4IPIIQVI
'XYKT
=//2>03>9@6?
>TJKW\KWV0 6GMYKQKTOTM0 3MKTJGTZSSKW0
6KKRTGSK K]VKWOSKTY IKTYWGGR YKRRKT [KWQOK^OTMKT (( JKIKSHKW )'(. (.%((%()
6K WGGJ [GT JK MKSKKTYK 3XYKT
MK^OKT NKY [UUWXYKR [GT NKY IURRKMK [GT HZWMKSKKXYKW KT \KYNUZJKWX [GT ), XKVYKSHKW )'(. SKY ^GGQTZSSKW )'(.',-'+,1
MKNUUWJ NKY GJ[OKX [GT JK IUSSOXXOK 3RMKSKTK FGQKT ! 5UTYWUR [GT )) TU[KSHKW )'(.1
HKXRZOY0
JGY JK MKSKKTYK 3XYKT JKKRTKKSY GGT NKY K]VKWOSKTY IKTYWGGR YKRRKT [KWQOK^OTMKT )'(/%
3RJZX [GXYMKXYKRJ OT JK UVKTHGWK [KWMGJKWOTM [GT JK WGGJ [GT JK MKSKKTYK 3XYKT [GT (( JKIKSHKW )'(.%
6K WGGJ [UUWTUKSJ%
%4%E% [GT 7WV$AUTTKSGTX
[UUW^OYYKW#
SW% 9%8% DUX
4IPIIQVI
=//2>A<<=>?39
067 C//8;@::3=. (&'-&+,&*)
RGXYKT
>TJKW\KWV0 4OPRGMK!T"0 DKWMGJKWOTM
[GT0
3MKTJG$
TZSSKW0
V%N%0
6KKRTGSK K]VKWOSKTY IKTYWGGR YKRRKT
[KWQOK^OTMKT )'(/ $+$ (( JKIKSHKW
)'(. (.%()%() 9D
JK WGGJ
[GT JK MKSKKTYK 3XYKT
>EPIQXEVVLQJ
6K MKSKKTYK 3XYKT OX HKTGJKWJ JUUW JK D=8 KT =E4 US JKKR YK TKSKT HOP JK [KWQOK^OTMKT OT )'(/ GGT NKY K]VKWOSKTY SKY IKTYWGRK XYKSUVTKSOTM% 8KRKY UV JK [UUWJKRKT \UWJY [UUWMKXYKRJ US NOKWGGT JKKR YK TKSKT%
0IUOLUSWQVIQ
6K MKSKKTYK 3XYKT TKKSY JKKR GGT NKY K]VKWOSKTY IKTYWGGR YKRRKT [KWQOK^OTMKT )'(/%
6QOILHLQJ
COY K[GRZGYOKX [GT JK [KWQOK^OTMKT JUUW 4F; HROPQY [GGQ JGY MKSKKTYKT QTKRVZTYKT KW[GWKT SKY NKY NGTJSGYOM YKRRKT [GT JK XYKSHORPKYYKT JUUW JK XYKSHZWKGZX% 9KY SOTOXYKWOK VWUHKKWY NKY
[KWQOK^OTMXVWUIKX \GGW SUMKROPQ YK [KWHKYKWKT KT TGS KTQKRK PGWKT MKRKJKT NKY OTOYOGYOKL [UUW KKT BOPJKROPQK K]VKWOSKTYKT\KY XYKSHORPKYYKT KT IKTYWGRK XYKSUVTKSOTM 1 JK^K \KY HKXYGGY XOTJX )'(*%
4OP JK MKSKKTYKWGGJX[KWQOK^OTMKT [GT )( SGGWY PR% JKJKT )) MKSKKTYKT SKK GGT NKY K]VKWOSKTY SKY NKY IKTYWGGR YKRRKT [GT XYKSHORPKYYKT !IKTYWGRK XYKSUUTKSOTGD 6K KW[GWOTMKT ^OPT VUXOYOKL%
DGTJGGW JGY JK D=8 KT JK =E4 SKKWJKWK MKSKKTYKT NKHHKT HKTGJKWJ SKY NKY [KW^UKQ US JKKR YK TKSKT GGT JOY K]VKWOSKTY [UUW JK [KWQOK^OTMKT JOK OT )'(/ VRGGYX[OTJKT0 \UKTXJGM )' SGGWY )'(/ JK [KWQOK^OTMKT [UUW NKY \GYKWXINGV KT JK VWU[OTIOGRK XYGYKT KT UV JUTJKWJGM )* SKO )'(/
[UUW NKY 7ZWUVKKX ?GWRKSKTY%
BEV YLOOIQ YI FITILNIQ
:T KKT MKSKKTYK JOK SKKJUKY GGT KKT K]VKWOSKTY SKY IKTYWGGR YKRRKT# [KWWOINYKT JK XYKSHZWKGZX TG JK XRZOYOTM [GT JK XYKSSOTM US )(0'' ZZW OT NKY XYKSRUQGGR GRRKKT KKT [UUWRUVOMK YKRROTM#
ZOYXRZOYKTJ UV ROPXYTO[KGZ% >V MWUTJ JGGW[GT QGT UV JK G[UTJ [GT JK XYKSSOTM KKT [UUWRUVOMK ZOYXRGM [GT JK [KWQOK^OTM HKQKTJ \UWJKT MKSGGQY% 6K [URMKTJK JGM# YOPJKTX KKT UVKTHGWK ^OYYOTM#
\UWJKT KW UV NKY MKSKKTYKROPQK XYKSHZWKGZ JK UV JK QGTJOJGYKT ZOYMKHWGINYK XYKSSKT VKW XYKSHZWKGZ MKYKRJ%
6UKR [GT KKT IKTYWGRK XYKSUVTKSOTM OX NKY YKRVWUIKX HKYWUZ\HGGWJKW# YWGTXVGWGTYKW KT JZX HKYKW IUTYWURKKWHGGW YK SGQKT%
:O 5@6
ARRTHIOIQ XEQ GIQVTEEO VIOOIQ
7KT IKTYWGRK XYKSUVTKSOTM NKKLY GRX [UUWJKKR JGY JK YKRROTM MKXYWZIYZWKKWJ KT ZTOLUWS QGT \UWJKT MKUWMGTOXKKWJ# UV KKT RUIGYOK SKY [URJUKTJK LGIOROYKOYKT !OI% @GGJX^GGR"% 6UUW JK YKRROTM JK
[URMKTJK JGM ZOY YK [UKWKT# \UWJKT JK RKJKT [GT JK XYKSHZWKGZX UV JK G[UTJ [GT JK XYKSSOTM UTYRGXY% 7KT XYKSUVTKSOTM SKY ZOYMKWZXYK QWGINYKT KT OT KKT WZXYOMK XLKKW !^UTJKW YOPJXJWZQ US XTKR KKT [UUWRUVOMK ZOYXRGM HKQKTJ YK SGQKT" MKKLY KKT TGZ\QKZWOMKW WKXZRYGGY% >UQ QZTTKT K[KTYZKRK !YKR"LUZYKT [GT XYKSHZWKGZX \UWJKT MKIUWWOMKKWJ% 6GY [KWQRKOTY NKY WOXOIU UV KKT NKWYKRROTM%
9KY SOTOXYKWOK [GT 4F; ^GR KKT [KWMUKJOTM [KWXYWKQQKT GGT JKKRTKSKTJK MKSKKTYKT# TGGW WGYU [GT NKY OT\UTKWGGTYGR [GT JK MKSKKTYK !SG]OSGGR _ ('%'''#$ VKW MKSKKTYK"%
9KY SOTOXYKWOK [GT 4F; NKKLY OTSOJJKRX GGTMKMK[KT JGY KW MKKT RUYOTM VRGGYX [OTJY%
BEV JEEQ YI HEETXRRT HRIQ
8KRKY UV JK MUKJK KW[GWOTMKT JOK ^OPT UVMKJGGT YOPJKTX JK RGGYXYK MKSKKTYKWGGJX[KWQOK^OTMKT ^GR JOY JWGGOHUKQ KTQKR UV NKY MKHOKJ [GT JK IKTYWGRK XYKSUVTKSOTM GGTMKVGXY \UWJKT% 3LNGTQKROPQ [GT K[KTYZKRK [KWJKWK \KYYKROPQK UTY\OQQKROTMKT UV NKY MKHOKJ [GT JK [KWQOK^OTMKT# ^ZRRKT \OP YOPJKTX JK [URMKTJK MKSKKTYKWGGJX[KWQOK^OTMKT \MR UV JK JGM [GT JK [KWQOK^OTM NKY GGTYGR XYKSSKT UV QGTJOJGGY TO[KGZ YKRRKT KT HKQKTJ SGQKT%
<UINY YOPJKTX JK KKWXYK [KWQOK^OTM OT )'(/ !\GYKWXINGV&?A" HROPQKT JGY HU[KTMKTUKSJK [UUWJKRKT
^OIN TOKY [UUWJUKT# QGT GRXTUM HKXRUYKT \UWJKT US GL YK ^OKT [GT JK IKTYWGRK XYKSUVTKSOTM%
:RJIOLMNI EOVITQEVLIXIQ Q$X$V$
=LULGR U T%[%Y%
1RPPWQLGEVLI
6K IKTYWGRK XYKSUVTKSOTM ^GR HKQKTJ MKSGGQY \UWJKT OT JK WKMZROKWK IUSSZTOIGYOK Y%G%[% JK [KWQOK^OTMKT%
BEV PEJ KIV NRUVIQ
9KY SOTOXYKWOK [GT 4F; ^GR KKT [KWMUKJOTM [KWXYWKQQKT GGT JKKRTKSKTJK MKSKKTYKT# TGGW WGYU [GT NKY OT\UTKWGGTYGR [GT JK MKSKKTYK !SG]OSGGR _ ('%'''#$ VKW MKSKKTYK"%
0LMOEJI!QD%VIT LQZEJI !LQGO$ />?#QT"
(% ?WUIKJZWK IKTYWGRK XYKSUVTKSOTM JUUW MKSKKTYKROPQ XYKSHZWKGZ !8A4" !)'(.',)/(*"
)% COYTUJOMOTM JKKRTGSK K]VKWOSKTY IKTYWGGR YKRRKT [KWQOK^OTMKT )'(/ !)'(.'+,)('"
*% 7SGOR SOTOXYKWOK [GT 4OTTKTRGTJXK FGQKT !)'(.',)/()"
O%SGGX2GXYKT%TR
