%R 9RJSVKIXXEFPI *VMHE] 8LEX *VMHE] QSVRMRK [LIR MR .IVI^ EX E QMRYXI TEWX XLIR 'EWI] LEW GSQI SYX SJ XLI FS\ JSV XLI ½ VWX XMQI - W[IEV [EW E KVIEX KVIEX IQSXMSR XLEX TVSFE FP] - [MPP VIQIQFIV JSV XLI VIWX SJ Q] PMJI ;I LEH NYWX SJ½ GMEPP] MREYKYVEXIH SYV TEVXMGMTEXMSR XS XLI 1S XS+4 'LEQTMSRWLMT E WS QYGL HIWMVIH KSEP HVIE QIH JSV WS QER] ]IEVW ERH ½ REPP] VIEGLIH XLEROW XS XLI I\XVESVHMREV] GETE GMXMIW SJ EPP XLI TISTPI XLEX HYVMRK XLI TVIZMSYW ]IEVW LEZI KMZIR XS XLI 0'6 XLIMV JYRHEQIRXEP ERH HI WIVZMRK GSRXVMFYXMSR 8LEX *VMHE] QSVRMRK MR .I VI^ - [EW MR JVSRX SJ XLI FS\ ERH EPQSWX XSYGLIH YRHIVWXSSH XLEX RSX SRP] SYV RI[ 6' : LEH FIIR WXEVXIH YT FYX VEXLIV
XLI VIEPM^EXMSR SJ ERSXLIV KVIEX HVIEQ LEH NYWX FI KYR 8LMW QEKE^MRI KEXLIVW MQEKIW RYQFIVW ERH JII PMRKW SJ IZIV] XSYGLMRK QSQIRXW WTIRX HYVMRK XLI +4W ERH EPWS JYRR] TMGXYVIW [LMGL LEZI GLE VEGXIVM^IH XLI GSRXIWX SJ XLMW ½ VWX JEFYPSYW WTSVXW EHZIRXYVI MR XLI 1SXS +4 GPEWW IRHIH [MXL XLI IMKLX EFWSPYXI TPEGI ERH [MXL XLI WIGSRH ½ REP TPE GI EQSRKWX XLI WEXIPPMXI XIEQW -R E WLSVX [LMPI [I´PP WXEVX E RI[ GLEPPIRKI [LIR RI[ EQFMXMSYW 1SXS+4 TPERW [MPP FI NSMRIH F] XLI WXEVXMRK SJ RI[ TVSNIGX MR XLI GG GPEWW JSPPS[MRK XLI HVIEQ SJ TVITEVMRK WSQI SXLIV ±'LEQTMSRW² JSV XLI JYXYVI
:\TTHY` ʘ
7KH /&5 7HDP -RXVSHYGXMSR ERH -73 'IVXM½ GEXMSR
ʓʒ
*3V
'EWI] ERH ,SRHE 0'6 8IEQ TIVJSVQERGIW VEGI F] VEGI
3LW %R[ D
ʓʒʖ
ʚʒ
ʚʚ
ʓʓʒ
7KH WHDP 0DQDJHU
0YGMS 'IGGLMRIPPS´W 4VS½ PI
ʓʓʔ ʛʘ
VSLWDOLW\
ʓʓʖ
7KH 5LGHUV
'EVPSW 'LIGE ERH )YKIRI 0EZIVX] *IEXYVIW
DOHQGDU
;OL 3*9 ;LHT
8IEQ *MREP 6ITSVX ERH -73 'IVXMÞ GEXMSR 8LI LEW FIIR JSV XLI 0'6 8)%1 ER I\
'LEQTMSRWLMT 7XSRIV [EW SZIVEPP [LMPI XLI
EGLMIZIQIRX SJ XLI VEGMRK XIEQ XLI VMHIV ERH XLI [LSWI GSRXVMFYXMSR MW KVIEXJYPP] EGORS[PIHKIH HSRI MX [MXLSYX ]SY
3**-'-%0 74327367
,7$/0(&&$1,&$
46 4%682)67
7KH *3V 8LI GSRXIWXW .IVI^ HI PE *VSRXIVE 0SWEMP -WXERFYP 7LERKLEM 0I 1ERW 1YKIPPS &EVGIPSRE %WWIR (SRMRKXSR 7EGLWIRVMRK 0EKYRE 7IGE &VRS 7ITERK 4LMPPMT -WPERH 1SXIKM )WXSVMP :EPIRGME
-HUH] 7832)6 % 1383+4 ()&98
YWXVEPMER VMHIV 'EWI] 7XSRIV ERH XLI 0'6 ,SRHE 8IEQ QEHI ER MQTVIWWMZI 1SXS+4 HIFYX [MXL E FVMPPMERX TIVJSVQERGI XS ½ RMWL WM\XL MR XLI 7TERMWL +VERH 4VM\ EX .IVI^ 7XSRIV XLI ]SYRKIWX
VMHIV MR XLI PET VEGI QEHI E PMKLXRMRK JEWX WXEVX JVSQ XLI XLMVH VS[ SJ XLI KVMH ERH [EW WM\XL SR PET SRI ,I XLIR QSZIH XS JSYVXL NYWX FILMRH JEGXSV] ,SR HE VMHIV 2MGO] ,E]HIR FIJSVI WIXXPMRK MR WM\XL TSWMXMSR QMH VEGI 7XSRIV XLIR LIPH SJJ XLI TIVWMWXIRX GLEPPIRKI SJ .ETER´W 7LMR]E 2EOERS /E[EWEOM SZIV XLI ½ REP PETW XS WIGYVI WM\XL NYWX WIGSRHW FILMRH VEGI [MRRIV 0SVMW 'ETMVSWWM % 1SXS+4 VSSOMI 7XSRIV GEQI MRXS XLMW VEGI EJXIV E ½ ZI [IIO FVIEO JVSQ VMHMRK [LMPI VIGYTI VEXMRK JVSQ E WLSYPHIV STIVE XMSR ERH VSHI WYTIVFP] EKEMRWX T ] LMW QSVI I\TIVMIRGIH JEGXSV] VM
ZEPW 8LI 7TERMWL +4 [EW E LYKI PIEVRMRK GYVZI JSV FSXL 7XSRIV V ERH XLI 0'6 WUYEH [LS [MPP WXE] MR .IVI^ XS XIWX XLIMV ,SRHE 6' : XSQSVVS[ MR TVITEVE XMSR JSV XLI RI\X VEGI XLI 5EXEVV +4 '%7)= ±- LSRIWXP] HMHR´X I\ TIGX XLMW EJXIV QMWWMRK RMRI HE]W SJ XIWXMRK WS -´Q ZIV] LETT] [MXL XLMW VIWYPX ERH XLI WYTTSVX JVSQ XLI 0'6 XIEQ XLI] LEZI HSRI E KVIEX NSF XLMW [IIOIRH - QEHI E KVIEX WXEVX ERH [MXL XLI QM\ YT EX XYVR SRI [MXL 6SWWM GVEWLMRK - [EW EFPI KIX E[E] [MXL XLI PIE HMRK KVSYT ;I LEH GLERKIH XLI WIX YT [MXL HMJJIVIRX JVSRX JSVOW EJXIV XLI TVSFPIQW MR UYEPMJ]MRK ERH XLI FMOI [EW QYGL FIXXIV MR XLI VEGI FYX WXMPP RSX TIVJIGX - [EW VYRRMRK [MHI MR WSQI GSV RIVW
)ZIRX +EPPIV] - [ERX XS GSRKVEXYPEXI (ERM 4I HVSWE JSV LMW KVIEX VMHI MRXS WI GSRH TPEGI LI HMH E KVIEX NSF XS HE] 4L]WMGEPP] Q] WLSYPHIV [EW RS TVSFPIQ EPXLSYKL Q] ½ VWX 1SXS+4 VEGI [EW LEVH [SVO ²
09'-3 ±8LMW MW E KVIEX HE] JSV XLI 0'6 XIEQ ERH 'EWI] WM\XL TPEGI MW QSVI XLER [I GSYPH LEZI I\TIGXIH EJXIV QMWWMRK WS QYGL XIWXMRK ERH GSRWMHIVMRK SYV PEXI IRXV] XS XLI GLEQTMSR WLMT - [ERX XS XLERO 'EWI] JSV LMW KVIEX VEGI ERH XS IZIV]SRI MR XLI XIEQ MX LEW FIIR E ZIV] FYW] XMQI KIXXMRK VIEH] JSV XLI ½ VWX +4 SJ XLI WIEWSR ²
1 ,-+ )(-% ,0+, 87
,SRHE 0'6 8IEQ 3J½ GMEP 4VIWIRXEXMSR JSV 1IHME ERH 7YTTSVXIVW MR .IVI^ HI PE *VSRXIVE 0YGMS [MXL 0SVMW 6IKKMERM ERH 0MZMS 7YTTS HYVMRK XLI ±*YSVMKMVM² 8: XVER WQMWWMSR
/RVDLO 7832)6 *-6781383+4 430) 437-8-32
%YWXVEPMER 1SXS+4 VSSOMI 'E
WI] 7XSRIV FEXXPIH PIK GVEQTW ERH IRIVK] WETTMRK LIEX XS VMHI XLI 0'6 ,SRHE MRXS E FVEZI ½ J XL TPEGI MR XSHE]´W 5EXEV +VERH 4VM\ 7XSRIV VSHI ER MQTVIWWMZI VEGI PIEHMRK JSV RMRI PETW EJXIV E FVMPPMERX WXEVX JVSQ TSPI TSWMXMSR ERH XLI ]IEV SPH %YWXVEPMER
[EW XLI FIWX TPEGIH VSSOMI MR XLI VEGI [SR F] :EPIRXMRS 6SW WM %W LMW TL]WMGEP GSRHMXMSR ERH VIEV KVMT JEHIH SZIV XLI ½ REP PETW 7XSRIV GSRGIRXVEXIH SR LMW TVI VEGI KSEP SJ E XST ½ ZI ½ RMWL 7XSRIV [EW [IEOIRIH F] E ¾ Y ZM VYW MR XLI PIEH YT XS XLI 5EXEV +4 ERH VIUYMVIH JYVXLIV QIHMGEP XVIEXQIRX XLI RMKLX FIJSVI XLI VEGI 7XSRIV´W TVI VEGI TVITEVE XMSRW [IVI JYVXLIV GSQTPMGEXIH F] LSYVW SJ ¾ MKLX HIPE]W FYX LI VIGSZIVIH UYMGOP] XS GPEMQ LMW ½ VWX IZIV 1SXS+4 TSPI TSWMXMSR ERH PIEH XLI VEGI JSV RMRI PETW %JXIV X[S VEGIW 7XSRIV MW MR WM\ XL TSWMXMSR MR XLI [SVPH GLEQ TMSRWLMT [MXL TSMRXW PIZIP [MXL 8SRM )PMEW
'%7)= ±8LI WXEVX [EW KVIEX ERH - JIPX VIEPP] GSQJSVXEFPI SYX MR JVSRX ERH NYWX GSRGIR XVEXIH SR HSMRK Q] S[R XLMRK FYX EW XLI JYIP PSEH KSX PMKLXIV - [EWR´X EFPI XS YT XLI TEGI EW - PSWX WSQI VIEV KVMT 1] TL]WM GEP GSRHMXMSR [EW EPWS E JEGXSV XSHE] ERH - [EWR´X JIIPMRK - XLSYKLX - GSYPH LEZI KSX E FIX XIV VIWYPX XSHE] - QMWWIH E PSX
)ZIRX +EPPIV] - LEH XLI ¾ Y ERH EJXIV XIR PETW Q] PIJX PIK FIKER XS GVEQT YT ;LIR :EPIRXMRS GEQI TEWX JSV XLI PIEH - [EWR´X WYVTVMWIH MX [EW SRP] E QEXXIV SJ XMQI ERH SZIV XLI WIGSRH LEPJ SJ XLI VEGI - LEH E KSSH FEXXPI [MXL 0SVMW ERH +MFIVREY ² 09'-3 ±- VIEPP] GSYPHR´X LEZI EWOIH JSV QYGL QSVI XLMW [IIOIRH 'EWI] UYEPMJ]MRK SR TSPI XLI JEWXIWX MR XLI QSVRMRK [EVQ YT ERH XLIR PIEHMRK XLI VEGI JSV RMRI PETW 8S ½ RMWL ½ J XL GSRWMHIVMRK 'EWI]´W TL]WMGEP GSRHMXMSR [EW E KVIEX IJJSVX F] LMQ IWTIGMEPP] MR NYWX LMW WIGSRH VEGI 8LI XIEQ ,SRHE ERH 1M GLIPMR LEZI [SVOIH ZIV] [IPP XLMW [IIO Q] XLEROW XS EPP SJ XLIQ ²
1 ,-+ )(-% ,0+, 87
%YWXVEPMER ]IEVW SPH &S] KSX XLI ½ VWX 1SXS +4 4SPI 4SWMXMSR
,VWDQEXO
7832)6 *-678 1383+4 43(-91
-R NYWX LMW XLMVH 1SXS+4 VEGI
0'6 ,SRHE VMHIV 'EWI] 7XSRIV ½ RMWLIH E FVMPPMERX WIGSRH XS E GPEMQ E TSHMYQ TPEGI MR XSHE]´W 8YVOMWL +VERH 4VM\ %JXIV E FVIE XLXEOMRK FEXXPI EKEMRWX JIPPS[ ,SR HE VMHIV 1EVGS 1IPERHVM SZIV XLI ½ REP ½ ZI PETW 7XSRIV ½ RMWLIH NYWX W FILMRH XLI -XEPMER VMHIV 7XS RIV WXEVXIH JVSQ WIZIRXL SR XLI
KVMH ERH [EW EP[E]W VEGMRK MR XLI PIEH KVSYT EKEMRWX IEVP] PIEHIV 'LVMW :IVQIYPIR ERH XLIR 7IXI +MFIVREY 2MGO] ,E]HIR (ERM 4IHVSWE ERH 1IPERHVM 7XSRIV XSSO XLI PIEH SR PET SJ ERH PSSOIH WIX XS VIGSVH ER LMWXSVMG ZMGXSV] YRXMP 1IPERHVM QEHI LMW QSZI YRHIV FVEOIW SR XLI IRXV] XS ½ REP XVMTPI GSVRIV GSQTPI\ FIJSVI XLI ½ RMWL PMRI 7XSRIV´W ½ VWX TSHMYQ GSQIW NYWX XLVII [IIOW EJXIV LI WXYRRIH LMW 1SXS+4 VMZEPW [MXL TSPI TS WMXMSR EX XLI 5EXEV +VERH 4VM\ 7XSRIV MW JSYVXL MR XLI TSMRXW [MXL NYWX FILMRH GLEQ TMSRWLMT PIEHIV 2MGO] ,E]HIR
'%7)= ±8LEX [EW QSVI PMOI E VEGI ERH XLMW VIWYPX MW E KVIEX JIIPMRK FIGEYWI - LEZI TVS ZIH XS Q]WIPJ ERH IZIV]SRI IPWI XLEX - GER VEGI YT JVSRX MR 1S XS+4 - JIIP LEZI ERW[IVIH WSQI SJ Q] GVMXMGW XSHE] - [EW I\TIG XMRK 1EVGS XS XV] ERH TEWW EX XLI IRH SJ XLI WXVEMKLX FIGEYWI [E WR´X XLEX GSR½ HIRX EX XLEX TSMRX - LEH GVEWLIH XLIVI E GSYTPI XM QIW SZIV XLI [IIOIRH - ORI[ - GSYPH FI SR XLI TSHMYQ ERH HMHR´X [ERX XS VMWO XLI TSMRXW 1] GVI[ GLMIJ 6EQSR ERH XLI XIEQ HMH E KVIEX NSF [I [SVO ZIV] [IPP XSKIXLIV ERH - LEZI FIIR KIXXMRK EQE^MRK WYTTSVX JVSQ ,SRHE ERH 1MGLIPMR ² 09'-3 ±-X´W E [SRHIVJYP HE] JSV 'EWI] ERH XLI XIEQ FIGEYWI XLMW MW SRP] SYV XLMVH VEGI MR 1S XS+4 ERH XLI TSXIRXMEP 'EWI]
)ZIRX +EPPIV] WLS[IH XSHE] MW IZIR QSVI XLER ER]SRI [SYPH LEZI I\TIGXIH ,I ½ RMWLIH WIGSRH FYX JSV YW MX MW PMOI E [MR ERH SR XLI ½ REP PET 1EVGS 1IPERHVM [EW ZIV] LEVH ERH XSSO XLI ZMGXSV] FYX 'E WI] [EW JERXEWXMG XSHE] ²
7YGGIWWJYP WIGSRH TSWMXMSR JSV %YW WMI VMHIV HMWGSZIVIH F] 0YGMS 'IGGLMRIPPS
% ( 1) +,87 0, ,-+
6KDQJKDL
7832)6 783617 83 *-*8, 40%')
,SRHE 0'6 VMHIV 'EWI] 7XSRIV
QEHI E FVMPPMERX PEXI VEGI VIGSZI V] XS WXSVQ LSQI MR ½ JXL TPEGI MR XSHE]´W 'LMRE +VERH 4VM\ -R E WXYRRMRK TIVJSVQERGI SR [SVR X]VIW 7XSRIV WYVKIH JVSQ IPIZIR XL XS ½ JXL MR NYWX XLVII PETW EJXIV VYRRMRK SJJ XLI XVEGO SR PET ½ J XIIR (YVMRK LMW PEXI VEGI WYVKI 7XSRIV GEYKLX ERH TEWWIH 8YVOI]
+4 [MRRIV 1EVGS 1IPERHVM EPWS SR E ,SRHE [LS ½ RMWLIH WI ZIRXL %JXIV E KSSH WXEVX 7XSRIV WIXXPIH MR WIZIRXL TPEGI FYX [EW WXYGO FILMRH 7IXI +MFIVREY YRXMP PET XIR ;LMPI TYWLMRK XS QEOI YT XMQI 7XS RIV QEHI E WQEPP QMWXEOI SR XLI FVEOIW SR PET ERH VINSMRIH MR XL TSWMXMSR FIJSVI LMW MQTVIW WMZI PEXI VEGI TIVJSVQERGI 8LI VEGI [EW [SR F] 7TERMWL VSSOMI (ERM 4IHVSWE SR HV] XVEGO MR [EVQ GSRHMXMSRW EJXIV X[S HE]W SJ QM\IH [IEXLIV [MXL FSXL [IX ERH HV] TVEGXMGI WIW WMSRW 7XSRIV MW RS[ ½ JXL MR XLI GLEQTMSRWLMT WXERHMRKW [MXL TSMRXW NYWX WIZIR FILMRH 0SVMW 'ETMVSWWM MR WIGSRH TSWM
XMSR SR TSMRXW 2MGO] ,E]HIR PIEHW [MXL TSMRXW '%7)= ±- QEHI E KSSH WXEVX FYX KSX WLYRXIH EVSYRH MR XLI ½ VWX GSVRIV ERH XLIR JSV E PSRK XMQI - [EW LIPH YT FILMRH 7IXI +MFIVREY XLEX HIWXVS]IH Q] VEGI +MFIVREY LEH FIXXIV GSV RIV I\MX XLER QI ERH XLIR LI [EW VIEPP] PEXI SR XLI FVEOIW ERH XLIVI [EW RS [E] XS TEWW - EPWS LEH E PSX SJ VIEV KVMT TVSFPIQW QMH GSVRIV MX [EWR´X XLI X]VI EPP XLI ,SRHE´W [IVI XLI WEQI
)ZIRX +EPPIV] I\GITX XLI JEGXSV] FMOIW SJ (ERM ERH 2MGO] - QEHI E WQEPP QM WXEOI SR XLI FVEOIW XV]MRK XS QEOI YT XMQI ERH [MXLSYX XLEX - XLMRO - LEH XLI TEGI XS GLEP PIRKI )H[EVHW JSV XLI TSHMYQ Q] FMOI JIPX WXVSRK EX XLI IRH SJ XLI VEGI ²
09'-3 ±-´Q ZIV] LETT] [MXL 'EWI]´W VIWYPX FIGEYWI [I PSWX WSQI ZEPYEFPI WIX YT XMQI [MXL XLI [IEXLIV ERH E GSYTPI SJ WQEPP GVEWLIW MR TVEGXMGI )ZIR XLSYKL [I HMH RSX LEZI XLI TIV JIGX WIX YT 'EWI] ½ RMWLIH MR JVSRX SJ QER] XST VMHIVW HI WTMXI VYRRMRK SJJ XLI XVEGO ERH FEWIH SR LMW PET XMQIW LI GSYPH LEZI GLEPPIRKIH )H[EVHW JSV XLI TSHMYQ -X [EW ERSXLIV KSSH VI WYPX JSV XLI GLEQTMSRWLMT ²
1 ,-+ )(-% ,0+, 87
7XSRIV IRNS] XLI WO]PMRI SJ 7LER KLEM 'MX] GIRXVI 'EWI]´W XIGLRM GMER .SYER 'EWEW WXEVXMRK E RI[ IRKMRI
/H PDQV 794)6& 7832)6 796+)7 83 40%') XL
6MHMRK XLI 0'6 ,SRHE ]IEV SPH %YWXVEPMER VSSOMI 'EWI] 7XS RIV WXEKIH E FVIEXLXEOMRK PEXI VEGI GLEVKI XS ½ RMWL JSYVXL MR XLI *VIRGL +VERH 4VM\ 7XEVXMRK IPI ZIRXL SR XLI KVMH 7XSRIV WYVZMZIH XLI WXVSRK GLEPPIRKI SJ JEGXSV] ,SRHE VMHIV 2MGO] ,E]HIR XS WI GYVI LMW JSYVXL XST ½ ZI ½ RMWL SJ XLI WIEWSR
7XSRIV W[ITX TEWX ,E]HIR JSV JSYVXL TPEGI [MXL WIZIR PETW VI QEMRMRK MR XLI PET VEGI ERH XLIR VIWMWXIH IZIV] QSZI F] XLI LEVH VMHMRK %QIVMGER SZIV XLI ½ REP WXEKIW -R E XMKLX ½ RMWL 7XS RIV [EW NYWX W ELIEH EX XLI IRH ;MXL E WIVMIW SJ JEWX PETW T XLEX
WE[ LMQ GPSWI HVEQEXMGEPP] SR XLI PIEH KVSYT 7XSRIV WIX LMW JEWXIWX XMQI SJ XLI VEGI SR PET %JXIV WXVYKKPMRK JSV FMOI JIIP SR JYPP XEROW MR XLI IEVP] WXEKIW 7XSRIV [EW IMKLXL EX XLI IRH PET SRI FIJSVI QEOMRK LMW QMH VEGI WYVKI XLEX TSWMXMSRIH LMQ JSV E FVMPPMERX SZIVXEOMRK QSZI SR ,E]HIR %JXIV ½ ZI VEGIW 7XSRIV MW ½ JXL MR XLI [SVPH GLEQTMSRWLMT [MXL TSMRXW NYWX WM\ FILMRH 7TERMWL VSSOMI (ERM 4IHVSWE '%7)= ±*SYVXL TPEGI JIIPW TVIXX] HEQR KSSH ERH EKEMR -´ZI ERW[IVIH XLI TISTPI [LS WEMH GSYPHR´X VEGI SR [SVR X]VIW 8LI FEXXPI [MXL 2MGO] [EW KVIEX MX [EW E GPIER ½ KLX FYX YRJSVXYRE XIP] - RIEVP] XSSO LMQ SYX EX XLI WXEVX SJ VEGI -´Q WSVV] JSV XLEX - NYWX QMWWIH Q] FVEOMRK E PMXXPI
)ZIRX +EPPIV] 8LI QM\IH [IEXLIV GSWX YW WIX YT XMQI ERH EX XLI WXEVX Q] FMOI JIPX XIVVMFPI XLIVI [EW RS [E] - GSYPH WXE] [MXL XLI JVSRX KY]W - GSYPHR´X FVEOI PEXI IRSYKL SR JYPP XEROW &] QMH VEGI XLI FMOI WXEVXIH XS JIIP QSVI GSQJSVXE FPI WS - TYWLIH ERH WXEVXIH XS GEXGL XLI PIEHIVW ²
09'-3 ±8LEX [EW E LIEVX WXSTTMRK VEGI )WTIGMEPP] SZIV XLI ½ REP PETW [LIR 'EWI] ERH 2MGO] ,E]HIR [IVI VEGMRK WS GPSWI FYX 'EWI] HMH E [SRHIVJYP NSF XS VI[EVH XLI XIEQ XSHE] ;I [IVI MR XVSYFPI [MXL WIX YT FIGEYWI SJ XLI [IEXLIV ERH 'E WI] HMH RSX LEZI E TIVJIGX FMOI FYX SZIV XLI ½ REP PETW LI [EW VYRRMRK XLI WEQI XMQIW EW XLI PIEHIVW²
7XSRIV QIIXW XLI *VIRGL 1SXS+4 JERW 8LI 3PMQTMG 'LEQTMSR %RXSRMS 6SWWM XEWXI XLI -XEPMER GSJJII 1SOEVEFME MR XLI 0'6 8IEQ ,SWTMXEPMX]
1 ,-+ )(-% ,0+, 87
0XJHOOR
(6%1%8-' )<-8 *36 7832)6
,SRHE 0'6 VMHIV 'EWI] 7XSRIV QEHI E HVEQEXMG I\MX JVSQ XLI -XE PMER +VERH 4VM\ EX 1YKIPPS [LIR LI GVEWLIH SYX SJ XLMVH TPEGI SR PET RMRI SJ XLI PET VEGI 7XSRIV VIGIMZIH QEWWEKI XVIEXQIRX JSV E WSVI RIGO EX XLI QIHMGEP GIRXVI FYX [EW SXLIV[MWI YRLYVX %JXIV ER MQTVIWWMZI GLEVKI JVSQ RMRXL SR XLI KVMH MRXS XLMVH FILMRH VEGI
PIEHIV :EPIRXMRS 6SWWM 7XSRIV GVEWLIH LMW ,SRHE 6' : EX YTLMPP XYVR XLVII [LIR LI PSWX XLI JVSRX IRH 7XSRIV [EW VEGMRK WXVSRKP] SR XLI JVSRX VYRRMRK TEGI GPSWMRK SR 6SWWM ERH (Y GEXM VMHIV 7IXI +MFIVREY [LIR LI QEHI LMW IEVP] I\MX 8LI ]IEV SPH %YWXVEPMER LEH QSZIH MRXS XLMVH TSWMXMSR EJXIV E XIRWI XLVII PET FEXXPI EKEMRWX JIPPS[ ,SRHE VMHIV 1EVGS 1IPERHVM [LS IZIRXYEPP] ½ RMWLIH WM\XL 8LI VEGI [EW F] 6SWWM [LS MW RS[ PIZIP [MXL 7XSRIV SR TSMRXW MR WM\XL TPEGI MR XLI [SV PH GLEQTMSRWLMT 7XSRIV ERH XLI ,SRHE 0'6 XIEQ [MPP RSX TEV XMGMTEXI MR XSQSVVS[´W 1SXS+4 T
XIWX HE] EX 1YKIPPS '%7)= ±- JIIP E PMXXPI EZIVEKI Q] RIGO MW UYMXI WSVI FYX -´ZI LEH MX GLIGOIH SYX EX XLI QIHMGEP GIRXVI ERH XLIVI MW RS TVSFPIQ 9RJSVXYREXIP] - QEHI E WQEPP QM WXEOI - PSWX XLI JVSRX ERH XLIR KSX MX TYPPIH FEGO FYX XLIR XLI FMOI KSX RIVZSYW ERH XLI JVSRX IRH [IRX EKEMR SR E FYQT - [EW JVYWXVEXIH F] 1IPERHVM LSPHMRK QI YT LI [EW ZIV] LEVH SR XLI FVEOIW FYX SZIVEPP -´Q LETT] XLIVI EVI PSX SJ TSWMXMZIW FIGEY WI - [EW ZIV] GSQTIXMXMZI [MXL XLI XST -XEPMER VMHIVW SR XLIMV LSQI XVEGO ERH VYRRMRK E JEWX TEGI YT JVSRX ² 09'-3 ±9RJSVXYREXIP] GVEWLIW GER LETTIR MR E ZIV] LEVH VEGI PMOI XLMW -RMXMEPP] - [EW [SVVMIH FIGEYWI XLI GVEWL LETTIRIH EX JEWX VEXI FYX 'EWI] MW 3/ *SV XLI
)ZIRX +EPPIV] VEGI 'EWI] LEH ZIV] KSSH WIX YT ERH EKEMR XSHE] LI WLS[IH XLEX LI MW ZIV] JEWX ERH WXVSRK EFPI XS VYR EX XLI JVSRX [MXL XLI ZIV] FIWX VMHIVW MR 1SXS+4 ;I LEZI HIGMHIH XLEX 'EWI] [MPP RSX XIWX EX 1YKIPPS SR 1SRHE] XS EPPS[ LMQ XS XMQI XS VIWX ²
1SVI XLER KYIWXW JSV ,SRHE 0'6 8IEQ EX XLI -XEPMER VEGI [IIO IRH MRGPYHMRK WIZIVEP :-4W EGXSVW WTSVX GLEQTMSRW QS HIPW 1 ,-+ )(-% ,0+, 87
%DUFHORQD
7832)6 92,968 %*8)6 8,) '6%7,
'EWI] 7XSRIV ERH XLI ,SR
HE 0'6 XIEQ EVI GSR½ HIRX SJ E WXVSRK WLS[MRK MR XSQSVVS[´W 'EXEPYR]E +VERH 4VM\ JSPPS[MRK XSHE]´W GPSWIP] GSRXIWXIH UYEPM J]MRK WIWWMSR %JXIV ½ RMWLMRK XLI
½ REP JVII TVEGXMGI WIWWMSR [MXL XLI JEWXIWX XMQI 7XSRIV ½ RMWLIH IMKLXL MR UYEPMJ]MRK ,S[IZIV XLI MR JSVQ %YWXVEPMER VSSOMI MW YR GSRGIVRIH EFSYX LMW XLMVH VS[ WXEVXMRK WTSX JSV XLI PET VEGI 3R VEGI X]VIW 7XSRIV [EW MQ TVIWWMZI ERH LI [EW SRI SJ XLI JEWXIWX VMHIVW HYVMRK XSHE]´W X[S LSYVW SJ TVEGXMGI ERH UYEPMJ]MRK [MXL LMW ,SRHE 6' : XSTTMRK XLI WTIIH XVET GLEVX EX OTL 8LMW EJXIVRSSR 7XSRIV HMH RSX KEMR QE\MQYQ FIRI½ X JVSQ XLI SRI PET WSJX GSQTSYRH UYEPM J]MRK X]VI ERH LMW JEWXIWX PET SJ ´ [EW NYWX SRI XIRXL SJ E WIGSRH JEWXIV XLER LMW FIWX SR ] T VEGI X]VIW MR TVEGXMGI
7XSRIV [EW SRI SJ IMKLX VMHIVW [MXLMR W SJ TSPI TSWMXMSR 5YEPMJ]MRK GSRHMXMSRW [IVI WYR R] ERH [EVQ [MXL E XVEGO XIQ TIVEXYVI SJ HIKVIIW '%7)= ±-´Q VIPE\IH EFSYX XS HE] ERH -´Q RSX FSXLIVIH XLEX -´Q RSX WXEVXMRK GPSWIV XS XLI JVSRX - LEZI E ZIV] WXVSRK VEGI WIX YT 3R XLI UYEPMJ]MRK X]VI - HMHR´X
)ZIRX +EPPIV] LEZI E KSSH JIIPMRK ERH MX´W IE WMIV XS QEOI YT WSQI TSWMXMSRW EX XLI WXEVX SJ XLI VEGI ;I JSYRH E FMK WXIT [MXL XLI VIEV IRH ERH VEGI X]VI WIX YT XSHE] [LMGL LEW MQTVSZIH VIEV KVMT -´Q KSMRK XS VEGI [MXL XLI WXERHEVH MRGL JVSRX X]VI XLI RI[ JVSRX X]VI - XVMIH ]IWXIVHE] WXMPP PEGOW WSQI FVEOMRK WXEFMPMX] EPXLSYKL MX LEW FIXXIV QMH GSVRIV JIIP ²
09'-3 ±3R FEPERGI XSHE]´W VIWYPX MW ZIV] TSWMXMZI IWTIGMEPP] MR XIVQW SJ 'EWI]´W TSXIRXMEP MR XLI VEGI ,I [EW JEWXIWX MR TVEG XMGI ERH MR VEGI XVMQ LI MW ZIV] GSRWMWXIRX ERH LMW UYEPMJ]MRK TS WMXMSR [MPP RSX EJJIGX LMW GLERGIW SJ GLEPPIRKMRK JSV XLI TSHMYQ &SXL 'EWI] ERH XLI XIEQ HMH E ZIV] KSSH NSF XSHE] ²
1 ,-+ )(-% ,0+, 87
'EWI] GSRGIRXVIH SR XLI KVMH :-4W EGXSVW ERH WSGGIV GLEQTMSR ZMWMXMRK 0'6 8IEQ FS\
7832)6 -2 (6%1%8-' *-2-7,
$VVHQ
XL
,SRHE 0'6 VMHIV 'EWI] 7XS
RIV ½ RMWLIH JSYVXL MR XSHE]´W (Y XGL 88 MR E HVEQEXMG TLSXS ½ RMWL [MXL JIPPS[ ,SRHE VSSOMI (ERM 4IHVSWE 7XSRIV QMWWIH XLMVH TPE GI SR XLI TSHMYQ F] NYWX XLVII LYRHVIHXLW SJ WIGSRH EJ XIV E GPSWI PEWX PET FEXXPI [MXL 4I HVSWE %JXIV WXEVXMRK X[IPJXL 7XSRIV QS
ZIH ELIEH SJ 4IHVSWE MRXS ½ JXL TSWMXMSR SR PET WIZIR &] QMH VEGI 4IHVSWE [IRX TEWX [MXL 7XSRIV TEGMRK LMQWIPJ MR XLI 7TE RMEVH´W WPMTWXVIEQ XLI TEMV VYR RMRK MR JSYVXL ERH ½ JXL TSWMXMSRW F] PET 8LI ½ REP PET WE[ 7XS RIV ELIEH SJ 4IHVSWE MR XYVR SRI [MXL XLI 7TERMEVH WUYII^MRK FEGO TEWX 7XSRIV NYWX X[S GSVRIVW JVSQ XLI ½ RMWL 6EGI PIEHIV 'S PMR )H[EVHW GVEWLIH EX XLI ½ REP GLMGERI LERHMRK 4IHVSWE XLMVH TPEGI F] E REVVS[ QEVKMR 7XSRIV WIX XLI WIGSRH JEWXIWX VEGI PET NYWX W WPS[IV XLER [MRRIV 2MGO] ,E]HIR 7XSRIV MW WM\XL MR XLI [SVPH GLEQTMSRWLMT [MXL TSMRXW '%7)= ±- QEHI E KSSH WXEVX
FYX KSX FPSGOIH F] ERSXLIV VM HIV ERH IZIV]SRI [IRX EVSYRH XLI SYXWMHI SJ QI MR XYVR SRI &YX - LEH E KSSH TEGI KSMRK ERH KSX MRXS ½ JXL ERH [LIR (ERM GEQI TEWX - [EW LETT] XS WMX MR FILMRH LMQ JSV E JI[ PETW (ERM [EW E PMXXPI WPS[IV XLER QI FYX MX [EW HMJ½ GYPX XS TEWW - [EW PSWMRK WSQI VIEV KVMT MR XLI PIJX LER HIVW 8LIR - QEHI E QMWXEOI SR XLI ½ REP PET [LMGL EPPS[IH (ERM XS KIX ELIEH ERH [LMPI -´Q RSX
)ZIRX +EPPIV] LETT] EFSYX XLEX XLI TSWMXMZI MW XLEX EKEMR XSHE] - LEH KSSH VEGI TEGOEKI [EW VEGMRK JSV XLI TS HMYQ ²
09'-3 ±;LMPI 'EWI] [EW HM WETTSMRXIH XS QMWW XLI TSHMYQ F] NYWX W - FIPMIZI XLMW [EW E ZIV] TSWMXMZI VIWYPX 'EWI] HMH E [SRHIVJYP NSF ERH E LEH KVIEX ½ KLX [MXL (ERM %JXIV WIX YT TVSFPIQW MR UYEPMJ]MRK XLI XIEQ JSYRH E KSSH HMVIGXMSR JSV XLI VEGI WS SZIVEPP MX [EW ZIV] KSSH HE]²
'EWI] HYVMRK +46 WTSRWSV TLSXS WLSSXMRK 0MXXPI KMVPW IRNSMRK 0'6 FE FMIW IRXIVXIMRIQIRXW WIVZMGIW 0YGMS [MXL E ZIV] WTIGMEP KYIWX TETE 0YGMERS
(-% 87 ) 1 +, 0-+,
,
'RQLQJWRQ
7832)6 78632+ *3968,
;MXL ERSXLIV MQTVIWWMZI VSS
OMI VEGI TIVJSVQERGI ,SRHE 0'6 VMHIV 'EWI] 7XSRIV ½ RMWLIH JSYVXL MR XSHE]´W &VMXMWL +VERH 4VM\ LMW WM\XL XST ½ ZI VIWYPX MR RMRI VEGIW -R E JEWX ERH GSRXVSP PIH VMHI JVSQ IMKLXL SR XLI KVMH
7XSRIV [EW E TEVX SJ XLVMPPMRK PEXI VEGI FEXXPI [MXL -XEPMER VMZEPW 1EVGS 1IPERHVM ERH :EPIRXMRS 6SWWM TPYW [SVPH GLEQTMSR /IRR] 6SFIVXW .V -R ER I\LEYWXMRK PET VEGI 7XSRIV [EW JSYVXL [MXL PETW XS KS ERH XLIR QSZIH ELIEH SJ 6SFIVXW ERH 1IPERHVM ERH MRXS WIGSRH TSWMXMSR [LMGL LI LIPH JSV X[S PETW &YX [MXL JEHMRK VIEV HVMZI 7XSRIV WPMTTIH FEGO XS JSYVXL VEGMRK VMKLX FILMRH XLI GPSWI FEXXPI JSV XLMVH FIX[IIR 1IPERHVM ERH 6SWWM [MXL 6S FIVXW MR ½ JXL 3ZIV X[S HE]W SJ TVEGXMGI 7XSRIV LEH TSWXIH MQ T TVIWWMZIP] JEWX PETW SR VEGI X]VIW ] T ]
FYX WPMTTIH JVSQ ½ VWX XS IMKLXL MR UYEPMJ]MRK XS WXEVX JVSQ XLI XLMVH VS[ 7XSRIV MW WM\XL MR XLI GLEQTMSRWLMT TSMRXW SR '%7)= ±- [EW LSTMRK JSV E FIXXIV VIWYPX FYX - HMHR´X KIX XLI NSF HSRI XSHE] - LEH XLI TIV JIGX WIX YT JSV X[S HE]W YRXMP UYEPMJ]MRK ERH XLIR EKEMR MR XLI VEGI XLI FMOI [EW RSX VIEGXMRK XLI [E] MX [EW MR TVEGXMGI ;LIR - [EW MR JVSRX SJ 1EVGS :EPIRXMRS ERH /IRR] - GSYPHR´X ½ RH XLI HVMZI XLI VIEV IRH [EW WTMRRMRK YT 4PYW - PSWX E PMXXPI FMX SJ ½ XRIWW ERH - GSYPHR´X FVEOI EW LEVH EW RSVQEP WS - NYWX IEWIH SJJ ERH WIXXPIH JSV JSYVXL 8S[EVHW XLI IRH - PSWX XSYGL ERH - [EWR´X GPSWI IRSYKL XS QEOI E TEWW [LIR 1EVGS ERH :EPIRXMRS [IVI ½ KLXMRK IEGL SXLIV ²
)ZIRX +EPPIV] 09'-3 ±8LMW JSYVXL TPEGI MW ERSXLIV MQTSVXERX VIWYPX ERH MW ERSXLIV GSR½ VQEXMSR SJ XLI KVIEX GSQTIXMXMZIRIWW SJ 'EWI] ERH XLI 0'6 XIEQ 3J GSYVWI [I RIIH XS MQTVSZI SYV TIV JSVQERGI E PMXXPI FYX GSRWMHI VMRK XLMW MW SYV ½ VWX WIEWSR MR 1SXS+4 -´Q LETT] ²
7XSRIV XSSO TEVX XS XLI JEQSYW ±+SSH [SSH *IWXMZEP SJ 7TIIH² XSKIXLIV [MXL QER] SXLIV GLEQTMSRW 8LSYWERHW SJ QSXSVWTSVX JERW IRNSMIH XLI X[S HE]W IZIRX 'EWI] TVSYH XS FI RI\X XS XLI V I\ ;SVPH 'LEQTMSR .MQ 6IHQERR
1 ,-+ )(-% ,0+, 87
6DFKVHQULQJ 7832)6 92;-00-2+ , 74)'8%836
SRHE 0'6 VMHIV 'EWI] 7XSRIV [EW ER YR[MPPMRK ERH JVYWXVEXIH WTIGXEXSV EJXIV FIMRK HIRMIH TIV QMWWMSR XS VEGI MR XLI +IVQER
+VERH 4VM\ XSHE] 8LI 'LMIJ 1I HMGEP 3J½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
XLI ½ REP QIHMGEP GPIEVERGI XS ER *-1 ETTSMRXIH HSGXSV [LS EXXIRHW EPP VEGIW WLSYPH RS[ FI GSRWMHIVIH EW TEVX SJ XLI 1SXS +4 7TSVXMRK 6IKYPEXMSRW '%7)= ±- QEHI E WQEPP QMWXEOI MR XLI [EVQ YT ERH GVEWLIH FYX XLIVI [EW EFWSPYXIP] RS TVSFPIQ [MXL QI TL]WMGEPP] SV QIRXEPP] - [EW GETEFPI SJ VEGMRK XSHE] - [EW GPIEVIH F] XLI WGERW ERH MX MW ZIV] HMWETTSMRXMRK XLI GMVGYMX HSGXSV [SYPH RSX EPPS[ QI XS VEGI - VIEPP] JIIP XLEX - LEH ZIV]
)ZIRX +EPPIV] WXVSRK GLERGI SJ WGSVMRK TSMRXW LIVI EJXIV E ZIV] TSWMXMZI TVEGXM GI SR XLI YTHEXIH GLEWWMW [LMGL ,6' WYTTPMIH XS XLI XIEQ -X´W JVYWXVEXMRK ERH EPP - GER HS RS[ MW XV] ERH VIKVSYT JSV 0EKYRE 7IGE RI\X [IIO -´ZI RIZIV FIIR XS %QIVMGE WS XLEX WLSYPH FI GSSP ²
09'-3 ±%W E GSQQMXXII QIQ FIV SJ -68% - KSMRK XS VIGSQ QIRH XLEX [I TYX SR XLI EKIRHE E W]WXIQ SJ LEZMRK ER *-1 QIHM GEP HIPIKEXI EX IEGL KVERH TVM\ ERH XLEX LI [SYPH LEZI XLI ½ REP HIGMWMSR MR XLIWI QEXXIVW 8LMW [SYPH FI WMQMPEV XS XLI W]WXIQ MR *SVQYPE 3RI STIVEXIH F] XLI *-% %JXIV EPQSWX ]IEVW MR VE GMRK - WXMPP HS RSX YRHIVWXERH XLI MR¾ I\MFPI ETTVSEGL SJ XLI GLMIJ GMVGYMX HSGXSV EPXLSYKL LI HSIW LEZI XLI ½ REP WE] 'EWI] 2) :)6 PSWX GSRWGMSYWRIWW MR XLI GVEWL ERH LI [EW GPIEVIH SJ ER] TVSFPIQW F] XLI LSWTMXEP WGER ²
% ( 1) +,87 0, ,-+
/DJXQD 6HFD
)%60= )<-8 *36 7832)6
'EWI] 7XSRIV´W FSPH FMH JSV E TS HMYQ ½ RMWL MR XLI 97 +VERH 4VM\ GEQI XS E HVEQEXMG IRH [LIR LI GVEWLIH SR PET SJ XSHE]´W
PET VEGI EX 0EKYRE 7IGE %J XIV WXEVXMRK WIZIRXL 7XSRIV [EW MR XLMVH TSWMXMSR ELIEH SJ FSXL (ERM 4IHVSWE ERH /IRR] 6SFIV XW .V EJXIV TEWWMRK FSXL VMHIVW JSYV PETW IEVPMIV 7XSRIV [EW YRMRNYVIH [LIR E JVSRX IRH WPMHI TYX LMQ SYX SJ XLI VEGI EX XYVR ½ ZI [LMPI VYR RMRK WMQMPEV PET XMQIW XS IZIRXYEP VEGI [MRRIV 2MGO] ,E]HIR [MXL 4IHVSWE ½ RMWLMRK WIGSRH %JXIV E [LMVP[MRH VEGI WGLIHYPI 7XS RIV VIQEMRW MR WM\XL TPEGI MR XLI GLEQTMSRWLMT WXERHMRKW SR TSMRXW '%7)= ±)ZIV]XLMRK JIPX ½ RI ERH - LEH E VEGI WIX YT KSSH IRSYKL K XS FI VYRRMRK K YT T JVSRX
- NYWX QEHI E WQEPP QMWXEOI ERH EW - PIX XLI FVEOI SJJ JSV XYVR XLI JVSRX NYWX WPMH E[E] - ORI[ LEH XS GSRWIVZI XLI X]VIW IEV P] MR XLI VEGI FYX SRGI - KSX MR JVSRX SJ (ERM ERH /IRR] MX [EW RS TVSFPIQ - NYWX GSRGIRXVEXIH SR VYRRMRK E WXVSRK TEGI ERH RSX KSMRK XS LEVH - VIEPP] [ERX XS WE] E FMK XLERO ]SY XS IZIV]S RI MR XLI 0'6 XIEQ [LS LEZI [SVOIH WS LEVH EPP WIEWSR XS OIIT YW VYRRMRK YT JVSRX -´Q XLI SRI [LS LEW RSX HIPMZIVIH SR Q] WMHI ² 09'-3 ±-X MW E HMJ½ GYPX QSQIRX JSV FSXL 'EWI] ERH XLI XIEQ ;I EPP FIPMIZI [I HIWIVZI FIXXIV VI WYPXW XLIVI MW E ZIV] FMK TSXIR XMEP JSV 'EWI] ERH XLI XIEQ 'E WI] HMH E TIVJIGX [EVQ YT ERH E TIVJIGX WXEVX FYX NYWX QEHI E WQEPP QMWXEOI [LMPI VEGMRK MR XLMVH TSWMXMSR &SXL 'EWI] ERH
)ZIRX +EPPIV] XLI XIEQ LEZI E WXVSRK WTMVMX ERH - FIPMIZI [I [MPP GSQI FEGO EX XLI RI\X VEGI IZIR WXVSRKIV ERH GLEPPIRKI JSV XLI TSHMYQ VIWYPX [I HIWIVZI ²
(-% 87 ) 1 +, 0-+,
,
7XSRIV LMXW ,SPP][SSH JSV XLI 97% +4 4VI )ZIRX 8LI %YWXVEPMER VMHIV RS QIX XLI %QIVMGER JERW EX XLI JEQSYW ,SPP][SSH &SYPIZEVH 3WGEV ,EVS ,SRHE 0'6 4YFPMG 6IPEXMSR [MXL XLI JEQSYW EGXSV ±QMRM QM² SJ XLI TSTYPEV %YWXMR 4S[IV QSZMIW
%UQR ,SRHE 0'6 VMHIV 'EWI] 7XSRIV
794)6& 7-<8, 40%') *36 7832)6
½ RMWLIH MR E GSR½ HIRGI FSSWXMRK WM\XL TPEGI MR E ½ IVGIP] GSRXIWXIH '^IGL 6ITYFPMG +VERH 4VM\ XSHE] %JXIV WXEVXMRK XL SR XLI JSYVXL VS[ SJ XLI KVMH 7XSRIV VSHI ER MR WTMVIH VEGI ERH XLI ]SYRK %YWXVE PMER VSSOMI ½ RMWLIH NYWX W SYX SJ JSYVXL TSWMXMSR 7XSRIV IRKE KIH /IRR] 6SFIVXW .V 1EVGS 1I
PERHVM ERH GLEQTMSRWLMT PIEHIV 2MGO] ,E]HIR MR E FVIEXLXEOMRK FEXXPI MR XLI PET VEGI %JXIV TEWWMRK ,E]HIR SR PET 7XSRIV [EW JSYVXL [MXL WIZIR PETW XS KS ERH LI XLIR FEXXPIH [MXL 6SFIVXW ERH 1IPERHVM JSV JSYVXL TPEGI [MXL ,E]HIR HVST TMRK FEGO RMRXL &YX EW LMW VIEV X]VIW JEHIH 7XSRIV HMH RSX LEZI XLI KVMT XS GLEPPIRKI 6SFIVXW ERH 1IPERHVM SR XLI ½ REP PET 7XSRIV RS[ LEW TSMRXW ERH MW WM\XL MR XLI GLEQTMSRWLMT WXERHMRKW '%7)= ±8LEX [EW E LEVH VEGI XLIVI [EW E PSX SJ SZIVXEOMRK KSMRK SR WSQIXMQIW XLVII XMQIW MR SRI PET %X XLI IRH - NYWX HMHR´X T N
LEZI IRSYKL VIEV KVMT XS VEGI JSV JSYVXL TSWMXMSR EKEMRWX 1I PERHVM ERH 6SFIVXW XLI X]VIW LEH WPS[P] HIWXVS]IH XLIQWIP ZIW [LIR - [EW WXYGO VEGMRK MR XLI KVSYT FILMRH ,E]HIR 8LIVI [EW WSQI VIEPP] GPSWI VEGMRK ERH [LMPI - [SYPH LEZI PMOIH E FIX XIV VIWYPX WM\XL TPEGI [MPP HS JSV RS[ - QEHI E KVIEX WXEVX ERH [EW JSYVXL EX XYVR X[S FYX XLIR [IRX FEGO[EVHW XS WIZIRXL NYWX RIIHIH ER I\XVE 6IH &YPP XLMW QSVRMRK XS TIT QI YT FI JSVI XLI VEGI ²
)ZIRX +EPPIV] 09'-3 ±- EQ ZIV] TVSYH SJ 'EWI] ERH XLI XIEQ XLI] HMH E ZIV] TVSJIWWMSREP NSF JSV XLI [LSPI [IIOIRH 7M\XL TSWMXMSR MR E GPSWI VEGI MW E ZIV] MQTSV XERX VIWYPX EJXIV JEMPMRK XS WGSVI TSMRXW MR XLI TVIZMSYW X[S VEGIW XLMW MW E ZIV] KSSH WXEVX XS XLI ½ REP TEVX SJ XLI WIEWSR %JXIV WSQI TVSFPIQW MR TVEG XMGI [MXL XLI FMOI 'EWI] EKEMR WLS[IH LMW ZIV] LMKL TSXIRXMEP MR XLI VEGI ²
% ( 1) +,87 0, ,-+
6HSDQJ
% &6%:) )-+,8, *36 7832)6
,SRHE 0'6 VMHIV 'EWI] 7XSRIV
[EW TL]WMGEPP] I\LEYWXIH EJXIV ½ RMWLMRK E FVEZI IMKLXL MR E LSX ERH LYQMH 1EPE]WMER +VERH 4VM\ 7XS RIV [EW WPS[IH F] FEGO TEMR JVSQ LEPJ[E] XLVSYKL XLI PET VEGI EJXIV QEOMRK E WTMVMXIH GLEPPIRKI JSV XLI TSHMYQ MR XLI IEVP] PETW %JXIV TEWWMRK 7IXI +MFIVREY (YGEXM JSV ½ JXL TPEGI
7XSRIV [EW GLEPPIRKMRK 2MGO] ,E]HIR JSV JSYVXL SR PET RMRI [LIR LI VER [MHI YRHIV FVEOIW 8[S PETW PEXIV 7XSRIV PSWX WXVIR KXL ERH QSFMPMX] FIGEYWI SJ FEGO TEMR ERH LI LEH XS YR[MPPMRKP] GSRGIHI TSWMXMSRW ½ VWXP] XS +M FIVREY ERH XLIR .SLR ,STOMRW
7Y^YOM ERH /IRR] 6SFIVXW
/6 : (IWTMXI LMW TL]WMGEP TVSFPIQW 7XSRIV ½ RMWLIH NYWX XLVII WIGSRHW SYX SJ ½ JXL TPEGI '%7)= ±-´Q RSX JIIPMRK XLI FIWX - LEH E PSX SJ TEMR MR Q] FEGO JVSQ LEPJ[E] XLVSYKL XLI VEGI - GSYPHR´X QSZI Q] FYQ EGVSWW XLI WIEX XS GLERKI HMVIGXMSR XLI XIEQ HMH XLIMV NSF XSHE] - N ]
GSYPH RSX LEZI EWOIH JSV QSVI ERH - NYWX HMH RSX HIPMZIV SR Q] WMHI - XLMRO - LEH E GLERGI EX XLI TSHMYQ IWTIGMEPP] [LIR - [EW VM KLX SR ,E]HIR´W FYXX IEVP] MR XLI VEGI 8LIR 2MGO] FVEOIH IEVP] MRXS XLI ½ REP GSVRIV ERH - RIEVP]] LMX LMQ LI TYPPIH E KET ERH ½ ZI PETW PEXIV - [EW [SVR SYX - [EW VIEPP] WXVYKKPMRK MRXS XLI GSV RIVW YRHIV FVEOIW - LEH XS YWI Q] YTTIV FSH] XSS QYGL 8LI TVSFPIQ WXEVXIH [LIR - NMROIH Q] FEGO EW XLI FMOI [SFFPIH YRHIV FVEOIW YT YRXMP XLIR - [EW KEMRMRK SR XLI KY]W MR JVSRX ² 09'-3 ±(IWTMXI XLI VIWYPX XLMW [EW E ZIV] TSWMXMZI [IIOIRH SJ [SVO F] XLI XIEQ *SV XLI ½ VWX XIR PETW 'EWI] PSSOIH GETEFPI SJ ½ KLXMRK JSV XLI TSHMYQ ERH MX [EW I\GMXMRK XS WII LMQ TEWW +MFIVREY ERH ½ KLX [MXL ,E]HIR 9RJSVXYREXIP] 'EWI] LEH E FEGO
)ZIRX +EPPIV] TVSFPIQ MX GSQIW JVSQ ER SPH MRNYV] ERH RS[ MX MW ZIV] MQ TSVXERX XLEX [I QEOI E TVSTIV QIHMGEP EWWIWWQIRX SJ LMW GSR HMXMSR ²
(-% 87 ) 1 +, 0-+,
,
1V 3R ERH 1V 4IVYGGE JVSQ +-:- 1EPE]WME EJXIV E WYGGIWJYP 4VIWW 'SRJIVIRGI [MXL %WMER 4VIWW % QEWWMZI EXXIRHERGI SJ +-:- JERW SYXWMHI ERH MRWMHI 7ITERK 'MVGYMX
3KLOOLS ,VODQG
,31) +4 *36 8,) =392+ %977-)
,SRHE 0'6 VMHIV 'EWI] 7XS
RIV ½ RMWLIH ER MQTVIWWMZI WM\XL NYWX W FILMRH :EPIRXMRS 6SWWM MR XLMVH TPEGI MR E HVEQEXMG ½ RMWL XS XLI %YWXVEPMER +VERH 4VM\ % LIEZ] VEMR WLS[IV IMKLX PETW MRXS XLI VEGI JSVGIH VMHIVW
XS QEOI E TMXWXST XS W[MXGL XS XLIMV WTEVI FMOIW ½ XXIH [MXL [IX X]VIW RS[ EPPS[IH YRHIV 1SXS +4 VYPIW 7XSRIV WYVKIH JSV[EVH MR XLI [IX GSRHMXMSRW ERH [EW JSYVXL SR PET XIR FYX XLIR WYJ JIVIH JVSQ PEGO SJ VIEV KVMT ERH ½ RMWLIH WM\XL MR E TLSXS ½ RMWL [MXL 2MGO] ,E]HIR 7IXI +MFIV REY ERH :EPIRXMRS 6SWWM 7XSRIV MW WM\XL [MXL TSMRXW MR XLI [SVPH GLEQTMSRWLMT '%7)= ±-´Q TVIXX] HMWETTSMR XIH XLI [IIOIRH [EW KSMRK KVIEX YRXMP XLI VEMR ERH - JIPX ZIV] KKSSH EJXIV FIMRK K JEWXIWX MR XLI
QSVRMRK [EVQ YT %X XLI WXEVX % - XSSO MX IEW] WSQI SJ XLI SXLIV KY]W [IVI KSMRK XSS LEVH JSV XLI GSRHMXMSRW 8LIR XLI VEMR GEQI ERH MX VIEPP] LEQQIVIH HS[R ZMWMFMPMX] [EW ZIV] FEH FYX -´ZI KSX E KSSH JIIPMRK MR XLI [IX ERH [EW EFPI XS QEOI YT WSQI TSWM XMSRW FIJSVI XLI TMXWXST &YX SR XLI WTEVI FMOI XLI VIEV [IX X]VI JIPX PMOI E WPMGO MX [EW XSS LEVH E GSQTSYRH X]VI ERH - WXVYKKPIH JSV KVMT SR XLI PIJX WMHI MX [EW E HMWEWXIV ;LIR :EPIRXMRS TEWWIH QI LI GEQI FEGO YT XLI MRWMHI EX 7MFIVME GSVRIV ERH TYWLIH QI [MHI - NYWX VIQIQFIV MX [EW ER EKKVIWWMZI TEWW =SY GER´X HS
)ZIRX +EPPIV] ER]XLMRK EFSYX XLI [IEXLIV FYX - [EW I\TIGXMRK QSVI JVSQ XLMW VEGI² 09'-3 ±- [ERX XS GSRKVEXY PEXI 'EWI] XLI XIEQ SR E KVIEX NSF IWTIGMEPP] MR XLI GSRHMXMSRW ERH XLI HIPMGEXI QSQIRX SJ XLI TMXWXST XS GLERKI FMOIW MR XLI VEMR 'EWI] [EW JEWX MR XLI [EVQ YT FYX MR XLI VEMR [MXL XLI [IX X]VI MX [EW RSX TSWWMFPI XS FI JEWXIV 'EWI] [EW ZIV] GPSWI XS XLI TSHMYQ ERSXLIV MQTVIWWMZI TIVJSVQERGI² 'EWI] HYVMRK ER EYXSKVETL WIWWMSR WMKRMRK TSWXIVW LEXW KMJXW 8LI X[S %YWXVEPMERW VMHIVW 'EWI] ERH 'LMVW :IVQYIPIR EJXIV XLI LSQI +4 4VIWW 'SRJIVIRGI
(-% 87 ) 1 +, 0, -+
,
0RWHJL ,SRHE 0'6 VMHIV 'EWI] 7XS
RIV JEMPIH XS ½ RMWL XSHE]´W .ETE RIWI +VERH 4VM\ EX 1SXIKM 8LI ]SYRK %YWXVEPMER VMHIV GVEWLIH SYX SJ IMKLXL TPEGI YRLYVX SR PET XLMVXIIR SJ XLI PET VEGI EJXIV FIMRK XLMVH JEWXIWX MR XLI QSVRMRK [EVQ YT WIWWMSR %JXIV E JEWX WXEVX 7XSRIV GLEVKIH JVSQ XL SR XLI KVMH XS FI ½ JXL SR PET SRI FIJS
VI TEWWMRK 7IXI +MFIVREY XS FI JSYVXL NYWX FILMRH XLI PIEHIVW 0SVMW 'ETMVSWWM 1EVGS 1IPER HVM ERH :EPIRXMRS 6SWWM 3R PET XIR 7XSRIV PSWX KVSYRH [LIR LI VER [MHI ERH XLVII PETW PEXIV LI GVEWLIH GSQTPEMRMRK SJ JVSRX IRH LERHPMRK TVSFPIQW 8LI VEGI MR WYRR] GSRHMXMSRW [EW [SR F] 'ETMVSWWM '%7)= ±*SV X[S PETW JVSQ XLI WXEVX XLI FMOI JIPX 3/ ERH - [EW YT XS JSYVXL TPEGI EJXIV TEWWMRK +MFIVREY 9RJSVXYREXIP] MR XLI QSVRMRK [EVQ YT XLI XIEQ HI GMHIH XS TYX ER I\XVE XYVR SJ TVI PSEH SR XLI JVSRX ERH MX [EW ½ RI [MXL JYPP PSEH SJ JYIP &YX
EW XLI JYIP [IRX HS[R - LEH RS S JIIPMRK SR XLI JVSRX ERH XLI VIEVV [EW PMJXMRK YRHIV FVEOIW ERH [EW VYRRMRK [MHI -´Q HMWETTSMR XIH FIGEYWI WMRGI JVII TVEGXM GI [I LEH XLI TIVJIGX WIX YT T ERH [I HMHR´X RIIH XS GLERKII ER]XLMRK - [EWR´X LETT] [MXL XLII VEGI - WLSYPH LEZI FIIR EFPI XS S VYR PS[ ´ W ERH - VIEPP] LEZII RS I\TPEREXMSR JSV XLI GVEWL - HSR´X ORS[ [LEX - HMH [VSRK ² 09'-3 ±-R XLI QSVRMRK [EVQ YT 'EWI] [EW XLMVH JEWXIWX FILMRH XLI X[S (YGEXMW [MXL E ZIV] KSSH TEGI -R XLMW WIWWMSR LI XIWXIH [MXL QQ QSVI TVI PSEH MR XLI JVSRX ERH EJXI V[EVHW LI HIGMHIH XS OIIT XLMW WIXXMRK JSV XLI VEGI FYX MX WIIQW [MXL PIWW JYIP XLI FMOI [EW RSX GSQJSVXEFPI )ZIV]SRI MW WEH EJXIV XLI [EVQ YT XLMW WLSYPH LEZI FIIR E KSSH VIWYPX ²
)ZIRX +EPPIV]
0YGMS SR ,SRHE 27* JSYV WXVSOI V TIV WSREPM^IH EW E TIVJIGX 0'6 ,SRHE VITPMGE ERH E JYXYVI VMHIV E JYXYVI VMHIV
(-% 87 ) 1 +, 0-+,
,
'EWI] QIIXW XLI WXYHIRXW SJ 9XWSRSQM]E /MRY .YRMSV ,MKL 7GLSSP 3R XLI GIRXIV 'EWI] [MXL 1V 8EOIS *YOYM 4VIWMHIRX ERH 'LMIJ )\IGYXMZI 3JÞ GIV SJ ,SRHE 1SXSV 'S
(VWRULO 8LI 4SVXYKYIWI +VERH 4VM\
&%( 70-() *36 7832)6
IRHIH MR FMXXIV HMWETTSMRXQIRX JSV XLI ,SRHE 0'6 XIEQ [LIR 'EWI] 7XSRIV GVEWLIH SYX SJ XLI VEGI ERH JEMPIH XS ½ RMWL 7XSRIV WYJJIVIH E FVYMWIH VMKLX PIK MR XLI PET X[S GVEWLMRK EX XYVR JSYV [MXL (YGEXM VMHIV 7IXI +MFIVREY [LS [EW FILMRH EX XLI XMQI EPWS GS QMRK HS[R 7XSRIV LEH QEHI E
WXVSRK WXEVX JVSQ ½ JXL SR KVMH ERH [EW MR XLI WEQI TSWMXMSR [LIR LI [IRX SYX SJ XLI VEGI %JXIV ER MQTVIWWMZI X[S HE]W SJ JEWX ERH GSRWMWXIRX TVEGXMGI PETW 7XSRIV PSSOIH XS FI SRI SJ XLI WXVSRKIWX VMHIVW SR VEGI X]VIW ;MXL ^IVS TSMRXW XSHE] 7XSRIV LEW WPMTTIH XS WIZIRXL MR XLI [SVPH GLEQTMSRWLMT WXERHMRKW [MXL TSMRXW 8LI VEGI [EW [SR F] ,SRHE VMHIV 8SRM )PMEW FIJSVI WTIGXEXSVW '%7)= ±- HSR´X ORS[ MJ - PSWX XLI VIEV MR XLI QMHHPI SJ XLI GSVRIV MX WIIQIH XS WPMT E PMXXPI FMX ERH EW MX GEQI FEGO MX ¾ MG
OIH SYX SR QI %PP - VIQIQFIV MWW ERSXLIV FMOI LMXXMRK QI ERH JII PMRK XLEX TVIXX] LEVH -´ZI KSX RS S MHIE I\EGXP] [LEX LETTIRIH - XLMRO 7IXI´W FMOI WQEGOIH MRXS S XLI PS[IV TEVX SJ Q] VMKLX PIK MX´WW ZIV] WSVI ERH - LSTI RSXLMRK MWW FVSOIR 1] VIEV X]VI [EWR´X KVMT TMRK XLI FIWX ERH MX [EW IEW] XS S WXE] [MXL XLI PIEHIVW - [EW [EM XMRK XS WXEVX QEOMRK E QSZI FYX -- HMHR´X KIX E GLERGI ± 09'-3 ±8SHE] MW ER IQTX] JII PMRK 8LI FIKMRRMRK SJ XLI VEGI MW EP[E]W GVMXMGEP IWTIGMEPP] [LIR XLI X]VIW EVI RI[ ERH TIVLETW XLI XEVQEG XIQTIVEXYVI [EW HS[R E PMXXPI XSHE] ;I LEZI XS GLIGO XLI HEXE XS WII [LEX LET TIRIH ²
)ZIRX +EPPIV]
(-% 87 ) 1 +, 0, -+
,
,SRHE 0'6 XIGLRMGEP 7XEJJ [MXL 'EWI] ERH 0YGMS TVITEVMRK E ZMHIS QIWWEKI JSV XLI LIEH SJ 1MGLIPMR QSXSVWTSVX 1V 2MGSPEW +SYFIVX 0YGMS ERH 'EWI] HY VMRK TLSXS WLSSXMRK SJ 7TSRWSV 4VSHYGXW
9DOHQFLD
7832)6 *%-07 83 *-2-7, *-2%0 6%')
-R LMW ½ REP VEGI [MXL XLI ,SRHE 0'6 XIEQ %YWXVEPMER VMHIV 'E WI] 7XSRIV JEMPIH XS ½ RMWL XSHE]´W :EPIRGME +VERH 4VM\ 7XSRIV [EW VYRRMRK MR E WXVSRK ½ JXL TPEGI [LIR LI GVEWLIH EX XYVR WM\ SR PET 7XSRIV [EW YRLYVX ERH LY KIP] HMWETTSMRXIH XS IRH LMW VSS OMI WIEWSR [MXL 0'6 SR E ,SRHE 6' : F] GVEWLMRK SYX
*SV QSWX SJ XLI VEGI 7XSRIV LEH JSYKLX E GPSWI FEXXPI [MXL JIPPS[ ,SRHE VMHIVW (ERM 4IHVSWE ERH 1EVGS 1IPERHVM JSV JSYVXL TPE GI [MXL XLI XVMS W[ETTMRK TPEGIW QER] XMQIW 7XSRIV [EW ½ JXL NYWX FILMRH 4IHVSWE [LIR LMW VEGI IRHIH 8LI VEGI [EW [SR F] 8VS] &E]PMWW [MXL 2MGO] ,E]HIR GPEMQMRK XLI [SVPH GLEQTMSRWLMT ZMGXSV] FIJSVI E QEWWMZI GVS[H SJ WTIGXEXSVW '%7)= ±8SHE] - VIEPP] - [ER XIH XS KIX E RMGI VIWYPX JSV Q]WIPJ ERH XLI 0'6 XIEQ &YX MX´W WXVER KI - HSR´X ORS[ [LEX MW LETTI RMRK WS QER] XMQIW VIGIRXP] [I EVI JEWX MR TVEGXMGIW ERH LEZI T
XLI TIVJIGX VEGI WIX YT XLI TIV JIGX X]VI ERH XLIR XLI FMOI JIIPWW RSXLMRK PMOI MX HSIW MR TVEGXMGI 8SHE] MX NYWX [SYPHR´X XYVR PMOI MXX HMH MR TVEGXMGI -´Q VIEPP] HMWET TSMRXIH EJXIV IZIV]XLMRK [EW WS S W[IIX EX XLI WXEVX SJ XLI WIEWSR &YX - [ERX KMZI E FMK XLEROW XS S XLI [LSPI 0'6 XIEQ [LS KEZII QI XLMW STTSVXYRMX] ERH WXYGOO [MXL QI XLMW ]IEV ² 09'-3 ±*MVWX SJ EPP - [ERX XS S GSRKVEXYPEXI ,SRHE ERH 2MGO] ,E]HIR JSV [MRRMRK XLI [SV PH GLEQTMSRWLMT XLI] HIWIVZI XLMW ZMGXSV] 'EWI] ½ RMWLIH IM KLXL MR XLI GLEQTMSRWLMT ERH SYV XEVKIX [EW JSV XLI XST ERH [MXL WSQI KSSH PYGO 'EWI] GSYPH LEZI FIIR ½ JXL 3ZIVEPP MX LEW FIIR E TSWMXMZI WIEWSR HI WTMXI WSQI TVSFPIQW 2S[ -´Q PSSOMRK ELIEH XS [LIR [I VEGI [MXL 'EVPSW 'LIGE ERH - TEWW Q] FIWX [MWLIW XS 'EWI] JSV LMW RI[ GEVIIV ²
)ZIRX +EPPIV]
8LI ,SRHE 0'6 8IEQ QIX XLI WXEJJ SJ 8 ±1EGEP^SRI 0EXMRS 'ETMXEPME 8IEQ² MRZSPZIH MR XLI %QIVMGE´W 'YT 6IEP 1EHVMH WSGGIVW TPE]IVW ERH 7TE RMWL EGXSVW :-4W KYIWXW SR XLI WXEVXMRK KVMH
% ( 1) +,87 0, ,-+
7P[ )V_ 8LI LIEVX SJ IZIV] X[S [LIIPW XIEQ MW GEPPIH 4-8 &3< ERH XLIVI EVI XIGLRMGMERW F] ER EGGPEMQIH I\TIVMIRGI ERH E KVIEX TVSJIW WMSREPMWQ [LS KVEZMXEXI SR MXW MRWMHI -R XLI WTIGM½ G GEW 0'6 8IEQ XLI 'LMIJ 8I 6EQSR *SVGEHE ERH LMW W JSPPS[IH QMRYXIW EJXIV XLI JIEXW SJ 7XSRIV SR XL JSV IZIR VEGIW FI]S QER] TVI GLEQTMSRWLMT E VEGI XIWXW GSQTSWIH JVII WIWWMSRW SR *VMHE] S WIWWMSR ERH SRI UYEPMJ]MRK SR 7EXYVHE] GSQTPIXMRK [ [EVQ YT SR 7YRHE] QSV PS[IH F] XLI TVSTIV VEGI IPIQIRXW SJ WIZIR HMJJIV XMSREPMXMIW 7TEMR -XEP] 7 VMRS .ETER -VIPERH *VER %YWXVEPME LEH HSRI XLIMV EPPS[ 7XSRIV XS FI EX XL VEROMRK SJ XLI SXLIV VMHIV GPEWW FSXL SR XLI XIGLR
8LI °8VSFFMRK ,IEVX± SJ ,SRHE 0'6 8IEQ
XLI LYQER WMHI 8LI TVIGMWMSR [SVO XLEX XEOIW TPEGI MR XLI FS\ MRGPYHIW XLI FMOI´W TVITEVEXMSR JSV XLI ½ VWX JVII WIWWMSR XLI HEXE VIGSVHMRK WXYH] ERH EREP]
7P[ )V_ 06' 8IEQ GSYRXW ER EQSYRX SJ FS\IW JSV QSVI XLER OK SJ GEVVMIH QEXIVMEP XLVSYKL HMJJI VIRX GSRXMRIRXW HYVMRK EPP XLI WIE WSR &I]SRH FMOIW ERH WTEVI IRKM RIW XLI XVERWTSVXIH QEX ERMQEXIW XLI FS\ MRGPYHI IUYMTQIRXW TERIPW PMKLX IPIGXVMGEP W]WXIQ ERH GS EMV MRWXEPPEXMSR GERST] [ GLIW [LIIPW´ FS\IW HVE[ GLIW JSV IZIV] OMRH SJ XSS GSQTYXIVW ERH LEVH[EVIW F] 8IGLRSPSK]WLST ERH I QEXIVMEPW FS\ GEVTIX XI IQTPEGIQIRX VMHIV IQT IXG
7P[ )V_
;OL 4V[VYJ`JSL &RQFHSW
(QJLQH
(IZIPSTQIRX *PS[ &EWIH SR XLI ½ REP MXIVEXMSR SJ XLI QSHIP HIZIPSTQIRX SJ XLI 2I[ +IRIVEXMSR 1SXS+T QEGLMRI MW YRHIV[E] %W SJ XLI XL VEGI SJ XLMW ]IEV XLI )ZSPYXMSR IRKMRI ERH XLI )ZSPYXMSR GLEWWMW LEZI FIIR HIZIPSTIH
(QJLQH ,SRHE -RXIPPMKIRX 8LVSXXPI 'SRXVSP 7]WXIQ -8LI JVSRX FERO SJ XLVII G]PMRHIVW MW STIVEXIH ZME PMRIEV GSRXVSP SJ XLI XLVSXXPI KVMT ,S[IZIV XLI VIEV FERO SJ X[S G]PMRHIVW MW STIVEXIH F] ER IPIGXVSRMGEPP] GSRXVSPPIH XLVSXXPI 8LVSXXPI F] [MVI 'SQTEVIH [MXL YWMRK IPIGXVSRMG GSRXVSP JSV EPP ½ ZI G]PMRHIVW XLMW W]WXIQ HIPMZIVW QSVI TVIGMWI GSRXVSP SZIV MRMXMEP XLVSXXPI STIRMRK ERH HYVMRK JYPP XLVSXXPI STIVEXMSR
(QJLQH ,SRHE -RXIPPMKIRX 8LVSXXPI 'SRXVSP 7]WXIQ -8IPIQIXV] VIGSVHMRKW JVSQ EGXYEP VMHMRK GSRHMXMSRW WLS[ XLEX EPXLSYKL XLI JVSRX G]PMRHIVW EVI [MHI STIR XLI XLVSXXPIW JSV XLI VIEV G]PMRHIVW EVI FIMRK GSRXVSPPIH
(QJLQH )RKMRI 7M^I
)RKMRI 4IVJSVQERGI
*SV XLI 2I[ +IRIVEXMSR QEGLMRI XLI IRKMRI´W FEWMG PE]SYX [EW VI GSR½ KYVIH 8LI IRKMRI´W JVSRX XS FEGO PIRKXL [EW WLSVXIRIH QEWW [EW GIRXVEPM^IH ERH [IMKLX [EW VIHYGIH
'LERKIW XS XLI 2I[ +IRIVEXMSR IR KMRI´W FEWMG PE]SYX MRGPYHI VIHYGMRK XLI HMWXERGI FIX[IIR XLI GVEROWLEJX ERH XLI GSYRXIVWLEJX VIHYGMRK IRKM RI [IMKLX ERH VIHYGMRK JVMGXMSR %W E VIWYPX QE\MQYQ SYXTYX TS[IV [EW MQTVSZIH F] QSVI XLER ERH IRKM RI [IMKLX [EW VIHYGIH F]
&KDVVLV 'LEWWMW 0E]SYX
)DLULQJ
8LI RI[ QSVI GSQTEGX IRKMRI EPPS[IH QSVI JVIIHSQ MR HIWM KRMRK XLI PE]SYX JSV XLI 2I[ +IRIVEXMSR 'LEWWMW )ZIR [MXL XLI WEQI [LIIPFEWI E PSRKIV W[MRKEVQ GER FI YWIH EPPS[MRK E [MHIV VERKI SJ WIXXMRKW
*EMVMRK %PXLSYKL XLI RI[ JEMVMRK LEW XLI WEQI PIZIP SJ [MRH VIWMWXERGI EW XLI QSHIP E VIHYGXMSR MR WMHI EVIE LEW MQTVSZIH MXW ]E[ GLEVEGXIVMWXM GW JSV ER MQTVSZIQIRX MR LERHPMRK TIVJSVQERGI
;OL 7HKKVR
4EHHSO +EPPIV]
;OL 7HKKVR
;OL 7HKKVR
;OL 7HKKVR
/VZWP[HSP[` %RSXLIV HITEVXQIRX XLEX GLE VEGXIVM^IW XLI WXVYGXYVI SJ XLI 06' 8IEQ MW XLI ,SWTMXEPMX] YRMX MX´W E VIEP XVEZIPPMRK VIWXEYVERX [LMGL TVSZMHIW HYVMRK XLI XLVII HE]W SJ XLI +4 ER I\GI XIVREXMSREP GYMWMRI WIVZMG PSX SJ HMJJIVIRX -XEPMER WTI E WLIPXIV TPEGI XS EPP XL WYTTSVXIVW ERH HIHMGEXI
LETT] LSYV WYFNIGX HMRR WIRXEXMSR JSPPS[IH F] FYJJ MR XLEX GEWI PMOI JSV XLI X YRMX E UYEPM½ IH WXEJJ GSQT RMRI TISTPI XEOIW GEVI S RM^MRK XLI WXVYGXYVI GS F] X[S XVEMPIVW ERH SRI MRJVEWXVYGXYVI XLEX IREFPI TEVI FVIEOJEWX PYRGL ERH JSV EFSYX TISTPI IZI 8LIVI EVI X[S ZIV] I\TI GLIJ [LS GSQTSWI ER I GYPMREV] QEVVMEKI [LMGL GSQTPIXIP] IZIR XLI QSWX XEWXIW JVSQ XLI QSQIRX 0'6 ,SWTMXEPMX] KMZIW VIJV XS IZIV] REXMSREPMX]´W GS ERH KYIWXW VIEGLMRK
7TIIH EHVIREPMR ERH KSSH GYMWMRI
/VZWP[HSP[` GSYRXVMIW EPP EPSRK )YVSTI HYVMRK XLI WIEWSR -R EHHMXMSR XS TEWXE TM^^E [MRI ERH EPP XLI SXLIV XEWXIW SJ XLI FIWX )YVSTIER GYMWMRI XLI ,S WTMXEPMX] SJJIVW XS MXW KYIW GSVRIV HIHMGEXIH XS XLI P XLI VIEP IWTVIWWS GEJJr F] XLI JSQSYW 1SOEVEFME GIV ERH [I GER QIRXMSR I ETIVMXMJ VMXYEP XS IRNS] [ PIEKYIW ERH JVMIRHW EX XLI XLI EJXIVRSSR GLEVEGXIV KVIEX GSGOXEMPW XEWX] RMFF KSSH QYWMG 8LI 0'6 ,S TVSZMHIW MXW QSWX MQTSVX WXW ERH SXLIV :-4 KYIWXW J WLS[ FYWMRIWW WTSVX ER IXG SJ E WTIGMEP ^SRI GE 0SYRKI XLEX GER FI GSQT E VIEP XVIRH] VIWXEYVERX [ XPI PMZMRK VSSQ QE\M WGV XEFPI WIVZMGI 8LMW QM\ SJ XLIWI GSQ XSKIXLIV [MXL XLI WXEJJ´W TVSJIWWMSREPMWQ ERH O QEOI QSVI GSQJSVXEFPI WX] XLI WXE] SJ XLI KYIWX EPP XLI I\GMXMRK VEGI [IIO
/VZWP[HSP[`
2)%430-8%2 4->>% -RKVIHMIRXW TEWXI JSV TM^^E K SJ TIIPIH XSQEXSIW K SJ ERGLSZMIW MR SPMZI SMP K SJ QS^^EVIPPE GLIIWI I\XVE ZMVKMR SPMZI SMP WEPX TITTIV SVIKERS 6IGMTI &VYWL [MXL WSQI SPMZI SMP XLI XST SJ XLI TEWXI TVIZMSYWP] WTVIEH [MXL E VSPPMRK TMR 4PEGI SR XLI TEWXI XLI TIIPIH XSQEXSIW [LMGL LEH FIIR IQTXMIH F] WIIHW ERH HVEMRIH TYWL XLIQ KIRXP] [MXL E JSVO 'SZIV MX [MXL XLI QS^^EVIPPE GLIIWI GYX MRXS PMXXPI GYFIW ERH [MXL XLI ERGLSZMIW 4SYV WSQI SPMZI SMP %HH WSQI TITTIV 7TVMROPI [MXL SVIKERS 4YX MR XLI SZIR EX @´F ' XL JSV QMRYXIW
7869()0 -RKVIHMIRXW JSV TISTPI JSV XLI TEWXV] K SJ ¾ SYV IKK K SJ FYXXIV SV ZIKIXEFPI QEVKEVMRI K SJ WYKEV E TMRGL SJ WEPX [EVQ JSV XLI ½ PPMRK K SJ RSX XSYKL TYPT ETTPIW WTSSRW SJ FVIEHGVYQFW K SJ FYXXIV SV ZIKIXEFPI QEVKEVMRI TIIPIH EPQSRHW SV TMRI RYXW NEQ PIQSR´W KVEXIH TIIP K SJ WYKEV SXLIV MRKVIHMIRXW K SJ FYXXIV SV ZIKIXEFPI QEVKEVMRI WSQI TS[HIVIH WYKEV 6IGMTI 1EOI E JSYRXEMR [MXL XLI WMJXIH ¾ SYV SR XLI XEFPI MR XLI QMHHPI TYX XLI IKK XLI WYKEV XLI WEPX XLI FYXXIV TVIZMSYW [MXL WSQI [EXIV´W WTSSRW ERH WSQI [EVQ [EXIV RIGIWWEV] XS KIX E WSJX TEWXV] [LMGL WLSYPHR´X WXMGO EX ]SYV LERH MX SR XLI XEFPI JSVQ E FEPP XLEX LEW XS FI GSZIVIH [MXL E FMK [EVQIH YT TSX TE]MRK EXXIRXMSR XLEX XLMW SRI [SYPH R VEMWMRW MR [EVQ [EXIV JSV QMRYXIW XLIR HVEMR ERH HV] XLIWI (MT XLI EPQSRHW MR WSQI FSMPIH [EXIV XLIR TIIP 4IIP XLI ETTPIW ERH GYX XLIQ MRXS ZIV] XLMR WPMGIW %HH XLI FVIEHGVYQFW XS XLI FYXXIV MRXS E TSX ERH PIEZI MX XLIVI XMPP QMRYXIW XEOI XLI TEWXV] ERH TYX MX SR E FMK PMKLXP] ¾ SYVIH GERZEW PE] MX EX ½ VWX KIRXP] [MXL XLI VSPPMRK TMR XL FEGO SJ ]SYV LERHW &VYWL MX [MXL XLI QIPXIH FYXXIV ERH GSZIV MX PIEZMRK YRGSZIVIH XLI IHKI EPP EVSYRH [MXL XLI ET FVIEHGVYQFW VEMWMRW EPQSRHW PIQSR´W KVEXIH TIIP WSQI NEQ ER]LS[ ERH [MXL WYKEV 6SPP YT XLI WXVYHIP PMJXMRK XLI XSYGLMRK XLI TEWXV] [MXL LERHW XLER TVIWW XLI X[S VSPP´W XMTW WS XLEX XLI ½ PPMRK [SYPH RSX JEPPMRK SYX HYVMRK XLI GSS XLI GERZEW TYX XLI WXVYHIP SR XLI KVIEWIH TPEXI SJ XLI SZIR SV SR E FEOMRK XMR FVYWL MX [MXL XLI QIPXIH FYXXIV ERH QMRYXIW 8EOI MX SJJ JVSQ XLI SZIR EJXIV QMRYXIW PIER MX SR E GSYVWI HMWL ERH TSYV SR MX WSQI TS[HIVIH W =SY GSYPH WIVZI MX LSX [EVQ SV GSPH
/VZWP[HSP[`
3*9 )HJRZ[HNL 4EWWMSR ,EVQSR] ERH 0EYKLW
7QMPMRK MW E JYRHEQIRXEP TEVX MR SVHIV XS OIIT E GSLIVMRK KVSYT JSVQIH F] TISTPI SJ HMJJI VIRX REXMSREPMXMIW JSV QSVI XLER QSRXLW IZIV] ]IEV LSYVW E
3*9 )HJRZ[HNL
3*9 )HJRZ[HNL
3\JPV *LJJOPULSSV =IEVW MR 1SXSVG]GPI 6EGMRK *MIPH
0YGMS FIKER XS GYPXMZEXI LMW TEW WMSR JSV VEGMRK QSXSVG]GPIW EJXIV FIMRK E QSXSVG]GPI QIGLERMG JSV XIEQW MR REXMSREP ERH MRXIVREXMS REP VEGMRK ,I WXEVXIH XS VEGI QS XSVG]GPIW MR [LIR E VMHIV MR XLI -XEPMER 7TS HYGXMSR 'LEQTMSRWLMT V ,32(% 276 -R X VEGI MR 1SR^E LI SFXE ½ VWX ZMGXSV] 3XLIV ZMGXS TSPI TSWMXMSRW KEZI LMQ W ½ HIRGI ERH MR LI :-') -8%0-%2 ',%14-3 FILMRH 1E\ &MEKKM -R 0YGMS QEHI LMW H XLI )YVSTIER 'LEQTMSR HMRK JSV XLI 8IEQ -XEPME [ [EW E QIGLERMG ]IEVW ERH LI SFXEMRIH XLI TSWMXMSR 6MHMRK JSV XLI 8I EKEMR MR 0YGMS [EW : 634)%2 ',%14-32 LI NSMRIH XLI ;SVPH TMSRWLMT VMHMRK JSV XLI + 8IEQ -R XLI XIEQ +-:- LMQ XLI STTSVXYRMX] SJ TVMZEXI ,32(% 67 RMRK LMW ½ VWX MQTSVXERX T XLI [SVPH VEROMRK -R XLI JEQSYW 8IE KEZI LMQ XLI STTSVXYRMX HMRK ER ,32(% 67 XLI )YVSTIER 'LEQTMSRW VMRK [LMGL LI [SR SJ XL GIW ERH FIGEQI XLI )96 ',%14-32 8LI ]IEV [EW XLI ½ RMRK TSMRX 0YGMS SVKER S[R WQEPP XIEQ JSV XLI 'LEQTMSRWLMT MR XLI SFXEMRMRK WIZIVEP MQTSVX WYPXW SR XLI XST XIR -X WEQI MR ERH MR
+VERH 4VM\W 0YGMS SFXEMRIH LMW ½ VWX :-'836= MR XLI ;SVPH 'LEQTMSRWLMT EX .EVEQE VEGMRK XVEGO 7TEMR 7XMPP MR LI KSX SXLIVW TS
*HYSVZ *OLJH
)LUVW QDPH
&DUORV
/DVW QDPH
&HFKD
$JH
3ODFH RI ELUWK 'DWH RI ELUWK
6DQW )UXLWRV 6SDLQ
5HVLGHQFH WRZQ
/RQGRQ
7HDP
/&5 +RQGD
&ODVV
FF
- HSR´X ORS[ MJ MX [EW E TVIQSRMXMSR SV E GSMRGM HIRGI FYX SR XLI HE] SJ Q] FMVXL Q] JEXLIV LEH E QSXSVG]GPI EGGMHIRX SR XLI [E] XS WII QI EX XLI LSWTMXEP JSV XLI ½ VWX XMQI 8IR ]IEVW PEXIV LI XYVRIH YT EX WGLSSP [MXL E 1IGEXIGRS LI LEH FSYKLX QI ERH - [ XS VMHI JSV XLI ½ VWX XMQI [MXL LMQ FIG JEXLIV [SYPH RSX EPPS[ QI MJ LI [EW RS ;LIR - [EW XLMVXIIR LI FSYKLX QI QSXSGVSWW FMOI ERH - FIKER VEGMRK ;MXL Q] JVMIRHW ERH ZIV] JI[ VIWSYVGI XIWXIH Q] ½ VWX VEGI SR EWTLEPX EX E P GYMX GEPPIH 'ER 4EHVz - LEH E ,SRHE 2 ERH XLIR - QSZIH SR XS E 6MINY [MR 'EXEPYR]ER 'LEQTMSRWLMT ERH XEOMRK WXITW XS[EVHW +4 VEGMRK [MXL JSYVXL XLI 7TERMWL 'LEQTMSRWLMT ERH IMKLXL )YVSTIER - VSHI [MXL E ,SRHE ERH H VEGIW SR E LSQI QEHI FMOI [LMGL RIZ FI]SRH XLEX WXEKI FIGEYWI SJ E PEGO SJ JY ½ VWX ;SVPH 'LEQTMSRWLMT VEGI [EW XL TIER +VERH 4VM\ EX 'EXEPYR]E MR EW E [MPHGEVH ERH - ½ RMWLIH WIZIRXL E WIH XLI WIGSRH VEGI EX ;IPOSQ -X ORS GSR½ HIRGI TVIXX] FEHP] FYX - QEHI XLI XLVII XMQIW MR -R - KSX XLI XLVII XMQIW SR ,SRHE ERH MR - FIWX ½ REP VIWYPX IZIV UYEPMJ]MRK XL SZ - WXEVXIH VEGMRK JSV =EQELE FYX MR JIPX QYGL QSVI GSQJSVXEFPI [MXL XLI E XLI JSYV WXVSOIW ERH - [EW GSRWXERXP] MR XLVII - XSSO JSYV TSHMYQW FYX [IRX FE MR XLI ½ REP JI[ VEGIW SJ XLI WIEWSR 8LI WIEWSR HMH RSX XYVR SYX XSS T IZIR XSYKL XLI [MRXIV XIWXW [IRX UYMXI 8LI [EW Q] PEWX EW E =EQELE V [EW RSX EW TSWMXMZI EW MX GSYPH LEZI F - ½ RMWLIH XL SZIVEPP 8LIR XLI ]IEV E GLEPPIRKI [IRX F] XLI REQI SJ (YGEXM [ &VMHKIWXSRI X]VIW - KSX XLI TSHMYQ X 4LMPPMT -WPERH ERH 7ITERK 0EWX ]IEV - VE =EQELE 8IGL 8IEQ [MXL (YRPST X]VIW MR XL TSWMXMSR 2S[ - LEZI XLI KVIEX XS [SVO EKEMR [MXL 6EQSR *SVGEHE E LETT] XS VEGI JSV 0'6 8IEQ [LMGL MW SR QSWX TVSJIWWMSREP XIEQ SJ XLMW WTSVX
,\NLUL 3H]LY[` *MVWX XMQI - KSX SR XLI FMOI [EW XLVII ]IEVW SPH %TTEVIRXP] - VSHI E QSXSVFMOI FIJSVI VM HMRK E TYWLFMOI [MXLSYX WXEFMPM^IVW - [EW LIE ZMP] MR¾ YIRGIH F] Q] JEQMP] 1] HEH VSEH VEGIH ERH XLIVI [IVI EP[E]W FMOIW EVSYRH WS MX [EW
)LUVW QDPH
(XJHQH
/DVW QDPH
/DYHUW\
$JH
3ODFH RI ELUWK 'DWH RI ELUWK
%DOO\PHQD 1 ,UHODQG
5HVLGHQFH WRZQ
7RRPHEULGJH
7HDP
/&5 +RQGD
&ODVV
FF
;OL JVTWL[P[PVU
1SXS+T 6EGI 'EPIRHEV
*IFVYEV] ¯ .IVI^ 7TEMR -68% 8)78 1EVGL ¯ 0SWEMP 5EXEV -68% 8)78
1EVGL ¯ 0SWEMP 5EXEV 1EVGL ¯ .IVI^ 7TEMR %TVMP ¯ 7LERKLEM 'MRE 1E] ¯ -WXERFYP 8YVOI] 1E] ¯ 0I 1ERW *VERGI .YRI ¯ 1YKIPPS -XEP] .YRI ¯ 1SRXQIPS 'EXEPYR]E .YRI ¯(SRMRKXSR + &VMXEMR .YRI ¯ %WWIR ,SPPERH .YP] ¯ 7EGLWIRVMRK +IVQER] .YP] ¯ 0EKYRE 7IGE 97% %YKYWX ¯ &VRS '^IGL 6IT 7ITXIQFIV ¯ 1MWERS 7ER 1EVMRS 6IT 7ITXIQFIV ¯ 1SXIKM .ETER 3GXSFIV ¯ 4 -WPERH %YWXVEPME 3GXSFIV ¯ 7ITERK 1EPE]WME 3GXSFIV ¯ )WXSVMP 4SVXYKEP 2SZIQFIV ¯ :EPIRGME 7TEMR