Академический Документы
Профессиональный Документы
Культура Документы
'/'065
.KPGCTWPEQWRNGFNWORGFGNGOGPVUCTGTGUKUVCPEGU4UGNHKPFWEVCPEGU.CPFECRCEKVCPEGU%6JG[WUWCNN[
CRRGCTCURCTVUQHGSWKXCNGPVEKTEWKVUYJKEJOC[TGRTGUGPVIGPGTCVQTUVTCPUHQTOGTUUJQTVUGEVKQPUQHVTCPUOKUUKQP
NKPGUQTQVJGTEQORQPGPVUQHCPGNGEVTKERQYGTU[UVGOQTVJG[OC[TGRTGUGPVCEQORQPGPVD[KVUGNH
4GUKUVCPEG4
4GUKUVCPEGGNGOGPVUCTGWUGFVQTGRTGUGPVCOQPIQVJGTVJKPIU
ENQUKPICPFQRGPKPITGUKUVQTUKPEKTEWKVDTGCMGTU
VQYGTHQQVKPITGUKUVCPEG
CUCETWFGCRRTQZKOCVKQP=?QHCEQORNKECVGFHTGSWGPE[FGRGPFGPV
ITQWPFKPIKORGFCPEG
TGUKUVCPEGITQWPFKPIQHVTCPUHQTOGTCPFIGPGTCVQTPGWVTCNU
OGVGTKPITGUKUVCPEGKPRNCEGUYJGTGEWTTGPVUQHDTCPEJXQNVCIGUECPPQVDGQDVCKPGFKPQVJGT
YC[UD[VJG'/62
CURCTVUQHGSWKXCNGPVPGVYQTMUGIKPRCTCNNGNYKVJKPFWEVCPEGUVQRTQFWEGRTQRGTHTGSWGPE[
FGRGPFGPVFCORKPI
UGG5GEVKQP
HQTVJGTGRTGUGPVCVKQPQHNQPINKPGUKPNKIJVPKPIUWTIGUVWFKGUKHPQTGHNGEVKQPEQOGUDCEMHTQOVJG
TGOQVGGPFFWTKPIVJGFWTCVKQPVOCZQHVJGUVWF[
'ZCORNG
HKUGCUKN[FGTKXGFHTQO'S
DKHKVKUCUUWOGFVJCVVJGKPKVKCNEQPFKVKQPUQPVJGNKPGCTG\GTQ+PVJCV
ECUGJKUV
VJHQTVJUKPEGKVVCMGUVKOGJHQTCP[PQP\GTQEQPFKVKQPQEEWTTKPIKPPQFGCHVGTV$VQ
UJQYWRKPPQFG+HPQVJKPIKUEQPPGEVGFVQPQFG
QRGPGPFGFNKPGVJGP+YQWNFTGOCKP\GTQHQTVJ
6JG'/62TGEQIPK\GUVJKUUKORNKHKECVKQPKH
J
\GTQKPKVKCNEQPFKVKQPU
VOCZCPF
+HDQVJEQPFKVKQPU
CPF
CTGOGVVJGPVJG'/62TGRTGUGPVUVJGNKPGUKORN[CUVYQUJWPVTGUKUVCPEGU
(KI
6JKU UKORNKHKECVKQP UCXGU PQV QPN[
EQORWVGT VKOG DWV UVQTCIG URCEG CU
YGNNDGECWUGPQJKUVQT[VGTOUJCXG
VQDGUVQTGFHQTVJGNKPG6JKUNQPI
NKPGOQFGNKUOQUVN[WUGFKPNKIJVPKPI
UWTIGUVWFKGUCPF
(KI'SWKXCNGPVEKTEWKVQH
NQPINKPGKHPQTGHNGEVKQPUEQOG
DCEMHTQOQVJGTGPF
+VKURQUUKDNGVQOQFKH[VJKUUKORNKHKECVKQPHQTECUGUUVCTVKPIHTQONKPGCTCEUVGCF[UVCVGEQPFKVKQPUCUYGNNKP
VJCVECUGPQFGUCPFKP(KIYQWNFJCXGCEUVGCF[UVCVGEWTTGPVUQWTEGUEQPPGEVGFVQVJGO
7PHQTVWPCVGN[VJG'/62FQGUPQV[GVEQPVCKPVJKUOQFKHKECVKQP
KPVTCPUKGPVTGEQXGT[XQNVCIGUVWFKGUYJGTGVJGWPHCWNVGFNKPGUNGCXKPIVJGUWDUVCVKQPWPFGTUVWF[CTGRTGHGTCDN[
OQFGNNGFVJKUYC[
6JGGSWCVKQPQHCNWORGFTGUKUVCPEG4DGVYGGPPQFGUMCPFO
KMO
V '
X
V & XO
V
4 M
KUUQNXGFCEEWTCVGN[D[VJG'/62CUNQPICUVJGXCNWGQH4KUPQVWPTGCUQPCDN[UOCNN
'TTQT#PCN[UKU
8GT[NCTIGXCNWGUQH4CTGCEEGRVCDNGCPFFQPQVFGITCFGVJGUQNWVKQPQHVJGEQORNGVGPGVYQTM+PVJG
NKOKVKPIECUG44KVUTGEKRTQECNXCNWG4UKORN[IGVUNQUVKP=)?QH'S
VJCVKUKVYKNNPQVJCXGCP[
KPHNWGPEGQPVJGPGVYQTMUQNWVKQPCUKVUJQWNFDG#RTCEVKECNNKOKVHQTXGT[NCTIGTGUKUVCPEGUKUVJGCRRTQZKOCVG
USWCTGTQQVQHVJGNCTIGUVTGCNPWODGTYJKEJVJGEQORWVGTECPJCPFNG
GI4KHVJGEQORWVGTCEEGRVU
PWODGTUWRVQ6JKUKUDGECWUGKPVGTOGFKCVGGZRTGUUKQPUQHVJGHQTO4
:CTGEQORWVGFKPVJGUVGCF[UVCVG
UQNWVKQPKPVJGEQPXGTUKQPHTQOKORGFCPEGUVQCFOKVVCPEGU'ZVTGOGN[NCTIGXCNWGUQH4JCXGDGGPWUGFKPVJGRCUV
VQQDVCKPXQNVCIGFKHHGTGPEGUDGVYGGPPQFGUYKVJUWEJOGVGTKPITGUKUVCPEGDTCPEJGUKPPGYGT'/62XGTUKQPU
XQNVCIGFKHHGTGPEGUECPDGQDVCKPGFFKTGEVN[
8GT[NCTIGTGUKUVCPEGUECPDGWUGFVQTGRNCEGVJGUGTKGU4.GNGOGPVUKPU[OOGVTKEOWNVKRJCUGBEKTEWKVU
KHQPGKUQPN[KPVGTGUVGFKPVJGECRCEKVKXGEQWRNKPICOQPIVJGRJCUGUCUGZRNCKPGFKP(KI6JKUVTKEMTGFWEGU
VJGPWODGTQHPQFGUDWVOQTGKORQTVCPVN[KVCXQKFUCEEWTCE[RTQDNGOUYJKEJOC[QEECUKQPCNN[UJQYWRKHVJGB
EKTEWKVTGRTGUGPVUCXGT[UJQTVNKPGUGEVKQP+PVJGUVGCF[UVCVGUQNWVKQPQH'S
VJGXCNWGQHVJGUGTKGU
+VOC[DGYQTVJCFFKPICFKCIPQUVKERTKPVQWVKPVJG'/62KHVJGCFOKVVCPEGUQHVJGUGTKGUCPFUJWPVGNGOGPVU
CTGVQQHCTCRCTVKPQTFGTUQHOCIPKVWFG6JKUYQWNFTGSWKTGCEQORCTKUQPQHT.CPFT%KPVJGUVGCF[UVCVG
UQNWVKQPCPFQH)V.CPF%)VKPVJGVTCPUKGPVUQNWVKQP
(KI%QPXGTUKQPQHPQOKPCNBEKTEWKVHQTUJQTVNKPGKPVQBEKTEWKVYKVJECRCEKVKXGEQWRNKPIQPN[
'ZCORNGHQT0GVYQTMYKVJ4GUKUVCPEGU
2TCEVKECNGZCORNGUHQTRWTGN[TGUKUVKXGPGVYQTMUCTGTCVJGTNKOKVGF#UKORNGECUGKUUJQYPKP(KI
#UUWOGCFEXQNVCIGUQWTEGYKVJPGINKIKDNGUQWTEGKORGFCPEGKUEQPPGEVGFVQCNKPGVJTQWIJCEKTEWKVDTGCMGTYKVJ
CENQUKPITGUKUVQTQHXCNWG4ENQUG+HYGCTGKPVGTGUVGFKPYJCVJCRRGPUCHVGTENQUKPIQHEQPVCEV+KPVJGHKTUVUJQTVVKOG
RGTKQFFWTKPIYJKEJTGHNGEVKQPUJCXGPQV[GVEQOGDCEMHTQOVJGTGOQVGGPFVJGPVJKUECUGECPDGUVWFKGFYKVJVJG
EKTEWKVQH(KI
D+HYGEJQQUG4ENQUG<YGUGGVJCVVJGXQNVCIGCVVJGUGPFKPIGPFYKNNDGRWYJKEJ
YKNNFQWDNGVQRWCVVJGQRGPTGEGKXKPIGPF6JGTGHQTGPQQXGTXQNVCIGYKNNCRRGCTCUNQPICUEQPVCEV++KUUVKNN
QRGP#TGCNECUGKUQDXKQWUN[OQTGEQORNKECVGFDGECWUG
CPGVYQTM
DGSWKXCNGPVEKTEWKV
(KI'PGTIK\CVKQPQHCXGT[NQPINKPG
<UWTIG
KORGFCPEGJVTCXGNVKOG
!EQPVCEV++YKNNENQUG
V[RKECNN[VQOUNCVGTCUYGNN
!VJGU[UVGOKUVJTGGRJCUG
!VJGNKPGKUPQVNQUUNGUU
!OWNVKRNGTGHNGEVKQPUYKNNQEEWTCUYGUVWF[CNQPIGTVKOGRGTKQF
!ENQUKPIQHEQPVCEV+FQGUPQVPGEGUUCTKN[QEEWTCVOCZKOWOXQNVCIG
CRRTQZKOCVGFCUCFEUQWTEGKP(KI
DWVOC[QEEWTCP[YJGTGQPVJGUKPGYCXG
!VJGUQWTEGKORGFCPEGKUPQV\GTQ
!VJGVJTGGRQNGUKPCVJTGGRJCUGU[UVGOFQPQVENQUGUKOWNVCPGQWUN[CPFDGECWUGQHOCP[QVJGTHCEVQTU
+PCV[RKECNU[UVGOOCZKOWOUYKVEJKPIUWTIGQXGTXQNVCIGUOC[DGVQRWYKVJQWVENQUKPITGUKUVQTU
XGTUWURWKP(KIYJKEJYQWNFV[RKECNN[DGTGFWEGFVQVQRWYKVJENQUKPITGUKUVQTU
XGTUWU
RWKP(KI=?
5GNH+PFWEVCPEG.
/CIPGVKECNN[EQWRNGFEKTEWKVUCTGUQRTGXCNGPVKPRQYGTU[UVGOUUVCTVKPIHTQOVJGIGPGTCVQTVJTQWIJVJG
VTCPUHQTOGTVQVJGOCIPGVKECNN[EQWRNGFRJCUGEQPFWEVQTUQHCVJTGGRJCUGNKPGVJCVKPFWEVCPEGUWUWCNN[CRRGCTCU
EQWRNGF KPFWEVCPEGU 6JGTG CTG ECUGU JQYGXGT QH WPEQWRNGF UGNH KPFWEVCPEGU #OQPI QVJGT VJKPIU UGNH
KPFWEVCPEGUCTGWUGFVQTGRTGUGPV
CPQTOCNVJTGG
RJCUGEQPPGEVKQP
DHQWTTGCEVQT
EQORGPUCVKQP
UEJGOG
(KI5JWPVTGCEVQTEQPPGEVKQPU
C
UKPINGRJCUGUJWPVTGCEVQTUCPFPGWVTCNTGCEVQTUKPUJWPVEQORGPUCVKQPUEJGOGU
(KI
RCTVQHFKUEJCTIGEKTEWKVUKPUGTKGUECRCEKVQTUVCVKQPU
GSWKROGPVKP*8&%EQPXGTVGTUVCVKQPUUWEJCUUOQQVJKPITGCEVQTUCPQFGTGCEVQTURCTVUQHHKNVGTU
QPVJGCECPFFEUKFG
KPFWEVKXGRCTVQHUQWTEGKORGFCPEGUKP6JGXGPKPGSWKXCNGPVEKTEWKVUHQTVJGTGUVQHVJGU[UVGO
YJGPRQUKVKXGCPF\GTQUGSWGPEGRCTCOGVGTUCTGKFGPVKECN
(KI
KPFWEVKXGRCTVQHUKPINGRJCUGPQOKPCNBEKTEWKVUKPVJGUKPINGRJCUGTGRTGUGPVCVKQPQHDCNCPEGF
RQUKVKXGQTPGICVKXGUGSWGPEGQRGTCVKQPQTQH\GTQUGSWGPEGQRGTCVKQP
(KI
RCTVQHGSWKXCNGPVEKTEWKVHQTNQCFU
(KIGXGPVJQWIJNQCFOQFGNNKPICVJKIJGTHTGSWGPEKGUKU
CXGT[EQORNKECVGFVQRKE=?CPFNQCFUCTGVJGTGHQTGQTHQTQVJGTTGCUQPUQHVGPKIPQTGF
(KI6JGXGPKPGSWKXCNGPVEKTEWKV
YKVJ<RQU<PGI<\GTQ
(KI6[RKECNRQUKVKXGUGSWGPEGPGVYQTMTGRTGUGPVCVKQP
(KI.QCFOQFGNHQTJCTOQPKEUUVWFKGU=?
RCTVQHUWTIGCTTGUVGTOQFGNUVQUKOWNCVGVJGF[PCOKEEJCTCEVGTKUVKEUQHVJGCTTGUVGT=?
RCTVUQHGNGEVTQPKEEKTEWKVU
%JQMGEQKNUWUGFHQTRQYGTNKPGECTTKGTEQOOWPKECVKQPUCTGPQTOCNN[KIPQTGFKPUYKVEJKPIUWTIGUVWFKGU
DWVOC[JCXGVQDGOQFGNNGFKPUVWFKGUKPXQNXKPIJKIJGTHTGSWGPEKGU%WTTGPVVTCPUHQTOGTUCTGWUWCNN[KIPQTGF
WPNGUUVJGEWTTGPVVTCPUHQTOGTKVUGNHKURCTVQHVJGKPXGUVKICVKQP
GIKPUVWF[KPIVJGFKUVQTVKQPQHVJGUGEQPFCT[
EWTTGPVVJTQWIJUCVWTCVKQPGHHGEVU
6JGGSWCVKQPQHCUGNHKPFWEVCPEG.DGVYGGPPQFGUMCPFOKUUQNXGFCEEWTCVGN[KPVJGCEUVGCF[UVCVG
UQNWVKQPYKVJ'S
6JGQPN[RTGECWVKQPVQQDUGTXGKUVJCVT.MOUJQWNFPQVDGGZVTGOGN[UOCNNHQTVJGUCOG
TGCUQPUCUGZRNCKPGFKP5GEVKQPHQTVJGECUGQHUOCNNTGUKUVCPEGXCNWGU
(QTVJGVTCPUKGPVUKOWNCVKQPVJGGZCEVFKHHGTGPVKCNGSWCVKQP
FK
XM & XO ' . MO
FV
KUTGRNCEGFD[VJGCRRTQZKOCVGEGPVTCNFKHHGTGPEGGSWCVKQP
XM
V & XO
V % XM
V&)V & XO
V&)V
K
V & KMO
V&)V
' . MO
)V
6JGUCOGFKHHGTGPEGGSWCVKQPKUQDVCKPGFKHVJGVTCRG\QKFCNTWNGQHKPVGITCVKQPKUCRRNKGFVQVJGKPVGITCNKP
V
KMO
V ' KMO
V&)V %
X
W & XO
W FW
. mV&)V M
IKXKPI
)V
KMO
V ' KMO
V&)V %
]X
V&XO
V%XM
V&)V&XO
V&)V_
. M
'S
CPF
ECPDGTGYTKVVGPKPVQVJGFGUKTGFDTCPEJGSWCVKQP
KMO
V '
)V
X
V&XO
V % JKUVMO
V&)V
. M
YKVJVJGJKUVQT[VGTOJKUVMO
V)VMPQYPHTQOVJGUQNWVKQPCVVJGRTGEGFKPIVKOGUVGR
)V
X
V&)V & XO
V&)V
JKUVMO
V&)V ' KMO
V&)V %
. M
'S
ECPEQPXGPKGPVN[DGTGRTGUGPVGFCUCPGSWKXCNGPVTGUKUVCPEG4GSWKX.)VKPRCTCNNGNYKVJCMPQYPEWTTGPV
UQWTEGJKUVMO
V)VCUUJQYPKP(KI1PEGCNNVJGPQFGXQNVCIGUJCXGDGGPHQWPFCVCRCTVKEWNCTVKOGUVGRCV
KPUVCPVVVJGJKUVQT[VGTOQH'S
OWUVDGWRFCVGFHQT
(KI'SWKXCNGPVTGUKUVKXGEKTEWKV
HQTVTCPUKGPVUQNWVKQPQHNWORGFKPFWE
VCPEG
GCEJKPFWEVKXGDTCPEJHQTWUGKPVJGPGZVVKOGUVGRCVV
)V6QFQVJKUVJGDTCPEJEWTTGPVOWUVHKTUVDGHQWPFHTQO
'S
QTCNVGTPCVKXGN[KHDQVJGSWCVKQPUCTGEQODKPGFVJGTGEWTUKXGWRFCVKPIHQTOWNC
JKUVMO
V '
)V
X
V & XO
V % JKUVMO
V&)V
. MO
ECPDGWUGF+HDTCPEJEWTTGPVQWVRWVKUTGSWGUVGFVJGP'S
KUWUGF
'TTQT#PCN[UKU
5KPEGVJGFKHHGTGPVKCNGSWCVKQP
KUUQNXGFCRRTQZKOCVGN[KVKUKORQTVCPVVQJCXGUQOGWPFGTUVCPFKPI
CDQWVVJGGTTQTUECWUGFD[VJGCRRNKECVKQPQHVJGVTCRG\QKFCNTWNGQHKPVGITCVKQP#UGZRNCKPGFKP5GEVKQP+QH
#RRGPFKZ+VJGVTCRG\QKFCNTWNGKUPWOGTKECNN[UVCDNGCPFVJGUQNWVKQPFQGUVJGTGHQTGPQVTWPCYC[
UGG(KI+
KP#RRGPFKZ+(QTVWPCVGN[VJGTGKUCNUQCRJ[UKECNKPVGTRTGVCVKQPQHVJGGTTQTDGECWUG'S
TGUWNVKPIHTQOVJG
VTCRG\QKFCNTWNGKUKFGPVKECNYKVJVJGGZCEVUQNWVKQPQHVJGUJQTVEKTEWKVGFNQUUNGUUNKPGKPVJGCTTCPIGOGPVQH(KI
6JKU YCU HKTUV RQKPVGF QWV VQ VJG YTKVGT D[ * /CKGT 6GEJPKECN 7PKXGTUKV[ 5VWVVICTV )GTOCP[ KP C RGTUQPCN
EQOOWPKECVKQPKPHQTVJGECUGQHCUJWPVKPFWEVCPEG(TQOCRCRGTD[2$,QJPU=?KVDGECOGQDXKQWU
VJCVVJKUKFGPVKV[KUXCNKFHQTCP[EQPPGEVKQPQHVJGKPFWEVCPEG6QFGTKXGVJGRCTCOGVGTUQHUWEJCUVWDNKPG
TGRTGUGPVCVKQPKVKUTGCUQPCDNGVQUVCTVYKVJVJGTGSWKTGOGPVVJCVVJGFKUVTKDWVGFKPFWEVCPEG. OWNVKRNKGFD[VJGUVWD
NKPGNGPIVJUJQWNFDGGSWCNVQVJGXCNWGQHVJGNWORGFKPFWEVCPEG
. ) ' .
(KI.WORGFKPFWEVCPEGTGRNCEGFD[UJQTVEKTEWKVGFUVWDNKPGYKVJ<
.)VCPFJ)V
9KVJ. MPQYPVJGPGZVRCTCOGVGTVQDGFGVGTOKPGFKUVJGVTCXGNVKOGJQHVJGUVWDNKPG5KPEG
J '
. )
% )
VJGUJQTVGTVJGVTCXGNVKOGVJGUOCNNGTYKNNDGVJGXCNWGQHVJGRCTCUKVKEDWVWPCXQKFCDNGECRCEKVCPEG% 6JG
UJQTVGUVRQUUKDNGVTCXGNVKOGHQTCVTCPUKGPVUKOWNCVKQPYKVJUVGRUK\G)VKU
J '
)V
9KVJVJKUXCNWGEQPFKVKQPUCVVGTOKPCNCVV)VCTTKXGCVVJGUJQTVGFGPFCVV)VCPFIGVTGHNGEVGFDCEMVQ
VGTOKPCNCVV6JGTGHQTGVJGDGUVRQUUKDNGUVWDNKPGTGRTGUGPVCVKQPJCU
< '
.
)V
J '
)V
#UUWOGVJCVVJGUOQQVJKPITGCEVQTQPCFENKPGJCU.*CPFVJCVVJGUVGRUK\GKUzU6JGP<
SCPFVJGWPCXQKFCDNGVQVCNECRCEKVCPEG% DGEQOGUP(YJKEJCRRGCTUVQDGPGINKIKDNGCVNGCUVKHVJGTGCEVQT
JCUCUJWPVECRCEKVQTQHz(EQPPGEVGFVQKVCP[JQYCUKPVJGECUGQHVJG*8&%2CEKHKE+PVGTVKG=?0QYKV
TGOCKPUVQDGUJQYPVJCVVJGGZCEVUQNWVKQPHQTVJGNQUUNGUUUVWDNKPGYKVJRCTCOGVGTUHTQO'S
KUKFGPVKECNYKVJ
'S
#UGZRNCKPGFKP5GEVKQPVJGGZRTGUUKQP
X
<KCNQPICNQUUNGUUNKPGHQTCHKEVKVKQWUQDUGTXGTTKFKPI
QPVJGNKPGYKVJYCXGURGGFTGOCKPUEQPUVCPVQTIQKPIHTQOVQKP(KI
X
V & )V % <K
V & )V ' <K V &
)V
CPFVTCXGNNKPIDCEMCICKPHTQOVQ
& <K V &
)V
' X
V & <K
V
YJKEJEQODKPGF[KGNFU
K
V '
X
V %
X
V&)V % K
V&)V
<
<
YJKEJKUKPFGGFKFGPVKECNYKVJ'S
6JKUKFGPVKV[GZRNCKPUVJGPWOGTKECNUVCDKNKV[QHVJGUQNWVKQPRTQEGUU6JG
EJQUGPUVGRUK\GOC[DGVQQNCTIGCPFVJGTGD[ETGCVGCHCKTN[KPCEEWTCVGUVWDNKPGYKVJVQQOWEJRCTCUKVKEECRCEKVCPEG
% ) '
)V
.
HTQO 'S
DWV UKPEG VJG YCXG GSWCVKQP KU UVKNN UQNXGF CEEWTCVGN[ VJG UQNWVKQP YKNN PQV TWP CYC[ 6JG
OCVJGOCVKECNQUEKNNCVKQPUUQOGVKOGUUGGPQPXQNVCIGUCETQUUKPFWEVCPEGUCPFHWTVJGTGZRNCKPGFKP5GEVKQP
CTGWPFCORGFYCXGQUEKNNCVKQPUVTCXGNNKPIDCEMCPFHQTVJDGVYGGPVGTOKPCNUCPF
(KI
6JGKFGPVKV[QHVJGVTCRG\QKFCNTWNGUQNWVKQPYKVJVJGGZCEVUVWDNKPGUQNWVKQPOCMGUKVGCU[VQCUUGUUVJGGTTQT
CUCHWPEVKQPQHHTGSWGPE[=?#UUWOGVJCVCPKPFWEVCPEG.KUEQPPGEVGFVQCXQNVCIGUQWTEGQHCPIWNCTHTGSWGPE[
TVJTQWIJUQOGTGUKUVCPEG4HQTFCORKPIRWTRQUGU6JGVTCPUKGPVUKOWNCVKQPQHVJKUECUGYKNNGXGPVWCNN[NGCFVQ
VJGEQTTGEVUVGCF[UVCVGUQNWVKQPQHVJGUVWDNKPG
QTPQVFTKHVCYC[HTQOVJGUVGCF[UVCVGCPUYGTKHVJGUKOWNCVKQPUVCTVU
HTQOEQTTGEVUVGCF[UVCVGKPKVKCNEQPFKVKQPU6JKUUVGCF[UVCVGUQNWVKQPCVCP[CPIWNCTHTGSWGPE[TKUMPQYPHTQO
VJGGZCEVGSWKXCNGPVBEKTEWKVQH(KI$[UJQTVEKTEWKVKPIVGTOKPCNVJGKPRWVKORGFCPEGDGEQOGU
<KPRWV '
;UGTKGU %
;
UJWPV
QTYKVJ'S
'ZEGRVHQTTQWPFQHHGTTQTUECWUGFD[VJGHKPKVGPGUUQHVJGYQTFNGPIVJKPFKIKVCNEQORWVGTUYJKEJCTG
PQTOCNN[PGINKIKDNG6JGTGKUPQKPVGTRQNCVKQPGTTQTYJKEJQEEWTUKPVJGUKOWNCVKQPQHTGCNVTCPUOKUUKQPNKPGU
YJGPGXGTJKUPQVCPKPVGIGTOWNVKRNGQH)V
UGG5GEVKQP
)V
)V
T
VCP T
<KPRWV ' LT. @
6JGTGHQTG VJG TCVKQ DGVYGGP VJG CRRCTGPV KPFWEVCPEG TGUWNVKPI HTQO VJG UVWDNKPG TGRTGUGPVCVKQP QT HTQO VJG
VTCRG\QKFCNTWNGUQNWVKQPCPFVJGGZCEVKPFWEVCPEGDGEQOGU
.VTCRG\QKFCN
.
)V
)V
T
VCP T
'
6JGRJCUGGTTQTKU\GTQQXGTVJGGPVKTGHTGSWGPE[TCPIG5KPEGRQYGTU[UVGOUCTGDCUKECNN[QRGTCVGFCUEQPUVCPV
XQNVCIGPGVYQTMUKVOCMGUUGPUGKPOCP[ECUGUVQCUUWOGVJCVVJGXQNVCIG8.
LTCETQUUVJGKPFWEVCPEGKUOQTGQT
NGUUHKZGFCPFVJCVVJGEWTTGPV+.
LTHQNNQYUHTQOKV+HYGEQORCTGVJKUEWTTGPVQHVJGUVWDNKPGTGRTGUGPVCVKQPQT
VTCRG\QKFCN TWNG UQNWVKQP YKVJ VJG EWTTGPV QH VJG GZCEV UQNWVKQP HQT VJG NWORGF KPFWEVCPEG VJGP YG QDVCKP VJG
HTGSWGPE[TGURQPUGQH(KIYJGTGVJGTCVKQ
VJGTGEKRTQECNQH'S
KUUJQYPCUCHWPEVKQPQHVJG0[SWKUV
HTGSWGPE[
H0[SWKUV '
)V
(KI#ORNKVWFGTCVKQ+VTCRG\QKFCN+GZCEVVJTQWIJCPKPFWEVCPEGCUC
HWPEVKQPQHHTGSWGPE[
6JKUHTGSWGPE[KUVJGVJGQTGVKECNN[JKIJGUVHTGSWGPE[QHKPVGTGUVHQTCUVGRUK\G)VCOQWPVKPIVQUCORNGUE[ENG
(TQOCRTCEVKECNUVCPFRQKPVCVNGCUVVQUCORNGUE[ENGCTGPGGFGFVQTGRTQFWEGCRCTVKEWNCTHTGSWGPE[GXGP
ETWFGN[(TQO(KIQTHTQO'S
KVECPDGUGGPVJCVVJGGTTQTKPVJGEWTTGPVYKNNDGCVCETWFG
UCORNKPITCVGQHUCORNGUE[ENGQTCVCOQTGTGCUQPCDNGUCORNKPITCVGQHUCORNGUE[ENG(WTVJGTOQTG
(KICNUQUJQYUVJCVVJGVTCRG\QKFCNTWNGHKNVGTUQWVVJGJKIJGTHTGSWGPE[EWTTGPVUUKPEGVJGEWTXGIQGUFQYP
CUVJGHTGSWGPE[KPETGCUGUCURQKPVGFQWVD[49*COOKPI=?
$GECWUGQHVJGGTTQTKP'S
VJGTGKUCUOCNNFKUETGRCPE[DGVYGGPVJGKPKVKCNEQPFKVKQPUHQWPFYKVJ
'S
CPFVJGTGURQPUGVQRQYGTHTGSWGPE[KPVJGVKOGUVGRNQQR(QT*\VJKUGTTQTYQWNFDGYKVJ
)VzUQTYKVJ)VOU+VKUFGDCVCDNGYJGVJGT'S
UJQWNFDGWUGFHQTVJGUVGCF[UVCVG
UQNWVKQPKPUVGCFQH'S
VQOCVEJDQVJUQNWVKQPURGTHGEVN[6JKUKUUWGCRRGCTUYKVJQVJGTPGVYQTMGNGOGPVU
CUYGNN+HCRGTHGEVOCVEJKUFGUKTGFVJGPKVOC[DGDGUVVQJCXGVYQQRVKQPUHQTUVGCF[UVCVGUQNWVKQPUQPGKPVGPFGF
HQTKPKVKCNK\CVKQP
WUKPI'S
KPVJKUGZCORNGCPFVJGQVJGTQPGKPVGPFGFHQTUVGCF[UVCVGCPUYGTUCVQPGQT
OQTGHTGSWGPEKGU
WUKPI'S
KPVJKUGZCORNG
8GT[NCTIGXCNWGUQH.CTGCEEGRVCDNGCUNQPICU
T.QT.)VKUPQVNCTIGTVJCPVJGNCTIGUVHNQCVKPIRQKPV
PWODGTYJKEJVJGEQORWVGTECPJCPFNG6QQDVCKPHNWZIXFVCETQUUCDTCPEJCNCTIGKPFWEVCPEGECPDGCFFGF
KPRCTCNNGNCPFEWTTGPVQWVRWVDGTGSWGUVGF6JGPGGFHQTVJKUOC[CTKUGKHCHNWZEWTTGPVRNQVKUTGSWKTGFHQTC
PQPNKPGCTKPFWEVCPEG9KVJ.*VKOGUVJGEWTTGPVYQWNFDGVJGHNWZ
8GT[UOCNNXCNWGUQHT.QTQH.)VFQETGCVGCEEWTCE[RTQDNGOUVJGUCOGYC[CUUOCNNTGUKUVCPEGU
UGG
5GEVKQP
&CORKPIQH0WOGTKECN1UEKNNCVKQPUYKVJ2CTCNNGN4GUKUVCPEG
9JKNGVJGVTCRG\QKFCNTWNGHKNVGTUQWVJKIJHTGSWGPE[EWTTGPVUKPKPFWEVCPEGUEQPPGEVGFVQXQNVCIGUQWTEGU
KVWPHQTVWPCVGN[CNUQCORNKHKGUJKIJHTGSWGPE[XQNVCIGUCETQUUKPFWEVCPEGUKPUKVWCVKQPUYJGTGEWTTGPVUCTGHQTEGFKPVQ
VJGO+PVJGHKTUVECUGVJGVTCRG\QKFCNTWNGYQTMUCUCPKPVGITCVQTHQTYJKEJKURGTHQTOUYGNNYJGTGCUKPVJGUGEQPF
ECUGKVYQTMUCUCFKHHGTGPVKCVQTHQTYJKEJKURGTHQTOUDCFN[6JGRTQDNGOUJQYUWRCUPWOGTKECNQUEKNNCVKQPUKP
ECUGUYJGTGVJGFGTKXCVKXGQHVJGEWTTGPVEJCPIGUCDTWRVN[GIYJGPCEWTTGPVKUKPVGTTWRVGFKPCEKTEWKVDTGCMGT
(KI6JGGZCEVUQNWVKQPHQTX.KUUJQYPCUCUQNKFNKPGYKVJCUWFFGPLWORVQ\GTQCVVJG
(KI8QNVCIGCHVGTEWTTGPVKPVGTTWRVKQP
KPUVCPVQHEWTTGPVKPVGTTWRVKQPYJGTGCUVJG'/62UQNWVKQPKUUJQYPCUCFQVVGFNKPG5KPEG
X.
V '
.
K
V & K
V&)V & X.
V&)V
)V
CPFCUUWOKPIVJCVVJGXQNVCIGUQNWVKQPYCUEQTTGEVRTKQTVQEWTTGPVKPVGTTWRVKQPKVHQNNQYUVJCVX.
VX.
V)VKP
RQKPVUCUUQQPCUVJGEWTTGPVUCVV)VCPFVDQVJDGEQOG\GTQVJGTGHQTGVJGUQNWVKQPHQTX.YKNNQUEKNNCVG
CTQWPF\GTQYKVJVJGCORNKVWFGQHVJGRTGKPVGTTWRVKQPXCNWG
6JGTGCTGECUGUYJGTGVJGUWFFGPLWORYQWNFDGCPWPCEEGRVCDNGCPUYGTCP[JQYCPFYQWNFKPFKECVG
KORTQRGTOQFGNNKPIQHVJGTGCNU[UVGO#PGZCORNGYQWNFDGVJGECNEWNCVKQPQHVTCPUKGPVTGEQXGT[XQNVCIGUUKPEG
CP[EKTEWKVDTGCMGTYQWNFTGKIPKVGKHVJGXQNVCIGYGTGVQTKUGYKVJCPKPHKPKVGTCVGQHTKUGKOOGFKCVGN[CHVGTEWTTGPV
KPVGTTWRVKQP(QTCVTCPUKGPVTGEQXGT[XQNVCIGECNEWNCVKQPVJGEWTGYQWNFDGVQKPENWFGVJGRTQRGTUVTC[ECRCEKVCPEG
HTQOPQFGVQITQWPF
CPFRQUUKDN[CNUQHTQOVQCPFHTQOVQITQWPF
1PVJGQVJGTJCPFVJGTGCTGECUGUYJGTGVJGWUGTKUPQVKPVGTGUVGFKPVJGFGVCKNUQHVJGTCRKFXQNVCIGEJCPIG
CPFYQWNFDGJCRR[VQCEEGRVCPUYGTUYKVJCUWFFGPLWOR#V[RKECNGZCORNGYQWNFDGUWFFGPXQNVCIGEJCPIGU
ECWUGFD[VTCPUHQTOGTUCVWTCVKQPYKVJVYQUNQRGKPFWEVCPEGOQFGNUHQTVJGPQPNKPGCTKV[CUKPFKECVGFKP
(KI8QNVCIGLWORUECWUGFD[VTCPUHQTOGTUCVWTCVKQP
(KI+VUJQWNFDGRQKPVGFQWVVJCVVJGUGPWOGTKECNQUEKNNCVKQPUCNYC[UQUEKNNCVGCTQWPFVJGEQTTGEVCPUYGT
CTQWPF \GTQ KP (KI CPF RNQVU RTQFWEGF YKVJ C UOQQVJKPI QRVKQP YQWNF RTQFWEG VJG EQTTGEV EWTXGU
0QPGVJGNGUUKVYQWNFDGPKEGVQIGVTKFQHVJGOGURGEKCNN[UKPEGVJG[ECPECWUGPWOGTKECNRTQDNGOUKPQVJGTRCTVU
QHVJGPGVYQTMCUJCUJCRRGPGFQEECUKQPCNN[KPVWTDKPGIGPGTCVQTOQFGNU=R?
6JGVGZVDQQMCPUYGTYQWNFDGTGKPKVKCNK\CVKQPQHXCTKCDNGUCVVJGKPUVCPVQHVJGLWOR6JKUYQWNFDG
HCKTN[GCU[KHVJGGSWCVKQPUYGTGYTKVVGPKPUVCVGXCTKCDNGHQTO=FZFV?=#?=Z?9KVJPQFCNGSWCVKQPUCUWUGFKP
VJG'/62TGKPKVKCNK\CVKQPYCUVJQWIJVVQDGXGT[VTKEM[WPVKN$-WNKEMGUJQYGFJQYVQFQKV=?*KUOGVJQF
KUUWOOCTK\GFKP#RRGPFKZ++9JGVJGTTGKPKVKCNK\CVKQPUJQWNFDGKORNGOGPVGFKUFGDCVCDNGUKPEGVJGFCORKPI
OGVJQFFGUETKDGFPGZVUGGOUVQEWTGVJKURTQDNGOCPFCNUQUGGOUVQJCXGCRJ[UKECNDCUKUCUUJQYPKP5GEVKQP
8$TCPFYCLP=?CPF(#NXCTCFQ=?DQVJFGUETKDGCOGVJQFHQTFCORKPIVJGUGPWOGTKECNQUEKNNCVKQPU
YKVJRCTCNNGNFCORKPITGUKUVCPEGU
(KI(QTCIKXGPEWTTGPVKPLGEVKQPVJGVTCRG\QKFCNTWNGUQNWVKQPQHVJG
RCTCNNGNEKTEWKVQH(KIDGEQOGU
.
)V
X
V&)V
X
V '
6K
V & K
V&)V> &
)V
.
%
4R %
)V
. 4R
4R &
+HCEWTTGPVKORWNUGKUKPLGEVGFKPVQVJKUEKTEWKV
KPCHQTOYJKEJVJG'/62ECPJCPFNGGICU
(KI2CTCNNGNFCORKPI
CJCVYKVJKTKUKPINKPGCTN[VQ+OCZDGVYGGPCPF)VFTQRRKPINKPGCTN[DCEMVQ\GTQDGVYGGP)VCPF)VCPF
UVC[KPI CV \GTQ VJGTGCHVGT VJGP CHVGT VJG KORWNUG JCU FTQRRGF DCEM VQ \GTQ VJG HKTUV VGTO KP 'S
YKNN
FKUCRRGCTCPFYGCTGNGHVYKVJVJGUGEQPFVGTOYJKEJECWUGUVJGPWOGTKECNQUEKNNCVKQPU
X
V ' & " @ X
V&)V
YKVJ
.
)V
" '
.
4R %
)V
4R &
DGKPIVJGTGEKRTQECNQHVJGFCORKPIHCEVQT6JKUQUEKNNCVKPIVGTOYKNNDGFCORGFKH"KVKUUJQYPKP(KI
HQT4R .)VQT"CPFHQT4R.)VQT"6JGQUEKNNCVKQPYQWNFFKUCRRGCTKPQPGVKOG
UVGRHQT4R.)VQT"
ETKVKECNN[FCORGFECUG+H4RKUVQQNCTIGVJGPVJGFCORKPIGHHGEVKUVQQUOCNN1P
VJGQVJGTJCPFKH4RKUTGFWEGFWPVKNKVCRRTQCEJGUVJGXCNWG.)V
KFGCNXCNWGHQTFCORKPIVJGPVQQOWEJQHCP
GTTQT KU KPVTQFWEGF KPVQ VJG KPFWEVCPEG TGRTGUGPVCVKQP (KI UJQYU VJG OCIPKVWFG CPF RJCUG GTTQT QH VJG
KORGFCPEGHQT4R.)VCPF4R.)VCUYGNNCUVJGOCIPKVWFGGTTQTHTQO'S
YJKEJCNTGCF[GZKUVU
HQTVJGKPFWEVCPEGCNQPGYKVJVJGVTCRG\QKFCNTWNG+VKUKPVGTGUVKPIVJCVVJGOCIPKVWFGGTTQTYKVJCRCTCNNGNTGUKUVCPEG
KUCEVWCNN[UNKIJVN[UOCNNGTVJCPVJGGTTQTYJKEJCNTGCF[GZKUVUHQTVJGKPFWEVCPEGCNQPGDGECWUGQHVJGVTCRG\QKFCNTWNG
6JGTGHQTGVJGRCTCNNGNTGUKUVCPEGJCUPQFGVTKOGPVCNGHHGEVQPVJGOCIPKVWFGHTGSWGPE[TGURQPUG+VFQGUKPVTQFWEG
NQUUGUJQYGXGTCUGZRTGUUGFD[VJGRJCUGGTTQT#UUJQYPKPVJGPGZVUGEVKQPVJGUGNQUUGUCTGQHVGPPQVHCTQHH
HTQOVJQUGYJKEJCEVWCNN[QEEWTKPGSWKROGPVOQFGNNGFYKVJKPFWEVCPEGU(TQOCRWTGN[PWOGTKECNUVCPFRQKPVC
IQQFEQORTQOKUGDGVYGGPTGCUQPCDNGFCORKPI
(KI1UEKNNCVKPIVGTO=?4GRTKPVGFD[RGTOKUUKQPQH(#NXCTCFQ
6JGETKVKECNN[FCORGFVTCRG\QKFCNTWNGYKVJ4R.)VKUKFGPVKECNYKVJVJGDCEMYCTF'WNGTOGVJQFCU
GZRNCKPGFKP#RRGPFKZ+
(KI2JCUGCPFOCIPKVWFGGTTQTYKVJRCTCNNGNTGUKUVCPEG=?
4RCUNQYCURQUUKDNGCPFCEEGRVCDNGRJCUGGTTQT
4RCUJKIJCURQUUKDNGNGCFUVQXCNWGUQH
.
.
# 4R #
)V
)V
QT
4R '
.
@
)V
YKVJ$TCPFYCLP UNQYGTNKOKVFGVGTOKPGFD[URGEKHKGFCEEGRVCDNGRJCUGGTTQTCVRQYGTHTGSWGPE[
6JGGTTQTUKPVTQFWEGFKPVQVJGRCTCNNGNEQPPGEVKQPQH(KIVJTQWIJVJGVTCRG\QKFCNTWNGCTGUGGPKP(KI
KP YJKEJ 4UGTKGU
L:UGTKGU 4 R
L:
4 R
L: KU UJQYP HQT VJG GZCEV UQNWVKQP YKVJ : T. CPF HQT VJG
VTCRG\QKFCNTWNGUQNWVKQPYKVJT.VTCRG\QKFCNHTQO'S
(KI#RRCTGPVUGTKGUTGUKUVCPEGCPFUGTKGUKPFWEVCPEGHQTVJGRCTCNNGNEQPPGEVKQPQH(KI
YKVJ4R
!
.)V6JGTGIKQPVQVJGTKIJVQHHH0[SWKUVKUQHNKVVNGRTCEVKECN
KPVGTGUVDGECWUGVJGUCORNKPITCVGYQWNFDGVQQNQYVQUJQYVJGUGHTGSWGPEKGUCFGSWCVGN[
9JGVJGTVJG'/62YKNNDGEJCPIGFVQKPENWFGRCTCNNGNTGUKUVCPEGUCWVQOCVKECNN[TGOCKPUVQDGUGGP+VKU
KPVGTGUVKPIVQPQVGVJCVVJGGNGEVTQPKECPCN[UKURTQITCO5;5%#2QH4QEMYGNN+PVGTPCVKQPCN%QTRYJKEJUGGOUVQ
WUGVGEJPKSWGUXGT[UKOKNCTVQVJG'/62JCU4RCPF4UQH(KIDWKNVKPVQVJGKPFWEVQTOQFGNYKVJFGHCWNV
XCNWGUQH4USCPF4RS=R?6JGRQUUKDKNKV[QHPWOGTKECNQUEKNNCVKQPUKUOGPVKQPGFCUYGNN
KPECUGUYJGTGVJGVKOGEQPUVCPVUQHVJGKPFWEVQTOQFGNQH(KICTGUOCNNEQORCTGFYKVJ)V=R?
(KI.4TCVKQQHVJGUJQTVEKTEWKVKORGFCPEGQHV[RKECN
VTCPUHQTOGTU=?4GRTKPVGFD[RGTOKUUKQPQH%+)4'
(KI'SWKXCNGPVEKTEWKVHQTVJGUJQTV
EKTEWKVKORGFCPEGQHCVTCPUHQTOGT
2J[UKECN4GCUQPUHQT2CTCNNGN4GUKUVCPEG
6JGTGCTGOCP[UKVWCVKQPUKPYJKEJKPFWEVCPEGUUJQWNFJCXGRCTCNNGNTGUKUVCPEGUHQTRJ[UKECNTGCUQPU+P
UQOGECUGUVJGXCNWGUQHVJGUGTGUKUVCPEGUYKNNDGNQYGTVJCPVJQUGQH'S
QT
YJKEJYKNNOCMGVJG
FCORKPIQHVJGPWOGTKECNPQKUGGXGPDGVVGT6[RKECNCRRNKECVKQPUQHFCORKPITGUKUVCPEGUCTGFGUETKDGFPGZV6JGUG
GZCORNGUOC[PQVEQXGTCNNCRRNKECVKQPUDWVUJQWNFCVNGCUVDGTGRTGUGPVCVKXG
5JQTVEKTEWKVKORGFCPEGQHVTCPUHQTOGTU
6JGUJQTVEKTEWKVKORGFCPEGQHVTCPUHQTOGTUFQGUPQVJCXGCEQPUVCPV.4TCVKQKPUVGCFVJG.4TCVKQ
FGETGCUGUYKVJCPKPETGCUGKPHTGSWGPE[CUUJQYPKP(KIVCMGPHTQO=?+HYGWUGVJGEWTXGHQT
VJG/8#VTCPUHQTOGTCPFCUUWOG.*
QTO*QTRWCUYGNNCU)VzUVJGPCXCNWGQH
4RS
QTOSQTRWYKNNRTQFWEGVJGRTQRGT.4TCVKQCVM*\6JKUXCNWGNKGUPKEGN[KP
DGVYGGPVJGNKOKVUQHSCPFSTGEQOOGPFGFKP'S
#UGTKGUTGUKUVCPEGQH4U
S
QTOSQTRWECPVJGPDGCFFGFVQQDVCKPVJGEQTTGEV.4TCVKQCV*\YJKEJNGCFUVQVJG
GSWKXCNGPVEKTEWKVQH(KIHQTVJGUJQTVEKTEWKVKORGFCPEGQHVJGVTCPUHQTOGT9KVJ<KPRWVHTQO'S
VJG.VTCRG\QKFCN4TCVKQQHVJKUGSWKXCNGPVEKTEWKVKUUJQYPCUCFQVVGFNKPGKP(KIYJKEJKUC
TGCUQPCDN[IQQFOCVEJHQTVJGGZRGTKOGPVCNEWTXG
UQNKFNKPGCPFOWEJDGVVGTVJCPCEQPUVCPV.4TCVKQ
YKVJQWV4R+VKUKPVGTGUVKPIVJCVC%+)4'9QTMKPI)TQWRQP+PVGTHGTGPEG2TQDNGOUTGEQOOGPFUVJGUCOG
GSWKXCNGPVEKTEWKVQH(KIHQTVJGCPCN[UKUQHJCTOQPKEU=?YKVJ
50 4R
8 0
CPF
8 0
50 4U
+PVJG'/62VJG.4TCVKQYKVJQWV4RYQWNFCEVWCNN[KPETGCUGYKVJHTGSWGPE[UKPEG.VTCRG\QKFCNQH'S
KPETGCUGUYKVJHTGSWGPE[
(KI.4TCVKQQHVJGUJQTVEKTEWKVKORGFCPEGQHC/8#
VTCPUHQTOGT
FQVVGFNKPGHTQOGSWKXCNGPVEKTEWKVQH(KIYKVJ.DGKPI
UQNXGFD[VTCRG\QKFCNTWNGUQNKFNKPGHTQO=?4GRTKPVGFD[
RGTOKUUKQPQH%+)4'
YJGTG50KUVJGTCVGFRQYGTCPF80 VJGTCVGFXQNVCIGQHVJGVTCPUHQTOGT+HYGCUUWOG:UJQTVEKTEWKV VQRW
CV*\
=?VCNMUCDQWV*\VJGP'S
DGEQOGUYKVJT.
VQ 8050
VQ .4R
VQ .
QTYKVJCV[RKECNUVGRUK\GQH)VzU
VQ.)V4R
VQ.)V
YKVJVJGJKIJGTPWODGTUHQTVJGNQYGTUJQTVEKTEWKVTGCEVCPEGQHRW#ICKPVJGXCNWGQH4RNKGUKPVJG
UCOGTCPIGCU'S
'S
KORNKGUCP.4TCVKQCV*\QHVQHQTCRWUJQTV
EKTEWKVTGCEVCPEGQTQHVQHQTCRWUJQTVEKTEWKVTGCEVCPEGYJKEJKUNQYGTVJCPVJGXCNWGU
CV*\KP(KI
/CIPGVK\KPIKORGFCPEGQHVTCPUHQTOGTUCPFKTQPEQTGTGCEVQTU
#UFKUEWUUGFKPOQTGFGVCKNKP5GEVKQPRCTCNNGNTGUKUVCPEGUCTGCFFGFVQVJGOCIPGVK\KPIKPFWEVCPEGQH
VTCPUHQTOGTUHQTCETWFGCRRTQZKOCVKQPQHVJGJ[UVGTGUKUCPFGFF[EWTTGPVNQUUGU5KOKNCTN[VJGGSWKXCNGPV
EKTEWKVQH(KIKUTGEQOOGPFGFHQTKTQPEQTGTGCEVQTU=?YKVJ4UTGRTGUGPVKPI+4NQUUGUKPVJG
YKPFKPICPF4RTGRTGUGPVKPIKTQPEQTGNQUUGU
5[PEJTQPQWUIGPGTCVQTU
#%+)4'9QTMKPI)TQWRQP+PVGTHGTGPEG2TQDNGOUTGEQOOGPFUCTGUKUVCPEGKPRCTCNNGNYKVJVJGPGICVKXG
UGSWGPEG KPFWEVCPEG
YJKEJ KU RTCEVKECNN[ KFGPVKECN VQ
.F
.S DWV HGGNU VJCV KU KV RTGOCVWTG VQ
RTQRQUGCRTQDCDNGQTFGTQHOCIPKVWFG=?#V[RKECNEWTXGHQT.F4TCVKQUQHIGPGTCVQTUUKOKNCTVQ(KI
JCUDGGPRWDNKUJGFKP=?CPFEQWNFDGWUGFVQHKPFTGCUQPCDNGXCNWGUQH4R
0QOKPCNBEKTEWKVU
%CUECFGEQPPGEVKQPUQHPQOKPCNBEKTEWKVUCTGWUGFVQTGRTGUGPVVTCPUOKUUKQPNKPGUQPVTCPUKGPVPGVYQTM
CPCN[\GTU6QUWRRTGUUVJGURWTKQWUQUEKNNCVKQPUYJKEJCTGECWUGFD[VJGNWOR[CRRTQZKOCVKQPQHFKUVTKDWVGF
RCTCOGVGTUKVKUEWUVQOCT[VQCFFRCTCNNGNTGUKUVCPEGU
(KI6[RKECNXCNWGUCRRGCTVQDG4R
<UWTIGYJKEJYQWNFNGCFVQCXCNWGQH4R.)VKPVJGUVWDNKPGTGRTGUGPVCVKQPQHVJGKPFWEVCPEGKP(KI
4GCUQPCDNGXCNWGUQH4RHQTECUECFGEQPPGEVKQPUCTGFKUEWUUGFKP=?
(KI&CORKPITGUKUVCPEGKP
PQOKPCNBEKTEWKV
5QWTEGKORGFCPEGU
6JG6JGXGPKPGSWKXCNGPVEKTEWKVQH(KIKUQDXKQWUN[CETWFGCRRTQZKOCVKQPHQTVJGTGUVQHVJGU[UVGO
CVHTGSWGPEKGUFKHHGTGPVHTQOVJGRQYGTHTGSWGPE[6QOCMGVJGHTGSWGPE[TGURQPUGQHVJKUEKTEWKVOQTG
TGCNKUVKEFCORKPITGUKUVCPEGUCTGQHVGPEQPPGEVGFKPRCTCNNGNYKVJVJG4.DTCPEJ
'ZCORNGHQT0GVYQTMYKVJ+PFWEVCPEGU
#UKORNG[GVTGCNKUVKEGZCORNGQHCP4.EKTEWKVCTKUGUHTQOUJQTVEKTEWKVECNEWNCVKQPU#UUWOGVJCVCVJTGG
RJCUGU[UVGOJCUDGGPTGFWEGFVQCUVGCF[UVCVG6JGXGPKPGSWKXCNGPVEKTEWKVUGGPHTQOVJGHCWNVNQECVKQPUKOKNCTVQ
VJCVQH(KIYKVJVJGUGSWGPEGKORGFCPEGU<RQU<PGI4RQU
L:RQUCPF<\GTQ4\GTQ
L:\GTQVJGPMPQYP
#UUJQYPD['S
VJGUGUGSWGPEGRCTCOGVGTUECPDGEQPXGTVGFVQUGNHCPFOWVWCNKORGFCPEGU#UKPINGRJCUG
VQITQWPFHCWNVECPVJGPDGUKOWNCVGFYKVJCUYKVEJENQUWTGKPVJGEKTEWKVQH(KI
CYJGTGKVKUCUUWOGFVJCV
VJGUGNHKORGFCPEG<UEQPUKUVUQHCTGUKUVCPEG4UKPUGTKGUYKVJCPKPFWEVCPEG.U (KI
DUJQYUVJGHCWNVEWTTGPV
6JKUKUQPGQHVJGHGYGZCORNGUYKVJRGTWPKVSWCPVKVKGUUKORN[VQUJQYVJCVVJG[ECPDGWUGF6JGYTKVGT
RTGHGTUCEVWCNXCNWGUHQTTGCUQPUGZRNCKPGFKP#RRGPFKZ+8
6JKUCUUWORVKQPKUQDXKQWUN[QPN[EQTTGEVCVRQYGTHTGSWGPE[DWVUGGOUVQDGTGCUQPCDNGQXGTCYKFGT
HTGSWGPE[TCPIGKPOCP[ECUGU+VYQWNFIKXGYTQPICPUYGTUKHVJGU[UVGOYGTGVQEQPUKUVQHCRQYGT
RNCPVVTCPUOKUUKQPNKPGUGTKGUECRCEKVQTEQPPGEVKQPUKPEGVJKUTGSWKTGUCP4.%TGRTGUGPVCVKQPRQUUKDN[YKVJC
ECRCEKVQTRTQVGEVKQPEKTEWKVUKOKNCTVQ(KI
UGG5GEVKQPCUYGNN#FGVCKNGFHCWNVECNEWNCVKQPYKVJVJG
QDVCKPGFYKVJVJG'/62HQT4URWCPF.URW+H4U:UCVRQYGTHTGSWGPE[YJKEJKUPQV
SWKVGVTWGJGTGVJGPVJGTGKUCOKPKOWOQHHUGV
U[OOGVTKECNHCWNVEWTTGPVKHVJGHCWNVQEEWTUYJGPVJGXQNVCIGKU
CVKVURGCMXCNWGCPFCOCZKOWOQHHUGV
CU[OOGVTKECNHCWNVEWTTGPVKHVJGHCWNVQEEWTUCV\GTQETQUUKPIQHVJG
XQNVCIG6JGKPHNWGPEGQH)VQPVJGTGUWNVUCUYGNNCUVJGGZCEVUQNWVKQP
K
V '
8OCZ
6 UKP
TV%&n & UKP
&n G
&V4U. U
>
4U %
T.U
YKVJ
n ' VCP&
T.U 4U
CTGUJQYPKP(KI
E6JG'/62TGUWNVUYKVJ)V#zUCTGKPFKUVKPIWKUJCDNGHTQOVJGGZCEVUQNWVKQP
'/62YJKEJUJQYUVTCXGNNKPIYCXGGHHGEVUCPFEQORCTGUTGUWNVUYKVJHKGNFVGUVUKPVJG*[FTQ3WGDGE5[UVGO
KUFGUETKDGFKP=?
(KI5KPINGRJCUGVQITQWPFHCWNV
C'SWKXCNGPVEKTEWKV
D(CWNVEWTTGPVUHQT4U:UH*\)V#zUHQTFKHHGTGPVENQUKPIVKOGU
E+PHNWGPEGQH)V
%CRCEKVCPEG%
%CRCEKVCPEGGNGOGPVUCTGWUGFVQTGRTGUGPVCOQPIQVJGTVJKPIU
UGTKGUCPFUJWPVECRCEKVQTU
UJWPVECRCEKVCPEGUKPPQOKPCNBEKTEWKVTGRTGUGPVCVKQPUQHVTCPUOKUUKQPNKPGU
GSWKROGPVKP*8&%EQPXGTVGTUVCVKQPUUWEJCURCTVUQHUPWDDGTEKTEWKVUCPFHKNVGTUCPFUWTIGECRCEKVQTU
UVTC[ECRCEKVCPEGUQHVTCPUHQTOGTUIGPGTCVQTUGVEGURGEKCNN[KPVTCPUKGPVTGEQXGT[XQNVCIGCPFNKIJVPKPI
UWTIGUVWFKGUYJGTGKORGFCPEGUT.DGEQOGUQJKIJCVJKIJGTHTGSWGPEKGUVJCVVJGRCTCNNGNKORGFCPEGUQH
UVTC[ECRCEKVCPEGUT%DGEQOGFQOKPCPV
ECRCEKVKXGRQVGPVKCNVTCPUHQTOGTUCPFECRCEKVKXGXQNVCIGFKXKFGTU
RCTVUQHUWTIGIGPGTCVQTU
6JGGSWCVKQPQHCNWORGFECRCEKVCPEG%DGVYGGPPQFGUMCPFOKUUQNXGFCEEWTCVGN[KPVJGCEUVGCF[UVCVG
UQNWVKQPYKVJ'S
6JGQPN[RTGECWVKQPVQQDUGTXGKUVJCVT%UJQWNFPQVDGGZVTGOGN[NCTIGYJKEJKUWPNKMGN[
VQQEEWTKPRTCEVKEGCP[JQYHQTVJGUCOGTGCUQPUCUGZRNCKPGFHQTUOCNNTGUKUVCPEGUKP5GEVKQP
(QTVJGVTCPUKGPVUKOWNCVKQPVJGGZCEVFKHHGTGPVKCNGSWCVKQP
KMO ' %
F
XM&XO
FV
KUTGRNCEGFD[VJGCRRTQZKOCVGEGPVTCNFKHHGTGPEGGSWCVKQP
KMO
V%KMO
V&)V
6X
V&XO
V> & 6XM
V&)V&XO
V&)V>
' % M
)V
YJKEJIKXGUVJGFGUKTGFDTCPEJGSWCVKQP
KMO
V '
%
6X
V&XO
V> % JKUVMO
V&)V
)V M
YKVJVJGJKUVQT[VGTOJKUVMO
V)VMPQYPHTQOVJGUQNWVKQPCVRTGEGFKPIVKOGUVGR
%
6X
V&)V & XO
V&)V>
JKUVMO
V&)V ' & KMO
V&)V &
)V M
#ICKPCPCNQIQWUVQKPFWEVCPEGKFGPVKECNTGUWNVUYQWNFDGQDVCKPGFHTQOCPKPVGITCVKQPQH'S
YKVJVJG
VTCRG\QKFCNTWNG'S
ECPDGTGRTGUGPVGFCUCPGSWKXCNGPVTGUKUVCPEG4GSWKX)V%KPRCTCNNGNYKVJCMPQYP
EWTTGPVUQWTEGJKUVMO
V)VCUUJQYPKP(KI1PEGCNN
(KI'SWKXCNGPVTGUKUVKXGEKTEWKV
HQTVTCPUKGPVUQNWVKQPQHNWORGF
ECRCEKVCPEG
VJGPQFGXQNVCIGUJCXGDGGPHQWPFCVCRCTVKEWNCTVKOGUVGRCVKPUVCPVVVJGJKUVQT[VGTOQH'S
OWUVDGWRFCVGF
HQTGCEJECRCEKVKXGDTCPEJHQTWUGKPVJGPGZVVKOGUVGRCVV
)V6QFQVJKUQPGOWUVHKTUVHKPFVJGEWTTGPVHTQO
'S
#NVGTPCVKXGN[VJGTGEWTUKXGWRFCVKPIHQTOWNC
JKUVMO
V ' &
%
6X
V&XO
V> & JKUVMO
V&)V
)V M
ECPDGWUGFYJKEJKUVJGUCOGCU'S
HQTVJGKPFWEVCPEGKHHQNNQYGFD[CUKIPTGXGTUCN
(KI.WORGFECRCEKVCPEGTGRNCEGFD[UVWDNKPGYKVJ<
)V%CPFJ)V
'TTQT#PCN[UKU
0QVUWTRTKUKPIN[VJGGTTQTCPCN[UKUKUCPCNQIQWUVQVJCVQHVJGKPFWEVCPEG(QTCRJ[UKECNKPVGTRTGVCVKQPQH
VJGGTTQTUVJGUVWDNKPGTGRTGUGPVCVKQPQH(KIKUWUGFKPYJKEJVJGNWORGFECRCEKVCPEGKUTGRNCEGFD[CPQRGP
GPFGFNQUUNGUUNKPG6QQDVCKPVJGRCTCOGVGTUKVKUTGCUQPCDNGVQOCMGVJGVQVCNFKUVTKDWVGFECRCEKVCPEGGSWCNVQVJG
NWORGFECRCEKVCPEG
% ) ' %
9KVJ% MPQYPVJGPGZVRCTCOGVGTVQDGFGVGTOKPGFKUVTCXGNVKOGJ'S
UJQYUVJCVVJGUJQTVGTVJGVTCXGN
VKOGVJGUOCNNGTYKNNDGVJGXCNWGQHVJGRCTCUKVKEDWVWPCXQKFCDNGKPFWEVCPEG. (QTCUVGRUK\G)VVJGUJQTVGUV
RQUUKDNGVTCXGNVKOGKU
J '
)V
9KVJ'S
CPF
VJGUWTIGKORGFCPEGDGEQOGU<)V%
9KVJQWVIQKPIVJTQWIJVJGFGVCKNUNGVKVUKORN[NGVKVDGUCKFVJCVVJGGZCEVUQNWVKQPHQTVJGUVWDNKPGQH(KI
KUKFGPVKECNYKVJVJGVTCRG\QKFCNTWNGUQNWVKQPQH'S
CPF
6JKUKFGPVKV[YKNNCICKPDGWUGFVQCUUGUU
VJGGTTQTCUCHWPEVKQPQHHTGSWGPE[#UUWOGVJCVCECRCEKVCPEG%KUEQPPGEVGFVQCUQWTEGYKVJCPIWNCTHTGSWGPE[
TVJTQWIJUQOGPGVYQTMYKVJFCORKPI6JGVTCPUKGPVUKOWNCVKQPYKNNVJGPUGVVNGFQYPVQVJGEQTTGEVUVGCF[UVCVG
UQNWVKQPQHVJGUVWDNKPGQH(KIQTPQVFTKHVCYC[HTQOKVKHVJGUKOWNCVKQPYCUUVCTVGFHTQOEQTTGEVUVGCF[UVCVG
KPKVKCNEQPFKVKQPU6JKUUVGCF[UVCVGUQNWVKQPKUMPQYPHTQOVJGGZCEVGSWKXCNGPVBEKTEWKVQH(KIYKVJVGTOKPCN
DGKPIQRGPGPFGF
;KPRWV '
;UGTKGU % ;UJWPV &
;UGTKGU
;UGTKGU %
;
UJWPV
QTCHVGTUQOGOCPKRWNCVKQPUYKVJ'S
)V
)V
T
VCP T
;KPRWV ' LT% @
6JKUKUCPCNQIQWUYKVJ'S
HQTVJGKPFWEVCPEGGZEGRVVJCVVJGCPCNQIQWUGTTQTPQYCRRNKGUVQVJGECRCEKVCPEG
%TCVJGTVJCPVQVJGKPFWEVCPEG.QT
%VTCRG\QKFCN
%
)V
)V
T
VCP T
'
#ICKPVJGRJCUGGTTQTKU\GTQQXGTVJGGPVKTGHTGSWGPE[TCPIG+HYGHQTEGCEWTTGPV+E
LTKPVQVJGECRCEKVCPEGVJGP
VJGXQNVCIGCETQUUVJGUVWDNKPGEQORCTGFYKVJVJGGZCEVUQNWVKQPYKNNJCXGVJGHTGSWGPE[TGURQPUGQH(KI
YJKEJKUKFGPVKECNYKVJ(KIKHVJGEWTTGPVTCVKQKUTGRNCEGFD[VJGXQNVCIGTCVKQ6JGVTCRG\QKFCNTWNGHKNVGTUQWV
VJGJKIJGTHTGSWGPE[XQNVCIGU
(KI#ORNKVWFGTCVKQ8VTCRG\QKFCN8GZCEVQHCECRCEKVCPEGCUC
HWPEVKQPQHHTGSWGPE[
#ICKPVJGTGKUCUOCNNFKUETGRCPE[DGVYGGPVJGKPKVKCNEQPFKVKQPUHQWPFYKVJ'S
CPFVJGTGURQPUGVQRQYGT
HTGSWGPE[HTQO'S
KPVJGVKOGUVGRNQQR
CV*\GTTQTYKVJ)VzUQTYKVJ)V
OU9JGVJGTKVUJQWNFDGGNKOKPCVGFJCUCNTGCF[DGGPFKUEWUUGFKPVJGUGEQPFNCUVRCTCITCRJQH5GEVKQP
8GT[UOCNNXCNWGUQH%CTGCEEGRVCDNGCUNQPICU
T%QT)V%KUPQVNCTIGTVJCPVJGNCTIGUVHNQCVKPIRQKPV
PWODGTYJKEJVJGEQORWVGTECPJCPFNG8GT[NCTIGXCNWGUQH%FQETGCVGCEEWTCE[RTQDNGOUVJGUCOGYC[CUUOCNN
TGUKUVCPEGU
UGG5GEVKQPDWVVJG[CTGWPNKMGN[VQQEEWTKPRTCEVKEG
&CORKPIQH0WOGTKECN1UEKNNCVKQPUYKVJ5GTKGU4GUKUVCPEG
9JKNG VJG VTCRG\QKFCN TWNG HKNVGTU QWV JKIJHTGSWGPE[ XQNVCIGU CETQUU ECRCEKVCPEGU HQT IKXGP EWTTGPV
KPLGEVKQPUKVCNUQCORNKHKGUJKIJHTGSWGPE[EWTTGPVUHQTIKXGPXQNVCIGUCETQUU%6JGPWOGTKECNQUEKNNCVKQPUFKUEWUUGF
HQTVJGKPFWEVCPEGKP5GEVKQPYQWNFCRRGCTKPECRCEKVCPEGEWTTGPVUKHVJGTGKUCPCDTWRVEJCPIGKPFXEFV(QT
UQOGTGCUQPPWOGTKECNQUEKNNCVKQPUJCXGUGNFQODGGPCRTQDNGOKPECRCEKVCPEGUGKVJGTDGECWUGVJGTGCTGXGT[HGY
UKVWCVKQPUYJGTGVJG[YQWNFCRRGCTQTUKORN[DGECWUGEWTTGPVUVJTQWIJECRCEKVCPEGUCTGUGNFQOKPENWFGFKPVJG
QWVRWV#PCNQIQWUVQVJGKPFWEVCPEGVJGUGPWOGTKECNQUEKNNCVKQPUEQWNFDGFCORGFYKVJUGTKGUTGUKUVCPEGU4U
(KI
7UKPI#NXCTCFQ UCTIWOGPVU=?VJGVTCRG\QKFCNTWNGUQNWVKQPHQTCXQNVCIGKORWNUGCRRNKGFVQVJGEKTEWKV
QH(KIYQWNFDG
)V
&4
% U
K
V '
6X
V&X
V&)V> &
K
V&)V
)V
)V
%4
%4
% U
% U
(KI5GTKGUFCORKPITGUKUVCPEG
#HVGTVJGXQNVCIGKORWNUGXJCUFTQRRGFDCEMVQ\GTQYGCTGNGHVYKVJVJGUGEQPFVGTOYJKEJECWUGUVJGPWOGTKECN
QUEKNNCVKQPU
K
V ' & " @ K
V&)V
YKVJ
)V
& 4U
%
" '
)V
% 4U
%
+PCPCNQI[VQ'S
CTGCUQPCDNGXCNWGHQTVJGFCORKPITGUKUVCPEGYQWNFDG
4U '
)V
%
2J[UKECN4GCUQPUHQT5GTKGU4GUKUVCPEG
0QPGCTGMPQYPVQVJGYTKVGTCVVJKUVKOGYJKEJYQWNFLWUVKH[CUGTKGUTGUKUVCPEGCUJKIJCUVJCVQH'S
)9#&WOOGT=?UWIIGUVUVJGGSWKXCNGPVEKTEWKVQH(KICPFUC[UVJCV4UKUFQOKPCPVCVXGT[JKIJ
HTGSWGPEKGUYJKNG4RKUFQOKPCPVCVXGT[NQYHTGSWGPEKGUDWV
(KI'SWKXCNGPVEKTEWKVHQT
ECRCEKVQTYKVJNQUUGU
JKUEQOOGPVUTGHGTVQECRCEKVQTUWUGFKPGNGEVTQPKEU6JGV[RKECNVGZVDQQMEKTEWKVJCUPQUGTKGUTGUKUVCPEGYJKEJ
YQWNFKORN[VJCVVJGNQUUHCEVQTFGETGCUGUKPXGTUGN[RTQRQTVKQPCNYKVJHTGSWGPE[6JKUEQPVTCFKEVUVJGEWTXGKP(KI
IKXGPD[#4QVJHQTJKIJXQNVCIGECRCEKVQTU=?#UUWOKPI%z(CPF)VzUCPFWUKPI%VTCRG\QKFCN
KPUVGCFQH%VQFWRNKECVGVJG'/62DGJCXKQTCXCNWGQH4US
KIPQTKPI4RYQWNFOQTGQTNGUUOCVEJVCP*
CVM*\CUUJQYPKP(KI0QVGVJCVVJKUXCNWGQH4UKUQPGQTFGTQHOCIPKVWFGNQYGTVJCPVJGTGEQOOGPFGF
FCORKPITGUKUVCPEGQH'S
5;5%#2CPGNGEVTQPKECPCN[UKURTQITCOYKVJUQNWVKQPVGEJPKSWGUUKOKNCTVQVJG
'/62JCU4RCPF4UQH(KIDWKNVKPVQVJGECRCEKVQTOQFGNYKVJFGHCWNVXCNWGUQH4U SCPF4R
S=R?
(KI.QUUHCEVQT=?4GRTKPVGFD[RGTOKUUKQPQH5RTKPIGT8GTNCICPF#9
4QVJ
0QVGVJCVECRCEKVQTUYJKEJOC[DGUWDLGEVGFVQUJQTVEKTEWKVUQHVGPJCXGUGTKGUTGUKUVQTUDWKNVKP5KOKNCTN[VJG
QXGTXQNVCIGRTQVGEVKQPQHUGTKGUECRCEKVQTUYKVJURCTMICRU
(KIKPENWFGUEWTTGPVNKOKVKPI4.GNGOGPVUKPVJG
FKUEJCTIGEKTEWKVYKVJCV[RKECNTKPIKPIHTGSWGPE[QH*\FWTKPIFKUEJCTIG
(KI5RCTMICRRTQVGEVKQPQH
UGTKGUECRCEKVQT
'ZCORNGHQT0GVYQTMYKVJ%CRCEKVCPEGU
.GVWUOQFKH[VJGHCWNVEWTTGPVUVWF[QH5GEVKQPHQTCECUGKPYJKEJVJGVTCPUOKUUKQPNKPGKUUGTKGU
EQORGPUCVGFYKVJECRCEKVQTU
(KI.GVWUHWTVJGTCUUWOGVJCV.UKP5GEVKQPTGRTGUGPVGFVJGPGVTGCEVCPEG
:PGVT.T%CV*\VQOCMGDQVJTGUWNVUFKTGEVN[EQORCTCDNG9KVJ4URW:URWT%
RWCPF)VzUVJGHCWNVEWTTGPVQH(KIKUQDVCKPGF
FCVCVCMGPHTQO=?YKVJEQPPGEVKQPHTQO
HCWNVNQECVKQPVQKPHKPKVGDWUNGHVQHH(QTEQORCTKUQPRWTRQUGUVJGHCWNVEWTTGPVYKVJVJGPGVTGCEVCPEGTGRTGUGPVGF
D[.UCUFQPGKP5GEVKQPKUUJQYPCUYGNNKVFKHHGTUCRRTGEKCDN[HTQOVJGOQTGCEEWTCVGUQNWVKQPYKVJVJG
EKTEWKVOQFGNQH(KI6JKUFKHHGTGPEGJCUEQPUGSWGPEGUHQTVJGCEEWTCE[QHUVCDKNKV[UKOWNCVKQPUUKPEGPGV
TGCEVCPEGUCTGRTCEVKECNN[CNYC[UWUGFKPUVCDKNKV[UVWFKGU(KIEQORCTGUVJGUYKPIEWTXGUQDVCKPGFYKVJCPGV
TGCEVCPEGCPFCP.%TGRTGUGPVCVKQPHQTCECUGUKOKNCTVQVJG+'''DGPEJOCTMOQFGNHQTUWDU[PEJTQPQWUTGUQPCPEG
UVWFKGU=?
(KI5KPINGRJCUGVQITQWPFHCWNVKPCU[UVGO
YKVJCUGTKGUECRCEKVQT
(KI(CWNVEWTTGPVKPUGTKGUEQORGPUCVGFPGVYQTMQH(KI
NKPGYKVJQWVU[ODQNU(QTEQORCTKUQP
TGUWNVUHTQO(KIYKVJPGVTGCEVCPEGCTGUJQYPCUYGNN
NKPGYKVJU[ODQNU
(KI5YKPIEWTXGUYKVJ4.CPF4.%TGRTGUGPVCVKQPU
5GTKGU%QPPGEVKQPQH4.%
+HNWORGFGNGOGPVU4.%HTGSWGPVN[QEEWTKPRCKTUCUUGTKGUEQPPGEVKQPUQH4.4%QT.%QTCUC
UGTKGUEQPPGEVKQPQHCNNVJTGGGNGOGPVU4.%VJGPKVDGEQOGUOQTGGHHKEKGPVVQVTGCVVJGUGTKGUEQPPGEVKQPCUCUKPING
DTCPEJVJGTGD[TGFWEKPIVJGPWODGTQHPQFGUCPFPQFCNGSWCVKQPU6JKUJCUDGGPKORNGOGPVGFKPVJG'/62HQT
VJGUGTKGUEQPPGEVKQPQH4.%
(KI(QTVJGUVGCF[UVCVGUQNWVKQPVJGDTCPEJGSWCVKQPKUUKORN[
+MO '
8 &8
4%L
T.&T% M O
(KI5GTKGUEQPPGEVKQPQH4.%
6QFGTKXGVJGDTCPEJGSWCVKQPHQTVJGVTCPUKGPVUKOWNCVKQPCFFVJGVJTGGXQNVCIGFTQRUCETQUU4.CPF%
XM & XO ' X4 % X. % XE
YKVJVJGXQNVCIGFTQRUGZRTGUUGFCUCHWPEVKQPQHVJGEWTTGPVYKVJ'S
CPF
XM
V & XO
V ' 4 %
. )V
.
)V
%
JKUV.
V&)V &
K
V &
JKUV%
V&)V
)V % MO
)V
%
#HVGTTGRNCEKPIVJGJKUVQT[VGTOUJKUV.CPFJKUV%YKVJVJGGZRTGUUKQPUQH'S
CPF
VJKUNGCFUVQVJGDTCPEJ
GSWCVKQP
KMO
V ' )UGTKGU 6XM
V & XO
V> % JKUVUGTKGU
V&)V
C
YKVJ
)UGTKGU '
.
)V
%
4 %
)V
%
D
CPFVJGEQODKPGFJKUVQT[VGTO
JKUVUGTKGU
V&)V')UGTKGU
.
)V
&4&
K
V&)V%XM
V&)V&XO
V&)V&X%
V&)V
)V
%
(QTWRFCVKPIVJKUJKUVQT[VGTOVJGPGYEWTTGPVKUHKTUVECNEWNCVGFHTQO'S
CCPFVJGPGYECRCEKVQTXQNVCIG
X%HTQO
X%
V ' X%
V&)V %
)V
6K
V % K
V&)V>
%
'S
KUPQVVJGQPN[YC[QHGZRTGUUKPIVJGEQODKPGFJKUVQT[VGTODWVKVKUVJGQPGDGKPIWUGFKPVJG'/62
5KPING2JCUG0QOKPCNB%KTEWKV
6JKUKUCURGEKCNECUGQHVJG/RJCUGPQOKPCNBEKTEWKVFKUEWUUGFKP5GEVKQP'CTNKGT'/62XGTUKQPU
TGEQIPK\GVJGURGEKCNECUGQH/CPFWUGUECNCTGSWCVKQPUKPRNCEGQHOCVTKZGSWCVKQPUYJGTGCUPGYGT'/62
XGTUKQPUIQVJTQWIJVJGOCVTKZOCPKRWNCVKQPUYKVJ/5KPEGUKPINGRJCUGBEKTEWKVUCTGUGNFQOWUGFKVKU
TGCUQPCDNGVQGNKOKPCVGVJGURGEKCNEQFGHQTVJGUECNCTECUG