Nie32p.pdf
(
4004 KB
)
Pobierz
untitled
"$()'
))))
#&$((&))"%%#(&%
() ))!')))))) '!'
"%%!#%$%#$%% $%"%%!#% %#%"%!#% %$
"% !#$% $% #$%!#"%%$%"% !%! %#$%#$% #% %
!"% $%"%%"%! %$% %#$% %% %% #%
" % "%$%"%%#!%#$%!%"%%
" EAEF;4CF=>F<>F :F;4EF $CF=DF3E;F:EB4
<"-1F:DF<EF;C;*F3-F9:E;*FAC;8BAF=CF?@6
5?@> 1?CF8EBF+2(<FAB40F< 3BEF"CF926F)DF.
A>;*F9=CFA-2F5DF8AE:,F5CF8E/=FAECFD#ECF?>
5DF+?DF86F C1D?F;>4FABF+DF < &D3F9;B,F D
<2CF'AEBF9CA:F=6FC?E68F9:?6F;*>F73CF8CF.
=B:0F:=(F?BF<>F9:?DF1CF2>F52DF7>F9<BFAC4F.
7?D)F9@B,F
&DF8AE:F @EBF;EF&DF;@/F=>;*FEEBFACF?DF.
7@DFA>;*F8C F;BAF=>F8BF=?(<F<>F9DF:DF.
';E0F;@>F3EF=?DF;*/F<E/F;B4FAE)F5?@BF;E/=FAC
9:?DF1E-F;CF8C=F:C,F @E/F:EF1?CF:DF<EF6?DF7>
5DF8AE:F@7-F)>2F46)F9DF1EBF@7DF1>%F92CF</
AC4F9@:CF?C7FAEB4F9@BF+DF < <DF4BF<(7@F=<EB
'3-F9:E80FC;8BAF=C?@FF8ECFADFC=?C:F;4EF=6F.
?>F9=>;@FAB4,F"<EBF7@CF4-F;>FD5EF96F4-F<EAF=B?F.
ABF;EB0F;DF<EF7@-F
% %#%!% %"
"%"%# %!%$% !%#!%#%# %$% "%% !
"% %#%$% % % % %!% %#%"% $%"%
%"%!%"%$% "% $%"% !%#%#!%%$%#%
% !% "% $%$% $%"% #% $% %$% $% $
#!%#%$% %$% # "% % "% %"% $% !
!% !%"% "%"%$%%!%"% % "%# % $%$%"
%$% % $% % "%"% %$%"% !%"%!
#!%$% % %!%$ %#!%% %
,
CF8>8F 9<>8F :9@=C2F=B8F 5DF8AE:
<9=?@-F9C0FC <9=?@-F'AE/F=BFC1D?;4DAE9=:E
9:2CFAECF7D )CF36F@C +?@BF;*>,F&?DF13B8
< =>80F)BFD7 D7F92DFAE/F;ECFAEBF<EF7@ECFAD
=C8F4B9@F;@BF)C7FAB4F5DF:6=FAEF;>,FAEF4B7FAB4F
7BCF5DF8AEF:CF@?DF7@EF2CF9E/F< ;@C9@F;B
:9E/F7@CFC?F:CF"DF2DF=BF:EBF+D0F:=(F?>F8C
8CFAECF:C3FABF@CF8EF2DF<CFAEBF7D5DF8AEF:(<,
&DF;@-2F 46)F :E3F:CFACF';EBF 5DF8AEF:(<F 5CF.
=?DAF:EF:DF3BF4CF?@>0F'<,F$CF=CF?@>FA>FF7D:=(F.
?B4F;@62FAC4F<>F?CFAEB4F<EB3F:EF5DF;E-+,FDF.
9:CF$CF=CF?@>FACF9=DEFAC <D?F;6F2(<FA>8
<BF!?DF;2CF<E60F<3DF:DF8DF=>F<D<FAEF<6F.
13EFAEB0FAC CF9AB4F(F?@B0FEAFABF$CF=CF?@>FA>
9=DF4-F<!C2F1?@>F;*60FE/F7@>F3BF9E6FEDF3BF.
92C<F;6,FC =>8F:9E-7@FAEBF8CF@CF8ECF?6
5DF5?@BF9=C%FFD7F+?CF)CF9E/0F)BF#EF+6F?>F5CF.
=?DAF:EF8CF9@>FAEF9=(<FE :DAF76:F=DF?(<F8CF.
4-F9E/F?D@F53BFAE%FAC <9@>9=F:E;*F9=CF;4C;*
:DF3BF4DF<>;*F< &D3F9;B,FB9=FE;*F5DF7D1FAD
4B9@F;@BFD:DF2D,,F
8F5?BF@CFD7F92DFAE/F;ECF5DF8AEF:CF@CF926F.
)DFA>;*F AEBFACF?DF7@DFA>;*F 1>F2CF *6;@FAC
E D1F#EF=DF<CF2CF < <EBF3BF C=?C:F;4E,F !DF7/
'<E/F;DFA-F 3C2F :9E-7@F :CFADFAE:F D+F7CA
!D3FAEBF<E;@0FAC ;DF7@EBF7@EBF:CAF7BF:CF.
ACF=6F"-1F:DF<EF;BF3-F9:EBF&DF26F7AEB,F<DF.
E8F'5EBF<B8F;BF?BF8DFAE/F6'<EB=FAEF3EF;*(?
5CF?CF#EEF'<,F$CF=CF?@>FA>F3B:F9CAF7?>4F9:EB4
@5DF3CFD?C@F82DF7@EB)0F5DF;@/F=CFAEBF+7>'
AC=/F95BF;4C3FA-FD:CF@4/FE73CF=BF+DFACF?DF7@DF.
AC,F 6?F8E9=?@F "-1F:DF<E;F 3-F9:E;*
$?@>9@F=D#F $DF=DF<E;@F 5?@BF8(F<E2F E 5DF.
7@E/F:DF<C2F<9@>9=F:E80F
% "% %% %
# $% !% #$%"% $%!% "%"%#% #% #
$%$%!% %$%#$%$ #!%#%% %#%#!
$%"% #% "%#!% %#!%$% %%#$
$% % $%!%#!%#%!%#!%$% % $%!
,
EB4F9;DF<E0F +7>F D;*2DFA/F3E0F @CF;@/F3E
92C%F7D 16?F8EF9=?@CF3EF9=>F@ 5>F=CFAECF8E0
C =B)F5DF+?()F:CF8EFEAF95EF?DF<CFA>F8EF6?DF.
7-F 5DF8AEF:C,F 6F7@EBF AEBF ?DF@6F8EBF4-0F
)BF1?@>7F:EBF;@>FA>FACF3BF)>F65CF8E/=FAEC%
D1?@>F73EF<EB,F
6?F8E9=?@FD+?D8FAB4F8BF=?DF5DF3EEF"-1F.
:DF<E;0F5CAF$DF=DF<E;@0FAC 8DF4BF5>F=CFAEC
D5DF=?@BF1/F5DF9=CF<EBFAECF=CF:EBF+DF5DF8AEF.
:CF)C;*FA-2F9E/FE @CF92DFAE2F36F:CF8EF< 5CF.
8E/F;E,F$=()F1>F95CF8E/F=C2F7BF;>F@4BF<>F7CF.
ABFAC :C)F7>F5DF8AE:F9=CF<ECFA>F< 8EBF.
';EBF DF7C2F4B7FAC:FACF=>;*F8EC9=0F)BFDA
4CF:DF8/)F;@>F@ACF?DF@6F8EB0F;DF9E/F7@EBF4B
@ :DF1EBF=-F 5DF@1CF<EDFA-F 52DF76F )>F<DF=C,
@EBAFAEF:CF?@DF<EF3DF:C3FAB4F+CF@BF=>F<>F=26F.
8CF;@>2FACF=DF8EC9=0F)BF@3B:F=6F?>F<AEDF9:6
D 16F7DF</F 5DF8AEF:CF =?67FADF 86F 1>F2D
D;BFAE%0F4C:F7DF:2C7FAEBF1/F7@EBFDAF<>F+3-F.
7C20FE73CF=BF+DF5D5?DF9=6F+DF5D7F5EF9C2,FD
4B9=F <C)FACF EAF#D?F8CF;4CF 73CF 5BF=BAF=(<
@-1F:DF<E;F:EBF+DF 8CF+EF9=?CF=6,F C4F3BF5EB4
@+2CF9@C%F9E/F=C8F@<AEDF9:CF8E0FD:=(F?>;*
16?F8E9=?@FAEBF<EB0F;@BF+DF7DF=>F;@-,F!=BF.
7>FAC5B<FADF9E/F@+DF7@E,F
7F:-7F 367@F:D'%F <>F8>F'3EF2CF 5DF.
8AEF:E0F1>F2>FDABF<@ADF9@DFABF73CF65CF.
8E/=FAEBFAECF<>F1E=FAB4FD9DF1>F361F7DFAEDF.
92BF+DF <>F7CF?@BFAECF *EF9=DF?>;@FABF+D,F C:
<EF7C%0F<9@>9=F:DF9E/F@8EBFAEC,F;@BF:6F4BF.
8>F@CF=B80F)BFD1D:F5DF8AEF:CF7@EBF;EF5DF.
;@/F=>;*F 3B;@F AEBFACF?DF7@DFA>;*F '3-F9;>
;*?@BF';EF4CFAEBF<>F16F76F4-F4B9@F;@BF5DF8AE:
1B@FEF8EBAFAB4FD#ECF?>F5BF7DF#EF3C0FAEBF@ACFABF.
+DF53B8FAEF:C0F:=(F?>F5DF3B+2F<AEBF?(<FAB4
<C3F;BF@ '?D7F:CF8EFCAF=>F:DAF;B5F;>4FA>F8E0
D?C@FD1BF3E9:FD#EC?F9=DF96AF:(<F5?@BF?<CF.
A>;*,
EBFD7?@BF;@>F1>2F1>F=C:F)BF8DFA6F8BA=
:6F;@;EFAEBFACF?DF7@DFA>;*0F1DFAEBF5DF;@/F.
=>;*F@5DF<DF76FAEBF;ABF+DFD7F<DF2CFAECF?D@F.
1EBF?CFAB4F?CA7F:E,F
CF8>FAC4F3B5F9@>;*F?>F9D<FAEF:(<F< &D3F9;BFC:F;D
?DF:6F67DF<D7FAE2F=DFD?F+CFAEF@DF<CFA>F<EF@1DFAEBF!D?37
&?B99FC?F=DFDAFFAC4F<E/:F9@>0FAC4F9=C?F9@>FE AC4F1C?F7@EB4
5?BF9=EF)DF<>F< 6F?DF5EBF:DAF:6?9F9CF=>F?>;@FA>;*F?>F96AF.
:(<F5?CF9DF<>;*,F! =BF+DF?D;@FA>8F:CF=CF3DF+6F@CF<EBF?CF4-F.
;>8FAC4F3B5F9@BF5?CF;B0F95DF'?(7 F?>F96AF:(<F@ &D3F9:E
8E/F7@>FACF?DF7DF<BF46F?>F<>F1?CF2DFC) F@CF8EB9@F;@DFA>;*
< ,F?CF=6F36F4BF8>FACF9@>8F<>F?()FAEDFA>8FC6F=DF.
?D8FFBAF?>F:DF<EFBF16F3E0F&C<F2DF<EF$6F;@>F9:EBF860
!EF=D3F7DF<EF>F9>F?DF<EF;@DF<E0F CF?E6F9@DF<EF&EBF=?@CF:DF<E
E?BF5?BF@BAF=6F4-F;BF86F$CFACF7/FA7?F&EF4BF=DF<E,F?CF=6F36F.
4BF8>F9DF1EB0F)BF8DF)BF8>F7?6F:DF<C%F7@EBF2CF=C:F<>F1E=F.
A>;*FC?F=>F9=(<,F?CF=6F36F4BF8>F@>F=B3FAEF:D80F)BF8DF+-F=B
7@EBF2CFD+3-F7C%,
0?5A=:A1?A.3A8?A5>0A96?A2=4A;=A9@
,A?A;@1A<?A7<&A/?-A8 "8@?5A2=A*
9</3A20=5A6@-A%>A8 )#A:&A2#(A4<@>A2=A*
4?A5>6A =4 4=A7$=A4#8A =9=A.@A9537$A
4=95?A:37$-A@A2:=7,AA?0A.=
96/?4A6?A:>;A5=A8?-A5?6A<>A48?A:?A<3,
!5:?A9<=A;=A5>%A0@A68@A4?A7('A.>A7@A6=A*
8>A)=-A +0)A ;? @;A5>:A;>5A @ 8 =)#A0>
8@>0A6@1A@A96?A0@A<1>1AA@ 5>A:?<A
13A"0@-A%>A(?6A96=A7<3A;? 2=4A;@>A*
9@>A;@+AA= A2:=7,-A5=A83A.=:A73
.&A4'A .><A):?A;@7<A;@>A 84<@&7<A;@,
=A%>A9@&A2:<>A0@A7<3,
?A:=A9/?8A ?A7<3A96@A 83A.:?/A
;=A8>A 8/?A4<>A @!,A ;?A0>A0@A 9@&
8 ;@7$A 2=A8:#A7=A;3A < ;@>A/?A96@
.@A);@>8A@=A.:=-A<;?A;3A< @;A531A*
;37$A 92=A56?A < >A;?A5'A >A)>:
4?1A@A2@A96@A@ ;@>A<;?A;? 9<>A:<>(
<;@7<>A)=A>A?5?A!<3A4/=,A>;A9>A*
6@>1A<=A95?/A=A?7$@1A:+A4<@A96@-
65#A:3A;@>A4?8A;=A<?A./3A9;'/A:+A96'
5:+1A;',A =A?;A;? 0+A<@6A*=95A*
6=8A96?A8 6@>A:=8A;@7A58@>A9@&A;@>
<;?A0?A</?-A40?A(>(A8/?A9;>A)=A4=A.:?-
?0A.=A8@>1A;@>A(>95A=9=A.'-A65#A:?
83A5:<3A1?A/?A.3A .:+A5?0A;>A ?5?A6@,
=.:=;@>A 0+A<@6A*=95A6=8A96@>(
@(>(A2:?8?A4= .:?A;@?A82@>:A4=A0+
83A95'A2@/A?A:>6A@A)?0A96@-A7=A2:>A*
<>9A=7>A;@/A(?A6=A<?A7$=A8?A;@>A;@>A*
4=A.:>,A @!A*@>A5=-A(?6A8@>A13-
83A:=6A "1@>:A7@,A >A:?<A 7<>A6?A13
< +5&A96A;@>A;@>1-A?%A@A)?0A96@A<;?(A*
4<@>A 9@&A 8 2?:A5@@A < =A0?:A96'A*
*=A.@A96',A
:<>A)=:<A ?A2@>A:?0A96@A 5>%A :=A.@
2=A:<'A4>6,A.>7A;@>A;? 7>A0=8A;@A6+
(>95A:A/+A6=A8@7<-A65#A:3A82:?8A4<@>
= 2:>A<>A9@>A;@>A2=A8@>A4<@?/A;@7A</>A*
)=-A?0>A)>A;>A:?0A;@>A1#A8@A<? 4+A%=
@<?4=.:<>,A <@?A/?A7<>A !A <>
!<7<>A7@A;?-A5:<>A.?A5:?A+A1?A5>7<A;@A*
6?A2:<>A8=4A;@A7<'A7>A)=-A< 7?A/'A9+A*
:=A8=A"7@'A 8>A<8?A0@A :A/+A6=A8@A7<?
4= <=A95?A;@?A 2:>A<3A4>;A5>1A @7$
2@&6A;>A)=-A ?7<A 0>A%'A7>A)=A ;@>A7=
;? +.=A7<+A 1@?A95?,A :A/+A6=A8@7<
(>9<A7<>A 9@&A .:=A;@,A :<3A2=A1;@?A/?
9@&A;?1A436A5>A:3(A6?A< 7<?A9#8A=:A*
1=A8?A;@?A )?A.@A;>A5+A @A1=A9<>A8@A*
7<?,A :>A<3A4>;5A 8?A";@>8A96@
4= (>4A;>A)=A< 83A.@5A;37$A2=A0@A53A6#8
!A&A4<@>9<A1@A;@A95:>1A92:?8
8>A8;&5:<A;37$,A =A0@A536A 0>
2:<>A7@>%A (?A 1#A8@A/>1-A %>A ;@>
7$7&,A:>A<3A4>;5A 65=A7@&-A6+:A*
8?-A23A5?,A
@A;@A95>:A !@A6=:A96@A +13A"0@/A 8@>A*
9<?A 8 2=0A96@7$A ?1A.?A9?A4?7$-
(?6A"8@?5A4/+A)@A@ 9<>A:=A6@-A2=:A5:>A53
2:>A<3A4>;A5?A =A1=A:=8A96@>A)=,A=A*
537$A7<?A9=A8>A=9@'A);@&A7@?A =A1=A*
:=8A96@>A)=A;? =A:+1A1@&A4<3A;?A:=A*
4=A831A 9'A :?A7<>(A =):?A;@A7<=A;>,
=A%>A4<@&A6@A2=:A5:>A5=1A8 6?%A4>(
?1A.?A9?A4<@>A =.A0@A7<>A 2:>A<3A4>;A5?
95?A;@>A9@&A;? 53A0>A<;?A;>-A%>A<?A*
):?A;@7<A;@A43A20=A1?A7@A.&A4'A8 95?A*
;@>A;?A8>5A8>A:?A6+A=4A:#%A;@A)=
=4 6>0A;>A:?,A
B@97LFKLEJ5LG9:IL>H EJICLDGKL?D1LEKCL>HELD?JIL4H1
>LFHLEJHLFIL EILGEKLFJIL =HLI@BL >H ?K@H;JL?.EL G ,J(
3CG<JI+L =HLEJFLFHL $(=JIDGL<BL DJ0L FJILFKLEJL>GJ+L
;9L>GJ8L @K?L DGB3L?HL H>LA/HL>G5#1L =HLEJI<L H H>LA/H6
>GILFJ91
>K<L'JA/LFJ?8L?@.LCIL4HLJ<JILFJI<LFKLGEKLFHLAK75
I=HL?0 &,8LAGB;JL=H;LD?JI:LD<9@BL'JA/LFJL?HE6
DGLAGBLGF58L>GJ-LD?CH<LFJIL=CKLA9:IL:KL?HL=7H>LFBLK9@HC
E >GJK;ILFIL?CH;HL4.EL$KLGI@BL"BL3HCLAGI:#1
,HL>H3LFJIL:K?LI:;HFLD@K7LDJ0L(CJLKFL?5LK;L3HL(B6
:K<LK:;KFL>J58L,H;LD?KLG<JILFJ7KL3B7KLFKLGE0LFK &B6
EJF;KF>1LGBLD?K7KL:5LH> EKL&BLEJLFK8L@K?L:K?LH;J6
EJKL H> H;JLKLCK8L K CKFLA:KL GKL=IELFIL H> FK@H;K
CKFLAIK1LGJ-L@HLEJI;L?JILFKLGEJLD?HL&BLEJFL=H:KLEJK
DJ0L:92L@B;L?HLE FKL=JLDKA/L?H)LAHLEBA/8L4>BL@I;ILEJLG:I
EGFKLEJK:5L ?HL<IL>J0L <9LGBAGLF5L $,JKLFJLD@K#1L ID@L @H
>GJI7HL CIL2BLDILCKL =CGILGBLEKLFIL4HL =IL>H!J;I<8L ?@.LCB
A/EK;JLBL>K8L3HL@IFLC2FJIL/HL=JLFK1
,HLFJL2HLFHLJ G>IL4CKL>HLEKLFHLE ,;K@!HCL<JIL3BLEK6
@I;LD?JI:LH3BLEK@I;KL,K;JL?H@K1L5L>KLDJ08L2IL3BLH>LDGI>71
,HLDI7L,K;JL?H@L:ID@L:IL>BLFB<L=H;J@BL?JI<8L?@.LCBL<.LEJ
@H8L AHL <BL-;J1L &.ELFJIL DGAGILCKL :ID@L I;;JL &HL?J@HLEK
G ,J(8L;IAGLHFKLEB75AGLFJIL<.LEJ1
JILGFK<LDJ0LFK CI;JL4JJ8LK;IL=H>L?HLDG9;I?LJ 3H?LDIC6
?JL @HL 3HL>K:L FJIL D5L DGK@BL ;J@9CL4JAGLFI1L "JL>GJK7I<
HD@K@LFJHLFK A<IF@KLCG98L:K?L@K?L93CKLFBL?KL<JILFJKCG
ECKGLG FJIL3KCL>GJI:LD@CH:LFB<L=HL<HALFJL?JI<LEBLC6
EK;JLG 4CHL39L>CIELFJKLFBL?CGB2LJ CG9LAJ;JLFK GJIL<J01
KL3JILCK;JLDJ0L>H 39L>HLEBLFKL4CH3L?K1L"JL>HAGLFJILCI;J6
4JKL FJIL FKL?KLG9:IL AILCIL<HLFJJL =CGB =HLG3BLEKLFJ9L DJ0
G30>LFBA/L?CGBL2B1L*CGB2LD=CGI>L=K7KLA9L*HL<HLCHE6
D?JIL4HLH>LA/HL>GJLGK-LE 9CHLAGBLD@I:L=CHLAILD:J1L KELFJI
@B<L*HL-AJ.7L=CGBLGFK:I8L2ILD@HLD9:IL@CJ?LAILCIL<HLFJK
CI;JL4J:LFKLD79L2BL>H G<KLFJL=9;HLEKLFJKLH3CH)LA.EL@IL4H
?CGBL2K1L" ?CGBL29L@B<LAGAGHLFBL:ID@L@IFLG *KLAGB)6
D?JA/8L?@.LCBLH>LDGI>71L,CGBLA/HL>GILFJIL?CGBL2B8LGFKAG6
FJIL E ,H;LDAIL AG0D@LDGIL FJ2L JA/L H>LA/HL>GILFJI8L @K?L2I
D@KLFHLEJLGEBL?;IL=H;J@BAGLF5L<KLFJL=9;KLA:01L"FJHLDI?
D@5>8L2IL@B;L?HL=H> GFKL?JI<L<KLFJL=9;KLA:JL$,H;LD?KL:ID@
,H;LD?58LK ,H;K?L,H;KL?JI<#1LJIL?KLEI8LAGBL4>BLH>I:6
>5LA.CL?KLJ @HE1LGJ0+LILA/KL*KLAGB)LD?JIL4H8LD=HLAGF5
HFJLFK "KLEI;9LHL KL4JI;;HLFHLEJIL;IL25L@K<LAK7BL<J
CHL>GJLFKL<J8LH37HL2ILFJL>GJI+L<J1
$KLGI@KL"BL3HCLAGK#8L=CGIGLFK:LEJICLFJI:LDGBA/LAGB6
@I;LFJL?.EL GEKLFKL ?HLDGICLF58L GCKL>BL?K;JLGHLEK7KL EK;L?0
G KF@BLDIL<J@BLG<I<1LKL=CH:I?@HLEK7KLFHLEILHD@K@IAG6
FILCHGLEJ5LGKLFJILH>I:L-AJILFKLCHL>9L2BL>HELD?JIL4H8LJ @H
E =HLFK>I9LCHL=I:LD?JI:L D?K;J1L (@CIDGLAGK:5AL J 9=CKDG6
AGK:5ALH>L=HLEJI>LFJILKC@BL?97BLHCKGLEBLEJKL>BLG 9AGH6
FBL<J8LA/HL>GJLH @H8L2IL;9L>GJI8L?@.LCGBL9EKL2K:5LDJIL3JI
GK BL>.EL ;93L =CGIGL JFLFBA/L D5L @K?L H?CIL-;KLFJ8L FJI
<K:5L:I>LFHLCH>LFIL4HL=HLA/HL>GILFJK1L(5LG;I=L?JI<L=H6
ED@K7B<LFJIL4>B-LFK =H>7HL29LEB75AGLFJILEBLGFKLFJH6
EB<1LKL>KLFJKL4ILFI@BAGLFILEBL?KLGK7BL3HLEJI<8L2IL:I6
>BLFBL<JL =H@H<L?KL<JL 3;JLD?HELDA/H>LFJA/L BL>.EL GI
(@KLCIL4HLJ HLEIL4HLILD@KL<IF@9LD5L=K;ILD@B)LDABL!I;;K6
A/HLEJI8LAGB;JLA/7HL=JLKCK3LDAB1L> DJIL3JIL>HL>K<8L2I
=HLFJILEK2L >GJ0L?JL =HL<HLABL L <K7HL ?@.LCBL =K;I6
D@B)LD?JLCK3L9=CKLEJKL:IDGLAGILGJIL<J08L@HL=CKEL>GJ6
EBA/LBL>.EL?CEJL2BL>HELD?JI:LE H4.;IL:92LFJIL<K1
,CGBL=HL<F08L2IL=JICELDGILEJI;L?JILH>I:L-AJILBL>.E
GHCL4KLFJLGHLEK7LJ@;IC8L@K?L2IL=HLD79L49:5ALDJ0L3KL>KLFJK6
<JLH A/KLCK?@ILCGIL=CGBLCH>LFJLAGB<1L,CHLEKL>GJ7BLHFI
>H H>LECH@LFBA/L?HFL?;9LG:JL%L2ILBL>.ELAK7IL4HL-EJK6
@KL75LAG5LEJ0LGBL?CEJ8L4KCL3BLFK FHLDKA/LJ JFLFIL=J0@LFK
>HLEHL>G5LAILJA/LFJILG<BLEK;LFI:LH>LC03LFHL-AJL4K@9FL?H6
EI:LH> /HL<HLDKL=JIFD1L3IALFIL>C9L4JIL9FJLAILD@EJILFJI
2BL>HLD@EKL<KLFHLEHLAGIL-FJI:LDGIL=H>LD@KLEBLFKL9?HLEI1
GBFLFJL?JL ?K@H;JAL?JIL FJDGLAG5L EJ0LAI:L FJ2L BL>.E8
3HLDKL<HL=H:0LAJILAG7HLEJIL?K8LK =CGIGL@HLCHGL<BLEK:5
AG7HLEJILAGI)LD@EHL @IL4HL 4K@9FL?9L DDKL?.E1L EJICL>G5
3HLEJI<8L 2IL AG7HLEJIL?JI<L :ID@L :92L ;9>GL?JL GKLCHL>I?1
JILH>GHELFJILG @IL4HLEBLFJL?K8L2IL=ID@L?KL-;JEL?JL:ID@
>CGILEI<8L=HLAGEKCL?KLJ 45LDJILFJLAKL<H@B;I<8L:K:L?HL?96
C58LEJ0ALE "JI;L?JL,J5@I?LFJILEH;LFHL:I-+L:K:IAGLFJLAB1
*K@H;J?L=HLEJLFJIFLGK-L?KLEJHCLFKLGBLEK+LCBL358LJFKLAGI:
4CGILDGBLD7HLEI<1L7HLDG5LABL@KL?JIL=CGBLCH>LFJLAGIL=CKE6
>BL=HLDI7L KLCHLD7KELHLEJFL:ID@LGK-L@C9L=I<1L J;IL3H6
EJI<LGKLCHL>I?L:ID@LFJILH>GHELFBL:KL?HL=HLAG5@I?LCHG6
EH:9L HCL4KLFJLG<9L D@K:5LAIL4HL DJ0L G AGKLDI<L AG7HLEJI6
?JI<8L H @B;IL @C9=L D@KLFHLEJL HD@K@LFJI8L FJIL9FJ?LFJHLFI
D@KL>J9<LAG7HLEJILAGI)LD@EK1
9L>GJI8L?@.LCGBLH>ILDG;J8L>GJI;5LDJ0LFK @C9L=BL3JH6
;HL4JAGLFILHCKGL=H;J@BAGLFILA/H+LD5L@I2L@C9L=BLKC@B6
D@BAGLFI8L3JGLFILDHLEI8LICH@BAGLFILJ JF11L KLFK CKLGJI
:ILD@I<L@C9L=I<L@B;L?HL=H;J@BAGLFB<8LK;ILEBL>GJI;K<
@C9L=JL :K>L FK:LEB2LDGI:L <HLAB1L =1L 4>BL $&GIAGL=H6
D=H;J@K#LA/AIL93C9L>GJ+LAG7HLEJIL?KLG FK@9LCBLCGILAGB
FJILEJFLFIL4H8L:KL?J<L:ID@L .LGI!L;I?LDB8L=CGBL=JLD9:I
<9LED=.7L=CKLA0LG C3KLFI<LE CG5L>GJIL,&1L'H6
:IL FKLGEJLD?H8L FJIL=CKEL>GJLEIL GCIDG@58L H3JIL4KL 3H6
EJI<L:KL?HLDBLFHLFJ<L=H:0LAJKL?7K<LAK1L;I?LDB8L306
>5ALFK <HJ<L<JI:LDA98L3CHLFJ7L3BLDJ08L=HLEJKL>K:5A
G4H>LFJILG =CKEL>58L2ILE L=CHLAIF@KA/L<.LEJ7I<
=CKEL>01L K:LAG0L-AJI:L GK-L ?7KL<K7I<8L EJ@K:5A
>GJIFLFJL?KLCGBL @EJICL>GILFJI<L $>GJI)L >HL3CB#1
G97L3B<LDJ0LFJILDEH:HL:KL?HLFJILEJLFJ5@L?H1L ILD@I<
?7K<LA5L J H>I:L>0L ?7KL<J5A1L "AJ52L <FJIL :I>LFK?
G>9L<JILEK8L 2IL GK 47.ELFBL >HLE.>L ?7K<;JLEHL-AJ
CGIAGLFJL?KLC3KLFKL=HL>K:ILDJ0L<H:ILD7HLEKL$&G5>
DJ0LDK<LEBL2BLEJ#1L> AGKLD9L4>BL:ILEBL=HLEJIL>GJK6
7I<8LH>ILDG7HL:92LFK A<IF@KCGLEJI;9L@HLEKLCGBLDGB
G E7K>GL,&L=KCL>HFL-EJ0@I:L=KL<J0LAJL@HLEKLCGB6
DGB1L"AJ52L:I>LFK?LEBLAGIL?9:0LFK @IL4HL=JICELDGI6
4H8L?@.LCBLH>I:L>GJIL-<JICLAJ5L47HL>HLE51LGBL*EK6
-FJIELD?JLDJ0LH>LA/9L>GKL
9>6::>4?67(?,;@>,7=1,20
(BL4FK7L >H H@EKC@IL4HL 3H:9L FJILE5@6
=;JLEJIL>K7L KLCHLD7KEL*KLAGB)LD?JLE DEH6
J<LD7BFLFB<LEBLD@5L=JILFJ9LG =H7HLEBL;J=6
AK8LE ?@.LCB<LD@EJICL>GJ7L<FJI:LEJ0LAI:8
2IL:IL4HL3CK@LGHLD@K7LGKL<HCL>HLEKLFBL=CGIG
=CGILAJELFJL?.EL =H;J@BAGLFBA/1L " -;K>
GK EILGEKLFJI<L=CILGILDKLF@HLFJL'KLAJI6
CILEJAGL =HLEH7K7L DE.:L K3LD9CL>K;LFBL GI6
D=.7LJ %L2IL3BL:92LFJIL3B7HL2K>LFBA/LE5@6
=;JLEHL-AJ8LH AHLA/HL>GJL%L?JILCHLEKLFJIL=CK6
AKL<JL=H>LGILD=H7.EL=HLEJILCGB7LGFKLFB<
GILDEH:I:L?HFLAB;JKLAB:LFHL-AJL4EJKGL>H<
?HL<JLD:JL-;I>LAGBA/8L=HLD7KFL?H<LILKAJI
*I<L=JIL J 'KLCGILFJIL "C.L3I;1L ;IL K?6
AIF@BL=H;J@BAGLFILE @B<L>BDL?9CLDJIL=H6
:KLEJK7BL DJ0L :92L EAGIL-FJI:1L IDGLAGI
E ?EJI@LFJ9LE $'JLD:JLD=ILA:K;LFI:#LA.CL?K
3JL4FJILEKL "KDLDICL<KFLFK DGILCHL?H
J H3!JLAJIL H=HLEJKL>K7KL H DEHJ<L EB:I6
>GJIL>H 'HLD?EBLE AI;9LCHGL=HLGFKLFJK
AJK7KL H:LAKL %L J FJIL 3B7KL @HL H=HLEJI-+
H $=CGB:KLAJH7KA/L&HLD:KLFKA/#1
9LGKFLFK *9C@BL?KLJ EK
*HLA/KLFHELD?K8L =CGB 9>GJK;IL CHL>GI)6
D@EKL >EH:L4KL =CGI>LD@KLEJLAJI;JL -CHL>H6
EJD?L ?K@B)LD?JA/L HL2ILFBL 'KL<HF@H6
EJAG6H:I?LJ (@I!KLFK 'I;KL?K8LGK7HL2B7B
D@HLEKLCGBLDGILFJIL $*K@B) #8L ?@.LCI
H> CKLG9LEGJ07HLDJ0LGK EB@BL?KLFJILCG5L>H6
EJ8L2IL;IL=CHLEKL>GJL-;I>G@EH8LJ =HL9AGK6
FJI8L AHL =HLEJLFJIFL CHL3J+1L ">HLEK
=H =CILGILDJIL *9C@BLAIL H47HLDJ7K8L J2
E -;I>G@EJIL
'+),+#$,'+),"),&(,$*, +),(,"*
(,# *,*,&"*,#$*,'
8LAHLEBLEFJHLD?HLEK7K
47.ELFJILG @IL4H8L2ILCG5>LFJILH3JILAK7LEB6
D7K+L:I:LDBLFK8L?@.LCBL:ID@LD@9L>IF@I<LKC6
A/ILH;HL4JJ8L G I?JL=5L KCLA/ILH;HL4JAGLF5
>H (<H;I)LD?K8L K @K?L2IL FJIL -AJ5L4F57
>H ,H;LD?JLDGAG5@L?.EL@9L=H;ILEK1LHLDK6
<HLD@HLEKLCGBLDGILFJI8L@B<LCKLGI<L9D@KL<J
<K@L?JL,CGIL<BLD7KLEKLHLDJIELD?JIL4H8L K6
>EJL4J8L =H>LAGKDL =JI;L4CGB<L?JL &KL>JK
'KLCB:KL FK KLDF5L .LC0L =CGI>LD@KLEJ7H
K=I;LE D=CKLEJIL>GJK7K)LCG5L>.EL,H;LD?J
J &HLD:J8LHAILFJK:5A8LJ2LD5LHFIL
(,!*,%(,')
! #(,#,'* !,*%,'+),*,,'+), (,),
$)'$,',&(,!+*,&%,( *, ,!(,+,%),$),'),
(,!,"*,'+),'+*,%,&%',$)",'*",!+ ,#%)"
$*,),++, (#$*$,'+),(, #$,),&+*
1L (@HLEKLCGB6
DGILFJILGKL25L>K7HL@K?L2I8LK3BL=CHL?9LCK@96
CKL EILGEK7KL FK =CGILD79LA/KLFJIL =CILGB6
>IF@KL I;I?@K8L =CIL<JILCK8L <JLFJLD@C.E
H3CHLFBLFKLCHL>HLEI:LJ D=CKELGKL4CKLFJAG6
FBA/8L DGI!KL ?KFLAI;KLCJJL =CIL<JILCKL I@A18
K H> <KCLDGK7L?KL(A/I@BLFBL>HL<KL4K7KLDJ0
9?KLCKLFJKL,K;JL?H@K1
K:LFHELDG5L@EKLCG5LAJ5L4;ILCHLDF5LAIL4H
E DJ70L*K@BLFJK L:ID@LE>HLEKL=H EJ6
AIL<JLFJLD@CGIL?9;@9LCBLHL<KLDG9L'ICLAJI8
'K4L>K;ILFK8L ?@.LCKL =CGBLDG7KL FK =HLDJI6
>GILFJIL GILD=H79L 'KLAJILCILEJLAGK8L 2IL3B
<9L=HLEJIL>GJI+L$.4LGKL=7K+#LJ =HLD?KC6
2B+LDJ0LFK =CHL?9LCK@9LC01L,HLD@K+L'K4L>K6
$G>CKL>BL >BL=;HL<K@BAGLFI:#L =CGIGL H6
FK;L>KL9LD?KLJ CHLFJLD7KLEKL*HL<HLCHE6
D?JIL4HLA/HL>GJLH G4HL>0LFK @H8LK3BL&H6
D:KLFJIL=CHLEKL>GJ;JL-;I>G@EH1
D@CHLFBL%LEBLD@0L=9:ILC.ELFJI
EBLCKLFJIL G>I!JLFJHLEKLFBL =H;J@BAGLFJI
3;H?LCHL>GJFLH!JKCLFJI=JLDHELD?JA/8L?@.LCI
FK GKLDKL>GJIL ;9LD@CKL >IL?;KLC9:5L 3IGL4CK6
FJAGLF5L 9!LFH-+L E >GJK7KLFJKL =H;LD?JA/
E7K>GLJ CHLDB:LD?JI:L=CHL?96
CK@9LCB8LFJIL<K:5L2K>LFBA/
GKLD@CGIL2I)L >H -;I>G@EK
J D5L 4H@HLEIL AGIL?K+8L J;I
@CGIL3KLFK :IL4HLEBLFJ?1LK6
;IL2BL >H FJA/8L AHL >H-+
HAGBLEJLD@I8LEJLAILDGI!L?;939
,8L (7KLEHL<JCL &BL3JAL?J8
3CK@LCL?KL>J9LDGKL%LK;IL@K?6
2ILE>HLEKL=H EJLAIL<JLD@CGI
H3CHLFB8L (@KLFJLD7KLEJIL *H6
<HLCHELD?J<8L ?@.LCKL FJI
<KL E5@L=;JLEHL-AJ8L 2IL
,"),
,! *,#$!+),*,!*,+ #
+',#$,$,&"),(,!(,*,'),( %*,
*,'+*,$*, +&, *,$*,#$(
1LEK
*HL<HLCHELD?KL GKL=B@KLFK8
AHL<BL-;JLH GILD=H;IL'KLAJI6
CILEJLAGK8L H-EJK>LAGB7K8L 2I
+),,!,(,!+*,*,",#+,(,
#(,!+), +,, "* ,, %),
"),*,( '+)",!*,)&
J2I
*,(, ,*,$,%),#,! '+)"
(,*,&, $,%, &&, !,"*,
'+),'+*
1L ,KLEI7L ILCIDG8
<52L H;KF@BL (GBL<KLFI?6
6ILCIDG8L 9!KL FJIL @B;L?H
=CHL?9LCK@9LCGI8LK;IL@K?L2IL%LAHL=HLEJIL>GJK7
I=CIDLDJDLICL3JDL%L&HLD:KLFH<1L,HL>H3LF5
H=@BL?0L CIL=CILGIF@9:58L AHL GCHLG9L<JK7I8
=I7LFHL<HALFJLABL D@CHLFBL FJIL=JLDHELD?JI:
<IA1L;I?LDKFL>ICL,HLAJI:8L=I7LFHL<HALFJ?
CHL>GJLFBL CL?KL>J9LDGKL &BL3JAL?JIL4H8L GK6
=IELFJK8L2IL
")#%,&%),'+,,'+),#(,$ *,#+
% $* , (, *,', (,#%),%(,', +',(,*,&"
% $*, ,(,$(,!(,&+,!#,*,&,% +,# +,+
(+*,$*,),++
1
=H;J@BAGLFIL4HL=HL>GJK79L>ILABL>96
:ILH ?EILD@JKA/L@K?8LG>KLEK7HL3BLDJ08LFJI6
=H;J@BAGLFBA/8L:K?L25L>KLFJILI?DL/9L<KLA:J
>HL<KL4KLDJ0L:I:LE>HLEKL=H ,CGIL<BLD7K6
EJILHLDJIELD?J<8LK 'K4L>K;ILFK 'IC@K
EBLGFK7K8L 2IL FJIL EBL?;9LAGKL >ILABLG:J
H I?DL/9L<KLA:JL%L=HLED@CGBL<9:IL:5L:IL>B6
FJILEH;KL<K@L?JLG<KC7IL4HL<0L2K1L?LA:K
@KLEBLEH79:ILCILK?LA:0LA.CL?KL=CILGILDKLI6
>ILCKLA:JL &HL>GJFL *K@B)LD?JA/8L GKL3I;;K
(KLCJ9DG6(?5=LD?K8L >IL?;KLC9:I8L 2IL
'+,
'+),(,,&+,( ) #,,*,&"+,&+*,*,#!),(,(",
&*
8LA/H+8L:KL?HL2BLEH8LFJL4>GJILFJIL=H:K6
EJ7KLDJ0LFKLEI@LD9L4ILD@JK8L2IL?@H-L?@H
ILD=.7L 'KLAJILCILEJLAGKL 30L>GJIL A/AJK7
EBL?HL=BLEK+L GE7HL?JL H!JKCL E3CIEL EH;J
CHL>GJFL%LJ >HL>K:I8LJ2L
"),+, $(,*,"*, +)
!$,+,!(,&+, &(, ( $),(, (,(, (,&(,!*
! (,+),$(,%'*,&%,),'+),*,(,,#+
(, (,'*, &*,)", %),!+,%+*,')", !&%),'+)"
(,&),,, +)',$,+, *,&"+, +,# +)", (#(,
8
E AGB<L@C9>LFHLFJIL>HLD@CGIALG7HL-;JLEH6
-AJ1L (KLCJ9DG6(?5=LD?KL FK@9LCK;LFJIL FJI
=HL=JILCKL =HLEH7KLFJKL GILD=H79L ,J(8L <K
<9L GK G7IL FKLEI@L
(,&%(, (,(,(,!),,
%)&%, +,*,(,#*,')
1L
D=HL-C.>L CHL>GJFL H!JKCL ?K@K6
D@CH!BL@9L=H;ILEK8L?@.LCKLE :KL?J-LD=HLD.3
G<JILFJ7KL =HLGBLA:0L E AJ5L49L HD@K@LFJA/
@CGIA/L <JILDJ0LAB8L G>K:IL DJ0L 3B+L EK
7KLDJ?8LE>HLEKL=H 4IF1L7KLDJL?98L?@.LCK
E <K:9L=H>L=JLDK7KL%LECKGLG E5L*H6
<HLCHELD?58L 2HLFKL<JL =HLD7.EL ,8L &B6
3J)LD?JIL4HL J H;LFJKL?K8L HCKGL JFLFBL<J
E>HLEKL<JL=H >HLE.>LAKA/LEH:LD?HLEBA/
K=I;L>H $=H;J@BL?.ELJ >GJIFLFJL?KLCGB#
'+),%*,!*#%,&%*",&+),!&+,!+),),(,,
( +),&+,'*,#%&,'*",+,#%&
1L>LCI6
DK@L @IL4HL K=I;9L 3B7L E.ELAGKDL HAGBLEJ6
D@BL%LJ 3B7KLFJ<LDGILCHL?HL=H:0@KL?K<6
=KLFJKL EBL3HCLAGKL KLCHLD7KLEKL *KLAGB)6
D?JIL4H1LGJ-8L?JIL>BL=H:KLEJK:5LDJ0LD96
4ILD@JI8L J2L 4IF1L 7KLDJ?L H>L=HLEJKL>K
GK FKLAJLD?JLE D=CKLEJIL;5L>HLEKLFJK8LEK
7KLDJ?L DG9L?KL ED=KCLAJKL E $KLDGB<
GJIFLFJL?9#8L4>GJILD?KCL2BLDJ0LFK ?K6
;9<LFJILCG9LAKLFILFK :I:L<0L2KL=CGIGL
#$*,
&",,'+),,!+&,",( (,*,+)
),*%,
1L">HLEKL=H 4ILFILCK;IL<.6
EJL $KLDGIL<9L GJIFLFJL?HLEJ#8L J2L
%*,
&%,'* ",'+, (,,'+),*
8LK @K?L2I8L2I
47HDL:I:L<0L2KLE ?KL3JLFJIL=J;H@.EL@HL
(,
),$, (,#,),#$+),%),!(,'+,&%,&)", (,+,
$),$,
1L
KELFHL <JLF07BL AGKLDB8L E ?@.6
CBA/L%L2IL3BL92B+L=KL<J0@LFIL4HLEBLCKL2I6
FJKL 4IF1L KLC9LGI;LD?JIL4HL %L ;JLFJIL 3H;I6
DFBA/L =HL>GJK7.EL =CGIL3JIL4K7BL =CGIG
=H;LD?JIL >HL<B1L GJ-L 3;JLDABL =H;J@BL?.E
=HL>GJI;K:5LJA/L=HL4;5L>BLJ DKL<JLKFL4KL296
:5LDJ0LE AGBLFJILFJILG JA/L-<JICLAJLD=CKLEB
D@CJA@IL =H;J@BAGLFI:1 @HL =H H39L D@CH6
FKA/L3KLCBL?KL>B1L,HLE@KLCGK:5LAILDJ0LK=I6
;I8L 2IL3BL GKLFJILA/K+L 9=H;J@BAGLFJKLFJK
$@CKL4IL>JJL D<H;I)LD?JI:#L GIL EG4;0L>9
FK 9AG9LAJKL CHL>GJF8L FKLAILA/HLEKLFIL D5
=IELF5L/JL=HL?CBLG:51L
=A9/=A8@>A < 6=A1@A9(@A "0>4A7<>(
=4 $?A<?:A4+A;@>A96=A7<3A0@A2:?A73-
7$=A 2:<>A8=4A;@A7<'A73A !>A6+A/?
2:<3A9/?/A@1A2:=A(>65A92:?A8=<A4?A*
;@?A ;? A )=A4<@;A @ A 1@A;+5
2:<>4 2=A9@>A4<>A;@>1-A? 2=A;?4A5=
2:<3A;@#9/A 7<>A6=A0?4A6@,A =A1@A9(?
49,A"1@>:A7@A0@A43A2:<>A9/+A7$@A8?A/?
?A:=A9/?A8?A ?A7<3A96@>A)=-A65#A:3
2=4A6:>A"0@/A < 7?A/'A 1=A7'-A %>A
;@>A.3A/=A%?4A;>(A92:?A83A0@A43,
>A"0@A5?6-A5=A1=%A;? 2=A8@>A4<@>-
%>A7$/=2A7=1A< @!A+4?A/=A9@&A('
83A8=A/?,A?A5=A1@?95A<>A92#/A2=A*
9>0A96@A4= 92:?8A<.?A4?A;@?A2:<3A*
7<3;A6?A5?A95:=A3A5+A2=A0>A8?A2:?A7+A*
(>A ;?4 :=A.@>A;@>1A 1)/3,A ?6A
<?A7<;@>A 0'A4=A8?A ;? ):+;A7@>
<.:=4A;@-A ;@>A =1@>9<A6?A13A ?A*
958?A<?A8@?A4=A1@,
;ILFBL'IC@BL<HL2IL3B+L;I?L?HL<B;5LAK8LK;6
3HLEJI<L :I:L <52L 3B7L EJLAIL<JLFJLD@CI<
?9;@9LCBLE CG5L>GJIL,L%LK;ILEJLAIL<JLFJ6
D@CI<L GHLD@K7L E CHL?9 8L 3B7L @I2
ED=.7LK9@HLCI<L=CHL4CKL<9L,J(L>H@BLAG56
AIL4HL ?9;@9LCB8L GK-L DKL<KL 'K4L>K;I6
FK 'IC@KL =CKLA9:IL E ,1L (@CHLFK =J6
DHELD?KL :KL?HL =JICELDGKL GKLAG07KL EBLFK:6
<HLEK+LK>LEHL?K@.E1L KLCHLD7KEL*KLAGB)6
D?JL<KLJA/LFKLEI@L>E.A/L:KL?HLAG7HLFI?
CHL>GJLFBL *KLAGB)LD?JA/L &K!K7KL &HL4K;6
D?JIL4HLHCKGL%LJFL>BLEJL>9LK;LFJI8L:KL?HL K6
CHLD7KEL*KLAGB)LD?JL%L<IA1L,DGAG.7L?HE6
D?JIL4H1LD@K@LFJHLGKL37BLDF57L=I7LFHL<HA6
FJ?L CHL>GJLFBL FLFBL "K;IF@BLFHLEJAG8
<IA1LK<L39LCK8L?@.LCBLG7HL2B7LGKLEJKL>H6
<JILFJIL H =HL=I7LFJILFJ9L =CGILD@0=LD@EK
/LPKOAPILCPEMP@=P#)$PKI !''
BNPHOP>NP1@DPL A3=KP8>N;P?OPC5PHEOP<DPHN4P=>NPGM
FNM>PCNG:PILPHD?PHCNG:P@NOHE9P, 8I=KPGNM
IJMPGJDPJOPFHJMPEOPCNMP7DP<D;PED>PCLPJOCLP@=P6
KDPFDP8IDPFO<PHN>PKNM?PHJD;PEMPIOJPFDP8IDPFO
7LP8OEPHJD;P7LP@OPCOPH4PKO <OPB2FPCN9P*L3P6
KOPC=PBN0PFHJDHEPCLPPHBMPG?O>PKMPK=P@MPID
IMP?MPHEIOPGD?PKMP8FOPIOKPE=P?5PGMPKOP8<5P1>MPBLP6
E4PAILP82FPCNPNEJF9P@NP8O<PCN;PGJDP>NPKNMP7NMP6
HCNMP 1FNOPE<OP KO AOPG:DP HOP@LPG:LPA2F
LJKOPGJOP?5PGMP BLP?OJPADP =BIJDPFNP>MP?LPFOPKM9
+MLPIMPEDGJPKNMPBIJMPJKOPGJLPKMPH5PA>OPH<=37
@=KPA=PILPFDG:PN BLP8LPELPFNO9P/IOCPEDGJP6
KNMP JO AIL7PK5P CFLPE4 'P EDH9P ALP>OPI2F
@L3PKOP KOP7D0P CL@PB>MEP ALPC=P@MKPE2F;
K=P@MIPIMP?MPHEIOPGD?PKD;P#CLP8=PEO$PN GO<PCLP6
FNPE5P7MJPCOIPKL10PF BOPCNMPGNM9P/IJMPGN4EP6
KDG:PCNMPILFPG2FPHJ>O8PEIOP%NO;P8ADPBIJMJ
EOPCNG:PBOP?OPG2FPHELP?5PF CNP>LP@MPEILPFDG:
CLIPCOG:9P .LPH?OPKNMP ?OCP BLPCLIPKMP 7DPA<L
7MJPHJM@PIOPKNOPJKNLPH5PCO3PADPBIJDPFNP>M?
F<OPAJD;PEOCPBMFPKNMP@DP1>5PFHJDPHGDP#>MBP6
HN$P1@NP8OP?5PGDPBL ILPHD?PHCNG:P=>NPGOG:P7MJ
L8IOPKNPGJM&9P*LP85PHN4P7LP>MP1KNMPBLP@DP>N09
OPGJ4P<LPHN4PF !''PI9;PCNMPADP.OPANL
-IM7IPKDP MHJGJP FMPJFOP<LP H<=PG:OPGJD
AL OCPG?NPL7DPFOPEM>PHCNMP8LPBILPEMPHE=PBIJMP6
GNFPCLPJOPFDP3LPKD@PGMPKL@PJO =7MJPBNMP6
GJMPKNOP HOP@LPG:LPA2F;P B>OPKLPFOPKMP@=P
BLPAOEPCLPFNP LA LBLKP FDPBLPHOP3LPKDG:
F CL>PGMP BIJMPGNFP1KNMP8LPFM;P ILPHK5PGM?
>NGJP7DP HOP@LPG:LPA2FP =BIJDPFNP>MP?LPFOP6
KDG:P N %OPEO>PKD@P FOPI=KPCL@P ?OJPAD
F*LPHCFNM9P+IJMP7OP7DP<LPED>PCLPBIJDPGJMP6
BN0PHLP7NMPAL OKPEMPKDP7NOP<5PG:=PHPEMGJPC49
, OCPG?NPFJN4P<LP=AJNO< 'PEDPHN4PGDPCNMP6
ILFPG2F;P GLP KO KNMP@O> !'6@NP>NLPKLPF5
*LPHCF4PKNMP?MHEP>NGJP75PLHJOP<OP@NOP?5PG5;
O>MP ELP 7DP<DP BIJDP@NOIPCN9P LP 7OIPAJNM?
BIJMPKNPC>NPFNP@LP8>NPHN4P?MAPKOCPJOPKNMPBLP6
CLPN0;P7LPLELPL7DPFOPEMP>MPJLP7OPGJDP>N;P3MPNG:
OCPG?MPBILPEMPHE=P@LP85P7D0PFNPALGJPKM9P
CPG?4P BLPFE2PIJLPKL !P >OPEOP B2PKNM?;
F @OIPG= !''PI9P/LP<5PGJLPKLPBILPEMHEPBIJMP6
GNFPCLP@NP8O<PCL@PJ OCPG?5PL7ILPKDP>MP8O
-JGJMIP7NKPHCNMP8LPKNMPH<=HJPKNMPLHCOIP3LP6
KMP8LPL HBLPFLPALPFOPKNMPFDPBOAPC=9P+=
?=3PFDPHJ<LPBLPFO3PKNM?9POPAOPKNOPLBNPKNN
HBLP<MGJPKM?P FDPCOPJOP<D;P 3M 'P BILPGMKE
.LPH?OKPBLPBNMPIOPOCPG?49P-JGJMIP7NKPHCNPJLP6
HEO<P=KNMPFNKPKNLPKD;P@NP8O<PCNP@NOP<DPHN4
AOP>M?P1FNMEPKNM;PBIJMJPKNPCLP8LPKNMPKNMPBLP6
CLP?LPKM9PL PCFNMEPKNOPEMP8LPILPC=9P
+MP8LPAKNOP=COPJO<PHN4P@OPKNP%MHEP+LP6
FOPIJDPHEFOP )NMP7NMPHCNG:P ,NOPAMPIMC
+),9PIP8OPKNPJOPG?OPEOPBLPFHEOP<OP3DP6
FNLP<LPFL;P JFLP<OPKOP BIJMJP NKPEMIPKME
N -*-P6D9P)NGPJ<MP8LPKNMPILP7N9P=PAJNM
KOPC>MP?OP?5PKO AOPG:DPHOP@LPG:LPA2FPAJNMP6
GN4PGMPFNOPAMIPCOPALPBNOPHC=PF CLP>LPIJM
KNMP7NMPHCN@PN ?OPA5PGOP<DP@NPCLP>=@PKOP@N
BIJMJP=>NPGM;P7>LPC=P?5GPI=G:9P/ILPEMPHE=P?5G
F EMKPHBLPH27PBIJMPGNFPCLP#BO&PHEFLPFMP6
@=PG:O@PHEF=$9PAOP?5PHLP7NMPHBIOPF4;P3M
KNMP@LP85P>NPGJD0PKOBLP@LGPBOIP>OP@MKPEOP6
IJDPHE2F;P H4PAJN2F;P BILPC=PIOPELPI2F;P 7L
FHJDPHGDPLKNPHOP@NPKNMP>MP8O>PKNMP=3DPFOP?5
@NP8OP<MC9P
"DBE4CE>B@E>2E>?2E8C$E>39CE;DBE)
65DE;AE'=DE2 :<=(1E8:&E9?<E:,E>39CE;DBE65DE;A'$
5B8E=BE;CE-*
;PKOPBNPHOP>NPF @OPKNP%MP1GNM9P
/NMIFPHJ5POCPG?4PJLIP8OPKNPJLPFOP>NPCFNMEP6
KNO KO EIOPHNMPLA B>OPG=P*OP?OPCLFPHCNMP8L
AL B>OPG=P/LPFHEOPKNO9P+LP-OPALPFLP?MP"L>P6
GL;PKMFPIO>P8NGJPKOPOIPEMPINOP*LPHCFD9P-BLP6
AJNMPFOP>NPHN4PCLKEIPOCPG?NPF<OAJ;PCE2PIMPKNM
>=P7N5P HBLKPEOPKNGJPKDG:P OCPG?NP HBLP<MGJP6
KDG:9P
"DBE0DBE>8DBEDCE69AE6AE@AE>D1E-BE.6<E0<
=B@E:924E?AE>:CE/AE?CE48@D,E:BE;?;D*?E82E?5*E)
6AE;CE@DB4E5CE:CE7*E=BE.AE:CE5BE9?CEC5E0AE;?;D*?E)
82E? C;CE9D*E9BEC8E:AE9CE; 3AE4@DE82ECE7CE)
8A;E>8DBE.A1E4BE:CE39?BE7C?E62E7B>:E3A602E6<@E)
8DB4E @DE;B9E><E:BE:2E AE>8DB;E>8DBE.AE @C
AE9AE0DAE;<=(E?.&E9?C=(
9
*NP>NPG?OPBI2P7LPFOP<OPJOPEIJDP@DPFO0PBLP6
HJGJMP82>PKDG:PBILPEMPHE=P?5PGDG:PBLA NANLP6
EDGJPKDP@NP JOPIJ=PEOP@N;P 8ILPJNP<OP H5PAM@
N FDPHLPCNP@NP@OKPAOPEOP@N;PO>MPJFO>PKNOP<O
NG:P BL HBNPHOPKN=P AOPKDG:P N BLA KOPGNP6
HCNM@PAMP@LKPHEI=P?5PGDG:9P<2FPKMP)NMP6
7NMPHCNMP ,NOPAIL;P GJDP>NP LIP8OPKNPJOPELPIO;
FDPB=HJPGJLPKLPJBLPHEMPI=KPC=;PKOCE2PID@
J?OPFNP<OPHN4PAMP>MP8OPG?O;PF HC<OAPCE2PIM?
FG:LPAJNP>NP OAPFLPCOPGNP N L7IL&PGDP BIOF
GJ<LPFNMPCO9PJN4PCNP:LIPAJNMPAJNMKPKNPCOP6
IJD;PCE2PIJDPKO3DPFLPEIOKHP@NPELPFOP>NPBILP6
EMHEPL7DPFOPEM>PHCN;POCPG?OP=AOP<OPHN4PALPHCLP6
KOP>M;P 7LP +LPFOPIJDPHEFLP )NMP7NMPHCNG:
,NOPAMPIMCPJALP7DP<LPBLPB=P>OIPKL109P
"LP>M?PKOPOCPG?O;!'PCFNMEPKNO;P@NOP<OPBLP6
>MP8O0PKO JOP?4PGN=PBIJMJP)NMP7NMPHCNMP,NOP6
AMIPCOP>MPFMP8L;PBIJMPJKOPGJLPKMP8LPA>OPHOP6
@LPG:LPA2FP HBMPG?O>PKDG:P BOPHOP ?MJAPKN
N KNMPBIJMPB=HJPGJOPKN=PKNPGJMP8LPJ KNMP7NMP6
HCNP@NP1FNOPE<OP@NPBLPJOPBLP?OJPAOP@NP@NP>NPG?N
N BLP8LPELPFNO9P-BNMPHJMPKNPGJ<LKPCLPFNMPLIP6
8OPKNPJOPG?NP@NMP>NPKOPC>MP?O0PKOHJDP7DPHOP@LP6
G:LPA2FPJ @NP8O<PCOP@NPKOP>MBPCNPJ :OPH<M@
#*NP8O<PCOPP:O&P7OP.LPH?N$9POPEFLP7DP<LP?M
BIJDPC>MP?O0;PO EI=APKLPJMPIFO09P/LPHDPBOP<D
HN4PJOPEIJDP@OPKNOPN COPID9P/LA JOPIJ=PEM@
@DBE?CE>:AE>AE;CE@DCE>D,E6A ;BE?;C#EA9E.CE@&;
3AE9?*6E82E32E05D=?E@BE.A
;PJOCE2PIMP@L3PKOPJOP6
H5PAJN0P8IJDFPK4P>=7POIMHJEPALPAKN9P-5A
HBIOPF4PCNMPILPFOPK5PBIJMJP@NP>NPG?4P=@LP6
IJD<;PL1@NMPHJOP?5GPH<=3P7DP@=KPA=PILPFM9P
, CFNMEPKN=;P@OP?=PN GJMIFPG=PLAP7DP6
FOP<DPHN4PCLP>M?PKMPOCPG?M9P=APKL10PJ@LPELP6
IDPJLPFOPKOPN BNMPHJOPHJOP>OP<OPJMPHJGJ4P1GNO9
MPILP=3DPGNOPHNP<DPBIJMJPBILPEMPHE=P?5PGDG:;
JMPILPFNM>PCNM?PBLP>NPEDPCN;PED>PCLPL1@NMPHJOP6
KNMPJKNMPKOPFNPAJLPKDG:PH<=37P@=KPA=PILP6
FDG:9P)NMPED>PCLPBIJMP?OJPADPHOP@LPG:LPAOP6
@NPBL=>NPGOG:;PO>MPEM3P@OIPHJMPBIJMPG:LAP6
KN2FPJ KNMP7NMPHCNP@NPFNOPAIOP@NPKO 8<LP6
FOG:PBL B>OPG=PJMIPFLPKD@;PHC<OPAOPKNM
3DPGJM&P=ILPAJNPKLPFDG:PBIJMA BLPHEMPI=KP6
COP@NPAILP82FPCNPJ LCOPJ?NPKNOP*NP>NPG?N
ILP8LPFM?9P/LPB=P>OIPKL10P+),PILPH<O9
F<OPAJOPLHJOP>OP<O9P*NP>NPG?OPN MPAMPIO>P6
KOP-<=3P7OPG:ILPKDPBI2P7LPFOP<DPJKOP>M0
OIPEDPC=P<DPCLPAMCPH=PCOIPKMP8L;P7DP+LPFOP6
IJDPHEFLP)NMP7NMPHCNG:P,NOPAMPIMCP@L3PKO
7DP<LPLHCOIP3D0PLEMIPILPIDJ@9P-BIOPF5PJOP?5<
HN4PBOIP>OP@MKE9P BM<PK5PBLPFOP85PEIJMG:
BLPH<2FPP-NMIP8NM?P*OIPCLFPJ IJ5PAJ5PGM?
B=PENPKLFPHCNM?PMAPKM?P.LPH?N;P/OPFM<P+OPIOP6
COPKLFPJ /OIPENNPNP7MPIO>PKM?PN *NPG:OPN<PMP6
@NMP>NOPKLFP P HCL@PBILP@NPELPFOP<LP HN4;
FKLPHJ5GP BILP?MCEP BLPBIOFPCNP AL BIOPFO
LJ8ILP@OPAJMPKNOG:;PJOPC<OPAOP?5PGDPAIOPCL&P6
HCNMPCOPIDPJO BILPEMPHEDPBIJMPBILPFOPAJLPKM
JO BLP@LPG5PBLP?OJPA2FPKO AILP8OG:9P)NM
EIJMP7OPG:DP7OPALPAOPFO0;P3MPBOIP>OP@MKPEOP6
IJDP1GNPILPHD?PHGDPBLPI=PHJOP?5PHN4PHOP@LPG:LP6
AOP@NPJ@NP8O<PCOP@N9P E=PKNMPHBLPAJNOKPCO9
/IMP@NMIP,<OPANP@NIP/=PENKPKNMPED>PCLPKNM
BLPBOI<PBLPBIOPFMC;PO>MP?MP8LPBOIPENOPFBILP6
FOPAJNP<OP BLPBIOFPCNP <OP8LPAJ5PGMP HOKCPG?M
JOOCPG?MP)NMP7NMPHCNG:P,NOPAMPIMC9P
-EOP<LPHN4PEOCP@LP3MPA>OPEMP8L;P3MPKOFHJM>P6
CNMPLHEIMPIMPBIMPH?MPF<OPAJDP?MHEP?=3PJOB2PKL9P
OPAOPKNOP LBNPKNNP B=P7>NGJPKM?P -=PBMIPL79I=
FDPCOPJOP<D;P3M PBILPGMKEP.LPH?OKPBLPBNMPIO
OCPG?MP+),; !P?MHEPBIJMPGNFPCL;PO !'PBILP6
GMKEPKNMP@OPJAOPKNO9P,MPA<=8PNKPKDG:P7OP6
AO& !P BILPGMKEP .LPH?OKP ?MHEP 8LPELPFDG:
FJN50P=AJNO<PF @OPHLPFDG:POCPG?OG:PBILPEMP6
HE=9PIP8OPKNPJOPG?OPHEOP<OPHN4PEOCPBLPB=P>OIPKO;P3M
BI2P7DPHNP<LPFMP8LP?M?PJ8KNMPGMPKNOP@LP85PED>PCL
%OPEO>PKNMP FB<DPK50P KO FNPJMPI=PKMCP IJ5PA=9
,IMHJPGNMPHOP@OPF<OPAJOPJILPJ=P@NOP<O;P3MPEMP8L
EDPB=PBILPEMPHEDPBIJMPGNFPCLPG:O@PHEF=PF<OP6
AJDPH5P1FNMEPKNMPLAP7NMPIOPKMPBIJMJPJFDPC<DG:
>=PAJN9P>OPEMP8LPEM3PKNMPAOFPKLPB=PENPKLFPHCO
LIP8OPKNPJOPG?OP @<LPAJNMP3LPFOP )OPHNP BIJMPBILP6
FOPAJNP<OPCN>PCOPOCPG?NP#-ELBPG:O@$PBIJMPGNFP6
CLPHOP@LPG:LPAL@PBOIPC=P?5PGD@PJ KOPI=PHJMP6
KNM@PBIJMPBNPH2FPKO G:LAPKNPCOG:;PEIOFPKNP6
COG:PNBIJM?P1GNOG:PA>OPBNMPHJDG:9P CPEDPFNP1GN
KOP>MPBNOP>NPKO BIJMAPKNMPHJDP7DPB2<P@MPEILPFM
KOPC>M?PCNP #/OIPC=P?4P 8AJNMP G:G4;P B>=P?4P KO
FHJDHEPCNG:$9P,NMP>LPCILEPKNMPALPHJ<LPALHJOIP6
BOPKNPKD;PO>ME=PEO?PKNMPBLPHJ<LPEOCP<OPEFL;P7LPEL
?MAPKOCPLIP8OPKNPJOPG?OPBIJDPIJ5PALPFO;PBLP>NPG?O
KNPCLP8LPFN4GPKNMPJOPEIJDP@DPFOP<OPNF72?PCOG:
7IOP<OPHEILPK4PB=PENPKLFPHCNM?P@<LPAJNMP3D9P
+),P@OPE4PJOP>MPE4;P3MPKNMP?MHEPJKNPCN@
JFN5PJOPKM9P)OIOPJNMPKNMPFDPH=PFOP:OPHM<PBLP6
>NPEDGJPKDG:PN KNMPBIJDPC>MP?OPHN4PAL 3OAPKM?
BOIPENN;P AJN4PCNP GJMP@=P ?MHEP FNOPIDP8LAPKM9
7PILPH<LPKNMPED>PCLPF<OPHK5P>MP8MKPA5;PO>MPEM3
8OPA3MPEOP@N;PHEDP>M@PJOPG:LPFO&PNHBMPGDP%NGJP6
KD@P?4PJDPCNM@9P/LPFLP>NPHEOP?MPHN4PHNP<5PHBLP6
<MGJPK59P+LPLGJDPFNP1GNMPALPBNMPILPBNMIFPHJM
CILPCN9P,!''PI9PF.LPH?NPALPHJ<LPAL'PEDP6
HN4PGDPOCPG?NPHBLP<MGJPKMP8LPBILPEMPHE=;PJ KNG:
ED>PCL !;PEDPHN5PGOP@NOP<LP:OPH<OPBLP>NPEDGJPKM9
+LPFO3PKMPILJPI23PKNMPKNMPA>OPEDG:;PCE2PIJD
=FOP3OP?5;P3MP.LPH?OPKNMPKNMPKOPFNPAJ5PF<OPAJD9
GJMHEPKNPGJDP<LP F KNG: ;P @NP>NLPKOP >=P6
AJN'POCPG?NPLAP7DP<LPHN4PKNMP>MP8O>PKNM9P
+LPFOPIJDPHEFLP)NMP7NMPHCNG:P,NOPAMPIMC
ELPFO3PKMPJ?OPFNPHCL;PKNMPALPGMPKNLPKMPBIJMJ
CLP@MKPEOPELPI2F9P/LIOJPBNMIFPHJDPLA7OIP6
AJLPA<=P8NMP8LPGJOPH=PF .LPH?NPBLP?OPFN<PHN4
LAPAL>PKDP I=G:P BILPEMPHE=P BIJMPGNFPCLP
KOAP=3DPGNL@P F<OPAJD;P KNMPBLP>NPEDGJPKD;
BLPB=P>OIPKD;PKOP7NMPIOP?5PGDPG:OPIOCPEMPI=P@LP6
3MPKNMP@OPHLPFMP8L;P7LPLELPFEOCPFNM>PCN@
CIOP?=P EI=APKL;P O>MP >NPGJ5PGDP HN49P /L IOJ
BNMIFPHJDP EM3P BL 7OIPAJLP FNMP>=P >OPEOG:
L7DPFOPEMP>MP.LPH?NPJOP=FOP3DP>N;P3MP?MP1>NPHN4
HCIJDCPK5;PHEOP?5PHN4PHNP<5;PCE2PIM?PF<OPAJO
KNMP@LP3MPKNMPJOP=FOP3O09
LGMPKN<;P3MP
=AE@C7E4@DB7 E39A=+ED@E:B9E@C2E:&;
9AE><7E>8D=(E7B>:E?6CE@DC1E6BE5DE8C:E@DBE4&E;D*=1E-B
:AE0<E/CE6?D;E@CE8CE:CE>:9AEC
9PO?PIJOP<M@PALILP6
HD?PHCNMP8LPNKPEMIPKMPE=9P*O@PAFNMPFNOPALP@LP1GN(PJ<5
NJ<59P/NMIFPHJO(P.LP@OPHJMFPHCNP%OKPEOPJ?=P?MP7MJPHMKP6
H=PL 'PBILPGMKPEOG:PBLPAM?IJP>NPFDG:9PI=P8O(P.LP6
H?OKPF L82P>MPEOPHBIOPFOPKNMPNKPEMPIMPH=P?M9
, BLPFO3PKDG:PHMIPFNPHOG:PNKP%LIP@OPGD?PKDG:PKNCE
HLP7NMP KNMP JOPFIOPGOP 8<LPFDP OKNP *OPGNMPIMPFNPGJM@;P
OKNPBL>PHCNP@NPEMLPINOP@NPHBNPHC=9PMPADPKM;PGLPALPEOIP<L
AL HJMIPHJM?PIJMPHJDPLAP7NLIPG2F;PELPALPC=P@MKPEO>PKD
%N>@PF PBILP8IOP@NMPILPHD?PHCNM?PEMP>MPFNPJ?NPBO&PHEFLP6
FM?P #"OPED&PHCNP HDKPAIL@$9P =PELIPCOP %N>P@=P
PMPCOPEMPINPKOP"NP7O>PGJNGJPF'P@NPK=EPBIJMAPHEOPFNP<O;
GLP/LP>OPGDP@DP1>5PL COPEOPHEILP%NM9
-5PMKPE=PJ?OP1GN;PCE2PIJDPNKPEMPIMPH=P?5PHN4PED@;PGL
KO EMKP EMP@OEP BNPHJMP BL>PHCOP N @N4PAJDPKOPILPALPFOP
BIOPHO9P*L3PKOPNG:PHBLPECO0PKO HEILPKNMPKLPH@N9I=9
+LPE<=P@OPGJMPKNOPOIPEDPC=P<2FPBIOPHDPJOP8IOPKNGJPKM?;
CLP@MKPELPFOPKMPKO 7NMP35PGL9P"LP@MKPEOPIJMPEFLPIJ5
>=PAJNMPOCPEDFPKN;PNKPEMPIMPH=P?5PGDPHN4P1FNOPEM@PN FDP6
CHJEO<PGMPKN9P/LAE<=P@OPGJMPKNM@POIPEDPC=P<=PJ%IOKPG=P6
HCNM?P#NP7MPIOPENLK$PLBIJMP7=PAJMPKN=PHN4PAMP@LPK2F
F HELPH=KPCOG:PBL>PHCLP6ILPHD?PHCNG:PF JFN5JPC=PJM
1>MAJPEFM@P F HBIOPFNMP COPEOPHEILP%DP H@LP>M&PHCNM?P
GJDPEOP@D(
NG:PG:MM(P
>?<>:E8AE ;9CE=CE @C >;AE7BE 4DB7E>=C+
7CE72-E4<E'5CE/B41E-BE';DC:E?;CE9DAE;C/E"DBEBBB1
4<E5DE/B4E>D,+E%AE5CE8&;E@D=E@DBE?4DBE@DE
>MP/OPINH(P
E ;DB:E@DAE;CE8CE:CE>:9AECE6C;E@A
72-E?AE>:CE/CE;<E7CE'@DAE@C1E:<5E8AE9BE?25E:CE:<E@DBE?CE6AE;CE)
5CE7*E>:9AE@<E3A5E>8DB7+EC8E-BE:A1E3A5E>8DE39BE?<E6B@:E? ;DE)
@<E>;AE7B7E:,E3AE:<E=CE/*EB5DE:,E?5DE8;DE6AE;C/ 8AE.AE:CE8D
;@DAE>B8E?CE6AE;AE5DEC8E;D,=E5CE:CE4DE0,E6*E3DE>C$1E-B
92E>8DBE '5B6?E:;AE @DE=?BE.AE @DBE ;<E7CE'@DCE D ;<E@DE8&;
@C9CE?DBE@DBE4C+E@CE>DE4CE7*=E@CE6?DBE7BE@C39?<E7C#1
0,E6*E :AE ;>?<>:E8AE ?@AE>D$+E :CE 39?<E7C#E 7B>:E :BE.AE
;C9E:CE
P- ) P" ( P
%AE?CE:<4E3A ;<E0A9E=?B7E3AE9C-E=BE09C:
05DE@DC8E?4C9E/BE.AE39BE?<E6B@E:CE9C3E:A;E@DBE?4DBE@D/E:A@
>;AED=(E;<E3AE;DBE6?D+
-LIPGMPIMI(P
BE-BE5DE7BE>:BE'=DBEA0E9CE-BE@DE@C !AE>7,EC5E0A
!AE>7C@1E:AE;DB6?E=DB1E-BE; !AE>7DE? A0E9CE-AE@<4E3AE>:,E)
32E7BE>D,ED@CE=?B7+EDB7E>=BEA0E9CE-AE@BE.AE7B>:E4D,E6?<E:CE8DE)
4DE7C8EA@+EC8E;D,=1E@CE>DE4CE5DE>*E>DBE6?D1E@DBEA0E9CE-C7E)
=DBE>D,+ECE8DE72-E;C>?E5A>+
+ILPG:4PJOP8LPELPFOP<LPHN4PALPBNMPILPBL FDPFNOPAJNM;
CE2PIMP8LP7D<P<OPHCOFP=AJNMP>N0POPILPH<OFP"OPGJD&PHCN
#OPJMPGNMP/L>PHCNM?$9P+LKPILJP@LPFDPKNMPBLPJLPHEOP6
HDPAMKEP KPAIM?P>P>OPINLPKLF9P*2PFN<P@KNM?PFN4PGM?
EL;PGLP@2PFNP#OPJMPEOP/L>PHCO$9P
**(P
C8E %AE5CE=<E ?@CE5BE5DE 5E5CE9DAE@AE;C
%9?BE=?<E:CE5DEA./AE>?BE@DBE;.CE?BE=DBE"CE>9C4E@C!AE>7,+
"DBE69AE.A
9
IPEDPL@)(P
0E9CE-C7E=DBE>D,EC5E0AE@DB1EC5BE3AE;DB4
;C4ED:C8E;<1E%AE5CE=<1E@DBE3AE:9CEDE=DBE?9BEC5DE?AE;C$EC@D
7B6E@BE.AE?CE6CE@DCE6AE:<E=?*E=BE.AE2E9AE3<E>=(A6E@DB71
C:<4E0C9E6?DB7E;3/<E;C$E@C.BAE>:9CE:BE.D=?E@BE?7CE;DE>8C
; ';DBE=DB1E0AE%A5E>8CE7B>:ED 0<E/CE>/CE0<41E0DB6E@<4
D39?B?E@DE8AE.AE@DBE?C2E;CE-CE@<4E89CE7B4+E3AE?CE:<4
@AE6AE09?B1E26AE;A6E@DE>D,1E-BE CE=?<#E>8DBE.AE?CE0DE/<E9AE)
><7E>8DBE>3B=E>/2-E0<+ =AE>D,E?4DBE@DE"D=+E!AE>7C1E:C8
7C8ED1E3AE?CE0DE7CE/CE;DBE52E3AE5DE:<E8&;1EC5BE;>?<>:E8A
:AE@C4E>D,E23DBE8/A1E0AE7BE>:BE'4<E>D5E@D+
OEILK(P
5E5CE9DAE@A;EE:AE39AE;AE8CE:A9ED =(=BE@C>
?9&;E@C$E?%AE5CE8CE4D+E<E'5,1E-BE:AE>D,E@DBE26C+
OCP CEL1P @OP NKPHEDKCEP @DP1>NPFMP8L;P ELP @LP3MP
GL1P JKOP>M0P F >LPCO>PKDG:P @MPANOG:P -@LP>M&PHCO9
LPI=@P-@LP>MKHC9I=(
%AE5CE=<E72-E6C;E@AE4C=(E@,E5DE9,E8*E@CADCE9<E;>?<>:E)
8D=(E0DE:B;ED A0AE?&;E8A@E=B@E:9CE=<7E@<=(1E8A@E=B@E:92E7*=
>D,E;<E/*=?E@DBE@C ADCE9C=( E9AE821E02E62E7*=E@C
=CE/<4E';DBE=DBE3AE4@DE8DE CE:<E@DC+E
"DBE>*E6?,1E-BE0<E%2E:DE@AE;DE0<E/AE@C9,E8,E?CE0DE7C$E4C9E)
.DE@C5E@BE.AE3AE5DE:<E8CEECE@C4DB7E>=2E%2E:DE@CE@DBE?CE0DE)
7C/E0<4E CE=?<#E>8DBE.AEDE?<=?E@DB1E0AE CE=?<#E>8DE0</E72-
:92E3B4E3AE5DE:<=?E@<4+E;3AE5DE:<E=BE:AE-C6E@CE9&-E@DE=C+
MP3MP>NPCEL1PBLPGJ=<PHN4P=IOP3LPKDPKNMPCE2PIDP@NPOIP8=P6
@MKPEOP@NPILPHD?PHCNG:PNKPEMIPKO=PE2FPN M@LPG?LPKO>PKLP6
1GN5P NG:P FDPBLPFNMPAJN;P ELP 1BNMPHJ4P J BLPIOPA5;P 7DP
BLPGJDPEO<P CLP@MKPEOPIJMP BL>PHCNG:P NKPEMIPKO=PE2F9P
DPELPFOPKMPE=PFDPBLPFNMPAJNPELPHJGJDEPM>MP8OKPG?NPNAMP6
>NPCOEPKLP1GNPF BLPI2FPKOPKN=PJ ED@;PGLPBLPEIOP%N5PKOPHN
AJNM>PKNPL7DPFOPEMP>M;PCNMPADPEIJMP7OPBLPCOPJO0P.=PHCN@;
3MP@OP@DPNG:PJO KN3PHJDP8OPE=PKMC9P
?MAPKM?PHEILPKDPKNMP@OPHN4PGJD@PBIJM?P@LPFO09
.LPH?OK;PCE2PIJDPNKPEMPIMPH=P?5PHN4P/L>PHC5;P?MHEP8OIHEPCO9
+DG:;PCE2PIDG:P?MHJPGJMPI=PHJOPEL;PGLPF /L>PHGMP@DP6
1>5P L HELPH=KPCOG:P J .LPH?5;P ?MHEP ?MHJPGJMP @KNM?9
AI=P8NM?P?MAPKOCPHEILPKDP?OP7D@PHN4PKNMPGLPJOPKNMP6
BLPCLPN<9P GDPELPFOPKDG:PFDPBLPFNMPAJNPFDPKNPCOP7LP6
FNM@;P3MPKOPFMEPGN;PCE2PIJDPJMPG:G5PKOPHJD@PCIOP?M@
HN4PNKPEMPIMPHLPFO0;P@OP?5PKOHPJO KNMPALPILPJFLP?2FPKNMP6
FOIPEDG:P =FOP8N9P -OP@NP N@P KOPIDPHLPFOP>NP1@DP EOPCN
KOHJPBLIPEIME9P+I=P@NMKPKD9PP
FNO<P3OAPKDG:PJ<=PAJM&PGLPAL EMP8L;P3MP@NP<DPA>OP
.LPH?OKP"OPGJD&PHCNPHBIJMAPFDP7LPI2FPELP7D<PEOPCN
ALFPGNB9P , FDPFNOPAJNMP BLPCOPJO<P HFLP?5P JFDPC<5
EFOIJPLHJOP>OP<MP8LPI=PHLP%LP7O9P
LIP.=H(P
CE8CE>?8AE6C1E-BEA@E:B-E@DBE3AE5BE=DC/
@NPEING:(P
%CE9CE@AE7C+E?C>1E-BE0<E09C:E?9AE0D/E:A1E=A
3BE;DB@E4BE9<E8CE@D@1E8:&E9<E9?2E=D/E>D,E?A8@C1E89?<E=?*=
!2E>=<ED6*+
/.P"(P
=?<E;DE'=DB1E-BEC@E:<E9AE><7E>8DE%!E:8;D
; 3A5E>8D=(E./AE;C=(1E>?=?BE.&5E@DBE CE=?<#E>8DBE.A+E"DB
4AE.*E@DBE9?2E=D$E=?BE.A'E09*E?AE;BE.AED =DBE3/BE.A1E@DBE?BE)
/.C$1E3A 39AE>:2E65CE:BE.A1E-BE@DBE52E0D*E!AE>7D+EE CE)
=?<#E>8DE7B>:E CE=?<#E>8D+
HL?(P
"C4E CE:<#E;0DE7CE7*E6A ./&;EE"E)
"+E<E6CE7BE4DE>D,1E-BE%AE5CE=<E>*E6?*1E-BE; @CE>?<4
89CE72E;DE@,E?C:AE3AE@AE>?*E@CE;B:E@DBE@CE9AE6?AE@BE6?DBE=D+
%9?BE=DB-E 4< @DBE -*E6CE4<E =AE6?DB@E@<=(E 39?BE39AE>D@
A6 9C@E=2E?&;1E"DB4E=&;1ECE3A#E=?<E8&;ED:6+E>AE0DE)
'=DBE CE=?<#E>=<E?CE;>?BE39?<E3AE4DE@CE5DE4DE@DBE6AE@AE>?AE)
@<=(E?9A?E;DE@D,E:<4E8A4E35B8E>B4E"CE3AE5BEA@CED:B@E;<E)
;DC6E;3B/E@DE:AE3AE:;DB9E6?C+E;AE7*E3AE5DE:<=?E@*E8CE9DBE)
9,E09CE=DCE02E6AE;CE5DE@C 8AE'=DC=(E3AE5BE./<=(+E 7B6E@B7
>:9AE@<E@DBE0,E6,ED4E-<E=?<$E@DE=?BE.AE?/BE.A1EC 7B6E@AE=?BE)
'@DBE@C;>3&/E=?2E=DBE@DBE?CE>/2E.2E7*+EC4E@CE6?DBE7B1E-B
@DBE;>?<E>=<E%AE5CE=<E3AE3DBE9CE7*ED=(ED6BB+E
)K(P
C8E4@DBE?@2E6?DE5DE=DE%AE5CE=<+E!AE>7CED@CE.AE)
@DE/CE4./,1ED292E=(AE4DE/CE;25E8C@+E39?B6E:B4E3AE>CE)
6?DE/CE@DBE6AE2=?AE@BE.AE3DE5AE:CE?C >:BE9<E>CE4AE5AE:2E39BE)
?<E6B@=E8DBE.A+E :BE9C?E7B>?E=?BE;6AE;CE3A ./&;E@<4
0C@E8DBE9?BE2;CE-C1E-BE=DCE/AE3A6E4DBE@DE5DE39?B6;<E>/CE)
@DB4E6AE89CE721ED -*E6CEB8>E(2E4CE=7D+EEC4ED=(
6A'$+
/=PHG:PCNK(P
BE'5DE39BE?<E6B@:E%A5E>8DE0</E@C:CE8D4E3AE)
?DAE4DBE7C8E7BE.AE09C:1E:AE%AE5CE=<E3AE;D@E@DE0<$E>?=?,E'5DE)
;D1E-BE9A?E6?DC/ED=(E(DE>:AE9DDE3A6 :<E:2E/B4E CE=?<#E>=<
>D,E72-E>8A#E=?</
OIPH:OGC(P
C6E@<=(E';D,E:AE'=D+E"CE:2E9C5E@CE@BE89AEDE)
5DC+E"C7E3DB9;E02E6AE;CE5DE>;AE7*E8CE9DBE9,E@C 8AE'=DC=(
8CE:<#E>8D=(EADC91EC:BE9C?E09C:E02E62E7BE>;&7E;DE?BE92E@B8
@C8AE'=DC=(E692E.DBE.A+
"LIPHO(P
<E;9&E=D/E%A5E>8,E6A .&E9<E6@B41E@CE>:CE;D/
39?BE=D;E8AE!AE>7DED?CE4DC>:E>?2E8C$E?.AE6<1E6AE5BE;C/EA5DE)
;<E6A A.@DC+ECE8DE4CED4CE.B+EA-E@CE42E6C$E:<5E8A
7B6E@*E9CE6,E?CE>:9?B5E>D,+EAE-BEA6 :;AE7B7E'4DB9E=DE%AE)
5CE=<ED !AE>7CE@DBE?CE=?@*E-<$E; 39?<E7CE@D+EDBE=DBE7C8
0<E/B4E?CE6AE;AE5AE@<1E-BE:CE8;CE>D,E9A?E0DE/C1E=(A$
A3/CE82E7,E3DE5AE:&;ED :<=(1E8:&E9?<E0<E5DE9CE?B4E? @D41
39?BE=DB-E@DBE;>?<E>=<E3AE3DBE9CE5DE7BE.AE3AE5DE:<E8,+E
.MPOCPG?MPFDPFLP<OP<LPEM3PE<=P@OPGJMPKNMPFDPFNOPA=;
CE2IM8LP#.JMGJPBLPHBLP>NPEM?$P=AJNMP>N<PILPHD?PHCNPADP6
-
MPKOPELIP.LP@OPHJMFPHCNPKO BLIPEOP>=PKME9B>
(
&
#'
#$%
$
$
$
!$!!
#"""
M9LMCLMCIM;=MAKME=MLHJMFKI?4M>J@MCJHMAJM9KM8
CJM9JM7KK4M L6MEJ9MFIGCM '@LM>IM;KKM #IJM9JM7KK
.LMCJM9K?M@KI<4M AJMEI:M 'HMC=HM /HME@K4M 6BM:B
EDI,M7LM6KMGIMC=MAJM9KMCB?DMGIM7JMAHIM;KIMHLMIM8
HDIM7JM=DM@L4MDLMLAIM9JMFL:4ML6BM*I<;M&L<M8
<LM-GKI<MEDI<MGLM>L:MIMD=MEJMFKMCBMC=:M.H/M9L
)J9ME@K5M)J ?JM
%)#)"$#)')"$#) ()$%)
"()')&) () ')#!
5M+BMEC2MA=M<3?MF *I<M8
;KI4M AJMEI:M ;/MFK:M
$&) ')!$#)$ () %
()#)$%) ')"$%)&%) #) ( )!')#
"') &%)')&)$()&()")"))& ( )()
))!#!
5M
"M 9LMCLM CIM;=4M AJ FBM6JMHDIM LMHL?M@L
6LM;BMGL ECLMGJMFKME@J 5MAHIMDBM>IGM8
CLM *CLMG/FM <I>MGJM?DJMGB?14M AJMEI:
>J@MCJHMAJM9KMCJM9JM7KKM'HMC=HM /HME@K
J-FKL>M?DB:M
')') &%!)!#)&)&)$()
!&)&()%)')!$')&%)(
5
+ DIMED:B;MHJM@=MAJMEI:M>J@M8
CJHM'HMC=HM /HME@KMMFHLDMD CJM8
C=;M,L?M@K;M6KM7GKIMFLMKJM6HB
AJME:I;M $=M9LHM?DBM@KI;M M DLM8
6KIM7L:MF *I<M;KIMJ =?1FLM9IMGKI
=?1FLM:BMLGMCBM7IM<JFME@KI<5MAJM8
FKLM>L:MEK2MCI0MDL AHLFMGJM@LHM8
GB;MDLM@LMDI;MDLMA:J>MGKIMGKLMKG
KMCHJ5
+CB;MHJM@=M@LM?DBMECL4M>J@MCJHMAJM9KM8
CJM9JM7KKM'HMC=HM /HME@KMFBMEC3MAK:MMFKGMCIHM8
AIM9LM?<KMGH%%MMFJ6HJMGKIM?D?K4MECLMC=ME=
GLM=@JMFIM7JMK ECLMC=ME=M;LMCIMHKL9MGIM7JMAHJ,5
>H5M $KMHJME:LMFLM .HLM<IFME@KIM7J5M )HJM,IMEJH
.HLM<IFME@KM?19=M6KMEK2MCB;4MK0M<IECM@JM9LMCJM8
HI;M >LHM?DB!M?3M @JM-?KJM:LM K @9LEDMCJMH=M
.LHM;IM9KMC/FMF 6JMHL?15M+ *I<M;KIMAJM8
AHDI>MGKI<M@LM>IGM?<KM>HM.HLM<IFME@KM>L:MEK2
AJMDGL(M <LM@JM L@MCBFMGBM J6HJ!M?LM 0BM?KLM
AJM?D2MCIM7J5
)HJ,5M>HM$KMHJME:LFM.HLM<IFME@KM6B:MFHJM8
@= "MAJME:I;MD 9KMECBM*4ML9IMF CHL@M8
?KIM@LM>IGM?<KMAHDIMAKMEL:MEK2M>JALHMCKKM'GM8
>HDIM<LM IAMAIMHL5M + ;KMGKJMGI<M @LM>IGM?<K
*I<M;=MAHJ,5M>HM.HLM<IFME@K4MAJME:=M<3M?BMD9KM8
ECBM*LM;JMJ6HJMGB4MECL:MEK2ME:LFMGB4M7>B0
6B:M<IM>BMGB;MF @HLM<=MAHJM,IMEJMHI;MDFBM8
?DL<MGB;4M?DBGMGKIM=>DKIM9LM<3M?B;MEK2MAJM9KM8
CB?DMGKIMF CB;M=7H=MAJMFLMGK=5M.KIM>BM<I>M8
GL@MF ALHM9LM;IGM?KIM>HJM7KM)K*MK *LM;JM8
J6HJMGBMEK2MHJMDIMED:B4M.HLM<IFME@KMJA=M-?K:
'GM>HDIM<LMIAMAIMHLMK FBMEC3MAK:MD .9=M6=
)LHM9LM;IGMCLHMGIM7JM *LM;JMJ6HJMGBM JHLD
D ALHMCKK5M+ *I<M;KIM7:JMEJMFL:MFHLDMD AKM8
EJFM?LM;K5M
%M?DIHFM?LMDIMED:IM7JMHJM@=MLM>LM+BM8
>DKLM:=MGKMFIHMEBMCIMC=M$KM@JM:LM<LM.JMAIHMGKM8
@LMF #JMH=MGK=M=DGLM:L4MK0M>HM$KMHJME:LF
.HLM<IFME@K4MAKMED3? %M9LCMCIM;=MEF3MAHLM?3
1LM6KM9KMCLM?B<MG3MAC5M)JMFECLMGKIMECB?DMGKJMFI
;K2M>DBM*@HF3MLHF2M?34M
'))!&)&) ()
")$%) &() ')"#!) '#)!$()) '')&)$))
!#!) "')')&)) ()')#
5M *AHLMF2M
6LM>LM:LM @JM;KME<LM AJ> AHDIMFJ>MGK?MCFI;
AHJ,5M>H5M1L65M*D?DIMALMGL+KIHDM?1JFME@KIM8
7J5MM*CFKIHM>DJGJ4M0IM6BM:BMAJMEI:MK 6BM:B
HI@MCJHMAHBMFLCMGI<M+B0MEDI<M*D@JM:BM=M;LM8
GKMECB?DMGJM8@JMGJM;K?DMGI<M FIM +:JM?:LFM8
@=MFEFJM<I<MAHLM?BM1LM6KM9KMCLM?B<MGI<MD%MH5
>JME:JFMGKIM AHDIMAKMEL:M ,HL7M;IGMCBM AHLM?BM
@E5MDIME:LMFLMKEMEJFME@KIM7JM)JMFECLMGKI
ECB?DMGKJMFIM F DKIM;KM >JM6HDB!ME@KI<4M
@C/MHLM=@LMDLM:LMEK2MF FBM>LMGK=M@EK30M@JM8
FB;MF %MH5MF ):J?M@=5MMHM.HLM<IFME@K
@K9M@LM@HJ(MAJMFJM:L:MEK2MCI0MGL GKIMKECMGKIM<3M8
?IMH/M>:L5M)HDBMAKMEBMJ>MEBM:LM<3M>J >JM@=M8
;IGMC/F4M@C/MHIM<LM@JM6BM;KLM:BMEK2MDGL<M>JM8
FL(MFDLMEJM6L?1M'HM?1KMF=;MKIM?IMD<L9MGIM8
7JMF ):J?M@=4ML F HDIM?DBMFKMECJM-?KMF?LM9I
K?1MCL;MGKIM;L5MLM>LM+BM>DKLM:=MKMECJM8
HB?DMGIM7JM ECFKIHM>DKM:LM F @JGM@9=MD<KM J6M8
EDIHMGIM7J4M 9KM?D3M?IM7J M ECHJG4M HLMAJHMC=
AHDBM7JMCJMFLMGIM7JMAHDIDM@JM;KME<24MK0M?BMC=M<2
A@C M
%)"()%)&%)')$()&%)"()()%
)#)%)"#)')"#!$) %)')&!$) %)')#)&)#) &)
())!%)$ &%)')())"$%)%) ')!&)()()!$%
) &%)')()()("$)())&)')"#)(
5M
&L CI<MAJ>MECLMFKI "%M7H=>MGKLMDIMED:IM7J
HJM@=M)HIMDBM>K=;MIGMCHL9MGI<M.JM;KME<KM>E5
*CJAMGKMK #BMC=M:/FM>DKLM:LM<3M?IMAHDB AHI8
;KIMHDIM =?1BM9KM:JM =?DI9MGKLMG3M =?1FLM:2
D %MH5MJ GL>LMGK=M$KMHJME:LMFJMFKM.HLM8
!$ #!
!$ $
##"""
#$
!$
#$# #"""
$!$!!$
#"""
<IFME@KIM;=MECJAMGKLMGLM=@JMFIM7JM>J@MCJMHL
1LM6KM9KMCJMFLMGIM7J5M> CI<M>IM?BMD<KM.HLM<IFM8
E@KMJ>MFJM:L:MEK2M>JE3M>=ML>M;KMGKMECHLM?B<MGIM8
7J4MFE@LMD=M<3?4M0IMEAHLMFLM=9IM7:LMAHDI>LFM8
GKIMGK=4ML DLMCI;MGL>LMGBM;=MCBMC=:M>J@MCJM8
HLM1LM6KM9KMCJMFLMGIM7JMGKIM;JM0IM6B(M?J,MGK2M8
CB5M#LM@3MCI0MAHDIME:LGM@3MAHDI>LFMGKIMGKL
@KIMHJMFL:MEK2M>HMAJM9KMCJM9JM7KKM'HMC=HM /HME@K4
KGMCIHMAIM9=M<3?MF*I<M;KIMGLHDI?DMEFIM7JM6BM8
:IM7JM @JML9KM?B<MGIM7JM @JM9IM7K4M 1KMECJMHBM@L4
>J@MCJMHLM .HLM<IFME@KIM7J5M +IM>9IM JAKMGKKM
>H5M /HME@KIM7J4M >HM .HLM<IFME@KM
() &)
'&()")%)!#)$&)
5M
+ EKIHAMGK= "%M H5M FLHMEDLFME@KM E3>M
L>M;KMGKMECHLM?B<MGBM HJDMALMCHDBM J>MFJM:LMGKI
>H5M.HLM<IFME@KIM7JMJ>>IM?BMD<KMAJMD6LMFKLM<3M8
?I<M7JMECJAMGKLM>J@MCJMHLM1LM6KM9KMCJMFLMGIM7J5
&KIM ;J0MGL FBM@9=M?DB(M HJDMECHDBM7GK2M?KL
GL@JMHDB-(ME@LHM03M?IM7JMEK2M=?DJMGIM7J5M
&LME=MFLMEK2MDLMEL>MGIMABMCLMGKI4M?DBM7>BM8
6BMIFIGMC=ML9MGKIME3>M<I>MGL@M=DGL:4MK0MGKI
;LM<3MDLMECJMEJMFLMGKLMAHDIMAKMEBMJ AHDI>LFM8
GKIMGK=MK 0IM>J@MCJHM.HLM<IFME@KM;JM0IM6B(
AJMD6LMFKJMGBM ECJAMGKLM >J@MCJMHLM 1LM6KM9KMCJM8
FLMGIM7J4MCJM?DBMDJMECLMGKIMH/FMGKI0MAJMD6LM8
FKJMGBMDLMED?DBCMGIM7JMCBMC=M:=M6I9MFIM>IHM8
E@KIM7JMAHJM,IMEJMHLMGMGBM;KME:JMFB4M?DB
AHIMDBM>IGCM &L<M<LM-GKI<MEDI<4M @C/MHBM CBMC=:
AHJM,IMEJHME@KM GLM>LM<I4M ;/7:M6BM >J@MCJMHL
.HLM<IFME@KIM7JM D>IM7HLM>JMFL(M >LMGKI;
AHLFMGKM@/FM=HD2M>=M<3M?B?1MF )LM:LM?=M&LM8
;KIECMGKM@JFME@K;M AHDB .HLM@JFME@K;
)HDI>M;KIM-?K=M M GKIM ECLMFLM AJMDFLM9L
AHIMDBM>IGMCJMFKM;KLMGJMFL(M@JM7J-MAHJM,IMEJM8
HI;4ML9IMGKIM>LM<IM7:JMFKIMAL!MECFLMFBMHLM8
GKIMFE@LMDLMGIM7JM=AHLFMGKIMGKLM>J AJMD6LM8
FKLMGKLM@JM7J-MCBMC=M:=5MAHLFMGKIMGKLMCLM@KI
;LM<IM>BMGKIME3>MF J@HIM-9JMGB?1MAHLMFI;
AHDBMAL>M@L?15
ECLCMGKJMJ>M6BMFLMEK2MAHLFM>DKMFBMFBMEBA
JE@LHM0I!MJA9LM7KLMCBMAJMAI:MGKLMGIMAHDIDMAHJM8
,IMEJMH/F5M)KM@LGMCIMHKKMEAHLMFKIM>JM>LM<IM,L@C4
0IM AHJM,IMEJMHJMFKI4M @C/MHDBM >JMA=M-?KM9KM EK2
DHDBMGLMGKLMD?=M>DB?1MAHL?4MAI:MGK3M,=G@M?<I
@KIMHJFMGKM?DIMGL=?DI9MGKL?15MBM:LM;KMGKMECIH
E@LHM6=MFHD3M>DKIM=DM@LM'9M>JMGL.LM;IM9LM8
8*JMFK!ME@L4MLJ6I?MGKIMALMGKMHI@MCJHMAHBMFLCM8
GI<M+B0MEDI<M*D@JM:BMLGM>9=MK LM?1=GM@JM8
FJM-?KMF)JMDGLMGK=4M>JMA=M-?KM:LMEK2M@HLM>DKIM8
0BM?=M>DI<MF:LMEGJM-?KMKGMCIM9I@MC=ML9MGI<4MK CJ
F AHLM?BMAJM-FK2M?JMGI<MAHJM69IM;J;MICBM@K
6KDMGIME=MGL ;JM?BME3M>JMFI<M=7JM>BMD J@HLM8
>DKJMGB;ML=MCJMHI;MALMGKMHI@MCJHMDLMA:LM?KM:L
J>MED@JM>JMFLMGKI5M + &M GH ""%
JAKMELM9KM-;BME@LGM>L9MDA9LM7KLMCI;MAJMAI:MGKJM8
GB;MAHDIDMAHJ,5MIHMGLHM>LM.JMDKMH/M7L4MHI@M8
CJMHLM+B0MEDI<M*D@JM:BM#IJM9JM7K?DMGJM8=M;LM8
GKMECB?DMGI<5 "M 9LMCLM CIM;=M )')M >JMGJMEKM:L
J =>JMFJ>MGKIMGK=M A9LM7KLMC=M @E5M AHJ,5M >H5
1L65M'GM>HDIM<JMFKM$LM:LM?1JFME@KIM;=4MAHJM8
HI@MCJMHJMFKM)LMAKIME@KIM7JM+BM>DKLM:=M#IJM9JM8
7K?DMGIM7JM)+#MFIM+HJM?:LMFK=5M
6I?MGKIMFIM+HJM?:LMFK=MJHLDMF IGM8
CHL9MGI<M.JM;KME<KMF +LHMEDLMFKIMCJM?DBMEK2
AJMEC2MAJMFLMGKIM;LM<3M?IMFBM<LM-GK(4M?DBMAHJ,5
>HM1L65MBMEDLH>M'GM>HDIM<L@4MHI@MCJHMFHJM8
?:LFME@KI<M'@LM>IM;KKM$IM>B?DMGI<4M>JMA=M8
-?K:MEK2MA9LM7KLMC=MFHJDMAHLMFKIM1LM6KM9KMCLM?B<M8
GI<MK ?DBMDIMH0G3:MEAJMHIM,HL7M;IGMCBMD AHL?
AHJ,5M+KMCJ9M>LMLMCJ!ME@KIM7JMK AHJ,5MJM9LGM8
CBM 'GMCJMGJMFK?DM8=?1MGKIMFK?D5M JDMECHDBM8
7GK2M?KLMEAHLMFBMHI@MCJMHLM'GM>HDIM<LM@LM;J0M8
GL EK2MEAJM>DKIMFL(MGL<MF?DIM-GKI<MD @J!M8
?I;MHJM@=5
.LM?DBMECL4M AJMEI:M >J@MCJHM 'HMC=HM /HM8
E@KMMFBMAJMFKLM>LM<3?MEK2MFEAHLMFKIMA9LM7KLM8
C=M AJMAI:MGKJMGIM7JM AHDIDM 6BM:IM7JM HI@MCJMHL
AHBMFLCMGI<M =?DI9MGKM AHJ,5M .HLM<IFME@KIM8
7JMMECLMG3:MGLECLMGJMFKME@=4MK0M<IM-9KMEAHLMFL
@HLM>DKIM0BM?=M>DI<MF:LMEGJM-?KMKGMCIM9I@MC=ML9M8
GI<M?1HJMGKJMGI<MAHLMFI;ML=MCJHME@K;MFB<M8
>DKIMGL -FKLMC:JM>DKIGMGIMAJ 9LMCL?14MCJMCLM8
@KM?DBGMEK2MAJ AHJMEC=MAHDI>LFMGKLMK GLM9IM8
0LM:JM6BMJ FEDBECM@K;MDLMAJM;GKI(5M?DJMGB
AHDBM:LMALMGBMGLJED=MECFKIMKGMCIM9I@MC=ML9MGB;
AJMFKMGKIGM >LM9I<M ;/?M =?DB(M EC=M>IGMC/F4
AHJM;JMFL(M;LM7KMECH/FMK>J@MCJMH/F4MHIM?IGM8
DJMFL(MKGMGB;MAHLM?IM1LM6KM9KMCLM?B<MGI5
"M9LMCLMCIM;=MAHIM;KIHMJMGL9>M#=E@MK<IM8
7JM ;KMGKMECIHM GLM=@KM LHM6LMHLM .=M>HB?M@L
AHJMAJMGJMFLM9K4M0IM6BMDGKI-(MF)J9ME?IM1LM6KM8
9KMCLM?<I5M LM<JM7:JMFKM D6KJMHJMFJM EK2M CIM;=
AHDIM?KFMECLMFKM9K4M FE@LMD=M<3?4M 0IM F
%')!%
"( )'")()!&) ()()& ()'!) ')')()
() &!) "#)%)"&() "$#)$ ()() &() #))
()%)()')#) "()!$%) $()'"$#) ( &%) "'$))
&(
5M$JM0IM<I>MGL@MAHIM;KIHM#=E@M;KL:MHLM8
?<2MK AJ> GLM?KME@KI;M-HJM>JMFKME@LMGKIMAJM8
CHDI6MGKIMFBM?JM,L:MEK2MD AJM;BME:=M=>HJ0M8
GKIMGKLM@LMHKIHMGLM=@JMFB?1MF &L<M<LM-GKI<M8
EDI<M)HDIM?KI0M<L@M6BMGKIM6BM:JM1LM6KM9KMCLM?<K4
CJM;GKI<M6BM:JM6BMF&L<M<LM-GKI<MEDI<M=AJM@LM8
HDLM<3M?B?1M A9LM7KLMCJMFB?1M E@LGM>LM9K5M &KI
6BM:JM6BMAJMCHDIM6BM@JMHBM7JMFLMGKLMAHDIMAKME/F
J GL>LMFLMGK=MK IFIGMC=ML9MGB;MJ>M6KIMHLMGK=
ECJAMGKLM >J@MCJMHLM 1LM6KM9KMCJMFLMGIM7J5M &L<M8
6IDMAKI?DMGKI<MCI0M6BM:JM6BMGL>LMFL(MAHIMDBM8
>IG?M@KIM AHJM,IME=MHBM JEJM6J;4M @C/MHIM GKI
=;KIM<3MAKMEL(4MLFK2?MCL@M0IMAHDIMAKMEBMFL(5
$ !$#$##
!$#$ $
$$#"""
# !#$$!
!$
'KHL=GKHL;JL1I=G22##2L8.ELFJ-EK0L5
@BLFKJLGJL8IL/ILFHL1IL:AGHGL:I;LD?KC4L4IL5
>ILDH?LD<LJ;KLD@.EL )I;LFHL1IL +IL-CKIL8J
$HL(IAL>ILEJLFHL1IL)+$LGFJ9L=<L9HLDK3
E >KHDGL?JLFK<LE EJALDGJELD?K>L7;IL?<
:AGB *ILEDK"LD?KH92L IL>IL(IFL IL><
IL/HL1IL GJL?I"LCGB8L DE.9L /BLEI@L K FKH
C4CHLG>JAL@EBC4LED@J,2LBL=ILD@J,LDK3
FJ FJL7IL/H"LD@EI6L@AGHL7JLGFJ,LF<L>HA
@HL;HL(ILF<L FJ9LEB/LDGHL1IL =<LC4IELFHL1I6
E8JL-CKLCKHL;JL >KHDGL?JLFKJL !GBL>IL5
FJ 'KH>LCJ2L&BL?J>L=I :JLD@ILAJ2L)AIL@J
I@EKHLAJL>8I=LDGBL=KJL?IF2L
L%JLDGJL9</LDK3LGJLCG3L8JLLCHL=GK
:AGHGLG3L7B2L!KJL=J>LFJ AIL1<L?JLFJL:B
E #5>HL@AILEB>L :IL?IL9<6L E ?@.LAB>
:KHAELDGHLD?AGB:LCHL1AJL?DK0=GL%KLC4J82
*AJLEKL?JLGJLFKHLI ?AGBL/<6L?@.LABL?J/L=B
G FJDL:ILDKJL=JLK FILDKLCJL8HL/BLCKHLFJ 7JAL5
?JC42LJ I8L@JAGLAIL7KLFJL?ABL@BL7KJL8B>
:8.@LFH>LD@.8LG?HK2LJ-CKJLF0LE:IL?IL5
9<LI7I?L=ILDBL:KJLFJLAGHLCGILFBL'KH>LCJ2
!8ILEJLG<D@L?DK3L=GJL%KLC4JL8JLD:KL9JL:K3L5
CK<LE:JL@AGILFBC4LE FKHL1IL>3/LCGBGF6
=EJL?IL@BL'KH>LCJLK9JLL9HL=BLFBLI7HCLFB
4HL@HLAB?LLDJL>KLCJ2
)BL90@L?ILEIL EBLDIL?0L (AHL?EHFLC93
K<FILDG0LCBLDK3LE:ILEKHL@AG<L1ILAGH;LFKJLFB
GJL:JC4L+IL-CK.8LGJLE=GK3LCGJLGIAL1JLFKLGIL5
EJLFH9L =GKH"L ECGHL-FKH9L E )JALDGJLEKH
<LAIL:AKL=H##6LFJ?@.LAH9L)+$L:IL?JL5
GJ8LDK3LGFJ9L;H:LDGH9LD@AILFB2L&JL8HL=<LC4IL5
EKH"LD@EI6LCGBL;KL@AGH9L?DK3L/JL+IL-CKIL8J6
G1AJL8ILDK3LKG9HLC4JL8ILGCJL8H9L*I;LD?K2L%JL5
@HL<DGLGHLG7ILA<LCG3LD@ILC4IELD?KHL1I6L%KL5
C4J8L G KJL8HL1ILD@IL?<6L FIL K !GBL>IF2
+J/L=BLE EKHL?<LC4ABLD@<LDILEB>2L*JLAJL5
=ILEJL;KLEHL@A.9L?3LGJ 9H=LF0LG :;J@L(IA>6
:AGHGLCIL7BL;KLFKHLCIL>FKH9LEKL=ICGLFK6LJ;H
>IL/HL =GK3L?KL @HL><L =IL@JAL8IL =I FKC4
>FKH9LAG<LCJLFBC4L9JL9H?2L*ILD@AIFLFKL;H
AHLJ1ILEJL;KLFJ EKL=I?L>3/LCGBGFLE ?IL;IL5
AJ@L?JC42L*IL=H9LAGHLEJL;KLKC4LI :AILEIL?JL5
C936LID?JAL/JL;KLI -EK3L@IL?AJ=GL@EI2L =L5
CGHL:KJL;KLDK3L=IL:KHLAIL:IGIL7JLCGHLFK<L;HL1KL5
@BL>JLC9KL=<LC4IELFBC42LILFKC6L/HL;HL1KL@BL5
>JLC9H6L@J?LDJL>IL9J?LK=HLI;IL1K3L+IL-CKIL5
8J6L?DK3L/JL<AIL7KL;KLDJL>K2LIL>IL(IL7I>
GJL;JL>KLFILEJLFBL :JL:KHLAH?L EBLD@JALCGJ82
*I :JLAJL=GKHLEDGBLDCBL@AGH9LEKHL;H7LFKLA<L5
DGBL;KL E GJLEIL=ILEHL @JFL1I2L &4IL=GKL;K
:I 1HL9IELD?KC4L ?;<L7JC4L K FJL>JLEKJL;K
-EKJL@ILEBC4LIAJGL?AJL9ILEBC4L4IL>ILD.E
FJEKJLA3LEIL1J2LIL7B8LCGJDL/FKE2L<L5
C4IELFKLCIL@BL=GKH"LGJLD<LEJL90LFJ K>L:AHL5
GILEHL=BL/<LAB6LJ;HL.1LFKL1=BLFKHL=J8LK>
I?JLG9KLAIGL>ILEBLG @JL?0LAGHLDG0L:IL@HFL5
C9J;LFBC4LEKHALFBC42L&4IL=GK6L9J?L>.LEK06
I :IL?JLGJLFKH6L/HLGJL1<L7KILFBL1H9LFKHL><L5
DKL:<DGLCGJ,LDK3LFJ;HLEILK:AJLEI6L7GBL?J,
E ?;<L7ILEBC4L=JAL?A<L>JC42L*AIL:ILF<L90
><L7AJ>L?3LFA 6LCGBL;KLEKJLA3LE EBL90@L5
?ILEHL1ILIL1J6L?@.LABL;<L7KL1HL9.E2
!GBL>IFL 'KHL>KHC6L (KL;JAL (KL;KKL )+$
E *I;LDCH6LEKHLAGBLE IL1JLI= =GKHCL?J2
= =GKHCL?JLEKHL@H/6L/HL9HD@L1HL9H>2L*H8L5
FK8LD8</L73LI8L@JLAGJLE AIL;KL>KLFKLD@AJFL@J
E+IL-CKHL;HL?JL@IL;KCL?K>2L>L7B8LEK3?LDGB
K 7JAL=GKH9L EBL;HELFBL E I:ILEKJL=JLFK<
I DEIL9H9LDH?LD<LJ;LFIL-CK6L@B>LGFKHLC43LCHL5
FKHL=I?JL@I?LDK3L/BLAILD8I2L*IL>BD8L:.9L-CKJ
:I :I=LD@JLE.ELCHL=I 'K/LDGHL1IL!HL>KLFJL5
AK<>L<LC4IELFHL1IL<>JA8L:IAIGL>ILEKH
G ?DK3L=GH>6L?@.LABL:IL@3L:K8L9HL1IL4IL>IL5
DH?LD<LJ;KG>6LJ :IL@H>6L18JDGLCG0CL?IL;JLFI
'KH>LCJ6LI-EKJ=LCGB86L/HLGJLEDGHLC43@LFKH
73L=GKHL ><L :IL>JL1J82L 'KHL>KHCL >KJ8
E=<L:KHL9HL1IL:IL>IC2L)BL:KLDJ8LDK3LG;KLD@B
:I;LD?KC4L?JL@IL;KLK GJLCG08LDG<L?J,LKFLFHL1I
+IL-CKIL8J6LE?@.LAB>LFKHL73L=GKHL:IL@3L:KJL5
FBLGJ@I6L9JL?K>L.1L1ILD@EILAGB82L
)HLD:.8LG?K;L?<LFJLD@IL>JL1HL9JL>KLK;HDL5
7K9L?JL>KLAILGHLD8J8L:KLD>IL=I EDGBD@L?KC4
GJLAHL9HLD@AILEJLFBC4LE*I;LDCHL+IL-CKIL8.E2
%KHL;KL9H=LFIL:BL@JLFKHLCGBL@HFL+IL-CK.8
:AGB9L>KHL183L7IL?ILEKHLAG0LCBC4L4IL>IL5
DH?LD<LJ;KLD@.EL'K?@LFKHLI=L:KLDJ82L'K?@
KC4LFKHLC4CKJ82L
'JL=GKHL9JL :AGBLDG8JL E ##L A2L EAJG
G 8IL@HELD?K>L:JLD@ILAH>LALFHLD@H>LJL5
FILDH>6L?@.LAHL1IL8IL@HELD?KL)+$LEBL5
D8J8L=I *I;LD?KLFJ >KLD93L@EILAGHLFKJL(KL;KK2
= FKHL1IL'KHL>KHCL=ILEKHL=GKJ8LDK36L/H
FKHL@AGHL7JL:AGBLD@3L:ILEJ,L=I +IL-CKIL8J
>HL@AIL:IL;KL@J;LFHL1ILD@EILAGILFHL1IL:AGHG
1HL9.ELK ;HDL7K9L?KL=;JL1HL9.ELK ;HDL7KL9H?6
7BL7B,LEHLED:.;LFILCKH6L?@.LAJLFJ CKHL7KH
FKHL :;<L9H2L )+$L 9HD@L I@EJAL@B
FJ EDGBD@L?KC4L EBL?A3L@JLD.E6L ?@.LAGB
E KFLFBC4L +IL-CKIL8JC4L EBLAG<LCJLFKL D0
FJ >JAL1KLFHD2L'KHL>KHCLK 9HL1ILGFJL9IL>K
>KHL;KL I= ?IL1IL :AGB9L>ILEJ,L &KJL8I
&4ABLD@<LDJLK G ?K>L:K,LEKLFI2L&GBL@JL;KL@I
DJL>IL *KLD>IL EK3L@H6L <CGHD@LFKLCGBL;K
E>DGJC4L7JAL=GIL:IL=I7LFBC4L=I?JL@IL5
;KCL?KC42
JL1J=L?JL:IL9JLEKL8JLDK3LE ##LA26L1=B
JLFILDJLJEJLAB9LFKHL-CK0L1FK3L@ILFJ IL5
@E32L+@I-L><LDKJ8LGJL90,LDK3LED:.;LFIL@06
CILIGFJLCGJL8IL:IL@AGHL73L:ILEIL8JLFKJL=KJL5
?ILFJ2L !@JLFILEKLD?IL GJL:AIL:ILFILEJLFI
'KH>LCILEK6L?@.LABL7B8LE AIGL@HALCHLFKL7B
I= =GKHCL?JLC4CKJ8L7B,L?DK3L=GH>6LJ;H
:IL@H>L GJL>KJD@L ;HL/H,L ?AGBL/H>
:I=?AGBL/JL>K6LGJLCG08LIAL1JLFKLGILEJ,L*JL5
AJL=BL$.ELFIL-CK2L)KHL=GKJ8L9H=LFJ?6L/H
EIL;KL7ILD?KH9LFKHLEI;LFILDK3LD:AGHLCKLEKJ,6
@B>L 7JAL=GKH9L /HL 7BLCKHL =<LC4IELFB>
)+$LFKHLEKHL;HL?IDGL@<L9H2L+IL-CK.8LFKH
FJL?8JL=JLFJ =<LC4IELFBC4LI7ILEK0GL?IL5
EHL1ILCHL;KL7JL@<2L'KHL>KHCLGILD@J8L=KJL?IL5
FH>6LJ E ##LA2LD@JALDGB>L:JLD@ILAH>2
*IJEJFLDKHLFJ:JLD@ILAJL:I;LD?JLED:.;LFIL5
@JL )+$L <GBLD?JL8JL J<L@ILFIL>K32L 'KHL5
>KHCLFJL7B8L:AJLEIL=I <=GKHL;JLFKJL-;<L5
7.E6LEK3CLKC4L<=GKHL;J2L8.ELFKHL1HL9I>
K;HDL7K9L?I>2L
I +IL-CKIL8JLGJLCG3L;KLGEAJLCJ,LDK3LKFL5
FKL1HL9HLG :ILEIL8JLFKH>2L*KHAELDGBL7B8
%KLC4J82L *I DHL>KLFJLAK<>L ?JL@IL;KCL?K>
FKHL C4CKJ8L /B,L E GJL?8JL>JLFK<L 9JL?I
?DK0=GL E <?ABLCK<L 7GBL?JL90LCBL >KLFKL5
D@AJFL@.E6L :AGBL908L EK3CL -EK3LCHLFKJ
)+$2L *I FK>L :AGBLDGH=8L %JL@HL<DG2
7<L EBL-EK3LCK8L 'KHL>KHCL E DEILK>
>KHDGL?JLFK<2L )KHL;H7LFKL FKHL G7KHLAJL90
FJ@JLC3LI=EKHALFBC46LJ1=BL7BL@ILAIL7KL;K6
EKHL;HL7BLFKHL<G7KHLAJL;KLL+IL-CK.8L>IL/H
:ILC4EJL;K,LDK3 #LIEKHCGL?JL>K2L+J/L=B
G=<LC4IELFBC4LIAGHL9J?L>IL/H2L%KLC4J86
1=BLFKHLC4IL=GKLE D<L@JFLFKH6LECKLD?JLDK3
E <FKL(IA>L>JL1JLGBLFKHLAJ6L%JL@HL<DGL9HD@
FJ9LD?<L@HCGLFKH9LDGB>LE >KHL-CKHL?JLFJL5
AH>6L !GBL>IFL GJLAJL7KJL FJ @8<L>JLCGHL5
FKJC4LGJFL1KH;LD?KHL1ILK(IL@IL1AJL(ILEJLFK<2L
) ?EKH@LFK<L 'KHL>KHCL <?A.LCK8
EDGBD@L?KHL:I=L->KHLC4<9L?K2L!?I"LCGBL8I
DK3L 1JL=JLFKH6L /HL EBL>BL-;K8L DIL7KHL +IL5
-CK.86L7ILEKH>LFJ9L:AJEL=GKELDGB6L<GFJL5
EJLFBLFJ CJL8B>L-EKHLCKHL9H=LFILCGILFB
+IL-CK.8L&4AGHL-CKL9J"LD?KL+&LEBLA./L5
FK8L 1I6L FJL=JL90CL :H8LFK3L :AJEL :JLD@ILAJ
IAJGL(<F?LC93L=GKHL?JLFJ >KLD9KLH<LAIL:H9L5
D?KH92L ) :AGBLDG8B>L AIL?<L =<LC4IELFK
C4C0L G9H=LFILCGB,L :I;LD?0L ED:.;LFIL@3
)+$LG +&2LHD@L@B;L?IL9HL=HFL:AIL5
7;H>2L%<LDG0L:AGH=L@H>L>KH,LCILG9H=L5
FILCGB,2L =L?0=L %!)KL G>KHLFKL8I
<D@JLE3L I GEK0GL?JC4L EBLGFJLFKILEBC46
=I GJLAHL9HLD@AILEJLFKJL+IL-CKIL8JLEBL>JL1JL5
FBC4L9HD@ ##L:IL@EKHAL=GILFBC4LFIL@JL5
AKJ;LFKHL =HL?;JLAJLC9KL :AGBLD@0L:KHLFKJ
=IFKHL1I2L)+$L>JLKC4L2
*I >DGBL=ILEKJL=<L93LDK36L9J?LC48I:LCB
C4C0LAIGLEK0LGJ,L@HFL:AIL7;H>2L)KJLA02
83L7IL?IL EKHLAG06L /HL D:AJLEBL FJL7KILA0
@H>L:J6L1=BLGJLCGHL:KHLFKLEEKHLCG.AL:JLAJL5
=BL1HL9HLEBL7KILA0L9H=LFJ?L7AJ>L?3LFA
KGHLC4C0L<EKHLAGB,2
!##!#!#!"""
%KL>IL/HLFKHL>J>L:HLFKLDJ6L7JAL=GIL;<L7K3LDH?D6
EGEK0GL?<LGCGB>LGJL>KJD@L?DK0L/H?LI:I=L;HLEJLFK<
?EKJL@.EL CGBL =HL?ILAILEJLFK<L DJL;ILF<6L CGBL@J>
I =J>LD?K>LEBL@ABLD?<2LJL>KJD@L,EKLCGB,L>.LEKHL5
FKHLFKH6L@AHLF<L93L>K3L-FKHL+HL1;J2LJL?K>-LC<L=H>
@HFLGHLD@JELGJLKFL@HLAHLDILEJ"L<C4AILFK8L>FKHLI= >3L5
/JLJ;L?IL4IL;KL?JLFKHLD@JLEJ8L7BL><6L1EJ8L@<L1EJ8LCKL5
CKHL;HLEIL;0L?IL7KHL@BL7KHALFH6L7ILFJ@JL?KC4L1EJ8@LAIL5
7KLEK3?LDGHLEAJL/HLFKH6LJ@J?L/HL7AJL?<LDG>JL5
;<LDH?DL=GKJL8JLD@BL><L;<L90LCI2L*ILEKFLFJ>
7B,LEK3CL:AGBL?8JL=H>L=;JLKFLFBC4L?IL7KH@6
J &HFL@A<>L*AJEL+IL7KH@LFJ >ILK>L:AGBL5
?8JL=GKHL :ILEKFLFIL GAIL7K,L <;I@L?3L J?
7B,LCG8ILEKHL?KH>2LJL?K>-LC<L=H>L9HD@
I=LEAI@LFKH2L
= FKHL=JELFJ E ?J/L=B>L?IL>KLDJLAKJL5
CKHL:IL;KLC9KL>I/LFJ DIL7KHLEGK0,LGHLD:HL5
C9J;LFHL1IL D@IL9JL?JL <;I@L?KL (KAL>ILEJLFH
:AGHGL&HFL@A<>L*AJEL+IL7KH@6LAIL=GKL5
>0LIAL1JLFKLGJLC93L(HL>KLFKLD@BCGLF0L%IL5
;HLD@ILEJLFKHLE:AJLCBLL:ILEKH=GLFKH2
*ILFKHLEJ/L &HFL@A<>L *AJEL +IL7KH@6
9J?LEK3?LDGI-,L:I;LD?KC4L?IL7KH@6LFKHL=BDL:ILF<L9H
G73=LFB>LDG>JL;H>6LGJ EBL=A<L?ILEJLFKHL@BC4L<;IL5
@H?LGJL:8JLCKL8JL:AGBL?IL-CKH;LFJ IAL1JLFKLGJLC9JL&4AGHL5
-CKL9J"LD?KL$<C4L+IL7KH@LL9H9LFKHL>KHCL?KLI=L=GKJ82
GKJL8JCGL?KL&4$+L80LCGB6LEHL=8<1LKC4LD@AILFBLKFL@HAL5
FHL@ILEH96L
$)')')%&()&')) )")"&()$'!)!&()
()%&()" ))$')&$)!(
2LAILC43L@IL?EJDLLHL5
G<DL 7B8L JDH?LD<LJ;LFB>L (JLCHL@H>6L DBL@<LIEJLFKHL 1I
E AIL;KLDH?LD<LJ;LFHL1ILEGIALCJL=;JL?IL7KH@L;<L7K0LCBC4
DH?DL>IL/HLD8<L/B,L@B;L?ILGFKHLC43LCHLFK<2L@AH-,L(HL5
>KLFKLD@BCGLFH9L<;I@L?KLI:8JLCILFH9L:AGHGL+IL-CK.8L@I
:IL@EKHAL=GJ2L
*I:KHAELDGHLL><LDG3LI=AJLG<LD:AJEL=GK,6LCGBL9HL5
D@H>L;<7L7BL8J>L>IL;HLD@ILEJLFJ E >KH9LDC<L:AJLCB2
)BLD@JALCGBLGJLGFJLCGB,L?AGBL/B?L:AGBL
' )!&(
')#)) &)$#!)% ) &()"#)&)"!)!)#&')$ ()#&
$)%$)')&#!)%(
J;L7IL
!)"$)")"!)$)#&))$ #')
')()!()"()")')%
2LHLD@H>L>IL;HLD@ILEJLFJ2L'J=IL5
=JL@H?L:AGHGLDKHL7KH6L7IL@IL9JLEKHLDGJ>LE AHL=J?LC9K
FJL1KHLG=93LCKJLIAJGLABLD<FL?KL@J?L/HL>IL9HL1ILJ<L@IAL5
D@EJL?IL7KH@LK >3/LCGBGFLAJLGH>L;<7LIDI7LFI6LCGJL5
DH>L@B;L?ILDKHL=G0LCBC4LI7I?LDKHL7KH6LCGJLDH>L?IL:<L5
;<L90LCBC42 @IL9JLI:ILEKJL=J>L?IL;HL1I>L=HL7K;LFH
=IELCKL:BLI DH?LDKH2LIL9JL>IL;HLD@<L93L>3/LCGBGFLFJL5
EH@L:ILGJ :AJLC06LF:2L%JAL?JL D@AIELD?KHL1I6
GFJLFHL1IL:<L7;KLCBLD@3L*IL;KL@BL?K2L*JF
%JLAH?L:AGH= :AIL1AJL>H>L@HL;HLEKLGB9L5
FB>6LE ?@.LAB>L>KHL;KL->BLAJLGH>LEBL5
D@0L:K,6LFJ >.9LEKL=I?L:ILEKHL=GKJ8L 6
1=BL7B>LEKHL=GKJ86L/HL73L=GKHL:JLFKL=GKL5
DKJ9LG FJL>KLE :AIL1AJL>KH6LGJL8IL/B8L7B>
;H:LDG0L>JLABLFJAL?3L = AJLG<L1IL:ILCKHL5
DGBL8J>L*AILDG3L:JLFJ6L@JLCBL>3/LCGBLFK
9J?L :JF6L @IL FJ9L;HL:KH9L 7HGL <7AJLFKJ
1I=LFKHLG :DH<L=IL(HL>KLFKLD@BCGLF0L<;I@L?06
1=BL7BL D@AIELD?KL7B8L?IL7KHL@06LJ 9JL(JLCHL5
@H>6L >.18L7BL >FKHL :ILGEJ,L =I D0L=<
GJ>I7L7KF12@IL(HL>KLFKD@L?KLFJLGBLEJL90LEJ;L5
?0LIA.ELFIL<:AJELFKHLFKH2L
GKLDKJ9LE *I;LDCHL?IL7KHL@BLFJL=J;LGJL>KJD@L8HC4L@JL5
CGH?L</BLEJL90L>JLCKC2L) @JL?KH9LDBL@<LJC9KLDH?DL(J?L5
@BCGLFKHLFKHL9HD@LA.L=8H>LAJL=IL-CKLK :AGBL9H>LFIL-CK2
!H?D6L/HL7BLDK3LFKHL?IL9JLAGB8LG>IL;HLD@ILEJLFKH>6L><L5
DKL>KH,L=;JL:I;LD?KC4L?IL7KH@LEJAL@I-,L7ILD?06L=ILD@3:L5
F0LEBL80CGLFKHL>3L/ILEKL9JL?ILFJL7BELCBLK:ILDKJL=JLCGIL5
EKL/ILFB2L;JL@HL1IL
$)()"$)')%&()"()")')%()$)')(
%&()')#()$)')%()!')#$)')%&()$)%$)"!)#()"&)$ #&$)
$)#&)#!$)&()')%'))"!'))#()()$)$)%$)%' !)
')!()")')%&())"%))$ $)$))"()")')% )#$
$)() &()%()'))%))%' ")#&))& )$)%)
')%) ')#) ) $)#!) "&) $)() $)() ') &
!$%)#(%)')#)(!)"(%)%$)#&)!'))!()%&') &)')%&()%&'
#$)%&#!)% ) ! )#!()%&(
%')&)#&( ) & )( ) &)%&
' ')()")%)#') &)"()")
')%) &
2L&GBL;KLEDGBD@L?I6LCI
9HD@L:IL7<L=GHLFKH>LDH?LD<LJ;L5
FB>L:AILEJL=G0LCB>L=I :IL5
GJLCK0L/ILEHL1ILIAL1JLG><6L>J
7B,L?JLAJLFHLEHL=;HL(HL>KLFKL5
D@H?LI=&4ABLD@<LDJ2L
A<?LEK3?LDGIL-CKL<;IL@H?
&HFL@A<>L *AJEL +IL7KH@
I 1EJ8L@JC46L (KLFJFLDJC4
E >J8L/H"LD@EKHLCGBLJ;L?IL5
4IL;KLG>KHL>J8L/IFL?JLD:IFL5
DILA<L9HL<FL=<DGLFKLC9JL@BE
7BLEJL@H;LD?KC42L;JLCGHL1I
GJ <;I@L?3LI >IL;HLD@ILEJLFK<
GJL:8JLCKL8JL ?IL-CKH;LFJ IAL1JL5
FKLGJLC9JL IL 7BL8JL G1I=L5
FJG?IL-CKH;LF0L;KLFK02LJ?L@I
>I/L;KLEH6L/HL:I;LD?KHL(HL>KL5
FKD@L?KL FKHL GJL<EJL/BL8B6L /H
E EK3?LDGIL-CKL +IL-CKIL8.E
>IL;HLD@ILEJLFKHL FKHL7HGL5
:KHCGLFKHLGJL4JLCGJLI I7AGBL5
=GJLFKHLDH?LD<L) FKHL?@.L5
ABC4L ?AJL9JC4L D:ILDIL7H>
FJGFH<L@AJL;KLGILEJLFKHL<?IL5
7KH@L<:I=IL7JLFKJL=I 7BLCKJ
>IL;HLD@ILEJLF0L9HD@LEBLCKLFJL5
FKHL8HC4L@JLCGH?2LA<=LFIL<EKHLAGB,6L/HLE CGJLDJC46
1=BLFJLEH@LAIL-;KLFBL>JL90L<?8J=LFHALEILEB6LDH?DL><L5
DKL7B,L?IFL@AIL;ILEJLFB6LE :AGHLCKLEKH"LD@EKHL=I >BL5
CKJLA0?6L?@.LAHLFKHL>BL@HLCG3L-CKH9L:AGHLCKH/L:AGHLFIL5
DG0LC4ILAIL7B2L*I CILEK3CL7BL8IL=A<L?ILEJ,L<;I@L?3
I >IL;HLD@ILEJLFK<LDBL@<L<90LC0L?IL7KHL@3LE AIL;KLI(KJLAB
DH?LD<LIL1=BL7BLFKHL7KL@H6L1EJ8LCILFH6LI?AJL=JLFH6
>IL;HLD@ILEJLFHLK EKHCGLFKHL:ILFKL/JLFHL?IL7KHL@B6LFKH
7BL8IL7BL&HFL@A<>L*AJEL+IL7KH@LK EDGBD@L?KHLJ?L@BL5
EKD@L?KL><LDKJL8BL7BLGJL90,LDK3LDIL70LLFKHL>IL;HLD@ILEJL5
FBL>KLFKHLDGCG3L-FKLCJL>K2
!!!!"""
Plik z chomika:
mborowicz1
Inne pliki z tego folderu:
NIE.36.2010.pdf
(3227 KB)
NIE. 35.2010.pdf
(4704 KB)
NIE. 34.2010.pdf
(3519 KB)
Nie33p.pdf
(2989 KB)
Nie32p.pdf
(4004 KB)
Inne foldery tego chomika:
(2003) NFD - Break The Slience (160 kbps)
(2005) NFD - Live & Unleashed (160 kbps)
(2006) NFD - Light My Way (160-320 kbps)
(2007) NFD - No Love Lost (320 kbps)
(2008) NFD - Deeper Visions (192-320 kbps)
Zgłoś jeśli
naruszono regulamin