0$7(5,$/ 6$)(7< '$7$ 6+((7
2CIG QH
*5,)),1 0$1&2=(% :'* )81*,&,'( ' 24'2#4'& 0QXGODGT
+D]DUGRXV DFFRUGLQJ WR FULWHULD RI :RUNVDIH $XVWUDOLD
&203$1< '(7$,/6
%QORCP[ 0COG )TKHHKP %QTRQTCVKQP #WUVTCNKC
#FFTGUU /CPPKPI 5VTGGV /KNVQP
3WGGPUNCPF #WUVTCNKC
2JQPG 0WODGT 14
(CEUKOKNG 0WODGT 14
#WUVTCNKCP 'OGTIGPE[ 0WODGT
#NN JQWTU
,'(17,),&$7,21
)TKHHKP /CPEQ\GD 9&) (WPIKEKFG
2TQFWEV 0COG
1VJGT 0COGU /CPEQ\GD
70 0WODGT
&CPIGTQWU )QQFU %NCUU
/KUEGNNCPGQWU FCPIGTQWU IQQFU
2TQRGT 5JKRRKPI 0COG 'PXKTQPOGPVCNN[ *C\CTFQWU 5WDUVCPEG 5QNKF 015
%QPCVKPU /CPEQ\GD
2CEMCIKPI )TQWR III
*C\EJGO %QFG :
'OGTIGPE[ 2TQEGFWTG )WKFG %
2QKUQPU 5EJGFWNG 5
%JGOKECN HCOKN[ 'VJ[NGPGDKUFKVJKQECTDCOCVG
FKVJKQECTDCOCVG
7UG #ITKEWNVWTCN (WPIKEKFG HQT VJG EQPVTQN QH EGTVCKP FKUGCUGU QH
HTWKV RGCPWVU UQ[DGCPU VQDCEEQ CPF XGIGVCDNGU
3K\VLFDO 'HVFULSWLRQ 3URSHUWLHV
2J[UKECN 5VCVG )TCPWNG
9CVGT &KURGTUKDNG )TCPWNG
%QNQWT ;GNNQY
1FQWT 5WNHWTQWU
/GNVKPI RQKPV &GEQORQUGU DGHQTG OGNVKPI
8CRQWT 2TGUUWTG 0QV FGVGTOKPGF
5QNWDKNKV[ KP 9CVGT &KURGTUKDNG
/CPEQDGD OI.
1FQWT 5WNHWTQWU
%QNQWT ;GNNQY
2WKHU 3URSHUWLHV
,QJUHGLHQWV
%JGOKECN 0COG %#5 0WODGT 2TQRQTVKQP
/CPEQ\GD IMI
2CTCHQTOCNFGJ[FG
1VJGT KPITGFKGPVU PQV EQPUKFGTGF JC\CTFQWU VQ
D[ 9QTMUCHG #WUVTCNKC
A聞urru聙脗7聛聞聜聛聞g聠u聛聙脗5聡聟聠聞gxug脗57H脗%$脗& 脗"# 脗&脗Gg聙聙u聙s脗S聠聞qq聠脗Gux聠聛聙脗"$"脗Q聡qq聙聟xg聙p脗5聡聟聠聞gxug
%脗!!$'脗#"脗聛聞脗&脗!#脗'!!
0$7(5,$/ 6$)(7< '$7$ 6+((7
2CIG QH
*5,)),1 0$1&2=(% :'* )81*,&,'( ' 24'2#4'& 0QXGODGT
+($/7+ +$=$5' ,1)250$7,21
+HDOWK (IIHFWV
5YCNNQYGF 8GT[ NQY VQZKEKV[ D[ KPIGUVKQP #EWVG 1TCN .& OIMI $CUGF QP
CPKOCN UVWFKGU NQPIVGTO GZRQUWTG VQ JKIJ NGXGNU QH OCPEQ\GD OC[ ECWUG
CDPQTOCN VJ[TQKF HWPEVKQP +PFKXKFWCNU YKVJ RTGGZKUVKPI FKUGCUGU QH VJG
VJ[TQKF OC[ JCXG KPETGCUGF UWUEGRVKDKNKV[ VQ VJG VQZKEKV[ QH GZEGUUKXG
GZRQUWTGU
'[G /C[ DG UNKIJVN[ KTTKVCVKPI
5MKP #EWVG >OCN .& OIMI 0QV KTTKVCVKPI +P EGTVCKP UKVWCVKQPU OC[
ECWUG UGPUKVCVKQP D[ UMKP EQPVCEV
+PJCNCVKQP *CTOHWN D[ KPJCNCVKQP #EWVG +PJCNCVKQP .& OI. HQT JQWT
+TTKVCVKPI VQ VJG TGURKTCVQT[ U[UVGO
&KRQLF
+PJCNCVKQP 6JG GHHGEVU KP CPKOCNU HTQO TGRGCVGF JKIJ FQUGU QH OCPEQ\GD
FWUV
GSWKXCNGPV VQ VKOGU VJG #'. KPENWFG TGFWEGF DQF[ YGKIJV
KPHNCOOCVKQP QH VJG NWPIU CPF CDPQTOCN VJ[TQKF HWPEVKQP
5YCNNQYGF 6QZKE GHHGEVU KP CPKOCNU HTQO TGRGCVGF KPIGUVKQP QH JKIJ FQUGU KPENWFG
TGFWEGF DQF[ YGKIJV CPF VJ[TQKF GHHGEVU
+PETGCUGF KPEKFGPEGU QH VJ[TQKF VWOQTU CPF QEWNCT NGUKQPU
TGVKPQRCVJ[ YGTG
QDUGTXGF KP TCVU CFOKPKUVGTGF RRO
GSWKXCNGPV VQ CRRTQZKOCVGN[
OIMIFC[ QH OCPEQ\GD KP VJGKT FKGV HQT VYQ [GCTU 6JKU EQORQWPF KU
EQPUKFGTGF VQ UJQY YGCM ECTEKPQIGPKE CEVKXKV[ 6GUVU KP UQOG CPKOCNU
KPFKECVG VJCV VJG EQORQWPF OC[ RTQFWEG GODT[Q CPF HGVCN VQZKEKV[ DWV QPN[
CV OCVGTPCNN[ VQZKE FQUGU /WNVKIGPGTCVKQP UVWFKGU KP CPKOCNU FGOQPUVTCVG PQ
TGRTQFWEVKXG VQZKEKV[
#NVJQWIJ VJGTG JCXG DGGP KUQNCVGF TGRQTVU KP VJG UEKGPVKHKE NKVGTCVWTG QH
OWVCIGPKE CEVKXKV[ QH OCPEQ\GD KP IGPGTCN OCPEQ\GD KU PQV IGPQVQZKE KP
CPKOCNU QT KP EGNN EWNVWTGU /CPEQ\GD JCU DGGP VGUVGF HQT JGTKVCDNG IGPG
OWVCVKQP
'VJ[NGPGVJKQWTGC
'67 C DTGCMFQYP RTQFWEV CPF OKPQT OGVCDQNKVG QH
OCPEQ\GD YCU UJQYP VQ KPFWEG NKXGT VWOQTU KP OKEG DWV PQV KP TCVU QT
JCOUVGTU CPF ECWUGF VJ[TQKF VWOQTU KP TCVU '67 KU PQV IGPQVQZKE '67 JCU
DGGP ECVGIQTK\GF CU C RTQDCDNG JWOCP ECTEKPQIGP D[ +#4% CPF CU C ITQWR $
ECTEKPQIGP D[ 062 #V UWHHKEKGPVN[ JKIJ FQUGU '67 JCU CNUQ ECWUGF DKTVJ
FGHGEVU KP NCDQTCVQT[ CPKOCNU
%CTEKPQIGPKEKV[ 0QPG QH VJG EQORQPGPVU RTGUGPV KP VJKU OCVGTKCN CV EQPEGPVTCVKQPU GSWCN VQ QT
ITGCVGT VJCP CTG NKUVGF D[ +#4% 062 15*# QT #%)+* CU C
ECTEKPQIGP
A聞urru聙脗7聛聞聜聛聞g聠u聛聙脗5聡聟聠聞gxug脗57H脗%$脗& 脗"# 脗&脗Gg聙聙u聙s脗S聠聞qq聠脗Gux聠聛聙脗"$"脗Q聡qq聙聟xg聙p脗5聡聟聠聞gxug
%脗!!$'脗#"脗聛聞脗&脗!#脗'!!
0$7(5,$/ 6$)(7< '$7$ 6+((7
2CIG QH
*5,)),1 0$1&2=(% :'* )81*,&,'( ' 24'2#4'& 0QXGODGT
+($/7+ +$=$5' ,1)250$7,21 FRQW
)LUVW $LG 0HDVXUHV
5YCNNQYGF +H RQKUQPKPI QEEWTU EQPVCEV C FQEVQT QT 2QKUQPU +PHQTOCVKQP %GPVTG
2JQPG
#XQKF IKXKPI CNEQJQN &1 016 KPFWEG XQOKVKPI &Q PQV IKXG
CP[VJKPI D[ OQWVJ VQ CP WPEQPUEKQWU RGTUQP #XQKF IKXKPI CNEQJQN
'[G %QPVCEV *QNF G[GNKFU QRGP CPF HNWUJ YKVJ YCVGT HQT OKPWVGU WPVKN PQ GXKFGPEG
QH EJGOKECN TGOCKPU 5GGM OGFKECN CVVGPVKQP KOOGFKCVGN[ KH KTTKVCVKQP
RGTUKUVU
5MKP %QPVCEV 4GOQXG EQPVCOKPCVGF ENQVJKPI CPF UJQGU 9CUJ YKVJ RNGPV[ QH UQCR CPF
YCVGT WPVKN PQ GXKFGPEG QH EJGOKECN TGOCKPU 5GGM OGFKECN CVVGPVKQP
KOOGFKCVGN[ KH KTTKVCVKQP RGTUKUVU
+PJCNCVKQP +TTKVCVKPI VQ VJG TGURKTCVQT[ U[UVGO 4GOQXG XKEVKO VQ HTGUJ CKT +H PQV
DTGCVJKPI IKXG CTVKHKEKCN TGURKTCVKQP RTGHGTCDN[ OQWVJVQOQWVJ 5GGM
OGFKECN CVVGPVKQP KOOGFKCVGN[
#FXKEG VQ &QEVQT 0Q URGEKHKE TGSWKTGOGPVU 6TGCV U[ORVQOCVKECNN[
35(&$87,216 )25 86(
([SRVXUH 6WDQGDUGV 0Q GZRQUWTG UVCPFCTF JCU DGGP UGV D[ 01*5% #WUVTCNKC
)TKHHKP JCU UGV VJG HQNNQYKPI #EEGRVCDNG 'ZRQUWTG .KOKV
#'.
/CPEQ\GD OIOx
JQWT VQVCN FWUV
OIOx
JQWT VQVCN FWUV
(QJLQHHULQJ &RQWUROV 2TQXKFG NQECN GZJCWUV XGPVKNCVKQP CPFQT IGPGTCN FKNWVKQP XGPVKNCVKQP VQ OGGV
RWDNKUJGF GZRQUWTG NKOKVU
3HUVRQDO 3URWHFWLRQ
4GURKTCVQT[ 2TQVGEVKQP 9GCT FWCN ECTVTKFIG TGURKTCVQT HQT FWUVU CPF OKUVU #XQKF DTGCVJKPI FWUV
XCRQWTU QT OKUV
'[G 2TQVGEVKQP 9GCT RTQVGEVKXG G[GYGCT VQ RTGXGPV EQPVCEV YKVJ VJKU UWDUVCPEG
2TQVGEVKXG %NQVJKPI #XQKF EQPVCEV YKVJ G[GU UMKP QT ENQVJKPI /KZGTU CPF NQCFGTU OWUV YGCT
EQXGTCNNU QXGT NQPIUNGGXGF UJKTV CPF NQPI RCPVU UJQGU RNWU UQEMU
RTQVGEVKXG G[GYGCT CPF EJGOKECNTGUKUVCPV CRTQP #RRNKECVQTU CPF QVJGT
JCPFNGTU OWUV YGCT EQXGTCNN QXGT NQPIUNGGXGF UJKTV CPF NQPI RCPVU
YCVGTRTQQH INQXGU CPF UJQGU RNWU UQEMU #P[ ENQVJKPI QT QVJGT CDUQTDGPV
OCVGTKCNU VJCV JCXG DGGP FTGPEJGF QT JGCXKN[ EQPVCOKPCVGF YKVJ VJKU
RTQFWEV U EQPEGPVTCVG OWUV DG FKUECTFGF &Q PQV TGWUG VJGO -GGR CPF
YCUJ 22' UGRCTCVGN[ HTQO QVJGT NCWPFT[
(NCOOCDKNKV[ /CVGTKCN KU EQODWUVKDNG 9KNN FGEQORQUG YKVJ JGCVKPI VQ HQTO VQZKE
ICUGU
A聞urru聙脗7聛聞聜聛聞g聠u聛聙脗5聡聟聠聞gxug脗57H脗%$脗& 脗"# 脗&脗Gg聙聙u聙s脗S聠聞qq聠脗Gux聠聛聙脗"$"脗Q聡qq聙聟xg聙p脗5聡聟聠聞gxug
%脗!!$'脗#"脗聛聞脗&脗!#脗'!!
0$7(5,$/ 6$)(7< '$7$ 6+((7
2CIG QH
*5,)),1 0$1&2=(% :'* )81*,&,'( ' 24'2#4'& 0QXGODGT
6$)( +$1'/,1* ,1)250$7,21
5VQTCIG 6JKU RTQFWEV KU ENCUUKHKGF CU C &CPIGTQWU )QQF QH %NCUU 70 0Q
YKVJ 2TQRGT 5JKRRKPI 0COG '08+410/'06#..; *#<#4&175
57$56#0%' 51.+& 015
%QPVCKPU /#0%1<'$ '2) %
*C\EJGO %QFG :
5VQTG KP C YGNN XGPVKNCVGF RNCEG -GGR EQPVCKPGT VKIJVN[ ENQUGF &Q PQV
UVQTG QT EQPUWOG HQQF FTKPM QT UOQMG KP CTGCU YJGTG VJG[ OC[ DGEQOG
EQPVCOKPCVGF YKVJ VJKU OCVGTKCN 0GXGT CNNQY VJG RTQFWEV VQ DGEQOG YGV
FWTKPI UVQTCIG 6JKU OC[ NGCF VQ EJGOKECN EJCPIGU YJKEJ YKNN TGFWEG VJG
GHHGEVKXGPGUU CU HWPIKEKFG CPF ECP ETGCVG HNCOOCDNG XCRQWTU
*CPFNKPI 7UGTU UJQWNF YCUJ JCPFU DGHQTG GCVKPI FTKPMKPI UOQMKPI QT WUKPI VJG
VQKNGV 4GOQXG RGTUQPCN RTQVGEVKXG GSWKROGPV KOOGFKCVGN[ CHVGT JCPFNKPI
VJKU RTQFWEV 9CUJ VJG QWVUKFG QH INQXGU DGHQTG TGOQXKPI #U UQQP CU
RQUUKDNG YCUJ VJQTQWIJN[ CPF EJCPIG KPVQ ENGCP ENQVJKPI #XQKF FWUV
TGIGPGTCVKQP
5RKNNU 4GOQXG UQWTEG QH JGCV URCTMU HNCOG KORCEV HTKEVKQP QT GNGEVTKEKV[ &[MG
URKNN 2TGXGPV OCVGTKCN HTQO GPVGTKPI UGYGTU YCVGTYC[U QT NQY CTGCU
5JQXGN QT UYGGR WR 0GXGT TGVWTP VQ EQPVCKPGT HQT TGWUG 5EQQR KPVQ DCIU
QT DQZGU YKVJ RNCUVKE QT CNWOKPWO UJQXGN
&KURQUCNU 6TGCVOGPV UVQTCIG VTCPURQTVCVKQP CPF FKURQUCN OWUV DG KP CEEQTFCPEG
YKVJ CRRNKECDNG HGFGTCN UVCVG CPF NQECN TGIWNCVKQPU &1 PQV HNWUJ VQ
UWTHCEG YCVGT QT UCPKVCT[ UGYGT U[UVGO &KURQUG QH GORV[ DCI KP CP
CRRTQXGF NCPFHKNN
(KTG 'ZRNQUKQP *C\CTF .KMG OQUV QTICPKE RQYFGTU QT ET[UVCNU WPFGT UGXGTG FWUVKPI EQPFKVKQPU
VJKU OCVGTKCN OC[ HQTO GZRNQUKXG OKZVWTGU KP CKT +V OC[ DG KIPKVGF D[ JGCV
QT QRGP HNCOG 7UG FT[ EJGOKECN ECTDQP FKQZKFG YCVGT URTC[ QT HQCO
-GGR RGTUQPPGN TGOQXGF CPF WRYKPF QH HKTG 9GCT UGNHEQPVCKPGF
DTGCVJKPI CRRCTCVWU 9GCT HWNN RTQVGEVKXG GSWKROGPV 7UG YCVGT URTC[ KH
PGEGUUCT[ 4WPQHH HTQO HKTG EQPVTQN OC[ DG C RQNNWVKQP JC\CTF +H CTGC KU
JGCXKN[ GZRQUGF VQ HKTG CPF KH EQPFKVKQPU RGTOKV NGV HKTG DWTP KVUGNH QWV
UKPEG YCVGT OC[ KPETGCUG VJG EQPVCOKPCVKQP JC\CTF *C\CTFQWU ICUUGU
XCRQWTU RTQFWEGF KP HKTG CTG *5 %5 CPF QZKFGU QH UWNHWT PKVTQIGP CPF
ECTDQP 1P UOCNN HKTGU KH EQPFKVKQPU RGTOKV NGV HKTG DWTP KVUGNH QWV UKPEG
YCVGT OC[ KPETGCUG VJG EQPVCOKPCVKQP JC\CTF
A聞urru聙脗7聛聞聜聛聞g聠u聛聙脗5聡聟聠聞gxug脗57H脗%$脗& 脗"# 脗&脗Gg聙聙u聙s脗S聠聞qq聠脗Gux聠聛聙脗"$"脗Q聡qq聙聟xg聙p脗5聡聟聠聞gxug
%脗!!$'脗#"脗聛聞脗&脗!#脗'!!
0$7(5,$/ 6$)(7< '$7$ 6+((7
2CIG QH
*5,)),1 0$1&2=(% :'* )81*,&,'( ' 24'2#4'& 0QXGODGT
75$163257 ,1)250$7,21
&GRCTVOGPV QH 6TCPURQTV
&16 %NCUUKHKGF CU PQP &CPIGTQWU )QQFU HQT VTCPURQTV D[ 4QCF CPF
4CKN YKVJKP #WUVTCNKC
+PVGTPCVKQPCN #KT 6TCPURQTV #UUQEKCVKQP
+#6# +PVGTPCVKQPCN /CTKVKOG 1TICPK\CVKQP
+/1
(QT OCTKPG CPF CKT VTCPURQTV VJG HQNNQYKPI &CPIGTQWU )QQFU ENCUUKHKECVKQP KU TGNGXCPV
2TQRGT 5JKRRKPI 0COG '08+410/'06#..; *#<#4&175 57$56#0%' 51.+& 015
%106#+05 /#0%1<'$
&) %NCUU
+FGPVKHKECVKQP 0WODGT 70
2CEMCIKPI )TQWR III
.CDGNU /CTKPG 2QNNWVCPV
*C\EJGO :
67$%,/,7< $1' 5($&7,9,7<
)GPGTCN 6JKU OCVGTKCN KU UVCDNG WPFGT PQTOCN EQPFKVKQPU
+PEQORCVKDNG /CVGTKCNU #EKFU CPF OQKUVWTG
KP UVQTCIG
*C\CTFQWU &GEQORQUKVKQP &GEQORQUGU YKVJ JGCV *C\CTFQWU ICUUGU XCRQWTU RTQFWEGF CTG
J[FTQIGP UWNHKFG ECTDQP FKUWNHKFG CPF QZKFGU QH ECTDQP PKVTQIGP CPF
UWNHWT 'NGXCVGF VGORGTCVWTG QT HTGG YCVGT RTQOQVGU FGEQORQUKVKQP
VJCV OC[ ECWUG URQPVCPGQWU EQODWUVKQP
*C\CTFQWU 2QN[OGTK\CVKQP /CVGTKCN KU PQV MPQYP VQ RQN[OGTK\G
27+(5 ,1)250$7,21
(QYLURQPHQWDO ,QIRUPDWLRQ
'PXKTQPOGPVCN 6QZKEKV[ 6JG HQNNQYKPI TGUWNVU CTG DCUGF QP VJG CEVKXG KPITGFKGPV OCPEQ\GD
/CNNCTF FWEM FC[ .& OIMI
,CRCPGUG SWCKN FC[ .& OIMI
/CNNCTF FWEM 4GRTQFWEVKQP 01#'. RRO
$QDYJKVG SWCKN 4GRTQFWEVKQP 01#'. RRO
4CKPDQY VTQWV
5CNOQ ICKTFPGTK *QWT .% OI.
$NWGIKNN UWPHKUJ
.GRQOKU OCETQEJKTWU *QWT .% OI.
&CRJPKC OCIPC *QWT '% OI.
5JGGRUJGCF OKPPQY O[UKF UJTKOR Q[UVGT *QWT '% QT .% VQ OI.
)TGGP CNICG
5GNGPCUVTWO 5EGPGFGUOWU %JNQTGNNC *QWT '% VQ OI.
*QPG[DGG %QPVCEV .& WIDGG
*QPG[DGG +PIGUVKQP .& WIDGG
'CTVJYQTO &C[ .% RRO
6JG HQNNQYKPI TGUWNVU CTG DCUGF QP GVJ[NGPGVJKQWTGC
'67
4CKPDQY VTQWV
5CNOQ ICKTFPGTK *QWT .% OI.
)WRR[ *QWT .% OI.
&CRJPKC OCIPC *QWT '% VQ OI.
1XGTCNN NQY VQZKEKV[ VQ DKTFU CPF CNICG OGFKWO VQZKEKV[ VQ HKUJ CSWCVKE QTICPKUOU DGGU CPF
GCTVJYQTOU
A聞urru聙脗7聛聞聜聛聞g聠u聛聙脗5聡聟聠聞gxug脗57H脗%$脗& 脗"# 脗&脗Gg聙聙u聙s脗S聠聞qq聠脗Gux聠聛聙脗"$"脗Q聡qq聙聟xg聙p脗5聡聟聠聞gxug
%脗!!$'脗#"脗聛聞脗&脗!#脗'!!
0$7(5,$/ 6$)(7< '$7$ 6+((7
2CIG QH
*5,)),1 0$1&2=(% :'* )81*,&,'( ' 24'2#4'& 0QXGODGT
&217$&7 32,17
%QPVCEV 2QKPV 6JG /CPCIGT )TKHHKP %QTRQTCVKQP #WUVTCNKC 2V[ .VF
/KNVQP $TKUDCPG #WUVTCNKC
2JQPG 0WODGT 14
(CEUKOKNG 0WODGT 14
6JKU /5&5 UWOOCTKUGU QWT DGUV MPQYNGFIG QH VJG JGCNVJ CPF UCHGV[ JC\CTF KPHQTOCVKQP QH VJG
RTQFWEV CPF JQY VQ UCHGN[ JCPFNG CPF WUG VJG RTQFWEV KP VJG YQTMRNCEG 'CEJ WUGT UJQWNF TGCF VJKU
/5&5 CPF EQPUKFGT VJG KPHQTOCVKQP KP VJG EQPVGZV QH JQY VJG RTQFWEV YKNN DG JCPFNGF CPF WUGF KP
VJG YQTMRNCEG KPENWFKPI KP EQPLWPEVKQP YKVJ QVJGT RTQFWEVU
+H ENCTKHKECVKQP QT HWTVJGT KPHQTOCVKQP KU PGGFGF VQ GPUWTG VJCV CP CRRTQRTKCVG TKUM CUUGUUOGPV ECP DG
OCFG VJG WUGT UJQWNF EQPVCEV VJKU EQORCP[
A聞urru聙脗7聛聞聜聛聞g聠u聛聙脗5聡聟聠聞gxug脗57H脗%$脗& 脗"# 脗&脗Gg聙聙u聙s脗S聠聞qq聠脗Gux聠聛聙脗"$"脗Q聡qq聙聟xg聙p脗5聡聟聠聞gxug
%脗!!$'脗#"脗聛聞脗&脗!#脗'!!
|