5CHGV[

/GCUWTGOGPV6JGGZRQUWTGNKOKVVCMGUKPVQEQPUKFGTCVKQPVJGDQF[¶UCDKNKV[VQTGOQXGJGCVHTQOVJG
VKUUWGUVJCVCDUQTDGPGTI[HTQOVJGYKTGNGUURJQPGCPFKUUGVYGNNDGNQYNGXGNUMPQYPVQJCXGGHHGEVU
/CPWHCEVWTGTUQHYKTGNGUURJQPGUOWUVTGRQTVVJG4(GZRQUWTGNGXGNHQTGCEJOQFGNQHRJQPGVQVJG
(%%6JG(%%YGDUKVGJVVRYYYHEEIQXEIDEGNNWNCTJVONIKXGUFKTGEVKQPUHQTNQECVKPIVJG(%%
KFGPVK¿ECVKQPPWODGTQP[QWTRJQPGUQ[QWECP¿PF[QWTRJQPG¶U4(GZRQUWTGNGXGNKPVJGQPNKPG
NKUVKPI
9JCVJCUVJG(&#FQPGVQOGCUWTGVJG4CFKQ(TGSWGPE[GPGTI[EQOKPIHTQOYKTGNGUURJQPGU!
6JG+PUVKVWVGQH'NGEVTKECNCPF'NGEVTQPKE'PIKPGGTU+'''KUFGXGNQRKPICVGEJPKECNUVCPFCTFHQT
OGCUWTKPIVJG4CFKQ(TGSWGPE[4(GPGTI[GZRQUWTGHTQOYKTGNGUURJQPGUCPFQVJGTYKTGNGUU
JCPFUGVUYKVJVJGRCTVKEKRCVKQPCPFNGCFGTUJKRQH(&#UEKGPVKUVUCPFGPIKPGGTU6JGUVCPFCTF
³4GEQOOGPFGF2TCEVKEGHQT&GVGTOKPKPIVJG5RCVKCN2GCM5RGEK¿E#DUQTRVKQP4CVG5#4KPVJG
*WOCP$QF[&WGVQ9KTGNGUU%QOOWPKECVKQPU&GXKEGU'ZRGTKOGPVCN6GEJPKSWGU´UGVUHQTVJVJG¿TUV
EQPUKUVGPVVGUVOGVJQFQNQI[HQTOGCUWTKPIVJGTCVGCVYJKEJ4(KUFGRQUKVGFKPVJGJGCFUQHYKTGNGUU
RJQPGWUGTU6JGVGUVOGVJQFWUGUCVKUUWGUKOWNCVKPIOQFGNQHVJGJWOCPJGCF5VCPFCTFK\GF5#4
VGUVOGVJQFQNQI[KUGZRGEVGFVQITGCVN[KORTQXGVJGEQPUKUVGPE[QHOGCUWTGOGPVUOCFGCVFKHHGTGPV
NCDQTCVQTKGUQPVJGUCOGRJQPG5#4KUVJGOGCUWTGOGPVQHVJGCOQWPVQHGPGTI[CDUQTDGFKPVKUUWG
GKVJGTD[VJGYJQNGDQF[QTCUOCNNRCTVQHVJGDQF[+VKUOGCUWTGFKPYCVVUMIQTOKNNKYCVVUI
QHOCVVGT6JKUOGCUWTGOGPVKUWUGFVQFGVGTOKPGYJGVJGTCYKTGNGUURJQPGEQORNKGUYKVJUCHGV[
IWKFGNKPGU
9JCVUVGRUECP+VCMGVQTGFWEGO[GZRQUWTGVQ4CFKQ(TGSWGPE[GPGTI[HTQOO[YKTGNGUU
RJQPG!
+HVJGTGKUCTKUMHTQOVJGUGRTQFWEVUCPFCVVJKURQKPVYGFQPQVMPQYVJCVVJGTGKUKVKURTQDCDN[
XGT[UOCNN$WVKH[QWCTGEQPEGTPGFCDQWVCXQKFKPIGXGPRQVGPVKCNTKUMU[QWECPVCMGCHGYUKORNG
UVGRUVQOKPKOK\G[QWTGZRQUWTGVQ4CFKQ(TGSWGPE[4(GPGTI[5KPEGVKOGKUCMG[HCEVQTKPJQY
OWEJGZRQUWTGCRGTUQPTGEGKXGUTGFWEKPIVJGCOQWPVQHVKOGURGPVWUKPICYKTGNGUURJQPGYKNN
TGFWEG4(GZRQUWTG+H[QWOWUVEQPFWEVGZVGPFGFEQPXGTUCVKQPUD[YKTGNGUURJQPGGXGT[FC[[QW
EQWNFRNCEGOQTGFKUVCPEGDGVYGGP[QWTDQF[CPFVJGUQWTEGQHVJG4(UKPEGVJGGZRQUWTGNGXGN