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XLI WYFQMXXIVERHVIZMI[IVF]TVSZMHMRKEHIWGVMTXMSRSJRIGIWWEV]MRJSV
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6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX
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'LETXIV{(SGYQIRXEXMSRSJGSQTVIWWMZI
WXVIRKXLT6
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{4EWXTIVJSVQERGIVIGSVHWYFQMXXEP
{8VMEPFEXGLVIGSVHWYFQMXXEP
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%'-6WYTIVWIHIW%'-6ERHFIGEQIIJJIGXMZI7ITXIQFIV
'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
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6

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GSRGVIXI QEXIVMEPW TVSTSVXMSRW ERH GLEVEGXIVMWXMGW 'SR
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MWMRXIRHIH XS FIRIJMXFSXL XLI WYFQMXXIVERHXLI VIZMI[IV
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FIJSVISVHYVMRKMXWQM\MRK %'-6 
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WLEPI TIVPMXI ZIVQMGYPMXI SV WPEK REXYVEP TYQMGI WGSVME
ZSPGERMGGMRHIVWXYJJERHHMEXSQMXIERHWMRXIVIHJP]EWLSV
MRHYWXVMEPGMRHIVWYWIHMRPMKLX[IMKLXGSRGVIXI %'-6 

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YRHIV[EXIV %'-6 
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SJEFMRHMRKQIHMYQ[MXLMR[LMGLEVIIQFIHHIHTEVXMGPIWSV
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KEXIERHGSEVWIEKKVIKEXIMRTSVXPERHGIQIRXGSRGVIXIXLI
FMRHIVMWEQM\XYVI SJ TSVXPERH GIQIRXERH [EXIV [MXL SV
[MXLSYXEHQM\XYVIW %'-6 
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HIWMKR %'-6 
JGV {6IUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLSJGSRGVIXI
YWIHEWXLIFEWMWJSVWIPIGXMSRSJGSRGVIXITVSTSVXMSRW %'6 
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VMEPW MR ZEVMSYW WLETIW ERH WM^IW XLEX EVI EHHIH FIJSVI SV
HYVMRKQM\MRKSJXLIGSRGVIXI
1EXIVMEPWGIQIRXMXMSYW{'IQIRXWERHTS^^SPERWYWIHMR
GSRGVIXIERHQEWSRV]GSRWXVYGXMSR %'-6 
;EXIVGIQIRXMXMSYW QEXIVMEPW VEXMS{8LI VEXMS SJ XLI
QEWWSJ[EXIVI\GPYWMZISRP]SJXLEXEFWSVFIHF]XLIEKKVI
KEXIXSXLIQEWWSJGIQIRXMXMSYWQEXIVMEP L]HVEYPMG MRGSR
GVIXIQSVXEVSVKVSYX %'-6 
',%48)6{1%8)6-%07%2(463(9'8-32
{5YEPMX]SJQEXIVMEPW
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[EXIVWLSYPHGSQTP][MXLXLIGSRXVEGXHSGYQIRXW)ZMHIRGI
SJWEXMWJEGXSV]TIVJSVQERGISJIEGLQEXIVMEPWLSYPHFITVSZMH
IHSRVIUYIWX-JEHIZMEXMSRJVSQXLIWTIGMJMIHQEXIVMEPMWRIG
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FIMRGPYHIHMRXLIWYFQMXXEP
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IEGLQEXIVMEPTVSTSWIHJSVYWISRXLITVSNIGXWLSYPHFIMHIR
XMJMIHERHMRGPYHIH1MPPXIWXVITSVXWQERYJEGXYVIVvWGIVXMJM
GEXMSR SJ GSQTPMERGI SV FSXL WLSYPH FI WYFQMXXIH MJ
VIUYMVIHSVFIEZEMPEFPIYTSRVIUYIWXF]XLITYVGLEWIV
%KKVIKEXIW{8LIWSYVGIWX]TIWERHMRHMZMHYEPKVEHMRKW
JSV IEGL EKKVIKEXI WLSYPH FI MHIRXMJMIH -R GSRJSVQERGI
[MXL%781'ERH'XLIGSQFMRIHKVEHMRKWSJXLI
XSXEPFPIRHIHEKKVIKEXI[LIRGSQFMRIHEKKVIKEXIGSRGITXW
EVI YWIH ERH WLSYPH FI MRGPYHIH JSV IEGL QM\XYVI EW HI
WGVMFIHMR%'-8LIJMRIRIWWQSHYPYWSJJMRIEKKVIKEXI
WLSYPHFI VITSVXIH 8LI WEXYVEXIHWYVJEGIHV] 77( WTI
GMJMGKVEZMX]ERHEFWSVTXMSRSJEPPEKKVIKEXIWEWTIV%781
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PSSWIYRMX[IMKLXSJPMKLX[IMKLXEKKVIKEXI SZIRHV] WLSYPH
FITVSZMHIH[LIRPMKLX[IMKLXEKKVIKEXIMWYWIH
*SVGSEVWIEKKVIKEXIWXLIWM^IHIWMKREXMSR EWHIWGVMFIHMR
%781'''SV( SVXLIRSQMREPQE\MQYQ
WM^IMWRIIHIH&IGEYWIEPPSJXLIWIEKKVIKEXITVSTIVXMIWMRJPY
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WYFQMXXIHXSWYTTSVXXLITVSTSWIHQM\XYVITVSTSVXMSRW

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%HQM\XYVIW{8LIZIRHSVERHX]TISJEPPEHQM\XYVIWTVS
TSWIHJSVYWIWLSYPHFIMHIRXMJMIHMREGGSVHERGI[MXL%781
''SVERSXLIVKSZIVRMRKWXERHEVH8LIWIEHQM\
XYVIWWLSYPHFI SJXLI WEQIX]TI EWXLSWI YWIH MR XLIXVMEP
QM\XYVIWJVSQ[LMGLWXVIRKXLHEXE[IVISFXEMRIH-JEHQM\
XYVIWEVIXSFIEHHIHEXETSMRXSXLIVXLERXLIGSRGVIXIFEXGL
MRKJEGMPMXMIWXLIPSGEXMSRWLSYPHFIMHIRXMJMIH
;EXIV{8LIWSYVGISJQM\MRK[EXIVWLSYPHFIMHIRXMJMIH
2SRTSXEFPI [EXIV VIUYMVIW IZMHIRGI SJ WEXMWJEGXSV] YWI MR
QSVXEVSVGSRGVIXIMREGGSVHERGI[MXL%781'8EFPI
7SQIWTIGMJMGEXMSRWQE]VIWXVMGXXLIGLPSVMHIMSRGSRXIRXSJ
XLIGSRGVIXI
'LPSVMHIMSR GSRXIRX{)ZMHIRGI SJ WSPYFPI GLPSVMHIMSR
GSRXIRXJSVIEGLMRKVIHMIRXSVJSVXLILEVHIRIHGSRGVIXIQE]
FIVIUYMVIH
*MFIVW GSPSV TMKQIRXW ERH SXLIV EHHMXMSRW{;LIVI XLI
WSYVGIERHX]TISJWTIGMJMGEHHMXMSRWEVIVIUYMVIHF]XLIGSR
XVEGX XLI] WLSYPH FI GSRXEMRIH MR QM\XYVIW JVSQ [LMGL
WXVIRKXLHEXE[IVISFXEMRIH1EXIVMEPWMHIRXMJMIHMRXLIWYF
QMXXEPEWEPXIVREXIWXSTVSHYGXWWTIGMJMIHF]REQIWLSYPHMR
GPYHIIZMHIRGISJWEXMWJEGXSV]TIVJSVQERGIERHGSQTPMERGI
XSETTVSTVMEXIQEXIVMEPWXERHEVHW
4VSHYGXMSR{-RJSVQEXMSRWYTTSVXMRKGSQTPMERGI[MXLXLI
GSRXVEGXHSGYQIRXWSV%781'WLSYPHFIEZEMPEFPIYTSR
VIUYIWXF]XLITYVGLEWIV-JQSVIXLERSRITVSHYGXMSRJEGMPMX]
MWTVSTSWIHJSVYWIXLIEFSZIMRJSVQEXMSRWLSYPHFIEZEMP
EFPIJSVIEGLJEGMPMX]
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4634368-327
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8LI GSRGVIXI QM\XYVI TVSTSVXMSRW I\TVIWWIH MR XIVQW SJ
UYERXMX]SJIEGLGSQTSRIRXTIVYRMXZSPYQISJGSRGVIXIGSQ
FMRIH[MXLXLIJVIWLP]QM\IHGSRGVIXITVSTIVXMIWERHXLILEVH
IRIH GSRGVIXI GLEVEGXIVMWXMGW GSRWXMXYXI XLI WYFQMXXEP 8LI
QEWWERHXLIEFWSPYXIZSPYQIGSRXVMFYXIHF]IEGLQEXIVMEPMR
XLIQM\XYVIWLSYPHFIMRGPYHIHMRXLIWYFQMXXEPSJXLIQM\XYVI
TVSTSVXMSRW3QMWWMSRSJGSQTSRIRXWUYERXMXMIWSVTVSTIVXMIW
F]XLIWYFQMXXIVQE]VIWYPXMRVINIGXMSRSJXLIWYFQMXXEP
{5YERXMXMIWF]QEWW
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HIVWXEXIWLSYPHFII\TVIWWIHEWTSYRHQEWWTIVGYFMG]EVH
PF]H SVOMPSKVEQWTIVGYFMGQIXIV OKQ 4S^^SPERWXLEX
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[EXIVGSRXIRXWI\TVIWWIHEWTSYRHQEWWTIVGYFMG]EVHSVOM
PSKVEQW TIV GYFMG QIXIV 8LI UYERXMX] SJ IEGL WITEVEXIP]
FEXGLIHWM^ISJGSEVWIEKKVIKEXIERHJMRIEKKVIKEXIWLSYPHFI
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FMG QIXIV MR ER 77( GSRHMXMSR -J PMKLX[IMKLX EKKVIKEXI MW
YWIHXLISZIRHV]ERHIWXMQEXIH[IX[IMKLXWLSYPHFIWXEXIH
%HQM\XYVIWHMWTIRWIHEWPMUYMHWWLSYPHFII\TVIWWIHEWJPY
MHSYRGIWTIVGYFMG]EVH JPS^]H SVPMXIVWTIVGYFMGQIXIV
0Q  ERH [LIVI ETTPMGEFPI XLI I\TIGXIH HSWEKI VERKI
WLSYPHFIWXEXIH8LIUYERXMX]SJER]TVIQIEWYVIHTVITEGO
EKIHEHHMXMZIWWYGLEWJMFIVWSVGSPSVTMKQIRXWWLSYPHFII\
TVIWWIHMRMRGVIQIRXEPYRMXW WEGOWFEKWFS\IWSVXMRW ERH
TSYRHQEWWTIVGYFMG]EVHSVOMPSKVEQWTIVGYFMGQIXIV

6

{5YERXMXMIWF]ZSPYQI
8LIEFWSPYXIZSPYQISJIEGLQEXIVMEPEMVGSRXIRXERHXLI
XSXEPWYQSJXLIEFWSPYXIZSPYQIWSJEPPQEXIVMEPWWLSYPHFI
TVSZMHIH MR GYFMG JIIX JX  SV GYFMG QIXIVW Q  -J PMKLX
[IMKLXEKKVIKEXIMWYWIHXLIFYPOZSPYQIMRXLIWEXYVEXIH
GSRHMXMSRWLSYPHFIWXEXIH-XMWGYWXSQEV]ERHEGGITXEFPIMR
QSWXPSGEPMXMIWXSTVSTSVXMSRQM\XYVIWXS]MIPHWPMKLXP]MRI\
GIWWSJJX]HSV QQ 8LITVEGXMGITVSZMHIW
TVSHYGIVW[MXLEW]WXIQEXMGQIERWSJLERHPMRKGLEVKIWSJ
WLSVX]MIPHHYIXSEMVGSRXIRXJPYGXYEXMSRTVSZMHIHXLEXXLI
EGXYEPI\TIGXIH]MIPHMWMHIRXMJMIHMRXLIWYFQMXXEP
{*VIWLP]QM\IHGSRGVIXITVSTIVXMIW
7PYQTYRMX[IMKLXERHEMVGSRXIRXWLSYPHFIVITSVXIHJSV
IEGLWIXSJQM\XYVITVSTSVXMSRWMRXIRHIHJSVYWI4PEGIQIRX
QIXLSHWWYGLEWTYQTMRKERHWPMTJSVQMRKEWWSGMEXIH[MXL
IEGLTVSTSWIHQM\XYVIWLSYPHFIMRHMGEXIH[LIVIETTVSTVM
EXI7SQIXMQIWHMJJIVIRXJVIWLP]QM\IHGSRGVIXITVSTIVXMIW
[MPPFIRIIHIHJSVHMJJIVIRXTPEGIQIRXTVSGIHYVIWERHGSR
HMXMSRWXLIWIWLSYPHFIGSRWMWXIRX[MXLXLIPMQMXWWIXMRXLI
GSRXVEGXHSGYQIRXW;LIRXLIGSRGVIXIMWXSFIHIPMZIVIHXS
XLITSMRXSJTPEGIQIRXF]GSRGVIXITYQTSVSXLIVGSRZI]
ERGI XLI PSGEXMSR EX [LMGL XLI EFSZI TVSTIVXMIW EVI XS FI
EGLMIZIH WLSYPH FI GPEVMJMIH MR EHZERGI 7EQTPMRK SJ XLI
GSRGVIXIWLSYPHFIMREGGSVHERGI[MXL%781'
',%48)6{(3'91)28%8-323*
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%WYFQMXXEPSJGSRGVIXIQM\XYVITVSTSVXMSRWWLSYPHHIQ
SRWXVEXIEGSQTVIWWMZIWXVIRKXLIUYEPXSSVI\GIIHMRKXLIVI
UYMVIHEZIVEKIWXVIRKXL JGVb 4VSZMWMSRWJSVGEPGYPEXMRKJGVb
EVI GSRXEMRIH MR %'-  %'-  %'-  ERH %'8LIVIUYMVIHEZIVEKIWXVIRKXLMWFEWIHSRXLIWTIGMJMIH
GSQTVIWWMZI WXVIRKXL JGb  JSV E GPEWW SJ GSRGVIXI [LMGL
WLSYPHMRGPYHIERSZIVHIWMKREQSYRXEWJSYRHMR%'-
ERH%'-[LIRFEWIHSRPEFSVEXSV]XVMEPFEXGLIW;LIR
TEWXTIVJSVQERGIVIGSVHWSJYRMJSVQMX]SJXLIGSRGVIXITVS
HYGXMSREVIEZEMPEFPIXLIWXEXMWXMGEPTVSFEFMPMX]SJEGIVXEMR
RYQFIVSJXIWXVIWYPXWJEPPMRKFIPS[XLIHIWMKRWXVIRKXLMW
ERXMGMTEXIH ERH GSRXVSPPIH F] WIPIGXMSR SJ XLI ETTVSTVMEXI
JGVb7YFQMXXEPSJGSRGVIXIQM\XYVITVSTSVXMSRWWLSYPHGSR
XEMRXLIQIXLSHYWIHXSWIPIGXJGVbJSVIEGLGPEWWSJGSRGVIXI
{4EWXTIVJSVQERGIVIGSVHWYFQMXXEP
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