMGOP]PIEZIRWQEPPEQSYRXWSJHSYKLJSV5YMGO&VIEHERHWSSR
6IJIVIRGI0IEZIRMRK8IQTIVEXYVI
;LIRXLIXIQTIVEXYVISJORIEHIHHSYKLJSV
7XIEQIH(SYKLRYX
4
0IEZIR;JSVEFSYXQMRYXIWXLIHSYKL
;LIRXLIXIQTIVEXYVISJ
XLISZIRGEZMX]MWPS[MJXLI
YTTIVLIEXIVFIGSQIWLSX
HSRSXXSYGLXLIHSSVXLI
SYXIVGSZIVXLISZIRGEZMX]
SVWYVVSYRHMRKEVIEW
1E]VIWYPXMRFYVRW
(SRSXYWIXLIQIXEP
TPEXIWYTIVKVMPPXVE]
YRMXKVMPPPMHSVQIXEP
GSRXEMRIV
1E]VIWYPXMRQEPJYRGXMSRSVMKRM
XMSRHYIXSWTEVOW
*SVXLIRHVMWI[MXLQIXEPXVE]YWI
7XIEQ3ZIR0IEZIRJSVLIEXMRK
'%98-32
%GGIWWSV]9WIH
'IVEQMG8VE]
*YPP
;EXIV8ERO

1MGVS[EZI3ZIRERH+VMPP
background
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
0IEZIRFVIEHHSYKLERHXLIPMOI
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
7IXXLIQIXEPXVE]SRXLIXVE]VEGO[MXLXLIJSSHSRMXERHGPSWIXLIHSSV
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRIERH
MRWIVXMRXSXLIQEMRYRMX
8SYGL2S4VILIEXERH0IZIP
8SY GL
IMKLXXMQIWERHXSYGL )RXIV
ZIXMQIW
,IEX9WMRK7XIEQ3ZIR0IEZIRMRK
8SYGL'PIEVXSVIWIXXLILIEXMRKXMQIXSWIG
7YTIVKVMPPXVE]YRMXRSXYWIH
+VMPPPMHRSXYWIH
8SYGL7XIEQ3ZIR+VMPP0IEZIRERHXSYGL
7XIEQ3ZIR0IEZIR
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
8IQTIVEXYVI
,IEXMRKXMQIWIGQMRWIGYRMXW
QMRQMRQMRYRMXW
1E\MQYQLIEXMRKXMQI
QMRYXIW
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERH
HSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
%GGIWWSV]9WIH
*YPP
;EXIV8ERO

1MGVS[EZI3ZIRERH+VMPP
background
=SYGERRSXEHHWXIEQWLSXWHYVMRKSZIRTVILIEXMRK
=SYGERRSXWIXEWXIEQWLSX[MXL1MGVS[EZI7XIEQ1MGVS[EZI7XIEQ1MGVS[EZI0IEZIR
7YTIVLIEXIH7XIEQ3ZIRERH7YTIVLIEXIH7XIEQ+VMPP
;LMPIEWXIEQWLSXMWFIMRKEHHIH]SYGERRSXGLERKIXLIXMQIERHXIQTIVEXYVI
%TTP]WXIEQHYVMRKPIEZIRMRKMR7XIEQ3ZIR0IEZIREGGSVHMRKXSXLIHSYKLGSRHMXMSRW
%TTP]MRKWXIEQIJJIGXMZIP]HYVMRKFEOMRKSJWTSRKIGEOISVGVIEQTYJJ[MXL3ZIRMR1ERYEP1IRY[MPPQEOI
MXVMWI[IPP-XMWVIGSQQIRHIHXSETTP]WXIEQSRXLVSYKLXLIKVMPPMRKXMQI
WL[MXL+VMPPMR1ERYEP1IRYMXMWVIGSQQIRHIHXSETTP]
WXIEQ[LIRSJXLIKVMPPMRKXMQITEWWIW
1ERYEP1IRY
7XIEQ7LSX
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPP
PMRIERHMRWIVXMRXSXLIQEMRYRMX
8SYGL(SRIRIWW%HNYWXQIRXERH
7XIEQ7LSX
8SY GL
X[MGI
8SYGL)RXIV
7XIEQ7LSX
)\EQTPI8SWIXWXIEQWLSXJSVQMRHYVMRK3ZIRGSSOMRK
-J]SYHSRSX[ERXXSWIXEWXIEQWLSXXSYGL7XSTERHXLIR'PSWI
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERH
HSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
%HHWXIEQHYVMRKLIEXMRK[MXL3ZIR+VMPP7XIEQ3ZIR7XIEQ+VMPPERH7XIEQ3ZIR0IEZIR
=SYGEREHHWXIEQJSVYTXSQMRYXIWEXER]XMQII\GITXMRQMRYXIWFIJSVILIEXMRKGSQTPIXMSR
8MTWJSV%HHMRK7XIEQ7LSX
&]XSYGLMRK
]SYGERWIPIGX
QMR

QMR

QMR
SV
7XST

8SGERGIPWXIEQWLSXQMH[E]
WIPIGX
7XST

6IQEMRMRKXMQIWXEVXWHIGVIEWMRK
ERHWXIEQWLSXWXEVXW
;LIRWXIEQWLSXMWGSQTPIXIHXLISZIR
VIXYVRWXSXLISVMKMREPLIEXMRKWXEXI
=SYGERWIXWXIEQWLSXEWQER]
XMQIWEW]SY[ERX,S[IZIV
EHHMRKWXIEQ[MPPWXSTXLILIEXIV
WSMXQE]EJJIGXHSRIRIWW
'%98-32

1MGVS[EZI3ZIRERH+VMPP
background
'LERKMRK8IQTIVEXYVI
'LERKMRK8MQI
1ERYEP1IRY
(SRIRIWW%HNYWXQIRX
=SYGERGLERKIXLIXIQTIVEXYVIHYVMRK
TVILIEXMRKSVLIEXMRK[MXL3ZIR7XIEQ3ZIR
7XIEQ3ZIR0IEZIRERH7YTIVLIEXIH7XIEQ3ZIR
=SYGERGLERKIXLIXMQIHYVMRKLIEXMRK[MXL3ZIR7XIEQ
3ZIR7XIEQ3ZIR0IEZIR7YTIVLIEXIH7XIEQ3ZIR
+VMPP7XIEQ+VMPPERH7YTIVLIEXIH7XIEQ+VMPP
-JXLIQE\MQYQLIEXMRKXMQIMWWIX]SYGERRSX
MRGVIEWIXLIXMQI
 =SYGERRSXYWIXLMWJYRGXMSR[LIRXLIVIQEMRMRK
XMQIMWQMRYXIWSVPIWW

%JXIVXLIVIQEMRMRKXMQIKSIWFIPS[QMRYXIWHYVMRK
XLMWWIXXMRKTVSGIHYVIXSYGL'PSWIERHXLIR7XST



8SYGL(SRIRIWW%HNYWXQIRX
ERH'LERKI8MQI
8SYGL(SRIRIWW%HNYWXQIRX
ERH'LERKI8IQT
8SY GL
SRGIERHXLIR )RXIV
8SYGL
XIRXMQIWERHXLIR
)RXIV
,IEXEXXLIGLERKIHXIQTIVEXYVI
,IEXEXXLIGLERKIHXMQI
)\EQTPI8SEHHQMRYXIWEXQMRWIG
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
3ZIR
7XIEQ3ZIR
8MQIGLERKIQMRQMRQMRYRMXW
8SXEPLIEXMRKXMQI9TXSQMRYXIW
+VMPP
8MQIGLERKIQMRQMRQMRYRMXW
7XIEQ+VMPP 8SXEPLIEXMRKXMQI9TXSQMRYXIW
7YTIVLIEXIH
7XIEQ+VMPP
7XIEQ3ZIR0IEZIR

8MQIGLERKIQMRQMRQMRYRMXW
8SXEPLIEXMRKXMQI9TXSQMRYXIW
7YTIVLIEXIH7XIEQ3ZIR
8MQIGLERKIQMRQMRQMRYRMXW
8SXEPLIEXMRKXMQI9TXSQMRYXIW
=SYGERGLERKIXLIXIQTIVEXYVIHYVMRKTVILIEXMRK=SYGERMRGVIEWISVHIGVIEWIXLIXIQTIVEXYVIERH
RMWLIH

1MGVS[EZI3ZIRERH+VMPP
background
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
4VIWW
7XEVX
6ILIEX
XSWXEVX
%HHMXMSREP,IEXMRK
8SYGL%HHMXMSREP,IEXMRK
7IXXLILIEXMRKXMQI
;LIR]SYTVIWW
'ERGIP
SVLIEVXLI
GSQTPIXMSRWSYRHXEOIXLIJSSHSYX
,IEXMRKJSV)\XVE8MQIEJXIV'SSOMRK
)\EQTPI8STIVJSVQ%HHMXMSREP,IEXMRKJSV,EQFYVK7XIEO
%JXIVXLIXLMVH%HHMXMSREP,IEXMRKXLI%HHMXMSREP,IEXMRKFYXXSR
[MPPRSXETTIEV-J]SY[ERXXSLIEXJYVXLIVLIEXJSSHW[MXL
VIJIVIRGIXS6IGMTIWERHOIITERI]ISRXLIJSSHEWMXGSSOW
'LIGOXLIHSRIRIWWERHMJXLIJSSHMWRSXLIEXIH
IRSYKLVIXYVRXLIEGGIWWSVMIWERHJSSHMRXSXLI
SZIRGEZMX]JSV%HHMXMSREP,IEXMRK
(YVMRK%HHMXMSREP,IEXMRKOIITERI]ISRXLIJSSHEWMXGSSOW
GMIRXP]LIEXIHTVIWW
'ERGIP
RMWLLIEXMRK
8SYGL'PIEVXSWIXXLILIEXMRK
XMQIEKEMR
=SYGERRSXEHNYWXHSRIRIWW
MR%YXS1IRY
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERH
HSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
8STIVJSVQ
%HHMXMSREP,IEXMRK
VIXYVRXLIEGGIWWSVMIW
ERHJSSHEWMWMRXSXLISZIRGEZMX]*SVEQIRY
PPXLI[EXIVXERO
YTXSXLIJYPPPMRIERHMRWIVXMRXSXLIQEMRYRMX
,S[IZIVMRGEWISJEHHMXMSREPLIEXMRKSJ
7IX1IRY
GMIRXP]LIEXIH
TMIGIWERHLIEXXLIVIWX[MXLVIJIVIRGIXS
XLI6IGMTIW
4
%JXIVGSQTPIXMSRSJGSSOMRKMR%YXS1IRYSV1ERYEP1IRY%HHMXMSREP,IEXMRKETTIEVWSRXLI0'(
HMWTPE][LMGLEPPS[W]SYXSLIEXJSSHWXLEXEVIRSXLIEXIHIRSYKL
%HHMXMSREP,IEXMRKHMWETTIEVWEJXIVEFSYXQMRYXIWJVSQGSSOMRKGSQTPIXMSR
%HHMXMSREP,IEXMRKGERFITIVJSVQIHYTXSXLVIIXMQIW
-J]SY[ERXXSLIEXEHHMXMSREPP]EJXIV%HHMXMSREP,IEXMRKHMWETTIEVWLIEXJSSHW[MXLVIJIVIRGIXS
6IGMTIWERHOIITERI]ISRXLIJSSHEWMXGSSOW
,IEXMRKHIXEMPWXLEXGERFIWIPIGXIH
-RGEWISJ1ERYEP1IRY
1MGVS[EZI
WIGQMRWIGYRMXW
3ZIR
ERH
+VMPP
WIGQMRWIGYRMXW
-RGEWISJ%YXS1IRY
%YXS1IRYQEMRP]YWMRK
1MGVS[EZI
EWLIEXMRKQIXLSH

WIGQMRWIGYRMXW
%YXS1IRYQEMRP]YWMRK
3ZIR
ERH
+VMPP
EWLIEXMRKQIXLSH

WIGQMRWIGYRMXW

1MGVS[EZI3ZIRERH+VMPP
background
,IEXMRK8MQIWJSV'SSOMRKMR1ERYEP1IRY
1IRYWIPIGXMSR 'SSOMRKXMTW
6SYKLXEVKIXJSV1ERYEP1IRY

1MGVS[EZI; 
'SZIVMRK
%QSYRX ,IEXMRKXMQI
0IEJ]ZIKIXEFPIW
7TMREGL
1EOIMRGMWMSRWMRXLMGOWXEPOWERHEVVERKI[MXLXLIPIEJ]
TEVXWERHXLIWXIQWEPXIVREXMRK
%JXIVLIEXMRKTPEGIMRGSPH[EXIVXSVIQSZIFMXXIVRIWW
ERHTVIWIVZIXLIGSPSV
K
QMRWIGQMRWIG
=IW
.ETERIWIQYWXEVH
WTMREGLKEVPERH
GLV]WERXLIQYQ
2ETEGEFFEKI
FIERWTVSYXW
*SVRETEGEFFEKIEVVERKI[MXLXLIPIEJ]TEVXWERHXLI
FEWIWSJXLIPIEZIWEPXIVREXMRK
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'SJJII
WIVZMRKQ0
%FSYXQMRWIG
7EOI
FSXXPIQ0
WIGQMRWIG
,EQFYVKIV
LEQFYVKIVK
WIGWIG
,SXHSK
LSXHSKK WIGWIG
&YXXIVVSPP
TMIGIWK %FSYXWIG
&IERTEWXIFYR
WXIEQIHQIEXFYR
IEGLK WIGWIG
=IW
7XIEQIHFYRW
TMIGIWK WIGWIG
7XSVIFSYKLXPYRGL
FS\
WIVZMRKK
QMRWIGQMRWIG
8LIHEWLMRXLI'SZIVMRKGSPYQRMRHMGEXIWXLEXEGSZIVMRKWYGLEWTPEWXMG[VETSVXLIPMOIMWRSXXSFIYWIH
;LIR]SYLIEXFIERTEWXIFYRWERHWXIEQIHQIEX
FYRWVIQSZIXLITETIVSRXLIFSXXSQMQQIVWIMR
[EXIV[VETPSSWIP]TPEGISRETPEXIERHLIEX
;LIR]SYLIEXFVIEHERHWXIEQIHFYRWLIEXVMKLX
FIJSVIIEXMRKEWXLI][MPPLEVHIR[MXLXMQI
*SVQM\IHZIKIXEFPIWSVKVIIRWS]FIERWMQQIVWIMR
[EXIVWTVIEHSYXSRETPEXIERHXLIRLIEX;LIRWQEPP
EQSYRXWPIWWXLERKEVIGSZIVIH[MXLTPEWXMG[VET
ERHLIEXIHXLIVIQE]FIWTEVOWERHXLIJSSHQE]
FYVRSVXLIJSSHQE]HV]SYX6IJIVXS;LIR]SYLIEX
WQEPPEQSYRXWPIWWXLERKSJJSSH
4
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7TVMROPIEKIRIVSYWEQSYRXSJ[EXIVSRXLIJSSHERH
[VETMRTPEWXMG[VETSVWTVIEHXLIJSSHSYXSRETPEXI
SVXLIPMOIEHHNYWXIRSYKL[EXIVXSGSZIVXLIJSSH
GSZIVXLIGSRXEMRIV[MXLTPEWXMG[VETERHXLIRLIEX
;LIR]SYLIEXWXSVIFSYKLXJVS^IRJSSHWHIITJVMIHJSSHW
GVSUYIXXIWERHWSSRTPEGIXLIJSSHSREXVE]SVMREGSRXEMRIV
EGGSVHMRKXSXLIJSSHQERYJEGXYVIVtWMRWXVYGXMSRWERHTPEGIMXMR
XLIGIRXIVSJXLIGIVEQMGXVE]*SVXLILIEXMRKXMQIYWIXLIXMQI
WPMKLXP]PSRKIVXLERLIEXMRKXMQIMRHMGEXIHF]XLIJSSH
QERYJEGXYVIVJSV1MGVS[EZI;SV1MGVS[EZI;ERH
LIEXXLIJSSH
4
6ILIEXJSSHWXLEX]SY[ERXXSQEOIQSMWXERHWSJXSV
WMHIHMWLIWXLEXLEVHIRIEWMP]
WLGYVV]SVWXI[GSZIV
XLIGSRXEMRIVEWXLIJSSHQE]WTEXXIVHYVMRKLIEXMRK
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3ZIR'SSOMRK +VMPP'SSOMRK
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(MEQIXIVGQ QMR
QMR
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QMR
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1IXEP8VE]1MHHPI
QMR
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QMR
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(MEQIXIVGQ
1IXEP8VE]
&SXXSQ
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
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'YX3YX'SSOMI
TMIGIW
1IXEP8VE]1MHHPI
QMR
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1IXEP8VE]1MHHPI&SXXSQ
QMR
7SJX4YHHMRK
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1MHHPI
7YTIVLIEXIH7XIEQ3ZIR
QMR
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TMIGIW
1IXEP8VE]1MHHPI
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1IXEP8VE]1MHHPI
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3RIQIXEPXVE]
1IXEP8VE]1MHHPI
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1IXEP8VE]1MHHPI
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1IXEP8VE]1MHHPI
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1EGEVSRM+VEXMR
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,EQFYVK7XIEO
TMIGIW
1IXEP8VE]1MHHPI
QMR

6SEWX&IIJ
%FSYXK
1IXEP8VE]&SXXSQ
QMR

7OI[IVIH'LMGOIR&EVFIGYI WOI[IVWWOI[IVW
7YTIV+VMPP8VE]9RMX,MKL
7YTIVLIEXIH7XIEQ+VMPP
QMR

7EYXIIH'LMGOIR
TMIGIW
1IXEP8VE]1MHHPI
QMR

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7IEJSSH
7EPXIH7EPQSR
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9RMX8ST
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
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
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(VMIH%XOE1EGOIVIP
TMIGIW QMR 
3RP]VITVIWIRXEXMZIQIRYSTXMSRWEVIPMWXIH
;LIR]SYYWI1ERYEP1IRYVIJIVXSWMQMPEVQIRYSTXMSRW
%WJSVEGGIWWSVMIWYWIXLIQIXEPXVE]ERHWYTIVKVMPPXVE]
YRMX
4
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-J]SYEVIGSRGIVRIHEFSYXYRIZIRGSSOMRKXYVRXLIJSSHEVSYRHHYVMRKLIEXMRKWSXLEXXLIJVSRXERHFEGOEVI
VIZIVWIH-J]SYEVIGSRGIVRIHEFSYXYRIZIRGSSOMRKMRXLIZIVXMGEPHMVIGXMSRW[MXGLXLIQIXEPXVE]JVSQXLIYTTIV
VEGOXSXLIFSXXSQVEGO=SYWLSYPHQEOIXLIW[MXGLEJXIV

SJXLILIEXMRKXMQILEWTEWWIH
;LIR]SYGSSOERSZIRVIGMTIJVSQEWXSVIFSYKLXGSSOFSSOSV[LIR]SYYWIWXSVIFSYKLXHSYKLYWIXLI
XIQTIVEXYVIERHXMQISJEWMQMPEVQIRYSTXMSRMRXLI6IGMTIWWIGXMSREWEVIJIVIRGIERHGSSOXLIJSSHYWMRK1ERYEP
1IRYERHOIITERI]ISRMXEWMXGSSOW
MTXLIJSSHSZIV
XLVSYKLXLILIEXMRKXMQIERHGSRXMRYILIEXMRK
-J]SYHSRSX[ERXXSKIXXLIQIXEPXVE]HMVX]GSZIVMX[MXLEGSSOMRKWLIIX

1MGVS[EZI3ZIRERH+VMPP
background
'SSOMRK4VSGIHYVIJSV&EOIV]*YRGXMSR
4VITEVEXMSR WX6MWI
1M\MRK
6MWMRK
4VITEVIXLIEGGIWWSVMIWERHMRKVIHMIRXW
8EOISYXXLIHSYKL
&EOMRKTERERH
QM\MRKFPEHI
8SQEOIFVIEH[MXL
]SYVJEZSVMXIQEXIVMEPW
%YXS-RNIGXMSR?1M\A?'SEVWI1M\A
1ERYEP-RNIGXMSR?1M\A?'SEVWI1M\A
=SYGERWIPIGXGSEVWIQM\MRKXS
VIXEMRXLIWLETISJQEXIVMEPW
SYVERH[EXIV
IXG
-RNIGXSV
4YXMRXLIHV]]IEWX
ERHMRKVIHMIRXW
2SHV]]IEWXMWRIGIWWEV]
JSV5YMGO7SHE&VIEH
1M\MRK
6MWMRK
WX6MWI
*SVQMRK
RH6MWI
&EOMRK
8LIQM\MRKFPEHIVSXEXIWXSXYVRMRKVIHMIRXWMRXSQM\IHHSYKL
0IXXLIHSYKLVIWXERHFPIRHXS[EXIV
/IITXLIQM\IHHSYKLEXGSRWXERXXIQTIVEXYVIXSTVSQSXI]IEWXEGXMZMXMIW
-J]SYHSRSXTYXXLIHSYKLMRXSXLIFEOMRKTERQSPHWLETIXLIHSYKL
/IITXLIWLETIHHSYKLEXGSRWXERXXIQTIVEXYVIXSTVSQSXI]IEWXEGXMZMXMIW
&EOIXLIVMWIRHSYKLXSQEOIFVIEH
&EWMGTVSGIWWIWSJFVIEHQEOMRK
%YXS&EOIV]1IRY
1M\MRK1IRY
,ERHQEHI&EOIV]1IRY
7XIT
-JXLIHSYKLMWRSXPIEZIRIH
[IPPTIVJSVQEHHMXMSREP
PIEZIRMRK[MXL%HHMXMSREP
,IEXMRK
4
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8SWIXXLIFEOIXMQIV
4
7IXMRXLISZIR
GEZMX]
4
4
4
4
4
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background
*SVQMRK RH6MWI &EOMRK
7LETIXLIHSYKL
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;LIRMRWMHISJXLISZIRGEZMX]MWLSXQM\MRKERHPIEZIRMRKGERRSXFITIVJSVQIHRSVQEPP]
[LMGLEHZIVWIP]EJJIGXHSRIRIWW
;LIR]SYXV]XSWXEVX7XITSJXLI%YXS&EOIV]1IRYERH,ERHQEHI&EOIV]1IRY
,MKL8IQT
FPMROWERHMXHSIWRSXWXEVX&IWYVIXSTIVJSVQGSSPMRKSTIVEXMSR
4
%JXIVGSSOMRK[MXL1MGVS[EZI3ZIR1IRYSV
3ZIR-RXIVMSV'PIERMRK
(ISHSVM^EXMSR
EPWS]SY
GERRSXWXEVXXLI&EOIV]*YRGXMSRYRXMPXLISZIRGEZMX]
1EOIFVIEHEYXSQEXMGEPP]
JVSQQM\MRKXSFEOMRK
%TTP]XLIQM\MRKJYRGXMSRXSQEOIYHSR
HSYKLVMGIGEOIERHGEOIIXG
7LETIERHQEOIFVIEHSR]SYVS[R
7XIT 7XIT
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[IPPTIVJSVQEHHMXMSREP
PIEZIRMRK[MXL%HHMXMSREP
,IEXMRK
4
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,IEXMRK
4
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XSQM\XLIHSYKL
4
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4
&VIEH

&EOIV]
background
&EOIV]*YRGXMSR7GVIIR
7GVIIR'SRJMKYVEXMSR
;LIRXLIHSSVMWSTIRIHXLIWXEVXWGVIIRETTIEVW
TVSGIIH[MXLQM\MRKVMWMRKPIEZIRMRKERHFEOMRKTVSGIWWIW
8LMWQIRYSTXMSRETTPMIWXLIQM\MRKJYRGXMSRXSQEOMRKHIWWIVXGEOIWSYVGIYHSRHSYKLVMGIGEOIERHVMWSXXSIXG
1M\MRKJYRGXMSRYWIHJSVFVIEHQEOMRKMR1ERYEP1IRYGEREPWSFIWIPIGXIH
7IPIGXEQIRYSTXMSRJVSQWLETIHFVIEHERHTM^^E
=SYGERWIPIGXQIRYSTXMSRWWXEVXMRK[MXL2S&
8SYGLw&EOIV]*YRGXMSRx
&EOMRKFVIEH
1EOIHIWWIVXGEOIWSYVGIYHSRHSYKLVMGIGEOIERHVMWSXXSIXG
=SYGEREPWSREZMKEXIXSXLI&EOIV]*YRGXMSRWGVIIRF]XSYGLMRK
6IGMTI &EOIV]*YRGXMSR
7LETIERHQEOIFVIEHSR]SYVS[R
7IPIGXJVSQQIRYRYQFIVWMRXLI6IGMTIW
&EOIV]*YRGXMSR7GVIIR
%YXS&EOIV];LMXI&VIEH
,ERHQEHI&EOIV]7LETMRK
/RIEH1M\
1IRY2S




*SVXLISTIVEXMSRTVSGIHYVIVIJIVXS
4
4
4
4
 
 

&EOIV]
background
&EWMG3TIVEXMSRW
7IPIGXEQIRYSTXMSRJVSQ&EOIV]*YRGXMSRJSPPS[XLIJSPPS[MRKWIXXMRKTVSGIHYVIXSYGL
)RXIV
ERHXLIRQSZIXSXLIWXEVXWGVIIR
-RXLIWXEVXWGVIIRXSYGLXLI
7IXXMRKW
FYXXSRXSVIXYVRXSXLITVIZMSYWTEKI4PIEWIVIJIVXSXLIEFSZIJSVGLERKMRKTVSGIHYVI
%HNYWXXLIHIKVIISJHSYKLVMWMRKQM\MRKERHFVS[RMRKERHLIEXMRKXMQI
&]HIJEYPXXLIHSRIRIWW
EHNYWXQIRXMWWIXXS
1-(
&EOMRK&VIEH[MXL&EOI8MQIV
4
-RNIGXMRKERH&EOMRK1EXIVMEPHYVMRK'SSOMRK
4
%HNYWXMRK(SRIRIWW
)\EQTPI8SWIX
&&VIEH
XS
)\EQTPI8SWIPIGX
%YXS-RNIGXMSR1M\
JSV
&&VIEH
)\EQTPI%HNYWXXLIHSRIRIWWXS
,-
JSV
&&VIEH
8SYGL
8MQIV
8SYGL
1EXIVMEP
8SYGL
ERHWIXHSRIRIWWEHNYWXQIRXXS
,-
8SYGL
8MQIV
ERH
)RXIV
8S YG L
%YXS-RNIGXMSR1M\
ERH
)RXIV
8SYGL
)RXIV
8SYGL
)RXIV
8SYGL
)RXIV
,S[XSGLERKIWIXXMRKW
,S[XSWIXXLIFEOIXMQIVQEXIVMEPMRNIGXMSRERHHSRIRIWWEHNYWXQIRX
X
SY
SY
GL
X
LI
7I
KW
K
7IXXMRKWFYXXSR
8SYGL
8MQIV
ERH
'LERKI8MQI
7IXXLIFEOIXMQIVERH
XSYGL
)RXIV
;LIRMRZEPMHXMQIMWHMWTPE]IH]SY
GERRSXTVSGIIHF]XSYGLMRK
)RXIV
8SGLERKIXLIFEOIXMQIV

&EOIV]
background
%YXS&EOIV]1IRY0MWX
'SSOMRK8MQIERH3TIVEXMSR4VSGIWWIWJSV&EOIV]*YRGXMSR1IRY
-RXLI%YXS&EOIV]1IRYQM\MRKVMWMRKPIEZIRMRKERHFEOMRKTVSGIWWIWEVIEPPTIVJSVQIH
EYXSQEXMGEPP]
4
8STYX]SYVJEZSVMXIQEXIVMEPW
4

%YXS-RNIGXMSR
ERH
1ERYEP-RNIGXMSR
GERFIWIPIGXIHEGGSVHMRKXSQEXIVMEPX]TIW

'SEVWIQM\MRKGERFIWIPIGXIHXSQEMRXEMRXLIWLETIWSJQEXIVMEPW
*SV%YXS&EOIV]1IRYXLIVIEVIQIRYSTXMSRWJSV[LMGLFEOIXMQIGERFIWIX
4
 8LIXMQIVJYRGXMSRMWRSXEZEMPEFPIJSV,ERHQEHI&EOIV]1IRY
8LIXMQIMRHMGEXIHMRXLIXEFPIFIPS[MWSRP]JSVVIJIVIRGI
1IRYWIPIGXMSR 6IGMTIW
'SSOMRK
XMQI
1EXIVMEP
1EXIVMEP
MRNIGXMSR
XMQI
*VSQWXEVXYT
4VSGIWW

=IEWXMRNIGXMSR
1EXIVMEPMRNIGXMSR
RH6MWIWX6MWI
6MWMRK1M\MRK
&EOMRK
&
&VIEH
4
QMR
%FSYX
QMRPEXIV
&
6EMWMR&VIEH
4
QMR
%FSYX
QMRPEXIV
&
;EPRYX&VIEH
4
QMR
%FSYX
QMRPEXIV
&
7SJX&VIEH
4
QMR
%FSYX
QMRPEXIV
&
&YXXIV6MGL&VIEH
4
QMR
%FSYX
QMRPEXIV
&
6SYRH8ST*VIRGL&VIEH
4
QMR
%FSYX
QMRPEXIV

&
6]I&VIEH
4
QMR
%FSYX
QMRPEXIV

&
0MKLX7IWEQI'LIIWI&VIEH
4
QMR
%FSYX
QMRPEXIV
&
,SRI]2YX&VIEH
4
QMR
%FSYX
QMRPEXIV

&
5YMGO7SHE&VIEH
4
QMR {

&EOIV]
background
1IRYWIPIGXMSR 6IGMTIW
'SSOMRK
XMQI
1EXIVMEP
1EXIVMEP
MRNIGXMSR
XMQI
*VSQWXEVXYT
4VSGIWW

=IEWXMRNIGXMSR
1EXIVMEPMRNIGXMSR
RH6MWIWX6MWI
6MWMRK1M\MRK
&EOMRK
&
6MGI*PSYV&VIEH
4
QMR
%FSYX
QMRPEXIV
&
6MGI&VIEH
4
QMR
%FSYX
QMRPEXIV
&4PYQ7LMVEWY&VIEH
4
QMR
%FSYX
QMRPEXIV
&
'LIIWI&VIEH
4
QMR
%FSYX
QMRPEXIV
&7S]&IER&VIEH
4
QMR
%FSYX
QMRPEXIV
&
8SJY&VIEH
4
QMR
%FSYX
QMRPEXIV
&
7EPX/IPT&VIEH
4
QMR
%FSYX
QMRPEXIV
&
7TMREGL&VIEH
4
QMR
%FSYX
QMRPEXIV
&
7UYEWL&VIEH
4
QMR
%FSYX
QMRPEXIV
&
&ERERE&VIEH
4
QMR
%FSYX
QMRPEXIV
&
&PYIFIVV]&VIEH
4
QMR
%FSYX
QMRPEXIV

&EOIV]
background
2IGIWWEV]-RKVIHMIRXWJSV&VIEH1EOMRK
9WIJVIWLMRKVIHMIRXWERHYWIMRKVIHMIRXWEWWSSREWTSWWMFPISRGIXLI]EVISTIRIH
1IEWYVIMRKVIHMIRXWEGGYVEXIP]

;LIRQIEWYVMRK[IMKLXYWIEGSSOMRKFEPERGISJKSVWQEPPIVYRMXW
=SYGEREPWSYWIXLIWYTTPMIHWTSSRWJSVFEOIV]

1EOIPIZIPXLIMRKVIHMIRXMRXLIWTSSRWJSVFEOIV]JSVEGGYVEXIQIEWYVIQIRX9WIXLIQIEWYVIQIRX
GYTJSVQIEWYVMRK[EXIVIXG
 SYV[MXLTVSXIMRKPYXIR
GSRXIRXSJMWYWIHJSVFVIEHQEOMRK
SYVQE]FIYWIHHITIRHMRKSRFVIEH
X]TIW
1M\MRK[MXL[EXIV[MPPJSVQKPYXIR[LMGL
GSRXEMRWEMVWSFVIEH[MPPVMWI
=IEWXJYRKYWXLEXMWQEHIEGXMZIWYFNIGXXS
ETTVSTVMEXIXIQTIVEXYVI[EXIVERHWYKEV
EQSYRXXSVMWIFVIEH
9WIUYMGOVMWMRK]IEWX
SYVERHQM\IH
 SYVHSIWRSXGSRXEMRTVSXIMRXLEX
JSVQWKPYXIR]SYGERRSXQEOIFVIEH[MXL
SYVSRP]
*PSYV
6MGI µSYV
;EXIV
(V]]IEWX
8MTWJSV[EXIV
(IGVIEWIXLIEQSYRXSJ[EXIVF]XLI
EQSYRXSJRIGXEVSVQMPOEHHIH
;LIRXLIVSSQXIQTIVEXYVIMWEFSZI
;EXIVMREVIJVMKIVEXSVMWGSPH[EXIV
[EXIVF]QM\MRKMGIMR[EXIVERHXLIR
XEOMRKMXSYX
8MTWJSVµSYV
-XMWRSXRIGIWWEV]XSWLEOIMX
1IEWYVIXLIEQSYRXMR[IMKLX
(SRSXQIEWYVIMXMREQIEWYVIQIRX
GYT
-XMWWIRWMXMZIXSLYQMHMX]WSWXSVIMXMR
EHV]PSGEXMSR

EVIJVMKIVEXSV
8MTWJSVHV]]IEWX
3RGIYRTEGOIHHV]]IEWXQYWXFI
WXSVIHMREVIJVMKIVEXSV=IEWXMWTIV
MWLEFPI
0IEZI]IEWXEXVSSQXIQTIVEXYVIJSV
EFSYXQMRYXIWEJXIVXSSOSYXSJ
VIJVMKIVEXSV

9WMRKMXGSPH[MPPGEYWIGSRHIRWEXMSR
ERHHV]]IEWXQE]VIQEMRMRXLIMRNIGXSV
-XMWWIRWMXMZIXSLYQMHMX]WSWXSVIMXMR
EHV]PSGEXMSR
*PSYV*PSYV
(V]]IEWX
6MGI
µSYV
;EXIV

&EOIV]
background
1EOIWFVIEHQSVIKPSWW]ERHXEWX]
/IITFVIEHWSJX
1EOIWFVIEHWSJX
+PSWWIWFVIEH
1EOIWFVIEHQSVIKPSWW]ERHXEWX]
7XVIRKXLIRWKPYXIRMRFVIEH
(ITIRHMRKSRETTPMIHQIRYSTXMSRWQEXIVMEPWQE]LEZIXSFITYXMR
HYVMRKGSSOMRK

7IPIGX%YXS-RNIGXMSRSV1ERYEP-RNIGXMSREGGSVHMRKXSX]TIWSJQEXIVMEPW
(SRSXTYXMRLEVHSVPEVKISFNIGXW

1MRGIRYXWERHPEVKIHVMIHJVYMXMRXSEFSYXQQTMIGIW

'YXFEGSRERHLEQMRXSGQTMIGIW
%HHMRKI\GIWWMZIEHHMXMSREPQEXIVMEPW[MPPQEOIFVIEHVMWMRKTSSV

'SSOQEXIVMEPWEGGSVHMRKXSEQSYRXMRHMGEXIHMRXLMWKYMHI
&IEXWXMGO]MRKVIHMIRXWWYGLEWHVMIHJVYMXWYGLEWVEMWMRLEQERH
FEGSR[IPPFIJSVITYXMRXSEQEXIVMEPGSRXEMRIV
-XWIVZIWEWRYXVMIRXWRIGIWWEV]JSVVMWMRKSJ]IEWX

0S[GEPSVMIW[IIXIRIVGERRSXFIYWIH
-QTVSZIWFVS[RMRKERHXEWXISJFVIEH
7XEFMPM^IWKPYXIRMRXLIHSYKL
7YTTVIWWIWI\GIWWMZIVMWMRKSJ]IEWX
&YXXIVQEVKEVMRIIXG
6EMWMR ;EPRYX
&EGSR
*EX
7YKEV
7EPX
)KK
7OMQQMPO
1MPO
8MTJSVJEX
(SRSXHMWWSPZIMRLSX[EXIVFYXYWIMXMR
WSPMHWXEXI
8MTWJSVTSYVMRKQMPO
(IGVIEWIXLIEQSYRXSJ[EXIVF]XLI
EQSYRXSJQMPOEHHIH
;LIR]SYHSXLMWHSRSXWIXXLIXMQIV
1EOIXLIEQSYRXSJQMPOELEPJSJ[EXIV
EQSYRXSVPIWW
%HHMXMSREP1EXIVMEPW
)KK
1MPO1MPO
&YXXIV
7YKEV
7EPX

&EOIV]
background
6MWMRKSJFVIEHZEVMIWEPWSHITIRHMRK
SRVSSQXIQTIVEXYVIERHLYQMHMX]
EJXIVXEOMRKSYXJVSQVIJVMKIVEXSV9WMRK[EXIV
EXEFSYXVSSQXIQTIVEXYVI[LIRXLIVSSQ
XIQTIVEXYVIMWLMKLHSYKLXIQTIVEXYVIQE]
VMWII\GIWWMZIP]VIWYPXMRKMRTSSVVMWMRKERH
HSRIRIWW
'LIGOXLIVMWMRKGSRHMXMSR
e
HSYKLMRXLIFEOMRKTER
MWIRSYKL*MRKIVXIWX
e%JXIVXLIRHVMWIZMWYEPP]GLIGOXLIHSYKL
-JMXLEWVMWIRYTXSXLIVIJIVIRGIZSPYQI
HIWGVMFIHMR6IGMTIWVMWMRKMWIRSYKL(S
8VIEXXLIHSYKLKIRXP]
e(SRSXXIEVX[MHHPI[MXLSVHV]XLIHSYKL
[LMGL[MPPHEQEKIXLIHSYKLERHVIWYPX
MRTSSVVMWMRK;LIRVIQSZMRKER]EMV
FYFFPIWJVSQHSYKLHSRSXTVIWWMX
VITIEXIHP]SVWQEWLMXJSVGMFP]
e-J]SYWLETIXLIHSYKLFIGEVIJYPEFSYX
HV]MRKYTERHHSMXUYMGOP](YVMRKVIWXMRK
ERHVMWMRKGSZIVXLIHSYKL[MXL[IXGPSXL
SVWTVE][EXIVSRMXWWYVJEGIWSXLIHSYKL
[MPPRSXHV]
1EOIWYVIXLEXXLIMRKVIHMIRXWWYGL
SYVERHHV]]IEWXEVIJVIWL
%ZSMHLMKLXIQTIVEXYVIERHLYQMHMX]JSV
WXSVEKI%JXIVYRTEGOIHHV]]IEWXQYWXFI
WXSVIHMREVIJVMKIVEXSVERHYWIHEWWSSREW
TSWWMFPI
6IXYVRXSXLIVSSQXIQTIVEXYVIFIJSVIYWMRK
MX9WMRKMXGSPH[MPPGEYWIGSRHIRWEXMSRERH
HV]]IEWXQE]VIQEMRMRXLIMRNIGXSV
8MTWJSV9WMRKXLI&EOIV]*YRGXMSR)JJIGXMZIP]
7YFXPI'SRHMXMSRW%JJIGXMRK(SRIRIWW
&EWMGWSJ,ERHQEHI&EOIV]
*SVGSSOMRKMR%YXS&EOIV]1IRYERH,ERHQEHI&EOIV]1IRYJSPPS[XLI
MRWXVYGXMSRWVIKEVHMRKMRKVIHMIRXWEQSYRXERHYWEKISJEGGIWWSVMIW
HIWGVMFIHMR6IGMTIW
4
(V]]IEWX
7XSVIMRE
VIJVMKIVEXSVEJXIV
YRTEGOMRK
6SSQ
XIQTIVEXYVI
3ZIV
;EXIV
;
V
E
T
;
V
E
T

&EOIV]
background
8LIXMQIVMWEZEMPEFPIJSVQIRYSTXMSRW
MRGPYHMRK
&
&VIEH
ERH
&
6EMWMR&VIEH
*SVHIXEMPWVIJIVXSXLIPMWXSJEZEMPEFPIXMQIVWIXXMRKW
4
(ITIRHMRKSRVSSQXIQTIVEXYVIERH
LYQMHMX]FVIEHFEOMRKQE]GSQTPIXIYT
XSQMRYXIWIEVPMIVXLERXLIWIXGSQTPIXI
XMQI
;MXLXLIXMQIVJYRGXMSRXLISZIRTIVJSVQW
VWXERHXLIRKSIWMRXSXLIWXERHF]
WXEXI
e'SSOMRKMWVIWYQIH[LIRXLIXMQIWIX
JSVIEGLQIRYSTXMSRMWVIEGLIHJVSQXLI
GSQTPIXMSRXMQI
;LIR]SY[ERXXSGSSOSXLIVJSSH[MXLXLIXMQIVWIXXMRKEGXMZI
-XMWRSXVIGSQQIRHIHEWVITIEXIHXMQIVVIWIXXMRK[MPPVIWYPXMRTSSVHSRIRIWW
4VIWW
'ERGIP
X[MGIXSGERGIPXLIXMQIVWIXXMRK
8LIRGSSOSXLIVJSSHERHWIXXLIXMQIVEKEMR
e
FEOMRKTER
e6ITIEXIHXMQIVVIWIXXMRK[MPPVIWYPXMRI\GIWWMZIQM\MRK-J]SY[ERXXSGSSOSXLIVJSSHWWIXXLI
%YXS-RNIGXMSR
4YXQEXIVMEPWMRXSXLI
QEXIVMEPGSRXEMRIVFIJSVI
GSSOMRKERHMRNIGXXLIQ
EYXSQEXMGEPP]EXXLIXMQI
STXMSR
1ERYEP-RNIGXMSR
MRNIGXMSR
XLIQEXIVMEPVIQMRHIVWSYRH
VMRKW8LIRXEOISYXXLIFEOMRKTER
ERHMRNIGXSVERHMRNIGXQEXIVMEPW
6IXYVRXLIFEOMRKTERERHMRNIGXSVMRXSXLI
SZIRGEZMX]ERHTVIWW
7XEVX
6IL IEX
'SSOMRKMWRSX
VIWYQIHYRPIWW]SYTVIWW
7XEVX
6IL IEX
4YXXLIQMRXSXLIFEOMRK
SYVERH
WYKEVEXXLIFIKMRRMRK
3TIRMRKXLIHSSV[LMPIXLISZIRMW[EMXMRK
JSVWIXXMQIXLIWXERHF]WXEXIMWWYWTIRHIH
'PSWIXLIHSSVERHTVIWW
7XEVX
6IL IEX
XSVIWXSVIXLI
XMQIVWIXXMRK
-J]SYPIEZIMX[MXLSYXTVIWWMRK
7XEVX
6IL IEX
MQQIHMEXIP]GSSOMRK[MPPRSXFIVIWYQIHERH
FEOMRK[MPPRSXGSQTPIXIEXXLIWIXGSQTPIXMSR
XMQI
8MQIV*YRGXMSR
1M\MRK1EXIVMEPMRXS(SYKL
*SV%YXS&EOIV]1IRY]SYGERWIXXLIFEOIXMQIV*SVSTIVEXMSRWVIJIVXS
4
8LIVIEVIXLVII[E]WSJTYXXMRKMRQEXIVMEPW
*SVYWEKIEGGSVHMRKXSSTIVEXMSRWERHQEXIVMEPX]TIWVIJIVXS
4

4YXMRHYVMRKQM\MRK 4YXXMRKEXXLIFIKMRRMRK

&EOIV]
background
,S[XS9WI%GGIWWSVMIW
,S[XS9WI%GGIWWSVMIWJSV&EOIV]
%YXS-RNIGXMSR
3TIRGPSWIQIGLERMGEPTEVX
8LIEYXSMRNIGXMSRPIZIVPSGEXIHEX
XLIYTTIVVMKLXWIGXMSRSJXLISZIR
GEZMX][SVOWXSTIVJSVQ
%YXS-RNIGXMSR
HYVMRKGSSOMRK
1EXIVMEPGSRXEMRIV
-XGERFIVIQSZIHJVSQXLIMRNIGXSV
ERHQE]JEPP[LIRMXMWXMPXIH
=IEWXGSZIV
7IXSRXLI]IEWXMRPIXSJXLI
MRNIGXSV
-XMWSRP]YWIHJSVQIRY
STXMSRWXLEXVIUYMVIWHV]
]IEWX
&EOMRKTER
WIXXMRKTSWMXMSR
4PEGIPIKWSJXLIFEOMRK
TERSZIVXLIKYMHIERHWPMHIXLIQMRXS
XLIWIXXMRKTSWMXMSRLSPIXSWIXMX
8LIVIEVIXLVIIWGEPIWJSVIEGL
8LIPS[IVWGEPIMRHMGEXIW
QMHHPISRI
ERHYTTIVSRI
%QSYRXWSJWIEWSRMRKXSFIQIEWYVIH[MXLXLIWTSSRWJSVFEOIV]EVISRP]JSVVIJIVIRGI
8LI]QE]ZEV]HITIRHMRKSRQERYJEGXYVIVWWXSVEKIGSRHMXMSRWERHQERRIVWSJMRTYX
7TSSRWJSVFEOIV]
1IEWYVIQIRXGYT
1M\MRKFPEHI
=IEWXMRPIX
3TIRMRK
GPSWMRKTPEXI
&EOMRKTERVEGO
&EOMRKTER
-RNIGXSV
+YMHI
0SGOPIZIV
,ERHPI
0EVKIWTSSR
7QEPPWTSSR
0IKW
8LIVIEVIJSYV
LSPIWPSGEXIHEXXLI
FSXXSQSJXLISZIR
GEZMX][LIRXLIYRMX
MWWIXXSXLIFEOMRK
TERWIXXMRKTSWMXMSR

&EOIV]
background
8LIFEOMRKTERWIVZIWEWEVSXEV]WLEJXEX
XLIMRRIVFSXXSQ)UYMTTIH[MXLEQM\MRK
FPEHIMX[SVOWXSQM\HSYKLSVWIVZIWEW
EGSRXEMRIVJSVFEOMRKFVIEH
,S[XSWIXERHEXXEGLXLIQM\MRKFPEHI
4
;LIRWIXXMRKXLIFEOMRKTERWIGYVIP]PSGO
MX
;LIRXLIFEOMRKTERMWWIXXEFWSJ
XMRXSXLILSPIWSRXLIFSXXSQ
WYVJEGISJXLISZIRGEZMX]
4YXHV]]IEWXERHQEXIVMEPWMRXSXLI
MRNIGXSVMREHZERGI
7IXXLI]IEWXGSZIVSRXLI]IEWXMRPIXSJXLIMRNIGXSV
8LI]IEWXGSZIVMWSRP]YWIHJSVQIRY
STXMSRWXLEXVIUYMVIWHV]]IEWX
(SRSXTVIWWXLIEYXSMRNIGXMSRSTIRGPSWI
QIGLERMGEPTEVX
(SMRKXLMW[MPPPIXQEXIVMEPWERHHV]]IEWXJEPP
1EXIVMEPW]SYTYXMREVIEYXSQEXMGEPP]
MRNIGXIHHYVMRKQM\MRK

8MQMRKSJQEXIVMEPSVHV]]IEWXMRNIGXMSR
ZEVMIWHITIRHMRKSRQIRYSTXMSRW
8LIQEXIVMEPGSRXEMRIVGERFIVIQSZIHERH
GPIERIHYT
8L
I
FE
OM
RK
T
ER
W
IV
ZI
W
EW
E
V
SX
EV
]
WL
EJ
X
EX
4Y
X
HV
]
]I
EW
X
ER
H
QE
XI
VM
EP
W
MR
XS
X
LI
&EOMRKTER -RNIGXSVERH]IEWXGSZIV
&IJSVIWIXXMRKXLIFEOMRKTERVIQSZI
XLIGIVEQMGXVE]ERHWIXXLIFEOMRKTER
VEGOXSXLIFSXXSQSJXLISZIRGEZMX]
7IXMXEPMKRMRK[MXLXLIVMKLX[EPPWYVJEGI
ERHJVSRXIHKISJXLISZIRGEZMX]
8LIFEOMRKTERVEGOKYMHIMWYWIHF]
WPMHMRKXLIFEOMRKTERPIKWWSMXQE]FI
WGVEXGLIHSV[LMXIRIH8LMWMRHMGEXIWRS
TVSFPIQMRTIVJSVQERGI
9WIXLIPEVKIWTSSRXSQIEWYVIWYKEV
ERHWOMQQMPO9WIXLIWQEPPWTSSRXS
QIEWYVIWEPXERHHV]]IEWX
8LIMVWM^IWZEV]JVSQKIRIVEPPEVKIERH
WQEPPWTSSRW%TTVSTVMEXIP]YWIXLIQ
EGGSVHMRKXSTYVTSWIW
4
9WIXLIQIEWYVIQIRXGYTXSQIEWYVIPMUYMH
(SRSXYWIXLIQIEWYVIQIRXGYTXSQIEWYVI
&I
&I
JS
JS
VI
W
IX
XM
XM
RK
X
LI
LI
F
F
EO
EO
MR
MR
K
TE
R
V
IQ
SZ
I
&EOMRKTERVEGO
7TSSRWJSVFEOIV]ERHQIEWYVIQIRXGYT
)RWYVIXLEXXLIQM\MRKFPEHIMWWIXFIJSVI
TYXXMRKMRXLIQEXIVMEPW
;MXLSYXQM\MRKFPEHI]SYGERRSXQEOIFVIEH
EWHSYKLMWRSXQM\IH
&IJSVITYXXMRKMRXLIQEXIVMEPWIRWYVI
XLEXXLISTIRMRKGPSWMRKTPEXISJXLI
QEXIVMEPGSRXEMRIVMWGPSWIH

;LIRTPEGMRKSVXEOMRKSYXXLIFEOMRKTER
OIITXLIPIKWERHMRNIGXSVJVSQGSRXEGXMRK
XLIWMPMGSRIVYFFIVSJXLIHSSVHSSVKPEWW
ERHGIMPMRKSJXLISZIRGEZMX]
(SRSX[MTIXLI]IEWXMRPIX[MXLEHV]GPSXL
(V]]IEWX[MPPVIQEMRHYIXSWXEXMGIPIGXVMGMX]
(SRSXTIVJSVQQM\MRK[MXLLEVHMRKVIHMIRXW
FEOMRKTERERHGEYWIWXMGOMRK-XMWLEVQPIWW
ERHGEYWIRSTVSFPIQMRLIEPXLMJ]SYMRKIWX

(SRSXJSVGMFP]STIVEXIXLIPSGOPIZIVERH
LERHPISJXLIFEOMRKTER
9WIXLIWYTTPMIHQMXXIRWSVEXLMGO
HV]HMWLGPSXL[LIR]SYVIQSZIXLI
FEOMRKTERMRNIGXSV]IEWXGSZIVSV
FEOMRKTERVEGO
1E]VIWYPXMRFYVRW
8LISZIRGEZMX]ERHFEOMRKTERMWLSXVMKLXEJXIVLIEXMRK
(SRSXPIXXLIFEOMRKTERMRNIGXSV
]IEWXGSZIVQM\MRKFPEHIERH
WXSVEKIGEWIJEPP
1E]VIWYPXMRHEQEKIHIJSVQEXMSRSV
QEPJYRGXMSR
'%98-32

&EOIV]
background
,S[XS9WI%GGIWWSVMIW
4VITEVEXMSR
7IXXMRK&EOMRK4ERMRXS3ZIR'EZMX]
6IQSZIXLIGIVEQMGXVE]ERH
WIXXLIFEOMRKTERVEGOEXXLI
FSXXSQSJXLISZIRGEZMX]
7IXMXEPMKRMRK[MXLXLIVMKLXWYVJEGIERH
JVSRXIHKISJXLISZIRGEZMX]
%XXEGLXLIQM\MRKFPEHIXSXLI
FEOMRKTER
7IGYVIP]WIXXLIQM\MRKFPEHIWSMX[MPP
SEX
SYVERH[EXIVMRXSXLI
FEOMRKTER
4YXVSSQXIQTIVEXYVIHV]]IEWX
ERH]SYVJEZSVMXIQEXIVMEPWMRXS
XLIMRNIGXSV
4
4YXHV]]IEWXMRXSXLI]IEWXMRPIXSJ
XLIMRNIGXSVERHQEXIVMEPWMRXSXLI
QEXIVMEPGSRXEMRIV
8LIVIEVIQIRYSTXMSRW[MXLSYX
MRNIGXMSRSJHV]]IEWXERHQEXIVMEPW
%PMKRXLIMRNIGXSV[MXLXLISHH
WLETIHWIGXMSRSRVMKLXERHPIJX
WMHIWSJXLIFEOMRKTERWIXXLI
XXLI
]IEWXGSZIV[MXLXLI]IEWXMRPIX
4PEGIERHWIXXLIFEOMRKTERSRE
PIZIPTSWMXMSR%XXLMWTSMRXFIWYVIXS
LSPHXLILERHPIXSWXEFMPM^IMX
8LI]IEWXGSZIVMWSRP]YWIHJSV
QIRYSTXMSRWXLEXVIUYMVIHV]]IEWX
4SYV[EXIVGMVGYPEVP]EVSYRHXLITS[HIV
&EOMRKTERWIXXMRKTSWMXMSR
7IXXLIFEOMRKTERVEGO
1EXIVMEPGSRXEMRIV
-RNIGXSV
=I EW X
MRPIX
7TSSRWJSVFEOIV]
,ERHPI
3HHWLETIH
WIGXMSR
&EOMRK
TER
-RNIGXSV
=IEWXGSZIV
1M\MRK
FPEHI
6SXEV]
WLEJX
&EOMRKTER
-RWIVX
EPMKRMRK
[MXLXLI
VSXEV]WLEJX

&EOIV]
background
(SRSXJSVGMFP]STIVEXIXLIPSGOPIZIV
ERHLERHPISJXLIFEOMRKTER

-JXLITVSGIHYVIMWRSXWQSSXLVIXYVRXSXLI
TVIZMSYWWXIT
4YPPXLIFEOMRKTERPSGOPIZIV
XS[EVHXLILERHPIWMHIXSXLI
IRH
4PEGIXLIFEOMRKTERPIZIPERH
STIVEXIXLIPIZIV
-JXLIPSGOPIZIVMWRSXSRXLIJVSRXWMHI
XLIFEOMRKTERQE]KIXXVETTIHF]
PSGOMRKXEFWERHGERRSXFIWIX
4PEGIXLIFEOMRKTERSRXLI
KYMHISJXLIFEOMRKTERVEGOERH
WPMHIMXWXVEMKLXXSXLIFEOMRKTER
WIXXMRKTSWMXMSR
;LIRXLIFEOMRKTERMWTVSTIVP]WIXXS
XLIFEOMRKTERWIXXMRKTSWMXMSRXLIJSYV
XMRXSLSPIWPSGEXIHEXXLIFSXXSQ
SJXLISZIRGEZMX]
7YTTSVXXLIFEOMRKTERLSVM^SRXEPP]
TVIWWXLIPSGOPIZIVHS[RXSXLI
IRHERHGPSWIXLIHSSV
;LIRMXMWTVSTIVP]WIX]SY[MPPLIEVE
FY^^IV
-JXLIPSGOPIZIVHSIWRSXQSZIWQSSXLP]
XLIFEOMRKTERMWRSXTVSTIVP]WIXMRXLI
FEOMRKTERWIXXMRKTSWMXMSR
7XEVXSZIVJVSQ
7PMHIMXSZIVXLIKYMHISJXLIFEOMRKTER
VEGOWXVEMKLXMRXSXLITSWMXMSR
,SPHXLIFEOMRKTERLERHPIPMKLXP]ERHTYWL
XLIPSGOPIZIV[MXLSYXXMPXMRKXLIFEOMRK
TER
0SGO
PIZIV
(SRSXPIXXLIFEOMRKTERERH
MRNIGXSVJEPP
1E]VIWYPXMRMRNYV]FYVRWSVHEQEKI
'%98-32
8SQEOIFVIEHIXG
4
8SWLETIFVIEHSR]SYVS[R
4

&EOIV]
background
3TIVEXMSRWSJ%YXS&EOIV]1IRY
&EOMRK&VIEH&EOI&VIEHMR%YXS&EOIV]1IRY
7IXXLIFEOMRKTERVEGOERHWIXXLIFEOMRK
TERERHMRNIGXSVGSRXEMRMRKMRKVIHMIRXWSR
XSXLIFEOMRKTERVEGO
4
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRI
ERHMRWIVXMRXSXLIQEMRYRMX
8SYGL
&EOIV]*YRGXMSR
ERH
%YXS&EOIV];LMXIFVIEH
8SYGL
&VIEH

8SYGL
)RXIV
4VIWW
7XEVX
6ILIEX
XSWXEVX
;LIRWIXXMRKXLIFEOMRKTER
WIGYVIP]PSGOMX
4
8SGLERKIXLIXMQIVQEXIVMEP
ERHHSRIRIWWEHNYWXQIRX
WIXXMRKWXSYGLXLI
7IXXMRKW
FYXXSR
4

'SQTPIXMSRXMQIHMWTPE]
ERHVIQEMRMRKXMQIHMWTPE]
-JXLIVIQEMRMRKGSSOMRKXMQI
MWLSYVSVQSVIXLIGSQTPI
XMSRXMQIMWHMWTPE]IH;LIR
XLIVIQEMRMRKGSSOMRKXMQI
KSIWPIWWXLERLSYVXLI
VIQEMRMRKXMQIMWHMWTPE]IH

*SV
&5YMGO7SHE&VIEH

XEOIXLIFEOMRKTERSYX
QMH[E]XSWLETIXLIFVIEH
%TTVSTVMEXIXMQIJSVWLETMRK
IHF]ETS[HIV
VIQSZEPVIQMRHIVWSYRH
1M\MRKVMWMRKXLIWXVMWIXLIRHVMWIERHFEOMRKTVSGIWWIWEVIEPPTIVJSVQIHEYXSQEXMGEPP]
&EOIXMQIVMWEZEMPEFPIJSVWSQIQIRYSTXMSRW
4
%ZEMPEFPIXMQIVWIXXMRKWZEV]HITIRHMRKSRQIRYSTXMSRW8LIQE\MQYQWIXXMRKMWLSYVW
=SYGERMRNIGXQEXIVMEPWQMH[E]
4
;LIR]SYMRNIGXQEXIVMEPWQMH[E]WIPIGXQM\MRKSVGSEVWIQM\MRKSJ
%YXS-RNIGXMSR
1ERYEP-RNIGXMSR
HITIRHMRKSRQEXIVMEPX]TIW
-J]SY[ERXXSQEOIZEVMSYWX]TIWSJFVIEHYWI,ERHQEHI&EOIV]1IRY
4
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
%GGIWWSV]9WIH
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
*YPP
;EXIV8ERO
]
N
1
1E
RYEP-R
N
IGXM
SR
R
H
-J
-
X
X
J
J
%
%Y
XS-RNIGXM
SR
R

)\EQTPI-RGEWISJ
&&VIEH


&EOIV]
background
9WIXLIWYTTPMIH
QMXXIRWSVEXLMGO
HV]HMWLGPSXL[LIR
]SYVIQSZIXLIFEOMRKTER
JVSQXLILIEXIHSZIRGEZMX]
8LIFEOMRKTERERH[EPPWYVJEGIWSJ
XLISZIRGEZMX]EVILSXERHXSYGLMRK
MXHMVIGXP][MPPVIWYPXMRFYVRW
0E]HS[RXLIFEOMRK
TER]SYXSSOSYXSR
ETSHWXERHSVHV]
GPSXLSREWXEFPIWXERHXS
GSSPMXHS[R
1E]JEPPERHGEYWIFYVRW
;LIRVIQSZMRKXLIFVIEH
0IXXLIFVIEHGSSPHS[RSREGEOI
GSSPIVSVXLIPMOI
YRXMPMXGERFI
LIPHF]LERH
,SPHXLIFVIEH
YTWMHIHS[R
ERHFVIEOXLI
FVIEHEVSYRH
XLIQM\MRK
FPEHIYWMRKE
WOI[IVSVXLIPMOI8LIRMRWIVXXLI
WOI[IVMRXSELSPIJSVXLIVSXEV]
WLEJXERHXEOIXLIQM\MRKFPEHISYX
4SYVPYOI[EVQ[EXIVSV[EXIVXS
WSEOXLIFVIEHGVYQF
*M\XLIQM\MRKFPEHIF]KVEFFMRKXLI
VSXEV]WLEJXJVSQFIRIEXLXLIFEOMRKTER
XYVRXLIQM\MRKFPEHIGSYRXIVGPSGO[MWI
8LIRXYVRMXMRFSXLHMVIGXMSRWWIZIVEP
XMQIWERHTYPPMXYTXSVIQSZI
-JMXMWLEVHXSXEOIMXSYXEHH[EXIV
MRXSXLIFEOMRKTERERHPIEZIMX
QMRYXIW8LIRMX[MPPFIIEWMIVXSVIQSZI
(SRSXPIEZIXLIPIKWSJXLIFEOMRKTERWSEOIHMR[EXIVJSV[EWLMRK
*SVQEMRXIRERGITVSGIHYVIWVIJIVXS1EMRXIRERGISJ
%GGIWWSVMIW
4
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
YRPSGOERHXEOISYXXLIFEOMRKTER
,SPHXLIVSSXSJXLILERHPIXYVR
XLIFEOMRKTERYTWMHIHS[R
ERHWLEOIMXYTERHHS[R
WIZIVEPXMQIWXSXEOIMXSYX
'SSOMRKMRTVSKVIWW
;LIRFVIEHMWRSXFEOIHIRSYKL
4VIWW
%HHMXMSREP,IEXMRK

4
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIR
GEZMX]ERHHSSVEJXIVXLIQEMR
YRMXLEWGSSPIHHS[R
0E]HS[RXLIFEOMRKTER]SYXSSOSYXSRE
WXERHGSZIVIH[MXLEGPSXLSVXS[IPXSGSSPMX
HS[RJSVQMRYXIW
0IXXLIFVIEHGSSPHS[RSRE
GEOIGSSPIVSVXLIPMOI
-JXLIQM\MRKFPEHI
VIQEMRWMRXLIFVIEH
,ERHPMRKSJFEOMRKTEREJXIV
XEOMRKFVIEHSYX
-J]SY[ERXXSXYVRXLI
SZIRPEQTSRHYVMRK
GSSOMRKTVIWW
7XEVX
6ILIEX
8SXYVRMXSJJTVIWW
7XEVX
6ILIEX
EKEMR
1M\MRKFPEHI
M
F
P
'%98-32
1M\MRKFPEHI
6SXEV]WLEJX
1M
1M
\M
\M
RK
FPEHI
6
6

&EOIV]
background
9WIXLIWYTTPMIHQMXXIRWSV
EXLMGOHV]HMWLGPSXL[LIR
]SYVIQSZIXLIFEOMRKTER
JVSQXLILIEXIHSZIRGEZMX]
8LIFEOMRKTERERH[EPPWYVJEGIW
SJXLISZIRGEZMX]EVILSXERHXSYGLMRKMX
HMVIGXP][MPPVIWYPXMRFYVRW
0E]HS[RXLIFEOMRKTER
]SYXSSOSYXSRETSHWXERH
SVHV]GPSXLSREWXEFPI
WXERHXSGSSPMXHS[R
1E]JEPPERHGEYWIFYVRW
;LIRVIQSZMRKXLIFVIEH
'%98-32
3TIVEXMSRWSJ%YXS&EOIV]1IRY
'SRXMRYIH
&EOMRK&VIEH)EW]3TIVEXMSRW
7IXXLIFEOMRKTERVEGOERHWIXXLIFEOMRK
TERERHMRNIGXSVGSRXEMRMRKMRKVIHMIRXWSR
XSXLIFEOMRKTERVEGO
4
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPP
PMRIERHMRWIVXMRXSXLIQEMRYRMX
4VIWW
&VIEH

;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
XEOIXLIFEOMRKTERSYXERHPE]HS[RXLI
FEOMRKTERSREWXERHGSZIVIH[MXLEGPSXL
SVXS[IPXSGSSPMXHS[RJSVQMRYXIW
4VIWW
7XEVX
6ILIEX
XSWXEVX
;LIRWIXXMRKXLIFEOMRKTER
WIGYVIP]PSGOMX
4
8SGLERKIXLIXMQIVQEXIVMEPERH
HSRIRIWWEHNYWXQIRXWIXXMRKWXSYGL
XLI
7IXXMRKW
FYXXSR*SVWIXXMRK
TVSGIHYVIVIJIVXSXLISTTSWMXITEKI
-J]SYHSRSXGLERKIXLITVIZMSYWWIXXMRKWGERFIVIGEPPIH
7IPIGX
&VIEH
[MXLSRIXSYGL
&VIEH
MWQEHIF]XLIWEQIMRKVIHMIRXWEW
&&VIEH
7IXXMRKWSJXMQIV
QEXIVMEPMRNIGXMSRQIXLSHERHHSRIRIWWEHNYWXQIRXEVIEYXSQEXMGEPP]VIKMW
XIVIHWS]SYHSRXLEZIXSGLERKIWIXXMRKWIEGLXMQI
;LIRFVIEHMWRSXFEOIHIRSYKL
4VIWW
%HHMXMSREP,IEXMRK

4
%JXIVXEOMRKSYXXLIFVIEHTSYVPYOI[EVQ[EXIVSV[EXIVMRXS
XLIFEOMRKTERERHPIEZIMXJSVE[LMPI
4
,SPHXLIVSSXSJXLILERHPIXYVRXLIFEOMRKTERYTWMHI
HS[RERHWLEOIMXYTERHHS[RWIZIVEPXMQIWXSXEOIMXSYX
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERHHSSVEJXIVXLIQEMRYRMXLEWGSSPIHHS[R
SYVggggggg K
7YKEV KWGSSTSJXLIPEVKIWTSSR
7EPX KWGSSTSJXLIWQEPPWTSSR
&YXXIV gggggggggggggK
;EXIV ggggggggggggg Q0
(V]]IEWXKVERYPEVUYMGOVMWMRKX]TI
ggggg KWGSSTSJXLIWQEPPWTSSR
%HH
H
H
%
MRXSXLIFEOMRKTERTSYV[EXIVGMVGYPEVP]
ERHTYXHV]]IEWXMRXSXLI]IEWXMRPIXSJXLIMRNIGXSV
*
*
7
7
7
7
&
&
;
;
X
K
T
T
%H
H
H
%
X
XL
F
OM
X
M
P
P
M
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
%GGIWWSV]9WIH
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
%
6IQMRHIV

K
-RKVIHMIRXWSJ
&VIEH
6IJIVIRGILIEXMRKXMQI
%FSYXQMRYXIW
*YPP
;EXIV8ERO
7XEVX
6ILIEX
&VIEH1MGVS[EZI
&EGO 'PIERMRK
'ERGIP

&EOIV]
background
8SYGL
8MQIV
ERHEHNYWX,SYVERH1MRYXIXSHIWMVIHXMQI8LIRXSYGL
7IX8MQIV
ERH
)RXIV
%TTPMGEFPIXMQIVERKIMWLSYVWJVSQXLIWXEVX
=SYGERRSXWIXER]XMQIWLSVXIVXLERXLIGSSOMRKXMQI
2IMXLIVXSSPSRKXMQIGERFIWIXEWMX[MPPVIWYPXMRTSSVHSRIRIWW
1EXIVMEPWXLEXGERFIYWIH
6IJIVXS8MTWJSV1M\MRK1EXIVMEPWMRXS(SYKL
4
(SRSXWIXXLIXMQIV[LIR]SYYWIER]
TIVMWLEFPIQEXIVMEP
,S[XSIREFPIHMWEFPIERHWIXXLIXMQIV
8SYGL
1EXIVMEP
WIPIGXERMRNIGXMSRQIXLSHEGGSVHMRKXSXLIQEXIVMEPERHXLIRXSYGL
)RXIV
8SYGL
EHNYWXFVS[RMRKERHXSYGL
)RXIV
;LIR]SYXSYGL
)RXIV
]SY
VIXYVRXS
WGVIIRERHXLI
WIXXMRKMWGSQTPIXIH
;LIR]SYXSYGL
)RXIV
]SY
VIXYVRXS
WGVIIRERHXLI
WIXXMRKMWGSQTPIXIH
;LIR]SYXSYGL
)RXIV
]SYVIXYVRXS
WGVIIRERH
XLIWIXXMRKMWGSQTPIXIH
8LITVSGIHYVIJSVXMQIVWIXXMRKZEVMIWJVSQXLEX
SJSXLIVQIRYSTXMSRW
8MQIV
ERH
8MQIV
EVIRSXEZEMPEFPI
1EVO
,-
1-(
03
,S[XSWIXQEXIVMEPMRNIGXMSR
,S[XSEHNYWXHSRIRIWW

&EOIV]
background
3TIVEXMSRWSJ%YXS&EOIV]1IRY
'SRXMRYIH
&EOMRK&VIEH[MXL&EOI8MQIV
7IXXLIFEOMRKTERVEGOERHWIXXLIFEOMRKTERERHMRNIGXSV
GSRXEMRMRKMRKVIHMIRXWSRXSXLIFEOMRKTERVEGO
4
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRIERH
MRWIVXMRXSXLIQEMRYRMX
6IJIVXSXLITVSGIHYVI
ERH
MR&EOMRK&VIEH
4
ERHWIPIGX
&&VIEH
4VIWW
7XEVX
6ILIEX
XSWXEVX
8LI%YXS&EOIV]QIRYSTXMSRW
SXLIVXLER
&&VIEH
&VIEH

XLI[EXIVXEROMWRSXYWIH
*SV%YXS&EOIV]1IRYXLIVIEVIQIRYSTXMSRWJSV[LMGLFEOIXMQIGERFIWIX
%WQEXIVMEPWEVITIVMWLEFPIXLIFEOIXMQIVERHVMWMRKGSQTPIXMSRXMQIVWIXXMRKWEVIRSX
EZEMPEFPIJSVWSQI%YXS&EOIV]ERH,ERHQEHI&EOIV]QIRYSTXMSRW
*SVWSQIQIRYSTXMSRWXLIXMQIVJYRGXMSRMWRSXETTVSTVMEXI
*SVQIRYSTXMSRWXLEXYWITIVMWLEFPIMRKVIHMIRXWWYGLEWQMPOERHIKKWHSRSXYWIXLI
XMQIVJYRGXMSR
-JXLIXIQTIVEXYVIMRXLISZIRGEZMX]MW
-XHSIWRSXWXEVX[LIR
7XEVX
6ILIEX
MWTVIWWIH
8LMWMWFIGEYWIHSRIRIWW[MPPFITSSVMJ
XLIXIQTIVEXYVIMWLMKLHYVMRKQM\MRK
&IWYVIXSTIVJSVQGSSPMRKSTIVEXMSR
4
9TXSX[SWIXXMRKWSJ
GSQTPIXMSRXMQIEVIWEZIH
JSVXLIXMQIVJYRGXMSR
)EGLTVIZMSYWP]WIX
GSQTPIXMSRXMQIMWWEZIHMR
8MQIVERH8MQIV
&]HIJEYPXXLI]EVIWIXXS
ERH

2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
%GGIWWSV]9WIH
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
*YPP
;EXIV8ERO
;LIRWIXXMRKXLIFEOMRK
TERWIGYVIP]PSGOMX
4
8SYGL
8MQIV
8SYGL
8MQIV
ERH
'LERKI8MQI
8SYGL
FIWMHI,SYVSRGIERHXLIR
)RXIV
8SYGL
)RXIV
8SGLERKIXLIXMQIVQEXIVMEPERH
HSRIRIWWEHNYWXQIRXWIXXMRKWXSYGL
XLI
7IXXMRKW
FYXXSR
4
7IXXMRKWEVIHMWTPE]IH
)\EQTPI8SWIX &&VIEH XS

&EOIV]
background
0MWXSJ%ZEMPEFPI8MQIV7IXXMRKW
'%98-32
9WIXLIWYTTPMIH
QMXXIRWSVEXLMGO
HV]HMWLGPSXL[LIR
]SYVIQSZIXLIFEOMRKTER
JVSQXLILIEXIHSZIRGEZMX]
8LIFEOMRKTERERH[EPPWYVJEGIWSJ
XLISZIRGEZMX]EVILSXERHXSYGLMRK
MXHMVIGXP][MPPVIWYPXMRFYVRW
0E]HS[RXLI
FEOMRKTERSRE
TSHWXERHSVHV]
GPSXLSREWXEFPIWXERHXS
GSSPMXHS[R
1E]JEPPERHGEYWIFYVRW
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
YRPSGOERHXEOISYXXLIFEOMRKTER
'SSOMRKMWRSXTIVJSVQIHERHXLISZIRMWMRWXERHF]WXEXIYRXMP
XLIXMQIWIXJSVIEGLQIRYSTXMSRJVSQXLI&EOI8MQIV
8SXEOIFVIEHSYXSJXLIFEOMRKTER
4
8LI0'(FEGOPMKLX
XYVRWSJJHYVMRK
XMQIVWXERHF]
8MQIVWIXXMRKMWEZEMPEFPIJSVQIRYSTXMSRWWYGLEW
&&VIEH
ERH
&6EMWMR&VIEH

*SVXLIJSPPS[MRKQIRYSTXMSRW[LMGLYWITIVMWLEFPIMRKVIHMIRXWWYGLEWQMPOERHIKKWXLIXMQIV
JYRGXMSRMWRSXEZEMPEFPI
&&YXXIV6MGL&VIEH

&0MKLX7IWEQI'LIIWI&VIEH

&,SRI]2YX&VIEH

&5YMGO7SHE&VIEH
ERH
&4PYQ7LMVEWY&VIEH
%ZEMPEFPIXMQIVWIXXMRKWZEV]HITIRHMRKSRQIRYSTXMSRW
&IGEYWIFVIEH[MPPRSXFIHSRIMJXLIXMQIXSXLIFEOMRKXMQIMWXSSWLSVXXLMWJYRGXMSRMWRSX
EZEMPEFPI
2IMXLIVXSSPSRKXMQIGERFIWIXEWMX[MPPVIWYPXMRTSSVHSRIRIWW
1IRYSTXMSR
8MQIVVERKI
*VSQWXEVXYT
&
&VIEH
LSYVW
&
6EMWMR&VIEH
LSYVW
&
;EPRYX&VIEH
LSYVW
&
7SJX&VIEH
LSYVWQMRYXIWLSYVW
1IRYSTXMSR
8MQIVVERKI
*VSQWXEVXYT
&
6SYRH8ST*VIRGL&VIEH
LSYVW
&
6]I&VIEH
LSYVWQMRYXIWLSYVW
&
6MGI*PSYV&VIEH
LSYVWQMRYXIWLSYVW
&
6MGI&VIEH
LSYVWQMRYXIWLSYVW
0MKLX3JJ

&EOIV]
background
1EXIVMEP-RNIGXMSR
&EOMRK&VIEH[MXL1EXIVMEPW1M\IHMRXS(SYKL
1EXIVMEPMRNIGXMSRGERFIWIPIGXIHJSV &VIEH 7XITMR%YXS&EOIV]ERH,ERHQEHI&EOIV]QIRY
STXMSRWERH1M\MRK1IRY
7IPIGX %YXS-RNIGXMSR ERH 1ERYEP-RNIGXMSR EGGSVHMRKXSQEXIVMEPX]TIW
%YXS-RNIGXMSR
1EXIVMEPWGSRXEMRIHMRXLIQEXIVMEPGSRXEMRIVFIJSVIWXEVXMRKEVIMRNIGXIHEXXMQMRK
1ERYEP-RNIGXMSR
=SY[MPPFIVIQMRHIHF]XLIQEXIVMEPVIQMRHIVWSYRHEXXLIXMQMRKSJQEXIVMEPMRNIGXMSR
8EOIXLIFEOMRKTERSYXTYXMRXLIQEXIVMEPWERHVIXYVRXSXLISZIRGEZMX]-J]SYPIEZI
XLIFEOMRKTER[MXLSYXTYXXMRKMRXLIQEXIVMEPWJSVQMRYXIWGSSOMRK[MPPFIWXEVXIH
EKEMR
&6MGI'EOI
VIWXEVXWEJXIVQMRYXI
=SYGEREPWSWIPIGXGSEVWIQM\MRKXSQEOIFVIEH[MXLQEXIVMEPW[LSWIWLETIWEVIVIXEMRIH
7IXXLIFEOMRKTERVEGOERHWIXXLIFEOMRKTERERHMRNIGXSV
GSRXEMRMRKMRKVIHMIRXWSRXSXLIFEOMRKTERVEGO
4
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPP
PMRIERHMRWIVXMRXSXLIQEMRYRMX
;MXLVIJIVIRGIXSXLITVSGIHYVI
ERH
MR&EOMRK
&VIEH
4
WIPIGXE&EOIV]*YRGXMSRQIRY
STXMSRXLEXEPPS[WJSVQEXIVMEPWMRNIGXMSR
8SYGL
1EXIVMEP
8SYGL
%YXS-RNIGXMSR1M\
ERH
)RXIV
8SYGL
)RXIV
-RGEWISJEYXSMRNIGXMSR
4YXQEXIVMEPWMRXSXLIQEXIVMEP
GSRXEMRIVSJXLIMRNIGXSV
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
;LIRWIXXMRKXLIFEOMRK
TERWIGYVIP]PSGOMX
4
4VIWW
7XEVX
6ILIEX
XSWXEVX
8SGLERKIXLIXMQIVQEXIVMEPERH
HSRIRIWWEHNYWXQIRXWIXXMRKWXSYGL
XLI
7IXXMRKW
FYXXSR
4
8LITVIZMSYWWIXXMRKWEVIVIKMWXIVIH
7IXXMRKWEVIHMWTPE]IH
)\EQTPI8SWIX
&&VIEH
XS?1M\ASJ
%YXS-RNIGXMSR

&EOIV]
background
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
YRPSGOERHXEOISYXXLIFEOMRKTER
8LIQEXIVMEPVIQMRHIV
WSYRHVMRKW
-RGEWISJEYXSMRNIGXMSR
-RGEWISJQERYEPMRNIGXMSR
8SXEOIFVIEHSYXSJXLIFEOMRKTER
4
1EXIVMEPWMRXLI
QEXIVMEPGSRXEMRIVEVI
EYXSQEXMGEPP]MRNIGXIH
4VIWW 4EYWI ERH
MRNIGXXLIQEXIVMEPW
-RGEWISJQERYEPMRNIGXMSR
;LIR]SYLIEVXLI
QEXIVMEPVIQMRHIVWSYRH
4VIWW
4EYWI
STIR
XLIHSSVERHXEOIXLI
FEOMRKTERSYX
8EOIXLIMRNIGXSVSYX

4YXXLIQEXIVMEPWMRXS
XLIFEOMRKTER
7IXXLIMRNIGXSVXSXLI
FEOMRKTER
7IXXLIFEOMRKTERXS
XLIFEOMRKTERVEGO

4VIWW
7XEVX
6ILIEX
XSVIWXEVX
(SRSXTYXER]TIVMWLEFPIMRKVIHMIRX[LIR
]SYYWIXMQIV
1EOIXLIEQSYRXSJQEXIVMEPWXSFITYXMR
XLIQEXIVMEPGSRXEMRIVFIPS[K
(SRSXTYXMRXSSLEVHSVXSSWQEPPQEXIVMEPW
8MTWJSV1M\MRK1EXIVMEPWMRXS(SYKL
%YXS-RNIGXMSR 1ERYEP-RNIGXMSR
4YXXMRKMREXXLIFIKMRRMRK
7YMXIH
QEXIVMEPW
(V]QEXIVMEPW
,EVHXSQIPXQEXIVMEPW
4EVXMGPIWRSXXSSWQEPPQQSVPEVKIV
;IXERHWXMGO]QEXIVMEPW
7SPYFPIQEXIVMEPW
4EVXMGPIWXLEXMWXSSWQEPP
QQSVWQEPPIV
4EWXI
1EXIVMEPWMRHMGEXIHMR
6IGMTIWSJXLMWKYMHI
)\EQTPIW
(V]JVYMXWYGLEWVEMWMR
2YXW[EPRYXIXG
,EQERHFEGSR
*VYMXWSEOIHMREPGSLSP
'LIIWI
'LSGSPEXI
:IKIXEFPITEWXI
7IWEQI
8MQMRKSJQEXIVMEPMRNIGXMSRF]QEXIVMEPX]TIW
8MQMRKSJQEXIVMEPMRNIGXMSRZEVMIW
HITIRHMRKSRVSSQXIQTIVEXYVIERH
QIRYSTXMSRW
4
*SVWSQIQIRYSTXMSRWQEXIVMEPMRNIGXMSRERHGSEVWIQM\MRKEVIRSXEPPS[IH
%YXS&EOIV]1IRY
4
1EXIVMEPMRNIGXMSRMWRSXEPPS[IHJSV,ERHQEHI&EOIV]1IRY
&'VSMWWERX
1M\MRK1IRY
4
*SVMRNIGXMSRXMQMRKSJQEXIVMEPWJSVIEGLQIRYVIJIVXSXLIJSPPS[MRK
%YXS&EOIV]1IRY
4
,ERHQEHI&EOIV]1IRY
4
1M\MRK1IRY
4

&EOIV]
background
3TIVEXMSRWSJ,ERHQEHI&EOIV]1IRY
7XIT
1M\MRK-RKVIHMIRXWXSWX6MWI
,ERHQEHI&EOIV]1IRYGSRWMWXWSJXLVIIWXITWQM\MRKXSXLIWXVMWIRHVMWIERHTVILIEXMRK
XSFEOMRK7LETIXLIFVIEHSR]SYVS[R
&&YXXIV6SPP
&4M^^E
4

8SQEOIRSVQEPFVIEHEYXSQEXMGEPP]YWIXLI%YXS&EOIV]1IRY
6IJIVXSXLIPMWX
4
ERHSTIVEXMSRW
4

2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
7XIT'SQTPIXIH
;LIRWIXXMRKXLIFEOMRK
TERWIGYVIP]PSGOMX
8SYGL &EOIV]*YRGXMSR ERHXLIR ,ERHQEHI&EOIV] 
8SYGL &YXXIV6SPP
8SYGL
7XIT ERHXLIR )RXIV
4VIWW
7XEVX
6ILIEX
XSWXEVX
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
YRPSGOERHXEOISYXXLIFEOMRKTER
-JVMWMRKMWRSXIRSYKLVIXYVRXLIHSYKLXSXLISZIR
GEZMX]EPSRK[MXLXLI
FEOMRKTERERHTIVJSVQ
%HHMXMSREP,IEXMRK
JSV
XLIWXVMWI
4
-JHSYKLMWRSXQM\IHIRSYKLJSVQIRYSTXMSRW
[MXLSYXXLIWXVMWIYWI
%HHMXMSREP1M\MRK
XS
TIVJSVQEHHMXMSREPQM\MRK
4
-JXLIXIQTIVEXYVIMRXLI
IKVMKLXEJXIVGSSOMRK
-XHSIWRSXWXEVX[LIR
7XEVX
6ILIEX
MWTVIWWIH
8LMWMWFIGEYWIHSRIRIWW[MPPFITSSVMJ
XLIXIQTIVEXYVIMWLMKLHYVMRK1M\MRK
&IWYVIXSTIVJSVQGSSPMRKSTIVEXMSR
4
7IXXLIFEOMRKTERVEGOERHWIXXLIFEOMRKTER
ERHMRNIGXSVGSRXEMRMRKMRKVIHMIRXW
4
SR
XSXLIFEOMRKTERVEGO
PPXLI[E
XIVXEROYTXSXLIJYPPPMRIERHMRWIVXMRXSXLIQEMRYRMX
8SGLERKIXLIQEXIVMEPERH
HSRIRIWWEHNYWXQIRX
WIXXMRKWXSYGLXLI7IXXMRKW
FYXXSR
4
4
%GGIWWSV]9WIH
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
*YPP
;EXIV8ERO
7IXXMRKWEVIHMWTPE]IH
)\EQTPI
7XIT
MR
&
&YXXIV6SPP


&EOIV]
background
;LIRXLIWGVIIREJXIV
7XIT
HMWETTIEVIH
;MXLVIJIVIRGIXS
XLITVSGIHYVI
ERH
MR 7XIT STIVEXIXLI
SZIRERHYWIXLITVSGIHYVI
XS
WIPIGX 7XIT
7XIT
RH6MWISJ7LETIH(SYKL
)\EQTPI 7XIT EJXIV
&
&YXXIV6SPP 7XIT
;LIRVSSQXIQTIVEXYVIMW
FIKIRIVEXIHIJJIGXMZIP]
-RWYGLGEWIW[EVQYTXLI
VSSQFIJSVIWXEVXMRK
7XIT
8SYGL 7XIT MRXLIWGVIIREJXIVGSQTPIXMSRSJ
7XIT
4VIWW
7XEVX
6ILIEX
XSWXEVX
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
XEOIXLIQIXEPXVE]SYX
8EOIXLIFEOMRKTERVEGOSYXERHWIXXLIGIVEQMGXVE]
VWXVMWMRKEVVERKIMXSRXLI
QIXEPXVE]ERHWIXXLIXVE]MRXS&SXXSQSJXLIXVE]VEGO
8LIVIMWRS
7XIT
JSV
&2EER XS
&4M^^E
4VSGIIHXS
7XIT
8SEHNYWXHSRIRIWW
4
-JXLIHSYKLMWRSX
PIEZIRIH[IPPVIXYVRMX
XSXLISZIRGEZMX]
EPSRK[MXLXLIQIXEP
XVE]ERHTIVJSVQXLIRH
VMWI[MXL
%HHMXMSREP,IEXMRK

4
*YPP
;EXIV8ERO
%GGIWWSV]9WIH
1IXEP8VE]&SXXSQ
'IVEQMG8VE]

&EOIV]
background
3TIVEXMSRWSJ,ERHQEHI&EOIV]1IRY'SRXMRYIH
7XIT &EOMRK6MWIR(SYKL
)\EQTPI
7XIT
EJXIV
&&YXXIV6SPP
7XIT
4VIWW
7XEVX
6ILIEX
XSWXEVX
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
VIQSZIXLIFVIEH
'LIGOXLEXXLIGIVEQMGXVE]MWWIXEXXLIFSXXSQ
SJXLISZIRGEZMX]ERHGPSWIXLIHSSV
9WIXLIXVE]VEGOETTVSTVMEXIEGGSVHMRKXSXLI
QIRYSTXMSR
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIRGEZMX]ERHHSSV
EJXIVXLIQEMRYRMXLEWGSSPIHHS[R
;LIRXLIWGVIIREJXIV
7XIT
HMWETTIEVIH
;MXLVIJIVIRGIXS
XLITVSGIHYVI
ERH
MR
7XIT
4
STIVEXIXLI
SZIRERHYWIXLITVSGIHYVI
XS
WIPIGX
7XIT

8SYGL
7XIT
MRXLIWGVIIREJXIVGSQTPIXMSRSJ
7XIT
8SEHNYWXHSRIRIWW
4
;LIR]SYLIEVXLITVILIEXMRKGSQTPIXMSR
WSYRHSTIRXLIHSSVERHWIXXLIQIXEP
XVE][MXLHSYKLXS1MHHPISJXLIXVE]VEGO
-JXLIHSYKLMWRSXFEOIH
[IPPVIXYVRMXXSXLISZIR
GEZMX]EPSRK[MXLXLI
QIXEPXVE]ERHLIEXMX[MXL
%HHMXMSREP,IEXMRK

4
'%98-32
9WIXLIWYTTPMIH
QMXXIRWSVEXLMGO
HV]HMWLGPSXL[LIR
]SYTPEGIXLI
EGGIWWSVMIWMRXSXLISZIR
SV[LIR]SYXEOIXLIQSYX
8LIQIXEPXVE]ERH[EPPWYVJEGIW
SJXLISZIRGEZMX]EVILSXERH
XSYGLMRKMXHMVIGXP][MPPVIWYPXMR
FYVRW
*YPP
;EXIV8ERO
%GGIWWSV]9WIH
'IVEQMG8VE]
1IXEP8VE]1MHHPI
*SVTM^^ESVREERWIXXLI
QIXEPXVE]XSXLIXVE]VEGO
4VIWW
7XEVX
6ILIEX
XSWXEVXTVILIEXMRK

&EOIV]
background
8MTWJSV,ERHQEHI&EOIV]1IRY
;LIR]SYSTIRERHGPSWIXLIHSSVSVTEYWI
XLISTIVEXMSRHSMXUYMGOP]
;MPPHIGVIEWIXIQTIVEXYVIMRXLISZIRGEZMX]SV
TVSPSRKVMWMRKXMQI
1EXIVMEPMRNIGXMSRMWEFSYXQMRYXIWJVSQ
XLIWXEVX
&'VSMWWERX
MWEQIRYSTXMSRXLEXHSIWRSX
EPPS[JSVQEXIVMEPMRNIGXMSR
8SGLIGOGSRHMXMSRWSJXLIWXVMWITIVJSVQE
RKIVXIWX
MRXSXLIGIRXIVSJXLIHSYKLMRXLIFEOMRKTER
IRSYKL
*SVHIXEMPWVIJIVXSLS[XSQEOI&YXXIV6SPP
4
&'VSMWWERX ERH &&EKIP EVI
QIRYSTXMSRW[MXLSYXXLIWXVMWIMR7XIT
*SVXLIWIQIRYSTXMSRWSRP]QM\MRKMW
TIVJSVQIHWSHSYKLHSIWRSXVMWI
;LIRHSYKLWYVJEGIMWHV]EJXIV7XIT
7TVE][EXIVSRXSXLIHSYKLWYVJEGI[LMPIMXMWMR
XLIFEOMRKTER
8IEVMRKHSYKLSVXV]MRKXSVIWLETITSSV
WLETIEJXIVXLIRHVMWI[MPPHEQEKIXLI
HSYKLERHGEYWITSSVVMWMRK

&VIEHHSYKL[MXLXSSQYGL[EXIVGSRXIRXSV
VMWIRXSSQYGL[MPPRSXXYVRSYX[IPP
-XMWVIGSQQIRHIHXSYWIMXEWTM^^EHSYKLSV
JV]MX
4VIWW
'ERGIP
FIX[IIR7XITERH7XIT
ERHFIX[IIR7XITERH7XITXSTIVJSVQ
SXLIVGSSOMRK
;LIRXLISXLIVGSSOMRKGSQTPIXIWWIX7XIT
ERH7XITJSVXLISVMKMREPQIRYERHVIWYQI
;EXGLSYXJSVWLETMRKERHVMWMRKXMQMRKERHFI
GEVIJYPRSXXSPIXMXVMWIXSSQYGL8SWXEVX7XIT
;LIRHSYKLWYVJEGIFIGSQIWHV]HYVMRK
VMWMRKSVTVILIEXMRK
'SZIVMX[MXLE[VETSVGPSXLERHWTVE][EXIV
SRXSXLIHSYKLWYVJEGI

&EOIV]
background
%YXSQEXMGEPP]/RIEH(SYKLJSV(IWWIVXW'EOIWIXG
1EOIGSSOMIWVE[GLSGSPEXIWERHGEOIWIXG
 &7[IIX4SXEXS
&7EZSV]4SYRH'EOI4PEMR
4
3TIVEXMSRWSJ1M\MRK1IRY
2SXI
;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
7IXXLIFEOMRKTERVEGOERHWIXXLIFEOMRK
TERERHMRNIGXSVGSRXEMRMRKMRKVIHMIRXWSRXS
XLIFEOMRKTERVEGO
4
8SYGL
&EOIV]*YRGXMSR ERH /RIEH1M\ 
8SYGL
2I\X ERHXLIRXSYGL
4ERGEOI4PEMR 
8SYGL
)RXIV
4VIWW
7XEVX
6ILIEX
XSWXEVX
4VIWW
7XEVX
6ILIEX
XSVIWXEVX
%GGIWWSV]9WIH
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
)QTX]
;EXIV8ERO
*SVWSQIQIRYSTXMSRWTS[HIV
MRKVIHMIRXWQE]WXMGOXSFEOMRK
TER[EPPWERHQM\MRKFPEHI
GEYWMRKTSSVQM\MRK
*SVWYGLQIRYSTXMSRWXEOIXLI
FEOMRKTERSYXERHWLETIXLI
HSYKL%TTVSTVMEXIXMQIJSV
IHF]ETS[HIV
VIQSZEPVIQMRHIVWSYRH
4
9RPIWW]SYTVIWW
7XEVX
6ILI EX
XLIFEOMRK
TVSGIWW[MPPRSXWXEVXERHQM\MRK
TVSGIWW[MPPRSXFIVIWYQIH
8SGLERKIXLIXMQIVQEXIVMEP
ERHHSRIRIWWEHNYWXQIRX
WIXXMRKWXSYGLXLI
7IXXMRKW
FYXXSR
4
;LIRWIXXMRKXLIFEOMRK
TERWIGYVIP]PSGOMX
*SVWSQIQIRYSTXMSRW
QEXIVMEPMRNIGXMSRMWRSXEPPS[IH
6IJIVXS8MTWJSV1M\MRK
4
)\EQTPI8SQEOI &4ERGEOI4PEMR
7IXERHPSGOXLIFEOMRKTEREKEMRERH
GPSWIXLIHSSV
;LIR]SYLIEVXLITS[HIVVIQSZEP
GSQTPIXMSRWSYRHYRPSGOERHXEOISYX
XLIFEOMRKTER

&EOIV]
background
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
YRPSGOERHXEOISYXXLIFEOMRKTER
8SXEOIFVIEHSYXSJXLIFEOMRKTER
4
9WIXLIWYTTPMIH
QMXXIRWSVEXLMGO
HV]HMWLGPSXL[LIR
]SYVIQSZIXLIFEOMRKTER
JVSQXLILIEXIHSZIRGEZMX]
8LIFEOMRKTERERH[EPPWYVJEGIWSJ
XLISZIRGEZMX]EVILSXERHXSYGLMRK
MXHMVIGXP][MPPVIWYPXMRFYVRW
0E]HS[RXLI
FEOMRKTERSRETSH
WXERHSVHV]GPSXL
SREWXEFPIWXERHXSGSSPMX
HS[R
1E]JEPPERHGEYWIFYVRW
'%98-32
6IQMRHIV
*VIUYIRXP]QEMRXEMRXLIVSXEV]WLEJXF]IPMQMREXMRKWXMGO]HMVXEJXIV
GSSOMRK9WMRKMX[MXLWXMGO]HMVXEXXEGLIHMX[MPPEGGYQYPEXIJYVXLIVERH
TVIZIRXWIXXMRKSJXLIQM\MRKFPEHI
8MTWJSV1M\MRK
IHSVHIV
4YXXMRKXLIQMRE[VSRKSVHIVQE]QEOIHSRIRIWWTSSV
*SVQIRYSTXMSRWXLEXVIUYMVIWXLIFEOMRKTERXSFIIUYMTTIH[MXLERMRNIGXSVWIGYVIP]WIXMX
3XLIV[MWILIEXMRKFILEZMSVWQE]ZEV]JSVHMJJIVIRXQIRYSTXMSRWERHGEYWITSSVLIEXMRK
*SVWSQIQIRYSTXMSRW]SYLEZIXSXEOIXLIFEOMRKTERSYX[LIR]SYLIEVXLIVIQMRHIV
WSYRHXSEHHMRKVIHMIRXWSVTIVJSVQWSQI[SVO8MQIMRHMGEXIHMRXLIXEFPIFIPS[EVI
SRP]JSVVIJIVIRGI
9RPIWW]SYTVIWW
7XEVX
6ILI EX
EJXIVXLI[SVOXLIFEOMRKTVSGIWW[MPPRSXWXEVXERHQM\MRKTVSGIWW[MPP
RSXFIVIWYQIH
1IRYSTXMSR
6IGMTIW
8MQMRKSJ
WLETMRK
*VSQWXEVXYT
1EXIVMEP
MRNIGXMSRXMQI
*VSQWXEVXYT
&
4ERGEOI4PEMR
4
QMRYXIWPEXIV
&
7EZSV]4SYRH'EOI4PEMR
4
QMRYXIWPEXIV QMRYXIPEXIV
&
1IEXPSEJ
4
QMRYXIWPEXIV
&
6MGI'EOI
4
QMRYXIWPEXIV
1IRYSTXMSR
6IGMTIW
8MQMRKSJ
WLETMRK
*VSQWXEVXYT
1EXIVMEP
MRNIGXMSRXMQI
*VSQWXEVXYT
&
7[IIX4SXEXS
4
QMRYXIWPEXIV
&
(VMIH*VYMXW7S]&VIEH
4
QMRYXIWPEXIV QMRYXIPEXIV
&4SYRH'EOI4PEMR
4
QMRYXIWPEXIV
&
8IE4SYRH'EOI
4
QMRYXIWPEXIV
&
6MGL'LSGSPEXI'EOI
4
QMRYXIWPEXIV

&EOIV]
background
1EOIHSYKLJSVYHSRIXGVMGIGEOIVMGIKVYIPTEWXEWSYVGIERHWSSR

&
9HSR XS
&
6MWSXXS 4
%YXS-RNIGXMSR SJQEXIVMEPWEVIRSXEPPS[IH
8SQEOIVMGIGEOIHSYKL[MXLQEXIVMEPWTIVJSVQ
1ERYEP-RNIGXMSR
8SQEOITEWXE[MXLQEXIVMEPWMRNIGXXLIQMRXSXLIFEOMRKTEREXXLIFIKMRRMRK
2SXI ;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
3TIVEXMSRWSJ1M\MRK1IRY'SRXMRYIH
%YXSQEXMGEPP]1M\MRK6MGI'EOI2SSHPIIXG
*SV &1IEXPSEJ HSRSXYWIXLI
MRNIGXSV
7XEVXMRK[MXLXLIMRNIGXSVWIXXSXLI
FEOMRKTER[MPPQEOIHSRIRIWWTSSV
9WIXLIWYTTPMIHQMXXIRWSV
EXLMGOHV]HMWLGPSXL[LIR
]SYVIQSZIXLIFEOMRKTER
JVSQXLILIEXIHSZIRGEZMX]
8LIFEOMRKTERERH[EPPWYVJEGIWSJ
XLISZIRGEZMX]EVILSXERHXSYGLMRK
MXHMVIGXP][MPPVIWYPXMRFYVRW
0E]HS[RXLIFEOMRKTERSR
ETSHWXERHSREWXEFPIWXERH
XSGSSPMXHS[R
1E]JEPPERHGEYWIFYVRW
'%98-32
)\EQTPI8SQEOI &6MWSXXS
4PEGIXLIJSSHERHXLIETTVSTVMEXI
EGGIWWSV]MRXLISZIRERHGPSWIXLIHSSV
4
8SYGL
&EOIV]*YRGXMSR
ERHXLIR
/RIEH1M\
8SYGL
2I\X
XLVIIXMQIWERHXLIR
6MWSXXS
'LIGOERHWIXXLIHSRIRIWWEHNYWXQIRX
ERHXSYGL
)RXIV
4VIWW
7XEVX
6ILIEX
XSWXEVX
8SEHNYWXHSRIRIWW
4
-JLIEXMRKSVQM\MRKMWRSXIRSYKLYWI
%HHMXMSREP,IEXMRK
SV
%HHMXMSREP1M\MRK
XSTIVJSVQ
EHHMXMSREPLIEXMRKSVQM\MRK
4
;LIRWIXXMRKXLIFEOMRKTER
WIGYVIP]PSGOMX
4
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH

&EOIV]
background
7IXXLIQM\MRKXMQIERHQM\XLIHSYKL
QSVIQMRYXIW
=SYGERRSXTIVJSVQ
%YXS-RNIGXMSR
ERHVMWMRKSJQEXIVMEPW
*SVXMQISJHV]]IEWXSVQEXIVMEPMRNIGXMSRERHQM\MRKVIJIVXS%YXS&EOIV]1IRY0MWX
4
ERH
WMQMPEVQIRYSTXMSRWMRXLI6IGMTIWERHTVIWW
QM
QM
\M
\M
RK
RK

VI
VI
JI
J
W
W
4EYWI XSTEYWI
1M\MRK[MXL8MQI7IXXMRK
7IXXLIFEOMRKTERVEGOERHWIXXLIFEOMRK
TERERHMRNIGXSVGSRXEMRMRKMRKVIHMIRXWSR
XSXLIFEOMRKTERVEGO
4
;LIRWIXXMRKXLIFEOMRKTER
WIGYVIP]PSGOMX
8SYGL
&EOIV]*YRGXMSR
ERHXLIR
/RIEH1M\
8S Y G L
2I\X
XLVIIXMQIWERHXLIR
1M\MRK8MQI
8SYGL
QMR
SRGIERHXSYGL
QMR
JMZIXMQIW
8SMRNIGXHV]]IEWXERHQEXIVMEPW
8SYGL
4EYWI
XSTEYWI
STIRXLIHSSVTYX
MRXLIQEXIVMEPWERHXLIRGPSWIXLIHSSV
-JVMWMRKMWRIGIWWEV]
8SYGL
4EYWI
XSTEYWIERHPIEZIHSYKLMR
XLISZIRGEZMX]JSVVMWMRK
4VIWW
7XEVX
6ILIEX
XSVIWXEVX
4VIWW
7XEVX
6ILIEX
XSWXEVX
8MQIWIXXMRKVERKI
1M\MRKXMQIWIGQMRWIGYRMXW
QMRQMRQMRYRMXW
1E\MQYQLIEXMRKXMQIQMRYXIW
;LIRHV]]IEWXMWYWIHERHXLI
SZIRGEZMX]MWLSXFVIEH[MPPXYVR
SYX[IPP
%JXIVYWMRK
3ZIR  +VMPP SV
(ISHSVM^EXMSR IXGFIWYVIXSGSSP
XLISZIRGEZMX]HS[RFIJSVIYWI
;LIRHSYKLMWRSXQM\IHIRSYKL
YWI
%HHMXMSREP1M\MRK
XSTIVJSVQ
EHHMXMSREPLIEXMRKSVQM\MRK
4
4
2SXI
;LIRXLIHSSVMWSTIRIHXLITS[IVXYVRWSR
)\EQTPI8STIVJSVQ &1M\MRK8MQI JSVQMR
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH

&EOIV]
background
%JXIVGSSPMRK %HHMXMSREP1M\MRK ETTIEVWSRXLI0'(HMWTPE]XLEXEPPS[W]SYXSTIVJSVQ
EHHMXMSREPQM\MRKMJQM\MRKMWRSXIRSYKL
%HHMXMSREPQM\MRKGERFITIVJSVQIHYTXSXLVIIXMQIW
)\EQTPI8STIVJSVQEHHMXMSREPQM\MRK[MXL &6MGI'EOI 
%HHMXMSREP1M\MRK
1M\MRKJSV)\XVE8MQIEJXIV'SSOMRK
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
'LIGOXLIHSRIRIWWERHMJXLI
HSYKLMWRSXQM\IHIRSYKLVIXYVR
XLIEGGIWWSVMIWERHJSSHMRXSXLI
SZIRGEZMX]JSV
%HHMXMSREP1M\MRK
(YVMRK
%HHMXMSREP1M\MRK
OIITER
I]ISRXLIJSSHEWMXGSSOW
GMIRXP]QM\IH
TVIWW
'ERGIP
RMWLQM\MRK
8SYGL
%HHMXMSREP1M\MRK
7IXXLIQM\MRKXMQI
4VIWW
7XEVX
6ILIEX
XSWXEVX
4VIWW
'ERGIP
SVXEOISYXXLIJSSH
[LIR]SYLIEVXLIGSQTPIXMSRWSYRH
;LIRXLIXLMVH %HHMXMSREP1M\MRK MWGSQTPIXIH
%HHMXMSREP1M\MRK [MPPRSXETTIEV
8SYGL 'PIEV XSWIXXLI
QM\MRKXMQIEKEMR
=SYGERRSXEHNYWX
HSRIRIWWMR%YXS1IRY
8MQIWIXXMRKVERKI
1M\MRKXMQIWIGQMRWIGYRMXW
8STIVJSVQ %HHMXMSREP1M\MRK 
VIXYVRXLIEGGIWWSVMIWERHJSSHEW
MWMRXSXLISZIRGEZMX]
1IRYSTXMSRWXLEXEPPS[
%HHMXMSREP1M\MRK
&
'VSMWWERX &
&EKIP
&9HSR &6MGI'EOI
&
1M\MRK8MQI

&EOIV]
background
%JXIVGSSPMRK %HHMXMSREP,IEXMRK ETTIEVWSRXLI0'(HMWTPE]XLEXEPPS[W]SYXSTIVJSVQ
EHHMXMSREPLIEXMRKMJLIEXMRKMWRSXIRSYKL
%HHMXMSREP,IEXMRKGERFITIVJSVQIHYTXSXLVIIXMQIW
8SI\XIRHLIEXMRKEJXIVXLIXLMVHXMQII\XIRWMSRLIEXXLIJSSH[LMPIOIITMRKERI]ISRMXEWMX
GSSOW[MXLVIJIVIRGIXSXLI6IGMTIW
)\EQTPI8STIVJSVQEHHMXMSREPLIEXMRK[MXL &&VIEH 
%HHMXMSREP,IEXMRK
,IEXMRKJSV)\XVE8MQIEJXIV'SSOMRK
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHVIQSZIXLIJSSH
'LIGOXLIHSRIRIWWERHMJXLI
HSYKLMWRSXLIEXIHIRSYKLVIXYVR
XLIEGGIWWSVMIWERHJSSHMRXSXLI
SZIRGEZMX]JSV
%HHMXMSREP,IEXMRK
(YVMRK
%HHMXMSREP,IEXMRK
OIIT
ERI]ISRXLIJSSHEWMXGSSOW
;LIRXLIJSSHMWWYJ´GMIRXP]LIEXIH
TVIWW
'ERGIP
XS´RMWLLIEXMRK
8SYGL %HHMXMSREP,IEXMRK
7IXXLILIEXMRKXMQI
4VIWW
7XEVX
6ILIEX
XSWXEVX
4VIWW
'ERGIP
SVXEOISYXXLIJSSH
[LIR]SYLIEVXLIGSQTPIXMSRWSYRH
;LIRXLIXLMVH %HHMXMSREP,IEXMRK MWGSQTPIXIH
%HHMXMSREP,IEXMRK [MPPRSXETTIEV
-J]SY[ERXXSLIEXJYVXLIVLIEXJSSHW[MXLVIJIVIRGI
XS6IGMTIWERHOIITERI]ISRXLIJSSHEWMXGSSOW
8SYGL 'PIEV XSWIXXLI
LIEXMRKXMQIEKEMR
=SYGERRSXEHNYWX
HSRIRIWWMR%YXS1IRY
8MQIWIXXMRKVERKI
,IEXMRKXMQIWIGQMRWIGYRMXW
8STIVJSVQ
%HHMXMSREP,IEXMRK

VIXYVRXLIEGGIWWSVMIWERHJSSH
EWMWMRXSXLISZIRGEZMX]
*SVEQIRYSTXMSRXLEXYWIWXLI
[EXIVXERO´PPXLI[EXIVXEROYT
XSXLIJYPPPMRI
1IRYSTXMSRWXLEXEPPS[
%HHMXMSREP,IEXMRK
&VIEH
%PPQIRYSTXMSRWJSV%YXS&EOIV]
,ERHQEHI&EOIV]1IRY
7XIT7SQIQIRYSTXMSRW
7XIT%PPQIRYSTXMSRW
&7[IIX4SXEXS
XS
&7EZSV]4SYRH'EOI4PEMR
&1IEXPSEJ

&6MWSXXS
;EXIVXEROEJXIVYWI
4
1EOIXLI[EXIVXEROIQTX]
(VEMRXLI[EXIVJVSQXLITMTI
;MTISJJ[EXIVHVSTWSRXLISZIR
GEZMX]ERHHSSVEJXIVXLIQEMRYRMX
LEWGSSPIHHS[R

&EOIV]
background
1EMRXEMRMRKXLI1EMR9RMX
8LISZIRWLSYPHFIGPIERIHVIKYPEVP]
ERHER]JSSHHITSWMXWVIQSZIH
1EMR9RMX
(ISHSVM^EXMSR
)\XIVMSVERHJVSRXHSSVW
(VMTXVE]
-RWMHISJHSSVSRXLIJVSRX
7XIEQSYXPIX
1M\MRK1SXSV+IEV4EVX
-RXIVMSV[EPPWJVSRXMRWMHISJHSSVGSZIVMRSZIRGEZMX]
;MTI[MXLEWSJXGPSXL
-JXLIVIMWI\GIWWMZIHMVXWUYII^IWSQIQMPH
HIXIVKIRXJSVOMXGLIRYWISRXSEGPSXLERH[MTI
XLIHMVX[MXLXLIGPSXL1EOIWYVIXS[MTISJJXLI
HIXIVKIRXEJXIV[EVHW[MXLE[IPP[VYRK[IXHMWLGPSXL
(SRSXVYF[MXLELEVHJEGISJWGVYFFMRKTEH
8LIHVMTXVE]
GERFIVIQSZIH
ERH[EWLIH
%JXIV]SYVIQSZI
XLI[EXIVXERO
TPEGI]SYV
RKIVWSRXLIMRHIRXEXMSRWMRXLIJVSRXSRXLI
PIJXERHVMKLXWMHIWERHTYPPSYXXLIHVMTXVE]F]
PMJXMRKMXYTWPMKLXP]ERHTYPPMRKMXXS[EVHW]SY
7UYII^IWSQIQMPHHIXIVKIRXJSVOMXGLIRYWI
SRXSEWTSRKIVIQSZIXLIHMVXERHVMRWI[MXL
[EXIV&IWYVIXS[MTISJJXLI[EXIVXLSVSYKLP]
XS[EVHWXLIFEGOYRXMP]SYLIEVEGPMGOMRKWSYRH
;LIRXLIHVMTXVE]MWRSXMRWIVXIHWIGYVIP]XLIVI
6IQSZIXLIHVMTXVE]MJ]SYPMJXYTXLISZIR
RSXXSWTMPPFIZIVEKIWSVWSYT
;MTI[MXLE[IPP[VYRK[IXHMWLGPSXL
7SQI[LMXIWTSXWQE]VIQEMREJXIV]SYYWIWXIEQ
;MTIXLIWXIEQSYXPIXJVIUYIRXP][MXLE[IPP[VYRK[IX
HMWLGPSXL;MTI[MXLE[IPP[VYRK[IXHMWLGPSXL
-JER]QEXIVMEPSV[EXIVKIXWMRXSXLIKETSRXLIQM\MRK
QSXSVKIEVTEVX[VETEXSSXLTMGOSVXLIPMOI[MXLE[IPP
[VYRK[IXGPSXLXS[MTIMXSJJ
;MTI[MXLE[IPP[VYRK[IXHMWLGPSXL
;MTISJJHVSTWSJ[EXIVSRXLIMRWMHISJXLISZIRGEZMX]
[MXLE[IPP[VYRK[IXHMWLGPSXL

8LIVIMWI\GIWWMZIHMVXWUYII^IWSQIQMPHHIXIVKIRXJSVOMXGLIR
YWISRXSEGPSXLERH[MTIXLIHMVX[MXLXLIGPSXL1EOIWYVIXS
[MTISJJXLIHIXIVKIRXEJXIV[EVHW[MXLE[IPP[VYRK[IXHMWLGPSXL
(SRSXYWIJSVGIXSWGVYFXLIGSZIV8LMWQE]VIWYPXMR
HEQEKIGVEGOWERHGLMTW
(SRSXVIQSZIXLITVSXIGXMSR
GSZIVERHQM\MRKQSXSVKIEVTEVX
;MPPVIWYPXMRMRNYV]SVQEPJYRGXMSR
8LITVSXIGXMSRGSZIVMWETEVXXSTVSXIGXXLI
VSXEV]QIGLERMWQMRWMHIXLIQEGLMRIV]
;%62-2+
4VSXIGXMSR'SZIV
(SRSXVIQSZI
7XIEQSYXPIX
1M\MRK1SXSV+IEV4EVX
(SRSXVIQSZI
(VMTXVE]
)QTX]XLISZIRGEZMX]ERHGPSWIXLI
HSSV
4IVJSVQHISHSVM^EXMSRF]YWMRKELIEXIVKVMPP
SZIRLIEXMRK,IEXMRKXEOIWQMRYXIW
RMWLIWVYRRMRKIQTX]XLIJER
WTMRWJSVQMRYXIWMRSVHIVXSGSSPXLISZIR
%JXIVQMRYXIWMX[MPPEYXSQEXMGEPP]WXST
8SY GL 'PIERMRK7IXXMRK ERHXLIR (ISHSVM^EXMSR 
4VIWW
7XEVX
6ILIEX
XSWXEVX
;LIRXLITVSGIHYVIMWGSQTPIXIEFIIT[MPPWSYRH
(SRSXPIEZIXLIGIVEQMGXVE]
QIXEPXVE]WYTIVKVMPPXVE]YRMXSV
KVMPPPMHMRWMHIXLISZIR
;EXIVXERO?IQTX]A
,IEXMRKQIXLSH
7XEVXW[MXL
+VMPP 
XLIR
3ZIRW[MXGLIW
XSLIEXMRKQMH[E]
,IEXMRKXMQI

1EMRXIRERGI
background
(VEMR4MTI
3ZIR-RXIVMSV'PIERMRK
7IXXLIGIVEQMG
XVE]ERHGPSWI
XLIHSSV
7IXXLIGIVEQMGXVE]ERHGPSWIXLI
HSSV
%JXIVWXIEQGSSOMRKMWGSQTPIXIHVEMRXLI
[EXIVJVSQXLITMTI
7XIEQMWKIRIVEXIHQEOMRKMXIEW]XS[MTIYT
XLIHMVXMRWMHIXLISZIRGEZMX]
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHGPIERXLISZIRGEZMX]
EGGSVHMRKXSXLIJSPPS[MRKTVSGIHYVI
)QTX]XLI[EXIVXEROEJXIVYWI
;LIRSZIRGEZMX]GPIERMRKMW
GSQTPIXIHVEMR[EXIVJVSQXLITMTI
4VIWW
7XEVX
6ILIEX
XS
WXEVX
%XXLIWXEVXYT]SY
[MPPLIEVEFYPFWSYRH
[LIRXLITYQT
WYGOWYT[EXIV
8LMWMWRSXEFRSVQEP
;LIR]SY
LIEVXLIGSQTPIXMSR
WSYRHHVEMRMRKMW
GSQTPIXI
;MTISJJHVSTWSJ[EXIV
SRXLIMRWMHISJXLI
SZIRGEZMX][MXLE[IPP
[VYRK[IXHMWLGPSXL
(SRSXPIEZIJSSHGVYQFWSVNYMGISR
XLIMRXIVMSV[EPPWSVHSSVKPEWW
8LIMRWMHISJXLISZIRGEZMX]MWXVIEXIH[MXLE
GSEXSJTEMRX
%WMXMWIEWMP]WGVEXGLIHHSRSXWGVYFMX[MXL
ELEVHSFNIGXWYGLEWEWGVYFFMRKFVYWL
(SRSX[MTIXLIXSYGLTERIPSVHSSV
ERHSZIRGEZMX][MXLSZIRGPIERIVW
XLMRRIVWFIR^IRIKPEWWTSPMWL
WTVE]WFPIEGLMRKEKIRXWERHWSSR
1E]VIWYPXMRWGVEXGLIWSVHIJSVQEXMSR
-J]SYYWIHMWTSWEFPI[IX[MTIWYWIXLIQ
EGGSVHMRKXSXLIMRWXVYGXMSRWTVSZMHIHJSVXLI
[IX[MTIW
(SRSXWTVE][EXIVSRXSXLISYXIVGSZIVHSSV
SVXSYGLTERIPSVMRWMHIXLISZIRGEZMX]
1E]VIWYPXMRIPIGXVMGWLSGOSVQEPJYRGXMSR
(YVMRKLIEXMRKJSV
3ZIR-RXIVMSV'PIERMRK
ERHEJXIVMXMWGSQTPIXIHSRSXFVMRK]SYV
JEGIRIEVXLISZIRSVSTIRXLIHSSV
1E]VIWYPXMRFYVRWSVMRNYV]
)ZIREJXIVLIEXMRKMWGSQTPIXIWXIEQQE]FI
VIPIEWIHMRWSQIEVIEWSVLSX[EXIVQE]FYVWXSYX
-J]SYMRXIVVYTX
3ZIR-RXIVMSV'PIERMRK

ERHEJXIVMXMWGSQTPIXIHSRSXXSYGLXLI
WXIEQSYXPIXSRXLIWMHISJXLISZIRGEZMX]
8LIEVIEEVSYRHXLIWXIEQSYXPIXMWZIV]LSX
ERHXSYGLMRKXLMWEVIE[MPPVIWYPXMRFYVRW
)ZIRMJXLISZIRGEZMX]MWRSXLSXXLIWXIEQ
SYXPIXERHWGVI[WQE]FIEXELMKLXIQTIVEXYVI
'%98-32
8SYGL
'PIERMRK7IXXMRK
ERHXLIR
(VEMR4MTI
4VIWW
7XEVX
6ILIEX
XSWXEVX
;LIR]SY
LIEVXLIGSQTPIXMSR
WSYRHJSPPS[XLI
TVSGIHYVIFIPS[XS
GPIERYT
8SYGL
'PIERMRK7IXXMRK
ERH
XLIR
3ZIR-RXIVMSV'PIERMRK
1EOIWYVIXLEXXLI
7XEVX7GVIIRMWWLS[R
SRXLI0'(HMWTPE]ERH
TYPPSYXXLI[EXIVXERO
JVSQXLIQEMRYRMX
'LIGOXLI7XEVX7GVIIRSJXLI0'(HMW
PPXLI[EXIVXEROYTXSXLI
JYPPPMRIERHMRWIVXMRXSXLIQEMRYRMX
,S[XSYWIXLI[EXIVXERO 4

1EMRXIRERGI
background
1EMRXEMRMRKXLI%GGIWWSVMIW
%GGIWWSVMIWJSV1MGVS[EZI3ZIRERH+VMPP
'IVEQMG8VE]
1IXEP8VE]ERH;EXIV8ERO
8LIGIVEQMGXVE]GERFIVIQSZIHERH[EWLIH
7UYII^IWSQIQMPHHIXIVKIRXJSVOMXGLIRYWISRXSEWTSRKIVIQSZIXLIHMVXERHVMRWI
[MXL[EXIV&IWYVIXS[MTISJJXLI[EXIVXLSVSYKLP]
FSYKLXGVIEQGPIERWIV[MXLEREFVEWMZIGSQTSYRHERHWGVYFERHVMRWIXLIEVIE
8LIGIVEQMGXVE]QE]FVIEOMJMXMWFYQTIHSVWXVYGO
-JXLIGIVEQMGXVE]FIGSQIWGVEGOIHSVFVSOIRHSRSXYWIMXMRXLEXGSRHMXMSR4PIEWIGSRWYPX[MXLXLI7IVZMGI'IRXIV
9WMRKXLIGIVEQMGXVE]MJMXMWHEQEKIH[MPPVIWYPXMRQEPJYRGXMSRW
7UYII^IWSQIQMPHHIXIVKIRXJSVOMXGLIRYWISRXSEWTSRKIVIQSZIXLIHMVXERHVMRWI[MXL
[EXIV&IWYVIXS[MTISJJXLI[EXIVXLSVSYKLP]
-JXLIQIXEPXVE]MWMQQIVWIHMREREGMHMG[EXIVWSPYXMSRWYGLEWZMRIKEVSVFEOMRK
WSHESVMREREPOEPMRI[EXIVWSPYXMSRXLIWYVJEGIQE]FIGSQIFPIEGLIH
(SRSXTPEGIXLI[EXIVXEROMRWMHIEHMWL[EWLMRKHV]IVHMWLHV]IVSVHMWL[EWLIV
8LI[EXIVXERO[MPPFIGSQIHIJSVQIHERHHEQEKIH
'IVEQMG8VE]
1IXEP8VE]
;EXIV8ERO
(SRSXWGVYFXLIQIXEP
XVE]WYTIVKVMPPXVE]
YRMXSVKVMPPPMH[MXLE
QIXEPWGVYFFMRKFVYWL
SVEWLEVTSFNIGX
1E]VIWYPXMRVYWX
(SRSXPIEZIJSSH
GVYQFWSVNYMGISR
XLIMRXIVMSV[EPPWHSSV
KPEWWSVGIVEQMGXVE]
1E]GEYWIWTEVOWVYWX
8LIMRWMHISJXLISZIR
GEZMX]MWXVIEXIH[MXLE
GSEXSJTEMRX%WMXMWIEWMP]
WGVEXGLIHHSRSXWGVYFMX
[MXLELEVHSFNIGXWYGLEW
EWGVYFFMRKFVYWL
(SRSX[MTIXLIXSYGL
TERIPSVHSSVSZIR
GEZMX]SVWYTIVKVMPPXVE]
YRMX[MXLSZIRGPIERIVW
XLMRRIVWFIR^IRIKPEWW
TSPMWLWTVE]WFPIEGLMRK
EKIRXWERHWSSR
1E]VIWYPXMRWGVEXGLIW
HMWGSPSVEXMSRSVHIJSVQEXMSR
-J]SYYWIHMWTSWEFPI[IX[MTIWYWI
XLIQEGGSVHMRKXSXLIMRWXVYGXMSRW
TVSZMHIHJSVXLI[IX[MTIW
(SRSXFYQTSVWXVMOI
XLIGIVEQMGXVE]
1E]VIWYPXMRMRNYV]SVHEQEKI
(SRSXWGVYFXLI
GIVEQMGXVE][MXLE
QIXEPWGVYFFMRKFVYWL
SVEWLEVTSFNIGX
1E]VIWYPXMRMRNYV]SVHEQEKI
(SRSXWTVE][EXIVSRXS
XLISYXIVGSZIVHSSVSV
GSRXVSPTERIPSVMRWMHI
XLISZIRGEZMX]
1E]VIWYPXMRVYWXIPIGXVMG
WLSGOSVQEPJYRGXMSR
'%98-32
3ZIR
'PIERIV
8LMRRIV
&IR^IRI
&PIEGLMRK
%KIRX
+PEWW
4SPMWL
7TVE]
+PEWW
4SPMWL
7TVE]

1EMRXIRERGI
background
 YSVMRI%
LIEXMRKIPIQIRXJIVVMXIVYFFIVXLEXEFWSVFWQMGVS[EZIWERH
KIRIVEXIWLIEXMWEXXEGLIHXSXLIFEGOWYVJEGI
6IQSZIHMVXJVSQFSXLWMHIWF]YWMRKEWSJXSFNIGXWYGLEWEWTSRKIWGVYFFIV
[MXLQMPHHIXIVKIRXJSVOMXGLIRYWIERH[MTI[EXIVSJJETTVSTVMEXIP]
;LIRJSSHMWWXYGOXSSVFYVRIHSRXSXLIWYVJEGISJXLIWYTIVKVMPPXVE]YRMX
4PEGIXLIWYTIVKVMPPXVE]YRMXMRLSX[EXIVETTVS\MQEXIP]'JSVEFSYXQMRYXIW
%JXIVWSEOMRKXLIWXYGOJSSHVIQSZIXLIJSSHYWMRKEWSJXWTSRKISVXLIPMOI[MXLEQMPHHIXIVKIRXJSVOMXGLIRYWI
(SRSXYWIEPOEPMRIHIXIVKIRX
1E]VIWYPXMRHMWGSPSVEXMSRERHTIIPMRK9WIQMPHHIXIVKIRXJSVOMXGLIR
8LITEGOMRKEXXEGLIHXSXLIKVMPPPMHGERFI
VIQSZIHERH[EWLIH
6IQSZIHMVXJVSQFSXLWMHIWF]YWMRKEWSJXSFNIGXWYGLEWEWTSRKIWGVYFFIV[MXLQMPH
HIXIVKIRXJSVOMXGLIRERH[MTI[EXIVSJJETTVSTVMEXIP]
VWXXMQIXLIVIQE]FIERSHSVJVSQXLILIEXMRK
IPIQIRXJIVVMXIVYFFIVEJXIVGSSOMRKJSSHFYXXLMWHSIWRSXEJJIGXXLIGSSOMRKSJXLIJSSH
8LISHSV[MPPKVEHYEPP]KSE[E][MXLYWISJXLISZIR
(SRSXWGVYFXLIJVSRXERHFEGOWYVJEGIW[MXLXLILEVHTEVXSJ
EWTSRKIWGVYFFIVSVER]PSRWGVYFFIVXLEXGSRXEMRWEFVEWMZIW
7YTIV+VMPP8VE]9RMX
+VMPP0MH
7YTIV+VMPP8VE]9RMX
6IQMRHIV
4IIPXLI
YTTIVIHKISJ
XLITEGOMRK
XSVIQSZIMX
*MXMXXSXLIGYVPIH
TEVXEGVSWWXLI
GMVGYQJIVIRGISJ
XLIPMH
7XIEQVIPMIJ
'YVPIHWIGXMSR
7TSRKITSVXMSR
,EVHTSVXMSR2SR[SZIR
JEFVMGGSRXEMRMRKEFVEWMZIW

1EMRXIRERGI
background
1EMRXEMRMRKXLI%GGIWWSVMIW
'SRXMRYIH
%GGIWWSVMIWJSV&EOIV]
&EOMRK4ER
-RNIGXSVERH=IEWX'SZIV
&EOMRK4ER6EGO

PPXLIFEOMRKTER[MXLPYOI[EVQ[EXIVSV[EXIVXS
WSEOHMVXXSQEOIMXIEW]XSVIQSZI8LIRYWIEWTSRKI[MXLQMPHHIXIVKIRXJSV
OMXGLIRYWIXSVIQSZIHMVXERHXLIRVMRWIXLIFMR
;MTI[EXIVSJJERHHV]MXSYX
(SRSXVYF[MXLELEVHJEGISJWGVYFFMRKTEH
(SRSXOIITXLIFEOMRKTERWSEOIHMR[EXIVJSVGPIERMRK
)WTIGMEPP]FIGEVIJYPRSXXSWSEOXLIPIKWSJXLIFEOMRKTERMR[EXIV

(SRSXTYXXLIFEOMRKTERMRXSEHMWL[EWLMRKHV]IVHMWL
HV]IVSVHMWL[EWLIV
)PMQMREXIWXMGO]HMVXSRXLIVSXEV]WLEJXF]YWMRKE
WXSVIFSYKLXOMXGLIRFVYWLSVXSSXLFVYWLIXG
(SRSXQEMRXEMRXLIVSXEV]WLEJXERHMXWWYVVSYRHMRKWF]YWMRKEWOI[IVSVRIIHPI
7XSVIXLIFEOMRKTEREPSRK[MXLSXLIVEGGIWWSVMIWJSVFEOIV]
7UYII^IWSQIQMPHHIXIVKIRXJSVOMXGLIRYWISRXSEWTSRKI
VIQSZIXLIHMVXVMRWI[MXL[EXIV[MTI[EXIVSJJERHHV]MXSYX
6IQSZIER]HMVXMRKETW0IEZMRKWYGLHMVX[MPPGEYWITSSVSTIVEXMSRWSJ
XLIHVMZMRKTEVXERHTVIZIRXEYXSMRNIGXMSR
(SRSXOIITXLIMRNIGXSVWSEOIHMR[EXIVJSVGPIERMRK
*SSHGYQWQE]KIXMRXSXLIQIGLERMGEPTEVXPIEHMRKXSQEPJYRGXMSR
(SRSXTYXXLIFEOMRKTERMRXSEHMWL[EWLMRKHV]IVHMWLHV]IV
SVHMWL[EWLIV
1E]VIWYPXMRHIJSVQEXMSRSVHMWGSPSVEXMSR
(SRSXMRWIVXGLSTWXMGOWSVXSSXLTMGOWMRXSEKETSRXLIEYXS
MRNIGXMSRSTIRMRKGPSWMRKQIGLERMWQ
1E]VIWYPXMRQEPJYRGXMSR
(SRSXVYF[MXLEHV]GPSXL
(V]]IEWX[MPPVIQEMRHYIXSWXEXMGIPIGXVMGMX]
7XSVIXLIFEOMRKTEREPSRK[MXLSXLIVEGGIWWSVMIWJSVFEOIV]
;MTIHMVXSJJ[MXLE[IPP[VYRK[IXHMWLGPSXL
-JHMVXMWWXMGO]WUYII^IWSQIQMPHHIXIVKIRXJSVOMXGLIR
YWISRXSEWTSRKIVIQSZIXLIHMVXERHVMRWI[MXL[EXIV
(SRSXTYXXLIFEOMRKTERMRXSEHMWL[EWLMRKHV]IVHMWL
HV]IVSVHMWL[EWLIV
1E]VIWYPXMRHIJSVQEXMSRSVHMWGSPSVEXMSR

;MTI[EXIVSJJHV]MXSYXERHXLIRWXSVIXLIFEOMRKTER
EPSRK[MXLSXLIVEGGIWWSVMIWJSVFEOIV]MRXLIWXSVEKIGEWI
7TSRKITSVXMSR
,EVHTSVXMSR
2SR[SZIRJEFVMG
GSRXEMRMRKEFVEWMZIW
&EOMRK4ER
%YXS-RNIGXMSR
3TIR'PSWI
QIGLERMGEP
TEVX
&EOMRK
4ER6EGO
-RNIGXSV
=IEWX'SZIV
8LMWMWEXMR]TEVXWS
XEOIGEVIRSXXSPSWIMX

1EMRXIRERGI
background
7UYII^IWSQIQMPHHIXIVKIRXJSVOMXGLIRYWISRXSEWTSRKI
VIQSZIXLIHMVXERHVMRWI[MXL[EXIV
(SRSXVYF[MXLELEVHJEGISJWGVYFFMRKTEH
(SRSXTYXXLIFEOMRKTERMRXSEHMWL[EWLMRKHV]IV
HMWLHV]IVSVHMWL[EWLIV
1E]VIWYPXMRHIJSVQEXMSRSVHEQEKI
;MTI[EXIVSJJERHHV]MXSYX
*SPPS[XLIWXSVEKITVSGIHYVIFIPS[
4YXXLIQM\MRKFPEHIWTSSRWJSVFEOIV]ERH]IEWXGSZIVMRXSXLI
QIEWYVIQIRXGYTERHXLIRTYXXLIQIEWYVIQIRXGYTMRXSXLIFEOMRKTER
7IXXLIQEXIVMEPGSRXEMRIVXSXLIMRNIGXSV
4YXXLIFEOMRKTERVEGOMRXSXLIWXSVEKIGEWI
7IXXLIMRNIGXSVXSXLIFEOMRKTERERHTYXXLIQMRXSXLIWXSVEKIGEWI
'PSWIXLIWXSVEKIGEWIHSSVERHPSGO[MXLMXWXEF
(SRSXJEGIXLIHSSVHS[R[EVH[MXLXLIEGGIWWSVMIWJSVFEOIV]EVIMR
-JXLIHSSVSTIRWERHJEPPWHS[RMX[MPPGEYWIHIJSVQEXMSRERHHEQEKI
1M\MRK&PEHI7TSSRWJSV&EOIV]ERH1IEWYVIQIRX'YT
7XSVMRKMR7XSVEKI'EWI
(SRSXOIITXLIFEOMRKTERSVMRNIGXSVWSEOIHMR[EXIVJSVGPIERMRK
1E]VIWYPXMRHEQEKIQEPJYRGXMSRSVVYWX
XLIQMR[EXIV
4YXXLMRKWMRXLIWXSVEKIGEWIEJXIVXLI]LEZIGSSPIHHS[R
1E]VIWYPXMRHEQEKISVHIJSVQEXMSR
%GGIWWSVMIWWYGLEWFEOMRKTEREVILSXVMKLXEJXIVLIEXMRK
1EMRXEMRXLIQEJXIVXLI]LEZIGSSPIHHS[RERH[MTISJJ[EXIVGSRXIRXFIJSVIWXSVMRKXLIQ
1M\MRK&PEHI
7TSSRWJSV
&EOIV]
1IEWYVIQIRX
'YT
(SSV
8EF
&EOMRK4ER6EGO
4YXMRXLIQM\MRKFPEHIWTSSRWJSVFEOIV]
]IEWXGSZIVERHQIEWYVIQIRXGYT
7XSVEKI'EWI
'EYXMSRWJSVQEMRXIRERGISJEGGIWWSVMIWJSVFEOIV]

1EMRXIRERGI
background
1MGVS[EZI3ZIRERH+VMPP
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
*SSHHSIWRSXXYVRSYX[IPP
(YVMRK%YXS1IRY
JSSHMWYRHIVGSSOIH
SVSZIVGSSOIH
4IVJSVQTSMRXEHNYWXQIRXSJXLI8VMTPI;IMKLX7IRWSV
4
'SSOMRKVIWYPXWEVI
RSXKSSH
%VI]SYYWMRKXLIGSVVIGXGSSOMRKTVSGIHYVI[VETTMRKQIXLSHJSSH
EQSYRXEGGIWWSVMIWGSRXEMRIVWERHWSSR#'LIGOXLMWQERYEPEKEMR

-J]SYGSSOGSRWIGYXMZIFEXGLIWSJGEOIWERHGSSOMIWYWIXLIQIXEPXVE]EJXIVMX
LEWGSSPIHHS[R-JXLIQIXEPXVE]MWXSSLSXMXGERVIWYPXMRXLIJSSHFIMRKFYVRIH
6IWYPXWSJGSSOMRK
MR%YXS1IRYSTXMSR
YWMRKXLIWYTIVKVMPP
XVE]YRMXEVIRSXKSSH
GERRSXFIQIEWYVIHEGGYVEXIP][LMGLVIWYPXMRTSSVHSRIRIWW
*SSHMWRSXGSSOIH[IPP
[LIRGSSOMRKFEWIHSR
SZIRVIGMTIWJVSQEWXSVI
FSYKLXGSSOFSSOSV[LIR
WXSVIFSYKLXHSYKLMWYWIH
9WIXLIXIQTIVEXYVIERHXMQIJSVEWMQMPEVQIRYSTXMSRMRXLI6IGMTIW
WIGXMSREWEVIJIVIRGIERHGSSOXLIJSSHYWMRK1ERYEP'SSOMRKERH
GLIGOSRMXEWMXGSSOW
4
6ILIEXMRK6MGI
6MGIMWRSXLIEXIH
[MXL

6ILIEX
8LIHSRIRIWWMW
YRIZIR

%VI]SYTPEGMRKXLIVMGIMRETPEWXMGGSRXEMRIVERHXLIRVILIEXMRKMX#7IX
XLIHSRIRIWWEHNYWXQIRXXS
1-(,-
SV
,-
SVTPEGIXLIJSSHMRGIVEQMGW
TSVGIPEMRGSRXEMRIVERHWIXXLIHSRIRIWWEHNYWXQIRXXS
1-(
FIJSVILIEXMRK
4PEGIXLIJSSHMREGSRXEMRIVSJEWM^IERH[IMKLXXLEXQEXGLIWXLI
EQSYRX[IMKLXSJVMGIERHVILIEX
;LIR]SYVILIEXX[SXSJSYVWIVZMRKWEXSRGITPEGIXLIVMGIMRGSRXEMRIVW
SJXLIWEQI[IMKLXERHWM^IEVVERKIXLIGSRXEMRIVWEVSYRHXLIGIRXIVSJ
XLIGIVEQMGXVE]ERHXLIRLIEX
6MGIMWXSSLSX[MXL

6ILIEX
%VI]SYYWMRKEGSRXEMRIVXLEXMWXSSPEVKIVIPEXMZIXSXLIEQSYRX[IMKLXSJVMGI#
,IEX[MXLXLIHSRIRIWWEHNYWXQIRXEX
1-(03
6MGIMWRSXLIEXIH
GMIRXP]YWMRK

7XIEQ6ILIEX
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLI*YPPPMRIERHXLIRLIEX
4PEGIXLIVMGIMREGSRXEMRIVEFS[PSVXLIPMOIERHLIEX[MXLSYXGSZIVMRK
MX[MXLTPEWXMG[VETSVXLIPMOI
6MGIMWHV]
9WI
7XIEQ6ILIEX
SV[LIR]SYLIEXYWMRK
6ILIEX
WTVE]
[EXIVSRXLIVMGIFIJSVILIEXMRKXSQEOIMXQSMWX
*VS^IRVMGIMW
RSXLIEXIH[MXL

(IJVSWX6ILIEX
8LIHSRIRIWWMW
YRIZIR

MWLIEXIH[LIRMXMWNYWX[VETTIHMRTPEWXMG[VET[MXLSYXFIMRKTPEGIHSR
YRIZIRLIEXMRK,IEX[MXLXLIHSRIRIWWEHNYWXQIRXEX
1-(,-
SV
,-

EQSYRX[IMKLXSJXLIJVS^IRVMGI
;LIR]SYJVII^IVMGIHMZMHIMXMRXSWMRKPIWIVZMRKWEFSYXKERH
JSVQWUYEVIFPSGOWXLEXEVIGQXLMGO
;LIR]SYVILIEXX[SXSJSYVWIVZMRKWEXSRGITPEGIXLIVMGIMRGSRXEMRIVW
SJXLIWEQI[IMKLXERHWM^IEVVERKIXLIGSRXEMRIVWEVSYRHXLIGIRXIVSJ
XLIGIVEQMGXVE]ERHXLIRLIEX
*VS^IRVMGIFIGSQIW
XSSLSX[MXL

(IJVSWX6ILIEX
%VI]SYYWMRKEGSRXEMRIVXLEXMWXSSPEVKIVIPEXMZIXSXLIEQSYRX[IMKLXSJVMGI#
,EWXLIVMGIWXEVXIHXSQIPX#,IEXXLIVMGIMQQIHMEXIP]EJXIVXEOMRKMXSYX
SJXLIJVII^IV
*VS^IRVMGIFIGSQIW
XSSLSX[MXL

*VS^IR6MGI
%VI]SYTPEGMRKXLIVMGIMREGIVEQMGWTSVGIPEMRGSRXEMRIVERHXLIRLIEXMRKMX#
4PEGIXLIVMGIMRETPEWXMGGSRXEMRIVSV[VETMRTPEWXMG[VET
;LIR*SSH(SIW2SX8YVR3YX;IPP
-RSVHIVXSIRWYVIXLEXJSSHMWGSSOIHIJJMGMIRXP]TIVJSVQTSMRXEHNYWXQIRXSJXLI[IMKLXWIRWSVSRGIEQSRXL
4

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
6ILIEXMRK1MPO
8LIQMPOMWXSSLSX
-WXLIEQSYRX[IMKLXSJQMPOXSSWQEPP#;LIRXLIEQSYRXSJQMPOMWPIWW
XLERLEPJXLEXSJXLIGSRXEMRIVVILIEXYWMRK
;1MGVS[EZI
(S]SYXV]XSVILIEXPYOI[EVQQMPOMR%YXS1IRY#
9WI
;1MGVS[EZI
XSVILIEXMX[LMPIOIITMRKERI]ISRMXEWMXGSSOW
(MH]SYYWIE[VSRKQIRYSTXMSR#8LIQMPO[MPPFIXSSLSXMJ]SYLIEXMX
YWMRK
6ILIEX
9WI
&IZIVEKIW;EVQ1MPO
&IZIVEKIW;EVQ1MPO
VIKMWXIVWXLIWGEPISJHSRIRIWWEHNYWXQIRX
'LIGOXLIWIXXMRKSJXLIWGEPI
8LIQMPOMWPYOI[EVQ
%VI]SYYWMRKEPMKLX[IMKLXGSRXEMRIVVIPEXMZIXSXLIEQSYRXZSPYQISJQMPO#
%VI]SYLIEXMRKXLIQMPOEWMWMRXLIWXSVIFSYKLXGEVXSR#,IEXXLIQMPO
MREQYKSVXLIPMOI
'LIGOXLIWGEPIWIXJSVXLIHSRIRIWWEHNYWXQIRX
,IEX[MXLXLIQMPOTPEGIHMRXLIGIRXIVSJXLIGIVEQMGXVE];LIR]SYLIEX
X[SXSJSYVWIVZMRKWEXSRGIQEOIXLIEQSYRXWZSPYQIWEFSYXXLIWEQI
EVVERKIXLIQEVSYRHXLIGIRXIVSJXLIGIVEQMGXVE]ERHXLIRLIEXXLIQ
6ILIEXMRK7MHI(MWLIW
*SSHMWRSXLSXIZIR
MJVILIEXIH
%VI]SYLIEXMRKXLIJSSH[MXLMXTPEGIHMRETPEWXMGGSRXEMRIV#7IXXLI
HSRIRIWWEHNYWXQIRXXS
1-(,-
SV
,-
SVTPEGIXLIJSSHMRGIVEQMGW
TSVGIPEMRGSRXEMRIVERHWIXXLIHSRIRIWWEHNYWXQIRXXS
1-(
FIJSVI
LIEXMRK4PEGIXLIJSSHMREGSRXEMRIVSJEWM^IERH[IMKLXXLEXQEXGLIW
XLIEQSYRX[IMKLXSJJSSHERHVILIEX
*SSH[MPPRSXLIEXMJMXMWMREQIXEPGSRXEMRIVSVGSZIVIH[MXLEPYQMRYQ
JSMP
4PEGIXLIJSSHMRXLIQMHHPISJXLIGIVEQMGXVE]ERHLIEXMX
9WIXLI%YXS1IRYERHHSRIRIWWEHNYWXQIRXXLEXQEXGLIWXLIJSSH
X]TIERHWXSVEKIGSRHMXMSRWVSSQXIQTIVEXYVIGLMPPIH
4
8LIJSSHFIGSQIWXSS
LSX[LIRVILIEXIH
%VI]SYYWMRKEGSRXEMRIVXLEXMWXSSPEVKILIEZ]VIPEXMZIXSXLIEQSYRX
[IMKLXSJJSSH#
9WIEGSRXEMRIV[MXLE[IMKLXXLEXQEXGLIWXLIEQSYRX[IMKLXSJJSSH
-WXLIEQSYRXSJJSSHXSFIVILIEXIHXSSWQEPP#1EOIWYVIXLI[IMKLXMW
KSVQSVI
3RGI
%HHMXMSREP,IEXMRK
XYVRWSJJ]SYGERRSXTIVJSVQEHHMXMSREPLIEXMRK
MR%YXS1IRY
*SVEHHMXMSREPLIEXMRKYWI
;1MGVS[EZI
SV
;1MGVS[EZI
ERH
GLIGOSRXLIJSSHEWMXLIEXW
(S]SYXV]XSLIEXPYOI[EVQJSSHMR%YXS1IRY#
,IEXYWMRK
;1MGVS[EZI
SV
;1MGVS[EZI
ERHOIITERI]ISRXLI
JSSHEWMXGSSOW
'YVV]ERHWXI[EVI
RSXLIEXIH
*SVJSSHW[MXLEGIVXEMRXLMGORIWWGSZIVXLIGSRXEMRIV[MXLTPEWXMG[VET
ERHLIEXF]WIXXMRKXLIHSRIRIWWEHNYWXQIRXXS
1-(,-
SV
,-
1M\[IPPFIJSVIERHEJXIVLIEXMRK
*VS^IRJSSHWEVIRSX
LIEXIH
,IEXYWMRK
(IJVSWX6ILIEX

4
%VI]SYLIEXMRKXLIJSSHMRETPEWXMGGSRXEMRIVSV[MXLSYXYWMRKE
GSRXEMRIV#7IXXLIHSRIRIWWEHNYWXQIRXXS
1-(,-
SV
,-
SVTPEGI
XLIJSSHMRWMHIEGSRXEMRIVSJEWM^IERH[IMKLXXLEXQEXGLXLIEQSYRX
[IMKLXSJJSSHERHXLIRLIEX
4PEGIXLIJSSHMRXLIQMHHPISJXLIGIVEQMGXVE]ERHLIEXMX

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
(IJVSWX
(IJVSWXMRKMW
GMIRXERHJSSH
MWLEVH
(IJVSWXXLIJSSHWSXLEXMXIRHWYTFIMRKWIQMHIJVSWXIH
HIJVSWXIH%JXIVLIEXMRKPIXXLIJSSHWXERHJSVQMRYXIWXSPIXMX
REXYVEPP]HIJVSWXRMGIP]
7IXXLIHSRIRIWWEHNYWXQIRXEGGSVHMRKXSXLIJSSHQIEXWEWLMQMERH
WSSRERHXLIMRXIRHIHYWI[LIXLIV]SY[MPPGSSOXLIJSSHMQQIHMEXIP]
EJXIVHIJVSWXMRKSVIEXXLIJSSHVE[
4PEGIXLIJSSHMRXLIQMHHPISJXLIGIVEQMGXVE]ERHLIEXMX
8LIJSSHMWFSMPIH

[MXLRSWXIEQFIMRKIQMXXIHXLIJSSHQE]FISZIVGSSOIH
%VI]SYLIEXMRK[MXLXLIJSSHTPEGIHSRXSTSJETPEXI#,IEX[MXLXLI
JSSHTPEGIHSRXSTSJETSP]WX]VIRIJSEQXVE]ERSZIRWLIIXSVTETIV
XS[IP
;LIRXLIXLMGORIWWERHWLETISJXLIJSSHEVIYRIZIRXLMRTEVXW[MPP
JSMP
;LIRJVII^MRKFIWYVIXSEVVERKIXLIXLMGORIWWSJXLIJSSHXSFIGQ
SVPIWW
;LIRLIEXMRKVIQSZITEGOEKMRKWYGLEWTPEWXMG[VET
;LIRHIJVSWXMRKX[SSVQSVITMIGIWSJJSSHEXXLIWEQIXMQIQEOIWYVI
XLEXXLI]EVIXLIWEQIX]TIERHWM^ISJJSSH
:IKIXEFPIW
:IKIXEFPIWEVIRSX
FSMPIH[IPP
,IEXZIKIXEFPIW[MXLXLIQFYRHPIHMRTPEWXMG[VETERHTPEGIHHMVIGXP]MR
XLIGIRXIVSJXLIGIVEQMGXVE]
-J]SYLIEXEFYRHPISJZIKIXEFPIW[MXLEWMHI[MXLQER]PE]IVWSJTPEWXMG
[VETSRXSTXLIZIKIXEFPIW[MPPRSXFSMP[IPP)RWYVIXLEXEWMHI[MXL
QER]PE]IVWSJTPEWXMG[VETMWSRXLIHS[RWMHI
=SYGERLIEXKSJPIEJ]ZIKIXEFPIWWYGLEWWTMREGLERH
KSJVSSXZIKIXEFPIWWYGLEWTSXEXSIW-JXLIVIEVIXSSJI[SVXSS
QER]XLIZIKIXEFPIW[MPPRSXFSMP[IPP
0IEJ]ZIKIXEFPIWWYGL
EWWTMREGLEVIHV]
SVXLI]EVILIEXIH
YRIZIRP]
&YRHPIPIEJ]ZIKIXEFPIWWYGLEWWTMREGLMRTPEWXMG[VETEJXIV]SY[EWL
XLIQ[MXLSYXHVEMRMRKXLI[EXIVJVSQXLIZIKIXEFPIW
;LIR]SYFYRHPIZIKIXEFPIWMRTPEWXMG[VETEPXIVREXIWXEPOWERHPIEJ]
TEVXWERH[VETXLIQXMKLXP]-JXLI[VETTMRKMWPSSWISVMJXLIZIKIXEFPIW
EVIWTVIEHSYXXLI][MPPRSXFILIEXIH[IPP
;LIR]SY[VETJVYMX
ZIKIXEFPIWWYGLEW
FVSGGSPM
(MZMHIJVYMXZIKIXEFPIWWYGLEWFVSGGSPMMRXSWQEPPGPYWXIVWEVVERKIXLIQ
MREWMRKPIPE]IV[MXLSYXER]WTEGIWFIX[IIRXLIQERH[VETXLIQ
XMKLXP]
;LIRVSSXZIKIXEFPIW
WYGLEWTSXEXSIW
ERHGEVVSXWEVI
SZIVLIEXIH
4PEGIXLIZIKIXEFPIWMRXLIGIRXIVSJXLIGIVEQMGXVE][MXLXLIWMHI[LIVI
XLIIRHWSJXLITPEWXMG[VETSZIVPETSRXLIFSXXSQ
%YXS'SSOMRKGERRSXFIYWIHJSVJSSH[IMKLMRKPIWWXLERK
9WI
;1MGVS[EZI
ERHGLIGOSRXLIJSSHEWMXLIEXW
4SXEXSIWEVIRSX
GMIRXP]
(SRSXVIQSZIXLITPEWXMG[VETMQQIHMEXIP]EJXIVLIEXMRK*PMTXLI
TSXEXSIWSZIVERHPIXXLIQWXERHJSVQMRYXIWXSPIXXLIQWXIEQ
8LIGEOIHSIW
RSXVMWI[IPP
(MH]SYFIEXXLIIKKW[IPP#
&IEXXLIIKKWXLSVSYKLP]WSXLEX]SYGERQEOIEWXMJJTIEO[MXLXLIJSEQ
XLEXHVSTWJVSQXLIIRHSJXLILERHQM\IVSVIKKFIEXIV
4
;LIR*SSH(SIW2SX8YVR3YX;IPP
'SRXMRYIH

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
(IWWIVX'SRXMRYIH
2SQEXXIVLS[
QYGLXLIIKKW
EVIFIEXIRXLI]
HSRSXJSEQ[IPP
)KKWHSRSXJSEQ[IPP[LIRXLIVIMW[EXIVSVSMPSRXLIFS[PYWIHJSV
FIEXMRKXLIQSVSRXLIIKKFIEXIV9WIJVIWLIKKW
8LIQM\XYVIMW
PYQT]ERHGPYQTW
SJµSYVVIQEMR
(MH]SYWMJXXLIµSYV[IPP[LMPIQM\MRKMXMR#
%JXIVEHHMRKXLIµSYVQM\WXIEHMP]YRXMPXLITS[HIVMWFPIRHIHMR
WQSSXLP]
8LIGEOIHSIW
RSXFEOI[IPP
*SVMRJSVQEXMSRSRXLIXIQTIVEXYVIERHFEOMRKXMQI[LIR]SYFEOIYWMRK
1ERYEP'SSOMRKVIJIVXS,IEXMRK8MQIWJSV1ERYEP'SSOMRKMR1ERYEP
1IRY
4
&EOIXLIGEOIMREQSPHXLEXMWETTVSTVMEXIJSVMXW[IMKLX
8LIGSPSVMWYRIZIR
EJXIVFEOMRK
1EOIWYVIXLEX]SYHMZMHIXLIFEXXIVMRXSTSVXMSRWSJEFSYXXLIWEQIWM^I
ERHXLMGORIWW
3XLIVW
8LMWSZIRGERRSXKVMPPVMGIGEOIRMGIP]
-X[MPPXEOIWSQIXMQIJSVXSEWXXSKVMPP
&EOIV]
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
(SRIRIWWMWRSXWXEFPI
7LETIERHVMWMRKZEV]
HE]F]HE]
6MWMRKERHWLETIZEV]HITIRHMRKSRXIQTIVEXYVILYQMHMX]
MRKVIHMIRXWERHXMQIVWIXXMRKWIXG
9WIJVIWLMRKVIHMIRXW
*PSYVIXGEVIZYPRIVEFPIXSLYQMHMX]7XSVIWYGLMRKVIHMIRXWMRE[IPP
ZIRXMPEXIHGSSPERHHV]PSGEXMSR
7XSVIHV]]IEWXMREVIJVMKIVEXSVOIITMRKMXEMVXMKLXEJXIVYRTEGOMRK
'SRWYQIMXEWWSSREWTSWWMFPIVIKEVHPIWWSJXLIYWIF]HEXI
*PSYVSJXIRGSRXEMRWPIWWTVSXIMRERHTVSXIMRGSRXIRXEPWSZEVMIW
HITIRHMRKSRX]TIWERHXMQIW8LMWGEYWIWHMJJIVIRGIWMRVMWMRKERH
HSRIRIWW
*PSYVHIHMGEXIHJSVFVIEHQEOMRKGSRXEMRWEPSXSJTVSXIMRWS
WSQIXMQIWGEYWIWI\GIWWMZIVMWMRK(IGVIEWIXLIEQSYRXSJ[EXIVF]
XSEHNYWX
(ITIRHMRKSRX]TIWµSYVHIHMGEXIHJSV*VIRGL&VIEH[MPPLEZIHMJJIVIRX
VMWMRKERHHSRIRIWW-RGVIEWISVHIGVIEWIXLIEQSYRXSJ[EXIVF]
XSEHNYWX
1IEWYVIXLIEQSYRXSJMRKVIHMIRXWEGGYVEXIP]FIJSVIMRNIGXMSR
*SVEQSYRXSJµSYVQIEWYVIMXW[IMKLX8LIWYTTPMIHQIEWYVIQIRX
GYTGERRSXQIEWYVIµSYV[IMKLX

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
7SQIMRKVIHMIRXWEVI
RSXEZEMPEFPI
-JFYXXIVMWRSXEZEMPEFPI
=SYQE]YWIWSPMHJEXWYGLEWQEVKEVMRIERHWLSVXIRMRKMRWXIEHSJ
FYXXIV8LIEQSYRXWLSYPHFIXLIWEQI
-JWOMQQMPOMWRSXEZEMPEFPI
=SYQE]YWIQMPOMRWXIEHSJWOMQQMPO9WIQ0SJQMPOJSVEWGSST
SJWOMQQMPOMRXLIPEVKIWTSSRJSVFEOIV]-J]SYYWIQMPOVIHYGI[EXIV
EQSYRXF]XLIEQSYRXSJQMPOEHHIH
&VIEHVMWMRK
6MWMRKMWRSXWYJ´GMIRX
(S]SYTYXERI\GIWWMZIEQSYRXSJQEXIVMEPWWYGLEWVEMWMR#
)\GIWWMZIEQSYRXSJQEXIVMEPW[MPPQEOIVMWMRKTSSV1EOIFVIEH
EGGSVHMRKXSXLIEQSYRXMRHMGEXIHMRXLMWKYMHI
-WXLIVSSQXIQTIVEXYVIXSSLMKL#-JXLIVSSQXIQTIVEXYVIMWXSSLMKL
HSRIRIWW[MPPFITSSV'LMPPMRKVIHMIRXWWYGLEWTS[HIVMREVIJVMKIVEXSV
(S]SYYWIµSYVSXLIVXLERµSYV[MXLTVSXIMRGSRXIRXSJ#
(SRIRIWWZEVMIWMJTVSXIMRGSRXIRXMWPS[9WILEVHµSYV[MXLTVSXIMR
GSRXIRXSJ
(S]SYYWIWXEPIµSYV#9WIJVIWLµSYV
-RGEWISJVSYRHXST*VIRGL&VIEH-WXLIVEXMSSJLEVHµSYVERHWSJXµSYVGSVVIGX#
-JXLIVEXMSMWRSXGSVVIGXVMWMRK[MPPZEV]9WIXLIWIMRKVIHMIRXWEXTVSTIVVEXMS
(S]SYYWIµSYVGLMPPIHMREVIJVMKIVEXSV[LIRXLIVSSQXIQTIVEXYVIMW
'SVEFSZI#-JXLIVSSQXIQTIVEXYVIMWLMKLI\GIWWMZIPIEZIRMRK
[MPPGEYWITSSVVMWMRK9WIµSYVGLMPPIHMREVIJVMKIVEXSV
*SV[EXIVGLIGOXLIJSPPS[MRK
-WXLIEQSYRXXSSWQEPP#;LIRXLIEQSYRXSJ[EXIVMWWQEPPVMWMRK[MPP
FITSSV9WIEGGYVEXIP]QIEWYVIHEQSYRXSJ[EXIV
(S]SYYWIGSPH[EXIVEXEFSYX'[LIRXLIVSSQXIQTIVEXYVIMW
'SVEFSZI#-JXLI[EXIVXIQTIVEXYVIMWLMKLI\GIWWMZIPIEZIRMRK
[MPPGEYWITSSVVMWMRK9WIGSPH[EXIVEXEFSYX'
*SVWYKEVGLIGOXLIJSPPS[MRK
-WXLIEQSYRXXSSWQEPP#7YKEVWIVZIWEWERYXVMIRXJSV]IEWXVMWMRK
7SMJXLIEQSYRXMWWQEPPVMWMRK[MPPFITSSV9WIEGGYVEXIP]QIEWYVIH
EQSYRXSJWYKEV
(S]SYYWIPS[GEPSVMIW[IIXIRIV#0S[GEPSVMIW[IIXIRIVGERRSX
WYTTP]IRSYKLRYXVMXMSRJSV]IEWXVMWMRKWSVMWMRK[MPPFITSSV
*SVHV]]IEWXGLIGOXLIJSPPS[MRK
(S]SYYWIHV]]IEWXXLEXVIUYMVIWTVIVMWMRK#9WIUYMGOVMWMRKHV]]IEWX
(S]SYTYXMXMRXSXLI]IEWXMRPIX#9RPIWWMXMWTYXMRXSXLI]IEWXMRPIXHV]
]IEWX[MPPRSXFIMRNIGXIHEXTVSTIVXMQMRKERHGEYWITSSVVMWMRK4YXMX
MRXSXLI]IEWXMRPIX
-WXLIEQSYRXXSSWQEPP#-JXLIEQSYRXMWWQEPPHSYKL[MPPRSXFI
PIEZIRIHERHVMWI[IPP9WIEGGYVEXIP]QIEWYVIHEQSYRXSJHV]]IEWX
(S]SYYWIHV]]IEWXGLMPPIHMREVIJVMKIVEXSV#=SYGERRSXYWIHV]]IEWX
XLEXFIGSQIW[EVQIVHYVMRKWXSVEKI
(S]SYYWII\TMVIHHV]]IEWX#)\TMVIHHV]]IEWX[MPPRSXVIWYPXMR
RSVQEPVMWMRK9WIHV]]IEWXFIJSVII\TMVEXMSR
;LIR*SSH(SIW2SX8YVR3YX;IPP
'SRXMRYIH

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
&VIEHVMWMRKGSRXMRYIH
GMIRX
-WXLIFVIEHHSYKLHV]#
-JXLIHSYKLFIGSQIWHVMIHHYVMRKPIEZIRMRKVMWMRKFIRGLXMQISV
WLETMRKTVSGIWWVMWMRK[MPPFITSSVVIWYPXMRKMRTSSVHSRIRIWW7TVE]
[EXIVSRXSXLIHSYKLWYVJEGIXSQEOIMX[IX
8STVIZIRXHV]MRKSVXIQTIVEXYVIHIGVIEWISJHSYKLHYVMRKVMWMRKFIRGL
XMQIGSZIVXLIHSYKL[MXLETPEWXMG[VETSV[IPP[VYRK[IXHMWLGPSXL
8VIEXXLIHSYKLKIRXP]
8IEVMRKHSYKLEJXIVPIEZIRMRKSVXV]MRKXSVIWLETIVITIEXIHP][MPP
HEQEKIXLIHSYKLERHGEYWITSSVVMWMRK(SRSXYWIEWGVETIVSV
OMXGLIRORMJIXSGYXXLIHSYKLMRXSTMIGIWERHXV]XSWLETIXLIQ
VITIEXIHP]
-J]SYETTP]IKKKPE^ISRWYVJEGIQEOIWYVIMXMWETTPMIHXLMRP]ERH
GEVIJYPP]
GMIRXVMWMRK
GMIRX
6IJIVXS
1IRYWIPIGXMSR ,IMKLX
&
&VIEH
GQ
&
6EMWMR&VIEH
GQ
&
;EPRYX&VIEH
GQ
&
7SJX&VIEH
GQ
&
&YXXIV6MGL&VIEH
GQ
& 6SYRH8ST*VIRGL&VIEH
GQ
&
6]I&VIEH
GQ
&
0MKLX7IWEQI'LIIWI
&VIEH
GQ
1IRYWIPIGXMSR ,IMKLX
&
,SRI]2YX&VIEH
GQ
&
5YMGO7SHE&VIEH GQ
&
6MGI*PSYV&VIEH
GQ
&
6MGI&VIEH
GQ
&
4PYQ7LMVEWY&VIEH
GQ
&
'LIIWI&VIEH
GQ
&
7S]&IER&VIEH
GQ
&
8SJY& VIEH
GQ
1IRYWIPIGXMSR ,IMKLX
&
7EPX/IPT&VIEH
GQ
&
7TMREGL&VIEH
GQ
&
7UYEWL&VIEH
GQ
&
&ERERE&VIEH
GQ
&
&PYIFIVV]&VIEH
GQ

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
&VIEHVMWMRKGSRXMRYIH
&VIEHLEWVMWIRXSS
QYGL
-XVIEGLIWXLI
MRNIGXSV
SYVGLIGOXLIJSPPS[MRK
EWXLIVIUYMVIHEQSYRXSJ[EXIVZEVMIW9WI[EXIVEQSYRXPIWW
XLERXLEXMRHMGEXIHMRXLI6IGMTIW
*SV[EXIVGLIGOXLIJSPPS[MRK
-WXLIEQSYRXXSSQYGL#9WIEGGYVEXIP]QIEWYVIHEQSYRXSJ[EXIV
*SVHV]]IEWXGLIGOXLIJSPPS[MRK
-WXLIEQSYRXXSSQYGL#9WIEGGYVEXIP]QIEWYVIHEQSYRXSJHV]
]IEWX
WYKEVF]6MWMRKEPWSZEVMIWHITIRHMRKSRWIEWSRWERHVSSQ
XIQTIVEXYVI
(S]SYYWIXLISZIREFSZIXLIEPXMXYHISJQ#%FSZIEPXMXYHISJ
QHSYKLQE]VMWIXSSQYGL
8LIIRXMVIHSYKLMW
[LMXMWLERHVSPP]ERH
LEWRSXVMWIREXEPP
1EXIVMEPWEVIRSX
QM\IHERHFEOIH
IRSYKLERHVIQEMRMR
TS[HIVWXEXI
(S]SYJSVKIXXSTYXHV]]IEWX#-JWSHSYKL[MPPRSXFIPIEZIRIHERH
VMWI4YXHV]]IEWXTVSTIVP]
(S]SYYWIHV]]IEWXXLEXLEWFIIRWXSVIHMRTSSVGSRHMXMSRWSVEJXIV
YWIF]HEXI#-JWSVMWMRKQE]RSXSGGYV9WIJVIWLHV]]IEWX
-J]SYTYXXSSQYGLQEXIVMEPWSVLEVHQEXIVMEPWXLIQM\MRKQSXSVMW
SZIVPSEHIHERHMXWXSTWVSXEXMRK-RWYGLGEWIW'ETTIEVWERH
GSSOMRKQE]FIWYWTIRHIH*SVX]TIWERHEQSYRXSJMRKVIHMIRXW
JSPPS[VIGMTIWHIWGVMFIHMRXLMWKYMHI
4
(V]]IEWXVIQEMRMRKMRXLI]IEWXMRPIXSJXLIMRNIGXSVEJXIVGSSOMRK[MPP
TVIZIRXPIEZIRMRKERHVMWMRKSJXLIFVIEH6IJIVXS(V]]IEWXSV
QEXIVMEPWEVIRSXMRNIGXIH
4
-J,ERH,EVIMRHMGEXIHERHGSSOMRKMWWYWTIRHIHIPIGXVMG
GSQTSRIRXWWSPIRSMHXLEXQSZIWXLIEYXSMRNIGXMSRPIZIVJEMPW4PIEWI
EWOXLI7IVZMGI'IRXIVXSMRWTIGXXLISZIR
(S]SYJSVKIXXSEXXEGLXLIQM\MRKFPEHI#;MXLSYXXLIQM\MRKFPEHI
MRKVIHMIRXWGERRSXFIQM\IHERHVIQEMRMRTS[HIVWXEXI8LMWXSXEPP]
TVIZIRXWVMWMRK
3TIVEXIXLISZIR[MXLXLIQM\MRKFPEHIEXXEGLIH
&VIEHWLETI
&SXXSQSJXLIFVIEH
MW[IXERHXLIVIMWE
PEVKIHIRXSRMXWWMHI
(S]SYPIEZIFEOIHFVIEHMRXLIFEOMRKTER#%JXIVE[LMPIXLIFVIEH
QE]WLVMZIERHEHIRXETTIEVWSRMXWWMHI%JXIVFEOMRKHSRSXPIEZI
FVIEHMRXLIFEOMRKTER&VIEHWLSYPHFIXEOIRSYXEJXIVQMRYXIWSJ
GSSPMRKHS[R
-WXLIVSSQXIQTIVEXYVILMKL#-JXLIVSSQXIQTIVEXYVIMWLMKLMXMW
IJJIGXMZIXSVIHYGI[EXIVF]Q0
;LIR*SSH(SIW2SX8YVR3YX;IPP
'SRXMRYIH

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
&VIEHWLETIGSRXMRYIH
8LIVIMWEHIRXSRXST
EX
ERHWUYEVI
SYVXSSWQEPP#9WIEGGYVEXIP]QIEWYVIHEQSYRXSJ
SYV
-WXLIEQSYRXSJ[EXIVXSSQYGL#9WIEGGYVEXIP]QIEWYVIHEQSYRX
SJ[EXIV
EXWUYEVIERH
LEZIEHIRX6IHYGMRKXLIVEXMSSJ[LSPIKVEMR[MPPLIPTXSTVIZIRXE
HIRX
8LIVIMWEPEVKILSPI
SRXLIFSXXSQSVXLI
FVIEHGVYWLIW
-XMWEWLETISJXLIQM\MRKFPEHI
(S]SYXSYGLXLIFSXXSQTSVXMSRSJXLIFEOMRKTER[LIRXEOMRKSYX
XLIFVIEH#
-JWSXLIQM\MRKFPEHIQE]XYVRERHGVYWLXLIFVIEH(SRSXXSYGLXLI
FSXXSQTSVXMSR[LIRXEOMRKSYXXLIFVIEH
4S[HIVVIQEMRW
EVSYRH
SYVTS[HIVQE]VIQEMR9WI
SYV
SYVTS[HIVQE]VIQEMR9WI
EGGYVEXIP]QIEWYVIHEQSYRXSJ[EXIV
8LIFVIEHMWRSX
FVS[RIHEWMRXIRHIH
8LIXSTMWTEVXMEPP]
FYVRIH
1EOIEREHNYWXQIRXF]HSRIRIWWEHNYWXQIRX
4
SVEQSYRXSJ
WYKEV
;LIRXLIEQSYRXSJWYKEVMWHIGVIEWIHXLIGSPSV[MPPFI[IEOIVERH
[LIRMXMWMRGVIEWIHMX[MPPFIWXVSRKIV
-JFEOIHFVIEHWTVMRKWMRXLISZIRFVIEHVMWMRKHYVMRKFEOMRKXSTSJ
XLIFVIEHQE]FIFYVRIHERHETTIEVXSFITIIPIH
'VYWXMWXSSLEVH
=SYGERWSJXIRMXF]GSSPMRKMXXSFSH]XIQTIVEXYVIERHTYXXMRKMRXSE
TPEWXMGFEK
1EXIVMEPWPIERXSSRI
WMHI
1EXIVMEPWQE]PIERXSSRIWMHIHITIRHMRKSRQEXIVMEPX]TIWERH
HSYKLLEVHRIWW
'LSGSPEXIQIPXWIZIR
F]GSEVWIQM\MRK
-WXLIGLSGSPEXIJVS^IRXMPPXLIXMQIVMKLXFIJSVIMRNIGXMSR#0IEZIRMRK
XIQTIVEXYVISJXLIFVIEHMWLMKLIVXLERXLIQIPXMRKTSMRXSJGLSGSPEXI
WSGLSGSPEXIQE]QIPX/IITGLSGSPEXIJVS^IRXMPPXLIXMQIVMKLXFIJSVI
MRNIGXMSRERHMRNIGXGLSGSPEXIGLMTTIHSVMRTMIGIWSJQQIEGL

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
;LIR*SSH(SIW2SX8YVR3YX;IPP
'SRXMRYIH
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
1IRYSTXMSRW
6MGIKVEMRWVIQEMRMR
VMGIFVIEH
1EOIWYVIXLEXGSPHVMGIYWIHJSVVMGIFVIEHMWEX'SVFIPS[
(IJVSWXJVS^IRVMGIXSVSSQXIQTIVEXYVIFIJSVIMRNIGXMSR*YVXLIV
JVS^IRSVGLMPPIHVMGIQE]FILEVHIRIH-XFIGSQIWIEWMIVXSQM\[LIR
]SYEHH[EXIVXSYRWXMJJIRXLIVMGIFIJSVIMRNIGXMSR
*SVLIEXMRWYPEXIHVMGIYWIVMGI[MXLMRLSYVWJVSQXLIXMQI[LIRXLI
VMGIMWGSSOIH
%PSXSJTS[HIV
SYV
FVIEH
SYVMREJXIV[EXIV
(SRIRIWWMWTSSV
SYVFVIEH
MWFEOIH[MXLXMQIV
WIXXMRK
(S]SYWIXXLIXMQIV[LIRXLIVSSQXIQTIVEXYVIMW'SVEFSZI#
(SMRKWS[MPPMRGVIEWIQEXIVMEPXIQTIVEXYVIWSHSRSXWIXXLIXMQIVJSV
PSRKXMQI
'SSOMIHSYKLJSV
QIPSRVSPPMWGVEGOIH
 GMIRXP]#-JQM\MRKMWRSXIRSYKLXLI
HSYKLQE]FIGVEGOIH&IWYVIXSQM\MX[IPP
(S]SYEWWIQFPIXLIGSSOMIHSYKLMRWQSSXLWXEXI#-JRSXXLIHSYKL
QE]FIGVEGOIH1M\XLIHSYKLXSQEOIMXWQSSXL
(S]SYXV]XSKIXGSSOMIHSYKLMRXSFVIEHHSYKLJSVGMFP]#4VIWW
GSSOMIHSYKLPMKLXP]SRXSFVIEHHSYKLXSQEOIXLIQXMKLXXSKIXLIV
(S]SYHVE[PEXXMGITEXXIVRXSSHIITP]#-JWSMXQE]FIGVEGOIH(S
RSXHVE[MXHIITP]
'SSOMIHSYKLJSV
QIPSRVSPPMWWSJXERH
PSSWI
(SIWFYXXIVQIPXXSSQYGL[LIR]SYQEOIHSYKL#-JMXQIPXWXSS
QYGLHSYKL[MPPFIXSS[IX(SRSXPIXFYXXIVQIPXXSSQYGL
-JFYXXIVQIPXWHSYKL[MPPFIPSSWIERHIEWMP]FVSOIRIZIR[LIRMXMW
GSPH

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
6MGIGEOIMWWSJX
(S]SYWSEOKPYXMRSYWVMGIMR[EXIV#*SV
&6MGI'EOI
VIGMTIVMGI
WLSYPHRSXFIWSEOIHMR[EXIVMREHZERGI7SEOMRKVMGIMR[EXIVMR
EHZERGI[MPPWSJXIRXLIVMGIXSSQYGLERHGEYWITSSVHSRIRIWW-J
]SYWSEOVMGIMR[EXIVVIHYGIXLIEQSYRXSJ[EXIVF]XLIEQSYRXSJ
[EXIVEFWSVFIHMRXSXLIVMGIF]Q0JSVX[SGYTWERHQ0JSV
XLVIIGYTW
9HSRTEWXEERHWSFE
RSSHPIWGERRSXFI
GYX[IPP
SYVXLII\XIRHIHHSYKL
;VSRKSTIVEXMSRWSVTVSGIHYVIW
*SVKIXXSTYX
MRKVIHMIRXWMR
(ITIRHMRKSRQIRYSTXMSRWERHX]TIWSJMRKVIHMIRXWXLEX]SYJSVKIX
XSTYXXLI]QE]FIMRNIGXIHHYVMRKGSSOMRK
8MQMRKEX[LMGLMRKVIHMIRXWGERFITYXZEVMIWHITIRHMRKSRQIRY
STXMSRWERHMRKVIHMIRXW

QM\MRK[LMGLQE]EJJIGXHSRIRIWW4YXXLIQEWWSSREWTSWWMFPI
*SVKIXXSTYXMRHV]]IEWX
&IJSVIXLIXMQMRKSJHV]]IEWXMRNIGXMSR]SYGERTVIWW
4EYWI
ERHTYX
MRXSXLI]IEWXMRPIX
%JXIVXLIXMQMRKMRHMGEXIHMRXLIXEFPIFIPS[HV]]IEWXGERRSXFIQM\IH
[IPPVIWYPXMRKMRTSSVVMWMRK
%PPS[IHXMQMRKSJHV]]IEWXMRTYXF]QIRYSTXMSRW
1IRYSTXMSR
8MQIJVSQ
WXEVX
&VIEH6EMWMR&VIEHERH;EPRYX&VIEH ;MXLMRQMR
6MGI&VIEHERH4PYQ7LMVEWY&VIEH ;MXLMRQMR
6SYRH8ST*VIRGL&VIEH ;MXLMRQMR
3XLIVQIRYSTXMSRWYWMRKHV]]IEWX ;MXLMRQMR
;LIR]SYJSVKIXXSTYXMRWYKEVWEPXFYXXIVSVWOMQQMPO
&IJSVIXLIXMQMRKSJHV]]IEWXMRNIGXMSR]SYGERTVIWW
4EYWI
ERHTYX
MRXSXLIFEOMRKTER*SVEPPS[IHXMQMRKF]QIRYSTXMSRWVIJIVXSXLI
XEFPIEFSZI

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
;VSRKSTIVEXMSRWSVTVSGIHYVIWGSRXMRYIH
;VSRKSTIVEXMSRW
SYVERH[EXIVIXG
-JMXMWFIJSVIXLIHV]]IEWXMRNIGXMSRXMQITVIWW
'ERGIP
X[MGIXS
GERGIPXLIGSSOMRKTYXXLIQMRXLIFEOMRKTERERHWIPIGXXLIQIRY
STXMSREKEMRXSWXEVX(V]]IEWXMRNIGXMSRXMQIZEVMIWHITIRHMRKSR
QIRYSTXMSRW6IJIVXS%YXS&EOIV]1IRY0MWX
4
)ZIRMJ]SYHSXLMWFIJSVIXLIHV]]IEWXMRNIGXMSRXMQIXLIFVIEHQE]
RSXXYVRSYX[IPPFIGEYWISJI\GIWWMZIQM\MRKERHPIERMRKSJHSYKL
'SSOMRK[EWWXEVXIH[MXLE[VSRKQIRYSTXMSRSVHSRIRIWW
EHNYWXQIRXWIXXMRK
=SYGERWXEVXMXSZIVMJMXMWWXMPPVMKLXEJXIVWXEVXMRK4VIWW
'ERGIP
X[MGI
WIPIGXEGSVVIGXQIRYSTXMSRIXGERHWXEVXMXEKEMR4VIWWMRK
'ERGIP
EJXIVE[LMPIJVSQWXEVXMRKQE]GEYWII\GIWWMZIQM\MRKERHTSSV
HSRIRIWW
;LIR]SYWXEVXIHGSSOMRK[MXLSYXEXXEGLMRKXLIQM\MRKFPEHI
;MXLSYXXLIQM\MRKFPEHIMRKVIHMIRXWGERRSXFIQM\IHERHHSRIRIWW
[MPPFITSSV7XEVXMXSZIV
;LIR]SYHMWGSRRIGXIHXLITS[IVTPYKSVTS[IVJEMPYVISGGYVVIH
HYVMRKGSSOMRKMR%YXS&EOIV]1IRY
-JTS[IVMWWYTTPMIH[MXLMRQMRYXIWVIWXEVXXLIGSSOMRK-JQMRYXIW
LEWTEWWIH]SYGERRSXVIWXEVXXLIGSSOMRKEPSRKXLI[E]=SYGER
WXEVXMXSZIVMJMXMWWXMPPVMKLXEJXIVWXEVXMRK
-J]SYTVIWWIH'ERGIPHYVMRKGSSOMRKF]QMWXEOI
-RGEWISJ%YXS&EOIV]1IRYSRP]TVIWWMRK
'ERGIP
SRGI[MPPSRP]
TIVJSVQTEYWMRK
4VIWW
7XEVX
6ILIEX
XSVIWXEVXGSSOMRK4VIWWMRK
'ERGIP
EKEMR[MPPGSQTPIXIP]GERGIPXLIGSSOMRK8LMWJYRGXMSRMWRSXEZEMPEFPI
MR1MGVS[EZI3ZIR1IRYERH,ERHQEHI&EOIV]1IRY
*EMPIHHSYKLGERFI
VIYWIH
9WIHSYKLXLEXMWXSS[IXSVPIEZIRIHXSSQYGLJSVHIITJVMIHFVIEH
ERHTM^^EHSYKL
6IJIVIRGIJSVXLIWX
VMWI
 SYVERH
RKIV
VIQEMRWVMWMRKMWIRSYKL
6IJIVXSLS[XSQEOI&YXXIV6SPP

4
GMIRXYWI
%HHMXMSREP,IEXMRK
XSTIVJSVQEHHMXMSREP
PIEZIRMRK
*SV
&'VSMWWERX
ERH
&&EKIP
XLIWXVMWIMWRSXTIVJSVQIHMR
7XIT
8LIVIJSVIMXLEWRSXVMWIRQYGLEXXLIIRHSJ7XIT
7LETIHERHPIEZIRIH
HSYKLMWWXMGO]
-WVMWMRKXMQIETTVSTVMEXI#6IJIVXS6IJIVIRGIJSVXLIWXVMWIEFSZIJSV
XLIVMWMRKTVSGIHYVI
;LIR*SSH(SIW2SX8YVR3YX;IPP
'SRXMRYIH

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'LIGOMRK,S[XS6IWSPZI
'LIGOXLIVMWMRKGSRHMXMSR
 RKIVXIWXXS
GLIGOXLIVMWMRKGSRHMXMSR6IJIVXSLS[XSQEOI&YXXIV6SPP

4
*SVFVIEHHSRIRIWWVMWMRKGSRHMXMSRMRPIEZIRMRKMWMQTSVXERX-JVMWMRK
GMIRXYWI
%HHMXMSREP,IEXMRK
XSTIVJSVQEHHMXMSREPPIEZIRMRK-J
HSYKLMWPIEZIRIHXSSQYGLMRXLIWXVMWIQEOIXLIRHVMWIWLSVXIV
4VIWW
4EYWI
XSTEYWIXLIGSSOMRKSTIRXLIHSSVERHGLIGOXLI
HSRIRIWW
6IJIVXSXLI6IGMTIW
;LIRXLIHSSVMWSTIRIHXIQTIVEXYVIMRXLISZIRGEZMX]HIGVIEWIW
WSXEOIEWLSVXXMQISTIRMRKERHGPSWMRKXLIHSSV
(SYKLXLEXLEWFIIRPIEZIRIHXSSQYGL[MPPWLVMROERHVMWIPIWW7YGL
HSYKLGERFIYWIHEWHIITJVMIHFVIEHERHTM^^EHSYKL
%JXIVGSSOMRK
8LIQM\MRKFPEHI
GSQIWSYXJVSQXLI
FEOMRKTEREPSRK[MXL
XLIFVIEH
(SRSXGYXFVIEH[MXLXLIQM\MRKFPEHIPIJXMRXLIFVIEH1E]VIWYPXMR
HIJSVQEXMSRSVHEQEKI
-RGEWISJFVIEH[MXLLEVHGVYWXWYGLEWVSYRHXST*VIRGL&VIEHERH
UYMGOWSHEFVIEHVIJIVXS-JXLIQM\MRKFPEHIVIQEMRWMRXLIFVIEHERH
YWIEWOI[IVSVXLIPMOIXSQEOIEGYXPMRIXSVIQSZIXLIQM\MRKFPEHI
4
&EOIHFVIEHGERRSX
GYXWQSSXLP]
8SGYXFVIEHYWIEFVIEHORMJI'PIERIHKIWPMTWSRXLIFVIEHWYVJEGI
ERHQE]GVYWLXLIFVIEH
6MKLXEJXIVFEOMRKMXMWLEVHXSGYX7SPIXMXGSSPHS[RJSVE[LMPI
FIJSVIGYXXMRK
0E]HS[RXLIFVIEH[MXLMXWWMHIJEGMRKHS[RERHQSZIEFVIEHORMJI
FEGOERHJSVGISRXLIFVIEHXSGYXMX[MXLSYXQYGLJSVGI
8SWXSVIFEOIHFVIEH
*SVWXSVEKIJSVEFSYXLEPJEHE]PIXMXGSSPHS[RJSVE[LMPIERHTYX
MRETPEWXMGFEKXSTVIZIRXMXJVSQHV]MRK-JMXMWGYXMRXSTMIGIW[VET
IEGLTMIGIMRETPEWXMG[VET
*SVWXSVEKIJSVSZIVLEPJEHE]PIXMXGSSPHS[RJSVE[LMPIERHGYXMX
MRXSTMIGIWSJHIWMVIHXLMGORIWW8LIR[VETIEGLTMIGIMRETPEWXMG
[VETERHJVII^IXLIQ
*VS^IRFVIEHWLSYPHFIGSRWYQIH[MXLMREFSYXSRIQSRXL
8SJVII^IFVIEH
WOMPPJYPP]
0IXMXGSSPHS[RJSVE[LMPIGYXMXMRXSTMIGIWERHJVII^IMX
MQQIHMEXIP]
'YXXLIFVIEHMRXSTMIGIWSJHIWMVIHXLMGORIWWERH[VETIEGLTMIGIMR
ETPEWXMG[VET
*VS^IRFVIEHWLSYPHFIGSRWYQIH[MXLMREFSYXSRIQSRXL

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'EYWI
(SIWRSXJYRGXMSR
8LITS[IVHSIWRSX
XYVRSR
8LISZIRHSIWRSX
VIWTSRHIZIR[LIR
ER]FYXXSRMWTVIWWIH
,EWXLITS[IVTPYKGSQISYXSJXLIIPIGXVMGEPSYXPIX#
-WXLIVIEFPS[RJYWIMRXLIJYWIFS\SVMWXLIFVIEOIVXLVS[R#
-W7XEVX7GVIIRWLS[RMRXLI0'(HMWTPE]EVIE#-JRSXLMRKMWHMWTPE]IH
STIRERHGPSWIXLIHSSV
4
(SIWXLISZIRJYRGXMSRRSVQEPP]EJXIVVISTIRMRKERHVIGPSWMRKXLIHSSV#

(SIWXLISZIRJYRGXMSRRSVQEPP]MJ]SYW[MXGLXLIFVIEOIVSJJERHSRERH
STIRERHGPSWIXLIHSSV#
8LIJSSHMWRSX
LIEXIHEXEPP
%JXIVTVIWWMRKXLI
'ERGIP
OI]EVISRP] ERH7XEVX7GVIIRWLS[RMR
XLIHMWTPE]EVIE#8LIWXSVIYWIQSHILEWFIIRWIX
4VIWW
'ERGIP
XLVIIXMQIWERH
7XEVX
6ILIEX
SRGI%JXIVVITIEXMRKXLMWSTIVEXMSR
XLVIIXMQIWXLI
MRXLIHMWTPE]EVIEHMWETTIEVWERHJSSHGERFILIEXIH
8LIVIMWRSXWXIEQ
-WXLIVI[EXIVMRXLI[EXIVXERO#
-WXLIVSSQXIQTIVEXYVIPS[#8LI[EXIVTEXLQE]FIJVS^IR
-J]SYGSRXMRYSYWP]YWI[EXIV[MXLELMKLGSRGIRXVEXMSRSJGEPGMYQE
GLEPO]WYFWXERGIFYMPHWYTMRXLIWXIEQFSMPIVERHWXIEQQE]RSXFI
IQMXXIH%WOXLI7IVZMGI'IRXIVXSVITEMVXLISZIR
8SYGLTERIP0'(
HMWTPE]HSIWRSX[SVO
[LIRMXMWXSYGLIH

XSYGLMX[MXL]SYVREMP#;LIRSTIVEXMRKXLIXSYGLTERIP0'(HMWTPE]
(S]SYXSYGLEFYXXSRRI\XXSERMRXIRHIHFYXXSREXXLIWEQIXMQI#8S
TVIZIRXER]YRMRXIRHIHSTIVEXMSRRSGSQQERHMWVIGIMZIH[LIRX[S
FYXXSRWEVIXSYGLIHEXXLIWEQIXMQI
-WER]HMVX[EXIVHVSTSVQMPHHIXIVKIRXEXXEGLIHXSXLIXSYGLTERIP0'(
HMWTPE]#-JXLIVIMWER]HMVXSRXLIXSYGLTERIP0'(HMWTPE]MXQE]RSX
-XHSIWRSX[SVO[LIR
&EOIV]*YRGXMSR1IRY
MWWIPIGXIH
ERH
7XEVX
6ILIEX
MW
TVIWWIH
-R7XITSJ%YXS&EOIV]1IRYERH,ERHQEHI&EOIV]1IRY'MW
WLS[RERHGSSOMRK[MPPRSXWXEVXMJXLIFEOMRKTERMWRSXPSGOIH)RWYVI
XLEXXLIFEOMRKTERMWWIGYVIP]PSGOIH
-JXLIVSSQXIQTIVEXYVIMWXSSPS[PIEZIRMRKMWRSXTVSQSXIH-JMXMWz'
SVFIPS['MWWLS[RERH]SYGERRSXWXEVXQM\MRK;EVQYTXLIVSSQ
8LISTXMQEPXIQTIVEXYVIMWEFSYX'%PWSMJMXKSIWFIPS[z'HYVMRK
TVILIEXMRKQM\MRK[MPPRSXVIWXEVX

%VI]SYXV]MRKXSTVSGIIHXS7XITERHSJXLI,ERHQEHI&EOIV]1IRY
[MXLXLIFEOMRKTERWXMPPWIX#%WXLIGIVEQMGXVE]ERHQIXEPXVE]EVIYWIH
JSV7XITERH]SYGERRSXWXEVXMX[MXLXLIFEOMRKTERWIX
*SVQIRYSTXMSRWSXLIVXLER7XITSJXLI%YXS&EOIV]1IRYERH
,ERHQEHI&EOIV]1IRYXLIGIVEQMGXVE]QYWXFIWIX
-JXLIGIVEQMGXVE]MWRSXWIX'MWWLS[RERHGSSOMRK[MPPRSXWXEVX7IX
XLIGIVEQMGXVE]ERHTVIWW
7XEVX
6ILIEX
8LISZIRGEZMX]MWLSX
ERH&EOIV]*YRGXMSR
1IRYHSIWRSXWXEVX
7XITSJXLI%YXS&EOIV]1IRYERH,ERHQEHI&EOIV]1IRY[MPPRSX
WXEVXMJXLISZIRGEZMX]MWLSX[LMGLMWMRHMGEXIHF]FPMROMRKSJ
,MKL8IQT
&IWYVIXSTIVJSVQGSSPMRKSTIVEXMSR
?,S[XSTIVJSVQGSSPMRKSTIVEXMSRA
9RPSGOERHXEOISYXXLIFEOMRKTERERHGPSWIXLIHSSV
4VIWW
7XEVX
6ILIEX
XSWXEVXXLIGSSPMRKSTIVEXMSR
%REPEVQWSYRH[MPPRSXMJ]SJGSQTPIXMSRSJXLIGSSPMRKSTIVEXMSR
7IXERHPSGOXLIFEOMRKTERVEGOFEOMRKTERERHMRNIGXSVERH
TVIWW
7XEVX
6ILIEX
EKEMRXSWXEVXGSSOMRK
8VSYFPIWLSSXMRK

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'EYWI
(V]]IEWXERH
QEXIVMEPWEVIRSX
MRNIGXIH
-JXLI]IEWXMRPIXMW[IXMRNIGXMSRQE]FITVIZIRXIHERHXLIRHV]]IEWXQE]VIQEMR
MRXLIMRPIX;MTIXLI]IEWXMRPIX[MXL[IPP[VYRK[IXHMWLGPSXLERHPIXMXHV]REXYVEPP]
(SRSX[MTIXLI]IEWXMRPIX[MXLEHV]GPSXL-JXLI]IEWXMRPIXLEWWXEXMG
IPIGXVMGMX]MRNIGXMSRQE]FITVIZIRXIHERHXLIRHV]]IEWXQE]VIQEMRMRXLI
MRPIX;MTIMX[MXL[IPP[VYRK[IXHMWLGPSXLERHPIXMXHV]REXYVEPP]
-JXLIHV]]IEWXMW[IXMRNIGXMSRQE]FITVIZIRXIHERHXLIRHV]]IEWXQE]
VIQEMRMRXLIMRPIX9WIJVIWLHV]]IEWXERHOIITMXXMKLXMREVIJVMKIVEXSV
9WMRKHV]]IEWXVMKLXEJXIVXEOMRKMXSYXJVSQEVIJVMKIVEXSVQE]GEYWI
GSRHIRWEXMSRERHMXQE]VIQEMRMRXLIMRNIGXSV0IEZIMXJSVEFSYX
QMRYXIWXSPIXMX[EVQYTXSXLIVSSQXIQTIVEXYVI
(SRSXTYXERI\GIWWMZIEQSYRXSJQEXIVMEPWSVPEVKITMIGIWSJQEXIVMEPW
GQSVEFSZIJSVIEGLMRXSXLIQEXIVMEPGSRXEMRIVQEXIVMEPWQE]WXMGO
XS[EPPWSJXLIQEXIVMEPGSRXEMRIV*SVEQSYRXERHWM^ISJQEXIVMEPWJSPPS[
MRWXVYGXMSRWKMZIRMRXLMWKYMHI
-J,ERH,EVIMRHMGEXIHERHGSSOMRKMWWYWTIRHIHIPIGXVMG
GSQTSRIRXWWSPIRSMHXLEXQSZIWXLIEYXSMRNIGXMSRPIZIVJEMPW4PIEWI
EWOXLI7IVZMGI'IRXIVXSMRWTIGXXLISZIR
2SMWI7TEVOW7QSOI*SVIMKRQEXXIV
;LIRXLITS[IVTPYKMW
TPYKKIHMRWPMKLXWXEXMG
PMOIWSYRHMWLIEVH
MWRSXEFRSVQEP
8LIVIMWEGPMGOMRK
WSYRHHYVMRKLIEXMRK
8LMWMWXLIWSYRHXLEXMWTVSHYGIH[LIRXLIQMGVSGSQTYXIVW[MXGLIW
FIX[IIRXLIQMGVS[EZIERHLIEXIVERHWSSR
8LIVIMWEWXEXMGPMOI
WSYRHHYVMRKLIEXMRK
8LMWMWXLIWSYRHSJXLIMRZIVXIVJYRGXMSRMRK
8LIVIMWEWLEVT
TSTTMRKWSYRHHYVMRK
QMGVS[EZILIEXMRK
8LMWMWXLIWSYRHSJFYVWXMRKHVSTWSJ[EXIV[LMGLLEHEHLIVIHXSXLI
GSRXEGXWYVJEGISJXLIHSSVERHSZIRGEZMX]
8LIVIMWELSPPS[
TSTTMRKWSYRHHYVMRK
SZIRERHKVMPPLIEXMRK
(YIXSXLILMKLXIQTIVEXYVIWMRZSPZIHXLIVIQE]FIWSQIGEWIW[LIVI
]SYLIEVXLIWSYRHSJXLISZIRGEZMX]I\TERHMRKFYXXLMWMWRSXE
QEPJYRGXMSR
8LIVIEVIRSMWIW[LIR
YWMRKWXIEQ
8LMWMWXLIWSYRHSJXLIEMV[LIR[EXIVMWEFWSVFIHJVSQXLI[EXIVXERO
7SQIXMQIEJXIVGSSOMRK
MWGSQTPIXIXLIVIMWE
GPMGOMRKWSYRH
8LMWMWXLIWSYRHSJXLIWXERHF]TS[IVXYVRMRKSJJ[LMGLSGGYVW[LIR
QMRYXIWLEZITEWWIHEJXIVGPSWMRKXLIHSSVEJXIVGSSOMRKMWGSQTPIXI
8LIVIMWWQSOIJVSQ
XLISZIRGEZMX]HYVMRK
SZIRLIEXMRK
%VIXLI[EPPWMRXLISZIRGEZMX]HMVX]#%VIXLIVIJSSHGVYQFWSVXLIPMOI
SRXLI[EPPW#
;MTIXLIQSJJ[MXLE[IPP[VYRK[IXHMWLGPSXL
8LIGSQTPIXMSRWSYRH
GLERKIWSVXLIWSYRH
XYVRWSJJ
3TIRERHGPSWIXLIHSSVXSWLS[7XEVX7GVIIRMRXLIHMWTPE]EVIEXLIR
XSYGL
'PIERMRK7IXXMRK 3TIVEXMSR)RH7SYRH
XSW[MXGLFIX[IIR
1IPSH]

&IITMRK
ERH
1YXI

4
;LIRXLITS[IVTPYK
MWTPYKKIHMRXLIVIMWE
GPMGOMRKWSYRHSVWTEVOW
8LMWMWJSVGLEVKMRKXLITS[IVGMVGYMXERHMWRSXEQEPJYRGXMSR
8LIVIEVIWTEVOW
[LIRYWMRKXLI
QMGVS[EZI
%VI]SYYWMRKXLIQIXEPXVE]WYTIVKVMPPXVE]YRMXFEOMRKTERSVMRNIGXSVMRE[VSRK[E]#
%VI]SYYWMRKEPYQMRYQJSMPERHLIEXMRKJSSH#
%VIXLI[EPPWSJXLISZIRGEZMX]HSSVKPEWWSVXLIPMOIMRGSRXEGX[MXL
EPYQMRYQJSMPSVQIXEPGSSOMRKKSSHW#
%VIXLIVIJSSHGVYQFWSVXLIPMOISRXLI[EPPWSJXLISZIRGEZMX]SVGIVEQMGXVE]#

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'EYWI
8LIVI[EWWQSOI
[LIRYWMRKXLISZIR
VWXXMQI
8LISZIRGEZMX]MWGSEXIH[MXLSMPXSTVIZIRXVYWXMRK;LIR]SYYWIXLI
SMP
4
%VIWMHYISJ[LMXI
QEXXIVMWIRGVYWXIH
SRXLIWXIEQSYXPIX
8LIGSQTSRIRXWSJXLI[LMXIQEXXIVEVI[LEXVIQEMR[LIRXLIQMRIVEPW
GSRXEMRIHMRXET[EXIVGEPGMYQERHQEKRIWMYQIZETSVEXI8LIQMRIVEPW
EVIRSXLEVQJYP;MTIXLIQSJJ[MXLE[IPP[VYRK[IXHMWLGPSXL
8LIJERGERFILIEVH
IZIREJXIVGSSOMRKMW
GSQTPIXI
%JXIVVITIEXIHGSSOMRKXSXEPGSSOMRKXMQISJQMRYXIWSVPSRKIVSV
'ERGIP
MWTVIWWIHXLIVIEVIGEWIW[LIVIXLIJERQE]VYRJSVEFSYX
QMRYXIWMRSVHIVXSGSSPHS[RIPIGXVMGEPGSQTSRIRXWFYXXLMWMWRSXE
QEPJYRGXMSR;LIRGSSPMRKGSQTPIXIWXLIJERWXSTWEYXSQEXMGEPP]
8LIVIEVIXMQIW[LIR
XLIVIMWSHSVSRXLI
WYTIVKVMPPXVE]YRMX
8LILIEXMRKIPIQIRXXLEXMW[IPHIHSRXSXLIWYVJEGISJXLIWYTIVKVMPPXVE]
YRMXQE]WSQIXMQIWKMZISJJERSHSVFYXXLMWHSIWRSXEJJIGXGSSOMRK
8LISHSVWYFWMHIW[MXLYWI
(YVMRKQM\MRKHMWLIW
ZMFVEXIERHQEOI
RSMWIW
(YVMRKQM\MRKSJJSSHXLIQEMRYRMXZMFVEXIW)WTIGMEPP][LIRXLISZIRMW
MRWXEPPIHSREQMGVS[EZIWXERHFYMPXMRXSEHMWLXVE]SVHMWLIWEVITPEXIHMR
EWXSVEKIVEGOSJXLIQMGVS[EZIWXERHSVSRMXWXSTZMFVEXMSRMWXVERWQMXXIH
JVSQXLIQEMRYRMXERHHMWLIWZMFVEXIERHQEOIRSMWIW8LMWMWRSXEFRSVQEP
(YVMRKLIEXMRKXLI
HMWTPE]EVIEERHHSSV
FIGSQIGPSYH]ERH
HVSTWSJ[EXIVJEPP
(ITIRHMRKSRXLIQIRYSTXMSRXLIQSMWXYVIJVSQXLIJSSHFIGSQIW
[EXIVZETSVERHXLIHMWTPE]EVIEERHXLIMRWMHISJXLIHSSVQE]FIGSQI
GPSYH]8LMWMWRSXEQEPJYRGXMSR;LIRHI[JSVQWSRXLIMRWMHISJXLI
8LIVIEVIHVSTWSJ[EXIVSV
[EXIVEGGYQYPEXIWSRXLI
MRWMHISJXLISZIRGEZMX]
(YIXSWXIEQGSSOMRKERHHITIRHMRKSRXLIQIRYSTXMSRXLI[EXIV
ZETSVXLEXMWIQMXXIHJVSQXLIJSSHEHLIVIWXSXLIMRWMHISJXLISZIR
GEZMX]EWHVSTWSVEGGYQYPEXMSRSJ[EXIV;MTIXLIHVSTWSJ[EXIVSJJ
JVIUYIRXP]
4
8LISZIRPEQTXYVRW
SJJHYVMRKSZIR
TVILIEXMRKSVGSSOMRK
MR%YXS&EOIV]1IRY
(YVMRK
3ZIR
TVILIEXMRKSVMR%YXS&EOIV]1IRYXLISZIRPEQTMW
XYVRIHSJJMRSVHIVXSWEZIIRIVK]
;LIR]SY[ERXXSPSSOEXXLISZIRGEZMX]MRWMHISZIRHYVMRKTVILIEXMRK
TVIWW
7XEVX
6ILIEX
FYXXSR
8SXYVRMXSJJTVIWWEPWSTVIWW
7XEVX
6ILIEX
8LIVIEVIXMQIW[LIR
XLIFVMKLXRIWWSJXLI
SZIRPEQTGLERKIW
(YVMRKMRXIVQMXXIRXSTIVEXMSRXLIFVMKLXRIWWSJXLISZIRPEQTQE]
GLERKI
8LMWMWRSXEQEPJYRGXMSR
8LIVIEVIXMQIW[LIRXLI
GSRZIGXMSRLIEXIVKPS[WERH
XMQIW[LIRMXHSIWRSXKPS[
8SQEOIXLIXIQTIVEXYVIMRXLISZIRGEZMX]GSRWXERXXLITS[IV
HMWXVMFYXMSRSJXLIGSRZIGXMSRLIEXIVMWMRXIVQMXXIRX
7IXXMRKWERH(MWTPE]
7SQIXMQIWMXMWRSX
TSWWMFPIXSWIXXLI
XIQTIVEXYVIXS'
-JXLISZIRGEZMX]MWLSXXLIQE\MQYQXIQTIVEXYVIXLEXGERFIWIXMW
'
8LIVIEVIXMQIW[LIRXLI
WIXXIQTIVEXYVIGLERKIW
(YVMRK
3ZIR
LIEXMRKTVILIEX=IWXLISTIVEXMSRXMQIEX'MWEFSYX
QMRYXIW
%JXIV[EVHWXLIXIQTIVEXYVIEYXSQEXMGEPP]W[MXGLIWXS'
(MWTPE]SJXLISZIR
GEZMX]XIQTIVEXYVIHYVMRK
TVILIEXMRKMRGVIEWIWSV
HIGVIEWIWF]''
8LIVIMWEPWSERMRXIVQMXXIRXWSYRH
8LIXIQTIVEXYVIHMWTPE]GLERKIWYRXMPXLISZIRGEZMX]XIQTIVEXYVI
WXEFMPM^IW8LMWMWRSXEQEPJYRGXMSR&IGEYWIXLIGSRZIGXMSRLIEXIVVYRW
MRXIVQMXXIRXP]HYVMRKTVILIEXMRK]SYQE]LIEVMRXIVQMXXIRXWSYRHWFYX
XLMWMWRSXEQEPJYRGXMSR
4VILIEXMRKIRHIH
IH
TVILIEXXIQTIVEXYVI
[EWHMWTPE]IH
4VILIEXMRKQE]IRHFIJSVIXLIWIXXIQTIVEXYVIMWHMWTPE]IHHYIXSXLI
MQTEGXSJXLIVSSQXIQTIVEXYVITS[IVWYTTP]ZSPXEKIERHWSSR-REHHMXMSR
[LIRQMRYXIWTEWWEJXIVTVILIEXMRKLEWWXEVXIHTVILIEXMRKWXSTW;LIR
TVILIEXMRKWXSTWERHXLISZIRMWPIJXEWMWTVILIEXMRKGSRXMRYIWJSVQSVI
8VSYFPIWLSSXMRKGSRXMRYIH

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
7MXYEXMSR 'EYWI
7IXXMRKWERH(MWTPE]
8LIVIQEMRMRKXMQI
GLERKIWHYVMRKLIEXMRK
(YVMRK%YXS1IRYXLIVIQEMRMRKLIEXMRKXMQIQE]GLERKIHYVMRK
,IEXMRKMWGERGIPIH
[LIRXLIHSSVMWSTIRIH
;LIRXLIHSSVMWSTIRIH[LIREVIQEMRMRKLIEXMRKXMQIMWRSXHMWTPE]IH
MR%YXS1IRYLIEXMRKMWGERGIPIH
PP;EXIVHMWTPE]
PMKLXWYTERHJSSHMW
RSXGSSOIH[IPPYWMRK
XLIWXIEQQIRY

[EXIV%JXIVEFSYXQMRYXIWXLI
PP;EXIV
HMWTPE]MWGPIEVIH)ZIRMJ
PP;EXIV
HMWTPE]MWRSXGPIEVIHMR%YXS'SSOMRK
'SRXVEWXSJ0'(
HMWTPE]WGVIIRMWRSX
ETTVSTVMEXI
=SYGEREHNYWXGSRXVEWXSJ0'(HMWTPE]WGVIIR8SYGL
'PIERMRK7IXXMRK
'SRXVEWX%HNYWXQIRX
7IPIGXGSRXVEWXERHXSYGLXLI
)RXIV
FYXXSRXSETTP]
4
3XLIVW
;LIXLIVSVRSX
WYTIVLIEXIHWXIEQMW
FIMRKIQMXXIHMWRSXGPIEV
%WXLIJSSHMWLIEXMRKFEWIHSRXLIGSQFMRIHYWISJXLI
3ZIR
ERH
+VMPP
XLIXIQTIVEXYVIMRWMHIXLISZIRMWLSXERHXLIWYTIVLIEXIHWXIEQ
*SSHGVYQFWSV
WIEWSRMRKEVIEXXEGLIH
XSXLIHSSVTEVX
;MTISJJXLIHMVXMQQIHMEXIP]
0IEZMRKMX[MPPGEYWIHMWGSPSVEXMSRERHXVERWJSVQEXMSRIXG
8LIVIMWWSQIWXIEQ
PIEOMRKJVSQXLIHSSV
%WQEPPEQSYRXSJWXIEQQE]FIIQMXXIHFYXXLMWMWRSXEFRSVQEP
8LIEQSYRXSJ[EXIV
MRXLI[EXIVXEROHSIW
RSXHIGVIEWI
8LIHIGVIEWIMRXLIEQSYRXSJ[EXIVMRXLI[EXIVXEROHMJJIVWHITIRHMRK
SRXLIQIRYSTXMSR
3TIVEXMSRWWXSTHYVMRK
GSSOMRKERH[LIRXLI
TS[IVMWXYVRIHSR
'ETTIEVW
-JTS[IVJEMPYVISGGYVWJSVQMRYXIWHYVMRKGSSOMRKMR%YXS&EOIV]
1IRYGSSOMRKMWGERGIPIH-JTS[IVMWVIWXSVIH[MXLMRQMRYXIWGSSOMRK
MWEYXSQEXMGEPP]VIWYQIH
%PWSMJ]SYHMWGSRRIGXIHXLITS[IVTPYKGSSOMRK[MPPFIVIWYQIHMJ]SY
GSRRIGXXLITPYK[MXLMRQMRYXIW
-RKVIHMIRXWSV[EXIV
EVIWTMPPIHMRXLI
SZIRGEZMX][LIRXLI
FEOMRKTERMWWIX
-J]SYWTMPPIHER]JSSH[MXLSYXXLIGIVEQMGXVE]WIXEXXLIFSXXSQSJXLI
SZIRGEZMX]MXQE]KIXMRXSXLIQIGLERMGEPGLEQFIVFIRIEXLXLISZIR
GEZMX][LMGLQE]GEYWIQEPJYRGXMSR-QQIHMEXIP]QEMRXEMRXLISZIR
-JER]MRKVIHMIRXSV[EXIVKIXWMRXSXLIKIEVTEVXSJXLIQM\MRKQSXSV
[VETEXSSXLTMGOSVXLIPMOI[MXLE[IPP[VYRK[IXGPSXLXS[MTIMXSJJ%R]
VIWMHYISJJSSHSVHMVXMRXLISZIRGEZMX][MPPGEYWIWTEVOWHYVMRK
QMGVS[EZILIEXMRK
4
-RKVIHMIRXWGERRSX
FIQM\IHEXEPPERH
VIQEMRMRTS[HIV
WXEXI
;LIRGSSOMRKMWWXEVXIH[MXLSYXXLIQM\MRKFPEHIEXXEGLIHMRKVIHMIRXW
GERRSXFIQM\IHEXEPP)RWYVIXLEXXLIQM\MRKFPEHIMWWIX
-JMRKVIHMIRXWEVIRSXQM\IHEXEPPMRWTMXISJGSVVIGXP]MRWXEPPIHQM\MRK
FPEHISV,MWWLS[RERHSTIVEXMSRWEVIWXSTTIHXLIQM\MRKQSXSV
HSIWRSXVSXEXI
4PIEWIEWOXLI7IVZMGI'IRXIVXSMRWTIGXXLISZIR
1M\MRKFPEHIMWXSS
LEVHXSVIQSZIJVSQ
XLIFEOMRKTER
4SYV[EXIVMRXSXLIFEOMRKTERERH
PIEZIMXJSVQMRYXIWXSWSEOMX
*M\MXF]KVEFFMRKXLIVSXEV]WLEJX
JVSQFIRIEXLXLIFEOMRKTERXYVRXLI
QM\MRKFPEHIGSYRXIVGPSGO[MWI8LIR
XYVRMXMRFSXLHMVIGXMSRWWIZIVEPXMQIW
ERHTYPPMXYTXSVIQSZI
1M\MRKFPEHI
6SXEV]
WLEJX

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
(MWTPE])\EQTPIW
'EYWI'SRXIRXSJ
2SXMGI
,S[XS6IWSPZI
8LIQIXLSHJSVTSMRX
EHNYWXQIRXSJXLI8VMTPI;IMKLX
7IRWSVMW[VSRK
4PEGISRP]XLIGIVEQMGXVE]MRXLISZIR
GPSWIXLIHSSVERHTVIWW
6IWYQI
%JXIV
EJI[WIGSRHWMWHMWTPE]IHERHTSMRX
EHNYWXQIRXSJXLI[IMKLXWIRWSVMWGSQTPIXI
8LIHSSV[EWSTIRIHHYVMRK
EHNYWXQIRXSJXLI8VMTPI;IMKLX
7IRWSV
'PSWIXLIHSSVERHXSYGL
6IWYQI
%JXIVEJI[WIGSRHWMWHMWTPE]IHERH
TSMRXEHNYWXQIRXSJXLI[IMKLXWIRWSVMW
GSQTPIXI
8LIGIVEQMGXVE]MWRSXMRWIVXIH 4PEGISRP]XLIGIVEQMGXVE]EXXLIFSXXSQSJXLI
SZIRGEZMX]GPSWIXLIHSSVERHTVIWW
7XEVX
6ILIEX
-JXLMWVITIEXIHP]ETTIEVWTVIWW
'ERGIP
XS
WLS[XLIWXEVXWGVIIR
8S YG L
'PIERMRK7IXXMRK
ERH
4SMRX%HNYWXQIRX

ERHTVIWW
7XEVX
6ILIEX
XSTIVJSVQTSMRXEHNYWXQIRX
SJXLI[IMKLXWIRWSV
8LIGIVEQMGXVE]MWWIXMRWXIEH
SJXLIFEOMRKTER
6IQSZIXLIGIVEQMGXVE]JVSQXLISZIRGEZMX]
WIXXLIFEOMRKTERVEGOERHFEOMRKTER
IUYMTTIH[MXLXLIMRNIGXSVERHPSGOXLIQ
'PSWIXLIHSSVERHTVIWW
7XEVX
6ILIEX
XSVIWXEVX
GSSOMRK

WYTIVKVMPPXVE]YRMXMWWIXSRXLI
GIVEQMGXVE]3VXLIWYTIVKVMPP
XVE]YRMXMWRSXWIX
YRMXWIXXMRKGPSWIXLIHSSVTVIWW
7XEVX
6ILIEX
ERH
WXEVXGSSOMRK
8LIFEOMRKTERMWRSXPSGOIH
JSVEQIRYSTXMSRXLEXYWIWXLI
FEOMRKTER
7IXERHPSGOXLIFEOMRKTERVEGOERHFEOMRK
TERIUYMTTIH[MXLXLIMRNIGXSV'PSWIXLI
HSSVERHTVIWW
7XEVX
6ILIEX
XSVIWXEVXGSSOMRK
8LIFEOMRKTERMWPSGOIHJSVE
QIRYSTXMSRXLEXHSIWRSXYWI
XLIFEOMRKTER
6IQSZIXLIFEOMRKTERVEGOERHFEOMRKTER
EGGIWWSVMIWGPSWIXLIHSSVTVIWW
7XEVX
6ILIEX
ERH
WXEVXGSSOMRK
6SSQXIQTIVEXYVIMWXSSPS[
z'SVFIPS[
;EVQYTXLIVSSQFIJSVIGSSOMRK
8LISTXMQEPXIQTIVEXYVIMWEFSYX'
;LIR2SXMGIW%VI(MWTPE]IH

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background
(MWTPE])\EQTPIW
'EYWI'SRXIRXSJ
2SXMGI
,S[XS6IWSPZI

(YVMRKGSSOMRKMR%YXS&EOIV]1IRY
SVXMQIVWXERHF]ETS[IVJEMPYVILEW
SGGYVVIHJSVQMRYXIWSVPSRKIV
3TIRXLIHSSVERHGLIGOGSRHMXMSRWSJXLI
FEOMRKTERERHMRNIGXSV(SYKLQE]FI
VIYWIHMJRSXFEOIH]IX
4
8LIQM\MRKQSXSVMWSZIVPSEHIH
FIGEYWISJMRKVIHMIRXWWXYGOSR
XLIQM\MRKFPEHISVXSSQYGL
MRKVIHMIRXWERHETVSXIGXMSR
HIZMGIMWEGXMZEXIHXLIVIF]XS
TVIZIRXXLIVSXEXMSR
8EOISYXXLIFEOMRKTERJVSQXLISZIRGEZMX]
VIQSZIER]WXMGOMRKMRKVIHMIRXERHQMRGIER]
PEVKIMRKVIHMIRXTMIGIW7IXXLIFEOMRKTER
EKEMRERHTVIWW
7XEVX
6ILIEX
XSVIWYQIGSSOMRK-J
EPEVKIEQSYRXSJMRKVIHMIRXWEVIMRZSPZIH
VIHYGMRKXLIEQSYRX[MPPRSXMQTVSZIHSRIRIWW
EWMXGLERKIWXLIVEXMSSJMRKVIHMIRXW
8LIFSXXSQSJXLIQEMRYRMXMW
ZIV]LSX
;EMXQEMRYRMXXSGSSPHS[RFIJSVIGSSOMRK
'LIGOMRWXEPPEXMSRWXEXI
4
8LIVIMWRS[EXIVMRXLI[EXIV
XERO
*MPPXLI[EXIVXERO[MXL[EXIV
4
-RWMHISJXLISZIRGEZMX]MWLSX 0IXMXGSSPHS[R[MXLVIJIVIRGIXS,S[XS
TIVJSVQXLIGSSPMRKSTIVEXMSR
4
VITVIWIRXWEX[SHMKMXRYQFIV
,

HMWTPE]I\EQTPI
3TIVEXMSRMWWXSTTIH[LIRER
EFRSVQEPMX]MRXLIQEGLMRIV]
MWHIXIGXIHSV[LIRXLIVIMW
XIQTSVEV]QEPJYRGXMSREVMWMRK
JVSQXLIIJJIGXSJI\XIVREP
IPIGXVMGEPRSMWIERHXLIPMOI
4EVXWQEPJYRGXMSRHMWTPE]
4VIWW
'ERGIP
%PXIVREXIP]TYPPSYXXLI
TS[IVTPYKTPYKMXMREKEMRSTIRERHGPSWI
XLIHSSVERHXYVRXLITS[IVSRSRGIQSVI
8LI,

HMWTPE]MWGPIEVIH
-RGEWIW[LIVIGSRHMXMSRWEVIRSXVIWXSVIHXSRSVQEPSRIWSVXLIWEQIHMWTPE]MWWLS[RTYPPSYXXLITS[IVTPYK
ERHEWOXLI7IVZMGI'IRXIVXSVITEMVXLISZIR

;LIR*SSH(SIW2SX8YVR3YX;IPP8VSYFPIWLSSXMRK
background

6IGMTIW
8EFPISJ'SRXIRXW

MWXLIETTPMIHQIRYJSV%YXS1IRY
1IEX
(VMIH,SVWI1EGOIVIP


(VMIH%XOE1EGOIVIP


7EPX'VYWXIH7IE&VIEQ


+VMPPIH7EPQSRMR*SMP


7EPQSR7XIEO












7EPXIH7EPQSR


0MKLXP]7EPXIH7EPQSR


+VMPPIH7EYV]


+VMPPIH1EGOIVIP


=IPPS[XEMP8IVM]EOM


7IEJSSH
+VMPP

MWXLIQIRYRYQFIVJSV%YXS1IRY
MRHMGEXIWHMWLSTXMSRW[MXLEGSSOMRKXMQISJQMRYXIWSVPIWW










,EQFYVK7XIEO


,EQFYVK7XIEO,IEPXL]


6SEWX&IIJ


+VEZ]


6SEWX'LMGOIR


,IVF'LMGOIR


,IVF'LMGOIR,IEPXL]


7OI[IVIH'LMGOIR


7EYXIIH'LMGOIR


7EXE]


&EVFIGYI


3XLIVW




3OSRSQM]EOM


&EOIH4SXEXS


+VMPPIH:IKIXEFPI


&EOIH7TVMRK6SPP


*VS^IR+VMPPIH(MWLIW




,EQFYVK7XIEO*VS^IR


*VMIH'LMGOIR*VS^IR


7EPXIH7EPQSR*VS^IR


(VMIH,SVWI1EGOIVIP*VS^IR


8MTWJSV*VII^MRK+VMPPIH(MWLIW7OMPPJYPP]


=SYGERGLSSWILIEPXL]HMWLIW
'YX*EX7EPX
1IRYXLEXGERVIQSZII\GIWWJEXERHWEPX[MXLWYTIVLIEXIHWXIEQXIGLRSPSK]
2S3MP(IIT*V]
(IITJVMIHJSSHQIRY[MXLSYXYWMRKSMP
2S3MP7XMV*V]
7XMV*V]JSSHQIRY[MXLSYXYWMRKSMP
'EPGMYQ6MGL
1IRY[MXLLMKLGEPGMYQGSRXIRX
-VSR6MGL
1IRY[MXLLMKLMVSRGSRXIRX
6IXEMRZMXEQMR'
1IRYJSVTVIZIRXMRKZMXEQMR'VIHYGXMSR
*IVQIRXIH*SSH
1IRY[MXLJIVQIRXIHMRKVIHMIRXW
*SVLS[XSVIEHXLI6IGMTIWVIJIVXS
4
,IEPXL]
6IGMTIHIZIPSTIHF]
/EKE[E2YXVMXMSR9RMZIVWMX]
&
&
&
&









0MKLX7IWEQI'LIIWI&VIEH


,SRI]2YX&VIEH


7LMWS7IWEQI6SPP


'LIWXRYX6SPP


7EVHMRI+RSGGLM+VEXMR


1M\IH+VEMR'LMGOIR6SPP


&EWUYI1EVPMR8YRE


&YPKSKM


(IIT*VMIH'LIIWI7EPQSR


'LMGOTIE'VSUYIXXI


7EYV],MNMOM6MGI


7MQQIVIH7[IIX4SXEXS


'YXI%RMQEP(SVE]EOM


1IRY2S
4EKI 1IRY2S 4EKI
1IRY2S 4EKI 1IRY2S 4EKI
background
+VMPP
+VEXMR
5YMGLI
7XIEQ
2S3MP
(IIT*V]
6ILIEX (IWWIVX
8S E W X
8S E W X7IX1IRY

+VEXMR5YMGLI






1EGEVSRM+VEXMR


;LMXI7EYGI


7LVMQT8SQEXS+VEXMR


'LMGOIR'YVV]+VEXMR


7EVHMRI+RSGGLM+VEXMR


7LVMQT6MGI+VEXMR


7TMREGL5YMGLI


7XIEQ+VMPP7XMV*V]
7XIEQ+VMPP*SSH













*VMIH(YQTPMRK


7LVMQT(YQTPMRK


'LMGOIR&VIEWXMR4PYQ7EYGI


1M\IH+VEMR'LMGOIR6SPP


6MGI1EPX1EVMREHI'LMGOIR


1MWS7EPQSR


&EWUYI1EVPMR8YRE


7XIEQ;LSPI;LMXI*MWL


7EOI7XIEQIH'PEQ


)KKTPERX1YWLVSSQ7EPEH


7XIEQ&EOIH7UYEWL


7XIEQ&EOIH7[IIX4SXEXS


7XIEQ&EOIH'EFFEKI


7XIEQ+VMPP*SSH(MQ7YQ



7XIEQIH(YQTPMRK


7SYT(YQTPMRK


7LVMQT7MY1EM


7XMV*VMIH*SSH




7XMV*VMIH:IKIXEFPI


*VMIH2SSHPIW


+M^^EVH*VMIH2YXW


&YPKSKM






7LVMQT'LMPM7EYGI


7XIEQ*VMIH&VSGGSPM


:IKIXEFPI[MXL*VMIH+EVPMG


7EPX6MGI1EPX7TMREGL7EYXI


7XIEQ




'LE[ERQYWLM


7XIEQIH'LMGOIR[MXL7EOI


7XIEQIH'LMGOIR[MXL0SXYW6SSXW


+VSYRH'LMGOIRMR8SJY7OMR


1IRY2S 4EKI 1IRY2S 4EKI
background


MWXLIETTPMIHQIRYJSV%YXS1IRY

MWXLIQIRYRYQFIVJSV%YXS1IRY
MRHMGEXIWHMWLSTXMSRWSJ
,IEPXL]
6MGI2SSHPI





6MGI'VSUYIXXI


'SSOIH6MGI


7EYV],MNMOM6MGI


6IH&IER6MGI


'EFFEKI'PEQ4EWXE


,SQIQEHI*SSH






,SQIQEHI7EYWEKI


7EYV]'SRJMX


7EPQSR8IVVMRI


7XVE[FIVV].EQ


3VERKI1EVQEPEHI


=SKYVX


=SKYVX7EYGI


2S3MP(IIT*V]
MRHMGEXIWHMWLSTXMSRW[MXLEGSSOMRKXMQISJQMRYXIWSVPIWW















*VMIH'LMGOIR


1EVMREXIH*VMIH'LMGOIR


+VSYRH1IEX'YXPIX


*VMIHFVIEHGVYQFW


'LMGOIR'YXPIX


(IIT*VMIH'LMGOIR[MXL0SXYW6SSXW


,EQ'YXPIX


(IIT*VMIH7EYWEKI7OI[IV


(IIT*VMIH'LIIWI7EPQSR


(IIT*VMIH,SVWI1EGOIVIP


(IIT*VMIH7LVMQT


(IIT*VMIH;LMXI*MWL


*VIRGL*VMIW


4SXEXS'VSUYIXXI


'LMGOTIE'VSUYIXXI


,IEPXL]*VMIH7LVMQT


7MQQIVIH&SMP7SYT











&SMPIH7TMREGL


-XEPMER7EPEH


'EFFEKI6SPP


&VEMWIH1IEX4SXEXS


7MQQIVIH6EHMWL7UYMH


7MQQIVIH7[IIX4SXEXS


1ETS8SJY


7MQQIVIH1IEX8SJY


'PEQ'LS[HIV


/IRGLMR7SYT


&IIJ7XI[


1IRY2S 4EKI 1IRY2S 4EKI
background
+VMPP
+VEXMR
5YMGLI
7XIEQ
2S3MP
(IIT*V]
6ILIEX (IWWIVX
8S E W X
8S E W X7IX1IRY

7IX1IRY
0YRGL&S\



,EQFYVK7XIEO0YRGL&S\


7EPQSR0YRGL&S\


'LMGOIR0YRGL&S\


7MHIHMWLIWJSVPYRGLFS\


8[S(MWL3ZIR
 
*VMIH'LMGOIR+VMPPIH:IKIXEFPI


1YJJMR1MRM4MI


(YEP'SSOMRK[MXL3ZIRERH1MGVS[EZI
 
7TMGIH'LMGOIR7SYT


(IIT*VMIH*MWL8SJY


6ILIEX







1ERYEP










6MGI:EGYYQTEGOIH


'YVV]SV6MGI&S[P8STTMRKW
6IEH]QEHI&SMPMRFEK8]TI


&IZIVEKIW;EVQ1MPO


6ILIEXMRK7MHI(MWLIW


6ILIEXMRK6MGI


6ILIEX7XIEQ&YRW'LMPPIH


6ILIEX7XIEQ&YRW*VS^IR


6EQIRERH3XLIV-RWXERX2SSHPIW
&EKSV*SVQ&S[P


,EQFYVK7XIEOERH'LMGOIR7XIEO


7EXWYQEWX]PI*VMIH*SSH


(IIT*VMIH8SJY


+VMPPIH*MWLERH&VSMPIH)IP


*VS^IR+VMPPIH6MGIFEPP


*VS^IR*VMIH*SSHWERH2YKKIX


*VS^IR,EQFYVK7XIEO


*VS^IR8EOS]EOM


7TVMRK6SPP


6ILIEX*VMIH*SSH


&VIEOJEWX'SQFSW

8SEWX7IX1IRY


7MHIHMWLIWJSVFVIEOJEWXGSQFSW


1IRY2S 4EKI 1IRY2S 4EKI
background

(IWWIVX
'EOI





1ERYEP
1ERYEP
7TSRKI'EOI(IGSVEXIH'EOI


6SPP'EOI4PEMR


1SGLE6SPP'EOI


1EXGLE6SPP'EOI


'LMJJSR'EOI4PEMR


'LIIWIGEOI


7SYJJPI'LIIWIGEOI


'SSOMI



'YX3YX'SSOMI


4MTIH'SSOMI


%PQSRH'SSOMI


4YHHMRKERH.IPP]


1ERYEP

7SJX4YHHMRK


7XIEQIH4YHHMRK4PEMR


4YHHMRK


'SJJII.IPP]


+VMPPIH(IWWIVX


1ERYEP







'EWXIPPE'EOI


2I[WTETIVQSPHJSVGEWXIPPEGEOI


%TTPI4MI


%TTPI4VIWIVZIW


1MRM4MI


1YJJMR


'LSGSPEXI'LMT1YJJMR


8IE0IEJ1YJJMR


1EHIPIMRI


&VS[RMI


1SPHJSVFVS[RMI


&SPS


.ETERIWI'SRJIGXMSRIV]


1ERYEP
'YXI%RMQEP(SVE]EOM


/SKERI7[IIX4SXEXS


6MGI'EOI&PSGOWERH7XSVI&SYKLX4EGOIH6MGI'EOI
%FIOE[E-WSFIERH*VYMX(EMJYOY


7XIEQIH(IWWIVX



7XIEQIH(SYKLRYX


7XIEQIH'LSGSPEXI'EOI


7XIEQIH1YJJMRW


8S EW X





8SEWX


,SX7ERH[MGL


4M^^E8SEWX


+EVPMG8SEWX


*VIRGL8SEWX



MWXLIETTPMIHQIRYJSV%YXS1IRY

MWXLIQIRYRYQFIVJSV%YXS1IRY
MRHMGEXIWHMWLSTXMSRWSJ
,IEPXL]

1ERYEP
MRHMGEXIWHMWLSTXMSRW[MXLEGSSOMRKXMQISJQMRYXIWSVPIWW
1IRY2S 4EKI 1IRY2S 4EKI
background
+VMPP
+VEXMR
5YMGLI
7XIEQ
2S3MP
(IIT*V]
6ILIEX (IWWIVX
8S E W X
8S E W X7IX1IRY

6MGI*PSYVERH6MGI&VIEH
&
&
&
6MGI*PSYV&VIEH


6MGI&VIEH


4PYQ7LMVEWY&VIEH


'EPGMYQERH7S]&VIEH
& &
'LIIWI&VIEH


7S]&IER&VIEH


'EPSVMI'YX&VIEH
8SJY&VIEH


& &
7EPX/IPT&VIEH


*SVLS[XSVIEHXLI6IGMTIWJSV&EOIV]*YRGXMSRVIJIVXS
4
%YXS&EOIV]1IRY
&
&
&
&
&
4VSGIHYVIJSV&EOIV]*YRGXMSR


&VIEH


6EMWMR&VIEH


;EPRYX&VIEH


7SJX&VIEH


&YXXIV6MGL&VIEH


&
&
&
&
&
1ERYEP
6SYRH8ST*VIRGL&VIEH


6]I&VIEH


0MKLX7IWEQI'LIIWI&VIEH


,SRI]2YX&VIEH


5YMGO7SHE&VIEH


4M^^E8SEWXSJ7SHE&VIEH


;LIEX&VIEH
:IKIXEFPIERH*VYMXW&VIEH
&
&
7TMREGL&VIEH


7UYEWL&VIEH


&
&
&ERERE&VIEH


&PYIFIVV]&VIEH


,ERHQEHI&EOIV]1IRY
&
&
&
&
&
&
&
&
&YXXIV6SPP&VIEH6SPP


*VIRGL6SPP&EXEVHERH'SYTI


7UYEWL6SPP


7LMWS7IWEQI6SPP


;LIEX7XEPO6SPP


'VSMWWERX


6IH&IER6SPP


'LIWXRYX6SPP


&
&
&
&
1ERYEP
&
1ERYEP
1IPSR6SPP


&EKIP4PEMR


2EER


,SQIQEHI7XIEQIH1IEX&YR


)EW]7XIEQIH1IEX&YR


4M^^E&VIEH(SYKL


7XSVI&SYKLX4M^^E


1IRY2S 4EKI 1IRY2S 4EKI
background

*SVLS[XSVIEHXLI6IGMTIWJSV&EOIV]*YRGXMSRVIJIVXS
4
1M\MRK1IRY
(IWWIVX
&
&
7[IIX4SXEXS


(VMIH*VYMXW7S]&VIEH


&
7SJX'EVEQIP


'EOI
&
&
&
4SYRH'EOI4PEMR


8IE4SYRH'EOI


&EOIH'LIIWI'EOI


&
&
&
6MGL'LSGSPEXI'EOI


4ERGEOI4PEMR


7EZSV]4SYRH'EOI4PEMR


2SSHPI
&
9HSR


&
4EWXE


1M\IH(MWLIW
1IEXPSEJ


&
6MGI'EOIERH6MGI+VYIP
6MGI'EOI


& &
6MWSXXS


&VIEH1EOMRKMR1ERYEP1IRY


%WME1MHHPI)EWX7TIGMEPX]
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
1ERYEP
7TMG]4VE[R6SPPW


7TMG]*MWL+VMPPIHMR&ERERE0IEZIW
3XEO3XEO4ERKKERK


+PYXMRSYW6MGI(YQTPMRK[MXL4SVO*MPPMRK
/YML'LERK&EFM


*MWLMR7TMG]8EQEVMRH+VEZ]
%WEQ+YPEM


7XI[IH:IKIXEFPI2]SR]E7X]PI
'LET'L]I1EWEO8MXMO


'LMGOIRMR6MGL7TMG]+VEZ]%]EQ/PIS


&IIJ6IRHERK


7TMG]7LVMQT7SYT8SQ=EQ+SSRK


;SR8SR7SYT


*PEX6MGI2SSHPIW6SPP


&EOIH'VEF[MXL:IVQMGIPPMMR'PE]4SX


4SVOMR'V]WXEP&EPPW


7XIEQIH4SQJVIX[MXL4MGOPIH4PYQ


7SJX6MGIERH4SVO6MFW


,SRI]6SEWXIH4SVO7TEVI6MFW


'EWWIVX]SPI(YGO8LEM7X]PI


'LMGOIR(VYQ7XMGO4ERERK


1EWEPE'LMGOIR


*MWL/EFWE


7TMG]&IER7SYT


7XYJJIH>YGGLMRM


0IFERIWI1IEXFEPPW


0EQF[MXL+VIIR,IVFW



MWXLIETTPMIHQIRYJSV%YXS1IRY

MWXLIQIRYRYQFIVJSV%YXS1IRY
MRHMGEXIWHMWLSTXMSRWSJ
,IEPXL]
MRHMGEXIWHMWLSTXMSRW[MXLEGSSOMRKXMQISJQMRYXIWSVPIWW
1IRY2S 4EKI 1IRY2S 4EKI
background
+VMPP
+VEXMR
5YMGLI
7XIEQ
2S3MP
(IIT*V]
6ILIEX (IWWIVX
8S E W X
8S E W X7IX1IRY

8LI WLS[RMRXLIVIGMTIWMRHMGEXIW%YXS1IRY[LMPI MRHMGEXI1ERYEP1IRYJYRGXMSRW
1IEWYVIQIRX
-RKVIHMIRX
8W T
Q0
8FWT
Q0
'YT
Q0
1IEWYVIQIRX
-RKVIHMIRX
8W T
Q0
8FWT
Q0
'YT
Q0
;EXIVZMRIKEVWEOI   8SQEXSTYVII  
7S]WEYGIQMVMRW[IIXGSSOMRK[MRIQMWSTEWXI
  ;SVGIWXIVWLMVIWEYGI  
7EPX   1E]SRREMWI  
7YKEVFEOIVWWYKEV
7XEVXGL



+VEXIH4EVQIWERGLIIWI

*PSYVGEOIJPSYV 
*VIWLGVIEQ  
*PSYVFVIEHJPSYV 
3MPFYXXIV
0EVH




&VIEHGVYQFW  'SGSE 
4S[HIVIHKIPEXMR  ;LMXIVMGI
z
z 
/IXGLYT   'SSOIHVMGI
zz

+VEQIUYMZEPIRXWJSVWXERHEVHGYTXIEWTSSRERHXEFPIWTSSRQIEWYVIQIRXW
Q0!GG
,IEXMRKXMQI
%TTVS\QMR
,IEXJSVEFSYXQMRYXIW
zQMR
,IEXJSVEVSYRHXSQMRYXIW
,IEXMRKXMQIMWFEWIHSRVSSQXIQTIVEXYVIJSSHMRKVIHMIRXW
8LIQMPPMPMXIVWQ0YWIHMRXLIVIGMTIFSSOEVIIUYMZEPIRXXSGG
4LSXSWWLS[XLIHMWLIWTVITEVIHERHVIEH]XSWIVZI
8LMWXEFPI
TVSZMHIWXLIKVEQ
[IMKLX
IUYMZEPIRXWJSV
XLIGYT
XIEWTSSRERH
XEFPIWTSSR
QIEWYVIQIRXW
YWIHMRXLMW
3TIVEXMRK
1ERYEP6IGMTIW
,S[XS6IEH6IGMTIW
+VMPP1IEX

%YXS
,EQFYVK7XIEO
4YX
%
MR E LIEXVIWMWXERXGSRXEMRIV
ERH LIEX [ MXL
1MGVS[EZI
;
%FSYXQMRWIG
0IXMXGSSPEHH
&
ERHQM\[IPP8LIRGYXMRXSIUYEPTMIGIW
4
'SEX]SYVLERHW[MXLEWQEPP
EQSYRXSJ WEPEHSMP FIWMHIWXLI
WTIGMJMIH EQSYRX8SWWXLIQM\XYVI
MR
JVSQSRI LERHXSXLI SXLIV
XSVIQSZIEMVFYFFPIWJVSQ MRWMHI
7LETIMXMRXSSZEPERHQEOIEHIRXMR
XLIGIRXIVSJXLITEXX]4EXXMIWWLSYPH
FIGQMRXLMGORIWW
%VVERKI
SRXLI WYTIV KVMPPXVE]
YRMX [MXLPIKW STIRIH TPEGI XLI YRMX
SRXLIGIVEQMGXVE]ERHLIEXXLIQ
[MXL +VMPP
,EQFYVK7XIEO
%JXIVLIEXMRKTPEGIMXSREHMWL
ERHTYX[IPPQM\IHOIXGLYTERH
;SVGIWXIVWLMVIWEYGISRMX
QIHMYQSRMSRJMRIP]GLSTTIH
EFSYXK
KFYXXIV
KKVSYRHFIIJERHTSVO
GYTSJFVIEHGVYQFWEFSYXK
XFWTQMPO
IKKFIEXIR
WGERXXWTWEPX
(EWLSJTITTIVERHRYXQIK
/IXGLYTERH;SVGIWXIVWLMVIWEYGIEW
RIIHIH
(MVIGXMSRW
- RKVIHMIRXW WIVZMRKWTEXXMIW
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
,EQFYVK
7XIEO
+VMPP
4
6IJIVIRGILIEXM RKXMQI %FSYXQMR
1MGVS[EZI
+VMPP
4VITEVEXMSR
,IEXMRK
+VMPP
1IEX
1MGVS[EZI,IEXMRK
4
%YXS1IRYLIEXMRKX]TI
'SSO1IXLSH
1IRY2S
%GGIWWSVMIWYWIHJSV
X]TMGEPLIEXMRKMR%YXS
1IRYSV1ERYEP1IRY
6IJIVIRGILIEXMRKXMQI
*SV4VILIEXQIRYSTXMSRW
TVILIEXMRKXMQIMWMRHMGEXIH
3VHIVSJWIPIGXMRKQIRY
STXMSRWJVSQ6IGMTI
'SSO1IXLSH
*SV1ERYEP1IRYLIEXMRK
X]TIMWMRHMGEXIHLIVI
-RKVIHMIRXW
7XEXISJ[EXIVXERO
8SYGLERHWIPIGX
6IGMTI
'SSO1IXLSH
+VMPP
,EQFYVKWXIEO
ERHTVIWW
XS
WXEVX
6IGMTI
ERH
'SSO1IXLSH
EVIGSQQSRXSEPPXLI
QIRYSTXMSRWSXLIV
XLER
6ILIEX(IJVSWX

7S
MXMWSQMXXIHMRXLMW
HSGYQIRX
6IJIVIRGITEKIJSVQERYEPQIRY
STXMSRWYWIHMR,S[XS'SSO
background
-RXVSHYGMRKVIGMTIWHIZIPSTIHF]XLI
/EKE[E2YXVMXMSR9RMZIVWMX]
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'LMGOTIE'VSUYIXXI
0MKLX7IWEQI'LIIWI&VIEH
,SRI]2YX&VIEH
7LMWS7IWEQI6SPP
'LIWXRYX6SPP
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GEVIRSXXSKIXFYVRIHERHEPMKRXLIWXIEQ
MRPIXSJXLIPMH[MXLXLIWXIEQSYXPIX
8EOISYXXLIGLMGOIR[MXLGEVIRSXXS
WTMPPMXWNYMGIERHGYXMXMRXSTMIGIW
4PEGIQYWLVSSQERHTSXEXSSRE
HMWLERHXLIGLMGOIRSRXLIQ8LIR
HYWXXLIQ[MXLTEVWPI]GLMTW
8VERWJIV XLI NYMGIVIQEMRMRKMRXLI
WYTIVKVMPPXVE]YRMXXSELIEXVIWMWXERX
GSRXEMRIV ERH EHHWEYGI8LIRQM\
[IPP LIEX[MXL
1MGVS[EZI ;
%FSYXWIG
ERHXLIRTYXSRXS
4
KKVEMRIHVMGI[MXLFPEGOVMGIVSSQXIQTIVEXYVI
KVIIRSPMZIWJMRIP]GLSTTIH
ERGLSZ]JMPPIXWJMRIP]GLSTTIH
7EPXERHTITTIV
EWRIIHIH
GLMGOIRXLMKLW
[MXLWOMREFSYXKTIVTMIGI
XWTWEPX
4ITTIV
EWRIIHIH
4EVWPI]
EWRIIHIH
?%GGSQTERMQIRXA
KJVIWLWLMMXEOIQYWLVSSQWGYXMRXS
FMXIWM^ITMIGIW
KQEMXEOIQYWLVSSQFVIEOETEVXER]GPYQTW
KIVMRKMQYWLVSSQWPMGIHXLMR
KTSXEXSGYXMRXSFMXIWM^ITMIGIW
KEVPMGGPSZIJMRIP]GLSTTIH
FSYMPPSRGYFI
XFWT[LMXI[MRI
4ITTIV
EWRIIHIH
?7EYGIA
KFYXXIV
XWTWXEVGL
HMWWSPZI[MXL
XWT[EXIV
XWTWS]WEYGI
1MGVS[EZI,IEXMRK
4
WIVZMRKW
1SZIHMWLIW
XS[EVHWXLI
GIRXIV
%VVERKI
HMWLIWPMOIXLMW
4PEGIHMWL
MRXLIGIRXIV
1SZIHMWLIW
XS[EVHWXLI
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%GGIWWSV]9WIH
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
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7XIEQ+VMPP
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4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7YTIVLIEXIH7XIEQ
3ZIR
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,IEXMRK
1M\IH+VEMR
'LMGOIR6SPP
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1
M
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I
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+
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E
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R
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1MRIVEP
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7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
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7XIEQ+VMPP
7XMV*V]
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6IJIVIRGILIEXMRKXMQI %FSYXQMR
*MPP XLI [EXIV XERO [MXL [EXIVYT XS
XLIJYPPPMRI
'YX1EVPMRXYREMRXSETTVSTVMEXIFMXI
WM^IEFSYXGQXLMGOWIEWSRXLIQ
[MXLWEPXERHTITTIVERHPIXXLIQ
VIWXJSVEFSYXQMRYXIW
4YX % MRE LIEXVIWMWXERX GSRXEMRIV
ERHLIEX[MXL
1MGVS[EZI ;
%FSYXQMR

4
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KVMPPXVE]YRMX[MXLPIKWGPSWIH
WTVIEHSRMXERHEVVERKISRMX
EJXIVVIQSZMRKQSMWX
8STXLIXYRE[MXLVIHFIPPTITTIV
ERHE WQEPP FPSGO SJFYXXIV ERHWIX
XLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRKXLI
WXIEQ MRPIXSJXLIPMH[MXLXLIWXIEQ
SYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
&EWUYI1EVPMR8YRE
XSGSSO
QEVPMRXYREJMPPIXW
EFSYXKIEGL
XWTWEPX
4ITTIV
EWRIIHIH
QIHMYQSRMSRGSEVWIP]GLSTTIH
EFSYXK
XSQEXSGSEVWIP]GLSTTIHEFSYXK
KEVPMGGPSZIGSEVWIP]GLSTTIH
XWTSPMZISMP
KVIHFIPPTITTIVNYPMIRRIH
KFYXXIV
%HMWLSJ JMWLERHERXMS\MHERXVIH
FIPPTITTIVKVMPPIH ERHWXIEQIH[MXL
,IEPXL]'LIJ 1EVPMR XYREMWLIEPXL]
JMWLXLEXGSRXEMRWLMKLTVSXIMRERH
PS[JEXXLEX]SYQE][ERXXSXEOI
VSYXMRIP]
%GGIWWSV]9WIH
7XIEQ
1MGVS[EZI
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
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&YPKSKM
7XIEQ+VMPP
7XMV*V]
KXLMRWPMGIHFIIJVSYRH
GYXMRXSFMXIWM^ITMIGIW
KGERSJFSMPIHGPEQW
I\GPYHMRKXLINYMGI
ETTPIW
KEVPMGGPSZI
Q0GPEQNYMGI
4ITTIVTS[HIV
EWRIIHIH
XFWTQMVMRW[IIXGSSOMRK[MRI
XFWTKVSYRH[LMXIWIWEQI
XWTWIWEQISMP

XFWTOSGLYN]ERK
XFWTWS]WEYGI
7EPXEWRIIHIH
QIHMYQSRMSRWPMGIHXLMR
EFSYXK
GEVVSXNYPMIRRIH
EFSYXK
KVIIRFIPPTITTIVWNYPMIRRIHEFSYX
K
7EPXEWRIIHIH
XWTWIWEQISMP
WYRR]PIXXYGI
WLMWSPIEZIW
1MGVS[EZI,IEXMRK
4
WIVZMRKW
WIVZMRKW
4VITEVEXMSR
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4
7XIEQ
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4
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4VSXIMR
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W
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1
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8
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MVSRERH^MRG

%YXS
background

3RP]GSSOSVWIVZMRKWEX
EXMQI
-J ]SYV JSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSETPEXIERH
GSZIV[MXLTPEWXMG[VET
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
*MPP XLI [EXIV XERO [MXL [EXIVYT XS
XLIJYPPPMRI
6IQSZIWIIHWJVSQETTPIERH
FPIRHMREFPIRHIV[MXL
%
7SEOFIIJERHGPEQWMRJSVEXPIEWX
QMRYXIW
-RWXERXP] GSQFMRI SRMSR GEVVSX ERH
KVIIRFIPPTITTIV[MXL
&
ERH
WTVIEHXLIQSYXSRXLIWYTIVKVMPP
XVE]YRMX[MXL PIKWGPSWIH[MXLE
GSSOMRK WLIIX 4YXEPSRK[MXLXLI
WEYGISZIVMXERHWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLI
WXIEQSYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
&YPKSKM
XS
GSSO
%JXIVLIEXMRKQM\XLIQERHTPEGI
SRHMWLIWXSTTIH[MXLWYRR]PIXXYGI
ERHWLMWS
%[IPPFEPERGIHHMWL[MXLQIEX
GPEQWERHZIKIXEFPIW=SYQE]VSPPMX
YT[MXLPIXXYGIERHWLMWSERHXEOIMX
[MXLVMGI-XWJSVWQMPIWSJJEQMP]
3RP]GSSOSVWIVZMRKWEXEXMQI
-J ]SYV JSSH MW YRHIVHSRI EJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
u'
XSGSSOGLIGOMRKXLIJSSHSJXIR
4
'YXTIIPIHTSXEXSMRXSFMXIWM^IH
TMIGIW[VETXLIQERHLIEX[MXL
1MGVS[EZI ;
%FSYXQMR

&VIEOFVSGGSPMMRXSJPSVIXW[VETXLIQ
ERHLIEX[MXL
1MGVS[EZI ;
%FSYXQMR
4
7IEWSRWEPQSR[MXLWEPXERH TITTIV
ERHGSQFMRIIKKERHQM\IH
%
MRSVHIV
%TTP]
%
XLEX[EWQM\IHMR
4PEGIWEPQSRJMPPIXWEXXLIGIRXIVSJXLI
WYTIV KVMPP XVE] YRMX [MXL PIKW STIRIH
TYXEVSYRHXLIQWIXXLIYRMXSRXLI
GIVEQMGXVE]ERH LIEX[MXL
2S3MP(IIT*V]
(IIT*VMIH'LIIWI7EPQSR
%JXIVLIEXMRK TPEGIXLIQ SR HMWLIW
ERHXSTXLIQ[MXLXEVXEV]SKYVX
?,S[XSQEOIXEVXEV]SKYVXA
4YXFSMPIHIKKTMGOPIWERHSRMSRMR
&
ERH
QM\XLIQ8LIRHYWX[MXLTEVWPI]GLMTW
VE[WEPQSRJMPPIXWEFSYXKIEGL
XWTWEPX
4ITTIV
EWRIIHIH
TSXEXSEFSYXKIEGL
KFVSGGSPM
IKKFIEXIR
KJVMIHFVIEHGVYQFW
4
XFWT[LMXIWIWEQI
XFWTKVEXIH4EVQIWERGLIIWI
?8EVXEV=SKYVXA
FSMPIHIKKVSYKLP]GYX
WQEPPTMGOPIWJMRIP]GLSTTIH
SRMSRWJMRIP]GLSTTIH
EFSYXKIEGL
KTPEMR]SKYVX
XWTWEPX
4EVWPI]
EWRIIHIH
'LMPHVIRPSZIWEPQSR ERHMX MWVMGLMR
RYXVMIRXW8LMWTPEXISJWEPQSRMWEPWSKSSH
JSVEPYRGLFS\JSVGLMPHVIR;LMPIWIWEQI
GSRXEMRWZMXEQMR)ERHWS SRMX EPWS
TVSZMHIWLMKLIRIVK]ERHMXMWEKSSHMHIE
XSYWIMXJSVRSSMPHMWLIW(MKMR[MXLXLI
LIEPXL]XEVXEVWEYGIXLEXGSRXEMRW]SKYVX
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
2S3MP
(IIT*V]
(IIT*VMIH
'LIIWI7EPQSR
1MGVS[EZI
3ZIR
1MGVS[EZI,IEXMRK
4
WIVZMRKW
4VITEVEXMSR
,IEXMRK
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR

%YXS
'EPGMYQ
*EXWSPYFPIZMXEQMR
background

*MPP XLI [EXIV XERO [MXL [EXIVYT XS
XLIJYPPPMRI
4YX
%
MR E LIEXVIWMWXERX GSRXEMRIV
ERHLIEX[MXL
1MGVS[EZI ;
%FSYXQMR

4
%HH GLMGOTIE TVSGIWWIHF] E JSSH
TVSGIWWSV SV WXVEMRIH ERHQEHI
TEWXIGSVRWEPXTITTIVGYVV]
TS[HIVJPSYVERHIKKXSERHQM\
XLIQ[IPP
'YX IZIRP] MRXS  TMIGIW ERH GSEX
XLIQ[MXL &
ERHXLIRFVIEH
GVYQFW
%VVERKIEXXLIGIRXIVSJXLIWYTIV
KVMPPXVE]YRMX[MXLPIKWSTIRIHTPEGI
XLIYRMXSRXLIGIVEQMGXVE] ERH
LIEXXLIQ[MXL
2S3MP(IIT*V]
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EFSYXGQERHGQHITXLMW
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XLIGIRXIVJVSQFYPKMRKSYXSRGI
XLI]EVIHSRI4EXXMIWWLSYPHFI
iGQMRXLMGORIWW
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IJIVXS
ERH
MRXLIHMVIGXMSRW
JSV,EQFYVK7XIEOXSTVITEVIJSV
GSSOMRKERHTPEGISRXLIWYTIVKVMPP
XVE]YRMX[MXLPIKWSTIRIH
7XEVXTVILIEXMRK[MXL +VMPP
,EQFYVK7XIEO,IEPXL]
[MXLSYX
TYXXMRKXLIJSSH]IX
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTPEGI
SRXLI
GIVEQMGXVE]ERHWXEVXLIEXMRK
%JXIVLIEXMRKTPEGIMXSREHMWL
ERHTYX[IPPQM\IHOIXGLYTERH
;SVGIWXIVWLMVIWEYGISRMX
-JXLILEQFYVKWXIEOMWYRHIVGSSOIH
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
9WMRKEJSSHGLSTTIVSVTVSGIWWSV
XSQEOIXLITEXX]QM\XYVI
6IJIVXSXLIYWIVtWQERYEPXLEX
GSQIW[MXLXLIJSSHGLSTTIVSV
TVSGIWWSV

%YXS
,EQFYVK7XIEO
,EQFYVK7XIEO,IEPXL]
4YX
%
MR E LIEXVIWMWXERXGSRXEMRIV
ERH LIEX[MXL
1MGVS[EZI ;
%FSYXQMRWIG
0IXMXGSSP EHH
&
ERHQM\[IPP8LIRGYXMRXSIUYEPTMIGIW
4
'SEX]SYVLERHW[MXLEWQEPP
EQSYRXSJWEPEHSMPFIWMHIWXLI
WTIGMJMIH EQSYRX 8SWW XLIQM\XYVI
MR
JVSQSRILERHXSXLISXLIV
XSVIQSZI EMVFYFFPIWJVSQMRWMHI
7LETIMXMRXSSZEPERHQEOIEHIRXMR
XLIGIRXIVSJXLITEXX]4EXXMIWWLSYPH
FIGQMRXLMGORIWW
%VVERKI
SRXLIWYTIV KVMPP XVE]
YRMX[MXLPIKWSTIRIHTPEGIXLIYRMX
SRXLIGIVEQMGXVE]ERHLIEXXLIQ
[MXL
+VMPP
,EQFYVK7XIEO
%JXIVLIEXMRKTPEGIMXSREHMWL
ERH TYX [IPPQM\IH OIXGLYT ERH
;SVGIWXIVWLMVIWEYGISRMX
QIHMYQSRMSRJMRIP]GLSTTIH
EFSYXK
KFYXXIV
KKVSYRHFIIJERHTSVO
GYTSJFVIEHGVYQFWEFSYXK
XFWTQMPO
IKKFIEXIR
WGERXXWTWEPX
(EWLSJTITTIVERHRYXQIK
/IXGLYTERH;SVGIWXIVWLMVIWEYGIEW
RIIHIH
(MVIGXMSRW
-RKVIHMIRXWWIVZMRKWTEXXMIW
-RKVIHMIRXW
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
'%98-32
9WIXLIWYTTPMIHQMXXIRW
SVXLMGOHV]HMWLGPSXLXS
TYXMRERHSYXXLIGIVEQMG
XVE]ERHWYTIVKVMPPXVE]
YRMX3XLIV[MWI]SYQE]
FIFYVRIH
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
,EQFYVK
7XIEO
+VMPP
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1MGVS[EZI
+VMPP
4VITEVEXMSR
,IEXMRK
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
,EQFYVK7XIEO
,IEPXL]
+VMPP
4VILIEX
1MGVS[EZI
7YTIVLIEXIH7XIEQ
+VMPP
4VITEVEXMSR
,IEXMRK
+VMPP
1IEX

1MGVS[EZI,IEXMRK
4
background
8MTWJSV6SEWX&IIJ
3RP]GSSOSVWIVZMRKWEX
EXMQI
ZIXS
WIZIRGQEJXIVVIXYVRMRKMXXSSVHMREV]
XIQTIVEXYVI
-J]SYHSRSX[ERXXSKIXXLI
WYTIVKVMPPXVE]YRMXHMVX]
4PEGIEGSSOMRKWLIIXSRMX(SRSX
YWIEPYQMRYQJSMP;MPPVIWYPXMR
WTEVOW
=SYGERIEWMP]GYXERH
TVIWIVZIXLIXEWXIF]
WYJJMGMIRXP]GLMPPMRKMXMRE
VIJVMKIVEXSVFIJSVIGYXXMRK
-JXLIVSEWXFIIJMW
YRHIVGSSOIHEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKXLIJSSH
SJXIR
4
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
7TVMROPIQIEX[MXLWEPXERHTITTIV
'SEX[MXLXLIKVEXIHKEVPMG0SSTGSXXSR
GSSOMRKWXVMRKEVSYRHXLIVSEWXXSOIIT
MXWIGYVIERHGSEXPMKLXP][MXLWEPEHSMP
%TTP]WEPEHSMPFIWMHIWXLIWTIGMJMIH
EQSYRXXSXLIWYTIVKVMPPXVE]YRMX[MXL
PIKWGPSWIHEVVERKIZIKIXEFPIWEXXLI
GIRXIVERHTPEGI
SRMX
4PEGI
SRXLIGIVEQMGXVE]ERHLIEX
[MXL
+VMPP
6SEWX&IIJ
%JXIVLIEXMRK[EMXYRXMPXLIVSEWXMW
WYJJMGMIRXP]GSSPIHFIJSVIVIQSZMRK
XLIWXVMRKERHGYXXMRKMRXSXLMRWPMGIW
7IVZI[MXLZIKIXEFPIWFIWMHIWXLI
WTIGMJMIHEQSYRXEWHIWMVIHERHTYX
+VEZ]SRMX
%FSYXK[LSPIFIIJWLERO
(EWLSJWEPXERHTITTIV
KEVPMGGPSZIKVEXIH
KIEGLSJGEVVSX[LMXISRMSRGIPIV]
GYXMRXSGQTMIGIW
XWTWEPEHSMP
6SEWX&IIJ

%YXS

6IQMRHIV
-JKVIEWIFYMPHYTMRXLISZIR
GEZMX]SVSHSVEJXIVGSSOMRK
MWGSRGIVRIHLIEX[MXL
'PIER7IXXMRK
(ISHSVM^EXMSR

4
-JSHSVMWGSRGIVRIHYWIEZIRXMPEXSV
7XIEQSVWQSOIQE]GSQISYX
JVSQEVSYRHXLIHSSVFYXXLMWMW
RSXEQEPJYRGXMSR
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
6SEWX&IIJ
+VMPP
4
1MGVS[EZI
3ZIR
7YTIVLIEXIH7XIEQ
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
+VEZ]
3RGIXLI6SEWX &IIJSV6SEWX
'LMGOIRMWHSRIGSSOMRKXVERWJIVXLI
ZIKIXEFPIWERHNYMGIWMRXLIWYTIV
KVMPPXVE]YRMXXSE WEYGITER%HH
FVSXLLEPJEGYFISJFSYMPPSRTS[HIV
HMWWSPZIHMRGYT SJ[EXIVERH
WMQQIVXSVIHYGI 7XVEMRXLVSYKLE
GPSXLERHXLIREHHWEPXERHTITTIV
-RKVIHMIRXW(MVIGXMSRW
6SEWX'LMGOIR
[LSPIGLMGOIREFSYXOKMRREVHW
VIQSZIH
0IQSR
XWTWEPX
4ITTIV
EWRIIHIH
KIEGLSJGEVVSX[LMXISRMSR
GIPIV]GYXMRXSGQTMIGIW
7EPEHSMP
EWRIIHIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
-JXLIRIGOMWWXMPPEXXEGLIHXSXLI
GLMGOIRVIQSZI MX EXXLIFEWIPIEZMRKXLI
WOMRFILMRH6YFXLIIRXMVIGLMGOIR[MXLXLI
GYXPIQSR ;EWLXLIGLMGOIRXLSVSYKLP]
ERHTEXHV]6YF[MXLWEPXERHTITTIV
%VVERKI XLI GLMGOIR F] FVMRKMRKXLI
[MRKW XSKIXLIVEX XLIFEGOSJXLI
GLMGOIRERHTPEGMRKMXFVIEWXWMHIYT*M\
XLI FSXL PIKW XSMXWFSH] YWMRK FEQFSS
WOI[IVW XLIR XMIXLI PIKW XSKIXLIV [MXL
GSXXSRGSSOMRKWXVMRK
4PEGIEGSSOMRKWLIIXSRXLIWYTIVKVMPP
XVE] YRMX [MXL PIKW GPSWIH ERH WTVIEH XLI
GYX ZIKIXEFPIW MR XLI GIRXIV SJ XLI WLIIX
4PEGIXLIGLMGOIRFVIEWXWMHIYTSRXLI
ZIKIXEFPIWERHGSEXPMKLXP][MXLWEPEHSMP
7XEVXTVILIEXMRK[MXL
+VMPP
6SEWX'LMGOIR
[MXLSYXTYXXMRKXLIJSSH]IX
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSR WSYRHTPEGI
SRXLI
GIVEQMGXVE]ERHWXEVXLIEXMRK
%JXIVLIEXMRKEHH+VEZ]SRXLIHMWL

%YXS
8MTWJSV6SEWX'LMGOIR
3RP] GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
-J ]SY HS RSX[ERX XS KIX XLI
WYTIVKVMPPXVE]YRMXHMVX]
4PEGI EGSSOMRK WLIIX SRMX (S RSX YWI
EPYQMRYQJSMP;MPPVIWYPXMRWTEVOW
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI %HHMXMSREP,IEXMRK
PMKLX3**
4VIWW 3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKXLIJSSH
SJXIR
4
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
1MGVS[EZI
3ZIR
7YTIVLIEXIH7XIEQ
6SEWX'LMGOIR
+VMPP
4VILIEX
4
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXW[LSPIGLMGOIR
(MVIGXMSRW
+VMPP
1IEX

background
-RKVIHMIRXW
WIVZMRKW
(MVIGXMSRW
(MVIGXMSRW
9WIEJSVOXSTSOILSPIWMRXLI
WOMRSJXLIGLMGOIR1EOIWLEPPS[
GYXWMRXLIXLMGOIVTSVXMSRWSJXLI
QIEX7TVMROPI[MXL
%
3TIRXLI PIKW SJXLIWYTIVKVMPP
XVE]YRMX7IXXLI
LIVFIH GLMGOIR
TMIGIW[MXLWOMRWMHIYTMRXLIGIRXIV
SJXLIYRMXERHWIXMXSRXLIGIVEQMG
XVE]4VIWW +VMPP
,IVF'LMGOIR XS
GSSO
3RP]GSSOWIVZMRKWEXE
XMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIV XLI %HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
-J]SYEVIYWMRKGLMGOIR[MXL
FSRIW
9WIXLI
,-
HSRIRIWWWIXXMRK
8MTWJSV,IVF'LMGOIR
%FSYXOGEP
%FSYXOGEP


'EPSVMI'YX%QSYRX
'EPSVMIWEJXIVGSSOIH
,IVFGLMGOIRWIVZMRKW
%YXS1IRY,IVF'LMGOIRZW
,IEPXL]GEPSVMIW
2YQFIVSJGEPSVMIWEJXIVGSSOMRK
YWMRK,IEPXL],MXEGLMHEXE
,IVF'LMGOIR

%YXS
,IVF'LMGOIR,IEPXL]

%YXS
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4VITEVIJSVGSSOMRK[MXLVIJIVIRGI
XS
MRHMVIGXMSRWJSV,IVF'LMGOIR
ERHTPEGITMIGIW[MXLWOMRWMHIYTEX
XLIGIRXIVSJXLIWYTIVKVMPPXVE]YRMX
[MXLPIKWSTIRIH
7XEVXTVILIEXMRK[MXL +VMPP
,IVF'LMGOIR,IEPXL]
[MXLSYX
TYXXMRKXLIJSSH]IX
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTPEGI
SRXLI
GIVEQMGXVE]ERHWXEVXLIEXMRK

6IQMRHIV
-J KVIEWIFYMPHYT MR XLI SZIR
GEZMX]SVSHSVEJXIVGSSOMRKMW
GSRGIVRIHLIEX[MXL
'PIER7IXXMRK
(ISHSVM^EXMSR

4
-JSHSVMWGSRGIVRIHYWIE
ZIRXMPEXSV
7XIEQSVWQSOIQE]GSQI
SYX JVSQEVSYRHXLIHSSV FYX
XLMWMWRSXEQEPJYRGXMSR
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
1MGVS[EZI
+VMPP
,IVF'LMGOIR
+VMPP
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
1MGVS[EZI
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP
,IVF'LMGOIR
,IEPXL]
+VMPP
4VILIEX
4
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXW
6IJIVXSMRKVIHMIRXWJSV,IVF'LMGOIR
GLMGOIRFVIEWXWSVXLMKLW[MXLWOMR
EFSYXKTIVTMIGI
(EWLSJWEPXERHTITTIV
(EWLSJEWWSVXIHLIVFWXL]QI
VSWIQEV]QEVNSVEQIXGHVMIHSVJVIWL
+VMPP
1IEX

background
'SQFMRIXLIMRKVIHMIRXWMR
%
XLIR
EHHGLMGOIRERHKVIIRSRMSRWXSXLI
QM\XYVI0IXWMXJSVQMRYXIWXSER
LSYVXYVRMRKSZIVSGGEWMSREPP]%VVERKI
XLIQEVMREXIHQIEXERHZIKIXEFPIW
EPXIVREXIP]SRXSFEQFSSWOI[IVW
%VVE
RKI
SR XLI WYTIV KVMPP XVE]
YRMX [MXL PIKW STIRIH TPEGI XLIYRMX
SRXLIGIVEQMGXVE]ERHLIEXXLIQ
[MXL
+VMPP
7OI[IVIH'LMGOIR
7OI[IVIH'LMGOIR

%YXS
8MTWJSV7OI[IVIH'LMGOIR
3RP]GSSOSVWIVZMRKWEXEXMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
(SRSXYWIQIXEPWOI[IVW
1IXEPWOI[IVWQE]GEYWIWTEVOWERH
SVFYVRWHYVMRKXLIQMGVS[EZIG]GPIMJ
XLI]GSQIMRGSRXEGX[MXLXLIWYTIV
KVMPPXVE]YRMX9WIQIHMYQPIRKXL
FEQFSSWOI[IVWMRWXIEH
GLMGOIRXLMKLW[MXLWOMREFSYXK
IEGLGYXMRXSFMXIWM^ITMIGIW
KVIIRSRMSRW
GYXMRXSGQTMIGIW
GYTSJWS]WEYGI
GYTSJQMVMRW[IIXGSSOMRK[MRI
XFWTWYKEV
XFWTWEPEHSMP
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
1MGVS[EZI
+VMPP
+VMPP
7OI[IVIH'LMGOIR
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWWOI[IVW
(MVIGXMSRW
GLMGOIRXLMKLW[MXLWOMREFSYXK
IEGL
(EWLSJWEPXERHTITTIV
*PSYVGEOIJPSYVEWRIIHIH
9WIEJSVOSVEFEQFSSWOI[IVXS
TSOILSPIWMRXLIWOMRSJXLIGLMGOIR
%TTP]MRZMWMFPIGYXWXSXLMGOIVTSVXMSRW
SJXLIQIEX7TVMROPI[MXLWEPXERH
TITTIVPIXMXVIWXJSVQMRYXIW
ERHXLIRHYWXMX[MXLJPSYVPMKLXP]
3TIRXLIPIKWSJXLIWYTIVKVMPP
XVE]YRMX7IXXLITMIGIW
WOMR
WMHIYTSRXLIYRMXERHWIXMXSRXLI
GIVEQMGXVE]4VIWW
+VMPP
7EYXIIH'LMGOIR
XSGSSO
7EYXIIH'LMGOIR

%YXS
8MTWJSV7EYXIIH'LMGOIR
3RP] GSSO  WIVZMRKW EX E
XMQI
-J]SYV JSSHMWYRHIVHSRI
EJXIV XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
-J]SYEVIYWMRKGLMGOIR[MXL
FSRIW
9WIXLI ,- HSRIRIWWWIXXMRK
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
1MGVS[EZI
+VMPP
+VMPP
7OI[IVIH'LMGOIR
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
+VMPP
1IEX

background
'YXEGLMGOIRXLMKLMRXSIUYEP
TMIGIW
'SQFMRI
%
WSEO
JSVEXPIEWX
QMRYXIWERHEVVERKIXLIQSRFEQFSS
WOI[IVW
%TTP]QM\IH
&
XSIRXMVI WYVJEGIW
SJ
EVVERKIXLIQSRXLIWYTIVKVMPP
XVE]YRMX[MXLPIKWSTIRIHERHTPEGI
XLI YRMX SR XLI GIVEQMG XVE] 8LIR
TVIWW
+VMPP
7EXE]
XSGSSO
7EXE]

%YXS
3RP]GSSOWIVZMRKWEXE
XMQI
(SRSXYWIQIXEPWOI[IVW
1IXEPWOI[IVWQE]GEYWIWTEVOW
ERHSV FYVRW HYVMRK XLI QMGVS[EZI
G]GPIMJXLI]GSQIMRGSRXEGX[MXL
XLIWYTIVKVMPPXVE]YRMX
-J]SYVJSSHMWYRHIVHSRI
EJXIV XLI %HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
8MTWJSV7EXE]
GLMGOIRXLMKL
[MXLWOMREFSYXK
IEGL

XFWTWS]WEYGI
XFWTWYKEV
XFWT[EXIV
XWTKEVPMGKVEXIH
XWTKMRKIVKVEXIH
GLIVV]XSQEXSWKVEXIH
(EWLSJGMPERXVSPIEJTS[HIVIH
(EWLSJTITTIVTS[HIV
(EWLSJWEPXERHTITTIV
KTIERYXFYXXIV
XFWTWS]WEYGI
XWTWYKEV
XWTPIQSRNYMGI
KGLYGOI]IVSPPGYXMRXSGQGYFIW
KGEVVSXGYXMRXSFMXIWM^ITMIGIW
KSRMSRGYXMRXS[IHKIW
KVIIRFIPPTITTIVWGYXMRLEPJ
KIEGLSJVIHERH]IPPS[FIPPTITTIV
GYXMRXSFMXIWM^ITMIGIW
JVIWLWLMMXEOIQYWLVSSQW
(EWLSJWEPXERHTITTIV
&EVFIGYI

%YXS
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
7IEWSRXLIGLYGOI]IVSPP[MXLWEPX
ERHTITTIV4VIWW
1MGVS[EZI ;
%FSYXWIG
XSLIEXGEVVSX
4
%VVERKIXLIMRKVIHMIRXWSRFEQFSS
WOI[IVWERHWTVMROPIXLIMVIRXMVIWYVJEGIW
[MXLWEPXERHTITTIV
%VVERKI
SRXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWSTIRIHTPEGIXLIYRMX
SRXLIGIVEQMGXVE]ERHLIEXXLIQ
[MXL
+VMPP
&EVFIGYI
3RP]GSSOSVWIVZMRKWEX
EXMQI
(SRSXYWIQIXEPWOI[IVW
1IXEPWOI[IVWQE]GEYWIWTEVOWERH
SVFYVRWHYVMRKXLIQMGVS[EZIG]GPIMJ
XLI]GSQIMRGSRXEGX[MXLXLIWYTIV
KVMPPXVE]YRMX9WIQIHMYQPIRKXL
FEQFSSWOI[IVWMRWXIEH
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLIJSSH
SJXIR
4
8MTWJSV&EVFIGYI
-RKVIHMIRXWWIVZMRKWWOI[IVW
-RKVIHMIRXWWIVZMRKWWOI[IVW
(MVIGXMSRW
(MVIGXMSRW
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
1MGVS[EZI
+VMPP
+VMPP
7EXE]
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
4VITEVEXMSR
,IEXMRK
1MGVS[EZI
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP
+VMPP
&EVFIGYI
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
+VMPP
1IEX

1MGVS[EZI,IEXMRK 4
background
+VMPP7IEJSSH
4PEGIXLIWEPXIHWEPQSRSRXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWGPSWIH
ERHXSTJPETSTIRIH;MXLVIJIVIRGI
XSXLI8MTWJSV7EPXIH7EPQSRQEOI
WYVIXLIJMPPIXWEVIEVVERKIHWSXLEX
XLIWMHI[LMGL[MPPFIYTWMHISR
HMWLIWMWJEGMRKYT
7IX
XS8STERHTVIWW
+VMPP
7EPXIH7EPQSR
XSGSSO
WEPXIHWEPQSRJMPPIXW
EFSYXKIEGL
WEPXIHWEPQSRJMPPIXW
EFSYXKIEGL
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4PEGIXLIWEPXIHWEPQSRSRXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWGPSWIH
ERHXSTJPETSTIRIH1EOIWYVIXLI
JMPPIXWEVIEXXLIGIRXIVEVVERKIH
ZIVXMGEPP]ERHXLIWMHI[LMGL[MPPFI
YTWMHISRHMWLIWMWJEGMRKYT
7XEVXTVILIEXMRK[MXL
+VMPP
0MKLXP]7EPXIH7EPQSR
[MXLSYX
TYXXMRKXLIJSSH]IX
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHWIX
XS8STERH
WXEVXLIEXMRK
7EPXIH7EPQSR

%YXS
0MKLXP]7EPXIH7EPQSR

%YXS
8MTWJSV7EPXIH7EPQSR
3RP]GSSOSVWIVZMRKWEXEXMQI
;LIR]SYSTIRXLIHSSVVMKLXEJXIVLIEXMRK
;EXGLSYXJSVWTEXXIVIHSMPERHSTIRMXKIRXP]
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLIJSSHSJXIR
4
'LEVVMRK
WLSVMXWXIQTIVEXYVI
%HNYWXXLIPIZIPHSRIRIWWWIXXMRKXSEGLMIZIHIWMVIHGLEVVMRK
,S[XSEVVERKIXLIJSSH
4PEGIXLIJSSHMRXLIGIRXIVSJXLIWYTIVKVMPPXVE]YRMX
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
8S T
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
7EPXIH7EPQSR
+VMPP
4
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWJMPPIXW
-RKVIHMIRXWWIVZMRKWJMPPIXW
(MVIGXMSRW
(MVIGXMSRW
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
8S T
0MKLXP]7EPXIH7EPQSR
+VMPP
4
7XIEQ
7YTIVLIEXIH7XIEQ
+VMPP
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VILIEX
+VMPP
7IEJSSH

background
+VMPPIH7EYV]

%YXS
7TVMROPIIRXMVIWEYVMIW[MXLWEPXPIX
XLIQVIWXJSVEFSYXQMRYXIWERH
[MTIQSMWXYVISJJ
%TTP]EWQEPPEQSYRXSJWEPEHSMP
FIWMHIWXLIWTIGMJMIHEQSYRXXSXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWGPSWIH
ERHXSTJPETSTIRIHERHTPEGIXLIQ
SRMX;MXLVIJIVIRGIXSXLI8MTWJSV
+VMPPIH7EYV]QEOIWYVIXLI
EVI
EVVERKIHWSXLEXXLIWMHI[LMGL[MPP
FIYTWMHISRHMWLIWMWJEGMRKYT
7IX
XS8STERHTVIWW +VMPP
+VMPPIH7EYV]
XSGSSO
WEYVMIWEFSYXKIEGL

XWTWEPX
-RKVIHMIRXWWIVZMRKWWEYVMIW
(MVIGXMSRW
;MTIQSMWXYVISJJJVSQQEGOIVIP
JMPPIXWERHWTVMROPIXLIIRXMVIWYVJEGIW
[MXLWEPX4PEGIXLIQEGOIVIPJMPPIXWSR
XLIWYTIVKVMPPXVE]YRMX[MXLPIKW
GPSWIHERHXSTJPETSTIRIH;MXL
VIJIVIRGIXSXLI8MTWJSV+VMPPIH
1EGOIVIPQEOIWYVIXLIJMPPIXWEVI
EVVERKIHWSXLEXXLIWMHI[LMGL[MPP
FIYTWMHISRHMWLIWMWJEGMRKYT
7IX
XS8STERHTVIWW +VMPP
+VMPPIH1EGOIVIP XSGSSO
+VMPPIH1EGOIVIP

%YXS
QEGOIVIPJMPPIXWEFSYXKIEGL
7EPXEWRIIHIH
-RKVIHMIRXWWIVZMRKWJMPPIXW (MVIGXMSRW
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
8S T
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
+VMPPIH7EYV]
+VMPP
4
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
8S T
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
+VMPPIH1EGOIVIP
+VMPP
4
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
+VMPP
7IEJSSH

background
8MTWJSV+VMPPIH7EYV]
3RP]GSSOSVWIVZMRKWEX
EXMQI
;LIR]SYSTIRXLIHSSV
VMKLXEJXIVLIEXMRK
;EXGLSYXJSVWTEXXIVIHSMPERH
STIRMXKIRXP]
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
'LEVVMRK
8LIPIZIPSJGLEVVMRKHITIRHW
WLSVMXW
XIQTIVEXYVI
%HNYWXXLIPIZIPHSRIRIWWWIXXMRK
XSEGLMIZIHIWMVIHGLEVVMRK
,S[XSEVVERKIXLIJSSH
4PEGIXLIJSSHMRXLIGIRXIVSJ
XLIKVMPPXVE]YRMX

6IQMRHIV
-JKVIEWIFYMPHYTMRXLISZIR
GEZMX]SVSHSVEJXIVGSSOMRK
MWGSRGIVRIHLIEX[MXL
'PIER7IXXMRK
(ISHSVM^EXMSR

4
-JSHSVMWGSRGIVRIHYWIE
ZIRXMPEXSV
7XIEQSVWQSOIQE]GSQI
SYXJVSQEVSYRHXLIHSSV
FYXXLMWMWRSXEQEPJYRGXMSR
;MTIQSMWXYVISJJJVSQXLI
]IPPS[XEMPWSEOMXMR
%
XLEX]SY
TVITEVIHJSVQMRYXIWJSVFEWI
WIEWSRMRKERHVSYKLP]VIQSZIXLI
NYMGI
4PEGIXLI]IPPS[XEMPSRXLIWYTIV
KVMPPXVE]YRMX[MXLPIKWGPSWIHERHXST
JPETSTIRIH;MXLVIJIVIRGIXSXLI
8MTWJSV=IPPS[XEMP8IVM]EOMQEOI
WYVIXLIJMPPIXWEVIXLIEVVERKIHWS
XLEXXLIWMHI[LMGL[MPPFIYTWMHISR
HMWLIWMWJEGMRKYT
7IX
XS8ST ERHTVIWW +VMPP
=IPPS[XEMP8IVM]EOM XSGSSO
=IPPS[XEMP8IVM]EOM

%YXS
]IPPS[XEMPJMPPIXWEFSYXKIEGL
GYTSJWS]WEYGI
GYTSJQMVMRW[IIXGSSOMRK[MRI
8MTWJSV=IPPS[XEMP8IVM]EOM
3RP]GSSOSVWIVZMRKWEXEXMQI
;LIR]SYSTIRXLIHSSVVMKLXEJXIVLIEXMRK
;EXGLSYXJSVWTEXXIVIHSMPERHSTIRMXKIRXP]
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLIJSSHSJXIR
4
'LEVVMRK
8LIPIZIP SJGLEVVMRK HITIRHWSRXLIEQSYRXSJJEXMR JMWLSVMXWXIQTIVEXYVI
%HNYWXXLIPIZIPHSRIRIWWWIXXMRKXSEGLMIZIHIWMVIHGLEVVMRK
,S[XSEVVERKIXLIJSSH
4PEGIXLIJSSHMRXLIGIRXIVSJXLIWYTIVKVMPPXVE]YRMX
-RKVIHMIRXWWIVZMRKWJMPPIXW
(MVIGXMSRW
8MTWJSV+VMPPIH1EGOIVIP
3RP]GSSOSVWIVZMRKWEXEXMQI
;LIR]SYSTIRXLIHSSV
VMKLXEJXIVLIEXMRK
;EXGLSYXJSVWTEXXIVIHSMPERH
STIRMXKIRXP]
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
%QSYRXSJWEPX
%QSYRXSJWEPXWLSYPHFISJ
WL[IMKLX
'LEVVMRK
8LIPIZIPSJGLEVVMRKHITIRHW
WLSVMXW
XIQTIVEXYVI%HNYWXXLIPIZIP
HSRIRIWWWIXXMRKXSEGLMIZI
HIWMVIHGLEVVMRK
,S[XSEVVERKIXLIJSSH
4PEGIXLIJSSHMRXLIGIRXIVSJXLI
WYTIVKVMPPXVE]YRMX
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
8S T
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
=IPPS[XEMP8IVM]EOM
+VMPP
4
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
+VMPP
7IEJSSH

background
(VMIH,SVWI1EGOIVIP

%YXS
HVMIHLSVWIQEGOIVIPWKIEGL
%TTP]E WQEPP EQSYRXSJWEPEHSMP
FIWMHIWXLIWTIGMJMIHEQSYRXXSXLI
WYTIV KVMPPXVE] YRMX [MXL PIKW GPSWIH
ERHXSTJPETSTIRIHERHTPEGILSVWI
QEGOIVIPW SR MX 1EOIWYVIXLI] EVI
EVVERKIH WS XLEX XLI WMHI [LMGL [MPP
FIYTWMHISRHMWLIWMWJEGMRKYT
7IX
XS8STERHTVIWW
+VMPP
(VMIH,SVWI1EGOIVIP
XSGSSO
-RKVIHMIRXWWIVZMRKWLSVWIQEGOIVIPW
(MVIGXMSRW
(VMIH%XOE1EGOIVIP
HVMIHEXOEQEGOIVIPEFSYXK
%TTP]E WQEPP EQSYRXSJWEPEHSMP
FIWMHIWXLIWTIGMJMIHEQSYRXXSXLI
WYTIV KVMPPXVE] YRMX [MXL PIKW GPSWIH
ERHXSTJPET STIRIH ERH TPEGI EXOE
QEGOIVIPSRMX1EOIWYVIXLEXXLI
WOMRWMHIMWHS[R
7IX
XS8STERHTVIWW +VMPP
(VMIH%XOE1EGOIVIP XSGSSO

%YXS
-RKVIHMIRXW
WIVZMRKWEXOEQEGOIVIP
(MVIGXMSRW
WIEFVIEQEFSYXK
KWEPX
)KK[LMXIWJSVIKK
XFWT[LMXI[MRI
0IQSRTIIPJSV
PIQSRKVEXIH
0IQSRTIIPJSV
PIQSRTIIPIH
XLMGOF]OMXGLIRORMJI
KEVPMGGPSZI
GYXMRLEPJ
FVERGLIEGLSJXL]QIERHVSWIQEV]JVIWL
(EWLSJSPMZISMPERHPIQSRNYMGI
8MTWJSV7EPX'VYWXIH7IE&VIEQ
3RP]GSSOXLI WTIGMJMIH
EQSYRXEXEXMQI
-J ]SYV JSSH MW YRHIVHSRI EJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLI WIE FVIEQ XSE HMWL ERH
[VETMR TPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XS GSSO GLIGOMRK
XLIJSSHSJXIR
4
9WIEGSSOMRKWLIIX
%GSSOMRKWLIIXTVIZIRXWHMVX
EXXEGLQIRX SR XLI WYTIV KVMPP XVE] YRMX
ERHWXMGOMRKSJQIEX(SRSXYWI
EPYQMRYQJSMP;MPPVIWYPXMRWTEVOW
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIWGEPIWMRXIVREPSVKERW
ERHKMPPWSJXLIWIEFVIEQ;EWLMXMR
[EXIV ERH[MTISJJXLI[EXIV8LIR
WXYJJMX[MXL
&
4YX
%
MREFS[PERHQM\[IPP
4PEGIEGSSOMRKWLIIXSRXLIWYTIV
KVMPPXVE]YRMX[MXL PIKWGPSWIHERH
TPEGI
SRMX8LIRGSZIVMX[MXL
ERHLSPHXMKLXP][MXL LERH4PEGI
XLIQ SR XLIGIVEQMGXVE] ERH TVIWW
+VMPP
7EPX'VYWXIH7IE&VIEQ
XSGSSO
%JXIVLIEXMRKYWIE JSVO SV XLI PMOI
XSFVIEOXLIGSZIVXYVIERHWTVMROPI
[MXLPIQSRNYMGIERHSPMZISMPMJHIWMVIH
7EPX'VYWXIH7IE&VIEQ

%YXS
-RKVIHMIRXWWIEFVIEQ
(MVIGXMSRW
8MTWJSV(VMIH,SVWI1EGOIVIP(VMIH%XOE1EGOIVIP
;LIR]SYSTIRXLIHSSVVMKLX
EJXIVLIEXMRK
;EXGLSYXJSVWTEXXIVIHSMPERHSTIR
MXKIRXP]
-J]SYYWI
7XIEQ+VMPP
MR
1ERYEP1IRY
*MPPXLI [EXIV XERO [MXL [EXIV YTXS
XLI*YPPPMRIERHGSSO[MXL
7XIEQ+VMPP
ERHGLIGOSRMXSJXIR
4
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX
3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
'LEVVMRK
8LIPIZIPSJGLEVVMRKHITIRHWSRXLI
EQSYRXSJJEXMRJMWLMXWXIQTIVEXYVI
SVEQSYRXSJWEPX%HNYWXXLIPIZIP
HSRIRIWW WIXXMRK XS EGLMIZI HIWMVIH
GLEVVMRK
3RP]GSSOSVWIVZMRKWEXE
XMQI
-JIEGLQEGOIVIP[IMKLXWPIWW
XLERK
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI JSSH
SJXIR
4
,S[XSEVVERKIXLIJSSH
*SV
*SV
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
8S T
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
(VMIH,SVWI1EGOIVIP
+VMPP
4
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
8S T
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
(VMIH%XOE1EGOIVIP
+VMPP
4
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
+VMPP
4
7XIEQ
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7EPX'VYWXIH
7IE&VIEQ
+VMPP
7IEJSSH

background
+VMPPIH7EPQSRMR*SMP

%YXS
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
1IXEP8VE]1MHHPI
'IVEQMG8VE]
VE[WEPQSRJMPPIXWEFSYXKIEGL
WLVMQTWWLIPPIHERHHIZIMRIHXEMPW
ERHPEWXNSMRXSJXLIWLIPPPIJX
JVIWLWLMMXEOIQYWLVSSQWWXIQWVIQSZIH
SRMSRWPMGIHXLMREFSYXK
WPMGIWSJPIQSRXLMRWPMGIH
KFYXXIVGYXMRXSQQWUYEVIW
(EWLSJWEPXTITTIVERHPIQSRNYMGI
-RKVIHMIRXWWIVZMRKW
7EPQSR7XIEO

%YXS
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
8S T
;EXIV8ERO
)QTX]
(MVIGXMSRW
7IEWSRXLIWEPQSR[MXLWEPXERH
TITTIVWTVMROPI[MXLPIQSRNYMGIERH
PIXMXVIWXJSVE[LMPI
%TTP] FYXXIV FIWMHIWXLIWTIGMJMIH
EQSYRXXLMRP]SRJSYV\GQWUYEVI
WLIIXWSJEPYQMRYQJSMP
4PEGISRMSRGYXMRXSIUYEPTMIGIW
SR
ERHTYX
WLVMQTWERH
WLMMXEOIQYWLVSSQW8LIR WIEWSR
XLIQ [MXLWEPXTITTIVERHPIQSR
NYMGI TYXEWPMGISJPIQSR SRIEGL
JMPPIXERHETTP]FYXXIV'PSWIXLI
EPYQMRYQJSMPQSYXLERHEVVERKI
IEGLSRXLIQIXEPXVE][MXLVIJIVIRGI
XS8MTWJSV+VMPPIH7EPQSRMR*SMP
7IX
XS1MHHPIERHTVIWW +VMPP
+VMPPIH7EPQSRMR*SMP
XSGSSO
8MTWJSV+VMPPIH7EPQSRMR*SMP
3RP]GSSOSVWIVZMRKWEX
EXMQI
-J ]SYVJSSHMWYRHIVHSRI
EJXIV XLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIV XLIGSRXIRXJVSQ EPYQMRYQ
JSMP XSHMWLIWERH [VETMRTPEWXMG
[VET8LIRTVIWW
1MGVS[EZI
;
XS GSSOGLIGOMRK XLI JSSHSJXIR
4
,S[XSEVVERKIXLIJSSH
4PEGIXLI JSSH MRXLIGIRXIV SJXLI
QIXEPXVE]
VE[WEPQSRJMPPIXW
WPMGIHEFSYXKIEGL
7EPXEWRIIHIH
GYTSJ[LMXI[MRI
XFWTSPMZISMP
(EWLSJVSWIQEV]VE[SVHVMIH
(EWLSJXL]QIVE[SVHVMIH
XWTJPSYVGEOIJPSYV
KFYXXIV
XFWTPIQSRNYMGI
XWT[LMXI[MRI
-RKVIHMIRXWWIVZMRKWJMPPIXW
(MVIGXMSRW
7TVMROPIFSXLWMHIWWEPQSR WPMGI
[MXLWEPXPIXXLIQVIWXJSVEFSYX
QMRYXIWERH[MTISJJ[EXIV
7SEO
MR XLI TVITEVIH
%
JSVEFSYX
QMRYXIW
6SYKLP][MTI SJJ[EXIVJVSQ
ERH HYWXFSXLWMHIW[MXLJPSYVF]
YWMRKEXIEWXVEMRIVSVXLIPMOI
%TTP]WEPEHSMPFIWMHIWXLIWTIGMJMIH
EQSYRXXSXLIWYTIVKVMPPXVE]YRMX[MXLPIKW
GPSWIHERH XST JPET STIRIHERH EVVERKI
SR
MX 4YX XLI YRMX XS 8S TERHTVIWW
+VMPP
7EPQSR7XIEO
XSGSSO
4YX
&
MR E LIEXVIWMWXERX HMWL ERHTVIWW
1MGVS[EZI ;
QMRQMRWIG
XSGSSO8LIRTYXMXSR
EVVERKIHSREHMWL
4
+VMPPIH7EPQSRMR*SMP
+VMPP
4
3ZIR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7EPQSR7XIEO
+VMPP
4
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
+VMPP
7IEJSSH

1MGVS[EZI,IEXMRK
4
background
+VMPP

3XLIVW
K'LMRIWI]EQKVEXIH
IKKEFSYXQ0

XFWTHEWLMFVSXL
KJPSYVGEOIJPSYV
KGEFFEKIGYXGSEVWIP]MRXSGQTMIGIW
KKVIIRWQEPPSRMSRWPMGIHXLMR
KFMXWSJXIQTYVEFEXXIV
KVIHTMGOPIHKMRKIV
KXLMRWPMGIHTSVOFEGOVMFW
3OSRSQM]EOMWEYGIWXSVIFSYKLXEW
RIIHIH
(VMIHFSRMXSWLEZMRKWERHKVIIRPEZIVEWRIIHIH
4YX
%
MREFS[PERH[LMWOF]
YWMRKEFIEXIV
%HHJPSYVSJ
EQSYRXEXEXMQI
MRXSXLIFS[P
ERHQM\
4YX
&
MRXS
ERHGSEVWIP]QM\
XLIQF]WGSSTMRKYTJVSQXLIFSXXSQ
F]YWMRKE[SSHIRVMGITEHHPI
%VVERKIXLITSVOFEGOVMFWSRXLI
WYTIV KVMPPXVE] YRMX [MXL PIKW GPSWIH
ERHXSTJPETSTIRIH1EOIWYVIXLI]
JSVQEFSYXGQGMVGPIEWMRHMGEXIH
MRXLIPIJXJMKYVI
+VMPP3XLIVW
3OSRSQM]EOM

%YXS
%GGIWWSV]9WIH
8S T
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
;EXIV8ERO
)QTX]
-RKVIHMIRXWWIVZMRKWTEXXMIW
(MVIGXMSRW
8MTWJSV&EOIH4SXEXS
3RP]GSSOSVWIVZMRKWEX
EXMQI
&EOIH4SXEXS

%YXS
,S[XSEVVERKIXLISOSRSQM]EOM
4PEGIXLIHSYKL
F]
EXEXMQI
SRXLITSVOFEGOVMFW
8LIRJPEXXIR
XLIQXSGQXLMGO
4YX XLIWYTIV KVMPP XVE] YRMX
XS
8ST ERHTVIWW
+VMPP
3OSRSQM]EOM
XSGSSO
%JXIVLIEXMRKTYXXLIQ SR HMWLIW
ERH ETTP]SOSRSQM]EOM WEYGI 8LIR
WTVMROPI[MXLHVMIHFSRMXSWLEZMRKW
ERHKVIIRPEZIV
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
%VVERKITSXEXSIWSRXLIQIXEPXVE]
ERH TYXXLIXVE]XS 1MHHPI8LIR
TVIWW
+VMPP
&EOIH4SXEXS
XSGSSO
-RWIVXE FEQFSSWOI[IV-JMX
TIRIXVEXIWWQSSXLP]MXMWGSSOIH
TSXEXSIW
EFSYXKIEGL
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'IVEQMG8VE]
1IXEP8VE]1MHHPI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKXLIJSSHSJXIR
4
3OSRSQM]EOM
+VMPP
4
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
&EOIH4SXEXS
+VMPP
4
3ZIR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
background
'YXGEFFEKIERHVIHGEFFEKIPIEZIW
MRXS[IHKIW[MXLXLIMVGSVIW'YXXLISXLIV
ZIKIXEFPIWXLMRRIVSVMRXSFMXIWM^ITMIGIW
7XEVXTVILIEXMRK[MXL
+VMPP
+VMPPIH:IKIXEFPI
[MXLSYXTYXXMRK
XLIJSSH]IX
4PEGIEGSSOMRKWLIIXSRXLI
QIXEPXVE]ERHWTVIEH
SRMX
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTYX
MRXS1MHHPI
ERHWXEVXLIEXMRK
%VVERKIXLIQSREHMWLERHTYX
%
]SYTVITEVIH
;EXIV8ERO
)QTX]
'IVEQMG8VE]
1IXEP8VE]1MHHPI
+VMPPIH:IKIXEFPI

%YXS
%GGIWWSV]9WIH
KXSXEPSJFVSGGSPMGEYPMJPS[IV
GEFFEKIPIEZIW VIH GEFFEKI PIEZIW
WTVSYXVIH ERH]IPPS[FIPPTITTIV
WUYEWLGLIVV]XSQEXSERHWRS[TIEW
XWTSJERGLSZ]JMRIP]GLSTTIHK
WXYJJIHSPMZIWJMRIP]GLSTTIH
XFWTSPMZISMP
XWT[LMXI[MRIZMRIKEV
XWTPIQSRNYMGI
(EWLSJWEPXERHTITTIV
8MTWJSV+VMPPIH:IKIXEFPI
3RP]GSSOSVWIVZMRKWEX
EXMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKXLIJSSH
SJXIR
4
+VMPP

3XLIVW
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
'YXTSVOZIVXMGEPP]EPSRK[MXLXLI
QYWGPIMRXSGQPSRKTMIGIW4YX
XLIQMREHIITLIEXVIWMWXERX
GSRXEMRIVERHQM\[MXL
%
'SQFMRI
&
MRXS
ERHQM\[IPP
4VIWW
1MGVS[EZI ;
QMRWIGQMRWIG
XSGSSOEHH
FIERWXEVGLZIVQMGIPPMERHGYXMRXS
IUYEPTMIGIW
4
4YXXLIJMPPMRKSR[VETWERHVSPP
XLIQYT[LMPIETTP]MRK
'
]SYQM\IH
8LSVSYKLP]QM\WEPEHSMPMRXS

EVVERKIXLIQSRXLIWYTIVKVMPPXVE]YRMX
[MXLXLIPIKWSTIRIHERHTPEGIXLIYRMX
SRXLIGIVEQMGXVE]8LIRTVIWW
+VMPP
&EOIH7TVMRK6SPP
XSGSSO
KXLMRWPMGIHTSVOLEQ
XFWTIEGLSJWS]WEYGIWEOIWIWEQISMP
XWTIEGLSJWYKEVERHGLMGOIR
FSYMPPSRTS[HIV
XFWTWXEVGL
(EWLSJTITTIV
KFSMPIHFEQFSSWLSSXWNYPMIRRIH
KVIIRSRMSRNYPMIRRIH
KVIIRFIPPTITTIVWNYPMIRRIH
JVIWLWLMMXEOIQYWLVSSQWNYPMIRRIH
KGEVVSXNYPMIRRIH
KFIERWXEVGLZIVQMGIPPMGYXMRXSGQ
PSRKEWHVMIH
WTVMRKVSPP[VETWWXSVIFSYKLX
XFWTWEPEHSMP
XFWTJPSYVGEOIJPSYV
XFWT[EXIV
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
&EOIH7TVMRK6SPP

%YXS
8MTWJSV&EOIH7TVMRK6SPP
3RP]GSSO  SV  WIVZMRKW EX
EXMQI
,S[XSEVVERKIXLIJSSH
%VVERKIXLIQSRXLIWYTIVKVMPPXVE]
YRMXHMEKSREPP]
-J]SYVJSSHMW YRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW +VMPP XSGSSO GLIGOMRKXLI
JSSHSJXIR
4
,S[XSVSPPYT
4YXJMPPMRK EFMXGPSWIVXS]SYJVSQ XLI
GIRXIVSJXLI [VET *SPH XLI [VETJVSQ
]SYVWMHIXSIQFVEGIXLIJMPPMRK*SPHVMKLX
ERHPIJXIRHWMRERHVSPPXLIJMPPMRKYT
-RKVIHMIRXWWIVZMRKWWOI[IVW
(MVIGXMSRW
+VMPPIH:IKIXEFPI
+VMPP
4
3ZIR
+VMPP
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VILIEX
&EOIH7TVMRK6SPP
+VMPP
4
1MGVS[EZI
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6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI,IEXMRK
4
background
+VMPP*VS^IR+VMPPIH(MWLIW
,EQFYVK7XIEO
*VS^IR

%YXS
?4VITEVEXMSRA
4YX
%
MRELIEXVIWMWXERXGSRXEMRIVERHLIEX[MXL
1MGVS[EZI ;
%FSYXQMRWIG

0IXMXGSSPEHH
&
ERHQM\[IPP8LIRGYXMRXS
IUYEPTMIGIW
4
'SEX]SYVLERHW[MXLEWQEPPEQSYRX
SJWEPEHSMPFIWMHIWXLIWTIGMJMIH
EQSYRX8SWWXLIQM\XYVIMR
JVSQSRI
LERHXSXLISXLIVXSVIQSZIEMVFYFFPIW
JVSQMRWMHI7LETIMXMRXSSZEPERHQEOI
EHIRXMRXLIGIRXIVSJXLITEXX]4EXXMIW
WLSYPHFIGQMRXLMGORIWW
'YXEGSSOMRKWLIIXXSQEOIMX
WQEPPIVXLERXLIJVII^MRKFEKWXSVI
FSYKLXERHTYXMXMR4PEGIQIEXSR
XLIGSSOMRKWLIIXERHOIITMXXMKLX
4PEGIXLIQSREQIXEPXVE]SVXLIPMOI
ERHJPEXXIRXLIQMRE[E]XLI]HSRSX
WXMGOXSIEGLSXLIV*VII^IXLIQ[MXL
VIJIVIRGIXS8MTWJSV*VII^MRK
+VMPPIH(MWLIW7OMPPJYPP]
4
?+VMPPA
8EOIXLIQIEXJVSQXLIWXSVEKI
FEK4PEGIXLIQ[MXLXLIJPEXWMHI
HS[REXXLIGIRXIVSJXLIWYTIVKVMPP
XVE]YRMX[MXLPIKWSTIRIHERHTYX
XLIYRMXSRXLIGIVEQMGXVE]4VIWW
+VMPP
,EQFYVK7XIEO*VS^IR
XS
GSSO
%JXIVLIEXMRKTPEGIMXSREHMWL
ERHTYX[IPPQM\IHOIXGLYTERH
;SVGIWXIVWLMVIWEYGISRMX
3RP]GSSOTEXXMIWEXEXMQI
1EOMRKXLITEXX]QM\
-J TEXXMIWGSRXEMRI\GIWWMZI[EXIV
GSRXIRXMXQE]FILEVHXSLIEXERHRSX
XYVRSYX[IPP
8MTWJSV,EQFYVK7XIEO*VS^IR
QIHMYQSRMSRJMRIP]GLSTTIHEFSYXK
KFYXXIV
KKVSYRHFIIJERHTSVO
GYTSJFVIEHGVYQFWEFSYXK
XFWTQMPO
IKKFIEXIR
WGERXXWTWEPX
(EWLSJTITTIVERHRYXQIK
/IXGLYTERH;SVGIWXIVWLMVIWEYGIEWRIIHIH
JVII^MRKFEK\GQ[MXLE^MTTIV
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
?4VITEVEXMSRA
'YXIEGLGLMGOIRMRXSTMIGIWERH
HYWXXLIQ[MXLXLITVITEVIHJPSYV8LIR
PIXXLIQVIWXJSVEXPIEWXQMRYXIW
'YXEGSSOMRKWLIIXXSQEOIMXWQEPPIV
XLERXLIJVII^MRKFEKWXSVIFSYKLXERH
TYXMXMR4PEGIQIEXSRXLIGSSOMRKWLIIX
[MXLXLIWOMRWMHIYTERHOIITMXXMKLX
1EOIWYVIXLIQIEXTMIGIWHSRSXWXMGO
XSIEGLSXLIV4PEGIXLIQSREQIXEPXVE]
SVXLIPMOIERHJPEXXIRXLIQ*VII^IXLIQ
[MXLVIJIVIRGIXS8MTWJSV*VII^MRK
+VMPPIH(MWLIW7OMPPJYPP]
4
?+VMPPA
8EOIXLIQIEXJVSQXLIWXSVEKIFEK4PEGI
XLIQ[MXLXLIWOMRWMHIYTEXXLIGIRXIVSJXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWSTIRIHERHTYX
XLIYRMXSRXLIGIVEQMGXVE]4VIWW
+VMPP
*VMIH'LMGOIR*VS^IR
XSGSSO
*VMIH'LMGOIR*VS^IR

%YXS
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
GLMGOIRXLMKLW[MXLWOMREFSYXKIEGL
XFWTTVITEVIHJPSYVWXSVIFSYKLXEFSYXK
JVII^MRKFEK\GQ[MXLE^MTTIV
3RP]GSSOWIVZMRKWEXEXMQI
4VITEVIHJPSYVWXSVIFSYKLX
9WITVITEVIHJPSYVJSVHYWXMRK
;MXLJPSYVXSFIHMWWSPZIHMR[EXIV
XLIJSSH[MPPRSXXYVRSYX[IPP
%QSYRXSJTVITEVIHJPSYV
-JQSVIXLERXLIWTIGMJMIHEQSYRXSJ
JPSYVMWYWIHTS[HIVQE]VIQEMRXS
XLIPEWX
'LMGOIR[MXLFSRI
7IXXLIHSRIRIWWEHNYWXQIRXXS
,-
8MTWJSV*VMIH'LMGOIR*VS^IR
-J]SYHSRSX[ERXXSKIXXLI
WYTIVKVMPPXVE]YRMXHMVX]
4PEGIEGSSOMRKWLIIXSRMX(SRSXYWI
EPYQMRYQJSMP;MPPGEYWIWTEVOW
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
+VMPPMRKRSRJVS^IRJSSHW
'SSOMX[MXLVIJIVIRGIXS*VMIH
'LMGOIR
4
-J ]SYV JSSH MWYRHIVHSRI EJXIV XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XS GSSO GLIGOMRKXLI
JSSHSJXIR
4
+VMPPMRKRSRJVS^IRJSSHW
'SSOMX[MXLVIJIVIRGIXS,EQFYVK
7XIEO
4
4
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
,EQFYVK7XIEO
*VS^IR
+VMPP
4
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
*VMIH'LMGOIR
*VS^IR
+VMPP

+VMPP
*VS^IR+VMPPIH(MWLIW
-RKVIHMIRXWWIVZMRKWTEXXMIW
(MVIGXMSRW
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
1MGVS[EZI,IEXMRK
4
background
*VMIHGLMGOIRJVS^IR[MXLSYX
WXSVIFSYKLXTVITEVIHJPSYV
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
*VMIHGLMGOIR [MPP FI QSVIXIRHIV
XLER[LIRQEHI[MXLWXSVIFSYKLX
TVITEVIHJPSYV
GLMGOIRXLMKLW[MXLWOMREFSYX
KIEGL
XFWTWS]WEYGI

XFWTWEOI

XWTKMRKIVKVEXIH

XWTKEVPMGKVEXIH
(EWLSJTITTIV
XFWTWXEVGL
?4VITEVEXMSRA
'YXGLMGOIRMRXSTMIGIWERHWSEO
XLIQMR
%
JSVEXPIEWXQMRYXIW
6SYKLP][MTINYMGISJJJVSQ

4YXWXEVGLERHGLMGOIRMRETPEWXMG
FEKWXSVIFSYKLXERHVYFMXMRXS
XLIGLMGOIR
'YXEGSSOMRKWLIIXXSQEOIMX
WQEPPIVXLERXLIJVII^MRKFEK
WXSVIFSYKLXERHTYXMXMR4PEGI
QIEXSRXLIGSSOMRKWLIIX[MXLXLI
WOMRWMHIYTERHOIITMXXMKLX
1EOIWYVIXLIQIEXTMIGIWHSRSX
WXMGOXSIEGLSXLIV4PEGIXLIQSR
EQIXEPXVE]SVXLIPMOIERHJPEXXIR
XLIQ*VII^IXLIQ[MXLVIJIVIRGI
XS8MTWJSV*VII^MRK+VMPPIH
(MWLIW7OMPPJYPP]
4
?+VMPPA
8EOIXLIQIEXJVSQXLIWXSVEKI
FEK4PEGIXLIQ[MXLXLIWOMRWMHI
YTEXXLIGIRXIVSJXLIWYTIVKVMPP
XVE]YRMX[MXLPIKWSTIRIHERHTYX
XLIYRMXSRXLIGIVEQMGXVE]
4VIWW
+VMPP
*VMIH'LMGOIR*VS^IR
XSGSSO
(VMIH,SVWI1EGOIVIP
*VS^IR

%YXS
HVMIHLSVWIQEGOIVIPWKIEGL
JVII^MRKFEK\GQ[MXLE^MTTIV
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
8S T
;EXIV8ERO
)QTX]
?4VITEVEXMSRA
'YXEGSSOMRKWLIIXXSQEOIMXWQEPPIV
XLERXLIJVII^MRKFEKWXSVIFSYKLXERH
TYXMXMR4PEGIXLIHVMIHLSVWIQEGOIVIPW
SRXLIGSSOMRKWLIIXERHOIITXLIQ
XMKLX8LI]WLSYPHFIEVVERKIHWSXLEX
XLI]HSRSXWXMGOXSIEGLSXLIV4PEGI
XLIQSREQIXEPXVE]SVXLIPMOIXSJPEXXIR
XLIQERHJVII^IXLIQ[MXLVIJIVIRGIXS
8MTWJSV*VII^MRK+VMPPIH(MWLIW
7OMPPJYPP]
4
?+VMPPA
8EOIHVMIHLSVWIQEGOIVIPWJVSQ
XLIWXSVEKIFEK%TTP]WEPEHSMP
FIWMHIWXLIWTIGMJMIHEQSYRXXSXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWGPSWIH
ERHXSTJPETSTIRIHERHTPEGIXLIQ
SRMX1EOIWYVIXLI]EVIEVVERKIHWS
XLEXXLIWMHI[LMGL[MPPFIYTWMHISR
HMWLIWMWJEGMRKYT
7IX
XS8ST ERHTVIWW
+VMPP
(VMIH,SVWI1EGOIVIP*VS^IR
XSGSSO
8MTWJSV7EPXIH7EPQSR*VS^IR(VMIH,SVWI1EGOIVIP*VS^IR
3RP]GSSOSVWIVZMRKWJSV
WEPXIHWEPQSRJVS^IRSVSV
WIVZMRKWJSVHVMIHLSVWI
QEGOIVIPWJVS^IREXEXMQI
*MPPIXWSVHVMIHJMWLPIWWXLER
KIEGL
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
+VMPPMRKRSRJVS^IRJSSHW
'SSO[MXLVIJIVIRGIXS7EPXIH
7EPQSR
4
SV
(VMIH,SVWI
1EGOIVIP
4
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
,S[XSEVVERKIXLIJSSH
*SV7EPXIH7EPQSR*VS^IRVIJIVXS
8MTWJSV7EPXIH7EPQSR
4
ERHJSV(VMIH,SVWI1EGOIVIP
*VS^IRVIJIVXS8MTWJSV(VMIH
,SVWI1EGOIVIP
4
;LIR]SYSTIRXLIHSSVVMKLXEJXIVLIEXMRK
;EXGLSYXJSVWTEXXIVIHSMPERHSTIRMXKIRXP]
-J]SYHSRSX[ERXXSKIXXLI
WYTIVKVMPPXVE]YRMXHMVX]
4PEGIEGSSOMRKWLIIXSRMX(SRSX
YWIEPYQMRYQJSMP
;MPPVIWYPXMRWTEVOW
?4VITEVEXMSRA
'YXEGSSOMRKWLIIXXSQEOIMX
WQEPPIVXLERXLIJVII^MRKFEKWXSVI
FSYKLXERHTYXMXMR4PEGIWEPXIH
WEPQSRSRXLIGSSOMRKWLIIX[MXLXLI
WOMRWMHIYTERHOIITMXXMKLX1EOI
WYVIXLIWEPQSRHSRSXWXMGOXSIEGL
SXLIV4PEGIXLIQSREQIXEPXVE]SV
XLIPMOIERHJPEXXIRXLIQ*VII^IXLIQ
[MXLVIJIVIRGIXS8MTWJSV*VII^MRK
+VMPPIH(MWLIW7OMPPJYPP]
4
?+VMPPA
8EOIWEPXIHWEPQSRJVSQXLI
WXSVEKIFEKERHTPEGIXLIJMPPIXWSR
XLIWYTIVKVMPPXVE]YRMX[MXLPIKW
GPSWIHERHXSTJPETSTIRIH1EOI
WYVIXLI]EVIEVVERKIHWSXLEXXLI
WMHI[LMGL[MPPFIYTWMHISRHMWLIW
MWJEGMRKYT
7IX
XS8STERHTVIWW
+VMPP
7EPXIH7EPQSR*VS^IR
XSGSSO
7EPXIH7EPQSR
*VS^IR

%YXS
WEPXIHWEPQSRJMPPIXWEFSYXKIEGL
JVII^MRKFEK\GQ[MXLE^MTTIV
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
GPSWIHERHXSTJPETSTIRIH
8S T
;EXIV8ERO
)QTX]
4
3ZIR
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7EPXIH7EPQSR
*VS^IR
+VMPP
4
3ZIR
1MGVS[EZI
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
(VMIH,SVWI1EGOIVIP
*VS^IR
+VMPP

+VMPP
*VS^IR+VMPPIH(MWLIW
-RKVIHMIRXWWIVZMRKWJMPPIXW
-RKVIHMIRXWWIVZMRKWQEGOIVIPW
(MVIGXMSRW
(MVIGXMSRW
background
?A*SSHWXLEXGERFIJVS^IR
*SSHWTVITEVIHEGGSVHMRKXSQIRYSTXMSRWHIWGVMFIHMRXLI6IGMTIW
4
=SYGERRSXKVMPPWXSVIFSYKLXJVS^IRJSSHW[MXL
+VMPP*VS^IR+VMPPIH(MWLIW
'SSO[MXLVIJIVIRGI
XSELIEXMRKQIXLSHMRWXVYGXIHF]EVIWTIGXMZIJSSHQERYJEGXYVIV
?A%QSYRXSJJSSHWXLEXGERFIGSSOIHEXEXMQI
-RHMGEXIHJSVIEGLQIRYSTXMSR)\GIWWMZIP]LMKLSVPS[EQSYRXSJJSSHQE]RSXXYVRSYX[IPP
?A&IJSVIJVII^MRKJSSHW
1SMWXYVIGSQMRKSYXJVSQQIEXSVJMWLWYVJEGIWLSYPHFIXLSVSYKLP][MTIHSJJFIJSVIJVII^MRK
*SPPS[XLI(MVIGXMSRWVIKEVHMRKXLIWM^ISJJSSHERHWIEWSRMRKEQSYRX8SSQYGLQSMWXYVIQE]
TVIZIRXIJJIGXMZILIEXMRKERHKVMPPMRK
?A*VII^MRKSJJSSHW
'YXEGSSOMRKWLIIXXSQEOIMXEFMXWQEPPIVXLERXLIJVII^MRKFEKWXSVIFSYKLXERHTYXMXMR
4YXJSSHWSRXLIGSSOMRKWLIIXMRXLIWXSVEKIFEK1EOIWYVIXLIVIEVIKETWFIX[IIRJSSHW
FIJSVIJVII^MRK*VII^MRKJSSHWMRGSRXEGXKVMPPMRK[MPPRSXTVSHYGIKSSHVIWYPXW
*PEXXIRJSSHWXSJVII^IXSGIVXEMRXLMGORIWW8LMGOQIEXGERRSXFILIEXIHIJJIGXMZIP]ERHMXQE]
RSXXYVRSYX[IPP
*PEXXIRMRKJSSHWXSFIJVS^IRSREQIXEPXVE]SVXLIPMOI[MPPLIPTIJJIGXMZIKVMPPMRKEWFVSEHIVFEGO
EVIESJJSSHWMWMRGSRXEGX[MXLXLIWYTIVKVMPPXVE]YRMXSVQIXEPXVE]
6IJIVXSXLIJSPPS[MRKTLSXSWJSVEVVERKIQIRXSJJSSHW
?A7XSVEKITIVMSH
6IJIVIRGIWXSVEKITIVMSHMWXS[IIOW*SSHWJVS^IRJSVI\XIRHIHXMQI[MPPZEV]MRGSRHMXMSRW
ERHQE]RSXFILIEXIH[IPP
?A9WIJVS^IRJSSHWVMKLXEJXIVXEOMRKSYXJVSQEJVII^IV
=SYGERRSXKVMPPQIPXIHJSSHW[MXL +VMPP*VS^IR+VMPPIH(MWLIW
?A-JJSSHWEVIQIPXIHEJXIVFIMRKPIJXEXVSSQXIQTIVEXYVI
*SVLEQFYVKWXIEOERHJVMIHGLMGOIRTPEGIEPYQMRYQJSMPSRXLIQIXEPXVE]ERHTYXXLIJSSH
SRMX8LIRWIXXLIXVE]XS1MHHPIERHTVIWW
3ZIR 2S4VILIEX PIZIP ERH ' JSVLEQFYVK
WXIEOSV
'
JSVJVMIHGLMGOIRGLIGOMRKXLIJSSHSJXIR
4
*SVWEPXIHWEPQSRERHHVMIHLSVWIQEGOIVIPTPEGIXLIJSSHSRXLIWYTIVKVMPPXVE]YRMX[MXL
PIKWGPSWIHERHXSTJPETSTIRIH4YXXLIYRMXXS8STERHTVIWW
+VMPP
XSGSSOGLIGOMRKXLIJSSH
SJXIR
4
,EQFYVK7XIEO
*VMIH'LMGOIR
7EPXIHWEPQSR
(VMIH,SVWI1EGO IVIP
8MTWJSV*VII^MRK+VMPPIH(MWLIW7OMPPJYPP]

+VMPP
*VS^IR+VMPPIH(MWLIW
background
KQEGEVSRM
KGLMGOIRXLMKLWGYXMRXSGQGYFIW
WLVMQTWWLIPPIHERHHIZIMRIHXEMPW
VIQSZIHGYXMRLEPJEFSYXK
QIHMYQSRMSRWPMGIHXLMREFSYXK
WQEPPGERSJQYWLVSSQWWPMGIHEFSYXK
KFYXXIV
(EWLSJWEPXERHTITTIV
GYTWSJ[LMXIWEYGI
KGLIIWIWLVIHHIHSVKVEXIHXSXEWXI
+VEXMR5YMGLI

%YXS
1EGEVSRM+VEXMR
'SQFMRIJPSYVERHFYXXIVMRXSE
HIITLIEXVIWMWXERXGSRXEMRIV LIEX
XLIQ[MXL
1MGVS[EZI ;
ERHQM\
[IPP[MXLERIKKFIEXIV
+VEHYEPP]EHHQMPOERHHMPYXIMX
,IEX[MXL
1MGVS[EZI ;
ERHWXMV
XLIQHYVMRKLIEXMRK
%JXIVLIEXMRKWIEWSRMX[MXLWEPX
ERHTITTIVERHWXMV
;LMXI7EYGI
1MGVS[EZI,IEXMRK
4
&SMPERHHVEMRXLIQEGEVSRM%HHE
WQEPPEQSYRXSJWEPEHSMPFIWMHIWXLI
WTIGMJMIHEQSYRX
'SQFMRI
%
MREHIITLIEXVIWMWXERX
GSRXEMRIV,IEXXLISZIRF]TVIWWMRK
1MGVS[EZI ;
%FSYXQMRWIG
'SQFMRI
[MXLGSSOIHQEGEVSRM
4
%HHLEPJSJXLI[LMXIWEYGIXS
(MZMHI
MRXSKVEXMRHMWLIWGSEXIH[MXL
EWQEPPEQSYRXSJFYXXIVFIWMHIWXLI
WTIGMJMIHEQSYRX'SZIV[MXLXLIVIQEMRMRK
[LMXIWEYGIERHWTVMROPI[MXLGLIIWI
%VVERKI
SRXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWSTIRIHTPEGIXLIYRMX
SRXLIGIVEQMGXVE]ERHLIEXXLIQ[MXL
+VEXMR5YMGLI
1EGEVSRM+VEXMR
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
-RKVIHMIRXWWIVZMRKW (MVIGXMSRW
(MVIGXMSRW
%QSYRX GYT GYTW GYTW
1MPO Q0 Q0 Q0
*PSYVGEOIJPSYV
K K K
&YXXIV K K K
7EPXTITTIV (EWL (EWL (EWL
,IEXFYXXIVERHJPSYV
1MGVS[EZI ;
%TTVS\ QMR
WIG
%TTVS\QMR
WIG
%TTVS\ QMR
WIG
%HHQMPOERHLIEX
1MGVS[EZI ;
QMR QMR QMR
4
1MGVS[EZI
3ZIR
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
1EGEVSRM+VEXMR
+VEXMR
5YMGLI
+VEXMR
5YMGLI

1MGVS[EZI,IEXMRK
4
background
7LVMQT8SQEXS+VEXMR
KQEGEVSRM
KWLIPPIHWLVMQTHIZIMRIH
WQEPPFVSGGSPMFVIEOETEVXER]
GPYQTWERHGYXMRLEPJEFSYXK
QIHMYQSRMSRWPMGIHXLMR
EFSYXK
KFYXXIV
(EWLSJWEPXERHTITTIV
KGERSJ[LSPIXSQEXSIW
GYTWSJ[LMXIWEYGIMRKVIHMIRXWERH
HMVIGXMSRW
4
KGLIIWIWLVIHHIHSVKVEXIHXSXEWXI
&SMPERHHVEMRXLIQEGEVSRM%HHE
WQEPPEQSYRXSJWEPEHSMPFIWMHIWXLI
WTIGMJMIHEQSYRX
'VYWLXLI[LSPIXSQEXSERHQM\E
LEPJMRXSXLI[LMXIWEYGIERHXLI
SXLIVLEPJMRXS
%
'SQFMRI
MREHIITLIEXVIWMWXERX
GSRXEMRIV,IEXXLISZIRF]TVIWWMRKERH
IRXIVMRK'SQFMRI[MXLGSSOIHQEGEVSRM
1MGVS[EZI ;
%FSYXQMRWIG
4
%HHLEPJSJXLI[LMXIWEYGIXS

%YXS
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
(MZMHI
MRXSKVEXMRHMWLIWGSEXIH
[MXLEWQEPPEQSYRXSJFYXXIV
FIWMHIWXLIWTIGMJMIHEQSYRX'SZIV
[MXLXLIVIQEMRMRK[LMXIWEYGIERH
WTVMROPI[MXLGLIIWI
%VVERKI
SRXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWSTIRIHTPEGIXLIYRMXSR
XLIGIVEQMGXVE]ERHLIEXXLIQ[MXL
+VEXMR5YMGLI
7LVMQT8SQEXS+VEXMR
4
1MGVS[EZI
3ZIR
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
7LVMQT8SQEXS+VEXMR
+VEXMR
5YMGLI
+VEXMR
5YMGLI

1MGVS[EZI,IEXMRK 4
background
'%98-32
'IVXEMRMRKVIHMIRXWQE]
WTPEXXIV[LIRGSSOIH
-J]SYYWIWUYMHFIWYVIXSQEOI
GYXWXLVSYKLSYXXLIQIEXFIJSVI
GSSOMRK(SRSXYWI[LSPI
QYWLVSSQW
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
8MTWJSV+VEXMR
3RP]GSSOWIVZMRKWEXEXMQI
(MWL[EVI
(SRSXYWIQIXEPSVLSPPS[HMWL[EVI
(MWLIWWLSYPHFILIEXVIWMWXERXGIVEQMG
TSVGIPEMRSVKPEWWKVEXMRHMWLIW
%VVERKMRKKVEXMRHMWLIWJSV
GSSOMRK
%VVERKIXLIKVEXMRHMWLIWSRXLI
WYTIVKVMPPXVE]YRMXEGGSVHMRKXSXLI
JMKYVIWWLS[RFIPS[4PEGIXLIYRMX
SRXLIGIVEQMGXVE]SRXLIFSXXSQ
SJXLISZIRGEZMX]
4PEGIHMWL
MRXLIGIRXIV
1SZIHMWLIW
XS[EVHWXLI
GIRXIV
1SZIHMWLIW
XS[EVHWXLI
GIRXIV
%VVERKI
HMWLIWPMOI
XLMW
;LIR]SYEVIGSRGIVRIH
EFSYXWGVEXGLIWSRXLIWYTIV
KVMPPXVE]YRMX
4PEGIEGSSOMRKWLIIXSRMX(SRSX
YWIEPYQMRYQJSMP
;MPPVIWYPXMRWTEVOW
-JXLIQM\XYVIGSSPWFIJSVIMX
MWGSSOIH
8LIWEYGIERHMRKVIHMIRXWWLSYPHFI
GSSOIH[LMPIXLI]EVIWXMPP[EVQ-JXLI]
GSSPFIJSVIGSSOMRKTVIWW
1MGVS[EZI ;
ERHLIEXXLIQXSE
PYOI[EVQXIQTIVEXYVIEFSYX'
FIJSVIGSSOMRK
4
+VMPPIHGSPSV
8LIKVMPPIHGSPSVZEVMIWEGGSVHMRKXS
XLIXLMGORIWWSJXLI[LMXIWEYGI
X]TISJGLIIWIYWIHERH
QERYJEGXYVIVSJXLIMRKVIHMIRXW
-JXLIKVEXMRMWYRHIVGSSOIHEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKXLIJSSHSJXIR
4
-JXLIKVEXMRMWGSSOIH
YRIZIRP]
;LIRXLIVIEVIiQMRYXIWSJGSSOMRK
XMQIPIJXVIZIVWIXLIHMVIGXMSRSJXLI
KVEXMRHMWLIWERHJMRMWLGSSOMRK
*VS^IRKVEXMRGERRSXFI
GSSOIH[MXL1EGEVSRM+VEXMR
4PEGIXLIJSSHMRXLIGIRXIVSJXLI
QIXEPXVE]4YXMXMRXS1MHHPIERH
GSSOMX[EXGLMRKXLIGSRHMXMSR[MXL
3ZIR
2S4VILIEX
PIZIP
'
QMR
4
1MGVS[EZI
3ZIR
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
'LMGOIR'YVV]+VEXMR
+VEXMR
5YMGLI
+VEXMR
5YMGLI

KQEGEVSRM
KGLMGOIRXLMKLGYXMRXSFMXIWM^ITMIGIW
KQM^YRE
GYXMRXSGQPSRKTMIGIW
VIHFIPPTITTIVGYXMRXSGQWUYEVIW
KFYXXIV
XWTGYVV]TS[HIV
(EWLSJWEPXERHTITTIV
GYTWSJ[LMXIWEYGIMRKVIHMIRXWERH
HMVIGXMSRW
4
XWTGYVV]TS[HIV
KGLIIWIWLVIHHIHSVKVEXIHXSXEWXI
'LMGOIR'YVV]+VEXMR
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
&SMPERHHVEMRXLIQEGEVSRM%HHE
WQEPPEQSYRXSJWEPEHSMPFIWMHIWXLI
WTIGMJMIHEQSYRX1M\GYVV]TS[HIV
MRXS[LMXIWEYGI
'SQFMRI
%
MREHIITLIEXVIWMWXERX
GSRXEMRIV,IEXXLISZIRF]TVIWWMRK
1MGVS[EZI
;
%FSYXQMRWIG

'SQFMRI[MXLGSSOIHQEGEVSRM
4
%HHLEPJSJXLI[LMXIWEYGIXS
(MZMHI
MRXSKVEXMRHMWLIWGSEXIH
[MXLEWQEPPEQSYRXSJFYXXIV
FIWMHIWXLIWTIGMJMIHEQSYRX'SZIV
[MXLXLIVIQEMRMRK[LMXIWEYGIERH
WTVMROPI[MXLGLIIWI
%VVERKI
SRXLIWYTIVKVMPPXVE]YRMX
[MXLPIKWSTIRIHTPEGIXLIYRMXSRXLI
GIVEQMGXVE]ERHLIEXXLIQ[MXL
+VEXMR5YMGLI
'LMGOIR'YVV]+VEXMR

%YXS
7EVHMRI+RSGGLM+VEXMR
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX]
4

%YXS
1MGVS[EZI,IEXMRK
4
background
KWLIPPIHWLVMQTHIZIMRIH
SRMSRJMRIP]GLSTTIHEFSYXK
JVIWLWLMMXEOIQYWLVSSQWWPMGIHXLMR
KFYXXIV
GYTSJ[LMXIWEYGIMRKVIHMIRXWERH
HMVIGXMSRW
4
KGSPHVMGI
KFYXXIV
KGLIIWIWLVIHHIHSVKVEXIHXSXEWXI
-RKVIHMIRXWJSVE

GQFEOMRKTER
4YX
%
MREHIITLIEXVIWMWXERX
GSRXEMRIVERHTVIWW
1MGVS[EZI ;
%TTVS\QMRWIG
XSGSSO8LIR
EHH[LMXIWEYGI
4
4YXFYXXIVMRXSEPEVKILIEXVIWMWXERX
GSRXEMRIVERHTVIWW
1MGVS[EZI ;
%FSYXQMR
XSGSSOERHQIPX
'SQFMRIVMGIMRXS
ERHQM\
XLIQ%HHEWQEPPEQSYRXSJWEPXERH
TITTIVFIWMHIWXLIWTIGMJMIH
EQSYRXERHTVIWW
1MGVS[EZI ;
%TTVS\QMRWIG
XSGSSO
4YX
SRXSEFYXXIVFIWMHIWXLI
WTIGMJMIHEQSYRXGSEXIHFEOMRKTER
8LIRTYX
ERHGLIIWISRMX
%VVERKI
MRXLIGIRXIVSJ
XLIWYTIVKVMPPXVE]YRMX[MXLPIKW
STIRIHTPEGIXLIYRMXSRXLI
GIVEQMGXVE]4VIWW
+VEXMR5YMGLI
7LVMQT6MGI+VEXMR
XSGSSO
1MGVS[EZI,IEXMRK
4
(MVIGXMSRW
7LVMQT6MGI+VEXMR

%YXS
+VEXMR
5YMGLI

%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
4
1MGVS[EZI
3ZIR
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
7LVMQT6MGI+VEXMR
+VEXMR
5YMGLI
background
7TMREGL5YMGLI

%YXS
FYRGLSJWTMREGL
KEVPMGGPSZIJMRIP]GLSTTIH
XFWTFYXXIV
EFSYXK
(EWLSJWEPXERHTITTIV
IKKWFIEXIR
Q0QMPO
Q0JVIWLGVIEQZIKIXEFPIFEWIH
Q0WSYTHMWWSPZIH
FSYMPPSRGYFI
(EWLSJWEPXERHTITTIV
KGLIIWIWLVIHHIH
(MVIGXMSRW
6MRWIERH[VETWTMREGLMRTPEWXMG
[VET4VIWW&SMP:IKIXEFPIW
XSGSSO
ERHTYXMXMRGSPH[EXIV8LIRHVEMR
ERHWUYII^IMX[IPPERHGYXMRXSGQ
PSRK
4
,IEXFYXXIVMREWOMPPIX7EYXIXLI
KEVPMGJMVWXXLIREHH
7TVMROPI[MXL
WEPXERHTITTIV
'SQFMRI
%
ERHXLIIKKWMRE
FS[PERHQM\[IPP7XVEMRXLIQM\XYVI
,S[XS9WI
&SMP:IKIXEFPIW

4
-RKVIHMIRXWJSVE

GQFEOMRKTER
8MTWJSV6MGI+VEXMRERH5YMGLI
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
;LIR]SYEVIGSRGIVRIHEFSYXWGVEXGLIW
SRXLIXLIWYTIVKVMPPXVE]YRMX
4PEGIEGSSOMRKWLIIXSRMX
(SRSXYWIEPYQMRYQJSMP
;MPPVIWYPXMRWTEVOW
(MWL[EVI
(SRSXYWIQIXEPSVLSPPS[HMWL[EVI
(MWLIWWLSYPHFILIEXVIWMWXERX
GIVEQMGTSVGIPEMRSVKPEWWHMWLIW
-JXLIQM\XYVIGSSPWFIJSVIMXMWGSSOIH
8LIWEYGIERHMRKVIHMIRXWWLSYPHFI
GSSOIH[LMPIXLI]EVIWXMPP[EVQ-J
XLI]GSSPFIJSVIGSSOMRKWIXXLISZIR
XS
1MGVS[EZI
;
ERHLIEXXLIQ
XSEPYOI[EVQXIQTIVEXYVIEFSYX
'FIJSVIGSSOMRK
4
+VMPPIHGSPSV
8LIKVMPPIHGSPSVZEVMIWEGGSVHMRKXSXLI
XLMGORIWWSJXLI[LMXIWEYGIX]TISJ
GLIIWIYWIHERHQERYJEGXYVIVSJXLI
MRKVIHMIRXW
;EMXYRXMPXLISZIRGEZMX]MWGSSP
8LIJSSH[MPPRSXXYVRSYX[IPPMJ]SY
YWIXLI
3ZIR

+VMPP

(ISHSVM^EXMSR
JYRGXMSRFIJSVILERH[MXLSYXEPPS[MRK
XLISZIRGEZMX]XSGSSP
-JXLIKVEXMRSVUYMGLIMW
YRHIVGSSOIHEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKXLIJSSHSJXIR
4
*VS^IRVMGIKVEXMRGERRSXFI
KVMPPIH[MXL7LVMQT6MGI
+VEXMR
4YXXLIQSRXLIQIXEPXVE][MXLSYX
XEOMRKGSRXIRXWSYXJVSQEPYQMRYQ
GEWIWLS[XSEVVERKIWXSVIFSYKLX
JVS^IRKVEXMR
4
TYXMXXS
1MHHPI8LIRTVIWW
3ZIR
2S4VILIEX
PIZIP
'

QMR
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
=SYGERRSXKVMPPJSSHMRE
TPEWXMGGSRXEMRIVJSV
QMGVS[EZILIEXMRK
;MPPVIWYPXMRHIJSVQEXMSRSJXLI
GSRXEMRIV
'SQFMRI
ERH
1M\MR
SJ
XLIGLIIWI4YXMRXSEFEOMRKTER
GSEXIH[MXLEWQEPPEQSYRXSJFYXXIV
FIWMHIWXLIWTIGMJMIHEQSYRX
8ST[MXLXLIVIQEMRMRKGLIIWIERH
TPEGIMRXLIGIRXIVSJXLIWYTIV
KVMPPXVE]YRMX[MXLPIKWSTIRIH4YX
MXSRXLIGIVEQMGXVE]ERHTVIWW
+VEXMR5YMGLI
7TMREGL5YMGLI
XS
GSSO
+VEXMR
5YMGLI

%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
4
1MGVS[EZI
3ZIR
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
7TMREGL5YMGLI
+VEXMR
5YMGLI
background
7XIEQ+VMPP*SSH

7XIEQ+VMPP7XMV*V]7XIEQ+VMPP*SSH

%YXS
KRETEGEFFEKI
KKVSYRHTSVO
KKEVPMGGLMZIJMRIP]GLSTTIH
XFWTKVIIRSRMSRJMRIP]GLSTTIH
EFSYXK
KEVPMGGPSZIJMRIP]GLSTTIH
WQEPPKMRKIVGPSZIJMRIP]GLSTTIH
XFWTWEOI
XWTWS]WEYGI
XWTWIWEQISMP
(EWLSJWEPXERHTITTIV
HYQTPMRK[VETWWXSVIFSYKLX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
,IEXRETEGEFFEKI[MXL
&SMP:IKIXEFPIW
JMRIP]GLSTHVEMR
ERHWUYII^IMX
4
'SQFMRI
ERH
%
MREFS[PERH
QM\WIEWSRMRKWERHMRKVIHMIRXW1M\
[IPPMRXSKVYIPERHHMZMHIXLIQM\XYVI
MRXSTMIGIW
4PEGI
EXXLIGIRXIVSJIEGL
HYQTPMRK[VETERHTPEMXERH[VETMXYT
%TTP]WEPEHSMPFIWMHIWXLI
WTIGMJMIHEQSYRXEXXLIFSXXSQSJ

TPEGIXLITMIGIWSRXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWGPSWIHEWMRHMGEXIHMR
XLIVMKLXJMKYVIERHWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLI
WXIEQSYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
*VMIH(YQTPMRK
XSGSSO
8MTWJSV(YQTPMRKW
,S[XSEVVERKIJVMIHHYQTPMRKW
*SVWIVZMRKW *SVWIVZMRKW
&IWYVIXSJMPPXLI[EXIVXERO
JYPP
-JXLI[EXIVXEROMWIQTX]SVRSX
WIX]SYVJSSH[MPPRSXXYVRSYX[IPP
3RP]GSSOSVWIVZMRKWEX
EXMQIMJWOMRHMEQIXIVMW
EFSYXGQ
8LIRYQFIVSJHYQTPMRKW]SYGER
GSSOEXEXMQIZEVMIWHITIRHMRKSR
WM^ISJHYQTPMRKW
-JXLIGSPSVMWPMKLX
+IXVMHSJXLILSX[EXIVMRXLIWYTIV
KVMPPXVE]YRMXERHWIXXLIKVMPPPMH8LIR
FEWMGEPP]YWI
%HHMXMSREP,IEXMRK
QMR
XSGSSO%JXIV
%HHMXMSREP,IEXMRK
PMKLX
3**FEWMGEPP]YWI
1MGVS[EZI
;
QMR
XSGSSO
4
%GGSVHMRKXSHYQTPMRK[VET
WM^I
%HNYWXXLIEQSYRXSJJMPPMRK
%GGIWWSV]9WIH
*VMIH(YQTPMRK
7XIEQ
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
,S[XS9WI
&SMP:IKIXEFPIW

4
8LMGORIWWERHWM^ISJHYQTPMRK
[VETW
8LIWIEJJIGXGLEVVMRKERHWXIEQMRK
IJJIGXW
-J[VETWEVIXLMRYWI
1-(03
SV
03
XSGSSO
-JEPSXSJTS[HIVMWSRHYQTPMRKW
SVHYQTPMRK[VETW
7PETMXSJJFIJSVIGSSOMRK
7XSVIFSYKLXHYQFMRK
JVS^IRJSSHW
GERRSXFIGSSOIH[IPP8LE[XLIQ
FIJSVIGSSOMRK
%PVIEH]FVS[RIHJVS^IR
SRIWWLEPPFIGSSOIH[MXL
6ILIEX
*VMIH(YQTPMRK
4
4VITEVEXMSR
,IEXMRK
7XIEQ+VMPP
7XMV*V]
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
background
7XIEQ+VMPP*SSH


%YXS
KWLIPPIHWLVMQT
WLIPPIHWLVMQTWJSVHIGSVEXMSRWQEPP
XWTKMRKIVNYMGI
XWTWEOI
XWTWIWEQISMP
XWTWXEVGL
KKEVPMGGLMZI
JMRIP]GLSTTIH
 XFWTKVIIRSRMSRJMRIP] GLSTTIH
EFSYXK
HVMIHWLMMXEOIQYWLVSSQVIGSRWXMXYXIH
JMRIP]GLSTTIH
XWTWS]WEYGI
(EWLSJWEPXERHTITTIV
HYQTPMRK[VETWWXSVIFSYKLX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
*MRIP]GLSTLEPJSJXLIWLIPPIH
WLVMQTERHGSEVWIP]GYXXLISXLIV
LEPJ7IEWSR[MXL
%
'SQFMRI
ERH
&
MREFS[PERH
QM\WIEWSRMRKWERHMRKVIHMIRXW1M\
[IPPMRXSKVYIPERHHMZMHIXLIQM\XYVI
MRXSTMIGIW
4PEGI
EXXLIGIRXIVSJIEGL
HYQTPMRK[VETERHTPEMXERH[VETMX
YTXSEVSYRHWLETI
4YXEWLIPPIHWLVMQTSRXSTJSV
HIGSVEXMSR
%TTP]WEPEHSMPFIWMHIWXLIWTIGMJMIH
EQSYRXEXXLIFSXXSQSJ
TPEGIXLI
TMIGIWEXXLIGIRXIVSJXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWGPSWIHERHWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]
EPMKRMRKXLIWXIEQMRPIXSJXLIPMH
[MXLXLIWXIEQSYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
7LVMQT(YQTPMRK
XSGSSO
%GGIWWSV]9WIH
7LVMQT(YQTPMRK
7XIEQ
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWTMIGIW (MVIGXMSRW
[LMXIGLMGOIRFVIEWXWXVMRKWXVMQQIH
EFSYXK
K'LMRIWI]EQGYXMRXSGQ[MHIERH
WLMWSPIEZIWGYXMRLEPJ
XFWTWEPX]QEPX
TMGOPIHTPYQWIIHIH
4ITTIVEWRIIHIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
&IEXERHJPEXXIRXLI[LMXIGLMGOIR
FVIEWX EHHWEPX] QEPXQM\XLIQERH
PIXMXVIWXJSVEXPIEWXLSYV
7TVIEH
ERHXST[MXLWLMWS
PIEZIW4YXETSVXMSRSJTMGOPIHTPYQ
EXXLI GIRXIVERHEVVERKI'LMRIWI
]EQSRMX8LIRVSPPMXYT
4PEGIEGSSOMRKWLIIXSRXLI
WYTIVKVMPPXVE]YRMX7IEWSR
[MXL
TITTIVERHEVVERKIXLITMIGIWEXXLI
GIRXIVSJXLIWYTIV KVMPP XVE]YRMX[MXL
PIKWGPSWIH8LIRWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLIWXIEQ
SYXPIXERHYWI 7XIEQ+VMPP7XMV*V]
'LMGOIR&VIEWXMR4PYQ7EYGI
XSGSSO
'LMGOIR&VIEWXMR4PYQ7EYGI

%YXS
8MTWJSV'LMGOIR&VIEWXMR4PYQ7EYGI
3RP]GSSOWIVZMRKWEXE
XMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSETPEXIERH
GSZIV[MXLTPEWXMG[VET
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWFEVW
(MVIGXMSRW
1M\IH+VEMR'LMGOIR6SPP
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX]
4

%YXS
7LVMQT(YQTPMRK
4
7XIEQ+VMPP
7XMV*V]
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
7XIEQ+VMPP
7XMV*V]
7XIEQ
1MGVS[EZI
'LMGOIR&VIEWX
MR4PYQ7EYGI
4
background
7XIEQ+VMPP*SSH

-RKVIHMIRXWWIVZMRKW
GLMGOIRFVIEWXRSWOMREFSYXKIEGL
XFWTWEPX]QEPX
XFWTWEOI
0IXXYGIERHPIQSREWRIIHIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
'YXGLMGOIR MRXSTMIGIWERH
WSEOXLIQMR
%
JSVEXPIEWXLSYV
7TVIEH
EXXLIGIRXIVSJXLI
WYTIV KVMPPXVE] YRMX [MXL PIKW GPSWIH
ERHWIXXLIKVMPPPMH
6MGI1EPX1EVMREHI'LMGOIR

%YXS
%GGIWWSV]9WIH
6MGI1EPX
1EVMREHI'LMGOIR
8MTWJSV6MGI1EPX1EVMREHI'LMGOIR
3RP]GSSOSVWIVZMRKWEXEXMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSETPEXIERH
GSZIV[MXLTPEWXMG[VET
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
(MVIGXMSRW
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLIWXIEQ
SYXPIXERHYWI 7XIEQ+VMPP7XMV*V]
6MGI1EPX1EVMREHI'LMGOIR
XSGSSO
%JXIVLIEXMRKTPEGIMXSREHMWL
ERHXST[MXLPIXXYGIERHPIQSR
VE[WEPQSRJMPPIXWEFSYXKIEGL
XWT[LMXIQMWSTEWXI
KTPEMR]SKYVX

XFWTWS]QMPORSRLSQSKIRM^IH

XFWTWEOI
XWTWEPX
XFWTWS]WEYGI
WLMWSPIEZIW
6EHMWLKVEXIHEWRIIHIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
;MTIQSMWXYVISJJJVSQXLIWEPQSR
WSEOMXMRXLIQM\IH
%
JSV
QMRYXIWEWEFEWIWIEWSRMRK ERH
PMKLXP]VIQSZIXLINYMGI
%VVERKI
SRXLIWYTIV KVMPPXVE]YRMX
[MXLPIKWGPSWIHWSXLEXWMHI[LMGL[MPPFI
YTWMHISRHMWLIWMWJEGMRKHS[RERHWIX
XLIKVMPPPMH
8MTWJSV1MWS7EPQSR
3RP]GSSOSVWIVZMRKWEX
EXMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSETPEXIERH
GSZIV[MXLTPEWXMG[VET
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
1MWS7EPQSR

%YXS
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
&EWUYI1EVPMR8YRE
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX]
4

%YXS
4
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLIWXIEQ
SYXPIX4VIWW
7XIEQ+VMPP7XMV*V]
1MWS7EPQSR
XSGSSOERHQM\
%JXIVLIEXMRKTPEGIMXSREHMWLERH
XST[MXLWLMWSERHKVEXIHVEHMWL
7XIEQ+VMPP
7XMV*V]
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
7XIEQ
1MGVS[EZI
%GGIWWSV]9WIH
1MWS7EPQSR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
7XIEQ+VMPP
7XMV*V]
7XIEQ
1MGVS[EZI
background
7XIEQ+VMPP*SSH

JPEXJMWLEFSYXKIEGL
KVIIRSRMSR
KMRKIVGPSZINYPMIRRIH
XFWTS]WXIVWEYGI
XFWTWS]WEYGI
Q0'LMRIWIVMGI[MRI
SVWEOI
XWTWXEVGL
(EWLSJWEPXERHTITTIV
XWTGLMGOIRFSYMPPSRTS[HIV
GYTSJ[EXIV
XFWTWS]WEYGI
XFWTWEPEHSMP
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIWGEPIWMRXIVREPSVKERWERHKMPPWSJ
XLI JMWL 4YX EWLEPPS[ GYX SR XLIXLMGOIVTSVXMSRW
ERH[EWLMXMR[EXIVERH[MTISJJXLI[EXIV
'YXE[LMXITSVXMSRSJXLIKVIIRSRMSR
MRXSGQPSRKTMIGIW6IQSZIMXWGSVI
ERHNYPMIRRIMX)\TSWI MX[MXL[EXIVERH
[MTISJJXLI[EXIVXSQEOIMXJMRIWXVMTW
'YXXLIFPYITSVXMSREXERERKPIMRXS
GQTMIGIW
4YXEGSSOMRKWLIIXSRXLIWYTIV
KVMPPXVE]YRMX[MXLPIKWGPSWIHERH
EVVERKI
SRMX8LIRTYX
[MXLMXW
WOMR WMHIYT4PEGIXLIKMRKIVERH
SRMSRGSVIJVSQ
SRXST4YX
%
]SY
TVITEVIHSRMXERHWIXXLIKVMPPPMH
4PEGIXLIYRMXSRXLIGIVEQMGXVE]
EPMKRMRKXLIWXIEQMRPIXSJXLIPMH[MXL
XLIWXIEQSYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
7XIEQ;LSPI;LMXI*MWL
XSGSSO
4YXXLIJSSHSREHMWLERHXST[MXL
XLIJMRIWXVMTWSJKVIIRSRMSR8LIR
TYXERHLIEX
&
MR E WQEPP TER ERH
TSYVMXSRXLIHMWLVMKLXFIJSVIIEXMRK
8MTWJSV7XIEQ;LSPI;LMXI*MWL
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSETPEXIERH
GSZIV[MXLTPEWXMG[VET
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
7XIEQ;LSPI;LMXI*MWL

%YXS
%GGIWWSV]9WIH
7XIEQ;LSPI
;LMXI*MWL
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIEFVIEQ (MVIGXMSRW
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
%FSYXKGPEQW[MXLWLIPPW
GYTSJWEOI
XWTFYXXIV
(EWLSJTEVWPI]JMRIP]GLSTTIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4PEGIXLIGPEQWMREWEPX[EXIV
WSPYXMSRFIWMHIWXLI WTIGMJMIH
EQSYRX7XSVIMR E GSSP HEVO TPEGI
JSVLSYVWXSLEPJEHE]8LMW[MPPLIPT
VIQSZIWERHTEVXMGPIW
;EWL XLI GPEQW [IPPVYFFMRK XLI
WLIPPWXSKIXLIV4PEGIEGSSOMRKWLIIX
SRXLIWYTIVKVMPPXVE]YRMX[MXLPIKW
GPSWIHERHEVVERKIXLIGPEQWSRMX
%HHXLIWEOIERHFYXXIV7IXXLIKVMPP
PMH
4PEGIMXSRXLIGIVEQMGXVE]
EPMKRMRKXLIWXIEQMRPIXSJXLIPMH[MXL
XLIWXIEQSYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
7EOI7XIEQIH'PEQ
XSGSSO;LIR
XLI]EVIJMRMWLIHGSSOMRKKEVRMWL
[MXLTEVWPI]ERHWIVZI
7EOI7XIEQIH'PEQ

%YXS
8MTWJSV7EOI7XIEQIH'PEQ
3RP]GSSOWIVZMRKWEXE
XMQI
4PEGIEGSSOMRKWLIIXXS
TVIZIRXWGVEXGLIWSRXLI
WYTIVKVMPPXVE]YRMXGEYWIH
F]XLIWLIPPW
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSETPEXIERH
GSZIV[MXLTPEWXMG[VET
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
%GGIWWSV]9WIH
7EOI7XIEQIH'PEQ
6IJIVIRGILIEXMRKXMQI %FSYXQMR
?8MTWA
;LIRVIQSZMRKWERHJVSQXLIGPEQW
XLI]WLSYPHFIWYFQIVKIHEFSYX
LEPJ[E] MRXLIWEPX[EXIV'SZIV[MXLE
FS[P SVEPYQMRYQJSMP XSTVIZIRX [EXIV
WTVE]JVSQIWGETMRKEWXLIGPEQW
FVIEXLI
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
7XIEQ+VMPP
7XMV*V]
7XIEQ
1MGVS[EZI
4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
7XIEQ+VMPP
7XMV*V]
7XIEQ
1MGVS[EZI
4
background
7XIEQ+VMPP*SSH

-RKVIHMIRXWWIVZMRKW -RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
(MVIGXMSRW
)KKTPERX1YWLVSSQ7EPEH
7XIEQ&EOIH7UYEWL
 
%YXS %YXS
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIWXIQWJVSQIKKTPERXWERH
GYXIEGLMRXSTMIGIW7SEOXLIQMR[EXIV
6IQSZIXLIWXIQWJVSQIRSOMERH
QEMXEOIQYWLVSSQWSJ
%
ERHFVIEOXLIQ
4YXXLITVITEVIH
'
MRXSETPEWXMGFEK
WXSVIFSYKLXERHGSQFMRI[MXLXLI
TVITEVIH
&
ERH
%
ERH
QM\XLIQ
4YXEGSSOMRKWLIIXSRXLIWYTIV
KVMPPXVE]YRMX[MXLPIKWGPSWIHERH
WTVIEH
XEOIRSYXSJXLITPEWXMG
FEK8LIRWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLIWXIEQ
SYXPIX4VIWW
7XIEQ+VMPP7XMV*V]
)KKTPERX1YWLVSSQ7EPEH
XSGSSOERHQM\
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
7XEVXTVILIEXMRK[MXL
7XIEQ+VMPP7XMV*V]
7XIEQ&EOIH7UYEWL [MXLSYX
TYXXMRKXLIJSSH]IX
4YXEGSSOMRKWLIIXSRXLIWYTIVKVMPP
XVE]YRMX[MXLPIKWGPSWIHERHWTVIEH
XLIWUYEWL8LIRWIXXLIKVMPPPMH
;LIR]SYLIEVXLITVILIEXMRKGSQTPIXMSR
WSYRHTPEGIMXSRXLIGIVEQMGXVE][MXLGEVI
RSXXSKIXFYVRIHERHEPMKRXLIWXIEQMRPIXSJ
XLIKVMPPPMH[MXLXLIWXIEQSYXPIX
%JXIVLIEXMRKEVVERKIXLIQSRE
HMWLERHTYX
%
]SYTVITEVIH
.ETERIWIIKKTPERXWEFSYXK
KVIIRTITTIVWEFSYXK
KIRSOMQYWLVSSQW
KQEMXEOIQYWLVSSQW
HIITJVMIH FIERGYVHXLMRWPMGIH
MRXSGQ[MHXLEFSYXK
XFWTWEPX]QEPX
XWTKMRKIVKVEXIH
XWTPIQSRNYMGI
XFWTSPMZISMPEWRIIHIH
KWUYEWLTIIPIHGYXMRXSGQGYFIW
XFWTQE]SRREMWI
XFWTOIXGLYT
XWTPIQSRNYMGI
3RP]GSSOWIVZMRKWEXEXMQI
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSETPEXIERHGSZIV
[MXLTPEWXMG[VET
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
3RP]GSSOWIVZMRKWEXEXMQI
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
8MTWJSV)KKTPERX1YWLVSSQ7EPEH
8MTWJSV7XIEQ&EOIH7UYEWL
%GGIWWSV]9WIH %GGIWWSV]9WIH
3ZIR
7YTIVLIEXIH7XIEQ
1MGVS[EZI
)KKTPERX
1YWLVSSQ7EPEH
7XIEQ&EOIH7UYEWL
6IJIVIRGILIEXMRKXMQI %FSYXQMR
?8MTWA
=SYQE][ERXXSLEZIMXGSSP
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
7XIEQ&EOIH7[IIX4SXEXS
W[IIXTSXEXSIWEFSYXKIEGL
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
7XEVXTVILIEXMRK[MXL
7XIEQ+VMPP7XMV*V]
7XIEQ&EOIH7[IIX4SXEXS
[MXLSYX
TYXXMRKXLIJSSH]IX
4YXLSPIW[MXLEJSVOSVGYXW[MXLE
ORMJISRW[IIXTSXEXSWOMR4PEGIE
GSSOMRKWLIIXSR XLI WYTIV KVMPP XVE]
YRMX[MXLPIKWGPSWIHERHTYXXLIW[IIX
TSXEXSIWSRMX8LIRWIXXLIKVMPPPMH
;LIR]SY LIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTPEGI MXSRXLI
GIVEQMGXVE][MXL GEVIRSXXSKIX
FYVRIHERHEPMKRXLIWXIEQMRPIXSJ
XLIPMH[MXLXLIWXIEQSYXPIX
%JXIVLIEXMRKMRWIVXEFEQFSS
WOI[IVERHMJ]SYJIIPMXWXMPPLEVHWIX
XLIKVMPPPMHERHVIXYVRXLIJSSHXSXLI
SZIRGEZMX]8LIRGSRXMRYIWXIEQMRK
JSVEFSYXQMRYXIW

%YXS
%GGIWWSV]9WIH
7XIEQ&EOIH
7[IIX4SXEXS
4VILIEX
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
8MTWJSV7XIEQ&EOIH7[IIX4SXEXS
3RP]GSSOSVWIVZMRKWEXEXMQI
7M^ISJW[IIXTSXEXS
GQHMEQIXIVMWETTVSTVMEXI
8LMGOIVSRIWWLSYPHFIGYXMRXSSV
TMIGIWFIJSVIGSSOMRK
'SSOXLMRKSVFIPS[SVWQEPP
KSVFIPS[W[IIXTSXEXS[MXL
HSRIRIWWEHNYWXQIRXWIXXS 03
-J]SYHSRSX[ERXXSKIXXLI
WYTIVKVMPPXVE]YRMXHMVX]
TPEGIEGSSOMRKWLIIXSRMX
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
7XIEQ1MGVS[EZI0IEZIR
;
XS
GSSOGLIGOMRKXLIJSSHSJXIR
4
;EXIV8ERO
*YPP
4 4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
7XIEQ+VMPP
7XMV*V]
7XIEQ
1MGVS[EZI
4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
7XIEQ+VMPP
7XMV*V]
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VILIEX
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ+VMPP
7XMV*V]
background
7XIEQ+VMPP*SSH(MQ7YQ

8MTWJSV7XIEQ&EOIH'EFFEKI

%YXS
KGEFFEKI
KOEVEWLMQIRXEMOS
XFWTQE]SRREMWI
XFWTZMRIKEV
XWTWS]WEYGI
XWTPIQSRNYMGI
KKVEXIH4EVQIWERGLIIWI
(EWLSJWEPXERHTITTIV
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
0IEZIGEFFEKIGSVIERHGYXMXMRXS
[IHKIW
7XEVXTVILIEXMRK[MXL
7XIEQ+VMPP7XMV*V]
7XIEQ&EOIH'EFFEKI
[MXLSYXTYX
XMRKXLIJSSH]IX
7TVIEH
SRXLIWYTIVKVMPPXVE]
YRMX [MXL PIKW GPSWIHERH WIXXLIKVMPP
PMH
;LIR]SY LIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTPEGI MXSRXLI
GIVEQMGXVE][MXL GEVIRSXXSKIX
FYVRIHERHEPMKRXLIWXIEQMRPIXSJ
XLI
KVMPPPMH[MXLXLIWXIEQSYXPIX
7GVETI XLI OEVEWLMQIRXEMOS ERH
GSQFMRI[MXL
%
%JXIVLIEXMRKTYXMXSREHMWLERH
XST[MXL
7XIEQ&EOIH'EFFEKI
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
3ZIR
7YTIVLIEXIH7XIEQ
1MGVS[EZI
7XIEQ&EOIH'EFFEKI
4VILIEX
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
7XIEQ+VMPP7XMV*V]7XIEQ+VMPP
*SSH(MQ7YQ
7XIEQIH(YQTPMRK
KGEFFEKIPIEZIW
KKVSYRHTSVO
KKEVPMGGLMZIJMRIP]GLSTTIH
KFSMPIHFEQFSSWLSSXWJMRIP]
GLSTTIH
WQEPPKEVPMGGPSZIJMRIP]GLSTTIH
WQEPPKMRKIVGPSZIJMRIP]GLSTTIH
XWTWEOI
XWTWS]WEYGI
XFWTWIWEQISMP
(EWLSJWEPXERHTITTIV
HYQTPMRK[VETWWXSVIFSYKLX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6MRWIXLIGEFFEKIPIEZIWERH
[VETXLIQMRTPEWXMG[VET4VIWW
&SMP:IKIXEFPIW
XSGSSOERHJMRIP]
GLST XLIQ 8LIR HVEMR ERH WUYII^I
4
'SQFMRI
ERH
%
MREFS[PERH
QM\ WIEWSRMRKW ERH MRKVIHMIRXW 1M\
[IPP MRXS KVYIP ERH HMZMHI XLI QM\XYVI
MRXSTMIGIW
4PEGI
EXXLIGIRXIVSJIEGLHYQTPMRK
[VETERHTPEMXERH[VETMXYT
4PEGI E GSSOMRK WLIIX SR XLI WYTIV
KVMPPXVE]YRMX [MXLPIKWGPSWIHERH
EVVERKI
EX XLIGIRXIVSJXLIYRMX
8LIRWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLI
WXIEQSYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
7XIEQIH(YQTPMRK
XSGSSO

%YXS
,S[XS9WI &SMP:IKIXEFPIW 
4
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
7XIEQIH(YQTPMRK
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
3RP]GSSOSVWIVZMRKW[SVXL
SJHYQTPMRKW[MXLEHMEQIXIVSJ
EFSYXGQEXEXMQI
8LIRYQFIVSJHYQTPMRKW]SYGER
GSSOEXEXMQIZEVMIWHITIRHMRKSR
WM^ISJHYQTPMRKW
%QSYRXSJJMPPMRK
%HNYWXEGGSVHMRKXSXLIWM^ISJ
HYQTPMRK[VETW
8MTWJSV7XIEQIH(YQTPMRKW
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
3RP]GSSOSVWIVZMRKWEXEXMQI
-J]SYV JSSH MW YRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
4
4
7XIEQ+VMPP
7XMV*V]
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ+VMPP
7XMV*V]
7XIEQ
1MGVS[EZI
4VITEVEXMSR
,IEXMRK
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
background
7XIEQ+VMPP*SSH(MQ7YQ

*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
'SQFMRIERHHYWX[MXL
%
ERHTYX
MREFS[P4SYVLSX[EXIVFMXF]FMXERH
QM\[IPP[MXLGLSTWXMGOWSVXLIPMOI
;LIRMXGSSPWHS[RXSXIQTIVEXYVIEX
[LMGL]SYGERXSYGLMXF]LERHEHH
WIWEQISMPERHQM\[IPP3RGIMX
FIGSQIWEGLYROTYXMXSREGYXXMRK
FSEVHERHHYWX[MXLWXEVGL8LIRQM\MX
JSVEFSYXQMRYXIW;LIRMXFIGSQIW
EWWSJXEW]SYVIEVPSFIERHWQSSXL
[VETMXMRTPEWXMG[VETERHPIXMXVIWXJSV
LSYV
'SQFMRI
&
ERHPIXTS[HIVIH
KIPEXMRFIGSQI[IX'SQFMRI
'
MRE
LIEXVIWMWXERXHMWLERHYWI
1MGVS[EZI ;
%TTVS\QMRWIG
XSLIEX8LIREHHERHQM\
&
ERH
HMWWSPZIXLIKIPEXMRERHQEOIMXWSPMH
MREVIJVMKIVEXSV
4
'SQFMRI
(
MREFS[PERHQM\[IPP
*MRIP]GYXERHEHHWSYTNIPP]QEHIWSPMH
MR
MRXSTMIGIWEFSYXKIEGL
8LIRWLETIXLIQVSYRHERHPIXXLIQ
GLMPPIHMREVIJVMKIVEXSV
4PEGI
SREGYXXMRKFSEVH
TS[HIVIH[MXLWXEVGL1EOIXLI
HSYKLEFEVWLETIERHHMZMHIMRXS
TMIGIWEFSYXKIEGL'SZIVXLIQ
[MXLTPEWXMG[VETSV[IPP[VYRK[IX
HMWLGPSXLXSTVIZIRXMXJVSQHV]MRK
*YVXLIVYWIEVSPPIVTMRXSWXVIXGLMXXS
EFSYXGQVSYRHWLETI
4YX
EXXLIGIRXIVSJIEGL[VETMR
ERHTPEMXERH[VETMXYTXS[EVHXLI
GIRXIV*MREPP]GPSWIXLI[VETF]
TMRGLMRKXLIIHKIWEXXLIXST-J[VETW
MWRSXGPSWIH[IPPQEOIXLIIHKI[IX
9WI 7XIEQ+VMPP7XMV*V]
7SYT(YQTPMRK
JSVTVILIEXMRK[MXLSYX
TYXXMRKXLIJSSH]IX
4PEGIEGSSOMRKWLIIXSRXLIWYTIV
KVMPPXVE]YRMX[MXLPIKWGPSWIHERH
EVVERKI
SRXLIYRMXEWMRHMGEXIHMR
XLIJMKYVIMR8MTWJSV7SYT(YQTPMRK
8LIRWIXXLIKVMPPPMH
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTPEGIMXSRXLI
GIVEQMGXVE][MXLGEVIRSXXSKIX
FYVRIHERHEPMKRXLIWXIEQMRPIXSJXLI
PMH[MXLXLIWXIEQSYXPIX

'SQFMRIWS]WEYGIERHZMRIKEV
XSKIXLIVERHEHHMXXSXLIWSYT
HYQTPMRKW[MXLKMRKIV
;VETW"
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
XWTWEPXEFSYXK
XWTWIWEQISMPEFSYXK
Q0LSX[EXIV
7SYTNIPP]"
XWT[EXIV
XWTTS[HIVIHKIPEXMREFSYXK
XWTGLMGOIRFSYMPPSRTS[HIV
Q0[EXIV
*MPPMRK"
K XLMRWPMGIH TSVOFEGOVMFW
QMRGIHF]EOMXGLIRORMJI
XWT'LMRIWIVMGI[MRISVWEOI
XWTWS]WEYGI
(EWLSJWEPX
XFWTKVIIRSRMSRJMRIP]GLSTTIH
XFWTKMRKIVJMRIP]GLSTTIH
XWTWIWEQISMP
7XEVGLHYWXMRKJSVLERHWEWRIIHIH
+MRKIVNYPMIRRIHEWRIIHIH
7S]WEYGIERHZMRIKEV
EWRIIHIH
7SYT(YQTPMRK

%YXS
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
7SYT(YQTPMRK
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
1MGVS[EZI,IEXMRK
4
4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ+VMPP
7XMV*V]
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7YTIVLIEXIH7XIEQ
3ZIR
4VITEVEXMSR
,IEXMRK
4VILIEX
background
7XIEQ+VMPP*SSH(MQ7YQ

8MTWJSV7SYT(YQTPMRK
3RP]GSSOSVWIVZMRKWSJ
LSQIQEHIWSYTHYQTPMRKW
EXEXMQI
,S[XSTVITEVI[VETW
9WIEVSPPIVTMRXSWXVIXGLIEGL[VET
[LMPIXYVRMRKXLI[VETWSXLEXXLI
GMVGYQJIVIRGIXLMGORIWWMWWPMKLXP]
PIWWXLERQQERHXLIGIRXIV
TSVXMSRXLMGORIWWMWEFMXXLMGOIV
XLERMX1EOIMXEVSYRHWLETISJ
XLI[VETXSSQYGLEWXLI[VETQE]
FIFVSOIRHYVMRKLIEXMRK
*MPPMRK
;VETJMPPMRKWYJJMGMIRXP]GLMPPIHMRE
VIJVMKIVEXSVEX''
3XLIV[MWIMXMWLEVHXS[VETERH
[VETWQE]FVIEOHYVMRKLIEXMRK
7XSVIFSYKLXWSYTHYQTPMRKW
GLMPPIHJVS^IR
-JJMPPMRKMW[VETTIHMREXLMR[VET
SVXLI[VETMWRSXGPSWIHSRXST
XLI][MPPRSXXYVRSYX[IPPEW[VETW
QE]FVIEOHYVMRKLIEXMRKSVWSYT
QE]WTMPPJVSQXLIXST
,S[XSEVVERKIXLIJSSH
7SYTHYQTPMRKW[MPPW[IPPYTEJXIV
LIEXMRKWSEVVERKIXLIQEXMRXIVZEPW
'SSOMRKWLIIX
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI
;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
KWLVMQT
WLIPPIHWLVMQTWJSVHIGSVEXMSR
WQEPP
WGEPPSTI]IW
QMRGIH
EFSYXK
KFSMPIHFEQFSSWLSSXWJMRIP]GLSTTIH
 XFWTKVIIRSRMSRJMRIP] GLSTTIH
EFSYXK
)KK[LMXIWJSV
IKK
XWTKMRKIV
KVEXIH
XFWTWXEVGL
XWTWEOI
(EWLSJWIWEQISMP
XWTWEPX
HYQTPMRK[VETWWXSVIFSYKLX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
;MTISJJXLI [EXIV JVSQ WLVMQTW
ERHJMRIP]GLSTLEPJSJXLIQ ERH
GSEVWIP]GYXXLISXLIVLEPJ
'SQFMRI
ERH
%
MREFS[PERH
QM\[IPP(MZMHIXLI QM\XYVIMRXS
TMIGIW
*SVQEVMRK[MXL]SYVXLYQFERH
MRHI\ JMRKIVERHTPEGI E [VETSZIV MX
4PEGI
SRXSTSJXLI[VETERHGVIEXI
E G]PMRHIV WLETI YWMRKXLI HITVIWWMSR
SJ]SYVJMRKIVW*MRMWLWLETMRKERHXLIR
JSPHMR XLI GSVRIVW SJXLI [VET4PEGI
TIIPIHWLVMQTJSVHIGSVEXMSRSRXST
4PEGIEGSSOMRKWLIIXSRXLI
WYTIV KVMPPXVE] YRMX [MXL PIKW GPSWIH
ERH EVVERKI
EXXLIGIRXIVSJXLI
YRMX8LIRWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]
EPMKRMRKXLIWXIEQMRPIXSJXLIPMH[MXL
XLIWXIEQSYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
7LVMQT7MY1EM
XSGSSO
7LVMQT7MY1EM

%YXS
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
7XIEQ
1MGVS[EZI
7LVMQT7MY1EM
3RP]GSSOSVWIVZMRKWEXE
XMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XSGSSOGLIGOMRK
XLIJSSHSJXIR
4
8MTWJSV7LVMQT7MY1EM
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ+VMPP
7XMV*V]
background
7XMV*VMIH*SSH

7XIEQ+VMPP7XMV*V]7XMV*VMIH*SSH
7XMV*VMIH:IKIXEFPI
KZIKIXEFPIQM\
KXLMRWPMGIHTSVOGYXMRXSFMXIWM^I
TMIGIW
(EWLSJWEPXERHTITTIV
XFWTWS]WEYGI
XFWTSPMZISMPEWRIIHIH
(EWLSJWEPXERHTITTIV

%YXS
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4YXXLITVITEVIH
%
MRXSETPEWXMG
FEKWXSVIFSYKLXERHGSQFMRI[MXL
XLIZIKIXEFPIWERHQM\XLIQ
7IEWSRXLIQIEX[MXLWEPXERH
TITTIVWTVIEHMXSRXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWGPSWIH8LIRTYX
XEOIRSYXJVSQXLITPEWXMGFEKSRMX
ERHWIXXLIKVMPPPMH
4PEGI MX SR XLI GIVEQMG XVE] EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLIWXIEQ
SYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
7XMV*VMIH:IKIXEFPI
XSGSSO
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
7XMV*VMIH:IKIXEFPI
8MTWJSV7XMV*VMIH:IKIXEFPI
3RP]GSSOSVWIVZMRKWEX
EXMQI
-J]SYHSRSX[ERXXSKIXXLI
WYTIVKVMPPXVE]YRMXHMVX]
4PEGIEGSSOMRKWLIIXSRMX(SRSX
YWIEPYQMRYQJSMP
;MPPVIWYPXMRWTEVOW
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
1MGVS[EZI
7XIEQ
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7XIEQ+VMPP
7XMV*V]
background
7XMV*VMIH*SSH

*VMIH2SSHPIW

%YXS
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
*VMIH2SSHPIW
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4YXXLIRSSHPIERHZIKIXEFPIWXFWT
[EXIVFIWMHIWXLIWTIGMJMIHEQSYRXERH
WEYGIWTVMROPIHMRXSETPEWXMGFEKWXSVI
FSYKLXERHQM\XLIQ
7IEWSRXLIQIEX[MXLWEPXERHTITTIV
WTVIEHMXSRXLIWYTIVKVMPPXVE]YRMX[MXL
PIKWGPSWIH8LIRTYX
XEOIRSYXJVSQ
XLITPEWXMGFEKSRMXERHWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLIWXIEQ
SYXPIX4VIWW
7XIEQ+VMPP7XMV*V]
*VMIH2SSHPIW XSGSSOERHQM\
FEKWSJ]EOMWSFERSSHPI[MXLWEYGIKIEGL
%FSYXKZIKIXEFPIQM\
KXLMRWPMGIHTSVOGYXMRXSFMXIWM^ITMIGIW
(EWLSJWEPXERHTITTIV
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
3RP] GSSOSV WIVZMRKWEX
EXMQI
8MTWJSV*VMIH2SSHPIW
-J]SYV JSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX
3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
+M^^EVH*VMIH2YXW

%YXS
KKM^^EVHWLEVHTEVXVIQSZIHNYPMIRRIH
KGEWLI[RYX
GPYWXIVSJWLMQINMQYWLVSSQWEFSYXK
XFWTWEPX]QEPX
XFWTWXEVGL
KMRKIVGPSZINYPMIRRIHEFSYXK
XFWTWEOI
;LMXIVEHMWLWTVSYXWEWRIIHIH
%GGIWWSV]9WIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4YXKM^^EVHWMRETPEWXMGFEK
WXSVIFSYKLXERHVYFWEPX]QEPXERH
WXEVGLMRXSKM^^EVHW
4YX
%
GSQFMRIH[MXL
ERHEPP
XLISXLIVMRKVIHMIRXWERHQM\XLIQ
7TVIEH
XEOIRSYXJVSQXLI
TPEWXMGFEKSRXLIWYTIVKVMPPXVE]YRMX
[MXLPIKWGPSWIH8LIRWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLI
WXIEQSYXPIX4VIWW
7XIEQ+VMPP7XMV*V]
+M^^EVH*VMIH2YXW
XSGSSOERH
QM\
%JXIVLIEXMRKXST[MXL[LMXIVEHMWL
ERHTYXXLIJSSHSREHMWL
;EXIV8ERO
*YPP
3RP]GSSOWIVZMRKWEXE
XMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX
3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
8MTWJSV+M^^EVH*VMIH2YXW
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
&YPKSKM
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX]
4

%YXS
4
1MGVS[EZI
7XIEQ
6IJIVIRGILIEXMRKXMQI %FSYXQMR
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ+VMPP
7XMV*V]
+M^^EVH*VMIH2YXW
4
1MGVS[EZI
7XIEQ
6IJIVIRGILIEXMRKXMQI %FSYXQMR
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ+VMPP
7XMV*V]
background
7XMV*VMIH*SSH

-RKVIHMIRXWWIVZMRKW
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4IIPERHHIZIMRXLIWLVMQT[LMPI
PIEZMRKXLIXEMPERHPEWXNSMRX;MTISJJ
XLI[EXIVERHPMKLXP]WIEWSR[MXLWEPX
ERHTITTIVFIWMHIWXLIWTIGMJMIH
EQSYRX
(YWX
[MXLXWTWXEVGLFIWMHIW
XLIWTIGMJMIHEQSYRXTYXXLI
GSQFMRIH
%
MRERHFVMIJP]QM\
7TVIEH
SRXLIWYTIVKVMPPXVE]
YRMX [MXL PIKW GPSWIHERH WIXXLIKVMPP
PMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIX SJXLIPMH[MXLXLI
WXIEQSYXPIX4VIWW
7XIEQ+VMPP7XMV*V]
7LVMQT'LMPM7EYGI
XSGSSOERH
QM\ 8LIRTYXXLIJSSHSREHMWL
XSTTIH[MXLKVIIRW
7LVMQT'LMPM7EYGI
%FSYXKWLVMQT[MXLWLIPPW
XFWTKVIIRSRMSRJMRIP]GLSTTIH
XWTKMRKIVJMRIP]GLSTTIH
XWTWXEVGL
XFWTOIXGLYT
GYTSJWEOI
XWTWYKEV
XWTXSFERNER'LMRIWIWTMG]FIERWEYGI
(EWLSJWEPXERHTITTIV
XFWTWIWEQISMPEWRIIHIH
'SSOIHKVIIRW
EWRIIHIH

%YXS
8MTWJSV7LVMQT'LMPM7EYGI
3RP]GSSOSVWIVZMRKWEX
EXMQI
-J]SYHSRSX[ERXXSKIXXLI
WYTIVKVMPPXVE]YRMXHMVX]
4PEGIEGSSOMRKWLIIXSRMX(SRSX
YWIEPYQMRYQJSMP
;MPPVIWYPXMRWTEVOW
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
(MVIGXMSRW
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4YXXLITVITEVIH
%
MRXSE TPEWXMG
FEKWXSVIFSYKLXERHGSQFMRI[MXL
XLIZIKIXEFPIWERHQM\XLIQ
7TVIEH
XEOIRSYXSJXLITPEWXMG
FEKSRXLIWYTIVKVMPPXVE]YRMX[MXL
PIKWGPSWIHERHEGSSOMRKWLIIXSRMX
8LIRWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLIWXIEQ
SYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
7XIEQ*VMIH&VSGGSPM
XSGSSO
'SQFMRI
&
ERHTYXXLIQSR
7XIEQ*VMIH&VSGGSPM

%YXS
KFVSGGSPM
HMZMHIH
KVIHFIPPTITTIVXLMRWPMGIHMRXSGQ[MHXL
K]IPPS[FIPPTITTIVXLMRWPMGIHMRXSGQ[MHXL
KEVPMGGPSZIWPMGIHXLMR
(EWLSJWEPXERHTITTIV
XFWTSPMZISMPEWRIIHIH
XFWTQE]SRREMWI
XFWT]SKYVX
(EWLSJWEPXERHTITTIV
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
8MTWJSV7XIEQ*VMIH&VSGGSPM
3RP]GSSOSVWIVZMRKWEX
EXMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
7LVMQT'LMPM7EYGI
4
1MGVS[EZI
7XIEQ
6IJIVIRGILIEXMRKXMQI %FSYXQMR
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ+VMPP
7XMV*V]
7XIEQ*VMIH&VSGGSPM
4
1MGVS[EZI
7XIEQ
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ+VMPP
7XMV*V]
6IJIVIRGILIEXMRKXMQI %FSYXQMR
background
7XMV*VMIH*SSH

:IKIXEFPI[MXL*VMIH+EVPMG

%YXS
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
1M\XLIZIKIXEFPIWERH
%
ERH
WTVIEHXLIQSRXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWGPSWIH8LIRWIXXLI
KVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLIWXIEQ
SYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
:IKIXEFPI[MXL*VMIH+EVPMG
XSGSSO
VIHFIPPTITTIVGYXMRXSFMXIWM^I
TMIGIWEFSYXK
]IPPS[FIPPTITTIVGYXMRXSFMXIWM^I
TMIGIWEFSYXK
KWLMQINMQYWLVSSQWFVIEOETEVX
ER]GPYQTW
EWTEVEKYW
GYXMRXSIUYEPTMIGIW
EFSYX
K
KFVSGGSPM
HMZMHIH
GLIVV]XSQEXSIW
GYXMRLEPJ
EFSYXK
KKEVPMGJMRIP]GLSTTIH
VIHTITTIVHVMIHWPMGIHXLMR
XFWT[LMXI[MRI
(EWLSJGVEGOIHFPEGOTITTIV
(EWLSJWEPX
XFWTSPMZISMPEWRIIHIH
:IKIXEFPI
[MXL*VMIH+EVPMG
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
8MTWJSV:IKIXEFPI[MXL*VMIH+EVPMG
3RP] GSSO  WIVZMRKW EX E
XMQI
-J ]SYHS RSX [ERX XS KIX XLI
WYTIVKVMPPXVE]YRMXHMVX]
4PEGIEGSSOMRKWLIIXSRMX(SRSX
YWIEPYQMRYQJSMP
;MPPVIWYPXMRWTEVOW
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
7EPX6MGI1EPX7TMREGL7EYXI

%YXS
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4YX
%
GSQFMRIH[MXLWTMREGLERH
FEGSRMRXSETPEWXMGFEKWXSVI
FSYKLXERHQM\XLIQ
4YXEGSSOMRKWLIIXSRXLIWYTIV
KVMPPXVE]YRMX[MXLPIKWGPSWIHERH
WTVIEH
XEOIRSYXSJXLITPEWXMG
FEK8LIRWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]EPMKRMRK
XLIWXIEQMRPIXSJXLIPMH[MXLXLIWXIEQ
SYXPIXERHYWI
7XIEQ+VMPP7XMV*V]
7EPX6MGI1EPX7TMREGL7EYXI
XSGSSO
KWTMREGLGYXMRXSGQTMIGIW
WPMGIWSJFEGSRGYXMRXSQQTMIGIW
EFSYXK
XFWTWEPX]QEPX
XWTSPMZISMPEWRIIHIH
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
8MTWJSV7EPX6MGI1EPX7TMREGL7EYXI
3RP]GSSOWIVZMRKWEXE
XMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWLERH[VET
MRTPEWXMG[VET8LIRTVIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
4
1MGVS[EZI
7XIEQ
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ+VMPP
7XMV*V]
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7EPX6MGI1EPX
7TMREGL7EYXI
4
1MGVS[EZI
7XIEQ
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ+VMPP
7XMV*V]
6IJIVIRGILIEXMRKXMQI %FSYXQMR
background
7XIEQ

8MTWJSV'LE[ERQYWLM
7XIEQ
IKKWEFSYXK
Q0HEWLMFVSXL
XWTIEGLSJWS]WEYGIERHWEPX
XWTQMVMRW[IIXGSSOMRK[MRI
%FSYXKGLMGOIRWPMGIHXLMR
(EWLSJWEOI
WQEPPWLVMQTW[MXLWLIPPW
EFSYX
K
WPMGIWSJJMWLGEOIWPMGIHXLMR
HVMIHWLMMXEOIQYWLVSSQW
VIL]HVEXIH
WXIQWVIQSZIHERHWPMGIHXLMRWPMGIW
FSMPIHKMRKOSRYXW
1MXWYFEPIEZIW
EWRIIHIH
'LE[ERQYWLM

%YXS
'IVEQMG8VE]
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
7XIEQ
1MGVS[EZI
3ZIR
7XIEQ
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
'VEGOXLIIKKWMRXSEFS[PERH
FIEXXLIQ[IPP8LIREHHERHQM\
%
ERHWXVEMRXLIQM\XYVI
7TVMROPIGLMGOIR[MXLWEOI4IIP
ERHHIZIMRXLIWLVMQTPIEZMRKXLI
XEMPWERHPEWXNSMRXSJXLIWLIPP
4YX
MRXSEHIITLIEXVIWMWXERX
GSRXEMRIVERHGSZIVMX[MXLETPEWXMG
PETSVEPMH8LIRTVIWW
1MGVS[EZI ;
QMR XSGSSO
4
3RP]GSSOWIVZMRKWEXE
XMQI
6IGSQQIRHIHGSSO[EVI
9WIPMHHIHGYTWEFSYXGQMR
HMEQIXIV[MXLEXSXEP[IMKLX[MXL
PMHSJEVSYRHKIEGL
8IQTIVEXYVISJIKKQM\XYVI
FIJSVIGSSOMRK
8LIGLE[ERQYWLMWLSYPHFIEX
'FIJSVIGSSOMRK
-JMXMWGSSPIVWIXXLIHSRIRIWW
EHNYWXQIRXXS,-
-JMXMW[EVQIVWIX
XLIHSRIRIWWEHNYWXQIRXXS 03
(SRSXJMPPXLIGYTWQSVI
XLER[MXLXLIIKK
QM\XYVI
-RKVIHMIRXWWIVZMRKW (MVIGXMSRW
1MGVS[EZI,IEXMRK
4
4YX
MRXSXLIGLE[ERQYWLMGYWXEVH
GYTWERHXLIREHHEPPSJXLIWSPMH
MRKVIHMIRXWI\GITXXLIQMXWYFEPIEZIW
(MZMHIERHTSYV
MRXSIUYEPEQSYRXW
WXMVFVMIJP]ERHGSZIV[MXLXLIPMHW
%VVERKIXLIGYTW
SRXLIGIVEQMG
XVE][MXLVIJIVIRGIXS8MTWJSV
'LE[ERQYWLM4VIWW
7XIEQ
'LE[ERQYWLM
XSGSSO;LIRXLI]EVI
JMRMWLIHLIEXMRKVIQSZIXLIXVE]JVSQ
XLISZIRGEZMX]ERHKEVRMWL[MXL
QMXWYFEPIEZIW6ITPEGIXLIPMHWERHPIX
WMXJSVEFSYXQMRYXIWFIJSVIWIVZMRK
%VVERKMRKXLIGLE[ERQYWLMGYTW
-XHITIRHWSRRYQFIVSJGYTW6IJIVXS
XLIJSPPS[MRKJMKYVI*SVJSYVSVQSVI
GYTWIUYEPP]WTEGIXLIQEVSYRHXLI
GMVGPIEXXLIGIRXIVSJXLIGIVEQMGXVE]
*MKYVIWWLS[XLIZMI[JVSQXLIXST
;EMXYRXMPXLISZIRGEZMX]MW
GSSP
8LIJSSH[MPPRSXGSSOGSVVIGXP]MJ
]SYYWIXLI
3ZIR
 +VMPP 
(ISHSVM^EXMSR
JYRGXMSRFIJSVILERH
[MXLSYXEPPS[MRKXLISZIRGEZMX]XS
GSSP
8EOIGEVI[LIRVIQSZMRK
XLIGYTW
8LIGYTW[MPPFILSX9WIXLIWYTTPMIH
QMXXIRWSVEXLMGOERHHV]XS[IPXS
VIQSZIXLIQ
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
1MGVS[EZI
;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
GYTW
GYTWTPEGIMRXLIGIRXIV
GYTW
GYTW
GYT
GYTWTPEGIMRXLIGIRXIV
'LE[ERQYWLM
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
4VITEVEXMSR
,IEXMRK
background

7XIEQ
TMIGIWSJGLMGOIRFVIEWXEFSYXK
IEGLGYXMRXSTMIGIW
(EWLSJWEPXERHTITTIV
XFWTWEOI
(EWLSJKMRKIVNYMGI
7LMWSGEVVSXNYPMIRRIHERHQIHMGEKS
WEXMZEEWRIIHIH
7S]WEYGIERHQYWXEVHEWRIIHIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
9WIEJSVOSVFEQFSSWOI[IVXS
TSOILSPIWMRXLIWOMRSJXLIGLMGOIR
ERHWTVMROPI[MXLWEPXERHTITTIV
1EOIWSQIGYXWEXXLIXLMGOEVIEW
ERHWTVMROPIMX[MXLWEOIERHKMRKIV
NYMGI
4PEGIEGSSOMRKWLIIXSRXLI
WYTIVKVMPPXVE]YRMXERHTPEGI
SR
XLIYRMX[MXLPIKWGPSWIH8LIRWIXXLI
KVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]
EPMKRMRKXLIWXIEQMRPIXSJXLIPMH[MXL
XLIWXIEQSYXPIXERHYWI 7XIEQ
7XIEQIH'LMGOIR[MXL7EOI
XSGSSO
'SQFMRIWS]WEYGIERHQYWXEVH
XSQEOIMXWTMG]WS]WEYGI'YX
GLMGOIRMRXSWPMGIWERHTYXXLIQSRE
HMWL%HHWLMWSGEVVSXQIHMGEKS
WEXMZEERHXLIWTMG]WS]WEYGI
7XIEQIH'LMGOIR[MXL7EOI

%YXS
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
7XIEQIH'LMGOIR
[MXL7EOI
7XIEQ
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
WPMGIWSJPSXYWVSSX
GQHMEQIXIV
ERHQQXLMGOWIQMGMVGPIWEFSYXK
KKVSYRHGLMGOIR
XFWTKVIIRSRMSRJMRIP]GLSTTIH
)KK]SPOJSVIKK
XWTWS]WEYGI
(EWLSJWEPX
XFWTWXEVGL
4SR^YWS]WEYGIERHKVEXIHVEHMWL
EWRIIHIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
-QQIVWIPSXYWVSSXMRZMRIKEV
[EXIVFIWMHIWXLIWTIGMJMIHEQSYRX
;MTISJJXLI[EXIV[VETXLIQMRE
TPEWXMG[VET[MXLEWYJJMGMIRXWTEGI
WSXLI]EVIRSXSZIVPETTIH4VIWW
1MGVS[EZI
;
WIG XS
GSSOERHXLIRPIXXLIQGSSP
4
1M\MRKVIHMIRXW
%
[IPPERHHMZMHI
MRXSTMIGIW7ERH[MGLFIX[IIR
WPMGIWSJ
PSXYWVSSX1EOIWYVI
XLMGORIWWSJIEGLMWXSGQ
%VVERKI
SRXLIWYTIVKVMPPXVE]YRMX
[MXLPIKWGPSWIHERHWIXXLIKVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]
EPMKRMRKXLIWXIEQMRPIXSJXLIPMH[MXL
XLIWXIEQSYXPIXERHYWI 7XIEQ
7XIEQIH'LMGOIR[MXL0SXYW6SSXW
XSGSSO
%JXIVLIEXMRKTYXXLIJSSHSRE
HMWLXSTTIH[MXLTSR^YWS]WEYGI
ERHKVEXIHVEHMWL
%YXS
7XIEQIH'LMGOIR[MXL0SXYW6SSXW

;EXIV8ERO
*YPP
%GGIWWSV]9WIH
7XIEQIH'LMGOIR
[MXL0SXYW6SSXW
7XIEQ
1MGVS[EZI,IEXMRK
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
'YXXLIHIITJVMIHFIERGYVH
LSVM^SRXEPP]ERHZIVXMGEPP]MRXS
TMIGIWXSQEOIXLIQPMOIFEKW
6IQSZISMPERHQSMWXYVI
4YXKVSYRHGLMGOIRZIKIXEFPIW
ERH
%
MREFS[PERHQM\XLIQERH
HMZMHIMRXSTMIGIW8LIRTYXXLIQ
MRXS
4PEGIEGSSOMRKWLIIXSRXLI
WYTIVKVMPPXVE]YRMX%VVERKI
SRXLI
YRMX[MXLPIKWGPSWIH8LIRWIXXLI
KVMPPPMH
4PEGIMXSRXLIGIVEQMGXVE]
EPMKRMRKXLIWXIEQMRPIXSJXLIPMH[MXL
XLIWXIEQSYXPIXERHYWI 7XIEQ
+VSYRH'LMGOIRMR8SJY7OMR
XSGSSO
HIITJVMIHFIERGYVH
KKVSYRHGLMGOIR
XFWTSRMSRJMRIP]GLSTTIH
XWTKMRKIVJMRIP]GLSTTIH
XFWTGEVVSXJMRIP]GLSTTIH
JVIWLTMGOIHWLMMXEOIQYWLVSSQJMRIP]GLSTTIH
XFWTWS]WEYGI
XWTQMVMRW[IIXGSSOMRK[MRI
XFWTWEOI
(EWLSJWEPX
XWTWXEVGL
%YXS
+VSYRH'LMGOIRMR8SJY7OMR

;EXIV8ERO
*YPP
%GGIWWSV]9WIH
+VSYRH'LMGOIR
MR8SJY7OMR
7XIEQ
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
7XIEQ
1MGVS[EZI
4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ
1MGVS[EZI
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
4
4VITEVEXMSR
,IEXMRK
7XIEQ
1MGVS[EZI
4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
background
8MTWJSV*VMIH'LMGOIR
2S3MP(IIT*V]
*VMIH'LMGOIR
*VMIHGLMGOIR[MXLSYXWXSVIFSYKLXTVITEVIHJPSYV

%YXS
GLMGOIRXLMKLW[MXLWOMREFSYX
KIEGL
XFWTTVITEVIHJPSYVWXSVIFSYKLX
EFSYXK
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
*VMIH'LMGOIR
2S3MP
(IIT*V]
'YXTMIGISJGLMGOIRMRXS
TMIGIWERHHYWXXLIQ[MXLXLI
TVITEVIHJPSYV8LIRPIXXLIQVIWXJSV
EXPIEWXQMRYXIW
7PET
XSVIQSZII\GIWWMZI
TS[HIV4PEGIXLIQ[MXLXLIWOMRWMHI
YTEXXLIGIRXIVSJXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWSTIRIHERHTYXXLI
YRMXSRXLIGIVEQMGXVE]4VIWW
2S3MP(IIT*V]
*VMIH'LMGOIR
XS
GSSO
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWTMIGIW
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
(MVIGXMSRW
*VMIHGLMGOIR[MPPFIQSVIXIRHIVXLER[LIRQEHI[MXLWXSVIFSYKLXTVITEVIHJPSYV
GLMGOIRXLMKLW[MXLWOMREFSYX
KIEGL
XFWTWS]WEYGI

XFWTWEOI

XWTKMRKIV
KVEXIH

XWTKEVPMG
KVEXIH
(EWLSJTITTIV
XFWTWXEVGL
'YXGLMGOIRMRXSTMIGIWERHWSEO
XLIQMR
%
JSVEXPIEWXQMRYXIW
6SYKLP][MTINYMGISJJJVSQ
4YX
WXEVGLERHGLMGOIRMRETPEWXMGFEK
WXSVIFSYKLXERHVYFMXMRXSXLIGLMGOIR
8EOIGLMGOIR
SYXSJXLIFEKERHWPETXLI
GLMGOIRXSVIQSZII\GIWWMZITS[HIV4PEGIXLIQ
[MXLXLIWOMRWMHIYTEXXLIGIRXIVSJXLIWYTIV
KVMPPXVE]YRMX[MXLPIKWSTIRIHERHTYXXLIYRMX
SRXLIGIVEQMGXVE]4VIWW
2S3MP(IIT*V]
*VMIH'LMGOIR
XSGSSO
3RP]GSSOSVWIVZMRKWEXE
XMQI
4VITEVIHJPSYVWXSVIFSYKLX
9WITVITEVIHJPSYVJSVHYWXMRK
;MXLJPSYVXSFIHMWWSPZIHMR[EXIV
XLIJSSH[MPPRSXXYVRSYX[IPP
%QSYRXSJTVITEVIHJPSYV
-JQSVIXLERXLIWTIGMJMIHEQSYRX
SJJPSYVMWYWIHTS[HIVQE]
VIQEMRXSXLIPEWX
'SSOXLIFSR]GLSTW
7IXXLIHSRIRIWWEHNYWXQIRXXS
,-
-J]SYHSRSX[ERXXSKIXXLI
WYTIVKVMPPXVE]YRMXHMVX]
4PEGIEGSSOMRKWLIIXSRMX(S
RSXYWIEPYQMRYQJSMP
;MPPGEYWIWTEVOW
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
1MGVS[EZI
3ZIR
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
4

2S3MP
(IIT*V]
background
1EVMREXIH*VMIH'LMGOIR

%YXS
'YXGLMGOIRMRXSTMIGIW1EOI
WLEPPS[GYXWMRXLIMRZMWMFPITEVXSJ
XLMGOIVTSVXMSRWSJXLIQIEX7SEO
XLIQMR
%
JSVEXPIEWXQMRYXIW
6SYKLP]VIQSZINYMGIJVSQ

4PEGIXLIQ[MXLXLIWOMRWMHIYTEXXLI
GIRXIVSJXLIWYTIVKVMPPXVE]YRMX[MXL
PIKWSTIRIHERHTYXXLIYRMXSRXLI
GIVEQMGXVE]4VIWW
2S3MP(IIT*V]
1EVMREXIH*VMIH'LMGOIR
XSGSSO
GLMGOIRXLMKLW
[MXLWOMREFSYXKIEGL
XFWTWXEVGLEFSYXK
XFWTWS]WEYGI

XFWTWEOI

XWTKMRKIVKVEXIH
EFSYXK
(EWLSJWEPXERHTITTIV
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
1EVMREXIH
*VMIH'LMGOIR
;EXIV8ERO
)QTX]
3RP]GSSOSVWIVZMRKWEXEXMQI
'SSOXLIFSR]GLSTW
7IXXLIHSRIRIWWEHNYWXQIRXXS
,-
-J]SYHSRSX[ERXXSKIXXLI
WYTIVKVMPPXVE]YRMXHMVX]
4PEGIEGSSOMRKWLIIXSRMX(SRSX
YWIEPYQMRYQJSMP
;MPPGEYWIWTEVOW
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
8MTWJSV1EVMREXIH*VMIH'LMGOIR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW

%YXS
+VSYRH1IEX'YXPIX
QIHMYQSRMSRJMRIP]GLSTTIHEFSYXK
LIETIHXFWTFYXXIVEFSYXK
KKVSYRHFIIJERHTSVO
GYTSJFVIEHGVYQFWEFSYXK
XFWTQMPO
KIKKFIEXIR
WGERXXWTWEPX
(EWLSJTITTIVERHRYXQIK
XFWTJPSYVGEOIJPSYV
IKK
FIEXIR
KJVMIHFVIEHGVYQFW
4YX
%
MRELIEXVIWMWXERXGSRXEMRIV
ERHLIEX[MXL
1MGVS[EZI ;
%TTVS\QMRWIG
0IXMXGSSP
EHH
&
ERHQM\[IPP8LIRGYXMRXS
IUYEPTMIGIW
4
'SEX]SYVLERHW[MXLEWQEPPEQSYRX
SJWEPEHSMP8SWWXLIQM\XYVIMR
JVSQ
SRILERHXSXLISXLIVXSVIQSZIEMVJVSQ
MRWMHI7LETIMXMRXSSZEPERHQEOIE
HIRXMRXLIGIRXIVSJXLITEXX]8LITEX
XMIWWLSYPHFIGQMRXLMGORIWW
%TTP]JPSYVIKKWERHFVIEH
GVYQFWXS
MRSVHIV
%VVERKI
EXXLIGIRXIVSJXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWSTIRIH
TPEGIXLIYRMXSRXLIGIVEQMGXVE]ERH
LIEXXLIQ[MXL
2S3MP(IIT*V]
+VSYRH1IEX'YXPIX
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
+VSYRH1IEX'YXPIX
8MTWJSV+VSYRH1IEX'YXPIX
3RP]GSSOSVWIVZMRKWEXEXMQI
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8YVRMXYTWMHIHS[RERHTVIWW
3ZIR
2S4VILIEX
PIZIP

'
XSGSSOGLIGOMRKXLIJSSHSJXIR
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1MGVS[EZI,IEXMRK
4
-RKVIHMIRXW(MVIGXMSRW
,IEXWSQIFVIEHGVYQFWMREWOMPPIX
6SEWXSZIVQIHMYQLIEXXEOMRKGEVI
XSWLEOIXLIWOMPPIXSJXIRWSXLEXXLI
QM\XYVIHSIWRSXFYVR
*VMIHFVIEHGVYQFW
2S3MP
(IIT*V]
2S3MP
(IIT*V]
4
1MGVS[EZI
3ZIR
4
1MGVS[EZI
3ZIR
4VITEVEXMSR
,IEXMRK

2S3MP
(IIT*V]
background
[LMXIGLMGOIRFVIEWXFPSGOW
(EWLSJWEPXERHTITTIV
XFWTJPSYVGEOIJPSYV
IKK
FIEXIR
KJVMIHFVIEHGVYQFW
4
'YX[LMXIGLMGOIRFVIEWXMRXS
TMIGIWERHWIEWSR[MXLWEPXERH
TITTIV
%TTP]JPSYVIKKWERHFVIEH
GVYQFWXS
MRSVHIV
3TIRXLIPIKWSJXLIWYTIVKVMPP
XVE]YRMX7IX
EXXLIGIRXIVSJXLI
YRMXERHWIXMXSRXLIGIVEQMGXVE]
4VIWW
2S3MP(IIT*V]
'LMGOIR'YXPIX
XSGSSO

%YXS
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'LMGOIR'YXPIX
8MTWJSV'LMGOIR'YXPIX
3RP]GSSOSVWIVZMRKWEXEXMQI
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8YVRMXYTWMHIHS[RERHTVIWW
3ZIR
2S4VILIEX
PIZIP
'
XS
GSSOGLIGOMRKXLIJSSHSJXIR
4
'LMGOIR'YXPIX
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
KKVSYRHGLMGOIR
WPMGIWSJPSXYWVSSXGQHMEQIXIV
GYXMRXSQQXLMGO
XWTKMRKIVJMRIP]GLSTTIH
XFWTKVIIRSRMSRJMRIP]GLSTTIH
(EWLSJWEPXERHTITTIV
XFWTWXEVGL
IKKFIEXIR
XFWTJPSYVGEOIJPSYV
KJVMIHFVIEHGVYQFW
4
4IIPXLIPSXYWVSSXERHGYXMRXS
QQXLMGOWPMGIW&VMIJP]WSEOXLIQ
MR[EXIV
4YXKVSYRHGLMGOIRERH
%
MRE
FS[PERHQM\XLIQ%HHWXEVGLERH
WXMVMXMRXSKVYIP
4YX
MRFIX[IIRPSXYWVSSXWPMGIW
ERHGSEX[MXLJPSYVIKKERHFVIEH
GVYQFWMRSVHIV
%VVERKI
EXXLIGIRXIVSJXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWSTIRIH
TPEGIXLIYRMXSRXLIGIVEQMGXVE]
ERHLIEXXLIQ[MXL
2S3MP(IIT*V]
(IIT*VMIH'LMGOIR[MXL0SXYW6SSXW
(IIT*VMIH'LMGOIR[MXL0SXYW6SSXW

%YXS
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
(IIT*VMIH'LMGOIR
[MXL0SXYW6SSXW
6IJIVIRGILIEXMRKXMQI %FSYXQMR

%YXS
,EQ'YXPIX
WPMGIWSJLEQ
QQXLMGOEFSYXK
IKK
XFWTJPSYVGEOIJPSYV
*VMIHFVIEHGVYQFW
4
EW
RIIHIH
%TTP]JPSYVIKKWERHFVIEH
GVYQFWXSXLILEQMRSVHIV
%VVERKI
SRXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWSTIRIHTPEGIXLIYRMX
SRXLIGIVEQMGXVE]ERHLIEXXLIQ
[MXL 2S3MP(IIT*V]
,EQ'YXPIX
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
,EQ'YXPIX
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
2S3MP
(IIT*V]
2S3MP
(IIT*V]
2S3MP
(IIT*V]
4
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
4
1MGVS[EZI
3ZIR
1MGVS[EZI
3ZIR
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
4
1MGVS[EZI
3ZIR

2S3MP
(IIT*V]
background
8MTWJSV(IIT*VMIH*SSHW
3RP]GSSOSVWIVZMRKWEXEXMQI
-RKVIHMIRXWWIVZMRKWFEVW
(MVIGXMSRW
(IIT*VMIH7EYWEKI7OI[IV

%YXS
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
%VVERKIWEYWEKIERHUYEMPIKKW
SREFEQFSSWOI[IVMRSVHIV
7IEWSR
[MXLWEPXERHTITTIV
ERHETTP]JPSYVIKKWERHQM\IH
%
MR
SVHIV
%VVERKI
EXXLIGIRXIVSJXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWSTIRIH
TPEGIXLIYRMXSRXLIGIVEQMGXVE]
ERHLIEXXLIQ[MXL
2S3MP(IIT*V]
(IIT*VMIH7EYWEKI7OI[IV
%GGIWWSV]9WIH
(IIT*VMIH
7EYWEKI7OI[IV
UYEMPIKKW
FSMPIH
WEYWEKIW
(EWLSJWEPXERHTITTIV
XFWTJPSYVGEOIJPSYV
IKKFIEXIR
KJVMIHFVIEHGVYQFW
4
XFWTKVIIRPEZIV
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
;EXIV8ERO
*YPP
(IIT*VMIH,SVWI1EGOIVIP

%YXS
LSVWIQEGOIVIPJMPPIXW
(EWLSJWEPXERHTITTIV
XFWTJPSYVGEOIJPSYV
IKKFIEXIR
KJVMIHFVIEHGVYQFW
4
7IEWSRXLILSVWIQEGOIVIP[MXL
WEPXERHTITTIVERHETTP]JPSYVIKKW
ERHFVIEHGVYQFWMRSVHIV
%VVERKI
SRXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWSTIRIHTPEGIXLIYRMXSR
XLIGIVEQMGXVE]ERHLIEXXLIQ[MXL
2S3MP(IIT*V]
(IIT*VMIH,SVWI1EGOIVIP
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
(IIT*VMIH
,SVWI1EGOIVIP
1MGVS[EZI
3ZIR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKWLSVWIQEGOIVIPW
(MVIGXMSRW
(IIT*VMIH'LIIWI7EPQSR
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX]
4

%YXS
8MTWJSV(IIT*VMIH,SVWI1EGOIVIP
3RP]GSSOSVWIVZMRKWEXEXMQI
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8YVRMXYTWMHIHS[RERHTVIWW
3ZIR
2S4VILIEX
PIZIP
'
XS
GSSOGLIGOMRKXLIJSSHSJXIR
4
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKXLIJSSH
SJXIR
4
2S3MP
(IIT*V]
2S3MP
(IIT*V]
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
4
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
4

2S3MP
(IIT*V]
background
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4IIPERHHIZIMRXLIWLVMQT
PIEZMRKXLIXEMPWERHPEWXNSMRXSJXLI
WLIPP'SQFMRI
%
7TVMROPIXLIWLVMQT[MXLWEPXERH
TITTIVGSEX[MXLJPSYVIKKERH
%
3TIRXLIPIKWSJXLIWYTIVKVMPP
XVE]YRMX7IX
EXXLIGIRXIVSJXLI
YRMXERHWIXMXSRXLIGIVEQMGXVE]
4VIWW
2S3MP(IIT*V]
(IIT*VMIH7LVMQT
XSGSSO
6IJIVXSMRKVIHMIRXWSJ(IIT*VMIH
7LVMQT9WI[LMXIJMWLJMPPIXW
MRWXIEHSJWLVMQTKIEGLERHGYX
IEGLMRXSTMIGIW

%YXS

%YXS
(IIT*VMIH7LVMQT
(IIT*VMIH;LMXI*MWL
%GGIWWSV]9WIH
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP
(IIT*VMIH7LVMQT
;EXIV8ERO
*YPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
%GGIWWSV]9WIH
(IIT*VMIH
;LMXI*MWL
;EXIV8ERO
*YPP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
WLVMQTWSVXMKIVWLVMQTW
(EWLSJWEPXERHTITTIV
XFWTJPSYVGEOIJPSYV
IKKFIEXIR
KJVMIHFVIEHGVYQFW
4
(EWLSJTEVWPI]JMRIP]GLSTTIH
-RKVIHMIRXWWIVZMRKWTMIGIW
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
6IJIVXSHMVIGXMSRWSJ(IIT*VMIH7LVMQT
4VIWW
2S3MP(IIT*V]
(IIT*VMIH;LMXI*MWL
XSGSSO
(MVIGXMSRW
*VIRGL*VMIW

%YXS
;EWLTSXEXSIW[IPPERHGYXMRXS
GQXLMGO[IHKIW8LIRWSEO
XLIQMR[EXIVJSVEXPIEWXQMRYXIW
(VEMR
MREGSPERHIVERH[MTISJJ
XLI[EXIV[MXLETETIVXS[IP4PEGI
EPYQMRYQJSMPSVEGSSOMRKWLIIXSR
XLIQIXEPXVE]ERHEVVERKITSXEXS
TMIGIWEXXLIGIRXIVSJXLIQIXEPXVE]
[MXLGEVIRSXXSPIXXLIQSZIVPETTIH
7XEVXTVILIEXMRK[MXL
2S3MP(IIT*V]
*VIRGL*VMIW
[MXLSYXTYXXMRKXLIJSSH]IX
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTYX
MRXS1MHHPI
ERHWXEVXLIEXMRK
%JXIVLIEXMRKWTVMROPI[MXLWEPX
[LMPIXLIJSSHMWWXMPPLSX
%FSYXKTSXEXS
7EPXEWRIIHIH
8MTWJSV*VIRGL*VMIW
3RP]GSSOWIVZMRKWEXE
XMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8YVRMXYTWMHIHS[RERHTVIWW
3ZIR
2S4VILIEX
PIZIP

'
XS
GSSOGLIGOMRKXLIJSSHSJXIR
4
8MTWJSV(IIT*VMIH7LVMQT(IIT*VMIH;LMXI*MWL
3RP]GSSOSVWIVZMRKWEX
EXMQI
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
1IXEP8VE]1MHHPI
*VIRGL*VMIW
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8YVRMXYTWMHIHS[RERHTVIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
2S3MP
(IIT*V]
2S3MP
(IIT*V]
2S3MP
(IIT*V]
4
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP
4
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
3ZIR
4
4VILIEX

2S3MP
(IIT*V]
background

%YXS
4SXEXS'VSUYIXXI
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
4SXEXS
'VSUYIXXI
8MTWJSV4SXEXS'VSUYIXXI
3RP]GSSOSVWIVZMRKWEXEXMQI
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKXLIJSSH
SJXIR
4
WLVMQTWSVXMKIVWLVMQTW
XFWTJPSYVGEOIJPSYV
IKKFIEXIR
KFMHWSJXIQTYVEFEXXIV
,IEPXL]*VMIH7LVMQT

%YXS
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4YXFMXWSJXIQTYVEFEXXIVMRXSE
TPEWXMGFEKWXSVIFSYKLXERHJMRIP]
KVMRHXLIQF]YWMRKEVSPPIVTMR4IIP
ERHHIZIMRXLIWLVMQTPIEZMRKXLI
XEMPWERHPEWXNSMRXSJXLIWLIPP
;MTISJJXLI[EXIVERHETTP]JPSYV
IKKWERH
MRSVHIV
%VVERKIXLIQEXXLIGIRXIVSJXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWSTIRIH
TPEGIXLIYRMXSRXLIGIVEQMGXVE]ERH
LIEXXLIQ[MXL 2S3MP(IIT*V]
,IEPXL]*VMIH7LVMQT
%GGIWWSV]9WIH
,IEPXL]*VMIH
7LVMQT
;EXIV8ERO
*YPP
8MTWJSV*VMIH*SSHW
3RP]GSSOSVWIVZMRKWEXEXMQI
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8YVRMXYTWMHIHS[RERHTVIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
6ILIEXMRKGSPHJVMIHJSSHW
9WI
6ILIEX(IJVSWX
6ILIEX
6ILIEX*VMIH*SSH
XSGSSO
4
(SRSXYWISMP
9WIFMHWSJXIQTYVEFEXXIVJSVFEXXIV
1EOIWM^IERHXLMGORIWWSJ
MRKVIHMIRXWYRMJSVQ
9WIMRKVIHMIRXWSJVSYKLP]XLIWEQI
WM^I
:IKIXEFPIWWYGLEWWUYEWLERH
W[IIXTSXEXSWLSYPHFIGYXMRXS
QQXLMGOTMIGIW
6IJIVIRGILIEXMRKXMQI %FSYX QMR
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
'LMGOTIE'VSUYIXXI
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX]
4

%YXS
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
QIHMYQTSXEXSIWEFSYXK
KKVSYRHTSVO
KSRMSRJMRIP]GLSTTIH
(EWLSJWEPXERHTITTIV
IKK
FIEXIR
XFWTJPSYVGEOIJPSYV
*VMIHFVIEHGVYQFW
4
EWRIIHIH
;EWLTSXEXSIW[IPP4IIPERHGYX
MRXSGYFIW;VETMRTPEWXMG[VETERH
TVIWW
&SMP6SSX:IKIXEFPIW
XSGSSO8LIR
XVERWJIVXLIQXSEFS[PERHGVYWLXLIQ
[LMPIXLI]EVIWXMPPLSX
4
4YXKVSYRHQIEXERHSRMSRMRXSE
LIEXVIWMWXERXHMWLERHTVIWW
1MGVS[EZI ;
%FSYXQMR
XS
GSSO&VIEOXLIQEJXIVLIEXMRK
4
%HH
XS
WIEWSR[MXLWEPXERH
TITTIVQM\[IPPERHGYXMXMRXS
TMIGIWEFSYXKIEGL1EOIXLIQ
GQXLMGOSZEPWLETIERHETTP]JPSYV
IKKWERHFVIEHGVYQFWMRSVHIV
%VVERKI
SRXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWSTIRIHTPEGIXLIYRMXSR
XLIGIVEQMGXVE]ERHLIEXXLIQ[MXL
2S3MP(IIT*V]
4SXEXS'VSUYIXXI
1MGVS[EZI,IEXMRK
4
,S[XS9WI
&SMP6SSX:IKIXEFPIW

4
2S3MP
(IIT*V]
2S3MP
(IIT*V]
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
1MGVS[EZI
3ZIR
4VITEVEXMSR
,IEXMRK
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP
4
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH

2S3MP
(IIT*V]
background
6MGI2SSHPI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKXLIJSSH
SJXIR

4
8MTWJSV6MGI'VSUYIXXI

%YXS
KGSPHVMGI

XFWTOIXGLYT
(EWLSJWEPXERHTITTIV
KSRMSRJMRIP]GLSTTIH
KGEVVSXJMRIP]GLSTTIH
WQEPPKVIIRFIPPTITTIV
JMRIP]GLSTTIH
WPMGIWSJFEGSRJMRIP]GLSTTIH
K[LMXIGLIIWIGYXMRXSWQEPP
GLYROW
KJVMIHFVIEHGVYQFW
4
LIETIHXFWTJPSYVGEOIJPSYV
IKK
FIEXIR
4YX
%
MREHMWLERHQM\8LIR
TVIWW
1MGVS[EZI ;
%FSYXQMR
XSGSSO%HHERHQM\YT[MXL
&
ERH
TVIWW
1MGVS[EZI ;
%FSYXQMR
XSGSSO
4
%HHGLIIWIXS
ERHQM\(MZMHI
XLIQM\XYVIMRXSTMIGIWERHQEOI
IEGLTMIGIVSYRH%HHJPSYVIKKERH
FVIEHGVYQFWMRSVHIVERHEVVERKI
TMIGIWSRIEGLWOI[IV
%VVERKI
EXXLIGIRXIVSJXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWSTIRIH
TPEGIXLIYRMXSRXLIGIVEQMGXVE]ERH
LIEXXLIQ[MXL
6MGI2SSHPI
6MGI'VSUYIXXI
6MGI'VSUYIXXI
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
1MGVS[EZI,IEXMRK
4
-RKVIHMIRXW

WIVZMRKWWOI[IVW (MVIGXMSRW
6MGI'VSUYIXXI
6MGI2SSHPI
4
1MGVS[EZI
3ZIR
4VITEVEXMSR
,IEXMRK
6IJIVIRGILIEXMRKXMQI %FSYXQMR

background
8MTWJSV'SSOIH6MGI
6MRWIERHHVEMRXLIVMGI8VERWJIV
XSEHIITFSMPMRKGSRXEMRIVERHEHH
XLI[EXIV'SZIV[MXLEPMHERHPIX
WSEOJSVEFSYXERLSYV
4PEGI
SRXLIGIVEQMGXVE]ERH
TVIWW
6MGI2SSHPI
'SSOIH6MGI
ERHQM\'SZIVXLIJSSH[MXLEGPSXL
ERHPMHXSWXIEQ

%YXS
GYTWSJVMGIK
Q0[EXIV
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
'SSOIH6MGI
7EYV],MNMOM6MGI
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX]
4

%YXS
0IXVMGIEFWSVF[EXIV
&IJSVIGSSOMRKPIXXLIVMGIWMXMRXLI
EQSYRXSJ[EXIVMRHMGEXIHJSV
QMRYXIWXSERLSYV8LMW[MPPEPPS[MXXS
EFWSVFXLIRIGIWWEV]EQSYRXSJ[EXIV
9WIEPEVKIERHHIITHMWLXSTVIZIRX
XLIJSSHJVSQFSMPMRKSZIV
%WXSVIFSYKLXFSMPMRKGSRXEMRIV
[MXLEPMHMWGSRZIRMIRX
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW 1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
;EXIVERHGSSOMRKXMQIWJSVGSSOIHVMGI
6MGI ;EXIV ,IEXMRKXMQI
GYTK Q0
(SRIRIWW%HNYWXQIRX
03
%FSYXQMR
GYTWK Q0
(SRIRIWW%HNYWXQIRX
,-
%FSYXQMR
'SSOIH6MGI
6MGI2SSHPI
4
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXW
WIVZMRKW
(MVIGXMSRW

background
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX
3**
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4

%YXS
GYTWSJKPYXMRSYWVMGIK
%FSYXKFSMPIHFIERWEFSYXK
HVMIHFIERW
Q0
GSSOMRKPMUYMHSJXLIFIERW
[EXIV
(EWLSJWIWEQIWEPX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6MRWIERHHVEMRXLIKPYXMRSYWVMGI
8VERWJIVXSEHIITFSMPMRKGSRXEMRIV
ERHEHHXLIGSSOMRKPMUYMHERH[EXIV
0IXWSEOJSVEFSYXERLSYV
%HHXLIFIERWXS
ERH
QM\
'SZIV[MXLEPMHERHTPEGIMXSRXLI
GIVEQMGXVE]
8LIRTVIWW
6MGI2SSHPI
6IH&IER6MGI
XSGSSO1M\XLIJSSHERHGSZIVMX[MXLE
GPSXLERHEPMHXSWXIEQ
%VVERKIMXSREHMWLERHXST[MXL
WIWEQIWEPX
?8MTWA
%HNYWXXLIEQSYRXSJFIERWEWHIWMVIH
%HNYWXXLIGSPSVHIRWMX]SJXLIVIHFIER
VMGIF]XLIEQSYRXSJGSSOMRKPMUYMHSJ
XLIFIERW
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
*YPP
6IH&IER6MGI
0IXVMGIEFWSVF[EXIV
&IJSVIGSSOMRKPIXXLIVMGIWMXMR
XLIEQSYRXSJ[EXIVMRHMGEXIHJSV
 QMRYXIWXS ERLSYV 8LMW [MPP
EPPS[MXXSEFWSVFXLIRIGIWWEV]
EQSYRXSJ[EXIV
9WIEPEVKIERHHIITHMWLXS
TVIZIRXXLIJSSHJVSQFSMPMRK
SZIV
% WXSVIFSYKLX FSMPMRK GSRXEMRIV
[MXLEPMHMWVIGSQQIRHIH
;EXIVERHGSSOMRKXMQIWJSVVIHFIERVMGI
+PYXMRSYWVMGI ;EXIV ,IEXMRKXMQI
GYTK Q0
(SRIRIWW%HNYWXQIRX
03
%FSYXQMR
GYTWK Q0
(SRIRIWW%HNYWXQIRX
,-
%FSYXQMR
8MTWJSV6IH&IER6MGI
6IH&IER6MGI
6MGI2SSHPI
4
7XIEQ
1MGVS[EZI
3ZIR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKW (MVIGXMSRW

background
%GGIWWSV]9WIH
4YXTEWXEMRXSEHIITLIEX
VIWMWXERXKPEWWFS[PMRFYRHPIW
EGVSWWERHEHHXLIGPEQNYMGI
%HH
%
GSQFMRIH[MXLGEFFEKI
PIEZIWMR
7SJXP][VETMXMRTPEWXMG[VET[MXL
STIRMRKWSJGQSRSRIWMHI8LIR
TPEGIMXSRXLIGIVEQMGXVE]ERHTVIWW
6MGI2SSHPI
'EFFEKI'PEQ4EWXE
XSGSSO
%JXIVLIEXMRKVIQSZIXLI[VET
ERHQM\XLIJSSH[MXLGEVIRSXXSKIX
FYVRIH
KTEWXE
QQFSMPMRKXMQIQMR
KGEFFEKIGYXMRXSFMXIWM^ITMIGIW
KGERSJFSMPIHGPEQWI\GPYHMRKXLI
NYMGI
Q0GPEQNYMGI
Q0[EXIV
XFWT[LMXI[MRI
XWTWEPX
KEVPMGJMRIP]GLSTTIH
VIHTITTIVHVMIHGYXEGVSWW
'EFFEKI'PEQ4EWXE

%YXS
'IVEQMG8VE]
;EXIV8ERO
)QTX]
8MTWJSV'EFFEKI'PEQ4EWXE
(MWL[EVI
%[MHIQSYXLLIEXVIWMWXERXKPEWWFS[P
SJGQHMEQIXIV-(GQERH
EFSYXGQHITXLMWVIGSQQIRHIH
4PEWXMG[VET
3TIRMXF]EFSYXGQXSTVIZIRX
FYVWXMRK
4EWXE
(SRSXTYXTEWXEMREFYRGLEWPSRK
EWTSWWMFPI3XLIV[MWIMXQE]WXMGO
XSKIXLIV[LIRFSMPIH
7OMQQMRK
7OMQXLIWYVJEGISJXLI[EXIVXS
VIQSZIER]MQTYVMXMIWEJXIVLIEXMRK
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
'EFFEKI'PEQ4EWXE
6MGI2SSHPI
4
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXW
WIVZMRKW (MVIGXMSRW

background
7MQQIVIH&SMP7SYT
6MRWIWTMREGLERHOIITMX[IX4YXE
<WLETIHGYXSREVSSXSJWTMREGLMJMXMWXLMGO
3ZIVPE]WTMREGLPIEZIWERHVSSXW
EPXIVREXIP]ERHXMKLXP][VETMRTPEWXMG[VET
4PEGI
EXXLIGIRXIVSJXLIGIVEQMG
XVE]ERHTVIWW
7MQQIVIH&SMP7SYT
&SMPIH7TMREGL
XSGSSO8LIRWSEOMX
MR[EXIVXSVIQSZIMQTYVMXMIWERH
TVIWIVZIXLIGSPSV4PEGIXLIJSSHSRE
HMWLXST[MXLFSRMXSWLEZMRKWERH
WIEWSR[MXLWS]WEYGI
&SMPIH7TMREGL

KWTMREGL
&SRMXSWLEZMRKWERHWS]WEYGIEW
RIIHIH

%YXS
8MTWJSV&SMPIH*SSHW
,S[XSTVITEVIXLIJSSHEGGSVHMRKXSXLIGYMWMRI
1EOIGVSWWGYXMRGMWMSRWMRXLIXLMGOWXIQWSJ
PIEJ]ZIKIXEFPIWERHJVYMXSVJPS[IVZIKIXEFPIW
ZIKIXEFPIWXLEXEVIGPYWXIVIHMRFYRGLIW
WLSYPHFIFVSOIRYTMRXSWQEPPIVGPYWXIVW
'YXVSSXZIKIXEFPIWMRXSTMIGIWSJ
XLIWEQIWM^IERHWIPIGXZIKIXEFPIW
XLEXEVIEFSYXXLIWEQIWM^I
,S[XSVIQSZIEWXVMRKIRG]
EGGSVHMRKXSXLIMRKVIHMIRXW
4YXWTMREGLERHXLIPMOIMR[EXIV
MQQIHMEXIP]EJXIVLIEXMRK-QQIVWI
IKKTPERXWGEYPMJPS[IVERHXLIPMOIMR
PMKLXP]WEPXIH[EXIVSVZMRIKEV[EXIV
FIJSVILIEXMRKXSVIQSZIEWXVMRKIRG]
(SRSX[MTISJJXLI[EXIVXLIZIKIXE
FPIW&YRHPIXLIQXMKLXP][MXLTPEWXMG
[VETTPEGIXLI[VETTIHZIKIXEFPIW
HMVIGXP]SRXLIGIVEQMGXVE]ERHLIEX
(SRSXYWIEFS[PSVTPEXI
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
;EWLERHWGVYF
XLITSXEXSIW(SRSX
[MTISJJXLI[EXIV
(SRSXTIIP'SZIV
MRTPEWXMG[VETXMKLXP]
4PEGI
EXXLIGIRXIVSJXLI
GIVEQMGXVE]ERHTVIWW
7MQQIVIH&SMP7SYT
-XEPMER7EPEH
XSGSSO8LIR4IIP[LMPIWXMPPLSXERH
GYXMRXSGQWIQMGMVGPIW
'SQFMRI
%
MREFS[P7XMV
XSKIXLIVEHHMRKXLISPMZISMPXSQEOI
XLIHVIWWMRK
4SYVXLIHVIWWMRK
SZIVXLIVIWX
SJXLIMRKVIHMIRXW8VERWJIVXSFS[PW
ERHWIVZI[MXLPIQSR[IHKIW
-XEPMER7EPEH
KWXVMRKFIERWFSMPIHERHGYXMRLEPJ
PEVKITSXEXSIWEFSYXK
WPMGIWSJWEPEQMWPMGIHXLMR
K[LMXIGLIIWIGYXMRXSGQ
GYFIW
TMQIRXSWXYJJIHSPMZIWWPMGIHXLMR
ERGLSZ]JMPPIXWJMRIP]GLSTTIH
SRMSRJMRIP]GLSTTIHEFSYXK
XFWTTEVWPI]JMRIP]GLSTTIH
XFWTPIQSRNYMGI
(EWLSJTITTIV
GYTSJSPMZISMP
0IQSRGYXMRXS[IHKIWEWRIIHIH

%YXS
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
-RKVIHMIRXW
WIVZMRKW
(MVIGXMSRW
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
4
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
&SMPIH7TMREGL
7MQQIVIH
&SMP7SYT
4
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-XEPMER7EPEH
7MQQIVIH
&SMP7SYT

background
7XEGOXLIGEFFEKIPIEZIWWSXLEX
XLIWXIQWERHPIEJXMTWJEGI
EPXIVREXMRKHMVIGXMSRW'SZIVMRTPEWXMG
[VETERHLIEXYWMRKXLI
&SMP:IKIXEFPIW
WIXXMRK3RGI
GSSOIHXLMRP]WPMGIXLIWXIQWERH
HVEMR
4
*MRPI]GLSTTIHXLIWXIQWSJ
ERH
GSQFMRIXLIQ[MXL
%
MREFS[P1M\
XSKIXLIV[IPP
(MZMHIXLIQM\XYVIMR
MRXSIMKLX
IUYEPTEVXW7LETIMRXSSZEPTEXXMIW
ERHPE]SRXSTSJXLIJPEXXIRIH
GEFFEKIPIEZIWJVSQ
ERHXLIRVSPP
XLIPIEZIW
0MRIEFEOMRKHMWL[MXLXLIWPMGIH
SRMSRERHWIXXLIGEFFEKIVSPPW
SR
XST'SQFMRI
&
ERHTSYVSRXST
'SZIV[MXLEHVSTPMHWIIXLI8MTWJSV
&VEMWIH1IEX4SXEXS
4

7IXXLIPMHERHTVIWW
7MQQIVIH&SMP7SYT
'EFFEKI6SPP
XSGSSO
'EFFEKI6SPP

%YXS
GEFFEKIPIEZIW
EFSYXK
KKVSYRHFIIJERHTSVO
%FSYX
KSRMSRJMRIP]GLSTTIH
XFWTQMPO
KFVIEHGVYQFW
IKKFIEXIR
(EWLSJRYXQIKWEPXTITTIV

GYTWSJFVSXLHMWWSPZI
FSYMPPSRGYFIW
XFWTOIXGLYT
XWTWS]WEYGI
(EWLSJWEPXERHTITTIV
%FSYXKSRMSRWPMGIHXLMR
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
,S[XS9WI
&SMP:IKIXEFPIW
4
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
4
1MGVS[EZI
3ZIR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
'EFFEKI6SPP
7MQQIVIH
&SMP7SYT
4VITEVEXMSR
,IEXMRK

background
,IEXWEPEHSMPSRETERERHGSSO
TSVOMRMX
'SQFMRI
ERHXLIVIWXSJXLI
ZIKIXEFPIWMREFSMPMRKGSRXEMRIVERH
EHHXLITVITEVIH
%
8LIRGSZIV[MXL
EGSSOMRKWLIIXEWEHVSTPMHWIIXLI
8MTWJSV&VEMWIH1IEX4SXEXSERH
XLIPMHERHTPEGIMXEXXLIGIRXIVSJ
XLIGIVEQMGXVE]4VIWW
7MQQIVIH&SMP7SYT
&VEMWIH1IEX4SXEXS
XSGSSO
%JXIVLIEXMRKXEOIXLIJSSHSYX
ERHPIEZIMXJSVEFSYXQMRYXIWXS
WXEFMPM^IXLIXEWXI
&VEMWIH1IEX4SXEXS

%YXS
KXLMRWPMGIHTSVOGYXMRXSFMXIWM^ITMIGIW
QIHMYQTSXEXSIWGYXMRXSGLYROW
ERHVMRWIHEFSYXK
WQEPPGEVVSXGYXMRXSGLYROW
EFSYX
K
W
QEPPSR
MSRG
YXM
RXS[IHKIWEFSYXK
WPMGIWSJHVMIHWLMMXEOIQYWLVSSQW
VIL]HVEXIHWXIQWVIQSZIHERHGYXMRLEPJ

GYTWSJHEWLMFVSXL

XFWTWS]WEYGI
GYTSJWEOI
XFWTWYKEV
7EPEHSMP
EWRIIHIH
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
8MTWJSV&VEMWIH1IEX4SXEXS
3RP]GSSOWIVZMRKWEXE
XMQI
9WIEPEVKIERHHIITHMWLXS
TVIZIRXXLIJSSHJVSQFSMPMRK
SZIV
%WXSVIFSYKLXFSMPMRKGSRXEMRIV
[MXLEPMHMWGSRZIRMIRX
1EOIXLIMRKVIHMIRXWXLI
WEQIWM^I
9WIXLIWEQIWM^IERHWLETISJ
MRKVIHMIRXWXSIRWYVIIZIRGSSOMRK
9WIEKIRIVSYWEQSYRXSJ
FVSXL
9WIIRSYKLFVSXLXSGSZIVXLIVSPPW
1EOIXLIRIGIWWEV]
TVITEVEXMSRW
4VIFSMPZIKIXEFPIWXLEXPIEGL
YR[ERXIHNYMGIWSVEVIHMJJMGYPXXS
GSSO-J]SY[ERXXSFVS[RWSQISJ
XLIMRKVIHMIRXWHSWSMREWOMPPIX
FIJSVIFSMPMRK
9WIEHVSTPMH
9WIEHVSTPMHXSIRWYVIXLEXXLI
FVSXLMWXLSVSYKLP]WSEOIHMRXLI
MRKVIHMIRXWEWXLI]GSSO=SYGER
YWIEGSSOMRKWLIIX[MXLER
<WLETIHSTIRMRKGYXMRXLIGIRXIV
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
7MQQIVIH6EHMWL7UYMH

%YXS
KVEHMWL
KWUYMHVSPPWTIIPIHERHGYXMR
GQVIGXERKPIW
GYTSJHEWLMFVSXL

XFWTWS]WEYGI
XFWTQMVMRW[IIXGSSOMRK[MRI

XFWTWYKEV
XWTWEPX
'YXVEHMWLEGVSWWMRXSGQXLMGO
SVWIQMGMVGPIWMJMXMWXSSPEVKI
'LEQJIVIEGLTMIGIERHTYX
<WLETIHWLEPPS[GYXSRXLIFEGOSJ
IEGLTMIGI;VETXLIQMRETPEWXMG
[VETERHTVIWW
&SMP6SSX:IKIXEFPIW
[MXLHSRIRIWWEHNYWXQIRXWIXXS
03
XSGSSO

4
'SQFMRI
ERHWUYMHMREFSMPMRK
GSRXEMRIV%HHERHQM\
%
[IPP'SZIV
[MXLEGSSOMRKWLIIXEWEHVSTPMH
WIIXLI8MTWJSV&VEMWIH1IEX
4SXEXSERHXLIPMHERHTPEGIMXEX
XLIGIRXIVSJXLIGIVEQMGXVE]4VIWW
7MQQIVIH&SMP7SYT
7MQQIVIH6EHMWL7UYMH
XSGSSO
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
,S[XS9WI
&SMP6SSX:IKIXEFPIW

4
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
-RKVIHMIRXW
WIVZMRKW
(MVIGXMSRW
4
1MGVS[EZI
3ZIR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
&VEMWIH1IEX
4SXEXS
7MQQIVIH
&SMP7SYT
4
1MGVS[EZI
3ZIR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7MQQIVIH
6EHMWL7UYMH
7MQQIVIH
&SMP7SYT
4VITEVEXMSR
,IEXMRK

background
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]

%YXS
1ETS8SJY
'SQFMRIXSJYKVSYRHTSVOERH
TVITEVIH
%
MREPEVKIHIITLIEXVIWMWXERX
KPEWWFS[PERHQM\XSKIXLIVWSPMKLXP]EW
RSXXSFVIEOXLIXSJY
'SZIV
[MXLEGSSOMRKWLIIXEW
HVSTPMHVIJIVXS8MTWJSV&VEMWIH
1IEX4SXEXSPMKLXP][VETMX[MXL
TPEWXMG[VETERHTPEGIMXEXXLIGIRXIV
SJXLIGIVEQMGXVE]8LIRTVIWW
7MQQIVIH&SMP7SYT
1ETS8SJY
XSGSSO
%JXIVLIEXMRKEHHXLITVITEVIH
&
[LMPIMXMWWXMPPLSX1M\XSKIXLIVPMKLXP]
WMPOIRXSJYGYXMRXSWQEPPGLYROW
EFSYXK
KKVSYRHTSVO
XFWTKVIIRSRMSRJMRIP]GLSTTIH
KEVPMGGPSZIWJMRIP]GLSTTIH
KMRKIVGPSZIWJMRIP]GLSTTIH
XWTXSFERNER'LMRIWIWTMG]FIERWEYGI
XFWT'LMRIWIW[IIXQMWS
XFWTWS]WEYGI
XWTWYKEV
XFWT'LMRIWIVMGI[MRISVWEOI
XWTGLMGOIRFSYMPPSRTS[HIV
XWTWIWEQISMP
Q0[EXIV
(EWLSJ4ITTIV
XFWTWXEVGL
XFWT[EXIV
3RP]GSSOSVWIVZMRKWEX
EXMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
8MTWJSV1ETS8SJY

%YXS
7MQQIVIH1IEX8SJY
KFIIJJPEROWPMGIHXLMR
GSXXSRXSJYEFSYXK
%FSYXKKVIIRSRMSR
KIRSOMQYWLVSSQW
KWLMVEXEOM
XFWTWYKEV
XFWTWS]WEYGI
XFWTWEOI
GYTSJHEWLMFVSXL
(VEMRSJJ[EXIVJVSQXSJYERHGYX
MRXSTMIGIW
6IQSZIWXIQWJVSQIRSOM
QYWLVSSQWERHGYXKVIIRSRMSRWEX
ERERKPIMRXSQQ[MHI
'SQFMRIEPPXLIMRKVIHMIRXWMRE
PEVKIHIITLIEXVIWMWXERXKPEWWFS[P
[MXLFIIJERHWLMVEXEOMETEVX4YXXLI
TVITEVIH
%
SRXLIQERHGSZIV[MXLE
GSSOMRKWLIIXEWHVSTPMHVIJIVXS
8MTWJSV&VEMWIH1IEX4SXEXS
PMKLXP][VETMX[MXLTPEWXMG[VETERH
TPEGIEXXLIGIRXIVSJXLIGIVEQMGXVE]
8LIRTVIWW
7MQQIVIH&SMP7SYT
7MQQIVIH1IEX8SJY
XSGSSO1M\
XSKIXLIV
7MQQIVIH7[IIX4SXEXS
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX]
4

%YXS
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
-RKVIHMIRXWWIVZMRKW
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
(MVIGXMSRW
4
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1ETS8SJY
7MQQIVIH
&SMP7SYT
4
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7MQQIVIH1IEX8SJY
7MQQIVIH
&SMP7SYT

background
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
'SQFMRI
%
MREPEVKIHIITLIEX
VIWMWXERXKPEWWFS[P'SZIV[MXLEGSSOMRK
WLIIXEWEHVSTPMHVIJIVXS8MTWJSV7SYT
TPEGIXLIJSSHEXXLIGIRXIVSJXLIGIVEQMG
XVE]4VIWW
7MQQIVIH&SMP7SYT
'PEQ'LS[HIV
XSGSSO
%JXIVLIEXMRKEHHXLITVITEVIH
&
ERHTVIWW
1MGVS[EZI ;
%TTVS\QMRWIG XSGSSO
8LIRQM\XSKIXLIVPMKLXP]
4
'PEQ'LS[HIV

%YXS
KGERSJFSMPIHGPEQWI\GPYHMRK
XLINYMGI
KGPEQNYMGI
QIHMYQTSXEXSIWGYXMRXSGQ
GYFIWEFSYXK
GEVVSXGYX
MRXSGQGYFIW
WXVMTW
FEGSRGYXMRXSGQTMIGIW

GYTWSJ[EXIV
FSYMPPSRGYFI
(EWLSJWEPXERHTITTIV

GYTWSJQMPO
XFWTWXEVGL
8MTWJSV7SYT
(MWL[EVI
%[MHIQSYXL
LIEXVIWMWXERX
KPEWWFS[PSJ
EFSYXGQ
HMEQIXIV-(
EFSYXGQERHGQHITXLMW
VIGSQQIRHIH
3RP]GSSOSVWIVZMRKWEX
EXMQI
-RKVIHMIRXW
8V]XSGYXXLIMRKVIHMIRXWMRIUYEPP]
WM^IHTMIGIW
9WITPIRX]SJFVSXLJSVZIKIXEFPIW
9WIIRSYKLFVSXLWSXLEXXLIWSYT
MRKVIHMIRXWEVIGSZIVIHGSQTPIXIP]
,EVHXSGSSOZIKIXEFPIW
4PEGILEVHXSGSSOZIKIXEFPIWMRXLI
FSXXSQSJEHMWLXLEXGSRHYGXWLIEXIEWMP]
(SRSXGSZIV[MXLTPEWXMG[VETSVEPMH
8LMW[MPPTVIZIRXXLIPMUYMHWJVSQ
VIHYGMRKTVSTIVP]HYVMRKGSSOMRK
9WIEHVSTPMH
'YXEGSSOMRKWLIIXMRXSEGMVGPIWPMKLXP]
WQEPPIVXLERXLIQSYXLSJXLIFS[P'SZIV
[MXLEPMHXLEXLEWER<WLETIHSTIRMRKGYXMR
XLIGIRXIVWSXLEXXLIFVSXLTIRIXVEXIWIZIRP]
7OMQQMRKZIKIXEFPIW
7OMQXLIZIKIXEFPIWSRGIXLI]EVI
GSSOIH
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
/IRGLMR7SYT
KVEHMWLGYXMRXSQQXLMGO[IHKIW
KGEVVSXGYXMRXSQQXLMGOWIQMGMVGPIW

KFYVHSGOVSSXGYXEXERERKPIMRXSQQ
XLMGOERHWSEOIHMRZMRIKEV[EXIV
KGSXXSRXSJYGYXMRXSFMXIWM^ITMIGIW
XEVSTSXEXSIWGYXEGVSWWMRXSQQXLMGOVMRWIH
MR[EXIVXSVIQSZIXLIWPMQMRIWWEFSYXK
HVMIHWLMMXEOIQYWLVSSQWVIL]HVEXIH
WXIQWVIQSZIHERHGYXMRXSTMIGIW
KOSRNEGMQTYVMXMIWVIQSZIHERHGYX
MRXSQQXLMGOGQGYFIW

GYTWSJHEWLMFVSXL

XFWTWS]WEYGI
XWTWEPX

XFWTWEOI

XWTQMVMRW[IIXGSSOMRK[MRI
+VIIRWQEPPSRMSRWPMGIHXLMREW
RIIHIH

%YXS
1MGVS[EZI,IEXMRK
4
4
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
'PEQ'LS[HIV
7MQQIVIH
&SMP7SYT
4VITEVEXMSR
,IEXMRK
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
-RKVIHMIRXWWIVZMRKW
4
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
/IRGLMR7SYT
7MQQIVIH
&SMP7SYT
4VITEVEXMSR
,IEXMRK

background
;VETVEHMWLGEVVSXERHFYVHSGO
VSSXMRTPEWXMG[VETERHTVIWW
&SMP6SSX:IKIXEFPIW
XSGSSO
4
'SQFMRI
ERH
%
MREPEVKI
HIITLIEXVIWMWXERXKPEWWFS[PERH
EHHXLITVITEVIH
&
'SZIV[MXLE
GSSOMRKWLIIXEWEHVSTPMHVIJIVXS
8MTWJSV7SYTTPEGIXLIJSSHEXXLI
GIRXIVSJXLIGIVEQMGXVE]4VIWW
7MQQIVIH&SMP7SYT
/IRGLMR7SYT
XS
GSSO
%HHKVIIRWQEPPSRMSREWHIWMVIH
&IIJ7XI[

%YXS
KFIIJJSVWXI[GYXMRXSXSGQ
XLMGOGYXMRXSGQGYFIW
(EWLSJWEPXERHTITTIV
XFWTJPSYVGEOIJPSYV
PEVKITSXEXSGYXMRXSGLYROWERH
VMRWIHEFSYXK
QIHMYQGEVVSXGYXMRXSGLYROWEFSYXK
QIHMYQSRMSRGYXMRXS[IHKIWEFSYXK
KFYXXIV
KJPSYVGEOIJPSYV
XS
GYTWSJWSYTHMWWSPZIHX[S
FSYMPPSRGYFIW
GYTSJXSQEXSTYVII
XFWTVIH[MRI
XFWTWYKEV
XWTWEPX
(EWLSJTITTIV
FE]PIEZIW
(EWLSJWEPEHSMP
*VIWLGVIEQ
EWRIIHIH
7IEWSRXLIFIIJ[MXLWEPXERH
TITTIVERHWTVMROPI[MXLJPSYVPMKLXP]
,IEXWEPEHSMPMREWOMPPIX'SSOXLI
QIEX
YRXMPFVS[RIHXLIREHHXLI
ZIKIXEFPIWERHGSSOXLSVSYKLP]
'SQFMRI
%
ERHLIEXMXMRE
WITEVEXIWOMPPIXYRXMPFVS[RIH
'SQFMRI
&
ERHEHHMXXSXLIQM\XYVI
&VMRKXSEFSMPWXMVVMRKFVMWOP][MXLE
[LMWOXSTVIZIRXGPYQTMRK
'SQFMRI
ERH
ERHQM\
XSKIXLIVMREFSMPMRKGSRXEMRIV'SZIV
[MXLEPMHERHTPEGIMXEXXLIGIRXIVSJ
XLIGIVEQMGXVE]8LIRTVIWW
7MQQIVIH&SMP7SYT
&IIJ7XI[
XS
GSSO1M\IZIV]QMRYXIWHYVMRK
LIEXMRK8ST[MXLJVIWLGVIEQEW
HIWMVIH
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**TVIWW
1MGVS[EZI
;
XSGSSOGLIGOMRK
XLIJSSHSJXIR
4
,S[XS9WI
&SMP6SSX:IKIXEFPIW

4
4
1MGVS[EZI
3ZIR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
&IIJ7XI[
7MQQIVIH
&SMP7SYT
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
(MVIGXMSRW
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW

background

,SQIQEHI*SSH
KKVSYRHTSVO
XFWTSRMSRKVEXIH
XWTKEVPMGKVEXIH
XFWTQMPO
XFWTWXEVGL

XWTWEPX
(EWLSJTITTIVRYXQIKTETVMOEGPSZI
ERHXL]QITS[HIVIH
(EWLSJWEPEHSMP
3TIRXLIPIKWSJXLIWYTIVKVMPP
XVE]YRMXERHTPEGIXLIVSPPSRXST4YX
XLIYRMXSRXLIGIVEQMGXVE]ERHTVIWW
,SQIQEHI*SSH
,SQIQEHI7EYWEKI
XSGSSO
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
'SQFMRI EPP XLIMRKVIHMIRXW SXLIV
XLERWEPEHSMPERHQM\[IPP7LETI
MRXSEWMRKPITEXX]4PEGIEWQEPP
EQSYRX SJWEPEHSMPSR]SYVLERHW
,SPHMRKXLITEXX]MRSRILERHYWI
XLISXLIVXSPMKLXP]TSYRHXLIQIEX
WQSSXLERHVIQSZIEMVFYFFPIW
*SVQXLIQIEXMRXSERSFPSRK
WLETIETTVS\MQEXIP] GQMR
HMEQIXIV9WIEGSSOMRKWLIIXXSVSPP
MXYTERHXLIRXMIFSXLIRHW
?8MTWA
8LI WTMGIW MR XLI WEYWEKI EPPS[ MX XS
VIXEMRMXWJVIWLRIWWERHXEWXIJSVYTXSE
[IIOMJVIJVMKIVEXIH
7IVZIEWLSVW HSIYZVISVYWIEWER
MRKVIHMIRXMRWEPEHWSVJVMIHVMGI
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7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
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-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
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6IJIVIRGILIEXMRKXMQI %FSYXQMR
7XIEQ
1MGVS[EZI
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WEYVMIWEFSYXKIEGL
7EPXEWRIIHIH
KSPMZISMP
KKVEMRIHZMRIKEV
KEVPMGGPSZIWWPMGIHXLMR
FE]PIEZIWXSVRMRLEPJ
7EYV]'SRJMX
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7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
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%GGIWWSV]9WIH
VE[WEPQSRJMPPIXWEFSYXKIEGL
XFWT[LMXI[MRI
)KK[LMXIWJSVIKKW
GYTSJJVIWLGVIEQ
XWTWEPX
(EWLSJTITTIV
XWTTETVMOETS[HIVIH
FPEGOSPMZIWVIQSZIHXLIWIIHW
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIWOMRERHFSRIWJVSQ
XLIWEPQSRERHGYXMRXSFMXIWM^I
TMIGIW9WIEQSVXEVXSGVYWLXLI
TMIGIWMRXSETEWXI
%HHXLI[LMXI[MRIIKK[LMXIW
JVIWLGVIEQWEPXTITTIVERHTETVMOE
XS
1M\[IPP
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FEOMRKHMWL[MXLEGSSOMRKWLIIX
4VIWWXLIWEPQSRQM\XYVI
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XLIXST
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XVE]YRMX7IX
MRXLIGIRXIVSJXLI
YRMXERHWIXMXSRXLIGIVEQMGXVE]
4VIWW
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7EPQSR8IVVMRI
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?8MTWA
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SYXGYXETMIGISJGSSOMRKWLIIXWPMKLXP]
WQEPPIVXLERXLIXSTSJXLIPSEJERHPE]MX
SRXST[LMPIGSSOMRK
7EPQSR8IVVMRI

%YXS
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7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLILIEH ERHMRXIVREP
SVKERWSJXLIJMWL;MTISJJ XLI [EXIV
ERHWTVMROPI[MXLWEPX
'YXJSYVGSSOMRKWLIIXWMRXS»
GQERHTPEGIEWEYV]SRIEGLWLIIX
(MZMHI
%
MRXSJSYVERHGSQFMRIXLIQ
+MZIEX[MWXSRFSXLIRHWERHTPEGI
XLIQSRXLIWYTIVKVMPPXVE]YRMX[MXLPIKW
STIRIH
4PEGI
SRXLIGIVEQMGXVE]ERH
TVIWW
,SQIQEHI*SSH
7EYV]'SRJMX
XSGSSO
?8MTWA
)ZIRFSRIWEVIWSWSJXIRIH XLEX]SY
GERIEXXLIQEPP
-RKVIHMIRXW
WEYVMIW
-RKVIHMIRXWSRI\GQLIEXVIWMWXERXKPEWWGSRXEMRIVWIVZMRKW
(MVIGXMSRW
(MVIGXMSRW
,SQIQEHI
*SSH
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7XIEQ
1MGVS[EZI
3ZIR
7EYV]'SRJMX
4
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6IJIVIRGILIEXMRKXMQI %FSYXQMR
7XIEQ
1MGVS[EZI
3ZIR
7EPQSR8IVVMRI
4
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
%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
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%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
KWXVE[FIVVMIW
KWYKEV
XFWTPIQSRNYMGI
(EWLSJWEPEHSMP
7XVE[FIVV].EQ

%YXS
3VERKI1EVQEPEHI

%YXS
6MRWIERHLYPPXLIWXVE[FIVVMIWERH
[MTISJJXLI[EXIV
'SQFMRI
ERH
%
MREPEVKIHIIT
LIEXVIWMWXERXGSRXEMRIV1M\XSKIXLIV
ERHTVIWW ,SQIQEHI*SSH
7XVE[FIVV].EQ XSGSSO
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
(MWL[EVI
%[MHIQSYXLLIEXVIWMWXERXKPEWWFS[PSJ
EFSYXGQHMEQIXIV-(EFSYXGQ
ERHEFSYXGQHITXLMWVIGSQQIRHIH
%HHWEPEHSMP
8LMWTVIZIRXWFSMPMRKSZIV
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
1MGVS[EZI ;
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GLIGOMRKXLIJSSHSJXIR8LIRQM\
XSKIXLIV
4
8MTWJSV.EQ
SVERKIWEFSYXK
KWYKEV
6MRWIXLISVERKIW[IPPERH
WITEVEXIXLI TIIP ERH QIEX&EVI XLI
QIEXERHFVIEOMRXSSVTEVXW9WI
TIIPERHKIXVMHSJXLIVIWX7GVETI
SJJ XLI[LMXITSVXMSRSJ XLI TIIPERH
WPMGIMXXLMRMRXSEFSYXQQ[MHXL
&SMPXLI XLMRWPMGIH TIIP MR ETER
(VEMR MX MR E GSPERHIV EJXIV EFSYX 
QMRYXIWJVSQFSMPMRK
-RKVIHMIRXWWXERHEVHEQSYRX
-RKVIHMIRXWWXERHEVHEQSYRX
(MVIGXMSRW
(MVIGXMSRW
%JXIVLIEXMRKYWIEHV]GPSXLXS
XEOIMXSYXERHVIQSZIER]MQTYVMXMIW
0IXMXGSSPERHTYXMREVIJVMKIVEXSV
[MXLEGSZIV8LIRXVERWJIVXSEXMKLX
GSRXEMRIV
'SQFMRI QIEX
TIIP
ERH
WYKEVMR E PEVKIHIIT LIEXVIWMWXERX
GSRXEMRIV1M\XSKIXLIVERHTVIWW
,SQIQEHI*SSH
3VERKI1EVQEPEHI
XSGSSO
%JXIVLIEXMRKYWIEHV]GPSXLXS
XEOIMXSYXERHVIQSZIER]MQTYVMXMIW
0IXMXGSSPERHTYXMREVIJVMKIVEXSV[MXL
EGSZIV8LIRXVERWJIVXSEXMKLXGSRXEMRIV
,SQIQEHI
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6IJIVIRGILIEXMRKXMQI %FSYXQMR
1MGVS[EZI
7XVE[FIVV].EQ
4
,SQIQEHI
*SSH
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1MGVS[EZI
3VERKI1EVQEPEHI
4
background

%GGIWWSV]9WIH
'IVEQMG8VE]
;EXIV8ERO
)QTX]
8MTWJSV=SKYVX
Q0QMPOEXPIEWXQMPOJEX
KTPEMR]SKYVXYWIHEWEWXEVXIV
GYPXYVI
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WEPXEWHIWMVIH7IVZI[MXLWEPEHIXG
XFWTLSQIQEHI]SKYVX
KGVIEQGLIIWI
XFWTQE]SRREMWI
7EPXEWRIIHIH
=SKYVX
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%YXS
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
9WIELIEXVIWMWXERX
GSRXEMRIV[MXLEPMH
7XIVMPM^IXLIGSRXEMRIV[MXLFSMPMRK[EXIV
MQQIHMEXIP]FIJSVIYWMRKMXERHPIXHV]
GSQTPIXIP]%PWSQEOIWYVIXSYWIGPIER
WTSSRWERHQIEWYVMRKGYTW
7IPIGXMRKQMPO
9WIVIKYPEVJVIWLQMPO[MXLEJEX
GSRXIRXSJEXPIEWX9WMRKPS[
JEXQMPO[MPPVIWYPXMR[EXIV]]SKYVX
)ZIRQMPOTEWXIYVM^IHEXLMKL
XIQTIVEXYVIQEVOIHEXi'
WLSYPHFILIEXIHXSEFSYX'
FIJSVIYWMRK0EGXMGFEGXIVMEGERRSX
PMZIEXXIQTIVEXYVIWEFSZI'
1EOIWYVIXLIQMPOMWEXXLIVMKLX
XIQTIVEXYVIFIJSVIEHHMRKXLI]SKYVX
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
7XIEQ1MGVS[EZI0IEZIR
0IEZIR;
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
%FSYX]SKYVXWXEVXIVGYPXYVIW
9WIGSQQIVGMEPP]EZEMPEFPIJVIWL
TPEMR]SKYVXRSRJEXWSPMHW
GSRXIRXQMPOJEX
9WMRK]SKYVX[MXLEHMJJIVIRX
RSRJEXWSPMHWSVQMPOJEXGSRXIRX
SV[MXLWYKEVSVJVYMXEHHIH[MPP
VIWYPXMRMRJIVMSV]SKYVX
8LIQSVIWXEVXIVGYPXYVI]SYYWI
XLIIEWMIVMXMWXSQEOIXLI]SKYVX
(SRSXYWIXLILSQIQEHI]SKYVX
EWEWXEVXIVGYPXYVIXSQEOIQSVI
]SKYVX
(IXIVQMRMRK[LIRXLI]SKYVXMWHSRI
8LI ]SKYVXMWHSRI [LIRXLIQMPO
FIGSQIWJMVQ
-QQIHMEXIP]PIXXLIQM\XYVIGSSPERH
WXSVIMXMRXLIVIJVMKIVEXSV'SRXMRYMRK
XSJIVQIRXXLI]SKYVXSRGIMXMWHSRI
[MPPGEYWIMXXSKSWSYV
7XSVEKIERHI\TMVEXMSRTIVMSH
7XSVIXLI]SKYVXMRXLIVIJVMKIVEXSV
ERHIEX[MXLMRX[SSVXLVIIHE]W
1MGVS[EZI,IEXMRK 4
7XIVMPM^IXLILIEXVIWMWXERX
GSRXEMRIV[MXLEPMHMREFSMPMRK[EXIV
ERHPIXMXHV]
4SYVQMPOMRXSXLIGSRXEMRIVERH
TVIWW
1MGVS[EZI ;
QMR XS
LIEXYTXSEFSYX
'
 4
%HH]SKYVXXSXLIPYOI[EVQQMPO
ERHQM\[IPPF]YWMRKEWTSSRSVXLI
PMOIXSPIEZIRSTSVXMSRMREWSPMH
JSVQ
?8MTWA
=SYQE]EHHNEQSVJVYMXWEWHIWMVIHSV
TYXXLMWSRGYVV]SVXERHSVMGLMGOIR
'SZIV[MXLEPMHERHTPEGIMXSRXLI
GIVEQMGXVE]4VIWW
,SQIQEHI*SSH
=SKYVX
XSPIEZIR
%JXIVLIEXMRKPIXXLIJSSHGSSPEX
VSSQXIQTIVEXYVIERHXLIRTYXMXMRE
VIJVMKIVEXSV
=SKYVX7EYGI
-RKVIHMIRXWWIVZMRKW
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
(MVIGXMSRW
,SQIQEHI
*SSH
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1MGVS[EZI
=SKYVX
4
4VITEVEXMSR
,IEXMRK
background
&VIEOJEWX'SQFSW
7IX1IRY

7IX1IRY&VIEOJEWX'SQFSW?1EMR(MWLA
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRI
7IPIGX SRI QEMR HMWLERH X[S WMHI HMWLIW %VVERKI
XLIQZIVXMGEPP]MRXLIGIRXIVSJXLIQIXEPXVE]
7IXYTXLIGIVEQMGXVE]ERHMRWIVXXLIQIXEPXVE]MRXS
8ST4VIWW
7IX1IRY
8SEWX7IX1IRY
XSGSSO
8SE WX7I X1 I R Y WXITW
8SEWX4PEMR
)KKMRRIWX
&EGSR[VETTIHZIKIXEFPIW
8MTWJSV&VIEOJEWX'SQFS
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
'LSSWISRIQEMRHMWLERHX[S
WMHIHMWLIWJVSQEQSRKXLSWI
PMWXIH3XLIVGSQFMREXMSRW[MPPRSX
GSSOTVSTIVP]
9WIFEOMRKGYTWQEHIJVSQ
EPYQMRYQJSMPSVSXLIV
SZIRWEJIQEXIVMEPW
-J]SYYWILIEXVIWMWXERXGSRXEMRIVW
YWIWLEPPS[JPEXFSXXSQIHHMWLIW
GQHIIT
0MKLXP]GSEXMRKXLIFEOMRK
GYTW[MXLFYXXIVSVWEPEHSMP
FIJSVIGSSOMRK[MPPTVIZIRX
XLIJSSHJVSQWXMGOMRK
;LIRYWMRKXSSXLTMGOW
QEOIWYVIXLEXXLI]EVI
VIWXMRKLSVM^SRXEPP]MRXLI
SZIRFIJSVIGSSOMRK
3RP]SRIWMHISJXLIXSEWX
WPMGIWTVITEVIHEWTEVXSJE
FVIEOJEWXGSQFS[MPPFVS[R
8SFVS[RFSXLWMHIWVIJIVXS8SE WX
4
(IKVIISJFVS[RMRKZEVMIW
HITIRHMRKSRFVIEH
XLMGORIWWERHX]TIW
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
6IQSZI WYJJMGMIRXP]LIEXIH TMIGIW
ERHTVIWW
+VMPP
XSGSSOXLIVIWX
GLIGOMRKMXSJXIR
4
8SEWX4PEMR
8SEWX7IX1IRY
WPMGIWSJFVIEOJEWXXSEWX
%VVERKI XLI WPMGIW SJ XSEWX ZIVXMGEPP] MRXLI GIRXIV SJXLI
QIXEPXVE]
1EMRHMWL8SEWXWIPIGXSRI

%YXS
-RKVIHMIRXWWIVZMRKWWPMGIW
(MVIGXMSRW
'IVEQMG8VE]
1IXEP8VE]8S T
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
8SEWX7IX1IRY
7YTIVLIEXIH7XIEQ
3ZIR
+VMPP
6IJIVIRGILIEXMRKXMQI%FSYXQMR
7IX1IRY
4
background
&VIEOJEWX'SQFSW
7IX1IRY

7TVIEHXLIQM\XYVI
%
SRSRIWMHISJXLIXSEWXWPMGIW
7TVMROPI [MXLXLIWPMGIHEPQSRHERHEVVERKIXLIWPMGIWSJ
XSEWXZIVXMGEPP]MRXLIGIRXIVSJXLIQIXEPXVE]
4M^^E8SEWX
%TTPI8SEWX
'LIPWIE8SEWX
WPMGIWSJFVIEOJEWXXSEWX
KSRMSRWPMGIHXLMR
KVIIRFIPPTITTIVWPMGIHXLMR
WXVMTFEGSRGYXMRXSGQTMIGIW
4VITEVIHTM^^EWEYGIEWRIIHIHWXSVIFSYKLX
7LVIHHIHQS^^EVIPPEGLIIWIEWRIIHIH
7TVIEHTM^^EWEYGI SRSRIWMHISJXLI XSEWXTMIGIW 8ST
[MXLXLISRMSRKVIIRFIPPTITTIVERHFEGSRXLIRWTVMROPI
[MXL GLIIWI %VVERKI XLI WPMGIW SJ XSEWX ZIVXMGEPP] MR XLI
GIRXIVSJXLIQIXEPXVE]
WPMGIWSJFVIEOJEWXXSEWX
ETTPI
(EWLSJWEPX
1EVKEVMRIEWRIIHIH
(EWLSJGMRREQSRWYKEV
WPMGIWSJFVIEOJEWXXSEWX
KFYXXIV
KWYKEV
KEPQSRHTS[HIV
XFWTVEMWMRGYXMRXSGLYROW
7PMGIHEPQSRHEWRIIHIH
'YXXLIETTPIMRLEPJERHVIQSZIXLIGSVI:IVXMGEPP]WPMGIXLI
ETTPIXLMRERHTPEGIMRWEPX[EXIVFVMIJP]8LIRKIX[EXIVSJJ
7TVIEHQEVKEVMRI SRSRI WMHISJXLIXSEWX TMIGIW 8ST[MXL
XLIETTPI
ERHWTVMROPI[MXLXLIGMRREQSRWYKEV8LIREVVERKI
XLIWPMGIWSJXSEWXZIVXMGEPP]MRXLIGIRXIVSJXLIQIXEPXVE]
*VIRGL8SEWX
WPMGIW*VIRGLVSPPGQXLMGO
GYTSJQMPO
XFWTWYKEV
IKKFIEXIR
(EWLSJZERMPPEI\XVEGX
&YXXIVEWRIIHIH
'SQFMRIXLIMRKVIHMIRXWMR
%
ERHQM\[IPP%HHXLI
IKKWERHZERMPPEI\XVEGXERHWXVEMR4SYVXLIQM\XYVIMRXSE
JPEXFSXXSQIHHMWL
'SEXSRIWMHISJIEGLWPMGISJ*VIRGLVSPP[MXLFYXXIV
4PEGI XLIWPMGIWFYXXIVWMHIYTMRXLIIKKQM\XYVI
ERH
EPPS[XLIQXSWSEOFVMIJP]
'SZIVXLIGIRXIVSJXLIQIXEPXVE][MXLEPYQMRYQJSMPSVE
GSSOMRKWLIIXERHTPEGIXLI FVIEHWPMGIW [MXLXLIWMHI
WTVIEH[MXLFYXXIVSRXST%JXIVGSSOMRKWTVMROPI[MXLEFMXSJ
GMRREQSRWYKEVFIWMHIWXLIWTIGMJMIHEQSYRXEWHIWMVIH
-RKVIHMIRXWWIVZMRKWWPMGIW
-RKVIHMIRXWWIVZMRKWWPMGIW
-RKVIHMIRXWWIVZMRKWWPMGIW
-RKVIHMIRXWWIVZMRKWWPMGIW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
background
&VIEOJEWX'SQFSW
7IX1IRY

&VIEOJEWX'SQFSW?7MHI(MWLA
WIPIGXX[S
*VMIH)KKW
(SRSXGSSO[LSPISVYRFIEXIRIKKWI\GITXEW
MRHMGEXIHMRXLIVIGMTIWEFSZI
3XLIV[MWI[LSPISVYRFIEXIRIKKWQE]I\TPSHI
%P[E]WFIEXIKKWFIJSVIGSSOMRK
;%62-2+
IKKW
XWT[EXIV
(EWLSJWEPXERHTITTIV
IKKWFIEXIR
XFWTQMPO
XWTWYKEV
(EWLSJWEPX
-RKVIHMIRXWWIVZMRKWTMIGIW
'SEXX[SEPYQMRYQJSMPFEOMRKGYTWJSVQEHIPIMRI[MXLE
XLMRPE]IVSJWEPEHSMPFIWMHIWXLI WTIGMJMIHEQSYRX
'VEGOXLIIKKWERHTYXSRIMRIEGLGYT7TVMROPI[MXL
[EXIVERHXLIRWTVMROPIPMKLXP][MXLWEPXERHTITTIV4PEGI
XLIGYTWSRXLIQIXEPXVE]
(MVIGXMSRW
)KKMRRIWX
IKKW
KGEFFEKIPIEZIWNYPMIRRIH
XWT[EXIV
(EWLSJWEPXERHTITTIV
-RKVIHMIRXWWIVZMRKWTMIGIW
4PEGIGEFFEKIPIEZIWMRXLIX[SEPYQMRYQJSMPFEOMRK
GYTWJSVQEHIPIMRIXLMRRIVEXXLIGIRXIV'VEGOXLIIKKW
ERHTYXSRIMRIEGLGYT7TVMROPI[MXL[EXIVERHXLIR
WTVMROPIPMKLXP][MXLWEPXERHTITTIV4PEGIXLIGYTWSRXLI
QIXEPXVE]
=SYQE]YWIFSMPIHWTMREGLKMRWXIEHSJGEFFEKI
(MVIGXMSRW
7GVEQFPIH)KKW
-RKVIHMIRXWWIVZMRKWTMIGIW
%HH
%
XSXLIIKKWERHWXMV4SYVMRXSEPYQMRYQJSMP
FEOMRKGYTWJSVQEHIPIMRIERHTPEGIXLIGYTWSRXLI
QIXEPXVE]
3RGIGSSOIHWGVEQFPIMQQIHMEXIP]
(MVIGXMSRW
*VMIH)KKW[MXL'LIIWI
6IJIVXSHMVIGXMSRWSJ*VMIH)KKWERHYWIWLVIHHIHQS^
^EVIPPEGLIIWIMRWXIEHSJ[EXIV
&EGSRERH)KKW
(MZMHIXLIFEGSRMRXSX[SERHTYXIEGLMRXLIEPYQMRYQ
JSMPFEOMRKGYTWJSVQEHIPIMRI
'VEGO XLI IKKW ERH TYX SRI MR IEGL GYT 7TVMROPI [MXL
[EXIVERHXLIRWTVMROPIPMKLXP][MXLWEPXERHTITTIV4PEGI
XLIGYTWSRXLIQIXEPXVE]
(MVIGXMSRW
(MVIGXMSRW
6IJIV XS MRKVIHMIRXW SJ*VMIH)KKWERHYWIWLVIHHIH
QS^^EVIPPEGLIIWIEFSYXKMRWXIEHSJ[EXIV
6IJIV XS MRKVIHMIRXW SJ*VMIH)KKWERHEHHWXVMTSJ
FEGSR
-RKVIHMIRXWWIVZMRKWTMIGIW
-RKVIHMIRXWWIVZMRKWTMIGIW
background
&VIEOJEWX'SQFSW
7IX1IRY

&EGSR[VETTIH:IKIXEFPIW
%R]X[SSJXLIJSPPS[MRKZIKIXEFPIW
%WTEVEKYWWUYEWLWPMGIHXLMRKIVMRKMQYWLVSSQW
KVIIRSRMSR
GYXMRLEPJVIHFIPPTITTIV
WPMGIH
XLMR]IPPS[FIPPTITTIV
WPMGIHXLMRERHIRSOM
QYWLVSSQW
WPMGIWSJFEGSR
(EWLSJWEPXERHTITTIV
-RKVIHMIRXWWIVZMRKWTMIGIW
7IEWSRZIKIXEFPIW]SYWIPIGXIHPMKLXP][MXLWEPXERH
TITTIV;VET XLIQ MR
SV WXVMTFEGSR 4YX XLIQ MR
MRHMZMHYEP EPYQMRYQJSMP FEOMRKGYTW ERH TPEGIXLI GYTW
SRXLIQIXEPXVE]
(MVIGXMSRW
)EW]7XMV*VMIH*SSH
KGEFFEKIPIEZIWGSEVWIP]NYPMIRRIH
6IHFIPPTITTIVNYPMIRRIHEWRIIHIH
WPMGISJFEGSRGYXMRXSGQTMIGIW
(EWLSJWEPXERHTITTIV
XWTWEPEHSMP
-RKVIHMIRXWWIVZMRKWTMIGIW
4YXEPPXLIMRKVIHMIRXWMREWQEPPTPEWXMGFEKWXSVIFSYKLX
7LEOIXLIQXSEPPS[XLIJPEZSVXSFPIRH4PEGIXLIQMRX[S
EPYQMRYQJSMPFEOMRKGYTWJSV QEHIPIMRI ERH TYXXLI
GYTWSRXLIQIXEPXVE]
(MVIGXMSRW
WPMGIWSJXSQEXSWPMGIHGQXLMGO
WQEPPXYREGERRIH
KSRMSRWPMGIHXLMR
XWTQE]SRREMWI
(EWLSJWEPXERHTITTIV
(EWLSJTEVWPI]
7LVIHHIHQS^^EVIPPEGLIIWIEWRIIHIH
8YREXSTTIH8SQEXS
-RKVIHMIRXWWIVZMRKWTMIGIW
4PEGI IEGLXSQEXS WPMGI MRER EPYQMRYQJSMP FEOMRKGYTW
JSV QEHIPIMRI'SQFMRI
ERHEVVERKISRXSTSJIEGL
WPMGI 8ST[MXLETMIGI SJHVMIH TEVWPI]ERHTPEGISRXLI
QIXEPXVE]
(MVIGXMSRW
&EGSR[VETTIH7EYWEKIW
ZMIRREWEYWEKIW
WPMGIWSJFEGSR
'YX XLI FEGSRMR LEPJ ;VETIEGLWEYWEKI MRXLIFEGSR
ERHWIGYVI[MXLEXSSXLTMGO4PEGIXLIQMRX[SEPYQMRYQ
JSMPFEOMRKGYTW8LIRTYXXLIGYTWSRXLIQIXEPXVE]
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
background
&VIEOJEWX'SQFSW
7IX1IRY

KWUYEWLJMRIP]GLSTTIHMRXSGQ[MHXL
K[LMXIGLIIWIJMRIP]GLSTTIHMRXSGQ[MHXL
SFEPIEZIW
WTVMRKVSPP[VETWWXSVIFSYKLXGYXMRLEPJ
XFWTWEPEHSMP
XFWTJPSYVGEOIJPSYV
XFWT[EXIV
;VETXLIWUYEWLMRTPEWXMG[VETERHTVIWW
1MGVS[EZI ;
%FSYXWIG
XSGSSO
4
7XVIXGLXLIWTVMRKVSPP[VETWPEXIVEPP]TYXSFE
ERH
GLIIWISRXLIQ8LIRXMKLXP]VSPPXLIQYT[LMPIETTP]MRK
%
TVITEVIH
4SYVWEPEH SMP SZIV
 XYVRIEGL SZIV XSXLSVSYKLP]
HVIWWXLIQ[MXLXLISMP8LIREVVERKIXLIQSRXLIQIXEP
XVE][MXLEGSSOMRKWLIIXSRMX
1MGVS[EZI,IEXMRK
4
7UYEWL7TVMRK6SPP
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
&MXIWM^I7EPXIH7EPQSR
PMKLXP]WEPXIHWEPQSRJMPPIXEFSYXK
'YX XLI WEPQSRMRXS  TMIGIW 4PEGI E GSSOMRK WLIIX SR
XLIQIXEPXVE]ERHEVVERKIXLIWEPQSRSRMX
-RKVIHMIRXWWIVZMRKWTMIGIW
(MVIGXMSRW
TPEXIWSJJY
4VITEVIHTM^^EWEYGIEWRIIHIHWXSVIFSYKLX
3RMSRERHKVIIRFIPPTITTIVWPMGIHXLMREWRIIHIH
&EGSRERHIRSOMQYWLVSSQWEWRIIHIH
6IHFIPPTITTIVWPMGIHXLMREWRIIHIH
TMQIRXSWXYJJIHSPMZIWWPMGIHXLMR
KGLIIWIWLVIHHIH
(EWLSJWEPXERHTITTIV
)EW]4M^^E
4PEGIXLIJYTPEXIWSRXLIQIXEPXVE][MXLEGSSOMRKWLIIX
SRMX7TVIEHXLITM^^EWEYGISRMX%VVERKI
%
ERH
WIEWSR [MXL WEPX ERHTITTIV PMKLXP] 8LIR WTVMROPI [MXL
GLIIWIERHSPMZIW
-RKVIHMIRXWWIVZMRKWWPMGIW
(MVIGXMSRW
HVMIHLSVWIQEGOIVIPSVHVMIHQEGOIVIP
)EW](VMIH*MWL
'YXXLIHVMIHJMWLMRXSHIWMVIHWM^I4PEGIEGSSOMRKWLIIX
SRXLIQIXEPXVE]ERHEVVERKIXLIJMWLSRMX
-RKVIHMIRXWWIVZMRKWWPMGIW
(MVIGXMSRW
background

0YRGL&S\
7IX1IRY
7IX1IRY0YRGL&S\
*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRI
7IPIGXSRIQEMRHMWLERHJSYVWMHIHMWLIW%VVERKIXLIQSRXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWGPSWIH[MXLVIJIVIRGIXSXLI8MTWJSV
0YRGL&S\8LIRWIXXLIKVMPPPMH
4PEGIMXEPMKRMRKXLIWXIEQMRPIX[MXLXLIWXIEQSYXPIXERHTVIWW
VIWTIGXMZIWIXQIRYSTXMSRXSGSSO

7IX1IRY
,EQFYVK7XIEO0YRGL&S\

7IX1IRY
7EPQSR0YRGL&S\

7IX1IRY
'LMGOIR0YRGL&S\
%JXIVLIEXMRKPIXXLIQGSSPWYJJMGMIRXP]ERHTPEGIXLIQMREPYRGLFS\
(MVIGXMSRW
,S[XSEVVERKIPYRGLFS\
8MTWJSV0YRGL&S\
'YTW
(SRSXYWIER]QIXEPGSRXEMRIVSVEPYQMRYQJSMPGYT
9WIELIEXVIWMWXERXWMPMGSRIGYTFSVIHMEQIXIVEFSYXGQFSXXSQHMEQIXIVEFSYX
GQERHLIMKLXEFSYXGQ
3RP]GSSOXLIWTIGMJMIHEQSYRXEXEXMQI
4YXXMRKMRXLIPYRGLFS\
4YXXLIJSSHWMREPYRGLFS\EPSRK[MXLXLIWMPMGSRIGYTW-JXLIWMPMGSRIGYTWGERRSX
JMXMRXEOIJSSHWSYXSJXLIQERHTYXXLIQMRXLIFS\MRWQEPPTSVXMSRW
'SSOMRKWLIIX
1EMR
(MWL
7MHI
(MWL
7MHI
(MWL
7MHI
(MWL
7MHI
(MWL
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
,EQFYVK7XIEO0YRGL&S\

%YXS
4IXMX,EQFYVK7XIEO
1M\XLI MRKVIHMIRXW [IPPERH HMZMHI XLI
QM\XYVIMRXS X[S 'SEX ]SYV LERHW[MXL E
WQEPPEQSYRXSJWEPEHSMPFIWMHIWXLI
WTIGMJMIH EQSYRX 8SWWXLIQM\XYVIJVSQ
SRILERHXSXLISXLIV XSVIQSZI EMV
FYFFPIWJVSQMRWMHI*SVQSFPSRKTEXXMIW
ERHQEOIEHIRXMRXLIQMHHPISJXLITEXX]
8LITEXXMIWWLSYPHFIGQMRXLMGORIWW
4PEGI
SRXLIWYTIVKVMPPXVE]YRMX
1EMRHMWLWIPIGXSRI
KKVSYRHFIIJERHTSVO
XWT'LMRIWI]EQ
KVEXIH
KSRMSRJMRIP]GLSTTIH
(EWLSJWEPXTITTIVERHRYXQIK
-RKVIHMIRXWWIVZMRK
(MVIGXMSRW
7EPQSR0YRGL&S\

%YXS
&MXIWM^I7EPQSR
'YXXLIWEPQSRMRXSTMIGIWERH
WIEWSR [MXLWEPX%VVERKIXLIQSR
XLIWYTIVKVMPPXVE]YRMX
VE[WEPQSRJMPPIXEFSYXK
(EWLSJWEPX
-RKVIHMIRXWWIVZMRK
(MVIGXMSRW
+VMPPIH'LMGOIR[MXL7IWEQI
'YXXLIQIEXMRXSTMIGIWERH
WTVMROPI[MXLWEOI
%JXIVKIXXMRK[EXIVSJJWIEWSR
[MXLWEPXERH TITTIV7TVMROPIXLI
IRXMVIQIEX [MXL[LMXIWIWEQI ERH
EVVERKI XLIQSR XLIWYTIV KVMPPXVE]
YRMX
'LMGOIR0YRGL&S\

%YXS
[LMXIGLMGOIRFVIEWXEFSYXK
XFWTWEOI
;LMXIWIWEQIEWRIIHIH
(EWLSJWEPXERHTITTIV
-RKVIHMIRXWWIVZMRK
(MVIGXMSRW
7XIEQ
1MGVS[EZI
6IJIVIRGILIEXMRKXMQI%FSYXQMR
4
7IX1IRY
'LMGOIR0YRGL&S\
7EPQSR0YRGL&S\
,EQFYVK7XIEO
0YRGL&S\
background

0YRGL&S\
7IX1IRY
7MHIHMWLWIPIGXJSYV
7EYXIIH7TMREGL
KWTMREGL
KGERSJGSVR
XWTFYXXIV
(EWLSJWEPXERHTITTIV
6MRWIXLIWTMREGLERHKIX[EXIV
SJJ;VETMXMRTPEWXMG[VETERHTVIWW
1MGVS[EZI
;
%FSYXWIG XS
GSSO8LIRTPEGIMXMR[EXIVXS
VIQSZIMQTYVMX]ERHGYXMRXSGQ
[MHXL
4
'SQFMRI
ERHGSVRMREHIIT
GSRXEMRIV7IEWSR[MXLWEPXERH
TITTIVERHQM\PMKLXP]4YXXLI
QM\XYVIMREWMPMGSRIGYTXSTTIH[MXL
FYXXIV4PEGIXLIGYTSRXLIWYTIV
KVMPPXVE]YRMX
1MGVS[EZI,IEXMRK
4
'SQFMRIXLIKVIIRFIPPTITTIV
VIHERH]IPPS[FIPPTITTIVERH
%
MRE
HIITGSRXEMRIVERHQM\PMKLXP]4YX
XLIQM\XYVIMREWMPMGSRIGYTERH
TPEGIXLIGYTSRXLIWYTIVKVMPPXVE]
YRMX
%JXIVLIEXMRKHVIWWXLIQM\XYVI
[MXL[LMXIWIWEQI
'SQFMRIXLIWUYEWLERH
%
MRE
HIITGSRXEMRIVERHQM\PMKLXP]4YX
XLIQM\XYVISRXLIWYTIVKVMPPXVE]YRMX
%JXIVLIEXMRKHVIWWXLIQM\XYVI
[MXL[LMXIWIWEQI
7UYEWL(VIWWIH[MXL+VSYRH7IWEQI
KWUYEWLGYXMRXSGQGYFIW
XWTWS]WEYGI
XWTWYKEV
XWTWEOI
XWTQMVMRW[IIXGSSOMRK[MRI
(EWLSJ[LMXIWIWEQI
+VIIR&IPP4ITTIV(VIWWIH[MXL+VSYRH7IWEQI
KVIIRFIPPTITTIVNYPMIRRIH
VIHFIPPTITTIVNYPMIRRIH
]IPPS[FIPPTITTIVNYPMIRRIH
;LMXIWIWEQIEWRIIHIH
XWTWS]WEYGI
(EWLSJWEPXERHTITTIV
XWTWIWEQISMP
-RKVIHMIRXWWIVZMRK
-RKVIHMIRXWGYT
-RKVIHMIRXWGYT
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
4S[HIVIH'LMGOIR
KKVSYRHGLMGOIR

XWTWS]WEYGI

XWTWYKEV

XWTWEOI
'SQFMRIXLIMRKVIHMIRXWMREHIIT
GSRXEMRIVERHQM\PMKLXP]4YXXLI
QM\XYVIMREWMPMGSRIGYTERHTPEGI
XLIGYTSRXLIWYTIVKVMPPXVE]YRMX
%JXIV LIEXMRK FVIEO XLIQIEXF]
YWMRKEWTSSRSVXLIPMOI
-RKVIHMIRXWGYT (MVIGXMSRW
background

0YRGL&S\
7IX1IRY
7[IIX4SXEXS(VIWWIH[MXL,SRI]
7SEOXLIW[IIXTSXEXSMR[EXIV
%JXIVKIXXMRK[EXIVSJJGSQFMRI
ERH
%
MREHIITGSRXEMRIVERHQM\
PMKLXP] 4YX XLI QM\XYVI SRXLI WYTIV
KVMPPXVE]YRMX
%JXIVLIEXMRKHVIWWXLIQM\XYVI
[MXLFPEGOWIWEQI
KW[IIXTSXEXSGYXMRXSGQGYFIW
XWTLSRI]

XWTWS]WEYGI
XWTWYKEV
(EWLSJWEPX
&PEGOWIWEQIEWRIIHIH
-RKVIHMIRXWWIVZMRK
(MVIGXMSRW
7XIEQIH&VSGGSPM
KFVSGGSPM
(EWLSJWEPX
&VIEOXLIFVSGGSPMMRXSGLYROW ERH
WIEWSR[MXLWEPX4PEGIMXSRXLIWYTIV
KVMPPXVE]YRMX
7EYXIIH1YWLVSSQW
KXSXEPSJIVMRKMWLMQINMERHIRSOM
QYWLVSSQW

XWTFYXXIV
(EWLSJWEPXERHTITTIV
'YXQYWLVSSQWMRXSETTVSTVMEXI
FMXIWM^I
'SQFMRI
MREHIITGSRXEMRIV
7IEWSR[MXLWEPXERHTITTIVERHQM\
PMKLXP]4YXXLIQM\XYVIMREWMPMGSRI
GYTXSTTIH[MXLFYXXIV4PEGIXLIGYT
SRXLIWYTIVKVMPPXVE]YRMX
-RKVIHMIRXWGYT
-RKVIHMIRXWWIVZMRK
(MVIGXMSRW
(MVIGXMSRW
background
*VMIH'LMGOIR+VMPPIH:IKIXEFPI
1MHHPI1IRY&SXXSQ1IRY
*VMIH'LMGOIR
?
(MVIGXMSRW
4
A
6IJIVIRGILIEXMRKXMQI %FSYXQMR

%YXS
*VMIH'LMGOIR+VMPPIH:IKIXEFPI
+VMPPIH:IKIXEFPI
?
(MVIGXMSRW
4
A
8[ S(MWL 3Z I R
1YJÂR1MRM4MI
%GGIWWSV]9WIH
1MHHPI&SXXSQ
1IXEPXVE]
'IVEQMG8VE]
;EXIV8ERO
)QTX]
'SQFMREXMSRSJX[SHIWWIVXW
1MHHPI1IRY&SXXSQ1IRY
1MRMTMI

%YXS
1YJJMR1MRM4MI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
?
(MVIGXMSRW
4
A
1YJJMR
?
(MVIGXMSRW
4
A
'SQFMREXMSRSJX[SWMHIHMWLIW
*VMIH'LMGOIR
1YJJMR
+VMPPIH:IKIXEFPI
1MRMTMI
8MTWJSV8[S(MWL3ZIR
%VVERKIWMHIHMWLIWSVHIWWIVXW
SRXLIQIXEPXVE]W7IXXLIQXS
1MHHPIERH&SXXSQSJXLIXVE]
VEGOMRXLISZIRGEZMX]8LIR]SY
GERGSSOXLIQEXXLIWEQIXMQI
7IXXMRKXLIQMR[VSRKVEGOW[MPPPIEH
XSTSSVVIWYPXW
%R]GSQFMREXMSRSXLIVXLERX[S
WMHIHMWLIWERHX[SHIWWIVXW[MPP
RSXXYVRSYX[IPP
4PEGIEPYQMRYQJSMPSRXLI
QIXEPXVE]XSLIPTVIQSZMRK
ERHGPIERMRK
4VITEVIJSSHWXLEXXEOIPSRKXS
GSSOIKZIKIXEFPIWMREHZERGI
3RP]GSSOXLIEQSYRXJSVXLI
QIXEPXVE]EXEXMQI
-JXLIVIEVIXSSJI[SVXSSQER]XLI
JSSH[MPPRSXGSSO[IPP
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
*SV
*VMIH'LMGOIR+VMPPIH:IKIXEFPI

TVIWW
3ZIR 2S4VILIEX PIZIP

'
XSGSSOGLIGOMRKXLIJSSH
SJXIR
*SV
1YJJMR1MRM4MI
TVIWW
3ZIR
2S4VILIEX
PIZIP

'
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
7IX1IRY
*VMIH'LMGOIR
+VMPPIH:IKIXEFPI
1YJJMR1MRM4MI

8[S(MWL3ZIR
7IX1IRY
3ZIR
4
background

(YEP'SSOMRK[MXL3ZIRERH1MGVS[EZI
7IX1IRY
(YEP'SSOMRK[MXL3ZIRERH1MGVS[EZI?1IEXERH:IKIXEFPIWA
4PEGIXLIGSRXEMRIV[MXLXLI7SYT
]SYTVITEVIHEXXLIGIRXIVSJXLI
GIVEQMGXVE]4PEGIXLI7TMGIH
'LMGOIR]SYTVITEVIHSRXLI
WYTIVKVMPPXVE]YRMX[MXLPIKW
STIRIH4YXXLIYRMXSRXLI
GIVEQMGXVE]ERHWIXXSXLIFSXXSQ
SJXLISZIRGEZMX]
4VIWW
7IX1IRY
7TMGIH'LMGOIR7SYT
XSGSSO
4VSGIHYVIJSVPIZIP'SSOMRK
SJ?1IEXERH:IKIXEFPIWA
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
%GGIWWSV]9WIH
1IEXHMWLXST
PIZIP'SSOMRKSJ1IEX(MWL8STERH:IKIXEFPI(MWL&SXXSQ
7TMGIH'LMGOIR
7TMGIH'LMGOIR

%YXS
7TMGIH'LMGOIR7SYT
'YXIEGLGLMGOIRXLMKLMRXS
TMIGIWERHWSEOXLIQ MR
%
JSVEX
PIEWXQMRYXIW
;MTISJJNYMGIJVSQ
[MXLETETIV
XS[IP %VVERKI XLIQ EX XLI GIRXIV SJ
XLIWYTIVKVMPPXVE]YRMX[MXLPIKW
STIRIHWSXLEXXLIWOMRWMHIMWYT
GLMGOIRXLMKLW[MXLWOMREFSYXK
IEGL
XFWTWS]WEYGI


XFWTWEOI

XFWTWIWEQISMP
XFWTWYKEV
KMRKIVGPSZIJMRIP]GLSTTIH
XWTXSFERNER'LMRIWIWTMG]FIERWEYGI
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7SYT
8YVRMTWERH7EYWEKI7SYT
:IKIXEFPIHMWLFSXXSQ
0IEZIEFMXSJXYVRMTWWXIQERHGYX
SJJXLIPIEZIW4IIPXLIQERHGYXMRXS
TMIGIW4YXSFPMUYIGYXWSRWEYWEKIW
'SQFMRI
[MXLXLITVITEVIH
%
MRE
GSRXEMRIV 'SZIV[MXLEGSSOMRKWLIIXEW
EHVSTPMHVIJIVXS8MTWJSV(YEP'SSOMRK
[MXL3ZIRERH1MGVS[EZI
4

1M\EJXIVLIEXMRK
XYVRMTWEFSYXK
FEKSJZMIRREWEYWEKI
EFSYXK
GYTSJ[EXIV

FSYMPPSRGYFI
(EWLSJWEPXERHTITTIV
-RKVIHMIRXWWIVZMRKW (MVIGXMSRW
1MGVS[EZI
3ZIR
7IX1IRY
4
7TMGIH'LMGOIR
7SYT
background

(YEP'SSOMRK[MXL3ZIRERH1MGVS[EZI
7IX1IRY
(YEP'SSOMRK[MXL3ZIRERH1MGVS[EZI?(IIT*VMIH*SSHWERH:IKIXEFPIWA
4VSGIHYVIJSVPIZIP'SSOMRKSJ?(IIT*VMIH*SSHERH:IKIXEFPIWA
4PEGIXLIGSRXEMRIV[MXLXLI
(IIT*VMIH8SJY]SYTVITEVIH
EXXLIGIRXIVSJXLIGIVEQMGXVE]
4PEGIXLI
(IIT*VMIH*MWL
]SY
TVITEVIHSRXLIWYTIVKVMPPXVE]
YRMX[MXLPIKWSTIRIH4YXXLI
YRMXSRXLIGIVEQMGXVE]ERHWIX
XSXLIFSXXSQSJXLISZIRGEZMX]
4VIWW
7IX1IRY
(IIT*VMIH*MWL8SJY
XSGSSO
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
)QTX]
%GGIWWSV]9WIH
(IITJVMIHJSSHXST
(IIT*VMIH*MWL
&MXI7M^I(IIT*VMIH;LMXI*MWL
;MTISJJXLI[EXIVERHVIQSZI
FSRIWJVSQ[LMXIJMWL'YXEJMPPIXMRXS
TMIGIWERHWIEWSRXLIIRXMVIQIEX
[MXLWEPXERHTITTIV
%TTP]JPSYVIKKWERHFVIEH
GVYQFWXS
MRSVHIV
3TIRXLIPIKWSJXLIWYTIVKVMPPXVE]
YRMX7IX
EXXLIGIRXIVSJXLIYRMX
[LMXIJMWLJMPPIXWEFSYXKIEGL
(EWLSJWEPXERHTITTIV
KJVMIHFVIEHGVYQFW
4
XFWTJPSYVGEOIJPSYV
IKKFIEXIR

%YXS
(IIT*VMIH*MWL8SJY
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
:IKIXEFPIHMWLFSXXSQ
(IIT*VMIH8SJY
&SMPIH(IIT*VMIH8SJYERH1YWLVSSQW
6IJIVIRGILIEXMRKXMQI
%FSYXQMR
PIZIP'SSOMRKSJ(IIT*VMIH*SSH8STERH:IKIXEFPI(MWL&SXXSQ
4EVFSMPXLIHIITJVMIHXSJYXS
VIQSZISMP'YXZIVXMGEPP]MRLEPJERH
XLIRMRXSGQXLMGO
'SQFMRI
[MXLXLITVITEVIH
%
MREGSRXEMRIV'SZIV[MXLEGSSOMRK
WLIIXEWEHVSTPMHVIJIVXS8MTWJSV
(YEP'SSOMRK[MXL3ZIRERH
1MGVS[EZI
1M\PMKLXP]EJXIVLIEXMRK
KHIITJVMIHXSJY
KQYWLVSSQW
FVIEOETEVXER]GPYQTW
GYTSJHEWLMFVSXL

XWTWS]WEYGI
XFWTQMVMRW[IIXGSSOMRK[MRI
(EWLSJWEPX
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
(IIT*VMIH*MWL8SJY
1MGVS[EZI
3ZIR
7IX1IRY
4
background

(YEP'SSOMRK[MXL3ZIRERH1MGVS[EZI
7IX1IRY
8MTWJSV(YEP'SSOMRK[MXL3ZIRERH1MGVS[EZI
9WITPIRX]SJFVSXLJSV
ZIKIXEFPIW
9WIIRSYKLFVSXLWSXLEXXLIWSYT
MRKVIHMIRXWEVIGSZIVIHGSQTPIXIP]
,EVHXSGSSOZIKIXEFPIW
4PEGILEVHXSGSSOZIKIXEFPIWMR
XLIFSXXSQSJEHMWLXLEXGSRHYGXW
LIEXIEWMP]
3RP]GSSOSVWIVZMRKWEXEXMQI
%HHMXMSREP,IEXMRK
-JXLIQIEXHMWLMWRSXWYJJMGMIRXP]
LIEXIHXEOIXLIZIKIXEFPIHMWLSYX
EJXIVLIEXMRKERHTVIWW
%HHMXMSREP,IEXMRK
XSGSSOEKEMR
GLIGOMRKMXSJXIR*SVJVMIHJSSHXYVR
MXSZIVERHGSSOEKEMR
8SGSSOXLIZIKIXEFPIHMWLJYVXLIV
XEOISYXXLIQIEXHMWLERHTVIWW
1MGVS[EZI
;
XSGSSO
GLIGOMRKMXSJXIR
4
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8EOISYXXLIZIKIXEFPIHMWLERH
TVIWW
+VMPP
4
JSVEQIEXHMWL
SVXYVRXLIJSSHSZIVERHTVIWW
3ZIR
2S4VILIEX
PIZIP

'
JSVHIITJVMIHJSSHGLIGOMRKMX
SJXIR
4
6IGSQQIRHIHFS[P
%[MHIQSYXL
LIEXVIWMWXERX
KPEWWFS[PSJ
EFSYXGQ
HMEQIXIV-(EFSYXGQERH
EFSYXGQHITXLMW
VIGSQQIRHIH
-RKVIHMIRXW
8V]XSGYXXLIMRKVIHMIRXWMRIUYEPP]
WM^IHTMIGIW
(SRSXGSZIV[MXLTPEWXMG
[VETSVEPMH
8LMW[MPPTVIZIRXXLIPMUYMHWJVSQ
VIHYGMRKTVSTIVP]HYVMRKGSSOMRK
9WIEHVSTPMH
'YXEGSSOMRKWLIIXMRXSEGMVGPI
WPMKLXP]WQEPPIVXLERXLIQSYXLSJXLI
FS[P'SZIV[MXLEPMHXLEXLEWER
<WLETIHSTIRMRKGYXMRXLIGIRXIV
FIJSVIGSSOMRK
7OMQQMRKZIKIXEFPIW
7OMQXLIZIKIXEFPIWSRGIXLI]EVI
GSSOIH
background

6ILIEX
KWXIEQIHHYQTPMRKW
.ETERIWIWX]PIJVMIHRSSHPIWSVSXLIV
WMHIHMWL
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
(SRSXGSZIVXLIJSSHJSVI\EQTPI
[MXLTPEWXMG[VETERHTVIWW
6ILIEX(IJVSWX
6ILIEX
7XIEQ6ILIEX
XSVILIEX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
(SRSXGSZIVXLIJSSHJSVI\EQTPI
[MXLTPEWXMG[VETERHTVIWW
6ILIEX(IJVSWX
6ILIEX
7XIEQ6ILIEX
XSVILIEX
4SYVQMPOMRXSEQYKSVHVMROMRKGYTERH
6ILIEX(IJVSWX
6ILIEX
&IZIVEKIW;EVQ1MPO
XSVILIEX
*SV6ILIEXWSQI%YXS1IRYSTXMSRWEVIMRHMGEXIH
6ILIEX
&IZIVEKIW;EVQ1MPO
6MGI
:EGYYQTEGOIH
'YVV]SV6MGI&S[P8STTMRKW
6IEH]QEHI&SMPMRFEK8]TI


%YXS
%TTPMIH
%TTPMIH
GYTSJGSPHVMGIEFSYXK

%TTPMIH
6ILIEXMRK7MHI(MWLIW

%TTPMIH
6ILIEXMRK6MGI
;EXIV8ERO
)QTX]
;EXIV8ERO
)QTX]
%GGIWWSV]9WIH
%GGIWWSV]9WIH
'IVEQMG8VE]
'IVEQMG8VE]
6ILIEX
&IZIVEKIW;EVQ1MPO
4
6ILIEX
(IJVSWX
6ILIEX
6ILIEX
4
1MGVS[EZI
%GGIWWSV]9WIH
'IVEQMG8VE]
6ILIEX
7XIEQ6ILIEX
4
7XIEQ
1MGVS[EZI
;EXIV8ERO
*YPP
8MTWJSV7XIEQ6ILIEX
8LMWJYRGXMSR [MPPRSX[SVO
[IPP JSVJVS^IRVMGISV
TVITEVIHJVS^IRWMHIHMWLIW
9WI
*VS^IR6MGI
XSVILIEXJVS^IR
VMGI SV (IJVSWX6ILIEX
XS VILIEX
WMHIHMWLIW
4
8EOIXLIXSTTMRKWJVSQXLI
TEGOEKISVEFEKERHXVERWJIVXSE
GIVEQMGSVLIEXVIWMWXERXGSRXEMRIV
0MKLXP][VETMXMRTPEWXMG[VETERH
TVIWW 6ILIEX(IJVSWX
6ILIEX
6ILIEX
XSGSSO
1M\EJXIVLIEXMRK
(MWLIWPMOIVMGITSVVMHKIWLSYPHFIPIJX
XSWXERHJSVEJI[QMRYXIWEJXIVGSSOMRK
XSWSJXIR
7EYGIWXLEXGSRXEMRWUYMHWLVMQT
[LSPIQYWLVSSQWSVWMQMPEVMRKVIHMIRXW
QE]WTPEXXIVEWGERGYVVMIWERHSXLIV
XLMGOWEYGIW
6IQSZI[LSPIQYWLVSSQW
FIJSVI GSSOMRKERHEHHXLIQSRGI
LIEXMRKMWGSQTPIXIH
6IQSZIXLIVMGIJVSQMXWTEGOEKMRK
SVXLIFEKERHXVERWJIVXSEGIVEQMGSV
LIEXVIWMWXERXFS[P&VIEOYTXLIVMGI
MRXSWQEPPGLYROWERHPMKLXP]GSZIV
[MXLTPEWXMG[VET8LIRTVIWW
6ILIEX(IJVSWX
6ILIEX
6ILIEX
XSGSSO
1M\EJXIVLIEXMRK
*SPPS[XLIQERYJEGXYVIVWHMVIGXMSRW MJ
GSSOMRK MRXLI SVMKMREPTEGOEKMRK 4SOI
LSPIWSV TEVXMEPP]VIQSZIXLI WIEP9WIXLI
1ERYEP 1IRY 1MGVS[EZI ,IEXMRKXS
GSSO
*SPPS[XLIGSSOMRKXMQITVMRXIHSRXLI
TEGOEKIGLIGOMRKXLIVMGISJXIR
8SVILIEXWXSVIFSYKLXVMGIFEPPW
4
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
6IJIVIRGILIEXMRKXMQI
Q0%TTVS\QMRWIG
6IJIVIRGILIEXMRKXMQI
GYTEFSYXK%TTVS\QMRWIG
-RKVIHMIRXWWIVZMRKGYT
-RKVIHMIRXWWIVZMRKW
6ILIEX
(IJVSWX
6ILIEX
(IJVSWX
1MGVS[EZI
background

6ILIEX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZITEGOEKMRKQEXIVMEPWSXLIV
XLERXLIFSXXSQTETIVJVSQXLIFYR
ERHTPEGIMXEXXLIGIRXIVSJXLIWYTIV
KVMPPXVE]YRMX[MXLPIKWGPSWIH8LIR
WIXXLIKVMPPPMH
4PEGIMXEPMKRMRKXLIWXIEQMRPIXSJXLI
PMH[MXLXLIWXIEQSYXPIX4VIWW
6ILIEX(IJVSWX
6ILIEX
6ILIEX7XIEQ&YRW'LMPPIH
XSGSSO
EFYRWXSVIHEXXLIVSSQSVGLMPPIH
XIQTIVEXYVISV
6ILIEX(IJVSWX
6ILIEX
6ILIEX7XIEQ&YRW*VS^IR
XSGSSOEJVS^IRFYR
6ILIEX7XIEQ&YRW'LMPPIH

%YXS
6ILIEX7XIEQ&YRW*VS^IR

%YXS
WXIEQIHFYREFSYXK
%GGIWWSV]9WIH
7XIEQ
1MGVS[EZI
6ILIEX
6ILIEX7XIEQ&YRW
'LMPPIH
4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
7XIEQ
1MGVS[EZI
6ILIEX
6ILIEX7XIEQ&YRW
*VS^IR
4
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
;LIRXLIJSSHMWLEVH
FIJSVILIEXMRKSV]SY[ERX
XSQEOIMXJPYJJ]
-QQIVWIXLIJSSHMR[EXIVSVWTVE]
[EXIVSRMXFIJSVILIEXMRK
2YQFIVSJWXIEQIHFYRW
XLEXGERFIVILIEXIHEXSRI
XMQI
EFSYXKXSTMIGIWEFSYX
KSJWXIEQIHFYRWWXSVIHEX
VSSQGLMPPIHSVJVS^IRXIQTIVEXYVI
=SYGERVILIEXXSWXIEQIH
FYRWSJKIEGLMR[IMKLXSV
SVSJK
+VMPPPMH
(SRSXGSZIVXLIJSSHJSVI\EQTPI
[MXLTPEWXMG[VET
8MTWJSV6ILIEXMRK7XIEQIH&YR
6EQIRERH3XLIV
-RWXERX2SSHPIW
&EKSV*SVQ&S[P
1ERYEP
&IERTEWXIFYRW
7IXXLIHSRIRIWWEHNYWXQIRXXS
1-(03
SV 03
(ITIRHMRKSRXLI
QERYJEGXYVIVSJJSSH
TVIWIVZEXMSRGSRHMXMSRWERH
WLETIWYWIERETTVSTVMEXI
HSRIRIWWEHNYWXQIRX
0IEZITETIVEXXEGLIHXSXLI
FSXXSQERHTPEGIXLIFYRWSR
XLIWYTIVKVMPPXVE]YRMX
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWL4VIWW
7XIEQ1MGVS[EZI
XSGSSOGLIGOMRK
XLIJSSHSJXIR
4
1MGVS[EZI,IEXMRK
4
6IQSZIXLIRSSHPIWJVSQ XLIMV
GYTSVFEKERHXVERWJIVXSEGIVEQMG
SVLIEXVIWMWXERXFS[P
%HHiQ0[EXIVIRSYKLXS
GSZIVXLIRSSHPIWERHGSZIV[MXL
TPEWXMG[VETEWWLS[R8LIRTVIWW
1MGVS[EZI ;
QMR
XSGSSO
4
3TIRMXF]EFSYX
GQXSTVIZIRX
FYVWXMRK
GQ
7XMV[IPPEJXIVLIEXMRKERHEHHXLI
WIEWSRMRKWEWMRHMGEXIHF]XLI
QERYJEGXYVIV
(MVIGXMSRW
(MVIGXMSRW
6IJIVIRGILIEXMRKXMQI %FSYXQMR 6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKTMIGI
6ILIEX
(IJVSWX
6ILIEX
(IJVSWX
background

6ILIEX
8LITEGOEKIMPPYWXVEXMSRWSJJSSHWEVI
SRP]JSVMQEKIVIJIVIRGI
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZITEGOEKMRKSJXLIJVS^IR
KVMPPIHVMGIFEPPW%VVERKIXLIQEXXLI
GIRXIVSJXLIWYTIVKVMPPXVE]YRMX[MXL
PIKWSTIRIH4YXXLIYRMXSRXLI
GIVEQMGXVE]ERHTVIWW
6ILIEX(IJVSWX
6ILIEX
'VMWT]'SSOMRK*VS^IR
XSGSSO

%TTPMIH
7EXWYQEWX]PI*VMIH*SSH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZITEGOEKMRKSJXLIJVMIH
JSSH%VVERKIMXEXXLIGIRXIVSJXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWSTIRIH
TPEGIXLIYRMXSRXLIGIVEQMGXVE]ERH
LIEXXLIQ[MXL
6ILIEX(IJVSWX
6ILIEX
'VMWT]'SSOMRK'LMPPIH
K7EXWYQEWX]PIJVMIHJSSH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZITEGOEKMRKSJXLIHIIT
JVMIHXSJY%VVERKIMXEXXLIGIRXIVSJ
XLIWYTIVKVMPPXVE]YRMX[MXLPIKW
STIRIHTPEGIXLIYRMXSRXLIGIVEQMG
XVE]ERHLIEXXLIQ[MXL
6ILIEX(IJVSWX
6ILIEX
'VMWT]'SSOMRK'LMPPIH

%TTPMIH
(IIT*VMIH8SJY
FPSGOWSJHIITJVMIHXSJYK

%TTPMIH
+VMPPIH*MWLERH&VSMPIH)IP
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZITEGOEKMRKSJXLIKVMPPIH
JMWLSVFVSMPIHIIP%VVERKIXLIJSSHEX
XLIGIRXIVSJXLIWYTIVKVMPPXVE]YRMX
[MXLPIKWSTIRIHTPEGIXLIYRMXSR
XLIGIVEQMGXVE]ERHLIEXXLIQ[MXL
6ILIEX(IJVSWX
6ILIEX
'VMWT]'SSOMRK'LMPPIH

*SVFVSMPIHIIPWIXXLIHSRIRIWW
EHNYWXQIRXXS
03
KVMPPIHJMWLJMPPIXWWXSVIFSYKLXSV
LSQIQEHI
SVWOI[IVWSJFVSMPIHIIP

%TTPMIH
*VS^IR+VMPPIH6MGIFEPP
JVS^IRKVMPPIHVMGIFEPPW
'%98-32
(SRSXYWI
'VMWT]'SSOMRK'LMPPIH
SV
'VMWT]'SSOMRK*VS^IR
XSLIEX
EWQEPPEQSYRXSJJSSH
-XGERVIWYPXMRXLIJSSHFYVRIH
-J[IMKLXTIVTMIGIMWEFSYX KSV
PIWW TYXQYPXMTPITMIGIWXSQEOIXLI
XSXEP[IMKLXKSVEFSZI
%GGIWWSV]9WIH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZITEGOEKMRKSJ XLI
,EQFYVKWXIEOWSV GLMGOIR WXIEOW
%VVERKIXLIJSSHEXXLI GIRXIVSJXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWSTIRIH
TPEGIXLIYRMXSRXLIGIVEQMGXVE]ERH
LIEXXLIQ[MXL
6ILIEX(IJVSWX
6ILIEX
'VMWT]'SSOMRK'LMPPIH
TVITEVIH,EQFYVKWXIEOWGLMPPIH
SVTVITEVIHGLMGOIRWXIEOWGLMPPIH

%TTPMIH
,EQFYVK7XIEOERH'LMGOIR7XIEO
%GGIWWSV]9WIH
6ILIEX
'VMWT]'SSOMRK
'LMPPIH
4
1MGVS[EZI
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
8MTWJSV'VMWT]'SSOMRK'LMPPIH
ERH'VMWT]'SSOMRK*VS^IR
2YQFIVSJWIVZMRKW
'SSOFIX[IIRX[SEFSYXK
ERHWM\WIVZMRKWEXEXMQI
3XLIVWIVZMRKEQSYRXWGERRSXFI
GSSOIHYWMRKXLIEYXSQIRYJYRGXMSR
4PEGIXLIJSSHMRXLIGIRXIV
SJXLIWYTIVKVMPPXVE]YRMX
-JXLIVIEVIQSVIXLERX[STMIGIWSJ
JSSHEVVERKIXLIQXS[EVHWXLI
GIRXIVSJXLIWYTIVKVMPPXVE]YRMX
8SVILIEXMRKPYOI[EVQHIITJVMIH
JSSHWGVSUYIXXIIXG
9WI 6ILIEX*VMIH*SSH 
4
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
+VMPP
XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
6IJIVIRGILIEXMRKXMQI %FSYXQMRJSVK 6IJIVIRGILIEXMRKXMQI %FSYXQMRJSVK
-RKVIHMIRXW
-RKVIHMIRXW
-RKVIHMIRXW
-RKVIHMIRXW
-RKVIHMIRXW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
?8MTWA
-JWEYGIMWWYTTPMIHTYXMXEJXIVLIEXMRK
8LI TEGOEKIMPPYWXVEXMSRW SJJSSHWEVI
SRP]JSVMQEKIVIJIVIRGI
?8MTWA
%HHXLI WEYGIJSV FVSMPIHIIPEJXIV
EVVERKMRKMXSREHMWL
(SRIRIWW%HNYWXQIRX 03
6ILIEX
'VMWT]'SSOMRK
*VS^IR
4
6ILIEX
(IJVSWX
6ILIEX
(IJVSWX
1MGVS[EZI
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP
background

6ILIEX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLITEGOEKMRKQEXIVMEP
JVSQXLIJVS^IRWTVMRKVSPPWTPEGI
XLIQEXXLIGIRXIVSJXLIWYTIVKVMPP
XVE]YRMX[MXLPIKWSTIRIHXLIRTYX
XLIYRMXSRXLIGIVEQMGXVE]4VIWW
6ILIEX(IJVSWX
6ILIEX
'VMWT]'SSOMRK*VS^IR XSGSSO
[MXLHSRIRIWWEHNYWXQIRXWIXXS
03
?8MTWA
+VMPPRSRJVMIHJVS^IR WTVMRKVSPPW[MXL
HSRIRIWWEHNYWXQIRXWIXXS 1-(
=SYQE] ETTP]SMP SRXLIWYVJEGIEW
HIWMVIHFIJSVIGSSOMRK
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZITEGOEKMRKSJXLIJVS^IR
,EQFYVKWXIEOW%VVERKIMXEXXLI
GIRXIVSJXLIWYTIVKVMPPXVE]YRMX[MXL
PIKWSTIRIHTPEGIXLIYRMXSRXLI
GIVEQMGXVE]ERHLIEXXLIQ[MXL
6ILIEX(IJVSWX
6ILIEX
'VMWT]'SSOMRK*VS^IR
?8MTWA
-JWEYGIMWWYTTPMIHTYXMXEJXIVLIEXMRK
4YXXMRKXLIWEYGISRFIJSVILERHQE]
GEYWIXLIJSSHXSTSTSVFYVWX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZITEGOEKMRKSJJVS^IR
XEOS]EOM%VVERKIMXEXXLIGIRXIVSJ
XLIWYTIVKVMPPXVE]YRMX[MXLPIKW
STIRIHTPEGIXLIYRMXSRXLIGIVEQMG
XVE]ERHLIEXXLIQ[MXL
6ILIEX(IJVSWX
6ILIEX
'VMWT]'SSOMRK*VS^IR 4YXXLI
WEYGISRMX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZI TEGOEKMRKSJXLI JVS^IR
JVMIHJSSHWERHGLMGOIRRYKKIX
%VVERKI XLIQEXXLI GIRXIV SJ XLI
WYTIVKVMPPXVE]YRMX[MXLPIKWSTIRIH
4YX XLI YRMX SR XLI GIVEQMGXVE] ERH
TVIWW 6ILIEX(IJVSWX
6ILIEX
'VMWT]'SSOMRK*VS^IR
XSGSSO

%TTPMIH
*VS^IR*VMIH*SSHWERH2YKKIX
KJVS^IRJVMIHJSSHWERHGLMGOIRRYKKIXJVMIH

%TTPMIH
*VS^IR8EOS]EOM
JVS^IRXEOS]EOMFEPPW

%TTPMIH
*VS^IR,EQFYVK7XIEO
TEXXMIWSJJVS^IR,EQFYVKWXIEOQMRMWM^I

%TTPMIH
7TVMRK6SPP
JVS^IRWTVMRKVSPPWJVMIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZITEGOEKMRKWYGLEWTPEWXMG
[VET%VVERKIXLIJSSHEXXLIGIRXIV
SJXLIWYTIVKVMPPXVE]YRMX[MXLPIKW
STIRIH[MXLGEVIRSXXSPIXXLIQ
SZIVPETTIHTPEGIXLIYRMXSRXLI
GIVEQMGXVE]ERHLIEXXLIQ[MXL
6ILIEX(IJVSWX
6ILIEX
6ILIEX*VMIH*SSH
KHIITJVMIHJSSHW
6ILIEX*VMIH*SSH

%YXS
%GGIWWSV]9WIH
6ILIEX
6ILIEX*VMIH*SSH
4
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMXPIKW
STIRIHERHXSTJPETGPSWIH
;EXIV8ERO
*YPP
8LITEGOEKIMPPYWXVEXMSRWSJJSSHWEVI
SRP]JSVMQEKIVIJIVIRGI
8LI TEGOEKIMPPYWXVEXMSRW SJJSSHWEVI
SRP]JSVMQEKIVIJIVIRGI
8LI TEGOEKIMPPYWXVEXMSRW SJJSSHWEVI
SRP]JSVMQEKIVIJIVIRGI
(SRIRIWW%HNYWXQIRX 03
8MTWJSV6ILIEXMRK*VMIH*SSH
6IJIVIRGILIEXMRKXMQI %FSYXQMRJSVK
-RKVIHMIRXW
-RKVIHMIRXW
-RKVIHMIRXWWIVZMRKW
-RKVIHMIRXW
-RKVIHMIRXW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
6ILIEX
(IJVSWX
3ZIR
7YTIVLIEXIH7XIEQ
+VMPP
*VS^IRHIITJVMIHJSSHW
GERRSXFIVILIEXIH
'VMWT]'SSOMRK*VS^IR
7IXXLIHSRIRIWWEHNYWXQIRXXS
03
XSLIEX
4
*SSH[IMKLMRKPIWWXLERK
GERRSXFILIEXIH
1EOIMXKSVEFSZISVWIXXLI
QIXEPXVE]XS1MHHPIERHTVIWW
7YTIVLIEXIH7XIEQ3ZIR
2S4VILIEX
' XSGSSOGLIGOMRKMXSJXIR
4
;LIRXLIFSXXSQWYVJEGIMW
WXMGO]EJXIVLIEXMRKSJHIIT
JVMIHJSSH
;MTISJJXLISMPGSRXIRX[MXLTETIV
XS[IPSVXLIPMOI
background

(IWWIVX'EOI
%YXS

7TSRKI'EOI(IGSVEXIH'EOI
1MGVS[EZI,IEXMRK
4
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
'SEXXLIGEOITER[MXLEWQEPP
EQSYRXSJFYXXIVFIWMHIWXLIWTIGMJMIH
EQSYRXXLIRPMRIXLIFSXXSQERHXLI
WMHIW[MXLTEVGLQIRXTETIVJSV
FEOMRK'SQFMRI
ERHQIPXMXF]
TVIWWMRK
1MGVS[EZI ;
QMRWIG
*SVERGQGEOIWIIXLI8MTWJSV
7TSRKI'EOIJSVSXLIVWM^IWSRXLI
VMKLX
4
%HHXLIIKK
[LMXIWXSE
FS[PERHYWIE
LERHLIPH
FPIRHIVXS[LMT
YRXMPXLIQM\XYVIMWEFSYXJSEQ
%HHXLIWYKEVXLIRGSRXMRYI
[LMTTMRKYRXMPWXMJJWITEVEXI[LMTTMRK
QIXLSH

%HHXLIIKK]SPOWERH[LMTMRXSE
JSEQEKEMR-RWIVX
SJEXSSXLTMGO
MRXSXLIHSYKL-JXLIXSSXLTMGOHSIW
RSXJEPPMQQIHMEXIP][LMTTMRKMW
IRSYKL%HHXLIZERMPPEI\XVEGXERH
QM\EXPS[VEXI
7MJXXLIJPSYV*SPHMXMRXSXLI
QM\XYVI[MXLE[SSHIRWTSSRSVE
VYFFIVWTEXYPEYRXMPNYWXGSQFMRIHF]
WGSSTMRKYTJVSQXLIFSXXSQXEOMRK
GEVIRSXXSQEOIXLIQM\XYVIWXMGO]
'SQFMRI
%
ERHWXMVXSKIXLIVUYMGOP]
&VMWOP]TSYVIZIV]XLMRKMRXSXLI
QSPH0MJXXLITERSJJXLIGSYRXIVERH
KIRXP]HVSTMXXSVIQSZIXLIEMV4PEGI
XLITERSRXLIQIXEPXVE]ERHMRWIVX
XLIXVE]MRXS&SXXSQ4VIWW
(IWWIVX
7TSRKI'EOI
XSFEOI
(VSTXLIQSPHJVSQELIMKLXSJ
GQXSTVIZIRXMXJVSQWLVMROMRK
HYVMRKFEOMRK7ITEVEXIXLIGEOIJVSQ
XLIQSPHERHVIQSZIXLITEVGLQIRX
TETIV%PPS[XSGSSPGSQTPIXIP]XLIR
XST[MXL[LMTTIHGVIEQJVYMXSVSXLIV
IQFIPPMWLQIRXWEWHIWMVIH
KJPSYVGEOIJPSYV
KWYKEV
IKKW[LMXIWERH]SPOWWITEVEXIH
(EWLSJZERMPPEI\XVEGX
XWTQMPOVSSQXIQTIVEXYVI
KFYXXIV
;LMTTIHGVIEQEWRIIHIH
*VYMXWXVE[FIVVMIWIXG
EWRIIHIH
(IWWIVX
;EXIV8ERO
*YPP
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
%GGIWWSV]9WIH
'SQFMRIH[LMTTMRKQIXLSH
'VEGOXLIIKKWMRXSEFS[PERH
YWIELERHLIPHFPIRHIVXS[LMTYRXMP
XLIQM\XYVIMWEFSYXJSEQ
%HHXLIWYKEVERHGSRXMRYI
[LMTTMRKYRXMPMXFIKMRWXSKIXWXMJJ
WXST[LIRXLIFPIRHIVPIEZIWE
GMVGYPEVXVEMPMR
XLIQM\XYVI
%HHXLI
ZERMPPEI\XVEGX
ERHGSRXMRYI
EWEFSZI
JVSQWXIT
6IJIVIRGILIEXMRKXMQI %FSYX  QMR
(MVIGXMSRW
-RKVIHMIRXWSRIGQQIXEPGEOITER
7TSRKI'EOI
7XIEQ
3ZIR
4
4VITEVEXMSR
,IEXMRK
(IWWIVX
'EOI
background

GQGQ GQ
4SMRXWJSVQEOMRKWTSRKIGEOI
'VSWW
WIGXMSR
'SRHMXMSR
'EOIHMHRSXI\TERH
TVSTIVP]
8I\XYVIEMVTSGOIXWHIRWI
XLVSYKLSYX
'EOIMWXSSLEVH
'EOIHMHRSXI\TERH
TVSTIVP]
'EOIMWHV]
8I\XYVIMWGSEVWI[MXL
GPYQTWSJJPSYV
7YVJEGIMWRSXMGIEFP]
[VMROPIH
8I\XYVIMWGSEVWIXLVSYKLSYX
'SPPETWIHMRGIRXIV
8I\XYVIEMVTSGOIXWHIRWI
MRGIVXEMREVIEW
-RGSRWMWXIRXI\TERWMSR
'EYWI
)KKW[IVIRSX[LMTTIH
XLSVSYKLP]
&EXXIV[EWSZIVQM\IHEJXIV
EHHMRKJPSYVERHFYXXIV
HIWXVS]MRKXLIIKKJSEQXLI
QM\XYVIWLSYPHFIJSPHIH
VEXLIVXLERQM\IH
&EXXIV[EWPIJXWMXXMRKJSVXSS
PSRK
2SXIRSYKLWYKEV
*PSY
V[EWRSXWYJJMGMIRXP]
FPIRHI
H
*PSYV[EWRSXWMJXIH
%MV[EWRSXJYPP]VIQSZIH
8LIYR[LMTTIHFEXXIVPIJXMR
XLIFS[P[EWTSYVIHMRXS
XLIGIRXIVSJXLIQSPHXLI
FEXXIVWLSYPHFIWTVIEHXS
XLIIHKIW
2SXIRSYKLJPSYV
&EXXIV[EWSZIVQM\IHEJXIV
EHHMRKJPSYVERHFYXXIV
HIWXVS]MRKXLIIKKJSEQXLI
QM\XYVIWLSYPHFIJSPHIH
VEXLIVXLERQM\IH
1IPXIHFYXXIV[EWRSXQM\IH
MRIZIRP]XLIFYXXIVWLSYPH
FIQM\IHMR[LMPIWXMPPLSX
=SYGERYWIXLIVIGMTIXSQEOIEGQGEOI 'EOIQSPH
9WIEQIXEPGEOITER[MXLWQSSXLWMHIW
JVIISJVMZIXWSVSXLIVMRGSRWMWXIRGMIW
*SVIEWMIV[LMTTMRK
;EVQXLIIKKWERHFS[PXSQEOI
MXIEWMIVXS[LMTMRXSEJSEQ
1EOIWYVIXLIIKK[LMXIW
EVI[LMTTIHXLSVSYKLP]
8SGLIGO[LIXLIVXLIIKK[LMXIWLEZI
FIIR[LMTTIHIRSYKLXEOIE[LMWOSV
ELERHLIPHFPIRHIVERHTYPPMXYT
XLVSYKLXLIQM\XYVI-JLEVHTIEOWJSVQ
XLIQM\XYVIMWWYJJMGMIRXP][LMTTIH
;LIRXLIGEOIMWHSRITVSTIVP]
8LIFSH]SJXLIJMRMWLIHGEOIWLSYPH
FIJPYJJ]ERH[MXLERIZIRXI\XYVI
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW 3ZIR
2S4VILIEX
PIZIP
'XSGSSOGLIGOMRKXLIJSSH
SJXIR
4
-JXLIWYVJEGISJXLIGEOIJEPPW
6IQSZIXLIGEOIJVSQXLIQSPH
ERHXYVRFSXXSQWMHIYTXSGSSP
1ERYEPGSSOMRK
4
8MTWJSV7TSRKI'EOI
(MVIGXMSRW
6IJIVIRGILIEXMRK
XMQI
K
7YKEV
)KKW
&YXXIV
1MPO
XFWT XWT XFWT
*PSYVGEOIJPSYV
K
KK
K
K
KKK
%TTVS\QMR
%TTVS\QMRWIG
%TTVS\QMR
%TTVS\QMR %TTVS\QMR
%TTVS\QMR
1-(03 1-( 1-(,-
(SRIRIWW%HNYWXQIRX
7TSRKI'EOI
(MEQIXIV
-RKVIHMIRXW
(IWWIVX
'EOI
background

(MVIGXMSRW (MVIGXMSRW
-RKVIHMIRXWVSPP
-RKVIHMIRXW -RKVIHMIRXW
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
,MRXWJSVQEOMRKXLIFEXXIV
8LIOI]XSKSSHFEXXIVMW[LMTTMRK
XLIIKKWERHQM\MRKMRXLIJPSYV
TVSTIVP]*SVMRWXVYGXMSRWSRLS[XS
[LMT[LSPIIKKWVIJIVXSXLI
GSQFMRIHQM\MRKQIXLSH1EOI
WYVIXLEXXLIFPIRHIVPIEZIWE
GMVGYPEVXVEMPMRXLIQM\XYVI
;LIRQM\MRKMRXLIJPSYVJSPHMR
YRXMPNYWXGSQFMRIHXEOMRKGEVIRSX
XSQEOIXLIQM\XYVIWXMGO]
6IQSZMRKXLITEVGLQIRXTETIV
;LMPIWXMPPLSXIMXLIVQMWXXLITETIV
[MXL[EXIVSVQSMWXIR[MXLEHEQT
GPSXL4IIPYTWPS[P]YWMRKFSXL
LERHW
-JXLIIHKIWSJXLIGEOI
FIGSQILEVH
1SMWXIRXLIWYVJEGISJXLIGEOI
[MXLW]VYTSVGSZIV[MXLEHV]GPSXL
ERHTPEWXMG[VETSRGIGSSPIH0IX
WMXJSVE[LMPIFIJSVIVSPPMRK
%TTP]MRKNEQ
8LIGEOIW[MPPVSPPFIWXMJNEQMW
ETTPMIHMREGQFERHSRXLIJEV
WMHISJXLIVSPPGEOIIRHSJXLIVSPP
8[SPIZIPFEOMRK
(SRSXYWIXLI%YXS1IRYJSVX[S
PIZIPFEOMRK
(SYFPIXLIVIGMTIXSQEOIX[MGI
XLIEQSYRXSJFEXXIV&EOIJSV
%FSYXQMR
MRWXIT
MRXLIHMVIGXMSRW
SJXLI6SPP'EOI4PEMR7IXXSXLI
1ERYEP1IRY3ZIR,IEXMRKMRXLI
WXIT
XSTVILIEXFIJSVIFEOMRK
XLIFEXXIV
4
-JXLIGEOIMWGSSOMRKYRIZIRP]
W[MXGLXLITSWMXMSRSJXLIQIXEP
XVE]WEJXIV
SJXLILIEXMRK
XMQILEWTEWWIH
-JXLIGEOIMWYRHIVGSSOIHEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKMXSJXIR
4
8MTWJSV6SPP'EOIW
1SGLE6SPP'EOI
1EXGLE6SPP'EOI
4PEMR

%YXS
6SPP'EOI4PEMR
1MGVS[EZI,IEXMRK
4
'SEXXLIQIXEPXVE][MXLEWQEPP
EQSYRXSJFYXXIVFIWMHIWXLI
WTIGMJMIHEQSYRXERHGSZIV[MXL
TEVGLQIRXTETIVJSVFEOMRK
'SQFMRI
%
ERHQIPXMXF]TVIWWMRK
1MGVS[EZI ;
QMR

4
%HHXLIIKKWXSEFS[PERHYWIE
LERHLIPHFPIRHIVXS[LMTYRXMPXLI
QM\XYVIMWEFSYXJSEQ%HHXLI
WYKEVERHGSRXMRYI[LMTTMRKXLSVSYKLP]
YRXMPXLIQM\XYVIFIKMRWXSKIXWXMJJ1M\
MRXLIZERMPPEI\XVEGX
7XEVXTVILIEXMRK[MXL
(IWWIVX
6SPP'EOI
[MXLSYXTYXXMRKXLIJSSH]IX
7MJXXLIJPSYV*SPHMRXSXLIQM\XYVI
[MXLE[SSHIRWTSSRXEOMRKGEVIXS
FVIEOYTGPYQTW%HH
ERHWXMV
XSKIXLIVUYMGOP]
4SYV
IZIV]XLMRKMRXS
FVMWOP]
ERHXETXLIXVE]SRXLIGSYRXIVXS
IZIRSYXXLIWYVJEGI
3RGIXLIFIITWSYRHWMRHMGEXMRK
XLEXTVILIEXMRKMWGSQTPIXIMRWIVX
MR1MHHPIXSFEOI
;LIRFEOMRKMWJMRMWLIHJPMTXLI
QIXEPXVE]SZIVEGPSXLERHVIQSZI
XLITEVGLQIRXTETIV4PEGIXLIVSPP
GEOIFVS[RIHWMHIYTXSGSSP
*PMTXLIGEOIYTWMHIHS[RERHYWI
EORMJIXSQEOIWGSVIWMRXLIWYVJEGI
iGQETEVX7TVIEHXLIETVMGSXNEQ
SRXLIPEWXGQSJXLIJEVIRHSJXLI
GEOI7XEVXEXXLIRIEVWMHIERHVSPPXLI
GEOIE[E]JVSQ]SY0IXXLIGEOIWMX
JSVE[LMPIXSEPPS[XLINEQXSFPIRH
MRXSXLIGEOIFIJSVIGYXXMRK
6IJIVXSWXITW
MRXLI
HMVIGXMSRWSJXLI6SPP'EOI4PEMR-R
XLIWXIT
TVIWW
(IWWIVX
1SGLE6SPP'EOI
XSTVILIEX[MXLSYX
TYXXMRKMRXLIMRKVIHMIRXW-RWXIT

JMREPP]EHHPMUYMHGSJJII
6IJIVXSWXITW
ERH
YRHIVXLI
6SPP'EOI4PEMRJSVLIEXMRKERH
FEOIMXVIJIVVMRKXSXLIWXITW
ERH
MR XLI HMVIGXMSRW SJ XLI 6SPP'EOI
4PEMR
6IJIVXSWXITW
MRXLI
HMVIGXMSRWSJXLI6SPP'EOI4PEMR-R
XLIWXIT
TVIWW
(IWWIVX
1EXGLE6SPP'EOI
XSTVILIEX[MXLSYX
TYXXMRKMRXLIMRKVIHMIRXW-RWXIT

JMREPP]EHHKVIIRXIE
6IJIVXSWXITW
ERH
YRHIVXLI
6SPP'EOI4PEMRJSVLIEXMRKERH
FEOIMXVIJIVVMRKXSXLIWXITW
ERH
MR XLI HMVIGXMSRW SJ XLI 6SPP'EOI
4PEMR
KJPSYVGEOIJPSYV
KWYKEV
IKKWFIEXIR
(EWLSJZERMPPEI\XVEGX

XFWTQMPOVSSQXIQTIVEXYVI
LIETIHXFWTFYXXIVEFSYXK
%TVMGSXNEQWXVEMRIHXSVIQSZITYPTXSXEWXI
6IJIVXSXLIMRKVIHMIRXWJSVXLI6SPP'EOI4PEMR
%HH PMUYMHGSJJII WGERXXFWT MRWXERXGSJJII
HMWWSPZIHMRXWTSJLSX[EXIV
6IJIVXSXLIMRKVIHMIRXWSJXLI6SPP'EOI4PEMR
%HH PMUYMH KVIIRXIE
XFWTTS[HIVIHKVIIR
XIEQEXGLEHMWWSPZIHMR
XFWTSJ[EXIV
6SPP'EOI
(IWWIVX
3ZIR
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
1IXEP8VE]1MHHPI
'IVEQMG8VE]
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1SGLE6SPP'EOI

%YXS
1EXGLE6SPP'EOI

%YXS
(MVIGXMSRW
4VITEVEXMSR
,IEXMRK
4
4VILIEX
(IWWIVX
'EOI
background

KJPSYVGEOIJPSYV
XWTFEOMRKTS[HIV
)KK]SPOJSVIKKW
)KK[LMXIJSVIKKW
4MRGLSJWEPX
KWYKEV
Q0[EXIV
XFWTPIQSRNYMGI
0IQSRTIIPJSVPIQSRKVEXIH
Q0WEPEHSMP
*MVQRIWWSJXLI]SPOQM\XYVI
8LI JMVQRIWW SJ XLI ]SPO QM\XYVI
WLSYPHFIWSQI[LIVIFIX[IIR
TERGEOIERHGVITIFEXXIV&IWYVIMXMW
RSXXSSVYRR]SVXSSXLMGO
9WIJVIWLGLMPPIHIKKW
)KKWGLMPPIHXSEFSYX'EVIMHIEP
JSV[LMTTMRKMRXSEJMVQQIVMRKYI9WI
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4
4SYV XLI FEXXIV MRXS XLI GEOITER ERH
KIRXP]HVSTMXSRXLIGSYRXIVXSIZIRSYX
XLIWYVJEGI;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTYXMXSRXLIQIXEPXVE]
ERH WIX MX XS &SXXSQ 8LIR FEOI 0IEZMRK
XLIGLIIWIGEOIMRXLITEREPPS[MXXSGSSP
ERHXLIRTYX MRXLIVIJVMKIVEXSVXS GLMPP
3RGIGLMPPIHVIQSZIJVSQXLITER
1ERYEP
1ERYEP
?8MTWA
=SYQE] EPWSHMWWSPZIWXVEMRIHER^Y
NEQXFWTMRFVERH]XWTERH
WTVIEHXLITEWXISRXLIGEOIWYVJEGI
7SYJJPÍGLIIWIGEOI[MPPFVIEOMJ]SY
EXXIQTX XS XEOI MX SYXJVSQXLIQSPH
[LMPIMXMWWXMPPLSH
3ZIR
4VITEVEXMSR
,IEXMRK
4VILIEX
4
1ERYEP
3ZIR
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
4VITEVEXMSR
,IEXMRK
4VILIEX
4VILIEXMRKJSV
EFSYXQMR'
,IEXMRKXMQI
QMR
(IWWIVX
'EOI
background

'YX3YX
'SSOMI
4MTIH'SSOMI
%PQSRH'SSOMI
;LMTXLIFYXXIVXLSVSYKLP][MXLE
LERHLIPHFPIRHIVYRXMPMXFIGSQIW[LMXMWL
MRGSPSV%HHXLIWYKEVERHQM\[IPP
%HHXLIIKKERHQM\XLSVSYKLP]
YRXMPGVIEQ]%HHXLIZERMPPEI\XVEGX
7MJXXLIJPSYVEW]SYEHHMXXSXLI
QM\XYVI1M\FVMIJP][MXLE[SSHIR
WTSSR1EOIXLIHSYKLMRXSEWMRKPI
FEPPERHGSZIV[MXLTPEWXMG[VET
4PEGIMRXLIVIJVMKIVEXSVERHPIXMXVIWX
JSVEFSYXERLSYV
7ERH[MGLXLIHSYKL
FIX[IIRX[SWLIIXWSJTPEWXMG
[VET9WIEVSPPMRKTMRXSVSPP
JPEXYRXMPMXMWQQXLMGO
6IQSZIXLIXST
WLIIXSJTPEWXMG[VETERHGYXMRXSGQ
WLETIW'SZIVXLIQIXEPXVE]W[MXL
EPYQMRYQJSMPERHEVVERKIXLIGYX
GSSOMIHSYKLSRXST
7IX
XS1MHHPIERHTVIWW
(IWWIVX
'YX3YX'SSOMI
XSFEOI
(IWWIVX'SSOMI

%YXS
'YX3YX'SSOMI
KJPSYVGEOIJPSYV
KFYXXIV[EVQIHYTXSVSSQXIQTIVEXYVI
KWYKEV
PEVKIIKKFIEXIR
(EWLSJZERMPPEI\XVEGX
%PQSRH'SSOMI
4MTIH'SSOMI
*SPPS[WXITW
JSVXLI'YX3YX
'SSOMIVIGMTI4PEGIXLIHSYKLMREGSSOMI
TVIWWJMXXIH[MXLEJPS[IVWLETIHEXXEGLQIRX
'SZIVXLIQIXEPXVE][MXLEPYQMRYQJSMP
7UYII^I
XSEVVERKIHVMIHJVYMXSRXST
7IX
XS1MHHPIERH
TVIWW
(IWWIVX
4MTIH'SSOMI
XSFEOI
%PYQMRYQJSMP
*SPPS[WXITW
JSVXLI
'YX3YX
'SSOMI
VIGMTIWYFWXMXYXMRKWPMGIH
EPQSRHWJSVXLIZERMPPEI\XVEGX'SQFMRI
%
WMJXMRXSXLIQM\XYVIERHWXMV
'SZIVXLIQIXEPXVE]W[MXLEPYQMRYQ
JSMP8IEVSJJ
MRXSTMIGIWERH
EVVERKISRXLIXVE]W
7IX
XS1MHHPIERHTVIWW
(IWWIVX
%PQSRH'SSOMI
XSFEOI
'YX3YX'SSOMI
(IWWIVX
(IWWIVX
%PQSRH'SSOMI
(IWWIVX
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
%GGIWWSV]9WIH
;EXIV8ERO
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
6IJIVIRGILIEXMRKXMQI %FSYX QMR
6IJIVIRGILIEXMRKXMQI %FSYX QMR 6IJIVIRGILIEXMRKXMQI %FSYX  QMR
-RKVIHMIRXWSRIQIXEPXVE]TMIGIW
KJPSYVGEOIJPSYV
KFYXXIVVSSQXIQTIVEXYVI
KWYKEV
WQEPPIKKFIEXIREFSYXK
(EWLSJZERMPPEI\XVEGX
(VMIHJVYMXJMRIP]GLSTTIHEWRIIHIH
-RKVIHMIRXWSRIQIXEPXVE]TMIGIW
KJPSYVGEOIJPSYV
XWTFEOMRKTS[HIV
KFYXXIVVSSQXIQTIVEXYVI
KWYKEV
IKKFIEXIR
KWPMGIHEPQSRH
-RKVIHMIRXWSRIQIXEPXVE]TMIGIW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW

%YXS

%YXS
3RP]GSSOXLIWTIGMJMIHEQSYRXEXEXMQI
;LIRQM\MRKXLIJPSYV
&VMIJP]QM\PMOIGYXXMRKXLIQM\XYVIXEOMRK
GEVIRSXXSQEOIXLIQM\XYVIWXMGO]
-JXLIHSYKLFIGSQIWWXMGO]
;VETMX[MXLTPEWXMG[VETERHXLIRGSSPMX
MREVIJVMKIVEXSV
-J]SYWTVMROPIJPSYVXSSQYGLXLIGSSOMIW
[MPPXEWXIGLEPO]ERH[MPPRSXFIFPERH
/IITXLIWM^IWERHXLMGORIWWIW
SJXLIHSYKLWMQMPEV
-JXLIWM^IWERHXLMGORIWWIWEVI
HMJJIVIRXXLIGSRHMXMSRW[MPPFIYRIZIR
8MTWJSV'SSOMIW
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
'SSO[EXGLMRKXLIGSRHMXMSR[MXL
3ZIR
2S4VILIEX
PIZIP
'

4
1ERYEPFEOMRKJSVX[SPIZIPFEOMRK
(SRSXYWIXLI%YXS1IRY(SYFPIXLI
VIGMTIXSQEOIX[MGIXLIEQSYRXSJFEXXIV
4VILIEX[MXL
3ZIR
4VILIEX
PIZIP
'
QMR
%JXIVTVILIEXMWGSQTPIXIHTPEGI
EREPYQMRYQJSMPSRXLIQIXEPXVE]YRMXERHTYXXLI
HSYKLSRMX8LIRTYXXLIXVE]WMRXSXLI1MHHPI
ERH0S[IVXSGSSO
4
-JXLIGSSOMIWEVIFEOIHYRIZIRP]
W[MXGLXLITSWMXMSRSJXLIX[SXVE]
YRMXW=SYWLSYPHQEOIXLIW[MXGLEJXIV
SJXLILIEXMRKXMQILEWTEWWIH
1ERYEPFEOMRKJSVSRIPIZIP
4VILIEX[MXL
3ZIR
4VILIEX
PIZIP
'
QMR
%JXIVTVILIEXMW
JMRMWLIHTYXXLIXVE]YRMXMRXS
1MHHPI
ERHGSSOMX
4
4
4
4
'YX3YX'SSOMI
(IWWIVX
3ZIR
1IXEP8VE]1MHHPI
'IVEQMG8VE]
4MTIH'SSOMI
3ZIR
)QTX]
1IXEP8VE]1MHHPI
'IVEQMG8VE]
3ZIR
1IXEP8VE]1MHHPI
'IVEQMG8VE]
'SSOMI
(IWWIVX
background

'EVEQIPWEYGI"
KWYKEV
XFWT[EXIV
XFWT[EXIV
'YWXEVH"
Q0QMPO
Q0JVIWLGVIEQ
KWYKEV
IKKWFIEXIR
(EWLSJZERMPPEI\XVEGX
(IWWIVX4YHHMRKERH.IPP]
'EVEQIPWEYGI"
KWYKEV

XFWT[EXIV
XFWT[EXIV
'YWXEVH"

GYTWSJQMPO
Q0JVIWLGVIEQ
KWYKEV
)KK]SPOJSVIKKWFIEXIR
(EWLSJZERMPPEI\XVEGX
;LMTTIHGVIEQEWRIIHIH

%YXS
7SJX4YHHMRK
1MGVS[EZI,IEXMRK
4
7YTIVLIEXIH7XIEQ
3ZIR
4
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
1IXEP8VE]1MHHPI
'IVEQMG8VE]
7XIEQ
7YTIVLIEXIH7XIEQ
3ZIR
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
1IXEP8VE]1MHHPI
'IVEQMG8VE]
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
'SQFMRI
%
MRELIEXVIWMWXERX
FS[P'SSOF]TVIWWMRK
1MGVS[EZI ;
QMRWIGQMRWIG
'LIGOSJXIR
EHHMRKXLI[EXIV[LIRXLIQM\XYVI
FIGSQIWGEVEQIPGSPSVIH8EOIGEVI
XSEZSMHKIXXMRKWTPEWLIHF]XLILSX
QM\XYVI
4
%HHXWTSJ
XSIEGLTYHHMRKGYT
'SQFMRI
&
MRELIEXVIWMWXERX
GSRXEMRIVERHTVIWW
1MGVS[EZI ;
QMR
XSLIEX7XMVMRXLIWYKEV
YRXMPMXHMWWSPZIW%HHXLIIKK]SPO
ERHWXVEMRXLIQM\XYVI%HHXLIZERMPPE
I\XVEGXERHTSYVMRXS
7TVIEHX[SXLMGO
TETIVXS[IPWMRXLI
GIRXIVSJXLIQIXEP
XVE]4SYV
GYT
EFSYXQ0SJ
[EXIVMRXSXLIXVE]
%VVERKI
MRXLI
GIRXIVEWWLS[RMRXLIJMKYVIERH
MRWIVXXLIXVE]MRXSXLI1MHHPI4VIWW
(IWWIVX
7SJX4YHHMRK
XSGSSO
%PPS[XLIGYTWXSGSSPFIJSVIGLMPPMRK
MRXLIVIJVMKIVEXSV4YXXSTTMRKWWYGL
EW[LMTTIHGVIEQEWHIWMVIH
%VVERKIQIRXSJXLI
WSJXTYHHMRKGYTW
3RP]GSSOXLIWTIGMJMIHEQSYRX
EXEXMQI
1ERYEPFEOMRK
4
8IQTIVEXYVISJGYWXEVH
FIJSVIGSSOMRK
-XWLSYPHFIEX'FIJSVIGSSOMRK
;EMXYRXMPXLISZIRGEZMX]MWGSSP
8LIJSSH[MPPRSXGSSOGSVVIGXP]MJ
]SYYWIXLI
3ZIR

+VMPP

(ISHSVM^EXMSR
JYRGXMSRFIJSVILERH[MXLSYXEPPS[MRK
XLISZIRGEZMX]XSGSSP
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
7YTIVLIEXIH7XIEQ3ZIR
2S4VILIEX
'
XSGSSOGLIGOMRKMXSJXIR
4
8MTWJSV7SJX4YHHMRK
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWLIEXVIWMWXERXKPEWWGYTW
EFSYXGQHMEQIXIVERHEFSYXGQLIMKLX
(MVIGXMSRW
4YHHMRK
1ERYEP

%YXS
7XIEQIH4YHHMRK
4PEMR
;EXIV8ERO
*YPP
'IVEQMG8VE]
+VMPP0MH
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
%GGIWWSV]9WIH
-RKVIHMIRXWLIEXVIWMWXERXKPEWWGYTWSJ
EFSYXGQHMEQIXIVERHEFSYXGQLIMKLX
4
4
7SJX4YHHMRK
(IWWIVX
4VITEVEXMSR
,IEXMRK
7XIEQ
7YTIVLIEXIH7XIEQ
3ZIR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
7XIEQIH4YHHMRK4PEMR
(IWWIVX
4VITEVEXMSR
,IEXMRK
1ERYEP
4VITEVEXMSR
,IEXMRK
'
,IEXMRKXMQI
QMR
4YHHMRKERH.IPP]
(IWWIVX
background

*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
'SQFMRI
%
MRELIEXVIWMWXERXFS[P
'SSOF]TVIWWMRK
1MGVS[EZI ;
QMR
'LIGOSJXIREHHMRKXLI[EXIV
[LIRXLIQM\XYVIFIGSQIWGEVEQIPGSPSVIH
8EOIGEVIXSEZSMHKIXXMRKWTPEWLIHF]XLI
LSXQM\XYVI
4
7TVIEHXLIFYXXIVFIWMHIWXLI
WTIGMJMIHEQSYRXSRXLIQSPHERH
KVEHYEPP]EHH
F]XWTEXEXMQI
'SQFMRI[MXL
&
MRERSXLIVLIEXVIWMWXERX
GYT4VIWW
1MGVS[EZI ;
QMR
XSGSSO1M\XSHMWWSPZIXLIWYKEV
%HHXLIIKKWERHWXVEMRXLIQM\XYVI
%HHXLIZERMPPEI\XVEGXERHTSYVMRXS
'EVEQIPWEYGI"
KWYKEV
XFWT[EXIV
XFWT[EXIV
'YWXEVH"
GYTWSJQMPO
KWYKEV
IKKWFIEXIR
(EWLSJZERMPPEI\XVEGX
1MGVS[EZI,IEXMRK
4
7YTIVLIEXIH7XIEQ3ZIR,IEXMRK
4
?8MTWA
-J]SY EVI GSRGIVRIH [MXL YRIZIRGSSOMRK
W[MXGLXLIJVSRXERHFEGOGYTWEJXIV
SJ
XLILIEXMRKXMQILEWTEWWIH
(MVIGXMSRW
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
'SQFMRI
%
MRELIEXVIWMWXERX
FS[P'SSOF]TVIWWMRK
1MGVS[EZI
;
QMR
'LIGOSJXIREHHMRKXLI
[EXIV[LIRXLIQM\XYVIFIGSQIW
GEVEQIPGSPSVIH8EOIGEVIXSEZSMH
KIXXMRKWTPEWLIHF]XLILSXQM\XYVI
4
%HHXWTSJ
XSIEGLTYHHMRKGYT
'SQFMRI
&
MRERSXLIVLIEXVIWMWXERX
GSRXEMRIVERHTVIWW
1MGVS[EZI
;
QMR
XSLIEX7XMVMRXLIWYKEVYRXMPMXHMWWSPZIW
%HHXLIIKKWERHWXVEMRXLIQM\XYVI%HH
XLIZERMPPEI\XVEGXERHTSYVMRXS
7TVIEHX[SXLMGOTETIVXS[IPWSRXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWGPSWIH4SYV
GYTSJ[EXIVEFSYXQ0MRXSXLIXVE]
%VVERKI
SRMX[MXLVIJIVIRGIXS8MTW
JSV7XIEQIH4YHHMRK7IXXLIKVMPPPMH
4PEGIMXEPMKRMRKXLIWXIEQMRPIXSJ
XLIPMH[MXLXLIWXIEQSYXPIX4VIWW
(IWWIVX
7XIEQIH4YHHMRK4PEMR
XSGSSO0IXMXGSSPERHTYXMRE
VIJVMKIVEXSV
1MGVS[EZI,IEXMRK
4
8MTWJSV7XIEQH4YHHMRK
%VVERKIQIRXSJXLIWXIEQIH
TYHHMRKGYTW
4ETIVXS[IPW
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
6IGSQQIRHIHGYTW
%LIEXVIWMWXERXKPEWWGYTWSJEFSYX
GQHMEQIXIVERHEFSYXGQ
LIMKLXEVIVIGSQQIRHIH
(SRIRIWWQE]ZEV]HITIRHMRKSR
GYTWLETIERHQEXIVMEP
8IQTIVEXYVISJGYWXEVH
FIJSVIGSSOMRK
-XWLSYPHFIEXEFSYX'FIJSVI
GSSOMRK
%QSYRXSJGYWXEVH
-XWLSYPHFISJXLIGYTZSPYQI
;LIRJSSHMWRSXLIEXIH
IRSYKL
6IQSZI[IPPLIEXIHGYTWERHWIX
XLIKVMPPPMHEKEMR%PMKRXLIWXIEQ
MRPIX[MXLXLIWXIEQSYXPIXXSTPEGIMX
SRXLIGIVEQMGXVE]4VIWW
%HHMXMSREP,IEXMRK
XSLIEX
(MVIGXMSRW
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
8EOISYXXLIGYTWJVSQXLIWYTIVKVMPP
XVE]YRMXERHSRP]VIXYVRXLSWIXLEX
EVIRSXWYJJMGMIRXP]GSSOIHJSV
EHHMXMSREPLIEXMRK8STVIZIRX
WPMTTEKIWTVIEHX[SXLMGOTETIV
XS[IPWEXXLIGIRXIVSJXLIQIXEPXVE]
4SYV
GYTSJ[EXIVEFSYXQ0
MRXSXLIXVE]%VVERKIGYTWXLEXRIIH
EHHMXMSREPLIEXMRKEXXLIGIRXIVSJMX
7IXXLIXVE]XS1MHHPIERHTVIWW
7YTIVLIEXIH7XIEQ3ZIR
2S4VILIEX
'
XS
LIEXGLIGOMRKXLIQSJXIR
4
;EMXYRXMPXLISZIRGEZMX]MWGSSP
8LIJSSH[MPPRSXGSSOGSVVIGXP]MJ
]SYYWIXLI
3ZIR

+VMPP

(ISHSVM^EXMSR
JYRGXMSRFIJSVILERH[MXLSYXEPPS[MRK
XLISZIRGEZMX]XSGSSP
7TVIEHX[SXLMGOTETIVXS[IPWMRXLI
GIRXIVSJXLIQIXEPXVE]4SYV
GYT
EFSYXQ0SJ[EXIVMRXSXLIXVE]
%VVERKI
MRXLIGIRXIVEWWLS[RMRXLI
JMKYVIERHMRWIVXXLIXVE]MRXS
1MHHPI4VIWW
7YTIVLIEXIH7XIEQ3ZIR
2S4VILIEX
'
QMR
XSGSSO
%PPS[XLIGYTWXSGSSP
FIJSVIGLMPPMRKMRXLI
VIJVMKIVEXSV

4
%VVERKIQIRXSJ
XLITYHHMRKGYTW
-RKVIHMIRXWEPYQMRYQTYHHMRKGYTW
GQHMEQIXIVERHGQLIMKLX
4YHHMRKERH.IPP]
(IWWIVX
background

1MGVS[EZI,IEXMRK
4

%YXS
'EWXIPPE'EOI
7XEVXTVILIEXMRK[MXL
(IWWIVX
'EWXIPPE'EOI
[MXLSYXTYXXMRKXLIJSSH
]IX
7MJXXLIJPSYVMRXSXLIQM\XYVIMR
XLVIIXMQIW[LMPIQM\MRKYT[MXLE
FPIRHIV'SRXMRYIQM\MRKYRXMPTS[IV
FIGSQIMRZMWMFPIERH]SYGERWIIE
XVEGISJXLIFEXXIV[LIRPMJXMRKMXYT
7TVMROPIXLIGSSOMRKWLIIXTPEGIH
SRXLIQSPH[MXLGSEVWIWYKEV4SYV
MRXSXLIQSPH[MXLGEVIRSXXSPIXMX
GSRXEGX[MXLXLIQSPHIHKIW9WIE
WTEXYPESVXLIPMOIXSGYXXLIQM\XYVI
ZIVXMGEPP]ERHQSZIMXXMQIW
ZIVXMGEPP]ERHLSVM^SRXEPP];LIR
FYFFPIWGSQIYTWXVSOIXLIWYVJEGI
XSWLETIMXERHTPEGIMXSRXLIQIXEP
XVE]
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTYX
MRXS&SXXSQ
ERHWXEVXLIEXMRK
%JXIVLIEXMRKXEOIMXSYXSJXLI
QSPHVIQSZIXLIEPYQMRYQJSMPERH
PIXMXGSSP'YXXLI[VETMRXSEPSRK
SRI7TVIEHXLI[VETERHTPEGIE
»GQGSSOMRKWLIIX8LIRTYXXLI
GEOISRXLIWLIIX[MXLXLIGEOIW
LIEXIHFSXXSQWYVJEGIJEGMRKYT
'SZIVXLIIRXMVIGEOI[MXLTPEWXMG
[VETERHPIEZIMXJSVEXPIEWXLEPJE
HE]XSPIXXLIJPEZSVFPIRH
QIHMYQIKKW
KWYKEV
KJPSYVFVIEHJPSYV
KLSRI]

XFWTQMPO
XFWTGSEVWIWYKEV
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
1EOIEQSPHSJRI[WTETIV6IJIV
XS,S[XSQEOIERI[WTETIVQSPH
'VEGOXLIIKKWMRXSEFS[PERH
YWIELERHLIPHFPIRHIVXS[LMTYRXMP
XLIQM\XYVIMWEFSYXJSEQ%HH
WYKEVMRXLVIISVJSYVXMQIWERH
GSRXMRYI[LMTTMRKXLSVSYKLP]YRXMP
XLIQM\XYVIFIKMRWXSKIXWXMJJWXST
[LIRXLIFPIRHIVPIEZIWEGMVGYPEV
XVEMPMRXLIQM\XYVI
,IEX
%
[MXL 1MGVS[EZI ;
%TTVS\QMR %HHMXXS
FMXF]FMX
XSPIXMXJSEQ
4
;EXIV8ERO
*YPP
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
7YTIVLIEXIH7XIEQ
3ZIR
%GGIWWSV]9WIH
-RKVIHMIRXWSRI»GQGYFIGQMRLIMKLX
(MVIGXMSRW
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
XFWTTS[HIVIHKIPEXMREFSYXK
XFWT[EXIV
XFWTMRWXERXGSJJII
GYTWSJ[EXIV
KWYKEV
;LMTTIHGVIEQEWRIIHIH
'SQFMRI
%
MRELIEXVIWMWXERX
GSRXEMRIVERHPIXTS[HIVIHKIPEXMR
FIGSQIWSJXIRIH
'SQFMRI
MRWXERXGSJJIIERH
WYKEVMREFS[P%HHXLI[EXIVERHQM\
[IPP4YXMXSRXLIGIVEQMGXVE]ERH
TVIWW
(IWWIVX
'SJJII.IPP]
XSGSSO
%JXIVLIEXMRKHMZMHIMXMRXSJSYVMRE
[IXKPEWWGSRXEMRIV4PEGIMRXLI
VIJVMKIVEXSVXSGLMPPERHLEVHIRXLIQ
(IGSVEXI[MXL[LMTTIHGVIEQFIJSVI
WIVZMRK
'SJJII.IPP]
(MVIGXMSRW

%YXS
;EXIV8ERO
)QTX]
'IVEQMG8VE]
1MGVS[EZI
(IWWIVX
%GGIWWSV]9WIH
(IWWIVX+VMPPIH(IWWIVX
-RKVIHMIRXWLIEXVIWMWXERXKPEWWGYTW
GQHMEQIXIVERHGQLIMKLX
4
4
6IJIVIRGILIEXMRKXMQI %FSYX  QMR
'SJJII.IPP]
'EWXIPPE'EOI
(IWWIVX
4VITEVEXMSR
,IEXMRK
4VILIEX
4YHHMRK.IPP]ERH+VMPPIH(IWWIVX
(IWWIVX
background

,S[XSQEOIERI[WTETIVQSPHJSVGEWXIPPEGEOISRI»»GQQSPH
*SPHXLIEPYQMRYQJSMPSRIEGLPSRKIVWMHIF]GQ4PEGISRI
SJXLIWIWLIIXWSRXLIQSPH[MXLXLIJSPHIHWMHIJEGMRKHS[R
,SPHXLIWMHIWERHJSPHXLI
I\GIWWTEVXWEGVSWWXLI
QSPH IHKIW4PEGIVIWX SJ
EPYQMRYQJSMP WLIIXW SRMX
GVSWWMRKXLI JMVWX SRI
8LIR TPEGI E \ GQ
GSSOMRKWLIIXEXXLI
FSXXSQ
4VITEVIWLIIXWSJRI[WTETIV
WLIIXWSJEPYQMRYQJSMP\GQ
4YXIEGLWMHIYTXSQEOIEFS\WLETI*SV
EHNEGIRXWMHIWXLEXSZIVPETTYXXLIIRHSJXLI
PSRKIVWMHI
%
YTERHPIXXLIIRHSJXLIWLSVXIV
WMHI
&
MRXSMX8LIRJM\XLINSMRX[MXLEWXETPIV
7TVIEH RI[WTETIV WLIIXWERH
JSPHXLIGSVRIVMRXLIHMVIGXMSR
MRHMGEXIHF]XLIEVVS['YXEPSRK
[MXLXLIFSPHPMRIXSQEOIMXWUYEVI
ERHYRJSPHXLIGSVRIV
/IIT XLI RI[WTETIV WLIIXW EPMKRIH
ERHTYXEGYXMRETSMRXGQE[E]
JVSQXLIIRHSJIEGLWMHIFSPHPMRI
*SPHELEPJSJXLIGQ
PSRKTEVXW FSPH PMRIW
MRXSXLIFEGO
7XETPI
*SPHFEGO
%VIEJSVQMRK
XLIFSXXSQ
%VIEJSVQMRK
XLIFSXXSQ
*SPHFEGO
*SPHFEGO
*SPHFEGO
%PYQMRYQJSMP
4PEGIEGSSOMRK
WLIIX
8MTWJSV'EWXIPPE'EOI
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
,MRXWJSVQEOMRKXLIFEXXIV
;EVQYTIKKWERHXLIFS[PXS
LIPTJSEQMRK*SVMRWXVYGXMSRWSR
LS[XS[LMT[LSPIIKKWVIJIVXS
'SQFMRIH[LMTTMRKQIXLSH
4
2I[WTETIVQSPH
=
SYGERVIYWIXLIQSPHXLVIISVJSYV
XMQIWF]VITPEGMRKXLIEPYQMRYQJSMP
%JXIVLIEXMRK
4PEGMRKXLIGEOIWSXLEXXLILIEXIH
FSXXSQWYVJEGIMWJEGMRKYT[MPPJPEXXIR
XLIWYVJEGIHYIXSGEOIW[IMKLXERH
QEOIMX[IPPWLETIH=SYGERGSZIVMX
[MXLTPEWXMG[VETXSEPPS[XLIJPEZSVXS
FPIRHERHQEOIXLIGEOIXEWX]
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
' XSGSSOGLIGOMRKXLI
JSSHSJXIR
4
%
&
+VMPPIH(IWWIVX
(IWWIVX
background

9WIEJSVO
XSTSOILSPIW
MRXLIHSYKL
EXXLIFEWISJ
XLITER
*MPPXLITMI
[MXL%TTPI
4VIWIVZIW'SEX
XLIIHKISJXLI
TMIGVYWX[MXLXLI
IKKKPE^I0E]XLI
WXVMTWEGVSWWXLITMIWIGYVMRKEXXLIIRHW
0E]XLI
VIQEMRMRK
GMVGYPEVTMIGISJ
HSYKLEVSYRH
XLIIHKISJXLI
TMIERHTVIWW
HS[R[MXLEJSVO&VYWLXLIIRXMVITMI
[MXLXLIIKKKPE^IERHTPEGIMXSRXLI
QIXEPXVE]

7XEVXTVILIEXMRK[MXL
(IWWIVX
%TTPI4MI
[MXLSYXTYXXMRKXLIJSSH
]IX

3RGIXLIFIITWSYRHWMRHMGEXMRK
XLEXTVILIEXMRKMWGSQTPIXIHMRWIVX
MR1MHHPIXSFEOI
%HHXLI
JPSYVFVIEH
JPSYVMREFS[P
ERHWMJX%HH
XLIFYXXIVERH
QM\[MXL]SYV
JMRKIVW%HHXLIGSPH[EXIVERH
GSRXMRYIQM\MRKXEOMRKGEVIXSEZSMH
QEOMRKXLIQM\XYVIWXMGO]
0YQTXLI
QM\XYVIXSKIXLIV
[MXLXLITEXWSJ
FYXXIVVIXEMRMRK
XLIMVWLETI
'SZIVXLIIRXMVI
FEPPSJHSYKL[MXL
TPEWXMG[VET4PEGIMRXLIVIJVMKIVEXSVERH
PIXMXVIWXJSVEFSYXERLSYV
0MKLXP]HYWXEGYXXMRKFSEVH[MXLJPSYV
GEOIJPSYVFIWMHIWXLIWTIGMJMIHEQSYRX
ERHTPEGIXLIHSYKLSRXST*PEXXIRSYX
XLIHSYKLMRXSE
VIGXERKPI[MXLE
VSPPMRKTMR
*SPH
MRXS
XLMVHW4PEGIMX
JSPHIHWMHI
HS[RERH
JPEXXIRSYXEKEMR[MXLXLIVSPPMRKTMR
6ITIEXX[SSVXLVIIXMQIW
*PEXXIRSYXXLI
HSYKLMRXSE\
GQVIGXERKPI
QQXLMGO4PEGI
XLITMITERSRXST
ERHGYXEGMVGPI
WPMKLXP]PEVKIVXLERXLIVMQ'YXXLI
VIQEMRMRKHSYKLMRXSWXVMTWGQ[MHI
0E]XLI
GMVGYPEVTMIGI
SJHSYKLMR
XLITMITER
8VMQSJJXLI
I\GIWWHSYKL
WSXLEXMXJMXW
I\EGXP]MRXSXLITER

%YXS
%TTPI4MI
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KFYXXIVGLMPPIHERHGYXMRXSGQGYFIW
Q0GSPH[EXIV
%TTPITVIWIVZIWEWRIIHIH
)KKKPE^I"
IKKFIEXIR
XWTWEPX
-RKVIHMIRXWSRIGQQIXEPTMITER
(MVIGXMSRW
1IXEP8VE]1MHHPI
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
%TTPI4MI
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
(IWWIVX
4
3ZIR
4VILIEX
+VMPPIH(IWWIVX
(IWWIVX
background

8MTWJSV%TTPI4MI
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
9WIEQIXEPTMITER
8LITMIQE]RSXFEOITVSTIVP]MJ]SY
YWIEKPEWWFEOMRKHMWLEWMXWXLIVQEP
GSRHYGXMZMX]MWPS[
-JXLIHSYKLMWHMJJMGYPXXS
[SVO[MXL
8LIHSYKL[MPPFIGSQIWSJXMJXLI
FYXXIVQIPXW'LMPPMRXLIVIJVMKIVEXSV
JSViQMRYXIWXSQEOIMXJMVQIV
ERHIEWMIVXS[SVO[MXL
9WMRKETVIQEHIJVS^IRTMI
WLIIX
8SQEOIEGQTMIFY]TVIQEHI
TMIWLIIXWEFSYXKIEGL6SPP
X[SWLIIXWXSKIXLIVXSQEOIXLITMI
GVYWXERHX[SXSQEOIXLIWXVMTW
-JXLITMIMWGSSOMRK
YRIZIRP]
6SXEXIXLITMITERHIKVIIW
[LIRXLIVIEVIQMRYXIWSJ
GSSOMRKXMQIPIJX6IWYQIFEOMRK
1ERYEPFEOMRK
4
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW 3ZIR
2S4VILIEX
PIZIP
' XSGSSOGLIGOMRKMXSJXIR
4
4IIPERHGYXXLIETTPIWMRXS
PIRKXL[MWIWIGXMSRWERHXLIRWPMGI
IEGLWIGXMSRGVSWW[MWIMRXSXLMRQQ
[IHKIW(MTMRWEPX[EXIVERHXLIR
VMRWIFVMIJP]4EXHV]
1M\
ERH
%
MREPEVKILIEX
VIWMWXERXHMWL4VIWW
1MGVS[EZI ;
QMR XSGSSO
4
6IQSZIER]MQTYVMXMIWJVSQXLI
WYVJEGISJXLIQM\XYVI
4VIWW 1MGVS[EZI ; QMRWIGQMR
XSGSSOEWIGSRHXMQI%HH
GMRREQSRERHQM\%PPS[XSGSSPERH
XLIRYWIEWXVEMRIVXSHVEMR
.SREXLERSV*YNMETTPIW
KWYKEV
XFWTPIQSRNYMGI
(EWLSJGMRREQSR
;EXIV8ERO
)QTX]
'IVEQMG8VE]
1MGVS[EZI
4
%GGIWWSV]9WIH
1MGVS[EZI,IEXMRK
4
-RKVIHMIRXWSRIGQTMI
(MVIGXMSRW
%TTPI4VIWIVZIW
1ERYEP
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
QMRWIG
QMR
+VMPPIH(IWWIVX
(IWWIVX
background

9WIELERHLIPHFPIRHIVXSQM\XLI
FYXXIV%HHXLIWYKEVERHQM\[IPP
%HHXLIIKKERHQM\XLSVSYKLP]
YRXMPGVIEQ]%HHXLIZERMPPEI\XVEGX
7MJX
%
ERHWXMVFVMIJP][MXLE
[SSHIRWTSSR%HHXLIQMPOERHQM\
[IPP
4SYV
MRXSXLIQYJJMRXMRERH
TPEGISRXLIQIXEPXVE]
7XEVXTVILIEXMRK[MXL
(IWWIVX
1YJJMR [MXLSYXTYXXMRKXLIJSSH]IX
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTYX
MRXS1MHHPI
ERHWXEVXLIEXMRK
KJPSYVGEOIJPSYV
XWTFEOMRKTS[HIV
KWYKEV
KFYXXIV[EVQIHYTXSVSSQXIQTIVEXYVI
IKKWFIEXIR
Q0QMPO
(EWLSJZERMPPEI\XVEGX

%YXS
1YJJMR
?8MTWA
3RP]GSSOXLIWTIGMJMIHEQSYRXEXEXMQI
1ERYEPFEOMRK
4
-J]SYVJSSHMWYRHIVHSRI EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**4VIWW
3ZIR
2S4VILIEX PIZIP ' XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
-RKVIHMIRXWXIRGQQYJJMRW
(MVIGXMSRW
6SPPXLIHIJVSWXIHTMIWLIIXJPEX
YRXMPMXMWQQXLMGO'YXMRXS
TMIGIWERHXST[MXLJVYMXW
4PEGIEREPYQMRYQJSMPSVGSSOMRK
WLIIXSRXLIQIXEPXVE]ERHEVVERKI
SRMX'SEXXLIWYVJEGI[MXLXLI
IKKKPE^I
7IX
XS1MHHPIERHTVIWW
(IWWIVX
1MRM4MI
XSGSSO
%JXIVLIEXMRKWTVMROPI[MXL
TS[HIVIHWYKEV
JVS^IRTMIWLIIXWEFSYXKIEGL
HIJVSWXIHEXXLIVSSQXIQTIVEXYVIJSV
QMRYXIW
)KKKPE^I"
IKKFIEXIR
XWTWEPX
*VYMXWWPMGIHXLMREWRIIHIH
4S[HIVIHWYKEVEWRIIHIH
?8MTWA
'SSOSRP]TMIWJSVSRIQIXEPXVE]EXE
XMQI
+IX[EXIVSJJJMVWXMJ]SYYWINYMG]
GERRIHJVYMXWIXG
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**4VIWW
3ZIR
2S4VILIEX PIZIP ' XSGSSO
GLIGOMRKXLIJSSHSJXIR
4

%YXS
1MRM4MI
1IXEP8VE]1MHHPI
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
1YJJMR
1IXEP8VE]1MHHPI
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYX  QMR
4
4
1MRM4MI
(IWWIVX
3ZIR
4VILIEX
(IWWIVX
3ZIR
+VMPPIH(IWWIVX
(IWWIVX
background

'LSGSPEXI'LMT1YJJMR
8IE0IEJ1YJJMR
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR

%YXS

%YXS
*SPPS[WXITW JSV XLI 1YJJMR VIGMTI-R
XLI WXIT
EHHTS[HIVERHXLIRQM\
XLI GLSGSPEXI GLMTW MR EPSRK [MXL QMPO
-R
XLI WXIT
 WXEVX TVILIEXMRK [MXL
(IWWIVX
'LSGSPEXI'LMT1YJJMR
[MXLSYXTYX
XMRKXLIJSSH]IX
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTYXMRXS1MHHPI
ERHWXEVXLIEXMRK
*SPPS[WXITWJSVXLI1YJJMRVIGMTI-R
XLIWXIT
EHHTS[HIVERHXLIRQM\
XLIXIEPIEZIWMREPSRK[MXLQMPO
-RXLI
WXIT
WXEVXTVILIEXMRK[MXL
(IWWIVX
8IE0IEJ1YJJMR
[MXLSYXTYX
XMRKXLIJSSH]IX
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTYXMRXS1MHHPI
ERHWXEVXLIEXMRK
1YJJMR
EVVERKIQIRX
6IJIV XS MRKVIHMIRXWSJ1YJJMR %HH
GLSGSPEXIGLMTWK
6IJIVXSXLIMRKVIHMIRXWSJ1YJJMR
%HHXIEPIEZIW)EVP+VI]JMRIP]
GLSTTIH
XFWT

-RKVIHMIRXWXIRGQQYJJMRW
-RKVIHMIRXWXIRGQQYJJMRW
(MVIGXMSRW
(MVIGXMSRW

%YXS
1EHIPIMRI
KJPSYVGEOIJPSYV
KWYKEV
KFYXXIV

IKKWFIEXIR
XFWTPIQSRNYMGI
0IQSRTIIPJSV
PIQSRKVEXIH
1EHIPIMRI
1IXEP8VE]1MHHPI
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'SEXXLI1EHIPIMRITER[MXLE
WQEPPEQSYRXSJFYXXIVFIWMHIWXLI
WTIGMJMIHEQSYRXERHGSZIV[MXL
TEVGLQIRXTETIVJSVFEOMRK
1IPXXLIFYXXIVF]TVIWWMRK
1MGVS[EZI ;
QMR

4
%HHXLIIKKWXSEFS[PERHYWIE
LERHLIPHFPIRHIVXS[LMTYRXMPXLI
QM\XYVIMWEFSYXJSEQ%HHXLI
WYKEVERHGSRXMRYI
[LMTTMRKXLSVSYKLP]
YRXMPXLIQM\XYVI
FIKMRWXSKIXWXMJJ
'SQFMRI
%
7MJXXLI
JPSYVERHJSPHMRXSXS
XLIQM\XYVI[MXLE[SSHIRWTSSR
XEOMRKGEVIRSXXSQEOIXLIQM\XYVI
WXMGO]%HH
MRERHWXMVXSKIXLIV
UYMGOP]
4SYV
MRXSXLI1EHIPIMRITERERH
TPEGIXLITERSRXLIQIXEPXVE]
7XEVXTVILIEXMRK[MXL
(IWWIVX
1EHIPIMRI
[MXLSYXTYXXMRKXLIJSSH]IX
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTYX
MRXS1MHHPI
ERHWXEVXLIEXMRK
1MGVS[EZI,IEXMRK
4
8MTWJSV1EHIPIMRI
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
1IPXIHFYXXIV
9WI[EVQIHYTFYXXIV
1ERYEPFEOMRK
4
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKMXSJXIR
4
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYX  QMR
-RKVIHMIRXWJSVQIXEP1EHIPIMRIGYTWGQHMEQIXIV
(MVIGXMSRW
4
6SPP'EOI
(IWWIVX
3ZIR
4VITEVEXMSR
,IEXMRK
4VILIEX
+VMPPIH(IWWIVX
(IWWIVX
background

KJPSYVGEOIJPSYV
KGSGSE
LIETIHXWTFEOMRKTS[HIV
KWYKEV
KFYXXIV[EVQIHYTXSVSSQXIQTIVEXYVI
IKKWFIEXIR
KGLSGSPEXI
KVEMWMRVIL]HVEXIHMRPYOI[EVQ[EXIV
K[EPRYXWGSEVWIP]GLSTTIH
(EWLSJZERMPPEI\XVEGX

%YXS
&VS[RMI
'VEGOXLIGLSGSPEXIERHTYXMRE
LIEXVIWMWXERXGSRXEMRIV4VIWW
1MGVS[EZI ;
QMR
[LMPIQM\MRKQMH[E]
4
4YXFYXXIVMREFS[PERHYWIE
LERHLIPHFPIRHIVXSQM\XLIFYXXIV
%HHXLIWYKEVERHQM\[IPP%HHXLI
IKKERHQM\%HHZERMPPEI\XVEGXERH
1M\JYVXLIV
1M\
&
MRXS
ERHGSQFMRI[MXL
%

7MJXXLIQM\XYVIERHQM\XLIQXEOMRK
GEVIRSXXSQEOIXLIQM\XYVIWXMGO]
7XEVXTVILIEXMRK[MXL
(IWWIVX
&VS[RMI [MXLSYXTYXXMRKXLIJSSH
]IX
4SYV
MRXSXLIFVS[RMIQSPH
VIJIVXS1SPHJSVFVS[RMIERH
WQSSXLSYXXLIWYVJEGI
;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTYX
MRXS1MHHPI
ERHWXEVXLIEXMRK
1MGVS[EZI,IEXMRK
4
1IXEP8VE]1MHHPI
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
1SPHJSVFVS[RMI
4YXEGQGYXSRIEGL
GSVRIVSJEGSSOMRK
WLIIXGQSREWMHI
*SPHYTF]XLIGYXWXS
QEOIMXEWUYEVIFS\
4PEGIEPYQMRYQJSMPSR
XLIQIXEPXVE]XSGSZIV
XLIWMHIIHKIWSJXLI
QIXEPXVE]
8[SSVXLVIIJSPHXLI
EPYQMRYQJSMPXSQEOIX[S
FERHWERHX[S0WLETIWSJ
GQ[MHIERHGQPSRK
%XXEGLXLI0WLETIWXSFSXL
WMHIWSJXLIGSSOMRKWLIIX
ERHWXERHXLIEPYQMRYQJSMP
FERHWMRJVSRXERHFEGOWMHIW
XSWXEFMPM^IXLIWXVYGXYVI
\
\
7TVIEHFYXXIVFIWMHIWXLI
WTIGMJMIHEQSYRXSRXLI
EPYQMRYQJSMPWYVJEGIERH
TPEGIXLIGSSOMRKWLIIX
QSPH]SYGVIEXIHMRWXIT
4VILIEXMRK %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
4
&VS[RMI
(IWWIVX
3ZIR
4VITEVEXMSR
,IEXMRK
4VILIEX
+VMPPIH(IWWIVX
(IWWIVX
background


%YXS
&SPS
%HHXLIFYXXIVXSEFS[PERHQM\
[MXLELERHLIPHFPIRHIVSV[LMWOYRXMP
MXFIGSQIW[LMXMWLMRGSPSV%HHXLI
WYKEVMRTSVXMSRWSJELEPJSVXLMVHEXE
XMQIERHQM\[IPP
%HHXLIWEPEHSMPKVEHYEPP]ERH
GSRXMRYIQM\MRKXLSVSYKLP]7MJXXLI
JPSYV*SPHMR[MXLE[SSHIRWTSSRYRXMP
XLIVIEVIRSQSVIGPYQTWXEOMRKGEVI
XSEZSMHQEOMRKXLIQM\XYVIWXMGO]
(MZMHI
MRXSIUYEPTEVXW
6SYRHMRXSGPYQTWERHTPEGIE
WLEPPS[HIRXMRXLIGIRXIVSJIEGL
%VVERKI
SREQIXEPXVE]GSZIVIH
[MXLEGSSOMRKWLIIX&VYWLSRXLI
IKK[LMXIERHXSTIEGL[MXLX[SSV
XLVIIEPQSRHWPMGIW
7IX
XS1MHHPIERHTVIWW
(IWWIVX
&SPS
XSGSSO
%JXIVFEOMRKGSQFMRI
%
ERH
WTVMROPISRXST[LMPIXLIGEOIWEVI
WXMPPLSX
KJPSYVGEOIJPSYV
KFYXXIV[EVQIHYTXSVSSQXIQTIVEXYVI
KWYKEV

XFWTWEPEHSMP
(EWLSJIKK[LMXIW
%PQSRHWPMGIWEWRIIHIH
(EWLSJTS[HIVIHWYKEV
(EWLSJGMRREQSR
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
1IXEP8VE]1MHHPI
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
(IWWIVX.ETERIWI'SRJIGXMSRIV]
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWTMIGIW
-RKVIHMIRXWTMIGIW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
(MVIGXMSRW
1MGVS[EZI,IEXMRK
4
-J]SYVJSSHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**4VIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4

%YXS
/SKERI7[IIX4SXEXS
'SQFMRIERHQM\
%
[IPP(MZMHI
XLIQM\XYVIMRXSIUYEPTEVXWERH
WLETIXLIQMRXSVIGXERKYPEVVSYRHW
'SQFMRI
&
ERHTVIWW
1MGVS[EZI ;
%TTVS\QMR
XSGSSO1M\MX[LMPIMXMW
GSSOMRK%JXIVLIEXMRKPIXMXGSSPERHEHH
FEOMRKWSHEHMWWSPZIHMR[EXIV7MJXXLIJPSYV
ERHHMZMHIXLIQM\XYVIMRXSIUYEPTEVXW
4
'SZIV]SYVLERH[MXLJPSYVGEOIJPSYV
FIWMHIWXLIWTIGMJMIHEQSYRX[VETXLI
TEWXIMR
FEXXIV8LIRWLETIMRXSE
W[IIXTSXEXSWTVMROPIEVSYRH[MXL
GMRREQSRERHGYXMRXSX[STMIGIWEXER
ERKPI7TVIEHIKK]SPOWSRXLIGYX
WYVJEGIERHXST[MXLWIWEQI4PEGI
XLIQ[MXLXLIGYXWYVJEGIJEGMRKYTERH
GSZIVXLIFSXXSQ[MXLWQEPPEQSYRXSJ
JPSYVFIWMHIWXLIWTIGMJMIHEQSYRX
%VVERKI
SRXLIQIXEPXVE][MXLE
GSSOMRKWLIIX7IXXLIXVE]XS1MHHPIERH
TVIWW
(IWWIVX
/SKERI7[IIX4SXEXS
XSGSSO
KW[IIXTSXEXS
FSMPIHERHWXVEMRIH
KWYKEVHMWWSPZIHMRXFWTLSX[EXIV
KJPSYVGEOIJPSYV
KWYKEV
LIETIHXFWTIKKFIEXIR
KWXEVGLW]VYT
XWTFEOMRKWSHEHMWWSPZIHMRWGERXXWT[EXIV
'MRREQSREWRIIHIH
(EWLSJIKK]SPOFIEXIR
&PEGOWIWEQIEWRIIHIH
;EXIV8ERO
)QTX]
%GGIWWSV]9WIH
1IXEP8VE]1MHHPI
'IVEQMG8VE]
'YXI%RMQEP(SVE]EOM
6IGMTIHIZIPSTIHF]/EKE[E
2YXVMXMSR9RMZIVWMX]
4
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6IJIVIRGILIEXMRKXMQI %FSYXQMR
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1MGVS[EZI
4
6MGI'EOI&PSGOWERH7XSVI
&SYKLX4EGOIH6MGI'EOI
1ERYEP
;EXIV8ERO
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'IVEQMG8VE]
%GGIWWSV]9WIH
-QQIRWIETMIGISJVMGIGEOIEFSYXK
ERHTPEGIMXSREHMWLGSZIVIH[MXLWXEVGL
4VIWW
1MGVS[EZI ;
%TTVS\QMR
XS
GSSO8STXLIFYPKMRKVMGIGEOI[MXL
VSYRHIHFMXIWM^ITEWXIERHJVYMXW]SYPMOI
WXVE[FIVVMIWERHW[IIXFSMPIHGLIWXRYX
IXG8LIR[VETXLIQYT
4
1MGVS[EZI,IEXMRK 4
*VYMXW(EMJYOY
-QQIRWI E TMIGI SJ VMGI GEOI EFSYX
KSREHMWLERHWIEWSR[MXL
HMPYXIHWS] WEYGISVVE[WS] WEYGI
8LIRTVIWW 1MGVS[EZI ;
%TTVS\QMR
XSGSSO
4
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[MXLHVMIHPEZIV
1MGVS[EZI,IEXMRK
4
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-QQIRWIETMIGISJVMGIGEOIEFSYXKMR
[EXIV ERH GSZIV XLIQ[MXL OMREOS TS[HIV
QM\IH[MXL WYKEV4PEGIMXSREHMWLERH
TVIWW
1MGVS[EZI ;
%TTVS\WIG
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GSSO
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4PEGITPEWXMG[VETSRXLIHMWLWSEWXSTVIZIRX
WXMGOMRKSJVMGIGEOIERHLIPTXEOMRKMXSYX
1MGVS[EZI,IEXMRK
4
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4
4
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3ZIR
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,IEXMRK
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
%FSYXWIG
%FSYXQMR
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background

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
%YXS
7XIEQIH(SYKLRYX
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+VMPP0MH
7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
7XIEQ
1MGVS[EZI
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEV
XWTWEPX
XWTHV]]IEWXTS[HIVKVERYPEV
UYMGOVMWMRKX]TIEFSYXK
Q0QMPOVSSQXIQTIVEXYVI
XFWTFYXXIV
IKKFIEXIR
KGLSGSPEXI
'SPSVWTVE]EWRIIHIH
-GMRK"
KTS[HIVIHWYKEV
XFWTQMPO
0MKLXP]TVIWWIEGLTMIGISJHSYKL
XSJSVQEGMVGYPEVWLETI4PEGIXLIQ
SREFYXXMRKFSEVHERHTYXELSPIEX
XLIGIRXIVF]JMRKIV/IIT]SYVJMRKIV
MRXLIHSYKLERHHVMJXXLIHSYKLXS
QEOIXLILSPIGQ[MHISVEFSZI
XSJSVQEHSYKLRYXWLETI

'YXEGSSOMRKWLIIXXSJMXMRXSXLI
WYTIVKVMPPXVE]YRMXERHTPEGIMXSRXLI
GIVEQMGXVE]4PEGIXLI
HSYKL
TMIGIWSRMXERHWIXXLIXVE]XSXLI
FSXXSQSJXLISZIRGEZMX]

4VIWW
7XIEQ1MGVS[EZI0IEZIR
0IEZIR;
QMR
JSVXLIWIGSRHVMWMRK

;LIRVMWMRKMWGSQTPIXIHXEOISYX
XLIGIVEQMGXVE]ERHTYPPFSXLIRHW
SJXLIGSSOMRKWLIIXXSWPMHIMXSRXS
XLIWYTIVKVMPPXVE]YRMX[MXLPIKW
GPSWIH8LIRWIXXLIKVMPPPMH

4PEGIMXEPMKRMRKXLIWXIEQMRPIXSJ
XLIPMH[MXLXLIWXIEQSYXPIXERHTVIWW
(IWWIVX
7XIEQIH(SYKLRYX
XSGSSO

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WLIIXXSEWLEPPS[HMWLERHGSZIVXLI
HSYKLRYXW[MXLTPEWXMG[VETXS
TVIZIRXHV]MRKYT0IXXLIQGSSP
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
'SQFMRI
%
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TPEWXMGFEKWXSVIFSYKLXERHQM\XLIQ
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&
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1MGVS[EZI ;
%TTVS\QMRWIG XSQIPX8LIREHHXLI
IKK
4
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MR
ERHGPSWIXLIQSYXLSJ
XLITPEWXMGFEK7LEOI
MXXSQM\XLITS[HIV
ERH[EXIV[IPP
1M\MXJSVQMRYXIW%XXLMWTSMRX
]SYGERIEWMP]QM\MXF]PIXXMRKWSQI
EMVMRXSXLITPEWXMGFEKERHGPSWMRKMX
7LETIXLI
HSYKL
MRXSGQXLMGOERH
TPEGIMXEXXLIGIRXIVSJ
XLIGIVEQMGXVE]
4VIWW
7XIEQ1MGVS[EZI0IEZIR
0IEZIR;
QMR
JSVXLIJMVWXVMWMRK
4
(YWXEGYXXMRKFSEVH[MXLJPSYVFVIEH
JPSYVFIWMHIWXLIWTIGMJMIHEQSYRXERH
XEOIXLIHSYKLSYX
SJXLIFEK
0MKLXP]TVIWWXLI
HSYKLXSVIQSZI
ER]EMVFYFFPIW
'YXMRXSTMIGIW
EFSYXKIEGLF]EHSYKLGYXXIV
SVOMXGLIRORMJIERHVSYRHXLIQ
8MTWJSV7XIEQIH(SYKLRYX
3RP]GSSOXLIWTIGMJMIHEQSYRXEXEXMQI
(SYKLWLETMRK
8LIHSYKLRYXLSPIWLSYPHFIEVSYRH
LSPISJEXPIEWXGQHMEQIXIV
3XLIV[MWIXLILSPI[MPPFIGPSWIHEW
XLIHSYKLVMWIW[LIRLIEXIH
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSETPEXIERH
GSZIV[MXLTPEWXMG[VET
4VIWW
1MGVS[EZI
;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
(IGSVEXMSR
=SYQE]EHHJSSHGSPSVMRK XSXLI
HSYKLSVGYXEGVSWWXLIHSYKLRYXERH
TYXNEQSV[LMTTIHGVIEQMRFIX[IIR
%GGIWWSV]9WIH
7XIEQ1MGVS[EZI0IEZIR
4
1MGVS[EZI,IEXMRK 4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
-RKVIHMIRXWTMIGIW
(MVIGXMSRW

'SQFMRIGLSGSPEXIMRELIEXVIWMW
XERXGSRXEMRIV
4VIWW
1MGVS[EZI ;
QMR
XS
QIPX[LMPIQM\MRKMXQMH[E]YRXMPMX
FIGSQIWWQSSXL1EOIMGMRKF]
QM\MRKERHQIPXMRKMRKVIHMIRXWERH
EHHMRKKVIIRXIEXSXEWXI(IGSVEXI
[MXLXLIGSPSVWTVE]
4
7XIEQIH(SYKLRYX
(IWWIVX
4VITEVEXMSR
,IEXMRK
7XIEQIH(IWWIVX
(IWWIVX
background

WGERXXFWTJPSYVGEOIJPSYVEFSYXK
XWTGSGSEEFSYXK
KHEVOGLSGSPEXI
KFYXXIV
XWTVYQ
IKKW[LMXIWERH]SPOWWITEVEXIH
KWYKEV
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
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1MGVS[EZI ;
QMR
XSQIPX[LMPI
QM\MRKMXQMH[E];LIRXLIQM\XYVI
FIGSQIWWQSSXLEHH VYQERH
QM\
4
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WYKEVMR
EFS[PERH[LMTXLIQM\XYVI
XLSVSYKLP][MXLE LERHLIPHFPIRHIV
YRXMPMXFIGSQIW[LMXMWLMR GSPSV%HH
ERHFVMIJP]QM\[MXLPS[VEXIWIXXMRK
SJXLIFPIRHIV'SQFMRIERHWMJX
%
ERHQM\YRXMPMXFIGSQIWWQSSXL
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TMRGLSJWEPXFIWMHIW XLIWTIGMJMIH
EQSYRXMRERSXLIVFS[P9WI XLI
LERHLIPHFPIRHIVXS[LMTPMKLXP]%HH
XLIVIWX SJXLIWYKEV ERHGSRXMRYI
[LMTTMRKYRXMPWXMJJ
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VEXI7XMVXLIVIWXFVMIJP][MXLE[SSHIR
WTSSR4SYVMRXSXLIGYTW
7TVIEHX[SXLMGOTETIVXS[IPWSRXLI
WYTIVKVMPPXVE]YRMX[MXLPIKWGPSWIH4SYV
GYT[EXIVEFSYXQ0SRXLITETIV
XS[IPWERHTPEGI
7IXXLIKVMPPPMH
4PEGIMXEPMKRMRKXLIWXIEQMRPIXSJ
XLIPMH[MXLXLIWXIEQSYXPIXERHTVIWW
(IWWIVX
7XIEQIH'LSGSPEXI'EOI
XSGSSO
8MTWJSV7XIEQIH'LSGSPEXI'EOI
3RP]GSSOXLIWTIGMJMIHEQSYRXEXEXMQI
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
;VETMRTPEWXMG[VETERHTVIWW
1MGVS[EZI ;
XSGSSOGLIGOMRK
XLIJSSHSJXIR
4
1MGVS[EZI,IEXMRK
4
7XIEQIH
'LSGSPEXI'EOI
7XIEQ
1MGVS[EZI

%YXS
7XIEQIH'LSGSPEXI'EOI
;EXIV8ERO
*YPP
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7YTIV+VMPP8VE]9RMXPIKW
ERHXSTJPETGPSWIH
%GGIWWSV]9WIH

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7XIEQIH1YJJMRW
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XLIJYPPPMRI
4YXTEVGLQIRXTETIVGEWIW
KPEWWMRIGEWIW SJ  GQ [MHXLERH
GQLIMKLXMRXLIGYTW
4YXXLIIKKWMREFS[PERHEHH
WYKEV9WIELERHLIPHFPIRHIVXS
[LMTXLIQM\XYVI
%HHWEPEHSMPQMPOERHWEPXXS
MR
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%
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SV 7PMGIW
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3RP]GSSOWPMGIWSJFVIEHSJ
GQXLMGOEXEXMQI
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XSGSSOSVWPMGIFVIEH
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WYTIVKVMPPXVE]YRMX3XLIV[MWIXLI
XSEWX[MPPRSXFIFVS[RIH
8SGLERKIXLIHIKVIISJFVS[RMRK
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XSEWXXLMGORIWWX]TIWWM^IERH
WXSVEKIGSRHMXMSRW*SSH[MXLLMKL
GSRXIRXSJWYKEVSVSMPMWFYVRX
QSVIIEWMP]WSYWIXLIHSRIRIWW
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6IJIVXSXLIXEFPIERHTVIWW
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GLEVVMRKZEVMIWHITIRHMRKSRXSEWX
XLMGORIWWX]TIWWM^IERHWXSVEKI
GSRHMXMSRW'LIGOSRXLIJSSHEWMX
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SZIRGEZMX]SVWYTIVKVMPPXVE]YRMXXLI
GLEVVMRKQE]FIPMKLXWYGLEWEJXIV
GSRXMRYSYWP]GSSOMRK[MXL
8S E WX
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LIEXIHIRSYKLJEGMRKYTERHTVIWW
%HHMXMSREP,IEXMRK
XSGSSO
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8MTWJSV8SEWX
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I\GIWWMZIEQSYRXSJ
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KVIIRFIPPTITTIVWPMGIHXLMR
WPMGISJFEGSRGYXMRXSGQ[MHI
4VITEVIHTM^^EWEYGIEWRIIHIH
7LVIHHIHQS^^EVIPPEGLIIWIEWRIIHIH
7TVIEH XLITM^^EWEYGISRSRI
WMHISJX[SWPMGIWSJXSEWX4YXSRMSR
KVIIRFIPPTITTIVERHFEGSRSR
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XLIQLSVM^SRXEPP]MRXLIGIRXIVSJXLI
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6IJIVIRGILIEXMRKXMQI %FSYXQMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR 6IJIVIRGILIEXMRKXMQI %FSYX QMR
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8LIQIRYWIPIGXMSRTVSGIHYVIJSV&EOIV]*YRGXMSRMWHIWGVMFIHEWJSPPS[W
%YXS&EOIV]1IRY,ERHQEHI&EOIV]1IRYERH/RIEH1M\1IRY
%W &EOIV]*YRGXMSR MWGSQQSRXS%YXS&EOIV]1IRY,ERHQEHI&EOIV]1IRYERH/RIEH1M\1IRYXLIWISTXMSRW
EVISQMXXIHMRXLIHIWGVMTXMSR
+VEQIUYMZEPIRXWJSVWTSSRWJSVFEOIV]
*SVQIRYSTXMSRWXLEXVIUYMVIWMRTYXSJMRKVIHMIRXWMRHMGEXMSRWWYGLEW 1EXIVMEP
%YXS-RNIGXMSR1M\
EVIYWIH
7IXXLIMRHMGEXIHSTXMSRWEJXIVWIPIGXMRKXLIQIRYSTXMSR
8SYGL )RXIV
8SYGL )RXIV
8SYGL
%YXS-RNIGXMSR1M\
8SYGL
1EXIVMEP
2SMWWIPIGXIH
F]HIJEYPX
7IPIGXMSRMW
MRHMGEXIH
'SPSVGLERKIW
[LIRWIPIGXIH
7QEPPWTSSR 0EVKIWTSSR
WGSST
WGSST
WGSST WGSST
WGSST
WGSST
(V]]IEWXTS[HIV K K K K %FSYXK K
7EPX K K K K K %FSYXK
7YKEV K K K %FSYXK %FSYXK %FSYXK
7OMQQMPO K K K %FSYXK %FSYXK %FSYXK

%YXS&
&VIEH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZI XLIGIVEQMG XVE] ERH WIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
% ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
&VIEH
%JXIVLIEXMRKXEOISYXXLIFEOMRKTER
MQQIHMEXIP]ERHVIQSZIXLIMRNIGXSV
0E] HS[RXLI FEOMRKTERSR E WXERH
GSZIVIH[MXL E GPSXLSV XS[IPXS GSSP
MXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
KWYKEVPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
7XIEQ
3ZIR
%YXS&EOIV]
;LMXIFVIEH
&VIEH
4
4
1IRY2S
%GGIWWSV]
9WIHSJ
&EOIV]1IRY
4VSGIHYVIXSWIPIGX
&EOIV]*YRGXMSRERH
XLIR%YXS&EOIV]
1IRY
8SYGLERHWIPIGX
&EOIV]*YRGXMSR
%YXS&EOIV];LMXIFVIEH
&VIEHMRSVHIVERHXLIRWXEVX
F]TVIWWMRK
background

8SVIQSZIXLIQM\MRKFPEHIJVSQXLIFEOMRKTER
4VSGIHYVIJSV&EOIV]*YRGXMSR
%GGYVEXIP]QIEWYVIMRKVIHMIRXWERHXLIRXLISZIR[MPPTVSGIIH[MXLEPPXLITVSGIWWIWJVSQQM\MRKXSFEOMRK
=SYQE]QEOIZEVMSYWOMRHWSJFVIEHVERKMRKJVSQFEWMG&VIEHXSTVSJIWWMSREP&YXXIV6MGL &VIEHERH6MGI
&VIEHQEHIJVSQVIQEMRMRKGSPHVMGI
7IXXLIFEOMRK
TERSRXLIFEOMRK
TERVEGO
0IXXLIFEOMRKTERGSSPHS[R
YRXMPMXGERFILIPHF]LERH
*M\MXF]KVEFFMRKXLIVSXEV]
WLEJXJVSQFIRIEXLXLIFEOMRK
TERXYVRXLIQM\MRKFPEHI
GSYRXIVGPSGO[MWI 8LIR XYVRMX
MR FSXLHMVIGXMSRWWIZIVEP
0IXXLIFVIEHGSSPHS[RSRE
GEOIGSSPIVSVXLIPMOIYRXMPMXGER
FILIPHF]LERH
,SPHXLIFVIEHYTWMHIHS[RERH
FVIEOXLIFVIEH EVSYRH XLIQM\
MRKFPEHIYWMRKEFEQFSSWOI[IV
SVXLIPMOI8LIRMRWIVXXLIWOI[IV
MRXSELSPIJSVXLIVSXEV]WLEJXERH
XEOIXLIQM\MRKFPEHISYX

;EVQYTXLIHV]]IEWXTS[HIVYTXSVSSQXIQTIVE
XYVIERHHSRSX[MTIXLI]IEWXMRPIX[MXLEHV]GPSXL
3XLIV[MWIHV]]IEWXTS[HIVQE]VIQEMRMRXLIMRNIGXSV
;LIRXEOMRKSYXXLIFVIEHHSRSXYWIEORMJI
JSVOSVGLSTWXMGOW
;MPPGEYWIXLIJPYSVMRISRXLIWYVJEGIXSTIIPSJJ
7IXXLIMRNIGXSVXSXLI
FEOMRKTERERHWIX
XLI]IEWXGSZIVXSXLI
]IEWXMRPIX
7IXXLIQM\MRK
FPEHIXSXLI
FEOMRKTER
6IQSZIXLIGIVEQMG
XVE]ERHWIXXLIFEOMRK
TERVEGOEPMKRMRK[MXL
XLIVMKLX[EPPERHJVSRX
IHKISJXLISZIRGEZMX]
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4YXXLIMRKVIHMIRXW
MRXSXLIFEOMRKTER
ERHMRNIGXSV
-JXLIQM\MRKFPEHIVIQEMRWMRXLI
FVIEHEJXIVXLIFVIEHMWXEOIRSYX
XMQIWERHTYPPMXYTXSVIQSZI
-JMXMWLEVHXSXEOIMXSYXEHHPYOI[EVQ[EXIVSV[EXIV
MRXSXLIFEOMRKTERERHPIEZIMXEFSYXQMRYXIW8LIR
MX[MPPFIIEWMIVXSVIQSZI
1M\MRKFPEHI
6SXEV]WLEJX
1M\MRK
FPEHI
0SGOXLIFEOMRK
TERERHGPSWIXLI
HSSV
4VIWW
%YXS&EOIV];LMXIFVIEH
&VIEH
XSGSSO
,SPHXLIVSSXSJXLI
LERHPIXYVR MX YTWMHI
HS[RERHWLEOIMXYT
ERH HS[R WIZIVEP XMQIW
XSXEOIXLIFVIEHSYX
4PEGIMXSREGEOIGSSPIV
SVXLIPMOIXSPIXMXGSSP
%JXIV LIEXMRK XEOI MXSYX
MQQIHMEXIP]0E] HS[R
XLIFEOMRKTERSREWXERH
GSZIVIH[MXLEGPSXLSV
XS[IP XS GSSP MX HS[R JSV
EFSYXQMRYXIW

)\EQTPI*SV
%YXS&EOIV];LMXIFVIEH
&VIEH
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
7XIEQ
3ZIR
%YXS&EOIV]
;LMXIFVIEH
&VIEH
4
4
background
;LIEX&VIEH

%YXS&EOIV]1IRY;LIEX&VIEH

%YXS&
&VIEH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZI XLIGIVEQMGXVE]ERH WIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
&VIEH
%JXIVLIEXMRKXEOISYXXLIFEOMRKTER
MQQIHMEXIP]ERHVIQSZIXLIMRNIGXSV
0E]HS[RXLIFEOMRKTERSR EWXERH
GSZIVIH[MXL EGPSXLSVXS[IPXS GSSP
MXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHI HS[R ERH WLEOI MX YT ERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
KJPSYVFVIEHJPSYV
KWYKEVPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
8MTWJSV&VIEH
-J HV] ]IEWXTS[HIVVIQEMRW
MRXLIMRNIGXSVEJXIVGSSOMRK
0IEZI XLI HV] ]IEWX TS[HIV MR XLI
VSSQJSVEFSYXQMRYXIWXS[EVQ
YTXSXLIVSSQ XIQTIVEXYVI FIJSVI
YWI9WMRKMXGSPH[MPPGEYWI
GSRHIRWEXMSRERHHV]]IEWX
TS[HIVQE] VIQEMR MRXLI MRNIGXSV
*YVXLIV[MTMRKXLI]IEWXMRPIXSJXLI
MRNIGXSV[MXLEHV]GPSXLQE]GEYWI
XLI HV] ]IEWX TS[HIV XS VIQEMR MR
XLIMRNIGXSVHYIXSWXEXMGIPIGXVMGMX]
-JXLIVSSQXIQTIVEXYVIMW
'SVEFSZI
*SV
&VIEH
GLMPPXLIJPSYVERH
[EXIVMREVIJVMKIVEXSVHS[RXS
EFSYX'
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
7XIEQ
3ZIR
%YXS&EOIV]
;LMXIFVIEH
&VIEH
4
4
background
;LIEX&VIEH

KJPSYVFVIEHJPSYV
KWYKEVPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
KVEMWMR
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZI XLI GIVEQMGXVE]ERH WIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
;EXIV8ERO
*YPP
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
%GGIWWSV]9WIH
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
6EMWMR&VIEH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
;EPRYX&VIEH
KJPSYVFVIEHJPSYV
KWYKEVPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
K[EPRYXGYXMRXSQQTMIGIW
-RKVIHMIRXWJSVSRIFEOMRKTER
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
(MVIGXMSRW

%YXS&

%YXS&
4YXHV]]IEWXTS[HIVMRXSXLI
]IEWXMRPIX SJXLIMRNIGXSVWIX XLI
]IEWXGSZIVTYXVEMWMRMRXSXLI
QEXIVMEPGSRXEMRIVERHWIXXLIYRMXSR
XLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
6EMWMR&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV
0E]HS[RXLIFEOMRKTERSRE WXERH
GSZIVIH[MXLEGPSXLSVXS[IPXSGSSP
MXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
4YXHV]]IEWXTS[HIVMRXSXLI
]IEWXMRPIX SJXLIMRNIGXSVWIX XLI
]IEWXGSZIVTYX[EPRYXWMRXSXLI
QEXIVMEPGSRXEMRIVERHWIXXLIYRMXSR
XLIFEOMRKTER
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK [MXL
%YXS&EOIV];LMXIFVIEH
;EPRYX&VIEH
%JXIVLIEXMRKXEOISYXXLIFEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV
0E]HS[RXLIFEOMRKTERSREWXERH
GSZIVIH[MXLEGPSXLSVXS[IPXSGSSP
MXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYT ERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
7XIEQ
3ZIR
%YXS&EOIV]
;LMXIFVIEH
6EMWMR&VIEH
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
7XIEQ
3ZIR
%YXS&EOIV]
;LMXIFVIEH
;EPRYX&VIEH
4
background
;LIEX&VIEH

%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
7SJX&VIEH

%YXS&
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IX ERHPSGO XLIFEOMRK TER SRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK [MXL
%YXS&EOIV];LMXIFVIEH
7SJX&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV
0E]HS[RXLIFEOMRKTERSRE WXERH
GSZIVIH[MXLEGPSXLSVXS[IPXSGSSP
MXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
KJPSYVFVIEHJPSYV
KWYKEVPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
-RKVIHMIRXWJSVSRIFEOMRKTER (MVIGXMSRW
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
7SJX&VIEH
4
4
background
;LIEX&VIEH

6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV
&
GMVGYPEVP]
&YXXIV6MGL&VIEH

%YXS&
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEVLIETIHPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
IKKWFIEXIREFSYXQ0
Q0QMPO
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV
&
GMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
8MTWJSV6SYRH8ST*VIRGL&VIEH
-JXLIQM\MRKFPEHIWXMGOWXSXLIHSYKL
&VIEO XLI HSYKLEVSYRH XLI FPEHI
F] YWMRK E FEQFSS WOI[IV SV XLI
PMOI 8LIR MRWIVXXLI WOI[IV MRXS E
LSPIJSVXLIVSXEV]WLEJXERHXEOI
XLIQM\MRKFPEHISYX 8LIQM\MRK
FPEHIMWZIV]LSXEJXIVGSSOMRK0IX
MXGSSPERHLERHPIMX[MXLGEVIRSX
XSKIXFYVRIH
4
8SXEOISYX6SYRH8ST*VIRGL
&VIEH
8LI GVYWXMWLEVHVIPEXMZIXSSXLIV
QIRYSTXMSRWWSMXMWLEVHXSXEOI
MXSYX4YXEXS[IPSVXLIPMOIXSXLI
FSXXSQSJXLIFEOMRKTERERHXET
XLIFEOMRKTERLEVHHS[R[EVH
6SYRH8ST*VIRGL&VIEH

%YXS&
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEV
PEVKIWTSSR
KWEPXWQEPPWTSSR
Q0PIQSRNYMGI
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI
WQEPPWTSSR
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
6SYRH8ST*VIRGL&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
&YXXIV6MGL&VIEH
%JXIVLIEXMRKXEOISYXXLIFEOMRKTER
MQQIHMEXIP]ERHVIQSZIXLIMRNIGXSV
0E]HS[RXLIFEOMRKTERSRE WXERH
GSZIVIH[MXLEGPSXLSVXS[IPXSGSSP
MXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
&YXXIV6MGL&VIEH
4
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
6SYRH8ST
*VIRGL&VIEH
4
4
background
;LIEX&VIEH

KJPSYVFVIEHJPSYV
KV]IJPSYV
KWYKEVPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
6]I&VIEH

%YXS&
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLI FEOMRKTER SRXLI
FEOMRKTER VEGOGPSWI XLI HSSVERHWXEVX
LIEXMRK[MXL %YXS&EOIV];LMXIFVIEH
6]I&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV
0E]HS[RXLIFEOMRKTERSRE WXERH
GSZIVIH[MXLEGPSXLSVXS[IPXSGSSP
MXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
6]I&VIEH
4
4
background
;LIEX&VIEH

0MKLX7IWEQI'LIIWI&VIEH
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX] 4

%YXS&
,SRI]2YX&VIEH
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX] 4

%YXS&
5YMGO7SHE&VIEH

%YXS&
Q0QMPOVSSQXIQTIVEXYVI
KJPSYVGEOIJPSYV
Q0PIQSRNYMGI
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
KFEOMRKTS[HIV
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTSYVQMPOERHTYX
%
JVSQ
EFSZIMRSVHIV
7IXXLIMRNIGXSVXSXLIFEOMRKTER
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
5YMGO7SHE&VIEH
;LIR ]SY LIEV XLIVIQMRHIV WSYRH
JSVQM\MRKTVSGIWWGSQTPIXMSR STIR
XLIHSSVXEOISYXXLIFEOMRKTER
VIQSZI XLI MRNIGXSV VYF SJJ XLI HSYKL
SRXLIFEOMRKTERWMHIWYVJEGIF]
8MTWJSV5YMGO7SHE&VIEH
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
8SWQSSXL SYX XLI WYVJEGI
EJXIVXLIQM\MRKTVSGIWW
9WI E VYFFIV WTEXYPE SV XLI PMOI
1IXEPWTEXYPEQE]WGVEXGLXLI
JPYSVMRIVIWMR
8SFVS[RXLIXSTTSVXMSR
8EOISYXXLIFVIEHJVSQXLIFEOMRK
TERERHTYXSRXLIQIXEPXVE]7IX
XLIXVE]XS1MHHPIERHTVIWW
3ZIR PIZIP2S4VILIEX
'
XSGSSOGLIGOMRKMXSJXIR
4
-JXLIQM\MRKFPEHIWXMGOWXS
XLIHSYKL
&VIEOXLIHSYKLEVSYRHXLIFPEHIF]
YWMRK EFEQFSS WOI[IV SV XLIPMOI
8LIRMRWIVXXLIWOI[IVMRXSELSPIJSV
XLI VSXEV] WLEJX ERH XEOI XLIQM\MRK
FPEHI SYX 8LI QM\MRKFPEHI MW ZIV]
LSXEJXIVGSSOMRK0IXMXGSSPERH
LERHPIMX[MXLGEVIRSXXSKIXFYVRIH
YWMRKEVYFFIVWTEXYPEERHWQSSXLSYX
XLIWYVJEGI7IXXLIMRNIGXSVSRXLI
FEOMRKTERERHXLIRVIXYVRXLIFEOMRK
TERXSXLIFEOMRKTERVEGO0SGOMXERH
GSSOEKEMR
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV4PEGIXLIFEOMRKTERSRE
WXERHGSZIVIH[MXLEGPSXLSVXS[IPXS
GSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
7TVIEHXLI TM^^E WEYGI EW RIIHIH
SRSRIWMHISJGQ[MHIWSHEFVIEH
WPMGIW7TVMROPI[MXLXLIWLVIHHIH
QS^^EVIPPEGLIIWIERHEVVERKIXLIQ
SRXLIQIXEPXVE]7IXXLIXVE]XS8ST
ERHTVIWW
+VMPP
QMR
XSGSSO
4
+VMPP,IEXMRK
4M^^E8SEWXSJ
7SHE&VIEH
1ERYEP
-RKVIHMIRXW(MVIGXMSRWTMIGIW
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
5YMGO7SHE&VIEH
4
background
6MGI*PSYVERH6MGI&VIEH

6MGI*PSYV&VIEH

%YXS&
KVMGIJPSYV
KJPSYVGEOIJPSYV
KFYXXIV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI
WQEPPWTSSR
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
6MGI*PSYV&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
%YXS&EOIV]1IRY6MGI*PSYVERH6MGI&VIEH
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
6MGI*PSYV
&VIEH
4
4
background
6MGI*PSYVERH6MGI&VIEH

6MGI&VIEH

%YXS&
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI
]IEWXMRPIX SJXLIMRNIGXSVWIX XLI
]IEWX GSZIVTYX
&
MRXSXLIQEXIVMEP
GSRXEMRIVERH WIXXLIYRMX SRXLI
FEOMRKTER
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
KJPSYVFVIEHJPSYV
KGSPHVMGI
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI
WQEPPWTSSR
KTMGOPIHTPYQWIIHVIQSZIH
GYXMRXSGQGYFIW
KHVMIH]SYRKWEVHMRI
4PYQ7LMVEWY&VIEH
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK [MXL
%YXS&EOIV];LMXIFVIEH
6MGI&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV
0E]HS[RXLIFEOMRKTERSRE WXERH
GSZIVIH[MXLEGPSXLSVXS[IPXSGSSP
MXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
KJPSYVFVIEHJPSYV
KGSPHVMGI
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI
WQEPPWTSSR
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
(MVIGXMSRW

%YXS&
LIEXMRK [MXL
%YXS&EOIV];LMXIFVIEH
4PYQ7LMVEWY&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
6MGI&VIEH
4
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
4PYQ7LMVEWY&VIEH
4
background
'EPGMYQERH7S]&VIEH

KWS]FIERW
FSMPIH[EXIVSJJ
KJPSYVFVIEHJPSYV
KWYKEVPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
KWS]FIERWFSMPIH
7S]&IER&VIEH

%YXS&
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
MR SVHIVERHTSYV[EXIV
GMVGYPEVP]
%YXS&EOIV]1IRY'EPGMYQERH7S]&VIEH
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TER TYX
%
MRSVHIV ERHTSYV[EXIV
GMVGYPEVP]
KJPSYVFVIEHJPSYV
KWYKEVPEVKIWTSSR
KKVEXIH4EVQIWERGLIIWI
KGLIIWIWLVIHHIH
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
'LIIWI&VIEH

%YXS&
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
4YXHV]]IEWXTS[HIVMRXSXLI
]IEWXMRPIX SJXLIMRNIGXSVWIX XLI
]IEWX GSZIV ERH WIXXLI YRMXSR XLI
FEOMRKTER
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK [MXL
%YXS&EOIV];LMXIFVIEH
'LIIWI&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
4YXHV]]IEWXTS[HIVMRXSXLI
]IEWXMRPIX SJXLIMRNIGXSVWIX XLI
]IEWXGSZIVTYXKWS]FIERW [MXL
[EXIVSJJMRXSXLI QEXIVMEPGSRXEMRIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IX ERHPSGO XLI FEOMRKTERSRXLI
FEOMRKTERVEGOGPSWI XLIHSSV ERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
7S]&IER&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
'LIIWI&VIEH
4
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
7S]&IER&VIEH
4
background

8S JY&VI EH

%YXS&
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
MRSVHIVERH TSYV
&
GMVGYPEVP]
%YXS&EOIV]1IRY'EPSVMI'YX&VIEH
KWMPOIR
XSJY
[EXIVSJJ
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEVPEVKIWTSSR
Q0PIQSRNYMGI
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
7EPX/IPT&VIEH

%YXS&
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
MRSVHIVERHTSYV XLI
GSQFMRIH
&
GMVGYPEVP]
KWEPXOIPT
KJPSYVFVIEHJPSYV
KLSRI]
Q0[EXIV
Q0PIQSRNYMGI
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
KWEPXOIPT
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IX ERHPSGO XLIFEOMRK TERSR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL %YXS&EOIV];LMXIFVIEH
8SJY& VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
4YXXLIHV]]IEWXTS[HIVMRXSXLI
]IEWXMRPIXSJ XLIMRNIGXSV 7IXXLI
]IEWXGSZIV4YXKWEPXOIPTMRXSXLI
QEXIVMEPGSRXEMRIVERHWIX SR XLI
FEOMRKTER
7IXERH PSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
7EPX/IPT&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
8SJY&VIEH
4
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
7EPX/IPT&VIEH
4
background
:IKIXEFPIERH*VYMXW&VIEH

7TMREGL&VIEH

%YXS&
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IX XLI QM\MRK FPEHI XS XLI FEOMRK
TERTYX
%
MRSVHIVERHTSYVQMPO
GMVGYPEVP]
KWTMREGLGYXMRXSGQTMIGIW
KJPSYVFVIEHJPSYV
KWYKEVWGERXPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0QMPO
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
%YXS&EOIV]1IRY:IKIXEFPIERH*VYMXW&VIEH
8MTWJSV7TMREGL&VIEH
7TMREGL
=SYGER YWIFSMPIHWTMREGL+IX
[EXIV SJJ JVSQ FSMPIHWTMREGLERH
GYXMRXSGQ[MHITMIGIW
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
7UYEWL&VIEH

%YXS&
KWUYEWLTIIPIHGYXMRXSGQGYFIW
KJPSYVFVIEHJPSYV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
7TMREGL&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TER TYX
%
MRSVHIV ERHTSYV[EXIV
GMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
7UYEWL&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
7TMREGL&VIEH
4
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
7UYEWL&VIEH
4
4
background
:IKIXEFPIERH*VYMXW&VIEH

&ERERE&VIEH

%YXS&
6IQSZIXLIGIVEQMGXVE]ERHWIXXLI
FEOMRKTERVEGO4IIPERHGYXEGVSWW
XLIFEREREMRXSGQ[MHITMIGIW
QIHMYQFERERERIXK
KJPSYVFVIEHJPSYV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO6SYKLP][MTI
XLI[EXIVSJJJVSQXLIGYXFPYIFIVV]
F]ETETIVXS[IP
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
MRSVHIVERHTSYV XLI
XLSVSYKLP]GSQFMRIH
&
GMVGYPEVP]
4YXXLIHV]]IEWXTS[HIVMRXSXLI
]IEWXMRPIXSJ XLIMRNIGXSV 7IXXLI
]IEWXGSZIV4YXXLIK[LSPI
FPYIFIVV]MRXS XLI QEXIVMEPGSRXEMRIV
ERHWIXSRXLIFEOMRKTER
&PYIFIVV]&VIEH

%YXS&
KFPYIFIVV]
GYXMRLEPJ
KJPSYVFVIEHJPSYV
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KFPYIFIVV]NEQ
WXSVIFSYKLX
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
KFPYIFIVV]
VMRWIH[EXIVSJJ
%W WYKEVGSRXIRXSJ NEQ EJJIGXWVMWMRK
YWINEQ[MXLWYJJMGMIRXWYKEVGSRXIRX
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK[MXL
%YXS&EOIV];LMXIFVIEH
&PYIFIVV]&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TER TYX
%
MRSVHIV ERHTSYV[EXIV
GMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IX ERH PSGO XLI FEOMRK TER SR XLI
FEOMRKTERVEGOGPSWIXLIHSSVERHWXEVX
LIEXMRK [MXL
%YXS&EOIV];LMXIFVIEH
&ERERE&VIEH
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV0E]HS[RXLIFEOMRKTERSR
EWXERHGSZIVIH[MXLEGPSXLSVXS[IP
XSGSSPMXHS[RJSVEFSYXQMRYXIW
,SPHXLIVSSXSJXLILERHPIXYVRMX
YTWMHIHS[RERHWLEOIMXYTERH
HS[RWIZIVEPXMQIWXSXEOIXLIFVIEH
SYX8LIRPIXMXGSSP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
&ERERE&VIEH
4
4
6IJIVIRGILIEXMRKXMQI %FSYXQMR
1M\MRK
3ZIR
%YXS&EOIV]
;LMXIFVIEH
&PYIFIVV]&VIEH
4
background

,ERHQEHI&EOIV]1IRY

%YXS&
&YXXIV6SPP&VIEH6SPP
KJPSYVFVIEHJPSYV
KWYKEVWGERXPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
PEVKIIKKFIEXIR
Q0QMPO
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR
)KKKPE^I"
IKKFIEXIR
(EWLSJWEPX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV
&
GMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLIFEOMRK
TER VEGOGPSWIXLIHSSVERH WXEVXQM\MRKERH
JMVWXVMWMRK[MXL
,ERHQEHI&EOIV]7LETMRK
&YXXIV6SPP
7XIT1M\MRKWX6MWI
%GGIWWSV]9WIH
%FSYXQMR %FSYXQMR
4VILIEXMRK %FSYXQMR
%FSYXQMR
7XIT 7XIT 7XIT
'IVEQMG8VE]
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
1IXEP8VE]1MHHPI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
1EXIVMEPMRNIGXMSR
8MQMRKEFSYXQMRYXIWEJXIVWXEVXYT
-RKVIHMIRXWTMIGIW
(MVIGXMSRW
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHMQQIHMEXIP]XEOISYXXLIFEOMRK
TERVIQSZIXLIMRNIGXSVERHGLIGOXLI
VMWMRKGSRHMXMSR-XLEWVMWIR[IPPMJXLI
HSYKL MW XS  XMQIW FMKKIV XLER MX
[EWFIJSVIXLMWTVSGIWWMI % LSPI
QEHIF] XLI JMRKIV VIQEMRW[LIR ]SY
GSZIV]SYVJMRKIV[MXLJPSYVFIWMHIWXLI
WTIGMJMIH EQSYRX ERH MRWIVXXLI JMRKIV
MRXSXLIGIRXIVSJXLIHSYKL
,ERHQEHI&EOIV]
7LETMRK
&YXXIV6SPP
4
1M\MRK
3ZIR
7XIEQ
;EXIV8ERO
*YPP
background


4PEGIXLIHSYKLFEPPWMR]SYVLERH
ERHTVIWW IEGL SRIMRXSEJYRRIP
WLETI9WIEVSPPMRKTMRXSJPEXXIR
XLIQMRXSPSRKXLMRXVMERKPIW

7XEVXMRKEXXLIFEWIIRHSJXLI
XVMERKPIVSPPYT IEGL WXVMT SJ HSYKL
;LIR XLI]EVIVSPPIH EVVERKI XLIQ
SRQIXEPXVE]WPMKLXP]GSEXIH[MXL
FYXXIVFIWMHIWXLIWTIGMJMIHEQSYRX
[MXLXLIFEWIIRHEXXLIFSXXSQ

8EOIXLIFEOMRKTERVEGOSYXJVSQ
XLI SZIRGEZMX] ERH WIX XLI GIVEQMG
XVE]

7IXXLIQIXEPXVE]TVITEVIHMR XS
&SXXSQGPSWIXLIHSSVERHWXEVXXLI
WIGSRHVMWMRK[MXL 7XITRH6MWI

;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHGLIGOXLIVMWMRKGSRHMXMSR-JMX
LEWVMWIRXSXSXMQIWLMKLIV
VMWMRKMWIRSYKL

%JXIVVMWMRKXEOISYXXLIQIXEPXVE]
GPSWIXLIHSSVERHWXEVXTVILIEXMRK
[MXL
7XIT4VILIEX&EOI

0MKLXP]ERHGEVIJYPP]GSEXXLI
WYVJEGISJXLIVSPPW[MXLXLIIKKKPE^I

;LIR]SY LIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHWIX

XS1MHHPIXS
FEOIMX
(YWXEGYXXMRKFSEVH[MXLJPSYV
FVIEHJPSYVFIWMHIW XLIWTIGMJMIH
EQSYRX XYVR XLIFEOMRK TERYTWMHI
HS[RXS XEOIXLIHSYKLSYXERH
KIRXP]TVIWWMXF]LERHXSVIQSZIER]
EMVFYFFPIW
9WIEHSYKLGYXXIVSVOMXGLIR
ORMJIXSGYXMRXSTMIGIWEFSYXK
IEGL(SRSXXIEVXLIHSYKL [MXL
]SYVLERHWEWXLMW[MPPHEQEKIMXERH
TVIZIRXMXJVSQI\TERHMRKTVSTIVP]
6SYRH IEGL HSYKL TMIGI SR]SYV
TEPQSVGYXXMRKFSEVHXSIRWYVIXLEX
XLI WYVJEGIMWWQSSXL'SZIV [MXL
TPEWXMG[VETSV [IPP[VYRK[IX
HMWLGPSXL ERHPIXMX VIWXJSVEFSYX
QMRYXIWXEOMRKGEVIXSTVIZIRX
XLIQJVSQGLMPPMRKFIRGLXMQI
%HNYWXXLIPIEZIRMRKXMQIEW
RIIHIH
8LIHSYKL[MPPVMWIEXHMJJIVIRX
WTIIHWHITIRHMRKSRWIZIVEP
JEGXSVWMRGPYHMRKXLIX]TISJ
]IEWXXLIWIEWSRERHXLIEQFMIRX
XIQTIVEXYVI-JXLIHSYKLHSIWRSX
VMWIJYPP] EHHI\XVE XMQI XS PIEZIR
[MXL %HHMXMSREP,IEXMRK
 GLIGOMRK
XLIHSYKLSJXIR
(SRSXPIXXLIHSYKLHV]
SYXHYVMRKFIRGLXMQISV
TVILIEXMRK
-JXLIHSYKLHVMIWSYXMX[MPPRSXVMWI
TVSTIVP]/IITMXLYQMHF]GSZIV
MRK[MXL TPEWXMG[VETSV [IPP[VYRK
[IXHMWLGPSXLSVQMWXMRKXLIWYVJEGI
[MXL[EXIV
,ERHPIXLIHSYKL[MXLGEVI
,ERHPIXLIHSYKLKIRXP](SYKL
XLEX MW XSVR SV VI[SVOIHXS GSVVIGX
MXWWLETI[MPPRSXI\TERHTVSTIVP]
-JXLIFVIEHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
6IQSZI[IPPLIEXIHSRIWERH
TVIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOGLIGOMRKMXSJXIR
4
%TTP]XLIIKKKPE^IGEVIJYPP]
ERHWTEVMRKP]
0MKLXP] KPE^IXLIWYVJEGI SJ XLI
HSYKLYWMRK XLITEPQWSJ]SYV
LERHW8SSQYGLIKKKPE^I[MPPVYR
SRXS XLIQIXEP XVE] ERH GEYWI XLI
FSXXSQSJXLIFVIEHXSFYVR
 PIZIPGSSOMRKERH
XIQTIVEXYVIXMQIWIXXMRKW
=SYGERRSXYWIXLI,ERHQEHI
&EOIV]QIRY;MXLVIJIVIRGIXS
&VIEH1EOMRKMR1ERYEP1IRY
4
FEOI]SYVFVIEHMR
1ERYEP1IRY
8MTWJSV&YXXIV6SPP
background

*MPPXLI[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRI
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV
&
GMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERH
WXEVXQM\MRKERHJMVWXVMWMRK[MXL
,ERHQEHI&EOIV]7LETMRK
*VIRGL6SPP
7XIT1M\MRKWX6MWI
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
Q0[EXIV
Q0PIQSRNYMGI
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR

%YXS&
*VIRGL6SPP&EXEVHERH'SYTI
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
%FSYXQMR %FSYXQMR
4VILIEXMRK %FSYXQMR
%FSYXQMR
7XIT 7XIT 7XIT
'IVEQMG8VE]
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
1IXEP8VE]1MHHPI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
1EXIVMEPMRNIGXMSR
8MQMRKEFSYXQMRYXIWEJXIVWXEVXYT
-RKVIHMIRXWFEXEVHGSYTI
(MVIGXMSRW
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
MQQIHMEXIP]XEOISYXXLIFEOMRKTERVIQSZI
XLIMRNIGXSVERHGLIGOXLIVMWMRKGSRHMXMSR-X
LEWVMWIR[IPPMJXLIHSYKLMWXSXMQIW
FMKKIVXLERMX[EWFIJSVIXLMWTVSGIWWMI%
LSPIQEHI F] XLIJMRKIVVIQEMRW[LIR]SY
GSZIV]SYVJMRKIV[MXLJPSYVFIWMHIW XLI
WTIGMJMIH EQSYRX ERHMRWIVXXLI JMRKIVMRXS
XLIGIRXIVSJXLIHSYKL
(YWXEGYXXMRKFSEVH[MXLJPSYV
FVIEHJPSYVFIWMHIWXLIWTIGMJMIH
EQSYRXXYVR XLI FEOMRKTER YTWMHI
HS[RXSXEOIXLIHSYKLSYXERH
KIRXP]TVIWWMXF]LERHXSVIQSZIER]
EMVFYFFPIW
,ERHQEHI&EOIV]
7LETMRK
*VIRGL6SPP
4
1M\MRK
3ZIR
7XIEQ
background


7LETIXLIIRHWSJXLIGSYTIMRXS
VSYRHIHTSMRXWERHXLIR VSPPXLI
HSYKLXSJSVQERIKKWLETI

4PEGIXLIWLETIHHSYKLTVITEVIH
MR


SREQIXEPXVE]PMKLXP]GSEXIH
[MXLFYXXIV FIWMHIWXLIWTIGMJMIH
EQSYRX 1EOI WYVI XLI GVIEWIW EVI
JEGMRKHS[R

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GLIGOXLIVMWMRKGSRHMXMSR-JMXLEWVMWIR
XSXSXMQIWLMKLIVVMWMRKMW
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7XIT4VILIEX&EOI
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TMIGIWIEGLEFSYX KIEGLJSV
FEXEVHERHEFSYXKIEGLJSV
GSYTI (SRSX XIEV XLIHSYKL[MXL
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7XIT 7XIT 7XIT
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HYVMRKFIRGLXMQISVTVILIEXMRK
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TPEWXMG[VETSV[IPP[VYRK[IXHMWLGPSXL
SVQMWXMRKXLIWYVJEGI[MXL[EXIV
7LETMRKVSYRHMRKXLIHSYKL
4PEGIXLIHSYKLWQSSXLWMHIYT
6SYRHMX F]XYGOMRK XLI GYX IHKIW
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8MTWJSV7UYEWL6SPP
JMRKIVVIQEMRW[LIR]SYGSZIV]SYV
JMRKIV[MXLJPSYVFIWMHIWXLIWTIGMJMIH
EQSYRXERHMRWIVXXLIJMRKIVMRXSXLI
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LERHWEWXLMW[MPPHEQEKIMXERH
TVIZIRXMXJVSQI\TERHMRKTVSTIVP]

6SYRH IEGL HSYKL TMIGI SR]SYV
TEPQSVGYXXMRKFSEVHXSIRWYVIXLEX
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*PEXXIRIEGLHSYKLTMIGIMRXSE
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TVITEVIHMR
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QIXEPXVE][MXLEGSSOMRKWLIIX
TPEGIHSRMX 'VYWLXLIHSYKL
[VETTMRKXLITEWXIEFMXMR]SYVLERH
XSQEOIELSPIEXXLIGIRXIV[MXL]SYV
JMRKIVGSZIVIH[MXLJPSYVFVIEHJPSYV
FIWMHIWXLIWTIGMJMIHEQSYRX

8EOIXLIFEOMRKTERVEGOSYXJVSQ
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
7IXXLI QIXEPXVE]TVITEVIHMR
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GSQTPIXMSRWSYRHGLIGOXLIVMWMRK
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XMQIWLMKLIVVMWMRKMWIRSYKL
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7XIT4VILIEX&EOI
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%YXS&
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
Q0[EXIV
Q0PIQSRNYMGI
KHV]]IEWXTS[HIVUYMGOVMWIX]TI

WQEPPWTSSR

0IRKXLIRXLIFEXEVHYRXMPMXMWGQ
PSRK8YVRMXSZIVWSXLEXXLIFSXXSQ
WMHI[LIRFIRGLXMQIMWRS[XLIXST
9WIEVSPPMRK TMRXSJPEXXIRMX MRXSE
 GQ SFPSRKWLETI *SPH XLIQ JVSQ
IHKIWERHGSQTPIXIP]WIEPXLIGVIEWI

4PEGIXLIWLETIHHSYKLTVITEVIH
MR

SREQIXEPXVE]PMKLXP]GSEXIH
[MXLFYXXIV FIWMHIWXLIWTIGMJMIH
EQSYRX 1EOI WYVI XLI GVIEWIW EVI
JEGMRKHS[R

8EOIXLIFEOMRKTERVEGOSYXJVSQ
XLISZIRGEZMX]ERHWIXXLIGIVEQMGXVE]

7IX XLIQIXEP XVE] TVITEVIH MR

XS
&SXXSQGPSWIXLIHSSVERHWXEVXXLI
WIGSRH VMWMRK [MXL
7XITRH6MWI

;LIR]SYLIEVXLIGSQTPIXMSR WSYRH
GLIGOXLIVMWMRKGSRHMXMSR-JMXLEWVMWIR
XSXSXMQIWLMKLIVVMWMRKMWIRSYKL

%JXIVVMWMRKXEOISYXXLIQIXEPXVE]
GPSWIXLIHSSVERHWXEVXTVILIEXMRK
[MXL
7XIT4VILIEX&EOI

;LMPIXLISZIRMWTVILIEXMRKGSZIV
XLIHSYKL [MXL[IPP[VYRK [IX
HMWLGPSXLSVTPEWXMG[VETERHPIXMX
GSRXMRYIVMWMRKEX VSSQ XIQTIVEXYVI
6MKLX FIJSVI TVILIEXMRK MW GSQTPIXIH
EFSYXQMRYXIW
TYX GYXW VMKLXERH
PIJXWMHIW F] YWMRK
EOMXGLIRWGMWWSVW

;LIR]SY LIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHWIX

XS1MHHPIXS
FEOIMX

%YXS&
;LIEX7XEPO6SPP
;EXIV8ERO
*YPP
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV
&
GMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERH
WXEVXQM\MRKERHJMVWXVMWMRK[MXL
,ERHQEHI&EOIV]7LETMRK
;LIEX7XEPO6SPP
7XIT1M\MRKWX6MWI
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHMQQIHMEXIP]XEOISYXXLIFEOMRK
TERVIQSZIXLIMRNIGXSVERHGLIGOXLI
VMWMRKGSRHMXMSR-XLEWVMWIR[IPP MJXLI
HSYKL MW  XS  XMQIW FMKKIV XLER MX
[EWFIJSVIXLMWTVSGIWWMI%LSPI
QEHIF]XLIJMRKIVVIQEMRW[LIR ]SY
GSZIV]SYVJMRKIV[MXLJPSYVFIWMHIWXLI
WTIGMJMIH EQSYRXERH MRWIVX XLI JMRKIV
MRXSXLIGIRXIVSJXLIHSYKL
(YWXEGYXXMRKFSEVH[MXLJPSYVFVIEH
JPSYVFIWMHIWXLIWTIGMJMIHEQSYRX
XYVR XLI FEOMRKTER YTWMHIHS[RXS
XEOIXLIHSYKLSYXERHKIRXP]TVIWWMX
F]LERHXSVIQSZIER]EMVFYFFPIW
9WIEHSYKLGYXXIVXSHMZMHIXLI
HSYKLMRXSX[SIUYEPWIGXMSRW(S
RSXXIEVXLIHSYKL[MXL]SYVLERHW
EWXLMW [MPP HEQEKI MX ERH TVIZIRXMX
JVSQI\TERHMRKTVSTIVP]
6SYRHXLI HSYKL XS IRWYVIXLEXXLI
WYVJEGIMWWQSSXL'SZIV[MXLTPEWXMG[VET
SV[IPP[VYRK[IXHMWLGPSXLERHPIXMXVIWX
JSVEFSYX QMRYXIWXEOMRKGEVIXS
TVIZIRXXLIQJVSQGLMPPMRKFIRGLXMQI
4YXGYXWSR
XLIHSYKL
%GGIWWSV]9WIH
%FSYXQMR %FSYXQMR
4VILIEXMRK %FSYXQMR
%FSYXQMR
7XIT 7XIT 7XIT
'IVEQMG8VE]
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
1IXEP8VE]1MHHPI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
1EXIVMEPMRNIGXMSR
8MQMRKEFSYXQMRYXIWEJXIVWXEVXYT
-RKVIHMIRXWVSPPW
(MVIGXMSRW
,ERHQEHI&EOIV]
7LETMRK
;LIEX7XEPO6SPP
4
1M\MRK
3ZIR
7XIEQ
background

KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
KWEPXJVIIFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI
WQEPPWTSSR
1M\MRFYXXIV"
KWEPXJVIIFYXXIV
)KKKPE^I"
IKKFIEXIR
(EWLSJWEPX

%YXS&
'VSMWWERX
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI
]IEWXMRPIX SJXLIMRNIGXSVWIX XLI
]IEWX GSZIV ERH WIXXLI YRMXSR XLI
FEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLIFEOMRK
TER VEGO GPSWI XLI HSSVERH WXEVXQM\MRK
[MXL
,ERHQEHI&EOIV]7LETMRK
'VSMWWERX
7XIT1M\MRKWX6MWI
1M\XLIFYXXIVMRFIRIEXLXLI[VET
ERHXETMX F]YWMRKEVSPPMRKTMRXS
JPEXXIRXS\GQ0IXMXGSSPMRE
VIJVMKIVEXSVJSVEXPIEWXQMRYXIW
%GGIWWSV]9WIH
4VILIEXMRK %FSYXQMR
%FSYXQMR
%FSYXQMR%FSYXQMR
7XIT 7XIT 7XIT
'IVEQMG8VE]
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
1IXEP8VE]1MHHPI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
;EXIV8ERO
*YPP
-RKVIHMIRXWTMIGIW
(MVIGXMSRW
;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
MQQIHMEXIP] XEOI SYX XLI FEOMRK TER ERH
VIQSZIXLIMRNIGXSV4YXXLIHSYKLMRE
FS[P PMKLXP]GSEXIH[MXL FYXXIVFIWMHIW
XLIWTIGMJMIHEQSYRXGSZIVMX[MXLTPEWXMG
[VETERHPIXMXVIWXMREVIJVMKIVEXSVJSV
QMRYXIW
(YWXEGYXXMRKFSEVH[MXLJPSYVFVIEH
JPSYVFIWMHIW XLI WTIGMJMIH EQSYRX XEOI
XLIHSYKL
SYXERHKIRXP]TVIWWMXF]
LERHXSVIQSZIER]EMVFYFFPIW
*PEXXIRXLI HSYKL F] YWMRK E VSPPMRK
TMRMRXS \ GQ4PEGI
EXXLI
GIRXIVSJXLIHSYKLMREPS^IRKIWLETI
,ERHQEHI&EOIV]
7LETMRK
'VSMWWERX
4
1M\MRK
3ZIR
7XIEQ
background


*PEXXIR

XS\GQERHYWI
XLITEXXIVRTVITEVIH MR

XSGYXXLI
HSYKLMRXSTMIGIWI\GPYHMRKXLIIRH
TSVXMSRWEWMRHMGEXIHMRXLITLSXS
GQ
GQ
GQ

4YXEFSYXGQGYXEXXLIGIRXIVSJ
XLI FSXXSQ IHKI SJ IEGL XVMERKPI
7PMKLXP]WXVIXGLXLIIHKISYX[EVHERH
VSPPYTXLIHSYKL%VVERKI XLIQSR
XLIQIXEPXVE]PMKLXP]GSEXIH[MXL
FYXXIVFIWMHIWXLIWTIGMJMIHEQSYRX
[MXLXLIFEWIIRHEXXLIFSXXSQ

8EOIXLIFEOMRKTERVEGOSYXJVSQ
XLI SZIR GEZMX] ERH WIX XLI GIVEQMG
XVE]

7IXXLI QIXEPXVE]TVITEVIHMR

XS&SXXSQGPSWI XLIHSSVERHWXEVX
XLIWIGSRHVMWMRK[MXL
7XITRH6MWI
;LIR]SYLIEV
XLIGSQTPIXMSRWSYRHGLIGOXLI
VMWMRKGSRHMXMSR-JMXLEWVMWIRXS
XSXMQIWLMKLIVVMWMRKMWIRSYKL

%JXIVVMWMRKXEOISYXXLIQIXEPXVE]
GPSWIXLIHSSVERHWXEVXTVILIEXMRK
[MXL 7XIT4VILIEX&EOI

0MKLXP]ERHGEVIJYPP]GSEXXLI
WYVJEGISJXLIVSPPW[MXLXLIIKKKPE^I

;LIR]SY LIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHWIX

XS1MHHPIXS
FEOIMX

7IGYVIP] [VETMX[MXL GEVI RSXXS
XIEVXLI HSYKL 7IEP XLIGVIEWIERH
GSZIV[MXLTPEWXMG[VET0IXMXVIWXMRE
VIJVMKIVEXSVJSVEFSYXQMRYXIW

(YWXEGYXXMRKFSEVH[MXLJPSYV
FVIEHJPSYVFIWMHIWXLIWTIGMJMIH
EQSYRXERHXEOI

SRXSXLIFSEVH
4VIWWXLIVSPPMRKTMREKEMRWXXLI HSYKL
SYX[EVH JVSQXLI GIRXIVXSJPEXXIRMXXS
\GQERHEFSYXQQXLMGO*SPH
XLIPSRKIVWMHIWMR[EVHF]
;VETMR
TPEWXMG[VETERHPIXMXVIWX MRE
VIJVMKIVEXSVJSVEFSYXQMRYXIW

*PEXXIR

EKEMRXS\GQERH
EFSYXQQXLMGO*SPHMR[EVHF]
ERH[VETMRTPEWXMG[VET0IXMXVIWXMR
EVIJVMKIVEXSVJSVEFSYXQMRYXIW

*PEXXIR

EKEMRXS\GQERH
EFSYXQQXLMGO*SPHMR[EVHF]
ERH[VETMRTPEWXMG[VET0IXMXVIWXMR
EVIJVMKIVEXSVJSVEFSYXQMRYXIW

(YVMRK XLMW VIWXMRK TLEWI QEOIER
MWSWGIPIWXVMERKPITETIVTEXXIVRSJ 
GQFSXXSQERHGQLIMKLX
&YXXIV
9WIWEPXJVIIFYXXIV&YXXIV[MXLWEPX
GSRXIRX[MPPVIWYPXMRWEPX]FVIEH
8LIHSYKLLEWRSXVMWIR
EJXIVXLIWXIT
%WXLIHSYKLVMWIWMRXLIWLETMRK
TVSGIWWMXHSIWRSXPIEZIRERHVMWI
MR
'VSMWWERX
7XIT1M\MRKWX6MWI
-JXLIHSYKLMWHMJJMGYPXXS
[SVO[MXL
8LIHSYKL[MPPFIGSQIWSJXMJXLI
FYXXIVQIPXW'LMPPMRXLIVIJVMKIVEXSV
JSViQMRYXIWXSQEOIMXJMVQIV
ERHIEWMIVXS[SVO[MXL
1M\FYXXIVMRXSHSYKLIZIRP]
[LIRJPEXXIRMRKXLIHSYKL
0E]IVW[MPPETTIEV[IPPEJXIVFEOMRK
7TVIEHIKKKPE^ISRXLI
HSYKLWYVJEGI
7TVIEHMRKMXSRXLIGYXEVIESJXLI
HSYKL[MPPQEOIVMWMRKTSSV
-JXLIFVIEHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
6IQSZIWYJJMGMIRXP]LIEXIHTMIGIW
ERHTVIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOXLIVIWX
GLIGOMRKMXSJXIR
4
PIZIPGSSOMRKERH
XIQTIVEXYVIXMQIWIXXMRKW
=SYGERRSXYWIXLI,ERHQEHI
&EOIV]QIRY;MXLVIJIVIRGIXS
&VIEH1EOMRKMR1ERYEP1IRY
4
FEOI]SYVFVIEHMR
1ERYEP1IRY
8MTWJSV'VSMWWERX
background

;LIR ]SY LIEV XLI GSQTPIXMSRWSYRH
MQQIHMEXIP]XEOISYXXLIFEOMRKTERVIQSZI
XLIMRNIGXSVERHGLIGOXLIVMWMRKGSRHMXMSR-X
LEWVMWIR[IPPMJXLIHSYKLMWXSXMQIW
FMKKIVXLERMX[EWFIJSVIXLMWTVSGIWWMI%
LSPIQEHI F] XLIJMRKIVVIQEMRW[LIR]SY
GSZIV]SYVJMRKIV[MXLJPSYVFIWMHIW XLI
WTIGMJMIH EQSYRX ERHMRWIVXXLI JMRKIVMRXS
XLIGIRXIVSJXLIHSYKL
(YWXEGYXXMRKFSEVH[MXLJPSYVFVIEH
JPSYVFIWMHIWXLIWTIGMJMIHEQSYRX
XYVRXLIFEOMRKTERYTWMHIHS[RXSXEOI
XLI HSYKL SYX ERH KIRXP] TVIWW MX F]
LERHXSVIQSZIER]EMVFYFFPIW
9WI E HSYKL GYXXIVSV OMXGLIR ORMJI XS GYX
MRXSTMIGIWEFSYXKIEGL(SRSXXIEVXLI
HSYKL [MXL ]SYVLERHW EW XLMW [MPP HEQEKI MX
ERHTVIZIRXMXJVSQI\TERHMRKTVSTIVP]

6SYRHIEGLHSYKLTMIGISR]SYVTEPQ
SV GYXXMRKFSEVH XSIRWYVI XLEXXLI
WYVJEGIMWWQSSXL'SZIV[MXLTPEWXMG
[VETSV[IPP[VYRK[IXHMWLGPSXLERHPIX
MXVIWXJSVEFSYXQMRYXIWXEOMRKGEVIXS
TVIZIRXXLIQJVSQGLMPPMRKFIRGLXMQI

*PEXXIRXLIHSYKLTVITEVIHMR

MRXSE
GMVGYPEVWLETIERH[VETXLITEWXI
TVITEVIHMR
MRXLI
HSYKL 7IEP XLIGVIEWI
WIGYVIP]%VVERKIXLIQ
SRXLIQIXEPXVE][MXLE
GSSOMRKWLIIXTPEGIHSR
MX1EOIWYVIXLIGVIEWIW
EVIJEGMRKHS[R

8EOIXLIFEOMRKTERVEGOSYXJVSQ
XLISZIRGEZMX]ERHWIXXLIGIVEQMGXVE]

7IXXLIQIXEPXVE]TVITEVIHMR

XS
&SXXSQGPSWIXLIHSSVERHWXEVXXLI
WIGSRHVMWMRK[MXL
7XITRH6MWI

;LIR]SYLIEVXLIGSQTPIXMSRWSYRH
GLIGOXLIVMWMRKGSRHMXMSR-JMXLEWVMWIRXS
XSXMQIWLMKLIVVMWMRKMWIRSYKL
-RKVIHMIRXWTMIGIW
(MVIGXMSRW
KGSEVWIVIHFIERTEWXI
KJPSYVFVIEHJPSYV
KWYKEV
LIETIHPEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI
WQEPPWTSSR
)KKKPE^I"
IKKFIEXIR
(EWLSJWEPX
4STT]WIIHWEWRIIHIH

%YXS&
6IH&IER6SPP
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
-R
1MGVS[EZI ;
QMRWIGQMR

QM\XLIGSEVWIVIHFIERTEWXI[LMPI
LIEXMRK%JXIVMXLEWGSSPIHHMZMHI
MRXSVSYRHTSVXMSRW
4
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERH
WXEVXQM\MRKERHJMVWX VMWMRK[MXL
,ERHQEHI&EOIV]7LETMRK
6IH&IER6SPP
7XIT1M\MRKWX6MWI
%VVERKIQIRX
'SSOMRKWLIIX
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
%FSYXQMR %FSYXQMR
4VILIEXMRK %FSYXQMR
%FSYXQMR
7XIT 7XIT 7XIT
'IVEQMG8VE]
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
1IXEP8VE]1MHHPI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
1EXIVMEPMRNIGXMSR
8MQMRKEFSYXQMRYXIWEJXIVWXEVXYT
'LIWXRYX6SPP
6IGMTIHIZIPSTIHF]/EKE[E2YXVMXMSR9RMZIVWMX]
4

%YXS
1MGVS[EZI,IEXMRK
4
8MTWJSV6IH&IER6SPP
(SRSXPIXXLIHSYKLHV]SYX
HYVMRKFIRGLXMQISVTVILIEXMRK
-JXLIHSYKLHVMIWSYXMX[MPPRSXVMWI
TVSTIVP]'SZIVMX[MXLE[VETSVGPSXL
SVWTVE][EXIVSRXSXLIWYVJEGI
7LETMRKVSYRHMRKXLIHSYKL
4PEGIXLIHSYKLWQSSXLWMHIYT
6SYRHMXF]XYGOMRKXLIGYXIHKIW
MRXSXLIGIRXIVYRHIVRIEXL9WI
]SYVJMRKIVWXSTMRGLXLIYRHIVWMHI
SJXLIFEPPGPSWIH
%TTP]XLIKPE^IGEVIJYPP]ERHWTEVMRKP]
0MKLXP] KPE^I XLI WYVJEGI SJ XLI
HSYKLYWMRKXLI TEPQWSJ]SYV
LERHW8SSQYGLKPE^I[MPPVYRSRXS
XLIQIXEPXVE]ERHGEYWIXLI
FSXXSQSJXLIFVIEHXSFYVR
;LIRGVIEQSVNEQMWXSS
WSJXXS[VET
0IXMXGSSPXSLEVHIRMREVIJVMKIVEXSV
-JXLIFVIEHMWYRHIVHSRI
EJXIVXLI %HHMXMSREP,IEXMRK
PMKLX3**
6IQSZIWYJJMGMIRXP]LIEXIHTMIGIW
ERHTVIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOXLIVIWX
GLIGOMRKMXSJXIR
4
PIZIPGSSOMRKERH
XIQTIVEXYVIXMQIWIXXMRKW
=SYGERRSXYWIXLI,ERHQEHI
&EOIV]QIRY;MXLVIJIVIRGIXS
&VIEH1EOMRKMR1ERYEP1IRY
4
FEOI]SYVFVIEHMR
1ERYEP1IRY

%JXIV VMWMRK XEOI SYX XLI QIXEP XVE]
GPSWIXLIHSSVERHWXEVXTVILIEXMRK[MXL
7XIT4VILIEX&EOI

0MKLXP]ERHGEVIJYPP]GSEXXLI
WYVJEGISJXLIVSPPW[MXLXLIIKK
KPE^IERHWTVMROPIXLITSTT]WIIHW

;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHWIX

XS1MHHPIXS
FEOIMX
,ERHQEHI&EOIV]
7LETMRK
6IH&IER6SPP
1M\MRK
3ZIR
7XIEQ
4VITEVEXMSR
,IEXMRK
4
background


8EOIXLIFEOMRKTERVEGOSYXJVSQ
XLISZIRGEZMX]ERHWIXXLIGIVEQMGXVE]

7IXXLIQIXEPXVE]TVITEVIHMR

XS
&SXXSQERHGPSWIXLIHSSV
4VIWW
7XITRH6MWI
JSVXLIWIGSRH
VMWMRK;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHGLIGO XLIVMWMRK GSRHMXMSR-JMX
LEWVMWIRXSXSXMQIWLMKLIVVMWMRK
MWIRSYKL

%JXIV VMWMRK XEOI SYX XLI QIXEP XVE]
GPSWIXLIHSSVERHWXEVXTVILIEXMRK[MXL
7XIT4VILIEX&EOI

4VIWWERIHKISJEGEVHSVETEPPIX
ORMJIEKEMRWXXLIHSYKLXSQEOIE
TEXXIVR

;LIR]SY LIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHWIX

XS1MHHPIXS
FEOIMX

%YXS&
1IPSR6SPP
&VIEHHSYKL"
KJPSYVFVIEHJPSYV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
KFYXXIV
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI
WQEPPWTSSR
'SSOMIHSYKL"
KFYXXIVVSSQXIQTIVEXYVI
KWYKEV
IKKFIEXIR
(EWLSJZERMPPEI\XVEGX
KJPSYVGEOIJPSYV
+VERYPEXIHWYKEVEWRIIHIH
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
;LMTXLIFYXXIVJSVXLIGSSOMI
HSYKLXLSVSYKLP][MXLELERHLIPH
FPIRHIV YRXMPMXFIGSQIW[LMXMWLMR
GSPSV%HHXLIWYKEVERHQM\[IPP
%HHXLIIKK ERHQM\ XLSVSYKLP]
YRXMPGVIEQ]%HHXLIZERMPPEI\XVEGX
7MJX XLI JPSYVERH FVMIJP]QM\ F] E
[SSHIRWTSSR0IXMXVIWXMRE
VIJVMKIVEXSV
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERH
WXEVXQM\MRKERHJMVWXVMWMRK[MXL
,ERHQEHI&EOIV]7LETMRK
1IPSR6SPP
7XIT1M\MRKWX6MWI
(MZMHIXLIGSSOMIHSYKL
TVITEVIHMR
MRXS
TSVXMSRW4YXXLIQFIRIEXL
XLI[VETERHJPEXXIRMRXS
GQGMVGPIW1EOIWYVIXLIGIRXIVMWXLMGOIV
7TVMROPI[MXLKVERYPEXIHWYKEVSRSRIWMHIERH
WIXXPIXLIQSRXLIHSYKLF]LERH

;LIR ]SY LIEV XLI GSQTPIXMSR WSYRH
MQQIHMEXIP]XEOISYXXLIFEOMRKTERVIQSZI
XLIMRNIGXSVERHGLIGOXLIVMWMRKGSRHMXMSR-X
LEWVMWIR[IPPMJXLIHSYKLMWXSXMQIW
FMKKIVXLERMX[EWFIJSVIXLMWTVSGIWWMI%
LSPIQEHI F] XLIJMRKIVVIQEMRW[LIR]SY
GSZIV]SYVJMRKIV[MXLJPSYVERHMRWIVXXLI
JMRKIVMRXSXLIGIRXIVSJXLIHSYKL

(YWXEGYXXMRKFSEVH[MXLJPSYVFVIEH
JPSYVFIWMHIW XLIWTIGMJMIH EQSYRX
XYVRXLIFEOMRKTERYTWMHIHS[RXS
XEOIXLIHSYKLSYXERHKIRXP]TVIWWMX
F]LERHXSVIQSZIER]EMVFYFFPIW

9WI E HSYKL GYXXIVSV OMXGLIR ORMJIXS GYX
MRXSTMIGIWEFSYXKIEGL(SRSXXIEVXLI
HSYKL [MXL ]SYVLERHW EW XLMW [MPP HEQEKI MX
ERHTVIZIRXMXJVSQI\TERHMRKTVSTIVP]

6SYRHIEGL HSYKL TMIGI SR ]SYV TEPQ SV
GYXXMRKFSEVHXSIRWYVIXLEXXLIWYVJEGIMW
WQSSXL'SZIV [MXL TPEWXMG
[VETSV[IPP[VYRK[IX
HMWLGPSXL ERH PIX MXVIWX JSV
EFSYXQMRYXIWXEOMRK
GEVI XS TVIZIRXXLIQJVSQ
GLMPPMRKFIRGLXMQI

'SZIVXLIFVIEH
HSYKL TVITEVIH MR

[MXL XLIGSSOMI
HSYKLTVITEVIHMR

1EOIWYVIXLI
KVERYPEXIHWYKEV
WMHIMWYT*SPHXLI
FSXXSQERHTPEGISR
XLI QIXEPXVE] [MXL E
GSSOMRKWLIIXSRMX
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
%FSYXQMR %FSYXQMR
4VILIEXMRK %FSYXQMR
%FSYXQMR
7XIT 7XIT 7XIT
'IVEQMG8VE]
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
1IXEP8VE]1MHHPI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
1EXIVMEPMRNIGXMSR
8MQMRKEFSYXQMRYXIWEJXIVWXEVXYT
-RKVIHMIRXWTMIGIW
(MVIGXMSRW
8MTWJSV1IPSR6SPP
(SRSXPIXXLIHSYKLHV]SYX
HYVMRKFIRGLXMQISVTVILIEXMRK
-JXLIHSYKLHVMIWSYXMX[MPPRSXVMWI
TVSTIVP]'SZIVMX[MXLE[VETSVGPSXL
SVWTVE][EXIVSRXSXLIWYVJEGI
'YXXMRKXLIVSPP
8LI VSPP MWIEWMIV XS IEX F] GYXXMRK
EPSRKXLI TEXXIVRMRXSWQEPP TMIGIW
[MXLEFVIEHORMJI
-J XLI GEOIMWYRHIVGSSOIH
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'
JYRGXMSRXS QERYEPP]GSSO
MXGLIGOMRKMXSJXIR
4
8IQTIVEXYVIXMQI WIXXMRKW
MR1ERYEP1IRY
=SYGERRSXYWIXLI,ERHQEHI&EOIV]QIRY
;MXLVIJIVIRGIXS&VIEH1EOMRKMR
1ERYEP1IRY
4
FEOI
]SYVFVIEHMR1ERYEP'SSOMRK
%VVERKIQIRX
'SSOMRKWLIIX
,ERHQEHI&EOIV]
7LETMRK
1IPSR6SPP
4
1M\MRK
3ZIR
7XIEQ
background


(YWXEGYXXMRK FSEVH [MXL JPSYVFVIEH
JPSYVFIWMHIWXLIWTIGMJMIHEQSYRXXEOI
SYX
XS XLIFSEVHERH PMKLXP] VIQSZI
ER]EMVFYFFPIW*PEXXIRMRXS\GQ
SFPSRKWLETIW*SPHMXMR[EVHF]
ERH
WIGYVIP]WIEPXLIGVIEWIW8LIRVSPPXLIQ
XSQEOIGQFEVWLETIW

9WI]SYVTEPQXSWXVIXGLSRIIRH
SJ XLI HSYKL

ERHWIGYVIP] GSRRIGX
[MXLXLISXLIVIRHXSJSVQEVMRKWLETI
4PEGIE \GQGSSOMRK WLIIXSR
XLI QIXEP XVE] ERH EVVERKI XLIQ SR MX
[MXLXLIGVIEWIWJEGMRKHS[R
%VVERKIQIRX
'SSOMRKWLIIX

8EOIXLIFEOMRKTERVEGOSYXJVSQ
XLISZIRGEZMX]ERHWIXXLIGIVEQMGXVE]

7IXXLIQIXEPXVE]TVITEVIH
MR

XS&SXXSQ GPSWI XLIHSSV
ERHWXEVXXLIWIGSRHVMWMRK [MXL
7XITRH6MWI
 ;LIR ]SY LIEV
XLIGSQTPIXMSRWSYRHGLIGOXLI
KJPSYVFVIEHJPSYV
KWYKEVWGERXPEVKIWTSSR
KWEPXWGERXWQEPPWTSSR
Q0[EXIV
KHV]]IEWXTS[HIV

WQEPPWTSSR

%YXS&
&EKIP4PEMR
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSR
XLIFEOMRKTERVEGOGPSWIXLIHSSV
ERHWXEVXQM\MRKERHVMWMRK[MXL
,ERHQEHI&EOIV]7LETMRK
&EKIP
7XIT1M\MRKWX6MWI  (S RSX
TIVJSVQXLIJMVWXVMWMRK
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHMQQIHMEXIP]XEOISYXXLI
FEOMRKTERERHVIQSZIXLIMRNIGXSV
(YWXEGYXXMRKFSEVH[MXLJPSYVFVIEH
JPSYV FIWMHIW XLI WTIGMJMIH EQSYRX XEOI
XLIHSYKL
SYXERHKIRXP]TVIWWMXF]
LERHXSVIQSZIER]EMVFYFFPIW
9WIEHSYKLGYXXIVSVOMXGLIRORMJI
XSGYXMRXSTMIGIWEFSYXKIEGL
(SRSXXIEVXLIHSYKL[MXL]SYVLERHW
EWXLMW[MPPHEQEKIMXERHTVIZIRXMX
JVSQI\TERHMRKTVSTIVP]
6SYRH IEGLHSYKL TMIGI SR]SYV
TEPQSVGYXXMRKFSEVHXSIRWYVI
XLEXXLIWYVJEGIMWWQSSXL'SZIV
[MXLTPEWXMG[VET SV[IPP[VYRK[IX
HMWLGPSXLERHPIXMXVIWXJSVEFSYX
QMRYXIWXEOMRKGEVIXSTVIZIRX
XLIQJVSQGLMPPMRKFIRGLXMQI
;EXIV8ERO
*YPP
%GGIWWSV]9WIH
%FSYXQMR %FSYXQMR
4VILIEXMRK %FSYXQMR
%FSYXQMR
7XIT 7XIT 7XIT
'IVEQMG8VE]
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
1IXEP8VE]1MHHPI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
8MQMRKEFSYXQMRYXIWEJXIVWXEVXYT
-RKVIHMIRXWTMIGIW
(MVIGXMSRW
,ERHQEHI&EOIV]
7LETMRK
&EKIP
4
1M\MRK
3ZIR
7XIEQ
background

VMWMRKGSRHMXMSR-JMXLEWVMWIRXS
XSXMQIWLMKLIVVMWMRKMWIRSYKL

%JXIVVMWMRKXEOISYXXLIQIXEPXVE]
GPSWIXLIHSSVERHWXEVXTVILIEXMRK
[MXL
7XIT4VILIEX&EOI

%HH LSRI]FIWMHIWXLI WTIGMJMIH
EQSYRXMRETEREFSYXXFWT
MR0LSX[EXIVERHLIEXMXYTXS
'4PEGIXLIHSYKLXEOIRMR

[MXLXLIGSSOMRKWLIIXJEGMRKYTERH
MQQIVWIMRXLI[EXIVJSVWIGSRHW
JSVIEGLWMHI;LIRFSMPMRK MW
GSQTPIXIHTIIPSJJXLIGSSOMRKWLIIX
[MXLGEVIRSXXSHEQEKIXLIHSYKL

%VVERKI

SR
XLIQIXEP XVE][MXL
EGSSOMRKWLIIXSR
MXERHTVIZIRXXLIQ
JVSQHV]MRK

;LIR ]SY LIEV
XLI TVILIEXMRK GSQTPIXMSR WSYRH WIX

XS1MHHPIXSFEOIMX
%VVERKIQIRX
'SSOMRKWLIIX
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
IKKFIEXIR
Q0[EXIV
Q0WEPEHSMP
KHV]]IEWXTS[HIVUYMGOVMWI
X]TI
WQEPPWTSSR
2EER

%YXS&
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV
&
GMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI
]IEWXMRPIX SJXLIMRNIGXSVWIX XLI
]IEWX GSZIV ERH WIXXLI YRMXSR XLI
FEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERH
WXEVXQM\MRKERHJMVWX VMWMRK[MXL
,ERHQEHI&EOIV]7LETMRK
2EER
7XIT1M\MRKWX6MWI
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHMQQIHMEXIP]XEOISYXXLIFEOMRK
TERVIQSZIXLIMRNIGXSVERHGLIGOXLI
VMWMRKGSRHMXMSR-XLEWVMWIR[IPPMJXLI
HSYKL MW XS  XMQIW FMKKIV XLER MX
[EWFIJSVIXLMWTVSGIWWMI % LSPI
QEHIF] XLI JMRKIV VIQEMRW[LIR ]SY
GSZIV]SYVJMRKIV[MXLJPSYVERHMRWIVX
XLIJMRKIVMRXSXLIGIRXIVSJXLIHSYKL
(YWXEGYXXMRKFSEVH[MXLJPSYVFVIEH
JPSYVFIWMHIWXLIWTIGMJMIHEQSYRX
XYVR XLI FEOMRKTER YTWMHIHS[RXS
XEOIXLIHSYKLSYXERHKIRXP]TVIWWMX
F]LERHXSVIQSZIER]EMVFYFFPIW
9WIEHSYKLGYXXIVSVEOMXGLIR
ORMJIXSHMZMHIXLIHSYKLMRXSX[S
IUYEPWIGXMSRW (S RSXXIEVXLI HSYKL
[MXL]SYVLERHWEWXLMW[MPPHEQEKIMX
ERHTVIZIRXMXJVSQI\TERHMRKTVSTIVP]
6SYRHXLIHSYKLWSEWXSQEOI
XLIWYVJEGIWQSSXL 'SZIV[MXLE
GPSXLXSPIXMXVIWXJSVQMRYXIW

,SPHIRHW SJ IEGL HSYKL TMIGI ERH
WXVIXGLMXXSEGQPSRKHVSTWLETI
4YX XLI HSYKL SR E GSSOMRK WLIIX ERH
TYXLSPIWSRXLIIRXMVIWYVJEGIF]EJSVO

8EOIXLIFEOMRKTERVEGOSYXJVSQ
XLISZIRGEZMX]ERHWIXXLIGIVEQMGXVE]

7IXXLIIQTX]QIXEPXVE]XS1MHHPI
GPSWIXLIHSSVERHWXEVXTVILIEXMRK
[MXL 7XIT4VILIEX&EOI

;LIR]SY LIEVXLITVILIEXMRK
GSQTPIXMSR WSYRH YWIXLI WYTTPMIH
QMXXIRWSVXLMGOERHHV]XS[IPXSXEOI
XLI QIXEP XVE] SRXS XLI STIRIH HSSV
[MXLGEVIRSXXSFIFYVRIH

4PEGI

SR XLIQIXEPXVE]EPSRK
[MXLXLIGSSOMRKWLIIXERHWIXXLI
XVE]XS1MHHPIXSFEOI
%GGIWWSV]9WIH
4VILIEXMRK %FSYXQMR
%FSYXQMR
%FSYXQMR
7XIT 7XIT
'IVEQMG8VE]
1IXEP8VE]1MHHPI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
8MTWJSV2EER
-J XLI FVIEHMW YRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
6IQSZI[IPPLIEXIHSRIWERHTVIWW
3ZIR
2S4VILIEX
PIZIP
'
XSFEOIJYVXLIVGLIGOMRKMXSJXIR
4
PIZIP GSSOMRKERH
XIQTIVEXYVIXMQIWIXXMRKW
=SYGERRSXYWIXLI,ERHQEHI&EOIV]QIRY
;MXLVIJIVIRGI XS &VIEH 1EOMRKMR
1ERYEP 1IRY
4
FEOI
]SYVFVIEHMR1ERYEP1IRY
;EXIV8ERO
*YPP
1EXIVMEPMRNIGXMSR
8MQMRKEFSYXQMRYXIWEJXIVWXEVXYT
-RKVIHMIRXWX[SGQREERW
(MVIGXMSRW
8MTWJSV&EKIP
&SMPXLIHSYKLFIPS[XLI
FSMPMRKTSMRX
8LI[EXIV XIQTIVEXYVIWLSYPH FI
ETTVS\MQEXIP]EFSYX'&SMPMRK
[EXIV[MPPGEYWI[VMROPIWMRXLIHSYKL
ERHXLIFVIEH[MPPRSXXYVRSYX[IPP
;EXGLSYXJSVFSMPMRKXMQI
8SSPSRK SVXSSWLSVXFSMPMRKXMQI
[MPPPIEHXSTSSVVIWYPXW
7 X S VE KI
0IXXLIFEKIPGSSPWYJJMGMIRXP]GSZIV
[MXLTPEWXMG[VETERHXLIROIITMRE
VIJVMKIVEXSVSVJVII^IV'SRWYQIXLI
FEKIP[MXLMRHE]WJSVGLMPPMRKSV
[IIOWJSVJVII^MRK
6ILIEXMRK
*SVGLMPPIHFEKIPTVIWW
3ZIR
2S4VILIEX
PIZIP
'
QMR

*SVJVS^IRFEKIPYWI
QMR
XS
VILIEXGLIGOMRKMXSJXIR
4
-J ]SYVJSSHMWYRHIVHSRI
EJXIVXLI %HHMXMSREP,IEXMRK
PMKLX3**
6IQSZIWYJJMGMIRXP]LIEXIHTMIGIWERH
TVIWW
3ZIR
2S4VILIEX
PIZIP
'
XSGSSOXLIVIWXGLIGOMRKMX
SJXIR
4
PIZIP GSSOMRKERH
XIQTIVEXYVIXMQIWIXXMRKW
=SYGERRSXYWIXLI,ERHQEHI
&EOIV]QIRY
;MXLVIJIVIRGIXS&VIEH1EOMRKMR
1ERYEP1IRY
4

FEOI]SYVFVIEHMR1ERYEP1IRY
,ERHQEHI&EOIV]
7LETMRK
2EER
4
1M\MRK
3ZIR
7XIEQ
background

,SQIQEHI7XIEQIH1IEX&YR

%YXS&
;EXIV8ERO
*YPP
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI
WQEPPWTSSR
KVIIRSRMSRJMRIP]GLSTTIH
Q0WIWEQISMP
KKVSYRHTSVO
HVMIHWLMMXEOIQYWLVSSQWVIGSRWXM
XYXIHERHJMRIP]GLSTTIH
KFSMPIHFEQFSSWLSSXWGSEVWIP]GLSTTIH
XWTKMRKIVJMRIP]GLSTTIH

XFWTWXEVGL
XFWTWYKEV
XWTWS]WEYGI
(EWLSJWEPXERHTITTIV
XWTGLMGOIRFSYMPPSRTS[HIV
Q0[EXIV
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
4YX
&
MRELIEXVIWMWXERXGSRXEMRIV
ERH LIEX[MXL
1MGVS[EZI ;
%TTVS\WIG
0IXMXGSSPERHEHH
'
1M\ [IPP ERH HMZMHI MRXS
TSVXMSRW
4
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSR
XLIFEOMRKTERVEGOGPSWIXLIHSSV
ERHWXEVXQM\MRKERHJMVWXVMWMRK[MXL
,ERHQEHI&EOIV]7LETMRK
,SQIQEHI7XIEQIH1IEX&YR
7XIT1M\MRKWX6MWI
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHMQQIHMEXIP]XEOISYXXLI
FEOMRKTERVIQSZIXLIMRNIGXSVERH
GLIGOXLIVMWMRK GSRHMXMSR-XLEW
VMWIR[IPPMJXLIHSYKLMWXS
XMQIW FMKKIVXLER MX [EW FIJSVI XLMW
TVSGIWWMI%LSPIQEHIF]XLI
JMRKIVVIQEMRW[LIR]SYGSZIV]SYV
JMRKIV[MXLJPSYVFIWMHIWXLIWTIGMJMIH
EQSYRXERHMRWIVXXLIJMRKIVMRXSXLI
GIRXIVSJXLIHSYKL
(YWXEGYXXMRKFSEVH[MXLJPSYVFVIEH
JPSYVFIWMHIWXLIWTIGMJMIHEQSYRX
XYVR XLI FEOMRKTER YTWMHIHS[RXS
XEOIXLIHSYKLSYXERHKIRXP]TVIWWMX
F]LERHXSVIQSZIER]EMVFYFFPIW
9WIEHSYKLGYXXIVSVOMXGLIRORMJI
XSGYXMRXSTMIGIWEFSYXKIEGL
(SRSXXIEVXLIHSYKL[MXL]SYVLERHW
EWXLMW[MPPHEQEKIMXERHTVIZIRXMX
JVSQI\TERHMRKTVSTIVP]

6SYRH IEGL HSYKL TMIGISR ]SYV TEPQ
SV GYXXMRK FSEVH XS IRWYVI XLEX XLIWYVJEGI
MWWQSSXL'SZIV[MXLTPEWXMG[VETSV[IPP
[VYRK[IXHMWLGPSXLERHPIXMXVIWXJSVEFSYX
QMRYXIWXEOMRKGEVIXSTVIZIRXXLIQJVSQ
GLMPPMRKFIRGLXMQI

*PEXXIRXLI HSYKL TVITEVIH MR

MRXSEGMVGYPEV WLETIERH[VETXLI
TEWXITVITEVIHMR
MR XLIHSYKL
7IEPXLIGVIEWIWIGYVIP]

4PEGI

SRXLIWYTIVKVMPPXVE]YRMX
[MXLPIKWGPSWIHERHEGSSOMRKWLIIX
SRMX8LIRWIXXLIKVMPPPMH

8EOIXLIFEOMRKTERVEGOSYXJVSQ
XLISZIRGEZMX]ERHWIXXLIGIVEQMGXVE]
'PSWIXLIHSSVERHWXEVXTVILIEXMRK[MXL
7XIT4VILIEX7XIEQ

;LIR]SY LIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHTPEGI MXSRXLI
GIVEQMGXVE][MXL GEVIRSXXSKIX
FYVRIHERHEPMKRXLIWXIEQMRPIXSJ
XLIPMH[MXLXLIWXIEQSYXPIX
1MGVS[EZI,IEXMRK
4
,SQIQEHI7XIEQIH1IEX&YR
(SRSXPIXXLIHSYKLHV]SYX
HYVMRK FIRGLXMQISV
TVILIEXMRK
-JXLIHSYKLHVMIWSYXMX[MPPRSXVMWI
TVSTIVP]/IITMXLYQMHF]GSZIVMRK
[MXLTPEWXMG[VETSV[IPP[VYRK[IX
HMWLGPSXLSVQMWXMRKXLIWYVJEGI
[MXL[EXIV
-JXLIFVIEHMWYRHIVHSRIEJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSETPEXIERH
GSZIV[MXLTPEWXMG[VET
4VIWW
1MGVS[EZI ;
XSGSSO
GLIGOMRKXLIJSSHSJXIR
4
%GGIWWSV]9WIH
4VILIEXMRK %FSYXQMR
%FSYXQMR
%FSYXQMR
7XIT 7XIT
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
1EXIVMEPMRNIGXMSR
8MQMRKEFSYXQMRYXIWEJXIVWXEVXYT
-RKVIHMIRXWTMIGIW
(MVIGXMSRW
+VMPP0MH
'IVEQMG8VE]
7YTIV+VMPP8VE]9RMX
PIKWERHXSTJPETGPSWIH
,ERHQEHI&EOIV]
7LETMRK
,SQIQEHI7XIEQIH
1IEX&YR
1M\MRK
3ZIR
7XIEQ
7YTIVLIEXIH7XIEQ
4VITEVEXMSR
,IEXMRK
4
background

)EW]7XIEQIH1IEX&YR
1ERYEP
*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSR
XLIFEOMRKTERVEGOGPSWIXLIHSSV
ERHWXEVXQM\MRKERHJMVWXVMWMRK[MXL
,ERHQEHI&EOIV]7LETMRK
,SQIQEHI7XIEQIH1IEX&YR
7XIT1M\MRKWX6MWI
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHMQQIHMEXIP]XEOISYXXLI
FEOMRKTERVIQSZIXLIMRNIGXSVERH
GLIGOXLIVMWMRK GSRHMXMSR-XLEW
VMWIR[IPPMJXLIHSYKLMWXS
XMQIW FMKKIVXLER MX [EW FIJSVI XLMW
TVSGIWWMI%LSPIQEHIF]XLI
JMRKIVVIQEMRW[LIR]SYGSZIV]SYV
JMRKIV[MXLJPSYVFIWMHIWXLIWTIGMJMIH
EQSYRXERHMRWIVXXLIJMRKIVMRXSXLI
GIRXIVSJXLIHSYKL
(YWXEGYXXMRKFSEVH[MXLJPSYV
FVIEHJPSYVFIWMHIW XLIWTIGMJMIH
EQSYRX XYVR XLIFEOMRK TERYTWMHI
HS[RXS XEOIXLIHSYKLSYXERH
KIRXP]TVIWWMXF]LERHXSVIQSZIER]
EMVFYFFPIW
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
Q0[EXIV
KHV]]IEWXTS[HIVUYMGOVMWIX]TI
WQEPPWTSSR
JVS^IR7MY1EMHYQTPMRKW[EVQIHYT
XSVSSQXIQTIVEXYVIGYXMRXSTMIGIW
9WIEHSYKLGYXXIVSVOMXGLIRORMJI
XSGYXMRXSTMIGIWEFSYXKIEGL
(SRSXXIEVXLIHSYKL[MXL]SYVLERHW
EWXLMW[MPPHEQEKIMXERHTVIZIRXMX
JVSQI\TERHMRKTVSTIVP]
6SYRH IEGL HSYKL TMIGI SR]SYV
TEPQ SVGYXXMRKFSEVHXSIRWYVI
XLEXXLIWYVJEGIMWWQSSXL'SZIV
[MXLTPEWXMG[VETSV[IPP[VYRK[IX
HMWLGPSXL ERHPIXMX VIWXJSVEFSYX
QMRYXIWXEOMRKGEVIXSTVIZIRX
XLIQJVSQGLMPPMRKFIRGLXMQI

*PEXXIRXLI HSYKL TVITEVIH MR
MRXSEGMVGYPEV WLETIERH[VETXLI
HYQTPMRKWMRXLIHSYKL7IEPXLI
GVIEWIWIGYVIP]

8EOIXLIFEOMRKTERVEGOSYXJVSQ
XLI SZIRGEZMX] ERH WIX XLI GIVEQMG
XVE]

%VVERKITMIGIWMREHIITLIEX
VIWMWXERXGSRXEMRIVERHWTVE] [EXIVSRXS
XLIQ0MKLXP] [VETMX[MXLTPEWXMG [VET
4VIWW
1MGVS[EZI
;
QMR
XSGSSO%JXIVLIEXMRKMQQIHMEXIP]VIQSZI
XLI[VETERHLIEXXLIVIWXMRXLIWEQI[E]
4
1MGVS[EZI,IEXMRK 4
1ERYEP
'IVEQMG8VE]
1MGVS[EZI
;
,IEXMRKXMQI
QMR
4
1MGVS[EZI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
%GGIWWSV]9WIH
;EXIV8ERO
*YPP
-RKVIHMIRXWTMIGIW
(MVIGXMSRW
?8MTWA
=SY QE] YWI JVS^IR QIEXFEPPWMRWXIEH
SJ7MY1EM
4
,ERHQEHI&EOIV]
7LETMRK
,SQIQEHI7XIEQIH
1IEX&YR
7XIT
%FSYXQMR
1M\MRK
3ZIR
7XIEQ
background

*MPPXLI[EXIVXERO[MXL[EXIVYTXS
XLIJYPPPMRI
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHTSYV[EXIVERHSPMZI
SMPGMVGYPEVP]
4YXHV]]IEWXTS[HIVMRXSXLI]IEWX
MRPIXSJXLIMRNIGXSVWIXXLI]IEWXGSZIV
ERHWIXXLIYRMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERH
WXEVXQM\MRKERHJMVWXVMWMRK[MXL
,ERHQEHI&EOIV]7LETMRK
4M^^E
7XIT1M\MRKWX6MWI
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHMQQIHMEXIP]XEOISYXXLI
FEOMRKTERVIQSZIXLIMRNIGXSVERH
GLIGOXLIVMWMRKGSRHMXMSR-XLEWVMWIR
[IPPMJXLIHSYKLMWXSXMQIW
LMKLIVXLERMX[EWFIJSVIXLMW
TVSGIWWMI%LSPIQEHIF]XLI
JMRKIVVIQEMRW[LIR]SYGSZIV]SYV
JMRKIV[MXLJPSYVFIWMHIWXLIWTIGMJMIH
EQSYRXERHMRWIVXXLIJMRKIVMRXSXLI
GIRXIVSJXLIHSYKL
(YWXEGYXXMRKFSEVH[MXLJPSYVFVIEH
JPSYVFIWMHIWXLIWTIGMJMIHEQSYRXXYVR
XLIFEOMRKTERYTWMHIHS[RXSXEOIXLI
HSYKLSYXERHKIRXP]TVIWWMXF]LERH
XSVIQSZIER]EMVFYFFPIW
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWYKEV
PEVKIWTSSR
KWEPX
WQEPPWTSSR
Q0[EXIV
Q0SPMZISMP
KHV]]IEWXTS[HIVUYMGOVMWIX]TI
WQEPPWTSSR
4VITEVIHTM^^EWEYGIEWRIIHIH
PEVKISRMSRWPMGIHXLMREFSYXK
KFEGSRGYXMRVIGXERKPIW
WPMGIWSJWEPEQMWPMGIHXLMR
KVIIRFIPPTITTIVWGYXEGVSWW
GERSJQYWLVSSQWWPMGIHXLMREFSYXK
(EWLSJWEPXERHTITTIV
TMQIRXSWXYJJIHSPMZIWWPMGIHXLMR
KGLIIWIWLVIHHIH
%GGIWWSV]9WIH
4VILIEXMRKJSV%FSYXQMR
%FSYXQMR
%FSYXQMR
7XIT 7XIT
'IVEQMG8VE]
1IXEP8VE]1MHHPI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI

%YXS&
4M^^E&VIEH(SYKL
;EXIV8ERO
*YPP
6SYRHXLIHSYKLXSIRWYVIXLEXXLI
WYVJEGIMWWQSSXL'SZIV[MXLTPEWXMG
[VETSV[IPP[VYRK[IXHMWLGPSXLERH
PIXMXVIWXJSVEFSYXQMRYXIWXEOMRK
GEVIXSTVIZIRXXLIQJVSQGLMPPMRK
FIRGLXMQI
7IXXLIGVIEWIYTERHYWIEVSPPMRK
TMRXSJPEXXIRXLIHSYKLXSEFSYX
GQGMVGPI4PEGIMXSRXLIGSSOMRK
WLIIXERHTYXLSPIWSRMXWIRXMVI
WYVJEGIF]EJSVO

0IEZIEFSYXGQIHKISRXLI
HSYKLERHWTVIEHXLITM^^EWEYGI
%VVERKI
&
ERHWIEWSR[MXLWEPXERH
TITTIV7TVMROPIMXWIRXMVIWYVJEGI[MXL
WXYJJIHSPMZIWERHGLIIWI

8EOIXLIFEOMRKTERVEGOSYXJVSQXLI
SZIRGEZMX]ERHWIXXLIGIVEQMGXVE]

7IXXLIIQTX]QIXEPXVE]XS1MHHPI
GPSWIXLIHSSVERHWXEVXTVILIEXMRK
[MXL
7XIT4VILIEX&EOI

;LIR]SYLIEVXLITVILIEXMRK
GSQTPIXMSRWSYRHYWIXLIWYTTPMIH
QMXXIRWSVXLMGOERHHV]XS[IPXS
XEOI
XLIQIXEPXVE]SRXSXLISTIRIHHSSV
[MXLGEVIRSXXSFIFYVRIH

4PEGI

SRXLIQIXEPXVE]EPSRK
[MXLXLIGSSOMRKWLIIXERHWIXXLI
XVE]XS1MHHPIXSFEOI
-RKVIHMIRXWSRIGQTM^^E
(MVIGXMSRW
1EXIVMEPMRNIGXMSR
8MQMRKEFSYXQMRYXIWEJXIVWXEVXYT
8SGSSOTVITEVIHJVS^IRTM^^EYWIXLIQERYEP
QIRYJYRGXMSRGLIGOMRKXLITM^^ESJXIR
4VIWW
3ZIR
PIZIP '
ERHJSPPS[
XLIMRWXVYGXMSRWKMZIRMRXLIXEFPIFIPS[
JSVJVS^IRSVGLMPPIHTM^^EW
4
3ZIR2S4VILIEX,IEXMRK
4
7XSVI&SYKLX4M^^E
1ERYEP
2S4VILIEX 4VILIEX
*VS^IR QMR QMR
'LMPPIH QMR QMR
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
PIZIPGSSOMRK
(SYFPIXLIVIGMTIXSQEOIX[MGIXLI
EQSYRXSJHSYKL'YXMRX[SERHTPEGI
XLIQSRX[SQIXEPXVE]W4VIWW
3ZIR
4VILIEX
PIZIP
'
QMR
XS
WXEVXTVILIEXMRK;LIR]SYLIEVXLI
TVILIEXMRKGSQTPIXMSRWSYRHWIXXLIQXS
1MHHPIERH&SXXSQXSGSSO
4
-JXLITM^^EWEVIGSSOMRKYRIZIRP]W[MXGL
XLITSWMXMSRSJXLIX[SXVE]WEFSYX

SJXLI[E]XLVSYKLFEOMRK
7PMGMRKXLIGSSOIHTM^^E
/MXGLIRWGMWWSVWEVIXLIFIWX[E]XS
WPMGIXLIGSSOIHTM^^E
-JXLITM^^EMWYRHIVGSSOIHEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
4VIWW
3ZIR
2S4VILIEX
PIZIP
'

GSRXMRYIGSSOMRKGLIGOMRKMXSJXIR
4
'SSOMRKJVS^IRTM^^EW
6IJIVXSXLIHMVIGXMSRWJSVGSSOMRK
TVITEVIH7XSVI&SYKLX4M^^E
8MTWJSV4M^^E
'%98-32
9WIXLIWYTTPMIHQMXXIRWSV
XLMGOHV]HMWLGPSXLXSTYXMRERH
SYXXLIQIXEPXVE]3XLIV[MWI
]SYQE]FIFYVRIH
3ZIR4VILIEX,IEXMRK
4
1M\MRK
3ZIR
7XIEQ
4M^^E
4
,ERHQEHI&EOIV]
7LETMRK
background

%YXS&
7[IIX4SXEXS
1M\MRK1IRY(IWWIVX
;EXIV8ERO
)QTX]
;VETXLIW[IIXTSXEXSMRTPEWXMG
[VETERHTYXSRXLIGIVEQMGXVE]
4VIWW
&SMP6SSX:IKIXEFPIW
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HSRIRIWWEHNYWXQIRXSJ
1-(03
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GSSO4IIPERHGVYWLMX[LMPIMXMWLSX
4
1IPXXLIFYXXIVF]TVIWWMRK
1MGVS[EZI ;
%TTVS\QMRWIG

4
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX

ERHWYKEVMRSVHIVERH
TSYVXLIGSQFMRIH
%
GMVGYPEVP]
7IXXLIMRNIGXSVSRXLIFEOMRKTER
ERHXLIRWIXXLIFEOMRKTERXSXLI
FEOMRKTERVEGO0SGOMXGPSWIXLI
HSSVERHTVIWW
/RIEH1M\
7[IIX4SXEXS
XSGSSO
%GGIWWSV]9WIH
&EOMRKTER
&EOMRKTERVEGO
-RNIGXSV
1M\MRKFPEHI
PEVKIW[IIXTSXEXSEFSYXK
KFYXXIV
KWYKEV
)KK]SPOJSVIKK
Q0JVIWLGVIEQ[EVQIHYTXSVSSQXIQTIVEXYVI
Q0VYQ
(EWLSJGMRREQSR
)KKKPE^I
)KK]SPOJSVIKK
Q0QMVMRW[IIXGSSOMRK[MRI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
,S[XS9WI
&SMP6SSX:IKIXEFPIW

4
1MGVS[EZI,IEXMRK 4
;LIR]SYLIEVXLIVIQMRHIV
WSYRHJSVXLIQM\MRKTVSGIWW
GSQTPIXMSRSTIRXLIHSSVXEOISYX
XLIFEOMRKTERERHVIQSZIXLI
MRNIGXSV9WIEVYFFIVWTEXYPESVXLI
PMOIXSWLETIXLIWYVJEGIEWVSYRHXST
WSXLEXXLIQM\MRKFPEHIMWRSXZMWMFPI
0MKLXP]GSEXXLIWYVJEGI[MXLXLIIKK
KPE^I7IXXLIMRNIGXSVXSXLIFEOMRK
TER6IXYVRXLIFEOMRKTERXSXLI
FEOMRKTERVEGO8LIRWIXERHPSGOMX
ERHGSSOEKEMR
%JXIVLIEXMRKXEOISYXXLIFEOMRK
TERMQQIHMEXIP]PIXMXGSSP
GSQTPIXIP]ERHVIQSZIXLIMRNIGXSV
,SPHXLIVSSXSJXLILERHPIXSXYVR
MXSZIV7YTTSVXXLIW[IIXTSXEXSF]
LERHERHWLEOIMXYTERHHS[RXS
XEOISYX
8MTWJSV7[IIX4SXEXS
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
1EXIVMEPMRNIGXMSRXMQMRKW[IIX
TSXEXSERHQIPXIHFYXXIV
4YXW[IIXTSXEXSERHQIPXIHFYXXIVMR
XLIFEOMRKTER[LMPIXLI]EVILSXERH
LIEXXLIQEPSRK[MXLSXLIVQEXIVMEPW
3XLIV[MWIXLI][MPPRSXFIFPIRHIH[IPP
8SWQSSXLSYXXLIWYVJEGI
EJXIVXLIQM\MRKTVSGIWW
9WIEVYFFIVWTEXYPESVXLIPMOI
1IXEPWTEXYPEQE]WGVEXGLXLI
JPYSVMRIVIWMR
8SXEOIFVIEHSYXSJXLIFEOMRKTER
0IXMXGSSPGSQTPIXIP]3XLIV[MWI]SY
QE]FVIEOXLIWLETIEWMXMWZIV]WSJX
&EOMRK[MXLSYXYWMRKXLIFEOMRKTER
;LIR]SYLIEVXLIVIQMRHIVWSYRHJSV
XLIQM\MRKTVSGIWWGSQTPIXMSRMRXLI
WXIT
HMZMHIMXMRXSTSVXMSRWERH
WLETIW[IIXTSXEXSWLETIW%VVERKI
XLIQSRXLIQIXEPXVE]SR[LMGLE
GSSOMRKWLIIXLEWFIIRTPEGIHERH
GSEXXLIWYVJEGI[MXLIKKKPE^I
7IXXLIGIVEQMGXVE]EXXLIFSXXSQSJ
XLISZIRGEZMX]ERHTVIWW
3ZIR
4VILIEX
PIZIP
'
QMR
XS
TVILIEX;LIR]SYLIEVXLI
TVILIEXMRKGSQTPIXMSRWSYRHWIXMX
XS1MHHPIXSGSSO
4
1M\MRK
3ZIR
4VITEVEXMSR
,IEXMRK
/RIEH1M\
7[IIX4SXEXS
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
(IWWIVX

background
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRKTERTYX
MRMRKVIHMIRXW
%
MRSVHIVJVSQXLIXSTSJXLI
PMWXERHTSYVWS]QMPOERH]SKYVXGMVGYPEVP]
4YX
&
MRXSXLIQEXIVMEPGSRXEMRIVSJ
XLIMRNIGXSVERHWIXMXSRXLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLIFEOMRK
TERVEGOGPSWIXLIHSSVERHWXEVXLIEXMRK[MXL
/RIEH1M\
(VMIH*VYMXW7S]&VIEH
;LIR]SYLIEVXLIVIQMRHIVWSYRHJSV
QM\MRKTVSGIWWGSQTPIXMSRSTIRXLI
HSSVXEOISYXXLIFEOMRKTERVIQSZIXLI
MRNIGXSVVYFSJJXLIHSYKLSRXLIFEOMRK
TERWMHIWYVJEGIF]YWMRKEVYFFIV
WTEXYPEERHJSVQEVSYRHXSTWYVJEGIWS
XLEXXLIQM\MRKFPEHIMWMRZMWMFPI7IXXLI
MRNIGXSVSRXLIFEOMRKTERERHXLIRVIXYVR
XLIFEOMRKTERXSXLIFEOMRKTERVEGO
0SGOMXERHGSSOEKEMR
%JXIVLIEXMRKMQQIHMEXIP]VIQSZI
XLIFEOMRKTERERHPIXMXGSSPHS[R
YRXMPMXMWWSGSSPIHXLEX]SYGERXSYGL
MXF]LERH8LIRVIQSZIXLIMRNIGXSV
,SPHXLIVSSXSJXLILERHPIXSXYVR
MXSZIV7YTTSVXXLIWS]FVIEHF]
LERHERHWLEOIMXYTERHHS[RXS
XEOISYX0IXMXGSSP
;EXIV8ERO
)QTX]
%GGIWWSV]9WIH
&EOMRKTER
&EOMRKTERVEGO
-RNIGXSV
1M\MRKFPEHI
3RP]GSSOXLI WTIGMJMIH
EQSYRXEXEXMQI
8SWQSSXLSYXXLIWYVJEGI
EJXIVXLIQM\MRKTVSGIWW
9WIEVYFFIVWTEXYPESVXLIPMOI
1IXEPWTEXYPEQE]WGVEXGLXLI
JPYSVMRIXVIEXQIRX
;VETTMRKERHVMWMRKSZIVRMKLX
8LMW EPPS[W XLIJPEZSV XSFPIRH ERH
QEOIWXLIFVIEH [IX ERH QSVI
XEWX]
8MTWJSV(VMIH*VYMXW7S]&VIEH
IKKFIEXIR
KLSRI]
KOMREOSTS[HIV
K[LSPIKVEMR
XWTFEOMRKTS[HIVEFSYXK
XWTWEPX
K
Q0WS]QMPORSRLSQSKIRM^IH
K]SKYVXWXSVIFSYKLXTPEMRX]TI
KVEMWMR
KJMKHVMIHGYXMRXSQQGYFIW
KWPMGIHEPQSRH

%YXS&
(VMIH*VYMXW7S]&VIEH
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW

%YXS&
7SJX'EVEQIP
Q0JVIWLGVIEQSZIVJEX
Q0QMPO
KKVERYPEXIHWYKEV
KLSRI]
KWXEVGLW]VYT
(EWLSJZERMPPEI\XVEGX
;EXIV8ERO
)QTX]
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERERHTYXEPPXLIMRKVIHMIRXW
7IXXLIMRNIGXSVSRXLIFEOMRKTER
ERHXLIRWIXXLIFEOMRKTERXSXLI
FEOMRKTERVEGO0SGOMXGPSWIXLIHSSV
ERHTVIWW
/RIEH1M\
7SJX'EVEQIP
XSGSSO
%JXIVLIEXMRKXEOISYXXLIFEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV&VMIJP]WXMVXLIPMUYMHTSVXMSR
F]YWMRKEVYFFIVWTEXYPESVXLIPMOI
4SYVMRXSEJPEXGSRXEMRIV[MXLE
GSSOMRKWLIIXSRMX7QSSXLSYXXLI
WYVJEGI0IXMXGSSPHS[RERHGLMPPMRE
VIJVMKIVEXSVJSVEXPIEWXLEPJEHE]
'YXXLIQM\XYVIMRXSEFSYX
TMIGIWERH[VETXLIQMRTMIGIWSJE
GSSOMRKWLIIXERHX[MWXFSXLIRHWSJ
IEGLTMIGI
%GGIWWSV]9WIH
&EOMRKTER
&EOMRKTERVEGO
-RNIGXSV
1M\MRKFPEHI
-RKVIHMIRXWEFSYXTMIGIW
(MVIGXMSRW
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
&EOMRKTEREJXIVLIEXMRK
,EVHIRIHGEVEQIPWXMGOWXSMX4SYV
PYOI[EVQ[EXIVSV[EXIVMRXSXLI
FEOMRKTERERHPIEZIMXJSVE[LMPI
YRXMPXLIGEVEQIPMWWSEOIHERH
IEWMIVXSVIQSZI8LIR[EWLMX
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWL8LIR
4VIWW
1MGVS[EZI ;
GLIGOMRK
XLIJSSHSJXIR
4
8MTWJSV7SJX'EVEQIP
1M\MRK
3ZIR
/RIEH1M\
(VMIH*VYMXW
7S]&VIEH
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
1M\MRK
3ZIR
/RIEH1M\
7SJX'EVEQIP
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
(IWWIVX

background

%YXS&
4SYRH'EOI4PEMR
1M\MRK1IRY'EOI
;EXIV8ERO
)QTX]
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TER'SQFMRI
%
ERHWTVMROPI[MXL
WYKEVERH
&
 &VIEO YT ERHTYX XLI
FYXXIV
4YXKVEMWMRMRXSXLIQEXIVMEP
GSRXEMRIVSJXLIMRNIGXSVERHWIXMXSR
XLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERH
WXEVXLIEXMRK[MXL
/RIEH1M\
4SYRH'EOI4PEMR
%GGIWWSV]9WIH
&EOMRKTER
&EOMRKTERVEGO
-RNIGXSV
1M\MRKFPEHI
IKKWFIEXIR
(EWLSJZERMPPEI\XVEGX
KFYXXIV[EVQIHYTXSVSSQ
XIQTIVEXYVIGYXMRXSGQGYFIW
KWYKEV
KJPSYVGEOIJPSYV
WGERXXWTFEOMRKTS[HIVK
KVEMWMR
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
3RP]GSSOXLI WTIGMJMIH
EQSYRXEXEXMQI
1EOIWYVIXLIGEOIMWHSRI
7XMGOEFEQFSSWOI[IVMRXSXLI
GIRXIV SJ XLI GEOI -J MX GSQIW SYX
GPIERXLIGEOIMWHSRI
4S[HIVPEXIV
4YXTS[HIVPEXIVXLERPMUYMH
4YXXMRKTS[HIVJMVWX[MPPGEYWIMX
VIQEMREXXLIFSXXSQ
8MTWJSV4SYRH'EOI
& Y X XI V
1EOIWYVIMXMWEWLEVHEW]SYGER
QEOIEHIRXSRMXF]EJMRKIV=SY
GERRSXQM\MX[IPPMJMXMWXSSLEVH
6EMWMR
&VIEOMXFIJSVI TYXXMRKMRXLI
QEXIVMEPGSRXEMRIV'LYROWSJVEMWMR
[MPPRSXWMROWYJJMGMIRXP]

%YXS&
8IE4SYRH'EOI
IKKWFIEXIR
KFYXXIV[EVQIHYTXSVSSQ
XIQTIVEXYVIGYXMRXSGQGYFIW
KWYKEV
KJPSYVGEOIJPSYV
WGERXXWTFEOMRKTS[HIVK
KXIEPIEZIW
K[SPJFIVV]
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TER'SQFMRIIKKWERHWTVMROPI[MXL
WYKEVERH
%
 &VIEO YT ERHTYX XLI
FYXXIVERHXIEPIEZIW
4YXK[SPJFIVV]MRXSXLIQEXIVMEP
GSRXEMRIVSJXLIMRNIGXSVERHWIXMXSR
XLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERH
WXEVXLIEXMRK[MXL
/RIEH1M\
8IE4SYRH'EOI
;EXIV8ERO
)QTX]
&EOMRKTER
&EOMRKTERVEGO
-RNIGXSV
%GGIWWSV]9WIH
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
%JXIVLIEXMRKMQQIHMEXIP]VIQSZI
XLIFEOMRKTERERHPIXMXGSSPHS[R
YRXMPMXMWWSGSSPIHXLEX]SYGERXSYGL
MXF]LERH8LIRVIQSZIXLIMRNIGXSV
,SPHXLIVSSXSJXLILERHPIERH
WYTTSVX XLITSYRHGEOIF]LERH
8YVRMXSZIVERHWLEOIYTERHHS[R
XSXEOIMXSYX0IXMXGSSP
%JXIVLIEXMRKMQQIHMEXIP]VIQSZI
XLIFEOMRKTERERHPIXMXGSSPHS[R
YRXMPMXMWWSGSSPIHXLEX]SYGERXSYGL
MXF]LERH8LIRVIQSZIXLIMRNIGXSV
,SPHXLIVSSXSJXLILERHPIERH
WYTTSVX XLITSYRHGEOIF]LERH
8YVRMXSZIVERHWLEOIYTERHHS[R
XSXEOIMXSYX0IXMXGSSP
1M\MRK
3ZIR
/RIEH1M\
4SYRH'EOI4PEMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
1M\MRK
3ZIR
/RIEH1M\
8IE4SYRH'EOI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
'EOI

background

%YXS&
&EOIH'LIIWI'EOI
KGVIEQGLIIWI
IKKFIEXIR
Q0JVIWLGVIEQ
K]SKYVXWXSVIFSYKLXTPEMRX]TI
XWTPIQSRNYMGI
KJPSYVGEOIJPSYV
KWYKEV
;EXIV8ERO
)QTX]
'SQFMRIGVIEQGLIIWIMRE
GSRXEMRIVERHTVIWW
1MGVS[EZI ;
QMR
XSLIEX7XMVERHQIPXMX
XLSVSYKLP]
4
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TER'SQFMRIXLIQM\IH
%
ERH
WTVMROPI[MXLWYKEVERHJPSYV8ST[MXL
7IXXLIMRNIGXSVSRXLIFEOMRKTER
ERHXLIRWIXXLIFEOMRKTERXSXLI
FEOMRKTERVEGO0SGOMXGPSWIXLI
HSSVERHTVIWW
/RIEH1M\
&EOIH'LIIWI'EOI
XSGSSO
%GGIWWSV]9WIH
&EOMRKTER
&EOMRKTERVEGO
-RNIGXSV
1M\MRKFPEHI
3RP]GSSOXLI WTIGMJMIH
EQSYRXEXEXMQI
'VIEQGLIIWI
(MWWSPZIXEOMRKGEVIXSFVIEOYT
GPYQTW
8MTWJSV&EOIH'LIIWI'EOI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
8SXEOIXLIGLIIWIGEOISYX
SJXLIFEOMRKTER
0IXMX GSSP GSQTPIXIP]FIJSVI
VIQSZMRKMX3XLIV[MWI]SYQE]
FVIEOXLIWLETIEWMXMWZIV]WSJX
1MGVS[EZI,IEXMRK
4
%JXIV LIEXMRK XEOI SYX XLI FEOMRK
TERMQQIHMEXIP]PIX MXGSSP
GSQTPIXIP]ERHVIQSZIXLIMRNIGXSV
,SPHXLIVSSXSJXLILERHPIERH
WYTTSVXXLIGLIIWIGEOI F]LERH
7PS[P]XYVRMXSZIVERHWLEOIYTERH
HS[RXSXEOIMXSYX4YXSREHMWLERH
PIXMXGSSPMREVIJVMKIVEXSV
1M\MRK
3ZIR
/RIEH1M\
&EOIH'LIIWI'EOI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
4
'EOI

background
KHEVOGLSGSPEXI
KWEPXJVIIFYXXIV
Q0VYQ
Q0JVIWLGVIEQ
IKKW[LMXIWERH]SPOWWITEVEXIH
KWYKEV
KJPSYVGEOIJPSYV
KGSGSE
4S[HIVIHWYKEVEWRIIHIH
;EXIV8ERO
)QTX]
'SQFMRI
%
MRELIEXVIWMWXERXGSRXEMRIV
4VIWW
1MGVS[EZI ;
QMR
XS
QIPX[LMPIQM\MRKMXQMH[E];LIRXLI
QM\XYVIFIGSQIWWQSSXLEHHVYQERHQM\
4
'SQFMRIJVIWLGVIEQMRXLILIEXVIWMWXERX
GSRXEMRIVERHTVIWW
1MGVS[EZI ;
%TTVS\QMR
XSGSSO
'SQFMRIIKK]SPOERH
WYKEVMR
EFS[PERH[LMTXLIQM\XYVI
XLSVSYKLP][MXLELERHLIPHFPIRHIV
YRXMPMXFIGSQIW[LMXMWLMRGSPSV%HH
ERHFVMIJP]QM\EXPS[VEXI
+VEHYEPP]EHH
ERHJYVXLIVQM\7MJX
&
ERHQM\[MXLEVYFFIVWTEXYPESV
XLIPMOIYRXMPMXFIGSQIWWQSSXL
'SQFMRIXLIIKK[LMXIWERHE
TMRGLSJWEPXFIWMHIWXLIWTIGMJMIH
EQSYRXMRERSXLIVFS[P9WIXLI
LERHLIPHFPIRHIVXS[LMTPMKLXP]%HH
XLIVIWXSJXLIWYKEVERHGSRXMRYI
[LMTTMRKYRXMPWXMJJ
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
SJ
ERHGSZIV[MXL
IZIRP]
VIQSZIEMVFYFFPIW
%GGIWWSV]9WIH
&EOMRKTER
&EOMRKTERVEGO
-RNIGXSV
1M\MRKFPEHI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
3RP]GSSOXLIWTIGMJMIHEQSYRXEXEXMQI
6IQSZMRKQIVMRKYIERHTSYVMRK
XLIVIWXQIVMRKYIEJXIVXLI
VIQMRHIVWSYRHJSVTS[HIV
VIQSZEP
9WIEVYFFIVWTEXYPESVXLIPMOI
1IXEPWTEXYPEQE]WGVEXGLXLI
JPYSVMRIXVIEXQIRX
8MTWJSV6MGL'LSGSPEXI'EOI
1MGVS[EZI,IEXMRK
4
7IXXLIMRNIGXSVSRXLIFEOMRKTER
ERHXLIRWIXXLIFEOMRKTERXSXLI
FEOMRKTERVEGO0SGOMXGPSWIXLI
HSSVERHTVIWW
/RIEH1M\
6MGL'LSGSPEXI'EOI
XSGSSO
;LIR]SYLIEVXLIVIQMRHIVWSYRH
JSVTS[HIVVIQSZEPSTIRXLIHSSV
XEOISYXXLIFEOMRKTERVIQSZIXLI
MRNIGXSV-JXLIQIVMRKYIEXXEGLIWXS
XLIFEOMRKTERWMHIWYVJEGISVQM\MRK
FPEHIWGVETISJJ[MXLEVYFFIV
WTEXYPESVXLIPMOI0IXMXPMKLXP]FPIRH
XSXLIHSYKLERHTYXXLIVIWX
QIVMRKYI7IXXLIMRNIGXSVSRXLI
FEOMRKTERERHXLIRVIXYVRXLIFEOMRK
TERXSXLIFEOMRKTERVEGO0SGOMX
ERHGSSOEKEMR

%JXIVLIEXMRKMQQIHMEXIP]VIQSZI
XLIFEOMRKTERERHPIXMXGSSPHS[R
YRXMPMXMWWSGSSPIHXLEX]SYGERXSYGL
MXF]LERH8LIRVIQSZIXLIMRNIGXSV

-RWIVXEVYFFIVWTEXYPEFIX[IIR
XLIFEOMRKTERERHVMGLGLSGSPEXI
GEOIERHQSZIMXEVSYRHXLIFEOMRK
TERIHKI,SPHXLIVSSXSJXLILERHPI
ERHXYVRMXSZIV7YTTSVXXLIGEOIF]
LERHERHWLEOIMXYTERHHS[RXS
XEOISYX

0IXMXGSSPERHWTVMROPI[MXL
TS[HIVIHWYKEV

%YXS&
6MGL'LSGSPEXI'EOI
1M\MRK
3ZIR
/RIEH1M\
6MGL'LSGSPEXI'EOI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
4
'EOI

background

%YXS&
4ERGEOI4PEMR
;EXIV8ERO
)QTX]
'SQFMRI
%
ERHEHHXLIIKK]SPO
ERHQE]SRREMWI1M\[MXLEVYFFIV
WTEXYPE7MJX
&
ERHFVMIJP]QM\XEOMRK
GEVIRSXXSQEOIXLIQM\XYVIWXMGO]
'SQFMRIXLIIKK[LMXIWERHE
TMRGLSJWEPXFIWMHIWXLIWTIGMJMIH
EQSYRXMRERSXLIVFS[P9WIXLI
LERHLIPHFPIRHIVXS[LMTPMKLXP]%HH
XLIWYKEVERHGSRXMRYI[LMTTMRKYRXMP
WXMJJ
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
SJ
ERHTSYV
GMVGYPEVP]
VIQSZIEMVFYFFPIW
7IXXLIMRNIGXSVSRXLIFEOMRKTER
ERHXLIRWIXXLIFEOMRKTERXSXLI
FEOMRKTERVEGO0SGOMXGPSWIXLI
HSSVERHTVIWW
/RIEH1M\
4ERGEOI4PEMR XSGSSO
%GGIWWSV]9WIH
&EOMRKTER
&EOMRKTERVEGO
-RNIGXSV
1M\MRKFPEHI
Q0QMPO
K]SKYVXWXSVIFSYKLXTPEMRX]TI
KWYKEV
IKKW[LMXIWERH]SPOWWITEVEXIH
XFWTQE]SRREMWIK
KJPSYVGEOIJPSYV
XWTFEOMRKTS[HIVK
;LMTTIHGVIEQERHJVYMXWWXVE[FIVVMIW
IXGEWRIIHIH
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
6IQSZMRKQIVMRKYIERHTSYVMRK
XLIVIWXQIVMRKYIEJXIVXLI
VIQMRHIVWSYRHJSVTS[HIVVIQSZEP
9WIEVYFFIVWTEXYPESVXLIPMOI
1IXEPWTEXYPEQE]WGVEXGLXLI
JPYSVMRIXVIEXQIRX
8MTWJSV4ERGEOI
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
;LIR]SYLIEVXLIVIQMRHIV
WSYRHJSVTS[HIVVIQSZEPSTIRXLI
HSSVXEOISYXXLIFEOMRKTER
VIQSZIXLIMRNIGXSV-JXLIQIVMRKYI
EXXEGLIWXSXLIFEOMRKTERWMHI
WYVJEGISVQM\MRKFPEHIWGVETISJJ
[MXLEVYFFIVWTEXYPESVXLIPMOI0IXMX
PMKLXP]FPIRHXSXLIHSYKLERHTYXXLI
VIWXQIVMRKYI7IXXLIMRNIGXSVSRXLI
FEOMRKTERERHXLIRVIXYVRXLI
FEOMRKTERXSXLIFEOMRKTERVEGO
0SGOMXERHGSSOEKEMR
%JXIVLIEXMRKXEOISYXXLIFEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV
-RWIVXEVYFFIVWTEXYPEFIX[IIR
XLIFEOMRKTERERHTERGEOIERH
QSZIMXEVSYRHXLIFEOMRKTERIHKI
,SPHXLIVSSXSJXLILERHPIERHXYVRMX
SZIV7YTTSVXXLIGEOIF]LERHERH
WLEOIMXYTERHHS[RXSXEOISYX

'YXMRXSHIWMVIHWM^IERHEVVERKI
SREHMWL8ST[MXL[LMTTIHGVIEQ
ERHJVYMXW
1M\MRK
3ZIR
/RIEH1M\
4ERGEOI4PEMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
'EOI

background
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
3RP]GSSOXLI WTIGMJMIH
EQSYRXEXEXMQI
4S[HIVPEXIV
4YXXMRKTS[HIVJMVWX[MPPGEYWIMX
VIQEMREXXLIFSXXSQ
6IQSZMRK TS[HIVEJXIVXLI
VIQMRHIVWSYRHJSVTS[HIVVIQSZEP
9WIEVYFFIVWTEXYPESVXLIPMOI
1IXEPWTEXYPEQE]WGVEXGLXLI
JPYSVMRIXVIEXQIRX
8MTWJSV7EZSV]4SYRH'EOI

%YXS&
7EZSV]4SYRH'EOI4PEMR
'SQFMRISRMSRERHFYXXIVMRE
LIEXVIWMWXERXGSRXEMRIVERHTVIWW
1MGVS[EZI ;
%TTVS\QMRWIG
XS
GSSO0IXMXGSSPEJXIVGSSOMRK
4
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTSYV
%
WMJX[MXLWEPXERH
&
ERH
WIX
XSXLIXST
4YXKFEGSRMRXSXLIQEXIVMEP
GSRXEMRIVSJXLIMRNIGXSVERHWIXMXSR
XLIFEOMRKTER
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERH
WXEVXLIEXMRK[MXL
/RIEH1M\
7EZSV]4SYRH'EOI4PEMR
;EXIV8ERO
)QTX]
%GGIWWSV]9WIH
&EOMRKTER
&EOMRKTERVEGO
-RNIGXSV
1M\MRKFPEHI
;LIR]SYLIEVXLIVIQMRHIVWSYRH
JSVTS[HIVVIQSZEPSTIRXLIHSSV
XEOISYXXLIFEOMRKTERERHVIQSZI
XLIMRNIGXSV9WIEVYFFIVWTEXYPESV
XLIPMOIXSVIQSZIER]TS[HIVSV
QEXIVMEPWWXMGOMRKXSXLIFEOMRKTER
WMHIWYVJEGISVQM\MRKFPEHI&VMIJP]
EPPS[MXXSFPIRHERHWIXXLIMRNIGXSVXS
XLIFEOMRKTER6IXYVRXLIMRNIGXSV
SRXSXLIFEOMRKTERVEGO8LIRPSGOMX
ERHGSSOEKEMR
%JXIVLIEXMRKMQQIHMEXIP]VIQSZI
XLIFEOMRKTERERHPIXMXGSSPHS[R
YRXMPMXMWWSGSSPIHXLEX]SYGERXSYGL
MXF]LERH8LIRVIQSZIXLIMRNIGXSV
,SPHXLIVSSXSJXLILERHPIERH
WYTTSVXXLIGEOIF]LERH8YVRMX
SZIVERHWLEOIYTERHHS[RXSXEOI
MXSYX0IXMXGSSP
QIHMYQSRMSRWPMGIHXLMREFSYX
K
KFYXXIV
Q0QMPO
PEVKIIKKFIEXIR
XFWTWEPEHSMP
XWTWEPXK
KJPSYVGEOIJPSYV

XWTFEOMRKTS[HIVK
KKVEXIH4EVQIWERGLIIWI
KFEGSRGYXMRXSGQ[MHI
1MGVS[EZI,IEXMRK 4
1M\MRK
3ZIR
/RIEH1M\
7EZSV]4SYRH
'EOI4PEMR
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4VITEVEXMSR
,IEXMRK
4
'EOI

background
9HSR

%YXS&
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX[IPPQM\IH
%
ERHTSYVXLI
GSQFMRIH
&
GMVGYPEVP]
7IXXLIMRNIGXSVSRXLIFEOMRKTER
ERHXLIRWIXXLIFEOMRKTERXSXLI
FEOMRKTERVEGO0SGOMXGPSWIXLIHSSV
ERHTVIWW
/RIEH1M\
9HSR XSQM\
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHMQQIHMEXIP]XEOISYXXLI
FEOMRKTERERHVIQSZIXLIMRNIGXSV
8YVRSZIVXLIFEOMRKTERERHXEOI
SYXXLIHSYKL
6SYRHERHWQSSXLSYXXLIHSYKL
WYVJEGI'SZIV[MXLTPEWXMG[VETXS
TVIZIRXHV]MRKYTERHPIXMXVIWXJSV
EFSYXLSYVWEXVSSQXIQTIVEXYVI-J
XLIVSSQXIQTIVEXYVIMWLMKLIKMR
WYQQIVPIXMXVIWXMREVIJVMKIVEXSV
9WIEHSYKLGYXXIVSVEOMXGLIR
ORMJIXSHMZMHIXLIHSYKLMRXS
IUYEPWIGXMSRW
1M\MRK1IRY2SSHPI
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
KJPSYVFVIEHJPSYV
KJPSYVGEOIJPSYV
KWEPX
Q0[EXIV
*PSYVFVIEHJPSYVJSVHYWXMRKEWRIIHIH
4VITEVIHYHSRWSYTEWRIIHIH
7TMGIEWRIIHIH
(YWXEGYXXMRK
FSEVH[MXLJPSYVERH
JPEXXIRXLIHSYKLF]
WXVIXGLMRKMXJVSQXLI
GIRXIVF]YWMRKE
VSPPMRKTMR8LIXLMGORIWWWLSYPHFI
QQ-JXLIHSYKLMWGSPH[EVQMXYTXS
XLIVSSQXIQTIVEXYVIFIJSVIJPEXXIRMRK
MX
(YWXXLIHSYKL[MXLJPSYVJSPH
ERHGYXMRXSQQ[MHI

&SMPTPIRX]SJ[EXIVMREPEVKITER
W[IITTS[HIVSRXLIRSSHPIERHFSMP
MXJSVQMRYXIW

-QQIRWIXLIRSSHPIMRGSPH[EXIV
VMRWIMXERHKIXXLI[EXIVSJJ

%VVERKIMXSREHMWLERHWIVZI
WXSVIFSYKLXWSYTERHWTMGI
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
1M\MRK
/RIEH1M\
9HSR
6IJIVIRGIQM\MRKXMQI %FSYX  QMR
4
2SSHPI

background
8MTWJSV9HSRERH4EWXE
(YWXMRK[MXLWYJJMGMIRX
EQSYRXSJJPSYV
-JJPSYVEQSYRXMWRSXIRSYKLHSYKL
[MPPFIWXMGO]ERH]SYGERRSXGYXMX[IPP
=SYQE]YWIWXEVGLMRWXIEHSJJPSYV
7 X S VE KI
7XSVIXLIHSYKLMREVIJVMKIVEXSVFIJSVI
WXVIXGLMRKERHGYXXMRKMX-XGERFI
TVIWIVZIHJSVHE]WGSZIVIH[MXL
JPSYVERHTPEWXMG[VET*SVJVII^MRKGYX
XLIHSYKLMRXSRSSHPI[MHXL-XGERFI
TVIWIVZIHJSVEFSYXQSRXLGSZIVIH
[MXLJPSYVERHTPEWXMG[VET
9WMRKEPPTYVTSWIJPSYVXS
QEOIYHSR
=SYGERYWIKEPPTYVTSWIJPSYV
MRWXIEHSJFVIEHJPSYVERHGEOIJPSYV
(SRIRIWWSJTEWXE
0SSOERHXI\XYVIZEVMIWJVSQWXSVI
FSYKLXHV]TEWXE8I\XYVIEPWS
ZEVMIWHITIRHMRKSRLS[XLIHSYKL
MWJPEXXIRIH
8]TISJTEWXE]SYGERQEOI
=SYGEREVVERKIXLITEWXEHMWLIW
F]EHHMRKZIKIXEFPITYVIIERHSV
TEWXIIXG6IHYGI[EXIVQ0
F]XLIEQSYRXSJXLIMRKVIHMIRXW
EHHIH
(YVYQWIQSPMRETS[HIVERH
WUYMHMROTEWXI
8LI]EVIEZEMPEFPIMRHITEVXQIRX
WXSVIWSV-RXIVRIXWLSTW
4EWXE

%YXS&
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX[IPPQM\IH
%
ERHTSYVXLI
GSQFMRIH
&
ERHSPMZISMPGMVGYPEVP]
7IXXLIMRNIGXSVSRXLIFEOMRKTER
ERHXLIRWIXXLIFEOMRKTERXSXLI
FEOMRKTERVEGO0SGOMXGPSWIXLI
HSSVERHTVIWW
/RIEH1M\
4EWXE
XSQM\
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHMQQIHMEXIP]XEOISYXXLI
FEOMRKTERERHVIQSZIXLIMRNIGXSV
0E]XLIFEOMRKTERYTWMHIHS[R
SRXLIGYXXMRKFSEVHGSEXIHF]JPSYV
ERHXEOISYXXLIHSYKL
6SYRHERHWQSSXLSYXXLIHSYKL
WYVJEGI'SZIV[MXLTPEWXMG[VETXS
TVIZIRXHV]MRKYTERHPIXMXVIWXJSV
EFSYXLSYVMREVIJVMKIVEXSV
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
KJPSYVFVIEHJPSYV
KHYVYQWIQSPMRETS[HIV
LIETIHXWTWEPXK
IKKFIEXIR
Q0[EXIV
Q0SPMZISMP
*PSYVFVIEH
JPSYV
JSVHYWXMRKEWRIIHIH
4VITEVIHTEWXEWEYGIEWRIIHIH
9WIEHSYKLGYXXIVSVEOMXGLIR
ORMJIXSHMZMHIXLIHSYKLMRXS
IUYEPWIGXMSRW
(YWXEGYXXMRKFSEVH[MXLJPSYVERH
JPEXXIRXLIHSYKLF]WXVIXGLMRKMXJVSQ
XLIGIRXIVF]YWMRKEVSPPMRKTMR8LI
XLMGORIWWWLSYPHFIQQ
(YWXXLIHSYKL[MXLJPSYVERHVSPP
YT'YXMRXSQQ
[MHI9RVEZIPXLI
RSSHPIERHHYWX
[MXLJPSYV

&SMPTPIRX]SJ[EXIVMREPEVKITER
EHHWEPXEFSYXSJXLI[EXIV
EQSYRXFIWMHIWXLIWTIGMJMIH
EQSYRXERHW[IITTS[HIVSRXLI
RSSHPIERHFSMPMXJSVQMRYXIW

8EOISYXXLIRSSHPIHVIWW[MXL
WXSVIFSYKLXTEWXEWEYGIERH
EVVERKISREHMWL
-RKVIHMIRXWWIVZMRKW
(MVIGXMSRW
1M\MRK
/RIEH1M\
4EWXE
6IJIVIRGIQM\MRKXMQI %FSYX  QMR
4
2SSHPI

background
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERTYX
%
ERHGSZIV[MXLKVSYRH
FIIJERHTSVO
7IXERHPSGOXLIFEOMRKTERSRXLI
FEOMRKTERVEGOGPSWIXLIHSSVERH
WXEVXGSSOMRK[MXL
/RIEH1M\
1IEXPSEJ
;LIR]SYLIEV
XLIVIQMRHIVWSYRH
JSVQM\MRKTVSGIWW
GSQTPIXMSRXEOI
SYXXLIFEOMRKTER6IQSZI
MRKVIHMIRXWSRXLIFEOMRKTERWMHI
WYVJEGIF]YWMRKEVYFFIVWTEXYPESV
XLIPMOI,SPHXLIWYVJEGIPMKLXP]XS
VIQSZIER]EMVFYFFPIWERHWQSSXL
SYX6IXYVRXLIFEOMRKTERERH
VIWYQI
KKVSYRHFIIJERHTSVO
Q0QMPO
IKK
KWLVIHHIHQS^^EVIPPEGLIIWI
KQM\IHZIKIXEFPIW
XWTWEPXK
KOIXGLYT
(EWLSJTITTIVERHRYXQIK
/IXGLYTERH;SVGIWXIVWLMVIWEYGIEWRIIHIH

%YXS&
1IEXPSEJ
1M\MRK1IRY1M\IH(MWLIW
-RKVIHMIRXWJSVSRIFEOMRKTER
(MVIGXMSRW
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
8MTWJSV1IEXPSEJ
-JER]MQTYVMXMIWEVIZMWMFPI
8VERWJIVXSEHMWLERHVIQSZIER]
MQTYVMXMIWSRXLIWYVJEGIF]YWMRK
EWTSSRSVXLIPMOI
(SRSXYWIXLIMRNIGXSV
8SFVS[RXLIJSSHHSRSXYWIXLI
MRNIGXSV
%JXIVLIEXMRKMQQIHMEXIP]VIQSZI
XLIFEOMRKTERLSPHXLIVSSXSJXLI
LERHPIERHXYVRMXSZIVXSXEOISYX
'YXMRXSTMIGIWERHTPEGIMXSREHMWL
4YX[IPPQM\IHOIXGLYTERH
;SVGIWXIVWLMVIWEYGISRMX
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
-J]SYVJSSHMWYRHIVHSRI
EJXIVXLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXSXLIQIXEPXVE][MXLE
GSSOMRKWLIIXSRMXERHTVIWW
3ZIR
2S4VILIEX
' XS
GSSOGLIGOMRKMXSJXIR
4
1M\MRK
3ZIR
+VMPP
/RIEH1M\
1IEXPSEJ
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
1M\IH(MWLIW

background
1M\MRK1IRY6MGI'EOIERH6MGI+VYIP
(MVIGXMSRW
;EXIV8ERO
)QTX]
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERERHTYX
%
MR
7IXXLIMRNIGXSVSRXLIFEOMRKTER
ERHXLIRWIXXLIFEOMRKTERXSXLI
FEOMRKTERVEGO0SGOMXERHTVIWW
/RIEH1M\
6MWSXXS
XSGSSO
%JXIVLIEXMRKXEOISYXXLIFEOMRK
TERMQQIHMEXIP]ERHVIQSZIXLI
MRNIGXSV%HHWEPXERHGVEGOIHFPEGO
TITTIVERHFVMIJP]QM\4YXXLI
QM\XYVISREHMWLERHWTVMROPI[MXL
TEVWPI]
KVMGI
WPMGIWSJFEGSRGYXMRXSGQ[MHI
KWLVIHHIHQS^^EVIPPEGLIIWI
Q0QMPO
Q0[EXIV
FSYMPPSRGYFI
(EWLSJWEPXERHGVEGOIHFPEGOTITTIV
4EVWPI]JMRIP]GLSTTIHEWRIIHIH
%GGIWWSV]9WIH
&EOMRKTER
&EOMRKTERVEGO
-RNIGXSV
1M\MRKFPEHI

%YXS&
6MWSXXS
-RKVIHMIRXWWIVZMRKW (MVIGXMSRW
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
(SRSXVMRWIVMGIJSVVMWSXXS
8SGSSOVMGIXSEPHIRXIHSRSX
VMRWIXLIVMGI-J]SY[EWLXLIVMGI
HVEMR[MXLEWXVEMRIVERHPIEZIMXJSV
EFSYXQMRYXIWXSKIX[EXIVSJJ
-J]SYVJSSHMWYRHIVHSRIEJXIV
XLI
%HHMXMSREP,IEXMRK
PMKLX3**
8VERWJIVXLIJSSHXSEHMWLERH
[VETMRTPEWXMG[VET8LIRWIXXLI
SZIRXS
1MGVS[EZI ;
XSGSSO
GLIGOMRKMXSJXIR
4
8MTWJSV6MWSXXS
1M\MRK
3ZIR
/RIEH1M\
6MWSXXS
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4

6MRWIXLIKPYXMRSYWVMGIERHYWIEWXVEMRIV
XSHVEMR0IEZIJSVEFSYXQMRYXIWXSHV]
6IQSZIXLIGIVEQMGXVE]ERHWIX
XLIFEOMRKTERVEGO
7IXXLIQM\MRKFPEHIXSXLIFEOMRK
TERERHTYXKPYXMRSYWVMGIERH[EXIV
7IXXLIMRNIGXSVSRXLIFEOMRKTER
ERHXLIRWIXXLIFEOMRKTERXSXLI
FEOMRKTERVEGO0SGOMXERHTVIWW
/RIEH1M\
6MGI'EOI
XSGSSO
;LIR]SYLIEVXLIGSQTPIXMSR
WSYRHMQQIHMEXIP]VIQSZIXLI
FEOMRKTERERHPIEZIMXJSV
QMRYXIWXSPIXMXGSSPHS[RYRXMPMXMW
WSGSSPIHXLEX]SYGERXSYGLMXF]
LERH8LIRVIQSZIXLIMRNIGXSV
(YWXEGYXXMRKFSEVH[MXLJPSYVKIX
]SYVLERHW[IXERHXEOISYXXLIVMGI
GEOIPMOIWGSSTMRKMXYTJVSQXLI
FSXXSQSJXLIFEOMRKTER
(MZMHIXLIVMGIGEOIMRXSTMIGIWSJ
HIWMVIHWM^I
6MGI'EOI

%YXS&
KKPYXMRSYWVMGI
Q0[EXIV
7XEVGLJSVHYWXMRKEWRIIHIH
(SRIRIWW%HNYWXQIRX
,-
KKPYXMRSYWVMGI
Q0[EXIV
7XEVGLJSVHYWXMRKEWRIIHIH
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
-RNIGXSV
&EOMRKTER
&EOMRKTERVEGO
1M\MRKFPEHI
GYTSJKPYXMRSYWVMGIIUYEPWXSEFSYXK
-RKVIHMIRXWGYTW
-RKVIHMIRXWGYTW
8MTWJSV6MGI'EOI
3RP]GSSOXLIWTIGMJMIH
EQSYRXEXEXMQI
%JXIVVMRWMRKXLIKPYXMRSYW
VMGI
(SRSXWSEOMXMR[EXIVERHYWIE
WXVEMRIVXSHVEMR
7SEOMRKMR[EXIV[MPPVIWYPXMRWSJX
VMGIGEOI
,EVHRIWWSJVMGIGEOI
-XHITIRHWSR[LIXLIVXLIVMGIMW
JVIWLSVPSRKWXSVIH1EOIER
EHNYWXQIRXF]XLIEQSYRXSJ[EXIV
(MZMHMRKVMGIGEOIMRXSTMIGIW
-J]SYGSRWYQIXLIVMGIGEOIVMKLX
E[E]KIX]SYVLERHW[IXXSHMZMHIMX
-J]SY[MPPTVIWIVZIXLIVMGIGEOIGSEX
]SYVLERHW[MXLJPSYVERHHMZMHIMX
1EOMRKKVIIRVMGIGEOI[MXL
VE[]SQSKMSVWLYRKMOY
%HH]SQSKMSVWLYRKMOYKFSMPIH
ERHKVEXIHMRXSTEWXIMRWXIEHSJ
]SQSKMTS[HIVIHERHHVMIH
6MKLXEJXIVXEOMRKSYXXLIVMGIGEOI
JMPPXLIFEOMRKTER[MXLLSX[EXIV
ERHVIQSZIXLIQM\MRKFPEHI
-JMXMWPIJXJSVE[LMPIEJXIVGSSOMRK
XLIVMGIGEOIFIGSQIWWSPMHERHZIV]
LEVHXSVIQSZI4SYVXLILSX[EXIV
MRXSXLIFEOMRKTERXSWSJXIRXLIVMGI
GEOIVIWMHYIFIJSVIVIQSZMRKMX
'SSOMRKGYTWSJVMGI
7IXXLIHSRIRIWWEHNYWXQIRX
XS
,-
'%98-32
9WIXLIWYTTPMIHQMXXIRWSVE
XLMGOHV]HMWLGPSXL[LIR]SY
MRNIGXQEXIVMEPW
1E]VIWYPXMRFYVRW
8LI FEOMRK TERSZIRGEZMX]ERH
WYVVSYRHMRKWEVIZIV]LSX
3ZIR
1M\MRK
/RIEH1M\
6MGI'EOI
6IJIVIRGILIEXMRKXMQI %FSYXQMR
4
background

&VIEH1EOMRKMR1ERYEP1IRY
-J]SY[ERX XSEHNYWXXLIQM\MRK PIEZIRMRKERHFEOMRKXMQIJSVQIRYSTXMSRWMRHMGEXIHEW
,ERHQEHI&EOIV]QIRYSV]SY[ERXXSFEOIJSSHWMRPIZIPWYWI
&EOIV]*YRGXMSR
/RIEH1M\
1M\MRK8MQI
SV1ERYEP1IRY3ZIR,IEXMRK
*SVTVITEVEXMSRVIJIVXSMRKVIHMIRXWERH
HMVIGXMSRWSJXLIVIWTIGXMZIQIRYSTXMSR*MPPXLI
[EXIVXERO[MXL[EXIVYTXSXLIJYPPPMRI
*SVQXLIHSYKL[MXL
VIJIVIRGIXSHMVIGXMSRWSJXLI
VIWTIGXMZIQIRYSTXMSR
'SQFMRIHSYKLMRKVIHMIRXWERHHV]]IEWXTS[HIVMRXSXLI
FEOMRKTERERHTVIWW
&EOIV]*YRGXMSR
/RIEH1M\
1M\MRK8MQI
XSWXEVXQM\MRK[MXLVIJIVIRGIXSXLIVMKLX
XEFPI
4
*SVVIJIVIRGIQM\MRKXMQIWIIXLIVMKLXXEFPI4IVJSVQ
QM\MRK[LMPIGLIGOMRKXLIQM\MRKGSRHMXMSR
*SVPIZIPGSSOMRKTIVJSVQQM\MRKWITEVEXIP]ERHXLIJMVWX
QM\XYVIWLSYPHFIOITXMREFS[PPMKLXP]GSEXIH[MXLFYXXIV
-JXLIVSSQXIQTIVEXYVIMWQSVIXLER'WXSVIMXMRE
VIJVMKIVEXSV
%VVERKIXLIJSVQIHHSYKLSRXLIQIXEPXVE]ERHWIXMXXS&SXXSQSJ
XLIXVE]VEGO4VIWW
7XIEQ3ZIR0IEZIR
2S4VILIEX
PIZIP
XSTIVJSVQXLIWIGSRHVMWMRK*SVXIQTIVEXYVIERHXMQI
VIJIVXSXLIVMKLXXEFPI*SVPIZIPGSSOMRKWIXXLIQIXEPXVE]WXS
1MHHPIERH&SXXSQERHTVIWW
7XIEQ3ZIR0IEZIR
2S4VILIEX
PIZIP
XS
TIVJSVQXLIWIGSRHVMWMRK'LIGO
XLIVMWMRKGSRHMXMSRHYVMRKXLMW
PIEZIRMRKTVSGIWW6IJIVIRGIPIEZIRMRKGSRHMXMSRWEVIMRHMGEXIHMR
HMVIGXMSRWSJIEGLQIRYSTXMSRW
4VITEVEXMSR
*SVQMRK
1M\MRK
RHVMWMRK
&EOMRK
6IQSZIXLIHSYKLEJXIVXLIWIGSRHVMWMRK4VIWW
3ZIR
4VILIEX
PIZIP
XSWXEVXTVILIEXMRK*SVXIQTIVEXYVI
ERHXMQIVIJIVXSXLIVMKLXXEFPI;LIRTVILIEXMRKMW
GSQTPIXIHWIXXLIVIWIVZIHHSYKLSRXLIQIXEPXVE]XS
1MHHPISJXLIXVE]VEGOERHFEOIMX
4
*SVPIZIPGSSOMRKWIXXLIVIWIVZIHHSYKLWSRXLI
QIXEPXVE]WXS1MHHPIERH&SXXSQERHTVIWW
3ZIR
4VILIEX
PIZIP
XSFEOI*SVXIQTIVEXYVIERHXMQI
VIJIVXSXLIVMKLXXEFPI
-J]SYEVIGSRGIVRIHEFSYXYRIZIRGSSOMRKFIX[IIR
XLIX[SPIZIPWW[MXGLXLITSWMXMSRSJXLIQIXEPXVE]WSJ
XLIQMHHPIVEGOERHFSXXSQVEGOEJXIV

LEW
TEWWIH
WXVMWMRK
+IXXLIHSYKLXSKIXLIVMREFS[P7IXXLIGIVEQMGXVE]
EXXLIFSXXSQSJXLISZIRGEZMX]ERHXLIQIXEPXVE]
[MXLXLIFS[PXS&SXXSQVIWTIGXMZIP]4VIWW
7XIEQ3ZIR0IEZIR
2S4VILIEX
PIZIP
*SV
XIQTIVEXYVIERHXMQIVIJIV
XSXLIVMKLXXEFPIXSPIEZIR
[LMPIGLIGOMRKXLIVMWMRK
GSRHMXMSR
4
6IJIVIRGIPIEZIRMRKGSRHMXMSRWEVIMRHMGEXIHMR
HMVIGXMSRWSJIEGLQIRYSTXMSRW
background

6IJIVIRGIXIQTIVEXYVIERHXMQIMRIEGLTVSGIWWF]QIRYSTXMSRW
1M\MRK WXVMWMRK RHVMWMRK &EOMRK PIZIP PIZIP
8MQI 8IQTIVEXYVI 8MQI 8IQTIVEXYVI 8MQI 8IQTIVEXYVI 8MQI 8MQI
& &YXXIV6SPP
QMR ' QMR ' QMR ' QMR QMR
& *VIRGL6SPP
QMR ' QMR ' QMR ' QMR
i
& 7UYEWL6SPP
QMR ' QMR ' QMR ' QMR QMR
&
7LMWS7IWEQI6SPP
QMR ' QMR ' QMR ' QMR QMR
&
;LIEX7XEPO6SPP
QMR ' QMR ' QMR ' QMR
i
& 'VSMWWERX
QMR 6IJVMKIVEXSV QMR ' QMR ' QMR QMR
& 6IH&IER6SPP
QMR ' QMR ' QMR ' QMR QMR
& 'LIWXRYX6SPP
QMR ' QMR ' QMR ' QMR QMR
& 1IPSR6SPP
QMR ' QMR ' QMR ' QMR
i
& &EKIP
QMR
ii
' QMR ' QMR QMR
& 2EER
QMR ' QMR
ii
' QMR QMR
& 4M^^E
QMR '
iii
' QMR QMR
background
%WME1MHHPI)EWX7TIGMEPX]
-RKVIHMIRXW
d3RIGYT!Q0
QEGEHEQMERYXWK
KTIIPIHXYVQIVMG
XWTWLVMQTTEWXI
XFWTWYKEV
XWTKVERYPEXIHWEPX
XFWTGSRGIRXVEXIHVMTIXEQEVMRHNYMGI
KHVMIHTVE[RWSEOIHMR[EXIVERHGVYWLIH
GYTZIKIXEFPISMP
KWPMGIHKVIIRTITTIV
KWPMGIHVIHTITTIV
KTIIPIHERHWPMGIHKEVPMG
KTIIPIHERHWPMGIHWLEPPSX
WTVMRKWSJWPMGIHPIQSRKVEWW
SFPMUYIP]GYX
WTVMRKVSPPWLIIXW\GQ
:IKIXEFPISMPJSVGSEXMRKXLIWTVMRKVSPPWLIIXW
(MVIGXMSRW
'SQFMRIERHXLIRGVYWLXLI
QEGEHEQMEXYVQIVMGERHWLVMQTTEWXI
%HHXLIWYKEVKVERYPEXIHWEPXVMTI
XEQEVMRHNYMGIERHHVMIHTVE[RERH
QM\XLSVSYKLP]
-RKVIHMIRXW
XFWTYRHMPYXIHGSGSRYXQMPO
KWTERMWLQEGOIVIP
XFWT[EXIV
XWTKVERYPEXIHWEPX
IKK
VPMQIPIEJ
VPMQITIIP
&EREREPIEZIW
-RKVIHMIRXWJSV7TMGI6IQTEL
KTIIPIHSRMSR
KTIIPIHERHWPMGIHKEPERKEP
GVYWLIHQEGEHEQMERYX
TMIGIWHVMIHTITTIVWSEOIHMR[EXIV
XWTWLVMQTTEWXI
KTIIPIHERHWPMGIHXYVQIVMG
-RKVIHMIRXWJSV7IEWSRMRK
XWT7YKEV
XWTKVERYPEXIHWEPX
XFWTZIKIXEFPISMP

XWTVSEWXIHERHKVSYRHGSVMERHIV
WIIHW
(MVIGXMSRW
4YXEPPXLIWTMGIMRKVIHMIRXWMRXLI
FPIRHIVFPIRHERHQEWLXLSVSYKLP]
ERHXLIRTYXMXEWMHI
WLQIEXSJJXLI
FSRI[MXLEWTSSRERHWPMGIXLISXLIV
LEPJMRXSWQEPPTMIGIW
WLQIEX
YRXMPMXFIGSQIWWQSSXL(MWWSPZIXLI
KVERYPEXIHWEPXMR[EXIVERHXLIREHH
WLYRXMPMX
FIGSQIWWXMGO]
%HHXLIYRHMPYXIHGSGSRYXQMPO
ERHQM\SVFPIRHXLIQM\XYVI%HH
XLIIKKFPIRHIHWTMGIWJVSQ

ERHWIEWSRMRKMRKVIHMIRXWERHQM\
WLQIEX
VPMQITIIP
1M\XLSVSYKLP]
7GSSTYTXLIQM\XYVIERHTYXMXSR
XLIFEREREPIEJ7TVIEHXLIQM\XYVI
YRXMPMXMWEFSYX\GQMRWM^IERH
XLIRJSPHXLIFEREREPIEJLSVM^SRXEPP]
WSXLEXXLIPIEJSZIVPETW4MRFSXLXMTW
SJXLIFEREREPIEJ[MXLEXSSXLTMGO
7TMG]4VE[R6SPPW
1ERYEP
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
1IXEP8VE]1MHHPI
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
1IXEP8VE]1MHHPI
'IVEQMG8VE]
4YXXLIZIKIXEFPISMPMREFS[P4PEGI
XLIFS[PMRXLIQMGVS[EZI
4VIWW
1MGVS[EZI
;
ERHIRXIV
iQMR XSGSSOYRXMPXLISMPMWLSX
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
%HHXLIWLEPPSXKVIIRTITTIVERHVIH
TITTIVERHQM\XLSVSYKLP]4PEGIXLI
FS[PFEGOMRXLIQMGVS[EZI
4VIWW
1MGVS[EZI
;
ERHIRXIV
iQMR
XSGSSO
4
6IQSZIXLIFS[PJVSQXLIQMGVS[EZI
%HHXLIKEVPMGERHPIQSRKVEWWXSXLI
ZIKIXEFPISMPERHQM\XLSVSYKLP]
4PEGIXLIFS[PMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSO'LIGOXLIJSSHSJXIRERHQM\
XLSVSYKLP]
'VYWLXLIKEVPMGWLEPPSXPIQSRKVEWW
ERHTITTIVWERHWIXEWMHI
'SQFMRIEPPXLIMRKVIHMIRXW
4PEGIXLIFS[PMRXLIQMGVS[EZI
4VIWW
1MGVS[EZI ;
ERHIRXIV
QMRiQMRWIGXSGSSO
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
ERHQM\XLSVSYKLP]%JXIVEPPS[MRKXS
GSSPVSPPXLIQM\XYVIMRXSGQPSRK
WXMGOW
7TMG]*MWL+VMPPIHMR&ERERE0IEZIW
3XEO3XEO4ERKKERK
1ERYEP
4
1ERYEP
3ZIR
4VILIEXMRKJSV
EFSYXQMR
'
,IEXMRKXMQI
QMR
4VILIEX
1ERYEP
3ZIR
'
,IEXMRKXMQI
QMR
2S4VILIEX
4
4VITEVEXMSR
,IEXMRK

background
;VETTMRK(MVIGXMSRW
'YXIEGLSJXLIWTVMRKVSPPWLIIXW
PPMRKVSPP
MXEPMXXPIJSPHFSXLWMHIWERHXLIR
GSRXMRYIVSPPMRKMXXSXLIIRHW*MREPP]
WIEPXLIWLIIX[MXLTEWXI
'SZIVXLIQIXEPXVE][MXLEGSSOMRK
WLIIX8LSVSYKLP]GSEXIEGLVSPP[MXL
ZIKIXEFPISMP0E]VSPPWSREGSSOMRK
WLIIX
4VIWW
3ZIR
4VILIEX
0IZIP
'
iQMR
XSTVILIEX
4
3RGIXLIFIITWSYRHWMRHMGEXMRK
XLEXTVILIEXMWGSQTPIXIMRWIVXXLI
QIXEPXVE]MRXSXLI1MHHPIXSGSSO
8EOIXLIQIXEPXVE]SYXSJXLI
QMGVS[EZI0IEZIXLIVSPPWSRXLIKVMPP
XSEPPS[XLIQXSGSSPHS[R/IITXLI
VSPPWMRXLIGPSWIHGSRXEMRIV7IVZIXLI
VSPPWEWWREGO[MXLEGYTSJXIE
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
1ERYEP'SSOMRK3ZIR,IEXMRK4VILIEX
4
2SXI
=SYGERQEOIXLITEWXIF]QM\MRK
SYVMRXSXLI[EXIVERH
XLIRWXMVVMRKXLIQM\XYVIEXPS[LIEX
-RKVIHMIRXWJSV7XMGO]6MGI
d3RIGYT!Q0
KWXMGO]VMGI
XWTWS]WEYGI
XWTKVERYPEXIHWEPX
XWTKVSYRHTITTIV
GYTTSVOFVSXL
GYT[EXIV
XFWTPEVH
7SJXFSMPIHFEQFSSPIEZIW
-RKVIHMIRXWJSV*MPPMRKW

GYTW[EXIV
KTSVO[MXLJEX
KPIEJPEVH
XFWTPEVHSVZIKIXEFPISMP
REPP]GLSTTIHWLEPPSX
REPP]GLSTTIHKEVPMG
XWTKVERYPEXIHWEPX
XWTWYKEV
XWTKVSYRHTITTIV
XWTWS]WEYGI
KHVMIH'LMRIWIQYWLVSSQWSEOIH
MR[EXIVERHHMGIH
XFWTVSEWXIHERHTSYRHIHGSVMERHIV
WIIHW
XFWTS]WXIVWEYGI
XWTW[IIXFPEGOWS]WEYGI
*PEZSV[MXLKVERYPEXIHWEPXWYKEV
GYTSJWMIZIHWSYTKVSYRHTITTIV
WS]WEYGIS]WXIVWEYGIW[IIXFPEGO
WS]WEYGIGSVMERHIVWIIHWTSVOERH
PIEJPEVH1M\XLIMRKVIHMIRXW4PEGIXLI
FS[PMRXLIQMGVS[EZI
4VIWW
1MGVS[EZI
;
ERHIRXIV
iQMRXSGSSO
%JXIVGSSOMRKJSVQMRYXIWVIQSZI
XLIFS[PQM\XLIMRKVIHMIRXWTYXXLI
FS[PFEGOMRXLIQMGVS[EZIERHXLIR
GSSOJSVXLIVIQEMRMRKXMQI8EOIXLI
FS[PSYXSJXLIQMGVS[EZI1M\XLI
MRKVIHMIRXWEKEMRYRXMPEPQSWXHV]ERH
XLIRWIXMXEWMHI
8LSVSYKLP][EWLXLIWXMGO]VMGI
[MXL[EXIVERHXLIRHMWGEVHXLI[EXIV
7SEOXLIWXMGO]VMGIMR[EXIVJSVLSYV
ERHXLIRHVEMRXLI[EXIV
%HHPEVHXSEFS[P4PEGIXLIFS[PMR
XLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSOYRXMPMXMWLSX
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
*V]XLIWXMGO]VMGIMRXLILSXPEVH%HH
WSYT[EXIVKVERYPEXIHWEPXKVSYRH
TITTIVERHWS]WEYGI
7XMV4PEGIXLIFS[PMRXLIQMGVS[EZIERH
GPSWIXLIPMH4VIWW
1MGVS[EZI ;
ERH
IRXIV
iQMR
XSGSSOYRXMPMXMW[IPP
GSSOIH
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
7XMVXLIWXMGO]VMGIERHGPSWIXLIPMH
;LIRXEOMRKSYXXLIGSRXEMRIVFIGEVIJYP
SJFYVRW9WIEXLMGOHV]HMWLGPSXLSVE
GSQQIVGMEPP]EZEMPEFPISZIRQMXX
;VETTMRKXLIVMGI
*SPHXLIFEQFSSPIEJMRXSEGSRI*MPP
PPMRKERH
WXMGO]VMGIERHXLIREHHWXMVJVMIHWXMGO]
VMGITYWLMRKMXXMKLXP]MRXSXLIGSRI
7LETIXLIWYVJEGISJXLIWXMGO]VMGI
WSXLEXMXMWMRXLIGSRIIZIRP]
%HHXSXEFPIWTSSRWQSVISJ
PPMRKJSPPS[IHF]WXMGO]VMGIYRXMPXLI
GSRIMWJYPP
*SPHXLIFEQFSSPIEJEVSYRHXLI
WXMGO]VMGIERHXMIMXXMKLXP][MXLWXVMRK
9WMRKXLIWXVMRKXMIXLIFEQFSS
GSRIWMRXSFYRGLIWSJ4YXXLI
GSRIWMRXSEGSRXEMRIV
4YXXLIGSRXEMRIVMRXLIQMGVS[EZIERH
GPSWIXLIPMH4VIWW
1MGVS[EZI
;
ERHIRXIV iQMR
XSGSSO
8EOIXLIGSRIWSYXSJXLIQMGVS[EZI
ERHWIVZI[LMPILSX
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK 4
?8MTWA
d1EOIiWIVZMRKW
d
PPMRKW[MXLSXLIVOMRHW
SJPIEJWYGLEWTERHERYWERHFEQFSS
VWXWSJXIRMX
F]WSEOMRKMXMR[EXIVERHXLIRFSMPMRKMX
(MVIGXMSRW
'SQFMRIXLI[EXIVTSVOERHPIEJ
PEVHMREFS[P4PEGIXLIFS[PMRXLI
QMGVS[EZIERHGPSWIXLIPMH4VIWW
1MGVS[EZI;ERHIRXIViQMR
XSGSSOYRXMPMXMW[IPPGSSOIH
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
0IXXLITSVOGSSPERHXLIRHMGIMXMRXS
WQEPPTMIGIW9WMRKEWMIZITSYVSYX
XLIWSYTERHWIXMXEWMHI
4
1M\XLIPEVHKEVPMGWLEPPSXERH
'LMRIWIQYWLVSSQXSKIXLIV4YXMXMR
XLIQMGVS[EZI
4VIWW1MGVS[EZI;ERHIRXIV
iQMRXSGSSOYRXMPXLIQM\XYVILEW
ERMGIEVSQE
8EOIMXSYXSJXLIQMGVS[EZI1M\[IPP
+PYXMRSYW6MGI(YQTPMRK[MXL4SVO*MPPMRK
/YML'LERK&EFM
1ERYEP
0E]TEGOWSJXLIQM\XYVISRXLI
GIRXIVSJXLIQIXEPXVE]4PEGIXLI
QIXEPXVE]SRXLI1MHHPIERHTVIWW
3ZIR
2S4VILIEX
0IZIP
'
iQMR
XSGSSO8EOIXLIQIXEP
XVE]SYXSJXLIQMGVS[EZI7IVZI[LMPI
LSX
4
1ERYEP'SSOMRK3ZIR,IEXMRK2S4VILIEX
4
?8MTWA
d1EOIiWIVZMRKW
dTEGOSJ7TMG]*MWL+VMPPIHMR&ERERE
0IEZIWYWIWKSJVE[MRKVIHMIRXW
d8LIPIEJPSSOWHV]SYXWMHI[MXLEWPMKLX
FYVRQEVOFYXMWHEQTMRWMHI
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'IVEQMG8VE]
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI

background
8LSVSYKLP]KVMRHSVGVYWLXLIGYVV]
TEWXIMRKVIHMIRXW
4YXXLIZIKIXEFPISMPERHGYVV]
TEWXIMRXLIFS[PERHQM\[IPP
4PEGIXLIFS[PMRXLIQMGVS[EZI
,IEXXLIGYVV]TEWXIF]TVIWWMRK
1MGVS[EZI
;
ERHIRXIV
QMRiQMRWIGYRXMPMXQEOIWE
RMGIEVSQE
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
*PEZSV[MXLXLIVMTIXEQEVMRHNYMGI
WYKEVERHKVERYPEXIHWEPXERHQM\[IPP
4PEGIXLIFS[PMRXLIQMGVS[EZIERH
GPSWIXLIPMH4VIWW
1MGVS[EZI ;
ERH
IRXIV
iQMR
XSGSSO
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
%HHXLIWLVMQTERHQM\[IPP4PEGIXLI
FS[PMRXLIQMGVS[EZIEKEMRERHGPSWI
XLIPMH4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSOYRXMPMXMW[IPPGSSOIH
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
%HHXLISOVEXSXLIFS[PJVSQ
ERHQM\[IPP4YXMXMRXLIWIVZMRKHMWL
ERHWIVZI[LMPILSX
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
?8MTWA
d1EOIWIVZMRKW
d8STVIWIVZIXLIKVIIRGSPSVSJXLI
ZIKIXEFPIWTVSQTXP]QSZIXLIQJVSQ
FSMPMRK[EXIVXSMGIGSPH[EXIVGLERKMRK
XLI[EXIVSJXIRWSXLEXXLIZIKIXEFPIW
UYMGOP]GSSP
d=SYGERQEOIVMTIXEQEVMRHNYMGIF]
WSEOMRK
XIEWTSSRWSJVMTIXEQEVMRH
MREGYTSJ[EXIVQIEWYVMRKGYT
PIXXMRKMXWMXJSVE[LMPIERHXLIRTSYVMRK
MXXLVSYKLEWMIZIXSKIXXLINYMGI
-RKVIHMIRXW
d3RIGYT!Q0
KTSVOFIPP]
XWTKVERYPEXIHWEPX

GYTW[EXIV
KTIIPIHWLVMQT[MXLXEMP
KGPIERIEVQYWLVSSQ
KKSPHIRRIIHPIWQYWLVSSQ
[MXLSYXVSSX
KWSEOIHZIVQMGIPPM
KFIERGYVHWOMR
:IKIXEFPISMP
KJIVQIRXIH[LSPIWS]FIERWYWI
SRP]WS]FIERW
KGLSTTIHGEFFEKI
KWSJX'LMRIWIQYWLVSSQWSEOIHMR
[EVQ[EXIV
-RKVIHMIRXWJSV7TMGI6IQTEL
KTIIPIHWLEPPSX
GVYWLIHQEGEHEQMERYXW
KVIHTITTIV
XFWTWLVMQTTEWXI
-RKVIHMIRXWJSV*PEZSVMRK7EYGI
XWTKVERYPEXIHWEPX
XWTWYKEV
(MVIGXMSRW
'SQFMRIXLITSVOFIPP][EXIVERH
KVERYPEXIHWEPXMREFS[P4PEGIXLI
FS[PMRXLIQMGVS[EZIERHGPSWIXLI
PMH4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSO
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
;LMPIXLITSVOMW[EVQXLMRP]WPMGIMX
(VEMRXLILSX[EXIVXLVSYKLEWMIZIXS
YWIEWFVSXL
4
4YXEPPXLIWTMGIMRKVIHMIRXWMRXLI
FPIRHIVERHFPIRHXLSVSYKLP]ERH
XLIRWIXXLIQEWMHI
-RKVIHMIRXW
d3RIGYT!Q0
TMIGIHVMIHKEVGIRMEWIRRE
XWTWYKEV
XWTKVERYPEXIHWEPX
SOVETSHW
XFWTZIKIXEFPISMP
GYT[EXIV
TIIPIHWLVMQTW[MXLXEMP
-RKVIHMIRXWJSV'YVV]4EWXI6IQTEL
WPMGIHPIQSRKVEWW
XWTWPMGIHXYVQIVMG
TMIGIWHVMIHTITTIVWSEOIHMR[EXIV
WLEPPSXFYPFW
GPSZIKEVPMG
XWTWLVMQTTEWXI
-RKVIHMIRXWJSV7IEWSRMRK

XWTWYKEV
XWTKVERYPEXIHWEPX
GYTVMTIXEQEVMRHNYMGI
(MVIGXMSRW
8LSVSYKLP]QM\XLIHVMIHKEVGIRME
WYKEVKVERYPEXIHWEPXERH[EXIV
%HHXLISOVEXSXLIQM\XYVIERHPIXWMX
JSVQMRYXIW4PEGIXLIFS[PMRXLI
QMGVS[EZIERHGPSWIXLIPMH4VIWW
1MGVS[EZI ;
ERHIRXIV
QMR
WIGiQMR
XSGSSO
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
0EHPIXLISOVEERHXLIRGSSPERH
TVIWIVZIXLIMVKVIIRGSPSVF]WSEOMRK
XLIQMRGSPH[EXIV0MJXXLIPEHPIXS
HVEMRXLI[EXIV
4
*MWLMR7TMG]8EQEVMRH+VEZ]
%WEQ+YPEM
7XI[IH:IKIXEFPI
2]SR]E7X]PI
'LET'L]I1EWEO8MXMO
1ERYEP
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'IVEQMG8VE]
1ERYEP
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI

background
%HH
GYTSJXLIZIKIXEFPISMP
XSXLIFS[P4PEGIXLIFS[PMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV iQMR
XSGSSOYRXMPMXMWLSX
6IQSZIXLIFS[PJVSQXLIQMGVS[EZI
ERHEHHLEPJSJXLIWSEOIHFIERGYVH
WOMRKXSXLISMP7XMV4PEGIXLI
FS[PFEGOMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XS
GSSO
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
9WIEPEHPIXSHVEMRXLISMPJVSQXLI
FIERGYVHWOMR
%HHXLIVIWXSJFIERGYVHWOMRXSXLI
FS[P
;LIRXEOMRKSYXXLIGSRXEMRIVFI
GEVIJYPSJFYVRW9WIEXLMGOHV]
HMWLGPSXLSVEGSQQIVGMEPP]EZEMPEFPI
SZIRQMXX
%HHXEFPIWTSSRWSJZIKIXEFPISMP
WTMGIMRKVIHMIRXWERHXLIJIVQIRXIH
[LSPIWS]FIERWXSXLIFS[PERHWXMV
4PEGIXLIFS[PMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XS
GSSO
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
ERHWXMV
%HHWLVMQTXSXLIFS[PJVSQ

TYXMXMRXLIQMGVS[EZIERHGPSWIXLI
PMH4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR XSGSSO
3TIRXLIQMGVS[EZI8EOISYXXLI
FS[PERHWXMV
%HHXLIGEFFEKITSVOERHEPPXLI
EZSV
[MXLXLITSVOFVSXLJVSQ
7XMV4PEGI
XLIFS[PMRXLIQMGVS[EZIERHGPSWI
XLIPMH4VIWW
1MGVS[EZI ;
ERH
IRXIV
iQMR
XSGSSO%JXIVXLI
VWXQMRYXIWVIQSZIXLIFS[PJVSQ
XLIQMGVS[EZIERHWXMV4YXMXFEGOMRXS
XLIQMGVS[EZIERHGSRXMRYIGSSOMRK
YRXMPXLIXMQIMWYT8EOIMXSYXSJXLI
QMGVS[EZI
7XMVERHXLIRTPEGIXLI'LET'L]I
1EWEO8MXMOSREHMWLERHWIVZI[LMPI
LSX
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
?8MTWA
d1EOIiWIVZMRKW
d1IHMYQFSMPXLITSVO
d(SRSXQEOIXLIWLVMQTTEWXIXSS
WEPX]-JXLIWLVMQTTEWXIMWXSSWEPX]
VIHYGIXLIEQSYRXSJWEPXERHJIVQIRXIH
[LSPIWS]FIERW
dKSJFIERGYVHWOMR[MPP[IMKLK
EJXIVWSEOMRKMR[EXIVXSWSJXIR
-RKVIHMIRXW
d3RIGYT!Q0
KFSRIMRGLMGOIR
GYTYRHMPYXIHGSGSRYXQMPO
XWTKVERYPEXIHWEPX
XWT[EXIV
-RKVIHMIRXWJSV7TMGI6IQTEL
HVMIHGLMPMW
VIHTITTIV
XWTWPMGIHPIQSRKVEWW
TMIGIWGVYWLIHQEGEHEQME

XWTTIIPIHKMRKIV
XWTTIIPIHXYVQIVMG
GPSZIWTIIPIHKEVPMG
TIIPIHWLEPPSXW
-RKVIHMIRXWJSV7IEWSRMRK
XWTKVERYPEXIHWEPX
TMIGIHVMIHKEVGIRME
VPMQIPIEZIW
WTVMKTSYRHIHERHGYXPIQSRKVEWW
(MVIGXMSRW
4YXEPPXLIWTMGIMRKVIHMIRXWMRXLI
FPIRHIVERHFPIRHXLSVSYKLP]
7TVMROPIXLIGLMGOIR[MXL
KVERYPEXIHWEPX%HHXEFPIWTSSRSJ
KVSYRHWTMGIWJVSQ
%HH[EXIV
1M\[IPPERHPIXWMXJSVQMRYXIW
'SZIVXLIQIXEPXVE][MXLEGSSOMRK
WLIIX0E]XLIGLMGOIRSRXLIGSSOMRK
WLIIX4PEGIXLIQIXEPXVE]SRXLI8S T
ERHTVIWW
+VMPP
iQMR
XSGSSO
%JXIViQMRYXIWSTIRXLI
QMGVS[EZIXYVRXLIGLMGOIRSZIVERH
XLIRTYXMXFEGOMRXLIQMGVS[EZIXS
GSRXMRYIGSSOMRKYRXMPMXVIEGLIW
QMRYXIWERHXLIGLMGOIRXYVRW
KSPHMRGSPSV
4
'SQFMRIEGYTSJYRHMPYXIH
GSGSRYXQMPOERHXLIVIWXSJXLIWTMGIW
MREFS[PERHQM\XLIQXSKIXLIV4PEGI
XLIFS[PMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XS
GSSO
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
7XMV%HHXLIKVMPPIHGLMGOIR
WIEWSRMRKERHXLIVIWXSJYRHMPYXIH
GSGSRYXQMPOXSXLIFS[PERHWXMV
4
4PEGIXLIFS[PMRXLIQMGVS[EZI
4VIWW
1MGVS[EZI
;
ERHIRXIV
iQMR
XSGSSO
%JXIVQMRYXIWVIQSZIXLIFS[PXYVR
SZIVXLIGLMGOIRERHWXMV
4PEGIXLIFS[PFEGOMRXLIQMGVS[EZI
'PSWIXLIQMGVS[EZIERHGSRXMRYI
GSSOMRK
%VVERKISRETPEXIERHWIVZI
1ERYEP'SSOMRK+VMPP
4
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK

4
?8MTWA
d1EOIiWIVZMRKW
d%[IPPTVITEVIHHMWLHITIRHWSR
GLMGOIRXLEXMWRSXHV]%NYMG]GLMGOIR
[MPPFIXIRHIVERHHIPMGMSYW
'LMGOIRMR6MGL7TMG]+VEZ]
%]EQ/PIS
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'IVEQMG8VE]
1ERYEP
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI

background
%HHXLIFIIJERHGSGSRYXQMPOERH
QM\[IPP4PEGIXLIFS[PMRXLI
QMGVS[EZIERHGPSWIXLIPMH9WIXLI
VIPE]LIEXMRKJYRGXMSRF]TVIWWMRK
1MGVS[EZI
;
iQMR
ERHXLIR
TVIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
'SRXMRYIXSGSSOYRXMPXLI
XMQIMWYT8EOIXLIFS[PSYXSJXLI
QMGVS[EZIERHWXMV
4
%HHXLIYRHMPYXIHGSGSRYXQMPO
*PEZSV[MXLKVERYPEXIHWEPXWYKEV
EZSVMRKWEYGI%HHXLIGVYWLIH
GSGSRYXJVSQ
1M\XLSVSYKLP]4YX
XLIFS[PMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSO
VWXQMRYXIWVIQSZI
XLIFS[PERHWXMV4YXMXFEGOMRXLI
QMGVS[EZIERHGSRXMRYIGSSOMRKYRXMP
XLIXMQIMWYT8EOIXLIFS[PSYXSJXLI
QMGVS[EZIERHWXMVXLIQM\XYVIEKEMR
4PEGIXLI&IIJ6IRHERKSREHMWL
ERHWIVZI[LMPILSX
6IPE],IEXMRK
4
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
?8MTWA
d1EOIiWIVZMRKW
-RKVIHMIRXW
d3RIGYT!Q0
KFIIJWMVPSMRHMGIHMRXS\GQ
TMIGIW
XFWTKVEXIHGSGSRYX
GYTYRHMPYXIHGSGSRYXQMPO
XFWTZIKIXEFPISMP
VPMQIPIEZIW
GYTQIHMYQXLMGOGSGSRYXQMPO
-RKVIHMIRXWJSV1EVMREHI
XWTKVERYPEXIHWEPX
XWTWYKEV
XWTWIEWSRMRKWEYGI
-RKVIHMIRXWJSV7TMGI6IQTEL
KTIIPIHWLEPPSX
WPMGIHPIQSRKVEWWWTVMK

XWTWPMGIHKEPERKEP
VIHTITTIVW
TMIGIWWPMGIHKMRKIV
GPSZITIIPIHKEVPMG
GVYWLIHQEGEHEQMERYXW
HVMIHTITTIVWWSEOIHMR[EXIV
XWTWLVMQTTEWXI
-RKVIHMIRXWJSV7IEWSRMRK
XWTKVERYPEXIHWEPX
XWTWYKEV
EZSVMRKWEYGI
(MVIGXMSRW
1EVMREXIXLIFIIJMRXLIQEVMREHI
MRKVIHMIRXWJSVQMRYXIW
4YXEPPXLIWTMGIMRKVIHMIRXWMRXLI
FPIRHIVERHFPIRHXLSVSYKLP]ERH
XLIRWIXXLIQEWMHI
3RETPEXIWTVIEHXEFPIWTSSRWSJ
KVEXIHGSGSRYXMRXSEXLMRPE]IV4PEGI
XLITPEXIMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSO
6IQSZIXLITPEXIJVSQXLIQMGVS[EZI
WXMVXLIGSGSRYXPIXGSSPERHXLIR
XLSVSYKLP]GVYWLXLIGSGSRYX
4
V
PMQIPIEZIWMREFS[P4PEGIXLIFS[PMR
XLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV QMRWIGiQMR
XS
GSSOYRXMPMXQEOIWERMGIEVSQE
6IQSZIXLIFS[PJVSQXLIQMGVS[EZI
%HHXLIWTMGIWERHWXMV4PEGIXLI
FS[PFEGOMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XS
GSSO
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
;LIRXEOMRKSYXXLIGSRXEMRIVFI
GEVIJYPSJFYVRW9WIEXLMGOHV]
HMWLGPSXLSVEGSQQIVGMEPP]EZEMPEFPI
SZIRQMXX
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'IVEQMG8VE]
&IIJ6IRHERK
1ERYEP
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI
6IPE],IEXMRK
4

background
(MVIGXMSRW
VPMQIPIEJ
KEPERKEPPIQSRKVEWWERHGLMGOIR
FVSXLMREFS[P4PEGIXLIFS[PMRXLI
QMGVS[EZIERHGPSWIXLIPMH4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSO
4
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
*PEZSV[MXLGVYWLIHKYMRIETITTIV
WLWEYGIGLMPMTEWXIERH
IZETSVEXIHQMPO7XMVERHWIXEWMHI
0E]XLIWLVMQTSRXLITPEXIERH
GSZIV[MXLJSSH[VET4YXXLITPEXIMR
XLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV QMRWIGiQMR
XSGSSO8EOIXLITPEXISYXSJXLI
QMGVS[EZI%HHXLIGSSOIHWLVMQT
0EHPIXLIWSYTMRXSEFS[PERH
WTVMROPIMX[MXLGSVMERHIV
7IVZI[LMPILSX
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
?8MTWA
d3RIWLVMQT[IMKLWEFSYXK
d%JXIVTIIPMRKKSJWLVMQT[MPP
[IMKLEFSYXK
-RKVIHMIRXW
d3RIGYT!Q0
[SRXSRWLIIXW
GYTGSEVWIP]GLSTTIH[LMXITVE[RW
K
XWTKVERYPEXIHWEPX
K'LMRIWIQYWXEVHKVIIRHMGIH
MRXSGQTMIGIW
XFWTHV]TMGOPIHZIKIXEFPIW
XFWTGSEVWIP]GLSTTIHKVIIRSRMSR
XFWTGSEVWIP]GLSTTIHGSVMERHIV
XFWTGLSTTIHKEVPMG
GYTZIKIXEFPISMP
XWTGSVMERHIVVSSX
XFWTWPMGIHKEVPMG
XFWTTITTIV
+VSYRHTITTIV
-RKVIHMIRXWJSV7SYT

GYTWGLMGOIRFVSXL

XFWTWS]WEYGI
XWTKVERYPEXIHWEPX
XWTWYKEV
XWTWPMKLXP]GVYWLIHTITTIV
-RKVIHMIRXW
d3RIGYT!Q0
KTIIPIHFEREREWLVMQT[MXLXEMP
VPMQIPIEJ
GVYWLIHERHGLSTTIHKEPERKEPVMRKW
TMIGIWSJGVYWLIHERHGLSTTIH
PIQSRKVEWWK
WPMKLXP]GVYWLIHKYMRIETITTIVW
WLWEYGI
GYTPMQINYMGI
XFWTGLMPMTEWXI
GYTIZETSVEXIHQMPO
GYTWGLMGOIRFVSXLSV[EXIV
WXEPOGSVMERHIVPIEJ
0E]XLI'LMRIWIQYWXEVHKVIIRSRE
TPEXIWTVMROPI[MXL[EXIVERHXLIRGSZIV
[MXLJSSH[VET4PEGIXLITPEXIMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV
iQMR
XSGSSO8EOIXLITPEXI
SYXSJXLIQMGVS[EZIERHMQQIHMEXIP]
MQQIVWIMXMRGSPH[EXIVXSQEMRXEMR
XLIFVMKLXKVIIRGSPSVSJXLI'LMRIWI
QYWXEVHKVIIR(VEMR
'SQFMRIERHXLIRGVYWLXLI
GSVMERHIVVSSXKEVPMGERHTITTIV
8LSVSYKLP]QM\XLIWLVMQTW[MXL
XLIKVERYPEXIHWEPXERHXLIMRKVIHMIRXW
JVSQ
*MPPXLI[SRXSRWLIIXW[MXL
XLIQM\XYVIERHXMKLXP]JSPHXLIQ0E]
XLIJSPHIH[SRXSRSRETPEXIERH
XLSVSYKLP]WTVMROPIXLIQ[MXL[EXIV
'SZIVXLITPEXI[MXLJSSH[VET4PEGI
XLITPEXIMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XS
GSSOYRXMPXLIWLVMQTWXYVRTMRO
8EOIMXSYXSJXLIQMGVS[EZI
'SQFMRIEPPXLIWSYTMRKVIHMIRXW
MRXLIGSRXEMRIVERHTYXMXMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV iQMR
XSGSSO
%VVERKIXLI[SRXSRMREFS[P
[MXLXLI'LMRIWIQYWXEVHKVIIR
YRHIVRIEXL7TVMROPI[MXLKVIIRSRMSR
GSVMERHIVHV]TMGOPIHZIKIXEFPI
PIEZIWKVSYRHTITTIVERHXLIJVMIH
KEVPMGJVSQ
4SYVXLIWSYTMRXSE
FS[PERHWIVZI
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
?8MTWA
d1EOIWIVZMRKW
(MVIGXMSRW
'SQFMRIXLIGLSTTIHKEVPMG
ERHZIKIXEFPISMPMREFS[PERHQM\
XLSVSYKLP]4PEGIXLIFS[PMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV iQMR
XSGSSO8EOIXLIFS[P
SYXSJXLIQMGVS[EZI
4
;LIRXEOMRKSYXXLIGSRXEMRIVFI
GEVIJYPSJFYVRW9WIEXLMGOHV]
HMWLGPSXLSVEGSQQIVGMEPP]EZEMPEFPI
SZIRQMXX
;SR8SR7SYT
7TMG]7LVMQT7SYT
8SQ=EQ+SSRK
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'IVEQMG8VE]
1ERYEP 1ERYEP
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMRWIGQMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI

background
(MVIGXMSRW
8LSVSYKLP]VMRWIXLIFIERWTVSYXW
ERHTYXXLIQMREFS[P
4PEGIXLIFS[PMRXLIQMGVS[EZIERH
GPSWIXLIPMH4VIWW
1MGVS[EZI
;
ERHIRXIV iQMR XSGSSO
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
7SEOXLIFIERWTVSYXWMRGSPH[EXIVXS
GSSPXLIQERHHVEMR
4
'SQFMRIXLIGLSTTIHKEVPMG
ERHZIKIXEFPISMPMREFS[PERHQM\
XLSVSYKLP]4PEGIXLIFS[PMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV QMRWIGiQMRWIG XS
GSSOYRXMPXLIKEVPMGXYVRWWPMKLXP]KSPHIR
6IQSZIJVSQXLIQMGVS[EZITYXXLI
KEVPMGMREGSRXEMRIVERHWIXEWMHI
-RKVIHMIRXW
d3RIGYT!Q0
WIEGVEFK
GYTWWSEOIHERHGYXZIVQMGIPPMK
GYTWPMGIHPIEJPEVHSVFEGSRK
XWTKVERYPEXIHWEPX
XWTKVSYRHFPEGOTITTIV

XWTWS]WEYGI
XFWTWIWEQISMP
XFWTS]WXIVWEYGI

XWTWYKEV
XWTW[IIXFPEGOWS]WEYGI
XWTJVEKVERXGLMPM
WPMGIWSPHKMRKIVK
GSVMERHIVVSSXWK
GPSZIWKEVPMGK
GYTGLMGOIRFVSXL
WXEPOWKVIIRSRMSRGYXMRXS
GQPSRKTMIGIWK
WTVMKGIPIV]GYXMRXSGQPSRKTMIGIWK
(MVIGXMSRW
6MRWIXLIGVEFERHGLSTMXMRXS
TMIGIW7TVMROPI[MXLKVERYPEXIHWEPXFPEGO
TITTIVWS]WEYGIERHWIWEQISMPERH
XLIRQM\0IXXLIGVEFWMXJSVQMRYXIW
'SQFMRIXLIJVEKVERXGLMPMSPHKMRKIV
GSVMERHIVVSSXKEVPMGERHPIEJPEVHSV
FEGSRMREFS[P4PEGIXLIFS[PMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV
iQMR
XSGSSO
4
'SQFMRIXLIZIVQMGIPPMFVSXLS]WXIV
WEYGIWYKEVW[IIXFPEGOWS]WEYGI
KVIIRSRMSRWGIPIV]ERHQM\IHGVEF
'PSWIXLIPMHERHTPEGIXLIFS[PMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV
iQMR
XSGSSO8EOIXLIFS[P
SYXSJXLIQMGVS[EZI
?8MTWA
d1EOIiWIVZMRKW
d-J]SY[ERXI\XVEWSJXZIVQMGIPPMEHH
GYTQSVISJWSYT
d'IVXEMRFVERHWSJZIVQMGIPPMEFWSVF
GMIRXP]XLERSXLIVW
d8LMRP]WPMGIXLIPIEJPEVHWSXLEXMX
TVSHYGIWQSVISMP
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
&EOIH'VEF[MXL:IVQMGIPPMMR'PE]4SX
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
?8MTWA
d1EOIWIVZMRKW
d
EXVMGIRSSHPIVSPPGSRXEMRWEFSYXK
PPMRKERHKSJFIERWTVSYXW
*PEX6MGI2SSHPIW6SPP
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
-RKVIHMIRXW
d3RIGYT!Q0
EXVMGIRSSHPIWGYXMRXS\GQTMIGIW
GYTWQYRKFIERWTVSYXWXEMPWVIQSZIH
XFWTGLSTTIHKEVPMG
XFWTZIKIXEFPISMP
-RKVIHMIRXWJSVVSPPÂPPMRK
GYTKVSYRHTSVOK
GYTGLSTTIHWLVMQTK
XFWTGLSTTIHWXEPOKVIIRSRMSR
GYTTVIWWIHFIERGYVHGEOIWLVIHHIH
GSVMERHIVVSSX
KEVPMGGPSZIW
XWTGVYWLIHTITTIV

XFWTPMKLXWS]WEYGI
IKK[LMXI
-RKVIHMIRXWJSVHMTTMRKWEYGI
GYTZMRIKEV
GYTFPEGOWS]WEYGI
EZSVMRKWEYGI
WLWEYGI
XFWTXLMGOW]VYT
XFWTGVYWLIH]IPPS[TITTIV
XFWTGLSTTIHKEVPMG
PPMRKMRKVIHMIRXW
EXVMGIRSSHPIWSRETPEMR
PPMRKERH
ETTP]MXXS
SJERSSHPI4YXXLIFIER
WTVSYXWSRXLIIHKIWERHXMKLXP]VSPPXLI
RSSHPI0E]VSPPIHRSSHPIWSRETPEXI
4PEGIXLITPEXIMRXLIQMGVS[EZIERH
GPSWIXLIPMH4VIWW
1MGVS[EZI
;
ERHIRXIV iQMR XSGSSO
8EOIXLITPEXISYXSJXLIQMGVS[EZI
GYXXLIRSSHPIVSPPWMRXSFMXIWM^I
TMIGIWERHXLIRTYXXLIQSREWIVZMRK
TPEXI7TVMROPI[MXLKEVPMGERHWIVZI
[MXLHMTTMRKWEYGI
'SQFMRIEPPXLIHMTTMRKWEYGI
MRKVIHMIRXWMREWQEPPHMWL
8LSVSYKLP]QM\ERHWIVZI
1ERYEP
1ERYEP
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI

background
-RKVIHMIRXW
d3RIGYT!Q0
TSQJVIXK
XFWTWPMGIHPIEJPEVH
GYTHVMIH'LMRIWIQYWLVSSQ
WSEOIHMR[EXIVERHZIVXMGEPP]GYX
GYTKVIIRSRMSRGYXMRXSGQPSRK
TMIGIW
GYTGIPIV]GYXMRXSGQPSRKTMIGIW
TMGOPIHTPYQ
XFWTVIHGLMPMZIVXMGEPP]GYX
XFWTGLSTTIHJVIWLKMRKIV
ORSFSJSPHKMRKIVGVYWLIH
-RKVIHMIRXWJSV7EYGI
XWTTMGOPIHTPYQWEYGI
XWTWYKEV
XWTWS]WEYGI
XWT'LMRIWIVMGI[MRI
XWTKVSYRHTITTIV
XFWTWIWEQISMP
(MVIGXMSRW
WLERHVMRWI
WLERHHVEMR
WL[MXLSPHKMRKIV
WLSREWIVZMRKTPEXIERH
WTVMROPI[MXLPIEJPEVH'LMRIWI
QYWLVSSQKVIIRSRMSRWGIPIV]
GLSTTIHJVIWLKMRKIVTITTIVERH
TMGOPIHTPYQ
'SQFMRIEPPXLIWEYGIMRKVIHMIRXW
WL'PSWIXLI
PMHSVGSZIVXLITPEXI[MXLJSSH[VET
4PEGIXLITPEXIMRXLIQMGVS[EZI
4VIWW
1MGVS[EZI
;
ERHIRXIV
iQMRXSGSSO8EOISYXSJXLI
QMGVS[EZIERHWIVZI
4
-RKVIHMIRXWJSV'V]WXEP&EPP
d3RI'YT!Q0
GYTWTVIQMYQWQEPPWEKS
GYT[EXIV
-RKVIHMIRXWJSV4SVO*MPPMRK
GYTQMRGIHTSVO
GYTTMGOPIH'LMRIWIXYVRMTKVEXIH
GYTGLSTTIHWLEPPSX
GYTGVYWLIHVSEWXIHTIERYXW
XWTWPMGIHGSVMERHIVVSSX
XFWTWPMGIHKEVPMG
XWTTITTIV
GYTTEPQWYKEV
WLWEYGI
XFWTZIKIXEFPISMP
*VMIHKEVPMG
'SVMERHIV
+YMRIETITTIV
0IXXYGI
(MVIGXMSRW
'SQFMRIERHXLIRGVYWLXLI
SVMERHIVVSSXKEVPMGERHTITTIV
'SQFMRIXLIZIKIXEFPISMPERH
MRKVIHMIRXWJVSQMXIQMREFS[P1M\
XLSVSYKLP]4PEGIXLIFS[PMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV QMRQMRWIG XSGSSOYRXMP
MXQEOIWERMGIEVSQE8EOIXLIFS[PSYX
SJXLIQMGVS[EZI;MXLXLII\GITXMSRSJ
XLITIERYXWEHHXLIVIWXSJXLI
MRKVIHMIRXWERHQM\XLSVSYKLP]4PEGIXLI
FS[PMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
QMR
XSGSSO
8EOIXLIFS[PSYX
SJXLIQMGVS[EZIIZIV]QMRYXIWERH
WXMVXLIMRKVIHMIRXW8EOIXLIFS[PSYX
SJXLIQMGVS[EZI%HHXLITIERYXW
ERHWXMV4YXXLIFS[PFEGOMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI
;
JSVERSXLIV QMRiWIGQMR
8EOI
XLIFS[PSYXERHQM\XLIMRKVIHMIRXW
%PPS[XSGSSPERHXLIRQSPHXLI
QM\XYVIMRXSFEPPWGQMRHMEQIXIV
4
6MRWIXLIWEKSHVEMRERHWIX
EWMHI4SYVXLI[EXIVMRXSEFS[P
4PEGIXLIFS[PMRXLIQMGVS[EZIERH
GPSWIXLIPMH4VIWW
1MGVS[EZI ;
ERH
IRXIV QMRQMRWIG
XSGSSO
8EOIXLIFS[PSYXERHEHHXLIWEKS
XSXLILSX[EXIV4VIWWXLIWEKS[MXLE
WTEXYPEXSMQQIVWIMXMRXLI[EXIV4PEGI
XLIFS[PFEGOMRXSXLIQMGVS[EZI
4VIWW
1MGVS[EZI
;
JSVERSXLIV
QMRiQMRWIG
8EOIXLIFS[P
SYXSJXLIQMGVS[EZI8LSVSYKLP]QM\
XLIWEKSERHWIXEWMHI
7TVIEHKSJWEKSSRXLIJSSH
PPMRKFEPPEFSYXKMRXLI
QMHHPIERHXLIR[VETMXYT0E]
WEKSFEPPWSRXLITPEXIERHGSZIVXLIQ
[MXLXLIJSSH[VET4PEGIXLITPEXIMR
XLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSO
8EOIXLITPEXISYXSJXLIQMGVS[EZI
7TVMROPIXLIHMWL[MXLJVMIHKEVPMG7IVZI
[MXLGSVMERHIVPIXXYGIERHKYMRIE
TITTIV
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
4SVOMR'V]WXEP&EPPW
7XIEQIH4SQJVIX[MXL4MGOPIH4PYQ
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
1ERYEP
1ERYEP
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
1MGVS[EZI

background
-RKVIHMIRXW
d3RIGYT!Q0
KTSVOVMFWGYXMRXSGQPSRK
TMIGIW
GYTHVMIHWLVMQTRSXWEPX]
GYTVMGI
GYTGIPIV]GYXMRXSWIGXMSRW
XFWTHV]TMGOPIHZIKIXEFPIW
XFWTGVMWT]JVMIHKEVPMG

XFWTPMKLXWS]WEYGI
XWTKVSYRHTITTIV
GYTWGLMGOIRFVSXL
GYTHVMIHTVIWWIHFIERGYVHWPMGIW

GYTWZIKIXEFPISMP
-RKVIHMIRXW
d3RIGYT!Q0
KTSVOWTEVIVMFW
K'LMRIWIQYWXEVHKVIIRGYX
MRXSGQPSRKTMIGIW

SYV

XFWT[EXIV
-RKVIHMIRXW
SYV
EZSVMRKWEYGI
XWTKVSYRHTITTIV
XWTW[IIXFPEGOWS]WEYGI
XFWTS]WXIVWEYGI
XFWTWIWEQISMP
XFWTLSRI]
-RKVIHMIRXW
XFWTLSRI]
XWTWYKEV
XWTKVERYPEXIHWEPX
XWTW[IIXFPEGOWS]WEYGI
GYTGLMGOIRFVSXL
(MVIGXMSRW
8LSVSYKLP]VMRWIXLITSVOVMFWERH
XLIRTYXXLIQMREWIVZMRKTSX%HH
XLIGLMGOIRFVSXL
4YXXLIQMGVS[EZIGSZIVSRXLITSX
ERHTPEGIMXMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSO
9RGSZIVERHVIQSZIJEXX]MQTYVMXMIW
JVSQXLIWYVJEGISJXLIFVSXL0S[IV
XLITS[IVXS
1MGVS[EZI
;
ERH
IRXIV
iQMR
XSGSSO
4
8LSVSYKLP]VMRWIXLIVMGIERHHVEMR
4YXXLIVMGIERHHVMIHWLVMQTMRXSE
TSX7IEWSR[MXLPMKLXWS]WEYGIERH
KVSYRHTITTIV4YXXLIQMGVS[EZI
GSZIVSRXLITSXERHTPEGIMXMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV
iQMR
XSGSSOYRXMPXLIVMGI
MWGSSOIH
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
8EOIXLITSXSYXSJXLIQMGVS[EZIERH
PEHPIXLIGSRXIRXWMRXSEFS[P7TVMROPI
[MXLJVMIHKEVPMGGIPIV]ERHHV]
TMGOPIHZIKIXEFPIW7IVZI[LMPI
LSX[MXLJVMIHFIERGYVHWPMGIW
,S[XSJV]FIERGYVH
4SYVSMPMRXSELIEXVIWMWXERXFS[PERHTYXMX
MRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSO
3TIRXLIQMGVS[EZIERHXEOIXLI
FS[PSYX4YXXLIFIERGYVHWPMGIWMRXS
XLIFS[PERHWXMVYRXMPXLIFIERGYVHMW
[IPPGSSOIH;LMPIWXMVVMRKFIGEVIJYP
XSRSXKIXWTEXXIVIHF]LSXSMP4YXXLI
FIERGYVHSRXSETETIVXS[IP
;LIRXEOMRKSYXXLIGSRXEMRIVFI
GEVIJYPSJFYVRW9WIEXLMGOHV]
HMWLGPSXLSVEGSQQIVGMEPP]EZEMPEFPI
SZIRQMXX
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
?8MTWA
d1EOIWIVZMRKW
?8MTWA
d1EOIWIVZMRKW
7SJX6MGIERH4SVO6MFW
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
,SRI]6SEWXIH4SVO7TEVI6MFW
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
(MVIGXMSRW
6MRWIXLITSVOWTEVIVMFWERHXLIR
[MTIXLIQHV]'SQFMRIXLIWTEVIVMFW[MXL
MRKVIHMIRXW
ERHPIXWMXJSVEFSYXLSYV
0E]XLIQM\IHWTEVIVMFWSREHMWLERHTPEGI
MXMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSOYRXMPXLIQM\IH
WTEVIVMFWEVIGSSOIH
4
%HHMRKVIHMIRXW
ERHQM\XLSVSYKLP]
4PEGIXLIHMWLMRXLIQMGVS[EZIERH
GPSWIXLIPMH4VIWW
1MGVS[EZI ;
ERH
IRXIV
iQMR
XSGSSO
8EOIXLIHMWLSYXSJXLIQMGVS[EZI
SYVMR[EXIV
TSYVMXSRXLIWTEVIVMFWERHXLIR
QM\XLSVSYKLP]4PEGIXLIHMWLMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV iQMR XSGSSO
0E]XLI'LMRIWIQYWXEVHKVIIRW
SREHMWLERHGSZIVXLIQ[MXLJSSH
[VET4PEGIXLIHMWLMRXLIQMGVS[EZI
4VIWW
1MGVS[EZI ;
ERHIRXIV
QMRWIGiQMR
XSGSSO8EOIXLI
HMWLSYXSJXLIQMGVS[EZIERHVIQSZIXLI
JSSH[VET'SSPXLI'LMRIWIQYWXEVHKVIIRW
F]MQQIVWMRKXLIQMRZIV]GSPH[EXIV(VEMR
%VVERKIXLILSRI]VSEWXIHWTEVI
VMFWERHXLI'LMRIWIQYWXEVHKVIIRSR
EWIVZMRKTPEXI7IVZI[LMPILSX
1ERYEP
1ERYEP
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMRWIGQMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI

background
-RKVIHMIRXW
d3RIGYT!Q0
GYTYRHMPYXIHGSGSRYXQMPO
XFWTZIKIXEFPISMP
GLMGOIRHVYQWXMGOWK
GYTQIHMYQXLMGOGSGSRYXQMPO
WLWEYGI
XFWTTEPQWYKEV
GYTW[IIXFEWMPPIEJ
VPMQIPIEZIW
WPMGIHVIHTITTIV
-RKVIHMIRXWJSV4ERERKGLMPMTEWXI
HVMIHVIHTITTIVW[MXLSYXWIIHWK
GYTGLSTTIHWLEPPSXK
XFWTGLSTTIHKEVPMGK
XFWTGLSTTIHKEPERKEP
XFWTGLSTTIHPIQSRKVEWW
VPMQITIIP
XWTWPMGIHGSVMERHIVVSSX
XWTKVSYRHTITTIV
XWTKVERYPEXIHWEPX
XWTWLVMQTTEWXI
?8MTWA
d1EOIWIVZMRKW
d%JXIVXLI4ERERKGLMPMTEWXIMRKVIHMIRXW
EVIGVYWLIH]SY[MPPLEZIEFSYXE
GYT
SJTEWXI
d-J]SY[ERXEXLMGOIVVIHGYVV]GSSO
XLI4ERERK
GLMPMTEWXIJSVERSXLIVQMRYXIW
-RKVIHMIRXW
d3RIGYT!Q0
WXI[IHHYGOEFSYXK
GYTWGLMGOIRFVSXL
WPMGIWKEPERKEP
WTVMKWGVYWLIHERHGLSTTIH
PIQSRKVEWW
VIHGLMPMTITTIVWGLSTTIHMRXS
GQPSRKTMIGIW
VPMQIPIEZIW
WLEPPSXFYPFWGVYWLIHKIEGL
XFWTPMQINYMGI
WLWEYGI
EZSVMRKWEYGI
WQEPPXSQEXSIWKIEGL
(MVIGXMSRW
'LSTXLIWXI[IHHYGOMRXSFMXIWM^I
TMIGIWERHTYXMREGSRXEMRIV
'SQFMRIXLIGLMGOIRFVSXLKEPERKEP
VPMQIPIEZIW
ERHWLEPPSXW4PEGIXLIGSRXEMRIVMRXLI
QMGVS[EZIERHGPSWIXLIPMH9WIXLI
VIPE]LIEXMRKJYRGXMSRF]TVIWWMRK
1MGVS[EZI
;
iQMR
ERH
XLIRTVIWWMRK
1MGVS[EZI
;
iQMR
1MGVS[EZIYRXMPXLIHYGO
QIEXMWXIRHIV8EOIXLIGSRXEMRIVSYX
SJXLIQMGVS[EZI
4
EZSV
(MVIGXMSRW
*MRIP]GVYWLXLI4ERERKGLMPMTEWXI
MRKVIHMIRXW
'SQFMRIXLIZIKIXEFPISMP4ERERKGLMPM
TEWXIERHYRHMPYXIHGSGSRYXQMPOMRE
FS[PERHQM\XLSVSYKLP]4PEGIXLIFS[P
MRXLIQMGVS[EZI4VIWW
1MGVS[EZI
;
ERHIRXIV
QMRiQMRWIG
XSGSSO
4
%HHXLIGLMGOIRHVYQWXMGOWXSXLI
4ERERKGLMPMTEWXI%HHXLIGSGSRYXQMPO
WLWEYGIERHTEPQWYKEV
'PSWIXLIPMHERHTPEGIXLIFS[PMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV
iQMR
XSGSSO
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK

4
6IPE],IEXMRK 4
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
'EWWIVX]SPI(YGO8LEM7X]PI
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
'LMGOIR(VYQ7XMGO4ERERK
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
EZSVMRK
WEYGI4PEGIXLIGSRXEMRIVMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV iQMR
XSGSSO
8EOIMXSYXSJQMGVS[EZIERHWIVZI
4
6IQSZIXLIPMHERHPS[IVXLITS[IV
XS
1MGVS[EZI
;
JSVERSXLIV
iQMR
8EOIXLIFS[PSYXSJXLI
QMGVS[EZIERHQM\XLIMRKVIHMIRXW
VPMQIPIEZIW
W[IIXFEWMPPIEZIWERHTITTIV
1ERYEP
1ERYEP
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI

background
-RKVIHMIRXW
d3RIGYT!Q0
KWIEFEWWGYXMRXS\GQ
TMIGIW
KNEWQMRIVMGI
GYTZIKIXEFPISMP
GLSTTIHSRMSRWQIHMYQWM^I
XWTKVEXIHKMRKIV
XWTGVYWLIHKEVPMG
KVIIRTITTIVWNYPMIRRIGYX
WPMGIHQIHMYQWM^IHXSQEXSIWGYXMRVMRKW
XWTGEVHEQSQ
XWTHVMIHGPSZIFYH
GYTVSYKLP]GLSTTIHGSVMERHIV

XWTKVERYPEXIHWEPX
XWTGMRREQSRTS[HIV
XWTXYVQIVMGTS[HIV
XWTGSVMERHIVWIIHTS[HIV
GYT[EXIV
'LMPMWEYGI
(MVIGXMSRW
8LSVSYKLP][EWLXLINEWQMRI
VMGIERHLIRWSEOMXMR[EXIVJSV
QMRYXIW
WLERHHVEMR
WL[MXLGMRREQSRTS[HIV
XYVQIVMGTS[HIVERHGSVMERHIVWIIH
TS[HIV1M\XLITS[HIVXLSVSYKLP]
ERHPIXWMXJSVQMRYXIW
%HHXLIZIKIXEFPISMPXSEFS[P
4PEGIXLIFS[PMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XS
GSSOYRXMPMXMWLSX
8EOIXLIFS[PSYXSJXLIQMGVS[EZI0E]
WLMRXLIFS[P4PEGIXLIFS[PMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV
QMRQMRWIG
XSGSSO
WLMWGSSOIHHVEMRXLISMP
[MXLEPEHPI
4
;LIRXEOMRKSYXXLIGSRXEMRIVFI
GEVIJYPSJFYVRW9WIEXLMGOHV]
HMWLGPSXLSVEGSQQIVGMEPP]EZEMPEFPI
SZIRQMXX
%HHXLISRMSRKEVPMGERHKMRKIV
MRXLISMPPIJXJVSQ
ERHWXMV4PEGI
XLIFS[PMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
VWXQMRYXIW
VIQSZIXLIFS[PERHEHHXLITITTIV
GEVHEQSQERHGPSZIFYH7XMV4PEGI
XLIFS[PFEGOMRXSXLIQMGVS[EZIERH
GSRXMRYIGSSOMRKYRXMPXLIXMQIMWYT
8EOIXLIFS[PSYXERHWXMV%HHXLI
XSQEXSIW4PEGIXLIFS[PFEGOMRXLI
QMGVS[EZI4VIWW
1MGVS[EZI ;
ERH
IRXIV iQMR
XSGSSO
%JXIVXLIXSQEXSIWEVIGSSOIHXEOI
XLIFS[PSYXSJXLIQMGVS[EZI
(MWWSPZIWEPXMR[EXIVERHWIXMX
EWMHI
1M\XLINEWQMRIVMGIERHGSVMERHIV
[MXLXLIQM\XYVIJVSQ
&YV]XLIJVMIH
WLMRXLIVMGI4SYVXLIWEPX[EXIV
JVSQ
SZIVXLIVMGI4PEGIXLIFS[PMR
XLIQMGVS[EZIERHGPSWIXLIPMH4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSOYRXMPMXMW[IPPGSSOIH
8EOIXLIFS[PSYXSJXLIQMGVS[EZI
ERHWXMV
4YXXLI*MWL/EFWESRE[IPPHIGSVEXIH
HMWL7IVZI[MXLGLMPMWEYGI
-RKVIHMIRXW
d3RIGYT!Q0
K[LSPIGLMGOIR[MRKW
XWTGSVRWIIHSMP
XWTGYQMRTS[HIV
XWTGSVMERHIVWIIHTS[HIV
XWTXYVQIVMGTS[HIV
XWTTETVMOETS[HIV
XWTQEWEPETS[HIV
XWTKVEXIHPIQSRTIIP
XWTPMQINYMGI

XWTKVERYPEXIHWEPX
(MVIGXMSRW
'SQFMRIXLIGYQMRTS[HIV
GSVMERHIVWIIHTS[HIVXYVQIVMG
TS[HIVTETVMOETS[HIVQEWEPE
TS[HIVPIQSRTIIPKVERYPEXIHWEPX
PMQINYMGIERHGSVRWIIHSMP
%HHXLIGLMGOIR[MRKWERH
QEVMREXIJSVLSYVW
'SZIVXLIQIXEPXVE][MXLEGSSOMRK
WLIIX0E]XLIGLMGOIR[MRKWSRXLI
GIRXIVSJXLIQIXEPXVE]%TTP]EXLMR
GSEXSJGSVRWIIHSMPXSXLIGLMGOIR
[MRKW4PEGIXLIQIXEPXVE]SRXLI
1MHHPIERHTVIWW
3ZIR
2S4VILIEX
0IZIP
'
iQMRXSGSSO
VWXQMRYXIWSTIRXLI
QMGVS[EZIXYVRSZIVXLIGLMGOIRERH
ETTP]EXLMRGSEXSJGSVRWIIHSMP
'SRXMRYIGSSOMRKYRXMPXLIXMQIMWYTERH
XLI[MRKWXYVRKSPHIRFVS[R
4
8EOIXLIQIXEPXVE]SYXSJXLIQMGVS[EZI
%VVERKIXLI1EWEPE'LMGOIRSRXLI
HMWLXSKIXLIV[MXLWEPEHKVIIRWGLMPM
WEYGIERHXSQEXSWEYGI7IVZI[LMPILSX
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
?8MTWA
d1EOIWIVZMRKW
WL]WQIPPWTVMROPIXLI
SYV
VMRWIERHXLIRHVEMR
1ERYEP'SSOMRK3ZIR,IEXMRK2S4VILIEX
4
?8MTWA
d1EOIiWIVZMRKW
d-J]SY[ERXGVMWTMIVGLMGOIR[MRKW
GSSOXLIQE[LMPIPSRKIV
d3RGIGSSOIHXLIGLMGOIR[MPPLEZI
NYMG]QIEX[MXLKSPHIRWOMR
1IXEP8VE]1MHHPI
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
1EWEPE'LMGOIR
*MWL/EFWE
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
1ERYEP 1ERYEP
1ERYEP
'
,IEXMRKXMQI
QMR
3ZIR
2S4VILIEX
4
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI

background
-RKVIHMIRXW
d3RIGYT!Q0
KGSEVWIP]GLSTTIHSRMSR
GPSZIGVYWLIHKEVPMG
S[IVWIIHSMP
KGERRIHVIHFIERW
XWTGYQMRWIIH
KGSVRMRWEPX[EXIV
GYTZIKIXEFPIWXSGO
XFWTGSEVWIP]GLSTTIHTEVWPI]
XFWTPMQINYMGI
XWTKVSYRHTITTIV
XWTKVERYPEXIHWEPX
XWTGSEVWIP]GLSTTIHKVIIRSRMSR
WSYVGVIEQ
GLIHHEVGLIIWI
EVEFMGFVIEHGYXMRXS
GQPSRK
TMIGIWERHFEOIHEW]SYPMOI
(MVIGXMSRW
S[IVWIIHSMP
SRMSRKEVPMGGYQMRKVSYRHTITTIV
ERHKVERYPEXIHWEPXMREFS[P4PEGI
XLIFS[PMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV
QMRiQMRWIG
XSGSSO8EOI
XLIFS[PSYXSJXLIQMGVS[EZI
7XMV
4
%HHXLIGSVRVIHFIERWTEVWPI]ERH
ZIKIXEFPIWXSGOXSXLIFS[PERHQM\
XLSVSYKLP]4PEGIXLIFS[PMRXLIQMGVS[EZI
ERHGPSWIXLIPMH4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSO
VWXQMRYXIWVIQSZIXLI
FS[PWXMVERHXLIRTYXMXFEGOMRXLI
QMGVS[EZIERHGSRXMRYIGSSOMRKYRXMP
XLIXMQIMWYT8EOIXLIFS[PSYXSJXLI
QMGVS[EZI
-RKVIHMIRXW
d3RIGYT!Q0
LSPPS[IHERHGYX^YGGLMRMWGYXMRXS
GQPSRKTMIGIW
GYT[EXIV
XFWTPMQINYMGI
XFWTSPMZISMP
'SVMERHIV
QMRX]SKYVX
-RKVIHMIRXWJSV*MPPMRK
GYTNEWQMRIVMGI
XFWTGSEVWIP]GLSTTIHGSVMERHIV
XFWTGSEVWIP]GLSTTIHHMPP
GYTGSEVWIP]GLSTTIHSRMSR
GYTZIKIXEFPIWXSGO
XWTGSEVWIP]GLSTTIHERHGVYWLIHKEVPMG
XWTGSEVWIKVSYRHFPEGOTITTIV
XWTGYVV]TS[HIV
XWTKVERYPEXIHWEPX
GYTGSEVWIP]GLSTTIHXSQEXSTYPT
(MVIGXMSRW
8LSVSYKLP]VMRWIXLINEWQMRIVMGI
WSEOMXMR[EXIVJSVQMRYXIWERH
XLIRHVEMRXLI[EXIV
PPMRKMRKVIHMIRXW
,SPPS[SYXXLI^YGGLMRMVMRWIMX
XLSVSYKLP]ERHXLIRHVEMR7XYJJXLI
PPMRKERHTYXMXMREFS[P
PPMRKXSXLIFS[P
ERHXLIREHH[EXIV4PEGIXLIFS[PMR
XLIQMGVS[EZIERHGPSWIXLIPMH4VIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSOYRXMPMXMW[IPPGSSOIH
4
&IWYVIXSYWIEQMGVS[EZISZIR
WEJIFS[P
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
1ERYEP'SSOMRK3ZIR,IEXMRK2S4VILIEX
4
?8MTWA
d1EOIWIVZMRKW
EZSVEHHQSVI
PMQINYMGI
?8MTWA
d1EOIWIVZMRKW
d%JXIVVIQSZMRKXLI7TMG]&IER7SYT
JVSQXLIQMGVS[EZIXLIEQSYRXSJWSYT
[MPPHIGVIEWIEWXLIMRKVIHMIRXWEFWSVFMX
7TMG]&IER7SYT
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
7XYJJIH>YGGLMRM
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
6IQSZIXLIFS[PJVSQXLIQMGVS[EZI4SYV
XLISPMZISMPERHPMQINYMGISRXLIMRKVIHMIRXW
4PEGIMRXLIGIRXIVSJXLIQIXEPXVE]
-RWIVXXLIQIXEPXVE]MRXSXLI&SXXSQ
4VIWW
3ZIR
2S4VILIEX
0IZIP
'
iQMR
XSGSSO;LIRXLI
WXYJJIH^YGGLMRMLEWEWPMKLXFYVRQEVO
XEOIXLIFS[PSYXSJXLIQMGVS[EZI
4
4PEGIXLI7XYJJIH>YGGLMRMSREHMWL
ERHIQFIPPMWLMX[MXLGSVMERHIV7IVZI
[MXLQMRX]SKYVX
%HHPMQINYMGIERHWXMV0EHPIXLI
WSYTMRXSEWIVZMRKGYTKEVRMWLMX[MXL
GLIHHEVGLIIWIERHXLIRWTVMROPIMX
[MXLFVIEHERHWSYVGVIEQ)QFIPPMWL
XLIWSYT[MXLGSEVWIP]GLSTTIHKVIIR
SRMSRERHWIVZI
1ERYEP
1ERYEP
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI
1ERYEP
'
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
3ZIR
2S4VILIEX
4

background
-RKVIHMIRXW
d3RIGYT!Q0
KGLSTTIHQYXXSR
KGSEVWIP]GLSTTIHSRMSRFYPFW
GPSZIWGLSTTIHKEVPMG
GYTGSEVWIP]GLSTTIHGSVMERHIV
XWTTETVMOETS[HIV
XWTKVEXIHPMQITIIP
XWTPMQINYMGI
XWTGSRGIRXVEXIHXSQEXS
XWTTMRIRYXW
IKK
SYV

XWTKVERYPEXIHWEPX
XWTGSEVWIKVSYRHFPEGOTITTIV
XFWTGSVRWIIHSMP
XFWTSPMZISMP
GYTWHMGIHTSXEXSIW
WPMGIHVIHFIPPTITTIV
WPMGIH]IPPS[FIPPTITTIV
GYTWXSQEXSNYMGI
XWTKVSYRHGYQMR
XFWTGSEVWIP]GLSTTIHTEVWPI]
-RKVIHMIRXW
d3RIGYT!Q0
KHMGIHPEQFGLSTWRSFSRI
S[IVWIIHSMP
GLSTTIHQIHMYQWM^IHSRMSRWKIEGL
XWTGVYWLIHKEVPMG
XWTKVEXIHKMRKIV
XWTXYVQIVMGTS[HIV
XWTKVERYPEXIHWEPX
-RKVIHMIRXWJSV1EVMREHI

GYTWTPEMR]SKYVX
GSEVWIP]GLSTTIHKVIIRFIPPTITTIV
GYTGSEVWIP]GLSTTIHGSVMERHIV
GYTGSEVWIP]GLSTTIHWTMREGL
XWTGSEVWIP]GLSTTIHJIRYKVIIO
XWTGSEVWIP]GLSTTIHQMRXPIEZIW
TMIGIWGSEVWIP]GLSTTIHKVIIR
TITTIVRSWIIHW
XWTQEWEPETS[HIV
XWTGLSTTIHKEPERKEP
XWTTETVMOETS[HIV
XWTKVERYPEXIHWEPX
(MVIGXMSRW
'SQFMRIXLIMRKVIHMIRXWMREFS[P
1EVMREHIXLIPEQFGLSTWMRXLIMRKVIHMIRXWJSVLSYV
S[IVWIIHSMPKEVPMGSRMSR
KEPERKEPKMRKIVERHKVERYPEXIHWEPXMREFS[P
4PEGIXLIFS[PMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV iQMR XSGSSO
4
8EOIXLIFS[PSYXSJXLIQMGVS[EZIERHWXMV
%HHXLIQEVMREXIHPEQFGLSTWXSXLI
QM\XYVIJVSQ
1M\XLSVSYKLP]4PEGIXLI
FS[PMRXLIQMGVS[EZIERHGPSWIXLIPMH4VIWW
1MGVS[EZI ;
ERHIRXIV QMR WXMV
ERHXLIRTVIWW
1MGVS[EZI ;
JSVERSXLIV
iQMR
VWXQMRYXIWVIQSZIXLIFS[PWXMV
XLIPEQFGLSTWERHXLIRTYXXLIFS[PFEGOMR
XLIQMGVS[EZIERHGSRXMRYIGSSOMRKYRXMPXLI
XMQIMWYT8EOIXLIFS[PSYXSJXLIQMGVS[EZI
7TVMROPIXYVQIVMGTS[HIVSRXLI
PEQFGLSTWERHQM\XLSVSYKLP]7IVZI
[MXLLSXGSSOIHVMGI
(MVIGXMSRW
'SQFMRIXLIGLSTTIHQYXXSR[MXL
XLISRMSRWKEVPMGGSVMERHIVTEVWPI]
TETVMOETS[HIVPMQINYMGIKVEXIHPMQI
TIIPGSRGIRXVEXIHXSQEXSTMRIRYXW
SYV
*PEZSV[MXL
XIEWTSSRWSJ
KVERYPEXIHWEPXERHFPEGOTITTIV
8LSVSYKLP]QM\XLIMRKVIHMIRXWERH
XLIRWLETIXLIGLSTTIHQYXXSRMRXS
FEPPWEFSYXKIEGL
%HHXLIGSVRWIIHSMPXSEFS[P
2IEXP]EVVERKIXLIFEPPWMRXLIFS[P
4YXXLIFS[PMRXLIQMGVS[EZI4VIWW
1MGVS[EZI ;
ERHIRXIV iQMR XS
GSSOYRXMPMXMWQIHMYQGSSOIH8EOI
XLIFS[PSYXSJXLIQMGVS[EZI0EHPI
XLIQYXXSRXSHVEMRXLISMPERHWIXEWMHI
HSXLIWEQIXSXLIVIWXSJXLIQYXXSR
[MXLSYXEHHMRKQSVISMP
4
'SQFMRIXLISPMZISMPW[IIX
TITTIVWGYQMRXSQEXSNYMGI
TSXEXSIWXLIVIWXSJXLIWEPXERH
XLIQYXXSRERHQM\[IPP4YXXLI
FS[PMRXLIQMGVS[EZIERHTVIWW
1MGVS[EZI ;
ERHIRXIV
iQMR
XSGSSO
&IWYVIXSYWIEQMGVS[EZISZIR
WEJIFS[P
VWXQMRYXIWVIQSZIXLI
FS[PWXMVERHXLIRTYXXLIFS[PFEGO
MRXLIQMGVS[EZIYRXMPXLIXMQIMWYT
;LIRXLIQYXXSRMW[IPPGSSOIHXEOI
XLIFS[PSYXSJXLIQMGVS[EZI
'SZIVXLIFS[P[MXLJSMPERHTPEGIMX
MRXLIGIRXIVSJXLIQIXEPXVE]-RWIVX
XLIQIXEPXVE]MRXSXLI&SXXSQ4VIWW
3ZIR
2S4VILIEX
0IZIP
'
iQMR
XSGSSO8EOIXLIFS[PSYX
SJXLIQMGVS[EZI
4
7IVZI[LMPILSX[MXLVMGISVIKKRSSHPI
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
1ERYEP'SSOMRK1MGVS[EZI,IEXMRK
4
1ERYEP'SSOMRK3ZIR,IEXMRK2S4VILIEX
4
?8MTWA
d1EOIWIVZMRKW
d7SJXIVQYXXSRMWNYMGMIV-J]SY[ERXXLI
QYXXSRNYMGMIVVIHYGIXLISZIRXMQIXS
QMRYXIW
?8MTWA
d1EOIWIVZMRKW
d*SVXIRHIVIEW]XSGLI[GSSOIH
PEQFWSJXPEQFMWVIGSQQIRHIH
0IFERIWI1IEXFEPPW
1IXEP8VE]&SXXSQ
'IVEQMG8VE]
%GGIWWSV]9WIH
;EXIV8ERO
)QTX]
0EQF[MXL+VIIR,IVFW
;EXIV8ERO
)QTX]
'IVEQMG8VE]
%GGIWWSV]9WIH
1ERYEP 1ERYEP
1ERYEP
'
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
3ZIR
2S4VILIEX
4
4
1ERYEP
1MGVS[EZI;
,IEXMRKXMQI
QMR
4VITEVEXMSR
,IEXMRK
1MGVS[EZI

background
-RHI\
F]MRKVIHMIRX

1IEX
1M\IH+VEMR'LMGOIR6SPP 
&YPKSKM 
,EQFYVK7XIEO 
,EQFYVK7XIEO,IEPXL] 
6SEWX&IIJ 
6SEWX'LMGOIR 
,IVF'LMGOIR 
,IVF'LMGOIR,IEPXL] 
7OI[IVIH'LMGOIR 
7EYXIIH'LMGOIR 
7EXE] 
&EVFIGYI 
&EOIH7TVMRK6SPP 
,EQFYVK7XIEO*VS^IR 
*VMIH'LMGOIR*VS^IR 
'LMGOIR'YVV]+VEXMR 
*VMIH(YQTPMRK 
'LMGOIR&VIEWXMR4PYQ7EYGI
 
6MGI1EPX1EVMREHI'LMGOIR 
7XIEQIH(YQTPMRK 
7SYT(YQTPMRK 
+M^^EVH*VMIH2YXW 
7XIEQIH'LMGOIR[MXL7EOI 
7XIEQIH'LMGOIR[MXL0SXYW6SSXW
 
+VSYRH'LMGOIRMR8SJY7OMR 
*VMIH'LMGOIR 
1EVMREXIH*VMIH'LMGOIR 
+VSYRH1IEX'YXPIX 
'LMGOIR'YXPIX 
(IIT*VMIH'LMGOIR[MXL0SXYW6SSXW

,EQ'YXPIX 
(IIT*VMIH7EYWEKI7OI[IV 
'EFFEKI6SPP 
&VEMWIH1IEX4SXEXS 
7MQQIVIH1IEX8SJY 
&IIJ7XI[ 
,SQIQEHI7EYWEKI 
'SJJII.IPP] 
7IEJSSH
&EWUYI1EVPMR8YRE 
&YPKSKM 
(IIT*VMIH'LIIWI7EPQSR 
7EYV],MNMOM6MGI 
7EPXIH7EPQSR 
0MKLXP]7EPXIH7EPQSR 
+VMPPIH7EYV] 
+VMPPIH1EGOIVIP 
=IPPS[XEMP8IVM]EOM 
(VMIH,SVWI1EGOIVIP 
(VMIH%XOE1EGOIVIP 
7EPX'VYWXIH7IE&VIEQ 
+VMPPIH7EPQSRMR*SMP 
7EPQSR7XIEO 
7EPXIH7EPQSR*VS^IR 
(VMIH,SVWI1EGOIVIP*VS^IR
 
7LVMQT8SQEXS+VEXMR 
7LVMQT6MGI+VEXMR 
7LVMQT(YQTPMRK 
1MWS7EPQSR 
7XIEQ;LSPI;LMXI*MWL 
7EOI7XIEQIH'PEQ 
7LVMQT7MY1EM 
7LVMQT'LMPM7EYGI 
(IIT*VMIH,SVWI1EGOIVIP 
(IIT*VMIH7LVMQT 
(IIT*VMIH;LMXI*MWL 
,IEPXL]*VMIH7LVMQT 
'EFFEKI'PEQ4EWXE 
7MQQIVIH6EHMWL7UYMH 
'PEQ'LS[HIV 
7EYV]'SRJMX 
7EPQSR8IVVMRI 
)KKWERH8SJY
7TMREGL5YMGLI 
'LE[ERQYWLM 
+VSYRH'LMGOIRMR8SJY7OMR 
(IIT*VMIH7EYWEKI7OI[IV 
1ETS8SJY 
7MQQIVIH1IEX8SJY 
/IRGLMR7SYT 
7SJX4YHHMRK 
7XIEQIH4YHHMRK4PEMR 
*VIRGL8SEWX 
:IKIXEFPIW
7EVHMRI+RSGGLM+VEXMR 
1M\IH+VEMR'LMGOIR6SPP 
&EWUYI1EVPMR8YRE 
&YPKSKM 
'LMGOTIE'VSUYIXXI 
7MQQIVIH7[IIX4SXEXS 
&EOIH4SXEXS 
+VMPPIH:IKIXEFPI 
7TMREGL5YMGLI 
)KKTPERX1YWLVSSQ7EPEH 
7XIEQ&EOIH7UYEWL 
7XIEQ&EOIH7[IIX4SXEXS 
7XIEQ&EOIH'EFFEKI 
7XMV*VMIH:IKIXEFPI 
*VMIH2SSHPIW 
7XIEQ*VMIH&VSGGSPM 
:IKIXEFPI[MXL*VMIH+EVPMG 
7EPX6MGI1EPX7TMREGL7EYXI 
7XIEQIH'LMGOIR[MXL0SXYW6SSXW
 
(IIT*VMIH'LMGOIR[MXL0SXYW6SSXW

*VIRGL*VMIW 
4SXEXS'VSUYIXXI 
6IH&IER6MGI 
'EFFEKI'PEQ4EWXE 
&SMPIH7TMREGL 
-XEPMER7EPEH 
'EFFEKI6SPP 
&VEMWIH1IEX4SXEXS 
7MQQIVIH6EHMWL7UYMH 
'PEQ'LS[HIV 
/IRGLMR7SYT 
7XVE[FIVV].EQ 
3VERKI1EVQEPEHI 
%TTPI4MI 
/SKERI7[IIX4SXEXS 
background

-RHI\
F]MRKVIHMIRX
6MGI2SSHPIW*PSYV
7EVHMRI+RSGGLM+VEXMR 
1M\IH+VEMR'LMGOIR6SPP 
7EYV],MNMOM6MGI 
'YXI%RMQEP(SVE]EOM 
3OSRSQM]EOM 
1EGEVSRM+VEXMR 
7LVMQT8SQEXS+VEXMR 
'LMGOIR'YVV]+VEXMR 
7LVMQT6MGI+VEXMR 
*VMIH2SSHPIW 
6MGI'VSUYIXXI 
'SSOIH6MGI 
6IH&IER6MGI 
'EFFEKI'PEQ4EWXE 
7TSRKI'EOI 
6SPP'EOI4PEMR 
1SGLE6SPP'EOI 
1EXGLE6SPP'EOI 
'LMJJSR'EOI4PEMR 
'YX3YX'SSOMI 
4MTIH'SSOMI 
%PQSRH'SSOMI 
'EWXIPPE'EOI 
%TTPI4MI 
1MRM4MI 
1YJJMR 
'LSGSPEXI'LMT1YJJMR 
8IE0IEJ1YJJMR 
1EHIPIMRI 
&VS[RMI 
&SPS 
/SKERI7[IIX4SXEXS 
7XIEQIH(SYKLRYX 
7XIEQIH'LSGSPEXI'EOI 
7XIEQIH1YJJMRW 
8SEWX 
,SX7ERH[MGL 
4M^^E8SEWX 
+EVPMG8SEWX 
*VIRGL8SEWX 
(EMV]*IVQIRXIH4VSHYGXW
7EVHMRI+RSGGLM+VEXMR 
(IIT*VMIH'LIIWI7EPQSR 
1EGEVSRM+VEXMR 
7LVMQT8SQEXS+VEXMR 
'LMGOIR'YVV]+VEXMR 
7LVMQT6MGI+VEXMR 
7TMREGL5YMGLI 
'LMGOIR&VIEWXMR4PYQ7EYGI
 
6MGI1EPX1EVMREHI'LMGOIR 
1MWS7EPQSR 
)KKTPERX1YWLVSSQ7EPEH 
+M^^EVH*VMIH2YXW 
7EPX6MGI1EPX7TMREGL7EYXI 
'PEQ'LS[HIV 
7EPQSR8IVVMRI 
=SKYVX 
7SJX4YHHMRK 
7XIEQIH4YHHMRK4PEMR 
'SJJII.IPP] 
4M^^E8SEWX 
*VIRGL8SEWX 
background

-RHI\
EPTLEFIXMGEP
%
%FIOE[E6MGI'EOI 
%PQSRH'SSOMI 
%TTPI4MI 
%TTPI4VIWIVZIW 
&
&EKIP4PEMR 
&EOIH'LIIWI'EOI 
&EOIH'VEF[MXL:IVQMGIPPMMR'PE]
4SX 
&EOIH4SXEXS 
&EOIH7TVMRK6SPP 
&ERERE&VIEH 
&EVFIGYI 
&EWUYI1EVPMR8YRE 
&EXEVH 
&IIJ6IRHERK 
&IIJ7XI[ 
&IZIVEKIW;EVQ1MPO 
&PYIFIVV]&VIEH 
&SMPIH7TMREGL 
&SPS 
&VEMWIH1IEX4SXEXS 
&VIEH 
&VIEH1EOMRKMR1ERYEP1IRY
 
&VIEH6SPP 
&VSMPIH)IP 
&VS[RMI 
&YPKSKM 
&YXXIV6MGL&VIEH 
&YXXIV6SPP 
'
'EFFEKI'PEQ4EWXE 
'EFFEKI6SPP 
'EWWIVX]SPI(YGO8LEM7X]PI 
'EWXIPPE'EOI 
'LE[ERQYWLM 
'LIIWI&VIEH 
'LIIWIGEOI 
'LIWXRYX6SPP 
'LMGOIR&VIEWXMR4PYQ7EYGI
 
'LMGOIR'YVV]+VEXMR 
'LMGOIR'YXPIX 
'LMGOIR(VYQ7XMGO4ERERK 
'LMGOIRMR6MGL7TMG]+VEZ]
%]EQ/PIS 
'LMGOIR0YRGL&S\ 
'LMGOIR7XIEO


'LMGOTIE'VSUYIXXI 
'LMJJSR'EOI4PEMR 
'LSGSPEXI'LMT1YJJMR 
'PEQ'LS[HIV 
'SJJII.IPP] 
'SSOIH6MGI 
'SYTI 
'VSMWWERX 
'YVV]SV6MGI&S[P8STTMRKW
6IEH]QEHI&SMPMRFEK8]TI

'YXI%RMQEP(SVE]EOM 
'YX3YX'SSOMI 
(
(IGSVEXIH'EOI 
(IIT*VMIH'LIIWI7EPQSR 
(IIT*VMIH'LMGOIR[MXL0SXYW6SSXW
 
(IIT*VMIH*MWL8SJY 
(IIT*VMIH,SVWI1EGOIVIP 
(IIT*VMIH7EYWEKI7OI[IV 
(IIT*VMIH7LVMQT 
(IIT*VMIH8SJY 
(IIT*VMIH;LMXI*MWL 
(VMIH%XOE1EGOIVIP 
(VMIH*VYMXW7S]&VIEH 
(VMIH,SVWI1EGOIVIP 
(VMIH,SVWI1EGOIVIP*VS^IR
 
)
)EW]7XIEQIH1IEX&YR 
)KKTPERX1YWLVSSQ7EPEH 
*
*MWLMR7TMG]8EQEVMRH+VEZ]
%WEQ+YPEM 
*MWL/EFWE 
*PEX6MGI2SSHPIW6SPP 
*VIRGL*VMIW 
*VIRGL6SPP 
*VIRGL8SEWX 
*VMIHFVIEHGVYQFW 
*VMIH'LMGOIR 
*VMIH'LMGOIR+VMPPIH:IKIXEFPI
 
*VMIH'LMGOIR*VS^IR 
*VMIH(YQTPMRK 
*VMIH2SSHPIW 
*VS^IR*VMIH*SSHW 
*VS^IR*VMIH2YKKIX 
*VS^IR+VMPPIH6MGIFEPP 
*VS^IR,EQFYVK7XIEO 
*VS^IR8EOS]EOM 
*VYMXW(EMJYOY 
+
+EVPMG8SEWX 
+M^^EVH*VMIH2YXW 
+PYXMRSYW6MGI(YQTPMRK[MXL4SVO
*MPPMRK/YML'LERK&EFM 
+VEZ] 
+VMPPIH*MWL 
+VMPPIH1EGOIVIP 
+VMPPIH7EPQSRMR*SMP 
+VMPPIH7EYV] 
+VMPPIH:IKIXEFPI 
+VSYRH'LMGOIRMR8SJY7OMR 
+VSYRH1IEX'YXPIX 
,
,EQ'YXPIX 
,EQFYVK7XIEO 
,EQFYVK7XIEO*VS^IR 
,EQFYVK7XIEO,IEPXL] 
,EQFYVK7XIEO 
,EQFYVK7XIEO0YRGL&S\ 
,IEPXL]*VMIH7LVMQT 
,IVF'LMGOIR 
,IVF'LMGOIR,IEPXL] 
,SQIQEHI7EYWEKI 
,SQIQEHI7XIEQIH1IEX&YR
 
,SRI]2YX&VIEH 
,SRI]6SEWXIH4SVO7TEVI6MFW

,SX7ERH[MGL 
,S[XSQEOIERI[WTETIVQSPH
JSVGEWXIPPEGEOI 
-
-WSFI6MGI'EOI 
-XEPMER7EPEH 
/
/IRGLMR7SYT 
/SKERI7[IIX4SXEXS 
background
-RHI\
EPTLEFIXMGEP

0
0EQF[MXL+VIIR,IVFW 
0IFERIWI1IEXFEPPW 
0MKLXP]7EPXIH7EPQSR 
0MKLX7IWEQI'LIIWI&VIEH 
1
1EGEVSRM+VEXMR 
1EHIPIMRI 
1ETS8SJY 
1EVMREXIH*VMIH'LMGOIR 
1EWEPE'LMGOIR 
1EXGLE6SPP'EOI 
1IEXPSEJ 
1IPSR6SPP 
1MRM4MI 
1MWS7EPQSR 
1M\IH+VEMR'LMGOIR6SPP 
1SGLE6SPP'EOI 
1SPHJSVFVS[RMI 
1YJJMR 
1YJJMR1MRM4MI 
2
2EER 
3
3OSRSQM]EOM 
3VERKI1EVQEPEHI 
4
4ERGEOI4PEMR 
4EWXE 
4MTIH'SSOMI 
4M^^E&VIEH(SYKL 
4M^^E8SEWX 
4PYQ7LMVEWY&VIEH 
4SVOMR'V]WXEP&EPPW 
4SXEXS'VSUYIXXI 
4SYRH'EOI4PEMR 
4VSGIHYVIJSV&EOIV]*YRGXMSR
 
4YHHMRK 
5
5YMGO7SHE&VIEH 
6
6EMWMR&VIEH 
6EQIRERH3XLIV-RWXERX2SSHPIW
&EKSV*SVQ&S[P 
6IH&IER6MGI 
6IH&IER6SPP 
6ILIEX*VMIH*SSH 
6ILIEX7XIEQ&YRW'LMPPIH 
6ILIEX7XIEQ&YRW*VS^IR 
6ILIEXMRK6MGI 
6ILIEXMRK7MHI(MWLIW 
6MGI 
6MGI:EGYYQTEGOIH 
6MGI&VIEH 
6MGI'EOI 
6MGI'VSUYIXXI 
6MGI*PSYV&VIEH[MXL;LIEX
 
6MGI1EPX1EVMREHI'LMGOIR 
6MGL'LSGSPEXI'EOI 
6MWSXXS 
6SEWX&IIJ 
6SEWX'LMGOIR 
6SPP'EOI4PEMR 
6SYRH8ST*VIRGL&VIEH 
6]I&VIEH 
7
7EOI7XIEQIH'PEQ 
7EPQSR0YRGL&S\ 
7EPQSR7XIEO 
7EPQSR8IVVMRI 
7EPX/IPT&VIEH 
7EPX6MGI1EPX7TMREGL7EYXI 
7EPX'VYWXIH7IE&VIEQ 
7EPXIH7EPQSR 
7EPXIH7EPQSR*VS^IR 
7EVHMRI+RSGGLM+VEXMR 
7EXE] 
7EYV]'SRJMX 
7EYV],MNMOM6MGI 
7EYXIIH'LMGOIR 
7EZSV]4SYRH'EOI4PEMR 
7LMWS7IWEQI6SPP 
7LVMQT'LMPM7EYGI 
7LVMQT(YQTPMRK 
7LVMQT6MGI+VEXMR 
7LVMQT7MY1EM 
7LVMQT8SQEXS+VEXMR 
7MQQIVIH1IEX8SJY 
7MQQIVIH6EHMWL7UYMH 
7MQQIVIH7[IIX4SXEXS 
7OI[IVIH'LMGOIR 
7SJX&VIEH 
7SJX'EVEQIP 
7SJX4YHHMRK 
7SJX6MGIERH4SVO6MFW 
7SYJJPI'LIIWIGEOI 
7SYT(YQTPMRK 
7S]&IER&VIEH 
7TMGIH'LMGOIR7SYT 
7TMG]&IER7SYT 
7TMG]*MWL+VMPPIHMR&ERERE0IEZIW
3XEO3XEO4ERKKERK
 
7TMG]4VE[R6SPPW 
7TMG]7LVMQT7SYT
8SQ=EQ+SSRK 
7TMREGL&VIEH 
7TMREGL5YMGLI 
7TSRKI'EOI 
7TVMRK6SPP 
7UYEWL&VIEH 
7UYEWL6SPP 
7XIEQ&EOIH'EFFEKI 
7XIEQ&EOIH7UYEWL 
7XIEQ&EOIH7[IIX4SXEXS 
7XIEQ*VMIH&VSGGSPM 
7XIEQ;LSPI;LMXI*MWL 
7XIEQIH'LMGOIR[MXL0SXYW
6SSXW 
7XIEQIH'LMGOIR[MXL7EOI 
7XIEQIH'LSGSPEXI'EOI 
7XIEQIH(SYKLRYX 
7XIEQIH(YQTPMRK 
7XIEQIH1YJJMRW 
7XIEQIH4SQJVIX[MXL4MGOPIH
4PYQ 
7XIEQIH4YHHMRK4PEMR 
7XI[IH:IKIXEFPI2]SR]E7X]PI
'LET'L]I1EWEO8MXMO 
7XMV*VMIH:IKIXEFPI 
7XSVI&SYKLX4M^^E 
7XVE[FIVV].EQ 
7XYJJIH>YGGLMRM 
7[IIX4SXEXS 
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8
8IE4SYRH'EOI 
8IE0IEJ1YJJMR 
8MTWJSV*VII^MRK+VMPPIH(MWLIW
7OMPPJYPP]
 
8SEWX 
8SEWX7IX1IRY 
8SJY&VIEH 
9
9HSR 
:
:IKIXEFPI[MXL*VMIH+EVPMG 
;
;EPRYX&VIEH 
;LIEX7XEPO6SPP 
;LMXI7EYGI 
;SR8SR7SYT 
=
=IPPS[XEMP8IVM]EOM 
=SKYVX 
=SKYVX7EYGI 
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4S[IVWSYVGI
4S[IVGSRWYQTXMSR
,MKLJVIUYIRG]SYXTYX
3WGMPPEXMSRJVIUYIRG]
+VMPP
3ZIR
1M\MRKQSXSV
8IQTIVEXYVIEHNYWXQIRXVERKI
)\XIVREPHMQIRWMSRW
9WEFPIHMQIRWMSRWSJSZIRGEZMX]
1EWW[IMKLX
;
;
;;;;IUYMZEPIRX;IUYMZEPIRX
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4S[IVGSRWYQTXMSR;LIEXIV;
4S[IVGSRWYQTXMSR;LIEXIV;
4S[IVGSRWYQTXMSR;
%JXIV[EVHWXLIXIQTIVEXYVIEYXSQEXMGEPP]W[MXGLIWXS'
;MHXLQQ\HITXL
QQ\LIMKLXQQ
;MHXLQQ\HITXLQQ\LIMKLXQQ
%FSYXOK
%':,^%':,^ %':,^
1MGVS[EZI
SZIR
8LITS[IVWSYVGIMWHMWTPE]IHSRXLIVMKLXWMHISJXLIQEMRYRMX
,MKLJVIUYIRG]SYXTYXEX;JYRGXMSRWEXLMKLSYXTYXJSVWLSVXTIVMSHWSJXMQIQE\MQYQQMRYXIW8LMWJYRGXMSRWSRP]
JSVEPMQMXIHRYQFIVSJQIRYSTXMSRWWYGLEW6ILIEXMR%YXS1IRY
8LIRYQFIVMRMWXLIHITXL[LIRMRGPYHMRKXLILERHPI
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Specifications

Indexed Terms: Microwave Oven, Steam Cooking

Hitachi MRO-NBK5000E Questions and Answers

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Questions and Answers

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Hitachi MRO-AV100E Convection Microwave Oven
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Product Hitachi MRO AV200E image
Hitachi MRO-AV200E 33L Microwave Oven 33L Grill and Steam
2018-12-23 3 docs
Product Hitachi MRO AV100E image
Hitachi MRO-AV100E Convection Microwave Oven
2018-12-23 2 docs
Product Hitachi MRO AV200E image
Hitachi MRO-AV200E 33L Microwave Oven 33L Grill and Steam
2018-12-23 3 docs