!
"!
!"##$%&'"()*+%,-&).//0//+0(&)1$'203'( 0 /)
)
45)*(&#"2$-&'"()
)
#$%%&'()$*! )+! ,! -,.$%! $/+(,012! ($! +$0),1! ,*3! 20$*$-)0! 32421$'-2*(! ,*3!
)*0%2,+2+!(52!0$+(!$6!3$)*7!/&+)*2++8!!
!
95,)1,*3! +0$%23! :;! $*! (52! 0$%%&'()$*! '2%02'()$*! )*32<! )*! =>"?8! !952!)*32<!
)*3)0,(2+!(52!'2%02)423!12421!$6!'&/1)0!+20($%!0$%%&'()$*!$*!,!+0,12!$6!>!@5)751A!
0$%%&'(B! ($! ">>! @42%A! 012,*B8! 95,)1,*3C+! 1$D! +0$%2! ,6620(+! )(+! ,/)1)(A! ($! ,((%,0(!
6$%2)7*!)*42+(-2*(E!($!'%$4)32!2F&,1!$''$%(&*)()2+!6$%!)(+!0)()G2*+!($!32421$'!,*3!
,002++!/&+)*2++!,*3!2-'1$A-2*(!$''$%(&*)()2+E!,*3!($!)-'%$42!(52!+(,*3,%3!$6!
1)4)*78!
!
HIJ#! K2,32%+! ,0L*$D123723! (52! (5%2,(! (5,(! 0$%%&'()$*! '$+2+! ($! 7$$3!
7$42%*,*02!,*3!20$*$-)0!7%$D(5!)*!(52!H+),MI,0)6)0!D52*!(52A!-2(!)*!N,*(),7$E!
#5)12! )*! =>>?8! 952A! ,7%223! (5,(! HIJ#! 20$*$-)2+! +5$&13! *&%(&%2! ,*3! +&+(,)*!
7$$3!7$42%*,*02E!20$*$-)0!32421$'-2*(!,*3!'%$+'2%)(A!/A!D$%L)*7!($72(52%!($!
6)75(!0$%%&'()$*!,*3!2*+&%2!(%,*+',%2*0A8!
!
HIJ#! K2,32%+! 2*3$%+23! (52! N,*(),7$! #$--)(-2*(! ($! O)75(! #$%%&'()$*! ,*3!
J*+&%2!9%,*+',%2*0A8!95)+!0$--)(-2*(!*$(23!(52!)-'$%(,*(!%$12!$6!(52!P*)(23!
Q,()$*+! #$*42*()$*! ,7,)*+(! #$%%&'()$*! ,+! (52! 6)%+(! 127,11 A! /)*3)*7! 71$/, 1!
)*+(%&-2*(!+'20)6)0,11A!(,%72(23!($!6)75(!(52!+0$&%72!$6!0$%%&'()$*8!!
H%()012! R! $6! (52! P*)(23! Q,()$*+! #$*42*()$*! H7,)*+(! #$%%&'()$*!)+!'2%()*2*(!($!
'%242*()*7! 0$%%&'()$*! 2-,*,()*7! 6%$-! 127)+1,()$*! ,*3! +&''$%()*7! )*+()(&()$*,1!
,%%,*72-2*(+8!!
!
Article(5.(Preventive(anti/corruption(policies(and(practices((
"8! J,05! N(,(2! I,%(A! +5,11E! )*! ,00$%3,*02! D)(5! (52! 6&*3,-2*(,1! '%)*0)'12+! $6! )(+! 127,1!
+A+(2-E! 32421$'! ,*3! )-'12- 2*(! $%! -,)*(,)*! 26620()42E! 0$$%3)*,(23! ,*()M0$%%&'()$*!
'$1)0)2+! (5,(! '%$-$(2!(52! ',%()0)',()$*!$6! +$0)2(A! ,*3!%26120(!(52!'%)*0)'12+!$6! (52!%&12! $6!
1,DE! '%$ ' 2%! -,*,72- 2* (! $ 6! '&/1)0! ,66,)%+! ,* 3 ! ' & /1)0 ! ' %$ ' 2% (AE! )*(27%)(AE! (%,*+',%2*0A!
,*3!,00$&*(,/)1)(A8!!
!
=8!J,05!N(,(2!I,%(A!+5,11!2*32,4$&%!($!2+(,/1)+5!,*3!'%$-$(2!26620()42!'%,0()02+!,)-23!,(!
(52!'%242*()$* !$6!0$%%& '()$* 8!!
!
:8!J,05!N(,(2!I,%(A!+5,11!2*32,4$&%!($!'2%)$3)0,11A!24,1&,(2!%2124,*(!127,1!)*+(%&-2*(+!
,*3!,3-)*)+(%,()42!-2,+&%2+!D)(5!,!4)2D !($! 32(2%-)*)*7!(52)%! ,32F&,0A!($!'%242*(!,*3!
6)75(!0$%%& ' ()$* 8!!
!
952! 95,)1,*3! S$42%*-2*(! )+! 0$--)((23! ($! (52! )-'12-2*(,()$*! $6! #$%%&'()$*!
T-',0(! H++2++-2*(! ,+! ,! L2A! -205,*)+-! ($! )32*()6A! ,*3! %2-$42! 0$%%&'()$*M
0,&+)*7!6,0($%+!)*!127)+1,()$*!,*3!+&''$%()*7!)*+()(&()$*,1!,%%,*72-2*(+8!!
)
!
)
!
=!
65)7$#%"/0))
)
952!0$%%&'()$*!)-',0(!,++2++-2*(!)+!32+)7*23!($!2<,-)*2E!24,1&,(2!,*3!%2-$42E!
D52%2! ,''%$'%),(2E! 0$%%&'()$*M0,&+)*7! 6,0($%+! )*! 1,D+E! %27&1,()$*+! ,*3! $(52%!
127,1!)*+(%&-2*(+8!
!
952! S&)321)*2+! ,%2! 32+)7*23! ($! ,++)+(! 7$42%*-2*(! ,72*0)2+! D)(5! )32*()6A)*7!
0$%%&'()$*M0,&+)*7!6,0($%+!)*!127)+1,()$*E!%27&1,()$*+!,*3!$(52%!127,1!)*+(%&-2*(+!
,*3! (52! +&''$%()*7! )*+()(&()$*,1! ,%%,*72-2*(+E! ,*3! ($! 32421$'! ,*3! )-'12-2*(!
,''%$'%),(2!+(%,(27)2+!($!%2-$42!)32*()6)23!0$%%&'()$*M0,&+)*7!6,0($%+8!!
!
I$$%1A!32+)7*23!127)+1,()$*!D)(5!)11M326)*23!,3-)*)+(%,()42!3)+0%2()$*,%A!'$D2%+!
($72(52%!D)(5!)*,002++)/12!)*6$%-,()$*!,/$&(!,3-)*)+(%,()42!'%$023&%2+!%23&02+!
7$42%*-2*(! ,00$&*(,/)1)(A! ,*3! (%,*+',%2*0A8! 95)+! 0,*! 12,3!($!)*0$*+)+(2*(!
,''%$,052+!,*3!(52!'$(2*(),1!6$%!0$%%&'(!320)+)$*+!(5,(!6,4$%!+$-2!)*3)4)3&,1+E!
/&+)*2++2+!,*3!$%7,*)G,()$*+!($!(52!32(%)-2*(!$6!+$0)2(A8!!
!
I2$'12E!/&+)*2++2+!,*3!$%7,*)G,()$*+!*223!02%(,)*(AE!01,%)(A!,*3!,002++!($!(52!1 ,D !
+$!(5,(!(52A!L*$D!(52)%!%)75(+!,*3!$/1)7,()$*+8!S$42%*-2*(!,72*0)2+!%2+'$*+)/12!
6$%!(52!,3-)*)+(%,()$*!$6!127)+1,()$*E!%27&1,()$*!,*3!$(52%!127,1! )*+(%&-2*(+!*223!
(52! 1,D! ($! '%$4)32! 012,%! 3)%20()$*E! 7&)3,*02E! +0$'2! ,*3! /$&*3,%)2+! ($! '%242*(!
&*62((2%23!,*3!'$(2*(),1!,/&+2!$6!3)+0%2()$*,%A!'$D2%+8!H''%$'%),(2!0520L+!,*3!
/,1,*02+E!+'20)6)0,11A!)*(2%*,1!,*3! 2<(2%*,1!%24)2D!-205,*)+-+E!,%2!%2F&)%23! ($!
2*+&%2!%2+'$*+)/12!7$42%*-2*(!,72*0)2+!,%2!5213!,00$&*(,/128!
!
952!0$%%&'()$*!)-',0(!,++2++-2*(!)+!/,+23!$*!N$&(5!U$%2,C+!0$%%&'()$*!)-',0(!
,++2++-2*(!,''%$,058!952!S&)321)*2+!$&(1)*2!(52!, ''%$'%),(2E!,*3!)*!+$-2!0,+2+E!
(52!)*,''%$'%),(2!,''%$,05!($!32+)7*)*7!127)+1,()42!,*3!+&''$%()*7!)*+()(&()$*,1!
,%%,*72-2*(+!($!'%242*(!0$%%&'(!/25,4)$%8!952!7&)3,*02!3%,D+!&'$*!2<,-'12+!
6%$-!95,)1,*3!,*3!H&+(%,1),*!127)+1,()$*!,*3!)*+()(&()$*,1!,%%,*72-2*(+8!
!
952!0$*(2*(+!$6!(52!S&)321)*2+!)*01&32V!
!
N20()$*!:!#$%%&'()$*M#,&+)*7!O,0($%+!
N20()$*!?!H''1)0,()$*!,*3!N0$'2!6$%!W26$%-!
N20()$*!R!J4,1&,()$*!I%$02++!,*3!W2'$%()*7!
N20()$*!X!J4,1&,()$*!$6!J,+2!$6!#$-'1),*02!
N20()$*!Y!J4,1&,()$*!$6!I%$'%)2(A!$6!Z)+0%2()$*,%A!I$D2%+!
N20()$*!;!J4,1&,()$*!$6!9%,*+',%2*0A!$6!H3-)*)+(%,()42!I%$023&%2+!
N20()$*![!J4,1&,()$*!#520L1)+(!
!
)
)
)
)
)
)
)
!
:!
85)!"##$%&'"()!,$/'(9):,-&"#/)
!
952%2!,%2!(5%22!/%$,3!0,(27$%)2+!$6!0$%%&'()$*M0,&+)*7!6,0($%+V!
!
J,+2!$6!0$-'1),*02!D)(5!1,D+!,*3!%27&1,()$*+!
I%$'%)2(A!$6!,3-)*)+(%,()42!3)+0%2()$*!!
9%,*+',%2*0A!$6!,3-)*)+(%,()42!'%$023&%2+!
!
9,/12! "! /21$D!'%$4)32+! (52! 0$%%&'()$*M0,&+)*7!6,0($%+!,*3! (52! 0%)(2%),!&+23! ($!
32(2%-)*2!D52(52%!(52!'$(2*(),1!6$%!0$%%&'(!/25,4)$%!2<)+(+8!!!
!
;,<30)4=)!"##$%&'"(>-,$/'(9)?,-&"#/),(2)-#'&0#',)
#$%%&'()$*M0,&+)*7!6,0($%+!
#%)(2%),!
J,+2!$6!0$-'1),*02!
MH32F&,0A!$6!(52!0$-'1),*02!/&%32*!
MH32F&,0A!$6!(52!12421!$6!+,*0()$*+!
MI$++)/)1)(A!$6!'%262%2*(),1!(%2,(-2*(!
I%$'%)2(A!$6!,3-)*)+(%,()42!3)+0%2()$*!
M#12,%*2++!$6!3)+0%2()$*,%A!'$D2%!
MH''%$'%),(2*2++! $6! (52! +0$'2! $6!
3)+0%2()$*,%A!'$D2%!
M#$*0%2(2*2++! ,*3! $/.20()42*2++! $6!
3)+0%2()$*,%A!+(,*3,%3+!
9%,*+',%2*0A!$6!,3-)*)+(%,()42!
'%$023&%2!
MH002++)/)1)(A!,*3!$'2**2++!
MI%23)0(,/)1)(A!
M#$%%&'()$*!0$*(%$1!+A+(2-!
!
@5).%%3'-,&'"(),(2)A-"%0)?"#)B0?"#+)
)
952!0$%%&'()$*!)-',0(!,++2++-2*(!7&)321)*2+!,''1A!($!,11!1,D+E! %27&1,()$*+!,*3!
$(52%!127,1!)*+(%&-2*(+8!
!
9,/12!=!/21$D!+5$D+!D5)05!$6!(52!0%)(2%),!6$%!2,05!0$%%&'()$*M0,&+)*7!6,0($%!)+!
(,%72(23!,(!127)+1,()42!$%!)*+()(&()$*,1!%26$%-8!
!
H11!(5%22!0$%%&'()$*M0,&+)*7!6,0($%+!+5$&13!/2!24,1&,(23!6$%!*2D!,*3!,-2*3)*7!
1,D+E!%27&1,()$*+!,*3!$(52%!127,1! )*+(%&-2*(+8!H11!$6!(52!0%)(2%),!6$%!(52!'%$'%)2(A!
$6! ,3-)*)+(%,()42! 3)+0%2()$*! ,*3! (52! 12421! $6! +,*0()$*+! ,%2! %21,()421A!
+(%,)75(6$%D,%3! ,++2++-2*(+! ,*3! +5$&13! *$(! )-'$+2! ,! /&%32*! $*! 7$42%*-2*(!
,72*0)2+8! 952! ,32F&,0A! $6! (52! 0$-'1),*02! /&%32*! -,A! %2F&)%2! -$%2! ()-2! ,*3!
266$%(!($!-,L2!,*!,++2++-2*(8!
!
T*+()(&()$*,1! %26$%-+! 0,*! /2! -,32! ($! 2<)+()*7! 1,D+E! %27&1,()$*+! ,*3! $(52%! 127,1!
)*+(%&-2*(+8!S$42%*-2*(!,72*0)2+!+5$&13!32421$'!,**&,1!'1,*+!($!'%)$%)()G2!(52!
%24)2D! $6! 2<)+()*7! 127)+1,()$*E! %27&1,()$*+! ,*3! $(52%! 127,1! )*+(%&-2*(+! ($!
,+02%(,)*!D52(52%!)-'%$42-2*(+!0,*!/2!-,32!($!6,0)1)(,(2V!
!
$/.20()42*2++!$6!3)+0%2()$*,%A!+(,*3,%3+\!
,002++)/)1)(A!,*3!$'2**2++\!!
'%23)0(,/)1)(A\!,*3E!
0$%%&'()$*!0$*(%$1!+A+(2-8!!
!
?!
!
952+2!%24)2D+!+5$&13!,1+$!)32*()6A!,*A!-,((2%+!(5,(!0,*!/2!%2-$423!$%!)-'%$423!
)*!%2+'20(!($!(52!2,+2!$6! 0$-'1), *02!,*3!'%$'%)2(A!$6!,3-)*)+(%,()42!3)+0%2()$*!+$!
(5,(! (52A! 0,*! /2! )*(%$3&023! D52*! (52+2! 1,D+E! %27&1,()$*+! $%! $(52%! 127,1!
)*+(%&-2*(+!,%2!242*(&,11A!,-2*3238!
!
J,05! 7$42%*-2*(! 32',%(-2*(! +5$&13! +&/-)(! ,*! ,**&,1! '1,*! ($! (52! ]66)02! $6!
^^^^^!,34)+)*7!$6!(52!127)+1,()$*!,*3!(52!+&''$%()*7!)*+()(&()$*,1!,%%,*72-2*(+!
(5,(!D)11!/2!%24)2D23!$42%!(52!*2<(!"=!-$*(5+8!
!
;,<30)6=)A-"%0)?"#)C09'/3,&'D0)"#)*(/&'&$&'"(,3)B0?"#+)
:,-&"#/)
!#'&0#',)
C09'/3,&'D0)"#)
*(/&'&$&'"(,3))
H32F&,0A! $6! (52! 0$-'1),*02!
/&%32*!
K27)+1,()42!
H32F&,0A!$6!(52!12421!$6!+,*0()$*+!
K27)+1,()42!
J,+2!$6!
#$-'1),*02!
I$++)/)1)(A! $6! '%262%2*(),1!
(%2,(-2*(!
T*+()(&()$*,1!
#12,%*2++!$6!3)+0%2()$*,%A!'$D2%+!
K27)+1,()42!
H''%$'%),(2*2++! $6! (52! +0$'2! $6!
3)+0%2()$*,%A!'$D2%!
K27)+1,()42!
I%$'%)2(A!$6!
,3-)*)+(%,()42!
3)+0%2()$*!
#$*0%2(2*2++! ,*3! $/ .20()42*2++! $6!
3)+0%2()$*,%A!+(,*3,%3+!
K27)+1,()42!,*3_$%!
T*+()(&()$*,1!
H002++)/)1)(A!,*3!$'2**2++!
!
T*+()(&()$*,1!
I%23)0(,/)1)(A!
!
T*+()(&()$*,1!
9%,*+',%2*0A!$6!
,3-)*)+(%,()42!
'%$023&%2!
#$%%&'()$*!0$*(%$1!+A+(2-!
T*+()(&()$*,1!
!
E5)FD,3$,&'"()7#"-0//)G)B0%"#&'(9)
!
952!24,1&,()$*!'%$02++!6$%!(52!(5%22! 0,(27$%)2+!$6!0$%%&'()$*M0,&+)*7! 6,0($%+!)+!
3)+0&++23!)*!+20()$*+!XE!Y!`!;8!
!
T*!2,05!+20()$*E!(52!24,1&,()$*!'%$4)32+!,!+2%)2+!$6!F&2+()$*+!,*3!7&)3,*02!$*!(52!
,''%$'%),(2E! ,*3! )*! +$-2! 0,+2+E! (52! )*,''%$'%),(2! ,''%$,05! ($! 32+)7*)*7!
127)+1,()42!,*3!(52!+&''$%()*7! )*+()(&()$*,1! ,%%,*72-2*(+! ($!'%242*(!0$%%&'()42!
/25,4)$%8! 952! 7&)3,*02! 3%,D+! &'$*! 2<,-'12+! 6%$-! 95,)1,*3! ,*3! H&+(%,1),*!
127)+1,()$*!,*3!)*+()(&()$*,1!,%%,*72-2*(+8!
!
N20()$*! [!'%$4)32+!,*!24,1&,()$*!0520L1)+(!(5,(!%20,'+!,11!$6!(52! F&2+()$*+! )*!
+20()$*+!X!($![8!!
!
H! /%)26)*7! +5$&13! /2! '%2',%23! ,34)+)*7! (5,(! (52! *2D! $%! ,-2*3)*7! 127)+1,()$*E!
%27&1,()$*+! $%! $(52%! 127,1! )*+(%&-2*(! 5,+! /22*! +&/.20(! ($! ,! 0$%%&'()$*! )-',0(!
,++2++-2*(! D)(5! ,! 1)+(! $6! (52! '%$4)+)$*+! @+20()$*+E! 01,&+2+! 2(0B! (5,(! 5,42! /22*!
24,1&,(23E! (52! 0%)(2%),! &+23E! ,*3! D52(52%! )(! -22(+! (52! 0%)(2%),! @A2+! $%! *$B8! O$%!!!
(5$+2! '%$4)+)$*+! D 52%2! (52! ,*+D2%! )+! aQ$CE! (52! 7$42%*-2*(! ,72*0A! *223+! ($!
'%$4)32!,*!2<'1,*,()$*!6$%!*$(! )-'%$4)*7! (52!'%$4)+)$*!)*!,00$%3,*02!D)(5!(52!
!
R!
S&)321)*2+8! ! H! 0$%%&'()$*! )-',0(! ,++2++-2*(! (2-'1,(2! D)(5! ,! 62D! 2<,-'12+! )+!!
'%$4)323!)*!9,/12!:8!
!
H11!$6!(52!127)+1,()42!'%$4)+)$*+!(5,(!5,42!/22*!+&/.20(!($!,*!24,1&,()$*!+5$&13!/2!
*$(,(23!,*3!,!0$'A!'%$4)323!($!(52!]66)02!$6!^^^^!($72(52%!D)(5!(52!0$%%&'()$*!
)-',0(!,++2++-2*(8!
!
;,<30)8=)!"##$%&'"()*+%,-&).//0//+0(&);0+%3,&0)
9A'2!$6!#$%%&'()$*M
0,&+)*7!#%)(2%),!
H''%$'%),(2!
W2,+$*! 6$%! *$(!
%2-$4)*7!
0$%%&'()$*M0,&+)*7!
6,0($%!
#12,%*2++! $6!
3)+0%2()$*,%A!
'$D2%+!! !
b2+!
!
H''%$'%),(2*2++! $6!
(52! +0$'2! $6!
3)+0%2()$*,%A!
'$D2%!
b2+!
!
]/.20()42*2++! $6!
3)+0%2()$*,%A!
+(,*3,%3+!!
Q$!
952!32',%(-2*(!
'%$'$+2+!($!
32421$'!,*3!
'&/1)+5!7&)321)*2+!
6$%!(52!c)*)+(2%C+!
3)+0%2()$*,%A!
'$D2%+8!T(!)+!
0$*+)32%23!(5,(!
2+(,/1)+5)*7!
+(,(&($%A!0%)(2%),!)*!
(52!127)+1,()$*!
D$&13!%2+(%)0(!(52!
c)*)+(2%C+!
3)+0%2()$*,%A!
'$D2%+!D52%2!
0)%0&-+(,*02+!-,A!
05,*728!
#12,%*2++! $6!
3)+0%2()$*,%A!
'$D2%+!! !
b2+!
!
H''%$'%),(2*2++! $6!
(52! +0$'2! $6!
3)+0%2()$*,%A!
'$D2%!
b2+!
!
]/.20()42*2++! $6!
3)+0%2()$*,%A!
+(,*3,%3+!!
b2+!
!
!
!
!
!
X!
H! 0$'A! $6! (52! 3%,6(! 127)+1,()$*E! %27&1,()$*! $%! $(52%! 127,1! )*+(%&-2*(! D)(5! (52!
%2124,*(!'%$4)+)$*+!5)751)75(23!+5$&13!/2!,((,0523!($! (52!/%)26)*7!,*3! 6$%D,%323!
($!(52!]66)02!$6!^^^^^^^^!6$%!)*32'2*32*(!,++2++-2*(8!
!
952! ]66)02! $6! ^^^^^^!D)11! ,34)+2! D52(52%! (52!0$%%&'()$*!)-',0(! ,++2++-2*(! )+!
0$-'1),*(!D)(5!(52!S&)321)*2+8!!
!
952! ]66)02! $6! ^^^^^! +5$&13! '%2',%2! F&,%(2%1A! ,*3! ,*! ,**&,1! %2'$%(! ($! (52!
#$&*0)1! $6! c)*)+(2%+! ,34)+)*7! $*! (52! 0$-'1),*02! 12421! 6$%! 2,05! 7$42%*-2*(!
32',%(-2*(!,*3!5)751)75()*7!,*A!-,.$%!0$*02%*+!D)(5!+'20)6)0!127)+1,()$*8!!
!
O$%! %24)2D+! $6! 127)+1,()$*! ,*3! +&''$%()*7! )*+()(&()$*,1! ,%%,*72-2*(+! (5,(! ,%2!
&*32%(,L2*! &*32%! ,! 32',%(-2*(,1! ,**&,1! '1,*E! (52! 7$42%*-2*(! ,72*0A! +5$&13!
+&/-)(! 0$%%&'()$*! )-',0(! ,++2++-2*(+! ($! (52! ]66)02! $6! ^^^^^! 6$%! )*32'2*32*(!
,++2++-2*(!6$%!2,05!%24)2D!$*02!0$-'12(238!!
!
952! ]66)02! $6! ^^^^^^!D)11! ,34)+2! D52(52%! (52!0$%%&'()$*!)-',0(! ,++2++-2*(! )+!
0$-'1),*(!D)(5!(52!S&)321)*2+8!!!
!
952! ]66)02! $6! ^^^^^! D)11! '%2',%2! ,*! ,**&,1! %2'$%(! ($! (52! #$&*0)1! $6! c)*)+(2%+!
,34)+)*7!$*!2,05!7$42%*-2*(!32',%(-2*(C+!0$-'1),*02!D)(5!)(+!,**&,1!'1,*E !*$(2!
,!7$42%*-2*(!32',%(-2*(C+!0$--)(-2*(!($!)*(%$3&02!)*+()(&()$*,1!%26$%-+!,*3!
5)751)75(! ,*A! -,.$%! 0$*02%*+! D)(5! +'20)6)0! 127)+1,()$*! $%! )*+()(&()$*,1!
,%%,*72-2*(+8!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
Y!
H5)FD,3$,&'" ( )" ?)F , /0 )" ?)! " +%3',(-0))
)
95)+!+20()$*!'%$4)32+!,*!2<'1,*,()$*!$6!5$D!($!24,1&,(2!2,05!$6!(52!(5%22!0%)(2%),!
)*!%2+'20(!($!(52!2,+2!$6!0$-'1),*028!
!
;,<30)@=)F,/0)"?)!"+%3',(-0)
#%)(2%),!
#$*(2*(+!
H32F&,0A!$6!(52!0$-'1),*02!/&%32*!
d52(52%! (52! 12421! $6! 2<'2*+2! ,*3!
+,0%)6)02! /$%*2! /A! '2$'12E! /&+)*2++2+E!
$%7,*)G,()$*+! ($! 0$-'1A! D)(5! 127,1!
%2+'$*+)/)1)()2+! )+! ,''%$'%),(2! ,*3!
'%$4)32+! (52! /2+(! $'()$*! ,(! (52! 12,+(!
0$+(!!
H32F&,0A!$6!(52!12421!$6!+,*0()$*+!
d52(52%! (52! 0$*(2*(! ,*3! 12421! $6!
'2*,1()2+! 0$-',%23! D)(5! (5$+2!
'&%+&,*(! ($! +)-)1,%! 1,D+! ,%2!
,''%$'%),(2!
I$++)/)1)(A!$6!'%262%2*(),1!(%2,(-2*(!
I$++)/)1)(A! $6! 02%(,)*! 01,++E! /&+)*2++E!
7%$&'! $%! )*3)4)3&,1! 2*.$A)*7! 6,4$%! $%!
/2*26)(!3&2!($!(52!,''1)0,()$*!$6!1,D+!
!
H54).20I$,-J)"?)&K0)-"+%3',(-0)<$#20()
!
Z$2+!(52!127)+1,()$*!'%$4)32!(52!12,+(!0$+(!$' ( )$*e!
!
f,+! (52! %2+'$*+)/12! 7$42%*-2*(! ,72*0A! 0$*+)32%23! $(52%! 12++! /&%32*+$-2!
0$-'1),*02!,1(2%*,()42+!(5,(!-22(!(52!'$1)0A!$/.20()42e!
!
f,+!(52!%2+'$*+)/12!7$42%*-2*(!,72*0A!&*32%(,L2*!,*!,++2++-2*(!$6!,1 ( 2%*,()42!
0$-'1),*02!,''%$,052+e!
!
952! 0$-'1),*02! /&%32*! +5$&13! /2! '%$'$%()$*,(2! ($! (52! $/.20()42+! $6! (52! 1,D8!
95,(! )+E! /&%32*+! )-'$+23! +5$&13! /2! %2,+$*,/12! ,*3! 6,)%E! )*! 1)75(! $6! (52! +(,(23!
$/.20()42+E!D)(5!(52!0$-'1),*02!-205,*)+-+!'%$'$%()$*,(2!,*3!,/12!($!/2!012,%1A!
1)*L23!($!,05)24)*7!(52!$/.20()428!!
!
K27)+1,()$*E! %27&1,()$*! , *3! $(52%! 127,1! )*+(%&-2*(+! )-'$+2! ,! /%$,3! %,*72! $6!
0$-'1),*02!$/1)7,()$*+!$*!'2$'12E!/&+)*2++2+!,*3!$%7,*)G,()$*+8!952!6$11$D)*7!)+!
,! 1)+(! $6! 0$--$*! 0$-'1),*02! $/1)7,()$*! +&/.20(+! (5,(! ,%2! '%2+0%)/23! )*!
127)+1,()$*E!%27&1,()$*!,*3!$(52%!127,1!)*+(%&-2*(+V!
!
H&(5$%)()2+!,*3!H''%$4,1!($!+&''1A!7$$3+!$%!+2%4)02+!($!,!(5)%3!',%(A!!
H&3)(+!
H**&,1!%2(&%*+!
H**&,1!%2'$%(+!
I%2+0%)/23!JF&)'-2*(!!
#$*3)()$*!,*3!%2',)%!$6!2F&)'-2*(!
Z)+01$+&%2!$6!)*6$%-,()$*!
O)*,*0),1!,++&%,*02+!
!
;!
W2(2*()$*!$6!%20$%3+!
N'20)6)0,()$*+!,*3!2F&)'-2*(!
c,)*(2*,*02!$6!2F&)'-2*(!
T*+'20()$*!$6!2F&)'-2*(!
I%$(20()$*!$6!2F&)'-2*(!
N20&%)(A!$6!'%2-)+2+E!2F&)'-2*(E!'%$02++2+!,*3!+A+(2-+!
c2(5$3!$6!',A-2*(!
I%2+0%)/23!'%$02++2+!,*3!+A+(2-+!
N(,*3,%3+!6$%!(52!'%$3&0()$*!$6!7$$3+!,*3!+2%4)02+!
c,(2%),1!N,62(A!Z,(,!N522(+!
T*3&0()$*E!)*6$%-,()$*E!(%,)*)*7!,*3!+&'2%4)+)$*!
f,G,%3!)32*()6)0,()$*!,*3!,*,1A+)+!!
W)+L!,++2++-2*(!,*3!0$*(%$1!
T*42+()7,()$*!
I,0L)*7E!-,%L)*7!,*3!1,/211)*7!
Q$()6)0,()$*!$6!)*0)32*(+!
I1,**)*7!6$%!2-2%72*0)2+!
W24)2D!'%$02++2+!,*3!+A+(2-+!
!!!
T*4,%),/1AE! %27&1,()$*! )*4$142+! +242%,1! 0$-'1),*02! -205,*)+-+8! O$%! )*+(,*02E!
1)02*+)*7E! +'20)6)0,()$*+! $6! 2F&)'-2*(! ,*3! %20$%3ML22')*78! W2+'$*+)/12!
7$42%*-2*(!,72*0)2+!*223!($!.&+()6A!2,05!0$-'1),*02!-205,*)+-!,*3!+5$D!(5,(!
(52! 0$-'1),*02! -205,*)+-! D)11! /2!26620()42!,*3!'1,A!,!%$12!)*!%23&0)*7!$%!
'%242*()*7!,*!20$*$-)0E!+$0),1!$%!2*4)%$*-2*(,1!'%$/12-8!!!
!
W27&1,($%A! 6,)1&%2! $6(2*! $00&%+! D52*! 7$42%*-2*(! ,72*0)2+! (,L2! ,! %)+LM,42%+2!
,''%$,05! ,*3! )-'$+2! ,! D)32! %,*72! $6! %27&1,($%A! 0$-'1),*02! -205,*)+-+! ($!
0$42%!242%A!'$++)/12!)*0)32*(!$%!242*(!242*!D52%2!(52%2!)+!,!1$D!'%$/,/)1)(A!$6!
$00&%%2*028!95)+!)*4,%),/1A!%2+&1(+!)*!+$-2!$6!(52!0$-'1),*02!-205,*)+-+!/2)*7!
($(,11A! &**202++,%A! ,*3! )-'$+2+! &**202++,%A! 0$+(+! $*! '2$'12E! /&+)*2++! ,*3!
$%7,*)G,()$*+8!952+2!&**202++,%A!0$-'1),*02!0$+(+!,%2!$6(2*!%262%%23!($!,+!a%23!
(,'2C! $*! (52! 7%$&*3+! (5,(!+$0)2(A!,(!1,%72! 0,**$(! +22! ,*A! %21,()$*+5)'!D)(5!(52!
0$-'1),*02!-205,*)+-!,*3!(52!'$1)0A!$/.20()42!($!,33%2++!,!+'20)6)0!20$*$-)0E!
+$0),1!$%!2*4)%$*-2*(,1!'%$/12-8!
!
#$--,*3! ,*3! 0$*(%$1! (A'2! 0$-'1),*02! %27&1,()$*+! (5,(! 5,42! '%2+0%)'()42!
%2F&)%2-2*(+!6$%!)*'&(+!0,*!5,42!&*%2,+$*,/12!0$-'1),*02!/& %32*+!,*3!0,*!/2!
+)7*)6)0,*(1A! %23&023! D)(5! ,1(2%*,()42! ,''%$,052+! D)(5$&(! 0$-'%$-)+)*7! (52!
'$1)0A!$/.20()428!9D$!2<,-'12+!,%2!'%$4)323!)*!g$<2+!"!,*3!/21$D8!
!
!
!
!
!
!
!
!
!
)
!
[!
L"M)4=);,M')D0K'-30)/&,(2,#2/)
952! (,<)! %27&1,()$*+! '%2+0%)/2!425)012!+(,*3,%3+!($! 2*+&%2!'&/1)0!+,62(A8! 952!
%27&1,()$*!'%2+0%)/2+!,!(,<)! 425)012! ($! /2! *$! $132%! (5,*! 6)42!A2,%+!$6!,72!,*3!
D$&13! %2F&)%2! ,6620(23! +(,L25$132%+! ($! %2'1,02! (52)%! 425)012+! 242%A! 6)42!A2,%+8!
95)+!D$&13!/2!322-23!,!+)7*)6)0,*(!0$-'1),*02!/&%32*8!H*!,1(2%*,()42!,''%$,05!
(5,(!D$&13!+()11!,05)242!(52!'$1)0A!$/.20()42!$6!'%$(20()*7!'&/1)0!+,62(A!D$&13!/2!
($!%2F&)%2!(52!$D*2%+!$%!$'2%,($%+!$6!(52!(,<)!425)012!($!5,42!(52!425)012!+2%4)023!
242%A!=>E>>>!L)1$-2(%2+!$%!/2!+&/.20(!($!,**&,1!%$,3D$%(5)*2++!)*+'20()$*+8!952!
0$+(! $6! (52! ,1(2%*,()42! ,''%$,05! D$&13! /2! 0$*+)32%,/1A! 1$D2%! (5,*! (52!
%2'1,02-2*(!$6!,!-$($%!425)012!242%A!6)42!A2,%+8!!
!
)
L"M)6=)N--$%,&'"(,3)B09$3,&'"()>)O'('+$+)F+%3"J00)A&,(2,#2/)
T6! ,! %27&1,(23! $00&',()$*C+! F&,1)6)0,()$*+! ,%2! %2F&)%23! ($! '%$(20(! '&/1)0! +,62(A!
6%$-! 0%)-)*,1! /25,4)$%E! ,! %27&1,()$*! (5,(! '%2+0%)/2+! ,! -)*)-&-! 12421! $6!
23&0,()$*! )+! 1)L21A! ($! 2<01&32! '2%+$*+! 6%$-! 2-'1$A-2*(! )*! (52! %27&1,(23!
$00&',()$*! ,*3! )-'$+2! ,! +)7*)6)0,*(! 0$-'1),*02! /&%32*! $*! $D*2%+! ,*3!
$'2%,($%+! $6! ,! /&+)*2++! (5,(! 2-'1$A! (52! %27&1,(23! $00&',()$*! )*! (2%-+! $6!
42%)6A)*7!(52!23&0,()$*,1!F&,1)6)0,()$*+! $6!2<)+()*7!,*3!'%$+'20()42!2-'1$A22+8!T*!
,33)()$*E!)(!-,A!12,3!($!,!+5$%(,72!$6!1,/$%!)6!(52!-)*)-&-!23&0,()$*,1!+(,*3,%3!
)+! +2(! ($$! 5)758! H*! ,1(2%*,()42! ,''%$,05! (5,(! D$&13! +()11! ,05)242! (52! '$1)0A!
$/.20()42!$6!'%$(20()*7!'&/1)0!+,62(A!D$&13!/2!($!%2F&)%2! $D *2%+! , *3!$'2%,($%+!$6!
(52! /&+)*2++! ($! 5,42! 2<)+()*7! , *3! '%$+'20()42! 2-'1$A22+! +&/.20(! ($! ,! '$1)02!
0520L8! 95)+! D$&13! %23&02! (52! 0$-'1),*02! /&%32*! ,*3! ,05)242! (52! '$1)0A!
$/.20()428!
!
!
H56).20I$,-J)"?)&K0)30D03)"?)/,(-&'"(/))
!
f,+!(52!%2+'$*+)/12!7$42%*-2*(!,72*0A!0$-',%23!(52! 12421!$6!+,*0()$*!$*!,!1)L2M
6$%M1)L2!/,+)+!D)(5!+)-)1,%!1,D+e!
!
T*!'%)*0)'12E! (52!12421!$6!,!'2*,1(A!+5$&13!/2!0$*+)+(2*(!D)(5!(52!'2*,1()2+!,''1)23!
)*! $(52%! 127)+1, ()$*! 6$%! $662*02+! $6! ,! +)-)1,%! *,(&%2! $%! ,! +)-)1,%! +2%)$&+*2++8!!
952%2!-,A!/2!2<02'()$*,1!0)%0&-+(,*02+! (5,( !%2F&)%2!3)662%2*(!12421+!$6!'2*,1( )2+!
($!,''1A!($!$662*02+!$6!,!+)-)1,%!L)*38!T*!(52+2!0,+2+E!,!012,%!.&+()6)0,()$*!*223+! ( $!
/2!'%$4)323!6$%!,!3)662%2*(!'2*,1(A!%27)-28!
!
W2+'$*+)/12! 7$42%*-2*(! ,72*0)2+! +5$&13! &*32%(,L2! '2*,1(A! /2*05-,%L)*7! ($!
)32*()6A!'2*,1()2+!,''1)23!)*!$(52%!127)+1,()$*!6$%!$662*02+!$6!,!+)-)1,%!*,(&%2!$%!
+)-)1,%!+2%)$&+*2++8!
!
W2+'$*+)/12! 7$42%*-2*(! ,72*0)2+! +5$&13!,1+$!2*+&%2!(52! '2*,1()2+! ,%2! %21,()42!
($! (52! *,(&%2! $6! $662*02! ,*3! (52! +2%)$&+*2++! $6! (52! $662*028! g$<! :! '%$4)32+! ,*!
2<,-'12!$6!'2*,1()2+!%21,()42!($!(52!+2%)$&+*2++!$6!(52!$662*028!
!
!
!
!
">!
L"M)8=)FM,+%30)"?)70(,3&'0/)#03,&'D0)&")&K0)/0#'"$/(0//)"?)&K0)"??0(-0)
]'2%,()*7! D)(5$&(! 1)02*02E! '2%-)(E! %27)+(%,()$*E! 02%()6)0,()$*E! ,00%23)(,()$*M">>!
'2*,1(A!&*)(+!
O%,&3&12*(!*,(&%2!M">>!'2*,1(A!&*)(+!!
Q$*M0$-'1),*02!D)(5!1)02*02!$%!'2%-)(!0$*3)()$*+!M">!'2*,1(A!&*)(+!!
W21,()*7!($!6,1+2!)*6$%-,()$*!h!=>!'2*,1(A!&*)(+!!
Z)+01$+&%2!$6!)*6$%-,()$*!M">!'2*,1(A!&*)(+!
O,)1&%2!($!$/2A!$%32%!M=>!'2*,1(A!&*)(+!!
O,)1&%2!($!$/2A!,!3)%20()42!M=>!'2*,1(A!&*)(+!!
O,)1&%2!($!L22'!%20$%3+!MR!'2*,1(A!&*)(+!!
!
952%2!-,A!/2!0)%0&-+(,*02+!3&2!($!(52!*,(&%2!$6! (52!%)+L!)*4$1423!(5,(!.&+()6)2+!,!
5)752%!'2*,1(A!6$%!,*!$662*028!O$%!2<,-'12E!( 52!%)+L!($!(52!0$--&*)(A!$6!,!'2%+$*!
$'2%,()*7! ,+! ,! -23)0,1! '%,0()()$*2%! D)(5$&(! ,! 1)02*02! D$&13! /2! 7%2,(2%! (5,*! ,!
'2%+$*!$'2%,()*7!,+!,!(2,052%!D)(5$&(!,!1)02*028!f$D242%E!)(!D$&13!/2!2<'20(23!
(5,(! (52! $662*02! 6$%! $'2%,()*7! D)(5$&(! ,! 1)02*02! D$&13! /2! (52! +,-2! 6$%! +)-)1,%!
(A'2!'%$62++)$*+V!3$0($%+E!+&%72$*+E!32*()+(+!,*3!'5,%-,0)+(+8!
)
H58)7"//'<'3'&J)"?)%#0?0#0(&',3)&#0,&+0(&!
!
Z$2+! (52! 127)+1,()$*! 2<01&32! ,! 02%(,)*! 01,++E!/&+)*2++E! 7%$&'! $%! )*3)4)3&,1! 6%$-!
&*32%(,L)*7!,!%27&1,($%A!,0()4)(A!$%!',%()0)',()*7!)*!,!%27&1,(23!-,%L2(e!
!
T+! (52! 2<01&+)$*! $6! ,! ',%()0&1,%! 7%$&'! .&+()6)23! )*! ,00$%3,*02! D)(5!(52!'$1)0A!
$/.20()42!($!'%242*(!$%!%23&02!,*!20$*$-)0E!+$0),1!$%!2*4)%$*-2*(,1!'%$/12-e!
!
K27)+1,()$*!(5,(!)+!3%,6(23!)*!+&05!,!D,A!(5,(!)(!/2*26)(+!$%!6,4$%+!,!02%(,)*!01,++E!
/&+)*2++E! 7%$&'! $%! )*3)4)3&,1! 0,*! %2+(%)0(! 0$-'2()()$*E! )*0%2,+2! 0$+(+! ($! $(52%!
/&+)*2++2+! ,*3! 0$*+&-2%+E! ,*3! '%242*(! /&+)*2++! )*42+(-2*(! ,*3! 2-'1$A-2*(!
$''$%(&*)()2+8!
!
gA!D,A!$6!2<,-'12E!H&+(%,1),!5,3!127)+1,()$*!(5,(!/2*26)(23!,00$&*(,*(+!,66)1),(23!
D)(5!(D$!'%$62++)$*,1!,++$0),()$*+!($!(52!32(%)-2*(!$6!,00$&*(,*(+!,66)1),(23!D)(5!
(52! (5)%3! '%$62++)$*,1! ,++$0),()$*8! T*! H&+(%,1),E! (52%2! ,%2! (5%22! ,00$&*()*7!
'%$62++)$*! ,++$0),()$*+V! #IH! H&+(%,1),E! H00$&*()*7! ,*3! O)*,*02! H++$0),()$*! $6!
H&+(%,1),!,*3!Q2D!i2,1,*3!,*3!(52!T*+()(&(2!$6!I&/1)0!H00$&*(,*(+!@TIHB8!!!
!
T(! )+! 0$--$*! '%,0()02! 6$%! -,*A! ')202+! $6! 127)+1,()$*! ($! %2F&)%2!,!',%()0&1,%!
%27&1,($%A! 6&*0()$*! $%! 0$-'1),*02! -,((2%! ($! /2! ,&3)(23! /A! ,*! ,00$&*(,*(8! P'!
&*()1! ,/$&(! =>>>E! -$+(! 127)+1,()$*! $*1A! %262%2*023! ,00$&*(,*(+! D5$! D2%2!
-2-/2%+!$6!#IH!H&+(%,1),!$%!HOHHQi8!!!
!
H!%24)2D!$6!(52!+($0L!$6!127)+1,()$*!%242,123!(5,(!-,*A!')202+!$6!127)+1,()$*!D2%2!
0,',/12! $6! ,11$D)*7! ,00$&*(,*(+! D5$! D2%2! -2-/2%+! $6! TIH8! H00$%3)*71AE!
127)+1,()42!%26$%-+!D2%2!)*( %$3&023!($!2*,/12!-2-/2%+!$6!TIH!($!/2!%20$7*)G23!
)*! ')202+! $6! 127)+1,()$*! D52%2! (52A! D2%2! F&,1)6)23! ($! &*32%(,L2! (52! '%2+0%)/23!
,00$&*()*7!$%!,&3)()*7!6&*0()$*8!
!
)
!
""!
P5)FD,3$,&'" ( )" ?)7 # " %# ' 0 &J )" ?). 2 +'('/&#,&'D0)Q '/ -# 0 &' "( )
)
95)+!+20()$*!'%$4)32+!,*!2<'1,*,()$*!$6!5$D!($!24,1&,(2!2,05!$6!(52!(5%22!0%)(2%),!
)*!%2+'20(!($!(52!'%$'%)2(A!$6!,3-)*)+(%,()42!3)+0%2()$*8!
!
#%)(2%),!
#$*(2*(+!
#12,%*2++!$6!3)+0%2()$*,%A!'$D2%+!
d52(52%! 3)+0%2()$*! @D5$! 5,+! )(E! (52!
+0$'2! $6! )(E! '%$02++! ($! 2<2%0)+2! )(B! )+!
012,%1A!,*3!6)%-1A!326)*23!
H''%$'%),(2*2++! $6! (52! +0$'2! $6!
3)+0%2()$*,%A!'$D2%!
d52(52%! (52! +0$'2! $6! 3)+0%2()$*! 7)42*!
)+! ,''%$'%),(2! )*! 1)75(! $6! )*(2%*,()$*,1!
,*3!3$-2+()0!*$%-!
#$*0%2(2*2++! ,*3! $/.20()42*2++! $6!
3)+0%2()$*,%A!+(,*3,%3+!
d52(52%! 3)+0%2()$*! %21,(23! 0%)(2%),! $%!
%2F&)%2-2*(! ($! 2<2%0)+2! )(! )+! +'20)6)0!
2*$&75! ( $! /2! ,''1)23! ($! %2,1)(A! ,*3!
$/.20()42! 2*$&75! ($!/2!(%,*+1,(23!,+!
(52!+,-2!/A!(52!(5)%3!'2%+$*!
!
P54)!30,#(0//)"?)2'/-#0&'"(,#J)%"R0#/)
)
Z$2+!(52!127)+1,()$*!326)*2!D5$!5,+!(52!,3-)*)+(%,()42!3)+0%2()$*,%A!'$D2%e!
!
Z$2!(52!127)+1,()$*!326)*2!(52!+0$'2!$6!(52!,3-)*)+(%,()42!3)+0%2()$*,%A!'$D2%e!
!
Z$+! (52! 127)+1,()$*! 326)*2! (52! '%$02++! 6$%! 2<2%0)+)*7! (52! ,3-)*)+(%,()42!
3)+0%2()$*,%A!'$D2%e!
!
H! D)32! %,*72! $6! 320)+)$*M-,L)*7! '$D2%+! 0,*! /2! 7%,*(23! &*32%! 95,)1,*3! 1,D+8!
952+2!)*01&32!320)+)$*+!($!!
!
7%,*(E!4,%A!$%!32*A!,!%)75(E!2*()(12-2*(!$%!/2*26)(\!
($!)-'$+2!$%!%26&+2!($!)-'$+2!,*!$/1)7,()$*!$%!%2F&)%2-2*(\!
(5,(!7)42!,!3)%20()$*!,*3!
(5,(!-,L2!,!4,1&,()$*!$%!3201,%,()$*8!
!
952! (D$! -,)*! (A'2+! $6! ,3-)*)+(%,()42! 320)+)$*+! ($! D5)05! ,3-)*)+(%,()42! 1,D!
%21,(2+!,%2V!
!
c,*3,($%A!!M!6$%!2<,-'12E!)6!(52!'%$4)+)$*!+,A+!(5,(E!)6!<!$00&%+E!A!-&+(!320)32!)*!,!
02%(,)*!D,AE!,*3!
Z)+0%2()$*,%A! h! 6$%! 2<,-'12E! (52! c)*)+(2%! -,A! 320)32! ($! 7%,*(! ,! 1)02*02! ($! ,*!
,''1)0,*(8!
!
K27)+1,()$*!+5$&13!012,%1A!)32*()6A!(52!'$+)()$*!(5,(!5,+!(52!3)+0%2()$*,%A!'$D2%8!
O$%!2<,-'12E!(52!c)*)+(2%E!N20%2(,%AMS2*2%,1E!,!%27&1,($%A!/$3A!$%!,*!$66)0),18!!
!
K27)+1,()$*! -,A! '2%-)(! ,! 320)+)$*M-,L2%! ($! 32127,(2! ,3-)*)+(%,()42!
3)+0%2()$*,%A!'$D2%+!($!,!(5)%3!',%(A8!O$%!2<,-'12E!“The(Minister(may,(in(writing,(
!
"=!
delegate(his(or(her(powers(under(this(Act(to(an(employee(performing(duties(in(the(
Department”8!
!
d52%2!(52!320)+)$*M-,L2%!320)32+!($!32127,(2!5)+!$%!52%+!'$D2%+E!( 52!320)+)$*M
-,L2%V!
!
D)11! *223! ($! -,L2! ,! 6$%-,1! )*+(%&-2*(! $6! 32127,()$*! +'20)6A)*7! D5$! 0,*!
2<2%0)+2!(52!'$D2%!/2)*7!32127,(23\!
)32*()6A!32127,(2+!/A!.$/!()(12!,*3!*,-2\!
-,A!)-'$+2!0$*3)()$*+!$*!2<2%0)+)*7!(52!32127,(23!'$D2%+!!
!
952!127)+1,()$*!+5$&13!)32*()6A!(52!'$+)()$*!( $!5,42!(52!3)+0%2()$*,%A!'$D2%+8!g$<!
?! /21$D! 326)*2+! D5$! 5,+! (52! 3)+0%2()$*,%A! '$D2%! @(52! c)*)+(2%BE! (52! +0$'2!
@*,()$*,1! +20&%)(AE! '%242*()$*! ,*3! %2-23A! $*! 6&21! +5$%(,72! ,*3! 32(2%-)*,()$*!
,*3!0$*(%$1!$6!6&21!F&,1)(AB!/&(!3$2+!*$(!326)*2!(52!'%$02++8!!
!
L"M)@=):$03);#,20).-&S)L5F)6E@8)T6UUUV)
!K,%&0#)4):$03);#,20),(2);#,(/%"#&,&'"()
!
A0-&'"()W5)T*!)++&,*02!$6!(52!1)02*+2!&*32%!N20()$*YE!(52!c)*)+(2%!-,A!+2(!6$%(5!
0$*3)()$*+! %21,()*7! ,*A! (%,3)*7! $'2%,()$*E! ,+! 52! (5)*L+! 6)(8! T*! *202++,%A!
0)%0&-+(,*02!%21,()*7!*,()$*,1!+20&%)(AE!'%242*()$*!,*3!%2-23A!$*!6&21!+5$%(,72E!
,+! D211! ,+! 32(2%-)*,()$*! ,*3! 0$*(%$1! $6! 6&21! F&,1)(AE! (52! c)*)+(2%! -,A! )++&2!
,1(2%,()$*E! 05,*72! $%! ,33)()$*,1! 0$*3)()$*+! ($! (52! 0$*3)()$*+! (5,(! ,1%2,3A! 5,42!
/22*! '%2+0%)/238! T*! 0,+2! (52%2! )+! *$! 0$*3)()$*! +2(E! (52! c)*)+(2%! -,A! +2(! 6$%(5!
0$*3)()$*+E!,+!52!(5)*L+!6)(8!
)
H+!0,*!/2!+22*!)*!g$<!RE!(52!127)+1,()$*!3$2+!*$(!326)*2!(52!'$+)()$*!$6!D5$!5,+!
3)+0%2()$*,%A! '$D2%8! H! 0$-'2(2*(! $66)0),1! )+! ($$! /%$,38! 952! 127)+1,()$*! 3$2+!
326)*2!(52!+0$'2!,*3!'%$02++8!
!
L"M)E=)O,-K'(0#J)B09'/&#,&'"().-&S)L5F)6E4@)T4XP4V)
AF!;*NY)X5!T*!0$*3&0()*7!-,05)*2%A!%27)+(%,()$*E!(52!0$-'2(2*(! $66)0),1!+5,11!/2!
2-'$D2%23! ($! )*F&)%2! )*($! 6,0(+E! ,*3! ($! %2F&)%2! ,*! ,''1)0,*(! ($! +&/-)(! ,*3!
'2%()*2*(! 3$0&-2*(! $%! 24)32*02E! $%! +&--$*! ,*A! '2%+$*! 0$*02%*23! ($! ,''2,%!
/26$%2!5)-!6$%!7)4)*7!+(,(2-2*(!,+!-,A!/2!*202++,%A8!!
!
!
P56).%%#"%#',&0(0//)"?)&K0)/-"%0)"?)2'/-#0&'"(,#J)%"R0#!
!
T+! (52! +0$'2! $6! ,3-)*)+(%,()42! 3)+0%2()$*,%A! '$D2%! ,''%$'%),(2! 6$%! (52!
%2+'$*+)/)1)(Ae!
!
H+! ,! -,((2%! $6! '%)*0)'12E! 3)+0%2()$*,%A! '$D2%+! (5,(! 5,42! 6,%M%2,05)*7! )-',0( +!
+5$&13!/2!0$*6)*23!($!,!c)*)+(2%8! O$%!)*+(,*02E!D52%2! (52!3)+0%2()$*,%A!'$D2%+!
*223!($!(,L2!)*($!0$*+)32%,()$*!-,((2%+!$6!*,()$*,1!+20&%)(A8!!gA!D,A!$6!2<, -'12E!
g$<!X!/21$D!+5$D+!(52!c)*)+(2%!%2+'$*+)/12!6$%!(52!O&21!9%,32!H0(!@=>>>B!-,A!
)++&2! ,1(2%,()$*E! 05,*72! $%! , 33)( )$*,1! 0$*3)()$*+! ($! (52! 0$*3)()$*+! (5,(! ,1%2,3A!
!
":!
5,42!/22*!'%2+0%)/23!)*!0)%0&-+(,*02+!%21,()*7!($!*,()$*,1!+20&%)(AE!'%242*()$*!
,*3!%2-23A!$*!6&21!+5$%(,72E!,+!D211!,+!32(2%-)*,()$*!,*3!0$*(%$1!$6!6&21!F&,1)(A8!
!
!
L"M)H=):$03);#,20).-&S)L5F)6E@8)T6UUUV)
!K,%&0#)4):$03);#,20),(2);#,(/%"#&,&'"()
!
A0-&'"()W5)T*!)++&,*02!$6!(52!1)02*+2!&*32%!N20()$*YE!(52!c)*)+(2%!-,A!+2(!6$%(5!
0$*3)()$*+! %21,()*7! ,*A! (%,3)*7! $'2%,()$*E! ,+! 52! (5)*L+! 6)(8! T*! *202++,%A!
0)%0&-+(,*02!%21,()*7!*,()$*,1!+20&%)(AE!'%242*()$*!,*3!%2-23A!$*!6&21!+5$%(,72E!
,+! D211! ,+! 32(2%-)*,()$*! ,*3! 0$*(%$1! $6! 6&21! F&,1)(AE! (52! c)*)+(2%! -,A! )++&2!
,1(2%,()$*E! 05,*72! $%! ,33)()$*,1! 0$*3)()$*+! ($! (52! 0$*3)()$*+! (5,(! ,1%2,3A! 5,42!
/22*! '%2+0%)/238! T*! 0,+2! (52%2! )+! *$! 0$*3)()$*! +2(E! (52! c)*)+(2%! -,A! +2(! 6$%(5!
0$*3)()$*+E!,+!52!(5)*L+!6)(8!
)
!
O$%! 320)+)$* +! (5, (! ,6620(! (52! ,/ )1 )(A! $6! ,! '2%+$*E! /&+)*2++! $%! $%7,*)G,( )$*! ($!
,002++! ,! %27&1,(23! -,%L2(E! '%$62++)$*! $%! $00&',()$*E! 3)+0%2()$*,%A! '$D2%+!
+5$&13! %2+)32! D)(5! (52! N20%2(,%AMS2*2%,1E!,*!)*32'2*32*(!%27&1,($%_!
,&(5$%)(A_%27)+(%,%8! g$<! Y! /21$D! 326)*2+! (52! H&(5$%)(A! ($! 5,42! 3)+0%2()$*,%A!
'$D2%!)*!%21,()$*!($!,''%$4)*7!,*!,''1)0,()$*!6$%!,!-$($%!0,%!(%,32%+!1)02*028!
!
!
L"M)P=)O"&"#)!,#);#,20#/).-&)4XWH)TA&,&0)"?)Z'-&"#',S).$/&#,3',V)
N20()$*!"=!#$*+)32%,()$*!$6!,''1)0,()$*!!
!
@"B!!T*!0$*+)32%)*7!,*!,''1)0,()$*!6$%!,!1)02*02E!(52!H&(5$%)(A!-,Aj!!
@,B!!0$*3&0(!,*A!)*F&)%)2+!)(!(5)*L+!6)(\!!
@/B! !%2F&)%2! ,*! ,''1 )0,*(! ($!'%$4)32!,*A! 6&%(52%! )*6$%-,()$*! (5,(! (52!H&(5$%)(A!
(5)*L+!6)(!)*!(52!-,**2%!%2F&)%23!/A!(52!H&(5$%)(A\!!
@0B! !+22L! ,34)02! ,*3! )*6$%-,()$*! $*! (52! ,''1)0,( )$*! 6%$-! ,*A! $(52%! '2%+$*! $%!
/$3A!$%!+$&%02!,+!)(!(5)*L+!6)(8!!
@=B! !952! H&(5$%)(A! -,A! 2*7,72! $%! ,''$)*(! ,*A! '2%+$*! $%! /$3A! ($! ,++)+(! )(! )*!
0$*+)32%)*7!,*!,''1)0,()$*8!!
@:B!!952!H&(5$%)(A!-,A!%26&+2!($!7%,*(!,!1)02*02!($!,*!,''1)0,*(!)6!(52!,''1)0,*(!
3$2+! *$(! '%$4)32!(52! 6&%(52%! )*6$%-,()$*! %2F&)%23! D)(5)*!,! %2,+$*,/12! ()-2! $6!
(52!%2F&)%2-2*(!/2)*7!-,328!!
)
N)-)1,%1AE! )*! g$<! ;! /21$DE! (52! %27)+(%,%! 5,+! 3)+0%2()$*,%A! '$D2%+! ($! %26&+2!
%27)+(%,()$*! $6! -,05)*2%A8! ! 952!W27)+(%,%!@,*3!*$(! ,! 0$-'2(2*(! $66)0),1B!+5$&13!
,1+$! 5,42! (52! 3)+0%2()$*,%A! '$D2%!($!)*F&)%2!)*($!6,0(+E!,*3!($!%2F&)%2! ,*!
,''1)0,*(! ($! +&/-)(! '2%()*2*(! 3$0&-2*(! $%! 24)32*02E! $%! +&--$*! ,*A! '2%+$*!
0$*02%*23!($!,''2,%!/26$%2!5)-!6$%!7)4)*7!+(,(2-2*(!,+!-,A!/2!*202++,%A8!!O$%!
'%,0()0,/12!%2,+$*+E!(52!W27)+(%,%! -, A!D,*(!($!32127,(2!+$-2!$6!(52+2!'$D2%+!($!
,*! $66)0),1! /&(! '%$'2%! 32127,()$*! ,*3! ,00$&*(,/)1)(A! 3$0&-2*(,()$*! +5$&13! /2!
+)7*23!$66!/A!(52!W27)+(%,%8!
!
!
!
!
"?!
L"M)W=)O,-K'(0#J)B09'/&#,&'"().-&S)L5F)6E4@)T4XP4V)
AF!;*NY)W5!952!'%)*0)'12+E!'%$023&%2+!,* 3! 6$%-+! $6! -,05)*2%A! %27)+(%,()$*! ,+!
D211! , +!(52!,66)<)*7!$%!-,%L)*7!$6!+2,1!$6!%27)+(%,()$*!$*!-,05)*2%AE!,*3!(52!)++&2!
$6! 02%()6)0,(2! $6! -,05)*2%A! %27)+(%,()$*! +5,11! /2! )*! ,00$%3,*02! D)(5! (5,(!
'%2+0%)/23!)*!(52!c)*)+(2%),1!W27&1,()$*+8!
!
AF!;*NY)X5!T*!0$*3&0()*7!-,05)*2%A!%27)+(%,()$*E!(52!0$-'2(2*(! $66)0),1!+5,11!/2!
2-'$D2%23! ($! )*F&)%2! )*($! 6,0(+E! ,*3! ($! %2F&)%2! ,*! ,''1)0,*(! ($! +&/-)(! ,*3!
'2%()*2*(! 3$0&-2*(! $%! 24)32*02E! $%! +&--$*! ,*A! '2%+$*! 0$*02%*23! ($! ,''2,%!
/26$%2! 5)-! 6$%! 7)4)*7! +(,(2-2*(! ,+! -,A! /2! *202++,%A8! T6! (52%2! )+! ,! %2,+$*! ($!
/21)242! (5,(! +&05! ,''1)0,()$*! 6$%! %27)+(%,()$*! )+! *$(! 0$%%20(E! (52! W27)+(%,%! -,A!
%26&+2! +&05! %27)+(%,()$*! /A! )*6$%-)*7! (52! ,''1)0,*(! $6! (52! %2,+$*! (52%2$6! )*!
D%)()*78!
!
952! +0$'2! $6! 2*6$%02-2*(! 3)+0%2()$*,%A! '$D2%+! +5$&13! /2! 0$*6)*23! ($! ,*!
,&(5$%)G23! $66)02%! $%! ,*! )*+'20($%_,&3)($%8! 952+2! 2*6$%02-2*(! $66)02%+! +5$&13!
*$(!)*!-$+(!0,+2+!)++&2! 6)*2+8!T*+(2,3E!2*6$%02-2*(!$66)02%+!+5$&13!3$0&-2*(!,*3!
%2'$%(! ,! /%2,05! ($! ,*! 2*6$%02-2*(! 0$--)((22! D)(5)*! (52! %2+'$*+)/12!
7$42%*-2*(! ,72*0A8! 952! 2*6$%02-2*(! 0$--)((22! +5$&13! /2! 0$-'%)+23! D)(5!
+2*)$%!$66)0),1+!,*3!0$*+)32%!(52!6,0(+!$6!(52!/%2,05E!(52!0&1',/)1)(A!,*3!5)+($%A!$6!
0$-'1),*02!/A!(52!, 11 2723!$662*32%!,*3! 320)32!$*!(52!,''%$'%),(2!2*6$%02-2*(!
,0()$*8! 95)+! '%$4)32+! F&,1)(A! ,++&%,*02! 6$%! (52! 2*6$%02-2*(! '%$02++! ,*3!
'%242*(+!$42%MG2,1$&+!2*6$%02-2*(!$66)02%+!,/&+)*7!(52)%!'$+)()$*8!
!
P58)!"(-#0&0(0//),(2)"<[0-&'D0(0//)"?)2'/-#0&'"(,#J)/&,(2,#2/)
)
Z$2+! (52! 127)+1,()$*! '%$4)32! +(,(&($%A! 0%)(2%),! ($! 7&)32! (52! 2<2%0)+2! $6!
,3-)*)+(%,()42!3)+0%2()$*,%A!'$D2%e!
!
T6!*$(E!5,+!(52!%2+'$*+)/12!7$42%*-2*(!,72*0A!32421$'23!,!'$1)0A!3$0&-2*(!($!
'%$4)32!7&)3,*02!($!320)+)$*M-,L2%+!)*!2<2%0)+)*7!(52)%!,3-)*)+(%,()42!'$D2%+e!
!
T6!A2+E!)+!(52!'$1)0A!3$0&-2*(!'&/1)+523!,*3!,4,)1,/12!($!(52!'&/1)0e!
)
d52%2! ,3-)*)+(%,()42! 3)+0%2()$*! )+! 0$*+)32%23! *202++,%A! )*! 127)+1,()$*E!
%27&1,()$*+! ,*3! $(52%! 127,1! )*+(%&-2*(+! (52! 6$11$D)*7! '%,0()02+! +5$&13! /2!
0$*+)32%23V!
)
N(,(&($%A!0%)(2%),!)*!(52!127)+1,()$*!($!'%$4)32!7&)3,*02!($!(52!320)+)$*M-,L2%!$*!
(5$+2!-,((2%+!(5,(!,%2!($!/2!0$*+)32%23!)*!2<2%0)+)*7!,3-)*)+(%,()42!3)+0%2()$*8!
!
T6!+(,(&($%A!0%)(2%),!)+!*$(!)*01&323! )*!(52!127)+1,()$*E!(52!%2+'$*+)/12!7$42%*-2*(!
,72*0A! +5$&13! 0$*+)32%! (52! 2+(,/1)+5-2*(! $6! '$1)0)2+! (5,(! '%$4)32! 7&)3,*02! ($!
320)+)$*M-,L2%+! )*! 2<2%0)+)*7! (52)%! ,3-)*)+(%,()42! 3)+0%2()$*,%A! '$D2%+!
,''%$'%),(21AE!0$*+)+(2*(1A!,*3!6,)%1A8!
!
!952! '$1)0A! 3$0&-2*(!+5$&13! /2! ,4,)1,/12! ($! (52!'&/1)0! ($! 2*+&%2! (52! 320)+)$*M
-,L)*7!'%$02++!)+!(%,*+',%2*(!,*3!,00$&*(,/128!
!
!
"R!
gA!D,A!$6!2<,-'12E!(52!J*2%7A!W27&1,($%A!#$--)++)$*!5,+!/%$,3!'$D2%+!&*32%!
+20()$*!""!$6!(52!J*2%7A!T*3&+(%A!H0(!=>>Y!($!-,L2!%27&1,()$*+8!H+!0,*!/2!+22*!
)*!g$<![!/21$DE!+20()$*!X?!%2F&)%2+!(52!c)*)+(2%!D)(5!(52!0$*+2*(!$6!(52!QJI#!($!
2+(,/1)+5!'$1)0A! , *3!7&)321)*2+!$*!(52!(,%)66!32(2%-)*,()$*!)*!(52!2*2%7A!)*3&+(%A!
,*3!+20()$*!XR!%2F&)%2+!(52!J*2%7A!W27&1,($%A!0$--)++)$*!($!2+(,/1)+5!0%)(2%),!
6$%! 32(2%-)*)*7! (,%)66+! /,+23! $*! (52! +'20)6)23! 6,0($%+! )*! +20()$*! XR@"B! ($! @YB8!
952+2!6,0($%+! '%$4)32! 7&)3,*02! ($! (52!JW#!)*!(52! 2<2%0)+2! $6! )(+! ,3-)*)+(%,()42!
3)+0%2()$*,%A!'$D2%+!($!32(2%-)*2!(,%)66+8!
)
L"M)X=)F(0#9J)*(2$/&#J).-&S)L5F)T6UUPV)
7.B;)6);.B*::A):NB);\F)FYFB1])*YQ^A;B])N7FB.;*NY)!
_____________________________!
A0-&'"()H@=)!
952!c)*)+(2%E!/A!,*3!D)(5!0$*+2*(!$6!(52!QJI#E!+5,11!+2( !(52!'$1)0A!,*3!7&)321)*2+!
$*!(52!(,%)66!32(2%-)*,()$*!)*!(52!2*2%7A!)*3&+(%A!$'2%,()$*8!
A0-&'"()HE=)!
P*32%!(52!'$1)0A! ,*3! 7&)321)*2+!,''%$423!/A!( 52! QJI#E! (52!JW#!+5,11!2+( ,/ 1)+5!
(52!0%)(2%),!6$%!32(2%-)*)*7!(52!(,%)66+!$6!1)02*+22+!&*32%!2,05!0,(27$%AE!/,+23!$*!
(52!6$11$D)*7!,''%$,052+!(5,(V!
@"B!+5$&13!%26120(!(52!,0(&,1!0$+( +!,*3!( , L 2!)*($!, 00$&*( !(52!, ''%$'%), ( 2!%2(&%*!
$*!)*42+(-2*(!0,')(,1!$6!266)0)2*(!2*2%7A!)*3&+(%A!$'2%,()$*\!
@=B!+5$&13!/2!,(!(52!%,(2+!(5,(!2*5,*02!266)0)2*(!,*3!,32F&,(2!2*2%7A!+&''1 A!($!
+,()+6A!(52!3$-2+()0!2*2%7A!32-,*3\!
@:B!+5$&13!)*3&02!266)0)2*0A!)-'%$42-2*(!)*!(52!2*2%7A!)*3&+(%A!$'2%,()$*\!
@?B!(,L2!)*($!,00$&*(!6,)%*2++!6$%!/$(5!2*2%7A!0$*+&-2%+!,*3!1)02*+22+\!
@RB!(,L2!)*($!,00$&*(!(52!,++)+(,*02!($!(52!&*32%'%)4)12723!'$D2%!0$*+&-2%+!$%!
(52!2120(%)0)(A!+&''1A!)*!$%32%!($!3202*(%,1)G2!'%$+'2%)(A!($!'%$4)*0),1!,%2,+\!
@XB!5,42!,*!2<'1)0)(!,*3!(%,*+',%2*(!(,%)66!0,10&1,()$*!,*3!-,L2!'&/1)0!(52!(,%)66+\!
,*3!
@YB! 3$! *$(! 2<2%(!&*.&+(! 3)+0%)-)*,()$*! ,7,)*+(!2*2%7A!0$*+&-2%+! $%! (5$+2!D5$!
D)+5!($!&+2!2*2%7A8!
A0-&'"()HH=)!
952!JW#!+5,11!%27&1,(2!(52!(,%)66+!+2(!/A!(52!1)02*+22+!($!2*+&%2!(52)%!0$-'1),*02!
D)(5!(52!'$1)0A!,*3!7&)321)*2+!,+!,''%$423!&*32%!N20()$*!X?!,*3!'&%+&,*(!($!(52!
0%)(2%),!&*32%!N20()$*!XR8!
T*! (52! 242*(! (5,(! (52! (,%)66+! ,%2! ,(! (52! %,(2+! 72*2%,11A! 2*6$%023E! (52! JW#! +5,11!
3)+01$+2!(52!6$%-&1,!$%!(52!-2(5$3$1$7A!&+23!)*!(52!(,%)66!0,1 0&1 ,()$*E!)*01&3)*7!
(52!)*6$%-,()$*!, /$&(!(52!4,%),/12+!&+23!)*!(52!(,%)66!0,10&1,()$*E!2<02'(!6$%!(52!
0,+2! (5,(! (52! JW#! 0$*+)32%+! +&05! 4,%),/12+! ,%2! 0$--2%0),11A! 0$*6)32*(),1!
)*6$%-,()$*!$6!(52!1)02*+22+8!
!
g$<!">!/21$D!'%$4)32+!,*!2<,-'12!D52%2!(52!c)*)+(2%!6$%!#$--2%02!)+!'%$4)323!
,3-)*)+(%,()42!3)+0%2()$*,%A!'$D2%+!&*32%!(52!J<'$%(!,*3!T-'$%(!$6!S$$3+!H0(!
@"[Y[B! ($! %27&1,(2! ,*A!$6!(52!-,((2%+! '%2+0%)/23! )*!+20()$*!R!@"B!($!@XB!,*3!($!
'%2+0%)/2!%,(2+!$6!+&%05,%72!6$%!2<'$%(+!,*3!)-'$%(+8!Q$(2!(52!H0(!'%$4)32+!5)75!
12421!+(,(&($%A!0%)(2%),!@20$*$-)0!+(,/)1)(AE!'&/1)0!/2*26)(E!'&/1)0!52,1(5E!*,()$*,1!
+20&%)(AE! '&/1)0! $%32%+! $%! 7$$3! -$%,1+B! D)(5$&(! ,*A! '$1)0A! 7&)321)*2+!($! ,++)+(!
(52!c)*)+(2%!($!32(2%-)*2!D5,(!0$*+()(&(2+!20$*$-)0!+(,/)1)(AE!'&/1)0!52,1( 5!2(0B8!
!
"X!
952!H0(!,1+$!3$2+!*$(!'%$4)32!,*A!7&)3,*02!$*!(52!-2(5$3$1$7A!(5,(!+5$&13!/2!
,3$'(23!($!32(2%-)*2!%,(2+!$6!+&%05,%72+!6$%!2<'$%(+!,*3!)-'$%(+8!
!
952! H0(! 3$2+! -,L2! (52! c)*)+(2%! 6$%! #$--2%02! ,00$&*(,/12! ($! (52! #$&*0)1! $6!
c)*)+(2%+8! f$D242%E! (52! #$&*0)1! $6! c)*)+(2%+! 0$*+)32%,()$*! ,*3! 321)/2%,()$*! $6!
(52! c)*)+(2%! 6$%! #$--2%02C+! '%$'$+23! *$()6)0,()$*+! D$&13! /2! -,32! )*!
0$*6)32*028!
!
952!,''1)0,()$*!$6!%27&1,($%A!)-',0(!,++2++-2*(!($!(52!'%$4)+)$*+!)*!+20()$*+!R!`!
X! D$&13! )-'%$42! (52! ,00$&*(,/)1)(A! ,*3! (%,*+',%2*0A! $6! (52! c)*)+(2%C+!
,3-)*)+(%,()42! 3)+0%2()$*,%A! '$D2%+8! d52%2! (52! c)*)+(2%! *22323! ($! -,L2! ,!
*$()6)0,()$*! )*! ,*! 2-2%72*0A! +)(&,()$*! ($! '%$(20(! '&/1)0! 52,1(5! $%! *,()$*,1!
+20&%)(A!6$%! 2<,-'12E! (52! H0(! 0$&1 3! %2F&)%2!(52! c)*)+(2%!($!'&/1)+5!(52!%2,+$*+!
6$%!5)+!$%!52%!320)+)$*!,*3!($!'%2',%2!,!%27&1,($%A!)-',0(!,++2++-2*(!D)(5)*!"=!
-$*(5+! $6! -,L)*7! (52! *$()6)0,()$*8! 95)+! D$&13! 2*,/12! (52! c)*)+(2%! ($! (,L2!
320)+)42! ,0()$*! )*! ,''%$'%),(2! 0)%0&-+(,*02+! /&(! +()11! 5$13! (52! c)*)+(2%!
,00$&*(,/12!6$%!5)+!$%!52%!320)+)$*8!!
!
L"M)4U=)FM%"#&),(2)*+%"#&)"?)1""2/).-&S)L5F)6E66)T4XPXV)
N20()$*!R8!T*!(52!0,+2!D52%2!)(! )+!*202++,%A!$%!,''%$'%),(2!6$%!20$*$-)0!+(,/)1)(AE!
'&/1)0!/2*26)(E!'&/1)0!52,1(5E!*,()$*,1!+20&%)(AE!'&/1)0!$%32%+!$%!7$$3!-$%,1+E!$%!
$(52%!/2*26)(+!$6!(52!N(,(2E!(52!c)*)+(2%!$6!#$--2%02!+5,11E!D)(5!(52!,''%$4,1!$6!
(52!#$&*0)1!$6!c)*)+(2%+E!5,42!(52!'$D2%!($!)++&2!Q$()6)0,()$*+!)*!(52!S$42%*-2*(!
S,G2((2!$*!,*A!$6!(52!6$11$D)*7!-,((2%+V!
@"B!+'20)6A)*7!,*A!7$$3+!($!/2!'%$5)/)(23!6$%!2<'$%(!$%!)-'$%(\!
@=B!+'20)6A)*7!,*A!7$$3+!D5)05!%2F&)%2!,!1)02*02!'%)$%!($!(52!2<'$%(!$%!)-'$%(\!
@:B! +'20)6A)*7! (52! 0,(27$%)2+E! L)*3+E! F&,1)(AE! +(,*3,%3+E! F&,*()(AE! 4$1&-2E! +)G2E!
D2)75(E! '%)02+E! (%,32! *,-2+E! +)7*E! (%,32! -,%L+E! $%)7)*! 6$%! (52! 7$$3+! ($! /2!
2<'$%(23! $%! )-'$%(23! ,+! D211! ,+! (52! 0$&*(%)2+! ($! $%! 6%$-! D5)05! (52! 7$$3+! ,%2!
2<'$%(23!$%!)-'$%(23\!
@?B! +'20)6A)*7! (52! 0,(27$%)2+! ,*3! L)*3+! $6! 7$$3+! 1 ), / 12! ($! 2<'$%(! $%! )-'$%(!
+&%05,%72\!
@RB! +'20)6A)*7! (52! 7$$3+! ($! /2! 2<'$%(23! $%! )-'$%(23! ($! 5,42! ,! 02%()6)0,(2! $6!
$%)7)*E! 02%()6)0,(2! $6! F&,1)(A! $%! $(52%! 02%()6)0,(2+! '&%+&,*(! ($! )*(2%*,()$*,1!
0$*42*()$*+!$%!(%,32!'%,0()02+\!
@XB! +'20)6A)*7! $(52%! -,((2%+! 6$%! (52! /2*26)(! $6! 1,A)*7! 3$D*! %27&1,()$*+! $*! (52!
2<'$%(!,*3!)-'$%(!&*32%!(5)+!H0(8!
952! '%$4)+)$*+! $6! ',%,7%,'5! $*2! +5,11! ,''1A! -&(,()+! -&(,*3)+! ($! ,*A!
,-2*3-2*(!$%!%2'2,1!$6!(52!Q$()6)0,()$*+!&*32%!(5)+!+20()$*8!
N20()$*! X8! 952!c)*)+(2%! $6! #$--2%02! +5,11E!D)(5! (52! ,''%$4,1!$6! (52! #$&*0)1!$6!
c)*)+(2%+E! 5,42! (52! '$D2%! ($! '%2+0%)/2! (52! %,(2+! $6! +&%05,%72! )*01&3)*7! (52!
'$D2%!($!%24)+2E!,-2*3!$%!%2'2,1!(52!%,(2+!$6!+&%05,%72+!6$%!2<'$%(+!$%!)-'$%(+8!
952!+&%05,%72+!-,A!/2!'%2+0%)/23!($!/2!',A,/12!)*!0,+5!$%!$(52%!'%$'2%()2+8!
!
)
)
)
)
!
"Y!
W5)FD,3$,&'" ( )" ?); # , ( /% , # 0 ( -J )" ?). 2 +'('/&#,&'D0)7 # "- 0 2 $# 0)
)
#%)(2%),!
#$*(2*(+!
H002++)/)1)(A!,*3!$'2**2++)
d52(52%! ',%()0)',()$*! /A! '2$'12E!
/&+)*2++2+E! $%7,*)G,()$*+! )*! (52!
2<2%0)+2! $6! 3)+0%2()$*! $%! '2%6$%-,*02!
$6! 3&()2+! )+! 7&,%,*(223E! ,*3! (52%2! )+!
+'20),1! +A+(2-! 6$%! %21,(23! )*6$%-,()$*!
3)+01$+&%2!
I%23)0(,/)1)(A!
)
d52(52%! %2F&)%23! ','2%+! ,*3! +(2'+E!
,3-)*)+(%,()42! 5,*31)*7! '%$02++E!
'2%)$3! ,*3! %2+&1(+! ,%2! 2,+A! ($! L*$D!
,*3!'%23)0(,/12!
#$%%&'()$*!0$*(%$1!+A+(2-)
d52(52%! ,! +'20),1! +A+(2-! ($! 0$*(%$1!
0$%%&'()$*! 2<)+(+! +&05! ,+! $*2! ($!
%27&1,(2! 0$%%&'()$*! 0$-)*7! 6%$-!
266$%(+! ($! ,4$)3! 0$-'1),*02! /&%32*! $%!
($!+22L!6,4$%E!0$-)*7!6%$-!6,02!($!6,02!
2*0$&*(2%!3&%)*7!D$%L)*7!
!
W54).--0//'<'3'&J),(2)"%0((0//))
!
Z$2+!(52!%2+'$*+)/12!7$42%*-2*(!,72*0A!'%$4)32!7&)3,*02!3$0&-2*(+!($!2*,/12!
'2%+$*+E! /&+)*2++! ,*3! $%7,*)G,()$*+! ($! &*32%+(,*3! (52! +0$'2! $6! (52!
,3-)*)+(%,()42!3)+0%2()$*,%A!'$D2%+e!
!
T6!A2+E!)+!(52!'$1)0A!3$0&-2*(!'&/1)+523!,*3!,4,)1,/12!($!(52!'&/1)0e!
!
d52%2! ,3-)*)+(%,()42! 3)+0%2()$*! )+!2<2%0)+23! 3$2+! (52! 1,D!2*,/12! ',%()0)',()$*!
/A!'2$'12E!/&+)*2++2+!,*3!$%7,*)G,()$*+e!
!
O$%! 2<,-'12E! (52! -$($%! 0,%! (%,32%+! 127)+1,()$*! %2F&)%2+! ,! *&-/2%! $6!
%2F&)%2-2*(+! ($! /2! -2(! ($! 2*,/12! ,! '2%+$*! $%! /&+)*2++! ($! $/(,)*! ,! 1)02*02! ($!
$'2%,(2!,+!,!-$($%!0,%2!(%,32%8!N$-2!$6!(52+2!%2F&)%2-2*(+!)*01&32!-,((2%+!(5,(!
%2F&)%2!(52!320)+)$*M-,L2%!($!2<2%0)+2!,3-)*)+(%,()42!3)+0%2()$*8!!
!
N20()$*!;! @=B! $6! (52! c$($%!#,%!(%,32%+!H0(!"[;X! +2(+! $&(! (52! )*6$%-,()$*! ($!/2!
'%$4)323!)*!,*! ,''1)0,()$*! 6$%!,!1)02*028!N20()$*!;@=B@6B!+(, ( 2+E! k! the(application(
must( specify( the( type( of( trade( in( motor( cars( which( the( applicant( proposes( to(
conduct( and( the( finan cial( resources( of( the( applicant( to( conduct( that( type( of(
business”.
!
#$*+&-2%! H66,)%+! l)0($%),! @#HlB! )+! (52! 7$42%*-2*(! ,72*0A! %2+'$*+)/12! 6$%! (52!
,3-)*)+(%,()$*! $6! (52! c$($%! #,%! 9%,32%+! H0(! "[;X8! 9$! 2*,/12! ',%()0)',()$*! /A!
'2$'12E!/ &+)*2++2+!,*3!$%7,*)G,()$*+E!#Hl!5,+!'%$4)323!,!(2-'1,(2!3$0&-2*(!$*!
)(+!D2/+)(2!+'20)6A)*7!(52!)*6$%-,()$*!$*!(52!,''1)0,*(C+!'%$'$+23!/&+)*2++!'1,*!
,*3! 3201,%,()$*! $6! '2%+$*,1! 6)*,*02+8! 95)+! 2*,/12+! '2$'12E! /&+)*2++2+! ,*3!
$%7,*)G,()$*+!($!L*$D!2<,0(1A!(52!)*6$%-,()$*!(5,(!)+!%2F&)%23!($!,00$-',*A!,*!
,''1)0,()$*! ,*3! (52! )*6$%-,()$*! (5,(! #Hl! D)11! 3%,D! &'$*! ($! 2<2%0)+2! )(+!
!
";!
,3-)*)+(%,()42!3)+0%2()$*!)*!32(2%-)*)*7!“the(financial(resources(of(the(applicant(
to(conduct(that(type(of(business”8!
!
952!(2-'1,(2!3$0&-2*(!$&(1)*2+!(52!6$11$D)*7!%2F&)%2-2*(+!!
!
,!0$'A!$6!,!(52!/&+)*2++!'1,*\!
$/.20()42!,*3!-)++)$*!+(,(2-2*(\!
/,0L7%$&*3!5)+($%A!)*!(52!-$($%!0,%!(%,3)*7!)*3&+(%A\!
)*(2%*,1!/&+)*2++!$%7,*)G,()$*!05,%(\!
/&+)*2++!-$321\!
,342%()+)*7!+(%,(27A\!
+$&%02!$6!+(,%(M&'!0,')(,1\!
,-$&*(!$6!+(,%(M&'!0,')(,1\!
1)+(!$6!+(,%(M&'!0$+(+\!
3201,%,()$*!$6!'2%+$*,1!6)*,*02+\!
+(,(2-2*(!$6!,++2(+!,*3!1),/)1)()2+\!,*3E!
'2%+$*,1!)*0$-2!,*3!2<'2*+2+!
!
W56)7#02'-&,<'3'&J!!!
!
Z$2+!(52!127)+1,()$*!,*3!(52!%2+'$*+)/12!7$42%*-2*(!,72*0A!'%$4)32!)*6$%-,()$*!
$*!(52!','2%+!,*3!+(2'+!%2F&)%23!($!'2%+$*+E!/&+)*2++!,*3!$%7,*)G,()$*+e!
!
Z$2+! (52! 127)+1,()$*! $%! %27&1,()$*+! 012,%1A! +'20)6A! D5,(! ,! '2%+$*E! /&+)*2++! $%!
$%7,*)G,()$*! *223+! ($! '%$4)32E! (52! '%$02++! (5,(! D)11! /2! ,''1)23! /A! (52!
%2+'$*+)/12!7$42%*-2*(!,72*0AE!(52!()-26%,-2!(5,(!'%2+0%)/23!-,((2%+!-&+(!/2!
0$-'12(23!,*3!(52!2<'20(23!$&(0$-2+8!
!
952! c$($%! #,%! 9%,32%+! H0(! "[;X! )+! &+23! ,7,)*! ($! )11&+(%,(2! 2,05! $6! (52+2!
%2F&)%2-2*(+8! g$<! ""! /21$D! '%$4)32+! ,*! 2<,-'12! $6! (52! %2F&)%23! ','2%+! ,*3!
+(2'+!6$%!,*!,''1)0,()$*!6$%!,!-$($%!0,%!(%,32%+!1)02*028!!!
!
L"M)44=)FM,+%30)"?)#0I$'#02)%,%0#/),(2)/&0%/)
W).%%3'-,&'"()?"#)3'-0(-0)
(1) An application for a licence may be made to the Authority by—
(a) a person of or over the age of 18 years; (b) a partnership; or
(c) a body corporate.
(2) The application must be in the form approved by the Authority and must be
signed—
(a) if the application is made by a natural person—by that person; or
(b) if the application is made by a partnership— by one of the partners who has the
authority of the other partners to sign on behalf of those partners; or
(c) if the application is made by a body corporate—by a director of the body corporate
who has the authority of the other directors to sign on behalf of the body corporate.
(3) An application must be accompanied by the prescribed fee for the application and
may be accompanied by the first annual fee for the licence.
(5) An application must specify—
(a) the name and address—
(i) if the application is made by a natural person—of that person; or
!
"[!
(ii) if the application is made by a partnership—of each partner; or
(iii) if the application is made by a body corporate—of each director of the body
corporate; and
(b) if the application is made by a body corporate—the date and place of
incorporation of the body corporate, its corporate name and address of its registered
office; and
(c) the date upon which the applicant intends to commence trading in motor cars; and
(d) the address of the place that, if a licence were granted pursuant to the application,
would be the principal place of business of the licensee and the address of each other
place at which the licensee proposes to carry on business; and
(e) whether any previous applications for a licence had been made or whether the
applicant has been a licensed motor car trader or been employed by a motor car
trader; and
(f) the type of trade in motor cars which the applicant proposes to conduct and the
financial resources of the applicant to conduct that type of business; and
(g) such other matters as may be prescribed.
!
.2+'('/&#,&'D0)\,(23'(9)7#"-0//))
)
f,+!(52!%2+'$*+)/12!7$42%*-2*(!,72*0A!'%$4)323!,11!$6!(52!)*6$%-,()$*!%2F&)%23!
)*!(52!'%23)0(,/)1)(A!+20()$*!)*!'1,)*!1,*7&,72!$*!(52)%!D2/+)(2!$%!/%$05&%2+e!
)
952!127)+1,()$*!+5$&13!'%$4)32!7&)3,*02!$*!(52!,3-)*)+(%,()42!5,*31)*7!'%$02++!
($!2*,/12!'2%+$*+E!/&+)*2++2+!,*3!$%7,*)G,()$*+!($!L*$D!D5,(!)+!)*4$1423!)*!(52!
0$*+)32%,()$*! $6! ,! ',%()0&1,%! -,((2%8! d 52%2! (52! 127)+1,()$*! )+! +)12*(E! (52!
%2+'$*+)/12! 7$42%*-2*(! ,72*0A!+5$&13!'&/1)+5! )*6$%-,()$*! $*! (52!
,3-)*)+(%,()42! 5,*31)*7! '%$02++! ($! '%$4)32! (%,*+',%2*0A! ,*3! 02%(,)*(A! ($! (52!
'&/1)08!
!
g$<!"=!/21$D!+5$D+!(5,(!,*!,''1)0,()$*!6$%!,!-$($%!0,%!(%,32%+!1)02*02!)+!1)L21A!
($! / 2! 6$%D,%323! ($! (52! Z)%20($%! $6! #$*+&-2%! H66,)%+! l)0($%),! ,*3! (52! #5)26!
#$--)++)$*2%! $6! I$1)02! 6$%! (52-! ($! 0$*3&0(! )*F&)%)2+! ,*3! %2'$%(! 6)*3)*7+! (5,(!
-,A!)*01&32!%20$--2*3,()$*+!($!(52!H&(5$%)(A8!H''1)0,*(+!-,A!,1+$!/2!%2F&)%23!
($!'%$4)32!(52!H&(5$%)(A!D)(5!,*A!0$*+2*(!%2F&)%23!/A!,*$(52%!'2%+$*!$%! / $3A!($!
42%)6A!)*6$%-,()$*!%2124,*(!($!(52!,''1)0,()$*8!N20()$*!"=!$6!(52!H0(!,1+$!'%$4)32+!
(52!H&(5$%)(A!D)(5!/%$,3!3)+0%2()$*,%A!'$D2%+!($!0$*3&0(!,*A!)*F&)%)2+!)(!(5)*L+!
6)(!)*!0$*+)32%)*7!,*!,''1)0,()$*8!!
!
952! 127)+1,()42! '%$4)+)$*+! '2%(,)*)*7! ($! ,*! ,''1)0,()$*! 6$%! ,! -$($%! 0,%! ( %,32%+!
1)02*02! 012,%1A! +5$D+! ($! '$(2*(),1! ,''1)0,*(+! (5,(! (52! ,3-)*)+(%,()42! 5,*31)*7!
'%$02++! -,A! /2! 12*7(5A! ,*3! )*4$142! 0$*+)32%,()$*! /A! +242%,1! ,72*0)2+8! 95)+! )+!
)-'$%(,*(! )*6$%-,()$*! ,+! )(! +)7*,1+! (5,(! (52! ,''1)0,()$*! D)11! *$(! /2! ,''%$423!
,&($-,()0,11A! &*()1! ,+! +&05! ()-2! ,11! $6! (52! 01,)-+! -,32! )*! ,*! ,''1)0,()$*! ,%2!
0$*6)%-23!/A!$(52%!/$3)2+8!)
)
)
)
)
)
!
=>!
L"M)46=)FM,+%30)"?).2+'('/&#,&'D0)K,(23'(9)%#"-0//)
44)Y"&'-0)"?),%%3'-,&'"()
(1) Where an application for a licence is made in accordance with section 8, the
Authority must, except in the prescribed circumstances, give any details of the
application that the Authority considers relevant to the Director and the Chief
Commissioner of Police.
(2) The Director and the Chief Commissioner of Police, upon receiving details of the
application, must make such inquiries in relation to the application as the Director or
the Chief Commissioner of Police considers appropriate.
(3) The Director and the Chief Commissioner of Police, after receiving the results of
the inquiries, must report to the Authority.
(4) A report may include recommendations.
)
44.)!"(/0(&)&")2'/-3"/$#0)"?)'(?"#+,&'"()
(1) The Authority may require a licensee or an applicant for a motor car trader's
licence to provide the Authority, at the time of submitting the application or at any
time during the currency of the licence, with any consent required by another person
or body to enable the Authority to check or confirm information relevant to the
licence or application.
46)!"(/'20#,&'"()"?),%%3'-,&'"()
(1) In considering an application for a licence, the Authority may—
(a) conduct any inquiries it thinks fit;
(b) require an applicant to provide any further information that the Authority thinks
fit in the manner required by the Authority;
(c) seek advice and information on the application from any other person or body or
source as it thinks fit.
(2) The Authority may engage or appoint any person or body to assist it in
considering an application.
(3) The Authority may refuse to grant a licence to an applicant if the applicant does
not provide the further information required within a reasonable time of the
requirement being made.
)
70#'"2)
!
Z$2+!(52!127)+1,()$*!$%!(52!%2+'$*+)/12!7$42%*-2*(!,72*0A!'%2+0%)/2!'2%)$3+!6$%!
D5)05!-,((2%+!-&+(!/2!320)323!&'$*e!
!
952!c$($%!#,%!9%,32%+!H0(!"[;X!3$2+!*$(!)-'$+2!,*!$/1)7,()$*!$*!(52!H&(5$%)(A!
($! 0$-'12(2! )(+! 320)+)$*! $*! ,*! ,''1)0,()$*! 6$%! ( 52! -$($%! 0,%2! (%,32%+! 1)02*02!
D)(5)*!,!+'20)6)23!()-28!f$D242%E!(52!#Hl!D2/+)(2!+(,(2+!(5,(!(52!H&( 5$%)(A! +22L+!
($!-,L2!,!320)+)$*!$*!,*!,''1)0,()$*!D)(5)*!+)<!D22L+8!95)+!,''2,%+!,!%2,+$*,/12!
()-26%,-2! 7)42*! (5,(! (52! H&(5$%)(A! -,A! *223! ($! D,)(! 6$%! %2'$%(+! 6%$-! (52!
Z)%20($%!$6!#HlE!(52!#5)26!#$--)++)$*2%!$6!I$1)02!$%!,*A!$(52%!'2%+$*!$%!/$3A8!
!
952! 3)+01$+&%2! $6! (52! ()-26%,-2! 6$%! 0$*+)32%,()$*! $6! ,*! ,''1)0,()$*! '%$4)32+!
012,%!)*6$%-,()$*!($!,*A!'2%+$*E!/&+)*2++!$%!$%7,*)G,()$*!0$*+)32%)*7!-,L)*7!,*!
,''1)0,()$*! (5,(! (52! ,''1)0,()$*! 320)+)$*M-,L)*7! '%$02++! 0,**$(! /2! 0$-'12(23!
F&)0L1A!,*3!-,A!)*4$142!6&%(52%!)*42+()7,()$*!D)(5!$(52%!7$42%*-2*(!,72*0)2+8!
!
="!
!
B0/$3&/)
!
Z$2+! (52! 127)+1,()$*! $%! (52! %2+'$*+)/12! 7$42%*-2*(! ,72*0A! '%$4)32! 012,%!
3)%20()$*!$*!(52!-,((2%+!(5,(!32(2%-)*2!%2+&1(+!$%!$&(0$-2+e!
!
g$<! ":! /21$D! +5$D+! (52! %2F&)%2-2*(+! 6$%! (52! %2+&1(+\! +'20)6)0,11A! (5,(! (52!
H&(5$%)(A!-&+(!7%,*(!,!1)02*02!)6!02%(,)*!0$*3)()$*+!,%2!-2(!@+20()$*!":@"BB!,*3!
(5,(!(52!H&(5$%)(A!-&+(! %26&+2! ,*!,''1)0,()$*!6$%!,!1)02*02!)6! 02%(,)*! 0$*3)()$*+!
5,42! *$(! /22*! -2(! @+20()$*! ":! @=BB! ,*3! (52! -,((2%+! (5,(! 32(2%-)*2! ,*!
,''1)0,()$*!6$%!,!1)02*02!-&+(!/2!%26&+23!@+20()$*!":!@?BB8!!!
!
952!127)+1,()$*!2*,/12+!,!'2%+$*E!/&+)*2++!$%!$%7,*)G,()$*!($!012,%1A!&*32%+(,*3!
(52!-, (( 2%+! (5,(!,%2!'2%()*2*(! 6$%!(52!H&(5$%)(AC+!320)+)$*!)*!2)(52%!7%,*()*7!$%!
%26&+)*7!,*!,''1)0,()$*!6$%!,!-$($%!0,%!(%,32%+!1)02*028!
!
L"M)48=)FM,+%30)"?)#0/$3&/)
48)1#,(&)"#)#0?$/,3)"?)3'-0(-0)
(1) The Authority must grant a licence to an applicant if it is satisfied that—
(a) the application complies with this Act; and
(b) the prescribed fee for the application has been paid; and
(c) any required information has been provided by the applicant under section 12;
and
(d) there are no grounds for refusal of the application under subsection (4) or (6).
(2) The Authority must refuse an application for a licence if it is satisfied that—
(a) the application does not comply with this Act; or
(b) the prescribed fee for the application has not been paid; or
(c) any required information has not been provided by the applicant under section 12;
or
d) a ground for refusal of the application exists under subsection (4) or (6).
(3) The Authority is not required to conduct an oral hearing to determine whether to
grant a licence or refuse an application for a licence.
(4) An application for a licence made by a natural person must be refused if it appears
to the Authority—
(a) the applicant has not attained the age of 18 years; or
(b) the applicant is disqualified from holding a licence under this Act or an Act
providing for the licensing of motor car traders in any other State or in a Territory; or
(c) the applicant is an insolvent under administration; or
(d) the applicant does not have, or is not likely to continue to have, sufficient
financial resources to carry on the business of trading in motor cars proposed by the
applicant; or
(e) the applicant is not a person likely to carry on such a business honestly and fairly;
or
(f) the applicant does not have sufficient expertise or knowledge of this Act and
regulations to enable the applicant to carry on such a business; or
(g) the applicant is in any other way not a fit and proper person to be a licensee; or
(h) the applicant does not have, or is not likely to have, premises in which the
applicant can lawfully carry on such a business;
(i) the applicant is not likely to maintain effective control of such a business; or
!
==!
(j) the applicant is a director or officer of a corporation that is disqualified from
holding a licence or was a director or officer of such a corporation when the
corporation was disqualified; or
(k) the applicant is a represented person within the meaning of the S&,%3),*+5)'!,*3!
H3-)*)+(%,()$*!g$,%3!H0(!"[;X; or
(l) the applicant has been convicted or been found guilty of a serious offence
(whether or not a conviction was recorded) within the last 10 years (unless the
applicant has obtained permission under section 29B); or
(m) the applicant has had a claim admitted against the Fund (unless the applicant has
obtained permission under section 29A);
!
W58)!"##$%&'"()-"(&#"3)/J/&0+)
)
Z$2+! (52! %2+'$*+)/12! 7$42%*-2*(! ,72*0A! &*32%(,L2! %,*3$-! ,*3! )*32'2*32*(!
,&3)(+_-$*)($%)*7! $6! 2*6$%02-2*(! $&(0$-2+! ($! 32(20(! '$(2*( ),1! '%262%2*(),1!
(%2,(-2*(e!!
)
F(?"#-0+0(&)70#?"#+,(-0)O,(,90+0(&)G).$2'&)
)
W2+'$*+)/12! 7$42%*-2*(! ,72*0)2+! +5$&13! -$*)($%E! 24,1& ,(2! ,*3! %24)2D! (52!
'2%6$%-,*02!$6!(52)%!,72*0A!+(,66!(5,(!0$*3&0(!)*+'20()$*+!$%!$(52%!2*6$%02-2*(!
,0()4)()2+8!!
!
Z,(,! +5$&13! /2! L2'(! $*! 2,05! )*+'20($%_2*6$%02-2*(! $66)02%! ($! )32*()6A! (52!
*&-/2%! $6! )*+'20()$*+_2*6$%02-2*(+! ,*3! (52! )32*()(AE! 1$0,()$*! ,*3! 5)+($%A! $6!
0$-'1),*02! $6! (52! )*+'20(23! '2%+$*E! /&+)*2++! $%! $%7,*)G,()$*8! #$-',%,()42!
,*,1A+)+! $6! (52! '2%6$%-,*02! $6! 2,05! )*+'20($%_2*6$%02-2*(! $66)02%! D)11! %242,1!
3)662%2*(!12421+!$6!D$%L!$&('& (!,*3!32(20()$*!%,(2+!$6!$662*02+8!952!3)662%2*02!)*!
(52! 32(20()$*! $6! $662*02+! -,A! /2! ,((%)/&(,/12! ($! ,! %,*72! $6! '1,&+)/12!
0)%0&-+(,*02+8!!
!
f$D242%E! )(! 3$2+! '%$4)32! ,! +(,%()*7! '$)*(! 6$%! 6&%(52%! )*42+()7,()$* 8! 95)+! 0$& 13!
)*01&32! &+)*7! ,*$(52%! )*+'20($%_2*6$%02-2*(! $66)02%E! $%! ,*! $66)02%! (5,(! )+!
)*32'2*32*(! $6! (52! 2*6$%02-2*(! ,72*0AE! ($! 0$*3&0(! %,*3$-! ,&3)(+! $6! (5$+2!
)*+'20($%+_2*6$%02-2*(! $66)02%+! (5,(! 5,42! ,/*$%-,11A!/21$DM,42%,72!32(20()$*!
%,(2+! $6! $662*02+8! 952! %,*3$-! ,&3)(! D$&13! )*4$142! +2120()*7! '%24)$&+1A!
0$*3&0(23! )*+'20()$*+! ($! ,+02%(,)*! D52(52%! (52+2! '2%+$*+E! /&+)*2++2+! $%!
$%7,*)G,()$*+! D2%2! )*! 6,0(! 0$-'1),*(! ,(! (52! ()-2! (52! )*+'20($%! 4)+)(23! (52!
'%2-)+2+8! d52%2! *$*M0$-'1),*02! )+! 6$&*3E! ,''%$'%),(2! 6&%(52%! )*42+()7,()$*!
D$&13! *223! ($! /2! (,L2*! ($! 32(2%-)*2! D52(52%! (52! )*+'20($%_2*6$%02-2*(!
$66)02%C+!D$%L!)+!'2%6$%-,*02!%21,(23!$%!)+!,+!,!%2+&1(!$6!%202)4)*7!,!/%)/2!$%!$(52%!
)*3&02-2*(8!
!
!
!
)
)
)
)
!
=:!
!"+%3',(-0),(2)F(?"#-0+0(&)7"3'-J))
)
Z$2+! (52! %2+'$*+)/12! 7$42%*-2*(! ,72*0A! 5,42! ,! 0$-'1),*02! ,*3! 2*6$%02-2*(!
+(%,(27Ae!
!
H!7$42%*-2*(!,72*0A!'&/1)+5)*7!,!0$-'1),*02!,*3!2*6$%02-2*(!'$1)0A!'%$4)32+!
(52!6$11$D)*7!,34,*(,72+V!
!
J*,/12+!,6620(23!+(,L25$132%+!(5,(!*223!($!0$-'1A!$6!(52!2*6$%02-2*(!,''%$,05!!
c,L2+! (%,*+',%2*(! (52! 12421! $6! 2*6$%02-2*(! ,''1)23! %21,()42! ($! (52! +)G2! $6! (52!
$662*02E!0&1',/)1)(A!,*3!5)+($%A!$6!(52!,112723!$662*32%\!
!
g$<! "?! +5$D+! 2<02%'(+! 6%$-! (52! L2A! ',%(+! $6! #$*+&-2%! H66,)%+! l)0($%),C+!
0$-'1),*02!,*3!2*6$%02-2*(!'$1)0A8!952+2!)*01&32!,!'%262%2*02!6$%!'%$-$()*7!,!
%,*72! $6! 0$-'1),*02! +(%,(27)2+! ,*3! ($! &+2! '$+)()42! %2-23)2+!
@D,%*)*7+_23&0,()$*B!($! +22L !/25,4)$&%,1 !05,*72+!,*3!($!$*1A!&+2!'2*,1()2+!,+!,!
1,+(!%2+$%(!6$%!/1,(,*(!,*3!%2'2,(!$662*32%+8!T-'$%(,*(1AE!(52!'$1)0A!,1+$!%242,1+!
(52! (A'2! $6! 2*6$%02-2*(! ,0()$*! (5,(! D)11! /2! ,''1)23! 6$%! 1$DE! -23)&-! ,*3! 5)75!
/%2,052+!,*3!(52!6,0($%+!(,L2*!)*($!0$*+)32%,()$*!+&05!,+!(52!+2%)$&+*2++!$6!(52!
$662*02! ,*3! (52! 0&1 ' ,/)1)(A! ,*3! 5)+($%A! $6! (52! ,112723! $662*32%8! 95)+! '$1)0A!
'%$4)32+!,!012,%!)*3)0,()$*!($! (5$+2! '2%+$*+E! /&+)*2++2+!,*3!$%7,*)G,()$*+!(5,(!
*223! ($! 0$-'1A! $6! (52! D,A! )*! D5)05! #$*+&-2%! H66,)%+! l)0($%),! D)11! ,3-)*)+(2%!
2*6$%02-2*(8!
!
L"M) 4@=) !"(/$+0#) .??,'#/) Z'-&"#',) !"+%3',(-0) G) F(?"#-0+0(&) 7"3'-J)
T0M-0#%&/V)
#$*+&-2%!H66,)%+!l)0($%),!D)11!05$$+2!(5$+2!2*6$%02-2*(!$'()$*+!(5,(!/2+(!+2%42!
(5$+2!$/.20()42+!%2124,*(!)*!2,05!0,+28!
!
T*! $%32%! ($! ,05)242! ,! 6,)%! ,'' %$,05! ($! 0$-'1),*02! ,*3! 2*6$%02-2*(E! ,*3! ,!
+(%,(27)0!&+2!$6!,4,)1,/12!%2+$&%02+E!(52!6$11$D)*7!72*2%,1!0%)(2%),!,%2!,''1)23!($!
,11!2*6$%02-2*(!,0()4)()2+V!
!
7#"%"#&'"(,3'&J)
H*A!2*6$%02-2*(!,0()$*!(,L2*!)+!'%$'$%()$*,(2! ($! (52! 0$*+&-2%! 32(%)-2*(! ,*3!
(52!+2%)$&+*2++!$6!(52!/%2,058!
!
!"(/'/&0(-J)
H! 0$*+)+(2*(! ,''%$,05! )*! +)-)1,%! 0)%0&-+(,*02+! D)11! /2! (,L2*! ($! ,05)242!
0$*+)+(2*(!$&(0$-2+8!
!
;#,(/%,#0(-J)
N$!(5,(!/&+)*2++!,*3!0$*+&-2%+!L*$D!D5,(!)+!2<'20(23!$6!(52-!,*3!D5,(!(52A!
0,*!2<'20(!)*!(52)%!32,1)*7+!D)(5!&+8!
!
;,#90&'(9)
J6620()42! &+2! $6! 1)-)(23! %2+$&%02+! /A! ( ,%72( )*7! )++&2+! ,*3! (%,32%+! )*! 1)*2! D)(5!
%)+L+E!*2D!,*3!2-2%7)*7!)++&2+!,*3!2*6$%02-2*(!'%)$%)()2+8!
!
!
=?!
N$&-"+0/)?"-$//02)0(?"#-0+0(&)
)
952!&+2!$6!(52!%,*72!$6!,4,)1,/12!,3-)*)+(%,()42!,*3!0)4)1!%2-23)2+!,11$D+!6$%!,!
-$%2! /,1 ,*023! 2*6$%02-2*(! +(%,(27A! /2(D22*! +22L)*7! / 25,4)$&%! 05, *72E!
)*01&3)*7! +($'')*7! $*7$)*7! 0$*3&0(E!,*3! 6&(&%2!0$-'1),*02! %,(52%!(5,*! +)-'1A!
'&*)+5)*7! D%$*73$)*78! O$%! 2<,-'12E! 1)()7,()$*! )+! 0$+(1A! ,*3! *$(! ,1D,A+!
26620()42!)*! +20&%)*7! /25,4)$&%,1! 05,*72! 0$-',%23! ($! ,*! 2*6$%02,/12!
&*32%(,L)*7E!D52%2!,!(%,32%!,7%22+!($!$*7$)*7!'$+)()42!$/1)7,()$*+8!
!
d52%2! /%2,052+! ,%2! /1,( ,*(E! %2'2,(23E! ,*3! 0,&+2! +)7*)6)0,*(! 32(%)-2*(E!
#$*+&-2%!H66,)%+!l)0($%),!D)11!(,%72(!(5$+2!(%,32%+!6$%!'%$+20&()$*8!f$D242%E!D2!
D)11!,1+$!1$$L!,(! -,((2%+!6%$-!(52!'2%+'20()42!$6! 05$$+)*7! (5$+2!-,((2%+!D52%2!
,0()$*! 0,*! 5,42! ,! /%$,32%! -,%L2(! )-',0(! /A! )*0%2,+)*7! 0$-'1),*02! )*! ,!
',%()0&1,%!)*3&+(%A!+20($%8!
)
!"+%3',(-0)/&#,&09'0/),(2)"%&'"(/)
)
#$*+&-2%!H66,)%+!l)0($%),!,3$'(+!,*!)*(27%,(23E!D5$12!$6!$%7,*)+,()$*!,''%$,05!
($!'%$-$()*7!4$1&*(,%A!0$-'1),*02!D)(5!0$*+&-2%!%27&1,()$*8!#$*+&-2%!H66,)%+!
l)0($%),! '&/1)+52+! ,! %,*72! $6! )*3&+(%A! 7&)321)*2+! $*! (52! %2F&)%2-2*(+! $6!
0$*+&-2%!127)+1,()$*8!
!
952! 7&)321)*2+! 2*0$&%,72! 7%2,(2%! 12421+! $6! 4$1&*(,%A! 0$-'1),*02! ,+! (52A!
)11&+(%,(2! /$(5! D5,(! )+! 2<'20(23! $6! ( %, 32%+E! ,*3! (52! 0$*+2F&2*02+! $6! *$(!
0$-'1A)*78!
!
H*! 2<(2*+)42! +(%,(27A! $6! ,D,%2*2++! %,)+)*7! ,*3! *27$(),()$*! 5,+! ,05)2423!
)-'%$423!0$-'1),*02!12421+!)*!4,%)$&+!)*3&+(%)2+!D)(5!(52!'%$4)+)$*+!%27&1,()*7!
&*6,)%!0$*(%,0(!(2%-+8!
!
#$*+&-2%! H66,)%+! l)0($%),! ,1 +$! 2-'1$A+! -,*A! $(52%! '%$,0()42! 0$-'1),*02!
'%$7%,-+!)*!$(52%!,%2,+E!D5)05!-,A!)*01&32!(52!6$11$D)*7!212-2*(+V!
o I%$-$()*7! +216M%27&1,()$*! D52%2! ,''%$'%),(2E! ,*3! )*3&+(%A! 0$-'1),*02!
+052-2+8!
o 9%,32%!)*6$%-,()$*!,*3!23&0,()$*!+2++)$*+8!
o 9%,32%!4)+)(+E!,&3)(+!,*3!-$*)($%)*78!
o T*3&+(%A!*2D+12((2%+8!
o J*7,72-2*(! D)(5! /&+)*2++2+! $*! 0$-'1),*02! )++&2+! 4),! 0$*62%2*02+E! 6$%&-+E!
(%,32!,++$0),()$*!1),)+$*E!)*3&+(%A!*2D+12((2%+8!
o 9%,32%!,D,%3+!'%$7%,-+8!
o #$*+&1(,( )$*!$*!127)+1,()42!%24)2D!,*3!)*3&+(%Ah+'20)6)0!)++&2+8!
!
T*6$%-23!,*3!2-'$D2%23!0$*+&-2%+!,1+$!3%)42!0$-'1),*02!D)(5!0$*+&-2%!1,DE!
/A! +22L)*7! %23%2++! D52*! ,! (%,*+,0()$*! 7$2+! D%$*78! #$*+&-2%! H66,)%+! l)0($%),!
,++)+(+! 0$*+&-2%+! ($! 2<2%0)+2! (52)%! %)75(+! (5%$&75! (52! '%$4)+)$*! $6! 2<(2*+)42!
0$*+&-2%!)*6$%-,()$*E!,34)02!,*3!23&0,()$*8!
!
A030-&'"()"()+,&&0#/)?"#)'(D0/&'9,&'"(),(2)0(?"#-0+0(&)
)
!
=R!
#$*+&-2%! H66,)%+! l)0($%),! )32*()6)2+! 6,%! -$%2! )++&2+! ,*3! 0$*(%,42*()$*+! $6!
127)+1,()$*! (5,*! )(! 5,+! %2+$&%02+! ($! 6&11A! )*42+()7,(28! T*! 1)75(! $6! (5)+E! %2+$&%02+!
-&+(!/2!,1 1$0,(23!D52%2!D2!0,*!/2+(!)*61&2*02!*$*M0$-'1),*( !0$*3&0(8!T*!+$-2!
0,+2+E!3)+'&(2!%2+$1&()$*!$%!1$DM12421!0$-'1),*02!,0()4)(A!-,A!/2!'& %+&23!D52%2!
(5)+! )+! 1)L21A! ($! +20&%2! %23%2++! 6$%! (52! 0$*+&-2%8! N)-)1,%1AE! 2*6$%02-2*(! ,0()$*!
-,A!/2!'&%+&23!D52%2!(52%2!)+!5)75!1)L21)5$$3!$6!+&002++8!!
!
95)+! +20()$*! +2(+! $&(! 5$D! #$*+&-2%! H66,)%+! l)0($%),! +2120(+! -,((2%+! 6$%!
0$-'1),*02! ,*3! 2*6$%02-2*(! ,0()$*8! c,((2%+! -,A! $%)7)*,(2! 6%$-! 0$*+&-2%!
0$-'1,)*(+E!$%!6%$-!)++&2+!)32*()6)23!(5%$&75!-,%L2(!-$*)($%)*78!
!
*('&',3).//0//+0(&)
)
d)(5)*!#$*+&-2%!H66,)%+!l)0($%),C+!.&%)+3)0()$*!
J<(2*(!$6!0$*+&-2%!32(%)-2*(!
N2%)$&+*2++!$6!(52!0$*3&0(!
T6!+2%)$&+E!)+!(52!0$*3&0(!$*7$)*7e!
#$*+)32%,()$*!$6!#$*+&-2%!H66,)%+!l)0($%),C+!2*6$%02-2*(!'%)$%)()2+!
#&1',/)1)(A!,*3!5)+($%A!$6!,112723!$662*32%!
N'20),1!0)%0&-+(,*02+!)*01&3)*7!0$*+&-2%!4&1*2%,/)1)(A!
T6!$&(+)32!.&%)+3)0()$*!h!%262%!($!,''%$'%),(2!,72*0A!
T6! *$! /%2,05E! )*+&66)0)2*(! 24)32*02E! (205*)0,1! /%2,05! 2(0! h! %262%! ($! #$*+&-2%!
H66,)%+!l)0($%),!3)+'&(2!%2+$1&()$*!
!
7#'"#'&J)
!
952%2!,%2!(5%22!'%)$%)(A!12421+V!1$D!-23)&-!,*3!5)758!
O$%!1$D!'%)$%)(A!0,+2+E!1$DM12421!0$-'1),*02!,0()4)()2+!-,A!$00&%8!
O$%!-23)&-!,*3!5)75!'%)$%)(A!0,+2+E!,*!)*42+()7,()$*!-,A!$00&%8!
!
F(?"#-0+0(&)N%&'"(/)
)
9A')0,11AE!2*6$%02-2*(!$'()$*+!6$%!1$D!'%)$%)(AE!1$DM12421!0$-'1),*02!)*01&32V!
Z)+'&(2!%2+$1&()$*!
O$%-,1!D%)((2*!D,%*)*7!
9%,32%!-22()*7!
9A')0,11AE!2*6$%02-2*(!$'()$*+!6$%!-23)&-!'%)$%)(A!)*42+()7,()$*+!)*01&32V!
I&/1)0!*,-)*7!
T*6%)*72-2*(!*$()02!
H342%+2!'&/1)0)(A!$%32%!
9A')0,11AE!2*6$%02-2*(!$'()$*+!6$%!5)75!'%)$%)(A!)*42+()7,()$*!)*01&32V!
J*6$%02,/12!&*32%(,L)*7!
](52%!,3-)*)+(%,()42!%2-23)2+E!+&05!,+V!
Z)+0)'1)*,%A!,0()$*!
T*.&*0()$*!
H++2(!6%22G)*7!$%32%!
#2,+2!(%,3)*7!)*.&*0()$*!
#%)-)*,1!'%$+20&()$*!
N$&%02V!0$*+&-2%84)087$48,&!
!
=X!
!"20)"?)!"(2$-&))
)
f,+!(52!%2+'$*+)/12!7$42%*-2*(!,72*0A!2+(,/1)+523!,!0$32!$6!0$*3&0(!6$%!
2*6$%02-2*(!+(,66e)
)
H!7$42%*-2*(!,72*0A!0,*!2+(,/1)+5!,!0$32!$6!0$*3&0(!($!+2(!$&(!(52!2(5)0,1!,*3!
'%$62++)$*,1!32,1)*7+!$6!)(+!)*+'20($%+E!,&3)($%+!,*3!$(52%!,&(5$%)G23!'2%+$**21!
($!0$*3&0(!2*6$%02-2*(!,0()4)()2+8! T*!',%()0&1,%!(52!0$32!$6!0$*3&0(!+5$&13!0$42%!
0$*61)0(!$6!)*(2%2+(!, *3!(52!,002'(,*02!$6!7)6(+!$%!$(52%! )*3&02-2*(+8!952!'&%'$+2!
$6! (52! 0$32! $6! 0$*3&0(! )+! ($! 1)*L! )(! ($! ,*! 2*6$%02-2*(! $66)02%C+! 2-'1$A-2*(!
,7%22-2*(!+$!(5,(!,''%$'%),(2!3)+0)'1)*,%A!,0()$*!0,*!/2!(,L2*!D52%2!/%2,052+!
,%2!32(20(23!,*3!'%$4238!
!
g$<! "R! /21$D! '%$4)32+! ,*! 2<,-'12! $6! (52! '%$4)+)$*+! '2%(,)*)*7! ($! 0$*61)0(! $6!
)*(2%2+(! ,*3! ,002'(,*02! $6! /2*26)(+! )*! (52! Q2D! N$&(5! d,12+! O$$3! H&(5$%)(AC+!
6$$3!+,62(A!,&3)($%C+!0$32!$6!0$*3&0(8!!
)
L"M)4E=)B09$3,&"#J):""2)A,?0&J)!"20)"?)!"(2$-&)T0M-0#%&/V)
!"(?3'-&)"?)'(&0#0/&))
H&3)($%+E!-&+(!,(!,11!()-2+E!,4$)3!0$*61)0(+!$6!)*(2%2+(8!T*!(52!242*(!$6!,*!,&3)($%!
12,%*)*7! (5,(! ,*! ,0(&,1! $%! ,'',%2*(! 0$*61)0(! $6! )*(2%2+(! 2<)+(+E! (52! ,&3)($%! +5,11!
)--23),(21A!)*6$%-!(52!%2124,*(!$66)02%!D)(5)*!(52!H&(5$%)(A8!H6(2%!)*42+()7,()$*E!
(52!%2124,*(!$66)02%! D)11!,34)+2!(52!,&3)($%!D52(52%! (52A!-,A!0$*()*&2!($!,&3)(!
(52!6$$3!/&+)*2++8!O$11$D)*7!(5)+E!(52!-,(( 2%!-&+(!/2!32(,)123!)*!D%)()*7!/A!(52!
,&3)($%!($!(52!H&(5$%)(A8!!
!
J<,-'12+! $6! +)(&,()$*+! (5,(! ,%2! 0$*+)32%23! ($! 0$*+()(&(2! ,*! ,0(&,1! $%! ,'',%2*(!
0$*61)0(!$6!)*(2%2+(!)*01&32V!!
!
m!! 952! ,&3)()*7! $6! ,! /&+)*2++! D52%2! (52! ,&3)($%! 5,+! '%$4)323! +'20)6)0!
3)%20()$*! ($! (52! /&+)*2++!)*! 5$D! ($! -,*,72! 6$$3! +,62(A! %)+L+! ,++$0),(23!
D)(5! )(+! 6$$3! +,62(A! '%$7%,-E! (5)+! -,A! $%! -,A! *$(! )*01&32! 3%,6()*7! (52!
/&+)*2++C+!6$$3!+,62(A!-,*,72-2*(!+A+(2-8!N)(&,()$*+!D52%2!,!%27&1,($%A!
6$$3!+,62(A!,&3)($%!5,+!'%$4)323!72*2%,1!6$$3!+,62(A!,34)02!($!,!/&+)*2++E!
'%$4)3)*7!(5)+!,34)02!3$2+!*$(!)*01&32!$%!'%$4)32!+'20)6)0!3)%20()$*!($!(52!
6$$3!/&+)*2++!)*!5$D!($!-,*,72!,!6$$3!+,62(A!%)+L!,++$0),(23!D)(5!)(+!6$$3!
+,62(A!'%$7%,-E!+5$&13!*$(!/2!0$*+)32%23!,!0$*61)0(!$6!)*(2%2+(8!!
H%%,*7)*7!6$$3!+,62(A!(%,)*)*7!$%!',%()0)',()*7!,+!,!6$$3!+,62(A!(%,)*2%!)*!
+2++)$*+!D52%2!0$-',*A!+'20)6)0!+$1&()$*+!($!6$$3!+,62(A!%)+L+!,++$0),(23!
D)(5! ,! 0$-',*AC+! 6$$3! +,62(A! '%$7%,-! ,%2! 3)+0&++23! $%! '%$4)3238! T(!
+5$&13! /2! *$(23! (5,(! 3)+0&++)*7! *$*M0$*6$%-,*02+! 3)+0&++23! 3&%)*7! ,*!
,&3)(!+5$&13!*$(!/2!0$*+)32%23!,!0$*61)0(!$6!)*(2%2+(8!T(!+5$&13!/2!6&%(52%!
*$(23! (5,(! ,! 0$*61)0(! $6! )*(2%2+(! )+! *$(! 0$*+)32%23! ($! $00&%! D52%2! +&05!
)*6$%-,()$*!)+!1)-)(23!($!72*2%,1!)*6$%-,()$*!6%221A!,4,)1,/12!)*!(52!'&/1)0!
3$-,)*E!,*3!0$-',*A!+'20)6)0!+$1&()$*+!,%2!*$(!'%$4)323!$%!3)+0&++238!!
O$$3! /&+)*2++2+! D52%2! (52! %27&1,($%A! 6$$3! +,62(A! ,&3)($%! 5,+! ,! 3)%20(!
6)*,*0),1! )*(2%2+(8! T(! +5$&13! /2! *$(23! (5,(! %2-&*2%,()$*! '%$4)323! ($! ,*!
,&3)($%! 6$%! ,&3)()*7! ,! 6$$3! /&+)*2++! 3$2+! *$(! 0$*+()(&(2! ,! 0$*61)0(! $6!
)*(2%2+(8!!
!
=Y!
I%262%2*(),1!(%2,(-2*(!$6!,!'2%+$*E!$%7,*)+,()$*!$%!)*(2%2+(!@)*01&3)*7!/&( !
*$(! 1)-)(23! ($! '20&*),%AE! 0$--2%0),1E! '$1)()0,1! $%! %21)7)$&+! )*(2%2+(+B!
3&%)*7! ,! %27&1,($%A! ,&3)(! ,+! ,! %2+&1 (! $6! ,! %27&1,($%A! ,&3)($%+C! '%24)$&+!
,++$0),()$*!D)(5!(5,(!'2%+$*E!$%7,*)+,()$*!$%!)*(2%2+(8!!
O$$3!/&+)*2++2+!D 52%2!(52!%27&1,($%A!,&3)($%E!$%!,!01$+2!6,-)1A!-2-/2%!
$%! ,++$0),(2! $6! (52! ,&3)($%E! 5,+! ,! 3)%20(! %21,()$*+5)'! D)(5! ,! 3)%20(!
0$-'2()($%!$6!(52!/ &+)*2++!/2)*7!,&3)(238!T*!(5)+!+)(&,()$*E!(52!'%$'%)2($%!
$6!(52!6$$3!/&+)*2++!+5$&13!/2!*$()6)23!$6!(52!%21,()$*+5)'E!,*3!,11$D23!($!
320)32! D52(52%! (52! %27&1,($%A! ,&3)($%! -,A! 0$*()*&2! (52! ,&3)(! $6! (52)%!
/&+)*2++8! N5$&13! (52! '%$'%)2($%! %26&+2! (52! ,&3)($%E! (52! ,&3)($%! +5$&13!
)*6$%-! (52! ,''%$'%),(2! (52! H&(5$%)(AE! D5$! D)11! (52*! 320)32! $*! ,*!
,''%$'%),(2!0$&%+2!$6!,0()$*8!!
!
O,)1&%2! ($! 3201,%2! ,! 0$*61)0(! $6! )*(2%2+(! -,A! %2+&1(! )*! (52! +&+'2*+)$*! $%!
0,*0211,()$*!$6!,*!,&3)($%C+!,''%$4,1!/A!(52!H&(5$%)(A8!!
!
.--0%&,(-0)"?)<0(0?'&/))
H*A!,&3)($%! 6$&*3! ($! ,002'(! 7)6(+!D)11!/2!+&/.20(! ($! )--23),(2! )*42+()7,()$*! /A!
(52!H&(5$%)(A!(5,(!-,A!12,3!($!(52!+&+'2*+)$*!$%!0,*0211,()$*!$6!(52)%!,''%$4,18!
952! )*42+()7,()$*! -,A! 12,3! ($! 0%)-)*,1! '%$+20&()$*+! /2)*7! 0$--2*023! ,7,)*+(!
(52!,&3)($%8!!
!
95)+!3$2+!*$(!)*01&32!%26%2+5-2*(+!+&05!,+!(2,!,*3!0$6622!$%!/,+)0!-2,1+!+&05!,+!
+,*3D)052+!'%$4)323!($!,*!,&3)($%!D5)12!0$*3&0()*7!,*!,&3)(!$6!,!6$$3!/&+)*2++8!!
H*A! ,((2-'(! -,32! /A! ,! 01)2*(! ($! $662%! ,! 7)6(! ($! ,*! ,&3)($%E! D52%2! (52! )*(2*(! $6!
$662%)*7! (52! 7)6(!-,A! %2,+$*,/1A! /2! '2%02)423!($! /2! ,*!,((2-'(! ($! )*61&2*02!,*!
,&3)(! $&(0$-2E! ,*3_$%!,!%2+'$*+2!($!,!*$*M! 0$*6$%-,*02! 6)*3)*7E! -&+(! /2!
%2'$%(23!($!(52!H&(5$%)(A!,+!+$$*!,+!'$++)/128!!
N$&%02V!Q2D!N$&(5!d,12+!O$$3!H&(5$%)(A!@H&+(%,1),B!
)
)
)
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
)
)
!
=;!
X5)FD,3$,&'" ( )! K0 - ` 3'/ &)
!
FD,3$,&'"()!K0-`3'/&)
!"##$%&'"()!,$/'(9):,-&"#/)
]0/aY")
F,/0)"?)!"+%3',(-0)
!
45) .20I$,-J) "?) &K0) -"+%3',(-0)
<$#20()
!
Z$2+! (52! 127)+1,()$*! '%$4)32! (52! 12,+(!
0$+(!$'()$*e!
!
f,+! (52! %2+'$*+)/12! 7$42%*-2*(!
,72*0A! 0$*+)32%23! $(52%! 12++!
/&%32*+$-2! 0$-'1),*02! ,1(2%*,()42+!
(5,(!-22(!(52!'$1)0A!$/.20()42e!
!
f,+! (52! %2+'$*+)/12! 7$42%*-2*(!
,72*0A! &*32%(,L2*! ,*! ,++2++-2*(! $6!
,1(2%*,()42!0$-'1),*02!,''%$,052+e!
!
65).20I$,-J)"?)&K0)30D03)"?)/,(-&'"(/)
!
f,+! (52! %2+'$*+)/12! 7$42%*-2*(!
,72*0A! 0$-',%23! ( 52! 12421!$6! +,*0()$*!
$*! ,! 1)L2M6$%M1)L2! /,+)+! D)(5! +)-)1,%!
1,D+e!
!
85) 7"//'<'3'&J) "?) %#0?0#0(&',3)
&#0,&+0(&)
!
Z$2+! (52! 127)+1,()$*! 2<01&32! ,! 02%(,)*!
01,++E! /&+)*2++E! 7%$&'! $%! )*3)4)3&,1!
6%$-! &*32%(,L)*7! ,! %27&1,($%A!,0()4)(A!
$%!',%()0)',()*7!)*!,!%27&1,(23!-,%L2(e!
!
!
T+! (52! 2<01&+)$*! $6! ,! ',%()0&1,%! 7%$&'!
.&+()6)23! )*! ,00$%3,*02! D)(5! (52! '$1)0A!
$/.20()42! ($! '%242*(! $%! %23&02! ,*!
20$*$-)0E! +$0),1! $%! 2*4)%$*-2*(,1!
'%$/12-e!
!
!
7#"%#'0&J) "?) .2+'('/&#,&'D0)
Q'/-#0&'"()
!
@5)!30,#(0//)"?)2'/-#0&'"(,#J)%"R0#/)
!
Z$2+!(52!127)+1,()$*!326)*2!D5$!5,+!(52!
,3-)*)+(%,()42!3)+0%2()$*,%A!'$D2%e!
!
Z$2+!(52!127)+1,()$*!326)*2!(52!+0$'2!$6!
(52! ,3-)*)+(%,()42! 3)+0%2()$*,%A!
'$D2%e!
!
Z$2+!(52!127)+1 ,()$*!326)*2!(52! '%$02++!
6$%! 2<2%0)+)*7! (52! ,3-)*)+(%,()42!
3)+0%2()$*,%A!'$D2%e!
!
E5) .%%#"%#',&0(0//) "?) &K0) /-"%0) "?)
2'/-#0&'"(,#J)%"R0#)
!
T+! (52! +0$'2! $6! ,3-)*)+(%,()42!
!
!
=[!
3)+0%2()$*,%A! '$D2%! ,''%$'%),(2! 6$%!
(52!%2+'$*+)/)1)(Ae!
H5!"(-#0&0(0//),(2)"<[0-&'D0(0//) "?)
2'/-#0&'"(,#J)/&,(2,#2/)
!
Z$2+! (52! 127)+1,()$*! '%$4)32! +(,(&($%A!
0%)(2%),! ($! 7&)32! (52! 2<2%0)+2! $6!
,3-)*)+(%,()42!3)+0%2()$*,%A!'$D2%+e!
!
T6!*$(E!5,+!(52!%2+'$*+)/12!7$42%*-2*(!
,72*0A!32421$'23!,!'$1)0A!3$0&-2*(!($!
'%$4)32!7&)3,*02!($!320)+)$*M-,L2%+!)*!
2<2%0)+)*7! (52)%! ,3-)*)+(%,()42!
3)+0%2()$*,%A!'$D2%+e!
!
T6!A2+E!)+!(52!'$1)0A!3$0&-2*(!'&/1)+523!
,*3!,4,)1,/12!($!(52!'&/1)0e!
!
;#,(/%,#0(-J) "?) .2+'('/&#,&'D0)
7#"-02$#0)
!
P5)).--"$(&,<'3'&J),(2)N%0((0//)
!
Z$2+! (52! %2+'$*+)/12! 7$42%*-2*(!
,72*0A!'%$4)32!7&)3,*02!3$0&-2*(+!($!
2*,/12! '2%+$*+E! /&+)*2++! ,*3!
$%7,*)G,()$*+! ($! &*32%+(,*3! (52! +0$'2!
$6! (52! ,3-)*)+(%,()42! 3)+0%2()$*,%A!
'$D2%+e!
!
T6!A2+E!)+!(52!'$1)0A!3$0&-2*(!'&/1)+523!
,*3!,4,)1,/12!($!(52!'&/1)0e!
!
W5)7#02'-&,<'3'&J)
!
@,BZ$2+! (52! 127)+1,()$*! ,*3! (52!
%2+'$*+)/12! 7$42%*-2*(! ,72*0A!
'%$4)32!)*6$%-,()$*!$*!(52!','2%+!,*3!
+(2'+! %2F&)%23! ($! '2%+$*+E! /&+)*2++2+!
,*3!$%7,*)G,()$*+e!
!
@/BZ$2+! (52! 127)+1,()$*! $%! (52!
%2+'$*+)/12! 7$42%*-2*(! ,72*0A!
'%2+0%)/2! (52! ,3-)*)+(%,()42! 5,*31)*7!
'%$02++e!
!
@0BZ$2+! (52! 127)+1,()$*! $%! (52!
%2+'$*+)/12! 7$42%*-2*(! ,72*0A!
'%2+0%)/2! '2%)$3+! 6$%! D5)05! -,((2%+!
-&+(!/2!320)323!&'$*e!
!
@3BZ$2+! (52! 127)+1,()$*! $%! (52!
%2+'$*+)/12! 7$42%*-2*(! ,72*0A!
'%$4)32! 012,%! 3)%20()$*! $*! (52! -,((2%+!
(5,(!32(2%-)*2!%2+&1(+!$%!$&(0$-2+e!
!
f,+! (52! %2+'$*+)/12! 7$42%*-2*(!
,72*0A!'%$4)323!,11!$6!(52! )*6$%-,()$*!
%2F&)%23!)*!@,B!($!@3B!)*!'1,)*!1,*7&,72!
$*!(52)%!D2/+)(2!,*3_$%!/%$05&%2+e!
!
X5)!"##$%&'"()!"(&#"3)AJ/&0+)
!
!
:>!
Z$2+! (52! %2+'$*+)/12! 7$42%*-2*(!
,72*0A! &*32%(,L2! %,*3$-! ,*3!
)*32'2*32*(! ,&3)(+_-$*)($%)*7! $6!
2*6$%02-2*(! $&(0$-2+! ($! 32(20(!
'$(2*(),1!'%262%2*(),1!(%2,(-2*(e!
!
Z$2+! (52! %2+'$*+)/12! 7$42%*-2*(!
,72*0A! 5,42! ,! 0$-'1),*02! ,*3!
2*6$%02-2*(!+(%,(27Ae!
!
f,+! (52! %2+'$*+)/12! 7$42%*-2*(!
,72*0A! 2+(,/1)+523! ,! 0$32! $6! 0$*3&0(!
6$%!2*6$%02-2*(!+(,66e!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!