+PSWWEV]
&EWI8SV&EWI8\
FEWIH
)XLIVRIXRIX[SVOXLEXYWIW9849RWLMIPHIH
X[MWXIHTEMVGEFPIERHEWXEVXSTSPSK]MW
1FTWERHMW1FTW
\
8LIWXERHEVHJSV[MVIPIWW0%2EY
XLIRXMGEXMSRYWIHFIX[IIRER%4ERHEGPMIRX
\[MXL)%4[MPPMRMXMEXIOI]LERHPMRK
%H,SG2IX[SVO
8LI[MVIPIWWRIX[SVO
FEWIHSRETIIVXSTIIVGSQQYRMGEXMSRW
WIWWMSR%PWSVIJIVVIHXSEW%H,SG
&ERH[MHXL
8LIXVERWQMWWMSRGETEGMX]SJE
GSQTYXIVSVEGSQQYRMGEXMSRGLERRIPWXEXIH
MR1IKEFMXWTIVWIGSRH1FTW
&77&EWMG7IVZMGI7IX
%R
RIX[SVOMRKJVEQI[SVOXLEXMRGPYHIWER%G
GIWW4SMRX
&YW1EWXIVMRK
%W]WXIQMR[LMGLXLI
WTIGM½IH-RTYX3YXTYXHIZMGIIK2-''EVH
GERTIVJSVQXEWOW[MXLSYXXLIMRXIVZIRXMSR
SJXLI'49
'PMIRX
%4'SV[SVOWXEXMSRSRERIX[SVO
'VSWW3ZIV;MVMRK
%984GEFPIXLEX
LEWMXWXVERWQMXERHVIGIMZITEMVGVSWWIHXS
EPPS[GSQQYRMGEXMSRWFIX[IIRX[SHIZMGIW
(')(EXE'SQQYRMGEXMSRW)UYMT
QIRX
,EVH[EVIYWIHJSVGSQQYRMGE
XMSR[MXLE(EXE8IVQMREP)UYMTQIRX(8)
HIZMGI
(EXI[E]
8LI-4%HHVIWWSJ
IMXLIVXLIRIEVIWXVSYXIVSVWIVZIVJSVXLI
0%2
(IJEYPX4EVEQIXIV
4EVEQIXIVWIXF]
XLIQERYJEGXYVIV
(IWXMREXMSR%HHVIWW
8LIEHHVIWWTSV
XMSRSJETEGOIXXLEXMHIRXM½IWXLIMRXIRHIH
VIGMTMIRXWXEXMSR
(,'4(]REQMG,SWX'SRßKYVE
XMSR4VSXSGSP
&EWIHSR&3384MXYWIWE
TSSPSJ-4EHHVIWWIW[LMGLMXEWWMKRWXSIEGL
HIZMGIGSRRIGXIHXSMXERHVIXVMIZIWXLIEH
HVIWW[LIRXLIHIZMGIFIGSQIWHSVQERXJSV
ETIVMSHSJXMQI
(27(SQEMR2EQI7]WXIQ
7]W
XIQYWIHXSQETVIEHEFPIQEGLMRIREQIW
MRXS-4EHHVIWWIW
(VMZIV
7SJX[EVIXLEXMRXIVJEGIWEGSQTYXIV
[MXLEWTIGM½GLEVH[EVIHIZMGI
(777(MVIGX7IUYIRGI7TVIEH
7TIGXVYQ
1IXLSHSJWTVIEHMRKE[MVIPIWW
WMKREPMRXS[MHIJVIUYIRG]FERH[MHXL
(8)(EXE8IVQMREP)UYMTQIRX
(IZMGIXLEXGSRXVSPWHEXE¾S[MRKXSERHJVSQ
EGSQTYXIV
(]REQMG-4%HHVIWW
%R-4EHHVIWWXLEX
MWEYXSQEXMGEPP]EWWMKRIHXSEGPMIRXWXEXMSRMRE
8'4-4RIX[SVOX]TMGEPP]F]E(,'4WIVZIV
)77)\XIRHIH7IVZMGI7IX
%WIXSJ
X[SSVQSVI&77WXLEXJSVQEWMRKPIWYFRIX
[SVO)77-(MWYWIVMHIRXM½GEXMSRYWIHMRXLI
)770%2GSR½KYVEXMSR
)XLIVRIX
8LIQSWX[MHIP]YWIHEVGLM
XIGXYVIJSV0SGEP%VIE2IX[SVOW0%2W-X
MWEWLEVIHQIHMERIX[SVOEVGLMXIGXYVI8LI
-)))WXERHEVHHIXEMPWMXWJYRGXMSREPMX]
)XLIVRIXGEFPI
%[MVIWMQMPEVXSXIPI
TLSRIGEFPIXLEXGEVVMIWWMKREPWFIX[IIR
)XLIVRIXHIZMGIW
*MPIERH4VMRX7LEVMRK
%1MGVSWSJXET
TPMGEXMSRXLEXEPPS[WGSQTYXIVWSRERIX[SVO
XSWLEVI½PIWERHTVMRXIVW
*MVQ[EVI
4VSKVEQQMRKMRWIVXIHMRXSTVS
KVEQQEFPIVIEHSRP]QIQSV]XLYWFIGSQMRK
ETIVQERIRXTEVXSJEGSQTYXMRKHIZMGI
*VEQI
%½\IHFPSGOSJHEXEXVERWQMXXIHEW
EWMRKPIIRXMX]%PWSVIJIVVIHXSEWTEGOIX
*YPP(YTPI\
8SXVERWQMXSRXLIWEQI
GLERRIPMRFSXLHMVIGXMSRWWMQYPXERISYWP]
+FTW+MKE&MXWTIVWIGSRH
3RI
FMPPMSRFMXWTIVWIGSRH
,EPJHYTPI\
8SXVERWQMXSRXLIWEQI
GLERRIPMRFSXLHMVIGXMSRWSRIHMVIGXMSREXE
XMQI
,YF
%HIZMGI[LMGLEPPS[WGSRRIGXMSRSJ
GSQTYXIVWERHSXLIVHIZMGIWXSJSVQE0%2
