7vLOLXNflWKXW 9HUVLRQUHY +ÖQflL
� �
�
'RF 1R ��� 5HY ����������� � �
�
7vL�OL�X�N¯�WKX�W�
�
�
�
�
�
�
�
�
�
�9HUVLRQ�������UHY������������
�
�
�
�
�
�
�
+Ö�Q¯L��������
� � .K�L�QL¯P�Y«�P�QJ�
�
��
�
W¬QJ�TXDQ�Y��P�QJ�P�\�W¤QK�
�
.K�L�QL¶P�Y²�P�QJ�P�\�W½QK�
.KL�KDL�KD\�QKL«X�P�\�W¶QK���ÇF�QÁL�YÆL�QKDX��WK�ÃQJ�E�QJ�F�S���FKÌQJ�VÏ�
GÍQJ�F�F�SK Q�P«P��¬�JLDR�WL®S�WK�QJ�WLQ��1KÐQJ�QJ�ÃL�VÏ�GÍQJ�P�QJ�F¼�WK¬�FÈQJ�
FKLD�V§�F�F�W�L�QJX\�Q�P�QJ�EDR�J¾P���µD�FÑQJ��¿�&'�520��P�\�LQ��PRGHP����
�
0�QJ�/$1�
.KL�F�F�P�\� W¶QK���ÇF�QÁL�YÆL�QKDX� WURQJ�PÂW�P�QJ�Y��FKÌQJ�Ä�NK��J Q�
QKDX��Y¶�GÍ�QK��WURQJ�FÈQJ�PÂW�WR��QK��KD\�WU�ÃQJ�K½F�WK°�P�QJ�P�\�W¶QK��¼���ÇF�
J½L�O��P�QJ�FÍF�EÂ�KD\�P�QJ�/$1���/RFDO�$UHD�1HWZRUN���
�
�
� +°QK�,����0��K°QK�P�QJ�/$1�
� � .K�L�QL¯P�Y«�P�QJ�
�
��
0�QJ�:$1�
.KL�P�QJ�P�\�W¶QK�VÏ�GÍQJ�QKÐQJ�N®W�QÁL�YLQ�WK�QJ�Ä�SK�P�YL�OÆQ�K�Q��Q¼�
FKR�SK©S�F�F�P�\�W¶QK�F¼�WK¬���ÇF���W�Ä�QKÐQJ�Y·�WU¶�U£W�[D�QKDX��Y¶�GÍ�Ä�QKÐQJ�
TXÁF�JLD�NK�F�QKDX��WK°�NKL��¼�WD�F¼�P�QJ�GL¯Q�UÂQJ�:$1��:LGH�$UHD�1HWZRUN��
������������������� ��
&�F�WK�QK�SK§Q�FªX�WUÓF�Q�Q�P�QJ�
�¬�F¼�PÂW�F�L�QK°Q�FÍ�WK¬�Y��WR�Q�GL¯Q�K�Q�Y«�P�QJ�P�\�W¶QK�WD�QJKL�Q�FÑX�
K°QK�,���VDX���\��
������������������ �
�
+°QK�,����0��K°QK�P�QJ�:$1�
+°QK�,����&�F�WK�QK�SK Q�WURQJ�P�QJ�P�\�W¶QK�
� � .K�L�QL¯P�Y«�P�QJ�
�
��
0ÂW�P�QJ�P�\�W¶QK�EDR�J¾P�F�F�WK�QK�SK Q�F��E�Q�VDX��
• 1HWZRUN�$GDSWHU��&DUG�P�QJ�O��PÂW�WKL®W�E·�SKÁL�JK©S�JLÐD�P�\�W¶QK�Y��
F�S�P�QJ���¬�JLDR�WL®S�WK�QJ�WLQ���ÇF�WURQJ�P�QJ�WK°�PÀL�P�\�W¶QK�F Q�
SK�L�F¼�PÂW�FDUG�P�QJ��
• :RUNVWDWLRQ��0ÂW�P�QJ�P�\� W¶QK� QK£W� WKL®W� SK�L� F¼�PÂW�P�\� W¶QK� F��
QK�Q� KD\� F¸Q� J½L� O�� P�\� WU�P� �ZRUNVWDWLRQ�� F¼� WK¬� VÏ� GÍQJ� F�F� W�L�
QJX\�Q�FKXQJ�WU�Q�P�QJ��
• 1HWZRUN�DGDSWHU�FDEOH���7K�QJ�WK�ÃQJ�F�F�QHWZRUN�DGDSWHU���ÇF�QÁL�YÆL�
QKDX�EÄL�QHWZRUN�DGDSWHU�FDEOH��7X\�QKL�Q�Y¢Q�F¼�NK��Q�QJ�F�F�P�\�W¶QK�
��ÇF�QÁL�YÆL�QKDX�E�QJ�Y��WX\®Q��
• 6HUYHU��0�\�FKÊ��PÂW�P�QJ�P�\�W¶QK�F Q�F¼�PÂW�P�\�FKÊ��¬�F¼�WK¬�FKLD�
V§�F�F�W�L�QJX\�Q�FÊD�Q¼�FKR�F�F�P�\�NK�F�WURQJ�P�QJ��
• 'LVNILOHV��0ÂW�P�QJ�P�\� W¶QK�F¼� WK¬�F¼�PÂW�¿��µD� OÆQ��¬�FXQJ�F£S�W�L�
QJX\�Q�FKR�P�QJ��7X\�QKL�Q�GLVNILOH�NK�QJ�SK�L�O��WK�QK�SK Q�E�W�EXÂF�
�¬�[�\�GÒQJ�P�QJ���
• :RUNVWDWLRQ�Y��6HUYHU��0ÂW�P�\�W¶QK�F¼�WK¬�YÎD���ÇF�GÈQJ�O�P�P�\�FKÊ�
YÎD�GÈQJ�O�P�P�\�WU�P��7ÑF�O��YÎD�FKLD�[§�W�L�QJX\�Q�YÎD�VÏ�GÍQJ�W�L�
QJX\�Q��
• 3ULQWHU��7URQJ�PÂW�P�QJ�WD�F¼�WK¬�GÈQJ�FKXQJ�W�L�QJX\�Q�P�\�LQ�FKR�W£W�
F��F�F�P�\�WURQJ�P�QJ��7X\�QKL�Q�P�\�LQ�NK�QJ�SK�L�O��WK�QK�SK Q�E�W�
EXÂF�FÊD�P�QJ��
• 0RGHP��0RGHP�FËQJ�O��PÂW�W�L�QJX\�Q�F¼�WK¬�GÈQJ�FKXQJ�WURQJ�P�QJ��
��0��K·QK�P�QJ�
&�F�P��K°QK�P�QJ�P�\�W¶QK���ÇF�F�F�W¿�FKÑF�FKX¡Q�KR��QK��W¿�FKÑF�FKX¡Q�
KR��TXÁF�W®�,62��,QWHUQDWLRQDO�6WDQGDUGL]H�2UJDQL]DWLRQ��KD\�YL¯Q�NÕ�WKX¤W��L¯Q�
Y���L¯Q�WÏ�,(((���,QVWLWXWH�RI�(OHFWULFDO�DQG�(OHFWURQLF�(QJLQHHUV�����D�UD����ÇF�
EL®W��®Q�QK��PÂW�WL�X�FKX¡Q�FKR�YL¯F�WKL®W�N®�P�QJ�P�\�W¶QK��
�
�
� � .K�L�QL¯P�Y«�P�QJ�
�
��
0��K·QK�FKX¨Q�26,�
1�P������W¿�FKÑF�FKX¡Q�KR��,62������D�UD�PÂW�P��K°QK�FKX¡Q�Y«�N®W�QÁL�
PÄ�26,� �2SHQ�6\VWHPV�,QWHUFRQQHFWLRQ�UHIHUHQFH�PRGHO���0��K°QK�26,�VÏ�GÍQJ�
P��K°QK���OÆS��¬�P��W��TX��WU°QK�WUDR��¿L�G¸QJ�GÐ�OL¯X��
������������������� �
�
- 3K\VLFDO�/D\HU��OÆS�Y¤W�OÖ�KD\�OÆS����L«X�NKL¬Q�VÒ�WUX\«Q�W�L�F�F�E¶W�GÐ�OL¯X�
WU�Q�SK��QJ�WL¯Q�WUX\«Q�G¢Q�WURQJ�P�QJ�QK��F�S�WUX\«Q�G¢Q��V¼QJ��L¯Q�WÎ����
- 'DWD�OLQN�/D\HU��OÆS�OL�Q�N®W�GÐ�OL¯X�KD\�OÆS����Q¼�FKX\¬Q�W�L�F�F�NKXQJ�
�IUDPH��GÐ� OL¯X� O£\� WÎ� OÆS�P�QJ�Y�R�F�F�SK��QJ� WL¯Q� WUX\«Q�G¢Q�Y¤W� OÖ��&¼�
QKL¯P�YÍ�FXQJ�F£S�PÂW� WX\®Q� WUX\«Q�G¢Q�NK�QJ� OÀL�FKR�F�F�NKXQJ�GÐ� OL¯X�
QK¤Q���ÇF�WÎ�OÆS�P�QJ���1HWZRUN�/D\HU��JLÐD�F�F�P�\�W¶QK�WURQJ�P�QJ�WK�QJ�
TXD�OÆS�Y¤W�OÖ��
.KXQJ�WUX\«Q�G¢Q�QK¤Q���ÇF�WÎ�OÆS�P�QJ�F¼�G�QJ�QK��VDX��
������������������ �
�
+°QK�,����0��K°QK���OÆS�26,�
+°QK�,����&£X�WUÌF�FÊD�PÂW�NKXQJ�WUX\«Q�G¢Q�
� � .K�L�QL¯P�Y«�P�QJ�
�
��
• 'HVWLQDWLRQ�,'��VÁ�QK¤Q�G�QJ�GX\�QK£W�FKR�P�\�WU�P�V¨�QK¤Q�NKXQJ�
GÐ�OL¯X�Q�\��
• 6HQGHU�,'��VÁ�QK¤Q�G�QJ�GX\�QK£W�FKR�P�\�WU�P����JÏL�NKXQJ�GÐ�OL¯X�
Q�\��
• &RQWURO��WU�ÃQJ�Q�\���ÇF�GÈQJ��¬�[�F��·QK�OR�L�NKXQJ��WK�QJ�WLQ��·QK�
WX\®Q�Y��SK�Q��R�Q��
• 'DWD��'Ð�OL¯X�F Q�WUX\«Q��
• &5&��WU�ÃQJ�NL¬P�WUD�OÀL��Q¼���P�E�R�GÐ�OL¯X�QK¤Q���ÇF�O��WLQ�F¤\��
�
��� 1HWZRUN�/D\HU��/ÆS�P�QJ�KD\�OÆS���F¼�QKL¯P�YÍ�J�Q��·D�FK±�FKR�F�F�E�Q�WLQ�
Y��FKX\¬Q��¿L��·D�FK±�ORJLF�KD\�F�F�W�Q�WK�QK�F�F��·D�FK±�Y¤W�OÖ��/ÆS�Q�\�FK±�UD�
GÐ� OL¯X� WÎ� QJX¾Q� WÆL� �¶FK� V¨� �L� WKHR� WX\®Q�Q�R� WU�Q� F�� VÄ� F�F��L«X� NL¯Q� FÊD�
P�QJ���Â��X�WL�Q�G·FK�YÍ�Y��F�F�QK�Q�WÁ�NK�F��
��� 7UDQVSRUW�/D\HU��/ÆS�WUX\«Q�W�L�KD\�OÆS�����P�E�R�U�QJ�F�F�E�Q�WLQ�O��NK�QJ�
F¼�OÀL��NK�QJ�E·�O�S��Y���ÌQJ�WKÑ�WÒ��1¼�F¼�QKL¯P�YÍ��¼QJ�J¼L�F�F�E�Q�WLQ��SK�Q�
W�FK�F�F�E�Q�WLQ�G�L�WK�QK�F�F�E�Q�WLQ�QJ�Q�Y��W¿�KÇS�F�F�E�Q�WLQ�QJ�Q��¬�FXQJ�
F£S�VÒ�WUX\«Q�G¢Q�KL¯X�TX��WURQJ�P�QJ��
��� 6HFWLRQ�/D\HU���OÆS�SKL�Q�KD\�OÆS���FKR�SK©S�F�F�ÑQJ�GÍQJ�WU�Q�F�F�P�\�W¶QK�
NK�F�QKDX�F¼�WK¬�WKL®W�O¤S��GX\�WU°��KXÔ�Eº�N®W�QÁL�KD\�F¸Q�J½L�O��SKL�Q�O�P�YL¯F��
/ÆS�Q�\�F¼�QKL¯P�YÍ�QK¤Q�G�QJ�W�Q�Y��WKÊ�WÍF�F Q�WKL®W��FËQJ�QK��O��F�F�W�F�YÍ�
E�R�P¤W���¬�KDL�ÑQJ�GÍQJ�F¼�WK¬�JLDR�WL®S�YÆL�QKDX�WU�Q�P�QJ��
��� 3UHVHQWDWLRQ�/D\HU��OÆS�WU°QK�E�\�KD\�OÆS���[�F��·QK�G�QJ���ÇF�GÈQJ��¬�WUDR�
�¿L�GÐ�OL¯X�JLÐD�F�F�P�\�W¶QK�WURQJ�P�QJ��±�OÆS�Q�\�F¼�PÂW�WU°QK�WL¯Q�¶FK�J½L�O��
W�L��·QK�K�ÆQJ��UHGLUHFWRU�� �KR�W��ÂQJ��F¼� W�F�GÍQJ��·QK�K�ÆQJ� O�L�F�F�KR�W�
�ÂQJ�Y�R�UD�WÆL�F�F�W�L�QJX\�Q�E�Q�QJR�L�FÊD�P�\�W¶QK��¼��
��� $SSOLFDWLRQ�/D\HU��OÆS�ÑQJ�GÍQJ�KD\�OÆS���FXQJ�F£S�F�F�WU°QK�ÑQJ�GÍQJ��¬�WUX\�
QK¤S�Y�R�G·FK�YÍ�P�QJ��
7URQJ�P��K°QK�26,��WK°�FKÑF�Q�QJ�FÊD�PÀL�OÆS�O��FXQJ�F£S�G·FK�YÍ�FKR�OÆS�
FDR�K�Q�Y��FKH�G£X��L�TX��WU°QK�[Ï�OÖ�Ä�F�F�OÆS�WK£S�K�Q��
� � .K�L�QL¯P�Y«�P�QJ�
�
��
�
0ÈL�TXDQ�K¶�JL×D�F�F�OÍS�WURQJ�P��K·QK�26,�
0ÀL�PÂW�OÆS���ÇF�WKL®W�O¤S�WKHR�F�FK�P��G�ÃQJ�QK��Q¼�FK±�JLDR�WL®S�WK�QJ�
WLQ�YÆL�OÆS�FÈQJ�PÑF�YÆL�Q¼�Ä�P�\�W¶QK�NK�F���L«X�Q�\�J½L�O��WK�QJ�WLQ�ORJLF�WKHR�
SK�Q�OÆS�FÈQJ�F£S��
�
�
7KÒF�W®�VÒ�JLDR�WL®S�WK�QJ�WLQ�[�\�UD�Ä�JLÐD�F�F�OÆS�OL«Q�N«�QKDX�WURQJ�PÂW�
P�\�W¶QK��FK±�F¼�OÆS�WK£S�QK£W�WURQJ�P��K°QK�P�QJ�O��F¼�WK¬�FKX\¬Q�WK�QJ�WLQ�FÊD�
Q¼�WUÒF�WL®S��®Q�OÆS�FÈQJ�PÑF�YÆL�Q¼�Ä�P�\�W¶QK�NK�F��
'Ð� OL¯X� WÎ�P�\�JÏL� V¨� �L� TXD� W£W� F�� F�F� OÆS� WK£S�K�Q�� U¾L� WUX\«Q�TXD� F�S�
P�QJ�WÆL�P�\�QK¤Q��FKX\¬Q�O�Q�F�F�OÆS�FDR�K�Q��®Q�NKL�WÆL���ÇF�OÆS�FÈQJ�PÑF�YÆL�
E�Q�JÏL��
�
4X��WU·QK�FKX\³Q�G×�OL¶X�TXD�F�F�OÍS�FÑD�P��K·QK�26,��
.KL�GÐ�OL¯X�FKX\¬Q�TXD�F�F�OÆS��PÀL�OÆS�V¨�J�Q�WK�P�F�F�WK�QJ�WLQ�UL�QJ�FÊD�
OÆS��¼�Y�R�NKÁL�GÐ�OL¯X��&�F�WK�QJ�WLQ�Q�\�F¼�WK¬�O��SK Q�P�R�� X��KHDGHU��KD\�
J¾P�F��SK Q�N®W�FXÁL��WUDLOHU���FKÌQJ�V¨���ÇF�[Ï�OÖ� W�L�F�F� OÆS�W��QJ�ÑQJ�Ä�E�Q�
QK¤Q�� /ÆS� Y¤W� OÖ� WK�P� SK Q�P�R� � X� IUDPH� SUHDPEOH� Y�� SK Q� N®W� FXÁL� IUDPH�
+°QK�,����4X��WU°QK�WUX\«Q�GÐ�OL¯X�TXD�P��K°QK�26,�
� � .K�L�QL¯P�Y«�P�QJ�
�
��
SRVWDPEOH� Y�R� NKXQJ� GÐ� OL¯X�� QK�QJ� Q¼�NK�QJ� WK�P�J°� Y�R�NKÁL� GÐ� OL¯X� Ä� E�Q�
WURQJ�FÊD�NKXQJ��
�¬�WK£\�U»�K�Q�WD�[HP�[©W�K°QK�Y¨�VDX��
�
�
�
0��K·QK�,(((�����
,(((���D�UD�PÂW�P��K°QK�P�QJ�NK�F��P��K°QK�,(((�����[�F��·QK�F�F�WL�X�
FKX¡Q�FKR� OÆS�Y¤W� OÖ�Y�� OÆS� OL�Q�N®W�GÐ� OL¯X� WURQJ�P��K°QK�26,�FÊD�P�QJ�/$1��
&KX¡Q�����FKLD� OÆS� OL�Q�N®W�GÐ�OL¯X� WK�QK��� OÆS�FRQ�� OÆS�FRQ��L«X�NKL¬Q�N®W�QÁL�
O�JLF� //&� �/RJLFDO� /LQN� &RQWURO�� Y�� OÆS� FRQ� �L«X� NKL¬Q� WUX\� F¤S� SK��QJ� WL¯Q��
0$&���0HGLD�$FFHVV�&RQWURO���
• //&��/ÆS�FRQ�TX�Q�OÖ�F�F�WK�QJ�WLQ�Ä�PÑF�OL�Q�N®W�GÐ�OL¯X�Y���·QK�UD�F�F�
�L¬P� JLDR� GL¯Q� ORJLF�P�� F�F�P�\� W¶QK� NK�F� F¼� WK¬� VÏ� GÍQJ� �¬� WUX\«Q�
WK�QJ�WLQ��Y���¬�WUX\«Q�WK�QJ�WLQ�WÎ�OÆS�//&�WÆL�F�F�OÆS�FDR�K�Q�WURQJ�P��
K°QK�26,��
• 0$&��F¼�QKL¯P�YÍ�FKLD�[§�TX\«Q�WUX\�QK¤S�JLÐD�F�F�DGDSWHU�Y��PÑF�Y¤W�
OÖ��/ÆS�0$&�FK·X�WU�FK�QKL¯P�WUX\«Q�W�L�GÐ�OL¯X�NK�QJ�OÀL�JLÐD�F�F�P�\�
W¶QK�WURQJ�P�QJ���
+°QK�,����6Ò��L«Q�WK�P�F�F�WK�QJ�WLQ�FÊD�WÎQJ�OÆS�Y�R�GÐ�OL¯X���ÇF�WUX\«Q�
� � .K�L�QL¯P�Y«�P�QJ�
�
��
�
�
��F�W¤QK�Y�W�OÂ�F¶D�P�QJ�ODQ�
&K��QJ�Q�\�WU°QK�E�\�PÂW�VÁ���F�W¶QK�Y¤W�OÖ�FKXQJ�FÊD�P�QJ�/$1�QK��O���
F�S��F�QJ�QJK¯�WUX\«Q�G¢Q��NL®Q�WUÌF�Y¤W�OÖ�FÊD�P�QJ��
�
&�S�P�QJ�
&¼�ED�OR�L�SK��QJ�WL¯Q�WUX\«Q�KD\���ÇF�GÈQJ�WURQJ�P�QJ�O��F�S�[R�Q��F�S�
�¾QJ�WUÍF�Y��F�S�TXDQJ��
�
�¦F�W½QK�FÑD�F�S�
��F�W¶QK�FÊD�F�S�EDR�J¾P�VÒ�QK�\�F�P�YÆL�QKLX�FÊD��L¯Q���Â�P«P�G§R��NK��
Q�QJ�XÁQ�Q�Q��¬�O�S���W��FÒ�O\�WUX\«Q�GÐ�OL¯X��WÁF��Â�WUX\«Q��0ELW�V���+L¯Q�QD\�WÁF�
�Â�WUX\«Q�GÐ�OL¯X�WU�Q�F�F�OR�L�F�S�EL®Q��ÂQJ�WÎ���0E�V��®Q����0E�V�Y��K�Q�QÐD���
0ÂW�N®W�QÁL�QÁL�Y�R���F�S�WK�ÃQJ���ÇF�J½L�O��PÂW�U¨�P�FK��.®W�QÁL�Y�R���
P�QJ�WK�ÃQJ���ÇF�J½L�O��N®W�QÁL�U¨�P�FK��.L¬X�FÊD�F�S�V¨�O�P�FKR�YL¯F�N®W�QÁL�Y�R�
P�QJ�NK¼�KD\�G��
�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
&�S�[R�Q�
&�S�[R�Q�J¾P�KDL�VÇL�G�\��¾QJ���ÇF�[R�Q�F�FK��L¯Q�YÆL�QKDX��1KL«X���L�
G�\�F�S�[R�Q�JÂS�YÆL�QKDX�Y����ÇF�E½F�FKXQJ�EÄL�Yº�F�S�K°QK�WK�QK�F�S�QKL«X�VÇL��
&�S�Q�\�F¼���F�W¶QK�G�E·��QK�K�ÄQJ�FÊD�QKLX��L¯Q�Q�Q�FK±�WUX\«Q�GÐ�OL¯X�Ä�FÒ�O\�
NKR�QJ����P��NKR�QJ�����IHHW���
����������������� �
�
&�S��ÅQJ�WUÔF�
&�S��¾QJ�WUÍF�EDR�J¾P�PÂW�VÇL�G�\�G¢Q�Ä�JLÐD��E�Q�QJR�L�E½F�PÂW�OÆS�F�FK�
�L¯Q�U¾L��®Q�PÂW�OÆS�O�ÆL�NLP�OR�L��W£W�F����ÇF���W�WURQJ�PÂW�OÆS�Yº�E½F�F�FK��L¯Q��
&¼�KDL�OR�L�F�S��¾QJ�WUÍF�SK¿�EL®Q�QK£W�GÈQJ�WURQJ�P�QJ�J½L�O��F�S�G�\��WKLFNQHW��
Y��F�S�PºQJ��WKLQQHW����
&�S��¾QJ�WUÍF�F¼���F�W¶QK�¶W�E·��QK�K�ÄQJ�FÊD�QKLX�Y��VÒ�VX\�KDR�W¶Q�KL¯X�
FKR�Q�Q�Q¼�FXQJ�F£S�PÂW���ÃQJ�WUX\«Q�G�L�Y��WÁW�K�Q�F�S��¾QJ�WUÍF��
������������������ �
+LQK�,,����&�S�[R�Q�
+LQK�,,����&�S��¾QJ�WUÍF�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�
&�S�TXDQJ�
.KL�F�F�W¶Q�KL¯X�VÁ���ÇF��L«X�FK®�WK�QK�F�F�W¶Q�KL¯X�[XQJ��QK�V�QJ�WK°���ÇF�
WUX\«Q�W�L�TXD�F�S�TXDQJ��&�S�TXDQJ�EDR�J¾P�PÂW�VÇL�WKXÔ�WLQK�U£W�P�QK�J½L�O��O»L�
�FRUH���E½F�E�Q�QJR�L�O��PÂW�OÆS�Yº�WKXÔ�WLQK��¾QJ�W�P�J½L�O��OÆS�SKÊ��FODGGLQJ���
7URQJ�PÂW�VÇL�F�S�WK�ÃQJ�F¼�KDL�VÇL�TXDQJ��PÂW�FKR�K�ÆQJ�SK�W��PÂW�FKR�K�ÆQJ�
WKX��
&�S� TXDQJ� F¼� ��F� W¶QK� O�� NK�QJ� E·� �QK� K�ÄQJ� FÊD� QKLX� �L¯Q� Y�� F¼� WK¬�
WUX\«Q�G¢Q�Ä�WÁF��Â�U£W�FDR��K�QJ����0E�V���
������������� �
�
&�QJ�QJK¶�WUX\²Q�G©Q�WURQJ�P�QJ��7UX\²Q�G©Q�E�QJ�F��VË��EDVHEDQG��
&¼�KDL�SK��QJ�WKÑF��¬�WUX\«Q�G¢Q�W¶Q�KL¯X����P��KR��WU�Q�F�S��¼�O��WUX\«Q�
G¢Q�E�QJ�F��VÄ�Y��WUX\«Q�G¢Q�E�QJ�UÂQJ��Å�K¯�WKÁQJ�E�QJ�F��VÄ�VÏ�GÍQJ�W¶Q�KL¯X�VÁ�
WU�Q�PÂW���Q�W Q�VÁ��&�F�W¶Q�KL¯X���ÇF�WUX\«Q��L�G�ÆL�G�QJ�F�F�[XQJ��L¯Q�KD\�[XQJ�
�QK�V�QJ�UÃL�U�F��.KL�W¶Q�KL¯X�WUX\«Q��L�WU�Q�F�S�P�QJ�Q¼�G Q�G Q�E·�VX\�\®X�Y��E·�
P©R�G�QJ��
- 7�L�W�R�O�L�W¶Q�KL¯X��
7URQJ�K¯�WKÁQJ�E�QJ�F��VÄ�WK°��¬�F¼�WK¬�W�QJ��Â�G�L�WKÒF�W®�FÊD�F�S�QJ�ÃL�WD�
VÏ�GÍQJ�F�F�EÂ�O�S��UHSHDWHU���%Â�Q�\�QK¤Q�W¶Q�KL¯X�Y��SK�W�O�L�W¶Q�KL¯X��¼�YÆL�PÑF�
+LQK�,,����&�S�TXDQJ�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�Â�Y��K°QK�G�QJ�QK��FË��7D�F¼�WK¬�WK£\�Y·�WU¶�FÊD�5HSHDWHU�WURQJ�P�QJ�QK��K°QK�
VDX��
����������� �
�
�
7UX\²Q�G©Q�E�QJ�UÉQJ��EURDGEDQG��
7UX\«Q�G¢Q�E�QJ�UÂQJ�VÏ�GÍQJ�F�F�W¶Q�KL¯X�W��QJ�WÒ�Y��PÂW�G�L�W Q�VÁ�GR��¼�
W¶Q�KL¯X���ÇF�WUX\«Q�G¢Q�WURQJ�F�F�SK��QJ�WL¯Q�Y¤W�OÖ�G�ÆL�G�QJ�V¼QJ��L¯Q�WÎ�Y��
V¼QJ��QK�V�QJ�O��KR�Q�WR�Q�OL�Q�WÍF��
- 7�L�W�R�O�L�W¶Q�KL¯X�
.K�F� YÆL� WUX\«Q� G¢Q� E�QJ� F�� VÄ�� WUX\«Q� G¢Q� E�QJ� UÂQJ� VÏ� GÍQJ� F�F� EÂ�
NKX®FK���L��¬�W�L�W�R�O�L�W¶Q�KL¯X�W��QJ�WÒ��'R�WURQJ�WUX\«Q�G¢Q�E�QJ�UÂQJ�WK°�F�F�
OX¾QJ� W¶Q�KL¯X� O����Q�K�ÆQJ�Q�Q�F Q�SK�L�F¼�KDL� OX¾QJ� W¶Q�KL¯X��PÂW�FKR�K�ÆQJ�
SK�W�Y��PÂW�FKR�K�ÆQJ�WKX���¬�WKÒF�KL¯Q��L«X�Q�\�WD�F¼�KDL�SK��QJ�SK�S�FKXQJ��
��&KLD���L��Â�UÂQJ�E�QJ�W Q�WK�QK�KDL�N�QK��PÂW�FKR�SK�W�Y��PÂW�FKR�WKX��
��6Ï�GÍQJ�KDL�VÇL�F�S��PÂW�FKR�K�ÆQJ�SK�W�Y��PÂW�FKR�K�ÆQJ�WKX��
�
+LQK�,,����9·�WU¶�FÊD�5HSHDWHU�WURQJ�P�QJ�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�
7RSRORJ\�P�QJ�/$1�
&¼���G�QJ�WRSR�P�QJ�SK¿�EL®Q�O���%86���VDR��VWDU��Y��Y¸QJ��ULQJ���
'�QJ�%86�
Å�G�QJ�Q�\�PÀL�P�\�W¶QK���ÇF�QÁL�Y�R�PÂW��R�Q�F�S�J½L�O��VHJPHQW��W�L�PÀL�
� X�F�S�F¼�PÂW�WHUPLQDWRU��1K�ÇF��L¬P�FÊD�G�QJ�Q�\�O��NKL�PÂW�N®W�QÁL�WÆL�PÂW�
P�\� WU�P�E·�P£W�KD\�F�S�P�QJ�E·��ÑW� WK°� WR�Q�EÂ�F�F�N®W�QÁL� WURQJ�VHJPHQW��¼�
FËQJ�P£W�WKHR��
- 0�QJ�%86�QKº��/2&$/�%86��
0ÂW�WURQJ�QKÐQJ�OR�L�NL®Q�WUÌF�G�QJ�%86�O��G�QJ�/2&$/�%86��Ä���\�PÀL�
P�\�WU�P���ÇF�N®W�QÁL�YÆL�F�S�EÄL�PÂW�� X�QÁL�FKÐ�7�Y��W�L�KDL�� X�FXÁL�FÊD�F�S�
WK°�F¼�KDL�WHUPLQDWRU�J�Q�Y�R�KDL�� X�QÁL�FKÐ�7��
������������ �
�
- 0�QJ�%86�WK�QJ�WK�ÃQJ��5HJXODU�%86��
0ÀL�P�\�W¶QK�WURQJ�P�QJ�Q�\���ÇF�QÁL�YÆL�WUÍF�F�S�FK¶QK�EÄL�PÂW��R�Q�F�S�
QKº�Y��PÂW�EÂ�SK�W���S�QJR�L��H[WHUQDO�WUDQFHLYHU���
+LQK�,,����0��K°QK�P�QJ�/RFDO�%XV�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
��������������� �
�
'�QJ�VDR��6WDU��
9ÆL�F£X�K°QK�Q�\�PÀL�PÂW�P�\�WU�P���ÇF�N®W�QÁL��®Q�PÂW�F�L�+8%��+8%�
FXQJ�F£S�PÂW�G�QJ�N®W�QÁL�FKXQJ�FKR�SK©S�W£W�F��F�F�P�\�W¶QK�WURQJ�P�QJ�F¼�WK¬�
JLDR� WL®S���ÇF�YÆL�QKDX��'R�Y¤\�YÆL�F£X�K°QK�Q�\� WD�F¼� WK¬� W¤S� WUXQJ���ÇF�YL¯F�
TX�Q�OÖ�P�QJ��WX\�QKL�Q�Q®X�+8%�E·�KºQJ�WK°�WR�Q�EÂ�P�QJ�QJÎQJ�KR�W��ÂQJ��
0�QJ�6WDU�VÏ�GÍQJ�VÒ�SK�Q�FKLD�W¶Q�KL¯X�WURQJ�+8%��¬���D�F�F�W¶Q�KL¯X�UD�
F�F���ÃQJ�F�S�NK�F�QKDX��&¼�KDL�OR�L�+8%�F¼�WK¬�VÏ�GÍQJ�WURQJ�P�QJ�O��+8%�FKÊ�
�ÂQJ��DFWLYH�+8%��Y��+8%�E·��ÂQJ��SDVVLYH�+8%���+8%�FKÊ��ÂQJ���D�UD�F�F�W¶Q�
KL¯X�P�QK�K�Q�GR��¼�FKR�SK©S��R�Q�F�S�G�L�K�Q��
��������������� �
�
+LQK�,,����0��K°QK�P�QJ�%86�
+°QK�,,����0��K°QK�P�QJ�6WDU�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�
'�QJ�Y¿QJ��ULQJ��
9ÆL�NL®Q�WUÌF�Q�\�F�F�P�\�WU�P���ÇF���W�WURQJ�PÂW�Y¸QJ�P�QJ�N¶Q���¬�FKR�
F�F�WU�P�F¼�WK¬�JÏL�GÐ�OL¯X�WK°�PÂW�WK§�E�L���ÇF�OX�Q�FKX\¬Q�WURQJ�Y¸QJ��PÀL�WU�P�
SK�L��ÇL�FKR��®Q�NKL�WK§�E�L�UÀL��¬�WUX\«Q�GÐ�OL¯X��
��F��L¬P�FÊD�P�QJ�Q�\�O��NKL�F�S�E·�KºQJ�WK°�FK±�F¼�PÂW�VÁ�O�ÇQJ�QKº�P�\�
W¶QK�NK�QJ���ÇF�N®W�QÁL�Y�R�P�QJ��1JR�L�UD�WD�F¼�WK¬�WK�P�PÂW�WU�P�PÆL�Y�R�Y¸QJ�
PÂW�F�FK�G�G�QJ�P��NK�QJ�E·��QK�K�ÄQJ�QKL«X��®Q�P�QJ��
���������������� �+°QK�,,����0��K°QK�P�QJ�Y¸QJ�5LQJ�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
&�F�.L�Q�WU¸F�P�QJ�/DQ�WK�QJ�G¹QJ�
.L®Q�WUÌF�PÂW�P�QJ�FÍF�EÂ�EDR�J¾P�WR�Q�EÂ�F�F�F�QJ�YL¯F�K°QK�WK�QK�PÂW�
P�QJ�/$1�QK��O��SK��QJ�WKÑF�WUX\�F¤S���ÃQJ�WUX\«Q�Y��F�F� WK�QK�SK Q�Y¤W�OÖ��
&K��QJ�Q�\�WU°QK�E�\�Y«�SK��QJ�WKÑF��L«X�NKL¬Q�WUX\�QK¤S���ÃQJ�WUX\«Q�Y��F�F�
\�X� F X� F Q� WKL®W� �¬� WUL¬Q� NKDL� ED� G�QJ� NL®Q� WUÌF� FÊD�P�QJ� /$1� O��� (WKHUQHW��
7RNHQ�ULQJ��$UF�QHW��
�L«X�NKL¬Q�WUX\�QK¤S�SK��QJ�WL¯Q��0$&��O��F�FK��L«X�NKL¬Q�VÒ�W�F��ÂQJ�O�Q�
��ÃQJ�WUX\«Q�F�S�P�QJ��.KL�PÂW�NKXQJ�GÐ�OL¯X���ÇF�K°QK�WK�QK�WK°�Q¼�V¨���ÇF�JÏL�
WÎQJ�ELW�PÂW�WÆL�E�Q�QK¤Q��9¶�GÍ�NKL�ELW�� X�WL�Q�FÊD�NKXQJ�GÐ�OL¯X�O��ELW���WK°�Q¼�V¨�
N¶FK�WK¶FK�PÂW�[XQJ�O�Q�F�S�WURQJ�NKR�QJ�WKÃL�JLDQ�PÂW�ELW�Y��E�Q�WKX�QK¤Q���ÇF�
ELW��¼��JKL�O�L��4X��WU°QK�FÑ�WL®S�WÍF�QK��Y¤\�FKR��®Q�NKL�W£W�F��F�F�ELW�FÊD�NKXQJ�
GÐ�OL¯X���ÇF�JÏL�K®W���
&�F�[XQJ�W¶Q�KL¯X�F¼�WK¬�O��[XQJ��L¯Q��S���ÁL�YÆL�F�S�[R�Q�Y��F�S��¾QJ�WUÍF��
KD\�[XQJ��QK�V�QJ�YÆL�F�S�TXDQJ��%LW���SK�L���ÇF�SK�Q�W�FK�PÂW�F�FK�U»�U�QJ�YÆL�
ELW����Q®X�F¼�VÒ�FK¾QJ�FK©R�F�F�ELW�W¶Q�KL¯X�V¨�G¢Q��®Q�GÐ�OL¯X�E·�VDL�GR��¼�F Q�SK�L�
F¼�PÂW�SK��QJ�WKÑF�FKLD�V§�VÒ�WUX\�F¤S�F�S��¬�WU�QK�QKÐQJ�[XQJ��ÂW�WU�Q��&¼�KDL�
SK��QJ�SK�S� WK�ÃQJ�GÈQJ� O��&60$�&'���&DUULHU�r�6HQVH�0XOWLSOH�$FFHVV�ZLWK�
&ROOLVLRQ�'HWHFWLRQ���Y��FKX\¬Q�WK§�E�L��WRNHQ�SDVVLQJ���
��L²X�NKL³Q�WUX\�QK«S���ÊQJ�WUX\²Q�3K��QJ�WKØF�&60$�&'��
9ÆL�SK��QJ�WKÑF�Q�\�F�F�WU�P�O�P�YL¯F�V¨�[HP�[©W�oO�QJ�QJKHp�WU�QJ�WK�L�
FÊD�F�S��¬�WKÒF�KL¯Q�YL¯F�WUX\«Q�GÐ�OL¯X��1®X�Q¼�[�F��·QK��DQJ�F¼�WU�P�WUX\«Q�GÐ�
OL¯X�WU�Q�F�S�WK°�Q¼�V¨��ÇL��.KL�NK�QJ�F¼�WU�P�Q�R�WUX\«Q�QÐD�WK°�Q¼�V¨�WKÒF�KL¯Q�
YL¯F�JÏL�GÐ�OL¯X���
� � .K�L�QL¯P�Y«�P�QJ�
�
���
����������������� �
�
�¬�WKÒF�KL¯Q�YL¯F�QK¤Q�GÐ�OL¯X�WK°�W£W�F��F�F�WU�P��«X�[HP�[©W��·D�FK±��¶FK�
FÊD�F�F�NKXQJ�GÐ�OL¯X�WU�Q�P�QJ��Q®X��¼�O���·D�FK±�FÊD�Q¼�WK°�Q¼�V¨�[Ï�OÖ�NKXQJ�GÐ�
OL¯X�F¸Q�QJ�ÇF�O�L�WK°�Q¼�Eº�TXD��
������������������� �
�
- 3K�W�KL¯Q�[XQJ��ÂW�
.KL�KDL�WU�P��«X�SK�W�KL¯Q�WK£\���ÃQJ�UÀL�Y��FÈQJ�WUX\«Q�GÐ�OL¯X�PÂW�OÌF�WK°�
NKL��¼�[�\�UD�VÒ�[XQJ��ÂW�GÐ�OL¯X���¬�K�Q�FK®�KL¯Q�W�ÇQJ�Q�\�PÀL�WU�P�V¨��·QK�UD�
+°QK�,,,����3K��QJ�WKÑF�&60$�
+°QK�,,,����0��K°QK�QK¤Q�NKXQJ�GÐ�OL¯X�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
PÂW�WKÃL�NKR�QJ�QJ¢X�QKL�Q��¬�NL¬P�WUD���ÃQJ�WUX\«Q��1®X���ÃQJ�WUX\«Q�UÀL�WK°�Q¼�
V¨�WKÒF�KL¯Q�YL¯F�WUX\«Q�GÐ�OL¯X��
��������������� �
�
3K��QJ�WKØF�WK®�E�L�
�ÁL�YÆL�P�QJ�F¼�F£X�WUÌF�WRSR�G�QJ�Y¸QJ�ULQJ�WK°�SK��QJ�WKÑF�U£W�KD\���ÇF�
GÈQJ�O��WK§�E�L��WRNHQ�SDVVLQJ���
7U�P�JÏL�GÐ�OL¯X�V¨��L«Q�Y�R�WK§�QKÐQJ�GÐ�OL¯X�F Q�JÏL���·D�FK±�FÊD�Q¼�Y���·D�
FK±�WU�P�QK¤Q��6DX��¼�WK§�V¨���ÇF�WUX\«Q�TXD�W£W�F��F�F�WU�P�WU�Q�Y¸QJ��GR��¼�WU�P�
Q�R�FËQJ�F¼�WK¬�NL¬P�WUD���ÇF��·D�FK±��¶FK�FÊD�WK§��7K§�FÑ�G·FK�FKX\¬Q�WURQJ�Y¸QJ�
FKR��®Q�NKL�Q¼��®Q���ÇF��¶FK���
���������������� �
+°QK�,,,����6Ò�SK�W�KL¯Q�[XQJ��ÂW�GÐ�OL¯X�NKL�WUX\«Q�
+°QK�,,,����0��K°QK�VÒ�OX�Q�FKX\¬Q�WK§�WURQJ�Y¸QJ�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�
.KL�WU�P�WKX����JKL�O�L�GÐ�OL¯X��Q¼�JÏL�WK§�E�L�WU��O�L�WU�P�SK�W��¬�[�F�QK¤Q�
U�QJ�GÐ�OL¯X������ÇF�JKL� O�L��6DX��¼�WU�P�SK�W�FKX\¬Q�WK§�FKR�WU�P�WL®S�WKHR��¬�
WU�P�Q�\�F¼�WK¬�JÏL�GÐ�OL¯X�FÊD�Q¼��
�
.LµQ�WUÓF�FKXQJ�FÑD�P�QJ�/$1�
1K�� WU�Q����Q¼L�NL®Q� WUÌF�PÂW�P�QJ�/$1�EDR�J¾P�SK��QJ� WKÑF� WUX\�F¤S�
��ÃQJ�WUX\«Q�Y��F�F�WK�QK�SK Q�Y¤W�OÖ�W�R�Q�Q�P�QJ���
�
0�QJ�(WKHUQHW�
0�QJ� (WKHUQHW� GÒD� WKHR� FKX¡Q� ,(((� ������ FÊD�;HUR[��'LJLWDO� (TXLPHQW�
&RUSRUDWLRQ� Y�� ,QWHO�� &¼� ED� G�QJ� (WKHUQHW� WK�ÃQJ� GÈQJ� O��� (WKHUQHW� 7KLQQHW�
���%DVH����(WKHUQHW�7KLFNQHW����%DVH���Y��(WKHUQHW�7ZLVWHG�3DLU����%DVH7��
- 7KLQQHW���%DVH���7�Q�Q�\�FÊD�P�QJ�[X£W�SK�W�WÎ�YL¯F�VÏ�GÍQJ�F�S��¾QJ�
WUÍF�QKº��¬�WUX\«Q�GÐ�OL¯X�YÆL�WÁF��Â���0E�V�YÆL�FÒ�O\�NKR�QJ����P��7RSR�
FÊD�P�QJ�Q�\�WK�ÃQJ�GÈQJ�WRSR�G�QJ�/RFDO�%XV��&�S�GÈQJ�FKR�P�QJ�NK��U§��
G�O�S���W�Y��WKL®W�O¤S�F£X�K°QK��'R�Y¤\�P�QJ�Q�\�U£W�WK¶FK�KÇS�FKR�YL¯F�FXQJ�
F£S�PÂW�P�QJ�QKº���WR�Q�EÂ�P�QJ�FK±�WURQJ�PÂW�SK¸QJ���
- 7KLFNQHW���%DVH���0�QJ�Q�\�FKR� WD� WK£\�F�F���F� W¶QK�FKÊ�\®X�FÊD�PÂW�
P�QJ�(WKHUQHW��Q¼�EDR�J¾P�WÁF��Â�WUX\«Q�G¢Q����0E�V��WUX\«Q�G¢Q�E�QJ�F��VÄ�
Y���Â�G�L�FKR�PÀL�VHJPHQW�O�����P��7RSR�FÊD�P�QJ�O��G�QJ�%XV��Q¼�FXQJ�F£S�
PÂW�P�QJ�UÂQJ��Y¶�GÍ�W£W�F��F�F�SK¸QJ�WURQJ�PÂW�WR��QK����
- 7ZLVWHG�3DLU� ��%DVH7��&�F� WU�P� O�P�YL¯F� WURQJ�P�QJ�Q�\� VÏ� GÍQJ� F�S�
[R�Q�NK�QJ�E½F���XQVKLHOGHG�WZLVWHG�SDLU����¬�QÁL�YÆL�QKDX�W�R�WK�QK�P�QJ�
(WKHUQHW� /$1�� 3K Q� OÆQ�P�QJ� ��ÇF� F£X� WUÌF� WKHR�P�� K°QK� G�QJ� VDR� 6WDU�
QK�QJ�QK°Q�FKXQJ�WK°�Q¼�Y¢Q�O��F£X�WUÌF�%86��
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�
0�QJ�Y¿QJ�WK®�E�L��7RNHQ�ULQJ��
0�QJ� Q�\� GÒD� WKHR� FKX¡Q� ,(((� ������ r�PÂW� WL�X� FKX¡Q� FKR�P�QJ�/$1�
G�QJ�Y¸QJ��7RNHQ�ULQJ���ÇF�SK�Q�EL¯W�YÆL�F�F�P�QJ�NK�F�EÄL�SK��QJ�WKÑF�WUX\�F¤S�
WK§�E�L�FKÑ�NK�QJ�SK�L�VÒ�EÁ�WU¶�Y¤W�OÖ�FÊD�F�S��
7ÁF��Â� WUX\«Q�G¢Q� WURQJ�P�QJ�F¼� WK¬� O����KD\���0E�V� WXÓ� WKXÂF�Y�R�F�S�
P�QJ��&�F�P�\� W¶QK� WURQJ�P�QJ���ÇF��£X�QÁL� WÆL�EÂ� W¤S� WUXQJ�� X�G�\�EÄL�F�S�
[R�Q�F¼�E½F�KR�F�NK�QJ�E½F��9ÆL�F�S�F¼�E½F�WK°�FÒ�O\�WÎ�P�\�WU�P�WÆL�EÂ�W¤S�WUXQJ�
NKR�QJ����P�Y��O����P��ÁL�YÆL�F�S�NK�QJ�F¼�E½F��
�
0�QJ�$UFQHW�
0�QJ�$UFQHW��$WWDFKHG�5HVRXUFH�&RPSXWHU�1HWZRUN��F¼�F�F���F�W¶QK�J Q�
JLÁQJ� YÆL� FKX¡Q� ,(((��������&KX¡Q� ,(((������� ��ÇF�[�F��·QK�FKR�P�QJ�%86�
GÈQJ�WK§�E�L�VÏ�GÍQJ�F�S�E�QJ�UÂQJ��7X\�QKL�Q�P�QJ�$UFQHW�O�L�O��PÂW�P�QJ�E�QJ�
F��VÄ�Y��F¼�WK¬�F¼�WRSR�G�QJ�VDR�KD\�EXV��;�\�GÒQJ�P�QJ�Q�\�NK��G�G�QJ�Y��WÁQ�
¶W�FKL�SK¶��WD�F¼�WK¬�VÏ�GÍQJ�F�S��¾QJ�WUÍF��+8%�FKÊ��ÂQJ�Y��+8%�E·��ÂQJ��&Ò�O\�
WÎ�PÂW�P�\�WU�P�WÆL�+8%�F¼�WK¬�WÎ����P�WÆL����P�WXÓ�WKHR�OR�L�F�S�Y��OR�L�+8%�
��ÇF�VÏ�GÍQJ��
�¬�F¼���ÇF�VÒ�VR�V�QK�JLÐD�F�F�P�QJ�WD�[HP�[©W�E�QJ�VDX��
� (WKHUQHW�7KLQQHW
���%DVH���
(WKHUQHW�7KLFNQHW���%DVH���
(WKHUQHW�7ZLVWHG�SDLU���%DVH7��
7RNHQ�ULQJ� $UFQHW�
7RSRORJ\� /RFDO�%XV� %XV� %XV�VWDU� 5LQJ�VWDU� '�\�F�F�VWDU�3K��QJ�WKÑF�WUX\�F¤S�
��ÃQJ�WUX\«Q�&60$�&'� &60$�&'� &60$�&'� 7K§�E�L� 7K§�E�L�
/R�L�F�S� &�S��¾QJ�WUÍF�5*����
7KLFNQHW�F�S�F¼�E½F����p�
&�S�NK�QJ�E½F�
&�S�NK�QJ�E½F��F¼�E½F�
&�S��¾QJ�WUÍF�5*����5*���
&Ò�O\�[D�QK£W�FÊD�F�S�
���� ���� ���� 7�������P�WX�WKHR�F�S�
7XÓ�WKHR�F�S�VÏ�GÍQJ�
�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
&DUG�P�QJ�
&DUG�P�QJ� F¸Q� ��ÇF� J½L� O�� FDUG� JLDR� WL®S�P�QJ�1,&� �1HWZRUN� ,QWHUIDFH�
&DUG����ÇF�O�S���W�WURQJ�PÀL�P�\�W¶QK�WURQJ�P�QJ�FÍF�EÂ��&DUG�Q�\�F¼�QKL¯P�YÍ�
FKX\¬Q� GÐ� OL¯X� WÎ� P�\� W¶QK� Y�R� F�S� P�QJ� Y�� QJ�ÇF� O�L�� �L«X� Q�\� FK¶QK� O�� VÒ�
FKX\¬Q��¿L� WÎ� W¶Q�KL¯X�VÁ�FÊD�P�\� W¶QK� WK�QK�F�F� W¶Q�KL¯X��L¯Q�KD\�TXDQJ���ÇF�
WUX\«Q�G¢Q�WU�Q�F�S�P�QJ���¾QJ�WKÃL�Q¼�FËQJ�WKÒF�KL¯Q�FKÑF�Q�QJ�W¿�KÇS�GÐ�OL¯X�
WK�QK�F�F�J¼L�Y��[�F��·QK�QJX¾Q�Y���¶FK�FÊD�J¼L��
&K��QJ�Q�\�JLÆL�WKL¯X�Y«�FDUG�P�QJ�FËQJ�QK��F�F�OR�L�� X�QÁL�YÆL�F�F�OR�L�
F�S�NK�F�QKDX�Y��VÒ�WKL®W�O¤S�F�F�WK�QJ�VÁ�F£X�K°QK�FKR�FDUG�P�QJ��
&�F�OR�L��§X�QÈL�FKR�FDUG�P�QJ�
0ÂW� Y�L� OR�L� FDUG�P�QJ� F¼� QKL«X� � X� QÁL� FKR� FRQQQHFWRU� �¬� QÁL� YÆL� F�S�
P�QJ���¬�[�F��·QK�� X�Q�R�GÈQJ�WD�F¼�WK¬�WKD\��¿L�F�F�MXPS�KD\�F�QJ�W�F�FKX\¬Q�
',3��'XDO�O,QH�3DFNDJH��QJD\�WU�Q�FDUG�P�QJ�KR�F�VÏ�GÍQJ�SK P�P«P��
- 0�QJ�WKLQ�(WKHUQHW�VÏ�GÍQJ�F�F�� X�QÁL�F�S��¾QJ�WUÍF�%1&�
�������������������������� ��
- 0�QJ�WKLFNQHW�GÈQJ�JL�F�QÁL�$8,����FK�Q��¬�F�P�Y�R�� X�'%���FÊD�FDUG�
P�QJ�
������������������������ �
�
+°QK�,9����'�QJ�� X�QÁL�%1&�
+°QK�,9����'�QJ�� X�QÁL�$8,�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
- 0�QJ�(WKHUQHW�WZLVWHG�SDLU�����%DVH�7��VÏ�GÍQJ�� X�QÁL�5-���
������������������������ �
�
/ÙD�FKÄQ�FªX�K·QK�FKR�FDUG�P�QJ�
9ÆL�PÀL� OR�L� FDUG�P�QJ� �«X� F¼� ED� WK�QJ� VÁ� F Q���ÇF� WKL®W� O¤S�PÂW� F�FK�
FK¶QK�[�F��¬�FKR�FDUG�F¼�WK¬�KR�W��ÂQJ���ÇF���¼�O���QJ�W�,54���,QWHUUXSWHG�UHTXHVW�
OLQH����·D�FK±�JÁF�FÊD�F¿QJ�,�2�Y���·D�FK±�JÁF�FÊD�EÂ�QKÆ�
<�X�F§X�QJ�W�,54�
.KL�FDUG�P�QJ�JÏL�PÂW�\�X�F X�FKR�P�\�W¶QK�Q¼�VÏ�GÍQJ�PÂW�QJ�W�r�PÂW�W¶Q�
KL¯X��L¯Q�JÏL�FKR�EÂ�[Ï�OÖ�WUXQJ�W�P�FÊD�P�\�W¶QK��0ÀL�PÂW�WK�QK�SK Q�WURQJ�P�\�
W¶QK�SK�L�VÏ�GÍQJ�PÂW�QJ�W�UL�QJ��WK�ÃQJ�WK°�F�F�QJ�W���KR�F�����ÇF�VÏ�GÍQJ�FKR�
FDUG�P�QJ���Q®X�,54���FK�D���ÇF�VÏ�GÍQJ�WK°�Q¼�KD\���ÇF�J�Q�FKR�FDUG�P�QJ�K�Q�
O��,54����'�ÆL���\�O��PÂW�VÁ�QJ�W�WK�QJ�WK�ÃQJ�
,54� 0�\�W¶QK�������KR�F�FDR�K�Q��� 7KÃL�JLDQ�K¯�WKÁQJ��� %�Q�SK¶P�
������ &DUG�P�Q�K°QK�(*$�9*$��� &K�D�VÏ�GÍQJ��� &¿QJ�&20���&20���� &K�D�VÏ�GÍQJ��� �L«X�NKL¬Q��µD�P«P��� &¿QJ�/37���� �¾QJ�K¾�WKÒF���� &K�D�VÏ�GÍQJ���� &K�D�VÏ�GÍQJ���� 0RXVH��36����� �¾QJ�[Ï�OÖ�WR�Q�K½F���� �L«X�NKL¬Q��µD�FÑQJ���� &K�D�VÏ�GÍQJ�
+°QK�,9����'�QJ�� X�QÁL�$8,�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�
- &¿QJ�Y�R�UD�F��VÄ�
&¿QJ�Q�\�[�F��·QK�PÂW�N�QK�WK�QJ�WLQ�WUX\«Q�GÐ�OL¯X�JLÐD�PÂW�SK Q�FÑQJ�
WURQJ�P�\�W¶QK�Y��EÂ�YL�[Ï�OÖ�FÊD�P�\��0ÀL�PÂW�SK Q�FÑQJ�SK�L�F¼�PÂW�FK±�VÁ�FÊD�
F¿QJ��SRUW�QXPEHU��NK�F�QKDX���SRUW�Q�\��ÁL�YÆL�QJ�ÃL�VÏ�GÍQJ�QK��O��PÂW��·D�FK±�
G�ÆL�G�QJ�VÁ�KH[��Y¶�GÍ�QK���������)�O��F�F�SRUW�WK�ÃQJ�J�Q�FKR�FDUG�P�QJ��
'�ÆL���\�O��E�QJ�PÂW�VÁ�F�F�SRUW�TXDQ�WU½QJ�
� �
�
- �·D�FK±�EÂ�QKÆ�F��VÄ�
�·D�FK±�Q�\�FK±�UD�WURQJ�EÂ�QKÆ�5$0�Y·�WU¶�FÊD�EÂ�QKÆ���ÇF�GÈQJ�O�P�EÂ�
�¯P�FKR�FDUG�P�QJ��¬�JKL�F�F�NKXQJ�GÐ�OL¯X�Y�R�Y��UD�NKºL�FDUG�P�QJ��6Ò��·QK�Y·�
Q�\�FK¶QK� O��[�F��·QK��·D�FK±�� X� WL�Q�FÊD�EÂ��¯P�WURQJ�EÂ�QKÆ�5$0��7D�SK�L�
FK½Q��·D�FK±�Q�R�P��FK�D���ÇF�VÏ�GÍQJ�EÄL�WKL®W�E·�NK�F��WK�ÃQJ�WK°�'�����O���·D�
FK±�G�QK�FKR�FDUG�P�QJ��
� � .K�L�QL¯P�Y«�P�QJ�
�
���
7UX\�Q�W�L�YÖ�JLDR�WK½F�P�QJ�
&K��QJ�Q�\�WU°QK�E�\�Y«�F�F�WK�QK�SK Q�P«P���ÇF�VÏ�GÍQJ��¬�FKX¡Q�E·�GÐ�
OL¯X�FKR�FDUG�P�QJ�Y���¬�QK¤Q�GÐ�OL¯X�WÎ�FDUG�P�QJ��0ÂW�WK�QK�SK Q�WURQJ��¼�O��
SK Q��L«X� NKL¬Q� WUX\�QK¤S���ÃQJ� WUX\«Q�0$&�� SK Q� F¸Q� O�L� O���L«X�NKL¬Q�JLDR�
WKÑF��
�
�L²X�NKL³Q�WUX\�QK«S���ÊQJ�WUX\²Q�
,(((�SK�Q�FKLD�OÆS�WKÑ����OÆS�GDWD�OLQN��WURQJ�P��K°QK�26,�WK�QK�KDL�SK�Q�
OÆS�O��0$&�Y��//&��7U°QK��L«X�NKL¬Q�0$&���ÇF���W�Ä�SK�Q�OÆS�0$&��Q¼�FXQJ�
F£S�WUX\�QK¤S�WÆL�EÂ�SKÁL�JK©S�P�QJ�E�QJ�F�FK�KÀ�WUÇ�VÒ�WUX\«Q�GÐ�OL¯X�Y��PÂW��Y�L�
FKÑF�Q�QJ�TX�Q�OÖ�SKÁL�JK©S�F��E�Q��1KÐQJ�WU°QK��L«X�NKL¬Q�Q�\�FËQJ�WKÒF�KL¯Q�
YL¯F�WUX\«Q�GÐ�OL¯X�WÎ�OÆS�Y¤W�OÖ�O�Q�OÆS�P�QJ��
�
7U·QK��L²X�NKL³Q�JLDR�WKØF�
3URWRFRO�KD\�JLDR�WKÑF�O��PÂW�W¤S�KÇS�F�F�WKÊ�WÍF�F Q�WKL®W��¬�FKR�F�F�WU�P�
O�P�YL¯F�F¼� WK¬�JLDR� WL®S���ÇF�YÆL�QKDX��7URQJ�PÂW�P�QJ�WK°�F�F� WU�P�O�P�YL¯F�
SK�L�FÈQJ�VÏ�GÍQJ�PÂW�JLDR� WKÑF�JLÁQJ�QKDX��&�F�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�F¼�
QKL¯P�YÍ��¼QJ�J¼L�Y���·QK�WX\®Q�GÐ�OL¯X�FËQJ�QK��F�F�E�Q�WLQ�FÊD�OÆS�P�QJ�Y��OÆS�
WUX\«Q�W�L��
- 1KL¯P�YÍ�FÊD�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�
7U°QK��L«X�NKL¬Q�JLDR� WKÑF�FXQJ�F£S���KR�F���G·FK�YÍ�F��E�Q�FKR�F�F� OÆS�
NK�F�WURQJ�P�QJ��¾QJ�WKÃL�Q¼�¡Q��L�YL¯F�F�F�G·FK�YÍ���ÇF�[Ï�OÖ�PÂW�F�FK�WKÒF�W®�
QK��WK®�Q�R��&�F�G·FK�YÍ�P��WU°QK��L«X�NKL¬Q���D�UD�O��TX�Q�OÖ�PÂW�SKL�Q�O�P�YL¯F��
W�R�NKÁL�GÐ�OL¯X��SK�Q��R�Q�Y��V�S�WKÑ�WÒ�GÐ�OL¯X��[�F�QK¤Q�Y��F¼�WK¬�WK�P�G·FK�YÍ�
�·QK�WX\®Q�TXD�PÂW�P�QJ�GL¯Q�UÂQJ���:$1���
- 4X�Q�OÖ�SKL�Q�O�P�YL¯F���VHVVLRQ�PDQDJHPHQW��
0ÂW� SKL�Q� O�P� YL¯F� W��QJ� WÒ� QK��PÂW� FXÂF� J½L� �L¯Q� WKR�L��9L¯F� TX�Q� OÖ�
SKL�Q�O�P�YL¯F�EDR�J¾P�WKL®W�O¤S��GX\�WU°��KXÔ�Eº�N®W�QÁL�JLÐD�F�F�WU�P�O�P�YL¯F�
WURQJ�P�QJ��7U°QK��L«X�NKL¬Q�JLDR�WKÑF�FÊD�WU�P�PXÁQ�WUX\«Q�GÐ�OL¯X�NKÄL�W�R�VÒ�
WKL®W�O¤S�N®W�QÁL��
� � .K�L�QL¯P�Y«�P�QJ�
�
���
.KL�PÂW�WU�P�PXÁQ�WKL®W�O¤S�PÂW�N®W�QÁL�WK°�Q¼�JÏL�PÂW�E�Q�WLQ�\�X�F X�N®W�
QÁL�WÆL�WU�P�NLD��7U�P�Q�\�V¨�NL¬P�WUD�[HP�Q¼�F¼��Ê�W�L�QJX\�Q��¬�FK£S�QK¤Q�N®W�
QÁL��¼�NK�QJ��1®X���ÇF�Q¼�V¨�JÏL�PÂW�VÁ�QK¤Q�G�QJ�GX\�QK£W�FKR�WU�P�NLD��¬�WU�P�
Q�\�VÏ�GÍQJ�NKL�WUX\«Q�GÐ�OL¯X�TXD�N®W�QÁL�PÆL�WKL®W�O¤S�Q�\��
���������������� �
�
- 7�R�NKÁL�GÐ�OL¯X���'DWDJUDP�6HUYLFHV��
'·FK�YÍ�Q�\�O��PÂW�G·FK�YÍ�E�Q�WLQ�F��E�Q��NK�QJ�SK�L�QK��PÂW�G·FK�YÍ�KR�Q�
FK±QK�GR�WU°QK�TX�Q�OÖ�SKL�Q�FXQJ�F£S�P��Q¼�O��G·FK�YÍ�SKL�N®W�QÁL��W��QJ�WÒ�QK��
YL¯F�JÏL�PÂW�EÑF�WK���*LÐD�WU�P�JÏL�Y��QK¤Q�NK�QJ�F¼�PÂW�OL�Q�K¯�Q�R�WU�ÆF�NKL�
E�Q�WLQ���ÇF�JÏL��
'R�NK�QJ�F¼�TX��WU°QK�JÏL�[�F�QK¤Q��$&.��Q�Q�F�F�NKÁL�GÐ�OL¯X�NK�QJ���ÇF�
��P�E�R�FK�F�FK�Q�O��V¨�KR�F�����®Q�Q�L�QK¤Q�KD\�FK�D��0ÂW�NKÁL�GÐ�OL¯X�F¼�WK¬�
��ÇF��·QK��·D�FK±��®Q�PÂW�WU�P�[�F��·QK�QK�QJ�WD�FËQJ�F¼�WK¬�JÏL�GÐ�OL¯X��¼�WÆL�
QKL«X�WU�P�FÈQJ�PÂW�OÌF��
�������������� �
+°QK�9������F��L¬P�FÊD�TX�Q�OÖ�SKL�Q�
+°QK�9������F��L¬P�FÊD�YL¯F�W�R�NKÁL�GÐ�OL¯X�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�
- 3K�Q�W�FK�GÐ�OL¯X�Y��V�S�WKÑ�WÒ�
7K�ÃQJ�WK°�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�FK£S�QK¤Q�F��QKÐQJ�E�Q�WLQ�F¼�N¶FK�
WK�ÆF�OÆQ��¬�WUX\«Q��L�QK�QJ�GR�JLÆL�K�Q�Y«�N¶FK�WK�ÆF�NKXQJ�WUX\«Q�G¢Q�FÊD�F�F�
OÆS�WK£S�K�Q�Q�Q�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�SK�L�WKÒF�KL¯Q�YL¯F�SK�Q�W�FK�GÐ�OL¯X�
WK�QK�F�F���Q�Y·�GÐ�OL¯X�QKº�K�Q��
.KL�SK�Q�W�FK�GÐ�OL¯X��WU°QK��L«X�NKL¬Q�V¨�J�Q�F�F�WK�QJ�WLQ��L«X�NKL¬Q�G�ÆL�
G�QJ�SK Q�P�R�� X��KHDGHU��Y�R�NKXQJ�GÐ�OL¯X��7K�QJ�WLQ�Q�\��¬�FKR�E�Q�WKX�QK¤Q�
EL®W���ÇF�VÒ�NKÄL�� X�Y��N®W�WKÌF�FÊD�E�Q�WLQ��
������������������ �
�
3K Q�P�R�� X�FKÑD�WK�QJ�WLQ�Y«�WKÑ�WÒ�FKR�F�F�NKXQJ�WUX\«Q�G¢Q�QK�P���P�
E�R�NK�QJ�E·�P£W�GÐ� OL¯X��GÐ� OL¯X���ÇF�QK¤Q�N©S�KD\�QK¤Q���ÇF�GÐ� OL¯X�NK�QJ�
�ÌQJ�WKÑ�WÒ��&�F�WK�QJ�WLQ�Q�\�U£W�F Q�WKL®W��¬�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�E�Q�WKX�F¼�
WK¬�W¿�KÇS�O�L��ÌQJ�GÐ�OL¯X�WÎ�F�F�SK Q�GÐ�OL¯X�E·�SK�Q�W�FK��
- ;�F�QK¤Q���$FNQRZOHJHPHQW���
$&.�O��PÂW� WL®Q� WU°QK��SURFFHVV��QK�P���P�E�R�U�QJ�GÐ�OL¯X������ÇF�JKL�
QK¤Q�FK¶QK�[�F�Ä�E�Q�WKX��7�L�PÀL�PÂW�WU�P��WU°QK��L«X�NKL¬Q�JLDR�WKÑF��«X�W�R�UD��
PÂW��SKÌF���S�FKR�PÀL�NKXQJ�GÐ�OL¯X�QK¤Q���ÇF���¾QJ�WKÃL�Q¼�F¸Q�SK�W�KL¯Q�Y��
+°QK�9����4X��WU°QK�SK�Q�W�FK�GÐ�OL¯X�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
NK�L�SKÍF�F�F�OÀL�GÐ�OL¯X�E�QJ�F�FK�SK�W�O�L�F�F�NKXQJ�GÐ�OL¯X�FK�D�F¼�$&.��TX�Q�
OÖ�F�F�NKXQJ�GÐ�OL¯X�E·�O�S��
6DX�NKL��ÇL�PÂW�NKR�QJ�WKÃL�JLDQ�����·QK�WU�ÆF�P��NK�QJ�WK£\�QK¤Q���ÇF�
$&.�WK°�Q¼�V¨�SK�W�O�L�NKXQJ�GÐ�OL¯X��7URQJ�NKR�QJ�WKÃL�JLDQ�Q�\�NKXQJ�GÐ�OL¯X�F¼�
WK¬�E·��P£W�KD\�E·�O�X�O�L�Ä�PÂW�Q�L�Q�R��¼�WURQJ�P�QJ��&K¶QK��L«X�Q�\�G�J�\�UD�
VÒ�QK¤Q�O�S�GÐ�OL¯X��.KL��¼�E�Q�WKX�SK�L�F¼�NK��Q�QJ�OR�L�Eº�NKXQJ�GÐ�OL¯X�O�S��
�
0�QJ�GL¶Q�UÉQJ��:$1��
�¬�F¼� WK¬��·QK�WX\®Q���ÇF�WU�Q�P�QJ�GL¯Q�UÂQJ�WK°�F Q�SK�L�F¼� WK�P�PÂW�
WU�ÃQJ��·D�FK±�SKÍ�WURQJ�PÀL�NKXQJ�GÐ�OL¯X��0�QJ�WUXQJ�JLDQ��F�F�WKL®W�E·�W�R�N®W�
QÁL�QK��URXWHU��JDWHZD\��EULGJHV��VÏ�GÍQJ��·D�FK±�P�QJ�QK��PÂW�P��YÈQJ��¬��·QK�
WX\®Q� GÐ� OL¯X� WÆL�P�QJ�/$1� W��QJ� ÑQJ��&¼� EÁQ� WKL®W� E·� ��ÇF� GÈQJ��¬� W�R� Q�Q�
P�QJ�GL¯Q�UÂQJ�O��EULGJH��URXWHU��JDWHZD\�Y��EURXWHU���
- %ULGJH��� O��PÂW�WKL®W�E·��¬�QÁL�KDL�P�QJ�/$1�YÆL�QKDX�Y��FKR�SK©S�F�F�
WU�P�FÊD�P�QJ�Q�\�F¼�WK¬�WK�QJ�WLQ�YÆL�F�F�WU�P�FÊD�P�QJ�NLD��%ULGJH�W�R�N®W�
QÁL�Ä�OÆS�OL�Q�N®W�GÐ�OL¯X�WURQJ�P��K°QK�26,��
- 5RXWHU��Q¼�FKR�SK©S�N®W�QÁL�QKL«X�P�QJ�/$1��PÀL�P�QJ���ÇF�TX�Q� OÖ�
KR�Q�WR�Q��ÂF�O¤S�QKDX�QK�QJ�Y¢Q�F¼�WK¬�WK�QJ�WLQ���ÇF�YÆL�QKDX��5RXWHU�N®W�
QÁL�P�QJ�Ä�OÆS�����1HWZRUN�/D\HU��WURQJ�P��K°QK�26,��
- %URXWHU��O��PÂW�WKL®W�E·�W¿�KÇS�F��URXWHU�Y��EULGJH��
- *DWHZD\��WKL®W�E·�FKR�SK©S�N®W�QÁL�F�F�P�QJ�NK�QJ�JLÁQJ�QKDX���Y«�JLDR�
WKÑF�VÏ�GÍQJ��F¼� WK¬� WK�QJ� WLQ���ÇF�YÆL�QKDX��*DWHZD\� W�R�N®W�QÁL�Ä� OÆS���
WURQJ�P��K°QK�26,��
�
�¾QK�WX\µQ�
0ÀL�PÂW�P�QJ�/$1���«X�VÏ�GÍQJ�PÂW�WKL®W�E·�QK���L¬P�Y�R�FÊD�P�QJ��¼�
�6XEQHW���0ÀL�NKL�QK¤Q���ÇF�PÂW�NKXQJ�GÐ�OL¯X��WKL®W�E·�Q�\�V¨�NL¬P�WUD�SK Q��·D�
FK±�FÊD�NKXQJ�[HP�NKXQJ�GÐ�OL¯X��¼�F¼�WKXÂF�PÂW�WURQJ�F�F�P�QJ�P��Q¼��DQJ�QÁL�
WÆL�NK�QJ��1®X�NK�QJ�NKXQJ�GÐ�OL¯X�V¨���ÇF�JÏL��®Q�PÂW��L¬P�WUXQJ�JLDQ�NK�F�
WURQJ�P�QJ��
� � .K�L�QL¯P�Y«�P�QJ�
�
���
������������� �
�
0ÉW�Y�L�JLDR�WKØF�P�QJ��DQJ�WÅQ�W�L�
�®Q���\� WD����F¼�PÂW�F�F�QK°Q� W¿QJ�TX�W�Y«�JLDR�WKÑF�P�QJ��'�ÆL���\�O��
PÂW�Y�L�JLDR�WKÑF�P�QJ��DQJ���ÇF�VÏ�GÍQJ�
- 1HW%(8,��JLDR�WKÑF�Q�\�QKDQK�Y��U£W�KL¯X�TX���Q¼���ÇF�K X�K®W�F�F�V�Q�
SK¡P�FÊD�0LFURVRIW�KÀ�WUÇ���X��L¬P�FÊD�Q¼�O��N¶FK�WK�ÆF�VWDFN�QKº��WÁF��Â�
WUX\«Q�G¢Q�WU�Q�P�QJ�WUXQJ�E°QK��1¼�W��QJ�WK¶FK�YÆL�W£W�F��F�F�P�QJ�GÒD�WU�Q�
F�F�SK Q�P«P�FÊD�0LFURVRIW��1K�ÇF��L¬P�FK¶QK�FÊD�Q¼�O��Q¼�NK�QJ�F¼�NK��
Q�QJ��·QK�WX\®Q��
- 7&3�,3��JLDR�WKÑF�OL�Q�P�QJ�Y���L«X�NKL¬Q�WUX\«Q�G¢Q�O��PÂW�EÂ�F�F�JLDR�
WKÑF�QK�P�FXQJ�F£S�WK�QJ�WLQ�JLÐD�F�F�P�QJ�VÏ�GÍQJ�JLDR�WKÑF�NK�QJ�JLÁQJ�
QKDX���X� �L¬P� OÆQ� QK£W� FÊD� 7&3�,3� O�� NK�� Q�QJ� KR�W� �ÂQJ� W��QJ� W�F� FÊD�
QKL«X�OR�L�P�QJ�NK�F�QKDX�GR��¼�Q¼�WUÄ�WK�QK�JLDR�WKÑF���ÇF��S�GXQJ�FKR�
,QWHUQHW�� 1K�ÇF� �L¬P� FKÊ� \®X� FÊD� Q¼� O�� N¶FK� WK�ÆF� GÐ� OL¯X� OÆQ� Y�� WÁF� �Â�
WUX\«Q�GÐ�OL¯X�FK¤P��
- ;16����;HUR[�1HWZRUN�6\VWHP���JLDR�WKÑF�Q�\���ÇF���D�UD�EÄL�;HUR[��¬�
[�\�GÒQJ�P�QJ�/$1�FÊD�K½��1¼�W��QJ�WÒ�QK��JLDR�WKÑF�7&3�,3�QK�QJ�J¼L�WLQ�
TX�QJ�E��QKL«X�K�Q�Q�Q�O�X�O�ÇQJ�WURQJ�P�QJ�QKL«X�K�Q��
- ,3;�63;����\�O��PÂW�EÂ�F�F�JLDR�WKÑF�W��QJ�WÒ�QK��1HW%(,8�QK�QJ�NK�F�
O��Q¼�FXQJ�F£S�WKÊ�WÍF��·QK�WX\®Q��*LDR�WKÑF�Q�\���ÇF�SK�W�WUL¬Q�WÎ�JLDR�WKÑF�
;16��Y����ÇF�WK�ÃQJ���ÇF�GÈQJ�FKR�P�QJ�1RYHOO�1HWZDUH�
+°QK�9����0��K°QK�P�QJ�GL¯Q�UÂQJ�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
1GLV�YÖ�RGL�
&KR��®Q�QKÐQJ�Q�P�FXÁL� FÊD� WK¤S�NÔ�����PÀL� WU°QK��L«X�NKL¬Q� WUX\�QK¤S�
��ÃQJ�WUX\«Q��¸L�KºL�SK�L�F¼�UL�QJ�PÂW�WU°QK��L«X�NKL¬Q�JLDR�WKÑF��'R��¼����W�R�UD�
U£W�QKL«X�F�F�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�FKR�PÀL�PÂW�NL¬X�JLDR�GL¯Q�FÊD�OÆS�0$&��
�L«X�Q�\�F¼�QJKµD�O��PÀL�PÂW�QK��FXQJ�F£S�FDUG�P�QJ�F Q�SK�L�W�R�UD�U£W�QKL«X�
F�F� WU°QK��L«X�NKL¬Q�JLDR�GL¯Q��JLDR�WKÑF���¬�F¼�WK¬�KR�W��ÂQJ���ÇF�WURQJ�QKL«X�
P�L�WU�ÃQJ�YÆL�F�F�K¯��L«X�K�QK�NK�F�QKDX��
��F� W¶QK� FÊD� JLDR� GL¯Q� WKL®W� E·� P�QJ� 1',6� �1HWZRUN� 'HYLFH� ,QWHUIDFH�
6SHFLILFDWLRQ��Y��JLDR�GL¯Q�OL�Q�N®W�GÐ�OL¯X�PÄ�2',��2SHQ�'DWDOLQN�,QWHUIDFH��[�F�
�·QK�QKÐQJ�JLDR�GL¯Q�WL�X�FKX¡Q�FKR�YL¯F�WK�QJ�WLQ�JLÐD�WU°QK��L«X�NKL¬Q�0$&�Y��
WU°QK��L«X�NKL¬Q�JLDR�WKÑF��
�
*LDR�GL¶Q�WKLµW�E¾�P�QJ�1',6�
��\�O��PÂW�WL�X�FKX¡Q�[�F��·QK�JLDR�GL¯Q�WK�QJ�WLQ�JLÐD�SK�Q�OÆS�0$&�Y��
WU°QK��L«X�NKL¬Q�JLDR�WKÑF�Q�P�Ä�OÆS���Y��OÆS�����OÆS�P�QJ�Y��OÆS�WUX\«Q�W�L��WURQJ�
P��K°QK�K¯�WKÁQJ�PÄ�26,��1',6���D�UD�PÂW�P�L�WU�ÃQJ�OLQK�KR�W�WURQJ�YL¯F�WUDR�
�¿L�GÐ�OL¯X��1¼�[�F��·QK�PÂW�JLDR�GL¯Q�SK Q�P«P�J½L�O��JLDR�GL¯Q�1',6���ÇF�GÈQJ�
EÄL� WU°QK� �L«X� NKL¬Q� JLDR� WKÑF� �¬� WK�QJ� WLQ� YÆL� EÂ� W��QJ� WK¶FK�P�QJ� �1HWZRUN�
$GDSWHU���
�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�
6DX���\�WD�F¼�WK¬���D�UD�PÂW�VÁ�¶FK�OÇL�FÊD�YL¯F�FKX¡Q�KR��JLDR�GL¯Q�P�QJ��
- 7U°QK��L«X�NKL¬Q�JLDR�WKÑF�FK±�F Q�EL®W�O��SK�L�FK£S�QK¤Q�Y��[Ï�OÖ�F�F�\�X�
F X�FÊD�1',6�QK��WK®�Q�R��¬�WK�QJ�WLQ�YÆL�WU°QK��L«X�NKL¬Q�0$&�Ä�E�Q�G�ÆL�
P��NK�QJ�F Q�EL®W�PÂW�F�FK�FKL�WL®W�VÒ�KR�W��ÂQJ�FÊD�WU°QK��L«X�NKL¬Q�0$&�
�¼��'R��¼�E£W�NÓ�PÂW�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�W��QJ�WK¶FK�1',6�Q�R�FËQJ�
F¼�WK¬�WK�QJ�WLQ���ÇF�YÆL�E£W�NÓ�PÂW�WU°QK��L«X�NKL¬Q�0$&�W��QJ�WK¶FK�1',6�
NK�F���¬�WKL®W�O¤S�PÂW�N�QK�WK�QJ�WLQ�JLÐD�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�Y��WU°QK�
�L«X� NKL¬Q�0$&WK°� WD� VÏ� GÍQJ�TX�� WU°QK� J�Q� �ELQGLQJ��� 7U°QK�ELQGLQJ� FKR�
SK©S�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�Y��WU°QK��L«X�NKL¬Q�0$&�F¼�WK¬�WUDR��¿L�F�F�
WKÊ�WÍF�1',6�FÊD�FKÌQJ��
- 1',6� SK�Q� �·QK� U»� U�QJ� FKÑF� Q�QJ� Q�R� ��ÇF� WKÒF� KL¯Q� EÄL� WU°QK� �L«X�
NKL¬Q�JLDR�WKÑF��FKÑF�Q�QJ�Q�R���ÇF�WKÒF�KL¯Q�EÄL�WU°QK��L«X�NKL¬Q�0$&��'R�
�¼�F�F�QK��V�Q�[X£W�FDUG�P�QJ�FK±�F Q���D�UD�PÂW�WU°QK��L«X�NKL¬Q�0$&�F¼�
WK¬�[Ï�OÖ���ÇF�F�F�O¯QK�1',6��ÁL�YÆL�OÆS�E�Q�WU�Q�Q¼�Y��JLDR�WL®S���ÇF�YÆL�OÆS�
E�Q�G�ÆL���
- 1',6���D�UD�PÂW�SK��QJ�WKÑF�FKR�SK©S�QKL«X�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�
Y��QKL«X�WU°QK��L«X�NKL¬Q�0$&�F¼�WK¬�FÈQJ�KR�W��ÂQJ�YÆL�QKDX��1¼�VÏ�GÍQJ�
PÂW�WU°QK��L«X�NKL¬Q�SK Q�P«P�J½L�O��TX�Q�OÖ�JLDR�WKÑF���3URWRFRO�0DQDJHU��
�¬�N®W�KÇS�F�F�WU°QK��L«X�NKL¬Q�0$&�Y��WU°QK��L«X�NKL¬Q�JLDR�WKÑF��1KÃ�YL¯F�
VÏ�GÍQJ�QKL«X�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�WU�Q�FÈQJ�PÂW�FDUG�P�QJ�Q�Q�PÂW�
WU�P�O�P�YL¯F�F¼�WK¬�WUX\�QK¤S��¾QJ�WKÃL�WÆL�QKL«X�VHUYHU�FÊD�F�F�P�QJ�NK�F�
QKDX��PÀL�VHUYHU�VÏ�GÍQJ�PÂW�WU°QK��L«X�NKL¬Q�JLDR�WKÑF�UL�QJ��
+°QK�9,����*LDR�GL¯Q�P�QJ�1',6�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
���������������� �
�
*LDR�GL¶Q�OL�Q�NµW�G×�OL¶X�PË���2',��
&�F���F�W¶QK�2',���ÇF���D�UD�EÄL�1RYHOO�Y��$SSOH�QK�P���Q�JL�Q�KR��YL¯F�
SK�W�WUL¬Q�F�F�WU°QK��L«X�NKL¬Q�Y��KÀ�WUÇ�YL¯F�FKR�SK©S�QKL«X�WU°QK��L«X�NKL¬Q�JLDR�
WKÑF�WU�Q�FÈQJ�PÂW�FDUG�P�QJ��
• &�F�WK�QK�SK Q�FK¶QK�FÊD�2',�
������������������� �
�
- 3URWRFRO�'ULYHU��,3;2',�&20���ÇF�GÈQJ��¬�WK�QJ�WLQ�JLÐD�/6/�Y��F�F�
ÑQJ�GÍQJ�
+°QK�9,����1KL«X�G�QJ�JLDR�WKÑF�Y��0$&�F¼�WK¬�N®W�KÇS�YÆL�QKDX�
+°QK�9,����&�F�WK�QK�SK Q�FÊD�2',�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
- /6/�&20�� OÆS�KÀ� WUÇ�N®W�QÁL� ��/LQN�6XSSRUW�/D\HU��FXQJ�F£S�F��VÄ�FKR�
WU°QK��L«X�NKL¬Q�0$&�F¼�WK¬�JLDR�WL®S���ÇF�YÆL�QKL«X�WU°QK��L«X�NKL¬Q�JLDR�
WKÑF�� /6/�&20� KR�W� �ÂQJ� W��QJ� WÒ� QK�� SK Q� TX�Q� OÖ� JLDR� WKÑF� 3URWRFRO�
0DQDJHU�WURQJ�1',6��
- 0/,'��WU°QK��L«X�NKL¬Q�JLDR�GL¯Q��D�N®W�QÁL�O��PÂW�WK�QK�SK Q�JLDR�WL®S�
JLÐD�FDUG�P�QJ�Y��/6/����\�O��P��SKÍ�WKXÂF�SK Q�FÑQJ��Q¼���ÇF���D�UD�EÄL�
QK��V�Q�[X£W�FDUG�P�QJ��0��Q�\�WK�ÃQJ�PDQJ�W�Q�FDUG�P�QJ�P��Q¼�F¼�WK¬�KÀ�
WU��
� � .K�L�QL¯P�Y«�P�QJ�
�
���
0�\�FK¶�YÖ�P�\�WU�P�
7URQJ�E£W�NÓ�PÂW�F£X�K°QK�P�QJ�Q�R��«X�F¼�¶W�QK£W�PÂW�P�\�W¶QK���ÇF�WKL®W�
O¤S�QK��PÂW�W�L�QJX\�Q�GÈQJ�FKXQJ���¬�WKÒF�KL¯Q�YL¯F�Q�\�WD�GÈQJ�PÂW�WU°QK�J½L�O��
WU°QK�FKLD�V§�W�L�QJX\�Q��7URQJ�SK Q�OÆQ�F�F�P�QJ��P�\�FKÊ��VHUYHU����P�E�R�DQ�
QLQK�WU�Q�P�QJ�E�QJ�F�FK�FK±�FKR�QJ�ÃL�VÏ�GÍQJ�VÏ�GÍQJ�W�L�QJX\�Q�NKL�K½���ÇF�
F£S�TX\«Q��
�
4X�Q�O�W�L�QJX\�Q�P�QJ�
7D�F¼�WK¬�WKL®W�O¤S�P�QJ�WKHR�KDL�G�QJ��G�QJ�FOLHQW�VHUYHU�Y��G�QJ�SHHU�WR�
SHHU���ÁL�YÆL�G�QJ�FOLHQW�VHUYHU�WK°�PÂW�Y�L�P�\�W¶QK���F�EL¯W���ÇF�WKL®W�O¤S�O��P�\�
FKÊ�Y����D�UD�F�F�W�L�QJX\�Q�GÈQJ�FKXQJ�WURQJ�P�QJ��Å�G�QJ�SHHU�WR�SHHU�WK°�W£W�
F��F�F�P�\�W¶QK�WURQJ�P�QJ��«X�QK��QKDX���«X�F¼�WK¬�O��P�\�FKÊ�KD\�P�\�WU�P��
�
0��K·QK�&OLHQW�6HUYHU�
�X��L¬P�FKÊ�\®X�FÊD�P��K°QK�Q�\�O��Q¼���D�UD�PÂW�SK��QJ�SK�S���Q�JL�Q�
WURQJ�YL¯F�W¤S�WUXQJ�KR���L«X�NKL¬Q�FKR�F�F�W�L�QJX\�Q�GÈQJ�FKXQJ�WURQJ�P�QJ��'R�
�¼�W�R�UD�PÂW�VÒ�DQ�WR�Q�WURQJ�P�QJ�WÁW�K�Q�Y��YL¯F�GX\�WU°�F�F�FK��QJ�WU°QK�Y��GÐ�
OL¯X�G�K�Q��
������������������� �
�+°QK�9,,����0��K°QK�&OLHQW�6HUYHU�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�
�
�
0��K·QK�3HHU�WR�SHHU�
0��K°QK�Q�\�FKR�SK©S�QJ�ÃL�VÏ�GÍQJ�F¼�WK¬�WÒ��L«X�NKL¬Q�YL¯F�FKLD�V§�Y��
TX�Q�OÖ�GÐ�OL¯X��GR��¼�Q¼�F¼�W¶QK�OLQK�KR�W��ÁL�YÆL�QJ�ÃL�VÏ�GÍQJ�K�Q��1J�ÃL�VÏ�
GÍQJ�NK�QJ�E·�SKÍ�WKXÂF�Y�R�F�F�W�L�QJX\�Q�V�Q�F¼�WU�Q�VHUYHU��
������������ �
�
�
$Q�QLQK�WU�Q�P�QJ�
&¼�KDL�SK��QJ�WKÑF��¬�F£S�SK©S�FKR�F�F�WU�P�O�P�YL¯F�F¼�WK¬�VÏ�GÍQJ�F�F�
W�L�QJX\�Q�WU�Q�P�QJ�O���DQ�QLQK�WKHR�PÑF�W�L�QJX\�Q��VKDUH�OHYHO�VHFXULW\��Y��DQ�
QLQK�PÑF�QJ�ÃL�VÏ�GÍQJ��XVHU�OHYHO�VHFXULW\��
�
6KDUH�OHYHO�6HUFXULW\�
3K��QJ�WKÑF�Q�\�OL�Q�TXDQ��®Q�YL¯F�F£S�P¤W�NK¡X��SDVVZRUG��FKR�PÀL�PÂW�
W�L�QJX\�Q�WU�Q�P�QJ��%£W�NÓ�QJ�ÃL�VÏ�GÍQJ�Q�R��¬�F¼�WK¬�WUX\�QK¤S�Y�R�W�L�QJX\�Q�
�¼��«X�SK�L���D�Y�R��ÌQJ�P¤W�NK¡X��3K��QJ�WKÑF�DQ�QLQK�Q�\�NK����Q�JL�Q��FK±�
F Q�QJ�ÃL�VÏ�GÍQJ�EL®W�P¤W�NK¡X�O��F¼�WK¬�WUX\�QK¤S�Y�R�W�L�QJX\�Q��¼��
+LQK�9,,����0��K°QK�3HHU�WR�3HHU�
� � .K�L�QL¯P�Y«�P�QJ�
�
���
�
�
8VHU�OHYHO�6HUFXULW\�
3K��QJ� WKÑF� Q�\� OL�Q� TXDQ� �®Q� YL¯F� F£S� TX\«Q� FKR� QJ�ÃL� VÏ� GÍQJ��0ÂW�
QJ�ÃL�VÏ�GÍQJ�SK�L�QK¤S�P¤W�NK¡X�Y��NKL�PXÁQ���QJ�NÖ�Y�R�P�QJ��0�\�FKÊ�V¨�
[�F� �·QK� W¶QK� KÇS� O¯� FÊD� W�Q���QJ�QK¤S�Y��P¤W�NK¡X���¾QJ� WKÃL� VHUYHU� FËQJ� VÏ�
GÍQJ�WK�QJ�WLQ�Q�\��¬�WÎ�FKÁL�KD\�FKR�SK©S�WUX\�QK¤S�F�F�W�L�QJX\�Q�FKR�QJ�ÃL�
GÈQJ��¼�E�QJ�YL¯F�NL¬P�WUD�VÒ�WUX\�QK¤S�W�L�QJX\�Q��¼�F¼�SKÈ�KÇS�YÆL�TX\«Q�FÊD�
QJ�ÃL�GÈQJ��¼�NK�QJ��
3K��QJ� WKÑF�Q�\���D� UD� YL¯F�TX�Q� OÖ� W¤S� WUXQJ�K�Q�E�QJ�F�FK��L«X�NKL¬Q�
TX\«Q�WUX\�QK¤S�FËQJ�QK���W�R�UD�VÒ�FK�W�FK¨�K�Q�Y«�DQ�QLQK�WU�Q�K¯�WKÁQJ��
�
�L²X�NKL³Q�WUX\�QK«S�W�L�QJX\�Q�
1K��WU�Q�WD�WK£\�G�ÆL�E£W�NÓ�PÂW�SK��QJ�WKÑF�Q�R�WD�FËQJ�F¼�WK¬��L«X�NKL¬Q�
��ÇF�VÒ�WUX\�QK¤S�WÆL�PÂW�W�L�QJX\�Q�[�F��·QK�Q�R��¼��0ÀL�PÂW�K¯��L«X�K�QK�FKR�
SK©S�PÂW�OR�W�F�F�OR�L��L«X�NKL¬Q�WUX\�QK¤S��6DX���\�O��PÂW�VÁ�F�F�PÑF��L«X�NKL¬Q�
WUX\�QK¤S��
- 5HDG�� �F¼�WK¬��½F��FRS\�ILOH��FK�\�FK��QJ�WU°QK��WKD\��¿L�WÎ�WK��PÍF�FRQ�
Q�\�VDQJ�WK��PÍF�FRQ�NK�F��
- :ULWH��&¼�WK¬�JKL�Y�R�WÎQJ�ILOH��
- &UHDWH��&¼�WK¬�W�R�F�F�ILOH��F�F�WK��PÍF�FRQ��
- 'HOHWH��F¼�WK¬�[R��F�F�ILOH�Y��F�F�WK��PÍF�FRQ��
- ([HFXWH��F¼�WK¬�FK�\�F�F�FK��QJ�WU°QK�QK�QJ�NK�QJ�WK¬��½F�KD\�FRS\�ILOH��
- 1R�DFFHVV��NK�QJ�FKR�QJ�ÃL�VÏ�GÍQJ���ÇF�WUX\�QK¤S�WÆL�ILOH��WK��PÍF�KD\�
PÂW�W�L�QJX\�Q�Q�R��¼��
- &�F�PÑF�NK�F��7D�F¼�WK¬�N®W�KÇS�QKL«X�PÑF�WU�Q�O�L��¬���D�UD�QKL«X�PÑF�
�L«X�NKL¬Q�WUX\�QK¤S�NK�F�QKDX��
�