8
,CPWCT[ UV 2JQGPKZ +PXGUVOGPV 1RRQTVWPKV[ &GUGTV 9KNNQY #RCTVOGPV *QOGU

&GUGTV 9KNNQY #RCTVOGPV *QOGU...+pxguvogpv 1xgtxkgy 6jg 9guvgtp 9gcnvj %crkvcn .+ .kokvgf 2ct vpg tujkr cpf 9guvgtp 9gcnvj %crkvcn .+ 75 +pxguvqt .2 vjg k.kokvgf 2ctvpgtujkru l ctg

  • Upload
    others

  • View
    0

  • Download
    0

Embed Size (px)

Citation preview

Page 1: &GUGTV 9KNNQY #RCTVOGPV *QOGU...+pxguvogpv 1xgtxkgy 6jg 9guvgtp 9gcnvj %crkvcn .+ .kokvgf 2ct vpg tujkr cpf 9guvgtp 9gcnvj %crkvcn .+ 75 +pxguvqt .2 vjg k.kokvgf 2ctvpgtujkru l ctg

��

,CPWCT[ ��UV� ����

2JQGPKZ +PXGUVOGPV�1RRQTVWPKV[

&GUGTV�9KNNQY�#RCTVOGPV�*QOGU

Page 2: &GUGTV 9KNNQY #RCTVOGPV *QOGU...+pxguvogpv 1xgtxkgy 6jg 9guvgtp 9gcnvj %crkvcn .+ .kokvgf 2ct vpg tujkr cpf 9guvgtp 9gcnvj %crkvcn .+ 75 +pxguvqt .2 vjg k.kokvgf 2ctvpgtujkru l ctg

+PXGUVOGPV 1XGTXKGY6JG�9GUVGTP�9GCNVJ�%CRKVCN�.+ .KOKVGF�2CTVPGTUJKR�CPF�9GUVGTP�9GCNVJ�%CRKVCN�.+75�+PXGUVQT��.2�VJG�ū.KOKVGF�2CTVPGTUJKRUŬ�� CTG� RTQWF� VQ� QHHGT� KPXGUVQTU� CP� QRRQTVWPKV[� VQ� KPXGUV� KP� C� ECUJ�͆QYKPI� RTQRGTV[� KP� QPG� QH�#OGTKECŨU�UVTQPIGUV�TGCN�GUVCVG�OCTMGVU�Ť 2JQGPKZ��#TK\QPC��

6JG�.KOKVGF�2CTVPGTUJKR�KPVGPFU�VQ�KPXGUV�KP�&GUGTV�9KNNQY #RCTVOGPV *QOGU��C�����WPKV� ICTFGP�UV[NG CRCTVOGPV�EQOOWPKV[�NQECVGF�KP EGPVTCN�2JQGPKZ��$WKNV�KP������� VJG� RTQRGTV[� QHHGTU� ITGCV� WRUKFG� RQVGPVKCN YKVJ VJG� OCLQTKV[� QH WPKVU�WPVQWEJGF CPF�TGVCKPKPI�VJGKT�QTKIKPCN�KPVGTKQT�HKVVKPIU� &GUGTV�9KNNQY KU�PGUVNGF�DGVYGGP�7�5��*KIJYC[U�� CPF ���CPF�+PVGTUVCVG�����CNNQYKPI�HQT�GCU[ CEEGUU�VQ�OWNVKRNG�GORNQ[OGPV�QRRQTVWPKVKGU��UWEJ�CU FQYPVQYP�2JQGPKZ �������LQDU���VJG�5M[�*CTDQT�#KTRQTV������� �LQDU��CPF�%COGNDCEM�1HHKEG�%QTTKFQT��������LQDU���6JG�RTQRGTV[�KU�EQPXGPKGPVN[�NQECVGF�QP�VJG�DWU[�+PFKCP�5EJQQN�4QCF CPF�KU�YKVJKP����OKPWVGU�HTQO�VJG�VYQ�NCTIGUV�WPKXGTUKVKGU�KP�2JQGPKZ��)TCPF�%CP[QP�7PKXGTUKV[� ������ UVWFGPVU�� CPF� #TK\QPC� 5VCVG� 7PKXGTUKV[� ������� UVWFGPVU��6JG�RTQRGTV[�KU�LWUV����OKPWVGU�HTQO�VJG�FQYPVQYP�2JQGPKZ�DWUKPGUU�FKUVTKEV�CPF�QPN[���OKPWVGU�HTQO�VJG�PGCTGUV�2JQGPKZ�/GVTQ�NKIJV�TCKN�UVCVKQP�

$WUKPGUU�2NCP6JKU�KPXQNXGU�KPETGCUKPI�VJG�PGV�QRGTCVKPI�KPEQOG�QXGT�C�ƒXG�[GCT�RGTKQF�WUKPI9GUVGTP�9GCNVJ� %CRKVCNŨU� FKUEKRNKPGF� CPF� EQPUKUVGPV� XCNWG�CFF� RTQITCO�� 6JG�VYQ OCKP�FTKXGTU�VQ�KPETGCUG�VJG�PGV�QRGTCVKPI�KPEQOG�CTG���x %WTTGPV QYPGTU�CTG�QRGTCVKPI�YKVJ�FKURCTKV[ DGVYGGP�TGPVU�QH�NKMG�WPKVU�CETQUU�VJG�RTQRGTV[��9GUVGTP�9GCNVJ�%CRKVCN�KPVGPFU�VQ�TGFWEG�VJCV�FKURCTKV[�WUKPI�QWT�RTQXGP�NGCUG�OCPCIGOGPV�CRRTQCEJ��

x 6JGTG� KU� UWDUVCPVKCN RQVGPVKCN� HQT�KPVGTKQT�WRITCFGU�QP�VJKU�RTQRGTV[��9GUVGTP�9GCNVJ�%CRKVCN�RNCPU�VQ�EQORNGVG�HWNN� KPVGTKQT� WRITCFGU� VQ� ��� QH� VJG� ��� WPKVU ������ 9G� JCXG�OQFGNNGF� C�RTQLGEVGF����� RGT�OQPVJ�RGT�WPKV�KPETGCUG�KP�TGPVCN�KPEQOG�

+PVGTKQT�7RITCFGU���� WPKVU� ��������� �����������0QTOCNK\G�4GPVU�.QUU�VQ�.GCUG� ��������� �����������7RWDO�,QFUHDVH �����������2WTEJCUG�2TKEG������������� 'SWKV[�4GSWKTGF��������������

)TQUU�+PEQOG ����������� ����������� ����������� ����������� �����������

6QVCN�'ZRGPUGU ����������� ����������� ����������� ����������� �����������

12, ����������� ����������� ����������� ����������� �����������

0QP�4GEWTTKPI�'ZRGPUGU ��������� ��������� ��������� ��������� ���������

3URSHUW\�9DOXH ������������ ������������ ������������ ������������ ������������

:LWKLQ����PLQXWHV�RI�WKH�SURSHUW\�

�������� MREV:LWKLQ����PLQXWHV

7KLV SURSHUW\�KDV�JUHDWYDOXH�DGG�RSSRUWXQLW\�ZLWK�PDMRULW\�RI XQLWV�LQ�WKHLU�RULJLQDO�����V�

FRQGLWLRQ�

$CUGF�QP����%#2�4CVG��6JGUG�HKIWTGU�CTG�RTQLGEVKQPU�QPN[��

Page 3: &GUGTV 9KNNQY #RCTVOGPV *QOGU...+pxguvogpv 1xgtxkgy 6jg 9guvgtp 9gcnvj %crkvcn .+ .kokvgf 2ct vpg tujkr cpf 9guvgtp 9gcnvj %crkvcn .+ 75 +pxguvqt .2 vjg k.kokvgf 2ctvpgtujkru l ctg

2TQRGTV[�1XGTXKGY$WKNV�KP�������&GUGTV�9KNNQY #RCTVOGPV�*QOGU�FGNKXGTU���� UVWFKQ��QPG�CPF�VYQ DGFTQQO�WPKVU�HGCVWTKPI�YCNM�KP�ENQUGVU��TGEGPVN[�WRFCVGF CKT�EQPFKVKQPKPI U[UVGOU��HWNN[�GSWKRRGF�MKVEJGPU��UGRCTCVG�FKPKPI�URCEGU CPF�RCVKQU�QT�DCNEQPKGU��%QOOWPKV[�COGPKVKGU KPENWFG C�HKVPGUU�EGPVGT��NCWPFT[�HCEKNKVKGU��VYQ�QWVFQQT�DCTDGSWG�CPF�FKPKPI�CTGCU��VYQ UYKOOKPI�RQQNU��C�NGCUKPI�QHHKEG CPF�C�DWUKPGUU�EGPVGT��&GUGTV�9KNNQY #RCTVOGPV�*QOGU KP�EGPVTCN�2JQGPKZKU KFGCNN[�NQECVGF NGUU�VJCP���OKNG�HTQO�+PVGTUVCVG����CPF�LWUV�QXGT�VYQ�OKNGU�HTQO�75�*KIJYC[�����HQT�EQPXGPKGPV�CEEGUU� VQ�OWNVKRNG�GORNQ[OGPV�JWDU� &GUGTV�9KNNQY�#RCTVOGPV�*QOGU KU� NQECVGF�YKVJ�UKIPKHKECPV� HTQPVCIG�QP�+PFKCP�5EJQQN�4QCF��CNNQYKPI�HQT�ITGCV�RTQRGTV[�GZRQUWTG�CNQPI�VJG�DWU[�VJQTQWIJHCTG��

9KVJ� VJG� ITGCV RQUKVKQP� &GUGTV� 9KNNQY #RCTVOGPV� *QOGU� GPLQ[U� KP� EGPVTCN�2JQGPKZ��VJGTG�EQPVKPWGU�VQ�DG�CORNG�QRRQTVWPKV[�VQ�CFF�UKIPKHKECPV�XCNWG�VQ�VJG�RTQRGTV[�D[� KORNGOGPVKPI� VJG�2CTVPGTUJKRŨU XCNWG�CFF�RTQITCO� &GUGTV�9KNNQY#RCTVOGPV�*QOGU QHHGTU C�ITGCV XCNWG�CFF�QRRQTVWPKV[�YKVJ�VJG�OCLQTKV[�QH�WPKVU�KP�VJGKT�QTKIKPCN�����U�EQPFKVKQP��6JG�RTGXKQWU�QYPGT�URGPV�UKIPKHKECPV�ECRKVCN�KP������VQ TGRNCEG�OCLQT RTQRGTV[�OGEJCPKECN�U[UVGOU CPF WRFCVG�UQOG�EQOOQP�CTGCU�YJKNG�QPN[�FQKPI�OKPQT�VQWEJ�WRU�VQ�VJG�WPKV KPVGTKQTU��%WTTGPV�QEEWRCPE[�KU�UVTQPI�CV�������KP�VJG�EGPVTCN�2JQGPKZ UWDOCTMGV�

&ODVVLF�8QLW

5KVG�1XGTXKGY$GGUHVV�������9GUV�+PFKCP�5EJQQN�4F��2JQGPKZ��#<������7RWDO�8QLWV�����3XUFKDVH�3ULFH� �����������3ULFH�3HU�8QLW� �������<HDU�%XLOW� ����

3523(57<�$0(1,7,(6

x 6YQ�5YKOOKPI�2QQNUx .CWPFT[�(CEKNKVKGUx $WUKPGUU�%GPVGTx 1WVFQQT�$$3Ux 1WVFQQT�&KPKPI #TGCUx .GCUKPI�1HHKEGx %QOOWPKV[�%NWDJQWUG

,17(5,25�)($785(6

x 0GY #KT�%QPFKVKQPKPI5[UVGOU

x 2CVKQU�QT�$CNEQPKGUx 8KP[N (NQQTKPIx 9KPFQY�%QXGTKPIUx &KUJYCUJGTUx 5GRCTCVG�&KPKPI�5RCEGx 9CNM�KP�%NQUGVUx 5VWFKQ�7PKVU�#XCKNCDNG�x .CTIG�#RRNKCPEGU�

�+P�5GNGEV�7PKVU

Page 4: &GUGTV 9KNNQY #RCTVOGPV *QOGU...+pxguvogpv 1xgtxkgy 6jg 9guvgtp 9gcnvj %crkvcn .+ .kokvgf 2ct vpg tujkr cpf 9guvgtp 9gcnvj %crkvcn .+ 75 +pxguvqt .2 vjg k.kokvgf 2ctvpgtujkru l ctg

.QECVKQP�1XGTXKGYx 2JQGPKZŨU�GEQPQOKE�ITQYVJ�JCU�NCTIGN[�EQOG�HTQO�JGCNVJ�

ECTG� CPF� OCPWHCEVWTKPI� UGTXKEGU�� DQVJ� UQNKFN[� ITQYKPI�KPFWUVTKGU��

x )TCPF�%CP[QP�7PKXGTKUV[�)%7��KU���OKPWVGU HTQO�&GUGTV�9KNNQY�#RCTVOGPV� *QOGU�� )%7� JCU�������� RQ� FDPSXV�VWXGHQWV CPF� KU� WPFGTIQKPI� C� ����� OKNNKQP� ECORWU�GZRCPUKQP�� *QWUKPI� FGOCPF� KU� GZRGEVGF� VQ� EQPVKPWG� VQ�KPETGCUG�CU�)%7�EQPVKPWGU�YKVJ�VJGKT�GZRCPUKQP��

x 1PIQKPI� FGXGNQROGPV� QH� QHHKEG� URCEG CPF� JQVGNU� KP�FQYPVQYP�6GORG �������HPSOR\HHV������OKPWVGU�HTQO�&GUGTV� 9KNNQY CTG� VTCPUHQTOKPI� VJG� CTGC� KPVQ� C� UGEQPF�WTDCP�EGPVGT�KP�2JQGPKZ��

x 6JG� 2JQGPKZ� 5M[� *CTDQWT� #KTRQTV ������ HPSOR\HHV���NQECVGF� ���OKPWVGU� HTQO� &GUGTV� 9KNNQY�� JCU� C� FKTGEV�GEQPQOKE� KORCEV� QH������ ELOOLRQ CPF� C� VQVCN� GEQPQOKE�KORCEV�KP�#TK\QPC�QH���� DKNNKQP��

x 2���'PVGTVCKPOGPV�&KUVTKEV�����OKPWVGU�HTQO�VJG�RTQRGTV[��KU� C� VCTIGVGF� KPXGUVOGPV�\QPG�� CRRTQZKOCVGN[����PLOOLRQJCU�DGGP�KPXGUVGF�KP�FGXGNQROGPV�D[�VJG�EKV[�

0DMRU�(PSOR\HUV�&QYPVQYP�2JQGPKZ ������5M[�*CTDQWT�#KTRQTV ������%COGNDCEM�1HHKEG�%QTTKFQT ������#TK\QPC�5VCVG�7PKXGTUKV[ ������

2JQGPKZ��#<

��

��

��

��

Page 5: &GUGTV 9KNNQY #RCTVOGPV *QOGU...+pxguvogpv 1xgtxkgy 6jg 9guvgtp 9gcnvj %crkvcn .+ .kokvgf 2ct vpg tujkr cpf 9guvgtp 9gcnvj %crkvcn .+ 75 +pxguvqt .2 vjg k.kokvgf 2ctvpgtujkru l ctg

(KPCPEKCN�1XGTXKGY�

CNN�HKIWTGU�75��

+PXGUVOGPV�$TGCMFQYP2WTEJCUG�2TKEG ������������/QTVICIG ������������&QYP�2C[OGPV �����������.GICN���%NQUKPI�%QUVU ���������)GPGTCN�2CTVPGT�(GGU �����������&GRQUKV�#EEQWPVU ��������%CRKVCN�+ORTQXGOGPVU���4GUGTXGU �����������

0GV�%CUJ�(NQYU ;GCT�� ;GCT�� ;GCT�� ;GCT��� ;GCT��0GV�%CUJ�(NQYU ��������� ��������� ��������� ��������� ���������

%CUJ�(NQY���QH�'SWKV[ ���� ���� ���� ���� ����

2TKPEKRCN�2C[FQYP� � � �������� ��������� ���������

0GV�%CUJ�(NQYU�RNWU�2TKPEKRCN�2C[FQYP ��������� ��������� ��������� ��������� �����������

+P�;GCT�� VJG�NQCP�EJCPIGU�HTQO�KPVGTGUV�QPN[�VQ�CP�COQTVK\KPI�NQCP�)GPGTCN�2CTVPGT�KPVGPFU�VQ�FKUVTKDWVG�����QH�CPPWCN�ECUJHNQY�

5WRRNGOGPVCN�(KPCPEKPI 1TKIKPCN�'SWKV[� �����������

;GCT���� ;GCT���� ;GCT����'UVKOCVGF�2TQEGGFU�HTQO�4GHKPCPEG ����������� ����������� �����������

&XPXODWLYH�3HUFHQW�RI�2ULJLQDO�(TXLW\ ��� ��� ���

������;GCT�+PXGUVQT�9QTMUJGGV ��;GCT�'ZKV ��;GCT�'ZKV8CNWG�CV�'UVKOCVGF�%CR�4CVG ������������ ������������

5CNGU�%QUVU� �222��� ����������� �����������

.QCP�4GRC[OGPV ������������ ������������

0GV�5CNGU�2TQEGGFU ������������ ������������

%WOWNCVKXG�%CUJ�(NQY ����������� �����������

.'55��+PXGUVQT�'SWKV[ ������������ ������������

.'55��&KURQUKVKQP�(GG����QH�CRRTGEKCVKQP� ��������� ���������

7RWDO�'LVWULEXWLRQV ����������� ������������

6CTIGVGF�+PXGUVQT�4GVWTPU ;GCT�� ;GCT��

7RWDO�,QYHVWRU�5HWXUQ���� QH�&KUVTKDWVKQP� ����������� �����������

/LPLWHG�3DUWQHU�5HWXUQ�RQ�(TXLW\ ��� ���

/LPLWHG�3DUWQHU�$QQXDOL]HG�5HWXUQ�RQ�(TXLW\ ��� ���

6JGUG�HKIWTGU�CTG�RTQLGEVKQPU�QPN[��

Page 6: &GUGTV 9KNNQY #RCTVOGPV *QOGU...+pxguvogpv 1xgtxkgy 6jg 9guvgtp 9gcnvj %crkvcn .+ .kokvgf 2ct vpg tujkr cpf 9guvgtp 9gcnvj %crkvcn .+ 75 +pxguvqt .2 vjg k.kokvgf 2ctvpgtujkru l ctg

2WTRQUG�QH�VJKU�FQEWOGPV�6JKU�FQEWOGPV�KU�DGKPI�HWTPKUJGF�VQ�[QW�UQNGN[�HQT�KPHQTOCVKQPCN�RWTRQUGU�KP�EQPUKFGTKPI�CP�KPXGUVOGPV�KP�9GUVGTP�9GCNVJ�%CRKVCN�.+.KOKVGF�2CTVPGTUJKR�CPF�9GUVGTP�9GCNVJ�%CRKVCN�.+ 75 +PXGUVQT��.2�EQNNGEVKXGN[��VJG�ū2CTVPGTUJKRŬ���#NN� KPHQTOCVKQP�KPENWFGF�KP�VJKU�FQEWOGPV�KU�EWTTGPV�CU�QH�VJG�FCVG�JGTGQH�CPF�KU�UWDLGEV�VQ�EJCPIG��EQORNGVKQP�QT�COGPFOGPV�YKVJQWV�PQVKEG��6JKU�FQEWOGPV�FQGU�PQV�RWTRQTV�VQ�EQPVCKP�CNN�VJG�KPHQTOCVKQP�PGEGUUCT[�VQ�GXCNWCVG�CP�KPXGUVOGPV�KP�VJG�2CTVPGTUJKR��CPF�KV�KU�WPFGTUVQQF�VJCV�[QW�YKNN�OCMG�[QWT�QYP�KPFGRGPFGPV�KPXGUVKICVKQP�QH�VJG�OGTKVU�CPF�TKUMU�QH�VJG�RTQRQUGF�KPXGUVOGPV��6JKU�FQEWOGPV�FQGU�PQV�EQPUVKVWVG CP�QHHGT�VQ�UGNN��QT�C�UQNKEKVCVKQP�QH�CP�QHHGT�VQ�DW[��CP�KPVGTGUV�KP�VJG�2CTVPGTUJKR�

%QPƒFGPVKCNKV[�;QWT�TGEGKRV�QH�VJKU�FQEWOGPV�EQPUVKVWVGU�[QWT�CITGGOGPV�YKVJ�VJG�2CTVPGTUJKR��C��VQ�OCKPVCKP�VJG�EQPƒFGPVKCNKV[�QH�VJKU�FQEWOGPV��CU�YGNN�CU�CP[�UWRRNGOGPVCN�KPHQTOCVKQP�RTQXKFGF�VQ�[QW�D[�VJG�2CTVPGTUJKR�QT�KVU�TGRTGUGPVCVKXGU��GKVJGT�QTCNN[�QT�KP�YTKVVGP�HQTO��D��VJCV�CP[�TGRTQFWEVKQP�QT�FKUVTKDWVKQP�QH�VJKU�FQEWOGPV��KP�YJQNG�QT�KP�RCTV��QT�FKUENQUWTG�QH�CP[�QH�KVU�EQPVGPVU�VQ�CP[�QVJGT�RGTUQP�QT�KVU�WUG�HQT�CP[�RWTRQUG�QVJGT�VJCP�VQ�GXCNWCVG�2CTVPGTUJKR�KU�UVTKEVN[�RTQJKDKVGF��CPF�E��VQ�TGVWTP�RTQORVN[�VQ�VJG�2CTVPGTUJKR�VJKU�FQEWOGPV��CU�YGNN�CU�QVJGT�OCVGTKCNU�VJCV�UWDUGSWGPVN[�OC[�DG�RTQXKFGF�VQ�[QW�D[�CPF�QP�DGJCNH�QH�VJG�2CTVPGTUJKR��KH�[QW�FGEKFG�PQV�VQ�RTQEGGF�YKVJ�CP�KPXGUVKICVKQP�QH�VJG�2CTVPGTUJKR�

(QTYCTF�.QQMKPI�5VCVGOGPVU�6JKU�FQEWOGPV�KPENWFGU�ūHQTYCTF�NQQMKPI�UVCVGOGPVUŬ�CPF�ūHQTYCTF�NQQMKPI�KPHQTOCVKQPŬ�EQNNGEVKXGN[��ūHQTYCTF�NQQMKPI�UVCVGOGPVUŬ��CPF� ūHKPCPEKCN�QWVNQQMŬ�YKVJKP� VJG�OGCPKPI�QH�CRRNKECDNG�UGEWTKVKGU� NCYU��#NN�UVCVGOGPVU�QVJGT� VJCP�UVCVGOGPVU�QH�JKUVQTKECN� HCEVU�KPENWFGF� KP� VJKU�FQEWOGPV�� KPENWFKPI��YKVJQWV� NKOKVCVKQP�� UVCVGOGPVU� TGICTFKPI� VJG� HWVWTG� HKPCPEKCN�RQUKVKQP�� VCTIGVGF�QT�RTQLGEVGF�KPXGUVOGPV�TGVWTPU��DWUKPGUU�UVTCVGI[��DWFIGVU�CPF�RTQLGEVGF�EQUVU�QH�VJG�2CTVPGTUJKR�CPF�RNCPU�CPF�QDLGEVKXGU�QH�VJG�2CTVPGTUJKR�HQT� HWTVJGT�QRGTCVKQPU��CTG� HQTYCTF�NQQMKPI�UVCVGOGPVU�QT� HKPCPEKCN�QWVNQQM�� +P�CFFKVKQP�� HQTYCTF�NQQMKPI�UVCVGOGPVU�CPF� HKPCPEKCN�QWVNQQM�IGPGTCNN[�ECP�DG�KFGPVKHKGF�D[�VJG�WUG�QH�HQTYCTF�NQQMKPI�VGTOKPQNQI[�UWEJ�CU�ūOC[�Ŭ�ūYKNN�Ŭ� ūGZRGEV�Ŭ� ūKPVGPF�Ŭ�ūHQTGECUVGF�Ŭ�ūRTQLGEVGF�Ŭ� ūGUVKOCVG�Ŭ� ūCPVKEKRCVG�Ŭ� ūDGNKGXG�Ŭ� QT� ūEQPVKPWGŬ� QT� VJG�PGICVKXG�WUCIGU� VJGTGQH� QT� XCTKCVKQPU� VJGTGQP�QT� UKOKNCT� VGTOU��CNVJQWIJ�PQV�CNN�HQTYCTF�NQQMKPI�UVCVGOGPVU�QT�HKPCPEKCN�QWVNQQM�EQPVCKP�VJGUG�KFGPVKH[KPI�YQTFU��(QTYCTF�NQQMKPI�UVCVGOGPVU�CPF�HKPCPEKCN�QWVNQQM�TGHNGEV�QWT�EWTTGPV�GZRGEVCVKQPU�CPF�CUUWORVKQPU�CU�QH�VJG�FCVG�QH�VJG�UVCVGOGPVU�CPF�CTG�UWDLGEV�VQ�C�PWODGT�QH�MPQYP�CPF�WPMPQYP�TKUMU��WPEGTVCKPVKGU�CPF�QVJGT�HCEVQTU��KPENWFKPI��YKVJQWV�NKOKVCVKQP��VJQUG�NKUVGF�WPFGT�VJG�JGCFKPI�ū4KUM�(CEVQTUŬ�DGNQY��OCP[�QH�YJKEJ�CTG�DG[QPF�QWT�EQPVTQN��YJKEJ�OC[�ECWUG�CEVWCN�TGUWNVU��RGTHQTOCPEG�QT�CEJKGXGOGPVU�VQ�DG�OCVGTKCNN[�FKHHGTGPV�HTQO�CP[�CPVKEKRCVGF�HWVWTG�TGUWNVU��RGTHQTOCPEG�QT�CEJKGXGOGPVU�GZRTGUUGF�QT�KORNKGF�D[�VJG�HQTYCTF�NQQMKPI�UVCVGOGPVU��#NVJQWIJ�YG�DGNKGXG�VJCV�VJG�CUUWORVKQPU�QP�YJKEJ�VJG�HQTYCTF�NQQMKPI�UVCVGOGPVU�CTG�OCFG�CPF�VJG�HKPCPEKCN�QWVNQQM�KU�DCUGF��KPENWFKPI��YKVJQWV�NKOKVCVKQP��VJQUG�CUUWORVKQPU�NKUVGF�WPFGT�JGCFKPI�ū#UUWORVKQPUŬ�DGNQY��CTG�TGCUQPCDNG��DCUGF�QP�VJG�KPHQTOCVKQP�CXCKNCDNG�VQ�KV�QP�VJG�FCVG�UWEJ�UVCVGOGPVU�YGTG�OCFG��PQ�CUUWTCPEGU�ECP�DG�IKXGP�CU�VQ�YJGVJGT�VJGUG�CUUWORVKQPU�YKNN�RTQXG�VQ�DG�EQTTGEV��)KXGP� VJGUG�WPEGTVCKPVKGU�� TGCFGTU�CTG�ECWVKQPGF� VJCV� HQTYCTF�NQQMKPI�UVCVGOGPVU�CPF� HKPCPEKCN�QWVNQQM�EQPVCKPGF�JGTGKP�CTG�PQV�IWCTCPVGGU�QH�HWVWTG�RGTHQTOCPEG��CEEQTFKPIN[��TGCFGTU�UJQWNF�PQV�RNCEG�WPFWG�TGNKCPEG�QP�HQTYCTF�NQQMKPI�UVCVGOGPVU�QT�HKPCPEKCN�QWVNQQM��6Q�VJG�GZVGPV�CP[�HQTYCTF�NQQMKPI�UVCVGOGPVU� KP� VJKU�VJKU�FQEWOGPV�EQPUVKVWVG� ūHKPCPEKCN�QWVNQQMŬ�YKVJKP�VJG�OGCPKPI�QH�CRRNKECDNG�UGEWTKVKGU�NCYU��UWEJ�KPHQTOCVKQP�KU�DGKPI�RTQXKFGF��UQ�VJCV�TGCFGTU�CTG�CYCTG�QH�OCPCIGOGPVŨU�EWTTGPV�GUVKOCVG�QH HWVWTG�HKPCPEKCN�RGTHQTOCPEG�QH�VJG�2CTVPGTUJKR�YJKEJ�GUVKOCVGU�CTG�UWDLGEV�VQ�EJCPIG���9G�YKNN�PQV�WRFCVG�CP[�HQTYCTF�NQQMKPI�UVCVGOGPVU�QT�HKPCPEKCN�QWVNQQM�GZEGRV�CU��CPF�VQ�VJG�GZVGPV��TGSWKTGF�D[�CRRNKECDNG�UGEWTKVKGU�NCYU��6JG�HQTYCTF�NQQMKPI�UVCVGOGPVU�CPF�HKPCPEKCN�QWVNQQM�EQPVCKPGF�JGTGKP��CPF�CNN�UWDUGSWGPV�YTKVVGP�CPF�QTCN�HQTYCTF�NQQMKPI�UVCVGOGPVU�CPF�HKPCPEKCN�QWVNQQM�CVVTKDWVCDNG�VQ�VJG�2CTVPGTUJKR�� QT� RGTUQPU� CEVKPI� QP� CP[� QH� VJGKT� DGJCNH�� CTG� GZRTGUUN[� SWCNKHKGF� KP� VJGKT� GPVKTGV[� D[� VJKU� ECWVKQPCT[� UVCVGOGPV�� 0Q�TGRTGUGPVCVKQP�QT�YCTTCPV[�KU�OCFG D[�VJG�2CTVPGTUJKR�CU�VQ�VJG�CEEWTCE[�QT�EQORNGVGPGUU�QH�CP[�QH�VJG�KPHQTOCVKQP�EQPVCKPGF�JGTGKP��0Q�UGEWTKVKGU�EQOOKUUKQP�QT�UKOKNCT�TGIWNCVQT[�CWVJQTKV[�JCU�RCUUGF�QP�VJG�OGTKVU�QH�VJG�UGEWTKVKGU�TGHGTTGF�VQ�JGTGWPFGT�CPF CP[�TGRTGUGPVCVKQP�VQ�VJG�EQPVTCT[�KU�CP�QHHGPEG��+P�EQPUKFGTKPI�VJG�RTKQT�RGTHQTOCPEG�KPHQTOCVKQP�EQPVCKPGF�JGTGKP��RTQURGEVKXG�KPXGUVQTU�UJQWNF�DGCT� KP�OKPF�VJCV�RCUV�RGTHQTOCPEG�KU�PQV�PGEGUUCTKN[� KPFKECVKXG�QH�HWVWTG�TGUWNVU��CPF�VJGTG�ECP�DG�PQ�CUUWTCPEG�VJCV VJG�2CTVPGTUJKR�YKNN�CEJKGXG�EQORCTCDNG�TGUWNVU�

(GGU�CPF�'ZRGPUGU�2TQURGEVKXG�KPXGUVQTU�CTG�UQNGN[�TGURQPUKDNG�HQT�VJGKT�QYP�HGGU��EQUVU��CPF�GZRGPUGU�KPEWTTGF�KP�VJGKT�KPXGUVKICVKQP�QH�VJG�2CTVPGTUJKR��TGICTFNGUU�QH�YJGVJGT�QT�PQV�C�VTCPUCEVKQP�KU�EQPUWOOCVGF�KPENWFKPI�YKVJQWV�NKOKVCVKQP��VTCXGN��CEEQWPVKPI�HGGU��FWG�FKNKIGPEG�EQUVU��NGICN�HGGU��FKUDWTUGOGPVU��CPF�VCZGU�

2TKXCVG�2NCEGOGPV�6GTOU+UUWGTU��9GUVGTP�9GCNVJ�%CRKVCN�.+ .KOKVGF�2CTVPGTUJKR�CPF�9GUVGTP�9GCNVJ�%CRKVCN�.+ 75�+PXGUVQT��.2�

/KPKOWO�5WDUETKRVKQP��75&���������75&������������ WPKVU�CV�������RGT�WPKV�

Page 7: &GUGTV 9KNNQY #RCTVOGPV *QOGU...+pxguvogpv 1xgtxkgy 6jg 9guvgtp 9gcnvj %crkvcn .+ .kokvgf 2ct vpg tujkr cpf 9guvgtp 9gcnvj %crkvcn .+ 75 +pxguvqt .2 vjg k.kokvgf 2ctvpgtujkru l ctg

x #ESWKUKVKQP�HGG���� QH�VJG�VQVCN�EQUVU�QH�VJG�CESWKUKVKQP�QH�VJG�KFGPVKƒGF�CUUGV�VQ�DG�RCKF�WRQP�ENQUKPI�QH�VJG�KFGPVKƒGF�CUUGV��x #UUGV�OCPCIGOGPV�HGG���� QH�OQPVJN[�TGPVU��x #UUGV�UGVWR�HGG�������� RCKF�WRQP�ENQUKPI�VJG�KFGPVKƒGF�CUUGV�x /QTVICIG�IWCTCPVGG�HGG�����QH�VJG�COQWPV�IWCTCPVGGF�HQT�CP[�CESWKUKVKQP�NQCP��HKPCPEKPI�QT�TGHKPCPEKPI�x &KURQUKVKQP�HGG�����RCKF�WRQP�NKSWKFCVKQP�QH�VJG�KFGPVKHKGF�CUUGV��RC[CDNG�QPN[�QP�VJG�COQWPV�QH�VJG�KPETGCUG�QXGT�VJG�RWTEJCUG�RTKEG�QH�VJG�KFGPVKHKGF�CUUGV��

x 2TQƒV�UJCTKPI�CU�FGUETKDGF�KP�VJG�&KURQUKVKQP�9CVGTHCNN�DGNQY�

6JG�RCTVPGTUJKR�RNCPU�VQ�FKUVTKDWVG�CRRTQZKOCVGN[�����QH�ECUJ�HNQYU�CPPWCNN[�QP�0QXGODGT����QH�GCEJ�ECNGPFCT�[GCT��

%CRKVCN�TCKUKPI�HGG�RCKF�VQ�KPFKXKFWCNU�QT EQORCPKGU�YJQ�SWCNKH[�WPFGT�VJG�TGNGXCPV�UGEWTKVKGU�NGIKUNCVKQP�KP�CP�COQWPV�WR�VQ��� QH�VJG�HWPFU�TCKUGF�D[�UWEJ�KPFKXKFWCNU�QT�EQORCPKGU��UWDLGEV�VQ�CRRNKECDNG�NCYU��#P[�UWEJ�ECRKVCN�TCKUKPI�HGGU�YKNN�DG�RCKF�WRQP�ENQUKPI�QH�CESWKUKVKQP�QH�VJG�KFGPVKƒGF CUUGV�

#P[�RQUUKDNG�FKUVTKDWVKQPU�OCFG�D[�6JG�2CTVPGTUJKR�YKNN�DG�KP�VJG�HQNNQYKPI�QTFGT�x 6JG�.KOKVGF�2CTVPGTU�YKNN�DG�RCKF�DCEM�VJGKT�KPKVKCN�KPXGUVOGPV�ƒTUV�x .KOKVGF�2CTVPGTU�YKNN�VJGP�DG�RCKF�����QH�VJG�RTQƒV��KH�CP[�x 6JG�)GPGTCN�2CTVPGT�YKNN�VJGP�TGEGKXG�����QH VJG�RTQƒV��KH�CP[�

#UUWORVKQPU/CVGTKCN�HCEVQTU�QT�CUUWORVKQPU�VJCV�YGTG�CRRNKGF�KP�FTCYKPI�C�EQPENWUKQP�QT�OCMKPI�CP�GUVKOCVG�UGV�QWV�KP�VJG�HQTYCTF�NQQMKPI�UVCVGOGPVU�CPF�HKPCPEKCN�QWVNQQM�EQPVCKPGF�JGTGKP�KPENWFG�VJCV��DWKNFKPI�WRITCFG�RNCPU�CPF�TGNCVGF�GZRGPUGU�YKNN�RTQEGGF�CU�CPVKEKRCVGF��VJG�2CTVPGTUJKR�YKNN�TGOCKP�KP�IQQF�UVCPFKPI�YKVJ�TGURGEV�VQ�KVU�QDNKICVKQPU�VQ�CP[�UGPKQT�NGPFGTU��VJG�IGPGTCN�GEQPQO[�KU�UVCDNG�� NQECN�TGCN�GUVCVG�EQPFKVKQPU�CTG�UVCDNG�� KPVGTGUV�TCVGU�CTG�TGNCVKXGN[�UVCDNG��GSWKV[�CPF�FGDV�OCTMGVU� EQPVKPWG� VQ� RTQXKFG� CEEGUU� VQ� ECRKVCN�� CPF� VJCV� VJG�2CTVPGTUJKRŨU� GZRGPUGU�YKNN� PQV� DG�OCVGTKCNN[� ITGCVGT� VJCP�CPVKEKRCVGF��6JGUG�HCEVQTU�CPF�CUUWORVKQPU�UJQWNF�DG�EQPUKFGTGF�ECTGHWNN[�D[�TGCFGTU��4GCFGTU�CTG�ECWVKQPGF�PQV�VQ�RNCEG�WPFWG�TGNKCPEG�QP�VJG�HQTYCTF�NQQMKPI�UVCVGOGPVU�QT�HKPCPEKCN�QWVNQQM�QT�VJG�CUUWORVKQPU�QP�YJKEJ�VJG�HQTYCTF�NQQMKPI�UVCVGOGPVU� CPF� HKPCPEKCN� QWVNQQM� CTG� DCUGF� QP�� +PXGUVQTU� CTG� HWTVJGT� ECWVKQPGF� VJCV� VJG� HQTGIQKPI� NKUV� QH� HCEVQTU� CPF�CUUWORVKQPU�KU�PQV�GZJCWUVKXG��+P�CFFKVKQP��KPHQTOCVKQP�TGICTFKPI�VCTIGVGF�TGVWTPU�KU�DCUGF�QP�VJG�HQNNQYKPI�RTKPEKRNGU�CPF�CUUWORVKQPU��VJG�2CTVPGTUJKR�YKNN�OCKPVCKP�C�EQPUKUVGPV�NGXGN�QH�ECUJ�HNQY�CPF�KPFGDVGFPGUU�CPF�YKNN�PQV�OCVGTKCNN[�KPEWT�CFFKVKQPCN� KPFGDVGFPGUU��QVJGT�VJCP�YKVJ�TGURGEV�VQ�QTFKPCT[�QRGTCVKPI�EQUVU�QT�CU�FKUENQUGF�JGTGKP�� VJG�EQPUWOGT�RTKEG�KPFGZ��RTQRGTV[�VCZGU��QRGTCVKPI�GZRGPUG�ITQYVJ��CPF�OCTMGV�TGPV�ITQYVJ�YKNN�DG�CU�CPVKEKRCVGF��GZKUVKPI�VGPCPVU�YKNN�HWNHKN�VJGKT�EWTTGPV�EQPVTCEVWCN�NGCUG�QDNKICVKQPU�CPF�TGOCKP�KP�QEEWRCPE[�CPF�RC[�TGPV�HQT�VJG�VGTO�QH�VJGKT�NGCUGU��WRQP�GZRKT[�QH�VJGKT�NGCUGU��VJG�PWODGT�QH�TGVCKPGF�VGPCPVU�YKNN�OGGV�JKUVQTKECN�TGVGPVKQP�GZRGTKGPEG��CPF�VJG�2CTVPGTUJKR�YKNN�OCKPVCKP�ECUJ�TGUGTXGU�CU�CPVKEKRCVGF�

1VJGT�CUUWORVKQPU�WUGF�D[�9GUVGTP�9GCNVJ�%CRKVCN�VQ�OQFGN�VJG�EQUVU�CPF�ETGCVG�VJG�YQTMUJGGVU�NCKF�QWV�KP�VJKU�FQEWOGPV�x $TKPI�TGPVU�VQ�OCTMGV�NGXGNU�KP�[GCT�QPG�VJGP�KPETGCUG�D[�������CPPWCNN[�KP�[GCTU���VQ���x 1EEWRCPE[�TGOCKPU�CV�CP�CXGTCIG�QH�����RGT�[GCT�x 5CNGU�EQOOKUUKQPU�CV�VKOG�QH�UCNG�KU����QH UCNGU�RTKEG�x #UUGV�XCNWG�CV�VKOG�QH�UCNG�KU�ECNEWNCVGF�WUKPI�C����%#2�TCVG�

6JG�2CTVPGTUJKR#NVJQWIJ�YG�DGNKGXG�VJCV�VJG�CUUWORVKQPU�QP�YJKEJ�VJG�HQTYCTF�NQQMKPI�UVCVGOGPVU�CTG�OCFG�CTG TGCUQPCDNG��DCUGF�QP�VJG�KPHQTOCVKQP� CXCKNCDNG� VQ� KV� QP� VJG� FCVG� UWEJ� UVCVGOGPVU�YGTG�OCFG�� PQ� CUUWTCPEGU� ECP� DG� IKXGP� CU� VQ�YJGVJGT� VJGUG�CUUWORVKQPU�YKNN�RTQXG�VQ�DG�EQTTGEV��#EEQTFKPIN[��TGCFGTU�UJQWNF�PQV�RNCEG�WPFWG�TGNKCPEG�QP�HQTYCTF�NQQMKPI�UVCVGOGPVU��9G�YKNN�PQV�WRFCVG�CP[�HQTYCTF�NQQMKPI�KPHQTOCVKQP�GZEGRV�CU��CPF�VQ�VJG�GZVGPV��TGSWKTGF�D[�CRRNKECDNG�%CPCFKCP�UGEWTKVKGU�NCYU��6JG�HQTYCTF�NQQMKPI�UVCVGOGPVU�EQPVCKPGF�JGTGKP��CPF�CNN�UWDUGSWGPV�YTKVVGP�CPF�QTCN� HQTYCTF�NQQMKPI�UVCVGOGPVU�CVVTKDWVCDNG� VQ� VJG�2CTVPGTUJKR�� QT�RGTUQPU�CEVKPI�QP�CP[�QH� VJGKT� DGJCNH�� CTG� GZRTGUUN[� SWCNKHKGF� KP� VJGKT� GPVKTGV[�D[� VJKU�ECWVKQPCT[�UVCVGOGPV��/CTMGV�FCVC�CPF�EGTVCKP�KPFWUVT[�UVCVKUVKEU�WUGF�VJTQWIJQWV�VJKU�GZGEWVKXG�UWOOCT[�YGTG�QDVCKPGF�HTQO�OCTMGV� TGUGCTEJ�� KPHQTOCVKQPCN�CPF�OCTMGVKPI�OCVGTKCNU�RTQXKFGF�VQ� VJG�9GUVGTP�9GCNVJ�%CRKVCN��RWDNKEN[�CXCKNCDNG�KPHQTOCVKQP�CPF�KPFWUVT[�RWDNKECVKQPU��+PFWUVT[�RWDNKECVKQPU�IGPGTCNN[�UVCVG�VJCV�VJG�KPHQTOCVKQP�EQPVCKPGF�VJGTGKP�JCU�DGGP�QDVCKPGF� HTQO� UQWTEGU� DGNKGXGF� VQ� DG� TGNKCDNG�� DWV� VJCV� VJG� CEEWTCE[� CPF� EQORNGVGPGUU� QH� UWEJ� KPHQTOCVKQP� KU� PQV�

Page 8: &GUGTV 9KNNQY #RCTVOGPV *QOGU...+pxguvogpv 1xgtxkgy 6jg 9guvgtp 9gcnvj %crkvcn .+ .kokvgf 2ct vpg tujkr cpf 9guvgtp 9gcnvj %crkvcn .+ 75 +pxguvqt .2 vjg k.kokvgf 2ctvpgtujkru l ctg

IWCTCPVGGF��0Q�TGRTGUGPVCVKQP�QT�YCTTCPV[�KU�OCFG�D[�VJG�2CTVPGTUJKR�CU�VQ�VJG�CEEWTCE[�QT�EQORNGVGPGUU�QH�CP[�QH�VJG�KPHQTOCVKQP�EQPVCKPGF�JGTGKP��0Q�UGEWTKVKGU�EQOOKUUKQP�QT UKOKNCT�TGIWNCVQT[�CWVJQTKV[�JCU�RCUUGU�QP�VJG�OGTKVU�QH�VJG�UGEWTKVKGU�TGHGTTGF�VQ�JGTGWPFGT�CPF�CP[�TGRTGUGPVCVKQP�VQ�VJG�EQPVTCT[�KU�CP�QHHGPEG��+P�EQPUKFGTKPI�VJG�RTKQT�RGTHQTOCPEG�KPHQTOCVKQP�EQPVCKPGF�JGTGKP��RTQURGEVKXG�KPXGUVQTU�UJQWNF�DGCT�KP�OKPF�VJCV�RCUV�RGTHQTOCPEG�KU�PQV�PGEGUUCTKN[�KPFKECVKXG�QH�HWVWTG�TGUWNVU��CPF�VJGTG�ECP�DG�PQ�CUUWTCPEG�VJCV�VJG�2CTVPGTUJKR�YKNN�CEJKGXG�EQORCTCDNG�TGUWNVU�

4KUM�(CEVQTU+PXGUVOGPV� KP� VJG� 2CTVPGTUJKR� KPXQNXGU� C� JKIJ� FGITGG� QH� TKUM� CPF� KU� UWKVCDNG� QPN[� HQT� UQRJKUVKECVGF� KPXGUVQTU� YJQ� ECPYKVJUVCPF�VJG�NQUU�QH�VJGKT�GPVKTG�KPXGUVOGPV�CPF�TGSWKTGU�VJG�HKPCPEKCN�CDKNKV[�CPF�YKNNKPIPGUU�VQ�CEEGRV�VJG�JKIJ�TKUMU�CPF�NCEM�QH�NKSWKFKV[�KPJGTGPV�KP�CP�KPXGUVOGPV�KP�VJG�2CTVPGTUJKR��0Q�CUUWTCPEG��TGRTGUGPVCVKQP�QT�YCTTCPV[�ECP�DG�IKXGP�VJCV�VJG�2CTVPGTUJKRŨU�KPXGUVOGPV�QDLGEVKXGU�YKNN�DG�CEJKGXGF�QT�VJCV�KPXGUVQTU�YKNN�TGEGKXG�C�TGVWTP�QH�VJGKT�ECRKVCN�#P�KPXGUVOGPV�KP�7PKVU�KU�UWDLGEV�VQ�TKUM��5VCPFCTF�TKUMU�CRRNKECDNG�VQ�KPXGUVOGPVU�QH�VJKU�PCVWTG�KPENWFG�x 1R�PDUNHW� IRU�8QLWV� 6JGTG� KU�EWTTGPVN[�PQ� TGUCNG�OCTMGV� HQT� VJG�7PKVU�CPF� KV� KU�PQV�IWCTCPVGGF� VJCV�CP[�OCTMGV�YKNN�

FGXGNQR�� 6JG� 7PKVU� CTG� PQV� VTCPUHGTCDNG� YKVJQWV� VJG� CRRTQXCN� QH� )GPGTCN� 2CTVPGT� CPF� KP� EQORNKCPEG�YKVJ� CRRNKECDNG�UGEWTKVKGU�NCYU�CPF�TGIWNCVKQPU�

x 9DFDQF\�5DWHV� 6JG�CRCTVOGPV�DWKNFKPI�DWUKPGUU�TGNKGU�QP�C�UVGCF[�UWRRN[�QH�IQQF�SWCNKV[�VGPCPVU��#�UJQTVCIG�QH�SWCNKV[�VGPCPVU�FWG�VQ�CP�GEQPQOKE�FQYPVWTP�QT�LQD�NQUUGU�KP�C�IKXGP�OCTMGVRNCEG�EQWNF�TGUWNV�KP�JKIJGT�VJCP�GZRGEVGF�XCECPE[�CPF�NQYGT�VJCP�GZRGEVGF�TGXGPWG�

x 1R�JXDUDQWHHG�UHWXUQ� 6JG�RTQLGEVGF�TGVWTPU�FGUETKDGF�KP�VJKU�+PXGUVOGPV�5WOOCT[�CTG�PQV�IWCTCPVGGF��#P�KPXGUVOGPV�KP�7PKVU�KU�PQV�UWKVCDNG�HQT�KPXGUVQTU�YJQ�ECPPQV�CHHQTF�VQ�CUUWOG�UKIPKHKECPV�TKUMU�KP�EQPPGEVKQP�YKVJ�VJGKT�KPXGUVOGPVU�

x 7D[�PDWWHUV� +PXGUVQTU�UJQWNF�EQPUWNV� VJGKT�QYP�VCZ�CFXKUQTU�HQT�CFXKEG�YKVJ�TGURGEV� VQ� VJG� VCZ�EQPUGSWGPEGU�QH�CP�KPXGUVOGPV�KP�VJG�WPKVU�DCUGF�QP�VJGKT�RCTVKEWNCT�EKTEWOUVCPEGU�

x 7KH�3DUWQHUVKLS� KPVGPFU�VQ�CESWKTG�WPKVU�KP�C�&GNCYCTG�NKOKVGF�RCTVPGTUJKR�VJG�ū.2Ŭ���CPF�VJG�2CTVPGTUJKR�YKNN�QYP�WPKVU�KP�VJG�.2��+P�VJG�GXGPV�QH�C�TGHKPCPEKPI�QH�VJG�RTQRGTV[��VJG�2CTVPGTUJKR�YKNN�DG�GPVKVNGF�VQ�RCTVKEKRCVG�KP�VJG�PGV�RTQEGGFUQH�VJG�TGHKPCPEKPI�QP�C�RCTK�RCUUW�DCUKU��(QT�OQTG�KPHQTOCVKQP��KPXGUVQTU�CTG�CFXKUGF�VQ�TGXKGY�VJG�CITGGOGPVU�IQXGTPKPI�VJG�TGNCVKQPUJKRU�FGUETKDGF�JGTGKP�

.KOKVGF�2CTVPGTUJKR2CTVPGTUJKR�0COG�� 9GUVGTP�9GCNVJ�%CRKVCN .+ .KOKVGF�2CTVPGTUJKR�CPF�9GUVGTP�9GCNVJ�%CRKVCN�.+ 75�+PXGUVQT��.2�

9GUVGTP�9GCNVJ�%CRKVCN�.+ .KOKVGF�2CTVPGTUJKR�CPF�9GUVGTP�9GCNVJ�%CRKVCN�.+ 75�+PXGUVQT��.2 JCXG�DGGP�QTICPK\GF�YKVJ�VJG�CKO�QH�RTQXKFKPI�UVTQPI�TCVGU�QH�TGVWTP�VJTQWIJ�FKUVTKDWVKQPU�CPF�ECRKVCN�CRRTGEKCVKQP�D[�RCTVKEKRCVKPI�KP�VJG�CESWKUKVKQP�CPF�OCPCIGOGPV�QH�CP�CRCTVOGPV�EQORNGZ�NQECVGF�KP�VJG�7�5�

+PXGUVOGPV�/CPCIGOGPV���)GPGTCN�2CTVPGT6JG�IGPGTCN�RCTVPGTU CTG 99%�)2�+PE��QH�9GUVGTP�9GCNVJ�%CRKVCN�.+ .KOKVGF�2CTVPGTUJKR�CPF�99%�.+ 75 )2��..%�QH�9GUVGTP�9GCNVJ�%CRKVCN�.+ 75�+PXGUVQT� .2� 6JG�OCPCIGTU QH�VJG�IGPGTCN�RCTVPGTU CTG�,CPGV�.G2CIG�CPF�&CXKF 5VGGNG��6JG[�YKNN�DG�TGURQPUKDNG�HQT�VJG�UVTCVGIKE�CPF�ƒPCPEKCN�FKTGEVKQP�QP &GUGTV�9KNNQY #RCTVOGPV�*QOGU� ,CPGV�.G2CIG�JCU�EQORNGVGF�QXGT����TGCN�GUVCVG�RTQLGEVU�KP�#TK\QPC��&CXG�5VGGNG�JCU�FGXGNQRGF�QXGT����RTQLGEVU��XCNWGF�CV�QXGT����������������CPF�JCU�JGNRGF�KPFKXKFWCN�KPXGUVQTU�CESWKTG�QXGT��������KPXGUVOGPV�RTQRGTVKGU�KP�%CPCFC�CPF�VJG�7PKVGF�5VCVGU��6QIGVJGT��,CPGV�CPF�&CXG�JCXG�QXGT����[GCTU�QH�GZRGTKGPEG�KP�OCPCIKPI��TGRQUKVKQPKPI�CPF�FKXGUVKPI�OWNVK�HCOKN[�TGCN�GUVCVG�

%QPVCEV�7U3KRQH� ���������������

(PDLO� KPHQ"YGUVGTPYGCNVJECRKVCN�EQO

2NGCUG�XKUKV�QWT�YGDUKVG�VQ�ƒPF�QWV�OQTG�QP�JQY�VQ�RCTVKEKRCVG�KP�QWT�NCVGUV�KPXGUVOGPV�QRRQTVWPKV[��YYY�YGUVGTPYGCNVJECRKVCN�EQO

,CPGV�.G2CIG�%'1

&CXKF�5VGGNG�����������%Q�HQWPFGT