Siemens | GS10DN20 | Instruction manual | Siemens Undercounter freezer Instruction manual

Siemens Undercounter freezer Instruction manual
' 01 1.>-A/4?-:815@A:3
1: $<1>-@5:3 5:?@>A/@5;:?
2> #;@5/1 0A@585?-@5;:
5@ ?@>AF5;:5 <1> 8A?;
:8 1.>A57?--:C56F5:3
18 %47305BGA/C7B
01V:4-8@?B1>F15/4:5?
9>G59C5 JEB >DC?B7E>7
*9385B859DCg E>4 .1B>89>G59C5
5BXD ;5>>5><5B>5>
5495>2<5>45
)1E=D5=@5B1DEB E>4
5<e6DE>7 25138D5>
5BXD 1>C38<95U5>
5BXD 59>C381<D5>
ECCD1DDE>7
56B95B5> E>4 #175B>
1:V:01D
B9C385 #525>C=9DD5< 59>6B95B5>
*E@5B756B95B5>
$1H 56B95BF5B=b75>
56B95B7ED 1E6D1E5>
5BXD 1ECC381<D5> E>4 CD9<<<575>
2D1E5> E>4 B59>975>
*? ;b>>5> *95 >5B795 C@1B5>
5DB952C75BXEC385
"<59>5 *DbBE>75> C5<2CD 258525>
"E>45>495>CD
W
>6?B=1D9?> 3?>35B>9>7 49C@?C1<
*165DI 1>4 G1B>9>7 9>6?B=1D9?>
5DD9>7 D? ;>?G I?EB 1@@<91>35
1C391
%?D5 1=295>D D5=@5B1DEB5
1>4 F5>D9<1D9?>
?>>53D9>7 D85 1@@<91>35
*G9D389>7 ?> D85 1@@<91>35
9DD9>7C
B55J9>7 1>4 CD?B9>7 6B?J5> 6??4
B55J9>7 6B5C8 6??4
1CD 6B55J9>7
$1H 6B55J5B 31@139DI
56B?CD9>7 6B?J5> @B?4E35
*G9D389>7 ?66 1>4 49C3?>>53D9>7
D85 1@@<91>35
56B?CD9>7 1>4 3<51>9>7
?G D? C1F5 5>5B7I
&@5B1D9>7 >?9C5C
<9=9>1D9>7 =9>?B 61E<DC I?EBC5<6
ECD?=5B C5BF935
2>V(-.81 01? 9-@5N>1?
?>C59<C @?EB <1 =9C5 1E B52ED
?>C97>5C 45 C[3EB9D[
5D 1F5BD9CC5=5>DC
'B[C5>D1D9?> 45<1@@1B59<
1>451E 45 3?==1>45
?>C97>5C @?EB <1 D5=@[B1DEB5
1=291>D5 5D <1[B1D9?>
B1>385=5>D 45<1@@1B59<
>3<5>385=5>D 45<1@@1B59<
AE9@5=5>D
?>7[<1D9?> 5DB1>75=5>D
45 @B?4E9DC CEB75<[C
?>7[<1D9?> 45@B?4E9DC 6B19C
*E@5B3?>7[<1D9?>
1@139D[ 45 3?>7[<1D9?> =1H
[3?>7[<1D9?> 45 @B?4E9DC CEB75<[C
BB\D 5D B5=9C175 45<1@@1B59<
[79FB175 5D >5DD?I175
?>C59<C @?EB [3?>?=9C5B
45 <[>5B795
BE9DC 45 6?>3D9?>>5=5>D
)5=[495B C?9g=\=5
1EH @5D9D5C @1>>5C
*5BF935 1@BZCgF5>D5
5@V?@>AF5;:5 <1> 8A?;
FF5BD5>J5 @5B <?C=1<D9=5>D?
FF5BD5>J5 49 C93EB5JJ1 5 @5B93?<?
?>?C35B5 <1@@1B53389?
'1>>5<<? 3?=1>49
?>C945B1B5 <1D5=@5B1DEB1
1=295>D5 5 <1 F5>D9<1J9?>5
?<<571B5 <1@@1B53389?
335>45B5 <1@@1B53389?
DDB5JJ1DEB1
?>75<1B5 53?>C5BF1B5
1<9=5>D9CEB75<1D9
?>75<1=5>D? 491<9=5>D9 6B5C389
*E@5B6B55J5B
$1H @?D5>J1 493?>75<1=5>D?
*3?>75<1=5>D? 49 1<9=5>D9 3?>75<1D9
*@57>5B5 5 =5DD5B5
6E?B9 C5BF9J9? <1@@1B53389?
*2B9>1=5>D? 5 @E<9J91
'5B B9C@1B=91B5 5>5B791
)E=?B9 49 6E>J9?>1=5>D?
<9=9>1B5 41 C?<9 9@933?<9 7E1CD9
*5BF9J9? 1CC9CD5>J1 3<95>D9
:8V:4;A0
1>G9:J9>75> ?F5B 4516F?5B
-59<978594C25@1<9>75>
5> G11BC38EG9>75>
"5>>9C=1;9>7 =5D 85D1@@1B11D
5495>9>7C@1>55<
#5D ?@ ?=75F9>7CD5=@5B1DEEB
5>25<E38D9>7
@@1B11D 11>C<E9D5>
>C381;5<5> F1> 85D1@@1B11D
,9DF?5B9>7
>FB95J5> 5> ?@C<11>
F1> 495@FB95CG1B5>
M&5A95GJ<5=1
-5BC5 <5F5>C=9445<5> 9>FB95J5>
*E@5BFB95J5>
$1H9=1<5 9>FB95C31@139D59D
&>D4??95> F1> 495@FB95CG1B5>
@@1B11D E9DC381;5<5>
5> 2E9D5> G5B;9>7 CD5<<5>
&>D4??95> 5> C38??>=1;5>
+9@C ?= 5>5B795 D5f25C@1B5>
54B9:6C75<E945>
"<59>5 CD?B9>75> J5<6 F5B85<@5>
*5BF935495>CD
N
H^]RSN\SW` O^iac_aU`
H^]RSN\SW` OadOYSNO` XOW
^_]SWR]^]WUbWXL` c^]RSN\SW`
:[g_NabS bU acaXScM
DN[OXO` eSW_WaZ]j
D_]a]eM aeSbWXK ZSbU VS_Z]X_OaNO
b]c ek_]c XOW b][ OS_WaZi
Fj[RSaU bU` acaXScM`
>LaU bU` acaXScM` aS YSWb]c_QNO
<\]^YWaZi`
?ObKfc\U XOW O^]VMXScaU
XObSfcQZL[g[ b_]dNZg[
?ObKfc\U [g^k[ b_]dNZg[
H^S_XObKfc\U
H^S_XObKfc\U
ALQWabU O^iR]aU XObKfc\U`
BS^KQgZO XObSfcQZL[g[
b_]dNZg[
>LaU SXbi` YSWb]c_QNO`
ZOX_]e_i[WO VLaU bU` acaXScM`
SXbi` YSWb]c_QNO`
8^ifc\U XOW XOVO_WaZi`
6baW Z^]_SNbS
[O S\]WX][]ZMaSbS S[L_QSWO
>i_cP]W YSWb]c_QNO`
Dk` VO RW]_VkaSbS Zi[S` ]W
aO` ZWX_]PYKPS`
H^U_SaNO bSe[WXM`
S\c^U_LbUaU` ^SYObk[
01
5:C15?1 FA>
:@?;>3A:3
'5/41>415@?X A:0
+->:45:C15?1
x *1><-/7A:3 1:@?;>31:
1B;> '51 0-? 1>L@ 5:
1@>51. :1491:
95 -5B@13;E>7 C38eDJD 8B 5BXD F?B
+B1>C@?BDC38X45> <<5 59>75C5DJD5>
$1D5B91<95> C9>4 E=G5<DF5BDBX7<938 E>4
G9545B F5BG5BD21B 9DD5 85<65> *95 =9D
>DC?B75> *95 495 -5B@13;E>7
E=G5<D75B538D
T25B 1;DE5<<5 >DC?B7E>7CG575
9>6?B=95B5> *95 C938 29DD5 259 8B5=
1388X>4<5B ?45B 259 45B
5=59>45F5BG1<DE>7
x 8@31>L@ 1:@?;>31:
<D75BXD5 C9>4 ;59> G5BD<?C5B 261<<
EB38 E=G5<D75B538D5 >DC?B7E>7
;b>>5> G5BDF?<<5 )?8CD?665
G9545B75G?>>5> G5B45>
95C5C 5BXD 9CD 5>DC@B5385>4 45B
5EB?@X9C385> )938D<9>95 e25B <5;DB?g E>4 <5;DB?>9;1<D75BXD5
G1CD5 5<53DB931< 1>4 5<53DB?>93
5AE9@=5>D . 75;5>>J5938>5D
95 )938D<9>95 792D 45> )18=5> 6eB 59>5
,gG59D 7e<D975 )e3;>18=5 E>4
-5BG5BDE>7 45B <D75BXD5 F?B
!
+->:A:3
59 1EC75495>D5> 5BXD5>
%5DJCD53;5B J9585>
>C38<ECC;125< 4EB38DB5>>5> E>4
=9D45= %5DJCD53;5B 5>D65B>5>
"X<D575BXD5 5>D81<D5> "X<D5=9DD5< E>4 9>
45B C?<95BE>7 1C5 "X<D5=9DD5< E>4 1C5
=eCC5> 613875B538D 5>DC?B7D G5B45>
)?8B5 45C "X<D5=9DD5<g"B59C<1E65C 29C JEB
613875B538D5> >DC?B7E>7 >938D
25C38X4975>
4
#5C5> *95 52B1E38Cg E>4 $?>D175g
1><59DE>7 1E6=5B;C1= 4EB38
*95 5>D81<D5> G938D975 >6?B=1D9?>5> e25B
E6CD5<<5> 52B1E38 E>4 .1BDE>7 45C
5BXD5C
5G18B5> *95 1<<5 ,>D5B<175> 6eB C@XD5B5>
52B1E38 ?45B 6eB %13825C9DJ5B 1E6
(1/4:5?/41 '5/41>415@
S 1C 5BXD 5>D8X<D 9> 75B9>75B $5>75
41C E=G5<D6B5E>4<9385 125B 2B5>>21B5
"X<D5=9DD5< ) 1 38D5> *95 41B1E6
41CC 495 )?8B5 45C "X<D5=9DD5<g"B59Cg
<1E65C 259 +B1>C@?BD ?45B $?>D175 >938D
25C38X497D G5B45> 5B1ECC@B9DJ5>45C
"X<D5=9DD5< ;1>> JE E75>F5B<5DJE>75>
6e8B5> ?45B C938 5>DJe>45>
15 1?/4L053A:3
&665>5C 5E5B ?45B 0e>4AE5<<5> F?=
5BXD 65B>81<D5>
)1E= 6eB 59>975 $9>ED5> 7ED
4EB38<e6D5>
5BXD 1ECC381<D5> E>4 %5DJCD53;5B
J9585>
"E>45>495>CD 25>138B938D975>
!5 =58B "X<D5=9DD5< 9> 59>5= 5BXD
9CDE=C? 7BbU5B =ECC 45B )1E= C59>
9> 45= 41C 5BXD CD58D > JE ;<59>5>
)XE=5> ;1>> 259 59>5= #53; 59>
2B5>>21B5C 1Cg#E6Dg5=9C38
5>DCD585>
01
'B? 7 "X<D5=9DD5< =ECC 45B )1E=
=9>45CD5>C = 7B?U C59> 95 $5>75
45C "X<D5=9DD5<C 8B5C 5BXD5C CD58D 1E6
45= +I@C389<4 9= >>5B5> 45C 5BXD5C
S 1C .538C5<> 45B %5DJ1>C38<ECCg
<59DE>7 E>4 1>45B5 )5@1B1DEB5> 4eB65>
>EB F?= "E>45>495>CD 4EB38756e8BD
G5B45> ,>C13875=XU5 >CD1<<1D9?>5>
E>4 )5@1B1DEB5> ;b>>5> 45> 5>EDJ5B
5B852<938 756X8B45>
159 1.>-A/4
S %95 5<5;DB9C385 5BXD5 9>>5B81<2 45C
5BXD5C F5BG5>45> J 59J75BXD5
5<5;DB9C385 9C25B59D5B ECG D<8;?5;:?312-4>
S %95 41C 5BXD =9D 59>5=
1=@6B59>97E>7C75BXD 12D1E5> ?45B
B59>975> 5B 1=@6 ;1>> 1> 5<5;DB9C385
+59<5 75<1>75> E>4 59>5> "EBJC38<ECC
1EC<bC5>
'@>;9?/48-3312-4>
S "59>5 C@9DJ5> ?45B C381B6;1>D975>
575>CDX>45 F5BG5>45> E= )596g E>4
9CC38938D5> JE 5>D65B>5>
*95 ;b>>D5> 41=9D 495 "X<D5=9DD5<B?8B5
25C38X4975> 5B1ECC@B9DJ5>45C
"X<D5=9DD5< ;1>> C938 5>DJe>45> ?45B JE
E75>F5B<5DJE>75> 6e8B5>
S ?38@B?J5>D975> <;?8?< >EB 4938D
F5BC38<?CC5> E>4 CD585>4 <175B>
S "E>CDCD?66D59<5 E>4 +eB4938DE>7 >938D
=9D S< ?45B 5DD F5BC38=EDJ5>
"E>CDCD?66D59<5 E>4 +eB4938DE>7 G5B45>
C?>CD @?BbC
S 5g E>4 >D<e6DE>7Cb66>E>75> 6eB 41C
5BXD >95 12453;5> ?45B JECD5<<5>
S 95C5C 5BXD 9CD F?> '5BC?>5> =9D
59>75C38BX>;D5> @8IC9C385>
C5>C?B9C385> ?45B @CI389C385>
X897;59D5> ?45B =1>75<>45= .9CC5>
>EB =9D E6C938D ?45B 1EC6e8B<9385B
><59DE>7 JE 25>EDJ5>
5:01> 59 -A?4-8@
S -5B@13;E>7 E>4 45B5> +59<5 >938D
"9>45B> e25B<1CC5> BCD93;E>7C75618B
4EB38 1<D;1BD?>C E>4 ?<95>
S 1C 5BXD 9CD ;59> *@95<J5E7 6eB "9>45B
S 59 5BXD =9D +eBC38<?CC *38<eCC5<
1EU5B )5938G59D5 F?> "9>45B>
1E625G18B5>
8831915:1 1?@599A:31:
1C 5BXD 597>5D C938
S JE= 56B95B5> F?> #525>C=9DD5<>
S "59>5 'B?4E;D5 =9D 2B5>>21B5>
+B59271C5> J *@B1I4?C5> E>4
;59>5 5H@<?C9F5> *D?665 <175B>
D<8;?5;:?312-4>
S JEB 9C25B59DE>7
S *?3;5< ECJe75 +eB5> ECG >938D 1<C
+B9DD2B5DD ?45B JE= 2CDeDJ5>
=9CC2B1E385>
1C 5BXD 9CD 6E>;5>DCDbBD >138
,g)938D<9>95 S 0E= 2D1E5> E>4 )59>975> %5DJCD53;5B
J9585> ?45B *9385BE>7 1ECC381<D5>
= %5DJCD53;5B J9585> >938D 1=
>C38<ECC;125<
95C5C BJ5E7>9C 5>DC@B938D 45>
59>C38<X7975> *9385B859DC25CD9==E>75>
6eB <5;DB?75BXD5 % 1C 5BXD 9CD >EB 6eB 495 -5BG5>4E>7 9=
1EC81<D 25CD9==D
5B "X<D5;B59C<1E6 9CD 1E6 938D859D 75@Be6D
5
01
1>L@ 71::1:81>:1:
1051:.81:01
5802
-A<@?/4-8@1> A:0 (19<1>-@A>X
CL481>
0E= 9>CD5<<5> +5=@5B1DEBGX8<5B
=9D59>5B $e>J5 4B585>
'@188A:3 Z G CL>9?@1 (19<1>-@A>
'@188A:3 ZG 7L8@1?@1 (19<1>-@A>
9DD5 ;<1@@5> *95 495 <5DJD5 *59D5 =9D 45>
229<4E>75> 1EC 95C5 52B1E38Cg
1>G59CE>7 79<D 6eB =58B5B5 $?45<<5
<5E38D5D G5>> 41C 5BXD 1=
*DB?=>5DJ 1>75C38<?CC5> E>4 45B
1E@DC381<D5B 59>75C381<D5D 9CD
"?>DB?<<g#5E38D5 5B<9C38D G5>> 45B
+5=@5B1DEBGX8<5B 1E6 i K 754B58D
G5>> 45B %5DJDCD53;5B >938D
59>75CD53;D ?45B G5>> 495
*DB?=JE6E8B E>D5B2B?385> 9CD
2G5938E>75> 259 45> 229<4E>75> C9>4
=b7<938
1?-9@-:?5/4@
5801
>938D 259 1<<5> $?45<<5>
1051:.81:01
:@8T2@A:3?S22:A:3
(5?/4<8-@@1
12>51>7-81:01>
12>51>3A@?/4-81
';/718.81:01
95@ 18T2@A:3?S22:A:3
(19<1>-@A>-:F1531 5:
01>1>L@1@T>
;:@>;88X!1A/4@1 3>T:
'A<1>312>51>@-?@1
0E= ECC381<D5> *E@5B756B95BD1CD5
5B>5ED 4Be3;5> 1C *E@5B756B95B5>
C381<D5D C938 >938D 1ED?=1D9C38 1EC
(19<1>-@A>X+->:81A/4@1 >;@
<5E38D5D G5>> 5C 9= 56B95BC38B1>;
JE G1B= 1<C? 41C 56B95B7ED
756X8B45D 9CD
*95 ;1>> ?8>5 5618B 6eB 41C 56B95Bg
7ED F?Be25B7585>4 <5E38D5> 259
S >25DB952>18=5 45C 5BXD5C
S 259= 9><575> 7B?U5B $5>75> 6B9C385B
#525>C=9DD5<
S JE <1>75 75b66>5D5B 5BXD5DeB
S 259= *D5<<5> 45C +5=@5B1DEBGX8<5BC
1E6 59>5 8b85B5 09665B ;X<D5B5
+5=@5B1DEB
;:@>;88X!1A/4@1 318.
<5E38D5D G5>> *E@5B756B95BD1CD5
754Be3;D GEB45
95 "?>DB?<<g#5E38D5 5B<9C38D G5>>
41C *E@5B756B95B5> 1EC75C381<D5D
GEB45
6
01
&-A9@19<1>-@A> A:0
18T2@A:3 .1-/4@1:
95 "<9=1;<1CC5 CD58D 1E6 45= +I@5>g
C389<4 *95 792D 1> 9>>5B81<2 G5<385B
)1E=D5=@5B1DEB5> 41C5BXD 25DB9525>
G5B45> ;1>> 1C +I@5>C389<4 2569>45D
C938 <9>;C E>D5> 9= 5BXD
18T2@A:3
5803
95 #E6D 1> 45B )e3;G1>4 45C 5BXDC
5BGXB=D C938 95 5BGXB=D5 #E6D
=ECCE>7589>45BD 12J9585> ;b>>5>
95"e8<=1C389>5 =ECC C?>CD =58B
<59CD5> 95C 5B8b8D 45> *DB?=F5B2B1E38
185B %95 5g E>4 >D<e6DE>7Cb66>E>75>
12453;5> ?45B JECD5<<5>
1>L@ -:?/4851J1:
%138 45= E6CD5<<5> 45C 5BXD5C
=9>4 P*DE>45 G1BD5> 29C 41C 5BXD
9>5DB952 75>?==5> G9B4 .X8B5>4
45C+B1>C@?BDC ;1>> 5C F?B;?==5>
41CCC938 41C 9= -5B4938D5B 5>D81<D5>5
S<9= "X<D5CICD5= F5B<175BD
-?B 45B 5BCD5> >25DB952>18=5 45>
>>5>B1E= 45C 5BXD5C B59>975>
C9585)59>975>
95 *D53;4?C5 C?<<D5 6B59 JE7X>7<938 C59>
1C 5BXD 1> - J
.538C5<CDB?= e25B 59>5 F?BC38B96DC=XU97
9>CD1<<95BD5 *D53;4?C5 1>C38<95U5>
95*D53;4?C5 =ECC =9D 59>5B
g*9385BE>7 ?45B 8b85B 1275C9385BD
C59>
15 1>L@1: 051 5: :5/4@X1A>;<L5?/41:
!L:01>: .1@>51.1: C1>01: 5?@ -A2 019
(E<1:?/4580 FA T.1><>T21: ;. 051
-:3131.1:1 '<-::A:3 A:0 '@>;9->@
95@ 01: +1>@1: 4>1? '@>;9:1@F1?
T.1>15:?@599@ -? (E<1:?/4580
.125:01@ ?5/4 59 1>L@ 85:7? A:@1:
5:1B1:@A188 :;@C1:0531> A?@-A?/4
01> #1@F-:?/48A??815@A:3 0->2 :A>
0A>/4 15:1: -/49-:: 1>2;831:
7
01
1>L@ 15:?/4-8@1:
A??@-@@A:3
+5=@5B1DEBGX8<5B 5802 4B585>
7Be>5 E>4 B?D5 "?>DB?<<g#5E38D5 <5E38D5>
12>51>7-81:01>
(19<1>-@A> 15:?@1881:
+5=@5B1DEBGX8<5B 5802 1E6 59>5
09665B 59>CD5<<5> b85B5 09665B> 5B7525>
D9565B5 +5=@5B1DEB5> .9B 5=@658<5>
59>5=9DD<5B5 9>CD5<<E>7 J 59 5BXD5> =9D +5=@5B1DEB1>J5975
+5=@5B1DEBGX8<5B 1E6 :545> 1<<
C?59>CD5<<5> 41CC 45B 05975B 45B
+5=@5B1DEB1>J5975 <1>76B9CD97 45>
C38G1BJ5> 5B5938 1>J597D 5804
5:C15?1
S *?<<D5 C938 >138 45= *38<95U5> 45C
56B95BC38B1>;5C 495 +eB >938D C?6?BD
G9545B b66>5> <1CC5> G1BD5> *95 29DD5
JG59 29C 4B59 $9>ED5> 29C C938 45B
5>DCD1>45>5 ,>D5B4BE3; 1EC757<9385>
81D
S 549>7D 4EB38 41C "X<D5CICD5= ;b>>5>
495 56B95BB?CD5 1> =1>385> *D5<<5>
C38>5<< 25B5965> 95C 81D ;59>5> 9>6<ECC
1E6 E>;D9?> ?45B *DB?=F5B2B1E38
2D1E5> G9B4 5BCD 5B6?B45B<938 G5>>
C9381E6 45B 75C1=D5> &25B6<X385
45C56B95BB?CD5C )596 ?45B 9C 9> 59>5B
*DXB;5 F?> =58B 1<C == 7529<45D 81D
S 95 *D9B>C59D5> 45C 58XEC5C G5B45>
D59<G59C5 <5938D 25859JD 495C F5B89>45BD
*38G9DJG1CC5B29<4E>7 9= 5B5938 45B
+eB4938DE>7
S )9 01: 7815:?@1: :1>351B1>.>-A/4
FA 31CL4>815?@1: ?;88@1 051 &T/7C-:0
*1>28T??531> 01? 1>L@1? 15:1:
.?@-:0 B;:
99 4-.1:
8
>938D 259 1<<5> $?45<<5>
5806
95 018<5> 259 45> *I=2?<5> 7525>
495JE<XCC975 #175B41E5B 9> $?>1D5>
6eB41C 56B95B7ED 1> 59 65BD975B
+956;e8<;?CD 495 9= 1>45< 5B8X<D<938
9CD9CD 41C 5BCD5<<E>7C41DE= ?45B
41C1<D21B;59DC41DE= JE 25138D5>
L8@1-77A
>938D 259 1<<5> $?45<<5>
5807
5B "X<D51;;E F5BJb75BD 259 59>5=
*DB?=1EC61<< ?45B 59>5B *DbBE>7
495BGXB=E>7 45C 59>75<175BD5>
56B95B7ED5C 5B "X<D51;;E ;1>> 1E38
JE= F?Be25B7585>45> "e8<81<D5> F?>
#525>C=9DD5<> J 9> 59>5B "e8<D1C385
85B1EC75>?==5> G5B45>
5?CT>218 41>?@1881:
5808
9CC381<5 Q =9D .1CC5B 6e<<5> E>4 1E6 45>
?45> 45C 56B95BB1E=C CD5<<5>
5CD756B?B5>5 9CC381<5 >EB =9D CDE=@65=
575>CD1>4 <bC5> #b665<CD95<
0E= #bC5> 45B 9CGeB65< 9CC381<5 ;EBJ
E>D5B 6<95U5>45C .1CC5B 81<D5> ?45B <5938D
F5BG9>45>
01
12>51>1: A:0 !-31>:
(5127T487;?@ 15:7-A21:
-5B@13;E>7 41B6 >938D 25C38X497D C59>
1<D21B;59DC41DE= 25138D5>
+5=@5B1DEB 9> 45B -5B;1E6CDBE85
?45B D9565B
M
+956;e8<;?CD =b7<938CD 9> 59>5B C?<95Bg
D1C385 DB1>C@?BD95B5> E>4 C38>5<< 9> 45>
56B95BB1E= <575>
12>51>3A@ 8-31>:
S .938D97 6eB 59>G1>46B595 #E6DJ9B;E<1D9?>
9= 5BXD 56B95B7EDC381<5> 29C JE=
>C38<17 59>C389525>
S *9>4 F95<5 #525>C=9DD5< E>D5BJE2B9>75>
;1>> =1> 495 #525>C=9DD5< 49B5;D
1E645> 56B95BB?CD5> CD1@5<> 1JE
56B95B7EDC381<5> 29C JE= >C38<17
85B1ECJ9585> F?B> 1>8525> E>4
85B1EC>58=5> 5805
>5?/41 !1.1:?95@@18
15:2>51>1:
!1.1:?95@@18 ?18.?@
15:312>51>1:
.5B45> #525>C=9DD5< C5<2CD 59>756B?B5>
>EB 6B9C385 59>G1>46B595 #525>C=9DD5<
F5BG5>45>
,A9 5:312>51>1: 31153:1@ ?5:0
<59C38g E>4 .EBCDG1B5> 56<e75< E>4
.9<4 9C38 5=eC5 "BXED5B &2CD
13;G1B5> '9JJ1 65BD975 *@59C5>
*@59C5B5CD5 975<2 E>4 9G59U
,A9 5:312>51>1: :5/4@ 31153:1@ ?5:0
1>J5 95B 9> 45B *381<5 *1E5BB18=
E>4$1I?>>19C5 <1DDC1<1D5 )1495C385>
)5DD9385 E>4 0G9525<
8-:/451>1: B;: 19T?1 A:0 $.?@
1=9D 1B25 5C38=13; B?=1 E>4
-9D1=9> iK 5B81<D5> 2<5925> C?<<D5
5=eC5 E>4 &2CD F?B 45= 9>756B95B5>
2<1>3895BD G5B45>
59= <1>3895B5> G9B4 41C 5=eC5 E>4
&2CD ;EBJJ59D97 9> ;?385>45C .1CC5B
75D1E38D
#9D5B1DEB e25B 41C 9>756B95B5> G? 1E38
41C <1>3895B5> 25C38B9525> G9B4 792D
5C9= E3881>45<
9
01
!1.1:?95@@18 15:;>0:1:
!1.1:?95@@18 B1><-/71:
5B59DC 756B?B5>5 #525>C=9DD5< 4eB65>
>938D =9D 45> 6B9C38 59>JE6B95B5>45>
#525>C=9DD5<> 9> 5Be8BE>7 ;?==5>
57525>5>61<<C 4EB38756B?B5>5
#525>C=9DD5< 9> 495 56B95B7EDC381<5>
E=CD1@5<>
95 .1B5> @?BD9?>C75B538D 6eB 8B5>
1EC81<D 12@13;5> 5=eC5 E>4 &2CD
>938D C38G5B5B 1<C ;7 <59C38 29C JE
;7 @?BD9?>95B5> "<59>5B5 '?BD9?>5>
6B95B5> C38>5<<5B 4EB38 E>4 495 (E1<9DXD
2<592D 259= E6D1E5> E>4 0E25B59D5>
C?1= 25CD5> 5B81<D5>
.5B45> 6B9C385 #525>C=9DD5< 59>756B?B5>
;1>> 495 +5=@5B1DEB 9= 56B95BB1E= C?
1>CD5975> 41CC 41C +5=@5B1DEB1>J5975g
#X=@385> 5802 2<9>;D 95C
2545ED5D 125B ;59>5 5618B 6eB41C 25B59DC
59>756B?B5>5 56B95B7ED
*@XD5CD5>C >138 *DE>45> G9B4 495
59>75CD5<<D5 +5=@5B1DEB G9545B 5BB5938D
5:C15?
,= JE F5B89>45B> 41CC 259 59>5=
5F5>DE5<<5> *DB?=1EC61<< ?45B 59>5B
*DbBE>7 495 #525>C=9DD5< C38>5<<
5BGXB=5> "X<D51;;EC 49B5;D 1E6 495
#525>C=9DD5< 9> 41C ?25BCD5 138 <575>
#A@F5:4-8@
95 >7125> JE= %EDJ9>81<D 69>45> *95
9> 8B5= 5BXD 1E6 45= +I@5>C389<4
95 #525>C=9DD5< <E6D4938D F5B@13;5>
41=9D C95 >938D 98B5> 5C38=13; F5B<95B5>
?45B 1ECDB?3;>5>
,A9 *1><-/71: 31153:1@ ?5:0
"E>CDCD?66g?<95> *38<1E386?<95> 1EC
'?<I5D8I<5> <Eg?<95> E>4 56B95B4?C5>
95C5 'B?4E;D5 69>45> *95 9= 13881>45<
):31153:1@ ?5:0
'13;@1@95B '5B71=5>D@1@95B 5<<?@81>
$e<<25ED5< E>4 752B1E38D5 9>;1E6CDeD5>
95 #525>C=9DD5< 9> 495 -5B@13;E>7
59><575> #E6DFb<<97 85B1EC4Be3;5> E>4
'13;E>7 4938D F5BC38<95U5>
,A9 *1>?/4851J1: 153:1: ?5/4
E==9B9>75 "E>CDCD?66;<9@C5 9>46X45>
;X<D525CDX>4975 "<5252X>45B ?45B
X8><9385C 5ED5< E>4 *38<1E386?<95>
1EC'?<I5D8I<5> ;b>>5> =9D 59>5=
?<95>C38G59U75BXD F5BC38G59UD G5B45>
-?B 45= 9><575> 9> 45> 56B95BB1E= 45>
>81<D 45B 56B95B@1;5D5 ;5>>J5938>5>
E>4 =9D 45= 9><57541DE= F5BC585>
59U5 *@59C5> E>4 5DBX>;5 F?B 45=
9><575> 9> 45> 56B95BB1E= 1E6 09==5Bg
D5=@5B1DEB 12;e8<5> <1CC5>
10
01
'A<1>312>51>1:
12>51>3A@ -A2@-A1:
#175B> 25B59DC #525>C=9DD5< 9> 45= 5BXD
9CD 59>975 *DE>45> F?B 45= 9><575>
7B?U5B $5>75> 12 ;7 6B9C385B .1B5
41C *E@5B756B95B5> 59>JEC381<D5>
=1<<75=59>5> 75>e75> *DE>45>
*?<< 41C =1H 56B95BF5B=b75> 75>EDJD
G5B45> 25>bD97D =1> *DE>45>
0E=9>g E>4 ECC381<D5> 495 *E@5Bg
756B95BD1CD5 75<2 5802 4Be3;5>
!5 >138 BD E>4 -5BG5>4E>7CJG53;
;1>> JG9C385> 6?<75>45> $b7<938;59D5>
75GX8<D G5B45>
95 75<25 "?>DB?<<g#5E38D5 J597D 495
>25DB952>18=5 1> 95 "e8<=1C389>5
1B259D5D :5DJD CDX>497 9= 5BXD G9B4
59>5D9565 +5=@5B1DEB 5BB5938D
S 9= $9;B?G5<<5>75BXD
#-/4 019 5:8131: 01> 2>5?/41:
+->10-? 'A<1>312>51>1: C5101>
-A??/4-8@1: 5B 56B95BF?B71>7 G9B4
>E> 1ED?=1D9C38 E>4 CDB?=C@1B5>4
F?=5BXD 75CD5E5BD
5B 56B95BF?B71>7 9CD 1275C38<?CC5>
G5>> 45B 05975B 45B +5=@5B1DEB1>J5975
5804 45> C38G1BJ5> 5B5938 1>J597D
"-D 12>51>B1>9S31:
#525>C=9DD5< C?<<5> =b7<938CD C38>5<<
29CJE= "5B> 4EB38756B?B5> G5B45>
%EBC? 2<5925> -9D1=9>5 %X8BG5BD
ECC585> E>4 5C38=13; 5B81<D5>
1C=1H 56B95BF5B=b75> 8B5C
5BXD5C45C81<2 >938D e25BC38B59D5>
12>51>B1>9S31:
>7125> e25B 41C =1H 56B95BF5B=b75>
9> *DE>45> 69>45> *95 1E6 45=
+I@5>C389<4
S 259 )1E=D5=@5B1DEB
S 9= "e8<C38B1>;
S 9= 5<5;DB9C385> 13;?65>
=9D ?8>559U<E6DF5>D9<1D?B
5:C15?
>g ?45B 1E675D1ED5C 56B95B7ED >938D
G9545B 59>756B95B5> BCD >138 45=
-5B1B259D5> JE 59>5= 5BD9775B938D
75;?38D ?45B 752B1D5> ;1>> 5C 5B>5ED
59>756B?B5> G5B45>
95 =1H #175B41E5B 45C 56B95B7ED5C
>938D =58B F?<< >EDJ5>
1>L@ -A??/4-8@1: A:0
?@5888131:
1>L@ -A??/4-8@1:
+5=@5B1DEBGX8<5B 580 2 1E6 i K
4B585> Be>5 "?>DB?<<g#5E38D5 5B<9C38D
1>L@ ?@5888131:
.5>> *95 41C 5BXD <X>75B5 059D >938D
25>EDJ5>
S %5DJCD53;5B J9585> ?45B *9385BE>7
1ECC381<D5>
S 5BXD 12D1E5> E>4 B59>975>
S 5BXD5DeB ?665> <1CC5>
11
01
.@-A1: A:0 >15:531:
! '@>;9?/48-3312-4>
"59>5> 1=@6B59>975B 59>C5DJ5>
*@1>>E>7C6e8B5>45 +59<5 ;b>>5> 259
1=@6>9545BC38<17 59>5> "EBJC38<ECC
?45B *DB?=C38<17 1EC<bC5>
0E= >D65B>5> F?> )596 ;59>5 $5CC5B
?45B C@9DJ5> 575>CDX>45 F5BG5>45>
)?8B5 45C "X<D5=9DD5<g"B59C<1E65C >938D
25C38X4975>
5B1ECC@B9DJ5>45C "X<D5=9DD5< ;1>>
495E75> F5B<5DJ5> E>4 9CD 2B5>>21B
"59>5 5<5;DB9C385> 5BXD5 ?45B ?665>5C
5E5B 9= 5BXD 25>eDJ5>
5:C15?1
CD 495 )596C38938D 31 P3= 493; =ECC
1275D1ED G5B45> $9>45CD5>C :54?38 59>g
29C JG59=1< 9= !18B = JG53;=XU97CD5>
41>> G5>> G5>97 ?45B ;59> 56B95B7ED
9=5BXD <175BD
1 *DE>45> F?B 45= 2D1E5> 41C
*E@5B756B95B5> 59>C381<D5> 41=9D 495
#525>C=9DD5< 59>5 C58B D9565 +5=@5B1DEB
5BB59385> E>4 C?=9D <X>75B5 059D 259
)1E=D5=@5B1DEB 75<175BD G5B45>
;b>>5>
141: '51 C51 2;83@ B;>
S 95 56B95B7EDC381<5> =9D 45> #525>Cg
=9DD5<> 85B1EC>58=5> 95 "X<D51;;EC
G5>> 259<9575>4 1E6 495 #525>C=9DD5<
<575> 1C 56B95B7ED 9> =58B5B5 #175>
059DE>7C@1@95B 59>G93;5<> E>4 1>
59>5= ;e8<5> &BD 1E625G18B5>
S %5DJCD53;5B J9585> ?45B *9385BE>7
1EC<bC5>
S 5BXD 12D1E5> <1CC5>
S %138 45= 2D1E5> 41C +1EG1CC5B
1E645= 56B95BB1E=2?45> =9D 59>5=
*38G1== 1E6G9C385>
S $9D .1CC5B E>4 G5>97 *@e8<=9DD5<
B59>975> +eB4938DE>7 >EB =9D ;<1B5=
.1CC5B B59>975> E>4 7Be>4<938
DB?3;5>B5925>
S 5BXD G9545B 59>C381<D5>
S 56B95B7ED G9545B 59><575>
.@-AX5821
+?@6 =9D 859U5= .1CC5B 1E6 ,>D5BC5DJ5B
9> 45> 56B95BB1E= CD5<<5>
.@-AX'<>-E?
>7125> 45C 5BCD5<<5BC C9>4 =1U7525>4
! /4@A:3
2D1Eg*@B1IC ;b>>5> 5H@<?C9F5 1C5
29<45> ;E>CDCD?66C38X4975>45 #bCE>7Cg
=9DD5< ?45B +B592=9DD5< 5>D81<D5> ?45B
75CE>4859DCC38X4<938 C59>
-5BG5>45> *95 ;59>5 C1>481<D975> ?45B
CXEB581<D975> 'EDJg E>4 #bCE>7C=9DD5<
12
01
'; 7S::1: '51 :1>351
?<->1:
S 56B95B75BXD 9> 59>5= ;e8<5> 7ED
25<e6D5D5> )1E= 1E6CD5<<5> F?B 49B5;D5B
*?>>5>25CDB18<E>7 C38eDJ5> E>4
>938D9= 5B5938 59>5B .XB=5AE5<<5
59J;bB@5B 5D3 1>?B4>5>
S 95 5g E>4 >D<e6DE>7Cb66>E>75>
45C5BXD5C >938D JECD5<<5>
1@>51.?31>LA?/41
-:F :;>9-81 1>LA?/41
>A991:
"X<D5177B571D <XE6D
8A..1>:01 ?A>>1:01 ?45B 3A>318:01
1>LA?/41 "X<D5=9DD5< 6<95UD 4EB38 495
)?8B5
85/71:
$?D?B C381<D5D 59> ?45B 1EC
S .1B=5 *@59C5> 5BCD >138 45=
2;e8<5> 9> 45> 56B95BC38B1>; 7525>
1>LA?/41 051 ?5/4 815/4@
.141.1: 8-??1:
S 0E= E6D1E5> 56B95BG1B5> 9> 45>
"e8<C38B1>; <575> *95 >EDJ5> 41=9D
495"X<D5 495 9> 45B 56B95BG1B5 CD53;D
JEB "e8<E>7 45B #525>C=9DD5< 9=
"e8<C38B1>;
-? 1>L@ ?@14@ A:1.1:
9DD5 B938D5> *95 41C 5BXD =9D 9<65 59>5B
.1CC5BG1175 525> 59> -5BG5>45>
*9541JE 495 *38B1E26eU5 ?45B <575>
*955DG1C E>D5B
S 5BXD 259 9C29<4E>7 12D1E5>
9>5 493;5 9CC38938D F5BC38<538D5BD
495"X<D5127125 1> 41C 56B95B7ED E>4
<XUD 45> *DB?=F5B2B1E38 1>CD5975>
-? 1>L@ Z?@14@ -:G
9DD5 Be3;5> *95 41C 5BXD F?>
1>CD585>45> $b25<> ?45B 5BXD5> G57
S 0E= 5g ?45B >D<145> 5BXD5DeB
C?;EBJ G95 =b7<938 b66>5>
!5 ;eBJ5B 495 5BXD5DeB ?665>CD58D
E=C? 75B9>75B 9CD 495 9C29<4E>7
1>45>56B95BB?CD5>
S ,= JE F5B89>45B> 41CC 259 59>5=
5F5>DE5<<5> *DB?=1EC61<< ?45B 59>5B
*DbBE>7 495 #525>C=9DD5< C38>5<<
5BGXB=5> "X<D51;;EC F?> 45=
56B95BD12<5DD 9> 41C ?25BCD5 138
49B5;D1E6 495 #525>C=9DD5< <575>
'/4A.8-01: S>.1 ;01> .?@188X
28L/41: C-/718: ;01> 781991:
'Be65> *95 29DD5 495 85B1EC>58=21B5>
+59<5 E>4 C5DJ5> *95 C95 5F5>DE5<< >5E 59>
12LJ1 .1>T4>1: ?5/4
)e3;5> *95 29DD5 495 <1C385> ?45B 56XU5
<5938D 1EC59>1>45B
13
01
815:1 '@S>A:31:
?18.?@ .141.1:
5F?B *95 45> "E>45>495>CD BE65>
@Be65>*95 29DD5 ?2 *95 1E67BE>4 45B
>1386?<75>45> E6CD5<<E>7 495 *DbBE>7
C5<2CD 258525> ;b>>5>
59 5B1DE>7C6X<<5> =eCC5> *95 1E38
GX8B5>4 45B 1B1>D95J59D 495 F?<<5>
"?CD5> 6eB 45> $?>D5EB59>C1DJ
e25B>58=5>
+-? 5?@ FA @A: C1::
1? 59 12>51>>-A9 FA 7-8@ 5?@
S 5B +5=@5B1DEBGX8<5B 9CD JE ;1<D
59>75CD5<<D
S 1C *E@5B756B95B5> GEB45 F5B75CC5>
1ECJEC381<D5> 75<25 "?>DB?<<g#5E38D5
<5E38D5D *E@5B756B95B5> 1ECC381<D5>
715:1 ;:@>;88X:F1531: 81A/4@1:
'Be65> *95
S &2 41C 5BXD 59>75C381<D5D 9CD
S &2 59> *DB?=1EC61<< F?B<957D
S &2 495 *9385BE>7 45B 1EC9>CD1<<1D9?>
1EC75C381<D5D 9CD
S &2 45B %5DJCD53;5B 45C 5BXD5C 65CD
9>45B *D53;4?C5 C9DJD
051 ;:@>;88X:F1531 >;@ ?@L:053
81A/4@1@
= 56B95BB1E= 9CD 5C JE G1B= G59<
S 95 +eB 8XE697 75b66>5D GEB45 ?45B
7B?U5 $5>75> #525>C=9DD5< 6B9C38
59>756B?B5> GEB45>
S 5B +5=@5B1DEBGX8<5B 1E6 59>5 8b85B5
09665B 754B58D GEB45
S 95 5<e6DE>7Cb66>E>75> F5B453;D
GEB45>
%138 58525> 495C5B *DbBE>75> 5B<9C38D
495 "?>DB?<<g>J5975 >138 59>975B 059D
.5>> >938D "E>45>495>CD BE65>
14
A:01:051:?@
9>5> "E>45>495>CD 9> 8B5B %X85 69>45>
*95 9= +5<56?>2E38 ?45B 9= "E>45>495>CDg
-5BJ5938>9C 525>*9529DD5 45= "E>45>g
495>CD 495BJ5E7>9C>E==5B g%B E>4
4955BD97E>7C>E==5B 45C 5BXD5C
1>
*95 69>45> 495C5 >7125> 1E6 45=
+I@5>C389<4 5809
9DD5 85<65> *95 4EB38 %5>>E>7 45B
BJ5E7>9Cg E>4 5BD97E>7C>E==5B
=9DE>>bD975 >618BD5> JE F5B=5945>
*95C@1B5> 495 41=9D F5B2E>45>5
$58B;?CD5>
1:
:2;>9-@5;: /;:/1>:5:3 '-21@E -:0 C->:5:3
05?<;?-8
5:2;>9-@5;:
x 5?<;?-8 ;2 <-/7-35:3
+85 @13;179>7 @B?D53DC I?EB 1@@<91>35
6B?= 41=175 4EB9>7 DB1>C9D << @13;179>7
=1D5B91<C 1B5 5>F9B?>=5>D1<<I 6B95>4<I 1>4
B53I3<12<5 '<51C5 3?>DB92ED5 D? 1 25DD5B
5>F9B?>=5>D 2I 49C@?C9>7 ?6 @13;179>7
=1D5B91<C 9> 1> 5>F9B?>=5>D1<<Ig6B95>4<I
=1>>5B
'<51C5 1C; I?EB 451<5B ?B 9>AE9B5 1D I?EB
<?31< 1ED8?B9DI 12?ED 3EBB5>D =51>C ?6
49C@?C1<
x 5?<;?-8 ;2 E;A> ;80
-<<85-:/1
&<4 1@@<91>35C 1B5 >?D G?BD8<5CC BE229C8
-1<E12<5 B1G =1D5B91<C 31> 25 B53<19=54
2I B53I3<9>7 ?<4 1@@<91>35C
+89C 1@@<91>35 9C <125<<54 9>
133?B41>35 G9D8 EB?@51> 9B53D9F5
3?>35B>9>7 EC54
5<53DB931< 1>4 5<53DB?>93 1@@<91>35C
G1CD5 5<53DB931< 1>4 5<53DB?>93
5AE9@=5>D h . +85 7E945<9>5
45D5B=9>5C D85 6B1=5G?B; 6?B D85 B5DEB>
1>4 B53I3<9>7 ?6 EC54 1@@<91>35C 1C
1@@<9312<5 D8B?E78?ED D85 ,
!
+->:5:3
)54E>41>D 1@@<91>35C
'E<< ?ED D85 =19>C @<E7
ED ?66 D85 @?G5B 3?B4 1>4 49C31B4 G9D8
D85 =19>C @<E7
)56B975B1D?BC 3?>D19> B56B975B1>DC 1>4 D85
9>CE<1D9?> 3?>D19>C 71C5C )56B975B1>D 1>4
71C5C =ECD 25 49C@?C54 ?6 @B?@5B<I
>CEB5 D81D DE29>7 ?6 D85 B56B975B1>D 39B3E9D
9C >?D 41=1754 @B9?B D? @B?@5B 49C@?C1<
12;>1 E;A ?C5@/4 $# @41
-<<85-:/1
'<51C5 B514 D85 ?@5B1D9>7 1>4 9>CD1<<1D9?>
9>CDBE3D9?>C 31B56E<<I +85I 3?>D19>
9=@?BD1>D 9>6?B=1D9?> ?>8?G D? 9>CD1<<
EC5 1>4 =19>D19> D85 1@@<91>35
"55@ 1<< 4?3E=5>D1D9?> 6?B CE2C5AE5>D
EC5 ?B 6?B D85 >5HD ?G>5B
(1/4:5/-8 ?-21@E
S +89C 1@@<91>35 3?>D19>C 1 C=1<< AE1>D9DI
?6 5>F9B?>=5>D1<<Ig6B95>4<I 2ED
6<1==12<5 ) 1 B56B975B1>D >CEB5
D81D D85 DE29>7 ?6 D85 B56B975B1>D 39B3E9D
9C>?D 41=1754 4EB9>7 DB1>C@?BD1D9?>
1>4 9>CD1<<1D9?> #51;9>7 B56B975B1>D =1I
31EC5 5I5 9>:EB95C ?B 97>9D5
2 0-9-31 4-? ;//A>>10
"55@ >1;54 6<1=5C 1>4 ?B 97>9D9?>
C?EB35C 1G1I 6B?= D85 1@@<91>35
+8?B?E78<I F5>D9<1D5 D85 B??= 6?B
C5F5B1< =9>ED5C
*G9D38 ?66 D85 1@@<91>35 1>4 @E<< ?ED
D85 =19>C @<E7 ?B CG9D38 ?66 D85 6EC5
%?D96I 3ECD?=5B C5BF935
+85 =?B5 B56B975B1>D 1> 1@@<91>35
3?>D19>C D85 <1B75B D85 B??= =ECD 25
#51;9>7 B56B975B1>D 31> 6?B=
16<1==12<5 71Cg19B =9HDEB5 9> B??=C
G8938 1B5 D?? C=1<<
+85 B??= =ECD 25 1D <51CD = @5B 7
?6 B56B975B1>D +85 1=?E>D ?6 B56B975B1>D
9> I?EB 1@@<91>35 9C 9>4931D54 ?> D85
B1D9>7 @<1D5 9>C945 D85 1@@<91>35
15
1:
S &><I 3ECD?=5B C5BF935 =1I 381>75
D85@?G5B 3?B4 1>4 31BBI ?ED 1>I ?D85B
B5@19BC =@B?@5B 9>CD1<<1D9?>C 1>4
B5@19BC =1I @ED D85 EC5B 1D 3?>C945B12<5
B9C;
S "55@ @<1CD93 @1BDC 1>4 D85 4??B C51<
6B55 ?6 ?9< 1>4 7B51C5 &D85BG9C5 @1BDC
1>4 4??B C51< G9<< 253?=5 @?B?EC
9<;>@-:@ 5:2;>9-@5;: C41:
A?5:3 @41 -<<85-:/1
S '5?@<5 G8? 81F5 <9=9D54 @8IC931<
C5>C?BI?B =5>D1< 129<9D95C ?B 9>145AE1D5
;>?G<5475 =ECD >?D EC5 D89C 1@@<91>35
E><5CC D85I 1B5 CE@5BF9C54 ?B 79F5>
=5D93E<?EC 9>CDBE3D9?>C
S %5F5B EC5 5<53DB931< 1@@<91>35C 9>C945
D85 1@@<91>35 5 7 851D5BC 5<53DB93 935
=1;5BC 5D3 &5?7 ;2 1D<8;?5;:
S %5F5B EC5 1 CD51= 3<51>5B D? 456B?CD
?B3<51> D85 1@@<91>35 +85 CD51= =1I
@5>5DB1D5 5<53DB931< @1BDC 1>4 31EC5
1C8?BDg39B3E9D
&5?7 ;2 181/@>5/ ?4;/7
S ? >?D EC5 @?9>D54 ?B C81B@g54754
9=@<5=5>DC D? B5=?F5 6B?CD ?B <1I5BC
?6935
/?E 3?E<4 41=175 D85 B56B975B1>D
DE29>7 #51;9>7 B56B975B1>D =1I 97>9D5
?B31EC5 5I5 9>:EB95C
S %5F5B 3?F5B ?B 2<?3; D85 F5>D9<1D9?>
?@5>9>7C 6?B D85 1@@<91>35
4580>1: 5: @41 4;A?14;80
S "55@ 389<4B5> 1G1I 6B?= @13;179>7
1>4 9DC @1BDC 1>75B ?6 CE66?31D9?> 6B?=
6?<49>7 31BD?>C 1>4 @<1CD93 69<=
S ? >?D 1<<?G 389<4B5> D? @<1I G9D8 D85
1@@<91>35
S 6 D85 1@@<91>35 651DEB5C 1 <?3; ;55@
D85 ;5I ?ED ?6 D85 B5138 ?6 389<4B5>
1:1>-8 >1=A5>191:@?
S ? >?D CD?B5 @B?4E3DC G8938 3?>D19>
6<1==12<5 @B?@5<<1>DC 5 7 C@B1I 31>C
?B 5H@<?C9F5 CE2CD1>35C 9> D85
1@@<91>35 D<8;?5;: 4-F->0
+85 1@@<91>35 9C CE9D12<5
S ? >?D CD1>4 ?B CE@@?BD I?EBC5<6 ?>
D8521C5 4B1G5BC ?B 4??BC 5D3
+85 1@@<91>35 9C 45C97>54 6?B 4?=5CD93
EC5
S 56?B5 456B?CD9>7 ?B 3<51>9>7 D85
1@@<91>35 CG9D38 ?66 D85 1@@<91>35
@E<<?ED D85 =19>C @<E7 ?B CG9D38 ?66
D856EC5
'E<< ?> D85 =19>C @<E7 >?D ?>D85 @?G5B
3?B4
+85 1@@<91>35 81C 255> 9>D5B65B5>35CE@@B5CC54 9> 3?=@<91>35 G9D8 ,
9B53D9F5 S ?DD<5C G8938 3?>D19> 1 8978 @5B35>D175
?6 1<3?8?< =ECD 25 C51<54 1>4 CD?B54 9>
1> E@B978D @?C9D9?>
+89C @B?4E3D 3?=@<95C G9D8 D85 B5<5F1>D
C165DI B57E<1D9?>C 6?B 5<53DB931< 1@@<91>35C
% 16
S 6?B 6B55J9>7 6??4
S 6?B =1;9>7 935
+85 B56B975B1>D 39B3E9D 81C 255> D5CD54 6?B
<51;C
1:
1@@5:3 @; 7:;C E;A>
-<<85-:/1
'<51C5 6?<4 ?ED D85 9<<ECDB1D54 <1CD @175
+85C5 ?@5B1D9>7 9>CDBE3D9?>C B565B D?
C5F5B1< =?45<C
+85 9<<ECDB1D9?>C =1I 49665B
$B1>-88 B51C
53 1
>?D 1<< =?45<C
-?/553 2
"-5: ?C5@/4 -:0 @19<1>-@A>1
?181/@;>
+? C5D D85 D5=@5B1DEB5 DEB> D85
D5=@5B1DEB5 C5<53D?B G9D8 1 3?9>
%;?5@5;: G 45341?@ @19<1>-@A>1
%;?5@5;: G 8;C1?@ @19<1>-@A>1
:05/-@;> 8-9< 3>11:
<978DC E@ G85> D85 1@@<91>35 9C
3?>>53D54 D? D85 =19>C 1>4 D85 =19>
CG9D38 9C ?> +85 9>4931D?B <1=@ 7?5C
?ED G85> D85 D5=@5B1DEB5 C5<53D?B 9C
DEB>54 D? K D85 =19>C @<E7 9C 49Cg
3?>>53D54 ?B D85 5<53DB939DI CE@@<I
619<C
-?@ 2>11F1 .A@@;:
+? CG9D38 ?66 @B5CC D85 61CD 6B55J5
2EDD?> 1719> 1CD 6B55J5 4?5C >?D
CG9D38 ?66 1ED?=1D931<<I
(19<1>-@A>1 C->:5:3 8534@ >10
<978DC E@ 96 D85 6B55J5B 253?=5C D??
G1B= 9 5 D85 6B?J5> 6??4 9C 1D B9C; ?6
D81G9>7 +85 D5=@5B1DEB5 G1B>9>7
<978D =1I 3?=5 ?> D5=@?B1B9<I G9D8?ED
1>I B9C; D? D85 6B?J5> 6??4 G85>
Y-?/5
*1:@58-@5;: ;<1:5:3
+;>7@;<
>;F1:X2;;0 /-81:0-> >11F1> 0>-C1>
-?1 <-:18
C5@4 B1:@58-@5;: ;<1:5:3
S D85 1@@<91>35 9C CG9D3854 ?>
(19<1>-@A>1 05?<8-E 5: @41
-<<85-:/1 0;;> S G85> <1B75 AE1>D9D95C ?6 6B5C8 6??4
1B5@<1354 9> D85 1@@<91>35
S 96 D85 1@@<91>35 4??B 9C ?@5> 6?B D??
<?>7
S 96 D85 D5=@5B1DEB5 C5<53D?B 9C =?F54 D?
1 89785B C5DD9>7 <?G5B D5=@5B1DEB5
:05/-@;> 8-9< E188;C
<978DC E@ G85> D85 *E@5B B55J5
2EDD?> 81C 255> @B5CC54
+85 9>4931D?B <1=@ 7?5C ?ED G85>
D85*E@5B B55J5 2EDD?> 9C ?66
17
1:
#;@1 -9.51:@
@19<1>-@A>1 -:0
B1:@58-@5;:
+85 3<9=1D93 3<1CC 31> 25 6?E>4 ?> D85
B1D9>7 @<1D5 D C@539695C D85 1=295>D
D5=@5B1DEB5C 1D G8938 D85 1@@<91>35 =1I
25 ?@5B1D54 +85 B1D9>7 @<1D5 31> 25
6?E>4 9>C945 D85 1@@<91>35 1D D85 2?DD?=
<56Dg81>4 C945
° °
° °
° °
° °
*1:@58-@5;:
53 3
+85 19B 1D D85 213; ?6 D85 1@@<91>35 G9<<
851D E@ +89C G1B= 19B =ECD 25 1<<?G54 D?
6B55<I 5C31@5 ?D85BG9C5 D85 B56B975B1D9>7
=1389>5 =ECD @5B6?B= =?B5 +89C B19C5C
5<53DB939DI 3?>CE=@D9?> 5>35 D85
19Bg9><5D 1>4 ?ED<5D 1@5BDEB5C C8?E<4 >5F5B
25 3?F5B54 ?B 2<?3;54 ?66
18
;::1/@5:3 @41
-<<85-:/1
6D5B 9>CD1<<9>7 D85 1@@<91>35 G19D 1D <51CD
P 8?EB E>D9< D85 1@@<91>35 CD1BDC E@
EB9>7 DB1>C@?BD1D9?> D85 ?9< 9> D85
3?=@B5CC?B =1I 81F5 6<?G54 9>D? D85
B56B975B1D9?> CICD5=
56?B5 CG9D389>7 ?> D85 1@@<91>35 6?B D85
69BCD D9=5 3<51> D85 9>D5B9?B C55 <51>9>7
+85 C?3;5D C8?E<4 25 6B55<I 1335CC92<5
?>>53D D85 1@@<91>35 D? h J 1<D5B>1D9>7 3EBB5>D F91 1 3?BB53D<I
9>CD1<<54 51BD854 C?3;5D +85 C?3;5D =ECD
25 6EC54 G9D8 1
6EC5 ?B 89785B
2 @41 -<<85-:/1 5? @; .1 ;<1>-@10 5:
-:;:XA>;<1-: /;A:@>E /41/7 ;:
@41>-@5:3 <8-@1 C41@41> @41 5:05/-@10
B;8@-31 -:0 /A>>1:@ @E<1 /;>>1?<;:0
@; @41 B-8A1? ;2 E;A> 9-5:? ?A<<8E
(41 >-@5:3 <8-@1 5? ?5@A-@10 5: @41
.;@@;9 812@X4-:0 ?501 ;2 @41 -<<85-:/1
(41 <;C1> /;>0 9-E .1 >1<8-/10 .E
-: 181/@>5/5-: ;:8E
1:
'C5@/45:3 ;: @41
-<<85-:/1
+EB> D85 D5=@5B1DEB5 C5<53D?B ?>
53 2 D85 7B55> 1>4 B54 9>4931D?B
<1=@C <978D E@
'181/@5:3 @41 @19<1>-@A>1
*5D D85 D5=@5B1DEB5 C5<53D?B ?> 53 2
D? 1 >E=25B +85 89785B D85 >E=25B
D85<?G5B D85 D5=@5B1DEB5 .5B53?=g
=5>4 1 =549E= C5DD9>7 ?657 &> 1@@<91>35C G9D8 D5=@5B1DEB5 49C@<1I
I?E =ECD C5D D85 D5=@5B1DEB5 C5<53D?B C?
D81D 9DC @?9>D5B B5=19>C G9D89> D85 2<13;
J?>5 ?F5B D85 <?>7 D5B= 53 4
#;@1
S 6 I?E 31>>?D ?@5> D85 6B55J5B
3?=@1BD=5>D 4??B 9==5491D5<I 16D5B
3<?C9>7 9D G19D h =9>ED5C E>D9< D85
@1BD91< F13EE= 81C 5AE1<9C54
S +85 B56B975B1D9?> CICD5= =1I 31EC5 C5g
F5B1< 1B51C ?6 D85 6B55J5B C85<F5C D?6B?CD
AE93;<I +89C 4?5C >?D 16653D 6E>3D9?> ?B
@?G5B 3?>CE=@D9?> +851@@<91>35
4?5C >?D B5AE9B5 456B?CD9>7 E>D9< D85 5>g
D9B5 CEB6135 ?6 D85 6B55J5B C85<6 9C 3?F5B54
G9D8 =?B5 D81> == ?6 6B?CD ?B 935
S +85 C945C ?6 D85 8?EC9>7 1B5 C?=5D9=5C
851D54 C<978D<I +89C @B5F5>DC 3?>45>g
C1D9?> 9> D85 1B51 ?6 D85 4??B C51<
5@@5:3?
>11F1> /-81:0->
>?D 1<< =?45<C
53 6
+85 697EB5C >5HD D? D85 CI=2?<C 9>4931D5
D85 @5B=9DD54 CD?B175 @5B9?4 9> =?>D8C
?6D85 @B?4E35 6 6B?J5> @B?4E35 9C
@EB381C54 3?=@<I G9D8 D85 =1>E613g
DEB5BC 41D5 ?B C5<<g2I 41D5
/1 .8;/7
>?D 1<< =?45<C
53 7
6 1 @?G5B 619<EB5 ?B =1<6E>3D9?> ?33EBC
D85 935 2<?3;C 31> 25 EC54 D? C<?G 4?G>
D85 D81G9>7 @B?35CC +85 935 2<?3;C 31>
1<C? 25 EC54 D? 3??< 6??4 D5=@?B1B9<I 5 7
9> 1 3?<4 217
"-75:3 5/1 /A.1?
53 8
9<< D85 935g3E25 DB1I Q 6E<< ?6 G1D5B
1>4@<135 9> D85 2?DD?= ?6 D85 6B55J5B
3?=@1BD=5>D 6 D85 935g3E25 DB1I 9C CDE3;
D? D85 6B55J5B 3?=@1BD=5>D 49C<?475 G9D8
12<E>D 9=@<5=5>D ?><I C@??> 81>4<5
+? <??C5> D85 935 3E25C 8?<4 D85 DB1I
2B956<I E>45B BE>>9>7 G1D5B ?B DG9CD D85
DB1I C<978D<I
S (; 1:?A>1 @41 8;C1?@ 1:1>3E /;:X
?A9<@5;: @41 >1-> <-:18 /;:01:?1>
;2 @41 -<<85-:/1 ?4;A80 .1
99
2>;9 @41 75@/41: C-88
19
1:
>11F5:3 -:0 ?@;>5:3
2>;F1: 2;;0
AE5:3 2>;F1: 2;;0
+85 @13;179>7 =ECD >?D 25 41=1754
%?D5 D85 C5<<g2I 41D5
+85 D5=@5B1DEB5 9> D85 CE@5B=1B;5D
6B55J5B C8?E<4 25 N ?B <?G5B
+B1>C@?BD D85 6B?J5> 6??4 9> 1> 9>CE<1D9>7
217 G85B5 @?CC92<5 1>4 @ED 9D AE93;<I 9>D?
D85 6B55J5B 3?=@1BD=5>D
'@;>5:3 2>;F1: 2;;0
S +? 5>CEB5 7??4 19B 39B3E<1D9?> 9> D85
1@@<91>35 9>C5BD D85 6B55J5B 4B1G5BC 1<<
D85 G1I
S 6 1 <1B75 AE1>D9DI ?6 6??4 9C D? 25 @<1354
9> D85 6B55J5B 3?=@1BD=5>D D85 6??4
31> 25 CD13;54 49B53D<I ?> D85 G9B5
C85<F5C +? 4? D89C @E<< ?ED D85 6B55J5B
4B1G5BC 1<< D85 G1I <96D 1D D85 6B?>D 1>4
B5=?F5 53 5
>11F5:3 2>1?4 2;;0
>11F5:3 2;;0 E;A>?182
6 I?E 1B5 6B55J9>7 6??4 I?EBC5<6 EC5 ?><I
6B5C8 E>41=1754 6??4
(41 2;88;C5:3 2;;0? ->1 ?A5@-.81
2;>2>11F5:3
$51D 1>4 C1EC175 @B?4E3DC @?E<DBI 1>4
71=5 69C8 F575D12<5C 85B2C 6BE9D 31;5C
1>4 @1CDB95C @9JJ1 B514I =51<C
<56D?F5BC 577 I?<; 1>4 577gG89D5
20
(41 2;88;C5:3 2;;0? ->1 :;@ ?A5@-.81
2;> 2>11F5:3
77C 9> C85<<C C?EB54 3B51= 1>4
=1I?>>19C5 7B55> C1<14C B149C85C
1>4?>9?>C
8-:/45:3 B131@-.81? -:0 2>A5@
+? B5D19> 3?<?EB 6<1F?EB 1B?=1 1>4
F9D1=9> F575D12<5C 1>4 6BE9DC C8?E<4
252<1>3854 @B9?B D? 6B55J9>7
<1>389>7 9C D85 2B956 9==5BC9?>
?6F575D12<5C 1>4 6BE9D 9> 2?9<9>7 G1D5B
#9D5B1DEB5 ?> 6B55J9>7 1>4 2<1>389>7
9C1F19<12<5 9> 2??;C8?@C
'@;>5:3 2;;0 5: @41
-<<85-:/1
??4 G8938 9C 1<B514I 6B?J5> =ECD >?D
3?=5 9>D? 3?>D13D G9D8 D85 6??4 G8938
9CD? 25 6B?J5> 6 B5AE9B54 =?F5 D85
6B?J5> 6??4 D? D85 6B55J5B 4B1G5BC
.85> 6B5C8 6??4 9C 6B?J5> D85
D5=@5B1DEB5 9> D85 6B55J5B 3?=@1BD=5>D
=1I B9C5 D? CE38 1> 5HD5>D D81D D85
D5=@5B1DEB5 49C@<1I <1=@ 6<1C85C
53 2 8?G5F5B D85 6??4 G8938
9C1<B514I 6B?J5> 9C >?D 1D B9C; ?6 D81G9>7
6D5B 8?EBC 1D D85 <1D5CD D85 C5D
D5=@5B1DEB5 9C B513854 1719>
#;@1
+? @B5F5>D 6??4 6B?= D81G9>7 9> D85 5F5>D
?6 1 @?G5B 619<EB5 ?B 1 61E<D @<135 935
2<?3;C 49B53D<I ?> D85 6??4 9> D85 D?@
3?=@1BD=5>D
)?-.81 /-<-/5@E
>6?B=1D9?> ?> D85 EC12<5 31@139DI 31> 25
6?E>4 9>C945 I?EB 1@@<91>35 ?> D85 B1D9>7
@<1D5
1:
%-/75:3 @41 2;;0
'13; D85 6??4 9> C5@1B1D5 @?BD9?>C G8938
CE9D D85 41IgD?g41I >554C ?6 I?EB
8?EC58?<4 9F945 F575D12<5C 1>4 6BE9D
9>D? @?BD9?>C >? 851F95B D81> ;7 1>4
=51D 9>D? @?BD9?>C E@ D? ;7 *=1<<5B
@?BD9?>C 6B55J5 =?B5 AE93;<I 1>4 B5D19>
D859B AE1<9DI 25DD5B 4EB9>7 456B?CD9>7 1>4
3??;9>7
+? B5D19> D85 6<1F?EB 1>4 @B5F5>D D85 6??4
6B?= 4BI9>7 ?ED GB1@ D85 6??4 19BD978D
'A5@-.81 2;> <-/75:3 ->1
@<1CD93 69<= @?<ID85>5 DE25g69<=
1<E=9>9E= 6?9< 1>4 6B55J5B D9>C +85C5
@B?4E3DC 31> 25 2?E78D 1D 1 C@5391<9CD
?ED<5D
-?@ 2>11F5:3
6 D85B5 9C 1<B514I 6??4 9> D85 6B55J5B
3?=@1BD=5>D CG9D38 &% 61CD 6B55J9>7
C5F5B1< 8?EBC 256?B5 6B55J9>7 6B5C8
@B?4E35 C 1 BE<5 8?EBC 9C
145AE1D5 6=1H 6B55J9>7 31@139DI 9C D?
25 ED9<9C54 8?EBC 1B5 B5AE9B54 *=1<<5B
AE1>D9D95C ?6 6??4 E@ D? ;7 31> 25
6B?J5> G9D8?ED 61CD 6B55J5 +? CG9D38 &%
61CD 6B55J5 C9=@<I @B5CC D85 61CDg6B55J5
2EDD?> 53 2 +85 I5<<?G @9<?D <978D 9>4931D5C D81D 61CD
6B55J5 9C &% +85 B56B975B1D9>7 E>9D >?G
?@5B1D5C 3?>D9>E?EC<I +856B55J5B
3?=@1BD=5>D 4B?@C D? 1 <?G D5=@5B1DEB5
):?A5@-.81 ->1
GB1@@9>7 @1@5B 7B51C5@B??6 @1@5B
35<<?@81>5 B56EC5 217C 1>4 EC54
C8?@@9>7 217C
2@1> 5:?1>@5:3 2>1?4 <>;0A/1 5:@; @41
2>11F1> /;9<->@91:@ ?C5@/4 $ 2-?@
2>11F5:3 +85 6B55J9>7 @B?35CC 9C >?G
3?>DB?<<54 1ED?=1D931<<I 2I D85 1@@<91>35
1D 1 B54E354 @?G5B 3?>CE=@D9?>
'<135 D85 6??4 9> D85 GB1@@9>7 CAE55J5
?ED 1<< 19B 1>4 C51< D85 GB1@@9>7 G5<<
.85> D85 D5=@5B1DEB5 9>4931D?B 53 4
9C 9> D85 2<13; 1B51 D85 6B55J9>7 @B?35CC
9C3?=@<5D5
'A5@-.81 2;> ?1-85:3 ->1
5<1CD93 21>4C @<1CD93 3<9@C CDB9>7
3?<4gB5C9CD1>D D1@5 ?B CE38 <9;5 17C 1>4
DE25g69<= ?6 @?<ID85>5 =1I 25 C51<54 G9D8
1 69<= C51<5B
56?B5 @<139>7 D85 6??4 9> D85 6B55J5B
3?=@1BD=5>D =1B; 5138 6B55J5B @13;5D
G9D8 D85 3?>D5>DC 1>4 D85 41D5 ?> G8938 9D
G1C 9>C5BD54
<<?G 8?D 6??4 1>4 4B9>;C D? 3??< D? B??=
D5=@5B1DEB5 256?B5 @<139>7 D85= 9> D85
6B55J5B 3?=@1BD=5>D
"-D 2>11F1> /-<-/5@E
??4 C8?E<4 25 6B?J5> B978D D8B?E78 1C
AE93;<I 1C @?CC92<5 &><I 9> D89C G1I 1B5
F9D1=9>C >EDB9D9?>1< F1<E5C 1@@51B1>35
1>4 D1CD5 B5D19>54 +85B56?B5 I?E C8?E<4
>?D 5H3554 D85 =1H9=E= 6B55J9>7
31@139DI ?6 I?EB 1@@<91>35
>11F5:3 /-<-/5@E
>6?B=1D9?> 12?ED D85 =1H 6B55J9>7
31@139DI G9D89> 8?EBC 31> 25 6?E>4
?>D85 B1D9>7 @<1D5
21
1:
12>;?@5:3 2>;F1:
<>;0A/1
5@5>49>7 ?> D85 DI@5 ?6 6??4 1>4
9>D5>454 EC5 6B?J5> @B?4E35 31> 25
456B?CD54
S 1D B??= D5=@5B1DEB5
S 9> 1 B56B975B1D?B
S 9> 1> 5<53DB93 ?F5> G9D8 G9D8?ED 61>
1CC9CD54 8?Dg19B
S 9> 1 =93B?G1F5
#;@1
? %&+ B56B55J5 6??4 G8938 9C 2579>>9>7
D? 456B?CD ?BG8938 81C 1<B514I 456B?CD54
&><I 6??4 G8938 9C CE2C5AE5>D<I @B5@1B54
3??;54 ?B 6B954 =1I 25 B56B?J5>
%? <?>75B CD?B5 D85 6B?J5> @B?4E35 6?B D85
=1H CD?B175 @5B9?4
'C5@/45:3 ;22 -:0
05?/;::1/@5:3 @41
-<<85-:/1
'C5@/45:3 ;22 @41 -<<85-:/1
+EB> D85 D5=@5B1DEB5 C5<53D?B ?>
53 2 D? K B55> 9>4931D?B <978D
7?5C ?ED
5?/;::1/@5:3 @41
-<<85-:/1
6 D85 1@@<91>35 9C >?D EC54
6?B1@B?<?>754 @5B9?4
S 'E<< ?ED D85 =19>C @<E7 ?B CG9D38 ?66
D856EC5
S 56B?CD 1>4 3<51> D85 1@@<91>35
S #51F5 D85 1@@<91>35 4??B ?@5>
22
12>;?@5:3 -:0
/81-:5:3
&5?7 ;2 181/@>5/ ?4;/7
? >?D EC5 1 CD51= 3<51>5B *D51=
=1If3?=5 9>D? 3?>D13D G9D8 5<53DB931<
3?=@?>5>DC 1>4 31EC5 1 C8?BDg39B3E9D
?Bf1> 5<53DB93 C8?3;
!
? >?D B5=?F5 6B?CD G9D8 1 ;>965 ?B
@?9>D54 ?2:53D
? >?D 41=175 D85 B56B975B1>D 39B3E9D
DE25C
#51;9>7 B56B975B1>D =1I 31EC5 5I5 9>:EB95C
1>4 9C 6<1==12<5
? >?D EC5 5<53DB931< 1@@<91>35C ?B >1;54
6<1=5C 9> D85 1@@<91>35
#;@1
6 D85 <1I5B ?6 6B?CD 9C 1@@B?H P 3= D893;
D85 6B55J5B 3?=@1BD=5>D =ECD 25
456B?CD54 %5F5BD85<5CC 456B?CD D85
6B55J5B 3?=@1BD=5>D 1D <51CD ?>35 ?B
DG935 1 I51B +85 25CD D9=5 D? 456B?CD
9CG85> D85B5 9C <9DD<5 ?B >? 6??4 9> D85
1@@<91>35
@@B?H 8?EBC 256?B5 456B?CD9>7 D85
1@@<91>35 CG9D38 ?> 61CD 6B55J5 C? D81D
D85 6??4 4B?@C D? 1 F5BI <?G D5=@5B1DEB5
1>4 31> D85B56?B5 25 CD?B54 1D B??=
D5=@5B1DEB5 6?B 1 <?>75B @5B9?4
1:
%>;/110 -? 2;88;C?
S )5=?F5 D85 6B55J5B 4B1G5BC 3?>D19>9>7
D85 6??4 '<135 D85 935 2<?3;C
96f5>3<?C54 ?> D85 6??4 .B1@ D85
6B?J5> 6??4 9> C5F5B1< C855DC ?6
>5GC@1@5B 1>4 CD?B5 9> 1 3??< <?31D9?>
S 'E<< ?ED D85 =19>C @<E7 ?B 49C3?>>53D
D85 6EC5
S 56B?CD D85 1@@<91>35
S 6D5B 456B?CD9>7 D85 1@@<91>35 G9@5 E@
D85 3?>45>C1D9?> ?> D85 6<??B ?6 D85
6B55J5B 3?=@1BD=5>D G9D8 1 C@?>75
S <51> G9D8 G1D5B 1>4 1 <9DD<5 G1C89>7gE@
<9AE94 <51> D85 4??B C51< G9D8 G1D5B
?><I 1>4 D85> 4BI D8?B?E78<I
S *G9D38 ?> D85 1@@<91>35 1719>
S 'ED D85 6B?J5> 6??4 213; 9> D85 6B55J5B
3?=@1BD=5>D
12>;?@5:3 -50
'<135 1 @1> ?6 8?D G1D5B ?> 1 21C5 9> D85
6B55J5B 3?=@1BD=5>D
12>;?@5:3 ?<>-E?
?<<?G D85 =1>E613DEB5BC 9>CDBE3D9?>C
@@1:@5;:
56B?CD9>7 C@B1IC =1I 6?B= 5H@<?C9F5
71C5C 1>4 =1I 3?>D19> C?<F5>DC ?B
@B?@5<<1>DC G8938 1DD13; @<1CD93 ?B
G8938f1B5 1 851<D8 81J1B4
!
;C @; ?-B1 1:1>3E
S +85 6B55J5B C8?E<4 25 9>CD1<<54 9> 1 4BI
G5<< F5>D9<1D54 B??= >?D 5H@?C54 D?
49B53D CE><978D 1>4 >?D @<1354 >51B
1f851D C?EB35 B1491D?B 5D3 S ? >?D 2<?3; D85 F5>D9<1D9?> ?@5>9>7C
9>fD85 1@@<91>35
S <<?G G1B= 6??4 D? 3??< 4?G> 256?B5
@<139>7 9D 9> D85 6B55J5B
S +81G 6B?J5> 6??4 2I @<139>7 9D 9> D85
B56B975B1D?B +85 <?G D5=@5B1DEB5 ?6
D85f6B?J5> 6??4 3??<C D85 6??4 9> D85
B56B975B1D?B
S 56B?CD D85 1@@<91>35 G85> 935 6?B=C
fD893; <1I5B ?6 935 9=@19BC B56B975B1D9?>
?6 D85 6B?J5> 6??4 1>4 9>3B51C5C D85
@?G5B 3?>CE=@D9?>
S .85> <?149>7 ?B E><?149>7 D85 6B55J5B
?@5> D85 1@@<91>35 4??B 1C 2B956<I 1C
@?CC92<5
+85 2B9565B D85 1@@<91>35 4??B 9C
?@5>54 D85 <?G5B D85 935 6?B=1D9?>
?>fD85 6B55J5B C85<F5C
S +? @B5F5>D D85 6??4 6B?= G1B=9>7 E@
AE93;<I 9> D85 5F5>D ?6 1 @?G5B 619<EB5
?Bf=1<6E>3D9?> D1;5 935 2<?3;C 6B?= D85
6B55J5B DB1I 1>4 @<135 D85= 9> D85 D?@
3?=@1BD=5>D 49B53D<I ?> D85 6??4
? >?D EC5 12B1C9F5 ?B 139493 3<51>9>7
175>DC 1>4 C?<F5>DC
23
1:
$<1>-@5:3 :;5?1?
;9<81@18E :;>9-8 :;5?1?
A995:3 :;5?1
BE>>9>7
B56B975B1D9>7 E>9D 9C
A..85:3 C45>>5:3 ?B 3A>385:3 :;5?1?
B56B975B1>D 9C 6<?G9>7 D8B?E78 D85
B56B975B1D9?> DE29>7
85/75:3 :;5?1
?66
=?D?B 9C CG9D389>7 ?> ?B
#;5?1? C45/4 /-: 1-?58E .1
18595:-@10
(41 -<<85-:/1 5? :;@ ?@-:05:3 81B18
'<51C5 EC5 1 C@9B9Dg<5F5< D? 5>CEB5 D81D D85
1@@<91>35 9C CD1>49>7 <5F5< 4:ECD D85
D8B51454 655D ?B @<135 C?=5D89>7
E>45B>51D8 D? 2B9>7 D85 1@@<91>35 <5F5<
(41 -<<85-:/1 5? />;C010
'<51C5 <51F5 3<51B1>35 25DG55> D85
1@@<91>35 1>4 CEBB?E>49>7 6EB>9DEB5
?B1@@<91>35C
>-C1>? .-?71@? ;> ?@;>-31 ?A>2-/1?
->1 A:?@1-0E ;> ?@5/7
'<51C5 3853; D81D D85 B5=?F12<5 @1BDC
1B53?BB53D<I 9> @?C9D9?> 1>4 B59>C5BD 96
>535CC1BI
(41 /;:@-5:1>? ->1 @;A/45:3
'<135 D85 2?DD<5C ?B 3?>D19>5BC 1 <9DD<5
1@1BD
8595:-@5:3 95:;>
2-A8@? E;A>?182
56?B5 I?E 31<< 3ECD?=5B C5BF935 @<51C5
3853; G85D85B I?E 31> 5<9=9>1D5 D85 61E<D
I?EBC5<6 21C54 ?> D85 6?<<?G9>7
9>6?B=1D9?>
24
D538>9391> G8? 9C 31<<54 ?ED 6?B
3?>CE<D1D9?> @EB@?C5C G9<< 381B75 D85
3ECD?=5B 5F5> 96 D85 1@@<91>35 9C CD9<<
E>45B 7E1B1>D55
+4-@ @; 0; 52
@41 2>11F1> /;9<->@91:@ 5? @;; /;80
S +85 D5=@5B1DEB5 C5<53D?B 81C 255> C5D
D?? <?G
S 1CD 6B55J5 G1C 9>14F5BD5>D<I <56D &%
I5<<?G @9<?D <978D 9C &% *G9D38 & 61CD
6B55J5
-88 @41 <58;@ 8534@? ->1 $
853; G85D85B
S +85 1@@<91>35 81C 255> CG9D3854 &%
S +85B5 81C 255> 1 @?G5B 619<EB5
S +85 6EC5 6?B D85 2E9<49>7 5<53DB931<
CICD5= 81C 255> CG9D3854 &
S +85 =19>C @<E7 81C 255> 3?BB53D<I
9>C5BD54 9>D? D85 C?3;5D
@41 @19<1>-@A>1 C->:5:3 8-9< >10
5? 38;C5:3
+85 6B55J5B 3?=@1BD=5>D 9C D?? G1B=
2531EC5
S +85 4??B G1C ?@5>54 6B5AE5>D<I ?B
<1B75 AE1>D9D95C ?6 6B5C8 6??4 G5B5
6B?J5>
S +85 D5=@5B1DEB5 C5<53D?B G1C C5D D?
189785B C5DD9>7
S +85 F5>D9<1D9?> C<?DC G5B5 3?F5B54
.85> D85C5 61E<DC 81F5 255> B53D96954
D85D5=@5B1DEB5 G1B>9>7 <978D 7?5C ?ED
6D85 <978D 4?5C %&+ 7? ?ED 31<< 3ECD?=5B
C5BF935
1:
A?@;91> ?1>B5/1
'<51C5 3853; I?EB D5<5@8?>5 2??; ?B D85
3ECD?=5BgC5BF935 <9CD 6?B I?EB >51B5CD
3ECD?=5BgC5BF935 6139<9DI .85>
3?>D13D9>7 3ECD?=5B C5BF935 @<51C5
#./* AE?D5 D85 @B?4E3D >E=25B
g%B 1>4 @B?4E3D9?> >E=25B ?6I?EB1@@<91>35
+85C5 >E=25BC 31> 25 6?E>4 ?> D85
B1D9>7 @<1D5 53 9
+? @B5F5>D E>>535CC1BI 31<<g?EDC
@<51C51CC9CD 3ECD?=5B C5BF935 2I AE?D9>7
D85 @B?4E3D 1>4 @B?4E3D9?> >E=25BC
+89C G9<< C1F5 I?E 1449D9?>1< 3?CDC
25
2>
;:?158? <;A> 8- 95?1
-A >1.A@
x "5?1 -A >1.A@
01819.-88-31
#5=21<<175 @B?DZ75 F?DB5 1@@1B59<
3?>DB5<5C 4[7WDC AE9< @?EBB19D CE29B 5>
3?EBC 45DB1>C@?BD +?EC <5C =1D[B91EH
AE9<53?>CD9DE5>D C?>D 3?=@1D92<5C
1F53<5>F9B?>>5=5>D 5D B53I3<12<5C
945Jg>?EC V B53I3<5B <5=21<<175
5>B5C@53D1>D <5>F9B?>>5=5>D
'?EB C1F?9B 3?==5>D F?EC 4[21BB1CC5B
45 <5=21<<175 F5E9<<5J 3?>CE<D5B F?DB5
B5F5>45EB ?E <5C C5BF935C 14=9>9CDB1D96C
45 F?DB5 =19B95
x "5?1 -A >1.A@ 01 8-:/51:
-<<->158
#5C 1@@1B59<C EC17[C >5 C?>D @1C 45C
4[385DC C1>C F1<5EB #5EB [<9=9>1D9?>
41>C <5 B5C@53D 45 <5>F9B?>>5=5>D
@5B=5D 45> B[3E@[B5B 45 @B[395EC5C
=1D9ZB5C @B5=9ZB5C
5D 1@@1B59< 5CD =1BAE[ C5<?>
<149B53D9F5 5EB?@[5>>5 B5<1D9F5 1EH 1@@1B59<C [<53DB9AE5C
5D[<53DB?>9AE5C EC17[C G1CD5 5<53DB931<
1>4 5<53DB?>93 5AE9@=5>D .
#149B53D9F5 4[69>9D <5 314B5 @?EB E>5
B5@B9C5 5D E>5 B[3E@[B1D9?> 45C 1@@1B59<C
EC17[C 1@@<9312<5C 41>C <5C @1IC 45
<1
26
!
@@1:@5;:
F1>D 45 =5DDB5 1E B52ED <1@@1B59< AE9
>5C5BD @<EC [2B1>385J <1 69385 =W<5 45 <1 @B9C5
453?EB1>D
*53D9?>>5J <5 3?B4?> 41<9=5>D1D9?>
@E9C 5><5F5Jg<5 1F53 <1 69385 =W<5
#5C 1@@1B59<C 6B97?B969AE5C 3?>D95>>5>D
45C6<E945C 6B97?B97Z>5C 5D 45C 71J 9C?<1>DC
AE9 >[35CC9D5>D E>5 =9C5 1E B52ED
14[AE1D5 -59<<5J V 35 AE5 <5C DEI1EH
4E39B3E9D 6B97?B969AE5 45 F?DB5 1@@1B59<
>5C?95>D @1C 5>4?==17[C :ECAEV
C?>[<9=9>1D9?> 41>C <5C BZ7<5C 45 <1BD
!ECAEV <5><ZF5=5>D 45 <1@@1B59< F59<<5J
295> V35 AE5 C?> 39B3E9D 6B97?B969AE5 >5
C?9D @1C5>4?==17[
2>
;:?53:1? 01 ?O/A>5@O
1@ -B1>@5??191:@?
B-:@ 01 91@@>1 8-<<->158
1:?1>B5/1
-5E9<<5J <9B5 1DD5>D9F5=5>D 5D 5>D9ZB5=5>D
<5C 9>6?B=1D9?>C 697EB1>D 41>C <5C >?D935C
4ED9<9C1D9?> 5D 45 =?>D175
<<5 3?>D95>>5>D 45C B5=1BAE5C
9=@?BD1>D5C 3?>35B>1>D <9>CD1<<1D9?>
<ED9<9C1D9?> 5D <5>DB5D95> 45 <1@@1B59<
?>C5BF5J D?ED5 <1 4?3E=5>D1D9?>
@?EB@?EF?9B <1 3?>CE<D5B V >?EF51E
E<D[B95EB5=5>D ?E C9 <1@@1B59< 4?9D
381>75B E> :?EB 45 @B?@B9[D19B5
'O/A>5@O @1/4:5=A1
S 5D 1@@1B59< 3?>D95>D E>5 @5D9D5 AE1>D9D[
4E> 6<E945 B[6B97[B1>D [3?<?79AE5 =19C
9>6<1==12<5 <5 ) 1 '5>41>D
<5DB1>C@?BD 5D <1 =9C5 5> @<13545
<1@@1B59< F59<<5J V >5 @1C 5>4?==175B
<5C DEI1ED5B95C 4E 39B3E9D 6B97?B969AE5
*9<5 6<E945 B[6B97[B1>D :19<<9D 9<@5ED
@B?F?AE5B 45C <[C9?>C ?3E<19B5C
?EC5>6<1==5B
'5 8-<<->158 1?@ 1:0;99-3O
5 <1@@1B59< [<?97>5J D?ED5 6<1==5
>E5 ?E C?EB35 49>6<1==1D9?>
[B5J 295> <1 @9Z35 @5>41>D AE5<AE5C
=9>ED5C
RD597>5J <1@@1B59< 4[2B1>385J C1
69385 =W<5 ?E B1=5>5J <5 49C:?>3D5EB
5> @?C9D9?> [D59>D5
'B[F5>5J <5 C5BF935 1@BZCgF5>D5
'<EC <1@@1B59< 3?>D95>D 4E 6<E945 B[6B97[g
B1>D 5D @<EC 7B1>45 4?9D \DB5 <1 @9Z35
41>C <1AE5<<5 9< C5 DB?EF5 1>C<5C
@9Z35C DB?@ @5D9D5C E>=[<1>75 71Jg19B
9>6<1==12<5 @5EDC56?B=5B 5>31C 45
6E9D5
?=@D5J = 45 F?<E=5 =9>9=E=
45<1 @9Z35 @?EB 7 45 6<E945 B[6B97[B1>D
#1AE1>D9D[ 45 6<E945 @B[C5>D5 41>C
<1@@1B59< 5CD 9>49AE[5 CEB <1 @<1AE5
C97>1<[D9AE5 C9DE[5 V <9>D[B95EB 45
3545B>95B
S #5 381>75=5>D 45 3?B4?> 41<9=5>g
D1D9?> 5D 41EDB5C B[@1B1D9?>C C?>D
5H3<EC9F5=5>D B[C5BF[5C 1E C5BF935
1@BZCgF5>D5 #5C 9>CD1<<1D9?>C 5D
B[@1B1D9?>C 9>5H@5BD5C @5EF5>D
5>75>4B5B 45C B9CAE5C 3?>C94[B12<5C
@?EB <ED9<9C1D5EB
%1:0-:@ 8A@585?-@5;:
S %ED9<9C5J :1=19C 41@@1B59<C [<53DB9AE5C
V <9>D[B95EB 45 <1@@1B59< @1B5H 45C
1@@1B59<C 45 381E66175 C?B25D9ZB5C
[<53DB9AE5C 5D3 &5?=A1 01D<8;?5;: S %5 4[79FB5J >9 >5 >5DD?I5J :1=19C
<1@@1B59< 1F53 E> >5DD?I5EB V F1@5EB
#1 F1@5EB B9CAE5 41DD59>4B5 45C @9Z35C
[<53DB9AE5C 5D 45 @B?F?AE5B E> 3?EBDg
39B3E9D
&5?=A1? 0O81/@>;/A@5;: S '?EB 4[D1385B <5 79FB5 ?E <5C 3?E385C
45 7<135 >ED9<9C5J :1=19C 4?2:5DC
@?9>DEC ?E @B[C5>D1>D 45C 1B\D5C F9F5C
-?EC B9CAE5B95J 45>4?==175B <5C
DEI1EH 45 6<E945 B[6B97[B1>D #5 6<E945
B[6B97[B1>D 5> DB19> 45 :19<<9B B9CAE5 45
C5>6<1==5B ?E 45 @B?F?AE5B 45C
<[C9?>C ?3E<19B5C
S %5 CD?3;5J 41>C <1@@1B59< >9 @B?4E9DC
3?>D5>1>D 45C 71J @B?@E<C5EBC 9>6<1=g
=12<5C @1B5H 2?=25C 1[B?C?<C >9
@B?4E9DC 5H@<?C96C
&5?=A1 01D<8;?5;: S %5 F?EC C5BF5J @1C 45C C?3<5C
3<1I5DD5C 5D @?BD5C 3?==5 =1B385g
@954C ?E@?EB F?EC 1@@EI5B
27
2>
S '?EB 4[79FB5B 5D >5DD?I5B [D597>5J
<1@@1B59< 4[2B1>385J <1 69385 =W<5
45<1 @B9C5 45 3?EB1>D ?E B1=5>5J <5
6EC92<5 49C:?>3D5EB 5> @?C9D9?> [D59>D5
'?EB 4[2B1>385B C19C9CC5J <1 69385
=W<5 >5 D9B5J :1=19C <5 3?B4?>
41<9=5>D1D9?> V F?EC
!1? 1:2-:@? 1@ 8-<<->158
S *D?3;5J <5C 2?9CC?>C 6?BD5=5>D
1<3??<9C[5C 5> @?C9D9?> F5BD931<5 41>C
45C B[39@95>DC 295> 65B=[C
S #1@@1B59< >5CD @1C E> :?E5D [<?97>5J
<5C 5>61>DC S #8E9<5 5D <1 7B19CC5 >5 4?9F5>D @1C
5>DB5B 5> 3?>D13D 1F53 <5C @1BD95C 5>
=1D9ZB5C @<1CD9AE5C 5D <5 :?9>D 45 @?BD5
35C 45B>95BC @?EBB195>D C9>?> 45F5>9B
@?B5EH
S %5 B53?EFB5J 5D >?2CDBE5J :1=19C <5C
?B96935C 45 F5>D9<1D9?> 45 <1@@1B59<
S #ED9<9C1D9?> 45 35D 1@@1B59< @1B 45C
@5BC?>>5C @B[C5>D1>D 45C 31@139D[C
@8IC9AE5C C5>C?B95<<5C ?E @CI389AE5C
B5CDB59>D5C ?E >5 4[D5>1>D @1C <5C
3?>>19CC1>35C F?E<E5C 45FB1 C5
4[B?E<5B C?EC CEBF59<<1>35 ?E 1@BZC <5EB
1F?9B 6?EB>9 45C 9>CDBE3D9?>C 4[D19<<[5C
S %5 @5B=5DD5J :1=19C 1EH 5>61>DC 45
:?E5B 1F53 <5=21<<175 5D C5C @9Z35C
3?>CD9DED9F5C <C B9CAE5>D 45 C[D?E665B
1F53 <5C 31BD?>C @<91>DC 5D <5C 65E9<<5C
45@<1CD9AE5 S *9 <1@@1B59< 5CD [AE9@[ 4E>5 C5BBEB5 B1>75J <1 3<[ 8?BC 45 @?BD[5 45C
5>61>DC
5?<;?5@5;:? 3O:O>-81?
#1@@1B59< 3?>F95>D @?EB
S 1 3?>75<5B 45C @B?4E9DC 1<9=5>D19B5C
S @B[@1B5B 45C 7<1Y?>C
5D 1@@1B59< 5CD 45CD9>[ V E> EC175
4?=5CD9AE5
#1@@1B59< 1 [D[ 1>D9@1B1C9D[ 3?>6?B=[g
=5>D V <1 49B53D9F5 , #5 39B3E9D 6B97?B969AE5 1 CE29 E> 3?>DBa<5
4[D1>38[9D[
5 @B?4E9D 5CD 3?>6?B=5 1EH 49C@?C9D9?>C
45 C[3EB9D[ 1@@<9312<5C 1EH 1@@1B59<C
[<53DB9AE5C % 28
2>
%>O?1:@-@5;:
018-<<->158
-:01-A 01
/;99-:01
53 2
:@1>>A<@1A> <>5:/5<-8 1@ @41>9;?@-@
'?EB B[7<5B <1 D5=@[B1DEB5 D?EB>5J
<5D85B=?CD1D V <1945 4E>5 @9Z35
45=?>>195
-5E9<<5J 4[@<95B <1 45B>9ZB5 @175
9<<ECDB[545 <1 >?D935 #1 @B[C5>D5 >?D935
4ED9<9C1D9?> F1ED @?EB @<EC95EBC =?4Z<5C
*5<?> <5 =?4Z<5 <1@@1B59< @5ED 4966[B5B
4E3?>D5>E 45C 9<<ECDB1D9?>C
%;?5@5;: H I @19<O>-@A>1 8- <8A?
O81BO1
%;?5@5;: HI @19<O>-@A>1 8- <8A?
.-??1
9< C1<<E=5 <?BCAE5 <1@@1B59< 5CD
B133?B4[ 1E C53D5EB [<53DB9AE5 5D AE5
5>3<5>385J <9>D5BBE@D5EB @B9>39@1<
#5F?I1>D 45 3?>DBa<5 C[D59>D <?BCAE5
F?EC B1=5>5J <5 D85B=?CD1D CEB L O
<?BCAE5 <1 69385 =W<5 >5CD @1C
2B1>38[5 41>C E>5 @B9C5 45 3?EB1>D
?E C9 E>5 3?E@EB5 453?EB1>D C5CD
@B?4E9D5
*A1 3O:O>-81
53 1
C5<?> <5 =?4Z<5
Y -:01-A 01 /;99-:01
$>525/1 0-O>-@5;:
%8-@1-AX@-.81
-81:0>51> 01 /;:3O8-@5;:
(5>;5> 01 /;:3O8-@5;:
-:01-A 0A ?;/81
-B1/ ;>525/1 01 B1:@58-@5;:
*;E-:@ 01 /;:@>R81 B1>@
(;A/41 'A<1>/;:3O8-@5;:
'?EB <[D59>4B5 1@@EI5J V >?EF51E
CEB <1 D?E385 45 CE@5B3?>7[<1D9?>
#1CE@5B3?>7[<1D9?> >5 C[D59>D @1C
1ED?=1D9AE5=5>D
:05/-@1A> 01 @19<O>-@A>1
0-:?8-<;>@1 01 8-<<->158
29
2>
*;E-:@ 0-B1>@5??191:@
01@19<O>-@A>1 >;A31
< C1<<E=5 <?BCAE5 <9>D[B95EB 4E
3?=@1BD9=5>D 3?>7[<1D5EB 5CD DB?@
381E4 35CDgVg49B5 <?BCAE5 <5C
@B?4E9DC CEB75<[C B9CAE5>D 45
C12^=5B
1>C <5C 31C 39g1@BZC [71<5=5>D
9<@5ED C1<<E=5B C1>C AE5 35<1 C97>9695
AE9< I 1 B9CAE5 @?EB <5C 1<9=5>DC
CEB75<[C S 1 <1 =9C5 5> C5BF935 45 <1@@1B59< ;:?53:1? <;A> 8@19<O>-@A>1 -9.5-:@1
1@ 8-O>-@5;:
#1 31D[7?B95 3<9=1D9AE5 5CD 9>49AE[5
CEB<1@<1AE5 C97>1<[D9AE5 <<5 9>49AE5
VAE5<<5C D5=@[B1DEB5C 1=291>D5C
<1@@1B59< @5ED 6?>3D9?>>5B #1 @<1AE5
C97>1<[D9AE5 C5 DB?EF5 V <9>D[B95EB
45<1@@1B59< 5> 21C V 71E385
S <?BC 4E B1>75=5>D 45 7B1>45C
AE1>D9D[C 45 @B?4E9DC 6B19C S <1 @?BD5 45 <1@@1B59< 5CD B5CD[5
?EF5BD5 DB?@ <?>7D5=@C S F?EC 1F5J B[7<[ <5 D85B=?CD1D CEB
E>38966B5 @<EC [<5F[ D5=@[B1DEB5
@<EC21CC5
*;E-:@ 01 /;:@>R81 6-A:1
9< C1<<E=5 1@BZC AE5 F?EC 1F5J
1@@EI[ CEB <1 D?E385 45 CE@5Bg
3?>7[<1D9?>
#5 F?I1>D 45 3?>DBa<5 C[D59>D 1@BZC
<14[C13D9F1D9?> 45 <1 CE@5B3?>7[<1g
D9?>
30
O>-@5;:
53 3
#19B 5>DB1>D 5> 3?>D13D 1F53 <1 @1B?9
1BB9ZB5 45 <1@@1B59< C5 B[381E665 5D 4?9D
@?EF?9B C[F13E5B <92B5=5>D C9>?> <5
7B?E@5 6B97?B969AE5 C5 DB?EF5B19D C?<<939D[
@<EC 6?BD5=5>D 35 AE9 1E7=5>D5B19D
<13?>C?==1D9?> 45 3?EB1>D
'?EB 35DD5 B19C?> >5 B53?EFB5J ?E
>52?E385J 5> 1E3E> 31C <5C ?B96935C
41[B1D9?>
2>
>-:/4191:@
018-<<->158
:/81:/4191:@
018-<<->158
@BZC <9>CD1<<1D9?> 45 <1@@1B59< 5>
@?C9D9?>F5BD931<5 1DD5>45J 1E =?9>C E>5
45=9g85EB5 1F1>D 45 <5 =5DDB5 5> C5BF935
<@5ED5> 5665D 1BB9F5B @5>41>D <5 DB1>C@?BD
AE5<8E9<5 @B[C5>D5 41>C <5 3?=@B5CC5EB
C5 4[@<135 F5BC <5 39B3E9D 6B97?B969AE5
+?EB>5J <5 D85B=?CD1D 53 2 <5CF?I1>DC 45 3?>DBa<5 F5BD 5D B?E75
C1<<E=5>D
F1>D <1 @B5=9ZB5 =9C5 5> C5BF935
>5DD?I5J <5 3?=@1BD9=5>D 9>D[B95EB
45<1@@1B59< F?9B %5DD?I175
#1 @B9C5 45 3?EB1>D 4?9D B5CD5B 6139<5=5>D
1335CC92<5
B1>385J <1 69385 =W<5 45 <1@@1B59< 41>C
E>5 @B9C5 C53D5EB 5> - J
B[7<5=5>D19B5=5>D B5<9[5 V <1 D5BB5
5DD5@B9C5 4?9D \DB5 @B?D[7[5 @1B
E>6EC92<5 CE@@?BD1>D E> 1=@[B175
45 =9>9=E=
'A> 81? -<<->158? 01?@5:O? -AD <-E?
:;: 1A>;<O1:? BO>5251F ?5 8- @1:?5;:
01.>-:/4191:@ 1@ 81 @E<1 01 /;A>-:@
?<O/525O? ?A> 8- <8-=A1 ?53:-8O@5=A1
/;:/;>01:@ .51: -B1/ /1AD ;221>@?
<->81 ?1/@1A> 0A <-E? /;:/1>:O
!-<8-=A1 ?53:-8O@5=A1 ?1 @>;AB1 1:
.-? K 3-A/41 0-:? 8-<<->158 '58 2-A@
/4-:31> 81 /;>0;: 0-8591:@-@5;:
?1/@1A> :1 /;:251F /1@@1 ;<O>-@5;:
=AK A: ?<O/5-85?@1
&O38-31 01 8- @19<O>-@A>1
)[7<5J <5 D85B=?CD1D 53 2 CEB E>
38966B5 #5C 38966B5C 1CC5J [<5F[C 4?>>5>D
45C D5=@[B1DEB5C 1CC5J 21CC5C %?EC
B53?==1>4?>C 45 B[7<5B <5 D85B=?CD1D
CEB E> 38966B5 =?I5> @1B 5H *EB <5C D5=@[B1DEB5C 1669381>D <1
D5=@[B1DEB5 B[7<5J D?E:?EBC <5 D85B=?CD1D
45C?BD5 AE5 <197E9<<5 45<9>4931D5EB
45D5=@[B1DEB5 1DD597>5 V <?>7 D5B=5
<1J?>5 >?9B5 53 4
&19->=A1?
S *9 1@BZC 1F?9B B565B=[ <1 @?BD5 4E
3?=@1BD9=5>D 3?>7[<1D5EB <1 @?BD5
B56EC5 45 C?EFB9B 9==[491D5=5>D
1DD5>45J 45EH V DB?9C =9>ED5C D5=@C
>[35CC19B5 V <1 4[@B5CC9?> 5>75>4B[5
41>C <5 3?=@1BD9=5>D @?EB C5 B[C?B25B
S > B19C?> 4E CICDZ=5 6B97?B969AE5
5=@<?I[ <5C 7B9<<5C 45 3?>7[<1D9?>
@5EF5>D C5 3?EFB9B B1@945=5>D 45 79FB5
5> 35BD19>C 5>4B?9DC 539 >9>6<E5 @1C
CEB <5EB 6?>3D9?> >9 CEB <1 3?>C?==1D9?>
4[<53DB939D[ ,> 4[79FB175 C9=@?C5
E>9AE5=5>D <?BCAE5 <5 79FB5 ?E <1 7<135
C5CD 133E=E<[5 CEB D?ED5 <1 CEB6135
45 <1 7B9<<5 5D AE9< ?E 5<<5 619D @<EC 45
== 4[@19CC5EB
S #1@@1B59< 381E665 <[7ZB5=5>D E>5 @1BD95
45 C5C CEB6135C 6B?>D1<5C @?EB 5=@\385B
E>5 3?>45>C1D9?> 451E 41>C <1 J?>5
4E:?9>D 45 @?BD5
S %;A> 3->-:@5> 8- <8A? <1@5@1 /;:?;9X
9-@5;: 0O:1>351 <;??5.81 58 2-A0>-5@
=A1 8- 05?@-:/1 <-> >-<<;>@ K 8- <->;5
->>5N>1 /;:01:?1A> 01 8-<<->158
?;5@ 01
99
31
2>
=A5<191:@
-81:0>51>
C5<?> <5 =?4Z<5
53 6
#5C >?=2B5C :EHD1@?C[C 1EH CI=2?<5C
9>49AE5>D <1 4EB[5 14=9CC92<5 5> =?9C
@?EB E> @B?4E9D CEB75<[ 4?>>[ )5C@53D5J
<1 41D5 45 612B931D9?> ?E <1 41D5g<9=9D5 45
3?>C5BF1D9?> 697EB1>D CEB <5C 5=21<<175C
45C @B?4E9DC CEB75<[C F5>4EC 41>C
<53?==5B35
//A9A8-@1A>? 01 2>;50
C5<?> <5 =?4Z<5
53 7
> 31C 45 @1>>5 45 3?EB1>D ?E C9 <5
6?>3D9?>>5=5>D 45 <1@@1B59< 5CD @5BDEB2[
<5C 133E=E<1D5EBC 45 6B?94 B5D1B45>D
<5B[381E665=5>D 45C @B?4E9DC CEB75<[C
CD?3;[C -?EC @?EF5J B5D9B5B <5C 133EC
@?EB =19>D5>9B 45C 1<9=5>DC @B?F9C?9B5g
=5>D 1E 6B?94 @1B 5H 41>C E> C13
9C?D85B=5
-.>5/-@5;: 01 38-M;:?
53 8
)5=@<9CC5J <5 213 V 7<1Y?>C 1EH DB?9Cg
AE1BDC 451E 5>F @E9C @<135Jg<5 41>C
<53?=@1BD9=5>D 3?>7[<1D5EB
*9 <5 213 5CD B5CD[ 3?<<[ 41>C <5
3?=@1BD9=5>D 3?>7[<1D5EB >ED9<9C5J
AEE> 9>CDBE=5>D [=?ECC[ @?EB <5
4[3?<<5B E> =1>385 45 3E9<<5B @1B 5H '?EB 5><5F5B <5C 7<1Y?>C 4E 213
@1CC5Jg<5 2B9ZF5=5>D C?EC <51E 4E
B?29>5D ?E 4[6?B=5J <[7ZB5=5>D <5 213
32
;:3O8-@5;:
1@>-:3191:@ 01
<>;0A5@? ?A>318O?
/4-@ 01 <>;0A5@? ?A>318O?
#5EB 5=21<<175 4?9D \DB5 9>D13D
#1 41D5 45 3?>C5BF1D9?> >5 4?9D @1C
\DB54[@1CC[5
#1 D5=@[B1DEB5 9>49AE[5 @1B <5 D85B=?g
=ZDB5 4E 3?>7[<1D5EB 3?==5B391<
>54?9D@1C \DB5 CE@[B95EB5 V M
,D9<9C5J 45 @B[6[B5>35 E> C13 9C?D85B=5
@?EB <5 DB1>C@?BD )1>75J <5C @B?4E9DC
<5@<EC B1@945=5>D @?CC92<5 41>C
<53?=@1BD9=5>D 3?>7[<1D5EB
&-:3191:@ 01? <>;0A5@?
?A>318O?
S >6?>35J 295> <5C D9B?9BC 45 3?>7[<1D9?>
:ECAEV <1 2ED[5 5CD 9=@?BD1>D @?EB
AE5 <19B @E9CC5 295> 39B3E<5B
S *9 F?EC 45F5J B1>75B 45 >?=2B5EH
@B?4E9DC 1<9=5>D19B5C F?EC @?EF5J
<5C5=@9<5B 49B53D5=5>D CEB <5C 7B9<<5C
453?>7[<1D9?> '?EB 35 619B5 D9B5J <5C
D9B?9BC 45 3?>7[<1D9?> V F?EC :ECAEV
<12ED[5 C?E<5F5J <1 @1BD95 1F1>D @E9C
5HDB1I5Jg<5C 53 5
2>
;:3O8-@5;:
01<>;0A5@? 2>-5?
;:3181> ?;5X9P91
81?-8591:@?
'?EB 3?>75<5B <5C 1<9=5>DC >ED9<9C5J
AE545C 1<9=5>DC 6B19C 5D 4E> 1C@53D
9=@53312<5
'1 <>P@1:@ K 8- /;:3O8-@5;: #1 F91>45 5D <1 381B3ED5B95 <5C F?<19<<5C
5D<5 79295B <5 @?9CC?> <5C <[7E=5C
<5C85B25C 1B?=1D9AE5C <5C 6BE9DC
<5C@WD9CC5B95C <5C @9JJ1C <5C @<1D
3E9C9>[C <5C B5CD5C 45 @<1D <5 :1E>5
4jE6 <5 2<1>3 4jE6
#1 ?1 <>P@1:@ <-? K 8- /;:3O8-@5;: #5C jE6C 5>D95BC 41>C <5EB 3?AE9<<5
<13BZ=5 6B1^385 5D <1 =1I?>>19C5
<1C1<145 F5BD5 <5C B149C 5D <5C ?97>?>C
8-:/4591:@ 01? 2>A5@? 1@ 8O3A91?
<1>389CC5J <5C 6BE9DC 5D <[7E=5C 1F1>D
<13?>7[<1D9?> 169> AE9<C 3?>C5BF5>D
3?E<5EB 1Ba=5 7?dD 5D F9D1=9>5 '?EB 35 619B5 @<?>75J <5C 6BE9DC 5D <[7E=5C
AE5<AE5C 9>CD1>DC 41>C 45 <51E 2?E9<<1>D5
-?EC DB?EF5B5J 45C <9FB5C CEB <13?>7[<1g
D9?> 5D <5 2<1>389=5>D 385J F?DB5 <92B19B5
&-:3191:@ 01? <>;0A5@?
-8591:@-5>1?
-59<<5J V 35 AE5 <5C @B?4E9DC 3?>75<[C
>5>DB5>D @1C 5> 3?>D13D 1F53 45C
@B?4E9DC 6B19C #5 31C [38[1>D =?49695J
41>C <5C 213C 5D D9B?9BC <175>35=5>D
45C@B?4E9DC 3?>75<[C V 3jEB
#?BCAE5 F?EC =5DD5J 45C @B?4E9DC
1<9=5>D19B5C 6B19C V 3?>75<5B <1D5=@[B1g
DEB5 41>C <5 3?=@1BD9=5>D 3?>7[<1D5EB
@5ED =?>D5B 1E @?9>D AE5 <5@5D9D F?I1>D
45 D5=@[B1DEB5 C5 =5DD5 V 3<97>?D5B
53 2 5<1 >5 C97>9695 @1C AE5 <5C@B?4E9DC
4[:V3?>75<[C B9CAE5>D 45C12^=5B
#1 D5=@[B1DEB5 D1B45 1E =1H9=E=
85EB5C V B5F5>9B CEB 35<<5 AE5 F?EC
1F95J B[7<[5
&19->=A1
'?EB 5=@\385B 5> 31C 45 3?E@EB5
453?EB1>D ?E 45 4[B1>75=5>D AE5
<1D5=@[B1DEB5 45C @B?4E9DC 1<9=5>D19B5C
B5=?>D5 B1@945=5>D @?C5J <5C 133Eg
=E<1D5EBC 45 6B?94 49B53D5=5>D CEB <5C
1<9=5>DC C9DE[C 41>C <5 D9B?9B 4E 81ED
;:@1:-:/1 A@581
-?EC DB?EF5B5J <5C 9>4931D9?>C B5<1D9F5C
V<1 3?>D5>1>35 ED9<5 CEB <1 @<1AE5
C97>1<[D9AE5 45 F?DB5 1@@1B59<
33
2>
9.-88-31 01? -8591:@?
)[@1BD9CC5J <5C 1<9=5>DC 5> @?BD9?>C
141@D[5C V F?DB5 =[>175 #5 @?94C 45
381AE5 @?BD9?> >5 4?9D @1C 4[@1CC5B ;7
@?EB <5C 6BE9DC 5D <[7E=5C 5D ;7 @?EB
<1F91>45 #5C @5D9D5C @?BD9?>C 3?>7Z<5>D
@<EC B1@945=5>D V 3jEB 5D <5C 1<9=5>DC
71B45>D <5EB AE1<9D[ 1@BZC 4[3?>7[<1D9?>
5D @B[@1B1D9?>
=21<<5J <5C 1<9=5>DC 85B=[D9AE5=5>D
@?EB [F9D5B AE9<C @5B45>D <5EB C1F5EB
?EC5 45CCZ385>D
;:B51::1:@ <;A> 19.-881> 81?
<>;0A5@?
5E9<<5C @<1CD9AE5 65E9<<5Cg2?I1E 5>
@?<I[D8I<Z>5 65E9<<5C 41<E=9>9E= 5D
2?^D5C 45 3?>7[<1D9?> 5C @B?4E9DC C?>D
5> F5>D5 41>C <5 3?==5B35 C@[391<9C[
#1 /;:B51::1:@ <-? #5 @1@95B 45=21<<175 <5 @1@95B CE<6EB9C[
<5C 65E9<<5C 45 35<<?@81>5 <5C C13C
@?E25<<5 5D <5C C13C 41381D 5> @<1CD9AE5
1I1>D 4[:V C5BF9
'<135J <1<9=5>D 41>C <5=21<<175
381CC5J3?=@<ZD5=5>D <19B @E9C 65B=5J
85B=[D9AE5=5>D <5=21<<175
;:B51::1:@ <;A> 21>91> 1?ED38?E3C 3<9@C 5> @<1CD9AE5 6935<<5C
BE21>C 148[C96C B[C9CD1>DC 1E 6B?94
?E1CC9=9<[C -?EC @?EF5J 65B=5B <5C
C1385DC 5D 65E9<<5Cg2?I1E 5> @?<I[D8I<Z>5
1E =?I5> 4E> 1@@1B59< V C?E45B
F1>D 45 B1>75B <5C C13C 41>C <5 3?>7[<1g
D5EB 9>49AE5J 45CCEC <5 3?>D5>E 4E C13
5D<1 41D5 45 3?>7[<1D9?>
F1>D 45 <5C B1>75B 41>C <5 3?=@1BD9=5>D
3?>7[<1D5EB <19CC5J B56B?949B <5C =5DC
5D2?9CC?>C 381E45C V <1 D5=@[B1DEB5
1=291>D5
34
'A<1>/;:3O8-@5;:
*9 45C 45>B[5C 1<9=5>D19B5C C5 DB?EF195>D
4[:V 41>C <1@@1B59< 5>3<5>385J <1 CE@5Bg
3?>7[<1D9?> AE5<AE5C 85EB5C 1F1>D 45
B1>75B <5C >?EF51EH @B?4E9DC V3?>75<5B
V 85EB5C CE669C5>D 7[>[B1<5=5>D
5@5>41>D C9 F?EC 4[C9B5J 3?>75<5B 45C
AE1>D9D[C 3?BB5C@?>41>D V <1 @E9CC1>35
45 3?>7[<1D9?> =1H9=1<5 F?EC 45FB5J
5>3<5>385B <1 CE@5B3?>7[<1D9?> 85EB5C
1F1>D *9 F?EC >5 F?E<5J 3?>75<5B AE5
45@5D9D5C AE1>D9D[C 45 @B?4E9DC 6B19C
:ECAEV ;7 F?EC >1F5J @1C @1C
25C?9>45>3<5>385B <1 CE@5B3?>7[<1D9?>
'?EB5>3<5>385B <1 CE@5B3?>7[<1D9?>
9<CE669D 41@@EI5B CEB <1 D?E385 45
CE@5B3?>7[<1D9?> 53 2 #5 F?I1>D 45 3?>DBa<5 :1E>5 9>49AE5 AE5
<1CE@5B3?>7[<1D9?> 5CD 5>3<5>38[5
#57B?E@5 6B97?B969AE5 =1B385 4[C?B=19C
5> @5B=1>5>35 #9>D[B95EB 4E 3?>7[<1g
D5EB 1DD59>D E>5 D5=@[B1DEB5 DBZC21CC5
):1 2;5? =A1 B;A? -B1F >-:3O 81?
<>;0A5@? 2>-5? O@153:1F K :;AB1-A
8-?A<1>/;:3O8-@5;: $19>D5>1>D
<1@@1B59< @9<?D5 <5 @B?35CCEC 45 3?>7[<1g
D9?> 1ED?=1D9AE5=5>D 5D [3?>?=9C5 45
<[>5B795
#5 @B?35CCEC 45 3?>7[<1D9?> 5CD D5B=9>[
E>5 6?9C AE5 <197E9<<5 45 <9>4931D5EB 45
D5=@[B1DEB5 53 4 5CD B5F5>E5 41>C
<1@<175 >?9B5
2>
-<-/5@O 01
/;:3O8-@5;: 9-D
#5C 1<9=5>DC 4?9F5>D 3?>75<5B V 3jEB
<5@<EC B1@945=5>D @?CC92<5 @?EB AE9<C
3?>C5BF5>D F9D1=9>5C F1<5EB >EDB9D9F5
1C@53D 5D 7?dD '?EB 35DD5 B19C?>
>54[@1CC5J @1C <1 31@139D[ 45
3?>7[<1D9?> =1H9=1<5 45 F?DB5 1@@1B59<
-<-/5@O 01 /;:3O8-@5;:
*EB <1 @<1AE5DD5 C97>1<[D9AE5 F?EC
DB?EF5B5J 45C 9>4931D9?>C 3?>35B>1>D
<131@139D[ 45 3?>7[<1D9?> =1H9=1<5
5>85EB5C
>>P@ 1@ >195?-31
018-<<->158
;A<A>1 01 8-<<->158
+85B=?CD1D 53 2 B1=5>5Jg<5 CEB L O
#5 F?I1>D 45 3?>DBa<5 C[D59>D
&195?-31 01 8-<<->158
*9 <1@@1B59< 4?9D B5CD5B <?>7D5=@C C1>C
C5BF9B S [2B1>385J <1 69385 =W<5 4E C53D5EB
?EB1=5>5J <5 49C:?>3D5EB 5> @?C9D9?>
[D59>D5
S [79FB5J <1@@1B59< 5D >5DD?I5Jg<5
O/;:3O8-@5;: 01
<>;0A5@? ?A>318O?
S #19CC5J <1 @?BD5 45 <1@@1B59< ?EF5BD5
*5<?> <1 >1DEB5 5D <ED9<9C1D9?> 45C
@B?4E9DCCEB75<[C F?EC @?EF5J 38?9C9B
5>DB5 @<EC95EBC 61Y?>C 4966[B5>D5C 45
<5C4[3?>75<5B
S 1 D5=@[B1DEB5 1=291>D5
S 41>C <1 B[6B97[B1D5EB
S 41>C <5 6?EB [<53DB9AE5 1F53 C1>C
381<5EB D?EB>1>D5
S 41>C <5 =93B?g?>45C
&19->=A1
%5 3?>75<5J @1C V >?EF51E 45C @B?4E9DC
CEB75<[C AE9 1EB195>D 3?=@<ZD5=5>D ?E
5>@1BD95 4[3?>75<[ +B1>C6?B=5J 412?B4
35C @B?4E9DC 5> @<1DC 3E9C9>[C 3E9DC ?E
BaD9C 1F1>D 45 <5C 3?>75<5B V >?EF51E
1>C 35 31C 3?>C?==5Jg<5C >5DD5=5>D
1F1>D <1 41D5g<9=9D5 45 3?>C5BF1D9?>
35
2>
O35B>-31 1@ :1@@;E-31
! &5?=A1 0O81/@>;/A@5;:
%ED9<9C5J @1C 45 >5DD?I5EB V F1@5EB
#5Cf@9Z35C [<53DB?3?>4E3DB935C @5EF5>D
<?BCAE5 <1 F1@5EB C5 3?>45>C5 45CCEC
@B?F?AE5B E> 3?EBDg39B3E9D ?E F?EC
[<53DB?3ED5B
'?EB B5D9B5B <5 79FB5 >ED9<9C5J @1C
45f3?ED51E ?E 4?2:5DC @?9>DEC
%5>4?==175J @1C <1 DE2E<EB5 4E 39B3E9D
45 6<E945 B[6B97[B1>D
> :19<<9CC1>D <5 6<E945 B[6B97[B1>D B9CAE5
45fF?EC @B?F?AE5B 45C <[C9?>C ?3E<19B5C
5D 45 C5>6<1==5B
%ED9<9C5J @1C 41@@1B59<C [<53DB9AE5C
?Ef45 6<1==5 >E5 41>C <1@@1B59<
&19->=A1?
*9 <1 3?E385 45 79FB5 1DD59>D 5>F P3=
4[@19CC5EB =19C 1E =9>9=E= E>5
Vf45EH 6?9C @1B 1> 4[79FB5J <5 3?=@1BD9g
=5>D 3?>7[<1D5EB #5 =95EH 5CDf45 <5 619B5
<?BCAE5 <1@@1B59< 3?>D95>D @5E ?E @1C 45
@B?4E9DC CEB75<[C
>F9B?> 85EB5C 1F1>D <5 4[79FB175
5>3<5>385J <1 CE@5B3?>7[<1D9?> @?EB AE5
<5C 1<9=5>DC 1DD597>5>D E>5 D5=@[B1DEB5
DBZC 21CC5 5D C?95>D CD?3;12<5C @<EC
<?>7D5=@C V <1 D5=@[B1DEB5 1=291>D5
%>;/O01F /;991 ?A5@
S )5D9B5J <5C D9B?9BC 1F53 <5C 1<9=5>DC
[@?C5J <5C 133E=E<1D5EBC 45 6B?94
C9f6?EB>9C CEB 35C 45B>95BC >F5<?@@5J
<5C @B?4E9DC CEB75<[C 41>C @<EC95EBC
65E9<<5C 45 @1@95B :?EB>1< @E9C B1>75Jg<5C
41>C E> 5>4B?9D 6B19C
S [2B1>385J <1 69385 =W<5 45 <1 @B9C5
453?EB1>D ?E B5D9B5J <5 6EC92<5 3?E@5J
<5 49C:?>3D5EB
S #19CC5J 4[79FB5B <1@@1B59<
S ,>5 6?9C <1@@1B59< 4[79FB[ ED9<9C5J E>5
[@?>75 @?EB 5><5F5B <51E 45 4[79FB175
B5CD[5 CEB <5 6?>4 4E 3?=@1BD9=5>D
3?>7[<1D5EB
S %5DD?I5J 1F53 45 <51E 1449D9?>>[5
4E>f@5E 45 <9AE945gF19CC5<<5
%5DD?I5Jf<5 :?9>D 45 @?BD5 E>9AE5=5>D
Vf<51E 3<19B5 @E9C 6B?DD5Jg<5 @?EB
<5C[385B 3?=@<ZD5=5>D
S )5=5DD5J <1@@1B59< 5> =1B385
S )5=5DD5J <5C @B?4E9DC CEB75<[C
5>f@<135
501 -A 0O35B>-31
'?C5J E>5 31CC5B?<5 B5=@<95 451E
381E45 CEB E> 45CC?EC 45 @<1D 5D
9>DB?4E9C5Jg<5C 41>C <5 3?=@1BD9=5>D
3?>7[<1D5EB
//O8O>-@5;: 0A 0O35B>-31
#5C 9>4931D9?>C 6?EB>95C @1B <5EBC 612B931>D
6?>D 6?9
@@1:@5;:
#5C 1[B?C?<C 45 4[79FB175 @5EF5>D 6?B=5B
45C 71J 5H@<?C96C 3?>D5>9B 45C C?<F1>DC
?E 71J @B?@E<C5EBC AE9 5>4?==175>D <5
@<1CD9AE5 ?E @?BD5B @B[:E4935 V <1 C1>D[
!
%5=@<?I5J @1C 45 @B?4E9DC 45 >5DD?I175
?E C?<F1>DC 3?>D5>1>D 4E C12<5 ?E 45C
13945C
36
2>
;:?158? <;A>
O/;:;95?1> 01
8O:1>351
S >CD1<<5J <5 3?>7[<1D5EB 41>C E> 5>4B?9D
6B19C 5D 295> 1[B[ 'B?D[75Jg<5 3?>DB5 <5C
B1I?>C C?<19B5C 49B53DC 5D >5 <5 @<135J
@1C V @B?H9=9D[ 4E>5 C?EB35 45 381<5EB
B1491D5EB 5D3 S %?2CDBE5J @1C <5C 7B9<<5C 41[B1D9?>
45<1@@1B59<
S #19CC5J B56B?949B <5C 1<9=5>DC 381E4C
1F1>D 45 <5C =5DDB5 41>C <5 3?>7[<1D5EB
S '<135J <5C @B?4E9DC V 4[3?>75<5B 41>C
<5B[6B97[B1D5EB -?EC @B?69D5J 19>C9
4E6B?94 AE9<C ?>D 5==171C9>[ @?EB
B56B?949B <5C 1<9=5>DC CD?3;[C 41>C
<5B[6B97[B1D5EB
S [79FB5J <1@@1B59< 4ZC <1 6?B=1D9?>
4E>5 3?E385 45 7<135
,>5 3?E385 45 7<135 [@19CC5 7\>5
<1BB9F[5 4E 6B?94 CEB <5C @B?4E9DC
3?>75<[C 5D 1E7=5>D5 <1 3?>C?==1D9?>
45 3?EB1>D
>A5@? 01
2;:/@5;::191:@
>A5@? @;A@ K 2-5@ :;>9-AD
;A>0;::191:@ O@;A22O @5>41>D
AE5<53?=@B5CC5EB 5CD 5> =1B385
->3;A5885? 5D /8-<;@5? 8O31>?
9<C@B?F95>>5>D 45 <166<EH 4E 6<E945
B[6B97[B1>D 41>C <5C C5B@5>D9>C
85=A1@5? 1E492<5C E>9AE5=5>D <?BCAE5
<5=?D5EB C5 =5D 5> =1B385 ?E C1BB\D5
>A5@? =A1 B;A? <;AB1F
O8595:1> 2-/58191:@
!-<<->158 :1?@ <-? 0-<8;9.
-5E9<<5J 1:ECD5B <1@<?=2 45 <1@@1B59<
V<1945 4E> >9F51E V 2E<<5 '?EB 35<1
ED9<9C5J <5C @954C V F9C ?E @<135J E>
?2:5DC?EC <1@@1B59< @?EB <5 31<5B
!-<<->158 H@;A/41 A:1 <->;5I
-5E9<<5J [<?97>5B <1@@1B59< 45C =5E2<5C
?E 1@@1B59<C AE9< D?E385
S '?EB B5=@<9B ?E F945B <1@@1B59< <19CC5J
<5 =?9>C <?>7D5=@C @?CC92<5 <1 @?BD5
?EF5BD5
$?9>C <1 @?BD5 45 <1@@1B59< B5CD5B1
?EF5BD5 =?9>C 9< I 1EB1 6?B=1D9?>
4579FB5 CEB <5C 7B9<<5C 45 3?>7[<1D9?>
!1? @5>;5>? <-:51>? ;A /8-E1@@1? :1
?;:@ <-? .51: 25DO? ;A -A /;:@>-5>1
/;5:/O?
-[B9695J <5 2?> @?C9D9?>>5=5>D 45C @9Z35C
1=?F92<5C 5D B5=5DD5Jg<5C 3?BB53D5=5>D
5> @<135 C9 >[35CC19B5
S '?EB [F9D5B E> B[381E665=5>D B1@945
45Cf1<9=5>DC 5> 31C 45 @1>>5 45
3?EB1>D ?E 45 4IC6?>3D9?>>5=5>D
45f<1@@1B59< @<135J <5C 133E=E<1D5EBC
45 6B?94 @B[C5>DC CEB <1 D12<5DD5
453?>7[<1D9?> 41>C <5 D9B?9B 4E 81ED
49B53D5=5>D CEB <5C 1<9=5>DC
1? >O/5<51:@? ?1 @;A/41:@
<?97>5J <5C 2?ED59<<5C 5D B[39@95>DC
<[7ZB5=5>D <5C E>C 45C 1EDB5C
37
2>
&19O051> ?;5X9P91
-AD <1@5@1? <-::1?
F1>D 41@@5<5B <5 C5BF935 1@BZCgF5>D5
F[B9695J C9 V<1945 45C 3?>C59<C 39g45CC?EC
F?EC >5 @?EF5J @1C B5=[495B F?ECg=\=5
V <9>3945>D
-?EC [F9D5B5J 45C 4[@5>C5C 9>ED9<5C 31B <5
4[@<135=5>D 4E D538>9395> 4E *- F?EC
C5B1 613DEB[ =\=5 @5>41>D <1 @[B9?45
4571B1>D95
O>-:3191:@? 1@>19N01?
58 2-5@ @>;< 2>;50 0-:? 81 /;9<->@5X
91:@ /;:3O8-@1A>
S #5 D85B=?CD1D 5CD B[7<[ CEB E>5
D5=@[B1DEB5 DB?@ 21CC5
S -?EC 1F5J ?E2<9[ 41BB\D5B <1 CE@5B3?>g
7[<1D9?> <5 F?I1>D 45 3?>DBa<5 :1E>55CD
1<<E=[ D597>5J <1 CE@5B3?>7[<1D9?>
-A/A: B;E-:@ 01 /;:@>R81 :1?@
-88A9O
-[B9695J C9
S #1@@1B59< 5CD 5>3<5>38[
S ,>5 3?E@EB5 45 3?EB1>D C5CD @B?4E9D5
S #5 6EC92<5 49C:?>3D5EB 4E C53D5EB 5CD
12C5>D 3?E@[
S #1 69385 =W<5 45 <1@@1B59< 5CD 295>
69H[541>C <1 @B9C5
38
81 B;E-:@ 0-B1>@5??191:@
>;A31@19<O>-@A>1 1?@ -88A9O
1:<1>9-:1:/1
#1 D5=@[B1DEB5 5CD DB?@ [<5F[5 41>C
<53?=@1BD9=5>D 3?>7[<1D5EB @?EB <5C
B19C?>C CE9F1>D5C
S -?EC 1F5J 6B[AE5==5>D ?EF5BD <1 @?BD5
?E 1F5J B1>7[ 45 7B1>45C AE1>D9D[C 45
@B?4E9DC 6B19C V3?>75<5B
S -?EC 1F5J B[7<[ <5 D85B=?CD1D CEB E>5
D5=@[B1DEB5 1CC5J [<5F[5
S -?EC 1F5J ?2DEB[ <5C ?B96935C 41[B1D9?>
,>5 6?9C 35C 9>3945>D CE@@B9=[C <1 F?I1>D
41F5BD9CC5=5>D B?E75 D5=@[B1DEB5
C[D59>D *9< @5BC9CD5 1<<E=[ @B[F5>5J
<5C5BF935 1@BZCgF5>D5
'1>B5/1 -<>N?XB1:@1
'?EB 3?>>1^DB5 <5 C5BF935 1@BZCgF5>D5
C9DE[ <5 @<EC @BZC 45 385J F?EC 3?>CE<D5J
<1>>E19B5 D[<[@8?>9AE5 ?E <5 B[@5BD?9B5
45C C5BF935C 1@BZCgF5>D5 *- -5E9<<5J
9>49AE5B 1E *- <5 >E=[B? 45 C[B95 g%B 45 <1@@1B59< 5D C?> >E=[B? 45 612B931D9?>
-?EC DB?EF5B5J 35C 9>4931D9?>C CEB
<1@<1AE5 C97>1<[D9AE5 53 9
945Jg>?EC V [F9D5B 45C 4[@<135=5>DC
9>ED9<5C 9>49AE5J <5C >E=[B?C 45 C[B95
5D45 612B931D9?> -?EC [3?>?=9C5B5J
19>C945C CE@@<[=5>DC 45 6B19C 9>ED9<5C
5@
!
%1>5/;8;
BB1>@1:F1 <1>
8;?9-8@591:@;
> 31C? 49 1@@1B53389 6E?B9 EC?
x '9-8@591:@;
018859.-88-335;
+17<91B5 5 C=1<D9B5 9< 31F? 493?<<571g
=5>D? 3?> <1 C@9>1 41<9=5>D1J9?>5
#9=21<<1779? @B?D5775 9< F?CDB?
1@@1B53389? 41 41>>9 49 DB1C@?BD?
+EDD99=1D5B91<9 9=@9571D9 C?>? 3?=@1D929<9
3?> <1=295>D5 5 B9393<129<9 -9 @B57891=?
49 3?<<12?B1B5 C=1<D9D5 <9=21<<1779? >5<
B9C@5DD? 45<<1=295>D5
CDB1BB5 <1 C@9>1 41<9=5>D1J9?>5
<9 1@@1B53389 6B97?B965B9 3?>D5>7?>?
B56B975B1>D5 5 >5<<9C?<1=5>D? 71C
<B56B975B1>D5 54 9 71C B938954?>?
E>?C=1<D9=5>D? 1@@B?@B91D? 9>? 1<<?
C=1<D9=5>D? 1@@B?@B91D? >?> 41>>57g
791B5 9 DE29 45< 39B3E9D? B56B975B1>D5
*95D5 @B571D9 49>6?B=1BF9 @B5CC? 9< F?CDB?
B9F5>49D?B5 C@5391<9JJ1D? ? @B5CC? <1 F?CDB1
1==9>9CDB1J9?>5 =E>939@1<5 CE<<5 1DDE1<9
@?CC929<9DV 49 C=1<D9=5>D?
x &;@@-9-F5;:1
0188-<<->1//45; 2A;>5 A?;
<9 1@@1B53389 49C=5CC9 >?> C?>? B969ED9
C5>J1 F1<?B5 DDB1F5BC? E>? C=1<D9=5>D?
53?<?793? 3?BB5DD? C9 @?CC?>? B53E@5B1B5
=1D5B95 @B9=5 @B5791D5
(E5CD? 1@@1B53389? 49C@?>5 49
3?>DB1CC57>? 19 C5>C9 45<<1 49B5DD9F1
5EB?@51 9>=1D5B91
491@@1B53389 5<5DDB939 54 5<5DDB?>939
G1CD5 5<53DB931< 1>4 5<53DB?>93 5AE9@g
=5>D . (E5CD1 49B5DD9F1 4569>9C35
<5 >?B=5 @5B <1 B133?<D1 5 9< B9393<1779?
457<9 1@@1B53389 49C=5CC9 F1<945 CE
DEDD?9< D5BB9D?B9? 45<<,>9?>5 EB?@51
39
5@
BB1>@1:F1 05
?5/A>1FF- 1 <1>5/;8;
%>59- 05 91@@1>1 5: 2A:F5;:1
8-<<->1//45;
#5775B5 1DD5>D1=5>D5 DEDD5 <5 9CDBEJ9?>9
@5B <EC? 54 9< =?>D1779?
CC5 3?>D5>7?>? 9=@?BD1>D9 9>6?B=1J9?>9
@5B <9>CD1<<1J9?>5 <EC? 5<1 =1>ED5>J9?>5
45<<1@@1B53389?
?>C5BF1B5 DEDD1 <1 4?3E=5>D1J9?>5
@5B<EC? CE335CC9F? ? @5B CE335CC9F9
@B?@B95D1B9
'5/A>1FF- @1/:5/S (E5CD1@@1B53389? 3?>D95>5 E>1
@933?<1 AE1>D9DV 49 B56B975B1>D5 ) 1
E> 71C 3?=@1D929<5 3?> <1=295>D5
=19>691==129<5 DD5>J9?>5 4EB1>D5
9<DB1C@?BD? 5 <9>CD1<<1J9?>5 45<<1@@1g
B53389? 1 >?> 41>>57791B5 9DE29 45<
39B3E9D? 45< B56B975B1>D5 <B56B975B1>D5
6E?B9EC39D? 1 @B5CC9?>5 @E_ 41>>57791B5
7<9 ?3389 ?@@EB5 9>35>491BC9
: /-?; 05 0-::5
+5>5B5 <?>D1>? 41<<1@@1B53389?
691==1 ? 6?>D9 49 1335>C9?>5
-5>D9<1B5 25>5 <1=295>D5 @5B 1<3E>9
=9>ED9
*@57>5B5 <1@@1B53389? 5CDB1BB5 <1
C@9>1 49 1<9=5>D1J9?>5 ? 49C9>C5B9B5
9<49C@?C9D9F? 49 C93EB5JJ1
>6?B=1B5 9< C5BF9J9? 1CC9CD5>J1 3<95>D9
(E1>D? @9c B56B975B1>D5 3?>D95>5 E>
1@@1B53389? D1>D? @9c 7B1>45 45F5
5CC5B5 <1=295>D5 >5< AE1<5 C9 DB?F1
<1@@1B53389? > 1=295>D9 DB?@@?
@933?<9 9> 31C? 49 6E71 C9 @E_ 6?B=1B5
E>1 =9C35<1 9>691==129<5 41B91 5 71C
40
&7>9 7 49 B56B975B1>D5 <1=295>D5 45F5
49C@?BB5 49 E> F?<E=5 =9>9=? 49 =
#1 AE1>D9DV 49 B56B975B1>D5 45< F?CDB?
1@@1B53389? Z 9>4931D1 CE<<1 D1B785DD1
4945>D96931J9?>5 >5<<9>D5B>? 45<<1@@1g
B53389?
S #1 C?CD9DEJ9?>5 45< 31F? 49 1<9=5>D1g
J9?>5 54 1<DB5 B9@1B1J9?>9 45F?>? 5CC5B5
5C57E9D5 C?<? 41< C5BF9J9? 1CC9CD5>J1
3<95>D9 #5 9>CD1<<1J9?>9 5B9@1B1J9?>9
9>3?=@5D5>D9 @?CC?>? 3B51B5 >?D5F?<9
@5B93?<? @5B <ED5>D5
#188A?;
S %?> EC1B5 =19 1@@1B53389 5<5DDB939
>5<<9>D5B>? 49 AE5CD? 1@@1B53389?
@5B5C 1@@1B53389 49 B9C31<41=5>D?
@B?4EDD?B9 49 7891339? 5<5DDB939 533 %1>5/;8; 05 1?<8;?5;:1
S %?> C2B9>1B5 ? @E<9B5 =19 <1@@1B53389?
3?> E>1 @E<9DB935 1 F1@?B5 < F1@?B5 @E_
B1779E>75B5 @1BD9 5<5DDB9385 5 @B?F?31B5
E> 3?BD?39B3E9D?
%1>5/;8; 05 ?/->5/- 181@@>5/-
S %?> ED9<9JJ1B5 ?775DD9 1@@E>D9D9 ? 1669<1D9
@5B B9=E?F5B5 7<9 CDB1D9 49 2B9>1 5 49
7891339?
?C] 6135>4? C9 @?CC?>? 41>>57791B5
9DE29 45< B56B975B1>D5 < B56B975B1>D5 385
6E?B95C35 1 C@BEJJ9 @E_ 9>35>491BC9
?65B9B5 7<9 ?3389
5@
S %?> 3?>C5BF1B5 >5<<1@@1B53389?
@B?4?DD9 3?>D5>5>D9 @B?@5<<5>D9 71CC?C9
3?=2ECD929<9 @5B5C 2?=2?<5DD5 C@B1I
5 C?CD1>J5 5C@<?C9F5
%1>5/;8; 05 1?<8;?5;:1
S %?> EC1B5 9=@B?@B91=5>D5 <? J?33?<?
931CC5DD9 5CDB1929<9 <5 @?BD5 533 3?=5
@541>1 41@@?779? ?@@EB5 3?=5
C?CD57>?
S '5B <? C2B9>1=5>D? 5 <1 @E<9J91
45<<1@@1B53389? C@57>5B5 5CDB1BB5
<1C@9>1 49 1<9=5>D1J9?>5 ? 49C9>C5B9B5
9<49C@?C9D9F? 49 C93EB5JJ1
+9B1B5 49B5DD1=5>D5 <1 C@9>1 >?> 9< 31F?
49 1<9=5>D1J9?>5
S ?>C5BF1B5 1<3??< 14 1<D1 7B141J9?>5
C?<? 5B=5D931=5>D5 389EC? 54 9> @?C9g
J9?>5 F5BD931<5
S %?> C@?B31B5 <5 @1BD9 49 =1D5B91<5 @<1Cg
D93? 5 <1 7E1B>9J9?>5 45<<1 @?BD1 3?> ?<9?
? 7B1CC? <DB9=5>D9 <5 @1BD9 49 =1D5B91<5
@<1CD93? 5 <1 7E1B>9J9?>5 45<<1 @?BD1
49F5>D1>? @?B?C5
S %?> 3?@B9B5 >[ ?CDBE9B5 <5 1@5BDEB5
495>DB1D1 54 EC39D1 45<<1B91 @5B
<1@@1B53389?
S #5 @5BC?>5 3?> B94?DD5 31@139DV 69C9385
C5>C?B91<9 ? @C9389385 ? 3?> 9>CE669395>D9
3?>?C35>J5 45F?>? EC1B5 AE5CD?
1@@1B53389? C?<? C?DD? C?BF57<91>J1
?3?>45DD17<91D5 9CDBEJ9?>9
-9.5:5 5: /-?S %?> 1221>4?>1B5 <9=21<<1779? 5 CE5
@1BD9 1<<1 =5B3[ 49 21=29>9 '5B93?<?
49C?66?31=5>D? 41 C31D?<5 49 31BD?>5
@95785F?<9 5 6?7<9 49 @<1CD931
S #1@@1B53389? >?> Z E> 79?31DD?<? @5B
21=29>9
S '5B 7<9 1@@1B53389 3?> C5BB1DEB1 45<<1
@?BD1 3?>C5BF1B5 <1 3891F5 6E?B9 45<<1
@?BD1D1 459 21=29>9
#;>91 31:1>-85
#1@@1B53389? Z 94?>5?
S @5B 3?>75<1B5 1<9=5>D9
S @5B @B5@1B1B5 7891339?
#1@@1B53389? Z 45CD9>1D? 1<<EC?
4?=5CD93?
#1@@1B53389? Z C385B=1D? 3?>DB?
9B149?49CDEB29 C53?>4? <1 49B5DD9F1
, #5B=5D939DV 45< 39B3E9D? 49 B166B5441=5>D?
Z CD1D1 3?>DB?<<1D1
(E5CD? @B?4?DD? Z 3?>6?B=5 1<<5
@5BD9>5>D9 >?B=5 49 C93EB5JJ1 @5B 7<9
1@@1B53389 5<5DDB939 % 41
5@
;:;?/1>1
8-<<->1//45;
@B9B5 <E<D9=1 @179>1 3?> <5 697EB5
(E5CD? <92B5DD? 49CDBEJ9?>9 @5B <EC?
ZF1<94? @5B 49F5BC9 =?45<<9
%5<<5 697EB5 C?>? @?CC929<9 49665B5>J5
>5<<5697EB5
53A>- 05:?5191
53A>-1
>?> 9> DEDD9 9 =?45<<9
Y %-::188; /;9-:05
<1>@A>- 05 0128A??; 0188->5-
%5-:; 05 8-B;>;
-81:0->5; 05 /;:318-91:@;
-??1@@; ?A>318-@5
%-::188; 0188; F;//;8;
/;: -<1>@A>- 05 B1:@58-F5;:1
5?<8-E @19<1>-@A>- :188- <;>@0188-<<->1//45;
42
%-::188; /;9-:05
53A>-2
:@1>>A@@;>1 <>5:/5<-81 1 ?181@@;>1
@19<1>-@A>'5B B57?<1B5 BE?D1B5 9< C5<5DD?B5
D5=@5B1DEB1 3?> E>1 =?>5D1
%;?5F5;:1 H I @19<1>-@A>- 9-??59%;?5F5;:1 HI @19<1>-@A>- 95:59 '<5- 8A95:;?- B1>01
C9 1335>45 AE1>4? <1@@1B53389?
Z3?<<571D? 1<<1 B5D5 5<5DDB931 5<9>D5Bg
BEDD?B5 @B9>39@1<5 Z 9>C5B9D? #1C@91
C9C@57>5 AE1>4? 9< C5<5DD?B5 D5=@5g
B1DEB1 Z 49C@?CD? CE L O <1C@9>1 49
1<9=5>D1J9?>5 >?> Z 9>C5B9D1 ?@@EB5
<1<9=5>D1J9?>5 5<5DDB931 Z9>D5BB?DD1
%A8?-:@1 ?A<1>2>11F1>
'5B 49C9>C5B9B5 @B5=5B5 49 >E?F? 9<
@E<C1>D5 CE@5B6B55J5B <CE@5B6B55J5B
C9 49C1DD9F1 1ED?=1D931=5>D5
'<5- -88->91 @19<1>-@A>1335C1 C5 >5< 3?>75<1D?B5 <1
D5=@5B1DEB1 1E=5>D1 DB?@@? 5 AE9>49
9 @B?4?DD9 CEB75<1D9 C?>? 9> @5B93?<?
CC1 @E_ 1335>45BC9 D5=@?B1>51g
=5>D5 C5>J1 @5B93?<? @5B 9 @B?4?DD9
CEB75<1D9
S 1<<1 =5CC1 9> 6E>J9?>5
45<<1@@1B53389?
S 1<<9>DB?4EJ9?>5 49 7B1>49 AE1>D9DV
491<9=5>D9 6B5C389
S C5 <1 @?BD1 B5CD1 1@5BD1 DB?@@? D5=@?
S AE1>4? C9 49C@?>5 9< C5<5DD?B5
D5=@5B1DEB1 CE E>1 396B1 CE@5B9?B5
D5=@5B1DEB1 @9c 6B5441
'<5- 8A95:;?- 35-88-
C9 1335>45 AE1>4? Z CD1D? @B5=ED?
9<@E<C1>D5 CE@5B6B55J5B
#1 C@91 C9 C@57>5 AE1>4? 9< @E<C1>D5
CE@5B6B55J5B Z CD1D? 49C9>C5B9D?
5@
;:?501>->1
8-@19<1>-@A>-9.51:@1 1 8B1:@58-F5;:1
;8813->1
8-<<->1//45;
#1 3<1CC5 3<9=1D931 Z 9>4931D1 CE<<1
D1B785DD1 4945>D96931J9?>5 CC1 9>4931
5>DB? AE1<9 <9=9D9 49 D5=@5B1DEB1 1=295>D5
<1@@1B53389? @E_ 5CC5B5 EC1D?
#1D1B785DD1 4945>D96931J9?>5 C9 DB?F1
1C9>9CDB1 9> 21CC? >5<<1@@1B53389?
*1:@58-F5;:1
53A>-3
#1B91 CE<<1 @1B5D5 @?CD5B9?B5 45<<1@@1g
B53389? C9 B9C31<41 #1B91 B9C31<41D1 45F5
@?D5B 456<E9B5 <925B1=5>D5 <DB9=5>D9
9<6B97?B965B? 45F5 <1F?B1B5 @9c 1 <E>7?
9_1E=5>D1 9< 3?>CE=? 49 5>5B791
5<5DDB931
'5B39_ 5F9D1B5 1CC?<ED1=5>D5 49 3?@B9B5
?49 ?CDBE9B5 <5 1@5BDEB5 49 166<ECC?
5456<ECC? 45<<1B91
?@? <9>CD1<<1J9?>5 45<<1@@1B53389?
1DD5>45B5 1<=5>? P?B1 @B9=1 49 =5DD5B<?
9> 6E>J9?>5 EB1>D5 9< DB1C@?BD? @E_
133145B5 385 <?<9? 3?>D5>ED?
>5<3?=@B5CC?B5 @5>5DB9 >5< C9CD5=1
49B166B5441=5>D?
'B9=1 49 EC1B5 <1@@1B53389? <1 @B9=1
F?<D1 @E<9B5 9< F1>? 9>D5B>? 45<<1@@1g
B53389? F549 L'E<9J91O
#1 @B5C1 4?FB5225 5CC5B5 <925B1=5>D5
1335CC929<5
?<<571B5 <1@@1B53389? 1 3?BB5>D5
1<D5B>1D1 1 - J DB1=9D5
E>1@B5C1 9>CD1<<1D1 1 >?B=1 #1 @B5C1
45F5 5CC5B5 @B?D5DD1 3?> 49C@?C9D9F?
49C93EB5JJ1 49 ?CE@5B9?B5
%1> 385 -<<->1//45 01?@5:-@5 -88A?;
5:<-1?5 :;: 1A>;<15 N :1/1??->5;
B1>525/->1 ?A88- @->341@@- 0501:@525X
/-F5;:1 ?1 8- @1:?5;:1 10 58 @5<;
05/;>>1:@1 5:05/-@5 /;>>5?<;:0;:;
-5B-8;>5 0188- >1@1 181@@>5/- 8;/-81
!-@->341@@- 0501:@525/-F5;:1 ?5 @>;B5: .-??; - ?5:5?@>- :188-<<->1//45;
!-?;?@5@AF5;:1 018 /-B; 05 -8591:@-X
F5;:1 ?1 :1/1??->5- 01B1 1??1>1
1?13A5@- ?;8; 0- A: @1/:5/;
43
5@
//1:01>1
8-<<->1//45;
)E?D1B5 9< C5<5DD?B5 D5=@5B1DEB1
253A>-2 <5 C@95 <E=9>?C5 F5B45
5B?CC1C9 1335>4?>?
&13;8->1 8- @19<1>-@A>)57?<1B5 9< C5<5DD?B5 D5=@5B1DEB1
253A>-2 CE E> >E=5B? >E=5B9 @9c
1<D93?BB9C@?>4?>? 1 D5=@5B1DEB5 @9c
21CC5 ?>C97<91=? E>1 B57?<1J9?>5
9>D5B=5491 @5B 5C '5B 7<9 1@@1B53389 3?> 9>4931D?B5 45<<1
D5=@5B1DEB1 B57?<1B5 C5=@B5 9< C5<5DD?B5
D5=@5B1DEB1 9> =?4? 385 <1 <1>35DD1
45<<9>4931D?B5 C91 9> @5B=1>5>J1 >5<
31=@? >5B? 53A>-4
BB1>@1:FS *5 CE29D? 4?@? <1 389ECEB1 45<
3?>75<1D?B5 <1 @?BD1 B5C9CD5 1<<1@5BDEB1
1DD5>45B5 4E5 ? DB5 =9>ED9 69>38[
<145@B5CC9?>5 6?B=1D1C9 >5<<9>D5B>?
>?> ZCD1D1 3?=@5>C1D1
S 31EC1 45< C9CD5=1 49 B166B5441=5>D?
<5 7B97<95 49 3?>75<1=5>D? 9> @9c @E>D9
@?CC?>? B93?@B9BC9 B1@941=5>D5 49 2B9>1
9_ >?> 9>6<E5>J1 9< 6E>J9?>1=5>D?
?9<3?>CE=? 49 5>5B791 5<5DDB931
#?C2B9>1=5>D? 49F5>D1 >535CC1B9? C?<?
AE1>4? CE DEDD1 <1 CE@5B69395 45<<1 7B97<91
49 3?>75<1=5>D? C9 Z 6?B=1D? E>? CDB1D?
49 2B9>1 ? 7891339? 3?> E>? C@5CC?B5
CE@5B9?B5 1 ==
S < <1D? 1>D5B9?B5 45<<1@@1B53389? Z 9>
@1BD5 <5775B=5>D5 B9C31<41D? AE5CD?
9=@549C35 <1 6?B=1J9?>5 49 3?>45>C1
>5<<1 J?>1 45<<1 7E1B>9J9?>5 45<<1 @?BD1
S %1> 3->-:@5>1 58 95:59; /;:?A9;
051:1>35- 8- <->1@1 <;?@1>5;>1 /;:X
01:?-@;>1 0188-<<->1//45; 01B1
1??1>1 -0 A:- 05?@-:F- 05
99
44
@@>1FF-@A>-81:0->5; 05 /;:318-91:@;
>?> @5B DEDD9 9 =?45<<9
53A>-6
>E=5B9 1331>D? 19 C9=2?<9 9>4931>? 9>
=5C9 <1 4EB1D1 49 3?>C5BF1J9?>5 1==5CC1
@5B 9< @B?4?DD? 3?>75<1D? '5B 9 @B?4?DD9
CEB75<1D9 49CDB92E9D9 >5< 3?==5B39? C945F5
?CC5BF1B5 <1 41D1 49 @B?4EJ9?>5 ? <1 41D1
49C3145>J1
//A9A8-@;>1 018 2>100;
>?> @5B DEDD9 9 =?45<<9
53A>-7
#133E=E<1D?B5 45< 6B544? B9D1B41 <?
C3?>75<1=5>D? 457<9 1<9=5>D9 3?>C5BF1D9
9> 31C? 49>D5BBEJ9?>5 49 3?BB5>D5 ? 49
7E1CD? #133E=E<1D?B5 45< 6B544? @E_
5CC5B5 1>385 ED9<9JJ1D? @5B 3?>C5BF1B5
D5=@?B1>51=5>D5 1< 6B544? 1<9=5>D9
@ 5C 9> E>1 2?BC1 D5B=931
%>;0A>>1 /A.1@@5 05 345-//5;
53A>-8
)95=@9B5 <1 F1C385DD1 45< 7891339? @5B
Q3?> 13AE1 545@?B<1 CE< 6?>4? 45< F1>?
3?>75<1D?B5 *D1331B5 <1 F1C385DD1 45<
7891339? 1DD1331D1 C?<? 3?> E> ?775DD?
>?> 13E=9>1D? =1>93? 49 E> 3E338919?
'5B CD1331B5 9 3E25DD9 49 7891339? =5DD5B5
<1 F1C385DD1 2B5F5=5>D5 C?DD? 13AE1
3?BB5>D5 ?@@EB5 D?B35B<1 <5775B=5>D5
5@
;:318->1
1/;:?1>B->1
-8591:@5?A>318-@5
/=A5?@; 05 -8591:@5
?A>318-@5
#1 3?>65J9?>5 >?> 45F5 5CC5B5
41>>57791D1
1B5 1DD5>J9?>5 1<<1 41D1 49 C3145>J1
#1 D5=@5B1DEB1 >5< 3?>D5>9D?B5 49 F5>49D1
45F5 5CC5B5 M ?@9c 21CC1
+B1C@?BD1B5 7<9 1<9=5>D9 CEB75<1D9
@?CC929<=5>D5 9> E>1 2?BC1 D5B=931
5=5DD5B<9 CE29D? >5< F1>? 3?>75<1D?B5
;:?1>B-F5;:1 01385
-8591:@5 /;:318-@5
S '5B <1 3?BB5DD1 39B3?<1J9?>5 45<<1B91
1<<9>D5B>? 45<<1@@1B53389?
Z9=@?BD1>D5 C@9>75B5 69>? 9> 6?>4?
931CC5DD9 @5B 9 @B?4?DD9 3?>75<1D9
S *5 ?33?BB5 9>C5B9B5 =?<D9 1<9=5>D9
Z@?CC929<5 9=@9<1B<9 49B5DD1=5>D5 CE<<5
7B97<95 49 3?>75<1=5>D? AE5CD?
C3?@? 5CDB1BB5 <5 F1C385DD5
493?>75<1=5>D? 69>? 1<<1BB5CD?
C?<<5F1B<5 41< 41F1>D9 5 B9=E?F5B<5
53A>-5
;:318-91:@;
05-8591:@5 2>1?/45
;:318->1 5: <>;<>5;
-8591:@5
'5B 3?>75<1B5 1<9=5>D9 9> @B?@B9?
ED9<9JJ1B5C?<? @B?4?DD9 6B5C389 5 9>D57B9
';:; -0-@@5 <1> 58 /;:318-91:@;
1B>9 54 9>C1331D9 49 31B>5 @?<<1=5
5C5<F1779>1 @5C35 F5B4EB1 5B25
1B?=1D9385 6BEDD1 @B?4?DD9 41 6?B>?
@9JJ1 3929 @B?>D9 B5CD9 49 1<9=5>D9
B?CC?5291>3? 4E?F?
#;: ?;:; -0-@@5 <1> 58 /;:318-91:@;
,?F1 9>D5B5 >5<<1 2E3391 @1>>1 13941
5=19?>5C5 9>C1<1D5 9> 6?7<91 B1F1>5<<9
B161>9 5 39@?<<5
'/;@@->1 B1>0A>- 1 2>A@@'5B 3?>C5BF1B5 3?<?B5 7ECD? 1B?=1
5F9D1=9>1 LO C3?DD1B5 <1 F5B4EB1
5<16BEDD1 @B9=1 45< 3?>75<1=5>D?
'5B <1 C3?DD1DEB1 9==5B75B5 F5B4EB1
56BEDD1 @5B 2B5F5 D5=@? 9> 13AE1
2?<<5>D5
> <92B5B91 C?>? 9> F5>49D1 @E22<931J9?>9
CE<3?>75<1=5>D? >5<<5 AE1<9 C9 45C3B9F5
1>385 9< @B?3549=5>D? 49 C3?DD1DEB1
45
5@
'5?@19->1 385 -8591:@5
;:21F5;:->1 -8591:@5
<9 1<9=5>D9 79V 3?>75<1D9 >?> 45F?>?
5>DB1B5 9> 3?>D1DD? 3?> 7<9 1<9=5>D9
413?>75<1B5 *@?CD1B5 7<9 5F5>DE1<9
1<9=5>D9 CEB75<1D9 >59 31CC5DD9
?>65J9?>1B5 9 @B?4?DD9 9> @?BJ9?>9 141DD5
1< 61229C?7>? 4?=5CD93? 9F945B5 <1
F5B4EB1 5 6BEDD1 9> @?BJ9?>9 >?> CE@5B9?B9
1 ;7 5 <1 31B>5 69>? 1 =1H ;7
#5@?BJ9?>9 @9c @933?<5 75<1>? 3?=@<5D1g
=5>D5 9> =9>?B D5=@? <1 AE1<9DV B5CD1
3?C] =57<9? 3?>C5BF1D1 >5<<? C3?>75<1g
=5>D? 5 >5<<1 @B5@1B1J9?>5
(E1>4? C9 3?>75<1>? 1<9=5>D9 6B5C389
<1D5=@5B1DEB1 >5< 3?>75<1D?B5 @E_
1E=5>D1B5 69>? 1 61B5 <1=@57791B5
<1C@91D5=@5B1DEB1 53A>-2 $139_>?>C97>96931 1<3E> @5B93?<?
@5B7<91<9=5>D9 79V3?>75<1D9
$1CC9=? ?B5 4?@? <1 D5=@5B1DEB1
B57?<1D1 Z 49 >E?F? B1779E>D1
BB1>@1:F'5B 5F9D1B5 385 9> 31C? 49 5F5>DE1<5
9>D5BBEJ9?>5 45<<5>5B791 5<5DDB931 ?@@EB5
49 E> 7E1CD? 7<9 1<9=5>D9 C9 B9C31<49>?
B1@941=5>D5 49C@?BB5 7<9 133E=E<1D?B9
45<6B544? 49B5DD1=5>D5 CE7<9 1<9=5>D9
>5<<?C3?=@1BD? CE@5B9?B5
*;8A91 A@581
41D9 45< F?<E=5 ED9<5 C?>? 9>4931D9
CE<<1D1B785DD1 4945>D96931J9?>5
45<<1@@1B53389?
669>38[ 9< 7ECD? @?CC1 3?>C5BF1BC9
5@5B5F9D1B5 385 7<9 1<9=5>D9 @?CC1>?
5CC9331BC9 389E45B<9 9> 3?>65J9?>9
5B=5D9385
';:; 50;:15 <1> /;:21F5;:->1
?7<9 9> @<1CD931 6?7<9 DE2?<1B9 49 @?<95D9<5>5
6?7<9 49 1<<E=9>9? 5 3?>D5>9D?B9 @5B CEB75<1D9
+B?F1D5 AE5CD9 @B?4?DD9 @B5CC? 9 6?B>9D?B9
C@5391<9JJ1D9
#;: ?;:; 50;:15
1BD1 41 6?B>? 31BD1 @5B71=5>1
35<<?61> C13385DD9 @5B B969ED9 5 C13385DD9
@5B <1 C@5C1 EC1D9
>DB?4EBB5 7<9 1<9=5>D9 >5<<1 3?>65J9?>5
5C@5<<5B5 3?=@<5D1=5>D5 <1B915 389E45B5
5B=5D931=5>D5 <1 3?>65J9?>5
%1> ?53588->1 81 /;:21F5;:5 ?;:; 50;:15
>5<<9 49 7?==1 3<9@ 49 @<1CD931 69<9 @5B
<571B5 >1CDB9 145C9F9 B5C9CD5>D9 1< 6B544?
?C9=9<9 C13385DD9 54 9 6?7<9 DE2?<1B9 49
@?<95D9<5>5 @?CC?>? 5CC5B5 C1<41D9 3?>
E>C1<41D?B5 @5B 6?7<9 49 @<1CD931
'B9=1 49>DB?4EBB5 <5 @?BJ9?>9 >5< F1>?
3?>75<1D?B5 C3B9F5B5 CE<<5 3?>65J9?>9
9<3?>D5>ED? 5 <1 41D1 49 3?>75<1=5>D?
#1C391B5 B166B5441B5 1 D5=@5B1DEB1
1=295>D5 7<9 1<9=5>D9 5 <5 25F1>45 31<49
@B9=1 49>DB?4EB<9 >5< F1>? 3?>75<1D?B5
46
5@
'A<1>2>11F1>
*5 >5<<1@@1B53389? C?>? 79V 3?>C5BF1D9
1<9=5>D9 AE1<385 ?B1 @B9=1 49>DB?4EBB5
9@B?4?DD9 6B5C389 45F5 5CC5B5 9>C5B9D?
9<CE@5B6B55J5B > 75>5B1<5 C?>? CE669395>D9
?B5 *5 C9 FE?<5 C6BEDD1B5 <1=1H
@?D5>J1 49 3?>75<1=5>D? C?>? >535Cg
C1B95 ?B5 '933?<5 AE1>D9DV 491<9=5>D9
69>? 1 ;7 @?CC?>? 5CC5B5 3?>75<1D5
C5>J1 CE@5B6B55J5B '5B1DD9F1B5 9< CE@5Bg
6B55J5B 21CD1 @B5=5B5 9< @E<C1>D5
CE@5B6B55J5B 53A>-2 <<1DD9F1J9?>5 <1 C@91 791<<1 C9<<E=9>1
<3?=@B5CC?B5 ?B1 6E>J9?>1 3?CD1>D5g
=5>D5 5>5<<1@@1B53389? C9 B1779E>75
E>1 D5=@5B1DEB1 @9c 21CC1
;<; -B1>1 5:@>;0;@@; 5 <>;0;@@5
2>1?/45 05?-@@5B->1 58 ?A<1>2>11F1>
<@B?35CC? 49 3?>75<1=5>D? F95>5 ?B1
3?=1>41D? 1ED?=1D931=5>D5 5 3?>
B9C@1B=9? 49 3?BB5>D5
< 3?>75<1=5>D? Z 3?>3<EC? AE1>4?
<1<1>35DD1 45<<9>4931D?B5 49 D5=@5B1DEB1
253A>-4 9>4931 9< 31=@? >5B?
"-D <;@1:F05/;:318-91:@;
<9 1<9=5>D9 45F?>? 3?>75<1BC9 1< @9c
@B5CD? @?CC929<5 1>385 >5< <?B? 9>D5B>?
*?<? 3?C] C9 3?>C5BF1>? <5 F9D1=9>5
9<@?D5B5 >EDB9D9F? <1C@5DD? 54 9< 7ECD?
'5B39_ >?> C9 45F5 CE@5B1B5 <1 31@139DV
=1CC9=1 49 3?>75<1=5>D? 45<<1@@1g
B53389?
%;??5.585@K 05 /;:318-91:@;
>4931J9?>9 CE<<1 =1H @?CC929<9DV 49
3?>75<1=5>D? 9> ?B5 C?>? B9@?BD1D5
CE<<1 D1B785DD1 4945>D96931J9?>5
'/;:318-91:@; 05
-8591:@5 /;:318-@5
*53?>4? 9< D9@? 5 <1 45CD9>1J9?>5
C357<95B5 DB1 <5 @?CC929<9DV C57E5>D9
S 1 D5=@5B1DEB1 1=295>D5
S 9> 6B97?B965B?
S >5< 6?B>? 5<5DDB93? 3?> C5>J1
F5>D9<1D?B514 1B91 31<41
S >5< 6?B>? 1 =93B??>45
BB1>@1:F%?> 3?>75<1B5 49 >E?F? 7<9 1<9=5>D9
C5=9C3?>75<1D9 ?C3?>75<1D9 (E5CD9
@?CC?>? 5CC5B5 B93?>75<1D9 C?<? 4?@?
5CC5B5 CD1D9 <1F?B1D9 9> E>1 @95D1>J1
@B?>D13?DD1 ? 1BB?CD9D1
> D1< 31C? >?> ED9<9JJ1B5 @9c <1 4EB1D1
=1CC9=1 49 3?>C5BF1J9?>5
'<13:1>1 1 91@@1>1
2A;>5 ?1>B5F5;
8-<<->1//45;
'<13:1>1 8-<<->1//45;
)E?D1B5 9< C5<5DD?B5 D5=@5B1DEB1
253A>-2 CE L O #1 C@91 F5B45
C9C@57>5
"1@@1>1 2A;>5 ?1>B5F5;
8-<<->1//45;
*5 <1@@1B53389? B5CD1 9>ED9<9JJ1D? @5B
E><E>7? @5B9?4?
S CDB1BB5 <1 C@9>1 49 1<9=5>D1J9?>5
?49C9>C5B9B5 9< 49C@?C9D9F? 49 C93EB5JJ1
S *2B9>1B5 5 @E<9B5 <1@@1B53389?
S #1C391B5 1@5BD1 <1 @?BD1 45<<1@@1g
B53389?
47
5@
'.>5:-91:@; 1 <A85F5! %1>5/;8; 05 ?/->5/- 181@@>5/%?> ED9<9JJ1B5 @E<9DB939 1 F1@?B5 #5 @1BD9
C?DD? D5>C9?>5 9> 31C? 49 3?>45>C1J9?>5
45< F1@?B5 @?CC?>? @B?F?31B5 E>
3?BD?39B3E9D? ? E>1 C31B931 5<5DDB931
'5B B9=E?F5B5 <1 2B9>1 >?> EC1B5 3?<D5<<9
?@@EB5 ?775DD9 13E=9>1D9
%?> 41>>57791B5 9 DE29 45< 39B3E9D?
B56B975B1>D5
< B56B975B1>D5 385 6E?B95C35 1 C@BEJJ9
@E_65B9B5 7<9 ?3389 54 Z 9>691==129<5
%?> EC1B5 >5<<1@@1B53389? 1@@1B53389
5<5DDB939 ? 691==1 <925B1
BB1>@1:F(E1>4? <? CDB1D? 49 2B9>1 B1779E>75
<?C@5CC?B5 49 31 P3= Z >535CC1B9?
C2B9>1B5 9_ F1 3?=E>AE5 61DD? 1<=5>?
E>1 ? 4E5 F?<D5 <1>>? $57<9? AE1>4?
<1@@1B53389? 3?>D95>5 @?389 1<9=5>D9
CEB75<1D9 ?@@EB5 Z FE?D?
>C5B9B5 9< CE@5B6B55J5B 31 ?B5 @B9=1
45<<? C2B9>1=5>D? @5B @?BD1B5 7<9 1<9=5>D9
14 E>1 D5=@5B1DEB1 =?<D? 21CC1 5 @?D5B<9
3?C] 3?>C5BF1B5 @9c 1 <E>7? 1 D5=@5B1DEB1
1=295>D5
%>;/101>1 /;91 ?13A1
S CDB1BB5 9 31CC5DD9 3?> 7<9 1<9=5>D9
CEB75<1D9 5@?BB5 7<9 133E=E<1D?B9
45<f6B544? C5 49C@?>929<9 CE7<9 1<9=5>D9
FF?<75B5 7<9 1<9=5>D9 9> @9c CDB1D9 49 31BD1
49 79?B>1<5 5 3?>C5BF1B<9 9> E> <E?7?
6B5C3?
S CDB1BB5 <1 C@9>1 41<9=5>D1J9?>5
?f49C9>C5B9B5 9< 49C@?C9D9F? 49 C93EB5JJ1
S #1C391B5 C2B9>1B5 <1@@1B53389?
S ?@? <? C2B9>1=5>D? 1CC?B29B5 3?>
E>1fC@E7>1 <13AE1 49 C2B9>1=5>D?
CE<f6?>4? 45< 3?>75<1D?B5
S 'E<9B5 3?> 13AE1 5 @?3? 45D5BC9F?
#1F1B5 <1 7E1B>9J9?>5 45<<1 @?BD1 C?<?
3?> 13AE1 5 @?9 1C39E71B<1 3?> 3EB1
S 335>45B5 49 >E?F? <1@@1B53389?
S >DB?4EBB5 49 >E?F? 7<9 1<9=5>D9 CEB75<1D9
A?585; 05 ?.>5:-91:@;
9C@?BB5 >5< 3?>75<1D?B5 E>1 @5>D?<1 3?>
13AE1 2?<<5>D5 CE E>1 21C5 41@@?779?
'<>-E ?.>5:-@;>5
*?>? 45D5B=9>1>D9 <5 9CDBEJ9?>9 45<
@B?4EDD?B5
! @@1:F5;:1
<9 C@B1I C2B9>1D?B9 @?CC?>? 6?B=1B5 71C
5C@<?C9F9 3?>D5>5B5 C?<F5>D9 ? @B?@5<<5>D9
41>>?C9 @5B <1 @<1CD931 ?@@EB5 5CC5B5
41>>?C9 @5B <1 C1<ED5
%?> EC1B5 @B?4?DD9 @5B @E<9J91 5 C?<F5>D9
389=939 3?>D5>5>D9 C12291 ? 13949
48
5@
%1> >5?<->95->1 1:1>35- &A9;>5 05
2A:F5;:-91:@;
S >CD1<<1B5 9< 3?>75<1D?B5 9> E> 1=295>D5
6B5C3? 25> F5>D9<1D? @B?D5775B<?
41<<9BB1491J9?>5 C?<1B5 49B5DD1 549C@?B<?
<?>D1>? 41<<5 6?>D9 49 31<?B5 31<?B965B9
533 &A9;>5 :;>9-85
&;:F5;
B56B975B1D?B5 9> 6E>J9?>5
S %?> ?CDBE9B5 <5 1@5BDEB5 49 166<ECC?
5f456<ECC? 45<<1B91 45<<1@@1B53389?
&5.;885>1 2>A?/Q; ? 3;>3;38Q;
9<B56B975B1>D5 C3?BB5 1DDB1F5BC? 9 DE29
S >DB?4EBB5 7<9 1<9=5>D9 31<49 >5< 3?>75<1g
D?B5 C?<? 4?@? 385 C9 C?>? B166B5441D9
'/-@@; 9>C5B9=5>D? 549C9>C5B9=5>D?
45<=?D?B5
S '5B C3?>75<1B5 9 @B?4?DD9 CEB75<1D9
=5DD5B<9 >5< 6B97?B965B? *9 ED9<9JJ1 3?C]
9<f6B544? 45<<1<9=5>D? 3?>75<1D?
@5BB166B5441B5 7<9 1<9=5>D9 >5< F1>?
6B97?B965B?
S *5 C9 6?B=1 7891339? C2B9>1B5
<1@@1B53389?
,>? C@5CC? CDB1D? 49 7891339? @5779?B1
<1 35CC9?>5 45< 6B544? 17<9 1<9=5>D9
CEB75<1D9 5 61 1E=5>D1B5 9< 3?>CE=?
49f5>5B791 5<5DDB931
S '5B 9>DB?4EBB5 ? @B5<5F1B5 1<9=5>D9
1@B9B5 <1 @?BD1 45<<1@@1B53389? 9< D5=@?
@9c 2B5F5 @?CC929<5
(E1>D? @9c 2B5F5 Z <1@5BDEB1 45<<1
@?BD1f45< 3?>75<1D?B5 D1>D? =9>?B5
Zf<1f6?B=1J9?>5 49 7891339? CE<<5 7B97<95
49 3?>75<1=5>D?
&A9;>5 2-/585 0- 18595:->1
!-<<->1//45; :;: N 85B188-@;
*9 @B571 49 <9F5<<1B5 <1@@1B53389?
@5B=5JJ? 49 E>1 <9F5<<1 1 2?<<1 41B91
,D9<9JJ1B5 1 D1< 69>5 9 @9549>9 1 F9D5
?@@EB59>C5B9B5 C@5CC?B9 C?DD? 9 @9549>9
!-<<->1//45; H@;//-I
<<?>D1>1B5 <1@@1B53389? 419 =?29<9
?1@@1B53389 3?> 9 AE1<9 Z 9> 3?>D1DD?
-??1@@5 /1?@5 ; >5<5-:5 B5.>-:;
;?;:;5:/-?@>-@5
*9 @B571 49 3?>DB?<<1B5 <5 @1BD9 5CDB1929<9
545F5>DE1<=5>D5 49 9>C5B9B<5 49 >E?F?
;:@1:5@;>5 ?5 @;//-:;
<<?>D1>1B5 E> @?3? <5 2?DD97<95
53?>D5>9D?B9 385 C9 D?331>?
S '5B 9=@549B5 385 9> 31C? 49 5F5>DE1<5
9>D5BBEJ9?>5 45<<5>5B791 5<5DDB931 ? 49
7E1CD? 7<9 1<9=5>D9 @?CC1>? B9C31<41BC9
B1@941=5>D5 @B5>45B5 7<9 133E=E<1D?B9
45< 6B544? 41< F1CC?9? 49 3?>75<1=5>D?
5 45@?B<9 49B5DD1=5>D5 CE7<9 1<9=5>D9 >5<
31CC5DD? CE@5B9?B5
49
5@
8595:->1 0- ?;85
5<5//;85 3A-?@5
'B9=1 49 B9F?<75BC9 1< C5BF9J9? 1CC9CD5>J1
C9@B571 49 F5B96931B5 C5 Z @?CC929<5
5<9=9>1B5 1ED?>?=1=5>D5 9< =1<6E>J9?g
>1=5>D? 3?> <19ED? 45<<5 1FF5BD5>J5
C57E5>D9
>61DD9 9> 31C? 49>D5BF5>D? 45< C5BF9J9?
1CC9CD5>J1 F95>5 3?=E>AE5 144529D1D?
<9>D5B? 49B9DD? 69CC? 49 3891=1D1 45<
D53>93? 1>385 4EB1>D5 9< @5B9?4?
4971B1>J91
;?- 2->1 ?1
:18 B-:; /;:318-@;>1 8- @19<1>-@A>N @>;<<; .-??-
S < C5<5DD?B5 49 D5=@5B1DEB1 Z B57?<1D?
14E>1 D5=@5B1DEB1 DB?@@? 21CC1
S < CE@5B6B55J5B Z CD1D? 49=5>D931D?
9>C5B9D? #1C@91 791<<1 Z 1335C1
*@57>5B5 9< CE@5B6B55J5B
@A@@1 81 ?<51 ?;:; ?<1:@1
?>DB?<<1B5
S *5 <1@@1B53389? Z 1335C?
S *9 F9 Z E>9>D5BBEJ9?>5 49 3?BB5>D5
S *5 9< 49C@?C9D9F? 49 C93EB5JJ1
45<<9=@91>D? 4?=5CD93? Z 9>D5BF5>ED?
S *5 <1 C@9>1 49 1<9=5>D1J9?>5 Z 3?BB5DD1g
=5>D5 9>C5B9D1 >5<<1 @B5C1
50
8- ?<5- -88->91 @19<1>-@A>- >;??-
N/;?@-:@191:@1 -//1?-
#1 D5=@5B1DEB1 >5< F1>? 3?>75<1D?B5
ZDB?@@? 1<D1 @5B38[
S #1 @?BD1 Z CD1D1 1@5BD1 DB?@@? C@5CC?
?@@EB5 C?>? CD1D5 9>DB?4?DD5 7B1>49
AE1>D9DV 49 1<9=5>D9 41 3?>75<1B5
S < C5<5DD?B5 D5=@5B1DEB1 Z CD1D? C@?CD1D?
CE E> F1<?B5 CE@5B9?B5
S #5 1@5BDEB5 49 15B1J9?>5 C?>? CD1D5
3?@5BD5
<9=9>1D9 AE5CD9 9>3?>F5>95>D9 <1 C@91
1<<1B=5 D5=@5B1DEB1 4?@? AE1<385 D5=@?
C9 C@57>5 >31C? 3?>DB1B9? B9F?<75BC9
1<C5BF9J9? 1CC9CD5>J1 3<95>D9
'1>B5F5; -??5?@1:F/851:@5
+B?F1D5 E> C5BF9J9? 1CC9CD5>J1 3<95>D9
>?><?>D1>? 41 F?9 >5<<5<5>3? D5<56?>93?
?@@EB5 >5<<5<5>3? 45< C5BF9J9? 1CC9CD5>J1
3<95>D9 >4931D5 1< C5BF9J9? 1CC9CD5>J1
3<95>D9 <1 C97<1 45< @B?4?DD? g%B 54 9<
>E=5B? 496122B931J9?>5 45< F?CDB?
1@@1B53389?
+B?F1D5 AE5CD9 4E5 41D9 >5<<1 D1B785DD1
4945>D96931J9?>5 53A>-9
>4931>4? <1 C97<1 45< @B?4?DD? 54
9<>E=5B? 49 6122B931J9?>5 3?>DB92E9D5
145F9D1B5 9>D5BF5>D9 9>ED9<9 )9C@1B=91D5
3?C] <5C@5C5 B5<1D9F5
:8
-:C56F5:31: ;B1>
01-2B;1>
x 2B;1>1: B-: 01
B1><-775:3 B-: AC :51AC1
-<<->--@
5 F5B@1;;9>7 25C385B=D EG 1@@1B11D
D575> DB1>C@?BDC38145 5 752BE9;D5
=1D5B91<5> J9:> ?>C38145<9:; F??B 85D
=9<95E 5> ;E>>5> ?@>95EG G?B45>
752BE9;D 5<@ 411B?= =55 5> J?B7
41D45 F5B@1;;9>7 =9<95EFB95>45<9:;
G?B4D1675F?5B4
!
+-->?/4AC5:3
9: 167541>;D5 1@@1B1D5>
*D5;;5B E9D 85D CD?@3?>D13D DB5;;5>
1>C<E9D;125< 4??B;>9@@5> 5> C1=5>
=5D 45 CD5;;5B F5BG9:45B5>
"?5<1@@1B1D5> 25F1DD5> ;?5<=9445< 5>
9>45 9C?<1D95 71C 495 J?B7FE<497 =?5D5>
G?B45> 1675F?5B4 $5D 85D ??7 ?@ 55>
4?5<=1D975 5> =9<95EFB95>45<9:;5 16F?5B
=?75> 45 <5949>75> F1> 85D ;?5<39B3E9D
D?D85D =?=5>D F1> DB1>C@?BD >95D
25C3814974 G?B45>
, ;E>D 29: EG <5F5B1>395B ?6 29: 45
B59>979>7C495>CD 9> EG 75=55>D5
9>6?B=5B5> 8?5 E EG ?E45 1@@1B11D
5>85D F5B@1;;9>7C=1D5B911< F1> 85D
>95EG5 1@@1B11D ;E>D <1D5> 16F?5B5>
F??B 55> =9<95EFB95>45<9:;5 F5BG5B;9>7
x 2B;1> B-: 41@ ;A01
-<<->--@
&E45 1@@1B1D5> J9:> 755> G11B45<??C
16F1< ??B 55> =9<95EFB95>45<9:;5 16F?5B
;E>>5> G11B45F?<<5 7B?>4CD?665> G?B45>
D5BE775G?>>5>
9D 1@@1B11D 9C 75;5>=5B;D 9>
?F5B55>CD5==9>7 =5D 45 EB?@5C5
B938D<9:> 25DB5665>45
167541>;D5 5<5;DB9C385 5> 5<5;DB?>9C385
1@@1B1DEEB G1CD5 5<53DB931< 1>4
5<53DB?>93 5AE9@=5>D .
5B938D<9:> 7556D 85D ;145B 11> F??B
459>45 , 75<4975 D5BE7>5=9>7
5>F5BG5B;9>7 F1> ?E45 1@@1B1D5>
51
:8
*158534150?.1<-85:31:
1: C-->?/4AC5:31:
*;;>0-@ A 41@ -<<->--@
5:31.>A57 :119@
#55C 45 752BE9;C11>G9:J9>7 5> 85D
9>CD1<<1D95F??BC38B96D >1EG;5EB97 4??B
, F9>4D 411B9> 25<1>7B9:;5 9>6?B=1D95
?F5B@<11DC9>7 752BE9; 5> ?>45B8?E4
F1>85D 1@@1B11D
5G11B 45 752BE9;C11>G9:J9>7 5> 85D
=?>D175F??BC38B96D F??B <1D5B 752BE9;
?6F??B 55> 5F5>DE5<5 <1D5B5 25J9DD5B
(1/4:5?/41 B158534150
S 5D 1@@1B11D 25F1D 55> 75B9>75
8?5F55<8594 F1> 85D =9<95EFB95>45<9:;5
=11B 2B1>421B5 ;?5<=9445< ) 1
#5D5B?@ 41D 45 <5949>75> F1> 85D
;?5<39B3E9D 29: 85D DB1>C@?BD ?6 45
9>CD1<<1D95 >95D 25C3814974 G?B45>
"?5<=9445< 41D >11B 2E9D5> C@E9D ;1>
F<1= F1DD5> ?6 D?D ??7<5DC5< <5945>
56 .1?/4-0535:3
&@5> FEEB ?6 1>45B5 ?>DCD5;9>7Cg
2B?>>5> E9D 45 2EEBD F1> 85D 1@@1B11D
8?E45>
)E9=D5 754EB5>45 55> @11B =9>ED5>
7?54 <E38D5>
@@1B11D E9DC381;5<5> 5> 45 CD5;;5B
E9D 85D CD?@3?>D13D DB5;;5>
?>D13D ?@>5=5> =5D 45
*5BF935495>CD
?5 =55B ;?5<=9445< 85D 1@@1B11D
25F1D 45C D5 7B?D5B =?5D 45 BE9=D5 J9:>
G11B9> 85D 1@@1B11D G?B4D ?@75CD5<4
>55> D5 ;<59>5 BE9=D5 ;1> 29: 55> <5;
55> ?>DF<1=211B =5>7C5< F1> 71C 5>
<E38D ?>DCD11>
52
'5B 7 ;?5<=9445< =?5D 45 BE9=D5
=9>9=11< = 7B??D J9:>
58?5F55<8594 ;?5<=9445< 9> EG
1@@1B11D F9>4D E ?@ 85D DI@5@<11D:5
11>45 29>>5>;1>D F1> 85D 1@@1B11D
S 5D F5BF1>75> F1> 45 5<5;DB9C385 ;125<
5> 1>45B5 B5@1B1D95C =?75> 1<<55> 4??B
45 *5BF935495>CD G?B45> E9D75F?5B4
&>F1;;E>4975 9>CD1<<1D95 5> B5@1B1D95C
;E>>5> 7B??D 75F11B ?@<5F5B5> F??B
4525J9DD5B
56 41@ 31.>A57
S %??9D 5<5;DB9C385 1@@1B1D5> 9> 85D
1@@1B11D 752BE9;5> 29:F F5BG1B=9>7Cg
1@@1B1D5> 5<5;DB9C385 9:C25B5945B 5D3 -:? ;< 1D<8;?51
S 5D 1@@1B11D >??9D =5D 55> CD??=g
B59>975B ?>D4??95> ?6 C38??>=1;5>
585D5 CD??= ;1> 9> 45 5<5;DB9C385
?>45B45<5> D5B538D;?=5> 5> ;?BDg
C<E9D9>7 F5B??BJ1;5>
-:? ;< 11: 1817@>5?/41 ?/4;7
S 52BE9; 755> @E>D975 ?6 C385B@5
F??BG5B@5> ?= 55> <117 9:C ?6 B9:@
D5F5BG9:45B5>
95B4??B ;E>D E 45 ;?5<<5949>75>
25C3814975> "?5<=9445< 41D >11B
2E9D5> C@E9D ;1> F<1= F1DD5> ?6 D?D
??7<5DC5< <5945>
S 55> @B?4E3D5> =5D 2B1>421B5 4B9:6g
71CC5> 29:F C@E9D2ECC5> 5> 755>
5H@<?C95F5 CD?665> 9> 85D 1@@1B11D
?@C<11>
1B--> B;;> 1D<8;?51
S '<9>D E9DDB5;21B5 =1>45> ?6 <145>
45EB5> 5D3 >95D 1<C ?@CD1@:5 752BE9;5>
?6 ?= ?@ D5 <5E>5>
S B1>;5> =5D 55> 8??7 1<3?8?<@5B35>g
D175 1<D9:4 7?54 1675C<?D5> 5> CD11>4
25G1B5>
:8
S &= D5 ?>D4??95> ?6 D5 B59>975> 85D
1@@1B11D E9DC381;5<5> CD5;;5B E9D 85D
CD?@3?>D13D DB5;;5> ?6 45 J5;5B9>7
E9DC381;5<5> B5C@ <?C4B1195>
<D9:4 11> 45 CD5;;5B DB5;;5> >??9D
11>45 11>C<E9D;125<
S 0?B7 41D 45 ;E>CDCD?6 45<5> 5> 45
45EB164938D9>7 >95D =5D ?<95 ?6 F5D 9>
11>B1;9>7 ;?=5> 05 ;E>>5> @?B5EC
G?B45>
S 5 25g 5> ?>D<E38D9>7C?@5>9>75> F1>
85D 1@@1B11D >??9D 1645;;5>
S 9D 1@@1B11D =17 4??B @5BC?>5> =5D
25@5B;D5 <9381=5<9:;5 ?6 755CD5<9:;5
F5B=?75>C =?D?B9C385 CD?B9>75> ?6
752B5;;975 ;5>>9C 1<<55> ?>45B D?5J938D
?6>1 E9DF?5B975 9>CDBE3D95 752BE9;D
G?B45>
5:01>1: 5: 41@ 4A5?4;A01:
S -5B@1;;9>7C=1D5B911< 5> ?>45B45<5>
5BF1> J9:> 755> C@55<7?54 F??B
;9>45B5> -5BCD9;;9>7C75F11B 4??B
?@F?EG21B5 ;1BD?>>5> 4?J5> 5> 6?<95
S 5D 1@@1B11D 9C 755> C@55<7?54 F??B
;9>45B5>
S 9: 55> 1@@1B11D =5D 45EBC<?D C<5ED5<
2E9D5> 85D 25B59; F1> ;9>45B5> 25G1B5>
83191:1 .1<-85:31:
5D 1@@1B11D 9C 75C389;D
S F??B 85D 9>FB95J5> F1> <5F5>C=9445<5>
S F??B 85D 25B5945> F1> 9:C
5D 1@@1B11D 9C 25CD5=4 F??B
8E9C8?E45<9:; 752BE9;
5D 1@@1B11D 9C ?>DCD??B4 F?<75>C
,-B938D<9:> 5D ;?5<39B3E9D 9C ?@ 4938D8594
753?>DB?<55B4
9D 1@@1B11D F?<4?5D 11> 45
F59<978594C25@1<9>75> F??B 5<5;DB9C385
1@@1B1D5> % 53
:8
1::5?9-75:3 91@
41@-<<->--@
1051:5:3?<-:118
2. 2
;;20?/4-718--> 1:
@19<1>-@AA>751F1>
&= 9> D5 CD5<<5> D5=@5B1DEEB;95J5B
=5D 55> =E>D F5B4B1195>
'@-:0 Z C->9?@1 @19<1>-@AA>
'@-:0 Z 7;A0?@1 @19<1>-@AA>
5 <11DCD5 2<14J9:45 =5D 45 16255<49>75>
E9D;<1@@5> 5J5 752BE9;C11>G9:J9>7
9C?@=55B 41> [[> DI@5 F1> D?5@1CC9>7
"<59>5 16G9:;9>75> 9> 45 16255<49>75>
J9:>=?75<9:;
$B1>F5/4@
2. 1
>95D 29: 1<<5 =?45<<5>
Y 1051:5:3?<-:118
$:@8A/4@5:3?;<1:5:3
+1>7.8-0
51<B>51?7-81:01>
51<B>51?8-01
';7718-205/4@5:3
91@ B1:@58-@51;<1:5:3
S
(19<1>-@AA>5:05/-@51 5:
0101A>B-: 41@ -<<->--@
S
S
S
54
;:@>;818-9<61 3>;1:
2B1>4D 1<C 85D 1@@1B11D ?@ 85D
5<5;DB939D59DC>5D 9C 11>75C<?D5> 5>
458??64C381;5<11B 9C 9>75C381;5<4
5D 3?>DB?<5<1=@:5 711D E9D 1<C 45
D5=@5B1DEEB;95J5B ?@ i 9C 754B1194
1<C 45 CD5;;5B >95D 9> 85D CD?@3?>D13D
J9D ?6 1<C 45 CDB??=D?5F?5B
?>45B2B?;5> 9C
'A<1>B>51?@;1@?
&= E9D D5 C381;5<5> CE@5BFB95CD?5DC
?@>95EG 9>4BE;;5> 5D CE@5BFB95Cg
CICD55= G?B4D >95D 1ED?=1D9C38
E9D75C381;5<4 (19<1>-@AA>X-8->98-9<61 >;;0
2B1>4D 1<C 85D 9> 45 495@FB95C;1CD D5
G1B= 9C G11B4??B 45 495@FB95CG1B5>
;E>>5> 2545BF5>
5D ;1> J?>45B 75F11B F??B 45
495@FB95CG1B5> D9:45<9:; 2B1>45>
29: 85D 9> 752BE9; >5=5> F1> 85D
1@@1B11D
29: 85D 9><145> F1> 7B?D5
8?5F55<8545> F5BC5 <5F5>C=9445<5>
1<C 45 45EB D5 <1>7 ?@5> CD11D
1<C 45 D5=@5B1DEEB;95J5B ?@ 55>
8?75B 39:65B ;?E45B5 D5=@5B1DEEB
G?B4D 75J5D
;:@>;818-9<61 3118
2B1>4D 1<C 45 CE@5BFB95CD?5DC G5B4
9>754BE;D
5D 3?>DB?<5<1=@:5 711D E9D 1<C 85D
CE@5BFB95CCICD55= E9D75C381;5<4
G?B4D
:8
!1@ ;< ;931B5:3?X
@19<1>-@AA>
1:.18A/4@5:3
5 ;<9=11D;<1CC5 CD11D 11>7575F5>
?@85DDI@5@<11D:5 95B=55 G?B4D
11>7575F5> 29: G5<;5 ?=75F9>7Cg
D5=@5B1DEEB 85D 1@@1B11D 752BE9;D
;1>G?B45> 5DDI@5@<11D:5 25F9>4D
J938<9>;C ?>45B11> 9> 85D 1@@1B11D
18A/4@5:3
2. 3
5 <E38D 11> 45 138D5BG1>4 F1> 85D
1@@1B11D G?B4D F5BG1B=4 5 F5BG1B=45
<E38D =?5D ?>7589>45B4 1675F?5B4
;E>>5> G?B45> >45BC =?5D 45
;?5<=1389>5 =55B @B5CD5B5> G11B4??B
85D 5>5B795F5B2BE9; D?5>55=D
5 25g 5> ?>D<E38D9>7C?@5>9>75> =?75>
41> ??; >??9D G?B45> 167545;D
<<->--@ --:?8A5@1:
%1 85D ?@CD5<<5> F1> 85D 1@@1B11D 495>D
=5> =9>CD5>C P EEB G138D5> F??B41D
E85D 1@@1B11D 9> 752BE9; >55=D
+9:45>C85D DB1>C@?BD ;1> 85D 7525EB5>
41D 45 ?<95 F1> 45 3?=@B5CC?B 9> 85D
;?5<CICD55= D5B538D ;?=D
-??B41D E 85D 1@@1B11D F??B 85D
55BCD9>752BE9; >55=D 45 29>>5>;1>D
F1>85D1@@1B11D C38??>=1;5>
J95*38??>=1;5>
5D CD?@3?>D13D =?5D 75=1;;5<9:;
D525B59;5> J9:>
5D 1@@1B11D E9DC<E9D5>4 F91 55> F?<75>C
45 F??BC38B96D5> 11>752B138D B1>47511B4
CD?@3?>D13D ?@ h - J
G9CC5<CDB??= 11>C<E9D5> 5DCD?@3?>D13D
=?5D J9:> 25F59<974 =5D 55> J5;5B9>7 F1>
?6 =55B
56 -<<->-@1: 051 5: :51@ A>;<1?1
8-:01: C;>01: 31.>A57@ ;< 41@
@E<1<8--@61 /;:@>;81>1: ;2 01
--:?8A5@?<-::5:3 1: 01 ?@>;;9?;;>@
;B1>11:7;91: 91@ 01 C-->01: B-:
AC 1817@>5/5@15@?:1@ 1@ @E<1<8--@61
.1B5:0@ F5/4 85:7? ;:01>--: 5: 41@
-<<->--@ 1: 1B1:@A118 :;;0F-7185671
B1>B-:35:3 B-: 01 --:?8A5@7-.18 9-3
-8811: 0;;> 11: B-77A:053 9;:@1A>
C;>01: A5@31B;1>0
55
:8
:?/4-7181: B-:
41@-<<->--@
+5=@5B1DEEB;95J5B -2. 2 4B1195>
85D7B?5>5 5> B?45 3?>DB?<5<1=@:5
2B1>45>
:?@1881: B-: 01 @19<1>-@AA>
+5=@5B1DEEB;95J5B -2. 2 ?@ 55>
39:65B9>CD5<<5> ?75B5 39:65BC 25D5;5>5>
<175B5 D5=@5B1DEB5> .9: 14F9C5B5> 55>
75=9445<45 9>CD5<<9>7 29:F 9: 1@@1B1D5> =5D D5=@5B1DEEB9>4931D95
45D5=@5B1DEEB;95J5B 9> 5<; 75F1<
J?41>979>CD5<<5> 41D 45 G9:J5B F1>
45D5=@5B1DEEB9>4931D95 <1>74EB97
9>85DJG1BD5 25B59; CD11D 2. 4
@@1:@51
S <C >1 85D C<E9D5> F1> 45 495@FB95C;1CD
45 45EB >95D ?>=9445<<9:; G55B 75?@5>4
;1> G?B45> DG55 D?D 4B95 =9>ED5>
G138D5> D?D 45 ?>DCD1>5 ?>45B4BE;
9C?@7585F5>
S ??B 85D ;?5<CICD55= ;1> J938 ?@
45FB95CB??CD5BC ?@ C?==975 @<11DC5>
1<C>5< 55> <117:5 B9:@ 16J5DD5> 9D 8556D
755> 9>F<?54 ?@ 85D 6E>3D9?>5B5> F1>
85D 1@@1B11D ?6 ?@ 85D CDB??=F5B2BE9;
&>D4??95> 9C @1C >?497 1<C J938 ?@ 85D
85<5 ?@@5BF<1; F1> 85D FB95CB??CD5B 55>
<117 B9:@ ?6 9:C =5D 55> 49;D5 F1> =55B
41> == 8556D 75F?B=4
S 5 F??BJ9:45 F1> 85D 1@@1B11D 138D5B
4545EB G?B4D 75455<D5<9:; <938D
F5BG1B=4 G11B4??B 45 F?B=9>7 F1>
3?>45>CG1D5B 9> 45 2EEBD F1> 45
45EB164938D9>7 G?B4D F??B;?=5>
S *;;> 41@ 8--3?@1 1:1>351B1>.>A57
9;1@ 01 -2?@-:0 @A??1: 01 -/4@1>X
7-:@ /;:01:?;> B-: 41@ -<<->--@
1: 01 C-:0
99 .10>-31:
56
)5@B;1>5:3
51<B>51?7-81:01>
>95D 29: 1<<5 =?45<<5>
2. 6
5 39:65BC 29: 45 CI=2?<5> 75F5> 45
D?5<11D21B5 25G11BD9:4 F1> 45 495@FB95Cg
G1B5> 9> =11>45> 11> 9:;1>D 5> ;<11B
75;?38D5 495@FB95C@B?4E3D5> =?5D E1<D9:4
<5DD5> ?@ 45 F5B@1;;9>7C41DE= ?6 ?@ 45
8?E4211B8594C41DE=
;A01X-//A
>95D 29: 1<<5 =?45<<5>
2. 7
5 ;?E45g133EC F??B;?=5> 29: 85D
E9DF1<<5> F1> 45 CDB??= ?6 29: 55> CD?B9>7
41D 45 ?@75C<175> 495@FB95CG1B5> 1<
D5C>5< ?>D4??95> 5 ;?E45g133E ;1>
5B??; E9D75811<4 G?B45> ?= <5F5>Cg
=9445<5> D9:45<9:; ;?5< D5 8?E45> 29:F
9>55> ;?5<D1C
6?.8;761? 9-71:
2. 8
5D 9:C21;:5 F??B Q =5D G1D5B FE<<5> 5> ?@
45 2?45= F1> 45 495@FB95CBE9=D5 J5DD5>
5D F1CD75FB?B5> 9:C21;:5 1<<55> =5D 55>
2?D F??BG5B@ <?C=1;5> <5@5<CD55<
&= 45 9:C2<?;:5C E9D 85D 9:C21;:5 D5 81<5>
85D 21;:5 ;?BD ?>45B CDB?=5>4 G1D5B
8?E45> ?6 95DC F5B2E975>
:8
:B>51F1: 1: ;<?8--:
B-: 051<B>51?C->1:
*1>?1 81B1:?9500181:
5:B>51F1:
:7;<1: B-:
051<B>51?<>;0A/@1:
!1B1:?9500181: F182
5:B>51F1:
5 F5B@1;;9>7 =17 >95D 25C3814974 J9:>
<C E J5<6 <5F5>C=9445<5> G9<D 9>FB95J5>
752BE9; 41> 1<<55> F5BC5 <5F5>C=9445<5>
?>DB?<55B 45 8?E4211B8594C41DE=
> 45 G9>;5< =?5D 45 D5=@5B1DEEB 9>
45495@FB95C;9CD M ?6 ;?E45B J9:>
5 495@FB95C@B?4E3D5> <956CD 9> 55> ;?5<D1C
F5BF?5B5> 5> C>5< 9> 45 495@FB95CBE9=D5
<5775>
51<B>51?C->1: ;<?8--:
S 5<1>7B9:; F??B 55> ?@D9=1<5
<E38D39B3E<1D95 9> 45 495@FB95CBE9=D5
45495@FB95C<145> D?D 45 11>C<17
5B9>C38E9F5>
S <C 5B F55< <5F5>C=9445<5> =?5D5>
G?B45> 9>75<145> 41> ;E>D
E45<5F5>C=9445<5> 49B53D ?@
45FB95CB??CD5BC CD1@5<5>
95BD?545495@FB95C<145> D?D 45
11>C<17E9DDB5;;5> 11> 45 F??B;1>D
95DC?@D9<<5> 5> 5BE9D 81<5> 2. 5
1?/457@ ;9 5: @1 B>51F1:
-<55C 5> G?BCD 75F?75<D5 5> G9<4 F9C
7B?5>D5 ;BE945> 6BE9D 2B??4 5> 7521;
@9JJ1 ;<11B75=11;D5 75B538D5>
;<95;:5C595B4??95BC 5> 59G9D
#51@ 31?/457@ ;9 5: @1 B>51F1:
95B5> =5D C3811< JEB5 B??=
5>=1I?>19C5 ;B?@C<1 B149:C:5C
B1==5>1C 5> B5DD938 E95>
8-:/41>1: B-: 3>;1:@1 1: 2>A5@
B?5>D5 5> 6BE9D =?5D5> F``B 85D 9>FB95J5>
752<1>3855B4 G?B45> ?= D5 F??B;?=5>
41D ;<5EB C=11; 1B?=1 5> F9D1=9>5 i
F5B<?B5> 711>
9: 85D 2<1>385B5> G?B4D 45 7B?5>D5 ?6
85D6BE9D ;?BD 9> ;?;5>4 G1D5B 754?=@5<4
> 45 2?5;81>45< J9:> 2?5;5> ?F5B
9>FB95J5> F5B;B9:7211B G11B9> ??;
2<1>385B5> G?B4D 25C38B5F5>
57
:8
!1B1:?9500181: 5:>A591:
5 F5BC 9> D5 FB95J5> <5F5>C=9445<5>
=?75> >95D =5D 45 1< 9>75FB?B5>
<5F5>C=9445<5> 9> 11>B1;9>7 ;?=5>
F5>DE55< 45 4??B 5> 4??B 25FB?B5>
<5F5>C=9445<5> 9> 45 495@FB95C<145>
?=CD1@5<5>
<C 5B F5BC5 <5F5>C=9445<5> G?B45>
9>75FB?B5> 41> ;1> 45 D5=@5B1DEEB
9>45495@FB95CBE9=D5 J?F5B ?@<?@5> 41D
85D D5=@5B1DEEB9>4931D95<1=@:5 -2. 2 ;>9@@5BD 9D 25D5;5>D 755> 75F11B F??B
45 1< 9>75FB?B5> <5F5>C=9445<5>
%1 =1H9=11< EEB G?B4D 459>75CD5<45
D5=@5B1DEEB G55B 25B59;D
@@1:@51
&= D5 F??B;?=5> 41D 29: 85D E9DF1<<5>
F1>45 CDB??= &= D5 F??B;?=5> 41D 29:
55> 5F5>DE5<5 CDB??=E9DF1< ?6 55> CD?B9>7
45 <5F5>C=9445<5> C>5< G1B= G?B45>
45;?E45g133EC 49B53D ?@45<5F5>Cg
=9445<5> 9> 85D 2?F5>CD5 F1; <5775>
#1@@;X5:4;A0
5 7575F5>C ?F5B 45 >5DD?g9>8?E4 F9>4D
E?@ 85D DI@5@<11D:5 9> EG 1@@1B11D
*1><-771: B-:
81B1:?9500181:
5 <5F5>C=9445<5> 9> @?BD95C 75C389;D
F??B EG 8E9C8?E45> F5B@1;;5> B?5>D5
5> 6BE9D 9> @?BD95C >95D JG11B45B 41> ;7
F<55C 9> @?BD95C F1> =1H9=11< ;7
"<59>5B5 @?BD95C J9:> C>5<<5B 9>75FB?B5>
G11B4??B 45 ;G1<9D59D 29: 85D ?>D4??95>
5>25B5945> 85D 25CD5 258?E45> 2<9:6D
5 <5F5>C=9445<5> <E38D4938D F5B@1;;5>
J?41D J5 >95D E9D4B?75> ?6 8E> C=11;
F5B<95J5>
*;;> B1><-775:3 31?/457@
"E>CDCD?6g @?<I5D855>g 1<E=9>9E=6?<95
5> 495@FB95C4?J5> 5J5 @B?4E3D5> J9:>
9>45 81>45< F5B;B9:7211B
$:31?/457@ F56:
'1;@1@95B F5DFB9: @1@95B 35<<?611>
FE9<>9CJ1;;5> 5> 752BE9;D5
2??4C381@@5>D1C:5C
5 <5F5>C=9445<5> 7?54 F5B@1;;5>
J?F55< =?75<9:; <E38D 5BE9D @5BC5> 5>
85D75855< 85B=5D9C38 C<E9D5>
8? ?8A5@5:3 31?/457@
<1CD95;:5C 3<9@C F1> ;E>CDCD?6 D?EGD:5C
;?E4525CD5>497 @<1;21>4 5 4 01;:5C
5>6?<95 F1> @?<I5D855> ;E>>5> =5D 55>
6?<95g<1C1@@1B11D G?B45> G?B45>
4938D75<1CD
-5B=5<4 ?@ 45 @1;:5C 9>8?E4 5> 41DE=
F??B41D E J5 9> 45 495@FB95CBE9=D5 <57D
.1B=5 4B1>;5> 5> 75B538D5> F``B
85D9><145> 9> 45 495@FB95CBE9=D5 ?@
;1=5BD5=@5B1DEEB <1D5> 16;?5<5>
58
:8
'A<1>B>51F1:
<C 5B 1< <5F5>C=9445<5> 9> 45
495@FB95CBE9=D5 <9775> 41>=?5D 55>
@11BEEB F``B 85D 9><145> F1> F5BC5
<5F5>C=9445<5>85D CE@5BFB95CCICD55=
G?B45> 9>75C381;5<4 ??B711>C 9C
EEB F1> D5F?B5> F?<4?5>45 .9<D
E45=1H9=1<5 9>FB95C31@139D59D 25>EDD5>
41> =?5D 85D CE@5BFB95CCICD55= EEB
F1> D5F?B5> G?B45> 9>75C381;5<4
"<59>5B5 8?5F55<8545> <5F5>C=9445<5>
=1H ;7 ;E>>5> J?>45B 752BE9;
F1>85D CE@5BFB95CCICD55= G?B45>
9>75FB?B5> >C381;5<5> F1> 85D CE@5Bg
FB95CCICD55= 75G??> 45 CE@5BFB95CD?5DC
-2. 2 9>4BE;;5>
"-D59-81
5:B>51?/-<-/5@15@
5 <5F5>C=9445<5> =?5D5> J? C>5<
=?75<9:; 4??B 5> 4??B G?B45>
9>75FB?B5> <<55> J? 2<9:F5> F9D1=9>5C
F?549>7CG11B45 ;<5EB 5> C=11;
258?E45> 11B?= =17 45 =1H9=1<5
9>FB95C31@139D59D F1> EG 1@@1B11D >95D
?F5BC38B545> G?B45>
:B>51?/-<-/5@15@
575F5>C ?F5B 45 =1H9=1<5
9>FB95C31@139D59D 29>>5> EEB F9>4D
E?@85D DI@5@<11D:5
5D 75<5 3?>DB?<5<1=@:5 7556D 11> 41D
85DCE@5BFB95CCICD55= 9C 9>75C381;5<4
5 ;?5<=1389>5 G5B;D >E @5B=1>5>D
>45 495@FB95CBE9=D5 G?B4D 55> <175
D5=@5B1DEEB 25B59;D
#- 41@ 5:8-01: B-: 01 B1>?1
81B1:?9500181: 41@ ?A<1>B>51??E?@119
C11> A5@?/4-7181: 5DFB95C@B?35C
G?B4D >E 1ED?=1D9C38 5> 5>5B795g
25C@1B5>4 4??B 85D 1@@1B11D 75CDEEB4
5D FB95C@B?35C 9C 1675C<?D5> 1<C 45 G9:J5B
F1> 45 D5=@5B1DEEB9>4931D95 -2. 4 9>85D
751B355B45 25B59; CD11D
59
:8
$:@0;;51: B-:
051<B>51?C->1:
681>;5<9:; F1> C??BD 5> 25B5949>7CG9:J5
F1> 45 <5F5>C=9445<5> ;E>D E ;95J5>
E9D45 F?<75>45 =?75<9:;8545>
S 29: ?=75F9>7CD5=@5B1DEEB
S 9> 45 ;?5<;1CD
S 9> 45 5<5;DB9C385 ?F5> =5D ?6 J?>45B
85D5<E38DF5BG1B=9>7
S 9> 45 =17>5DB?>
@@1:@51
1<6 ?6 75855< ?>D4??945 495@FB95CG1B5>
>95D =55B 9>FB95J5> '1C >141D J5 75;??;D
?6 752B145> J9:> D?D 55> ;1>D 5> ;<11B
75B538D ;E>>5> J5 ?@>95EG G?B45>
9>75FB?B5>
5 =1H9=1<5 25G11BD9:4 F1> 45 <5F5>Cg
=9445<5> >95D =55B D5> F?<<5 25>EDD5>
<<->--@ A5@?/4-7181:
1: .A5@1: C1>75:3
?@1881:
)5@?/4-7181: B-:
41@-<<->--@
+5=@5B1DEEB;95J5B -2. 2 ?@ i 4B1195> 5D 7B?5>5 3?>DB?<5<1=@:5
711DE9D
A5@1: C1>75:3 ?@1881:
B-:41@ -<<->--@
<C 85D 1@@1B11D <1>75B5 D9:4 >95D G?B4D
752BE9;D
S *D5;;5B E9D 85D CD?@3?>D13D DB5;;5>
?645 J5;5B9>7 <?C4B1195> B5C@
E9DC381;5<5>
S 5D 1@@1B11D <1D5> ?>D4??95>
5>C38??>=1;5>
S 5EB F1> 85D 1@@1B1D ?@5> <1D5>
60
:8
$:@0;;51: 1:
?/4;;:9-71:
-:? ;< 11: 1817@>5?/41 ?/4;7
%??9D 55> CD??=1@@1B11D 752BE9;5>
5fCD??= ;1> 9> 45 ?>45B C@1>>9>7
CD11>45 ?>45B45<5> D5B538D;?=5>
5>;?BDC<E9D9>7 ?6 55> 5<5;DB9C385 C38?;
F5B??BJ1;5>
!
-??B 85D F5BG9:45B5> F1> B9:@ ?6 9:C 755>
=5C ?6 55> C385B@ F??BG5B@ 752BE9;5>
0?B7 41D 45 <5949>75> F1> 85D ;?5<39B3E9D
>95D 25C3814974 G?B45>
"?5<=9445< 41D >11B 2E9D5> C@E9D
;1>fD?Df??7<5DC5< <5945> 5> 9C 2B1>4211B
55> 5<5;DB9C385 1@@1B1D5> ?6 ?@5>
FEEBf9> 85D 1@@1B11D 752BE9;5>
@@1:@51
C 45 <117 B9:@ 31 P 3= 49; 41> =?5D 85D
1@@1B11D ?>D4??94 G?B45> > 5<; 75F1<
[[> D?D DG55 ;55B @5B :11B 85D <956CD 41>
G1>>55B 5B G59>97 ?6 755> 495@FB95CG1B5>
9> 85D 1@@1B11D J9:> ?@75C<175>
1 EEB F``B 85D ?>D4??95> 85D
CE@5BFB95CCICD55= 9>C381;5<5> J?41D
45f<5F5>C=9445<5> 55> J55B <175
D5=@5B1DEEB 25B59;5> 5> 895B4??B <1>75B
29: ?=75F9>7CD5=@5B1DEEB 25G11B4
;E>>5> G?B45>
) 3--@ -8? B;83@ @1 C1>7
S 5 495@FB95C<145> =5D 45
<5F5>C=9445<5> 5BE9D 81<5>
5f;?E45g133EC 9>495> =5575<5F5B4
?@ 45 <5F5>C=9445<5> <5775>
5f495@FB95CG1B5> 9> 55> 11>D1<
;B1>D5>fG9;;5<5> 5> ?@ 55> ;?5<5
@<11DCf25G1B5>
S *D5;;5B E9D 85D CD?@3?>D13D DB5;;5>
B5C@ 45 J5;5B9>7 E9DC381;5<5> ?6
<?C4B1195>
S @@1B11D <1D5> ?>D4??95>
S %1 85D ?>D4??95> 85D 4??9G1D5B ?@ 45
2?45> F1> 45 495@FB95CBE9=D5 =5D 55>
C@?>C 16G9CC5>
S $5D G1D5B 5> 55> C385ED:5 16G1C=9445<
C38??>=1;5> 5 45EB164938D9>7 1<<55>
=5D C38??> G1D5B 16>5=5> 5> 7B?>497
4B??7GB9:F5>
S @@1B11D G55B 9>C381;5<5>
S 95@FB95CG1B5> G55B 9> 85D 1@@1B11D
<5775>
(5< .56 41@ ;:@0;;51:
5> @1> =5D 855D G1D5B ?@ 55>
?>45BJ5DD5B 9> 45 495@FB95CBE9=D5 J5DD5>
$:@0;;5?<>-E?
#5D ?@ 45 7575F5>C F1> 45 612B9;1>D
?@f45 F5B@1;;9>7
@@1:@51
&>D4??9C@B1IC ;E>>5> 5H@<?C95F5 71CC5>
?>DG9;;5<5> ?@<?C=9445<5> 495 ;E>CDCD?6
25C3814975> ?6 4B9:671CC5> 25F1DD5>
?6C38145<9:; J9:> F??B 45 75J?>48594
!
55> C38??>=11;=9445<5> 752BE9;5>
495 C38EEB=9445<5> J1>4 ?6 JEB5> B5C@
385=9C385 ?@<?C=9445<5> 25F1DD5>
61
:8
(5<? ;9 1:1>351
@1U.1?<->1:
S 5D 495@FB95C1@@1B11D 9> 55> ;?5<5
7?54 D5 F5>D9<5B5> BE9=D5 @<11DC5>
%95Df49B53D 9> 45 J?> ?6 9> 45 2EEBD F1>
55> G1B=D52B?> F5BG1B=9>7CB1491D?B
5D3 @<11DC5>
S 5 25g 5> ?>D<E38D9>7C?@5>9>75>
F1>f85D 1@@1B11D >??9D 1645;;5>
S .1B=5 75B538D5> @1C >141D J5 J9:>
1675;?5<4 9> 85D 495@FB95C1@@1B11D
J5DD5>
S 5 495@FB95CG1B5> ?= D5 ?>D4??95> 9>
45 ;?5<;1CD <5775> , 25>ED 895B4??B 45
9> 45 495@FB95CG1B5> 11>G5J975 ;?E45
F??B 85D ;?5<5> F1> <5F5>C=9445<5> 9>
45 ;?5<;1CD
S 9: 9:CF?B=9>7 85D 1@@1B11D ?>D4??95>
5> 49;;5 <117 9:C F5B=9>45BD 45 16796D5
F1> ;?E45 11> 45 495@FB95CG1B5>
G11B4??B 85D 5>5B795F5B2BE9; D?5>55=D
S 9: 85D 9>g 5> E9D<145> 45 45EB F1> 85D
1@@1B11D J? ;?BD =?75<9:; ?@5>5>
?5f;?BD5B 45 45EB F1> 85D 1@@1B11D
?@5>CD11D 45C D5 =9>45B 9C 45
9:CF?B=9>7 ?@ 45 FB95CB??CD5BC
S &= D5 F??B;?=5> 41D 29: 55> 5F5>DE5<5
CDB??=E9DF1< ?6 CD?B9>7 45 <5F5>Cg
=9445<5> C>5< F5BG1B=4 G?B45>
45f;?E45g133EC F1> 85D FB95CD12<51E
9>f85D 2?F5>CD5 F1; 49B53D ?@ 45
<5F5>C=9445<5> <5775>
62
10>562?318A501:
118 :;>9-81 318A501:
1.>;9
45 ;?5<=1389>5 <??@D
1.;>>18 3178;7 ?6 31.>A5? 85D
;?5<=9445< CDB??=D 4??B 45 <5949>75>
17857
45 =?D?B C381;5<D 9> ?6 E9D
18A501: 051 319-7718567
B1>4;8<1: 7A::1: C;>01:
1@ -<<->--@ ?@--@ :51@ C-@1><-?
5D 1@@1B11D =5D 258E<@ F1> 55>
G1D5B@1C CD5<<5> 52BE9; 895BF??B
45C38B?56F?5D:5C ?6 <57 5B 95DC ?>45B
1@ -<<->--@ ?@--@ @131: 11: -:01>
91A.18 ;2 -<<->--@
5D 1@@1B11D F1> 85D =5E25< ?6 85D
1@@1B11D 5B>11CD G57C38E9F5>
!-01: 9-:01: ;2 813<8-@1-A?
C51.181: ;2 781991:
?>DB?<55B 45 45<5> 495 5BE9D 75811<4
;E>>5> G?B45> 5> J5D J5 5F5>DE55<
?@>95EG 9> 85D 1@@1B11D
81??1: ;2 ?1>B51?3;10 >-71: 187-->
5 6<5CC5> ?6 85D C5BF95C7?54 <?C F1>
5<;11B J5DD5>
:8
815:1 ?@;>5:31: F182
B1>418<1:
1 1<F?B5>C 45 *5BF935495>CD 9> D5
C381;5<5> 11> 45 81>4 F1>45 F?<75>45
@E>D5> 55BCD 5F5> >1 ?6 E 45 CD?B9>7 J5<6
;E>D F5B85<@5>
<C E ?= 55> =?>D5EB FB117D 5> 85D 2<9:;D
41D 89: 1<<55> =11B55> 14F95C 29:F ?F5B
4525495>9>7 ?6 85D ?>45B8?E4 F1>
85D1@@1B11D 8?56D D5 75F5> ?= 45 CD?B9>7
D5 F5B85<@5> 41> =?5DE ??; 9> 45
71B1>D95D9:4 45 F?<<54975 ;?CD5> F1> 41D
25J?5;25D1<5>
41@ @19<1>-@AA>X
C-->?/4AC5:3?8-9<61 >;;0
B;;>@0A>1:0 .>-:0@
5D 9C D5 G1B= 9> 45 495@FB95CBE9=D5
?=41D
S 5 45EB D5 F11; 75?@5>4 G5B4 ?6 7B?D5
8?5F55<8545> F5BC5 <5F5>C=9445<5>
G5B45> 9>75FB?B5>
S 5 D5=@5B1DEEB;95J5B ?@ 55> 8?75B
39:65B G5B4 754B1194
S 5 25<E38D9>7C?@5>9>75> G5B45>
167545;D
+-@ @1 0;1: -8?
%1 85D F5B85<@5> F1> 45J5 CD?B9>75>
711D>1 5>975 D9:4 85D D5=@5B1DEEBg
G11BC38EG9>7C<1=@:5 E9D 0? >95D
C381;5< 41> 45 *5BF935495>CD 9>
41@ 5: 01 051<B>51?>A59@1 @1 7;A0 5?
S 5 D5=@5B1DEEB;95J5B 9C D5 ;?E4
9>75CD5<4
'1>B5/1051:?@
S , 25>D F5B75D5> 85D CE@5BFB95CCICD55=
E9D D5 C381;5<5> 85D 75<5 3?>DB?<5<1=@:5
2B1>4D *E@5BFB95CCICD55=
E9DC381;5<5>
311: 1:718 /;:@>;818-9<61 .>-:0@
?>DB?<55B
S &6 85D 1@@1B11D 9C 9>75C381;5<4
S &6 45 CDB??= 9C E9D75F1<<5>
S &6 45 J5;5B9>7 F1> 45 8E9C9>CD1<<1D95
9CE9D75C381;5<4
S &6 45 CD5;;5B F1> 85D 1@@1B11D 7?54
9>85D CD?@3?>D13D J9D
4B5C 5> D5<56??>>E==5B F1> 45
*5BF935495>CD ;E>D E F9>45> 9> 85D
D5<56??>2?5; ?6 9> 45 =5575<5F5B45
2B?38EB5 =5D C5BF935g14B5CC5>
5561 E 2 11> 45 *5BF935495>CD 85D
g>E==5B 5> 85D g>E==5B F1>
85D1@@1B11D ?@
, F9>4D 45J5 7575F5>C ?@ 85D DI@5@<11D:5
2. 9
??B 45J5 >E==5BC 11> 45 *5BF935495>CD
4??B D5 D5 75F5> F??B;?=D E ?>>?497
855> 5> G55B B9:45> F1> 45 =?>D5EB 5>
45895B11> F5B2?>45> ;?CD5>
63
18
*@?450>59B
1@JCEAC7B
x @JCEAC7 D7B
CEC:5E1C01B
= acaXScOaNO ^_]abObSjSW bU
acaXScM aO` O^i TUZWL` XObK bU
ZSbOd]_K 7YO bO e_UaWZ]^]W]jZS[O
cYWXK acaXScOaNO` SN[OW OPYOPM
QWOb] ^S_WPKYY][ XOW Z^]_]j[ [O
\O[Oe_UaWZ]^]WUV]j[ DO_OXOY]jZS
[O ac[bSYLaSbS XW SaSN` abU[
^_]abOaNO b]c ^S_WPKYY][b]` XOW
[O^]aj_SbS bU acaXScOaNO ZS
b_i^] OPYOPM QWO b] ^S_WPKYY][
:WO b]c` S^NXOW_]c` b_i^]c`
O^iac_aU` ^O_OXOYSNaVS [O
TUbMaSbS^YU_]d]_NS` O^i b] SWRWXi
XObKabUZO O^i b] ]^]N] OQ]_KaObS
bU acaXScM M O^i bU ;UZ]bWXM
M?]W[]bWXM 8_eM bU` ^S_W]eM` aO`
x @JCEAC7 D7B @1;9-B
CEC:5E/B
CW ^OYWL` acaXScL` RS[ O^]bSY]j[
Ke_UabO O^]__NZZObO AS bU[
O^iac_aM b]c` ajZdg[O ZS b]c`
XO[][WaZ]j` QWO bU[ ^_]abOaNO
b]c^S_WPKYY][b]` Z^]_]j[ [O
S^O[O^]XbUV]j[ ^]YjbWZS` ^_kbS`
jYS`
8cbM U acaXScM eO_OXbU_NTSbOW
ajZdg[O ZS bU[ Sc_g^OhXM
]RUQNO
^S_N
UYSXb_WXk[ XOW UYSXb_][WXk[
acaXSck[ 2!/0$ $($"0.&"!( !*#
$($"0.+*&" $-1&,)$*0 = ]RUQNO ^_]XOV]_NTSW bO ^YONaWO
QWOZWO O^iac_aU XOWO\W]^]NUaU
bg[^OYWk[ acaXSck[ ZS Waej
aiYUbU[<<
64
!
&A?594?@?07C7
FS ^OYWL` acaXScL` ^]c RS[
e_UaWZ]^]W]j[bOW ^YL][
G_OPKbS b] dW` O^i bU[ ^_NTO
?ifbS b] XOYkRW] aj[RSaU`
ab]RNXbc] b]c _SjZOb]` XOW
O^]ZOX_j[SbL b] ZOTN ZS b] dW`
CW fcXbWXL` acaXScL` ^S_WLe]c[
fcXbWXK ZLaO XOW abU Zi[gaU OL_WO
GO fcXbWXK ZLaO XOW bO OL_WO
O^OWb]j[ O^iac_aU O^i b][ SWRWXi
D_]aL\bS [O ZU[ XObOab_Od]j[ ]W
agYU[kaSW` bU` XcXY]d]_NO` b]c
fcXbWX]j ZLa]c ZLe_W [O ^O_OYUdVSN
OcbM QWO bU[ O[KY]QU OPYOPM QWO
b]^S_WPKYY][ O^iac_aU
18
*@?450>59B
1CF1;501B :19
@A?594?@?97D9:.B
E@?450>59B
&A?D?K 8.C5D5 D7
CEC:5E/ C5 ;59D?EA301
;WOPKabS ZS ^_]a]eM bW` ]RUQNS`
e_MaU` XOW b]^]VLbUaU`
8cbL` ^S_WLe]c[ aUZO[bWXL`
^YU_]d]_NS` QWO bU[ SQXObKabOaU
bUe_MaU XOW bU ac[bM_UaU bU`
acaXScM`
IcYK\bS iYO bO LQQ_OdO QWO
ZSbL^SWbO e_MaU M QWO XK^]W][
ZSbL^SWbO e_MabU
)5G=9:/ 1CF-;591
S = acaXScM ^S_WLeSW aS ZWX_M
^]aibUbO b] fcXbWXi ZLa] !
b] ]^]N] SN[OW OPYOPL` ZS[ QWO
b]^S_WPKYY][ OYYK SjXOcab]
?ObKbUZSbOd]_K XOW bU[
b]^]VLbUaU bU` acaXScM` ^_]aL\bS
[O ZU[ ^KVSW PYKPU XO[L[O`
agYM[O` bU` XcXY]d]_NO` b]c
fcXbWX]j ZLa]c _Scab]j
G]RWO__L][ fcXbWXi ZLa] Z^]_SN
[O OcbO[OdYSebSN M [O ]RUQMaSW
aSb_OjZObO bg[ ZObWk[ aO`
S_NTSbS XOYK b][ ek_] QWO
ZS_WXK YS^bK
>LbSbS bU acaXScM SXbi` YSWb]c_l
QNO` PQKYbS b] dW` O^i bU[ ^_NTO
M XObSPKabS bU[ OadKYSWO
OYSNbS bU[ c^U_SaNO bSe[WXM`
S\c^U_LbUaU` bg[ ^SYObk[ ZO`
7a] ^S_WaaibS_] fcXbWXi ZLa]
^S_WLeSW ZNO acaXScM bia]
ZSQOYjbS_]` ^_L^SW [O SN[OW
]ek_]` ZLaO ab][ ]^]N]
P_NaXSbOW OcbM FS ^]Yj ZWX_]j`
ek_]c` SN[OW Rc[Obi[ aS ^S_N^bgaU
RWO__]M` fcXbWX]j ZLa]c [O
aeUZObWabSN SjXOcab] ZNQZO
OS_N]clOL_O
8[K % b]c fcXbWX]j ZLa]c ^_L^SW
[O c^]Y]QWabSN b]cYKeWab][ )
ek_]c b]^]VLbUaU` GU[ ^]aibUbO
b]c fcXbWX]j ZLa]c bU` acaXScM`
aO` VO bU[ P_SNbS abU[ ^W[OXNRO
bj^]c ab] SagbS_WXi bU` acaXScM`
aO`
S = OYYOQM b]c b_]d]R]bWX]j
XOYgRN]c XOW KYYS` S^WaXScL`
S^Wb_L^SbOW [O SXbSY]j[bOW Zi[]
O^i bU[ c^U_SaNO bSe[WXM`
S\c^U_LbUaU` bg[ ^SYObk[ ZO`
CWSQXObOabKaSW` XOW S^WaXScL`
^]cRS[ LQW[O[ agabK Z^]_]j[
[OO^]bSYLa]c[ aUZO[bWXi XN[Rc[]
QWO b][ e_MabU
(5 @5A0@DIC7 67<9-B
?_ObKbS ZOX_WK O^i bU acaXScM
O[]WebM dYiQO XOW ^UQL`
O[KdYS\U`
65
18
!1D- D7 GA/C7
S AU e_UaWZ]^]WSNbS ^]bL UYSXb_WXL`
acaXScL` ZLaO abU acaXScM
^ e VS_ZKab_S` UYSXb_WXL`
^OQgb]ZUeO[L` XbY !0=4E=?B .:A7>7B
S D]bL ZU[ XK[SbS O^ifc\U ]jbS
[OXOVO_NTSbS bU acaXScM ZS
ObZ]XOVO_WabL` C ObZi` Z^]_SN
[ORWSWaRjaSW aS UYSXb_WXK ZL_U
XOW[O ^_]XOYLaSW P_OecXjXYgZO
!0=4E=?B 7;5:DA?@;7>01B
S AU[ O^]VUXSjSbS ZLaO abU
acaXScM ^_]hi[bO ZS SjXOcabO
^_]gVUbWXK OL_WO ^ e a^_LW
XOWSX_UXbWXL` jYS`
!0=4E=?B .:A7>7B
S AU e_UaWZ]^]WSNbS ZcbS_K M OWel
ZU_K O[bWXSNZS[O QWO bU[ OdON_SaU
^Ke[U` XOW ab_gZKbg[ ^KQ]c
RWibW VO Z^]_]jaObS [O ^_]XOl
YLaSbS TUZWL` abW` agYM[kaSW`
b]cfcXbWX]j _Scab]j G] RWO__L][
fcXbWXi ZLa] Z^]_SN [O OcbO[Ol
dYSebSN M [O ]RUQMaSW aS b_OjZObO
bg[ ZObWk[ aO`
S AU e_UaWZ]^]WSNbS bW` PKaSW`
bW`ac_bO_gbL` ^_]SXbKaSW`
bW`^i_bS` XbY g` aXOY]^KbWO
MabU_NQZObO
S :WO bU[ O^ifc\U XOW b][ XOVO_WaZi
bU` acaXScM` PQKTSbS b] dW` O^i
bU[ ^_NTO M XObSPKTSbS bU[ OadKl
YSWO ab][ ^N[OXO b]c a^WbW]j
G_OPKbS b] dW` XOW ieW b] XOYkRW]
aj[RSaU`
S CW[]^[ScZObkRU ^]bK ZS ZSQKY]
^]a]abi ^S_WSXbWXibUbO` aS
OYX]iYU ^_L^SW [O O^]VUXSj][bOW
Zi[][ XOYK XYSWaZL[O XOW aS i_VWO
VLaU
S D_]aLeSbS [O ZU[ LYVSW aS S^OdM
YKRW XOW YN^]` ZS bO ^YOabWXK ZL_U
66
XOW bU[ baWZ]jeO bU` ^i_bO` RWibW
RWOd]_SbWXK OcbK QN[][bOW ^]_kRU
S AU[ XOYj^bSbS XOW ZU[ b]^]VSbSNbS
O[bWXSNZS[O abO O[]NQZObO OS_WaZ]j
XOW S\OS_WaZ]j bU` acaXScM`
S = acaXScM OcbM S^Wb_L^SbOW
[Oe_UaWZ]^]WSNbOW O^i ^_iag^O
ZS^S_W]_WaZL[S` dcaWXL`
OWaVUbM_WS` MfceWXL` WXO[ibUbS`
MSYYW^SN` Q[kaSW` Zi[][ c^i
S^NPYSfU MO[OYcbWXM XOV]RMQUaU
&1949- CD? =?9:?:EA9J
S AU[ OdMaSbS [O ^S_WLYV]c[ abO
eL_WO ^OWRWk[ U acaXScOaNO XOW
bOZL_U bU` H^K_eSW XN[Rc[]`
Oadc\NO` O^i bO O[ORW^Y]jZS[O
eO_bi[WO XOW bO YS^bK ^YOabWXK
djYYO
S = acaXScM RS[ SN[OW ^OWe[NRW QWO
^OWRWK
S FS acaXScM ZS XYSWRO_WK IcYKbS
b] XYSWRN aS ZL_]` O^_iaWb] QWO
bO^OWRWK
5=9:.B 491D->59B
= acaXScM SN[OW XObKYYUYU QWO
S bU[ XObKfc\U b_]dNZg[
S bU[ ^O_OaXScM ^OQ]XjPg[
^OQKXWO
8cbM ^_]]_NTSbOW QWO ]WXWOXM e_MaU
= acaXScM dL_SW O[bW^O_OaWbWXM
RWKbO\U ajZdg[O ZS bU[ CRUQNO
<< <N[OW SYSQZL[U U XcXY]d]_NO ZLag[
fj\U`
G] ^O_i[ ^_]hi[ O[bW^]X_N[SbOW ab]c`
aeSbWX]j` XO[][WaZ]j` OadOYSNO`
aeSbWXK ZS UYSXb_WXL` acaXScL`
18
=IA0CD5 D7 CEC:5E/ &0=1:1B G59A9C<?K
9:J=12
!5=DA9:JB 491:J@D7B :19
5@9;?3.1B 85A<?:A1C01B
:WO bU _jVZWaU Qc_NabS b][
RWOXi^bU S^WY]QM` VS_Z]X_OaNO`
ZS L[O XL_ZO
DO_OXOYSNaVS [ O[]N\SbS bU[
bSYScbONO aSYNRO ZS bW` O^SWX][NaSW`
8cbL` ]W ]RUQNS` e_MaU` Waej]c[
QWO^S_WaaibS_O Z][bLYO
.C7 <.39CD7 85A<?:A1C01
.C7 5;-G9CD7 85A<?:A1C01
&A-C9=7 5=459:D9:/ ;EG=01
7;5:DA9:/B @1A?G/B
=?93<1 15A9C<?K
8[KPSW ac[LeSWO O^i bU abWQZM
^]c U acaXScM ac[RSVSN ab]
RNXbc] XOW ] O[bNab]We]`
RWOXi^bU` SN[OW S[S_Q]l
^]WUZL[]`
FPM[SW ibO[ ab_LfSbS b] _cVZWabM
VS_Z]X_OaNO` ab] ibO[
PQKYSbS b] 5W` O^i bU[ ^_NTO
MaS ^S_N^bgaU RWOX]^M`
_SjZOb]`
@9DA1@.691 @;-:1
&;/:DA? E@5A:1D-HE>7B
<5A?;J39? :1D-HE>7B
"5:1=-:9 391 :1D5HE3<.=1
DAJF9<1
:WO bU[ O^S[S_Q]^]NUaU bU`
c^S_XObKfc\U` ^ObMabS b]
^YMXb_] c^S_XObKfc\U` SX [L]c
= c^S_XObKfc\U O^S[S_Q]^]WSNbOW
OcbiZObO CW O^SWX][NaSW` SN[OW Rc[Obi[ [O
RWOdL_]c[
5=9:/ -@?H7
9:J=11
ieW aS iYO bO Z][bLYO
O &0=1:1B G59A9C<?K
&AJC?H7 2-C7B
<5 -=?93<1 15A9C<?K
=459>7 85A<?:A1C01B CD7=
@JAD1 D7B CEC:5E/B
67
18
&A?594?@?97D9:/ ;EG=01
85A<?:A1C01B :J::9=7
8[KPSW ibO[ ab][ XObOfjXbU
S^WX_ObSN cfUYM VS_Z]X_OaNO
RUY ibO[ c^K_eSW XN[Rc[]`
OYY]NgaU` QWO bO XObSfcQZL[O
OQOVK
8cbM Z^]_SN [O O[KfSW ^O_]RWXK
eg_N` XN[Rc[] QWO bO XObSfcQZL[O
OQOVK
S XObK bU[ VLaU bU` acaXScM` QWO
^_kbU d]_K aS YSWb]c_QNO
S XObK bU[ b]^]VLbUaU ZSQKYg[
^]a]bMbg[ [g^k[ b_]dNZg[
&A?C?G/ CG5D9:<5D7 85A<?:A1C01
D?E GLA?E :19 D?=
15A9C<J
= XObUQ]_NO XYNZOb]` P_NaXSbOW abU[
^W[OXNRO bj^]c 8cbM RSNe[SW ZLaO
aS^]WO i_WO VS_Z]X_OaNO` RgZObN]c
Z^]_SN [O YSWb]c_QMaSW UacaXScM
= ^W[OXNRO bj^]c P_NaXSbOW XKbg
O_WabS_K ZLaO abU acaXScM
M
M
M
M
M
M
M
M
S O[ U ^i_bO bU` acaXScM` MbO[
O[]WebM QWO ZSQKY] RWKabUZO
S XObK bU _jVZWaU b]c RWOXi^bU
S^WY]QM` VS_Z]X_OaNO` aS
ZSQOYjbS_] O_WVZi eOZUYibS_U
VS_Z]X_OaNO
!0DA9=7 5=459:D9:/ ;EG=01
8[KPSW ibO[ ] RWOXi^bU`
c^S_XObKfc\U` bSVSN aS
YSWb]c_QNO
FPM[SW ibO[ b] ajabUZO
c^S_XObKfc\U` bSVSN SXbi`
YSWb]c_QNO`
68
5A9C<JB
9:J=13
C OL_O` ab] ]^NaVW] b]NegZO bU`
acaXScM` TSabON[SbOW C TSabOZL[]`
OL_O` ^_L^SW [O Z^]_SN [O RWOdSjQSW
O[SZ^iRWabO RWibW RWOd]_SbWXK b]
fcXbWXi ZUeK[UZO ^_L^SW [O
YSWb]c_QMaSW ZS ZSQOYjbS_U Waej
^_KQZO b] ]^]N] Oc\K[SW bU[
XObO[KYgaU b]c _SjZOb]`
:W Ocbi AU[ XOYj^bSbS ^]bL ]jbS [O
b]^]VSbSNbS O[bWXSNZS[O Z^_]abK O^i
b] ^YLQZO OS_WaZ]j
18
(K=45C7 D7B
CEC:5E/B
.C7 D7B CEC:5E/B
C5 ;59D?EA301
ASbK bU[ b]^]VLbUaU bU` acaXScM`
VO ^_L^SW [O ^S_WZL[SbS b]cYKeWab][
P k_O ZLe_W bU VLaU bU` acaXScM`
aS YSWb]c_QNO ?ObK bU ZSbOd]_K
Z^]_SN [O acZPSN [O ZSbOPSN b] YKRW
^]c ^S_WLeSbOW ab][ acZ^cX[gbM
ab]fcXbWXi ajabUZO
:c_NabS b] _cVZWabM VS_Z]X_OaNO`
9:J=12 U^_KaW[U XOW U XiXXW[U
S[RSWXbWXM Yce[NO O[KPSW
D_W[ bU VLaU bU` acaXScM` QWO
^_kbU d]_K aS YSWb]c_QNO ^_L^SW [O
XOVO_NaSbS b][ SagbS_WXi ek_] bU`
PY ?OVO_WaZi`
= ^_NTO VO ^_L^SW [O SN[OW ^_]aWbM
Fc[RLabS bU acaXScM aS
S[OYYOaaiZS[] _SjZO
3 ZLag ^_NTO` SQXObSabUZL[U`
ajZdg[O ZS bW` SXKab]bS
^_]RWOQ_OdL` = ^_NTO ^_L^SW [O
SN[OW OadOYWaZL[U ZS OadKYSWO bg[
XOW K[g
'K8<9C7 85A<?:A1C01B
EcVZNabS b][ RWOXi^bU S^WY]QM`
VS_Z]X_OaNO` 9:J=12 aS L[O[
O_WVZi ASQOYjbS_]W O_WVZ]N
ac[S^KQ][bOW eOZUYibS_S`
VS_Z]X_OaNS` FO` ac[Wab]jZS ZNO
ZLaU _jVZWaU ^ e FS acaXScL` ZS L[RSW\U
VS_Z]X_OaNO` ]RWOXi^bU` S^WY]QM`
VS_Z]X_OaNO` ^_L^SW [O _cVZWabSN
]^gaRM^]bS LbaW kabS ] RSNXbU`
bU`L[RSW\U` VS_Z]X_OaNO` [O RSNe[SW
ZSbK O^i ZOX_]e_i[WO YSWb]c_QNO
bU`acaXScM` bU[ ZOj_U ^S_W]eM
9:J=14
(5 CEC:5E.B 391 GLA5B 5:DJB
EAL@7B @A.@59 =1 5;.3>5D5
CD7=@9=1:041 DK@?E 1=
71=13A1FJ<5=7 D-C7 :19 D? 504?B
D?E A5K<1D?B CE<FI=?K= <5 D9B
D9<.B D?E 49:DK?E C1B @9=1:041
DK@?E 2A0C:5D19 <.C1 CD?= GLA?
CE=D/A7C7B :-DI 45>9-
5=45G?<.=IB 1=13:101 1;;13/
D?E DA?F?4?D9:?K :1;I40?E
5@9DA.@5D19 =1 @A13<1D?@?97850
<J=?= 1@J D?= 5949:J
69
18
*@?450>59B
S FS ^S_N^bgaU ^]c ZSbK b] XYSNaWZ]
b]c XObOfjXbU RS[ Z^]_SNbS [O
\O[O[]N\SbS OZLag` bU[ ^i_bO
Ocb]j ^O_OXOYSNaVS [O ^S_WZL[SbS
Rj] Lg` b_NO YS^bK ZLe_W [O
S\Wa]__]^UVSN U c^]^NSaU ^]c
^_]LXcfS
S @iQg b]c fcXbWX]j acabMZOb]`
SN[OW Rc[Obi[ aS ZS_WXK aUZSNO bg[
aeO_k[ XObKfc\U` [O aeUZObWaVSN
Q_MQ]_O ^Ke[U 8cbi RS[ S^U_SKTSW
O_[UbWXK bU YSWb]c_QNO bU`
acaXScM` M bU[ XObO[KYgaU
_SjZOb]` 8^ifc\U bU` acaXScM`
O^OWbSNbOW Zi[][ bibS ibO[ LeSW
aeUZObWaVSN ^Ke[U M ^KQ]` ZS
^Ke]` K[g bg[ )) aS ]YiXYU_U
bU[ S^WdK[SWO bU` aeK_O`
XObKfc\U`
S CW ZSbg^WXL` ^YSc_L` b]c
^S_WPYMZOb]` VS_ZON[][bOW S[ ZL_SW
^_KQZO b] ]^]N] SZ^]RNTSW b][
aeUZObWaZi [S_]j acZ^jX[gaU`
abU[ ^S_W]eM bU` baWZ]jeO` bU`
^i_bO`
S &A?:59<.=?E =1 491CF1;9CD50
<9:AJD5A7 :1D1=-;IC7 81 @A.@59
=1 E@-AG59 1@JCD1C7
<5D1>K D7B @0CI @;5EA-B
CE<@E:=ID/ D7B CEC:5E/B
:19D?E D?0G?E
>?@;9C<JB
<5A?;J39? :1D-HE>7B
ieW aS iYO bO Z][bLYO
9:J=16
CW O_WVZ]N abO ajZP]YO RN[]c[ QWO
b]XKVS XObSfcQZL[] SNR]` bU[
S^Wb_S^iZS[U RWK_XSWO O^]VMXScaU`
aS ZM[S` FS Lb]WZO XObSfcQZL[O
b_idWZO bO ]^]NO RWObNVS[bOW ab]
SZ^i_W] ^_L^SW [O ^_]aLeSbS bU[
UZS_]ZU[NO XObOaXScM` M O[KYgaU`
&13?:KCD5B
ieW aS iYO bO Z][bLYO
9:J=17
CW ^OQ]XjabS` XOVcabS_]j[ aS
^S_N^bgaU RWOX]^M` b]c _SjZOb]` M
PYKPU` bU[ K[]R] bU` VS_Z]X_OaNO`
bg[ O^]VUXScZL[g[ XObSfcQZL[g[
b_]dNZg[ CW^OQ]XjabS` Z^]_]j[
S^NaU` [ OdOW_SV]j[ XOW [O
e_UaWZ]^]WUV]j[ QWO bU[ ^_]ag_W[M
RWObM_UaU bU` fj\U` b_]dNZg[
^ e aS baK[bOlfcQSN]
&1A1C:5E/ @13?:K2I=
@13-:91
9:J=18
:SZNabS b] YSXO[KXW ^OQ]XjPg[ ZLe_W bO
QZS [S_i XOW b]^]VSbMabS b] S^K[g ab][
^Kb] b]c ek_]c XObKfc\U` BSX]YYMabS b]
YSXO[KXW ^]c S[RSe]ZL[g` LeSW X]YYMaSW
S^K[g ab][ ^Kb] b]c ek_]c XObOfc\U`
Zi[] ZS OZPYj O[bWXSNZS[] YOPM S[i`
X]cbOYW]j
:WO [O PQKYSbS b]c` ^OQ]XjP]c` O^i b]
YSXO[KXW X_ObKbS b] YSXO[KXW QWO YNQ]
XKbg O^i b_Se]jZS[] [S_i M b] YcQNTSbS
SYOd_K
70
18
!1D-HE>7 :19
1@?8/:5EC7
:1D5HE3<.=I=
DA?F0<I=
!1D-HE>7 =I@L=
DA?F0<I=
3?A- :1D5HE3<.=I=
DA?F0<I=
FS ^S_N^bgaU ^]c VLYSbS
[OXObOfj\SbS ]W NRWS` NRW]W b_idWZO
e_UaWZ]^]WSNbS Zi[][ d_LaXO K_WabU`
^]WibUbO` b_idWZO
= acaXScOaNO RS[ S^Wb_L^SbOW [O LeSW
dVO_SN
D_]aLeSbS bU[ UZS_]ZU[NO YM\U`
= VS_Z]X_OaNO ab][ XObOfjXbU b]c
XObOabMZOb]` ^_L^SW [O SN[OW
M
MeOZUYibS_U
ASbOdL_SbS bO XObSfcQZL[O b_idWZO
a^NbW aO` ZLaO aS SWRWXM baK[bO ZS
Zi[gaU XOW bO b]^]VSbSNbS Q_MQ]_O
ab][ ek_] XObKfc\U`
@?8/:5EC7
:1D5HE3<.=I= DA?F0<I=
S FUZO[bWXi QWO bU agabM XcXY]d]_NO
b]c OL_O abU acaXScM a^_k\bS
b]c RNaX]c` XObSfcQZL[g[
b_]dNZg[ ZLaO ZLe_W bL_ZO
S 8[ VLYSbS [O XObOfj\SbS ^]YYK
b_idWZO bibS Z^]_SNbS [O
bOab]WPK\SbS O^ScVSNO` ^K[g abW`
aeK_S` XObKfc\U` :WO b][ aX]^i
Ocbi b_OPM\bS bO R]eSNO
XObSfcQZL[g[ b_]dNZg[ ZLe_W
b]bL_ZO ^_]` bO L\g O[OaUXkabS
bO Z^_]abK XOW OdOW_LabS bO
9:J=15
&LB 81 :1D1HK>5D5
?90495B049?9 DAJF9<1
91 :1D-HE>7 50=19 :1D-;;7;1
?_LO` XOW OYYO[bWXK ^]cYS_WXK XOW
Xc[MQW fK_WO YOeO[WXK O_gZObWXK
ei_bO d_]jbO O_b]aXScKaZObO
^NbaO Lb]WZO ZOQSW_SZL[O dOQUbK
^S_WaaSjZObO dOQUbk[ X_iX]W XOW
Oa^_KRWO OPQk[
91 :1D-HE>7 45= 50=19 :1D-;;7;1
CYiXYU_O OPQK ZS b] baidYW \W[M
X_LZO QKYOXb]` XOW ZOQW][LTO
aOYObWXK _O^O[KXWO Q]cYWK XOW
X_SZZjRWO
5<-D9C<1 ;1G1=9:L= :19 FA?KDI=
:WO [O RWObU_UV]j[ b] e_kZO
UQSjaU b] K_gZO XOW U PWbOZN[U
VO ^_L^SW [O TSZObNaSbS
bOYOeO[WXK XOW bO d_]jbO ^_]b]j
bOXObOfj\SbS
?ObK b] TSZKbWaZO bO YOeO[WXK
XOWbOd_]jbO _Ne[][bOW QWO YNQ]
aSP_Oabi [S_i
9WPYW]Q_OdNO aeSbWXK ZS bU[
XObKfc\Ub_]dNZg[ i^]c
^S_WQ_KdSbOW XOW b]TSZKbWaZO
VOP_SNbS abO PWPYW]^gYSNO
71
18
)1:D?@?07C7 DA?F0<I=
GO MRU XObSfcQZL[O b_idWZO RS[
S^Wb_L^SbOW [O L_V]c[ aS S^OdM
ZSbO [g^K b_idWZO ^]c ^_iXSWbOW
[OXObOfceV]j[ ASbOX]ZNTSbS
S[RSe]ZL[g` bO MRU XObSfcQZL[O
b_idWZO ZLaO abO R]eSNO
XObSfcQZL[g[ b_]dNZg[
FS ^S_N^bgaU XObKfc\U` d_LaXg[
b_]dNZg[ SN[OW Rc[Obi[ [O O[LYVSW
UVS_Z]X_OaNO ab][ ek_] XObKfc\U`
bia] kabS [O O[OP]aPM[SW U Yce[NO
L[RSW\U` VS_Z]X_OaNO` 9:J=12
8cbiiZg` RS[ aUZON[SW XN[Rc[] QWO
bO MRU XObSfcQZL[O b_idWZO
G] O_QibS_] ZSbK O^i k_S`
\O[OS^WbcQeK[SbOW U _cVZWaZL[U
VS_Z]X_OaNO
*@J459>7
:WO [O SZ^]RNaSbS bU[ bOeSNO K[]R]
bU` VS_Z]X_OaNO` bg[ b_]dNZg[
aSS[RSeiZS[U RWOX]^M _SjZOb]`
MPYKPU PKYbS bW` ^OQ]XjabS`
O^ScVSNO` ^K[g abO b_idWZO ab]
^K[g RWOZL_WaZO
,F.;9<? @5A95GJ<5=?
GO ab]WeSNO QWO b] gdLYWZ]
^S_WSeiZS[] VO bO P_SNbS ZLaO abU
acaXScM aO` abU[ ^W[OXNRO bj^]c
(EC:5E1C01 DA?F0<I=
Jg_NTSbS bO b_idWZO abW` XObKYYUYS`
^]aibUbS` QWO b] []WX]Xc_Wi aO`
GOYOeO[WXK XOW bO d_]jbO ^_L^SW
[OXObOfje][bOW aS ^]aibUbS` ieW
PO_jbS_S` b]c '% XOW b] X_LO`
ZLe_W '% CWZWX_ibS_S`
^]aibUbS` XObOfje][bOW Q_UQ]_ibS_O
XOW LbaW RWObU_SNbOW XOYjbS_O
U^]WibUbO bg[ b_]dNZg[ XObK
b]\S^KQgZO XOW b] ZOQSN_SZO
FcaXScKTSbS bO b_idWZO OS_]abSQk`
]jbg` kabS [O ZU eKa]c[ ]jbS bU
QSjaU b]c` ]jbS bU[ cQ_OaNO b]c`
72
!1D-;;7;1 391 D7 CEC:5E1C01
50=19
DYOabWXL` ZSZP_K[S` agYU[]SWRSN`
ZSZP_K[S` O^i ^]YcOWVcYL[W]
OY]cZW[ieO_bO XOW X]cbWK XObKfc\U`
bK^S_ XbY 8cbK bO ^_]hi[bO VO
bOP_SNbS abO SWRWXK XObOabMZObO
:1D-;;7;1 391 D7 CEC:5E1C01
50=19
JO_bN ^S_WbcYNQZOb]` YORieO_b]
aSY]dK[ aOX]jYS` O^]__WZZKbg[ XOW
ZSbOeSW_WaZL[S` aOX]jYS` O^i fk[WO
G]^]VSbSNbS bO b_idWZO ZLaO abU
acaXScaNO ^WLTSbSbU acaXScOaNO
ZLe_W [O PQSN iY]` ] OL_O` XOW bU[
XYSN[SbS XOYK
!1D-;;7;1 391 D? :;50C9<? D7B
CEC:5E1C01B 50=19
@OabWeKXWO ^YOabWXK XYW^ XYgabL`
Ocb]XiYYUbS` bOW[NS` O[VSXbWXL` abW`
eOZUYL` VS_Z]X_OaNS` M ^O_iZ]WO
G O[]NQZObO abW` aOX]jYS` XOW
abW`agYU[]SWRSN` ZSZP_K[S`
O^i^]YcOWVcYL[W] Z^]_]j[ [O
acQX]YYUV]j[ ZS bU[ SWRWXM acaXScM
acQXiYYUaU` ZSZP_O[k[
D_W[ b]^]VSbMaSbS bO b_idWZO ZLaO
ab][ ek_] XObKfc\U` Q_KfbS S^K[g
abU acaXScOaNO b] ^S_WSeiZS[] b]c
^OXLb]c XOW bU[ UZS_]ZU[NO
XObKfc\M` b]c
D_W[ bU[ b]^]VLbUaM b]c` ab][ ek_]
XObKfc\U` OdM[SbS bO TSabK dOQUbK
XOW ^]bK [O X_cka]c[ aS
VS_Z]X_OaNO RgZObN]c
18
*@5A:1D-HE>7
FS ^S_N^bgaU ^]c P_NaX][bOW MRU
b_idWZO ZLaO abU acaXScM ^_L^SW
[O bSVSN ZS_WXL` k_S` ^_W[ bU[
b]^]VLbUaU [g^k[ SWRk[ ZLaO abU
acaXScM U c^S_XObKfc\U aS
YSWb]c_QNO :S[WXK O_X]j[ k_S`
FS ^S_N^bgaU iZg` ^]c ^_L^SW [O
S\O[bYUVSN U ZLQWabU O^iR]aU
XObKfc\U` e_SWKT][bOW k_S`
AWX_ibS_S` ^]aibUbS` b_]dNZg[
ZLe_W '% Z^]_]j[ [O
XObOfceV]j[ eg_N` bU[
c^S_XObKfc\U :WO [O VLaSbS bU[
c^S_XObKfc\U aS YSWb]c_QNO ^ObMabS
O^Yk` b] ^YMXb_] c^S_XObKfc\U`
9:J=12
= XNb_W[U S[RSWXbWXM Yce[NO RSNe[SW bU[
S[S_Q]^]NUaU bU` c^S_XObKfc\U`
G]fcXbWXi ZUeK[UZO R]cYSjSW bk_O
ORWKX]^O abU acaXScM S^L_eSbOW
^bkaU bU` VS_Z]X_OaNO` aS ^]Yj
eOZUYi S^N^SR]
#5D- D7= D?@?8.D7C7 DI= =I@L=
594L= <.C1 CD7 CEC:5E/ @A.@59
=1 8.C5D5 D7= E@5A:1D-HE>7 @-;9
5:DJB ;59D?EA301B =RWORWXOaNO
XObKfc\U` SYLQeSbOW bk_O OcbiZObO
XOW ZS ]WX][]ZNO _SjZOb]` O^i bU
acaXScM
= RWORWXOaNO XObKfc\U` LeSW
]Y]XYU_gVSN ibO[ ] RSNXbU` bU`
L[RSW\U` VS_Z]X_OaNO` 9:J=14
RSNe[SW bU[ ZOj_U ^S_W]eM
#.39CD7 1@J4?C7
:1D-HE>7B
GO b_idWZO ^_L^SW [O XObOfje][bOW
ZLe_W b][ ^c_M[O b]c` b]
ac[b]ZibS_] Rc[Obi[ Ai[][ LbaW
RWObU_]j[bOW ]W PWbOZN[S` U V_S^bWXM
O\NO U SZdK[WaU XOW U QSjaU b]c`
:W Ocbi[ ZU[ c^S_PON[SbS bU ZLQWabU
O^iR]aU XObKfc\U` bU` acaXScM`
aO`
@J4?C7 :1D-HE>7B
Fb]WeSNO aeSbWXK ZS bU ZLQWabU
O^iR]aU XObKfc\U` S[bi` g_k[
VO P_SNbS abU[ ^W[OXNRO bj^]c
$5@-3I<1
:1D5HE3<.=I=
DA?F0<I=
8[KY]QO ZS b] SNR]` XOW b][ aX]^i
e_UaWZ]^]NUaU` Z^]_SNbS [O
S^WYL\SbS O[KZSaO abW` OXiY]cVS`
Rc[ObibUbS`
S aS VS_Z]X_OaNO RgZObN]c
S ab] fcQSN]
S ab][ d]j_[] bU` UYSXb_WXM`
X]cTN[O` ZS eg_N` b][ O[SZWabM_O
TSab]j OL_O
S ab][ d]j_[] ZWX_]XcZKbg[
*@J459>7
AWa]\S^OQgZL[O M bSYSNg`
\S^OQgZL[O XObSfcQZL[O b_idWZO
RS[ ^_L^SW [O \O[OXObOfceV]j[
Ai[][ Od]j bO ZOQSW_LfSbS P_KaWZ]
M fMaWZ] Z^]_SNbS [O XObOfj\SbS
b]Lb]WZ] dOQUbi
AU[ S\O[bYMaSbS ^YL][ bU ZLQWabU
RWK_XSWO O^]VMXScaU` bg[ b_]dNZg[
73
18
.C7 5:DJB
;59D?EA301B
<1:A?GAJ=91 8.C7
D7B CEC:5E/B 5:DJB
;59D?EA301B
@JHE>7 :19
:181A9C<JB
.C7 5:DJB ;59D?EA301B
! !0=4E=?B 7;5:DA?@;7>01B
AU e_UaWZ]^]WSNbS ZUeK[UZO
XOVO_WaZ]j ZS ObZi GO UYSXb_]di_O
ZL_U Z^]_]j[ aS ^S_N^bgaU
RWSNaRcaU` ObZ]j [O ^_]XOYLa]c[
P_OecXjXYgZO M UYSXb_]^YU\NO
:c_NabS b][ S^WY]QLO VS_Z]X_OaNO`
ab] 4 9:J=12
=^_KaW[US[RSWXbWXM Yce[NO aPM[SW
:WO bU[ O^]ZKX_c[aU bU` ^Ke[U`
ZUe_UaWZ]^]WSNbS ZOeON_WO M ZcbS_K
O[bWXSNZS[O
#1:A?GAJ=91 8.C7 D7B
CEC:5E/B 5:DJB
;59D?EA301B
FS ^S_N^bgaU ^]c U acaXScM RS[
e_UaWZ]^]WUVSN QWO ^S_WaaibS_]
XOW_i
S G_OPKbS b] dW` O^ibU[ ^_NTO
MXObSPKTSbS M\SPWRk[SbS bU[
OadKYSWO
S 8^ifc\U XOW XOVO_WaZi` bU`
acaXScM`
S 8dMabS O[]WebL` bW` ^i_bS` bU`
acaXScM`
D_]aL\bS [O ZU[ c^]ab]j[ TUZWK
]WagYM[S` bU` XcXY]d]_NO` b]c
fcXbWX]j cQ_]j
GO ^WbaWYNaZObO O^i fcXbWXi ZLa]
Z^]_]j[ [O ^_]XOYLa]c[ b_OjZObO
abO ZKbWO SXbi` Ocb]j b] fcXbWXi
ZLa] SN[OW SjXOcab]
AU e_UaWZ]^]WMaSbS UYSXb_WXL`
acaXScL` M O[]WebM dY]QO ZLaO
abUacaXScM
*@?450>59B
8[ b] ab_kZO ^Ke[U` LeSW ^Ke]`
^S_ PSX bibS ^_L^SW [O XK[SbS
O^ifc\U = O^ifc\U ^_L^SW [O
QN[SbOW iZg` ZNO Lg` Rj] d]_L` b]
e_i[] QWO Sc[iUb]c` YiQ]c` ibO[
abU acaXScM P_NaX][bOW YNQO M RS[
P_NaX][bOW XOViY]c b_idWZO
DS_N^]c k_S` ^_W[ bU[ O^ifc\U
S[S_Q]^]WSNbS bU[ c^S_XObKfc\U
kabS bO b_idWZO [O O^]XbMa]c[
^]YjeOZUYM VS_Z]X_OaNO XOW LbaW
[OZ^]_]j[ [O ZSN[]c[ ^S_WaaibS_]
e_i[] aS VS_Z]X_OaNO RgZObN]c
74
18
:?;?E8/CD5 D7=
5>/B49149:1C01
S 8dOW_LabS bO R]eSNO XObSfcQZL[g[
b_]dNZg[ ZS bO b_idWZO
G]^]VSbMabS bW` ^OQ]XjabS`
O[c^K_e]c[ S^K[g abO b_idWZO
GcYN\bS bO XObSfcQZL[O b_idWZO
aS^]YYK djYYO SdUZS_NRO` XOW
dcYK\bS bO aS R_]aS_i ZL_]`
S G_OPM\bS b] dW` O^i bU[ ^_NTO
MXObSPKabS bU[ OadKYSWO
S 8dMabS bU acaXScM [O O^]fceVSN
S ASbK bU[ O^ifc\U aX]c^NabS
ZSad]cQQK_W bO [S_K O^ifc\U`
^]c P_NaX][bOW ab][ ^cVZL[O
bU`acaXScM`
S ?OVO_NabS ZS [S_i XOW YNQ]
O^]__c^O[bWXi ^WKbg[ ?OVO_NabS
bU[ baWZ]jeO bU` ^i_bO` Zi[]
ZSXOVO_i [S_i XOW b_NfbS bU[
^]Yj XOYK [O abSQ[kaSW
S <^O[OVLbSbS bU acaXScM aS
YSWb]c_QNO
S <^O[Ob]^]VSbMabS bO XObSfcQZL[O
b_idWZO ZLaO abU acaXScM
?/87<1 1@JHE>7B
9KYbS ZLaO ab][ ek_] XObKfc\U`
ZNO XObaO_iYO ZS XOcbi [S_i ^K[g
aS a]cPL_
(@A.9 1@JHE>7B
GU_SNbS bO ab]WeSNO b]c
^O_OaXScOabM
! &A?C?G/
GO a^_LW O^ifc\U` Z^]_]j[
[OaeUZObNa]c[ SX_UXbWXK OL_WO
[O^S_WLe]c[ RWOYcbWXK M ZLaO
^_]kVUaU` ^]c ^_]aPKYY]c[
bO^YOabWXK cYWXK M [O SN[OW
S^WPYOPMQWO bU[ cQSNO
AU e_UaWZ]^]WSNbS ZLaO XOVO_WaZ]j
XOW RWOYcbWXK ^]c ^S_WLe]c[ KZZ]
M]\LO
DC9 <@?A50D5 =1
5>?9:?=?</C5D5
5=.A3591
S G]^]VSbMabS b][ XObOfjXbU aS
R_]aS_i XOYK OS_WTiZS[] ek_]
^_]abObSjabS b][ O^i bU[ KZSaU
UYWOXM OXbW[]P]YNO XOW ZU[ b][
PKYSbS abU[ ^S_W]eM ^UQM`
VS_ZibUbO` XOY]_WdL_ XbY S AU[ XOYj^bSbS bO O[]NQZObO
OS_WaZ]j XOW S\OS_WaZ]j bU`
acaXScM`
S 9KTSbS bO ZOQSW_SZL[O dOQUbK
ZLaO ab][ XObOfjXbU Od]j Le]c[
X_ckaSW ^_kbO
S 9KTSbS bO b_idWZO ^]c VLYSbS
[O\S^OQkaSbS ZLaO ab] fcQSN]
6baWSXZSbOYYSjSabS bU[ fj\U ^]c
O^]RNR]c[ bO XObSfcQZL[O b_idWZO
QWO bU[ fj\U bg[ b_]dNZg[ ZLaO
ab] fcQSN]
S FS ^S_N^bgaU ^]c U acaXScM ^WKaSW
^KQ] ^_L^SW [O bU[ O^]fj\SbS
G]^]Yj ^Oej ab_kZO ^KQ]c
RcaeS_ON[SW bU[ O^iR]aU bU`
fj\U`abO b_idWZO XOW Oc\K[SW
bU[XObO[KYgaU b]c _SjZOb]`
S :WO bU[ b]^]VLbUaU XOW OdON_SaU
b_]dNZg[ O[]NQSbS bU[ ^i_bO bU`
acaXScM` ia] b] Rc[Obi[ YWQibS_]
7a] YWQibS_] RWKabUZO SN[OW
O[]WebM U ^i_bO bU` acaXScM`
bia] YWQibS_]` ^KQ]` aeUZObNTSbOW
abW` aeK_S` XObKfc\U`
S :WO [O SZ^]RNaSbS bU[ bOeSNO K[]R]
bU` VS_Z]X_OaNO` bg[ b_]dNZg[
aS^S_N^bgaU RWOX]^M` _SjZOb]`
MPYKPU` b]^]VSbMabS bW`
^OQ]XjabS` O^i b][ RNaX]
XObKfc\U` ab] K[g RWOZL_WaZO
O^ScVSNO` ^K[g abO b_idWZO
75
18
JAE2?9 ;59D?EA301B
(E=789C<.=?9 8JAE2?9
(931=JB 2J<2?B m b] fcXbWXi
ZUeK[UZO YSWb]c_QSN
+1<7;JB /G?B 1=12A1C<?K
/3?EA3?EA0C<1D?B :18LB XOW
P]jhaZO m SWa_]M b]c fcXbWX]j
_Scab]j ab]c` agYU[gb]j` OQgQ]j`
A1GKB <5D1;;9:JB /G?B m b] Z]bL_
bNVSbOW aS M SXbi` YSWb]c_QNO`
JAE2?9 @?E <@?A?K=
=15>?E45D5AI8?K=
CEC:5E/ 45= 2A0C:5D19 C5
5@0@547 8.C7
DO_OXOYSNaVS [O ScVcQ_OZZNaSbS bU
acaXScM ZS bU P]MVSWO OYdORW]j
J_UaWZ]^]WMabS QW Ocbi[ b][ aX]^i
bO PWRgbK ^iRWO M PKYbS XKbW O^i
XKbg
CEC:5E/ 1:?E<@-59 :-@?E
DO_OXOYSNaVS [O O^]ZOX_j[SbS bU
acaXScM O^i bO L^W^YO M bW` KYYS`
acaXScL` ^]c OX]cZ^KSW
)1 CEAD-A91 D1 :1;-891 /?9
5@9F-=595B DI= A1F9L=
D1;1=D5K?=D19 / .G?E= <13:LC59
DO_OXOYSNaVS [O SYLQ\SbS bO
OdOW_]jZS[O ZL_U bU` acaXScM` XOW
S[RSe]ZL[g` [O bO b]^]VSbUaSbS SX
[L]c
)1 4?G501 2A0C:?=D19 C5 5@1F/
DO_OXOYSNaVS [O ZSbOb]^NaSbS YNQ]
bW` dWKYS` M bO R]eSNO ]jbg` kabS
[O ZU[ OYYUY]SdK^b][bOW
&LB 81 49?A8LC5D5
<J=5B?9 C1B
<9:A?2;-25B
D_]b]j XOYLaSbS bU[ c^U_SaNO
bSe[WXM` S\c^U_LbUaU` ^SYObk[
^O_OXOYSNaVS [O S\SbKaSbS ZM^g`
Z^]_SNbS PKaSW b]c OX]Y]jV]c ^N[OXO
[O RW]_VkaSbS ]W NRWS` ]W bU PYKPU
FS ^S_W^bkaSW` TMbUaU` acZP]cYM`
O^i bU[ c^U_SaNO bSe[WXM`
S\c^U_LbUaU` ^SYObk[ ^_L^SW [O
O[OYKPSbS bU[ ^YM_U OZ]WPM b]c
bSe[WX]j OXiZU XOW XObK bU RWK_XSWO
Waej]` bU` ^O_]eM` Rg_SK[
SQQjUaU`
)9 @A.@59 =1 :-=5D5
JD1= CD?= GLA? :1D-HE>7B 5@9:A1D50
@?;K G1<7;/ 85A<?:A1C01
S C RWOXi^bU` S^WY]QM`
VS_Z]X_OaNO` LeSW _cVZWabSN QWO
^]Yj eOZUYM VS_Z]X_OaNO
S neSbS \SeKaSW [O O^S[S_Q]^]WMaSbS
bU[ c^S_XObKfc\U U XNb_W[U
S[RSWXbWXM Yce[NO SN[OW O[OZZL[U
>LbSbS bU[ c^S_XObKfc\U SXbi`
YSWb]c_QNO`
45= 1=-259 :1<9- 5=459:D9:/
;EG=01
F OcbM bU[ ^S_N^bgaU S\SbKabS
S O[ LeSW bSVSN U acaXScM aS
YSWb]c_QNO
S O[ LeSW RWOX]^SN b] _SjZO
S O[ LeSW ^LaSW U OadKYSWO bU`
]WXWOXM` SQXObKabOaU`
S O[ b] dW` bU` acaXScM` P_NaXSbOW
agabK ZLaO abU[ ^_NTO
76
18
7 @A?594?@?97D9:/ ;EG=01
1=J4?E 85A<?:A1C01B :J::9=7
50=19 CE=5GLB 1=1<<.=7
Fb][ ek_] XObKfc\U` S^WX_ObSN
cfUYM VS_Z]X_OaNO RWibW
S U ^i_bO O[]NebUXS ace[K
Mb]^]VSbMVUXO[ QWO [O
XObOfceV]j[ ZSQKYS` ^]aibUbS`
[g^k[ b_]dNZg[
S ] RWOXi^bU` S^WY]QM` VS_Z]X_OaNO`
Qc_NabUXS aS ZSQOYjbS_] fUdN]
S Le]c[ XOYcdbSN b O[]NQZObO
OS_WaZ]j
8d]j O[bWZSbg^Wab]j[ ]W PYKPS`
OcbL` aPM[SW ZSbK O^i ]_WaZL[]
e_][WXi RWKabUZO U^_]SWR]^]WUbWXM
Yce[NO O[iR]c VS_Z]X_OaNO`
8[ieWXOYLabS bU[ c^U_SaNO
bSe[WXM` S\c^U_LbUaU` ^SYObk[
*@7A5C01 D5G=9:/B
5>E@7A.D7C7B
@5;1DL=
GU[ ^YUaWLabS_U QWO aO` c^U_SaNO
bSe[WXM` S\c^U_LbUaU` ^SYObk[ VO
bU[ P_SNbS ab][ bUYSdg[WXi XObKY]Q]
M ab][ DN[OXO H^U_SaWk[ GSe[WXM`
<\c^U_LbUaU` DSYObk[ DO_OXOY]jZS
[O RN[SbS abU c^U_SaNO bSe[WXM`
S\c^U_LbUaU` ^SYObk[ b][ O_WVZi
^_]hi[b]` <l. XOW b][ O_WVZi
XObOaXScM` bU` acaXScM` aO`
8cbK bO ab]WeSNO VO bO P_SNbS abU[
^W[OXNRO bj^]c 9:J=19
DO_OXOY]jZS [O ac[bSYLaSbS XW SaSN`
ab] [O O^]dSjQ][bOW KaX]^S`
S^WaXLfSW` bSe[WXk[ RN[][bO` MRU
XObK bU[ XYMaU bU` c^U_SaNO`
bSe[WXM` S\c^U_LbUaU` ^SYObk[ b][
O_WVZi ^_]hi[b]` XOW b][ O_WVZi
XObOaXScM` bU` acaXScM` aO` nbaW
S\]WX][]ZSNbS bO aeSbWXK S^W^YL][
L\]RO
77
18
%'% *((
= SQQjUaU ^O_LeSbOW QWO
SWX]aWbLaaS_W` ZM[S` O^i bU[
UZS_]ZU[NO OQ]_K` bU` acaXScM`
^]c O[OQ_KdSbOW abU VSg_UZL[U
O^iRSW\U OQ]_K` RSYbN] YWO[WXM`
^kYUaU` MbWZ]YiQW] :WO bU[
^O_]eM bU` SQQjUaU` O^OWbSNbOW
US^NRSW\U bU` VSg_UZL[U`
O^iRSW\U` OQ]_K`
= SbOW_NO ZLaO abO ^W] ^K[g
e_][WXK i_WO aS ^S_N^bgaU
^YUZZSY]j` YSWb]c_QNO` bU`
acaXScM` O[OYOZPK[SW bU[
c^]e_LgaU S^O[Od]_K` aS ]ZOYM
YSWb]c_QNO XOW bU` O[bWXObKabOaU`
XKVS bcei[ SYObbgZObWX]j ZL_]c`
^YU[ bg[ O[OYkaWZg[ XOW bg[
Sc^OVk[ i^g` bO QcKYW[O ]W
YOZ^bM_S` X Y^ Sdia][ OcbM
^_]L_eSbOW O^i bU[ XObOaXScM XOW
ieW O^i bU[ XOXM e_UaWZ]^]NUaU
bU[ YO[VOaZL[U SQXObKabOaU bU[
ZU bM_UaU bg[ ]RUQWk[ e_MaU`
bU[ OXObKYYUYU ac[bM_UaU bU[
S^LZPOaU ZU S\]caW]R]bUZL[g[
^_]ak^g[ M S\gQS[SN` ^O_KQ][bS`
i^g` UYSXb_WXL` O[bWR_KaSW` X Y^
FbU[ ^S_N^bgaU ^]c USbOW_NO
SWR]^]WUVSN QWO bU[ ^YUZZSYM
YSWb]c_QNO ZSbK bU[ ^K_]R]
S\KZU[]c O^i bU[ OQ]_K bU`
VSg_SNbOW ibW U acaXScM XObK bU[
^O_KR]aM bU` ab][ bSYWXi
XObO[OYgbM YSWb]c_Q]jaS XO[]l
[WXK XOW ibW U PYKPU RS[ ]dSNYSbOW
aS SYObbgZObWXibUbK bU` SXbi` O[
] bSYWXi` XObO[OYgbM` O^]RSN\SW
b]O[bNVSb] ?ObK bU RWK_XSWO bU`
SQQjUaU` ^O_Le][bOW Rg_SK[ b]
O[bOYYOXbWXK US_QOaNO S^WaXScM`
XOW U ZSbOd]_K bU` acaXScM`
O[Ocbi X_WVSN O^O_ONbUb] abO
ac[S_QSNO bU` SbOW_NO`
C^OWORM^]bS KYYU O\NgaU
O^]XYSNSbOW
78
= SQQjUaU RS[ WaejSW aS
^S_N^bgaU ^_OQZOb]^]NUaU`
S^WaXSck[ M QS[WXK ^O_SZPKaSg[
ZU S\]caW]R]bUZL[g[ O^i bU[
SbOW_SNO ^_]ak^g[ abU acaXScM
= XKVS S^WaXScM M O[bWXObKabOaU
SYObbgZObWX]j ZL_]c` RS[
^O_ObSN[SW b] e_i[] bU` SQQjUaU`
<\O_bMZObO XOW cYWXK ^]c
O[bWXOVWabk[bOW XObK bU RWK_XSWO
bU` SQQjUaU` S^Wab_Ld][bOW ab]
ac[S_QSN]
= SQQjUaU ^OjSW [O WaejSW O^i
bUabWQZM ^]c UXc_WibUbO bU`
acaXScM` ZSbOPWPOabSN aS b_Nb]
^_iag^] O^i b][ OQ]_OabM
8YYOQM bU` acaXScM` QN[SbOW Zi[]
abU[ ^S_N^bgaU ^]cRS[ SN[OW
Rc[ObM US^WRWi_VgaM bU`
1
2
3
0
4
-C
5
A
6
7
E-Nr.
8
9
FD-Nr.
'5191:?X81/@>;31>L@1 9.
->8X+1>EX'@> "T:/41:
E *95=5>Cg<53DB?75BXD5 =2
CCC ?5191:?X4;91-<<85-:/1? /;9 
Was this manual useful for you? yes no
Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Download PDF

advertising