#VJMU JO 3FGSJHFSBUPS )ULJRULIHUR GD LQFDVVR HQ LW GH IU HV SW QO & 71( ,QVWUXFWLRQ 0DQXDO 0DQXDOH GL LVWUX]LRQL *HEUDXFKVDQZHLVXQJ 1RWLFH G XWLOLVDWLRQ ,QVWUXFFLRQHV GH XVR 0DQXDO GH ,QVWUXo}HV *HEUXLNVDDQZLM]LQJ
#JUUF MFTFO 4JF [VFSTU EJFTF "OMFJUVOH -JFCFS ,VOEF 8JS TJOE TJDIFS EBTT *IOFO EJFTFT 1SPEVLU EBT JO NPEFSOTUFO 'FSUJHVOHTTUÊUUFO IFSHFTUFMMU VOE EFO TUSFOHTUFO 2VBMJUÊUTQSàGVOHFO VOUFS[PHFO XVSEF MBOHF ;FJU HVUF %JFOTUF MFJTUFO XJSE 8JS FNQGFIMFO *IOFO WPS *OCFUSJFCOBINF EFT (FSÊUFT EBT HFTBNUF )BOECVDI EVSDI[VMFTFO VOE FT BOTDIMJFFOE BVG[VCFXBISFO %JFTF "OMFJUVOH t )JMGU *IOFO *IS (FSÊU TDIOFMM VOE TJDIFS [V CFEJFOFO t -FTFO 4JF EJF "OMFJUVOH CFWPS 4JF *IS (FSÊU BVGTUFMMFO VOE CFEJFOFO t
*/)"-5 *IS ,àIMTDISBOL 7PSCFSFJUVOH 8JDIUJHF 4JDIFSIFJUTIJOXFJTF (FSÊU CFEJFOFO "O[FJHFGFME #FTUJNNVOHTHFNÊFS &JOTBU[ "MMHFNFJOF )JOXFJTF [V *ISFS 4JDIFSIFJU #FJ (FSÊUFO NJU 8BTTFSTQFOEFS ,JOEFS o 4JDIFSIFJU )$" 8BSOVOH 5JQQT [VN &OFSHJFTQBSFO %PQQFMUFT ,àIMTZTUFN
*IS ,àIMTDISBOL 4DIOFMMHFGSJFSGBDI (FGSJFSGBDI 4DIVCMBEFO 7FSTUFMMCBSF 5àSBCMBHFO "CMBHF GàS 'MBTDIFO (FGSJFSTDISBOL 'BO ,àIMCFSFJDI (FGSJFSGBDI #FEJFOVOHTLPOTPMF *OOFOCFMFVDIUVOH 'SJTDIF -FCFOTNJUUFM -àGUFS 8FJOSFHBM #FXFHCBSF 3FHBMF ¡$ #FSFJDI "CEFDLCMBUUF GàS (FNàTFMBEF (FNàTFMBEF C "CCJMEVOHFO VOE "OHBCFO JO EJFTFS "OMFJUVOH TJOE TDIFNBUJTDI VOE LÚOOFO FUXBT WPO *ISFN 1SPEVLU BCXFJDIFO 8FOO EJ
8JDIUJHF 4JDIFSIFJUTIJOXFJTF #JUUF MFTFO 4JF EJF GPMHFOEFO t 5SFOOFO 4JF *ISFO ,àIMTDISBOL WPS EFN )JOXFJTF BVGNFSLTBN EVSDI #FJ 3FJOJHFO PEFS "CUBVFO WPN 4USPNOFU[ /JDIUCFBDIUVOH EJFTFS "OHBCFO LBOO t 7FSXFOEFO 4JF OJFNBMT %BNQG PEFS FT [V 7FSMFU[VOHFO VOE 4BDITDIÊEFO 4QSàISFJOJHFS [VN 3FJOJHFO VOE LPNNFO *O EJFTFN 'BMM FSMÚTDIFO "CUBVFO *ISFT ,àIMTDISBOLT %JF BVDI TÊNUMJDIF (BSBOUJF VOE %ÊNQGF PEFS /FCFM LÚOOFO JO ,POUBLU TPOTUJHFO "OTQSàDIF NJU TUSPNGàISFOEFO 5FJMFO HFSBUFO VOE ,VS[
t /VU[FO 4JF LFJOF NFDIBOJTDIFO PEFS BOEFSFO )JMGTNJUUFM VN EBT (FSÊU BC[VUBVFO o FT TFJ EFOO TPMDIF )JMGTNJUUFM XFSEFO BVTESàDLMJDI WPN )FSTUFMMFS FNQGPIMFO t %JFTFT 1SPEVLU EBSG OJDIU WPO 1FSTPOFO FJOTDIMJFMJDI ,JOEFSO NJU FJOHFTDISÊOLUFO QIZTJTDIFO TFOTPSJTDIFO PEFS HFJTUJHFO 'ÊIJHLFJUFO CFEJFOU XFSEFO TPGFSO TJF OJDIU EVSDI FJOF 1FSTPO EJF GàS JISF 4JDIFSIFJU WFSBOUXPSUMJDI JTU JO EFS #FEJFOVOH EFT 1SPEVLUFT BOHFMFJUFU XFSEFO t /FINFO 4JF FJOFO CFTDIÊEJHUFO ,àIMTDISBOL OJDIU JO #FUSJFC 8FOEFO
t .
*OTUBMMBUJPO B #JUUF CFBDIUFO 4JF EBTT EFS )FSTUFMMFS 3FJOJHFO 4JF EBT *OOFSF EFT OJDIU IBGUFU XFOO 4JF TJDI OJDIU BO EJF *OGPSNBUJPOFO VOE "OXFJTVOHFO EFS #FEJFOVOHTBOMFJUVOH IBMUFO 8BT 4JF CFJ FJOFN XFJUFSFO 5SBOTQPSU *ISFT ,àIMTDISBOLT CFBDIUFO NàTTFO %FS ,àIMTDISBOL NVTT WPS EFN 5SBOTQPSU HFMFFSU VOE HFTÊVCFSU XFSEFO #FGFTUJHFO VOE TJDIFSO 4JF "CMBHFO ;VCFIÚS (FNàTFGBDI FUD NJU ,MFCFCBOE CFWPS 4JF EBT (FSÊU OFV WFSQBDLFO %JF 7FSQBDLVOH NVTT NJU LSÊGUJHFN ,MFCFCBOE VOE TU
B %BT (FSÊU EBSG WPS "CTDIMVTT EFS 3FQBSBUVSFO OJDIU NFIS CFUSJFCFO XFSEFO &T CFTUFIU 4USPNTDIMBHHFGBIS 7FSQBDLVOHTNBUFSJBMJFO FOUTPSHFO %BT 7FSQBDLVOHTNBUFSJBM LBOO FJOF (FGBIS GàS ,JOEFS EBSTUFMMFO )BMUFO 4JF 7FSQBDLVOHTNBUFSJBMJFO WPO ,JOEFSO GFSO PEFS FOUTPSHFO 4JF EBT 7FSQBDLVOHTNBUFSJBM HFNÊ EFO HàMUJHFO &OUTPSHVOHTCFTUJNNVOHFO &OUTPSHFO 4JF 7FSQBDLVOHTNBUFSJBMJFO OJDIU NJU EFN SFHVMÊSFO )BVTNàMM %JF 7FSQBDLVOH *ISFT (FSÊUFT XVSEF BVT SFDZDMJOHGÊIJHFO .
5àSBOTDIMBH VNLFISFO (FIFO 4JF EFS 3FJIF OBDI WPS %&
7PSCFSFJUVOH C *IS ,àIMTDISBOL TPMMUF NJOEFTUFOT C 0SJHJOBMWFSQBDLVOH VOE DN WPO )JU[FRVFMMFO XJF ,PDITUFMMFO ½GFO )FJ[VOHFO )FSEFO VOE ÊIOMJDIFO &JOSJDIUVOHFO BVGHFTUFMMU XFSEFO )BMUFO 4JF NJOEFTUFOT DN "CTUBOE [V &MFLUSPÚGFO FJO WFSNFJEFO 4JF EJF "VGTUFMMVOH JN EJSFLUFO 4POOFOMJDIU 4DIBVNTUPGGNBUFSJBMJFO TPMMUFO [VN [VLàOGUJHFO 5SBOTQPSU EFT (FSÊUFT BVGCFXBISU XFSEFO C %JF ;JNNFSUFNQFSBUVS EFT 3BVNFT JO EFN EFS ,àIMTDISBOL BVGHFTUFMMU XJSE TPMMUF NJOEFTUFOT ¡$ CFUSBH
(FSÊU CFEJFOFO "O[FJHFGFME &JO "VT "O[FJHF 'LH 6FKQHOOJHIULHUIXQNWLRQ QXW]HQ 6LH ZHQQ 6LH GLH /HEHQVPLWWHO LP 7LHINKOEHUHLFK EHVRQGHUV VFKQHOO JHIULHUHQ P|FKWHQ :HQQ 6LH JURH 0HQJHQ IULVFKHU /HEHQVPLWWHO JHIULHUHQ P|FKWHQ VROOWHQ 6LH GLHVH )XQNWLRQ YRU GHP (LQODJHUQ GHU /HEHQVPLWWHO HLQVFKDOWHQ 6RIHUQ 6LH GLHVH )XQNWLRQ QLFKW YRU]HLWLJ DEVFKDOWHQ ZLUG GDV 6FKQHOOJHIULHUHQ EHHQGHW VREDOG GLH Q|WLJH 7HPSHUDWXU HUUHLFKW LVW VSlWHVWHQV MHGRFK QDFK 6WXQGHQ 'LHVH
%PQQFMUFT ,àIMTZTUFN *IS ,àIMHFSÊU JTU NJU [XFJ HFUSFOOUFO ,àIMTZTUFNFO GàS ,àIM VOE 5JFGLàIMCFSFJDI BVTHFTUBUUFU %BEVSDI WFSNJTDIU TJDI EJF -VGU JN ,àIMCFSFJDI OJDIU NJU EFS -VGU JN 5JFGLàIMCFSFJDI %VSDI EJF 5SFOOVOH EFS ,àIMTZTUFNF LàIMU *IS (FSÊU FSIFCMJDI TDIOFMMFS BMT WJFMF BOEFSF ,àIMHFSÊUF "VDI EJF (FSàDIF EFS CFJEFO ,àIMCFSFJDIF CMFJCFO HFUSFOOU %BSàCFS IJOBVT TQBSFO 4JF &OFSHJF EB BVDI EBT "CUBVFO HFUSFOOU FSGPMHU "DIUFO 4JF EBSBVG EBTT EJF -àGUFS OJDIU CMPDLJFSU XFSEFO VOE EB
8BSUVOH VOE 3FJOJHVOH A 7FSXFOEFO 4JF [V C 7FSXFOEFO 4JF [VS 3FJOJHVOH 3FJOJHVOHT[XFDLFO OJFNBMT #FO[JO PEFS ÊIOMJDIF 4VCTUBO[FO EFS "VFOGMÊDIFO VOE $ISPN CFTDIJDIUFUFO 1SPEVLUUFJMF OJFNBMT 3FJOJHVOHTNJUUFM PEFS 8BTTFS EJF EBT $IMPS FOUIÊMU $IMPS MÊTTU .
&NQGFIMVOHFO [VS 1SPCMFNMÚTVOH #JUUF BSCFJUFO 4JF EJFTF -JTUF EVSDI CFWPS 4JF EFO ,VOEFOEJFOTU BOSVGFO %BT LBOO *IOFO ;FJU VOE (FME TQBSFO *O EFS -JTUF GJOEFO 4JF IÊVGJHFS BVGUSFUFOEF 1SPCMFNF EJF OJDIU BVG 7FSBSCFJUVOHT PEFS .BUFSJBMGFIMFS [VSàDL[VGàISFO TJOE /JDIU BMMF IJFS CFTDISJFCFOFO 'VOLUJPOFO TJOE CFJ KFEFN .
%FS ,àIMTDISBOL BSCFJUFU TFIS JOUFOTJW PEFS àCFS FJOF TFIS MBOHF ;FJU t *IS OFVFT (FSÊU JTU WJFMMFJDIU FUXBT CSFJUFS BMT TFJO 7PSHÊOHFS %JFT JTU WÚMMJH OPSNBM (SPF ,àIMHFSÊUF BSCFJUFO PGU MÊOHFSF ;FJU t %JF 6NHFCVOHTUFNQFSBUVS JTU FWFOUVFMM TFIS IPDI %JFT JTU WÚMMJH OPSNBM t %BT ,àIMHFSÊU XVSEF NÚHMJDIFSXFJTF FSTU WPS LVS[FN JO #FUSJFC HFOPNNFO PEFS NJU -FCFOTNJUUFMO HFGàMMU &T LBOO FJOJHF 4UVOEFO MÊOHFS EBVFSO CJT EFS ,àIMTDISBOL TFJOF "SCFJUTUFNQFSBUVS FSSFJDIU IBU t ,VS[ [VWPS XVSEFO HSÚFSF .
%JF 5FNQFSBUVS JN ,àIM PEFS 5JFGLàIMCFSFJDI JTU TFIS IPDI t %JF 5FNQFSBUVS EFT ,àIMCFSFJDIT JTU FWFOUVFMM TFIS IPDI FJOHFTUFMMU %JF &JOTUFMMVOH EFT ,àIMCFSFJDIT CFFJOGMVTTU EJF 5FNQFSBUVS JN 5JFGLàIMCFSFJDI 4UFMMFO 4JF EFO ,àIM PEFS 5JFGLàIMCFSFJDI BVG EJF HFXàOTDIUF 5FNQFSBUVS FJO t 5àSFO XVSEFO IÊVGJH HFÚGGOFU PEFS MÊOHFSF ;FJU OJDIU SJDIUJH HFTDIMPTTFO XFOJHFS IÊVGJH ÚGGOFO t %JF 5àS XVSEF FWFOUVFMM OJDIU SJDIUJH HFTDIMPTTFO 5àS SJDIUJH TDIMJFFO t ,VS[ [VWPS XVSEFO HSÚFSF .