$ * < $ . 2 5 / $ 7 0 ĕ + ( / < £ % ć /
(ÐWYÐV/RU»QG7XGRP»Q\HJ\HWHP,QIRUPDWLNDL.DU 0ÃGLDÃV2NWDW»VLQIRUPDWLNDL7DQV]ÃN
$NDG»O\PHQWHVHOHNWURQLNXVWDQDQ\DJRN IHMOHV]WÃVÃQHNPÍGV]HUWDQL
ÃVWHFKQLNDLNÃUGÃVHL
$%21<,77+$1'25 DERQ\LWD#LQIHOWHKX
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$EV]WUDNW
$]DNDG»O\PHQWHVWDQDQ\DJIHMOHV]WÃVKDWÃNRQ\V»J»WWÐEEWÃQ\H]ĈLVEHIRO\»VROMD$V]HU]ĈNQHNPHJIHOHOĈLVPHUHWHNNHONHOO UHQGHONH]QLÖN D IRJ\DWÃNRVV»JJDO ÃOĈ HPEHUHN LQIRNRPPXQLN»FLÍV WHUÖOHWHQ WDSDV]WDOW SUREOÃP»LYDO ÃV D] HOHNWURQLNXV WDQDQ\DJRNNDOV]HPEHQW»PDV]WRWWHOY»U»VDLYDONDSFVRODWEDQYDODPLQWSUHFÇ]HQPHJNHOODGQLXND]RQPHWDLQIRUP»FLÍNDW DPHO\HNDODSYHWĈHQV]ÖNVÃJHVHND]DNDG»O\PHQWHVWDQDQ\DJRNHOĈ»OOÇW»V»KR]$QQDNÃUGHNÃEHQKRJ\D]DNDG»O\PHQWHVÇ WÃVL V]DNÃUWĈQHN PLQÃO NHYHVHEE PDQX»OLV PXQN»W NHOOMHQ HOYÃJH]QLH V]ÖNVÃJ YDQ RO\DQ NHUHWUHQGV]HUUH LV DPHO\ NÃSHV DXWRPDWL]»OQLDWDQDQ\DJRNNRQYHUW»O»V»WÇJ\WÐEELGĈÃVHUĈIRUU»VMXWDERQ\ROXOWDEEDNDG»O\PHQWHVÇWÃVLIHODGDWRNPHJRO G»V»UD(PHOOHWWV]ÖNVÃJYDQRO\DQWDQDQ\DJIHMOHV]WÃVLPÍGV]HUWDQUDLVDPHO\D]HVHWHQNÃQWÔMV]HUHSNÐUÐNHWIHODGDWRNDW EHPHQHWHNHW NLPHQHWHNHW DIRO\DPDWRNHJ\P»VUDÃSÖOÃVÃWÃVD]HJ\HVIHMOHV]WÃVLFLNOXVRNDW ÐVV]HIRJODOMD7DQXOP»Q\RP EDQD](/7(,QIRUPDWLNDL.DU»QNLIHMOHV]WHWWÃVDONDOPD]RWWWDQDQ\DJIHMOHV]WÃVLPÍGV]HUWDQWYDODPLQWD]H]WW»PRJDWÍIHMOHV]
WÃVHNHWPXWDWRPEH
.XOFVV]DYDNDNDG»O\PHQWHVHWDQDQ\DJWDQDQ\DJIHMOHV]WÃVLPÍGV]HUWDQPHWDLQIRUP»FLÍ6&250WDQDQ\DJJHQHU»WRU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
%HYH]HWÃV
-ÍPDJDPÍWDRNWDWRND](/7(7HUPÃV]HWWXGRP»Q\LPDMG,QIRUPDWLNDL.DU»Q$PD JDV KDOOJDWÍL OÃWV]»PRN YDODPLQW D V]»PÇWÍJÃSHV ODERURN WHOÇWHWWVÃJH PLDWW KDPDU IHO NHOOHWW LVPHUQHP KRJ\ D IURQW»OLV RNWDW»V KHO\HWW D NHYHUW RNWDW»VEOHQGHG OHDUQLQJ PRGHOOMÃW NHOO DONDOPD]QRP DQQDN ÃUGHNÃEHQ KRJ\ NXU]XVDLPDW D] RNWDW»V PLQĈVÃJÃ QHNPHJWDUW»VDPHOOHWWPLQÃOWÐEEKDOOJDWÍIHOYHKHVVHÃVHOYÃJH]KHVVH$FÃOHOÃUÃVÃQHN ÃUGHNÃEHQ PXOWLPÃGL»V HOHPHNNHO LQWHUDNWÇY SÃOG»NNDO IHODGDWRNNDO ÃV ÐQHOOHQĈU]Ĉ NÃUGÃVHNNHOJD]GDJÇWRWWUÃV]OHWHVHQNLGROJR]RWWGLJLW»OLVWDQDQ\DJRNIHMOHV]WÃVÃEHNH]G
%&
WHPDPHO\HNOHKHWĈYÃWHWWÃNDKDOOJDWÍNV]»P»UDKRJ\ÐQ»OOÍDQDVDM»WLGĈEHRV]W»VXN KR] LOOHV]NHGĈHQ VDM»WÇWKDVV»N HO D WDQDQ\DJRNDW ÇJ\ D J\DNRUODWRN ÃV NRQ]XOW»FLÍN NHUHWÃEHQWÐEELGĈPDUDGWDNRQNUÃWIHODGDWRNSUREOÃP»NPHJROG»V»UDDJ\DNRUO»VUD DKDOOJDWÍNNDOYDOÍGLIIHUHQFL»OWIRJODONR]»VUD
$]ÃYHNVRU»QV]»PRVRO\DQSURMHNWEHQYHWWHPUÃV]WDPHO\HNHJ\LNFÃOMDDNRUV]HUĖ HWDQDQ\DJRNNLGROJR]»VDYROW$)RJ\DWÃNRV6]HPÃO\HN(VÃO\HJ\HQOĈVÃJÃÃUW.Ð]KDV]QÔ 1RQSURILW .IW )6=. »OWDO NRRUGLQ»OW 7023 d$ IL]LNDL ÃV LQIRNRPPXQLN»FLÍV DNDG»O\PHQWHVÇWÃV V]DNPDL K»WWHUÃQHN NLDODNÇW»VDp FÇPĖ SURMHNWEHQ NÐ]HO NÃS]ÃVL SURJUDP ÃV D] H]HNKH] NDSFVROÍGÍ HWDQDQ\DJPRGXORN IHMOHV]WÃVH WÐUWÃQW PHJ 6=(17.$72/1$< ÃV PWVDL (]HQ SURMHNWEHQ QHPFVDN WDQDQ\DJV]HU]ĈNÃQW PĖNÐG WHPNÐ]UHKDQHP3DWDNL0»WÃ:&0DJ\DU,URGDNROOÃJ»PPDOHJ\ÖWWD]WDIHODGDWRWLV PHJNHOOHWWROGDQXQNKRJ\D]HWDQDQ\DJRNDWDNDG»O\PHQWHVPÍGRQSXEOLN»OMXNDSUR MHNW NÐ]SRQWL ,OLDV DODSÔ WDQXO»VV]HUYH]ÃVL NHUHWUHQGV]HUÃEHQ /06 DPHO\ UHJLV]WU»FLÍ XW»QQ\LOY»QRVDQLVHOÃUKHWĈ
0LYHO D NHUHWUHQGV]HU HOĈ]HWHV YL]VJ»ODWD VRU»Q DODSYHWĈ DNDG»O\PHQWHVVÃJL SUREOÃ P»NUD GHUÖOW IÃQ\ 3$7$., D] HWDQDQ\DJRN IHMOHV]WÃVH VRU»Q RO\DQ PHJROG»VRN NLGROJR]»VD Y»OW V]ÖNVÃJHVVÃ DPHO\HN D IHOKDV]Q»OÍN V]»P»UD IRQWRV IXQNFLÍNDW DND G»O\PHQWHVPÍGRQD]HWDQDQ\DJEDLQWHJU»OYDWHV]QHNHOÃUKHWĈYÃ,O\HQIXQNFLÍSÃOG»
XO D OHFNÃN NÐ]WL QDYLJ»FLÍ D] ROGDOWÃUNÃS HOÃUÃVH D OHFNÃEHQ V]HUHSOĈ IRJDOPDN ÃV PDJ\DU»]DWDLNNLJ\ĖMWÃVHÃVPHJWHNLQWÃVHÐQHOOHQĈU]ĈNÃUGÃVHNNLWÐOWÃVHÃVNLÃUWÃNHOÃ VH(]HQPHJROG»VRNQHPFVDNDNRQNUÃWSURMHNWVRU»QKDV]Q»OWNHUHWUHQGV]HUKL»Q\RV V»JDLWKLYDWRWWDNSÍWROQLPLYHOVDMQRVD]/06UHQGV]HUHNDNDG»O\PHQWHVVÃJLSUREOÃP»L
»OWDO»QRVQDN PRQGKDWÍDN D V]ÃOHV NÐUEHQ HOWHUMHGW NHUHWUHQGV]HUHN %ODFNERDUG 'HVLUH/HDUQ0RRGOH6DNDLLOOHWYH,OLDVHJ\LNHVHPIHOHOPHJPDUDGÃN WDODQXOD]DODSYHWĈDNDG»O\PHQWHVVÃJLIHOWÃWHOHNQHN+$+1HWDO)(+£5
.XWDW»VXQNÃVIHMOHV]WÃVÖQNVRU»QDNÐYHWNH]ĈNÃUGÃVHNUHNHUHVWÖNDY»ODV]W
ʊ /ÃWUHKR]KDWÍHRO\DQDNDG»O\PHQWHV+70/DODSÔHWDQDQ\DJIRUP»WXPDMHOHQOHJ HOÃUKHWĈ NOLHQVROGDOL WHFKQROÍJL»N KDV]Q»ODW»YDO DPHO\ NÃSHV PÃUVÃNHOQL YDJ\
PHJV]ÖQWHWQL D WDQXO»VV]HUYH]ÃVL NHUHWUHQGV]HUHNEHQ WDSDV]WDOKDWÍ DNDG»O\PHQ WHVVÃJLSUREOÃP»NDWSOQDYLJ»FLÍVIHOÖOHWHNQHKÃ]NHVKDV]Q»ODWDDYDNIHOKDV]Q»
OÍN»OWDOKDV]Q»OWNÃSHUQ\ĈROYDVÍDONDOPD]»VRNEDQ"
ʊ $WDQDQ\DJHOHPHNNÃSHNYLGHÍNKDQJRNW»EO»]DWRNDQLP»FLÍNVWEYRQDWNR ]»V»EDQPLO\HQVSHFL»OLVLQIRUP»FLÍNPHWDLQIRUP»FLÍNÐVV]HJ\ĖMWÃVHV]ÖNVÃJHV DQQDNÃUGHNÃEHQKRJ\D]RNDNDG»O\PHQWHVHQSXEOLN»OKDWÍDNOHJ\HQHN"
ʊ $WDQDQ\DJRNV]ÐYHJÃWDEHLOOHV]WHQGĈPÃGLDHOHPHNHWÃVD]HOHPHNKH]NDSFVR OÍGÍ PHWDLQIRUP»FLÍNDW KRJ\DQ PLO\HQ HV]NÐ]ÐN KDV]Q»ODW»YDO ÃUGHPHV ÐVV]H J\ĖMWHQL D WDQDQ\DJ V]HU]ĈLWĈO ÔJ\ KRJ\ D] D] DNDG»O\PHQWHVÇWÃVL V]DNÃUWĈ »OWDO NÐQQ\HQOHNWRU»OKDWÍMDYÇWKDWÍOHJ\HQYDODPLQWDONDOPDVOHJ\HQDNÃVĈEELV]»PÇ WÍJÃSHVIHOGROJR]»VUD"
KWWSZFKX8WROVÍKR]]»IÃUÃVLGHMHDXJXV]WXV
7XG»VW»UrKR]]»IÃUÃVPLQGHQNLQHN85/KWWSWXGDVWDUIV]NKX8WROVÍKR]]»IÃUÃVLGHMHDXJXV]WXV
%'
ʊ $XWRPDWL]»OKDWÍHD]HWDQDQ\DJRNNÃV]ÇWÃVHÃVKDLJHQPLO\HQPÃUWÃNEHQ" 0L O\HQHOĈIHOWÃWHOHNÃVIHMOHV]WÃVHNV]ÖNVÃJHVHNHKKH]"
ʊ +RJ\DQY»OWR]LNDWDQDQ\DJIHMOHV]WÃVIRO\DPDWDD]DNDG»O\PHQWHVWDQDQ\DJRNIHM OHV]WÃVHVRU»Q"$]DNDG»O\PHQWHVÇWÃVLV]DNÃUWĈKRJ\DQÃVPHO\OÃSÃVHNEHQW»PR JDWKDWMDKDWÃNRQ\DQDWDQDQ\DJIHMOHV]WÃVW"
$]DNDG»O\PHQWHVHWDQDQ\DJRNNÃV]ÇWÃVÃQHN V]HPSRQWMDLIHOKDV]Q»O»VLOHKHWĈVÃJHL
-ÍNDL(ULNDWDQXOP»Q\»EDQD]DNDG»O\PHQWHVHWDQDQ\DJNÃV]ÇWÃVYRQDWNR]»V»EDQ NLHPHOL D V]RIWYHUHUJRQÍPLDL NÐYHWHOPÃQ\HN IRQWRVV»J»W DPHO\HN D KDV]Q»OKDWÍV»JJDO
»OOQDN NDSFVRODWEDQ D WDQDQ\DJNÃV]ÇWÃV GLGDNWLNDL V]HPSRQWMDLW DPHO\HN EHIRO\»VROM»N DWDQDQ\DJIHOGROJR]»V»QDNKDWÃNRQ\V»J»WDNRPPXQLN»FLÍVHOHPHNNLDODNÇW»V»QDNV]HP SRQWMDLWKDW»VRVV»JD]HJ\HQOĈHVÃO\ĖKDV]Q»ODWKR]]»IÃUKHWĈVÃJIRQWRVV»J»WYDODPLQW UÐYLGHQ ÐVV]HJ]L KRJ\ D] HJ\HV WDQDQ\DJWDUWDOPDNQDN PLO\HQ NÐYHWHOPÃQ\HNQHN NHOO PHJIHOHOQLÖNDKKR]KRJ\DVSHFL»OLVFÃOFVRSRUWRN»OWDOLVKDV]Q»OKDWÍDNOHJ\HQHN
$VSHFL»OLVFÃOFVRSRUWRN»OWDOW»PDV]WRWW HOY»U»VRNDWDWDQDQ\DJRN V]HU]ĈLYHOLV PHJ NHOO LVPHUWHWQL DQQDN ÃUGHNÃEHQ KRJ\ D] ÐVV]H»OOÇWRWW WDQDQ\DJRN PLQÃO V]ÃOHVHEE IHO KDV]Q»OÍL NÐU V]»P»UD KDV]Q»OKDWÍN OHJ\HQHN (]ÃUW D V]DNLURGDORP IHOGROJR]»VD XW»Q ÐVV]H»OOÇWRWWDP HJ\ PÍGV]HUWDQL DM»QO»VW DPHO\EHQ D J\HQJÃQO»WÍ YDN V]ÇQWÃYHV]WĈ V]ÇQYDNVLNHWPR]J»VNRUO»WR]RWWÃUWHOPLOHJDNDG»O\R]RWWYDODPLQWHSLOHSV]L»EDQV]HQ YHGĈ IHOKDV]Q»OÍN LJÃQ\HLW ILJ\HOHPEH YHYĈ HOYHN NHUÖOWHN PHJIRJDOPD]»VUD $%21<, 77+
)RQWRVWXGQXQNKRJ\D]DNDG»O\PHQWHVWDQDQ\DJRNFÃOFVRSRUWM»WQHPNL]»UÍODJDIR J\DWÃNRVV»JJDOÃOĈIHOKDV]Q»OÍNMHOHQWLNKLV]HQDIHOKDV]Q»OÍNDN»U»WPHQHWLOHJWHFKQL NDL YDJ\ WHFKQROÍJLDL RNRNEÍO LV NHUÖOKHWQHN RO\DQ KHO\]HWHNEH DPLNRU D] DNDG»O\
PHQWHV WDQDQ\DJRN HOĈQ\HLW MÍO NL WXGM»N KDV]Q»OQL 3$7$., $%21<,77+ %»UNL PHJWDSDV]WDOKDWMDD]»WPHQHWLVLNHWVÃJÃU]ÃVÃWKDRO\DQV]»PÇWÍJÃSHWKDV]Q»ODPHO\EHQ QHP PĖNÐGLN D KDQJN»UW\D YDJ\ RO\DQ KHO\HQ WDUWÍ]NRGLN DKRO QHP ]DMRQJKDW SO NÍUK»]EDQHJ\OÃJWHUĖLURG»EDQÃVQHP»OOUHQGHONH]ÃVÃUHIÖOKDOOJDWÍ$WÔO]DMRVNÐU Q\H]HWEHQ SO NÐ]ÐVVÃJL WHUHN NÐ]OHNHGÃVL HV]NÐ]ÐN D] DXGLRLQIRUP»FLÍN EHIRJD G»V»EDQ V]LQWÃQDNDG»O\R]RWWOHKHWDIHOKDV]Q»OÍ(]HQ HVHWHNEHQQDJ\RQIRQWRVKRJ\
D YLGHR»OORP»Q\RN IHOLUDWR]YD D] DXGLRWDUWDOPDN SHGLJ V]ÐYHJHV OHÇU»VVDO LV UHQGHONH ]ÃVUH»OOMDQDNWPHQHWLJ\HQJÃQO»W»VLVHOĈIRUGXOKDWKDDKDV]Q»OWNLMHO]ĈQHNDODFVRQ\D NRQWUDV]WDU»Q\D PHUW SÃOG»XO HOÐUHJHGHWW ]DYDUÍ IÃQ\ HVLN D NLMHO]ĈUH SO V]DEDGWÃUL KDV]Q»ODWHVHWÃQYDJ\WÔONLFVLDEH»OOÇWRWWDODSÃUWHOPH]HWWEHWĖPÃUHW$N»UDV]ÇQO»W»VW LV N»URVDQ EHIRO\»VROKDWM»N NÖOVĈ NÐUÖOPÃQ\HN PRQRNUÍP NLMHO]Ĉ HOÐUHJHGHWW QHP V]ÇQKĖPHJMHOHQÇWĈ]DYDUÍPHJYLO»JÇW»V$PR]J»VNRUO»WR]RWWV»JLVOHKHW»WPHQHWLDN»U
$SXEOLN»O»VÍWDH]HQDM»QO»VWIRO\DPDWRVDQEĈYÇWHWWHPÇJ\P»UD]DXWL]PXVVDOÃOĈHPEHUHNLJÃQ\HLYHOLV NLHJÃV]ÖOWUHPÃOKHWĈOHJDNÐ]HOMÐYĈEHQOHV]OHKHWĈVÃJDMDYÇWRWWEĈYÇWHWWNLDG»VPHJMHOHQWHWÃVÃUHLV
%(
HJ\NÃ]WÐUÃVPLDWWGHWHFKQLNDLNÐUÖOPÃQ\HNLVNÐ]UHM»WV]KDWQDNHEEHQSOQHPPĖNÐ GĈHJÃUYDJ\ELOOHQW\ĖKLE»VÃULQWĈSDG$GLJLW»OLVW»EO»NKDV]Q»ODW»Q»OLVHOĈIRUGXOKDW KRJ\HJ\IHOKDV]Q»OÍD]ÃUWQHPIÃUKR]]»EL]RQ\RVIXQNFLÍNKR]PHUWWHVWLDGRWWV»JDLH]W QHP WHV]LN OHKHWĈYÃ SÃOG»XO WÔO DODFVRQ\ DKKR] KRJ\ HOÃUMHQ HJ\ HV]NÐ]W»UDW YDJ\
LNRQW$]»WPHQHWLÃUWHOPLDNDG»O\R]RWWV»JVHPULWNDJRQGROMXQNFVDNDUUDKRJ\VRNV]RU HJ\QHPPHJIHOHOĈHQPHJY»ODV]WRWWEHWĖWÇSXVPLDWWQHKH]HQWXGXQNPHJNÖOÐQEÐ]WHWQL EL]RQ\RV NDUDNWHUHNHW SO QXOOD ÃV 2 EHWĖ YDJ\ I»UDGWV»J PLDWW QHKH]HEEHQ ÃUWÖQN PHJERQ\ROXOWLGHJHQWHUPLQROÍJL»WKDV]Q»OÍV]ÐYHJHNHW
EHQNXWDW»VWYÃJH]WHPD](/7(,QIRUPDWLNDL.DU»QDNKDOOJDWÍLNÐ]ÐWW1 DPHO\EHQD]WLVYL]VJ»OWDPPLO\HQJ\DNUDQIRUGXOHOĈDKDOOJDWÍNNDOKRJ\PRELOLQWHUQHW YDJ\ :,), KDV]Q»ODW»YDO RO\DQ KHO\HNHQ LV YÃJH]QHN RQOLQH WDQXO»VL WHYÃNHQ\VÃJHNHW DPHO\HNHUUHQHPLGH»OLVDNPHUWSÃOG»XO]DMRVDNYDJ\FVDNUÐYLGLGHLJWHV]LNOHKHWĈYÃ D]HOPÃO\HGÃVWD]DQ\DJEDQSOXWD]»VNÐ]EHQ$Y»ODV]DGÍKDOOJDWÍNDQ\LODWNR]RWW ÔJ\KRJ\MHOOHP]ĈU»H]DIDMWDWDQXO»VLWHYÃNHQ\VÃJ$]RNRVPRELOHV]NÐ]ÐNHOWHUMHGÃVÃ YHOPDH]D]DU»Q\YÃOKHWĈHQPÃJQDJ\REEOHQQHDPLPHJHUĈVÇWLDWDQDQ\DJRNDNDG»O\
PHQWHV PHJYDOÍVÇW»V»QDN IRQWRVV»J»W KLV]HQ ]DMRV NÐUQ\H]HWEHQ VHP D] RNWDWÍYLGHÍN KDQJMDVHPP»VKDQJDQ\DJRNQHPKDOOKDWÍDNMÍOH]ÃUWIRQWRVKRJ\IHOLUDWR]RWWYLGHÍN
»OOMDQDNUHQGHONH]ÃVUHYDODPLQWDKDQJDQ\DJRNÃVDYLGHÍNV]ÐYHJHV»WLUDWDLVEL]WRVÇWRWW OHJ\HQ$V]DEDGWÃULLQWHUQHWH]ÃVQÃOJ\DNUDQHOĈIRUGXOKRJ\DPHJYLO»JÇW»VQHPRSWLP»
OLVDNLMHO]ĈVRNHVHWEHQDOLJROYDVKDWÍH]ÃUWNÖOÐQÐVILJ\HOPHWNHOOIRUGÇWDQLDPHJIHOHOĈ NRQWUDV]WDU»Q\UDLOOHWYHIHONHOONÇQ»OQLDPDJDVNRQWUDV]WÔY»OWR]DWRWLOOHWYHDEHWĖPÃUHW Y»OWR]WDW»VLOHKHWĈVÃJHNHW $ NXWDW»VKR]NDSFVROÍGÍDQ D KDOOJDWÍN YÃOHWOHQV]HUĖHQ NLY»
ODV]WRWWFVRSRUWM»YDO1 IÃOLJVWUXNWXU»OWLQWHUMÔWNÃV]ÇWHWWHPDUUÍOKRJ\DNÖOÐQEÐ]Ĉ DNDG»O\PHQWHVVÃJLLU»Q\HOYHNEHWDUW»V»QDNPLO\HQHOĈQ\HLWO»WM»N$KDOOJDWÍNHOPRQGW»N J\DNUDQ V]HPEHVÖOQHN D]]DO KRJ\ D] RNWDWÍN D] HOĈDG»VDLN HPOÃNH]WHWĈLQHN SXEOLN»O»VD VRU»QDSUH]HQW»FLÍWHJ\V]HUĖHQHOPHQWLN3')IRUP»WXPEDDQÃONÖOKRJ\DNÃSHNHWUÐYLG PDJ\DU»]DWWDOO»WQ»N HO ÇJ\QHP PLQGLJ GHUÖO NL SRQWRVDQ PLNÃQW NDSFVROÍGLN D] »EUD D]DGRWWWÃP»KR]9DJ\LVHEEHQD]HVHWEHQLVUHQGNÇYÖOIRQWRVKRJ\DNÃSHN»EU»NV]ÐYH JHV PDJ\DU»]DWWDO OHJ\HQHN NLHJÃV]ÇWYH $ PDJ\DU»]Í YLGHÍNKR] WDUWR]Í WDUWDOPL OHÇU»VRN PHJOÃWÃW LV IRQWRVQDN WDUWRWW»N D KDOOJDWÍN PHUW ÇJ\ QHP IHOWÃWOHQÖO NHOO PHJWHNLQWHQL ÖNOHWÐOWHQLÖNDYLGHÍWDKKR]KRJ\PHJLVPHUKHVVÃNDWDUWDOP»WVĈWÇJ\DYLGHÍEDQHOKDQJ ]RWWLGHJHQV]DYDNQHYHNOHÇU»VLPÍGMDLVHJ\ÃUWHOPĖHQNLGHUÖO7RY»EELHOĈQ\NÃQWNLHPHO WÃND]WLVKRJ\DV]ÐYHJHVOHÇU»VEDQNHUHVQLLVOHKHWPÇJDYLGHÍEDQHJ\HOĈUHQHP
$WDQDQ\DJHOHPHNKH]NDSFVROÍGÍPHWDLQIRUP»FLÍN
$] HWDQDQ\DJRN DNDG»O\PHQWHV HOĈ»OOÇW»V»KR] V]ÖNVÃJ YDQ D WDQDQ\DJRNDW DONRWÍ HOH PHNUHNÃSHNUH KDQJRNUDYLGHÍNUDVWE YRQDWNR]Í PHWDLQIRUP»FLÍNÐVV]HJ\ĖMWÃVÃUH
$] DNDG»O\PHQWHVÇWÃVL V]DNÃUWĈ H]HQ LQIRUP»FLÍN ELUWRN»EDQ NÃSHV D] HOHPHNHW RO\
PÍGRQ»WDODNÇWDQLÃVSXEOLN»OQLKRJ\D]HJ\HQOĈHVÃO\ĖKR]]»IÃUÃVEL]WRVÇWRWWOHJ\HQ
$KKR] KRJ\ D V]ÖNVÃJHV PHWDLQIRUP»FLÍNDW PHJKDW»UR]KDVVDP PHJ NHOOHWW LVPHU NHGQHPD]HJ\HQOĈHVÃO\ĖKR]]»IÃUÃVWW»PRJDWÍWHUYH]ÃVLVWUDWÃJL»NNDO(J\HWHPHVWHU
%)
YH]ÃV7HUYH]ÃVPLQGHQNLQHN(J\HWHPHVWHUYH]ÃVD]RNWDW»VEDQD:HEDNDG»O\PHQ WHVÇWÃVL ÔWPXWDWÍ :&$* LU»Q\HOYHLYHO YDODPLQW D V]DNLURGDORP IHOGROJR]»V»YDO ÐVV]H NHOOHWW J\ĖMWHQHP D ZHEHUJRQÍPLD W»JDEE WHUÖOHWHLYHO D] HPEHUV]»PÇWÍJÃS NRPPXQLN»FLÍ HOPÃOHWHLYHO LOOHWYH HJ\HQOĈ HVÃO\Ė KR]]»IÃUÃVW W»PRJDWÍ PHJROG»VRN PHJWHUYH]ÃVÃYHOIHMOHV]WÃVÃYHONDSFVRODWRVPÍGV]HUHNHWDPHO\HNNHOEL]WRVÇWKDWÍKRJ\
D]HWDQDQ\DJRNÃVDNHUHWUHQGV]HUHNPLQÃOV]ÃOHVHEENÐUEHQKDV]Q»OKDWÍDNOHJ\HQHN (]HQ WÃP»NEDQ WÐEE RO\DQ NLDGY»Q\ LV PHJMHOHQW DPHO\QHN V]HU]ĈMH YDJ\ V]HU]ĈW»UVD YROWDP$%21<,77+$%21<,77+r3$7$.,r07£7(/.,3$7$.,r$%21<,77+
$NÐYHWNH]ĈNEHQÐVV]HIRJODORPKRJ\D]HJ\HVWDQDQ\DJHOHPHNUHYRQDWNR]ÍDQPH O\HND]RNDPHWDLQIRUP»FLÍNDPHO\HNV]ÖNVÃJHVHND]DNDG»O\PHQWHVSXEOLN»O»VKR]
$NÃSHNSXEOLN»O»VDVRU»QV]ÖNVÃJÖQNYDQPDJ»UDDPHJIHOHOĈPLQĈVÃJĖMRJWLV]WD NÃS»OORP»Q\UD6]ÐYHJHVHQPHJOHKHWDGQLDNÃSDO»ÇU»V»WDPHO\HJ\UÐYLGPDJ\DU»
]DWRWYDJ\IRUU»VUDYDOÍKLYDWNR]»VWWDUWDOPD](]HQLQIRUP»FLÍPHJDG»VDHUĈVHQDM»QORWW GHQHPPLQGHQHVHWEHQNÐWHOH]ĈKLV]HQSÃOG»XONLVHEEPÃUHWĖNÃSHNLNRQRNHOKHO\H ]ÃVH VRU»Q QHP »OO UHQGHONH]ÃVUH HOHJHQGĈ KHO\ D NÃSDO»ÇU»V PHJMHOHQÇWÃVÃUH .ÐWHOH]Ĉ YLV]RQWD]DOWHUQDWÇYV]ÐYHJPHJDG»VDDPHO\EHQUÐYLGHQNENDUDNWHUEHQOHNHOO ÇUQXQN PL O»WKDWÍ D NÃSHQ KRJ\ D O»W»VVÃUÖOW NÃSHUQ\ĈROYDVÍ DONDOPD]»VW KDV]Q»OÍ IHOKDV]Q»OÍN LV PHJLVPHUKHVVÃN D NÃS WDUWDOP»W %L]RQ\RV NÃSHN HVHWÃQ SO ERQ\ROXOW JUDILNRQRNQHPHOÃJDUÐYLGDOWHUQDWÇYV]ÐYHJEL]WRVÇW»VDHNNRUV]ÖNVÃJYDQHJ\KRVV]Ô OHÇU»VPHJDG»V»UDLV(]HQOHÇU»VV]LQWÃQDNÃSHUQ\ĈROYDVÍWKDV]Q»OÍIHOKDV]Q»OÍNV]»P»
UDIRQWRVÃVH]HVHWEHQQLQFVWHUMHGHOPLNRUO»WR]»V$NÃSHNHVHWÃQP»VP»VIRUP»WXPRW ÃUGHPHVDONDOPD]QLDSXEOLN»O»VVRU»QKDHJ\VRNV]ÇQEĈO»OOÍIRWÍUÍOYDJ\NHYÃVV]ÇQ EĈO »OOÍ YRQDODV »EU»UÍO HVHWOHJ HJ\ DQLP»OW NÃSUĈO YDQ V]Í +RJ\ D NÃSHN »WDODNÇW»VD DXWRPDWL]»OKDWÍOHJ\HQÃUGHPHVPHJDGQLDNÃSMHOOHJÃWLVIRWÍYRQDODV»EUDDQLP»FLÍ
$NÃSHNPHJMHOHQÇWÃVLPÍGM»UDYRQDWNR]ÍDQLVPHJDGKDWÍNPHWDLQIRUP»FLÍNLO\HQDNÃS LJD]ÇW»V»QDN PÍGMD EDOUD NÐ]ÃSUH MREEUD EDOUD NÐUEHIXWWDWYD MREEUD NÐUEHIXWWDWYD LOOHWYHKRJ\DNÃSQDJ\PÃUHWĖY»OWR]DWDLVHOÃUKHWĈOHJ\HQHDNÃSUHNDWWLQWYD(]HNNLWÐO WÃVHD]RQEDQQHPNÐWHOH]ĈDV]HU]ĈNV]»P»UDPLYHODWDQDQ\DJ»WDODNÇW»V»WYÃJ]ĈV]DN HPEHULVPHJKDW»UR]KDWMDKRJ\DGRWWNÃSHNQÃOPLOHKHWD]RSWLP»OLVPHJMHOHQÃV
$KDQJ»OORP»Q\RNDNDG»O\PHQWHV EHLOOHV]WÃVÃKH] V]ÖNVÃJYDQD PHJIHOHOĈ PLQĈ VÃJĖKDQJ»OORP»Q\UDYDODPLQWDQQDNWHOMHVV]ÐYHJĖOHÇU»V»UDDPHO\DEHV]ÃGÃV D]HJ\ÃE KDQJRNV]ÐYHJHVOHÇU»V»WD GLDOÍJXVRNV]ÐYHJHV»WLUDW»WWDUWDOPD]]D(PHOOHWW PHJNHOODGQLDKDQJ»OORP»Q\KRVV]»WLVÍUDSHUFP»VRGSHUFDODNEDQ$KKR]KRJ\
DKDQJ»OORP»Q\WÐEEIÃOHSODWIRUPRQLVOHM»WV]KDWÍOHJ\HQWÐEEIÃOHIRUP»WXPEDLV»WNHOO DODNÇWDQL DPLW YDJ\ D] DNDG»O\PHQWHVÇWÃVL V]DNÃUWĈ YDJ\ WHOMHV DXWRPDWL]»O»V HVHWÃQ PDJDD]»WDODNÇWÍNHUHWUHQGV]HUYÃJH]KHWHO
7KH 3ULQFLSOHV RI 8QLYHUVDO 'HVLJQ 85/ KWWSZZZQFVXHGXQFVXGHVLJQFXGSXEVBSGRFVSRVWHUSGI 8WROVÍKR]]»IÃUÃVLGHMHIHEUX»U
'HVLJQIRUDOO5/KWWSGHVLJQIRUDOORUJ8WROVÍKR]]»IÃUÃVLGHMHIHEUX»U
8QLYHUVDO 'HVLJQ IRU /HDUQLQJ 8'/ 85/ KWWSZZZXGOFHQWHURUJDERXWXGOXGOJXLGHOLQHV 8WROVÍ KR]]»IÃUÃVLGHMHIHEUX»U
:&$*85/KWWSZZZZFKXIRUGLWDVRN:&$*8WROVÍKR]]»IÃUÃVLGHMHIHEUX»U $NÐWHOH]ĈHQPHJDGDQGÍHOHPHNHWDOHÇU»VEDQNDUDNWHUUHOMHOÐOÐP
&
$YLGHR»OORP»Q\RNHVHWÃQPHJNHOODGQLDYLGHR»OORP»Q\IRUU»V»WYDODPLQWUÐ YLG S»U VRURV WDUWDOPL ÐVV]HIRJODOÍM»W ÃV FVDNÔJ\ PLQW D KDQJ»OORP»Q\RN HVHWÃQ V]ÖNVÃJ YDQ DYLGHÍ WHOMHV V]ÐYHJĖ OHÇU»V»UD $KKR] KRJ\ D YLGHÍ DNDG»O\PHQWHVHQ KR]]»IÃUKHWĈ OHJ\HQ D VLNHW HPEHUHN V]»P»UD LV D]W IHOLUDWR]YD NHOO HOKHO\H]QL D WDQ DQ\DJEDQÇJ\KDUHQGHONH]ÃVUH»OODIHOLUDW»OORP»Q\YDJ\DIHOLUDWV]ÐYHJHDNNRUD]WLV PHOOÃNHOQL NHOO +D D YLGHÍ QHP IHOLUDWR]RWW LOOHWYH QLQFV PHJ KR]]» D IHOLUDW»OORP»Q\
DNNRU D] DNDG»O\PHQWHVÇWÃVL V]DNÃUWĈ IHODGDWD OHV] KRJ\ D IHOLUDWR]»VW HOYÃJH]]H $ YL GHR»OORP»Q\EÍOÃUGHPHVNLY»JQLRO\DQNÃSNRFN»NDWDPHO\HNMÍOEHPXWDWM»NMHOOHP]LN D] DGRWW YLGHÍW KLV]HQ H]HN D ILJ\HOHP IHONHOWÃVÃUH LV DONDOPDVDN YDODPLQW VHJÇWKHWLN DIHOKDV]Q»OÍNDWDQQDNHOGÐQWÃVÃEHQKRJ\O»WW»NHP»UNRU»EEDQDYLGHÍW(EEHQD]HVHW EHQLVPHJNHOODGQLDYLGHR»OORP»Q\KRVV]»WÍUDSHUFP»VRGSHUFDODNEDQ&VDNÔJ\
PLQWDKDQJ»OORP»Q\RNHVHWÃQDYLGHR»OORP»Q\RNQ»OLVWÐEEIRUP»WXPRWIHONHOONÇQ»OQL PHJWHNLQWÃVUHOHWÐOWÃVUH (]HN NRQYHUW»O»VD D] DNDG»O\PHQWHVÇWÃVL V]DNÃUWĈ IHODGDWD LOOHWYHDN»UDXWRPDWL]»OKDWÍ LV$YLGHR»OORP»Q\RNPHJMHOHQÇWÃVÃUH YRQDWNR]ÍDQIRQWRV LQIRUP»FLÍDYLGHÍEH»J\D]»VLPÃUHWHV]ÃOHVVÃJPDJDVV»JLV
$]DQLP»FLÍNHVHWÃQDIRUU»V»OORP»Q\PHJDG»V»QWÔOPHJDGKDWÍD]DQLP»FLÍDO»
ÇU»VDDPHO\XJ\DQD]WDV]HUHSHWWÐOWLEHPLQWDNÃSHNHVHWÃQDNÃSDO»ÇU»V.ÐWHOH]ĈHQPHJ NHOODGQLD]RQEDQD]DOWHUQDWÇYV]ÐYHJHWYDJ\LVDQQDNOHÇU»V»WKRJ\PLWÐUWÃQLND]DGRWW DQLP»FLÍ HOLQGÇW»VD XW»Q (PHOOHWW PHJ NHOO DGQL D]RQ V]ÐYHJHVLQVWUXNFLÍNDW DPHO\HN WDUWDOPD]]»ND]DQLP»FLÍKDV]Q»ODW»KR]V]ÖNVÃJHVLQIRUP»FLÍNDW$]DQLP»FLÍPHJMHOHQÇWà VÃKH]V]ÖNVÃJYDQDEH»J\D]»VLPÃUHWUHLVNÃSSRQWRNEDQV]ÃOHVVÃJPDJDVV»J
$W»EO»]DWRNWDQDQ\DJEDQYDOÍDNDG»O\PHQWHVHOKHO\H]ÃVÃKH]LVV]ÖNVÃJYDQWRY»E EL LQIRUP»FLÍN PHJDG»V»UD ,O\HQ DW»EO»]DW DO»ÇU»VDYDODPLQWDW»EO»]DW WDUWDOP»
QDNV]ÐYHJHVÐVV]HIRJODOÍMDDPHO\HWDW»EO»]DWNÐQQ\HEE»WO»WKDWÍV»J»QDNÃUGHNÃEHQ DNÃSHUQ\ĈROYDVÍDONDOPD]»VRNIHOROYDVQDNDIHOKDV]Q»OÍNV]»P»UD
$WDQDQ\DJRNEDQDN»UOHWÐOWKHWĈ»OORP»Q\RNDWLVHOKHO\H]KHWQHNDV]HU]ĈN(EEHQ D] HVHWEHQ PHJ NHOO DGQL DIRUU»V»OORP»Q\W DOHWÐOWKHWĈ I»MO FÇPÃW D NDSFVROÍGÍ LQVWUXNFLÍWPDJ\DU»]DWRW DPHO\EHQ D V]HU]Ĉ OHÇUMD KRJ\ PL D FÃOMD D] DGRWW »OOR P»Q\QDNPLO\HQLQIRUP»FLÍWKRUGR]YDODPLQWPHJNHOODGQLDI»MOPÃUHWÃWGHH]XWÍEEL DGDWDXWRPDWLNXVDQLVPHJKDW»UR]KDWÍD]»WDODNÇW»VVRU»Q
$WDQDQ\DJRNEDQJ\DNUDQRO\DQVSHFL»OLVHOHPHNHWLVHOKHO\H]QHNDV]HU]ĈNDPH O\HN ÐQ»OOÍ EH»J\D]»VL NÍGGDO UHQGHONH]QHN SO 3UH]LEHQ NÃV]ÖOW SUH]HQW»FLÍ (NNRU V]ÖNVÃJYDQD]RQ+70/NÍGUDDPHOO\HOD]HOHPEH»J\D]KDWÍDWDQDQ\DJEDDVSHFL»
OLVHOHPFÇPÃUHÃVD]LQVWUXNFLÍPDJ\DU»]DWPHJDG»V»UD(]XWÍEELEDQNHOOOHÇUQL KRJ\PLÃUWNHUÖOWDPHJWHNLQWKHWĈI»MODWDQDQ\DJEDPLO\HQLQIRUP»FLÍNDWKRUGR](]HQ VSHFL»OLVHOHPHNDNDG»O\PHQWHVÇWÃVÃUHQLQFV»OWDO»QRVUHFHSWÇJ\D]DNDG»O\PHQWHVÇWÃVL V]DNÃUWĈQHNHJ\HGLOHJNHOOPÃUOHJHOQLHKRJ\PLO\HQPHJROG»VRNDWIRJKDV]Q»OQL
6DEORQRNDPHWDLQIRUP»FLÍNÐVV]HJ\ĖMWÃVÃKH]
&ÃOXQND]YROWKRJ\DV]HU]ĈNPLQÃOHJ\V]HUĖEEHQPHJDGKDVV»NDWDQDQ\DJRNV]ÐYH JÃWDEH»J\D]DQGÍHOHPHNHWÃVD]RNPHWDLQIRUP»FLÍLWYDODPLQWH]HQIRUU»VRNDONDOPD
&!
VDNOHJ\HQHNDNÃVĈEELJÃSLIHOGROJR]»VUDDWDQDQ\DJRNDXWRPDWL]»OWHOĈ»OOÇW»V»UD0LYHO DWDQDQ\DJRNV]HU]ĈLWĈOQHPIHOWÃWOHQÖOY»UKDWXQNHOKDODGÍV]»PÇWÍJÃSNH]HOĈLLVPHUH WHNHWD]WD]XWDWY»ODV]WRWWXNKRJ\DV]HU]ĈND]»OWDOXNP»UMÍOLVPHUWV]ÐYHJV]HUNHV]WĈ ÃV W»EO»]DWNH]HOĈ DONDOPD]»VRNDW KDV]Q»OYD DGKDVV»N PHJ D V]ÖNVÃJHV LQIRUP»FLÍNDW
$ WDQDQ\DJV]ÐYHJHV WDUWDOP»QDN PHJDG»V»UD HJ\ 57) IRUP»WXPÔ VDEORQW KR]WDP OÃWUHDPHO\QHNWDUWDOPDD7023d$IL]LNDLÃVLQIRNRPPXQLN»FLÍVDNDG»O\PHQ WHVÇWÃV V]DNPDL K»WWHUÃQHN NLDODNÇW»VDp FÇPĖ SURMHNW PÍGV]HUWDQL PXQNDFVRSRUWM»QDN MDYDVODWDLDODSM»QNHUÖOWPHJKDW»UR]»VUD
(]HQ GRNXPHQWXPEDQ D V]HU]ĈN PHJDGKDWW»N D WDQDQ\DJ FÇPÃW D V]HU]ĈN QHYÃW DPRGXOFÃOM»QDNÃVWDUWDOP»QDNOHÇU»V»WDOHFNÃNFÇPHLWDWDQDQ\DJPHJÃUWÃVÃKH]V]ÖN VÃJHVHOĈLVPHUHWHNHWW»UJ\LIHOWÃWHOHNHWDWDQXOÍNIHOÃW»PDV]WRWWHOY»U»VRNPLQLPXPÃV RSWLPXPV]LQWMÃW D PRGXO NÐWHOH]Ĉ ÃV DM»QORWW LURGDORPMHJ\]ÃNÃW YDODPLQW D WDQDQ\DJ PRGXO WDUWDOP»W MÍO MHOOHP]Ĉ NXOFVV]DYDNDW (PHOOHWW OHKHWĈVÃJ YROW D WDQDQ\DJEDQ V]H UHSOĈ IRJDOPDN ÃV D]RN PDJ\DU»]DW»QDN PHJDG»V»UD $ FÃOXQN D] YROW KRJ\ D NÃV]
HWDQDQ\DJEDQ H]HQ IRJDOPL PDJ\DU»]DWRN HJ\V]HUĖHQ KR]]»IÃUKHWĈHN OHJ\HQHN D GL»
NRNV]»P»UD
$NLDODNÇWRWWVDEORQEDQDODSHVHWEHQOHFNHPHJDG»V»UDYDQPÍGGHDOHFNÃNV]»
PDWHWV]ĈOHJHVHQFVÐNNHQWKHWĈLOOHWYHQÐYHOKHWĈ$OHFNÃNHVHWÃQPHJNHOODGQLDOHFNH FÇPÃW D UÐYLG V]ÐYHJHV ÐVV]HIRJODOÍW D NÐYHWHOPÃQ\HNHW D] ÐQ»OOÍDQ PHJROGKDWÍ IHO DGDWRNDWYDODPLQWDOHFNÃKH]NDSFVROÍGÍHJ\YDJ\WÐEEKHO\HVY»ODV]WWDUWDOPD]ÍIHOH OHWY»ODV]WÍV ÐQHOOHQĈU]Ĉ NÃUGÃVHNHW W»EO»]DWRV IRUP»EDQ (]HQ LQIRUP»FLÍN PHJDG»VD XW»Q WHUPÃV]HWHVHQ D OHFNH V]ÐYHJÃW LV PHJ NHOOHWW DGQLXN D V]HU]ĈNQHN $ VDEORQEDQ DONDOPD]RWWVWÇOXVRNKR]FÇPVRURNPHJMHOHQÃVHDV]HU]ĈNQHNLJD]RGQLXNNHOOHWWDQQDN ÃUGHNÃEHQKRJ\DJÃSLIHOGROJR]»VPLQÃOHJ\V]HUĖEEHQPHJWÐUWÃQKHVVHQ$KDJ\RP»
Q\RVIÃONÐYÃUÃVGĈOWNLHPHOÃVHNPHOOHWWLJÃQ\HVHWÃQVSHFL»OLVIRUP»]»VRNPHJDG»V»UD LVOHKHWĈVÃJHWDGWXQN
$ WDQDQ\DJEDQ IHOKDV]Q»ODQGÍPÃGLDHOHPHN ÃV P»V »OORP»Q\RN IRUU»V»QDN PHJDG»VDÔJ\WÐUWÃQWKRJ\HJ\DGRWWPDSSDV]HUNH]HWEHNHOOHWWDV]HU]ĈNQHNEHP»VRO QLXND]HOHPHNHW
$PHWDLQIRUP»FLÍNÐVV]HJ\ĖMWÃVÃKH]HJ\([FHOW»EO»]DWRWKR]WDPOÃWUH$W»EO»]DW NÖOÐQEÐ]Ĉ PXQNDODSRNEÍO »OOW NÃSHN KDQJRN YLGHÍN VWE DPHO\HNEHQ D PHWDLQIRU P»FLÍNEHPXWDW»V»Q»OLVPHUWHWHWWLQIRUP»FLÍNPHJDG»V»UDYROWOHKHWĈVÃJ
$QQDNÃUGHNÃEHQKRJ\DV]HU]ĈNMHOÐOKHVVÃND]DGRWWHOHPHWNÃSHWKDQJRWYLGH ÍWKRYDV]HUHWQÃNEHV]ÔUQLDWDQDQ\DJEDQPLQGHQW»EO»]DWVRUHJ\HGLD]RQRVÇWÍWNDSRWW SO ^NHS` ^YLGHÍ` ÃV H]HQ D]RQRVÇWÍW NHOOHWW r D Y»JÍODS KDV]Q»ODW»YDO r D V]ÐYHJ PHJIHOHOĈUÃV]ÃKH]EHP»VROQL,O\PÍGRQPHJDG»VUDNHUÖOWPLQGHQV]ÖNVÃJHVLQIRUP»
FLÍD]DGRWWHOHPKH]ÃVMHOÐOYHOHWWD]LVKRJ\D]DGRWWHOHPHWDWDQDQ\DJPHO\UÃV]ÃKH]
NHOOEH»J\D]QL
$]»OWDOKRJ\DPHWDLQIRUP»FLÍNÐQ»OOÍW»EO»]DWEDQNDSWDNKHO\HWD]DNDG»O\PHQWH VÇWÃVLV]DNÃUWĈHJ\V]HUĖHQÃVJ\RUVDQOHNWRU»OKDWWDDPHJDGRWWLQIRUP»FLÍNDWÃVrDV]HU ]ĈYHOHJ\H]WHWYHrPÍGRVÇW»VRNDWSRQWRVÇW»VRNDWLVHOYÃJH]KHWHWW
&"
$]HWDQDQ\DJRNDXWRPDWL]»OWHOĈ»OOÇW»VD D](/7(6&250NHUHWUHQGV]HUUHO
$])6=.»OWDONRRUGLQ»OWWDQDQ\DJIHMOHV]WÃVLSURMHNWVDMQRVWÔOUÐYLGYROWDKKR]KRJ\D]W D NHUHWUHQGV]HUW LV NLIHMOHVV]ÖN DPL D WDQDQ\DJRN DXWRPDWL]»OW HOĈ»OOÇW»V»W LV OHKHWĈYÃ WHV]L ÇJ\ VRN PDQX»OLV PXQN»YDO M»UW D WDQDQ\DJRN DNDG»O\PHQWHV IRUP»EDQ WÐUWÃQĈ SXEOLN»O»VD
(]ÃUWDWDQDQ\DJIHMOHV]WÃVLSURMHNWVRU»QV]HU]HWWWDSDV]WDODWRNÃVDIHOKDV]Q»OÍLYLV]
V]DMHO]ÃVHN DODSM»Q EHOHIRJWDP D]RQ NHUHWUHQGV]HU IXQNFLÍLQDN VSHFLILN»O»V»ED DPHO\
NÃSHVD]DNDG»O\PHQWHVWDQDQ\DJIHMOHV]WÃVIRO\DPDW»WrDPHQQ\LUHFVDNOHKHWrDXWRPD WL]»OQL$VSHFLILN»FLÍDODSM»Q6LSRV*\ÐUJ\D](/7(,QIRUPDWLNDL.DU»QDNYÃJ]ĈVKDOOJD WÍMD V]DNGROJR]DWDNÃQW NÃV]ÇWHWWH HO D NHUHWUHQGV]HU HOVĈ Y»OWR]DW»W 6,326 PÇJ MÍPDJDPDNHUHWUHQGV]HUUHOHOĈ»OOÇWRWWSUÍEDWDQDQ\DJRNDWIRO\DPDWRVDQYL]VJ»OWDPDND G»O\PHQWHVVÃJLV]HPSRQWEÍOPHO\QHNVRU»QDIRJ\DWÃNRVV»JJDOÃOĈHPEHUHN»OWDOKDV]
Q»OWHV]NÐ]ÐNNHOYDOÍWHV]WHOÃVWSONÃSHUQ\ĈROYDVÍSURJUDPLVHOYÃJH]WHP$WHV]WHOÃ VHNHUHGPÃQ\HNÃQWDVSHFLILN»FLÍWDUWDOPDLVIRO\DPDWRVDQILQRPÇW»VUDNHUÖOWPÇJOÃWUH QHP MÐWW D] (/7(6&250 QHYĖ NHUHWUHQGV]HUÖQN HOVĈ D J\DNRUODWEDQ LV IHOKDV]Q»OKDWÍ Y»OWR]DWD
$KRJ\ D NHUHWUHQGV]HU QHYÃEĈO LV NLGHUÖO D] HOHNWURQLNXV WDQDQ\DJRN D 6&250 V]DEY»Q\QDNPHJIHOHOĈHQNHUÖOQHNHOĈ»OOÇW»VUDÇJ\HJ\V]HUĖHQSXEOLN»OKDWÍDNDNÖOÐQ EÐ]Ĉ WDQXO»VV]HUYH]ÃVL NHUHWUHQGV]HUHNEHQ $] »WDODNÇWÍ V]RIWYHUÖQN WÐEE 6&250 Y»OWR]DWRW LV W»PRJDW ÇJ\ D WDQDQ\DJRN »WDODNÇW»VD D 6&250 LOOHWYH 6&250 V]DEY»Q\V]HULQWLVPHJWÐUWÃQKHW
$NLDODNÇWRWWNHUHWUHQGV]HUDV]HU]ĈN»OWDOPHJDGRWW57)VDEORQDIRUU»V»OORP»Q\RNÃV DPHWDLQIRUP»FLÍNDWWDUWDOPD]Í([FHO»OORP»Q\YDODPLQWD]DNDG»O\PHQWHVÇWÃVLV]DNÃUWĈ
»OWDO PHJDGRWW LQIRUP»FLÍN »OORP»Q\RN IHOKDV]Q»O»V»YDO DXWRPDWLNXVDQ NÃSHV D] DND G»O\PHQWHV HWDQDQ\DJRN HOĈ»OOÇW»V»UD $ NHUHWUHQGV]HU ZHEHV DONDOPD]»VNÃQW EÐQJÃ V]ĈSURJUDPPDOKDV]Q»OKDWÍÇJ\HJ\NÐ]SRQWLV]HUYHUUHWHOHSÇWYHHJ\V]HUUHDN»UWÐEEHQ LVKDV]Q»OKDWM»N
$V]ÖNVÃJHV»OORP»Q\RNIHOWÐOWÃVHXW»QDWDQDQ\DJJHQHU»O»V»QDNIRO\DPDWDHOLQGÇW KDWÍD]HUHGPÃQ\SHGLJD]»WDODNÇW»VXW»QD]RQQDORQOLQHPHJWHNLQWKHWĈLOOHWYHWÐPÐUÇ WHWWIRUP»EDQOHLVWÐOWKHWĈ
$ NHUHWUHQGV]HUUHO JHQHU»OW HWDQDQ\DJ +70/ DODSÔ ÇJ\ DN»U D KHO\L V]»PÇWÍJÃSHQ SHQGULYHRQ &''9' DGDWKRUGR]ÍQ ZHEV]HUYHUHQ LOOHWYH /06 NHUHWUHQGV]HUEHQ LV HOKHO\H]KHWĈ SXEOLN»OKDWÍ $ WHUYHLP DODSM»Q PXQNDW»UVDP GU +RUY»WK *\Ĉ]Ĉ (/7(
,QIRUPDWLNDL .DU NÃV]ÇWHWWH HO D] ROGDODN ORJLN»M»W PHJYDOÍVÇWÍ GLV]NUÃW -DYDVFULSW »OOR P»Q\RNDW DPHO\HNNHO RO\DQ NÃQ\HOPL IXQNFLÍNDW EL]WRVÇWKDWXQN D IHOKDV]Q»OÍNQDN DPHO\HN P»V HVHWEHQ »OWDO»EDQ V]HUYHUROGDOL SURJUDPR]»VVDO ÃUKHWĈN HO ,O\HQ SÃOG»XO DODSRQEHOÖOLDNDG»O\PHQWHVNHUHVÃVOHKHWĈVÃJHD]ROGDORQV]HUHSOĈIRJDOPDNNLJ\ĖMWÃ VHLOOHWYHD]ÐQHOOHQĈU]ĈWHV]WHND]RQQDOLNLÃUWÃNHOKHWĈVÃJH$J\HQJÃQO»WÍIHOKDV]Q»OÍN 6&2506KDUDEOH&RQWHQW2EMHFW5HIHUHQFH0RGHO85/KWWSZZZDGOQHWJRYVFRUP8WROVÍKR]]»IÃ
UÃVLGHMHDXJXV]WXV
V]»P»UD QDJ\EHWĖV PDJDV NRQWUDV]WÔ PHJMHOHQÇWÃVL P DQ\DJ D]RQ IHOKDV]Q»OÍN V]»P»UD LV KDV]Q»OKDWÍ DNL DELOOHQW\Ė]HWHWKDV]Q»OM»NPLYHODNÖO
WXQN
$ WDQDQ\DJRN HOĈ»OOÇW»VD VRU»Q NLHPHOWHQ IRQWRV YRO NÃSHUQ\ĈROYDVÍ DONDOPD]»VRNNDO LV PHJIHOHOĈHQ KDV]Q NÃEHQ D NHUHWUHQGV]HUW ÔJ\ SURJUDPR]WXN
-$:619'$V]»P»UDRSWLP»OLVNÍGRW»OOÇWVRQHOĈ
»EUD5ÃV]OHWHJ\DNHUHWUHQGV]HUUHONÃV]ÇWHWW
$] (/7(6&250 Y NHUHWUHQGV]HU QDJ\PÃUWÃNEHQ PHJNÐQ IRO\DPDW»W D NHUHWUHQGV]HU IHMOHV]WÃVH D]RQEDQ QHP OHV]WÃVH VRU»Q ÔMDEE ÃV ÔMDEE LJÃQ\HNQHN SO LGHJH NHOOHWWPHJIHOHOQLÔMDEEÃVÔMDEEJ\DNRUODWLSUREO
.XQ =VX]VD.RQIOLNWXVNH]HOÃV 85/ KWWSPHGLDFLRIRUXPRILKXH DXJXV]WXV
&#
V]»P»UD QDJ\EHWĖV PDJDV NRQWUDV]WÔ PHJMHOHQÇWÃVL PÍG LV Y»ODV]WKDWÍ LOOHWYH D WDQ DQ\DJ D]RQ IHOKDV]Q»OÍN V]»P»UD LV KDV]Q»OKDWÍ DNLN D] HJHUHW QHP NL]»UÍODJ FVDN
V]»P»UD QDJ\EHWĖV PDJDV NRQWUDV]WÔ PHJMHOHQÇWÃVL PÍG LV Y»ODV]WKDWÍ LOOHWYH D WDQ DQ\DJ D]RQ IHOKDV]Q»OÍN V]»P»UD LV KDV]Q»OKDWÍ DNLN D] HJHUHW QHP NL]»UÍODJ FVDN