IDZ DO

PRZYKADOWY ROZDZIA
SPIS TRECI

KATALOG KSIEK
KATALOG ONLINE
ZAMW DRUKOWANY KATALOG

ASP.NET 2.0.
Zapiski programisty
Autor: Wei-Meng Lee
Tumaczenie: Robert Grczyski
ISBN: 83-246-0247-X
Tytu oryginau: ASP.NET 2.0: A Developers Notebook
Format: B5, stron: 392

TWJ KOSZYK
DODAJ DO KOSZYKA

CENNIK I INFORMACJE
ZAMW INFORMACJE
O NOWOCIACH
ZAMW CENNIK

CZYTELNIA
FRAGMENTY KSIEK ONLINE

Wydawnictwo Helion
ul. Chopina 6
44-100 Gliwice
tel. (32)230-98-63
e-mail: helion@helion.pl

Pierwsze spojrzenie na najnowsz edycj technologii ASP

Wykorzystaj nowe narzdzia programistyczne
Zastosuj nowe technologie tworzenia witryn WWW
Podnie bezpieczestwo aplikacji internetowych
Najnowsza wersja ASP.NET w poczeniu z najnowsz wersj rodowiska
programistycznego Visual Studio daje programistom aplikacji internetowych ogrom
nowych moliwoci. Dziki nim aplikacje mog by wydajniejsze i bezpieczniejsze,
a proces ich tworzenia znacznie krtszy. Za pomoc stron wzorcowych mona
byskawicznie stworzy spjnie wygldajc witryn WWW, profile zapewni
przechowywanie informacji o uytkownikach, a nowe kontrolki Grid View pozwol
na szybki dostp do danych i wywietlanie ich na stronie. A to tylko niektre
z nowych funkcji ASP.NET 2.0.
Aby dowiedzie si o pozostaych, signij po ksik ASP.NET 2.0. Zapiski
programisty. Jeli wolisz poznawa nowe technologie, wykorzystujc je w praktyce,
a nie czytajc dugie teoretyczne wywody, to jest to wanie ksika dla Ciebie.
Znajdziesz tu notatki programistw, ktrzy pracowali z ASP.NET 2.0 ju wtedy, gdy
w prasie pojawiay si pierwsze niemiae zapowiedzi tej technologii programistw,
ktrzy wiedz, e dla praktykw takie pozornie chaotyczne notatki oka si
nieocenion pomoc przy poznawaniu nowych moliwoci ASP.NET 2.0.
Tworzenie projektu internetowego w Visual Studio 2005
Definiowanie stron wzorcowych dla witryny
Korzystanie z Web Parts Framework do budowania portali internetowych
Zastosowanie kontrolki Grid View do pobierania i wywietlania danych
Tworzenie kont uytkownikw za pomoc Create User Wizard
Poprawianie wydajnoci dziaania witryny
Personalizacja aplikacji za pomoc profilw
Lokalizacja aplikacji
Poznaj niezwyke moliwoci najnowszej wersji ASP .NET

6HULD =DSLVNLSURJUDPLVW\  

3U]HGPRZD 
5R]G]LD&RQRZHJR" 
7ZRU]HQLHQRZHJRSURMHNWXLQWHUQHWRZHJR



8 \FLHZLHOXM]\NZSURJUDPRZDQLD



8VWDZLHQLHVWDQXDNW\ZQR FLNRQWUROHN



=GHILQLRZDQLHQDVWURQLHZLHOXJUXSVSUDZG]DQLDSRSUDZQR FL



8PLHV]F]DQLHQDVWURQLHVNU\SWZNOLHQFNLFK



3U]HND]\ZDQLHGDQ\FKQDLQQVWURQ



6HOHNW\ZQHZ\ ZLHWODQLHJUXSNRQWUROHN



3U]HND]\ZDQLHSOLNZQDVZRMZLWU\QLQWHUQHWRZ



7ZRU]HQLHPDSREUD]NZ



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\ 



7ZRU]HQLHVWURQ\Z]RUFRZHMGODVZRMHMZLWU\Q\



8 \FLHVWURQ\Z]RUFRZHMMDNRV]DEORQXVWURQ\]]DZDUWR FL



0RG\ILNDFMDVWURQ\Z]RUFRZHMZWUDNFLHG]LDDQLD



7ZRU]HQLHPDS\ZLWU\Q\GODVZRMHMZLWU\Q\LQWHUQHWRZHM



:\ ZLHWODQLHKLHUDUFKLF]Q\FKGDQ\FKSU]\X \FLXNRQWURONL
7UHH9LHZ



3URJUDPRZH]DSHQLDQLHNRQWURONL7UHH9LHZ



:\ ZLHWODQLHUR]ZLMDQ\FKPHQX]DSRPRFNRQWURONL0HQX




5R]G]LD:HE3DUWV 
'RF]HQLHHOHPHQWZ:HE3DUWVGRVZRMHMDSOLNDFML



7ZRU]HQLHSHUVRQDOL]RZDOQ\FKVNDGQLNZ:HE3DUWV



3R]ZROHQLHX \WNRZQLNRPQDSU]HVXZDQLHHOHPHQWZ:HE3DUWV 

3R]ZROHQLHX \WNRZQLNRPQDGRGDQLHHOHPHQWZ:HE3DUWV
ZWUDNFLHG]LDDQLD



3R]ZROHQLHX \WNRZQLNRPQDHG\FMHOHPHQWZ:HE3DUWV
ZWUDNFLHG]LDDQLD



=H]ZROHQLHHOHPHQWRP:HE3DUWVQDNRPXQLNRZDQLHVLPLG]\
VRE



5R]G]LD'RVWSGRGDQ\FK 
:\ ZLHWODQLHGDQ\FKZWDEHOL



6RUWRZDQLHLSRND]\ZDQLHUHNRUGZQDZLHOXVWURQDFK



(G\FMDLXVXZDQLHUHNRUGZ



:\ ZLHWODQLHMHGQHJRUHNRUGX]DMHGQ\PUD]HP



%XIRURZDQLHNRQWURONL'DWD6RXUFH



%XIRURZDQLHSU]\X \FLX]DOH QR FL



6]\IURZDQLHDFXFKZSRF]H



3RF]HQLH]RELHNWHP%XVLQHVV



3RF]HQLH]GRNXPHQWHP;0/



5R]G]LD%H]SLHF]HVWZR 



7ZRU]HQLHVWURQ\ORJRZDQLDSU]\X \FLXQRZ\FKNRQWUROHN
EH]SLHF]HVWZD



'RGDZDQLHX \WNRZQLNZ]DSRPRFQDU]G]LD:$7



2JUDQLF]DQLHQLHDXWRU\]RZDQHJRGRVWSXGRVWURQ



2G]\VNLZDQLHKDVHX \WNRZQLNZ



=H]ZROHQLHX \WNRZQLNRPQD]PLDQKDVH



7ZRU]HQLHNRQWX \WNRZQLNZ]DSRPRFNRQWURONL
&UHDWH8VHU:L]DUG



*UXSRZDQLHX \WNRZQLNZZURODFK



=DU]G]DQLHXVWDZLHQLDPLX \WNRZQLNZ



6SLVWUH FL

5R]G]LD:\GDMQR  
7DNDNRQILJXUDFMDDSOLNDFMLDE\SRGRNRQDQLX]PLDQSRQRZQLH
VNRPSLORZDDVLZORFLH



'\QDPLF]QLHJHQHURZDQHNODV\:HE6HUYLFH3UR[\



:VWSQDNRPSLODFMD7ZRMHMZLWU\Q\



%XIRURZDQLHIUDJPHQWZVWURQ\



1L V]HNRV]W\Z\ZRD]ZURWQ\FKVHUZHUD



5R]G]LD3URILOH
3HUVRQDOL]DFMD7ZRMHMDSOLNDFML



8ZLHU]\WHOQLDQLHX \WNRZQLNZSU]\X \FLXIRUPXODU]\

XZLHU]\WHOQLDMF\FK



=DSLV\ZDQLHSURILOXDQRQLPRZHJRX \WNRZQLND



3U]HNV]WDFHQLHSURILOXDQRQLPRZHJRZSURILOXZLHU]\WHOQLRQ\



5R]G]LD7HPDW\VNUNLRUD]ORNDOL]DFMD 
7ZRU]HQLHWHPDWZLVNUHN



=DVWRVRZDQLHWHPDWZZWUDNFLHG]LDDQLD



3U]HFKRZ\ZDQLHWHPDWZZSURILOXX \WNRZQLND



/RNDOL]DFMD7ZRMHMDSOLNDFML



6NRURZLG] 



6SLVWUH FL

52='=,$

:W\PUR]G]LDOH
37ZRU]HQLHVWURQ\Z]RUFRZHMGODVZRMHMZLWU\Q\
38 \FLHVWURQ\Z]RUFRZHMMDNRV]DEORQXVWURQ\]]DZDUWR FL
30RG\ILNRZDQLHVWURQ\Z]RUFRZHMZWUDNFLHG]LDDQLD
37ZRU]HQLHPDS\ZLWU\Q\GODVZRMHMZLWU\Q\LQWHUQHWRZHM
3:\ ZLHWODQLHKLHUDUFKLF]Q\FKGDQ\FKSU]\X \FLXNRQWURONL6TGG8KGY
33URJUDPRZH]DSHQLDQLHNRQWURONL6TGG8KGY
3:\ ZLHWODQLHUR]ZLMDQ\FKPHQX]DSRPRFNRQWURONL/GPW
']LNL9LVXDO6WXGLR$631(7REVXJXMHREHFQLHZL]XDOQHG]LH
G]LF]HQLHVWURQ\ PHFKDQL]PSRGREQ\GRG]LHG]LF]HQLD:LQGRZV)RUPV
=SRPRF$631(7PR HV]WHUD]XWZRU]\SRMHG\QF]VWURQZ]RUFR
Z]DZLHUDMFZVSOQHHOHPHQW\GODVWURQQD7ZRMHMZLWU\QLH1DVWSQLH
PR HV]WZRU]\VWURQ\LQWHUQHWRZHNWUHEGG]LHG]LF]\]HVWURQ\Z]RU
FRZHMLZWHQVSRVE]DSHZQLV]VSMQ\Z\JOGLG]LDDQLHFDHMZLWU\Q\
2SUF]WHJRPHFKDQL]PX$631(7RIHUXMHQRZHNRQWURONLXDWZLD
MFHQDZLJDFMQDVWURQLH7HNRQWURONL]QDQHMDNR5KVG/CR2CVJL/GPW
SR]ZRO&LQDGRF]HQLHGR7ZRMHMZLWU\Q\RGQR QLNZQDZLJDF\MQ\FK
EH]SRWU]HE\SLVDQLDGX HMLOR FLNRGX


7ZRU]HQLHVWURQ\Z]RUFRZHM
GODVZRMHMZLWU\Q\
:LNV]R ZLWU\QLQWHUQHWRZ\FKNWUHRJOGDV]ZG]LVLHMV]\FKF]DVDFK
PDVSMQ\Z\JOGLG]LDDQLHRUD]SUDZGRSRGREQLHSRZWU]RQHQDND GHM
VWURQLH ORJR ILUP\ L PHQX QDZLJDF\MQH 'REU\P SU]\NDGHP MHVW WXWDM
ZLWU\QD2 5HLOO\ QDND GHMVWURQLHZ\ ZLHWODVLZJUQHMF] FL]QDQH
ORJR2 5HLOO\QDWRPLDVWSROHZHMVWURQLHPHQXQDZLJDF\MQHFR]RVWDR
SRND]DQHQDU\VXQNX

5\VXQHN:LNV]R ZLWU\QLQWHUQHWRZ\FKPDQDVWURQDFKZVSOQHQDJZNLLPHQX
QDZLJDF\MQH

-DNRSURJUDPLVWDVLHFLRZ\$631(7[EH]ZWSLHQLDQDXF]\H VL
ZMDNLVSRVEX \ZDNRQWUROHN:HE8VHUGRKHUPHW\]DFMLZV]\VWNLFKQD
JZNZRUD]PHQXQDZLJDF\MQ\FKZ\NRU]\VW\ZDQ\FKQDVZRMHMZLWU\QLH
LMDNRVDG]LMHQDND GHM]HVWURQ2F]\ZL FLHZDGWDNLHJRUR]ZL]DQLD
MHVWWR HMH OLFKFHV]GRNRQDPRG\ILNDFMLGRZROQHM]W\FKNRQWUROHN]UH
JX\PXVLV]UF]QLHHG\WRZDND GVWURQDE\]PLHQLMHMXR HQLH



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

B>6,EB6,
:FHOX]DSHZQLHQLDVWURQRPQDJZNZ]DOHFDQHMHVWX \ZDQLHVWURQ
Z]RUFRZ\FK]DPLDVWZ\NRU]\VW\ZDQLDNRQWUROHN:HE8VHU']LNL
WDNLHPXUR]ZL]DQLXZUD]LHMDNLFKNROZLHN]PLDQWU]HEDMHG\QLH]PR
G\ILNRZDVWURQZ]RUFRZDQDVWSQH]RVWDQMX ]DNWXDOL]RZDQH
DXWRPDW\F]QLH

:$631(7QRZDIXQNFMD]QDQDMDNR0DVWHU3DJHVVWURQ\Z]RU
FRZH ]DMPXMH VL RJUDQLF]HQLDPL Z\NRU]\VWDQLD NRQWUROHN :HE 8VHU
GRWZRU]HQLDQDJZNZRUD]LQIRUPDFMLPHQXQDZLJDF\MQ\FK:$63
1(7PR HV]SRSURVWXVNRQVWUXRZDVWURQZ]RUFRZNWUDEG]LH
]DZLHUDDLQIRUPDFMH]QDJZND7ZRMHMVWURQ\1DVWSQLHEXGXMHV]ND G
NROHMQVWURQZLWU\Q\NRU]\VWDMFZSLHUZV]HMNROHMQR FL]G]LHG]LF]H
QLD]HVWURQ\Z]RUFRZHMZLWU\Q\

-DNWRRVLJQ"
$E\]UR]XPLHZMDNLVSRVEG]LDDMVWURQ\Z]RUFRZH]EXGXMHV]ZNLONX
NROHMQ\FKZLF]HQLDFKDSOLNDFMVLHFLRZX \ZDMFVWURQZ]RUFRZ\FK
:W\PZLF]HQLXXWZRU]\P\VWURQZ]RUFRZL]DSHQLP\MNLONRPD
NRQWURONDPL

cUQ`ZUQ @Q^Mf
_`^[Zecf[^O[cQ
fZMOfZUQa M`cUMV
a`^feYMZUQ_\VZQS[
ceSXPaUPfUM MZUM
OM QVcU`^eZe
UZ`Q^ZQ`[cQV
:UQ`^fQNMcUO
P a QVfYMSM_U
fW[Z`^[XWMYU
CQNA_Q^

 :9LVXDO6WXGLRXWZU]QRZDSOLNDFMVLHFLRZ$631(7

L]DSLV]MMDNR&?$631(7?5R]G]LDO0DVWHU3DJHV
 'RSURMHNWXGRGDMNDWDORJRQD]ZLH,PDJHVNOLNQLMSUDZ\PSU]\FL

VNLHPP\V]\QD]ZSURMHNWXZRNQLH6ROXWLRQ([SORUHULZ\ELHU]$GG
)ROGHU5HJXODU)ROGHU3U]HNRSLXMREUD]NLSRND]DQHQDU\VXQNX
GR QRZHJR NDWDORJX &?$631(7?5R]G]LDO0DVWHU3DJHV?,PDJHV
8 \MHV]W\FKREUD]NZGR]EXGRZDQLDVZRMHMVWURQ\Z]RUFRZHM
B>6,EB6,
:VSRPQLDQHREUD]NLPR QDSREUDSRGDGUHVHPIWSIWSKHOLRQSO
SU]\NODG\DVSQ]S]LS

7ZRU]HQLHVWURQ\Z]RUFRZHMGODVZRMHMZLWU\Q\



5\VXQHN2EUD]NLZNDWDORJX,PDJHV
 7HUD]XWZRU]\V]VWURQZ]RUFRZ.OLNQLMSUDZ\PSU]\FLVNLHPP\

V]\QD]ZSURMHNWXZRNQLH6ROXWLRQ([SORUHUDQDVWSQLH]PHQXZ\
ELHU]SR]\FM$GG1HZ,WHP 

 :RNQLHGLDORJRZ\P$GG1HZ,WHP]D]QDF]V]DEORQ0DVWHU3DJH

LX \MGRP\ OQHMQD]Z\ 0DVWHU3DJHPDVWHUMDNSRND]DQRQDU\

VXQNX.OLNQLMSU]\FLVN$GGDE\XWZRU]\VWURQ

5\VXQHN'RGDQLHVWURQ\Z]RUFRZHMGRSURMHNWX



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

 : RNQLH 6ROXWLRQ ([SORUHU NOLNQLM GZXNURWQLH 0DVWHU3DJHPDVWHU

D]REDF]\V]SXVWVWURQLQWHUQHWRZ]DZLHUDMFSRMHG\QF]NRQ
WURON%QPVGPV2NCEG*QNFGT

 =DSHQLMWUH

FLREUD]NDPLRGQR QLNDPLVWURQ0DVWHU3DJHPDVWHU
SU]H] SU]HFLJQLFLH ] SDVND QDU]G]LRZHJR L XSXV]F]HQLH QD VWURQLH
GZFKNRQWUROHNW\SX+OCIGMHGQHMW\SX2CPGNRUD]F]WHUHFKW\SX.KPM
$WVVQPMDNWRSRND]DQRQDU\VXQNX8VWDZZQDVWSXMF\VSRVE
ZD FLZR FLND GHM]W\FKNRQWUROHN

7[Z`^[XWM
/[Z`QZ`<XMOQ4[XPQ^
^Q\^QfQZ`aVQ[N_fM^
fMNX[W[cMZe
PXM_`^[Z
ffMcM^`[ OU
_`^[ZW`^Q
PfUQPfUOffQ_`^[Ze
cf[^O[cQVU_ a e
P[fM\Q ZUQZUMS[
W[Z`^[XWMYU

.RQWURONLW\SX+OCIG
1D]ZLMSLHUZV]NRQWURONKOI.QIQLXVWDZMHMZD FLZR  +OCIG74.
MDNR,PDJHV?RUHLOO\BKHDGHUJLIDE\Z\ ZLHWODDORJR2 5HLOO\'UXJLHM
NRQWUROFHQDGDMQD]Z KOI6KVNGLXVWDZMHMZD FLZR  +OCIG74.
MDNR,PDJHV?RUDQHWBORJRMSJ%G]LHRQDZ\ ZLHWODDORJR2 5HLOO\
1HWZRUN
.RQWUROND2CPGN
8 \MP\V]\DE\UR]FLJQMHMREV]DUQDFDVWURQDQDVWSQLH
XVWDZMHMZD FLZR $CEMEQNQTMDNR/CTQQP
.RQWURONL.KPM$WVVQP
8SX F]WHU\NRQWUROL .KPM$WVVQPQDNRQWUROFH 2CPGN1D]ZLMMHWDN
MDNSRND]DQRQDU\VXQNXZ\NRU]\VWXMFLFKZD FLZR FL6GZV
3RQLHZD EG]LHV]NOLNDMHG\QLHMHGHQ]W\FKRGQR QLNZQD]ZLM
GUXJNRQWURONNPM10&QVPGV8VWDZMHMZD FLZR 2QUV$CEM7TNQD
21'RWQHWDVS[
! :SLV]]DZDUWR

VWRSNLQDGROHHNUDQXWX SRGNRQWURON %QPVGPV

2NCEG*QNFGT$E\WR]URELXPLH NXUVRUQDNRFXNRQWURONL %QP
VGPV2NCEG*QNFGTLQDFL QLMNODZLV](QWHU0R HV]QDVWSQLHUR]SRF]
ZSLV\ZDQLHLQIRUPDFMLRSUDZDFKDXWRUVNLFKMDNWR]RVWDRSRND]DQH
QDU\VXQNX

" 7RMX

ZV]\VWNR:D QLHXWZRU]\H VZRMVWURQZ]RUFRZ:QD

VWSQ\PZLF]HQLX]REDF]\V]ZMDNLVSRVE]QLHMNRU]\VWD

7ZRU]HQLHVWURQ\Z]RUFRZHMGODVZRMHMZLWU\Q\



5\VXQHN=DSHQLDQLHVWURQ\Z]RUFRZHM

$FR
]]DJQLH G RQ\PLVWURQDPLZ]RUFRZ\PL"
6WURQDZ]RUFRZD]DJQLH G RQDZHZQWU]LQQHMVWURQ\Z]RUFRZHME\ZD
X \WHF]QDZV\WXDFMLNLHG\FKFHV]]PLHQLZ\JOGLG]LDDQLHRNUH OR
Q\FKREV]DUZVZRMHMZLWU\Q\1DSU]\NDG]D P\ H2 5HLOO\1HWZRUN
FKFHXGRVWSQLXQLNDWRZHSDVNLQDZLJDF\MQHGODX \WNRZQLNZVWURQQD
SRV]F]HJOQ\FKZLWU\QDFKRWHPDW\FHVLHFLRZHMWDNLFKMDN21'RWQHWFRP
OXE0R]LOOD'HY&HQWHU5\VXQHNSRND]XMHZMDNLVSRVEPRJRE\WR
]RVWD]UHDOL]RZDQHSU]\X \FLXVWURQ\]DZLHUDMFHMGZLHVWURQ\Z]RU
FRZH]NWU\FKGUXJDMHVW]DJQLH G RQDZSLHUZV]HM
$E\ GRZLHG]LH VL Z MDNL VSRVE ]DJQLH G]L MHGQ VWURQ ZHZQWU]
LQQHMZ\NRQDMQDVWSXMFHNURNL
 'RGDM QRZ VWURQ Z]RUFRZ GR SURMHNWX &?$631(7?5R]G]LDO

0DVWHU3DJHVLQD]ZLMM/CUVGT2CIGOCUVGT

 'UXJD VWURQD Z]RUFRZD EG]LH VNDGDD VL ] WDEHOL ]DZLHUDMFHM

MHGHQZLHUV]LGZLHNROXPQ\3LHUZV]DNROXPQD]DZLHUDNRQWURON
%QPVGPV%QPVGPVNWUDZ\SHQLNRQWURON %QPVGPV2NCEG*QNFGTQD
SLHUZV]HMVWURQLHZ]RUFRZHM%QPVGPV2NCEG*QNFGTWHNVWHPGODXSUR
V]F]HQLDZW\PSU]\NDG]LHX \MHV]WHNVWX]DPLDVWRGQR QLNZWDNLP



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

5\VXQHN=DJQLH G RQHVWURQ\Z]RUFRZH

MDN/RJRZDQLH5HMHVWUDFMDLWG'UXJDNROXPQD]DZLHUDNRQWURON %QP
VGPV2NCEG*QNFGT%QPVGPV2NCEG*QNFGTGODVWURQ]]DZDUWR FLXPR 
OLZLDMFGRF]HQLHGRQLHMLQQ\FKNRQWUROHN3U]HF]VLGRZLGRNX
6RXUFH9LHZLGRGDMGRVWURQ\0DVWHU3DJHPDVWHUNRGSU]HGVWDZLRQ\
QDOLVWLQJX

;_`^[ZUQ
ffMcM^`[ OU
P[cUQ_f_UcUOQV
cZM_`\ZeY
cUOfQZUa

B>6,EB6,
9LVXDO6WXGLRQLHREVXJXMHZL]XDOQHMHG\FMLOXEWZRU]HQLD]D
JQLH G RQ\FKVWURQZ]RUFRZ\FK7HJRW\SX]DGDQLDEG]LHV]PXVLD
Z\NRQDZZLGRNX6RXUFH9LHZ

/LVWLQJ7ZRU]HQLH]DJQLH G RQHMVWURQ\Z]RUFRZHM
"/CUVGT.CPIWCIG8$/CUVGT2CIG(KNG`/CUVGT2CIGOCUVGT
%QFG(KNG/CUVGT2CIGOCUVGTXD#WVQ'XGPV9KTGWRHCNUG
+PJGTKVU/CUVGT2CIG
CUR%QPVGPV+&%QPVGPV%QPVGPV2NCEG*QNFGT+&%QPVGPV2NCEG*QNFGT
4WPCV5GTXGT
VCDNG
VT
VFYKFVJDIEQNQTDNCEM

7ZRU]HQLHVWURQ\Z]RUFRZHMGODVZRMHMZLWU\Q\



HQPVEQNQTYJKVG
.QIKPDT 4GIKUVGTDT /CPCIG0GYUNGVVGTUDT
4GIKUVGT;QWT$QQMUDT 0'66QRKEUDT
0'6%QORCEV(TCOGYQTMDT #&10'6DT
#520'6DT %,(DT %1/
#6.DT
(%.%.+%.4DT 1RGP5JCTGF5QWTEGDT
8$0'6DT 9GD5GTXKEGUDT 9KPFQYU(QTOUDT
9KPFQYU15DT
HQPV
VF
VF
CUREQPVGPVRNCEGJQNFGTKF%QPVGPV2NCEG*QNFGTTWPCVUGTXGT
CUREQPVGPVRNCEGJQNFGT
VF
VT
VCDNG
CUR%QPVGPV

 1DU\VXQNXSRND]DQR]ZL]NLPLG]\GZLHPDVWURQDPLZ]RU

FRZ\PL

5\VXQHN=ZL]NLPLG]\GZLHPDVWURQDPLZ]RUFRZ\PL

:NROHMQ\PZLF]HQLXGRZLHV]VLZMDNLVSRVENRU]\VWD]XWZRU]R
Q\FKSU]HGFKZLOVWURQZ]RUFRZ\FKZFHOXXWU]\PDQLDVSMQHJRZ\
JOGXLG]LDDQLD7ZRLFKVWURQ]]DZDUWR FL



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

8 \FLHVWURQ\Z]RUFRZHM
MDNRV]DEORQXVWURQ\]]DZDUWR FL
-H OLXWZRU]\H VWURQZ]RUFRZPR HV]GODVZRMHMZLWU\Q\NRQVWUXRZD
VWURQ\]]DZDUWR FLNWUHMDNRV]DEORQXEGX \ZDVWURQ\Z]RUFRZHM

-DNWRRVLJQ"
:W\PZLF]HQLXGRVZRMHJRSURMHNWXGRGDV]VWURQ\]]DZDUWR FLRUD]
QDGDV]LPVSMQ\Z\JOGLG]LDDQLHG]LNLX \FLXVWURQZ]RUFRZ\FKXWZR
U]RQ\FKZSRSU]HGQLPSRGUR]G]LDOH 7ZRU]HQLHVWURQ\Z]RUFRZHMGOD
VZRMHMZLWU\Q\ 1DVWSQLHGRVWURQ\]]DZDUWR FLGRF]\V]NRQWURONL
L]REDF]\V]ZMDNLVSRVE$631(7F]\]DZDUWR VWURQZ]RUFRZ\FK
LVWURQ]]DZDUWR FLZWUDNFLHG]LDDQLD

A ecMVO_`^[Z
cf[^O[ceOT
UPfUQPfUOfQZUM
cUfaMXZQS[Y[ Q_f
_\^McU
Qc_fe_`WUQ@c[VQ
_`^[ZeffMcM^`[ OU
c^MYMOTcU`^eZe
NPYUQ_\VZe
ceSXPUPfUM MZUQ

?`^[ZM
ffMcM^`[ OU
VQ_`R[^YaXM^fQY
CQN2[^Y
W`^ea ecM_`^[Ze
cf[^O[cQV

 3RSLHUZV]HXWZU]NLONDVWURQQDVZRMHMZLWU\QLHLQWHUQHWRZHM8

\
ZDMFSURMHNWXNWU\SRZVWDZSRSU]HGQLPZLF]HQLXGRGDMQRZ\
IRUPXODU]:HE)RUP.OLNQLMSUDZ\PSU]\FLVNLHPP\V]\QD]ZSUR
MHNWXZ RNQLH6ROXWLRQ([SORUHULZ\ELHU]]PHQX RSFM $GG1HZ
,WHP :RNQLHGLDORJRZ\P$GG1HZ,WHP]D]QDF]IRUPXODU]:HE
)RUPDQDVWSQLHX \MMHJRGRP\ OQHMQD]Z\'HIDXOWDVS[8SHZ
QLMVL H]RVWDR]D]QDF]RQHSROH6HOHFWPDVWHUSDJHZGROQHMF] FL
RNQDGLDORJRZHJRU\VXQHN

5\VXQHN7ZRU]HQLHVWURQ\]WUH FLSU]H]]D]QDF]HQLHVWURQ\Z]RUFRZHM
 =RVWDQLHV]SRSURV]RQ\RZ\EUVWURQ\Z]RUFRZHMNWUHMFKFHV]X

]IRUPXODU]HP=D]QDF]0DVWHU3DJHPDVWHUU\VXQHN

 .OLNQLMSU]\FLVN2.D9LVXDO6WXGLRZ\

ZLHWOLQRZVWURQ'HIDXOW
DVS[ ] ]D]QDF]RQ QD V]DUR ]DZDUWR FL VWURQ\ Z]RUFRZHM U\VX
QHN:VND]XMHWR H]DZDUWR VWURQ\Z]RUFRZHMQLHPR HE\
8 \FLHVWURQ\Z]RUFRZHMMDNRV]DEORQXVWURQ\]]DZDUWR FL

?`^[ZMf`^Q OU
Y[ Q\[_UMPM
`eXW[VQPZ
_`^[Zcf[^O[c



5\VXQHN=D]QDF]DQLHVWURQ\Z]RUFRZHM

5\VXQHN7ZRU]HQLHQRZHMVWURQ\]WUH FL

HG\WRZDQD Z IRUPXODU]X 'HIDXOWDVS[ =DXZD  H VWURQD ]RVWDD

XWZRU]RQDSU]\X \FLXNRQWURONL%QPVGPV
7[Z`^[XWM/[Z`QZ`
fMcM^`[ VQ_`
YUQV_OQYW`^Q
Y[ Q_ffM\Q ZU
`^Q OU_`^[Ze



 0R

HV]WHUD] GRVWRVRZDQRZVWURQ 'HIDXOWDVS[GRVZRLFKSR

WU]HESRSU]H]GRGDQLHNRQWUROHNGRNRQWURONL %QPVGPV=ZUXZDJ
HQLHPR HV]PRG\ILNRZDVWURQ\Z]RUFRZHMQDWHMVWURQLH

5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

B>6,EB6,
$E\SU]HSURZDG]LHG\FMVWURQ\Z]RUFRZHMPR HV]DOERNOLNQSUD
Z\PSU]\FLVNLHP P\V]\ Z REV]DU]H ]DZDUWR FL VWURQ\ Z]RUFRZHM
LZ\EUDRSFM(GLW0DVWHUDOERSRSURVWXSU]HM GRRNQD6ROXWLRQ
([SORUHULGZXNURWQLHNOLNQVWURQZ]RUFRZ.D GH]W\FKUR]ZL
]DVSRZRGXMHZF]\WDQLHVWURQ\Z]RUFRZHMZWU\ELHGRHG\FML
 'RGDQLH]DZDUWR

FLGRNRQWURONL %QPVGPVWRSRSURVWXSU]HFLJQLFLH
LXSXV]F]HQLHQDQLRGSRZLHGQLFKNRQWUROHN0R HV]UZQLH ZSLV\
ZDGDQHEH]SR UHGQLRGRNRQWURONL %QPVGPV6SUEXMGRGDSHZLHQ
WHNVWGRNRQWURONL%QPVGPVU\VXQHN

5\VXQHN=DSHQLDQLHVWURQ\WUH FL
 :FHOXSU]HWHVWRZDQLDVWURQ\QDFL

QLMNODZLV])7ZRMDVWURQDSR
ZLQQDZ\JOGDMDNWDSRND]DQDQDU\VXQNX
B>6,EB6,
3U]\SRPLQDP H VWURQD Z]RUFRZD ]DZLHUD NRQWURON %QPVGPV2NC
OLFKFHV]PR HV]XPLH FLWUH ZNRQWUROFH %QPVGPV
2NCEG*QNFGTQDVWURQLHZ]RUFRZHM-HGQDN HMH OLWR]URELV]]DZDU
WR  ZHZQWU] %QPVPGV2NCEG*QNFGT EG]LH SRMDZLD VL QD VWURQLH
NLHG\WD]RVWDQLHZF]\WDQDGRSNLVWURQD]WUH FLQLHQDGSLV]HMHM
VZRMZDVQNRQWURON%QPVGPV
EG*QNFGT-H

8 \FLHVWURQ\Z]RUFRZHMMDNRV]DEORQXVWURQ\]]DZDUWR FL



5\VXQHN:\ ZLHWOHQLHVWURQ\]]DZDUWR FLZSU]HJOGDUFH,QWHUQHW([SORUHU

-DNWRG]LDD"
7RFRXWZRU]\H MHVWIRUPXODU]HP:HE)RUP'HIDXOWDVS[NWU\G]LH
G]LF]\]HVWURQ\Z]RUFRZHM0DVWHU3DJHPDVWHU.RU]\ ]X \ZDQLDVWURQ
Z]RUFRZ\FKSROHJDQDW\P HPR HV]XWZRU]\V]DEORQ]DZDUWR FLVWURQ\
DLQQHIRUPXODU]H:HE)RUPPRJ]QLHJRG]LHG]LF]\-H HOL]DZDUWR
VWURQ\Z]RUFRZHM]RVWDQLH]PLHQLRQDWH]PLDQ\]RVWDQUZQLH DXWR
PDW\F]QLHXZ]JOGQLRQHQDND GHMVWURQLHNWUD]QLHMG]LHG]LF]\
=DXZD  HMH HOLVWURQDNRU]\VWD]]DJQLH G RQHMVWURQ\Z]RUFRZHMWDNLHM
MDN0DVWHU3DJHPDVWHUQLHEG]LHV]PJMHMZ\ ZLHWOLZZLGRNX'HVLJQ
9LHZSRQLHZD ZL]XDOQDHG\FMD]DJQLH G RQ\FKVWURQZ]RUFRZ\FKQLH
MHVWREVXJLZDQDZ9LVXDO6WXGLR=DJQLH G RQVWURQZ]RUFRZ
PR HV]HG\WRZDMHG\QLHZZLGRNX6RXUFH9LHZ
$E\]REDF]\MDNZ\JOGDVWURQDNWUDNRU]\VWD]]DJQLH G RQHMVWURQ\
Z]RUFRZHMGRGDMGRSURMHNWXQRZ\IRUPXODU]:HE)RUPQD]ZLMJR5SN#T
VKENGCURZL]D]QDF]0DVWHU3DJHPDVWHUMDNRMHMVWURQZ]RUFRZ



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

=DSHQLM VWURQ 6TO$UWLFOHDVS[ ZSURZDG]DMF NRG +70/ L WHNVW SRND

]DQ\QDU\VXQNX=ZUXZDJ HPXVLV]UF]QLHZ\SHQLNRQ
WURON%QPVGPV

5\VXQHN(G\FMDZZLGRNX6RXUFH9LHZVWURQ\NWUDNRU]\VWD]]DJQLH G RQHMVWURQ\
Z]RUFRZHM

.LHG\VWURQD]RVWDQLHZF]\WDQDZSU]HJOGDUFH,QWHUQHW([SORUHUSRQDFL
QLFLXNODZLV]D)]REDF]\V]SRF]RQ]DZDUWR GZFKVWURQZ]RU
FRZ\FKU\VXQHN

$FR
]SU]HNV]WDFHQLHPLVWQLHMF\FKVWURQLQWHUQHWRZ\FKQDVWURQ\]]D
ZDUWR FL"
*G\VSRMU]\V]QDNRG UGRZ\QRUPDOQHJRIRUPXODU]D:HE)RUPWDNLH
JRNWU\QLHNRU]\VWD]HVWURQ\Z]RUFRZHM]DXZD \V] H]DZLHUDRQ
]DUZQR]Z\NHIUDJPHQW\NRGX+70/NWUHRF]HNXMHV]]QDOH QDVWUR
QLH$631(7MDNLHOHPHQWHQTO 

8 \FLHVWURQ\Z]RUFRZHMMDNRV]DEORQXVWURQ\]]DZDUWR FL



5\VXQHN:F]\W\ZDQLHVWURQ\NWUDNRU]\VWD]]DJQLH G RQHMVWURQ\Z]RUFRZHM
"2CIG.CPIWCIG8$#WVQ'XGPV9KTGWRHCNUG%QFG(KNG&GHCWNVCURZXD
+PJGTKVU&GHCWNVACURZ
&1%6;2'JVON27$.+%99%&6&:*6/.'0JVVRYYYYQTI64
ZJVON&6&ZJVONFVF
JVONZONPUJVVRYYYYQTIZJVON
JGCFTWPCVUGTXGT
VKVNG 7PVKVNGF2CIGVKVNG
JGCF
DQF[
HQTOKFHQTOTWPCVUGTXGT
FKX
FKX
HQTO
DQF[
JVON

-HGQDN HVWURQD]WUH FLQLH]DZLHUD]Z\N\FKHOHPHQWZNWUHF]\QL

MVWURQ$631(7WDNLFKMDNJVON DQF[ OXEHQTO =DPLDVWWHJR]R
EDF]\V]HOHPHQW CUR%QPVGPV SU]HGVWDZLDMF\NRQWURON %QPVGPVLMHM
ZD FLZR FL .RQWUROND CUR%QPVGPV  ]DZLHUD ZV]HONLH NRQWURONL L ]D
ZDUWR NWUHXSXV]F]DV]QDNRQWURON%QPVGPV


5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

"2CIG.CPIWCIG8$/CUVGT2CIG(KNG`/CUVGT2CIGOCUVGT
#WVQ'XGPV9KTGWRHCNUG%QFG(KNG&GHCWNVCURZXD
+PJGTKVU&GHCWNVACURZVKVNG7PVKVNGF2CIG

CUR%QPVGPV+&%QPVGPV%QPVGPV2NCEG*QNFGT+&%QPVGPV2NCEG*QNFGT
4WPCVUGTXGT


CUR%QPVGPV

$E\SU]HNV]WDFLIRUPXODU]:HE)RUPQDVWURQ]]DZDUWR FLPXVLV]
SRSURVWXGRGDDWU\EXW /CUVGT2CIG(KNGGRMHMG\UHNW\Z\ 2CIGDQDVWS
QLHXVXQLQQHHOHPHQW\+70/]HVWURQ\2WRSU]\NDGG\UHNW\Z\2CIG
Z\NRQXMFHMWR]DGDQLH
"2CIG.CPIWCIG8$/CUVGT2CIG(KNG`/CUVGT2CIGOCUVGT
#WVQ'XGPV9KTGWRHCNUG%QFG(KNG&GHCWNVCURZXD
+PJGTKVU&GHCWNVACURZ

'\UHNW\ZD2CIGSU]HNV]WDFDVWURQ'HIDXOWDVS[]WHJRZLF]HQLDQDVWUR
Q]]DZDUWR FL$FR]NRQWURON%QPVGPVNWUDMHVWSRWU]HEQDGRZ\ ZLH
WOHQLDXQLNDWRZHM]DZDUWR FLVWURQ\"0R HV]MGRGDZNRG]LHQDSU]\
NDGZWDNLVSRVE
"2CIG.CPIWCIG8$/CUVGT2CIG(KNG`/CUVGT2CIGOCUVGT
#WVQ'XGPV9KTGWRHCNUG%QFG(KNG&GHCWNVCURZXD
+PJGTKVU&GHCWNVACURZ
CUR%QPVGPV+&%QPVGPV%QPVGPV2NCEG*QNFGT+&%QPVGPV2NCEG*QNFGT
TWPCVUGTXGT
CUR%QPVGPV

(ZHQWXDOQLHJG\NOLNQLHV]RGQR QLN&UHDWH&XVWRP&RQWHQWZPHQX&RQ
WHQW7DVNVNWUH]QDMGXMHVLSRSUDZHMVWURQLHNRQWURONL %QPVGPVU\VX
QHN

5\VXQHN7ZRU]HQLHQRZHMNRQWURONL&RQWHQW
B>6,EB6,
-H HOLQLHXPLH FLV]NRQWURONL %QPVGPVZNRG]LHZFL EG]LHV]ZLG]LD
NRQWURON %QPVGPVZZLGRNX'HVLJQ9LHZ1LHEG]LHV]ZVWDQLHGRGD
NRQWUROHNGRNRQWURONL %QPVGPVGRSNLQLHNOLNQLHV]RGQR QLND&UHDWH
&XVWRP&RQWHQWZPHQX&RQWHQW7DVNNRQWURONL%QPVGPV

8 \FLHVWURQ\Z]RUFRZHMMDNRV]DEORQXVWURQ\]]DZDUWR FL



]]DVWRVRZDQLHPVWURQ\Z]RUFRZHMGODFDHMZLWU\Q\"
$E\ZV]\VWNLHVWURQ\QDZLWU\QLHGRP\ OQLHX \\RNUH ORQHMVWURQ\Z]RU
FRZHMSRSURVWXGRGDMHOHPHQW RCIGU GRSOLNX:HEFRQILJGODGDQHMZL
WU\Q\
U[UVGOYGD
RCIGUOCUVGT2CIG(KNG/CUVGT2CIGOCUVGT


6WURQDNWUDQLHPDRNUH ORQHMZDUWR FLDWU\EXWX/CUVGT2CIG(KNGZVZRMHM

G\UHNW\ZLH 2CIG EG]LH GRP\ OQLH X \ZDD VWURQ\ Z]RUFRZHM 0DVWHU
3DJHPDVWHU:FHOXXQLHZD QLHQLDGRP\ OQHJRXVWDZLHQLDVWURQ\Z]RU
FRZHMZSOLNX:HEFRQILJSRSURVWXGRGDMDWU\EXW /CUVGT2CIG(KNGGRG\
UHNW\Z\2CIGVWURQ\LQWHUQHWRZHMRNWUHMPRZDLSU]\SLV]MHMQD]ZGR
LQQHJRSOLNX
]Z\NU\ZDQLHPW\SXSU]HJOGDUNLLSU]HF]DQLHPVWURQZ]RUFRZ\FK
ZORFLH"
-H HOL7ZRMDDSOLNDFMDMHVWVNLHURZDQDGRX \WNRZQLNZU Q\FKSU]HJO
GDUHNPR HV]XWZRU]\RGG]LHOQHVWURQ\Z]RUFRZHDE\ND GD]QLFKE\D
]RSW\PDOL]RZDQDGODRNUH ORQHMSU]HJOGDUNL:WDNLPSU]\SDGNXEG]LHV]
PXVLDE\ZVWDQLHG\QDPLF]QLHSU]HF]DVZRMHVWURQ\Z]RUFRZH
ZWUDNFLHG]LDDQLD5HDOL]DFMDWDNLHJR]DGDQLDZ\PDJDGRGDQLDQDVWSX
MFHJRNRGXZ]GDU]HQLX2TG+PKVVWURQ\]]DZDUWR FL
2TQVGEVGF5WD2CIGA2TG+PKV
$[8CNUGPFGT#U1DLGEVA
$[8CNG#U5[UVGO'XGPV#TIUA
*CPFNGU/G2TG+PKV
+H
4GSWGUV$TQYUGT+U$TQYUGT
+'6JGP
/CUVGT2CIG(KNG/CUVGT2CIGOCUVGT
'NUG+H
4GSWGUV$TQYUGT+U$TQYUGT
/Q\KNNC6JGP
/CUVGT2CIG(KNG/CUVGT2CIGA(KTG(QZOCUVGT
'NUG
/CUVGT2CIG(KNG/CUVGT2CIGA1VJGTUOCUVGT
'PF+H
'PF5WD

:SRZ\ V]\PNRG]LH]DNDGDVL HSRVLDGDV]WU]\U QHVWURQ\Z]RU

FRZH0DVWHU3DJHPDVWHUGODSU]HJOGDUNL,QWHUQHW([SORUHU0DVWHU3D
JHB)LUH)R[PDVWHUGODSU]HJOGDUNL)LUHIR[RUD]0DVWHU3DJHB2WKHUVPD
VWHUGODLQQ\FKSU]HJOGDUHN1DVWURQLHVSUDZG]DVLW\SSU]HJOGDUNL
DQDVWSQLHVWRVXMHRGSRZLHGQLVWURQZ]RUFRZ


5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

3R]DSU]HF]DQLHPSURJUDPRZ\PVWURQ\Z]RUFRZHMLVWQLHMHUZQLH
WDNLVSRVE
"2CIG.CPIWCIG8$
/CUVGT2CIG(KNG`/CUVGT2CIGA1VJGTUOCUVGT
KG/CUVGT2CIG(KNG`/CUVGT2CIGOCUVGT
OQ\KNNC/CUVGT2CIG(KNG`/CUVGT2CIGA(KTG(QZOCUVGT


:LFHMLQIRUPDFML
6FRWW*XWKULH3URGXFW0DQDJHU$631(7Z0LFURVRIFLHQDSLVDEORJRW\P
ZMDNLVSRVE]PLHQLDVWURQ\Z]RUFRZHZ]DOH QR FLRGW\SXSU]HJOGDUNL
7HNVWZM]\NXDQJLHOVNLPMHVWGRVWSQ\SRGDGUHVHPKWWSEORJVPVGQ
FRPVFRWWJXDUFKLYHDVS[

0RG\ILNDFMDVWURQ\Z]RUFRZHM
ZWUDNFLHG]LDDQLD
.LHG\IRUPXODU]:HE)RUPNRU]\VWDMF\]HVWURQ\Z]RUFRZHMMHVWZF]\W\
ZDQ\ZWUDNFLHG]LDDQLDZ\ ZLHWOD]DZDUWR VWURQ\Z]RUFRZHMUD]HP
]ZDVQ]DZDUWR FL-HGQDN H]GDU]DMVLV\WXDFMHJG\FKFHV]]PRG\
ILNRZDF] VWURQ\Z]RUFRZHMZWUDNFLHZF]\W\ZDQLDRNUH ORQHMVWURQ\
LQWHUQHWRZHM1DSU]\NDGQDZLWU\QLH2 5HLOO\1HWZRUNKWWSZZZRUHLOO\
QHWFRPQDVWURQDFKQDOH F\FKGRSRGZLWU\Q\21'RWQHWZ\ ZLHWODVL
ZQDJZNDFKORJR21'RWQHWVNDF]F\GHOILQ]DPLDVWSRGVWDZRZHJRORJR
2 5HLOO\1HWZRUN1DVWURQDFKQDOH F\FKGRLQQ\FKSRGZLWU\QQS3HUO
FRPF]\21/DPSFRPMHVWSRGREQLH

9[ Q_f
Y[PeRUW[cM
fMcM^`[ _`^[Ze
cf[^O[cQV`MWMNe
\M_[cM M`QYM`QY
P[ce cUQ`XMZQV
_`^[Ze

-DNWRRVLJQ"
$E\GRZLHG]LHVLZMDNLVSRVEVWURQDZ]RUFRZDPR HE\PRG\ILNR
ZDQDZORFLHGRGDP\VWURQGRQDV]HJRSRSU]HGQLHJRSURMHNWX]REDF]
SRGUR]G]LD 8 \FLHVWURQ\Z]RUFRZHMMDNRV]DEORQXVWURQ\]LQIRUPDFMD
PL 6WURQDWDEG]LHX \ZD0DVWHU3DJHPDVWHUL]PLHQLSR]DDGRZD
QLXREUD]HNVWURQ\Z]RUFRZHM]ORJR2 5HLOO\1HWZRUNQDREUD]HN]ORJR
21'RWQHW

0RG\ILNDFMDVWURQ\Z]RUFRZHMZWUDNFLHG]LDDQLD



 'R SURMHNWX XWZRU]RQHJR Z SRSU]HGQLP ZLF]HQLX GRGDM QRZ\ IRU

PXODU]:HE)RUPNOLNQLMSUDZ\PSU]\FLVNLHPP\V]\QD]ZSURMHNWX
Z RNQLH 6ROXWLRQ ([SORUHU Z\ELHU] RSFM $GG 1HZ ,WHP  D QD
VWSQLH]D]QDF]:HE)RUP8SHZQLMVL H]RVWDR]D]QDF]RQHSROH
6HOHFWPDVWHUSDJHZGROQHMF] FLRNQDGLDORJRZHJR)RUPXODU]RZL
:HE)RUPQDGDMQD]Z21'RWQHWDVS[LNOLNQLMSU]\FLVN$GG

 =D]QDF]0DVWHU3DJHPDVWHUMDNRVWURQZ]RUFRZ
 =DSHQLMIRUPXODU]:HE)RUP21'RWQHWDVS[WHNVWHPU\VXQHN

5\VXQHN)RUPXODU]:HE)RUP21'RWQHWDVS[]GRF]RQ\PWHNVWHP
 3U]HF]VLGRZLGRNX6RXUFH9LHZL]DG\UHNW\Z 2CIGZVWDZG\

UHNW\Z /CUVGT6[RG'\UHNW\ZD /CUVGT6[RGSR]ZDOD&LQDZVND]DQLH

FL OH RNUH ORQHJR RGZRDQLD GRVWURQ\ Z]RUFRZHM ]DWHP PR HV]
X]\VNDGRVWSGRMHM]DZDUWR FLWDNLFKMDNSXEOLF]QHZD FLZR FL
LPHWRG\
"2CIG.CPIWCIG8$/CUVGT2CIG(KNG`/CUVGT2CIGOCUVGT
#WVQ'XGPV9KTGWRHCNUG%QFG(KNG1P&QVPGVCURZXD
+PJGTKVU10&QVPGVACURZVKVNG7PVKVNGF2CIG
"/CUVGT6[RG8KTVWCN2CVJ`/CUVGT2CIGOCUVGT


 :XNU\W\PNRG]LHVWURQ\Z]RUFRZHM0DVWHU3DJHPDVWHUYEZVWDZ

SXEOLF]QPHWRG UGV.KPM%QNQT
']LNLGRGDQLXGRVWURQ\Z]RU
FRZHM WHM SXEOLF]QHM PHWRG\ EG]LHV] PJ QD VWURQDFK ] LQIRUPD
FMDPLSURJUDPRZRXVWDZLNRORUU Q\FKNRQWUROHN.KPM$WVVQP



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

+ORQTVU5[UVGO&TCYKPI
2CTVKCN%NCUU/CUVGT2CIGAOCUVGT
+PJGTKVU5[UVGO9GD7+/CUVGT2CIG

.PfUQ_fYa_UM a e
Y[PeRUWM`[^M\aNXUO
\^fePQRUZU[cMZUa
YQ`[Pe
_Q`8UZW/[X[^
c\^fQOUcZeY
^MfUQ_`^[ZM
fUZR[^YMOVMYU
ZUQNPfUQc_`MZUQ
S[cec[ M

2WDNKE5WDUGV.KPM%QNQT
$[8CNEVTN#U5VTKPIA
$[8CNNPM%QNQT#U%QNQT
5GNGEV%CUGEVTN
%CUG/CE&GX%GPVGT
NPM/CE&GX%GPVGT(QTG%QNQTNPM%QNQT
%CUG10&QVPGV
NPM10&QVPGV(QTG%QNQTNPM%QNQT
%CUG/Q\KNNC&GX%GPVGT
NPM/Q\KNNC&GX%GPVGT(QTG%QNQTNPM%QNQT
%CUG10.COR
NPM10.COR(QTG%QNQTNPM%QNQT
'PF5GNGEV
'PF5WD
'PF%NCUU

 :XNU\W\PNRG]LHGOD21'RWQHWDVS[21'RWQHWDVS[YEXPLH

QDVWSXMFHJR]GDU]HQLD2CIGA.QCF

NRG

5WD2CIGA.QCF
$[8CNUGPFGT#U1DLGEVA
$[8CNG#U5[UVGO'XGPV#TIUA
*CPFNGU/G.QCF
 <OKG MQNQTQFPQ PKMC
/CUVGTUGV.KPM%QNQT
10&QVPGV&TCYKPI%QNQT;GNNQY
 <OKG V[VW 
/CUVGT2CIG*GCFGT6KVNGA
-QPHGTGPELG1 4GKNN[KRCTVPGTY
 <OKG QDTC\GM
&KOOCUVGT+OCIG#U+OCIG
OCUVGT+OCIG%6[RG
/CUVGT(KPF%QPVTQN
KOI6KVNGA
+OCIG
+H0QV
OCUVGT+OCIG+U0QVJKPI6JGP
OCUVGT+OCIG+OCIG7TN+OCIGUQPFQVPGVANQIQIKH
'PF+H
'PF5WD

! 8

\MHV]ZD FLZR FL /CUVGTDE\SREUDRGZRDQLHGRVWURQ\Z]RUFR

ZHM:SLHUZV]HMNROHMQR FL]PLHQLV]NRORUNRQWURONL21'RWQHWFRP
.KPM$WVVQPSU]H]Z\ZRDQLHPHWRG\ UGV.KPM%QNQT
1DVWSQLHSU]\
X \FLXZD FLZR FL0DVWHU3DJH+HDGHU7LWOH]PLHQLV]W\WXVWURQ\
1DNRFX]PLHQLV]REUD]HNORJRQDVWURQLHZ]RUFRZHMNRU]\VWDMF
]PHWRG\(KPF%QPVTQN


0RG\ILNDFMDVWURQ\Z]RUFRZHMZWUDNFLHG]LDDQLD



B>6,EB6,
:D FLZR  /CUVGT MHVW VSHFMDOQ ZD FLZR FL XMDZQLRQ SU]H]
IRUPXODU]:HE)RUPSRQLHZD REVXJXMHGRVWSGRVWURQ\Z]RUFRZHM
:U]HF]\ZLVWR FLND GDVWURQDPR HX]\VNDGRVWSGRZD FLZR FL
/CUVGTMHGQDN HMHVWWRVHQVRZQHMHG\QLHZSU]\SDGNXJG\VWURQD
NRU]\VWD]HVWURQ\Z]RUFRZHM
" 1DFL

QLMNODZLV])LSU]HWHVWXMDSOLNDFM:SLHUZV]HMNROHMQR FL]DD
GXM'HIDXOWDVS[DQDVWSQLHNOLNQLMRGQR QLNGR21'RWQHWFRPE\
ZF]\WD21'RWQHWDVS[1DU\VXQNXSRND]DQRU QLFHPLG]\
W\PLGZLHPDVWURQDPL

5\VXQHN:\ ZLHWOHQLHVWURQ'HIDXOWDVS[RUD]21'RWQHWDVS[

-DNWRG]LDD"
,VWQLHMGZDVSRVRE\PRG\ILNRZDQLD]DZDUWR FLVWURQ\Z]RUFRZHMZWUDNFLH
G]LDDQLD0R HV]WRRVLJQ
 :\ZRXMFSXEOLF]QHPHWRG\LXVWDZLDMFSXEOLF]QHZD FLZR FLVWURQ\
Z]RUFRZHM
 8 \ZDMFPHWRG\ (KPF%QPVTQN
ZD FLZR FL /CUVGTGRRGQDOH]LH
QLDNRQWUROHNQDVWURQLHDQDVWSQLHZ\ZRXMFPHWRG\LXVWDZLDMF
ZD FLZR FLW\FKNRQWUROHN


5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

: > ? = E 0 0940
:D FLZR /CUVGTMHVWSRSUDZQDMHG\QLHQDVWURQDFKNWUHRGZRXM
VLGRVWURQ\Z]RUFRZHMZDWU\EXFLH /CUVGT2CIG(KNGG\UHNW\Z\ 2CIG
-H OLVSUEXMHV]RGZRDVLGRZD FLZR FL/CUVGTQDVWURQLHNWUD
QLH ]DZLHUD RGZRDQLD GR VWURQ\ Z]RUFRZHM WR ]RVWDQLH ]JRV]RQ\
Z\MWHN0WNN4GHGTGPEG'ZEGRVKQP

*G]LHW\ONRMHVWWRPR OLZHSRZLQLHQH X \ZDSLHUZV]HMPHWRG\NWUD

XMDZQLDSXEOLF]QHZD FLZR FLLPHWRG\VWURQ\Z]RUFRZHM7DNLHSRGHM FLH
MHVWEDUG]LHMHIHNW\ZQ\P VSRVREHP ]PLDQ\ NRQWUROHNQDVWURQLH Z]RU
FRZHMSRQLHZD NRU]\VWDVLWX]ZF]HVQ\FKZL]DLSU]H]WRNRQWURONL
V FL OHRNUH ORQH
%\ PRJR GRM  GR X \FLD ZF]HVQ\FK ZL]D VWURQD Z]RUFRZD PXVL
XMDZQLVZRMHSXEOLF]QHPHWRG\LZD FLZR FLMDNZNURNXWDNDE\
VWURQD]WUH FLPRJDMHXVWDZLOXEX]\VNDGRQLFKGRVWSZWUDNFLH
G]LDDQLD : QDV]\P ZLF]HQLX XMDZQLH  SXEOLF]Q PHWRG R QD]ZLH
UGV.KPM%QNQT
QDVWURQLH0DVWHU3DJHPDVWHU=PLDQDNRORUXNRQWURONL
.KPM$WVVQPQDVWURQLHZ]RUFRZHMZWUDNFLHG]LDDQLDZ\PDJDZ\ZRDQLD
PHWRG\UGV.KPM%QNQT
Z]GDU]HQLX2CIGA.QCFVWURQ\]WUH FL

A eOUQcOfQ_ZeOT
cUfM SPe`eXW[
VQ_``[Y[ XUcQ
fZMOfZUQa\^M_fOfM
\^[S^MY[cMZUQ
U[S^MZUOfM
Y[ XUc[
\[c_`McMZUM
N Pc

:SU]\SDGNXGUXJLHMPHWRG\RGQDMGXMHV]NRQWURONLNWUHFKFHV]PRG\
ILNRZDQDVWURQLHZ]RUFRZHMSU]\X \FLXPHWRG\ (KPF%QPVTQN
ZD
FLZR FL /CUVGT1DVWSQLHGRVWDUF]DV]QD]ZLW\SNRQWURONLSU]H]QD
F]RQHM GR PRG\ILNDFML *G\ NRQWUROND ]RVWDQLH ]ORNDOL]RZDQD PR HV]
]PLHQLMHMZD FLZR FLWDNMDNE\E\DRQDRELHNWHPORNDOQ\P7HFKQLND
WD]RVWDDSU]HGVWDZLRQDZSRQL V]\PIUDJPHQFLHNRGXNWU\ORNDOL]XMH
NRQWURON+OCIGQDVWURQLHZ]RUFRZHML]DVWSXMHMQRZ\PSOLNLHPJLI]D
ZLHUDMF\PORJR21'RWQHW
&KOOCUVGT+OCIG#U+OCIG
OCUVGT+OCIG%6[RG
/CUVGT(KPF%QPVTQN
KOI6KVNGA
+OCIG
+H0QV
OCUVGT+OCIG+U0QVJKPI6JGP
OCUVGT+OCIG+OCIG7TN+OCIGUQPFQVPGVANQIQIKH
'PF+H

7HFKQLNDWDZ\NRU]\VWXMHS QHZL]DQLDZX]\VNDQLXGRVWSXGRNRQ
WUROHNQDVWURQLHZ]RUFRZHMSRQLHZD PXVLV]Z\UD QLHSU]HNRQZHUWR
ZDNRQWURONL]QDOH]LRQHZWUDNFLHG]LDDQLDQDSR GDQ\W\S

9Q`[PM
2UZP/[Z`^[Xa ecM
\ ZeOTcUfM 
\[POfM_SPe
fM_`[_[cMZUQ
c M OUc[ OU
\aNXUOfZeOT\[_UMPM
fMXQ`ecOfQ_ZeOT
cUfM UVQ_` OU XQ
[W^Q X[ZQ

0RG\ILNDFMDVWURQ\Z]RUFRZHMZWUDNFLHG]LDDQLD



$FR
]X]\VNDQLHPGRVWSXGRG\QDPLF]QLHWZRU]RQ\FKNRQWUROHNSRGF]DV
DGRZDQLDVWURQ\Z]RUFRZHM"
1DSU]\NDGVWURQDZ]RUFRZDPR HZ\ ZLHWODGRGDWNRZHLQIRUPDFMH
]RVWDWQLHMFKZLOLG]LNLG\QDPLF]QHPXWZRU]HQLXNRQWURONL .CDGN/LF]
EDJHQHURZDQ\FKQRZ\FKNRQWUROHNMHVWX]DOH QLRQDRGLOR FLLQIRUPDFML
]RVWDWQLHMFKZLOL
=DOHW XF]\QLHQLD PHWRG L ZD FLZR FL SXEOLF]Q\PL QD VWURQLH Z]RUFR
ZHM MHVW WR H PR HV] X \ ZF]HVQ\FK ZL]D FR R]QDF]D PR OLZR
VNRU]\VWDQLD ] SRPRF\ PHFKDQL]PX ,QWHOOL6HQVHSRGSRZLDGDMFHJRLFK
QD]Z\RUD]SROHJDQLDQDNRPSLODWRU]HVSUDZG]DMF\PLFKW\S\ZWUDN
FLHNRPSLODFML
8MDZQLHQLHSXEOLF]Q\FKZD FLZR FLQLHMHVWPR OLZHGODNRQWUROHNNWUH
VJHQHURZDQHG\QDPLF]QLHQDVWURQLHZ]RUFRZHM']LHMHVLWDNSRQLH
ZD PXVLV]]GHF\GRZDNWUHPHWRG\LZD FLZR FLXMDZQLZWUDNFLH
SURMHNWRZDQLD
:WDNLPSU]\SDGNXSRZLQLHQH XFLHFVLGRS Q\FKZL]DNRU]\VWDMF
]RSLVDQHMZF]H QLHMZSXQNFLH -DNWRG]LDD" PHWRG\(KPF%QPVTQN


:LFHMLQIRUPDFML
$E\GRZLHG]LHVLZLFHMQDWHPDWZF]HVQ\FKLS Q\FKZL]DRUD]
]DOHW L ZDG ND GHJR] W\FK UR]ZL]D SU]HMU]\M QDVWSXMF\ WHPDW SR
PRF\ Z ELEOLRWHFH 06'1 KWWSPVGQPLFURVRIWFRPOLEUDU\GHIDXOWDVS"
XUO OLEUDU\HQXVYEFQKWPOYDFRQHDUO\ODWHELQGLQJDVS
@c[Ua e`W[cZUOe
ZUQfSaNU_UZUSPe
cUOQVVQ XU
a`c[^fe_fYM\
cU`^eZePXM_c[VQV
cU`^eZe
UZ`Q^ZQ`[cQV



7ZRU]HQLHPDS\ZLWU\Q\
GODVZRMHMZLWU\Q\LQWHUQHWRZHM
-H OL7ZRMDZLWU\QDLQWHUQHWRZDQLH]DZLHUDW\ONRMHGQHMVWURQ\LQWHUQH
WRZHMPXVLV]]QDOH VSRVEQDXPR OLZLHQLHX \WNRZQLNRPQDZLJDFML
SRPLG]\VWURQDPLQDZLWU\QLH:$631(7]QDMGXMVLF]WHU\QRZH

5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

NRQWURONL NWUH XDWZLDM ZGUR HQLH QDZLJDFML QD ZLWU\QLH 7\PL NRQ
WURONDPLV
5KVG/CR&CVC5QWTEG

.RQWURONDNWUDSU]HGVWDZLDPDSZLWU\Q\0DSDZLWU\Q\MHVWSOL
NLHP;0/NWU\RSLVXMHORJLF]QVWUXNWXUZLWU\Q\LQWHUQHWRZHMRUD]
]ZL]NLSRPLG]\VWURQDPL.RQWUROND 5KVG/CR&CVC5QWTEGQLHMHVWZL
GRF]QDSR]DDGRZDQLXVWURQ\-HMUROMHVWG]LDDQLHMDNRGRVWDZFD
LQIRUPDFMLRZLWU\QLHSREUDQ\FK]SOLNXPDS\ZLWU\Q\GRNRQWURONL
5KVG/CR2CVJ

5KVG/CR2CVJ

:L]XDOQDNRQWURONDSU]HGVWDZLDMFD FLH NGRELH FHMVWURQ\

/GPW

:L]XDOQD NRQWUROND Z\ ZLHWODMFD LQIRUPDFMH Z IRUPLH PHQX

.RQWUROND/GPWREVXJXMHZL]DQLHGDQ\FKGRPDS\ZLWU\Q\

6TGG8KGY

:L]XDOQD NRQWUROND Z\ ZLHWODMFD LQIRUPDFMH Z KLHUDUFKLF]QHM VWUXN

WXU]H.RQWUROND6TGG8KGYREVXJXMHZL]DQLHGDQ\FKGRPDS\ZLWU\Q\
: SR]RVWD\FK ZLF]HQLDFK WHJR UR]G]LDX QDXF]\V] VL MDN X \ZD
W\FKNRQWUROHNDE\XDWZLX \WNRZQLNRPQDZLJDFMQD7ZRMHMZLWU\QLH
:SLHUZV]HMNROHMQR FLSU]\MU]\MP\VLEOL HMNRQWURONRP 5KVG/CR&CVC
5QWTEGRUD]5KVG/CR2CVJ

-DNWRRVLJQ"
:W\PZLF]HQLXGRZLHV]VLZMDNLVSRVEX \NRQWURONL5KVG/CR2CVJ
ZUD]]SOLNLHP:HEVLWHPDSGRZ\ ZLHWOHQLD FLH HNQDZLJDFMLQDVWUR
QDFK7ZRMHMZLWU\Q\3RSLHUZV]HXWZRU]\V]DSOLNDFMVLHFLRZNRU]\
VWDMF]HVWURQ\Z]RUFRZHM.LHG\VWURQDZ]RUFRZDMHVWX \ZDQDMDNR
V]DEORQGODZV]\VWNLFKLQQ\FKVWURQQDZLWU\QLHMHVWRQDGREU\PPLHM
VFHPGRXPLHV]F]HQLDPDS\ZLWU\Q\LNRQWUROHNNWUHSR]ZDODMX \W
NRZQLNRPQDRGQDOH]LHQLHVL']LHMHVLWDNSRQLHZD WHJRW\SXLQIRU
PDFMDEG]LHZLGRF]QDQDND GHMVWURQLHRGZLHG]DQHMSU]H]X \WNRZQLND
8WZRU]\V]SOLNPDS\ZLWU\Q\RSLVXMF\ORJLF]QH]ZL]NLSRPLG]\VWURQD
PLZLWU\Q\DQDVWSQLHGRGDV]NRQWURON5KVG/CR2CVJGRVWURQ\Z]RUFRZHM

7ZRU]HQLHPDS\ZLWU\Q\GODVZRMHMZLWU\Q\LQWHUQHWRZHM



3R]ZROLWRX \WNRZQLNRP]REDF]\ZNWU\PPLHMVFXZKLHUDUFKLLVL
]QDMGXMRUD]SU]HQRVLVL ZJU L ZG  FLH NLLFKELH FHMVWURQ\
 8UXFKRP9LVXDO6WXGLRLXWZU]QRZDSOLNDFMVLHFLRZ$63
9M\McU`^eZeVQ_`
P[WaYQZ`QYD98
[\U_aVOeYX[SUOfZe
^[fW MPcU`^eZe
UZ`Q^ZQ`[cQV

1(7=DSLV]WHQSURMHNWSRGQD]Z&?$631(7?5R]G]LDO
1DYLJDWLRQ

 :RNQLH6ROXWLRQ([SORUHUGRF]PDSZLWU\Q\GRDSOLNDFMLSU]H]NOLN

QLFLHSUDZ\PSU]\FLVNLHPP\V]\QD]Z\SURMHNWXDQDVWSQLHZ\
EUDQLH]PHQXRSFML$GG1HZ,WHP6LWH0DSU\VXQHN

5\VXQHN'RF]HQLHPDS\ZLWU\Q\GRSURMHNWX
 =DSHQLMSOLN:HEVLWHPDS

QDOLVWLQJX

RWZU]JRLZSLV]NRGSU]HGVWDZLRQ\

B>6,EB6,
3DPLWDMRVSUDZG]HQLXF]\7ZMGRNXPHQW;0/:HEVLWHPDSMHVW
GREU]H]EXGRZDQ\W]QF]\GRNXPHQWRGSRZLDGD]DVDGRP;0/D
1DMDWZLHMV]\PVSRVREHPSU]HSURZDG]HQLDZHU\ILNDFMLMHVW]DDGRZD
QLHGRNXPHQWXZSU]HJOGDUFH,QWHUQHW([SORUHU MH HOLQLHEG]LH
GREU]H]EXGRZDQ\SU]HJOGDUND&LRW\PSRLQIRUPXMH



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

/LVWLQJ3OLN:HEVLWHPDS
!ZONXGTUKQPGPEQFKPIWVH!
UKVG/CR
UKVG/CR0QFGWTNOCKPCURZ
VKVNG5VTQPCI YPC9KPFQYU/QDKNG
FGUETKRVKQP5VTQPCI YPC9KPFQYU/QDKNGTQNGU
UKVG/CR0QFGWTNYJCVKUYKPOQDKNGCURZ
VKVNG%\[OLGUV9KPFQYU/QDKNG
FGUETKRVKQP%\[OLGUV9KPFQYU/QDKNGTQNGU
UKVG/CR0QFGWTNYKPFQYUOQDKNGQXGTXKGYCURZ
VKVNG1INP[QRKU9KPFQYU/QDKNG
FGUETKRVKQP1INP[QRKU9KPFQYU/QDKNG
TQNGU
UKVG/CR0QFGWTNEQORCTGFGXKEGUCURZ
VKVNG2QTYPCLWT\F\GPKC
FGUETKRVKQP2QTYPCLWT\F\GPKCTQNGU
UKVG/CR0QFGWTNUQHVYCTGCURZ
VKVNG2Q\PCLQRTQITCOQYCPKG
FGUETKRVKQP2Q\PCLQRTQITCOQYCPKG
TQNGU
UKVG/CR0QFGWTNHCSCURZ
VKVNG(#3
FGUETKRVKQP(#3
TQNGU
UKVG/CR0QFG
UKVG/CR0QFGWTNFGXKEGUCURZVKVNG7T\F\GPKC
FGUETKRVKQP7T\F\GPKCTQNGU
UKVG/CR0QFGWTNFQYPNQCFUCURZVKVNG%GPVTWORQDKGTCPKC
FGUETKRVKQP%GPVTWORQDKGTCPKCTQNGU
UKVG/CR0QFGWTNJQYVQCURZ
VKVNG2QOQE
FGUETKRVKQP2QOQETQNGU
UKVG/CR0QFGWTNEQOOWPKVKGUCURZ
VKVNG5RQ GE\PQ 
FGUETKRVKQP5RQ GE\PQ TQNGU
UKVG/CR0QFGWTNGXGPVUCURZ
VKVNG0QYQ EKKY[FCT\GPKC
FGUETKRVKQP0QYQ EKKY[FCT\GPKCTQNGU
UKVG/CR0QFGWTN#FOKPKUVTCVQT#FOKPCURZ
VKVNG#FOKPKUVTCVQT
FGUETKRVKQP#FOKPKUVTCVQTTQNGU
UKVG/CR0QFG
UKVG/CR

3OLN:HEVLWHPDSSRSURVWXRSLVXMHORJLF]Q\UR]NDGZLWU\Q\1LHPD
]XSHQLH ]QDF]HQLD JG]LH IL]\F]QLH V SU]HFKRZ\ZDQH U QH SOLNL
=ZUXZDJ HVFKHPDWGRNXPHQWXMHVWSURVW\HOHPHQW\V]DJQLH 
G RQHLORJLF]QLHSRJUXSRZDQH
 .D

G\HOHPHQWUKVG/CR0QFG SRVLDGDF]WHU\DWU\EXW\
7ZRU]HQLHPDS\ZLWU\Q\GODVZRMHMZLWU\Q\LQWHUQHWRZHM



VKVNG

7HNVWZ\ ZLHWODQ\ZND G\PZ OHNRQWURONL 5KVG/CR2CVJ 6TGG

8KGYOXE/GPW

FGUETKRVKQP

7HNVWSRPRF\Z\ ZLHWODQ\SRQDMHFKDQLXP\V]QDZ]HZNRQ
WUROFH5KVG/CR2CVJ6TGG8KGYOXE/GPW

TQNGU

5RODOXEUROHGODNWU\FKGDQ\Z]HMHVWZ\ ZLHWODQ\

WTN

$GUHV85/GRNWUHJREG]LHP\SU]HQLHVLHQLSRNOLNQLFLXZ]D
ZNRQWUROFH5KVG/CR2CVJ6TGG8KGYOXE/GPW
B>6,EB6,
=ZUXZDJ HZDUWR FLND GHJRDWU\EXWXWTNZHOHPHQFLHUKVG
PXV]E\XQLNDWRZH

/CR0QFG

 'RGDMQRZ\NDWDORJGRSURMHNWXLQD]ZLMJR +OCIGUNOLNQLMSUDZ\P

SU]\FLVNLHPP\V]\QD]ZSURMHNWXZRNQLH6ROXWLRQ([SORUHULZ\
ELHU]$GG)ROGHU5HJXODU)ROGHU6NRSLXMREUD]NLSRND]DQHQDU\VXQNX
 GR NDWDORJX &?$631(7?5R]G]LDO1DYLJDWLRQ?,PDJHV :\
NRU]\VWDV]MHQDVWURQLHZ]RUFRZHMGODWHMZLWU\Q\

 1DVWSQ\PNURNLHPMHVWGRF]HQLHQRZHMVWURQ\Z]RUFRZHMGRSUR

MHNWX=DSHQLMVWURQZ]RUFRZNRQWURONDPLSRND]DQ\PLQDU\VXQ
NX6WURQDZ]RUFRZDMHVWLGHDOQ\PPLHMVFHPGRXPLHV]F]HQLD
NRQWURONL 5KVG/CR2CVJSRQLHZD ZV]\VWNLHNRQWURONLXPLHV]F]RQH
QDWHMVWURQLHVZLGRF]QHQDND GHMVWURQLHNWUD]QLHMG]LHG]LF]\
:UH]XOWDFLHRWU]\PDV] FLH NQDZLJDFMLZLWU\Q\Z\ ZLHWORQSU]H]
NRQWURON5KVG/CR2CVJLZLGRF]QQDZV]\VWNLFKVWURQDFK

! 'RGDMQRZ\IRUPXODU]:HE)RUPGRSURMHNWXLQD]ZLMJR /CKPCURZ

8SHZQLMVL HRSFMD6HOHFWPDVWHUSDJH]RVWDD]D]QDF]RQDLZ\ELHU]
VWURQZ]RUFRZXWZRU]RQZSRSU]HGQLPNURNXU\VXQHN

" =DSHQLMVWURQ0DLQDVS[]DZDUWR



FLSRND]DQQDU\VXQNX

5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

5\VXQHN2EUD]NLZNDWDORJX,PDJHV

5\VXQHN=DSHQLHQLHVWURQ\Z]RUFRZHM

7ZRU]HQLHPDS\ZLWU\Q\GODVZRMHMZLWU\Q\LQWHUQHWRZHM



5\VXQHN:\EUVWURQ\Z]RUFRZHMGODIRUPXODU]D:HE)RUP

5\VXQHN6WURQD0DLQDVS[
# 1DVWSQLHGRGDMLQQ\IRUPXODU]:HE)RUPGRZLWU\Q\LQD]ZLMJR

9KPFQYUOQDKNGQXGTXKGYCURZ =DSHQLM IRUPXODU] ]DZDUWR

]DQQDU\VXQNX

FL SRND

 $E\ SU]HWHVWRZD VWURQ\ QDFL

QLM NODZLV] ) L ZF]\WDM VWURQ 0D

LQDVS[ RUD]:LQGRZVPRELOHRYHUYLHZDVS[ 3RZLQQD E\ ZLGRF]QD
FLH NDQDZLJDF\MQDSRND]DQDQDU\VXQNX

-DNWRG]LDD"
.RQWUROND 5KVG/CR2CVJGRP\ OQLHRGF]\WXMH]DZDUWR SOLNX:HEVLWHPDS
LZ\ ZLHWOD FLH NQDZLJDF\MQZLWU\Q\SURZDG]FGRDNWXDOQLHZ\
ZLHWODQHMVWURQ\



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

5\VXQHN6WURQD:LQGRZVPRELOHRYHUYLHZDVS[

5\VXQHN7HVWRZDQLHNRQWURONL6LWH0DS3DWK
B>6,EB6,
3DPLWDM H NRQWUROND 5KVG/CR2CVJ Z\ ZLHWOD VZRM LQIRUPDFM
R FLH FH QD SRGVWDZLH WHJR FR ]QDMGXMH VL Z SOLNX :HEVLWHPDS
1LHPXVLWRNRQLHF]QLHR]QDF]D H WDND MHVW IL]\F]QD RUJDQL]DFMD
ZLWU\Q\ -H HOL ]DZDUWR  SOLNX :HEVLWHPDS QLH RG]ZLHUFLHGOD
7ZRMHM DNWXDOQHM VWUXNWXU\ ZLWU\Q\ LQIRUPDFMH Z\ ZLHWODQH SU]H]
NRQWURON5KVG/CR2CVJEGUZQLH QLHSUDZLGRZH

7ZRU]HQLHPDS\ZLWU\Q\GODVZRMHMZLWU\Q\LQWHUQHWRZHM



=DXZD  HZ$631(7MHVWGRVWSQ\W\ONRMHGHQGRVWDZFDPDS\
ZLWU\Q\ :ON5KVG/CR2TQXKFGT2GF]\WXMHRQLQIRUPDFMHQDWHPDWPDS\ZL
WU\Q\ ]H ]GHILQLRZDQHJR GRNXPHQWX ;0/ NWU\P GRP\ OQLH MHVW SOLN
:HEVLWHPDS
-H OLPXVLV]]PLHQLGRP\ OQQD]ZSOLNXPDS\ZLWU\Q\PR HV]WR
]URELSRSU]H]SOLN:HEFRQILJ/LVWLQJSRND]XMHZMDNLVSRVEPR
HV]GRNRQDZ\UHMHVWURZDQLDGRP\ OQHJR :ON5KVG/CR2TQXKFGTLSRQRZ
QHJR]DUHMHVWURZDQLDJR]LQQQD]ZSOLNXPDS\ZLWU\Q\0\VLWHPDS
PR HV]UZQLH ]DUHMHVWURZDQRZHJRGRVWDZFPDS\ZLWU\Q\QDSU]\
NDGQDSLVDQHJRVDPRG]LHOQLHSU]H]&LHELH
/LVWLQJ=PLDQDGRP\ OQHMPDS\ZLWU\Q\ZSOLNX:HEFRQILJ

C^[fPfUMXQ!
\^fQMZMXUfaVQYe
NM^PfUQV
_fOfQS [c[Y[PQX
P[_`McOeW`^e
VQ_`Z[c[ OU
c-?<:1@

EQPHKIWTCVKQP
U[UVGOYGD
UKVG/CR
RTQXKFGTU
TGOQXGPCOG#UR0GV:ON5KVG/CR2TQXKFGT
CFFPCOG#UR0GV:ON5KVG/CR2TQXKFGT
V[RG5[UVGO9GD:ON5KVG/CR2TQXKFGT
5[UVGO9GD8GTUKQP
%WNVWTGPGWVTCN
2WDNKE-G[6QMGPDHHHFCC
UKVG/CR(KNG/[UKVGOCR
RTQXKFGTU
UKVG/CR
U[UVGOYGD
EQPHKIWTCVKQP

B>6,EB6,
-H HOLXWZRU]\H VZMZDVQ\RELHNW5KVG/CR2TQXKFGTGRVWDZF\PDS\
]PLHZD FLZR 5KVG/CR2TQXKFGTNRQWURONL5KVG/CR2CVJQDQD]Z
7ZRMHJRRELHNWX

$FR
]GRVWRVRZDQLHPGRZDVQ\FKSRWU]HENRQWURONL6LWH0DS3DWK"
'RP\ OQ\ZLGRNNRQWURONL 5KVG/CR2CVJZ\ ZLHWOD FLH NQDZLJDF\MQ
X \ZDMFDFXFKD]DZDUWHJRZW\WXOHDWU\EXWXHOHPHQWX UKVG/CR0QFG 
NWU\]QDMGXMHVLZSOLNXPDS\ZLWU\Q\.D GD FLH NDQDZLJDF\MQDMHVW
UR]G]LHORQDSU]H]]QDN 


5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

0R HV]RNUH OLZDVQ\Z\JOGLG]LDDQLHNRQWURONL 5KVG/CR2CVJSU]H]

GRGDQLHGRQLHMLQIRUPDFMLRVW\OX'RVWRVRZDQLHGRZDVQ\FKSRWU]HENRQ
WURONL 5KVG/CR2CVJ SU]HSURZDG]DV] SU]HF]DMF VL GR ZLGRNX 6RXUFH
9LHZVWURQ\NWUD]DZLHUDNRQWURONZQDV]\PSU]\NDG]LHMHVWWRVWURQD
Z]RUFRZD
/LVWLQJSU]HGVWDZLDZMDNLVSRVEXQLHZD QLGRP\ OQ\]QDNUR]
G]LHODMF\L]DPLHQLJRQDNRQWURON +OCIGX \W\SU]H]QDVREUD]HN]R
VWD]DSLVDQ\ZNDWDORJX,PDJHVDSOLNDFMLLQRVLQD]ZDUURZJLI.RG
SRZRGXMHUZQLH SRG ZLHWOHQLHELH FHM FLH NL]DSRPRFMDVQR]LHOR
QHJRNRORUXWD
/LVWLQJ'RVWRVRZDQLHGRZDVQ\FKSRWU]HENRQWURONL6LWH0DS3DWK
CUR5KVG/CR2CVJ+&5KVG/CR2CVJ
(QPV0COGICTCOQPF
(QPV5K\GRV4WP#VUGTXGT
%WTTGPV0QFG5V[NG*GKIJVRZ
$CEM%QNQT.KIJV)TGGP
(QPV$QNFVTWG
0QFG5V[NG*GKIJVRZ
2CVJ5GRCTCVQT6GORNCVG
+VGO6GORNCVG
CUR+OCIG+&+OCIG
+OCIG7TN`+OCIGUCTTQYIKH
4WP#VUGTXGT
+VGO6GORNCVG
2CVJ5GRCTCVQT6GORNCVG
CUR5KVG/CR2CVJ

1DU\VXQNX]RVWDRSRND]DQHMDNZ\JOGDNRQWUROND 5KVG/CR2CVJ
SRGRNRQDQ\FKSU]H]QDVPRG\ILNDFMDFK

5\VXQHN'RVWRVRZDQLHGRZDVQ\FKSRWU]HEZ\JOGXLG]LDDQLDNRQWURONL6LWH0DS3DWK

0R HV] UZQLH  SURJUDPRZR ]PRG\ILNRZD ZD FLZR FL NRQWURONL 5KVG

FLZR FL

/CR2CVJNRU]\VWDMF]QDVWSXMF\FKZD

7ZRU]HQLHPDS\ZLWU\Q\GODVZRMHMZLWU\Q\LQWHUQHWRZHM



2CVJ&KTGEVKQP

8VWDZLDSRU]GHNZMDNLPEGZ\ ZLHWODQH FLH NL'RP\ OQZDU

WR FLMHVW 4QQV6Q%WTTGPV  FLH NLZ\ ZLHWODQHVRGQDMZ\ V]HM
GRELH FHM$E\Z\ ZLHWOL FLH NLZRGZURWQHMNROHMQR FLXVWDZZDU
WR QD%WTTGPV6Q4QQV

2CVJ5GRCTCVQT

8VWDZLD]QDNUR]G]LHODMF\ FLH NL'RP\ OQLHMHVWWR]QDN 

4GPFGT%WTTGPV0QFG#U.KPM

:\ ZLHWODELH F FLH NMDNRRGQR QLN'RP\ OQLHPDXVWDZLRQ

ZDUWR (CNUG
]SURJUDPRZ\PX]\VNDQLHPGRVWSXGRLQIRUPDFMLRPDSLHZLWU\Q\"
-H HOLQLHX \ZDV]NRQWURONL 5KVG/CR2CVJPR HV]SURJUDPRZRX]\VND
GRVWSGRLQIRUPDFMLRPDSLHZLWU\Q\SU]H]6LWH0DS$3,]QDMGXMFHVL
Z SU]HVWU]HQL QD]Z 5[UVGO9GD5KVG/CR /LVWLQJ  XPLHV]F]RQ\
ZXNU\W\PNRG]LHVWURQ\Z]RUFRZHMSU]HGVWDZLDZMDNLVSRVEZ\
ZLHWOLSURJUDPRZRQDZLJDFMZLWU\Q\
/LVWLQJ3URJUDPRZHZ\ ZLHWODQLHLQIRUPDFMLRZLWU\QLH
2CTVKCN%NCUU/CUVGT2CIGAOCUVGT
5WD2CIGA.QCF
$[8CNUGPFGT#U1DLGEVA
$[8CNG#U5[UVGO'XGPV#TIUA
*CPFNGU/G.QCF
&KOO[%WTTGPV0QFG#U5KVG/CR0QFG
 2QDKGTCDKG E[Y\G 
O[%WTTGPV0QFG5KVG/CR%WTTGPV0QFG
 9[ YKGVNC EKG MPCYKICE[LP
&KORCVJ#U5VTKPIO[%WTTGPV0QFG6KVNG
9JKNGO[%WTTGPV0QFG2CTGPV0QFG+U0QV0QVJKPI
O[%WTTGPV0QFGO[%WTTGPV0QFG2CTGPV0QFG
RCVJ RCVJ
RCVJO[%WTTGPV0QFG6KVNGRCVJ
'PF9JKNG
4GURQPUG9TKVG
RCVJ
'PF5WD
'PF%NCUU



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

2SUF]ZD FLZR FL %WTTGPV0QFGLVWQLHMGRGDWNRZHZD FLZR FLGDMFH

GRVWSGRLQIRUPDFMLRPDSLHZLWU\Q\6WR
 5KVG/CR%WTTGPV0QFG2CTGPV0QFG
 5KVG/CR%WTTGPV0QFG2TGXKQWU5KDNKPI
 5KVG/CR%WTTGPV0QFG4QQV0QFG
 5KVG/CR%WTTGPV0QFG0GZV5KDNKPI
]XNU\ZDQLHPZ]ZSU]HGX \WNRZQLNDPLNWU]\QLH]RVWDOLXZLH
U]\WHOQLHQL"
-H HOL GRNDGQLH SU]HDQDOL]XMHV] SOLN :HEVLWHPDS ]DXZD \V] Z QLP
DWU\EXW TQNG:QDV]\PSU]\NDG]LHDWU\EXW TQNGMHVWXVWDZLRQ\MDNR
SXVW\ DFXFK 'RP\ OQLH NRQWUROND 5KVG/CR&CVC5QWTEG SRZRGXMH H
ZV]\VWNLHLQIRUPDFMHRZ]DFKZSOLNX:HEVLWHPDSVZLG]LDOQH-HG
QDN H]GDU]DMVLSU]\SDGNLZNWU\FKFKFLDE\ RJUDQLF]\Z\ ZLHWOD
QLHRNUH ORQ\FKZ]ZGRRNUH ORQHMJUXS\X \WNRZQLNZ1DSU]\NDG
]Z\NOLX \WNRZQLF\QLHSRZLQQL]REDF]\ FLH NLGRVWURQ\DGPLQLVWUD
F\MQHMWDNZLFNRQWUROND 5KVG/CR&CVC5QWTEGSRZLQQDSR]ZROLQDXNU\
FLHOXESU]\FLFLHZ]Z&HFKDWDMHVW]QDQDMDNRVHFXULW\WULPPLQJ
2ELHNWGRVWDZF\PDS\ :ON5KVG/CR2TQXKFGTGRP\ OQLHZ\F]DPHFKD
QL]PVHFXULW\WULPPLQJ$E\ZF]\WRSFMPXVLV]Z\NRQDQDVW
SXMFHNURNL
 8VWDZLGODDWU\EXWX UGEWTKV[6TKOOKPI'PCDNGFZDUWR

 6TWG:\
NRQDQLHWHJR]DGDQLDZ\PDJDZ\UHMHVWURZDQLDDQDVWSQLHSRQRZ
QHJR]DUHMHVWURZDQLDGRVWDZF\ #UR0GV:ON5KVG/CR2TQXKFGTZSOLNX
:HEFRQILJ

U[UVGOYGD
UKVG/CR
RTQXKFGTU
TGOQXGPCOG#UR0GV:ON5KVG/CR2TQXKFGT
CFFPCOG#UR0GV:ON5KVG/CR2TQXKFGT
V[RG5[UVGO9GD:ON5KVG/CR2TQXKFGT
5[UVGO9GD8GTUKQP
%WNVWTGPGWVTCN
2WDNKE-G[6QMGPDHHHFCC
UGEWTKV[6TKOOKPI'PCDNGFVTWG
UKVG/CR(KNG9GDUKVGOCR

7ZRU]HQLHPDS\ZLWU\Q\GODVZRMHMZLWU\Q\LQWHUQHWRZHM



RTQXKFGTU
UKVG/CR
U[UVGOYGD

 1DVWSQLHRNUH

OZ]HGODNWUHJRFKFHV]ZF]\VHFXULW\WULPPLQJ
8 \ZDMFSOLNX:HEVLWHPDSXWZRU]RQHJRZW\PZLF]HQLXXVWDZGOD
DWU\EXWXTQNGZDUWR CFOKPGODRVWDWQLHJRZ]D:W\PSU]\SDGNX
NRQWUROND5KVG/CR2CVJZ\ ZLHWOLZ]H#FOKPKUVTCVQTSURZDG]F\GR
VWURQ\$GPLQDVS[XPLHV]F]RQHMZNDWDORJX$GPLQLVWUDWRUMHG\QLH
ZZF]DVJG\X \WNRZQLNEG]LHQDOH DGRUROLCFOKP

UKVG/CR0QFGWTN#FOKPKUVTCVQT#FOKPCURZ
VKVNG#FOKPKUVTCVQT
FGUETKRVKQP#FOKPKUVTCVQTTQNGUCFOKP
UKVG/CR0QFG

 :RVWDWQLPNURNXPXVLV]VNRQILJXURZDNDWDORJ$GPLQLVWUDWRUWDN

DE\XQLHPR OLZLDGRVWSZV]\VWNLPX \WNRZQLNRPDQDVWSQLH]H

]ZROLQDGRVWSGRVWURQ\$GPLQDVS[MHG\QLHW\PNWU]\QDOH GR
UROLCFOKP:\NRQDV]WR]DGDQLHGRGDMFSOLN:HEFRQILJ]DZLHUDMF\
NRGSU]HGVWDZLRQ\QDOLVWLQJXGRNDWDORJX$GPLQLVWUDWRU

/LVWLQJ3OLN:HEFRQILJSU]H]QDF]RQ\GRNDWDORJX$GPLQLVWUDWRU

FMV^feVP[^[fPfUM a
!MNe\[fZMcUOQV
_fOfQS c
P[`eOfOeOT^X
UOf [ZW[_`cM

EQPHKIWTCVKQP
ZONPUJVVRUEJGOCUOKETQUQHVEQO0GV%QPHKIWTCVKQPX
U[UVGOYGD
EQORKNCVKQPFGDWIHCNUG
DNQMWLGFQUVRYU\[UVMKOW [VMQYPKMQO
CWVJQTK\CVKQP
FGP[WUGTU
CWVJQTK\CVKQP
U[UVGOYGD
RQ\YCNCLGF[PKGW [VMQYPKMQOQTQNKCFOKPPCFQUVRFQUVTQP[
#FOKPCURZ
NQECVKQPRCVJ#FOKPCURZ
U[UVGOYGD
CWVJQTK\CVKQP
CNNQYTQNGU#FOKP
CWVJQTK\CVKQP
U[UVGOYGD
NQECVKQP
EQPHKIWTCVKQP

.LHG\MX ZSURZDG]LV]WH]PLDQ\MHG\QLHX \WNRZQLF\QDOH F\GRUROL

CFOKPEGPLHOLGRVWSGRZ]D#FOKPKUVTCVQT


5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

:LFHMLQIRUPDFML
:LFHMLQIRUPDFMLGRW\F]F\FKDXWRU\]DFMLZ$631(7X]\VNDV]]DSR
]QDMFVL]WHPDWHPSRPRF\ELEOLRWHNL06'1SRGDGUHVHPKWWSPVGQ
PLFURVRIWFRPOLEUDU\GHIDXOWDVS"XUO OLEUDU\HQXVFSJXLGHKWPOFS
FRQDVSQHWDXWKRUL]DWLRQDVS
$E\GRZLHG]LH VL ZLFHM QD WHPDW GRVWDZFZ PDS ZLWU\Q\ VSUDZG
WHPDWSRPRF\ELEOLRWHNL06'1 $631(76LWH1DYLJDWLRQ3URYLGHUV 
-H HOLGRF]RQ\GRVWDZFD #UR0GV:/.5KVG/CR2TQXKFGTQLHVSHQLD7ZR
LFK RF]HNLZD L FKFLDE\  SU]HFKRZ\ZD LQIRUPDFMH R PDSLH ZLWU\Q\
ZLQQHMSRVWDFLQL ;0/QDSU]\NDGZED]LHGDQ\FK2UDFOH]DSR]QDM
VL]WHPDWHPSRPRF\06'1 ,PSOHPHQWLQJD6LWH0DS3URYLGHU 

:\ ZLHWODQLHKLHUDUFKLF]Q\FKGDQ\FK
SU]\X \FLXNRQWURONL7UHH9LHZ
-H HOL NLHG\NROZLHN RGZLHG]DH  ZLWU\Q 06'1 EH] ZWSLHQLD ]DXZD
\H QDVWURQLHJZQHMSROHZHMVWURQLHPHQXQDZLJDF\MQHZSRVWDFL
GU]HZDU\VXQHN

C^Q_fOUQW[Z`^[XWM
@^QQBUQcVQ_`
P[_`M^OfMZM^MfQY
f\MWUQ`QYBU_aMX
?`aPU[

,QIRUPDFMH WH V Z\ ZLHWODQH SU]\ X \FLX NRQWURONL 6TGG8KGY NWUD RIH

UXMHDOWHUQDW\ZQ\ZVWRVXQNXGRNRQWURONL 5KVG/CR2CVJVSRVEQDZLJDFML
Z7ZRMHMZLWU\QLH0DS\ZSRVWDFLGU]HZDVLGHDOQHGRZ\ ZLHWODQLD
KLHUDUFKLF]Q\FK LQIRUPDFML L Z RGU QLHQLX RG NRQWURONL 5KVG/CR2CVJ
SR]ZDODMQDSU]HJOGDQLHFDHMZLWU\Q\DQLHW\ONR FLH NLSURZDG]FHM
GRELH FHMVWURQ\

-DNWRRVLJQ"
.RU]\VWDMF]SURMHNWXXWZRU]RQHJRZRVWDWQLPZLF]HQLXGRGDMP\GR
ZLWU\Q\NRQWURON 6TGG8KGY'RNRQDV]WHJRSU]H]GRGDQLHNRQWURONLGR
VWURQ\Z]RUFRZHMLGRF]HQLHMHMGR7ZRMHMPDS\ZLWU\Q\WDNDE\X \W
NRZQLF\PRJOLSU]HJOGD7ZRMZLWU\QNOLNDMFHOHPHQW\NRQWURONL
6TGG8KGY

:\ ZLHWODQLHKLHUDUFKLF]Q\FKGDQ\FKSU]\X \FLXNRQWURONL7UHH9LHZ



5\VXQHN1DZLJDFMDZSRVWDFLGU]HZDQDZLWU\QLH06'1
 1DVWURQLHZ]RUFRZHM0DVWHU3DJHPDVWHUGRGDMWDEHORZ\PLDUDFK

PHQX/D\RXW,QVHUW7DEOH'RGDMNRQWURON 6TGG8KGYGROHZHM

NRPUNLWDEHOLQDWRPLDVWGRSUDZHMNRPUNLWDEHOLSU]HFLJQLMNRQ
WURON%QPVGPV2NCEG*QNFGTU\VXQHN

 =PHQX7UHH9LHZ7DVNVNRQWURONL6TGG8KGYZ\ELHU]1HZGDWDVRXU

FH !U\VXQHN

 :RNQLHNRQILJXUDF\MQ\P'DWD6RXUFH&RQILJXUDWLRQ:L]DUG]D]QDF]

RSFM5KVG/CRDQDVWSQLHNOLNQLMSU]\FLVN2.U\VXQHN

 =DVWRVXMWHPDW06'1X

\ZDMFRGQR QLND $XWR)RUPDW ZPHQX

7UHH9LHZ 7DVNV SRND]DQ\P QD U\VXQNX  GOD NRQWURONL 6TGG8KGY
LXVWDZZD FLZR $CEM%QNQTNRQWURONL6TGG8KGYMDNR)TC['''
.RQWUROND 5KVG/CR&CVC5QWTEGSU]HGVWDZLDPDSZLWU\Q\-DNWR]R
VWDRZ\MD QLRQHZSRGUR]G]LDOH 7ZRU]HQLHPDS\ZLWU\Q\GODVZRMHM
ZLWU\Q\LQWHUQHWRZHM PDSDZLWU\Q\RSLVXMHORJLF]QVWUXNWXUZL
WU\Q\LQWHUQHWRZHML]ZL]NLPLG]\QDOH F\PLGRQLHMVWURQDPL



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

5\VXQHN=DSHQLDQLHVWURQ\Z]RUFRZHM

5\VXQHN'RGDQLHNRQWURONL7UHH9LHZGRVWURQ\Z]RUFRZHM
B>6,EB6,
9LVXDO6WXGLRREVXJXMHU QHVW\OHIRUPDWRZDQLDGODNRQWURONL
6TGG8KGY1DU\VXQNX]QDMGXMHVLNLONDSU]\NDGZ
 6WURQDZ]RUFRZDSRZLQQDWHUD]Z\JOGDMDNQDU\VXQNX

:\ ZLHWODQLHKLHUDUFKLF]Q\FKGDQ\FKSU]\X \FLXNRQWURONL7UHH9LHZ



5\VXQHN:\EURSFML6LWH0DSMDNR UGDGDQ\FK

5\VXQHN.RQWUROND7UHH9LHZ
 1DFL

QLMNODZLV])DE\]REDF]\MDNZ\JOGDNRQWUROND 6TGG8KGY
3RZLQLHQH E\WHUD]ZVWDQLHSRUXV]DVLSRPLG]\ZV]\VWNLPL
VWURQDPLVZRMHMZLWU\Q\SU]H]NOLNDQLHSRV]F]HJOQ\FKHOHPHQWZQD
NRQWUROFH6TGG8KGYU\VXQHN



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

5\VXQHN5 QHVW\OHIRUPDWRZDQLDREVXJLZDQHSU]H]7UHH9LHZ

5\VXQHN.RQWUROND7UHH9LHZQDVWURQLHZ]RUFRZHM
B>6,EB6,
-H HOLQDVZRMHMVWURQLHNRU]\VWDV]]UDPHNPR HV]X \ZD FLZR FL
6CTIGVNRQWURONL 6TGG8KGYGRZVND]DQLDQD]Z\UDPNLNWUDPDZ\
ZLHWOLVWURQNLHG\GDQ\HOHPHQW]RVWDQLHNOLNQLW\

$FR
] X \FLHP VZRLFK ZDVQ\FK GRNXPHQWZ ;0/ GOD NRQWURONL 7UH
H9LHZ]DPLDVWPDS\ZLWU\Q\"
2SUF] SOLNX PDS\ ZLWU\Q\ ] NRQWURON 6TGG8KGY PR HV] UZQLH
X \ZDZDVQHJRGRNXPHQWX;0/GRF]RQHJRGRNRQWURONL 6TGG8KGY
:\ ZLHWODQLHKLHUDUFKLF]Q\FKGDQ\FKSU]\X \FLXNRQWURONL7UHH9LHZ



5\VXQHN7HVWRZDQLHNRQWURONL7UHH9LHZ

1DSU]\NDGE\PR HFKFHV]XWZRU]\]DU\VNVL NLDQDVWSQLHSR

F]\JR]NRQWURON 6TGG8KGYDE\XPR OLZLX \WNRZQLNRPSRUXV]DQLH
VLSRNVL FHSU]\X \FLXNRQWURONL6TGG8KGY
:FHOXVNRQILJXURZDQLDNRQWURONL6TGG8KGYDE\Z\NRU]\VW\ZDDSOLN;0/
Z\NRQDMQDVWSXMFHNURNL
 'RGDMGRNXPHQW;0/GRSURMHNWXNOLNDMFSUDZ\PSU]\FLVNLHPP\

V]\QD]ZSURMHNWXZRNQLH6ROXWLRQ([SORUHUDQDVWSQLHZ\ELHUD
MFRSFM$GG1HZ,WHP L]D]QDF]DMFHOHPHQW;0/)LOH8WZR
U]RQHPXSOLNRZLQDGDMQD]Z$QQMZON

 =DSHQLMSOLN%RRN[PONRGHP;0/SU]HGVWDZLRQ\PQDOLVWLQJX

/LVWLQJ3OLN%RRN[PO
$QQM
%QPVGPV6KVNG2T\GYQFPKMRQ0'6%QORCEV(TCOGYQTM
74.DQQMVQRCURZ
%QPVGPV6KVNG%\ +74.2CTV+CURZ
%QPVGPV6KVNG6GEJPQNQIKC0'6(TCOGYQTMCWT\F\GPKCOQDKNPG
74.2CTV+/CKPCURZ
%QPVGPV6KVNG0'6%.474.2CTV+CURZ
%QPVGPV6KVNG7T\F\GPKCOQDKNPG\9KPFQYU
74.2CTV+CURZ
%QPVGPV6KVNG0CT\F\KCKQDU WICL\[MY
74.2CTV+CURZ



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

%QPVGPV6KVNG9KVCL2QEMGV2%74.2CTV+CURZ
%QPVGPV6KVNG&GDWIQYCPKGCRNKMCELK
74.2CTV+CURZ
%QPVGPV6KVNG4Q\YK\[YCPKGRTQDNGOY74.2CTV+CURZ
%QPVGPV
%QPVGPV
%QPVGPV6KVNG%\ ++74.2CTV++/CKPCURZ
%QPVGPV6KVNG2TQLGMVQYCPKGKPVGTHGLUWW [VMQYPKMC
74.2CTV++CURZ
%QPVGPV6KVNG7 [YCPKGMQPVTQNGM9KPFQYU(QTOU
74.2CTV++CURZ
%QPVGPV6KVNG-YGUVKGRTQLGMVQYCPKCCRNKMCELKFNCVGNGHQPY
74.2CTV++CURZ
%QPVGPV
%QPVGPV
%QPVGPV6KVNG%\ +++74.2CTV+++/CKPCURZ
%QPVGPV6KVNG2TQLGMV[74.2CTV+++CRZ
%QPVGPV6KVNG2TQLGMV#2T\GNKE\PKMYCNWV
74.2CTV+++#CURZ
%QPVGPV6KVNG2TQLGMV$5[UVGO\COCYKCPKCMUK GM
74.2CTV+++$CRZ
%QPVGPV6KVNG2TQLGMV%%\CV$NWGVQQVJ
74.2CTV+++%CRZ
%QPVGPV
%QPVGPV
%QPVGPV6KVNG%\ +874.2CTV+8/CKPCURZ
%QPVGPV6KVNG9FTC CPKGCRNKMCELK0'6%QORCEV(TCOGYQTM
74.2CTV+8CURZ
%QPVGPV6KVNG2CMQYCPKGRNKMY%#$74.2CTV+8CURZ
%QPVGPV6KVNG4Q\RQYU\GEJPKCPKG0'6%QORCEV(TCOGYQTM
74.2CTV+8CURZ
%QPVGPV6KVNG9FTC CPKGCRNKMCELKFQVGNGHQPYMQOTMQY[EJ
74.2CTV+8CURZ
%QPVGPV
%QPVGPV
%QPVGPV
$QQM

 =PHQX7UHH9LHZ7DVNNRQWURONL 6TGG8KGYZ\ELHU]RSFM1HZGDWD

VRXUFH !LZRNQLH'DWD6RXUFH&RQILJXUDWLRQ:L]DUGNWUHVL
SRMDZLZVND ;0/)LOHMDNR UGRGDQ\FK3R]RVWDZGRP\ OQQD
]Z;PO'DWD6RXUFHLNOLNQLMSU]\FLVN2.E\SU]HM GRNROHMQHJR
RNQDGLDORJRZHJR

FMacM  QY[ Q_f

[W^Q XU\XUWD?8@
P[\^fQW_f`M OQZUM
P[WaYQZ`aD98
fVQPZQS[R[^YM`a
ZMUZZe9[ Q_f
^cZUQ a e
ce^M QZUMD<M`T
P[RUX`^[cMZUMOf OU
P[WaYQZ`aD98

 =RVWDQLHV]SRSURV]RQ\RZVND]DQLHSOLNX;0/NWU\PD]RVWDX

\W\
MDNR UGRGODNRQWURONL 6TGG8KGYU\VXQHN:\ELHU]RVWDWQLR
GRGDQ\SOLN%RRN[PO

:\ ZLHWODQLHKLHUDUFKLF]Q\FKGDQ\FKSU]\X \FLXNRQWURONL7UHH9LHZ



5\VXQHN2NUH OHQLH UGD;PO'DWD6RXUFH

 .RQWUROND 6TGG8KGY SRZLQQD WHUD] Z\JOGD SRGREQLH GR WHM NWUD

]RVWDDSRND]DQDQDU\VXQNX%G]LHV]PXVLDZ\HG\WRZDZ]\
F]HQLDGDQ\FKZFHOXZ\ ZLHWOHQLDSU]H]NRQWURON6TGG8KGYZ\
EUDQ\FKSU]H]VLHELHLQIRUPDFML.OLNQLMRGQR QLN(GLW7UHH1RGH'D
WDELQGLQJV ]PHQX7UHH9LHZ7DVNV

5\VXQHN.RQWUROND7UHH9LHZ
 :SROX$YDLODEOH'DWD%LQGLQJVU\VXQHN]D]QDF]HOHPHQW %QP

VGPV]RVWDSRG

ZLHWORQ\QDU\VXQNXLNOLNQLMSU]\FLVN$GG8VWDZ
ZD FLZR FL&CVC$KPFKPIMDNSRQL HM



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

5\VXQHN:\NRU]\VWDQLHHG\WRUD'DWD%LQGLQJVNRQWURONL7UHH9LHZ
&CVC/GODGT

(OHPHQWZGRNXPHQFLH;0/X \ZDQ\GRSRF]HQLD]Z]HP
ZNRQWUROFH6TGG8KGY8VWDZWZD FLZR MDNR%QPVGPV

0CXKICVG7TN(KGNF

$GUHV85/GRNWUHJRQDVWSLSU]HM FLHNLHG\]RVWDQLHNOLNQLW\
Z]HZNRQWUROFH6TGG8KGY8VWDZWZD FLZR MDNR74.

6GZV(KGNF

$WU\EXWX \ZDQ\GRZ\ ZLHWOHQLDZZ OHNRQWURONL6TGG8KGY8VWDZ

WZD FLZR MDNR6KVNG

! .OLNQLMSU]\FLVN2.
" =DVWRVXMWHPDW)$4GODNRQWURONL 6TGG8KGYX

)RUPDW

ZPHQX7UHH9LHZ7DVNV

\ZDMFRGQR QLND $XWR

# 1DFL

QLMNODZLV])DE\SU]HWHVWRZDDSOLNDFM.RQWUROND6TGG8KGY
EG]LHZ\JOGDDMDNWDSRND]DQDQDU\VXQNX

:LFHMLQIRUPDFML
2DOWHUQDW\ZQ\FKNRQWURONDFK 6TGG8KGYZ$631(7PR HV]SU]HF]\WD
ZQDVWSXMF\FKDUW\NXDFK

:\ ZLHWODQLHKLHUDUFKLF]Q\FKGDQ\FKSU]\X \FLXNRQWURONL7UHH9LHZ



5\VXQHN.RQWUROND7UHH9LHZSU]\F]RQDGRSOLNX;0/

 KWWSZZZRERXWFRPRERXWWUHHYLHZWUHHYLHZDVS
 KWWSZZZDVSQHW&RQWURO*DOOHU\GHIDXOWDVS["&DWHJRU\
 WDELQGH[ 
 KWWSZZZWHOHULNFRP'HIDXOWDVS["3DJH,' 
FMYUM_`_`M`eOfZUQ
OfeW[Z`^[XW
@^QQBUQcfYM\
cU`^eZeXaN\XUWUQY
D98_W[^fe_`MV
fY[ XUc[ OU
`c[^fQZUMUOT
PeZMYUOfZUQ
c`^MWOUQPfUM MZUM



3URJUDPRZH]DSHQLDQLHNRQWURONL
7UHH9LHZ
: LQQ\FK ZLF]HQLDFK WHJR UR]G]LDX GRZLHG]LDH  VL Z MDNL VSRVE
NRQWUROND 6TGG8KGYPR H]RVWDGRF]RQDGRSOLNXPDS\ZLWU\Q\MDN
UZQLH  GR GRNXPHQWZ ;0/ Z WUDNFLH SURMHNWRZDQLD '\VSRQXMHV]
WDN HPR OLZR FLG\QDPLF]QHJREXGRZDQLDVZRMHMNRQWURONL 6TGG8KGY
SRMHGQ\PZ OH1DSU]\NDGJG\FKFHV]Z\ ZLHWOLRNUH ORQVWUXN
WXUG\VNXX \ZDMFNRQWURONL 6TGG8KGYOXESRVLDGDV]ZLWU\QNWUDVL

5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

F]VWR]PLHQLDZZF]DVG\QDPLF]QHEXGRZDQLHGU]HZDVWDMHVLEDU
G]LHMHIHNW\ZQ\PUR]ZL]DQLHP
:W\PZLF]HQLXX \MHV]NRQWURONL 6TGG8KGYGRZ\ ZLHWOHQLDELH FHM
FLH NLDSOLNDFMLLMHMSRGNDWDORJZ

-DNWRRVLJQ"
:W\PZLF]HQLXQDXF]\V]VLMDNGRVWRVRZDGRZDVQ\FKSRWU]HENRQ
WURON 6TGG8KGYLG\QDPLF]QLH]DSHQLDMHOHPHQWDPL:V]F]HJOQR
FLZ\ ZLHWOLV]ELH F FLH NDSOLNDFMLLMHMZV]\VWNLFKSRGNDWDORJZ
ZNRQWUROFH6TGG8KGY
 8UXFKRP9LVXDO6WXGLRLXWZU]QRZDSOLNDFMVLHFLRZ$63

1(7=DSLV]SURMHNWQDG\VNXMDNR&?$631(7?5R]G]LDO'\QD
PLF7UHH9LHZ

 3U]HFLJQLMLXSX

)RUP

NRQWURON 6TGG8KGYQDGRP\ OQ\IRUPXODU]:HE

 :RNQLH6ROXWLRQ([SORUHUNOLNQLMSUDZ\PSU]\FLVNLHPP\V]\QD]Z

SURMHNWXLZ\ELHU]]PHQXRSFM$GG1HZ)ROGHU5HJXODU)ROGHU1D
]ZLMWHQNDWDORJ +OCIGUEG]LHV]JRZ\NRU]\VW\ZDGRSU]HFKRZ\
ZDQLDVZRLFKSOLNZJUDILF]Q\FK

 'R

NDWDORJX &?$631(7?5R]G]LDO'\QDPLF7UHH9LHZ?,PDJHV
GRGDMREUD]NLSRND]DQHQDU\VXQNX

5\VXQHN2EUD]NLZNDWDORJX,PDJHV

3URJUDPRZH]DSHQLDQLHNRQWURONL7UHH9LHZ



B>6,EB6,
:VSRPQLDQHREUD]NLPR QDSREUDSRGDGUHVHPIWSIWSKHOLRQSO
SU]\NODG\DVSQ]S]LS
 :RNQLH7UHH9LHZ7DVNV]D]QDF]SROHZ\ERUX6KRZ/LQHVDQDVWS

QLHNOLNQLMRGQR QLN&XVWRPL]H/LQH,PDJHV

U\VXQHN

5\VXQHN'RVWRVRZDQLHGRZDVQ\FKSRWU]HENRQWURONL7UHH9LHZ
 :RNQLHGLDORJRZ\P$631(77UHH9LHZ/LQH,PDJH*HQHUDWRUXVWDZ

QDVWSXMFHZD FLZR FLU\VXQHN

5\VXQHN8VWDZLDQLHZD FLZR FLNRQWURONL7UHH9LHZ

 %QNNCRUG+OCIGIOG2SHQJLI
 'ZRCPF+OCIGIOG&ORVHGJLI


5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

! .OLNQLMSU]\FLVN2..LHG\]RVWDQLHV]]DS\WDQ\RXWZRU]HQLHQRZHJR

NDWDORJXRQD]ZLH7UHH/LQH,PDJHVNOLNQLMSU]\FLVN<HV.DWDORJ7UH
H/LQH,PDJHV]DZLHUDVHULHREUD]NZX \W\FKGRZ\ ZLHWOHQLDNRQ
WURONL6TGG8KGY*G\Z]H6TGG8KGYMHVWUR]ZLQLW\EG]LHZ\ ZLH
WORQ\REUD]HNIOG2SHQJLIQDWRPLDVWNLHG\Z]HMHVW]ZLQLW\EG]LH
Z\ ZLHWORQ\REUD]HNIOG&ORVHGJLI

" .OLNQLMGZXNURWQLHGRP\

XNU\WHJRNRGX

OQ\IRUPXODU]:HE)RUPDE\SU]HM GR

# 'RGDM NRG PHWRG\ IGV5WD&KTGEVQTKGU

 SU]HGVWDZLRQHM QD OLVWLQJX

0HWRGDWDUHNXUHQF\MQLHSRELHUDZV]\VWNLHSRGNDWDORJLZELH 
F\PNDWDORJXLGRGDMHMHMDNRZ]\GRNRQWURONL6TGG8KGY

/LVWLQJ0HWRGDJHW6XE'LUHFWRULHV
2WDNKE5WDIGV5WD&KTGEVQTKGU
$[8CNRCVJ#U5VTKPIA
$[8CNPQFG#U6TGG0QFG
 2QDKGTCRQFMCVCNQIKYDKG E[OMCVCNQIW
&KOFKTU#U5VTKPI
&KTGEVQT[)GV&KTGEVQTKGU
RCVJ
 $TCMRQFMCVCNQIY
+HFKTU.GPIVJ6JGP
'ZKV5WD
'NUG
 9RT\[RCFMWMC FGIQRQFMCVCNQIWFQFCLIQFQMQPVTQNMK6TGG8KGY
 KRQYVT\TGMWTGPE[LPKGRTQEGFWT
&KOFKT#U5VTKPI
(QT'CEJFKT+PFKTU
 &QFCLY\INFP EKG MFQMQPVTQNMK6TGG8KGY
&KOPGY0QFG#U0GY6TGG0QFG
A
FKT5WDUVTKPI
FKT.CUV+PFGZ1H
> 
PGY0QFG6QQN6KRFKT
PQFG%JKNF0QFGU#FF
PGY0QFG
 1FU\WMCLLGIQRQFMCVCNQIK
IGV5WD&KTGEVQTKGU
FKTPGY0QFG
 1FU\WMCLYU\[UVMKGRNKMK
IGV(KNGU
FKTPGY0QFG
 <COMPKLDKG E[Y\G 
PGY0QFG%QNNCRUG#NN

0GZV
'PF+H
'PF5WD




$E\ZLGRF]Q\E\RELHNW&KTGEVQT[QDOH \GRGDOLQL+ORQTVU5[UVGO+1QDSRF]WNXNRGX
,PSRUWXMHRQDELEOLRWHNV\VWHPRZGRVWDUF]DMFRELHNW\]DU]G]DMFHXU]G]HQLDPLZHM FLD
LZ\M FLD SU]\SUHG
3URJUDPRZH]DSHQLDQLHNRQWURONL7UHH9LHZ



 'RGDMNRGPHWRG\ IGV(KNGU

SU]HGVWDZLRQHMQDOLVWLQJX0HWRGD

IGV(KNGU
Z\

ZLHWODOLVWZV]\VWNLFKSOLNZZELH F\PNDWDORJX
DQDVWSQLHGRGDMHSOLNLMDNRZ]\ZNRQWUROFH6TGG8KGY

/LVWLQJ0HWRGDJHW)LOHV
2WDNKE5WDIGV(KNGU
$[8CNRCVJ#U5VTKPI$[8CNPQFG#U6TGG0QFG
&KOHKNGU#U5VTKPI
&KTGEVQT[)GV(KNGU
RCVJ
&KOHKNG#U5VTKPI
 $TCMRNKMYKRQFMCVCNQIYYDKG E[OMCVCNQIW
+HHKNGU.GPIVJ#PFPQFG%JKNF0QFGU%QWPV6JGP
&KOPGY0QFG#U0GY6TGG0QFG
-CVCNQILGUVRWUV[
PQFG%JKNF0QFGU#FF
PGY0QFG
'ZKV5WD
'PF+H
(QT'CEJHKNG+PHKNGU
 &QFCLRNKMFQMQPVTQNMK6TGG8KGY
&KOPGY0QFG#U0GY6TGG0QFG
HKNG5WDUVTKPI
RCVJ.GPIVJ 
PGY0QFG6QQN6KRHKNG
PGY0QFG+OCIG7TN+OCIGU>HKNGIKH
PQFG%JKNF0QFGU#FF
PGY0QFG
0GZV
'PF5WD

B>6,EB6,
0R HV]RNUH OLREUD]HNX \W\GODZ]DZHZD FLZR FL+OCIG7TN
 1DNRQLHFGRGDMQDVWSXMF\NRGGR]GDU]HQLD2CIGA.QCFFRVSRZR

GXMH HNRQWUROND 6TGG8KGYEG]LH]DSHQLDQDZWUDNFLHDGRZDQLD

VLVWURQ\
2TQVGEVGF5WD2CIGA.QCF
$[8CNUGPFGT#51DLGEVA
$[8CNG#U5[UVGO'XGPV#TIUA
*CPFNGU/G.QCF
+H0QV+U2QUV$CEM6JGP
6TGG8KGY0QFGU#FF
0GYA
6TGG0QFG
TGSWGUV2J[UKECN#RRNKECVKQP2CVJ
IGV5WD&KTGEVQTKGU
4GSWGUV2J[UKECN#RRNKECVKQP2CVJA
6TGG8KGY0QFGU

'PF+H
'PF5WD

 :FHOXSU]HWHVWRZDQLDDSOLNDFMLQDFL

QLMNODZLV])3RZLQLHQH ]R
EDF]\VWURQSRGREQGRWHM]U\VXQNX



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

5\VXQHN:\ ZLHWOHQLHG\QDPLF]QLHZ\JHQHURZDQHMNRQWURONL7UHH9LHZ

$FR
]SURJUDPRZ\PPDQLSXORZDQLHPNRQWURON7UHH9LHZ"
$E\SURJUDPRZRUR]ZLQOXE]ZLQZV]\VWNLHZ]\PXVLV]X \PH
WRG'ZRCPF#NN
L%QNNCRUG#NN
QDSU]\NDGZWDNLVSRVE
6TGG8KGY%QNNCRUG#NN

6TGG8KGY'ZRCPF#NN


] GRVWRVRZDQLHP ]DFKRZDQLD SRMHG\QF]\FK HOHPHQWZ ZNRQWUROFH

7UHH9LHZ"
-HVWNLONDW\SZ]DFKRZDNWUHPR HV]XVWDZLGODND GHJRHOHPHQWX
ZNRQWUROFH 6TGG8KGY1LHNWUH]QLFK]RVWD\SU]HGVWDZLRQHZZLGRNX
6RXUFH9LHZNRQWURONL6TGG8KGYQDOLVWLQJX
/LVWLQJ8VWDZLHQLHZD FLZR FLNRQWURONL7UHH9LHZ
CUR6TGG8KGY+&6TGG8KGYTWPCVUGTXGT
0QFGU
CUR6TGG0QFG5GNGEV#EVKQP'ZRCPF
8CNWG9KPFQYU6GZV9KPFQYU
CUR6TGG0QFG5GNGEV#EVKQP5GNGEV'ZRCPF
8CNWG9KPFQYU:26GZV9KPFQYU:2
CUR6TGG0QFG5JQY%JGEM$QZ6TWG
8CNWG*QOG'FKVKQP%JGEMGF6TWG
0CXKICVG7TNZRJQOGCURZ
6GZV*QOG'FKVKQP

3URJUDPRZH]DSHQLDQLHNRQWURONL7UHH9LHZ



CUR6TGG0QFG
CUR6TGG0QFG5JQY%JGEM$QZ6TWG
8CNWG2TQHGUUKQPCN
0CXKICVG7TNZR2TQHGUUKQPCNCURZ
6GZV2TQHGUUKQPCN
CUR6TGG0QFG
CUR6TGG0QFG
CUR6TGG0QFG8CNWG9KPFQYU5GTXGT
0CXKICVG7TNYKPCURZ
6GZV9KPFQYU5GTXGT
CUR6TGG0QFG
CUR6TGG0QFG
0QFGU
CUR6TGG8KGY

.LHG\NRQWUROND 6TGG8KGY]RVWDQLHZ\ ZLHWORQDZSU]HJOGDUFH,QWHUQHW

([SORUHUEG]LHZ\JOGDDMDNQDU\VXQNX

5\VXQHN.RQWUROND7UHH9LHZSR]DELHJXGRVWRVRZ\ZDQLD

-H HOL MHVWH  Z VWDQLH SRUZQD ]DFKRZDQLH NRQWURONL 6TGG8KGY ] DWU\

EXWDPLSU]\SLVDQ\PLGRMHMHOHPHQWZQDOLVWLQJXSRZLQLHQH ]D
XZD \QDVWSXMFH]DOH QR FL
 .OLNQLFLHHOHPHQWX:LQGRZVDOERUR]ZLQLHDOER]ZLQLHGU]HZR5G
NGEV#EVKQP'ZRCPF3RZWUQHRG ZLH HQLHQLHZ\VWSXMH
 .OLNQLFLHHOHPHQWX:LQGRZV;3VSRZRGXMHUR]ZLQLFLHLSRND]DQLH
]QDMGXMF\FKVLSRGVSRGHPHOHPHQWZMH OLMHVW]ZLQLW\:\VWSXMH
SRQRZQHRG ZLH DQLH5GNGEV#EVKQP5GNGEV'ZRCPF0R HV]SREUD
LQIRUPDFMHR]D]QDF]RQ\PHOHPHQFLHZ]GDU]HQLX 2CIGA.QCFG]LNL
ZD FLZR FL5GNGEVGF0QFGZNRQWUROFH6TGG8KGY
 (OHPHQW+RPH(GLWLRQSRVLDGDZ\ ZLHWORQHRERNSROHZ\ERUX5JQY
%JGEM$QZ6TWGNWUHMHVW]D]QDF]RQH%JGEMGF6TWG.OLNQLFLH
HOHPHQWXVSRZRGXMH]DDGRZDQLHVWURQ\[SKRPHDVS[0CXKICVG7TN
ZRJQOGCURZ



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

 (OHPHQW3URIHVVLRQDOUZQLH SRVLDGDZ\ ZLHWORQHRERNSROHZ\ERUX

5JQY%JGEM$QZ6TWG.OLNQLFLHHOHPHQWXVSRZRGXMH]DDGRZDQLH
VWURQ\[S3URIHVVLRQDODVS[0CXKICVG7TNZR2TQHGUUKQPCNCURZ
 .OLNQLFLH HOHPHQWX :LQGRZV 6HUYHU  VSRZRGXMH ]DDGRZDQLH
VWURQ\ZLQDVS[
B>6,EB6,
'RP\ OQZDUWR FL5GNGEV#EVKQPGODZV]\VWNLFKHOHPHQWZ6TGG8KGY
MHVW 5GNGEV:FHOXZ\ ZLHWOHQLDVWURQ\GRFHORZHMZQRZ\PRNQLH
XVWDZZD FLZR 6CTIGV

:LFHMLQIRUPDFML
6SUDZG WHPDW\SRPRF\ELEOLRWHNL06'1GODNRQWURONL6TGG8KGYDE\X]\
VNDV]F]HJRZH LQIRUPDFMH QD WHPDW ZV]\VWNLFKZD FLZR FL L PHWRG
XMDZQLRQ\FKSU]H]WZV]HFKVWURQQNRQWURON

:\ ZLHWODQLHUR]ZLMDQ\FKPHQX
]DSRPRFNRQWURONL0HQX
2SUF]NRQWURONL 6TGG8KGYGRZ\ ZLHWODQLDLQIRUPDFMLRZLWU\QLHPR HV]
X \NRQWURONL /GPWGRDXWRPDW\F]QHJRJHQHURZDQLDZSU]HJOGDUFHUR]
ZLMDQ\FKPHQXNWUHZ\PDJDMVNU\SWZSRVWURQLHNOLHQWD

;NQOZUQc-?<:1@
Y[ Q_fa e
W[Z`^[XWU9QZa
P[fNaP[cMZUMYQZa
\[_`^[ZUQWXUQZ`M
:USPecUOQV
_W^e\`c\[_`^[ZUQ
WXUQZ`M

-DNWRRVLJQ"
:W\PZLF]HQLXGRGDV]NRQWURON /GPWGRVWURQ\Z]RUFRZHMXWZRU]RQHM
ZHZF]H QLHMV]\PZLF]HQLX :\ ZLHWODQLHKLHUDUFKLF]Q\FKGDQ\FKSU]\
X \FLX NRQWURONL 7UHH9LHZ  8 \WNRZQLN EG]LH PJ X \ZD NRQWURONL
PHQXGRSRUXV]DQLDVLSRZLWU\QLH
 .RU]\VWDMF] SURMHNWXXWZRU]RQHJR Z ZLF]HQLX

:\ ZLHWODQLH KLH
UDUFKLF]Q\FKGDQ\FKSU]\X \FLXNRQWURONL7UHH9LHZ GRGDMNRQWURON
/GPW ]QDMGXMF VL Z ]DNDGFH 1DYLJDWLRQ SDVND QDU]G]LRZHJR
GRVWURQ\ Z]RUFRZHM1DVWSQLH]DVWRVXMWHPDW &RORUIXO SRSU]H]

:\ ZLHWODQLHUR]ZLMDQ\FKPHQX]DSRPRFNRQWURONL0HQX



RGQR QLN$XWR)RUPDW ZPHQX0HQX7DVNVDE\]PLHQLMHJR

Z\JOGU\VXQHN

5\VXQHN'RVWRVRZDQLHGRZDVQ\FKSRWU]HENRQWURONL0HQX
 :0HQX7DVNVNRQWURONL /GPWZ\ELHU] 5KVG/CR&CVC5QWTEGMDNRMHJR

GDQH UGRZHU\VXQHN.RQWUROND 5KVG/CR&CVC5QWTEG]RVWDD

GRGDQDSRGF]DVZF]H QLHMV]HMNRQILJXUDFMLNRQWURONL6TGG8KGY

5\VXQHN'RGDQLHNRQWURONL0HQXGRVWURQ\Z]RUFRZHM
 $E\ SU]HWHVWRZD NRQWURON /GPW QDFL

QLM NODZLV] ) 3RZLQLHQH

E\ZVWDQLHSRUXV]DVLSRZLWU\QLH]DSRPRFNRQWURONL /GPWU\
VXQHN



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

5\VXQHN7HVWRZDQLHNRQWURONL0HQX
 =DXZD

 HNRQWUROND/GPWREVXJXMHGZDSRR HQLD*QTK\QPVCNL8GT
VKECN=PLHZD FLZR  1TKGPVCVKQPNRQWURONL /GPW] 8GTVKECNQD
*QTK\QPVCNL]DXZD ]PLDQU\VXQHN

5\VXQHN=PLDQDSRR HQLDNRQWURONL0HQX
B>6,EB6,
'RP\ OQ\PSRR HQLHPNRQWURONL/GPWMHVW8GTVKECN

:\ ZLHWODQLHUR]ZLMDQ\FKPHQX]DSRPRFNRQWURONL0HQX



$FR
]GHNODUDW\ZQ\PWZRU]HQLHPHOHPHQWZZNRQWUROFH0HQX"
F]HQLHNRQWURONL /GPW]SOLNLHP;0/OXEPDSZLWU\Q\QLHMHVWMHG\
Q\PVSRVREHPGRGDZDQLDHOHPHQWZGRNRQWURONL PR HV]UZQLH
UF]QLHXWZRU]\HOHPHQW\ZNRQWUROFH /GPW:W\PFHOXPR HV]DOER
Z\NRU]\VWDHG\WRU0HQX,WHP(GLWRUGRVWSQ\ZPHQX0HQX7DVNVSR
]D]QDF]HQLX(GLW0HQX,WHPV SRND]DQ\QDU\VXQNXDOERGRGD
HOHPHQW\GHNODUDW\ZQLH

5\VXQHN8 \FLHHG\WRUD0HQX,WHP(GLWRUZFHOXUF]QHJRGRGDQLDHOHPHQWZ
GRNRQWURONL0HQX

$E\GHNODUDW\ZQLHGRGDHOHPHQW\PHQXSU]HFLJQLMLXSX NRQWURON
PHQXQDIRUPXODU]XLSU]HF]VLGRZLGRNX6RXUFH9LHZ/LVWLQJ
SU]HGVWDZLDZMDNLVSRVE]DLPSOHPHQWRZDVWUXNWXUPHQXSRND]DQ
QDU\VXQNX
/LVWLQJ'HNODUDW\ZQHGRGDQLHSR]\FMLPHQX
CUR/GPW+&/GPW6CTIGVPGY9KPFQYTWPCVUGTXGT
+VGOU
CUR/GPW+VGO8CNWG9KPFQYU6GZV9KPFQYU
CUR/GPW+VGO8CNWG9KPFQYU:26GZV9KPFQYU:2
CUR/GPW+VGO8CNWG*QOG'FKVKQP6GZV*QOG'FKVKQP
PCXKICVGWTNZRJQOGCURZ
CUR/GPW+VGO
CUR/GPW+VGO8CNWG2TQHGUUKQPCN6GZV2TQHGUUKQPCN
PCXKICVGWTNZRRTQHCURZ
CUR/GPW+VGO



5R]G]LD6WURQ\Z]RUFRZHLQDZLJDFMDZLWU\Q\

CUR/GPW+VGO
CUR/GPW+VGO8CNWG9KPFQYU5GTXGT
6GZV9KPFQYU5GTXGT
PCXKICVGWTNYKPCURZ
CUR/GPW+VGO
CUR/GPW+VGO
+VGOU
CUR/GPW

B>6,EB6,
: FHOX RWZRU]HQLD QRZHJR RNQD Z PRPHQFLH Z\EUDQLD HOHPHQWX
PHQX PXVLV] XVWDZL GOD DWU\EXWX 6CTIGV SHZQ ZDUWR  =ZU
XZDJ HDWU\EXW6CTIGVMHVWREVXJLZDQ\]DUZQRSU]H]HOHPHQW/G
PW MDNL /GPW+VGO -H OLRNUH OLV]FHOQDSR]LRPLHPHQXZV]\VWNLH
HOHPHQW\PHQXEGGRP\ OQLHZ\ ZLHWODQHZSRGDQ\PFHOXGRSNL
QLHXQLHZD QLV]FHOXLQG\ZLGXDOQLHGODSR]\FMLPHQX-H OLDWU\EXW
6CTIGVQLHMHVWXVWDZLRQ\OXEPDXVWDZLRQ\SXVW\DFXFKWRGR
FHORZGODPHQXEG]LHELH FDVWURQD
=DXZD  H RWZDUFLH QRZHJR RNQD F]VWR E\ZD P\OFH GOD RVRE\
SU]HJOGDMFHMVWURQ']LHMHVLWDNGRSNLHOHPHQWPHQXMDVQRQLH
ZVND]XMH]HZQWU]QHMVWURQ\OXEZLWU\Q\

:LFHMLQIRUPDFML
:LFHM LQIRUPDFML QD WHPDW WZRU]HQLD PHQX SU]\ X \FLX VNU\SWZ SR
VWURQLHNOLHQWDMHVWGRVWSQ\FKSRGSRGDQ\PLSRQL HMDGUHVDPL
 KWWSGKWPOPHQXFRPPHQXGHPRVGHPRKWPO
 KWWSZVDEVWUDFWFRPMDYDWXWRUVFURVVPHQXVKWPO
 KWWSDUFKLYHGHY[FRPGKWPODUWLFOHVWGWGDVS

:\ ZLHWODQLHUR]ZLMDQ\FKPHQX]DSRPRFNRQWURONL0HQX