You are on page 1of 30

%'-6

6IETTVSZIH

+YMHIXS1EWW'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII

7XITLIR&8EXVS
'LEMV
.IJJVI]'%PPIR

6SFIVX;'ERRSR

.SLR6,IWW

8MFSV.4EXEO]

8IVVIRGI)%VRSPH
6ERHEPP4&EWW
.*PS]H&IWX
%RXLSR]%&SQFMGL

8IGO0'LYE
)VMG.(MXGLI]
8MQSXL]4(SPIR
&EVV](*ILP

6SHRI]),SPHIVFEYQ
%PPIR.,YPWLM^IV
(EZMH)/MIJIV
+EV]61EWW

7XIZIR%6EKER
)VRIWX/7GLVEHIV
+EV]4;MPWSR

1EWW GSRGVIXIMWER]ZSPYQI SJ GSRGVIXI [MXL HMQIRWMSRW PEVKI IRSYKL XS


VIUYMVI XLEX QIEWYVIW FI XEOIR XS GSTI [MXL XLI KIRIVEXMSR SJ LIEX JVSQ
L]HVEXMSRSJXLIGIQIRXERHEXXIRHERXZSPYQIGLERKIXSQMRMQM^IGVEGOMRK
8LI HIWMKR SJ QEWW GSRGVIXI WXVYGXYVIW MW KIRIVEPP] FEWIH SR HYVEFMPMX]
IGSRSQ]ERHXLIVQEPEGXMSR[MXLWXVIRKXLSJXIRFIMRKEWIGSRHEV]GSRGIVR
8LMW HSGYQIRX GSRXEMRW E LMWXSV] SJ XLI HIZIPSTQIRX SJ QEWW GSRGVIXI
TVEGXMGI ERH HMWGYWWMSR SJ QEXIVMEPW ERH GSRGVIXI QM\XYVI TVSTSVXMSRMRK
TVSTIVXMIWGSRWXVYGXMSRQIXLSHWERHIUYMTQIRX-XGSZIVWXVEHMXMSREPP]TPEGIH
ERHGSRWSPMHEXIHQEWWGSRGVIXIERHHSIWRSXGSZIVVSPPIVGSQTEGXIHGSRGVIXI

{'IQIRXW
{4S^^SPERWERHKVSYRHWPEK
{'LIQMGEPEHQM\XYVIW
{%KKVIKEXIW
{;EXIV
{7IPIGXMSRSJTVSTSVXMSRW
{8IQTIVEXYVIGSRXVSP
'LETXIV{4VSTIVXMIWT
{+IRIVEP
{7XVIRKXL
{)PEWXMGTVSTIVXMIW
{'VIIT
{:SPYQIGLERKI
{4IVQIEFMPMX]
{8LIVQEPTVSTIVXMIW
{7LIEVTVSTIVXMIW
{(YVEFMPMX]

/I][SVHW EHQM\XYVIEKKVIKEXI EMV IRXVEMRQIRX FEXGL GIQIRXGSQTVIWWMZI


WXVIRKXL GVEGOMRK GVIIT GYVMRK HYVEFMPMX] JP] EWL JSVQ[SVO KVEHMRK
LIEXSJL]HVEXMSRQEWWGSRGVIXIQM\MRKQM\XYVITVSTSVXMSRQSHYPYW
SJIPEWXMGMX]TPEGMRK4SMWWSRvWVEXMSTS^^SPERWLVMROEKIWXVEMRWXVIWW
XIQTIVEXYVIVMWIXLIVQEPI\TERWMSRZMFVEXMSRZSPYQIGLERKI

'328)287
'LETXIV{-RXVSHYGXMSRERHLMWXSVMGEP
HIZIPSTQIRXWT
{7GSTI
{,MWXSV]
{8IQTIVEXYVIGSRXVSP
{0SRKXIVQWXVIRKXLHIWMKR

'LETXIV{'SRWXVYGXMSRT
{&EXGLMRK
{1M\MRK
{4PEGMRK
{'YVMRK
{*SVQW
{,IMKLXSJPMJXWERHXMQIMRXIVZEPWFIX[IIRPMJXW
{'SSPMRKERHXIQTIVEXYVIGSRXVSP
{-RWXVYQIRXEXMSR
{+VSYXMRKGSRXVEGXMSRNSMRXW

'LETXIV{1EXIVMEPWERHQM\XYVITVSTSVXMSRMRK
T
{+IRIVEP
%'- '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 FIQEHI MR GSRXVEGX
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF]
XLI%VGLMXIGX)RKMRIIV

%'-6WYTIVWIHIW%'-6ERHFIGEQIIJJIGXMZI(IGIQFIV
'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYGXMSR
SVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR[VMXMRK
MWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW



{6IJIVIRGIHWXERHEVHWERHVITSVXW
{'MXIHVIJIVIRGIW

1EWWGSRGVIXIMWHIJMRIHMR%'-6EWwER]ZSPYQISJ
GSRGVIXI [MXL HMQIRWMSRW PEVKI IRSYKL XS VIUYMVI XLEX
QIEWYVIW FI XEOIR XS GSTI [MXL KIRIVEXMSR SJ LIEX JVSQ
L]HVEXMSR SJ XLI GIQIRX ERH EXXIRHERX ZSPYQI GLERKI XS
QMRMQM^IGVEGOMRKx8LIHIWMKRSJQEWWGSRGVIXIWXVYGXYVIW
MW KIRIVEPP] FEWIH SR HYVEFMPMX] IGSRSQ] ERH XLIVQEP
EGXMSR[MXLWXVIRKXLSJXIRFIMRKEWIGSRHEV]VEXLIVXLERE
TVMQEV]GSRGIVR8LISRI GLEVEGXIVMWXMGXLEX HMWXMRKYMWLIW
QEWWGSRGVIXIJVSQSXLIVGSRGVIXI[SVOMWXLIVQEPFILEZMSV
&IGEYWIXLIGIQIRX[EXIVVIEGXMSRMWI\SXLIVQMGF]REXYVI
XLIXIQTIVEXYVIVMWI[MXLMREPEVKIGSRGVIXIQEWW[LIVIXLI
LIEXMWRSXUYMGOP]HMWWMTEXIHGERFIUYMXILMKL7MKRMJMGERX
XIRWMPI WXVIWWIW ERH WXVEMRW QE] VIWYPX JVSQ XLI VIWXVEMRIH
ZSPYQIGLERKIEWWSGMEXIH[MXLEHIGPMRIMRXIQTIVEXYVIEW
LIEX SJ L]HVEXMSR MW HMWWMTEXIH 1IEWYVIW WLSYPH FI XEOIR
[LIVIGVEGOMRKHYIXSXLIVQEPFILEZMSVQE]GEYWIEPSWWSJ
WXVYGXYVEPMRXIKVMX]ERHQSRSPMXLMGEGXMSRI\GIWWMZIWIITEKI
ERH WLSVXIRMRK SJ XLI WIVZMGI PMJI SJ XLI WXVYGXYVI SV FI
EIWXLIXMGEPP]SFNIGXMSREFPI1ER]SJXLITVMRGMTPIWMRQEWW
GSRGVIXI TVEGXMGI GER EPWS FI ETTPMIH XS KIRIVEP GSRGVIXI
[SVO[LIVIF]IGSRSQMGERHSXLIVFIRIJMXWQE]FIVIEPM^IH
8LMWHSGYQIRXGSRXEMRWELMWXSV]SJXLIHIZIPSTQIRXSJ
QEWW GSRGVIXI TVEGXMGI ERH E HMWGYWWMSR SJ QEXIVMEPW ERH
GSRGVIXI QM\XYVI TVSTSVXMSRMRK TVSTIVXMIW GSRWXVYGXMSR
QIXLSHWERHIUYMTQIRX8LMWHSGYQIRXGSZIVWXVEHMXMSREPP]
TPEGIHERHGSRWSPMHEXIHQEWWGSRGVIXIERHHSIWRSXGSZIV
VSPPIVGSQTEGXIH GSRGVIXI 6SPPIVGSQTEGXIH GSRGVIXI MW
HIWGVMFIHMRHIXEMPMR%'-6
1EWW GSRGVIXMRK TVEGXMGIW [IVI HIZIPSTIH PEVKIP] JVSQ
GSRGVIXI HEQ GSRWXVYGXMSR [LIVI XIQTIVEXYVIVIPEXIH
GVEGOMRK[EWJMVWXMHIRXMJMIH8IQTIVEXYVIVIPEXIHGVEGOMRK
LEW EPWS FIIR I\TIVMIRGIH MR SXLIV XLMGOWIGXMSR GSRGVIXI
WXVYGXYVIWMRGPYHMRKQEXJSYRHEXMSRWTMPIGETWFVMHKITMIVW
XLMGO[EPPWERHXYRRIPPMRMRKW
,MKLGSQTVIWWMZIWXVIRKXLWEVIYWYEPP]RSXVIUYMVIHMRQEWW
GSRGVIXIWXVYGXYVIWLS[IZIVXLMREVGLHEQWEVII\GITXMSRW
1EWWMZIWXVYGXYVIWWYGLEWKVEZMX]HEQWVIWMWXPSEHWTVMQEVMP]
F]XLIMVWLETIERHQEWWERHSRP]WIGSRHEVMP]F]XLIMVWXVIRKXL
3JQSVIMQTSVXERGIEVIHYVEFMPMX]ERHTVSTIVXMIWGSRRIGXIH
[MXLXIQTIVEXYVIFILEZMSVERHXLIXIRHIRG]JSVGVEGOMRK
8LI IJJIGXW SJ LIEX KIRIVEXMSR VIWXVEMRX ERH ZSPYQI
GLERKIW SRXLI HIWMKR ERH FILEZMSVSJ QEWWMZIVIMRJSVGIH
IPIQIRXW ERH WXVYGXYVIW EVI HMWGYWWIH MR %'- 6
'SSPMRK ERH MRWYPEXMRK W]WXIQW JSV QEWW GSRGVIXI EVI
EHHVIWWIHMR %'- 6 1M\XYVI TVSTSVXMSRMRK JSV QEWW
GSRGVIXIMWHMWGYWWIHMR%'-
;LIRGSRGVIXI[EWJMVWXYWIHMRHEQWXLIHEQW[IVI
VIPEXMZIP]WQEPPERHXLIGSRGVIXI[EWQM\IHF]LERH8LI
TSVXPERH GIQIRX YWYEPP] LEH XS FI EKIH XS GSQTP] [MXL E
FSMPMRKWSYRHRIWWXIWXXLIEKKVIKEXI[EWFEROVYRWERHERH

KVEZIPERHTVSTSVXMSRMRK[EWF]XLIWLSZIPJYP (EZMW 
8VIQIRHSYWTVSKVIWWLEWFIIRQEHIWMRGIXLIIEVP]W
ERHXLIEVXERHWGMIRGISJHEQFYMPHMRKTVEGXMGIHXSHE]LEW
VIEGLIHELMKLP]EHZERGIHWXEXI4VIWIRXP]XLIWIPIGXMSRERH
TVSTSVXMSRMRK SJ GSRGVIXI QEXIVMEPW XS TVSHYGI WYMXEFPI
WXVIRKXL HYVEFMPMX] ERH MQTIVQIEFMPMX] SJ XLI JMRMWLIH
TVSHYGXGERRS[FITVIHMGXIHERHGSRXVSPPIH[MXLEGGYVEG]
'SZIVIH LIVIMR EVI XLI TVMRGMTEP WXITW JVSQ XLSWI ZIV]
WQEPPFIKMRRMRKWXSXLITVIWIRX-RPEVKIHEQGSRWXVYGXMSR
XLIVIMWRS[I\EGXERHEYXSQEXMGTVSTSVXMSRMRKERHQM\MRK
SJQEXIVMEPW'SRGVIXIMR]H Q FYGOIXWGERFITPEGIH
F] GSRZIRXMSREP QIXLSHW EX XLI VEXI SJ  ]HHE]
QHE] EXEXIQTIVEXYVISJPIWWXLER* ' EW
TPEGIH IZIR HYVMRK I\XVIQIP] LSX [IEXLIV +VERH 'SYPII
(EQWXMPPLSPHWXLIEPPXMQIVIGSVHQSRXLP]TPEGMRKVEXISJ
 ]H  Q  JSPPS[IH F] XLI QSVI VIGIRX
EGLMIZIQIRXEX-XEMTY(EQSRXLI&VE^MP4EVEKYE]FSVHIVSJ
 ]H  Q  -XEMTY &MREGMSREP   8LI
VIGSVHQSRXLP]TPEGMRKVEXISJ]H Q  JSV
VSPPIVGSQTEGXIHGSRGVIXI[EWEGLMIZIHEX8EVFIPE(EQMR
4EOMWXER0IERQM\XYVIWEVIRS[QEHI[SVOEFPIF]QIERW
SJEMVIRXVEMRQIRXERHSXLIVGLIQMGEPEHQM\XYVIWERHXLIYWI
SJ JMRIP] HMZMHIH TS^^SPERMG QEXIVMEPW ;EXIVVIHYGMRK
WXVIRKXLIRLERGMRKERHWIXGSRXVSPPMRKGLIQMGEPEHQM\XYVIW
EVI IJJIGXMZI MR VIHYGMRK XLI VIUYMVIH GIQIRX GSRXIRX XS E
QMRMQYQERHMRGSRXVSPPMRKXLIXMQISJWIXXMRK4PEGMRKVEXIW
JSVRSWPYQTGSRGVIXIF]YWMRKPEVKIIEVXLQSZMRKIUYMTQIRXJSV
XVERWTSVXEXMSR ERH PEVKI ZMFVEXMRK VSPPIVW JSV GSRWSPMHEXMSR
ETTIEVXSFIPMQMXIHSRP]F]XLIWM^ISJXLITVSNIGXERHMXW
TPERXvWEFMPMX]XSTVSHYGIGSRGVIXI
 &IJSVI{&IJSVIXSXLIFIKMRRMRKSJXLIX[IRXMIXL
GIRXYV] QYGL SJ XLI TSVXPERH GIQIRX YWIH MR XLI 9RMXIH
7XEXIW [EW MQTSVXIH JVSQ )YVSTI %PP GIQIRXW [IVI ZIV]
GSEVWIF]TVIWIRXWXERHEVHWERHUYMXIGSQQSRP]XLI][IVI
YRHIVFYVRIHERHLEHELMKLJVIIPMQIGSRXIRX*SVHEQWSJ
XLEXTIVMSHFEROVYRWERHERHKVEZIP[IVIYWIH[MXLSYXXLI
FIRIJMX SJ[EWLMRK XS VIQSZI SFNIGXMSREFPIHMVX ERH JMRIW
'SRGVIXIQM\XYVIW ZEVMIH[MHIP]MR GIQIRXGSRXIRXERHMR
WERHGSEVWI EKKVIKEXI VEXMS 1M\MRK [EW YWYEPP] HSRI F]
LERHERHTVSTSVXMSRMRKF]WLSZIP[LIIPFEVVS[FS\SVGEVX
8LIIJJIGXSJXLI[EXIVGIQIRXVEXMS [G [EWYRORS[RERH
KIRIVEPP] RS EXXIQTX [EW QEHI XS GSRXVSP XLI ZSPYQI SJ
QM\MRK[EXIV8LIVI[EWRSQIEWYVISJGSRWMWXIRG]I\GITXF]
ZMWYEPSFWIVZEXMSRSJXLIRI[P]QM\IHGSRGVIXI
7SQISJXLIHEQW[IVI SJG]GPSTIERQEWSRV] MR [LMGL
wTPYQWx PEVKI WXSRIW  [IVI TEVXMEPP] IQFIHHIH MR E ZIV]
[IX GSRGVIXI 8LI WTEGIW FIX[IIR TPYQW [IVI XLIR JMPPIH
[MXLGSRGVIXIEPWSZIV][IX7SQISJXLIIEVP]HEQW[IVI
FYMPX [MXLSYX GSRXVEGXMSR NSMRXW ERH [MXLSYX VIKYPEV PMJXW
8LIVI [IVI LS[IZIV RSXEFPI I\GITXMSRW [LIVI GSRGVIXI
[EW GEWX MR FPSGOW XLI LIMKLX SJ PMJX [EW VIKYPEXIH ERH
GSRGVIXISJZIV]HV]GSRWMWXIRG][EWTPEGIHMRXLMRPE]IVW
ERHGSRWSPMHEXIHF]VMKSVSYWLERHXEQTMRK
+IRIVEPP]QM\IHGSRGVIXI[EWXVERWTSVXIHXSXLIJSVQWF]
[LIIPFEVVS[ ;LIVI TPYQW [IVI IQTPS]IH MR G]GPSTIER
QEWSRV] WXMJJPIK HIVVMGOW STIVEXMRK MRWMHI XLI [SVO EVIE
QSZIHXLI[IXGSRGVIXIERHTPYQW8LIVEXISJTPEGIQIRX

[EWEXQSWXEJI[LYRHVIHGYFMG]EVHW GYFMGQIXIVW EHE]


+IRIVEPP]XLIVI[EWRSEXXIQTXXSQSMWXGYVI
%R I\GITXMSR XS XLIWI KIRIVEP TVEGXMGIW [EW XLI 0S[IV
'V]WXEP 7TVMRKW (EQ GSQTPIXIH MR  8LMW HEQ MW
PSGEXIHRIEV7ER1EXIS'EPMJSVRMEEFSYXQMPIW OQ
WSYXLSJ7ER*VERGMWGS%GGSVHMRKXSEZEMPEFPIMRJSVQEXMSR
MX [EW XLI JMVWX HEQ MR XLI 9RMXIH 7XEXIW MR [LMGL XLI
QE\MQYQ TIVQMWWMFPI UYERXMX] SJ QM\MRK [EXIV [EW
WTIGMJMIH8LIGSRGVIXIJSVXLMWJX Q LMKLWXVYGXYVI
[EWGEWXMREW]WXIQSJMRXIVPSGOMRKFPSGOWSJWTIGMJMIHWLETI
ERH HMQIRWMSRW %R SPH TLSXSKVETL MRHMGEXIW XLEX LERH
XEQTIVW [IVI IQTPS]IH XS GSRWSPMHEXI XLI HV] GSRGVIXI
GSRGVIXI[MXLEPS[[EXIVGSRXIRXERHTVIWYQEFP]ZIV]PS[
[SVOEFMPMX] *VIWL GSRGVIXI [EW GSZIVIH [MXLTPEROWEWE
TVSXIGXMSRJVSQXLIWYRERHXLIGSRGVIXI[EWOITX[IXYRXMP
LEVHIRMRKSGGYVVIH
  XS {%JXIV XLI XYVR SJ XLI GIRXYV]
GSRWXVYGXMSRSJEPPX]TIWSJGSRGVIXIHEQW[EWKVIEXP]EGGIP
IVEXIH 1SVI ERH LMKLIV HEQW JSV MVVMKEXMSR TS[IV ERH
[EXIV WYTTP] [IVI FYMPX 'SRGVIXI TPEGIQIRX F] QIERW SJ
XS[IVWERHGLYXIWFIGEQIGSQQSR-RXLI9RMXIH7XEXIWXLI
TSVXPERH GIQIRX MRHYWXV] FIGEQI [IPP IWXEFPMWLIH ERH
GIQIRX[EWVEVIP]MQTSVXIHJVSQ)YVSTI%781WTIGMJMGEXMSRW
JSVTSVXPERHGIQIRXYRHIV[IRXPMXXPIGLERKIHYVMRKXLIJMVWX
]IEVWSJXLIGIRXYV]EWMHIJVSQEQSHIWXMRGVIEWIMRJMRIRIWW
VIUYMVIQIRXHIXIVQMRIHF]WMIZIEREP]WMW)\GITXJSVXLIPMQMXW
SR QEKRIWME ERH PSWW SR MKRMXMSR XLIVI [IVI RS GLIQMGEP
VIUYMVIQIRXW'LEVEGXIVERHKVEHMRKSJEKKVIKEXIW[IVIKMZIR
QSVIEXXIRXMSRHYVMRKXLMWTIVMSH:IV]WYFWXERXMEPTVSKVIWW[EW
QEHIMRXLIHIZIPSTQIRXSJQIXLSHWSJTVSTSVXMSRMRKGSRGVIXI
8LI [EXIVGIQIRX WXVIRKXL VIPEXMSRWLMT [EW IWXEFPMWLIH F]
%FVEQW ERH LMW EWWSGMEXIW JVSQ MRZIWXMKEXMSRW FIJSVI 
[LIR4SVXPERH'IQIRX%WWSGMEXMSR 4'% &YPPIXMRETTIEVIH
%FVEQW   2IZIVXLIPIWW PMXXPI EXXIRXMSR [EW TEMH XS XLI
UYERXMX]SJQM\MRK[EXIV4PEGMRKQIXLSHWYWMRKXS[IVWERH
JPEXWPSTIHGLYXIWHSQMREXIHVIWYPXMRKMRXLIYWISJI\GIWWMZIP]
[IXQM\XYVIWJSVEXPIEWX]IEVWEJXIVXLIMQTSVXERGISJXLI[G
LEHFIIRIWXEFPMWLIH
+IRIVEPP] TSVXPERH GIQIRXW [IVI IQTPS]IH [MXLSYX
EHQM\XYVIW8LIVI[IVII\GITXMSRWWYGLEWXLIWERHGIQIRXW
YWIHF]XLI976IGPEQEXMSR7IVZMGI RS[XLI97&YVIEY
SJ6IGPEQEXMSR?97&6A MRXLIGSRWXVYGXMSRSJXLI)PITLERX
&YXXI(EQMR2I[1I\MGSERHXLI%VVS[VSGO(EQMR-HELS
%XXLIXMQISJMXWGSQTPIXMSRMRXLI%VVS[VSGO(EQE
KVEZMX]EVGLHEQ[EWXLILMKLIWXHEQMRXLI[SVPHEXJX
Q 8LIHEQ[EWGSRWXVYGXIH[MXLPIERMRXIVMSVGSRGVIXI
ERHEVMGLIVI\XIVMSVJEGIGSRGVIXI8LIQM\XYVIJSVMRXIVMSV
GSRGVIXIGSRXEMRIHETTVS\MQEXIP] PF]H OKQ
SJ E FPIRHIH TYPZIVM^IH KVERMXIGIQIRX GSQFMREXMSR 8LI
GIQIRX QM\XYVI [EW TVSHYGIH EX XLI WMXI F] MRXIVKVMRHMRK
ETTVS\MQEXIP]IUYEPTEVXWSJTSVXPERHGIQIRXERHTYPZIVM^IH
KVERMXIWSXLEXRSPIWWXLER TEWWIHXLI2S Q
QIWLWMIZI8LIMRXIVKVSYRHGSQFMREXMSR[EWGSRWMHIVEFP]
JMRIVXLERXLIGIQIRXFIMRKTVSHYGIHEXXLEXXMQI
%RSXLIVI\GITXMSRSGGYVVIHMRXLIGSRGVIXIJSVSRISJXLI
EFYXQIRXWSJ&MK(EPXSR(EQEQYPXMTPIEVGLHEQFYMPXF]
XLI0SW %RKIPIW 'SYRX] *PSSH'SRXVSP (MWXVMGXHYVMRK XLI

PEXI W 4YQMGMXI E TS^^SPER  JVSQ *VMERX 'EPMJSVRME


[EWYWIHEWE VITPEGIQIRXF]QEWWJSVTSVXPERHGIQIRX
(YVMRKXLMWTIVMSHG]GPSTIERGSRGVIXI[IRXSYXSJWX]PI
*SVHEQWSJXLMGOWIGXMSRXLIQE\MQYQWM^ISJEKKVIKEXIJSV
QEWWGSRGVIXI[EWMRGVIEWIHXSEWPEVKIEWMR QQ 
8LIWPYQTXIWXLEHGSQIMRXSYWIEWEQIERWSJQIEWYVMRK
GSRWMWXIRG]8LIXIWXMRKSJ\MR \QQ ERH
\MR \QQ NSFG]PMRHIVWFIGEQIGSQQSRTVEG
XMGI MR XLI 9RMXIH 7XEXIW )YVSTIER GSYRXVMIW KIRIVEPP]
EHSTXIHXLI\MR \QQ GYFIJSVXIWXMRKXLI
WXVIRKXLEXZEVMSYWEKIW1M\IVWSJ]H Q GETEGMX]
[IVIGSQQSRP]YWIHRIEVXLIIRHSJXLMWTIVMSHERHXLIVI
[IVI WSQI SJ  ]H  Q GETEGMX] 3RP] 8]TI - GIQIRX
RSVQEPTSVXPERHGIQIRX [EWEZEMPEFPIHYVMRKXLMWTIVMSH
-REVIEW[LIVIJVII^MRKERHXLE[MRKGSRHMXMSRW[IVIWIZIVI
MX[EWGSQQSRTVEGXMGIXSYWIEGSRGVIXIQM\XYVIGSRXEMRMRK
 PF]H  OKQ  SJ GIQIRX JSV XLI IRXMVI GSRGVIXI
QEWW8LIGSRWXVYGXMSRTVEGXMGISJYWMRKERMRXIVMSVQM\XYVI
GSRXEMRMRK  PF]H  OKQ  ERH ER I\XIVMSV JEGI
QM\XYVIGSRXEMRMRKPF]H OKQ [EWHIZIPSTIH
HYVMRK XLMW TIVMSH XS QEOI XLI HEQvW JEGI VIWMWXERX XS XLI
WIZIVIGPMQEXIERH]IXQMRMQM^IXLISZIVEPPYWISJGIQIRX
-REVIEWSJQMPHGPMQEXISRIGPEWWSJGSRGVIXIXLEXGSRXEMRIH
EQSYRXW SJ GIQIRX EW PS[ EW PF]H OKQ [EW
YWIHMRWSQIHEQW
%R I\GITXMSR [EW XLI 8LISHSVI 6SSWIZIPX (EQ FYMPX
HYVMRK XLI ]IEVW SJ  XS  MR %VM^SRE 8LMW HEQ
GSRWMWXW SJ E VYFFPI QEWSRV] WXVYGXYVI JEGIH [MXL VSYKL
WXSRI FPSGOW PEMH MR TSVXPERH GIQIRX QSVXEV QEHI [MXL E
GIQIRXQERYJEGXYVIHMRETPERXRIEVXLIHEQWMXI*SVXLMW
WXVYGXYVIXLIEZIVEKIGIQIRXGSRXIRXLEWFIIRGEPGYPEXIHXS
FIETTVS\MQEXIP]PF]H OKQ *SVXLIMRXIVMSVSJ
XLIQEWWVSYKLUYEVVMIHWXSRIW[IVIIQFIHHIHMRE
QSVXEVGSRXEMRMRKETTVS\MQEXIP]PF]H OKQ SJ
GIQIRX-RIEGLPE]IVXLIZSMHWFIX[IIRXLIGPSWIP]WTEGIH
WXSRIW[IVIJMPPIH[MXLEGSRGVIXIGSRXEMRMRKPF]H
 OKQ  SJ GIQIRX MRXS [LMGL VSGO JVEKQIRXW [IVI
QERYEPP]TPEGIH8LIWIGSRHMXMSRWEGGSYRXJSVXLIZIV]PS[
EZIVEKI GIQIRX GSRXIRX 'SRWXVYGXMSR [EW WPS[ ERH
6SSWIZIPX(EQVITVIWIRXWTIVLETWXLIPEWXSJXLIPEVKIHEQW
FYMPXMRXLI9RMXIH7XEXIWF]XLMWQIXLSHSJGSRWXVYGXMSR
 XS{8LMW[EWERIVESJVETMHHIZIPSTQIRX
MRQEWWGSRGVIXIGSRWXVYGXMSRJSVHEQW8LIYWISJXLIXS[IV
ERHGLYXIQIXLSHHIGPMRIHHYVMRKXLMWTIVMSHERH[EWYWIH
SRP]SRWQEPPTVSNIGXW'SRGVIXI[EWX]TMGEPP]TPEGIHYWMRK
PEVKIFYGOIXW[MXLGVERIWGEFPI[E]WVEMPVSEHW]WXIQWSVE
GSQFMREXMSR SJ XLIWI 3R XLI PEVKIV ERH QSVI GPSWIP]
GSRXVSPPIHGSRWXVYGXMSRTVSNIGXWXLIEKKVIKEXIW[IVIGEVIJYPP]
TVSGIWWIHMRKVIHMIRXW[IVITVSTSVXMSRIHF][IMKLXERHXLI
QM\MRK [EXIV [EW QIEWYVIH F] ZSPYQI -QTVSZIQIRX MR
[SVOEFMPMX][EWFVSYKLXEFSYXF]XLIMRXVSHYGXMSRSJJMRIP]
HMZMHIHQMRIVEPEHQM\XYVIW TS^^SPERW EMVIRXVEMRQIRXERH
GLIQMGEP EHQM\XYVIW 7PYQTW EW PS[ EW  MR  QQ  [IVI
IQTPS]IH [MXLSYX ZMFVEXMSR EPXLSYKL QSWX TVSNIGXW MR PEXIV
]IEVWSJXLMWIVEYWIHPEVKIWTYHZMFVEXSVWJSVGSRWSPMHEXMSR
%WXYH]SJXLIVIGSVHWERHEGXYEPMRWTIGXMSRSJEGSRWMHIVEFPI
RYQFIVSJHEQWWLS[WXLEXXLIVI[IVIHMJJIVIRGIWMRGSRHMXMSR
XLEXGSYPHRSXFII\TPEMRIH3JX[SWXVYGXYVIWXLEXETTIEVIHXS

FISJWMQMPEVUYEPMX]WYFNIGXIHXSXLIWEQIIRZMVSRQIRXSRI
QMKLXI\LMFMXI\GIWWMZIGVEGOMRK[LMPIXLISXLIVEJXIVEWMQMPEV
TIVMSH SJ WIVZMGI [SYPH FI MR RIEVTIVJIGX GSRHMXMSR 8LI
QIEKIVVIGSVHWEZEMPEFPISREJI[HEQWMRHMGEXIH[MHIMRXIVREP
XIQTIVEXYVIZEVMEXMSRWHYIXSGIQIRXL]HVEXMSR8LIHIKVIISJ
GVEGOMRK[EWEWWSGMEXIH[MXLXLIXIQTIVEXYVIVMWI
%'- 'SQQMXXII  1EWW 'SRGVIXI [EW SVKERM^IH MR
 SVMKMREPP]EW'SQQMXXII JSVXLITYVTSWISJKEXL
IVMRK MRJSVQEXMSR EFSYX XLI WMKRMJMGERX TVSTIVXMIW SJ QEWW
GSRGVIXIMRHEQWERHJEGXSVWXLEXMRJPYIRGIXLIWITVSTIVXMIW
&SKYI  ERHLMWEWWSGMEXIWYRHIVXLI4'%JIPPS[WLMT
EXXLI2EXMSREP&YVIEYSJ7XERHEVHWLEHEPVIEH]MHIRXMJMIH
XLITVMRGMTEPGSQTSYRHWMRTSVXPERHGIQIRX0EXIV,YFIVX
;SSHWERHLMWEWWSGMEXIWIRKEKIHMRMRZIWXMKEXMSRWXSHIXIV
QMRIXLIGSRXVMFYXMSRWSJIEGLSJXLIWIGSQTSYRHWXSLIEXSJ
L]HVEXMSRERHXSXLIWXVIRKXLSJQSVXEVWERHGSRGVIXIW
&]XLIFIKMRRMRKSJXLI,SSZIV(EQMR2IZEHE[EW
MRXLIIEVP]WXEKIWSJTPERRMRK&IGEYWISJXLIYRTVIGIHIRXIH
WM^I SJ XLI ,SSZIV (EQ MRZIWXMKEXMSRW QYGL QSVI IPEFSVEXI
XLERER]TVIZMSYWP]YRHIVXEOIR[IVIGEVVMIHSYXXSHIXIVQMRIXLI
IJJIGXWSJJEGXSVWWYGLEWGSQTSWMXMSRERHJMRIRIWWSJGIQIRX
GIQIRX JEGXSV XIQTIVEXYVI SJ GYVMRK ERH QE\MQYQ WM^I SJ
EKKVIKEXI SR XLI LIEX SJ L]HVEXMSR SJ GIQIRX GSQTVIWWMZI
WXVIRKXLERHSXLIVTVSTIVXMIWSJQSVXEVWERHGSRGVIXI
8LIVIWYPXWSJXLIWIMRZIWXMKEXMSRWPIHXSXLIYWISJPS[
LIEX GIQIRX MR XLI ,SSZIV (EQ 8LI MRZIWXMKEXMSRW EPWS
JYVRMWLIHMRJSVQEXMSRJSVXLIHIWMKRSJXLIIQFIHHIHTMTI
GSSPMRKW]WXIQYWIHJSVXLIJMVWXXMQIMRXLI,SSZIV(EQ
0S[LIEX GIQIRX [EW JMVWX YWIH MR XLI 1SVVMW (EQ RIEV
4EWEHIRE'EPMJ[LMGL[EWWXEVXIHE]IEVFIJSVIXLI,SSZIV
(EQ *SV XLI ,SSZIV (EQ XLI GSRWXVYGXMSR TPERX [EW SJ
YRTVIGIHIRXIH GETEGMX] &EXGLMRK ERH QM\MRK [IVI
GSQTPIXIP]EYXSQEXMG8LIVIGSVHHE]vWSYXTYXJSVXLIX[S
GSRGVIXITPERXWIUYMTTIH[MXL]H Q QM\IVW[EWSZIV
]H Q 'SRGVIXI[EWXVERWTSVXIHMR]H Q
FYGOIXWF]GEFPI[E]WERHGSQTEGXIHMRMXMEPP]F]VEQQMRK
ERHXEQTMRK-RXLIWTVMRKSJPEVKIMRXIVREPZMFVEXSVW
[IVIMRXVSHYGIHERH[IVIYWIHXLIVIEJXIVJSVGSQTEGXMRKXLI
VIQEMRHIV SJ XLI GSRGVIXI ;MXLMR ETTVS\MQEXIP]  ]IEVW
]H Q SJGSRGVIXI[IVITPEGIH
,SSZIV(EQQEVOIHXLIFIKMRRMRKSJERIVESJMQTVSZIH
TVEGXMGIWMRPEVKIGSRGVIXIHEQGSRWXVYGXMSR'SQTPIXIHMR
 EX E VEXI SJ GSRWXVYGXMSR XLIR YRTVIGIHIRXIH XLI
TVEGXMGIWIQTPS]IHXLIVI[MXLWSQIVIJMRIQIRXWLEZIFIIR
MR YWI SR QSWX SJ XLI PEVKI GSRGVIXI HEQW XLEX LEZI FIIR
GSRWXVYGXIHMRXLI9RMXIH7XEXIWERHMRQER]SXLIVGSYRXVMIW
WMRGIXLEXXMQI
8LIYWISJETS^^SPERMGQEXIVMEP TYQMGMXI [EWKMZIRE
XVMEP MR XLI &MK (EPXSR (EQ F] XLI 0SW %RKIPIW 'SYRX]
*PSSH'SRXVSP(MWXVMGX*SVXLI&SRRIZMPPI(EQGSQTPIXIH
F] XLI 'SVTW SJ )RKMRIIVW MR  MR 3VIKSR E TSVXPERH
GIQIRXTS^^SPERGSQFMREXMSR[EWYWIH-X[EWTVSHYGIHF]
MRXIVKVMRHMRKXLIGIQIRXGPMROIV[MXLETS^^SPERTVSGIWWIH
F]GEPGMRMRKEREPXIVIHZSPGERMGQEXIVMEPEXEXIQTIVEXYVISJ
ETTVS\MQEXIP]* ' 8LITVSTSVXMSRSJGPMROIV
XS TS^^SPER [EW  F] [IMKLX 8LMW X]TI SJ GIQIRX [EW
WIPIGXIHJSVYWIEX&SRRIZMPPISRXLIFEWMWSJXIWXVIWYPXWSR
GSRGVIXIXLEXMRHMGEXIHPEVKII\XIRWMFMPMX]ERHPS[XIQTIVEXYVI

VMWI8LMWMWXLIIEVPMIWXORS[RGSRGVIXIHEQMRXLI9RMXIH
7XEXIW MR [LMGL ER MRXIVKVSYRH TSVXPERHTS^^SPER GIQIRX
LEWFIIRYWIH8LIYWISJTS^^SPEREWEWITEVEXIGIQIRXMRK
QEXIVMEPXSFIEHHIHEXXLIQM\IVEXEVEXISJ SVQSVISJ
XSXEPGIQIRXMXMSYWQEXIVMEPWLEWGSQIXSFIVIKYPEVTVEGXMGIF]
XLI97&6XLI8IRRIWWII:EPPI]%YXLSVMX] 8:% XLI9RMXIH
7XEXIW%VQ]'SVTWSJ)RKMRIIVW 97%') ERHSXLIVW
8LIGLIQMGEPEHQM\XYVIWXLEXJYRGXMSRXSVIHYGI[EXIVMR
GSRGVIXIQM\XYVIWGSRXVSPWIXXMRKERHIRLERGIWXVIRKXLSJ
GSRGVIXI FIKER XS FI WIVMSYWP] VIGSKRM^IH MR XLI W EW
QEXIVMEPWXLEXGSYPHFIRIJMXQEWWGSRGVIXI-R;EPPEGI
ERH3VITYFPMWLIHXLIMVVITSVXSRXLIFIRIJMXSJXLIWIQEXIVMEPWXS
PIERQEWWGSRGVIXI7MRGIXLMWXMQIGLIQMGEPEHQM\XYVIWLEZI
FIIRYWIHMRQSWXQEWWGSRGVIXI
%VSYRHMXFIGEQIWXERHEVHTVEGXMGIXSYWIMRXIRXMSREPP]
IRXVEMRIHEMVJSVGSRGVIXIMRQSWXWXVYGXYVIWXLEXEVII\TSWIH
XSWIZIVI[IEXLIVMRKGSRHMXMSRW8LMWTVEGXMGI[EWETTPMIHXS
XLI GSRGVIXI SJ I\TSWIH WYVJEGIW SJ HEQW EW [IPP EW XS
GSRGVIXITEZIQIRXWERHVIMRJSVGIHGSRGVIXIMRKIRIVEP%MV
IRXVEMRMRK EHQM\XYVIW MRXVSHYGIH EX XLI QM\IV LEZI FIIR
YWIHJSVFSXLMRXIVMSVERHI\XIVMSVGSRGVIXIWSJTVEGXMGEPP]EPP
HEQWGSRWXVYGXIHWMRGI
4PEGIQIRX SJ GSRZIRXMSREP QEWW GSRGVIXI LEW VIQEMRIH
PEVKIP]YRGLERKIHWMRGIXLEXXMQI8LIQENSVRI[HIZIPST
QIRX MR XLI JMIPH SJ QEWW GSRGVIXI MW XLI YWI SJ VSPPIV
GSQTEGXIHGSRGVIXI
  XS TVIWIRX{(YVMRK XLMW IVE VSPPIVGSQTEGXIH
GSRGVIXI[EWHIZIPSTIHERHFIGEQIXLITVIHSQMRERXQIXLSH
JSVTPEGMRKQEWWGSRGVIXI&IGEYWIVSPPIVGSQTEGXIHGSRGVIXI
MWRS[WSGSQQSRP]YWIHEWITEVEXIVITSVX%'-6MW
XLI TVMRGMTEP VIJIVIRGI JSV XLMW WYFNIGX 8VEHMXMSREP QEWW
GSRGVIXIQIXLSHWGSRXMRYIXSFIYWIHJSVQER]TVSNIGXWPEVKI
ERH WQEPP TEVXMGYPEVP] [LIVI VSPPIVGSQTEGXIH GSRGVIXI
[SYPHFIMQTVEGXMGEPSVHMJJMGYPXXSYWI8LMWSJXIRMRGPYHIW
EVGLHEQWPEVKI[EPPWERHWSQIJSYRHEXMSR[SVOWTEVXMGYPEVP]
[LIVIVIMRJSVGIQIRXMWVIUYMVIH
8LI GSRXMRYMRK HIZIPSTQIRX SJ GLIQMGEP EHQM\XYVIW LEW
EPPS[IHXLITPEGIQIRXSJZIV]PEVKIYRHIV[EXIVTPEGIQIRXW
[LIVI XLI GSRGVIXI JPS[W PEXIVEPP] YT XS  JX *PSEXMR
GSRWXVYGXMSRQIXLSHW[LIVIWXVYGXYVEPIPIQIRXWEVITVIGEWXSV
TVIJEFVMGEXIHERHPEXIVJMPPIH[MXLYRHIV[EXIVGSRGVIXILEZI
FIIR HIZIPSTIH 'SRWXVYGXMSR SJ HEQ WIGXMSRW ERH TS[IV
LSYWIWLEWFIIRHSRIMRXLMWQERRIV
 'IQIRX GSRXIRX{(YVMRK XLI PEXI W ERH IEVP]
W MX [EW TVEGXMGEPP] ER YR[VMXXIR PE[ XLEX RS QEWW
GSRGVIXIJSVPEVKIHEQWWLSYPHGSRXEMRPIWWXLERPF]H
 OKQ  SJ GIQIRX 7SQI EYXLSVMXMIW SJ XLEX TIVMSH
FIPMIZIHXLEX XLIGIQIRX JEGXSVWLSYPHRIZIVFIPIWW XLER
PF]H OKQ 8LIGIQIRXJEGXSVJSVXLIMRXIVMSV
GSRGVIXISJ2SVVMW(EQ 8IRRIWWII:EPPI]%YXLSVMX]
GSRWXVYGXIHF]XLI8IRRIWWII:EPPI]%YXLSVMX] 8:% MR
[EWPF]H OKQ 8LIHIKVIISJGVEGOMRK
[EW I\GIWWMZI 8LI GSQTVIWWMZI WXVIRKXL SJ XLI [IX
WGVIIRIH\MR \QQ NSFG]PMRHIVWEX]IEV
SJ EKI [EW  TWM  14E  7MQMPEVP] GSVI WTIGM
QIRW  \  MR  \  QQ  HVMPPIH JVSQ XLI JMVWX
WXEKIGSRGVIXIGSRXEMRMRKPF]H OKQ SJGIQIRX
EX+VERH'SYPII(EQXIWXIHMRI\GIWWSJTWM 14E

EXXLIEKISJ]IEVW.YHKIHF]GSQTSWMXMSRXLIGIQIRX[EW
SJXLIQSHIVEXILIEXX]TIGSVVIWTSRHMRKXSXLITVIWIRX8]TI--
'SRWMHIVMRK XLI QSHIVEXIP] PS[ WXVIWWIW [MXLMR XLI X[S
WXVYGXYVIW MX [EW IZMHIRX XLEX WYGL LMKL GSQTVIWWMZI
WXVIRKXLW [IVI UYMXI YRRIGIWWEV] % VIHYGXMSR MR GIQIRX
GSRXIRXSRWMQMPEVJYXYVIGSRWXVYGXMSRWQMKLXFII\TIGXIHXS
WYFWXERXMEPP]VIHYGIXLIXIRHIRG]XS[EVHGVEGOMRK
*SV ,M[EWWII (EQ GSQTPIXIH F] 8:% MR  XLI
PF]H OKQ GIQIRXGSRXIRXFEVVMIV[EWFVSOIR
*SVXLEXWXVYGXYVIXLIGIQIRXGSRXIRXSJXLIQEWWGSRGVIXI
[EWSRP]PF]H OKQ ERYRYWYEPP]PS[ZEPYIJSV
XLEXXMQI,M[EWWII(EQ[EWWMRKYPEVP]JVIIJVSQXLIVQEP
GVEGOW [LMGL FIKER E XVIRH XS[EVH VIHYGMRK XLI GIQIRX
GSRXIRX[LMGLMWWXMPPGSRXMRYMRK7MRGIXLEXXMQIXLI8]TI-GIQIRX GSRXIRX SJ XLI MRXIVMSV QEWW GSRGVIXI LEW FIIR
ETTVS\MQEXIP]PF]H OKQ ERH IZIREWPS[EW
PF]H OKQ %RI\EQTPISJEPEVKIKVEZMX]HEQ
JSV[LMGLXLI8]TI--GIQIRXGSRXIRXJSVQEWWGSRGVIXI[EW
 PF]H  OKQ  MW 4MRI *PEX (EQ MR 'EPMJSVRME
GSQTPIXIHF]XLI97%')MR-REVGLX]TILMKLHEQW
[LIVI WXVIWWIWEVI QSHIVEXIP] LMKL XLIGIQIRX GSRXIRX SJ
XLIQEWWQM\XYVIMWYWYEPP]MRXLIVERKISJXSPF]H
 XS  OKQ  [MXL XLI LMKLIV GIQIRX GSRXIRX FIMRK
YWIHMRXLIXLMRRIVERHQSVILMKLP]WXVIWWIHHEQWSJXLMWX]TI
)\EQTPIW SJ GIQIRXMXMSYW GSRXIRXW MRGPYHMRK TS^^SPER
JSVQSVIVIGIRXHEQWEVI
c %VGL HEQW{ PF]H  OKQ  SJ GIQIRX ERH
TS^^SPERMR+PIR'ER]SR(EQEVIPEXMZIP]XLMGOEVGLHEQ
MR%VM^SREGSQTPIXIHMRPF]H OKQ SJ
GIQIRXMR1SVVS[4SMRX(EQMR'SPSVEHSGSQTPIXIHMR
 ERH  XS  PF]H  XS  OKQ  SJ
TSVXPERHTS^^SPER8]TI-4GIQIRXMR)P'ENSR(EQSRXLI
,YQY]E6MZIVMR,SRHYVEWGSQTPIXIHMR
c 7XVEMKLX KVEZMX] HEQW{ PF]H  OKQ   SJ
8]TI--GIQIRXMR(IXVSMX(EQMR3VIKSRGSQTPIXIHMR
PF]H OKQ SJ8]TI--GIQIRXERHJP]
EWLMR0MFF](EQMR1SRXEREGSQTPIXIHMRERH
PF]H OKQ SJ8]TI--GIQIRXERHGEPGMRIH
GPE]MR-PLE7SPXIMVE(EQMR&VE^MPGSQTPIXIHMR

8LITVEGXMGISJTVIGSSPMRKGSRGVIXIQEXIVMEPWFIJSVIQM\MRK
XS EGLMIZI E PS[IV QE\MQYQ XIQTIVEXYVI SJ MRXIVMSV QEWW
GSRGVIXIHYVMRKXLIL]HVEXMSRTIVMSHFIKERMRXLIIEVP]W
ERHLEWFIIRI\XIRWMZIP]YWIHMRXLIGSRWXVYGXMSRSJPEVKIHEQW
8LIJMVWXTVEGXMGISJTVIGSSPMRKETTIEVWXSLEZISGGYVVIH
HYVMRKXLIGSRWXVYGXMSRSJ2SVJSVO(EQJVSQXS
F]XLI97%')8LITPER[EWXSMRXVSHYGIGVYWLIHMGIMRXS
XLIQM\MRK[EXIVHYVMRKXLI[EVQIVQSRXLW&]WSHSMRK
XLI XIQTIVEXYVI SJ JVIWLP] QM\IH QEWW GSRGVIXI GSYPH FI
VIHYGIH F] ETTVS\MQEXIP]  *  '  2SX SRP] LEW
GVYWLIHMGIFIIRYWIHMRXLIQM\MRK[EXIVFYXGSEVWIEKKVI
KEXIWLEZIFIIRTVIGSSPIHIMXLIVF]GSPHEMVSVGSPH[EXIV
FIJSVIFEXGLMRK6IGIRXP]FSXLJMRIERHGSEVWIEKKVIKEXIWMR
E QSMWX GSRHMXMSR LEZI FIIR TVIGSSPIH F] ZEVMSYW QIERW
MRGPYHMRKZEGYYQWEXYVEXMSRERHPMUYMHRMXVSKIRMRNIGXMSR-XLEW
FIGSQI EPQSWX WXERHEVH TVEGXMGI MR XLI 9RMXIH 7XEXIW XS YWI
TVIGSSPMRK JSV PEVKI HEQW MR VIKMSRW [LIVI XLI WYQQIV

XIQTIVEXYVIWEVILMKLXSIRWYVIXLEXXLIXIQTIVEXYVISJGSRGVIXI
EWMXMWTPEGIHHSIWRSXI\GIIHETTVS\MQEXIP]* ' 
3RWSQIPEVKIHEQWMRGPYHMRK,SSZIV &SYPHIV (EQE
GSQFMREXMSRSJTVIGSSPMRKERHTSWXGSSPMRKVIJVMKIVEXMSRF]
IQFIHHIH TMTI LEW FIIR YWIH 97&6   % KSSH
I\EQTPI SJ XLMW TVEGXMGI MW +PIR 'ER]SR (EQ [LIVI XLI
EQFMIRX XIQTIVEXYVIW GER FI KVIEXIV XLER  *  '
HYVMRK XLI WYQQIV QSRXLW 8LI XIQTIVEXYVI SJ XLI
TVIGSSPIHJVIWLGSRGVIXIHMHRSXI\GIIH* ' &SXL
VIJVMKIVEXIHEKKVIKEXIERHGVYWLIHMGI[IVIYWIHXSEGLMIZI
XLMWPS[XIQTIVEXYVI&]QIERWSJIQFIHHIHTMTIVIJVMKIVEXMSR
XLIQE\MQYQ XIQTIVEXYVI SJLEVHIRMRKGSRGVIXI[EWOITX
FIPS[* ' 4SWXGSSPMRKMWWSQIXMQIWVIUYMVIHMR
KVEZMX]ERHMREVGLHEQWXLEXGSRXEMRXVERWZIVWINSMRXWWSXLEX
XVERWZIVWINSMRXWGERFISTIRIHJSVKVSYXMRKF]GSSPMRKXLI
GSRGVIXI EJXIV MX LEW LEVHIRIH 4SWXGSSPMRK XS GSRXVSP
GVEGOMRKMWEPWSHSRIJSVGSRXVSPSJTIEOXIQTIVEXYVIW

% QSWX WMKRMJMGERX HIZIPSTQIRX SJ XLI W [EW XLI


EFERHSRQIRXSJXLIHE]WXVIRKXLEWEHIWMKRVIUYMVIQIRX
JSV HEQW 1E\MQYQ WXVIWWIW YRHIV PSEH HS RSX YWYEPP]
HIZIPSTYRXMPXLIGSRGVIXIMWEXPIEWX]IEVSPH9RHIVQEWW
GYVMRKGSRHMXMSRW[MXLXLIGIQIRXERHTS^^SPERWGYWXSQEVMP]
IQTPS]IHXLIKEMRMRGSRGVIXIWXVIRKXLFIX[IIRHE]WERH
]IEVMWKIRIVEPP]PEVKI%'-6VITSVXWXLEXXLIKEMR
GER VERKI JVSQ  XS QSVI XLER   HITIRHMRK SR XLI
UYERXMXMIWERHTVSTSVXMSRMRKSJ GIQIRXMXMSYWQEXIVMEPWERH
TVSTIVXMIWSJXLIEKKVIKEXIW-XLEWFIGSQIXLITVEGXMGISJ
WSQI HIWMKRIVW SJ HEQW XS WTIGMJ] XLI HIWMVIH WXVIRKXL SJ
QEWW GSRGVIXI EX PEXIV EKIW WYGL EW EX  SV  ]IEVW *SV
VSYXMRIUYEPMX]GSRXVSPMRXLIJMIPH\MR \QQ
G]PMRHIVWEVIRSVQEPP]YWIH[MXLEKKVIKEXIPEVKIVXLERMR
QQ 8LIEKKVIKEXIPEVKIVXLERMR QQ MW
VIQSZIH JVSQ XLI GSRGVIXI F] [IXWGVIIRMRK 7XVIRKXL
VIUYMVIQIRXW SJ XLI [IXWGVIIRIH GSRGVIXI EVI GSVVIPEXIH
[MXLXLIWTIGMJMIHJYPPQM\XYVIWXVIRKXLF]PEFSVEXSV]XIWXW

%W MW XLI GEWI [MXL SXLIV GSRGVIXI QEWW GSRGVIXI MW


GSQTSWIHSJGIQIRXEKKVIKEXIWERH[EXIVERHJVIUYIRXP]
TS^^SPERWERHEHQM\XYVIW8LISFNIGXMZISJQEWWGSRGVIXI
QM\XYVI TVSTSVXMSRMRK MW XLI WIPIGXMSR SJ GSQFMREXMSRW SJ
QEXIVMEPWXLEX[MPPTVSHYGIGSRGVIXIXSQIIXXLIVIUYMVIQIRXW
SJ XLI WXVYGXYVI [MXL VIWTIGX XS IGSRSQ] [SVOEFMPMX]
HMQIRWMSREP WXEFMPMX] ERH JVIIHSQ JVSQ GVEGOMRK PS[
XIQTIVEXYVI VMWI EHIUYEXI WXVIRKXL HYVEFMPMX] ERH MR XLI
GEWISJL]HVEYPMGWXVYGXYVIWPS[TIVQIEFMPMX]8LMWGLETXIV
HIWGVMFIWQEXIVMEPWXLEXLEZIFIIRWYGGIWWJYPP]YWIHMRQEWW
GSRGVIXIGSRWXVYGXMSRERHXLIJEGXSVWMRJPYIRGMRKXLIMVWIPIGXMSR
ERHTVSTSVXMSRMRK8LIVIGSQQIRHEXMSRW GSRXEMRIHLIVIMR
QE]RIIHXSFIEHNYWXIHJSVWTIGMEPYWIWWYGLEWJSVQEWWMZI
TVIGEWX FIEQ WIKQIRXW XVIQMI TPEGIQIRXW ERH VSPPIV
GSQTEGXIH GSRGVIXI +YMHERGI MR TVSTSVXMSRMRK QEWW
GSRGVIXI GER EPWS FI JSYRH MR %'-  TEVXMGYPEVP]

%TTIRHM\  [LMGL HIXEMPW TVSGIHYVIW JSV QEWW GSRGVIXI


TVSTSVXMSRMRK

%'-6ERH6GSRXEMREHHMXMSREPMRJSVQEXMSRSR
GIQIRXX]TIWERHIJJIGXWSRLIEXKIRIVEXMSR8LIJSPPS[MRK
X]TIW SJ L]HVEYPMG GIQIRX EVI WYMXEFPI JSV YWI MR QEWW
GSRGVIXIGSRWXVYGXMSR
c 4SVXPERHGIQIRX{8]TIW----:ERH:EWGSZIVIHF]
%781'
c &PIRHIHGIQIRX{8]TIW4-47-7- 41 ERH- 71 
EWGSZIVIHF]%781'ERH
c ,]HVEYPMGGIQIRX{8]TIW+917,71,ERH0,
EWGSZIVIHF]%781'
;LIRTSVXPERHGIQIRXMWYWIH[MXLTS^^SPERSV[MXLSXLIV
GIQIRXWXLIQEXIVMEPWEVIFEXGLIHWITEVEXIP]EXXLIQM\MRK
TPERX)GSRSQ]ERHPS[XIQTIVEXYVIVMWIEVIFSXLEGLMIZIH
F]PMQMXMRKXLIXSXEPGIQIRXGSRXIRXXSEWWQEPPEREQSYRXEW
TSWWMFPI
8]TI - ERH +9 GIQIRXW EVI WYMXEFPI JSV YWI MR KIRIVEP
GSRWXVYGXMSR 8LI] EVI RSX VIGSQQIRHIH JSV YWI EPSRI MR
QEWWGSRGVIXI [MXLSYX SXLIV QIEWYVIW XLEXLIPT XS GSRXVSP
XIQTIVEXYVITVSFPIQWFIGEYWISJXLIMVWYFWXERXMEPP]LMKLIV
LIEXSJL]HVEXMSR
8]TI-- QSHIVEXILIEX ERH1,GIQIRXWEVIWYMXEFPIJSV
QEWW GSRGVIXI GSRWXVYGXMSR FIGEYWI XLI] LEZI E QSHIVEXI
LIEX SJ L]HVEXMSR [LMGL MW MQTSVXERX XS XLI GSRXVSP SJ
GVEGOMRK8]TI--QYWXFIWTIGMJMIH[MXLXLIQSHIVEXILIEX
STXMSR EW QSWX 8]TI -- ERH 17 GIQIRXW EVI HIWMKRIH JSV
QSHIVEXIWYPJEXIVIWMWXERGIERHHSRSXLEZIQSHIVEXILIEX
TVSTIVXMIW 7TIGMJMGEXMSRW JSV 8]TI -- TSVXPERH GIQIRX
VIUYMVIXLEXMXGSRXEMRRSQSVIXLER XVMGEPGMYQEPYQMREXI
'% XLIGSQTSYRHXLEXGSRXVMFYXIWWYFWXERXMEPP]XSIEVP]
LIEX HIZIPSTQIRX MR GSRGVIXI 3TXMSREP WTIGMJMGEXMSRW JSV
8]TI--GIQIRXTPEGIEPMQMXSJ SVPIWWSRXLIWYQSJ
'%ERH'7 SVEPMQMXSRXLILIEXSJL]HVEXMSRXSGEPK
O.OK EXHE]W;LIRSRISJXLISTXMSREPVIUYMVIQIRXW
MW WTIGMJMIH XLI HE] WXVIRKXL VIUYMVIQIRX JSV GIQIRX
TEWXIYRHIV%781'MWVIHYGIHHYIXSXLIWPS[IVVEXISJ
WXVIRKXLKEMRSJXLMWGIQIRX
8]TIW-:ERH0,PS[LIEXGIQIRXWQE]FIYWIH[LIVI
MX MW HIWMVIH XS TVSHYGI PS[ LIEX HIZIPSTQIRX MR QEWWMZI
WXVYGXYVIW8LI]LEZIRSXFIIRYWIHMRVIGIRX]IEVWFIGEYWI
XLI] LEZI FIIR HMJJMGYPX XS SFXEMR ERH QSVI MQTSVXERXP]
FIGEYWII\TIVMIRGILEWWLS[RXLEXMRQSWXGEWIWLIEXHIZIPST
QIRXGERFIGSRXVSPPIHWEXMWJEGXSVMP]F]SXLIVQIERW8]TI-:
WTIGMJMGEXMSRWPMQMXXLI'%XS XLI'7XS ERHTPEGIE
QMRMQYQSRXLI'7SJ %XXLISTXMSRSJXLITYVGLEWIVXLI
LIEXSJL]HVEXMSRQE]FIPMQMXIHXSGEPK O.OK
EXHE]WERHGEPK O.OK EXHE]W8]TI-:GIQIRX
MWKIRIVEPP]RSXEZEMPEFPIMRXLI9RMXIH7XEXIW
8]TI :ERH ,7 WYPJEXIVIWMWXERX GIQIRXW EVI EZEMPEFPI MR
EVIEW [MXL LMKLWYPJEXI WSMPW ERH [MPP SJXIR LEZI QSHIVEXI
LIEX GLEVEGXIVMWXMGW 8LI] EVI YWYEPP] EZEMPEFPI EX E TVMGI
LMKLIVXLER8]TI-8LI]EVIYWYEPP]FSXLPS[EPOEPM PIWWXLER
IUYMZEPIRXEPOEPMIW ERHPS[LIEX PIWWXLERGEPK
EXHE]W 

8]TI-4TSVXPERHTS^^SPERGIQIRXMWEYRMJSVQFPIRHSJ
TSVXPERHGIQIRXSV TSVXPERH FPEWXJYVREGIWPEKGIQIRXERH
JMRITS^^SPER8]TI4MWWMQMPEVFYXIEVP]WXVIRKXLVIUYMVIQIRXW
EVIPS[IV8LI]EVITVSHYGIHIMXLIVF]MRXIVKVMRHMRKTSVXPERH
GIQIRXGPMROIVERHTS^^SPERSVF]FPIRHMRKTSVXPERHGIQIRX
SV TSVXPERH FPEWXJYVREGI WPEK GIQIRX ERH JMRIP] HMZMHIH
TS^^SPER 8LI TS^^SPER GSRWXMXYIRXW EVI FIX[IIR  ERH
 F][IMKLXSJXLITSVXPERHTS^^SPERGIQIRX[MXL8]TI4
KIRIVEPP]LEZMRKXLILMKLIVTS^^SPERGSRXIRX
8]TI - 41  TS^^SPERQSHMJMIH TSVXPERH GIQIRX GSRXEMRW
PIWWXLER TS^^SPERERHMXWTVSTIVXMIWEVIGPSWIXSXLSWISJ
8]TI-GIQIRX%LIEXSJL]HVEXMSRPMQMXSJGEPK O.OK
EXHE]WMWERSTXMSREPVIUYMVIQIRXJSV8]TIW-4ERH- 41 F]
EHHMRKXLIWYJJM\ 1, %PMQMXSJGEPK O.OK EX
HE]WMWSTXMSREPJSV8]TI4F]EHHMRKXLIWYJJM\ 0, 
8]TI-7TSVXPERHFPEWXJYVREGIWPEKGIQIRXMWEYRMJSVQ
FPIRH SJ TSVXPERH GIQIRX ERH JMRI FPEWXJYVREGI WPEK -X MW
TVSHYGIHIMXLIVF]MRXIVKVMRHMRKTSVXPERHGIQIRXGPMROIVERH
KVERYPEXIHFPEWXJYVREGIWPEKSVF]FPIRHMRKTSVXPERHGIQIRX
ERHJMRIP]KVSYRHKVERYPEXIHFPEWXJYVREGIWPEK8LIEQSYRX
SJWPEKYWIHQE]ZEV]FIX[IIRERH F][IMKLXSJXLI
TSVXPERHFPEWXJYVREGIWPEKGIQIRX8LMWGIQIRXLEWWSQIXMQIW
FIIRYWIH[MXLETS^^SPER8]TI7WPEKGIQIRXMWEJMRIP]
HMZMHIHQEXIVMEPGSRWMWXMRKSJEYRMJSVQFPIRHSJKVERYPEXIH
FPEWXJYVREGI WPEK ERH L]HVEXIH PMQI MR [LMGL XLI WPEK
GSRWXMXYIRXMWEXPIEWX SJXLI[IMKLXSJXLIWPEKGIQIRX
7PEK GIQIRX MW KIRIVEPP] YWIH MR E FPIRH [MXL TSVXPERH
GIQIRXJSVQEOMRKGSRGVIXI
8]TI- 71 WPEKQSHMJMIHTSVXPERHGIQIRXGSRXEMRWPIWW
XLER WPEKERHMXWTVSTIVXMIWEVIGPSWIXSXLSWISJ8]TIGIQIRX 3TXMSREP LIEXSJL]HVEXMSR VIUYMVIQIRXW GER FI
ETTPMIHXS8]TIW-7ERH- 71 WMQMPEVXSXLSWIETTPMIHXS
8]TIW-4- 41 ERH4
0S[EPOEPMGIQIRXWEVIHIJMRIHF]%781'EWTSVXPERH
GIQIRXWGSRXEMRMRKRSXQSVIXLER EPOEPMIWGEPGYPEXIHEW
XLITIVGIRXEKISJ2E3TPYWXMQIWXLITIVGIRXEKISJ
/38LIWIGIQIRXWGERFIWTIGMJMIH[LIRXLIGIQIRXMWXS
FIYWIHMRGSRGVIXI[MXLEKKVIKEXIXLEXQE]FIHIPIXIVMSYWP]
VIEGXMZI 8LI YWI SJ PS[EPOEPM GIQIRX QE] RSX EP[E]W
GSRXVSPLMKLP]VIEGXMZIRSRGV]WXEPPMRIWMPMGISYWEKKVIKEXI-X
QE] EPWS FIEHZMWEFPI XS YWI E TVSZIR TS^^SPER XS IRWYVI
GSRXVSPSJXLIEPOEPMEKKVIKEXIVIEGXMSR

%TS^^SPERMWKIRIVEPP]HIJMRIHEWEWMPMGISYWSVWMPMGISYW
ERHEPYQMRSYWQEXIVMEPXLEXTSWWIWWIWPMXXPISVRSGIQIRXMXMSYW
ZEPYI FYX [MPP MR JMRIP] HMZMHIH JSVQ ERH MR XLI TVIWIRGI SJ
QSMWXYVIGLIQMGEPP]VIEGX[MXLGEPGMYQL]HVS\MHIEXSVHMREV]
XIQTIVEXYVIWXSJSVQGSQTSYRHWTSWWIWWMRKGIQIRXMXMSYW
TVSTIVXMIW4S^^SPERWEVISVHMREVMP]KSZIVRIHERHGPEWWMJMIH
F]%781'EWREXYVEP 'PEWW2 SVJP]EWL 'PEWW*SV
' 8LIVIEVIWSQITS^^SPERWWYGLEWXLI'PEWW'JP]EWL
XLEXGSRXEMRWMKRMJMGERXEQSYRXWSJGSQTSYRHWPMOIXLSWISJ
TSVXPERH GIQIRX 8LI 'PEWW ' JP] EWLIW PMOI[MWI LEZI
GIQIRXMXMSYW TVSTIVXMIW F] XLIQWIPZIW XLEX QE]
GSRXVMFYXIWMKRMJMGERXP]XSXLIWXVIRKXLSJGSRGVIXI
4S^^SPERWVIEGXGLIQMGEPP][MXLXLIGEPGMYQL]HVS\MHISV
L]HVEXIH PMQI PMFIVEXIH HYVMRK XLI L]HVEXMSR SJ TSVXPERH

GIQIRX XS JSVQ E WXEFPI WXVIRKXLTVSHYGMRK GIQIRXMXMSYW


GSQTSYRH *SV FIWX EGXMZMX] XLI WMPMGISYW MRKVIHMIRX SJ E
TS^^SPERWLSYPHFIMR EREQSVTLSYWWXEXIWYGLEWKPEWW SV
STEP 'V]WXEPPMRI WMPMGISYW QEXIVMEPW WYGL EW UYEVX^ HS RSX
GSQFMRIVIEHMP][MXLPMQIEXERSVQEPXIQTIVEXYVIYRPIWWXLI]
EVI KVSYRH MRXS E ZIV] JMRI TS[HIV 8LI YWI SJ JP] EWL MR
GSRGVIXIMWHMWGYWWIHMR%'-6ERHXLIYWISJKVSYRH
KVERYPEXIHFPEWXJYVREGIWPEKMWHMWGYWWIHMR%'-6
2EXYVEP TS^^SPERMG QEXIVMEPW SGGYV MR PEVKI HITSWMXW
XLVSYKLSYXXLI[IWXIVR9RMXIH7XEXIWMRXLIJSVQSJSFWMHMER
TYQMGMXIZSPGERMGEWLIWXYJJWGPE]WWLEPIWERHHMEXSQEGISYW
IEVXL 8LIWI REXYVEP TS^^SPERW YWYEPP] VIUYMVI KVMRHMRK
7SQI SJ XLI ZSPGERMG QEXIVMEPW EVI SJ WYMXEFPI JMRIRIWW MR
XLIMV REXYVEP WXEXI 8LI GPE]W ERH WLEPIW MR EHHMXMSR XS
KVMRHMRKWLSYPHFIEGXMZEXIHXSJSVQEREQSVTLSYWWXEXIF]
GEPGMRMRK EX XIQTIVEXYVIW MR XLI VERKI SJ XS  *
XS' 
*P]EWLMWXLIJPYIHYWXJVSQFYVRMRKKVSYRHSVTS[HIVIH
GSEP7YMXEFPIJP]EWLGERFIERI\GIPPIRXTS^^SPERMJMXLEWE
PS[ GEVFSR GSRXIRX E JMRIRIWW ETTVS\MQEXIP] XLI WEQI EW
XLEXSJTSVXPERHGIQIRXERHSGGYVWMRXLIJSVQSJZIV]JMRI
KPEWW]WTLIVIW&IGEYWISJMXWWLETIERHXI\XYVIXLI[EXIV
VIUYMVIQIRX MW YWYEPP] VIHYGIH [LIR JP] EWL MW YWIH MR
GSRGVIXI 8LIVI EVI MRHMGEXMSRW XLEX MR QER] GEWIW XLI
TS^^SPERMG EGXMZMX] SJ XLI JP] EWL GER FI MRGVIEWIH F]
GVEGOMRKXLIKPEWWWTLIVIWF]QIERWSJKVMRHMRK8LMWQE]
LS[IZIV VIHYGI MXW PYFVMGEXMRK UYEPMXMIW ERH MRGVIEWI XLI
[EXIV VIUYMVIQIRX SJ XLI GSRGVIXI ,MKLWMPMGE 'PEWW * JP]
EWLIW EVI KIRIVEPP] I\GIPPIRX TS^^SPERW LS[IZIV WSQI
'PEWW'JP]EWLIWQE]GSRXEMRWYGLELMKL'E3GSRXIRXXLEX
[LMPITSWWIWWMRKKSSHGIQIRXMXMSYWTVSTIVXMIWXLI]QE]FI
YRWYMXEFPI JSV GSRXVSPPMRK EPOEPMEKKVIKEXI VIEGXMSR SV JSV
MQTVSZMRK WYPJEXI VIWMWXERGI SJ GSRGVIXI %HHMXMSREPP] XLI
'PEWW'JP]EWLMWPIWWLIPTJYPMRPS[IVMRKLIEXKIRIVEXMSRMR
XLIGSRGVIXI
4S^^SPERWMRQEWWGSRGVIXIQE]FIYWIHXSVIHYGITSVX
PERHGIQIRXJEGXSVWJSVFIXXIVIGSRSQ]PS[IVMRXIVREPLIEX
KIRIVEXMSRMQTVSZI[SVOEFMPMX]ERHPIWWIRXLITSXIRXMEPJSV
HEQEKIJVSQEPOEPMEKKVIKEXIVIEGXMZMX]ERHWYPJEXIEXXEGO-X
WLSYPHFIVIGSKRM^IHLS[IZIVXLEXTVSTIVXMIWSJHMJJIVIRX
TS^^SPERW QE] ZEV] [MHIP] &IJSVI E TS^^SPER MW YWIH MX
WLSYPHFIXIWXIHMRGSQFMREXMSR[MXLXLITVSNIGXGIQIRXERH
EKKVIKEXIW XS IWXEFPMWL XLEX XLI TS^^SPER [MPP FIRIJMGMEPP]
GSRXVMFYXI XS XLI UYEPMX] ERH IGSRSQ] SJ XLI GSRGVIXI
'SQTEVIH[MXLTSVXPERHGIQIRXXLIWXVIRKXLHIZIPSTQIRX
JVSQTS^^SPERMGEGXMSRMWWPS[EXIEVP]EKIWFYXGSRXMRYIWEX
ELMKLIVPIZIPJSVEPSRKIVXMQI)EVP]WXVIRKXLSJETSVXPERH
GIQIRXTS^^SPER GSRGVIXI [SYPH FI I\TIGXIH XS FI PS[IV
XLERXLEXSJETSVXPERHGIQIRXGSRGVIXIHIWMKRIHJSVIUYMZEPIRX
WXVIRKXLEXPEXIVEKIW;LIVIWSQITSVXMSRSJQEWWGSRGVIXI
MWVIUYMVIHXSEXXEMRWXVIRKXLEXERIEVPMIVEKIXLERMWEXXEMREFPI
[MXL XLI VIKYPEV QEWW GSRGVIXI QM\XYVI XLI MRGVIEWIH
MRXIVREP LIEX KIRIVEXIH F] E WYFWXMXYXI IEVPMIVWXVIRKXL
GSRGVIXI QE] FI EGGSQQSHEXIH F]SXLIV QIERW ;LIVI E
TS^^SPERMWFIMRKYWIHMXQE]FIRIGIWWEV]XSXIQTSVEVMP]
JSVIKSXLIYWISJXLITS^^SPERERHSXLIV[MWIEGGSQQSHEXI
XLIMRGVIEWIHMRXIVREPLIEXKIRIVEXIHF]XLIYWISJWXVEMKLX
TSVXPERH GIQIRX -J XLIVI MW E HERKIVSYW TSXIRXMEP JVSQ

EPOEPMEKKVIKEXIVIEGXMSRLS[IZIVXLITS^^SPERWLSYPHFI
YWIH [LMPI I\TIHMXIH WXVIRKXL MRGVIEWI MW EGLMIZIH F]
EHHMXMSREPGIQIRXGSRXIRX
4S^^SPERW TEVXMGYPEVP] REXYVEP X]TIW LEZI FIIR JSYRH
IJJIGXMZI MR VIHYGMRK XLI I\TERWMSR SJGSRGVIXI GSRXEMRMRK
VIEGXMZIEKKVIKEXIW8LIEQSYRXSJXLMWVIHYGXMSRZEVMIW[MXL
XLIGLIQMGEPQEOIYTXLIJMRIRIWWSJXLITS^^SPERERHXLI
EQSYRX IQTPS]IH *SV WSQI TS^^SPERW XLI VIHYGXMSR MR
I\TERWMSRQE]I\GIIH 4S^^SPERWVIHYGII\TERWMSRF]
GSRWYQMRKEPOEPMIWJVSQ XLI GIQIRXFIJSVI XLI] GERIRXIV
MRXSHIPIXIVMSYWVIEGXMSRW[MXLXLIEKKVIKEXIW;LIVIEPOEPM
VIEGXMZIEKKVIKEXIWEVIYWIHMXMWGSRWMHIVIHKSSHTVEGXMGIXS
YWI FSXL E PS[EPOEPM GIQIRX ERH E TS^^SPER SJ TVSZIR
GSVVIGXMZI EFMPMX] %POEPMEKKVIKEXI VIEGXMSRW EVI HMWGYWWIH
MR%'-6
6IWYPXW SJWSQII\TIVMQIRXWVITSVXIHF] 1EXLIV 
MRHMGEXIXLEX JSV MRXIVMSV QEWW GSRGVIXI[LIVI WXVIWWIW EVI
QSHIVEXIP]PS[EQYGLLMKLIVTVSTSVXMSRSJTS^^SPERXS
GIQIRX QE] FI YWIH [LIR MX MW QSVI IGSRSQMGEP ERH XLI
HIWMVIHWXVIRKXLMWSFXEMRIHEXPEXIVEKIW*SVI\EQTPIXLI
VIWYPXWSJPEFSVEXSV]XIWXWMRHMGEXIXLEXEREMVIRXVEMRIHQEWW
GSRGVIXIGSRXEMRMRKPF]H OKQ SJGIQIRXTPYWJP]
EWLMREREQSYRXIUYMZEPIRXMRZSPYQIXSPF OK SJ
GIQIRXLEWTVSHYGIHEZIV][SVOEFPIQM\XYVIJSV[LMGLXLI
[EXIVGSRXIRX[EWPIWWXLERPF]H OKQ 8LI]IEV
GSQTVIWWMZIWXVIRKXLSJ[IXWGVIIRIH\MR \QQ
G]PMRHIVWSJXLMWGSRGVIXI[EWETTVS\MQEXIP]TWM 14E 
*SV WYGL E QM\XYVI XLI QEWW XIQTIVEXYVI VMWI [SYPH FI
I\GIIHMRKP] WQEPP *SV KVEZMX] HEQW SJ QSHIVEXI LIMKLX
[LIVIXLIQEXIVMEP[SYPHFITVIGSSPIHWSXLEXXLIGSRGVIXI
EWMXVIEGLIWXLIJSVQW[MPPFIETTVS\MQEXIP]* '
FIPS[ XLI QIER ERRYEP SV VSGO XIQTIVEXYVI XLIVI MW XLI
TSWWMFMPMX] XLEX RIMXLIVPSRKMXYHMREP RSV XVERWZIVWI GSRXVEGXMSR
NSMRXW[SYPHFIVIUYMVIH8LIQE\MQYQXIQTIVEXYVISJXLI
MRXIVMSV SJXLIQEWWHYIXSGIQIRXL]HVEXMSR QMKLXRSXFI
ETTVIGMEFP]KVIEXIVXLERXLIQIERERRYEPXIQTIVEXYVI
8LITEVXMGPIWLETIWSJGSRGVIXIEKKVIKEXIWERHXLIMVIJJIGX
SR[SVOEFMPMX]LEZIFIGSQIPIWWMQTSVXERXFIGEYWISJXLI
MQTVSZIH[SVOEFMPMX]XLEXMWSFXEMREFPIXLVSYKLXLIYWISJ
TS^^SPERWERHEMVIRXVEMRMRKERHSXLIVGLIQMGEPEHQM\XYVIW
8LIHIZIPSTQIRXSJRI[X]TIWSJTS^^SPERWWYGLEWVMGILYPP
EWL ERH WMPMGE JYQI QE] JMRH E TVSQMWMRK TPEGI MR JYXYVI
QEWWGSRGVIXI[SVO
*MRIP] KVSYRHKVERYPEXIH MVSR FPEWXJYVREGI WPEK
GSQQSRP]VIJIVVIHXSEWWPEKGIQIRXQE]EPWSFIYWIHEWE
WITEVEXIMRKVIHMIRX[MXLTSVXPERHGIQIRXEWEGIQIRXMXMSYW
QEXIVMEP MR QEWW GSRGVIXI 6IUYMVIQIRXW SR JMRIP] KVSYRH
WPEKJSVYWIMRGSRGVIXIEVIWTIGMJMIHMR%781'-JYWIH
[MXL 8]TI - TSVXPERH GIQIRX TVSTSVXMSRW SJ EX PIEWX 
JMRIP] KVSYRH WPEK SJ XSXEP GIQIRXMXMSYW QEXIVMEP QE] FI
RIIHIH [MXL ER EGXMZI WPEK XS TVSHYGI E GIQIRXWPEK
GSQFMREXMSRXLEX[MPPLEZIELIEXSJL]HVEXMSRPIWWXLER
 GEPK  O.OK  EX  HE]W 8LI EHHMXMSR SJ WPEK [MPP
YWYEPP]VIHYGIXLIVEXISJLIEXKIRIVEXMSRHYIXSEWPMKLXP]
WPS[IVVEXISJL]HVEXMSR*MRIP]KVSYRHWPEKEPWSTVSHYGIW
QER] SJ XLI FIRIJMGMEP TVSTIVXMIW MR GSRGVIXI XLEX EVI
EGLMIZIH[MXLWYMXEFPITS^^SPERWWYGLEWVIHYGIHTIVQIEFMPMX]
GSRXVSPSJI\TERWMSRJVSQVIEGXMZIEKKVIKEXIWYPJEXIVIWMWXERGI

ERHMQTVSZIH[SVOEFMPMX]*MRIP]KVSYRHWPEKLS[IZIVMW
YWYEPP] YWIHMRQYGL LMKLIV TIVGIRXEKIW XLER TS^^SPER XS
EGLMIZIWMQMPEVTVSTIVXMIW

'LIQMGEP EHQM\XYVIW GER TVSZMHI MQTSVXERX FIRIJMXW XS


QEWWGSRGVIXIMRMXWTPEWXMGWXEXIF]MRGVIEWMRK[SVOEFMPMX]
VIHYGMRK[EXIVGSRXIRXSVFSXL%PWSGLIQMGEPEHQM\XYVIW
GERFIYWIHJSVVIXEVHMRKMRMXMEPWIXXMRKQSHMJ]MRKXLIVEXI
SV GETEGMX] JSV FPIIHMRK VIHYGMRK WIKVIKEXMSR ERH
VIHYGMRK VEXI SJ WPYQT PSWW 'LIQMGEP EHQM\XYVIW GER
TVSZMHI MQTSVXERX FIRIJMXW XS QEWW GSRGVIXI MR MXW LEVHIRIH
WXEXI F] PS[IVMRK LIEX IZSPYXMSR HYVMRK LEVHIRMRK
MRGVIEWMRK WXVIRKXL PS[IVMRK GIQIRX GSRXIRX MRGVIEWMRK
HYVEFMPMX]HIGVIEWMRKTIVQIEFMPMX]ERHMQTVSZMRKEFVEWMSRSV
IVSWMSR VIWMWXERGI % JYPP GSZIVEKI SJ EHQM\XYVIW MW
GSRXEMRIHMR%'-68LIGLIQMGEPEHQM\XYVIWXLEX
EVI MQTSVXERX XS QEWW GSRGVIXI EVI GPEWWMJMIH EW EMV
IRXVEMRMRK[EXIVVIHYGMRKSVWIXGSRXVSPPMRK
%MVIRXVEMRMRK EHQM\XYVIW EVI QEXIVMEPW XLEX TVSHYGI
QMRYXIEMVFYFFPIWMRGSRGVIXIHYVMRKQM\MRK[MXLVIWYPXERX
MQTVSZIH [SVOEFMPMX] VIHYGIH WIKVIKEXMSR PIWWIRIH
FPIIHMRKPS[IVIHTIVQIEFMPMX]ERHMRGVIEWIHVIWMWXERGIXS
HEQEKIJVSQJVII^MRKERHXLE[MRKG]GPIW8LIIRXVEMRQIRX
SJEMVKVIEXP]MQTVSZIWXLI[SVOEFMPMX]SJPIERGSRGVIXIERH
TIVQMXW XLI YWI SJ LEVWLIV ERH QSVI TSSVP] KVEHIHEKKVI
KEXIWERHXLSWISJYRHIWMVEFPIWLETIW%MVIRXVEMRQIRXEPWS
JEGMPMXEXIWXLITPEGMRKERHLERHPMRKSJQEWWGSRGVIXI)EGL
 SJIRXVEMRIHEMVTIVQMXWEVIHYGXMSRMRQM\MRK[EXIVJVSQ
XS [MXLWSQIMQTVSZIQIRXMR[SVOEFMPMX]ERHRSPSWW
MR WPYQT (YVEFMPMX] EW QIEWYVIH F] XLI VIWMWXERGI SJ
GSRGVIXI XS HIXIVMSVEXMSR JVSQ JVII^MRKERHXLE[MRK MW
KVIEXP]MQTVSZIHMJXLIWTEGMRKSJXLIEMVFYFFPIW]WXIQMW
WYGLXLEXRSTSMRXMRXLIGIQIRXQEXVM\MWQSVIXLERMR
QQ JVSQEREMVFYFFPI
)RXVEMRIH EMV [MPP KIRIVEPP] VIHYGI XLI WXVIRKXL SJ QSWX
GSRGVIXI ;LIVI XLI GIQIRX GSRXIRX MW LIPH GSRWXERX ERH
EHZERXEKI MW XEOIR SJ XLI VIHYGIH [EXIV VIUYMVIQIRX EMV
IRXVEMRQIRXMRPIERQEWWGSRGVIXILEWERIKPMKMFPIIJJIGXSR
WXVIRKXL ERH QE] IZIR WPMKLXP] MRGVIEWI MX %QSRK XLI
JEGXSVWXLEXMRJPYIRGIXLIEQSYRXSJIRXVEMRIHEMVMRGSRGVIXI
JSVEKMZIREQSYRXSJEKIRXEVIKVEHMRKERHTEVXMGPIWLETI
SJXLIEKKVIKEXIVMGLRIWWSJXLIQM\XYVITVIWIRGISJSXLIV
EHQM\XYVIW QM\MRK XMQI WPYQT ERH XIQTIVEXYVI SJ XLI
GSRGVIXI*SVEKMZIRUYERXMX]SJEMVIRXVEMRMRKEHQM\XYVIEMV
GSRXIRXMRGVIEWIW[MXLMRGVIEWIWMRWPYQTYTXSMR QQ 
ERHHIGVIEWIW[MXLMRGVIEWIWMREQSYRXSJJMRIWXIQTIVEXYVI
SJGSRGVIXIERHQM\MRKXMQI-JJP]EWLMWYWIHXLEXGSRXEMRW
GEVFSR ER MRGVIEWIH HSWEKI SJ EMVIRXVEMRMRK EHQM\XYVI MW
VIUYMVIH1SWXWTIGMJMGEXMSRWJSVQEWWGSRGVIXIVIUYMVIXLEX
XLI UYERXMX] SJ IRXVEMRIH EMV EW HIXIVQMRIH JVSQ GSRGVIXI
WEQTPIW[IXWMIZIHXLVSYKLXLIMR QQ WMIZIFI
ETTVS\MQEXIP] EPXLSYKLMRWSQIGEWIWEWLMKLEW 
6IUYMVIQIRXWJSVEMVIRXVEMRMRKEHQM\XYVIWEVIGSRXEMRIHMR
%781'
;EXIVVIHYGMRKERHWIXGSRXVSPPMRKEHQM\XYVIWKIRIVEPP]
GSRWMWXSJSRISVQSVISJXLIJSPPS[MRKPMKRSWYPJSRMGEGMH

L]HVS\]PEXIHGEVFS\]PMGEGMHTSP]QIVMGGEVFSL]HVEXIWERH
RETLXLEPIRISVQIPEQMRIX]TIWSJLMKLVERKI[EXIVVIHYGIVW
%GGIPIVEXMRK EHQM\XYVIW EVI RSX YWIH MR QEWW GSRGVIXI
FIGEYWILMKLIEVP]WXVIRKXLMWRSXRIGIWWEV]MRWYGL[SVOERH
FIGEYWIEGGIPIVEXSVWGSRXVMFYXIXSYRHIWMVEFPILIEXHIZIPSTQIRX
MRXLIGSRGVIXIQEWW
;EXIVVIHYGMRKEHQM\XYVIWEVIYWIHXSVIHYGIXLIQM\MRK
[EXIV XS MRGVIEWI WXVIRKXL ERH VIHYGI WLVMROEKI SJ XLI
GSRGVIXIMRGVIEWIXLI[SVOEFMPMX]SJXLIGSRGVIXISVTVSHYGI
XLIWEQIWXVIRKXL[MXLPIWWGIQIRX7IXGSRXVSPPMRKEHQM\XYVIW
GERFIYWIHXSOIITXLIGSRGVIXITPEWXMGPSRKIVMRQEWWMZI
FPSGOW WS XLEX WYGGIWWMZI PE]IVW GER FI TPEGIH ERH ZMFVEXIH
FIJSVIXLIYRHIVPE]IVWIXW%HQM\XYVIWJVSQXLIEJSVIQIRXMSRIH
JMVWXXLVIIJEQMPMIWSJQEXIVMEPWKIRIVEPP][MPPVIHYGIXLI[EXIV
VIUYMVIQIRXYTXSETTVS\MQEXIP] VIXEVHMRMXMEPWIXEX
PIEWX  LSYV FYX RSX VIHYGI WPYQT PSWW  ERH ETTVIGMEFP]
MRGVIEWIXLIWXVIRKXL;LIREVIXEVHIVMWYWIHXLIWXVIRKXLEJXIV
 LSYVW MW KIRIVEPP] GSQTEVEFPI XS XLEX SJ GSRGVIXI
GSRXEMRMRKRSEHQM\XYVI(ITIRHMRKSRXLIVMGLRIWWSJXLI
GSRGVIXIGSQTSWMXMSRSJXLIGIQIRXXIQTIVEXYVIERHSXLIV
JEGXSVW XLI YWI SJ GLIQMGEP EHQM\XYVIW [MPP YWYEPP] VIWYPX MR
WMKRMJMGERX MRGVIEWIW MR   HE] ERH PEXIV WXVIRKXLW
8LMWKEMRMRWXVIRKXLGERRSXFII\TPEMRIHF]XLIEQSYRXSJ
XLI [EXIV VIHYGXMSR SV F] XLI HIKVII SJ GLERKIMR [GXLI
GLIQMGEPWLEZIEJEZSVEFPIIJJIGXSRXLIL]HVEXMSRSJXLIGIQIRX
%HQM\XYVIWSJXLIGEVFS\]PMGEGMHJEQMP]EYKQIRXFPIIHMRK
,MKLVERKI[EXIVVIHYGMRKEHQM\XYVIWLEZIRSXFIIRYWIHMR
QEWW GSRGVIXI GSRWXVYGXMSR EPXLSYKL XLIWI EHQM\XYVIW [IVI
YWIHMRWSQIQEWWGSRGVIXIMR+YVM(EQMR:IRI^YIPEERHLEZI
FIIRYWIHMRVIMRJSVGIHQEWWGSRGVIXIJSYRHEXMSRW'SRXMRYIH
EHQM\XYVIHIZIPSTQIRXLEWVIWYPXIHMRZIV]WXEFPIEHQM\XYVIW
XLEX QEMRXEMR GSRWMWXIRX ERH PSRKXIVQ TIVJSVQERGI 8LMW LEW
VIWYPXIHMRE[MHIVERKISJ[EXIVVIHYGMRKEHQM\XYVIWXSFIYWIH
MRQSWXQEWWGSRGVIXIQM\XYVIWXSHE]6IUYMVIQIRXWJSV
GLIQMGEPEHQM\XYVIWEVIGSRXEMRIHMR%781'

'SEVWIERHJMRIEKKVIKEXIERHXIVQWVIPEXMRKXSEKKVIKEXIW
EVI HIJMRIH MR %781 '  %HHMXMSREP MRJSVQEXMSR SR
EKKVIKEXIWMWGSRXEMRIHMR%'-6
*MRIEKKVIKEXIMWXLEXJVEGXMSREPQSWXIRXMVIP]TEWWMRKXLI
2S QQ WMIZI-XQE]FIGSQTSWIHSJREXYVEPKVEMRW
QERYJEGXYVIH KVEMRW SFXEMRIH F] GVYWLMRK PEVKIVWM^IVSGO
TEVXMGPIW SV E QM\XYVI SJ XLI X[S *MRI EKKVIKEXI WLSYPH
GSRWMWX SJ LEVH HIRWI HYVEFPI YRGSEXIH TEVXMGPIW *MRI
EKKVIKEXIWLSYPHRSXGSRXEMRLEVQJYPEQSYRXWSJGPE]WMPX
HYWX QMGE SVKERMG QEXXIV SV SXLIV MQTYVMXMIW XS WYGL ER
I\XIRX XLEX IMXLIV WITEVEXIP] SV XSKIXLIV XLI] VIRHIV MX
MQTSWWMFPIXSEXXEMRXLIVIUYMVIHTVSTIVXMIWSJGSRGVIXI[LIR
YWMRK RSVQEP TVSTSVXMSRW SJ XLI MRKVIHMIRXW (IPIXIVMSYW
WYFWXERGIW EVI YWYEPP] PMQMXIH XS XLI TIVGIRXEKIW F] [IMKLX
KMZIRMR8EFPI*SVI\TSWIHGSRGVIXIMRXLI^SRISJJPYGXY
EXMRK [EXIV PIZIV JSV FVMHKITMIVWHEQWERH SXLIVL]HVEYPMG
WXVYGXYVIWXLIQE\MQYQEPPS[EFPITIVGIRXEKISJXLIHIPI
XIVMSYWWYFWXERGIWLSYPHFI PS[IVXLERXLEXKMZIRMR
8EFPI  JSV JEGI GSRGVIXI MR XLI ^SRI SJ JPYGXYEXMRK [EXIV
PIZIPW-XGERFI LMKLIVJSVGSRGVIXIGSRWXERXP]MQQIVWIH
MR[EXIVERHJSVGSRGVIXIMRXLIMRXIVMSVSJQEWWMZIHEQW

'PE]PYQTWERHJVMEFPITEVXMGPIW
1EXIVMEPJMRIVXLER2S Q WMIZI



*SVGSRGVIXIWYFNIGXXSEFVEWMSR



*SVEPPSXLIVGSRGVIXI



'SEPERHPMKRMXI
;LIVIWYVJEGIETTIEVERGISJGSRGVIXIMW
MQTSVXERX
%PPSXLIVGSRGVIXI




-RXLIGEWISJQERYJEGXYVIHWERHMJQEXIVMEPTEWWMRK2S Q WMIZIGSRWMWXW

*MK{'SEVWIEKKVIKEXIVI[EWLMRK
8LI KVEHMRK SJ JMRI EKKVIKEXI WXVSRKP] MRJPYIRGIW XLI
[SVOEFMPMX] SJ GSRGVIXI % KSSH KVEHMRK SJ WERH JSV QEWW
GSRGVIXI WLSYPH FI [MXLMR XLI PMQMXW WLS[R MR 8EFPI 
0EFSVEXSV]MRZIWXMKEXMSRLS[IZIVQE]WLS[SXLIVKVEHMRKW
XSFIWEXMWJEGXSV]8LMWTIVQMXWEVEXLIV[MHIPEXMXYHIMRKVEHMRKW
JSVJMRIEKKVIKEXI
%PXLSYKL XLI KVEHMRK VIUYMVIQIRXW XLIQWIPZIW QE] FI
VEXLIVJPI\MFPIMXMWMQTSVXERXXLEXSRGIXLITVSTSVXMSRMW
IWXEFPMWLIHXLIKVEHMRKSJXLIWERHFIQEMRXEMRIHVIEWSREFP]
GSRWXERXXSEZSMHZEVMEXMSRWMRXLI[SVOEFMPMX]SJXLIGSRGVIXI
'SEVWI EKKVIKEXI MW HIJMRIH EW KVEZIP GVYWLIH KVEZIP
GVYWLIHVSGOSVEQM\XYVISJXLIWIRSQMREPP]PEVKIVXLERXLI
2S QQ ERHWQEPPIVXLERXLIMR QQ WM^IWJSV
PEVKIWXVYGXYVIW1EWWMZIWXVYGXYVEPGSRGVIXIWXVYGXYVIWWYGLEW
TS[IVLSYWIW SV SXLIV LIEZMP] VIMRJSVGIH YRMXW XLEX EVI
GSRWMHIVIHXSFIMRXLIQEWWGSRGVIXIGEXIKSV]LEZIWYGGIWW
JYPP]YWIHWQEPPIVWM^IHGSEVWIEKKVIKEXIWYWYEPP]SJMR
QQ QE\MQYQWM^IFYX[MXLWSQIEWWQEPPEWMR
QQ 8LIYWISJWQEPPIVEKKVIKEXIQE]FIHMGXEXIHF]
XLIGPSWIWTEGMRKSJVIMRJSVGIQIRXSVIQFIHHIHMXIQWSVF]
XLIYREZEMPEFMPMX]SJPEVKIVEKKVIKEXIW8LMWVIWYPXWMRLMKLIV
GIQIRXGSRXIRXW [MXL EXXIRHERX EHZIVWI IJJIGXW SRMRXIVREP
LIEXKIRIVEXMSRERHGVEGOMRKTSXIRXMEPXLEXWLSYPHFISJJWIX
F] KVIEXIV IJJSVX XS VIHYGI XLI GIQIRX VIUYMVIQIRX ERH
GSRGVIXITPEGMRKXIQTIVEXYVIW8LIQE\MQYQWM^ISJGSEVWI
EKKVIKEXIWLSYPHRSXI\GIIHSJXLIPIEWXHMQIRWMSRSJXLI
WXVYGXYVIRSVSJXLIPIEWXGPIEVHMWXERGIFIX[IIRVIMRJSVGMRK
FEVW MR LSVM^SRXEP QEXW SV [LIVI XLIVI MW QSVI XLER SRI
ZIVXMGEP VIMRJSVGMRK GYVXEMR RI\X XS E JSVQ 3XLIV[MWI XLI
VYPIJSVQEWWGSRGVIXIWLSYPHFIXSYWIXLIPEVKIWXTVEGXMGEP
WM^ISJGSEVWIEKKVIKEXI
'SEVWIEKKVIKEXIWLSYPHGSRWMWXSJLEVHHIRWIHYVEFPI
YRGSEXIHTEVXMGPIW6SGOXLEXMWJVMEFPISVXIRHWXSHIKVEHI
HYVMRK TVSGIWWMRK XVERWTSVXMRK SV MR WXSVEKI WLSYPH FI
EZSMHIH 6SGO LEZMRK ER EFWSVTXMSR KVIEXIV XLER   SV E
WTIGMJMGKVEZMX]PIWWXLERMWRSXKIRIVEPP]GSRWMHIVIHWYMXEFPI
JSVI\TSWIHQEWWGSRGVIXIWYFNIGXIHXSJVII^MRKERHXLE[MRK
7YPJEXIW ERH WYPJMHIW HIXIVQMRIH F] GLIQMGEP EREP]WMW ERH
GEPGYPEXIHEW73WLSYPHRSXI\GIIH SJXLI[IMKLXSJ
XLI GSEVWI EKKVIKEXI 8LI TIVGIRXEKI SJ SXLIV HIPIXIVMSYW
WYFWXERGIW WYGL EW GPE] WMPX ERH JMRI HYWX MR XLI GSEVWI
EKKVIKEXI EW HIPMZIVIH XS XLI QM\IV WLSYPH KIRIVEPP] RSX
I\GIIHXLIZEPYIWSYXPMRIHMR8EFPI

SJHYWXSJJVEGXYVIIWWIRXMEPP]JVIISJGPE]SVWLEPIXLIWIPMQMXWQE]FIMRGVIEWIHXS
 JSVGSRGVIXIWYFNIGXXSEFVEWMSRERH JSVEPPSXLIVGSRGVIXI

7MIZIHIWMKREXMSR
MR QQ
2S QQ

4IVGIRXEKIVIXEMRIHMRHMZMHYEPF][IMKLX

XS

2S QQ
2S QQ

XS
XS

2S Q
2S Q
2S Q
4ERJVEGXMSR

XS
XS
XS
XS

97&YVIEYSJ6IGPEQEXMSR  

1EXIVMEPTEWWMRK2SWMIZI Q
0MKLX[IMKLXQEXIVMEP
'PE]PYQTW
3XLIVHIPIXIVMSYWQEXIVMEPW






*MKYVIWLS[WEGSEVWIEKKVIKEXIVI[EWLMRKWGVIIREX
XLIFEXGLTPERX[LIVIHYWXERHGSEXMRKWEGGYQYPEXMRKJVSQ
WXSGOTMPMRKERHLERHPMRKGERFIVIQSZIHXSIRWYVIEKKVIKEXI
GPIERPMRIWW
8LISVIXMGEPP]XLIPEVKIVXLIQE\MQYQEKKVIKEXIWM^IXLI
PIWW GIQIRX MW VIUYMVIH MR E KMZIR ZSPYQI SJ GSRGVIXI XS
EGLMIZIXLIHIWMVIHUYEPMX]8LMWXLISV]MWFEWIHSRXLIJEGX
XLEX[MXL[IPPKVEHIHQEXIVMEPWXLIZSMHWTEGIFIX[IIRXLI
TEVXMGPIW ERHXLIWTIGMJMGWYVJEGI HIGVIEWIWEWXLIVERKIMR
WM^IW MRGVIEWIW -X LEW FIIR HIQSRWXVEXIH *MK  
LS[IZIVXLEXXSEGLMIZIXLIKVIEXIWXGIQIRXIJJMGMIRG]XLIVI
MWERSTXMQYQQE\MQYQWM^IJSVIEGLGSQTVIWWMZIWXVIRKXL
PIZIP XS FI SFXEMRIH [MXL E KMZIR EKKVIKEXI ERH GIQIRX
,MKKMRWSRIXEP ;LMPIXLIQE\MQYQWM^ISJGSEVWI
EKKVIKEXIMWPMQMXIHF] XLIGSRJMKYVEXMSRSJXLI JSVQWERH
VIMRJSVGMRKWXIIPMRQSWXYRVIMRJSVGIHQEWWGSRGVIXIWXVYG
XYVIW XLIWI VIUYMVIQIRXW TIVQMX ER EPQSWX YRPMQMXIH
QE\MQYQ EKKVIKEXI WM^I -R EHHMXMSR XS EZEMPEFMPMX] XLI
IGSRSQMGEP QE\MQYQ WM^I MW HIXIVQMRIH F] XLI HIWMKR
WXVIRKXL ERH TVSFPIQW MR TVSGIWWMRK FEXGLMRK QM\MRK
XVERWTSVXMRKTPEGMRKERHGSRWSPMHEXMRKXLIGSRGVIXI0EVKI
EKKVIKEXI TEVXMGPIW SJ MVVIKYPEV WLETI XIRH XS TVSQSXI
GVEGOMRKEVSYRHXLIPEVKIVTEVXMGPIWFIGEYWISJHMJJIVIRXMEP

4IVGIRXF][IMKLXTEWWMRKHIWMKREXIHXIWXWMIZI
8IWXWMIZI
WM^IWUYEVI
QIWLMR
QQ
 
 
 
 
 
 
 
 
 
2S 

'SFFPIW
XSMR
XS
QQ

XS
XS
XS
XS

'SEVWI
1IHMYQ
*MRI
XSMR XSMR MRXS2S
XS
XS
XS
QQ
QQ
QQ


XS
XS
XS
XS


XS
XS
XS
XS


XS
XS
XS

4IVGIRXEKISJGPIERP]WITEVEXIHGSEVWIEKKVIKEXIJVEGXMSRW
*MRI
'SEVWI
1IHMYQ
1E\MQYQ 'SFFPIW
XS
XS
MRXS
WM^IMR
XSMR MR
MR XSMR
2S
GSRGVIXI XS
XS
XS
XS XS
MR QQ QQ QQ
QQ
QQ
QQ
 
XS XS
XS
XS
XS
 
XS
XS
XS
XS
 
XS
XS
XS
 
XS
XS
97&YVIEYSJ6IGPEQEXMSR  

ZSPYQIGLERKI8LI]EPWSGEYWIZSMHWXSJSVQYRHIVRIEXL
HYIXSFPIIHMRK[EXIVERHEMVEGGYQYPEXMSRHYVMRKTPEGMRKSJ
GSRGVIXI%PXLSYKLPEVKIVWM^IWLEZISGGEWMSREPP]FIIRYWIH
ER EKKVIKEXI WM^I SJ  MR  QQ  LEW RSVQEPP] FIIR
EHSTXIHEWXLIQE\MQYQTVEGXMGEPWM^I
8LI TEVXMGPI WLETI SJ EKKVIKEXIW LEW WSQI IJJIGX SR
[SVOEFMPMX] ERH GSRWIUYIRXP] SR [EXIV VIUYMVIQIRX
6SYRHIH TEVXMGPIW WYGL EW XLSWI XLEX SGGYV MR HITSWMXW SJ
WXVIEQ[SVRWERHERHKVEZIPTVSZMHIXLIFIWX[SVOEFMPMX]
LS[IZIV QSHIVR GVYWLMRK ERH KVMRHMRK IUYMTQIRX MW
GETEFPI SJ TVSHYGMRK FSXL JMRI ERH GSEVWI EKKVIKEXI SJ
IRXMVIP]EHIUYEXITEVXMGPIWLETIJVSQUYEVVMIHVSGO8LYWMR
WTMXI SJ XLI WPMKLXP] PS[IV [EXIV VIUYMVIQIRX SJ REXYVEP
VSYRHIH EKKVIKEXIW MX MW WIPHSQ IGSRSQMGEP XS MQTSVX
REXYVEP EKKVIKEXIW [LIR E WSYVGI SJ LMKLUYEPMX] GVYWLIH
EKKVIKEXIMWEZEMPEFPIRIEVXLIWMXISJXLI[SVO-XMWRIGIWWEV]XS
HIXIVQMRI XLEX XLI GVYWLMRK IUYMTQIRX ERH TVSGIHYVIW [MPP
]MIPHEWEXMWJEGXSV]TEVXMGPIWLETI3RITVSGIHYVIXSGSRXVSP
TEVXMGPIWLETIMWXSWTIGMJ]XLEXXLIJPEXERHIPSRKEXIHTEVXMGPIW
GERRSX I\GIIH   MR IEGL WM^I KVSYT % JPEX TEVXMGPI MW
HIJMRIH EW LEZMRK E [MHXLXLMGORIWW VEXMS KVIEXIV XLER 
[LMPI ER IPSRKEXIH TEVXMGPI MW HIJMRIH EW LEZMRK E PIRKXL
[MHXLVEXMSKVIEXIVXLER
8LITVSTSVXMSRMRKSJEKKVIKEXIWMRXLIGSRGVIXIQM\XYVI
[MPPWXVSRKP]MRJPYIRGIGSRGVIXI[SVOEFMPMX]ERHXLMWMWSRI
JEGXSVXLEXGERVIEHMP]FIEHNYWXIH HYVMRKGSRWXVYGXMSR 8S
JEGMPMXEXI XLMW EKKVIKEXIW EVI TVSGIWWIH MRXS ERH FEXGLIH

*MK {)JJIGX SJ EKKVIKEXI WM^I ERH GIQIRX GSRXIRX SR


GSQTVIWWMZIWXVIRKXLEX]IEV EHETXIHJVSQ,MKKMRWSR
IXEP?A 
JVSQGSRZIRMIRXWM^IKVSYTW-R9RMXIH7XEXIWTVEGXMGIMXMW
GYWXSQEV] JSV PEVKIEKKVIKEXI QEWW GSRGVIXI XS HMZMHI
GSEVWIEKKVIKEXIMRXSXLIJVEGXMSREPWM^IWPMWXIHMR8EFPI
8YXLMPP 
7M^IW EVI WEXMWJEGXSVMP] KVEHIH [LIR  XS  SJ XLI
EKKVIKEXI [MXLMR XLI PMQMXMRK WGVIIRW MW VIXEMRIH SR XLI
QMHHPIWM^IWGVIIR%PWSMXLEWFIIRJSYRHXLEXQEMRXEMRMRK
XLITIVGIRXTEWWMRKXLIMR QQ  WMIZIEXPIWWXLER
  MR XLI  MR XS 2S  XS QQ  WM^I JVEGXMSR
TVIJIVEFP]RIEV^IVSMJGVYWLIH [MPPKVIEXP]MQTVSZIQEWW
GSRGVIXI[SVOEFMPMX]ERHVIWTSRWIXSZMFVEXMSR
)\TIVMIRGILEWWLS[RXLEXEVEXLIV[MHIVERKISJQEXIVMEP
TIVGIRXEKIMRIEGLWM^IKVSYTQE]FIYWIHEWPMWXIHMR8EFPI
;SVOEFMPMX]MWJVIUYIRXP]MQTVSZIHF]VIHYGMRKXLITVSTSVXMSR
SJ GSFFPIW GEPPIH JSV F] XLI XLISVIXMGEP KVEHMRKW ;LIR
REXYVEPKVEZIPMWYWIHMXMWIGSRSQMGEPP]HIWMVEFPIXSHITEVX
JVSQ XLISVIXMGEP KVEHMRKW XS ETTVS\MQEXI EW GPSWIP] EW
[SVOEFMPMX]TIVQMXWXLIEZIVEKIKVEHMRKSJQEXIVMEPMRXLI
HITSWMX;LIVIXLIVIEVII\XVIQII\GIWWIWSVHIJMGMIRGMIWMR
E TEVXMGYPEV WM^I MX MW TVIJIVEFPI XS [EWXI E TSVXMSR SJ XLI
QEXIVMEP VEXLIV XLER XS TVSHYGI YR[SVOEFPI GSRGVIXI 8LI
TVSFPIQSJ[EWXIYWYEPP]HSIWRSXSGGYV[LIRXLIEKKVIKEXI
MW GVYWLIH WXSRI ;MXL QSHIVR X[S ERH XLVIIWXEKI
GVYWLMRKMXMWRSVQEPP]TSWWMFPIXSEHNYWX XLI STIVEXMSRWS
XLEXE[SVOEFPIKVEHMRKMWSFXEMRIH9RPIWWJMRMWLWGVIIRMRK
MWYWIHXLIEQSYRXSJXLIJMRIWXWM^ISJGSEVWIEKKVIKEXIGER
FIVIHYGIHFIGEYWIXLEXMWXLIWM^ISJXLIEGGYQYPEXIHYRHIVWM^I
SJ XLI PEVKIV WM^IW *MRMWL WGVIIRMRK EX XLI FEXGLMRK TPERX

LS[IZIV SR LSVM^SRXEP ZMFVEXMRK WGVIIRW ERH [MXL RS


MRXIVQIHMEXI WXSVEKI MW WXVSRKP] VIGSQQIRHIH JSV QEWW
GSRGVIXIGSEVWIEKKVIKEXIW;MXLJMRMWLWGVIIRMRKXLIVIMWPMXXPI
HMJJMGYPX]MRPMQMXMRKYRHIVWM^IXS SJXLIGSFFPIW SJ
XLIMRXIVQIHMEXIWM^IWERH SJXLIJMRIGSEVWIEKKVIKEXIW
9RHIVWM^I MW HIJMRIH EW XLEX TEWWMRK E XIWX WGVIIR LEZMRK
STIRMRKWSJXLIRSQMREPQMRMQYQWM^ISJXLIEKKVIKEXI
JVEGXMSR 9RHIVWM^I PEVKIV XLER XLMW  JVEGXMSR LEW RS
QIEWYVEFPIIJJIGXSRXLIGSRGVIXI 8YXLMPP 
-RWSQITEVXWSJXLI[SVPHKETKVEHIHEKKVIKEXIMWYWIH
MRQEWWGSRGVIXI-RXLIWIKVEHMRKWXLIQEXIVMEPMRSRISV
QSVI WMIZI WM^IW MW QMWWMRK 'SRXMRYSYW KVEHMRKW EVI
RSVQEPP] YWIH MR XLI 9RMXIH 7XEXIW +ETKVEHIH EKKVIKEXI
GER FI YWIH IGSRSQMGEPP] [LIVI XLI QEXIVMEP MW REXYVEPP]
KETKVEHIHLS[IZIVGSQTEVMWSRWXLEXGERFIQEHIFIX[IIR
GSRGVIXIGSRXEMRMRKKETKVEHIHEKKVIKEXIERHGSRXMRYSYWP]
KVEHIHEKKVIKEXIMRHMGEXIXLIVIMWRSEHZERXEKIMRTYVTSWIP]
TVSHYGMRKKETKVEHMRKW'SRXMRYSYWKVEHMRKWTVSHYGIQSVI
[SVOEFPI QEWW GSRGVIXI [MXL WSQI[LEX PS[IV WPYQT PIWW
[EXIV ERH PIWW GIQIRX 'SRXMRYSYW KVEHMRKW GER EP[E]W FI
TVSHYGIH JVSQ GVYWLMRK STIVEXMSRW 1SWX REXYVEP EKKVIKEXI
HITSWMXW MR XLI 9RMXIH 7XEXIW GSRXEMR QEXIVMEP JVSQ [LMGL
EGGITXEFPIGSRXMRYSYWKVEHMRKWGERFIIGSRSQMGEPP]TVITEVIH

;EXIVYWIHJSVQM\MRKGSRGVIXIWLSYPHFIJVIISJQEXIVMEPW
XLEXWMKRMJMGERXP]EJJIGXXLIL]HVEXMSRVIEGXMSRWSJTSVXPERH
GIQIRX 7XIMRSYV ;EXIVXLEXMWJMXXSHVMROQE]KIRIV
EPP] FI VIKEVHIH EW EGGITXEFPI JSVYWIMRQM\MRK GSRGVIXI
4SXEFMPMX][MPPTVIGPYHI ER]SFNIGXMSREFPIGSRXIRXSJ GLPS
VMHIWLS[IZIVGLPSVMHIGSRXIRXXIWXWWLSYPHFIQEHISRER]
UYIWXMSREFPI[EXIVMJIQFIHHIHQIXEPWEVITVIWIRX0MQMXW
SR XSXEP GLPSVMHI EQSYRXW JSV ZEVMSYW GSRWXVYGXMSRW EVI
GSRXEMRIHMR%'-6;LIRMXMWHIWMVEFPIXSHIXIVQMRI
[LIXLIVE[EXIVGSRXEMRWQEXIVMEPWXLEXWMKRMJMGERXP]EJJIGX
XLI WXVIRKXL HIZIPSTQIRX SJ GIQIRX GSQTEVEXMZI WXVIRKXL
XIWXWWLSYPHFIQEHISRQSVXEVWQEHI[MXL[EXIVJVSQXLI
TVSTSWIHWSYVGIERH[MXLHMWXMPPIH[EXIV 8IWXQIXLSH'6(
'JVSQ97%')?FA -JXLIEZIVEKISJXLIVIWYPXWSJ
XLIWIXIWXWSRWTIGMQIRWGSRXEMRMRKXLI[EXIVFIMRKIZEPY
EXIH MW PIWW XLER   SJ XLEX SFXEMRIH [MXL WTIGMQIRW
GSRXEMRMRK HMWXMPPIH [EXIV XLI [EXIV VITVIWIRXIH F] XLI
WEQTPIWLSYPHRSXFIYWIHJSVQM\MRKGSRGVIXI-JETSXIRXMEP
[EXIV WSYVGI PEGOMRK EWIVZMGI VIGSVH GSRXEMRW EQSYRXW SJ
MQTYVMXMIW SJ  TTQ SV QSVI XIWXW JSV WXVIRKXL ERH
ZSPYQI WXEFMPMX] PIRKXL GLERKI  QE] EPWS FI EHZMWEFPI XS
IRWYVIHYVEFPIGSRGVIXI
;EXIVWGSRXEMRMRKYTXSWIZIVEPTEVXWTIVQMPPMSRSJSVHMREV]
QMRIVEPEGMHWWYGLEWL]HVSGLPSVMGEGMHSVWYPJYVMGEGMHGER
FI XSPIVEXIH EW JEV EW WXVIRKXL HIZIPSTQIRX MW GSRGIVRIH
;EXIVWGSRXEMRMRKIZIRWQEPPEQSYRXWSJZEVMSYWWYKEVWSV
WYKEVHIVMZEXMZIWWLSYPHRSXFIYWIHEWWIXXMRKXMQIWQE]FI
YRTVIHMGXEFPI 8LI LEVQJYPRIWW SJ WYGL [EXIVW QE] FI
VIZIEPIHMRXLIGSQTEVEXMZIWXVIRKXLXIWXW

8LITVMQEV] SFNIGXMZISJTVSTSVXMSRMRKWXYHMIWJSVQEWW
GSRGVIXI MW XS IWXEFPMWL IGSRSQMGEP QM\XYVIW SJ TVSTIV

WXVIRKXL HYVEFMPMX] ERH TIVQIEFMPMX] [MXL XLI FIWX


GSQFMREXMSR SJ EZEMPEFPI QEXIVMEPW XLEX [MPP TVSZMHI
EHIUYEXI[SVOEFMPMX]JSVTPEGIQIRXERHPIEWXTVEGXMGEPVMWI
MR XIQTIVEXYVI EJXIV TPEGIQIRX 8VMEP QM\XYVI QIXLSHW EVI
KIRIVEPP] YWIH JSPPS[MRK TVSGIHYVIW MR %'- 
%TTIRHM\
7IPIGXMSRSJ[GSV[GQ[MPPIWXEFPMWLXLIWXVIRKXLHYVEFMPMX]
ERHTIVQIEFMPMX]SJXLIGSRGVIXI8LIVIWLSYPHEPWSFIWYJJMGMIRX
JMRI QEXIVMEP XS TVSZMHI TVSTIV TPEGIEFMPMX] )\TIVMIRGI LEW
WLS[RXLEX[MXLXLIFIWXWLETIHEKKVIKEXIWSJMR QQ
QE\MQYQWM^IXLIUYERXMX]SJGIQIRXWM^IQEXIVMEPVIUYMVIH
JSV[SVOEFMPMX]MWETTVS\MQEXIP] PIWWXLERJSVEGSRGVIXI
GSRXEMRMRK ERKYPEV EKKVIKEXIW 8VMEP QM\XYVIW YWMRK XLI
VIUYMVIH [GQERH XLI SFWIVZIH [EXIVVIUYMVIQIRX JSVXLI
NSF QEXIVMEPW [MPP HIQSRWXVEXI XLI GIQIRXMXMSYW QEXIVMEP
GSRXIRXXLEXQE]FIWEJIP]YWIHXSTVSZMHIXLIVIUYMVIH
[SVOEFMPMX] 4SVXPERH'IQIRX%WWSGMEXMSR+MR^FYVK
IXEP 
8LIJMVWXWXITMREVVMZMRKEXXLIEGXYEPFEXGL[IMKLXWMWXS
WIPIGXXLIQE\MQYQEKKVIKEXIWM^IJSVIEGLTEVXSJXLI[SVO
'VMXIVMEJSVXLMWWIPIGXMSREVI KMZIRMR7IGXMSR8LIRI\X
WXITMWXSEWWYQISVHIXIVQMRIXLIXSXEP[EXIVGSRXIRXRIIHIH
XSTVSZMHIVIUYMVIHWPYQT[LMGLQE]FIEWPS[EWXS
MR XSQQ -RXIWXWJSVWPYQTEKKVIKEXIPEVKIVXLER
MR QQ WLSYPHFIVIQSZIHF]TVSQTXP]WGVIIRMRK
XLI [IX GSRGVIXI *SV  MR  QQ  QE\MQYQWM^I
EKKVIKEXI[EXIVGSRXIRXWJSVEMVIRXVEMRIHQMRMQYQWPYQT
GSRGVIXIQE]ZEV]JVSQETTVS\MQEXIP]XSPF]H XS
OKQ JSVREXYVEPEKKVIKEXIWERHJVSQXSPF]H
XSOKQ JSVGVYWLIHEKKVIKEXIW'SVVIWTSRHMRK[EXIV
VIUYMVIQIRXWJSVMR QQ QE\MQYQWM^IEKKVIKEXIEVI
ETTVS\MQEXIP]   LMKLIV *SV WXVIRKXLW EFSZI  TWM
14E EX]IEVLS[IZIVXLIMR QQ QE\MQYQ
WM^IEKKVIKEXIQE]FIQSVIIJJMGMIRX *MK 
8LIFEXGL[IMKLXSJXLIGIQIRXMWHIXIVQMRIHF]HMZMHMRK
XLI XSXEP [IMKLX SJ XLI QM\MRK [EXIV F] XLI [G SV [LIR
[SVOEFMPMX] KSZIVRW MX MW XLI QMRMQYQ [IMKLX SJ GIQIRX
VIUYMVIHXSWEXMWJEGXSVMP]TPEGIXLIGSRGVIXI;MXLXLIFEXGL
[IMKLXW SJ GIQIRX ERH [EXIV HIXIVQMRIH ERH [MXL ER
EWWYQIHEMVGSRXIRXSJXS XLIVIQEMRHIVSJXLIQEXIVMEP
MWEKKVIKEXI8LISRP]VIQEMRMRKHIGMWMSRMWXSWIPIGXXLI
VIPEXMZI TVSTSVXMSRW SJ JMRI ERH GSEVWI EKKVIKEXI 8LI
STXMQYQ TVSTSVXMSRW HITIRH SR EKKVIKEXI KVEHMRK ERH
TEVXMGPIWLETIERHXLI]GERFIJMREPP]HIXIVQMRIHSRP]MRXLI
JMIPH *SV  MR  QQ  EKKVIKEXI GSRGVIXI GSRXEMRMRK
REXYVEPWERHERHKVEZIPXLITIVGIRXEKISJJMRIEKKVIKEXIXS
XSXEP EKKVIKEXIF] EFWSPYXI ZSPYQI QE] FIEW PS[EW 
;MXLGVYWLIHEKKVIKEXIWXLITIVGIRXEKIQE]FIMRXLIVERKI
SJXS 
;LIRETS^^SPERMWMRGPYHIHMRXLIGSRGVIXIEWETEVXSJ
XLI GIQIRXMXMSYW QEXIVMEP XLI QM\XYVI TVSTSVXMSRMRK
TVSGIHYVIHSIW RSX GLERKI%XXIRXMSR WLSYPH FI KMZIR XS
XLIJSPPS[MRKQEXXIVW
c 8LI[EXIVVIUYMVIQIRXQE]GLERKI
c )EVP]EKIWXVIRKXLQE]FIGSQIGVMXMGEPERH
c *SV QE\MQYQ IGSRSQ] XLI EKI EX [LMGL HIWMKR
WXVIRKXLMWEXXEMRIHWLSYPHFIKVIEXIV

'SRGVIXIGSRXEMRMRKQSWXTS^^SPERWKEMRWWXVIRKXLWSQI
[LEX QSVI WPS[P] XLER GSRGVIXI QEHI [MXL SRP] TSVXPERH
GIQIRXLS[IZIVXLIPSEHSRQEWWGSRGVIXIMWKIRIVEPP]RSX
ETTPMIH YRXMP XLI GSRGVIXI MW QER] QSRXLW SV ]IEVW SPH
8LIVIJSVI QEWW GSRGVIXI GSRXEMRMRK TS^^SPER MW YWYEPP]
HIWMKRIHSRXLIFEWMWSJHE]XS]IEVWXVIRKXLW;LMPI
QEWW GSRGVIXI HSIW RSX VIUYMVI WXVIRKXL EX IEVP] EKIW XS
TIVJSVQ MXW HIWMKR JYRGXMSR QSWX W]WXIQW SJ GSRWXVYGXMSR
VIUYMVIXLEXXLIJSVQWJSVIEGLPMJXFIERGLSVIHXSXLIRI\X
PS[IV PMJX 8LIVIJSVI XLI IEVP] WXVIRKXL WLSYPH FI KVIEX
IRSYKL XS TVIZIRX TYPPSYX SJ XLI JSVQ ERGLSVW 7TIGMEPP]
HIWMKRIHJSVQERGLSVWQE]FIVIUYMVIHXSEPPS[WEJIVETMH
XYVREVSYRH XMQIW JSV XLI JSVQW IWTIGMEPP] [LIR PEVKI
EQSYRXWSJTS^^SPEREVIYWIHSV[LIRXLIGSRGVIXIMWPIER
ERHTVIGSSPIH
8LI JSYV IPIQIRXW SJ ER IJJIGXMZI XIQTIVEXYVI GSRXVSP
TVSKVEQER]SV EPP SJ[LMGL QE] FI YWIHJSV ETEVXMGYPEV
QEWWGSRGVIXITVSNIGXEVI
c 'IQIRXMXMSYW QEXIVMEP GSRXIRX GSRXVSP [LIVI XLI
GLSMGI SJ X]TI ERH EQSYRX SJ GIQIRXMXMSYW QEXIVMEPW
GERPIWWIRXLILIEXKIRIVEXMRKTSXIRXMEPSJXLIGSRGVIXI
c 4VIGSSPMRK [LIVI GSSPMRK SJ MRKVIHMIRXW EGLMIZIW E
PS[IVGSRGVIXIXIQTIVEXYVIEWTPEGIHMRXLIWXVYGXYVI
c 4SWXGSSPMRK [LIVI VIQSZMRK LIEX JVSQ XLI GSRGVIXI
[MXLIQFIHHIHGSSPMRKGSMPWPMQMXWXLIXIQTIVEXYVIVMWI
MRXLIWXVYGXYVIERH
c 'SRWXVYGXMSR QEREKIQIRX [LIVI IJJSVXW EVI QEHI XS
TVSXIGXXLIWXVYGXYVIJVSQI\GIWWMZIXIQTIVEXYVIHMJJIV
IRXMEPW F] ORS[PIHKI SJ GSRGVIXI LERHPMRK GSRWXVYGXMSR
WGLIHYPMRKERHGSRWXVYGXMSRTVSGIHYVIW
8LIXIQTIVEXYVIGSRXVSPJSVEWQEPPWXVYGXYVIQE]FIRS
QSVI XLER E WMRKPI QIEWYVI WYGL EW VIWXVMGXMRK TPEGMRK
STIVEXMSRWXSGSSPTIVMSHWEXRMKLXSVHYVMRKGSSP[IEXLIV
3RXLISXLIVI\XVIQIWSQITVSNIGXWGERFIPEVKIIRSYKLXS
NYWXMJ] E [MHI ZEVMIX] SJ WITEVEXI FYX GSQTPIQIRXEV]
GSRXVSPQIEWYVIWXLEXGERMRGPYHIXLITVYHIRXWIPIGXMSRSJE
PS[LIEXKIRIVEXMRKGIQIRXW]WXIQMRGPYHMRK
c 8LIYWISJTS^^SPERW
c 8LI GEVIJYP TVSHYGXMSR GSRXVSP SJ EKKVIKEXI KVEHMRKW
ERHXLI YWISJPEVKIWM^I EKKVIKEXIW MR IJJMGMIRXQM\XYVIW
[MXLPS[GIQIRXGSRXIRXW
c 8LITVIGSSPMRKSJEKKVIKEXIWERHQM\MRK[EXIV SVXLI
FEXGLMRKSJMGIMRTPEGISJQM\MRK[EXIV XSQEOITSWWMFPI
EPS[GSRGVIXIXIQTIVEXYVIEWTPEGIH
c 8LIYWISJEMVIRXVEMRMRKERHSXLIVGLIQMGEPEHQM\XYVIWXS
MQTVSZI FSXL XLI JVIWL ERH LEVHIRIH TVSTIVXMIW SJ
XLIGSRGVIXI
c 8LIYWISJETTVSTVMEXIFPSGOHMQIRWMSRWJSVTPEGIQIRX
c 8LIGSSVHMREXMSRSJGSRWXVYGXMSRWGLIHYPIW[MXLWIEWSREP
GLERKIWXSIWXEFPMWLPMJXLIMKLXWERHTPEGMRKJVIUYIRGMIW
c 8LI YWI SJ WTIGMEP QM\MRK ERH TPEGMRK IUYMTQIRX XS
UYMGOP] TPEGI GSSPIH GSRGVIXI [MXL QMRMQYQ EFWSVTXMSR
SJEQFMIRXLIEX
c 8LIIZETSVEXMZIGSSPMRKSJWYVJEGIWXLVSYKL[EXIVGYVMRK
c 8LIHMWWMTEXMSRSJLIEXJVSQXLILEVHIRIHGSRGVIXIF]
GMVGYPEXMRKGSPH[EXIVXLVSYKLIQFIHHIHTMTMRKERH

8LIMRWYPEXMSRSJWYVJEGIWXSQMRMQM^IXLIVQEPHMJJIVIRXMEPW
FIX[IIRXLIMRXIVMSVERHXLII\XIVMSVSJXLIGSRGVIXI
-X MW TVEGXMGEP XS GSSP GSEVWI EKKVIKEXI WSQI[LEX QSVI
HMJJMGYPX XS GSSP JMRI EKKVIKEXI ERH TVEGXMGEP XS FEXGL E
TSVXMSRSVEPPSJXLIEHHIHQM\MRK[EXIVMRXLIJSVQSJMGI
%WEVIWYPXTPEGMRKXIQTIVEXYVIWSJ* ' ERHPS[IV
EVI TVEGXMGEFPI ERH WSQIXMQIW WTIGMJMIH 0S[IV XIQTIVEXYVIW
EVI SFXEMREFPI [MXL QSVI HMJJMGYPX] -RNIGXMSR SJ PMUYMH
RMXVSKIRMRXSQM\XYVI[EXIVLEWEPWSFIIRIJJIGXMZIP]YWIHXS
PS[IVGSRGVIXIXIQTIVEXYVIJSVQEWWGSRGVIXI[SVO-RQSWX
GEWIWETPEGMRKXIQTIVEXYVISJPIWWXLER* ' GERFI
EGLMIZIH[MXLPMUYMHRMXVSKIRMRNIGXMSR'SSPIHGSRGVIXIMW
EHZERXEKISYW MR QM\XYVI TVSTSVXMSRMRK FIGEYWI XLI [EXIV
VIUYMVIQIRX HIGVIEWIW EW XLI XIQTIVEXYVI HVSTW 7TIGMJMIH
TPEGMRKXIQTIVEXYVIWWLSYPHFIIWXEFPMWLIHF]XIQTIVEXYVI
WXYHMIWXSHIXIVQMRI[LEXMWVIUYMVIHXSWEXMWJ]XLIHIWMKR%
HIXEMPIH HMWGYWWMSR SJ XLIVQEP MWWYIW MW GSRXEMRIH MR %'6+YMHERGIMRGSSPMRKW]WXIQWJSVQEWWGSRGVIXIGER
FIJSYRHMR%'-6
8LIGLMIJQIERWJSVPMQMXMRKXIQTIVEXYVIVMWIMWGSRXVSPPMRK
XLIX]TIERHEQSYRXSJGIQIRXMXMSYWQEXIVMEPW8LIKSEPSJ
GSRGVIXI TVSTSVXMSRMRK WXYHMIW MW XS VIEGL E GIQIRXMXMSYW
QEXIVMEPGSRXIRXRSKVIEXIVXLERMWRIGIWWEV]JSVXLIHIWMKR
WXVIRKXL8LIPMQMXMRKJEGXSVMRVIEGLMRKXLMWPS[GIQIRXMXMSYW
QEXIVMEP PIZIP MW YWYEPP] XLI RIIH XS YWI WSQI QMRMQYQ
EQSYRXSJGIQIRXWM^IHTEVXMGPIWWSPIP]XSTVSZMHI[SVOEFMPMX]
MRXLIGSRGVIXI;MXLSYXXLIYWISJWYTTPIQIRXEP[SVOEFMPMX]
EKIRXWWYGLEWTS^^SPERWEMVIRXVEMRMRKSVSXLIVGLIQMGEP
EHQM\XYVIW E QEWW GSRGVIXI TVSNIGX GER I\TIVMIRGI E
GSRXMRYMRKWXVYKKPIXSQEMRXEMR[SVOEFMPMX][LMPILSPHMRKXS
XLI PS[ GIQIRXMXMSYWQEXIVMEP GSRXIRX XLEX FIWX TVSXIGXW
EKEMRWX GVEGOMRK 8LI %781 WTIGMJMGEXMSR JSV 8]TI -TSVXPERHGIQIRXGSRXEMRWERSTXMSRXLEXQEOIWMXTSWWMFPIXS
PMQMXXLILIEXSJL]HVEXMSRXSGEPK O.OK EXHE]W
8LIYWISJETS^^SPEREWEVITPEGIQIRXJYVXLIVHIPE]WERH
VIHYGIWLIEXKIRIVEXMSR8LMWHIPE]MWEREHZERXEKI{I\GITX
XLEX[LIRGSSPMRKGSMPWEVIYWIHXLITIVMSHSJTSWXGSSPMRK
QE]FII\XIRHIH-JXLIQM\XYVIMWTVSTSVXMSRIHWSXLEXXLI
GIQIRXMXMSYW QEXIVMEPW GSRXIRX MW PMQMXIHXS RSX QSVI XLER
 PF]H  OKQ  XLI XIQTIVEXYVI VMWI JSV QSWX
GSRGVIXI[MPPRSXI\GIIH* ' 

8LIHIWMKRERHGSRWXVYGXMSRSJQEWWMZIGSRGVIXIWXVYGXYVIW
IWTIGMEPP] HEQW MW MRJPYIRGIH F] WMXI XSTSKVETL] JSYRHEXMSR
GLEVEGXIVMWXMGW ERH XLI EZEMPEFMPMX] SJ WYMXEFPI QEXIVMEPW SJ
GSRWXVYGXMSR)GSRSQ]WIGSRHSRP]XSWEJIX]VIUYMVIQIRXWMW
XLIQSWXMQTSVXERXTEVEQIXIVXSGSRWMHIV)GSRSQ]QE]HMGXEXI
XLIGLSMGISJX]TISJWXVYGXYVIJSVEKMZIRWMXI4VSTSVXMSRMRKSJ
XLIGSRGVIXIMWMRXYVRKSZIVRIHF]XLIVIUYMVIQIRXWSJXLIX]TI
SJWXVYGXYVIWYGLEWXLIWXVIRKXLHYVEFMPMX]ERHXLIVQEP
TVSTIVXMIW*SVPEVKIWXVYGXYVIWI\XIRWMZIMRZIWXMKEXMSRWSJ
EKKVIKEXIW EHQM\XYVIW ERH TS^^SPERW EVI NYWXMJMIH
'SRGVIXIQM\XYVIMRZIWXMKEXMSRWEVIRIGIWWEV]XSHIXIVQMRI
XLIQSWXIGSRSQMGEPTVSTSVXMSRWSJWIPIGXIHMRKVIHMIRXWXS
TVSHYGI XLI HIWMVIH TVSTIVXMIW SJ XLI GSRGVIXI -RGVIEWMRK
YXMPM^EXMSR LEW FIIR QEHI SJ JMRMXIIPIQIRX GSQTYXIV

'IQIRX
=IEV
2EQISJHEQ GSQ
2S GSYRXV] TPIXIH

4S^^SPER

7ERH

 ,SSZIV 97 

%VGL
KVEZMX]

-:

 

   

0MQIWXSRI
ERHKVERMXI

    

  2S

 2SVVMW 97 

7XVEMKLX
KVEZMX]

--

 

   

(SPSQMXI

    

  2S

4SVXPERH
 
TS^^SPER

   

&EWEPX

    

  2S

 

   

5YEVX^MXI
ERHKVERMXI

 

  

  2S

+VERH
7XVEMKLX
 'SYPII 97  KVEZMX] --ERH-:  

   

&EWEPX

    

  2S

 

   

0MQIWXSRI

    

  2S

 

   

%RHIWMXI
ERHWPEXI

    

  2S

 

*P]EWL

     

7ERHWXSRI

  



  2S

 

    



  2S

  



  2S

  



  2S

 

  



  2S

 +VEZMX]

1YPXM
 &EVXPIXX 97  TPIEVGL

-:

- 7XVEMKLX
KVEZMX]
'YVZIH
-:
 7LEWXE 97  KVEZMX]
,YRKV],SVWI
%VGL


- 97
KVEZMX]
 (IXVSMX 97  7XVEMKLX --ERH-:
KVEZMX]











/IRXYGO]
97

1SRXMGIPPS
97

   

8]TI

(MSVMXI

 

'EPGMREXIH
  HMEXSQE      
GISYWGPE]

+VE][EGOI
WERHWXSRI
 
UYEVX^MXI
  'EPGWLEPI       0MQIWXSRI
 
ERHWERHWXSRI

;6%
YWIH

%VGL

--0%

*PEQMRK

+SVKI 97

%VGL
KVEZMX]

--



%VGL
KVEZMX]

--

  4YQMGMXI

     



%VGL
KVEZMX]

--

  4YQMGMXI

     

 

  



  =IW



%VGL
KVEZMX]

--

 

*P]EWL

      0MQIWXSRIERH  


ERHIWMXI

  



  2S

8LMR
EVGL

--

 

%RHIWMXIXYJJ
 
ERHFEWEPX

  



  =IW

 

  



  2S

+PIR'ER]SR
97
=IPPS[XEMP
97



PF]H
OKQ

(IRWMX]
PF]H
OKQ

8]TI

PF]H
OKQ

1E\MQYQ ;EXIV
WM^I


EKKVIKEXI PF ]H
)RXVEMRIH
MR QQ OKQ [GQ EMV

8]TI

&SRRIZMPPI
97

8]TI

PF]H
OKQ 

'SEVWIEKKVIKEXI

PF]H
OKQ

1SVVS[4SMRX

97
([SVWLEO
97

 +VEZMX]

--

 

*P]EWL

   

0MQIWXSRI
GLEPIHSRMG
GLIVXERH
WERHWXSRI

'VYWLIH
      KVERMXIKRIMWW

 0MFF] 97  +VEZMX]

--

 

*P]EWL

 

  



  2S

0S[IV
 +VERMXI 97
 +VEZMX]

--

 

1MPPIH
2EXYVEP
ZSPGERMG       FEWEPXMGKVEZIP
 
GMRHIVW

  



  =IW

 4YIFPS 97  &YXXVIWW

--0%

 

  



  =IW

--0%

 

6MGLEVH&  +VEZMX]


6YWWIPP 97

---

 
 

*P]EWL
*P]EWL

6SWWIRW
7[MX^IVPERH
4MIZIHM
'EHSVI -XEP]
*VERGMWGS
1EHIVS
1I\MGS
'LEWXERK
*VERGI
7EPQSRHI
4SVXYKEP
;EVVEKEQFE
%YWXVEPME

 

 'V]WXEP 97 

















8LMR
EVGL

%VGL

%VGL
*IVVMG  
KVEZMX] TS^^SPERMG
6SYRH
LIEH
-:
 
FYXXVIWW
%VGL
  
KVEZMX]
8LMR
- 
EVGL
7XVEMKLX
- 
KVEZMX]
-:ERH
TSVXPERH
 
FPEWX
JYVREGI

2EXYVEP

+VERMXIWLMWX
PMQIWXSRI
 
HSPSQMXI
7LMWXEPXIVIH
 
    ZSPGERMGW

     




     


     


     

'VYWLIH
KVERMXI

  



  =IW

    


    




  =IW


  =IW

0MQIWXSRI

 

  

0MQIWXSRI

    



2S

  =IW

    6L]SPMXIERH     
FEWEPX

   

+VERMXI

    

 

   

+VERMXI

    

 

    4SVTL]V]ERH


KVERMXI

    

  2S

    



/VEWRSMEVWO %FSYX 7XVEMKLX


9776  KVEZMX]



-PLE7SPXIMVE
 +VEZMX]
&VE^MP

--

 

,SPPS[
 -XEMTY &VE^MP
4EVEKYE]  KVEZMX]
FYXXVIWW

--

 

*P]EWL

 4IEGI7MXI  +VEZMX]


'EREHE

 

*P]EWL

8LISHSVI
6SSWIZIPX  %VGL
 QSHMJMGEXMSR
KVEZMX]
97

--0%

 

*P]EWL

4SYRHWQEWW

     

2EXYVEP
UYEVX^MXI
KVEZIP

+VERMXI

5YEVX^MXI
'EPGMREXIH
      KVEZIPGVYWLIH  
GPE]
FEWEPX

=IW

  



  2S

  
      'VYWLIHFEWEPX    



  2S




   

     

5YEVX^MXI
PMQIWXSRI
WERHWXSRI

 

  



  =IW

+VERMXI

 

  



  =IW

(EQ
0E4EPMWWI

'SYRXV]
*VERGI

'LEWXERK
*VERGI
0v%MKPI
*VERGI
4MIZIHM'EHSVI
-XEP]
*SVXI&EWS
-XEP]
'EFVMPS
4SVXYKEP
7EPEQSRHI
4SVXYKEP
'EWXIPS&SHI
4SVXYKEP
6SWWIRW
7[MX^IVPERH
1EYZSMWMR
7[MX^IVPERH
>IVZVIMPE
7[MX^IVPERH
,YRKV],SVWI
97
+PIR'ER]SR
97
0S[IV+VERMXI
97
0MFF]
97
([SVWLEO
97
([SVWLEO
97

'IQIRXSV
GIQIRXTS^^SPER
;EXIV
PF]H OKQ
PF]H OKQ
 
 

4VIHSQMRERX
EKKVIKEXIX]TI
+VERMXI

1E\MQYQWM^I
EKKVIKEXIMR
QQ
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

+VERMXI
+VERMXI
(SPSQMXI
4STL]V]
+VERMXI
+VERMXI
5YEVX^MXI
+PEGMEPQM\XYVI
+RIMWW
+RIMWW
7ERHWXSRI
0MQIWXSRI
&EWEPX
5YEVX^MXI
+VERMXI
+RIMWW

 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 


















 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

HE]WXVIRKXL
[GQ
TWM 14E

 

'IQIRXIJJMGMIRG]EX
HE]WTWMPF]H
14EOKQ
 

([SVWLEO
([SVWLEO

97
97

 
 

 
 

+RIMWW
+RIMWW

 
 




 
 

 
 

4YIFPS

97

 

 

 



 

 

'V]WXEP

97

 

 

 



j 

 

*PEQMRK+SVKI

97

 

 

 



 

 

/VEWRSMEVWO

9776

 

 

 



 

 

-PLE7SPXIMVE

&VE^MP

 

 

 



 

 

-XEMTY
8LISHSVI
6SSWIZIPX
QSHMJMGEXMSR

&VE^MP

 

 

+VERMXIPMQIWXSRI
HSPSQMXI
7LMWXERHEPXIVIH
ZSPGERMGW
0MQIWXSRIERH
WERHWXSRI
+VERMXI
5YEVX^MXIKVEZIP
GVYWLIHFEWEPX
'VYWLIHFEWEPX

 



 

 

97

 

 

+VERMXI

 



 

 

7XVIRKXLEXHE]W
7XVIRKXLEX]IEV

TVSKVEQW JSV XLIVQEP EREP]WMW 4SPMZOE ERH ;MPWSR 


97%')E (IXIVQMREXMSRSJXIRWMPIWXVEMRGETEGMX]LEW
EPWSPIHXSEFIXXIVYRHIVWXERHMRKSJXLITSXIRXMEPJSVGVEGOMRK
YRHIVVETMHERHWPS[PSEHMRKGSRHMXMSRW ,SYKLXSR 
8LIWTIGMJMGTVSTIVXMIWSJGSRGVIXIXLEXWLSYPHFIORS[REVI
GSQTVIWWMZI WXVIRKXL XIRWMPI WXVIRKXL QSHYPYW SJ IPEWXMGMX]
4SMWWSRvWVEXMSXIRWMPIWXVEMRGETEGMX]GVIITZSPYQIGLERKI
HYVMRKHV]MRKEHMEFEXMGXIQTIVEXYVIVMWIXLIVQEPGSIJJMGMIRX
SJI\TERWMSRWTIGMJMGLIEXXLIVQEPGSRHYGXMZMX]ERHHMJJY
WMZMX]TIVQIEFMPMX]ERHHYVEFMPMX]%TTVS\MQEXIZEPYIWSJ
XLIWI TVSTIVXMIW FEWIH SR GSQTYXEXMSRWSVTEWX I\TIVMIRGI
EVI SJXIR YWIH MR TVIPMQMREV] IZEPYEXMSRW 9WIJYP EW WYGL
ETTVS\MQEXMSRWQE]FIXLIGSQTPI\LIXIVSKIRISYWREXYVI
SJ GSRGVIXI ERH XLI TL]WMGEP ERH GLIQMGEP MRXIVEGXMSRW SJ
EKKVIKEXIERHTEWXIEVIWXMPPRSXWYJJMGMIRXP]ORS[RXSTIVQMX
IWXMQEXMSR SJ VIPMEFPI ZEPYIW *SV XLMW VIEWSR MX MW EKEMR
IQTLEWM^IH XLEX I\XIRWMZI PEFSVEXSV] ERH JMIPH MRZIWXMKE
XMSRWWLSYPHFIGSRHYGXIHXSIRWYVIEWEJIWXVYGXYVIEXPS[IWX
GSWX -R EHHMXMSR XLI QSMWXYVI GSRHMXMSR SJ XLI WTIGMQIRW
ERH WXVYGXYVI ERH XLI PSEHMRK VEXI VIUYMVIH WLSYPH FI
ORS[R EW XLIWI JEGXSVW QE] HVEQEXMGEPP] EJJIGX WSQI

GSRGVIXITVSTIVXMIW7TIGMQIRWM^IERHSVMIRXEXMSRIJJIGXWSR
QEWWGSRGVIXIXIWXTVSTIVXMIWGEREPWSFIWMKRMJMGERX
{% GSQTMPEXMSR SJ GSRGVIXI TVSTSVXMSR HEXE SR
VITVIWIRXEXMZI HEQW MW KMZIR MR 8EFPI  4VMGI ERH
,MKKMRWSR+MR^FYVKIXEP-'30(,EVFSI
 97&6  ,SYKLXSR ERH ,EPP  ,SYKLXSR
,SYKLXSR 6IJIVIRGI[MPPFIQEHIXSGSRGVIXI
QM\XYVIW HIWGVMFIH MR 8EFPI  ERH MR HMWGYWWMSRW SJ
TVSTIVXMIWVITSVXIHMR8EFPIWXLVSYKL
8LI [GQ XS E PEVKI I\XIRX KSZIVRW XLI UYEPMX] SJ XLI
LEVHIRIH TSVXPERHGIQIRX FMRHIV 7XVIRKXL TIVQIEFMPMX]
ERHQSWXSXLIVHIWMVEFPITVSTIVXMIWSJGSRGVIXIEVIMQTVSZIH
F]PS[IVMRKXLI[GQ%WXYH]SJGSQTVIWWMZIWXVIRKXLHEXE
KMZIRMR8EFPIWLS[WEGSRWMHIVEFPIZEVMEXMSRJVSQXLI
HMVIGX VIPEXMSRWLMT FIX[IIR XLI [GQ ERH WXVIRKXL *EGXSVW
XSXEPP] SV TEVXMEPP] MRHITIRHIRX SJ XLI [GQ XLEX EJJIGX XLI
WXVIRKXLEVIGSQTSWMXMSRERHJMRIRIWWSJGIQIRXEQSYRXERH
X]TISJTS^^SPERWYVJEGIXI\XYVIERHWLETISJXLIEKKVIKEXI
XLI QMRIVEPSKMGEP QEOIYT ERH WXVIRKXL SJ XLI EKKVIKEXI
EKKVIKEXIKVEHMRKERHXLIMQTVSZIQIRXSJWXVIRKXLF]XLI

)PEWXMGMX]TVSTIVXMIW
'SQTVIWWMZIWXVIRKXLTWM 14E
1SHYPYWSJIPEWXMGMX]) TWM ) 14E
%KIHE]W
%KIHE]W








2S
(EQ

,SSZIV
   
{
   
 
{
 
 +VERH'SYPII    
{
   
 
{
 
 +PIR'ER]SR      
{
 
{
 
{






4SMWWSRvWVEXMS
%KIHE]W



{

{
{





{

 

 

 










+PIR'ER]SR        


*PEQMRK+SVKI        
=IPPS[XEMP
{
     

 
{

 
 

 
 

{
 


{







{


1SVVS[4SMRX        

 

 

 

 









 

 

 

 





 

 

 





 

 

 0S[IV+VERMXI        



0MFF]
   
{
 


   

 



([SVWLEO
-PLE7SPXIMVE

        

 

 







-XEMTY

       

 

 

 

 









 

 

 










4IEGIWMXI        


8LISHSVI
6SSWIZIPX
       
QSHMJMGEXMSR

;EXIVVIHYGMRKEKIRXYWIH

EJSVIQIRXMSRIHEHQM\XYVIWXLEXEVIEXXVMFYXEFPIXSEVIHYGXMSRMR
XLI [GQ
,MKL WXVIRKXLW KVIEXIV XLER  TWM ? 14EA  EVI
YWYEPP] RSX VIUYMVIH MR QEWW GSRGVIXI I\GITX MR XLMR EVGL
HEQW 'SRGVIXI TVSTSVXMSRMRK WLSYPH HIXIVQMRI XLI
QMRMQYQ GIQIRX GSRXIRX VIUYMVIH XS QIIX XLI EZIVEKI
GSQTVIWWMZI WXVIRKXL EW HIJMRIH F] %'- 6 XS KMZI
KVIEXIWX IGSRSQ] ERH QMRMQYQ XIQTIVEXYVI VMWI 'IQIRX
VIUYMVIQIRXWJSVEHIUYEXI[SVOEFMPMX]ERHHYVEFMPMX]VEXLIV
XLERWXVIRKXLJVIUYIRXP]KSZIVRXLITSVXPERHGIQIRXGSRXIRX
1EWWGSRGVIXIMWWIPHSQVIUYMVIHXS[MXLWXERHWYFWXERXMEP
WXVIWWEXIEVP]EKI8LIVIJSVIXSXEOIJYPPEHZERXEKISJXLI
WXVIRKXL TVSTIVXMIW SJ XLI GIQIRXMRK QEXIVMEPW XLI HIWMKR
WXVIRKXLMWYWYEPP]FEWIHSRXLIWXVIRKXLEXEKIWJVSQHE]W
XS]IEVERHWSQIXMQIWYTXS]IEVW.SFGSRXVSPG]PMRHIVW
WLSYPHFIXIWXIHEXERIEVPMIVEKIXSFIYWIJYPMRI\IVGMWMRK
GSRXVSPERHQEMRXEMRMRKGSRWMWXIRG]HYVMRKGSRWXVYGXMSR.SF
GSRXVSPXIWXWTIGMQIRWEVIYWYEPP]\MR \QQ
G]PMRHIVWGSRXEMRMRKGSRGVIXIXLEXLEWFIIR[IXWGVIIRIHXS
VIQSZIEKKVIKEXIPEVKIVXLERMR QQ QE\MQYQ
WM^I 'SVVIPEXMSR XIWXW WLSYPH FI QEHI [IPP MR EHZERGI SJ
GSRWXVYGXMSR XS GSQTEVI XLI WXVIRKXL SJ [IXWGVIIRIH
GSRGVIXIXIWXIHEXXLIGSRXVSPEKI[MXLETTVSTVMEXIWM^IXIWX
WTIGMQIRW GSRXEMRMRK XLI JYPP QEWW GSRGVIXI XIWXIH EX XLI
HIWMKRXIWXEKI8LIWXVIRKXLSJPEVKIXIWXWTIGMQIRWYTXS
\MR \QQ [MPPYWYEPP]FIXS SJXLI
WXVIRKXLSJ\MR \QQ G]PMRHIVWXIWXIHEXXLI
WEQI EKI 97&6   %GGSYRXMRK JSV XLI GSRXMRYIH
WXVIRKXL HIZIPSTQIRX FI]SRH  HE]W TEVXMGYPEVP] [LIVI
TS^^SPERW EVI YWIH XLI GSVVIPEXMSR JEGXSVW EX  ]IEV QE]
VERKIJVSQXSXMQIWXLIWXVIRKXLSJXLI[IXWGVIIRIH
GSRXVSPWTIGMQIRWXIWXIHEXHE]W
%GGIPIVEXIHGYVMRKTVSGIHYVIWWIXJSVXLMR%781'
]MIPH GSQTVIWWMSR XIWX VIWYPXW MR  XS  LSYVW XLEX GER

TVSZMHIERMRHMGEXMSRSJTSXIRXMEPGSRGVIXIWXVIRKXL8LIYWI
SJXLIWITVSGIHYVIWLS[IZIVWLSYPHFIPMQMXIHXSHIXIGXMRK
ZEVMEXMSRWMRGSRGVIXIUYEPMX]ERHNYHKMRKXLIIJJIGXMZIRIWW
SJNSFGSRXVSPQIEWYVIW8LIEGGIPIVEXIHWXVIRKXLMRHMGEXSVMW
LIPTJYP [LIVI WEXMWJEGXSV]GSVVIPEXMSR LEWFIIRIWXEFPMWLIH
[MXLPSRKIVXIVQZEPYIWYWMRKGSQTERMSRWTIGMQIRWSJXLI
WEQIGSRGVIXI%PXLSYKLXLIMRHMGEXSVQE]LEZIEHYFMSYW
VIPEXMSRWLMT XS XLI EGXYEP JYXYVI WXVIRKXL MR XLI GSRGVIXI
WXVYGXYVIMXGERFILIPTJYPHYVMRKGSRWXVYGXMSR
8LIVI EVI WIZIVEP GSQTPI\ JEGXSVW MRZSPZIH MR VIPEXMRK
VIWYPXW SJ WXVIRKXL XIWXW SR WQEPP WEQTPIW XS XLI TVSFEFPI
WXVIRKXLSJQEWWGSRGVIXIWXVYGXYVIWXLEXEVIWXMPPIWWIRXMEPP]
YRVIWSPZIH&IGEYWISJXLIWIGSQTPI\MXMIWGSRGVIXIWXVIRKXL
VIUYMVIQIRXW EVI YWYEPP] WIZIVEP XMQIW XLI GEPGYPEXIH
QE\MQYQHIWMKRWXVIWWIWJSVQEWWGSRGVIXIWXVYGXYVIW*SV
I\EQTPIHIWMKRGVMXIVMEJSVKVEZMX]HEQWGSQQSRP]YWIHF]
XLI 97&6 ERH XLI 97%') WIX XLI QE\MQYQ EPPS[EFPI
GSQTVIWWMZIWXVIWWJSVYWYEPPSEHMRKGSQFMREXMSRWEXSJ
XLIWTIGMJMIH GSRGVIXI WXVIRKXL 8LIWIPIGXMSR SJEPPS[EFPI
WXVIWWIWERHJEGXSVWSJWEJIX]HITIRHSRXLIWXVYGXYVIX]TI
PSEHMRKGSRHMXMSRWFIMRKEREP]^IHERHXLIWXVYGXYVIPSGEXMSR
97&697%') 
'SRGVIXI XLEX MW WXVSRK MR GSQTVIWWMSR MW EPWS WXVSRK MR
XIRWMSRFYXXLMWWXVIRKXLVIPEXMSRWLMT MWRSXPMRIEV8IRWMPI
WXVIRKXLGERFIQIEWYVIHF]WIZIVEPXIWXWTVMQEVMP]HMVIGX
XIRWMPI WTPMXXMRK XIRWMPI ERH QSHYPYW SJ VYTXYVI JPI\YVEP
XIWXW )EGL SJ XLIWI XIWXW LEW E HMJJIVIRX VIPEXMSRWLMT [MXL
GSQTVIWWMZI WXVIRKXL %R I\TVIWWMSR XLEX VIPEXIW XIRWMPI
WXVIRKXL JX XSGSQTVIWWMZIWXVIRKXLJG MWTVSZMHIHMR%'-
JSV JX ERH JG MRTWM
JX !JG

E

%KISJ
XMQISJ
PSEHMRK
HE]W
HE]W
HE]W
HE]W
]IEV
]IEVW

-RWXERXERISYWERHWYWXEMRIHQSHYPYWSJIPEWXMGMX]TWM 14E
7LEWXE
,YRKV],SVWI
([SVWLEO

+VERH'SYPII
)





)

)

)






)





)














































]IEVW

)






)





)











































0MFF]
)






)





)






)





)





)



























































































%PPGSRGVIXIQEWWQM\IH[IXWGVIIRIHXSMR QQ QE\MQYQWM^IEKKVIKEXI
2SXIW) !MRWXERXERISYWQSHYPYWSJIPEWXMGMX]EXXMQISJPSEHMRK)!WYWXEMRIHQSHYPYWEJXIVHE]WYRHIVPSEHERH)!WYWXEMRIHQSHYPYWEJXIVHE]WYRHIVPSEH8LI
MRWXERXERISYWQSHYPYWSJIPEWXMGMX]VIJIVWXSXLIwWXEXMGxSVRSVQEPPSEHVEXI XSQMRYXIHYVEXMSR QSHYPYWRSXEXVYP]MRWXERXERISYWQSHYPYWQIEWYVIHJVSQwH]REQMGxSVVETMH
PSEHVEXIXIWXMRK

JSV JX ERH JG MR14E


JX !JG

F

6ETLEIP   HMWGYWWIW XIRWMPIGSQTVIWWMZI WXVIRKXL


VIPEXMSRWLMTWERHXLIMVYWIMRHIWMKR6IPEXMSRWLMTWSJXLIWI
X]TIWJSVWTIGMJMGQEXIVMEPWGERZEV]WMKRMJMGERXP]JVSQXLI
EJSVIQIRXMSRIH JSVQYPEW FEWIH SR EKKVIKEXI UYEPMX] ERH
SXLIVJEGXSVW;LIVIJIEWMFPI ERHRIGIWWEV]XIWXMRKWLSYPH
FIGSRHYGXIHXSGSRJMVQXLIWIVIPEXMSRWLMTW
8LIWXVIRKXLSJGSRGVIXIMWEPWSMRJPYIRGIHF]XLIWTIIHSJ
PSEHMRK:EPYIWYWYEPP]VITSVXIHEVIJSVWXEXMGPSEHWXLEXXEOI
ETTVIGMEFPIXMQIXSHIZIPSTWYGL EWHIEHPSEHSV[EXIVPSEH
(YVMRKIEVXLUYEOIWLS[IZIVWXVIWWIWQE]FIJYPP]HIZIPSTIH
MR E WQEPP JVEGXMSR SJ E WIGSRH ;LIR PSEHIH EX XLMW WTIIH
GSQTVIWWMZIWXVIRKXLSJEGSRGVIXIJSVQSMWXWTIGMQIRW QE] FI
MRGVIEWIHYTXS ERHXIRWMPIWXVIRKXLQE]FIMRGVIEWIH
YTXS [LIRGSQTEVIH[MXL ZEPYIWSFXEMRIHEXWXERHEVH
VEXIWSJPSEHMRK 7EYGMIV+VELEQ6ETLEIP
,EVVMWIXEP 
'SRGVIXIMWRSXEXVYP]IPEWXMGQEXIVMEPERHXLIKVETLMGWXVIWW
WXVEMRVIPEXMSRWLMTJSVGSRXMRYSYWP]MRGVIEWMRKPSEHMWKIRIVEPP]
MRXLIJSVQSJEGYVZIHPMRI 8LIQSHYPYWSJIPEWXMGMX]LS[IZIV
MWJSVTVEGXMGEPTYVTSWIWGSRWMHIVIHEGSRWXERX[MXLMRXLIVERKI
SJWXVIWWIWXS[LMGLQEWWGSRGVIXIMWYWYEPP]WYFNIGXIH
8LI QSHYPM SJ IPEWXMGMX] SJ GSRGVIXI VITVIWIRXEXMZI SJ
ZEVMSYW HEQW EVI KMZIR MR 8EFPI  8LIWI ZEPYIW VERKI
JVSQXS TWM XS14E EXHE]W
ERHJVSQXS TWM XS14E EX]IEV
9WYEPP]GSRGVIXI[MXLLMKLIVWXVIRKXLWLEWLMKLIVZEPYIWSJ
IPEWXMGQSHYPYWERHWLS[WEKIRIVEPGSVVIPEXMSRSJMRGVIEWI
MR QSHYPYW [MXL WXVIRKXL 1SHYPYW SJ IPEWXMGMX] MW RSX
HMVIGXP]TVSTSVXMSREPXSWXVIRKXLLS[IZIVMXMWMRJPYIRGIHF]
XLIQSHYPYWSJIPEWXMGMX]SJXLIEKKVIKEXI-RXLITEWXHEXE

JVSQGSRGVIXIQSHYPYWSJIPEWXMGMX]XIWXWWLS[IHVIPEXMZIP]
LMKL GSIJJMGMIRXW SJ ZEVMEXMSR VIWYPXMRK JVSQ EXXIQTXW XS
QIEWYVIWQEPPWXVEMRWSRELIXIVSKIRISYWQM\XYVIGSRXEMRMRK
PEVKIWM^IEKKVIKEXI1SHIVRIPIGXVSRMGHIZMGIWWYGLEWXLI
PMRIEVZEVMEFPIHMJJIVIRXMEPXVERWJSVQIV 0:(8 GERQIEWYVI
WQEPP PIRKXL GLERKIW [MXL KVIEX EGGYVEG] 8LI XIRWMPI
QSHYPYWSJIPEWXMGMX]MWKIRIVEPP]EWWYQIHXSFIMHIRXMGEPXS
XLIGSQTVIWWMZIQSHYPYWSJIPEWXMGMX]
8LI4SMWWSRvWVEXMSHEXEKMZIRMR8EFPIXIRHXSVERKI
FIX[IIR XLI ZEPYIW SJ  ERH  [MXL WQEPP MRGVIEWIW
[MXLMRGVIEWMRKXMQISJGYVI )\XVIQIZEPYIWQE]ZEV]JVSQ
 XS  4SMWWSRvW VEXMS PMOI QSHYPYW SJ IPEWXMGMX] MW
MRJPYIRGIH F] XLI EKKVIKEXI GIQIRX TEWXI ERH VIPEXMZI
TVSTSVXMSRWSJXLIX[S
8LIKVS[XLSJMRXIVREPQMGVSGVEGOWMRGSRGVIXIYRHIVPSEH
WXEVXWEXGSQTVIWWMZIWXVIWWIWIUYEPXSETTVS\MQEXIP]XS
 SJXLIRSQMREPGSQTVIWWMZIWXVIRKXLYRHIVWLSVXXIVQ
PSEHMRK %FSZI XLMW WXVIWW XLI SZIVEPP ZSPYQIXVMG WXVEMR
VIJPIGXWXLIZSPYQIXEOIRYTF]XLIWIMRXIVREPJMWWYVIWERH
XLI4SMWWSRvWVEXMSERHIPEWXMG QSHYPMEVIRSPSRKIVGSRWXERX
8LI VIWYPXW SJ WIZIVEP MRZIWXMKEXMSRW MRHMGEXI XLEX XLI
QSHYPYW SJ IPEWXMGMX] ETTIEVW XS FI VIPEXMZIP] YRGLERKIH
[LIXLIVXIWXIHEXRSVQEPSVH]REQMGVEXIWSJPSEHMRK ,IWW
 4SMWWSRvWVEXMSGERFIGSRWMHIVIHXLIWEQIJSVRSVQEP
SVH]REQMGVEXIWSJPSEHMRK ,IWW 

'VIITSJGSRGVIXIMWXMQIHITIRHIRXHIJSVQEXMSRHYIXSE
WYWXEMRIH PSEH 'VIIT ETTIEVW XS FI QEMRP] VIPEXIH XS XLI
QSHYPYW SJ IPEWXMGMX] SJ XLI GSRGVIXI 'SRGVIXI [MXL LMKL
ZEPYIWSJQSHYPYWSJIPEWXMGMX]KIRIVEPP]LEZIPS[ZEPYIWSJ
GVIITHIJSVQEXMSR 8LI GIQIRX TEWXIMWTVMQEVMP]VIWTSRWMFPI
JSVGSRGVIXIGVIIT;MXLGSRGVIXIGSRXEMRMRKXLIWEQIX]TI
SJEKKVIKEXIXLIQEKRMXYHISJGVIITMWGPSWIP]VIPEXIHXSXLI
TEWXI GSRXIRX 4SPMZOE IX EP   ERH XLI [GQ SJ XLI

GSRGVIXI %'- 6 HMWGYWWIW XLI TVIHMGXMSR SJ GVIIT


WLVMROEKIERHXIQTIVEXYVIIJJIGXWMRGSRGVIXIWXVYGXYVIW
3RI QIXLSH SJ I\TVIWWMRK XLI IJJIGX SJ GVIIT MW EW XLI
WYWXEMRIHQSHYPYWSJIPEWXMGMX]SJXLIGSRGVIXIMR[LMGLXLI
WXVIWWMWHMZMHIHF]XLIXSXEPHIJSVQEXMSRJSVXLIXMQIYRHIV
XLIPSEH8LIMRWXERXERISYWERH WYWXEMRIHQSHYPYWSJIPEWXMGMX]
ZEPYIWSFXEMRIHSRMR QQ HMEQIXIVG]PMRHIVWQEHI
[MXLQEWWGSRGVIXIXLEXMW[IXWGVIIRIHXSVIQSZIMR
 QQ  QE\MQYQ WM^I EVI VIGSVHIH MR 8EFPI  8LI
MRWXERXERISYW QSHYPYW MW QIEWYVIH MQQIHMEXIP] EJXIV XLI
GSRGVIXI MW WYFNIGXIH XS PSEHMRK 8LI WYWXEMRIH QSHYPYW
VITVIWIRXW ZEPYIW EJXIV  ERH  HE]W YRHIV PSEHMRK
8EFPIWLS[WXLEXXLIWYWXEMRIHZEPYIWJSVXLIQSHYPYWSJ
IPEWXMGMX] EVI ETTVS\MQEXIP]  XLEX SJ XLI MRWXERXERISYW
QSHYPYW[LIRPSEHMWETTPMIHEXIEVP]EKIWERHMWEWPMKLXP]
LMKLIVTIVGIRXEKISJXLIMRWXERXERISYWQSHYPYWSJIPEWXMGMX]
[LIRXLIPSEHMRKEKIMWHE]W SVKVIEXIV'VIITSJGSRGVIXI
ETTIEVW XS FI ETTVS\MQEXIP] HMVIGXP] TVSTSVXMSREP XS XLI
ETTPMIHWXVIWWWXVIRKXLVEXMSYTXSETTVS\MQEXIP] SJXLI
YPXMQEXIWXVIRKXLSJXLIGSRGVIXI

:SPYQI GLERKI MW GEYWIH F] GLERKIW MR XLI QSMWXYVI


GSRXIRX SJ XLI GSRGVIXI GLERKIW MR XIQTIVEXYVI GLIQMGEP
VIEGXMSRWERHWXVIWWIWJVSQETTPMIHPSEHW)\GIWWMZIZSPYQI
GLERKI MW HIXVMQIRXEP XS GSRGVIXI 'VEGOW EVI JSVQIH MR
VIWXVEMRIH GSRGVIXI EW E VIWYPX SJ WLVMROEKI SV GSRXVEGXMSR
ERHMRWYJJMGMIRXXIRWMPIWXVIRKXLSVWXVEMRGETEGMX]'VEGOMRK
MW E [IEOIRMRK JEGXSV XLEX QE] EJJIGX XLI EFMPMX] SJ XLI
GSRGVIXIXS[MXLWXERHMXWHIWMKRPSEHWERHQE]EPWSHIXVEGX
JVSQ HYVEFMPMX] ERH ETTIEVERGI :SPYQI GLERKI HEXE JSV
WSQIQEWWGSRGVIXIEVIKMZIRMR8EFPI:EVMSYWJEGXSVW
MRJPYIRGMRK GVEGOMRK SJ QEWW GSRGVIXI EVI HMWGYWWIH MR
%'- 6ERH97%')  
(V]MRK WLVMROEKI VERKIW JVSQ PIWW XLER   SV 
QMPPMSRXLW  JSV PS[WPYQT PIER GSRGVIXI [MXL KSSHUYEPMX]
EKKVIKEXIW XS SZIV   SV  QMPPMSRXLW  JSV VMGL
QSVXEVWSVGSRGVIXIGSRXEMRMRK TSSVUYEPMX]EKKVIKEXIWERH
ER I\GIWWMZI EQSYRX SJ [EXIV 2IZMPPI   (V]MRK
WLVMROEKIMWGEYWIHF]XLIPSWW SJQSMWXYVIJVSQXLIGIQIRX
TEWXIGSRWXMXYIRX[LMGLGERWLVMROEWQYGLEW *SVXY
REXIP]EKKVIKEXITVSZMHIWMRXIVREPVIWXVEMRXXLEXVIHYGIWXLI
QEKRMXYHI SJ XLMW ZSPYQI GLERKI XS EFSYX   %'6  8LI EQSYRX SJ HV]MRK WLVMROEKI MW MRJPYIRGIH
QEMRP]F]XLIZSPYQIERHX]TI SJEKKVIKEXIERHXLI[EXIV
GSRXIRX SJ XLI QM\XYVI 3XLIV JEGXSVW MRJPYIRGI HV]MRK
WLVMROEKITVMRGMTEPP]EWXLI] MRJPYIRGIXLIXSXEPEQSYRXSJ
[EXIV MR QM\XYVIW 8LI EHHMXMSR SJ TS^^SPERW KIRIVEPP]
MRGVIEWIWHV]MRKWLVMROEKII\GITX[LIVIXLI[EXIVVIUYMVI
QIRX MW WMKRMJMGERXP] VIHYGIH WYGL EW [MXL JP] EWL 7SQI
EKKVIKEXIW RSXEFP] KVE][EGOI ERH WERHWXSRI LEZI FIIR
ORS[R XS GSRXVMFYXI XS I\XVIQIP] LMKL HV]MRK WLVMROEKI
%'-6ERH,SYKLXSR  HMWGYWWXLIJEGXSVWMRZSPZIH
MRHV]MRKGLEVEGXIVMWXMGWSJGSRGVIXI
%YXSKIRSYW ZSPYQI GLERKI MW E GLERKI MR ZSPYQI
TVSHYGIH F] GSRXMRYIH L]HVEXMSR SJ GIQIRX I\GPYWMZI SJ
IJJIGXWSJETTPMIHPSEHERHGLERKIMRIMXLIVXLIVQEPGSRHMXMSR SV
QSMWXYVIGSRXIRX9RPMOIHV]MRKWLVMROEKIMXMWYRVIPEXIHXS

7XVYGXYVI

%YXSKIRSYWZSPYQI (V]MRK 4IVQIEFMPMX]


GLERKI
WLVMROEKI /JXWJX
HE]W ]IEV
]IEV
,]HVEYPMG
QMPPMSRXLW QMPPMSRXLW QMPPMSRXLW
LIEH

QWQ

+VERH'SYPII

z

 z  z


{
{

,YRKV],SVWI

z

z

z

 z  z

'ER]SR*IVV]



z

z

 z  z

1SRXMGIPPS

z

z

z

 z  z

+PIR'ER]SR

z

z

z

 z  z

*PEQMRK
+SVKI

z

 z  z

=IPPS[XEMP

z

z

z

 z  z

([SVWLEO



z

z

 z  z

0MFF]





z

 z  z

0S[IV
+VERMXI





,SSZIV

z

JXWJX!JX JXzWJXSJL]HVEYPMGLIEHQWQ!Q  Q  zWQSJL]HVEYPMGLIEH


QMPPMSRXLW!MRzMR QQzQQ QIEWYVIHMRPMRIEVPIRKXLGLERKI

2SXIW:SPYQIGLERKIWTIGMQIRWJSV,SSZIVERH+VERH'SYPII(EQW[IVI\\
MR \\QQ TVMWQWJSV([SVWLEO0MFF]ERH0S[IV+VERMXI(EQW
ZSPYQI GLERKI [EWHIXIVQMRIHSR\MR \ QQ WIEPIH G]PMRHIVW
7TIGMQIRW JSV SXLIV HEQW [IVI  \  \  MR  \  \  QQ  TVMWQW
7TIGMQIRWJSVTIVQIEFMPMX]JSV([SVWLEO0MFF]ERH0S[IV+VERMXIHEQW[IVI
 \ MR \QQ G]PMRHIVW7TIGMQIRWJSVTIVQIEFMPMX]JSVXLISXLIVHEQW
XEFYPEXIH[IVI\MR \QQ 

XLIEQSYRXSJ[EXIVMRXLIQM\XYVI8LIRIXEYXSKIRSYWZSPYQI
GLERKI SJ QSWX GSRGVIXI MW E WLVMROEKI SJ  XS  QMPPMSRXLW
;LIREYXSKIRSYW I\TERWMSRSGGYVW MX YWYEPP] XEOIWTPEGI
[MXLMRXLIJMVWXHE]WEJXIVTPEGMRK'SRGVIXIGSRXEMRMRK
TS^^SPERW QE] WSQIXMQIW LEZI KVIEXIV EYXSKIRSYW
WLVMROEKI XLER TSVXPERHGIQIRX GSRGVIXI [MXLSYX
TS^^SPERW ,SYOIXEP 
8LIXLIVQEPGSIJJMGMIRXSJI\TERWMSRSJEGSRGVIXIHITIRHW
QEMRP] SR XLI X]TI ERH EQSYRX SJ GSEVWI EKKVIKEXI MR XLI
GSRGVIXI:EVMSYWQMRIVEPEKKVIKEXIWQE]VERKIMRXLIVQEP
GSIJJMGMIRXWJVSQPIWWXLERXS QSVIXLERQMPPMSRXLWTIV* 
XSQMPPMSRXLWTIV' 2IEX GIQIRXTEWXIW[MPPZEV]JVSQEFSYX
XSQMPPMSRXLWTIV* QMPPMSRXLWXSQMPPMSRXLWTIV' 
HITIRHMRKSRXLIGLIQMGEPGSQTSWMXMSRERHXLIHIKVIISJ
L]HVEXMSR8LIXLIVQEPGSIJJMGMIRXSJXLIGSRGVIXIYWYEPP]
VIJPIGXWXLI[IMKLXIHEZIVEKI SJXLIZEVMSYWGSRWXMXYIRXW
7SQIXMQIW GSIJJMGMIRX SJ I\TERWMSR XIWXW EVI GSRHYGXIH SR
GSRGVIXI XLEX LEW FIIR [IXWGVIIRIH XS  MR  QQ
QE\MQYQ WM^I XS [SVO [MXL WQEPPIVWM^I WTIGMQIRW 8LI
HMWTVSTSVXMSREXIP]PEVKIVEQSYRXSJGIQIRXTEWXI[LMGLLEW
ELMKLIVGSIJJMGMIRXVIWYPXWMRZEPYIWLMKLIVXLERXLEXSJXLI
QEWWGSRGVIXI'SRGVIXI GSIJJMGMIRXW SJ XLIVQEPI\TERWMSR
EVIFIWXHIXIVQMRIHSRWTIGMQIRWGSRXEMRMRKXLIJYPP GSRGVIXI
QM\XYVI 6IJIV XS %'- 6 JSV XLIVQEP TVSTIVXMIW SJ
GSRGVIXI 8LI TSVXPERH GIQIRX MR GSRGVIXI PMFIVEXIW LIEX
[LIRMXL]HVEXIWERHXLIMRXIVREPXIQTIVEXYVISJXLIGSRGVIXI
VMWIW HYVMRK XLMW TIVMSH (YWMRFIVVI  ;MPWSR  
8LIGSRGVIXIMWVIPEXMZIP]IPEWXMGHYVMRKXLMWIEVP]WXEKIERH
MX GER FI EWWYQIH XS FI EX SV RIEV ^IVS WXVIWW [LIR XLI
QE\MQYQXIQTIVEXYVIMWEXXEMRIH;LIRGSSPMRKFIKMRWXLI
GSRGVIXIMWKEMRMRKWXVIRKXLERHWXMJJRIWWVETMHP]-JXLIVIMW
ER]VIWXVEMRXEKEMRWXJVIIGSRXVEGXMSRHYVMRKGSSPMRKXIRWMPI

%KI
HE]W [GQ








 

'SQTVIWWMZI
WXVIRKXL
TWM 14E
 
 
 
 
 

'SLIWMSR
TWM 14E
 
 


 



XER







































1SRXMGIPPS




7LEWXE

















































































j































j





























(EQ

+VERH
'SYPII

,YRKV]
,SVWI

([SVWLEO



WW WG

'SLIWMSRHMZMHIHF]GSQTVIWWMZIWXVIRKXL

2SXIW%PPXIWXWTIGMQIRW\MR \QQ [MXLHV]MR QQ


QE\MQYQWM^IEKKVIKEXII\GITXwjxHIWMKREXIW\MR \QQ XIWXWTIG
MQIRWWIEPIHXSTVIZIRXHV]MRKERHwkxHIWMKREXIW\MR \QQ XIWX
WTIGMQIRWWIEPIHXSTVIZIRXHV]MRK[MXLMR QQ QE\MQYQWM^IEKKVIKEXI
8VME\MEPXIWXW

WXVEMR ERH WXVIWW HIZIPST 8LI XIRWMPI WXVIWWIW HIZIPSTIH


HYVMRKXLIGSSPMRKWXEKIEVI HIXIVQMRIHF]JMZIUYERXMXMIW
8LIVQEPHMJJIVIRXMEPERHVEXISJXIQTIVEXYVIGLERKI
'SIJJMGMIRXSJXLIVQEPI\TERWMSR
1SHYPYWSJIPEWXMGMX]
'VIITSVVIPE\EXMSRERH
8LIHIKVIISJVIWXVEMRX
-JXLIXIRWMPIWXVIWWHIZIPSTIHI\GIIHWXLIXIRWMPIWXVIRKXL
SJXLIGSRGVIXISVXLIXIRWMPIWXVEMRHIZIPSTIHI\GIIHWXLI
XIRWMPIWXVEMR GETEGMX] SJ XLI GSRGVIXI GVEGOMRK [MPP SGGYV
,SYKLXSR  ,SYKLXSR  (YWMRFIVVI  
4VMRGMTEPQIXLSHWYWIHXSVIHYGIXLITSXIRXMEPJSVXLIVQEPP]
MRHYGIHGVEGOMRKMRGSRGVIXIEVISYXPMRIHMR%'-6ERH
'EVPWSR IX EP   7YGL QIXLSHW MRGPYHI VIHYGMRK XLI
QE\MQYQ MRXIVREP XIQTIVEXYVI XLEX XLI GSRGVIXI EXXEMRW
VIHYGMRKXLIVEXIEX[LMGLXLI GSRGVIXIGSSPWERHMRGVIEWMRK
XLIXIRWMPIWXVIRKXLSJXLIGSRGVIXI'SRGVIXIvWVIWMWXERGIXS
GVEGOMRKGERFIIUYEXIHXSXIRWMPIWXVEMRGETEGMX]VEXLIVXLER
XS WXVIRKXL ;LIR XLMW MW HSRI XLI EZIVEKI QSHYPYW SJ
IPEWXMGMX] WYWXEMRIH) GERFISQMXXIHJVSQXLIXIWXMRKERH
GSQTYXEXMSR VIUYMVIQIRXW %'- 6 ,SYKLXSR  
8IRWMPIWXVEMRGETEGMX]QE]FITVIHMGXIHYWMRKGSQTVIWWMZI
WXVIRKXLERHXLIQSHYPYWSJ IPEWXMGMX] 0MYERH1G(SREPH
  8LIVQEP XIRWMPI WXVEMR GETEGMX] SJ XLI GSRGVIXI MW
QIEWYVIH HMVIGXP] MR XIWXW SR GSRGVIXI QEHI HYVMRK XLI

HIWMKRWXEKIWSJXLITVSNIGX8LIVQEPXIRWMPIWXVEMRHIZIPSTIH
MRQEWWGSRGVIXIMRGVIEWIW[MXL XLIQEKRMXYHISJXLIXLIVQEP
GSIJJMGMIRX SJ I\TERWMSR XLIVQEP HMJJIVIRXMEP ERH VEXI SJ
XIQTIVEXYVIGLERKIERHHIKVIISJVIWXVEMRX %'-6 
:SPYQIGLERKIWGEREPWSVIWYPXJVSQGLIQMGEPVIEGXMSRW
[LMGLGERFITSXIRXMEPP]HMWVYTXMZI

'SRGVIXI LEW ER MRLIVIRXP] PS[ TIVQIEFMPMX] XS [EXIV


;MXLTVSTIVP]TVSTSVXMSRIHQM\XYVIWXLEXEVIGSQTEGXIHF]
ZMFVEXMSR TIVQIEFMPMX] MW RSX E WIVMSYW TVSFPIQ 4IVQI
EFMPMX] SJ GSRGVIXI MRGVIEWIW [MXL MRGVIEWMRK [GQ 8LIVI
JSVI PS[ [GQ ERH KSSH GSRWSPMHEXMSR ERHGYVMRK EVI XLI
QSWX MQTSVXERX JEGXSVW MR TVSHYGMRK GSRGVIXI [MXL PS[
TIVQIEFMPMX]%MVIRXVEMRMRKERHSXLIVGLIQMGEPEHQM\XYVIW
TIVQMXXLIWEQI[SVOEFMPMX][MXLVIHYGIH[EXIVGSRXIRXERH
XLIVIJSVI GSRXVMFYXI XS VIHYGIH TIVQIEFMPMX] 4S^^SPERW
YWYEPP] VIHYGI XLI TIVQIEFMPMX] SJ XLI GSRGVIXI 4IVQI
EFMPMX] GSIJJMGMIRXW JSV WSQI QEWW GSRGVIXIW EVI KMZIR MR
8EFPI

% QSWX MQTSVXERX GLEVEGXIVMWXMG SJ QEWW GSRGVIXI XLEX


HMJJIVIRXMEXIWMXWFILEZMSVJVSQXLEXSJWXVYGXYVEPGSRGVIXIMW
MXW XLIVQEP FILEZMSV 8LI KIRIVEPP] PEVKI WM^I SJ QEWW
GSRGVIXI WXVYGXYVIW GVIEXIW XLI TSXIRXMEP JSV WMKRMJMGERX
XIQTIVEXYVIHMJJIVIRXMEPWFIX[IIRXLIMRXIVMSVERHXLISYXWMHI
WYVJEGISJXLIWXVYGXYVI8LIEGGSQTER]MRKZSPYQIGLERKI
HMJJIVIRXMEPWEPSRK[MXLVIWXVEMRXVIWYPXMRXIRWMPIWXVEMRWERH
WXVIWWIW XLEX QE] GEYWI GVEGOMRK XLEX MW HIXVMQIRXEP XS XLI
WXVYGXYVI8LIVQEPTVSTIVXMIWXLEXMRJPYIRGIXLMWFILEZMSVMR
QEWW GSRGVIXIEVIWTIGMJMGLIEXGSRHYGXMZMX] ERHHMJJYWMZMX]
8LI TVMQEV] JEGXSV EJJIGXMRK XLI XLIVQEP TVSTIVXMIW SJ E
GSRGVIXILS[IZIVMWXLIQMRIVEPSKMGEPGSQTSWMXMSRSJXLI
EKKVIKEXI 6LSHIW   6IUYMVIQIRXW JSV GIQIRX
TS^^SPER TIVGIRX WERH ERH [EXIV GSRXIRX EVI QSHMJ]MRK
JEGXSVW FYX SJJIV E RIKPMKMFPI IJJIGX SR XLIVQEP TVSTIVXMIW
)RXVEMRIHEMVMWERMRWYPEXSVERHVIHYGIWXLIVQEPGSRHYGXMZMX]
FYXSXLIVGSRWMHIVEXMSRWXLEXKSZIVRXLIYWISJIRXVEMRIHEMV
SYX[IMKLXLIWMKRMJMGERGISJMXWIJJIGXSRXLIVQEPTVSTIVXMIW
8LIVQEPTVSTIVX]ZEPYIWJSVWSQIQEWWGSRGVIXIERI\XIRWMZI
HMWGYWWMSRSRXLIVQEPTVSTIVXMIWERHFILEZMSVERHI\EQTPI
GSQTYXEXMSRWEVITVSZMHIHMR%'-6

%PXLSYKLXLIXVME\MEPWLIEVWXVIRKXLQE]FIHIXIVQMRIHEW
SRISJXLIFEWMGHIWMKRTEVEQIXIVWXLIHIWMKRIVYWYEPP]MW
VIUYMVIHXSYWIERIQTMVMGEPVIPEXMSRWLMTFIX[IIRXLIWLIEV
ERHGSQTVIWWMZIWXVIRKXLSJGSRGVIXI7LIEVTVSTIVXMIWJSV
WSQIGSRGVIXIGSRXEMRMRKMR QQ QE\MQYQWM^I
EKKVIKEXIWEVIPMWXIHMR8EFPI8LIWIMRGPYHIGSQTVIWWMZI
WXVIRKXLGSLIWMSRERHGSIJJMGMIRXSJMRXIVREPJVMGXMSR[LMGL
EVI VIPEXIH PMRIEV JYRGXMSRW HIXIVQMRIH JVSQ VIWYPXW SJ
XVME\MEPXIWXW0MRIEVEREP]WMWSJXVME\MEPVIWYPXWKMZIWEWLIEV
WXVIRKXLWPMKLXP]EFSZIXLIZEPYISFXEMRIHJVSQFME\MEPWLIEV
WXVIRKXL 97&6 4EWXGVMXIVMELEZIWXEXIHXLEXXLIGSIJ
JMGMIRXSJMRXIVREPJVMGXMSRGERFIXEOIREWERHGSLIWMSREW
 SJXLIGSQTVIWWMZIWXVIRKXL 97&6 1SVIVIGIRX

MRZIWXMKEXMSRLEWGSRGPYHIHXLEXEWWYQMRKXLMWPIZIPSJGSLI
WMSRQE]FIYRGSRWIVZEXMZI 1G0IERERH4MIVGI 
8LIWLIEVWXVIRKXLVIPEXMSRWLMTWVITSVXIHGERFIPMRIEVP]
EREP]^IHYWMRKXLI1SLVIRZIPSTIIUYEXMSR = ! '  < XER
MR[LMGL' YRMXGSLIWMZIWXVIRKXLSVGSLIWMSR MWHIJMRIHEW
XLIWLIEVWXVIRKXLEX^IVSRSVQEPWXVIWWXER [LMGLMWXLI
WPSTISJXLIPMRIVITVIWIRXWXLIGSIJJMGMIRXSJMRXIVREPJVMGXMSR <
ERH = EVIRSVQEPERHWLIEVWXVIWWIWVIWTIGXMZIP]-RQER]
GEWIWXLIWLIEVWXVIRKXLWMR 8EFPI[IVILMKLIVJSVSPHIV
WTIGMQIRW LS[IZIV RS HIJMRMXI XVIRH MW IZMHIRX ,EVFSI
  8LI VEXMS SJ XVME\MEP WLIEV WXVIRKXL XS GSQTVIWWMZI
WXVIRKXLZEVMIWJVSQXSJSVXLIZEVMSYWGSRGVIXIW
WLS[R ;LIR WLIEV WXVIRKXL MW YWIH JSV HIWMKR XLI XIWX
GSRJMRMRK TVIWWYVIW YWIH WLSYPH VIJPIGX ERXMGMTEXIH
GSRHMXMSRWMRXLIWXVYGXYVI;LIRIZIVTSWWMFPIHMVIGXWLIEV
XIWXWSRFSXLTEVIRXGSRGVIXIERHSRNSMRXIHGSRGVIXIWLSYPH
FIGSRHYGXIHXSHIXIVQMRIZEPMHGSLIWMSRERHGSIJJMGMIRXSJ
MRXIVREPJVMGXMSRZEPYIWJSVHIWMKR
&SRHIH LSVM^SRXEP GSRWXVYGXMSR NSMRXW QE] LEZI WLIEV
WXVIRKXLGSQTEVEFPIXSXLEXSJXLITEVIRXGSRGVIXI9RFSRHIH
NSMRXWX]TMGEPP]LEZIPS[IVGSLIWMSRFYXXLIWEQIGSIJJMGMIRX
SJMRXIVREPJVMGXMSR[LIRGSQTEVIH[MXLXLITEVIRXGSRGVIXI
-JRSXIWXWEVIGSRHYGXIHXLIGSIJJMGMIRXSJMRXIVREPJVMGXMSR
GERFIXEOIREXERHXLIGSLIWMSREWJSVYRFSRHIHNSMRXW
*SVFSRHIHNSMRXWXLIGSIJJMGMIRXSJMRXIVREPJVMGXMSRGERFI
XEOIR EW  [LMPI XLI GSLIWMSR QE] ETTVSEGL XLEX SJ XLI
TEVIRXGSRGVIXI 1G0IERERH4MIVGI 

% HYVEFPI GSRGVIXI MW SRI XLEX LEW XLI EFMPMX] XS VIWMWX
[IEXLIVMRK EGXMSR GLIQMGEP EXXEGO EFVEWMSR ERH SXLIV
GSRHMXMSRWSJWIVZMGI %'-6 0EFSVEXSV]XIWXWGERMRHMGEXI
VIPEXMZIHYVEFMPMXMIWSJGSRGVIXIFYXMXMWYWYEPP]RSXTSWWMFPI
XSHMVIGXP]TVIHMGXHYVEFMPMX]MRJMIPHWIVZMGIJVSQPEFSVEXSV]
HYVEFMPMX]WXYHMIW
(MWMRXIKVEXMSRSJGSRGVIXIF][IEXLIVMRKMWQEMRP]GEYWIH
F] XLI HMWVYTXMZI EGXMSR SJ JVII^MRK ERH XLE[MRK ERH F]
I\TERWMSR ERH GSRXVEGXMSR YRHIV VIWXVEMRX VIWYPXMRK JVSQ
XIQTIVEXYVI ZEVMEXMSRW ERH EPXIVREXI [IXXMRK ERH HV]MRK
)RXVEMRIHEMVMQTVSZIWXLIVIWMWXERGISJGSRGVIXIXSHEQEKI
JVSQ JVSWX EGXMSR ERH WLSYPH FI WTIGMJMIH JSV EPP GSRGVIXI
WYFNIGX XS G]GPIW SJ JVII^MRKERHXLE[MRK [LMPI GVMXMGEPP]
WEXYVEXIH 7IPIGXMSR SJ LMKLUYEPMX] QEXIVMEPW YWI SJ
IRXVEMRIH EMV PS[ [GQ TVSTIV QM\XYVI TVSTSVXMSRMRK
TVSTIVTPEGIQIRXXIGLRMUYIWXSTVSZMHIE[EXIVXMKLXWXVYGXYVI
ERHKSSH [EXIVGYVMRKYWYEPP] TVSZMHI EGSRGVIXIXLEX LEW
I\GIPPIRXVIWMWXERGIXS[IEXLIVMRKEGXMSR
'LIQMGEP EXXEGO SGGYVW JVSQ I\TSWYVI XS EGMH [EXIVW
I\TSWYVIXSWYPJEXIFIEVMRK[EXIVWERHPIEGLMRKF]QMRIVEP
JVII[EXIVWEWI\TPEMRIHMR%'-6
2SX]TISJ TSVXPERH GIQIRX GSRGVIXIMWZIV]VIWMWXERX XS
EXXEGO F] EGMHW 7LSYPH XLMW X]TI SJ I\TSWYVI SGGYV XLI
GSRGVIXIMWFIWXTVSXIGXIHF]WYVJEGIGSEXMRKW
7YPJEXI EXXEGOGER FI VETMHERH WIZIVI 8LIWYPJEXIW VIEGX
GLIQMGEPP] [MXL XLI L]HVEXIH PMQI ERH L]HVEXIH XVMGEPGMYQ
EPYQMREXIMRGIQIRXTEWXIXSJSVQGEPGMYQWYPJEXIERHGEPGMYQ
WYPJSEPYQMREXIW8LIWIVIEGXMSRWEVIEGGSQTERMIHF]GSRWMH
IVEFPII\TERWMSRERHHMWVYTXMSRSJXLIGSRGVIXI'SRGVIXI

GSRXEMRMRK GIQIRX PS[ MR XVMGEPGMYQ EPYQMREXI %781


8]TIW---:ERH: MWQSVIVIWMWXERXXSEXXEGOF]WYPJEXIW
,]HVEXIHPMQIMWSRISJXLITVSHYGXWJSVQIH[LIRGIQIRX
ERH[EXIVGSQFMRIMRGSRGVIXI8LMWPMQIMWVIEHMP]HMWWSPZIH
MRTYVISVWPMKLXP]EGMHMG[EXIVXLEXQE]SGGYVMRLMKLQSYRXEMR
WXVIEQW4S^^SPERWXLEXVIEGX[MXLPMQIPMFIVEXIHF]GIQIRX
L]HVEXMSR GER TVIZIRX XLI XIRHIRG] SJ PMQI XS PIEGL JVSQ
GSRGVIXI 7YVJEGIW SJ XYRRIP PMRMRKWVIXEMRMRK [EPPW TMIVW
ERH SXLIV WXVYGXYVIW EVI SJXIR HMWJMKYVIH F] PMQI HITSWMXW
JVSQ[EXIVWIITMRKXLVSYKLGVEGOWNSMRXWERHMRXIVGSRRIGXIH
ZSMHW ;MXL HIRWI PS[TIVQIEFMPMX] GSRGVIXI PIEGLMRK
MW WIPHSQ WIZIVI IRSYKL XS MQTEMV XLI WIVZMGIEFMPMX] SJ
XLIWXVYGXYVI
%POEPMEKKVIKEXI VIEGXMSR MW XLI GLIQMGEP VIEGXMSR
FIX[IIR EPOEPMIW WSHMYQ ERH TSXEWWMYQ  JVSQ TSVXPERH
GIQIRX SV SXLIV WSYVGIW ERH GIVXEMR GSRWXMXYIRXW SJ WSQI
EKKVIKEXIWXLEXYRHIVGIVXEMRGSRHMXMSRWTVSHYGIWHIPIXIVMSYW
I\TERWMSR SJ XLI GSRGVIXI 8LIWI VIEGXMSRW MRGPYHI EPOEPM
WMPMGE VIEGXMSR ERH EPOEPMGEVFSREXI VSGO VIEGXMSR %'6  97%') F *EVR] ERH /SWQEXOE  
;LIVIMXMWRIGIWWEV]XSYWIEREKKVIKEXIGSRXEMRMRKVIEGXMZI
GSRWXMXYIRXWPS[EPOEPMGIQIRXWLSYPHFIWTIGMJMIH%PWSEW
JYVXLIVMRWYVERGIEKEMRWXEPOEPMEKKVIKEXIVIEGXMSREWYMXEFPI
TS^^SPERWLSYPHFIWTIGMJMIHMRWYJJMGMIRXUYERXMX]XSGSRXVSP
HIPIXIVMSYW VIEGXMSR *P] EWL MW KIRIVEPP] GSRWMHIVIH PIWW
IJJIGXMZIMRGSRXVSPPMRKEPOEPMWMPMGEVIEGXMSRERHI\TERWMSR
XLEREVI'PEWW2TS^^SPERW
8LI TVMRGMTEP GEYWIW SJ IVSWMSR SJ GSRGVIXIWYVJEGIW EVI
GEZMXEXMSRERHXLIQSZIQIRXSJEFVEWMZIQEXIVMEPF]JPS[MRK
[EXIV9WISJMRGVIEWIHWXVIRKXLERH[IEVVIWMWXERXGSRGVIXI
SJJIVWWSQIVIPMIJFYXXLIFIWXWSPYXMSRPMIWMRXLITVIZIRXMSR
IPMQMREXMSR SV VIHYGXMSR SJ XLI GEYWIW F] TVSTIV HIWMKR
GSRWXVYGXMSR ERH STIVEXMSR SJ XLI GSRGVIXI WXVYGXYVI %'6 8LIYWISJEIVEXMSRMRLMKLZIPSGMX]JPS[WMWERIJJIGXMZI
[E]XSTVIZIRXGEZMXEXMSR

4VSTIV FEXGLMRK SJ QEWW GSRGVIXI VIUYMVIW PMXXPI XLEX MW


HMJJIVIRXJVSQXLIEGGYVEXIGSRWMWXIRXVIPMEFPIFEXGLMRKXLEX
MWIWWIRXMEPJSVSXLIVGPEWWIWSJGSRGVIXI%'-6TVIWIRXW
MRJSVQEXMSRSRWIPIGXMSRERHYWISJEKKVIKEXIWMRGSRGVIXI
%'-6TVIWIRXWMRJSVQEXMSRSRXLILERHPMRKQIEWYVMRK
ERHFEXGLMRKSJEPPXLIQEXIVMEPWYWIHMRQEOMRKGSRGVIXI
8LIHIWMVEFMPMX]SJVIWXVMGXMRKXLIXIQTIVEXYVIVMWISJQEWW
GSRGVIXIF]PMQMXMRKXLIGIQIRXGSRXIRXSJXLIQM\XYVIGVIEXIW
EGSRXMRYMRKGSRWXVYGXMSRTVSFPIQXSQEMRXEMR[SVOEFMPMX]MR
XLI TPEWXMG GSRGVIXI )JJMGMIRX QM\XYVIW JSV QEWW GSRGVIXI
GSRXEMRYRYWYEPP]PS[TSVXMSRWSJGIQIRXMXMSYWQEXIVMEPWWERH
ERH [EXIV 8LYW XLI [SVOEFMPMX] SJ XLIWI QM\XYVIW JSV
GSRZIRXMSREP TPEGIQIRX MW QSVI XLER RSVQEPP] WIRWMXMZI XS
ZEVMEXMSRWMRFEXGLMRK8LMWTVSFPIQGERFIPIWWIRIHF]XLI
YWI SJ IJJMGMIRXGSRWXVYGXMSR QIXLSHW ERHQSHIVR IUYMTQIRX
9WYEPP]XLITVSHYGXMSRSJPEVKIUYERXMXMIWSJQEWWGSRGVIXIMW
PMOI ER EWWIQFP]PMRI STIVEXMSR TEVXMGYPEVP] MR HEQ
GSRWXVYGXMSR [LIVI XLI TIVJSVQERGI SJ VITIXMXMZI JYRGXMSRW
QEOIWMXIGSRSQMGEPP]TVYHIRXXSYWIWTIGMEPX]IUYMTQIRXERH

&EXGL[IMKLXW
+VIEXIVXLER SJWGEPIGETEGMX]
-RKVIHMIRX
'IQIRXERHSXLIV
GIQIRXMXMSYWQEXIVMEPW
;EXIV F]ZSPYQISV[IMKLX 

-RHMZMHYEP
'YQYPEXMZI
 SJWTIGMJMIH[IMKLXSV SJWGEPIGETEGMX]
[LMGLIZIVMWKVIEXIV

2SXVIGSQQIRHIH

%KKVIKEXIW

%HQM\XYVIW F]ZSPYQISV[IMKLX 



2SXVIGSQQIRHIH

0IWWXLER SJWGEPIGETEGMX]
&EXGLMRK
-RHMZMHYEP
'YQYPEXMZI
2SXPIWWXLERVIUYMVIH[IMKLXRSVQSVIXLER
SZIVVIUYMVIH[IMKLX

2SXVIGSQQIRHIH
 SJWGEPIGETEGMX]SV

 SJVIUYMVIHGYQYPEXMZI
[IMKLX[LMGLIZIVMWPIWW


2SXVIGSQQIRHIH

3VJPS^ Q0 [LMGLIZIVMWKVIEXIV

IJJMGMIRXGSRWXVYGXMSRQIXLSHW'SRWMWXIRG]MRXLIFEXGLMRK
GERFIMQTVSZIHF]XLIJSPPS[MRKQIEWYVIW
c *MRMWL WGVIIRMRK SJ GSEVWI EKKVIKEXI EX XLI FEXGLMRK
TPERX TVIJIVEFP] SR LSVM^SRXEP ZMFVEXMRK WGVIIRW [MXLSYX
MRXIVQIHMEXIWXSVEKI
c 'EPMFVEXMSRSJXLIWGEPIVERKIXLEXMWETTVSTVMEXIJSVXLI
VERKISJFEXGL[IMKLXWXSFIYWIH
c %YXSQEXMG[IMKLMRKERHQEXIVMEPJPS[GYXSJJJIEXYVIW
c -RXIVPSGOW XS TVIZIRX VIGLEVKMRK [LIR WSQI QEXIVMEP
VIQEMRWMREWGEPILSTTIV
c % HIZMGI JSV MRWXERX VIEHMRK SJ ETTVS\MQEXI QSMWXYVI
GSRXIRXSJWERHERH
c )UYMTQIRX GETEFPI SJ MRWXERX EYXSQEXMG WIPIGXMSR ERH
WIXXMRKSJRYQIVSYWFEXGLMRKVIHMIRXWMRQER]HMJJIVIRX
QM\XYVI TVSTSVXMSRW-R PEVKI GIRXVEPTPERX QM\IVW XLI
PEVKI FEXGLIW GSQQSRP] YWIH JSV QEWW GSRGVIXI EPWS
XIRHXSQMRMQM^IXLIIJJIGXSJZEVMEXMSRW
&IGEYWI KVIEXIV YWI MW QEHI MR QEWW GSRGVIXI SJ WYGL
WTIGMEPTYVTSWI MRKVIHMIRXW EW MGI EMVIRXVEMRMRK [EXIV
VIHYGMRK ERH WIXGSRXVSPPMRK EHQM\XYVIW ERH JP] EWL SV
SXLIV TS^^SPERW XLI HITIRHEFPI EGGYVEXI FEXGLMRK SJ XLIWI
QEXIVMEPWLEWFIGSQIEZIV]MQTSVXERXEWTIGXSJXLIGSRGVIXI
TPERX*SVXLIQSWXIJJMGMIRXYWISJMGIMXWLSYPHFIPIWWXLER
* ' ERHFIFVMXXPILEVHHV]ERHJMRIP]FVSOIR*SV
QE\MQYQIJJMGMIRG]MGIWLSYPHFIFEXGLIHF][IMKLMRK
JVSQE[IPPMRWYPEXIHWXSVEKIFMR[MXLUYMGOHMWGLEVKIMRXSXLI
QM\IVEPSRK[MXLXLISXLIVMRKVIHMIRXW4S^^SPERERHKVSYRH
MVSRFPEWXJYVREGIWPEKEVIFEXGLIHXLIWEQIEWGIQIRX
0MUYMH EHQM\XYVIW EVI KIRIVEPP] FEXGLIH F] ZSPYQI
EPXLSYKL [IMKLMRK IUYMTQIRX LEW EPWS FIIR YWIH
WYGGIWWJYPP] 6IPMEFPI EHQM\XYVI FEXGLMRK IUYMTQIRX MW
EZEMPEFPI JVSQ EHQM\XYVI SV FEXGL TPERX QERYJEGXYVIVW
1IERW WLSYPH FI TVSZMHIH JSV QEOMRK E ZMWYEP EGGYVEG]
GLIGO4VSZMWMSRWWLSYPHFIQEHIJSVTVIZIRXMRKFEXGLMRKSJ
EHQM\XYVI [LMPI XLI HMWGLEVKI ZEPZI MW STIR -RXIVPSGOW
WLSYPHEPWSFITVSZMHIHXLEX[MPPTVIZIRXMREHZIVXIRXSZIV
FEXGLMRK SJ XLI EHQM\XYVI 4EVXMGYPEVP] [MXL EMVIRXVEMRMRK
ERH [EXIVVIHYGMRK EHQM\XYVIW ER] MVVIKYPEVMXMIW MR
FEXGLMRK GER GEYWI XVSYFPIWSQI ZEVMEXMSRW MR WPYQT EMV
GSRXIRXSVFSXL;LIRWIZIVEPPMUYMHEHQM\XYVIWEVIXSFI
YWIHXLI]WLSYPHFIFEXGLIHWITEVEXIP]MRXSXLIQM\IV8LI
YWI SJ GSQTEVEXMZIP] HMPYXI WSPYXMSRW VIHYGIWKYQQMRKMR
XLI IUYMTQIRX *SV GSRXMRYMRK KSSH STIVEXMSR IUYMTQIRX
WLSYPH FIQEMRXEMRIHERH OITXGPIER 8MQIHJPS[W]WXIQW

WLSYPHRSXFIYWIH%PWSMXMWMQTSVXERXXSTVSZMHI[MRXIV
TVSXIGXMSRJSVWXSVEKIXEROWERHVIPEXIHHIPMZIV]PMRIW[LIVI
RIGIWWEV]8EFPIWLS[WFEXGLMRKXSPIVERGIWJVIUYIRXP]YWIH

1M\IVWJSVQEWWGSRGVIXIWLSYPHFIGETEFPISJHMWGLEVKMRK
PS[WPYQTGSRGVIXIUYMGOP]ERH[MXLGSRWMWXIRXHMWXVMFYXMSR
SJ PEVKI EKKVIKEXI XLVSYKLSYX XLI FEXGL 8LMW MW FIWX
EGGSQTPMWLIH[MXLPEVKIXMPXMRKQM\IVWMRWXEXMSREV]GIRXVEP
TPERXW8LIQSWXGSQQSRGETEGMX]SJXLIQM\IVHVYQMW]H
Q FYXKSSHVIWYPXWLEZIFIIREGLMIZIH[MXLQM\IVWEW
WQEPPEW]H Q ERHEWPEVKIEW]H Q 8VYGO
QM\IVW EVI RSX WYMXIH XS XLI QM\MRK ERH HMWGLEVKMRK SJ
PS[WPYQT PEVKIEKKVIKEXI GSRGVIXI 8YVFMRIX]TI
QM\IVW QE] FI YWIH JSV QEWW GSRGVIXI GSRXEMRMRK  MR
QQ EKKVIKEXI
7TIGMJMGEXMSRWJSVQM\MRKXMQIVERKIJVSQEQMRMQYQSJ
QMRJSVXLIJMVWXGYFMG]EVHTPYWWJSVIEGLEHHMXMSREP
GYFMG]EVH WJSVJMVWXGYFMGQIXIVTPYWWJSVIEGLEHHMXMSREP
GYFMGQIXIV SJQM\IVGETEGMX] %'-6%781' XS
 QMR JSV XLI JMVWX  ]HTPYW WJSV IEGL EHHMXMSREP
GYFMG]EVH QMRJSVXLIJMVWXQTPYWWJSVIEGL
EHHMXMSREPGYFMGQIXIV SJGETEGMX] 97&6 &PIRHMRK
XLI QEXIVMEPW F] VMFFSR JIIHMRK HYVMRK FEXGLMRK QEOIW MX
TSWWMFPI XS VIHYGI XLI QM\MRK TIVMSH 7SQI SJ XLI QM\MRK
[EXIVERHGSEVWIVEKKVIKEXIWLSYPHPIEHSXLIVQEXIVMEPWMRXSXLI
QM\IVXSTVIZIRXWXMGOMRKERHGPSKKMRK1M\MRKXMQIWWLSYPH
FIPIRKXLIRIHSVWLSVXIRIHHITIRHMRKSRXLIVIWYPXWSJQM\IV
TIVJSVQERGIXIWXW'VMXIVMEJSVXLIWIXIWXWEVIJSYRHMR%781
'1M\MRKXMQIMWFIWXGSRXVSPPIHF]EXMQMRKHIZMGIXLEX
TVIZIRXWVIPIEWISJXLIHMWGLEVKIQIGLERMWQYRXMPXLIQM\MRK
XMQILEWIPETWIH
(YVMRK QM\MRK XLI FEXGL WLSYPHFI GPSWIP] SFWIVZIH XS
IRWYVIXLIHIWMVIHWPYQT%QTIVEKIQIXIVWGEREPWSFIYWIH
XS EWWMWX ZMWYEP SFWIVZEXMSRW 8LI STIVEXSV ERH MRWTIGXSV
WLSYPH FI EPIVX ERH EXXIRXMZI %'- 6 TVSZMHIW
VIGSQQIRHEXMSRW JSV TPERX MRWTIGXMSR ERH TVSGIWW UYEPMX]
GSRXVSPXIWXMRK8YXLMPP  HMWGYWWIHIJJIGXMZIMRWTIGXMSR
TVSGIHYVIWERHJEGMPMXMIW4VIJIVEFP]XLISTIVEXSVWLSYPHFI
WXEXMSRIHMRXLITPERX[LIVILISVWLIGERWIIXLIFEXGLMRXLI
QM\IVERHFIEFPIXSNYHKI[LIXLIVMXWWPYQTMWGSVVIGX-JXLI
WPYQTMWPS[TIVLETWHYIXSWYHHIRP]HVMIVEKKVIKEXIXLI
STIVEXSV GER MQQIHMEXIP] GSQTIRWEXI [MXL E PMXXPI QSVI
[EXIVERHQEMRXEMRXLIHIWMVIHWPYQT0EGOMRKXLMWEVVERKIQIRX

XSWIIMRXSXLIQM\IVXLISTIVEXSVWLSYPHFIEFPIXSWIIXLI
FEXGL EW MX MW HMWGLEVKIH RSXI ER] GLERKI JVSQ JSVQIV
FEXGLIWERHQEOIWYFWIUYIRX [EXIVEHNYWXQIRXWEGGSVHMRKP]
%WERHQSMWXYVIQIXIVTVSZMHIWEUYMGOQIXLSHXSGSQTEVI
XLIQSMWXYVIGSRXIRXSJWERHIRXIVMRKXLIQM\IV[MXLXLIWERH
XIWXIH MR WXSGOTMPI % WMKRMJMGERX HMJJIVIRGI MR QSMWXYVI
GSRXIRX[MPPEPIVXXLISTIVEXSVXLEXZEVMEXMSRWMRWERHQSMWXYVI
QE]FISGGYVVMRKERHMRMXMEXIEHHMXMSREPXIWXMRKSVEGLERKI
MRFEXGLMRKTVSGIHYVI
'SRXMRYSYWFEXGLMRKERHQM\MRK TYKQMPP LEWFIIRYWIH
WYGGIWWJYPP]MRVSPPIVGSQTEGXIHGSRGVIXIJSV]IEVWERHLEW
EPWSFIIRYWIHJSVXVEHMXMSREPQEWWGSRGVIXI[MXLWEXMWJEGXSV]
TIVJSVQERGI +IRIVEPP] XLI QE\MQYQ EKKVIKEXI WM^I JSV
XLMWQIXLSHMWPMQMXIHXSMR QQ SVTSWWMFP]MR
 QQ %'-6ERH%'-6HMWGYWWGSRXMRYSYW
FEXGLMRKERHQM\MRKMRQSVIHIXEMP

4PEGMRK MRGPYHIW TVITEVEXMSR SJ LSVM^SRXEP GSRWXVYGXMSR


NSMRXWXVERWTSVXEXMSRLERHPMRKTPEGIQIRXERHGSRWSPMHEXMSR SJ
XLIGSRGVIXI %'-697&6 
)JJMGMIRXERHFIWXTVITEVEXMSRSJLSVM^SRXEPNSMRXWYVJEGIW
FIKMRW[MXLXLIEGXMZMXMIWSJXSTTMRKSYXXLIPMJX8LIWYVJEGI
WLSYPH FI PIJX JVII JVSQ TVSXVYHMRK VSGO HIIT JSSXTVMRXW
ZMFVEXSV LSPIW ERH SXLIV WYVJEGI MVVIKYPEVMXMIW -R KIRIVEP
XLIWYVJEGIWLSYPHFIVIPEXMZIP]IZIR[MXLEKIRXPIWPSTIJSV
HVEMREKI8LMWWPSTIQEOIWXLIGPIERYTIEWMIV%WPEXIEWMW
JIEWMFPIFYXFIJSVITPEGIQIRXSJXLIRI\XPMJXWYVJEGIJMPQ
ERH GSRXEQMREXMSR WLSYPH FI VIQSZIH XS I\TSWI E JVIWL
GPIER QSVXEV ERH EKKVIKEXI WYVJEGI 3ZIVGYXXMRKXS HIITP]
I\TSWIEKKVIKEXIMWYRRIGIWWEV]ERH[EWXIJYPSJKSSHQEXIVMEP
7XVIRKXLSJFSRHMWEGGSQTPMWLIHF]GIQIRXKVEMRWRSXF]
TVSXVYHMRKGSEVWIEKKVIKEXI.SMRXWLIEVWXVIRKXLMWHIXIVQMRIH
FSXL F] XLMW FSRH ERH F] MRXIVJEGI JVMGXMSR 8LI JVMGXMSR
GSRXVMFYXMSRMWEJJIGXIHF] GSRJMRMRKTVIWWYVIERHGSEVWI
EKKVIKEXI MRXIVPSGO 9WYEPP] VIQSZEP SJ ETTVS\MQEXIP]
MR EJI[QMPPMQIXIVW SJMRJIVMSVQEXIVMEP[MPPVIZIEP
EWEXMWJEGXSV]WYVJEGI
8LIFIWXQIXLSHWSJSFXEMRMRKWYGLEGPIERWYVJEGIEVIF]
QIERWSJWERHFPEWXMRK TVIJIVEFP][IXWERHFPEWXMRKXSEZSMH
HYWXLE^EVH SVLMKLTVIWWYVI[EXIVNIXSJEXPIEWXTWM
14E 3TIVEXSVWWLSYPHFI SRKYEVHXSEZSMHLEVQXS
SXLIVTIVWSRRIPERHXS[SSHIRWYVJEGIWJVSQ[EXIVFPEWXIH
TMIGIWSJWYVJEGIQEXIVMEPXLEXQE]FILYVPIHJSV[EVH[MXL
KVIEXJSVGIERHZIPSGMX]7ERHFPEWXMRKLEWXLIEHZERXEKISJ
FIMRK EFPI XS GPIER GSRGVIXI SJ ER] EKI FYX MX VIUYMVIW
LERHPMRK SJWERHFPEWXWERHERHIUYMTQIRX ERHMXWVIQSZEP
EJXIVYWI8LI[EXIVNIXQIXLSHPIEZIWVIPEXMZIP]PMXXPIHIFVMW
JSVGPIERYTERHVIQSZEPFYXMXQE]RSX[SVOEWIJJMGMIRXP]
EJXIVXLIGSRGVIXIMWQSVIXLER[IIOSPH&IJSVIERHEJXIV
LSVM^SRXEPGSRWXVYGXMSRNSMRXGPIERYT[MXLWERHFPEWXMRKERH
LMKLTVIWWYVI[EXIVFPEWXMRKEVIMPPYWXVEXIHMR*MK E ERH
F VIWTIGXMZIP]'PIERNSMRXWEVIIWWIRXMEPXSKSSHFSRHERH
[EXIVXMKLXRIWW+VIIRGYXXMRK[LMGLMWXLIIEVP]VIQSZEPSJ
XLIWYVJEGIQSVXEV[MXLEREMV[EXIVNIXEXEFSYXXLIXMQIXLI
GSRGVIXI ETTVSEGLIW JMREP WIX MW EPWS YWIH -X QE] RSX
LS[IZIVFITSWWMFPIXSTVIWIVZIXLIMRMXMEPP]GPIERWYVJEGI
YRXMPGSRGVIXIMWTPEGIHSRMX8LIMRMXMEPP]EGGITXEFPIWYVJEGI

E 7ERHFPEWXXVIEXQIRX

F ,MKLTVIWWYVI[EXIVFPEWXXVIEXQIRX
*MK {&IJSVI ERH EJXIV LSVM^SRXEP GSRWXVYGXMSR NSMRX
GPIERYT
QE] FIGSQI HYPP [MXL PMQI GSEXMRKW SV GER FIGSQI
GSRXEQMREXIHXSWYGLERI\XIRXXLEXMXQE]FIRIGIWWEV]XS
YWIWERHFPEWXMRKSVLMKLTVIWWYVI[EXIVNIXWXSVIGPIERMX
8LIGPIERGSRGVIXIWYVJEGIWLSYPHFIETTVSEGLMRKHV]RIWW
ERHFIJVIIJVSQWYVJEGIQSMWXYVIEXXLIXMQIRI[GSRGVIXIMW
TPEGIH SR MX 97%')  E 8]RIW ERH 1G'PIEWI
2IIPI]ERH4SSPI2IIPI]IXEP 8IWXMRKLEW
WLS[RWYTIVMSVWXVIRKXLERH[EXIVXMKLXRIWWSJNSMRXWXLEXEVI
HV]ERHGPIER[LIRXLISZIVP]MRKGSRGVIXIMWTPEGIH-RXLMW
GSRHMXMSRRS[EXIVMWTVIWIRXXSHMPYXIERH[IEOIRXLIGIQIRX
TEWXI SJ XLI TPEWXMG GSRGVIXI EX XLI GSRWXVYGXMSR NSMRX 8IWXW
LEZIEPWSWLS[RXLEXXLITVEGXMGISJTPEGMRKQSVXEVSRXLINSMRX
ELIEHSJXLIGSRGVIXIMWRSXRIGIWWEV]JSVIMXLIVWXVIRKXLSV
TIVQIEFMPMX] SJ XLI NSMRX ,SYKLXSR ERH ,EPP   8LI
QSVXEV GSEX EPXLSYKL [MHIP] YWIH MR XLI TEWX MW RS PSRKIV
GSQQSRP]YWIHMRQEWWGSRGVIXI[SVO)UYMZEPIRXVIWYPXWGER
FISFXEMRIH[MXLSYXXLIQSVXEVMJXLIJMVWXPE]IVSJXLITPEWXMG
GSRGVIXIMWXLSVSYKLP]ZMFVEXIHSZIVXLINSMRXEVIEERHEPPVSGO
GPYWXIVWEXFEXGLHYQTTIVMQIXIVWEVIGEVIJYPP]WGEXXIVIH

*MK{4PEGIQIRXSJQEWWGSRGVIXIF]GSRZI]SVFIPX
7IPIGXMSRSJIUYMTQIRXJSVXVERWTSVXMRKERHTPEGMRKQEWW
GSRGVIXIMWWXVSRKP]MRJPYIRGIHF]XLIQE\MQYQWM^ISJXLI
EKKVIKEXI'SRGVIXIJSVQEWWTPEGIQIRXWWYGLEWMRHEQW
SJXIRGSRXEMRWGSFFPIW[LMGLEVIHIJMRIHEWGSEVWIEKKVIKEXI
TEVXMGPIWPEVKIVXLERMR QQ ERHWQEPPIVXLERMR
 QQ  8LIXIRHIRG] SJ GSFFPIW XS WIKVIKEXI JVSQ XLI
QM\XYVI EWE VIWYPX SJ XLIMV KVIEXIV MRIVXME [LIR MR QSXMSR
QE]HMGXEXIXLIYWISJPEVKIXS]H XSQ GETEGMX]
FYGOIXW6EMPGEVWXVYGOWGEFPI[E]WGVERIWSVWSQIGSQFM
REXMSR SJ XLIWI QE] FI YWIH XS HIPMZIV XLI FYGOIXW XS XLI
TSMRXSJTPEGIQIRX*SVGSRGVIXIGSRXEMRMRKGSEVWIEKKVIKEXI
MR QQ ERHPEVKIVEFYGOIXWM^ISJXS]H XSQ
MW TVIJIVEFPI FIGEYWI WQEPPIV FYGOIXW HS RSX HMWGLEVKI EW
VIEHMP]ERHIEGLHIPMZIV]MWXSSWQEPPXS[SVO[IPP[MXLE
LMKLTVSHYGXMSRTPEGIQIRXWGLIQI3RXLISXLIVLERHXLI
]H  Q FYGOIXTYXWWYGLEPEVKITMPIMRSRITPEGIXLEX
QYGLSJXLIGVI[vWXMQIMWHIZSXIHXSZMFVEXMRKJSVWTVIEHMRK
MRWXIEHSJJSV GSRWSPMHEXMSR8STVIGPYHIXLIWI TMPIWFIMRK
PEVKIV XLER]H Q SRI EKIRG]VIUYMVIWGSRXVSPPEFPI
HMWGLEVKIKEXIWMRFYGOIXWGEVV]MRKQSVIXLER]H Q 
)\XVEGEVIWLSYPHFIXEOIRXSIRWYVIEQTPIZMFVEXMSRHIITMR
XLIGIRXIVSJXLIWITMPIWERHEX TSMRXWSJGSRXEGX[MXLGSRGVIXI
TVIZMSYWP]TPEGIH1EWWGSRGVIXISJTVSTIVQM\XYVITVSTSVXMSRW
ERHPS[WPYQTHSIWRSXWITEVEXIF]WIXXPIQIRXHYVMRKWYGL
XVERWTSVXEXMSR SZIV XLI WLSVX HMWXERGIW YWYEPP] MRZSPZIH
'EVI WLSYPH FI XEOIR LS[IZIV XS TVIZIRX WIKVIKEXMSR EX
IEGLXVERWJIVTSMRX
1EWW GSRGVIXI QE] EPWS FI XVERWTSVXIH MR HYQTMRK VEMP
GEVW ERH XVYGOW ERH TPEGIH F] YWI SJ GSRZI]SVW 'VERIW
IUYMTTIH [MXL XIPIWGSTMRK GSRZI]SVW XIVQIH wGVIXIV
GVERIWxEVI[MHIP]YWIHJSVXLITPEGIQIRXSJQSHIVRQEWW
GSRGVIXI *MK   4PEGMRK QEWW GSRGVIXI [MXL GSRZI]SVW
LEWFIIRQSWXWYGGIWWJYPERHIGSRSQMGEP[LIRXLIEKKVI
KEXIWM^IMWMR QQ SVPIWW8LITSMRXSJHMWGLEVKI

JVSQ GSRZI]SVW WLSYPH FI QEREKIH WS XLEX GSRGVIXI MW


HMWGLEVKIHSRXSJVIWLGSRGVIXIERHMQQIHMEXIP]ZMFVEXIHXS
TVIZIRXWXEGOMRK4PEGIQIRXSJQEWWGSRGVIXIF]GSRZI]SVMW
WLS[R MR *MK  %HHMXMSREP MRJSVQEXMSR SR TPEGMRK
GSRGVIXI[MXLGSRZI]SVWMWGSRXEMRIHMR%'-6
0EVKI FYMPHMRK JSYRHEXMSRW ERH SXLIV ZIV] PEVKI QSRSPMXLMG
GSRGVIXI WXVYGXYVIW EVI GSRWMHIVIH QEWW GSRGVIXI %ZEMPEFMPMX]
ERHNSFGSRHMXMSRWQE]TVIGPYHIXLIYWISJTVIJIVEFPIEKKVIKEXIW
PEVKIVXLERMR  QQ SVWTIGMEPM^IHTPEGIQIRX
IUYMTQIRX 'SRGVIXI MR WYGL WXVYGXYVIWQE]FITPEGIH[MXL
QSVI GSRZIRXMSREP IUYMTQIRX WYGL EW WQEPPIV GVERI
FYGOIXW GSRGVIXI TYQTW SV GSRZI]SVW 8LI WIPIGXMSR SJ
TPEGMRK IUYMTQIRX WLSYPH FI TVIHMGEXIH SR MXW EFMPMX] XS
WYGGIWWJYPP] TPEGI GSRGVIXI XLEX LEW FIIR TVSTSVXMSRIH JSV
QEWW GSRGVIXI GSRWMHIVEXMSRW EW HIJMRIH MR 7IGXMSR 
[LMGLIQTLEWM^IWXLIVIHYGXMSRSJLIEXIZSPYXMSR4PEGMRK
GETEGMX] WLSYPH FI KVIEX IRSYKL XS EZSMH GSPH NSMRXW ERH
YRHIWMVEFPI I\TSWYVI XS I\XVIQIW SJ LIEX ERH GSPH EX PMJX
WYVJEGIW8LMWMWYWYEPP]EGGSQTPMWLIHF]YWMRKQER]TMIGIW
SJTPEGMRKIUYMTQIRX%HHMXMSREPMRJSVQEXMSRSRTYQTMRKSJ
GSRGVIXIMWGSRXEMRIHMR%'-6
1EWW GSRGVIXI MW FIWX TPEGIH MR WYGGIWWMZI PE]IVW 8LI
QE\MQYQXLMGORIWWSJXLIPE]IVHITIRHWSRXLIEFMPMX]SJXLI
ZMFVEXSVW XS TVSTIVP] GSRWSPMHEXI XLI GSRGVIXI 7M\ MR
 QQ  HMEQIXIV ZMFVEXSVW TVSHYGI WEXMWJEGXSV] VIWYPXW
[MXL  XS  MR  XS  QQ  RSQMREP QE\MQYQWM^I
EKKVIKEXIERHPIWWXLERMR QQ WPYQTMRPE]IVW
XSMR XSQQ XLMGOTPEGIH[MXLXS]H XS
 Q  FYGOIXW 7QEPPIVHMEQIXIV ZMFVEXSVW [MPP TVSHYGI
WEXMWJEGXSV]VIWYPXW[MXLXSMR XSQQ RSQMREP
QE\MQYQWM^IEKKVIKEXIERHPIWWXLERMR QQ WPYQT
TPEGIHMRXSMR XSQQ PE]IVW[MXLWQEPPIV
FYGOIXW 7LEPPS[IV PE]IVW VEXLIV XLER HIITIV PE]IVW KMZI
FIXXIV EWWYVERGI SJ WEXMWJEGXSV] GSRWSPMHEXMSR ERH JVIIHSQ

JVSQ VSGO TSGOIXW EX NSMRX PMRIW GSVRIVW ERH SXLIV JSVQ
JEGIWEW[IPPEW[MXLMRXLIFPSGOMXWIPJ
8LIPE]IVXLMGORIWWWLSYPHFIERIZIRJVEGXMSRSJXLIPMJX
LIMKLX SVSJXLI HITXL SJ XLI FPSGO 8LI PE]IVW EVIGEVVMIH
JSV[EVH MR E WXEMVWXIT JEWLMSR MR XLI FPSGO F] QIERW SJ
WYGGIWWMZIHMWGLEVKIWWSXLIVI[MPPFIEWIXFEGOSJETTVS\
MQEXIP]JX Q FIX[IIRXLIJSV[EVHIHKIWSJWYGGIWWMZI
PE]IVW 4PEGIQIRX SJ XLI WXITW MW SVKERM^IH XS I\TSWI E
QMRMQYQ SJ WYVJEGI XS PIWWIR [EVQMRK SJ XLI GSRGVIXI MR
[EVQ[IEXLIV ERH VIHYGI XLI EVIEEJJIGXIH F]VEMR MR[IX
[IEXLIV%WIXFEGOKVIEXIVXLERJX Q YRRIGIWWEVMP]
I\TSWIWGSPHGSRGVIXIXSLIEXKEMRMR[EVQ[IEXLIVERHMR
VEMR] [IEXLIV MRGVIEWIW XLI HERKIV SJ [EXIV HEQEKI %
REVVS[IVWIXFEGO[MPPGEYWIGSRGVIXIEFSZIMXXSWEK[LIR
XLIWXITMWZMFVEXIHXSQEOIMXQSRSPMXLMG[MXLXLIGSRGVIXI
TPEGIHPEXIVEKEMRWXXLEXWXIT8LMWWXITTIHJVSRXTVSKVIWWIW
JSV[EVHJVSQSRIIRHSJXLIFPSGOXSXLISXLIVYRXMPXLIJSVQ
MWJMPPIHERHXLIPMJXTPEGIQIRXMWGSQTPIXIH
:MFVEXMSRMWXLIOI]XSXLIWYGGIWWJYPTPEGIQIRXSJQEWW
GSRGVIXI TEVXMGYPEVP][LIR XLI GSRGVIXI MW PS[ WPYQT ERH
GSRXEMRWPEVKIEKKVIKEXI 8YXLMPP -RIJJIGXMZIIUYMTQIRXMW
QSVIGSWXP]XSXLIFYMPHIVFIGEYWISJEWPS[IVTPEGMRKVEXI
ERH XLI LE^EVH SJ TSSV GSRWSPMHEXMSR :MFVEXMSR WLSYPH FI
W]WXIQEXMGERH WLSYPHXLSVSYKLP]GSZIVERHHIITP]TIRIXVEXI
IEGLPE]IV4EVXMGYPEVEXXIRXMSRWLSYPHFITEMHXSIRWYVIJYPP
ZMFVEXMSR [LIVI XLI TIVMQIXIVW SJ X[S HMWGLEVKIW NSMR
FIGEYWIXLISYXIVIHKISJXLIJMVWXFEXGLMWRSXZMFVEXIHYRXMP
XLIRI\XFEXGLMWTPEGIHEKEMRWXMX8LIX[SHMWGLEVKIWGER
XLIR FI ZMFVEXIH QSRSPMXLMGEPP] XSKIXLIV [MXLSYX GEYWMRK
IMXLIV IHKI XS JPS[ HS[R[EVH 4VSTIV ZMFVEXMSR SJ PEVKI
EKKVIKEXI QEWW GSRGVIXI MW WLS[R MR *MK  8S IRWYVI
TVSTIV GSRWSPMHEXMSR XLI ZMFVEXSVW WLSYPH TIRIXVEXI XLI
PS[IVPE]IVJSVXSMR XSQQ ERHFIQEMRXEMRIH
MREZIVXMGEPTSWMXMSREXIEGLTIRIXVEXMSRHYVMRKZMFVEXMSR8S
TVIZIRXMQTIVJIGXMSRWEPSRKPMJXPMRIWERHPE]IVPMRIWEXJSVQ
JEGIWXLIWIEVIEWWLSYPHFIW]WXIQEXMGEPP]HIITP]VIZMFVEXIH
EWIEGLPE]IVEHZERGIWJVSQXLIWXEVXMRKJSVQEPSRKIEGLSJ
XLIWMHIJSVQWXSXLISXLIVIRHJSVQ%R]ZMWMFPIGPYWXIVWSJ
WITEVEXIH GSEVWI EKKVIKEXI WLSYPH FI WGEXXIVIHSRXLIRI[
GSRGVIXIFIJSVIGSZIVMRK[MXLEHHMXMSREPGSRGVIXI:MFVEXMSRMW
YRPMOIP] XS JMPP ERH WSPMHMJ] YRWITEVEXIH EKKVIKEXI GPYWXIVW
[MXL QSVXEV (YVMRK GSRWSPMHEXMSR XLI ZMFVEXSVW WLSYPH
VIQEMREXIEGLTIRIXVEXMSRTSMRXYRXMPPEVKIEMVFYFFPIWLEZI
GIEWIH XS VMWI ERH IWGETI JVSQ XLI GSRGVIXI 8LI EZIVEKI
XMQIJSVSRIZMFVEXSVXSJYPP]GSRWSPMHEXIE]H Q SJ
GSRGVIXIQE]FIEWQYGLEWQMR WJSVQ  3ZIV
ZMFVEXMSR SJ PS[WPYQT QEWW GSRGVIXI MW YRPMOIP] 8S
WMQTPMJ]GPIERYTSTIVEXMSRWXLIXSTSJXLIYTTIVQSWXPE]IV
WLSYPH FI PIZIPIH ERH QEHI VIEWSREFP] IZIR F]QIERW SJ
ZMFVEXMSR,SPIWJVSQTVIZMSYWZMFVEXSVMRWIVXMSRWWLSYPHFI
GPSWIH 0EVKI EKKVIKEXI WLSYPH FI EPQSWX GSQTPIXIP]
IQFIHHIHERHFSEVHWWLSYPHFIPEMHSRXLIWYVJEGIMRWYJJMGMIRX
RYQFIV XS TVIZIRX HIIT JSSXTVMRXW %QTPI ERH IJJIGXMZI
ZMFVEXMSRIUYMTQIRXWLSYPHFIEZEMPEFPIERHMRYWIHYVMRK
XLITPEGIQIRXSJQEWWGSRGVIXI7TIGMJMGVIGSQQIRHEXMSRW
JSVQEWWGSRGVIXIZMFVEXMSREVIGSRXEMRIHMR%'-6
1EWWGSRGVIXIJSVYRHIV[EXIVTPEGIQIRXWMWHSRI[MXLSYX
ZMFVEXMSR +IRIVEPP] XLI QM\XYVI MW TVSTSVXMSRIH [MXL E

*MK{'SRWSPMHEXMSRSJPS[WPYQTQEWWGSRGVIXITPEGIH
F]FYGOIX
VIPEXMZIP] LMKL GIQIRXMXMSYW QEXIVMEPW GSRXIRX ERH E
VIHYGIHEKKVIKEXIWM^IXSTVSQSXIXLIVIUYMVIHPEXIVEPJPS[SJ
XLIQM\XYVIEJXIVXLIQM\XYVIMWMRXVSHYGIHMRXSXLITPEGIQIRX
EVIEF]XVIQMITMTISVTYQTPMRI-X MW QSVIGSQQSRXS
MRGSVTSVEXI ER ERXM[EWLSYX EHQM\XYVI ERH [EXIVVIHYGMRK
EHQM\XYVIWMRXSXLIQM\XYVIXSMRGVIEWIXLIJPS[SJXLIQM\XYVI
HIGVIEWIHMWEWWSGMEXMSRSJXLITEWXIERHMRGVIEWIGSRWSPMHEXMSR
SJXLIQM\XYVI8]TMGEPETTPMGEXMSRWMRGPYHIFVMHKITMIVXVIQMI
WIEPWVITEMVSJWXMPPMRKFEWMRWERHSXLIVMR[EXIVWXVYGXYVIWERH
TPEGIQIRXSJJPSEXMRWXVYGXYVIW
1EWW GSRGVIXI MW FIWX GYVIH [MXL [EXIV [LMGL TVSZMHIW
EHHMXMSREPGSSPMRKFIRIJMXMR[EVQ[IEXLIV-RGSPH[IEXLIV
PMXXPI GYVMRK MW RIIHIH FI]SRH XLI QSMWXYVI TVSZMHIH XS
TVIZIRXXLIGSRGVIXIJVSQHV]MRKHYVMRKMXWMRMXMEPTVSXIGXMSR
JVSQJVII^MRKLS[IZIVXLIGSRGVIXIWLSYPHRSXFIWEXYVEXIH
[LIR MXMWI\TSWIHXSJVII^MRK-REFSZIJVII^MRK[IEXLIV
[LIRQSMWXYVIMWPMOIP]XSFIPSWXJVSQXLIGSRGVIXIWYVJEGIW
QEWWGSRGVIXIWLSYPHFI[EXIVGYVIHJSVEXPIEWXHE]WSV
YT XS X[MGI XLMW XMQI MJ TS^^SPER MW YWIH EW SRI SJ XLI
GIQIRXMXMSYWQEXIVMEPW)\GITX[LIRMRWYPEXMSRMWVIUYMVIH
MR GSPH [IEXLIV WYVJEGIW SJ LSVM^SRXEP GSRWXVYGXMSR NSMRXW
WLSYPHFIOITXQSMWXYRXMPXLI[IXXMRK[MPPRSPSRKIVTVSZMHI
FIRIJMGMEPGSSPMRK'YVMRKWLSYPHFIWXSTTIHPSRKIRSYKLXS
IRWYVIXLEXXLINSMRXWYVJEGIMWJVIISJ[EXIVFYXWXMPPHEQT
ERH GPIER FIJSVI RI[ GSRGVIXI MW TPEGIH 8LI YWI SJ E
PMUYMHQIQFVERIGYVMRKGSQTSYRHMWRSXXLIFIWXQIXLSHSJ
GYVMRKQEWWGSRGVIXIFYXMWETTPMGEFPI[LIVIQSMWXGYVMRKMW
RSXTVEGXMGEPWYGLEWMRFIPS[JVII^MRKGSRHMXMSRWSV[LIVI
XLIETTPMGEXMSRSJ[EXIVQE]HEQEKITVITEVIHJSYRHEXMSRW
SVMQTIHI[SVO-JYWIHSRGSRWXVYGXMSRNSMRXWMXWLSYPHFI
GSQTPIXIP] VIQSZIH F] WERHFPEWXMRK SV [EXIVFPEWXMRK XS
TVIZIRXVIHYGXMSRSVPSWWSJFSRH
*SVQWJSVQEWWGSRGVIXILEZIXLIWEQIFEWMGVIUYMVIQIRXW
JSV WXVIRKXL QSVXEVXMKLXRIWW EGGYVEG] SJ TSWMXMSR ERH

KIRIVEPP]KSSHWYVJEGIGSRHMXMSREWXLSWIHIWGVMFIHMR,YVH
 *SVQ[SVOJSVQEWWGSRGVIXIQE]HMJJIVWSQI[LEX
JVSQ SXLIV JSVQ[SVO FIGEYWI SJ XLI GSQTEVEXMZIP] PS[
LIMKLXRSVQEPP]VIUYMVIHJSVIEGLPMJX8LIVIQE]FIWSQI
MRGVIEWISJJSVQTVIWWYVIWHYIXSXLIYWISJPS[XIQTIVEXYVI
GSRGVIXI ERH XLI MQTEGX SJ HYQTMRK PEVKI FYGOIXW SJ
GSRGVIXI RIEV XLI JSVQW HIWTMXI XLI VIPMIZMRK IJJIGX SJ XLI
KIRIVEPP]PS[WPYQTSJQEWWGSRGVIXI*SVQTVIWWYVIWHITIRH
SRXLIQIXLSHWYWIHERHXLIGEVII\IVGMWIHMRTPEGMRKGSRGVIXI
EHNEGIRXXSXLIJSVQ*SVXLMWVIEWSRMXMWVIGSQQIRHIHXLEX
 SJIUYMZEPIRXL]HVSWXEXMGTVIWWYVITPYW JSVMQTEGX
FIYWIHJSVHIWMKRSJQEWWGSRGVIXIJSVQW
*SVQ XMIWGSRRIGXIHXSWXERHEVHERGLSVWMRXLITVIZMSYW
PMJXERHFVEGIWLEZIPSRKFIIRYWIH1ER]PEVKINSFWEVIRS[
IUYMTTIH[MXLJSVQWWYTTSVXIHF]GERXMPIZIVIHWXVSRKFEGOW
ERGLSVIH JMVQP] MRXS XLI PMJX FIPS[ %HHMXMSREP WYTTSVX SJ
GERXMPIZIVIHJSVQWQE]FITVSZMHIHF]JSVQXMIWTEVXMGYPEVP]
[LIR XLI GSRGVIXI MW PS[ MR IEVP] WXVIRKXL 'ERXMPIZIVIH
JSVQW EVI VEMWIH F] L]HVEYPMG EMV SV IPIGXVMG NEGOMRK
W]WXIQW 'EVI WLSYPH FI XEOIR XS EZSMH WTEPPMRK GSRGVIXI
EVSYRHXLIERGLSVFSPXWMRXLIPS[IEVP]WXVIRKXLGSRGVIXISJ
XLIPMJXFIMRKWXVMTTIHSJJSVQWFIGEYWIXLIWIFSPXW[MPPFI
YWIHXSTVSZMHILSVM^SRXEPVIWXVEMRXMRXLIRI\XJSVQWIXYT
,MKLPMJX QEWW GSRGVIXI JSVQ[SVO MW GSQTEVEFPI XS XLEX
YWIH JSVWXERHEVH WXVYGXYVEP GSRGVIXI [SVO I\GITX XLEX XMIW
QE]FIXSJX XSQ PSRKEGVSWWXLIPMJXVEXLIVXLER
XSMR XSQ 8SJEGMPMXEXITPEGIQIRXF]FYGOIX
[MHIP] WTEGIH PEVKIHMEQIXIV LMKLXIRWMPIWXVIRKXL XMIW
WLSYPHFIYWIHXSTIVQMXTEWWEKISJXLIGSRGVIXIFYGOIXW
&IZIPIHKVEHIWXVMTWERHMR QQ SVPEVKIVXVMERKYPEV
XSIJMPPIXWGERFIYWIHXSQEWOSJJWIXWXLEXWSQIXMQIWSGGYV
EX LSVM^SRXEP NSMRX PMRIW 8LMW [MPPKIRIVEPP] MQTVSZI XLI
ETTIEVERGISJJSVQIHWYVJEGIW;LIRYWIHEXXLIXSTERH
FSXXSQ SJ XLI JSVQW XLMW GER GVIEXI ER IJJIGXMZI ERH
EIWXLIXMGEPP] TPIEWMRK KVSSZI %  MR  QQ  SV PEVKIV
GLEQJIVWLSYPHEPWSFIYWIHMRXLIGSVRIVWSJXLIJSVQWEXXLI
YTWXVIEQERHHS[RWXVIEQIRHWSJGSRWXVYGXMSRNSMRXWJSVXLI
WEOI SJ ETTIEVERGI ERH XS TVIZIRX GLMTTMRK SJ XLI IHKIW
SXLIV[MWIWLEVTGSVRIVWSJXLIFPSGOEVISJXIRHEQEKIH
ERH GERRSX FI IJJIGXMZIP] VITEMVIH 7YGL GLEQJIVW EPWS
TVIZIRX TMRGLMRK ERH WTEPPMRK SJ NSMRX IHKIW GEYWIH F]
LMKLWYVJEGIXIQTIVEXYVIW
7PSTMRKJSVQW[LIRYWIHSJXIRI\XIRHSZIVXLIGSRWXVYGXMSR
NSMRXXSXLII\XIRXXLEXMXMWHMJJMGYPXXSTSWMXMSRFYGOIXWGPSWI
IRSYKL XS TPEGI ERH EHIUYEXIP] GSRWSPMHEXI XLI GSRGVIXI
7YGLJSVQWQE]FILMRKIHWSXLIXSTLEPJGERFILIPHMRE
ZIVXMGEP TSWMXMSR YRXMP GSRGVIXI MW TPEGIH YT XS XLI LMRKIH
IPIZEXMSR 8LI XST LEPJ MW XLIR PS[IVIH MRXS TSWMXMSR ERH
GSRGVIXITPEGIQIRXMWGSRXMRYIH7PSTMRKJSVQWEVIWYFNIGX
XSPIWWSYX[EVHTVIWWYVIFYXYTPMJXWLSYPHFIGSRWMHIVIHMR
XLIMVERGLSVEKI
% GSQQSR JSVQMRK TVSFPIQ JSV WTMPP[E] WIGXMSRW SJ
KVEZMX] HEQW MW IRGSYRXIVIH MR XLI WPSTMRK ERH GYVZIH
TSVXMSRW SJ XLI GVIWX ERH FYGOIX 8LIWI WPSTIW VERKI JVSQ
LSVM^SRXEPXSETTVS\MQEXIP]XSZIVXMGEPEXXLIXVERWMXMSR
[LIVIVIKYPEVJM\IHJSVQWGERFIYWIH8LIGYVZIHSVWPSTIH
WYVJEGIWEVIIJJIGXMZIP]WLETIHERHXLIGSRGVIXIMWXLSVSYKLP]
GSRWSPMHEXIH F] QIERW SJ XIQTSVEV] LSPHMRK JSVQW VEXLIV

XLER YWMRK WGVIIH KYMHIW ERH WXVMOISJJ ;MXL RS WXVMOISJJ


MRZSPZIHXLIVIKYPEVQEWWGSRGVIXIJEGIQM\XYVIMWEWVIEHMP]
YWIHEWSRI[MXLWQEPPEKKVIKEXIYRPIWWEHMJJIVIRXGSRGVIXI
QM\XYVI MW VIUYMVIH SR XLI WTMPP[E] JEGI JSV HYVEFMPMX]
VIEWSRW8LIHIWMVIHWLETIMWEGLMIZIH[MXLWXVSRKWSPMHP]
ERGLSVIHVMFWFIX[IIR[LMGLVS[WSJJSVQTERIPWEVITPEGIH
VS[SRVS[YT[EVHEWXLIPMJXWTEGIMWJMPPIH8LIVS[WSJ
JSVQTERIPWEVIVIQSZIHWXEVXMRKVS[SRVS[EXXLIFSXXSQ
[LIRXLIGSRGVIXI[MPPRSPSRKIVFYPKISYXSJWLETIFYXMW
WXMPP VIWTSRWMZI XS JMRMWLMRK STIVEXMSRW 8YXLMPP  
'SRWMHIVEFPIXMQIERHPEFSVEVIWEZIHF]XLMWQIXLSHERHMX
IREFPIWXLIGSRGVIXIXSFI[IPPGSRWSPMHEXIHF]ZMFVEXMSRERH
ZIV]EGGYVEXIP]WLETIHERHJMRMWLIH

*VSQXLIWXERHTSMRXSJGSRWXVYGXMSRXLILMKLIVXLIPMJXXLI
JI[IVXLIGSRWXVYGXMSRNSMRXW[MXLJX Q PMJXWXLIVI
EVISRP]X[SXLMVHWEWQER]NSMRXWEW[LIRJX Q PMJXW
EVI YWIH ;MXL VIKEVH XS TEWX I\TIVMIRGI SJ LEVHIRIH
GSRGVIXIXIQTIVEXYVIMRGSPH[IEXLIVXLIWLEPPS[IVXLIPMJX
XLILMKLIVXLITIVGIRXEKISJXLIXSXEPLIEXSJL]HVEXMSRXLEX
[MPPIWGETIFIJSVIXLIRI\XPMJXMWTPEGIH-RLSX[IEXLIV[MXL
PIER QM\XYVIW ERH TVIGSSPMRK XLI STTSWMXI QE] FI XVYI
;LIRPMJXXLMGORIWWMWMRGVIEWIHEFSZIJX Q LIEXPSWWIW
JVSQXLIYTTIVWYVJEGIFIGSQIEHIGVIEWMRKTIVGIRXEKISJXLI
XSXEPLIEXKIRIVEXIH[MXLMRXLIJYPPHITXLSJXLIPMJX,IRGI
[MXLZIV]HIITPMJXWXLIMRXIVREPXIQTIVEXYVIVIEGLIHF]XLI
GSRGVIXIMWRSXWMKRMJMGERXP]MRJPYIRGIHF]XLIPIRKXLSJXLI
XMQI MRXIVZEP FIX[IIR PMJXW -R WYGL I\XVIQI GEWIW GSRXMR
YSYWTPEGMRKMRLMKLPMJXWQE]FITVIJIVEFPIIWTIGMEPP]EWE
QIERWSJQMRMQM^MRKNSMRXGPIERYTTVIZIRXMRKGVEGOMRKSV
TIVQMXXMRKXLIYWISJWPMTJSVQWWYGLEWJSVQEWWMZITMIVW-R
PEVKIFPSGOWWYGLEWMRHEQ GSRWXVYGXMSRXLIPSWWSJ LIEX
JVSQEPMJXWYVJEGIMRGSPH[IEXLIVHSIWRSXNYWXMJ]I\XIRHIH
I\TSWYVI % PSRK I\TSWYVI SJ PMJX WYVJEGIW XS GLERKIW MR
EQFMIRXXIQTIVEXYVIQE]MRMXMEXIGVEGOMRK8LMWGERHIJIEX
ER SXLIV[MWI WYGGIWWJYP GVEGOTVIZIRXMSR TVSKVEQ ;LIVI
XLIVQEPGSRXVSPGVEGOTVIZIRXMSRTVSGIHYVIWEVIFIMRKYWIH
XLIFIWXGSRWXVYGXMSRWGLIHYPIGSRWMWXWSJVIKYPEVTPEGIQIRX
SR IEGL FPSGO EX XLI WLSVXIWX XMQI MRXIVZEP [MXL XLI PIEWX
TVEGXMGEPLIMKLXHMJJIVIRXMEPFIX[IIREHNEGIRXFPSGOW
'SRXVSPSJXIQTIVEXYVIVMWIMWEHIWMKRJYRGXMSRXLIVIJSVIPMJX
LIMKLXW ERHTPEGMRKJVIUYIRG]WLSYPH FI WLS[RSR HVE[MRKW
ERHMRWTIGMJMGEXMSRW-RJPYIRGMRKJEGXSVWEVIWM^IERHX]TISJ
QEWWMZI WXVYGXYVI GSRGVIXI TVSTIVXMIW ERH GIQIRX GSRXIRX
TVIZEMPMRK GPMQEXI HYVMRK GSRWXVYGXMSR ERH MR WIVZMGI
GSRWXVYGXMSR WGLIHYPI ERH SXLIV WTIGMJMIH XIQTIVEXYVI
GSRXVSPW0MJXLIMKLXWVERKIJVSQJX Q JSVQYPXMTPI
PMJXWNYWXEFSZIJSYRHEXMSRWXSERHJX ERHQ MR
QER]KVEZMX]HEQWERHXSJX Q SVQSVIMRXLMREVGL
HEQWTMIVWERHEFYXQIRXW
,MKLPMJXQEWWGSRGVIXIGSRWXVYGXMSR[EWEHSTXIHF]WSQI
EYXLSVMXMIW TEVXMGYPEVP] MR 'EREHE HYVMRK XLI W ERH
WMREREXXIQTXXSVIHYGITSXIRXMEPPIEOTEXLWERHQMRMQM^I
GVEGOMRKMRHEQWFYMPXMRGSPHERHIZIRWYF^IVS[IEXLIV
8LITVSGIHYVIMWRSPSRKIVMRGSQQSRYWEKI-RMXWI\XVIQI
JSVQXLIQIXLSHTVSZMHIWJSVGSRXMRYSYWTPEGMRKSJPMJXWYT
XS  JX  Q  LMKL YWMRK [SSH SV MRWYPEXIH JSVQW [MXL

LSYWMRKWERHWXIEQLIEX9RHIVXLIWITPEGMRKGSRHMXMSRWXLI
EHMEFEXMGXIQTIVEXYVIVMWISJXLIGSRGVIXIERHXLIQE\MQYQ
XIQTIVEXYVIHVSTXSPS[WXEFPIXIQTIVEXYVIWEVIETTVS\MQEXIP]
IUYEP *SV GSRXVSP SJ GVEGOMRK QSWX HIWMKR GVMXIVME VIWXVMGX
XLMW QE\MQYQ HVST XS  XS  *  XS  '  (IWMKR
VIUYMVIQIRXWGERFIQIXYRHIVXLIWIGSRHMXMSRWF]GSRXVSPPMRK
XLVSYKL QM\XYVI TVSTSVXMSRMRK XLI EHMEFEXMG VMWI XS XLIWI
PIZIPW /PIMRIXEP ;MXLTVIGSSPIH* ' QEWW
GSRGVIXISJPS[GIQIRXGSRXIRXMRE[EVQGPMQEXIEQFMIRX
LIEX VIQSZIW XLI EHZERXEKI SJ WLEPPS[IV PMJXW ERH MW XLI
VIEWSRJX Q SVIZIRJX Q PMJXWLEZIFIIR
TIVQMXXIH F] WTIGMJMGEXMSRW SR WIZIVEP HEQ TVSNIGXW MR
VIGIRX]IEVW

'YVVIRXP]MXMWGSQQSRTVEGXMGIXSTVIGSSPQEWWGSRGVIXI
FIJSVI TPEGIQIRX )JJMGMIRX IUYMTQIRX MW RS[ EZEMPEFPI XS
TVSHYGIWYGLGSRGVIXIEXXIQTIVEXYVIWPIWWXLER* '
MRTVEGXMGEPP]ER]WYQQIV[IEXLIV8LIWMQTPII\TIHMIRXSJ
YWMRKJMRIP]GLMTTIHMGIMRWXIEHSJQM\MRK[EXIVERHWLEHMRK
HEQT FYX RSX [IX  EKKVIKEXI [MPP VIHYGI XLI GSRGVIXI
TPEGMRKXIQTIVEXYVIXSEZEPYIETTVSEGLMRK* ' MR
QSHIVEXIP][EVQ[IEXLIV8STIVQMXQE\MQYQYWISJMGIMR
TPEGISJQM\MRK[EXIVJMRIEKKVIKEXIWLSYPHFIHVEMRIHXSE
[EXIVGSRXIRXSJRSXQSVIXLER 7XIIPEKKVIKEXIWXSVEKI
FMRWERHEKKVIKEXITMPIWWLSYPHFIWLEHIHEWMPPYWXVEXIHMR
*MK%KKVIKEXIWGERFIGSSPIHF]IZETSVEXMSRXLVSYKL
ZEGYYQMRYRHEXMSRMRGSPH[EXIVGSPHEMVGMVGYPEXMSR %'6%'-6 SVPMUYMH RMXVSKIR*MKYVIWLS[WXLI
GSSPMRKSJGSEVWIEKKVIKEXI F]WTVE]MRKERHMRYRHEXMSR[MXL
GLMPPIH[EXIVMQQIHMEXIP]FIJSVITPEGMRKMRXLIFEXGLTPERX
FMRW8SSFXEMRJYPPEHZERXEKISJXLIPS[TPEGMRKXIQTIVEXYVI
XLI GSRGVIXI WLSYPH FI TVSXIGXIH JVSQ LMKLIV EQFMIRX
XIQTIVEXYVI GSRHMXMSRW HYVMRK XLI JMVWX JI[ [IIOW EJXIV
TPEGIQIRXXSVIHYGIXIQTIVEXYVIVMWIMRXLIGSRGVIXIERHXS
VIHYGIXLIXLIVQEPHMJJIVIRXMEP XIRHMRKXSGVEGOXLIWYVJEGI
PEXIV [LIR QYGL GSPHIV EQFMIRX GSRHMXMSRW QE] SGGYV
(YVMRK TPEGIQIRXMR [EVQ [IEXLIV EFWSVTXMSR SJ LIEX F]
GSPH GSRGVIXI GER FI QMRMQM^IH F] TPEGMRK EX RMKLX
QEREKMRK TPEGIQIRX WS XLEX QMRMQYQ EVIEW EVI I\TSWIH
ERHMJTPEGIQIRX[MPPFIMRXLIWYRF]JSKWTVE]MRKXLI[SVO
EVIE1YGLGERFIHSRIHYVMRKXLIGYVMRKTIVMSHXSTVIZIRX
LIEXMRK ERH XS VIQSZI LIEX JVSQ XLI LEVHIRMRK GSRGVIXI
MRGPYHMRK YWI SJ WXIIP JSVQW WLEHMRK ERH [EXIV GYVMRK
)QFIHHIH TMTI GSSPMRK GER FI YWIH XS GSRXVSP XLI VMWI MR
GSRGVIXIXIQTIVEXYVIMRVIWXVEMRIH^SRIWRIEVJSYRHEXMSRW[LIR
QE\MQYQXIQTIVEXYVIWGERRSXFIPMQMXIHF]SXLIVPIWWI\TIR
WMZIGSSPMRKQIEWYVIW)QFIHHIHTMTIGSSPMRKMWEPWSRSVQEPP]
VIUYMVIHXSIRWYVIEXPIEWXXLIQMRMQYQSTIRMRKSJGSRXVEGXMSR
NSMRXWRIIHIH[LIRKVSYXMRKNSMRXWMRHEQWMWRIGIWWEV]%KKVI
KEXIERHGSRGVIXITVIGSSPMRKMRWYPEXMSRTVSXIGXMSRJVSQLMKL
EQFMIRX XIQTIVEXYVI ERH TSWXGSSPMRK GSRWMHIVEXMSRW ERH
VIGSQQIRHEXMSRWEVITVSZMHIHMR%'-6

8LIWTIGMJMGKSEPWSJHEXEGSPPIGXMSRXVERWQMXXEPTVSGIWWMRK
VIZMI[ERHEGXMSRTVSGIHYVIWEVIXSTVSZMHIEGGYVEXI ERH XMQIP]
IZEPYEXMSRSJHEXEJSVTSXIRXMEPVIQIHMEPEGXMSRVIPEXMRKXSXLI

*MK{1IXEPGSZIV SZIVHVEMRIH JMRIEKKVIKEXIWXSGOTMPI


XS VIHYGILIEXEFWSVTXMSR

*MK{'SSPMRKGSEVWI EKKVIKEXIF]GLMPPIH[EXIVWTVE]
ERHMRYRHEXMSR
WEJIX] SJ E WXVYGXYVI *SV GVIHMFMPMX] IRSYKL MRWXVYQIRXW
WLSYPHFI MRWXEPPIHXSTVSZMHIGSRJMVQEXMSRSJEPPMQTSVXERX
HEXE-XMWSJXIRHIWMVEFPIXSYWI QSVIXLERSRIX]TISJMRWXVYQIRX
XS JEGMPMXEXI XLIEREP]WMW -RWXVYQIRXEXMSR MWEPWS VIUYMVIH MR
GEWIW [LIVI MX MW RIGIWWEV] XS GSVVIPEXI [MXL SV GSRJMVQ ER
YRYWYEP HIWMKRGSRGITXVIPEXIHXSIMXLIVXLIWXVYGXYVISVXLI
WIVZMGI GSRHMXMSR SV [LIVI XLI MRWXVYQIRXEXMSR VIWYPXW QE]
PIEHXSKVIEXIVVIJMRIQIRXWJSVJYXYVIHIWMKR
-RWXVYQIRXEXMSRWLSYPHFITEVX SJXLIHIWMKRERHGSRWXVYGXMSR
SJER]QEWWGSRGVIXIWXVYGXYVI[LIVIZIVEJYXYVIUYIWXMSRQE]
EVMWIGSRGIVRMRKXLIWEJIX]SJXLIWXVYGXYVI%PWSTVITEVEXMSRW
IWWIRXMEP JSV ER EGGYVEXI IZEPYEXMSR SJ XLI MRWXVYQIRXEXMSR
VIWYPXWWLSYPHFIQEHIXLVSYKLPSRKXIVQPEFSVEXSV]WEQTPI
WXYHMIW XS HIXIVQMRI TVSKVIWWMZI EKI VIPEXMSRWLMTW JSV
TVSTIVXMIWSJXLIEGXYEPTVSNIGXGSRGVIXI VIJIVXS'LETXIV 
*EGXSVW SV UYERXMXMIW XLEX EVI SJXIR QSRMXSVIH MR QEWW
GSRGVIXIHEQWERHSXLIVQEWWMZIWXVYGXYVIWMRGPYHIWXVYGXYVEP
HMWTPEGIQIRXWHIJSVQEXMSRWWIXXPIQIRXWIITEKITMI^SQIXVMG
PIZIPWMRXLIJSYRHEXMSRERHYTPMJXTVIWWYVIW[MXLMRXLIWXVYGXYVI
%[MHIZEVMIX]SJMRWXVYQIRXWGERFIYWIHMREGSQTVILIRWMZI
QSRMXSVMRK TVSKVEQ -RWXVYQIRXWMRWXEPPIHMRQEWWGSRGVIXI
MR XLI 9RMXIH 7XEXIW LEZI FIIR TVMQEVMP] SJ XLI YRFSRHIH
VIWMWXERGI[MVI SV 'EVPWSRX]TI QIXIV ERH ZMFVEXMRK [MVI

EPXLSYKLE[MHIZEVMIX]SJMRWXVYQIRXW MWFIMRKMRGSVTS
VEXIHMRGYVVIRXTVSNIGXW7SQISJXLIMRWXVYQIRXWEZEMPEFPI
JSVYWIEVIL]HVSWXEXMGTVIWWYVIQIEWYVMRKHIZMGIWTVIWWYVI
SVWXVIWWQIEWYVMRKHIZMGIWWIITEKIQIEWYVIQIRXHIZMGIW
MRXIVREP QSZIQIRX QIEWYVMRK HIZMGIW WYVJEGI QSZIQIRX
QIEWYVMRKHIZMGIWERHZMFVEXMSRQIEWYVMRKHIZMGIW-RWXVY
QIRXEXMSRW]WXIQWWLSYPHMRGPYHITVSZMWMSRWJSVEYXSQEXIH
GSPPIGXMSR SJ MRWXVYQIRXEXMSR HEXE VIQSXI EGGIWW XS HEXE
ERH [LIVI ETTPMGEFPI VIEPXMQI QSRMXSVMRK SJ WXVYGXYVEP
TIVJSVQERGI 7IZIVEP QERYEPW SR MRWXVYQIRXEXMSR SJ
GSRGVIXI HEQW EVI EZEMPEFPI 97%')   977(
97&YVIEYSJ6IGPEQEXMSR 
,]HVSWXEXMG TVIWWYVI QIEWYVMRK HIZMGIW{8LIWI EVI
KIRIVEPP] TMI^SQIXIVW STIVEXMRK IMXLIV EW GPSWIH SV STIR
W]WXIQWSVGPSWIHW]WXIQ&SYVHSRX]TITVIWWYVIQSRMXSVMRK
W]WXIQW 'PSWIHW]WXIQ TMI^SQIXIVW GSRWMWX SJ ZMFVEXMRK
[MVI YRMXW SV 'EVPWSRX]TI HIZMGIW [LIVIEW STIRW]WXIQ
HIZMGIW YWIH EVI GSQQSRP] GEPPIH SFWIVZEXMSR [IPPW %
ZEVMEXMSRSJXLIGPSWIHW]WXIQYRMXMWXLI[IPPSVTMTIW]WXIQ
[LMGLMWGETTIHWSXLEXE&SYVHSRX]TIKEYKIQE]FIYWIH
JSV HMVIGXP] VIEHMRK [EXIV TVIWWYVI 7SQI WMQMPEV W]WXIQW
YWI TVIWWYVI XVERWHYGIVW VEXLIV XLER &SYVHSR KEYKIW XS
QIEWYVI XLI TVIWWYVI 3XLIV X]TIW SJ TMI^SQIXIVW EVI
EZEMPEFPIFYXLEZIRSXFIIRYWIHMRGSRGVIXIHEQW8LIWI
SXLIVX]TIWMRGPYHIL]HVSWXEXMGTVIWWYVIMRHMGEXSVWL]HVEYPMG
X[MRXYFITMI^SQIXIVWTRIYQEXMGTMI^SQIXIVWTSVSYWXYFI
TMI^SQIXIVWERHWPSXXIHTMTITMI^SQIXIVW
4VIWWYVI SV WXVIWW QIEWYVMRK HIZMGIW{*SYV X]TIW LEZI
FIIR YWIH +PSIX^P GIPP 'EVPWSR PSEH GIPP ZMFVEXMRK[MVI
KEYKIW ERH JPEX NEGOW 8LI +PSIX^P GIPP STIVEXIW L]HVEYPM
GEPP]XSFEPERGI RYPP E KMZIR TVIWWYVI [LMPI XLI 'EVPWSR
PSEH GIPP YWIW GLERKMRK IPIGXVMGEP VIWMWXERGI HYI XS [MVI
PIRKXLGLERKIWGEYWIHF]ETTPMIHTVIWWYVI8LIZMFVEXMRK[MVI
KEYKIEZEVMEXMSRSJXLI'EVPWSRGIPPQIEWYVIWXLIGLERKIMR
ZMFVEXMSRJVIUYIRG]GEYWIHF]WXVEMRMREZMFVEXMRK[MVI8LI
JPEXNEGOWYWIE&SYVHSRXYFIKEYKIXSQIEWYVITVIWWYVIW
7IITEKIQIEWYVIQIRXHIZMGIW{'SQQSRP]YWIHWIITEKI
QSRMXSVMRKHIZMGIWMRGPYHIUYERXMXEXMZIHIZMGIWXLEXMRGPYHI
[IMVW JPS[ QIXIVW 4EVWLEPP JPYQIW ERH GEPMFVEXIH GEXGL
GSRXEMRIVW*PS[QIXIVWERHTVIWWYVIXVERWHYGIVHIZMGIWEVI
EPWSWSQIXMQIWYWIHXSHIXIVQMRIUYERXMX]SJJPS[MRETMTI
SVSTIRGLERRIP
-RXIVREPQSZIQIRXQIEWYVMRKHIZMGIW{8LIWIEVIYWIHXS
SFXEMR QIEWYVIQIRXW SJ VIPEXMZI QSZIQIRXW FIX[IIR XLI
WXVYGXYVIERHXLIEFYXQIRXWJSYRHEXMSRWSVFSXL8LIHIZMGIW
GSRWMWX SJ IWWIRXMEPP] LSVM^SRXEP ERH ZIVXMGEP QIEWYVIQIRXW
YWMRK GEPMFVEXIH XETIW WMRKPITSMRX ERH QYPXMTSMRX FSVILSPI
I\XIRWSQIXIVWNSMRXQIXIVWTPYQFPMRIWHMEPKEYKIHIZMGIW
;LMXXIQSVIKEYKIWVIWMWXERGIKEYKIWXMPXQIXIVWERHMRGPM
RSQIXIVHIJPIGXSQIXIVW 7XVEMR QIXIVW ERH RSWXVIWW WXVEMR
HIZMGIWQE]EPWSFIYWIHJSVQIEWYVMRKMRXIVREPQSZIQIRXW
7YVJEGI QSZIQIRX QIEWYVMRK HIZMGIW{)\XIVREP ZIVXMGEP
ERHLSVM^SRXEPQSZIQIRXWEVIQIEWYVIHSRXLIWYVJEGIWSJ
WXVYGXYVIW XS HIXIVQMRI XSXEP QSZIQIRXW [MXL VIWTIGX XS E
JM\IHHEXYQPSGEXIHSJJXLIWXVYGXYVI6IJIVIRGITSMRXWQE]
FIQSRYQIRXWSVHIWMKREXIHTSMRXWSREHEQGVIWXSRXLI
YTWXVIEQERHHS[RWXVIEQJEGIWSRXLIXSISJEHEQSVSR
ETTYVXIRERX WXVYGXYVIW &SXL PEXIVEP SV XVERWPEXMSREP ERH

VSXEXMSREP QSZIQIRXW SJ XLI HEQ EVI SJ MRXIVIWX 7YVJEGI


QSZIQIRXW EVI YWYEPP] SFWIVZIH YWMRK GSRZIRXMSREP PIZIP
ERH TSWMXMSR WYVZI]W 8LI TSWMXMSR WYVZI]W QE] FI
GSRHYGXIH YWMRK XVMERKYPEXMSR XVMPEXIVEXMSR SV GSPPMQEXMSR
XIGLRMUYIW-RHMZMHYEPQIEWYVIQIRXHIZMGIWMRGPYHIPIZIPW
XLISHSPMXIW GEPMFVEXIH WYVZI] XETIW IPIGXVSRMG HMWXERGI
QIEWYVMRK )(1 HIZMGIWERHEWWSGMEXIHVSHWSVXEVKIXW
:MFVEXMSR QIEWYVMRK HIZMGIW{:EVMSYW GSQQIVGMEPP]
EZEMPEFPI MRWXVYQIRXW MRGPYHI XLI WXVSRK QSXMSR EGGIP
IVSKVETLERHXLITIEOVIGSVHMRKEGGIPIVSKVETL
9RFSRHIHVIWMWXERGI[MVISV'EVPWSRX]TIQIXIVWMRGPYHI
WXVEMR QIXIVW WXVIWW QIXIVW NSMRX QIXIVW HIJSVQEXMSR
QIXIVW TSVI TVIWWYVI GIPPW ERH VIMRJSVGIQIRX QIXIVW -R
IEGLSJXLIWIHIZMGIWX[SWIXWSJYRFSRHIHWXIIP[MVIWEVI
EVVERKIHWSXLEX[LIRWYFNIGXIHXSXLIEGXMSRXSFIQIEWYVIH
SRIWIXMRGVIEWIWMRXIRWMSR[LMPIXLISXLIVHIGVIEWIW%XIWX
WIX FEWIH SR XLI ;LIEXWXSRI &VMHKI QIEWYVIW VIWMWXERGI
ERH VIWMWXERGI VEXMSW JVSQ [LMGL XLI XIQTIVEXYVI ERH XLI
WXVEMR ERH WXVIWW GER FI HIXIVQMRIH 8LIWI MRWXVYQIRXW
IQFIHHIHMRJVIWLGSRGVIXIEVIVIPEXMZIP]HYVEFPIMRWIVZMGI
TVSZMHIEWXEFPI^IVSVIEHMRKQEMRXEMRXLIMVGEPMFVEXMSRERH
EVIGSRWXVYGXIHWSEWXSFIHITIRHEFPIJSVEPSRKXMQI
8STVSTIVP]QSRMXSVXLITIVJSVQERGISJEQEWWGSRGVIXI
WXVYGXYVIMXMWSJXIRRIGIWWEV]XSGSPPIGXMRWXVYQIRXEXMSRHEXE
SZIVI\XIRHIHTIVMSHW8LIQSRMXSVMRKIUYMTQIRXWLSYPHFI
EWWMQTPIVYKKIHERHHYVEFPIEWTSWWMFPIERHFIQEMRXEMRIH
MRWEXMWJEGXSV]STIVEXMRKGSRHMXMSR8LIMRWXVYQIRXWWLSYPH
FIVYKKIHIRSYKLXSFIIQFIHHIHMRJVIWLGSRGVIXI;LIR
QIEWYVMRK WXVEMR XLI MRWXVYQIRXW WLSYPH FI EX PIEWX XLVII
XMQIWXLIPIRKXLSJXLIPEVKIWXTEVXMGPIMRXLIJVIWLGSRGVIXI
&IGEYWI XLI] GSRXEMR IPIGXVMGEPWIRWMRK IPIQIRXW XLI]
WLSYPH RSX SRP] FI [EXIVTVSSJ FYX EPP QEXIVMEP WLSYPH FI
VIWMWXERXXSXLIEPOEPMIWMRGSRGVIXI8LIRIGIWWMX]SJQEMRXEMRMRK
TVSTIVSTIVEXMSREPGLEVEGXIVMWXMGWGVIEXIWQER]TVSFPIQW)ZIR
EWMQTPIWYVJEGIPIZIPMRKTSMRXQE]FIWYFNIGXXSHEQEKIF]
JVSWXEGXMSRXVEJJMGQEMRXIRERGISTIVEXMSRWSRXLIGVIWXSV
ZERHEPMWQ3FWIVZEXMSR[IPPWERHQSWXTMI^SQIXIVWGERFI
HEQEKIHF]JVSWXEGXMSRGEZMRKGSVVSWMSRSJQEXIVMEPYWIH
JSVGEWMRKPSWWSJQIEWYVMRKIUYMTQIRXMRXLILSPIERHF]
ZERHEPW HVSTTMRK VSGOW MRXS XLI LSPIW 9RPIWW WTIGMEP
TVIGEYXMSRW EVI XEOIR XLI EZIVEKI PMJI SJ MRWXEPPEXMSRW SJ
XLIWI X]TIW QE] FI WMKRMJMGERXP] VIHYGIH 8S QMRMQM^I
HEQEKIXLIXSTWSJQIEWYVMRKTSMRXWERH [IPPW WLSYPHFI
GETTIHERHPSGOIHERHWLSYPHFIEWMRGSRWTMGYSYWERHGPSWI
XSXLIWYVVSYRHMRKWYVJEGIEWTSWWMFPI0SGEXMSRWSJMRWXEPPEXMSRW
WLSYPHRSXFIMQQIHMEXIP]EHNEGIRXXSVSEHWXVEMPWSV[EXIV
GLERRIPW ERH RSRGSVVSWMZI QEXIVMEP WLSYPH FI YWIH
[LIVIZIVTSWWMFPI
'SRGVIXIWYVJEGIWQE]FIWYFNIGXIHXSI\GIWWMZIWXVIWWIW
ERH GVEGOMRK XLEX [MPP QEOI WXVIWW SV WXVEMR QIEWYVIQIRXW
SFXEMRIHJVSQWYVJEGIQSYRXIHMRWXVYQIRXEXMSRQIERMRKPIWW
6IPMEFPI QIEWYVIQIRXW SJ WXVEMR ERH WXVIWW WLSYPH GSQI
JVSQIPIGXVMGEPQIEWYVMRKMRWXVYQIRXWIQFIHHIHJEVIRSYKL
JVSQ XLI WYVJEGI XS EZSMH XLI IJJIGXW SJ HEMP] XIQTIVEXYVI
G]GPIW )QFIHHIH MRWXVYQIRXW EVI KIRIVEPP] EGGIWWIH F]
QIERW SJ GSRHYGXMRK GEFPIW PIEHMRK XS GSRZIRMIRX VIEHMRK
WXEXMSRW PSGEXIH MR HEQ KEPPIVMIW SV EX XLIWYVJEGI SJ SXLIV
QEWWGSRGVIXIWXVYGXYVIW

-J GIVXEMR X]TIW SJTMI^SQIXIV XYFMRK EVI YWIH XLIVI EVI


GIVXEMRQMGVSFIWXLEXGERPMZIERHTVSPMJIVEXI[MXLMRXLIXYFIW
YRPIWW XLI [EXIV MR XLI W]WXIQ MW XVIEXIH [MXL E FMSPSKMGEP
MRLMFMXSV 7SQI ERXMJVII^I WSPYXMSRW TVIZMSYWP] TPEGIH MR
W]WXIQWHIZIPSTEJPSGXLEXVIWYPXWMRTPYKKMRKSJXLIXYFIW
%PWSMRGIVXEMRIRZMVSRQIRXWQEXIVMEPMRWSQIKEYKIWQE]
GSVVSHIERHVIRHIVXLIQYWIPIWW
1ER]HIZMGIWEVIVIQSZEFPIERHQE]FIGEPMFVEXIHSRE
VIKYPEV FEWMW LS[IZIV QSWX MRWXVYQIRXEXMSR MW JM\IH MR
TPEGIERHMWRSXVITEMVEFPI[LIRHEQEKISVQEPJYRGXMSRMRK
MWHMWGSZIVIH*M\IHHIZMGIWGERKIRIVEPP]SRP]FIVITPEGIH
JVSQXLIWYVJEGIF]HIZMGIWMRWXEPPIHMRHVMPPIHLSPIWERHEVI
XLIVIJSVI YWYEPP] RSX VITPEGIEFPI 3XLIV HIZMGIW WYGL EW
WYVJEGIQSRYQIRXWEVIVITPEGIEFPIXSWSQII\XIRX

;MXLMRGVIEWMRKP]IJJIGXMZIYWISJGSPHGSRGVIXIEWTPEGIH
ERHIWTIGMEPP][LIRREVVS[WLVMROEKIWPSXWEVIPIJXERHPEXIV
JMPPIH [MXL GSPH GSRGVIXI WSQI QE] UYIWXMSR [LIXLIV
GSRXVEGXMSRNSMRX KVSYXMRK WIVZIW QYGL TYVTSWI JSV LMKL
XLMREVGL HEQW FIGEYWI E PMXXPI HS[RWXVIEQ GERXMPIZIV
QSZIQIRX[MPPFVMRKXLINSMRXWMRXSXMKLXGSRXEGX2IZIVXLIPIWW
KVSYXMRKVIPMIZIWPEXIVEVGLERHGERXMPIZIVWXVIWWIWF]HMWXVMFYXMRK
XLIQ QSVI IZIRP] ERH MX VIQEMRW KIRIVEP TVEGXMGI XS KVSYX
GSRXVEGXMSRNSMRXWMRWYGLHEQW
-RVIGIRXHIGEHIWXLIXVERWZIVWIGSRXVEGXMSRNSMRXWMRQSWX
KVEZMX]HEQWLEZIRSXFIIRKVSYXIH-X[EWGSRWMHIVIHXLEXER
YTWXVIEQ [EXIVWXST FEGOIH YT F] E ZIVXMGEP HVEMR [SYPH
TVIZIRX ZMWMFPI PIEOEKI XLEX KVSYX JMPPMRK [EW YRRIGIWWEV]
FIGEYWIXLIVI[EWRSXVERWZIVWIWXVIWWERHXLEXQSRI][SYPH
FIWEZIH-RVIGIRX]IEVWLS[IZIVXLIETTIEVERGISJWSQI
XVERWZIVWIGVEGOWKIRIVEPP]TEVEPPIPXSXLIGSRXVEGXMSRNSMRXW
LEWTVSQTXIHVIGSRWMHIVEXMSRSJXLIKVSYXMRKSJGSRXVEGXMSR
NSMRXW MR KVEZMX] HEQW -RXIVQIHMEXI GVEGOW GER WXEVX SR XLI
YTWXVIEQ JEGI ERH FI TVSTEKEXIH JEVXLIV MRXS XLI HEQ ERH
WSQIXMQIWXLVSYKL MXHYIXSXLIGSPHXIQTIVEXYVIERHLMKL
TVIWWYVISJHIITVIWIVZSMV[EXIV-XWGSPHRIWWGSSPWXLIMRXIVMSV
GSRGVIXIEXXLIGVEGOERHJYVXLIVSTIRWMX8VERWZIVWIGVEGOW
WLSYPHFIVITEMVIHFIJSVIVIWIVZSMVJMPPMRKMJEXEPPTSWWMFPI-J
XLI XVERWZIVWI NSMRXW EVI JMPPIH [MXL KVSYX E WYVJEGI GVEGO
STIRMRKWSQI[LIVISRXLIYTWXVIEQJEGIQE]LEZIIJJIGXMZI
VIWMWXERGIEKEMRWXTVSTEKEXMSRERHJYVXLIVSTIRMRK
;LIVI XLIVI MW VIEWSR XS KVSYX GSRXVEGXMSR NSMRXW E
TVSKVEQSJTVIGSSPMRKERHTSWXGSSPMRKWLSYPHFIEVVERKIHXS
TVSZMHIENSMRXSTIRMRKSJEXPIEWXMR QQ XSIRWYVI
GSQTPIXIJMPPMRK[MXLKVSYXIZIRXLSYKLYRHIVWTIGMEPXIWX
GSRHMXMSRW KVSYX QE] TIRIXVEXI QYGL REVVS[IV STIRMRKW
8LIKVSYXMRK W]WXIQ GER FI HIWMKRIH MR WYGL E [E] EW XS
EPPS[IMXLIVNYWXSRISVX[SKVSYXMRKSTIVEXMSRW [LIRXLI
[MHXL SJ XLI STIRMRK MW RIEV MXW QE\MQYQ  SV WIZIVEP
STIVEXMSRW [LIRXLI JMVWX NSMRX JMPPMRK LEWXS FITIVJSVQIH
FIJSVI XLI QE\MQYQ STIRMRK MW VIEGLIH ERH XLIVI MW RS
TVSZMWMSR JSV TSWXGSSPMRK ;EVRIV   HIWGVMFIW XLI
KVSYXMRK W]WXIQW ERH KVSYXMRK STIVEXMSRW JSV KVSYXMRK
GSRXVEGXMSRNSMRXW7MPZIMVEIXEP  HIWGVMFIEKVSYXMRK
W]WXIQXLEXIQTPS]WTEGOIVWXSTIVQMXVIYWI SJXLI TMTMRK
W]WXIQ 8LI YWI SJ IQFIHHIH MRWXVYQIRXEXMSR EGVSWW XLI

NSMRXMWXLISRP][E]XSEGGYVEXIP]HIXIVQMRIXLIQEKRMXYHI
SJXLINSMRXSTIRMRK 'EVPWSR7MPZIMVEIXEP 

8LIHSGYQIRXWSJXLIZEVMSYWWXERHEVHWTVSHYGMRKSVKERM
^EXMSRW VIJIVVIH XS MR XLMW HSGYQIRX EVI PMWXIH FIPS[ [MXL
XLIMVWIVMEPHIWMKREXMSR8LIHSGYQIRXWPMWXIH[IVIXLIPEXIWX
IJJSVXEXXLIXMQIXLMWHSGYQIRX[EWVIZMWIH7MRGIWSQISJ
XLIWI HSGYQIRXW EVI VIZMWIH JVIUYIRXP] XLI YWIV SJ XLMW
HSGYQIRXWLSYPHGLIGOHMVIGXP][MXLXLIWTSRWSVMRKKVSYTMJ
MXMWHIWMVIHXSVIJIVXSXLIPEXIWXVIZMWMSR
%QIVMGER'SRGVIXI-RWXMXYXI
6
'IQIRXERH'SRGVIXI8IVQMRSPSK]
6
+YMHIXS(YVEFPI'SRGVIXI
6
)JJIGX SJ 6IWXVEMRX :SPYQI 'LERKI ERH 6IMR
JSVGIQIRXSR'VEGOMRKSJ1EWW'SRGVIXI
6
'SSPMRKERH-RWYPEXMRK7]WXIQWJSV1EWW'SRGVIXI
6
6SPPIV'SQTEGXIH1EWW'SRGVIXI
6
4VIHMGXMSR SJ 'VIIT 7LVMROEKI ERH 8IQTIVE
XYVI)JJIGXWMR'SRGVIXI7XVYGXYVIW
6
)VSWMSRSJ'SRGVIXIMR,]HVEYPMG7XVYGXYVIW

7XERHEVH4VEGXMGIJSV7IPIGXMRK4VSTSVXMSRWJSV
2SVQEP,IEZ][IMKLXERH1EWW'SRGVIXI
6
'LIQMGEP%HQM\XYVIWJSV'SRGVIXI
6
+YMHI JSV 9WI SJ 2SVQEP ;IMKLX ERH ,IEZ]
[IMKLX%KKVIKEXIWMR'SRGVIXI
6
7XEXISJXLI%VX 6ITSVX SR %POEPM%KKVIKEXI
6IEGXMZMX]
6
'SRXVSPSJ'VEGOMRKMR'SRGVIXI7XVYGXYVIW
6
'EYWIW )ZEPYEXMSR ERH 6ITEMV SJ 'VEGOW MR
'SRGVIXI7XVYGXYVIW
6
9WISJ*P]%WLMR'SRGVIXI
6
7PEK'IQIRXMR'SRGVIXIERH1SVXEV
6
+YMHIJSV1IEWYVMRK1M\MRK8VERWTSVXMRKERH
4PEGMRK'SRGVIXI
6
4PEGMRK'SRGVIXIF]4YQTMRK1IXLSHW
6
4PEGMRK'SRGVIXI[MXL&IPX'SRZI]SVW
6
,SX;IEXLIV'SRGVIXMRK
6
+YMHIJSV'SRWSPMHEXMSRSJ'SRGVIXI

+YMHIJSV'SRGVIXI4PERX-RWTIGXMSRERH8IWXMRK
SJ6IEH]1M\IH'SRGVIXI
6 &YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYGXYVEP
'SRGVIXIERH'SQQIRXEV]
%781-RXIVREXMSREP
'
7XERHEVH7TIGMJMGEXMSRJSV6IEH]1M\IH'SRGVIXI
'
7XERHEVH8IVQMRSPSK]6IPEXMRKXS'SRGVIXIERH
'SRGVIXI%KKVIKEXIW
'
7XERHEVH7TIGMJMGEXMSRJSV4SVXPERH'IQIRX
'
7XERHEVH 7TIGMJMGEXMSR JSV %MV)RXVEMRMRK
%HQM\XYVIWJSV'SRGVIXI
'
7XERHEVH 7TIGMJMGEXMSR JSV 'LIQMGEP %HQM\
XYVIWJSV'SRGVIXI
'
7XERHEVH 7TIGMJMGEXMSR JSV &PIRHIH ,]HVEYPMG
'IQIRXW

'
'

'

'

7XERHEVH7TIGMJMGEXMSRJSV'SEP*P]%WLERH6E[
SV'EPGMRIH2EXYVEP4S^^SPERJSV9WIMR'SRGVIXI
7XERHEVH 1IXLSH JSV 1EOMRK %GGIPIVEXIH
'YVMRKERH8IWXMRKJSV'SRGVIXI'SQTVIWWMSR
8IWX7TIGMQIRW
7XERHEVH 7TIGMJMGEXMSR JSV +VSYRH +VERYPEXIH
&PEWX*YVREGI 7PEK JSV 9WI MR 'SRGVIXI ERH
1SVXEVW
7XERHEVH 4IVJSVQERGI 7TIGMJMGEXMSR JSV
,]HVEYPMG'IQIRX

8LIWI TYFPMGEXMSRW QE] FI SFXEMRIH JVSQ XLI JSPPS[MRK


SVKERM^EXMSRW
%QIVMGER'SRGVIXI-RWXMXYXI
43&S\
*EVQMRKXSR,MPPW1-
[[[GSRGVIXISVK
%781-RXIVREXMSREP
&EVV,EVFSV(VMZI
;IWX'SRWLSLSGOIR4%
[[[EWXQSVK

%FVEQW ( %  w(IWMKR SJ 'SRGVIXI 1M\XYVIWx


077XVYGXYVEP1EXIVMEPW6IWIEVGL0EFSVEXSV]0I[MW-RWXM
XYXIERH4SVXPERH'IQIRX%WWSGMEXMSR'LMGEKS-PPTT
%7')  w+YMHIPMRIW JSV -RWXVYQIRXEXMSR ERH
1IEWYVIQIRXW JSV 1SRMXSVMRK (EQ 4IVJSVQERGIx %QIV
MGER7SGMIX]SJ'MZMP)RKMRIIVW2I[=SVO
&SKYI6,w7XYHMIWSRXLI:SPYQI7XEFMPMX]SJ
4SVXPERH 'IQIRX 4EWXIWx 4'% *IPPS[WLMT 4ETIV 2S 
2EXMSREP&YVIEYSJ7XERHEVHW;EWLMRKXSR('
'EVPWSR6;1ERYEPJSVXLI9WISJ7XVEMR1IXIVW
ERH 3XLIV -RWXVYQIRXW MR 'SRGVIXI 7XVYGXYVIW 'EVPWSR
-RWXVYQIRXW'EQTFIPP
'EVPWSR6;,SYKLXSR(0ERH4SPMZOE1
w'EYWIW ERH 'SRXVSP SJ 'VEGOMRK MR 9RVIMRJSVGIH 1EWW
'SRGVIXIx%'-.3962%0 4VSGIIHMRKW :2S.YP]
TT
(EZMW 6 )  w,MWXSVMGEP %GGSYRX SJ 1EWW
'SRGVIXIx 7]QTSWMYQ SJ 1EWW 'SRGVIXI 74 %QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
(YWMRFIVVI(1w2YQIVMGEP1IXLSHWJSV8VER
WMIRX ,IEX *PS[x 8VERWEGXMSRW %QIVMGER 7SGMIX] SJ
1IGLERMGEP)RKMRIIVW:2SZTT
*EVR].%ERH/SWQEXOE7,w(MEKRSWMWERH
'SRXVSPSJ%POEPM%KKVIKEXI6IEGXMSRWMR'SRGVIXIx-7
4SVXPERH'IQIRX%WWSGMEXMSR7OSOMI-PPTT
+MR^FYVK8+>MRGLIROS2%ERH7OYSVXWSZE+*
w'SRGVIXIJSV/VEWRS]EVWO(EQx +MHVSXIOLRIGLIWOSI
7XVSMXIPWXZS 1SWGS[ 2STT MR6YWWMER
+VELEQ . 6  w(IWMKR ERH %REP]WMW SJ %YFYVR
(EQ{:SPYQI *SYV (]REQMG 7XYHMIWx 97 &YVIEY SJ
6IGPEQEXMSR(IRZIV'SPS

,EVFSI ) 1  w4VSTIVXMIW SJ 1EWW 'SRGVIXI MR


&YVIEY SJ 6IGPEQEXMSR (EQWx 6ITSVX 2S '
'SRGVIXI0EFSVEXSV]97&YVIEYSJ6IGPEQEXMSR(IRZIV
'SPS(IGTT
,EVFSI ) 1  w4VSTIVXMIW SJ 1EWW 'SRGVIXI MR
&YVIEY SJ 6IGPEQEXMSR (EQWx 6ITSVX 2S ' 97
(ITEVXQIRXSJXLI-RXIVMSV&YVIEYSJ6IGPEQEXMSR(MZMWMSR
SJ )RKMRIIVMRK 0EFSVEXSVMIW'SRGVIXI 0EFSVEXSV]&VERGL
(IRZIV'SPS(IG
,EVVMW(;1SLSVSZMG')ERH(SPIR84
w(]REQMG4VSTIVXMIWSJ1EWW'SRGVIXI3FXEMRIHJVSQ(EQ
'SVIWx %'-1EXIVMEPW.SYVREP:2S1E].YRI
TT
,IWW.6w6ETMH0SEH7XVIRKXL8IWXMRKJSV8LVII
'SRGVIXI (EQWx 4VSGIIHMRKW %WWSGMEXMSR SJ 7XEXI (EQ
7EJIX]3JJMGMEPW%RRYEP'SRJIVIRGI &EPXMQSVI 0I\MRKXSR
TT
,MKKMRWSR) ' ;EPPEGI +&ERH 3VI)0
w)JJIGX SJ 1E\MQYQ 7M^I %KKVIKEXI SR 'SQTVIWWMZI
7XVIRKXLSJ1EWW'SRGVIXIx7]QTSWMYQSR1EWW'SRGVIXI
74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL
TT
,SYKLXSR ( 0  w'SRGVIXI :SPYQI 'LERKI JSV
([SVWLEO(EQx4VSGIIHMRKW%7'):2S433GX
TT
,SYKLXSR ( 0  w1IEWYVIW &IMRK 8EOIR JSV
4VIZIRXMSR SJ 'VEGOW MR 1EWW 'SRGVIXI EX ([SVWLEO ERH
0MFF](EQWx8VERWEGXMSRWXL-RXIVREXMSREP'SRKVIWWSR
0EVKI(EQW 1SRXVIEP -RXIVREXMSREP'SQQMWWMSRSR0EVKI
(EQW4EVMW
,SYKLXSR(0w'SRGVIXI7XVEMR'ETEGMX]8IWXW{
8LIMV )GSRSQMG -QTPMGEXMSRWx 4VSGIIHMRKW )RKMRIIVMRK
*SYRHEXMSR 6IWIEVGL 'SRJIVIRGI 4EGMJMG +VSZI 'EPMJ
1E]TT
,SYKLXSR ( 0  w(IXIVQMRMRK 8IRWMPI 7XVEMR
'ETEGMX]SJ1EWW'SRGVIXIx%'-.3962%0 4VSGIIHMRKW
:2S(IGTT
,SYKLXSR ( 0 ERH ,EPP ( .  w)PMQMREXMSR SJ
+VSYXSR,SVM^SRXEP'SRWXVYGXMSR.SMRXWEX([SVWLEO(EQx
%'-.3962%0 4VSGIIHMRKW :2S1EVTT
,SYO-).V&SVKI3)ERH,SYKLXSR(0
w7XYHMIW SJ %YXSKIRSYW :SPYQI 'LERKI MR 'SRGVIXI JSV
([SVWLEO(EQx%'-.3962%0 4VSGIIHMRKW :2S
.YP]TT
,YVH 1 /  *SVQ[SVO JSV 'SRGVIXI 74 XL
)HMXMSR %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW
1MGLTT
-'30(  8VERWEGXMSRW XL -RXIVREXMSREP 'SRKVIWW
SR0EVKI(EQW )HMRFYVKL -RXIVREXMSREP'SQQMWWMSRSR
0EVKI(EQW4EVMW:
-XEMTY &MREGMSREP  w8LI -XEMTY ,]HVSIPIGXVMG
4VSNIGX(IWMKRERH'SRWXVYGXMSR*IEXYVIWx(IG
/PIMR % 4MVX^ ( ERH %HEQW 6 *  w8LIVQEP
4VSTIVXMIW SJ 1EWW 'SRGVIXI (YVMRK %HMEFEXMG 'YVMRKx
7]QTSWMYQ SR 1EWW 'SRGVIXI 74 %QIVMGER 'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT

0MY 8 ' ERH 1G(SREPH . )  w4VIHMGXMSR SJ


8IRWMPI7XVEMR'ETEGMX]SJ1EWW'SRGVIXIx%'-.3962%0
4VSGIIHMRKW :2S1E]TT
1EXLIV &  w9WI SJ 'SRGVIXI SJ 0S[ 4SVXPERH
'IQIRX'SRXIRXMR'SQFMREXMSR[MXL4S^^SPERWERH3XLIV
%HQM\XYVIW MR 'SRWXVYGXMSR SJ 'SRGVIXI (EQWx %'.3962%0 4VSGIIHMRKW:2S(IGTT
1G0IER*+ERH 4MIVGI . 7w'SQTEVMWSRSJ
.SMRX 7LIEV 7XVIRKXL JSV 'SRZIRXMSREP ERH 6SPPIV
'SQTEGXIH 'SRGVIXIx 6SPPIV 'SQTEGXIH 'SRGVIXI -4VSGIIHMRKW%7')TT
2IIPI] & ( ERH 4SSPI 8 7  w1IXLSHW SJ
4VITEVMRK,SVM^SRXEP'SRWXVYGXMSR.SMRXWMR1EWW'SRGVIXIx
86 709 7 %VQ] )RKMRIIV;EXIV[E]W )\TIVMQIRX
7XEXMSR:MGOWFYVK1MWWTT
2IIPI] & ( 4SSPI 8 7 ERH ;IMWW ' % 
w1IXLSHW SJ 4VITEVMRK ,SVM^SRXEP 'SRWXVYGXMSR .SMRXW MR
1EWW'SRGVIXI1MRMQM^MRK0EMXERGIx86706ITSVX
9 7 %VQ] )RKMRIIV ;EXIV[E]W )\TIVMQIRX 7XEXMSR
:MGOWFYVK1MWWTT
2IZMPPI%14VSTIVXMIWSJ'SRGVIXI.SLR;MPI]
ERH7SRW-RGTT
4SPMZOE14MVX^(ERH%HEQW6*w7XYHMIWSJ
'VIIT MR 1EWW 'SRGVIXIx 7]QTSWMYQ SR 1EWW 'SRGVIXI
74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL
TT
4SPMZOE61ERH;MPWSR)0w*MRMXI)PIQIRX
%REP]WMW SJ 2SRPMRIEV ,IEX 8VERWJIV 4VSFPIQWx 7)71
6ITSVX 2S9RMZIVWMX]SJ'EPMJSVRME&IVOIPI]TT
4SVXPERH 'IQIRX %WWSGMEXMSR  w'SRGVIXI JSV
1EWWMZI7XVYGXYVIWx4YFPMGEXMSR 2S-78TT
4VMGI ; , ERH ,MKKMRWSR ) '  w&YVIEY SJ
6IGPEQEXMSR 4VEGXMGIW MR 1EWW 'SRGVIXIx 7]QTSWMYQ SR
1EWW 'SRGVIXI 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQ
MRKXSR,MPPW1MGLTT
6ETLEIP.1w8IRWMPI7XVIRKXLSJ'SRGVIXIx%'.3962%0 4VSGIIHMRKW :2S1EV%TVTT
6LSHIW.%w8LIVQEP4VSTIVXMIWx7MKRMJMGERGISJ
8IWXW ERH 4VSTIVXMIW SJ 'SRGVIXI ERH 'SRGVIXI 1EOMRK
1EXIVMEPW 784& %781 -RXIVREXMSREP ;IWX 'SRWLS
LSGOIR4ETT
7EYGMIV / 0  w(]REQMG 4VSTIVXMIW SJ 1EWW
'SRGVIXIx 1MWGIPPERISYW 4ETIV 2S ' 97 %VQ]
)RKMRIIV;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOWFYVK1MWW
.YRITT
7MPZIMVE.'EVZEPLS64EXIVRS2ERH/YTIVQER7
w+VSYXMRKSJ'SRXVEGXMSR.SMRXWMR'SRGVIXI7XVYGXYVIW
EX %UYE :IVQIPLE (EQ{-RWXVYQIRXEXMSR ERH &ILEZMSVx
8VERWEGXMSRW XL -RXIVREXMSREP 'SRKVIWW SR 0EVKI (EQW
6MSHI.ERIMVS -RXIVREXMSREP'SQQMWWMSRSR0EVKI
(EQW4EVMW
7XIMRSYV , ,  w'SRGVIXI 1M\ ;EXIV{,S[
-QTYVI'ER-X&I#x.SYVREP4'%6IWIEVGLERH(IZIPST
QIRX0EFSVEXSVMIW:2S7ITXTT
8IRRIWWII:EPPI]%YXLSVMX]w8LI2SVVMW4VSNIGXx
8IGLRMGEP6ITSVX2S/RS\ZMPPI8IRR

8YXLMPP 0 ,  w(IZIPSTQIRXW MR 1IXLSHW SJ


8IWXMRKERH7TIGMJ]MRK'SEVWI%KKVIKEXIx%'-.3962%0
4VSGIIHMRKW :2S7ITXTT
8YXLMPP 0 ,  w-RWTIGXMSR SJ 1EWW ERH 6IPEXIH
'SRGVIXI'SRWXVYGXMSRx%'-.3962%0 4VSGIIHMRKW :
2S.ERTT
8YXLMPP0,w:MFVEXMSRSJ1EWW'SRGVIXIx%'.3962%0 4VSGIIHMRKW :2S.YRITT
8YXLMPP0,w%HZERGIH'SRGVIXI4VEGXMGIWx'MZMP
)RKMRIIVMRK %7'):2S.YP]TT
8YXLMPP 0, w&IXXIV +VEHMRK SJ'SRGVIXI %KKVI
KEXIWx 'SRGVIXI-RXIVREXMSREP:2S(IGTT
8]RIW;3ERH1G'PIIWI;*w)ZEPYEXMSRSJ
,MKL4VIWWYVI;EXIV.IXERH.SMRX4VITEVEXMSR4VSGIHYVIWx
8IGLRMGEP6ITSVX2S6ITSVX97%VQ])RKMRIIV
;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOWFYVK1MWWTT
97%VQ]'SVTWSJ)RKMRIIVW 97%') w-RZIWXM
KEXMSR SJ 1IXLSHW SJ 4VITEVMRK ,SVM^SRXEP 'SRWXVYGXMSR
.SMRXWMR'SRGVIXIx8IGLRMGEP6ITSVX2S6ITSVX
97%VQ])RKMRIIV;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOW
FYVK1MWWTT
97%') E w-RZIWXMKEXMSR SJ 1IXLSHW SJ 4VITEVMRK
,SVM^SRXEP 'SRWXVYGXMSR .SMRXW MR 'SRGVIXIx 8IGLRMGEP
6ITSVX 2S6ITSVX97%VQ])RKMRIIV;EXIV[E]W
)\TIVMQIRX7XEXMSR:MGOWFYVK1MWWTT
97%') F ,ERHFSSO JSV 'SRGVIXI ERH 'IQIRX
[[[GGFSVK
97%')w-RWXVYQIRXEXMSRJSV'SRGVIXI7XVYGXYVIWx
)1 7ITX
97%')w+VEZMX](EQ(IWMKRx)1 
7ITX
97%')Ew2SRPMRIEV-RGVIQIRXEP7XVYGXYVEP%REP]WMW
SJ1EWWMZI'SRGVIXI7XVYGXYVIWx)80 %YK
97%')Fw7XERHEVH4VEGXMGIJSV'SRGVIXIJSV'MZMP
;SVOW7XVYGXYVIWx)1 *IF
97%')  w-RWXVYQIRXEXMSR SJ )QFEROQIRX (EQW
ERH0IZIIWx)1
97%')  w)RKMRIIVMRK ERH (IWMKR{8LIVQEP
7XYHMIW SJ 1EWW 'SRGVIXI 7XVYGXYVIWx )80 
1E]
97&YVIEYSJ6IGPEQEXMSR 97&6 w'SSPMRKSJ
'SRGVIXI(EQW*MREP6ITSVXW&SYPHIV'ER]SR4VSNIGX4EVX
:--{'IQIRXERH'SRGVIXI-RZIWXMKEXMSRWx&YPPIXMR 2S
(IRZIV'SPSTT
97&6  w4VSTIVXMIW SJ 1EWW 'SRGVIXI MR 9RMXIH
7XEXIW ERH *SVIMKR (EQWx 6ITSVX 2S ' 'SRGVIXI
0EFSVEXSV](IRZIV'SPS.YP]TT
97&6w(IWMKRSJ+VEZMX](EQWx(IRZIV'SPS
TT
97&6w'SRXVSPSJ'VEGOMRKMR1EWW'SRGVIXI7XVYG
XYVIWx )RKMRIIVMRK1SRSKVETL2S(IRZIV'SPSTT
97&6  'SRGVIXI (EQ -RWXVYQIRXEXMSR 1ERYEP
(IRZIV'SPS3GXTT
97&6w(MVIGX7LIEVSJ']PMRHVMGEP'SRGVIXI7TIGM
QIRWx 97&6 4VSGIHYVI2S97&6'SRGVIXI1ERYEP
4EVXXL)HMXMSR97(ITEVXQIRXSJXLI-RXIVMSV&YVIEYSJ
6IGPEQEXMSR1EXIVMEPW)RKMRIIVMRK&VERGL(IRZIV'SPS
97&6'SRGVIXI1ERYEP(IRZIV'SPS1E]TT

;EPPEGI+&ERH3VI)0w7XVYGXYVEPERH0IER
1EWW'SRGVIXIEW%JJIGXIHF];EXIV6IHYGMRK7IX6IXEVHMRK
%KIRXWx 7]QTSWMYQSR)JJIGXSJ;EXIV6IHYGMRK%HQM\XYVIW
ERH7IX6IXEVHMRK%HQM\XYVIWSR4VSTIVXMIWSJ'SRGVIXI784
%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4ETT
977(w+IRIVEP+YMHIPMRIWJSV%YXSQEXIH4IVJSV
QERGI 1SRMXSVMRK SJ (EQWx 9RMXIH 7XEXIW 7SGMIX] SR
(EQW(IRZIV'SPS

;EVRIV.4VEGXMGEP,ERHFSSOSJ+VSYXMRK7SMP
6SGO ERH 7XVYGXYVIW .SLR ;MPI] ERH 7SRW -RG 2I[
=SVOTT
;MPWSR)0w8LI(IXIVQMREXMSRSJ8IQTIVEXYVIW
[MXLMR1EWW'SRGVIXI7XVYGXYVIWx7)716ITSVX2S
7XVYGXYVIW ERH 1EXIVMEPW 6IWIEVGL (ITEVXQIRX SJ 'MZMP
)RKMRIIVMRK 9RMZIVWMX] SJ 'EPMJSVRME &IVOIPI] 'EPMJ
(IGTT

You might also like