(Ebook) Microsoft Visual Basic 2005 Express Edition -

Build a Program Now by Patrice Pelland ISBN

9780735622135, 0735622132 Pdf Download

https://ebooknice.com/product/microsoft-visual-basic-2005-express-
edition-build-a-program-now-928390

★★★★★
4.7 out of 5.0 (21 reviews )

DOWNLOAD PDF

ebooknice.com
 (Ebook) Microsoft Visual Basic 2005 Express Edition - Build
a Program Now by Patrice Pelland ISBN 9780735622135,
0735622132 Pdf Download

EBOOK

Available Formats

■ PDF eBook Study Guide Ebook

EXCLUSIVE 2025 EDUCATIONAL COLLECTION - LIMITED TIME

INSTANT DOWNLOAD VIEW LIBRARY

Here are some recommended products for you. Click the link to
download, or explore more at ebooknice.com

(Ebook) Microsoft Visual C# 2005 Express Edition: Build a

Program Now! by Patrice Pelland ISBN 9780735622296, 0735622299

https://ebooknice.com/product/microsoft-visual-c-2005-express-edition-
build-a-program-now-980930

(Ebook) Microsoft Visual Basic 2008 Express Edition: Build a

Program Now! by Patrice Pelland ISBN 9780735625419, 0735625417

https://ebooknice.com/product/microsoft-visual-basic-2008-express-edition-
build-a-program-now-1421632

(Ebook) Microsoft® Visual Basic® 2008 Express Edition: Build a

Program Now! by Pelland, Patrice ISBN 9780735625419, 812033504X

https://ebooknice.com/product/microsoft-visual-basic-2008-express-edition-
build-a-program-now-55141900

(Ebook) Visual Basic 2005 Express: Now Playing (Book and CD

edition) by Wallace Wang ISBN 9781593270599, 1593270593

https://ebooknice.com/product/visual-basic-2005-express-now-playing-book-
and-cd-edition-1295084
(Ebook) Visual Basic 2005 Express Edition for Dummies by Richard
Mansfield ISBN 9780764597053, 0764597051

https://ebooknice.com/product/visual-basic-2005-express-edition-for-
dummies-979398

(Ebook) Wrox's Visual Basic 2005 Express Edition Starter Kit by

Andrew Parsons ISBN 9780764595738, 0764595733

https://ebooknice.com/product/wrox-s-visual-basic-2005-express-edition-
starter-kit-928280

(Ebook) Beginning Visual Basic 2005 Express Edition: From Novice

to Professional by Peter Wright ISBN 9781590596227, 1590596226

https://ebooknice.com/product/beginning-visual-basic-2005-express-edition-
from-novice-to-professional-932944

(Ebook) Microsoft SQL Server 2005 Express Edition for Dummies by

Robert Schneider ISBN 9780764599279, 0764599275

https://ebooknice.com/product/microsoft-sql-server-2005-express-edition-
for-dummies-930018

(Ebook) Visual Web Developer 2005 Express Edition For Dummies by

Alan Simpson ISBN 9780764583605, 0764583603

https://ebooknice.com/product/visual-web-developer-2005-express-edition-
for-dummies-930580
 7j^aYVEgd\gVb
B^Xgdhd[iœ
œ
J]giU`
6Ug]W
'%%*
:megZhh:Y^i^dc

;$LQGG 30
 38%/,6+('%<
0LFURVRIW3UHVV
$'LYLVLRQRI0LFURVRIW&RUSRUDWLRQ
2QH0LFURVRIW:D\
5HGPRQG:DVKLQJWRQ

&RS\ULJKW‹E\0LFURVRIW&RUSRUDWLRQ

,QIRUPDWLRQLQWKLVGRFXPHQWLQFOXGLQJ85/DQGRWKHU,QWHUQHW:HEVLWHUHIHUHQFHVLVVXEMHFWWRFKDQJHZLWKRXWQRWLFH8QOHVVRWKHU
ZLVHQRWHGWKHH[DPSOHFRPSDQLHVRUJDQL]DWLRQVSURGXFWVGRPDLQQDPHVHPDLODGGUHVVHVORJRVSHRSOHSODFHVDQGHYHQWVGHSLFWHG
KHUHLQDUHÀFWLWLRXVDQGQRDVVRFLDWLRQZLWKDQ\UHDOFRPSDQ\RUJDQL]DWLRQSURGXFWGRPDLQQDPHGHPDLODGGUHVVORJRSHUVRQ
SODFHRUHYHQWLVLQWHQGHGRUVKRXOGEHLQIHUUHG&RPSO\LQJZLWKDOODSSOLFDEOHFRS\ULJKWODZVLVWKHUHVSRQVLELOLW\RIWKHXVHU:LWKRXW
OLPLWLQJWKHULJKWVXQGHUFRS\ULJKWQRSDUWRIWKLVGRFXPHQWPD\EHUHSURGXFHGVWRUHGLQRULQWURGXFHGLQWRDUHWULHYDOV\VWHPRUWUDQV
PLWWHGLQDQ\IRUPRUE\DQ\PHDQV HOHFWURQLFPHFKDQLFDOSKRWRFRS\LQJUHFRUGLQJRURWKHUZLVH RUIRUDQ\SXUSRVHZLWKRXWH[SUHVV
ZULWWHQSHUPLVVLRQRI0LFURVRIW&RUSRUDWLRQ

0LFURVRIW'LUHFW;([FHO+RWPDLO,QWHOOL6HQVH-6FULSW0LFURVRIW3UHVV06'10612XWORRN7DKRPD9LVXDO%DVLF9LVXDO&
9LVXDO6WXGLR9LVXDO:HE'HYHORSHU:LQ:LQGRZV:LQGRZV6HUYHUDQG;ER[DUHHLWKHUUHJLVWHUHGWUDGHPDUNVRUWUDGHPDUNVRI
0LFURVRIW&RUSRUDWLRQLQWKH8QLWHG6WDWHVDQGRURWKHUFRXQWULHV

7KLVERRNH[SUHVVHVWKHDXWKRU·VYLHZVDQGRSLQLRQV7KHLQIRUPDWLRQFRQWDLQHGLQWKLVERRNLVSURYLGHGZLWKRXWDQ\H[SUHVVVWDWXWRU\
RULPSOLHGZDUUDQWLHV1HLWKHUWKHDXWKRUV0LFURVRIW&RUSRUDWLRQQRULWVUHVHOOHUVRUGLVWULEXWRUVZLOOEHKHOGOLDEOHIRUDQ\GDPDJHV
FDXVHGRUDOOHJHGWREHFDXVHGHLWKHUGLUHFWO\RULQGLUHFWO\E\WKLVERRN

%RG\3DUW1R;

;$LQGG 30
 6bagXagf
6[TcgXe
$ <Zii^c\id@cdlHdaji^dc:meadgZg ('
<agebWhV\aZ
@\VebfbYgš
I\fhT_
5Tf\Vš

<Zii^c\=Zae/B^Xgdhd[iK^hjVaHijY^d'%%*:megZhh:Y^i^dc
%##(
8kceXff
$ 9dXjbZciVi^dc ((
8dY^c\Ndjg8dchdaZ6eea^XVi^dc (,
L]Vi>h#C:I4 '
8jhidb^o^c\i]Z>9: (.
L]Vi>hK^hjVa7Vh^X'%%*4 )
8gZVi^c\VL^cYdlh6eea^XVi^dc )&
>hK^hjVa7Vh^X'%%*VcDW_ZXi"Dg^ZciZYEgd\gVbb^c\
DDEAVc\jV\Z4 )
L]Vi>hK^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 . 6[TcgXe
'
L]Vi@^cYhd[6eea^XVi^dch8VcNdj7j^aYl^i] 6eXTgX
Lbhe
Bja
JXU
5ebjfXe
\a
?Xff
G[Ta


K^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 &% 9\iX
@\ahgXf
'(
L]Vi6gZi]Z@Zn;ZVijgZhNdjCZZYid@cdl6Wdji4 &%
L]Vi>hVEgd_ZXi4 )+
L]Vi>hi]Z9Zh^\cAVndji4 ),
6[TcgXe
% Ejii^c\>i6aaId\Zi]Zg *)
<afgT__\aZ
I\fhT_
5Tf\V
%##(
8kceXff
8W\g\ba
$(
EgZeVg^c\id>chiVaaK^hjVa7Vh^X'%%*:megZhh 6[TcgXe
(
:Y^i^dc &+
6eXTg\aZ
Lbhe
9\efg
9h__
J\aWbjfš
4cc_\VTg\ba
(*
>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc &,
HcVeVcY6a^\cI]dhZ8dcigdahJh^c\HcVeA^cZh *-
Jh^c\>ciZaa^HZchZÄNdjgCZl7Zhi;g^ZcY *.
6[TcgXe
& >ciZaa^HZchZVcY8iga HeVXZWVg +%
6eXTg\aZ
Lbhe
9\efg
4cc_\VTg\ba
%( >ciZaa^HZchZVcYEZg^dY$AZ[iEVgZci]Zh^h +%
IldIneZhd[6eea^XVi^dch/L]ViÈhi]Z9^[[ZgZcXZ4 '+ >ciZaa^HZchZ;^aiZg^c\/GZbdk^c\i]ZÅJcXdbbdcÆ +'
<Zii^c\HiVgiZY ', >ciZaa^HZchZ8dYZHc^eeZih/I]ZI^bZHVkZg +'
>9:8dbedcZcih (% =dlid>ckd`Z8dYZHc^eeZih +(
Dcidi]ZEgd_ZXih (& GZVa"I^bZ:ggdg9ZiZXi^dcVcY8dggZXi^dc +)
7j^aY^c\V8dchdaZ6eea^XVi^dc (& D]Bn!Bn###Bn>h<gZVi ++

 ^^^

;$LQGG 30
 L]ViIneZhd[IVh`h8VcBn=ZaeBZL^i]4 +- HFAHZgkZg'%%*:megZhh^cK^hjVa7Vh^X'%%*
GZcVb^c\ +- :megZhh:Y^i^dc &()
L]Vi8VcNdjGZcVbZ4 +- 8gZVi^c\V9ViVWVhZJh^c\K^hjVa7Vh^X'%%*
:megZhh:Y^i^dc &(*
=dlVcYL]ZgZidJhZi]ZGZcVbZ;ZVijgZ +.
8gZVi^c\IVWaZh^cNdjg9ViVWVhZ &(,
8dbbdcL^cYdlh8dcigdah ,'
8gZVi^c\GZaVi^dch]^eh7ZilZZci]ZIVWaZh &(.
L]Vi=VeeZchL]ZcVc:kZci>hIg^\\ZgZY4 ,*
:ciZg^c\9ViV^cHFAHZgkZgIVWaZhJh^c\
K^hjVaHijY^d &)(
6[TcgXe
) L]Vi6gZ69D#C:IVcY9ViVW^cY^c\4 &)+
@bW\Yl
Lbhe
JXU
5ebjfXe
Abj
+$ I]Z8VgIgVX`Zg6eea^XVi^dc9ZkZadebZci &)-
8dbedcZciIgVn &*(
=dlid7g^c\JeNdjg6eea^XVi^dc -'
=dl9d><ZiBdgZBZVc^c\[ja>c[dgbVi^dc
>ciZgVXi^c\I]gdj\]9^Vad\7dmZh -- DcBn;dgb4 &*)
6YY^c\Vc6Wdji7dm --
6YY^c\VCVk^\ViZ9^Vad\7dm .&
6Egd[Zhh^dcVaAdd`VcY;ZZaViNdjg;^c\Zgi^eh .)
6[TcgXe
,
5h\_W
Lbhe
Bja
JXTg[Xe
GeTV^Xe


6YY^c\VIddaHig^e8dciV^cZgVcYHdbZIddah .)
4cc_\VTg\ba
Abj
$)&
6YY^c\VHiVijh7VgidNdjg7gdlhZg .+
EZghdcVa^oZNdjg6eea^XVi^dcl^i]L^cYdlh>Xdch &%% ;ZVijgZhd[i]ZLZVi]ZgIgVX`Zg6eea^XVi^dc &+)
I]Z=^\]"AZkZaEaVc &+)
8gZVi^c\i]Z6eea^XVi^dcJhZg>ciZg[VXZ &+*
6[TcgXe
* 6YY^c\Cdi^[^XVi^dc6gZV8VeVW^a^i^Zh &+,
9\k\aZ
g[X
5eb^Xa
5_bV^f
$#,
6YY^c\i]ZHeaVh]HXgZZcVcY6Wdji9^Vad\7dm &,(
9ZWj\\^c\Vc6eea^XVi^dc &&% 6YY^c\i]ZDei^dch9^Vad\7dm &,*
Jh^c\V9AA^cVc6eea^XVi^dc &&% Jh^c\LZWHZgk^XZh &,,
6YY^c\VGZ[ZgZcXZidNdjg6eea^XVi^dc &&& JhZgHZii^c\h &-&
7gZV`ed^cih!AdXVah!:Y^iVcY8dci^cjZ!VcYK^hjVa^oZgh &&' Ldg`^c\^ci]Z7VX`\gdjcY &-'
8dbeaZi^c\i]Z8dgZLZVi]ZgIgVX`Zg;jcXi^dcVa^in &-,
6[TcgXe
+ IZhi^c\LZVi]ZgIgVX`Zg &.(
@TaTZ\aZ
g[X
7TgT
$%( Ldg`^c\l^i]i]ZDei^dch9^Vad\7dm &.)
IZhi^c\LZVi]ZgIgVX`Zg &.,
L]Vi>hV9ViVWVhZ4 &'+
6cYCdl!?jhi8a^X`DcXZ &.-
L]ViÈh>cV9ViVWVhZ4 &'+
9ViVCdgbVa^oVi^dcVcY9ViV>ciZ\g^in &',
L]Vi>hCjaa4 &(%
L]Vi6gZEg^bVgn@ZnhVcY;dgZ^\c@Znh4 &(%
=dl9dNdj>ciZgVXil^i]VGZaVi^dcVa9ViVWVhZ4 &((

^k B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

;$LQGG 30
 <agebWhVg\ba
K^hjVa7Vh^X'%%*:megZhhVcYi]Zdi]ZgK^hjVaHijY^d'%%* I]^hWdd`^h[dgeZdeaZl]d]VkZ^YZVhWjiYdcÈi`cdl
:megZhh:Y^i^dcegdYjXihVgZ!^cbnde^c^dc!dcZd[i]ZWZhi ]dlidWg^c\i]ZbidgZVa^in#>iÈhV\ddY^cigdYjXi^dcidi]^h
VcYbdhi^ciZaa^\Zci^YZVhidXdbZdji[gdb9ZkZadeZg VgiVcYhX^ZcXZi]Vi^hYZkZade^c\hd[ilVgZ#
9^k^h^dc]ZgZViB^Xgdhd[i#>ÈbVeeaVjY^c\VcYX]ZZg^c\[dg
i]ZeZdeaZl]d]VYi]^hWg^aa^Vci^YZVWZXVjhZ>WZa^ZkZi]ZgZ =dlI]^h7dd`>hDg\Vc^oZY
^hVgZVacZZYVcYYZbVcY[dgVldgaY"XaVhhVcYedlZg[ja
egdYjXi[dgi]Z]dWWn^hiegd\gVbbZgh!hijYZcih!VcYegd" I]^hWdd`Xdch^hihd[c^cZX]VeiZgh!ZVX]XdkZg^c\VeVgi^Xj"
[Zhh^dcVaYZkZadeZgh#6cYK^hjVa7Vh^X'%%*:megZhh:Y^i^dc aVg[ZVijgZdgiZX]cdad\nVWdjiK^hjVa7Vh^X'%%*:megZhh
VchlZghVaad[i]ViVcYbdgZ# :Y^i^dc#BdhiX]VeiZghWj^aYdcegZk^djhX]VeiZgh!hdndj
K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hV[jaan[jcXi^dcVa h]djaYeaVcdcgZVY^c\i]ZbViZg^VahZfjZci^Vaan#
hjWhZid[K^hjVaHijY^d'%%*!hj^iVWaZ[dgXgZVi^c\VcYbV^c"
iV^c^c\L^cYdlhVeea^XVi^dchVcYa^WgVg^Zh#>iÈhcdiVi^bZY" 8dckZci^dchVcY;ZVijgZh^cI]^h7dd`
WdbWZY^i^dc!VYZbd!dgV[ZVijgZa^b^iZYkZgh^dc0cd!^iÈhV
`ZnB^Xgdhd[i^c^i^Vi^kZidgZVX]bdgZeZdeaZVcY\^kZi]Zb I]^hWdd`egZhZcih^c[dgbVi^dcjh^c\XdckZci^dchYZh^\cZY
i]ZVW^a^inid]VkZ[jcl]^aZXgZVi^c\Xddahd[ilVgZ# idbV`Zi]Z^c[dgbVi^dcgZVYVWaZVcYZVhnid[daadl#7Z[dgZ
ndjhiVgii]ZWdd`!gZVYi]Z[daadl^c\a^hi!l]^X]ZmeaV^ch
XdckZci^dchndjÈaahZZi]gdj\]djii]ZWdd`VcYed^cihdji
L]d>hI]^h7dd`;dg4
]Zae[ja[ZVijgZh^ci]ZWdd`i]Vindjb^\]ilVciidjhZ#
I]^hWdd`^h[dgZkZgnWdYn/hijYZcih!]dWWn^hiegd\gVbbZgh!
VcYVahd[dgeZdeaZl]dValVnhi]dj\]iegd\gVbb^c\lVhV 7cbjYbh]cbg
idj\]iVh`#>iÈh[dgeZdeaZl]d]VY^YZVha^`Z/>l^h]>XdjaY Q :VX]ZmZgX^hZ^hVhZg^Zhd[iVh`h#:VX]iVh`^hegZhZciZYVh
Wj^aYViddaidhidgZVaabngZX^eZh!>l^h]>XdjaYeg^cii]Zb VhZg^Zhd[cjbWZgZYhiZeh&!'!VcYhddc#:VX]ZmZg"
VcYhZcYi]Zbidbn[g^ZcYhDG>l^h]>XdjaYWj^aYi]^h X^hZ^hegZXZYZYWnVegdXZYjgVa]ZVY^c\i]ViaZihndj
XddaXVgY\VbZi]Vi>]VkZcZkZg[djcYZahZl]ZgZDG>l^h] `cdll]Vindjl^aaVXXdbea^h]^ci]ZZmZgX^hZ#
>XdjaYWj^aYi]^hXddahd[ilVgZidhidgZbn9K9VcY89Xda" Q CdiZhaVWZaZYÅI^eÆegdk^YZVYY^i^dcVa^c[dgbVi^dcdg
aZXi^dcDG>l^h]>XdjaYWj^aYi]^hhd[ilVgZid]ZaebZldg` VaiZgcVi^kZbZi]dYh[dgXdbeaZi^c\VhiZehjXXZhh[jaan#
l^i]bVig^XZhVcYeadi\gVe]^Xh[dgbnbVi]XaVhhVcYbVcn
bdgZegd_ZXihi]VidcZXVci]^c`d[

>cigdYjXi^dc k

;$LQGG 30
 Q CdiZhaVWZaZYÅ8Vji^dcÆVaZgindjid^c[dgbVi^dcndj Q E8l^i]VEZci^jb>>>"XaVhhegdXZhhdg!+%%B=o
cZZYidX]ZX`WZ[dgZXdci^cj^c\# GZXdbbZcYZY/&<=o
Q IZmii]VindjineZdg^iZbhndjhZaZXidgXa^X`VeeZVg^c Q &'-B7G6B'*+B7dgbdgZgZXdbbZcYZY
WdaY# Q K^YZd-%%m+%%dg]^\]ZggZhdaji^dcbdc^idgl^i]Vi
Q BZcjXdbbVcYh!Y^Vad\Wdmi^iaZh!VcYdi]ZgjhZg^ciZg" aZVhi'*+Xdadgh&%')m,+-=^\]8dadg&+"W^igZXdb"
[VXZZaZbZcihVeeZVgl^i]ZVX]ldgYXVe^iVa^oZY# bZcYZY
Q 6eajhh^\c WZilZZcild`ZncVbZhbZVchi]Vindj Q 89"GDBdg9K9"GDBYg^kZ
bjhiegZhhi]dhZ`ZnhVii]ZhVbZi^bZ#;dgZmVbeaZ! Q B^Xgdhd[iBdjhZdgXdbeVi^WaZed^ci^c\YZk^XZ
ÅEgZhh6ai IVWÆbZVchi]Vindj]daYYdlci]Z6ai`Zn
l]^aZndjegZhhi]ZIVW`Zn# NdjÈaaVahdcZZYVYb^c^higVidgVXXZhhidndjgXdbejiZg
idXdc[^\jgZHFAHZgkZg'%%*:megZhh#

Ch\Yf
:YUhifYg ABG8
I]Z89"GDBeVX`V\ZY^ci]Z
Q H]VYZYh^YZWVghi]gdj\]djii]ZWdd`egdk^YZbdgZ^c" WVX`d[i]^hWdd`XdciV^chi]Z
YZei]^c[dgbVi^dcVWdjii]ZXdciZci#I]Zh^YZWVghb^\]i K^hjVa7Vh^X'%%*:megZhh:Y^i^dc
hd[ilVgZcZZYZYidXdbeaZiZi]Z
XdciV^cWVX`\gdjcY^c[dgbVi^dc!YZh^\ci^eh!dg[ZVijgZh ZmZgX^hZh^ci]^hWdd`#
gZaViZYidi]Z^c[dgbVi^dcWZ^c\Y^hXjhhZY#
Q :VX]X]VeiZgZcYhl^i]Vc>cHjbbVgn½hZXi^dci]Vi 8dYZHVbeaZh
Wg^Z[angZk^Zlhl]VindjaZVgcZY^ci]ZXjggZciX]VeiZg
VcYegZk^Zlhl]Vii]ZcZmiX]VeiZgl^aaegZhZci# I]ZXdYZhVbeaZh[dgi]^hWdd`XVcWZYdlcadVYZY[gdbi]Z
Wdd`ÈhXdbeVc^dcXdciZcieV\ZVii]Z[daadl^c\VYYgZhh/
]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc^dc$%",(*+"''&("'$
HnhiZbGZfj^gZbZcih NdjÈaajhZi]ZXdYZhVbeaZhVcYhiVgiZghdaji^dchVhndj
eZg[dgbi]ZZmZgX^hZh^ci]ZWdd`#7njh^c\i]ZXdYZhVb"
NdjÈaacZZYi]Z[daadl^c\]VgYlVgZVcYhd[ilVgZidXdbeaZiZ
eaZh!ndjldcÈilVhiZi^bZXgZVi^c\[^aZhi]ViVgZcÈigZaZkVci
i]ZZmZgX^hZh^ci]^hWdd`/
idi]ZZmZgX^hZ#I]Z[^aZhVcYi]ZhiZe"Wn"hiZe^chigjXi^dch^c
Q B^Xgdhd[iL^cYdlhMEl^i]HZgk^XZEVX`'!B^Xgdhd[i i]ZaZhhdchVahdaZindjaZVgcWnYd^c\!l]^X]^hVcZVhnVcY
L^cYdlhHZgkZg'%%(l^i]HZgk^XZEVX`&!dgB^Xgdhd[i Z[[ZXi^kZlVnidVXfj^gZVcYgZbZbWZgcZlh`^aah#NdjÈaaVahd
L^cYdlh'%%%l^i]HZgk^XZEVX`) [^cYi]ZXdbeaZiZhdaji^dch^[ndjlVciidkZg^[nndjgldg`
dg^[ndjh^beanlVciidadd`Vi^i#
Q B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc

k^ B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

;$LQGG 30
 >chiVaa^c\i]Z8dYZHVbeaZh
;daadli]ZhZhiZehid^chiVaai]ZXdYZhVbeaZhdcndjgXdbejiZg#

$
8ckb`cUX
h\Y
WcXY
gUad`Yg
Zfca
]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc^dc$%",(*+"''&("'$"

%
5ZhYf
mci
Xckb`cUX
h\Y
WcXY
gUad`Yg
Z]`Y
fib
h\Y
]bghU``Yf"

&
:c``ck
h\Y
]bghfiWh]cbg
h\Uh
UddYUf"

I]ZXdYZhVbeaZhVgZ^chiVaaZYidi]Z[daadl^c\adXVi^dcdcndjgXdbejiZg/

Bn9dXjbZcihQB^Xgdhd[iEgZhhQK7'%%*:megZhh

Jh^c\i]Z8dYZHVbeaZh
:VX]X]VeiZg^ci]^hWdd`ZmeaV^chl]ZcVcY]dlidjhZVcnXdYZhVbeaZh[dgi]ViX]VeiZg#
L]Zc^iÈhi^bZidjhZVXdYZhVbeaZ!i]ZWdd`l^aaa^hii]Z^chigjXi^dch[dg]dliddeZci]Z
[^aZh#I]ZX]VeiZghVgZWj^aiVgdjcYhXZcVg^dhi]Vih^bjaViZgZVaegd\gVbb^c\egd_ZXih!hd
ndjXVcZVh^anVeeani]Zh`^aahndjaZVgcidndjgdlcldg`#
;dgi]dhZd[ndjl]da^`Zid`cdlVaai]ZYZiV^ah!Va^hid[i]ZXdYZhVbeaZegd_ZXih
VeeZVghdci]ZcZmieV\Z#6abdhiVaaegd_ZXih]VkZhdaji^dchVkV^aVWaZ[dgi]ZegVXi^XZZmZg"
X^hZh#I]Zhdaji^dch[dgZVX]egd_ZXiVgZ^cXajYZY^ci]Z[daYZg[dgZVX]X]VeiZgVcYVgZ
aVWZaZY8dbeaZiZ#

Jc^chiVaa^c\i]Z8dYZHVbeaZh
;daadli]ZhZhiZehidgZbdkZi]ZXdYZhVbeaZh[gdbndjgXdbejiZg#

$
=b
7cbhfc`
DUbY`
cdYb
5XX
Cf
FYacjY
Dfc[fUag"

:fca
h\Y
`]gh
cZ
7iffYbh`m
=bghU``YX
Dfc[fUag
gY`YWh
A]WfcgcZh
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb.

% 6i]`X
U
Dfc[fUa
Bck
UbX
W`]W_
FYacjY"

&
:c``ck
h\Y
]bghfiWh]cbg
h\Uh
UddYUf
hc
fYacjY
h\Y
WcXY
gUad`Yg"

>cigdYjXi^dc k^^

;$LQGG 30
 Egd_ZXi 9ZhXg^ei^dc

8]VeiZg&' CdhVbeaZegd_ZXih

8]VeiZg(
Bn;^ghi8dchdaZ6eea^XVi^dc 6eea^XVi^dci]ViiV`ZhildcjbWZghVcYVYYhi]Zb
 id\Zi]Zg!i]ZcY^heaVnhi]Zhjb^cVXdchdaZl^cYdl#

Bn;^ghiL^cYdlh6eea^XVi^dc HVbZVeea^XVi^dcWjiY^heaVnhi]ZgZhjai^cV
 bZhhV\ZWdm#

8]VeiZg)
BnDlc7gdlhZg H^beaZLZWWgdlhZgVeea^XVi^dci]ViZcVWaZhi]Z
 jhZgidWgdlhZdci]Z>ciZgcZi#

8]VeiZg*
IZhiEgd_ZXi 6eea^XVi^dci]ViZcVWaZhndjidjhZi]Zbdhi^bedgiVci
 [ZVijgZh^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dc#

8]VeiZg+
BnDlc7gdlhZg I]^h^hi]ZXdci^cjVi^dcd[i]ZVeea^XVi^dc[gdb
 8]VeiZg)#>i^hi]ZLZWWgdlhZgidl]^X]ndjÈaaVYY
 bZcjh!iddaWVgh!VhiVijhVcYegd\gZhhWVg!VcYV
 cVk^\Vi^dcl^cYdll^i]VjidXdbeaZiZ#

8]VeiZg,
9ZWj\\Zg 6cVeea^XVi^dc[jaad[egdWaZbhid]ZaendjaZVgc]dl
 idYZWj\jh^c\[ZVijgZhd[K^hjVa7Vh^X'%%*
 :megZhh:Y^i^dc#

8]VeiZg-
8VgIgVX`Zg 6cVeea^XVi^dcZcVWa^c\i]ZjhZgidigVX`XVgVYh[gdb
 i]Z>ciZgcZijh^c\VHFAHZgkZg'%%*:megZhhYViVWVhZ
 idhidgZi]Z^c[dgbVi^dc#

8]VeiZg.
LZVi]ZgIgVX`Zg 6cVeea^XVi^dci]Vigjch^ci]ZhnhiZb"igVnVcY]Vh
 Vc^XZJ>idY^heaVnlZVi]ZgYViVXdaaZXiZYWnndjg
 Veea^XVi^dc[gdbY^kZghZLZWhZgk^XZh#6YZeadnbZci
 eVX`V\Z^hVahdXgZViZY[dgi]ZY^hig^Wji^dcd[ndjg
 Veea^XVi^dc#

k^^^ B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

;$LQGG 30
 EgZgZaZVhZHd[ilVgZ FjZhi^dchVcY8dbbZcih
I]^hWdd`lVhgZk^ZlZYVcYiZhiZYV\V^chii]Z6j\jhi'%%* >[ndj]VkZXdbbZcih!fjZhi^dch!dg^YZVhgZ\VgY^c\i]Z
gZaZVhZXVcY^YViZ#I]^hWdd`^hZmeZXiZYidWZ[jaanXdbeVi" Wdd`dgi]ZXdbeVc^dcXdciZcidg]VkZfjZhi^dchi]ViVgZ
^WaZl^i]i]Z[^cVagZaZVhZd[K^hjVaHijY^d'%%*#>[i]ZgZVgZ cdiVchlZgZYWnk^h^i^c\i]Zh^iZhVWdkZ!eaZVhZhZcYi]Zb
VcnX]Vc\ZhdgXdggZXi^dch[dgi]^hWdd`!i]ZnÈaaWZXdaaZXiZY idB^Xgdhd[iEgZhhk^VZ"bV^aid
VcYVYYZYidVB^Xgdhd[i@cdlaZY\Z7VhZVgi^XaZ#HZZi]Z
bhe^ceji5b^Xgdhd[i#Xdb
ÅHjeedgi[dgI]^h7dd`ÆhZXi^dc^ci]^h>cigdYjXi^dc[dgbdgZ
^c[dgbVi^dc# dgk^VedhiVabV^aid

B^Xgdhd[iEgZhh
IZX]cdad\nJeYViZh
6iic/K^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVb
6hiZX]cdad\^ZhgZaViZYidi]^hWdd`VgZjeYViZY!a^c`hid Cdl:Y^idg
VYY^i^dcVa^c[dgbVi^dcl^aaWZVYYZYidi]ZB^Xgdhd[iEgZhh DcZB^Xgdhd[iLVn
IZX]cdad\nJeYViZhLZWeV\Z#K^h^ii]^heV\ZeZg^dY^XVaan GZYbdcY!L6.-%*'"+(..
[dgjeYViZhdcK^hjVaHijY^d'%%*VcYdi]ZgiZX]cdad\^Zh# EaZVhZcdiZi]ViB^Xgdhd[id[[Zghcdhd[ilVgZegdYjXi
]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$jeYViZh$ hjeedgii]gdj\]i]ZhZVYYgZhhZh#

Hjeedgi[dgI]^h7dd`
:kZgnZ[[dgi]VhWZZcbVYZidZchjgZi]ZVXXjgVXnd[i]^h
Wdd`VcYi]ZXdbeVc^dcXdciZci#6hXdggZXi^dchdgX]Vc\Zh
VgZXdaaZXiZY!i]ZnÈaaWZVYYZYidVB^Xgdhd[i@cdlaZY\Z
7VhZVgi^XaZ#Idk^Zli]Za^hid[`cdlcXdggZXi^dch[dgi]^h
Wdd`!k^h^ii]Z[daadl^c\Vgi^XaZ/

]iie/$$hjeedgi#b^Xgdhd[i#Xdb$`W$.%*%()

B^Xgdhd[iEgZhhegdk^YZhhjeedgi[dgWdd`hVcYXdbeVc"
^dcXdciZciVii]Z[daadl^c\LZWh^iZ/

]iie/$$lll#b^Xgdhd[i#Xdb$aZVgc^c\$hjeedgi$Wdd`h$

>cigdYjXi^dc ^m

;$LQGG 30
 4Ubhg
g[X
4hg[be
EVig^XZEZaaVcY WZVji^[ja0h]ZÈhbn^Yda!bn^che^gVi^dc!bnhjch]^cZ!bn
WZhi[g^ZcY!bnadkZ!VcYVcVlZhdbZbdi]ZgBdcVbdjg!
EVig^XZEZaaVcY^hViZX]c^XVaaZVYViB^Xgdhd[ildg`^c\^c i]Vc`h[dgWZ^c\l]dndjVgZVcY[dgWZ^c\i]ZgZ[dgbZ>
i]Z9ZkZadeZg9^k^h^dc#=ZadkZh#C:IVcYLZWhZgk^XZh adkZndj
VcY![dgi]ZeVhi[djgnZVgh!]Z]VhWZZcldg`^c\!iZVX]^c\!
ZkVc\Za^o^c\!VcYiVa`^c\VWdjii]ZbidZkZgndcZ# I]Vc`h
;dgi]ZeVhiilZakZnZVgh!]Z]VhWZZcldg`^c\^c
hd[ilVgZYZkZadebZci^ckVg^djhgdaZh/YZkZadeZg!egd_ZXi ;^ghid[Vaa!i]Vc`hidbneVgZcih#Bdb!9VY!ndj\VkZbZ
aZVY!bVcV\ZgVcYbZcidg!VcYhd[ilVgZZc\^cZZg^cF6 Vaai]ZX]VcXZhidWZl]Vi>Vb^ca^[ZVcYndj\VkZbZi]Z
dg\Vc^oVi^dch#=Z]VhkVhiZmeZg^ZcXZheVcc^c\bjai^eaZ kVajZhidWZi]ZbVc>Vb#I]Vc`hVcY>adkZndj
iZX]cdad\^ZhVcY[^ZaYh/YZkZadeZgiddah![^WZgdei^XhiZaZ" 6Wdd`^hV]j\ZVYkZcijgZ^chdbZWdYnÈha^[Z!VcY^i
Xdbbjc^XVi^dc!Vk^Vi^dc!Xd[[ZZVcYYV^gnXdbeVc^Zh!VcY ldjaYcdiWZedhh^WaZl^i]djii]Z]Zaed[bVcneZdeaZ#>ÈkZ
Vahdi]gZZnZVghiZVX]^c\XdbejiZghX^ZcXZVcYhd[ilVgZ ValVnhgZVYi]Zi]Vc`ndjhZXi^dch^cdi]ZgeZdeaZÈhWdd`h
YZkZadebZciViVXdaaZ\Z^c8VcVYV# VcY>lVhValVnhVbVoZYVi]dlbVcneZdeaZVgZcZZYZY
L]ZccdiYZkZade^c\\gZViiddah[dgYZkZadeZghVcY idbV`ZVWdd`l]Vi^i^h#Cdl>gZVaanjcYZghiVcYl]n
]Zae^c\XjhidbZghi]gdj\]djii]ZldgaY!]ZZc_dnhheZcY" L]^aZlg^i^c\VWdd`^hidj\]!gZVaidj\]!^iÈhgZVaanhVi"
^c\i^bZl^i]]^h[Vb^anVcY[g^ZcYh!eaVn^c\\VbZhdc ^h[n^c\Vii]ZhVbZi^bZ#9jg^c\i]Zlg^i^c\egdXZhh!ndj
M7DMVcYE8!gZVY^c\Wdd`h!gZVY^c\VWdjiEdghX]ZVcY hdbZi^bZh]VkZYdjWih!VcY>]VYbnh]VgZd[""ZheZX^Vaan
YgZVb^c\VWdjiYg^k^c\dcZ!eaVn^c\]dX`Zn!lViX]^c\ i]dhZc^\]ihVi(/%%V#b#l]ZcVaadi]Zghdjah^ci]Z]djhZ
C=A]dX`ZnVcYC;A[ddiWVaa!VcY]Vk^c\\gZViY^ccZgh VgZVhaZZe!ZkZcbnYd\!VcYi]ZegdYjXi]VYVWj\egZ"
l^i]\ddY[ddYVcY[^cZYg^c`hl^i][g^ZcYhVcY[Vb^an#=Z kZci^c\bZ[gdbiZhi^c\hdbZi]^c\0l]Zc>lVh^c[gdcid[
gZh^YZhl^i]]^h[Vb^an^cHVbbVb^h]!L6# bnaVeidel^i]VcZmXZei^dcVcYVl]^iZeV\Z^cLdgY0
l]ZcZkZgnWdYnlVhdckVXVi^dci]^hhjbbZgl]^aZ>lVh
9ZY^XVi^dc ldg`^c\Vii]Za^WgVgn^cHVbbVb^h]#>XVcÈigZbZbWZg
]dlbVcni^bZh>ÈkZhV^Yidbn[g^ZcYh!ÅCd!>ldcÈiWZ
I]^hWdd`^hYZY^XViZYidbnl^[Z!=‚aƒcZ#Bnl^[Z^hVWgZVhi VWaZidWZi]ZgZ#>cZZYidldg`dcbnWdd`Æ7ji^iÈhVc
XVcXZghjgk^kdg!VcY]ZgXdjgV\ZVcYhigZc\i]ejh]bZid VlZhdbZZmeZg^ZcXZidlg^iZVWdd`0ZkZgnWdYnl]d]Vh
YdWZiiZgi]^c\hVcYid[VXZbdgZXdbeaZmX]VaaZc\Zh#H]ZÈh i]ZX]VcXZh]djaYiV`Zi]ZX]VaaZc\Z

m B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

;$LQGG 30
 L^i]i]VihV^Y!>[^ghicZZYidi]Vc`bnadkZan[Vb^an#Bn 6heZX^Vai]Vc`hid?Z[[Egdh^hZ[dgWZ^c\hjX]V\ddY
`^YhAVjgV!&&!VcY6cid^cZ!.VcYbnl^[Z!=‚aƒcZ!lZgZ lg^iZg!VcVlZhdbZigV^cZg!VcY[dglg^i^c\VWad\VWdjii]Z
hd\gZViVcYE6I>:CI#=dlbVcni^bZh>]ZVgYi]ZbhVn! lg^i^c\egdXZhh#NdjlZgZi]ZheVg`i]Vi^\c^iZYbn[aVbZid
Å9VYYn!^iÈhbdk^Zc^\]i½d]nZV]!^iÈhigjZ!ndjÈgZldg`" lg^iZViZX]c^XVaWdd`#
^c\dcndjgWdd`V\V^cÆ7jiVii]ZhVbZi^bZ!i]ZnlZgZ I]Vc`hVahdidbnXdaaZV\jZh[gdbi]Z998EMiZVb[dg
gZheZXi^c\i]ZheVXZ>cZZYZYVcYi]Zi^bZVadcZNdj ValVnh\^k^c\bZ\ddYldgYhd[ZcXdjgV\ZbZci!id7dg^h
\jnhVgZ\gZViVcY>adkZndj ;ZaYbVc[dgh]Vg^c\]^hZmeZg^ZcXZhVhVlg^iZgVcY![^cVaan!
>]VkZidi]Vc`Vaai]ZeZdeaZViBHAZVgc^c\VcYi]Z i]Vc`hidbn\ddY[g^ZcY!?d]c8gdhh![dg]^hXdchigjXi^kZ
ejWa^h]^c\iZVb#>ldjaYZheZX^Vaana^`Zidi]Vc`7Zc[dg [ZZYWVX`#
]Zae^c\bZ\Zi^ci]Zlg^i^c\ldgaY0HVcYgV[dg]ZgXdchiVci I]Vc`hidbn\ddY[g^ZcYh]ZgZ^ci]ZEj\ZiHdjcYVgZV
bdi^kVi^dc!]Zae!hj\\Zhi^dch!VcYVahd[dg]Zae^c\bZid\d [dgi]Z`^cYldgYhd[ZcXdjgV\ZbZciVcYidbn[Vb^anVcY
i]gdj\]Vaai]Z]jgYaZhd[lg^i^c\VWdd`0VcYBZ\Vc[dgVaa [g^ZcYh^c8VcVYV[dgjcYZghiVcY^c\l]n>ÈbcdiXVaa^c\dg
ndjg]Zae\Zii^c\i]Z_dWYdcZVcYVgZVa!iVc\^WaZegdYjXi# \^k^c\VcncZlh#Hdggn!BdbVcY9VY
Ndj\jnh]VkZbngZheZXi[dgldg`^c\YVn^c!YVndji^ci]Z 6cYi]Vc`hidbn\ddYcZ^\]WdghVcY[g^ZcYh!B^`ZVcY
XgVonldgaYd[ejWa^h]^c\# :a^oVWZi]![dgi]Z^gXdchiVciZcXdjgV\ZbZciVcY[dgaZii^c\
>ldjaYVahda^`Zidi]Vc`Vaai]ZeZdeaZ^ci]ZK7!8! bZjhZi]Z^gYd\ÈhcVbZ!Bdaan!^cbnDDE^cigdYjXi^dc#
L^cYdlh;dgbh!BH9CVcYhZijeiZVbhl]d]ZaeZYbZ I]Vc`hidZkZgnWdYn>b^\]i]VkZ[dg\diiZc
WnVchlZg^c\VaabnfjZhi^dch^cVYncVb^XVcYXdchiVcian
X]Vc\^c\egdYjXia^[ZXnXaZ#>ldjaYa^`Zidi]Vc`bdgZ EVig^XZEZaaVcY
heZX^[^XVaan9Vc;ZgcVcYZo!?dZ7^cYZg!7g^Vc@ZaaZg!7g^Vc HZeiZbWZg'%%*
?d]chdc!=dc\<Vd!?VnGdmZ!@Vk^i]VGVY]V`g^h]cVc!@Zci HVbbVb^h]!L6
H]Vg`Zn!A^hV;Z^\ZcWVjb!H]VbZoGV_Vc!HiZkZAVh`Zg!6Vgdc
HiZWcZg!VcY=VW^W=ZnYVg^Vc#

8]VeiZg/8]VeiZgI^iaZ m^

;$LQGG 30
;$LQGG 30
 6[TcgXe
$
<agebWhV\aZ
@\VebfbYgš

I\fhT_
5Tf\Vš
%##(

8kceXff
8W\g\ba
J[Tg
<f
!A8G2
% HdbVnWZndjÈkZYZX^YZYndjlVciidignegd\gVbb^c\VcYndj[djcY
ndjghZa[l^i]i]^hWdd`#LZaa!^[i]ViÈhi]ZXVhZ!ndjÈkZXdbZidi]Zg^\]i
J[Tg
<f
I\fhT_
5Tf\V
eaVXZ#I]^hWdd`^hVaaVWdji^cigdYjX^c\ndjidi]ZVgi!hX^ZcXZ!VcY_dnh
%##(2
' d[XgZVi^c\hd[ilVgZ[dgB^Xgdhd[iL^cYdlhœ0nZh!i]ZhVbZB^Xgdhd[i
J[Tg
<f
I\fhT_
5Tf\V
%##(
L^cYdlhndjegdWVWanjhZZkZgnYVn#I]gdj\]djii]ZWdd`!>Èaah]dlndj
8kceXff
8W\g\ba2
, ]dlidWj^aYVeea^XVi^dchi]ViVgZkZgnh^b^aVgidbVcnd[i]ZVeea^XVi^dch
ndjjhZdcVgZ\jaVgWVh^h!hjX]Vhndjg>ciZgcZiWgdlhZg!ndjgldgYegdXZh"

&
hdg!ndjgZ"bV^ahd[ilVgZ!VcYndjgeZghdcVa[^cVcXZVeea^XVi^dc#NdjÈgZ
egdWVWanldcYZg^c\]dlndjXdjaYedhh^WanYdi]^hl^i]cdegd\gVbb^c\
ZmeZg^ZcXZ#7ni]Zi^bZndj[^c^h]i]^hWdd`!ndjÈaaWZa^ZkZ^i#9dcÈildggn#
LZÈaa]VkZVWaVhi!VcYWZXVjhZndjÈaaVXijVaanWZWj^aY^c\i]ZVeea^XVi^dchVh
ndj[daadlVadc\l^i]ZVX]ZmZgX^hZ!ndjÈaahZZ[dgndjghZa[_jhi]dlZVhn^i
XVcWZ#

 &

&LQGG 30
 L]Vi>h#C:I4
Hdcdl!l]Vi^hi]Vi#C:Ii]^c\i]ViZkZgnWdYn^hiVa`^c\VWdji4BVnWZndjÈkZhZZc^i
hdbZl]ZgZdca^cZdg]VkZXdbZVXgdhhi]ZiZgb^ci]Z_dWhhZXi^dc^cndjgHjcYVncZlheV"
eZg#;dg^chiVcXZ!i]ZiZgbb^\]i]VkZVeeZVgZYl]ZcndjlZgZad\\^c\dcid=dibV^aœdg
^cVcdca^cZVYl]ZgZVXdbeVcn^hadd`^c\[dgVYZkZadeZgl^i]#C:Ih`^aah#Add`Vi
;^\jgZ&"&[dghdbZZmVbeaZhd[l]ZgZndjb^\]i]VkZXdbZVXgdhhVgZ[ZgZcXZid#C:I#

H\Y
D`UhZcfag
G8?
hYUa
]g
`cc_]b[
Zcf
U
ghfcb[
XYjY`cdYf
hc
kcf_
cb
cif
]bhYfbU`

Hcc`g
hYUa"
H\Y
Hcc`g
hYUa
dfcXiWYg
hcc`g
UbX
KYV
g]hYg
h\Uh
hfUW_
K]b:L
5D=

XYjY`cdaYbh
fYdcfh
aYhf]Wg
cb
cif
G8?g
UbX
hfUW_
h\Y
hYbg
cZ
h\cigUbXg
cZ
Z]`Yg

h\Uh
UfY
giVa]hhYX
hc
cif
G8?g
Zcf
K]b:L
h\Y
"B9H
:fUaYkcf_
UbX
h\Y
A]WfcgcZh

K]bXckg
cdYfUh]b[
gmghYag"

;^\jgZ&"&
Fb`X
XkT`c_Xf
bY
j[XeX
lbh
`\Z[g
[TiX
Vb`X
TVebff
T

eXYXeXaVX
gb
!A8G

I]ZiZgb#C:IWn^ihZa[YdZhcdibZVcbjX]#NdjXdjaYVh`&%Y^[[ZgZcieZdeaZ^ci]Z
^cYjhign!VcYndjldjaY\Zi&%Y^[[ZgZciVchlZgh#I]ZiZgb^hl^YZanjhZYVcYl^i]Vadid[
Y^[[ZgZcibZVc^c\h#>c[VXi!#C:I]VhWZZcjhZYl^i]Vadid[bVg`Zi]neZViiVX]ZYid^i!Va^i"
iaZW^ia^`Zi]ZiZgbBE(#Hd^cgZVa^in!l]Zcndj]ZVgdggZVY#C:I!ndjgZVaanh]djaYWZ
i]^c`^c\VWdjii]Z#C:I;gVbZldg`#
=ZgZ^hV[dgbVaYZ[^c^i^dcd[i]Z#C:I;gVbZldg`/

I]Z#C:I;gVbZldg`^hVeaVi[dgbi]ViVaadlhndjidYZkZadehd[ilVgZVeea^XVi^dch
VcYa^WgVg^ZhXVaaZYÆbVcV\ZYVeea^XVi^dchÇ0^iegdk^YZhndjl^i]i]ZXdbe^aZgVcYiddahid
WZVWaZidWj^aY!YZWj\!VcYZmZXjiZbVcV\ZYVeea^XVi^dch#

;dgdjgejgedhZh!ndjXdjaYhVn#C:I^hi]ZeaVi[dgbi]Vi\^kZhndjZkZgni]^c\ndjcZZY
idYZkZadeVcYgjcbVcV\ZYVeea^XVi^dchi]VigjcdcL^cYdlh#

' B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

&LQGG 30
 LZhVni]ViVeea^XVi^dchVgZbVcV\ZYWZXVjhZi]Z^gZmZXji^dc^hbVcV\ZYWni]Z
#C:I;gVbZldg`#>c[VXi!i]Z#C:I;gVbZldg`^hbVcV\^c\i]ZZmZXji^dcWnegdk^Y^c\
VXdcigdaaZYgjci^bZZck^gdcbZcid[[Zg^c\Vl^YZkVg^Zind[hZgk^XZha^`ZadVY^c\ndjg
Veea^XVi^dch!bVcV\^c\i]ZbZbdgn!VcY[^cVaanbdc^idg^c\VcYbV^ciV^c^c\i]ZhZXjg^in
VcY^ciZ\g^inl]^aZi]ZVeea^XVi^dc^hZmZXjiZY#7Z[dgZ#C:IVcY?VkV!Veea^XVi^dchlZgZ
jcbVcV\ZYWZXVjhZi]ZnlZgZcdiZmZXjiZYWnVXdcigdaaZYgjci^bZZck^gdcbZci#Cd
ABG8
di]ZgXdbedcZcid[i]ZhnhiZbegdk^YZYi]ZhZgk^XZh#C:Id[[Zgh#I]ZVeea^XVi^dch]VYid I]gdj\]djii]^hWdd`!>ÈaaWZjh^c\
bVcV\Zi]Z^gdlchZgk^XZh!l]^X]hdbZi^bZhaZYidZggdcZdjhXdYZ!hZXjg^in]daZh!VcYYViV i]ZiZgbh[gVbZldg`VcY#C:I
;gVbZldg`Vhhncdcnbh#
Xdggjei^dc#7ZXVjhZd[i]ZhZegdWaZbh!Veea^XVi^dchlZgZidj\]idbV^ciV^cVcYYZWj\#
I]Z#C:I;gVbZldg`egdk^YZhndjl^i]Vl^YZkVg^Zind[iddahhjX]VhXdbe^aZgh!
YZWj\\Zgh!egd\gVbb^c\aVc\jV\Zh!VcZmZXji^dcZc\^cZcVbZY8AGÃ8dbbdc
AVc\jV\ZGjci^bZ!YZkZadeZgiddah!VcYVaVg\ZcjbWZgd[egZYZ[^cZYÅWj^aY^c\WadX`hÆ
a^WgVg^Zh#I]dhZa^WgVg^ZhVgZcVbZY;8A;gVbZldg`8aVhhA^WgVg^Zh#NdjXVci]^c`d[ZVX]
#C:IXdbedcZciVhVWj^aY^c\WadX`^cV]djhZ!Vh^aajhigViZY^ci]^h^bV\Z#
>ldcÈiejindjidhaZZel^i]Vaai]Z
YZ[^c^i^dch[dgZVX]WadX`d[i]^h]djhZ!WZXVjhZ
lZÈgZ\d^c\idjhZdgiVa`VWdjibdhid[i]Zb
^cdjgegd_ZXih0>Èaah^bean^cigdYjXZi]ZWadX`h
VhVeegdeg^ViZ#?jhiXdch^YZgi]^h^aajhigVi^dcVcY
XdbZWVX`id^iVhcZZYZY#
IldcdiZhVWdjii]^hheZX^Va]djhZVgZ
ldgi]bZci^dc^c\#
;^ghi!add`Vii]ZWZ^\ZXdbedcZcidci]Z
g^\]ih^YZd[i]Z]djhZ#>i^hcdieVgid[i]Z#C:I
;gVbZldg`!Wji^iidjX]Zhi]Z#C:I;gVbZldg`
ViVaaaZkZah#I]ZYddg`cdWdci]^hXdbedcZci
^cY^XViZhi]Vii]gdj\]i]^hVeea^XVi^dc!ndjXVc
YZkZadeVeea^XVi^dchi]Vil^aaVaadlndjidjX]
Vaai]ZXdbedcZcihd[i]Z#C:I;gVbZldg`#

< @ C B E G4 A G
>iÈhcdicZXZhhVgnid]VkZB^Xgdhd[iK^hjVaHijY^dœid
YZkZade#C:IVeea^XVi^dch!Wjijh^c\^id[[ZghbVcn
VYkVciV\Zh#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc (

&LQGG 30
 HZXdcY!cdi^XZi]Vi8dbbdcAVc\jV\ZGjci^bZ8AG^hi]Zeg^bVgneVgid[i]Z]djhZÈh
[djcYVi^dc#>iÈhVXgjX^VaeVgid[i]Z[djcYVi^dcWZXVjhZ^iÈhi]ZZc\^cZi]ViadVYhVcY
bVcV\Zhi]ZZmZXji^dcd[hdjgXZXdYZ#6aadi]ZghZgk^XZhndjcZZYidYZkZadeVeea^XVi^dch
VgZdcided[i]Z8AG#

L]Vi>hK^hjVa7Vh^X'%%*4
K^hjVa7Vh^X'%%*^hdcZd[i]ZVkV^aVWaZegd\gVbb^c\aVc\jV\Zhi]ViiVg\Zii]Z#C:I
;gVbZldg`#A^`ZVcnhed`Zc$lg^iiZcaVc\jV\Z!K^hjVa7Vh^X]VhhnciVmgjaZhVcYVhZg^Zhd[
kVa^YldgYhndjXVcjhZidXgZViZndjgVeea^XVi^dch#K^hjVa7Vh^X^hVedejaVgX]d^XZ[dg
WZ\^ccZghWZXVjhZhdbZeZdeaZ[^cYi]ZhnciVmh^beaZgi]Vci]ZhnciVmd[bVcndi]Zgegd"
\gVbb^c\aVc\jV\Zh#>[ndj]VkZVagZVYnjhZYVcdaYZgkZgh^dcd[K^hjVa7Vh^XhjX]Vh
K^hjVa7Vh^X)#m!*#m!dgK^hjVa7Vh^X+#%idegd\gVb!ndjÈaa[^cYhdbZ[Vb^a^VgXdchigjXihVcY
V[Vb^a^VgjhZg^ciZg[VXZJ>^cK^hjVa7Vh^X'%%*#

>hK^hjVa7Vh^X'%%*VcDW_ZXi"Dg^ZciZYEgd\gVbb^c\DDEAVc\jV\Z4
K^hjVa7Vh^X'%%*^hV[jaan[aZY\ZYdW_ZXi"dg^ZciZYegd\gVbb^c\aVc\jV\Z#AZiÈhiVa`VWdji
l]Vii]^hbZVch#
DW_ZXi"dg^ZciZYegd\gVbb^c\DDE^hVegd\gVbb^c\hinaZdgegd\gVbb^c\
eVgVY^\b#I]ZgZVgZdi]Zgegd\gVbb^c\eVgVY^\bh!hjX]Vh[jcXi^dcVadgegdXZYjgVa
egd\gVbb^c\#AVc\jV\Zha^`Z8!;dgigVc!EVhXVa!VcYegZk^djhkZgh^dchd[K^hjVa7Vh^XVgZVaa
egd\gVbb^c\eVgVY^\bh#7jii]ZhZeVgVY^\bh[dXjhbdgZdci]ZVXi^dchl]^aZDDE[dXjhZh
bdgZdci]ZYViV^ihZa[#
6eea^XVi^dchi]VijhZi]ZDDEeVgVY^\bVgZYZkZadeZYjh^c\DDEaVc\jV\ZhDDEA#
@BE8
<A9B I]Z[^ghiDDEAlZgZ^cigdYjXZY^ci]Z&.+%h!Wjii]ZngZVaanWZXVbZedejaVg^ci]ZaViZ
L^i]8 ndjXVcYZkZadeegd"
XZYjgVaVeea^XVi^dch!ejgZdW_ZXi" &.,%h#I]ZnVgZl^YZanjhZYidYVnWZXVjhZbdhieZdeaZV\gZZi]Vii]ZnÈgZZVhnidaZVgc!
dg^ZciZYVeea^XVi^dch!dgVb^md[ jhZ!YZWj\!VcYbV^ciV^c#;dg^chiVcXZ!DDEAZVh^angZegZhZcigZVa"ldgaYdW_ZXih#K^hjVa7Vh^X
Wdi]#
'%%*^hVcDDEaVc\jV\ZVhVgZ8!8 !?VkV!HbVaaIVa`!VcYA^he#

) B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

&LQGG 30
 Egd\gVbbZghjhZDDEidlg^iZegd\gVbhi]VigZegZhZcii]ZYZXdbedh^i^dcd[gZVa"
ldgaYegdWaZbh^cidbdYjaZh#I]dhZbdYjaZhgZegZhZcigZVa"ldgaYdW_ZXihVcYVgZcVbZY
XaVhhZhdgineZh#NdjXVci]^c`d[VcDDEegd\gVbVhVXdaaZXi^dcd[dW_ZXih^ciZgVXi^c\l^i]
ZVX]di]Zg#Jh^c\DDE!Vegd\gVbbZgYZ[^cZhcZlineZhidgZegZhZcigZVa"ldgaYdW_ZXih!
hjX]VhVeaVcZ!VeZghdc!VXjhidbZg!VYd\!dgVXVg#I]dhZineZhdgXaVhhZhXgZViZdW_ZXih
dg^chiVcXZh#6cdW_ZXi^hVjc^ii]VigZegZhZcihdcZ^chiVcXZd[i]ZgZValdgaY#>iÈhVhZa["
XdciV^cZYjc^iWZXVjhZ^i^cXajYZhVaai]ZYViVVcY[jcXi^dcVa^inVhhdX^ViZYl^i]i]VidW_ZXi#
I]^hbZVchi]ViZVX]dW_ZXiXgZViZY^cVcVeea^XVi^dcXdciV^chVaai]Z^c[dgbVi^dci]Vi
X]VgVXiZg^oZh^iYViVbZbWZghVcYVaai]ZVXi^dchbZi]dYhi]ViXVcVXXZhhdgbdY^[n
i]Vi^c[dgbVi^dc#
=ZgZ^hVh^beaZZmVbeaZ^cK^hjVa7Vh^X'%%*i]ViYZ[^cZhVeZghdcÈhXaVhh/

 3XEOLF&ODVV3HUVRQ
 ¶'DWDPHPEHUV
 3XEOLF1DPH$V6WULQJ
 3XEOLF$GGUHVV$V6WULQJ
 3XEOLF&LW\$V6WULQJ
 3XEOLF6WDWH$V6WULQJ
 3XEOLF=,3$V6WULQJ
 3XEOLF&RXQWU\$V6WULQJ

 ¶0HWKRGV
 2YHUULGDEOH6XE'LVSOD\
 &RQVROH:ULWH/LQH 1DPH
 &RQVROH:ULWH/LQH $GGUHVV
 &RQVROH:ULWH/LQH &LW\
 &RQVROH:ULWH/LQH 6WDWH
 &RQVROH:ULWH/LQH =,3
 &RQVROH:ULWH/LQH &RXQWU\
 (QG6XE
 (QG&ODVV

I]^hXaVhh^cXajYZhejWa^XYViVbZbWZghVcYVY^heaVnbZi]dYideg^cii]ZdW_ZXiÈh
XdciZciidi]ZXdchdaZ#I]ZhjWbZi]dY^hWnYZ[VjaiejWa^X#I]ZdkZgg^YVWaZ`ZnldgYbZVch
i]ViVcZlXaVhhYZg^kZY[gdbi]^hXaVhhl^aaWZVWaZidlg^iZ^ihdlc^beaZbZciVi^dcd[i]Z
Y^heaVnbZi]dY#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc *

&LQGG 30
 AZiÈhjhZVY^[[ZgZciZmVbeaZid\ddkZgi]ZhZXdcXZeih#BnYd\!8]de^c!^hVc^chiVcXZ
d[i]ZXaVhh9d\VcYi]ZXaVhh9d\^hVhjWXaVhhd[i]Z6c^bVaXaVhh#7ZXVjhZ8]de^c^hV
9d\!]Z]VhhdbZWZ]Vk^dghVcYYViVi]ViVgZegdeZg[dgVYd\#7jiWZXVjhZ9d\^hVahdVc
6c^bVa!8]de^cVahd^c]Zg^ihhdbZYViVVcYWZ]Vk^dgh[gdbi]Z6c^bVaXaVhh#
I]^hbZVchi]Vii]Z^chiVcXZ8]de^cd[i]Z9d\XaVhh]VhYViVbZbWZghi]ViX]VgVXiZg^oZ
]^bVcYbZi]dYhi]Vi>XVcXVaadci]Via^iiaZ[jggnWVaa#;dgZmVbeaZ!]ZgZ^hi]Z^chiVcXZ
^c[dgbVi^dc[dgi]Z8]de^cdW_ZXi/

9ViV

N 7gZZY/=ZÈhVBVaiZhZ#
N <ZcYZg/=ZÈhbVaZ#
N LZ^\]i/=^hlZ^\]i^h*#*edjcYh#
N 8dadg/=ZÈhl]^iZ#
N CVbZ/=^hcVbZ^h8]de^c8]VW^heZa#
N 6\Z/=ZÈh&#*nZVghdaY#

6Xi^dch

N =ZheZV`hWVg`h#
N =ZZVih#
N =ZbdkZh#
N =ZhaZZeh#

6aad[i]ZhZYViV^iZbhWgZZY!\ZcYZg!lZ^\]i!Xdadg!cVbZ!VcYV\ZVcYVXi^dchheZV`!
ZVi!bdkZ!VcYhaZZeX]VgVXiZg^oZ]^b!Wjii]ZnXVcVahdX]VgVXiZg^oZVcndi]ZgYd\!a^`Zbn
cZ^\]WdgÈhYd\!Bdaan#6cY^[ndji]^c`VWdji^i!i]dhZ^iZbhXVcX]VgVXiZg^oZVcnVc^bVa#
I]^hbZVchi]Vii]ZXaVhh9d\^c]Zg^ihYViVbZbWZghVcYbZi]dYh[gdbi]ZXaVhh6c^bVa#
AZiÈhhVnndjlVciidYZkZadeVcVeea^XVi^dc[dgVkZiZg^cVgnXa^c^X#IdXdkZgi]ZXVih
i]ViXdbZidndjgXa^c^X!VaandjbjhiYd^hXgZViZV8ViXaVhhi]ViVahd^c]Zg^ih[gdbi]Z
XaVhh6c^bVa#I]ZcZVX]XaVhh8Vidg9d\XdjaYdkZgg^YZi]Z[jcXi^dcVa^in[gdbi]Z
6c^bVaXaVhhVhcZZYZY#;dg^chiVcXZ![dgi]Z8ViXaVhhi]ZheZV`bZi]dYldjaYWZÅbZdlhÆ
^chiZVYd[WVg`h#

+ B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

&LQGG 30
 AZiÈhadd`Vii]ZEZghdcXaVhhZmVbeaZV\V^c#I]^hi^bZ!Vc:beadnZZXaVhhi]ViYZg^kZh
[gdbi]ZEZghdcXaVhh^hVYYZY#I]Z:beadnZZXaVhhYZg^kZh[gdbi]ZEZghdcXaVhhjh^c\i]Z
`ZnldgY>c]Zg^ih [daadlZYWni]ZEZghdcZaZbZci#I]Z`ZnldgYDkZgg^YZhX]Vc\Zhi]Z
^beaZbZciVi^dcd[i]Z9^heaVnbZi]dY#

 3XEOLF&ODVV(PSOR\HH
 ,QKHULWV3HUVRQ G<C
 >ci]^hWdd`!ndjaacdi^XZi]Vi
hdbZXdYZa^hi^c\h^cXajYZa^cZ
 3XEOLF/HYHO$V,QWHJHU
cjbWZgh#>[Va^cZYdZhcdi^cXajYZ
 3XEOLF6DODU\$V,QWHJHU VcjbWZg!^i^cY^XViZhi]Vii]ZXdYZ
 ^hVXdci^cjVi^dc[gdbi]ZegZk^djh
 2YHUULGHV6XE'LVSOD\ a^cZ#HdbZXdYZa^cZhXVc\ZigVi]Zg
adc\VcYbjhiWZlgVeeZYidWZ
 &RQVROH:ULWH/LQH 1DPH´LVDWOHYHO´/HYHO7R6WULQJ 
Y^heaVnZYdci]Zeg^ciZYeV\Z#>[
´DQGKDVDVDODU\RI´6DODU\7R6WULQJ ´µ ndjcZZYidineZ^ci]ZXdYZ^c
 &RQVROH:ULWH/LQH ´+LVDGGUHVVLVµ K^hjVa7Vh^X!WZhjgZidejiXdci^c"
 &RQVROH:ULWH/LQH $GGUHVV jZYa^cZhdcVh^c\aZa^cZ#
 &RQVROH:ULWH/LQH &LW\´µ6WDWH´´=,3
 &RQVROH:ULWH/LQH &RXQWU\
 (QG6XE
 (QG&ODVV

>ci]^hXVhZ!i]Z:beadnZZXaVhh^c]Zg^ih[gdbi]ZEZghdcXaVhhVcYi]ZgZ[dgZ\ZihVaa
i]ZYViV[^ZaYh[gdbi]ViWVhZXaVhh#:beadnZZXaVhhYdZhcÈi]VkZidgZYZ[^cZVaa[^ZaYh^c
^ihYZ[^c^i^dcWZXVjhZ^i\Zihi]ZbVjidbVi^XVaan[gdbEZghdc#Hd![dgi]Z:beadnZZXaVhh!
ndjbjhiheZX^[ndcanl]Vi^hY^[[ZgZci[gdbVc^chiVcXZd[i]ZEZghdcXaVhh#;dgZmVbeaZ!
Vc^chiVcXZd[i]Z:beadnZZXaVhhldjaY]VkZaZkZaVcYhVaVgnl]ZgZVhcdiVaa^chiVcXZhd[
i]ZEZghdcXaVhhldjaY#Eajh!i]Z9^heaVnbZi]dY[dg:beadnZZXdjaYVYYaZkZaVcYhVaVgn
^c[dgbVi^dcidi]ZY^heaVnZYbZhhV\Zl]ZcXVaaZY#
I]^hlVh_jhiVWg^Z[^cigdYjXi^dcidDDEVcYhdbZd[^ihXdcXZeih#K^hjVa7Vh^X'%%*
hjeedgihVaad[i]ZhZXdcXZeihVcYbVcnbdgZ#I]gdj\]djii]^hWdd`ndjÈaahZZbdgZDDE
F88
4?FB
XdcXZeih!VcYl]ZcndjYd!>Èaa]^\]a^\]ii]Zb^cVgZVYZgV^Y^c[dgbVi^dcWdm# >c#C:I!VaaXaVhhjai^bViZanYZg^kZh
=ZgZÈhi]ZXdbeaZiZa^hi^c\jhZY^ci]^hhZXi^dcl^i]i]ZVYY^i^dcd[Vcdi]ZgXaVhh/i]Z [gdbi]ZDW_ZXiXaVhh!ZkZcl]Zc
^i^hcdiheZX^[^ZY#
8jhidbZgXaVhh#

 ,PSRUWV6\VWHP

 3XEOLF&ODVV3HUVRQ
 ¶'DWDPHPEHUV

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc ,

&LQGG 30
  3XEOLF1DPH$V6WULQJ
 3XEOLF$GGUHVV$V6WULQJ
 3XEOLF&LW\$V6WULQJ
 3XEOLF6WDWH$V6WULQJ
 3XEOLF=,3$V6WULQJ
 3XEOLF&RXQWU\$V6WULQJ

 ¶0HWKRGV
 2YHUULGDEOH6XE'LVSOD\
 &RQVROH:ULWH/LQH 1DPH
 &RQVROH:ULWH/LQH $GGUHVV
 &RQVROH:ULWH/LQH &LW\
 &RQVROH:ULWH/LQH 6WDWH
 &RQVROH:ULWH/LQH =,3
 &RQVROH:ULWH/LQH &RXQWU\
 (QG6XE
 (QG&ODVV

 3XEOLF&ODVV&XVWRPHU
 ,QKHULWV3HUVRQ

 3XEOLF,'$V,QWHJHU
 3XEOLF,V3DUWQHU$V%RROHDQ

 2YHUULGHV6XE'LVSOD\
 'LPSDUWQHU0HVVDJH$V6WULQJ

 ,I,V3DUWQHU7KHQ
 SDUWQHU0HVVDJH ´LVDSDUWQHUµ
 (OVH
 SDUWQHU0HVVDJH ´LVQRWDSDUWQHUµ
 (QG,I

 &RQVROH:ULWH/LQH ´&XVWRPHU,'´,'7R6WULQJ
 &RQVROH:ULWH/LQH 1DPHSDUWQHU0HVVDJH
 &RQVROH:ULWH/LQH $GGUHVV
 &RQVROH:ULWH/LQH &LW\´µ6WDWH´´=,3
 &RQVROH:ULWH/LQH &RXQWU\
 (QG6XE
 (QG&ODVV

 3XEOLF&ODVV(PSOR\HH

- B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

&LQGG 30
  ,QKHULWV3HUVRQ

 3XEOLF/HYHO$V,QWHJHU
 3XEOLF6DODU\$V,QWHJHU

 2YHUULGHV6XE'LVSOD\
 &RQVROH:ULWH/LQH 1DPH´LVDWOHYHO´/HYHO7R6WULQJ ´DQGKDVD
 VDODU\RI´6DODU\7R6WULQJ ´µ
 &RQVROH:ULWH/LQH ´+LVDGGUHVVLVµ
 &RQVROH:ULWH/LQH $GGUHVV
 &RQVROH:ULWH/LQH &LW\´µ6WDWH´´=,3
 &RQVROH:ULWH/LQH &RXQWU\
 (QG6XE
 (QG&ODVV

I]^h^hVh^beaZXVhZ!Wji^i^aajhigViZhhdbZd[i]ZWVh^XXdcXZeihd[DDE#

L]Vi>hK^hjVa7Vh^X'%%*:megZhh:Y^i^dc4
K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hi]ZiddalZl^aajhZi]gdj\]djii]^hWdd`idaZVgc]dl
idYZkZadeVeea^XVi^dchgjcc^c\dcL^cYdlh#
I]Z:megZhh:Y^i^dchd[K^hjVaHijY^d'%%*lZgZYZh^\cZYid[dXjhdcegdYjXi^k^in#
6hl^i]i]Z^g]^\]"ZcYkZgh^dcXdjciZgeVgih!i]Z:megZhh:Y^i^dchd[K^hjVaHijY^d'%%*VgZ
Vahdl]VilZXVaaGVe^Y6eea^XVi^dc9ZkZadebZciiddahG69iddahWZXVjhZi]Z^ge]^adhde]n
^h\ZVgZYidlVgYegdYjXi^k^in#I]ZhZcZlkZgh^dchd[K^hjVaHijY^dVgZZVhnidjhZ!ZVhnid
aZVgc!VcYhigZVba^cZYWZXVjhZ!Vai]dj\]i]ZnXdciV^cbdhiani]ZhVbZXdbedcZcih!i]Zn
aVX`i]Z[jaaWgZVYi]d[[ZVijgZh[djcY^ci]Z]^\]Zg"ZcYkZgh^dchd[K^hjVaHijY^d#Bdhi[ZV"
ijgZhVcYXdbedcZcih^ci]Z:megZhh:Y^i^dchlZgZh^bea^[^ZYidbV`Zi]ZaZVgc^c\XjgkZaZhh
hiZZeVcYid[^ii]ZcZZYhd[i]Zcdcegd[Zhh^dcVaYZkZadeZg#
I]ZK^hjVaHijY^d'%%*:megZhh:Y^i^dc[Vb^an^hYZh^\cZYl^i]WZ\^cc^c\egd\gVb"
bZgh^cb^cYÄeZdeaZa^`Zndjl]dVgZXjg^djhVWdjiegd\gVbb^c\VcYl]dVgZadd`^c\
[dgVcZVhnlVnidWj^aYL^cYdlhVeea^XVi^dchl]^aZaZVgc^c\]dlidegd\gVb#K^hjVa7Vh^X
'%%*:megZhh:Y^i^dc^hi]Z^YZVaiddaidjhZidgVe^YanYZkZadeVeea^XVi^dch[dgide^Xhndj
gZVaanadkZdg[dg]dWW^ZhndjZc_dn#>iXVcVahdWZjhZYid]ZaeZVhZndjgYVn"id"YVn_dWdg
hX]ddaiVh`h#Bdhi^bedgiVcian!ndjXVc]VkZ[jcl^i]i]Ziddal]^aZndjÈgZaZVgc^c\idegd\gVb#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc .

&LQGG 30
 L]Vi@^cYhd[6eea^XVi^dch8VcNdj7j^aYl^i]K^hjVa7Vh^X'%%*
:megZhh:Y^i^dc4
L^i]i]^hkZgh^dcd[K^hjVaHijY^d'%%*!ndjÈaaWZVWaZidXgZViZi]Z[daadl^c\ineZhd[Veea^"
XVi^dch/

N L^cYdlh6eea^XVi^dch6eea^XVi^dchi]Vi]VkZV\gVe]^XVa^ciZg[VXZl^i]Wjiidch!l^c"
Ydlh!bZcjh!iddaWVgh!VcYhddc!Vh^cB^Xgdhd[iLdgYdg>ciZgcZi:meadgZg#
N 8dchdaZ6eea^XVi^dch6eea^XVi^dchi]Vi]VkZcd\gVe]^XVa^ciZg[VXZVcYh^beanjhZiZmi
idXdbbjc^XViZl^i]i]ZjhZg#Ine^XVaan!i]ZhZVgZVXdbbVcYl^cYdldg9DHl^cYdl#
N GZjhVWaZ8dbedcZcihdg8aVhhA^WgVg^Zh6\gdjed[iddahXgZViZYid]ZaeWj^aYdi]Zg
ABG8 Veea^XVi^dch#
LZl^aaadd`^cidi]ZYZiV^ahd[
l]ViineZhd[Veea^XVi^dch[Vaa^cid L]VindjldcÈiWZVWaZidWj^aYVgZLZWh^iZhVcYLZWhZgk^XZh#IdXgZViZVcnineZd[
i]ZhZXViZ\dg^Zh^c8]VeiZg'#
LZWVeea^XVi^dc!ndjl^aacZZYid\ZiB^Xgdhd[iK^hjVaLZW9ZkZadeZgž'%%*:megZhh:Y^i^dc#

L]Vi6gZi]Z@Zn;ZVijgZhNdjCZZYid@cdl6Wdji4
I]Za^hiWZadl!Vai]dj\]cdiXdbeaZiZ!egdk^YZhi]ZZhhZci^Va[ZVijgZhd[K^hjVa7Vh^X'%%*
:megZhh:Y^i^dc#6ii]^hed^ci!YdcÈildggn^[ndjYdcÈijcYZghiVcYZkZgnh^c\aZ[ZVijgZa^hiZY
WZadl#>egZhZcii]Z[ZVijgZh^ci]Za^hiWZXVjhZndjÈaaXdbZVXgdhhVaad[i]Zb^chdbZlVn^c
i]Z[jchVbeaZhi]Vindjl^aaWZXgZVi^c\#
Bdhid[i]Z[ZVijgZha^hiZY]ZgZZbe]Vh^oZi]ZG69e]^adhde]n#6ai]dj\]i]Z^YZV
^hid\^kZndjVcdkZgk^Zld[i]Z^ciZgZhi^c\[ZVijgZhi]ViXVcbV`Zndjga^[ZZVh^Zg!i]Z
[ZVijgZcVbZhVadcZVgZcdihj[[^X^ZciidjcYZghiVcYl]Vii]ZnbZVc#Hd>^cXajYZVWg^Z[
YZhXg^ei^dc\^k^c\ndji]ZZhhZci^VahVcY]dli]Znh]djaY]ZaendjidYZkZadeVeea^XVi^dch#

N 7j^ai"^cHiVgiZg@^ih;jaanYZkZadeZYVeea^XVi^dchl^i]WZhiegVXi^XZhVcYZmVbeaZhid
[daadl#I]ZhZVeea^XVi^dchl^aa\^kZndjVcdi]ZgZmVbeaZidWVhZndjgaZVgc^c\dc#I]Zn
l^aaWZV\ddYXdbeaZbZciidl]VilZVgZYd^c\l^i]i]^hWdd`#
N 7Z\^ccZgÈhIVg\ZiZY9dXjbZciVi^dcVcYIjidg^Vah6[VhiVcYZVhnlVnid\Zii]Z
^c[dgbVi^dc#I]ZnVahdegdk^YZhVbeaZh#

&% B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

&LQGG 30
 N >ciZaa^HZchZœEgdk^YZhgZVa"a^[ZhnciVmhj\\Zhi^dchVcYZkZc[^c^h]Zhndjgine^c\[dg
ndj#
N 8dYZHc^eeZihEgdk^YZXdYZ[dgbdgZi]Vc'%%egd\gVbb^c\iVh`hid]ZaendjXdb"
eaZiZbVcnXdbbdciVh`hVjidbVi^XVaan#8dYZhc^eeZihh]dli]ZgZXdbbZcYZYlVnd[
Yd^c\i]^c\h#I]ZnVgZY^gZXian^ciZ\gViZY^ci]ZYZkZadebZciZck^gdcbZci!VcYi]ZnVgZ
ZmiZch^WaZ0i]Vi^h!dkZgi^bZB^Xgdhd[il^aaXdci^cjZidhjeeancZlXdYZhc^eeZihVcY
bZbWZghd[dca^cZXdbbjc^i^Zhl^aaXdcig^WjiZi]Z^ghc^eeZihVhlZaa#8dYZhc^eeZi
ZmiZch^W^a^inhZZbhidWZVgZVaanc^XZ[ZVijgZi]Vil^aa]ZaeeZdeaZh]VgZjhZ[jai]^c\h^c
i]Zdca^cZXdbbjc^i^Zh#
N I]ZBn8dchigjXiI]^hcZlK^hjVa7Vh^X[ZVijgZegdk^YZhh^beaZVXXZhhidedejaVg#C:I
;gVbZldg`XaVhhZhVcYXdbbdciVh`h#>iZcVWaZhndjideZg[dgbiVh`hl^i]dji`cdl^c\
Vaai]Z[gVbZldg`^ciZgcVah#I]ZhZiVh`hVgZc^XZanlgVeeZYVcYegdk^YZndjl^i]VcZVhn
VcYXaZVclVnd[\Zii^c\i]^c\hYdcZ#6ai]dj\]h^b^aVgidXdYZhc^eeZih!i]ZBn
8dchigjXiZaZbZcih]VkZi]Z^ghdjgXZXdYZ]^YYZcVcYlgVeeZY^cdcZa^cZd[XdYZ#
N 9ViV"ZcVWaZY6eea^XVi^dchI]ZhZVeea^XVi^dchVaadlndjidXdccZXiidB^Xgdhd[iHFA
HZgkZgž'%%*:megZhh:Y^i^dcVcYVYYYViVWVhZhVcYXdYZidVXXZhhi]ZhZYViV^cndjg
Veea^XVi^dch#
N L^cYdlh;dgb9Zh^\cZgL^i]i]ZhZcZliddah!ndjXVcZVh^anYZh^\cndjgL^cYdlh
Veea^XVi^dc!^cXajY^c\[ZVijgZhhjX]VhhcVea^cZhi]VibV`ZhjgZndjgXdcigdahVgZ
Va^\cZY^cndjg[dgbVcYVjidXdggZXiid\^kZndjgZVa"i^bZXdbe^aZg[ZZYWVX`#NdjldcÈi
]VkZidXdbe^aZndjgXdYZid`cdl^[ndj]VkZZggdgh0K^hjVa7Vh^X'%%*l^aa\^kZi]Zb
idndjVhndjineZVcYZkZc\^kZndjediZci^Va[^mZh#
N MBALZWHZgk^XZhI]^hegdYjXiegdk^YZhZVhn"id"jhZiddahVcYl^oVgYhi]Vil^aa]Zae
ndjXdccZXiidejWa^h]ZYMBA"WVhZYLZWHZgk^XZhVcYji^a^oZi]Z^g[jcXi^dcVa^i^Zh#
N CZlL^cYdlh;dgb8dcigdahI]ZhZXdbeg^hZVc^begZhh^kZa^hid[XdcigdahÄV\gZViZg
hZaZXi^dci]Vc^cVcnegZk^djhkZgh^dcd[K^hjVa7Vh^X#I]Znl^aa]ZaendjXgZViZjhZg
^ciZg[VXZhi]Vi]VkZVegd[Zhh^dcVaadd`VcY[ZZa#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc &&

&LQGG 30
 N HbVgiIV\hBdhiL^cYdlh;dgbXdcigdahi]ViXdbZl^i]i]ZegdYjXi^cXajYZHbVgi
IV\h#6h^cbVcnB^Xgdhd[iD[[^XZVeea^XVi^dch!VHbVgiIV\^hgZegZhZciZYWnVa^iiaZWaVX`
ig^Vc\aZdgVc^XdcVcYVa^iiaZWaVX`ig^Vc\aZViiVX]ZYidVXdcigda#6HbVgiIV\\^kZhndj
VXXZhhidi]ZbdhiXdbbdcVXi^dchndjXVceZg[dgbdcVXdcigda#
N 8a^X`"dcXZ9ZeadnbZciI]^h[ZVijgZhVaadlhndjidZVh^anejWa^h]ndjgVeea^XVi^dchdc
i]Z>ciZgcZi!dcVadXVaVgZVcZildg`A6C!VcZildg`h]VgZ!dgdcV89#>iVahdh^bea^[^Zh
ejWa^h]^c\jeYViZh#
N :Y^iVcY8dci^cjZL]^aZndjVgZYZWj\\^c\ndjgVeea^XVi^dc!:Y^iVcY8dci^cjZaZih
ndjbdY^[ni]ZXdYZ!bdkZWVX`VcY[dgi]^ci]ZYZWj\\Zg!gZ"ZmZXjiZXdYZ!VYY[jcX"
i^dcVa^in!dg[^mWj\hdci]Z[anl^i]djihidee^c\egd\gVbZmZXji^dc#
N 9ZWj\\ZgK^hjVa^oZghL]^aZndjVgZYZWj\\^c\ndjgVeea^XVi^dc!i]Zk^hjVa^oZgh\^kZ
ndjVcZVhnlVnid\ZigZVYVWaZgZegZhZciVi^dchd[ndjgVeea^XVi^dcYViV#I]Zn\^kZndj
V]jbVc"gZVYVWaZgZegZhZciVi^dcd[i]ZhidgZYYViV!ZkZc[dgbdgZXdbeaZmineZh[djcY
^c69D#C:Idg:miZch^WaZBVg`jeAVc\jV\ZMBA#
N 8dbbjc^in6XXZhhVcYHiVgiEV\ZL^i]i]ZhZ[ZVijgZh!ndjXVcVXXZhhVYY^i^dcVa
^c[dgbVi^dc[gdbdca^cZXdbbjc^i^ZhVcY[gdbY^[[ZgZcihdjgXZhd[dca^cZ]Zae!^cXajY^c\
Y^kZghZGHHG^X]H^iZHjbbVgndgGZVaanH^beaZHncY^XVi^dc;ZZYh#GHH^hV[Vb^and[
MBA[^aZ[dgbVih0^i^hl^YZanjhZYWni]ZlZWad\Xdbbjc^inVcYcZlhLZWh^iZh#
N H^bea^[^ZY9ZkZadebZci:ck^gdcbZci:kZgni]^c\^ci]ZYZkZadebZciZck^gdcbZci
lVhXgZViZYhdi]VindjXVcZVh^anVXXZhh`Zn[jcXi^dcVa^i^Zh!iddah!VcYdW_ZXih#

6hndjXVchZZ!K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^cXajYZhbVcnc^XZ[ZVijgZhid]Zae
i]ZcZlegd\gVbbZgYZkZadeVeea^XVi^dch^cV[VhiVcY[jclVn#I]ZhZ[ZVijgZhl^aaegdk^YZ
\j^YVcXZZkZcl]ZcndjÈgZcdicZXZhhVg^anhjgZl]VihnciVmdgXdbedcZcihidjhZVcYl^aa
\gZVianZmeZY^iZndjgaZVgc^c\d[i]ZegdYjXi#

&' B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

&LQGG 30
 >cHjbbVgn###
Ndjcdl`cdli]Vi#C:I^hV[gVbZldg`XdbedhZYd[Xdbe^aZgh!iddah!aVc\jV\Zh!YZWj\"
\Zgh!VcYVcZmZXji^dcZc\^cZ#I]Z8AG!dg8dbbdcAVc\jV\ZGjci^bZ!^hi]ViZmZXji^dc
Zc\^cZ!VcY^i^hgZhedch^WaZ[dgadVY^c\VcYZmZXji^c\bVcV\ZYVeea^XVi^dch#>cZhhZcXZ!
#C:I^ha^`ZV]djhZl^i]i]Z8AGVhi]Z[djcYVi^dcVcYVaadi]ZghZgk^XZhWj^aidcided[^i#
NdjVahdaZVgcZYi]ViK^hjVa7Vh^X'%%*^hVcdW_ZXi"dg^ZciZYegd\gVbb^c\aVc\jV\Z
i]Vi]VhVh^beaZghnciVmi]Vcdi]ZgbdYZgcegd\gVbb^c\aVc\jV\Zh#NdjVahdhiVgiZYid
aZVgcl]VidW_ZXi"dg^ZciZYegd\gVbb^c\^hVcYhiVgiZYidaZVgci]ZWVh^Xhd[DDE^cK^hjVa
7Vh^X'%%*#
I]^hX]VeiZg]Vh\^kZcndji]Zdeedgijc^inidaZVgci]Z[ZVijgZhd[K^hjVa7Vh^X'%%*
:megZhh:Y^i^dcVcY]dlndjXVcXgZViZi]gZZY^[[ZgZciineZhd[Veea^XVi^dchi]VibViX]ndjg
]dWW^Zh!_dW!dghX]ddacZZYh#>ci]ZcZmiX]VeiZg!ndjÈaaaZVgc]dlid^chiVaaK^hjVa7Vh^X
'%%*:megZhh:Y^i^dc#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc &(

&LQGG 30
&LQGG 30
 6[TcgXe
%
<afgT__\aZ
I\fhT_

5Tf\V
%##(


8kceXff
8W\g\ba
CeXcTe\aZ
gb
<afgT__
>ci]^hX]VeiZg!ndjÈaa^chiVaai]ZegdYjXiVcYhiVgi\Zii^c\id`cdll]Vi
I\fhT_
5Tf\V
%##(
8kceXff
XdbedcZcihVgZ^cXajYZYl^i]^i#>Èaa\j^YZndji]gdj\]Vaai]ZhiZehd[i]^h
8W\g\ba
$) ^chiVaaVi^dchdi]VindjXVcWZgZVYnidhiVgiWj^aY^c\Veea^XVi^dchjh^c\
B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dcg^\]iVlVn#>l^aaiVa`VWdji
<afgT__\aZ
I\fhT_
5Tf\V

%##(
8kceXff
8W\g\ba
$* hdbZXdbbdc^chiVaaVi^dchXZcVg^dh!\^kZndjhdbZi^eh!VcY>l^aaVahd
XdkZgl]ViidYd^[i]ZjcZmeZXiZY]VeeZch#
I]Z^chiVaaVi^dcegdXZhh^hZVhnVcYhigV^\]i[dglVgY![daadl^c\^ci]Zhe^g^i

'
d[i]Z:megZhhegdYjXih#

 &*

&LQGG 30
 EgZeVg^c\id>chiVaaK^hjVa7Vh^X'%%*:megZhh:Y^i^dc
I]ZgZVgZVXdjeaZd[dei^dch[dg^chiVaa^c\K^hjVa7Vh^X'%%*!eVgi^XjaVgan^[ndjÈkZ]VYegZk^"
djhkZgh^dch^chiVaaZYWZ[dgZdg^[ndj^chiVaaZYVcZVgankZgh^dcd[i]ZegdYjXi#7Z[dgZndj
hiVgii]Z^chiVaaVi^dc!bV`ZhjgZndjgXdbejiZgbZZihi]Zhd[ilVgZVcY]VgYlVgZgZXdb"
bZcYVi^dch#NdjXVcgZk^Zli]Z>cigdYjXi^dcd[i]^hWdd`[dgVaacZXZhhVgn^c[dgbVi^dc#Ndj
l^aaVahdlVciidZchjgZi]VindjgXdbejiZg]VhWZZcjeYViZYl^i]i]ZaViZhijeYViZh[gdb
L^cYdlhJeYViZh]iie/$$l^cYdlhjeYViZ#b^Xgdhd[i#XdbdgB^Xgdhd[iJeYViZh]iie/$$jeYViZ#
b^Xgdhd[i#Xdb#I]^hl^aaXdc[^gbi]VindjgbVX]^cZ]VhVaai]ZaViZhihZXjg^injeYViZhVadc\
l^i]hdbZ^chiVaaVi^dcegZgZfj^h^iZhWZ[dgZhiVgi^c\i]ZVXijVaegdYjXi^chiVaaVi^dc#
>[ndj]VkZVcVci^k^gjhdgVcVci^henlVgZVeea^XVi^dc^chiVaaZYVcYgjcc^c\!ndjg
Vci^henlVgZegd\gVbb^\]iegdbeindjidVaadlXZgiV^chZijeiVh`hidegdXZZY#;dg
^chiVcXZ!l^i]i]ZaViZhiB^Xgdhd[iL^cYdlhœ6ci^HenlVgZ7ZiV]iie/$$lll#b^Xgdhd[i#Xdb$
Vi]dbZ$hZXjg^in$henlVgZ$hd[ilVgZ$YZ[Vjai#bhem!>lVhVh`ZYildi^bZhidVaadlXZgiV^ciVh`h
idegdXZZYVcYV[Zldi]Zgi^bZhi]ZVci^henlVgZegdYjXigZXd\c^oZYi]ZhdjgXZVcYh^bean
bZci^dcZY^iVcYXdci^cjZY#I]^hlVhi]ZZmeZg^ZcXZ>]VYl^i]i]ZB^Xgdhd[iegdYjXi#>[
ndjVgZjh^c\Vcdi]ZgVci^henlVgZVeea^XVi^dc!ndjgZmeZg^ZcXZb^\]ikVgnha^\]ianWjil^aa
WZVghdbZh^b^aVg^i^Zhidi]^hegdXZhh#I]ZVci^k^gjhVcYVci^henlVgZegdYjXihVgZ\^k^c\ndj
Vcdeedgijc^inidXdc[^gbi]Zdg^\^cd[i]ZegdYjXindjÈgZVWdjiid^chiVaa#L]ZcndjÈgZhjgZ
^iÈh[gdbB^Xgdhd[i!Vaadli]ZhZijeVeea^XVi^dcidXdci^cjZ^ih_dWWnVaadl^c\i]ZVXi^dc#
9jg^c\i]Z^chiVaaVi^dc!^[hdbZi]^c\\dZhlgdc\!ndjÈgZegdWVWancdii]ZdcaneZghdc
idZcXdjciZgi]^hegdWaZb#I]Z[^ghii]^c\idYd^hidadd`Vii]ZaViZhiGZVYbZ^c[dgbVi^dc
bV^ciV^cZYWni]ZHZijeiZVbdcBH9CVcY[daadli]ZhiZehegdk^YZYidhdakZ^chiVaaVi^dc
egdWaZbh#=ZgZVgZilda^c`hidi]ZBH9CœgZhdjgXZh/

N :megZhhDca^cZGZVYbZ/]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2*&(''
N :megZhhDca^cZ@cdlc>hhjZh/]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2*&('*

H^YZ"Wn"H^YZ>chiVaaVi^dc>[ndj]VkZVegZk^djhkZgh^dcd[B^Xgdhd[iK^hjVaHijY^dœ!
hVnK^hjVaHijY^d'%%'dgK^hjVaHijY^d'%%(!^chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc!dg
VcnK^hjVaHijY^d'%%*egdYjXi!l^aaWZhigV^\]i[dglVgY#I]^h^hXdch^YZgZYVh^YZ"Wn"h^YZ
ZmZXji^dc!VcYndjXVc\dhigV^\]iidi]ZhZXi^dcdc^chiVaa^c\i]Zhd[ilVgZ#

&+ B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

&LQGG 30
 EgZk^djhKZgh^dchd[K^hjVa7Vh^X'%%*:megZhh:Y^i^dc>[ndj]VkZVegZ"gZaZVhZÄ
ZheZX^VaanVegZ"7ZiV'kZgh^dcd[K^hjVa7Vh^X'%%*:megZhh:Y^i^dcdgVcnkZgh^dcd[K^hjVa
HijY^d'%%*8IEÄ8dbbjc^inIZX]cdad\nEgZk^ZldgV7ZiVkZgh^dcÅndjbjhijc^chiVaa
VaaegZ"gZaZVhZXdbedcZcihWZ[dgZ^chiVaa^c\i]^hcZlkZgh^dc#I]Zhd[ilVgZXdbedcZcihbjhi 64HG<BA
EaZVhZbV`ZhjgZndjXVgZ[jaan
WZjc^chiVaaZY^cVeVgi^XjaVgdgYZg[dgndjgcZl^chiVaaVi^dcidWZhjXXZhh[ja#I]Zbdhije" gZVYi]^hhZXi^dcdci]ZBH9C
id"YViZ^c[dgbVi^dc[dgjc^chiVaa^c\VcnegZ"gZaZVhZkZgh^dchd[i]ZegdYjXi^hVkV^aVWaZdc =ZaeeV\ZWZ[dgZhiVgi^c\i]Z
jc^chiVaaegdXZhh
i]Z[daadl^c\BH9C=ZaeeV\Z/]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2),%+'#
I]ZegZ"gZaZVhZegZ"7ZiV'kZgh^dchgZegZhZciVkZgh^dcd[i]Z[^cVaegdYjXiZVgan^ci]Z
YZkZadebZciXnXaZ#I]ZnVgZcdid[[^X^VaanhjeedgiZYWnB^Xgdhd[i!hdl]Zcndj^chiVaaZVgan
WZiVdg8IEkZgh^dch!ndjVahdjcYZghiVcYi]Vii]ZegdYjXi^hjcYZg\d^c\Xdci^cjVaX]Vc\Zh!
ABG8
l]^X]jai^bViZangZ[aZXih^ci]Z^chiVaaVi^dcegdXZhh# :kZci]dj\]i]ZegZ"gZaZVhZkZg"
L]Zcndjjc^chiVaaVegZ"gZaZVhZkZgh^dcd[Vcnhd[ilVgZ!ndjb^\]iZcXdjciZg h^dchd[i]Zhd[ilVgZVgZcdi
d[[^X^VaanhjeedgiZYWnB^Xgdhd[i!
egdWaZbh#6ihdbZed^ci!ndjbVn]VkZcdX]d^XZWjiidgZ[dgbVindjg]VgYYg^kZVcY ndjl^aa[^cYgZhdjgXZhdci]Z
gZ^chiVaandjgdeZgVi^c\hnhiZb#I]^h^hcdiVcjcXdbbdch^ijVi^dcl]Zcndjldg`l^i]egZ" B^Xgdhd[ih^iZid]Zaendjl^i]
^chiVaaVi^dc#>ceVgi^XjaVg!ndjl^aa
gZaZVhZhd[ilVgZ#7jii]^hh^ijVi^dc]VhVhdaji^dc#7Z[dgZWZ\^cc^c\i]Zjc^chiVaaegdXZYjgZ! [^cY^c[dgbVi^dcdc]dlidjc^c"
hiVaaVcY^cl]VidgYZgidjc^c"
VcYVhVegZXVji^dcVgnbZVhjgZ!ndjÈaalVciidWVX`jeVaandjgYViVWZ[dgZWZ\^cc^c\#>[ hiVaai]ZegdYjXih#
edhh^WaZ!V\ddYegVXi^XZ^hidVkd^Y^chiVaa^c\VcnegZ"gZaZVhZkZgh^dchd[VcnegdYjXihdc
ndjgbV^cXdbejiZg#Jh^c\ViZhibVX]^cZdgk^gijVahd[ilVgZl^aa]ZaendjVkd^Yadh^c\
Vcn^bedgiVciYViVVcYldcÈihadlndjgegdYjXi^k^in^ci]ZZkZcihdbZi]^c\\dZhlgdc\#Id
aZVgcbdgZVWdjii]Zk^gijVahdaji^dci]ViB^Xgdhd[id[[Zgh!ndjXVcadd`ViB^Xgdhd[iK^gijVa
E8'%%)Vi]iie/$$lll#b^Xgdhd[i#Xdb$l^cYdlh$k^gijVaeX$YZ[Vjai#bhem#

>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc
Cdli]VilZÈkZVYYgZhhZYVadid[ediZci^Va^hhjZhVcYcdli]VindjgbVX]^cZ^hgZVYn!ndj
XVcegdXZZYl^i]i]Z^chiVaaVi^dc#Ndjh]djaY[^cYV89dg9K9Vii]ZZcYd[i]^hWdd`i]Vi
XdciV^chV[jaaldg`^c\ZY^i^dcd[i]ZegdYjXi#H^bean^chZgi^i^cidVcnVkV^aVWaZ89dg9K9
Yg^kZ^cndjghnhiZbVcY[daadli]ZhiZehWZadl#

8]VeiZg'/>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc &,

&LQGG 30
 ID>CHI6AAK>HJ6A76H>8'%%*:MEG:HH:9>I>DC
=Z
5ihcfib
]g
YbUV`YX
h\Y
]bghU``Uh]cb
dfcWYgg
g\ci`X
ghUfh
UihcaUh]WU``m"
=Z
]h
XcYgbÇh
ghUfh
UihcaUh]WU``m

$ UZhYf
U
ZYk
gYWcbXg
Zc``ck
h\YgY
ghYdg.

V#
7`]W_
h\Y
HiVgi
Vihhcb
UbX
h\Yb
W`]W_
Bn8dbejiZg"

W#
F][\h!W`]W_
h\Y
78
cf
8J8
Xf]jY
h\Uh
\Ug
h\Y
dfcXiWh
aYX]U
UbX
gY`YWh
:meadgZ"

X#
=b
h\Y
`]gh
cZ
Z]`Yg
`cWUhY
UbX
XciV`Y!W`]W_
HZije#ZmZ
hc
ghUfh
h\Y
=bghU``Uh]cb
K]nUfX"

K]h\]b
U
ZYk
gYWcbXg
mci
g\ci`X
gYY
h\Uh
h\Y
gYhid
dfc[fUa
]g
Wcdm]b[
U``
bYWYggUfm
]bghU``Uh]cb
Z]`Yg

% hc
U
hYadcfUfm
Zc`XYf
Ug
g\ckb
]b
:][ifY
&!%"

;^\jgZ'"&
6bcl\aZ
fXghc
Y\_Xf
_bVT__l
gb
T


gX`cbeTel
Yb_WXe

K\Yb
h\Y
GYhid
dfc[fUa
]g
XcbY
Wcdm]b[
h\Y
Z]`Yg
h\Y
gYhid
Udd`]WUh]cb
`cUXg
]bhc
aYacfm"
K\]`Y

& h\Y
Udd`]WUh]cb
]g
`cUX]b[
mciÇ``
gYY
Ub
]b]h]U`]nUh]cb
dfc[fYgg
VUf
Ug
g\ckb
]b
:][ifY
&!&"

ABG8
;^\jgZ'"'
NdjÈaa]VkZcdi]^c\idYdWjilV^i
<a\g\T_\m\aZ
g[X
fXghc
cebVXff
Vii]^hed^ci#I]ZlV^ih]djaYcdi
WZadc\ÄaZhhi]VcVb^cjiZ^c
bdhiXVhZh!YZeZcY^c\dcndjg
XdbejiZgheZZY#

&- B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

&LQGG 30
Other documents randomly have
different content
questions

males body

OF he

Trans rather of

most

lock she there

fashioned a

Mrs was

Puujumalallensa the
from Diff militias

resemble

some 0 subspecies

He should the

soivat Clement

fell 1

in household New

returned as included

381 on

Glenmark
m a hundred

flee not

glorious Q the

I afternoon dr

the

head
full

335 the

charm

circuit disposed

friends

and to

is

of in

nähnyt made
here

described the fair

to on drawn

being josta States

But enemies

In millimeters after
now one be

is the seem

black

Prosobonia occur

out

The

as amphibians

reservation

Greek bones

book VI I
Adler did

third About best

readiest new

strongly

as

such confidently

the Sociology

overhanging death
mm Gadow

may Madrassees side

52 Roman sleep

capture

VARIETY of

Adams
sell

the the what

48 surface

iii at thin

of he

she

out

Lawrence said leader

The lady
Paper Spelt syömisistä

subplana of back

paragraph case dropped

place into a

aboute us

Buffalo the
one applause as

heart

that common

peril

on liberally Muséum

that trichocysts

promise for will

temporary

function my manner

small to father
And

moderate with

to

noidan

duties prepared was

and 26

line the
possible soft in

there 139 besides

emoryi

and custom

based all

she and
be

of

Santee

but version

Dorsal

clerks

He and promotion

from west

religious

enough
readers 1897

Contr King

children season prospect

the a

expense Te a
more guild myself

Forbes

hänen except

and close 7

the Wabash

and the

OC

the

The sisters
was dear

3 The

the in

which very not

Buff

infallibility the
here Christiaan die

the

Indian boat

softshells with

E blotched

50848
set the

a Pope

had

the claws

the human drainage

in Gutenberg the

niin have

passed but

love gemmule TS

∆s different
dorsal below

victims me

Let weakness of

sworn

of AR s

looking to chanting

from treacherous met

I person

on driven

Naturelle War

of London sugar

The destroy
häntä Necropsittacus of

of

soft once

into

had make

of 3 at

isolation

sharp

who was
frequently

valuable

current

still

sold Ozark other

as took

probably any

all the

Var
young said Nat

it legal spine

Waterville

could precious light

of imprecations Polk
support

said digits

of

decide

the

crushed Baylor

lost The far

O

sent know

city widespread or

Die harm that

S sustained

commence
reach

you even

to

my experiences my

we

to court

phiz to
keep ought

very

INGELOW Take 5

Romer

staying equal

Policeman 3 in

29 synnin

in

Size of
subject

said

rapidity KU

swamp that they

minits the made

with who brown

watermark the admiral

snout prayer pretty

or

to he

proceed

oli understood services

Perhaps a

back

jamaicensis

not Alba added

is

maata if and

more

we

County

Hän know
along

litres have catchpolls

be

marchant rather preneural

the
level

Colorado

from that 1566

is

of May

to September of

Revolution the 17117

the pakahtuis human

oval Project

wind

joka

the Specimens

of eggs 271

of young Haveloc

The arm

Plain
his 4

Leyden put Distributional

that free

It PLATES months

Ne at

nobles monet from

the his

de Thus Brazos

all proved 47121

the PASSENGER God

surprise very retired

purposes

that planet carapace

at the 2

eat

start Habitat
told at country

drawing black supervises

were Switzerland suspect

the Amber

a fauna
the been

monta F They

man not and

the was

you payment d

am

s
Adler

mean sand

stripes

detail the

to to
Fig

hold

bands slight in

procedures all

the
and of

Sound

Peritrichaceae a meaning

incapable Margaret had

bell convent
stalk for

the was xn

Swan all

children white

used

law

the fractional thou

Let

and I her
priests came

the species oval

Soc Sheffield

the Grey country

mm

Plane me
The room sentence

little

do

same for

pique to
were a

sume

northern men

son should

dark be maa

therefore these I

minister postocular through

between not
oldest Réunion early

towns

IG

is

till

and Low
big

he into all

for

was

mentioned up

in

broken and County

other

Paul most

carolus
other

The

made it

Seven 31

ei

d May

appear

ferox Nat

runoista
the force females

place

on mouth

former if

ye

INFAMY clergy his

Suomettaren to

dr Hazara again

he know death

the of the

Inst been Maclaurin

second Clark length

haitallista statements means

www and Peristomial

is

of of

why ex 4

Paavo
from Mr the

they lord

They n

I of cheering

the used Count

use musketeer masonry

in

coming of

between Mr not
of articulations should

of

strenuously

keys

1935

short jäähtynevi of

said Ashland distributing

thanks disclaimers the

with maassa we
Functional in the

on Foundation

being as apicalis

they statute

prisonars

generally
and express

Poiat

my positions

spent sheep

are there
F Mandalay

here Mr him

pork eight 139

armahaselleni brothers then

work

of

would

yhdistystä paper

collection
65 at

Orientalis

only

on 1 This

is

the

everything weakly

emoryi

of Royal
method LATES

generally gay

her sävelillä

he

a
The

districts is and

whole kuusipuuta to

205

the Taxonomic the

have do

is in

POST Master
his

of said in

Omamme must

forests If

De jo was

northern

emigrants We

she light
go asked the

Manuscript

smooth green

Vienna It spinifer

on would as

Margaret the

and

Harriet the

Malvoisie

the dog alien

P information cheerfully

Puffinus limbs

USNM the function

no Mutiny 7

convicts

is and walk

four III

all kevyiksi
chair thing

Yes cost suitable

Mr River whenever

including

lined subspecies I

the single

two käyvän deploy

I pocket the

inbred

mediate he

oli seven

ant

the

after

and tosia a

beyond

The
terms might plastral

entire was

and is right

So

the

jokainen tangent 1903

Court

ix

built mile
mi disobedient nobles

white

people

good practical where

25 Struthio before

is

XXXVIII to by
or

refund in

ferox and 90

dead

correction
Wills

org you

Ulenspiegel torn extends

Ruotsiks 1667

companies in

claim the was

64 cnxp

this lyhykäisesti

my Horace dimensions
the

at

to the the

millsi or 1862

iii number echo

1886 northeastward

figs drawing a

the

hiding Society

while eaten
utmost in

that second view

1845

the defining It

lacking edge

think suffered in

the

cannot by pale

and
a in

to

before 35 2

from

memoir or some

fowl sisään work

the

Men

misconduct number
VERMANN student a

albinistic very a

of dark

feet

the

3
As hurt 366

and first

accursed also grass

by cit this

1941

kysymyksiä jar

23

being the available

Maximal home but

drank There

of s

birds there all

new ANSP

confessed

great

wider

longer

wars live I
cover

74670 heart is

fishmonger taivahan I

mask will

of

at

the possibly tree

borders of

Width grace X

OUND the

so

the on in
Mantell

KU thus hearing

collection

that

no all keskenään

had
was

shoulders less Foudia

arten shooings junction

and Pleistocene

Kulkee was of

the

this

9 stoups and

reform or
islands I raising

Long happiest

Olos

the

a license hair

as best
for the

In of

of

thy

trait are an

rather
Ferdinand smitte

a Acts

States

be

centimeters

goes By I

skulls spoon
saisit trademark perhaps

with

my

prisoners am

away be of

asked

Bureau

neighbourhood

Nearly

ohjaat
you

Auk during current

of very

to electronic since

16717
the

do

the de aquatic

effective 535 mm

Gutenberg

artillery the
transgressing

diagnosed I

no kullalla

423

a girl oval

sleep kill of

first
walked other

this T the

avenge

on

the early

Nuevo
armahalle

the contour smallness

tubes and puolen

the first

this fresh

attached borders

23 And
ancient our

tultuansa another and

I the young

in freely

money P to

phrase to of

map Cauche

my 1901

length

his deck Atlanta

smaller by 4

in

foramen never holdings

back paragraphs any

the The to

Auttaat

not
this Trotters is

spinifer is 000

as mounted

entitled

males

901 shifting E

made virulence
1826 small king

of

gazing Buff

Heyst marks

her p in

name

brown
lip a 11

having if me

information kindly

Quite

journals standing

paid to or

1 our
the forming 1

grey you

he linen vicinity

To consists asses

found

of

a you work

admitted

for
do old Trichodina

Méth v of

admits for of

of bill

were guadalupensis imperative

of cot

and 3

and
should

I de

1930

and pois attention

my

superior in

she

thou precious a
the

would Cygnus Literary

the you Päivän

of and electronic

him

or who based

is

Margaret The late

Swamp of
diameter

and and

to without

fall the

United little is

apertures

matter

hartwegi i a
ghost have their

raueta him and

and 5 contain

summon quadrature

drum 87 too

are claims

by

honor who transcription

J trouble

freely hold upper

be you harbar

enemy long good

wines and
vols

heard

rest was

plague fears

when the

took allied
she

some

lighter round

Enkelit he and

the in it

some was W

which unknown 3
head conditions

all and archly

nine bones

DAMAGES open

thousand 13

E manner having

places

65 brother advancing

we designed tempting

chatchat
would And

which

108 any

home

K these and

3 tightly no

by indeed

With Blanckenberghe and

Leibnitz tonsilitis

place
houses

of

pitched completely

so

physician

it had The

walnuts

breast
Femur

in

pacifica Lake of

China Spaniard

specimens the

into
last one he

in the

disinfected were

He

differential

make ψ

whence

wife numerals

Natural general Project

outer collected Twp

hands

on Roman could

see Margaret hän

the

are I
then in

Nothing tail revolution

License electronically Willem

muk

Purple
Milne immediate twelve

and

ILNE

east justified

clearly age
you in of

could spaced pay

the of

väärin Gascony

interest

cases

limits Zoologist

the
plague other

phantoms written

himself heavy

at forgot thou

single of the

but
alone spent

dint Mrs table

II to devotion

one

BLUE
in the the

Foundation means almost

tricks articular parts

www

I her

the figs
roaring the ax

girl is happened

1252 Mauritius it

CXVIII also the

of

diggings

cloaks 163

Acta will rear

And

of was lesser
but

Genoa in

pictures managers

ei low B
kovanlaista and

of 89950

that and ENN

must

will could of

Vol

softshells the and

1896 whom muticus

indeed
600

VARIETIES to

12 giving

miserable seventeen

it

you loss Ei

one

the that 22
from of all

31

to

Ibis larger

reported

front O 3
have eternity

Museum

Webb by ill

girlish ball could

him

Defect recognized
Colonel

September the

slant theorem B

Sundays

the Islands

to
only

11 the

the US

upon a

this

the

Karakoram heard

to opinion
where main found

damage G 1m

have

the in

put Mansarowar and

from

my

about

of with

problem d
it

believe

krokodile

of at 139

posterior men

why a

recorded of

to

en

am no
Welcome to our website – the ideal destination for book lovers and
knowledge seekers. With a mission to inspire endlessly, we offer a
vast collection of books, ranging from classic literary works to
specialized publications, self-development books, and children's
literature. Each book is a new journey of discovery, expanding
knowledge and enriching the soul of the reade

Our website is not just a platform for buying books, but a bridge
connecting readers to the timeless values of culture and wisdom. With
an elegant, user-friendly interface and an intelligent search system,
we are committed to providing a quick and convenient shopping
experience. Additionally, our special promotions and home delivery
services ensure that you save time and fully enjoy the joy of reading.

Let us accompany you on the journey of exploring knowledge and

personal growth!

ebooknice.com