Table Of Content2I[WPIXXIV JSV
& M V H [ E X G L I V W
:SP 2S .ER*IF
:7ERXLEVEQ7RILEP4EXIP%EWLIIWL4MXXMI0X+IR&EPNMX7MRKL
:SP 2S .ER*IF
%RMWL %RHLIVME%QIIR %LQEH (ERMIP ;IWPI] %EQMV%PM ERH
%.9VJM -VITIEXXLMWPMWXMWMPPYWXVEXMZIRSXGSQTVILIRWMZI
)HMXSVMEP
8LIVILEWFIIREJVIWLMRJPY\SJ[VMXIVWERMQTSVXERXEWWIXJSVE
0SSOMRK FEGO
TYFPMGEXMSR 7EXMWL 4ERHI ERH LMW GSPPIEKYIW JVSQ 4YRI LEZI
'SQQSR ERH 7GMIRXMJMG REQIW WYTTPMIH ZIV] MQTVIWWMZI QEXIVMEP ERH [SR XLI ;MPPMEQ
7IPSZIV+VERXJSVXLIMVTVSNIGXSRXLIW[MJXPIXWSJ:IRKYVPE8LIMV
6IZMI[
I\TIHMXMSRWXSXLI JSVFMHHMRK:IRKYVPE6SGOWJEVJVSQXLIGSEWX
MRXLI%VEFMERWIEERHWYFWIUYIRXEXXIQTXWXSWEZIXLIIHMFPI
%VXMGPIW
RIWXW[MJXPIXW JVSQHEQEKI[EWETTPEYHIH[MHIP]IZIRF] XLI
6IKIRIVEXMSR SJ 4EQFEV 7LSPE /SHEMOEREP
F] &SF HMJJMGYPX 1ERIOE +ERHLM FIGEYWI XLI] MRZSPZIH GMXM^IRW ERH
7XI[EVXERH8ER]E&EPGEV SJJMGMEPWEPMOIMRTPE]MRKETTVSTVMEXIVSPIW 8LI[MPPMRKRIWWSJXLI
'SEWX+YEVHWXSNSMRMRXLIGSRWIVZEXMSRIJJSVXMW PMOIP]XSFISJ
*EXI SJ XLI :IPEGLIV]4EPMOEVREM 1EVWL SJ 'LIRREM
PEWXMRKFIRIJMXXSXLIFMVHW&2EVE]ER(IFWEVXMGPISR[LMWXPMRK
F]6.6ERNMX(ERMIPW
XIEPWMRXLIPEWXMWWYISJXLI]IEV[EWEPSZIP]I\EQTPISJQER
&MVH[EXGLMRK MR XLI +EVL[EP ,MQEPE]EW F] EWWMWXMRK PIWWIV GVIEXYVIW [MXLSYX MR ER] [E] MRXIVJIVIMRK [MXL
:7ERXLEVEQ IWWIRXMEPREXYVEPTVSGIWWIW8LISFNIGXMSRWVEMWIHMRERIEVPMIV
GEWIEFSYXXVERWJIVVMRKIKKWJVSQXLIRIWXWSJGMWXMGSPEWXSTVMRMEW
0MWXSJ&MVHWSFWIVZIHHYVMRKXLITIVMSHJVSQ
HSIW RSX ETTP] XS XLI IJJSVXW MRZSPZIH MR WEZMRK XLI [LMWXPIVW
XS EX 1YVYH 1ELEVEWXVE F] /MVER :EWERX
[LMGLLEHGLSWIRSRXLIMVS[R XSRIWXSRXLIVSSJSJEFYMPHMRK
4YVERHEVI
;IEVIEPPLETT]XLEX76ERKEW[EQMJSYRHIVSJXLI-RWXMXYXISJ
8IVRW 2IWXMRK SR XLI :IRKYVPE 6SGOW %VGLMTIPEKS
&MVH7XYHMIWERH2EXYVEP,MWXSV]EX6MWLM:EPPI]ERHXLIGVIEXSV
F](V7EXMWL%4ERHI
SJXLIMQEKMREXMZI,SQI7XYH]'SYVWIMR3VRMXLSPSK]LEWFIIR
4EMRXIH7XSVOWEFERHSRRIWXMRKGSPSR]EX&LEZREKEV LSRSYVIH F] XLI GSRJIVQIRX SJ 7ERGXYEV]%&2%163 +VIIR
+YNEVEXF]-6+EHLZM 8IEGLIV%[EVH-XMWRSXSRP]MRXLIGPEWWVSSQXLEXLIMWE
WYGGIWW8LIKVIIRIV]MR6MWLM:EPPI]S[IWQYGLXSLMQ
'SVVIWTSRHIRGI
&YX EPP XLI KVIIRIV] SJ XLI [SVPH [MPP KS MJ XLI [EV GPSYHW RS[
'SQQIRXWSRXLI2I[WPIXXIVF]/YQEVER7EXLEWMZEQ PSSQMRK SR XLI LSVM^SR HIZIPST MRXS E RYGPIEV LSPSGEYWX 3RI
9RYWYEPP]0EVKI'SRKVIKEXMSRSJ+PSWW]-FMWEX 1EHYVEM GERSRP]LSTIXLEXXLITVSTSWEPXSGSRZIVX7MEGLMRMRXSE4IEGI
4EVO VITSVXIH MR XLI .YP] %YKYWX MWWYI [MPP FI EGGITXIH ERH
F]8&EHLVM2EVE]ERERERH/YQEVER7EXLEWMZEQ
TVSZIXSFIXLIJMVWXWXITMRHMJJYWMRKXIRWMSRFIX[IIR-RHMEERH
;SSHTIGOIVTMGOMRKYTMRWIGXWJVSQERIPIGXVMGTSWXF] 4EOMWXERERH SJGSYVWI WEZIXLI KPSVMSYWWRS[GPEH TIEOWSJ
/6ERXREQ XLI ,MQEPE]EW XLI TVSZMHIV SJ [EXIV XS SYV TPEMRW
JVSQ XLI
6ISGGYVVIRGI SJ (IQSMWIPPI GVERI MR 1]WSVI HMWXVMGX TSPPYXMSR [LMGL[EVQSRKIVMRKMRZSPZIW
F]%7LMZE4VEOEWL76EQIWERH11SLEROYQEV 'SQQSRERH7GMIRXMJMGREQIW
4VSZIQI[VSRKF]0EZOYQEV/LEGLIV )\GITXMRXLIGEWISJXLIGSQQSRIWXFMVHW GVS[WERHWTEVVS[W
TPIEWI QIRXMSR XLI WGMIRXMJMG REQIW EW [IPP ERH EPWS MRHMGEXI
8LI%RXMGWSJE1SRKSSWIF]7+2IKMRLEPP
[LIXLIV]SYEVIEPPYHMRKXSXLISPHIVFSSOW ;LMWXPIV7EPMQ%PM
7XYEVX&EOIVIXG
SVXLIVIGIRXSRIW +VMQQIXX-RWOMTT-RWOMTT
%RRSYRGIQIRX
ERHSXLIVW
-RXLII\GIPPIRXEVXMGPIF]:7ERXLEVEQSRXLIFMVHW
6IUYIWXJSVMRJSVQEXMSREFSYXFMVHWSJ1]WSVI6IKMSR
SJ+EVL[EPWIZIVEPRI[REQIW ;LMXIXLVSEXIHPEYKLMRKXLVYWL
F]78LINEW[ERM WSSX] JP]GEXGLIVW
EVI HMJJGYPX XS GSRRIGX [MXL JEQMPMEV PMXIVEXYVI
[LIR XLI GSQQSR REQIW XSS LEZI FIIR GLERKIH /MVER
4YVERHEVIERH/70EZOYQEVLEZIFIIRZIV]LIPTJYPF]VIJIVVMRK
XS XLI SPHIV REQIW EW [IPP /7 0EZOYQEV [LS [VMXIW TEMRW
XEOMRKP] [MXL LMW ERGMIRX 2S #
RMF HMTTIH MRXS 'EQIP MRO MW
VIUYIWXIHXSYWIGETMXEPWJSVFMVHREQIW8LI'VMQWSRWYRFMVH
0SSOMRKFEGO [SYPHLEZIETTIEVIHEW+MQWSRWYRFMVHMJXLIGSQTYXIVSTIVEXSV
-XEOIMXXLEXEPPSYVVIEHIVWORS[XLEX-[MWLXLIQLETTMRIWWERH LEHLIV[E]
TVSWTIVMX]MRXLIQSRXLWXSGSQI4IVLETWMXMW[SVXL[LMPIPSSOMRK
6IZMI[
SZIVSYVWLSYPHIVWERHLEZMRKEKPERGIEXXLIIZIRXWERHEVXMGPIW
-R LMW JSVI[SVH XS 4VEOEWL +SPIW 2EXYVI 'SRWIVZEXMSR ERH
SJXLITEWX]IEVXLVSYKLXLIWM\MWWYIWSJSYV2I[WPIXXIV0SSOMRK
7YWXEMREFPI(IZIPSTQIRXMR-RHME 6E[EX4YFPMGEXMSRW TT
FEGOSZIVXLIVSEHXVEZIPPIHMWEKSSH[E]SJWXEVXMRKSREJVIWL
6W
%RMP%KEV[EPXLIKIRMYW[LSQEHIIZIRTSPMXMGMERWWMX
NSYVRI]
YTERHXEOIRSXISJXLIZEPYISJXLIREXYVEPIRZMVSRQIRXWE]W
;ILEZIJSVXYREXIP]RS[SRLERHEWIXSJGSRXVMFYXSVW[LSGER 8LI 1MRMWXV] SJ )RZMVSRQIRX ERH *SVIWXW PEVKIP] EGXW EW E
FI I\TIGXIH XS OIIT YW [IPP WYTTPMIH [MXL EVXMGPIW ERH RSXIW- TVSXIGXSVSJXLIIRZMVSRQIRXFYXRSXEWEREKIRG][LMGLIRWYVIW
GERRSXPMWXEPPSJXLIQFYXEJI[REQIWWXERHSYX /70EZOYQEV XLEXXLI[SVOWSJSXLIVQMRMWXVMIW[LMGLYRHIVXEOIEKVMGYPXYVEP
2SXI %PPWYFWGVMTXMSRW
VIPEXIHGSVVIWTSRHIRGIWWLSYPHFIWIRXSRP]XSXLI4YFPMWLIVERHRSXXSXLI)HMXSV
2I[WPIXXIVJSV&MVH[EXGLIVW
IGSRSQMG VYVEP SV YVFER HIZIPSTQIRXW MRXIKVEXI IRZMVSRQIRX -RXLIGLETXIVSR)RZMVSRQIRXEP)GSRSQMGWXLIEYXLSVQEOIW
[MXL XLIMV EGMXMZMXMIW %W E VIWYPX SRP] XLI GMZMP WSGMIX] MW PIJX XS E VIQEVO [LMGL MW [SVXL TSRHIVMRK SZIV 3RP] TPERXW LEZI XLI
IRWYVIXLEXXLMWSFNIGXMZIMWSTIVEXMSREPM^IH-XEPWSQIERWXLEX EFMPMX]XSTVSHYGIEWYVTPYWF]YWMRKXLIIRIVK]SJXLIWYR[MXLSYX
ER EGXMZMWX PMOI 4VEOEWL +SPI LEW XS TPE] E OI] VSPI XS IRWYVI ER] ETTEVIRX GSWXW -R IZIV]XLMRK IPWI MRGVIEWMRK TVSHYGXMSR
IRZMVSRQIRXEPP]WSYRHIGSRSQMGHIZIPSTQIRXEGVSWWXLIFSEVH JVSQJMRMXIVIWSYVGIWVIWYPXWMRERYRWYWXEMREFPITSWMXMSRMRXLI
GSYVWI SJ XMQI
8LIMQTPMGEXMSRMWXLEXXLI1MRMWXV]SJ)RZMVSRQIRXLEWRSXTPE]IH
MXWTEVXMRWEZMRKSYVREXYVEPIRZMVSRQIRX1ER]]IEVWEKS-RHMVE 8LI GLETXIVW VIPEXMRK XS [EXIV QEREKIQIRX EVI SJ TEVXMGYPEV
+ERHLMWIXYTE'SQQMXXIIXSQEOIVIGSQQIRHEXMSRWJSVWIXXMRK MRXIVIWXEXXLITVIWIRXXMQI[LIRMXMWGPIEVXSIZIV]SRIXLEXXLI
YTERSVKERM^EXSR[LMGL[SYPHIRWYVIXLITVSXIGXMSRSJXLIREXYVEP WLSVXEKISJ[EXIVMWKSMRKXSFISRISJXLIQSWXWIVMSYWTVSFPIQW
IRZMVSRQIRX3RISJXLIWYKKIWXMSRWSJXLI'SQQMXXII[EWXLEX SJ XLI GSQMRK HIGEHIW &] E GEVIJYP WXYH] SJ XLI IGSPSK] SJ
IEGL 1MRMWXV] WLSYPH LEZI ER )RZMVSRQIRXEP %HZMWSV NYWX EW MX WXVIEQWERHVMZIVWLIWYKKIWXWXLEXXLIETTVSTVMEXIVILEFMPMXEXMSR
LEWE*MRERGMEP%HZMWSV -RXLIEFWIRGISJWYGLEREVVERKIQIRX SJGEXGLQIRXWERHXLIFEROWSJ[EXIVGSYVWIWXLVSYKLSYXXLIMV
XLI 1MRMWXVMIW LEZI FIIR TVSGIIHMRK SR XLIMV S[R [MXL XLIMV PIRKXL [SYPH VIWYPXMR XLI TIVIRRMEP JPS[SJWXVIEQW [LMGL RS[
TVSNIGXW[MXLSYXXEOMRKXLIIRZMVSRQIRXEPEWTIGXWMRXSEGGSYRX HV]YTMRWYQQIV8LMW[SYPHLEZIXLIEHHIHEHZERXEKISJSYV
&]XLIXMQIXLI]EWOJSVEHZMGIMXMWYWYEPP]XSSPEXI RSXLEZMRKXSVIWSVXXSPEVKIHEQW[LMGL VIWYPXMRXLIWYFQIVKIRGI
SJZEPYEFPIJSVIWXWERHEVEFPIPERH
-X MW XLIVIJSVI PIJX XS TISTPI PMOI +SPI E WTIGMIW [LMGL MW ZIV]
-RLMWWYVZI]W+SPILEWSJXIRVIPMIHSRFMVHWXSEGXEWTSMRXIVWXS
VEVI
XSIRWYVIXLEXSYVTL]WMGEPIRZMVSRQIRXMWRSXYRRIGIWWEVMP]
IGSPSKMGEPGSRHMXSRW-RXLI&LMQEWLEROEV;MPHPMJI7ERGXYEV]LI
HEQEKIHF]HIZIPSTQIRX3RISJXLIZIV]MQTSVXERXXLMRKW[LMGL
LEWPMWXIHWTIGMIWSYXSJ[LMGLEVIJSVIWXFEWIH%QSRK
+SPIMWHSMRKMWXSKMZIPIWWSRWMRIGSPSK]XSXLIMVVMKEXMSRSJJMGIVW
XLIQ EVI WIZIVEP IRHIQMG SV VIWXVMGIHVERKI WTIGMIW WYGL EW
SJ XLI 1ELEVEWXVE +SZIVRQIRX 8LMW MW SJ GSYVWI GVYGMEP WMRGI
XLI 2MPKMVM [SSH TMKISR [LMXIGLIIOIH FEVFIX 1EPEFEV PEVO
[EXIVMWKSMRKXSFISRISJXLIQEMRTVSFPIQWSJXLIJYXYVI
]IPPS[FVS[IHFYPFYP[LMXIFIPPMIHFPYIJP]GEXGLIVERH1EPEFEV
3RI TSWMXMZI GLEVEGXIVMWXMG SJ +SPIW [SVO ERH [VMXMRK MW XLI [LMWXPMRKXLVYWL8LIWIFMVHWSRP]WYVZMZI MRIZIVKVIIRJSVIWXW
EFWIRGISJEQFMKYMX]*SVMRWXERGILIMWGPIEVMRLMWETTVSEGL WSXLEXMWEREHHIHVIEWSR[L]XLIWIJSVIWXWWLSYPHFITVSXIGXIH
XLEX 2EXMSREP 4EVOW ERH 7ERGXYEVMIW WLSYPH FI PIJX IRXMVIP] XS XS XLI JYPP 7MQMPEVP] XLIVI EVI WTIGMIW ZIV] HITIRHIRX SR
REXYVI,ILEWIQTLEWM^IHMRLMWIEVPMIV[VMXMRKWXLEXTVSXIGXIH HIGMHYSYW JSVIWXW ERH SXLIVW [LMGL I\MWX MR SXLIV IGSPSKMGEP
EVIEWSGGYT]SRP] SJ-RHMEWPERHERHXLEXMXMWXLIHYX]SJXLI RMGLIW&MVHWMRJEGXGSRJMVQXSYWEKEMRMJWYGLGSRJMVQEXMSRMW
SXLIV XS PSSO EJXIV XLI XVMFEPW ERH SXLIVW [LS QE] FI RIIHIH XLEX XLI JYPP VERKI SJ IGSPSKMGEP RMGLIW LEW XS FI
HMWTPEGIHMRXLIGEYWISJGSRWIVZEXMSR,IWIIQWXSFIGSRJMHIRX TVSXIGXIH MJ REXYVI LEW XS TIVJSVQ IJJIGXMZIP] ERH XS VIQEMR E
XLEX XLMW GER FI HSRI MJ [I HIGMHI SR E REXMSR[MHI PEFSYV PMJIWYTTSVXW]WXIQJSVYWERHJSVSXLIVPIWWIVGVIEXYVIW
MRXIRWMZI IQTPS]QIRXSVMIRXIH ERH HIGIRXVEPM^IH WGLIQI SJ
+SPIW[VMXMRKWEVIEP[E]WMRGMWMZI-LSTIEHQMRMWXVEXSVW[MPPVIEH
VIWXSVEXMSRSJREXYVIFEWIHSRTISTPIWTEVXMGMTEXMSR
ERHEFWSVFXLMWFSSO
6IKIRIVEXMSR SJ 4EQFEV 7LSPE /SHEMOEREP
&3&78);%68ERH8%2=%&%0'%6:EXXEOEREP'SRWIVZEXMSR8VYWX7LSPE8VII2YVWIV]
43&S\ /SHEMOEREP 8EQMP2EHY
;ILEZIFIIRIRKEKIHMREPSRKXIVQTVSNIGXXSGSRWIVZIERH XLI4EQFEV7LSPE 8LI[LMXIFIPPMIHWLSVX[MRKMRTEVXMGYPEVLEW
VIWXSVIXLI4EQFEV7LSPEERHMXWIRZMVSRWRIEV/SHEMOEREPJSV FIIR WSQIXLMRK SJ ER IRMKQE XS YW WMRGI )VMG 0SXX 6IZ VIXH
WSQI]IEVW 8LI7LSPEWVIGSZIV]YRHIVXLIWXI[EVHWLMTSJ KEZIYWETLSXSSJXLIFMVHMR XSQEOITSWXGEVHW %PXLSYKL
XLIPSGEPTISTPITEVXMGYPEVP]:EXXEOEREP3VKERMWEXMSRJSV=SYXL XLITLSXS[EWXEOIRMRXLI4EQFEV7LSPE[ILEHRSXWIIRXLMW
'SQQYRMX]ERH)RZMVSRQIRX :3=')
MWUYMXIVIQEVOEFPI 8LMW FMVH YRXMP .YP] XLMW ]IEV ;I [IVI QETTMRK E TEXL XLVSYKL XLI
TVSGIWWVIGIMZIHEFSSWX[LIRXLI*SVIWX(ITEVXQIRXETTVSZIH 7LSPEEREVIEZIV]GPSWIXSSYVZMPPEKISJ:EXXEOEREP 8LMWEVIE
VIKIRIVEXMSRGYQVIWIEVGLTVSKVEQQIJSVXLIHIKVEHIHQEVKMRW [EWLIEZMP]I\TPSMXIHMRXLITEWXFYXMWRS[WIPJVIKIRIVEXMRK -X
SJ XLI 7LSPE %W GSRWIVZEXMSRMWXW SYV ZSGEXMSR MW QSVI MR XLI KEZIYWKVIEXTPIEWYVIXSWIIXLMWIPYWMZIFMVHEQSRKWYGLZIVHERX
JMIPHSJFSXER]XLERSVRMXLSPSK]FYXMQEKMRIEJSVIWX[MXLSYXFMVHW GMVGYQWXERGIW MR E WTSX XLEX [EW SRGI XLI WGIRI SJ VSYXMRI
&MVH[EXGLMRKLEWFIIRERIRNS]EFPIWMHIPMRIXSSYV[SVOERH[I HIWXVYGXMSR
LEZI XVMIH XS FI KSSH EX MX FYX SYV EQEXIYVMWLRIWW [EW
3XLIVVIHPMWXIHFMVHWSJXLI7LSPELEZIFIIRJVIUYIRXZMWMXSVWXS
YRHIVPMRIH MR 1EVGL [LIR %PER 1SVPI] [MXL E PMJIXMQI SJ
XLIGIRXVISJXLIZMPPEKIWMRGIXVIITPERXMRKFIKERMRIEVRIWXMR
I\TIVMIRGIEHHIH WTIGMIW MR HE]W XS SYVPMWX SJ RSXIH
8LI] MRGPYHI XLI 2MPKMVM ZIVHMXIV JP]GEXGLIV ERH PIWW
SZIV E TIVMSH SJ ]IEVW ,MW EHHMXMSRW HIQSRWXVEXIH XS YW
JVIUYIRXP]XLIFPEGOERHSVERKIJP]GEXGLIV;I[IVIWYVTVMWIHXS
[LEXERMQTSVXERXFMVHLEFMXEXSYVPSGEPMX]MWGSRWMWXMRKSJ7LSPEW
WII.IVHSRWPEYKLMRKXLVYWLPMWXIHEW RIEVXLVIEXIRIH EWMXMW
KVEWWPERHW SVGLEVHW GSXXEKI KEVHIRW ERH WSEVMRK GPMJJW EPP EX
WSYFMUYMXSYWMRXLIKEVHIRWERHSVGLEVHWSJXLIZMPPEKI[LMGLMX
Q ETTVS\
WIIQWXSTVIJIVXSMXWREXMZITPEGIMRXLI7LSPE[LIVIMXMWQSVI
8LIMQTSVXERGI[EWJYVXLIVYRHIVPMRIHF]XLI;SVPH6IH(EXE YWYEPP] LIEVH XLER WIIR )EVPMIV MR XLI ]IEV SRI TEMV VEMWIH E
PMWX[LMGLMRGPYHIHXLI2MPKMVM[SSHTMKISR2MPKMVMJP]GEXGLIVERH FVSSH MR XLI HIRWI GSZIV SJ SYV 7LSPE WETPMRKW MR XLIMV TPEWXMG
XLI[LMXIFIPPMIHWLSVX[MRKEPPSJ[LMGLGERFIJSYRHMRERHEVSYRH FEKWVMKLXRI\XXSEFYW]FEKKMRKEVIE8[SSXLIVWSJSYV VIH
2I[WPIXXIVJSV&MVH[EXGLIVW
HEXE FMVHWLEZIWSJEVRSXQEHIERETTIEVERGIMRXLIRYVWIV] TVSZMHIW E ZEVMIX] SJ XVSTMGEP LEFMXEXW ERH QER] QSVI WTIGMIW
8LI 2MPKMVM [SSH TMKISR OIITW XS XLI HIIT WLEHI FIRIEXL XLI XLERSYVLMKLPERHPMWX
7LSPEGERST][LMPIXLIFVSEHXEMPIHKVEWWFMVHOIITWXSXLIXEPP
&MVHPMWXGSQTMPIHSZIVWIZIVEP]IEVWEVSYRH:EXXEOEREP:MPPEKI
KVEWWPERHWFIPS[XLIZMPPEKI3XLIVJSVIWXFMVHW[LMGLEVIJVIUYIRX
QQF]&SF7XI[EVXERH8ER]E&EPGEV[MXLEHHMXMSRW
ZMWMXSVWWMRGI EVIXLIZIPZIXJVSRXIHRYXLEXGL[LMGLGSQIW
JVSQ%PER1SVPI] 9/
MR1EVGL
MRWQEPPTEVXMIWEGGSQTERMIHF]XLIFPEGOPSVIHXMX XLI]WTIRH
WIZIVEPQMRYXIWGPIERMRKXLIFVERGLIWSJSYV%ZSGEHSXVIIFIJSVI *EQMP]4SHMGMTMXMHEI
QSZMRK SR 4VSFEFP] SYV JEZSYVMXI ZMWMXSV JVSQ XLI 7LSPE MW XLI 0MXXPIKVIFI 8EGL]FETXYWVYJMGSPPMW /SHEMOEREP
1EPEFEV[LMWXPMRKXLVYWL[LMGLMWEPQSWXTIXPMOIMRMXWXEQIRIWW VIWIZSMV
3RGIMXIRXIVIHXLIGSXXEKIERHTIVGLIHSRXLI8:3XLIVJSVIWX
*EQMP] %VHIMHEI
ZMWMXSVWMRGPYHIXLI-RHMERKSPHIRFEGOIHXLVIIXSIH[SSHTIGOIV
4SRHLIVSR %VHISPEKVE]MM /SHEMOEREP
XLI&IWVEWTEVVS[LE[OERHSRP]XLMW]IEVXLIWGEVPIXERHEWL]
PEOI
QMRMZIXW
*EQMP] %GGMTMXVMHEI
'SRWIVZEXMSR7XEXYW &PEGO[MRKIH )PERYWGEIVYPIYW
8LI GSRWIVZEXMSR WXEXYW SJ XLI EVIE MW WSQI[LEX YRIZIR OMXI
8LI ZMPPEKI SJ :EXXEOEREP PMIW MR XLI GIRXVI SJ E VMGL QSWEMG SJ 'SQQSR 1MPZYWQMKVERW
LEFMXEXW WXVIXGLMRK JVSQ /SHEMOEREP PEOI XS 4MPPEV VSGOW ERH TEVMELOMXI
I\XIRHWHS[RXLIWPSTISJXLIQSYRXEMRXS7LIQFEKRYVXSXLI
&VELQMR]OMXI ,EPMEWXYV-RHYW
2SVXL IEWX ERH I\XIRWMZI KVEWWPERHW [LMGL WXVIXGL XS[EVH
&IWVE %GGMTMXIVZMVKEXYW
:IPPIKIZMMRXLIQMHLMPPW8LIKVEWWPERHWLSQIXSXLIXLVIEXIRIH
WTEVVS[LE[O
FVSEHXEMPIH KVEWWFMVH EVI SJ TEVXMGYPEV GSRGIVR :IV] PMXXPI
EGGIWWMFPILMKLPERHKVEWWPERHVIQEMRWMRXLILMPPW9RJSVXYREXIP] &PEGOIEKPI -GXMREIXYWQEPE]IRWMW
XLMWEVIE[EWTPERXIHSYX[MXLETEVXMGYPEVP]EKKVIWWMZIWTIGMIW 'VIWXIH 7TMPSVRMWGLIIPE
SJ )YGEP]TXYW MR ERH WLSYPH FI E TVMSVMX] JSV XLI *SVIWX WIVTIRXIEKPI
HITEVXQIRX MR XLIMV IRHIEZSYV XS VIWXSVI XLI 4EPRM ,MPPW 4IVIKVMRI *EPGSTIVIKVMRYW
KVEWWPERHW7SJEVRSXQYGLHEQEKILEWFIIRHSRIERHVIQSZEP JEPGSR
SJ XLIWI WXMPP WYFQEXYVI XVIIW WLSYPH FI IEW] 8LI KVEWWPERH
*EQMP] 4LEWMERMHEI
WPSTIWFIX[IIR4EQFEV7LSPEERH7LIQFEKERYVLEZIVIGIRXP]
4EMRXIHFYWL 4IVHMGYPEIV]XLVSVL]RGLE
FIIR VIGSKRMWIH EW E /YVMRNM VIWIVZI XLI JSPOPSVI TPERX XLEX
UYEMP
JPS[IVWIZIV]X[IPZI]IEVWXLIFIWXPIJXMRXLILMPPWEGGSVHMRKXS
6IHNYRKPIJS[P +EPPYWKEPPYW WIIRSXI
*V/11EXXLI[8LIVIQSZEPSJVIGIRX)YGEP]TXYWTPERXMRKWLEW
+VI]NYRKPIJS[P +EPPYWWSRRIVEXMM
FIIREKVIIHXS
*EQMP] 8YVRMGMHEI
4EQFEV7LSPESRISJXLIXLVIIQENSV7LSPEWMRXLIEVIEMWRS[
'SQQSRSV&PYI 8YVRM\WYWGMXEXSV
[IPPHIJIRHIHERHSRP]FYWPSEHWSJXSYVMWXWERHXSRWSJHSQIWXMG
PIKKIHFYWXEVHUYEMP
VYFFMWL[EWLIHHS[RXLI4EQFEVWXVIEQ VIQEMREWSFWXEGPIW
XSMXWGSQTPIXIVILEFMPMXEXMSR%XLVIEXJVSQXLIHIZIPSTQIRXSJE *EQMP] 'SPYQFMHEI
PY\YV] LSXIP FIX[IIR MX ERH XLI PEOI JEGMRK &SQFE]7LSPE LEW &PYIVSGOTMKISR 'SPYQFEPMZME
VIGIHIH HYI XS XLI MRXIVZIRXMSR SJ XLI 4EPRM ,MPPW 'SRWIVZEXMSR 2MPKMVM[SSHTMKISR 'SPYQFEIPTLMRWXSRMM ZYPRIVEFPI
'SYRGMP &SQFE] 7LSPE MXWIPJ MW JIRGIH FYX [SYPH FIRIJMX JVSQ IRHIQMG
WSQIEGXMZIMRXIVZIRXMSRMRXLIJSVQSJXVIITPERXMRKMRMXWHIRYHIH 6YJSYWXYVXPIHSZI 7XVITXSTIPMESVMIRXEPMW
EVIEW
7TSXXIHHSZI 7XVITXSTIPMEGLMRIRWMW
4EQFEV7LSPEMWEPVIEH][IPPORS[REWERIRHIQMGLSXWTSXJSV *EQMP] 'YGYPMHEI
TPERXWERHXLIPIWWORS[R:EXXEOEREP7LSPEPSGEXIHSRXLISXLIV 0EVKILE[OGYGOSS ,MIVSGSGG]\
WMHI SJ XLI ZMPPEKI MW LSQI XS XLI VIGIRX VIHMWGSZIV] SJ XLI WTEVZIVMSMHIW -RWOMTT
QEKRMJMGIRX7LSPE XVII)PEISGEVTYW FPEWGSM XLSYKLXJSVQER]
'VS[TLIEWERX 'IRXVSTYWWMRIWMW
]IEVWXSFII\XMRGX%TVSFEFPIRI[WTIGMIWSJKVEWWPERHSVGLMH
SV'SYGEP
MWEPWSJSYRHLIVI;IWLSYPHEPWSQIRXMSRXLEXMRVIGIRX]IEVW
0IWWIVGSYGEP 'IRXVSTYWXSYPSY
XLIZMPPEKILEWTVSZMHIHWERGXYEV]XSEJEQMP]SJ+EYV&SWKEYVYW
[LMGLLEWRS[KVS[RXSMRRYQFIV-XMWSRP]VIGIRXP]XLEX[I *EQMP] 7XVMKMHEI
VIEPMWIH LS[ VMGL MR FMVH PMJI XLMW VIPEXMZIP] WQEPP MWPERH IGS *SVIWXIEKPIS[P &YFSRMTEPIRWMW
W]WXIQ MW VIQEVOEFP] WS KMZIR XLI TVS\MQMX] XS /SHEMOEREP *EQMP] %TSHMHEI
-RXIVIWXMRKP]QER]SJSYV PMWXIH FMVHW KIRIVEPP]FIPSRK XS PS[IV
%PTMRIW[MJX %TYWQIPFE
EPXMXYHIWERH[IWYWTIGXWIZIVEPQMKLXVITVIWIRXEPXMXYHIVIGSVHW
*EQMP] 8VSKSRMHEI
JSV 7SYXL -RHME 8LI PMXXPI KVIFI EX XLI VIWIVZSMV EX Q XLI
7SYXLIVRXVSKSR ,EVTEGXIWJEWGMEXYW
TSRHLIVSREX QERHXLI1EPEFEVXVSKSREX QXSREQI
FYXEJI[8LIGPMJJWXLEXJPEROXLIZMPPEKITVSFEFP]TVSZMHIEJEWX *EQMP] %PGIHMRMHEI
IPIZEXSV JVSQ PS[IV EPXMXYHIW &MVHIVW [ERXMRK XS ZMWMX XLI EVIE 7QEPPFPYIOMRKJMWLIV %PGIHSEXXLMW /SHEMOEREPPEOI
[SYPHEPWSFI[IPPVI[EVHIH[MXLEHE]W[EPOHS[RXLIQSYRXEMR ;LMXIFVIEWXIH ,EPG]SRWQ]VRIRWMW
XSXLIQERKSSVGLEVHWERHJMIPHWSJ4IVMEOYPEQ8LI[EPOHS[R OMRKJMWLIV
2I[WPIXXIVJSV&MVH[EXGLIVW
*EQMP] 9TYMTHEI +VI]LIEHIH 'YPMGMGETEGI]PSRIRWMW
,SSTSI 9TYTEITSTW JP]GEXGLIV
*EQMP] 'ETMXSRMHEI 8LMGOFMPPIH[EVFPIV %GVSGITLEPYWEIHSR
7QEPPKVIIRFEVFIX 1IKEPEMQEZMVMHMW (YPPKVIIR 4L]PPSWGSTYWXVSGLMPSMHIW
'VMQWSRXLVSEXIH 1IKEPEMQEVYFVMGETMPPE 0IEJ [EVFPIV
FEVFIX 8MGOIPPWPIEJ[EVFPI 4L]PPSWGSTYWEJJMRMW -RWOMTT
*EQMP] 4MGMHEI
&VSEHXEMPIH 7GLSIRMGSPETPEX]YVE -RWOMTT
0MXXPIWGEP]FIPPMIH 4MGYWQ]VQIGSTLSRIYW
+VEWWFMVH ZYPRIVEFPI
KVIIR[SSHTIGOIV
IRHIQMG
0IWWIVKSPHIFEGOIH (MRSTMYQFIRKLEPIRWI
1EKTMIVSFMR 'STW]GLYWWEYPEVMW
[SSHTIGOIV
4MIHFYWLGLEX 7E\MGSPEGETVEXE
-RHMERKSPHIRFEGOIH (MRSTMYQNEZERIRWI
-RHMERVSFMR 7E\MGSPSMHIWJYPMGEXE
XLVIIXSIH;SSHTIGOIV
&PYIVSGOXLVYWL 1SRXMGSPEWSPMXEVYMW
,IEVXWTSXXIH ,IQMGMVGYWGERIRXI
1EPEFEV[LMWXPMRK 1]STLSRYWLSVWJMIPHMM
[SSHTIGOIV
XLVYWL
*EQMP] (ERMMHEI
6YJSYWFEGOIHWLVMOI 0ERMYWZMXXEXYW ;LMXIFIPPMIH &VEGL]TXIV]\QENSV -RWOMTT
7LSVX[MRK EPFMZIRXVMW ZYPRIVEFPI
&VS[RWLVMOI 0ERMYWGVMWXEXYW
IRHIQMG
*EQMP] 3VMSPMHEI
&PEGOFMVH 8YVHYWQIVYPE
&PEGOHVSRKSSV (MGVYVYWEHWMQMPMW
/MRKGVS[ *EQMP] 4EVMHEI
*EQMP] 7XYVRMHEI &PEGOPSVIHXMX 4EVYW\ERXLSKIR]W -RWOMTT
.YRKPIQ]RE %GVMHSXLIVIWJYWGYW *EQMP] 7MXXMHEI
*EQMP] 'SVZMHEI :IPZIXJVSRXIH 7MXXEJVSRXEPMW
.YRKPIGVS[ 'SVZYWQEGVSVL]RGLSW RYXLEXGL
*EQMP] 'EQTITLEKMHEI *EQMP] 1SXEGMPPMHEI
%WL]QMRMZIX 4IVMGVSGSXYWHMZEVMGEXYW -RWOMTT
+VI][EKXEMP 1SXEGMPPEGMRIVIE
7GEVPIXQMRMZIX 4IVMGVSSXYWJPEQQIYW *EQMP] (MGEIMHEI
*EQMP] -VIRMHEI 4PEMRGSPSYVIH (MGEIYQGSRGSPSV
-SVE %IKMXLMREXMTLME *PS[IVTIGOIV
*EMV]FPYIFMVH -VIRETYIPPE *EQMP] 2IGXEVMRMMHEI
*EQMP] 4]GRSRSXMHEI 7QEPPWYRFMVH 2IGXEVMRMEQMRMQE
6IH[LMWOIVIHFYPFYP 4]GRSRSXYWNSGSWYW *EQMP] >SWXIVSTMHEI
6IHZIRXIHFYPFYP 4]GRSRSXYWGEJIV ;LMXII]I >SWXIVSTWTEPTIFVSWE
=IPPS[FVS[IHFYPFYP ,]TWMTIXIWMRHMGYW
*EQMP] 4PSGIMHEI
&PEGOFYPFYP ,]TWMTIXIWQEHEKEWGEVMIRWMW
,SYWIWTEVVS[ 4EWWIVHSQIWXMGYW
*EQMP] 1YWGMGETMHEI
*EQMP] *VMRKMPPMHEI
7PEX]LIEHIHWGMQMXEV 4SQEXSVLMRYWLSVWJMIPHMM
6SWIJMRGL 'EVTSHEGYWIV]XLVMRYW
FEFFPIV
;LMXILIEHIHFEFFPIV 8YVHSMHIWEJJMRMW
HIRSXIWEHHMXMSRWF]1V%PER1SVIP]MR1EVGL
.IVHSRW0EYKLMRK +EVVYPE\NIVHSRM RIEV
-RWOMTT
HIRSXIW[LIVIFMVHMWJSYRHSRP]MR&MVHWSJXLI-RHMER
XLVYWL XLVIEXIRIH
7YFGSRXMRIRXF]+VMQQIXX-RWOMTTERH-RWOMTT
IRHIQMG
&PEGOERH 1YWGMGETERMKVSVYJE RIEV 2SXI SR 6IH .YRKPIJS[P 8LMW VIGSVH QYWX FI GPEWWIH EW
SVERKIJP]GEXGLIV XLVIEXIRIH JIVEP YRXMPJYVXLIVVIWIEVGLMWHSRIMRXLIEVIE 8LIGSPSYVW
IRHIQMG [IVI EPP GSVVIGX JSV XLMW WTIGMIW ERH FSXL QEPI ERH JIQEPI
;LMXIFIPPMIHFPYI 1YWGMGETETEPPMTIW [IVI WIIR [IPP 7IIR HIIT HS[R MR XLI 7LSPE ERH XLIMV
JP]GEXGLIV FILEZMSYV[EWSJXVYI[MPHFMVHW
8MGOIPPWFPYI 1YWGMGETEXMGOIPPMEI
6IJIVIRGI
JP]GEXGLIV
7EPMQ%PM8LI&SSOSJ-RHMER&MVHWX[IPXLVIZMWIHERHIRPEVKIH
2MPKMVMZIVHMXIV 1YWGMGETEEPFMGEYHEXE RIEV
GIRXIREV]IHMXMSR
JP]GEXGLIV XLVIEXIRIH
IRHIQMG +VMQQIXX-RWOMTTERH-RWOMTT&MVHWSJXLI-RHMER7YFGSRXMRIRX
2I[WPIXXIVJSV&MVH[EXGLIVW
*EXI SJ XLI :IPEGLIV]4EPMOEVREM 1EVWL SJ 'LIRREM
6.6%2.-8(%2-)07'EVI)EVXL2SWX7XVIIX8LMPPEMKERKEREKEV'LIRREM
)QEMP GEVIIEVXL$YWERIX
;LEX ETTIEVIH JVSQ E HMWXERGI EW JPSGOW SJ IKVIXW ERH SXLIV 4EXGLIWSJKVEWW[EXIVL]EGMRXLERH4MWXMEOIITWLMJXMRK[MXLXLI
[LMXIFIPPMIH [EHIVWXYVRIH SYX XS FI TMIGIW SJ [LMXI TEGOMRK JPS[ERHHITXLSJ[EXIVHYVMRKXLIVEMRWVIRHIVMRKXLIQEVWLRSX
QEXIVMEP TSTYPEVP] XLIVQSGSP
JPSEXMRKMR [EXIV%QMHWX EPPXLI SRP]LIXIVSKIRISYWFYXEPWSH]REQMG%RHMJXLIVIMWER]EXXIQTX
XLIVQSGSPTPEWXMGFVSOIRKPEWW[EVIERHTMIGIWSJVYFFIVERH XSVIWXSVIXLIQEVWLMRXSEFMSHMZIVWMX]GSRWIVZEXMSREVIEMXLEW
XLIJSYPWQIPPSJHSQIWXMGWI[EKIIQTXMIHF]GSVTSVEXMSRXEROIVW XSFI[MXLMRXLIWIPMQMXW
MRXSXLI[EXIVWXSSHEJPSGOSJRIEVP]FMVHWWLMIPHIHF]XLI
%FSYX]IEVWEKS[LIR-JMVWXQSZIHMRXS:IPEGLIV]-JSYRHXLI
HIRWIKVS[XLSJ8]TLEVIIHW-JMVWX[MXRIWWIHXLMWVEXLIVTEXLIXMG
:41GPIER[MXLQYGLPIWWLYQERMRXIVJIVIRGI&IWMHIWXLIFMVHW
WGIRI [LMPI HVMZMRK TEWX XLI :IPEGLIV]4EPMOEVREM QEVWL SR
PMWXIH EFSZI - LEZI WIIR FPEGO FMXXIVRW LYRHVIHW SJ WXVIEOIH
3GXSFIV *VSQXLIVSEHXLIPEVKIWXFMVHWETTIEVIHXS
[IEZIVW ERH E LERHJYP SJ [EVFPIVW WLIPXIVMRK [MXLMR XLI 8]TLE
FIKPSWW]MFMWIW8LI][IVIMRHIIHKPSWW]MFMWIWEW GSRJMVQIH
WXERHW)ZIRXSHE]MXMWIEW]XSJMRHPTLIEWERXXEMPIHNEGERE
PEXIVSR2SZIQFIVFIX[IIRERHSJXLIQEPSRK
MRFVIIHMRKTPYQEKIMRXLIQEVWL;EXIVXLEXJMPPIHXLITIVMTLIVEP
[MXLFPEGO[MRKIHWXMPXW QER]QSVIJP]MRKMR
ERHEFSYX
VIWMHIRXMEPEVIEWSJXLIQEVWLHYVMRK]IEVWSJJPSSHFVSYKLX[MXL
TYVTPIQSSVLIR3XLIVFMVHWMRXLIQEVWLMRGPYHIHEWQEPP
MXEXPIEWXWTIGMIWSJJMWLERHSJJIVIHFVIIHMRKKVSYRHWJSV
JPSGOSJ]IPPS[[EKXEMPWEJI[PEVKITMIH[EKXEMPWTMIHFYWLGLEXW
WTIGMIWSJEQTLMFMERW-XYWIHXSFIEHIPMKLXGEXGLMRKJMWL[MXL
[LMXIFVIEWXIHOMRKJMWLIVW-RHMERQSSVLIRGEXXPIIKVIXWETEMV
LERHRIXWNYWXSYXWMHIQ]VIWMHIRGIERHLIEVXLIHIEJIRMRKWSRKW
SJQEVWLLEVVMIVWGSQQSRW[EPPS[WERHVIH[EXXPIHPET[MRKW
SJXLIJVSKW3JPEXIXLIJVSKW ERHXSEHW EVI ZERMWLMRKERHXLI
8LIRSVXLIEWXIVRIRHSJXLIQEVWLGYVVIRXP]FIMRKJMPPIHYT[MXL
JMWL JEYRE MW TVIHSQMRERXP] SJ I\SXMGW XLI LEVH] QSWUYMXS JMWL
GMX][EWXIW XIIQIH[MXL LYRHVIHW SJ OMXIWGVS[W ERH Q]REW
ERHXMPETME
%VSYRHSTIRFMPPIHWXSVOWJPI[SZIVLIEH
,S[ I\EGXP] XLI :41 GEQI MRXS FIMRK LEW RSX FIIR SJXIR
8LI :IPEGLIV]4EPMOEVREM 1EVWL :41
MW I\XIRWMZI FYX
HMWGYWWIH-XWREXYVIXLI[EXIVFIMRKLEVHXLSYKLRSXWEPX]ERH
JVEKQIRXIH 4VIWIRXP] XLI WTVIEH HYVMRK XLI [IX QSRXLW QE]
KISKVETLMGSVMIRXEXMSRWYKKIWXXLEXXLIQEVWL[EWGVIEXIHPSRK
IEWMP] GSZIV WUYEVI OMPSQIXIVW LE
EKSF]GSEWXEPFEGO[EXIVWERHGSYPHLEZII\XIRHIHSZIVX[MGI
I\XIRHMRK WSYXL JVSQ WSYXLIVR :IPEGLIV] :MNE]EREKEV
XLI TVIWIRX EVIE %PXLSYKL JIH F] VEMR XLIVI QMKLX LEZI FIIR
VIWMHIRXMEPEVIE
XMPP4EPMOEVREMERHJVSQRSVXLIVR1E\[SVXLREKEV
WSQI MRGYVWMSR SJ XLI WIE MRXS XLI QEVWL IWTIGMEPP]EPSRK XLI
MRXLI[IWXXS3PH1ELEFEPMTYVEQ6SEHMRXLIIEWX0MROVSEHW
IEWXIVRQEVKMRW-XMWPMOIP]XLEXXLIGSRWXVYGXMSRSJXLI&YGOMRKLEQ
PEMHMRXLITEWXFIX[IIR8EQFEVEQERH:IPEGLIV] WSYXLRSVXL
'EREP F] XLI &VMXMWL JYPP] MWSPEXIH XLI :41 JVSQ XLI GSEWXEP
ERHVIGIRXP]FIX[IIR4EPPEZEVEQERH3PH1ELEFEPMTYVEQ6SEH
FEGO[EXIVW 7YGL ER MRXIVIWXMRK IGSW]WXIQ WLSYPH RSX SRP]
[IWXIEWX
LEZILS[IZIVHMZMHIHXLIIRXMVIQEVWLMRXSYRIUYEP
MRXIVIWX REXYVEPMWXW FYX EPWS L]HVSPSKMWXW ERH KISPSKMWXW
WIKQIRXW8LI RSVXLIEWXIVR WIKQIRX MW VETMHP] FIMRK JMPPIH YT
9RJSVXYREXIP] HIWTMXI WIZIVEP EKIRGMIW MRGPYHMRK XLI 1EHVEW
[MXLGMX][EWXIWJSPPS[IHGPSWISRMXWLIIPWF]IRGVSEGLMRKWPYQW
2EXYVEPMWXW 7SGMIX] ERH ;;*-RHME 8EQMPREHY 7XEXI 3JJMGI MR
8LI RSVXL[IWXIVR WIKQIRX [EW XLI JMVWX XS FI VIGPEMQIH [MXL
'LIRREM
VEMWMRK XLIMVZSMGIW EFSYX XLIHIXIVMSVEXMRK :41PMXXPI
[EWXI ERH HIFVMW ERH LEW RS[ PEVKIP] FIIR FYMPX YT % QENSV
LEWFIIRHSRIXSVIWXSVIMX*VSQXLISVRMXLSPSKMWXW TSMRXSJZMI[
TSVXMSRSJXLIWSYXLIEWXIVRWIKQIRXMW[EPPIHERHXEOIRSZIVF]
[IXPERHW XLEX WYTTSVX SJ XLI FMSKISKVETLMG TSTYPEXMSR SJ
XLI2EXMSREP-RWXMXYXISJ3GIER8IGLRSPSK]8LIWIKQIRXMRXLI
GIVXEMR WTIGMIW SJ [EXIVJS[PEVI XS FI VIGSKRM^IH EW -QTSVXERX
WSYXL[IWXLEWHIITIV[EXIVIWTIGMEPP]EJXIVXLIVEMRWERH]IX
&MVH %VIEW -&%
%GGSVHMRK XS XLI &2,7&MVHPMJI -RXIVREXMSREP
LEW RSX FIIR WTEVIH F] HIZIPSTQIRX %RH [MXL XLI YTGSQMRK
674&[EXIVJS[PTSTYPEXMSRXLVIWLSPHWEPSGEPTSTYPEXMSRSJ
1EWW6ETMH8VERWTSVX7]WXIQ 1687
XLITVIWWYVISRXLI:41
KPSWW]MFMWIWMWEHIUYEXIXSUYEPMJ]E[IXPERHEWER-&%7MKLXMRK
[MPPSRP]FISRXLIVMWI
KPSWW]MFMWIWWLSYPHXLIVIJSVIFIXVIEXIHEWWMKRMJMGERX
%XTVIWIRX[LEXPMIWIEWXSJXLI:IPEGLIV]8EQFEVEQVSEHERH IWTIGMEPP] FIGEYWI XLI QEVWL MW VETMHP] HIXIVMSVEXMRK ERH
[IWXSJXLI3PH1ELEFEPMTYVEQMWEPPXLEXMWPIJXSJXLMWQEKRMJMGIRX TVSNIGXIHEWEGEWIJSVXLIPSRKXIVQQEREKIQIRXSJXLI:41
QEVWLSZIV SJ[LMGLMWWLEPPS[[MXLIQIVKIRX8]TLEKVS[XL
&MVH[EXGLMRK MR XLI +EVL[EP ,MQEPE]EW
:7%28,%6%1-RWXMXYXISJ&MVH7XYHMIWERH2EXYVEP,MWXSV]6MWLM:EPPI] %4
;I WTIRX E HIPMKLXJYP JSVXRMKLX YT MR XLI ,MQEPE]EW MR XLI MRERHEVSYRHXLI*SVIWX(ITEVXQIRXSJJMGIWERHXLIGEREPRIEV
9XXEVERGLEPWXEXIPEWX%TVMP1E] %TVMP1E]
;I[IVIE XLIKYIWXLSYWI;MXLXLISRWIXSJWYQQIVXLIJSVIWX[SVIEHV]
JEMVP]PEVKIKVSYTSJQIQFIVWGSRWMWXMRKSJXIEGLIVWERHXLIMV PSSO1SWXSJXLIXVIIWLEHWLIHPIEZIWERHXLIYRHIVKVS[XL[EW
JEQMPMIWERHWXYHIRXWMRXLIEKIKVSYTSJ]IEVWJVSQXLI WTEVWI8LIWMXI[EWTVIHSQMRERXP]WEPHSQMREXIHERH[IEPWS
6MWLM :EPPI] 7GLSSP SYX SR E REXYVI GEQT ;I ZMWMXIH XLVII GEQIEGVSWWEXIEOTPERXEXMSR8LIJSVIWXEVIEW[IVIEPXIVREXMRK
HMJJIVIRXPSGEXMSRWEPPZIV]WGIRMGERHFIEYXMJYP [MXLSTIREVIEWERHHV]VSGO]WXVIEQFIHW;IEPWSIRGSYRXIVIH
3YVJMVWXLEPX[EWEX'LMPPEMRXLI6ENENM2EXMSREP4EVONYWXEGVSWW WIZIVEPZMPPEKIWERHWIXXPIQIRXWMRWMHIXLI JSVIWXQSWXP]KYNNEV
XLI +ERKIW JVSQ ,EVH[EV 8LI +1:2 KYIWXLSYWI [EW WIXXPIQIRXW[MXLXLIMVGEXXPI;IIRGSYRXIVIHIPITLERXWWEQFLEV
GSQJSVXEFPI;IWTIRXX[SHE]WLIVIERHI\TPSVIHXLITPEGISR RMPKEM GLIIXEP GSQQSR PERKYV [MPH FSEV ERH NEGOEPW FIWMHIW
IPITLERXFEGOERHSRQMRMFYW;IEPWSHMHEPMXXPIFMXSJ[EPOMRK WSQI WTIGMIWSJFMVHW
2I[WPIXXIVJSV&MVH[EXGLIVW
3RI SJ XLI MRXIVIWXMRK FMVHW [I WE[ EX XLI WXVIEQ RI\X XS XLI KVEWWPERHW ERH VSGO] GPMJJW ERH SYXGVSTW % [IPPQEVOIH TEXL
KYIWXLSYWI[EWXLIWTYV[MRKIHTPSZIV8LIVI[IVIJSYVSJXLIQ PIEHW XS XLI WXIITWMHIH LMPP ERH XLI XVIO YT XLI LMPP [EW [IPP
EPSRK [MXL VIH[EXXPIH PET[MRKW ERH SXLIV [EHIVW KVIIRWLERO [SVXLMXFIGEYWISJXLI[SRHIVJYPZMI[WMXEJJSVHIH
ERH KVIIR WERHTMTIV
EX E TSSP SJ [EXIV 8LI] ETTIEVIH XS FI
%QSRKXLIZIV]JMVWXFMVHWWIIREXXLIVIWSVX[EWEJPSGOSJSZIV
WQEPPIVXLERXLIMVVIH[EXXPIHGSYWMRW-[EWWIIMRKXLIQJSVXLI
XIR [LMXIXLVSEXIH PEYKLMRK XLVYWLIW 8LIWI PEVKI FMVHW [IVI
JMVWXXMQILEZMRKQMWWIHXLIQSRERIEVPMIVZMWMXXSRSVXLIVR-RHME
GSQQSREW[IJSYRHSYXMRWYFWIUYIRXHE]WWIIRVYQQEKMRK
IMKLX]IEVWFEGO%XXLI*SVIWX(ITEVXQIRXGSQTSYRH[IPSGEXIH
MRXLIPIEJPMXXIVEW[IPPEWSRWQEPPXVIIW8LI][IVIXLIPIEWXWL]
WIZIVEPFMVHW8LIVI [EWE JEQMP]SJEFSYXJMZIGLIWXRYX FIPPMIH
ERH[IVIWIIRSYXMRXLIGPSWIZMGMRMX]SJLEFMXEXMSRWSVJVIUYIRXP]
RYXLEXGLIW VYRRMRK HS[R XLI XVYRO &IRIEXL E FYWL XLEX LEH
YWIHVSEHW-EPWSJSYRHEGSYTPISJFMVHWGEVV]MRKRIWXQEXIVMEPW
XLI *VEROPMRW TVMRME ERH XLI XEMPSVFMVH [EW ER SPMZEGISYW PIEJ
%RSXLIV GSQQSR ERH GSRWTMGYSYW FMVH [EW XLI HEMRX] PMXXPI
[EVFPIVJSVEKMRKSRXLIKVSYRH8LIKVIIRMWLFVS[RYTTIVTEVXW
KVI]LIEHIHJP]GEXGLIV[EVFPIV1SWXSJXLIQ[IVIMRWSRKERH
XLISMP]]IPPS[YRHIVTEVXWERHXLIFVMKLX]IPPS[WYTIVGMPMYQ[IVI
EGXMZIP] HIJIRHMRK XLIMV XIVVMXSVMIW 8LIVI [IVI WIZIVEP SXLIV
XLIGPIEVHMWXMRKYMWLMRKJIEXYVIW2SXJEVE[E][EWETEMVSJFVS[R
[EVFPIVWWSQI SJ [LMGL - GSYPHRSXMHIRXMJ] %RSXLIV FMVH XLEX
VSGOGLEXGEVV]MRKRIWXMRKQEXIVMEPWXSERSPHFYMPHMRK8LIVI[IVI
GEYKLX Q] EXXIRXMSR EW [I XVIOOIH YT XS XLI VIWSVX [EW XLI
XLVIISVJSYV%PI\ERHVMRITEVEOIIXWGEPPMRKSYXPSYHP]JVSQERIEVF]
KVI][MRKIH FPEGOFMVH *SV E FVMIJ [LMPI [I [IVI JSSPIH F] XLI
XVII8LIGEPPWSJXLI-RHMERGYGOSSERHXLIFVEMRJIZIVFMVH[IVI
GEPPW SJ XLI NYRKPI GVS[ [LMGL WSYRHIH QSVI QYWMGEP XLER MXW
SJXIRLIEVH
TPEMRWGSYRXIVTEVX;IPIEVRXXLMW[EWXLI,MQEPE]ERWYFWTIGMIW
9RHIV XLI FVMHKI EGVSWW XLI GEREP [I GEQI EGVSWW ER EGXMZI MRXIVQIHMYW
8LMWFMVH[EWQSVIEIVSFEXMGERHSJXIRMRHYPKIH
RIWXMRKGSPSR]SJXLIGPMJJW[EPPS[ SZIVRIWXWGSYPHFIGSYRXIH MREIVMEPHMWTPE]W
ERH XLIVI [IVI IEWMP] SZIV FMVHW MR XLI ZMGMRMX] ;EPOMRK
%WLSVX[EPOMRXLIPEXIEJXIVRSSREJXIVXIEXSSOYWXSXLI[IWXIVR
WPS[P]ERHUYMIXP]SZIVXLIFVMHKI[IGSYPHSFWIVZIXLIW[EPPS[W
JEGISJXLILMPP[LMGLETTIEVIHQSVISTIRERHVSGO]8LMW[EW
EX GPSWI VERKI EW XLI] JPI[NYWX YRHIV SYV JIIXMRXS XLIMV RIWXW
ER MHIEP ZMI[TSMRX JSV XLI VETXSVW ERH MR E WLSVX [LMPI SYV PMWX
8LIVI [IVI E GSYTPI SJ -RHMER W[MJXW EPWS RIWXMRK MR XLI WEQI
GSRXEMRIHWIZIRWTIGMIWXLIVI[IVIJMZILMQEPE]ERKVMJJSRWE
EVIE YRHIV XLI FVMHKI % TEMV SJ FERO Q]RE [EW EPWS RSXMGIH
TEMVSJ)YVEWMERLSFFMIWMRHYPKMRKMRWTIGXEGYPEVHMZIWOIWXVIP
SGGYT]MRKELSPISRXLIVIZIXQIRXGPSWIXSXLIFVMHKI;IRSXMGIH
WTEVVS[LE[O #
EWLSVXXSIHIEKPIETEMVSJ&SRRIPPMWIEKPIW
JI[FMVHWSJTVI]MRXLITEVO%HS^IR[LMXIFEGOIHZYPXYVIW[IVI
ERH E FPEGO IEKPI ;I WE[ SYV JMVWX KVIEX LMPP FEVFIX EJXIV MXW
WIIR GMVGPMRK ERH WSEVMRK SZIV XLI KYIWXLSYWI ERH SR X[S
GYVMSYW[EMPMRKGEPPWHVI[SYVEXXIRXMSR8LIFMVH[EWWIIRSRE
SGGEWMSRW [I RSXMGIH WGEZIRKIV ZYPXYVIW EPWS MR JPMKLX %R
PS[FVERGLSJEXVIIRI\XXSXLITEXLERHMXWPEVKI]IPPS[FMPPERH
MRXIVIWXMRKFMVHWIIRMRXLIZMGMRMX][EWXLI[LMXIXLVSEXIHWTMRIXEMP
HEVOGSPSYVIHLIEH[EWGPIEVP]RSXMGIH%KVIIRFEGOIHXMX[EW
W[MJXSJ[LMGLX[SMRHMZMHYEPW[IVIRSXMGIHMRJPMKLXSRXL%TVMP
JSVEKMRK SR E XVII SR [LSWI XVYRO E FVS[R JVSRXIH TMIH
3WTVI]W[IVISFWIVZIHSRX[SSGGEWMSRW
[SSHTIGOIV[EWTIGOMRKJSVLMHHIRMRWIGXW%JPSGOSJWXVMEXIH
(YVMRKSYVJSVE]WMRXSXLIJSVIWX[IGEQIEGVSWWWIZIVEPTIEJS[P PEYKLMRKXLVYWLIW[EWFVMIJP]WIIRMRXLIYRHIVKVS[XL%XRMKLX
8LIQEPIFMVHW[IVIWIIRHMWTPE]MRKXLIMVKSVKISYWTPYQEKIXS [IIRNS]IHXLIGPIEVWO][MXLWIZIVEPHE^^PMRKWXEVWWTIGOPIHEPP
XLIJIQEPIWERH HERGMRK-X[EWEWMKLXXSFIVIQIQFIVIHERH EGVSWWXLI HMWXERXPMKLXWSJ(ILVE(YRERHXLIGPSWIVPMKLXWSJ
VIPMWLIH6IHNYRKPIJS[PW[IVIEPWSUYMXIGSQQSREPSRKJSVIWX 1YWWSSVMI7SQIXMQIPEXIEXRMKLX-LIEVHXLIQYWMGEPWSYRHMRK
VSEHW ERH TEXLW - RSXMGIH WSQI LEMVGVIWXIH HVSRKSW MR WQEPP X[SRSXIHGEPPWSJXLIWTSXXIHWGSTWS[P
TEVXMIW SJ W ERH W % WMRKPI IQIVEPH HSZI [EW WIIR EW MX
;EOMRK YT IEVP] MR XLI QSVRMRK [I [EXGLIH WYRVMWI ERH XLI
LYVVMIHP]JPI[TEWX%KVI]UYEMP[EWEPWSWIIRRI\XXSXLIVSEH
WRS[GPEHTIEOWSJWIZIVEPLMPPWMRXLIHMWXERGIEWXLIQMWXVSWI
JVSQXLIZILMGPIEXEKVEWW]TEXGL'SQQSRKVI]LSVRFMPPW[IVI
SZIVXLIZEPPI]W%FVMIJ[EPOXLVSYKLXLI[SSHIHEVIE KEZIE
VIKYPEVP]RSXMGIH%QSRKSXLIVFMVHWWIIRMRGPYHIPIWWIVKSPHIR
KPMQTWISJXLIVMGLFMVHPMJISJXLIVIKMSR%QEPIOLEPMNTLIEWERX
FEGOIH[SSHTIGOIVT]KQ][SSHTIGOIVVYJSYWFEGOIHWLVMOIW
ERHX[SJIQEPIWXLEXWGVEQFPIHEGVSWWXLITEXLEXKVIEXWTIIH
WQEPP QMRMZIX TEVEHMWI JP]GEXGLIVW [LMXII]I ERH *VEROPMRW
[IVIXLILMKLPMKLXWSJXLIQSVRMRK%QSRKSXLIVWTIGMIW FEKKIH
RMKLXNEV
[IVIEPSZIP]TEMVSJWQEPPRMPXEZEEWQEPPJPSGOSJFEVXLVSEXIH
8LIRI\XGEQT[EWEXXLIJEQSYWLMPPWXEXMSR 1YWWSSVMIQ WMZE E GSYTPI SJ PEVKI [LMXIVYQTIH W[MJX [MXL JSVOIH XEMPW ERH
YTMRXLI,MQEPE]EWOQJVSQ(ILVE(YR;ISTXIHXSWXE] [LMXIVYQTTEXGLEJPSGOSJVIHLIEHIHXMXW[MXLXLIMVHMWXMRGXJEGMEP
E[E] JVSQ XLI XS[R ERH LEH SYV FSSOMRKW EX XLI 'PSYHW )RH QEVOMRKWERHWSJXGEPPRSXIW-RERSTIRTEXGLXLIVI[EWEFPEGO
VIWSVXOQJVSQXLIXS[R-MRMXMEPP]HMHLEZIWSQIVIWIVZEXMSREX TEVXVMHKI[LMGLLEHIEVPMIVEXXVEGXIHSYVEXXIRXMSR[MXLMXWGEPPW
WXE]MRKEXEXSYVMWXTPEGII\TIGXMRKMXXSFIGVS[HIH&YX[I[IVI
8LIOQPSRKLMOIXSXLI&IRSRK,MPPERHXLI.[EPEQYOLM8IQTPI
MR JSVE WYVTVMWI [I [IVI XLI SRP]SGGYTERXW 8LI GEQT [EW
[EW ER IEW] SRI ERH UYMXI TPIEWERX XSS 8LI TEXL XSSO YW
PSGEXIH MR ER IWXEXI [IPP [SSHIH ERH [MXL KVIEX ZMI[W SJ XLI
KVEHYEPP]HS[RXLIZEPPI]ERHEKEMREGPMQFXSXLIWYQQMXMRMXMEPP]
WRS[ GPEH TIEOW ZMWMFPI SRP] IEVP] QSVRMRKW HYI XS LE^I
EW
XLVSYKLXLIJSVIWXERHPEXIVXLVSYKLXLIKVEWW]ERHVSGO]EVIEW
[IPPEWXLI(SSR:EPPI]8LIEHZERXEKI[EWEPWSXLEXMX[EWGPSWI
3R XLI LMOI [I WE[ XLI ,MQEPE]ER TMIH [SSHTIGOIV XLI
XS XLI &IRSRK ;MPHPMJI 7ERGXYEV] NYWX EGVSWW XLI ZEPPI]
,MQEPE]ER [LMWXPMRK XLVYWL SRI FMVH WIIR GEVV]MRK RIWX
8LMWLETTIRWXSFIEXMR]TMIGISJJSVIWXERHKVEWWPERHEVIE
QEXIVMEPW
VIHFMPPIH FPYI QEKTMI E PSZIP] WTIGMQIR SJ XLI
LE
WIXEWMHI JSV XLI RS[ I\XMRGX QSYRXEMR UYEMP WEMH XS LEZI
QEVSSRSVMSPI[MXLMXWYRQMWXEOEFPITPYQEKIFPEGOXLVSEXIHERH
FIIRTVSGYVIHMRXLIVIKMSRFIX[IIR ERH %TEVXJVSQ
VIHGVS[RIHNE]WFPEGOFYPFYPEWQEPPGYGOSS]IPPS[GLIIOIH
XLIQSYRXEMRUYEMP [LSWITVIWIRGIMWRS[HSYFXJYPXLSYKLXLIVI
XMXERHETEMVSJKVIIRTMKISRTVIWYQEFP]XLISVERKIFVIEWXIH
LEZI FIIRWSQIVIGIRXYRZIVMJMIHWMKLXVIGSVHW
FEVOMRKHIIV
3RXLIKVEWW]WPSTIWSJ XLILMPP[IVIYTPERHTMTMXW[LSWILIEZMP]
FLEVEPW ERH SGGEWMSREP PISTEVH ERH ,MQEPE]ER FPEGO FIEVW
WXVIEOIHTPYQEKIERHGEPPRSXIWQEHIXLIMVMHIRXMJMGEXMSRIEW]
EVI VITSVXIH MR XLI WERGXYEV] % XMR] WLVMRI TIVGLIW EXST XLI
)YVSTIERGYGOSSW[IVILIEVHEXXLIXSTSJXLILMPPGEPPMRKJVSQ
&IRSRK LMPP Q
GSZIVIH TEVXP] F] 3EO JSVIWXW ERH
2I[WPIXXIVJSV&MVH[EXGLIVW
ZEPPI]WFI]SRH+VMJJSRZYPXYVIWJPSEXIHMRERHSYXSJXLIGPSYHW SXLIVWXS[EXGLFMVHWEWXLI]ETTIEVIHXSFIEGXMZIIZIRFIJSVI
EFSZIYW;ILEHEPMKLXHVM^^PIJSPPS[IHF]WYRWLMRISRGIEKEMR XLIWYRPMXYTXLIPERHWGETIYRPMOIMRXLIWSYXL[LIVIXLIEGXMZMX]
[SYPHTIEOSRP]EJXIVXLIWYRGSQIWYT8LIVIHFMPPIHFPYIQEKTMI
8LEX IZIRMRK [I WTIRX XMQI I\TPSVMRK XLI [SSHW SRGI EKEMR
[EWSRISJXLIVIKYPEVZMWMXSVWEXXLILSXIPIEGLQSVRMRKEVVMZMRK
-X[EWPSZIP]XSWIIXLISEOWMRXIRHIVRI[PIEZIWPSSOMRKGSPSYVJYP
FIX[IIREXXLIZIVERHEL[LIVIMXJSVEKIHJSVWGVETW
MR XLI PEXI IZIRMRK WYRPMKLX ;I HMWGSZIVIH E RIWX SJ XLI
-X [EW E LERHWSQI FMVH [MXL MXW WXVMOMRKP] PSRK XEMP ,MQEPE]ER
KVIIRFEGOIHXMXSREVSGO]FEROEPSRKXLITEXLNYWXEFSYXQ
XVIITMIW[IVIEPWSVIKYPEVP]WIIRMRWQEPPJPSGOWSVMRTEMVW8LI
EFSZIXLIKVSYRH)ZIR EW[IWXSSHNYWXEJI[JIIXE[E]JVSQ
,MQEPE]ER[LMWXPMRKXLVYWL[EWERSXLIVGSQQSRMRLEFMXERXWIIR
XLIRIWXXLIEHYPXFMVHWGSRXMRYIHXSJIIHXLI]SYRKMRXLIRIWX
IZIRSYXMRXLISTIR8LSYKLMX[EWLIEVHMRWSRK-JSYRHXLIMVW
[MXLSYXER]LIWMXEXMSR%RSXLIVQEVSSRSVMSPI[EWWIIR'PSWI
[EW MRJIVMSV MR UYEPMX] GSQTEVIH [MXL XLIMV GSYRXIVTEVX XLI
XSHYWO [IPSGEXIH VYWX]GLIIOIHWGMQMXEV FEFFPIVWGEPPMRK
1EPEFEV[LMWXPMRKXLVYWLSJXLI;IWXIVR+LEXW3JXIR[IRSXMGIH
XLIMV HYIXXMRK GEPPW JVSQ FYWLIW 8LI GEPPW [IVI HMWXMRGX SRI
XIVVMXSVMEP HMWTYXIW ERH FMVHW GLEWMRK IEGL SXLIV (EVO KVI]
[SYPH GEPP O]YTM ERH XLI SXLIV [SYPH KS UYMT 8LIVI [IVI E
FYWLGLEXW [LMXIGLIIOIH FYPFYPW RIWXMRK
FVS[R LMPP [EVFPIV
JI[ WSSX] JP]GEXGLIVW VEXLIV PMOI XLI JEQMPMEV FVS[R JP]GEXGLIVW
WXVIEOIHPEYKLMRKXLVYWLIW RIWXMRK
NYRKPIQ]REWVIHVYQTIH
TIVGLIHEXSTXVIIWERHQEOMRKWSVXMIWMRXLIEMV;IVSYRHIHSJJ
W[EPPS[WLSYWIW[MJXERHKVIEX,MQEPE]ERFEVFIX[IVIEQSRK
SYVWXE]EX1YWWSSVMI[MXLEZMWMXXS1V6YWOMR&SRHWLSYWIMR
SXLIVGSQQSRP]IRGSYRXIVIHWTIGMIWMRXLIZMGMRMX]SJXLILSXIP
XLISXLIVIRHSJXLIXS[R-X[EWERI\GMXMRKIZIRXJSVEPPSJYW
3RIQSVRMRK-RSXMGIHEWMRKPIWTIGOPIHTMGYPIXMRXLIGSQTER]
IWTIGMEPP]XLIGLMPHVIR[LS[IVIJERWSJ1V&SRH;IWTIRXER
SJSXLIVWQEPPFMVHWSREWLVYF
LSYVSVWS [MXLXLMW[VMXIV[LSWI PSZIJSVREXYVIMW [IPPORS[R
HMWGYWWMRKPSGEPREXYVEPLMWXSV]ERHEFSYXLMW[VMXMRKW 3R SYV [EPOW EVSYRH [I RSXMGIH XLI FPEGOGLMRRIH SV VIHFMPPIH
FEFFPIV E XMR] FMVH YWYEPP] MR TEMVW MR XLI WGVYF -X [EW SRI SJ
3YVRI\XHIWXMREXMSR[LIVI[IWTIRXQSWXSJXLIXMQI HE]W
MR
XLSWIVIWXPIWWERHEGXMZIFMVHWGSRWXERXP]SRXLIQSZIERHYWYEPP]
XLI GEQT [EW 'LEOVEXE Q
E WPIIT] LMPPWXEXMSR ERH
GEPPMRK E WMRKPI RSXIH GLMVV 7PEX]LIEHIH TEVEOIIXW [IVI
GERXSRQIRXEVIE-XXSSOYWSZIVJSYVLSYVWXSGSZIVXLIHMWXERGI
GSQQSRP]WIIRMRJPMKLXMRJPSGOW8LIMVGEPPRSXI XVIIT [EWUYMXI
SJEFSYX OQ;ITEWWIHF]XLI/IQTX]JEPPWEJEZSYVMXIXSYVMWX
HMWXMRGXMZI EW [IPP EW XLIMV ]IPPS[ XMTTIH XEMP ERH HEVOIV LIEH
HIWXMREXMSRGVS[HIHERHHMVX]ERHXLI=EQYREFVMHKIERHPEVKI
6YWX]GLIIOIHWGMQMXEVFEFFPIVW[IVIEPWSGSQQSRP]WIIRERH
WXVIXGLIWSJSTIRXIVVEGIHGYPXMZEXMSRHV]HIGMHYSYWJSVIWXWERH
LIEVH-RSXMGIHWQEPPJPSGOWSJZEVMIKEXIHPEYKLMRKXLVYWLIWSR
TEXGLIWSJ6LSHSHIRHVSRSEOWGVYF8LIVI[EWLEVHP]ER]HIRWI
SGGEWMSRW'PSWIVXSXLIWXVIEQ[IRSXMGIHETEMVSJWTSXXIH
JSVIWXSRXLIVSYXIFYXTPIRX]SJWMKRWSJPERHWPMHIWERHLEFMXEX
JSVOXEMPWJSVEKMRKMRXLI[EXIV%[LMXIGETTIHVIHWXEVX[EWEPWS
HIWXVYGXMSR-X[EWSRP]EX'LEOVEXEXLEX[IRSXMGIHJSVIWXWEKEMR
WIIRXLIVI&PEGOTEVXVMHKIW[IVISGGEWMSREPP]WIIRSVLIEVHMR
;IEKEMRTVIJIVVIHXSWXE]SYXWMHIXLIXS[RERH[I[IVIPYGO]
XLI STIR EVIEW ERH MR XLI JMIPHW RS[ FEVVIR 'PSWIV XS XLI
MRJMRHMRKXLIVMKLXTPEGI0SGEXIHOQSYXWMHIXLIXS[RSRXLI
LEFMXEXMSR [I WE[ WTSXXIH HSZIW FPYI VSGO TMKISR GSQQSR
0EOLEQERHEP VSEH [EW XLI ,MQEPE]ER 4EVEHMWI LSXIP E WQEPP
ERHFEROQ]REW%RMRXIVIWXMRKFMVHXLEX [IWE[RIEVXLILEQPIX
LSQIP]TPEGIPSGEXIHEXXLIIHKISJEJSVIWXERHWYVVSYRHIHF]
[EW XLI GMRREQSR XVII WTEVVS[ [MXL E GEPP PMOI SYV LSYWI
STIRGYPXMZEXIHEVIEERHWGVYF8LIVI[EWEHIITZEPPI]FIPS[
WTEVVS[WFYXW[IIXIV8LIQEPIFMVHLEHWYTIVJMGMEPVIWIQFPERGI
ERHEWXIITVSGO]LMPPWTEVWIP]ZIKIXEXIHVSWIJVSQFILMRHYW
XSXLIPEXXIVFMVHFYXLEHEHIPMGEXI[EWLSJTEPI]IPPS[ERHVYWWIX
%WXVIEQJPS[IHXLVSYKLXLIZEPPI]ERHEXETSMRX[LIVIMXGVSWWIH
GSPSYVIH LIEH %KEMR XLMW ETTIEVIH XS FI XLI RIWXMRK WIEWSR
XLIVSEH[EWEXMR]LEQPIX7YVTVMWMRKP]XLIIRXMVI[EXIVWYTTP]
ERHEFMVH[EWWIIRGSPPIGXMRKRIWXQEXIVMEPMREFYWL
XSXLIXS[RETTIEVIHXSFIGSQMRKJVSQXLMWWXVIEQERHMX[EWE
PMXXPIHMWXYVFMRKXSJMRHPSVVMIWERHXVYGOWPEHIR[MXL[EXIVTEWWMRK 8LI [SSHIH EVIE MR XLI ZMGMRMX] SJ XLI LSXIP I\XIRHIH XS
F]IZIV]JI[QMRYXIWEPPXLVSYKLXLIHE] XLI'LEOVEXEXS[RERHFI]SRH;EPOMRKSRXLIVSEHWGSRJIVVIH
SR YW XLI EHZERXEKI SJ KSSH ZMI[W SJXIR EX XLI PIZIP
8LI WMKLXMRK SJXLI ,MQEPE]ER]IPPS[XLVSEXIH QEVXIRW[EW XLI
SJXLIGERST]8LI[IHKIXEMPIHKVIIRTMKISR[EWWIIRMRWQEPP
LMKLPMKLXSJSYVWXE]EX'LEOVEXE0EVKIVXLERXLIQSRKSSWIERH
RYQFIVW SR JVYMXMRK XVIIW 8LI SVERKI GSPSYVEXMSR SJ
[MXL E PS[ WPYRK FSH] XLMW ERMQEP LEH E FIEYXMJYP ETTIEVERGI
XLIMV GVS[R [EW GPIEVP] RSXMGIEFPI 0SRKXEMPIH QMRMZIXW
[MXLHEVOFVS[RYTTIVTEVXWERH]IPPS[MWL[LMXIXLVSEXERHFIPP]
JMVIFVIEWXIH JPS[IVTIGOIVW KVI]LIEHIH KVIIR [SSHTIGOIVW
ERHPSRKXEMP;IJMVWXRSXMGIHXLVIISJXLIWIERMQEPWIEVP]QSVRMRK
KVI]LIEHIH JP]GEXGLIV[EVFPIV FPEGOXLVSEXIH NE] VYJSYW XYVXPI
NYWXEQJVSQSYVLSXIPGVSWWMRKXLIVSEH,EZMRKZIRXYVIH
HSZIERHPEVKIGVS[RIHPIEJ[EVFPIV[IVIEQSRKXLIFMVHWWIIR
SYX SJ XLI [SSHIH ZEPPI] XLI] FSYRHIH YT XLI LMPPWMHI EPSRK E
LIVI 3RGI [I GEQI EGVSWW E PEVKI JPSGO SJ VIHLIEHIH XMX
VSGO]PIHKIWXSTTMRKXSI\EQMRIGVIZMGIWERHRSSOWJSVTSWWMFPI
RYQFIVMRKSZIVFMVHWJSVEKMRKMRXLISTIREVIEWRI\XXSXLI
RIWXWERHSXLIVMXIQWSJJSSH;IJSPPS[IHXLIMVTVSKVIWWJSVE
VSEH8LIFMVHETTIEVIHJIEVPIWWERHGEQIEWGPSWIEWEQIXVI
KSSHQMRYXIWFIJSVIXLI]HMWETTIEVIHMRXLIVSGOW3RJSYV
JVSQ QI 8LIVI [IVI WSQI FMVHW XLEX PEGOIH XLI FPEGO XLVSEX
SXLIVSGGEWMSRW[IWE[WMRKPIERMQEPWQSVISVPIWWWXMGOMRKXS
TEXGLWYKKIWXMRKXLIWI[IVINYZIRMPIW
XLI WEQI TEXL ERH JSPPS[MRK XLI WEQI FILEZMSYV TEXXIVR ;I
IZIRRSXMGIHXLIQEVXIRGPMQFMRKXVIIW[MXLKVIEXIEWIERHEKMPMX] ;IEPWSZIRXYVIHXSRIEVF]TPEGIWYWMRKSYVQMRMFYW;IJSYRH
/EREWEVOQE[E]ERMRXIVIWXMRKTPEGIJSVETMGRMG)RVSYXI
,MQEPE]ERKVMJJSRW[IVIGSQQSRP]WIIRMRXLIEVIEERH[IJSYRH
[I TEWWIH XLVSYKL E ZMPPEKI SJ XLI .EYRWEVM XVMFI [MXL XLIMV
UYMXIEJI[FMVHWRIWXMRKSRXLIPIHKIWSJXLIGPMJJEFSZIYW;I
GSPSYVJYPP]TEMRXIHLSYWIW/EREWEVMWTVIWIVZIHEWEWXYH]TPSX
GSYPH WII FMVHW FVMRKMRK MR X[MKW XS PMRI XLIMV RIWX
F]XLIJSVIWXHITEVXQIRXERHLEWLYKIGSRMJIVSYWXVIIW3RISJ
%JI[NYZIRMPIFMVHW[IVIEPWSRSXMGIH3RX[SSGGEWMSRW[IWE[
XLIPEVKIVXVIIWQIEWYVIHQMRGMVGYQJIVIRGI ERH [EWSZIV
EPEQQIVKIMIVMRJPMKLX/IWXVIP[EWERSXLIVGSQQSRFMVHSJTVI]
QMRLIMKLX%RMRXIVIWXMRKFMVHWIIRLIVI[EWXLI,MQEPE]ER
VIKYPEVP]WIIRLSZIVMRKMRQMHEMVPSSOMRKSYXJSVTVI]
XVIIGVIITIV8LIVI[IVISJXLIQFYWMP]QSZMRKEFSYXEPSRK
8LITEXGLSJWGVYFERHJSVIWXRI\XXSXLILSXIPTVSZIHMRXIVIWXMRK XLIFEVOSJEGSRMJIV+VI][MRKIHFPEGOFMVHGVIWXIHWIVTIRXIEKPI
JSV WIZIVEP FMVHW )ZIV] QSVRMRK - [SYPH FI YT [IPP FIJSVI XLI ERHEFPEGOIEKPI[IVIEQSRKXLISXLIVFMVHWWIIRLIVI
2I[WPIXXIVJSV&MVH[EXGLIVW
%RSXLIV WMXI ZMWMXIH [EW (ISFER OQ JVSQ 'LEOVEXE SR XLI LSXIP[LSFIGEQIEGPSWIJVMIRHSRXLIQSVRMRKSJXL1E];I
WEQIVSYXIEW/EREWEVFYXEXERIPIZEXMSRSJQ8LMW[EW HIWGIRHIHXLILMPPWVETMHP]ERHVIEGLIH/EPWMEXXLIJSSXLMPPW[LIVI
EPWSE[IPP[SSHIHWMXI;IWE[WIZIVEP+YNNEVJEQMPMIWWIXXMRK [I WE[ SPH JVMIRHW PMOI XLI KSPHIR SVMSPI FPEGO HVSRKS
YTGEQTWSVQSZMRKYT[MXLXLIMVGEXXPI%WQEPPJSVIWXVIWXLSYWI GSTTIVWQMXL IXG 7MRGI [I WXMPP LEH WSQI XMQI EXSYVHMWTSWEP
MWPSGEXIHLIVIERHMX[SYPHGIVXEMRP]FIMRXIVIWXMRKXSWXE]LIVI [IHIGMHIHXSLEZISYVPYRGLEXXLI%WER&EVVEKI%PEVKI[EXIV
ERH I\TPSVI XLI WYVVSYRHMRKW 7IZIVEP FMVHW WIIR LIVI [IVI FSH] GSRZIVXIH MRXS E XSYVMWX WTSX %WER &EVVEKI WXMPP LEW
EFWIRX EX 'LEOVEXE ;I [IVI [IPGSQIH F] XLI WMKLX SJ E WSQIXLMRKXSSJJIVXSXLIFMVH[EXGLIVW%TEVXJVSQXLIHEFGLMGOW
TPEMRFEGOIHQSYRXEMRXLVYWLLSTTMRKSYXSRXLIKVEWW]QIEHS[ PMXXPIERHQIHMERIKVIXWTYVTPILIVSRETEMRXIHWXSVOERHSZIV
STTSWMXIXLIVIWXLSYWI2IEVF]XLIVI[IVIWIZIVEPGVIWXIHFPEGO STIRFMPP WXSVOW XLIVI [IVI SHH HYGOW SJ JSYV WTIGMIW
XMXW E TEMV SJ [LMXIFVS[IH FPYI JP]GEXGLIVW E WGEP]FIPPMIH WTSXFMPP[MKISRKEVKERI]ERHXLIVYHH]WLIPHYGO%PPXLIWIFMVHW
[SSHTIGOIV E FPEGOFVS[IH JP]GEXGLIV[EVFPIV [MXL MXW HSYFPI VSWIWMQYPXERISYWP]MRXLIEMV[MXLXLIEVVMZEPSJEJMRIQENIWXMG
FPEGOFVS[WERHEKSPHIRVMRKVSYRHMXWI]IWERHEPEVKILE[O PSSOMRK 4EPPEW JMWLMRK IEKPI XLEX PERHIH SR ER MWPIX
GYGOSS MHIRXMJMIHF]GEPPW
;I[EPOIHYTXSETSMRXORS[REW -EPWSKSXXLIJMVWXKPMQTWISJXLI,MQEPE]ERTMIHOMRKJMWLIVJMWLMRK
:]EW 7LMOEV JVSQ [LIVI [I LEH E KSSH ZMI[ SJ XLI WRS[GPEH MRXLIPEOIEPSRK XLIMVWQEPPIVVIPEXMZIXLIPIWWIVTMIHOMRKJMWLIV
TIEOW 8LIJSVQIV[EWWMPIRXERHLEHFEVWSRMXWFEGO
8LI XLMVHI\GYVWMSR[ILEH [EWXS8MKIVJEPPWEPWSOQJVSQ 8LYW GEQI XLI IRH SJ SYV WSNSYVR MR XLI ,MQEPE]EW -X [EW E
'LEOVEXEFYXMRXLISTTSWMXIHMVIGXMSR;IHIWGIRHIHHS[RXLI
TEVXMGYPEVP] XLVMPPMRK I\TIVMIRGI JSV QI FIGEYWI SJ XLI WIZIVEP
0EOLEQERHEPVSEHERHFVERGLIHSYXXSEWQEPPIVVSEH;ILEH
RI[FMVHW-[EWEFPIXSWIISYXSJXLIXSXEPSJRIEVP] WTIGMIW
XSXVIOXLIPEWXOMPSQIXVIXSVIEGLXLIJEPPWXLVSYKLGYPXMZEXMSRERH
VIGSVHIHF]YW8LMW[EWQ]WIGSRHZMWMXXSXLI,MQEPE]ERVIKMSR
WIXXPIQIRX8LIVI[EWRSXQYGL[EXIVEXXLIJEPPWFYXNYWXIRSYKL
- GSYPH TYXXS YWI ERH XV]SYX XLI X[S RI[ *MIPH +YMHIW XLI
JSVEWLS[IVERHXLIWLEPPS[TSSPEXXLIFEWIEHHIHXSXLIJYR
WLSVXIV ZIVWMSR SJ +VMQWOMTT ERH /E^QMIVG^EOW FSSO
&MVH[MWI [I HMH RSX WII QYGL I\GITX E TEMV SJ TPYQFISYW
-JSYRHXLIPEXXIVQSVIYWIJYPXSEKVIEXI\XIRXMXLEHFIIR[IPP
VIHWXEVXXLEX[EWWIIREXGPSWIVERKI ;IEPWSWTIRXWSQIXMQI
HIWMKRIHJSVJMIPHYWI[MXLIEWMP]PSGEXEFPITPEXIWXLEROWXSXLI
EVSYRHXLIJSVIWXVIWXLSYWIEX'LEOVEXE[LMGLLEHEKSSHJSVIWX
TMGXSVMEPOI] MRXLIFIKMRRMRKSJXLIFSSOERHXLIQSVI JEQMPMEV
TEXGL ,IVI EKEMR [I WE[ KSSH JSVIWX FMVHW MRGPYHMRK XLI
WIUYIRGISJ%PMERH6MTPI]'PIZIVHIWMKRMRKLEWQEHIXLIFSSO
,MQEPE]ER FEVVIH S[PIX ,MQEPE]ER TMIH [SSHTIGOIV
YWIJYPMRXLIJMIPHEWMXLEWEPPVIPEXIHWTIGMIWMRXLIWEQITPEXI
FPEGOGETTIHWMFMEERHSXLIVGSQQSRFMVHWWYGLEW[LMXIXLVSEXIH
EJIEXYVIMRZEPYEFPIJSVUYMGOGSQTEVMWSRIWTIGMEPP]MRYRJEQMPMEV
PEYKLMRKXLVYWLERHKVIIRFEGOIHXMX RIWXMRK
XIVVEMRW-XEPWSGSRXEMRWEPSXQSVIMRJSVQEXMSREFSYXEPXMXYHMREP
%PPEPSRK [I LEH FIIRLIEVMRK EGEPPRIEVSYV LSXIP[LMGL LEH HMWXVMFYXMSR ERMQTSVXERXJIEXYVIMRXLI,MQEPE]EW
HIWGVMTXMSR
MRXVMKYIHQI-X[EWMQTSWWMFPIXSPSGEXIXLIFMVHERHIRUYMVMIW SJ GEPPW ERH SXLIV WYGL HIXEMPW - JIIP WIZIVEP VIZMI[IVW SJ XLMW
[MXLXLIPSGEPTISTPIJEMPIHXS IPMGMXER]YWIJYPMRJSVQEXMSR8LI FSSOLEZIFIIRYRJEMVXSMXMRXLIMVGVMXMGMWQ[LMPIXLIFSSOF]XLI
GEPP[EWPSYHERHJEVGEVV]MRKLIEVHEPPXLVSYKLXLIHE]-XWSYRHIH +VMQWOMTTW LEWKVEFFIHEPPXLIMVTVEMWIW-JSYRHXLIMVWLSVXIV
ZIV]QYGL PMOIXLIGEPPW SJXLILSSTSIFYXLEHJSYVRSXIWERH ZIVWMSREHMJJMGYPXFSSOXSYWIMRXLIJMIPHEWMXLEHERYRJEQMPMEV
[EW YXXIVIH MR WYGGIWWMSR SJ GEPPW EX E WXVIXGL -X GSYPH FI WIUYIRGI ZIV]PMQMXIH MRJSVQEXMSR MRWYJJMGMIRX XS MHIRXMJ] FMVHW
[VMXXIR HS[R EW 9OOYOYOY 3R VIXYVR - PSSOIH YT XLI [MXL GIVXEMRX] MR XLI EFWIRGI SJ HIXEMPW EFSYX GEPPW EPXMXYHMREP
,ERHFSSO F] %PM ERH 6MTPI] ERH [EW WYVTVMWIH XS FI EFPI XS HMWXVMFYXMSR IXG 'SQTEVMRK XLIWI RI[ FSSOW [MXL SYV S[R
MHIRXMJ]XLIGEPP[MXLMRQMRYXIWEWXLEXSJXLI,MQEPE]ERGYGOSS 4MGXSVMEP +YMHI - XVYP] JIIP WSVV] XLEX [I LEH PSWX E KSPHIR
STTSVXYRMX]XSQEOIXLIFIWXSYXSJXLIPIEH[ILEHIRNS]IHJSV
;I[IVIVIPYGXERXXSPIEZISRXLIPEWXHE]ERHVIXYVRXSXLITPEMRW
SZIV]IEVWMRQEOMRKMXEXVYI *MIPH+YMHI
-X[EW[MXLWEHJIIPMRKWXLEX[IWEMHKSSHF]IXSXLIS[RIVSJXLI
0MWX SJ &MVHW 3FWIVZIH HYVMRK XLI TIVMSH JVSQ
XS EX 1YVYH /EVHI
1ELEVEWXVE
/-6%2:%7%28496%2(%6)% 4VEWLERX FYRKEPS[)VERHE[ERI+ESRXLER
2I\XXS1LEXVI&VMHKI4YRI)QEMPTEOWLMZIHE$LSXQEMPGSQ
'SQQSR JPEQIFEGO (MRSTMYQ NEZERIRWI
5YMXI %GGSVHMRKXSXLIPSGEPWSYVGIWXLIKVI]LSVRFMPPVIKYPEVP]FVIIHW
GSQQSREVSYRHXLILYQERLEFMXEXMSRWERHMRXLIHV]HIGMHYSYW MR XLI 1YVYH EVIE 8LI] QEOI YWI SJ SPH LYKI XVIIW EW XLIMV
JSVIWXW1SWXP]LIEVH8LIPSYHTMTMRKGEPPGSRJMVQWMXWTVIWIRGI RIWXMRKWMXIW
&VS[RLIEHIHFEVFIX 1IKEPEMQE^I]PERMGE
3RP]LIEVH
'SQQSROMRKJMWLIV %PGIHSEXXLMW
3FWIVZIHSRXLIFEROW
8LI FMVH GSYPH RSX FI WTSXXIH 'EPP PSYHIV XLER XLEX SJ XLI
SJ E WXVIEQ JPS[MRK XLVSYKL ER STIR EVIE 8LI JIIHMRK TIVGL
[LMXIGLIIOIHFEVFIX
[EWQEVOIH[MXL [LMXI[EWLJEIGIWSJXLIFMVH
'STTIVWQMXL FEVFIX 1IKEPEMQE LEIQEGITLEPE
'SQQSRP] WIIR SR XLI XVIIW RIEV LSYWIW 8[S RIWXW [IVI 4MIHOMRKJMWLIV 'IV]PIVYHMW
8LMWFPEGOERH[LMXIFMVH[EW
PSGEXIH3RISJXLIRIWXW[EWJSYRHMRE(VYQWXMGOXVIIGPSWIXS SFWIVZIHMRXLIZMGMRMX]SJEVMZIVTIVJSVQMRKMXWLSZIVMRKJPMKLX
ERSGGYTMIH FYRKEPS[%RSXLIVRIWX [EWI\GEZEXIHMR E'SVEP
XVII -RHMER VSPPIV 'SVEGMEW FIRKLEPIRWMW
4IVGLIH SR XLI
IPIGXVMGMX][MVIVYRRMRKXLVSYKLGYPXMZEXIHJMIPHW8LIFMVHTIVGLIH
-RHMER KVI]LSVRFMPP 3G]GIVSW FMVSWXVMW
% TEMV [EW
QSXMSRPIWWJSVEFSYXLEPJERLSYVSVWS
WIIR SR E JVYMXMRK &ER]ER XVII GPSWI XS LYQER LEFMXEXMSRW
2I[WPIXXIVJSV&MVH[EXGLIVW
'SQQSRLSSTSI 9TYTEITSTW
3FWIVZIHJP]MRKEGVSWW ;LMXIFVIEWXIH [EXIVLIR %QEYVSVRMW TLSIRMGYVYW
8LMW
XLISJJWLSVI^SRIERHIRXIVMRKMRXSEQERKSKVSZI VEXLIVWL]FMVH[EWJSYRHSRXLIFEROWSJEWXVIEQRIEVZMPPEKI
/EVHI;LIRIZIVHMWXYVFIHHYIXSFMVH[EXGLIVWMXYWIHXSVYWL
;LMXIXLVSEXIH OMRKJMWLIV ,EPG]SR WQ]VRIRWMW
MRXS XLI XLMGOIXW FSVHIVMRK XLI WXVIEQW%PSRK [MXL QER]SXLIV
'SYVXWLMT HMWTPE]SFWIVZIH RIEV /EVHI ZMPPEKI % TEMV TIVGLIH
FMVHW XLI [LMXIFVIEWXIH [EXIVLIR MW EPWS LYRXIH F] XLI PSGEP
EXST 8LIWTIWME XVII TEVXMGMTEXIH MR XLI HMWTPE] 7MXXMRK GPSWIP]
TISTPIJSVMXWQIEX
IEGLFMVHHMWTPE]IHMXWFVMKLXP]GSPSYVIH[MRKW[MXLERIVIGXFSH]
WXERGI ;MRKW [IVI STIRIH ERH GPSWIH MR WYHHIR NIVOW EW MJ 'SQQSRWERHTMTIV %GXMXMWL]TSPIYGSW
6IGSVHIHSR
STIVEXIH F] QIGLERMGEP HIZMGI 3RI SJ XLI FMVHW PIJX MXW TIVGL XLIWIEGSEWXIWTIGMEPP]RIEVXLIVSGO]WLSVIEW[IPPEWEPSRK
ERHPERHIHMRXLILEVZIWXIHTEHH]JMIPHXSTMGOYTERMRWIGX2S XLIMRPERH[EXIVW%X/EVHI[LMPISFWIVZMRKXLIFMVHGPSWIP][I
GEPPW[IVILIEVHHYVMRKXLIHMWTPE]8LIGSYVXWLMTVMXYEPGSRXMRYIH JSYRHXLEXMXJIHSRXLI*MHHPIV'VEF 9GEZSGERW
8LIFMVH[SYPH
JSVEFSYXXSQMRYXIW VYRSRXLIQYHJPEXFSVHIVMRKXLIVMZIVERHXV]XSWRETEGVEFSV
X[S %GSPSR]GSRWMWXMRKSJLYRHVIHWSJGVEFW[IVIPMZMRKSRXLI
&PEGOGETTIH OMRKJMWLIV ,EPG]SR TMPIEXE
8LMW FVMPMERXP]
FEROW SJ E VMZIV
%JXIV LEZMRK GEYKLX XLI GVEF XLI FMVH [SYPH
GSPSYVIH/MRKJMWLIV[EWPSGEXIHSREVSEHWMHIXVIISRZEVMSYW
FVIEOXLIIRPEVKIHGLIPMTIHSVTMRGIVERHIEXXLIERMQEP1SWX
SGGEWMSRW,EFMXEXTVIJIVVIHF]XLIFMVH[EWSTIR[SSHIHGSYRXV]
SJ XLIXMQIW MXWYGGIIHIH MRGEXGLMRK XLI QEPI GVEFW- EQ WXMPP
HSXXIH[MXLWTEVWILEFMXEXMSRERHEVMZIVJPS[MRKRIEVF]
WYVTVMWIH XS LEZI WIIR XLSWI JYRR] SVERKI JIEXLIVW RIEV XLI
+VIIR FIIIEXIV 1IVSTW SVMIRXEPMW
%GXMZIP] JIIHMRK SR WLSYPHIVWSJETEVXMGYPEVGSQQSRWERHTMTIV
JP]MRK MRWIGXW XLI &IIIEXIV [EW WIIR SR XLI WIE GSEWX %PWS
6YHH]XYVRWXSRI %VIREVMEMRXIVTVIW
8LIVIMWEWQEPPTEXGL
WIIR MR STIR GYPXMZEXIH GSYRXV] SR XLI WPSTI SJ E LMPP RI\X XS
SJEVSGO]WIEWLSVI[LIR]SYXVEZIPJVSQ1YVYHXS[EVHW,EVRI
1YVYHZMPPEKI
8LIXYVRWXSRIW[IVIJMVWXRSXMGIHLIVI -X[EWEJPSGOSJEFSYX
%WMEROSIP )YH]REQ]WWGSPSTEGIE
'SQQSRP]WIIR FMVHW QSWXP] EHYPXW MR RSRFVIIHMRK TPYQEKI [MXL SVERKMWL
ERHLIEVHEVSYRHLSYWIWERHKVSZIW7GEXXIVIHTEMVW[IVIEPWS ]IPPS[PIKWFPEGOFVIEWXERH[LMXIWLSYPHIVW
WIIR SR JVYMXMRK *MGYW XVIIW EGXMZIP] JIIHMRK SR XLI VIH JMKW
/IRXMWLTPSZIV 'LEVEHVMYW EPI\ERHVMRYW
7MKLXIH SR XLI
-RXIVEGXMSRWFIX[IIRXLIOSIPERHXLIGVS[[IVIUYMXIGSQQSR
WIEWLSVI%TEMV[EWWIIRJIIHMRKSRGVYWXEGIERWMRXLIX]TMGEP
+VIEXIV GSYGEP 'IRXVSTYW WMRIRWMW
,IEVH WIZIVEP TPSZIVQERRIV
XMQIW QSVI SJXIR XLER WIIR -XW JEZSYVMXI LEYRXW [IVI KVSZIW
0IWWIVWERHTPSZIV 'LEVEHVMYWQSRKSPYW
6IGSVHIH SR
ERHHV]HIGMHYSYWJSVIWX
XLI GSEWXEP ^SRI EGXMZIP] JIIHMRK HYVMRK XLI PS[ XMHI MR WQEPP
:IVREPLERKMRKTEVVSX 0SVMGYPYWZIVREPMW
7IIRJP]MRK KVSYTWSJXSFMVHW;LMXI[MRKFEVGSRWTMGYSYWMREHYPXRSR
HEWLMRKJVSQXVIIXSXVIIEGGSQTERMIHF]EXVMW]PPEFMGRSXI%PWS FVIIHMRKFMVHW8LIPIWWIVWERHTPSZIVFVIIHWMRRSVXL,MQEPE]EW
ORS[R EW 0SVMOIIX XLMW TEVEOIIX LERKW YTWMHI HS[R PMOI E FEX ERH[MRXIVWSRGSEWXWSJXLIWYFGSRXMRIRX
[LMPIVSSWXMRK
=IPPS[[EXXPIHPET[MRK :ERIPPYWQEPEFEVMGYW
8LI=;0
6SWIVMRKIHTEVEOIIX 4WMXXEGYPEOVEQIVM
0SSWIJPSGOW [EW LIEVH EX TQ HYVMRK XLI RMKLX XVEMP -XW FMW]PPEFMG
SJXSFMVHWSFWIVZIHQSWXP]MRSZIVLIEHJPMKLX XIIIIRSXIGSRJMVQIHMXWTVIWIRGIIZIRHYVMRKXLIRMKLX-WXLI
=;0EWIQMRSGXYVREPFMVH#
%WMERTEPQW[MJX ']TWMYVYWFEPEWMIRWMW
%JPSGOSJEFSYX
W[MJXW [EW EP[E]W WIIR EVSYRH XLI XEH TEPQ &SVEWWYW &VS[RLIEHIH KYPP 0EVYW FVYRRMGITLEPYW
4VSFEFP] XLI
JPEFIPPMJIV
[LMGLMWYWIHJSVVSSWXMRKERHRIWXMRKEGXMZMXMIW8LI QSWX GSQQSRP] ERH EFYRHERXP] WIIR GSEWXEP FMVH XLI FVS[R
XEHTEPQ[EWWXERHMRKSRXLIFEROWSJEWIEWSREPWXVIEQEFSYX LIEHIH KYPP MW E [MRXIV ZMWMXSV ;I SFWIVZIH XLMW FMVH EGXMZIP]
XSQIXIVWJVSQXLIWIEWLSVI JIIHMRKSRJMWLERHSXLIVWIEERMQEPWEXXLI,EVRIJMWLMRKZMPPEKI
MREWWSGMEXMSR[MXLXLITEVMELOMXIW
+VI] RMKLXNEV 'ETVMQYPKYW MRHMGYW
,IEVH EX EFSYX
TQ HYVMRK XLI QSSRPMKLX RMKLX ,EFMXEX [EW XLI PEXIVMXMG 'SQQSR XIVR 7XIVRE LMVYRHS
% LYKI JPSGO SJ XIVRW ERH
TPEXIEY[MXLVSGO]SYXGVSTWERHSTIR[SSHPERH KYPPWLEHWIXXPIHSRXLI1YVYHWIEWLSVIEHSVRMRKXLI]IPPS[MWL
WERH]FIEGL8LVSYKLQ]FMRSGYPEVW &)6/98 \QEHIMR
0EVKIXEMPIHRMKLXNEV 'ETVMQYPKYWQEGVYVYW
'EPPWLIEVH
6YWWME
-GSYPHTMGOYTXLIGSQQSRXIVRW[MXLTVSQMRIRXP]FPEGO
MRXLIWEQILEFMXEXEWSJXLIKVI]RMKLXNEV%RMRHMZMHYEPFMVH[EW
GETTIH LIEHERHKVI]QERXPI%JI[FMVHW[IVIJSYRHXSFIMR
PSGEXIHSREVSGO]I\TSWYVIMRXLIXSVGLPMKLX
XLIFVIIHMRKTPYQEKI[MXLVIHFIEOERHPIK
0EYKLMRKHSZI 7XVITXSTIPMEWIRIKEPIRWMW
7GEXXIVIH
&PEGOOMXI 1MPZYWQMKVERW
)EVPMIVORS[REWXLI
TEMVWMRSTIRJSVIWXERHGYPXMZEXIHJMIPHW3FWIVZIHTIVGLIHSR
TEVMEL OMXI XLI FPEGO OMXI MW E YWIJYP WGEZIRKIV%X 1YVYH XLMW
IPIGXVMGMX][MVIWERHEPWSSRXLIFYPPSGOGEVXXVEGOWKPIERMRKKVEMRW
FMVH SJ TVI] [EW WIIR MR EPQSWX EPP LEFMXEXW VERKMRK JVSQ WIE
ERHKVMX
GSEWXXSLYQERWIXXPIQIRXWERHLMPP]VIKMSR
7TSXXIHHSZI 7XVITXSTIPME GLMRIRWMW
,EFMXEXTVIJIVIRGI
&VELQMR]OMXI ,EPMEWXYV MRHYW
% FIEYXMJYP PSSOMRK
RSXWMKRMJMGERXP]HMJJIVIRXJVSQXLIPEYKLMRKHSZI8LIGEPPOVSS
GLIWXRYXVIH ERH [LMXI FMVH [MXL VSYRHIH XEMP 1EMRP] SFWIVZIH
OVYOOVYOOVSSLIEVHJVIUYIRXP]IWTIGMEPP]MRXLIQSVRMRKLSYVW
SR XLI WIEWLSVIW ERH XLI SZIVGVS[HIH JMWLMRK ZMPPEKIW %R]
=IPPS[JSSXIH +VIIR TMKISR 8VIVSR TLSIRMGSTXIVE
TIVWSR [MXL PSZI JSV FMVHW [SYPH IRNS] XLI WMKLX SJ E &VELQMR]
% JPSGO SJ EFSYX FMVHW SFWIVZIH SR JVYMX PEHIR &ER]ER XVII /MXIWSEVMRKMRXLIE^YVIFPYIWO]7SQIXMQIWXLI&VELQMR]/MXI
WXERHMRKEXXLIIHKISJXLIVSEHXS,EVRI QMKVEXIWPSGEPP]ERHWXE]WRIEVMRPERHVMZIVWERHWXVIEQW
