%'-6
'SRXVSPSJ'VEGOMRK
SJ'SRGVIXI7XVYGXYVIW
6ITSVXIHF]%'-'SQQMXXII
*MVWX4VMRXMRK
3GXSFIV
%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI
'SRXVSPSJ'VEGOMRKSJ'SRGVIXI7XVYGXYVIW
'ST]VMKLX F] XLI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1- %PP VMKLXW VIWIVZIH 8LMW QEXIVMEP
QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-
8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]
JMRH MRJSVQEXMSR SV VIUYMVIQIRXW XLEX QE] FI WYFNIGX XS QSVI XLER SRI MRXIVTVIXEXMSR SV QE] FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIH XS GSRXEGX %'- 4VSTIV YWI SJ XLMW HSGYQIRX MRGPYHIW TIVMSHMGEPP] GLIGOMRK JSV IVVEXE EX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWTJSVXLIQSWXYTXSHEXIVIZMWMSRW
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR
%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX
%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEP
SV GSRWIUYIRXMEP HEQEKIW MRGPYHMRK [MXLSYX PMQMXEXMSR PSWX VIZIRYIW SV PSWX TVSJMXW [LMGL QE] VIWYPX
JVSQXLIYWISJXLMWTYFPMGEXMSR
-XMWXLIVIWTSRWMFMPMX]SJXLIYWIVSJXLMWHSGYQIRXXSIWXEFPMWLLIEPXLERHWEJIX]TVEGXMGIWETTVSTVMEXIXS
XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXS
LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR 37,% LIEPXL
ERHWEJIX]WXERHEVHW
3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMG
WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-
1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
'SRGVIXI4VEGXMGI 1'4 %QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
*E\
[[[GSRGVIXISVK
-7&2
%'-6
6IETTVSZIH
'SRXVSPSJ'VEGOMRKMR'SRGVIXI7XVYGXYVIW
6ITSVXIHF]%'-'SQQMXXII
6SFIVX.*VSWGL
7IGVIXEV]
*PSVMER&EVXL
'LEMVQER
1SLEQIH%FSY>IMH
(EZMH;*S[PIV
)H[EVH+2E[]
.SLR,%PPIR
+VERX8,EPZSVWIR
6ERHEPP;4SWXSR
.EQIW4&EVPS[
;MPP,ERWIR
6S]GI.6LSEHW
12EHMQ,EWWSYR
%RHVI[7GERPSR
/EXL]'EVPWSR
,EVZI],E]RIW
)VRIWX/7GLVEHIV
(EZMH(EV[MR
4EYP,IHPM
;MQEP7YEVMW
*SYEH,*SYEH
8SR]'0MY
>IRSR%>MIPMRWOM
1IVPI)&VERHIV
1IQFIVWSJ%'-[LSEWWMWXIHMRVIZMWMSRWXSXLMWVITSVX
8LI TVMRGMTEP GEYWIW SJ GVEGOMRK ERH VIGSQQIRHIH GVEGOGSRXVSP TVSGI
HYVIWEVITVIWIRXIH8LIGYVVIRXWXEXISJORS[PIHKIMRQMGVSGVEGOMRKERH
JVEGXYVI SJ GSRGVIXI MW VIZMI[IH 8LI GSRXVSP SJ GVEGOMRK HYI XS HV]MRK
WLVMROEKI ERH GVEGO GSRXVSP MR JPI\YVEP QIQFIVW SZIVPE]W ERH QEWW
GSRGVIXIGSRWXVYGXMSREVIGSZIVIHMRHIXEMP0SRKXIVQIJJIGXWSRGVEGOMRK
EVI GSRWMHIVIH ERH GVEGOGSRXVSP TVSGIHYVIW YWIH MR GSRWXVYGXMSR EVI
TVIWIRXIH -RJSVQEXMSR MW TVIWIRXIH XS EWWMWX MR XLI HIZIPSTQIRX SJ
TVEGXMGEP ERH IJJIGXMZI GVEGOGSRXVSP TVSKVEQW JSV GSRGVIXI WXVYGXYVIW
)\XIRWMZIVIJIVIRGIWEVITVSZMHIH
/I][SVHW EKKVIKEXIW ERGLSVEKI WXVYGXYVEP FVMHKI HIGOW GIQIRX
EKKVIKEXI VIEGXMSRW GSRGVIXI GSRWXVYGXMSR GSRGVIXI TEZIQIRXW GSRGVIXI
WPEFW GSSPMRK GSVVSWMSR GVEGO TVSTEKEXMSR GVEGO [MHXL ERH WTEGMRK
GVEGOMRK JVEGXYVMRK HV]MRK WLVMROEKI LIEX SJ L]HVEXMSR QEWW GSRGVIXI
QMGVSGVEGOMRK TSP]QIVQSHMJMIH GSRGVIXI TVIWXVIWWIH GSRGVIXI VIMRJSVGIH
GSRGVIXI VIWXVEMRX WLVMROEKI WLVMROEKIGSQTIRWEXMRK GSRGVIXI XIQTIVE
XYVIXIRWMPIWXVIWWIWXLIVQEPI\TERWMSRZSPYQIGLERKI
'328)287
'LETXIV{-RXVSHYGXMSRT6
%'- 'SQQMXXII 6ITSVXW +YMHIW ERH 'SQQIRXEVMIW EVI
MRXIRHIHJSVKYMHERGIMRTPERRMRKHIWMKRMRKI\IGYXMRKERH
MRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLIYWI
SJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLIWMKRMJMGERGI
ERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS
[MPPEGGITXVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRSJXLIQEXIVMEPMX
GSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQWER]ERH
EPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPP
RSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF]
XLI%VGLMXIGX)RKMRIIV
'LETXIV{'VEGOQIGLERMWQWMRGSRGVIXI
T6
{-RXVSHYGXMSR
{'SQTVIWWMZIQMGVSGVEGOMRK
{*VEGXYVI
'LETXIV{'SRXVSPSJGVEGOMRKHYIXSHV]MRK
WLVMROEKIT6
{-RXVSHYGXMSR
{'EYWISJGVEGOMRKHYIXSHV]MRKWLVMROEKI
{(V]MRKWLVMROEKI
{*EGXSVWGSRXVSPPMRKHV]MRKWLVMROEKISJGSRGVIXI
{'SRXVSPSJWLVMROEKIGVEGOMRK
{7LVMROEKIGSQTIRWEXMRKGSRGVIXI
'LETXIV{'SRXVSPSJGVEGOMRKMRJPI\YVEP
QIQFIVWT6
{-RXVSHYGXMSR
{'VEGOGSRXVSPIUYEXMSRWJSVVIMRJSVGIHGSRGVIXIFIEQW
{'VEGOGSRXVSPMRX[S[E]WPEFWERHTPEXIW
{8SPIVEFPI GVEGO [MHXLW ZIVWYW I\TSWYVI GSRHMXMSRW
MRVIMRJSVGIHGSRGVIXI
{*PI\YVEPGVEGOMRKMRTVIWXVIWWIHGSRGVIXI
{%RGLSVEKI^SRIGVEGOMRKMRTVIWXVIWWIHGSRGVIXI
{'VEGOGSRXVSPMRHIITFIEQW
{8IRWMSRGVEGOMRK
%'-6WYTIVWIHIW%'-6ERHFIGEQIIJJIGXMZI1E]
'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGI YRPIWW TIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW
6
6
1%29%03*'32'6)8)46%'8-')
'LETXIV{0SRKXIVQIJJIGXWSRGVEGOMRK
T6
{-RXVSHYGXMSR
{)JJIGXWSJPSRKXIVQPSEHMRK
{)RZMVSRQIRXEPIJJIGXW
{%KKVIKEXIERHSXLIVIJJIGXW
{9WISJTSP]QIVWMRMQTVSZMRKGVEGOMRKGLEVEGXIVMWXMGW
'LETXIV{'SRXVSPSJGVEGOMRKMRSZIVPE]W
T6
{-RXVSHYGXMSR
{*MFIVVIMRJSVGIHGSRGVIXI *6' SZIVPE]W
{0EXI\ERHITS\]QSHMJMIHGSRGVIXISZIVPE]W
{4SP]QIVMQTVIKREXIHGSRGVIXI 4-' W]WXIQW
{)TS\]ERHSXLIVTSP]QIVGSRGVIXISZIVPE]W
'LETXIV{'SRXVSPSJGVEGOMRKMRQEWWGSRGVIXI
T6
{-RXVSHYGXMSR
{1IXLSHWSJGVEGOGSRXVSP
{(IWMKR
{'SRWXVYGXMSR
{3TIVEXMSR
'LETXIV{'SRXVSPSJGVEGOMRKF]TVSTIV
GSRWXVYGXMSRTVEGXMGIWT6
{-RXVSHYGXMSR
{6IWXVEMRX
{7LVMROEKI
{7IXXPIQIRX
{'SRWXVYGXMSR
{7TIGMJMGEXMSRWXSQMRMQM^IHV]MRKWLVMROEKI
{'SRGPYWMSR
'LETXIV{6IJIVIRGIWT6
{6IJIVIRGIHWXERHEVHWERHVITSVXW
{'MXIHVIJIVIRGIW
{3XLIVVIJIVIRGIW
',%48)6{-2863(9'8-32
'VEGOWMRGSRGVIXIWXVYGXYVIWGERMRHMGEXIQENSVWXVYGXYVEP
TVSFPIQWERHHIXVEGXJVSQXLIETTIEVERGISJQSRSPMXLMG
GSRWXVYGXMSR8LIVIEVIQER]WTIGMJMGGEYWIWSJGVEGOMRK
8LMWVITSVXTVIWIRXWXLITVMRGMTEPGEYWIWSJGVEGOMRKERHE
HIXEMPIHHMWGYWWMSRSJGVEGOGSRXVSPTVSGIHYVIW8LIVITSVX
GSRWMWXWSJIMKLXGLETXIVWHIWMKRIHXSLIPTXLIIRKMRIIVERH
XLIGSRXVEGXSVMRHIZIPSTMRKGVEGOGSRXVSPQIEWYVIW
8LMW VITSVX MW ER YTHEXI SJ TVIZMSYW GSQQMXXII VITSVXW
%'- 'SQQMXXII %'- &MFPMSKVETL]
2S WYTTPIQIRXIH XLI SVMKMREP %'- 6 8LI
'SQQMXXIILEWEPWSTVITEVIHVITSVXWSRXLIGEYWIWIZEPYEXMSR
ERHVITEMVSJGVEGOMRK%'-6GVEGOMRKSJGSRGVIXIMR
HMVIGXXIRWMSR%'-6ERHNSMRXWMRGSRGVIXIGSRWXVYGXMSR
%'-6
-RXLMWVIZMWMSRSJXLIVITSVX'LETXIVSRGVEGOQIGLERMWQW
LEWFIIRVIZMWIHI\XIRWMZIP]XSVIJPIGXXLIMRXIVIWXERHEXXIRXMSR
KMZIRXSEWTIGXWSJJVEGXYVIQIGLERMGWSJGSRGVIXIHYVMRKXLI
W'LETXIVSRHV]MRKWLVMROEKILEWFIIRVI[VMXXIR
'LETXIVLEWFIIRVIZMWIHXSMRGPYHIYTHEXIHMRJSVQEXMSR
SR GVEGO[MHXL TVIHMGXMZI IUYEXMSRW GVEGOMRK MR TEVXMEPP]
TVIWXVIWWIHQIQFIVWERGLSVEKI^SRIGVEGOMRKERHJPI\YVEP
GVEGOMRKMRHIITJPI\YVEP QIQFIVW'LETXIV SR GSRGVIXI
SZIVPE]WLEWFIIRVISVKERM^IHERHVIZMWIHMRQSHIWXHIXEMP
XS EGGSYRX JSV YTHEXIH MRJSVQEXMSR SR JMFIV VIMRJSVGIQIRX
ERH SR TSP]QIVQSHMJMIH GSRGVIXI 'LETXIV SR QEWW
GSRGVIXILEWFIIRVIZMWIHXSGSRWMHIVWXVYGXYVEPGSRWIUYIRGIW
QSVII\XIRWMZIP]
',%48)6{'6%'/1)',%2-717
-2'32'6)8)
{-RXVSHYGXMSR
'VEGOMRKTPE]WERMQTSVXERXVSPIMRGSRGVIXIvWVIWTSRWIXS
PSEHMRFSXLXIRWMSRERHGSQTVIWWMSR8LIIEVPMIWXWXYHMIWSJ
XLIQMGVSWGSTMGFILEZMSVSJGSRGVIXIMRZSPZIHXLIVIWTSRWI
SJGSRGVIXIXSGSQTVIWWMZIWXVIWW8LEXIEVP][SVOWLS[IH
XLEXXLIWXVIWWWXVEMRVIWTSRWISJGSRGVIXIMWGPSWIP]EWWSGMEXIH
[MXLXLIJSVQEXMSRSJQMGVSGVEGOWXLEXMWGVEGOWXLEXJSVQEX
GSEVWIEKKVIKEXI FSYRHEVMIW FSRH GVEGOW ERH TVSTEKEXI
XLVSYKLXLIWYVVSYRHMRKQSVXEV QSVXEVGVEGOW ,WY7PEXI
7XYVQERERH;MRXIV7LELERH;MRXIV7PEXIERH
1EXLIYW 7LEL ERH 'LERHVE 7LEL ERH 7PEXI
1I]IVW 7PEXI ERH ;MRXIV (EV[MR ERH 7PEXI
EWWLS[RMR*MK
(YVMRKIEVP]QMGVSGVEGOMRKWXYHMIWGSRGVIXI[EWGSRWMHIVIH
XSFIQEHIYTSJX[SPMRIEVIPEWXMGFVMXXPIQEXIVMEPWGIQIRX
TEWXIERHEKKVIKEXIERHQMGVSGVEGOW[IVIGSRWMHIVIHXSFI
XLIQENSVGEYWISJGSRGVIXIvWRSRPMRIEVWXVIWWWXVEMRFILEZMSV
MRGSQTVIWWMSR ,WY7PEXI7XYVQERERH;MRXIV7LEL
ERH ;MRXIV 8LMW TMGXYVI FIKER XS GLERKI MR XLI
W'IQIRXTEWXIMWERSRPMRIEVWSJXIRMRKQEXIVMEPEW
MW XLI QSVXEV GSRWXMXYIRX SJ GSRGVIXI 8LI GSQTVIWWMZI
RSRPMRIEVMX] SJ GSRGVIXI MW LMKLP] HITIRHIRX YTSR XLI
VIWTSRWISJXLIWIX[SQEXIVMEPW 7TSSRIV7TSSRIVERH
(SYKMPP7TSSRIV4SQIVS]ERH(SYKMPP1ELIV
ERH(EV[MR'SSOERH'LMRHETVEWMVX1ELIVERH
(EV[MR ERHPIWWHITIRHIRXYTSRFSRHERHQSVXEVQMGVS
GVEGOMRKXLERSVMKMREPP]XLSYKLX6IWIEVGLMRHMGEXIWLS[IZIV
XLEXEWMKRMJMGERXTSVXMSRSJXLIRSRPMRIEVHIJSVQEXMSRSJGIQIRX
TEWXIERHQSVXEVVIWYPXWJVSQXLIJSVQEXMSRSJQMGVSGVEGOW
XLEX EVI WIZIVEP SVHIVW SJ QEKRMXYHI WQEPPIV XLER XLSWI
SFWIVZIHMRXLISVMKMREPWXYHMIW %XXMSKFIERH(EV[MR
8LIWIWQEPPIVQMGVSGVEGOWLEZIEWYVJEGIHIRWMX]XLEX
MWX[SXSXLVIISVHIVWSJQEKRMXYHILMKLIVXLERXLIHIRWMX]
SJ FSRH ERH QSVXEV QMGVSGVEGOW MR GSRGVIXI EX XLI WEQI
GSQTVIWWMZIWXVEMRERHXLIMVHMWGSZIV]VITVIWIRXWEWMKRMJ
MGERXWXITXS[EVHWYRHIVWXERHMRKXLIFILEZMSVSJGSRGVIXI
ERHMXWGSRWXMXYIRXQEXIVMEPWMRGSQTVIWWMSR
8LIIJJIGXSJQEGVSWGSTMGGVEGOWSRXLITIVJSVQERGIERH
JEMPYVIGLEVEGXIVMWXMGWSJGSRGVIXILEWEPWSVIGIMZIHGSRWMHIVEFPI
EXXIRXMSR*SVQER]]IEVWGSRGVIXILEWFIIRGSRWMHIVIHEFVMXXPI
QEXIVMEPMRXIRWMSR1ER]EXXIQTXWLEZIFIIRQEHIXSYWI
TVMRGMTPIWSJJVEGXYVIQIGLERMGWXSQSHIPXLIJVEGXYVISJ
GSRGVIXIGSRXEMRMRKQEGVSWGSTMGGVEGOW
8LIJMIPHSJJVEGXYVIQIGLERMGW[EWHIZIPSTIHF]+VMJJMXL
XSI\TPEMRXLIJEMPYVISJFVMXXPIQEXIVMEPW0MRIEVIPEWXMG
JVEGXYVIQIGLERMGW 0)*1 TVIHMGXWXLIVETMHTVSTEKEXMSRSJE
QMGVSGVEGOXLVSYKLELSQSKIRISYWMWSXVSTMGPMRIEVIPEWXMG
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
6
*MK{'VEGOMRKQETWERHWXVIWWWXVEMRGYVZIWJSVGSRGVIXIPSEHIHMRYRME\MEPGSQTVIWWMSR
7LELERH7PEXI QEXIVMEP 8LI XLISV] YWIW XLIWXVIWWMRXIRWMX] JEGXSV / XLEX
VITVIWIRXWXLIWXVIWWJMIPHELIEHSJEWLEVTGVEGOMREWXVYG
XYVEPQIQFIV[LMGLMWEJYRGXMSRSJXLIGVEGOKISQIXV]ERH
WXVIWW /MWJYVXLIVHIWMKREXIH[MXLWYFWGVMTXW---ERH---
HITIRHMRKYTSRXLIREXYVISJXLIHIJSVQEXMSREXXLIGVEGO
XMT*SVEGVEGOEX[LMGLXLIHIJSVQEXMSRMWTIVTIRHMGYPEVXS
XLIGVEGOTPERI/MWHIWMKREXIHEW/-ERHJEMPYVISGGYVW
[LIR /-VIEGLIWEGVMXMGEPZEPYI/-GORS[REWXLIGVMXMGEP
WXVIWWMRXIRWMX]JEGXSV/-GMWEQIEWYVISJXLIJVEGXYVIXSYKL
RIWWSJXLIQEXIVMEP[LMGLMWWMQTP]EQIEWYVISJXLIVIWMW
XERGIXSGVEGOTVSTEKEXMSR3JXIRXLIVIKMSREVSYRHXLIGVEGO
XMT YRHIVKSIW RSRPMRIEV HIJSVQEXMSR WYGL EW ]MIPHMRK MR
QIXEPWEWXLIGVEGOKVS[W8LMWVIKMSRMWVIJIVVIHXSEWXLI
TPEWXMG^SRIMRQIXEPWSVQSVIKIRIVEPP]EWXLIJVEGXYVITVSGIWW
^SRI8STVSTIVP]QIEWYVI/-GJSVEQEXIVMEPXLIXIWXWTIGMQIR
WLSYPHFIPEVKIIRSYKLWSXLEXXLIJVEGXYVITVSGIWW^SRIMW
WQEPPGSQTEVIH[MXLXLIWTIGMQIRHMQIRWMSRW*SV0)*1
XSFIETTPMGEFPIXLIZEPYISJ/-GQYWXFIEQEXIVMEPTVSTIVX]
MRHITIRHIRXSJXLIWTIGMQIRKISQIXV] EWEVISXLIVQEXIVMEP
TVSTIVXMIWWYGLEW]MIPHWXVIRKXLSVGSQTVIWWMZIWXVIRKXL -RMXMEPEXXIQTXWXSQIEWYVI/-GMRGSRGVIXI[IVIYRWYGGIWWJYP
FIGEYWI / -GHITIRHIHSRXLIWM^IERHKISQIXV]SJXLIXIWX
WTIGMQIRW ;MXXQERR %WEVIWYPXSJXLILIXIVSKIRIMX]
MRLIVIRXMRGIQIRXTEWXIQSVXEVERHGSRGVIXIXLIWIQEXIVMEPW
I\LMFMX E WMKRMJMGERX JVEGXYVITVSGIWW ^SRI ERH XLI GVMXMGEP
PSEHMWTVIGIHIHF]EWYFWXERXMEPEQSYRXSJWPS[GVEGOKVS[XL
8LMWTVIGVMXMGEPGVEGOKVS[XLLEWFIIRWXYHMIHI\TIVMQIRXEPP]
F]WIZIVEPVIWIEVGLIVW .SLRERH7LEL 7[EVX^ ERH +S
&EWGSYP /LEVGLM ERH 1EWS 1ENM ERH 7LEL
'EWXVS1SRXIVS7LELERH1MPPIV 8LMWVIWIEVGL
LEWTVSZMHIHERMQTVSZIHYRHIVWXERHMRKSJXLIJVEGXYVITVSGIWW
^SRIERHLEWPIHXSXLIHIZIPSTQIRXSJQSVIVEXMSREPJVEGXYVI
GVMXIVMEJSVGSRGVIXI
8LMWGLETXIVMWHMZMHIHMRXSX[SWIGXMSRW8LIJMVWXWIGXMSR
SRGSQTVIWWMZIQMGVSGVEGOMRKTVIWIRXWXLIGYVVIRXORS[PIHKI
SJXLIVIWTSRWISJGSRGVIXIERHMXWGSRWXMXYIRXQEXIVMEPWYRHIV
GSQTVIWWMZIPSEHMRKERHXLIVSPITPE]IHF]XLIZEVMSYWX]TIW
SJQMGVSGVEGOWMRXLMWTVSGIWW8LIWIGSRHWIGXMSRHMWGYWWIW
XLIETTPMGEFMPMX]SJFSXLPMRIEVERHRSRPMRIEVJVEGXYVIQIGLERMGW
QSHIPW XS GSRGVIXI % QSVI GSQTVILIRWMZI XVIEXQIRX SJ XLI
JVEGXYVISJGSRGVIXIGERFIJSYRHMR%'-6
{'SQTVIWWMZIQMGVSGVEGOMRK
(YVMRK IEVP] QMGVSGVEGOMRK VIWIEVGL E TMGXYVI HIZIPSTIH
XLEX GPSWIP] PMROIH XLI JSVQEXMSR ERH TVSTEKEXMSR SJQMGVSG
VEGOWXSXLIPSEHHIJSVQEXMSRFILEZMSVSJGSRGVIXI&IJSVI
PSEHMRK ZSPYQI GLERKIW MR GIQIRX TEWXI GEYWI MRXIVJEGMEP
GVEGOWXSJSVQEXXLIQSVXEVGSEVWIEKKVIKEXIFSYRHEV] ,WY
7PEXIERH1EXLIYW 9RHIVWLSVXXIVQGSQTVIWWMZI
PSEHWRSEHHMXMSREPGVEGOWJSVQYRXMPXLIPSEHVIEGLIWEFSYX
SJXLIGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI ,WY7PEXI
7XYVQER ERH ;MRXIV %FSZI XLMW ZEPYI EHHMXMSREP
FSRH GVEGOW EVI MRMXMEXIH XLVSYKLSYX XLI QEXVM\ &SRH
GVEGOMRKMRGVIEWIW YRXMP XLI PSEHVIEGLIW EFSYX SJXLI
GSQTVIWWMZIWXVIRKXLEX[LMGLXMQIXLIQMGVSGVEGOWFIKMRXS
TVSTEKEXIXLVSYKLXLIQSVXEV1SVXEVGVEGOMRKGSRXMRYIWEX
EREGGIPIVEXIHVEXIJSVQMRKGSRXMRYSYWGVEGOWTEVEPPIPXSXLI
HMVIGXMSRSJGSQTVIWWMZIPSEHYRXMPXLIGSRGVIXIMWRSPSRKIV
EFPI XS WYWXEMR XLI PSEH 8LI SRWIX SJ QSVXEV GVEGOMRK MW
VIPEXIHXSXLIWYWXEMRIHSVPSRKXIVQGSQTVIWWMZIWXVIRKXL
(IVYGLIV SFXEMRIH E WSQI[LEX HMJJIVIRX TMGXYVI SJ
XLI QMGVSWGSTMG FILEZMSV SJ GSRGVIXI YWMRK XLI WGERRMRK
IPIGXVSR QMGVSWGSTI 7)1 ,I WYFNIGXIH HVMIH GSRGVIXI
6
1%29%03*'32'6)8)46%'8-')
*MK{7XVIWWWXVEMRGYVZIWJSVGIQIRXTEWXIQSVXEVERHGSRGVIXI[G! 1EVXMR
(EV[MRERH8IVV] WTIGMQIRW XS IGGIRXVMG GSQTVIWWMZI PSEHMRK [MXLMR XLI
7)1 ,I SFWIVZIH XLEX QMGVSGVEGOW XLEX I\MWX FIJSVI
PSEHMRKEVIMRXLIJSVQSJFSRHGVEGOW[MXLI\XIRWMSRWMRXSXLI
WYVVSYRHMRKQSVXEVTIVTIRHMGYPEVXSXLIFSRHGVEGOW9RHIV
MRGVIEWMRKGSQTVIWWMSRXLIWIFSRHGVEGOW[MHIRFYXHSRSX
TVSTEKEXIEXPSEHWEWPS[EW SJXLIWXVIRKXL%XEFSYX
SJYPXMQEXIXLIFSRHGVEGOWFIKMRXSTVSTEKEXIERHEX
EFSYX XLI]FIKMRXSFVMHKIFIX[IIRSRIERSXLIV8LI
FVMHKMRK MW EPQSWX GSQTPIXI EX SJ XLI GSQTVIWWMZI
WXVIRKXL%X SJYPXMQEXIQSVXEVGVEGOWWXEVXXSNSMRSRI
ERSXLIVERHGSRXMRYIXSHSWSYRXMPJEMPYVI
-RKIRIVEPQMGVSGVEGOMRKXLEXSGGYVWFIJSVIPSEHMRKLEWPMXXPI
IJJIGXSRXLIWXVIRKXLSJGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI
-R WXYHMIW SJ LMKLWXVIRKXL GSRGVIXI 'EVVEWUYMPPS 7PEXI
ERH2MPWSR GSRGPYHIHXLEXMX[EWQSVIETTVSTVMEXIXS
GPEWWMJ] GVEGOW EW WMQTPI FSRH SV QSVXEV ERH GSQFMRIH
FSRH ERH QSVXEV ERH XLEX XLI JSVQEXMSR SJ GSQFMRIH
GVEGOWGSRWMWXMRKSJQSVIXLERSRIQSVXEVGVEGOWMKREPIH
YRWXEFPIGVEGOKVS[XL8LI]SFWIVZIHXLEXXLILMKLIVXLI
GSRGVIXIWXVIRKXLXLILMKLIVXLIWXVEMR VIPEXMZIXSXLIWXVEMREX
TIEOWXVIWW EX[LMGLXLMWYRWXEFPIGVEGOKVS[XLMWSFWIVZIH
8LI]SFWIVZIHPIWWXSXEPGVEGOMRKMRLMKLWXVIRKXLGSRGVIXI
XLERRSVQEPWXVIRKXLGSRGVIXIEXEPPWXEKIWSJPSEHMRK
;SVO F] 1I]IVW 7PEXI ERH ;MRXIV 7LEL ERH
'LERHVE ERH2KEF7PEXIERH2MPWSR HIQSR
WXVEXIHXLEXQMGVSGVEGOWMRGVIEWIYRHIVWYWXEMRIHERHG]GPMG
PSEHMRK8LIMV[SVOMRHMGEXIHXLEXXLIXSXEPEQSYRXSJQMGVS
GVEGOMRKMWEJYRGXMSRSJXLIXSXEPGSQTVIWWMZIWXVEMRMRXLI
GSRGVIXIERHMWMRHITIRHIRXSJXLIQIXLSHMR[LMGLXLIWXVEMR
MWETTPMIH7YEVMWERH*IVRERHS EPWSWLS[IHXLEXXLI
JEMPYVISJGSRGVIXIYRHIVGSRWXERXEQTPMXYHIG]GPMGPSEHMRK
MWGPSWIP]GSRRIGXIH[MXLQMGVSGVEGOKVS[XL7XYVQER7LEL
ERH;MRXIV JSYRHXLEXXLIXSXEPHIKVIISJQMGVSGVEGOMRK
MWHIGVIEWIHERHXLIXSXEPWXVEMRGETEGMX]MRGSQTVIWWMSRMW
MRGVIEWIH[LIRGSRGVIXIMWWYFNIGXIHXSEWXVEMRKVEHMIRX
7MRGIXLIIEVP][SVOIWXEFPMWLIHXLII\MWXIRGISJFSRHERH
QSVXEVQMGVSGVEGOWMXLEWFIIRTSTYPEVXSEXXVMFYXIQSWXMJ
RSX EPP SJ XLI RSRPMRIEVMX] SJ GSRGVIXIXSXLI JSVQEXMSR SJ
XLIWIQMGVSWGSTMGGVEGOW ,WY7PEXI7XYVQERERH;MRXIV
7LEL ERH ;MRXIV 8IWXE ERH 7XYFFW 'EVVEWUYMPPS 7PEXI ERH 2M\SR % GEYWI ERH IJJIGX
VIPEXMSRWLMT LS[IZIV LEW RIZIVFIIR IWXEFPMWLIH (EV[MR
7XYHMIW F] 7TSSRIV 7TSSRIV ERH (SYKMPP
7TSSRIV4SQIVS]ERH(SYKMPP ERH1ELIV
ERH(EV[MR MRHMGEXIXLEXXLIHIKVIISJQMGVSGVEGOMRK
GERFIXEOIREWERMRHMGEXMSRSJXLIPIZIPSJHEQEKIVEXLIV
XLEREWXLIGSRXVSPPMRKJEGXSVMRXLIGSRGVIXIvWFILEZMSV
)\TIVMQIRXEP[SVOF]7TSSRIV 7TSSRIVERH(SYKMPP
7TSSRIV 4SQIVS] ERH (SYKMPP ERH 1EVXMR
(EV[MRERH8IVV] MRHMGEXIWXLEXXLIRSRPMRIEVGSQTVIW
WMZIFILEZMSVSJGSRGVIXIMWWXVSRKP]MRJPYIRGIHF]XLIRSRPMRIEV
FILEZMSV SJ GIQIRX TEWXI %W MPPYWXVEXIH MR *MK GIQIRX
TEWXIYRHIVGSQTVIWWMSRMWRSXERIPEWXMGFVMXXPIQEXIVMEPEW
WXEXIHMRXLITEWXFYXERSRPMRIEVQEXIVMEP[MXLEVIPEXMZIP]LMKL
WXVEMRGETEGMX]8LIRSRPMRIEVFILEZMSVSJGIQIRXTEWXIGERFI
XMIHXSHEQEKIWYWXEMRIHF]XLITEWXIIZIREXZIV]PS[WXVIWWIW
9WMRK E G]GPMG PSEHMRK TVSGIHYVI 7TSSRIV 7TSSRIV ERH (SYKMPP ERH 7TSSRIV 4SQIVS] ERH
(SYKMPP HIQSRWXVEXIH XLEX FSXL TEWXI ERH GSRGVIXI
YRHIVKS QIEWYVEFPI HEQEKI EX WXVEMRW EX [LMGL ER
MRGVIEWIMRFSRHERHQSVXEVQMGVSGVEGOMRKGERRSXFIHIXIGXIH
8LIPIZIPSJHEQEKIGERFIHIXIGXIHEXPS[PSEHWF]YWMRKER
IRIVK]QIXLSHERHF]EGLERKIMRXLIMRMXMEPQSHYPYWSJ
IPEWXMGMX] JSV IEGL PSEH G]GPI 8LI TVSGIWW SJ HEQEKI MW
GSRXMRYSYWYTXSJEMPYVI
8LITL]WMGEPREXYVISJHEQEKIXLEXSGGYVWMRGIQIRXTEWXI
PMOIXLEXMRGSRGVIXIETTIEVWXSFIVIPEXIHXSGVEGOMRK8LMW
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
6
*MK {7XVIWWWXVEMR GYVZIW EW MRJPYIRGIH F] GSEXMRK EKKVIKEXIW (EV[MR ERH 7PEXI
TSMRX [EW JMVWX QEHI F] 7TSSRIV 4SQIVS] ERH (SYKMPP
FEWIHSRZSPYQIXVMGWXVEMRQIEWYVIQIRXWERHXLIRF]
=SWLMQSXS IX EP ERH =SWLMQSXS 3KMRS ERH
/E[EOEQM [LSVITSVXIHXLIJSVQEXMSRSJwLEMVWLETIHx
ERH wZSMHWLETIHx GVEGOW MR TEWXI YRHIV JPI\YVI ERH
GSQTVIWWMZI PSEHMRK 8LI VIPEXMSRWLMT FIX[IIR RSRPMRIEV
HIJSVQEXMSRERHGVEGOMRKMRGIQIRXTEWXIMWRS[JMVQP]IWXEF
PMWLIHF]XLI[SVOSJ%XXMSKFIERH(EV[MR 7XYHMIWSJXLIWXVIWWWXVEMRFILEZMSVSJGSRGVIXIYRHIVG]GPMG
GSQTVIWWMZIPSEH /EVWERERH.MVWE7LELERH'LERHVE
MRHMGEXIH XLIGSRGVIXI YRHIVKSIW VETMH HIXIVMSVEXMSR
SRGIXLITIEOWXVIWWI\GIIHW SJXLIWLSVXXIVQGSQTVIW
WMZIWXVIRKXLSJXLIGSRGVIXI-RXLIMVWXYH]SJG]GPMGGVIIT
2IZMPPIERH,MVWX JSYRHXLEXLIEXMWKIRIVEXIHIZIR
[LIRWTIGMQIRWEVIG]GPIHFIPS[XLMWPIZIP8LI]EXXVMFYXIH
XLILIEXXSWPMHMRKEXXLIMRXIVJEGMEPFSYRHEV]8LI[SVOSJ
2IZMPPIERH,MVWXEPSRK[MXLXLI[SVOSJ7TSSRIVWYKKIWXW
XLEXMXGERFITSWWMFPIXLEXXLILIEXQIEWYVIHMWHYIXSWSQI
QMGVSWGSTMGWPMHMRK[MXLMRXLITEWXI
7IZIVEPWXYHMIWLEZIEXXIQTXIHXSIWXEFPMWLXLIMQTSVXERGI
SJ MRXIVJEGMEPFSRHWXVIRKXLSRXLI FILEZMSVSJGSRGVIXI MR
GSQTVIWWMSR8[SWXYHMIWWIIQIHXSMRHMGEXIEZIV]PEVKI
IJJIGX XLYW IQTLEWM^MRK XLI MQTSVXERGI SJ MRXIVJEGMEP
WXVIRKXL SR GSRGVIXI FILEZMSV MR GSQTVIWWMSR 7LEL ERH
'LERHVE 2ITTIV'LVMWXIRWIR ERH 2MIPWIR 8LIWIWXYHMIWYWIHVIPEXMZIP]XLMGOWSJXGSEXMRKWSRGSEVWI
EKKVIKEXI XS VIHYGI XLI FSRH WXVIRKXL &IGEYWI XLIWI WSJX
GSEXMRKWMWSPEXIHXLIEKKVIKEXIJVSQXLIWYVVSYRHMRKQSVXEV
XLIIJJIGX[EWQSVIPMOIMRHYGMRKEPEVKIRYQFIVSJZSMHWMR
XLIGSRGVIXIQEXVM\
8[S SXLIV WXYHMIW (EV[MR ERH 7PEXI 4IVV] ERH
+MPPSXX XLEXHMHRSXMWSPEXIXLIGSEVWIEKKVIKEXIJVSQ
XLIQSVXEVMRHMGEXIHXLEXMRXIVJEGMEPWXVIRKXLTPE]WSRP]EQMRSV
VSPI MR GSRXVSPPMRK XLI GSQTVIWWMZI WXVIWWWXVEMR FILEZMSV SJ
GSRGVIXI (EV[MR ERH 7PEXI YWIH E XLMR GSEXMRK SJ
TSP]WX]VIRISRREXYVEPGSEVWIEKKVIKEXI8LI]JSYRHXLEXE
PEVKIVIHYGXMSRMRMRXIVJEGMEPFSRHWXVIRKXLGEYWIWRSGLERKI
MRXLIMRMXMEPWXMJJRIWWSJGSRGVIXIYRHIVWLSVXXIVQGSQTVIWWMZI
PSEHWERHVIWYPXWMREFSYXE VIHYGXMSRMRXLIGSQTVIWWMZI
WXVIRKXLGSQTEVIH[MXLWMQMPEVGSRGVIXIQEHI[MXLEKKVIKEXI
[MXL RSVQEP MRXIVJEGMEP WXVIRKXL *MK (EV[MR ERH 7PEXI
EPWSQSRMXSVIHQMGVSGVEGOMRK-RIZIV]GEWILS[IZIVXLI
EZIVEKIEQSYRXSJQSVXEVGVEGOMRK[EWWPMKLXP]KVIEXIVJSV
WTIGMQIRW QEHI [MXL GSEXIH EKKVIKEXI 8LMW WQEPP ]IX
GSRWMWXIRX HMJJIVIRGI QE] I\TPEMR XLI HMJJIVIRGIW MR XLI
WXVIWWWXVEMR GYVZIW 4IVV] ERH +MPPSXX YWIH KPEWW
WTLIVIW[MXLHMJJIVIRXHIKVIIWSJWYVJEGIVSYKLRIWWEWGSEVWI
EKKVIKEXI8LIMVVIWYPXWEPWSMRHMGEXIXLEXVIHYGMRKXLIMRXIV
JEGMEP WXVIRKXL SJ XLI EKKVIKEXI HIGVIEWIW XLI GSQTVIWWMZI
WXVIRKXLF]EFSYX ;SVO F] 'EVMRS YWMRK TSP]QIVMQTVIKREXIH
GSRGVIXI GSVVSFSVEXIH XLIWI PEWX X[S WXYHMIW 'EVMRS
JSYRHXLEXTSP]QIVMQTVIKREXMSRHMHRSXMRGVIEWIXLIMRXIV
JEGMEP FSRH WXVIRKXL FYX HMH MRGVIEWI XLI GSQTVIWWMZI
WXVIRKXLSJGSRGVIXI,IEXXVMFYXIHXLIMRGVIEWIMRWXVIRKXLXS
XLITSP]QIVvWIJJIGXSRQSVXEVWXVIRKXLXLIVIJSVIHS[RKVEHMRK
XLIMQTSVXERGISJMRXIVJEGMEPFSRH
8LIMQTSVXERGISJQSVXEVMRGSRXVSPPMRKXLIWXVIWWWXVEMR
FILEZMSVSJGSRGVIXIMWMPPYWXVEXIHF]XLIJMRMXIIPIQIRX[SVO
SJ&Y]YOS^XYVO ERH1ELIVERH(EV[MR &Y]YOS^XYVO YWIHEJMRMXIIPIQIRXVITVIWIRXEXMSRSJ
ETL]WMGEPQSHIPSJGSRGVIXI8LIQSHIPXVIEXIHQSVXEV MR
GSQTVIWWMSR ERHEKKVIKEXI MRGSQTVIWWMSRERHXIRWMSR EW
PMRIEVIPEWXMGQEXIVMEPW[LMPIEPPS[MRKGVEGOWXSJSVQMRXLI
QSVXEV ERH EX QSVXEV EKKVIKEXI FSYRHEVMIW &Y]YOS^XYVO
WMQYPEXIHXLISZIVEPPGVEGOTEXXIVRWYRHIVYRME\MEPPSEHMRK
,MWJMRMXIIPIQIRXQSHIPLS[IZIVGSYPHRSXHYTPMGEXIXLI
JYPPRSRPMRIEVFILEZMSVSJXLITL]WMGEPQSHIPYWMRKXLIJSV
QEXMSRSJMRXIVJEGMEPFSRHGVEGOWERHQSVXEVGVEGOWEWXLI
SRP]RSRPMRIEVIJJIGXW1ELIVERH(EV[MR LEZI
WLS[RXLEXEZIV]GPSWIVITVIWIRXEXMSRSJXLIEGXYEPWXVIWW
6
1%29%03*'32'6)8)46%'8-')
*MK{'VEGOXLVSYKLGEPGMYQWMPMGEXIL]HVEXIERHGEPGMYQ
L]HVS\MHIMRGIQIRXTEWXI %XXMSKFIERH(EV[MR WXVEMRFILEZMSVGERFISFXEMRIHYWMRKERSRPMRIEVVITVIWIRXEXMSR
JSVXLIQSVXEVGSRWXMXYIRXSJXLITL]WMGEPQSHIP
1ELIVERH(EV[MREPWSWXYHMIHXLIFILEZMSVSJXLIQSVXEV
GSRWXMXYIRX SJ GSRGVIXI YRHIV QSRSXSRMG ERH G]GPMG
GSQTVIWWMSR (IKVEHEXMSRMRQSVXEV[EWWLS[RXSFI
EGSRXMRYSYWTVSGIWWERHEJYRGXMSRSJFSXLXSXEPWXVEMRERH
PSEHLMWXSV]8LIWXYH]MRHMGEXIHXLEXVIWMHYEPWXVEMREW[IPP
EW XLI GLERKI MR XLIMRMXMEP QSHYPYW SJ IPEWXMGMX] EVI KSSH
QIEWYVIWSJWXVYGXYVEPGLERKI[MXLMRXLIQEXIVMEP%GGYQY
PEXMSRW SJ VIWMHYEP WXVEMR [IVI SFXEMRIH JSV ZEPYIW SJ
QE\MQYQWXVEMREWPS[EW8LI[SVOWLS[IHXLEX
XLIQE\MQYQWXVEMREPSRIHSIWRSXGSRXVSPXLIHIKVEHEXMSR
SJQSVXEVMRGSQTVIWWMSRERHXLEXXLIXSXEPWXVEMRVERKI FSXL
PSEHMRKERHYRPSEHMRK EHHWXSXLIHIKVEHEXMSRMRWXMJJRIWW
ERHEGGYQYPEXMSRSJVIWMHYEPWXVEMR8LIMV[SVOGSRGPYHIWEW
[EWTVIZMSYWP]SFWIVZIH 1I]IVW7PEXIERH;MRXIV
7LELERH'LERHVE2KEF7PEXIERH2MPWSR XLEX
FSRHERHQSVXEVQMGVSGVEGOMRKMRGSRGVIXIMWEJYRGXMSRSJ
XLIGSQTVIWWMZIWXVEMRMRXLIGSRGVIXIERHMWMRHITIRHIRXSJ
XLI QIXLSH MR [LMGL XLI WXVEMR MW ETTPMIH &IGEYWI XLI
QE\MQYQ WXVEMR HSIW RSX ETTIEV XS GSQTPIXIP] GSRXVSP
HIKVEHEXMSRJEGXSVWSXLIVXLERFSRHERHQSVXEVGVEGOWGER
HSQMREXIXLIHIKVEHEXMSRSJGSRGVIXIHYVMRKG]GPMGPSEHMRK
1EVXMR(EV[MRERH8IVV] WXYHMIHXLIFILEZMSVSJ
TEWXI QSVXEV ERH GSRGVIXI YRHIV G]GPMG ERH WLSVXXIVQ
WYWXEMRIHGSQTVIWWMSR8LI]JSYRHEKVIEXWMQMPEVMX]MRXLI
FILEZMSVSJGSRGVIXIERHMXWQSVXEVGSRWXMXYIRXEPXLSYKLXLI
FSRHERHQSVXEVQMGVSGVEGOMRKJSYRHMRGSRGVIXI[IVIRSX
SFWIVZIH MR XLI QSVXEV WTIGMQIRW 3J XLI XLVII QEXIVMEPW
WXYHMIH GIQIRX TEWXI LEW XLI KVIEXIWX WXVEMR GETEGMX] ERH
WXVIRKXLJSPPS[IHF]QSVXEVERHGSRGVIXI *MK 8S YRHIVWXERH XLI GSQTVIWWMZI VIWTSRWI SJ XLI GIQIRX
TEWXI ERH QSVXEV GSRWXMXYIRXW SJ GSRGVIXI %XXMSKFI ERH
(EV[MR YWIH XLI 7)1 XS WXYH] WYFQMGVS
WGSTMG GVEGOMRK YRHIV YRME\MEP GSQTVIWWMSR *MK 1EXIVMEPW[MXL[EXIVGIQIRXVEXMSW [G SJERH
[IVIWYFNIGXIHXSQSRSXSRMGG]GPMGERHWLSVXXIVQWYWXEMRIH
PSEHMRK 8LIMV SFWIVZEXMSRW WLS[IH XLEX QSWX GVEGOW MR
GIQIRXTEWXIVERKIMR[MHXLJVSQXS™Q XS
»zMR ERHMRPIRKXLJVSQXSSZIV™Q XSSZIV»
z MR 8IWXW SR QSVXEVWLS[IH XLEX RSRPSEHIH WTIGMQIRW
LEHEFSYX SJXLIGVEGOHIRWMX]SJXLIGSVVIWTSRHMRK
GIQIRX TEWXI WTIGMQIRW %W XLI ETTPMIH WXVEMR [EW
MRGVIEWIH LS[IZIV XLI GVEGO HIRWMX] MRGVIEWIH QSVI
VETMHP]MRXLIQSVXEVIZIRXYEPP]WYVTEWWMRKXLIZEPYISFXEMRIH
MRXLIGIQIRXTEWXI;LMPIWERHTEVXMGPIWGERVIHYGIGVEGO
HIRWMX] HYI XS ZSPYQI GLERKIW MR GIQIRX TEWXI XLIWI
VIWYPXWMRHMGEXIXLEXXLI]EGXEWWXVIWWVEMWIVW[LIRPSEH
MW ETTPMIH 8LMW MRGVIEWI MR GVEGO HIRWMX] YRHIV ETTPMIH
PSEHMRKQE]I\TPEMRXLIVIHYGXMSRMRYPXMQEXIWXVEMRGETEGMX]
I\LMFMXIHMR*MK 1EVXMR(EV[MRERH8IVV] JSV
QSVXEVGSQTEVIH[MXLGIQIRXTEWXIEXXLIWEQI[G
9WMRKEREP]XMGEPTVSGIHYVIW%XXMSKFIERH(EV[MR IWXEFPMWLIHXLEXEWMKRMJMGERXTSVXMSRSJXLIRSRPMRIEVWXVEMR
MRGIQIRXTEWXIERHQSVXEVGERFIEXXVMFYXIHXSXLIQMGVSGVEGOW
[MXLMRXLIGIQIRXTEWXI
3ZIVEPPXLIHEQEKIXSGIQIRXTEWXIMRGSQTVIWWMSRWIIQW
XS TPE] E HSQMRERX VSPI MR GSRXVSPPMRK XLI TVMQEV] WXVIWW
WXVEMR FILEZMSV SJGSRGVIXI YRHIVGSQTVIWWMSR -R RSVQEP
[IMKLX GSRGVIXI EKKVIKEXI TEVXMGPIW EGX EW WXVIWW VMWIVW
MRGVIEWMRKXLIMRMXMEPWXMJJRIWWERHHIGVIEWMRKXLIWXVIRKXL
SJXLITEWXIERHGSRXVSPPMRKXLIGSQTVIWWMZIWXVIRKXLSJXLI
GSRGVIXI%RYRHIVWXERHMRKSJGSRGVIXIFILEZMSVMRGSQTVIW
WMSR XLYWVIUYMVIWERYRHIVWXERHMRK SJ FSXLXLIFILEZMSVSJ
GIQIRXTEWXIMRGSQTVIWWMSRERHXLIMRXIVEGXMSRSJGIQIRX
TEWXI[MXLEKKVIKEXITEVXMGPIW
{*VEGXYVI
%TTPMGEFMPMX]SJPMRIEVIPEWXMGJVEGXYVIQIGLERMGW{
8LIJVEGXYVIXSYKLRIWWSJEFVMXXPIQEXIVMEP[LMGLMWGLEVEG
XIVM^IH F] E GVMXMGEP WXVIWWMRXIRWMX] JEGXSV /-G GER FI
QIEWYVIHF]YWMRKEWMRKPIIHKIRSXGLIHFIEQWYFNIGXIHXS
EQSRSXSRMGEPP]MRGVIEWMRKPSEH8LIPSEHMWETTPMIHWSXLEX
EGSRWXERXVEXISJGVEGOQSYXLSTIRMRKHMWTPEGIQIRX '13(
MWQEMRXEMRIH-JXLIPSEH'13(GYVZIMWPMRIEV0)*1GER
FIYWIHXSGEPGYPEXI/-GFEWIHSRXLIQIEWYVIHQE\MQYQPSEH
ERHXLIPIRKXLSJXLIGVEGONYWXFIJSVIJEMPYVI %781) /-GMWYWIHMRXLIHIWMKRSJQIXEPWXVYGXYVIWXSTVIZIRXFVMXXPI
JEMPYVI[LIVIJEXMKYIGVEGOKVS[XLMWI\TIGXIHXSSGGYV*SV
0)*1XSFIETTPMGEFPILS[IZIVXLIZEPYISJ/-GWLSYPH
FIEQEXIVMEPTVSTIVX]MRHITIRHIRXSJXLIWTIGMQIRKISQIXV]
;LIR /-G[EWGEPGYPEXIHJSVGSRGVIXIEWHIWGVMFIHTVIZM
SYWP]WMKRMJMGERXIJJIGXWSJXLIWM^IERHKISQIXV]SJXLIXIWX
WTIGMQIR [IVI SFWIVZIH F] QER] MRZIWXMKEXSVW /ETPER
2EYWERH0SXX,MKKMRWERH&EMPI] 8LI
HEXETVIWIRXIHMR*MK ,MKKMRWERH&EMPI] WLS[W
XLEX /-GMRGVIEWIW[MXLXLIWTIGMQIRHITXL7YGLVIWYPXWPIH
QER]XSUYIWXMSRXLIETTPMGEFMPMX]SJ0)*1XSGSRGVIXI
6IWYPXW SFXEMRIHJVSQWMRKPIIHKIRSXGLIHFIEQW[IVIEPWS
EREP]^IH F] WIZIVEP MRZIWXMKEXSVW XS HIXIVQMRI MJ GSRGVIXI
HMWTPE]W ER] RSXGL WIRWMXMZMX] 2SXGL WIRWMXMZMX] GER FI
I\TVIWWIH EW XLI VEXMS SJ RIX WXVIWW EX XLI GVEGO XMT XS XLI
QSHYPYWSJVYTXYVISJERYRRSXGLIHWTIGMQIR(EXESRXLI
RSXGL WIRWMXMZMX] SJ LEVHIRIH GIQIRX TEWXI QSVXEV ERH
GSRGVIXI EVI WLS[R MR *MK ,MKKMRW ERH &EMPI] /IWPIV2EYWERH0SXX7LELERH1G+EVV]+NÜVZ
7SVIRWSRERH%VRIWSR,MPPIQIMIVERH,MPWHSVJ '3286303*'6%'/-2+-2'32'6)8)7869'896)7
6
*MK{7M^IIJJIGXSRWXVIWWMRXIRWMX]JEGXSV FEWIHSRHEXEJVSQ,MKKMRWERH&EMPI]
*MK{)JJIGXSJVIPEXMZIRSXGLHITXLSRRSXGLWIRWMXMZMX] FEWIHSRHEXEJVSQ
,MKKMRW ERH &EMPI] /IWPIV 2EYW ERH 0SXX 7LEL ERH 1G+EVV]
+NÜVZ7SVIRWSRERH%VRIWSR,MPPIQIMIVERH,MPWHSVJ 8LIWTIGMQIRWWLS[MRKRSRSXGLWIRWMXMZMX]EVIPMOIP]XLIVIWYPX
SJHIJMGMIRGMIWMRXLIXIWXQIXLSHWEWI\TPEMRIHF]+NÜVZIX
EP 8LI VIWYPXW MRHMGEXI LS[IZIV XLEX FSXL QSVXEV
ERHGSRGVIXIHMWTPE]PIWWRSXGL WIRWMXMZMX] XLER LEVHIRIH
GIQIRX TEWXI -X MW [MHIP] EGGITXIH XSHE] XLEX XLMW PS[IV
RSXGLWIRWMXMZMX]JSV XLIVIPEXMZIP] QSVI LIXIVSKIRISYW QEXI
VMEPW TEVXMGYPEVP] GSRGVIXI MW HYI XS XLI JEGX XLEX 0)*1 MW
MRETTPMGEFPIJSVPEFSVEXSV]WM^IWTIGMQIRWSJXLIWIQEXIVMEPW
+NÜVZIXEP;MXXQERR -XMWEPWS[MHIP]EGGITXIH
0MRWFEYIVIXEPEF LS[IZIVXLEX0)*1MWEZEPMHXSSP
JSVEREP]^MRKPEVKIGSRGVIXIWXVYGXYVIWWYGLEWHEQW[LIVI
XLI LIXIVSKIRIMXMIW ERH XLI JVEGXYVI TVSGIWW ^SRI EVI WQEPP
GSQTEVIH[MXLXLIWXVYGXYVIHMQIRWMSRW
2SRPMRIEV JVEGXYVI QSHIPW JSV GSRGVIXI{8LI
MRETTPMGEFMPMX]SJ0)*1XSPEFSVEXSV]WM^IGSRGVIXIWTIGM
QIRW MW XLI VIWYPX SJ XLI LIXIVSKIRIMX] MRLIVIRX MR XLI
GSRGVIXI8LMWLIXIVSKIRIMX]VIWYPXWMREVIPEXMZIP]PEVKIJVEGXYVI
TVSGIWW ^SRI XLEX VIWYPXW MR E WYFWXERXMEP EQSYRX SJ GVEGO
KVS[XL GVEGOI\XIRWMSR TVIGIHMRKXLIGVMXMGEP QE\MQYQ
PSEHERHMWVIWTSRWMFPIJSVXLIWXVSRKHITIRHIRGISJ/-GSR
XLI WM^I ERH KISQIXV] SJ XIWX WTIGMQIRW 4VIGVMXMGEP GVEGO
KVS[XL GVEGOI\XIRWMSR JSVERSXGLIHFIEQXIWXMWWLS[RMR
*MK[LIVIXLIGVEGOKVS[XLELIEHSJXLIRSXGL[EWGSRXMR
6
1%29%03*'32'6)8)46%'8-')
*MK{4VIGVMXMGEPGVEGOKVS[XL .SLRERH7LEL *MK{2SVQEPM^IHTIEOWXVIWWZIVWYWGVEGO[MHXLMRYRE\MEPXIRWMSR +STEPVEXREQERH
7LEL YSYWP] QSRMXSVIH YWMRK E WTIGMEPP] HIZIPSTIH FVMXXPI GVEGO
KEKI .SLRERH7LEL 8LI JVEGXYVI TVSGIWW ^SRI MR GSRGVIXI MW WYFWXERXMEPP]
HMJJIVIRXJVSQXLITPEWXMG^SRIMRQIXEPW*SVQIXEPWXLITPEWXMG
^SRIMWHIJMRIHEWE^SRI[LIVIXLIQEXIVMEPLEW]MIPHIHELIEH
SJXLIGVEGO0)*1MWFEWIHSRXLIEWWYQTXMSRXLEXXLITPEWXMG
^SRI MW WYFWXERXMEPP] WQEPPIV XLER XLI HMQIRWMSRW SJ XLI XIWX
WTIGMQIR0EFSVEXSV]WM^IWTIGMQIRWWEXMWJ]XLMWGVMXIVMSRJSV
QIXEPW *SV GSRGVIXI &E‚ERX WXEXIH XLEX XLI JVEGXYVI
TVSGIWW^SRILEWERIKPMKMFPIIJJIGXMJXLIGVSWWWIGXMSREP
HMQIRWMSRWSJEQIQFIVMWEXPIEWXXMQIWXLIQE\MQYQ
EKKVIKEXI WM^I [LMGL [SYPH PIEH XS TVSLMFMXMZI WM^I
VIUYMVIQIRXW *SV MRWXERGI GSRGVIXI [MXL QQ MR
EKKVIKEXIW[SYPHVIUYMVIEFIEQ[MXLEHITXLSJEXPIEWXSJQ
JX -RZMI[SJXLIWIWTIGMQIRWM^IVIUYMVIQIRXW[LIR0)*1
MWRSXETTPMGEFPIJSVQER]SJXLIJVEGXYVIXIWXWXLEXLEZIFIIR
GSRHYGXIHSRGSRGVIXI8LIVIJSVIMJPEFSVEXSV]WM^IWTIGMQIRW
EVIYWIHXSIZEPYEXIXLI JVEGXYVIXSYKLRIWWSJGSRGVIXI MX MW
MQTIVEXMZIXLEXXLIIJJIGXSJXLITVSGIWW^SRIMWGSRWMHIVIH
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
6
E
E
F
*MK { E *MGXMXMSYW GVEGO QSHIP ERH F GVEGO FERH
QSHIP
F
*MKYVI WLS[W XLI VIWYPXW SJ E YRME\MEP XIRWMPI XIWX
GSRHYGXIH F] +STEPEVEXREQ ERH 7LEL 8LI EZIVEKI
WYVJEGI GVEGO STIRMRK HMWTPEGIQIRXW HYVMRK XLMW XIWX [IVI
QIEWYVIHQMGVSWGSTMGEPP]8LITIEOSJXLIGYVZIWLS[R
MR*MKEX^IVSHMWTPEGIQIRXMWEWWYQIHXSFIIUYEPXSXLI
XIRWMPIWXVIRKXLSJXLIGSRGVIXIERHXLIEVIEYRHIVXLIGYVZIMW
GSRWMHIVIHXSFIXLIJVEGXYVIIRIVK]SJXLIGSRGVIXI+J ,MPPIVFSVK1SHIIVERH4IXIVWWSR HIZIPSTIHXLI
JMGXMXMSYWGVEGOQSHIP[LMGLLEWFIIRYWIHJSVJMRMXIIPIQIRX
EREP]WMWSJGSRGVIXIJVEGXYVI*MKYVI E MPPYWXVEXIWXLIFEWMG
GSRGITXSJXLIETTVSEGL*SVEFIEQMRJPI\YVIXLIPIJXLERH
TSVXMSRSJ*MK E WLS[WXLIZEVMEXMSRMRWXVIWWEPSRKXLI
GVEGOTEXLVIEGLMRKETIEOEXXLIJMGXMXMSYWGVEGOXMT[LIVI
XLIWXVIWWMWIUYEPXSJX XLIXIRWMPIWXVIRKXLSJXLIGSRGVIXI ERHXLI'83(MW^IVS1SZMRKXSXLIPIJXSJXLITIEOXLI
WXVIWWHVSTWEWXLIGVEGOSTIRW[MXLXLIVIEPGVEGOIRHMRKEX
XLI TSMRX [LIVI XLI WXVIWW EGVSWW XLIGVEGOLEWHVSTTIH XS
^IVS8SXLIVMKLXXLIWXVIWWHVSTWMREHZERGISJXLIGVEGO
8LIQEXIVMEPFIX[IIRXLIVIEPERHJMGXMXMSYWGVEGOXMTXVERW
QMXW XIRWMPI WXVIWW EW HIJMRIH F] E WSJXIRMRK WXVIWWGVEGO
STIRMRKHMWTPEGIQIRXGYVZIWYGLEW*MKERHXLIVMKLX
LERH TSVXMSR SJ *MK E -J XLI WLETI SJ XLMW WSJXIRMRK
GYVZIMWEWWYQIHXSFIJM\IHXLIRXLIJVEGXYVISJXLIGSRGVIXI
MWGSQTPIXIP]GLEVEGXIVM^IHF]JX ERH+J &E‚ERXERH3L HIZIPSTIHEGVEGOFERHQSHIPXS
EGGSYRX JSV XLI JVEGXYVI TVSGIWW ^SRI MR GSRGVIXI MR E
WQIEVIHQERRIVXLVSYKLXLIMRXVSHYGXMSRSJEWXVEMRWSJXIRMRK
GSRWXMXYXMZIVIPEXMSR-RXLMWQSHIPXLIGVEGOJVSRXLEWE[MHXL
SJ ;GXLEXMWIUYEPXSXLI[MHXLSJEWMRKPIJMRMXIIPIQIRX
*MK F 8LIGVEGOFERHQSHIPMWHIWMKRIHXSTVSHYGIE
VIWTSRWIMREJMRMXIIPIQIRXQSHIPXLEXIWWIRXMEPP]QEXGLIWXLI
VIWYPXWSJXLIJMGXMXMSYWGVEGOQSHIP-RXLIGVEGOFERHQSHIP
XLIGVEGOMWVITVIWIRXIHF]ERIUYMZEPIRXGLERKIMRQEXIVMEP
*MK{ E )JJIGXMZI+VMJJMXLGVEGOERH F X]TMGEPTPSX
SJPSEHZIVWYW'13( .IRUERH7LEL TVSTIVXMIW[MXLMRERIPIQIRX-R*MK F XLIJMKYVISRXLI
PIJXLERHWMHIMWEREPSKSYWXSXLIJMKYVISRXLIPIJXLERHWMHISJ
*MK E WLS[MRKEZEVMEXMSRMRWXVIWWEPSRKXLIGVEGOJVSRXEW
EJYRGXMSRSJPSGEXMSR8LIVMKLXLERHTSVXMSRSJ*MK F
WLS[WXLIWXVIWWWXVEMRGYVZIXLEXHIJMRIWXLIFILEZMSVSJER
IPIQIRXEWXLIGVEGOKVS[W8LIVMWMRKTSVXMSRSJXLIWXVIWW
WXVEMRGYVZIMWYWIHXSWMQYPEXIEWPS[P]STIRMRKGVEGO8LI
TVSHYGXSJXLIWXVEMR JWLS[RMR*MK F ERHXLI[MHXLSJ
XLIJMRMXIIPIQIRX;GMWIUYEPXLIGVEGOSTIRMRKHMWTPEGIQIRX
GWLS[RMR*MK E ;LIRYWIHMRGSRNYRGXMSR[MXLXLI
X[SQEXIVMEPTVSTIVXMIWYWIHJSVXLIJMGXMXMSYWGVEGOQSHIP+J
ERH JX XLI X[S TVSGIHYVIW TVSHYGI RIEVP] MHIRXMGEP VIWYPXW
0IMFIRKSSH(EV[MRERH(SHHW 2SRPMRIEV JVEGXYVI QSHIPW FEWIH SR EHETXEXMSR SJ
0)*1{7IZIVEPMRZIWXMKEXSVWLEZITVSTSWIHXLIYWISJER
IJJIGXMZIGVEGOPIRKXLEIXSEGGSYRXJSVXLIJVEGXYVITVSGIWW
^SRI 'EXEPERSERH-RKVEJJIE2EPPEXLEQFMERH/EVML
EPSS 6IJEM ERH 7[EVX^ 8LI IJJIGXMZI GVEGO
PIRKXLMWSFXEMRIHJVSQXLIVIHYGXMSRMRWXMJJRIWWEXXLITIEO
PSEHMREXLVIITSMRXFIRHXIWX8LIIJJIGXMZIGVEGOHITIRHWSR
XLIQE\MQYQKVEMRWM^ISJXLIEKKVIKEXIERHSRXLIKISQIXV]
SJXLIWTIGMQIR8LIXIVQEIMWSFXEMRIHF]GSQTEVMRKXLI
GSQTPMERGISJXLIXIWXWTIGMQIR[MXLGSQTPMERGIWSFXEMRIH
JVSQEWIVMIWSJTVIRSXGLIHFIEQW;LIR/-GMWGEPGYPEXIH
YWMRKXLIIJJIGXMZIGVEGOPIRKXLEWM^IMRHITIRHIRXZEPYIMW
SFXEMRIH 6IJEM ERH 7[EVX^ HIZIPSTIH IQTMVMGEP
IUYEXMSRW XLEX VIPEXI IJJIGXMZI GVEGO PIRKXL [MXL WTIGMQIR
KISQIXV]ERHQEXIVMEPTVSTIVXMIW
6
1%29%03*'32'6)8)46%'8-')
*MK{7M^IIJJIGXPE[ &E‚ERX/MQERH4JIMJJIV .IRUERH7LEL TVSTSWIHEQIXLSHXSHIXIVQMRIXLI
IJJIGXMZIGVEGOPIRKXL[LMGLMWXLIRYWIHXSGEPGYPEXIEGVMXMGEP
W
WXVIWWMRXIRWMX] JEGXSV /-G
ERH E GVMXMGEP GVEGO XMT STIRMRK
HMWTPEGIQIRX '83( *MKYVI MPPYWXVEXIWXLI IJJIGXMZI
GVEGOPIRKXL GSRGITX 8LI IJJIGXMZI GVEGO PIRKXL GSRGITX
MXWIPJMWXLIWYQSJEQIEWYVEFPIGVEGOZMWMFPISRXLIWMHISJ
EWTIGMQIRTPYWXLIEHHMXMSREPGVEGOPIRKXLVITVIWIRXIHF]
XLIJVEGXYVITVSGIWW^SRI8LIIJJIGXMZIGVEGOPIRKXLMWIZEP
YEXIHYWMRKXLIYRPSEHMRKGSQTPMERGIQIEWYVIQIRX 'YSJ
XLI PSEH'13( GYVZI EX XLI TSMRX SJ QE\MQYQ PSEH EW
WLS[RMR*MK F .IRKERH7LELJSYRHXLEXXLIIJJIGXMZI
GVEGO PIRKXL GEPGYPEXIH JVSQ GSQTPMERGI QIEWYVIQIRXW MW
XLI WEQI EW XLEX SFXEMRIH YWMRK 0)*1 ERH EWWYQMRK XLEX
'83(LEWEGVMXMGEPZEPYI[LMGL[EWJSYRHXSFIMRHITIRHIRX
SJ XLI WM^I ERH KISQIXV] SJ XLI FIEQW XIWXIH ERH QE] FI
GSRWMHIVIHXSFIEZEPMHJVEGXYVITEVEQIXIV
7M^IIJJIGXSJJVEGXYVI{8LIIJJIGXSJWXVYGXYVEPWM^I
SRXLIJVEGXYVISJGSRGVIXIMWTIVLETWXLIQSWXGSQTIPPMRK
VIEWSRJSVYWMRKJVEGXYVIQIGLERMGW %'-6 *SVFPYRXJVEGXYVI EWSGGYVWMREGVEGO[MXLEHMJJYWIJVEGXYVI
TVSGIWW^SRIMRQEXIVMEPWWYGLEWGSRGVIXI XLIXSXEPTSXIRXMEP
IRIVK]VIPIEWIGEYWIHF]JVEGXYVIMREKMZIRWXVYGXYVIHITIRHW
SRXLIPIRKXLSJXLIJVEGXYVIERHXLIEVIEXVEZIVWIHF]XLIJVEG
XYVITVSGIWW^SRIWSXLEXXLIWM^ISJXLIJVEGXYVITVSGIWW^SRIMW
GSRWXERXERHMRHITIRHIRXSJXLIWM^ISJXLIWXVYGXYVI(MQIR
WMSREP EREP]WMWXLIRWLS[WXLEX XLIWXVYGXYVEPWM^IIJJIGX
JSVKISQIXVMGEPP]WMQMPEVWTIGMQIRWSVWXVYGXYVIWMWKSZIVRIH
F]XLIWMQTPIVIPEXMSR &E‚ERX/MQERH4JIMJJIV
2
&J X
! H k HS
[LIVI
! 4FH!RSQMREPWXVIWWEXJEMPYVI
2
4
! QE\MQYQPSEH XLEXMWJEMPYVIPSEH F
! XLMGORIWW
H
! GLEVEGXIVMWXMGHMQIRWMSRSJXLIWTIGMQIRSVWXVYGXYVI
JX
! HMVIGXXIRWMPIWXVIRKXLERH
&HS ! IQTMVMGEPGSRWXERXWHSFIMRKEGIVXEMRQYPXMTPISJXLI
QE\MQYQWM^ISJMRLSQSKIRIMXMIWMRXLIQEXIVMEPHE 8LIZEPYISJ&ERHXLIVEXMSSJHS HEHITIRHWSRP]SRXLI
WLETISJXLIWXVYGXYVIRSXSRMXWWM^I*MKYVIWLS[W
XLIVIPEXMSRWLMTFIX[IIRRSQMREPWXVIWWEXJEMPYVIERHWM^I
-JXLIWXVYGXYVIMWZIV]WQEPPXLIWIGSRHXIVQMRTEVIRXLIWIW
HHSSJ)U MWRIKPMKMFPIGSQTEVIH[MXLERH 2!&JX
MWXLIJEMPYVIGSRHMXMSRXLEXVITVIWIRXWXLIWXVIRKXLGVMXIVMSR
ERH GSVVIWTSRHW XS XLI LSVM^SRXEP PMRI MR *MK -J XLI
WXVYGXYVIMWZIV]PEVKIMWRIKPMKMFPIGSQTEVIH[MXLH HSERH
2!GSRWXERX H 8LMWMWXLIX]TMGEPWM^IIJJIGXMR0)*1MX
GSVVIWTSRHW XS XLI MRGPMRIH WXVEMKLX PMRI MR *MK %GGSVHMRK XS )U XLI WM^I IJJIGX MR FPYRX JVEGXYVI
VITVIWIRXWEKVEHYEPXVERWMXMSRJVSQXLIWXVIRKXLGVMXIVMSRXS
XLIIRIVK]GVMXIVMSRSJ0)*1
8LI WM^IIJJIGX PE[ LEW FIIR YWIH F] &E‚ERX ERH 7YR
&E‚ERX ERH 7IRIV ERH &E‚ERX 7IRIV ERH
4VEXX XSTVIHMGXXLIWM^IIJJIGXWJSVWLIEVXSVWMSRERH
FSRHTYPPSYXXIWXMRKSJGSRGVIXI
)JJIGX SJ QEXIVMEP TVSTIVXMIW SR JVEGXYVI{'IVXEMR
QEXIVMEPTVSTIVXMIWIWTIGMEPP][GQTPE]ERMQTSVXERXVSPI
MR GSRXVSPPMRK XLI GSQTVIWWMZI WXVIRKXL ERH HYVEFMPMX] SJ
GSRGVIXI 8LI IJJIGX SJ XLIWI QEXIVMEP TVSTIVXMIW SR XLI
JVEGXYVISJGSRGVIXIEVIRSXGIVXEMRLS[IZIVWSQIWXYHMIW
LEZI WTIGMJMGEPP] EHHVIWWIH XLMW UYIWXMSR )EVP] [SVO F]
2EYWERH0SXX MRHMGEXIHXLEXXLIJVEGXYVIXSYKLRIWWSJ
GIQIRXTEWXIERHQSVXEVMRGVIEWIW[MXLHIGVIEWMRK[GQFYX
[GQLEWPMXXPIIJJIGXSRXLIJVEGXYVIXSYKLRIWWSJGSRGVIXI
2EYWERH0SXXJSYRHXLEX/-GMRGVIEWIW[MXLEKIERHHIGVIEWIW
[MXLMRGVIEWMRKEMVGSRXIRXJSVTEWXIQSVXEVERHGSRGVIXI8LI
JVEGXYVIXSYKLRIWWSJQSVXEVMRGVIEWIW[MXLMRGVIEWMRKWERH
GSRXIRX ERH XLI JVEGXYVI XSYKLRIWW SJ GSRGVIXI MRGVIEWIW
[MXLERMRGVIEWIMRXLIQE\MQYQWM^ISJXLIGSEVWIEKKVI
KEXI+IXXY&E‚ERXERH/EVV MREWXYH]SJXLIJVEG
XYVITVSTIVXMIWSJLMKLWXVIRKXLGSRGVIXIQEHIERYQFIVSJ
SFWIVZEXMSRWXLEXQEXGLXLSWISFXEMRIHMRXLIIEVPMIV[SVO
8LI]SFWIVZIHXLEXXLIJVEGXYVIXSYKLRIWWERHJVEGXYVIIRIVK]
SFXEMRIH[MXLLMKLWXVIRKXLGSRGVIXIMWRSXQYGLLMKLIVXLER
XLEXJSVPS[IVWXVIRKXLGSRGVIXIERHER]MRGVIEWIXLEXSGGYVW
MW EX E VEXI PIWW XLER MR TVSTSVXMSR XS XLI WUYEVI VSSX SJ
GSQTVIWWMZI WXVIRKXL 8LI [SVO F] +IXXY &E‚ERX ERH
/EVV [EWGEVVMIHSYX[MXLQM\XYVIWXLEXQEMRXEMRIH
E GSRWXERX QE\MQYQWM^I EKKVIKEXI ;LIR XLI VIWYPXW SJ
XLIMV[SVOEVIGSQFMRIH[MXLXLIX]TMGEPTVSGIHYVISJYWMRK
WQEPPIVQE\MQYQWM^IEKKVIKEXIJSVLMKLWXVIRKXLGSRGVIXI
MXFIGSQIWGPIEVXLEXMQTVSZIQIRXWMRGSQTVIWWMZIWXVIRKXL
SFXEMRIH[MXLXLIYWISJMRGVIEWIHGIQIRXGSRXIRXWQMRIVEP
EHQM\XYVIW LMKLVERKI [EXIVVIHYGIVW ERH [MXL XLI EG
GSQTER]MRKVIHYGXMSRMRXSXEPEKKVIKEXIZSPYQI[MPPRSX
MRGVIEWI JVEGXYVI XSYKLRIWW 8LI VIWYPX MW XLEX WXVYGXYVEP
QIQFIVW QEHI [MXL LMKLWXVIRKXL GSRGVIXI [MPP I\LMFMX E
PS[IVXLERI\TIGXIHGETEGMX][LIRXLIQIQFIVWXVIRKXL
HITIRHWSRXLIGSRGVIXIXIRWMPIWXVIRKXLERHXLIHIWMKRMW
FEWIH SR J G 7TIGMJMG I\EQTPIW EVI JPI\YVEP GVEGOMRK
WLIEV WXVIRKXL ERH FSRH WXVIRKXL FIX[IIR GSRGVIXI ERH
VIMRJSVGMRKWXIIP8LIMQTEGXSJYWMRKLMKLWXVIRKXLGSRGVIXISR
XLIWIPSEHGEVV]MRKQIGLERMWQWRIIHWEHHMXMSREPWXYH]
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
',%48)6{'3286303*'6%'/-2+(9)
83(6=-2+7,6-2/%+)
{-RXVSHYGXMSR
(V]MRKWLVMROEKISJGSRGVIXIMWXLIVIHYGXMSRMRZSPYQI
GEYWIHF]XLIPSWWSJ[EXIV(V]MRKWLVMROEKIGERFIHIJMRIH
EWXLIXMQIHITIRHIRXPMRIEVWXVEMREXGSRWXERXXIQTIVEXYVI
QIEWYVIHSRERYRPSEHIHWTIGMQIRXLEXMWEPPS[IHXSHV]
*VSQEWXVYGXYVEPTSMRXSJZMI[XLIVIMWRSRIIHXSWITEVEXI
HV]MRK WLVMROEKI JVSQ SXLIV OMRHW SJ TLIRSQIRE WYGL EW
GEVFSREXMSRWLVMROEKIERHEYXSKIRSYWWLVMROEKI%X]TMGEP
ZEPYIJSVXLIJMREPWLVMROEKIWXVEMRSJGSRGVIXIMRWXVYGXYVIW
MW»z&IGEYWIXLIGSRGVIXIXIRWMPIWXVEMRGETEGMX]
GERFI»zSVPIWWGVEGOMRK[MPPVIWYPXMJXLIWLVMROEKI
MWVIWXVEMRIHMREGSRGVIXIQIQFIV8LIVIMWELMKLHIKVIISJ
YRGIVXEMRX] MR TVIHMGXMRK WLVMROEKI SJ GSRGVIXI WXVYGXYVIW
LS[IZIV FIGEYWI XLMW TVSTIVX] ZEVMIW GSRWMHIVEFP] [MXL
QER]TEVEQIXIVWMRGPYHMRKGSRGVIXIGSQTSWMXMSRWSYVGISJ
EKKVIKEXI EQFMIRX VIPEXMZI LYQMHMX] WTIGMQIR KISQIXV]
ERHQSVIWTIGMJMGEPP]XLIVEXMSSJXLII\TSWIHWYVJEGIXSXLI
ZSPYQISJXLIWXVYGXYVEPIPIQIRX*YVXLIVXLIWPS[HIZIPSTQIRX
SJWLVMROEKISZIVXMQIQEOIWMXHMJJMGYPXXSSFXEMREREGGYVEXI
TVIHMGXMSRJSVEKMZIRGSRGVIXIJVSQWLSVXXIVQPEFSVEXSV]
QIEWYVIQIRXW%WEVIWYPXEGSIJJMGMIRXZEVMEXMSRSJ SV
QSVIGERFII\TIGXIHMRTVIHMGXMRKPSRKXIVQWLVMROEKI
&IJSVIXVYIQSMWXYVIIUYMPMFVMYQLEWFIIRVIEGLIH[MXLMR
EQIQFIVGVSWWWIGXMSRMRXIVREPWLVMROEKIVIWXVEMRXSGGYVW
FIGEYWISJQSMWXYVIKVEHMIRXW'SRWIUYIRXP]WIPJIUYMPMFVEXMRK
MRXIVREP WXVIWWIW EVI TVIWIRX [MXL XIRWMSR SR XLI WYVJEGI ERH
GSQTVIWWMSRMRXLIMRXIVMSV8LMWWXVIWWGSRHMXMSRGERGEYWI
GVEGOMRKMJRSXVIPMIZIHF]GVIIT
7LVMROEKI ERH GVIIT EVI SJXIR VIWTSRWMFPI JSV I\GIWWMZI
HIJPIGXMSRWERHGYVZEXYVIPSWWIWMRTVIWXVIWWERHVIHMWXVMFY
XMSRSJMRXIVREPWXVIWWIWERHVIEGXMSRWMRWXEXMGEPP]MRHIXIVQM
REXIQIQFIVW-JRSXGSRXVSPPIHHV]MRKWLVMROEKIGERPIEHXS
WIVZMGIEFMPMX]TVSFPIQWWYGLEWI\GIWWMZIHIJPIGXMSRWERH
HYVEFMPMX] TVSFPIQW WYGL EW JVII^IXLE[ HIXIVMSVEXMSR ERH
GSVVSWMSREXGVEGOW
+SSH HIWMKR ERH GSRWXVYGXMSR TVEGXMGIW GER QMRMQM^I
XLIEQSYRXSJGVEGOMRKERHIPMQMREXISVGSRXVSPXLIZMWMFPI
PEVKI GVEGOW F] QMRMQM^MRK XLI VIWXVEMRX YWMRK EHIUYEXI
VIMRJSVGIQIRXERHGSRXVEGXMSRNSMRXW*YVXLIVMRJSVQEXMSR
GERFIJSYRHMR%'-6'VEGOMRKHYIXSHV]MRKWLVMROEKI
GER RIZIV FI IPMQMREXIH MR QSWX WXVYGXYVIW 8LMW GLETXIV
GSZIVW GVEGOMRK SJ LEVHIRIH GSRGVIXI HYI XS HV]MRK
WLVMROEKI JEGXSVW MRJPYIRGMRK WLVMROEKI GSRXVSP SJ
GVEGOMRK ERH XLI YWI SJ I\TERWMZI GIQIRXW XS QMRMQM^I
GVEGOMRK'SRWXVYGXMSRTVEGXMGIWERHWTIGMJMGEXMSRWXSQMRM
QM^IHV]MRKWLVMROEKIEVIGSZIVIHMR'LETXIV
{'EYWISJGVEGOMRKHYIXSHV]MRKWLVMROEKI
8LI GSRXVEGXMSR HYI XS HV]MRK WLVMROEKI SJ E GSRGVIXI
GSQTSRIRX [MXLMR E WXVYGXYVI MW EP[E]W WYFNIGX XS WSQI
HIKVII SJ VIWXVEMRX JVSQ IMXLIV XLI JSYRHEXMSR ERSXLIV
TEVXSJXLIWXVYGXYVISVXLIVIMRJSVGMRKWXIIPIQFIHHIHMRXLI
GSRGVIXI8LIGSQFMREXMSRSJWLVMROEKIERHVIWXVEMRXHIZIP
STWXIRWMPIWXVIWWIW[MXLMRXLIGSRGVIXI(YIXSXLIMRLIVIRXPS[
XIRWMPIWXVIRKXLSJGSRGVIXIGVEGOMRK[MPPSJXIRSGGYV *MK 6
*MK{'VEGOMRKSJGSRGVIXIHYIXSHV]MRKWLVMROEKI
%HHMXMSREP VIWXVEMRX EVMWIW JVSQ RSRYRMJSVQ WLVMROEKI
&IGEYWI HV]MRK SGGYVW RSRYRMJSVQP] JVSQ XLI WYVJEGI
XS[EVHW XLI GSRGVIXI GSVI WLVMROEKI [MPP GVIEXI MRXIVREP
XIRWMPIWXVIWWIWRIEVXLIWYVJEGIERHGSQTVIWWMSRMRXLIGSVI
(MJJIVIRXMEP WLVMROEKI GER VIWYPX MR [EVTMRK ERH WYVJEGI
GVEGOW8LIWYVJEGIGVEGOWGER[MXLXMQITIRIXVEXIHIITIV
MRXSXLIGSRGVIXIQIQFIVEWXLIMRXIVMSVTSVXMSRMWWYFNIGXXS
EHHMXMSREPWLVMROEKI
%W MPPYWXVEXIH MR *MK XLI XIRWMPI WXVIWW MRHYGIH F]
VIWXVEMRMRK HV]MRK WLVMROEKI MW VIHYGIH [MXL XMQI HYI XS
GVIITSVWXVIWWVIPE\EXMSR'VEGOWHIZIPSTSRP][LIRXLIRIX
XIRWMPI WXVIWW VIEGLIW XLI XIRWMPI WXVIRKXL SJ GSRGVIXI 8LI
GVIITVIPMIJHIGVIEWIW[MXLEKILS[IZIVWSXLEXXLIGVEGOMRK
XIRHIRG]FIGSQIWKVIEXIV[MXLMRGVIEWIHXMQI
{(V]MRKWLVMROEKI
;LIR GSRGVIXI HVMIW MX GSRXVEGXW SV WLVMROW ;LIR MX MW
[IXXIHMXI\TERHW8LII\TERWMSRHSIWRSXSGGYVXSXLIWEQI
I\XIRX EW WLVMROEKI 8LIWI ZSPYQI GLERKIW EPSRK [MXL
GLERKIWMRQSMWXYVIGSRXIRXEVIERMRLIVIRXGLEVEGXIVMWXMGSJ
L]HVEYPMGGIQIRXGSRGVIXI8LIGLERKIMRQSMWXYVIGSRXIRX
SJGIQIRXTEWXIGEYWIWGSRGVIXIXSWLVMROSVW[IPP%KKVI
KEXIVIHYGIWXLIYRMXZSPYQISJGIQIRXTEWXIERHTVSZMHIWER
MRXIVREPVIWXVEMRXXLEXWMKRMJMGERXP]VIHYGIWXLIQEKRMXYHISJ
XLIWIZSPYQIGLERKIWMRGSRGVIXI
-REHHMXMSRXSHV]MRKWLVMROEKIXLIGIQIRXTEWXIMWEPWS
WYFNIGXXSGEVFSREXMSRWLVMROEKI7LVMROEKIVIWYPXWJVSQXLI
IJJIGXWSJGEVFSRHMS\MHISRXLIGLIQMGEPGLERKIWSJGEPGMYQ
WMPMGEXI L]HVEXI ERH GV]WXEPPMRIL]HVEXMSR TVSHYGXW ERH XLI
HV]MRKSJXLITSVIWF]VIQSZMRKEFWSVFIH[EXIV'EPGMYQ
6
1%29%03*'32'6)8)46%'8-')
*MK{)JJIGXSJGVIITSRXIRWMPIWXVIWW
*MK{6IPEXMSRWFIX[IIRWLVMROEKIERHXMQIJSVGSRGVIXIWWXSVIHEXHMJJIVIRXVIPEXMZI
LYQMHMXMIW 8MQI VIGOSRIH WMRGI IRH SJ [IX GYVMRK EX HE]W 8VS\IPP 6ETLEIP ERH
(EZMW L]HVS\MHI[MPP JSVQ GEPGMYQ GEVFSREXI F] VIEGXMRK[MXL
EXQSWTLIVMG GEVFSR HMS\MHI &IGEYWI GEVFSR HMS\MHI HSIW
RSXTIRIXVEXIQSVIXLEREFSYXQQ MR MRXSXLIWYVJEGI
SJ LMKLUYEPMX] GSRGVIXI [MXL PS[ TSVSWMX] GEVFSREXMSR
WLVMROEKIMWSJQMRSVMQTSVXERGIMRXLISZIVEPPWLVMROEKI
SJQSWXGSRGVIXIWXVYGXYVIW'EVFSREXMSRHSIWLS[IZIVTPE]
ER MQTSVXERXVSPI MR XLIWLVMROEKI SJ WQEPPPEFSVEXSV] XIWX
WTIGMQIRW ERH WXVYGXYVIW GSRWXVYGXIH [MXL PS[UYEPMX]
TSVSYWGSRGVIXITEVXMGYPEVP][LIRWYFNIGXIHXSPSRKXIVQ
I\TSWYVIXSHV]MRK8LIEQSYRXSJGEVFSREXMSRWLVMROEKI
SFWIVZIHSREWQEPPPEFSVEXSV]WTIGMQIRGERFIKVIEXIVXLER
XLIWLVMROEKISJXLIGSRGVIXIMRXLIWXVYGXYVI8LMWIJJIGX
VIWYPXW JVSQ XLI KVIEXIV WYVJEGI EVIE XS ZSPYQI VEXMS MR
WQEPPIVWTIGMQIRW7LVMROEKIHYIXSGEVFSREXMSRMWHMWGYWWIHMR
HIXEMPF]:IVFIGO {*EGXSVWGSRXVSPPMRKHV]MRKWLVMROEKI
SJGSRGVIXI
8LIQENSVJEGXSVWGSRXVSPPMRKYPXMQEXIHV]MRKWLVMROEKISJ
GSRGVIXIMRGPYHIVIPEXMZILYQMHMX]EKKVIKEXIX]TIERHGSR
XIRX SVTEWXIGSRXIRX [EXIVGSRXIRXERH[GQ8LIVEXISJ
QSMWXYVIPSWWERHWLVMROEKISJEKMZIRGSRGVIXIMWMRJPYIRGIH
F] XLIWM^ISJ XLIGSRGVIXI QIQFIVXLIVIPEXMZILYQMHMX]
HMWXERGIJVSQXLII\TSWIHWYVJEGIERHHV]MRKXMQI
6IPEXMZILYQMHMX]ERHHV]MRKXMQI{6IPEXMZILYQMHMX]
LEW E QENSV MRJPYIRGI SR YPXMQEXI WLVMROEKI ERH XLI VEXI SJ
WLVMROEKI 6IWYPXW F] 8VS\IPP 6ETLEIP ERH (EZMW WLS[IHXLEXXLIPS[IVXLIVIPEXMZILYQMHMX]XLIKVIEXIVXLI
YPXMQEXIWLVMROEKIERHVEXISJWLVMROEKI *MK *MKYVI
EPWSMPPYWXVEXIWXLEXI\TERWMSRSGGYVWMJGSRGVIXIMWI\TSWIHXSE
GSRXMRYSYW WYTTP] SJ [EXIV XLMW TVSGIWW MW ORS[R EW
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
6
*MK{)JJIGXSJVIPEXMZIEKKVIKEXIGSRXIRXERHQSHYPYWVEXMSSRHV]MRKWLVMROEKISJ
GSRGVIXI ,ERWIRERH%PQYHEMLIIQ 8EFPI{)JJIGXSJEKKVIKEXIX]TISRGSRGVIXI
WLVMROEKI EJXIV'EVPWSR?A
%KKVIKEXI
7ERHWXSRI
7PEXI
+VERMXI
0MQIWXSRI
5YEVX^
7TIGMJMGKVEZMX]
%FWSVTXMSR
]IEVWLVMROEKI
W[IPPMRK 7[IPPMRK MW WQEPP GSQTEVIH [MXL WLVMROEKI MR
SVHMREV]GSRGVIXIERHSGGYVWSRP][LIRXLIVIPEXMZILYQMHMX]
MW QEMRXEMRIH EFSZI 0SVQER 7[IPPMRK GER
LS[IZIVFIWMKRMJMGERXMRPMKLX[IMKLXGSRGVIXI 2IZMPPIERH
&VSSOW *MKYVIEPWSWLS[WXLEXHV]MRKMWEWPS[
TVSGIWW-XGERXEOIQER]]IEVWFIJSVIYPXMQEXIWLVMROEKI
MWVIEGLIHFIGEYWIXLIPSWWSJ[EXIVJVSQLEVHIRIHGSRGVIXIMW
HMJJYWMSRGSRXVSPPIH
-RJPYIRGI SJ UYERXMX] ERH X]TI SJ EKKVIKEXI SR
WLVMROEKI{'SRGVIXIWLVMROEKIMWHYITVMQEVMP]XSWLVMROEKISJ
XLI LEVHIRIH GIQIRX TEWXI 8LI TVIWIRGI SJ EKKVIKEXI MR
GSRGVIXI VIHYGIW XLI XSXEP WLVMROEKI F] TVSZMHMRK IPEWXMG
VIWXVEMRXXSTEWXIWLVMROEKI'SRGVIXIWLVMROEKILS[IZIVMW
RSXWSPIP]VIPEXIHXSXLIVIPEXMZIEKKVIKEXIGSRXIRXXLIVIMW
ERSXLIVIJJIGXHYIXSXLIVEXMSSJIPEWXMGQSHYPYWSJEKKVIKEXI
XSXLEXSJXLIL]HVEXIHTEWXI;LIRYWMRKLMKLUYEPMX]EKKVI
KEXIW[LMGLEVIGLEVEGXIVM^IHQEMRP]F]PS[EFWSVTXMSR
GETEGMX] XLMW VEXMS MW X]TMGEPP] FIX[IIR JSYV ERH WIZIR
,ERWIRERH%PQYHEMLIIQ 8LMWMWEPWSMPPYWXVEXIHMR
*MK[LIVIERIPEWXMGQSHYPYWVEXMSFIX[IIRERH
MRHMGEXIWEREKKVIKEXIWXMJJRIWWXLEXMWQYGLWQEPPIVXLER
XLEX SJ RSVQEP[IMKLX EKKVIKEXI 'SRWXMXYXMZI QSHIPW JSV
TVIHMGMRK XLI MRJPYIRGI SJ VIPEXMZI EKKVIKEXI GSRXIRX ERH
*MK{8]TMGEPIJJIGXSJ[EXIVGSRXIRXSJGSRGVIXISRHV]MRK
WLVMROEKI 97&6 QSHYPYWVEXMSSRYPXMQEXIGSRGVIXIWLVMROEKILEZIFIIRHIZIP
STIHF]4MGOIXX ERH,ERWIRERH%PQYHEMLIIR 8LIMRJPYIRGISJEKKVIKEXIEFWSVTXMSRGETEGMX]SRGSRGVIXI
WLVMROEKI[EWMRZIWXMKEXIHF]'EVPWSR ERHMWMPPYWXVEXIH
MR8EFPIXLIGSRGVIXILEHMHIRXMGEPGIQIRXWERH[GQ8LI
EFWSVTXMSRSJEREKKVIKEXI[LMGLMWE QIEWYVI SJ TSVSWMX]
MRJPYIRGIW MXW QSHYPYW SV GSQTVIWWMFMPMX] % PS[ IPEWXMG
QSHYPYWMWYWYEPP]EWWSGMEXIH[MXLLMKLEFWSVTXMSR
5YEVX^PMQIWXSRI HSPSQMXI KVERMXI JIPHWTEV ERH WSQI
FEWEPXW GER FI GPEWWMJMIH EW LMKLIVQSHYPYW EKKVIKEXIW
[LMGLVIWYPXMRPS[IVWLVMROEKITVSTIVXMIWSJGSRGVIXI,MKL
WLVMROEKI GSRGVIXI SJXIR GSRXEMRW WERHWXSRI WPEXI LSVR
FPIRHI ERH WSQI X]TIW SJ FEWEPXW &IGEYWI XLI VMKMHMX] SJ
GIVXEMREKKVIKEXIWWYGLEWKVERMXIPMQIWXSRISVHSPSQMXI
GERZEV]SZIVE[MHIVERKIXLIMVIJJIGXMZIRIWWMRVIWXVEMRMRK
HV]MRKWLVMROEKIZEVMIW
6
1%29%03*'32'6)8)46%'8-')
*MK {)JJIGX SJ XIQTIVEXYVI SJ JVIWL GSRGVIXI SR MXW
[EXIVVIUYMVIQIRX 97&6 *MK{-RJPYIRGISJ[GERHEKKVIKEXIGSRXIRXSRWLVMROEKI
3HQER %PXLSYKLGSQTVIWWMFMPMX]MWXLIQSWXMQTSVXERXTVSTIVX]
SJEKKVIKEXIKSZIVRMRKGSRGVIXIWLVMROEKIXLIEKKVIKEXI
MXWIPJGERWLVMROHYVMRKHV]MRK8LMWMWXVYIJSVWERHWXSRI
ERHSXLIVEKKVIKEXIWSJLMKLEFWSVTXMSRGETEGMX]-RKIRIVEP
EKKVIKEXI[MXLELMKLQSHYPYWSJIPEWXMGMX]ERHPS[EFWSVTXMSR
[MPPTVSHYGIEGSRGVIXI[MXLPS[YPXMQEXIWLVMROEKI
4EWXIGSRXIRXERH[GQ{'SRWMWXIRG]EWQIEWYVIH
F]XLIWPYQTXIWXMWERMQTSVXERXTEVEQIXIVMRTVSTSVXMSRMRK
GSRGVIXI8LIEQSYRXSJQM\MRK[EXIVRIIHIHXSEGLMIZIE
KMZIR WPYQTMWHITIRHIRX SR XLI QE\MQYQ EKKVIKEXIWM^I
YWIHFIGEYWIXLIQE\MQYQWM^IMRJPYIRGIWXLIXSXEPEKKVIKEXI
WYVJEGIEVIEXLEXRIIHWXSFIGSZIVIH[MXLGIQIRXTEWXI
(IGVIEWMRK QE\MQYQ EKKVIKEXI WM^I MRGVIEWIW XLI XSXEP
WYVJEGIEVIEXSFIGSZIVIH[MXLTEWXI8LIVIJSVIQSVI[EXIV
ERH GIQIRX EVI RIIHIH XS EGLMIZI E KMZIR WPYQT *SV XLI
WEQI [GQ GSRGVIXI WLVMROEKI MRGVIEWIW [MXL MRGVIEWMRK
[EXIV GSRXIRX FIGEYWI XLI TEWXI ZSPYQI MRGVIEWIW XLMW
EKVIIW[MXLXLITVIHMGXMSRWMR*MKERHVIWYPXWSFXEMRIHF]
XLI97&YVIEYSJ6IGPEQEXMSR WLS[RMR*MK
*SVEGSRWXERX[GQXLIVIMWERETTVS\MQEXIP]PMRIEVVIPE
XMSRWLMTFIX[IIR[EXIVGSRXIRX TEWXIGSRXIRXEW[IPP ERH
GSRGVIXIWLVMROEKI[MXLMRXLIVERKISJ[EXIVGSRXIRXWPMWXIH
8IQTIVEXYVIEPWSLEWERMRJPYIRGISRXLI[EXIVVIUYMVIQIRXW
SJXLIJVIWLGSRGVIXIJSVWEQIWPYQT *MK %VIHYGXMSR
MR[EXIVGSRXIRX[LMGLVIHYGIWXLITEWXIGSRXIRX[MPP VI
HYGIXLIYPXMQEXIHV]MRKWLVMROEKISJGSRGVIXI8LIVIJSVI
XLI[EXIVGSRXIRX ERHTEWXIGSRXIRX SJEGSRGVIXIQM\
XYVIWLSYPHFIOITXXSEQMRMQYQXSQMRMQM^ITSXIRXMEPHV]
MRKWLVMROEKIERHXLIGVEGOMRKXIRHIRG]SJXLIGSRGVIXI
*MKYVI MPPYWXVEXIW XLEX GSRGVIXI WLVMROEKI MRGVIEWIW
[MXL [GQJSVEKMZIREKKVIKEXIGSRXIRX8LMWIJJIGXMWQSVI
TVSRSYRGIH[MXLPS[IVEKKVIKEXIGSRXIRXW 3HQER -RJPYIRGISJQIQFIVWM^I{8LIWM^IERHWLETISJE
GSRGVIXIQIQFIVERHXLITSVSWMX]SJXLIGIQIRXTEWXIMRJPY
IRGIWXLIHV]MRKVEXISJGSRGVIXIERHXLIVIJSVIMRJPYIRGIW
XLIWLVMROEKIVEXI8LIWLETIEJJIGXWXLIVEXMSSJXLIWYVJEGI
EVIEXSZSPYQISJXLIQIQFIVERHELMKLIVVEXMSVIWYPXWMRE
LMKLIVHV]MRKVEXI*SVEKMZIRGSRGVIXIXLISFWIVZIHWLVMROEKI
EXE KMZIR XMQI HIGVIEWIW [MXL ERMRGVIEWI MR XLI WM^I SJ XLI
WTIGMQIR 8LMWIJJIGXMWMPPYWXVEXIHMR *MK &V]ERXERH
:EHLEREZMOOMX MR[LMGLPSRKXIVQ WLVMROEKIVIWYPXW
[IVISFXEMRIHSRGSRGVIXITVMWQWYTXSQQ MR XLMGO
9PXMQEXIWLVMROEKIQE]RSXFIVIEGLIHJSVWXVYGXYVEPQIQFIVW
HYVMRKXLIMRXIRHIHWIVZMGIPMJI
%RSXLIVGSRWIUYIRGISJQSMWXYVIHMJJYWMSRMWXLEXEQSMW
XYVIKVEHMIRXHIZIPSTWJVSQXLIWYVJEGIXSXLIMRXIVMSV*SVE
WTIGMQIR XLEX LEW QSMWXYVI IZETSVEXMSR JVSQ EPP WYVJEGIW
WLVMROEKI WXVEMR MW KVIEXIWX EX XLI WYVJEGI [LIVI QSMWXYVI
GSRXIRXMWPS[IWXERHWLVMROEKIWXVEMRHIGVIEWIWXS[EVHXLI
GIRXIV[LIVIQSMWXYVIGSRXIRXMWLMKLIWX2SRYRMJSVQWIPJ
IUYMPMFVEXMRKMRXIVREPWXVIWWIWHIZIPST8IRWMPIWXVIWWIWSGGYV
EXERHRIEVXLIWYVJEGIWERHGSQTVIWWMZIWXVIWWIWHIZIPSTEX
ERHRIEVGSVIEWWLS[RMR*MK
;EVTMRKSGGYVWMJHV]MRKXEOIWTPEGIMRERYRW]QQIXVMGEP
QERRIVIMXLIVHYIXSHV]MRKJVSQSRIWMHISVHYIXSERSR
W]QQIXVMGEPWXVYGXYVI-RWPEFWSRKVEHIXLI[EVTMRKQIGL
ERMWQMWETVMQEV]GEYWISJGVEGOMRK1SMWXYVIIZETSVEXIW
JVSQXLIXSTWYVJEGISRP][LMGLGEYWIWLMKLIVWLVMROEKIEX
XLI XST 8LI GSRGVIXI RIEV XLI XST WYVJEGI MW TEVXMEPP] VI
WXVEMRIH JVSQ WLVMROMRK FIGEYWI MX MW EXXEGLIH XS GSRGVIXI
PS[IVMRXLIWPEFXLEXMWQSVIQSMWXERHHSIWRSXWLVMROEW
QYGL EW XLI XST WYVJEGI 8LMW VIWXVEMRX TVSHYGIW XIRWMPI
WXVIWWIWEXERHRIEVXLIXSTWYVJEGI[LMGLVIWYPXWMRXLIWPEF
[EVTMRKSVGYVPMRKERHXLIJVIIIHKIWSJXLIWPEFGERPMJXSJJ
XLIKVSYRH-JXLIIHKIWSJXLIWPEFEVIVIWXVEMRIHJVSQQSZI
QIRXWYGLEWJSSXMRKWERHXLIWPEFMWRSXEPPS[IHXS[EVT
XLIRXLIXSTWYVJEGILEWLMKLIVXIRWMPIWXVIWWIW'VEGOMRKGER
VIWYPXMJXLIXIRWMPIWXVIWWIWJVSQVIWXVEMRIHWLVMROEKII\GIIH
XLIXIRWMPIWXVIRKXLSJXLIGSRGVIXI'VEGOMRKQE]EPWSVIWYPX
RIEVXLIIHKISJXLIWPEF[LIREZIVXMGEPPSEHMWETTPMIHSR
XLI[EVTIHGERXMPIZIV
)JJIGXSJGYVMRKSRWLVMROEKI{'EVPWSR VITSVXIH
XLEX XLI HYVEXMSR SJ QSMWX GYVMRK SJ GSRGVIXI HSIW RSX LEZI
QYGLIJJIGXSRYPXMQEXIHV]MRKWLVMROEKI8IWXVIWYPXWJVSQ
XLI 'EPMJSVRME (ITEVXQIRX SJ 8VERWTSVXEXMSR WLS[
XLEX WYFWXERXMEPP] XLI WEQI WLVMROEKI SGGYVVIH MR GSRGVIXI
XLEX [EWQSMWXGYVIH JSV ERH HE]W FIJSVIHV]MRK
WXEVXIH %W JEV EW XLI GVEGOMRKXIRHIRG] SJ XLI GSRGVIXI MW
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
6
*MK{-RJPYIRGISJWTIGMQIRWM^ISRWLVMROEKI &V]ERXERH:EHLEREZMOOMX *MK{-RXIVREPVIWXVEMRXSJWLVMROEKI
GSRGIVRIHTVSPSRKIHQSMWXGYVMRKQE]RSXFIFIRIJMGMEP%
KIRIVEPVIGSQQIRHEXMSRMWXSGSRXMRYIQSMWXGYVMRKJSVEX
PIEWXHE]W *SVJYVXLIVMRJSVQEXMSRVIJIVXS%'-6
7IEPIHGYVMRKMWGYVMRK[MXLSYXPSWWSVEHHMXMSRSJ[EXIV
-XIPMQMREXIWSXLIVOMRHWSJWLVMROEKIWSXLEXEPPXLIVIWYPXMRK
WLVMROEKI[MPPFIEYXSKIRSYW%YXSKIRSYWWLVMROEKIMWE
VIWYPXSJXLIJEGXXLEXXLITVSHYGXWSJL]HVEXMSRSGGYT]E
WQEPPIVZSPYQIXLERXLISVMKMREPZSPYQISJGIQIRXERH[EXIV
7IPJHIWWMGEXMSRMWETVSFPIQMRPS[[GGSRGVIXIWYRHIVWIEPIH
GSRHMXMSRW MR [LMGL XLI TSVIW HV] SYX ERH L]HVEXMSR WPS[W
HS[R%YXSKIRSYWWLVMROEKIWXVEMRMWX]TMGEPP]EFSYXXS
»z (EZMW ,SYO4E\XSRERH,SYKLXSR JSYRH XLEX EYXSKIRSYW WLVMROEKI MRGVIEWIW [MXL MRGVIEWMRK
XIQTIVEXYVIGIQIRXGSRXIRXERHGIQIRXJMRIRIWW
)JJIGX SJEHQM\XYVIW{8LIIJJIGXSJEHQM\XYVIW SR
GSRGVIXI WLVMROEKI MW YRGPIEV %W ER I\EQTPI IEVP]EKI
WLVMROEKIETTIEVWXSMRGVIEWIF]EFSYX MRXLITVIWIRGI
SJGEPGMYQGLPSVMHI[LIVIEWPEXIVEKIWLVMROEKIMWMRGVIEWIH
F]EFSYX GSQTEVIH[MXLGSRXVSPWTIGMQIRW %'-6 %MVIRXVEMRQIRX HSIW RSX WIIQ XS MRGVIEWI WLVMROEKI F]
QSVIXLER JSVEMVGSRXIRXWYTXSEFSYX 'EVPWSR 6IWYPXW F] +LSWL ERH 1EPLSXVE &VSSOW ;EMR
[VMKLX ERH 2IZMPPI ERH *IPHQER ERH 7[IRWSR
MRHMGEXIHXLEXXLIYWISJLMKLVERKI[EXIVVIHYGMRK
EHQM\XYVIWMRGVIEWIWWLVMROEKI%GGSVHMRKXS=XXIVFIVK LMKLVERKI [EXIVVIHYGMRK EHQM\XYVIW HS RSX RIGIWWEVMP]
VIHYGI WLVMROEKI MR TVSTSVXMSR XS XLIMV EFMPMX] XS VIHYGI
[EXIVGSRXIRX
6
1%29%03*'32'6)8)46%'8-')
*MK {0IRKXLGLERKI GLEVEGXIVMWXMGW JSV WLVMROEKI
GSQTIRWEXMRK ERH TSVXPERH GIQIRX GSRGVIXI VIPEXMZI
LYQMHMX]! *MK{&EWMGGSRGITXSJWLVMROEKIGSQTIRWEXMRKGSRGVIXI
{'SRXVSPSJWLVMROEKIGVEGOMRK
'SRGVIXI XIRHW XS WLVMRO HYI XS HV]MRK [LIRIZIV MXW
WYVJEGIWEVII\TSWIHXSEMVSJPS[VIPEXMZILYQMHMX]SVLMKL
[MRHW &IGEYWI ZEVMSYW OMRHW SJ VIWXVEMRX TVIZIRX XLI
GSRGVIXI JVSQ GSRXVEGXMRK JVIIP] GVEGOMRK WLSYPH FI
I\TIGXIH YRPIWW XLI EQFMIRX VIPEXMZI LYQMHMX] MW OITX RIEV
8LIGSRXVSPSJGVEGOMRKGSRWMWXWSJVIHYGMRKXLIGVEGOMRK
XIRHIRG]XSEQMRMQYQYWMRKEHIUYEXIERHTVSTIVP]TSWMXMSRIH
VIMRJSVGIQIRXERHYWMRKGSRXVEGXMSRNSMRXW8LI')&*-4
1SHIP'SHI KMZIWUYERXMXEXMZIVIGSQQIRHEXMSRWSR
XLIGSRXVSPSJGVEGOMRKHYIXSWLVMROEKIF]PMWXMRKZEVMSYW
GSIJJMGMIRXW XS HIXIVQMRI XLI WLVMROEKI PIZIPW XLEX GER FI
I\TIGXIH'SRXVSPSJGVEGOMRKF]GSVVIGXGSRWXVYGXMSRTVEG
XMGIWMWGSZIVIHMR'LETXIV
'VEGOMRKGEREPWSFIQMRMQM^IHF]YWMRKI\TERWMZIGIQIRXW
XSTVSHYGIWLVMROEKIGSQTIRWEXMRKGSRGVIXI8LMWMWHMWGYWWIH
MR7IGXMSR
6IHYGXMSR SJ GVEGOMRK XIRHIRG]{1SWX QIEWYVIW
XLEXGERFIXEOIRXSVIHYGIGSRGVIXIWLVMROEKI[MPPEPWSVIHYGI
XLIGVEGOMRKXIRHIRG](V]MRKWLVMROEKIGERFIVIHYGIHF]
YWMRK PIWW [EXIV MR XLI QM\XYVI ERH XLI PEVKIWX TVEGXMGEP
QE\MQYQWM^I EKKVIKEXI%PS[IV [EXIV GSRXIRXGER FI
EGLMIZIHF]YWMRKE[IPPKVEHIHEKKVIKEXIWXMJJIVGSRWMWXIRG]
ERHPS[IVMRMXMEPXIQTIVEXYVISJXLIGSRGVIXI
'SRGVIXIGER[MXLWXERHLMKLIVXIRWMPIWXVEMRWMJXLIWXVIWW
MWWPS[P]ETTPMIHXLIVIJSVIMXMWHIWMVEFPIXSTVIZIRXVETMH
HV]MRKSJGSRGVIXI4VIZIRXMSRSJVETMHHV]MRKGERFIEXXEMRIH
F]YWMRKGYVMRKGSQTSYRHWIZIREJXIV[EXIVGYVMRK
6IMRJSVGIQIRX{4VSTIVP] TPEGIH VIMRJSVGIQIRX
YWIHMREHIUYEXIEQSYRXW[MPPVIHYGIXLIRYQFIVERH[MHXLW
SJ GVEGOW VIHYGMRK YRWMKLXP] GVEGOMRK &] HMWXVMFYXMRK XLI
WLVMROEKI WXVEMRW EPSRK XLI VIMRJSVGIQIRX XLVSYKL FSRH
WXVIWWIWXLIGVEGOWEVIHMWXVMFYXIHWSXLEXEPEVKIVRYQFIVSJ
REVVS[ GVEGOW SGGYV MRWXIEH SJ E JI[ [MHI GVEGOW
%PXLSYKLXLIYWISJVIMRJSVGIQIRXXSGSRXVSPGVEGOMRKMR
EVIPEXMZIP]XLMRGSRGVIXIWIGXMSRMWTVEGXMGEPMXMWRSXRIIHIH
MRQEWWMZIWXVYGXYVIWWYGLEWHEQWHYIXSXLIPS[HV]MRK
WLVMROEKISJXLIWIQEWWGSRGVIXIWXVYGXYVIW8LIQMRMQYQ
EQSYRXERHWTEGMRKSJVIMRJSVGIQIRXXSFIYWIHMRWXVYGXYVEP
JPSSVWVSSJWPEFWERH[EPPWJSVGSRXVSPSJXIQTIVEXYVIERH
WLVMROEKIGVEGOMRKMWKMZIRMR%'-SVMR%'-8LI
QMRMQYQVIMRJSVGIQIRXTIVGIRXEKI[LMGLMWFIX[IIR
ERH HSIW RSX RSVQEPP] GSRXVSP GVEGOW XS [MXLMR
KIRIVEPP] EGGITXEFPI HIWMKR PMQMXW 8S GSRXVSP GVEGOW XS E
QSVIEGGITXEFPIPIZIPXLITIVGIRXEKIVIUYMVIQIRXRIIHWXS
I\GIIHEFSYX .SMRXW{8LIYWISJNSMRXWMWXLIERIJJIGXMZIQIXLSH
SJ TVIZIRXMRK XLI JSVQEXMSR SJ YRWMKLXP] GVEGOMRK -J E
WM^IEFPI PIRKXL SV I\TERWI SJ GSRGVIXI WYGL EW [EPPW
WPEFWSVTEZIQIRXWMWRSXTVSZMHIH[MXLEHIUYEXINSMRXWXS
EGGSQQSHEXI WLVMROEKI XLI GSRGVIXI [MPP QEOI MXW S[R
NSMRXWF]GVEGOMRK
'SRXVEGXMSR NSMRXW MR [EPPW EVI QEHI JSV I\EQTPI F]
JEWXIRMRK [SSH SV VYFFIV WXVMTW XS XLI JSVQ [LMGL PIEZI
REVVS[ZIVXMGEPKVSSZIWMRXLIGSRGVIXISRFSXLJEGIWSJXLI
[EPP'VEGOMRKSJXLI[EPPHYIXSWLVMROEKIWLSYPHSGGYVEX
XLIKVSSZIWVIPMIZMRKXLIWXVIWWMRXLI[EPPERHTVIZIRXMRK
XLIJSVQEXMSRSJYRWMKLXP]GVEGOWFIX[IIRXLINSMRXW8LIWI
KVSSZIW WLSYPH FI WIEPIH XS TVIZIRX QSMWXYVI TIRIXVEXMSR
7E[IHNSMRXWEVIGSQQSRP]YWIHMRTEZIQIRXWERHWPEFWSR
KVEHI.SMRXPSGEXMSRHITIRHWSRXLITEVXMGYPEVWSJTPEGIQIRX
)EGL IPIQIRX WLSYPH FI WXYHMIH MRHMZMHYEPP] XS HIXIVQMRI
[LIVIXLINSMRXWWLSYPHFITPEGIH%'-6HMWGYWWIWXLI
YWISJNSMRXWMRGSRGVIXIGSRWXVYGXMSR+YMHERGISRNSMRX
WIEPERXWERHGSRXVEGXMSRNSMRXPSGEXMSRMRWPEFWMWEZEMPEFPIMR
%'-6ERH%'-6
{7LVMROEKIGSQTIRWEXMRKGSRGVIXI
7LVMROEKIGSQTIRWEXMRK GSRGVIXI QEHI [MXL I\TERWMZI
GIQIRXW GER FI YWIH XS QMRMQM^I SV IPMQMREXI WLVMROEKI
GVEGOMRK 8LI TVSTIVXMIW ERH YWI SJ I\TERWMZI GIQIRX
GSRGVIXIEVIWYQQEVM^IHMR%'-%'- %'74 ERH %'- 74 3J XLI WIZIVEP I\TERWMZI GIQIRXW
TVSHYGIH MR XLI TEWX 8]TI / WLVMROEKIGSQTIRWEXMRK
GIQIRX %781' MWGYVVIRXP]XLISRP]SRIEZEMPEFPIMR
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
XLI9RMXIH7XEXIW7IZIVEPGSQTSRIRXQEXIVMEPWEVIEZEMPEFPI
XSTVSHYGIWLVMROEKIGSQTIRWEXMRKGSRGVIXI
-R VIMRJSVGIH WLVMROEKIGSQTIRWEXMRK GSRGVIXI XLI
I\TERWMSR SJ XLI GIQIRX TEWXI HYVMRK XLI JMVWX JI[ HE]W SJ
L]HVEXMSR[MPPHIZIPSTEPS[PIZIPSJTVIWXVIWWMRHYGMRKXIRWMPI
WXVIWWIWMRXLIWXIIPERHGSQTVIWWMZIWXVIWWIWMRXLIGSRGVIXI
8LIPIZIPSJGSQTVIWWMZIWXVIWWIWHIZIPSTIHMRXLIWLVMROEKI
GSQTIRWEXMRKGSRGVIXIVERKIWJVSQXS14E XS
TWM 2SVQEPWLVMROEKISGGYVW[LIR[EXIVWXEVXWXSIZET
SVEXI JVSQ XLIGSRGVIXI 8LI GSRXVEGXMSR SJ XLI GSRGVIXI
[MPPVIWYPXMREVIHYGXMSRSVIPMQMREXMSRSJMXWTVIGSQTVIWWMSR
8LIMRMXMEPI\TERWMSRSJXLIGSRGVIXIVIHYGIWXLIQEKRMXYHI
SJ ER] XIRWMPI WXVIWW XLEX HIZIPSTW HYI XS VIWXVEMRIH
WLVMROEKI8LMWFEWMGGSRGITXSJYWMRKI\TERWMZIGIQIRXXS
TVSHYGIEWLVMROEKIGSQTIRWEXMRKGSRGVIXIMWMPPYWXVEXIHMR
*MK8SEPPS[JSVEHIUYEXII\TERWMSRWTIGMEPHIXEMPW
QE]FIRIIHIHEXNSMRXW
%X]TMGEPPIRKXLGLERKILMWXSV]SJEWLVMROEKIGSQTIRWEXMRK
GSRGVIXIMWGSQTEVIHXSXLEXSJETSVXPERHGIQIRXGSRGVIXIMR
*MK8LIEQSYRXSJVIMRJSVGMRKWXIIPRSVQEPP]YWIHMR
VIMRJSVGIHGSRGVIXIQEHI[MXLTSVXPERHGIQIRXWMWYWYEPP]QSVI
XLER EHIUYEXI XS TVSZMHI XLIIPEWXMGVIWXVEMRXRIIHIHJSV
WLVMROEKIGSQTIRWEXMRKGSRGVIXI8SXEOIJYPPEHZERXEKI
SJXLII\TERWMZITSXIRXMEPSJWLVMROEKIGSQTIRWEXMRKGSRGVIXI
MRQMRMQM^MRKSVTVIZIRXMRKWLVMROEKIGVEGOMRKSJI\TSWIH
GSRGVIXIWYVJEGIWMXMWMQTSVXERXXLEXTSWMXMZIERHYRMRXIVVYTXIH
[EXIVGYVMRK [IXGSZIVMRKSVTSRHMRK FIWXEVXIHMQQIHMEXIP]
EJXIVJMREPJMRMWLMRK*SVWPEFWSR[IPPWEXYVEXIHWYFKVEHIW
GYVMRKF]WTVE]IHSRQIQFVERIWSVQSMWXYVITVSSJGSZIVW
LEWFIIRWYGGIWWJYPP]YWIH-REHIUYEXIGYVMRKSJWLVMROEKI
GSQTIRWEXMRKGSRGVIXIGERVIWYPXMRERMRWYJJMGMIRXI\TERWMSR
XSIPSRKEXIXLIWXIIPERHWYFWIUYIRXGVEGOMRKJVSQHV]MRK
WLVMROEKI7TIGMJMGVIGSQQIRHEXMSRWERHMRJSVQEXMSRSR
XLIYWISJWLVMROEKIGSQTIRWEXMRKGSRGVIXIEVIGSRXEMRIH
MR%'-
',%48)6{'3286303*'6%'/-2+-2
*0)<96%01)1&)67
{-RXVSHYGXMSR
8LIGSRXVSPSJGVEGOMRKGERFIEWMQTSVXERXEWXLIGSRXVSP
SJ HIJPIGXMSR MR JPI\YVEPQIQFIVW'VEGOMRKMRXLIXIRWMSR
^SRISJEVIMRJSVGIHFIEQWXEVXWEXWXVIWWPIZIPWEWPS[EW
14E TWM MRXLIVIMRJSVGIQIRX'VEGOGSRXVSPMW
EPWSMQTSVXERXXSEIWXLIXMGWSJI\TSWIHGSRGVIXIWYVJEGIW
8LIVSPISJGVEGOWMRXLIGSVVSWMSRSJVIMRJSVGMRKWXIIPMW
GSRXVSZIVWMEP %'- 6 3RI ZMI[TSMRX MW XLEX GVEGOW
VIHYGIXLIWIVZMGIPMJISJWXVYGXYVIWF]TIVQMXXMRKQSVIVETMH
TIRIXVEXMSRSJGEVFSREXMSRERHEPPS[GLPSVMHIMSRWQSMWXYVI
ERHS\]KIRXSVIEGLXLIVIMRJSVGMRKWXIIP%RSXLIVTSMRXSJ
ZMI[MWXLEX[LMPIGVEGOWEGGIPIVEXIXLISRWIXSJGSVVSWMSR
XLI GSVVSWMSR MW PSGEPM^IH ;MXL XMQI GLPSVMHIW ERH [EXIV
TIRIXVEXIYRGVEGOIHGSRGVIXIERHMRMXMEXIQSVI[MHIWTVIEH
GSVVSWMSR'SRWIUYIRXP]EJXIVEJI[]IEVWSJWIVZMGIXLIVI
MW PMXXPI HMJJIVIRGI FIX[IIR XLI EQSYRX SJ GSVVSWMSR MR
GVEGOIH ERH YRGVEGOIH GSRGVIXI 1SVI MQTSVXERX TEVEQIXIVW
JSVGSVVSWMSRTVSXIGXMSREVIGSRGVIXIGSZIVERHGSRGVIXIUYEPMX]
8LMWGLETXIVMWGSRGIVRIHTVMQEVMP][MXLGVEGOWGEYWIHF]
JPI\YVEP ERH XIRWMPI WXVIWWIW FYX XIQTIVEXYVI WLVMROEKI
6
WLIEVERHXSVWMSRGEREPWSPIEHXSGVEGOMRK'VEGOMRKMRGIVXEMR
WTIGMEPM^IHWXVYGXYVIWWYGLEWVIMRJSVGIHGSRGVIXIXEROWFMRW
WMPSW ERH IRZMVSRQIRXEP WXVYGXYVIW MW RSX GSZIVIH MR XLMW
VITSVX'VEGOMRKSJGSRGVIXIMRXLIWIWXVYGXYVIWMWHIWGVMFIHF]
=IVPMGM ERHMR%'-ERH%'-
)\XIRWMZI VIWIEVGL WXYHMIW SR XLI GVEGOMRK FILEZMSV SJ
FIEQWLEZIFIIRGSRHYGXIHSZIVXLIPEWX]IEVW1SWXSJ
XLI [SVO GSRHYGXIH FIJSVI [EW VIZMI[IH F] %''SQQMXXII MR%'-&MFPMSKVETL]2S%HHMXMSREP
[SVOMWVIJIVIRGIHMRXLMWGLETXIV0ISRLEVHX ERH
TVIWIRXWERI\XIRWMZIVIZMI[SJGVEGOMRKMRVIMRJSVGIHERH
TVIWXVIWWIHGSRGVIXIWXVYGXYVIW8LI')&*-41SHIP'SHIJSV
'SRGVIXI 7XVYGXYVIW KMZIW XLI )YVSTIER ETTVSEGL XS
GVEGO[MHXLIZEPYEXMSRERHTIVQMWWMFPIGVEGO[MHXLW
8LIFEWMWJSVGSHIWSJTVEGXMGIFSXLMRXLI97ERH)YVSTI
XSPMQMXWIVZMGIPSEHGVEGOMRKMWVSSXIHMRIUYEXMSRWXSTVIHMGX
GVEGO[MHXLW7IZIVEPSJXLIQSWXMQTSVXERXGVEGOTVIHMGXMSR
IUYEXMSRWEVIVIZMI[IHMRXLMWVITSVX8LIXVIRHMRVIMRJSVGIH
ERHTVIWXVIWWIHGSRGVIXIHIWMKRXSIRWYVIEGGITXEFPIGVEGOMRK
EXWIVZMGIPSEHWMWXSTVSZMHITVSTIVHIXEMPMRKWYGLEWTVSZM
WMSRSJQMRMQYQVIMRJSVGIQIRXERHTVSTIVWIPIGXMSRSJFEV
HMEQIXIVWFEVWTEGMRKERHVIHYGXMSRSJVIWXVEMRXVEXLIVXLER
XV]MRK XS QEOI YWI SJ E WSTLMWXMGEXIH GVEGO GEPGYPEXMSR
7GLPEMGL7GLEJIVERH.IRRI[MIR,EPZSVWIR *MFIVVIMRJSVGIH TSP]QIV *64 FEVW LEZI FIIR YWIH EW E
VIMRJSVGMRKQEXIVMEP 2E[]ERH2IY[IVXL(SPER )\TIVMIRGIMWPMQMXIHLS[IZIVERHGVEGOGSRXVSPMRWXVYGXYVIW
VIMRJSVGIH[MXLXLIWIQEXIVMEPWMWRSXEHHVIWWIHMRXLMWVITSVX
{'VEGOGSRXVSPIUYEXMSRWJSVVIMRJSVGIH
GSRGVIXIFIEQW
%RYQFIVSJIUYEXMSRWLEZIFIIRTVSTSWIHJSVTVIHMGXMRK
GVEGO [MHXLW MR JPI\YVEP QIQFIVW QSWX SJ XLIQ [IVI VI
ZMI[IHMRXLISVMKMREPZIVWMSRSJXLMWGSQQMXXIIVITSVX %''SQQMXXII ERHMROI]TYFPMGEXMSRWPMWXIHMRXLI
VIJIVIRGIW 'VEGO GSRXVSP MW TVSZMHIH F] GEPGYPEXMRK XLI
TVSFEFPIGVEGO[MHXLERHTVSTSVXMSRMRKWXVYGXYVEPIPIQIRXW
WSXLEXXLIGSQTYXIH[MHXLMWPIWWXLERWSQITVIHIJMRIHZEPYI
1SWX IUYEXMSRW TVIHMGX XLI TVSFEFPI QE\MQYQ GVEGO [MHXL
[LMGLYWYEPP]QIERWXLEXEFSYX SJXLIGVEGO[MHXLWMR
XLI QIQFIV EVI FIPS[ XLI GEPGYPEXIH ZEPYI 6IWIEVGL
LS[IZIVLEWWLS[RXLEXMWSPEXIHGVEGOWMRFIEQWMRI\GIWW
SJX[MGIXLIGSQTYXIHQE\MQYQGERSGGYV ,SPQFIVKERH
0MRHKVIR EPXLSYKLKIRIVEPP]XLIGSIJJMGMIRXSJZEVME
XMSRSJGVEGO[MHXLMWEFSYX 0ISRLEVHX 8LIVIMW
IZMHIRGIXLEXXLMWVERKIMRGVEGO[MHXLZEVMEFMPMX]GERMRGVIEWI
[MXLXLIWM^ISJXLIQIQFIV %'-'SQQMXXII 'VEGOGSRXVSPIUYEXMSRWEVITVIWIRXIHMRXLIWIGXMSRWXLEX
JSPPS[
%'-ETTVSEGLXLVSYKL%'-{6IUYMVIQIRXW
JSVJPI\YVEPGVEGOGSRXVSPMRFIEQWERHXLMGOSRI[E]WPEFW
WTERHITXLVEXMSMRXLIVERKISJXS EVIFEWIHSRXLI
WXEXMWXMGEP EREP]WMW +IVKIP] ERH 0YX^ SJ QE\MQYQ
GVEGO[MHXL HEXE JVSQ E RYQFIV SJ WSYVGIW &EWIH SR XLI
EREP]WMWXLIJSPPS[MRKKIRIVEPGSRGPYWMSRW[IVIVIEGLIH
e 8LIVIMRJSVGMRKWXIIPWXVIWWMWXLIQSWXMQTSVXERXZEVMEFPI
e 8LI XLMGORIWW SJ XLI GSRGVIXI GSZIV MW ER MQTSVXERX
ZEVMEFPIFYXRSXXLISRP]KISQIXVMGGSRWMHIVEXMSR
6
1%29%03*'32'6)8)46%'8-')
e
8LIEVIESJGSRGVIXIWYVVSYRHMRKIEGLVIMRJSVGMRKFEV
MWEPWSERMQTSVXERXKISQIXVMGZEVMEFPI
e 8LIFEVHMEQIXIVMWRSXEQENSVZEVMEFPIERH
e 8LIVEXMSSJGVEGO[MHXLEXXLIWYVJEGIXSXLEXEXXLIVIMR
JSVGIQIRXPIZIPMWTVSTSVXMSREPXSXLIVEXMSSJXLIRSQMREP
WXVEMREXXLIWYVJEGIERHXLIVIMRJSVGIQIRXWXVEMR
8LI IUYEXMSRW XLEX [IVI GSRWMHIVIH XS FIWX TVIHMGX XLI
TVSFEFPIQE\MQYQFSXXSQERHWMHIGVEGO[MHXLWEVI
[ F ! X F %
J W z » z
X F %
z
J W z » [ W ! XW k L
E
F
[LIVI
[F ! QSWXTVSFEFPIQE\MQYQGVEGO[MHXLEXFSXXSQSJ
FIEQMR
[W ! QSWXTVSFEFPIQE\MQYQGVEGO[MHXLEXPIZIPSJ
VIMRJSVGIQIRXMR
! VIMRJSVGMRKWXIIPWXVIWWOWM
JW
%
! EVIE SJ GSRGVIXI W]QQIXVMG [MXL VIMRJSVGMRK WXIIP
HMZMHIHF]RYQFIVSJFEVWMR
XF
! FSXXSQGSZIVXSGIRXIVSJFEVMR
XW
! WMHIGSZIVXSGIRXIVSJFEVMR
! VEXMSSJHMWXERGIFIX[IIRRIYXVEPE\MWERHXIRWMSR
JEGIXSHMWXERGIFIX[IIRRIYXVEPE\MWERHVIMRJSVG
MRKWXIIPEFSYXMRFIEQWERH
L ! HMWXERGIJVSQRIYXVEPE\MWXSXLIVIMRJSVGMRKWXIIPMR
7MQTPMJMGEXMSRSJ)U E ]MIPHIHXLIJSPPS[MRKIUYEXMSR
[ ! J W H G % » z
E
[LIVI
[
! QSWXTVSFEFPIQE\MQYQGVEGO[MHXLMRERH
HG
! XLMGORIWWSJGSZIVJVSQXLII\XVIQIXIRWMSRJMFIVXS
XLIGPSWIWXFEVMR
;LIRXLIWXVEMR WMRXLIWXIIPVIMRJSVGIQIRXMWYWIHMRWXIEH
SJWXVIWWJW)U FIGSQIW
[ ! W
H %
G
F
)U MWZEPMHMRER]W]WXIQSJYRMXW
8LIGVEGOMRKFILEZMSVMRXLMGOSRI[E]WPEFW WTERHITXL
VEXMSXS MWWMQMPEVXSXLEXMRWLEPPS[FIEQW*SVSRI
[E]WPEFW[MXLEGPIEVGSRGVIXIGSZIVMRI\GIWWSJQQ
MR )U GERFITVSTIVP]ETTPMIHMJ !XS
MWYWIH
%'-7IGXMSRYWIW)U [MXL ! MRXLI
JSPPS[MRKJSVQ
^ ! JW H G %
ERHTIVQMXWXLIGEPGYPEXMSRSJ^[MXLJWIUYEPXS SJXLI
WTIGMJMIH]MIPHWXVIRKXLJ]MRPMIYSJI\EGXGEPGYPEXMSR
-R %'- ERH IEVPMIV GSHI ZIVWMSRW XLI QE\MQYQ
EPPS[EFPI ^! OMTW TIV MRJSV MRXIVMSV I\TSWYVIGSVVI
WTSRHW XS E TVSFEFPI GVEGO [MHXL SJ QQ MR 8LMWPIZIPSJGVEGO[MHXLQE]FII\GIWWMZIJSVEIWXLIXMG
GSRGIVRW
%'-LEWEPPS[IHEZEPYISJ^ !OMTWTIVMRJSV
I\XIVMSVI\TSWYVIFEWIHSREGVEGO[MHXLZEPYISJQQ
MR ;LMPI ETTPMGEXMSR SJ )U E )U SJ
%'- XSFIEQWKMZIWEHIUYEXIGVEGOGSRXVSPZEPYIW
MXWETTPMGEXMSRXSSRI[E]WPEFW[MXLWXERHEVHQQ MR
GSZIVERHVIMRJSVGIH[MXLWXIIPSJOWM 14E SVPS[IV
]MIPHWXVIRKXLVIWYPXWMR PEVKI VIMRJSVGIQIRXWTEGMRKW 8LI
TVSZMWMSRWSJ7IGXMSRSJ%'-LS[IZIVHMVIGXP]
PMQMXXLIWTEGMRKSJWYGLVIMRJSVGIQIRXMRSRI[E]WPEFW
%'- 6 GSRXEMRW HIWMKR EMHW JSV XLI ETTPMGEXMSR SJ
)U %'- ETTVSEGL{%'- 'SQQMXXII RS[
FIPMIZIWXLEXMX GERFIQMWPIEHMRK XSTYVTSVX XS IJJIGXMZIP]
GEPGYPEXI GVEGO [MHXLW KMZIR XLI MRLIVIRX ZEVMEFMPMX] MR
GVEGOMRK 8LI XLVII MQTSVXERX TEVEQIXIVW MR JPI\YVEP
GVEGOMRKEVIWXIIPWXVIWWGSZIVERHFEVWTEGMRK7XIIPWXVIWW
MWXLIQSWXMQTSVXERXTEVEQIXIV
%VIIZEPYEXMSRSJGVEGOMRKHEXE *VSWGL TVSZMHIHE
RI[IUYEXMSRFEWIHSRXLITL]WMGEPTLIRSQIRSRJSVXLI
HIXIVQMREXMSR SJ XLI JPI\YVEP GVEGO [MHXLW SJ VIMRJSVGIH
GSRGVIXIQIQFIVW8LMW WXYH] WLS[IH XLEX TVIZMSYW GVEGO
[MHXL IUYEXMSRW EVI ZEPMH JSV E VIPEXMZIP] REVVS[ VERKI SJ
GSZIVW YTXSQQ?MRA %'-7IGXMSRHSIWRSXQEOIEHMWXMRGXMSR
FIX[IIRMRXIVMSVERHI\XIVMSVI\TSWYVI-XVIUYMVIWXLEXJSV
GVEGOGSRXVSPMRFIEQWERHSRI[E]WPEFWXLIWTEGMRKSJ
VIMRJSVGIQIRXGPSWIWXXSEWYVJEGIMRXIRWMSRWLEPPRSXI\GIIH
XLEXKMZIRF]
W MR !? JW zGGA
E
FYXRSXKVIEXIVXLER JW SVMR[LIVI
! GEPGYPEXIH WXVIWW MR VIMRJSVGIQIRX EX WIVZMGI PSEH
JW
OWM !YRJEGXSVIHQSQIRXHMZMHIHF]XLITVSHYGX
SJWXIIPEVIEERHMRXIVREPQSQIRXEVQ%PXIVREXMZIP]
JW GERFIXEOIREW
! GPIEVGSZIVJVSQXLIRIEVIWXWYVJEGIMRXIRWMSRXSXLI
JPI\YVEPXIRWMSRVIMRJSVGIQIRXMRERH
W
! GIRXIVXSGIRXIVWTEGMRKSJJPI\YVEPXIRWMSRVIMRJSVGI
QIRX RIEVIWX XS XLI WYVJEGI SJ XLI I\XVIQI XIRWMSR
JEGIMR
8LI7-I\TVIWWMSRJSVXLIVIMRJSVGIQIRXWTEGMRKMR)U E
JWMR14E MW
W QQ !? JW zGGA
F
FYXRSXXSI\GIIH JW QQ
')&*-4 ERH )YVSGSHI )' VIGSQQIRHEXMSRW{
3XLIVSVKERM^EXMSRWEVSYRHXLI[SVPHLEZIHIZIPSTIHTVSGI
HYVIW JSV TVIHMGXMRK GVEGO [MHXLW MR WXVYGXYVEP GSRGVIXI
VERKMRK JVSQ GSRZIRXMSREPP] VIMRJSVGIH XLVSYKL TEVXMEPP]
ERH JYPP] TVIWXVIWWIH %'- TVSGIHYVIW SRP] HIEP [MXL
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXI 'VEGOGSRXVSP VIGSQ
QIRHEXMSRW TVSTSWIH MR XLI )YVSTIER 1SHIP 'SHI JSV
'SRGVIXI7XVYGXYVIW ')&*-4)YVS)' ETTP]
XSTVIWXVIWWIHEW[IPPEWVIMRJSVGIHGSRGVIXI[MXLQSHMJMGE
XMSRWERHGERFIWYQQEVM^IHMRXLIJSPPS[MRKWIGXMSRW
')&*-4 TVSZMWMSRW{8LI GLEVEGXIVMWXMG
GVEGO[MHXL[OMRFIEQWMWI\TVIWWIHEWJSPPS[WMRXIVQWSJ
XLIPIRKXLPWQE\SZIV[LMGLWPMTSGGYVWFIX[IIRXLIWXIIP
VIMRJSVGIQIRX ERH XLI GSRGVIXI ETTVS\MQEXMRK GVEGO
WTEGMRKMRWXEFMPM^IHGVEGOMRK
[O!PWQE\ WQz GQz GW
[LIVI
WQ ! EZIVEKIVIMRJSVGIQIRXWXVEMR[MXLMRWIKQIRXPIRKXL
PWQE\
!
EZIVEKIGSRGVIXIWXVEMR[MXLMRWIKQIRXPIRKXLPWQE\
GQ
ERH
! WXVEMRSJGSRGVIXIHYIXSWLVMROEKI
GW
8LIGLEVEGXIVMWXMGGVEGO[MHXL[OGERRSXI\GIIHXLIPMQMX
MRKGVEGO[MXL[PMQ REQIP]
[O
[PMQ
[LIVI [PMQ!RSQMREPPMQMXZEPYISJXLIGVEGO[MHXLWTIGM
JMIH JSV GEWIW [MXL I\TIGXIH JYRGXMSREP GSRWIUYIRGIW SJ
GVEGOMRK WYGLEWGSRHMXMSRWWXMTYPEXIHMR8EFPI -RXLI
EFWIRGISJWTIGMJMGVIUYMVIQIRXWWYGLEW[EXIVXMKLXRIWWSV
WTIGMJMG I\TSWYVI GPEWWIW EW XEFYPEXIH MR XLI ')& 'SHI E
PMQMXMRKZEPYISJ[PMQIUYEPXSQQ MR MWWEXMW
JEGXSV][MXLVIWTIGXXSETTIEVERGIERHHYGXMPMX]
8LIPIRKXLPWQE\MR)U GERFIHIJMRIHEW
W z W
P W QE \ ! FO
W
F
*SVWMRKPIGVEGOJSVQEXMSR)U MWI\TVIWWIHEW
PW QE \ !
W
W FO R W IJ
8EFPI{+YMHIXSVIEWSREFPIGVEGO[MHXLW
VIMRJSVGIHGSRGVIXIYRHIVWIVZMGIPSEHW
)\TSWYVIGSRHMXMSR
'VEGO[MHXL
MR
QQ
(V]EMVSVTVSXIGXMZIQIQFVERI
,YQMHMX]QSMWXEMVWSMP
(IMGMRKGLIQMGEPW
7IE[EXIVERHWIE[EXIVWTVE][IXXMRKERHHV]MRK
;EXIVVIXEMRMRKWXVYGXYVIWj
-XWLSYPHFII\TIGXIHXLEXETSVXMSRSJXLIGVEGOWMRXLIWXVYGXYVI[MPPI\GIIHXLIWI
ZEPYIW ;MXL XMQI E WMKRMJMGERX TSVXMSR GER I\GIIHXLIWI ZEPYIW8LIWIEVI KIRIVEP
KYMHIPMRIWJSVHIWMKRXSFIYWIHMRGSRNYRGXMSR[MXLWSYRHIRKMRIIVMRKNYHKIQIRX
j
)\GPYWMRKRSRTVIWWYVITMTIW
8LIXIVQGERFIEWWYQIHIUYEPXSJSVWMQTPIGEPGYPEXMSR
RFIMRKXLIQSHYPEVVEXMS)W )G[LIVI
WIJ ! IJJIGXMZIVIMRJSVGIQIRXVEXMS%W %GIJ %W ! EVIESJXIRWMSRVIMRJSVGIQIRXQQERH
%GIJ ! IJJIGXMZIGSRGVIXIEVIEMRXIRWMSRQQ
8LIIJJIGXMZIEVIESJGSRGVIXIMRXIRWMSRGERFIGEPGYPEXIH
EW
%GIJ!F? LzH A
[LIVI
F
! FIEQ[MHXLEXXLIXIRWMSRWMHI
L
! XSXEPWIGXMSRHITXLERH
H
! IJJIGXMZIHITXLXSXLIGIRXVSMHSJXLIXIRWMPIVIMRJSVGI
QIRX
*SVWXEFMPM^IHGVEGOMRKXLIEZIVEKI[MHXLSJXLIGVEGOGERFI
IWXMQEXIHSRXLIFEWMWSJXLIEZIVEKIGVEGOWTEGMRKWYGLXLEX
7 VQ ! P WQE\
E
[LIVI
W ! VIMRJSVGIQIRXWXVIWWEXXLIGVEGOPSGEXMSR14E
W ! VIMRJSVGIQIRXWXVIWWEXTSMRXSJ^IVSWPMT14E
! VIMRJSVGMRKFEVHMEQIXIVSVIUYMZEPIRXHMEQIXIVSJ
W
FYRHPIHFEVWQQ
!
PS[IVJVEGXMPIZEPYISJXLIEZIVEKIFSRHWXVIWW14E
FO
!JGXQ X ERH
JGXQ X ! XLIQIER ZEPYISJ XLI GSRGVIXI XIRWMPI WXVIRKXLEX
XLIXMQIXLEXXLIGVEGOJSVQW
*SVWXEFMPM^IHGVEGOMRKXLII\TVIWWMSRGERFIWMQTPMJMIH
EWJSPPS[W
W
P W QE \ ! W IJ
6
[LIVI 7VQ MWXLIQIERGVEGOWTEGMRKZEPYI QQ MRXLIFIEQ
)YVSGSHI )' TVSZMWMSRW{8LI )YVSGSHI
)' VIUYMVIW XLEX GVEGOMRK WLSYPH FI PMQMXIH XS E PIZIP
XLEXHSIWRSXMQTEMVXLITVSTIVJYRGXMSRMRKSJXLIWXVYGXYVI
SVGEYWIMXWETTIEVERGIXSFIYREGGITXEFPI )YVS)'
&IGOIXX ERH %PI\ERHVSY 2E[] -X PMQMXW XLI
QE\MQYQ HIWMKR GVEGO [MHXL XS QQ MR JSV
WYWXEMRIH PSEH YRHIV RSVQEP IRZMVSRQIRXEP GSRHMXMSRW
8LMWGIMPMRKMWI\TIGXIHXSFIWEXMWJEGXSV][MXLVIWTIGXXS
ETTIEVERGIERHHYVEFMPMX]7XVMGXIVVIUYMVIQIRXWEVIWXMTYPEXIH
JSVQSVIWIZIVIIRZMVSRQIRXEPGSRHMXMSRW
8LIGSHIWXMTYPEXIWXLEXXLIHIWMKRGVEGO[MHXLFIIZEPYEXIH
JVSQXLIJSPPS[MRKI\TVIWWMSR
[O! WVQ WQ
[LIVI
[O ! HIWMKRGVEGO[MHXL
WVQ ! EZIVEKIWXEFMPM^IHGVEGOWTEGMRK
WQ ! QIER WXVEMR YRHIV VIPIZERX GSQFMREXMSR SJ PSEHW
ERHEPPS[MRKJSVXLIIJJIGXWYGLEWXIRWMSRWXMJJIRMRK
SVWLVMROEKIERH
6
1%29%03*'32'6)8)46%'8-')
8EFPI{1E\MQYQFEVHMEQIXIVJSVLMKLFSRHFEVW
7XIIPWXVIWW14E
1E\MQYQFEVWM^IQQ
! GSIJJMGMIRXVIPEXMRKXLIEZIVEKIGVEGO[MHXLXSXLI
HIWMKRZEPYI
! JSV PSEHMRHYGIH GVEGOMRK ERH JSV VIWXVEMRX
GVEGOMRK MR WIGXMSRW [MXL QMRMQYQ HMQIRWMSR MR
I\GIWWSJQQ MR 8LIWXVEMR WQMRXLIWIGXMSRMWSFXEMRIHJVSQXLIJSPPS[MRK
I\TVIWWMSR
WQ! W )W?z WV W
A
[LIVI
! WXVIWWMRXLIXIRWMSRVIMRJSVGIQIRXGSQTYXIHSRXLI
W
FEWMWSJEGVEGOIHWIGXMSR14E
WV ! WXVIWWMRXLIXIRWMSRVIMRJSVGIQIRXGSQTYXIHSRXLI
FEWMWSJEGVEGOIHWIGXMSRYRHIVPSEHMRKGSRHMXMSRW
XLEXGEYWIXLIJMVWXGVEGO14E
!
GSIJJMGMIRXEGGSYRXMRKJSVFEVFSRHGLEVEGXIVMWXMGW
! JSVHIJSVQIHFEVWERHJSVTPEMRFEVW
! GSIJJMGMIRXEGGSYRXMRKJSVPSEHHYVEXMSR
! JSV WMRKPI WLSVXXIVQ PSEHMRK ERH JSV
WYWXEMRIHSVG]GPMGPSEHMRKERH
)W ! 1SHYPYWSJIPEWXMGMX]SJXLIVIMRJSVGIQIRX14E
8LIEZIVEKIWXEFMPM^IHQIERGVEGOWTEGMRK WVQMWIZEPY
EXIHJVSQXLIJSPPS[MRKI\TVIWWMSR
WVQ!OOHF X QQ
[LIVI
HF ! FEVHMEQIXIVQQ
! IJJIGXMZIVIMRJSVGIQIRXVEXMS!%W %GX XLIIJJIGXMZI
X
GSRGVIXIEVIEMRXIRWMSR%GXMWKIRIVEPP]XLIGSRGVIXI
EVIEWYVVSYRHMRKXLIXIRWMSRVIMRJSVGIQIRXSJHITXL
IUYEPXSXMQIWXLIHMWXERGIJVSQXLIXIRWMPIJEGI
SJXLIGSRGVIXIWIGXMSRXSXLIGIRXVSMHSJXLIVIMRJSVGI
QIRX*SVWPEFW[LIVIXLIHITXLSJXLIXIRWMSR^SRI
QE]FIWQEPPXLILIMKLXSJXLIIJJIGXMZIEVIEWLSYPH
RSXFIXEOIRKVIEXIVXLER? GzHF A[LIVIG!GPIEV
GSZIVXSXLIVIMRJSVGIQIRXQQ
! JSVHIJSVQIHFEVWERHJSVTPEMRFEVWERH
O
! JSVFIRHMRKERHJSVTYVIXIRWMSR
O
-RGEWIWSJIGGIRXVMGXIRWMSRSVJSVPSGEPEVIEWEREZIVEKI
ZEPYISJO! GERFIYWIH[LIVI MWXLIKVIEXIV
ERH XLI PIWWIV XIRWMPI WXVEMR EX XLI WIGXMSR FSYRHEVMIW
HIXIVQMRIHSRXLIFEWMWSJGVEGOIHWIGXMSR
-RXLIEFWIRGISJVMKSVSYWGSQTYXEXMSRWEWHIWGVMFIHXLYW
JEVGLSMGISJQMRMQYQEVIESJVIMRJSVGIQIRX%WJSVGVEGO
GSRXVSPMWWXMTYPEXIHWYGLXLEX
%W!OG OJGXIJJ %GX W
[LIVI
%W ! VIMRJSVGIQIRXEVIE[MXLMRXLIXIRWMPI^SRIQQ
%GX ! IJJIGXMZIEVIESJGSRGVIXIMRXIRWMSRQQ
! QE\MQYQ WXVIWW TIVQMXXIH MR XLI VIMRJSVGIQIRX
W
EJXIVXLIJSVQEXMSRSJXLIGVEGO8LI]MIPHWXVIRKXL
QE]FIXEOIRMRPMIYSJ WEPXLSYKLPS[IVZEPYIW
QE]FIRIIHIHXSWEXMWJ]GVEGO[MHXLPMQMXW
JGXIJJ ! XIRWMPI WXVIRKXL SJ XLI GSRGVIXI IJJIGXMZI EX XLI
JSVQEXMSR SJ XLI JMVWX GVEGO % ZEPYI SJ 14E
TWM GERFIYWIH
! GSIJJMGMIRXVITVIWIRXMRKXLIREXYVISJWXVIWWHMWXVM
OG
FYXMSR
! JSVHMVIGXXIRWMSRERHJSVFIRHMRKERH
O
! GSIJJMGMIRXEGGSYRXMRKJSVRSRYRMJSVQWXVIWWIWHYI
XS VIWXVEMRX VIWYPXMRK JVSQ MRXVMRWMG SV I\XVMRWMG
HIJSVQEXMSR-XZEVMIWFIX[IIRERH 2QQ!
14E 8LI)''SHIEPWSWXMTYPEXIWXLEXJSVGVEGOWHSQMRERXP]
GEYWIH TVMRGMTEPP] F] JPI\YVI XLIMV [MHXLW [MPP RSX YWYEPP]
I\GIIH XLI WXERHEVH QQ MR MJ XLI WM^I ERH
WTEGMRKSJXLIVIMRJSVGMRKFEVWEVI[MXLMRXLIVERKISJZEPYIW
MR 8EFPIW ERH JSV FEV WM^I ERH WTEGMRK )YVS )'
&IGOIXXERH%PI\ERHVSY2E[] *SVWIZIVI
I\TSWYVIGSRHMXMSRW WYGL EW XLSWI PMWXIH MR 8EFPI GVEGO
[MHXLGSQTYXEXMSRWFIGSQIQERHEXSV]
{'VEGOGSRXVSPMRX[S[E]WPEFWERHTPEXIW
'VEGOGSRXVSP IUYEXMSRW JSV FIEQW YRHIVIWXMQEXI XLI
GVEGO[MHXLWHIZIPSTIHMRX[S[E]WPEFWERHTPEXIW 2E[]
ERH&PEMV ERHHSRSXMRHMGEXIXSXLIHIWMKRIVLS[XS
WTEGI XLI VIMRJSVGIQIRX 8LI GVEGOMRK [MHXLW MR X[S[E]
WPEFWERHTPEXIWEVIGSRXVSPPIHTVMQEVMP]F]XLIWXIIPWXVIWW
PIZIPERHXLIWTEGMRKSJXLIVIMRJSVGIQIRXMRXLIX[STIVTIR
HMGYPEV HMVIGXMSRW -R EHHMXMSR XLI GPIEV GSRGVIXI GSZIV MR
X[S[E]WPEFWERHTPEXIWMWRIEVP]GSRWXERX QQ?MRA
JSVQSWXMRXIVMSVWXVYGXYVEPWPEFW [LIVIEWMXMWEQENSVZEVM
EFPIMRXLIGVEGOGSRXVSPIUYEXMSRWJSVFIEQW
%REP]WMWSJHEXESRGVEGOMRKMRX[S[E]WPEFWERHTPEXIW
2E[]ERH&PEMV LEWTVSZMHIHXLIJSPPS[MRKIUYEXMSR
JSVTVIHMGXMRKXLIQE\MQYQGVEGO[MHXL
[ ! O JW -
[LIVIXLIXIVQWMRWMHIXLIVEHMGEPEVIGSPPIGXMZIP]XIVQIHXLI
KVMHMRHI\
H F W - ! !
X
W W HG H F
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
! JVEGXYVIGSIJJMGMIRX[MXLEZEPYIO!»zJSV
YRMJSVQP]PSEHIHVIWXVEMRIHX[S[E]EGXMSRWUYEVI
WPEFWERHTPEXIW*SVGSRGIRXVEXIHPSEHWSVVIEGXMSRW
SV[LIRXLIVEXMSSJWLSVXXSPSRKWTERMWPIWWXLER
FYXPEVKIVXLEREZEPYISJO!»zMW
ETTPMGEFPI*SVWTEREWTIGXVEXMSWPIWWXLERO!
»z
! GLSWIR XS WMQTPMJ] GEPGYPEXMSRW EPXLSYKL MX
ZEVMIWFIX[IIRERH ! EGXYEPEZIVEKIWIVZMGIPSEHWXVIWWPIZIPSV SJ
JW
XLIWTIGMJMIH]MIPHWXVIRKXLJ]OWM
HF ! HMEQIXIVSJXLIVIMRJSVGIQIRXMR(MVIGXMSRGPSWIWX
XSXLIGSRGVIXISYXIVJMFIVWMR
W
! WTEGMRKSJXLIVIMRJSVGIQIRXMR(MVIGXMSRMR
! WTEGMRK SJ XLI VIMRJSVGIQIRX MR TIVTIRHMGYPEV
W
(MVIGXMSRMR
!
EGXMZIWXIIPVEXMSXLEXMWXLIEVIESJWXIIP%WTIVJX
X
[MHXL? HF G A [LIVI G MW GPIEV GSRGVIXI
GSZIVQIEWYVIHJVSQXLIXIRWMPIJEGISJGSRGVIXIXS
XLIRIEVIWXIHKISJXLIVIMRJSVGMRKFEVMR(MVIGXMSR
ERH
[
! GVEGO[MHXLEXJEGISJGSRGVIXIGEYWIHF]JPI\YVIMR
(MVIGXMSRVIJIVWXSXLIHMVIGXMSRSJVIMRJSVGIQIRXGPSWIWXXS
XLI SYXIV GSRGVIXI JMFIVW XLMW MW XLI HMVIGXMSR JSV [LMGL
GVEGOGSRXVSP GLIGO WLSYPH FI QEHI 7YFWGVMTXW ERH TIVXEMRXSXLIHMVIGXMSRWSJVIMRJSVGIQIRX
*SVWMQTP]WYTTSVXIHWPEFWXLIZEPYISJOWLSYPHFIQYPXM
TPMIHF]-RXIVTSPEXIHOZEPYIWETTP]JSVTEVXMEPVIWXVEMRX
EXXLIFSYRHEVMIW*SV^SRIWSJJPEXTPEXIW[LIVIXVERWZIVWI
WXIIPMWRSXYWIHSV[LIRMXWWTEGMRKWI\GIIHWQQ MR YWI W!QQ MR MRXLIIUYEXMSR
-JWXVEMRMWYWIHMRWXIEHSJWXVIWW)U FIGSQIW
O
[ ! O
-
[LIVIZEPYIWSJO!»XMQIWXLIOZEPYIWTVIZMSYWP]
PMWXIH2E[] ERH%'-6GSRXEMRHIWMKREMHWJSV
ETTP]MRKXLIWIVIGSQQIRHEXMSRW
8EQERH7GERPSR TVIWIRXEQSHIPJSVHIXIVQMRMRK
HIJPIGXMSR SJ X[S[E] WPEFW WYFNIGXIH XS XVERWZIVWI PSEHW
8LIMVQSHIPEGGSYRXWJSVXLIRIXIJJIGXSRHIJPIGXMSRSJFSXL
VIWXVEMRXGVEGOMRKERHJPI\YVEPGVEGOMRK
{8SPIVEFPIGVEGO[MHXLWZIVWYWI\TSWYVI
GSRHMXMSRWMRVIMRJSVGIHGSRGVIXI
8EFPI TVIWIRXW E KIRIVEP KYMHI JSV [LEX GSYPH FI
GSRWMHIVIH VIEWSREFPI GVEGO [MHXLW EX XLI XIRWMPI JEGI SJ
VIMRJSVGIHGSRGVIXIWXVYGXYVIWJSVX]TMGEPGSRHMXMSRW8LIWI
VIEWSREFPIGVEGO[MHXLZEPYIWEVIMRXIRHIHXSWIVZISRP]EW
EKYMHIJSVTVSTSVXMSRMRKVIMRJSVGIQIRXHYVMRKHIWMKR8LI]
EVI XS FI YWIH EW E KIRIVEP KYMHIPMRI EPSRK [MXL WSYRH
IRKMRIIVMRKNYHKQIRX
8LI XEFPI MW FEWIH TVMQEVMP] SR 2E[] [LS
GSQTMPIHMRJSVQEXMSRJVSQWIZIVEPWSYVGIW-XMWMQTSVXERXXS
RSXIXLEXXLIWIGVEGO[MHXLZEPYIWEVIRSXEP[E]WEVIPMEFPI
MRHMGEXMSRSJXLIGSVVSWMSRERHHIXIVMSVEXMSRXSFII\TIGXIH
-RTEVXMGYPEVEPEVKIVGSZIVIZIRMJMXPIEHWXSEPEVKIVWYVJEGI
6
8EFPI{1E\MQYQFEVWTEGMRKJSVLMKLFSRHFEVW
7XIIPWXVIWW14E
1E\MQYQFEVWTEGMRKQQ
4YVIJPI\YVI
4YVIXIRWMSR
{
{
GVEGO [MHXL QE] FI TVIJIVEFPI JSV GSVVSWMSR GSRXVSP MR
GIVXEMRIRZMVSRQIRXWXLIVIJSVIXLIHIWMKRIVWLSYPHI\IVGMWI
IRKMRIIVMRK NYHKQIRX SR XLII\XIRX SJGVEGO GSRXVSP XS FI
YWIH;LIRYWIHMRGSRNYRGXMSR[MXLXLIVIGSQQIRHEXMSRW
TVIWIRXIHMR7IGXMSRWERH XSPMQMXGVEGO[MHXLMX
WLSYPHFII\TIGXIHXLEXETSVXMSRSJXLIGVEGOWMRXLIWXVYG
XYVI[SYPHI\GIIHXLIWIZEPYIWF]EWMKRMJMGERXEQSYRX-XMW
EPWS RSXIH XLEX XMQI IJJIGXW WYGL EW GVIIT [MPP GEYWI ER
MRGVIEWIMRGVEGO[MHXLWXLEXWLSYPHFIXEOIRMRXSEGGSYRXF]
XLIHIWMKRIV
%RSXLIVSTMRMSRVIKEVHMRKGVEGOGSRXVSPWYKKIWXWXLEXMR
XLIPSRKXIVQXLIVIMWRSPMROFIX[IIRXLIPIZIPSJJPI\YVEP
GVEGOMRK ERH GSVVSWMSR &IIF] 8LMW WYKKIWXW XLEX
MRHITIRHIRXSJI\TSWYVIGSRHMXMSRWXLIEGGITXEFPIPIZIPSJ
GVEGOMRKMWTVMQEVMP]EREIWXLIXMGMWWYI8LIVIJSVIMRGEWIW
WYGLEW PMUYMHGSRXEMRMRK WXVYGXYVIW [LIVI XLI TVIWIRGI SJ
QSMWXYVIMWGSRWXERXSVPIEOEKIMWSJGSRGIVRWLSYPHQSVI
VIWXVMGXMZI WQEPPIV GVEGO [MHXLW FI VIUYMVIH &EWIH SR
MRJSVQEXMSRMR,EPZSVWIR EGEWIGSYPHFIQEHIXLEX
GVEGO[MHXLWVERKMRKJVSQXSQQ XSMR
GSYPHFIGSRWMHIVIHYREGGITXEFPIJSVEIWXLIXMGVIEWSRWEWXLI]
EVIZMWMFPIXSXLIREOIHI]ILIRGIKIRIVEXMRKEWIRWISJ
MRWIGYVMX]SVWXVYGXYVEPJEMPYVI
{*PI\YVEPGVEGOMRKMRTVIWXVIWWIHGSRGVIXI
4EVXMEPP]TVIWXVIWWIHQIQFIVWMR[LMGLGVEGOWGERETTIEV
YRHIV[SVOMRKPSEHWEVIYWIHI\XIRWMZIP]'VEGOWJSVQMR
XLIWIQIQFIVW[LIRXLIXIRWMPIWXVIWWI\GIIHWXLIQSHYPYW
SJVYTXYVISJXLIGSRGVIXI XS JG TWMYRHIVWLSVXXIVQ
GSRHMXMSRW 8LIGSRXVSPSJXLIWIGVEGOWMWRIGIWWEV]TVMQEVMP]
JSV EIWXLIXMG VIEWSRW EW XLI] EVIZMWMFPIXSXLI REOIH I]I
LIRGIKIRIVEXMRKEWIRWISJWXVYGXYVEPMRWIGYVMX]8LIVIWMHYEP
GVEGO[MHXLEJXIVVIQSZEPSJXLIQENSVTSVXMSRSJXLIPMZI
PSEHMWWQEPP EFSYXXSQQ?MRXSMRA
ERHXLIVIJSVIGVEGOGSRXVSPMWYWYEPP]RSXRIGIWWEV]MJXLI
PMZIPSEHMWXVERWMIRX
8LIVI LEZI FIIR WXYHMIW GSRGIVRMRK XLI GEPGYPEXMSR SJ
GVEGO [MHXLW MR TVIWXVIWWIH GSRGVIXI QIQFIVW 1IMIV ERH
+IVKIP]7Y^YOMERH=SWLMXIVY7YVMERH(MPKIV
2E[] E 8LI GSQTPI\MX] SJ XLI GVEGO [MHXL
GEPGYPEXMSRWMWMRGVIEWIHSZIVVIMRJSVGIHGSRGVIXIQIQFIVW
F]XLIRYQFIVSJZEVMEFPIWXLEXWLSYPHFIGSRWMHIVIH
'VEGOTVIHMGXMSR IUYEXMSRW{3RI ETTVSEGL XS
GVEGO TVIHMGXMSR JSV FSRHIH TVIWXVIWWIH FIEQW LEW X[S
WXITW *MVWX XLI HIGSQTVIWWMSR QSQIRX MW GEPGYPEXIH EX
[LMGLXLIWXVIWWMRXLIGSRGVIXIEXXLITVIWXVIWWMRKWXIIPPIZIP
MW^IVS8LIRXLIQIQFIVMWXVIEXIHEWEVIMRJSVGIHGSRGVIXI
QIQFIVERHXLIMRGVIEWIMRWXVIWWMRXLIWXIIPMWGEPGYPEXIH
6
1%29%03*'32'6)8)46%'8-')
JSVXLIEHHMXMSREPPSEHMRK8LII\TVIWWMSRWKMZIRJSVGVEGO
TVIHMGXMSRMRRSRTVIWXVIWWIHFIEQWGERFIYWIHXSIWXMQEXI
XLI GVEGOW JSV XLI PSEH MRGVIEWI EFSZI XLI HIGSQTVIWWMSR
QSQIRX % QYPXMTPMGEXMSR JEGXSV SJ EFSYX MW RIIHIH
[LIRWXVERHWVEXLIVXLERHIJSVQIHFEVWEVIYWIHRIEVIWXXS
XLIFIEQWYVJEGIMRXLITVIWXVIWWIHQIQFIVXSEGGSYRXJSV
XLIHMJJIVIRGIWMRFSRHTVSTIVXMIW8LMWETTVSEGLMWGSQTPM
GEXIH MJ QSWX SJ XLI TEVEQIXIVW EJJIGXMRK GVEGOMRK EVI
GSRWMHIVIH 2MPWSR %R ETTVS\MQEXI QIXLSH YWMRK
XLI RSQMREPGSRGVIXIWXVIWW ETTVSEGL [EW TVIWIRXIH F]
1IMIV ERH +IVKIP] 8LI] TVSTSWIH XLI JSPPS[MRK
IUYEXMSRWJSVTVIHMGXMSRSJQE\MQYQJPI\YVEPGVEGO[MHXL
J
[ QE\ ! ' GXH G
)G
J
[ QE\ ! ' GXH G %
)G
[LIVI
'' ! FSRHGSIJJMGMIRXWXLEXHITIRHSRXLIX]TISJWXIIP
RIEVIWXXLIXIRWMSRJEGI
! RSQMREPXIRWMPIWXVIWWEXXLIXIRWMPIJEGI
JGX
)G ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXI
! QMRMQYQGSRGVIXIGSZIVXSGIRXVSMHSJWXIIPEXXLI
HG
XIRWMPIJEGIERH
%
! IJJIGXMZI GSRGVIXI EVIE TIV FEV EW HIJMRIH MR %'
)UYEXMSR MW HMQIRWMSREPP] GSVVIGX ERHXLI GSIJJM
GMIRX 'MWHMQIRWMSRPIWW-RMRPFYRMXW'!ERH'!
JSVVIMRJSVGMRKFEVWERH'!ERH'!JSVWXVERHW-R7YRMXWMJ%MWWTIGMJMIHMRQQ '!ERH'!JSV
VIMRJSVGMRKFEVWERH'!ERH'!JSVWXVERHW
)UYEXMSR LEHFIXXIVETTPMGEXMSRJSVQSWXHEXEI\EQ
MRIH LS[IZIV )U WLS[W FIXXIV EGGYVEG] JSV [MHI
FIEQW[MXLPEVKIWTEGMRK8LIWIIUYEXMSRWTVIHMGXXLIEZIVEKI
SJXLIQE\MQYQGVEGO[MHXLW8LIWGEXXIVMWGSRWMHIVEFPI
8LIQE\MQYQGVEGO[MHXL MRMRGLIW EXXLIWXIIPVIMRJSVGI
QIRXPIZIPGPSWIWXXSXLIXIRWMPIJEGISJXLIGSRGVIXIEGGSYRXMRK
JSVXLIWXVIWWMRXLIVIMRJSVGIQIRXMRTVIXIRWMSRIHERHTSWX
XIRWMSRIHJYPP]ERHTEVXMEPP]TVIWXVIWWIHQIQFIVWGERFI
IZEPYEXIHJVSQXLIJSPPS[MRKWMQTPMJMIHI\TVIWWMSRW 2E[]
ERH,YERK2E[]E 4VIXIRWMSRIHFIEQW
z %
[ QE\ ! » X
JW
JW
3
4SWXXIRWMSRIHYRFSRHIHFIEQW
z %
[ QE\ ! » X
3
8LI QE\MQYQ GVEGO [MHXL EX XLI XIRWMPI JEGI SJ XLI
GSRGVIXIGERFISFXEMRIHF]QYPXMTP]MRKXLIZEPYIWSFXEMRIH
JVSQ)U ERH F]EJEGXSV6M[LIVI
6M ! VEXMSL L
L ! HMWXERGIJVSQXLIRIYXVEPE\MWXSXLIGIRXVSMHSJXLI
VIMRJSVGIQIRXMR
L ! HMWXERGIJVSQXLIRIYXVEPE\MWXSXLIGSRGVIXIXIRWMPI
JEGI
JW ! XLIRIXWXVIWWMRXLITVIWXVIWWIHXIRHSRSVXLIQEKRM
XYHISJXLIXIRWMPIWXVIWWMRXLIGSRZIRXMSREPVIMR
JSVGIQIRX EX ER] PSEH PIZIP MR [LMGL XLI
HIGSQTVIWWMSRPSEH HIGSQTVIWWMSRLIVIQIERWJG!
EXXLIPIZIPSJXLIVIMRJSVGMRKWXIIP MWXEOIREWXLI
VIJIVIRGITSMRXOWM! JRX z JH
JRX
! WXVIWWMRXLITVIWXVIWWMRKWXIIPEXER]PSEHFI]SRH
XLIHIGSQTVIWWMSRPSEHOWM
! WXVIWWMRXLITVIWXVIWWMRKWXIIPGSVVIWTSRHMRKXSXLI
JH
HIGSQTVIWWMSRPSEHOWM
!
WYQ
SJ VIMRJSVGMRK IPIQIRXWv GMVGYQJIVIRGIW MR
3
ERH
! XLIIJJIGXMZIGSRGVIXIEVIEMRYRMJSVQXIRWMSRMR
%X
EWHIJMRIHF]%'-
6IGIRX [SVO F] 2E[] SR GVEGOMRK MR LMKL WXVIRKXL TVI
WXVIWWIHFIEQWSJGSQTVIWWMZIWXVIRKXLJG MRI\GIWWSJ14E
TWM WLS[IHXLEXXLIJEGXSVMR)U FIGSQIW» z MR97GYWXSQEV]YRMXWERH» z
MR7-YRMXW 2E[] 8LI')&1SHIP'SHILEWXLIWEQIIUYEXMSRJSVTVIHMGXMRK
XLIGVEGO[MHXLMRTVIWXVIWWIHQIQFIVWEWMRRSRTVIWXVIWWIH
QIQFIVW 7IGXMSR 8LIMRGVIEWIMRWXIIPWXVEMRMWGEPGY
PEXIH JVSQ XLI HIGSQTVIWWMSR WXEKI 3XLIV IUYEXMSRW LEZI
FIIRTVSTSWIH %FIPIW&IRRIXXERH(EZI,SPQ
FIVK ERH 0MRHKVIR 6ES +ERHSXVE ERH 6EQE^[EQ]
&EXI&IRRIXXERH'LERHVEWIOLEV,YXXSR
ERH0SSZ/VMWLRE&EWEZEVENYMELERH%LEQIH
7XIZIRW7YVMERH(MPKIV7Y^YOMERH=SWLMXIVY
,EVENPMERH2EEQER %EPEQMERH&EVXL HMWGYWWXLIQMXMKEXMSRSJVIWXVEMRX
GVEGOMRK MR FYMPHMRKW GSRWXVYGXIH [MXL YRFSRHIH XIRHSRW
2SRTVIWXVIWWIH HIJSVQIH FEVW GER FI YWIH XS VIHYGI XLI
[MHXLSJXLIGVEGOWXSEGGITXEFPIPIZIPW
'VEGO[MHXLW{7SQIEYXLSVWWXEXIXLEXGSVVSWMSRMWE
KVIEXIV TVSFPIQ MR TVIWXVIWWIHGSRGVIXI QIQFIVW FIGEYWI SJ
XLIWQEPPIVEVIESJWXIIPYWIHERHFIGEYWISJXLITSWWMFPIGSRWI
UYIRGIWSJGSVVSWMSRSRLMKLP]WXVIWWIHWXIIP6IWIEVGL &IIF]
EF MRHMGEXIWXLEXXLIVIMWRSKIRIVEPVIPEXMSRWLMT
FIX[IIRGVEGOMRKERHGSVVSWMSRMRQSWXGMVGYQWXERGIW4SWXSR
'EVVEWUYMPPS ERH &VIIR LS[IZIV GMXIW GSRXVEHMGXSV]
PEFSVEXSV] XIWX VIWYPXW SR TVIWXVIWWIH ERH RSRTVIWXVIWWIH
I\TSWYVIWTIGMQIRWMR[LMGLGLPSVMHIMSRGSRGIRXVEXMSREX
XLIPIZIPSJVIMRJSVGIQIRXHYIXSTIRIXVEXMSRSJGLPSVMHIWJVSQ
I\XIVREPWSYVGIW[EWTVSTSVXMSREPXSGVEGO[MHXL4SWXSRERH
7GLYTEGO TVIWIRXVIWYPXWJVSQEJMIPHMRZIWXMKEXMSRSJ
TVIXIRWMSRIHFIEQWMREREKKVIWWMZIGLPSVMHIIRZMVSRQIRXMR
[LMGLFVMXXPI[MVIJEMPYVISJEWIZIR[MVIWXVERHSGGYVVIHEXE
JPI\YVEPGVEGOETTEVIRXP]HYIXSGSVVSWMSR[MXLWMKRMJMGERX
TMXXMRKSFWIVZIHSRXLISXLIV[MVIWEXXLIGVEGOPSGEXMSR8LI
WYVJEGIGVEGO[MHXLW[IVIQQ MR SVPIWW8LI
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
TVIWXVIWWMRK WXVERH [EW KIRIVEPP] FVMKLX SR IMXLIV WMHI SJ MXW
GVEGO[MXLRSWMKRMJMGERXWMKRSJGSVVSWMSRHMWXVIWW
%WHMWGYWWIHF],EPZSVWIR TVSZMWMSRWJSVWYVJEGI
GVEGO[MHXLGSRXVSPEWEQIERWSJTVSXIGXMRKEKEMRWXGSVVSWMSR
WLSYPHFIWXVSRKP]XMIHXSTVSZMWMSRWJSVLMKLUYEPMX]GSRGVIXI
ERHTPIRX]SJGSZIV8LIMQTSVXERGISJLEZMRKLMKLUYEPMX]
PS[ [GQ GSRGVIXI [MXL WYJJMGMIRX GSZIV XS TVSZMHI PSRK
XIVQ TVSXIGXMSR SJ WXIIP IPIQIRXW FSXL TVIWXVIWWIH ERH
RSRTVIWXVIWWIHGERRSXFISZIVIQTLEWM^IH8LIHIWMKRWLSYPH
TVSZMHI QSVI WXVMRKIRX GVEGO GSRXVSP XLER VIMRJSVGIQIRX
WTEGMRK WXMTYPEXIH MR %'- JSV TVIWXVIWWIHGSRGVIXI
QIQFIVWERHTEVXMGYPEVP]XLSWIWYFNIGXIHXSEKKVIWWMZIIRZM
VSRQIRXW F]TVSZMHMRK EHHMXMSREP QMPH WXIIPVIMRJSVGIQIRX
VIHYGMRK XLI EPPS[EFPI I\XVIQI JMFIV XIRWMSR WXVIWWIWYRHIV
WIVZMGIPSEHWXSEZEPYIFIPS[ J G TWMTIVLETWEWPS[EW
J G TWMSVFSXLERHXSQMRMQM^IXLITSXIRXMEPJSVJPI\YVEP
GVEGOMRK
{%RGLSVEKI^SRIGVEGOMRKMRTVIWXVIWWIH
GSRGVIXI
0SRKMXYHMREP GVEGOW JVIUYIRXP] SGGYV MR XLI ERGLSVEKI
^SRIW SJ TVIWXVIWWIH GSRGVIXI QIQFIVW HYI XS XVERWZIVWI
XIRWMPI WXVIWWIW WIX YT F] XLI GSRGIRXVEXIH JSVGIW +IVKIP]
>MIPMRWOM ERH 6S[I 7XSRI ERH &VIIR E 7YGLGVEGOWGERPIEHXS SVMRGIVXEMRGEWIWEVIIUYMZEPIRXXS
XLIJEMPYVISJXLIQIQFIV8VERWZIVWIVIMRJSVGIQIRX WXMVVYTW EGXMZI VIMRJSVGIQIRX MR XLI JSVQ SJ PEXIVEP TVIWXVIWWMRK SV
FSXLWLSYPHFIHIWMKRIHXSVIWXVMGXXLIWIGVEGOW
8[SX]TIWSJGVEGOWGERHIZIPSTWTEPPMRKGVEGOWXLEXFIKMR
EXXSTERHFSXXSQFIEQIRHWSYXWMHIXLIIRHERGLSVEKI^SRIW
ERHTVSTEKEXITEVEPPIPXSXLITVIWXVIWWMRKJSVGIERHFYVWXMRK
GVEGOWXLEXHIZIPSTEPSRKXLIPMRISJXLIJSVGISVJSVGIWFYX
E[E]JVSQXLIIRHJEGI
*SVQER]]IEVWWXMVVYTW[IVIHIWMKRIHXSXEOIXLIIRXMVI
GEPGYPEXIHXIRWMPIJSVGIFEWIHSRXLIEREP]WMWSJXLIYRGVEGOIH
WIGXMSR 'PEWWMGEP ERH JMRMXIIPIQIRX EREP]WIW 7XSRI ERH
&VIIRE2E[]F WLS[WMQMPEVWXVIWWHMWXVMFYXMSRW
JSV[LMGLXLIWXMVVYTWEVIXSFITVSZMHIH&IGEYWII\TIVM
QIRXEPIZMHIRGIWLS[WXLEXLMKLIVWXVIWWIWGER VIWYPXXLER
XLSWIMRHMGEXIHF]XLIWIEREP]WIW >MIPMRWOMERH6S[I ERHFIGEYWIXLIGSRWIUYIRGIWSJYRHIVVIMRJSVGIQIRXGERFI
WIVMSYWMXMWEHZMWEFPIXSTVSZMHIQSVIWXIIPXLERVIUYMVIH
F]XLMWX]TISJEREP]WMW1SVIVIGIRXP]HIWMKRWLEZIFIIR
FEWIHSRGVEGOIHWIGXMSREREP]WIW%HIWMKRTVSGIHYVIJSV
TSWXXIRWMSRIHQIQFIVWYWMRKEGVEGOIHWIGXMSREREP]WMW
+IVKIP]ERH7S^IR LEWJSYRHEGGITXERGI[MXLQER]
HIWMKRIVW*SVTVIXIRWMSRIHQIQFIVWERIQTMVMGEPIUYEXMSR
LEWTVSZIRXSFIUYMXIYWIJYP 1EVWLEPPERH1EXXSGO 7XSRI ERH &VIIR F TVIWIRX E HIWMKR TVSGIHYVI JSV
TSWXXIRWMSRIHFIEQERGLSVEKI^SRIW%KIRIVEPIUYEXMSRMW
KMZIR JSV TVIHMGXMRK XLI GVEGOMRK PSEH MR FIEQW [MXLSYX
WYTTPIQIRXEPERGLSVEKI^SRIVIMRJSVGIQIRXEPSRK[MXLTVSZM
WMSRWJSVHIWMKRMRKWYTTPIQIRXEV]VIMRJSVGIQIRXERHGEPGY
PEXMRKXLIIJJIGXMX[MPPLEZISRGVEGOMRKERHYPXMQEXIPSEH
(IWMKR VIGSQQIRHEXMSRW JSV GSRXVSPPMRK GVEGOMRK MR
ERGLSVEKI ^SRIW SJ JPI\YVEP QIQFIVW [MXL GPSWIP] WTEGIH
ERGLSVWWYGLEWMRWPEFWERHFVMHKIHIGOWEVITVSZMHIHF]
6
&YVKIWW&VIIRERH4SWXSR ERH7ERHIVW&VIIRERH
(YRGER 7TEPPMRKGVEGOWJSVQFIX[IIRERGLSVEKIWERHTVSTEKEXI
TEVEPPIP XS XLI TVIWXVIWWMRK JSVGIW ERH GER GEYWI KVEHYEP
JEMPYVIIWTIGMEPP][LIRXLIJSVGIEGXWRIEVERHTEVEPPIPXSE
JVIIIHKI&IGEYWIEREP]WIWWLS[XLEXXLIWTEPPMRKWXVIWWIWMR
ERYRGVEGOIHQIQFIVSGGYVTVMQEVMP]RIEVXLIIRHJEGIMXMW
MQTSVXERXXSTPEGIXLIJMVWXWXMVVYTRIEVXLIIRHWYVJEGIERHXS
HMWXVMFYXI XLI WXMVVYTW SZIV E HMWXERGI IUYEP XS EX PIEWX XLI
HITXLSJXLIQIQFIVXSJYPP]EGGSYRXJSVFSXLWTEPPMRKERH
FYVWXMRKWXVIWWIW-RPMIYSJRSVQEPSVXLSKSREPVIMRJSVGIQIRX
XSGSRXVSPGVEGOMRK7XSRIERH&VIIR EF WLS[IHXLI
ZIV]FIRIJMGMEPIJJIGXSJYWMRKWTMVEPVIMRJSVGIQIRXSVEGXMZI
VIMRJSVGIQIRX MR XLI JSVQ SJ XVERWZIVWI TVIWXVIWWMRK XS
GSRXVSPGVEGOMRKMRERGLSVEKI^SRIW[LIVIXLITVIWXVIWWMRK
JSVGIWEVIPEVKI
{'VEGOGSRXVSPMRHIITFIEQW
1ENSV GLERKIWMR VIMRJSVGIH GSRGVIXI HIWMKR MR XLI TEWX
X[S HIGEHIW REQIP] XLI [MHIWTVIEH EHSTXMSR SJ WXVIRKXL
HIWMKRLEZIVIWYPXIHMRWSQIWXVYGXYVIW[MXLLMKLWIVZMGI
PSEHVIMRJSVGIQIRX WXVIWWIW 7IZIVEP GEWIW LEZI FIIR
VITSVXIH *VERX^ERH&VIIREF [LIVI[MHIGVEGOWLEZI
HIZIPSTIHSRXLIWMHIJEGIWSJFIEQWFIX[IIRQEMRJPI\YVEP
VIMRJSVGIQIRXERHXLIRIYXVEPE\MW%PXLSYKLXLIQIEWYVIH
GVEGO [MHXLW EX XLI QEMR VIMRJSVGIQIRX PIZIP [IVI [MXLMR
EGGITXEFPIGSHIPMQMXWXLIWMHIJEGIGVEGO[MHXLWRIEVQMH
HITXL[IVIEWQYGLEWXLVIIXMQIWEW[MHI
&EWIHSRERI\TIVMQIRXEPERHEREP]XMGEPMRZIWXMKEXMSRSJ
GVEGOMRKMRHIITFIEQW MRXLIWIRWISJWITEVEXMSRSJXIRWMSR
ERH GSQTVIWWMSR JSVGI VIWYPXERXW RSX WTERHITXL VEXMS *VERX^ERH&VIIRHIZIPSTIHVIGSQQIRHEXMSRWJSVWMHIJEGI
GVEGOGSRXVSPMRFIEQWMR[LMGLXLIHITXLHI\GIIHWQQ
MR 1SHMJMGEXMSRWSJXLIWIVIGSQQIRHEXMSRWLEZIFIIR
MRGPYHIHMR%'-WMRGI7IGXMSRSJ%'-
VIUYMVIW WOMR VIMRJSVGIQIRX XS FI YRMJSVQP] HMWXVMFYXIH
EPSRKFSXLJEGIWSJXLIQIQFIVJSVEHMWXERGIHRIEVIWXXLI
JPI\YVEPXIRWMSRVIMRJSVGIQIRX
{8IRWMSRGVEGOMRK
8LI GVEGOMRK FILEZMSV SJ VIMRJSVGIH GSRGVIXI QIQ
FIVWMRE\MEPXIRWMSRMWWMQMPEVXSXLEXSJJPI\YVEPQIQ
FIVWI\GITXXLEXXLIQE\MQYQGVEGO[MHXLMWPEVKIVXLERXLEX
TVIHMGXIHF]XLII\TVIWWMSRWJSV JPI\YVEPQIQFIVW &VSQW
EF 8LIPEGOSJWXVEMRKVEHMIRXERHVIWYPXERXVIWXVEMRX
MQTSWIH F] XLI GSQTVIWWMSR ^SRI SJ JPI\YVEP QIQFIVW MW
TVSFEFP]XLIVIEWSRJSVXLIPEVKIVXIRWMPIGVEGO[MHXL
(EXEEVIPMQMXIHFYXMXETTIEVWXLEXXLIQE\MQYQXIR
WMPIGVEGO[MHXLGERFIEFSYXI\TVIWWIHMREJSVQWMQMPEV
XSXLEXYWIHJSVJPI\YVEPGVEGO[MHXL
[ ! JW H G % » z
[LIVIGVEGO[MHXLMWQIEWYVIHMRMRGLIW
%QSVIGSQTPMGEXIHTVSGIHYVIJSVTVIHMGXMRKGVEGO[MHXL
MR XIRWMSR QIQFIVW LEW FIIR HIZIPSTIH XLEX MRGSVTSVEXIW
FSXLWPMTERHFSRHWXVIWW =ERKERH'LIR %PXLSYKL
6
1%29%03*'32'6)8)46%'8-')
XLI GVEGO [MHXL TVIHMGXMSR IUYEXMSR ETTIEVW XS WLS[ KSSH
EKVIIQIRX [MXL EZEMPEFPI XIWX HEXE XLI TVSGIHYVI MW XSS
GSQTPMGEXIH JSV HIWMKR TYVTSWIW % WMQMPEV ETTVSEGL [EW
EPWS HIZIPSTIH JSV TVIHMGXMRK GVEGO [MHXLW MR GSRGVIXI
XIRWMSRQIQFIVWVIMRJSVGIH[MXL[IPHIH[MVIJEFVMG 0IIIX
EP %QSVIGSQTPIXIHMWGYWWMSRSJGSRGVIXIGVEGOMRKMR
HMVIGXXIRWMSRMWTVSZMHIHMR%'-6
',%48)6{032+8)61)**)'87
32'6%'/-2+
{-RXVSHYGXMSR
'VEGOMRKMRGSRGVIXIMWEJJIGXIHF]XLIPSRKXIVQGSRHMXMSRW
XS [LMGL XLI GSRGVIXI IPIQIRX MW WYFNIGXIH -R QSWX GEWIW
PSRKXIVQI\TSWYVIERHPSRKXIVQPSEHMRKI\XIRHXLIQEKRM
XYHISJGVEGOWTVMRGMTEPP]XLIMV[MHXLMRFSXLVIMRJSVGIHERH
TPEMRGSRGVIXI8LIHMWGYWWMSRMRXLMWGLETXIVWYQQEVM^IWXLI
QENSVPSRKXIVQJEGXSVWXLEXEJJIGXXLIGVEGOGSRXVSP TIVJSV
QERGISJVIMRJSVGIHERHTVIWXVIWWIHGSRGVIXI
{)JJIGXWSJPSRKXIVQPSEHMRK
%W HMWGYWWIH MR 'LETXIV FSXL WYWXEMRIH ERH G]GPMG
PSEHMRKMRGVIEWIXLIEQSYRXSJQMGVSGVEGOMRK1MGVSGVEGOMRK
ETTIEVWXSFIEJYRGXMSRSJXLIXSXEPWXVEMRERHMWPEVKIP]
MRHITIRHIRXSJXLIQIXLSHF][LMGLXLIWXVEMRMWMRHYGIH
1MGVSGVEGOWJSVQIHEXWIVZMGIPSEHPIZIPWHSRSXWIIQXS
LEZI E KVIEX IJJIGX SR XLI WXVIRKXL SV WIVZMGIEFMPMX] SJ
VIMRJSVGIHERHTVIWXVIWWIHGSRGVIXI
8LI IJJIGX SJ WYWXEMRIH SV VITIXMXMZI PSEHMRK SR QEGVS
WGSTMGGVEGOMRKLS[IZIVGERFIERMQTSVXERXGSRWMHIVEXMSR
MRXLIWIVZMGIEFMPMX]SJVIMRJSVGIHGSRGVIXIQIQFIVWIWTIGMEPP]
MR XIVQW SJ GSVVSWMSR SJ VIMRJSVGMRK WXIIP ERH ETTIEVERGI
8LIMRGVIEWIMR GVEGO [MHXL HYI XS PSRKXIVQ SV VITIXMXMZI
PSEHMRKGERZEV]FIX[IIRERH SZIVWIZIVEP]IEVW
&EXI &VIRHIP ERH 6YLPI 0YX^ 7LEVQE ERH
+IVKIP]%FIPIW&VS[RERH1SVVS[&IRRIXX
ERH(EZI,SPQFIVKERH0MRHKVIR-PPWXSRERH
7XIZIRW,SPQFIVK ;LMPIXLIVIMWEPEVKIWGEXXIV
MR XLI HEXE MRJSVQEXMSR SFXEMRIH JVSQ WYWXEMRIH PSEHMRK
XIWXWSJYTXS]IEVW -PPWXSRERH7XIZIRW ERHJEXMKYI
XIWXW[MXLYTXSQMPPMSR G]GPIW &IRRIXXERH(EZI
,SPQFIVK6ILQERH)PMKILEYWIR MRHMGEXIXLEXE
HSYFPMRKSJGVEGO[MHXL[MXLXMQIGERFII\TIGXIH9RHIVQSWX
GSRHMXMSRWXLIWTEGMRKSJGVEGOWHSIWRSXGLERKI[MXLXMQIEX
GSRWXERXPIZIPWSJWXVIWW %FIPIW&VS[RERH1SVVS[
-PPWXSRERH7XIZIRW,SPQFIVK %RI\GITXMSRXS
XLMWSGGYVWEXPS[PSEHWSVMRFIEQW[MXLLMKLTIVGIRXEKIWSJ
VIMRJSVGIQIRXMR[LMGLGEWIXLIXSXEPRYQFIVERH[MHXLSJ
GVEGOW MRGVIEWI WYFWXERXMEPP] EJXIV XLI PSEHMRK LEW FIKYR
&VIRHIP ERH 6YLPI %FIPIW &VS[R ERH 1SVVS[
,SPQFIVK 8LIPEVKIWXTIVGIRXEKIMRGVIEWIMR
GVEGO [MHXL MW XLIR I\TIGXIH MR JPI\YVEP QIQFIVW
WYFNIGXIH XS PS[ PIZIPW SJ PSEH FIGEYWI XLI GVEGOW XEOI
QSVIXMQIXSHIZIPST
*SV FSXL TVIWXVIWWIH ERH VIMRJSVGIH GSRGVIXI JPI\YVEP
QIQFIVW PSRKXIVQ PSEHMRK ERH VITIXMXMZI PSEHMRK KMZI
EFSYXXLIWEQIGVEGO[MHXLWERHWTEGMRK 6ILQERH)PMKI
LEYWIR 8LIVEXISJGVEGO[MHXLHIZIPSTQIRXLS[IZIV
MW GSRWMHIVEFP] JEWXIV YRHIV VITIXMXMZI PSEHMRK &IRRIXX ERH
(EZI,SPQFIVK6ILQERH)PMKILEYWIR
7XIZIRW %W HMWGYWWIH MR 'LETXIV GVEGO [MHXL MW E JYRGXMSR SJ
GSZIV *SV WLSVXXIVQ WXEXMG ERH JEXMKYI PSEHMRK WYVJEGI
GVEGO[MHXLMWETTVS\MQEXIP]TVSTSVXMSREPXSXLIWXIIPWXVEMR
-PPWXSRERH7XIZIRW,SPQFIVK7XIZIRW 'VEGO[MHXLWMRGVIEWIYRHIVWYWXEMRIHPSEHMRKEXEHIGVIEW
MRKVEXI8LIVEXISJKVS[XLMRGVEGO[MHXLLS[IZIVMWJEWXIV
XLERXLIEZIVEKISFWIVZIHWYVJEGIWXVEMREXXLIPIZIPSJXLI
WXIIP*SVPSRKXIVQPSEHMRKGVEGO[MHXLMWTVSTSVXMSREP
XSXLIWXIIPWXVEMR MRGPYHMRKXLIIJJIGXWSJGVIIT TPYWXLI
WXVEMR MRHYGIH MR XLI GSRGVIXI HYI XS WLVMROEKI -PPWXSR
ERH7XIZIRW 9RHIVMRMXMEPPSEHWGVEGOWMRXIVGITXMRKVIMRJSVGIQIRXEVI
VIWXVMGXIH F] XLI FSRH FIX[IIR XLI WXIIP ERH XLI GSRGVIXI
-PPWXSRERH7XIZIRW&VSQWF ERHXLI[MHXLSJ
WYVJEGI GVEGOW HSIW RSX TVSZMHI E KSSH MRHMGEXMSR SJ XLI
I\TSWYVI SJ XLI VIMRJSVGMRK WXIIP XS GSVVSWMZI GSRHMXMSRW
3ZIVETIVMSHSJXMQILS[IZIVXLIEHLIWMSRFSRHFIX[IIR
XLIWXIIPERHXLIGSRGVIXIYRHIVKSIWFVIEOHS[R%JXIVEFSYX
]IEVW XLI GVEGO [MHXL EX XLI VIMRJSVGIQIRX MW ETTVS\M
QEXIP]IUYEP XSXLIGVEGO [MHXLEXXLIWYVJEGI -PPWXSRERH
7XIZIRW %XXLMWWXEKIGVEGOWMRJPI\YVEPQIQFIVWEVI
XVMERKYPEVMRWLETIMRGVIEWMRKMR[MHXLJVSQXLIRIYXVEPE\MW
XSXLIWSJJMXERHEVIETTVS\MQEXIP]YRMJSVQEGVSWWXLI[MHXL
SJXLIFIEQ
{)RZMVSRQIRXEPIJJIGXW
8LIPSRKXIVQIJJIGXWSJEREHZIVWIIRZMVSRQIRXMRFSXL
TVSHYGMRK ERH MR IRPEVKMRK GSRGVIXI GVEGOW 1EXLIV GERFIHEQEKMRKXSFSXLGSRGVIXIERHVIMRJSVGIQIRX
-JGSRGVIXIMWRSXVIWMWXERXXSJVII^MRKERHXLE[MRK[LIRGVMX
MGEPP]WEXYVEXIHGVEGOW[MPPHIZIPSTHYIXSFYVWXMRKIJJIGXW
SJXLIJVII^MRK[EXIV8LIPEGOSJWYGLVIWMWXERGIGERFIHYI
XSXLIJSPPS[MRKVIEWSRWXLIYWISJVIWMWXERXVIWMWXERXGSEVWI
EKKVIKEXIMREHIUYEXIEMVZSMHW]WXIQSVJEMPYVIXSTVSXIGX
XLIGSRGVIXIJVSQJVII^MRKFIJSVIGYVMRK'VMXMGEPWEXYVEXMSR
MRRSRJVSWXVIWMWXERXGSRGVIXIGERSGGYVF]XLITVIWIRGISJ
TVII\MWXMRKGVEGOWXLEXEPPS[IRXV]SJ[EXIV8LIMRMXMEXMSRSJ
(GVEGOMRKRIEVNSMRXWSVSXLIVGVEGOWMRTEZIQIRXWMWEKSSH
I\EQTPI -R QSVI I\XVIQI GEWIW MX MW RSX YRGSQQSR JSV
GVEGOW GEYWIH IMXLIV F] XLIVQEP WXVIWW SV WLVMROEKI SJ XLI
VMGLIV XSTTMRK QM\XYVI MR XLI VSEH[E] HIGO SJ HEQW ERH
REZMKEXMSR PSGOW XS GEYWI WTEPPMRK HYI XS XLI JVII^MRK SJ
[EXIVMRXLIGVEGOWXLIQWIPZIWMRHITIRHIRXSJXLIJVSWXVIWMW
XERGISJXLIGSRGVIXI3RXLISXLIVLERHTVII\MWXMRKGVEGOW
GEREPWSJYRGXMSRXSEPPS[GSRGVIXIXSHV]FIPS[GVMXMGEP
WEXYVEXMSRFIJSVIJVII^MRK[LIRXLMWQMKLXRSXSGGYVMRXLI
EFWIRGISJWYGLGVEGOW8LIVSPISJGVEGOWEWXLI]EJJIGXJVSWX
VIWMWXERGI[MPPZEV][MXLXLIIRZMVSRQIRXEPGSRHMXMSRWWYGL
EWX]TMGEPXMQISJHV]MRKEJXIV[IXXMRKFIJSVIJVII^MRKGVEGO
[MHXLERHEFMPMX]SJGVEGOWXSHVEMR
'SRGVIXI HYVEFMPMX] MW FIXXIV[LIR XLI EKKVIKEXI YWIH MW
HYVEFPI YRHIV JVII^MRK ERH XLE[MRK GSRHMXMSRW ERH XLI
WXVIRKXLSJXLIGSRGVIXIMWETTVSTVMEXI %'-6 *MIPH
I\TSWYVIXIWXWSJVIMRJSVGIHGSRGVIXIFIEQW 6SWLSVI
WYFNIGXIHXSJVII^MRKERHXLE[MRKMRERSGIERWMHIIRZMVSR
QIRXMRHMGEXIXLEXXLIYWISJEMVIRXVEMRIHGSRGVIXIQEHIXLI
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
FIEQWQSVIVIWMWXERXXS[IEXLIVMRKXLERXLIYWISJRSREMV
IRXVEMRIHGSRGVIXI&IEQW[MXLQSHIVRHIJSVQIHFEVW[IVI
QSVIHYVEFPIXLERXLSWIYWMRKFEVW[MXLSPHWX]PIHIJSVQEXMSRW
1E\MQYQGVEGO[MHXLWHMHRSXMRGVIEWI[MXLXMQI[LIRXLI
WXIIPWXVIWW[EWPIWWXLEROWM 14E FYXHMHMRGVIEWI
WYFWXERXMEPP] XS SZIV E ]IEV TIVMSH [LIR XLI
WXIIPWXVIWW[EWOWM 14E SVQSVI
{%KKVIKEXIERHSXLIVIJJIGXW
'SRGVIXI GER GVEGO EW XLI VIWYPX SJ I\TERWMZI VIEGXMSRW
FIX[IIREKKVIKEXIERHEPOEPMWTVIWIRXMRXLIGIQIRXL]HVE
XMSREHQM\XYVIWSVI\XIVREPWSYVGIWWYGLEWGYVMRK[EXIV
KVSYRH[EXIV ERH EPOEPMRI WSPYXMSRW WXSVIH SV YWIH MR XLI
JMRMWLIHWXVYGXYVI
4SWWMFPIWSPYXMSRWXSXLIWITVSFPIQWMRGPYHIPMQMXEXMSRWSR
VIEGXMZI GSRWXMXYIRXW MR XLI EKKVIKEXI PMQMXEXMSRW SR XLI
EPOEPMGSRXIRXSJGIQIRXERHXLIEHHMXMSRSJEWEXMWJEGXSV]
TS^^SPERMGQEXIVMEPSVEGSQFMREXMSRSJXLIWI8LITSXIRXMEP
JSVWSQII\TERWMZIVIEGXMSRWWYGLEWEPOEPMGEVFSREXIMWRSX
VIHYGIHF]TS^^SPERMGEHQM\XYVIW%'-6ERH;SSHW
KMZIHIXEMPWSRMHIRXMJMGEXMSRERHIZEPYEXMSRSJEKKVI
KEXIVIEGXMZMX]%'-6KMZIWKYMHIPMRIWSRXLIEPOEPM
EKKVIKEXI VIEGXMSR ERH WIPIGXMZMX] TVSGIWW JSV QM\XYVI
TVSTSVXMSRMRKERHHYVEFMPMX]
&EWIH SR %'- 6 %'- 6 %'- 6 ERH
1EXLIV XLILE^EVHSJYWMRKGEPGMYQGLPSVMHI
[LMGL QE] MRMXMEXI GSVVSWMSR [EVVERXW E VIGSQQIRHEXMSR
EKEMRWXMXWYWI[LIRGVEGOGSRXVSPMWEQENSVJEGXSVEJJIGXMRK
PSRKXIVQTIVJSVQERGIERHHYVEFMPMX]SJEWXVYGXYVEPW]WXIQ
%PWS XLI YWI SJ GEPGMYQ GLPSVMHI MR VIMRJSVGIH WXVYGXYVIW
I\TSWIHXSQSMWXIRZMVSRQIRXWWLSYPHFIEZSMHIHVIKEVHPIWW
SJXLITVIWIRGISVEFWIRGISJ[EXIVWSPYFPIWEPXWMREHNEGIRX
[EXIVWERHWSMP
(IXVMQIRXEPGSRHMXMSRWGEREPWSVIWYPXJVSQXLIETTPMGEXMSR
SJHIMGMRKWEPXWXSXLIWYVJEGISJLEVHIRIHGSRGVIXI'SRGVIXI
XSFIWYFNIGXIHXSHIMGIVWSVWMQMPEVGLIQMGEPWWLSYPHFIEMV
IRXVEMRIH ERH TVSTIVP] TVSTSVXMSRIH ERH GYVIH XS TVSHYGI
PS[TIVQIEFMPMX]
{9WISJTSP]QIVWMRMQTVSZMRKGVEGOMRK
GLEVEGXIVMWXMGW
)\XIRWMZI [SVO MW EZEMPEFPI SR XLI YWI SJ TSP]QIVW MR
QSHMJ]MRK XLI GLEVEGXIVMWXMGW SJ GSRGVIXI &VSSOLEZIR
2EXMSREP 0EFSVEXSV] %'- 74 %'- 74 %'6 4SP]QIVTSVXPERH GIQIRX GSRGVIXIW LEZI E PEVKI
HIJSVQEXMSR GETEGMX] LMKL XIRWMPI ERH GSQTVIWWMZI
WXVIRKXLWERHRIKPMKMFPITIVQIEFMPMX]8LIXIRWMPIWTPMXXMRK
WXVIRKXL GER FI EW LMKL EW 14E TWM 2E[]
9OEHMOI ERH 7EYIV 4SP]QIV MQTVIKREXMSR XLSYKL
VEVIP]YWIHXSHE]MWERSXLIVQIXLSHSJMRXVSHYGMRKFIRIJM
GMEP TSP]QIV W]WXIQW MRXS GSRGVIXI 8LIWI QEXIVMEPW EVI
HMWGYWWIHMRKVIEXIVHIXEMPMR'LETXIV
',%48)6{'3286303*'6%'/-2+
-23:)60%=7
{-RXVSHYGXMSR
%R SZIVPE] GER FI GSRWXVYGXIH F] TPEGMRK QSVXEV SV
GSRGVIXI SZIV E GSRGVIXI WYVJEGI 8LI YWI SJ SZIVPE]W LEW
VETMHP] MRGVIEWIH WMRGI XLI IEVP] W 8LI] EVI RS[
6
GSQQSRP] YWIH JSV VILEFMPMXEXMSR SJ HIXIVMSVEXIH FVMHKI
HIGOW WXVIRKXLIRMRK SV VIRSZEXMRK TEZIQIRXW [EVILSYWI
JPSSVW [EPO[E]W ERH SXLIV GSRGVIXI JPEX[SVO ERH MR RI[
X[SGSYVWIGSRWXVYGXMSR
3ZIVPE]W GER FI HMZMHIH MRXS XLVII KVSYTW 8LI JMVWX
KVSYT MW [LIR TSVXPERH GIQIRX MW YWIH 8LIWI SZIVPE]W
GERFIPS[WPYQTHIRWIGSRGVIXI 07(' TSP]QIVQSHM
JMIHGSRGVIXI EPWSGEPPIHPEXI\QSHMJMIHGSRGVIXI?01'A ERHJMFIVVIMRJSVGIHGSRGVIXI *6' 8LIWISZIVPE]WQE]EPWS
GSRXEMRWMPMGEJYQIJP]EWLSVKVERYPEXIHFPEWXJYVREGIWPEK
8LI WIGSRH KVSYT MRGPYHIW TSP]QIV ERH ITS\] QSVXEVW SV
GSRGVIXIW 8LI XLMVH KVSYT MRGPYHIW TSP]QIVMQTVIKREXIH
GSRGVIXI 4-' [LMGL LEW RSX FIGSQI KIRIVEPP] IJJIGXMZI
IGSRSQMGEPSVTVEGXMGEP-RE4-'W]WXIQLEVHIRIHGSRGVIXI
MWMQTVIKREXIH[MXLEPS[QSPIGYPEV[IMKLXQSRSQIVXLEX
JMPPWWQEPPGVEGOWERHZSMHWXSEWLEPPS[HITXL EFSYXQQ
?MRA FIRIEXLXLIWYVJEGI8LIQSRSQIVMWXLIRTSP]QIV
M^IHERHEVIPEXMZIP]MQTIVZMSYWWYVJEGIPE]IVVIWYPXW
-JXLIFEWIWPEFMWVIPEXMZIP]GVEGOJVIISVMJXLISZIVPE]MW
WYJJMGMIRXP]XLMGOERHWXVSRKXSVIWMWXXLII\XIRWMSRSJGVEGOW
MRXLISVMKMREPWPEFE[IPPFSRHIHPE]IV[MXLQEXGLIHNSMRXW
MWKIRIVEPP]XLIFIWXETTVSEGL-JXLISZIVPE]LEWWYJJMGMIRX
XLMGORIWWEXSXEPP]YRFSRHIHSZIVPE]MWKIRIVEPP]FIWX[LIVI
WIZIVIGVEGOMRKMWTVIWIRXSV[LIVIMXGERPEXIVHIZIPSTMRXLI
FEWIWPEF7]WXIQWXLEXEVIIWWIRXMEPP]YRFSRHIHLEZIFIIR
GSRWXVYGXIHWEXMWJEGXSVMP][LIVIXLISZIVPE]MWTPEGIHSZIVER
EWTLEPXPE]IV8LIEWTLEPXMXWIPJEGXWEWEHIFSRHMRKPE]IVMJ
MXLEWEVIEWSREFP]WQSSXLWYVJEGI[MXLSYXTSXLSPIW8LMWX]TI
SJGSRWXVYGXMSRPIRHWTEVXMGYPEVP][IPPXSHIXIVMSVEXIHEMVJMIPH
WPEFW XLEX LEZI FIIR VIWYVJEGIH [MXL EWTLEPXMG GSRGVIXI FYX
VIUYMVIEHHMXMSREPVMKMHTEZIQIRXXSXEOIXLIMRGVIEWIHPSEHW
SJLIEZ]EMVGVEJX%RSXLIVXIGLRMUYIXLEXLEWFIIRYWIH[LIR
XLIQEXIVMEPXSFISZIVPEMHMWVIEWSREFP]WQSSXLGSRWMWXWSJ
TPEGMRKXLISZIVPE]SZIVETSP]IXL]PIRIWLIIX3RMVVIKYPEV
WTEPPIHSVTSXLSPIHWYVJEGIWEXLMRPIZIPMRKERHHIFSRHMRK
PE]IVSJEWTLEPXMWHIWMVEFPIYRHIVXLITSP]IXL]PIRIWLIIX
8LIQEMRGEYWIWSJGVEGOMRKMRSZIVPE]WEVI
e 4PEWXMGWLVMROEKIGEYWIHF]I\GIWWMZIIZETSVEXMSRHYI
XSIRZMVSRQIRXEPGSRHMXMSRW[LMPIXLIGSRGVIXIMWMRMXW
JVIWLSVTPEWXMGWXEXI
e (MJJIVIRXMEP HV]MRK WLVMROEKI FIX[IIR QEXIVMEP MR XLI
PE]IVERHXLIWYFWXVEXIGSRGVIXI
e (MJJIVIRXMEP XLIVQEP WXVIWWIW FIX[IIR XLI SZIVPE] ERH
XLIWYFWXVEXIGSRGVIXI8LMWGERFIGEYWIHF]EHMJJIVIRX
XIQTIVEXYVI MR XLI PE]IV EW GSQTEVIH XS XLI WYFWXVEXI
ERHGEREPWSFIGEYWIHSVEKKVEZEXIHF]HMJJIVIRXGSIJ
JMGMIRXWSJXLIVQEPI\TERWMSRERHIPEWXMGTVSTIVXMIW
e 6IJPIGXMZIGVEGOMRKJVSQGVEGOWMRXLIWYFWXVEXI
e )HKIERHGSVRIVGYVPMRKWXVIWWIWXLEXGERPIEHXSHIPEQ
MREXMSRWERHSXLIVGVEGOMRKERH
e 4SSVGSRWXVYGXMSRTVEGXMGIW
0SRKXIVQSFWIVZEXMSRW 7GLVEHIVERH1YRGL&MWL
EVE7LELERH7OEVIRHELP SJQER]SZIVPE]WLEZI
WLS[RXLEXGVEGOMRKHYIXSHMJJIVIRXMEPWLVMROEKIMWXLIQSWX
GSQQSRTVSFPIQ8LIWIGVEGOWEVIEPWSQSVIPMOIP]XSMR
GVIEWISV[MHIR[MXLXMQI%RSXLIVTVSFPIQHIPEQMREXMSRSJ
XLI SZIVPE] LEW FIIR JSYRH XS SGGYV SRP]EX GVEGOW MRXLI
6
1%29%03*'32'6)8)46%'8-')
SZIVPE]SVEXFSYRHEVMIWRSVQEPP]EXZIV]IEVP]EKIW8LIWI
HIPEQMREXMSRW[MPPWTVIEH[MXLXMQI
8SVIHYGIXLIMRGMHIRGISJGVEGOMRKMRVMKMHGSRGVIXISZIV
PE]WXLIJSPPS[MRKTVSGIHYVIWEVIVIGSQQIRHIH
e 8LIWYVJEGISJXLIYRHIVP]MRKGSRGVIXIWLSYPHFIXLSV
SYKLP] TVITEVIH XS IRWYVI EHIUYEXI FSRHMRK SJ XLI
SZIVPE] 8LMW GER FI EGGSQTPMWLIH F] QIGLERMGEP
QIXLSHWWYGLEWWLSXFPEWXMRKWGEFFPMRKLERHGLMT
TMRK SVWERHFPEWXMRKERHL]HVEYPMGEPP]F]LMKLTVIW
WYVI [EXIVFPEWXMRK L]HVSHIQSPMXMSR 7GEVMJ]MRK
QIXLSHWXLEXMQTEGXXLIWYVJEGIGERGEYWIGVEGOMRKMR
XLIWYFWXVEXIXLEXGERVIWYPXMRHIPEQMREXMSR4VSGIHYVIW
JSV IEGL TVSNIGX WLSYPH FI WIPIGXIH GSRWMHIVMRK XLI
GSRHMXMSRSJXLIGSRGVIXIXLIEZEMPEFMPMX]SJIUYMTQIRX
ERH XLI IRZMVSRQIRXEP GSRHMXMSRW 8LI IRH VIWYPX
WLSYPHFIEGPIERWSYRHGSRGVIXIWYVJEGI
e %PPIUYMTQIRX YWIH JSVQM\MRKTPEGMRKERHJMRMWLMRK
WLSYPHFIHIWMKRIHJSVXLIX]TISJSZIVPE]FIMRKYWIH
ERHWLSYPHFIEGGYVEXIP]GEPMFVEXIHERHMRKSSH[SVO
MRKSVHIV&SXLXLIGSRXVEGXSVERHMRWTIGXMRKTIVWSRRIP
WLSYPHFIXVEMRIHMRXLITVSTIVGSRWXVYGXMSRXIGLRMUYIW
SJXLITEVXMGYPEVSZIVPE]W]WXIQ
e 1EXIVMEPUYERXMXMIWMRGPYHMRKXSXEP[EXIVGSRXIRX[GQ
ERH EQSYRX SJ TSP]QIV WLSYPH FI GPSWIP] QSRMXSVIH
ERHVIGSVHIH
e 8VEJJMGGSRXVSPWLSYPHFIIZEPYEXIHJSVLMKL[E]ETTPM
GEXMSRW 8LI QEMRXIRERGI SJ XVEJJMG HYVMRK VIGSRWXVYG
XMSR GEYWIW HIJPIGXMSRW ZMFVEXMSRW SV FSXL MR FVMHKI
HIGOW'SRWMHIVEXMSRWLSYPHFIKMZIRXSTPEGMRKSZIV
PE]W [LIR XVEJJMG MW PS[ [LIR ZILMGPI WTIIH MW
VIWXVMGXIHSVFSXL
e 'SRXVEGXMSR NSMRXW MR XLI HIGO WLSYPH RSX FI SZIVPEMH
YRPIWW E NSMRX SV WE[ GYX MW MQQIHMEXIP] TVSZMHIH
(IPE]IHWE[GYXXMRK[MPPYWYEPP]VIWYPXMREGVEGOMRXLI
SZIVPE]SZIVXLINSMRXERHUYMXITSWWMFP]WSQIHIFSRHMRK
EHNEGIRXXSXLI NSMRX 8LITVIJIVVIH QIXLSHMWXSJSVQ
XLI NSMRX [MXL E GSQTVIWWMFPI QEXIVMEP ERH TPEGI XLI
SZIVPE]EKEMRWXMX%JXIVGYVMRKXLIGSQTVIWWMFPIQEXI
VMEP GER FI VIQSZIH ERH VITPEGIH [MXL XLI JMREP NSMRX
QEXIVMEP
e -R RI[ X[SGSYVWI GSRWXVYGXMSR SJ FVMHKI HIGOW XLI
SZIVPE]WLSYPHFITPEGIHEJXIVVIQSZMRKXLIHIGOJSVQW
ERH WLSVMRK JVSQ XLI FEWI GSRGVIXI WS XLEX WXVIWWIW
GEYWIHF]XLI[IMKLXSJXLISZIVPE]EVIGEVVMIHF]XLI
YRHIVP]MRK GSRGVIXI -J TPEGIH FIJSVI XLI JSVQW EVI
VIQSZIHXLISZIVPE][MPPLEZIXSGEVV]ETSVXMSRSJMXW
S[R[IMKLXERHGERGVEGOMRRIKEXMZIQSQIRXVIKMSRW
e 3ZIVPE]W WLSYPH FI TPEGIH SRP] [LIR XLI EQFMIRX
[IEXLIVGSRHMXMSRWEVIJEZSVEFPIEWHIJMRIHMR%'-
SV [LIR ETTVSTVMEXI EGXMSRW EVI XEOIR JSV LSX[IEXLIV
%'- 6 SV GSPH[IEXLIV GSRGVIXMRK %'-6 )ZETSVEXMSR VEXIW SJ EFSYX OKQ L ?PFJXAL EWQIEWYVIHJVSQEJVII[EXIVWYVJEGIGERGEYWITPEWXMG
WLVMROEKIGVEGOMRKXLEXGERMRGVIEWIXLII\XIRXSJGVEGOMRK
ERH MRGVIEWI XLI TVSFEFMPMX] SJ HIPEQMREXMSR 'YVMRK
TVSGIHYVIWWYGLEW[IXQEXWERHJSKWTVE]MRKGERFI
VIUYMVIH *SV PEVKI GSRWXVYGXMSR TVSNIGXW WYGL EW
TEZIQIRX SZIVPE]W XLI IZETSVEXMSR VEXI WLSYPH FI
e
QSRMXSVIH XS HIXIVQMRI [LIRQSVIWXVMRKIRX GYVMRK
TVSGIHYVIWWLSYPHFIYWIHERH
1IGLERMGEPWLIEVVIMRJSVGIQIRXMWIJJIGXMZIMRVIHYGMRK
GVEGOMRK MR SZIVPE]W TPEGIH HYVMRK TIVMSHW SJ LMKL
IZETSVEXMSRVEXIW
{*MFIVVIMRJSVGIHGSRGVIXI *6' SZIVPE]W
;LIRTVSTIVP]TVSTSVXMSRIHQM\IHERHTPEGIHEGVEGO
VIWMWXERXXSTTMRKPE]IVSJ*6'GERFIXLIWSPYXMSRXSGIVXEMR
JMIPH TVSFPIQW *MFVSYW GSRGVIXI SZIVPE]W SJ LMKL[E]W
EMVJMIPHW [EVILSYWIJPSSVW ERH [EPO[E]W LEZI FIIR YWIH
WMRGIXLIQMHW*MFIVWEVIYWYEPP]WXIIPSVTSP]TVST]
PIRI[MXLPIRKXLWFIX[IIRERHQQ ERHMR 8LI IJJIGXW SJ JMFVSYW GSRGVIXI SR GVEGOMRK MR ER SZIVPE]
HITIRH PEVKIP] SR XLI JMIPH GSRHMXMSRW MR IEGL WMXYEXMSR
7GLVEHIVERH1YRGL7LELERH7OEVIRHELP7LEL
ERH&EXWSR%'-6%'-6%'-6 8LIFEWMGGSRGITXSJ*6'{XLEXJMFIVWEVVIWXXLIKVS[XLSJ
QMGVSGVEGOW MR GSRGVIXI{MW ETTPMGEFPI XS WXIIP W]RXLIXMG
WYGLEWTSP]TVST]PIRI ERHQMRIVEP WYGLEWKPEWW JMFIVW
7XIIPJMFIVWLEZIEWMKRMJMGERXIJJIGXSRXLIXSYKLRIWWSJXLI
GSRGVIXI 7]RXLIXMG VIWMR JMFIVW LEZI E PS[IV QSHYPYW SJ
IPEWXMGMX]ERHETSSVIVFSRHGSQTEVIH[MXLWXIIPJMFIVWXLI]
HSRSXGSVVSHIFYXGERVIHYGIFPIIHMRKERHTPEWXMGWLVMROEKI
GVEGOMRK+PEWWJMFIVWEVIYWIHTVMQEVMP]MRGPEHHMRKTERIPW
ERH SXLIV TVIGEWX TVSHYGXW XLEX EVI JSVQIH F] WTVE]MRK
GLSTTIHKPEWWJMFIVWERHQSVXEVWPYVV]MRXSJSVQWEXETVIGEWX
TPERX+PEWWJMFIVWHSRSXQM\[IPPMRGSRZIRXMSREPGSRGVIXI
QM\IVW8LIVIEVIWMKRMJMGERXPSRKXIVQHYVEFMPMX]TVSFPIQW
EWWSGMEXIH[MXLKPEWWJMFIVW ,SJJ7LEL0YHMVNEERH
(ERMIP 7XIIPJMFIVGSRGVIXIFSRHXSYRHIVP]MRKGSRGVIXI{-R
MRMXMEPWXYHMIWSJ*6'MX[EWFIPMIZIHXLEXETEVXMEPP]FSRHIH
PE]IV[EWXLIMHIEPW]WXIQ8LIXIVQTEVXMEPP]FSRHIHQIERW
XLEXRSHIPMFIVEXIEXXIQTXMWQEHIXSMQTVSZIXLIFSRHMRK
FIX[IIR XLI XSTTMRK PE]IV ERH XLI YRHIVP]MRK QEXIVMEP
XLVSYKLFSRHMRKEKIRXWJEWXIRIVWERHTSP]IXL]PIRIWLIIXW
8LIWYVJEGIXSFISZIVPEMHMWGPIERIHSJEPPPSSWIQEXIVMEP
YWYEPP]F]LSWMRKERHPIJXMREHEQTGSRHMXMSR)ZEPYEXMSRW
SJ TEVXMEPP] FSRHIH TVSNIGXW LEZI MRHMGEXIH XLEX XLMW MW XLI
PIEWXHIWMVEFPI XIGLRMUYI XS YWI 3ZIV E TIVMSH SJ ]IEVW
QER]TEVXMEPP]FSRHIH*6'SZIVPE]WLEZIWLS[RRSXMGIEFPI
EQSYRXWSJVIJPIGXMZIGVEGOMRKERHIHKIGYVPMRK'YVPIHIHKIW
EVIX]TMGEPMRXLMRSZIVPE]W PIWWXLEREFSYXQQ?MRA ERH
XLI]GERVIWYPXMRGVEGOW
*MFIV WM^I ERH ZSPYQI{8LI XLISV] SJ *6' MW
FEWIH SR E GVEGOEVVIWXMRK QIGLERMWQ XLEX HITIRHW SR
QER]TEVEQIXIVW 7LELERH2EEQER7LELERH&EXWSR
7SQISJXLITEVEQIXIVWXLEXMRJPYIRGIXLIVIMRJSVGMRK
IJJIGX SJ JMFIVW MRGPYHI XLI JMFIVvW QIGLERMGEP TVSTIVXMIW
EWTIGXVEXMS VEXMSSJJMFIVPIRKXLXSJMFIVHMEQIXIV ERHXLI
ZSPYQIJVEGXMSRSJJMFIVW VEXMSSJZSPYQISJJMFIVWXSZSPYQI
SJGSRGVIXI -RGVIEWMRKXLIEWTIGXVEXMSSVXLIZSPYQIJVEG
XMSR SJ JMFIVW GER IRLERGI XLI GVEGOEVVIWXMRK QIGLERMWQ
TVSZMHIHXLEXJMFIVWEVIYRMJSVQP]HMWXVMFYXIH-JXLIRYQFIV
SJ JMFIVW GVSWWMRK E GVEGO MW VIPEXMZIP] WQEPP XLIR XLI
GVEGOEVVIWXMRKQIGLERMWQMWPMQMXIH
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
*MFIVX]TIERHWLETI{&IGEYWIXLIMVVIWMWXERGIXS
TYPPSYXMWKVIEXIVHIJSVQIHWXIIPJMFIVWLEZIEWMKRMJMGERX
EHZERXEKISZIVWQSSXLSRIW[MXLVIKEVHXSFSXLTVIGVEGO
MRKERHTSWXGVEGOMRKFILEZMSV
*MFIVWMRSTIRGVEGOW{8LIVILEWFIIRGSRWMHIVEFPI
HMWGYWWMSR EFSYX XLI GSRHMXMSR ERH IJJIGXMZIRIWW SJ WXIIP
JMFIVWXLEXGVSWWEGVEGO%XXLIXMQISJGVEGOMRKJMFIVWPSWI
XLIMV EHLIWMSR XS XLI GSRGVIXI FYX GSRXMRYI XS TVSZMHI E
QIGLERMGEPVIWMWXERGIXSTYPPSYX8LMWTSWXGVEGOMRKWXVIRKXL
MWSRISJXLIQSWXMQTSVXERXGLEVEGXIVMWXMGWSJ*6'ERHMX
GERFIWMKRMJMGERXJSVHIJSVQIHJMFIVW8LIGSRGIVRMWXLEX
EJXIVGVEGOMRKWXIIPJMFIVW[MPPS\MHM^IERHTVSZMHIRSPSRK
XIVQFIRIJMX-RZIWXMKEXMSRW 7GLVEHIVERH1YRGL%'6%'-6 LS[IZIVLEZIWLS[RXLEXMJXLIGVEGO
[MHXLWEVIWQEPP XSQQ?XSMRA XLI
JMFIVW [MPP RSX GSVVSHI IZIR EJXIV ]IEVW SJ I\TSWYVI
7GLVEHIVERH1YRGL7GLYTEGO 1M\XYVITVSTSVXMSRMRKGSRWMHIVEXMSRW{)ZIR[MXLE
LMKLVERKI[EXIVVIHYGIV XLI[EXIVVIUYMVIQIRX JSVJMFVSYW
GSRGVIXIMWLMKLIVXLERXLEXSJXLIWEQIQM\XYVI[MXLSYXJMFIVW
HYIXSVIHYGIHWPYQTXLEXEGGSQTERMIWXLITVIWIRGISJJMFIVW
8LI LMKLIV [EXIVHIQERH SJ*6' XIRHWXS GEYWI WLVMROEKI
GVEGOW 8LVSYKL XLI YWI SJ RSVQEP SV LMKLVERKI [EXIV
VIHYGMRKEHQM\XYVIWXLIQM\XYVI[EXIVGERFILIPHXSVIEWSR
EFPIPIZIPW ;EPOIVERH0EROEVH %HQM\XYVIWWLSYPHFI
YWIHXSEHNYWXQM\XYVITVSTSVXMSRMRKJSVFSRHIHSZIVPE]WWS
XLEXXLI[GQERHGIQIRXGSRXIRXETTVSEGLXLIWEQIZEPYIWEW
YWIHMRXLIYRHIVP]MRKQEXIVMEP-JTSWWMFPIXLISZIVPE]WLSYPH
LEZI EKKVIKEXIW SJ WMQMPEV TL]WMGEP TVSTIVXMIW YRPIWW XLI
SVMKMREPEKKVIKEXIWEVIYRWYMXEFPI
3ZIVPE]WSZIVNSMRXW{(MJJIVIRXQIXLSHWSJTPEGMRK
YRNSMRXIH SZIVPE]W SZIV NSMRXW MR XLI YRHIVP]MRK GSRGVIXI
LEZIFIIRXVMIHQSWXLEZIFIIRYRWYGGIWWJYP %'-6 %W[MXLGSRZIRXMSREPGSRGVIXISZIVPE]WMJNSMRXWI\MWXMRE
FEWIWPEFXLI]WLSYPHFIQEMRXEMRIHXLVSYKLXLISZIVPE]
{0EXI\ERHITS\]QSHMJMIHGSRGVIXISZIVPE]W
&SRHIH SZIVPE]W SJ WX]VIRIFYXEHMIRI PEXI\QSHMJMIH
QSVXEVERHGSRGVIXI[MXLEQMRMQYQXLMGORIWWSJXSQQ
XSMR VIWTIGXMZIP]LEZIFIIRYWIHMRXLIVIRSZEXMSR
SJFVMHKIHIGOWERHMRRI[X[SGSYVWIGSRWXVYGXMSRXSIJJIG
XMZIP] VIWMWX XLI TIRIXVEXMSR SJ GLPSVMHI MSRW JVSQ HIMGMRK
WEPXWERHTVIZIRXXLIWYFWIUYIRXGSVVSWMSRSJXLIVIMRJSVGMRK
WXIIPERHWTEPPMRKSJXLIGSRGVIXIHIGO &MWLEVEERH8ERXE]
ERSRHOYP'PIEV 3ZIVPE]WGSRXEMRMRK[EXIV
HMWTIRWEFPIITS\]QSHMJMIVWLEZIEPWSFIIRYWIHWYGGIWWJYPP]
FYXSREQYGLQSVIPMQMXIHFEWMW0EXI\ERHITS\]QSHMJMIH
SZIVPE]WEVIHMWGYWWIHMR%'-6ERH%'-6
-RWTIGXMSRSJEPEVKIRYQFIVSJFVMHKIHIGOWSZIVPEMH[MXL
PEXI\QSHMJMIH GSRGVIXI &MWLEVE VIZIEPIH JMRI
VERHSQ WLVMROEKI GVEGOW MR WSQI TVSNIGXW 8LMW X]TI SJ
GVEGOMRKMWRSXEWI\XIRWMZIMRRI[X[SGSYVWIGSRWXVYGXMSR
8LIVERHSQWLVMROEKIGVEGOWHIWIVZIWTIGMEPGSQQIRX%X
XMQIW XLI] GERFI EXXVMFYXIHXS TSSV GSRXVSPSVGSRWXVYGXMSR
TVEGXMGIW WYGL EW XLI YWI SJ GSRGVIXI [MXL E LMKL [EXIV
GSRXIRX4PEGIQIRXSJERSZIVPE]MRLSX[IEXLIV[MXLSYX
EHIUYEXITVSXIGXMSREKEMRWXIEVP]HV]MRKMWEPWSEGEYWISJ
TPEWXMGWLVMROEKIGVEGOMRK
6
3RSGGEWMSRVERHSQTEXXIVRGVEGOWLEZIETTIEVIHIZIR
[LIR XLI QM\XYVI TVSTSVXMSRW ERH GSRWXVYGXMSR QIXLSHW
JSPPS[IHKSSHTVEGXMGI8VERWZIVWIGVEGOWWTEGIHXSJX
XSQ ETEVXLEZIEPWSFIIRRSXMGIHMRWSQIFVMHKI
HIGOW 8LI GVEGOMRK GER FI HYI XS YRMUYI GSRHMXMSRW XLEX
GEYWIXLIVQEPGSRXVEGXMSRSJXLIWYVJEGI[LMPIXLIWYFWXVEXI
ERHFSXXSQTSVXMSR SJXLI 01' PE]IVHSIW RSX I\TIVMIRGI
WMQMPEV XLIVQEP GSRXVEGXMSR 8LMW WLSGO YWYEPP] SGGYVW
HYVMRKXLIJMVWXRMKLXEJXIVTPEGIQIRX[LIRXLISZIVPE]LEW
VMKMHMX] FYX LEW RSX ]IX HIZIPSTIH ER ETTVIGMEFPI XIRWMPI
WXVIRKXL8MKLXVERHSQTEXXIVRERHXVERWZIVWIGVEGOWLEZI
GEYWIHGSRGIVRJVSQXLIWXERHTSMRXSJ EIWXLIXMGW FYX XLI]
LEZI RSX FIIR E GEYWI SJ SZIVPE] JEMPYVI 8]TMGEPP] WYGL
GVEGOMRKMWWLEPPS[ XSQQ?XSMRA ERHWXEFPI
%WEJIGSRWIVZEXMZIERHVIGSQQIRHIHETTVSEGLMWXSXVIEX
XLIWIGVEGOW[MXLETIRIXVEXMRKLMKLQSPIGYPEV[IMKLXQIXL
EGV]PEXI SV PS[ZMWGSWMX] ITS\] SV YVIXLERI [LMGL GER FI
FVSSQIHSRXLIWYVJEGIEJXIVXLIGYVMRKERHHV]MRKTIVMSH
FYX FIJSVI XVEJJMGMWEPPS[IHSR XLI SZIVPE]8LITIRIXVERX
[MPPKIRIVEPP]JMPPERHWIEPXLIWYVJEGIGVEGOW
*MRMWLMRKERHXI\XYVMRKWLSYPHFIHSRIVETMHP]FILMRHXLI
TPEGIQIRX STIVEXMSR ERH FIJSVI XLI TSP]QIV MR XLI PEXI\
FIKMRWXSHV]SVGSEPIWGIEXXLIWYVJEGI3XLIV[MWIXIEVMRK
WGEVVMRKERHTSWWMFPIGVEGOMRKGERVIWYPX-JJSVI\EQTPIE
VEOIMWYWIHXSKVSSZIEWYVJEGIEJXIVMXLEWFIKYRXSHV]XIEVW
EFSYX QQ MR PSRK ERH QQ MR HIIT GER
SGGYV8LIWI[MPPFISVMIRXIHEXVMKLXERKPIWXSXLIHMVIGXMSR
SJVEOMRK8I\XYVMRKGERFITVSZMHIHEJXIVXLIGSRGVIXILEW
LEVHIRIHYWMRKGYXXMRK[LIIPW
{4SP]QIVMQTVIKREXIHGSRGVIXI 4-' W]WXIQW
7YVJEGI MQTVIKREXMSR ERH TSP]QIVM^EXMSR SJ GSRGVIXI MR
TPEGILEWFIIRYWIHMRERYQFIVSJJMIPHTVSNIGXW 7GLVEHIV
IXEP 4VEGXMGEPHMJJMGYPXMIW[IVII\TIVMIRGIHMRIEVP]
TVSNIGXWERHMXLEWRSXFIGSQIETSTYPEVTVSGIHYVIJSVXVIEX
QIRXSJWPEFW
{)TS\]ERHSXLIVTSP]QIVGSRGVIXISZIVPE]W
)TS\] ERH SXLIV TSP]QIV GSRGVIXIW ERH QSVXEVW EVI
HMWGYWWIHMR%'-6ERH%'-68LIWIQEXIVMEPWYWI
EQSRSQIVSVERITS\]EWXLIFMRHIVEKKVIKEXIEWXLIJMPPIV
ERH RS [EXIV 3GGEWMSREPP] TSVXPERH GIQIRX SV JP] EWL MW
EHHIHEWEQMRIVEPJMPPIV3ZIVPE]WQEHI[MXLXLIWIQEXIVMEPW
EVIRSVQEPP]XLMRERHHSRSXYWIGSEVWIEKKVIKEXI8]TMGEP
ETTPMGEXMSRW YWMRK WQSSXL WYVJEGIW EVI MR JSSH TVSGIWWMRK
ERHWERMXEV]SVGPIERVSSQWSV[LIVIEJPSSVVIUYMVIWGLIQMGEP
VIWMWXERGI [MXLSYX E WMKRMJMGERX MRGVIEWI MR XLMGORIWW
8I\XYVIHWYVJEGIETTPMGEXMSRWMRGPYHIFVMHKIHIGOWTEVOMRK
KEVEKIWERHWXEHMYQ[EPO[E]W&IGEYWIXLIVIEGXMSRWXLEX
LEVHIRXLIWIQEXIVMEPWEVIRSVQEPP]LMKLP]I\SXLIVQMGXLI]
GERRSXFIYWIHMRXLMGOTPEGIQIRXWSVMRLSX[IEXLIV[MXLSYX
XLIVQEPWXVIWWTVSFPIQW
4SP]QIVWLEZIWMKRMJMGERXP]LMKLIVGSIJJMGMIRXWSJXLIVQEP
I\TERWMSR XLER GSRGVIXI IZIR [LIR EKKVIKEXI JMPPIVW EVI
YWIH'LERKIWMRXIQTIVEXYVIGVIEXIRSVQEPERHWLIEVWXVIWW
IWEXXLIMRXIVJEGISJXLISZIVPE]ERHFEWIWPEF[LMGLQE]
VIWYPXMRGVEGOMRKSVHIPEQMREXMSR8SVIHYGIGVEGOMRKMR4'
6
1%29%03*'32'6)8)46%'8-')
SZIVPE]WXLMRSZIVPE]W[MXLPS[IPEWXMGQSHYPYWTSP]QIVW
WLSYPHFIYWIH
4SP]QIVERHITS\]GSRGVIXISZIVPE]WGEREGLMIZII\GIP
PIRXFSRHXSHV]WYVJEGIW7YFWYVJEGITVITEVEXMSRXIGLRMUYIW
XLEXYWI[EXIVWLSYPHFIEZSMHIH8LIWISZIVPE]WEVIZETSV
XMKLXERHWLSYPH FI GEVIJYPP]IZEPYEXIH FIJSVIETTP]MRKMJ
XVERWQMWWMSRSJ[EXIVZETSVXLVSYKLXLISZIVPE]MWHIWMVEFPI
-XMWMQTSVXERXXSIZEPYEXIXLIQSMWXYVIGSRXIRXSJGSRGVIXI
XSFISZIVPEMH8LMWMWHSRIF]XETMRKETMIGISJTSP]IXL]PIRI
QEXXIWX XSXLIGSRGVIXI-JQSMWXYVIGSPPIGXWSRXLIYRHIVWMHI
[MXLMRXLIXMQIJVEQIXLEXTSP]QIVSVITS\]RIIHWXSGYVIXLIR
XLIGSRGVIXIWLSYPHFIEPPS[IHXSGSRXMRYIXSHV]
',%48)6{'3286303*'6%'/-2+
-21%77'32'6)8)
{-RXVSHYGXMSR
(IJMRMXMSR SJ QEWW GSRGVIXI{1EWW GSRGVIXI MW
HIJMRIH F] %'- 6 EW wER] ZSPYQI SJ GSRGVIXI [MXL
HMQIRWMSRWPEVKIIRSYKLXSVIUYMVIXLEXQIEWYVIWFIXEOIRXS
GSTI[MXLKIRIVEXMSRSJLIEXJVSQL]HVEXMSRSJXLIGIQIRX
ERHEXXIRHERXZSPYQIGLERKIXSQMRMQM^IGVEGOMRKx1EWW
GSRGVIXI WXVYGXYVIW GSRWMWX SJ GSRGVIXI HEQW TS[IVTPERXW
FVMHKITMIVWERHSXLIVPEVKIWXVYGXYVEPIPIQIRXW'SQQSRXS
QER]QEWWGSRGVIXIWXVYGXYVIW[EXIVMWHMVIGXP]MRGSRXEGX[MXL
XLIGSRGVIXIGVIEXMRKELMKLLYQMHMX]SVQSMWXIRZMVSRQIRX
&]HIWMKRQEWWGSRGVIXI[EXIVWXVYGXYVIWLEZIPMXXPISVRS
VIMRJSVGMRKWXIIP8LI]WLSYPHVIWMWXXLIPSEHWXLVSYKLWLETI
WM^I ERH WXVIRKXL 'SRWIUYIRXP] GSRXVSP SJ GVEGOMRK MW
IWWIRXMEP'VEGOMRKGERSGGYVEXER]XMQIHYVMRKXLIPMJISJ
XLI WXVYGXYVI ERH IRKMRIIVW WLSYPH HIWMKR XLI WXVYGXYVIvW
WLETIERHQEXIVMEPWXSEHNYWXXSGLERKMRKGSRHMXMSRW %'6%'-6%'-6%'-6 8]TIWSJGVEGOW{'VEGOMRKMRQEWWGSRGVIXIWXVYGXYVIW
GERVIWYPXJVSQQEXIVMEPWXVYGXYVEPGEYWIWSVFSXL1EXIVMEP
MRHYGIH GVEGOW VIWYPX JVSQ HV]MRK WLVMROEKI E WIZIVI
RSRPMRIEVXLIVQEPKVEHMIRXMRMXMEXIHF]LIEXSJL]HVEXMSRERH
EPOEPMEKKVIKEXI VIEGXMSR 7YVJEGI GVEGOMRK GER ETTIEV EW
TEXXIVRGVEGOMRKERHVIWYPXJVSQEHIGVIEWIMRZSPYQISJXLI
QEXIVMEP RIEV XLI WYVJEGI SV MRGVIEWI MR ZSPYQI FIPS[ XLI
WYVJEGI6ERHSQGVEGOMRKJVSQQEXIVMEPVIPEXIHGEYWIWGER
TEWW XLVSYKL E QEWWMZI GSRGVIXI IPIQIRX ERH XLI GVEGO
[MHXLW GER ZEV]JVSQLEMVPMRI XS[MHI7XVYGXYVEPGVEGOMRK
GERVIWYPXJVSQMRHMZMHYEPPSEHWSVPSEHGSQFMREXMSRWWYGL
EW KVEZMX] PMUYMH TVIWWYVI ERH WIZIVI MQTEGX 7XVYGXYVEP
GVEGOWEVISJER][MHXLFYXKIRIVEPP]EPMKRMREWXVYGXYVEPP]
TPEYWMFPI HMVIGXMSR 8LI JSVQEXMSR SJ E WMRKPI [MHI GVEGO
YWYEPP]MRHMGEXIWXLII\MWXIRGIFIJSVIXLIGVEGOvWJSVQEXMSR
SJTVMRGMTEPXIRWMPIWXVIWWTIVTIRHMGYPEVXSXLIGVEGO7XVYGXYVEP
HMWXVIWWMWEPWSRSXMGIEFPIRIEVGLERKIWMRKISQIXV]
{1IXLSHWSJGVEGOGSRXVSP
+MZIRXLITVSFEFPIXIQTIVEXYVIWERHWXVEMRWXLIHIWMKRIV
WLSYPH HIXIVQMRI [LEX QIEWYVIW EVI QSWX TVEGXMGEP XS
TVIZIRXGVEGOMRK7SQISJXLIGSRHMXMSRWXLEXJEGMPMXEXIGVEGO
TVIZIRXMSREVI
e 'SRGVIXI[MXLPEVKIXIRWMPIWXVEMRGETEGMX]
e 0S[GIQIRXGSRXIRX TIVQMXXIHF]PS[HIWMKRWXVIWWIW e 'IQIRXSJPS[LIEXKIRIVEXMSRSVYWISJTS^^SPERW
e
e
e
'EWXWQEPPGSRGVIXIWIKQIRXWSVFPSGOW
0S[TPEGIQIRXXIQTIVEXYVI
7PS[VEXISJGSRWXVYGXMSR[LIRRSEVXMJMGMEPGSSPMRKMW
YWIH
e %VXMJMGMEPGSSPMRKF]ERMRXIVREPRIX[SVOSJGSPH[EXIV
TMTIW
e -RWYPEXIGSRGVIXIWYVJEGIW
e 0S[HIKVIISJVIWXVEMRXEW[MXL]MIPHMRKJSYRHEXMSRSV
MRTSVXMSRWSJXLIWXVYGXYVI[IPPVIQSZIHJVSQVIWXVEMR
MRKJSYRHEXMSRERH
e %FWIRGISJWXVIWWVEMWIVWWYGLEWKEPPIVMIW
8LIVI EVI X[S QIEWYVIW XLEX GER QMRMQM^I GVEGOMRK 8LI
JMVWX MW XS QSHMJ] XLI QEXIVMEPW ERH QM\XYVI TVSTSVXMSRW XS
TVSHYGI GSRGVIXI [MXL XLI FIWX GVEGOMRK VIWMWXERGI SV XLI
KVIEXIWXXIRWMPIWXVEMRGETEGMX]8LMWGERVIUYMVIGEVIJYPEKKVI
KEXI WIPIGXMSR YWMRK QMRMQYQ GIQIRX GSRXIRX JSV MRXIVMSV
GSRGVIXIVIWXVMGXMRKXLIQE\MQYQEKKVIKEXIWM^I8LIEXXIQTX
QEHIXSTVSHYGIEGSRGVIXI[MXLEPEVKIXIRWMPIWXVEMRGETEGMX]
GERPMQMXXLIQE\MQYQEKKVIKEXIWM^IXSEZEPYIWSQI[LEX
FIPS[ XLEX [LMGL QMKLX FI XLI QSWX IGSRSQMGEP ;LIVI
WIZIVEP WSYVGIW SJ EKKVIKEXI EVI IGSRSQMGEP TVIJIVIRGI
WLSYPHFIKMZIRXSXLEX[LMGLTVSZMHIWXLIFIWXVIWMWXERGIXS
GVEGOMRK 9WYEPP] XLMW [MPP FI E GVYWLIH QEXIVMEP SJ PS[
XLIVQEPI\TERWMSRERHPS[QSHYPYWSJIPEWXMGMX]
8LIWIGSRHQIEWYVIXSTVIZIRXGVEGOMRKMWXSGSRXVSPXLI
JEGXSVWXLEXTVSHYGIXIRWMPIWXVEMR8LMWQE]QIERTVIGSSPMRK
TSWXGSSPMRK MRWYPEXMRK SV TSWWMFP] LIEXMRK XLI I\TSWIH
WYVJEGIWSJXLI GSRGVIXIERHHIWMKRMRKXSQMRMQM^IWXVEMRW
EVSYRHKEPPIVMIWERHSXLIVSTIRMRKW
*VSQXLIWIGSRWMHIVEXMSRWMXMWETTEVIRXXLEXXLIHIKVIISJ
GVEGO GSRXVSPRIGIWWEV]GER ZEV] JVSQ RSXLMRK EX EPPJSV E
HEQRIEVXLIIUYEXSVSV[MXLJEZSVEFPIEKKVIKEXIWXSZIV]
GSWXP]QIEWYVIWMREPSGEXMSR[LIVIXIQTIVEXYVIZEVMEXMSRW
EVI KVIEX ERH [LIVI XLI SRP] IGSRSQMGEP EKKVIKEXIW LEZI
LMKLIPEWXMGQSHYPMERHLMKLXLIVQEPI\TERWMSR
-RXLIGEWISJEHEQXLILIMKLXEJJIGXWXLIRIIHJSVGVEGO
GSRXVSP-JXLIHEQMWZIV]LMKLXLIHIWMKRWXVIWWIWGERFI
LMKL ERH E LMKLIV GIQIRX GSRXIRX MW RIIHIH XS EXXEMR XLI
WXVIRKXLRIIHIHJSVXLIVIUYMVIHWEJIX]QEVKMR8LMWVIWYPXW
MRQSVILIEXKIRIVEXMSRERHEGSRWIUYIRXXIRHIRG]XS[EVH
LMKLIVMRXIVREPXIQTIVEXYVIW%PWSXLILMKLIVHEQ[MPPLEZI
KVIEXIVLSVM^SRXEPHMQIRWMSRWXLEXGEYWIKVIEXIVVIWXVEMRXERH
WPS[ XLI VEXI SJ LIEX HMWWMTEXMSR VIWYPXMRK MR XLI RIIH JSV
GPSWIVXIQTIVEXYVIGSRXVSP
6IGSQQIRHIHTVEGXMGIGEPPWJSVFSXLTVIGSSPMRKERHTSWX
GSSPMRK ERH JSV XLI ETTPMGEXMSR SJ XLIVQEP MRWYPEXMSR XS
I\TSWIHWYVJEGIWHYVMRKGSPH[IEXLIV8LIMRWYPEXMSRMWPIJX
MRTPEGIPSRKIRSYKLXSTIVQMXXLIGSRGVIXIXIQTIVEXYVIWEX
XLI WYVJEGI XS WPS[P] ETTVSEGL EQFMIRX SV YRXMP EHHMXMSREP
GSRGVIXIMWTPEGIHSRSVEKEMRWXXLIWYVJEGIFIMRKTVSXIGXIH
%JXIV XLI ERXMGMTEXIH XIQTIVEXYVI LMWXSV] MW IWXEFPMWLIH
XLIHIXIVQMREXMSRSJTVSFEFPIXIRWMPIWXVIWWMWXLIRI\XWXIT
8LMW GER FI EGGSQTPMWLIH YWMRK JMRMXIIPIQIRX GSQTYXIV
TVSKVEQW ;MPWSR 4SPMZOE ERH ;MPWSR 0MY
'EQTFIPP ERH &SQFMIL XLEX EVI JSVQYPEXIH JVSQ E
LIEXXVERWJIV ZMI[TSMRX )ZIR [MXL XLI JMRMXIIPIQIRX
ETTVSEGLEREP]WMWMWPEFSVMSYWFIGEYWISJXLIXMQIHITIRHIRX
ZEVMEFPIW4VSFPIQWMRGPYHIXLEXXLIHEXEQYWXFIKIRIVEXIH
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
XS IWXEFPMWL XLIWI XMQIHITIRHIRX TVSTIVXMIW JSV XLI
GSRGVIXIWXSFIYWIH8LIEREP]WMWWLSYPHMRGPYHIQER]XMQI
WXITWXSEGGSYRXTVSTIVP]JSVGVIIT SVVIPE\EXMSR ERHJSVXLI
HMJJIVIRXSVGLERKMRKTVSTIVXMIWSJIEGLPMJXSJGSRGVIXI
3RXLISXLIVLERHWXVIWWIWRIEVEFSYRHEV]HYIXSFVMIJ
XLIVQEPWLSGOWGERFIGSQTYXIHUYMXIVIEHMP] %'-6
FIGEYWIXLIGSRGVIXIGERFIEWWYQIHXSFIJYPP]VIWXVEMRIHMR
WYGLGEWIW-JXLIVIMWJYPPVIWXVEMRXXLIWXVEMRMW^IVSERHXLI
WXVIWWMWSFXEMRIHF]QYPXMTP]MRKXLIIPEWXMGQSHYPYWF]XLI
WXVEMR XLEX [SYPH LEZI SGGYVVIH MJ XLIVI [IVI RS VIWXVEMRX
8LIWXVEMRMWXLIXIQTIVEXYVIHVSTQYPXMTPMIHF]XLIGSIJJM
GMIRX SJ XLIVQEP I\TERWMSR 8LMW WMXYEXMSR MW MQTSVXERX
FIGEYWIXLIGSRXVSPSJFSYRHEV]WXVEMRMWWYJJMGMIRXXSGSRXVSP
GVEGOMRK MR QER] GEWIW -RXIVREP WXVEMRW HIZIPST WPS[P]
IRSYKLXSFIXSPIVEFPIIZIRMJXLI]EVIPEVKI
{(IWMKR
(IWMKRSJQEWWGSRGVIXIWXVYGXYVIWQIERWHIXIVQMRMRKXLI
ETTVSTVMEXIPSEHWERHPSEHGSQFMREXMSRWXSKIXLIV[MXLE
VIPMEFPIQIXLSHSJWXVYGXYVEPEREP]WMWXSEVVMZIEXERIGSRSQ
MGEP KISQIXVMG WLETI QIIXMRK WEJIX] GVMXIVME 0SEHW ERH
GSQFMREXMSRW[MPPZEV]JSVXLIHMJJIVIRXWXVYGXYVIWWYGLEW
L]HVSWXEXMG TVIWWYVI KVEZMX] MGI WMPX XIQTIVEXYVI IEVXL
UYEOI WYTIVWXVYGXYVI [IMKLX HMJJIVIRXMEP JSYRHEXMSR
GSRHMXMSRWERHMQTEGX
1EXIVMEPXIWXWEVIGSRHYGXIHSRG]PMRHVMGEPWTIGMQIRWXLEX
EVI RSX GSQTPIXIP] VITVIWIRXEXMZI SJ XLI WXVYGXYVI FIGEYWI
EKKVIKEXIPEVKIVXLERQQ MR MWVIQSZIHJVSQXLI
QM\XYVI F] [IX WGVIIRMRK FIJSVI QQ MR HMEQIXIV
G]PMRHIVWEVITVITEVIH 97&6 8LIQE\MQYQWXVIWWMW
XLIHIWMKRWXVIWWXLEXMWFEWIHYTSRWXVYGXYVEPVIUYMVIQIRXW
-XMWGSRWMHIVIHKSSHTVEGXMGIXSYWIEWEJIX]JEGXSVEWLMKLEW
XLVIISVJSYVQIERMRKXLEXXLIWXVIRKXLWLSYPHFIXLVIISV
JSYVXMQIWXLII\TIGXIHQE\MQYQWXVIWW7XVIRKXLXIWXWEX
HE]WSV]IEVEVISJXIRYWIH8LIWIPIGXIH
XMQITIVMSHMWVIPEXIHXSXLII\TIGXIHXMQIYRXMPPSEHMRK*SV
I\EQTPI MJ JYPP PSEHMRK MW RSX YRXMP ]IEV E PS[IV IEVP]
WXVIRKXL GSRGVIXI GER FI TVIWGVMFIH GSRWMWXIRX [MXL XLI
GSRWXVYGXMSR WIUYIRGI ERXMGMTEXIH &IGEYWI XLI G]PMRHIVW
QEHIEXXLIWMXIEVIQEHIJVSQ[IXWGVIIRIHGSRGVIXIXLI
QIEWYVIH WXVIRKXL MW GSVVIGXIH XS ER IUYMZEPIRX QEWW
GSRGVIXI F] ETTP]MRK E VIHYGXMSR JEGXSV SJ EFSYX JSV
X]TMGEPGSRHMXMSRWSVIPWIHIZIPSTMRKEJEGXSVF]GSQTEVMRK
[IXWGVIIRIHG]PMRHIVWXVIRKXLWXSXLSWISFXEMRIHJVSQ
SV MR SVQQ G]PMRHIVW7TIGMJMGHEXESRETTVS
TVMEXI VIHYGXMSR JEGXSVW [MXL ZEV]MRK TEVEQIXIVW GER FI
JSYRHMR97&6 *SVMRXIVMSVGSRGVIXIXLIPS[IWXTVEGXMGEPWXVIRKXLWLSYPH
FIWTIGMJMIHXSVIHYGIXLIGIQIRXGSRXIRX8LMW[MPPVIHYGI
XLILIEXSJL]HVEXMSRERHXLIGSRWIUYIRXXLIVQEPKVEHMIRX
HIGVIEWMRKXLIPMOIPMLSSHSJGVEGOMRK1SVIXLERXLIRIGIW
WEV] EQSYRX SJ GIQIRX MW HIXVMQIRXEP VEXLIVXLER EHZERXE
KISYW % GSQTVSQMWI FIX[IIR IEVP] WXVIRKXL ERH LIEX SJ
L]HVEXMSR GER SJXIR FI SFXEMRIH F] VITPEGMRK E WMKRMJMGERX
TEVXSJXLIGIQIRX[MXLTS^^SPER%SRIJSVSRIVITPEGIQIRX
SJTSVXPERHGIQIRX[MXLTS^^SPERGERVIHYGIXLILIEXSJ
L]HVEXMSR F] SRILEPJ SJ XLEX KIRIVEXIH F] XLI WEQI
EQSYRXSJGIQIRX
6
7EJIX] EKEMRWX WPMHMRK{9RGVEGOIH GSRGVIXI
TVSZMHIWEPEVKIJEGXSVSJWEJIX]EKEMRWXWPMHMRK;IEOLSVM
^SRXEPPMJXNSMRXWLS[IZIVGERMQTEMVWEJIX]8LIVIJSVIXLI
WTIGMJMGEXMSRW WLSYPH VIUYMVI GEVI MR XLI TVITEVEXMSR SJ PMJX
WYVJEGIWERHMRXLITPEGIQIRXERHGSQTEGXMSRSJGSRGVIXISRXS
XLIQ-RXLIGEWISJEHEQXLIPMJXWYVJEGIWWLSYPHWPSTI
WPMKLXP]YT[EVHXS[EVHXLIHS[RWXVIEQIHKIXSMQTVSZI
HVEMREKI HYVMRK PMJX WYVJEGI TVITEVEXMSR EW [IPP EW WLIEV
VIWMWXERGIHYVMRKSTIVEXMSRSJXLIHEQ-XMWRSXRIGIWWEV]
XS YWI E QSVXEV PE]IVSR PMJX WYVJEGIW FIJSVI TPEGMRK XLI
RI\XPMJX8LIWIGSRHMXMSRWEVIETTVSTVMEXIJSVGSRZIRXMSREPP]
TPEGIHGSRGVIXI-RVSPPIVGSQTEGXIHGSRGVIXIGSRWXVYGXMSRE
PE]IVSJQSVXEVMWTPEGIHFIX[IIRPMJXWRIEVXLIYTWXVIEQJEGI
EWETVSXIGXMSREKEMRWXWIITEKI
)GSRSQ]{1ER]JEGXSVWXLEXEJJIGXIGSRSQ]EJJIGX
GVEGOVIWMWXERGI*SVI\EQTPIXLIPIEWXI\TIRWMZIEKKVIKEXI
GERLEZIYRHIWMVEFPIXLIVQEPTVSTIVXMIWERHVIUYMVII\TIRWMZI
XIQTIVEXYVIGSRXVSPXSTVIZIRXGVEGOMRK8LIEKKVIKEXIXLEX
MQTEVXWGSRGVIXI[MXLXLILMKLIWXXIRWMPIWXVEMRGETEGMX]GER
MRGVIEWIXLI[EXIVVIUYMVIQIRXERHXLIGIQIRXVIUYMVIQIRX
SJJWIXXMRK XLI FIRIJMXW SJ LMKL WXVEMR GETEGMX] 7MQMPEVP]
PIWWIVUYEPMX]EKKVIKEXIWGERLEZIEPS[IVWXMJJRIWWXLERXLI
WYVVSYRHMRKQEXVM\ERHRSXGEVV]XLIMVTVSTSVXMSREXIWLEVISJ
XLIPSEH
7IPIGXMSRSJEKKVIKEXIW{8LIEKKVIKEXIWGLSWIR
WLSYPH FI XLSWI XLEX QEOI KSSH GSRGVIXI [MXL XLI PS[IWX
SZIVEPPGSWX-JREXYVEPEKKVIKEXIRIEVXLIWMXILEWYRJEZSV
EFPI TVSTIVXMIW JSV GVEGO TVIZIRXMSR GVYWLMRK XS MRGVIEWI
GVEGOVIWMWXERGIGERFIERIGSRSQMGEPI\TIHMIRXFIGEYWISJ
XLI GSRWIUYIRX WEZMRK MR XIQTIVEXYVI GSRXVSP ;LIR
GVYWLMRKMWIMXLIVEHZERXEKISYWSVRIGIWWEV]VSGOXLEXLEW
XLI QSWX JEZSVEFPI TVSTIVXMIW WLSYPH FI GLSWIR 8LI VSGO
WLSYPHLEZIEPS[GSIJJMGMIRXSJXLIVQEPI\TERWMSRERHEPS[
QSHYPYWSJIPEWXMGMX]ERHMX WLSYPHTVSHYGITEVXMGPIW[MXL
KSSHWLETIERHWYVJEGIXI\XYVI6SGOIPEWXMGQSHYPMLMKLIV
XLERXLIQEXVM\[MPPGSRGIRXVEXIPSEHSRXLIVSGOTVSHYGMRK
ERYRIUYEPWXVIWWHMWXVMFYXMSRMRGSQTVIWWMSR7XVSRKIVVSGO
[MPP EPWS EGX EW E GVEGO EVVIWXSV XSGVEGOMRK SJ XLIQEXVM\
8LIWIJEGXSVWEVIMQTSVXERXGSRWMHIVEXMSRWMRMRGVIEWMRKXLI
VIWMWXERGISJXLIGSRGVIXIXSGVEGOMRK
%KKVIKEXI WM^I{8LI QE\MQYQWM^I EKKVIKEXI
WLSYPHFIHIXIVQMRIHF]XLIEFMPMX]XSTPEGIGSRGVIXITVSTIV
P]MRXLIWXVYGXYVI9TXSEQQ MR HMEQIXIVEKKVIKEXI
GERFIYWIHI\GITX[LIRGSRGVIXIWLSYPHVIWMWXLMKLZIPSGMX]
[EXIVJPS[ERH[LIRWXVYGXYVEPGSRGVIXIMWRIIHIH0EVKIV
EKKVIKEXIWTIVQMXXLIYWISJPIWW[EXIVERHGIQIRXJSVEKMZIR
ZSPYQI[MXLEVIHYGXMSRMRXLIEQSYRXSJXIQTIVEXYVIGSRXVSP
VIUYMVIHXSEGLMIZIETEVXMGYPEVPIZIPSJGVEGOVIWMWXERGI8LI
EHZERXEKIWSJPEVKIVEKKVIKEXIWWLSYPHFI[IMKLIHEKEMRWX
XLIRIIHJSVPEVKIVIUYMTQIRXERHXLITSXIRXMEPJSV[SVOEFMPMX]
ERHWIKVIKEXMSRTVSFPIQW8LIXVIRHMRVIGIRX]IEVWMWXSPMQMX
QE\MQYQWM^IEKKVIKEXIXSQQ MR JSVGSRZIRXMSREP
QEWWGSRGVIXIERHQQ MR JSVVSPPIVGSQTEGXIHGSRGVIXI
;EXIVGSRXIRX{%VIHYGXMSRMRXLI[EXIVGSRXIRX
SJGSRGVIXITIVQMXWEGSVVIWTSRHMRKVIHYGXMSRMRXLIGIQIRX
GSRXIRX 'SRGVIXI [MXL PIWW [EXIV ERH GIQIRX MW WYTIVMSV
FIGEYWIMXYRHIVKSIWPIWWXIQTIVEXYVIGLERKIHYIXSL]HVEXMSR
IJJIGXWPIWWHV]MRKWLVMROEKIERHMWQSVIHYVEFPIERHGVEGO
6
1%29%03*'32'6)8)46%'8-')
VIWMWXERX 1MRMQYQ [EXIV GSRXIRX GER FI EGLMIZIH F]
WTIGMJ]MRKEHIUYEXIP]TS[IVIHZMFVEXSVWXLEXTIVQMXXLIYWI
SJPS[WPYQTGSRGVIXIF]YWMRKE[EXIVVIHYGMRKEHQM\XYVI
[LIRETTVSTVMEXIERHF]TVSHYGMRKERHTPEGMRKXLIGSRGVIXI
EXPS[IVXIQTIVEXYVIW
4S^^SPER{-RQSWXGEWIWKSSHTS^^SPERWWYGL
EWJP]EWLEVIEZEMPEFPIERHGERFIYWIHXSVITPEGIETSVXMSR
SJXLIGIQIRX8LMWGERVIWYPXMREGSRWMHIVEFPIGSWXWEZMRK
ERHQSVIMQTSVXERXP]JSVQEWWGSRWXVYGXMSRGERVIHYGIXLI
LIEXKIRIVEXMSRERHMQTVSZIXLIVIWMWXERGIEKEMRWXGVEGOMRK
%RSXLIVEHZERXEKISJYWMRKTS^^SPERMWXLEX[LIRYWIHMR
EHIUYEXIEQSYRXWMXGERVIHYGIXLII\TERWMSRHYIXSVIEGXMZI
EKKVIKEXIW 8LI ETTVSTVMEXI EQSYRX SJ TS^^SPER JSV E
VIEGXMZIEKKVIKEXIWLSYPHFIFEWIHSRXIWXHEXESFXEMRIH[MXL
XLIWTIGMJMGEKKVIKEXITS^^SPERERHGIQIRXMXGERFIMRXLI
VERKISJXS 4S^^SPERWXIRHXSVIHYGIIEVP]WXVIRKXL
KEMRXLEXGSYPHHIPE]JSVQWXVMTTMRK %'-6 (YVEFMPMX]{(YVEFMPMX] SJ TSVXPERH GIQIRX
GSRGVIXIMWHIJMRIHEWMXWEFMPMX]XSVIWMWX[IEXLIVMRKEGXMSR
GLIQMGEPEXXEGOEFVEWMSRSVER]SXLIVTVSGIWWSJHIXIVMS
VEXMSR %'-6 8LIQSWXGSQQSR[IEXLIVMRKEGXMSR
MWQYPXMTPIG]GPIWSJJVII^MRKERHXLE[MRKSJ[EXIVRIEVXLI
WYVJEGIXLEXJVEGXYVIERHHIXIVMSVEXIXLIGSRGVIXISZIVXMQI
8LIVIEVIGLIQMGEPWMRXLIIRZMVSRQIRXXLEXPIWWIRXLIPMJI
SJ XLI GSRGVIXI 2EXYVEPP] SGGYVVMRK WYPJEXI GER GSQFMRI
[MXL GEPGMYQ ERH EPYQMRE MR LEVHIRIH GSRGVIXI XS JSVQ
TVSHYGXWXLEXGERGEYWIERMRGVIEWIMRWSPMHZSPYQIEGGSQ
TERMIHF]GVEGOMRKERHHIXIVMSVEXMSRSVEWYFWXERXMEPVIHYG
XMSRMRWXVIRKXLSJXLITEWXIQEXVM\%FVEWMSRSRHEQWERH
FVMHKI EFYXQIRXW JVSQ EFVEWMZI QEXIVMEPW GEVVMIH F]
JPS[MRK[EXIVSVJVSQLMKLZIPSGMX]JPS[ GEYWMRKGEZMXE
XMSR GER FI QMXMKEXIH [MXL XLI TVSTIV QM\XYVI L]HVEYPMG
HIWMKRSVFSXL
1EWWGSRGVIXIWXVYGXYVIWRSVQEPP]YRVIMRJSVGIHGERLEZIER
SYXIVPE]IVSJXIQTIVEXYVIVIMRJSVGIQIRXXLEXVIUYMVIWGSVVSWMSR
TVSXIGXMSRWMQMPEVXSXLEXSJVIMRJSVGIHWXVYGXYVEPGSRGVIXI
%REPOEPMWMPMGEVIEGXMSRGERVIWYPX[LIREPOEPMMRGIQIRX
SVJVSQSXLIVWSYVGIW VIEGXW[MXLGIVXEMREKKVIKEXIWWYGL
EW EVKMPPMXIW KVE][EOIW TL]PPMXIW UYEVX^MXIW WGLMWXW
WXVEMRIHUYEVX^STEPGLEPGIHSR]ERHVL]SPMXIW %'-6 'VEGOMRK YWYEPP] ETTIEVW JMVWX SR XLI WYVJEGI EW TEXXIVR
GVEGOMRK %'-6 [MXLMREJI[]IEVWEJXIVGSRWXVYGXMSR
'SRGVIXIHYVEFMPMX]MWGPSWIP]VIPEXIHXSI\TSWYVIGSRHMXMSRW
-RXVSTMGEPGPMQEXIWJSVI\EQTPIXLIVIQE]FIRSHIXIVMS
VEXMRKMRJPYIRGIWEGXMRKSRXLIGSRGVIXII\GITXGEZMXEXMSRMR
EVIEW WYFNIGXIH XS LMKLZIPSGMX] [EXIV JPS[ *SV XLI QEMR
WXVYGXYVI EVIEW RSX WYFNIGX XS LMKLZIPSGMX] [EXIV JPS[
GSRGVIXIXLEXLEWXLIVIUYMVIHWXVIRKXLGERFII\TIGXIHXSPEWX
[IPPFI]SRHXLIHIWMKRPMJISJXLIWXVYGXYVI-RXLSWIGEWIW
GIQIRXGSRXIRXWLSYPHFIOITXPS[XSQMRMQM^ILIEXKIRIVEXMSR
ERHGVEGOMRK
-REWIZIVIGPMQEXI[MXLVITIEXIHJVII^MRKERHXLE[MRKMR
[MRXIVXLI[GQSJWYVJEGIGSRGVIXIWLSYPHFIOITXPS[IV
XLER XLEX RIGIWWEV] JSV WXVIRKXL EPSRI ,MKLIVWXVIRKXL
GSRGVIXIW 14E?TWMAEX]IEV EVISJXIRWTIGMJMIH
JSVHYVEFMPMX]%MVIRXVEMRQIRXWLSYPHFIQERHEXSV]*SVER]
GSRGVIXIXLEXQMKLXFIWYFNIGXIHXSFSXLJVII^MRKERH[EXIV
TVIWWYVI XLI [GQ WLSYPH FI EFSYX 8LI IJJIGX SJ XLI
LMKLIVUYEPMX]GSRGVIXISRXLIVQEPP]MRHYGIHGVEGOMRK[MPP
FI QMRMQM^IH F] OIITMRK XLI XLMGORIWW SJ XLI FSYRHEV]
FIX[IIRPE]IVWXSEQMRMQYQTVSFEFP]Q JX SVPIWW
1EXIVMEP TVSTIVXMIW{8LI GSRGVIXIvW TVSTIVXMIW
EJJIGXGVEGOGSRXVSP'SRGVIXIWHMJJIV[MHIP]MRXLIEQSYRXSJ
XIRWMPIWXVEMRXLI]GER[MXLWXERHFIJSVIGVEGOMRK*SVWXVEMR
XLEXMWETTPMIHVETMHP]XLIX[SJEGXSVWXLEXKSZIVRXLIWXVEMR
GETEGMX]EVIXLIQSHYPYW SJ IPEWXMGMX]ERH XIRWMPI WXVIRKXL
*SVWXVEMRXLEXMWETTPMIHWPS[P]XLIGVIIT SVVIPE\EXMSR SJ
XLIGSRGVIXIMWMQTSVXERX
;LIR PSEHMRK MW ETTPMIH VETMHP] QER] XIWXW SR PIER
GSRGVIXIWWYGLEWXLSWIYWIHJSVXLIMRXIVMSVSJPEVKIHEQW
LEZIWLS[RXLEXXIRWMPIJEMPYVISGGYVW[MXLSYXQYGLTPEWXMG
WXVEMR *SV XLIWI PIER GSRGVIXIW XLI XIRWMPI WXVEMR XLEX XLI
GSRGVIXIGER[MXLWXERHMWETTVS\MQEXIP]IUYEPXSXLIXIRWMPI
WXVIRKXLHMZMHIHF]XLIQSHYPYWSJIPEWXMGMX]SJXLIGSRGVIXI
MR XIRWMSR -X MW EGGYVEXI XS EWWYQI XLEX XLI XIRWMPIWXVEMR
GETEGMX]MWMRZIVWIP]TVSTSVXMSREPXSXLIQSHYPYWSJIPEWXMGMX]
SJ XLIGSRGVIXI8LIQSHYPYWSJIPEWXMGMX]SJXLIEKKVIKEXIMW
MQTSVXERXFIGEYWISJMXWPEVKIIJJIGXSRXLIHIJSVQEFMPMX]SJXLI
GSRGVIXI 8IRWMPI WXVIRKXL MW EPWS MQTSVXERX ERH JSV XLMW
VIEWSR GVYWLIH EKKVIKEXIW EVI ETX XS FI WYTIVMSV XS REXYVEP
EKKVIKEXIWJSVGVEGOTVIZIRXMSR
1SHYPYWSJIPEWXMGMX]{8LMWWYFNIGXMWHMWGYWWIHMR
HIXEMPMR%'-68EFPIWLS[WZEPYIWSJXLIQSHYPYWSJ
IPEWXMGMX]SJETEVXMGYPEVGSRGVIXIEJXIVZEVMSYWEKIWSJGYVMRK
'VEGO VIWMWXERGI{8LI XIRWMPI WXVEMR XLEX GSR
GVIXIGER[MXLWXERHZEVMIWKVIEXP][MXLXLIGSQTSWMXMSRSJ
XLI GSRGVIXI ERH XLI WXVEMR VEXI ;LIR WXVEMR MW ETTPMIH
WPS[P]XLIWXVEMRGETEGMX]MWJEVKVIEXIVXLER[LIRXLIWXVEMRMW
ETTPMIH8LIVIJSVIGSRGVIXIMRXLIMRXIVMSVSJEPEVKIQEWWXLEX
QYWXGSSPWPS[P]GERYRHIVKSEPEVKIWXVEMRFIJSVIGVEGOMRK
-J GSRGVIXI GSRXEMRW VSYKLXI\XYVIH EKKVIKEXI [MXL WQEPP
QE\MQYQWM^IXLIWXVEMRGETEGMX][MPPFILMKL8LIVIMWER
STXMQYQLS[IZIV[MXLVIWTIGXXSEKKVIKEXIWM^I'SRGVIXI
[MXL WQEPPIV EKKVIKEXIW VIUYMVIW QSVI GIQIRX JSV E KMZIR
WXVIRKXL8LMWVIWYPXWMRQSVILIEXELMKLIVQE\MQYQXIQ
TIVEXYVI ERH KVIEXIV WYFWIUYIRX WXVEMR HYI XS GSSPMRK
8LIVIJSVIXLIWIIJJIGXWGERSJJWIXXLIWXVEMRMRGVIEWIHIZIP
STIHJVSQXLIYWISJWQEPPIVEKKVIKEXIW
8IRWMPIWXVEMRGETEGMX]{8IRWMPIWXVEMRGETEGMX]
XIWXW EVI TIVJSVQIH SR TPEMR GSRGVIXI FIEQW YRHIV XLMVH
TSMRXJPI\YVEPPSEHMRK6IPEXMZIP]PEVKIFIEQWVERKMRKJVSQ
\QQ \MR XS\QQ \MR MR
GVSWWWIGXMSRERHXSQQ XSMR PSRKEVI
SJXIRYWIH ,SYKLXSR 7XVEMRGETEGMX]MWHIXIVQMRIH
JVSQXLIWIXIWXWYRHIVFSXLVETMHERHWPS[PSEHMRKXSWMQYPEXI
FSXLVETMHERHWPS[XIQTIVEXYVIGLERKIWMRXLIGSRGVIXI
)\TVIWWIHEWI\XVIQIJMFIVWXVIWWIWXLIPSEHMRKVEXIWEVI
KIRIVEPP]14EQMR TWMQMR JSVVETMHPSEHMRKERH
14E[IIO TWM[IIO JSVWPS[PSEHMRK
*SVVETMHPSEHMRKXLIWXVEMRGERFIQIEWYVIHYWMRKIMXLIV
WYVJEGISVIQFIHHIHWXVEMRKEKIWSVQIXIVW ,SYO&SVKI
ERH,SYKLXSR,SYKLXSR )QFIHHIHQIXIVWEVI
FIWXJSVPSRKXIVQXIWXW8LIWXVEMRGEREPWSFIHIXIVQMRIH
JVSQHIJPIGXMSRQIEWYVIQIRXW8LIGSRGVIXIXIWXFIEQYWIH
JSV HIXIVQMRMRK XLI WXVEMR GETEGMX] WLSYPH FI TVSXIGXIH F]
[VETTMRK [MXL ER MQTIVQIEFPI QEXIVMEP HYVMRK XLI XIWX XS
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
TVIZIRXPSWWSJQSMWXYVI8IWXMRKWLSYPHFIGSRHYGXIHEXE
GSRWXERX XIQTIVEXYVI JSV QE\MQYQ EGGYVEG] MR QIEWYVI
QIRX(IXEMPIHXIWXTVSGIHYVIWGERFIJSYRHMR,SYO&SVKI
ERH,SYKLXSR ERH1G(SREPH&SQFMILERH7YPPM
ZER -R XLI TVIPMQMREV] WXYHMIW SJ XIQTIVEXYVI ERH
GSRWXVYGXMSRGSRXVSPTPERWJSVQEWWGSRGVIXITVSNIGXWETTVS\M
QEXIQIXLSHW JSVIWXMQEXMRKXIRWMPIWXVEMRGETEGMX]YRHIV
VETMHERHWPS[PSEHMRKWKMZIRF],SYKLXSR ERH0MY
ERH1G(SREPH GERFIYWIH
8LIVQEP TVSTIVXMIW{8LIVQEP HMJJYWMXMZMX] ERH
XLIVQEPI\TERWMSREVIMQTSVXERXMRXLIGSRXVSPSJGVEGOMRK
HYIXSXIQTIVEXYVIGLERKIXLIMVHIXIVQMREXMSRMWHIXEMPIHMR
%'-68LIETTVS\MQEXIVERKISJXLIVQEPTVSTIVXMIWMW
WLS[RMR8EFPI
8LIGSIJJMGMIRXSJXLIVQEPI\TERWMSRMWERMQTSVXERXTVST
IVX] SJ GSRGVIXI 8LI EQSYRX SJ WXVEMR XLEX E XIQTIVEXYVI
GLERKI[MPPTVSHYGIMWHMVIGXP]TVSTSVXMSREPXSXLIGSIJJMGMIRX
SJXLIVQEPI\TERWMSRSJXLIGSRGVIXI8LIEZIVEKIGSIJJMGMIRX
SJXLIVQEPI\TERWMSRSJQEWWGSRGVIXIMWEFSYX» z *
» z' FYXXLIGSIJJMGMIRXGERVERKIJVSQXS» z*
XS» z' 8LIVIJSVIMRXLII\XVIQIGEWI[LIVIE
GSRGVIXI LEW E PS[ XIRWMPI WXVIRKXL E LMKL QSHYPYW SJ
IPEWXMGMX]ELMKLGSIJJMGMIRXSJXLIVQEPI\TERWMSRERHMX
MW JYPP] VIWXVEMRIH XLI GSRGVIXI GERGVEGO [LIR XLIVI MWE
VETMH HVST MR XIQTIVEXYVI SJSRP] * ' 3R XLI SXLIV
LERHWSQIGSRGVIXIWGER[MXLWXERHEUYMGOHVSTMRXIQTIVEXYVI
SJEWQYGLEW* ' IZIR[LIRJYPP]VIWXVEMRIH1SVI
HEXESRXLIXLIVQEPI\TERWMSRSJGSRGVIXIGERFIJSYRHMR
%'-6ERH%'-6
8IRWMPI WXVIWW MR QEWW GSRGVIXI VIWYPXW QEMRP] JVSQ XLI
VIWXVEMRXSJXLIVQEPGSRXVEGXMSRERHXSEJEVPIWWIVHIKVII
JVSQEYXSKIRSYWWLVMROEKI(V]MRKWLVMROEKIMWMQTSVXERX
FIGEYWIMXGERGEYWIWLEPPS[GVEGOWXSSGGYVEXXLIWYVJEGIW
8IQTIVEXYVI GLERKI MW E TVMRGMTEP GSRXVMFYXSV XS XIRWMPI
WXVEMRMRQEWWGSRGVIXI4VIHMGXMRKTVSFEFPIWXVEMRVIUYMVIW
XLI I\TIGXIH XIQTIVEXYVI [LMGL GER FI HIXIVQMRIH MJ XLI
EHMEFEXMG XIQTIVEXYVI GYVZI JSV XLI GSRGVIXI MW ORS[R EW
[IPPEWXLIXLIVQEPHMJJYWMXMZMX]FSYRHEV]XIQTIVEXYVIWERH
HMQIRWMSRW8LIXIQTIVEXYVIVMWIXLEX[SYPHSGGYVMJXLIVI
[IVI RS LIEX PSWW MW HIJMRIH EWEHMEFEXMG XIQTIVEXYVI VMWI
8LI JMRMXIIPIQIRX QIXLSH GER FI YWIH JSV TVIHMGXMRK XLI
XIQTIVEXYVIHMWXVMFYXMSR8LIQEMRTVSFPIQMWGLSSWMRKXLI
GSVVIGXFSYRHEV]XIQTIVEXYVIW[LMGLSJXIRHITIRHYTSRXLI
EQFMIRXEMVSV[EXIVXIQTIVEXYVIW-XMWWEXMWJEGXSV]XSYWIEMV
XIQTIVEXYVIWTVSZMHIHF]XLI2EXMSREP;IEXLIV7IVZMGI*SV
HEQW QIEWYVIH VIWIVZSMV XIQTIVEXYVIW EVI YWIH 6IJIV XS
%'-6JSVMRJSVQEXMSRSRSXLIVQIXLSHWJSVTVIHMGXMRK
XIQTIVEXYVIWMRQEWWMZIGSRGVIXI
8LI LIEXTVSHYGMRK GLEVEGXIVMWXMGW SJ GIQIRX TPE] ER
MQTSVXERXVSPIMRXLIXIQTIVEXYVIVMWI%781'8]TI-:
PS[LIEXGIQIRXMWVIGSQQIRHIHLS[IZIVMXYWYEPP]MWRSX
EZEMPEFPI 8]TI -- QSHIVEXILIEX GIQIRX MW EPWS VIGSQ
QIRHIHERHMXYWYEPP]MWEZEMPEFPI4S^^SPERWGERFIYWIHXS
VITPEGIETSVXMSRSJXLIGIQIRXXSVIHYGIXLITIEOXIQTIVEXYVI
HYIXSXLILIEXSJL]HVEXMSR %'-6 -RWSQIGEWIW
XS SJXLIGIQIRXGERFIVITPEGIHF]ERIUYEPZSPYQISJE
WYMXEFPITS^^SPERERHWXMPPTVSHYGIXLIWTIGMJMIHWXVIRKXL
EX HE]WSV]IEV7SQISJXLIQSVIGSQQSRTS^^SPERW
6
8EFPI{)PEWXMGERHXLIVQEPTVSTIVXMIWSJ
QEWWGSRGVIXI
)PEWXMGTVSTIVXMIW
7XEXMGQSHYPYWSJIPEWXMGMX])EXMRHMGEXIHEKISJXIWXHE]W
4SMWWSRvW
VEXMS
+4E +4E +4E
+4E
+4E
XS
TWM
TWM
TWM
TWM
TWM
8LIVQEPTVSTIVXMIW
'SIJJMGMIRXSJ
PMRIEVI\TERWMSR 'SRHYGXMZMX]
(MJJYWMZMX]
7TIGMJMGLIEX
XS
XS
GEPK›'
XS z' OK›GEPQ›L›'
QL
XS z*
XS
&89JX›L›*
XSJXL &89PF›*
YWIHMRQEWWMZIGSRGVIXIMRGPYHIGEPGMRIHGPE]WHMEXSQEGISYW
IEVXL ZSPGERMG XYJJW ERH TYQMGMXIW ERH JP] EWL 8LI EGXYEP
X]TISJTS^^SPERXSFIYWIHERHMXWETTVSTVMEXIVITPEGIQIRX
TIVGIRXEKIEVIHIXIVQMRIHF]XIWXGSWXERHEZEMPEFMPMX]
%HMEFEXMGXIQTIVEXYVIVMWI{%'-6HIWGVMFIW
XIWXQIXLSHWERHTVSZMHIWHEXESREHMEFEXMGXIQTIVEXYVIVMWI
SJGSRGVIXIW[MXLEWMRKPIGIQIRXGSRXIRXFYX[MXLHMJJIVIRX
X]TIWSJTSVXPERHGIQIRX*MKYVIKMZIWX]TMGEPEHMEFEXMG
GYVZIWJSV8]TI--GIQIRXERHZEVMSYWUYERXMXMIWSJGIQIRX
ERHTS^^SPER8LIHEXEWLS[XLIIJJIGXSJTS^^SPERVITPEGI
QIRXSJGIQIRXSRXIQTIVEXYVIVIHYGXMSR
{'SRWXVYGXMSR
&EWMG GSRWMHIVEXMSRW JSV GSRWXVYGXMSR{1EWW GSR
GVIXIWXVYGXYVIWEVIVIUYMVIHXSFIWEJIIGSRSQMGEPHYVEFPI
ERHEIWXLIXMGEPP]TPIEWMRK)EGLSJXLIWIVIUYMVIQIRXWMRJPY
IRGIWXLIGVEGOVIWMWXERGI8LIGSWX[MPPHITIRHSRJIEXYVIW
WYGLEWXLIFIWXGLSMGISJEKKVIKEXIWEHIUYEXIFYXRSXI\GIW
WMZIXIQTIVEXYVIGSRXVSPERHPS[GIQIRXGSRXIRX(YVEFMPMX]
[MPPHITIRHSRXLIUYEPMX]SJXLIGSRGVIXIXLII\TSWYVI
GSRHMXMSRWERHXLIJVIIHSQJVSQHIXIVMSVEXMRKGLIQMGEP
VIEGXMSRW %IWXLIXMGW [MPP GSQI JVSQ KSSH [SVOQERWLMT
JVIIHSQJVSQGVEGOWERHWXVEMRWERHEFWIRGISJPIEOEKIERH
PIEGLMRK-XMWMQTSVXERXXSLEZIEGSQTVILIRWMZIQEXIVMEPW
XIWXTVSKVEQXSIWXEFPMWLRIGIWWEV]GSRXVSPFIJSVITVITEVMRK
GSRWXVYGXMSRGSRXVSPWERHWTIGMJMGEXMSRW
8LIVQEPIJJIGXW{8IQTIVEXYVIMRHYGIHGVEGOMRKMR
E PEVKI QEWW SJ GSRGVIXI GER FI QMRMQM^IH MJ TVSTIV
QIEWYVIWEVIXEOIRXSVIHYGIXLIEQSYRXERHVEXISJXIQTIV
EXYVIGLERKI1IEWYVIWGSQQSRP]YWIHMRGPYHITVIGSSPMRK
TSWXGSSPMRKSVEGSQFMREXMSRSJXLIX[SERHXLIVQEPMRWY
PEXMSRXSTVSXIGXI\TSWIHWYVJEGIW8LIHIKVIISJXIQTIVEXYVI
GSRXVSPRIGIWWEV]XSGSRXVSPGVEGOMRKZEVMIW[MXLJEGXSVWWYGL
EWPSGEXMSRLIMKLXERHXLMGORIWWSJXLIWXVYGXYVIGLEVEGXIV
SJXLIEKKVIKEXITVSTIVXMIWSJXLIGSRGVIXIERHXLII\XIVREP
VIWXVEMRXW %PXLSYKL E PEVKI EQSYRX SJ XLI HEXE JSV XLMW
GLETXIV LEW FIIR SFXEMRIH F] I\TIVMIRGI JVSQ YWMRK QEWW
GSRGVIXI MR HEQW MX ETTPMIW IUYEPP] [IPP MR QEWW GSRGVIXI
YWIHMRSXLIVWXVYGXYVIWWYGLEWWXIEQTS[IVTPERXWTS[IV
LSYWIW FVMHKI ERH FYMPHMRK JSYRHEXMSRW ERH REZMKEXMSR
PSGOW 8VIQMI GSRGVIXI MW GSZIVIH MR %'- 6 6SPPIV
GSQTEGXIHGSRGVIXIMWHMWGYWWIHMR%'-6
6
1%29%03*'32'6)8)46%'8-')
*MK{8]TMGEPEHMEFEXMGXIQTIVEXYVIGYVZIWJSVQEWWGSRGVIXI ,SYKLXSR 4VIGSSPMRK XLI GSRGVIXI HYVMRK MXW TVSHYGXMSR ERH TSWX
GSSPMRKMX[MXLIQFIHHIHTMTIW]WXIQWEJXIVMXMWTPEGIHEVI
IJJIGXMZI QIEWYVIW(IXEMPW SRTMTI GSSPMRKEVIKMZIRMR
7IGXMSR
%RSXLIV TVSQMWMRK QIXLSH SJ GVEGO GSRXVSP MW TPEGMRK
GVEGOVIWMWXERXGSRGVIXIEXFSYRHEVMIW WMHIWERHXSTSJPMJXW )ZIR XLSYKL XLI QSVI GVEGOVIWMWXERX GSRGVIXI GER FI XSS
GSWXP]XSFIYWIHXLVSYKLSYXXLIWXVYGXYVIMXGERFIYWIHXS
PMQMXIH I\XIRX [MXLSYX WIVMSYW IJJIGX SR GSWX 'EWXMRK XLMR
PE]IVWSJGSRGVIXIRI\XXSXLIJSVQWMWHMJJMGYPXFYXXLIYWISJ
TVIGEWXTERIPWMWTVEGXMGEPXLIWIEVIPIJXMRTPEGIEWETIVQE
RIRXTEVXSJXLIWXVYGXYVI8LITERIPWWLSYPHFISJKSSHUYEPMX]
JSV HYVEFMPMX] ERH PMKLX[IMKLX XS TVSZMHI XLIVQEP MRWYPEXMSR
&IGEYWI QSWX GVEGOW SVMKMREXI EX FSYRHEVMIW XLMW QIXLSH
MQTVSZIWGVEGOGSRXVSP1SVIMRJSVQEXMSRSRXLIYWISJTVIGEWX
TERIPWJSVTVSXIGXMRKQEWWGSRGVIXIGERFIJSYRHMR%'-6
%VXMJMGMEP GSSPMRK{8LI SZIVEPP TVSKVEQ JSV
GSSPMRKGSRGVIXIMRGPYHMRKMQTSVXERXJMIPHGSRXVSPGVMXIVME
WLSYPH FI HIXIVQMRIH HYVMRK XLI HIWMKR WXEKI 4VIGSSPMRK
GSRGVIXIFIJSVITPEGIQIRXMWEGGSQTPMWLIHF]EZEVMIX]SJ
QIXLSHW MRGPYHMRK IZETSVEXMZI GSSPMRK SJ XLI WXSGOTMPIH
EKKVIKEXIW YWMRK WTVMROPIVW GSSPMRK EPP MRKVIHMIRXW SJ XLI
QM\XYVIF]PMUYMHRMXVSKIRSVYWMRKWQEPPMGITEVXMGPIWEWE
VITPEGIQIRXSJTEVXSJXLIQM\MRK[EXIV;LIRXLIWITVIGEY
XMSRW ERH REXYVEP GSSPMRK EVI MRIJJIGXMZI MR VIHYGMRK
GVEGOMRK TSWXGSSPMRK MW TVIWGVMFIH IWTIGMEPP] JSV PEVKI
GSRGVIXI HEQW 4SWXGSSPMRK GSRGVIXI MW EGGSQTPMWLIH F]
GMVGYPEXMRK GSSP PMUYMHW YWYEPP] [EXIV XLVSYKL TMTIW
IQFIHHIHMRXLIGSRGVIXI8LI[EXIVWSYVGIJVSQERIEVF]
PEOI SV VMZIV GER FI HMVIGXP] GMVGYPEXIH SV VIJVMKIVEXIH EW
RIIHIH
7XYHMIWQEHIHYVMRKXLIHIWMKRWXEKI[MPPIWXEFPMWLMXIQW
WYGL EW PMJX LIMKLX TMTI WTEGMRK [EXIV XIQTIVEXYVI JPS[
VEXIEGGITXEFPIVEXISJXIQTIVEXYVIHVST JSVFSXLVETMHERH
WPS[HVSTW ERHETTVS\MQEXIHYVEXMSRSJGSSPMRK
7XIITGSSPMRKKVEHMIRXW[LMGLGERVIWYPXMRGVEGOMRKXLI
QEWWWLSYPHFIEZSMHIH8LMWMWTEVXMGYPEVP]XVYIMRWQEPPIV
QEWWIW[LIVIGMVGYPEXMSRSJGSSPMRK[EXIVWLSYPHFIWXSTTIH
[LIR XLI QE\MQYQ XIQTIVEXYVI LEW FIIR VIEGLIH ERH
FIKMRWXSHVST%ZYPRIVEFPIPSGEXMSRMRTMTIGSSPMRKW]WXIQW
MW GIRXIVIH EX XLI GSSPMRK GSMPW [LIVI WLEVT KVEHMIRXW ERH
GVEGOMRK GER FI MRHYGIH MJXIVQMREXMSRSJ GSSPMRK [EXIV
GMVGYPEXMSRMWRSXXMQIP]%TVMQEV]EHZERXEKIMREVXMJMGMEP
GSSPMRKMWXLIYRMJSVQVIQSZEPSJXLILIEXSJL]HVEXMSRERH
XLITVIGMWIGSRXVSPSJXLIVEXI-RQEWWGSRGVIXIEQE\MQYQ
VEXISJGSSPMRKSJ' * TIVHE]SVPIWWMWVIGSQQIRHIH
FYXWLSYPHFIQSRMXSVIHJSVWYMXEFMPMX]HYVMRKGSRWXVYGXMSR
8LIVQEPGSYTPIWWLSYPHFIYWIHMRWYJJMGMIRXRYQFIVWXS
TIVQMX EHIUYEXI QSRMXSVMRK ERH GSRXVSP SJ XLI MRXIVREP
GSRGVIXI XIQTIVEXYVIW 8LI] WLSYPH FI PSGEXIH XS VIGSVH
VITVIWIRXEXMZIXIQTIVEXYVIW*SVI\EQTPIEKVMHXLEXVIGSVHW
XLIVQEPKVEHMIRXWMREGSRGVIXIHEQ[SYPHGSRWMWXSJXLVIIXS
JMZI HITIRHMRK SR WXVYGXYVI WM^I XVERWZIVWI TPERIW IEGL
GSRXEMRMRKJMZIXSXLIVQEPGSYTPIW7TEGMRKSJXLIXLIVQEP
GSYTPIWWLSYPHFIGPSWIVRIEVXLIHEQJEGIW
'SRWXVYGXMSR HVE[MRKW WLSYPH WLS[ FEWMG TMTI PE]SYX
MRGPYHMRKQMRMQYQWTEGMRKXLIPE]SYXEXJEGIWXVERWZIVWI
GSRWXVYGXMSRNSMRXWMRXIVMSVSTIRMRKWERHMRWPSTMRKTEVXMEP
ERH MWSPEXIH GSRGVIXI PMJXW TMTI HMEQIXIV VMWIVW ERH TMTI
GSRRIGXMSRW ,SYKLXSR -RQSWXSJXLIHEQEYRMJSVQ
WTEGMRKGERFIQEMRXEMRIHJSVXLIGSSPMRKTMTIFYXMWSPEXIH
EVIEWI\MWXMREPPHEQWXLEXXIRHXSLEZIEGSRGIRXVEXMSRSJ
TMTIW8LIWIGSRGIRXVEXMSRWXIRHXSSGGYVEXXLIHS[RWXVIEQ
JEGISJXLIHEQ[LIVIMRPIXWERHSYXPIXWXSGSSPMRKTMTIWEVI
PSGEXIHEHNEGIRXXSSTIRMRKWMRXLIHEQERHEXMWSPEXIHERH
WPSTMRKPMJXWSJGSRGVIXI4VSTIVTPERRMRK[MPPEPPIZMEXIQER]
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
SJ XLI YRHIWMVEFPI GSRHMXMSRW XLEX GER VIWYPX JVSQ XLIWI
GSRGIRXVEXMSRW*SVI\EQTPIMXWLSYPHFIHIXIVQMRIHXS[LEX
I\XIRX XLI GSWXWEZMRK TVSGIHYVI SJ GSRGIRXVEXMRK GSSPMRK
TMTIMRPIXWERHSYXPIXWRIEVGSRXVEGXMSRNSMRXWGERFITIVQMXXIH
EXXLIJEGI SJ XLI HEQ %PWSMX WLSYPH FI HIGMHIHMJGSSPMRK
TMTIW XS MWSPEXIH EVIEW MR XLI JSYRHEXMSR ERH EX STIRMRKW
WYGLEWKEPPIVMIWGERI\XIRHJVSQXLIHS[RWXVIEQJEGISJXLI
HEQSVMJEZIVXMGEPVMWIVWLSYPHFIYWIH
*SV IEWI SJ MRWXEPPEXMSR XLI TMTI YWIH JSV TSWXGSSPMRK
WLSYPHFIXLMR[EPPXYFMRK%PYQMRYQXYFMRKMWPMKLX[IMKLX
ERHIEW]XSLERHPILS[IZIVFVIEOHS[RJVSQGSVVSWMSRMWE
TSXIRXMEPTVSFPIQMJGSSPMRKEGXMZMXMIWEVIGEVVMIHSRSZIVE
TIVMSH SJ WIZIVEP QSRXLW -R XLMW GEWI WXIIP XYFMRK MW
TVIJIVVIH7YVJEGIGSRRIGXMSRWXSXLIGSSPMRKTMTIWLSYPHFI
VIQSZEFPIXSEHITXLSJXSQQ XSMR WSXLEX
LSPIWGERFIVIEQIHERHHV]TEGOIH[LIRGSRRIGXMSRWEVI
VIQSZIH
'SMPWWLSYPHFITVIWWYVIXIWXIHJSVPIEOWEXXLIQE\MQYQ
TVIWWYVI XLI] [MPP VIGIMZI JVSQ XLI GSSPMRK W]WXIQ FIJSVI
TPEGMRKGSRGVIXI4VIWWYVIWLSYPHEPWSFIQEMRXEMRIHHYVMRK
GSRGVIXI TPEGIQIRX XS TVIZIRX GVYWLMRK ERH TIVQMX IEVP]
HIXIGXMSRSJHEQEKIWLSYPHMXSGGYV
7MKLXJPS[MRHMGEXSVWWLSYPHFIMRWXEPPIHEXXLIIRHSJIEGL
IQFIHHIHTMTIGSMPXSTIVQMXVIEH]SFWIVZERGISJGSSPMRK
[EXIVJPS[-REHHMXMSRXSVIKYPEVSFWIVZERGISJJPS[W[EXIV
XIQTIVEXYVIW ERH TVIWWYVIW GSRGVIXI XIQTIVEXYVIW WLSYPH
FISFWIVZIHERHVIGSVHIHEXPIEWXSRGIHEMP][LMPIXLIPMJXMW
FIMRKGSSPIH8LIVQSQIXIVWEVITPEGIHEXXLIMRPIXERHSYXPIX
SJ XLIGSSPMRK [EXIVW]WXIQ XS VIGSVHXLIXIQTIVEXYVIERH
GLERKIXLVSYKLSYXXLITPEGIQIRX
8LIVIJVMKIVEXMSR TPERX JSV GSSPMRK [EXIV GER FI PSGEXIH
GIRXVEPP]SVWIZIVEPGSQTPIXIWQEPPIVTSVXEFPITPERXWGERFI
YWIHXSTIVQMXQSZMRKXLIVIJVMKIVEXMSRW]WXIQEWXLIHEQ
TVSKVIWWIWYT[EVH7YJJMGMIRXWXERHF]GSQTSRIRXWIUYEPMR
GETEGMX]XSXLIPEVKIWXMRHMZMHYEPVIJVMKIVEXMSRYRMXWWLSYPH
FI TVSZMHIH -RWYJJMGMIRX TPERX WM^I GER GEYWI TVIQEXYVI
WLYXHS[RSJGSSPMRKFIJSVIXLILIEXSJL]HVEXMSRLEWFIIR
WYJJMGMIRXP]HMWWMTEXIHSVWPS[GSRGVIXITPEGIQIRXXSEVEXI
XLEXMRXIVJIVIW[MXLXLISZIVEPPGSRWXVYGXMSRWGLIHYPI
'SSPMRKWLSYPHGSRXMRYIYRXMPXLITVIWGVMFIHXIQTIVEXYVI
MW VIEGLIH 8LMW XIQTIVEXYVI MW HITIRHIRX SR XLI X]TI SJ
WXVYGXYVIERHPSEHMRK8LITVIWGVMFIHXIQTIVEXYVIGERFIXLI
QIERERRYEPXIQTIVEXYVISVSXLIVXIQTIVEXYVIEWEGSQTVSQMWI
JSVXLIWIEWSREPZEVMEXMSRW
7SQIQEWWGSRGVIXIWXVYGXYVIWGERLEZIZIVXMGEPGSRXVEGXMSR
NSMRXWXSJEGMPMXEXIGSRWXVYGXMSRXLIWINSMRXW[MPPSTIREWXLI
GSRGVIXI GSSPW-RWSQI HEQW IWTIGMEPP] EVGL X]TI XLIWI
GSRXVEGXMSR NSMRXW EVI PEXIV KVSYXIH XS VIWXSVI QSRSPMXLMG
FILEZMSV
%JXIVGSSPMRKMWGSQTPIXIHERHXLITMTIMWRSPSRKIVRIIHIH
MX WLSYPH FI KVSYXIH JYPP [MXL E GIQIRXMXMSYW QM\XYVI +VSYX
XIGLRMUYIWYWIHJSVTSWXXIRWMSRIHGSRGVIXIWLSYPHFIYWIH
2EXYVEP GSSPMRK{8LIVQEP MRWYPEXMSR SR
I\TSWIHWYVJEGIWHYVMRKGSPH[IEXLIVGERTVSXIGXGSRGVIXI
JVSQGVEGOMRKMJIRSYKLMRWYPEXMSRMWYWIHJSVETVSTIVPIRKXL
SJXMQI-JXLIMRWYPEXMSRMWWYJJMGMIRXXSEPPS[WPS[GSSPMRK
XLIXIRWMPIWXVEMRRIIHRIZIVI\GIIHXLIGVEGOMRKPMQMX8LI
GSRGVIXIGERVIPE\EXXLIWEQIVEXIEWXLIXIRWMPIWXVIWWXIRHW
6
XS HIZIPST YRXMP WXEFPI XIQTIVEXYVIW EVI VIEGLIH -J XLI
GSRGVIXI LEW E ZIV] WPS[ VIPE\EXMSR VEXI SV GVIIT VEXI LS[IZIVXLIEQSYRXSJMRWYPEXMSRERHXLIPSRK TVSXIGXMSR
XMQIVIUYMVIHGERQEOIXLMWQIEWYVIHMJJMGYPX
-RI\XVIQIIRZMVSRQIRXW[LIVIPEVKIEQSYRXWSJMRWYPE
XMSR[MPPFIVIUYMVIHHYVMRKWIZIVIP]GSPHQSRXLWMXQE]FI
RIGIWWEV]XSVIQSZIXLIMRWYPEXMSRMRWXEKIWEWXLI[EVQIV
QSRXLW ETTVSEGL 8IQTIVEXYVIW [MXLMR XLI GSRGVIXI NYWX
FIPS[XLIMRWYPEXMSRWLSYPHFIEPPS[IHXSWPS[P]ETTVSEGL
XLI IRZMVSRQIRXEP XIQTIVEXYVI XS TVIZIRX XLIVQEP WLSGO
[LMGL GSYPH MRHYGI GVEGOMRK EX SV FIPS[ XLI WYVJEGI [MXL
TSWWMFPI WYFWIUYIRX HIITIV TIRIXVEXMSRW MRXS XLI QEWW
%ZSMHYWMRKXSSQYGLMRWYPEXMSRSVPIEZMRKMXMRTPEGIXSS
PSRK[LMGLGSYPHVIWYPXMRWXSTTMRKXLIHIWMVIHGSSPMRKSJ
XLIMRXIVMSVQEWWERHTSWWMFP]GEYWIXLIMRXIVMSVXIQTIVEXYVI
XSFIKMRXSMRGVIEWIEKEMR
-RWYPEXMSRGERFISFXEMRIHMREZEVMIX]SJJSVQWERHQEXIVMEPW
-XGERFIIMXLIVWIQMVMKMHTERIPX]TIQEXIVMEPSVJSEQIHWTVE]
SRQEXIVMEPXLEXFIGSQIWWIQMVMKMHMRTPEGI8LIWIQMVMKMH
TERIPWEVIYWYEPP]MRWXEPPIHSRXLIMRWMHIJEGISJXLIJSVQW
8IQTSVEV] ERGLSVW IQFIHHIH MR XLI RI[P] TPEGIH PMJX SJ
GSRGVIXIVIXEMRXLIMRWYPEXMSRSRXLIGSRGVIXIWYVJEGI[LIR
XLIJSVQWEVIPMJXIH8LIMRWYPEXMSRGERFIIEWMP]VIQSZIHJVSQ
XLIWYVJEGI6SPPSYXETTPMGEXMSRMWTEVXMGYPEVP]ETTPMGEFPIJSV
YWISRLSVM^SRXEPPMJXNSMRXW-XMWIEW]XSMRWXEPPERHVIQSZI
ERHGERFIVIYWIHQER]XMQIW7TVE]SRMRWYPEXMSRGERFI
YWIHSRIMXLIVLSVM^SRXEPSVZIVXMGEPWYVJEGIW8LMWX]TISJ
MRWYPEXMSRMWTEVXMGYPEVP]YWIJYPJSVMRGVIEWMRKXLIXLMGORIWW
ERHIJJIGXMZIRIWWSJMRWYPEXMSREPVIEH]MRTPEGIERHJSVMRWY
PEXMRK JSVQW -RWYPEXMSR XLEX TIVQMXW XVERWQMWWMSR SJ PMKLX
VE]W WLSYPH RSX FI YWIH FIGEYWI E XIQTIVEXYVI VMWI SGGYVW
FIX[IIRXLIMRWYPEXMSRERHXLIGSRGVIXI[LIRXLIMRWYPEXMSRMW
WYFNIGXIH XS HMVIGX WYRPMKLX 4VIGEWX TERIPW QEHI SJ PS[
GSRHYGXERGI PMKLX[IMKLX GSRGVIXI SV VIKYPEV[IMKLX GSRGVIXI
GEWX[MXLPEQMREXIHSVWERH[MGLPE]IVWSJPS[GSRHYGXERGI
GIPPYPEVGSRGVIXIEVIEPWSEGGITXEFPIJSVMRWYPEXMSR8LIWITERIPW
[SYPHXLIRWIVZIEWFSXLJSVQWERHJEGIGSRGVIXI
'SSPMRKQEWWGSRGVIXIWXVYGXYVIWGERFITIVQMXXIH[MXLSYX
MRWYPEXMSRMRVIPEXMZIP]XLMRWIGXMSRWSJEFSYXQ JX MR
QSHIVEXI GPMQEXIW [LIVI XLI REXYVEP HMWWMTEXMSR SJ LIEX MW
KVEHYEPERHXLIXLIVQEPKVEHMIRXMWRSXWXIIT
%YXSKIRSYW ZSPYQI GLERKI{%YXSKIRSYW ZSPYQI
GLERKIMWXLII\TERWMSRSVGSRXVEGXMSRSJXLIGSRGVIXIHYIXS
GEYWIWSXLIVXLERGLERKIWMRXIQTIVEXYVIQSMWXYVISVWXVIWW
XLIVIJSVI MX MW E WIPJMRHYGIH I\TERWMSR SV GSRXVEGXMSR
)\TERWMSRGERFILIPTJYPMRTVIZIRXMRKGVEGOWFYXGSRXVEG
XMSRMRGVIEWIWXLIXIRHIRG]XSGVEGO %YXSKIRSYWZSPYQI
GLERKIMWYWYEPP]QIEWYVIHF]WXVEMRQIXIVWIQFIHHIHMR
GSRGVIXIG]PMRHIVWXLEXEVIGEVIJYPP]WIEPIHXSIRWYVIXLEX
XLIVI MW RS PSWW SJ QSMWXYVI ERH XLI GSRGVIXI OITX EX
GSRWXERXXIQTIVEXYVI1IEWYVIQIRXWFIKMREWWSSREWXLI
WTIGMQIRWEVILEVHIRIHERHWIEPIHERHEVIGSRXMRYIHTIVM
SHMGEPP]JSVQSRXLW
{3TIVEXMSR
%JXIV GSRWXVYGXMSR XLI WXVYGXYVI MW I\TSWIH XS XLI ERRYEP
G]GPISJPSEHGSQFMREXMSRWJSV[LMGLMXMWHIWMKRIH(YVMRKXLI
MRMXMEPSTIVEXMSR TIVMSH [LMGL QE] PEWX JSV E JI[ QSRXLW SV
6
1%29%03*'32'6)8)46%'8-')
8EFPI E {7YWXEMRIHQSHYPYW
7YWXEMRIHQSHYPYW)WEXXMQISJPSEHMRKMRHE]WH+4E TWM
8MQIEJXIVPSEHMRK
8EFPI F {7XVIWWGSIJJMGMIRXW
8IRWMPIWXVIWWGSIJJMGMIRXJSVGSRHMXMSRSJJYPPVIWXVEMRXERHHIGVIEWMRK
XIQTIVEXYVIJSVEKISJGSRGVIXIEXXMQISJPSEHMRKMRHE]WH14E' TWM*
8MQIEJXIVPSEHMRK
IZIR ]IEVW XLI WXVYGXYVI ERH XLI MQQIHMEXI JSYRHEXMSR [MPP
YRHIVKSWSQIIPEWXMGQSZIQIRXWYTIVMQTSWIHSRETIVQERIRX
WIX(YVMRKXLIWYGGIIHMRK]IEVWWQEPPTIVQERIRXHIJSVQEXMSRW
SGGYVMRXLIWXVYGXYVIJSYRHEXMSRSVFSXLXLEXEVIGEXIKSVM^IH
EWGVIIT'VIITGERMRMXMEXIYRERXMGMTEXIHGVEGOMRKF]GEYWMRKE
PSEH WLMJX XS WXVYGXYVEP EVIEW RSXMRXIRHIH XS HIJSVQ SV GEVV]
QSVISJXLIPSEHW8LIWIGSRHMXMSRWGERFIWSQI[LEXERXMGM
TEXIH[MXLEREP]WIWXLEXMRGPYHIGSRGVIXIGVIITERHHIWMKRMRK
XLIWXVYGXYVIXSEGGSQQSHEXIXLIWIQSZIQIRXW
'SRGVIXI GVIIT{'VIIT MW XLI GSRXMRYIH HIJSVQE
XMSRSJGSRGVIXIHYVMRKWYWXEMRIHWXVIWW%781'HIXEMPW
EWXERHEVHXIWXJSVHIXIVQMRMRKGSRGVIXIGVIITMRGSQTVIW
WMSR'SRGVIXIGVIITMRXIRWMSRMWHMJJMGYPXXSQIEWYVIXLIVIJSVI
GVIITTVSTIVXMIWMRXIRWMSRERHGSQTVIWWMSREVIEWWYQIHXS
FIXLIWEQI
'SRGVIXIGVIITMWQIEWYVIHSRGEVIJYPP]WIEPIHWTIGMQIRW
WXSVIH EX GSRWXERX XIQTIVEXYVI ERH PSEHIH F] E GSRWXERX
WXVIWW1IEWYVIQIRXMWYWYEPP]QEHIF]QIERWSJIQFIHHIH
WXVEMR QIXIVW EPXLSYKL ER] VIPMEFPI QIXLSH SJ QIEWYVMRK
WXVEMR GER FI IQTPS]IH &YX]P VYFFIV MW WEXMWJEGXSV] JSV
WIEPMRK XLI WTIGMQIRW FYX RISTVIRI WLSYPH FI EZSMHIH
FIGEYWI MX EPPS[W WSQI QSMWXYVI XS IWGETI 7TIGMQIRW
WLSYPH FI PSEHIH EX XLI WEQI EKIW EW WTIGMJMIH JSV XLI
QSHYPYWSJIPEWXMGMX]XIWXWFYXPSEHMRKEXXLIIEVP]EKISJHE]
MWRSXEP[E]WTVEGXMGEP%KEMRXLIWTIGMQIRWWLSYPHFIPEVKI
IRSYKL XS TIVQMX GSRGVIXI PMOI XLEX YWIH MR XLI WXVYGXYVI
*VIUYIRXP]\QQ \MR G]PMRHIVW[MXLQQ
MR QE\MQYQWM^IHEKKVIKEXISV\QQ \MR
G]PMRHIVW[MXLQQ MR EKKVIKEXIEVIYWIH9WIJYP
GSIJJMGMIRXWJSVGSRZIVXMRKGSRGVIXIGVIIT[MXLWQEPPIVWM^I
EKKVIKEXIW XS GSRGVIXI GVIIT JSVPEVKIV EKKVIKEXIWM^IW EVI
JSYRHMR %'-74*MKYVIWLS[WX]TMGEPGVIITHEXE
SFXEMRIHJVSQPEFSVEXSV]MRZIWXMKEXMSRW 1G'S]8LSVXSRERH
%PPKSSH 8EFPI MRHMGEXIW XLI ZEPYIW JSV XLI
WYWXEMRIHQSHYPYWSJIPEWXMGMX][LMGLEVIYWIHXSHIZIPST
XIRWMPIWXVIWWGSIJJMGMIRXWJSVEXIQTIVEXYVI HVST[MXLJYPP
VIWXVEMRX %'- 6 TVIWIRXW E HMWGYWWMSR SJ XLI WYWXEMRIH
IPEWXMGQSHYPYW%LMKLVEXISJGVIITJSVGSRGVIXIMWLIPTJYP
*MK{8]TMGEPGSRGVIXIGVIITGYVZIWJSVQEWWGSRGVIXI
[LIR XLI XIRWMPI WXVEMR MW ETTPMIH KVEHYEPP] &IGEYWI XLI
XIRWMPI WXVIRKXL SJ GSRGVIXI MW RIEVP] MRHITIRHIRX SJ TVMSV
PSEHMRKGVIITXIRHWXSMRGVIEWIXLIWXVEMRGETEGMX]-RXLIGEWI
SJ ([SVWLEO (EQ JSV I\EQTPI XLI WXVEMR XS JEMPYVI [EW
EPQSWXXLVIIXMQIWEWKVIEXJSVWXVEMRETTPMIHSZIVQSRXLW
GSQTEVIH [MXL UYMGOP] ETTPMIH WXVEMR ,SYO 4E\XSR ERH
,SYKLXSR 8LI GSRGVIXIGVIIT YRHIV WYWXEMRIH WXVIWW MW EJJIGXIH F]
XLIWXMJJRIWWSJXLIEKKVIKEXI;LIRXLIQSHYPYWMWLMKLXLI
GVIIT MW PS[ ERH ZMGI ZIVWE 8LI MQTSVXERGI SJ EKKVIKEXI
VMKMHMX]SRGSRGVIXIGVIITGERFIMPPYWXVEXIHF]X[SI\EQTPIW
*MVWXEWWYQIXLEXXLIEKKVIKEXIERHXLIGIQIRXTEWXILEZI
XLIWEQIQSHYPYWSJIPEWXMGMX];LIRGSQTVIWWMZIWXVIWWMW
ETTPMIHXLIWXVIWWERHGSVVIWTSRHMRKWXVEMR[MPPFIXLIWEQI
MRXLIEKKVIKEXIEWMRXLIGIQIRXTEWXI8LIEKKVIKEXIHSIW
RSXGVIITYRHIVQSHIVEXIWXVIWWFYXXLITEWXIHSIWERHXLI
TEWXIXLEXMWFIX[IIREKKVIKEXITEVXMGPIWVIPE\IWERHXVERWJIVW
PSEHXSXLIEKKVIKEXIXSQEMRXEMRIUYMPMFVMYQ8LMWMQTSWIW
ERIPEWXMG WXVEMRSRXLI EKKVIKEXI XLEX EGGSYRXW JSV E PEVKI
TEVX SJ XLI GSRGVIXI GVIIT 8LI EQSYRX SJ IPEWXMG WXVEMR MW
HMVIGXP]VIPEXIHXSXLIQSHYPYWSJIPEWXMGMX]SJXLIEKKVIKEXI
XLI QSVI VMKMH XLIEKKVIKEXIXLI PS[IV XLI GVIIT 2I\X
EWWYQI XLEX XLI EKKVIKEXI LEW E QYGL LMKLIV QSHYPYW
XLERXLIGIQIRXTEWXI;LIRGSQTVIWWMZIWXVIWWMWETTPMIH
XLIEZIVEKIWXVIWWMRXLIEKKVIKEXI[MPPFILMKLIVXLERXLEXMR
XLITEWXIERHXLITEWXI[MPPGVIITPIWWXLERMXHMH[LIRXLI
QSHYPM[IVIIUYEP8LIIPEWXMGWXVEMRMRXLIEKKVIKEXIHYIXS
XLIGVIITSJXLITEWXI[MPPXLIRFIPIWWXLERMX[EW[LIRXLI
QSHYPM[IVIIUYEP8LIVIJSVIERMRGVIEWIMRXLIVMKMHMX]SJXLI
EKKVIKEXIEGXWMRX[S[E]WXSVIHYGIXLIGVIITSJXLIGSRGVIXI
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
',%48)6{'3286303*'6%'/-2+&=
4634)6'327869'8-3246%'8-')7
{-RXVSHYGXMSR
'SRWXVYGXMSR TVEGXMGIW HMWGYWWIH MR XLMW GLETXIV MRGPYHI
WTIGMJMGEXMSRW QEXIVMEPW HIWMKRW QM\XYVI GSRWMHIVEXMSRW
ERHSRXLINSFGSRWXVYGXMSRTIVJSVQERGI&IJSVIHMWGYWWMRK
XLIGSRXVSPSJGVEGOMRKF]TVSTIVGSRWXVYGXMSRTVEGXMGIWMXMW
[SVXL[LMPIXSQIRXMSRXLIFEWMGGEYWISJGVEGOMRKVIPEXIHXS
ZSPYQI GLERKI SJ GSRGVIXI{VIWXVEMRX -J EPP TEVXW SJ XLI
GSRGVIXI MR E GSRGVIXI WXVYGXYVI EVI JVII XS QSZI EW XLI
GSRGVIXII\TERHWSVGSRXVEGXWHYIXSZSPYQIGLERKIXLIVI
[MPPFIRSGVEGOMRK
3FZMSYWP] LS[IZIV EPP TEVXW SJ GSRGVIXI WXVYGXYVIW EVI
RSX JVII ERH MRLIVIRXP] GERRSX FI JVII XS VIWTSRH MR XLI
WEQIHIKVIIXSZSPYQIGLERKIW'SRWIUYIRXP]HMJJIVIRXMEP
WXVEMRWHIZIPSTERHXIRWMPIWXVIWWIWEVIMRHYGIH;LIRXLIWI
HMJJIVIRXMEPWXVIWWIWI\GIIHXLIGETEFMPMX]SJXLIGSRGVIXIXS
[MXLWXERH XLIQ GVEGOMRK SGGYVW 2I[ GSRGVIXI WLSYPH FI
TVSXIGXIHJSVEWPSRKEWTSWWMFPIJVSQXLIPSWWSJQSMWXYVISV
HVST MR XIQTIVEXYVI 8LIWI GSRWMHIVEXMSRW GER VIWYPX MR
WXVIWWIWGETEFPI SJ GEYWMRK GVEGOW EX ERIEVP] EKI FYX XLEX
QMKLXFIWYWXEMRIHEXKVIEXIVQEXYVMX]'SRGVIXIWLSYPHLEZI
E LMKL XIRWMPIWXVEMR GETEGMX] [LMGL MW MRJPYIRGIH F] XLI
EKKVIKEXI8LIVIJSVIEPS[QSHYPYWSJIPEWXMGMX]MRXIRWMSR
MWHIWMVEFPI
{6IWXVEMRX
6IWXVEMRX I\MWXW MR QER] GMVGYQWXERGIW YRHIV [LMGL XLI
WXVYGXYVIERHMXWGSRGVIXIIPIQIRXWWLSYPHTIVJSVQ8]TMGEP
I\EQTPIWMPPYWXVEXI LS[ VIWXVEMRXGER GEYWIGVEGOMRKMJ XLI
GSRGVIXIMWRSXWXVSRKIRSYKLXS[MXLWXERHXLIXIRWMPIWXVIWWIW
HIZIPSTIH
%[EPPSVTEVETIXERGLSVIHEPSRKMXWFEWIXSXLIJSYRHE
XMSR SV XS PS[IV WXVYGXYVEP IPIQIRXW PIWW VIWTSRWMZI XS
ZSPYQIGLERKIWGERFIVIWXVEMRIHJVSQWLVMROMRK[LIRMXW
YTTIV TSVXMSRW WLSVXIR HYI XS HV]MRK SV GSSPMRK %'6 'VEGOMRKMWYWYEPP]MRIZMXEFPI(YIGSRWMHIVEXMSR
WLSYPHEPWSFIKMZIRJSVXIQTIVEXYVIHVSTWMR[EPPGSRWXVYG
XMSR'SRXVEGXMSRNSMRXW SVEXPIEWXKVSSZIWSJEHITXLRSXPIWW
XLEX SJXLI[EPPXLMGORIWWSRFSXLWMHIW MR[LMGLXLI
GVEGOWGERSGGYVERHFILMHHIRWLSYPHFITVSZMHIHEXMRXIV
ZEPW VERKMRK JVSQ SRI JSV LMKL [EPPW XS XLVII JSV PS[
[EPPW XMQIWXLILIMKLXSJXLI[EPP
8LI MRXIVMSVERH I\XIVMSVGSRGVIXITEVXMGYPEVP]MRPEVKIV
XLMGOIVWIGXMSRWGERFIWYFNIGXIHXSGLERKIWMRXIQTIVEXYVI
SVQSMWXYVIGSRXIRXEXHMJJIVIRXVEXIWERHHMJJIVIRXHIKVIIW
;LIRXLMWLETTIRWXLIMRXIVMSVGSRGVIXIVIWXVEMRWXLII\XI
VMSV GSRGVIXI JVSQ WLVMROMRK ERH XIRWMPI WXVIWWIW HIZIPST
XLEX GER GEYWI XLI WYVJEGI XS GVEGO 8LMW SGGYVW [LIR XLI
WYVJEGIGSSPW[LMPIXLIMRXIVMSVMWWXMPP[EVQJVSQXLILIEXSJ
L]HVEXMSRSV[LIRXLIWYVJEGIGSRGVIXIHVMIWJEWXIVXLERXLI
MRXIVMSVGSRGVIXI-XMWSJXIRJIEWMFPIXSTVSXIGXXLIWYVJEGIEX
IEVP] EKIW WS XLEX WXVIWWMRHYGMRK HMJJIVIRXMEP WXVEMRW GERRSX
HIZIPSTFIJSVIXLIGSRGVIXIMWWXVSRKIRSYKLXS[MXLWXERHXLI
WXVEMR [MXLSYX GVEGOMRK 6IMRJSVGIQIRX TVSZMHIH JSV FSXL
XLIVQEPGSRXVEGXMSRERHHV]MRKWLVMROEKIGERSRP]TEVXMEPP]
VIWXVEMR XLI GSRXVEGXMSR SJ WYVJEGI GSRGVIXI FYX QSVI ERH
REVVS[IVGVEGOWGERVIWYPX
6
6IWXVEMRX GER SGGYV EX GLERKIW MR WIGXMSRW FIGEYWI SJ
HMJJIVIRGIW MR XIQTIVEXYVI SV HV]MRK WLVMROEKI MR XLI X[S
WIGXMSRW-JJIEWMFPIEGSRXVEGXMSRNSMRXGERFIYWIHXSVIPMIZI
XLI VIWXVEMRX 6IWXVEMRX SJ JPEX[SVO VIWYPXW JVSQ ERGLSVMRK
WPEFVIMRJSVGIQIRXWMRTIVMQIXIVGSRGVIXIJSSXMRKW;LIRE
WPEFMWJVIIXSWLVMROJVSQEPPWMHIWXS[EVHMXWGIRXIVXLIVIMW
QMRMQEPGVEGOMRK'SRXVEGXMSRNSMRXWERHTIVMQIXIVWYTTSVXW
WLSYPHFIHIWMKRIHEGGSVHMRKP]
;EPPWWPEFWERHXYRRIPPMRMRKWTPEGIHEKEMRWXXLIMVVIKYPEV
WYVJEGI SJ E VSGO I\GEZEXMSR EVI VIWXVEMRIH JVSQ QSZMRK
[LIRXLIWYVJEGII\TERHWSVGSRXVEGXWMRVIWTSRWIXSGLERKIW
MRXIQTIVEXYVISVQSMWXYVIGSRXIRX'PSWIP]WTEGIHGSRXVEGXMSR
NSMRXWSVHIITKVSSZIWWLSYPHFITVSZMHIHXSLMHIXLIGVEGOW
XLEX [SYPH HMWJMKYVI WYGL WYVJEGIW -R XYRRIP PMRMRKW XLI
GSRXVEGXMSRMRXLIJMVWXJI[[IIOWMWTVMQEVMP]XLIVQEPERHXLI
YWISJGSPHGSRGVIXI' * GERVIHYGIGVEGOMRKQEXIVM
EPP]&]XLIXMQIHV]MRKMWWMKRMJMGERXXLIGSRGVIXIPMRMRKLEW
EKVIEXIVXIRWMPIWXVEMRGETEGMX]ERHXLIVIJSVIMWEFPIXSVIWMWX
WLVMROEKIGVEGOMRK'MVGYQJIVIRXMEPGVEGOW MRXYRRIPPMRMRKW
ERH SXLIV GEWXMRTPEGI GSRGVIXI GSRHYMXW ERH TMTI PMRIW
LS[IZIV GER FI KVIEXP] VIHYGIH MR RYQFIV ERH [MHXL MJ E
FYPOLIEHMWYWIHXSTVIZIRXEMVQSZIQIRXXLVSYKLXLIXYRRIP
ERHWLEPPS[TSRHWSJ[EXIVEVITPEGIHMRXLIMRZIVXEWWSSREW
TSWWMFPI EJXIV TPEGMRK XLI PMRMRK 8LI] WLSYPH VIQEMR XLIVI
YRXMPXLIXYRRIPMWTYXMRXSWIVZMGI 97&6 8LIGSRGVIXI
GERFIGSQIQYGLWXVSRKIVMRXLILYQMHIRZMVSRQIRXERH[MPP
FI FIXXIV EFPI XS VIWMWX WLVMROEKIMRHYGIH XIRWMPI WXVIWWIW MJ
EPPS[IHXSHV]MRWIVZMGI-JXLIXYRRIPGEVVMIW[EXIVXLIVI[MPP
FIRSJYVXLIVHV]MRKWLVMROEKI
8LITVIZMSYWI\EQTPIWMRHMGEXI XLEXQER] GVEGOGSRXVSP
TVSGIHYVIW WLSYPH FI GSRWMHIVIH HYVMRK HIWMKR ;LMPI
TVSTIVGSRWXVYGXMSRTIVJSVQERGIGERGSRXVMFYXIEKVIEXHIEP
EW[MPPFIHMWGYWWIH XLIGSRXVEGXSVGERRSXFII\TIGXIHXS
YWIXLIFIWXTVSGIHYVIWYRPIWWXLIWITVSGIHYVIWEVIMRGPYHIH
MRXLIGSRXVEGXHSGYQIRXW
{7LVMROEKI
)JJIGXSJ[EXIVGSRXIRX{%WWLS[RMR*MKGSRGVIXI
HV]MRKWLVMROEKIMWTVSTSVXMSREPXSQM\XYVI[EXIVGSRXIRX8LI
YWI SJ XLI PS[IWX TVEGXMGEP WPYQT EHHW MR XLI GSRXVSP SJ
GVEGOMRK 3J QENSV MQTSVXERGI MW XLI WIPIGXMSR SJ QM\XYVI
TVSTSVXMSRW XLEX VIUYMVI XLI PIEWX EQSYRX SJ [EXIV JSV XLI
HIWMVIH GSRGVIXI WXVIRKXL ERH HYVEFMPMX] 8LMW QIERW
EZSMHMRKSZIVWERHIHQM\XYVIWYWMRKXLIPEVKIWXQE\MQYQ
EKKVIKEXIWM^ITVEGXMGEPERHYWMRKEKKVIKEXI[MXLXLIQSWX
JEZSVEFPIWLETIERHKVEHMRKGSRHYGMZIXS[SVOEFMPMX]%PWS
YWIE[IPPKVEHIHWERH[MXLEQMRMQYQSJJMRIWTEWWMRKXLI
QIWLERHJVIISJGPE]WYGLXLEXMXWWERHIUYMZEPIRXZEPYI
MWRSXPIWWXLER %%7,838 7LVMROEKIXIRHWXS
FITVSTSVXMSREPXSXLIXSXEPTEWXIZSPYQIMRXLIQM\XYVI
7YVJEGI HV]MRK{7YVJEGI HV]MRK [MPP SGGYV I\GITX
[LIR XLI WYVJEGI MW WYFQIVKIH SV FIPS[ KVEHI (V]MRK
WLVMROEKIWXVEMRWSJYTXS»zSVQSVIEVIPMOIP]8LI
EQSYRX SJ WLVMROEKI GVEGOMRK HITIRHW SR JEGXSVW WYGL EW
WYVJEGI HV]RIWW QM\XYVI TVSTSVXMSRW IWTIGMEPP] QM\MRK
[EXIVXLIGLEVEGXIVERHHIKVIISJVIWXVEMRXERHXLII\XIRWMFMPMX]
XIRWMPIWXVEMR GETEGMX] SJ XLI GSRGVIXI 8LI I\XIRWMFMPMX]
VITVIWIRXWLS[ QYGLXLI GSRGVIXI GERFIWXVEMRIH [MXLSYX
6
1%29%03*'32'6)8)46%'8-')
I\GIIHMRKMXWXIRWMPIWXVIRKXLERHMWXLIWYQ SJGVIITTPYW
IPEWXMGWXVEMR GETEGMX] 8LI PEXXIV MW PEVKIP] VIPEXIH XS XLI
GSQTSWMXMSR SJ XLI EKKVIKEXI ERH GER ZEV] [MHIP] 8]TM
GEPP]WSQIGSRGVIXIWSJLMKLP]UYEVX^MXMGKVEZIPWLEZIEPS[
WXVEMRGETEGMX]ERHELMKLQSHYPYWSJIPEWXMGMX]'SRGVIXIW
[MXL E PS[ WXVEMR GETEGMX] EVI QYGL QSVI WIRWMXMZI XS
WLVMROEKIHYIXSHV]MRK ERHXSEHIGVIEWIMRXIQTIVEXYVI
ERH[MPPFIWYFNIGXIHXSEKVIEXIVEQSYRXSJGVEGOMRK
%TVMQISFNIGXMZISJGVEGOGSRXVSPTVSGIHYVIWMWXSOIIT
XLIGSRGVIXI[IXEWPSRKEWTSWWMFPIWSXLEXXLIGSRGVIXI[MPP
LEZIXMQIXSHIZIPSTQSVIWXVIRKXLXSVIWMWXGVEGOMRKJSVGIW
%W HIWGVMFIH MR 'LETXIV ERH 'EVPWSR XLIVI EVI
WSQIGEWIW[LIVITVSPSRKIHQSMWXGYVMRKMWRSXFIRIJMGMEP
8LIMQTSVXERGISJQSMWXGYVMRK[MPPZEV][MXLXLI[IEXLIV
ERHXLIXMQISJ]IEV'SPHGSRGVIXI FIPS['?*A HVMIW
ZIV]WPS[P]TVSZMHIHXLIVIPEXMZILYQMHMX]MWEFSZI %X
WSQIHITXLGSRGVIXIPSWIWQSMWXYVIWPS[P];LIVIWYVJEGI
HV]MRKGERFIVETMHQSVIGEVIWLSYPHFIHIZSXIHXSYRMRXIV
VYTXIHGYVMRKXSMQTVSZIWYVJEGIWXVIRKXL'VEGOMRK[MPPFI
JYVXLIVVIHYGIHF]GVIITMJXLIWYVJEGIMWTVIZIRXIHJVSQHV]MRK
UYMGOP] EXXLI IRH SJ XLI GYVMRK TIVMSH8SEGGSQTPMWL WPS[
HV]MRK [IX GYVMRK WLSYPHVIQEMRJSV WIZIVEPHE]W[MXLSYX
[IXXMRKEJXIVXLIWTIGMJMIHGYVMRKTIVMSH TVIJIVEFP]XS
HE]W YRXMPXLIGSZIVERHXLIGSRGVIXIYRHIVMXETTIEV
XSFIHV]-JXLIWITVSGIHYVIWEVIVIUYMVIHXSFIYWIHXLI]
WLSYPHFIMRGPYHIHMRTVSNIGXGSRXVEGXHSGYQIRXW
4PEWXMGWLVMROEKI{3FNIGXMSREFPITPEWXMGWLVMROEKI
GVEGOWGSQQSRP]SGGYVMRXLIWYVJEGIWSJJPSSVWERHWPEFW
[LIR NSF GSRHMXMSRW EVI WS HV] XLEX QSMWXYVI MW VIQSZIH
JVSQXLIGSRGVIXIWYVJEGIJEWXIVXLERMXMWVITPEGIHF]FPIIH
[EXIV8LIWIGVEGOWSGGYVFIJSVIXLIWXEVXSJGYVMRKERHGER
SGGYVIMXLIVFIJSVISVEJXIVJMREPJMRMWLMRK%WXLIQSMWXYVIMW
VIQSZIHXLIWYVJEGIGSRGVIXIGSRXVEGXWVIWYPXMRKMRXIRWMPI
WXVIWWIWMR XLI[IEOWXMJJIRMRKTPEWXMGGSRGVIXIXLEXGEYWI
WLSVXVERHSQGVEGOWMRXLIWYVJEGI8LIWIGVEGOWEVIYWYEPP]
[MHI EX XLI WYVJEGI FYX SRP] E JI[ QMPPMQIXIVW MRGLIW MR
HITXL EPXLSYKL JYPPHITXL GVEGOW GER SGGYV MR TEZIQIRXW
8LIGVEGOWVERKIJVSQEJI[QMPPMQIXIVW MRGLIW XSEJI[
QIXIVW JIIX MRPIRKXLERHEVIEJI[QMPPMQIXIVW MRGLIW XS
Q JX ETEVX
7SQIXMQIWTPEWXMGWLVMROEKIGVEGOWETTIEVIEVP]IRSYKL
XS FI VIQSZIH MR PEXIV JPSEXMRK SV XVS[IPMRK STIVEXMSRW
;LIRXLMWSGGYVWMXMWEHZMWEFPIXSTSWXTSRIXLIWISTIVEXMSRW
EWPSRKEWTSWWMFPIXSKIXXLIMVQE\MQYQFIRIJMX[MXLSYXXLI
VIGYVVIRGISJGVEGOMRK
-R SXLIV GEWIW IEVP] JPSEXMRK GER HIWXVS] XLI KVS[MRK
XIRWMSRF]VI[SVOMRKXLIWYVJEGIQSVXEVERHTVIZIRXTPEWXMG
GVEGOMRK %X XLI JMVWX ETTIEVERGI SJ GVEGOMRK [LMPI XLI
GSRGVIXI MW WXMPP VIWTSRWMZI E ZMKSVSYW IJJSVX WLSYPH FI
QEHIXSGPSWIXLIGVEGOWF]XEQTMRKSVFIEXMRK[MXLEJPSEX
-J JMVQP] GPSWIH XLI] EVI YRPMOIP] XS VIETTIEV 8LI] GER
LS[IZIVVIETTIEVMJXLI]EVIQIVIP]XVS[IPIHSZIV-RER]
IZIRXGYVMRKWLSYPHFIWXEVXIHEWWSSREWTSWWMFPI
4PEWXMG WLVMROEKI GVEGOMRK MW QSWX PMOIP] [LIR IRZMVSR
QIRXEPGSRHMXMSRWGSRGVIXIXIQTIVEXYVIERHQM\XYVITVSTSV
XMSRW GSQFMRI XS GEYWI E VETMH PSWW SJ EZEMPEFPI WYVJEGI
QSMWXYVI8LIWIGSRHMXMSRWGERHIZIPSTMRIMXLIVLSXSVGSPH
[IEXLIV[LIRPS[LYQMHMX]ERHLMKL[MRHWTIIHGSQFMRI
[MXLE[EVQGSRGVIXIWYVJEGIXIQTIVEXYVI4VSNIGXWTIGMJMGE
XMSRWWLSYPHWXMTYPEXIXLEXIJJIGXMZIQSMWXYVIGSRXVSPTVIGEY
XMSRW WLSYPH FI XEOIR XS TVIZIRX E WIVMSYW PSWW SJ WYVJEGI
QSMWXYVI YRHIV WYGL GSRHMXMSRW 4VMRGMTEP EQSRK XLIWI
TVIGEYXMSRWEVIXLIYWISJJSK RSXWTVE] RS^^PIWXSQEMRXEMR
E WLIIR SJ QSMWXYVI SR XLI WYVJEGI FIX[IIR XLI JMRMWLMRK
STIVEXMSRW4PEWXMGWLIIXMRKGERFIVSPPIHSRERHSJJFIJSVI
ERHEJXIVJPSEXMRKTVIJIVEFP]I\TSWMRKSRP]XLIEVIEFIMRK
[SVOIHSREXXLEXXMQI0IWWIJJIGXMZIFYXLIPTJYPTVIGEYXMSRW
MRGPYHIWTVE]IHQSRSQSPIGYPEVJMPQWXLEXMRLMFMXIZETSVE
XMSR ;MRHFVIEOW EVI LIPTJYP XLIVIJSVI MX MW HIWMVEFPI XS
WGLIHYPI JPEX[SVO EJXIV XLI [EPPW EVI IVIGXIH %'- 6
%'-6 4PEWXMGWLVMROEKIGVEGOMRKMWEWWSGMEXIH[MXLXLIVEXIPSWW
SJ WYVJEGI QSMWXYVI VIPEXMZI XS XLI VITPIRMWLQIRX VEXI SJ
QSMWXYVIF]FPIIHMRK%WEVIWYPXXLIXSPIVEFPIVEXISJQSMW
XYVI PSWW MW WMKRMJMGERXP] EJJIGXIH F] XLI VEXI SJ FPIIHMRK
*YVXLIVXLIVEXISJQSMWXYVIPSWWJVSQXLIWYVJEGISJGSRGVIXI
MWHVMZIRF]EGSQFMREXMSRSJJEGXSVWXLEXMRGPYHIEMVXIQTIV
EXYVI GSRGVIXI XIQTIVEXYVI VIPEXMZI LYQMHMX] SJ XLI EMV
EFSZIXLIGSRGVIXIHIKVIISJWEXYVEXMSRSJXLIWYVJEGISJXLI
GSRGVIXI EQSYRX SJ FPIIH[EXIV ERH XLI [MRH ZIPSGMX] EX
XLIGSRGVIXIWYVJEGI
8LIVEXISJIZETSVEXMSRGERFIKVIEXIVHYVMRKGSPH[IEXLIV
GSRGVIXMRK GSRHMXMSRW XLER HYVMRK LSX [IEXLIV TEVXMGYPEVP]
[LIRXLIGSRGVIXILEWFIIRLIEXIHXLIEMVMWGSPHERHHV]
ERHXLI [MRHWTIIHMWLMKL8LIVIEWSR JSVXLMWMWXLEXXLI
XLIVQEPHVMZMRKJSVGIJSVWYVJEGIIZETSVEXMSRMWXLIHMJJIVIRGI
FIX[IIREMVERHGSRGVIXIXIQTIVEXYVI;LIRXLIGSRGVIXIMW
[EVQIVXLERXLIEMVIZETSVEXMSRMWJEZSVIHXLMWMWHITIRHIRX
SRLYQMHMX]ERH[MRHWTIIHEW[IPP
3XLIVLIPTJYPTVEGXMGIWXLEXGERGSYRXIVEGXXLII\GIWWMZI
PSWW SJ WYVJEGI QSMWXYVI EVI YWMRK E [IPPHEQTIRIH
WYFKVEHIGSSPMRKXLIEKKVIKEXIWF]HEQTIRMRKERHWLEHMRK
XLIQERHYWMRKGSPHQM\MRK[EXIVSVGLMTTIHMGIEWQM\MRK
[EXIVXSPS[IVXLIJVIWLGSRGVIXIXIQTIVEXYVI
7YVJEGI GSSPMRK{7YVJEGI GSSPMRK [MPP X]TMGEPP]
WLVMROXLIWYVJEGISJYRVIWXVEMRIHGSRGVIXIEFSYX»z'
»z* EWXIQTIVEXYVIHIGVIEWIW8LMWEQSYRXWXSQQ
MREQPIRKXL[MXLEHVSTSJ' MRMRJXPIRKXL
[MXLEHVSTSJ* 8LIEQSYRXSJWLVMROEKIHIJSVQEXMSR
MWVIHYGIHF]VIWXVEMRXERHGVIITFYXXIRWMPIWXVIWWIWVIWYPX
8LIIEVPMIVXLIEKIERHXLIWPS[IVXLIVEXIEX[LMGLGSSPMRK
SVHV]MRKSGGYVXLIPS[IVXLIXIRWMPIWXVIWWIW[MPPFI8LI
MRJPYIRGI SJ GVIIT HIGVIEWIW XLI IJJIGXMZI QSHYPYW SJ
GSRGVIXIPSEHIHEXIEVP]EKIWERHEPPS[WQSVII\XIRWMFMPMX]
-RSVHMREV]GSRGVIXI[SVO[MRXIVTVSXIGXMSRVIUYMVIHJSV
XLIHIZIPSTQIRXSJEHIUYEXIWXVIRKXL[MPPTVIZIRXXLIQSWX
GVMXMGEPIJJIGXWSJGSSPMRK'SRXVEGXMSRNSMRXWJSVGSRXVSPSJ
WLVMROEKIGVEGOMRK[MPPEPWSGSRXVSPGVEGOMRKHYIXSHVSTWMR
WYVJEGIXIQTIVEXYVI-REHHMXMSRXS'LETXIVSJXLMWVITSVX
'LETXIVWERHSJ%'-6HMWGYWWXIQTIVEXYVIGSR
XVSPW JSV QEWW GSRGVIXI XS QMRMQM^I XLI IEVP] XIQTIVEXYVI
HMJJIVIRGIW FIX[IIR XLI MRXIVMSV ERH XLI I\XIVMSV GSRGVIXI
4VMQEVMP]XLIWIGSRXVSPWPS[IVXLIMRXIVMSVXIQTIVEXYVIVMWI
GEYWIHF]XLILIEXSJL]HVEXMSRF]YWMRKQMRMQYQGIQIRX
GSRXIRXTS^^SPERWXSVITPEGIETSVXMSRSJXLIGIQIRX[EXIV
VIHYGMRKEHQM\XYVIWEMVIRXVEMRQIRXPEVKIEKKVIKEXIWM^IW
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
PS[WPYQTERHGLMTTIHMGIJSVQM\MRK[EXIVXSQEMRXEMRXLI
XIQTIVEXYVISJXLIJVIWLGSRGVIXIEWGPSWIXS' * EW
TSWWMFPI %X RS XMQI WLSYPH JSVQW FI VIQSZIH XS I\TSWI
[EVQWYVJEGIWXSPS[XIQTIVEXYVIW%WQIRXMSRIHMR7IGXMSR
XLII\XIRWMFMPMX]SVWXVEMRXLIGSRGVIXI[MPP[MXLWXERH
FIJSVI XIRWMPI JEMPYVI MW E JYRGXMSR SJ XLI EKKVIKEXI ERH
WLSYPHFIIZEPYEXIHIWTIGMEPP]SRPEVKIVTVSNIGXW;LEXETTPMIW
XSSRITVSNIGX[MPPRSXRIGIWWEVMP]ETTP]XSERSXLIV
{7IXXPIQIRX
7IXXPIQIRXSVWYFWMHIRGIGVEGOWHIZIPST[LMPIGSRGVIXIMW
MRXLITPEWXMGWXEKIEJXIVXLIMRMXMEPGSRWSPMHEXMSR7IXXPIQIRX
GVEGOW EVI XLI REXYVEP VIWYPX SJ LIEZ] WSPMHW WIXXPMRK MR E
PMUYMH QIHMYQ 7IXXPIQIRX GVEGOW SGGYV EPSRK VMKMHP]
WYTTSVXIHIPIQIRXWWYGLEWLSVM^SRXEPVIMRJSVGIQIRXJSVQ
XMIWSVIQFIHQIRXW7SQIXMQIWGSRGVIXI[MPPEHLIVIXSXLI
JSVQW%GVEGO[MPPETTIEVEXXLIWIPSGEXMSRWMJXLIJSVQWEVI
LSXEXXLIXSTSVEVITEVXMEPP]EFWSVFIRX'VEGOWSJXIRETTIEV
MR LSVM^SRXEP GSRWXVYGXMSR NSMRXW ERH MR FVMHKI HIGO WPEFW
SZIVVIMRJSVGMRKSVJSVQXMIW[MXLSRP]EJI[MRGLIWSJGSZIV
EFSYXXSQQ?XSMRA 7IXXPIQIRXGVEGOWMRFVMHKI
HIGOWGERFIVIHYGIHF]MRGVIEWMRKXLIGSRGVIXIGSZIVEPSRK
[MXL QM\XYVI TVSTSVXMSRMRK XLEX QMRMQM^IW FPIIHMRK ERH
WIXXPIQIRX4VSTIVP]I\IGYXIHPEXIVIZMFVEXMSRGERFIYWIHXS
GPSWIWIXXPIQIRXGVEGOWERHMQTVSZIXLIUYEPMX]ERHETTIEV
ERGISJXLIGSRGVIXIMRXLIYTTIVTSVXMSRSJWYGLTPEGIQIRXW
IZIRXLSYKLWIXXPIQIRXLEWXEOIRTPEGIERHWPYQTLEWFIIR
PSWX %'-6 9WISJEPS[WPYQTGSRGVIXIMWEPWSVIGSQ
QIRHIH XS LIPT TVIZIRX WIXXPIQIRX GVEGOW MR FVMHKI HIGOW
ERHWPEFW
{'SRWXVYGXMSR
%KVIEXHIEPGERFIHSRIHYVMRKGSRWXVYGXMSRXSQMRMQM^I
GVEGOMRK 8LI MRHMZMHYEP TVSNIGX WTIGMJMGEXMSRW WLSYPH FI
WTIGMJMG[MXLVIKEVHXSEGXMSRWXLEXWLSYPHFIXEOIRXSGSTI
[MXLI\XVIQIWSJREXYVIERHXSQEOIIRJSVGIEFPIVIUYMVIQIRXW
'SRGVIXI EKKVIKEXIW{8LI EKKVIKEXIW WLSYPH FI
WIPIGXIHXSQEOIGSRGVIXISJLMKLWXVEMRGETEGMX]MJVIEWSR
EFP]EZEMPEFPI-XMWMQTSVXERXXLEXJMRIERHGSEVWIEKKVIKEXIW
FIGPIERERHJVIISJYRRIGIWWEV]JMRIQEXIVMEPTEVXMGYPEVP]
GPE]W 8LI JMRI EKKVIKEXI WLSYPH LEZI E WERH IUYMZEPIRX
ZEPYI KVIEXIV XLER ERH WLSYPH FI ZIVMJMIH JVIUYIRXP]
%%7,838 8LIWERHWLSYPHLEZIWYJJMGMIRXXMQIMR
WXSVEKIJSVXLIQSMWXYVIGSRXIRXXSWXEFMPM^IEXEPIZIPSJPIWW
XLER SRERSZIRHV]FEWMW
7LVMROEKIGSQTIRWEXMRKGIQIRX{7LVMROEKIGSQTIR
WEXMRKGIQIRXGERFIYWIHXSGSQTIRWEXIJSVWLVMROEKIMR
VIWXVEMRIH IPIQIRXW SV IPIQIRXW [MXL XLI QMRMQYQ
WLVMROEKIVIMRJSVGIQIRXVIUYMVIHF]%'-8LITVMRGMTEP
TVSTIVX]SJXLIWIGIQIRXWMWXLEXXLII\TERWMSRMRHYGIHMR
XLIGSRGVIXI[LMPIWIXXMRKERHLEVHIRMRKMWHIWMKRIHXSSJJWIX
XLIRSVQEPHV]MRKWLVMROEKI;MXLGSVVIGXYWEKI TEVXMGYPEVP]
[MXLIEVP]ERHEQTPI[EXIVGYVMRKVIUYMVIHJSVQE\MQYQ
I\TERWMSR XLIHMWXERGIFIX[IIRNSMRXWGERWSQIXMQIWFI
XVMTPIH [MXLSYX MRGVIEWMRK XLI PIZIP SJ WLVMROEKI GVEGOMRK
(IXEMPW SR XLI X]TIW ERH XLI GSVVIGX YWEKI SJ WLVMROEKI
GSQTIRWEXMRKGIQIRXWEVIKMZIRMR7IGXMSRERH%'-
6
,ERHPMRK ERH FEXGLMRK{%KKVIKEXIW WLSYPH FI
LERHPIH WS EW XS EZSMH GSRXEQMREXMSR WIKVIKEXMSR ERH
FVIEOEKI ,ERHPMRK ERH FEXGLMRK MW FIWX HSRI F] JMRMWL
WGVIIRMRK ERH VMRWMRK GSEVWI EKKVIKEXI MRXS XLIMV ZEVMSYW
WM^IWERHTPEGMRKXLIQMRXLIETTVSTVMEXIFMRWEXXLIFEXGL
TPERX)ZIV]IJJSVXWLSYPHFIQEHIXSYRMJSVQP]FEXGLERH
QM\XLIGSRGVIXIWSXLEXXLIVI[MPPFIEQMRMQYQSJZEVMEXMSR
MRWPYQTERH[SVOEFMPMX][LMGLMRZEVMEFP]PIEHXSHIQERHW
JSVEKVIEXIVQEVKMRSJ[SVOEFMPMX]
'SPHGSRGVIXI{-RQEWWGSRGVIXIWXVYGXYVIWVIHYGMRK
[EXIVERHGIQIRXGSRXIRXWXSETVEGXMGEPQMRMQYQERHYWMRK
GSPHGSRGVIXI[MPPVIHYGIXIQTIVEXYVIHMJJIVIRXMEPWXLEXGEYWI
GVEGOMRK 0IWW QM\MRK [EXIV VIHYGIW HV]MRK WLVMROEKI -R
[EVQ [IEXLIV GSPH GSRGVIXI VIHYGIW WPYQT PSWW MRGVIEWIW
TYQTEFMPMX]ERHMQTVSZIWXLIVIWTSRWIXSZMFVEXMSR'LMTTIH
MGIGERFIWYFWXMXYXIHJSVEPPSVETEVXSJXLIFEXGLIHQM\MRK
[EXIV-RGSPH[IEXLIVGSRGVIXIMWREXYVEPP]GSPHERHIZIV]
IJJSVXWLSYPHFIQEHIXSYWIMXEWGSPHEWTSWWMFPI[MXLSYX
MRZMXMRK HEQEKI JVSQ JVII^MRK -X MW TSMRXPIWW XS XV]
TVSXIGXMRKWYVJEGIWIHKIWERHGSVRIVWF]TPEGMRKRIIHPIWWP]
[EVQGSRGVIXIMRGSPH[IEXLIV8LIWIZYPRIVEFPITEVXWVIUYMVI
TVSXIGXMSRF]MRWYPEXMSRSVTVSXIGXMZIIRGPSWYVIW %'-6 6IZMFVEXMSR{;LIR HSRI EW PEXI EW XLI JSVQIH
GSRGVIXI[MPPVIWTSRHXSXLIZMFVEXSVVIZMFVEXMSRGERIPMQMREXI
GVEGOWERHGLIGOW[LIVIWSQIXLMRKVMKMHP]JM\IHMRXLITPEGI
QIRXTVIZIRXWETEVXSJXLIGSRGVIXIJVSQWIXXPMRK[MXLXLIVIWX
SJMX7IXXPIQIRXGVEGOWEVIQSWXETTEVIRXMRXLIYTTIVTEVXSJ
[EPPERHGSPYQRTPEGIQIRXW[LIVIVIZMFVEXMSRGERFIVIEHMP]
YWIH(IITVIZMFVEXMSRGSVVIGXWGVEGOWGEYWIHF]HMJJIVIRXMEP
WIXXPIQIRX EVSYRH FPSGOSYX ERH [MRHS[ JSVQW ERH [LIVI
WPEFWERH[EPPWEVITPEGIHQSRSPMXLMGEPP] %'-6 *MRMWLMRK{4VSTIV JPEX[SVO JMRMWLMRK GER QEOI E
HMJJIVIRGIMRQER] X]TIWSJGVEGOMRK %'- 6 0S[
WPYQTGSRGVIXIWLSYPHFIYWIH1SVIXLEREQQ MR
WPYQTMWVEVIP]RIGIWWEV]I\GITXMRLSX[IEXLIV[LIVIFSXL
WPYQTERHQSMWXYVIEVIPSWXUYMXIVETMHP]*MRMWLMRKWLSYPH
RSX FI HSRI MR XLI TVIWIRGI SJ WYVJEGI [EXIV 4VIGEYXMSRW
7IGXMSR WLSYPHFIXEOIRXSTVIZIRXTPEWXMGWLVMROEKI
%R]VIUYMVIHQEVOMRKERHKVSSZMRKWLSYPHFIGEVIJYPP]GYX
XSXLIWTIGMJMIHHITXL'YVMRKWLSYPHFITVSQTXP]GSRHYGXIH
'YVMRKERHTVSXIGXMSR{'SRGVIXIWLSYPHFIFVSYKLX
XS E PIZIP SJ EHIUYEXI WXVIRKXL ERH TVSXIGXIH JVSQ PS[
XIQTIVEXYVIW ERH HV]MRK GSRHMXMSRW XLEX [SYPH SXLIV[MWI
GEYWI GVEGOMRK 8LI GYVMRK ERH TVSXIGXMSR WLSYPH RSX FI
HMWGSRXMRYIH EFVYTXP] -J XLI RI[ GSRGVIXI MW KMZIR E JI[
HE]WXSKVEHYEPP]HV]SVGSSPGVIITGERVIHYGIXLITSWWMFMPMX]
SJ GVEGOMRK [LIR XLI GYVMRK ERH TVSXIGXMSR EVI JYPP]
HMWGSRXMRYIH 7YFWIUYIRX ETTPMGEXMSR SJ E GYVMRK
GSQTSYRHEJXIVMRMXMEPGYVMRK[MPPWPS[HV]MRKSYX
1MWGIPPERISYW{7SQI MXIQW RSVQEPP] GSZIVIH MR
TVSNIGXWTIGMJMGEXMSRW SV[LMGLWLSYPHFIGSZIVIH[LIVI
ETTVSTVMEXI VIUYMVIWTIGMEPEXXIRXMSRHYVMRKGSRWXVYGXMSR
FIGEYWISJXLIMVTSXIRXMEPIJJIGXWSRGVEGOMRK
e 6IMRJSVGIQIRXERHIQFIHQIRXWWLSYPHFIJMVQP]TSWM
XMSRIH[MXLXLIHIWMKREXIHXLMGORIWWSJGSZIVXSTVIZIRX
GSVVSWMSRI\TERWMSRERHGVEGOMRK
e 'SRGVIXI WLSYPH RSX FI TPEGIH EKEMRWX LSX VIMRJSVGI
QIRXSVJSVQW
6
e
e
e
e
e
e
e
e
1%29%03*'32'6)8)46%'8-')
*SVQ[SVO WYTTSVX WLSYPH FI FSXL WXVSRK ERH WXMJJ
IRSYKL XS FI JVII SJ IEVP] JEMPYVIW ERH HMWXSVXMSR
GEYWMRKGVEGOMRK
7YFKVEHIERHSXLIVWYTTSVXWWLSYPHRSXWIXXPIYRIZIRP]
[LMGL QE] PIEH XS GVEGOMRK HYI XS SZIVWXVIWW MR XLI
WXVYGXYVI
'EPGMYQGLPSVMHIWLSYPHRSXFIYWIHMJWXIIPVIMRJSVGIQIRX
MW TVIWIRX -J EGGIPIVEXMSR MR WIXXMRK SV WXVIRKXL KEMR MW
RIIHIHEHHMXMSREPGIQIRXLSX[EXIVSVERSRGLPSVMHI
EGGIPIVEXSVWLSYPHFIYWIH
7TIGMEP GEVI MW RIIHIH MR LERHPMRK TVIGEWX YRMXW XS
TVIZIRX SZIVWXVIWW HYI XS LERHPMRK 4MGOYT TSMRXW ERH
VMKKMRKWLSYPHFIGSRWMHIVIH
%ZSMHXLIYWISJYRZIRXIHWEPEQERHIVWMRGSPH[IEXLIV
%'- 6 SV KEWSPMRISTIVEXIH IUYMTQIRX [LIVI
ZIRXMPEXMSR MW RSX EHIUYEXI 8LIWI [MPP MRGVIEWI XLI
HERKIV SJ GEVFSREXMSR GEYWMRK WLVMROEKI ERH WYVJEGI
GVEGOMRK
'SRXVEGXMSR NSMRXW WLSYPH RSX FI SQMXXIH ERH KVSSZIW
WLSYPH FI SJ WYJJMGMIRX HITXL ERH [IPP [MXLMR XLI
QE\MQYQTIVQMXXIHWTEGMRK-RLSX[IEXLIVSVEVMHIRZM
VSRQIRXW GSRXVEGXMSR NSMRXW WLSYPH FI MRWXEPPIH MR XLI
JVIWLGSRGVIXIEWMRWIVXWSVWE[GYX[LIRXLIGSRGVIXIMW
LEVHIRSYKLRSXXSFIXSVRSVHEQEKIHF]XLIFPEHI
6IEGXMZI IPIQIRXW SJ GSEVWI EKKVIKEXI WLSYPH FI
RIYXVEPM^IHXLVSYKLXLIYWISJPS[EPOEPMGIQIRXWYMX
EFPITS^^SPERWSVFSXL'IVXEMRGLIVXWERHSXLIVI\TER
WMZI EKKVIKEXIW GER GEYWI GVEGOW ERH TSTSYXW 4VSNIGX
WTIGMJMGEXMSRW WLSYPH GSZIV XLIWI EKKVIKEXI TVSTIVXMIW
ERHXLIGPIERPMRIWWSJXLIWIEKKVIKEXIWERH
'SVVIGX EQSYRXW SJ IRXVEMRIH EMV WLSYPH FI YWIH ERH
QSRMXSVIH XS TVIZIRX GVEGOMRK HYI XS JVII^MRK ERH
XLE[MRKERHI\TSWYVIXSHIMGMRKWEPXW
{7TIGMJMGEXMSRWXSQMRMQM^IHV]MRKWLVMROEKI
%GXMSRW HYVMRK GSRWXVYGXMSR XS SFXEMR XLI PS[IWX TSWWMFPI
GLERKIMRZSPYQISJXLIGSRGVIXIWLSYPHFIWYTTSVXIHF]XLI
WTIGMJMGEXMSRW9RPIWWFMHWEVIXEOIRSRXLMWFEWMWXLIGSRXVEG
XSVWGERRSXFII\TIGXIHXSTVSZMHISXLIVXLERSVHMREV]QEXI
VMEPWQM\XYVIWERHTVSGIHYVIW8LIJSPPS[MRKMXIQWWLSYPHFI
GEVIJYPP]WTIPPIHSYXMRXLITVSNIGXWTIGMJMGEXMSRW
'SRGVIXI QEXIVMEPW{'IQIRX WLSYPH FI %781 '
8]TIW---:%781'8]TI-7SV%781'
JSVI\TERWMZIL]HVEYPMGGIQIRX9WIWTIGMEPGEVIMJ8]TI--GIQIRXMWYWIHFIGEYWISJMXWLMKLVEXISJLIEXKIRIVEXMSRERH
WXVIRKXL ERHWXMJJRIWW HIZIPSTQIRX6IGSQQIRHEXMSRSJ%'WLSYPHFIJSPPS[IH[LIRYWMRKWLVMROEKIGSQTIRWEXMRK
GIQIRX%781'8]TI-4GEREPWSFIYWIH%KKVI
KEXIWJEZSVEFPIXSPS[QM\MRK[EXIVGSRXIRXEVI[IPPKVEHIH
[IPPWLETIH RSXIPSRKEXIHJPEXSVWTPMRXIV] [MXLQMRMQYQ
EQSYRXWSJGPE]HMVXERHI\GIWWMZIJMRIW%KKVIKEXIWLSYPH
GSRWMWX SJ VSGO X]TIW XLEX [MPP TVSHYGI PS[WLVMROEKI
GSRGVIXI9XMPM^EXMSRSJTS^^SPERWERHGLIQMGEPEHQM\XYVIW
WLSYPHFIGSRWMHIVIHEWETTVSTVMEXI'EPGMYQGLPSVMHIERH
SXLIVEHQM\XYVIWGSRXEMRMRKEWMKRMJMGERXEQSYRXSJGLPSVMHI
WLSYPHFITVSLMFMXIH
'SRGVIXIQM\XYVIW{*SVXLIPIEWXEQSYRXSJWLVMRO
EKIXLIQM\XYVITVSTSVXMSRWWLSYPHMRGSVTSVEXIXLSWIJEGXSVW
XLEXGSRXVMFYXIXSXLIPS[IWXTEWXIGSRXIRX9WIXLIPEVKIWX
TVEGXMGEP QE\MQYQ WM^I SJ EKKVIKEXI 17% 8LI PS[IWX
TVEGXMGEPWERHGSRXIRXWPYQT [EXIV GSRXIRX ERHQM\XYVI
XIQTIVEXYVIWLSYPHEPWSFIYWIH;LIVITSWWMFPIPMQMXXLI
WQEPPIVWM^IJVEGXMSRWXLEXMWQQXSSVQQ 2S
XSSVMR SJGSEVWIEKKVIKEXIXSLEPJSJXLIXSXEP
IWTIGMEPP]MJXLIEKKVIKEXIMWGVYWLIH
'SRGVIXI LERHPMRK ERH TPEGMRK{)UYMTQIRX
GLYXIW FIPXW GSRZI]SVW TYQTW LSTTIVW ERH FYGOIX
STIRMRKW WLSYPH FI GETEFPI SJ [SVOMRK IJJIGXMZIP] [MXL
PS[IVWPYQTPEVKIV17%GSRGVIXI[LIVIZIVMXMWETTVSTVMEXI
ERHJIEWMFPIXSYWIMX8LIEGXMSRWXLEXXIRHXSQEOIEQM\XYVI
QSVI TYQTEFPI EPWS XIRH XS QEOI XLI VIWYPXMRK GSRGVIXI
QSVITVSRIXSWLVMROEKIERHGVEGOMRK8LIYWISJTYQTMRK
IUYMTQIRX GETEFPI SJ LERHPMRK QM\XYVIW JEZSVEFPI XS
QMRMQM^IGVEGOMRKWLSYPHFIVIUYMVIH
:MFVEXSVWWLSYPHFIXLIPEVKIWXERHQSWXTS[IVJYPXLEXGER
FISTIVEXIHMRXLITPEGIQIRX9TTIVPMJXWSJJSVQIHGSRGVIXI
GSYPHFIVIZMFVEXIHEWPEXIEWXLIVYRRMRKZMFVEXSV[MPPTIRI
XVEXIYRHIVMXWS[R[IMKLX
*MRMWLMRK{*MRMWLMRKWLSYPHJSPPS[XLIVIGSQQIR
HEXMSRW SJ %'- 6 XS QMRMQM^I SV EZSMH WYVJEGI
GVEGOMRK -X MW TEVXMGYPEVP] MQTSVXERX XLEX JPEX[SVO NSMRX
KVSSZIWLEZIEHITXLSJEXPIEWXSRIUYEVXIVSJWPEFXLMGORIWW
*SVQW{*SVQW WLSYPH LEZI EQTPI WXVIRKXL XS
WYWXEMR WXVSRK ZMFVEXMSR SJ PS[WPYQT GSRGVIXIW )\TSWMRK
[EVQGSRGVIXIWYVJEGIWXSJEWXHV]MRKGSRHMXMSRWSVXSPS[
XIQTIVEXYVIWFIJSVIGYVMRKWLSYPHFIEZSMHIHHYVMRKJSVQ
VIQSZEP MJ HV]MRK ERH XLIVQEP WLVMROEKI GVEGOMRK MWXS FI
TVIZIRXIH %'-6 'SRXVEGXMSRNSMRXW{4VSNIGXHVE[MRKWWLSYPHMRGPYHI
ER EHIUYEXI W]WXIQ SJ GSRXVEGXMSR NSMRXW XS TVSZMHI JSV
WLVMROEKI *SVQIH KVSSZIW WLSYPH FI GSRWXVYGXIH MR FSXL
WMHIWSJTEVETIXVIXEMRMRKERHSXLIV[EPPWEXXLIETTVSTVMEXI
HITXLERHWTEGMRK%'-6TVSZMHIWYWIJYPMRJSVQEXMSR
SRGSRXVEGXMSRNSMRXW
'YVMRK ERH TVSXIGXMSR{8LIWI TVSGIHYVIW WLSYPH
IRWYVIXLITVIWIRGISJEHIUYEXIQSMWXYVIXSWYWXEMRL]HVE
XMSRMRXLIWYVJEGIGSRGVIXIHYVMRKXLIIEVP]EKIWSJWXVIRKXL
HIZIPSTQIRX6ETMHHV]MRKSJXLIWYVJEGIWEXXLIGSRGPYWMSR
SJXLIWTIGMJMIHGYVMRKTIVMSHWLSYPHFIEZSMHIH4VSZMHMRK
XMQI JSV EHNYWXQIRX ERH VIPE\EXMSR SJ VIWXVEMRXMRHYGIH
WXVIWWIWQMRMQM^IWGVEGOMRK
8LIFIWXGYVMRKIRZMVSRQIRXMWXSOIITXLIGSRGVIXIGSR
XMRYSYWP][IXHYVMRKXLIGYVMRKTIVMSH;EXIVGYVMRKWLSYPH
YWIE[IXGSZIVMRGSRXEGX[MXLXLIGSRGVIXIWYVJEGIW%XXLI
IRHSJXLI[IXGYVMRKTIVMSHEXPIEWXHE]WXLIGSZIVWLSYPH
FIPIJXMRTPEGIYRXMPMXERHXLIGSRGVIXIWYVJEGIETTIEVXSFI
HV]IWTIGMEPP]MREVMH[IEXLIV
-R PIWWEVMH EVIEW ERH JSV MRXIVMSVW XLI JSVQW [MPP
TVSZMHIEHIUYEXIGYVMRKMJI\TSWIHWYVJEGIWEVITVSXIGXIH
JVSQ HV]MRK ERH PIJX MR GSRXEGX [MXL XLI GSRGVIXI JSV EX
PIEWXHE]W8LIVIEJXIVXLIJSVQWWLSYPHFIPIJXSR[MXL
PSSWIRIHFSPXWPSRKIRSYKLXSEPPS[XLIGSRGVIXIWYVJEGIW
XSHV]KVEHYEPP]
-JTSRHMRKMWYWIHJSVGYVMRKMREREVMHGPMQEXITVIGEY
XMSRWWYGLEWETVSTIVP]ETTPMIHGYVMRKGSQTSYRHWLSYPH
FIYWIH[LIRTSRHMRKMWHMWGSRXMRYIHXSEZSMHUYMGOHV]MRK
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
&IGEYWIHV]MRKMWWPS[ERHTVSPSRKIHETVSTIVP]ETTPMIH
GYVMRK GSQTSYRH TVSZMHIW KSSH GYVMRK JSV JPEX[SVO
TPEGIH SR E [IPP[IXXIH WYFKVEHI ERH MX TVSZMHIW EHI
UYEXIGYVMRKJSVJSVQIHWYVJEGIW-REREVMHGPMQEXIGYV
MRK GSQTSYRHW EVI RSX EHIUYEXI JSV XLMRRIV WXVYGXYVEP
WIGXMSRW;LIRYWIHSRJSVQIHWYVJEGIWXLI]WLSYPHFIETTPMIH
[LIRXLIWYVJEGIMWWXMPPHEQTFYXRSPSRKIV[IX %'- {'SRGPYWMSR
-XMWXLIVIWTSRWMFMPMX]SJXLIIRKMRIIVXSHIZIPSTIJJIGXMZI
HIWMKRW ERH GPIEV WTIGMJMG TVSZMWMSRW MR TVSNIGX WTIGMJMGE
XMSRW8SIRWYVIFSXLXLIS[RIVvWERHXLIIRKMRIIVvWWEXMWJEG
XMSR [MXL XLI VIWYPXW XLI IRKMRIIV WLSYPH LEZI XLI S[RIV
EVVERKIJSVMRWTIGXMSRF]IMXLIVXLIS[RIVvWTIVWSRRIPXLI
IRKMRIIV SV E VIPMEFPI TVSJIWWMSREP MRWTIGXMSR WIVZMGI XLEX
[MPPIRWYVIXLEXXLIGSRWXVYGXMSRMWTIVJSVQIHSRXLIWEQI
FEWMWEWMX[EWFMH;MXLSYXXLIJYPPERHJMVQMRXIRXXSGSRJMVQ
XLIWTIGMJMIHGLEVEGXIVERHHIKVIISJTIVJSVQERGIXLIVIMWE
PMOIPMLSSHXLEXYRHIWMVEFPIVIWYPXW[MPPFISFXEMRIH;MXLSYX
JMVQMRWTIGXMSREUYEPMX]GSRXVSPEWWYVERGITVSKVEQERHE
GPIEV YRHIVWXERHMRK SJ XLI TVSNIGX VIUYMVIQIRXW F] XLI
GSRXVEGXSVMXMWPMOIP]XLEXGSRGVIXI[MPPGSRXEMRQSVI[EXIV
XLERMXWLSYPH;MXLPIWW[EXIVGSRXIRXMRXLIGSRGVIXIXLI
JMRMWLMRKSTIVEXMSRWGERFII\TIHMXIHERHXLIGYVMRKTVSGIWW
GERWXEVXIEVPMIV-JTVSTIVP]ETTPMIHXLITVSGIHYVIWHMWGYWWIHMR
XLMWGLETXIVGERLEZIERIJJIGXMZIMRJPYIRGISRTVSHYGMRKLMKL
UYEPMX]GSRGVIXI[MXLQMRMQEPGVEGOMRK
',%48)6{6)*)6)2')7
{6IJIVIRGIHWXERHEVHWERHVITSVXW
8LIWXERHEVHWERHVITSVXWPMWXIHEWJSPPS[W[IVIXLIPEXIWX
IHMXMSRW EX XLI XMQI XLMW HSGYQIRX [EW TVITEVIH &IGEYWI
XLIWIHSGYQIRXWEVIVIZMWIHJVIUYIRXP]XLIVIEHIVMWEHZMWIH
XSGSRXEGXXLITVSTIVWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIV
XSXLIPEXIWXZIVWMSR
%QIVMGER%WWSGMEXMSRSJ7XEXI,MKL[E]ERH8VERWTSVXEXMSR
3JJMGMEPW %%7,83
8
4PEWXMG*MRIW-R+VEHIH%KKVIKEXIERH7SMPWF]
9WISJXLI7ERH)UYMZEPIRX8IWX
%QIVMGER'SRGVIXI-RWXMXYXI %'6
'IQIRXERH'SRGVIXI8IVQMRSPSK]
6
+YMHIJSV1EOMRKE'SRHMXMSR7YVZI]SJ'SRGVIXI
MR7IVZMGI
6
+YMHIXS(YVEFPI'SRGVIXI
6
1EWW'SRGVIXI
6
)JJIGXSJ6IWXVEMRX:SPYQI'LERKIERH6IMR
JSVGIQIRXSR'VEGOMRKSJ1EWW'SRGVIXI
6
'SSPMRKERH-RWYPEXMRK7]WXIQWJSV1EWW'SRGVIXI
6
6SPPIV'SQTEGXIH1EWW'SRGVIXI
6
4VIHMGXMSRSJ'VIIT7LVMROEKIERH8IQTIVEXYVI
)JJIGXWMR'SRGVIXI7XVYGXYVIW
6
'LIQMGEP%HQM\XYVIWJSV'SRGVIXI
6
+YMHIJSV9WISJ2SVQEP;IMKLXERH,IEZ][IMKLX
%KKVIKEXIWMR'SRGVIXI
6
6ITSVXSR%POEPM%KKVIKEXI6IEGXMZMX]
6
'SVVSWMSRSJ1IXEPWMR'SRGVIXI
6
7XERHEVH 4VEGXMGI JSV XLI 9WI SJ 7LVMROEKI
'SQTIRWEXMRK'SRGVIXI
6
.SMRXWMR'SRGVIXI'SRWXVYGXMSR
6
+YMHIJSV'SRGVIXI*PSSVERH7PEF'SRWXVYGXMSR
6
+YMHI JSV 1IEWYVMRK 1M\MRK8VERWTSVXMRK ERH
4PEGMRK'SRGVIXI
6
,SX;IEXLIV'SRGVIXMRK
6
'SPH;IEXLIV'SRGVIXMRK
7XERHEVH4VEGXMGIJSV'YVMRK'SRGVIXI
6
+YMHIJSV'SRWSPMHEXMSRSJ'SRGVIXI
7XERHEVH4VEGXMGIJSV(IWMKRERH'SRWXVYGXMSRSJ
'SRGVIXI 7MPSW ERH 7XEGOMRK 8YFIW JSV 7XSVMRK
+VERYPEV1EXIVMEPW
6 &YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYGXYVEP
'SRGVIXIERH'SQQIRXEV]
6
%'-(IWMKR,ERHFSSO 74 6
+YMHIXS*SVQ[SVOJSV'SRGVIXI
'SHI 6IUYMVIQIRXW JSV )RZMVSRQIRXEP
)RKMRIIVMRK'SRGVIXI7XVYGXYVIW
6
*VEGXYVI 1IGLERMGW SJ 'SRGVIXI 'SRGITXW
1SHIPWERH(IXIVQMREXMSRSJ1EXIVMEP4VSTIVXMIW
6
+YMHIXS7IEPMRK.SMRXWJSV'SRGVIXI7XVYGXYVIW
6
1IEWYVIQIRXSJ4VSTIVXMIWSJ*MFIV6IMRJSVGIH
'SRGVIXI
6
+YMHI JSV 7TIGMJ]MRK 4VSTSVXMSRMRK 1M\MRK
4PEGMRK ERH *MRMWLMRK 7XIIP *MFIV 6IMRJSVGIH
'SRGVIXI
6
(IWMKR'SRWMHIVEXMSRWJSV7XIIP*MFIV6IMRJSVGIH
'SRGVIXI
6
4SP]QIVWMR'SRGVIXI
6
+YMHIJSVXLI9WISJ4SP]QIVWMR'SRGVIXI
74
/PIMR 7]QTSWMYQ SR )\TERWMZI 'IQIRX 'SR
GVIXIW
74
4SP]QIVWMR'SRGVIXI
74
4SP]QIVWMR'SRGVIXI
74
'IHVMG;MPWSR7]QTSWMYQSR)\TERWMZI'IQIRX
%781-RXIVREXMSREP
'
7TIGMJMGEXMSRJSV4SVXPERH'IQIRX
'
7TIGMJMGEXMSRJSV)\TERWMZI,]HVEYPMG'IQIRX
)
8IWX1IXLSHJSV4PEMR7XVEMR*VEGXYVI8SYKLRIWW
SJ1IXEPPMG1EXIVMEPW
)YVSTIER'SQQMXXIIJSV'SRGVIXI-RXIVREXMSREP*IHIVEXMSR
SJ4VIWXVIWWIH'SRGVIXI ')&*-4
')&*-4 )YVSTIER1SHIP'SHIJSV'SRGVIXI7XVYGXYVIW
8LIEFSZITYFPMGEXMSRWQE]FISFXEMRIHJVSQXLIJSPPS[MRK
SVKERM^EXMSRW
%QIVMGER%WWSGMEXMSRSJ7XEXI,MKL[E]ERH8VERWTSVXEXMSR
3JJMGMEPW
2'ETMXSP7XVIIX2;
7YMXI
;EWLMRKXSR('
%QIVMGER'SRGVIXI-RWXMXYXI
43&S\
*EVQMRKXSR,MPPW1-
6
1%29%03*'32'6)8)46%'8-')
%781-RXIVREXMSREP
&EVV,EVFSV(VMZI
;IWX'SRWLSLSGOIR4%
')&*-4
GS&VMXMWL'IQIRX%WWSGMEXMSR
'IRXYV],SYWI
8IPJSVH%ZIRYI
'VS[XLSVRI&IVOWLMVI6+=7
9RMXIH/MRKHSQ
{'MXIHVIJIVIRGIW
%EPEQM&3ERH&EVXL*+w6IWXVEMRX'VEGOW
ERHXLIMV1MXMKEXMSRMR9RFSRHIH4SWX8IRWMSRIH&YMPHMRK
7XVYGXYVIWx 'VEGOMRK MR 4VIWXVIWWIH 'SRGVIXI 7XVYGXYVIW
74 + 8 ,EPZSVWIR ERH 2 , &YVRW IHW %QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
%FIPIW 4 ; w'VEGOW MR 4VIWXVIWWIH 'SRGVIXI
&IEQWx 4VSGIIHMRKW XL -%&7) 'SRKVIWW -RXIVREXMSREP
%WWSGMEXMSRJSV&VMHKIERH7XVYGXYVEP)RKMRIIVMRK>YVMGL
TT
%FIPIW4;&VS[R)0--ERH1SVVS[.;
w(IZIPSTQIRX ERH (MWXVMFYXMSR SJ 'VEGOW MR 6IGXERKYPEV
4VIWXVIWWIH &IEQW HYVMRK 7XEXMG ERH *EXMKYI 0SEHMRKx
.SYVREP4VIWXVIWWIH'SRGVIXI-RWXMXYXI:2S3GX
TT
%'- 'SQQMXXII w)\TERWMZI 'IQIRX
'SRGVIXIW 4VIWIRX 7XEXI SJ /RS[PIHKIx %'- .3962%0
4VSGIIHMRKW:2S%YKTT
%'- 'SQQMXXII w'EYWIW 1IGLERMWQ ERH
'SRXVSPSJ'VEGOMRKMR'SRGVIXIx%'-&MFPMSKVETL]2S
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
%'- 'SQQMXXII w'SRXVSP SJ 'VEGOMRK MR
'SRGVIXI 7XVYGXYVIWx %'- .3962%0 4VSGIIHMRKW : 2S(IGTT
%'- 'SQQMXXII w'SRXVSP SJ 'VEGOMRK MR
'SRGVIXI 7XVYGXYVIWx 'SRGVIXI -RXIVREXMSREP (IWMKR ERH
'SRWXVYGXMSR:2S3GXTT
%'- 'SQQMXXII w(MWGYWWMSR SJ E 6ITSVX
4YFPMWLIHMRXLI2SZIQFIV-WWYISJ'SRGVIXI-RXIVRE
XMSREPTT77x'SRGVIXI-RXIVREXMSREP:2S
1E]TT
%XMQXE])ERH*IVKYWSR41w)EVP]'LPSVMHI
'SVVSWMSR SJ 6IMRJSVGIH 'SRGVIXI{% 8IWX 6ITSVXx %'.3962%0 4VSGIIHMRKW:2S7ITXTT
%XXMSKFI)/ERH(EV[MR(w7YFQMGVSGVEGOMRK
MR'IQIRX4EWXIERH1SVXEVx%'-1EXIVMEPW.SYVREP:
2S2SZ(IGTT
%XXMSKFI)/ERH(EV[MR(w7XVEMR(YIXS7YFQM
GVSGVEGOMRK MR 'IQIRX 4EWXI ERH 1SVXEVx %'- 1EXIVMEPW
.SYVREP:2S.ER*IFTT
&EWGSYP % /LEVGLM * ERH 1EWS . ' w'SRGIVRMRKXLI1IEWYVIQIRXSJXLI*VEGXYVI)RIVK]SJE
1MGVS'SRGVIXI%GGSVHMRKXS'VEGO+VS[XLMR8LVII4SMRX
&IRHMRK 8IWXW SJ 2SXGLIH &IEQWx 4VSGIIHMRKW 7)1
6-0)1 -RXIVREXMSREP 'SRJIVIRGI SR *VEGXYVI SJ 'SRGVIXI
ERH6SGO747LELERH7)7[EVX^IHW,SYWXSR8I\
&EXI 7 ' ' w6IPEXMZI 1IVMXW SJ 4PEMR ERH
(IJSVQIH;MVIWMR4VIWXVIWWIH'SRGVIXI&IEQWYRHIV7XEXMG
ERH 6ITIEXIH 0SEHMRKx 4VSGIIHMRKW -RWXMXYXMSR SJ 'MZMP
)RKMRIIVW 0SRHSR :%YKTT
&EXI7''w%'SQTEVMWSR&IX[IIR4VIWXVIWWIH
'SRGVIXIERH6IMRJSVGIH'SRGVIXI&IEQWYRHIV6ITIEXIH
0SEHMRKx 4VSGIIHMRKW -RWXMXYXMSR SJ 'MZMP )RKMRIIVW
0SRHSR :1EVTT
&E‚ERX > 4 w1EXIVMEP &ILEZMSV YRHIV :EVMSYW
8]TIWSJ0SEHMRKx,MKL7XVIRKXL'SRGVIXI747LELIH
9RMZIVWMX]SJ-PPMRSMWEX'LMGEKSTT
&E‚ERX>4/MQ./ERH4JIMJJIV4w(IXIVQM
REXMSR SJ2SRPMRIEV *VEGXYVI4EVEQIXIVW JVSQ 7M^I )JJIGX
8IWXWx .SYVREP SJ 7XVYGXYVEP )RKMRIIVMRK %7') : 2S*IFTT
&E‚ERX>4ERH3L&,w'VEGO&ERH8LISV]
JSV *VEGXYVI SJ 'SRGVIXIx 1EXIVMEPW ERH 7XVYGXYVIW
6-0)1:2STT
&E‚ERX>4ERH7IRIV7w7M^I)JJIGXMR4YPPSYX
8IWXWx %'-1EXIVMEPW.SYVREP:2S1E]TT
&E‚ERX>47IRIV7ERH4VEXX4'w7M^I)JJIGX
8IWXWSJ8SVWMSREP*EMPYVISJ4PEMRERH6IMRJSVGIH'SRGVIXI
&IEQWx 1EXIVMEPWERH7XVYGXYVIW:TT
&E‚ERX>4ERH7YR,,w7M^I)JJIGXMR(MEK
SREP7LIEV*EMPYVI-RJPYIRGISJ%KKVIKEXI7M^IERH7XMVVYTWx
%'-1EXIVMEPW.SYVREP:2S%TVTT
&IGOIXX(ERH%PI\ERHVSY%-RXVSHYGXMSRXS)YVS
GSHI{(IWMKRSJ'SRGVIXI7XVYGXYVIW) *27TSRTT
&IIF]%;Ew'SRGVIXIMRXLI3GIERW{'VEGOMRK
ERH'SVVSWMSRx8IGLRMGEP6ITSVX2S'IQIRXERH'SRGVIXI
%WWSGMEXMSR0SRHSR
&IIF]%;Fw'SVVSWMSRSJ6IMRJSVGMRK7XIIPMR
'SRGVIXIERH-XW6IPEXMSRXS'VEGOMRKx8LI7XVYGXYVEP)RKM
RIIV0SRHSR:%2S1EVTT
&IIF]%;w'VEGOMRK'SZIVEX'SVVSWMSRSJ
6IMRJSVGIQIRXx 'SRGVIXI -RXIVREXMSREP (IWMKR ERH
'SRWXVYGXMSR:2S*IFTT
&IRRIXX);ERH'LERHVEWIOLEV'7w'EPGYPE
XMSRSJXLI;MHXLSJ'VEGOWMR'PEWW4VIWXVIWWIH&IEQWx
4VSGIIHMRKW-RWXMXYXMSRSJ'MZMP)RKMRIIVW0SRHSR:
.YP]TT
&IRRIXX);ERH(EZI2.w8IWX4IVJSVQERGIW
ERH(IWMKRSJ 'SRGVIXI &IEQW [MXL0MQMXIH 4VIWXVIWWx 8LI
7XVYGXYVEP)RKMRIIV0SRHSR:2S(IGTT
&MWLEVE % + w0EXI\ 1SHMJMIH 'SRGVIXI &VMHKI
(IGO 3ZIVPE]W{*MIPH 4IVJSVQERGI %REP]WMWx 6ITSVX
2S *,;%3, *IHIVEP ,MKL[E] %HQMRMWXVEXMSR
;EWLMRKXSR('3GXTT
&MWLEVE % + ERH 8ERXE]ERSRHOYP 4 w9WI SJ
0EXI\ MR 'SRGVIXI &VMHKI (IGOWx 6ITSVX 2S ))7 3(38 3LMS (ITEVXQIRX SJ 8VERWTSVXEXMSR 3LMS
7XEXI9RMZIVWMX]'SPYQFYW3LMS
&VIRHIP + ERH 6YLPI , w8IWXW SR 6IMRJSVGIH
'SRGVIXI &IEQW 9RHIV 0SRK8IVQ 0SEHW (EYIVWXERHZV
WYGLIQMX7XELPFIXSRFEPOIR x4VSGIIHMRKW7IZIRXL-%&7)
'SRKVIWW 6MSHI.ERIMVS -RXIVREXMSREP%WWSGMEXMSR
SJ &VMHKI ERH 7XVYGXYVEP )RKMRIIVMRK >YVMGL 7[MX^IV
PERHTT
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
&VSQW & & E w8IGLRMUYI JSV -RZIWXMKEXMSR SJ
-RXIVREP 'VEGOW MR 6IMRJSVGIH 'SRGVIXI 1IQFIVWx %'.3962%0 4VSGIIHMRKW:2S.ERTT
&VSQW&&Fw'VEGO;MHXLERH'VEGO7TEGMRKMR
6IMRJSVGIH 'SRGVIXI 1IQFIVWx %'- . 3962%0 4VSGIIH
MRKW:2S3GXTT
&VSSOLEZIR 2EXMSREP 0EFSVEXSV] w'SRGVIXI
4SP]QIV1EXIVMEPWx&206ITSVX 8 &VSSOW..ERH2IZMPPI%1w%'SQTEVMWSRSJ
'VIIT)PEWXMGMX]ERH7XVIRKXLSJ'SRGVIXIMR8IRWMSRERHMR
'SQTVIWWMSRx 1EKE^MRISJ'SRGVIXI6IWIEVGL0SRHSR
:2S7ITXTT
&V]ERX % , ERH :EHLEREZMOOMX ' w'VIIT
7LVMROEKI{7M^IERH%KIEX0SEHMRK)JJIGXWx%'-1EXI
VMEPW.SYVREP:2S1EV%TVTT
&YVKIWW.%&VIIR.) ERH4SWXSR6;
w%RGLSVEKI >SRI 'VEGOMRK SJ 4SWX8IRWMSRIH &VMHKI
(IGOW[MXL'PSWIP]7TEGIH%RGLSVWx'VEGOMRKMR4VIWXVIWWIH
'SRGVIXI7XVYGXYVIW74+8,EPZSVWIRERH2,&YVRW
IHW%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL
TT
&Y]YOS^XYVO3w7XVIWW7XVEMR6IWTSRWIERH*VEG
XYVISJE1SHIPSJ'SRGVIXIMR&ME\MEP0SEHMRKx4L(XLIWMW
'SVRIPP9RMZIVWMX]-XLEGE2=.YRI
'EPMJSVRME (ITEVXQIRX SJ 8VERWTSVXEXMSR 6ITSVX
)JJIGXSJ'YVMRKSR7LVMROEKISJ'SRGVIXI
'EVMRS2.w)JJIGXWSJ4SP]QIV-QTVIKREXMSRSR
1SVXEV%KKVIKEXI &SRH 7XVIRKXLx 'IQIRX ERH 'SRGVIXI
6IWIEVGL:2S.YP]TT
'EVPWSR6;w(V]MRK7LVMROEKISJ'SRGVIXIEW
%JJIGXIH F] 1ER] *EGXSVWx 4VSGIIHMRKW %781 : 4EVX--TT
'EVVEWUYMPPS607PEXI*3ERH2MPWSR%,
w1MGVSGVEGOMRKERH&ILEZMSVSJ,MKL7XVIRKXL'SRGVIXI
7YFNIGXXS7LSVX8IVQ0SEHMRKx%'-.3962%0 4VSGIIHMRKW
:2S1E].YRITT
'EWXVS1SRXIVS77LEL74ERH1MPPIV6%
w7XYH]SJ*VEGXYVI4VSGIWWMR1SVXEV[MXL0EWIV,SPSKVETLMG
1IEWYVIQIRXWx 4VSGIIHMRKWSJXLI2%83%HZERGIH6IWIEVGL
;SVOWLST SR 8SYKLIRMRK 1IGLERMWQW MR 5YEWM&VMXXPI
1EXIVMEPW)ZERWXSR-PP
'EXEPERS(ERH-RKVEJJIE%6w'SRGVIXI*VEG
XYVI % 0MRIEV )PEWXMG *VEGXYVI %TTVSEGLx (ITEVXQIRX SJ
7XVYGXYVEP)RKMRIIVMRK6ITSVX7GLSSPSJ'MZMPERH)RZMVSR
QIRXEP)RKMRIIVMRK'SVRIPP9RMZIVWMX]-XLEGE2=TT
'PIEV / ' w8MQI XS 'SVVSWMSR SJ 6IMRJSVGMRK
7XIIPMR'SRGVIXI 7PEFWx8VERWTSVXEXMSR6IWIEVGL6IGSVH
2S8VERWTSVXEXMSR6IWIEVGL&SEVHTT
'SSO ( . ERH 'LMRHETVEWMVX 4 w-RJPYIRGI SJ
0SEHMRK ,MWXSV] 9TSR XLI 'SQTVIWWMZI 4VSTIVXMIW SJ
'SRGVIXIx 1EKE^MRI SJ 'SRGVIXI 6IWIEVGL 0SRHSR : 2S.YRITT
(EV[MR ( (MWGYWWMSR SJ w&SRH *EMPYVI ERH
-RIPEWXMG 6IWTSRWI SJ 'SRGVIXIx F] 8IWXE ERH 7XYFFW
.SYVREPSJXLI)RKMRIIVMRK1IGLERMGW(MZMWMSR%7'):
2S)1%TVTT
6
(EV[MR (ERH7PEXI *3 w)JJIGXSJ4EWXI
%KKVIKEXI &SRH 7XVIRKXL SR &ILEZMSV SJ 'SRGVIXIx
.SYVREPSJ1EXIVMEPW:2S1EVTT
(EZMW , ) w%YXSKIRSYW :SPYQI 'LERKIW SJ
'SRGVIXIx 4VSGIIHMRKW%781:TT
(IVYGLIV/2w%TTPMGEXMSRSJXLI7GERRMRK)PIG
XVSR1MGVSWGSTIXS*VEGXYVI7XYHMIWSJ'SRGVIXIx&YMPHMRK
ERH)RZMVSRQIRX:2STT
(SPER ' ; w(IZIPSTQIRXW MR 2SR1IXEPPMG
4VIWXVIWWMRK8IRHSRWx4'-.SYVREP:2S7ITX3GX
TT
)YVS )' 'SHI (IWMKR SJ 'SRGVIXI 7XVYGXYVIW
4EVMW
*IPHQER 6 * ERH 7[IRWSR ) + w:SPYQI
'LERKI SR *MVWX (V]MRK SJ ,]HVEXI 4SVXPERH 'IQIRX [MXL
ERH[MXLSYX%HQM\XYVIx'IQIRXERH'SRGVIXI6IWIEVGL:
2STT
*VERX^+'ERH&VIIR.)Ew'VEGOMRKSR7MHI
*EGIWSJ0EVKI6IMRJSVGIH'SRGVIXI&IEQWx%'- .3962%0
4VSGIIHMRKW:2S7ITX3GXTT
*VERX^+'ERH&VIIR.)Fw(IWMKR4VSTSWEP
JSV7MHI*EGI'VEGO'SRXVSP6IMRJSVGIQIRXJSV0EVKI6IMR
JSVGIH 'SRGVIXI &IEQWx 'SRGVIXI -RXIVREXMSREP (IWMKR
ERH'SRWXVYGXMSR:2S3GXTT
*VSWGL6.w%RSXLIV0SSOEX'VEGOMRKERH'VEGO
'SRXVSPMR6IMRJSVGIH'SRGVIXIx%'-7XVYGXYVEP.SYVREP
:2S1E].YRITT
+IVKIP] 4 w%RGLSVEKI 7]WXIQW MR 4VIWXVIWWIH
'SRGVIXI4VIWWYVI:IWWIPWv%RGLSVEKI>SRI4VSFPIQWx6ITSVX
2S 362081 3EO 6MHKI 2EXMSREP 0EFSVEXSV] 97
%XSQMG)RIVK]'SQQMWWMSR3EO6MHKI8IRRTT
+IVKIP] 4 ERH 0YX^ 0 % w1E\MQYQ 'VEGO
;MHXLMR6IMRJSVGIH'SRGVIXI*PI\YVEP1IQFIVWx'EYWIW
1IGLERMWQ ERH 'SRXVSP SJ 'VEGOMRK MR 'SRGVIXI 74
%QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL
TT
+IVKIP] 4 ERH 7S^IR 1 % w(IWMKR SJ
%RGLSVEKI >SRI 6IMRJSVGIQIRX MR 4VIWXVIWWIH 'SRGVIXI
&IEQWx 4'-.SYVREP:2S1EV%TVTT
+IXXY6&E‚ERX>4ERH/EVV1)w&VMXXPIRIWW
SJ,MKL7XVIRKXL'SRGVIXIx 7IVZMGIEFMPMX]ERH(YVEFMPMX] SJ
'SRWXVYGXMSR1EXIVMEPW&%7YTVIRERXIH%7')2I[
=SVO:TT
+LSWL67ERH1EPLSXVE:w9WISJ7YTIVTPEW
XMGM^IVWEW;EXIV6IHYGIVWx'IQIRX 'SRGVIXIERH%KKVI
KEXIW%781:2STT
+NÜVZ 3 ) 7SVIRWSR 7 - ERH %VRIWIR % w2SXGL7IRWMXMZMX]ERH*VEGXYVI8SYKLRIWWSJ'SRGVIXIx
'IQIRXERH'SRGVIXI6IWIEVGL:TT
+STEPEVEXREQ : 7 ERH 7LEL 7 4 w7SJXIRMRK
6IWTSRWI SJ 4PEMR 'SRGVIXI MR (MVIGX 8IRWMSRx %'.3962%0 4VSGIIHMRKW:2S1E].YRITT
+VMJJMXL % % w8LI 4LIRSQIRE SJ 6YTXYVI ERH
*PS[ SJ 7SPMHWx 8VERWEGXMSRW 6S]EP 7SGMIX] SJ 0SRHSR
2S%TT
,EPZSVWIR + 8 w'SHI 6IUYMVIQIRXW JSV 'VEGO
'SRXVSPx 'SRGVIXI ERH 'SRGVIXI 'SRWXVYGXMSR 74
6
1%29%03*'32'6)8)46%'8-')
%QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL
TT
,ERWIR ; ERH %PQYHEMLIIQ . % w9PXMQEXI
(V]MRK7LVMROEKISJ'SRGVIXI{-RJPYIRGISJ1ENSV4EVEQI
XIVWx %'- 1EXIVMEPW .SYVREP : 2S 1E].YRI
TT
,EVENPM1,ERH2EEQER%)w'VEGOMRKMR
4EVXMEPP] 4VIWXVIWWIH &IEQW 9RHIV 7XEXMG ERH *EXMKYI
0SEHMRKx 'VEGOMRK MR 4VIWXVIWWIH'SRGVIXI 7XVYGXYVIW
74+8,EPZSVWIRERH2,&YVRWIHW%QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
,MKKMRW ( ( ERH &EMPI] . ) w*VEGXYVI
1IEWYVIQIRXW SR 'IQIRX 4EWXIx .SYVREP SJ 1EXIVMEPW
7GMIRGI:TT
,MPPIQIMIV & ERH ,MPWHSVJ , / w*VEGXYVI
1IGLERMGW7XYHMIWSJ'SRGVIXI'SQTSYRHWx'IQIRXERH
'SRGVIXI6IWIEVGL:2S7ITXTT
,MPPIVFSVK % 1SHIIV 1 ERH 4IXIVWWSR 4 ) w%REP]WMWSJ'VEGO*SVQEXMSRERH'VEGO+VS[XLF]1IERW
SJ *VEGXYVI 1IGLERMGW ERH *MRMXI )PIQIRXWx 'IQIRX ERH
'SRGVIXI6IWIEVGL:TT
,SJJ+'w(YVEFMPMX]SJ*MFIV6IMRJSVGIH'SRGVIXI
MR E 7IZIVI 1EVMRI )RZMVSRQIRXx 'SRGVIXI (YVEFMPMX]
74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW
1MGLTT
,SPQFIVK%w'VEGO;MHXL4VIHMGXMSRERH1MRMQYQ
6IMRJSVGIQIRX JSV 'VEGO 'SRXVSPx (ERWO 7IPWOEF JSV
&]ERMRKWWXEXMO'STIRLEKIR:2S.YRITT
,SPQFIVK % ERH 0MRHKVIR 7 w'VEGO 7TEGMRK
ERH'VEGO;MHXL(YIXS2SVQEP*SVGISV&IRHMRK1SQIRXx
(SGYQIRX ( 2EXMSREP 7[IHMWL 'SYRGMP JSV &YMPHMRK
6IWIEVGL7XSGOLSPQTT
,SYO-).V&SVKI3)ERH,SYKLXSR(0
w7XYHMIW SJ %YXSKIRSYW :SPYQI 'LERKI MR 'SRGVIXI JSV
([SVWLEO(EQx%'-.3962%0 4VSGIIHMRKW:2S
TT
,SYO-).V4E\XSR.%ERH,SYKLXSR(0
w4VIHMGXMSR SJ 8LIVQEP 7XVIWW ERH 7XVEMR 'ETEGMX] SJ
'SRGVIXI F] 8IWXW SR 7QEPP &IEQWx %'- .3962%0
4VSGIIHMRKW:2S1EVTT
,SYKLXSR ( 0 w'SRGVIXI :SPYQI 'LERKI JSV
([SVWLEO(EQx4VSGIIHMRKW%7'): 2S3GX
TT
,SYKLXSR ( 0 w(IXIVQMRMRK 8IRWMPI 7XVEMR
'ETEGMX]SJ1EWW'SRGVIXIx%'-.3962%0 4VSGIIHMRKW
:2S(IGTT
,WY88'w1EXLIQEXMGEP%REP]WMWSJ7LVMROEKI
7XVIWWIWMRE1SHIPSJ,EVHIRIH'SRGVIXIx%'-.3962%0
4VSGIIHMRKW:2S1EVTT
,WY88'7PEXI*37XYVQER+1ERH;MRXIV+
w1MGVSGVEGOMRKSJ4PEMR'SRGVIXIERHXLI7LETISJXLI
7XVIWW7XVEMR'YVZIx%'-.3962%0 4VSGIIHMRKW:2S
*IFTT
,YXXSR7+ERH0SSZ6)w*PI\YVEP&ILEZMSV
SJ 4VIWXVIWWIH 4EVXMEPP] 4VIWXVIWWIH ERH 6IMRJSVGIH
'SRGVIXI &IEQWx %'- .3962%0 4VSGIIHMRKW : 2S
(IGTT
-PPWXSR . 1 ERH 7XIZIRW 6 * w0SRK8IVQ
'VEGOMRK MR 6IMRJSVGIH 'SRGVIXI &IEQWx 4VSGIIHMRKW
-RWXMXYXMSR SJ 'MZMP )RKMRIIVW 0SRHSR 4EVX : (IGTT
.IRU=7ERH7LEL74w1M\IH1SHI*VEGXYVI
4EVEQIXIVWSJ'SRGVIXIx4VSGIIHMRKW7)16-0)1-RXIV
REXMSREP'SRJIVIRGISR*VEGXYVISJ'SRGVIXIERH6SGO74
7LELERH7)7[EVX^IHW,SYWXSR8I\TT
.SLR6ERH7LEL74w*VEGXYVISJ'SRGVIXI
7YFNIGXXS-QTEGX0SEHMRKx.SYVREPSJ'IQIRX'SRGVIXI
ERH%KKVIKEXIW%781:2STT
/ETPER*1w'VEGO4VSTEKEXMSRERHXLI*VEGXYVI
SJ 'SRGVIXIx %'- .3962%0 4VSGIIHMRKW : 2S 2SZTT
/EVWER-(ERH.MVWE.3w&ILEZMSVSJ'SRGVIXI
YRHIV'SQTVIWWMZI0SEHMRKWx.SYVREPSJXLI7XVYGXYVEP(MZM
WMSR%7'):78(IGTT
/IWPIV')2EYW(.ERH0SXX.0w*VEGXYVI
1IGLERMGW -XW %TTPMGEFMPMX] XS 'SRGVIXIx 4VSGIIHMRKW
-RXIVREXMSREP'SRJIVIRGISR1IGLERMGEP&ILEZMSVSJ1EXI
VMEPW /]SXS %YK 8LI 7SGMIX] SJ 1EXIVMEPW
7GMIRGI.ETER:-:TT
/VMWLRE62&EWEZEVENYMEL&7ERH%LEQIH/9'
w*PI\YVEP&ILEZMSVSJ4VIXIRWMSRIH'SRGVIXI&IEQW[MXL
0MQMXIH4VIWXVIWWx&YMPHMRK 7GMIRGI: 2S .YRI
TT
0II701ERWYV178ER/,ERH/EWMVENY/
w'VEGOMRK &ILEZMSV SJ 'SRGVIXI 8IRWMSR 1IQFIVW
6IMRJSVGIH [MXL ;IPHIH ;MVI *EFVMGx %'- 7XVYGXYVEP
.SYVREP:2S2SZ(IGTT
0IMFIRKSSH0((EV[MR(ERH(SHHW6,
w4EVEQIXIVW%JJIGXMRK*)%REP]WMWSJ'SRGVIXI7XVYGXYVIWx
.SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR %7') : 2S *IFTT
0ISRLEVHX * w'VEGO 'SRXVSP MR 'SRGVIXI 7XVYG
XYVIWx -%&7)7YVZI]W 2S7-RXIVREXMSREP%WWSGMEXMSR
JSV&VMHKIERH7XVYGXYVEP)RKMRIIVMRK>YVMGLTT
0ISRLEVHX*w'VEGOERH'VEGO'SRXVSPMR'SRGVIXI
7XVYGXYVIWx 4'-.SYVREP:2STT
0MRWFEYIV,2-RKVEJJIE%66SWWQERMXL,4ERH
;E[V^]RIO4%Ew7MQYPEXMSRSJ'VEGOMRKMR0EVKI
%VGL (EQ 4EVX -x .SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR
%7'):2S*IFTT
0MRWFEYIV,2-RKVEJJIE%66SWWQERMXL,4ERH
;E[V^]RIO4%Fw7MQYPEXMSRSJ'VEGOMRKMR0EVKI
%VGL (EQ 4EVX --x .SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR
%7'):2S*IFTT
0MY8''EQTFIPP60ERH&SQFMGL%%
w:IVMJMGEXMSR SJ 8IQTIVEXYVI ERH 8LIVQEP 7XVIWW %REP
]WMW'SQTYXIV4VSKVEQWJSV1EWW'SRGVIXI7XVYGXYVIWx
1MWGIPPERISYW 4ETIV 2S 70 97 %VQ] )RKMRIIV
;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOWFYVK1MWW%TV
0MY 8 ' ERH1G(SREPH .) w4VIHMGXMSR SJ
8IRWMPI 7XVEMR 'ETEGMX] SJ 1EWW 'SRGVIXIx %'- .3962%0
4VSGIIHMRKW:2S1E]TT
0SVQER;6w8LI8LISV]SJ'SRGVIXI'VIITx
4VSGIIHMRKW%781:TT
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
0YX^0%7LEVQE2/ERH+IVKIP]4w-RGVIEWI
MR'VEGO;MHXLMR6IMRJSVGIH'SRGVIXI&IEQWYRHIV7YWXEMRIH
0SEHMRKx%'-.3962%0 4VSGIIHMRKW:2S7ITX
TT
1ELIV%ERH(EV[MR(w%*MRMXI)PIQIRX1SHIP
XS7XYH]XLI1MGVSWGSTMG&ILEZMSVSJ4PEMR'SRGVIXIx'6-2'
6ITSVX 709RMZIVWMX]SJ/ERWEW'IRXIVJSV6IWIEVGL
-RG0E[VIRGI/ERW2SZTT
1ELIV%ERH(EV[MR(w1MGVSWGSTMG*MRMXI
)PIQIRX1SHIPSJ'SRGVIXIx4VSGIIHMRKW*MVWX-RXIVRE
XMSREP'SRJIVIRGISR1EXLIQEXMGEP1SHIPMRK 7X0SYMW
%YK7ITX 9RMZIVWMX]SJ1MWWSYVM6SPPE:---
TT
1ELIV%ERH(EV[MR(w1SVXEV'SRWXMXYIRXSJ
'SRGVIXIMR'SQTVIWWMSRx%'-.3962%0 4VSGIIHMRKW:
2S1EV%TVTT
1ENM % / ERH 7LEL 7 4 w4VSGIWW >SRI ERH
%GSYWXMG)QMWWMSR1IEWYVIQIRXWMR'SRGVIXIx)\TIVMQIRXEP
1IGLERMGW7)14ETIV2S
1EVWLEPP ; 8 ERH 1EXXSGO % , w'SRXVSPSJ
,SVM^SRXEP 'VEGOMRKMR XLI)RHW SJ4VIXIRWMSRIH'SRGVIXI
+MVHIVWx .SYVREP4VIWXVIWWIH'SRGVIXI-RWXMXYXI:2S
%YK3GXTT
1EVXMR.0(EV[MR(ERH8IVV]6)w'IQIRX
4EWXI1SVXEVERH'SRGVIXIMR'SQTVIWWMSRx716ITSVX
2S 9RMZIVWMX] SJ /ERWEW 'IRXIV JSV 6IWIEVGL
0E[VIRGI/ERWTT
1EXLIV&w*EGXSVW%JJIGXMRK(YVEFMPMX]SJ'SRGVIXI
MR'SEWXEP7XVYGXYVIWx8IGLRMGEP1IQSVERHYQ2S&IEGL
)VSWMSR&SEVH;EWLMRKXSR('.YRI
1EXLIV & w'VEGOMRK -RHYGIH F] )RZMVSRQIRXEP
)JJIGXWx 'EYWIW 1IGLERMWQ ERH 'SRXVSP SJ 'VEGOMRK MR
'SRGVIXI74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1MGLTT
1G'S] ) ) .V 8LSVXSR , 8 ERH %PPKSSH . /
w'SRGVIXI 0EFSVEXSV] 7XYHMIW ([SVWLEO &VYGIvW
)HH] (EQ 2SVXL *SVO 'PIEV[EXIV 6MZIV RIEV 3VSJMRS
-HELS 'VIIO 8IWXWx 1MWGIPPERISYW 4ETIV 2S 6ITSVX 97 %VQ] )RKMRIIV ;EXIV[E]W )\TIVMQIRX
7XEXMSR:MGOWFYVK1MWW(IG
1G(SREPH . ) &SQFMGL % % ERH 7YPPMZER & 6
w9PXMQEXI7XVEMR'ETEGMX]ERH8IQTIVEXYVI6MWI7XYHMIW
8VYQFYPP 4SRH (EQx 1MWGIPPERISYW 4ETIV ' 97
%VQ])RKMRIIV;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOWFYVK
1MWW%YK
1IMIV 7 ; ERH +IVKIP] 4 w*PI\YVEP 'VEGO
;MHXL MR 4VIWXVIWWIH 'SRGVIXI &IEQWx .SYVREP SJ XLI
7XVYGXYVEP(MZMWMSR%7'):2S78TT
1I]IVW&07PEXI*3ERH;MRXIV+w6IPEXMSRWLMT
FIX[IIR 8MQI (ITIRHIRX (IJSVQEXMSR ERH 1MGVSGVEGOMRK
SJ4PEMR'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S
.ERTT
2EPPEXLEQFM4ERH/EVMLEPSS&0w-RJPYIRGISJ
7PS['VEGO+VS[XLSRXLI *VEGXYVI 8SYKLRIWWSJ4PEMR
'SRGVIXIx *VEGXYVI8SYKLRIWWERH*VEGXYVI)RIVK]*
,;MXXQERRIH)PWIZMIV7GMIRGI4YFPMWLIVW8LI2IXLIV
PERHWTT
6
2EYW(.ERH0SXX.0w*VEGXYVI8SYKLRIWWSJ
4SVXPERH'IQIRX'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:
2S.YRITT
2E[] ) + w'VEGO 'SRXVSP MR 6IMRJSVGIH
'SRGVIXI 7XVYGXYVIWx %'- .3962%0 4VSGIIHMRKW : 2S3GXTT
2E[])+w'VEGO'SRXVSPXLVSYKL6IMRJSVGIQIRX
(MWXVMFYXMSRMR8[S;E]%GXMRK7PEFWERH4PEXIWx%'.3962%0 4VSGIIHMRKW:2S%TVTT
2E[])+ERH&PEMV/;w*YVXLIV7XYHMIWSR
*PI\YVEP'VEGO'SRXVSPMR7XVYGXYVEP7PEF7]WXIQWx'VEGOMRK
(IJPIGXMSRERH9PXMQEXI0SEHSJ'SRGVIXI7PEF7]WXIQW
74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW
1MGLTT
2E[])+ERH,YERK48w'VEGOERH(IJPIG
XMSR 'SRXVSP SJ 4VIXIRWMSRIH 4VIWXVIWWIH &IEQWx 4'.SYVREP:2S1E].YRITT
2E[] ) + ERH 2IY[IVXL + ) w&ILEZMSV SJ
'SRGVIXI7PEFW4PEXIWERH&IEQW[MXL*MFIV+PEWWEW1EMR
6IMRJSVGIQIRXx 4VSGIIHMRKW%7'):78*IF
TT
2E[])+9OEHMOI11ERH7EYIV.%w,MKL
7XVIRKXL *MIPH 4SP]QIV 1SHMJMIH 'SRGVIXIWx 4VSGIIHMRKW
%7'):78(IGTT
2E[])+Ew*PI\YVEP'VEGOMRK&ILEZMSVSJ4EVXMEPP]
4VIWXVIWWIH4VIXIRWMSRIHERH4SWX8IRWMSRIH&IEQW{7XEXISJ
XLI%VXx'VEGOMRKMR4VIWXVIWWIH'SRGVIXI7XVYGXYVIW74
+ 8 ,EPZSVWIR ERH 2 , &YVRW IHW %QIVMGER 'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
2E[] ) + F w7XVIWWIW 7XVEMRW ERH &YVWXMRK
'VEGOW MR %RGLSVEKI >SRIW SJ 4SWX8IRWMSRIH &IEQWx
'VEGOMRKMR4VIWXVIWWIH'SRGVIXI7XVYGXYVIW74+8
,EPZSVWIR ERH 2 , &YVRW IHW %QIVMGER 'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
2E[])+ *YRHEQIRXEPWSJ,MKL4IVJSVQERGI
'SRGVIXI.SLR;MPI]ERH7SRW2I[=SVOTT
2ITTIV'LVMWXIRWIR 4 ERH 2MIPWIR 8 4 , w1SHEP(IXIVQMREXMSRSJXLI)JJIGXSJ&SRHFIX[IIR'SEVWI
%KKVIKEXI ERH 1SVXEV SR XLI 'SQTVIWWMZI 7XVIRKXL SJ
'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S.ER
TT
2IZMPPI%1ERH,MVWX+%w1IGLERMWQSJ
']GPMG'VIITSJ'SRGVIXIx(SYKPEW1G,IRV]7]QTSWMYQ
SR'SRGVIXIERH'SRGVIXI7XVYGXYVIW74&&VIWPIVIH
%QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL
TT
2IZMPPI % 1 ERH &VSSOW . . 'SRGVIXI 8IGL
RSPSK].SLR;MPI] 7SRW-RG2I[=SVO
2KEF%77PEXI*3ERH2MPWSR%,w1MGVS
GVEGOMRK ERH 8MQI(ITIRHIRX 7XVEMRW MR ,MKL7XVIRKXL
'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S.YP]
%YKTT
2MPWSR%,(IWMKRSJ4VIWXVIWWIH'SRGVIXIRH
)HMXMSR.SLR;MPI]ERH7SRW2I[=SVOTT
3HQER78%w)JJIGXWSJ:EVMEXMSRWMR:SPYQI
7YVJEGI %VIE )\TSWIH XS (V]MRK ERH 'SQTSWMXMSR SJ
'SRGVIXI SR 7LVMROEKIx 6-0)1')1&96)%9 -RXIV
6
1%29%03*'32'6)8)46%'8-')
REXMSREP'SPPSUYMYQSRXLI7LVMROEKISJ,]HVEYPMG'SRGVIXIW
1EHVMHTT
3L&,ERH/ERK=.w2I[*SVQYPEWJSV
1E\MQYQ'VEGO;MHXLERH'VEGO7TEGMRKMR6IMRJSVGIH
'SRGVIXI*PI\YVEP1IQFVERIWx%'-7XVYGXYVEP.SYVREP
:2S1EV%TVTT
4IVV]'ERH+MPPSXX.)w8LI-RJPYIRGISJ1SVXEV
%KKVIKEXI &SRH 7XVIRKXL SR XLI &ILEZMSV SJ 'SRGVIXI MR
9RME\MEP'SQTVIWWMSRx'IQIRXERH'SRGVIXI6IWIEVGL
:2S7ITXTT
4MGOIXX+w)JJIGXSJ%KKVIKEXISR7LVMROEKISJ
'SRGVIXI ERH ,]TSXLIWMW 'SRGIVRMRK 7LVMROEKIx %'.3962%0 4VSGIIHMRKW:2S.ERTT
4SPMZOE61ERH;MPWSR)0w*MRMXI)PIQIRX
%REP]WMWSJ2SRPMRIEV,IEX8VERWJIV4VSFPIQWx6ITSVX2S
9'7)71(ITEVXQIRXSJ'MZMP)RKMRIIVMRK9RMZIVWMX]
SJ'EPMJSVRME&IVOIPI]'EPMJ.YRI
4SWXSR6;'EVVEWUYMPPS60ERH&VIIR.)
w(YVEFMPMX] SJ 4SWX8IRWMSRIH &VMHKI (IGOWx %'- 1EXI
VMEPW.SYVREP:2S.YP]%YKTT
4SWXSR6;ERH7GLYTEGO1w(YVEFMPMX]SJE
4VIGEWX4VIWXVIWWIH'SRGVIXI'SRZI]SV&VMHKI7XVYGXYVIEXE
7EPX1MRIEJXIV=IEVWSJ7IVZMGIx4EYP/PMIKIV7]QTSWMYQ
SR 4IVJSVQERGI SJ 'SRGVIXI 74 ( ;LMXMRK IH
%QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL
TT
6ES % +ERHSXVE / ERH 6EQEW[EQ] + 7 w*PI\YVEP8IWXWSR&IEQW4VIWXVIWWIHXS(MJJIVIRX(IKVIIW
SJ4VIWXVIWWx.SYVREP-RWXMXYXMSRSJ)RKMRIIVW 'EPGYXXE :1E]
6IJEM81)ERH7[EVX^7)w-RJPYIRGISJ7M^I
)JJIGXWSR3TIRMRK1SHI*VEGXYVI4EVEQIXIVWJSV4VIGVEGOIH
'SRGVIXI&IEQWMR&IRHMRKx4VSGIIHMRKW7)16-0)1
-RXIVREXMSREP 'SRJIVIRGI SR *VEGXYVI SJ 'SRGVIXI ERH
6SGO747LELERH7)7[EVX^IHW,SYWXSR8I\
6ILQ+ERH)PMKILEYWIR6w0ETTIH7TPMGIWSJ
(IJSVQIH&EVW9RHIV6ITIEXIH0SEHMRKW 9FIVKVIMJYRKWW
XS&I ZSR 6MTTIRWXELPIR YRXIV RMGLX VYLIRHIV &IPEWXYRK x
&IXSR9RH7XELPFIXSRFEY &IVPMR 2STT
6SWLSVI)'w*MIPH)\TSWYVI8IWXWSJ6IMRJSVGIH
'SRGVIXI&IEQWx%'-.3962%0 4VSGIIHMRKW:2S
1E]TT
7ERHIVW(,&VIIR.)ERH(YRGER---66
w7XVIRKXLERH&ILEZMSVSJ'PSWIP]7TEGIH4SWX8IRWMSRIH
1SRSWXVERH%RGLSVEKIWx48-6ITSVX3GXTT
7GLPEMGL . 7GLEJIV / ERH .IRRI[IMR 1 w8S[EVH E 'SRWMWXIRX (IWMKR SJ 7XVYGXYVEP 'SRGVIXIx
4'-.SYVREP:2S1E].YRITT
7GLVEHIV ) / ERH 1YRGL % : w(IGO 7PEF
6ITEMVIH F] *MFVSYW 'SRGVIXI 3ZIVPE]x 4VSGIIHMRKW
%7'):2S'31EVTT
7GLVEHIV)/*S[PIV(;/EHIR6%ERH7XIF
FMRW6.w4SP]QIV-QTVIKREXMSR9WIHMR'SRGVIXI
6ITEMVW SR 'EZMXEXMSR)VSWMSR (EQEKIx 4SP]QIVW MR
'SRGVIXI 74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1MGLTT
7GLYTEGO1w(YVEFMPMX]SJ7*6')\TSWIHXS
7IZIVI)RZMVSRQIRXWx7XIIP*MFIV'SRGVIXI747LEL
ERH%7OEVIRHELPIHW)PWIZMIV%TTPMIH7GMIRGI4YFPMWLIVW
0SRHSRTT
7LEL74ERH&EXWSR+&IHW*MFIV6IMRJSVGIH
'SRGVIXI 4VSTIVXMIW ERH %TTPMGEXMSRW 74 %QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
7LEL74ERH'LERHVE7w*VEGXYVISJ'SRGVIXI
7YFNIGXIHXS']GPMGERH7YWXEMRIH0SEHMRKx%'-.3962%0
4VSGIIHMRKW:2S3GX
7LEL740YHMVNE(ERH(ERMIP.-w8SYKLRIWW
SJ +PEWW *MFIV 6IMRJSVGIH'SRGVIXI 4ERIPW 7YFNIGXIHXS
%GGIPIVEXIH%KMRKx 4'-.SYVREP:2S 7ITX3GX
TT
7LEL74ERH1G+EVV]*.w+VMJJMXL*VEGXYVI
'VMXIVMEERH'SRGVIXIx.SYVREPSJXLI)RKMRIIVMRK1IGLERMGW
(MZMWMSR 4VSGIIHMRKW %7') : 2S )1 (IG
TT
7LEL74ERH2EEQER%)w1IGLERMGEP4VST
IVXMIW SJ +PEWW ERH 7XIIP *MFIV 6IMRJSVGIH 1SVXEVx %'.3962%0 4VSGIIHMRKW.ERTT
7LEL74ERH7OEVIRHELP%7XIIP*MFIV'SRGVIXI
)PWIZMIV%TTPMIH7GMIRGI4YFPMWLIVW0SRHSRTT
7LEL 7 4 ERH 7PEXI * 3 w-RXIVREP 1MGVSG
VEGOMRK 1SVXEV%KKVIKEXI &SRH ERH XLI 7XVIWW7XVEMR
'YVZISJ'SRGVIXIx4VSGIIHMRKW-RXIVREXMSREP'SRJIVIRGI
SRXLI7XVYGXYVISJ'SRGVIXI 0SRHSR7ITX 'IQIRX
ERH'SRGVIXI%WWSGMEXMSR0SRHSRTT
7LEL74ERH;MRXIV+w-RIPEWXMG&ILEZMSVERH
*VEGXYVI SJ 'SRGVIXIx %'- .3962%0 4VSGIIHMRKW : 2S7ITXTT
7PEXI*3ERH1EXLIYW6)w:SPYQI'LERKIW
SR7IXXMRKERH'YVMRKSJ'IQIRX4EWXIERH'SRGVIXIJVSQ
>IVSXS7IZIR(E]Wx%'-.3962%0 4VSGIIHMRKW:2S
.ERTT
7TSSRIV('w8LI7XVIWW7XVEMR6IPEXMSRWLMTJSV
,EVHIRIH 'IQIRX 4EWXIW MR 'SQTVIWWMSRx 1EKE^MRI SJ
'SRGVIXI6IWIEVGL0SRHSR:2S.YRITT
7TSSRIV('ERH(SYKMPP.;w%5YERXMXEXMZI
%WWIWWQIRX SJ (EQEKI 7YWXEMRIH MR 'SRGVIXI HYVMRK
'SQTVIWWMZI0SEHMRKx1EKE^MRISJ'SRGVIXI6IWIEVGL
0SRHSR:2S7ITXTT
7TSSRIV('4SQIVS]'(ERH(SYKMPP.;
w(EQEKI ERH )RIVK] (MWWMTEXMSR MR 'IQIRX 4EWXIW MR
'SQTVIWWMSRx 1EKE^MRISJ'SRGVIXI6IWIEVGL0SRHSR:
2S1EVTT
7XIZIRW6*w8IWXWSR4VIWXVIWWIH6IMRJSVGIH
'SRGVIXI&IEQWx'SRGVIXI0SRHSR:2S2SZ
TT
7XSRI;'ERH&VIIR.)Ew&ILEZMSVSJ4SWX
8IRWMSRIH+MVHIV%RGLSVEKI>SRIWx4'-.SYVREP:
2S.ER*IFTT
7XSRI;'ERH&VIIR.)Fw(IWMKRSJ4SWX
8IRWMSRIH+MVHIV %RGLSVEKI >SRIWx 4'- .SYVREP : 2S1EV%TVTT
7XYVQER+17LEL74ERH;MRXIV+w)JJIGXW
SJ *PI\YVEP 7XVEMR +VEHMIRXW SR 1MGVS'VEGOMRK ERH 7XVIWW
7XVEMR&ILEZMSVSJ'SRGVIXIx %'-.3962%0 4VSGIIHMRKW
:2S.YP]TT
'3286303*'6%'/-2+-2'32'6)8)7869'896)7
7YEVMW ; ERH *IVRERHS : w9PXVEWSRMG 4YPWI
%XXIRYEXMSREWE1IEWYVISJ(EQEKI+VS[XLHYVMRK']GPMG
0SEHMRKSJ'SRGVIXIx%'-1EXIVMEPW.SYVREP:2S
1E].YRITT
7YVM/1ERH(MPKIV;,w'VEGO;MHXLSJ
4EVXMEPP]4VIWXVIWWIH'SRGVIXI1IQFIVWx%'- .3962%0
4VSGIIHMRKW:2S7ITX3GXTT
7Y^YOM / ERH =SWLMXIVY 3 w'EPGYPEXMSR SJ
'VEGO;MHXLERH'VEGO'SRXVSP(IWMKRSJ44'1IQFIVWx
2%83%HZERGIH6IWIEVGL;SVOWLSTSR4EVXMEP4VIWXVIWWMRK
4EVMWTT
7[EVX^7)ERH+S'+w:EPMHMX]SJ'SQTPMERGI
'EPMFVEXMSRXS'VEGOIH'SRGVIXI&IEQWMR&IRHMRKx)\TIV
MQIRXEP1IGLERMGW7)1:2STT
8EQ/7ERH7GERPSR%w(IJPIGXMSRSJ8[S
;E]7PEFWERH8VERWZIVWI0SEHWx%'-.3962%0 4VSGIIHMRKW
:2S7ITX3GXTT
8IWXE6&ERH7XYFFW2w&SRH*EMPYVIERH
-RIPEWXMG 6IWTSRWISJ 'SRGVIXIx .SYVREP SJ XLI )RKMRIIVMRK
1IGLERMGW(MZMWMSR%7'):2S)1%TV
TT
8VS\IPP+)6ETLEIP.1ERH(EZMW6)w0SRK
8MQI 'VIIT ERH 7LVMROEKI 8IWXW SJ 4PEMR ERH 6IMRJSVGIH
'SRGVIXIx4VSGIIHMRKW%781:TT
97&6'SRGVIXI1ERYEPXL)HMXMSR97&YVIEY
SJ6IGPEQEXMSRTT
:IVFIGO+.w'EVFSREXMSRSJ,]HVEXIH4SVXPERH
'IQIRXx 'IQIRX ERH 'SRGVIXI 784 %QIVMGER
7SGMIX] JSV 8IWXMRK ERH 1EXIVMEPW ;IWX 'SRWLSLSGOIR
4IRRTT
;EPOIV%.ERH0EROEVH(6w&VMHKI(IGO
6ILEFMPMXEXMSR[MXL7XIIP*MFVSYW'SRGVIXIx4VIWIRXIHEX
XLI8LMVH-RXIVREXMSREP)\TSWMXMSRSR'SRGVIXI'SRWXVYGXMSR
2I[3VPIERW0%.ER &EXXIPPI'SPYQFYW0EFSVEXSVMIW
;MXXQERR*,*VEGXYVI8SYKLRIWWERH*VEGXYVI
)RIVK] SJ 'SRGVIXI )PWIZMIV 7GMIRGI 4YFPMWLIVW 8LI
2IXLIVPERHW
;MPWSR)0w8LI(IXIVQMREXMSRSJ8IQTIVEXYVIW
[MXLMR1EWW'SRGVIXI7XVYGXYVIWx6ITSVX2S7XVYGXYVEP
)RKMRIIVMRK 0EFSVEXSV] 9RMZIVWMX] SJ 'EPMJSVRME &IVOIPI]
'EPMJ(IG
;SSHW , (YVEFMPMX] SJ 'SRGVIXI 'SRWXVYGXMSR
1SRSKVETL2S%QIVMGER'SRGVIXI-RWXMXYXI-S[E7XEXI
9RMZIVWMX]*EVQMRKXSR,MPPW1MGLTT
=ERK7ERH'LIR.w&SRH7PMTERH'VEGO;MHXL
'EPGYPEXMSRWSJ8IRWMSR1IQFIVWx%'-7XVYGXYVEP.SYVREP
:2S.YP]%YKTT
=IVPMGM:%w1MRMQYQ;EPP8LMGORIWWSJ'MVGYPEV
'SRGVIXI8EROWx4YFPMGEXMSR 2S---RXIVREXMSREP%WWSGME
XMSRJSV&VMHKIERH7XVYGXYVEP)RKMRIIVMRK>YVMGLT
6
=SWLMQSXS % 3KMRS 7 ERH /E[EOEQM 1 w1MGVSGVEGOMRK)JJIGXSR*PI\YVEP7XVIRKXLSJ'SRGVIXI
EJXIV 6ITIEXIH 0SEHMRKx %'- .3962%0 4VSGIIHMRKW: 2S%TVTT
=SWLMQSXS % 3KMRS 7 ERH /E[EOEQM 1 w1MGVSWGSTMG'VEGOWMR'IQIRX1EXVM\ERH(IJSVQEXMSR
&ILEZMSVSJ'SRGVIXIx 4VSGIIHMRKWXL.ETER'SRKVIWW
SR1EXIVMEPW6IWIEVGLTT
=XXIVFIVK6*w7LVMROEKIERH'YVPMRKSJ7PEFWSR
+VEHIx 'SRGVIXI-RXIVREXMSREP (IWMKR ERH 'SRWXVYGXMSR
:2S%TVTT
>MIPMRWOM.0ERH6S[I6)w%R-RZIWXMKEXMSR
SJXLI7XVIWW(MWXVMFYXMSRMRXLI%RGLSVEKI>SRIWSJ4SWX
8IRWMSRIH'SRGVIXI1IQFIVWx8IGLRMGEP6ITSVX2S
'IQIRXERH'SRGVIXI%WWSGMEXMSR0SRHSR7ITXTT
{3XLIVVIJIVIRGIW
%'- 'SQQMXXII w6IGSQQIRHIH 4VEGXMGI JSV
)ZEPYEXMSR SJ 7XVIRKXL 8IWX 6IWYPXW SJ 'SRGVIXI x
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
%'- 'SQQMXXII w'SRXVSP SJ 'VEGOMRK MR
'SRGVIXI7XVYGXYVIW 6 x%QIVMGER'SRGVIXI-RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
%'-'SQQMXXIIw'VEGOMRKSJ'SRGVIXI1IQFIVW
MR(MVIGX8IRWMSR 6 x%QIVMGER'SRGVIXI-RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
%'- 'SQQMXXII w'EYWIW )ZEPYEXMSR ERH
6ITEMV SJ 'VEGOW MR 'SRGVIXI 7XVYGXYVIW 6 x
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
%'-'SQQMXXIIw4VIGEWX'SRGVIXI9RMXW9WIH
EW*SVQWJSV'EWXMR4PEGI'SRGVIXI 6 x%QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL
%'-'SQQMXXIIw6ITSVXSR*MFIV6IMRJSVGIH
'SRGVIXI 6 x %QIVMGER 'SRGVIXI -RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
%781 ' w8IWX 1IXLSH JSV 'VIIT SJ 'SRGVIXI MR
'SQTVIWWMSRx%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4E
%781 ' w7TIGMJMGEXMSRW JSV &PIRHIH ,]HVEYPMG
'IQIRXx%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4E
+S]EP & & IH (IWMKRMRK JSV 'VIIT ERH
7LVMROEKI MR 'SRGVIXI 7XVYGXYVIW 74 %QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
(IWMKRMRKJSV)JJIGXWSJ'VIIT7LVMROEKIERH8IQTIVEXYVI
MR'SRGVIXI7XVYGXYVIW74%QIVMGER'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
2IZMPPI % 1 IH 7]QTSWMYQ SR 'VIIT SJ
'SRGVIXI 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1MGLTT
%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI
%W %'- FIKMRW MXW WIGSRH GIRXYV] SJ EHZERGMRK GSRGVIXI ORS[PIHKI MXW SVMKMREP GLEVXIVIH TYVTSWI
VIQEMRW wXS TVSZMHI E GSQVEHIWLMT MR JMRHMRK XLI FIWX [E]W XS HS GSRGVIXI [SVO SJ EPP OMRHW ERH MR
WTVIEHMRKORS[PIHKIx-ROIITMRK[MXLXLMWTYVTSWI%'-WYTTSVXWXLIJSPPS[MRKEGXMZMXMIW
›8IGLRMGEPGSQQMXXIIWXLEXTVSHYGIGSRWIRWYWVITSVXWKYMHIWWTIGMJMGEXMSRWERHGSHIW
›7TVMRKERHJEPPGSRZIRXMSRWXSJEGMPMXEXIXLI[SVOSJMXWGSQQMXXIIW
›)HYGEXMSREPWIQMREVWXLEXHMWWIQMREXIVIPMEFPIMRJSVQEXMSRSRGSRGVIXI
›'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]
›7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW
›7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME
›*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW
›4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP
&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW
%W E QIQFIV SJ %'- ]SY NSMR XLSYWERHW SJ TVEGXMXMSRIVW ERH TVSJIWWMSREPW [SVPH[MHI [LS WLEVI E
GSQQMXQIRX XS QEMRXEMR XLI LMKLIWX MRHYWXV] WXERHEVHW JSV GSRGVIXI XIGLRSPSK] GSRWXVYGXMSR ERH
TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
EXEPSGEPPIZIP
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
*E\
[[[GSRGVIXISVK
'SRXVSPSJ'VEGOMRKSJ'SRGVIXI7XVYGXYVIW
8LI%1)6-'%2'32'6)8)-278-898)
[EWJSYRHIHMREWERSRTVSJMXQIQFIVWLMTSVKERM^EXMSRHIHMGEXIHXSTYFPMG
WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW
8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR
-RHMZMHYEPWMRXIVIWXIHMRXLIEGXMZMXMIWSJ%'-EVIIRGSYVEKIHXSFIGSQIEQIQFIV
8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW
1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-
[[[GSRGVIXISVK
%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI