pro net services catalogue (autumn 2009)
TRANSCRIPT
!
!
!"#$%&"!'&()(*+,-"'
!"#"$%!&''(!
!
!
!
!
! ! !
!!)*+,-!./01*0/!.2/340/!5!)*+,-!602/4*47!.2/340/!!++-,*230
!
!
&+.)".)!'
!" #$%&'($!)'!*+',$)-./$+)!! ! ! ! ! ! ! 0!
8989 :;-!*+!./-%03<=>0/3?! ! ! ! ! ! ! ! @!
89&9 A0/B*,0+!! ! ! ! ! ! ! ! ! ! @!
89C9 !D0E0/04,0!./-F0,3+! ! ! ! ! ! ! ! ! @!
!
1" 2'345%)63&7!8$+9:&$4! ! ! ! ! ! ! ! ;!
&98 G4"+*30!24H!D01-30!I0J*B0/K! ! ! ! ! ! ! L!
&98989 G4"A*30!I0J*B0/K! ! ! ! ! ! ! ! L!
&989&9 D01-30!I0J*B0/K!! ! ! ! ! ! ! ! L!
&9&9 %03M-/N!#/-OPJ0+;--3*47!! ! ! ! ! ! ! ! L!
&9C9 !%03M-/N!)-4E*7O/23*-4!! ! ! ! ! ! ! ! Q!
&9R9 !%03M-/N!!OH*3*47!! ! ! ! ! ! ! ! ! Q!
&9@9 !%03M-/N!I0+*74! ! ! ! ! ! ! ! ! Q!
&9S9 !%03M-/N!G>3*1*+23*-4! ! ! ! ! ! ! ! (!
&9L9 !TO+*40++!)-4+OJ3*47! ! ! ! ! ! ! ! (!
&9Q9 <B04*47+!24H!:00N04H+! ! ! ! ! ! ! ! (!
!
<" !=+6:3:3>!8$+9:&$4! ! ! ! ! ! ! ! ! !?!!
C98 T0+>-N0!#/2*4*47! ! ! ! ! ! ! ! ! 8'!
C9& #2*J-/0H!:-/N+;->+! ! ! ! ! ! ! ! 8'!
C9C <=21!./0>2/23*-4!! ! ! ! ! ! ! ! 8'!
C9R #/2*4*47!6-,23*-4+!! ! ! ! ! ! ! ! 88!
C9@ #/2*4*47!U2,*J*3*0+! ! ! ! ! ! ! ! ! 88!
C9S V4+3/O,3-/+!! ! ! ! ! ! ! ! ! 88!
C9L MMM9,-O/+0E-=9,-9ON! ! ! ! ! ! ! ! 88!
C9Q ))I<!T--3,21>+! ! ! ! ! ! ! ! ! 88!
C9( 62P!D0432J!! ! ! ! ! ! ! ! ! 8&!
C98' G40"3-"G40!#/2*4*47!A0++*-4+! ! ! ! ! ! 8&!
!
@" ,$)A'+B!C636>$($3)! ! ! ! ! ! ! ! !<!!
R989!D02J"#*10!$-4*3-/*47! ! ! ! ! ! ! ! 8C!
R98989 !B2*J2P*J*3K!$-4*3-/*47! ! ! ! ! ! ! 8C!
R989&9 D0>-/3+! ! ! ! ! ! ! ! ! 8R!
R989C9 G4J*40!V4+3243!)J*043!!,,0++!! ! ! ! ! ! 8R!
R989R9 )-4E*7O/23*-4!);2470+! ! ! ! ! ! ! 8R!
R989@9 I-,O104323*-4! ! ! ! ! ! ! ! 8R!
R989S9 $242701043!6*4N! ! ! ! ! ! ! ! 8R!
!
!
!
!
0" 22D-!EF=GD,-! ! ! ! ! ! ! ! ! !0!!
@989 W-M!))V<!W-3J*40!:-/N+! ! ! ! ! ! ! ! 8@!
@9&9 I0J*B0/K!#*10+! ! ! ! ! ! ! ! ! 8@!
@9C MMM9,,*0;-3J*409,-1! ! ! ! ! ! ! ! 8@!
!
H" 8$&5+:)7!8$+9:&$4! ! ! ! ! ! ! ! ! !H!!
S989 !A0,O/*3K!!++0++1043+! ! ! ! ! ! ! ! 8S!
S9&9 I*2J"V4!D!A!A0,O/*3K!!++0++1043+! ! ! ! ! ! ! 8S!
S9C9 :0P!!>>J*,23*-4!!++0++1043+! ! ! ! ! ! ! 8S!
S9R9 :*/0J0++!A0,O/*3K!!++0++1043+! ! ! ! ! ! ! 8S!
S9@9 A-,*2J!<47*400/*47! ! ! ! ! ! ! ! ! 8L!
S9S9 #0J0,-11O4*,23*-4+!!++0++1043+! ! ! ! ! ! ! 8L!
S9L9 I232P2+0!!++0++1043+! ! ! ! ! ! ! ! 8L!
S9Q9 .;K+*,2J!A0,O/*3K! ! ! ! ! ! ! ! ! 8L!
S9( )0/3*E*0H!<3;*,2J!W2,N0/!24H!.0403/23*-4!#/2*4*47! ! ! ! ! 8Q!!
S9(989 )-O/+0+!!B2*J2PJ0! ! ! ! ! ! ! ! 8Q!
S9(9& 6-,23*-4+! ! ! ! ! ! ! ! ! 8Q!
!
;" =$&I3'%'>:$4!! ! ! ! ! ! ! ! ! !J!!
L989 D-O3*47!24H!AM*3,;*47! ! ! ! ! ! ! ! 8(!
L98989 D-O3*47!#0,;4-J-7*0+! ! ! ! ! ! ! 8(!
L989&9 AM*3,;*47!#0,;4-J-7*0+! ! ! ! ! ! ! 8(!
L989C9 V430/42J!D-O3*47!./-3-,-J+! ! ! ! ! ! ! 8(!
L989R9 T-/H0/!X230M2K!./-3-,-J! ! ! ! ! ! ! &'!
L989@9 YO2J*3K!-E!A0/B*,0! ! ! ! ! ! ! ! &'!
L989S9 V.!Z0/+*-4!S!! ! ! ! ! ! ! ! &8!
L9&9 A0,O/*3K!24H!V/-4>-/3! ! ! ! ! ! ! ! &8!!
L9&989 #;0!)*+,-!!A!!U*/0M2JJ! ! ! ! ! ! ! &8!
L9&9&9 %03M-/N!!,,0++!)-43/-J![%!)\! ! ! ! ! ! &&!
L9&9C9 $-4*3-/*47]!!42JK+*+!24H!D0+>-4+0!AK+301![$!DA\! ! ! ! &&!
L9&9R9 V43/O+*-4!I030,3*-4!24H!./0B043*-4![VIA^V.A\! ! ! ! &C!
L9&9@9 )*+,-!A0,O/*3K!!7043![)A!\! ! ! ! ! ! ! &C!
L9&9S9 V/-4>-/3! ! ! ! ! ! ! ! ! &R!
L9C9 !Z-*,0!GB0/!V.![ZGV.\! ! ! ! ! ! ! ! &@!!
L9C989 "4*E*0H!)-11O4*,23*-4+!$24270/! ! ! ! ! ! &R!
L9R9 !#0J0>/0+04,0! ! ! ! ! ! ! ! ! &S!
L9@9 !A0/B*,0!./-B*H0/!%03M-/N*47! ! ! ! ! ! ! &S!
L9@989 $.6A! ! ! ! ! ! ! ! ! &S!
!
!
L9S9 !A3-/270!%03M-/N*47! ! ! ! ! ! ! ! &L!
L9L9 !G>3*,2J!%03M-/N*47!! ! ! ! ! ! ! ! &L!
L9Q9 !)-43043!%03M-/N*47! ! ! ! ! ! ! ! &L!
L9(9 !:!%!G>3*1*+23*-4! ! ! ! ! ! ! ! ! &Q!
L98'9 :*/0J0++!%03M-/N*47! ! ! ! ! ! ! ! &Q!
L98'989 )*+,-!Q'&9884! ! ! ! ! ! ! ! &(!
L9889 :V$!_!! ! ! ! ! ! ! ! ! &(!
L98&9 V.!Z*H0-!AO/B0*JJ24,0! ! ! ! ! ! ! ! C'!
L98C I*7*32J!$0H*2!A0/B*,0+! ! ! ! ! ! ! ! C'!
!
K" E6+LA6+$! ! ! ! ! ! ! ! ! ! <!!
Q989 !%03M-/N!I0+*74! ! ! ! ! ! ! ! ! C8!
Q9&9 !W2/HM2/0!AO>>JK! ! ! ! ! ! ! ! ! C8!
!
!
!
!
!
!
!
!
!
!
!
!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! @!
!
/0'1"*&+2"')+'3#+.")"43"#)
!
!"!!#EF!D8!*MF,-=-N*-M=O!
E$6LP56+)$+$L!:3!)I$!QRS!*+',$)-./$+)!6+$!6!
>%'T6%!/+'9:L$+!'U!2:4&'!,$)A'+B!2'345%)63&7S!
,$)A'+B!8$&5+:)7S!,$)A'+B!C636>$($3)!63L!
=+6:3:3>!8$+9:&$4"!!
:*3;!2!E-,O+!-4!H0J*B0/*47!2HB24,0H!)*+,-!
403M-/N!+-JO3*-4+!24H!N00>*47!O>!3-!H230!-4!
3;0!J230+3!)*+,-!30,;4-J-7*0+]!./-%03<=>0/3!
01>J-K!3;0!1-+3!0=>0/*04,0H!24H!`O2J*E*0H!
)*+,-!)0/3E*0H!V430/403M-/N!<=>0/3+![))V<+\]!3-!
H0J*B0/!0=>0/3!403M-/N!+-JO3*-4+!;-M0B0/!
,-1>J0=!-/!+>0,*2J*+0H!3;0!+-JO3*-4]!,-B0/*47!
2JJ!EJ2B-O/+!-E!403M-/N*47]!*4,JOH*47!D-O3*47!
24H!AM*3,;*47]!A0,O/*3K]!:*/0J0++]!Z-*,0!-B0/!V.!
24H!"4*E*0H!)-11O4*,23*-4+]!A0/B*,0!./-B*H0/!
24H!A3-/270!%03M-/N*479!
!+!2!,0/3*E*0H!)*+,-!602/4*47!.2/340/!!++-,*230!
24H!*4!>2/340/*47!M*3;!-3;0/!)*+,-!602/4*47!
.2/340/+!*4!3;0!"a!24H!<O/->0!./-%03<=>0/3!
>/-B*H0!`O2J*3K!2++O/0H!)0/3*E*0H!)*+,-!#/2*4*47!
E-/!3;0*/!,J*043+!24H!H0J07230+!-4!2!>OPJ*,!
+,;0HOJ0!23!3->!3/2*4*47!E2,*J*3*0+!3;/-O7;-O3!
3;0!"a!-/!2+!32*J-/0H!3/2*4*47!24H!M-/N+;->+!
H0J*B0/0H!-4!+*30!23!3;0*/!,O+3-10/!>/01*+0+9!
U-/!403M-/N!+O>>-/3!24H!1242701043!,J*043+!
,24!,;--+0!E/-1!EOJJK!124270H]!1-4*3-/0H!24H!
+O>>-/30H!403M-/N+!3-!->3*47!E-/!3;0!>->OJ2/!
./-%03<=>0/3!))V<!W-3J*40]!7*B*47!,J*043+!
*4+3243!2,,0++!3-!))V<+!2/-O4H!3;0!M-/JH!*4!
2*H*47!3/-OPJ0+;--3*47!-/!,-4E*7O/23*-4!,;2470!
/0`O*/01043+9!
:*3;!+0,O/*3K!P0*47!2!>/*-/*3K!E-/!1-+3!
PO+*40++0+!./-%03<=>0/3b+!,-4+OJ3243+!M-/N!
M*3;!3;0*/!,J*043+!3-!;0J>!3;01!*H043*EK!
BOJ40/2P*J*3*0+!*4!3;0*/!403M-/N+]!3;/-O7;!
>0403/23*-4!30+3*47!24H!+-,*2J!047*400/*47!]!
042PJ*47!3;01!3-!+;O3!H-M4!+0,O/*3K!
M02N40++0+!24H!2,;*0B0!,-1>J*24,09!
!
!"1!8-MVD2-8!
)G%A"6#!%)c!A<DZV)<A!
! G4+*30!24H!D01-30!I0J*B0/K!
! %03M-/N!#/-OPJ0+;--3*47!
! %03M-/N!)-4E*7O/23*-4!
! %03M-/N!!OH*3*47!
! %03M-/N!I0+*74!
! %03M-/N!G>3*1*+23*-4!
! TO+*40++!)-4+OJ3*47!
! ./-F0,3!$242701043!
!
#D!V%V%X!A<DZV)<A!
! ))=!]!))=.]!))V<]!))I<!#/2*4*47!
! A>0,*2J*+3!)0/3*E*,23*-4!#/2*4*47!
! .OPJ*,!A,;0HOJ0!)-O/+0+!
! T0+>-N0!#/2*4*47!
! #2*J-/0H!:-/N+;->+!
! U2,*J*3*0+!2,/-++!3;0!"a!
! )O+3-10/!./01*+0+!I0J*B0/K!
! ))AV!V4+3/O,3-/!./-B*+*-4!
! )-O/+0U-=!
! 62P!D0432J!
!
!
! !
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! S!
!
%<#:GDa!$!%!X<$<%#!
! ))V<!W-3J*40!!
! UOJJK!$24270H!A-JO3*-4+!
! D02J"#*10!$-4*3-/*47!
! T24N!W-J*H2K!AO>>-/3!
! !H"W-,!AO>>-/3!
!
A<)"DV#c!A<DZV)<A!
! .)V!)-1>J*24,0!
! .0403/23*-4!#0+3*47!
! A0,O/*3K!!OH*3+!
! %03M-/N!A0,O/*3K!!++0++1043+!
! )0/3*E*0H!<3;*,2J!W2,N0/![)<W\!#/2*4*47!
!
#<)W%G6GXV<A!
! D-O3*47!24H!AM*3,;*47!
! A0,O/*3K!24H!V/-4>-/3!
! Z-*,0!-B0/!V.![ZGV.\!
! #0J0>/0+04,0!
! A0/B*,0!./-B*H0/!%03M-/N*47!
! A3-/270!%03M-/N*47!
! G>3*,2J!%03M-/N*47!
! )-43043!%03M-/N*47!
! :!%!G>3*1*+23*-4!
! I232!)043/0!%03M-/N*47!
! :*/0J0++!!
! :V$!_!
! V.!Z0/+*-4!S![V>BS\!
! V.!Z*H0-!AO/B0*JJ24,0!
! I*7*32J!$0H*2!A0/B*,0+!
!
W!DI:!D<!
! )*+,-!W2/HM2/0!
! I0+*74!D0,-1104H23*-4+!
!
!"<!M-W-M-,2-!*MFX-2=8!!
./-%03<=>0/3!>/-B*H0!H032*J+!-E!/0,043!>/-F0,3+!
24H!-47-*47!M-/N!-4J*40!-4!3;0*/!M0P+*30!23!
MMM9>/-4030=>0/39,-1!-/!-4!/0`O0+3!PK!
,-432,3*47!*4E-d>/-4030=>0/39,-19!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
! !
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! L!
!
! !
50'&+.!-*)(.&6'!"#$%&"!
!
1"!!F,"8D=-!Y,Z!M-CF=-!Z-GDV-M[!
!
./-%03<=>0/3!-EE0/!3;0*/!,J*043+!24!->3*-4!-E!
+0J0,3*47!*4+3243!H0J*B0/K!-E!M-/N!>/-B*H0H!PK!
2!/01-30!,-4+OJ3243!-/!-4"+*30!H0J*B0/K!-E!
>/-F0,3+!PK!3;0!,-4+OJ3243!23!3;0!,O+3-10/b+!
>/01*+0+9!W-M!3;0!M-/N!*+!,2//*0H!-O3!*+!
H030/1*40H!PK!3;0!3K>0!24H!+,2J0!-E!3;0!M-/N!
24H!*+!H*+,O++0H!M*3;!3;0!,J*043!23!3;0!>/-F0,3!
*4*3*23*-4!>;2+09!
!
1"!"!!F3"8:)$!Z$%:9$+7!
!
#;0!12F-/*3K!-E!403M-/N!>/-F0,3!/0`O*/0!-4"
+*30!*4+32JJ23*-4!24H!,-4E*7O/23*-49!
./-%03<=>0/3!>/-B*H0!>/-F0,3!>J244*47]!
*4+32JJ23*-4]!1242701043]!+O>>-/3!!24H!
`O2J*3K!,-43/-J!E-/!2JJ!+*e0+!-E!-4"+*30!>/-F0,3+9!
!
:;0/0!3;0!>/-F0,3!*+!J2/70/!*4!+,->0!
./-%03<=>0/3!M*JJ!E*/+3!;2B0!3;0*/!,-4+OJ3243+!
,-10!-4!+*30!3-!1003!M*3;!3;0!/0J0B243!
,O+3-10/!+32EE!3-!H*+,O++!3;0*/!0=*+3*47!
403M-/N!+3/O,3O/0!24H!>/-F0,3!/0`O*/01043+]!
24H!M*JJ!>O3!3-703;0/!2!>/->-+2J!E-/!3;0!,J*043!
*JJO+3/23*47!3;0!/0,-1104H0H!>J24!-E!2,3*-4!
E-/!403M-/N!,;2470+!-/!*1>J0104323*-49!
!
G47-*47!M-/N!,24!P0!,2//*0H!-O3!-4"+*30!24H!
/01-30JK!2+!2>>/->/*230!3-!3;0!>/-F0,39!
!
!
1"!"1!M$(')$!Z$%:9$+7!
!
V3!*+!-E304!E-O4H!3;23!124K!,O+3-10/+!+*1>JK!
400H!*4+3243!+O>>-/3!3-!12N0!1*4-/!
,-4E*7O/23*-4!,;2470+9!./-%03<=>0/3!/0,0*B0!
E/0`O043!/0`O0+3+!E/-1!,J*043+!24H!!V#!+32EE!
M;-!400H!;0J>!E/-1!2!)*+,-!0=>0/3!3-!
,-1>J030]!B0/*EK!-/!,J024!O>!403M-/N!H0B*,0!
,-4E*7O/23*-4+9!
!
./-%03<=>0/3!/02J*+0!3;23!4-3!2JJ!H0J*B0/K!
/0`O*/0+!2!+*30!B*+*3!E-/!>/-F0,3!+03O>!24H!,24!
B0/K!`O*,NJK!-/724*+0!2!,-4+OJ3243!3-!M-/N!
M*3;!3;0!,J*043!-4!3;0!+210!H2K!-/!M;04!
400H0H9!
!
D01-30!H0J*B0/K!12K!2J+-!O4H0/32N04!2+!>2/3!
-E!2!J2/70/!>/-F0,3]!M;0/0PK!3;0!./-%03<=>0/3!
,-4+OJ3243!M*JJ!>/0>2/0!H0B*,0!,-4E*7O/23*-4+]!
O4H0/32N0!H0B*,0!EO4,3*-42J*3K!30+3*47!-/!
H0B0J->!>/-F0,3!H0+*74!-/!1242701043!
H-,O104323*-49!
!
1"1!,-=#FMR!=MFQ\G-8EFF=D,]!
!
"3*J*+*47!403M-/N!+,244*47!+-E3M2/0!
./-%03<=>0/3!,24!;0J>!*H043*EK!24H!+-JB0!
403M-/N!*++O0+!-4!3;0!6!%!24H!:!%9!!
!
TK!*H043*EK*47!M;23!3K>0!-E!3/2EE*,!*+!O3*J*+*47!
3;0!12F-/*3K!-E!403M-/N!P24HM*H3;!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! Q!
!
./-%03<=>0/3!,24!/0,-1104H!24H!,-4E*7O/0!
->3*1*+23*-4]!3/2EE*,!+>J*33*47]!>-J*,K!/-O3*47!-/!
`O2J*3K!-E!+0/B*,0!>/-,0HO/0+9!
!HH*3*-42JJK!M;0/0!3;0!>/-PJ01!12K!J*0!*4!
H0B*,0!,-4E*7O/23*-4]!./-%03<=>0/3!,24!
>/-B*H0!2!/01-30!-/!-4"+*30!,-4+OJ3243!3-!
M-/N!M*3;!3;0!,J*043!3-!/0+-JB0!>/-PJ0123*,!
,-4E*7O/23*-4+]!E-/!0=21>J0!3-!04+O/0!3;0!
,-//0,3!EJ-M!-E!403M-/N!3/2EE*,!E-/!+>00H!24H!
/0HO4H24,K9!
!
1"<!,-=#FMR!2F,WD]QMY=DF,!
!
:;04!3;0!403M-/N!;2+!P004!EOJJK!>J2440H!24H!
H0+*740H]!3;0!*1>J0104323*-4!>;2+0!,24!
P07*49!U-/!40M!*4+32JJ23*-4+!./-%03<=>0/3!M*JJ!
3K>*,2JJK!>/0>2/0!3;0!H0B*,0+!>/*-/!3-!3;0*/!+*30!
*4+32JJ23*-4!7*B*47!3;01!3*10!3-!30+3!3;0!H0B*,0!
*+!EOJJK!->0/23*-42J]!3-!*4+32JJ!J230+3!+-E3M2/0!
>23,;0+!24H!3-!>/0",-4E*7O/0!24H!30+3!
,-4E*7O/23*-4+9!GE!,-O/+0!0`O*>1043!,24!P0!
H0J*B0/0H!H*/0,3JK!3-!+*30!24H!,-4E*7O/0H!3;0/0]!
H0>04H*47!-4!3;0!,J*043!/0`O*/01043+9!
!
./-%03<=>0/3!/02J*+0!3;23!3;0*/!,J*043+!2/0!
-E304!,-4,0/40H!2P-O3!3;0!*1>2,3!-E!403M-/N!
,;2470+!24H!M*JJ!M-/N!M*3;!3;0*/!,J*043+!3-!
04+O/0!2>>/->/*230!102+O/01043+!24H!
>J244*47!*+!O4H0/32N04!*4!-/H0/!3-!1*4*1*+0!
H-M4!3*109!U-/!,J*043+!M;-!/0`O*/0!0B04*47!-/!
M00N04H!*4+32JJ23*-4+]!3;*+!,24!P0!2//2470H9!
!
./-%03<=>0/3b+!,-4+OJ3243+!M-/N!3-!04+O/0!
2,,O/230!,-4E*7O/23*-4!-E!H0B*,0+!M;*J+3!
>/-1-3*47!+0,O/*3K]!EO4,3*-42J*3K!24H!
/0HO4H24,K9!
!
1"@!,-=#FMR!YQZD=D,]!
!
!3!3;0!>/-F0,3!*4*3*23*-4!>;2+0!-/!M;04!2!
>/-F0,3!*+!P0*47!O4H0/32N04!*4!/0+>-4+0!3-!
403M-/N!>0/E-/124,0!*++O0+!-/!J*1*323*-4+]!
./-%03<=>0/3!M*JJ!4-/12JJK!,2//K!-O3!24!2OH*3!
-E!3;0!,J*043!403M-/N9!
!
#;*+!2JJ-M+!./-%03<=>0/3!3-!2>>/->/*230JK!
*H043*EK!24H!O4H0/+324H!3;0!0=*+3*47!403M-/N!
*4E/2+3/O,3O/0]!,-4E*7O/23*-4!24H!,-1>-4043+9!!
!OH*3*47!3;0!403M-/N!P0E-/0!403M-/N!H0+*74!
,-1104,0+!;0J>+!./-%03<=>0/3!3-!7*B0!3;0*/!
,J*043+!2!P0330/!0B2JO230H!24H!1-/0!
,-1>/0;04+*B0!+-JO3*-49!
!
%03M-/N+!2OH*3+!,24!2J+-!P0!,-1>J030H!*4!
/0+>-4+0!3-!403M-/N!*++O0+]!M;0/0!3;0!,J*043!
400H+!-4JK!E-/!403M-/N!0//-/+!3-!P0!
O4H0/+3--H!24H!E-/!/0J0B243!1*3*723*-4!
>/-,0HO/0+!3-!P0!+O770+30H9!
!
1"0!,-=#FMR!Z-8D],!
!
./*-/!3-!,2//K*47!-O3!24!*4+32JJ23*-4!>/-F0,3!
./-%03<=>0/3!M*JJ!>O3!3-703;0/!2!H0+*74!
H-,O1043!3;23!7*B0+!*4!P-3;!>*,3O/0!24H!*4!
0=>J2423*-4!2!EOJJ!B*0M!-E!3;0!403M-/N!2+!*3!*+!
7-*47!3-!P0!*1>J010430H9!!
!
I-,O104323*-4!M*JJ!*4,JOH0!403M-/N!
H*27/21+]!V.!2HH/0++*47]!/-O3*47!*4E-/123*-4!
24H!3/2EE*,!EJ-M]!24H!0=>J2423*-4!-E!24K!
2HH*3*-42J!E023O/0+!3-!P0!*1>J010430H]!E-/!
0=21>J0!>-J*,K"P2+0H!/-O3*47!-/!`O2J*3K!-E!
+0/B*,09!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! (!
!
!
I0>04H*47!-4!3;0!+,->0!-E!3;0!>/-F0,3!
./-%03<=>0/3!M*JJ!3K>*,2JJK!1003!M*3;!3;0!
,J*043!>/*-/!3-!3;0!H0+*74!>;2+0!3-!/0B*0M!3;0!
,O//043!403M-/N!*4E/2+3/O,3O/0!24H!H*+,O++!3;0!
*1>2,3!24H!+O*32P*J*3K!-E!>-3043*2J!+-JO3*-4+9!
!
1"H!,-=#FMR!F*=DCD8Y=DF,!
!
:;0/0!+-10!,J*043+!;2B0!2!EO4,3*-42J!
403M-/N]!3;0K!12K!E*4H!3;23!>0/E-/124,0!*+!
7040/2JJK!4-3!1003*47!3;0*/!0=>0,323*-4+!-/!
3;23!*3!+OEE0/+!M;04!,0/32*4!403M-/N!
2>>J*,23*-4+!2/0!*4!O+09!
!
./-%03<=>0/3b+!,-4+OJ3243+!,24!>0/E-/1!2OH*3+!
-4!3;0!403M-/N!3-!*H043*EK!M;K!3;0!403M-/N!*+!
J277*47!24H!/0,-1104H!+-JO3*-4+!3-!*1>/-B0!
*3]!>0/;2>+!3;/-O7;!/-O3*47!->3*1*+23*-4]!
O+*47!`O2J*3K!-E!+0/B*,0![Y-A\!-/!:24!
G>3*1*+23*-4![:!!A\9!
!
1";!\Q8D,-88!2F,8QG=D,]!
!
./-%03<=>0/3!M-/N!M*3;!+0B0/2J!>2/340/!
,-1>24*0+!-EE0/*47!)*+,-!+0/B*,0+]!M;-+0!
047*400/+!O4H0/+324H]!PO3!,244-3!>/-B*H0!
,-1>/0;04+*B0!*4E-/123*-4!-4!3;0!EOJJ!)*+,-!
>/-HO,3!>-/3E-J*-9!!
!
./-%03<=>0/3!,24!>/-B*H0!,-4+OJ3243+!M;-!
,24!23304H!1003*47+!-4!P0;2JE!-E!3;0!,J*043!3-!
P0330/!0=>J2*4!3;0!)*+,-!30,;4-J-7*0+!24H!-EE0/!
7040/2J!H0+*74!2HB*,0!24H!>/-HO,3!7O*H24,09!
!
!
1"K!-V-,D,]8!Y,Z!#--R-,Z8!
!
V4!2HH*3*-4!3-!>/-B*H*47!,-4+OJ324,K!+0/B*,0+!
M*3;*4!4-/12J!M-/N*47!;-O/+]!./-%03<=>0/3!
2J+-!-EE0/!0B04*47!24H!M00N04H!,-4+OJ324,K!
+0/B*,0+]!2+!/0`O*/0H9!
!
!
!
!
!
!
!
!
!
!
!
!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! 8'!
!
70')#(%.%.,'!"#$%&"!
!
<"!!2D82F!2-M=DWD2Y=DF,!=MYD,D,]!
!
./-%03<=>0/3!M-/N!M*3;!+0B0/2J!)*+,-!3/2*4*47!
,-1>24*0+!3-!H0J*B0/!2JJ!-EE*,*2J!)*+,-!3/2*4*47!
,-O/+0+!3;/-O7;-O3!3;0!"a!24H!V/0J24H]!M*3;!
+>0,*E*,!,-O/+0+!P0*47!-EE0/0H!*4!3;0!"A]!
)242H2!24H!IOP2*9!
!
)-O/+0!-EE0/0H!*4,JOH0!))%!]!))I!]!))%.]!
))Z.]!))A.]!))I.]!))V.]!))V<!24H!))I<!
,-O/+0+!2+!M0JJ!2+!2JJ!+>0,*2J*+23*-4!
,0/3*E*,23*-4+!/0`O*/0H!PK!,-1>24*0+!
12*432*4*47!-/!+3/*B*47!3-!2,;*0B0!!./01*0/]!
A*JB0/!-/!X-JH!.2/340/!+323O+!M*3;!)*+,-9!
!
./-%03<=>0/3!>/-B*H0!)*+,-!)0/3*E*0H!#/2*40/+!
3-!,-10!-4"+*30!3-!H0J*B0/!-EE*,*2J!)*+,-!
#/2*4*47!,-O/+0+!E-/!2!J2/70/!4O1P0/!-E!
01>J-K00+!-/!32*J-/0H!3/2*4*47!3;23!E*3+!*4!M0JJ!
M*3;!,-1>24K!/0`O*/01043+!-/!2/-O4H!
01>J-K00+!M;-!,244-3!P0!2M2K!E/-1!3;0*/!
4-/12J!->0/23*-42J!>-+*3*-4!E-/!2!M;-J0!E*B0!-/!
304!H2K!>0/*-H9!
!
<"1!\-8*FR-!=MYD,D,]!
!
./-%03<=>0/3!/02J*+0!3;23!124K!,-1>24K!
01>J-K00+!2/0!4-3!40,0++2/*JK!M-/N*47!3-!
2,;*0B0!)*+,-!)0/3*E*,23*-4]!PO3!*4+302H!M243!
3;0*/!01>J-K00+!3-!P0!1-/0!N4-MJ0H702PJ0!-4!
3;0*/!+>0,*E*,!403M-/N!,-4E*7O/23*-4!-/!3-!
O4H0/+324H!2!+>0,**E*,!>/-HO,3!+039!
!
GE304!./-%03<=>0/3!,24!>/-B*H0!3/2*4*47!23!3;0!
,O+3-10/!>/01*+0+!-/!23!2!3/2*4*47!,043/0!*E!
/0`O*/0H]!3;23!*+!32*J-/0H!3-!1003!3;0!,J*043b+!!
!
0=2,3!/0`O*/01043+9!#;*+!7*B0+!3;0!,J*043!3;0!
->>-/3O4*3K!3-!,;--+0!M;23!3;0K!M243!3-!J02/4!
*4!2!M00N]!>0/;2>+!3;/00!H2K+!E-,O+0H!-4!)*+,-!
/-O30/+!24H!AM*3,;*47]!2!H2K!-4!!A!+!+0,O/*3K!
3/2*4*47!24H!2!H2K!-4!Z-*,09!!
!
<"<!=YDGFM-Z!#FMR8EF*8!
!
$24K!,J*043+!,-432,3!./-%03<=>0/3!J--N*47!4-3!
FO+3!3-!7*B0!3;0*/!01>J-K00+!7040/*,!3/2*4*47]!
PO3!3-!2,3O2JJK!M-/N!M*3;!3;0*/!01>J-K00+!-4!
3;0*/!403M-/N+]!>/-B*H*47!3;01!M*3;!;24H+!-4!
3/2*4*47!24H!2JJ-M*47!3;01!3-!O4H0/+324H!;-M!
3;0*/!403M-/N+!2/0!,-4E*7O/0H9!#;*+!2JJ-M+!3;0!
+3OH043!3-!703!3/2*4*47!3;23!*+!+>0,*E*,!3-!3;0*/!
F-P!/-J09!
!
!+!400H0H!./-%03<=>0/3!,24!>/-B*H0!J2P+!3;23!!
2JJ-M!3;0!+3OH043!3-!30+3!-O3!>-3043*2J!403M-/N!
H0+*74+!-/!+*1OJ230!0=*+3*47!403M-/N!+3/O,3O/0+!
3;23!3;0K!0EE0,3*B0JK!,24!;2B0!2!>J2K!2/-O4H!
M*3;9!
!
<"@!-NYC!*M-*YMY=DF,!
!
G4!3;-+0!J2+3!,-O>J0!-E!H2K+!>/*-/!3-!24!0=21!
-/!M;04!23301>3*47!3-!72*4!/0,0/3*E*,23*-4!
124K!,24H*H230+!+*1>JK!/0`O*/0!2!`O*,N!3M-!-/!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! 88!
!
3;/00!H2K!3->"O>!,-O/+0]!3;23!E-,O+0+!;02B*JK!
-4!E2+3!0=21!>/0>2/23*-4!2+!->>-+0H!3-!EOJJ!
,-O/+0+!M*3;!J2P!+,042/*-+9!
!
./-%03<=>0/3!,230/!E-/!3;0+0!,24H*H230+!PK!
>/-B*H*47!P0+>-N0!3->"O>!-/!/0E/0+;0/!3/2*4*47]!
3K>*,2JJK!23!3;0!,O+3-10/!>/01*+0+9!
!
<"0!=MYD,D,]!GF2Y=DF,8!
!
./-%03<=>0/3!>/-B*H0!*430/42JJK!24H!3;/-O7;!
3;0*/!>2/340/*47!3/2*4*47!,-1>24*0+!,-O/+0+!*4f!
! 6-4H-4!
! XO*JHE-/H!
! T*/1*47;21!
! $24,;0+30/!
! 600H+!
! XJ2+7-M!
! <H*4PO/7;!
! T0JE2+3!
! IOPJ*4!
!
<"H!=MYD,D,]!WY2DGD=D-8!
!
!JJ!3/2*4*47!E2,*J*3*0+!O+0H!PK!./-%03<=>0/3b+!
+3OH043+!-EE0/!2!`O*03!24H!>02,0EOJ!
04B*/-41043!3-!2*H!3;0!,24H*H230b+!J02/4*479!
!JJ!/--1+!2/0!EOJJK!2*/",-4H*3*-40H!24H!
,24H*H230+!M*JJ!P0!>/-B*H0H!M*3;!302!24H!
,-EE00!E2,*J*3*0+!2+!M0JJ!2+!2!E/00!JO4,;9!!
!
./-%03<=>0/3!M*JJ!2J+-!;0J>!3;0!,24H*H230]!2+!
400H0H]!3-!-/724*+0!;-30J+9!
<";!D,8=MQ2=FM8!
!
!JJ!*4+3/O,3-/+!>/-B*H0H!PK!./-%03<=>0/3!2/0!
EOJJK!)*+,-!)0/3*E*0H!AK+301+!V4+3/O,3-/+![))AV!
)0/3*E*0H\9!
!
./-%03<=>0/3!E-,O+!-4!P/*47*47!-4P-2/H!-4JK!
3;-+0!*4+3/O,3-/+!M;-!;2B0!+>043!2!+*74*E*,243!
21-O43!-E!3*10!M-/N*47!4-3!-4JK!2+!3/2*40/]!
PO3!2J+-!*4!3;0!E*0JH]!P0,2O+0!3;0K!P0J*0B0!3;23!
3-!/02JJK!7*B0!3;0*/!,24H*H230+!2!EOJJ!
O4H0/+324H*47!-E!J*E0!+,042/*-+!3;0K!/0`O*/0!24!
*4+3/O,3-/!3;23!O4H0/+324H+!/02J!M-/JH!
403M-/N+!24H!,24!E00H!3;23!0=>0/*04,0!3-!3;0*/!
+3OH043+!3;/-O7;-O3!3;0!,-O/+0!24H!24+M0/!
`O0+3*-4+!/0J23*47!3-!3/O0!403M-/N!!+,042/*-+9!
!
./-%03<=>0/3!,24!>/-B*H0!V4+3/O,3-/+!4-3!-4JK!
*430/42JJK]!PO3!2J+-!3-!1003!>2/340/!,-O/+0!
/0`O*/01043+9!
!
<"K!###"2FQM8-WFN"2F"QR!
!
)-O/+0!*+!./-%03<=>0/3b+!>/*12/K!,-O/+0!
+,;0HOJ*47!24H!P--N*47!+*30]!E/-1!M;0/0!
*4E-/123*-4!24H!+,;0HOJ0+!,24!P0!-P32*40H9!
!
<"J!22Z-!\FF=2YC*8!
!
./-%03<=>0/3!+3/*B0!3-!/012*4!O>"3-"H230!-4!
3;0!40M0+3!-E!)*+,-!)0/3*E*,23*-4+9!)O//043JK!
./-%03<=>0/3!2/0!3;0!-4JK!7J-P2J!>/-B*H0/!-E!
))I<!M/*3304!24H!J2P!3/2*4*47!M*3;!3/2*4*47!
P0*47!H0J*B0/0H!PK!2!)0/3*E*0H!))I<!#/2*40/9!
!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! 8&!
!
!
<"!?!GY\!M-,=YG!
!
./-%03<=>0/3!2/0!,O//043JK!M-/N*47!3-!>/-B*H0!
+3OH043+!24H!)*+,-!)0/3*E*,23*-4!+3OH043+!M*3;!
2,,0++!3-!/01-30!J2P!/2,N!/0432J9!#;*+!*+!
+-103;*47!3;23!+;-OJH!P0!->0/23*-42J!-B0/!3;0!
40=3!,-O>J0!-E!1-43;+9!
!
<"!!!F,-"=F"F,-!=MYD,D,]!8-88DF,8!
!
U-/!3;-+0!+3OH043+!M;-!>/0E0/!-40"3-"-40!
3/2*4*47!+0++*-4+!M*3;!2!`O2J*E*0H!*4+3/O,3-/!
./-%03<=>0/3!,24!2//24709!
!
!A3OH043+!>/0>2/0!E-/!3;0*/!0=21!3;/-O7;!
/01-30!-40"3-"-40!+0++*-4+!3K>*,2JJK!-4!2!-4,0!
>0/!M00N!P2+*+!-/!1-/0!E/0`O043JK!2+!3;0*/!
0=21!703+!,J-+0/9!#;*+!*+!2!>->OJ2/!,;-*,0!
21-47+3!))V<^))I<!,24H*H230+9!
!
!
!
!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! 8C!
!
80'.")1+#9'2(.(,"2".)
!
./-%03<=>0/3!>/-B*H0!2!/2470!-E!403M-/N!
1242701043!+0/B*,0+!3;23!*4,JOH0!2H";-,!
/0+>-4+0!3-!403M-/N!E2*JO/0+!24H!/02J"3*10!
H0B*,0!24H!,*/,O*3!1-4*3-/*47]!M*3;!2!1-/0!
*4+3243!/02,3*B0!/0+>-4+0!E/-1!3;0!./-%03!
AO>>-/3!#0219!!
#;0!./-%03<=>0/3!AO>>-/3!#021!2,3!2+!2!
+*47J0!>-*43!-E!,-432,3!E-/!24K!403M-/N!E2*JO/0!
-/!,-4E*7O/23*-4!*++O0+]!2JJ-M*47!E-/!>/-1>3!
/0+>-4+0!3-!403M-/N!,-4E*7O/23*-4!,;2470!
/0`O0+3+!2+!M0JJ!2+!3-!403M-/N!;2/HM2/0!-/!
,*/,O*3!E2*JO/0]!04+O/*47!12=*1O1!O>3*10!-E!
6!%!24H!:!%!403M-/N+9!
!
@"!!M-YG"=DC-!CF,D=FMD,]!
!
"+*47!:;23+">!X-JH]!2!,-1>/0;04+*B0!/02J"
3*10!1-4*3-/*47!3--J!24H!A*1>J0!%03M-/N!
$242701043!./-3-,-J![A%$.\]!,-4E*7O/0H!-4!
2JJ!1-4*3-/0H!H0B*,0+]!./-%03<=>0/3!,24!
-P+0/B0!3;0!EO4,3*-42J*3K!24H!2B2*J2P*J*3K!-E!
403M-/N!;2/HM2/0]!,*/,O*3+!24H!,-440,3*-4+9!
#;*+!>/-B*H0+!E-/!E2+3!/0+>-4+0!E/-1!#;0!
./-%03!+O>>-/3!3021!-4!403M-/N!E2*JO/0]!
2JJ-M*47!E-/!>/-PJ01+!3-!P0!/0+-JB0H!P0E-/0!
04H"O+0/+!-P+0/B0!3;0!H-M43*109!
!
#;0!O+0!-E!A%$.!2JJ-M+!./-%03<=>0/3!3-!
723;0/!2HH*3*-42J!*4E-/123*-4]!+O,;!2+!/-O30/!
-/!+M*3,;!)."]!101-/K!24H!*430/E2,0!
O43*J*+23*-4]!2+!M0JJ!2+!403M-/N!3/2EE*,!EJ-M!
*4E-/123*-4!24H!P24HM*H3;!O+2709!<B043!J-7+!!
!
,24!P0!12*432*40H!24H!,O+3-1*+0H!`O0/*0+!
,24!P0!PO*J39!
!
#;0!,J*043!M*JJ!P0!>/-B*H0H!M*3;!1-43;JK!
/0>-/3+!;*7;J*7;3*47!403M-/N!>/-PJ01!2/02+]!
>0/E-/124,0!+323*+3*,+]!24H!/0+-O/,0!
O3*J*+23*-4]!7*B*47!3;0!,J*043!+O112/K!
*4E-/123*-4!-4!3;0*/!403M-/N!;02J3;!24H!
12N*47!3;01!2M2/0!-E!>-3043*2J!403M-/N!
BOJ40/2P*J*3*0+9!
!
./-%03<=>0/3!,24!>/-B*H0!3;0!,J*043!M*3;!3;0*/!
-M4!B*0M!-E!3;0!1-4*3-/*47!+-E3M2/0!+-!3;23!
3;0K!,24!+00!24H!723;0/!*4E-/123*-4!2P-O3!
3;0*/!403M-/N!2+!3;0K!/0`O*/0!*39!
!
@"!"!!Y96:%6T:%:)7!C'3:)'+:3>!
!
"+*47!:;23+">!X-JH!24H!A%$.]!./-%03<=>0/3!
M*JJ!1-4*3-/!403M-/N!H0B*,0!2B2*J2P*J*3K]!
*4,JOH*47!;2/HM2/0!2B2*J2P*J*3K]!*430/E2,0!
2B2*J2P*J*3K!24H!P24HM*H3;!O3*J*+23*-49!G4!
E2*JO/0!-E!2!H0B*,0!./-%03<=>0/3!M*JJ!*4E-/1!
3;0!/0J0B243!,J*043!,-432,3!-E!3;0!J-++!24H!M*JJ!
M-/N!M*3;!3;01!3-!04+O/0!3/2EE*,!*+!/-O3*47!
H-M4!2!/0HO4H243!>23;!*E!3;*+!*+!2B2*J2PJ0!24H!
,-1104,0!3/-OPJ0+;--3*47!24H!/0+-JO3*-4!E-/!
3;0!403M-/N!-O32709!
!
!
!
!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! 8R!
!
@"!"1!M$/'+)4!
!
./-%03<=>0/3!M*JJ!>/-B*H0!3;0!,J*043!M*3;!
1-43;JK!403M-/N!/0>-/3+!+O112/*+*47!
1-4*3-/0H!H0B*,0+!2B2*J2P*J*3K!24H!O3*J*+23*-4!
*4E-/123*-4!E-/!3;23!>0/*-H9!
!
@"!"<!F3%:3$!D34)63)!2%:$3)!Y&&$44!
!
#;0!,J*043!M*JJ!P0!>/-B*H0H!M*3;!24!-4J*40!V.!
2HH/0++!3;/-O7;!M;*,;!3;0K!M*JJ!P0!2PJ0!3-!
;2B0!2!+*1*J2/!B*0M!3-!1-4*3-/*47!3;0*/!
403M-/N!2+!H-0+!3;0!./-%03<=>0/3!AO>>-/3!
#021!24H!,24!B*0M!3;0*/!403M-/N!EO4,3*-42J*3K!
24H!+323*+3*,+!*4!/02J"3*10!E-/!3;01+0JB0+9!
!
@"!"@!2'3U:>5+6):'3!2I63>$4!
!
)J*043+!M*JJ!P0!2JJ-M0H!3-!/0`O0+3!O>!3-!8'!
1*4-/!,;2470!/0`O0+3+!>0/!`O2/30/]!M;0/0!2!
1*4-/!,;2470!/0`O0+3!*+!,-4+*H0/0H!3-!32N0!
J0++!3;24!C'!1*4O30+9!!HH*3*-42J!,-4E*7O/23*-4!
,;2470+!-/!,;2470+!3;23!/0`O*/0!1-/0!3;24!C'!
1*4O30+!3-!*1>J01043!M*JJ!P0!O4H0/32N04!-4!2!
>/-F0,3!P2+*+!24H!,;2/70H!2,,-/H*47JK9!
!
@"!"0!Z'&5($3)6):'3!
!
!+!27/00H!PK!3;0!,J*043!./-%03<=>0/3!M*JJ!
12*432*4!403M-/N!H-,O104323*-4!*4,JOH*47!
403M-/N!H*27/21+!24H!,-4E*7O/23*-4+!24H!
,J*043!V#!,-432,3!*4E-/123*-49!#;*+!M*JJ!2JJ-M!
3;0!./-%03<=>0/3!047*400/!3-!`O*,NJK!
O4H0/+324H!3;0!403M-/N!+3/O,3O/0]!/0HO,*47!
3;0!3*10!/0`O*/0H!3-!*H043*EK!403M-/N!H0B*,0+!
-4!3;0!403M-/N!M;04!3/-OPJ0+;--3*47!
403M-/N!*++O0+9!!
!
TK!2/,;*B*47!H0B*,0!,-4E*7O/23*-4!+,/*>3+!
./-%03<=>0/3!M*JJ!`O*,NJK!P0!2PJ0!3-!/0+3-/0!
3;0!EO4,3*-42J*3K!-E!3;0!403M-/N!-4!,-1>J030!
;2/HM2/0!E2*JO/09!
!
@"!"H!C636>$($3)!G:3B!
!
./-%03<=>0/3!M*JJ!0+32PJ*+;!M*3;!3;0!,J*043!2!
Z*/3O2J!./*B230!%03M-/N![Z.%\!J*4N]!3;/-O7;!
M;*,;!./-%03<=>0/3!M*JJ!;2B0!2,,0++!3-!
403M-/N!H0B*,0+!J-,230H!-4!3;0!,J*043!403M-/N!
24H!E/-1!M;0/0!3;0K!,24!12N0!403M-/N!
,;2470+!-4!/0`O0+39!!
!
!
!
!
!
9
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! 8@!
!
:0'&&%"';+)*%."'
!
#;0!./-%03<=>0/3!))V<!W-3J*40!>/-B*H0+!E2+3!
2,,0++!3-!))V<!+O>>-/3!2/-O4H!3;0!7J-P09!
:;0/0!3;0!,J*043!;2+!2!/0`O0+3!3-!;0J>!+03!O>!
-/!,-1>J030!2!,-4E*7O/23*-4!-/!400H+!;0J>!3-!
O4H0/+324H!;-M!2!>/-F0,3!12K!P0!,-1>J030H!
3;0K!,24!O+0!3;0!))V<!;-3J*40!2+!2!E2+3!103;-H!
-E!7033*47!*4!,-432,3!M*3;!2!`O2J*E*0H!))V<9!
!
0"!!EF#!22D-!EF=GD,-!#FMR8!
!
:;04!2!,O+3-10/!,-1>J030+!3;0!))V<!W-3J*40!
E-/1!-4!3;0!MMM9,,*0;-3J*409,-1!M0P+*30!-/!
M/*30+!3-!,,*0;-3J*40d>/-4030=>0/39,-1]!3;0!
`O0/K!*+!*4*3*2JJK!2++*740H!3-!3;0!2>>/->/*230!
))V<!,2307-/K!M;03;0/!*3!*+!2!D-O3*47]!
AM*3,;*47]!A0,O/*3K]!A3-/270!03,!`O0/K9!!
#;0!`O0/K!M*JJ!P0!>*,N0H!O>!PK!3;0!
./-%03<=>0/3!->0/23*-4+!3021!M;-!M*JJ!
,-432,3!3;0!,O+3-10/!24H!2++*74!2!))V<!
,-4+OJ3243!3-!3;0!`O0/K]!E/-1!2!J2/70!>--J!-E!!!
))V<+!M;-!M-/N!E-/!./-%03<=>0/3!7J-P2JJK9!
T-3;!3;0!->0/23*-4+!3021!101P0/!24H!3;0!
047*400/!M*JJ!3;04!M-/N!M*3;!3;0!,O+3-10/!3-!
,-1>J030!3;0*/!403M-/N!/0`O*/010439!
!
!
!
!
!
!
!
!
0"1!Z-GDV-M[!=DC-8!
!
#;0!))V<!W-3J*40!*+!2B2*J2PJ0!&R!;-O/+!2!H2K]!L!
H2K+!2!M00Ng!
!
0"<!###"22D-EF=GD,-"2FC!
!
#-!+OP1*3!2!))V<!W-3J*40!`O0/K!,O+3-10/+!,24!
,-1>J030!3;0!E-/1!-4!3;0!
MMM9,,*0;-3J*409,-1!M0P+*30!-/!PK!M/*3*47!3-!
,,*0;-3J*40d>/-4030=>0/39,-19!
!
!
!
!
!
!
!
!
!
!
!
!
g!:;*J0!))V<!W-3J*40!+3/*B0+!3-!/0+-JB0!`O0/*0+!&R!;-O/+!2!H2K!L!
H2K+!2!M00N]!/0+>-4+0!12K!P0!+J*7;3JK!+J-M0/!-O3+*H0!4-/12J!
"a!M-/N*47!;-O/+!'Q9C'!3-!8Q9C'9!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! 8S!
!
<0'!"&-#%)6'!"#$%&"!
!
H"!!8-2QMD=[!Y88-88C-,=8!
!
./-%03<=>0/3!>/-B*H0!BOJ40/2P*J*3K!
2++0++1043+!HO/*47!M;*,;!3;0*/!,-4+OJ3243+!
,J-+0JK!12>!3;0!403M-/N!2/,;*30,3O/0]!
0=21*40!2JJ!->04!>-/3+]!;-+3+!24H!+0/B*,0+!
M*3;!2,,0++!3-!3;0!:0P]!24H!04+O/0!3;23!3;0+0!
403M-/N!H0B*,0+!2/0!+0,O/09!!
!
!3301>3+!M*JJ!P0!12H0!3-!723;0/!*4E-/123*-4!
+O,;!2+!H-12*4!4210+]!V.!403M-/N!/2470+]!
->0/23*47!+K+301!24H!2>>J*,23*-4+9!!J+-!3-!
*H043*EK!+K+301+!-4!3;0!403M-/N!24H!;-M!3;0K!
2/0!/0J230H9!
!
A0/B*,0+!3;23!2/0!0=>-+0H!3;/-O7;!->04!>-/3+!
[+O,;!2+!;33>]!A$#.!-/!30/1*42J!+0/B*,0+\9!
G4,0!->04!>-/3+!24H!2332,;0H!+0/B*,0+!2/0!
*H043*E*0H]!./-%03<=>0/3!,24!H030/1*40!
M;03;0/!02,;!+0/B*,0!;2+!P004!O>H230H!M*3;!
3;0!1-+3!/0,043!>23,;0+!24H!M*JJ!*H043*EK!
-3;0/!BOJ40/2P*J*3*0+9!!
!
H"1!ZDYG"D,!MY8!8-2QMD=[!
Y88-88C-,=8!
!
I*2J"*4!J*4N+!>-+0!2!>-3043*2J!3;/023!3-!3;0!
*4307/*3K!-E!3;0!403M-/N!+0,O/*3K!+K+3019!
./-%03<=>0/3!0=21*40!H*2J"O>!,-440,3*-4+!
3;23!2JJ-M!01>J-K00+!3-!2,,0++!3;0!403M-/N!
3;/-O7;!>OPJ*,!30J0>;-40!J*40+!-/!-3;0/!H*2J"
O>!,-440,3*-4+9!!
!
X*B04!2!/2470!-E!30J0>;-40!0=,;2470+!3;23!
12K!*4,JOH0!1-H01+]!./-%03<=>0/3!,24!!
!
*H043*EK!32/703!4O1P0/+!3;23!2JJ-M!E-/!/01-30!
2,,0++!24H!,24!23301>3!3-!0=>J-*3!
BOJ40/2P*J*3*0+!*4!3;0!+K+3019!!
!
H"<!#-\!Y**GD2Y=DF,!Y88-88C-,=8!
!
:0P!!>>J*,23*-4!2++0++1043+!0=21*40!M;23!
+0/B*,0+!2/0!P0*47!-EE0/0H!-4!:0P"P2+0H!
>-/32J+!24H!0",-110/,0!2>>J*,23*-4+9!#;*+!
2JJ-M+!./-%03<=>0/3b+!,-4+OJ3243+!3-!*H043*EK!
>-3043*2J!!BOJ40/2P*J*3*0+!M*3;!/0+>0,3!3-!
2O3;043*,23*-4]!2O3;-/*e23*-4]!H232!*4307/*3K]!
H232!,-4E*H043*2J*3K]!24H!,-4+O10/!>/*B2,K!
,-4,0/4+9!!
!
./-%03<=>0/3!,24!30+3!3;0+0!2>>J*,23*-4+!O+*47!
0*3;0/!e0/-"N4-MJ0H70!30+3*47!-/!EOJJ"2,,0++!
30+3*47!3-!0=21*40!3;0!EOJJ!/2470!-E!>-3043*2J!
BOJ40/2P*J*3*0+9!!
!
H"@!#DM-G-88!8-2QMD=[!Y88-88C-,=8!
!
:*/0J0++!403M-/N+]!M;*J0!;*7;JK!,-4B04*043]!
>/0+043!2HH*3*-42J!+0,O/*3K!3;/023+!+*4,0!3;0!
M*/0J0++!+*742J+!2/0!4-3!J*1*30H!PK!3;0!>;K+*,2J!
P-O4H2/*0+!-E!2!3/2H*3*-42J!403M-/N9!!
!
./-%03<=>0/3b+!+0,O/*3K!,-4+OJ3243+!M-/N!M*3;!
3;0!,J*043!3-!*1>J01043!+0,O/0!M*/0J0++!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! 8L!
!
40M3-/N+!24H!>/0B043!M*/0J0++!
,-11O4*,23*-4+!E/-1!P0*47!0=>-+0H!3-!
02B0+H/->>*47!-/!O42O3;-/*e0H!*43/OH0/+9!
!
!!
H"0!8F2DYG!-,]D,--MD,]!
!
A-,*2J!047*400/*47!*4B-JB0+!124*>OJ23*47!
24H^-/!H0,0*B*47!,-1>24K!01>J-K00+!24H!
-3;0/!;O124!/0+-O/,0+!3-!72*4!O42O3;-/*e0H!
2,,0++!3-!2!403M-/N!-/!3-!,-4E*H043*2J!
*4E-/123*-49!!
!
./-%03<=>0/3!M-/N!M*3;!3;0*/!,J*043+!3-!;0J>!
3;01!3-!!*H043*EK!M02N!J*4N+!*4!3;0!+0,O/*3K!
,;2*4!3;/-O7;!0=>J-*323*-4!-E!;O124!
BOJ40/2P*J*3*0+9!!
!
G4,0!*4H*B*HO2J!-/!+K+301*,!M02N40++0+!2/0!
*H043*E*0H]!./-%03<=>0/3!,24!/0,-1104H!
>/-,0HO/0+!H0+*740H!3-!04+O/0!3;23!
01>J-K00+!H-!4-3!H*BOJ70!*4E-/123*-4!3;23!
,-OJH!,-1>/-1*+0!,-1>24K!2++03+9!#;0!+-,*2J!
047*400/*47!2++0++1043!4-3!-4JK!O+0+!32,3*,+!
*4304H0H!3-!72*4!,-4E*H043*2J!*4E-/123*-4]!PO3!
2J+-!3-!*4HO,0!O4+O+>0,3*47!01>J-K00+!3-!
,/0230!BOJ40/2P*J*3*0+!3;23!,24!+OP+0`O043JK!
P0!0=>J-*30H!3-!72*4!2,,0++!3-!,-4E*H043*2J!
*4E-/123*-49!!
!
H"H!=-G-2FCCQ,D2Y=DF,8!
Y88-88C-,=8!
!
./-%03<=>0/3!>/-B*H0!BOJ40/2P*J*3K!30+3*47!*4!
>/*B230!P24N!0=,;2470+!3;23!->0/230!,-1>24K!
B-*,012*J!24H!10++27*47!+K+301+9!
"42O3;-/*e0H!2,,0++!3-!3;0+0!+K+301+!,24!
2JJ-M!24!*43/OH0/!3-!02B0+H/->!-4!24H!
124*>OJ230!01>J-K00!B-*,012*J!10++270+]!
*4*3*230!-O37-*47!,2JJ+!E/-1!*430/42J!,-1>24K!
J*40+]!24H!2,,0++!,-/>-/230!30J0>;-40!
403M-/N+!24H!H*/0,3-/*0+9!!
!
H";!ZY=Y\Y8-!Y88-88C-,=8!
!
)J*043!J*+3+]!,/0H*3!,2/H!/0,-/H+]!24H!-3;0/!
,-4E*H043*2J!*4E-/123*-4!;0JH!*4!H232P2+0+!
1O+3!P0!7*B04!>2/3*,OJ2/!>/-30,3*-4!E/-1!
O42O3;-/*e0H!H*+,J-+O/09!!
!
./-%03<=>0/3!30+3!H232P2+0!*4307/*3K!3-!
H030/1*40!M;03;0/!24K!BOJ40/2P*J*3K!12K!
,-1>/-1*+0!+04+*3*B0!*4E-/123*-49!
!
H"K!*E[8D2YG!8-2QMD=[!
!
!,,0++!3-!,-4E*H043*2J!*4E-/123*-4!,24!-E304!
P0!-P32*40H!PK!+*1>JK!72*4*47!>;K+*,2J!2,,0++!
3-!,-1>24K!>/01*+0+9!./-%03<=>0/3!,-4HO,3+!
-4"+*30!+O/B0*JJ24,0!3-!2++0++!>;K+*,2J!+0,O/*3K!
24H!O+0+!+-,*2J!047*400/*47]!>2++!N0K!
HO>J*,23*-4]!24H!-3;0/!30,;4*`O0+!H0+*740H!3-!
72*4!>;K+*,2J!043/K!*43-!+0,O/0!2/02+!24H!3;0!
403M-/N!+K+3019!
!
V4!2HH*3*-4]!./-%03<=>0/3!-EE0/!A0,O/*3K!
,-4+OJ3*47!A0/B*,0+!-4!2JJ!N*4H+!-E!A0,O/*3K!
0`O*>1043!+O,;!2+!X.A!3/2,N*47]!PO7+!5!32>+!
24H!H030,3-/+]!J*+304*47!H0B*,0+]!30J0>;-40!
04,/K>3*-4]!30J0>;-40!/0,-/H0/+]!2OH*-!PO7+]!
,0JJOJ2/!04,/K>3*-4!24H!30J0>;-40!04,/K>3*-4]!
M*/0J0++!F2110/+]!B-*,0!,;2470/+]!4*7;3!B*+*-4!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! 8Q!
!
1-4-,OJ2/!24H!P*4-,OJ2/+]!,-O430/!
+O/B0*JJ24,0!0`O*>1043]!,-B0/3!B*H0-!
+O/B0*JJ24,0]!7040/*,!))#Z]!P*-103/*,2J!
/0,-74*3*-4]!>0/+-42J!+0,O/*3K!24H!+0JE!
H0E04+09!
!
!
H"J!2-M=DWD-Z!-=ED2YG!EY2R-M!^2-E_!
`!*-,-=MY=DF,!=-8=D,]!=MYD,D,]!
!
./-%03<=>0/3!>/-B*H0!&!H2K!.0403/23*-4!
#0+3*47!,-O/+0+!24H!@!H2K!)0/3*E*0H!<3;*,2J!
W2,N0/!#/2*4*47!*4!3;0!"a]!7*B*47!,24H*H230+!
3;0!->>-/3O4*3K!3-!M-/N!*4!24!*430/2,3*B0!
04B*/-41043!M;0/0!3;0K!2/0!+;-M4!;-M!3-!
+,24]!30+3!24H!;2,N!3;0*/!-M4!+K+301+9!
!
H"J"!!2'5+4$4!Y96:%6T%$!
!
! &!H2K!.0403/23*-4!#0+3*47!E-/!
T07*440/+!
! &!H2K!.0403/23*-4!#0+3*47!!HB24,0H!
! @!H2K!)0/3*E*0H!<3;*,2J!W2,N0/![)<W\!
!
H"J"1!G'&6):'34!
!
!JJ!>OPJ*,!+,;0HOJ0!,-O/+0+!2/0!;0JH!*4!
6-4H-4]!;-M0B0/!./-%03<=>0/3!,24!>/-B*H0!
*4";-O+0!3/2*4*47!7J-P2JJK!-4!/0`O0+39!
!
!
!
!
!
!
!
!
!
!
!
!
!
! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! 8(!
!
=0')"&;.+*+,%"!
!
;"!!MFQ=D,]!Y,Z!8#D=2ED,]!
!
D-O3*47!24H!AM*3,;*47!*+!,-/0!3-!0B0/K!
403M-/N!24H!7--H!H0+*74!-E!3;23!403M-/N!*+!
N0K!3-!->3*1*+*47!>0/E-/124,0]!/0HO4H24,K!
24H!3/2EE*,!EJ-M9!!3!./-%03<=>0/3!)*+,-!<=>0/3+!
E-,O+!-4!H0J*B0/*47!0EE*,*043!24H!;*7;JK!
EO4,3*-42J!/-O3*47!24H!+M*3,;*47!403M-/N+!
M*3;!0=,0JJ043!H0+*74!>/*4,*>J0+!*4!1*4H9!#;0!
./-%03<=>0/3!)*+,-!D-O3*47!24H!AM*3,;*47!
)-4+OJ324,K!A0/B*,0+!*4,-/>-/230!+3/2307*,!
24H!32,3*,2J!>/-F0,3!>J244*47]!403M-/N!H0+*74]!
*4+32JJ23*-4!24H!+O>>-/3!E-/!2JJ!+*e0H!403M-/N!
*4E/2+3/O,3O/0+]!12=*1*+*47!3;0!0EE*,*04,K!!-E!2!
1OJ3*3OH0!-E!/-O3*47!>/-3-,-J+!24H!>/*4,*>J0+9!
!
;"!"!!M'5):3>!=$&I3'%'>:$4!
!
! A323*,!D-O3*47!
! DV.![D-O3*47!V4E-/123*-4!./-3-,-J\!
! GA.U![G>04!A;-/30+3!.23;!U*/+3\!
! <VXD.![<4;24,0H!V430/*-/!X230M2K!
D-O3*47!./-3-,-J\!
! VA"VA![V430/10H*230!AK+301!3-!
V430/10H*230!AK+301\!
! GID![G4!I0124H!D-O3*47\!
! TX.![T-/H0/!X230M2K!./-3-,-J\!
! .TD![.-J*,K!T2+0H!D-O3*47\!!!
! #/2EE*,!<47*400/*47!!
! Y-A![YO2J*3K!-E!A0/B*,0\!
! V>BS![V.!Z0/+*-4!S\!
!
!
!
;"!"1!8A:)&I:3>!=$&I3'%'>:$4!
!
! A>244*47!#/00!./-3-,-J![A#.!^!DA#.!^!
$A#\!
! 62K0/!&!24H!62K0/!C!<3;0/,;2440J+!
! Z*/3O2J!6!%+![Z6!%+\!
! Z6!%!#/O4N*47![VA6!5!Q'&98`\!
! 62K0/!&!A0,O/*3K!
!
;"!"<!D3)$+36%!M'5):3>!*+')'&'%4!
!
V430/42J!D-O3*47!./-3-,-J+!E-/1OJ230!3;0!EJ-M!
-E!3/2EE*,!2,/-++!0B0/K!*430/42J!403M-/N!E-/!
+12JJ!PO+*40++0+!3-!0430/>/*+0!+*e0H!
-/724*+23*-4+9!#;0!>/->0/!,-4E*7O/23*-4!-E!
3;0+0!>/-3-,-J+!04+O/0+!3;0!+0J0,3*-4!-E!
->3*12J]!J-2H"P2J24,0H!24H!/0HO4H243!/-O30+9!!!
./-%03<=>0/3b+!,-4+OJ3243+!M-/N!M*3;!3;0*/!
,J*043+!3-!;0J>!3;01!12=*1*+0!3;0!0EE*,*04,K!
-E!3;0*/!403M-/N+!24H!->3*1*+0!3;0*/!403M-/N!!
>0/E-/124,09!!
!
#;0!./-%03<=>0/3!3021!M*JJ!;0J>!*4!
,-4E*7O/*47f!
!
! DV.![D-O3*47!V4E-/123*-4!./-3-,-J\!
! GA.U![G>04!A;-/30+3!.23;!U*/+3\!
! <VXD.![<4;24,0H!V430/*-/!X230M2K!
D-O3*47!./-3-,-J\!
! VA"VA![V430/10H*230!AK+301!3-!
V430/10H*230!AK+301\!
! .TD![.-J*,K!T2+0H!D-O3*47\!
! #/2EE*,!<47*400/*47!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &'!
!
! Y-A![YO2J*3K!-E!A0/B*,0\!
! D0H*+3/*PO3*-4!
! %03M-/N!$0/70+!24H!GB0/J2>>*47!V.!
2HH/0++*47!
!
!
;"!"@!\'+L$+!]6)$A67!*+')'&'%!
!
T-/H0/!X230M2K!./-3-,-J![TX.\!*+!3;0!,-/0!
V430/403!/-O3*47!>/-3-,-J9!V3!*+!O+0H!3-!
12*432*4!2!32PJ0!-E!V.!403M-/N+!-/!b>/0E*=0+b!
M;*,;!H0+*74230!403M-/N!/02,;2P*J*3K!21-47!
2O3-4-1-O+!+K+301+![!A\9!TX.!H-0+!4-3!O+0!
3/2H*3*-42J!VX.!103/*,+]!PO3!12N0+!/-O3*47!
H0,*+*-4+!P2+0H!-4!>23;]!403M-/N!>-J*,*0+!24H!
,-1>J0=!/OJ0!+03+9!
!
./-%03<=>0/3b+!3021!*4,JOH0+!+0B0/2J!))V<!
A0/B*,0!./-B*H0/!,0/3*E*0H!,-4+OJ3243+!24H!
-EE0/!,-1>/0;04+*B0!)*+,-!A0/B*,0!./-B*H0/!
)-4+OJ324,K9!
!
)*+,-!TX.!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
! TX.!#/24+*3!!O3-4-1-O+!AK+301+!
! TX.!D-O30!A0J0,3*-4!
! .-J*,K!)-43/-J+!
! !33/*PO30+!$24*>OJ23*-4!
! .-J*,K!)-43/-J+!
! *TX.!24H!0TX.!
! A0/B*,0!./-B*H0/!)-440,3*B*3K!
! A,2J*47!A0/B*,0!./-B*H0/!%03M-/N+!
! G>3*1*+23*-4!
!
!
!
!
;"!"0!a56%:)7!'U!8$+9:&$!
!
Y-A![YO2J*3K!-E!A0/B*,0\!/0E0/+!3-!3;0!2P*J*3K!-E!
2!403M-/N!3-!>/-B*H0!*1>/-B0H!+0/B*,0!3-!
+0J0,30H!403M-/N!3/2EE*,!-B0/!B2/*-O+!
O4H0/JK*47!30,;4-J-7*0+!*4,JOH*47!U/210!
D0J2K]!!#$]!<3;0/403!24H!Q'&98!403M-/N+]!
AG%<#]!24H!V."/-O30H!403M-/N+9!!
V4!>2/3*,OJ2/]!Y-A!E023O/0+!>/-B*H0!*1>/-B0H!
24H!1-/0!>/0H*,32PJ0!403M-/N!+0/B*,0!PK!
+O>>-/3*47!H0H*,230H!P24HM*H3;]!V1>/-B*47!
J-++!,;2/2,30/*+3*,+]!2B-*H*47!24H!12427*47!
403M-/N!,-470+3*-4]!+;2>*47!403M-/N!3/2EE*,!
24H!+033*47!3/2EE*,!>/*-/*3*0+!2,/-++!3;0!
403M-/N9!!
)*+,-!Y-A!)-4+OJ324,K!-EE0/*47+!*4,JOH0f!!
! $-HOJ2/!YO2J*3K!-E!A0/B*,0![,J2++!12>+]!
>-J*,K!12>+]!+0/B*,0!>-J*,*0+\!
! )*+,-!)J2++*E*,23*-4!
! %03M-/N"T2+0H!!>>J*,23*-4!D0,-74*3*-4!
[%T!D\!
! )*+,-!!O3-Y-+!
! )*+,-!Y-A!YO0*47!10,;24*+1+![UVUG]!
.Y]!)Y]!66Y\!
! )*+,-!Y-A!)-470+3*-4!!B-*H24,0!
10,;24*+1+![D<I]!:D<I\!
! )*+,-!Y-A!)-470+3*-4!1242701043!
! #/2EE*,!.-J*,*47!5!#/2EE*,!A;2>*47!
! )!D!D230!6*1*3*47!
! )*+,-!6*4N!<EE*,*04,K!10,;24*+1+![)D#.]!
6UV]!)-1>/0++*-4\!
!
!
!
!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &8!
!
;"!"H!D*!V$+4:'3!H!
!
V.BS![V.!B0/+*-4!S\!*+!3;0!J230+3!B0/+*-4!-E!3;0!
V430/403!./-3-,-J![V.\!24H!M*JJ!/0>J2,0!3;0!
0=*+3*47!V.BR!2HH/0++*47!+,;0109!IO0!3-!3;0!
0=>-4043*2J!7/-M3;!-E!3;0!V430/403]!3;0!M-/JH!
*+!+32/3*47!3-!/O4!-O3!-E!>OPJ*,!V.BR!2HH/0++0+!
+O,;!2+![8R8989898\9!./-%03<=>0/3!*+!-40!-E!3;0!
E*/+3!,-4+OJ324,K!,-1>24*0+!3-!-EE0/!3/2*4*47]!
1*7/23*-4+!24H!,-1>J030!40M!H0+*74+!O+*47!V.!
B0/+*-4!S!30,;4-J-7K9!!
I0>J-K*47!V.BS!*4!2!403M-/N!,24!P0!2!
,-1>J*,230H!>/-,0++9!)-4+*H0/23*-4!1O+3!P0!
32N04!4-3!-4JK!-4!3;0!*1>J0104323*-4!-E!V.BS]!
PO3!2J+-!-4!3;0!*1>2,3!-E!24!V.BS!1*7/23*-4!3-!
24!0=*+3*47!V.BR!403M-/N9!!
V.!Z0/+*-4!S!AO>>-/3!A0/B*,0+!*4,JOH0f!!
! I0B0J->*47!V.BS!+3/2307*0+!
! V.BS!/02H*40++!2OH*3+!
! #0+3*47!24H!A327*47!V.BS!+,042/*-+!
! .J244*47!24H!I0+*74*47!3;0!V.BS!
*1>J0104323*-4!!
! UOJJ!V.BS!$*7/23*-4!
! V1>J01043*47!V.BS!#/24+*3*-4!U023O/0+!
! V1>J01043*47!+0,O/0!V.BS!403M-/N+!
! AO>>-/3*47!24H!3/-OPJ0+;--3*47!V.BS!
V4+32JJ23*-4+!
! UOJJ!)*+,-!V.BS!AO>>-/3!!
!
!
;"1!8-2QMD=[!Y,Z!DMF,*FM=!
!
%03M-/N!A0,O/*3K!*+!-40!-E!3;0!1-+3!,/*3*,2J!
,-4,0/4+!E2,*47!-/724*+23*-4+!3-H2K9!!3!
./-%03<=>0/3!)*+,-!<=>0/3+!H0+*74!24H!*4+32JJ!
403M-/N+!3-!2B0/3!010/7*47!3;/023+!24H!
>/-B*H0!/2>*H!/0+>-4+0!3-!+0,O/*3K!B*-J23*-4+9!!
!3!./-%03<=>0/3!2!+0,O/*3K!,OJ3O/0!*+!
->0/230H]!M;0/0PK!2JJ!-E!*4+32JJ23*-4+!2/0!
0=0,O30H!3-!2!+03!-E!;*7;!+0,O/*3K!+324H2/H+9!!
)*+,-!A0,O/*3K!<=>0/3!A>0,*2J*+3+!24H!A0,O/*3K!
))V<+!M*3;!0=>0/3!N4-MJ0H70!24H!0=>0/*04,0!
*4!3;0!)*+,-!A0JE!I0E04H*47!%03M-/N]!>J24!24H!
PO*JH!403M-/N+!3-!P0!A0,O/*3K!)-1>J*243]!3-!
1*4*1*+0!/*+N]!3-!/0HO,0!3;0!PO/H04!-E!V#!
2H1*4*+3/23*-4!24H!12=*1*+0!3;0!+>00H!-E!
/0+>-4+0!3;0!3;/023+!24H!2332,N+9!!
)*+,-!A0,O/*3K!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
! )*+,-!!A!!U*/0M2JJ!)-4E*7O/23*-4!
! )*+,-!.V_!U*/0M2JJ!)-4E*7O/23*-4!
! )*+,-!U*/0M2JJ!A0/B*,0+!$-HOJ0!
! )*+,-!%03M-/N!!,,0++!)-43/-J![%!)\!
! )*+,-!$-4*3-/*47]!!42JK+*+!24H!D0+>-4+0!
AK+301![$!DA\!
! )*+,-!V43/O+*-4!I030,3*-4!AK+301![VIA\!
! )*+,-!V43/O+*-4!./0B043*-4!AK+301![V.A\!
! V.A0,!Z.%!A-JO3*-4+!
! )*+,-!Z.%!)-4,043/23-/!$*7/23*-4+!3-!
!A!!
! )*+,-!II-A!$*3*723*-4!A-JO3*-4+!
! )*+,-!A0,O/*3K!!7043![)*+,-!)A!\!
! )*+,-!!,,0++!)-43/-J!A0/B0/![)*+,-!!)A\!
! )*+,-!V/-4>-/3!:0P!24H!<12*J!U*J30/*47!
!
;"1"!!=I$!2:4&'!Y8Y!W:+$A6%%!
!
#;0!)*+,-!!A!!@@''!A0/*0+!!H2>3*B0!A0,O/*3K!
>/-B*H0+!*430JJ*7043!3;/023!H0E04+0!24H!+0,O/0!
,-11O4*,23*-4+!+0/B*,0+!3;23!+3->!2332,N+!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &&!
!
P0E-/0!3;0K!*1>2,3!PO+*40++!,-43*4O*3K9!#;0!
)*+,-!!A!!@@''!+0/*0+!042PJ0+!-/724*e23*-4+!
3-!J-M0/!3;0*/!H0>J-K1043!24H!->0/23*-4+!
,-+3+!M;*J0!H0J*B0/*47!,-1>/0;04+*B0!+0,O/*3K!
E-/!403M-/N+!-E!2JJ!+*e0+9!
!
)*+,-!!A!!U*/0M2JJ!)-4+OJ324,K!A0/B*,0+!
*4,JOH0f!!
!
! #/24+J23*-4+!24H!)-440,3*-4+!
! !,,0++!)-43/-J!6*+3+![!)6+\!!
! U*/0M2JJ!DOJ0+!
! )-43043!U*J30/*47!
! GPF0,3!X/-O>*47!
! !O3;043*,23*-4]!!O3;-/*e23*-4]!24H!
!,,-O43*47![!!!\!
! !A!!$-HOJ2/!.-J*,K!U/210M-/N!
! !HB24,0H!./-3-,-J!W24HJ*47!
! Z*/3O2J!./*B230!%03M-/N+![Z.%\!
! AA6!Z.%!)-4E*7O/23*-4!^!<2+K!Z.%!
! !4K)-440,3!)J*043!^!)*+,-!Z.%!)J*043!
! U*/0M2JJ!Z*/3O2J*+23*-4!24H!)-430=3+!
! !A!!#/24+>2/043!U*/0M2JJ!
! !A!!U2*J-B0/!24H!D0HO4H24,K!
! A0,O/*3K!!>>J*24,0!I0B*,0!$24270/!
[!AI$\!
! !V."A0,O/*3K!A0/B*,0+![V.A!$-HOJ0\!
!
;"1"1!,$)A'+B!Y&&$44!2'3)+'%!^,Y2_!
!
)*+,-!%!)![%03M-/N!!H1*++*-4!)-43/-J\!
04E-/,0+!24-/724*e23*-4b+!+0,O/*3K!>-J*,*0+!-4!
2JJ!H0B*,0+!+00N*47!403M-/N!2,,0++9!)*+,-!
%03M-/N!!H1*++*-4!)-43/-J![%!)\!2JJ-M+!-4JK!
,-1>J*243!24H!3/O+30H!04H>-*43!H0B*,0+]!+O,;!
2+!.)+]!+0/B0/+]!24H!.I!+]!-43-!3;0!403M-/N]!
/0+3/*,3*47!3;0!2,,0++!-E!4-4",-1>J*243!
H0B*,0+]!24H!3;0/0PK!J*1*3*47!3;0!>-3043*2J!
H21270!E/-1!010/7*47!+0,O/*3K!3;/023+!24H!
/*+N+9!!
)*+,-!%!)!7*B0+!-/724*e23*-4+!2!>-M0/EOJ]!
/-J0+"P2+0H!103;-H!-E!>/0B043*47!
O42O3;-/*e0H!2,,0++!24H!*1>/-B*47!403M-/N!
/0+*J*04,K9!
)*+,-!%!)![%03M-/N!!H1*++*-4!)-43/-J\!
)-4+OJ324,K!A0/B*,0+!*4,JOH0f!
! )*+,-!%!)!!>>J*24,0!)-4E*7O/23*-4!
! V4"P24H!24H!GO3"-E"P24H!)-4E*7O/23*-4!
! )*+,-!#/O+3!!7043!
! )*+,-!A0,O/0!!,,0++!)-43/-J!A0/B0/![!)A\!
! .-+3O/0!!++0++1043!
! )J024!!,,0++!$24270/![)!$\!
! )J024!!,,0++!A0/B0/![)!A\!
!
;"1"<!C'3:)'+:3>S!Y36%74:4!63L!M$4/'34$!
874)$(!^CYM8_!
!
)*+,-!A0,O/*3K!$-4*3-/*47]!!42JK+*+]!24H!
D0+>-4+0!AK+301![$!DA\!>/-B*H0+!+0,O/*3K!
1-4*3-/*47!E-/!403M-/N!H0B*,0+!24H!;-+3!
2>>J*,23*-4+!+O>>-/3*47!P-3;!)*+,-!24H!-3;0/!
B04H-/+9!A0,O/*3K!1-4*3-/*47!M*3;!$!DA!
7/023JK!/0HO,0+!E2J+0!>-+*3*B0+!PK!>/-B*H*47!24!
04H"3-"04H!3->-J-7*,2J!B*0M!-E!3;0!403M-/N]!
M;*,;!;0J>+!*1>/-B0!3;/023!*H043*E*,23*-4]!
1*3*723*-4!/0+>-4+0+]!24H!,-1>J*24,09!!
!
)*+,-!$!DA!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
! $-4*3-/*47!24H!A0,O/*47!W-+3!
!>>J*,23*-4!I0B*,0+!
! )A"$!DA!!/,;*30,3O/0![6-,2J!)-43/-JJ0/!
24H!XJ-P2J!)-43/-JJ0/!,-4E*7O/23*-4\!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &C!
!
! !/,;*B0!24H!D0+3-/0!./-,0HO/0+!
! DO44*47]!,/023*47!24H!,O+3-1*+*47!
/0>-/3+!
! V4,*H043!V4B0+3*723*-4!24H!$*3*723*-4!
! V4307/23*-4!-E!1OJ3*"B04H-/!H0B*,0+!
! DOJ0!)/023*-4!24H!)O+3-1*+23*-4!
! A*7423O/0!24H!6-7!60B0J!#O4*47!
!
!
;"1"@!D3)+54:'3!Z$)$&):'3!63L!*+$9$3):'3!
874)$(4!^DZ8!bD*8_!
!
TO+*40++!403M-/N+!-E!2JJ!+*e0+!E2,0!*4,/02+*47JK!
+->;*+3*,230H!2332,N+!3;23!,24!*1>0H0!
>/-HO,3*B*3K]!-P+3/O,3!2,,0++!3-!2>>J*,23*-4+!
24H!/0+-O/,0+]!24H!H*+/O>3!,-11O4*,23*-4+9!
#;0!)*+,-!V43/O+*-4!./0B043*-4!AK+301![V.A\!
>/-30,3+!3;0!043*/0!403M-/N!M*3;!2!/2470!-E!
H0>J-K1043!->3*-4+9!#;*+!*4J*40]!403M-/N"
P2+0H!H0E04+0!*H043*E*0+]!,J2++*E*0+]!24H!+3->+!
N4-M4!24H!O4N4-M4!3;/023+!3-!K-O/!403M-/N9!
)*+,-!V.A![V43/O+*-4!./0B043*-4!AK+301\!
)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
! )*+,-!R&''!A0/*0+!V.A!)-4E*7O/23*-4!
! )232JK+3!S@''!VAI$"&!TJ2H0!V.A!
)-4E*7O/23*-4!
! V.A!A*7423O/0!)-4E*7O/23*-4!
! V.A!A*7423O/0!#O4*47!
! V.A!A;O44*47!#0,;4*`O0+!
! V.A!!4-12JK!I030,3*-4!
! V.A!A*7423O/0!">H230+!
! V.A!$2*430424,0!
! V.A!!J2/1!)-4E*7O/23*-4!
!
!
;"1"0!2:4&'!8$&5+:)7!Y>$3)!^28Y_!
!
)*+,-!)A!!)*+,-h!A0,O/*3K!!7043![W-+3!
V43/O+*-4!./0B043*-4!AK+301\!*+!3;0!E*/+3!
04H>-*43!+0,O/*3K!+-JO3*-4!3;23!,-1P*40+!
e0/-"O>H230!2332,N!H0E04+0]!>-J*,K"H/*B04!
H232!J-++!>/0B043*-4]!24H!+*7423O/0"P2+0H!
243*B*/O+!H030,3*-4!*4!2!+*47J0!270439!#;*+!
O4*`O0!PJ04H!-E!,2>2P*J*3*0+!H0E04H+!+0/B0/+!
24H!H0+N3->+!272*4+3!+->;*+3*,230H!H2K"e0/-!
2332,N+]!24H!04E-/,0+!2,,0>32PJ0"O+0!24H!
,-1>J*24,0!>-J*,*0+!M*3;*4!2!+*1>J0!
1242701043!*4E/2+3/O,3O/09!
!
)*+,-!)A!!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
! )A!!$242701043!)-4+-J0!
! )A!!)J*043!A03O>!
! )A!!!7043!a*3+!
! W-+3!AK+301+!./-30,3*-4![M*4H-M+!24H!
"4*=\!
! )A!!!>>J*,23*-4!)J2++0+!
! )A!!Z2/*2PJ0+!
! )A!!A0,O/*3K!.-J*,*0+!24H!DOJ0+!
! )A!!AK+301!)-//0J23*-4!DOJ0+!
!
;"1"H!D+'3/'+)!
!
)*+,-!V/-4.-/3!012*J!+0,O/*3K!2>>J*24,0+!2/0!
02+K"3-"H0>J-K!+-JO3*-4+!3;23!H0E04H!012*J!
+K+301+!272*4+3!+>21]!B*/O+0+]!>;*+;*47!24H!2!
B2/*03K!-E!-3;0/!3;/023+9!V3!*+!O+0H!PK!0*7;3!-E!
3;0!304!J2/70+3!VA.+!24H!1-/0!3;24!R'!>0/,043!
-E!3;0!M-/JHb+!J2/70+3!0430/>/*+0+9!#;0+0!
+K+301+!;2B0!2!H01-4+3/230H!2!/0,-/H!-E!
O4>2/2JJ0J0H!>0/E-/124,0]!2,,O/2,K!24H!
/0J*2P*J*3K9!!
!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &R!
!
#;0!)*+,-!V/-4.-/3!A"A0/*0+!*+!2!;*7;",2>2,*3K!
M0P!+0,O/*3K!2>>J*24,0!H0+*740H!3-!,-1P23!
+>KM2/0![M;*,;!;2+!`O*,NJK!0B-JB0H!3-!
P0,-10!-40!-E!3;0!1-+3!+*74*E*,243!,-/>-/230!
+0,O/*3K!*++O0+\!24H!-3;0/!M0P"P2+0H!3;/023+9!
!$-/0!3;24!Q'!>0/,043!-E!,-/>-/230!.)+!2/0!
*4E0,30H!M*3;!+>KM2/0]!K03!J0++!3;24!8'!
>0/,043!-E!,-/>-/23*-4+!;2B0!H0>J-K0H!
>0/*1030/!+>KM2/0!H0E04+0+9!!
!
)*+,-!V/-4>-/3!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
! .-J*,K!62K0/+!^!I0,/K>3*-4!.-J*,*0+!
! D-O3*47!.-J*,*0+!^!!,,0++!.-J*,*0+"D6!
E*J30/*47!^!./0H0E*40H!"D6!)2307-/*0+!!
! )O+3-1!"D6!)2307-/*0+!^!#*10!T2+0H!
.-J*,*0+!
! :0P!/0>O323*-4!E*J30/*47!^!#;0!IZA!!43*"
12JM2/0!<47*40!
! :0P/--3!^!$,!E00!^!W##.A!*4+>0,3*-4!
! !O3;043*,23*-4!
! V4307/23*47!M*3;!2!H*/0,3-/K!+0/B0/!B*2!
6I!.!
! "+*47!10++270!E*J30/+!^!/0H*/0,3!24H!
1-H*EK!10++270+!
! A2E0!H0>J-K1043!24H!H0PO77*47!-E!
10++270!E*J30/+!
! I-12*4!a0K!VH043*E*0H!$2*J!
! A04H0/!./-E*J0!U/210M-/N!B0/*E*,23*-4!!
!
!
!
!
!
!
!
;"<!VFD2-!FV-M!D*!^VFD*_!
!
Z-V.!*+!1-/0!>->OJ2/!3;24!0B0/]!>/*12/*JK!HO0!
3;0!,-+3!+2B*47+!*3!P/*47+!3-!3;0!-/724*+23*-4+!
3;23!01>J-K!*39!!3!./-%03<=>0/3!)*+,-!Z-*,0!
,-4+OJ3243+!M-/N!M*3;!,O+3-10/+!3-!-B0/,-10!
,-4,0/4+!-E!3;0!,-1>J0=!30,;4-J-7K!24H!3-!
H0J*B0/!+1--3;!1*7/23*-4+!24H!*1>/-B01043+!
3-!V.!#0J0>;-4K!403M-/N+9!!
./-%03<=>0/3!-EE0/!,O33*47"0H70!)*+,-!Z-*,0!
-B0/!V.!)-4+OJ324,K!24H!"4*E*0H!
)-11O4*,23*-4+!)-4+OJ3*47]!>/-B*H*47!0=>0/3!
2HB*,0!-4!7040/*,!Z-*,0!-B0/!V.!24H!*4!3;0!
010/7*47!"4*E*0H!)-11O4*,23*-4+!12/N03!
+0710439!!
)*+,-!<=>0/3!A>0,*2J*+3+!>/-B*H0!)*+,-!ZGV.!
AO>>-/3!A0/B*,0+!-4f!!
! )*+,-!)2JJ!$24270/!
! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
! )*+,-!"4*E*0H!)-432,3!)0430/!
! )*+,-!"4*E*0H!$003*47>J2,0!
! )*+,-!V.!)-11O4*,23-/!
! Z-*,0!X230M2K+!
! AV.!
! W9C&C!
! YO2J*3K!-E!A0/B*,0![Y-A\!
! Z-*,0!24H!Z*H0-!)-4E0/04,*47!
! V.!#0J0>;-4K!24H!)*+,-!"4*3K!
! Z-*,0!-B0/!:*/0J0++!6!%![Z-:6!%\!
! $0++270!A0/B*,0!
! )*+,-!D*,;!$0H*2!
! %-4")*+,-!ZGV.!A-JO3*-4+!
!
!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &@!
!
;"<"!!Q3:U:$L!2'((53:&6):'34!C636>$+!
!
)*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
[E-/10/JK!)*+,-!)2JJ!$24270/\!*+!24!0430/>/*+0"
,J2++!V.!30J0>;-4K!,2JJ">/-,0++*47!+K+301!3;23!
>/-B*H0+!3/2H*3*-42J!30J0>;-4K!E023O/0+!2+!M0JJ!
2+!2HB24,0H!,2>2P*J*3*0+]!+O,;!2+!1-P*J*3K]!
>/0+04,0]!>/0E0/04,0]!24H!/*,;!,-4E0/04,*47!
+0/B*,0+9!
!
)*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
AO>>-/3!A0/B*,0+!*4,JOH0f!!
! V4+32JJ23*-4!24H!G>0/23*-4!-E!)*+,-!
"4*E*0H!)-11O4*,23*-4+!$24270/!
! #/-OPJ0+;--3*47!24H!$2*430424,0!-E!
)*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
! V430/42J!,2JJ+!24H!,2JJ+!3-!3;0!.A#%!
! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
! $0H*2!D0+-O/,0+!5!Z-*,0!12*J!
! I*2J!>J24!,-4E*7O/23*-4!)*+,-!"4*E*0H!
)-11O4*,23*-4+!$24270/!
! G4",JO+30/!,-4E*7O/23*-4!
! A0,O/0!)*+,-!"4*E*0H!)-11O4*,23*-4+!V.!
#0J0>;-4K!
! )2JJ!2H1*++*-4!,-43/-J!3-!>/0B043!-B0/"
+OP+,/*>3*-4!-E!3;0!V.!:!%!
! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
! <=>/0++!*4!ADA#!1-H0!
! )2JJ!>/-,0++*47!/0+*J*04,K!*4!/01-30!+*30+!
O+*47!ADA#!5!$X).!!
!
!
!
!
!
;"@!=-G-*M-8-,2-!
!
)*+,-!;2+!H0B0J->0H!24!*44-B23*B0!+-JO3*-4!
3;23!,/0230+!24!i*4">0/+-4i!1003*47!
0=>0/*04,0!-B0/!3;0!,-4B0/70H!403M-/N9!)*+,-!
#0J0./0+04,0!H0J*B0/+!/02J"3*10]!E2,0"3-"E2,0!
*430/2,3*-4+!P03M004!>0->J0!24H!>J2,0+!*4!
3;0*/!M-/N!24H!>0/+-42J!J*B0+!O+*47!2HB24,0H!
B*+O2J]!2OH*-]!24H!,-JJ2P-/23*-4!30,;4-J-7*0+9!!
#;0+0!30,;4-J-7*0+!3/24+1*3!J*E0"+*e0]!;*7;"
H0E*4*3*-4!*1270+!24H!+>23*2J!H*+,/030!2OH*-9!
%-M!*3b+!02+*0/!3;24!0B0/!3-!H*+,0/4!E2,*2J!
0=>/0++*-4+!E-/!3;-+0!,/O,*2J!PO+*40++!
H*+,O++*-4+!24H!407-3*23*-4+!2,/-++!3;0!
iB*/3O2J!32PJ09i!!
#;0!,-1>-4043+!-E!)*+,-!#0J0./0+04,0!O+0!
+324H2/H!30,;4-J-7*0+!*4!,-4FO4,3*-4!M*3;!
+>0,*2J*e0H!2>>J*,23*-4+!24H!;2/HM2/0!3-!
,/0230!24!2>>/-2,;2PJ0!+-JO3*-4!O+*47!3;0!
403M-/N!24H!O4*E*0H!,-11O4*,23*-4+!2+!,-/0!
,-1>-4043+9!
!
./-%03<=>0/3!O4H0/+324H+]!3;23!3;0!400H!3-!
,O3!3/2B0J!,-+3+!P0,-10+!1-/0!*1>-/3243!2+!
POH703+!703!3*7;30/9!GO/!)*+,-!#0J0./0+04,0!
)-4+OJ3243+!M*JJ!;0J>!K-O!H0+*74*47]!*4+32JJ*47]!
->0/23*47]!12*432*4*47!24H!3/-OPJ0+;--3*47!
K-O/!)*+,-!#0J0./0+04,0!Z*H0-!)-4E0/04,*47!
AK+3019!
)*+,-!#0J0./0+04,0!AO>>-/3!A0/B*,0+!*4,JOH0f!
!
! D--1!D02H*40++!!++0++1043![DD!\!O+*47!
3;0!DD!!3--J!
! #0J0./0+04,0!%03M-/N!!/,;*30,3O/0!24H!
%03M-/N!.23;!!++0++1043!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &S!
!
! )*+,-!#0J0./0+04,0!$24270/![)#$\!
A0/B0/!
! )*+,-!#0J0./0+04,0!)#$!A-E3M2/0!
2>>J*,23*-4!
! )*+,-!#0J0./0+04,0!TO+*40++!"4*3![#AT"\!
1OJ3*>-*43!,2>2P*J*3*0+!
! #O4*47!)*+,-!#0J0./0+04,0!)210/2+!
! )*+,-!#0J0./0+04,0!$OJ3*>-*43!AM*3,;!
! )*+,-!#0J0./0+04,0!AK+301!@'']!8''']!
C'''!5!C&''!+0/*0+!
!
!
!
;"0!8-MVD2-!*MFVDZ-M!,-=#FMRD,]!
!
A0/B*,0!./-B*H0/+!2/0!3;0!;02/3!-E!3;0!V430/403!
24H!2/0!,-4+*H0/0H!3-!P0!3;0!,/-M4!,J2++!-E!
V430/403M-/N*479!!
A.!#0,;4-J-7K!*+!O+0H!PK!P*7!PJO0!,;*>!24H!
0430/>/*+0!,O+3-10/+9!./-%03<=>0/3!01>J-K!
+0B0/2J!))V<!A0/B*,0!./-B*H0/!,0/3*E*0H!
,-4+OJ3243+!-EE0/*47!,-1>/0;04+*B0!)*+,-!
A0/B*,0!./-B*H0/!)-4+OJ324,K!-4f!!
! $OJ3*>/-3-,-J!62P0J!AM*3,;*47![$.6A\!
! D-O3*47!24H!#/2EE*,!<47*400/*47!
! V430/10H*230!AK+301!3-!V430/10H*230!
AK+301!)-4E*7O/23*-4![VA"VA\!
! T-/H0/!X230M2K!./-3-,-J![TX.\!
)-4E*7O/23*-4!
! VGA!_D!
! X*72P*3!AM*3,;!D-O30/![)*+,-!XAD!"!8&'''!
+0/*0+\!
! )*+,-!L&'']!)*+,-!LC'']!)*+,-!LR''!5!
)*+,-!LS''!D-O30/!>J23E-/1+!
! )*+,-!!AD!8'''!5!)*+,-!!AD!('''!+0/*0+!
! )*+,-!)DA"8![)2//*0/!D-O3*47!AK+301\!
! )*+,-!%0=O+!@'''!5!)*+,-!%0=O+!L'''!
+0/*0+!
! V.!$OJ3*,2+3!-4!2!J2/70!+,2J0!!
!
;"0"!!C*G8!
!
)*+,-!VGA!$OJ3*>/-3-,-J!62P0J!AM*3,;*47!
[$.6A\!042PJ0+!<430/>/*+0+!24H!A0/B*,0!
./-B*H0/+!3-!PO*JH!40=3"7040/23*-4!*430JJ*7043!
403M-/N+!3;23!H0J*B0/!2!M*H0!B2/*03K!-E!
2HB24,0H]!B2JO0"2HH0H!+0/B*,0+!-B0/!2!+*47J0!
*4E/2+3/O,3O/09!!
#;*+!0,-4-1*,2J!+-JO3*-4!,24!P0!*4307/230H!
+021J0++JK!-B0/!24K!0=*+3*47!*4E/2+3/O,3O/0]!
+O,;!2+!V.]!U/210!D0J2K]!!#$]!-/!<3;0/4039!!
AOP+,/*P0/+!M*3;!H*EE0/*47!2,,0++!J*4N+!,24!P0!
277/07230H!-4!24!$.6A!0H70!M*3;-O3!
,;247*47!3;0*/!,O//043!04B*/-41043+]!2+!$.6A!
*+!*4H0>04H043!-E!2,,0++!30,;4-J-7*0+9!
!
GO/!)*+,-!$.6A!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
! )*+,-!$.6A!62K0/!C!Z.%+!
! )*+,-!$.6A!62K0/!&!Z.%+!
! )*+,-!$.6A!#/2EE*,!<47*400/*47!
! YO2J*3K!-E!A0/B*,0![Y-A\!
! X$.6A!
! V.BS!$.6A!
! U2+3!D0/-O30!
! !4K!#/24+>-/3!-B0/!$.6A![!#-$\!
!
!
!
!
!
!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &L!
!
;"H!8=FMY]-!,-=#FMRD,]!
!
I232!)043/0!*4E/2+3/O,3O/0+!1O+3!0B-JB0!
/2>*HJK!3-!*1>/-B0!/0+*J*04,K]!*4,/02+0!
PO+*40++!/0+>-4+*B040++]!24H!N00>!O>!M*3;!
3;0!7/-M*47!H0124H+!-E!40M!2>>J*,23*-4+]!
M;*J+3!/0HO,*47!-B0/2JJ!>-M0/!,-4+O1>3*-49!!
A3-/270!,-+3+!2/0!7/-M*47!E2+30/!3;24!+0/B0/!
,-+3+]!*4,/02+*47!3;0!400H!E-/!0EE*,*043!24H!
,-+3"0EE0,3*B0!+3-/2709!V4!;*7;JK!,-1>03*3*B0!
04B*/-41043+!3;23!,-1>JK!M*3;!7-B0/41043!
/07OJ23*-4+!E-/!H232!/0,-B0/K]!&R";-O/!2,,0++!
3-!,/*3*,2J!*4E-/123*-4!*+!*1>0/23*B09!!
#;0!./-%03<=>0/3!A3-/270!)-4+OJ324,K!
A0/B*,0+!*4,JOH0!0=>0/3*+0!-4f!
! ZA!%+!!
! j-4*47!
! UV)G%!
! *A)AV!
! VZD!
! U2P/*,!T*4H*47!
! U)V.!5!U*P/0!);2440J+!
! )*+,-!$IA!('''!+0/*0+!
!
!
;";!F*=D2YG!,-=#FMRD,]!
!
)*+,-!->3*,2J!30,;4-J-7K!2,,0J0/230+!+0/B*,0!
H0J*B0/K!3;/-O7;!/01-30!>/-B*+*-4*47!2,/-++!
<3;0/403"042PJ0H!H04+0!M2B0J0473;"H*B*+*-4!
1OJ3*>J0=*47![I:I$\!403M-/N+9!!
!
#;0!G%A!8@R@R!*+!3;0!EJ27+;*>!-E!3;0!)*+,-!
G>3*,2J!>-/3E-J*-]!M;*,;!*4,JOH0+!,-/0]!
0H70^2,,0++]!24H!I:I$!>J23E-/1+!
+O>>-/3*47!2!P/-2H!/2470!-E!>/-B*H0/]!,2//*0/]!
24H!0430/>/*+0!+-JO3*-4+9!!
!
#;0!./-%03<=>0/3!G>3*,2J!%03M-/N*47!
)-4+OJ324,K!A0/B*,0+!*4,JOH0!0=>0/3*+0!-4f!
! $03/-!)-/0![G%A!8@S''!^!G%A!8@R@R!^!
AG%<#!^!AIW!^!$AA.\!
! $03/-!I:I$![G%A!8@R@R!$A#.!^!G%A!
8@@''!A0/*0+!$03/-!I:I$\!
! $03/-!<H70!!,,0++![G%A!8@C&L!^!G%A!
8@C8'!^!AG%<#!^AIW!^!$A..\!
! )*+,-!G>3*,2J!%03M-/N!$242701043!
! )*+,-!#/24+>-/3!$24270/!
!
!
!
;"K!2F,=-,=!,-=#FMRD,]!
!
)*+,-!:!!A!5!!)<!)-4+OJ324,K!P0,-10+!
1-/0!24H!1-/0!*1>-/3243!2+!PO+*40++!
H0124H+!-4!3;0!403M-/N!*4,/02+09!
!./-%03<=>0/3!;2+!)*+,-!:!!A!5!!)<!
)-4+OJ3243+!M;-!,24!;0J>!3-!->3*1*+0!0=*+3*47!
*4E/2+3/O,3O/0+!E-/!;*7;",J2++!,-43043!H0J*B0/K!
24H!>0/E-/124,09!!
)-43*4O0H!)*+,-!))A!AO>>-/3!A0/B*,0+!-4!3;0!
)*+,-!)AA!88@''!)-43043!AM*3,;0+!*+!2J+-!
>/-B*H0H9!!
!
./-%03<=>0/3!)-43043!%03M-/N*47!
,-4+OJ324,K!+0/B*,0+!*4,JOH0+f!
! !>>J*,23*-4!)-43/-J!<47*40!2>>J*24,0!!
! !)<!TJ2H0!!/,;*30,3O/0!
! !)<!)-430=3+!
! !)<!AA6!#0/1*423*-4!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &Q!
!
! A0/B0/!6-2H!T2J24,*47![A6T\!
! 62K0/!R!"!62K0/!L!G>3*1*+23*-4!
! :*H0!!/02!!>>J*,23*-4!A0/B*,0+!
2>>J*24,0!
! :!!A!TJ2H0!!/,;*30,3O/0+!
! %$<":!<!
! :)).!
! )*+,-!:!!A!!>>J*,23*-4!G>3*1*e0/+!
! )*+,-!:!!A!$-P*J0!)J*043!A-JO3*-4!
! )*+,-!6-2H!T2J24,*47!+-JO3*-4+![)*+,-!
)-43043!AM*3,;!)AA!88@''\!
!
!
;"J!#Y,!F*=DCD8Y=DF,!
!
:!%!->3*1*e23*-4!>/-HO,3+!+00N!3-!2,,0J0/230!
2!P/-2H!/2470!-E!2>>J*,23*-4+!2,,0++0H!PK!
H*+3/*PO30H!0430/>/*+0!O+0/+!PK!0J*1*423*47!
/0HO4H243!3/24+1*++*-4+]!+327*47!H232!*4!J-,2J!
,2,;0+]!,-1>/0++*47!24H!>/*-/*3*e*47!H232]!24H!
+3/021J*4*47!,;233K!>/-3-,-J+![0979!)VUA\9!
!
:!%!G>3*1*e23*-4!*+!2!+O>0/+03!-E!:!UA!*4!
3;23!*3!2J+-!2HH/0++0+!AA6"04,/K>30H!!A.!24H!
V43/2403!2>>J*,23*-4+]!$OJ3*10H*2!0"J02/4*47!
2>>J*,23*-4+]!,-1>-4043!30,;4*`O0+!-E!:!%!
G>3*1*e23*-4!*4,JOH*47!:!UA]!)VUA!>/-=K]!
W##.A!./-=K]!10H*2!1OJ3*,2+3*47]!:0P!
,2,;*47!24H!P24HM*H3;!12427010439!
!
:!%!G>3*1*e23*-4!042PJ0+!,O+3-10/+!3-!
2,;*0B0!+OP+3243*2J!J-47!30/1!,-+3!+2B*47+!-4!
J02+0H!J*40!24H!P24HM*H3;!,-+3+9!
./-%03<=>0/3!:!%!G>3*1*+23*-4!+0/B*,0+!
*4,JOH0f!
! :*H0!!/02!!>>J*,23*-4!A0/B*,0+!
2>>J*24,0!
! :!!A!TJ2H0!!/,;*30,3O/0+!
! %$<":!<!
! :)).!24H!:)).B&!
! )2,;*47!^!YGA!^!%<#U6G:!
! )*+,-!:!!A!)043/2J!$24270/!
! )*+,-!:!!A!#/24+>-/3!UJ-M!
G>3*1*e23*-4+![#UG\!
! )*+,-!:!!A!,-4E*7O/23*-4!E-/!)VUA!24H!
%UA!
! )*+,-!:!!A!!>>J*,23*-4!#/2EE*,!.-J*,*0+!
! )*+,-!:!!A!!>>J*,23*-4!G>3*1*e0/+!
! )*+,-!:!!A!$-P*J0!)J*043!A-JO3*-4!
!
!
;"!?!#DM-G-88!,-=#FMRD,]!
!
:*/0J0++!%03M-/N*47!*+!2!N0K!/0`O*/01043!E-/!
1-+3!-/724*+23*-4+!7*B*47!3;01!3;0!2P*J*3K!3-!
>/-B*H0!*4+3243!2,,0++!3-!H232!24H!B-*,0!
M*3;-O3!>;K+*,2J!,-440,3*B*3K!3-!3;0*/!
01>J-K00+!24H!7O0+3+9!
!
./-%03<=>0/3!:*/0J0++!+0/B*,0+!*4,JOH0f!
!
! :*/0J0++!$0+;!403M-/N*47!!
! )*+,-!:*/0J0++!6!%!)-43/-JJ0/+]!6:!..!
+-JO3*-4+]!)*+,-!RR''!+0/*0+!
! )*+,-!RR''!+0/*0+]!)*+,-!&8''!+0/*0+]!
)*+,-!:6)!403M-/N!1-HOJ0![VAD\!
! "4*E*0H!:*/0J0++!!,,0++!.-*43+!24H!
!430442+!
! :*/0J0++!6!%!A-JO3*-4!<47*40![:6A<\!
! )*+,-!:*A$!PJ2H0!
! )*+,-!:*/0J0++!)-43/-J!AK+301!
*1>J0104323*-4+![:)A\!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &(!
!
! )*+,-!VGA!P2+0H!2O3-4-1-O+!:6!%!
+-JO3*-4+!
! :*/0J0++!A*30!+O/B0K+![*0!!*/!$27403\!5!
DU!!42JK+*+!
! :*/0J0++!A>0,3/O1!!42JK+*+![*0!)-74*-!"!
4-M!)*+,-\!
! 6-,23*-4!T2+0H!A0/B*,0+]!6-,23*-4!T2+0H!
!>>J*24,0![6TA\!5!DUVI!#0,;4-J-7K!
! )*+,-!CC''!A0/*0+!$-P*J*3K!A0/B*,0+!
<47*40![$A<\!
! :*/0J0++!6!%!A0,O/*3K!2OH*3+!24H!
*1>J0104323*-4+![Q'&98=]!:.!]!:.!"&]!
!<A\!
! :*/0J0++!6!%!YO2J*3K!-E!A0/B*,0![Y-A\!
! Z-*,0!-B0/!:*/0J0++!6!%![:6!%\!
! :*12=!H0>J-K1043+!
! )*+,-!Q'&9884!A-JO3*-4+!
! %-4")*+,-!Q'&9882]!Q'&9887!24H!Q'&9884!
A-JO3*-4+!
!
;"!?"!!2:4&'!K?1"!!3!
!
Q'&9884!;2+!1O,;!3-!-EE0/!0430/>/*+0+!*4!3;0!
2/02+!-E!3;/-O7;>O3]!/0J*2P*J*3K]!24H!
>/0H*,32P*J*3K9!W-M0B0/!*3!*+!*1>-/3243!E-/!
0430/>/*+0+!3-!0=21*40!3;0!+>0,*E*,!M2K+!*4!
M;*,;!Q'&9884!,24!04;24,0!3;0*/!M*/0J0++!
403M-/N+!24H!3-!+0>2/230!+-10!-E!3;0!;K>0!
E/-1!3;0!E2,3+9!!
!
./-%03!<=>0/3!*+!23!3;0!E-/0E/-43!-E!3;*+!40=3!
7040/23*-4!:*/0J0++!30,;4-J-7K!24H!-EE0/+!
Q'&9884!,-4+OJ324,K!+0/B*,0+!2/-O4H!3;0!
E-JJ-M*47!>-/3E-J*-f!
!
! Q'&9884!$V$G![$OJ3*>J0!V4!"!$OJ*>J0!
GO3\!
! T021!U-/1*47]!A>23*2J!$OJ3*>J0=*47]!
$2=*12J!D23*-!)-1P*47![$D)\!
! R'!$We!);2440J!T-4H*47!
! U/210!!77/0723*-4![$AI"!^!$.I"\!5!
TJ-,N!!,N4-MJ0H701043+!
! &9R!XWe!5!@!XWe!Q'&9884!->0/23*-4+!
! )*+,-!Q'&9884!+-JO3*-4+![40M!
H0>J-K1043+!5!1*7/23*-4+!E/-1!J072,K\!
! W*7;!#;/-O7;>O3!$-H0![W#\!
! )*+,-!88R'!+0/*0+!Q'&9884!!,,0++!.-*43+!
! )*+,-!8&@'!+0/*0+!Q'&9884!!,,0++!.-*43+!
!
!
;"!!!#DCYN!
!
)*+,-!T/-2HP24H!:*/0J0++![:V$!_\!*+!3;0!
*4HO+3/Kk+!E*/+3!04H"3-"04H!V.!40=3"7040/23*-4!
403M-/N![V.!%X%\!+-JO3*-4!3;23!*4307/230+!
J*,04+0H!24H!O4J*,04+0H!M*/0J0++!2,,0++!
30,;4-J-7*0+!*43-!2!,-4B0/70H!V.!+0/B*,0!
H0J*B0/K!2/,;*30,3O/09!TO*J3!-4!3;0!+210!
)2//*0/!<3;0/403!*4E/2+3/O,3O/0!O+0H!PK!,2PJ0]!
M*/0J*40]!24H!1-P*J0!->0/23-/+]!)*+,-!
T/-2HP24H!:*/0J0++!2HH+!$-P*J0!:*$!_]!
:*U*!;-3!+>-3+]!24H!:*U*!10+;]!,/023*47!40M!
->>-/3O4*3*0+!E-/!+0/B*,0!>/-B*H0/+]!
,O+3-10/+]!24H!12/N03+9!!
!
#;0!H0B*,0"!24H!2,,0++"*4H0>04H04,0!042PJ0H!
PK!V.!%X%+]!2J-47!M*3;!3;0!2P*J*3K!3-!0=0/,*+0!
>/0,*+0!,-43/-J!-E!,-4B0/70H!2>>J*,23*-4+!
1024+!3;23!K-O!H0J*B0/!4-3!FO+3!2,,0++]!PO3!
EJ0=*PJ0!>0/+-42J*e0H!0=>0/*04,0+!3-!
+OP+,/*P0/+9!c-O!P0,-10!24!l0=>0/*04,0!
>/-B*H0/m!M;-!,24!,-1124H!7/0230/!
,O+3-10/!J-K2J3K]!P/24H!*1>2,3]!24H!+0/B*,0!
/0B04O09!!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! C'!
!
./-%03<=>0/3!:V$!_!+0/B*,0+!,-B0/f!
!
! )*+,-!T#A!8'&''!
! V<<<Q'&98S0"&''@!$-P*J0!:*$!_!
! )*+,-!A0/B*,0!!>>J*,23*-4!$-HOJ0!E-/!V.!
[A!$V\!
! :*$!_!$*,/-M2B0!!,,0++!
V430/->0/2P*J*3K!
! WAI.!!^!WA".!!^!6#<!
! :*$!_!D2H*-!V430/E2,0![GUI$!^!
GUI$!\!
! )*+,-!T/-2HP24H!:*/0J0++!X230M2K!
[T:X\!
! )*+,-!T:_!T/-2HP24H!:*/0J0++!!,,0++!
AK+301!
! )*+,-!T:_!QC''!A0/*0+!
! )*+,-!V.!%X%!)2//*0/!<3;0/403!
! A0JE"+0/B*,0!+*74O>!24H!>/-B*+*-4*47!
! )*+,-!V430JJ*7043!A0/B*,0+!X230M2K![VAX\!
!
!
;"!1!D*!VDZ-F!8QMV-DGGY,2-!
!
#;0!)*+,-!V.!Z*H0-!AO/B0*JJ24,0!+-JO3*-4!*+!2!
EJ0=*PJ0]!,-1>/0;04+*B0!24H!,-1>J030!
+-JO3*-4!3-!124270!.;K+*,2J!A0,O/*3K9!V3!
*4307/230+!+1--3;JK!M*3;!0=*+3*47]!J072,K!))#Z!
,210/2!+-JO3*-4+!-/!,24!P0!->0/230H!-4!2!
>O/0!V.!J0B0J9!V3!-EE0/+!J*B0!24H!2/,;*B0H!
+3/021+!*4!2JJ!,-11-4!10H*2!E-/123+!24H!
>/-B*H0+!2/,;*B0H!+3-/270!E-/!B*H0-!+3/021+9!!
#;0!./-%03!<=>0/3!A0,O/*3K!,-4+OJ3243+!2/0!23!
3;0!E-/0E/-43!-E!30,;4-J-7K!24H!,24!;0J>!K-O!
1*7/23*47!3-!-/!*4+32JJ*47!2!EOJJ!V.!Z*H0-!
AO/B0*JJ24,0!A-JO3*-4!*4!-/H0/!3-!+2B0!;O70!
21-O43+!-4!->0/23*-42J!,-+3+9!!
)*+,-!V.!Z*H0-!AO/B0*JJ24,0!)-4+OJ324,K!
A0/B*,0+!*4,JOH0!TO+*40++!)-4+OJ324,K!-4!M;K!
3-!1*7/230!3-!2!)*+,-!V.!Z*H0-!AO/B0*JJ24,0!
A-JO3*-4!>JO+!D0"I0+*74]!I0+*74]!G>0/23*-4]!
)-4E*7O/23*-4]!#/-OPJ0+;--3*47!24H!
$2*430424,0!-E!)*+,-!V.!Z*H0-!AO/B0*JJ24,0!
A-JO3*-4+!*4,JOH*47]!A3/021!$24270/]!
O4H0/JK*47!A-J2/*+!*4E/2+3/O,3O/0]!242J-7O0!
,210/2+]!H*7*32J!V.!,210/2+]!H2+;P-2/H+]!.#j!
,210/2+]!H-10+]!Z*H0-!$24270/!24H!A3-/270!
AK+301![Z$AA\]!Z*H0-!AO/B0*JJ24,0!$24270/!
GB0/B*0M![ZA$\]!<4,-H0/+]!I0,-H0/+]!Z*H0-!
AO/B0*JJ24,0!G>0/23*-4!$24270/![ZAG$\!24H!
)*+,-!V.!Z*H0-!AO/B0*JJ24,0!+-JO3*-4+!E-/!3;0!
VAD![V4307/230H!A0/B*,0+!D-O30/\9!!
!
!
;"!<!ZD]D=YG!C-ZDY!8-MVD2-8!
!
#;0!)*+,-!I*7*32J!$0H*2!AK+301!*+!2!
,-1>/0;04+*B0!+O*30!-E!H*7*32J!+*74270]!
<430/>/*+0!#Z]!24H!H0+N3->!B*H0-!2>>J*,23*-4+!
3;23!2JJ-M+!,-1>24*0+!3-!O+0!H*7*32J!10H*2!3-!
*4,/02+0!+2J0+]!04;24,0!,O+3-10/!0=>0/*04,0]!
24H!E2,*J*3230!J02/4*479!!
! I*7*32J!$0H*2!$24270/!
! I*7*32J!A*74270!
! I0+N3->!Z*H0-!
! I*7*32J!$0H*2!<4,-H0/![I$<\!
! )*+,-!Z*H0-!.-/32J![Z.\!
! I*7*32J!$0H*2!.J2K0/![I$.\!
! <430/>/*+0!#Z!
! )*+,-!!)%A!.J23E-/1+!
! Z*H0-!.-/32J!5!)*+,-!V.!#0J0B*+*-
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(! ! C8!
!
>0';(#?1(#"'
!
./-%03<=>0/3!,24!>/-B*H0!3;0*/!,J*043+!M*3;!
2HB*,0!-4!M;23!;2/HM2/0!3-!+0J0,3!*4!-/H0/!3-!
1003!3;0*/!403M-/N!/0`O*/01043+!2+!M0JJ!2+!
M;23!3;0!J230+3!+-E3M2/0!B0/+*-4+!24H!>23,;0+!
2/09!
!
./-%03<=>0/3!M*JJ!2J+-!>/-B*H0!3;0!0`O*>1043!
3-!3;0!,O+3-10/!2+!/0`O*/0H9!
!
K"!!,-=#FMR!Z-8D],!
!
./-%03<=>0/3!,24!;0J>!3-!>O3!3-703;0/!3;0!
403M-/N!H0+*74]!E-/!,O+3-10/+!M;-!M*+;!3-!
*1>/-B0!-/!*1>J01043!2JJ!3K>0+!-E!403M-/N!
*4E/2+3/O,3O/0+9!!
#;*+!12K!*4,JOH0!*H043*EK*47!04H"-E"J*E0!
;2/HM2/0!24H!+O770+3*47!3;0!/0J0B243!
/0>J2,01043+!-/!7040/2JJK!+>0,*EK*47!3;0!
;2/HM2/0!3;23!*+!1-+3!EO4,3*-42J!24H!,-+3!
2>>/->/*230!3-!3;0!,O+3-10/b+!400H+9!
!
K"1!EYMZ#YM-!8Q**G[!
!
./-%03<=>0/3!M-/N!3-!>/-B*H0!;2/HM2/0!-4!
/0`O0+3!3-!3;0*/!,J*043+!23!2!H*+,-O430H!/2309!
!
!
!
)G%#!)#!"A!
!
!
!
U-/!1-/0!*4E-/123*-4!-4!3;0!+0/B*,0+!-EE0/0H!
*4!3;*+!,232J-7O0!>J02+0!,-432,3!3;0!
./-%03<=>0/3!3021!23f!
*4E-d>/-4030=>0/39,-1!
!
nRR!['\!&'C&!QL''RR!<47J*+;!
nR(![Q(\!(@R!L&@!S&!X0/124!
!
-/!B*+*3!-O/!M0P+*30!23f!
MMM9>/-4030=>0/39,-1!
!
!