Sie sind auf Seite 1von 53

%'-6

+YMHIXS(YVEFPI'SRGVIXI

6ITSVXIHF]%'-'SQQMXXII

*MVWX4VMRXMRK
.YRI
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

+YMHIXS(YVEFPI'SRGVIXI

'ST]VMKLX F] XLI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1- %PP VMKLXW VIWIVZIH 8LMW QEXIVMEP
QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-
8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]
JMRH MRJSVQEXMSR SV VIUYMVIQIRXW XLEX QE] FI WYFNIGX XS QSVI XLER SRI MRXIVTVIXEXMSR SV QE] FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIH XS GSRXEGX %'- 4VSTIV YWI SJ XLMW HSGYQIRX MRGPYHIW TIVMSHMGEPP] GLIGOMRK JSV IVVEXE EX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWTJSVXLIQSWXYTXSHEXIVIZMWMSRW
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR
%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX
%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEP
SV GSRWIUYIRXMEP HEQEKIW MRGPYHMRK [MXLSYX PMQMXEXMSR PSWX VIZIRYIW SV PSWX TVSJMXW [LMGL QE] VIWYPX
JVSQXLIYWISJXLMWTYFPMGEXMSR
-XMWXLIVIWTSRWMFMPMX]SJXLIYWIVSJXLMWHSGYQIRXXSIWXEFPMWLLIEPXLERHWEJIX]TVEGXMGIWETTVSTVMEXIXS
XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXS
LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR 37,% LIEPXL
ERHWEJIX]WXERHEVHW
3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMG
WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-
1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
'SRGVIXI4VEGXMGI 1'4 
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI

*E\


[[[GSRGVIXISVK
-7&2

%'-6

+YMHIXS(YVEFPI'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII

6YWWIPP0,MPP
'LEMV

/IZMR.*SPPMEVH
7IGVIXEV]

.SR&%VHELP
%RHVI[.&S]H
4EYP;&VS[R
6EQSR.'EVVEWUYMPPS
6EGLIP.(IX[MPIV
.SREXLER)(SRKIPP
4IV*MHNIWXSP
,EVZI],,E]RIW
+ISJJVI],MGLFSVR7V

;MPPMEQ+,MQI
'LEVPIW.,SSOLEQ
6(SYK,SSXSR
&VMER&,STI
(SREPH..ERWWIR
6S],/IGO
1SLEQQEH7/LER
/MQFIVP])/YVXMW
.SWITL*0EQSRH

7XIPPE0YGMI1EVYWMR
1SLEQEH%2EKM
6SFIVX)2IEP
'LEVPIW/2QEM
/EVXLMO,3FPE
6SFIVX'3v2IMPP
(EZMH%6SXLWXIMR
1EYVS.7GEPM
,ERREL'7GLIPP

)YKIRI(,MPP.V

1MGLEIP00IQMRK

.ER47OEPR]

2MIPW8LEYPS[
1MGLEIP(%8LSQEW
4EYP.8MOEPWO]
(EZMH8VINS
'PEYHI&8VYWX].V
8LSQEW.:ER(EQ
3VZMPPI6;IVRIV-8IVV].;MPPIQW
1MGLIPPI0;MPWSR

(IGIEWIH

8LMWKYMHIHIWGVMFIWWTIGMJMGX]TIWSJGSRGVIXIHIXIVMSVEXMSR)EGLGLETXIV
GSRXEMRW E HMWGYWWMSR SJ XLI QIGLERMWQW MRZSPZIH ERH XLI VIGSQQIRHIH
VIUYMVIQIRXWJSVMRHMZMHYEPGSQTSRIRXWSJGSRGVIXIUYEPMX]GSRWMHIVEXMSRW
JSVGSRGVIXIQM\XYVIWGSRWXVYGXMSRTVSGIHYVIWERHMRJPYIRGIWSJXLII\TSWYVI
IRZMVSRQIRX [LMGL EVI EPP MQTSVXERX GSRWMHIVEXMSRW XS IRWYVI GSRGVIXI
HYVEFMPMX]
8LMW KYMHI [EW HIZIPSTIH JSV GSRZIRXMSREP GSRGVIXI FYX MW KIRIVEPP]
ETTPMGEFPI XS WTIGMEPX] GSRGVIXIW LS[IZIV WTIGMEPX] GSRGVIXIW WYGL EW
VSPPIVGSQTEGXIHSVTIVZMSYWGSRGVIXIQE]LEZIYRMUYIHYVEFMPMX]VIPEXIH
MWWYIWXLEXHIWIVZIJYVXLIVEXXIRXMSRXLEXEVIRSXEHHVIWWIHLIVIMR6IEHIVW
WLSYPH GSRWYPX SXLIV %'- HSGYQIRXW JSV QSVI HIXEMPIH MRJSVQEXMSR SR
WTIGMEPGSRGVIXIWSJMRXIVIWX
/I][SVHW EFVEWMSR VIWMWXERGI EGMH EXXEGO EHQM\XYVI EKKVIKEXI EMV
IRXVEMRQIRXEPOEPMEKKVIKEXIVIEGXMSRGEPGMYQGLPSVMHIGEVFSREXMSRGIQIRX
TEWXIGSVVSWMSRGYVMRKHIMGIVHIXIVMSVEXMSRHYVEFMPMX]JP]EWLJVII^MRKERH
XLE[MRKQM\XYVITVSTSVXMSRTIXVSKVETL]TS^^SPERVIMRJSVGIHGSRGVIXIWEPX
WGEPMRKWIE[EXIVI\TSWYVIWMPMGEJYQIWOMHVIWMWXERGIWTEPPMRKWXVIRKXL
WYPJEXI EXXEGOWYTTPIQIRXEV] GIQIRXMXMSYW QEXIVMEPW XIQTIVEXYVI [EXIV
GIQIRXMXMSYWQEXIVMEPVEXMS

%'- 'SQQMXXII 6ITSVXW +YMHIW 1ERYEPW 7XERHEVH


4VEGXMGIW ERH 'SQQIRXEVMIW EVI MRXIRHIH JSV KYMHERGI MR
TPERRMRK HIWMKRMRK I\IGYXMRK ERH MRWTIGXMRK GSRWXVYGXMSR
8LMWHSGYQIRXMWMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVI
GSQTIXIRX XS IZEPYEXI XLI WMKRMJMGERGI ERH PMQMXEXMSRW SJ MXW
GSRXIRX ERH VIGSQQIRHEXMSRW ERH [LS [MPP EGGITX
VIWTSRWMFMPMX] JSV XLI ETTPMGEXMSR SJ XLI QEXIVMEP MX GSRXEMRW
8LI %QIVMGER 'SRGVIXI -RWXMXYXI HMWGPEMQW ER] ERH EPP
VIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPPRSX
FIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF]
XLI%VGLMXIGX)RKMRIIV

'328)287
'LETXIV{-RXVSHYGXMSRERHWGSTIT6
'LETXIV{2SXEXMSRERHHIJMRMXMSRWT6
{2SXEXMSRERHHIJMRMXMSRW
'LETXIV{*VIWLGSRGVIXIT6
{-RXVSHYGXMSR
{4SVIWXVYGXYVI
{1M\MRKIJJIGXW
{4PEGIQIRXERHGSRWSPMHEXMSR
{&PIIHMRK
{'VEGOMRKSJJVIWLGSRGVIXI
{7YQQEV]
'LETXIV{*VII^MRKERHXLE[MRKSJGSRGVIXI
T6
{-RXVSHYGXMSR
{*VSWXEXXEGOSJGSRGVIXIQEHI[MXLHYVEFPIEKKVIKEXIW
{*VSWX EXXEGO SJ GSRGVIXI QEHI [MXL RSRHYVEFPI
EKKVIKEXIW
'LETXIV{%POEPMEKKVIKEXIVIEGXMSRT6
{-RXVSHYGXMSR
{8]TIWSJVIEGXMSRW

%'-6WYTIVWIHIW%'-6ERH[EWEHSTXIHERHTYFPMWLIH.YRI
'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

6

6

%'-'311-88))6)4368

{)ZEPYEXMRKEKKVIKEXIWJSVTSXIRXMEPEPOEPMEKKVIKEXI
VIEGXMZMX]
{4VIZIRXMZIQIEWYVIW
'LETXIV{'LIQMGEPEXXEGOT6
{-RXVSHYGXMSR
{'LIQMGEP WYPJEXI EXXEGO F] WYPJEXI JVSQ WSYVGIW
I\XIVREPXSGSRGVIXI
{4L]WMGEPWEPXEXXEGO
{7IE[EXIVI\TSWYVI
{%GMHEXXEGO
{'EVFSREXMSR
'LETXIV{'SVVSWMSRSJQIXEPWERHSXLIV
QEXIVMEPWIQFIHHIHMRGSRGVIXIT6
{-RXVSHYGXMSR
{+IRIVEPTVMRGMTPIWSJGSVVSWMSRMRMXMEXMSRMRGSRGVIXI
{4VSTEKEXMSRSJGSVVSWMSR
{'SVVSWMSRVIPEXIHTVSTIVXMIWSJGSRGVIXMRKQEXIVMEPW
{4VIZIRXMRKGSVVSWMSR
{'SVVSWMSRSJQEXIVMEPWSXLIVXLERWXIIP
{7YQQEV]
'LETXIV{%FVEWMSRT6
{-RXVSHYGXMSR
{8IWXMRKGSRGVIXIJSVVIWMWXERGIXSEFVEWMSR
{*EGXSVWEJJIGXMRKEFVEWMSRVIWMWXERGISJGSRGVIXI
{6IGSQQIRHEXMSRW JSV SFXEMRMRK EFVEWMSRVIWMWXERX
GSRGVIXIWYVJEGIW
{7XYHHIHXMVIERHXMVIGLEMR[IEVSRGSRGVIXI
{7OMHVIWMWXERGISJTEZIQIRXW
'LETXIV{6IJIVIRGIWT6
{6IJIVIRGIHWXERHEVHWERHVITSVXW
{'MXIHVIJIVIRGIW
%TTIRHM\%{1IXLSHJSVTVITEVMRKI\XVEGXJSV
EREP]WMWSJ[EXIVWSPYFPIWYPJEXIMRWSMP
T6
',%48)6{-2863(9'8-32%2(7'34)
'SRGVIXI MW SRI SJ XLI QSWX [MHIP] YWIH GSRWXVYGXMSR
QEXIVMEPW MR XLI [SVPH 8LMW JEGX EXXIWXW XS GSRGVIXIvW
TIVJSVQERGI EW E ZIVWEXMPI FYMPHMRK QEXIVMEP (YVEFMPMX]
VITVIWIRXWSRISJXLIOI]GLEVEGXIVMWXMGWSJGSRGVIXIXLEXLEW
PIH XS MXW [MHIWTVIEH YWI (YVEFMPMX] SJ L]HVEYPMGGIQIRX
GSRGVIXIMWHIXIVQMRIHF]MXWEFMPMX]XSVIWMWX[IEXLIVMRKEGXMSR
GLIQMGEPEXXEGOEFVEWMSRSVER]SXLIVTVSGIWWSJHIXIVMSVEXMSR
(YVEFPI GSRGVIXI[MPPVIXEMR MXW SVMKMREPJSVQUYEPMX]ERH
WIVZMGIEFMPMX] [LIR I\TSWIH XS MXW IRZMVSRQIRX 4VSTIVP]
HIWMKRIH TVSTSVXMSRIH TPEGIH JMRMWLIH XIWXIH MRWTIGXIH
ERHGYVIHGSRGVIXIMWGETEFPISJTVSZMHMRKHIGEHIWSJWIVZMGI
[MXLPMXXPISVRSQEMRXIRERGI'IVXEMRGSRHMXMSRWSVIRZM
VSRQIRXW I\MWX XLEX [MPP PIEH XS GSRGVIXI HIXIVMSVEXMSR
%XXEGOMRK QIGLERMWQW GER FI GLIQMGEP TL]WMGEP SV
QIGLERMGEPMRREXYVIERHSVMKMREXIJVSQI\XIVREPSVMRXIVREP
WSYVGIW'LIQMGEPERHTL]WMGEPEXXEGOMRKQIGLERMWQWSJXIR
[SVO W]RIVKMWXMGEPP] (ITIRHMRK SR XLI REXYVI SJ EXXEGO
HMWXVIWW QE] FI GSRGIRXVEXIH MR XLI TEWXI EKKVIKEXI SV

VIMRJSVGMRKGSQTSRIRXWSJXLIGSRGVIXI SVEGSQFMREXMSR
XLIVISJ 
8LIZEVMSYWJEGXSVWMRJPYIRGMRKHYVEFMPMX]ERHXLITEVXMGYPEV
QIGLERMWQ SJ HIXIVMSVEXMSR WLSYPH FI GSRWMHIVIH MR XLI
GSRXI\X SJ XLI IRZMVSRQIRXEP GSRHMXMSRW XS [LMGL XLI
GSRGVIXI [SYPH FI WYFNIGXIH -R EHHMXMSR GSRWMHIVEXMSR
WLSYPH FI KMZIR XS XLI QMGVSGPMQEXI XS [LMGL XLI WTIGMJMG
WXVYGXYVEPIPIQIRXMWI\TSWIH(IXIVMSVEXMSRSVXLIWIZIVMX]
SJHIXIVMSVEXMSRSJEKMZIRWXVYGXYVIQE]FIEJJIGXIHF]MXW
SVMIRXEXMSR XS [MRH TVIGMTMXEXMSR SV XIQTIVEXYVI *SV
MRWXERGI I\XIVMSV KMVHIVW MR E FVMHKI WXVYGXYVI QE] FI
I\TSWIHXSEHMJJIVIRXERHQSVIEKKVIWWMZIIRZMVSRQIRXXLER
MRXIVMSVKMVHIVW
8LI GSRGITX SJ WIVZMGI PMJI MW MRGVIEWMRKP] YWIH JSV XLI
HIWMKRSJRI[WXVYGXYVIW8S TVSZMHIHYVEFPIGSRGVIXIXLI
WTIGMJMGHIQERHWSRXLIGSRGVIXIMRMXWMRXIRHIHYWIWLSYPH
FIKMZIRGEVIJYPGSRWMHIVEXMSR6IUYMVIHWIVZMGIPMJIHIWMKR
VIUYMVIQIRXWERHI\TIGXIHI\TSWYVIIRZMVSRQIRXW QEGVS
ERH QMGVS  WLSYPH FI HIXIVQMRIH FIJSVI HIJMRMRK XLI
ETTVSTVMEXIQEXIVMEPWERHQM\XYVITVSTSVXMSRWRIGIWWEV]XS
TVSHYGI GSRGVIXI WYMXEFPI JSV E TEVXMGYPEV ETTPMGEXMSR 8LI
YWISJKSSHQEXIVMEPWERHTVSTIVQM\XYVITVSTSVXMSRMRK[MPP
RSX RIGIWWEVMP] IRWYVI HYVEFPI GSRGVIXI %TTVSTVMEXI
QIEWYVIW SJ UYEPMX] GSRXVSP XIWXMRK MRWTIGXMSR TPEGIQIRX
TVEGXMGIWERH[SVOQERWLMTEVIIWWIRXMEPXSXLITVSHYGXMSR
SJHYVEFPIGSRGVIXI4VSTIVP]HIWMKRIHXIWXMRKERHMRWTIGXMSR
TVSKVEQW XLEX YWI XVEMRIH ERH GIVXMJMIH TIVWSRRIP EVI EPWS
MQTSVXERXXSIRWYVIXLEXHYVEFPIGSRGVIXIMWTVSHYGIH%'LEWERYQFIVSJGIVXMJMGEXMSRTVSKVEQWXLEXEVIETTPMGEFPI
8LMWKYMHIHMWGYWWIWXLIQSVIMQTSVXERXGEYWIWSJGSRGVIXI
HIXIVMSVEXMSRERHKMZIWVIGSQQIRHEXMSRWSRLS[XSTVIZIRX
WYGL HEQEKI 'LETXIVW SR JVIWL GSRGVIXI JVII^MRK ERH
XLE[MRKEPOEPMEKKVIKEXIVIEGXMSR %%6 EKKVIWWMZIGLIQMGEP
I\TSWYVI GSVVSWMSR SJ QIXEPW ERH EFVEWMSR EVI MRGPYHIH
*MVIVIWMWXERGISJGSRGVIXIERHGVEGOMRKEVIRSXEHHVIWWIHMR
HIXEMP FIGEYWI XLI] EVI GSZIVIH MR %'-  6 ERH
6VIWTIGXMZIP]
*VIWL SV YRLEVHIRIH GSRGVIXI GER FI GSRWSPMHEXIH ERH
QSPHIHXSXLIHIWMVIHWLETIXSWIVZIMXWMRXIRHIHTYVTSWI
(YVMRK XLMW WXEKI E RYQFIV SJ TVSTIVXMIW WMKRMJMGERXP]
MRJPYIRGMRK XLI HYVEFMPMX] SJ XLI LEVHIRIH GSRGVIXI EVI
IWXEFPMWLIH 4SVI WXVYGXYVI HIZIPSTQIRX EMVZSMH W]WXIQ
JSVQEXMSR QEXIVMEP QM\MRK TPEGIQIRX ERH GSRWSPMHEXMSR
GYVMRK ERH QMRMQM^MRK SV IPMQMREXMRK GVEGOMRK SJ TPEWXMG
GSRGVIXIEVIEPPMQTSVXERXXSXLIYPXMQEXIHYVEFMPMX]SJGSRGVIXI
(IXIVMSVEXMSRSJGSRGVIXII\TSWIHXSJVII^MRKGSRHMXMSRW
GERSGGYV[LIRXLIVIMWWYJJMGMIRXMRXIVREPQSMWXYVITVIWIRX
XLEXGERJVII^IEXXLIKMZIRI\TSWYVIGSRHMXMSRW*VII^MRK
ERHXLE[MRK HEQEKI MW E WIVMSYW TVSFPIQ ERH MW KVIEXP]
EGGIPIVEXIHF]XLIYWISJHIMGMRKWEPXW*SVXYREXIP]GSRGVIXI
QEHI [MXL LMKLUYEPMX] EKKVIKEXIW E PS[ [EXIVGIQIRXM
XMSYWQEXIVMEPVEXMS [GQ ETVSTIVEMVZSMHW]WXIQERHXLEX
MWEPPS[IHXSQEXYVIFIJSVIFIMRKI\TSWIHXSJVII^MRKERH
XLE[MRKMWLMKLP]VIWMWXERXXSJVII^MRKERHXLE[MRKHEQEKI
%PXLSYKL EKKVIKEXI MW GSQQSRP] GSRWMHIVIH XS FI MRIVX
JMPPIVXLMWMWRSXEP[E]WXLIGEWIMREGSRGVIXIIRZMVSRQIRX
'IVXEMR EKKVIKEXIW GER VIEGX [MXL EPOEPM L]HVS\MHIW JVSQ
GIQIRXERHSXLIVQEXIVMEPWGEYWMRKI\TERWMSRERHHIXIVMSVEXMSR

+9-()83(96%&0)'32'6)8)

4SXIRXMEP MWWYIW [MXL %%6W GER SJXIR FI MHIRXMJMIH F]


VIZMI[MRKXLILMWXSVMGEPTIVJSVQERGISJGERHMHEXIQEXIVMEPW
YRHIVWMQMPEVI\TSWYVIGSRHMXMSRWERHF]IZEPYEXMSRFEWIH
SRXLIETTVSTVMEXIPEFSVEXSV]XIWXMRKXIGLRMUYIW1IXLSHWJSV
QMXMKEXMRK%%6WEVIYWISJPS[EPOEPMGIQIRXEZSMHERGISJ
VIEGXMZI EKKVIKEXI YWI SJ WYJJMGMIRX PIZIPW SJ WYMXEFPI
WYTTPIQIRXEV] GIQIRXMXMSYW QEXIVMEPW 7'1W  YWI SJ
WYJJMGMIRX PIZIPW SJ ETTVSTVMEXI GLIQMGEP EHQM\XYVIW SV E
GSQFMREXMSRSJXLIWI
7YPJEXIWERHSXLIVWEPXWMRWSMPKVSYRH[EXIVSVWIE[EXIV
QE]LEZIEHIPIXIVMSYWIJJIGXSRLEVHIRIHGSRGVIXIFYXGER
FI VIWMWXIH F] YWMRK WYMXEFPI GIQIRXMXMSYW QEXIVMEPW ERH
TVSTIVUYEPMX]GSRXVSPERHGYVMRKSJETVSTIVP]TVSTSVXMSRIH
GSRGVIXIQM\XYVI
&IGEYWIXLI XSTMGSJ HIPE]IHIXXVMRKMXI JSVQEXMSR ()*
VIQEMRW E GSRXVSZIVWMEP MWWYI ERH MW XLI WYFNIGX SJZEVMSYW
SRKSMRKVIWIEVGLTVSNIGXWRSHIJMRMXMZIKYMHERGISR()*MW
TVSZMHIHMRXLMWHSGYQIRX-XMWI\TIGXIHXLEXJYXYVIZIVWMSRW
SJXLMWHSGYQIRX[MPPEHHVIWW()*MRWMKRMJMGERXHIXEMP
5YEPMX] GSRGVIXI GER VIWMWX SGGEWMSREP I\TSWYVI XS QMPH
EGMHWFYXRSTSVXPERHGIQIRXGSRGVIXISJJIVWKSSHVIWMWXERGIXS
EXXEGOF]WXVSRKEGMHWSVGSQTSYRHWXLEXGSRZIVXXSEGMHW
WTIGMEP TVSXIGXMSR MW RIGIWWEV] MR XLIWI GEWIW 7YFWXERGIW
XLEXEVIMRMXMEPP]MRIVXQE]GSRZIVXXSEGMHWSZIVXMQIERHGER
EPWSTVIWIRXHYVEFMPMX]MWWYIW
'SVVSWMSR SJ IQFIHHIH WXIIP VIMRJSVGIQIRX TVSHYGIW
VIEGXMSR TVSHYGXW XLEX SGGYT] EHHMXMSREP ZSPYQI 8LMW GER
PIEHXSMRXIVREPWXVIWW[MXLMRVIMRJSVGIHGSRGVIXIERHWYFWIUYIRX
HMWXVIWW 8LI WTEPPMRK SJ GSRGVIXI HYI XS GSVVSWMSR MW E
TEVXMGYPEVP] WIVMSYW TVSFPIQ 'SVVSWMSR GER EPWS [IEOIR
VIMRJSVGMRKWXIIPERHXLYWVIHYGIXLIWXVYGXYVEPGETEGMX]SJ
GSRGVIXI 3RI SJ XLI TVMRGMTEP GEYWIW SJ VIMRJSVGMRK WXIIP
GSVVSWMSR MW XLI MRKVIWW SJ GLPSVMHI QEHI EZEMPEFPI JVSQ
WSYVGIWWYGLEWHIMGMRKWEPXW%QTPIGSZIVSZIVXLIWXIIPERH
YWISJEPS[TIVQIEFMPMX]EMVIRXVEMRIHGSRGVIXI[MPPIRWYVI
HYVEFMPMX]MRXLIQENSVMX]SJGEWIW1SVITSWMXMZITVSXIGXMSR
WYGLEWITS\]GSEXIHVIMRJSVGMRKWXIIPGEXLSHMGTVSXIGXMSR
RSRGSVVSWMZIVIMRJSVGIQIRXSVGLIQMGEPGSVVSWMSRMRLMFMXSVW
MWRIIHIHJSVWIZIVII\TSWYVIW
%FVEWMSRGERFIETVSFPIQMRMRHYWXVMEPJPSSVWJVSQXVEJJMG
SV TVSGIWW GSRHMXMSRW -R L]HVEYPMG WXVYGXYVIW TEVXMGPIW SJ
WERHSVKVEZIPMRJPS[MRK[EXIVGERIVSHIWYVJEGIW8LIYWI
SJ LMKLUYEPMX] GSRGVIXI ERH MR I\XVIQI GEWIW EFVEWMSR
VIWMWXERXEKKVIKEXI[MPPYWYEPP]VIWYPXMREHIUYEXIHYVEFMPMX]
YRHIVXLIWII\TSWYVIW8LIYWISJWXYHHIHXMVIWSRZILMGPIW
LEWGEYWIHWIVMSYW[IEVMRGSRGVIXITEZIQIRXWGSRZIRXMSREP
GSRGVIXI[MPPRSX[MXLWXERHXLMWHEQEKI-QTEGXGEYWIHF]
STIVEXMRKIUYMTQIRXWYGLEWJSVOPMJXWERHLIEZ]IUYMTQIRX
[MPPTYPZIVM^IGSRGVIXISJMREHIUYEXIWXVIRKXLERHQE]VIUYMVI
XLIWIPIGXMSRSJWTIGMEPEKKVIKEXIWERHQM\XYVITVSTSVXMSRW
-RWYQQEV]XLMWHSGYQIRXEHHVIWWIWHYVEFMPMX]F]HMZMHMRK
WTIGMJMGQSHIWSJEXXEGOMRXSWITEVEXIGLETXIVW8LMWETTVSEGL
[EWXEOIRJSVSVKERM^EXMSREPTYVTSWIWERHJSVGSRZIRMIRGIXS
XLIVIEHIV-RTVEGXMGISRI[MPPJMRHXLEXHEQEKIXSGSRGVIXI
MWSJXIRHYIXSQYPXMTPIHMWXVIWWQIGLERMWQW

6

',%48)6{238%8-32%2(()*-2-8-327
{2SXEXMSRERHHIJMRMXMSRW
%'-TVSZMHIWEGSQTVILIRWMZIPMWXSJEGGITXEFPIRSXEXMSRW
ERHHIJMRMXMSRWXLVSYKLERSRPMRIVIWSYVGIw%'-'SRGVIXI
8IVQMRSPSK]x %QIVMGER 'SRGVIXI -RWXMXYXI   7SQI
RSXEXMSRW ERH HIJMRMXMSRW GSRXEMRIH MR XLMW ZIVWMSR SJ %'6EVIRSXHIJMRIHMRw%'-'SRGVIXI8IVQMRSPSK]xERH
EVIHIWGVMFIHEWJSPPS[W
4LMPPIS JEGXSV * {EHMWXERGI YWIH EW ER MRHI\SJXLI
I\XIRXXS[LMGLLEVHIRIHGIQIRXTEWXIMWTVSXIGXIHJVSQXLI
IJJIGXWSJJVII^MRKWSWIPIGXIHXLEXSRP]EWQEPPTSVXMSRSJ
XLIGIQIRXTEWXI YWYEPP] PMIWJEVXLIVXLERXLEXHMWXERGI
JVSQXLITIVMQIXIVSJXLIRIEVIWXEMVZSMH
WTIGMJMGWYVJEGI {XLIWYVJEGIEVIESJEMVZSMHWHMZMHIH
F] XLIMV ZSPYQI I\TVIWWIHMR GSQTEXMFPI YRMXW WSXLEXXLI
YRMXSJWTIGMJMGWYVJEGIMWEVIGMTVSGEPPIRKXL
WTEGMRK JEGXSV 0 {ER MRHI\ VIPEXIH XS XLI QE\MQYQ
HMWXERGISJER]TSMRXMREGIQIRXTEWXISVMRXLIGIQIRXTEWXI
JVEGXMSRSJQSVXEVSVGSRGVIXIJVSQXLITIVMTLIV]SJEREMVZSMH
',%48)6{*6)7,'32'6)8)
{-RXVSHYGXMSR
'SRGVIXI MR MXW YRLEVHIRIH WXEXI JVIWL GSRGVIXI  MW E
VIEHMP]HIJSVQEFPIQEXIVMEPGSRWMWXMRKSJL]HVEYPMGGIQIRX
EKKVIKEXIW[EXIVERHSJXIRGLIQMGEPEHQM\XYVIW7'1WSV
FSXL*VIWLGSRGVIXIGERFIGSRWSPMHEXIHERHQSPHIHMRXSXLI
HIWMVIH WLETI XS WIVZI MXW MRXIRHIH TYVTSWI (YVMRK XLMW
YRLEVHIRIHWXEXIXLIHIWMVEFPITVSTIVXMIWSJXLIJVIWLGSRGVIXI
WYGLEWXEVKIXWPYQTWERHEMVGSRXIRXWEVIHIXIVQMRIHERHXLI
WXVYGXYVISJXLIEMVZSMHW]WXIQMWHIZIPSTIH 4S[IVW 
{4SVIWXVYGXYVI
&SXL QM\MRK ERH TPEGIQIRX QIXLSHW SJ JVIWL GSRGVIXI
GSRXVMFYXI XS HIXIVQMRMRK XLI JMREP EVVERKIQIRX SJ XLI
GSRGVIXI TSVI WXVYGXYVI 8LI SZIVEPP TSVI WXVYGXYVI ERH MXW
VIPEXMSRXSXVERWTSVXQIGLERMWQWTIVQIEFMPMX]ERHTSVSWMX]
[MPP WMKRMJMGERXP] MRJPYIRGI XLI HYVEFMPMX] ERH HIKVII SJ
WEXMWJEGXSV]TIVJSVQERGISJXLIWXVYGXYVIVIPEXMZIXSMRXIVEGXMSR
[MXLIRZMVSRQIRXEPGSRHMXMSRWERHMRXIVREPVIEGXMSRW
8LIXVERWTSVXSJHIPIXIVMSYWEKIRXWMRXSERH[MXLMRLEVHIRIH
GSRGVIXI LEW ER MQTSVXERX MRJPYIRGI SR XLI HYVEFMPMX] SJ
GSRGVIXIWXVYGXYVIW8LIVEXII\XIRXERHIJJIGXSJXLIXVERWTSVX
EVIPEVKIP]HITIRHIRXSRXLITSVIWXVYGXYVISJXLIGSRGVIXI
EQSYRXWLETIWM^ISJTSVIWERHTSVIWM^IHMWXVMFYXMSR XLI
TVIWIRGISJGVEGOWMRXLIGSRGVIXIERHSRXLIQMGVSGPMQEXI
EXXLIGSRGVIXIWYVJEGI *MK  7GLMIWWP 8LIVIMWE
[MHIVERKIMRXLIWM^ISJTSVIWMRXLIGIQIRXTEWXI8LI
HMWXVMFYXMSRSJEMVZSMHTSVIWM^IWLEWETVSRSYRGIHMRJPYIRGI
SRXLIVEXISJXVERWTSVXMRXSERH[MXLMRXLIGSRGVIXI-RKIRIVEP
TSVIWM^IWQE]FIGPEWWMJMIHEWKIPTSVIW PIWWXLERRQ
?zMRA GETMPPEV]TSVIW XSRQ?zXS
  z MRA  ERH IRXVETTIH ERH IRXVEMRIHEMV ZSMHW
KVIEXIVXLERRQ?zMRA  4LMPPIS 8LI
PEVKIVGETMPPEV]TSVIWEW[IPPEWXLIIRXVETTIHERHIRXVEMRIH
EMVZSMHWEVITEVXMGYPEVP]VIPIZERXXSGSRGVIXIHYVEFMPMX]
4SVIWXLEXEVIRSXXLIVIWYPXSJIRXVEMRIHSVIRXVETTIHEMV
EVIGVIEXIHJVSQXLIWTEGI MR XLITEWXI XLEX [EW SVMKMREPP]
JMPPIH[MXLQM\MRK[EXIV*SVTPEMRGIQIRXTEWXIW [MXLSYX
7'1W E[GQ SJETTVS\MQEXIP]MWRIIHIHXSL]HVEXIEPP

6

%'-'311-88))6)4368

*MK{8VERWTSVXTLIRSQIREMRGSRGVIXI 7GLMIWWP 
SJ XLI GIQIRX ETTVS\MQEXIP] SRILEPJ SJ XLMW [EXIV [MPP
IZIRXYEPP]FIGLIQMGEPP]GSQFMRIH[LMPIXLISXLIVLEPJMW
[EXIVXLEXMWTL]WMGEPP]EHWSVFIHSRXLIWYVJEGIWSJXLIKIP
-JXLI[GQMWPIWWXLERXLIVI[MPPEP[E]WFIYRL]HVEXIH
GIQIRX PIJX FIGEYWI XLIVI MW MRWYJJMGMIRX SVMKMREP QM\MRK
[EXIVJSVEPPSJXLIL]HVEXMSRTVSHYGXWXSJSVQ-JXLI[GQMW
QSVI XLER  XLIVI [MPP FI WSQI YRJMPPIH GETMPPEV]WM^I
SVMKMREP QM\MRK[EXIVJMPPIH WTEGI PIJX 8LI GETMPPEV] TSVI
WTEGI[MPPJMPPEWL]HVEXMSRTVSHYGXWJSVQ-JXLI[GQMW
XLI GETMPPEV] TSVIW FIGSQI HMWGSRXMRYSYW EJXIV ETTVS\M
QEXIP]HE]WEXE[GQSJSVLMKLIVXLI]RIZIVFIGSQI
HMWGSRXMRYSYW 4S[IVW 
8LIEMVZSMHWXVYGXYVISJGSRGVIXIMWGVIEXIHHYVMRKQM\MRK
SJXLIJVIWLGSRGVIXI-JEREMVIRXVEMRMRKEHQM\XYVIMWEHHIH
SVEMVIRXVEMRMRKGIQIRXMWYWIHQMGVSWGSTMGEMVZSMHWEVI
GVIEXIHXLEXTVSZMHIVIWMWXERGIXSJVII^MRKERHXLE[MRK8S
FIIJJIGXMZIMRVIPMIZMRKTVIWWYVIWKIRIVEXIHEW[EXIVGSSPW
ERHJVII^IWXLIEMVZSMHWWLSYPHFIWTEGIHGPSWIVXLEREGVMXMGEP
QE\MQYQ HMWXERGI JVSQ SRI ERSXLIV [MXLMR XLI TEWXI
GSQTSRIRXSJXLIGSRGVIXI8LMWGVMXMGEPWTEGMRKJEGXSV0MW
KIRIVEPP] GSRWMHIVIH EW PIWW XLER  QQ  MR  JSV
QSWXGSRGVIXI 7IGXMSR 
{1M\MRKIJJIGXW
8LIQIXLSHWIPIGXIHJSVQM\MRKJVIWLGSRGVIXIGERLEZI
ZIV] WMKRMJMGERX IJJIGXW SR MQTSVXERX TVSTIVXMIW SJ XLI
GSRGVIXIWYGLEWEMVGSRXIRXWPYQTERH[GQ'EVIWLSYPH

FIXEOIRXSIRWYVIXLEXXLIGSRGVIXITPEGIHLEWXLITVSTIVXMIW
RIIHIHXSTVSZMHIXLIHYVEFMPMX]VIUYMVIHJSVXLIERXMGMTEXIH
YWIERHI\TSWYVISJXLIGSRGVIXI
)\XIRHIHQM\MRKXMQIWGERLEZIEWMKRMJMGERXMQTEGXSR
EMVGSRXIRX[MXLXLIIJJIGXKIRIVEPP]FIMRKQSVITVSRSYRGIH
EX LMKLIV EMV GSRXIRXW /SWQEXOE IX EP   )\XIRHIH
QM\MRK[MPPEPWSVIWYPXMRLMKLIVGSRGVIXIXIQTIVEXYVIW8LMW
QE] GEYWI WMKRMJMGERX WPYQT PSWW IWTIGMEPP] HYVMRK LSX
[IEXLIV %HHMXMSREP [EXIV EHHIH XS VIWXSVI WPYQT [SYPH
MRGVIEWITSVSWMX]ERHMQTEGXTSVIWM^IHMWXVMFYXMSRPIEHMRK
XSMRGVIEWIHHV]MRKWLVMROEKIERHVIHYGIHGSRGVIXIWXVIRKXL
{4PEGIQIRXERHGSRWSPMHEXMSR
8LITPEGIQIRXQIXLSHYWIHGERWMKRMJMGERXP]MQTEGXXLI
EQSYRX SJ IRXVEMRIH EMV MR XLI GSRGVIXI % WYQQEV] SJ
PEFSVEXSV] XIWX VIWYPXW TVSZMHIH F] =MRKPMRK IX EP 
WLS[IHXLEXMRETTVSTVMEXITPEGIQIRXXIGLRMUYIWGERPIEHXS
EWMKRMJMGERXVIHYGXMSRMRXLIEMVGSRXIRXSJXLIGSRGVIXI-X
[EWWLS[RXLEXXLIMQTEGXSJGSRGVIXIJVIIP]JEPPMRKXLVSYKL
EMV SV ZIVXMGEP TMTI WIGXMSRW GER VIHYGI EMV GSRXIRX [LMGL
QE]VIWYPXMRGSRGVIXIPIWWVIWMWXERXXSJVII^MRKERHXLE[MRK
)\GIWWMZIJVIIJEPPSJGSRGVIXIXLVSYKLVIMRJSVGMRKFEVGEKIW
QE]MQTIHITVSTIVGSRWSPMHEXMSRERHXLYWHYVEFMPMX]6IJIV
XS%'-6JSVWTIGMJMGKYMHIPMRIW4YQTMRKGSRGVIXIQE]
GLERKIXLIEMVZSMHW]WXIQSJXLIGSRGVIXIWSXLEXXLIVIWMWXERGI
XSJVII^MRKERHXLE[MRKMWMQTEMVIH 7IGXMSR 

+9-()83(96%&0)'32'6)8)

;LIR GSRWSPMHEXMRK GSRGVIXI XLI HYVEXMSR SJ ZMFVEXMSR


GERLEZIEWMKRMJMGERXIJJIGXSRXLIEMVGSRXIRXSJGSRGVIXI
[MXLXLIIJJIGXFIMRKMRJPYIRGIHF]XLIMRMXMEPWPYQTSJXLI
GSRGVIXI /SWQEXOE IX EP   -RGVIEWMRK XLI XMQI SJ
ZMFVEXMSR PIEHW XS E VIHYGXMSR MR XLI SZIVEPP EMV GSRXIRX
'SRWSPMHEXMSRLS[IZIVMWRSVQEPP]RIGIWWEV]XSSFXEMRXLI
WXVIRKXLERHHYVEFMPMX]TVSTIVXMIWVIUYMVIHSZIVXLIWIVZMGI
PMJISJXLIGSRGVIXIWXVYGXYVI 4VSZMHIHXLEXXLIGSRGVIXIMW
TVSTSVXMSRIH ERH ZMFVEXIH TVSTIVP] MRXIVREP ZMFVEXMSR [MPP
QEMRP]VIQSZIXLIPEVKIVEMVZSMHWWSXLEXXLIEMVZSMHWTEGMRK
JEGXSV[MPPRSXFIEJJIGXIHEHZIVWIP]4PEGIQIRXERHGSRWSPM
HEXMSRQIXLSHWWLSYPHFIGEVIJYPP]IZEPYEXIHXSIRWYVIXLEX
XLIHIWMVIHJVIWLGSRGVIXITVSTIVXMIWEVIEXXEMRIH %'-6 
+SSH GSRWSPMHEXMSR MW E TVIVIUYMWMXI JSV SFXEMRMRK PS[
TIVQIEFMPMX][LMGLMWGVMXMGEPJSVQEOMRKGSRGVIXIVIWMWXERX
XS[IEXLIVMRKERHQSWXEKIRXWSJHIXIVMSVEXMSR0S[TIVQI
EFMPMX]GERFIEGLMIZIHQSVIVIEHMP][MXLGSRGVIXIQM\XYVIW
HIWMKRIHJSVKSSH[SVOEFMPMX]ERHTPEGIEFMPMX]%'-
ERHTVSZMHIKYMHERGIJSVWIPIGXMRKQM\XYVITVSTSVXMSRW
ERH%'-6TVSZMHIWKYMHERGIJSVGSRWSPMHEXMRKGSRGVIXI
{&PIIHMRK
3RGI GSRGVIXI MW MR TPEGI FYX FIJSVI XLI XMQI SJ MRMXMEP
WIXXMRK TEVXMGPIW HIRWIV XLER [EXIV WYGL EW GIQIRX ERH
EKKVIKEXIW QE]WIXXPIHYIXSXLIJSVGISJKVEZMX]HMWTPEGMRK
TEVXSJXLIQM\MRK[EXIV[LMGLQE]VIEGLXLIXSTWYVJEGIEW
FPIIH[EXIV8LMWGSRHMXMSRMWQSVITVSRSYRGIHMRQM\XYVIW
[MXL I\GIWWMZI [EXIV GSRXIRX %PWS RSREMVIRXVEMRIH
GSRGVIXIQM\XYVIW[MPPI\LMFMXQSVIFPIIHMRKXLEREMVIRXVEMRIH
QM\XYVIWSJWMQMPEVGSQTSWMXMSR-XMWXLIHMJJIVIRGIMRHIRWMX]
FIX[IIR[EXIVERHSXLIVGSQTSRIRXWMRXLIQM\XYVIXLEXGEYWIW
FPIIHMRKXSSGGYV.YWXEWIRXVETTIHEMVQSZIWXSXLIWYVJEGI
0EROEVH HYVMRKZMFVEXMSR[EXIV[MPPFIHMWTPEGIHHYI
XSWIXXPMRKSJXLIWSPMHGSQTSRIRXWSJXLIGSRGVIXI
(IJIGXMZI LEVHIRIH GSRGVIXI WYVJEGIW EVI JVIUYIRXP] XLI
VIWYPXSJJMRMWLMRKJVIWLGSRGVIXI[LMPIFPIIH[EXIVMWTVIWIRX
SR XLI WYVJEGI -J FPIIH [EXIV MW [SVOIH MRXS XLI GSRGVIXI
RIEVXLIWYVJEGIF]JMRMWLMRKSTIVEXMSRWXLIWYVJEGIGSRGVIXI
GERWYJJIVJVSQMRGVIEWIH [GQ ERHHIGVIEWIHEMVGSRXIRX
4VIQEXYVIJMRMWLMRKSJXLIGSRGVIXIWYVJEGI[LMPIFPIIHMRKMW
WXMPP EGXMZI QE] VIWYPX MR ER EGGYQYPEXMSR SJ FPIIH [EXIV
FIPS[XLIWIEPIHWYVJEGIXLEXGERVIWYPXMRWYFWIUYIRXWTEPPMRK
WGEPMRKSVHIPEQMREXMSR4VSFPIQWWYGLEWGVE^IGVEGOWERH
HYWXMRKGERSGGYVERHEFVEWMSRVIWMWXERGIGERFIVIHYGIH
7GEPMRK SJ XLI WYVJEGI JVSQ JVII^MRK ERH XLE[MRK MW E
GSQQSRVIWYPXSJVIHYGIHEMVGSRXIRXMRXLIWYVJEGIGSRGVIXI
{'VEGOMRKSJJVIWLGSRGVIXI
'VEGOW GER JSVQ MR JVIWL GSRGVIXI EW E VIWYPX SJ TPEWXMG
WLVMROEKI WIXXPIQIRX SV XIQTIVEXYVI HMJJIVIRXMEP FIX[IIR
XLII\TSWIHWYVJEGIERHXLIMRXIVMSV-RWYPEXMRKFPEROIXWGER
TVIZIRXXIQTIVEXYVIHMJJIVIRXMEPMRHYGIHGVEGOMRK
4PEWXMGWLVMROEKIGVEGOMRKMWGLEVEGXIVM^IHF]EWIVMIWSJ
WLSVXHMWGSRXMRYSYWGVEGOWXLEXJSVQFIJSVIMRMXMEPWIXXMRKSJ
XLIGSRGVIXI4PEWXMGWLVMROEKIGVEGOWQE]SGGYVETTVS\MQEXIP]
TEVEPPIPXSIEGLSXLIVFYX[MPPX]TMGEPP]SGGYVMREVERHSQ
MVVIKYPEV TEXXIVR 4PEWXMG WLVMROEKI GVEGOW QE] FI SRP]

6

WYTIVJMGMEPSVXLI]QE]I\XIRHQSVIHIITP]MRXSEWPEFIZIR
XSMXWJYPPHITXL
4PEWXMGWLVMROEKIGVEGOMRKMWGEYWIHF]VETMHIZETSVEXMSRSJ
QSMWXYVIJVSQXLIWYVJEGI-JXLIPSWWSJQSMWXYVIEXXLIWYVJEGI
MW KVIEXIV XLER XLI VEXI XLEX QSMWXYVI GER FI VITPIRMWLIH F]
FPIIH[EXIVSVGETMPPEV]EGXMSRXIRWMPIWXVIWW[MPPHIZIPSTMRXLI
WYVJEGIVIKMSR8LMWTLIRSQIRSRMWVIPEXIHXSXLIIZETSVEXMSR
VEXI[LMGLMRXYVRMWMRJPYIRGIHF]XLIGSQFMRIHIJJIGXWSJ
LYQMHMX][MRHERHGSRGVIXIERHEMVXIQTIVEXYVIW(IXEMPIH
HMWGYWWMSRWSJXLIQIGLERMWQERHTVIZIRXEXMZIQIEWYVIWGER
FIJSYRHMR%'-66ERH6
7IXXPIQIRXGVEGOWX]TMGEPP]SGGYVHMVIGXP]EFSZIVIMRJSVGMRK
FEVWERHI\XIRHXSXLIFEV7IXXPIQIRXGVEGOMRKMWGEYWIHF]
WYFWMHIRGI SJ JVIWL GSRGVIXI [LMGL GER SGGYV HYI XS
MQTVSTIVGSRWSPMHEXMSRSVQSVIGSQQSRP]JVSQFPIIHMRK
&IGEYWI GVEGOW EGX EW ER EZIRYI JSV XLI IRXV] SJ [EXIV
HIMGMRKGLIQMGEPWGEVFSRHMS\MHIERHEKKVIWWMZIGLIQMGEPW
XLIMVTVIWIRGIQE]PIEHXSEVIHYGXMSRMRXLIHYVEFMPMX]SJXLI
GSRGVIXI 8LI I\XIRX SJXLI MRJPYIRGISR HYVEFMPMX] [MPP FI
HITIRHIRXSRXLI[MHXLERHQSVIMQTSVXERXP]XLIHITXLSJ
XLIGVEGOW'VEGOWPIWWXLERQQ MR HIITQE]LEZIE
RIKPMKMFPIIJJIGX'VEGOWSJKVIEXIVHITXLLS[IZIVMRGVIEWI
XLI TIRIXVEXMSR SJ GEVFSR HMS\MHI [EXIV ERH HIMGMRK
GLIQMGEPW MRGVIEWMRK XLI PMOIPMLSSH SJ VIMRJSVGIQIRX
GSVVSWMSRHEQEKIHYIXSJVII^MRKERHXLE[MRKERH%%6
*SV RSRVIMRJSVGIH GSRGVIXI RSX I\TSWIH XS JVII^MRK ERH
XLE[MRKSVEKKVIWWMZIGLIQMGEPWTPEWXMGWLVMROEKIGVEGOWQE]
FISJPMXXPIWMKRMJMGERGISXLIVXLERJSVEIWXLIXMGGSRWMHIVEXMSRW
'VEGOWMRJVIWLGSRGVIXIGERETTIEVXSFIGPSWIHHYVMRKXLI
JMRMWLMRKSTIVEXMSRW8LIGPSWYVILS[IZIVQE]FISRP]E
XLMRWOMRSZIV XLIWYVJEGISJ XLI GVEGOERHXLIGVEGOQE]
WYFWIUYIRXP]VISTIR-JWYGLGVEGOMRKSGGYVWEGXMSRWWLSYPH
FI XEOIR XS TVIZIRX XLI GSRXMRYIH SGGYVVIRGI SJ GVEGOW
JSVQMRKMRXLIJVIWLGSRGVIXI
{7YQQEV]
8LIWXVIRKXLERHHYVEFMPMX]SJGSRGVIXIGERFIWMKRMJMGERXP]
MQTEMVIHF]XLIYWISJMQTVSTIVTPEGIQIRXJMRMWLMRKERH
GYVMRKXIGLRMUYIW[LMPIGSRGVIXIMWMRXLIYRLEVHIRIHWXEXI
%TTVSTVMEXIP]TVSTSVXMSRIHGSRGVIXIQM\XYVIWXLEXEVITVSTIVP]
TPEGIHGSRWSPMHEXIHJMRMWLIHGYVIHXIWXIHERHMRWTIGXIH
[MPPLIPTXSIRWYVIXLEXXLIHIWMVIHHYVEFMPMX]GLEVEGXIVMWXMGW
EVIEGLMIZIH
',%48)6{*6))>-2+%2(8,%;-2+
3*'32'6)8)
{-RXVSHYGXMSR
(IXIVMSVEXMSRSJGSRGVIXII\TSWIHXSJVII^MRKGSRHMXMSRW
GERSGGYV[LIRXLIVIMWWYJJMGMIRXMRXIVREPQSMWXYVITVIWIRX
XLEXGERJVII^IEXXLIKMZIRI\TSWYVIGSRHMXMSRW8LIWSYVGI
SJQSMWXYVIGERFIIMXLIVMRXIVREP [EXIVEPVIEH]MRXLITSVIW
SJGSRGVIXIXLEXMWVIHMWXVMFYXIHF]XLIVQSH]REQMGGSRHMXMSRW
XSTVSZMHIELMKLIRSYKLHIKVIISJWEXYVEXMSREXXLITSMRXSJ
JVII^MRK XS GEYWI HEQEKI  SV I\XIVREP [EXIV IRXIVMRK XLI
GSRGVIXIJVSQERI\XIVREPWSYVGIWYGLEWVEMRJEPP (V]GSRGVIXI
KIRIVEPP]FIPS[ETTVS\MQEXIP]XS MRXIVREPVIPEXMZI
LYQMHMX] MWRSVQEPP]MQQYRIXSHEQEKIJVSQJVII^MRK

6

%'-'311-88))6)4368

*VIWLGSRGVIXIMRERMQQEXYVIWXEXIGERFIHEQEKIHF]E
WMRKPIJVII^I 7IGXMSR 1EXYVIGSRGVIXIQE]FIEFPIXS
[MXLWXERHVITIEXIHG]GPIWSJJVII^MRKERHXLE[MRK[MXLSYX
HEQEKI8LYW GSRGVIXIXLEXMWTVSTIVP]GYVIHERHVIEGLIW
WYJJMGMIRXQEXYVMX]FIJSVIFIMRKI\TSWIHXSJVII^MRKWYGLEW
GSRGVIXI JSV GSPYQRW SV JPSSV WPEFW QE] XSPIVEXI JVII^MRK
JVSQI\TSWYVIXSEWMRKPI[MRXIVWIEWSRFIJSVIGSRGVIXIMW
TVSXIGXIH JVSQ XLI IPIQIRXW 7MQMPEV GSRGVIXI XLEX MW RSX
TVSTIVP]GYVIHERHMWI\TSWIHXSJVII^MRKGSRHMXMSRWEXER
IEVP]EKIWYGLEWWMHI[EPOWERHI\TSWIHJSYRHEXMSR[EPPW
QE] WLS[ HIXIVMSVEXMSR EJXIV E JI[ ]IEVW SJ I\TSWYVI XS
VITIEXIHG]GPIWSJJVII^MRKERHXLE[MRK
8LIWIZIVMX]SJGSRGVIXII\TSWYVIWLSYPHFIUYERXMJMIHF]
E GSQFMREXMSR SJ JVII^MRK GSRHMXMSRW RYQFIV SJ ERRYEP
G]GPIW SJ JVII^MRK TPYW EZIVEKI PS[ XIQTIVEXYVI VIEGLIH
HYVMRKIEGLG]GPI TPYWQSMWXYVIGSRHMXMSRFIJSVIIEGLG]GPI
SJJVII^MRK8LMWMWGSZIVIHMRQSVIHIXEMPMR7IGXMSR
 'SRGVIXI QEHI [MXL HYVEFPI EKKVIKEXI{'SRGVIXI
QEHI[MXLJVSWXVIWMWXERXEKKVIKEXIXLEXMWVIWMWXERXXSJVII^MRK
ERHXLE[MRKMWTVMQEVMP]TVSXIGXIHJVSQHEQEKIXLVSYKLXLI
YWISJIRXVEMRIHEMVMRXLIGSRGVIXIQM\XYVI[MXLWIGSRHEV]
TVSXIGXMSRJVSQWXITWXEOIRXSPMQMXXLIJVEGXMSREPZSPYQISJ
JVII^EFPI[EXIVMRXLIGSRGVIXI%HIWGVMTXMSRSJHEQEKIHYI
XSJVII^MRKERHXLE[MRKSJGSRGVIXIQEHI[MXLHYVEFPIEKKVI
KEXIWEPSRK[MXLTVSXIGXMSRQIXLSHWMWKMZIRMR7IGXMSR
 'SRGVIXIQEHI[MXLJVSWXWYWGITXMFPIEKKVIKEXI{%
TVSTIVP] TVSTSVXMSRIH GSRGVIXI QM\XYVI XLEX LEW VIGIMZIH
EHIUYEXI GYVMRK GER WYJJIV HEQEKI JVSQ JVII^MRK ERH
XLE[MRK MJ XLI EKKVIKEXI KIRIVEPP] XLI GSEVWI EKKVIKEXI
YWIHMWWYWGITXMFPIXSHEQEKIJVSQJVII^MRKERHXLE[MRK%
HIWGVMTXMSR SJ HEQEKI MR GSRGVIXI QEHI [MXL EKKVIKEXIW
WYWGITXMFPIXSJVII^MRKERHXLE[MRKEPSRK[MXLEHIWGVMTXMSR
SJEKKVIKEXIMHIRXMJMGEXMSRTVSGIHYVIWMWKMZIRMR7IGXMSR
{*VSWXEXXEGOSJGSRGVIXIQEHI[MXLHYVEFPI
EKKVIKEXIW
 (IWGVMTXMSRSJJVSWXHEQEKI
 (EQEKI EX IEVP] EKIW{'SRGVIXI MR XLI IEVP]
WXEKIW SJ L]HVEXMSR SVHMREVMP] GSRXEMRW E GSRWMHIVEFPI
EQSYRX SJ JVII^EFPI [EXIV EPSRK [MXL PMXXPI SV RS XIRWMPI
WXVIRKXLXSVIWMWXTVIWWYVIWHIZIPSTIHHYVMRKJVII^MRK'SRGVIXI
MRXLMWGSRHMXMSR[LMGLMWEPPS[IHXSJVII^I[MPPHIZIPSTMGI
PIRWIWETTVS\MQEXIP]TEVEPPIPXSXLIWYVJEGII\TSWIHXSJVII^MRK
%HHMXMSREPMGIPIRWIWGERHIZIPSTYRHIVGSEVWIEKKVIKEXIW
;LIRXLI GSRGVIXI XLE[WERH XLI L]HVEXMSR GSRXMRYIW XLI
WTEGISGGYTMIHF]XLIMGIPIRWIW[MPPFIGSQI[IEOTPERIW
XLEXEVIWYWGITXMFPIXSHIPEQMREXMSRSVWYVJEGIWGEPMRK
 (EQEKIMRGYVIHGSRGVIXI
 7YVJEGIWGEPMRK{8LIQSWXGSQQSRJSVQSJ
HEQEKIJVSQJVII^MRKERHXLE[MRKMRLEVHIRIHGSRGVIXIMW
WYVJEGI WGEPMRK 7YVJEGI WGEPMRK MW XLI PSWW SJ TEWXI ERH
QSVXEVJVSQXLIWYVJEGISJXLIGSRGVIXI+IRIVEPP]PE]IVWPIWW
XLERQQ MR MRXLMGORIWWEVIPSWXFYXVITIEXIHG]GPIW
SJ JVII^MRKERH XLE[MRK GERPIEHXS VIQSZEP SJ EHHMXMSREP
QEXIVMEP7GEPMRKMWGSRWMHIVEFP]EGGIPIVEXIHF]XLITVIWIRGI
SJHIMGMRKWEPXW:ILMGPIXVEJJMGSVSXLIVWYVJEGIGSRXEGXGER
EPWSEGGIPIVEXIWGEPMRKF]EMHMRKMRXLIVIQSZEPSJPSSWIRIH
QEXIVMEP 'SRWIUYIRGIW SJ WGEPMRK MRGPYHI GLERKI MR

ETTIEVERGI GLERKI MR WYVJEGI WQSSXLRIWW ERH MR WIZIVI


GEWIWXLIPSWWSJGSRGVIXIGSZIVSZIVVIMRJSVGMRKWXIIP
 -RXIVREPHIXIVMSVEXMSR{8LSYKLPIWWGSQQSR
MRXIVREP HIXIVMSVEXMSR GER LEZI QSVI WIZIVI GSRWIUYIRGIW
XLERWYVJEGIWGEPMRKHYIXLIPSWWSJWXVYGXYVEPMRXIKVMX]SJXLI
GSRGVIXI-RXIVREPHIXIVMSVEXMSRQERMJIWXWMXWIPJEWEPSWWSJ
WXVIRKXL MR XLI QSVXEV TSVXMSR SJ XLI GSRGVIXI 1SHIVR
GSRGVIXI TVEGXMGI LEW TVEGXMGEPP] IPMQMREXIH XLMW JSVQ SJ
HEQEKIJVSQJVII^MRKERHXLE[MRKF]VIUYMVMRKETVSTIVEMV
ZSMHW]WXIQERHEHIUYEXIQEXYVMX]
 4VIZIRXMRKJVSWXHEQEKIMRRI[GSRGVIXI
 4VSXIGXMSRJVSQIEVP]JVII^MRK{'SRGVIXIWLSYPH
FITVSXIGXIHJVSQIEVP]JVII^MRKF]JSPPS[MRKXLITVSGIHYVIW
ERH QEMRXEMRMRK XLI QMRMQYQ XIQTIVEXYVIW VIGSQQIRHIH
MR%'-6%JXIVGSRWSPMHEXMSRERHJMRMWLMRKXLIGSRGVIXI
WLSYPHFITVSXIGXIHJVSQGSSPMRKXSSVETMHP]F]XLIYWISJ
MRWYPEXIH JSVQW GYVMRK FPEROIXW ERH SXLIV TVSGIHYVIW
HIWGVMFIHMR%'-6%PPS[MRKXLIGSRGVIXIXSGSSPXSS
VETMHP]GSYPHRSXSRP]VIWYPXMRIEVP]JVII^MRKMXGSYPHEPWS
VIWYPXMRXLIVQEPGVEGOMRKMRXLIGSRGVIXI %'-66 
 1MRMQYQ GYVMRK FIJSVI JVII^MRK{1EMRXEMRMRK
EHIUYEXIGYVMRKGSRHMXMSRWMRGPYHMRKTVIZIRXMRKXLII\GIWWMZI
PSWWSJQSMWXYVIERHQEMRXEMRMRKEHIUYEXIXIQTIVEXYVI[MPP
IRWYVIXLEXXLIGSRGVIXILEWL]HVEXIHWYJJMGMIRXP]WSXLEXXLI
EQSYRX SJ JVII^EFPI [EXIV MW WYFWXERXMEPP] VIHYGIH %
VIGSQQIRHIH QMRMQYQ WXVIRKXL XLEX WLSYPH FI EXXEMRIH
FIJSVI XLI GSRGVIXI XIQTIVEXYVI MW EPPS[IH XS HVST FIPS[
JVII^MRK MW  14E  TWM  4S[IVW   3RGI XLMW
WXVIRKXLLEWFIIREGLMIZIHEWMRKPIJVII^I[MPPKIRIVEPP]RSX
VIWYPXMRTIVQERIRXHEQEKIXSXLIGSRGVIXI %'-6 -J
VITIEXIHG]GPIWSJJVII^MRKERHXLE[MRKEVIERXMGMTEXIHXLI
GSRGVIXIWLSYPHFIOITX[EVQJSVEPSRKIRSYKLTIVMSHSJ
XMQIXSEPPS[MXXSHIZIPSTEGSQTVIWWMZIWXVIRKXLSJEXPIEWX
14E TWM 
 4VIZIRXMRK JVSWX HEQEKI F] TVSTIV HIWMKR{1YGL
GSRGVIXIRS[MRWIVZMGILEW[MXLWXSSHJSV]IEVWXLIHEQEKMRK
IJJIGXWSJVITIEXIHG]GPIWSJJVII^MRKERHXLE[MRK;LMPIWSQI
SJXLMWGSRGVIXILEWVIQEMRIHYRHEQEKIHFIGEYWIMX[EWRIZIV
EPPS[IH XS GSRXEMR IRSYKL JVII^EFPI [EXIV XS GEYWI HEQEKI
JVSQ JVII^MRK QSWX SJXLMW GSRGVIXI LEW VIQEMRIH HYVEFPI
FIGEYWITVSTIVTVIGEYXMSRW[IVIXEOIRXSEZSMHWYGLHEQEKI
1EXLIV 8LIXLVIIQSWXMQTSVXERXTVIGEYXMSRWXSTVSZMHI
VIWMWXERGIXSJVII^MRKERHXLE[MRKEVIHMWGYWWIHEWJSPPS[W
 )RXVEMRIHEMVZSMHW]WXIQ{6IWMWXERGIXSJVII^MRK
ERHXLE[MRKSJEGSRGVIXIQM\XYVIMWWYFWXERXMEPP]MQTVSZIHF]
MRGSVTSVEXMRKIRXVEMRIHEMVZSMHWMRXSXLIGSRGVIXI8SEGLMIZI
QE\MQYQ IJJIGXMZIRIWW XLIWI EMV ZSMHW WLSYPH FI IZIRP]
HMWXVMFYXIHXLVSYKLSYXXLITEWXITSVXMSRSJXLIGSRGVIXI8LIMV
WTEGMRKWLSYPHFIGPSWIIRSYKLXSTVIZIRXXLIHIZIPSTQIRXSJ
WYJJMGMIRXTVIWWYVIWJVSQJVII^MRKXSJVEGXYVIXLIGSRGVIXI
&IGEYWI ZSMHWVIHYGI XLI WXVIRKXL ERH WXMJJRIWWSJ QSWX
GSRGVIXI QM\XYVIW XLIVI MW E REXYVEP XIRHIRG] XS EZSMH
MRGPYHMRK XSS QYGL IRXVEMRIH EMV MR GSRGVIXI % WYJJMGMIRX
EQSYRX SJ IRXVEMRIH EMV LS[IZIV MW RIGIWWEV] XS TVSZMHI
VIWMWXERGIXSJVII^MRKERHXLE[MRK8LIWTIGMJMGTEVEQIXIVW
RSVQEPP]YWIHXSIZEPYEXIERIRXVEMRIHEMVZSMHW]WXIQEPSRK
[MXLXLIKIRIVEPP]EGGITXIHQMRMQYQ SVQE\MQYQ ZEPYIW
EVIHIWGVMFIHEWJSPPS[W

+9-()83(96%&0)'32'6)8)

 7TEGMRK JEGXSV 0{7TEGMRK JEGXSV 0 MW ER


ETTVS\MQEXMSRSJXLIPEVKIWXHMWXERGIJVSQER][LIVIMRXLI
GIQIRXTEWXIXSEREMVZSMH8LIJSPPS[MRKEWWYQTXMSRWEVI
QEHIJSVXLMWTEVEQIXIVXLIZSMHWEVIWTLIVMGEPERHSJIUYEP
WM^IERHXLIZSMHWEVIIZIRP]HMWXVMFYXIHMREWMQTPIGYFMG
PEXXMGIXLVSYKLSYXXLITEWXI 4S[IVW 8LIQIXLSHJSV
HIXIVQMRMRKXLMWTEVEQIXIVMWHIWGVMFIHMR%781'8LI
VERKISJWTEGMRKJEGXSVWMWKIRIVEPP]JVSQQQ MR
SVPIWWXSETTVSEGLMRKQQ MR JSVQM\XYVIWXLEXHS
RSXGSRXEMRIRXVEMRIHEMV8LIKIRIVEPP]EGGITXIHQE\MQYQ
WTEGMRK JEGXSV ZEPYI JSV GSRGVIXI [MXL KSSH VIWMWXERGI XS
JVII^MRKERHXLE[MRKMWETTVS\MQEXIP]QQ MR 
 7TIGMJMGWYVJEGI {7TIGMJMG WYVJEGI  MW E
QIEWYVISJXLIWYVJEGIEVIE TIVYRMXZSPYQISJZSMHW8LI
QIXLSHJSVHIXIVQMRMRKXLMWTEVEQIXIVMWHIWGVMFIHMR%781
'%FEWMGEWWYQTXMSRSJWTIGMJMGWYVJEGIMWXLEXEPPZSMHW
EVI WTLIVMGEP XLMW QEOIW MX E JYRGXMSR SJ EZIVEKI GLSVH
PIRKXLEPSRI 4S[IVW 7TIGMJMGWYVJEGIMWXLIVIJSVIE
KSSH MRHMGEXSV SJ EZIVEKI ZSMH WM^I %W EZIVEKI ZSMH WM^I
KSIWYTWTIGMJMGWYVJEGIKSIWHS[R7QEPPIVZSMHWTVSZMHI
GSQTPMERGI[MXLXLI0 VIUYMVIQIRXEXPS[IVZEPYIWSJEMVGSRXIRX
8LIKIRIVEPP]EGGITXIHZEPYISJWTIGMJMGWYVJEGIJSVVIWMWXERGI
XS JVII^MRK ERH XLE[MRK MW E QMRMQYQ SJ  QQQQ
MRMR 
 4LMPPISJEGXSV* {4LMPPIS  HIZIPSTIH
EREMVZSMHTEVEQIXIVEWEQIERWXSIPMQMREXIXLIEWWYQTXMSRW
QEHI JSV XLI WTEGMRK JEGXSV REQIP] XLEX EPP ZSMHW EVI SJ
IUYEPWM^IERHWTEGMRK,MWIUYEXMSR[SVOWSRXLIGSRGITX
XLEXEPPZSMHWEVIVERHSQP]WM^IHERHHMWXVMFYXIHERHIWXEFPMWLIW
E VIPEXMSRWLMT FIX[IIR XLI EMVZSMH HMWXVMFYXMSR ERH XLI
TIVGIRXEKISJTEWXIXLEXMW[MXLMREKMZIRHMWXERGISJEREMV
ZSMH 4LMPPIS YWIH XLI [SVO SJ ;MPPMW ERH 0SVH   XS
IWXEFPMWLEVIPEXMSRWLMTFIX[IIREMVZSMHGLSVHPIRKXLWERH
ZSMHWTIVYRMXZSPYQI&IWMHIWTVSZMHMRKXLITIVGIRXEKISJ
TEWXI TVSXIGXIH XLI IUYEXMSR GER TVSZMHI EPXIVREXMZIP] E
ZEPYIJSVXLIHMWXERGIJVSQEREMVZSMH[MXLMRXLEXEKMZIR
TIVGIRXEKI SJ TEWXI MW PSGEXIH 8LMW HMWXERGI GEPPIH XLI
4LMPPISJEGXSVMWSJXIRGSQTEVIH[MXLXLIWTEGMRKJEGXSV-R
EGXYEPMX]LS[IZIVXLI4LMPPISJEGXSVMWQSVIWIRWMXMZIXSXLI
EGXYEP EMVZSMH HMWXVMFYXMSR XLER EMV GSRXIRX TEWXI GSRXIRX
ERHRYQFIVSJZSMHWXLEXMRJPYIRGIXLIWTEGMRKJEGXSV
8LMWTEVEQIXIVLEWRSXFIIR[MHIP]EGGITXIHEWEQIEWYVI
SJVIWMWXERGISJGSRGVIXIXSJVII^MRKERHXLE[MRKTVMQEVMP]
HYI XS XLI HMJJMGYPX] MR EGUYMVMRK XLI HEXE RIGIWWEV] JSV
GEPGYPEXMSR 8LIWI HEXE GSRWMWX SJ E VIGSVH SJ EPP GLSVH
PIRKXLWQIEWYVIHMREPMRIEVXVEZIVWI %781' 1SHIVR
HEXE EGUYMWMXMSR XIGLRMUYIW TIVQMX XLI GSPPIGXMSR SJ XLIWI
HEXE ERH QSHIVR HEXE EREP]WMW QIXLSHW EPPS[ XLI YWI SJ
MQTVSZIH TVSGIHYVIW JSV GLEVEGXIVM^MRK XLI EMVZSMH GLSVH
HMWXVMFYXMSR 6SFIVXWERH7GLIMRIV0EVWSRIXEP 
8LMWWLSYPHEPPS[XLIHIXIVQMREXMSRSJXLI4LMPPISJEGXSVXS
FIGSQIQSVIGSQQSRMRXLIJYXYVI;LMPIRSWTIGMJMGGVMXIVMSR
JSVXLIQE\MQYQ*  XLIHMWXERGIJSVEKMZIRTIVGIRXEKISJ
TEWXITVSXIGXIH LEWFIIRHIXIVQMRIHERI\EQMREXMSRSJE
GSRWMHIVEFPIEQSYRXSJPMRIEVXVEZIVWI %781' HEXE
JSVERYQFIVSJGSRGVIXIWTIGMQIRWLEZMRKWTEGMRKJEGXSVW
SJETTVS\MQEXIP]QQ MR ERHWTIGMJMGWYVJEGI
ZEPYIW SJ ETTVS\MQEXIP]  QQQQ  MRMR

6

8EFPI{6IGSQQIRHIHEMVGSRXIRXWJSV
GSRGVIXIVIWMWXERXXSJVII^MRKERHXLE[MRK
%ZIVEKIEMVGSRXIRX j

2SQMREPQE\MQYQ
EKKVIKEXIWM^IQQ MR
 
 
 
 

7IZIVII\TSWYVIk





1SHIVEXII\TSWYVI





 



``

 

``

 



``

8LIVIMW GSRJPMGXMRKSTMRMSRSR[LIXLIVEMVGSRXIRXWPS[IVXLERXLSWIKMZIRMRXLI

XEFPIWLSYPHFITIVQMXXIHJSVLMKLWXVIRKXL QSVIXLERETTVS\MQEXIP]14E?TWMA
GSRGVIXI8LIGSQQMXXIIFIPMIZIWXLEX[LIVIWYTTSVXMRKI\TIVMIRGIERHI\TIVMQIRXEP
HEXEI\MWXJSVTEVXMGYPEVGSQFMREXMSRWSJQEXIVMEPWGSRWXVYGXMSRTVEGXMGIWERHI\TSWYVI
XLIEMVGSRXIRXWGERFIVIHYGIHF]ETTVS\MQEXIP] *SVRSQMREPQE\MQYQEKKVIKEXI
WM^IW SZIVQQ MR XLMWVIHYGXMSRETTPMIWXSXLIJVEGXMSRSJXLIQM\XYVI
TEWWMRKXLIQQ MR WMIZIW
k%VIEWSREFPIXSPIVERGIJSVEMVGSRXIRXMRJMIPHGSRWXVYGXMSRMW 
j
3YXHSSVI\TSWYVIMREGSPHGPMQEXI[LIVIXLIGSRGVIXIQE]FIMREPQSWXGSRXMRYSYW
GSRXEGX[MXLQSMWXYVIFIJSVIJVII^MRKSV[LIVIHIMGMRKWEPXWEVIYWIH)\EQTPIWEVI
TEZIQIRXWFVMHKIHIGOWWMHI[EPOWERH[EXIVXEROW

3YXHSSV I\TSWYVI MR E GSPH GPMQEXI [LIVI XLI GSRGVIXI [MPP FI SRP] SGGEWMSREPP]
I\TSWIHXSQSMWXYVIFIJSVIJVII^MRKERH[LIVIRSHIMGMRKWEPXW[MPPFIYWIH)\EQTPIW
EVIGIVXEMRI\XIVMSV[EPPWFIEQWKMVHIVWERHWPEFWRSXMRHMVIGXGSRXEGX[MXLWSMPSV
EGGYQYPEXIHWRS[
``
8LIWIEMVGSRXIRXWETTP]XSXLI[LSPIGSRGVIXIEWMWXLIGEWIJSVXLITVIGIHMRKEKKVI
KEXIWM^IW;LIRXIWXMRKXLMWGSRGVIXILS[IZIVEKKVIKEXITMIGIWPEVKIVXLERQQ
MR EVIVIQSZIHF]LERHTMGOMRKSV[IXWMIZMRKERHXLIEMVGSRXIRXMWHIXIVQMRIH
SRXLIJVEGXMSRSJXLIQM\XYVITEWWMRKXLIQQ MR WMIZI 8LIJMIPHXSPIVERGI
ETTPMIWXSXLMWZEPYI *VSQXLMWXLIEMVGSRXIRXSJXLI[LSPIQM\XYVIMWGSQTYXIH

WYKKIWXWXLEXEQE\MQYQEGGITXEFPIHMWXERGIFIX[IIREREMV
ZSMHERH SJXLITEWXI4 WLSYPHFIETTVS\MQEXIP]
QQ MR  .ERWWIRERH7R]HIV 
 %MV GSRXIRX{8LI EJSVIQIRXMSRIH EMVZSMH
TEVEQIXIVW [LMPI I\GIPPIRX MRHMGEXSVW SJ XLI I\XIRX SJ
TVSXIGXMSR JVSQJVII^MRK ERH XLE[MRKTVSZMHIH F] XLI EMV
ZSMHW]WXIQEVIHMJJMGYPXXSQIEWYVIMRXLIJMIPHJSVUYEPMX]
GSRXVSPTYVTSWIW8SXEPEMVGSRXIRXMWXLIVIJSVIXLITEVEQIXIV
KIRIVEPP]WTIGMJMIHERHQIEWYVIH8SXEPEMVGSRXIRXMRGPYHIW
FSXLXLIIRXVEMRIHEMVZSMHWERHXLIPEVKIVEMVZSMHWXLEXEVI
IRXVETTIHMRXLIGSRGVIXIERHRSXVIQSZIHF]GSRWSPMHEXMSR
8LI YWI SJ ER EMVIRXVEMRMRK EHQM\XYVI GSQTP]MRK [MXL
%781 ' GER TVSZMHI ETVSTIVW]WXIQSJIRXVEMRIH EMV
ZSMHW [LIR E WTIGMJMIH XSXEP EMV GSRXIRX SJ XLI GSRGVIXI
QM\XYVI MW EGLMIZIH 8LI EGXYEP EMV GSRXIRX RIGIWWEV] XS
IRWYVI XLI TVSHYGXMSR SJ XLI RIGIWWEV] EMVZSMH W]WXIQ MW
EJJIGXIHF]QER]TEVEQIXIVWQM\MRKEGXMSR[SVOEFMPMX]SJ
XLIQM\XYVIGIQIRXGSQTSWMXMSRX]TIWERHEQSYRXWSJSXLIV
EHQM\XYVIWERHSXLIVW-REHHMXMSRGSRGVIXILERHPMRKHYVMRK
XVERWTSVX TPEGMRK ERH JMRMWLMRK GER LEZI ER IJJIGX SR XLI
IRXVEMRIHEMVZSMHW]WXIQ 7IGXMSR 6IGSQQIRHEXMSRW
JSV EMV GSRXIRXW JSV JVIWL GSRGVIXI EVI KMZIR MR 8EFPI 
8LIWI VIGSQQIRHEXMSRW XEOI MRXS EGGSYRX XLI LMKLIV EMV
VIUYMVIQIRXWSJGSRGVIXIQM\XYVIW[MXLLMKLIVTEWXIGSRXIRXW
WQEPPIVRSQMREPQE\MQYQEKKVIKEXIWM^IW ERHXLIWIZIVMX]
SJ XLI I\TSWYVI LMKLIV I\TSWYVI WIZIVMX] MRGVIEWIW XLI
TVSFEFMPMX]SJHEQEKIJVSQJVII^MRKERHXLE[MRKERHXLIVIJSVI
HIQERHW E LMKLIV PIZIP SJ TVSXIGXMSR XS SJJWIX XLMW LMKLIV
TVSFEFMPMX] SJ HEQEKI  8LI ZEPYIW WLS[R EVI KIRIVEP
VIGSQQIRHEXMSRW PSGEP GSRHMXMSRW ERH I\TIVMIRGI [MXL
WTIGMJMGQM\XYVIWERHTVSGIHYVIWGSYPH[EVVERXSXLIVZEPYIW

6

%'-'311-88))6)4368

%MV GSRXIRX HSIW RSX TVSXIGX JVSQ HEQEKI HYI XS JVII^MRK
ERHXLE[MRKVEXLIVEGLMIZMRKXLIQMRMQYQERHQE\MQYQ
ZEPYIWJSVEMVZSMHTEVEQIXIVWHMWGYWWIHTVIZMSYWP]TVSZMHIW
XLITVSXIGXMSR
 6IHYGMRK JVII^EFPI [EXIV{8LI PMOIPMLSSH SJ
HEQEKIJVSQJVII^MRKERHXLE[MRKMWVIHYGIHF]VIHYGMRK
XLIEQSYRXSJJVII^EFPI[EXIVMRGSRGVIXI*SVGSRZIRXMSREP
QM\XYVIWXLMWLEWKIRIVEPP]FIIREGGSQTPMWLIHF]XLIYWISJ
EPS[[GQ QE\MQYQSJJSVQMPHI\TSWYVIERHJSV
WIZIVII\TSWYVI GSQFMRIH[MXLEHIUYEXIGYVMRKXSIRWYVIE
QMRMQYQGSQTVIWWMZIWXVIRKXLSJETTVS\MQEXIP]14E
TWM FIJSVII\TSWYVIXSVITIEXIHG]GPIWSJJVII^MRK
ERHXLE[MRK
0MQMXMRKXLI[GQXSEWTIGMJMIHQE\MQYQZEPYILEWXLI
IJJIGXSJVIHYGMRKXLIEQSYRXSJJVII^EFPI[EXIVMRXLIGYVIH
GSRGVIXIMRMXMEPP]ERHVIUYMVMRKEQMRMQYQWXVIRKXLFIJSVI
JVII^MRKLIPTWIRWYVIXLEXXLIJVEGXMSREPZSPYQIXLEXGSYPHFI
SGGYTMIHF]JVII^EFPI[EXIVMRWEXYVEXIHGSRGVIXILEWFIIR
EHIUYEXIP]VIHYGIHF]XLIJSVQEXMSRSJL]HVEXMSRTVSHYGXW
1SHIVR GSRGVIXI QM\XYVIW QE] GSRXEMR EHQM\XYVIW
EHHMXMZIWERH7'1WXLEXTIVQMXVIHYGXMSRSJXLIEQSYRXSJ
JVII^EFPI [EXIVMR GSRGVIXI7PEK GIQIRX SVTS^^SPERWGER
VIJMRI XLI TSVI WXVYGXYVI EX E KMZIR [GQ VIWYPXMRK MR E
WQEPPIVJVEGXMSRSJXLITSVSWMX]GSRXEMRMRKJVII^EFPI[EXIV
8LIYWISJWPEKGIQIRXSVTS^^SPERWLEWXLIEHHIHFIRIJMGMEP
IJJIGXSJVIHYGMRKXLIVEXIXLEX[EXIVGERQMKVEXIXLVSYKLXLI
GSRGVIXI8LMWQIERWXLEX[EXIVVIQSZIHF]IZETSVEXMSRSV
L]HVEXMSR[MPPFIVITPEGIHQSVIWPS[P][LIRXLIGSRGVIXIMW
I\TSWIHXS[EXIV
 (IWMKR HIXEMPW{4L]WMGEP HIXEMPW XLEX EPPS[ JSV
XLIVITIEXIH[IXXMRKSVXLITVIZIRXMSRSJIZETSVEXMZIHV]MRK
SJGSRGVIXIWYVJEGIWWLSYPHFIEZSMHIH)\EQTPIWSJXLIWI
MRGPYHIVSSJHVMTPMRIWSZIVLERKMRKWMHI[EPOWERHHVMZI[E]W
XSYRWIEPIHNSMRXWSRFVMHKIWPEFWSZIVWYTTSVXKMVHIVW'EVI
WLSYPH EP[E]W FI XEOIR XS TVSZMHI TSWMXMZI HVEMREKI SJ
VYRSJJ [EXIV JVSQ JPEX GSRGVIXI EVIEW F] QIXLSHW WYGL EW
WPSTMRK WYVJEGIW QMRMQYQ   7TIGMEP TVIGEYXMSRW JSV
[EXIV VIQSZEP WLSYPH FI XEOIR [LIR VYRSJJ MW PMOIP] XS
GSRXEMRHIMGMRKWEPXWSVSXLIVEKKVIWWMZIGLIQMGEPW
'SRWMHIVEXMSRWLSYPHEPWSFIKMZIRXSWXVYGXYVIWXLEXEPPS[
[EXIVEGGIWWXSXLIWMHIE[E]JVSQJVII^MRKWYGLEW[EXIV
XEROW-RQER]GEWIWXLIIZETSVEXMSRVEXISRXLISYXWMHISJ
XLIXERO[MPPI\GIIHXLIVEXIXLEX[EXIVGERQMKVEXIXLVSYKL
XLIXERO[EPPXSVITPIRMWLXLIIZETSVEXMSR-RXLIWIMRWXERGIW
XLIEQSYRXSJJVII^EFPI[EXIVMRXLITSVXMSRWSJXLIGSRGVIXI
XLEXJVII^I[MPPFIEGGSQQSHEXIHF]XLIEMVZSMHW]WXIQ-R
WSQIGEWIWLS[IZIV[EXIVJPS[XSXLIJVII^MRKWYVJEGIGER
I\GIIH XLI IZETSVEXMSR VEXI PIEHMRK XS TSXIRXMEP HEQEKI
TVSFPIQW JVSQ JVII^MRK ERH XLE[MRK %PWS MR ZIV] GSPH
GPMQEXIW JVII^MRK GER I\XIRH EPP XLI [E] XLVSYKL XLI
GSRGVIXI[EPPVIWYPXMRKMRWIZIVIHEQEKI0S[VEXIWSJQSMWXYVI
QSZIQIRX ERHGSRWMHIVEXMSR SJ XLI HITXL SJ JVII^MRK EVI
RIGIWWEV]MRXLIHIWMKRSJXLIWIX]TIWSJWXVYGXYVIW %'- 
 4VIZIRXMRK JVSWX HEQEKI F] TVSTIV TVEGXMGI{%
TVSTIVP] TVSTSVXMSRIH GSRGVIXI QM\XYVI GER WXMPP WYJJIV
HEQEKI JVSQ JVII^MRK ERH XLE[MRK MJ IMXLIV XLI EMVZSMH
W]WXIQSVXLIEQSYRXWSJJVII^EFPI[EXIVEVIHIXVMQIRXEPP]
EJJIGXIH HYVMRK GSRWXVYGXMSR 8LI IJJIGXW SJ GSRWXVYGXMSR

TVEGXMGIWSRQEMRXEMRMRKXLIUYEPMX]SJXLIGSRGVIXIQM\XYVI
EVIHIWGVMFIHMR7IGXMSRWXLVSYKL
 8VERWTSVXMRK ERH TPEGMRK{8LI EMV ZSMHW XLEX
TVSZMHITVSXIGXMSREKEMRWXJVII^MRKERHXLE[MRKHEQEKIEVI
TVSHYGIH HYVMRK XLI TVSGIWW SJ QM\MRK XLI JVIWL GSRGVIXI
;LMXMRK ERH 7XEVO   8LI EMVIRXVEMRMRK EHQM\XYVIW
WXEFMPM^IXLIFYFFPIWXLEXEVITVSHYGIHHYVMRKQM\MRKFYXHS
RSXKIRIVEXIXLSWIFYFFPIW8LIVIJSVIQM\MRKMWGVMXMGEPMR
GEYWMRKXLIFYFFPIWXSJSVQERHMRHMWXVMFYXMRKXLSWIFYFFPIW
XLVSYKLSYXXLIQM\XYVI9TSRHIPMZIV]ERHHMWGLEVKISJXLI
GSRGVIXIXLIXSXEPRYQFIVSJEMVFYFFPIWXLIMVXSXEPZSPYQI
ERHXLIHMWXVMFYXMSRSJFYFFPIWM^IWHITIRHSRQM\MRKEGXMSR
ERH XLI HIKVII XLEX XLI TEVXMGYPEV GSQFMREXMSR SJ EMV
IRXVEMRMRKEHQM\XYVISXLIVEHQM\XYVIW[EXIVGIQIRXERH
EKKVIKEXIWLEZI[SVOIHXSKIXLIVXSKIRIVEXIWXEFMPM^IERH
VIXEMRXLIFYFFPIW
8LIW]WXIQSJEMVFYFFPIWMRXLIJVIWLGSRGVIXIEXHIPMZIV]
[MPP FI WIRWMXMZI XS QER] JEGXSVW MRGPYHMRK XLI X]TI ERH
IJJIGXMZIRIWWSJXLIQM\IVHYVEXMSRSJQM\MRKQM\MRKWTIIH
VTQ  LEYP XMQI FEXGL WM^I ERH KIRIVEP GSRHMXMSR SJ XLI
QM\MRK IUYMTQIRX 8LI 4SVXPERH 'IQIRX %WWSGMEXMSR LEW
TYFPMWLIH KVETLW SJ XLI VIPEXMSRWLMT FIX[IIR EMV GSRXIRX
QM\MRKXMQIWPYQTERHQM\MRKWTIIH VTQ  /SWQEXOEIXEP
  8LI EJSVIQIRXMSRIH MWWYIW WYGL EW QM\MRK WTIIH
HYVEXMSRSJQM\MRKERHFEXGLWM^I EJJIGXXLIXMQIVIUYMVIHJSV
XLIEMVIRXVEMRMRKEHQM\XYVIXSWXEFMPM^IFYFFPIW*EWXEGXMRK
EMVIRXVEMRMRKEHQM\XYVIWQE]TIVJSVQ[IPPIZIR[MXLWLSVX
QM\MRK TIVMSHW SV FVMIJ LEYP XMQIW [LIVIEW QSVI WPS[P]
EGXMRKEHQM\XYVIWQE]TIVJSVQFIXXIV[MXLEPSRKIVQM\MRKSV
LEYP XMQI 8LI HIKVII XLEX EMV MW MRGSVTSVEXIH MR XLI JVIWL
GSRGVIXIHYVMRKQM\MRKHITIRHWSRXLIXYQFPMRKSV[EZI
FVIEOMRK EGXMSR SJ XLI GSRGVIXI MR XLI QM\IV MXWIPJ 8LMW
EGXMSR[MPPHITIRHSRXLIWPYQTSJXLIGSRGVIXIERHSRXLI
GPIERPMRIWWERHIJJMGMIRG]SJXLIQM\MRKFPEHIW%MVMRGSVTSVEXIH
MRXLIGSRGVIXIMWWYFWIUYIRXP]WYFHMZMHIHMRXSWQEPPIVFYFFPIW
F] GSRXMRYIH QM\MRK ERH WXEFMPM^IH F] XLI EMVIRXVEMRMRK
EHQM\XYVI XLYW QMRMQM^MRK EMV PSWW -QQIHMEXIP] FIJSVI
FIMRK HMWGLEVKIH XLI JVIWLP] QM\IH GSRGVIXI GSRXEMRW EMV
FYFFPIW SJ E [MHI HMWXVMFYXMSR SJ WM^IW ERH [MXL ZEV]MRK
IJJIGXMZIRIWWMRXIVQWSJTVSZMHMRKJVSWXVIWMWXERGI[LMGLEPP
LEZI XLIMV SVMKMR MR XLI IRKYPJQIRX SV IRXVETQIRX SJ EMV
HYVMRKXLIQM\MRKTVSGIWW 1MIPIR^IXEPEF&EGOWXVSQ
IXEPEF 
4PEGMRK GSRGVIXI MW SJXIR EGGSQTPMWLIH F] TYQTMRK XLI
GSRGVIXIJVSQXLIHIPMZIV]XVYGOXSXLIJSVQ[SVO%HZERGIWMR
TYQTMRKXIGLRSPSK]LEZIVIWYPXIHMRWYFWXERXMEPMQTVSZIQIRXW
MRGSRGVIXITYQTGETEFMPMXMIWMRGPYHMRKMRGVIEWIHTYQTMRK
HMWXERGIW MRGVIEWIH TYQTMRK PMJX LIMKLXW ERH MRGVIEWIH
HIPMZIV] VEXIW 8LIWI EHZERGIW LEZI FIIR EGGSQTERMIH F]
MRGVIEWIWMRXLITVIWWYVIGETEGMX]SJXLITYQTW[MXLTVIWWYVIW
MRXLIVERKISJXS14E XSTWM FIMRKJEMVP]
GSQQSR 'SSOI   9RJSVXYREXIP] GSRGIVRW LEZI
HIZIPSTIH[LIRXLIEMVGSRXIRXQIEWYVIHEJXIVTYQTMRK[EW
RSX XLI WEQI EW XLI EMV GSRXIRX FIJSVI TYQTMRK -R QSWX
GEWIW XLI EMV GSRXIRX LEH HIGVIEWIH EJXIV TYQTMRK FYX MR
WSQI MRWXERGIW MX MRGVIEWIH 'SSOI  (]IV 
;LMXMRKERH2EKM 8LITSWWMFPIPSWWSJXLIIRXVEMRIH

+9-()83(96%&0)'32'6)8)

EMVGERFIEQENSVGSRGIVRJSV GSRGVIXII\TSWIHXSWIZIVI
JVII^MRKERHXLE[MRKIRZMVSRQIRXW
8LITYQTMRKTVSGIWWMRGPYHIWERYQFIVSJEGXMZMXMIWXLEX
GSYPH GSRXVMFYXI XS E GLERKI MR XLI EMV GSRXIRX SJ XLI
GSRGVIXI (YVMRK TYQTMRK XLI GSRGVIXI JEPPW XLVSYKL E
KVEXMRKMRXLITYQTLSTTIVMWJSVGIHYRHIVTVIWWYVIXLVSYKL
EVIPEXMZIP]WQEPPHMEQIXIVTMTIQSZIWXLVSYKLEWIVMIWSJ
FIRHW I\TIVMIRGIW GLERKIW MR FSXL IPIZEXMSR ERH TMTI
QEXIVMEP KIRIVEPP] WXIIP XS VYFFIV  MW XLIR VIPIEWIH JVSQ
TVIWWYVI EW MX I\MXW XLI TMTI ERH SJXIR JEPPW WSQI HMWXERGI
MRXS XLI JSVQ[SVO 4YQTMRK QE] EPWS FI GSRXMRYSYW SV
MRXIVVYTXIHEXZEVMSYWXMQITIVMSHW8LMWWIUYIRGISJIZIRXW
QEOIWMXHMJJMGYPXXSMWSPEXIXLIQIGLERMWQMJXLIVIMWSRP]
SRIXLEXMRHYGIWXLIPSWW ERHSGGEWMSREPKEMR MREMVGSRXIRX
SJEMVIRXVEMRIHGSRGVIXI
%RYQFIVSJQIGLERMWQWLEZIFIIRTVSTSWIHXSI\TPEMRXLI
GLERKIMREMVGSRXIRXXLEXWSQIXMQIWSGGYVW[LIRGSRGVIXIMW
TYQTIH(YVMRKTYQTMRKEZEGYYQGSYPHJSVQMRXLIPMRI
IWTIGMEPP] EXPS[ TYQTMRK VEXIW[MXL E PSRK TSVXMSR SJ XLI
TYQTMRKFIMRKHS[RLMPP [LMGL[SYPHIRPEVKIERHVIQSZI
EMVZSMHW%MVZSMHWGSYPHEPWSFIPSWX[LIRXLIGSRGVIXIJEPPW
XLVSYKLXLIKVEXMRKMRXLITYQTLSTTIVSV[LIRMXJEPPWMRXSXLI
JSVQ[SVOEJXIVI\MXMRKXLITYQTPMRI =MRKPMRKIXEP
.ERWWIR IX EP   ;LMPI GLERKIW MR XLI EMVZSMH W]WXIQ
LEZIFIIRHSGYQIRXIHMRQYPXMTPIGEWIW ;LMXMRKERH2EKM
 .ERWWIR IX EP  4PIEY IX EP   IZMHIRGI SJ
VIHYGIH VIWMWXERGI XS JVII^MRK ERH XLE[MRK LEW RSX FIIR
MHIRXMJMIH )POI]IXEP;LMXMRKERH2EKM 
 'SRWSPMHEXMRK{9TSR HMWGLEVKI SJ JVIWL
GSRGVIXIEHHMXMSREPSTTSVXYRMXMIWEVITVIWIRXJSVXLIJYVXLIV
IRXVETQIRX SJ EMV ZSMHW MR XLI GSRGVIXI -R XLI TVSGIWW SJ
JMPPMRKJSVQWMXMWZMVXYEPP]MQTSWWMFPIXSEZSMHXLIMRGPYWMSR
SJ EMV TSGOIXW ;LIR WYGL PEVKI EMV TSGOIXW JSVQ HYVMRK
QM\MRK XLI GSRXMRYIH QM\MRKEGXMSR FVIEOW XLIQ HS[R XS
WQEPPIVWM^IWERHEPPS[WJSVXLIMVHMWXVMFYXMSRMRXLIQM\XYVI
2SWYGLSTTSVXYRMX]I\MWXWSRGIXLIGSRGVIXIMWGEWX*SVXLMW
VIEWSRMXMWRIGIWWEV]XSEXXIQTXXSVIHYGIXLIRYQFIVERH
WM^ISJXLIWITSGOIXWXVETTIHMRXLIQM\XYVIF]ZMFVEXMSR
:MFVEXMSR EGGSQTPMWLIW X[S TYVTSWIW [MXL VIKEVHXS XLI
VIQSZEPSJEMVTSGOIXWMRJVIWLGSRGVIXI*MVWXZMFVEXMSRGER
PMUYIJ] XLI GSRGVIXI MR XLI WEQI QERRIV EW IEVXLUYEOIW
PMUYIJ]GIVXEMRX]TIWSJWSMPW1ER]SJXLIPEVKIFYS]ERXEMV
TSGOIXW XLEX [IVI TVIZMSYWP] XVETTIH MR XLI WIQMJPYMH
QM\XYVIGERVMWIXSXLIWYVJEGIXLVSYKLXLIXIQTSVEVMP]]IX
JYPP] JPYMH QM\XYVI 7IGSRH ZMFVEXMSR MQTSWIW E G]GPMG
GSQTVIWWMSR MR XLI GSRGVIXI XLEX PSGEPP] MRGVIEWIW XLIR
HIGVIEWIW XLI [EXIV TVIWWYVI WYVVSYRHMRK XLI EMV FYFFPIW
8LMW GEYWIW XLI FYFFPIW XLIQWIPZIW XS GSQTVIWW ERH
HIGSQTVIWWEXXLIJVIUYIRG]SJXLIZMFVEXSV =SYRK 
%MVFYFFPIWFVIEO[LIRJSVGIHXSGSQTVIWWERHHIGSQTVIWW
EXEGVMXMGEPJVIUYIRG]XLEXZEVMIW[MXLXLIMVWM^I{XLIPEVKIV
XLI FYFFPI XLI PS[IV XLI JVIUYIRG] VIUYMVIH XS FVIEO XLI
FYFFPI'SRZIVWIP]XLILMKLIVXLIJVIUYIRG]SJXLIZMFVEXSV
XLIWQEPPIVXLIFYFFPIXLEXGERFIFVSOIR7MQSRIXEP 
WLS[IHXLEXZMFVEXMSREXETTVS\MQEXIP]:41FIKMRWXS
FVIEOFYFFPIWMRXLIWM^IVERKISJXLIWSGEPPIHIRXVEMRIHEMV
)ZMHIRGI EPWS MRHMGEXIW XLEX WSQI TSVXMSR SJ XLI EMV JVSQ

6

FVSOIR FYFFPIW IWGETIW [LMPI XLI FEPERGI SJ XLI EMV MW


VIMRGSVTSVEXIHMRXSSXLIVEMVFYFFPIWMRXLIQM\XYVI
-XXEOIWXMQIJSVXLIIRIVK]MQTEVXIHF]XLIZMFVEXSVXS
PMUYIJ]XLIWYVVSYRHMRKGSRGVIXIERHJSVXLI[EXIVTVIWWYVI
XSFYMPHYTWSEWXSGSQTVIWWXLIEMVFYFFPIW-XEPWSXEOIW
XMQIJSVXLIFYFFPIWXSVMWIXSXLIWYVJEGIXSFVIEOSVFSXL
*SV XLIWI VIEWSRW WLSVX MRXIVQMXXIRX ZMFVEXMSR QE] LEZI
PMXXPIWMKRMJMGERXIJJIGXSRXLIGSRGVIXIMRKIRIVEPSVSRXLI
EMV FYFFPI W]WXIQ 6IJIV XS %'- 6 JSV KYMHIPMRIW JSV
ETTVSTVMEXIZMFVEXMSRTVSGIHYVIW
-RWYQQEV]ZMFVEXMSRSJJVIWLGSRGVIXILEWXLIIJJIGXSJ
VIJMRMRKXLIW]WXIQSJEMVZSMHWF]IRGSYVEKMRKXLIPSWWSJ
PEVKIV EMV ZSMHW ERH PIEZMRK E PEVKIV TIVGIRXEKI SJ XLI
WQEPPIVEMVZSMHW8LII\EGXHMWXMRGXMSRFIX[IIRXLIWM^I
SJFYFFPIWVIQSZIHERHXLSWIPIJXMRTPEGIHITIRHWSRXLI
QM\XYVIERHSRXLIJVIUYIRG]HYVEXMSRERHMRXIRWMX]SJ
XLIZMFVEXMSR
 *MRMWLMRK{%JXIV XLI GSRGVIXI MW TPEGIH ERH
GSRWSPMHEXIHMXMWWXMPPTSWWMFPIXSQSHMJ]XLIEMVFYFFPIWEX
XLIWYVJEGISJXLIJVIWLGSRGVIXI ERHXLIVIJSVIXLIEMVZSMHW
MR XLI LEVHIRIH GSRGVIXI  XLVSYKL JMRMWLMRK STIVEXMSRW
6ITIEXIHTEWWIWSJEJMRMWLMRKXSSPGERJSVGIFYFFPIWXSKIXLIV
VIWYPXMRKMRJI[IVFYXPEVKIVFYFFPIW9TSRGPSWISFWIVZEXMSR
EX XLI XVEMPMRK IHKI SJ E FYPP JPSEX JPSEX SV XVS[IP EW MX MW
TEWWIH SZIV XLI WYVJEGI SJ XLI GSRGVIXI SRI GER WII XLI
FYVWXMRKSJEMVFYFFPIW[MXLMRXLIGIQIRXTEWXI 8LMWQE]FI
VIPEXIHXSXLIVIPEXMZIZIPSGMX]SJXLIXSSPSZIVXLIWYVJEGIXLI
TVIWWYVISJXLIXSSPSVFSXL 8LIEMVGSRXIRXSJXLIGSRGVIXI
EXXLIWYVJEGIGERFIVIHYGIHF]SZIVJMRMWLMRKMQTP]MRKXLEX
XSSQYGLQERMTYPEXMSRSJXLIWYVJEGIGERVIHYGIVIWMWXERGIXS
JVII^MRK ERH XLE[MRK 8LMW MW TEVXMGYPEVP] XLI GEWI MJ XLI
WYVJEGI MW JMRMWLIH [LMPI XLI WYVJEGI MW WXMPP GSZIVIH [MXL
FPIIH[EXIVSVMJ[EXIVLEWFIIRETTPMIHXSQEOIMXIEWMIVXS
JMRMWL *MRMWLMRK E [IX WYVJEGI RSX SRP] [IEOIRW XLEX
WYVJEGIFYXEPWSQEOIWMXQSVITSVSYW;LIRXLMWMWGSYTPIH
[MXL E PSGEPM^IH VIHYGXMSR MR EMV GSRXIRX VIWMWXERGI XS
JVII^MRKERHXLE[MRKMWPMOIP]XSFIWMKRMJMGERXP]VIHYGIH
 'YVMRK{'YVMRKMWHIJMRIHEWXLIQEMRXIRERGISJ
E WEXMWJEGXSV] QSMWXYVI GSRXIRX ERH XIQTIVEXYVI MR GSRGVIXI
HYVMRKMXWIEVP]WXEKIWWSXLEXHIWMVIHTVSTIVXMIWQE]HIZIPST
%QIVMGER 'SRGVIXI -RWXMXYXI  %'- 6  3ZIVEPP
VIWMWXERGI XS JVII^MRK ERH XLE[MRK MRGVIEWIW MR VIWTSRWI XS
GYVMRK EW GSRXMRYIH GYVMRK HIZIPSTW QMGVSWXVYGXYVI ERH
VIHYGIW XLI TSVSWMX] ERH L]HVEYPMG GSRHYGXMZMX] SJ XLI
GSRGVIXI8LIVIWYPXMWEGSRGVIXIXLEXMWPIWWPMOIP]XSFIGSQI
GVMXMGEPP]WEXYVEXIH'YVMRKJYVXLIVMRGVIEWIWXLIGSQTVIWWMZI
ERH XIRWMPI WXVIRKXL SJ XLI GSRGVIXI [LMGL MRGVIEWIW XLI
VIWMWXERGI XS L]HVEYPMG TVIWWYVI SWQSXMG TVIWWYVI ERH MGI
EGGVIXMSR TVIWWYVI 8LIWI EXXVMFYXIW GSQFMRI XS TVSHYGI E
GSRGVIXI XLEX MW PIWW WYWGITXMFPI XS JVII^MRKERHXLE[MRK
HEQEKI8LIMWWYIMWQEHIQSVIGSQTPMGEXIHLS[IZIV[LIR
GSRGVIXIMWGEWXMR[IEXLIV[LIVIXLIVIMWVMWOSJJVII^MRK-R
XLMW WMXYEXMSR EXXIQTXW XS GYVI XLI GSRGVIXI XS MQTVSZI MXW
SZIVEPP HYVEFMPMX] GER GSRJPMGX [MXL XLI JEGX XLEX GYVMRK
QIEWYVIWGERMRGVIEWIXLIVMWOSJWEXYVEXMRKGSRGVIXIHYVMRK
I\TSWYVIXSIEVP]JVII^MRK-XMWKIRIVEPP]EGGITXIHXLEXTVSTIVP]
EMVIRXVEMRIHGSRGVIXIGERWYWXEMRSRIJVII^IG]GPI[LIRMXLEW
EXXEMRIH E GSQTVIWWMZI WXVIRKXL SJ  14E  TWM  ERH

6

%'-'311-88))6)4368

VITIEXIH JVII^MRKERHXLE[MRK G]GPIW [LIR WEXYVEXIH EX E


GSQTVIWWMZIWXVIRKXL MRTPEGI SJ14E TWM 8LMW
QIERWXLEXGYVMRKTVSGIHYVIWRIIHXSFIGEVVMIHSYXXSQEMRXEMR
QSMWXYVI GSRXIRX XS MQTVSZI XLI UYEPMX] SJ XLI GSRGVIXI EW
[IPPEWQIEWYVIWXSTVIZIRXIEVP]JVII^MRK %'-66 
 4VIZIRXMRK JVSWX HEQEKI MR I\MWXMRK GSRGVIXI XLEX
PEGOW EHIUYEXI EMVZSMH W]WXIQ{'SRGVIXI XLEX PEGOW ER
EHIUYEXI EMVZSMHW]WXIQXS TVSXIGX MX JVSQ XLIERXMGMTEXIH
I\TSWYVI GSRHMXMSRW MW WSQIXMQIW IRGSYRXIVIH 4VSXIGXMRK
XLIGSRGVIXIJVSQHEQEKIGEYWIHF]JVII^MRKERHXLE[MRK
XLIRVIUYMVIWXLEXXLIGSRGVIXIFIOITXHV][MXLERMRXIVREP
VIPEXMZILYQMHMX]FIPS[ETTVS\MQEXIP]XS 
 7IEPIVW{'SRGVIXIXLEXGERFIEHIUYEXIP]HVMIH
GER WSQIXMQIW FI OITX HV] F] WIEPMRK XLI WYVJEGI SJ XLI
GSRGVIXI [MXL WSQI WSVX SJ TVSXIGXMZI FEVVMIV W]WXIQ XS
TVIZIRXXLIVIMRXVSHYGXMSRSJQSMWXYVI7PEFSRKVSYRHERH
WMQMPEV GSRWXVYGXMSR [SYPH EPWS VIUYMVI E ZETSV VIXEVHIV
FIRIEXL XLI GSRGVIXI XS VIHYGI XLI QSZIQIRX SJ [EXIV MR
IMXLIVPMUYMHSVZETSVJSVQJVSQIRXIVMRKXLIGSRGVIXIJVSQ
YRHIVRIEXL(IXEMPWSJZEVMSYWTVSXIGXMZIFEVVMIVW]WXIQWGER
FIJSYRHMR%'-6:ETSVVIXEVHIVWJSVYWIYRHIVWPEFW
EVIHMWGYWWIHMR%'-6
-R QER] GEWIW RSX EPP WMHIW SJ E GSRGVIXI QIQFIV EVI
EGGIWWMFPIJSVWIEPIVXVIEXQIRXW'EVIWLSYPHFIXEOIRWSXLEX
XLIWIEPIHWYVJEGIHSIWRSXTVIZIRXXLIIZETSVEXMSRSJQSMWXYVI
XLEX QE] LEZI IRXIVIH JVSQ XLI YRWIEPIH WYVJEGI %R
I\EQTPISJWYGLEWMXYEXMSR[SYPHFIXLIWIEPMRKSJXLIXST
WYVJEGISJEWPEFSRKVSYRH1SMWXYVIIRXIVMRKXLIWPEFJVSQ
XLIFSXXSQWMHIGSYPHFITVIZIRXIHJVSQIZETSVEXMRKJVSQ
XLI XST SJ XLI WPEF F] XLI WIEPIV 8LI VIWYPXMRK QSMWXYVI
GSRHMXMSRGSYPHFI[IXXIVXLERMJXLIGSRGVIXILEHRIZIVFIIR
WIEPIH:ETSVTIVQIEFPIWIEPIVWI\MWXERHXLIMVIJJIGXMZIRIWWMR
FSXL TVIZIRXMRK XLI MRXVYWMSR SJ [EXIV [LMPI TIVQMXXMRK XLI
IZETSVEXMSRSJQSMWXYVIJVSQ XLIWIEPIHWYVJEGIWLSYPHFI
IZEPYEXIHJSVETTPMGEXMSRWTIGMJMGGSRHMXMSRW
 (VEMREKI ERH SXLIV QIXLSHW{8LI QSMWXYVI
PIZIPMRGSRGVIXIGERSJXIRFIOITXWYJJMGMIRXP]PS[XSVIHYGI
XLI TSWWMFMPMX] SJ HEQEKI HYI XS JVII^MRK ERH XLE[MRK MJ
EXXIRXMSRMWKMZIRXSXLIVIQSZEPSJ[EXIVJVSQXLIEVIESJXLI
GSRGVIXI;LMPIQIXLSHWSJQSMWXYVIVIHYGXMSREVIKIRIVEPP]
ETTPMGEXMSRWTIGMJMG XLI I\EQTPIW MR 7IGXMSRW 
XLVSYKLEVITVIWIRXIH
 (VEMREKI{;EXIV EPPS[IH XS TSRH SR E
GSRGVIXIWYVJEGIGERGSRXVMFYXIWMKRMJMGERXP]XSXLIQSMWXYVI
PIZIP MR XLI GSRGVIXI &] TVSZMHMRK EHIUYEXI HVEMREKI XS
TVIZIRXXLITSRHMRKSJ[EXIVXLIEQSYRXSJ[EXIVEFWSVFIH
MRXLIGSRGVIXIGERFIQMRMQM^IH
 1EMRXIRERGI{+SSHHIWMKRWXLEXTVSZMHIJSV
XLI VETMH VIQSZEP SJ [EXIV JVSQ GSRGVIXI WYVJEGIW GER FI
HIJIEXIHF]EPEGOSJQEMRXIRERGI%RI\EQTPIMWXLITSRHMRKSJ
[EXIVSREGSRGVIXIWPEFFIMRKGEYWIHF]PIEZIWFPSGOMRKEHVEMR
4VSTIVHIWMKRWLSYPHFIJSPPS[IHF]EHIUYEXIQEMRXIRERGI
3XLIV XMQIW MQTVSTIV QEMRXIRERGI SV SXLIV EGXMZMXMIW
GSYPHVIWYPXMRXLIYRRIGIWWEV]EGGYQYPEXMSRSJ[EXIV7RS[
TYWLIHSJJSJEWMHI[EPOERHEKEMRWXEGSRGVIXI[EPPGSYPH
VIWYPX MR XLI EGGYQYPEXMSR SJ QSMWXYVI MR XLI [EPP %W XLI
WRS[EKEMRWXXLI[EPPQIPXWXLIYRQIPXIHWRS[GSYPHWIVZI
EW E HEQ LSPHMRK XLI [EXIV EKEMRWX XLI [EPP 2SVQEPP] E

WYVJEGI [MXL PMXXPI QSMWXYVI EFWSVTXMSR XLMW ZIVXMGEP [EPP


WIGXMSRGSYPHEFWSVFIRSYKLSJXLIQIPXIHWRS[XSPIEHXS
HEQEKIJVSQWYFWIUYIRXJVII^MRK
 6IHMVIGXMSR SJ [EXIV JPS[{(S[RWTSYXW
IQTX]MRK[EXIVEGVSWWEGSRGVIXIWPEFGERFIVIHMVIGXIHWS
XLEX VEMR[EXIV HVEMREKI HSIW RSX JPS[ EGVSWW XLI GSRGVIXI
WYVJEGI8LMWGERVIHYGIXLIQSMWXYVII\TSWYVISJXLIWYVJEGI
IRSYKLXSVIHYGIHEQEKIJVSQJVII^MRKERHXLE[MRK
 8LISVMIW JSV JVSWX HEQEKI{(EQEKI MR GSRGVIXI
JVSQ JVII^MRK ERH XLE[MRK SGGYVW EW MRXIVREP HEQEKI SV
WYVJEGI HIXIVMSVEXMSR ERH ETTIEVW MR QER] JSVQW 'SVHSR
 ,MWXSVMGEPP]XLIGETMPPEV]ZSMHW]WXIQSJXLIGIQIRX
TEWXILEWFIIRXLIJSGYWSJQSWXMRZIWXMKEXMZIIJJSVXW8LIVI
MW RS GSRWIRWYW VIKEVHMRK QIGLERMWQW VIWTSRWMFPI JSV
HEQEKIMRGIQIRXTEWXI*SVI\EQTPIMXLEWFIIREXXVMFYXIH
XSL]HVEYPMGTVIWWYVIFYMPHYTEW[EXIVMWJSVGIHE[E]JVSQ
XLI JVII^MRK JVSRX XS SWQSXMG TVIWWYVI KVEHMIRXW HVMZMRK
[EXIVXS[EVHXLIJVII^MRKGIRXIVWXSZETSVTVIWWYVITSXIRXMEPW
ERHXSGSQFMREXMSRWSJXLIWITVSGIWWIW 4S[IVW
  4S[IVW ERH ,IPQYXL  ,IPQYXL 
0MXZER 
 1SMWXYVI I\TYPWMSR{4S[IVW MR LMW IEVP] [SVO
TVSTSWIHXLEXMGIRYGPIEXIHERHKVI[MRGETMPPEV]TSVIWJSVGMRK
XLIQ XS HMPEXI SV I\TIP I\GIWW [EXIV JVSQ JVII^MRK WMXIW
)PIZEXIHL]HVEYPMGWXVIWWIW[SYPHEVMWIEW[EXIV[EWI\TIPPIH
HYI XS XLI VIPEXMZIP] PS[ TIVQIEFMPMX] SJ GIQIRX TEWXI
(MWXERGIJVSQXLIZSMHFSYRHEV]XLIHIKVIISJWEXYVEXMSRERH
XLIVEXISJJVII^MRK[SYPHMRJPYIRGIXLIQEKRMXYHISJL]HVEYPMG
WXVIWWFYMPHYT 'SVHSR4S[IVW 
 3WQSXMG TVIWWYVI{8LI L]HVEYPMGTVIWWYVI
GSRGITX [EW QSHMJMIH [LIR I\TIVMQIRXW 4S[IVW ERH
,IPQYXL  ,IPQYXL  4S[IVW   WLS[IH
WMKRMJMGERX IZMHIRGI XLEX QSMWXYVI [EW QSZMRK XS[EVH
VEXLIVXLERE[E]JVSQJVII^MRKWMXIW%RSWQSXMGTVIWWYVI
KVEHMIRXEVMWMRKJVSQWSPYXIVINIGXMSREWVIPEXMZIP]TYVIMGI
KVS[WJVSQXLITSVIWSPYXMSR[EWXLIRTVSTSWIH'SRXMRYIH
JVII^MRKMRTSVIW[SYPHMRGVIEWIXLIWSPYXIGSRGIRXVEXMSRMR
XLI VIQEMRMRK TSVI WSPYXMSR LIRGI MRGVIEWMRK XLI SWQSXMG
TVIWWYVI KVEHMIRX HVE[MRK [EXIV JVSQ GETMPPEVMIW ERH KIP
TSVIW0MXZER  TVSTSWIHEWMQMPEVXLISV]EPWSJSYRHIH
SR XLIVQSH]REQMG EVKYQIRXW FYX GEWX MR XIVQW SJ ZETSV
TVIWWYVIKVEHMIRXW,IVIGSKRM^IHXLEXXLIGSRXVSPPMRKZEVMEFPIW
MRGPYHIHHIKVIISJWEXYVEXMSRPIRKXLSJQMKVEXMSRTEXLVEXI
SJ JVII^MRK ERH XLI TVIWIRGI SJ IRXVEMRIHEMV FYFFPIW %
GSQTVSQMWIZMI[IQIVKIHMX[EWWYKKIWXIHXLEXGETMPPEVMIW
[IVI WYFNIGXIH XS XLI GSQFMRIH EGXMSR SJ XLI L]HVEYPMG
TVIWWYVIWHIWGVMFIHMRXLIJMVWXXLISV]ERHSTTSWMRKTVIWWYVI
VIWMWXMRKJPS[MRXLEXHMVIGXMSR 4S[IVWERH,IPQYXL
'SVHSR   8LMW GSRGITXYEP QSHIP MRIJJIGX EGORS[P
IHKIHXLEXFSXLHMVIGXMSRWSJJPS[[IVITSWWMFPIHITIRHMRK
YTSR XLI GMVGYQWXERGIW TVMQEVMP] HMGXEXIH F] GSRGVIXI
TVSTIVXMIWERHGSSPMRKVEXIW-RHMZMHYEPVIWIEVGLIVWVIGSKRM^I
FSXL XLI L]HVEYPMG XLISV] EPSRI ERH XLI SWQSXMG XLISV]
GSYTPIH[MXLXLIL]HVEYPMGXLISV]
 -GI PIRW KVS[XL{;LIVIEW XLI   ZSPYQI
I\TERWMSREGGSQTER]MRKXLIXVERWMXMSRSJ[EXIVJVSQPMUYMH
XS WSPMHQE] HSQMREXI XLI HIXIVMSVEXMSR SJ WQEPP WEXYVEXIH
WEQTPIW JVS^IR VETMHP] ERH G]GPMGEPP] MR XLI PEFSVEXSV]

+9-()83(96%&0)'32'6)8)

TVSKVIWWMZI MGI EGGVIXMSR MR GVEGOW HYVMRK TIVMSHW SJ


WYWXEMRIH XIQTIVEXYVIW WPMKLXP] FIPS[  '  *  QE]
KIRIVEPP] HSQMREXI XLI HIKVEHEXMSR SJ GSRGVIXI MR QER]
IRZMVSRQIRXW 0MXZER   % XLISVIXMGEP QSHIP [EW
HIZIPSTIH ERH TVSZIR WYGGIWWJYP JSV TVIHMGXMRK JVII^MRK
ERHXLE[MRKHEQEKIMRERSXLIVTSVSYWQIHMEVSGO ;EPHIV
ERH,EPPIX,EPPIXIXEP -RXLMWQSHIPJVII^MRK
EXXEGOMRLSQSKIRISYWTSVSYWWSPMHWMWZMI[IHEWSGGYVVMRK
MRERSTIRW]WXIQ[LIVIQMGVSGVEGOWEVIMRXIVREPP]TVIWWYVM^IH
F]MGIEGGVIXMSRJYIPIHF]QMKVEXMSRSJ[EXIVXLIPEXXIVMWMR
XYVRMRHYGIHF]XLIVQEPP]HVMZIRJVIIIRIVK]KVEHMIRXW8LMW
MGI EGGVIXMSR QSHIP EPWS ORS[R EW XLI WIKVIKEXMSR MGI
QSHIP MW GSRWMWXIRX [MXL XLI GYVVIRX WSMP TL]WMGW YRHIV
WXERHMRKSJJVII^MRKMRTSVSYWQIHMEERHTEVEPPIPW+MPTMRvW
 WXYH]SJJVII^MRKIJJIGXWMRWSMPW
 -QTPMGEXMSRW SJ JVII^MRK ERH XLE[MRK HEQEKI
QIGLERMWQW{9RGIVXEMRX] ERH STTSWMRK ZMI[W SJ JYRHE
QIRXEPTVSGIWWIWKSZIVRMRKXLIJVII^MRKEXXEGOSRGSRGVIXI
YRHIVQMRIIJJSVXWXSHIZIPSTTVSGIHYVIWJSVSTXMQEPXIWXMRK
SJXLIVIWMWXERGIXSJVII^MRKERHXLE[MRKSJGSRGVIXI7IZIVEP
XIWXMRKWXVEXIKMIWLEZIFIIRYWIHXLVSYKLSYXXLIPEWX]IEVW
XLEX MRZSPZIH VIPEXMZIP] VETMH G]GPMRK SJ JVII^MRKERH
XLE[MRKIZIRXWMRWEXYVEXIHERHHV]IRZMVSRQIRXW-R2SVXL
%QIVMGEEJVII^MRKERHXLE[MRKG]GPMRKXIWX%781'
'1 MW YWIH XS HIXIVQMRI XLI VIWMWXERGI SJ GSRGVIXI
QM\XYVIWXSMRXIVREPHEQEKI%781''1IZEPYEXIW
WGEPMRK HIXIVMSVEXMSR 8LI PEXXIV VIPMIW WSPIP] SR ZMWYEP
GPEWWMJMGEXMSRW WSQIXMQIW WYTTPIQIRXIH [MXL QEWW PSWW
QIEWYVIQIRXW8LIWIXIWXWPMOIWSQISJXLIMVTVIHIGIWWSVW
EVIGVMXMGM^IHJSVRSXEHIUYEXIP]VITVIWIRXMRKX]TMGEPIRZMVSR
QIRXEP GSRHMXMSRW 8LI XIWXW G]GPI FIX[IIR I\XVIQI
XIQTIVEXYVIW XSS VETMHP] % TVSGIHYVI HIZIPSTIH F] XLI
6-0)18'GSQQMXXIIXLI'(*XIWXTVSZMHIWKVIEXIV
VITVSHYGMFMPMX] ERH MW QSVI UYERXMXEXMZI [MXL VIWTIGX XS
WGEPMRKQIEWYVIQIRXW 6-0)18'*(' ,EPPIX
IX EP   TVSTSWIH XLEX GSRZIRXMSREP XIWXW KMZI SRP]
PMQMXIHKYMHERGIJSVYRHIVWXERHMRKXLITVSGIWWIWKSZIVRMRK
JVII^MRKEXXEGOEXJMIPHWMXIW[LIVIXLIXLIVQEPSVL]HVEYPMG
VIKMQIWEVIZIV]HMJJIVIRXXLERMRXLIPEFSVEXSV])\XVETSPEXMSR
JVSQ HMYVREP SV QSVI JVIUYIRX JVII^MRKERHXLE[MRK
I\TIVMQIRXW XS JMIPH GSRHMXMSRW WLSYPH FI ZMI[IH [MXL
TEVXMGYPEV GEYXMSR FIGEYWI HMWXMRGX TL]WMGEP TVSGIWWIW QE]
KSZIVRIEGL8LMWWMXYEXMSRGEPPWJSVGSRWMHIVEXMSRSJHMEKRSWXMG
JVII^MRKERHXLE[MRKXIWXWMR[LMGLFSXLTVSGIWWIWGERFI
HMWXMRKYMWLIHERHTVSFIHW]WXIQEXMGEPP]-XEPWSWYKKIWXWXLEX
GSRWMHIVEFP] QSVI GEYXMSR MW RIIHIH [LIR EXXIQTXMRK XS
VIPEXIWXERHEVHPEFSVEXSV]XIWXVIWYPXWXSWTEGMRKJEGXSVWERH
XSSXLIVHIWMKRGVMXIVMEJSVIJJIGXMZIVIWMWXERGIXSJVII^MRK
ERHXLE[MRKYRHIVYWIGSRHMXMSRW7SQIGSRGVIXIQM\XYVIW
TEWWEGGITXIHPEFSVEXSV]XIWXWERHHSRSXTIVJSVQ[IPPMRXLI
JMIPH[LMPISXLIVWJEMPXLIXIWXWERHTIVJSVQUYMXIWEXMWJEGXSVMP]
MR XLI JMIPH 8LMW MW TVSFEFP] FIGEYWI XLI GYVVIRX XIWXW JSV
MRXIVREPHEQEKIERHWGEPMRKHYIXSJVII^MRKERHXLE[MRKHS
RSXEHHVIWW EPPSJXLIWMKRMJMGERXZEVMEFPIW 7XEVO 
MRHMGEXIH XLEX XLI TSXIRXMEP VSPI SJ WIZIVEP OI] JEGXSVW MR
JVII^MRKERHXLE[MRKHEQEKILEWRSXFIIRETTVIGMEXIHXLIWI
JEGXSVW MRGPYHI XLI QEKRMXYHI ERH HYVEXMSR SJ I\TSWYVI XS
WYWXEMRIH XIQTIVEXYVI ERH QSMWXYVI KVEHMIRXW ERH XLI

6

GYQYPEXMZIXMQISJI\TSWYVIXSWTIGMJMIHXIQTIVEXYVIVERKIW-R
EHHMXMSR EHZERGIW MR LMKLTIVJSVQERGI GSRGVIXI LEZI
TVSHYGIHERSXLIVIPIQIRXSJYRGIVXEMRX]MRWXYHMIWSJVIWMWXERGI
XSJVII^MRKERHXLE[MRK;MXLQYGLJMRIVTSVIW]WXIQWXLI
UYIWXMSR EVMWIW EW XS [LIXLIV XLI GSRZIRXMSREP [MWHSQ SJ
IRXVEMRMRKEMVERHVIHYGMRKXLIXSXEPJVII^EFPI[EXIVMRXLITSVI
W]WXIQ[MPPLIPTVIHYGIHEQEKIJVSQJVII^MRKERHXLE[MRKMR
LMKLTIVJSVQERGIGSRGVIXI ,SSXSR4MKISR 
{*VSWXEXXEGOSJGSRGVIXIQEHI[MXL
RSRHYVEFPIEKKVIKEXIW
(IXIVMSVEXMSR HYI XS JVII^MRK ERH XLE[MRK SJ TVSTIVP]
TVSTSVXMSRIH EMVIRXVEMRIH GSRGVIXI QEHI [MXL EKKVIKEXI
WYWGITXMFPIXSJVII^MRKERHXLE[MRKHEQEKIMWSJXIRVIJIVVIH
XSEW(GVEGOMRK1ER]X]TIWSJGSEVWIEKKVIKEXILEZIFIIR
MHIRXMJMIHEWWYWGITXMFPIXS(GVEGOMRK[LMPISXLIVWSYVGIW
SJXLIWEQIOMRHSJVSGOLEZIRSXFIIRJSYRHXSFIWYWGITXMFPI
8LITSVIWXVYGXYVISJXLIGSEVWIEKKVIKEXIMWXLSYKLXXSFI
XLITVMQEV]GSRXVMFYXMRKJEGXSVXSXLI(GVEGOMRKWYWGITXMFMPMX]
SJ XLI EKKVIKEXI (IWGVMTXMSRW SJ XLI ETTIEVERGI ERH
HIZIPSTQIRXSJ(GVEGOMRKEVITVIWIRXIHMR7IGXMSR
[LMPI XLI TVIZIRXMSR SJ (GVEGOMRK MR RI[ GSRWXVYGXMSR MW
GSZIVIHMR7IGXMSR%HMWGYWWMSRSJIJJSVXWXSQMXMKEXI
(GVEGOMRKMRI\MWXMRKGSRWXVYGXMSRMWKMZIRMR7IGXMSR
8LISVMIW ERH QIGLERMWQW SJ (GVEGOMRK EVI GSZIVIH MR
HIXEMPMR7IGXMSR
 (IWGVMTXMSRSJ(GVEGOMRK
 +IRIVEPHIWGVMTXMSR{(GVEGOMRKMWGLEVEGXIVM^IH
F]GVEGOWXLVSYKLFSXLXLIGSEVWIEKKVIKEXIERHXLIQSVXEV
TSVXMSR SJ XLI GSRGVIXI %[E] JVSQ XLI GVEGOW FSXL XLI
QSVXEVERHXLIGSEVWIEKKVIKEXIEVIWXVSRKERHWLS[RSWMKRW
SJHIXIVMSVEXMSR
8LI HIZIPSTQIRX SJ (GVEGOMRK VIUYMVIW GSRWMHIVEFPI
QSMWXYVIERHVITIEXIHG]GPIWSJJVII^MRKERHXLE[MRK%WE
VIWYPX(GVEGOMRKYWYEPP]ETTIEVWGPSWIXSNSMRXWGVEGOWIHKIW
ERHGSVRIVW[LIVIQSMWXYVIMWEZEMPEFPIJVSQQSVIXLERSRI
HMVIGXMSR(GVEGOMRKKIRIVEPP]ETTIEVWEWEWIVMIWSJGVEGOW
ETTVS\MQEXIP]TEVEPPIPXSXLITVMQEV]QSMWXYVIWSYVGI
 *PEX[SVO{8LI QSWX GSQQSR ETTIEVERGI SJ
(GVEGOMRKMWMREXKVEHIJPEX[SVOWYGLEWLMKL[E]TEZIQIRXW
TEVOMRKPSXWERHWMHI[EPOW8LIWIEVIEVIEWXLEXJVIUYIRXP]
LEZI VIEHMP] EZEMPEFPI QSMWXYVI JVSQ TVIGMTMXEXMSR VYRSJJ
ERHEPWSLEZIQSMWXYVIEZEMPEFPIJVSQQYPXMTPIHMVIGXMSRWEX
NSMRXWERHGVEGOWERHSRXLIFSXXSQWMHISJXLIWPEFI\GITX
MRGEWIW[LIVIXLIVIMWERIJJIGXMZIZETSVVIXEVHIVFIRIEXL
XLIWPEF3JXIRXLIIEVPMIWXETTIEVERGISJ(GVEGOMRK[MPPFI
EXXLIMRXIVWIGXMSRSJXVERWZIVWIERHPSRKMXYHMREPNSMRXWMRE
TEZIQIRX%XXLMWNSMRXMRXIVWIGXMSRQSMWXYVIMWSJXIREZEMPEFPI
EX FSXL ZIVXMGEP NSMRX JEGIW ERH XLI LSVM^SRXEP WYVJEGIW SR
FSXLXLIXSTERHFSXXSQSJXLIWPEF
-RGPMQEXIWGSPHIRSYKLXSJVII^IEPPXLI[E]XLVSYKLXLI
GSRGVIXIWPEF(GVEGOMRKYWYEPP]WXEVXWEXXLIFSXXSQSJXLI
GSRGVIXIWPEFERHTVSKVIWWIWXSXLIWYVJEGI 7GL[EVX^ 
8LMWMWTVSFEFP]HYIXSXLIKVIEXIVEZEMPEFMPMX]SJQSMWXYVIEX
XLIFSXXSQWSJWPEFW&]XLIXMQIXIPPXEPIGVEGOWETTIEVSRXLI
WYVJEGIHIXIVMSVEXMSRGERI\XIRHQ JX SVQSVIE[E]
JVSQXLINSMRX

6

%'-'311-88))6)4368

8LIETTIEVERGISJ(GVEGOMRKMRQMPHIVGPMQEXIWMWWSQI
[LEXHMJJIVIRXFIGEYWIXLIGSRGVIXIRIZIVJVII^IWEPPXLI[E]
XLVSYKL(GVEGOMRKMRXLIWIGEWIWSJXIRETTIEVWEWWLEPPS[
WTEPPMRK EX NSMRXW GPSWIV I\EQMREXMSR VIZIEPW XLI X]TMGEP
GVEGOWTEVEPPIPXSXLINSMRX
 :IVXMGEP GSRWXVYGXMSR{8LSYKL QYGL PIWW
GSQQSR(GVEGOMRKGEREPWSETTIEVSRZIVXMGEPGSRWXVYGXMSR
'SRWXVYGXMSR HIXEMPW QEMRXIRERGI SV FSXL XLEX EPPS[ XLI
EGGYQYPEXMSR SJ QSMWXYVI EKEMRWX XLI GSVRIVW SJ [EPPW SV
GSPYQRWGERGSRXVMFYXIXSXLIHIZIPSTQIRXSJ(GVEGOMRKMJ
WYWGITXMFPI EKKVIKEXIW [IVI YWIH MR XLI GSRWXVYGXMSR %R
I\EQTPI SJ WYGL QEMRXIRERGI EX E FYMPHMRK [SYPH FI XLI
WLSZIPMRKSJWRS[SJJSJEWMHI[EPOERHHITSWMXMRKMXEKEMRWX
EGSRGVIXIJSYRHEXMSR[EPP
 4VIZIRXMSRSJ(GVEGOMRK
 6SPI SJ QM\XYVI TVSTSVXMSRMRK{8LI TVMQEV]
JEGXSVMREGSRGVIXIQM\XYVIXLEXGSRXVMFYXIWXSXLIHIZIPSTQIRX
SJ(GVEGOMRKMWXLIWYWGITXMFMPMX]SJXLIGSEVWIEKKVIKEXI
[LIVIEWXLIEMVZSMHW]WXIQERHXLI[GQLEZIPMXXPISVRS
IJJIGX 7GL[EVX^1MWWSYVM,MKL[E]ERH8VERWTSVXEXMSR
(ITEVXQIRX   1SWX GSEVWI EKKVIKEXIW MHIRXMJMIH EW
FIMRK WYWGITXMFPI XS (GVEGOMRK EVI WIHMQIRXEV] VSGOW
XLSYKLQER]WIHMQIRXEV]VSGOWLEZIRSXFIIRJSYRHXSFI
WYWGITXMFPI XS(GVEGOMRK -KRISYW VSGOW EVIKIRIVEPP] RSX
GSRWMHIVIHXSFIWYWGITXMFPIXS(GVEGOMRKYRPIWWXLIVSGOW
EVI UYMXI [IEXLIVIH ;IEXLIVIH VSGOW [SYPH TVSFEFP] FI
YRHIWMVEFPIJSVGSRGVIXITVSHYGXMSRHYIXSXLIMVPS[WXVIRKXL
ERHPMOIPMLSSHXSFVIEOHS[RJVSQLERHPMRK1SWXQIXEQSVTLMG
VSGOW LEZI RSX WLS[R (GVEGOMRK WYWGITXMFMPMX] LS[IZIV
WSQITEVXMEPP]QIXEQSVTLSWIHWIHMQIRXEV]VSGOWLEZIFIIR
MHIRXMJMIHEW(GVEGOMRKWYWGITXMFPI 7XEVO 
8LI QE\MQYQ EKKVIKEXI WM^I MW EPWS MQTSVXERX MR XLI
HIZIPSTQIRX SJ (GVEGOMRK MR GSRGVIXI QEHI [MXL E (
GVEGOMRKWYWGITXMFPI EKKVIKEXI 2YQIVSYW WXYHMIW 7XEVO
ERH/PMIKIV/PMIKIVIXEP7XEVO1MWWSYVM
,MKL[E]ERH8VERWTSVXEXMSR(ITEVXQIRX%PQSRHERH
.ERWWIR   LEZI WLS[R XLEX VIHYGMRK XLI RSQMREP
QE\MQYQ WM^I SJ XLI EKKVIKEXI VIHYGIW XLI (GVEGOMRK
WYWGITXMFMPMX]SJEKMZIREKKVIKEXI9RJSVXYREXIP]VIHYGMRK
XLIRSQMREPQE\MQYQEKKVIKEXIWM^IGERLEZIPIWWHIWMVEFPI
WMHIIJJIGXWMRGPYHMRKMRGVIEWIHTEWXIHIQERHXSQEMRXEMR
[SVOEFMPMX]EXEKMZIRWXVIRKXLPIZIPMRGVIEWIHHV]MRKWLVMROEKI
TSXIRXMEPERHVIHYGIHNSMRXPSEHXVERWJIVMRTEZIQIRXW
 -QTSVXERGISJEKKVIKEXIMHIRXMJMGEXMSR{(GVEGOMRK
GER VIUYMVI E RYQFIV SJ ]IEVW XS JYPP] HIZIPST ERH E
GSRWMHIVEFPIEQSYRXSJGSRGVIXIJVSQEWYWGITXMFPIWSYVGI
GSYPH FI TPEGIH FIJSVI E TVSFPIQ MW MHIRXMJMIH 8LMW
GSQFMRIH[MXLREXYVEPZEVMEFMPMX]SJEKKVIKEXIWSYVGIWPIEHW
XS XLI RIIH JSV MHIRXMJMGEXMSR SJ (GVEGOMRKWYWGITXMFPI
EKKVIKEXIWFIJSVIXLIMVYWIMRGSRGVIXII\TSWIHXSQSMWXYVI
ERHVITIEXIHG]GPIWSJJVII^MRKERHXLE[MRK
(GVEGOMRKLEWFIIRORS[RXSI\MWXWMRGIXLIW 7XEVO
ERH/PMIKIV [MHIVERKIWSJXIWXWLEZIFIIRHIZIPSTIH
XSXV]XSMHIRXMJ]WYWGITXMFPIEKKVIKEXIW8LIQSWXGSQQSRP]
YWIH TVSGIHYVI JSV MHIRXMJ]MRK (GVEGOMRKWYWGITXMFPI
EKKVIKEXIW MW %781 ''1 'SRGVIXI WTIGMQIRW
QEHI [MXL XLI EKKVIKEXI MR UYIWXMSR EVI WYFNIGXIH XS
VITIEXIHG]GPIWSJJVII^MRKERHXLE[MRKMRXLIPEFSVEXSV]ERH

EVIIZEPYEXIHMRXIVQWSJIMXLIVMRGVIEWIMRPIRKXLSVHIGVIEWI
MRH]REQMGQSHYPYWSJIPEWXMGMX]
 %KKVIKEXIFIRIJMGMEXMSR{%ZEVMIX]SJXIGLRMUYIW
LEZIFIIRTVSTSWIHXSMQTVSZIXLITIVJSVQERGISJ(GVEGOMRK
WYWGITXMFPI EKKVIKEXIW 3RI SJ XLIWI QIXLSHW PMQMXMRK XLI
RSQMREPQE\MQYQWM^ILEWEPVIEH]FIIRHMWGYWWIH 7IGXMSR
  7GL[EVX^   WYQQEVM^IH SXLIV QIXLSHW
MRGPYHMRKGSEXMRKXLIEKKVIKEXIWXSTVIZIRXXLIMVEFWSVTXMSR
SJ [EXIV LIEZ] QIHME WITEVEXMSR ERH FPIRHMRK HYVEFPI
EKKVIKEXI[MXLERSRHYVEFPIEKKVIKEXIXSVIHYGIMXW(GVEGOMRK
WYWGITXMFMPMX],IVITSVXIHXLEXEKKVIKEXIWM^IVIHYGXMSR[EW
XLIQSWXIJJIGXMZIQIXLSHSJVIHYGMRK(GVEGOMRKWYWGITXMFMPMX]
 1MXMKEXMSRSJI\MWXMRK(GVEGOMRK{%GSRWMHIVEFPI
EQSYRX SJ GSRGVIXI GSRXEMRMRK (GVEGOMRKWYWGITXMFPI
EKKVIKEXIWLEWFIIRTPEGIHMRPSGEXMSRW[LIVIXLIGSRGVIXI
GERFII\TIGXIHXSFII\TSWIHXSFSXLQSMWXYVIERHVITIEXIH
G]GPIW SJ JVII^MRK ERH XLE[MRK 8LMW MW IWTIGMEPP] XVYI SJ
GSRGVIXITEZIQIRXW.SMRXHIXIVMSVEXMSREWWSGMEXIH[MXLXLI
HIZIPSTQIRXSJ(GVEGOMRKGERFII\TIGXIHXSWMKRMJMGERXP]
VIHYGI XLI WIVZMGI PMJI SJ XLSWI TEZIQIRXW 8LI GSRGVIXI
E[E]JVSQXLINSMRXWF]EWPMXXPIEWQ JX MWSJXIR
YREJJIGXIHWLS[MRKRSHIXIVMSVEXMSRSVPSWWSJWXVIRKXL
%X]TMGEPGSRGVIXITEZIQIRXGERLEZIXVERWZIVWINSMRXWQ
JX SVQSVIETEVX;MXLPIWWXLERQ JX SJ(GVEGOIH
GSRGVIXIEXIEGLIRHSJEWPEFQSWXSJXLIGSRGVIXIMWMRKSSH
GSRHMXMSR[MXLSRP]XLIWPEFIRHWHIXIVMSVEXIH;LMPIVILEFMPM
XEXMSRSJXLIHIXIVMSVEXIHGSRGVIXIRIEVXLINSMRXWF]VITPEGMRK
XLIHIXIVMSVEXIHGSRGVIXI[MXLEJYPPHITXLTEXGL[SYPHWIIQ
XSFIEGSWXIJJIGXMZIQIXLSHSJI\XIRHMRKXLIPMJISJWYGLE
GSRGVIXI TEZIQIRX (GVEGOMRKSJXIRETTIEVWEX XLI RI[P]
GVIEXIHNSMRXWEHNEGIRXXSXLITEXGLIWMREWPMXXPIEW]IEVW
8LYWXLI(GVEGOMRKGSRXMRYIWEWFIJSVISRP]EXX[MGIEW
QER]NSMRXW .ERWWIRERH7R]HIV 
 +IRIVEP{8LVIIGSRHMXMSRWEVIRIGIWWEV]JSVXLI
HIZIPSTQIRX SJ (GVEGOMRK GSRGVIXI QEHI [MXL (
GVEGOMRKWYWGITXMFPI EKKVIKEXI QSMWXYVI ERH VITIEXIH
G]GPIWSJJVII^MRKERHXLE[MRK%WXLIEKKVIKEXIWEPVIEH]MR
XLIGSRGVIXI[SYPHFIHMJJMGYPXSVMQTSWWMFPIXSXVIEXWSEWXS
VIRHIV XLIQ RSRWYWGITXMFPI (GVEGOMRK QMXMKEXMSR WLSYPH
EXXIQTXXSIMXLIVTVIZIRXJVII^MRKERHXLE[MRKSVVIQSZIXLI
WSYVGISJQSMWXYVI
 4VIZIRXMRKJVII^MRK{4SVXPERHGIQIRXGSRGVIXI
TEZIQIRXW SJXIR VIGIMZI EWTLEPX GSRGVIXI SZIVPE]W EW
VILEFMPMXEXMSR XVIEXQIRXW XS MQTVSZI XLI GSRHMXMSR SJ XLI
TEZIQIRXERHI\XIRHXLIPMJISJXLITEZIQIRX-RGPMQEXIW
XLEXHSRSXKIXXSSGSPHMR[MRXIVJVII^MRKMREGSRGVIXI
TEZIQIRX XLEX GSRXEMRW (GVEGOMRKWYWGITXMFPI EKKVIKEXIW
GSYPHTSWWMFP]FITVIZIRXIHF]GSZIVMRKXLITSVXPERHGIQIRX
GSRGVIXI [MXL E WYJJMGMIRX XLMGORIWW SJ EWTLEPXMG GSRGVIXI
4VIZMSYW[SVO .ERWWIRIXEP WYKKIWXWXLEXXLIJVII^MRK
WLSYPH FI EPQSWX GSQTPIXIP] TVIZIRXIH MR XLI GSRGVIXI XS
WXST XLI TVSKVIWWMSR SJ (GVEGOMRK QIVIP] HIGVIEWMRK XLI
RYQFIVSJG]GPIWSJJVII^MRKERHXLE[MRK[MXLERSZIVPE]
GSYPHEGXYEPP]EGGIPIVEXIXLIVEXISJ(GVEGOMRK1SVIXLER
QQ MR SJEWTLEPXGSRGVIXISZIVPE][SYPHFIVIUYMVIH
XS TVIZIRX JVII^MRK JVSQ SGGYVVMRK EX XLI WYVJEGI SJ XLI
GSRGVIXI TEZIQIRX JSV GIRXVEP PEXMXYHIW SJ XLI 97 9WMRK
EWTLEPX GSRGVIXI SZIVPE] XS TVIZIRX JVII^MRK MR GSRGVIXI

+9-()83(96%&0)'32'6)8)

QEHI [MXL (GVEGOMRKWYWGITXMFPI EKKVIKEXIW MW TVSFEFP]


RSXER IJJIGXMZI (GVEGOMRK QMXMKEXMSR QIXLSH JSV XLIWI
GSRHMXMSRW .ERWWIRIXEP.ERWWIRERH7R]HIV 
 6IHYGMRK QSMWXYVI{6ITPEGMRK  Q  JX  SR
IEGL IRH SJ E GSRGVIXI WPEF [MXL (GVEGOMRK EX XLI NSMRXW
KMZIW XLI ETTIEVERGI SJ E GSQTPIXIP] VIWXSVIH GSRGVIXI
TEZIQIRX9RJSVXYREXIP]XLITEXGLMRKTVSGIWWTVSHYGIWX[S
RI[NSMRXWXLEXRSVQEPP]WLS[IZMHIRGISJ(GVEGOMRKSRXLI
SPHGSRGVIXIWMHISJXLINSMRXW[MXLMRETTVS\MQEXIP]]IEVW
-J PEXIVEP QSMWXYVI QSZIQIRX EX XLIWI RI[ NSMRXW GSYPH FI
TVIZIRXIH XLI VEXI SJ (GVEGOMRK TVSKVIWWMSR EX XLI RI[
NSMRXWGSYPHTSWWMFP]FIWPS[IH
8LIYWISJWIEPIVWSRXLIGYXIRHWSJXLII\MWXMRKGSRGVIXI
TEZIQIRX WIGXMSRW HIWGVMFIH TVIZMSYWP] FIJSVI TPEGMRK XLI
GSRGVIXITEXGLIWGSYPHTSWWMFP]VIHYGIXLIPEXIVEPQSZIQIRX
SJ QSMWXYVI MRXS XLI GSRGVIXI 8LMW GSYPH MRGVIEWI XLI XMQI
TIVMSH FIJSVI (GVEGOMRK ETTIEVIH MR XLI TEXGLIH GSRGVIXI
8LMWQIXLSH[EWEXXIQTXIHMRE(GVEGOIHGSRGVIXITEZIQIRX
WIGXMSRMR3LMSMR8LSYKLMRMXMEPPEFSVEXSV]XIWXMRK
MRHMGEXIHXLEXWIEPIVXVIEXQIRXHIPE]IHXLIVIWYQTXMSRSJ
(GVEGOMRK .ERWWIRERH7R]HIV JMIPHQSRMXSVMRKWLS[IH
XLEXXLI(GVEGOMRK[EWVIXYVRMRKEJXIV]IEVW .ERWWIR 
 8LISVMIWERHQIGLERMWQWSJ(GVEGOMRK{8LISVMIW
SJ HEQEKI XS GSRGVIXI JVSQ JVII^MRK ERH XLE[MRK LEZI
EPVIEH]FIIRHMWGYWWIHMR7IGXMSR;MXLXLII\GITXMSR
SJ XLI VSPI XLEX EMVZSMHW TPE] MR TVSXIGXMRK GSRGVIXI JVSQ
HEQEKIXLIWIWEQIXLISVMIWKIRIVEPP]ETTP]XS(GVEGOMRK
8LMWWIGXMSRXLIVIJSVI[MPPGSRGIRXVEXISRXLIGLEVEGXIVMWXMGWSJ
WTIGMJMGEKKVIKEXIWXLEXQEOIXLIQ(GVEGOMRKWYWGITXMFPI
[LMPISXLIVEKKVIKEXIWSJXLIWEQIX]TIEVIRSXWYWGITXMFPI
 4SVI WM^I ERH WM^I HMWXVMFYXMSR{/ERIYNM IX EP
  SFWIVZIH UYEPMXEXMZI GSVVIPEXMSRW FIX[IIR GSRGVIXI
HYVEFMPMX] ERH TSVI WM^I HMWXVMFYXMSRW SJ EKKVIKEXIW %X E
GSRWXERX XSXEP TSVI ZSPYQI EKKVIKEXIW [MXL WQEPPIV TSVI
WM^IWVIWYPXMREPS[IVVIWMWXERGIXSJVII^MRKERHXLE[MRK*SV
EKKVIKEXIW[MXLWMQMPEVTVIHSQMREXMRKTSVIWM^IWEKVIEXIV
TSVI ZSPYQI VIWYPXW MR PIWW VIWMWXERGI XS JVII^MRK ERH
XLE[MRKEKKVIKEXI&]GSVVIPEXMRKEKKVIKEXIWIVZMGIVIGSVHW
[MXL QIVGYV] TSVSWMQIXV] WXYHMIW 1EVOW ERH (YFFIVOI
  JSYRH XLEX [MXL SRI I\GITXMSR XLI (GVEGOMRK
WYWGITXMFPI EKKVIKEXIW EREP]^IH I\LMFMXIH E TVIHSQMRERGI
SJTSVIWM^IWSJXSQ zXSzMR 
[LMPIEKKVIKEXIW[MXLKSSHXSI\GIPPIRXWIVZMGIVIGSVHWLEH
EQENSVMX]SJTSVIWXLEX[IVIPEVKIVXLERXLIXSQ
zXSzMR HMEQIXIVTSVIWM^IW
 (IMGMRK WEPX IJJIGX{6IWIEVGLIVW MR -S[E
(YFFIVOIERH1EVOW RSXIHEVIHYGIHVIWMWXERGIXS
(GVEGOMRKJSVWSQIEKKVIKEXIW[LIRTEZIQIRXWGSRXEMRMRK
XLIEKKVIKEXIW[IVII\TSWIHXSHIMGMRKWEPX3XLIVEKKVIKEXIW
XLEXXLI]I\EQMRIHWLS[IHRSIJJIGX%TSWWMFPII\TPEREXMSR
JSVXLMWIJJIGXSJWEPXI\TSWYVIMWEGLERKIMRTSVIWXVYGXYVI
HYIXSIXGLMRKSJXLITSVI[EPPWF]XLIWEPX7YGLEGXMSRLEW
FIIR MHIRXMJMIH JSV EKKVIKEXIW GSRXEMRMRK GEPGMXI +MPPSX
  8LMW TSWWMFPI HIMGMRK WEPX IJJIGX WLSYPH FI OITX MR
QMRH[LIRYWMRKJMIPHTIVJSVQERGIVIGSVHWXSIZEPYEXIXLI
(GVEGOMRK TSXIRXMEP SJ ER EKKVIKEXI WSYVGI 7EXMWJEGXSV]
TIVJSVQERGIMRETEZIQIRXXLEXRIZIVVIGIMZIHHIMGMRKWEPX

6

QE]RSXIRWYVIXLIWEQITIVJSVQERGIWMJHIMGMRKWEPXWEVI
YWIHSRXLITEZIQIRX
',%48)6{%0/%0-%++6)+%8)6)%'8-32
{-RXVSHYGXMSR
8LMWGLETXIVTVIWIRXWKYMHIPMRIWJSVQMRMQM^MRKXLIVMWOSJ
HEQEKMRKI\TERWMSRGEYWIHF]%%6MRGSRGVIXIGSRWXVYGXMSR
4VSGIHYVIWJSVIZEPYEXMRKEKKVIKEXIWERHWIPIGXMRKETTVSTVMEXI
QIEWYVIWJSVGSRXVSPPMRKI\TERWMSREVIHMWGYWWIH%GSQTVI
LIRWMZIVITSVXSR%%6[EWTVITEVIHF]%'-'SQQMXXII
%'- 6  ERH TVSZMHIW QSVI HIXEMPIH MRJSVQEXMSR SR
X]TIWSJVIEGXMSRVIEGXMSRQIGLERMWQWVIEGXMZIVSGOX]TIW
QIXLSHWSJXIWXMRKEKKVIKEXIWERHTVIZIRXMZIQIEWYVIW
%[MHIVERKISJXIWXMRKTVSGIHYVIWJSVEWWIWWMRKEKKVIKEXI
VIEGXMZMX]LEWFIIRHIZIPSTIHWMRGI%%6[EWJMVWXVITSVXIH
MR 7XERXSR 8LIVIPMEFMPMX]SJXLIWIXIGLRMUYIW
ZEVMIW ERH HITIRHW XS WSQI I\XIRX SR XLI REXYVI SJ XLI
EKKVIKEXIFIMRKXIWXIH'VMXIVMEJSVMRXIVTVIXMRKXIWXVIWYPXW
ZEV] FIX[IIR REXMSREP WXERHEVHW ERH EPWS [MXLMR WXEXIW SV
TVSZMRGIW [MXL HMJJIVIRX PMQMXW FIMRK EHSTXIH F] ZEVMSYW
PSGEPEKIRGMIWERHWXEXISVTVSZMRGMEPEYXLSVMXMIW
1IXLSHWJSVGSRXVSPPMRKI\TERWMSRHYIXS%%6EPWSZEV]SR
EVIKMSREPFEWMW1ER]WTIGMJMGEXMSRWHSRSXTIVQMXXLIYWISJ
VIEGXMZI EKKVIKEXIW ERH GSRWIUYIRXP] TVIZIRXMZI QIXLSHW
EVI RSX ER MWWYI +IRIVEPP] EGGITXIH TVIZIRXMZI QIXLSHW
MRGPYHI XLI YWI SJ PS[EPOEPM GIQIRX PMQMXMRK XLI EPOEPM
GSRXIRXSJXLIGSRGVIXIXLIYWISJREXYVEPTS^^SPERWJP]EWL
WPEKSVWMPMGEJYQISVER]GSQFMREXMSRSJXLIWIQIXLSHW
8LIJPS[GLEVXMR*MKWLS[WXLIKIRIVEPWIUYIRGISJ
XIWXMRK ERH HIGMWMSRQEOMRK XLEX GSYPH FI EHSTXIH [LIR
HIEPMRK[MXLTSXIRXMEPEPOEPMEKKVIKEXIVIEGXMZMX]-JXLIVIMW
WYJJMGMIRX IZMHIRGI SJ WEXMWJEGXSV] JMIPH TIVJSVQERGI
EKKVIKEXIWWLSYPHFIEGGITXIHJSVYWI[MXLSYX%%6XIWXMRK
7IGXMSR   -R XLI EFWIRGI SJ WYGL HEXE LS[IZIV
EKKVIKEXIWWLSYPHFIWYFNIGXIHXSWYMXEFPIXIWXMRKTVSGIHYVIWXS
IWXEFPMWLXLIHIKVIISJVIEGXMZMX]-JXLIVIWYPXWJVSQPEFSVEXSV]
XIWXWHSRSXMRHMGEXIETSXIRXMEPJSV%%6EKKVIKEXIWGERFI
YWIH [MXLSYX ER] TVIGEYXMSREV] QIEWYVIW %KKVIKEXIW XLEX
HIQSRWXVEXI TSXIRXMEP JSV EPOEPMWMPMGE VIEGXMSR %76  GER
EPWSFIYWIHMRGSRGVIXITVSZMHIHXLEXWYMXEFPIQIEWYVIWEVI
MQTPIQIRXIH XS GSRXVSP XLI VMWO SJ I\TERWMSR %POEPM
GEVFSREXIVIEGXMZIEKKVIKEXIWEVIRSVQEPP]EZSMHIHEWMXLEW
TVSZIRHMJJMGYPX SVYRIGSRSQMG XSGSRXVSPI\TERWMSR[MXL
WYGLQEXIVMEPW
{8]TIWSJVIEGXMSRW
8[S X]TIW SJ %%6W EVI VIGSKRM^IH   EPOEPMGEVFSREXI
VIEGXMSR %'6  ERH   %76 %'6 MRZSPZIW GIVXEMR
EVKMPPEGISYW HSPSQMXMG PMQIWXSRIW /RS[R WSYVGIW SJ EPOEPM
VIEGXMZI GEVFSREXI VSGOW EVI VIWXVMGXIH XS E JI[ UYEVVMIW MR
2SVXL%QIVMGEQEMRP]MR3RXEVMSERH:MVKMRME%'6MRZSPZIW
E VIEGXMSR FIX[IIR ER EPOEPM WSYVGI ERH GIVXEMR GEPGMYQ
QEKRIWMYQGEVFSREXIVSGOW HSPSQMXIW -XHMWXMRGXP]HMJJIVW
JVSQXLI%76VIEGXMSRXLEXVIWYPXWJVSQEVIEGXMSRFIX[IIRER
EPOEPMWSYVGIERHGIVXEMRJSVQWSJVIEGXMZIWMPMGEXLEXGER
SVMKMREXI JVSQ WSQI X]TIW SJ WMPMGISYW EKKVIKEXI %76 GER
SGGYV MR PMQIWXSRI EKKVIKEXIW XLEX GSRXEMR WMPMGISYW
GSQTSRIRXW 8EFPI  TVIWIRXW E PMWX SJ WIZIVEP SJ XLI

6

%'-'311-88))6)4368

8EFPI{7SQII\EQTPIWSJVSGOX]TIWERH
QMRIVEPWWYWGITXMFPIXSEPOEPMWMPMGEVIEGXMSR %76

GSQQSR VIEGXMZI VSGO X]TIW ERH QMRIVEP JSVQW XLEX EVI


WYWGITXMFPIXS%76
%76 MW JEV QSVI [MHIWTVIEH XLER %'6 ERH MW JYVXLIV
WYFHMZMHIHMRXSX[SGEXIKSVMIW VIEGXMSRWMRZSPZMRKTSSVP]
GV]WXEPPMRI SV QIXEWXEFPI WMPMGE QEXIVMEPW ERH   VIEGXMSRW
MRZSPZMRKGIVXEMRZEVMIXMIWSJUYEVX^8LIQEMRHMWXMRGXMSRW
FIX[IIRXLIWIX[SGEXIKSVMIWJVSQERIRKMRIIVMRKTIVWTIGXMZI
EVIXLIXMQIXSXLISRWIXSJI\TERWMSRERHGVEGOMRKERHXLI
TIVGIMZIHHYVEXMSRSJXLIVIEGXMSRMRXLIJMIPH6IEGXMSRWMR
XLIJMVWXGEXIKSV][LMGLEVIWSQIXMQIWVIJIVVIHXSEWGPEWWMGEP
%76EVIGLEVEGXIVM^IHF]EVIPEXMZIP]WLSVXXMQIXSXLISRWIX
SJ GVEGOMRK ERH PMQMXIH HYVEXMSR GVEGOMRK YWYEPP] SGGYVW
[MXLMR  XS  ]IEVW ERH XLI VIEGXMSR MW SJXIR I\LEYWXIH
[MXLMRXS]IEVW [LIVIEWXLIQERMJIWXEXMSRSJVIEGXMSRW
MRZSPZMRKUYEVX^QMRIVEPWYWYEPP]XEOIWQYGLPSRKIVERHXLI
VIEGXMSRQE]GSRXMRYIJSVQER]HIGEHIW
{)ZEPYEXMRKEKKVIKEXIWJSVTSXIRXMEP
EPOEPMEKKVIKEXIVIEGXMZMX]
 *MIPHTIVJSVQERGI{% LMWXSV] SJWEXMWJEGXSV]JMIPH
TIVJSVQERGIMWTSWWMFP]XLIFIWXQIXLSHJSVIZEPYEXMRKXLI
TSXIRXMEPJSVEREKKVIKEXIXSGEYWI%%6%RYQFIVSJJEGXSVW
LEZIXSFIGSRWMHIVIH[LIREREP]^MRKJMIPHTIVJSVQERGIHEXE
8LIWIMRGPYHI
e 8LIGIQIRXGSRXIRXERHXLIEPOEPMGSRXIRXSJXLIGIQIRX
WLSYPHFIXLIWEQISVLMKLIVMRXLIJMIPHGSRGVIXIEWMW
TVSTSWIHMRXLIRI[WXVYGXYVI
e 8LIGSRGVIXII\EQMRIHWLSYPHFIEXPIEWX]IEVWSPH
e 8LII\TSWYVIGSRHMXMSRWSJXLIJMIPHGSRGVIXIWLSYPHFI

6IEGXMZIQMRIVEPW
3TEP

7ERHWXSRI
7MPMGMJMIHGEVFSREXIVSGO
'LIVX
*PMRX
5YEVX^MXI
5YEVX^EVIRMXI
+RIMWW
%VKMPPMXI
+VERMXI
+VI][EGOI
7MPXWXSRI
%VIRMXI
%VOSWI
,SVRJIPW

8VMH]QMXI
'VMWXSFEPMXI
:SPGERMGKPEWW
'V]TXSGV]WXEPPMRI SVQMGVSG]WXEPPMRI UYEVX^
7XVEMRIHUYEVX^

EXPIEWXEWWIZIVIEWXLSWIMRXLITVSTSWIHWXVYGXYVI
% TIXVSKVETLMG I\EQMREXMSR WLSYPH FI GSRHYGXIH XS
HIQSRWXVEXIXLEXXLIEKKVIKEXIMRXLIWXVYGXYVIMWWYJJM
GMIRXP]WMQMPEVXSXLEXYRHIVMRZIWXMKEXMSRMRXLIEFWIRGI
SJGSRGPYWMZIHSGYQIRXEXMSR
e 8LITSWWMFMPMX]SJ TS^^SPERWSVWPEKLEZMRKFIIRYWIH
WLSYPHFIGSRWMHIVIHERH
e 8LI [GQ SJ XLI GSRGVIXI WLSYPH FI GSRWMHIVIH EW MX
QE]EJJIGXTIVJSVQERGI
4VSZMHIH XLEX WEXMWJEGXSV] JMIPH TIVJSVQERGI GER FI
HIQSRWXVEXIHXLIEKKVIKEXIGERFIYWIHMRGSRGVIXI[MXLRS
JYVXLIVXIWXMRKJSV%%6
 4IXVSKVETLMGI\EQMREXMSR %781' {%TIXVS
KVETLMGI\EQMREXMSRWLSYPHFIXLIJMVWXWXITMREWWIWWMRKXLI
WYMXEFMPMX]SJETEVXMGYPEVEKKVIKEXIWSYVGIJSVYWIMRGSRGVIXI
GSRWXVYGXMSR 4IXVSKVETL] MW E TS[IVJYP XSSP XLEX ]MIPHW E
[MHIVERKISJMRJSVQEXMSRVIKEVHMRKXLITL]WMGEPGLIQMGEP
ERHQMRIVEPSKMGEPGLEVEGXIVMWXMGWSJEREKKVIKEXIMRGPYHMRK
XLITVIWIRGISJ VSGOWSVQMRIVEPTLEWIW XLEXEVIORS[RXS
GEYWIHIPIXIVMSYWVIEGXMSRMRGSRGVIXI
-RWSQIGEWIWETIXVSKVETLMGI\EQMREXMSRQE]TVSHYGI
WYJJMGMIRX IZMHIRGI XS VINIGX ER EKKVIKEXI SR XLI FEWMW SJ
TSXIRXMEPEPOEPMVIEGXMZMX]SVVIUYMVIXLEXWYMXEFPITVIZIRXMZI
QIEWYVIW FI MQTPIQIRXIH +IRIVEPP] XLI I\EQMREXMSR
GERRSXTVIHMGX[LIXLIVXLIX]TIERHHMWXVMFYXMSRSJVIEGXMZI
QMRIVEPWTVIWIRX[MPPGEYWIHEQEKMRKI\TERWMSRMRGSRGVIXI
ERH JYVXLIV PEFSVEXSV] XIWXMRK MW YWYEPP] VIUYMVIH JSV XLMW
TYVTSWI6IWYPXWSJTIXVSKVETLMGI\EQMREXMSRQE]JSVQXLI
FEWMW JSV HMVIGXMRK XLI PEFSVEXSV] XIWX TVSKVEQ MR XIVQW SJ
WIPIGXMRK XLI X]TI ERH WIUYIRGI SJ XIWXW ERH ER] VIPIZERX
IZEPYEXMSRGVMXIVME
8LIVIPMEFMPMX]SJTIXVSKVETLMGI\EQMREXMSRJSVWGVIIRMRK
EKKVIKEXIWJSVTSXIRXMEPVIEGXMZMX]MWWXVSRKP]HITIRHIRXSR
XLI WOMPPW ERH I\TIVMIRGI SJ XLI MRHMZMHYEP TIXVSKVETLIV
8LIVILEZIFIIRGEWIW[LIVIEKKVIKEXIWXLEX[IVIEGGITXIH
JSVYWISRXLIFEWMWSJVIWYPXWSJTIXVSKVETLMGI\EQMREXMSR
LEZIFIIRPEXIVMQTPMGEXIHMR%%68LMWMWRSXRIGIWWEVMP]
XLIVIWYPXSJMRGSVVIGXQEXIVMEPGPEWWMJMGEXMSRFYXQSVIHYIXS
EJEMPYVIXSVIGSKRM^IGIVXEMRQMRIVEPWEWTSXIRXMEPP]VIEGXMZI
e

*MK {*PS[GLEVX WLS[MRK KIRIVEP WIUYIRGI SJ XIWXMRK


ERH HIGMWMSRQEOMRK [LIR HIEPMRK [MXL EPOEPMEKKVIKEXI
EGXMZMX]

6IEGXMZIVSGOW
7LEPI

+9-()83(96%&0)'32'6)8)

6SKIVW ERH ,SSXSR   *YVXLIVQSVI XLI VIEGXMZI


GSRWXMXYIRXWSJWSQIVSGOWQE]RSXFIVIEHMP]MHIRXMJMIHF]
STXMGEP QMGVSWGST] ERH XLIVIJSVI [MPP RSX FI HIXIGXIH F]
WYGLTVSGIHYVIW
 0EFSVEXSV] XIWXW XS MHIRXMJ] EPOEPMWMPMGE VIEGXMZI
EKKVIKEXIW
 1SVXEVFEVXIWX %781' {8LMWXIWXQIXLSH
[EWHIZIPSTIHXSEWWIWWXLITSXIRXMEPEPOEPMWMPMGEVIEGXMZMX]
SJGIQIRXEKKVIKEXIGSQFMREXMSRWERHMWRSXVIGSQQIRHIH
JSV IZEPYEXMRKEPOEPMGEVFSREXI VIEGXMZIEKKVIKEXIW1SVXEV
FEVW EKKVIKEXIGIQIRX! EVIQSRMXSVIHHYVMRKWXSVEKI
EX' * MRWXSVEKIGSRXEMRIVWHIWMKRIHXSTVSZMHIE
LMKL LYQMHMX] 8LI EPOEPM GSRXIRX SJ XLI GIQIRX MW RSX
WTIGMJMIH FYX XLI GIQIRX WLSYPH FI WIPIGXIH XS LEZI XLI
LMKLIWX EPOEPM GSRXIRX VITVIWIRXEXMZI SJ XLEX KIRIVEPP]
MRXIRHIHJSVYWI[MXLXLIEKKVIKEXI
8LI WXERHEVH WTIGMJMGEXMSR JSV GSRGVIXI EKKVIKEXIW
%781 '  VIKEVHW EW VIEGXMZI XLSWI GIQIRXEKKVIKEXI
GSQFMREXMSRWXLEXLEZIERI\TERWMSRKVIEXIVXLER
EXQSRXLWSV EXQSRXLW1SVIWXVMRKIRXPMQMXWLEZI
FIIRETTPMIHF]SXLIVEKIRGMIWJSVI\EQTPIXLI97&YVIEY
SJ6IGPEQEXMSRVIUYMVIWWTIGMJMGGSQFMREXMSRWXSI\TERHF]
PIWWXLER EXQSRXLWSV EXQSRXLW
8LIVIEVIERYQFIVSJPMQMXEXMSRWEWWSGMEXIH[MXLXLMWXIWX
-X MW HMJJMGYPX XS EXXEMR E LMKL PIZIP SJ LYQMHMX] MR XLI
GSRXEMRIVW[MXLSYXTVSQSXMRKXLIPIEGLMRKSJEPOEPMIWJVSQ
XLIQSVXEVFEVW%POEPMPIEGLMRKGERPIEHXSERYRHIVIWXMQEXMSR
SJ XLII\TERWMSR SJ GIVXEMR GSQFMREXMSRW IWTIGMEPP] MJ XLI
VIEGXMZIGSQTSRIRXSJXLIEKKVIKEXIVIEGXWVIPEXMZIP]WPS[P]
8LMW MW WIIR [MXL EVKMPPMXIW ERH KVI][EGOIW [LIVI XLI
VIEGXMZI GSQTSRIRX MW QMGVSGV]WXEPPMRI UYEVX^ +VEXXER
&IPPI[6SKIVWERH,SSXSR 8LMWPMQMXEXMSRQE]
FISZIVGSQIF]WXSVMRKFEVWSZIV[EXIV[MXLSYX[MGOWERH
F] VEMWMRK XLI IUYMZEPIRX EPOEPM GSRXIRX SV 2E 3I RSXI
2E3I!2E3/3 SJXLIGIQIRXXS EPXLSYKL
I\TERWMSR QE] WXMPP FI PIWW XLER   EX  QSRXLW [MXL
WSQIVIEGXMZIEKKVIKEXIW
8LIXIWXTVSZMHIWHMVIGXMRJSVQEXMSRVIKEVHMRKXLIWTIGMJMG
GIQIRXEKKVIKEXIGSQFMREXMSRXIWXIH;LIREREKKVIKEXIMW
XSFIIZEPYEXIHJSVKIRIVEPYWIXLIGIQIRXWLSYPHFISJXLI
LMKLIWXEPOEPMGSRXIRXMRZSPZIHMRWYGLYWI
 5YMGOGLIQMGEPQIXLSH %781' {-RXLMW
XIWX E WEQTPI SJXLI EKKVIKEXI GVYWLIH XS TEWW E  Q
2S WMIZIERHVIXEMRIHSREQ 2S WMIZIMW
MQQIVWIHMR12E3,WSPYXMSRJSVLSYVWERHXLIWSPYXMSR
MWEREP]^IH8LIEQSYRXSJWMPMGEHMWWSPZIHERHXLIVIHYGXMSR
MREPOEPMRMX]EVITPSXXIHSREKVETLXLEXGPEWWMJMIWXLIEKKVIKEXI
EWMRRSGYSYWTSXIRXMEPP]VIEGXMZISVHIPIXIVMSYW
8LIVIPMEFMPMX]SJXLMWXIWXMRHIXIGXMRKEKKVIKEXIVIEGXMZMX]
MWTSSVJSVERYQFIVSJVIEWSRW3XLIVQMRIVEPTLEWIWTVIWIRX
MRXLIEKKVIKEXIQE]MRXIVJIVI[MXLXLIXIWXVIWYPXERHPIEHXS
EVIHYGXMSRMRXLIHMWWSPZIHWMPMGEHYIXSTVIGMTMXEXMSR &VYF
ERH*SYVRMIVE *YVXLIVQSVI VIEGXMZITLEWIW QE]FI
PSWX HYVMRK GVYWLMRK ERH WMIZMRK STIVEXMSRW 8LYW VIEGXMZI
EKKVIKEXIQE]EGXYEPP]TPSXEWMRRSGYSYWFEWIHSRXLIXIWX
VIWYPXW-RGSRXVEWXXLILMKLWYVJEGIEVIEERHXIQTIVEXYVIYWIH
MRXLMWXIWXHMWWSPZIWWSQIWMPMGISYWQMRIVEPTLEWIWXLEXEVI
WXEFPIMRXLIGSRHMXMSRWXLEXTVIZEMPMRGSRGVIXI8LMWVIWYPXW

6

MREKKVIKEXIW[MXLKSSHJMIPHTIVJSVQERGIFIMRKGPEWWMJMIHEW
HIPIXIVMSYWF]XLMWXIWX &VYFERH*SYVRMIV 
 %GGIPIVEXIH QSVXEV FEV XIWX %781 ' {
8LMW XIWX MW IWWIRXMEPP] XLI WEQI EW XLEX HIZIPSTIH EX XLI
2EXMSREP&YMPHMRK6IWIEVGL-RWXMXYXI 2&6- F]3FIVLSPWXIV
ERH (EZMIW   8LI QIXLSH MRZSPZIW JEFVMGEXMSR SJ
%781'QSVXEVFEVW%JXIVXLIQSPHWEVIWXVMTTIHEX
HE]XLIFEVWEVITPEGIHMR[EXIVXLEXMWXLIRLIEXIHXS'
 * 3RXLIWIGSRHHE]XLIMRMXMEPPIRKXLVIEHMRKWEVI
QEHI EX'?*A ERHXLIFEVWEVIXVERWJIVVIHXSE1
2E3, WSPYXMSR EX  '  *  [LIVI XLI] EVI WXSVIH
)\TERWMSRW EVI QSRMXSVIH JSV E TIVMSH SJ  HE]W MR XLI
2E3,WSPYXMSREX[LMGLTSMRXXLIXIWXMWRSVQEPP]GSQTPIXIH
8LI I\TERWMSRW SFXEMRIH MR XLMW VETMH XIWX EVI KIRIVEPP]
GSQTEVEFPISVLMKLIVXLERXLSWISFXEMRIHEJXIV]IEVMRXLI
%781 ' XIWX  ' ? *A EX   LYQMHMX]
3FIVLSPWXIVERH(EZMIW,SSXSRERH6SKIVW  
8LIXIWXLEWFIIRWYGGIWWJYPP]YWIHXSMHIRXMJ]EPOEPMWMPMGE
VIEGXMZI EKKVIKEXIW JVSQ EGVSWW 'EREHE +VEXXER&IPPI[
,SSXSRERH6SKIVW&VYFERH*SYVRMIV
F (YVERH IX EP  ,SSXSR   ERH XLI 9RMXIH
7XEXIW 7XEVOIXEP FYXMWRSXGSRWMHIVIHWYMXEFPIJSV
IZEPYEXMRKVIEGXMZIEPOEPMGEVFSREXIVSGOW
-RXIVTVIXEXMSRSJVIWYPXWMWRSXWMQTPIERHZEVMSYWI\TERWMSR
GVMXIVMELEZIFIIRWYKKIWXIH&VYFERH*SYVRMIV F
TVSTSWIHHMJJIVIRXI\TERWMSRPMQMXWHITIRHMRKSRXLIX]TISJ
VSGO FIMRK XIWXIH 8LIWI MRZIWXMKEXSVW WYKKIWX E PMQMX SJ
 I\TERWMSR EJXIVHE]WMR12E3, JSVUYEVVMIH
WMPMGEXIERHWMPMGISYWGEVFSREXIEKKVIKEXIWERHELMKLIVPMQMX
SJ JSVREXYVEPWERHWERHKVEZIPW1ER]EKKVIKEXIW[MXL
WEXMWJEGXSV]JMIPHTIVJSVQERGILS[IZIVTVSHYGII\TERWMSR
ZEPYIWMRI\GIWWSJ MRXLMWXIWX &VYFERH*SYVRMIV
F 'SRWIUYIRXP]EKKVIKEXIWWLSYPHRSXFIVINIGXIHSR
XLI FEWMW SJ XLMW XIWX YRPIWW TIXVSKVETLMG I\EQMREXMSR
GSRJMVQWXLEXXLIQEXIVMEPMWWMQMPEVXSORS[RHIPIXIVMSYWP]
VIEGXMZIEKKVIKEXIW
'SRGVIXITVMWQXIWX %781' {-RXLMWXIWX
XLIGSRGVIXIQM\XYVIMWTVSTSVXMSRIH[MXLEGIQIRXGSRXIRX
SJOKQ PF]H YWMRKETSVXPERHGIQIRX
[MXLERIUYMZEPIRXEPOEPMGSRXIRX 2E3I SJ 
2E3, MW XLIR EHHIH XS XLI QM\MRK [EXIV XS TVSZMHI XLI
IUYMZEPIRXSJ EPOEPMGIQIRXXLEXVIWYPXWMREXSXEPEPOEPM
PSEHMRK SJ XLI GSRGVIXI SJ  OKQ  PF]H  8LMW
LMKL EPOEPM PIZIP MW RIGIWWEV] XS HIXIGX XLI I\TERWMSR SJ
WPS[P] VIEGXMZI VSGOW WYGL EW KVI][EGOI ERH EVKMPPMXIW
1EKRMIXEP 4VMWQWEVIWXSVIHEX' * ERH
XLII\TERWMSRMWQSRMXSVIHJSVEXPIEWX]IEV
%RI\TERWMSRPMQMXSJ EX]IEVMWGYVVIRXP]WTIGMJMIH
MR FSXL 'EREHE ERH *VERGI 8LSQEW IX EP   ERH MW
VIGSQQIRHIH MR XLI %TTIRHM\ XS %781 ' 8LMW
I\TERWMSR MW ETTVS\MQEXIP] [LIVI GVEGOMRK ERH WMKRW SJ
HMWXVIWWEVIJMVWXSFWIVZIHSRXLITVMWQW-XEPWSVIPEXIW[IPP
MRXIVQWSJSFWIVZIHJMIPHTIVJSVQERGI8LI'EREHMER7XERHEVH
'7% %% ERH %%  GEVVMIW E GEZIEX WXEXMRK
XLEXPS[IVI\TERWMSRPMQMXWQE]FIETTVSTVMEXIJSVEWWIWWMRK
EKKVIKEXIW JSV YWI MR GVMXMGEP WXVYGXYVIW WYGL EW RYGPIEV
GSRXEMRQIRXSVHMQIRWMSREPP]WIRWMXMZIWXVYGXYVIWWYGLEW

6

%'-'311-88))6)4368

L]HVEYPMG HEQW [LIVI WQEPP I\TERWMSRW QE] VIWYPX MR


VIPEXMZIP]PEVKIQSZIQIRXW
8LMWXIWXQIXLSHLEWHMWXMRGXEHZERXEKIWSZIVXLIQSVXEV
FEV XIWX %781' EWGSEVWI EKKVIKEXIWGERFIXIWXIH
[MXLSYXGVYWLMRKXSWERHWM^IW*YVXLIVQSVIXLIPEVKIVXIWX
WTIGMQIRVIHYGIWXLIIJJIGXSJEPOEPMPIEGLMRK8LIQSRXL
XMQITIVMSHMWRIGIWWEV]YRPIWWXLIXIQTIVEXYVIMWVEMWIHSVSXLIV
GLERKIW EVI QEHI XS EGGIPIVEXI I\TERWMSR LS[IZIV JYVXLIV
EGGIPIVEXMSRSJXLIXIWXQE]LEZIYRHIWMVEFPIWMHIIJJIGXW
{0EFSVEXSV] XIWXW XS MHIRXMJ] VIEGXMZI EPOEPM
GEVFSREXIVSGOEKKVIKEXIW
 6SGO G]PMRHIV QIXLSH %781 ' {-R XLMW
QIXLSHG]PMRHIVW SVTVMWQW GYXJVSQXLIVSGOEVIMQQIVWIH
MREWSPYXMSRSJ12E3,EXVSSQXIQTIVEXYVI EJXIVLEZMRK
EXXEMRIH HMQIRWMSREP WXEFMPMX] MR HMWXMPPIH [EXIV  ERH XLI
I\TERWMSRMWQSRMXSVIHJSVEXPIEWXQSRXL)\TERWMSRWMR
I\GIWWSJ EXQSRXLEVIKIRIVEPP]XEOIRXSMRHMGEXI
TSXIRXMEPP]HIPIXIVMSYWGLIQMGEPVIEGXMSRFIX[IIRXLIEPOEPMIW
ERHXLIVSGO8LMWXIWXHSIWRSXTVSZMHIERMRHMGEXMSRSJXLI
TSXIRXMEPJSVI\TERWMSRMRGSRGVIXIERHJYVXLIVXIWXMRKSJXLI
EKKVIKEXIMRGSRGVIXI %781' MWVIGSQQIRHIHMJXLI
VSGOG]PMRHIVI\TERWMSRI\GIIHW 
 'LIQMGEP GSQTSWMXMSR '7% %% {8LI
HIXIVQMREXMSR SJ TSXIRXMEP EPOEPMGEVFSREXI VIEGXMZMX] F]
GLIQMGEPGSQTSWMXMSR '7%%% MRZSPZIWEREP]WMW
JSV 'E3 1K3 ERH %P3 6IPEXMZIP] TYVI PMQIWXSRIW SV
HSPSQMXIWEVIVIEHMP]MHIRXMJMIHF]GSQTSWMXMSRERHXIRHRSX
XS FI EPOEPMGEVFSREXI VIEGXMZI 8LIWI EKKVIKEXIW QE]
VIUYMVIJYVXLIVXIWXMRKJSVEPOEPMWMPMGEVIEGXMZMX]4SXIRXMEPP]
VIEGXMZIHSPSQMXMGPMQIWXSRIWTPSXMRXLITSXIRXMEPP]I\TERWMZI
EVIESJE'E31K3ZIVWYW%P3 TPSXERHWYGLEKKVIKEXIW
WLSYPH FI XIWXIH MR XLI GSRGVIXI TVMWQ XIWX 8LMW XIWX LEW
LIPTIHXSVIQSZIWSQISJXLIHMJJMGYPX]MRMHIRXMJ]MRKVIEGXMZI
HSPSQMXMGPMQIWXSRIWF]TIXVSKVETLMGI\EQMREXMSR
 'SRGVIXITVMWQXIWX %781' {8LMWXIWXMW
WMQMPEVXSXLIGSRGVIXITVMWQXIWXYWIHXSEWWIWWEPOEPMWMPMGE
VIEGXMZMX] 7IGXMSR I\GITXJSVHMJJIVIRGIWMRWXSVEKI
XIQTIVEXYVI ERH XLI EPOEPM GSRXIRX SJ XLI GSRGVIXI %781
'VIUYMVIWXLIXIWXMRKXSFIGEVVMIHSYXYWMRKEWTIGMJMG
GSRGVIXIQM\XYVI[MXLWTIGMQIRWFIMRKWXSVIHEX' * 
4SXIRXMEPP] HIPIXIVMSYW VIEGXMZMX] MW MRHMGEXIH MJ XLI I\TER
WMSRI\GIIHW EXQSRXLW EXQSRXLWSV
 EX]IEV
9WIVW SJ XLMW XIWX WLSYPH VIGSKRM^I XLEX XLI XIWX ]MIPHW
MRJSVQEXMSREFSYXXLIWTIGMJMGGIQIRXEKKVIKEXIGSQFMREXMSR
XIWXIHERHXLIEFWIRGISJWMKRMJMGERXI\TERWMSRMRXLMWXIWX
HSIWRSXRIGIWWEVMP]MRHMGEXIXLIEKKVIKEXIXSFIRSRVIEGXMZI
*SVMRWXERGIHIPIXIVMSYWI\TERWMSRQE]SGGYVMJXLIEKKVIKEXI
[EWYWIHMRGSRGVIXI[MXLLMKLIVEPOEPMGSRXIRX8LI'EREHMER
7XERHEVHW%WWSGMEXMSR '7%%% VIUYMVIWTSXIRXMEPP]
EPOEPMGEVFSREXI VIEGXMZI VSGOW XS FI XIWXIH MR GSRGVIXI
TVMWQWYRHIVXLIWEQIGSRHMXMSRWEWXLSWIYWIHJSV%76 XLEX
MW[MXLOKQ?PF]HA2E3IERHWXSVIHEX'
? *A  *YVXLIVQSVI XLI WEQI I\TERWMSR GVMXIVME EVI
ETTPMIHEKKVIKEXIWEVIHIIQIHXSFIVIEGXMZIMJXLII\TERWMSR
I\GIIHW EXQSRXLW[MXLRSGVMXIVMEJSVIEVPMIVXIWX
VIWYPXW8LI'EREHMERXIWXMWEMQIHEXIWXEFPMWLMRKXLIVIEGXMZMX]

SJXLIVSGOERHRSXEWWIWWMRKXLITIVJSVQERGISJETEVXMGYPEV
GIQIRXEKKVIKEXIGSQFMREXMSR
 3XLIVXIWXWJSV%%6{8LIVIEVIE[MHIVERKISJXIWX
QIXLSHWEZEMPEFPIJSVIZEPYEXMRKXLIVIEGXMZMX]SJEKKVIKEXIW
SV HIXIVQMRMRK XLI TSXIRXMEP JSV I\TERWMSR SJ GIQIRX
EKKVIKEXI GSQFMREXMSRW 7SQI SJ XLIWI XIWX QIXLSHW EVI
HMWGYWWIHMR%'-6
 (IZIPSTMRK XIWXMRK WXVEXIKMIWERH GVMXIVME{%781
GSZIVWERYQFIVSJXIWXQIXLSHWVIPEXIHXS%%6XIWXMRK2SX
EPPSJXLIWIXIWXQIXLSHWEVIWYMXEFPIJSVEPPX]TIWSJEKKVIKEXIW
ERHEKIRGMIWRIIHXSIWXEFPMWLWXVEXIKMIWJSVQMRMQM^MRKXLI
VMWOSJ%%6XLEXEVIFEWIHSRPSGEPP]EZEMPEFPIQEXIVMEPWERH
IRZMVSRQIRXEP GSRHMXMSRW 8LI FIWX ETTVSEGL MW PMOIP] XS
ZEV] FIX[IIR HMJJIVIRX KISKVETLMG VIKMSRW ERH TSWWMFP]
IZIRJSVHMJJIVIRXWXVYGXYVIWMRXLIWEQIZMGMRMX]-RXLI
'EREHMER7XERHEVHW%WWSGMEXMSR  TYFPMWLIHEKYMHIPMRI
'7%%%TTIRHM\& XSHIEP[MXLXLITVSFPIQSJ
EPOEPMEKKVIKEXI VIEGXMZMX] XLEX GSQFMRIW E RYQFIV SJ XLI
XIWXWHIWGVMFIHTVIZMSYWP]XLIETTVSEGLLEWFIIRWYQQEVM^IH
F]8LSQEWIXEP  8LMWKYMHIPMRI[EWTYFPMWLIHEWE
w7XERHEVH4VEGXMGIxMRERHLEWWMRGIFIIRVITYFPMWLIH
'7%%% 8LI'EREHMERKIRIVEPTVSGIHYVIJSVIZEPY
EXMRKEKKVIKEXIWERHHIXIVQMRMRKETTVSTVMEXITVIGEYXMSREV]
QIEWYVIW MW WLS[R MR *MK  8LMW JPS[GLEVX LEW FIIR
WMQTPMJMIH JSV GPEVMX] ERH WIVZIW SRP] XS MPPYWXVEXI XLI
WIUYIRGISJXIWXMRKERHHIGMWMSRQEOMRKMRZSPZIH-XMWRSX
MRXIRHIHJSVYWIMRWXIEHSJXLIHIXEMPIHTVSGIHYVIWHIWGVMFIH
MRXLIWXERHEVH
8LI'7%KYMHIPMRITIVQMXWEKKVIKEXIWXSFIYWIH[MXLSYX
PEFSVEXSV]XIWXMRKTVSZMHIHXLEXWEXMWJEGXSV]JMIPHTIVJSVQERGI
GERFIHIQSRWXVEXIH-RXLIEFWIRGISJWYJJMGMIRXJMIPHHEXE
LS[IZIVEKKVIKEXIWEVIWYFNIGXIHXSEWIUYIRGISJPEFSVEXSV]
XIWXW 5YEVVMIH GEVFSREXI VSGOW EVI JMVWX IZEPYEXIH SR XLI
FEWMW SJGLIQMGEP GSQTSWMXMSR -J XLI GSQTSWMXMSR VIZIEPW
XLIEKKVIKEXIXSFIVIPEXMZIP]TYVIPMQIWXSRISVHSPSQMXI
XLI EKKVIKEXI MW HIIQIH RSX XS FI TSXIRXMEPP] EPOEPM
GEVFSREXI VIEGXMZI ERH MW WYFWIUYIRXP] XIWXIH MR XLI WEQI
QERRIVEWTSXIRXMEPP]EPOEPMWMPMGEVIEGXMZIEKKVIKEXIW-JXLI
GLIQMGEPGSQTSWMXMSRGPEWWMJMIWXLIUYEVVMIHGEVFSREXIVSGO
EW E TSXIRXMEPP] VIEGXMZI HSPSQMXMG PMQIWXSRI LS[IZIV MX
WLSYPHFIXIWXIHMREGSRGVIXITVMWQXIWX-JXLIEKKVIKEXIMW
RSXHIPIXIVMSYWP]I\TERWMZIF]XLMWXIWX XLEXMWI\TERWMSR
   EX  ]IEV  MX QE] FI EGGITXIH JSV YWI [MXL RS
JYVXLIVTVIGEYXMSRW-JXLMWMWRSXXLIGEWI XLEXMWI\TERWMSR
 EX]IEV XLIRXLIGSRGVIXITVMWQMWWYFNIGXIHXS
TIXVSKVETLMG I\EQMREXMSR XS HIXIVQMRI XLI REXYVI SJ XLI
VIEGXMSR -J XLI I\TERWMSR MW HYI XS VIEGXMSR SJ WMPMGISYW
GSQTSRIRXWSJXLIEKKVIKEXIXLIEKKVIKEXIQE]WXMPPFIYWIH
JSVGSRGVIXITVSZMHIHXLEXWYMXEFPITVIGEYXMSREV]QIEWYVIW
EVIXEOIR XLSWIWTIGMJMIHJSV%76EKKVIKEXIW -JVIWYPXWSJ
TIXVSKVETLMGI\EQMREXMSRWLS[IZMHIRGISJ%'6XLIEKKVI
KEXI WLSYPH FI VINIGXIH SV XLI VIEGXMZI TLEWIW EZSMHIH F]
WIPIGXMZIUYEVV]MRKSVEHIUYEXIP]VIHYGIHF]FIRIJMGMEXMSR
%PP SXLIV EKKVIKEXIW I\GITX UYEVVMIH GEVFSREXIW EVI
WYFNIGXIHXS%76XIWXMRKSRP]8LIJMVWXXIWXMWETIXVSKVETLMG
I\EQMREXMSR GEVVMIH SYX MR EGGSVHERGI [MXL %781 '
%PXLSYKLEREKKVIKEXIQE]FIWIPIGXIHJSVYWITYVIP]SRXLI
FEWMW SJ TIXVSKVETLMG I\EQMREXMSR *MK   XLMW MW RSX

+9-()83(96%&0)'32'6)8)

6

*MK{'EREHMERKIRIVEPTVSGIHYVIJSVIZEPYEXMRKEKKVIKEXIWERHHIXIVQMRMRKVMWOSJ
%%6HEQEKI
GSQQSRTVEGXMGI-RXLIEFWIRGISJWEXMWJEGXSV]JMIPHHEXE
EKKVIKEXIW [MPP RSVQEPP] FI WYFNIGXIH XS XLI EGGIPIVEXIH
QSVXEV FEV XIWX IZIR MJ TSXIRXMEPP] VIEGXMZI SV HIPIXIVMSYW
QEXIVMEPMWRSXHIXIGXIHF]TIXVSKVETLMGI\EQMREXMSR-JXLI
EKKVIKEXI HSIW RSX I\LMFMX I\GIWWMZI I\TERWMSR MR XLI
EGGIPIVEXIH QSVXEV FEV XIWX MX QE] FI EGGITXIH JSV YWI MR
GSRGVIXI-JI\TERWMSRWMRXLIQSVXEVFEVXIWXEVIGSRWMHIVIH
TSXIRXMEPP]HIPIXIVMSYWLS[IZIVXLIRXLIGSRGVIXITVMWQXIWX
MWWYKKIWXIHXSGSRJMVQXLIVIWYPXWFIJSVIEREKKVIKEXIMWIMXLIV
VINIGXIHSVGSRHMXMSRWEVITYXSRMXWYWI-JXLIEKKVIKEXIHSIW
RSXI\LMFMXI\GIWWMZII\TERWMSRMRXLITVMWQXIWXMXQE]FI
EGGITXIHJSVYWIMRGSRGVIXI[MXLRSPMQMXEXMSRWVIKEVHPIWW
SJ MXW TIVJSVQERGI MR XLI QSVXEV FEV XIWX %KKVIKEXIW XLEX
I\TERH I\GIWWMZIP] MR XLI GSRGVIXI TVMWQ XIWX QE] WXMPP FI
YWIH MR GSRGVIXI TVSZMHIH XLEX WYMXEFPI TVIGEYXMSREV]
QIEWYVIWEVIEHSTXIH
{4VIZIRXMZIQIEWYVIW
1IXLSHW JSV QMRMQM^MRK XLI VMWO SJ HEQEKMRK %76
MRGPYHISRISVQSVISJXLIJSPPS[MRK
e 9WISJRSRVIEGXMZIEKKVIKEXI
e 9WISJPS[EPOEPMGIQIRX

e
e
e

0MQMXWSRXLIEPOEPMGSRXIRXSJXLIGSRGVIXI
9WISJTS^^SPERSVWPEKERH
9WISJWYMXEFPIGLIQMGEPEHQM\XYVIW
8LIWIETTVSEGLIWEVIHMWGYWWIHMRXLIJSPPS[MRKWIGXMSRW
*SVEPOEPMGEVFSREXIVSGOVIEGXMZIEKKVIKEXIWEZSMHERGISV
VIHYGXMSR MR TVSTSVXMSR SJ XLI VIEGXMZI TLEWIW MW XLI SRP]
VIGSQQIRHIH TVEGXMGI 8LI SXLIV QIXLSHW PMWXIH XLSYKL
TVSZIRIJJIGXMZI[MXLEPOEPMWMPMGEVIEGXMZIEKKVIKEXIWQE]
RSXFIEWYJJMGMIRXVIQIH]JSVXLIEPOEPMGEVFSREXIVSGOVIEGXMSR
6SKIVWERH,SSXSR 
 9WI SJ RSRVIEGXMZI EKKVIKEXI{8LMW ETTVSEGL MW
TIVLETW XLI QSWX SFZMSYW ERH GIVXEMR [E] SJ EZSMHMRK
HEQEKMRK VIEGXMSR MR GSRGVIXI WXVYGXYVIW 2SRVIEGXMZI
EKKVIKEXIW EVI RSX EZEMPEFPI MR QER] PSGEXMSRW ERH
MQTSVXMRK RSRVIEGXMZI QEXIVMEP QE] RSX FI IGSRSQMGEPP]
ZMEFPI*YVXLIVQSVI%%6LEWSGGYVVIHMRERYQFIVSJGEWIW
[LIVITVMSVXIWXMRKSJXLIEKKVIKEXIMRHMGEXIHXLIEKKVIKEXIW
[IVIRSXHIPIXIVMSYWP]VIEGXMZI1IXLSHWSJXIWXMRKEKKVIKEXIW
JSV VIEGXMZMX] LEZI MRGVIEWIH MR WIZIVMX] ERH EGGITXERGI
GVMXIVMELEZIFIGSQIQSVIWXVMRKIRX[MXLXLITEWWEKISJXMQI
XSVIJPIGXXLIMRGVIEWMRKRYQFIVSJEKKVIKEXIWMQTPMGEXIHMR
JMIPHGEWIWSJ%%6%HSTXMSRSJI\MWXMRKXIWXMRKTVEGXMGIW

6

%'-'311-88))6)4368

LS[IZIV HSIW RSX KYEVERXII XLEX EKKVIKEXIW [MPP KMZI


WEXMWJEGXSV]TIVJSVQERGI MR IZIV] WMXYEXMSR 'SRWIUYIRXP]
IZIRMJEKKVIKEXIWEVIJSYRHXSFIRSXHIPIXIVMSYWP]VIEGXMZI
JYVXLIV TVIGEYXMSRW EVI JVIUYIRXP] XEOIR MJ GMVGYQWXERGIW
HIQERH 7YGL GMVGYQWXERGIW QE] MRGPYHI TVIWXMKMSYW SV
GVMXMGEP  WXVYGXYVIW EKKVIWWMZI IRZMVSRQIRXW I\XIVREP
WSYVGI SJ EPOEPMIW WYGL EW WIE[EXIV SV HIMGMRK WEPXW  LMKL
GIQIRXGSRXIRXWSVI\XIRHIHWIVZMGIPMJI
 0MQMXMRK EPOEPM GSRXIRX SJ GSRGVIXI{7XERXSRvW
  [SVO SR %%6 MRHMGEXIH XLEX I\TERWMZI VIEGXMSR MW
YRPMOIP] XS SGGYV[LIR XLI EPOEPM GSRXIRX SJXLI GIQIRXMW
FIPS[   2E3I 8LMW ZEPYI LEW FIGSQI XLI EGGITXIH
QE\MQYQPMQMXJSVGIQIRXXSFIYWIH[MXLVIEGXMZIEKKVIKEXIW
MR XLI 9RMXIH 7XEXIW ERH ETTIEVW MR %781 ' EW ER
STXMSREPPMQMX8LMWGVMXIVMSRLS[IZIVXEOIWRSEGGSYRXSJ
XLIGIQIRXGSRXIRXSJXLIGSRGVIXI[LMGLXSKIXLIV[MXLXLI
GIQIRX EPOEPM GSRXIRX KSZIVRW XLI XSXEP EPOEPM GSRXIRX SJ
GSRGVIXI ERH MWGSRWMHIVIH XSFIE QSVI EGGYVEXIMRHI\SJ
TSXIRXMEPVIEGXMZMX]7SQIREXMSREPWTIGMJMGEXMSRWVIGSKRM^I
XLMW JEGX F] WTIGMJ]MRK E QE\MQYQ EPOEPM PIZIP MR XLI
GSRGVIXI XLMW PMQMX MW VITSVXIH 2M\SR ERH 7MQW   XS
VERKIJVSQXSOKQ XSPF]H 2E3I-R
WSQI GSYRXVMIW XLI PMQMX QE] ZEV] HITIRHMRK SR XLI
VIEGXMZMX] SJ XLI EKKVIKEXI 3FIVLSPWXIV   -R 'EREHE
'7%%% XLIPMQMXVERKIWFIX[IIRERHOKQ
XSPF]H 2E3I
8LIYWISJPS[EPOEPMGIQIRXERHPMQMXEXMSRSJXLIEPOEPM
GSRXIRXMRGSRGVIXIMWRSXEWYJJMGMIRXWEJIKYEVHMREPPGEWIW
7XEVO  VITSVXIHHEQEKMRK%%6MRLMKL[E]WXVYGXYVIW
GSRWXVYGXIHYWMRKGIQIRXW[MXLEPOEPMIWMRXLIVERKIXS
 2E3IXLIVIEGXMZMX]SJGIVXEMREKKVIKEXIW[MXLPS[
EPOEPM GIQIRXW [EW GSRJMVQIH MR PEFSVEXSV] QSVXEV FEV
I\TERWMSRXIWXW0ERI  VITSVXIHXLEXWSQIEKKVIKEXIW
GPEWWIHEWMRRSGYSYWEJXIVSVQSRXLWMRXLI%781'
QSVXEV FEV XIWX [MXL PS[EPOEPM GIQIRX   2E3I 
WLS[IHHIPE]IHI\TERWMSRERHGVEGOMRKEJXIVPSRKIVTIVMSHW
8LSQEW   VITSVXIH IZMHIRGI SJ %76 MR E RYQFIV SJ
L]HVEYPMG WXVYGXYVIW [MXL EPOEPM GSRXIRXW FIPS[  OKQ
PF]H 2E3I
%KKVIKEXIW XLEX EVI RSX RSVQEPP] VIEGXMZI [LIR YWIH MR
GSRGVIXI[MXLPS[EPOEPMGIQIRXQE]FIHIPIXIVMSYWP]VIEGXMZI
MRGSRGVIXISJLMKLIVEPOEPMGSRXIRX8LMWQE]SGGYVXLVSYKL
EPOEPMGSRGIRXVEXMSRGEYWIHF]HV]MRKKVEHMIRXWEPOEPMVIPIEWI
JVSQ EKKVIKEXIW SV XLI MRKVIWW SJ EPOEPMIW JVSQ I\XIVREP
WSYVGIW HIMGMRK WEPXW SV WIE[EXIV  7XEVO   VITSVXIH
MRGVIEWIWMRWSPYFPIEPOEPMJVSQXSOKQ XS
PF]H 2E3IGPSWIXSXLIWYVJEGISJWSQILMKL[E]WXVYGXYVIW
1MKVEXMSR SJ EPOEPMIW HYI XS QSMWXYVI XIQTIVEXYVI ERH
IPIGXVMGEPKVEHMIRXWLEWEPWSFIIRHIQSRWXVEXIHF]PEFSVEXSV]
WXYHMIW 2M\SRIXEP>LSRKMERH,SSXSR 
% RYQFIV SJ [SVOIVW LEZI HIQSRWXVEXIH XLEX QER]
EKKVIKEXIWGSRXEMREPOEPMIWXLEXQE]FIPIEGLIHSYXMRXSXLI
GSRGVIXITSVIWSPYXMSRXLIVIF]MRGVIEWMRKXLIVMWOSJ%%6
7XEVO  7XEVO ERH &LEXX]  ;E] ERH 'SPI 
:ER%EVHXERH:MWWIV8LSQEWIXEP 7XEVOERH

&LEXX]  VITSVXIHXLEXMRI\XVIQIGMVGYQWXERGIWWSQI


EKKVIKEXIWVIPIEWIEPOEPMIWIUYMZEPIRXXS SJXLITSVXPERH
GIQIRXGSRXIRX
%POEPMIW QE] TIRIXVEXI GSRGVIXI JVSQ I\XIVREP WSYVGIW
WYGL EW FVEGOMWL [EXIV WYPJEXIFIEVMRK KVSYRH[EXIV
WIE[EXIVSVHIMGMRKWEPXW2M\SRIXEP  WLS[IHXLEX
WIE[EXIV SV 2E'P WSPYXMSRW  TVIWIRX MR XLI QM\MRK [EXIV
IPIZEXIW XLI L]HVS\]PMSR GSRGIRXVEXMSR ERH MRGVIEWIW XLI
EQSYRX SJ I\TERWMSR SJ GSRGVIXI 3FIVLSPWXIV 
WLS[IHXLEXXLII\TERWMSRSJPEVKIGSRGVIXIFPSGOWI\TSWIH
XSWEPX[EXIVWTVE]QE]FIHSYFPIHGSQTEVIH[MXLXLIWEQI
FPSGOW I\TSWIH XS XET[EXIV WTVE] -R EHHMXMSR WXYHMIW MR
(IRQEVO 'LEXXIVNMIXEP LEZIWLS[RXLEXI\TSWYVIXS
2E'PWSPYXMSR ERHSXLIVEPOEPMWEPXW GERGEYWIGSRWMHIVEFPI
I\TERWMSRERHGVEGOMRKMRGSRGVIXI
 9WI SJ WYTTPIQIRXEV] GIQIRXMXMSYW QEXIVMEPW{
4S^^SPERWSVWPEKWGERFIYWIHEWEGSQTSRIRXSJGSRGVIXI
EWEGIQIRXVITPEGIQIRXSVEREHHMXMSR SVEWEGSRWXMXYIRX
SJFPIRHIHGIQIRXW&PIRHIHGIQIRXWEVIHMWGYWWIHMRHIXEMP
MR%781'ERH'%PXLSYKLQER]REXMSREPWTIGMJM
GEXMSRWERHKYMHIPMRIWJSVQMRMQM^MRK%%6TIVQMXXLIYWISJ
WPEK SV TS^^SPERW WYGL EW JP] EWL ERH WMPMGE JYQI [MXL
TSXIRXMEPP]VIEGXMZIEKKVIKEXIXLIVIMWGSRJPMGXMRKIZMHIRGI
VIKEVHMRKXLIIJJMGEG]SJXLIWIQEXIVMEPWMRXLMWVSPIERHXLMW
MW VIJPIGXIH MR XLI PEGO SJ GSRWIRWYW EHZMGI 1YGL SJ XLI
GSRXVSZIVW]MWGIRXIVIHSRXLIEPOEPMIWMRXLITS^^SPERSVWPEK
ERH [LIXLIV XLI] EVI TSXIRXMEPP] EZEMPEFPI JSV VIEGXMSR %
VIZMI[SJI\XIRWMZIPMXIVEXYVIHIEPMRK[MXLXLIIJJIGXSJXLIWI
QEXIVMEPWSR%%6MWRSX[MXLMRXLIWGSTISJXLMWHSGYQIRX
7SQIKYMHERGISR YWMRKXLIWIQEXIVMEPW [MXLEPOEPMWMPMGE
VIEGXMZIEKKVIKEXIWMWTVIWIRXIHLIVIMR
 9WISJJP]EWLERHWPEK{%WYQQEV]SJREXMSREP
WTIGMJMGEXMSRWGSZIVMRKXLIYWISJJP]EWLERHWPEKXSGSQFEX
%76 MR GSRGVIXI MW WLS[R MR 8EFPI  2M\SR ERH 7MQW
  ;LIR JP] EWL SV WPEK MW FIMRK YWIH [MXL VIEGXMZI
EKKVIKEXIWQSWXWTIGMJMGEXMSRWGSRXVSPXLIXSXEPEPOEPMGSRXIRX
SJXLIGSRGVIXIX]TMGEPP][MXLMRXLIVERKIXSOKQ
XSPF]H 2E3I8LIVIMWGSRWMHIVEFPIZEVMEXMSR
MRXLIXVIEXQIRXSJXLIEPOEPMIWJVSQTS^^SPERSVWPEK[LIR
GEPGYPEXMRKXLIXSXEPEPOEPMGSRXIRXSJXLIGSRGVIXI%RYQFIV
SJGSYRXVMIWEWWYQIFSXLJP]EWLERHWPEKFILEZIEWERMRIVX
HMPYIRX ERH HS RSX GSRXVMFYXI EPOEPMIW 3XLIV GSYRXVMIWYWI
IMXLIVXLIEZEMPEFPIEPOEPMGSRXIRX %781' SVETVSTSVXMSR
SJXLIXSXEPEPOEPMGSRXIRXSJXLITS^^SPERSVWPEK8LIZEPYIW
SJSRIWM\XLERHSRILEPJXLIXSXEPEPOEPMIWJVSQJP]EWLERH
WPEKVIWTIGXMZIP]LEZIFIIREHSTXIHF]ERYQFIVSJGSYRXVMIW
FEWIH SR I\TIVMQIRXEP WXYHMIW F] ,SFFW   8LIVI MW
GSRJPMGXMRK EHZMGI [MXLMR XLI 9RMXIH /MRKHSQ [MXL XLI
&YMPHMRK6IWIEVGL)WXEFPMWLQIRXEHSTXMRK,SFFvWVIGSQQIR
HEXMSRWERHXLI'SRGVIXI7SGMIX]VIGSQQIRHMRKXLIYWISJ
XLI[EXIVWSPYFPIEPOEPMIW8LI[EXIVWSPYFPIEPOEPMIWMRJP]EWL
ERHWPEKEVIYWYEPP]ZIV]PS[ PIWWXLER 2E 3I ERH
EVIX]TMGEPP]QYGLPIWWXLERSRIWM\XLSVSRILEPJSJXLIXSXEP
EPOEPMIW8LIEZEMPEFPIEPOEPMHIXIVQMRIHMREGGSVHERGI[MXL

+9-()83(96%&0)'32'6)8)

6

8EFPI{7YQQEV]SJREXMSREPWTIGMJMGEXMSRWJSVJP]EWLERHWPEKXSGSQFEX%76 2M\SRERH7MQW
%POEPM
*P]EWL
7PEK
{
{

0MQMXSREPOEPMIW
1MRMQYQTVSTSVXMSRW
*P]EWL
7PEK
*P]EWL
7PEK
{
{
{
{
1E\MQYQ 
XSXEPERH   QE\MQYQ
XS

XSXEP
[EXIVWSPYFPI
{
{
{
{

'SYRXV]
&IPKMYQ

1E\MQYQEPOEPM
OKQ PFJX
 

'EREHE HVEJX

 

(IRQEVO

:EVMIW

*VERGI

XS
XS

XSXEP

XSXEP

-VIPERH

SVj
SV

XSXEP

XSXEP

.ETER
2I[>IEPERH

 
 

{
{

{
{

{
{

{
{

{
%781'





2&6- %781'
QE\MQYQ EXHE]W

7SYXL%JVMGE
9/ &6)
9/
'SRGVIXI7SGMIX]

XSk
XS
 
 



%781'
%781'
XSXEP
;EXIV
WSPYFPI

XSXEP
;EXIV
WSPYFPI

 QE\MQYQ %781'

3XLIVXIWXWVIUYMVIQIRXW
{
'SRGVIXITVMWQXIWX
 QE\MQYQEX]IEVW
{





{
%781'
QE\MQYQ EXHE]W
{

9RMXIH7XEXIW

%781'

 QE\MQYQ %781'

9776

 

%781'

XS QE\MQYQ %781'

(ITIRHWSRMRJSVQEXMSREFSYXGIQIRXZEVMEFMPMX]
j

OKQ PFJX YWIHJSVGEVFSRMJIVSYWGLIVX


(ITIRHWSREKKVIKEXIWSYVGI

%781'KIRIVEPP]KMZIWTVSTSVXMSRWLMKLIVXLERSRI
WM\XLERHSRILEPJXSXEPEPOEPMJSVJP]EWLERHWPEKVIWTIGXMZIP]
8IGLRMGEPKYMHERGIJSVYWMRKJP]EWLERHSVWPEKXSGSQFEX
%76 LEW IQIVKIH JVSQ 'EREHE [LIVI EJXIV GSRWMHIVEFPI
HIFEXI ERH GSRWMHIVEXMSR SJ XLI EZEMPEFPI PMXIVEXYVI E
GSRWIRWYW [EW VIEGLIH XLEX XLIWI QEXIVMEPW GSYPH FI
EWWYQIH IJJIGXMZIP] RSX XS GSRXVMFYXI ER] EPOEPMIW 0MQMXW
LS[IZIVEVITPEGIHSRXLIXSXEPEPOEPMGSRXIRXSJXLIJP]EWL
ERHWPEKERHQMRMQYQVITPEGIQIRXPIZIPWEVIWTIGMJMIHMR
'7%%%8LIQMRMQYQVITPEGIQIRXPIZIPVIUYMVIH
HITIRHWSR XLI VIEGXMZMX] SJXLIEKKVIKEXIXLIWIVZMGIPMJI
ERHWM^ISJXLIWXVYGXYVEPIPIQIRXXLII\TSWYVIIRZMVSRQIRX
ERHXLIGSQTSWMXMSRSJXLIJP]EWLSVWPEK*SVJP]EWLIW[MXL
XSXEP EPOEPM GSRXIRXW PIWW XLER   2E3I XLI QMRMQYQ
PIZIPWSJVITPEGIQIRXEVIMRXLIVERKIJVSQXS JSV
PS[GEPGMYQ8]TI*JP]EWLIW  'E3 ERHJVSQXS
  JSVQSHIVEXIGEPGMYQ JP] EWL  XS  'E3  -J XLI
EPOEPMGSRXIRXSJXLIJP]EWLMWFIX[IIRXS 2E3I
XLIQMRMQYQVITPEGIQIRXPIZIPQYWXFIMRGVIEWIH*SVWPEK
[MXL E XSXEP EPOEPM GSRXIRX PIWW XLER   2E3I XLI
QMRMQYQ PIZIP SJ VITPEGIQIRX MW MR XLI VERKI JVSQ  XS
 *P]EWLIW[MXLEPOEPMGSRXIRXWMRI\GIWWSJ 2E3I
SV[MXLGEPGMYQGSRXIRXWKVIEXIVXLER 'E3SVWPEKW[MXL
EPOEPMGSRXIRXWMRI\GIWWSJ 2E3I GERRSXFIYWIH[MXL
VIEGXMZIEKKVIKEXIW YRPIWW XLIMV IJJMGEG] MW HIQSRWXVEXIH
F]TIVJSVQERGIXIWXMRKMREGGSVHERGI[MXL'7%%%
% RYQFIV SJ GSYRXVMIW TIVQMX XLI YWI SJ FPIRHIH WPEK
GIQIRXEWEREPXIVREXMZIXSYWMRKPS[EPOEPMTSVXPERHGIQIRX
JSV GSRXVSPPMRK %%6 -R WYGL GEWIW XLI TIVQMWWMFPI EPOEPM
GSRXIRXSJXLIWPEKGIQIRXQE]ZEV][MXLXLITVSTSVXMSRSJ
XLIWPEKEWWLS[RMR8EFPI
8LI WTIGMJMGEXMSRW JSV YWMRK JP] EWL ERH WPEK ZEV]
GSRWMHIVEFP] FIX[IIR GSYRXVMIW ERH IZIR [MXLMR GSYRXVMIW
WYGL EW XLI 9RMXIH /MRKHSQ ERH XLI 9RMXIH 7XEXIW ERH

8EFPI{4IVQMWWMFPIEPOEPMGSRXIRXSJWPEK
GIQIRX[MXLZEVMSYWTIVGIRXEKIWSJWPEK
'SYRXV]
&IPKMYQ
*VERGI
+IVQER]
9/

7PEKGSRXIRX FMRHIV


 ERH 

 ERH 



1E\MQYQXSXEPEPOEPM
2E3I








HMJJIVIRX WXEXI VIKYPEXMSRW [MXLMR XLI 9RMXIH 7XEXIW


VIWTIGXMZIP]  8LMW ZEVMEXMSR VIJPIGXW RSX SRP] XLI REXMSREP
HMJJIVIRGIWMRGSRGVIXITVEGXMGIERHQEXIVMEPTVSTIVXMIWFYX
EPWSVIWYPXWJVSQXLIPEGOSJGSRWIRWYWGSRGIVRMRKXLIVSPISJ
XLIWIQEXIVMEPWMR%%6W
9WISJWMPMGEJYQI{)EVP]VIWIEVGLHEXEMRHMGEXIH
WMPMGEJYQIXSFILMKLP]IJJIGXMZIMRGSRXVSPPMRKI\TERWMSRSJ
GSRGVIXIHYIXS%76[MXLPIZIPWSJ SVPIWWFIMRKWYJJMGMIRX
XSWYTTVIWWHEQEKMRKI\TERWMSRMRQSVXEVFEVW[MXLVIEGXMZI
EKKVIKEXI JVSQ -GIPERH %WKIMVWWSR ERH +YHQYRHWWSR
 ERH7SYXL%JVMGE 3FIVLSPWXIVERH;IWXVE 8LMW
TLIRSQIRSRMWVIEHMP]EWGVMFIHXSXLIQEVOIHVIHYGXMSRMR
TSVI WSPYXMSR EPOEPMRMX] SFWIVZIH [LIR WMPMGE JYQI MW
GSQFMRIH[MXLTSVXPERHGIQIRX (MEQSRH4EKIERH
:IRRIWPERH 
8LIIJJMGEG]SJPS[IVPIZIPWSJWMPMGEJYQIMRGSRXVSPPMRK
I\TERWMSRMRXLIPSRKXIVQLEWFIIRUYIWXMSRIHF]ERYQFIV
SJ[SVOIVW4IVV]ERH+MPPSXX  WLS[IH WMPMGEJYQI
XS WYFWXERXMEPP] HIPE] FYX RSX IPMQMREXI I\TERWMSR [MXL
STEPMRIEKKVIKEXI/E[EQYVEIXEP  WLS[IHXLEX
VITPEGIQIRXQE]RSXFIIRSYKLJSVWSQIWMPMGEJYQIWYWIH
[MXLSTEP;SVO[MXLGVMWXSFEPMXIEPWSWLS[IHXLEXPIZIPWSJ
WMPMGEJYQIWYFWXERXMEPP]LMKLIVXLER QE]FIVIUYMVIHXS

6

%'-'311-88))6)4368

IPMQMREXII\TERWMSRMRXLIPSRK XIVQ (YRWXIVIXEP


%PEWEPM 3TEPI\LMFMXWQEVOIHTIWWMQYQFILEZMSVERH
GVMWXSFEPMXIVIEGXWEXVIPEXMZIP]PS[EPOEPMGSRXIRXWLS[IZIV
ERHJMRHMRKWJVSQWXYHMIWYWMRKWYGLEKKVIKEXIWQE]RSXFI
ETTVSTVMEXI XS GSRGVIXI GSRXEMRMRK PIWWVIEGXMZI JSVQW SJ
WMPMGE &VYFERH(YGLIWRI 
3XLIVMRZIWXMKEXMSRWMR'EREHE[MXLGSQQIVGMEPVIEGXMZI
EKKVIKEXIW LEZI JYVXLIV HIQSRWXVEXIH XLI TSXIRXMEP JSV
HIPIXIVMSYW I\TERWMSR MR GSRGVIXI [MXL   WMPMGE JYQI
(YGLIWRI ERH &VYF  *SYVRMIV IX EP   7MPMGE
JYQI QE] TVSZMHI E VIWTMXI JVSQ HEQEKMRK VIEGXMSR JSV
TIVMSHWSJ]IEVWSVQSVIMRGSRGVIXITVMWQWWXSVIHEX'
* FYXXLIIZMHIRGIWYKKIWXWXLEXXLIPMQMXSJ
QE] IZIRXYEPP] FI I\GIIHIH [MXL E RYQFIV SJ EKKVIKEXIW
[LIRLMKLEPOEPMGIQIRXMWYWIH
8LIVI MW E [MHI VERKI SJ HEXE EZEMPEFPI JVSQ I\TERWMSR
WXYHMIWFYXW]RXLIWMWSJXLIVITSVXIHJMRHMRKWMWGSQTPMGEXIH
F]XLIGSRWMHIVEFPIZEVMEXMSRMRXIWXQIXLSHWERHQEXIVMEPW
YWIHF]ZEVMSYWMRZIWXMKEXSVW7SYVGIWSJZEVMEXMSRMRGPYHI
e 4VSTIVXMIWSJXLIWMPMGEJYQIYWIHERHIJJIGXMZIRIWWSJ
MXWHMWTIVWMSRMRXLIGSRGVIXI
e 2EXYVISJXLIVIEGXMZIEKKVIKEXI
e %POEPMGSRXIRXSJXLITSVXPERHGIQIRX
e 1M\XYVITVSTSVXMSRW
e 8]TISJWTIGMQIR HMQIRWMSRWGSRGVIXISVQSVXEV 
e 7XSVEKIGSRHMXMSRWERH
e (YVEXMSRSJXIWXMRK
(IWTMXIXLIWIHMJJIVIRGIWERYQFIVSJKIRIVEPXVIRHWGERFI
HMWGIVRIHJVSQXLIPMXIVEXYVI 8LSQEWERH&PIW^]R^OM 
e )\TERWMSRHIGVIEWIW[MXLMRGVIEWMRKWMPMGEJYQIGSRXIRX
EPXLSYKLTIWWMQYQFILEZMSVLEWFIIRSFWIVZIHMRWSQI
WXYHMIWEXPIZIPWSJVITPEGIQIRXSJ WMPMGEJYQI
e 8LIVIEVIMRWYJJMGMIRXHEXEXSEPPS[XLIIJJIGXSJWMPMGE
JYQIGSQTSWMXMSRXSFIIZEPYEXIH7MPMGEJYQI[MXLPS[
7M3 SV YRYWYEPP] LMKL 2E3I EVI RSX EW IJJIGXMZI MR
GSRXVSPPMRKI\TERWMSR
e %XRSVQEPPIZIPWSJWMPMGEJYQI XS I\TERWMSR
MRGVIEWIW [MXL XLI EPOEPM GSRXIRX SJ XLI GIQIRX SV XLI
XSXEPEPOEPMGSRXIRXSJXLIGSRGVIXI
e 8LIIJJMGEG]SJWMPMGEJYQIMWMRJPYIRGIHF]XLIREXYVI
SJXLIVIEGXMZIEKKVIKEXIERHWMPMGEJYQIETTIEVWXSFI
PIWW EFPI XS GSRXVSP I\TERWMSR [MXL LMKLP] VIEGXMZI
GVMWXSFEPMXISVSTEPERH
e 7MPMGE JYQI VIXEVHW XLI VEXI SJ I\TERWMSR XLI IJJIGX
FIGSQIWQSVIQEVOIHEXLMKLIVVITPEGIQIRXPIZIPW
8LI-GIPERHMGGSRWXVYGXMSRMRHYWXV]LEWFIIRYWMRKWMPMGE
JYQI[MXLLMKLEPOEPMGIQIRX ETTVS\MQEXIP] 2E3I
ERH LMKLP] VIEGXMZI EKKVIKEXI JSV LSYWMRK GSRGVIXI WMRGI
8SHEXIXLIVIEVIRSVITSVXIHMRGMHIRGIWSJ%76 MR
WYGLGSRGVIXI +YHQYRHWWSRERH3PEJWWSR 
-R 7SYXL %JVMGE E QMRMQYQ VITPEGIQIRX PIZIP SJ 
WMPMGEJYQIMWVIGSQQIRHIHJSVGSRXVSPPMRK%76 3FIVLSPWXIV
 %XPS[IVVITPEGIQIRXPIZIPWXLIEGXMZIEPOEPMGSRXIRX
SJXLIGIQIRXWMPMGEJYQIFPIRHWLSYPHFIGSRXVSPPIHXSQIIX
XLIEPOEPMGSRXIRXPMQMXJSVXLIWTIGMJMGEKKVIKEXIFIMRKYWIH
8LI EGXMZI EPOEPMIW SJ XLI WMPMGE JYQI QE] FI HIXIVQMRIH
YWMRK%781'JSVEZEMPEFPIEPOEPMIWSVF]GEPGYPEXMSR
EWWYQMRK SJXLIXSXEPEPOEPMIWEVIEGXMZI

-R '7% %% XLI QMRMQYQ PIZIP SJ WMPMGE JYQI


VIUYMVIH XS GSRXVSP I\TERWMSR ZEVMIW HITIRHMRK SR XLI
VIEGXMZMX]SJXLIEKKVIKEXIXLIEPOEPMGSRXIRXSJXLIGSRGVIXI
XLI WIVZMGI PMJI ERH WM^I SJ XLI WXVYGXYVEP IPIQIRX ERH XLI
I\TSWYVI IRZMVSRQIRX 7MPMGE JYQI [MXL EPOEPM GSRXIRXW MR
I\GIWWSJ 2E3IGERRSXFIYWIHYRPIWWXLIIJJMGEG]SJ
XLIWMPMGEJYQIMWHIQSRWXVEXIH[MXLXLINSFEKKVIKEXIYWMRK
TIVJSVQERGIXIWXMRKMREGGSVHERGI[MXL'7%%%XS
HIQSRWXVEXI XLI IJJIGXMZIRIWW SJ 7'1W ERH PMXLMYQFEWIH
EHQM\XYVIWXSTVIZIRX%76MRGSRGVIXI
 9WI SJ REXYVEP TS^^SPERW{8LI XIVQ wREXYVEP
TS^^SPERWxMWYWIHXSGSZIVZEVMSYWX]TIWSJREXYVEPP]SGGYVVMRK
VIEGXMZIJSVQWSJWMPMGE ZSPGERMGEWL ERHQEXIVMEPTVSGIWWIH
XSTVSHYGIWYGLWMPMGE GEPGMRIHGPE]SVWLEPISVQIXEOESPMR 
7SQIVIEGXMZIEKKVIKEXIWQE]FIKVSYRHXSTVSHYGIEQEXIVMEP
WYMXEFPIJSVYWIEWETS^^SPERMGEHQM\XYVIJSVGSRGVIXI8LI
YWI SJ TS^^SPERW MR GSRGVIXI MW HIWGVMFIH MR %'- 6
'LIQMGEPERHTL]WMGEPTVSTIVXMIWSJVE[ERHGEPGMRIHREXYVEP
TS^^SPERWJSVYWIEW7'1WEVIWTIGMJMIHMR%781'
-R XLI JMVWX TYFPMWLIH EVXMGPI SR %76 7XERXSR 
VITSVXIHXLEXI\TERWMSRHYIXSXLIVIEGXMSRGSYPHFIVIHYGIH
F] XLI YWI SJ TS^^SPERMG GIQIRX GSRXEMRMRK JMRIP] KVSYRH
WLEPI SV F] VITPEGIQIRX SJ   SJ LMKLEPOEPM TSVXPERH
GIQIRX[MXLTYQMGMXI8LITYQMGMXIVITPEGIQIRX[EWQSVI
IJJIGXMZIMRVIHYGMRKI\TERWMSRXLERERIUYMZEPIRXVITPEGIQIRX
[MXL3XXE[EWERHERHXLIUYIWXMSR[EWEWOIH[LIXLIVWYGL
QEXIVMEPW LEZI E VSPI FI]SRH QIVI HMPYXMSR SJ GIQIRX
EPOEPMIW7YFWIUYIRXXIWXWF]7XERXSR  GSRJMVQIHXLI
FIRIJMGMEPIJJIGXSJE[MHIVERKISJREXYVEPTS^^SPERW8LI
JMVWXQENSVYWISJEREXYVEPTS^^SPERXSGSRXVSP%76HEXIW
FEGO XS XLI W [LIR GEPGMRIH WMPMGISYW WLEPI 4YIRXI
WLEPI [EWYWIHMRXLI(EZMW(EQXSKIXLIV[MXLPS[EPOEPM
GIQIRX +MPPMPERHERH1SVER 
1IXEOESPMR E REXYVEP TS^^SPER QERYJEGXYVIH F] XLI
XLIVQEP EGXMZEXMSR SJ OESPMRMXMG GPE] GYVVIRXP] TVSHYGIH MR
XLI9RMXIH7XEXIWERHWSYVGIWSJWMQMPEVQEXIVMEPQERYJEGXYVIH
MR XLI 9RMXIH /MRKHSQ EVI VITSVXIH XS FI IJJIGXMZI MR
GSRXVSPPMRK%76I\TERWMSR ;EPXIVWERH.SRIW.SRIW
IXEP 
4ITTIVERH1EXLIV  XIWXIHE[MHIVERKISJ7'1W
ERH GSRGPYHIH XLEX XLI] [IVI EPP IJJIGXMZI MR GSRXVSPPMRK
%76 I\TERWMSR TVSZMHIH XLEX WYJJMGMIRX EQSYRXW SJ XLI
EHQM\XYVI [IVI YWIH 2EXYVEP TS^^SPERW ZEV] [MHIP] MR
GSQTSWMXMSRERHXLIPIZIPVIUYMVIHXSIPMQMREXII\TERWMSR
WLSYPHFIHIXIVQMRIHF]XIWXMRKIMXLIVMRXLI%781'
T]VI\QSVXEVFEVXIWXSVTVIJIVEFP]MRGSRGVIXI[MXLXLINSF
EKKVIKEXI YWMRK%781' 
 8IWXWJSVIZEPYEXMRKIJJIGXSJTS^^SPERWERHWPEK
SR%76{8LIT]VI\QSVXEVFEVXIWXSJ%781'MWEXIWX
QIXLSHXLEXLEWFIIRGSQQSRP]YWIHJSVIZEPYEXMRKXLI
IJJMGEG]SJTS^^SPERWERHWPEKMRGSRXVSPPMRKI\TERWMSRHYI
XS%768LMWXIWXQIXLSH[EWHIZIPSTIHMRXLIWEWE
QIXLSHJSVEWWIWWMRKXLIWYMXEFMPMX]SJTS^^SPERWJSVYWIMR
GSRGVIXIGSRXEMRMRKVIEGXMZIEKKVIKEXIWYGLEWWTIGMJMGEXMSR
JSV WMPMGISYW EHQM\XYVIW JSV XLI (EZMW (EQ +MPPMPERH ERH
1SVER  )EVP]XIWXWF]XLI97%VQ]'SVTWSJ)RKMRIIVW
ERH97&YVIEYSJ6IGPEQEXMSRMRHMGEXIHXLEXJP]EWLERH
WPEK [IVI PIWW IJJIGXMZI XLER LMKLP] WMPMGISYW REXYVEP

+9-()83(96%&0)'32'6)8)

TS^^SPERWERHLEHXSFIYWIHMRTVSTSVXMSRWI\GIIHMRK
XSFIIJJIGXMZIEWHIJMRIHF]%781' &YGOIXEP
4ITTIV  &PEROW   7MRGI XLIR RYQIVSYW SXLIV
[SVOIVWLEZIYWIHXLMWXIWXXSIZEPYEXIXLITIVJSVQERGISJ
TS^^SPERWERHWPEK
-RXLIGYVVIRXZIVWMSRSJXLI%781'XIWXXLIHE]
I\TERWMSR SJ QSVXEV FEVW WXSVIH EX  '? *A  QEHI
[MXLLMKLEPOEPMGIQIRX XS 2E3I ERH JP]
EWL F]ZSPYQI SV WPEKMWGSQTEVIH[MXLXLEXSJGSRXVSP
FEVW GIQIRXSRP] ERHXLITIVGIRXEKIVIHYGXMSRHYIXSXLI
TS^^SPER SV WPEK MW GEPGYPEXIH %PXIVREXMZIP]XLI QEXIVMEPW
ERHVITPEGIQIRXPIZIPWXSFIYWIHMRXLIEGXYEPNSFQE]FI
YWIH%781' WTIGMJMGEXMSRJSVREXYVEPTS^^SPERWERH
JP] EWL  VIUYMVIW XLEX XLI I\TERWMSR SJ XLI XIWX QM\XYVI
VIKEVHPIWW SJ EPOEPM GSRXIRX SJ XLI GIQIRX YWIH  FI RS
KVIEXIV XLER XLI I\TERWMSR SJ E PS[EPOEPM GSRXVSP 7'1W
QIIXMRKXLMWVIUYMVIQIRXEVIGSRWMHIVIHXSFIEWIJJIGXMZIEW
XLI PS[EPOEPM GIQIRX GSRXVSP JSV QMXMKEXMRK %76 -X MW
EWWYQIHXLEXXLITIVGIRXEKISJTS^^SPERYWIHMRTVEGXMGI[MPP
FIIUYEPXSSVKVIEXIVXLERXLEXYWIHMRXLIXIWXQM\XYVIERH
XLEX XLI EPOEPM GSRXIRX SJ XLI JMIPH GIQIRX YWIH [MPP RSX
I\GIIH XLI EPOEPM GSRXIRX SJ XLI XIWX GIQIRX F] QSVI XLER
 %781' WTIGMJMGEXMSRJSVWPEK HSIWRSXGSRXEMR
EVIUYMVIQIRXVIPEXMRKXS%76FYXWYKKIWXWMRERSRQERHEXSV]
ETTIRHM\ XLI YWI SJ XLI %781 ' [MXL XLI HE]
I\TERWMSRVIHYGIHF] SJGSRXVSPSVOITXFIPS[
[LIR YWMRK TVSNIGX QEXIVMEPW )EVP] ZIVWMSRW SJ XLI XIWX
VIUYMVIH WPEK XS FI YWIH EX VITPEGIQIRX PIZIPW SJ   F]
ZSPYQI8LIGVMXIVMEYWIHXSEWWIWWTS^^SPERWSVWPEKMRXLMW
XIWXLEZIFIIRGVMXMGM^IHEWXSSGSRWIVZEXMZIF]ERYQFIVSJ
[SVOIVW /PMIKIV ERH +IFPIV  /IRRIVPI] 
/IRRIVPI]IXEP7XYVVYTIXEP 
8LITSXIRXMEPJSVWMPMGEJYQIXSVIHYGI%76I\TERWMSRMW
ETTEVIRXMJYWIHEXXLIWTIGMJMIH F]ZSPYQIVITPEGIQIRX
MR XIWXW YWMRK %781 ' [MXL WLVMROEKI SJXIR FIMRK
SFWIVZIHEJXIVXLIRSVQEPHE]XIWXMRKTIVMSH 4STSZMGIX
EP   4IVV] ERH +MPPSXX   YWIH ZEVMSYW PIZIPW SJ
VITPEGIQIRXERHJSYRHXLEX [EWIJJIGXMZIMRVIHYGMRK
XLI HE] I\TERWMSR F] QSVI XLER   GSQTEVIH [MXL
GSRXVSP XLMW[EWXLIEGGITXERGIGVMXIVMEEXXLIXMQI 3XLIV
[SVOIVW LEZI GSRJMVQIH XLI EFMPMX] SJ   WMPMGE JYQI
6EWLIIHY^^EJEV ERH ,YWWEMR  ,SSXSR   SV PIWW
&VYF ERH (YGLIWRI   XS QIIX XLMW GVMXIVMSR 4IVV]
ERH+MPPSXX  LS[IZIVSFWIVZIHGSRXMRYIHI\TERWMSR
SJXLIWMPMGEJYQIWTIGMQIRWFI]SRHHE]WERHUYIWXMSRIH
XLIVIPMEFMPMX]SJWLSVXXIVQXIWXMRKF]XLMWQIXLSH
6IWYPXWJVSQXIWXW[MXL4]VI\KPEWWSZIVXLITEWX]IEVW
LEZIWLS[RXLIIJJIGXSJJP]EWLERHWPEKXSZEV]GSRWMHIVEFP]
FIX[IIR WXYHMIW 8LI IJJIGX SJ JP] EWL LEW FIIR WLS[R XS
HITIRH ZEVMSYWP] SR MXW EPOEPM GSRXIRX GEPGMYQ GSRXIRX
TS^^SPERMGMX] ERH JMRIRIWW 8LI SRP] GSRWIRWYW JVSQ XLI
PMXIVEXYVIMWXLEXXLIIJJIGXMZIRIWWSJJP]EWLERHWPEKMRGVIEWIW
EWXLIPIZIPSJVITPEGIQIRXMRGVIEWIWERHXLEXEPPJP]EWLIW
ERHWPEKWGERFIYWIHXSGSRXVSPVIEGXMSRTVSZMHIHXLEXXLI]
EVI YWIH MR WYJJMGMIRX UYERXMX] 4ITTIV ERH 1EXLIV 
VITSVXIHXLIIJJIGXMZIRIWWSJETS^^SPERSVWPEK[EWVIPEXIH
XSJMRIRIWWEPOEPMVIPIEWIERHXLIEQSYRXSJWMPMGEHMWWSPZIH

6

4]VI\ KPEWW MW I\XVIQIP] WIRWMXMZI XS XIWX GSRHMXMSRW


WYVJEGIEVIEEPOEPMGSRXIRXERHXIQTIVEXYVI ERHGSRXEMRW
WMKRMJMGERXUYERXMXMIWSJEPOEPMIWXLEXQE]FIVIPIEWIHMRXSXLI
TSVI WSPYXMSR *YVXLIVQSVI 4]VI\ VIEGXW ZIV] VETMHP]
TVSHYGMRKHEQEKMRKVIEGXMSRMRNYWXEJI[HE]W'SRWIUYIRXP]
HIXIVQMRMRKXLIVSPISJTS^^SPERWERHWPEKERHIWTIGMEPP]
XLIVSPISJ7'1WEPOEPMIWMWGSQTPMGEXIHF]XLIYWISJ4]VI\
8LIVILEWFIIRMRGVIEWIHGSRGIVRSZIVXLIZEPMHMX]SJYWMRK
XLMWQIXLSH ,SFFW FIGEYWIVIWYPXWJVSQXLIXIWXHS
RSXGSVVIPEXI[IPP[MXLHEXEJVSQGSRGVIXIXIWXWYWMRKREXYVEP
EKKVIKEXIW &VYF ERH (YGLIWRI   +IRIVEPP] XLI
VITPEGIQIRXPIZIPVIUYMVIHXSPMQMXI\TERWMSRMRXLI4]VI\
QSVXEVFEVXIWXMWWMKRMJMGERXP]LMKLIVXLERVIUYMVIHXSPMQMX
I\TERWMSRMRGSRGVIXIGSRXEMRMRKREXYVEPVIEGXMZIEKKVIKEXIW
FIGEYWI JI[ GSQQIVGMEP EKKVIKEXIW EVI EW VIEGXMZI EW
4]VI\KPEWW
7MKRMJMGERXMRXIVIWXLEWFIIRWLS[RMRQSHMJMIHZIVWMSRW
SJ XLI EGGIPIVEXIH QSVXEV FEV XIWX EMQIH WTIGMJMGEPP] EX
IZEPYEXMRKTS^^SPERWERHWPEK '7%%%ERH%781
' [LMGLMRZSPZIWMQQIVWMSRSJQSVXEVWTIGMQIRWMR
12E3,EX' *  (EZMIWERH3FIVLSPWXIV
&VYF ERH (YGLIWRI  7LE]ER   6IEWSREFPI
GSVVIPEXMSRW[MXLSXLIVXIWXQIXLSHWLEZIFIIRIWXEFPMWLIH
EPXLSYKLXLMWEGGIPIVEXIHXIWXYWYEPP]VIUYMVIWELMKLIVPIZIP
SJ 7'1W XS GSRXVSP HIPIXIVMSYW I\TERWMSR GSQTEVIH [MXL
WXERHEVHGSRGVIXIXIWXW8LIVILEWEPWSFIIRMRXIVIWXMRXLI
EHETXEXMSRSJEYXSGPEZII\TERWMSRXIWXWJSVYWI[MXL7'1W
'VMEYHIXEP(YGLIWRIERH&VYF 8LIWIXIWXW
WIIQTVSQMWMRK ERHLEZIWLS[R VIPMEFPIGSVVIPEXMSRW[MXL
PSRKXIVQGSRGVIXITVMWQI\TERWMSRXIWXW
8LIQSWXVIPMEFPI[E]SJEWWIWWMRKXLIIJJIGXSJTS^^SPERW
ERH WPEK SR %76 I\TERWMSR F] PEFSVEXSV] XIWXMRK MW
YRHSYFXIHP] F] I\TERWMSR XIWXMRK SJ GSRGVIXI QM\XYVIW
FEWIH SR XIWXMRK GSRHMXMSRW WMQMPEV XS %781 '
9RJSVXYREXIP] XLI XIWXQE]XEOI ]IEVW XS]MIPH WEXMWJEGXSV]
HEXE JSV JP] EWL ERH WPEK ERH IZIR PSRKIV TIVMSHW QE] FI
VIUYMVIH JSV WMPMGE JYQI 6IEWSREFPI GSVVIPEXMSRW LEZI FIIR
VITSVXIH[LIRGSQTEVMRKXLIVIWYPXWSJXLIGSRGVIXITVMWQXIWX
]IEV I\TERWMSR PMQMX SJ   MR %781 '  ERH XLI
EGGIPIVEXIHQSVXEVFEVXIWX HE]I\TERWMSRPMQMXSJ MR
%781'  8LSQEWERH-RRMW8LSQEWIXEP 
7IZIVEP SVKERM^EXMSRW LEZI HIZIPSTIH XIWXMRK TVSXSGSPW
ERHKYMHIWXSHIXIVQMRIMJTS^^SPERWWPEKSVGSQFMREXMSRW
SJ XLIWI QEXIVMEPW [MPP GSRXVSP %76 8LI KYMHIW YWI E
GSQFMREXMSRSJQSVXEVFEVERHGSRGVIXITVMWQXIWXWXSIZEPYEXI
XLI TSXIRXMEP VIEGXMZMX] SJ GSRGVIXI QM\XYVIW %%7,83
 4SVXPERH 'IQIRX %WWSGMEXMSR  *EVRI] ERH
/IVOLSJJ'7%%% 
 9WI SJ GLIQMGEP EHQM\XYVIW{'LIQMGEP EHQM\XYVI
YWIXSMRLMFMXXLI%76LEWRSXFIIR[MHIP]IQTPS]IHF]XLI
GSRWXVYGXMSRMRHYWXV]8LIWIMRGPYHIPMXLMYQWEPXWERHSXLIV
WEPXWWYGLEWFEVMYQWEPXWWSHMYQWMPMGEJPYSVMHIERHEPO]P
EPOS\]WMPERI
 0MXLMYQ WEPXW{1G'S] ERH 'EPH[IPP 
VITSVXIHSRXLIEFMPMX]SJPMXLMYQGSQTSYRHW 0M*0M'P ERH
0M'3 XSGSRXVSP%76FYXXLIYWISJPMXLMYQLEWRSXFIIR
EHSTXIH F] XLI GSRWXVYGXMSR MRHYWXV] TVSFEFP] EW E
GSRWIUYIRGI SJ MXW VIPEXMZIP] LMKL GSWX % RYQFIV SJ

6

%'-'311-88))6)4368

VIWIEVGLIVW LS[IZIV LEZI WLS[R VIRI[IH MRXIVIWX MR XLI


YWISJPMXLMYQWMRGIXLIPEXIWEQENSVVIWIEVGLTVSNIGX
MRGPYHMRKJMIPHXVMEPW [EWGSQTPIXIHYRHIVXLIEYWTMGIWSJ
XLI7XVEXIKMG,MKL[E]6IWIEVGL4VSKVEQ 7XEVOIXEP 
8LIPIZIPSJPMXLMYQVIUYMVIHXSGSRXVSPHIPIXIVMSYWI\TERWMSR
ZEVMIWHITIRHMRKSRXLIEPOEPMGSRXIRXSJXLIGSRGVIXIERHXLI
REXYVI SJ XLI VIEGXMZI EKKVIKEXI +IRIVEPP] VIWIEVGL LEW
HIQSRWXVEXIHXLEX0M 2E/ QSPEVVEXMSWMRXLIVERKISJ
XSEVIWYJJMGMIRXXSWYTTVIWWI\TERWMSR 7EOEKYGLM
IXEP7XEVOIXEP LS[IZIVGEYXMSRMWEHZMWIH
FIGEYWIMRWYJJMGMIRXPMXLMYQQE]EGXYEPP]MRGVIEWII\TERWMSR
7XEVO IX EP   ERH XLI IJJMGEG] SJ PMXLMYQ ZEVMIW
HITIRHMRKSRXLIREXYVISJXLIVIEGXMZIEKKVIKEXI7IZIVEP
HSGYQIRXWTVSZMHIKYMHERGISRYWMRKPMXLMYQEHQM\XYVIWXS
GSRXVSP%76 %%7,83*SPPMEVHIXEP 
 3XLIV GLIQMGEP EHQM\XYVIW{3XLIV GLIQMGEP
GSQTSYRHW [IVI JSYRH XS VIHYGI I\TERWMSR HYI XS %76
XLIWI MRGPYHI ZEVMSYW FEVMYQ WEPXW ,ERWIR   WSHMYQ
WMPMGSJPYSVMHIERHEPO]PEPOS\]WMPERI 3LEQEIXEP 
%[MHIVERKISJGSQTSYRHW[EWWXYHMIHF],YHIGERH0EVFM
  FYX XLI VIWYPXW EVI PEVKIP] MRGSRGPYWMZI *YVXLIV
VIWIEVGLMWVIUYMVIHXSGSRJMVQXLIIJJMGEG]SJZEVMSYWEHQM\
XYVIWERHXSIPYGMHEXIXLIMVVSPIMRGSRXVSPPMRK%76FIJSVIWYGL
EHQM\XYVIWEVIVIGSQQIRHIHJSVGSQQIVGMEPETTPMGEXMSRW
',%48)6{',)1-'%0%88%'/
{-RXVSHYGXMSR
'SRGVIXI [MPP TIVJSVQ WEXMWJEGXSVMP] [LIR I\TSWIH XS
ZEVMSYW EXQSWTLIVMG GSRHMXMSRW XS QSWX [EXIVW ERH WSMPW
GSRXEMRMRKEKKVIWWMZIGLIQMGEPWERHXSQER]SXLIVOMRHWSJ
GLIQMGEP I\TSWYVI 8LIVI EVI LS[IZIV WSQI GLIQMGEP
IRZMVSRQIRXWXLEX[MPPWLSVXIRXLIYWIJYPPMJISJIZIRXLIFIWX
GSRGVIXIYRPIWWWTIGMJMGQIEWYVIWEVIXEOIR%RYRHIVWXERHMRK
SJXLIWIGSRHMXMSRWTIVQMXWQIEWYVIWXSFIXEOIRXSTVIZIRX
HIXIVMSVEXMSRSVVIHYGIXLIVEXIEX[LMGLMXXEOIWTPEGI
'SRGVIXIMWVEVIP]MJIZIVEXXEGOIHF]WSPMHHV]GLIQMGEPW
8S TVSHYGI E WMKRMJMGERX EXXEGO SR GSRGVIXI EKKVIWWMZI
GLIQMGEPWWLSYPHFIMRWSPYXMSRERHEFSZIWSQIQMRMQYQ
GSRGIRXVEXMSR'SRGVIXIXLEXMWWYFNIGXIHXSEKKVIWWMZIWSPYXMSRW
YRHIVTVIWWYVISRSRIWMHIMWQSVIZYPRIVEFPIXLERSXLIV[MWI
FIGEYWIXLITVIWWYVIWXIRHXSJSVGIXLIEKKVIWWMZIWSPYXMSRMRXS
XLIGSRGVIXI
'SQTVILIRWMZIXEFPIW[IVITVITEVIHF]%'-'SQQMXXII
6 ERHXLI4SVXPERH'IQIRX%WWSGMEXMSR  XLEX
KMZI XLI IJJIGXW SJ QER] GLIQMGEPW SR GSRGVIXI &MG^SO
 KEZIEHIXEMPIHHMWGYWWMSRSJXLIHIXIVMSVEXMRKIJJIGX
SJGLIQMGEPWSRGSRGVIXIMRGPYHMRKHEXEJVSQFSXL)YVSTI
ERHXLI9RMXIH7XEXIW
8LIIJJIGXWSJWSQIGSQQSRGLIQMGEPWSRXLIHIXIVMSVEXMSR
SJGSRGVIXIEVIWYQQEVM^IHMR8EFPI4VSZMHIHXLEXHYI
GEVILEWFIIRXEOIRMRWIPIGXMSRSJXLIGSRGVIXIQEXIVMEPWERH
TVSTSVXMSRMRKSJXLIGSRGVIXIQM\XYVIXLIQSWXMQTSVXERX
JEGXSVWXLEXMRJPYIRGIXLIEFMPMX]SJGSRGVIXIXSVIWMWXHIXIVMS
VEXMSREVIWLS[RMR8EFPI 8LIVIJSVI 8EFPIWLSYPHFI
GSRWMHIVIHEWSRP]ETVIPMQMREV]KYMHI
1ENSVEVIEWSJGSRGIVREVII\TSWYVIXSWYPJEXIWWIE[EXIV
ERHWEPXJVSQWIE[EXIVEGMHWERHGEVFSREXMSR8LIWIEVIEW
SJGSRGIVREVIHMWGYWWIHMR7IGXMSRWXLVSYKL

{'LIQMGEPWYPJEXIEXXEGOF]WYPJEXIJVSQ
WSYVGIWI\XIVREPXSGSRGVIXI
 3GGYVVIRGI{2EXYVEPP] SGGYVVMRK WYPJEXIW SJ
WSHMYQTSXEWWMYQGEPGMYQSVQEKRIWMYQXLEXGEREXXEGO
LEVHIRIHGSRGVIXIEVIWSQIXMQIWJSYRHMRWSMPSVHMWWSPZIH
MRKVSYRH[EXIV EHNEGIRXXSGSRGVIXIWXVYGXYVIW
7YPJEXIWEPXWMRWSPYXMSRIRXIVXLIGSRGVIXIERHEXXEGOXLI
GIQIRXMRK QEXIVMEPW -J IZETSVEXMSR XEOIW TPEGI JVSQ E
WYVJEGII\TSWIHXSEMVXLIWYPJEXIMSRWGERGSRGIRXVEXIRIEV
XLEXWYVJEGIERHMRGVIEWIXLITSXIRXMEPJSVGEYWMRKHIXIVMSVEXMSR
7YPJEXIEXXEGOLEWSGGYVVIHEXZEVMSYWPSGEXMSRWXLVSYKLSYXXLI
[SVPHERHMWE TEVXMGYPEVTVSFPIQMREVMHEVIEWWYGLEWXLI
RSVXLIVR+VIEX4PEMRWERHTEVXWSJXLI[IWXIVR9RMXIH7XEXIW
&IPPTSVX  ,EVFSI  6IEHMRK   97
&YVIEY SJ 6IGPEQEXMSR  :IVFIGO   XLI TVEMVMI
TVSZMRGIWSJ'EREHE ,EQMPXSRERH,ERHIKSVH,YVWX
4VMGIERH4IXIVWSR 0SRHSR)RKPERH &IWWI]
ERH0IE 3WPS2SV[E] &EWXMERWIRIXEP ERH
XLI1MHHPI)EWX *VIRGLERH4SSPI 
8LI[EXIVYWIHMRGSRGVIXIGSSPMRKXS[IVWGEREPWSFIE
TSXIRXMEP WSYVGI SJ WYPJEXI EXXEGO FIGEYWI SJ XLI KVEHYEP
FYMPHYT SJ WYPJEXIW HYI XS IZETSVEXMSR TEVXMGYPEVP] [LIVI
WYGLW]WXIQWYWIVIPEXMZIP]WQEPPEQSYRXWSJQEOIYT[EXIV
XS VITPEGI IZETSVEXIH [EXIV SV [EXIV PSWW SXLIV[MWI MR XLI
W]WXIQ7YPJEXIMSRWGEREPWSFITVIWIRXMRJMPPXLEXGSRXEMRW
MRHYWXVMEP[EWXITVSHYGXWWYGLEWWPEKWJVSQMVSRTVSGIWWMRK
GMRHIVWERHKVSYRH[EXIVXLEXPIEGLIWXLIWIQEXIVMEPW
7IE[EXIVERHGSEWXEPWSMPWSEOIH[MXLWIE[EXIVGSRWXMXYXI
EWTIGMEPX]TISJI\TSWYVI6IGSQQIRHEXMSRWJSVGSRGVIXI
I\TSWIHXSWIE[EXIVEVIMR7IGXMSR
 1IGLERMWQW{8LI X[S FIWXVIGSKRM^IH GLIQMGEP
GSRWIUYIRGIWSJWYPJEXIEXXEGOSRGSRGVIXIGSQTSRIRXWEVI
XLI JSVQEXMSR SJ IXXVMRKMXI GEPGMYQ EPYQMREXI XVMWYPJEXI
L]HVEXI'E3%P3'E73,3 ERHK]TWYQ GEPGMYQ
WYPJEXI HML]HVEXI 'E73,3  8LI JSVQEXMSR SJ IXXVMRKMXI
GERVIWYPXMRERMRGVIEWIMRWSPMHZSPYQIPIEHMRKXSI\TERWMSR
ERHGVEGOMRK8LIJSVQEXMSRSJK]TWYQGERPIEHXSWSJXIRMRK
ERHPSWWSJGSRGVIXIWXVIRKXL8LITVIWIRGISJIXXVMRKMXISV
K]TWYQ MR GSRGVIXI LS[IZIV MW RSX MR MXWIPJ ER EHIUYEXI
MRHMGEXMSRSJWYPJEXIEXXEGOIZMHIRGISJWYPJEXIEXXEGOWLSYPH
FIZIVMJMIHF]TIXVSKVETLMGERHGLIQMGEPEREP]WIW;LIRXLI
EXXEGOMRK WYPJEXI WSPYXMSR GSRXEMRW QEKRIWMYQ WYPJEXI
FVYGMXI QEKRIWMYQ L]HVS\MHI 1K 3,   MW TVSHYGIH MR
EHHMXMSR XS IXXVMRKMXI ERH K]TWYQ 7SQI SJ XLI WYPJEXI
VIPEXIHTVSGIWWIWGERHEQEKIGSRGVIXI[MXLSYXI\TERWMSR
*SVI\EQTPIGSRGVIXIWYFNIGXIHXSWSPYFPIWYPJEXIWGERWYJJIV
WSJXIRMRK SJ XLI TEWXI QEXVM\ SV ER MRGVIEWI MR XLI SZIVEPP
TSVSWMX]IMXLIVSJ[LMGLHMQMRMWLIWHYVEFMPMX]
4YFPMGEXMSRW HMWGYWWMRK XLIWI QIGLERMWQW MR HIXEMP
MRGPYHI 0IE   ,I[PIXX   1ILXE   
1ER]SJXLIWIWYFWXERGIWSGGYVEWQMRIVEPWERHXLIQMRIVEPREQIWEVISJXIRYWIHMR
VITSVXW SJ WYPJEXI EXXEGO 8LI JSPPS[MRK MW E PMWX SJ WYGL REQIW ERH XLIMV KIRIVEP
GSQTSWMXMSR

ERL]HVMXI
FEWWERMXI
K]TWYQ
OMIWIVMXI
ITWSQMXI
XLEYQEWMXI

'E73
XLIREVHMXI
'E73,3
QMVEFMPMXI
EVGERMXI
'E73,3
1K73 ,3
KPEYFIVMXI
1K73 ,3
PERKFIMRMXI
'E7M '3 73 3,  ,3

2E73
2E73,3
/73
2E'E 73 
/1K 73 

+9-()83(96%&0)'32'6)8)

6

8EFPI{)JJIGXSJGSQQSRP]YWIHGLIQMGEPWSRGSRGVIXI
6EXISJEXXEGOEX
EQFMIRXXIQTIVEXYVI
6ETMH

-RSVKERMG
EGMHW
,]HVSGLPSVMG
2MXVMG
7YPJYVMG

3VKERMGEGMHW
%GIXMG
*SVQMG
0EGXMG

%POEPMRIWSPYXMSRW

7EPXWSPYXMSRW

1MWGIPPERISYW

%PYQMRYQGLPSVMHI

&VSQMRI KEW
7YPJMXIPMUYSV

1SHIVEXI

4LSWTLSVMG

8ERRMG

7SHMYQL]HVS\MHI "

%QQSRMYQRMXVEXI
%QQSRMYQWYPJEXI
7SHMYQWYPJEXI
1EKRIWMYQWYPJEXI
'EPGMYQWYPJEXI

7PS[

'EVFSRMG

7SHMYQL]HVS\MHI
XS
7SHMYQL]TSGLPSVMXI

%QQSRMYQGLPSVMHI
1EKRIWMYQGLPSVMHI
7SHMYQG]ERMHI

'LPSVMRI KEW
7IE[EXIV
7SJX[EXIV

2IKPMKMFPI

3\EPMG
8EVXEVMG

7SHMYQL]HVS\MHI 
7SHMYQL]TSGLPSVMXI
%QQSRMYQL]HVS\MHI

'EPGMYQGLPSVMHI
7SHMYQGLPSVMHI
>MRGRMXVEXI
7SHMYQHMGLVSQEXI

%QQSRME PMUYMH

8LIIJJIGXSJTSXEWWMYQL]HVS\MHIMWWMQMPEVXSXLEXSJWSHMYQL]HVS\MHI

(I4Y]  8E]PSV  7OEPR]IXEP  8LSQEW


ERH7OEPR]  ERH2EMOIXEP  4YFPMGEXMSRW[MXL
TEVXMGYPEV IQTLEWMW SR TIVQIEFMPMX] ERH XLI EFMPMX] SJ
GSRGVIXI XS VIWMWX MRKVIWW ERH QSZIQIRX SJ [EXIV MRGPYHI
6IMRLEVHX   ,IEVR IX EP   ,IEVR ERH =SYRK
 (MEQSRH  ERH(MEQSRHERH0II  
 6IGSQQIRHEXMSRW{4VSXIGXMSREKEMRWXWYPJEXIEXXEGO
MW SFXEMRIH F] YWMRK GSRGVIXI XLEX VIXEVHW XLI MRKVIWW ERH
QSZIQIRX SJ [EXIV ERH GSRGVIXIQEOMRK MRKVIHMIRXW ETTVS
TVMEXI JSV TVSHYGMRK GSRGVIXI LEZMRK XLI RIIHIH WYPJEXI
VIWMWXERGI8LIMRKVIWWERHQSZIQIRXSJ[EXIVEVIVIHYGIH
F]PS[IVMRKXLI[GQ'EVIWLSYPHFIXEOIRXSIRWYVIXLEXXLI
GSRGVIXIMWHIWMKRIHERHGSRWXVYGXIHXSQMRMQM^IWLVMROEKI
GVEGOMRK%MVIRXVEMRQIRXMWFIRIJMGMEPMJMXMWEGGSQTERMIH
F]EVIHYGXMSRMRXLI[GQ :IVFIGO 4VSTIVTPEGIQIRX
GSQTEGXMSRJMRMWLMRKERHGYVMRKSJGSRGVIXIEVIIWWIRXMEPXS
QMRMQM^I XLI MRKVIWW ERH QSZIQIRX SJ [EXIV XLEX MW XLI
GEVVMIVSJXLIEKKVIWWMZIWEPXW6IGSQQIRHIHTVSGIHYVIWJSV
XLIWIEVIJSYRHMR%'-6666ERH6
8LI WYPJEXI VIWMWXERGI SJ TSVXPERH GIQIRX KIRIVEPP]
HIGVIEWIW[MXLERMRGVIEWIMRMXWGEPGYPEXIHXVMGEPGMYQEPYQM
REXI '% GSRXIRX 1EXLIV %781'TIVQMXWXLI
YWI SJ 8]TI : WYPJEXIVIWMWXMRK GIQIRX ERH '% [MXL E
QE\MQYQ PMQMX SJ   ERH 8]TI -- QSHIVEXIP] WYPJEXI
VIWMWXMRKGIQIRXERH'%PMQMXIHXS 8LIVIMWEPWSWSQI
IZMHIRGIXLEXXLIEPYQMREMRXLIEPYQMRSJIVVMXITLEWISJ
TSVXPERHGIQIRXGERTEVXMGMTEXIMRWYPJEXIEXXEGO8LIVIJSVI
%781'WXEXIWXLEXXLI'%*'%MR8]TI:GIQIRX
WLSYPH RSX I\GIIH   YRPIWW XLI EPXIVREXI VIUYMVIQIRX
FEWIHSRXLIYWISJXLITIVJSVQERGIXIWX %781' MW
MRZSOIH-RXLIGEWISJ8]TI:GIQIRXXLIWYPJEXII\TERWMSR
XIWX %781 '  GER FI YWIH MRWXIEH SJ XLI GLIQMGEP
VIUYMVIQIRXW 1EXLIV   8LI YWI SJ %781 ' MW
HMWGYWWIHF]4EX^MEW  
8EFPITVSZMHIWVIGSQQIRHEXMSRWJSVZEVMSYWHIKVIIW
SJTSXIRXMEPI\TSWYVI8LIWIVIGSQQIRHEXMSRWEVIHIWMKRIH
XSTVSXIGXEKEMRWXGSRGVIXIHMWXVIWWJVSQWYPJEXIJVSQWSYVGIW
I\XIVREPXSXLIGSRGVIXIWYGLEWEHNEGIRXWSMPERHKVSYRH[EXIV
6IGSQQIRHEXMSRWJSVXLIQE\MQYQ[GQERHXLIX]TISJ
GIQIRXMXMSYW QEXIVMEP JSV GSRGVIXI XLEX [MPP FI I\TSWIH XS
WYPJEXIWMRWSMPSVKVSYRH[EXIVEVIKMZIRMR8EFPI&SXL

8EFPI{*EGXSVWMRJPYIRGMRKGLIQMGEPEXXEGO
SRGSRGVIXI
*EGXSVWXLEXEGGIPIVEXISVEKKVEZEXI
EXXEGO
,MKLTSVSWMX]HYIXS
M,MKL[EXIVEFWSVTXMSR
MM4IVQIEFMPMX]
MMM:SMHW

'VEGOWERHWITEVEXMSRWHYIXS
M7XVIWWGSRGIRXVEXMSRW
MM8LIVQEPWLSGO

0IEGLMRKERHPMUYMHTIRIXVEXMSR
HYIXS
M*PS[MRKPMUYMH
MM4SRHMRK
MMM,]HVEYPMGTVIWWYVI

*EGXSVWXLEXQMXMKEXISVHIPE]EXXEGO
(IRWIGSRGVIXIEGLMIZIHF]
M4VSTIVQM\XYVITVSTSVXMSRMRK
MM6IHYGIHYRMX[EXIVGSRXIRX
MMM-RGVIEWIHGIQIRXMXMSYWQEXIVMEP
GSRXIRX
MZ%MVIRXVEMRQIRX
Z%HIUYEXIGSRWSPMHEXMSR
ZM)JJIGXMZIGYVMRKj
6IHYGIHXIRWMPIWXVIWWMRGSRGVIXI
F]k
M9WMRKXIRWMPIVIMRJSVGIQIRXSJ
EHIUYEXIWM^IGSVVIGXP]PSGEXIH
MM-RGPYWMSRSJTS^^SPER XS
VIHYGIXIQTIVEXYVIVMWI
MMM4VSZMWMSRSJEHIUYEXI
GSRXVEGXMSRNSMRXW
7XVYGXYVEPHIWMKR
M8SQMRMQM^IEVIEWSJGSRXEGX
ERHXYVFYPIRGI
MM4VSZMWMSRSJQIQFVERIWERH
TVSXIGXMZIFEVVMIVW]WXIQ W ``XS
VIHYGITIRIXVEXMSR

8LIQM\XYVITVSTSVXMSRWERHXLIMRMXMEPQM\MRKERHTVSGIWWMRKSJJVIWLGSRGVIXI

HIXIVQMRIMXWLSQSKIRIMX]ERHHIRWMX]

j4SSVGYVMRKTVSGIHYVIWVIWYPXMRJPE[WERHGVEGOW
k6IWMWXERGIXSGVEGOMRKHITIRHWSRWXVIRKXLERHWXVEMRGETEGMX]

1SZIQIRXSJ[EXIVGEVV]MRKHIPIXIVMSYWWYFWXERGIWMRGVIEWIWVIEGXMSRWXLEXHITIRH
SRFSXLXLIUYERXMX]ERHZIPSGMX]SJJPS[
`` 'SRGVIXIXLEX[MPPFIJVIUYIRXP]I\TSWIHXSGLIQMGEPWORS[RXSTVSHYGIVETMHHIXIVMSVE
XMSRWLSYPHFITVSXIGXIH[MXLEGLIQMGEPP]VIWMWXERXTVSXIGXMZIFEVVMIVW]WXIQ

SJXLIWIVIGSQQIRHEXMSRWEVIMQTSVXERX0MQMXMRKSRP]XLI
X]TISJGIQIRXMXMSYWQEXIVMEPMWRSXEHIUYEXIJSVWEXMWJEGXSV]
VIWMWXERGIXSWYPJEXIEXXEGO /EPSYWIOIXEP 
8LI JMIPH GSRHMXMSRW SJ GSRGVIXI I\TSWIH XS WYPJEXI EVI
RYQIVSYWERHZEVMEFPI8LIEKKVIWWMZIRIWWSJXLIGSRHMXMSRW
HITIRHW SR WSMP WEXYVEXMSR [EXIV QSZIQIRX EQFMIRX
XIQTIVEXYVIERHLYQMHMX]GSRGIRXVEXMSRSJWYPJEXIERHX]TI
SJWYPJEXISVGSQFMREXMSRSJWYPJEXIWMRZSPZIH(ITIRHMRKSR
XLIEJSVIQIRXMSRIHZEVMEFPIWWSPYXMSRWGSRXEMRMRKGEPGMYQ
WYPJEXIEVIKIRIVEPP]PIWWEKKVIWWMZIXLERWSPYXMSRWSJWSHMYQ
WYPJEXI[LMGLMWKIRIVEPP]PIWWEKKVIWWMZIXLERQEKRIWMYQ
WYPJEXI 8EFPITVSZMHIWGVMXIVMEXLEXWLSYPHQE\MQM^IXLI
WIVZMGI PMJI SJ GSRGVIXI WYFNIGXIH XS XLI QSVI EKKVIWWMZI
I\TSWYVIGSRHMXMSRW

6

%'-'311-88))6)4368

8EFPI{6IUYMVIQIRXWXSTVSXIGXEKEMRWXHEQEKIXSGSRGVIXIF]WYPJEXIEXXEGOJVSQI\XIVREPWSYVGIW
SJWYPJEXI
;EXIVWSPYFPIWYPJEXI 7YPJEXI 73 MR
7IZIVMX]SJ

[EXIVTTQ
[GQF]QEWWQE\jk
TSXIRXMEPI\TSWYVI 73 MRWSMP F]QEWW
'IQIRXMXMSYWQEXIVMEPVIUYMVIQIRXW
'PEWWI\TSWYVI
XS
XS
2SWTIGMEPVIUYMVIQIRXWJSVWYPJEXIVIWMWXERGI 2SWTIGMEPVIUYMVIQIRXWJSVWYPJEXIVIWMWXERGI
'PEWWI\TSWYVI

"ERH 

"ERH 

k

'8]TI--SVIUYMZEPIRX
'8]TI:SVIUYMZEPIRX
'8]TI:TPYWTS^^SPERSVWPEK
7II7IGXMSR

'PEWWI\TSWYVI

XS 

XS 

k

'PEWWI\TSWYVI

SVKVIEXIV

SVKVIEXIV

7IE[EXIVI\TSWYVI

k
7II 7IGXMSR

7YPJEXII\TVIWWIHEW73 MWVIPEXIHXSWYPJEXII\TVIWWIHEW73 EWKMZIRMRVITSVXWSJGLIQMGEPEREP]WMWSJTSVXPERHGIQIRXWEWJSPPS[W73 !73 






j%'-'LETXIVMRGPYHIWVIUYMVIQIRXWJSVWTIGMEPI\TSWYVIGSRHMXMSRWWYGLEWWXIIPVIMRJSVGIHGSRGVIXIXLEXQE]FII\TSWIHXSGLPSVMHIW*SVGSRGVIXIPMOIP]XSFIWYFNIGXIHXS

XLIWII\TSWYVIGSRHMXMSRWXLIQE\MQYQ[GQWLSYPHFIXLEXWTIGMJMIHMR%'-'LETXIVMJMXMWPS[IVXLERXLEXWXEXIHMR8EFPISJ6
k
:EPYIWETTPMGEFPIXSRSVQEP[IMKLXGSRGVIXI8LI]EVIEPWSETTPMGEFPIXSWXVYGXYVEPPMKLX[IMKLXGSRGVIXII\GITXXLEXXLIQE\MQYQ [GQVEXMSWERHWLSYPHFIVITPEGIH
F]WTIGMJMIHHE]GSQTVIWWMZIWXVIRKXLWSJERH14E ERHTWM VIWTIGXMZIP]

*SV'PEWWI\TSWYVIIUYMZEPIRXWEVIHIWGVMFIHMR7IGXMSRWERH*SV'PEWWI\TSWYVIIUYMZEPIRXWEVIHIWGVMFIHMR7IGXMSRWERH*SV'PEWW
I\TSWYVITS^^SPERERHWPEKVIGSQQIRHEXMSRWEVIHIWGVMFIHMR7IGXMSRWERH

4SVXPERHGIQIRXGSRGVIXIGERFIEPWSFIEXXEGOIHF]EGMHMG
WSPYXMSRWWYGLEWWYPJYVMGEGMH-RJSVQEXMSRSREGMHEXXEGOMW
TVSZMHIHMR7IGXMSR
 7EQTPMRKERHXIWXMRKXSHIXIVQMRITSXIRXMEPWYPJEXI
I\TSWYVI{8SEWWIWWXLIWIZIVMX]SJXLITSXIRXMEPI\TSWYVISJ
GSRGVIXI XS HIXVMQIRXEP EQSYRXW SJ WYPJEXI VITVIWIRXEXMZI
WEQTPIW WLSYPH FI XEOIR SJ [EXIV XLEX QMKLX VIEGL XLI
GSRGVIXISVSJWSMPXLEXQMKLXFIPIEGLIHF][EXIVQSZMRKXS
XLIGSRGVIXI%TVSGIHYVIJSVQEOMRKE[EXIVI\XVEGXSJWSMP
WEQTPIW JSV WYPJEXI EREP]WMW MW KMZIR MR %TTIRHM\ % 8LI
I\XVEGXWLSYPHFIEREP]^IHJSVWYPJEXIF]EQIXLSHWYMXEFPI
XSXLIGSRGIRXVEXMSRSJWYPJEXIMRXLII\XVEGXWSPYXMSRWYGLEW
XLI TLSXSQIXIV QIXLSHW YWIH MR %781 ' -J XLI
EQSYRXSJWYPJEXIHIXIVQMRIHMRXLIJMVWXEREP]WMWMWSYXWMHI
SJXLISTXMQYQGSRGIRXVEXMSRVERKIJSVXLIEREP]XMGEPTVSGIHYVI
YWIH XLI I\XVEGX WSPYXMSR WLSYPH FI IMXLIV GSRGIRXVEXIH SV
HMPYXIHXSFVMRKXLIWYPJEXIGSRXIRX[MXLMRXLIVERKIETTVSTVMEXI
XSXLIEREP]XMGEPQIXLSHERHXLIEREP]WMWWLSYPHFIVITIEXIH
SRXLIQSHMJMIHI\XVEGXWSPYXMSR
 1EXIVMEP UYEPMJMGEXMSR SJ TS^^SPERW ERH WPEK JSV
WYPJEXIVIWMWXERGI IRLERGIQIRX{8IWXW  ]IEV MR HYVEXMSR
EVIRIGIWWEV]XSIWXEFPMWLXLIEFMPMX]SJTS^^SPERWERHWPEKXS
IRLERGIWYPJEXIVIWMWXERGI3RGIXLMWQEXIVMEPTVSTIVX]LEW
FIIR IWXEFPMWLIH JSV WTIGMJMG QEXIVMEPW TVSTSWIH QM\XYVIW
YWMRK XLIQ GER FI IZEPYEXIH JSV 'PEWW  ERH  I\TSWYVIW
YWMRKXLIQSRXLGVMXIVMEMR7IGXMSRWERH
*P]EWLIWREXYVEPTS^^SPERWWMPMGEJYQIWERHWPEKWQE]
FI UYEPMJMIH JSV WYPJEXI VIWMWXERGI F] HIQSRWXVEXMRK ER
I\TERWMSR  MR]IEV[LIRXIWXIHMRHMZMHYEPP][MXL
TSVXPERHGIQIRXF]%781'MRXLIJSPPS[MRKQM\XYVIW
*SVJP]EWLSVREXYVEPTS^^SPERXLITSVXPERHGIQIRXTSVXMSR
SJXLIXIWXQM\XYVIWLSYPHGSRWMWXSJGIQIRX[MXL&SKYIGEPGY
PEXIH'%SJRSXPIWWXLER 8LIJP]EWLSVREXYVEPTS^^SPER
TVSTSVXMSRWLSYPHFIFIX[IIRERH F]QEWWGEPGYPEXIH
EWTIVGIRXEKIF]QEWWSJXLIXSXEPGIQIRXMXMSYWQEXIVMEP
*SV WMPMGE JYQI XLI TSVXPERH GIQIRX TSVXMSR SJ XLI XIWX
QM\XYVI WLSYPH GSRWMWXSJ E GIQIRX [MXL &SKYIGEPGYPEXIH
'%SJRSXPIWWXLER 8LIWMPMGEJYQITVSTSVXMSRWLSYPH
FIFIX[IIRERH F]QEWWGEPGYPEXIHEWTIVGIRXEKIF]
QEWWSJXLIXSXEPGIQIRXMXMSYWQEXIVMEP
*SVWPEKXLITSVXPERHGIQIRXTSVXMSRSJXLIXIWXQM\XYVI
WLSYPHGSRWMWXSJEGIQIRX[MXL&SKYIGEPGYPEXIH'% SJRSX

PIWWXLER 8LI'%WLSYPHFIGEPGYPEXIHJSVXLIWYQSJ
XLITSVXPERHGIQIRXTPYWGEPGMYQWYPJEXIMRXLIGIQIRX7SQI
TVSGIWWMRKEHHMXMSRWMJTVIWIRXMRWYJJMGMIRXTVSTSVXMSRW
GER HMWXSVX XLI GEPGYPEXIH &SKYI ZEPYIW *SVQYPEW JSV
GEPGYPEXMRK&SKYIGSQTSYRHWQE]FIJSYRHMR%781'
8LI WPEK TVSTSVXMSR WLSYPH FI FIX[IIR  ERH   F]
QEWW GEPGYPEXIH EW E TIVGIRXEKI F] QEWW SJ XLI XSXEP
GIQIRXMXMSYWQEXIVMEP
1EXIVMEP UYEPMJMGEXMSR XIWXW WLSYPH FI FEWIH SR TEWWMRK
VIWYPXWJVSQX[SWEQTPIWXEOIREXXMQIWEJI[[IIOWETEVX
8LIUYEPMJ]MRKXIWXHEXEWLSYPHFIRSSPHIVXLER]IEVJVSQ
XLIHEXISJXIWXGSQTPIXMSR
8LIVITSVXIHGEPGMYQS\MHIGSRXIRXEREP]^IHMREGGSVHERGI
[MXL%781'SJXLIJP]EWLYWIHMRXLITVSNIGXWLSYPHFI
RSQSVIXLERTIVGIRXEKITSMRXWKVIEXIVXLERXLEXSJXLI
JP] EWL YWIH MR UYEPMJ]MRK XIWX QM\XYVIW 8LI VITSVXIH
EPYQMRYQS\MHI GSRXIRX EREP]^IH MR EGGSVHERGI [MXL
%781 ' SJ XLI WPEK YWIH MR XLI TVSNIGX WLSYPH FI RS
QSVIXLERTIVGIRXEKITSMRXWLMKLIVXLERXLEXSJXLIWPEK
YWIHMRUYEPMJ]MRKXIWXQM\XYVIW
 8]TI--IUYMZEPIRXJSV'PEWWI\TSWYVI
e %781'8]TI---GIQIRX[MXLXLISTXMSREPPMQMXSJ
  QE\MQYQ '% %781 ' 8]TI -7 17  8]TI
-4 17  8]TI -7% 17  SV 8]TI -4% 17  %781
'8]TI17SV
e %R] FPIRH SJ TSVXPERH GIQIRX SJ ER] X]TI QIIXMRK
%781'SV'[MXLJP]EWLSVREXYVEPTS^^SPER
QIIXMRK %781 ' WMPMGE JYQI QIIXMRK %781
' SV WPEK QIIXMRK %781 ' XLEX QIIXW XLI
JSPPS[MRKVIUYMVIQIRX[LIRXIWXIHMREGGSVHERGI[MXL
%781'
)\TERWMSR  EXQSRXLW
%R]JP]EWLREXYVEPTS^^SPERWMPMGEJYQISVWPEKYWIHWLSYPH
FITVIZMSYWP]UYEPMJMIHMREGGSVHERGI[MXL7IGXMSR
 8]TI:IUYMZEPIRXJSV'PEWWI\TSWYVI
e %781'8]TI---GIQIRX[MXLXLISTXMSREPPMQMXSJ
 QE\MQYQ'%SV%781'GIQIRXSJER]X]TI
LEZMRK I\TERWMSR EX  HE]W RS KVIEXIV XLER 
[LIRXIWXIHF]%781'SV%781'8]TI,7SV
e %R] FPIRH SJ TSVXPERH GIQIRX SJ ER] X]TI QIIXMRK

+9-()83(96%&0)'32'6)8)

%781'SV'[MXLJP]EWLSVREXYVEPTS^^SPER
QIIXMRK %781 ' WMPMGE JYQI QIIXMRK %781
' SV WPEK QIIXMRK %781 ' XLEX QIIXW XLI
JSPPS[MRKVIUYMVIQIRX[LIRXIWXIHMREGGSVHERGI[MXL
%781'
)\TERWMSR  EXQSRXLW
%R] JP] EWL REXYVEP TS^^SPER WMPMGE JYQI SV WPEK YWIH
WLSYPHFITVIZMSYWP]UYEPMJMIHMREGGSVHERGI[MXL7IGXMSR
JSVEXIWXSJSRP]QSRXLWXSFIEGGITXEFPI
-JSRISVQSVISJXLIJP]EWLREXYVEPTS^^SPERWMPMGEJYQISV
WPEKLEWRSXFIIRUYEPMJMIHMREGGSVHERGI[MXL7IGXMSRXLIR
]IEVXIWXWWLSYPHFITIVJSVQIHSRXLITVSTSWIHGSQFMREXMSR
ERHXLII\TERWMSRWLSYPHGSQTP][MXLXLIJSPPS[MRKPMQMX
)\TERWMSR  EX]IEV
 'PEWW  I\TSWYVI{%R] FPIRH SJ TSVXPERH GIQIRX
QIIXMRK %781 ' 8]TI : SV %781 ' 8]TI ,7
[MXLJP]EWLSVREXYVEPTS^^SPERQIIXMRK%781'WMPMGE
JYQIQIIXMRK%781'SVWPEKQIIXMRK%781'
XLEXQIIXWXLIJSPPS[MRKVIUYMVIQIRX[LIRXIWXIHMREGGSVHERGI
[MXL%781'
)\TERWMSR  EXQSRXLW
 4VSTSVXMSRWERHYRMJSVQMX]SJTS^^SPERWERHWPEK{
8LITVSTSVXMSRSJJP]EWLREXYVEPTS^^SPERWMPMGEJYQISV
WPEKYWIHMRXLITVSNIGXQM\XYVI MRVIPEXMSRXSXLIEQSYRXSJ
TSVXPERHGIQIRX WLSYPHFIXLIWEQIEWXLEXYWIHMRXLIXIWX
QM\XYVITVITEVIHXSQIIXXLIVIGSQQIRHEXMSRWSJ7IGXMSR
 SV  -R FPIRHW [MXL TSVXPERH GIQIRX GSRXEMRMRK
SRP]SRIFPIRHMRKQEXIVMEPWYGLEWJP]EWLREXYVEPTS^^SPER
WMPMGE JYQI SV WPEK XLI TVSTSVXMSR SJ JP] EWL SV REXYVEP
TS^^SPERGERKIRIVEPP]FII\TIGXIHXSFIMRXLIVERKISJXS
 F]QEWWSJXLIXSXEPGIQIRXMXMSYWQEXIVMEP7MQMPEVP]XLI
TVSTSVXMSRSJWMPMGEJYQIGERFII\TIGXIHXSFIMRXLIVERKI
SJXS F]QEWWSJXLIXSXEPGIQIRXMXMSYWQEXIVMEPERH
XLITVSTSVXMSRSJWPEKGERFII\TIGXIHXSFIMRXLIVERKISJ
XS F]QEWWSJXLIXSXEPGIQIRXMXMSYWQEXIVMEP;LIR
QSVI XLER SRI FPIRHMRK QEXIVMEP WYGL EW JP] EWL REXYVEP
TS^^SPERWMPMGEJYQISVWPEKSVGSQFMREXMSRWSJXLIWIMW
YWIHMREFPIRHXLIMRHMZMHYEPTVSTSVXMSRWSJXLITS^^SPER
WMPMGEJYQI SV WPEK SV GSQFMREXMSRWSJ XLIWI QE]FI PIWW
XLERXLIWIZEPYIW
8LIYRMJSVQMX]SJXLIJP]EWLSVWPEKYWIHMRXLITVSNIGX
WLSYPHFI[MXLMRXLIJSPPS[MRKSJXLEXYWIHMRXLIQM\XYVIW
XIWXIHXSQIIXXLIVIGSQQIRHEXMSRWSJ7IGXMSR 
SV
e *P] EWL{VITSVXIH GEPGMYQS\MHI EREP]^IH MR EGGSV
HERGI [MXL %781 ' GSRXIRX RS QSVI XLER 
TIVGIRXEKITSMRXWLMKLIVXLERXLEXSJXLIJP]EWLYWIHMR
XLIXIWXQM\XYVIERH
e 7PEK{VITSVXIH EPYQMRYQS\MHI GSRXIRX EREP]^IH MR
EGGSVHERGI [MXL %781 ' RS QSVI XLER 
TIVGIRXEKI TSMRXW LMKLIV XLER XLEX SJ XLI WPEK YWIH MR
XLIXIWXQM\XYVI

6

8LITSVXPERHGIQIRXYWIHMRXLITVSNIGXWLSYPHLEZIE&SKYI
'%ZEPYIRSLMKLIVXLERXLEXYWIHMRXLIQM\XYVIWXIWXIHXS
QIIXXLIVIGSQQIRHEXMSRWSJ 7IGXMSR 6 6SV6
7XYHMIW LEZI WLS[RXLEX WSQI TS^^SPERW ERH KVSYRH
KVERYPEXIH MVSR FPEWXJYVREGI WPEKW YWIH IMXLIV MR FPIRHIH
GIQIRX SV EHHIH WITEVEXIP] XS XLI GSRGVIXI MR XLI QM\IV
GSRWMHIVEFP] MRGVIEWI XLI PMJI I\TIGXERG] SJ GSRGVIXI MR
WYPJEXI I\TSWYVI 1ER] WPEKW ERH TS^^SPERW WMKRMJMGERXP]
VIHYGI XLI TIVQIEFMPMX] SJ GSRGVIXI &EOOIV  1ILXE
  8LI] EPWS GSQFMRI [MXL XLI EPOEPMIW ERH GEPGMYQ
L]HVS\MHI VIPIEWIH HYVMRK XLI L]HVEXMSR SJ XLI GIQIRX
:ERHIR&SWGL6S]ERH-HSVR-HSVRERH6S]
 VIHYGMRKXLITSXIRXMEPJSVK]TWYQJSVQEXMSR &MG^SO
0IE1ILXE/EPSYWIOIXEP 
8EFPI VIUYMVIWE WYMXEFPITS^^SPERSV WPEK EPSRK [MXL
8]TI:GIQIRXMR'PEWWI\TSWYVIW6IWIEVGLMRHMGEXIWXLEX
WSQI TS^^SPERW ERH WPEKW EVI IJJIGXMZI MR MQTVSZMRK XLI
WYPJEXIVIWMWXERGISJGSRGVIXIQEHI[MXL8]TIW-ERH--GIQIRX
%'-66ERH6 7SQITS^^SPERWIWTIGMEPP]
WSQI 'PEWW ' JP] EWLIW HIGVIEWI XLI WYPJEXI VIWMWXERGI SJ
QSVXEVWXLEXEVIYWIH 1EXLIVF7LEWLMTVEOEWLERH
8LSQEW   6IWIEVGL MRHMGEXIW XLEX KSSH VIWYPXW EVI
SFXEMRIH [LIR XLI TS^^SPER MW E JP] EWL XLEX QIIXW XLI
VIUYMVIQIRXWSJ%781''PEWW* (MOISY(YRWXER
 7PEKWLSYPHQIIXVIUYMVIQIRXWSJ%781'
-R GSRGVIXI QEHI [MXL RSRWYPJEXIVIWMWXMRK GIQIRXW
GEPGMYQGLPSVMHIVIHYGIWVIWMWXERGIXSEXXEGOF]WYPJEXI 97
&YVIEYSJ6IGPEQEXMSR ERHMXWYWIWLSYPHFITVSLMFMXIH
MRGSRGVIXII\TSWIHXSWYPJEXI 'PEWW-SVKVIEXIVI\TSWYVI 
-J8]TI:GIQIRXMWYWIHLS[IZIVMXMWRSXLEVQJYPXSYWI
GEPGMYQ GLPSVMHI MR RSVQEPP] EGGITXEFPI EQSYRXW EW ER
EGGIPIVEXMRK EHQM\XYVI XS QMXMKEXI XLI IJJIGXW SJ GSPH
[IEXLIV 1EXLIV   -J GSVVSWMSR MW E GSRGIVR GEPGMYQ
GLPSVMHI WLSYPH RSX FI EHHIH FIGEYWI MX GER MRHYGI ERH
EGGIPIVEXIGSVVSWMSRSJIQFIHHIHQIXEPWYGLEWVIMRJSVGMRK
WXIIPERHEPYQMRYQGSRHYMX
{4L]WMGEPWEPXEXXEGO
*MIPH I\EQTPIW LEZI FIIR GMXIH 6IEHMRK  8YXLMPP
,E]RIWERH3v2IMPP,E]RIWIXEP [LIVI
HIXIVMSVEXMSRLEWSGGYVVIHF]TL]WMGEPEGXMSRSJWEPXWJVSQ
KVSYRH[EXIVGSRXEMRMRK WSHMYQ WYPJEXI WSHMYQ GEVFSREXI
ERH WSHMYQ GLPSVMHI 8LI QIGLERMWQ SJ XLI EXXEGO MW RSX
JYPP] YRHIVWXSSH FYX HMWGYWWMSRW SJ TSWWMFPI QIGLERMWQW
[IVI TVIWIRXIH MR ,ERWIR   *SPPMEVH ERH 7ERHFIVK
  ,E]RIW ERH 3v2IMP   ,E]RIW IX EP  
1EVGLERHERH7OEPR]  ERH,E]RIWIXEP  8LI
QIGLERMWQJSVWSHMYQSVQEKRIWMYQWYPJEXITL]WMGEPEXXEGO
QE]FIWMQMPEVXSXLEXYWIHMRXLI&VEVHXIWX 7GLEJJIV 
[LMGL MW XLI FEWMW SJ %781 ' 8LI HEQEKI X]TMGEPP]
SGGYVW EX I\TSWIH WYVJEGIW SJ QSMWX GSRGVIXI XLEX MW MR
GSRXEGX[MXLWSMPWGSRXEMRMRKXLIEFSZIWEPXW3RGIHMWWSPZIH
XLI MSRW QE] XVERWTSVX XLVSYKL XLI GSRGVIXI ERH WYFWI
UYIRXP]GSRGIRXVEXIERHTVIGMTMXEXIEXXLII\TSWIHWYVJEGI
8LI HMWXVIWW MR WYVJEGI WGEPMRK MW WMQMPEV MR ETTIEVERGI XS
JVII^MRKERHXLE[MRKHEQEKI0SWWSJI\TSWIHGSRGVIXIMW
TVSKVIWWMZI ERH GSRXMRYIH I\TSWYVI GEYWIH F] VITIEXIH
LYQMHMX]SVXIQTIVEXYVIG]GPMRKGERPIEHXSXSXEPHMWMRXIKVEXMSR

6

%'-'311-88))6)4368

SJ PS[UYEPMX] GSRGVIXI 2YQIVSYW G]GPIW SJ HIL]HVEXMSR


ERHVIL]HVEXMSRSJXLIWEPXWGEYWIHF]XIQTIVEXYVIG]GPMRK
EGGIPIVEXIXLMWHIXIVMSVEXMSR
8LITVSFPIQGERFIQMXMKEXIH[MXLQIEWYVIWXLEXQMRMQM^I
XLIQSZIQIRXSJ[EXIVMRXLIGSRGVIXI;LMPIEMVIRXVEMRQIRX
GEREPWSFILIPTJYPMXMWRSXEWYFWXMXYXIJSVEREHIUYEXIP]PS[
[GQGSRGVIXIJSVVIHYGMRKXLIVEXISJQSMWXYVIQSZIQIRXMR
GSRGVIXI,E]RIWIXEP  VIGSQQIRHEQE\MQYQ[GQ
SJ  EPSRK [MXL E TS^^SPER JSV MQTVSZIH HYVEFMPMX]
%HIUYEXIGYVMRKSJXLIGSRGVIXIMWEPWSERMQTSVXERXTVIZIRXMZI
QIEWYVI:ETSVFEVVMIVWERHEHIUYEXIHVEMREKISJ[EXIVE[E]
JVSQXLIGSRGVIXIEVIEPWSVIGSQQIRHIHXSVIHYGIQSMWXYVI
MRKVIWWMRXSXLIGSRGVIXI8LMWKVSYTSJQIEWYVIWMWGSRWMHIVIH
QSVIIJJIGXMZIMRTVSXIGXMRKGSRGVIXIJVSQXLMWHMWXVIWWXLERXLI
YWISJER]WTIGMJMGX]TISJGIQIRXSVEHQM\XYVI
{7IE[EXIVI\TSWYVI
 7IE[EXIV MR ZEVMSYW PSGEXMSRW MR XLI [SVPH LEW E
VERKISJGSRGIRXVEXMSRSJXSXEPWEPXWMXMWQSVIGSRGIRXVEXIH
MRWSQIEVIEWXLERMRSXLIVW8LITVSTSVXMSRWSJXLIGSRWXMXYIRXW
SJ WIE[EXIV WEPXW LS[IZIV EVI IWWIRXMEPP] GSRWXERX 8LI
GSRGIRXVEXMSRMWPS[IVMRXLIGSPHIV ERHXIQTIVEXIVIKMSRW
XLERMRXLI[EVQWIEWERHMXMWIWTIGMEPP]LMKLMRWLEPPS[
GSEWXEPEVIEW[MXLLMKLIZETSVEXMSRVEXIW
;LIVIGSRGVIXIWXVYGXYVIWEVITPEGIHSRVIGPEMQIHGSEWXEP
EVIEW [MXL JSYRHEXMSRW FIPS[ WEPMRI KVSYRH[EXIV PIZIP
GETMPPEV]WYGXMSRERHIZETSVEXMSRQE]GEYWIWYTIVWEXYVEXMSR
ERHGV]WXEPPM^EXMSR MR XLI GSRGVIXI EFSZI KVSYRH 8LMW GER
VIWYPXMRGLIQMGEPWYPJEXIEXXEGOTL]WMGEPWEPXEXXEGOSVFSXL
-REHHMXMSREKKVEZEXIHGSVVSWMSRSJIQFIHHIHWXIIPGERFI
MRHYGIH F] XLI GLPSVMHI MR WIE[EXIV -R XVSTMGEP GPMQEXIW
XLIWIGSQFMRIHHIPIXIVMSYWIJJIGXWQE]GEYWIWIZIVIHIJIGXW
MRGSRGVIXIMRXLIGSYVWISJZIV]JI[]IEVW
 8LI VIEGXMSR SJ QEXYVI GSRGVIXI [MXL WYPJEXIW MR
WIE[EXIV MW WMQMPEV XS XLEX [MXL WYPJEXIW MR JVIWL [EXIV SV
PIEGLIH JVSQ WSMPW FYX XLI IJJIGXW EVI HMJJIVIRX 1EXLIV
  8LI GSRGIRXVEXMSR SJ WYPJEXIW MR WIE[EXIV GER FI
MRGVIEWIHXSLMKLPIZIPWF]GETMPPEV]EGXMSRERHIZETSVEXMSR
YRHIVI\XVIQIGPMQEXMGGSRHMXMSRW8LITVIWIRGISJGLPSVMHI
MSRWLS[IZIVEPXIVWXLII\XIRXERHREXYVISJXLIGLIQMGEP
VIEGXMSRWSXLEXPIWWI\TERWMSRMWTVSHYGIHF]EGIQIRXSJE
KMZIR '% GSRXIRX XLER [SYPH FI I\TIGXIH SJ XLI WEQI
GIQIRX MR E JVIWL[EXIV I\TSWYVI [LIVI XLI [EXIV LEW XLI
WEQI WYPJEXI MSR GSRXIRX 'SRGVIXI QEHI [MXL TSVXPERH
GIQIRX LEZMRK '% GSRXIRXW EW LMKL EW   QE] LEZI
TVSZIR WEXMWJEGXSV] JSV GSRXMRYSYW MQQIVWMSR MR WIE[EXIV
TVSZMHIH XLEX XLI TIVQIEFMPMX] SJ XLI GSRGVIXI MW PS[
&VS[RI 8LI97%VQ]'SVTWSJ)RKMRIIVW 
TIVQMXW ERH XLI 4SVXPERH 'IQIRX 'SRGVIXI %WWSGMEXMSR
VIGSQQIRHWYTXS GEPGYPEXIH'%JSVGSRGVIXIXLEX[MPP
FITIVQERIRXP]WYFQIVKIHMRWIE[EXIVMJXLI [GQMWOITX
FIPS[F]QEWW
:IVFIGO   ERH 6IKSYVH IX EP   WLS[IH
LS[IZIVXLEXXLIVIQE]FIEGSRWMHIVEFPIHMJJIVIRGIFIX[IIR
XLI GEPGYPEXIH ERH XLI QIEWYVIH GPMROIV GSQTSWMXMSR SJ
GIQIRX IWTIGMEPP] EW JEV EW '% ERH '%* EVI GSRGIVRIH
8LIVIJSVI XLI MRXIVVIPEXMSR FIX[IIR XLI QIEWYVIH '%
GSRXIRXERHXLIWIE[EXIVVIWMWXERGIQE]FIIUYEPP]YRGIVXEMR

 8LIVIUYMVIQIRXJSVPS[TIVQIEFMPMX]MWIWWIRXMEPRSX
SRP]XSHIPE]XLIIJJIGXWSJWYPJEXIEXXEGOFYXEPWSXSEJJSVH
EHIUYEXI TVSXIGXMSR XS VIMRJSVGIQIRX [MXL XLI QMRMQYQ
GSRGVIXIGSZIVEWVIGSQQIRHIHF]%'-6JSVI\TSWYVIXS
WIE[EXIV8LIVIUYMVIHPS[TIVQIEFMPMX]MWEXXEMRIHF]YWMRK
GSRGVIXI [MXL E PS[ [GQ XLEX MW [IPP GSRWSPMHEXIH ERH
EHIUYEXIP]GYVIH
8LI TIVQIEFMPMX] SJ GSRGVIXI QEHI [MXL ETTVSTVMEXI
EQSYRXW SJ WYMXEFPI KVSYRH FPEWXJYVREGI WPEK SV TS^^SPER
GERFIEWPS[EWSVXLEXSJGSQTEVEFPIGSRGVIXI
SJ IUYEP WXVIRKXL QEHI [MXLSYX WPEK SV TS^^SPER &EOOIV
 8LIWEXMWJEGXSV]TIVJSVQERGISJGSRGVIXIGSRXEMRMRK
KVSYRH WPEK MR E QEVMRI IRZMVSRQIRX LEW FIIR HIWGVMFIH
1EXLIV E:ERHIR &SWGL 0IE  'SRGVIXI
QEHI[MXLGSQFMREXMSRWSJGIQIRXERHQMGVSWMPMGEERH[MXL
GSQFMREXMSRW SJ GIQIRX WPEK ERH QMGVSWMPMGE EPWS LEZI
PS[IVTIVQIEFMPMX]ERHKSSHTIVJSVQERGIMRWIE[EXIVI\TSWYVI
*MHNIWXPERH*VIEVWSR 
'SRGVIXIWLSYPHFIHIWMKRIHERHGSRWXVYGXIHXSQMRMQM^I
GVEGO[MHXLWXLIVIF]PMQMXMRKWIE[EXIVEGGIWWXSXLIVIMRJSVGI
QIRX 'EVIJYP EXXIRXMSR WLSYPH EPWS FI KMZIR XS WXVYGXYVEP
EWTIGXW [MXL TVSTIVP] HIWMKRIH ERH GSRWXVYGXIH NSMRXW XS
IRWYVIXLEXGVEGOMRKMWQMRMQM^IHXSTVIZIRXXLII\TSWYVISJ
VIMRJSVGIQIRX%HHMXMSREPP]GSRGVIXIWLSYPHVIEGLEQEXYVMX]
IUYMZEPIRX SJ RSX PIWW XLER  14E  TWM  EX  HE]W
[LIRJYPP]I\TSWIHXSWIE[EXIV
'SRHYGXMZIGSEXMRKWETTPMIHEXXLIXMQISJGSRWXVYGXMSREW
TEVXSJEGEXLSHMGTVSXIGXMSRW]WXIQQE]TVSZMHIEHHMXMSREP
TVSXIGXMSRJSVGSRGVIXIXLEXMWTEVXMEPP]WYFQIVKIHSVVIEGLIW
HS[R XS WEPMRI KVSYRH[EXIV 7MPERI GSEXMRKW [LMGL EVI
[EXIVVITIPPIRXLEZIWLS[RI\GIPPIRXTVSXIGXMSRGLEVEGXIVMWXMGW
'SEXMRKWXLEXWMKRMJMGERXP]VIWXVMGXIZETSVEXMSRSJJVII[EXIV
JVSQ XLI MRXIVMSV SJ GSRGVIXI GER VIHYGI VIWMWXERGI XS
JVII^MRKERHXLE[MRK
1EVMRIWXVYGXYVIWSJXIRMRZSPZIXLMGOWIGXMSRWERHVEXLIV
LMKLGIQIRXJEGXSVW7YGLGSRGVIXIQE]RIIHXSFIXVIEXIHEW
QEWWGSRGVIXI MR [LMGL XLIIJJIGX SJ XLI LIEXSJ L]HVEXMSR
RIIHWXSFIGSRWMHIVIH;LIRXLMWMWXLIGEWIXLIVIGSQQIRHE
XMSRWSJ%'-66ERH6WLSYPHFIJSPPS[IH
{%GMHEXXEGO
-RKIRIVEPTSVXPERHGIQIRXHSIWRSXLEZIKSSHVIWMWXERGI
XS EGMHW EPXLSYKL WSQI [IEO EGMHW GER FI XSPIVEXIH
TEVXMGYPEVP]MJXLII\TSWYVIMWSGGEWMSREP
 3GGYVVIRGI{8LITVSHYGXWSJGSQFYWXMSRSJQER]
JYIPWGSRXEMRWYPJYVSYWKEWIWXLEXGSQFMRI[MXLQSMWXYVIXS
JSVQ WYPJYVMG EGMH %PWS WI[EKI GER FI GSPPIGXIH YRHIV
GSRHMXMSRWXLEXPIEHXSEGMHJSVQEXMSR;EXIVHVEMRMRKJVSQ
WSQIQMRIWERHWSQIMRHYWXVMEP[EXIVWGERGSRXEMRSVJSVQ
EGMHWXLEXEXXEGOGSRGVIXI
4IEX WSMPW GPE] WSMPW ERH EPYQ WLEPI GER GSRXEMR MVSR
WYPJMHI T]VMXI XLEXYTSRS\MHEXMSRTVSHYGIWWYPJYVMGEGMH
*YVXLIV VIEGXMSR GER TVSHYGI WYPJEXI WEPXW XLEX TVSHYGI
WYPJEXIEXXEGO ,EKIVQERERH6SSWEEV0SWWMRK
&EWXMERWIRIXEP1SYVRERH6SWIRUYMWX 
1SYRXEMR WXVIEQW EVI WSQIXMQIW QMPHP] EGMHMG HYI XS
HMWWSPZIHJVIIGEVFSRHMS\MHI8LIWI[EXIVWYWYEPP]EXXEGO
SRP]XLIWYVJEGIMJXLIGSRGVIXIMWSJKSSHUYEPMX]ERHLEWE

+9-()83(96%&0)'32'6)8)

PS[ EFWSVTXMSR 7SQI QMRIVEP [EXIVW GSRXEMRMRK PEVKI


EQSYRXW SJ IMXLIV HMWWSPZIH GEVFSR HMS\MHI L]HVSKIR
WYPJMHISVFSXLGERWIVMSYWP]HEQEKIER]GSRGVIXI 6-0)1
 8LSVRXSR   -R XLI GEWI SJ L]HVSKIR WYPJMHI
FEGXIVMEXLEXGSRZIVXXLMWGSQTSYRHXSWYPJYVMGEGMHQE]TPE]
ERMQTSVXERXVSPI 6-0)1 
3VKERMGEGMHWJVSQJEVQWMPEKISVJVSQQERYJEGXYVMRKSV
TVSGIWWMRKMRHYWXVMIWWYGLEWFVI[IVMIWHEMVMIWGERRIVMIW
ERH[SSHTYPTQMPPWGERGEYWIWYVJEGIHEQEKI8LMWGERFI
SJ GSRWMHIVEFPI GSRGIVR MR XLI GEWI SJ JPSSVW IZIR [LIVI
WXVYGXYVEPMRXIKVMX]MWRSXMQTEMVIH
 1IGLERMWQ{8LIHIXIVMSVEXMSRSJGSRGVIXIF]EGMHW
MWTVMQEVMP]XLIVIWYPXSJEVIEGXMSRFIX[IIRXLIWIGLIQMGEPW
ERHXLIGEPGMYQL]HVS\MHISJXLIL]HVEXIHTSVXPERHGIQIRX
;LIVIPMQIWXSRI ERH HSPSQMXMG EKKVIKEXIW EVIYWIH XLI]
EVIEPWSWYFNIGXXSEXXEGOF]EGMHW -RQSWXGEWIWXLIGLIQMGEP
VIEGXMSR VIWYPXW MR XLI JSVQEXMSR SJ [EXIVWSPYFPI GEPGMYQ
GSQTSYRHW XLEX EVI XLIR PIEGLIH E[E] F] XLI EUYISYW
WSPYXMSRW &MG^SO   3\EPMG ERH TLSWTLSVMG EGMH EVI
I\GITXMSRWFIGEYWIXLIVIWYPXMRKGEPGMYQWEPXWEVIMRWSPYFPIMR
[EXIVERHEVIRSXVIEHMP]VIQSZIHJVSQXLIGSRGVIXIWYVJEGI
-RXLIGEWI SJ WYPJYVMGEGMH EXXEGO EHHMXMSREP SV EGGIPIVEXIH
HIXIVMSVEXMSRVIWYPXWFIGEYWIXLIGEPGMYQWYPJEXIJSVQIH[MPP
EJJIGXGSRGVIXIF]XLIWYPJEXIEXXEGOQIGLERMWQHIWGVMFIHMR
7IGXMSR-JEGMHWGLPSVMHIWSVSXLIVEKKVIWWMZISVWEPX
WSPYXMSRWEVIEFPIXSVIEGLXLIVIMRJSVGMRKWXIIPXLVSYKLGVEGOW
SVTSVIWMRXLIGSRGVIXIGSVVSWMSRSJWXIIPGERVIWYPX 'LETXIV
XLEX[MPPMRXYVRGEYWIGVEGOMRKERHWTEPPMRKSJXLIGSRGVIXI
 'EVFSREXMSRF]GSRXEGX[MXL[EXIV{'EVFSRHMS\MHI
GERHMWWSPZIMRVEMRGVIEXMRKGEVFSRMGEGMH[LMGLQE]XLIR
IRXIV XLI KVSYRH 8LI HIGE] SJ SVKERMG QEXXIV PMFIVEXIW
GEVFSRHMS\MHIXLEXQE]EPWSJSVQGEVFSRMGEGMHMRKVSYRH
[EXIVW]WXIQW 4PERXHIGE]EPWSTVSHYGIWLYQMGEGMH[LMGL
MWRSXHMWGYWWIHJYVXLIVMRXLMWWIGXMSR 8LIGSRGIRXVEXMSRSJ
GEVFSRMG EGMH MR KVSYRH[EXIV GER FIGSQI LMKL IRSYKL XS
EXXEGOGSRGVIXI'EPGMYQGEVFSREXIHMWWSPZIWMRXLITVIWIRGI
SJGEVFSRMGEGMHXSJSVQJVIIGEPGMYQ 'E ERHFMGEVFSREXI
,'3z MSRW(IXEMPIHHMWGYWWMSRWSJGEVFSREXIIUYMPMFVME
MRREXYVEPW]WXIQWGERJSYRHMR7XYQQERH1SVKER 
ERH/VEYWOSTJERH&MVH  -JXLIEPOEPMRMX]SJXLIWSMPMW
LMKLIRSYKLXLIWSMP[MPPRIYXVEPM^ISVFYJJIVXLIGEVFSRMG
EGMHGSQTSRIRXSJXLI[EXIVTVIZIRXMRKGEVFSRMGEGMHEXXEGO
SJXLIGSRGVIXI-JXLIEGMHMWRSXRIYXVEPM^IHMXGEREXXEGO
GSRGVIXIXSZEV]MRKHIKVIIWVERKMRKJVSQQMPHXSWMKRMJMGERX
8LMWX]TISJEXXEGO[EWVIJIVVIHXSEWEKKVIWWMZI'3EXXEGO
MRXLIPMXIVEXYVI[LIRMRJEGXMX[EWRSX'3FYXGEVFSRMG
EGMHEXXEGO8IWXGVMXIVMEVIPEXMRKXSGEVFSRMGEGMHEXXEGOLEZI
YWIHXLIXIVQwEKKVIWWMZI'3x VITSVXIHEWQMPPMKVEQWSJ
'3TIVPMXIV JSV[LEX[EWVIEPP]GEVFSRMGEGMHMRWYJJMGMIRX
GSRGIRXVEXMSRXSEXXEGOGSRGVIXI%HMWGYWWMSRSJXLMWGERFI
JSYRHMR0IE  ERH,I[PIXX  
;EXIVW XLEX LEZI TSXIRXMEPP] LEVQJYP GSRGIRXVEXMSRW SJ
GEVFSRMGEGMHXIRHXSLEZIT,ZEPYIWXLEXVERKIJVSQETTVS\
MQEXIP]RIYXVEPXSWPMKLXP]EGMHMG&IGEYWIXLIVEXISJEXXEGO
MW HITIRHIRX SR FSXL XLI TVSTIVXMIW SJ XLI GSRGVIXI ERH
GSRGIRXVEXMSR SJ XLI GEVFSRMG EGMH RIMXLIV XLI T, RSV XLI
EQSYRX SJ JVII '3 MR [EXIV MW E VIPMEFPI MRHMGEXSV SJ XLI
HIKVIISJTSXIRXMEPLEVQ-REHHMXMSRXLIVIMWRSGSRWIRWYW

6

EWXSXLIPMQMXMRKZEPYIWSJXLIT,SV'3GSRGIRXVEXMSRMR
[EXIVMRTEVXFIGEYWISJ[MHIP]ZEV]MRKGSRHMXMSRWMRYRHIV
KVSYRH GSRWXVYGXMSR 7XYHMIW LEZI WLS[R XLEX [EXIV
GSRXEMRMRK QSVI XLER  QK0  TTQ  SJ GEVFSRMG EGMH
VITSVXIHEWQK0SVTTQSJ'3 GERVIWYPXMRVETMHGEVFSR
EXMSRERHEXXEGOSJXLIL]HVEXIHGIQIRXTEWXI3RXLISXLIV
LERHJVIIP]QSZMRK[EXIV[MXLQK0 TTQ SVPIWWSJ
GEVFSRMG EGMH VITSVXIH EW QK0 SV TTQ SJ '3 GER EPWS
VIWYPXMRWMKRMJMGERXGEVFSREXMSR 8IV^EKLM,I[PIXX
 +IVQER-RWXMXYXISJ7XERHEVHM^EXMSR7TIGMJMGEXMSR(-2
MRGPYHIWFSXLGVMXIVMEERHEXIWXQIXLSHJSVEWWIWWMRK
XLITSXIRXMEPSJHEQEKIJVSQGEVFSRMGEGMHFIEVMRK[EXIV
 6IGSQQIRHEXMSRW{%HIRWIGSRGVIXI[MXLEPS[[GQ
TVSZMHIWEHIKVIISJTVSXIGXMSREKEMRWXQMPHEGMHEXXEGO'IVXEMR
TS^^SPERMGQEXIVMEPWERHWMPMGEJYQIMRTEVXMGYPEVMRGVIEWI
XLI VIWMWXERGI SJ GSRGVIXI XS EGMHW 7IPPIZSPH ERH 2MPWSR
 -REPPGEWIWLS[IZIVI\TSWYVIXMQIXSEGMHWWLSYPH
FIQMRMQM^IHMJTSWWMFPIERHMQQIVWMSRWLSYPHFIEZSMHIH
2SL]HVEYPMGGIQIRXGSRGVIXIVIKEVHPIWWSJMXWGSQTSWMXMSR
[MPPPSRK[MXLWXERH[EXIVSJLMKLEGMHGSRGIRXVEXMSR T,SJ
SVPS[IV -RWYGLGEWIWERETTVSTVMEXITVSXIGXMZIFEVVMIV
W]WXIQ SV XVIEXQIRX WLSYPH FI YWIH %'- 6 KMZIW
VIGSQQIRHEXMSRW JSV FEVVMIV W]WXIQW XS TVSXIGX GSRGVIXI
JVSQZEVMSYWGLIQMGEPW
{'EVFSREXMSR
 +IRIVEP{;LIR GSRGVIXI SV QSVXEV MW I\TSWIH XS
'3 E VIEGXMSR TVSHYGMRK GEVFSREXIW XEOIW TPEGI XLEX MW
EGGSQTERMIHF]WLVMROEKI
:MVXYEPP]EPPXLIGSRWXMXYIRXWSJL]HVEXIHTSVXPERHGIQIRX
EVI WYWGITXMFPI XS GEVFSREXMSR 8LI VIWYPXW GER FI IMXLIV
FIRIJMGMEPSVLEVQJYPHITIRHMRKSRXLIXMQIVEXIERHI\XIRX
XLEXXLI]SGGYVERHXLIIRZMVSRQIRXEPI\TSWYVI-RXIRXMSREP
GEVFSREXMSR HYVMRK TVSHYGXMSR GER MQTVSZI XLI WXVIRKXL
LEVHRIWWERHHMQIRWMSREPWXEFMPMX]SJGSRGVIXITVSHYGXW-R
SXLIVGEWIWLS[IZIVGEVFSREXMSRGERVIWYPXMRHIXIVMSVEXMSR
ERH E HIGVIEWI MR XLI T, SJ XLI GIQIRX TEWXI PIEHMRK XS
GSVVSWMSR SJ VIMRJSVGIQIRX RIEV XLI WYVJEGI )\TSWYVI XS
'3 HYVMRK XLI LEVHIRMRK TVSGIWW GER EJJIGX XLI JMRMWLIH
WYVJEGISJWPEFWPIEZMRKEWSJXHYWXMRKPIWW[IEVVIWMWXERX
WYVJEGI(YVMRKXLILEVHIRMRKTVSGIWWXLIYWISJYRZIRXIH
LIEXIVW SV I\TSWYVI XS I\LEYWX JYQIW JVSQ IUYMTQIRX SV
SXLIVWSYVGIWGERTVSHYGIELMKLP]TSVSYWWYVJEGIWYFNIGXXS
JYVXLIVGLIQMGEPEXXEGO8LIWSYVGISJXLI'3 GERFIIMXLIV
XLIEXQSWTLIVISV[EXIVGEVV]MRKHMWWSPZIH'3 
 %XQSWTLIVMG GEVFSREXMSR{6IEGXMSR SJ L]HVEXIH
TSVXPERH GIQIRX [MXL '3 MR XLI EMV MW KIRIVEPP] E WPS[
TVSGIWW 0YH[MK -XMWLMKLP]HITIRHIRXSRXLIVIPEXMZI
LYQMHMX]SJXLIIRZMVSRQIRXXIQTIVEXYVITIVQIEFMPMX]SJ
XLIGSRGVIXIERHGSRGIRXVEXMSRSJ'38LILMKLIWXVEXIWSJ
GEVFSREXMSRSGGYV[LIRXLIVIPEXMZILYQMHMX]MWQEMRXEMRIH
FIX[IIRERH &IPS[ VIPEXMZILYQMHMX]XLIHIKVII
SJ GEVFSREXMSR XLEX XEOIW TPEGI MW GSRWMHIVIH MRWMKRMJMGERX
:IVFIGO %FSZI VIPEXMZILYQMHMX]QSMWXYVIMR
XLITSVIWVIWXVMGXW'3TIRIXVEXMSR
6IPEXMZIP]TIVQIEFPIGSRGVIXIYRHIVKSIWQSVIVETMHERH
I\XIRWMZI GEVFSREXMSR XLER HIRWI [IPPGSRWSPMHEXIH ERH
GYVIHGSRGVIXI0S[IV[GQERHKSSHGSRWSPMHEXMSRWIVZIXS

6

%'-'311-88))6)4368

VIHYGITIVQIEFMPMX]ERHVIWXVMGXGEVFSREXMSRXSXLIWYVJEGI
-RHYWXVMEPEVIEW[MXLLMKLIVGSRGIRXVEXMSRWSJ'3MRXLIEMV
VIWYPXMRLMKLIVVEXIWSJGEVFSREXMSR
',%48)6{'36637-323*1)8%07%2(
38,)61%8)6-%07)1&)(()(-2'32'6)8)
{-RXVSHYGXMSR
8LIYRHIVWXERHMRKSJXLIGSRHMXMSRWXLEXGEYWIGSVVSWMSR
VYWXMRK SJVIMRJSVGMRKWXIIPERHTVIWXVIWWMRKWXIIPMWSJZMXEP
MQTSVXERGI %ZSMHERGI SJ XLIWI GSRHMXMSRW MW RIGIWWEV] MJ
GSRGVIXI WXVYGXYVIW GSRXEMRMRK IQFIHHIH WXIIP EVI XS LEZI
PSRKWIVZMGIPMZIW8LITYVTSWISJXLMWGLETXIVMWXSWYQQEVM^I
XLI QIGLERMWQW SJ GSVVSWMSR XLI GSRHMXMSRW YRHIV [LMGL
GSVVSWMSRSGGYVWERHXLIQIXLSHWERHXIGLRMUYIWXLEXGERFI
YWIHXSTVIZIRXSVVIHYGIGSVVSWMSRERHEPWSXSHMWGYWWXLI
TVIWIVZEXMSRSJSXLIVIQFIHHIHQEXIVMEPW
'SRGVIXITVSZMHIWTVSXIGXMSREKEMRWXGSVVSWMSRSJIQFIHHIH
WXIIPFIGEYWISJXLILMKLP]EPOEPMRIIRZMVSRQIRXTVSZMHIHF]
XLITSVXPERHGIQIRXTEWXI8LIEHIUYEG]SJ XLITVSXIGXMSR
HITIRHWSRXLIEQSYRXSJGSRGVIXIGSZIVXLIUYEPMX]SJXLI
GSRGVIXIXLIHIXEMPWSJXLIGSRWXVYGXMSRXLIHIKVIISJI\TSWYVI
XSGLPSVMHIW JVSQGSRGVIXIGSQTSRIRXQEXIVMEPWERHJVSQ
XLIIRZMVSRQIRX ERHXLIWIVZMGIIRZMVSRQIRX
8LIVIEHIVWIIOMRKEQSVIGSQTVILIRWMZIXVIEXQIRXSJXLI
WYFNIGXWLSYPHGSRWYPX%'-67IGXMSRWXLVSYKL
WYQQEVM^IXLIMRJSVQEXMSRMR%'-6
{+IRIVEPTVMRGMTPIWSJGSVVSWMSRMRMXMEXMSRMR
GSRGVIXI
 +IRIVEP{8LI TVSGIWW SJ GSVVSWMSR MR GSRGVIXI MW
HMZMHIHMRXSWIZIVEPTLEWIW
e -RMXMEXMSR{XLI IPMQMREXMSR SJ XLI RSVQEP TVSXIGXMZI
QIGLERMWQ
e 'SVVSWMSR KVS[XL TVSTEKEXMSR {XLI GSVVSWMSR
TVSGIWWMWIWXEFPMWLIHERHGSVVSWMSRTVSKVIWWIWERH
e (EQEKI{GSVVSWMSR MW WYJJMGMIRXP] WIZIVI XLEX XLI
WXVYGXYVIMWYRPMOIP]XSTIVJSVQMXWMRXIRHIHJYRGXMSR
 'SVVSWMSRTVSGIWW{'SVVSWMSRSJWXIIPMRGSRGVIXIMW
ERIPIGXVSGLIQMGEPTVSGIWWXLEXVIUYMVIWXLIHIZIPSTQIRXSJ
ERERSHI[LIVIS\MHEXMSRXEOIWTPEGIERHEGEXLSHI[LIVI
VIHYGXMSRXEOIWTPEGI%XXLIERSHIIPIGXVSRWEVIPMFIVEXIH
ERHJIVVSYWMSRWEVIJSVQIH
*I

*IIz

%XXLIGEXLSHIIPIGXVSRWEVIGSRWYQIHERHL]HVS\]PMSRW
EVIGVIEXIHERHPMFIVEXIH
,33Iz

 3, z

8LIJIVVSYWMSRWQE]WYFWIUYIRXP]GSQFMRI[MXLS\]KIR
SV L]HVS\]P MSRW ERH TVSHYGI ZEVMSYW JSVQW SJ GSVVSWMSR
TVSHYGXW VYWX 8LIJSVQEXMSRSJVYWXSJXIRGEYWIWI\TERWMSR
XLEXMRXYVRQE]GEYWIGVEGOMRKERHWTEPPMRKSJXLIGSRGVIXI
GSZIV
 4VSXIGXMSR QIGLERMWQMRGSRGVIXI
 +IRIVEP{8LI LMKL EPOEPMRMX] T, "   SJ
GSRGVIXITVSXIGXWIQFIHHIHWXIIPVIMRJSVGIQIRXMRGSRGVIXI

JVSQGSVVSWMSR;LIRS\]KIRMWTVIWIRXXLIEPOEPMRMX]SJXLI
TSVI WSPYXMSR GEYWIW ER S\MHI JMPQ XS JSVQ SR XLI WXIIP
WYVJEGI8LMWS\MHIJMPQLEWZIV]PS[WSPYFMPMX]ERHXLYWXLI
WXIIP MW TVSXIGXIH EKEMRWX GSVVSWMSR 8LI WXIIP MW WEMH XS
I\LMFMXTEWWMZIFILEZMSVHYIXSXLMWS\MHIJMPQ
8LIGSRGVIXIGSZIVSZIVXLIWXIIPQEMRXEMRWERHTVSXIGXW
XLIEPOEPMRMX]ERHXLITEWWMZIJMPQ-JXLITEWWMZIJMPQFVIEOW
HS[R HITEWWMZEXMSR  GSVVSWMSR GER MRMXMEXI 8LI JMPQ GER
FVIEOHS[RPSGEPP]WSXLEXPSGEPM^IHGSVVSWMSREXXEGOWVIWYPX
-J FVIEOHS[R SGGYVW SZIV PEVKIV EVIEW KIRIVEP GSVVSWMSR
XEOIWTPEGI8LITVMQEV]GEYWIWSJJMPQFVIEOHS[RMRGPYHI
e 'LIQMGEP TL]WMGEP SV QIGLERMGEP HIKVEHEXMSR SJ XLI
GSRGVIXIGSZIV
e 'LPSVMHITIRIXVEXMSRXSXLIVIMRJSVGIQIRXERH
e 'EVFSREXMSRSJXLIGSRGVIXIXSVIMRJSVGIQIRXHITXL
 &VIEOHS[RHYIXSMRWYJJMGMIRXS\]KIRWYTTP]{
8LI TEWWMZI PE]IV VIUYMVIW ER S\]KIR JPY\ GSVVIWTSRHMRK XS
ETTVS\MQEXIP]XSQ%Q  zXS z
Q%MR -JXLIS\]KIRJPY\MWPIWWXLERXLMWXLITEWWMZIJMPQ
[MPP KVEHYEPP] VIHYGI MR XLMGORIWW ERH FEVI WXIIP [MPP FI
I\TSWIH 8LI VIWYPX MW GSVVSWMSR EX ER I\XVIQIP] PS[ VEXI
GSVVIWTSRHMRKXSXLIS\]KIRJPY\ FYXEXEREGXMZIXLSYKL
ZIV] RIKEXMZI TSXIRXMEP *MHNIWXP ERH 2MPWIR   7YGL
PS[S\]KIRHMJJYWMSRGERSGGYVMRWYFQIVKIHGSRGVIXIMR
WIE SV JVIWL [EXIV *MHNIWXP IX EP   SV F] I\TSWYVI
FIPS[XLIKVSYRH[EXIVXEFPI
 'EVFSREXMSR{8LIVIEGXMSRFIX[IIR'3JVSQ
XLI EQFMIRX EMV ERH XLI TEWXI SJ XLI GSRGVIXI GER GEYWI E
VIHYGXMSRMRT,SJXLIGSRGVIXIXSPIWWXLERVIWYPXMRKMRXLI
PSWWSJTEWWMZMX]'SVVSWMSRJSPPS[WERHXLIVEXIHITIRHWSR
EZEMPEFMPMX]SJS\]KIRERHSRXLIQSMWXYVIGSRXIRXFIGEYWI
XLMWEJJIGXWXLIIPIGXVMGEPVIWMWXMZMX]SJXLIGSRGVIXI
 4MXXMRK PSGEP FVIEOHS[R HYI XS GLPSVMHI{
'LPSVMHIEXEGIVXEMRPIZIPSJGSRGIRXVEXMSR[MPPGEYWIPSGEP
FVIEOHS[R SJ XLI TEWWMZI PE]IV PIEHMRK XS GSVVSWMSR 8LI
VEXI HITIRHW SR XLI EZEMPEFMPMX] SJ S\]KIR XLI ERSHI
GEXLSHI EVIE VEXMS ERH XLI VIWMWXMZMX] SJ XLIGSRGVIXI 8LI
GLPSVMHIGSRGIRXVEXMSRRIGIWWEV]XSGEYWIFVIEOHS[RSJXLI
JMPQHITIRHWSRXLIT,ERHGSQTSWMXMSRSJXLITSVI[EXIV
XLIUYEPMX]SJXLIS\MHIJMPQERHXLITVSTIVXMIWSJXLIWXIIP
ERHGSRGVIXIMRXIVJEGI
%PXLSYKL QSHIVR GSRGVIXI LEW QSVI ZEVMEXMSRW MR TSVI
GLIQMWXV]GLMIJP]HYIXSXLIYWISJGIQIRXMXMSYWQEXIVMEPW
WYGLEWJP]EWLWPEKGIQIRXERHWMPMGEJYQIXLIPMQMXWJSV
GLPSVMHIWMRRI[GSRWXVYGXMSREWKMZIRMR%'-6EVIWXMPP
ETTVSTVMEXIEWJSPPS[W

4VIWXVIWWIHGSRGVIXI
6IMRJSVGIHGSRGVIXIMR[IX
GSRHMXMSRW
6IMRJSVGIHGSRGVIXIMRHV]
SVTVSXIGXIHGSRHMXMSRW

%GMHWSPYFPI
;EXIVWSPYFPI
%781' %781' 7S\LPIX
'1
'1
QIXLSH
















7S\LPIXQIXLSHHIWGVMFIHMR%TTIRHM\XS%'-
2SXI%PPGLPSVMHIGSRXIRXWI\TVIWWIHEWTIVGIRX'PzF]QEWWSJGIQIRX

+9-()83(96%&0)'32'6)8)

'SQQMXXIIEPWSGSQQIRXWXLEXFIGEYWIWSQISJXLI
GSRGVIXIQEOMRKQEXIVMEPWGSRXEMRGLPSVMHIXLEX[MPPRSXFI
VIPIEWIHMRXSXLIGSRGVIXITEWXKSSHTIVJSVQERGISJXLIWI
QEXIVMEPWQE]TVSZMHIEFEWMWJSVTIVQMXXMRKLMKLIVGLPSVMHI
PIZIPW8LIWYKKIWXIHPIZIPWTVSZMHIEGSRWIVZEXMZIETTVSEGL
XLEXMWRIGIWWEV]FIGEYWISJGSRJPMGXMRKVITSVXWSRGLPSVMHI
XLVIWLSPHPIZIPWXLIIJJIGXWSJHMJJIVIRXI\TSWYVIIRZMVSRQIRXW
ERH QEXIVMEPW GSQFMREXMSRW 8LI GSRWIVZEXMZI ETTVSEGL MW
EPWSVIGSQQIRHIHFIGEYWII\TSWYVIGSRHMXMSRWWYGLEWXLEX
MR FVMHKI HIGOW TEVOMRK WXVYGXYVIW ERH QEVMRI IRZMVSR
QIRXWEPPS[XLIMRXVYWMSRSJJSVIMKRGLPSVMHIW-RMRWXERGIW
[LIVI JSVIMKR GLPSVMHIW EVI TVIWIRX GSRGVIXI WLSYPH FI
QEHI [MXL GSRGVIXIQEOMRK GSQTSRIRXW XLEX GSRXEMR SRP]
XVEGIEQSYRXWSJGLPSVMHI
{4VSTEKEXMSRSJGSVVSWMSR
 +IRIVEP{)ZIR MJ GSVVSWMSR LEW FIIR MRMXMEXIH EW
HMWGYWWIHTVIZMSYWP]EWXVYGXYVIQE]FIJEVE[E]JVSQXLI
IRH SJ WIVZMGIEFMPMX] IWTIGMEPP] MJ XLI VEXI SJ GSVVSWMSR MW
ZIV]PS[3RISVQSVISJXLIJSPPS[MRKJEGXSVWMR7IGXMSRW
XLVSYKLGSRXVSPWXLIGSVVSWMSRVEXI
 %RSHMG GSRXVSP{%RSHMG GSRXVSP MW FEWIH SR
WYJJMGMIRXP]GSRXVSPPMRKXLIVEXISJHMWWSPYXMSRSJGSVVSWMSR
TVSHYGXWJSVQIHEXXLIERSHI8LIVEXIEX[LMGLXLIHMWWSPYXMSR
SJMVSRXEOIWTPEGIHIXIVQMRIWXLIGSVVSWMSRVEXI
 'EXLSHMGGSRXVSP{8LIVEXISJVIHYGXMSRSJS\]KIR
EXXLIGEXLSHIPMQMXWXLIGSVVSWMSRVEXI8LIVEXISJGSVVSWMSR
MWGSRXVSPPIHF]XLIEZEMPEFMPMX]SJS\]KIREXXLIGEXLSHIERH
XLIVEXMSFIX[IIRGEXLSHMGERHERSHMGEVIEWERHMWPMQMXIHF]
XLIEZEMPEFMPMX]SJS\]KIRXLIWM^ISJXLIGEXLSHISVFSXL
2SVQEPP]XLIEZEMPEFMPMX]SJS\]KIREXXLIGEXLSHIMWJEVMR
I\GIWW SJ XLEX RIIHIH XS WYWXEMR GSVVSWMSR WS XLI VEXI MW
GSRXVSPPIHF]SXLIVJEGXSVW'SEXMRKSJXLIVIMRJSVGIQIRXMW
SRI[E]SJPMQMXMRKXLIS\]KIRWYTTP]XSXLIGEXLSHIWYVJEGI
XLIGSEXMRKEPWSTVIZIRXWEGGIWWSJEKKVIWWMZIQIHMEXSXLI
WXIIPWYVJEGI %RSXLIVI\EQTPISJGEXLSHMGGSRXVSPMW[LIVI
XLI GSRGVIXI MW GSQTPIXIP] [EXIVWEXYVEXIH [LMGL KVIEXP]
VIHYGIWXLIS\]KIRJPY\JVSQXLIGSRGVIXIWYVJEGIXSXLIWXIIP
 6IWMWXMZMX]GSRXVSP{6IWMWXMZMX]GSRXVSPVIUYMVIWXLI
VIWMWXERGIMRXLIGSRGVIXIXSFILMKLIRSYKLEWXSPMQMXXLI
EQSYRXSJGYVVIRXXLEXGERFIHIZIPSTIHJVSQXLIX[SLEPJ
GIPPVIEGXMSRW
8LIVI QE] FI E PEVKI HMJJIVIRGI MR LEPJGIPP TSXIRXMEP
FIX[IIR XLI GEXLSHMG ERH ERSHMG EVIEW SJ XLI WXIIP -J XLI
IPIGXVMGEPVIWMWXERGI6MRXLIGSRGVIXIFIX[IIRXLIX[SEVIEW
MW WYJJMGMIRXP] PEVKI LS[IZIV XLIR QSWX SJ XLI TSXIRXMEP
HMJJIVIRGIMWWTIRXMRSZIVGSQMRKXLIZSPXEKIHVST-6GEYWIH
F]XLIGYVVIRXJPS[-EKEMRWXXLMWVIWMWXERGIIZIREXQMRYXI
GSVVSWMSRGYVVIRXHIRWMXMIW8LMWIJJIGXGERSJXIRFIWIIRMR
JYPP]GEVFSREXIHGSRGVIXIMREVIEWSREFP]HV]IRZMVSRQIRX
MR GSRGVIXI XLEX GSRXEMRW 7'1W SV [LIVI XLIVI MW E PEVKI
HMWXERGIFIX[IIRERSHMGERHGEXLSHMGEVIEW
{'SVVSWMSRVIPEXIHTVSTIVXMIWSJGSRGVIXMRK
QEXIVMEPW
 4SVXPERHGIQIRX{8LILMKLT,SJTSVXPERHGIQIRX
TEWXI VIWYPXW JVSQ XLI TVIWIRGI SJ L]HVS\MHIW SJ GEPGMYQ
TSXEWWMYQ ERH WSHMYQ 'EPGMYQ L]HVS\MHI MW XLI QSWX

6

EFYRHERXERHGSRWXMXYXIWXS SJXLITEWXI&IGEYWI
XLIT,SJWEXYVEXIHWSPYXMSRWSJGEPGMYQL]HVS\MHIMWSRP]
XLIT,SJXSSJXIRJSYRHMRGSRGVIXITSVI[EXIV
.YWXRIW ERH 2]KEEVH   MW I\TPEMRIH F] XLI 3,z MSRW
EWWSGMEXIH[MXLEPOEPMWMRXLIGSRGVIXI
8LITVIWIRGISJ'%MRXLIGIQIRXETTIEVWXSFIFIRIJMGMEP
XSXLIVIHYGXMSRSJGLPSVMHIMRKVIWW8LMW[EWJMVWXIWXEFPMWLIH
F]:IVFIGO  ERHLEWWMRGIFIIRGSRJMVQIHF]WIZIVEP
SXLIVVIWIEVGLIVWWYGLEW6EWLIIHY^^EJEVIXEP  8LI
QEMRGSRGPYWMSRSJXLMW[SVOMWXLEXXLIYWISJZIV]PS['%
8]TI: GIQIRXWMREWXVSRKGLPSVMHIIRZMVSRQIRXMWKIRIVEPP]
RSXVIGSQQIRHIH
 7YTTPIQIRXEV] GIQIRXMXMSYW QEXIVMEPW{*P] EWL
WPEK GIQIRX ERH WMPMGE JYQI EVI KIRIVEPP] EWWYQIH XS
MQTVSZI XLI VIWMWXERGI SJ GSRGVIXI XS GLPSVMHIMRHYGIH
GSVVSWMSR;LMPIMXLEWFIIRJSYRHXLEXXLIMRXVSHYGXMSRSJ
WYGLQEXIVMEPWXSGSRGVIXI[MPPGSRWYQIWSQISJXLI'E3, 
XLEXEGXWEWEFYJJIVEKEMRWXGLERKIWMRT,HYIXSGEVFSREXMSR
SJGSRGVIXI &MNIRERHZER7IPWX,SVMKYGLMIXEP
&VERGEIXEP XLIMQTVSZIQIRXXSTSVIHMWXVMFYXMSRERH
TIVQIEFMPMX]GERGSYRXIVEGXXLMWHITPIXMSRMR'E3, 8SVMM
ERH/E[EQYVE,EOOMRIR %PWSXLIIJJIGXSJXLI
GIQIRXMXMSYW QEXIVMEPW MW SJXIR XS MRGVIEWI XLI IPIGXVMGEP
VIWMWXMZMX] SJ XLI GSRGVIXI XLYW VIHYGMRK XLI VEXI SJ ER]
GSVVSWMSR XLEX LEW FIIR MRMXMEXIH 7GLMIWWP IX EP 
*MHNIWXP%PSRWSIXEP 
-R XLI W XLI HIZIPSTQIRX SJ GSVVSWMSRVIWMWXERX
GSRGVIXI JSGYWIH SR FPIRHW SJ TSVXPERH GIQIRX ERH SXLIV
GIQIRXMXMSYWQEXIVMEPW7YQQEV]VITSVXW &ENI[EIXEP
ERHI\TIVMIRGI 1EEKIERH,IPPERH1EEKIIXEP
&IVOIIXEP WYTTSVXPEFSVEXSV]HEXE 'SPPITEVHMIXEP
 %RUM IX EP  ,YWWEMR ERH6EWLIIHY^^EJEV 
(IGXIVIXEP,EUYIIXEP3^]MPHMVMQ 
*P]EWLMWEHHIHXSGSRGVIXIMRX]TMGEPEQSYRXWSJXS
 F]QEWWSJGIQIRX7IZIVEPWTIGMJMGEXMSRWJSVPEVKIQEVMRI
GMZMP[SVOWLEZIMRGPYHIHJP]EWLMRXLIGSRGVIXIQM\XYVI
7PEK GIQIRX LEW FIIR YWIH MR QEVMRI [SVO WMRGI XLI
IEVP] W XLI I\TIVMIRGIW [MXL VIWTIGX XS VIWMWXERGI
EKEMRWX GLPSVMHIMRHYGIH GSVVSWMSR EVI KIRIVEPP] KSSH
;MIFIRKE 
7MPMGE JYQI [SVOW MR WIZIVEP [E]W XS VIHYGI XLIVMWO SJ
GSVVSWMSR 8LI MQTVSZIH MQTIVQIEFMPMX] SJ WMPMGE JYQI
GSRGVIXIQIERWEKVIEXP]VIHYGIHVEXISJGLPSVMHITIRIXVEXMSR
MRQEVMRIWXVYGXYVIWERHWXVYGXYVIWI\TSWIHXSHIMGMRKWEPXW
7YGL GSRGVIXI EPWS LEW ZIV] LMKL IPIGXVMGEP VIWMWXMZMX]
XLIVIF]KVIEXP]HMQMRMWLMRKXLIVEXISJGSVVSWMSRWLSYPHMXFI
MRMXMEXIH ;SPWMIJIV  4IXXIVWSR  *MHNIWXP 
*MHNIWXPERH*VIEVWSR%PSRWSIXEP&IVOIIXEP
 +EYXIJEPP ERH :IRRIWPERH  >LERK ERH +NSVZ
*MHNIWXP 
 %KKVIKEXIW{%KKVIKEXIWGERGSRXEMRGLPSVMHIWEPXW
TEVXMGYPEVP] XLSWI EKKVIKEXIW XLEX LEZI FIIR I\TSWIH XS
WIE[EXIV SV [LSWI REXYVEP WMXIW EVI MR KVSYRH[EXIV
GSRXEMRMRK GLPSVMHI 8LIVI LEZI FIIR VITSVXIH MRWXERGIW
+E]RSV   [LIVI UYEVVMIH WXSRI KVEZIP ERH REXYVEP
WERHGSRXEMRIHWQEPPEQSYRXWSJGLPSVMHIXLEXLEZITVSZMHIH
GSRGVIXI [MXL GLPSVMHI PIZIPW XLEX I\GIIH XLI QE\MQYQ
TIVQMWWMFPIPIZIPWTVIZMSYWP]HIWGVMFIH

6

%'-'311-88))6)4368

 1M\MRK[EXIV{4SXEFPIQM\MRK[EXIVGERGSRXEMRWQEPP
EQSYRXWSJGLPSVMHIYWYEPP]EXPIZIPWJVSQXSTTQ
 %HQM\XYVIW
 +IRIVEP{%HQM\XYVIWGSQTSWIH TVMRGMTEPP]SV
XS E PEVKI TEVX SJ 'E'P WLSYPH RSVQEPP] RSX FI YWIH MR
GSRGVIXIGSRXEMRMRKIQFIHHIHQIXEP7SQI[EXIVVIHYGMRK
EHQM\XYVIW QE] GSRXEMR GLPSVMHI XS MQTVSZI EHQM\XYVI
TIVJSVQERGI FYX QE] GSRXVMFYXI SRP] WQEPP EQSYRXW SJ
GLPSVMHIXSXLIGSRGVIXI[LIRXLI]EVIEHHIHEXVIGSQQIRHIH
VEXIW2SVQEPWIXXMRKEHQM\XYVIWXLEXGSRXVMFYXIQYGL PIWW
XLER  GLPSVMHI F] QEWW SJ GIQIRX EVI QSWX GSQQSR
ERHXLIMVYWIWLSYPHFIIZEPYEXIHFEWIHSRXLIETTPMGEXMSR
'LIQMGEPEHQM\XYVIWEVIHIWGVMFIHMRHIXEMPMR%'-6
 %GGIPIVEXSVW{%GGIPIVEXMRK EHQM\XYVIW SXLIV
XLERXLSWIFEWIHSR'E'PLEZIFIIRYWIHMRGSRGVIXI[MXL
ZEV]MRK WYGGIWW %GGIPIVEXSVW XLEX HS RSX GSRXEMR GLPSVMHI
WLSYPH RSX EYXSQEXMGEPP] FI EWWYQIH XS FI RSRGSVVSWMZI
8LIQEXIVMEPWQSWXGSQQSRP]YWIHMRGLPSVMHIJVIIEGGIPIV
EXSVW EVI GEPGMYQ JSVQEXI WSHMYQ XLMSG]EREXI GEPGMYQ
RMXVEXI ERH GEPGMYQ RMXVMXI -X MW KIRIVEPP] EGGITXIH XLEX
JSVQEXIW ,SPQ EVIRSRGSVVSWMZIMRGSRGVIXIERHXLEX
GEPGMYQRMXVMXIMWEPWSERMRLMFMXSV
 -RLMFMXSVW{'EPGMYQRMXVMXILEWFIIR[MHIP]YWIH
EW ER EGGIPIVEXMRK EHQM\XYVI XLEX [MPP EPWS JYRGXMSR EW E
GSVVSWMSR MRLMFMXSV 0EFSVEXSV] WXYHMIW LEZI HIQSRWXVEXIH
XLEX MX [MPP HIPE] XLI SRWIX SJ GSVVSWMSR SV VIHYGI XLI VEXI
EJXIVMXLEW FIIRMRMXMEXIH &IVOI&IVOI ERH 6SFIVXW
 8LIVEXMSSJGLPSVMHIMSRWXSRMXVMXIMSRWMWMQTSVXERX
7XYHMIW &IVOI WLS[XLEXGEPGMYQRMXVMXIGERTVSZMHI
GSVVSWMSRTVSXIGXMSRIZIREXGLPSVMHIRMXVMXIVEXMSWI\GIIHMRK
XSF]QEWW%PXLSYKLHSWEKIVEXIWEVIZEVMIHXS
 Q0OK  XS  S^ TIV  PF  SJ GIQIRX MW XLI
GSQQSR VERKI &IVOI ERH 6SWIRFIVK   GSQTMPIH ER
I\XIRWMZI VIZMI[ SJ GEPGMYQ RMXVMXIvW YWI MR GSRGVIXI 8LI
VIZMI[HSGYQIRXW XLIIJJIGXMZIRIWW SJ GEPGMYQ RMXVMXI EW E
GSVVSWMSRMRLMFMXSVJSVWXIIPKEPZERM^IHWXIIPERHEPYQMRYQ
MRGSRGVIXI-X[EWPEXIVYTHEXIHF]&IVOIIXEP  -JXLI
EGGIPIVEXMRKIJJIGXJVSQGEPGMYQRMXVMXIMWYRHIWMVEFPIYWISJ
E VIXEVHIV MW VIGSQQIRHIH -RGVIEWIH EQSYRXW SJ EMV
IRXVEMRMRKEHQM\XYVIQE]FIRIGIWWEV][LIRGEPGMYQRMXVMXI
MWYWIHXSQEMRXEMRXLIHIWMVIHEMVGSRXIRX
3XLIVGSVVSWMSRMRLMFMXMRKEHQM\XYVIWEVIEPWSGSQQIVGMEPP]
EZEMPEFPI8LIWIEVITVMQEVMP]SVKERMGFEWIHERHMRGPYHIER
EUYISYW WSPYXMSR SJ EQMRIW ERH JEXX] IWXIVW 2QEM IX EP
 ERSXLIVGSRXEMRWTVSTVMIXEV]EPOERSPEQMRIW 'SPPMRW
IXEP 8LIJSVQIVMWVITSVXIHXSTVSXIGXF]VIHYGMRK
GLPSVMHIMRKVIWWERHF]JSVQMRKETVSXIGXMZIJMPQEXXLIWXIIP
WYVJEGI 2QEM IX EP  &SFVS[WOM ERH =SYR  
0EFSVEXSV]IZEPYEXMSRWMRHMGEXIXLEXXLIEUYISYWWSPYXMSRWSJ
EQMRIWERHJEXX]IWXIVW[MPPHIPE]XLISRWIXERHVIHYGIXLI
VEXISJGSVVSWMSR 2QEMIXEP2QEMERH/VEYWW 
{4VIZIRXMRKGSVVSWMSR
 +IRIVEP{-R TVIZIRXMRK GSVVSWMSR IEGL SJ XLI
JSPPS[MRK GVMXMGEP TSMRXW WLSYPH FI IZEPYEXIH MR XIVQW SJ
GSRGVIXIWIVZMGIPMJI
-RMXMEXMSRSJGSVVSWMSR
'SVVSWMSRTVSHYGXWFIGSQMRKZMWMFPI WXEMRMRK 

'VEGOMRKWTEPPMRKSVFSXLERH
8LIPSEHGEVV]MRKGETEGMX]SJXLIWXVYGXYVIMJMXMWWIVMSYWP]
VIHYGIHSVXLIWXVYGXYVIGERRSPSRKIVTIVJSVQMXWMRXIRHIH
TYVTSWI
8VEHMXMSREP WIVZMGI PMJI GSRWMHIVEXMSRW SRP] XEOI MRXS
EGGSYRXXLIMRMXMEXMSRSJGSVVSWMSRLS[IZIVIZIRJSVZIV]
GSRWTMGYSYW WXVYGXYVIW XLI YWI SJ 'VMXIVMSR  SV  GER FI
GSRWMHIVIHXEVKIXJSVHIWMKRGSRWMHIVEXMSRW
'SVVSWMSR GER FI QMRMQM^IH F] WIPIGXMRK TVSGIWWIW ERH
QEXIVMEPWXLEXHIPE]XLISRWIXSJGSVVSWMSRERHXLEX[MPPSRGI
GSVVSWMSRMWMRMXMEXIHQMRMQM^IXLIVEXISJGSVVSWMSR(IXEMPIH
KYMHERGISRTVIZIRXMZIWXVEXIKMIWGERFIJSYRHMR%'-6
%KIRIVEPHMWGYWWMSRSJWSQISJXLIJEGXSVWEJJIGXMRKGSVVSWMSR
VIWMWXERGIEVIHIWGVMFIHMRXLIJSPPS[MRKWIGXMSRW
 (IWMKRERHTVSGIWW
 'SRGVIXIUYEPMX]ERHGSZIVSZIVWXIIP
 'SZIVHITXL{)\XIRWMZIWXYHMIW 'PIEV
4JIMJIVIXEP1EVYWMRERH4JIMJIV LEZIWLS[R
XLEXQQ MR GSZIVSZIVFEVIWXIIPFEVWMWMREHIUYEXIJSV
GLPSVMHITVSXIGXMSRMRWIZIVIGSVVSWMSRIRZMVSRQIRXWIZIRMJ
XLI GSRGVIXI LEW E [GQ EW PS[ EW  8IWXW LEZI EPWS
WLS[RXLEXXLIGLPSVMHIGSRXIRXMRXLIXSTQQ PMR SJ
GSRGVIXIGERFIZIV]LMKLGSQTEVIH[MXLXLEXEXHITXLWSJ
XSQQ XSMR IZIRMRGSRGVIXISJLMKLUYEPMX]WYGL
EWSRILEZMRKE[GQSJ%WEVIWYPXEHIUYEXIGSZIVJSV
QSHIVEXIXSWIZIVI GSVVSWMSR IRZMVSRQIRXW WLSYPH FI E
QMRMQYQSJXSQQ PXSMR 
'SRGVIXI[MPP EFWSVFWEPXWETTPMIHMRHIMGMRKSTIVEXMSRW
8SVIHYGIXLIPMOIPMLSSHSJGSVVSWMSREQMRMQYQGSZIVSJ
QQ MR ERHEPS[[GQ QE\MQYQ EVIHIWMVEFPI
&IGEYWISJGSRWXVYGXMSRXSPIVERGIWEHIWMKRGSZIVSJEXPIEWX
QQ MR MWRIIHIHXSSFXEMREQMRMQYQGSZIVSJQQ
MR SZIVXS SJXLIVIMRJSVGMRKWXIIP :ER(EZIIV
ERH7LIVIX 
8]TMGEPVIUYMVIQIRXWJSVGSZIVHITXLMRGLPSVMHIIRZMVSR
QIRXWEVIQQ MR  /NEIVIXEP ERHXSQQ
XSMR  %'- 
 'SRGVIXI UYEPMX]{2YQIVSYWXIWXTVSKVEQW
LEZI WLS[R XLEX GSRGVIXI QEHI [MXL E PS[ [GQ ERH
EHIUYEXI GSZIV SZIVXLI WXIIP TIVJSVQW WMKRMJMGERXP] FIXXIV
XLERGSRGVIXIQEHI[MXLELMKLIV[GQ'LPSVMHIMSRTIVQI
EFMPMX] XS E  QQ  MR  HITXL MW ETTVS\MQEXIP]  XS
 KVIEXIVJSVGSRGVIXIQEHI[MXL[GQSJERH
XLER JSV GSRGVIXI QEHI [MXL E [GQ SJ  7MQMPEVP]
MRJSVQEXMSRKEMRIHJVSQXLIXIWXMRKSJGSRGVIXI[MXLSXLIV
GIQIRXMXMSYW QEXIVMEPW WLS[W XLEX XLI TVSTIV YWI SJ WYGL
QEXIVMEPWGERI\XIRHXLIXMQIXSGSVVSWMSRERHVIHYGIXLIVEXI
SJGSVVSWMSRWLSYPHMXMRMXMEXI
2I[ VIUYMVIQIRXW MR WTIGMJMGEXMSRW TPEGI WXVMGX VIUYMVI
QIRXWSRXLIQM\XYVITVSTSVXMSRWJSVWIZIVIGLPSVMHIIRZMVSR
QIRXW3RI I\EQTPI MW XLI  2SV[IKMER4YFPMG 6SEHW
%HQMRMWXVEXMSR FVMHKI GSHI [LMGL LEW ZIV] WTIGMJMG
VIUYMVIQIRXWJSVQM\XYVITVSTSVXMSRWHITIRHMRKSRXLIPSGEXMSR
SJXLIWXVYGXYVI [GQ XSERHEGIVXEMRWMPMGEJYQI
GSRXIRX %RSXLIVI\EQTPIMWXLI+VIEX&IPXTVSNIGX[LIVI
XLIGSQFMRIHFIRIJMXWSJEPS[ [GQ[MXLXLIYWISJWMPMGE
JYQIERHJP]EWLEVII\TIGXIHXSIRWYVIE]IEVPMJIXMQI
%WMQMPEVQM\XYVITVSTSVXMSRMRKTLMPSWSTL]MWYWIHJSVXS

+9-()83(96%&0)'32'6)8)

QMPPMSRQ XSQMPPMSR]H SJGSRGVIXIJSVXLIOQ


QMPI GSRRIGXMSREGVSWW3VIWYRHJVSQ7[IHIRXS(IRQEVO
 'VEGOW{3RIGEYWISJGLPSVMHIMRXVYWMSRMRXS
GSRGVIXI MW GVEGOW 'VEGOW EPPS[ GLPSVMHI MRJMPXVEXMSR EX E
QYGLJEWXIVVEXIXLERF]XLIWPS[IVHMJJYWMSRTVSGIWWIWERH
IWXEFPMWL GLPSVMHI GSRGIRXVEXMSR GIPPW XLEX GER EGGIPIVEXI
GSVVSWMSR8LITIVQMWWMFPIGVEGO[MHXLHITIRHWSRXLIPSGEXMSR
SJ XLI GVEGO ERH XLI EQFMIRX IRZMVSRQIRX *MHNIWXP IX EP
  -R WXVYGXYVIW WYFQIVKIH MR WIE[EXIV JSV I\EQTPI
IZIR PEVKI H]REQMG GVEGOW QE] FI GPSWIH F] FVYGMXI ERH
EVEKSRMXI QEKRIWMYQ L]HVS\MHI ERH GEPGMYQ GEVFSREXI
[MXLMR E JEMVP] WLSVX TIVMSH )WTIPMH ERH *MHNIWXP 
&YIRJIPHERH2I[QER 
8SQMRMQM^IGVEGOJSVQEXMSRGSRGVIXIWLSYPHEP[E]WFI
QEHI[MXLXLIPS[IWXTVEGXMGEP[EXIVGSRXIRX%PWSTVSTIV
HIXEMPMRKSJVIMRJSVGIQIRXWYJJMGMIRXQMRMQYQERHWXVYGXYVEP
VIMRJSVGIQIRXERHGSRXVSPSJLIEXSJL]HVEXMSRERHVIWXVEMRX
IJJIGXW EVI MQTSVXERX MR TVSHYGMRK E WXVYGXYVI MR [LMGL
GVEGOWHSRSXHIKVEHIGSVVSWMSRVIWMWXERGI
 'SRGVIXI VIWMWXMZMX]{;LIR GSRGVIXI MW OITX
QSHIVEXIP] HV] GSVVSWMSR SJ WXIIP MW QMRMQM^IH *SV
I\EQTPIMJGSRGVIXIGSRXEMRMRKYTXS 'E'PMWEPPS[IH
XSHV]XSEQE\MQYQMRXIVREPVIPEXMZILYQMHMX]SJXS 
IQFIHHIH WXIIP WLSYPH IMXLIV RSX GSVVSHI SV GSVVSHI EX ER
MRGSRWIUYIRXMEPVEXI 8YXXM 
;LMPIXLIWYVJEGIVIKMSRWSJI\TSWIHGSRGVIXIWXVYGXYVIW
[MPP LEZI LMKL SV PS[ IPIGXVMGEP GSRHYGXMZMX] ZEPYIW
HITIRHMRK YTSR XLI [IXXMRK ERH HV]MRK GSRHMXMSRW SJ XLI
IRZMVSRQIRXXLIGSRGVIXIMRXIVMSVYWYEPP]VIUYMVIWPSRKHV]MRK
TIVMSHWXSEGLMIZIPS[IPIGXVMGEPGSRHYGXMZMX]8IWXW 4JIMJJIV
IX EP   WLS[ XLEX  XS QQ  XS  MR XLMGO
VIMRJSVGIH GSRGVIXI WPEFW [MXL [GQ VERKMRK JVSQ  XS
LEZIIWWIRXMEPP]IUYEPMRMXMEP%'IPIGXVMGEPVIWMWXERGIZEPYIW
FIX[IIRXLIXSTERHFSXXSQVIMRJSVGMRKFEVQEXWEXHE]W
'IQIRXMXMSYWQEXIVMEPWGERKMZIZIV]LMKLIPIGXVMGEPVIWMW
XMZMX] MR GSRGVIXI (EXE EVI EZEMPEFPI WLS[MRK XLEX WMPMGE
JYQIWPEKGIQIRXERHJP]EWL TEVXMGYPEVP]WMPMGEJYQI [MPP
KMZIGSRGVIXIVIWMWXMZMXMIWJEVMRI\GIWWSJ[LEXMWTVSZMHIH
F]TSVXPERHGIQIRXGSRGVIXI 'EFVIVEERH+LSHHSYWWM
*MHNIWXPERH*VIEVWSR+EYXIJEPPERH:IRRIWPERH
&IVOI   7MQMPEVP] %' VIWMWXERGI XIWXW SR GSRGVIXI
QEHI[MXLWMPMGEJYQIEXE[GQSJWLS[I\XVIQIP]LMKL
MRMXMEP IPIGXVMGEP VIWMWXERGI ZEPYIW [LIR GSQTEVIH [MXL
GSRGVIXILEZMRKE[GQSJXS8LILMKLIPIGXVMGEP
VIWMWXERGISJWMPMGEJYQIGSRGVIXIGERFIHYIXSHIRWIVTEWXI
QMGVSWXVYGXYVIERHXSGLERKIWMRXLITSVIGLIQMWXV]
8LILMKLIPIGXVMGEPVIWMWXMZMX]SJFPIRHIHFMRHIVW]WXIQWMW
GSRJMVQIH F] XIWXW YWMRK %781 '[LMGL TVSZMHIW E
QIXLSH XS HIXIVQMRI GSRHYGXMZMX] XLEX MW XLIR YWIH EW ER
MRHMVIGXMRHMGEXMSRSJGLPSVMHIHMJJYWMZMX]-RWIZIVEPMRZIWXM
KEXMSRWXLIVILEWFIIREVIPEXMSRWLMTXS GLPSVMHIHMJJYWMSR
HIXIVQMRIHF]QSVIGSRZIRXMSREPHMJJYWMSRSVTSRHMRKXIWXW
(IX[MPIVERH*ETSLYRHE;SPWMIJIV1MWVEIXEP
 &YVK ERH 3WX   %W MQTPMIH MR XLI WXERHEVH
LS[IZIVXLMWVIPEXMSRWLMTGERRSXFIEWWYQIHXSFIYRMZIVWEP
FIGEYWIMX[MPPEPWSHITIRHSRXLIGSQTSWMXMSRSJXLIFMRHIV
W]WXIQWYGLEWGSRXIRXSJERHX]TISJGIQIRXERHGIQIRXMXMSYW
QEXIVMEPWYWIH

6

 'SRWXVYGXMSREWTIGXW
 ;SVOQERWLMT{+SSH [SVOQERWLMT MWZMXEPJSV
WIGYVMRKYRMJSVQGSRGVIXI[MXLPS[TIVQIEFMPMX]*SVPS[
WPYQT GSRGVIXI WIKVIKEXMSR ERH LSRI]GSQFMRK GER FI
EZSMHIHF]KSSHGSRWSPMHEXMSRTVEGXMGIW-XMWEPWSIWWIRXMEP
XLEXXLIVIUYMVIQIRXWSJXLIWTIGMJMGEXMSRWFIQIX-XLIPTW
ZIV] PMXXPI XS WTIGMJ]  QQ  MR  GSZIV [LIR XLI
GSRWXVYGXMSRVIWYPXWMREQIERZEPYISJQQ MR [MXL
PIWWXLER SJQIEWYVIHGSZIVHITXLWWEXMWJ]MRKVIUYMVI
QIRXW /SQTIR 
 6IMRJSVGIQIRX HIXEMPMRK{8[S JEGXSVW EVI
MQTSVXERXXSGSRWMHIVMRXLIHIXEMPMRKSJXLIVIMRJSVGIQIRX
e %HIUYEXI WTEGMRK WLSYPH FI TVSZMHIH XS EPPS[ JSV
TVSTIV TPEGMRK SJ XLI GSRGVIXI GSZIV WS XLEX LSRI]
GSQFMRK ERH TSSV GSQTEGXMSR EVI EZSMHIH ERH KSSH
FSRHFIX[IIRGSRGVIXIERHWXIIPEVISFXEMRIHERH
e 'SVVSWMSRMWVIPEXMZIP]QSVIWIZIVIJSVWQEPPFEVWXLER
JSVPEVKIFEVW3RIQQ MR GSVVSWMSRSJEQQ
2S FEVQIERWRIEVP] PSWWSJGVSWWWIGXMSR[LMPI
JSVEQQ 2S FEVMX[MPPQIER PSWWSJGVSWW
WIGXMSR3RXLISXLIVLERHPEVKIFEVWGSYPHGEYWIPEVKIV
GVEGOWXLERWQEPPIVFEVW
 'YVMRK{+SSH GYVMRK VIHYGIW TIVQIEFMPMX]
FIGEYWISJMRGVIEWIHL]HVEXMSRSJXLIGIQIRX%XPIEWXHE]W
SJYRMRXIVVYTXIHQSMWXGYVMRKSVQIQFVERIGYVMRKWLSYPHFI
WTIGMJMIH4VIZIRXMSRSJXLIHIZIPSTQIRXSJI\GIWWMZIIEVP]
XLIVQEP WXVIWWIW MW EPWS MQTSVXERX %GOIV IX EP 
1EVYWMR 
 *SVQ[SVO{+SSHXMKLX JSVQ[SVOMW IWWIRXMEP
4VSTIVP] WYTTSVXIH WGVIIHMRK IUYMTQIRX ERH GSVVIGX
WYTTSVXWJSVXLIVIMRJSVGIQIRXEVIMQTSVXERXJSVEXXEMRMRKXLI
GSZIVTVSXIGXMSRWTIGMJMIH8LIYWISJWMHIJSVQWTEGIVWJSV
VIMRJSVGMRKFEVWMRZIVXMGEPJSVQ[SVOMWWMQMPEVP]MQTSVXERX
'SRXVSPPIHTIVQIEFMPMX]PMRIVWJSVJSVQ[SVOQE]MQTVSZI
XLIUYEPMX]SJXLIGSZIV 7LEvEXIXEP 
 (IWMKR{8LIHIWMKRTVSGIWWGERHSQYGLXSVIHYGI
GSVVSWMSR EXXEGO FIGEYWI TVSTIV HIXEMPMRK GER QMRMQM^I
EGGYQYPEXMSRSJWEPXWERHXLIIWXEFPMWLQIRXSJLMKLLYQMHMX]
EVIEW[LIVIXLIGSVVSWMSRTVSGIWWGERFIWYWXEMRIH
 +IRIVEPPE]SYXSJWXVYGXYVI{8LITPEGIQIRXERH
KIRIVEPPE]SYXSJXLIWXVYGXYVIEVIMQTSVXERXJSVEJEZSVEFPI
IRZMVSRQIRXEP PSEH SR XLI WXVYGXYVI *SV MRWXERGI ER
MRGVIEWIMRXLILIMKLXSJEFVMHKISZIVXLIWIE[MPPVIHYGIXLI
GLPSVMHIPSEHJMIPHMRWTIGXMSRSJGSRGVIXIFVMHKIW *PYKIERH
&PEROZSPP LEWWLS[RXLEXERMRGVIEWIMRFVMHKILIMKLX
EFSZIWIEPIZIPJVSQXSQ XSJX [MPPVIHYGIXLI
GLPSVMHIPSEH XLEXMWXLIEQSYRXSJGLPSVMHIWHITSWMXIHSR
XLIWYVJEGI F]EWQYGLEW 8LIGLPSVMHII\TSWYVI[EW
EPWSYTXSIMKLXXMQIWLMKLIVMRXLIPIIWMHISJXLIWXVYGXYVI
XLERSRXLI[MRH[EVHWMHI
7MQMPEVP] QSZMRK FVMHKI GSPYQRW E[E] JVSQ XVEJJMG
WTPEWL[MPPVIHYGIXLIGLPSVMHIPSEHMRXLIGSRGVIXI
 (VEMREKI{4EVXMGYPEVEXXIRXMSRWLSYPHFIKMZIR
XSHIWMKRHIXEMPWXSIRWYVIXLEX[EXIV[MPPHVEMRERHRSXTSRH
SRWYVJEGIW8LIVIEVIERYQFIVSJHIXEMPWXLEXEVIMQTSVXERX
/SQTIR WYGLEWTVSTIVWPSTIERHI\XIRHIHHVEMREKI
TMTIWXLEXXEOIXLI[EXIVE[E]JVSQXLIGSRGVIXIWYVJEGI

6

%'-'311-88))6)4368

 )\TSWIH MXIQW{'EVIJYP EXXIRXMSR WLSYPH FI


KMZIRXSTEVXMEPP]IQFIHHIHSVTEVXMEPP]I\TSWIHMXIQWWYGL
EWFSPXWXLEXEVII\TSWIHHMVIGXP]XSGSVVSWMZIIRZMVSRQIRXW
8LIVIWMWXERGISJXLIWIMXIQWXSXLIGSVVSWMZIIRZMVSRQIRX
WLSYPHFIMRZIWXMKEXIHERHXLIGSYTPMRKSJHMWWMQMPEVQIXEPW
WLSYPH FI EZSMHIH 'SRGVIXI WLSYPH FI GEVIJYPP] TPEGIH
EVSYRHIQFIHHIHMXIQWWS XLEXMXMW[IPPGSRWSPMHEXIHERH
HSIWRSXGVIEXITEXLWXLEX[MPPTIVQMXGSVVSWMZIWSPYXMSRWXS
IEWMP]VIEGLXLIGSRGVIXIMRXIVMSV
 7TIGMEP TVSXIGXMZI W]WXIQW{'SWXW SJ VITEMVMRK
GSVVSWMSRMRHYGIH HEQEKI EVI ZIV] LMKL 1ER] TVSXIGXMZI
W]WXIQW LEZI FIIR TVSTSWIH WSQI SJ [LMGL LEZI FIIR
WLS[RXSFIIJJIGXMZI[LMPISXLIVWLEZIJEMPIH-XMWFI]SRH
XLIWGSTISJXLMWKYMHIXSHMWGYWWEPPTSWWMFPIW]WXIQW7SQI
W]WXIQWLS[IZIVEVIPMWXIHEWJSPPS[W
3ZIVPE]WERHTEXGLIWSJEZIV]PS[[GQ  PEXI\
QSHMJMIH GSRGVIXI SZIVPE]W 'PIEV ERH ,E]  *IHIVEP
,MKL[E]%HQMRMWXVEXMSRF GSRGVIXIGSRXEMRMRKWMPMGE
JYQI ERH GSRGVIXI GSRXEMRMRK LMKLVERKI [EXIVVIHYGMRK
EHQM\XYVIW
)TS\]GSEXIHVIMRJSVGMRKWXIIP
'SVVSWMSRVIWMWXERXWXIIPW WXEMRPIWWSJZEVMSYWKVEHIW
6EWLIIHY^^EJEVIXEP 
;EXIVTVSSJQIQFVERIW :ER8MPIXEP 
7YVJEGITVSXIGXMZIFEVVMIVW]WXIQWTVSHYGIHJVSQWMPERIW
WMPS\ERIW ITS\MIW TSP]YVIXLERIW ERH QIXLEGV]PEXIW :ER
(EZIIVERH7LIVIX ERH
'EXLSHMGTVSXIGXMSR
{'SVVSWMSRSJQEXIVMEPWSXLIVXLERWXIIP
(MWGYWWMSRWSJWSQISJXLIWIQEXIVMEPWEVIKMZIRF])VPMR
 
 %PYQMRYQ{'SVVSWMSR SJ EPYQMRYQ IQFIHHIH MR
GSRGVIXIGERSGGYVERHGERGVEGOXLIGSRGVIXI'SRHMXMSRW
GSRHYGMZIXSGSVVSWMSREVIGVIEXIHMJXLIGSRGVIXIGSRXEMRW
WXIIPMRGSRXEGX[MXLXLIEPYQMRYQGLPSVMHIWEVITVIWIRXMR
ETTVIGMEFPI GSRGIRXVEXMSRW SV XLI GIQIRXMW LMKLMR EPOEPM
GSRXIRX ;SSHW  )VPMR   ;LIR XLI QIXEPW EVI
GSYTPIH MRGVIEWMRK VEXMSW SJ WXIIP EVIE TEVXMGYPEVP] MR XLI
TVIWIRGISJETTVIGMEFPIEQSYRXWSJGLPSVMHIMRGVIEWIGSVVSWMSR
SJXLIEPYQMRYQ%HHMXMSREPP]L]HVSKIRKEWIZSPYXMSRQE]
SGGYV [LIR JVIWL GSRGVIXI GSRXEGXW EPYQMRYQ 8LMW QE]
MRGVIEWI XLI TSVSWMX] SJ XLI GSRGVIXI ERH XLIVIJSVI XLI
TIRIXVEXMSR SJ JYXYVI GSVVSWMZI EKIRXW 7SQI EPYQMRYQ
EPPS]W EVI QSVI WYWGITXMFPI XS XLMW TVSFPIQ XLER SXLIVW
'SVVSWMSR MRLMFMXSVW WYGL EW GEPGMYQ RMXVMXI LEZI FIIR
WLS[RXSMQTVSZIXLIGSVVSWMSRVIWMWXERGISJEPYQMRYQMR
GSRGVIXI &IVOIERH6SWIRFIVK 
 0IEH{0IEHMRHEQT GSRGVIXI [MPP FI EXXEGOIH F]
XLI'E3,MRXLIGSRGVIXIERHQE]FIHIWXVS]IHMREJI[
]IEVW'SRXEGXSJPIEH[MXLVIMRJSVGMRKWXIIPGEREGGIPIVEXI
XLI EXXEGO 0IEH WLSYPH FI MWSPEXIH JVSQ XLI GSRGVIXI F]
TVSXIGXMZITPEWXMGSVSXLIVQEXIVMEPWXLEXEVIYREJJIGXIHF]
HEQTGSRGVIXI'SVVSWMSRSJIQFIHHIHPIEHMWRSXPMOIP]XS
HEQEKIXLIGSRGVIXI
 'STTIVERHGSTTIVEPPS]W{'STTIVMWRSXRSVQEPP]
GSVVSHIHF]GSRGVIXIEWMWIZMHIRGIHF]XLI[MHIWTVIEHERH
WYGGIWWJYPYWISJGSTTIV[EXIVWXSTWERHXLIIQFIHQIRXSJ

GSTTIVTMTIWMRGSRGVIXIJSVQER]]IEVW )VPMRERH;SSHW
  'SVVSWMSR SJ GSTTIV TMTIW LS[IZIV LEW FIIR
VITSVXIH[LIVIEQQSRME MWTVIWIRX%PWSXLIVILEZIFIIR
VITSVXW XLEX WQEPP EQSYRXW SJ EQQSRME ERH TSWWMFP] SJ
RMXVEXIW GER GEYWI WXVIWW GSVVSWMSR GVEGOMRK SJ IQFIHHIH
GSTTIV+EPZERMGGSVVSWMSRSJWXIIP[MPPSGGYVMJXLIWXIIPMW
GSRRIGXIHXSXLIGSTTIV
 >MRG{>MRGVIEGXW[MXLEPOEPMRIQEXIVMEPWWYGLEWXLSWI
JSYRHMRGSRGVIXI>MRGMRXLIJSVQSJEKEPZERM^MRKGSEXMRK
SR VIMRJSVGMRK WXIIP LS[IZIV MW WSQIXMQIW MRXIRXMSREPP]
IQFIHHIHMRGSRGVIXI%ZEMPEFPIHEXEEVIGSRJPMGXMRKEWXS
XLI FIRIJMX MJ ER] SJ XLMW GSEXMRK 'SSO  7XEVO ERH
4IVIRGLMS  ,MPP IX EP  +VMJJMR  *IHIVEP
,MKL[E] %HQMRMWXVEXMSR   % GLVSQEXI HMT SR XLI
KEPZERM^IH FEVW SV XLI YWI SJ  TTQ SJ GLVSQEXI MR XLI
QM\MRK[EXIVMWVIGSQQIRHIHXSTVIZIRXL]HVSKIRIZSPYXMSRMR
XLIJVIWLGSRGVIXI'EYXMSRWLSYPHFII\IVGMWIH[LIRYWMRK
GLVSQMYQWEPXWFIGEYWISJTSWWMFPIWOMREPPIVKMIW%HHMXMSREPP]
YWIVWEVIGEYXMSRIHEKEMRWXTIVQMXXMRKKEPZERM^IHERHFPEGO
WXIIP XS GSQI MR GSRXEGX [MXL IEGL SXLIV MR E WXVYGXYVI
FIGEYWI XLI YWI SJ HMWWMQMPEV QIXEPW GER GEYWI KEPZERMG
GSVVSWMSR'SVVSWMSRMRLMFMXSVWWYGLEWGEPGMYQRMXVMXILEZI
FIIR WLS[R XSMQTVSZIXLIGSVVSWMSR VIWMWXERGI SJ ^MRGMR
GSRGVIXI &IVOIERH6SWIRFIVK4EKIIXEP 
7SQIHMJJMGYPX]LEWFIIRI\TIVMIRGIH[MXLXLIGSVVSWMSR
ERH TIVJSVEXMSR SJ GSVVYKEXIH KEPZERM^IH WLIIXW YWIH EW
TIVQERIRX FSXXSQ JSVQW JSV GSRGVIXI VSSJW ERH FVMHKI
HIGOW7YGLHEQEKILEWFIIRGSRJMRIHPEVKIP]XSGSRGVIXI
GSRXEMRMRK ETTVIGMEFPI EQSYRXW SJ GLPSVMHI ERH XS EVIEW
[LIVIGLPSVMHIWSPYXMSRWEVITIVQMXXIHXSHVEMRHMVIGXP]SRXS
XLIKEPZERM^IHWLIIX
 3XLIVQIXEPW{'LVSQMYQERHRMGOIPEPPS]IHQIXEPW
KIRIVEPP]LEZIKSSHVIWMWXERGIXSGSVVSWMSRMRGSRGVIXIEW
HSWMPZIVERHXMR8LIGSVVSWMSRVIWMWXERGISJWSQISJXLIWI
QIXEPWQE]FIEHZIVWIP]EJJIGXIHF]XLITVIWIRGISJWSPYFPI
GLPSVMHIWJVSQWIE[EXIVSVHIMGMRKWEPXW7TIGMEPGMVGYQWXERGIW
QMKLXNYWXMJ]XLIGSWXSJWXEMRPIWWWXIIPMRQEVMRIPSGEXMSRWMJ
HEXEEVIEZEMPEFPIXSHSGYQIRXXLIMVWYTIVMSVTIVJSVQERGIMR
GSRGVIXIGSRXEMRMRKQSMWXYVIERHGLPSVMHISVSXLIVIPIGXVSP]XIW
8LI7IVMIWWXEMRPIWWWXIIPWLS[IZIVEVIWYWGITXMFPIXS
WXVIWWGSVVSWMSRGVEGOMRK[LIRXLIXIQTIVEXYVIMWSZIV'
* ERHGLPSVMHIWSPYXMSRWEVIMRGSRXEGX[MXLXLIWXIIP
QEXIVMEP)QFIHHIHREXYVEP[IEXLIVMRKWXIIPWKIRIVEPP]HS
RSXTIVJSVQ[IPPMRGSRGVIXIGSRXEMRMRKQSMWXYVIERHGLPSVMHI
;IEXLIVMRKWXIIPWEHNSMRMRKGSRGVIXIQE]HMWGLEVKIVYWXERH
GEYWIWXEMRMRKSJGSRGVIXIWYVJEGIW
 4PEWXMGW{4PEWXMGW EVI FIMRK YWIH MRGVIEWMRKP] MR
GSRGVIXIMRETTPMGEXMSRWWYGLEWTMTIWWLMIPHW[EXIVWXSTW
GLEMVWEW[IPPEWEGSQTSRIRXMRGSRGVIXI1ER]TPEWXMGWEVI
VIWMWXERXXSWXVSRKEPOEPMWERH[SYPHXLIVIJSVIFII\TIGXIHXS
TIVJSVQ WEXMWJEGXSVMP] MR GSRGVIXI &IGEYWI SJ XLI KVIEX
ZEVMIX] SJ TPEWXMGW ERH QEXIVMEPW GSQTSYRHIH [MXL XLIQ
LS[IZIV WTIGMJMG XIWX HEXE WLSYPH FI HIZIPSTIH JSV IEGL
MRXIRHIHYWI
 ;SSH{;SSH LEW FIIR [MHIP] YWIH MR SV EKEMRWX
QSVXEVWERHGSRGVIXI7YGLYWIMRGPYHIWXLIMRGSVTSVEXMSRSJ
WE[HYWX[SSHTYPTERH[SSHJMFIVWMRXLIGSRGVIXIERHXLI
IQFIHQIRXSJXMQFIV

+9-()83(96%&0)'32'6)8)

8LIYWISJYRXVIEXIHWE[HYWX[SSHGLMTWSVJMFIVWYWYEPP]
VIWYPXWMRWPS[WIXXMRKERHPS[WXVIRKXLGSRGVIXI8LIEHHMXMSR
SJL]HVEXIHPMQIIUYEPXSPXSXLIZSPYQISJXLIGIQIRX
MWYWYEPP]IJJIGXMZIMRQMRMQM^MRKXLIWITVSFPIQW8LIJYVXLIV
EHHMXMSRSJYTXS SJ'E'P HML]HVEXIF]QEWWSJGIQIRXLEW
EPWS LIPTIH XS QMRMQM^I XLIWI TVSFPIQW 'E'P MR WYGL
EQSYRXWGERGEYWIGSVVSWMSRSJIQFIHHIHQIXEPWLS[IZIV
ERHGERLEZIEHZIVWIIJJIGXWSRXLIGSRGVIXIMXWIPJ
%RSXLIVTVSFPIQ [MXLWYGLGSRGVIXIMWXLI LMKLZSPYQI
GLERKI [LMGL SGGYVW IZIR [MXL GLERKIW MR EXQSWTLIVMG
LYQMHMX]8LMWZSPYQIGLERKIQE]PIEHXSGVEGOMRKERH[EVTMRK
8LI IQFIHQIRX SJ PYQFIV MR GSRGVIXI LEW WSQIXMQIW
VIWYPXIH MR PIEGLMRK SJ XLI [SSH F] 'E 3,  [MXL WYFWI
UYIRXHIXIVMSVEXMSR7SJX[SSHWTVIJIVEFP][MXLLMKLVIWMR
GSRXIRXEVIVITSVXIHXSFIQSWXWYMXEFPIJSVWYGLYWI
{7YQQEV]
4SVXPERHGIQIRXGSRGVIXIGERTVSZMHII\GIPPIRXGSVVSWMSR
TVSXIGXMSR XS IQFIHHIH WXIIP ;LIR GSVVSWMSR SGGYVW XLI
GSWXWSJVITEMVWGERFII\GIIHMRKP]LMKL8LIYWISJLMKL
UYEPMX] GSRGVIXI EHIUYEXI GSZIV SZIV XLI WXIIP ERH KSSH
HIWMKREVITVIVIUYMWMXIWMJHIXIVMSVEXMSRHYIXSGSVVSWMSRMWXS
FIQMRMQM^IH
%'- 6 ERH %'- 6 TVSZMHI E WYQQEV] SJ XLI
GEYWIW ERH QIGLERMWQW SJ GSVVSWMSR SJ WXIIP -X MRGPYHIW
MRJSVQEXMSR SR LS[ XS TVSXIGX EKEMRWX GSVVSWMSR MR RI[
WXVYGXYVIWERHTVSGIHYVIWJSVMHIRXMJ]MRKGSVVSWMZIIRZMVSR
QIRXWMXEPWSHIWGVMFIWWSQIVIQIHMEPQIEWYVIWJSVI\MWXMRK
WMXYEXMSRW[LIVIGSVVSWMSRMWSGGYVVMRK
',%48)6{%&6%7-32
{-RXVSHYGXMSR
8LI EFVEWMSR VIWMWXERGI SJ GSRGVIXI MW HIJMRIH EW XLI
wEFMPMX]SJEWYVJEGIXSVIWMWXFIMRK[SVRE[E]F]VYFFMRK
ERHJVMGXMSRx %QIVMGER'SRGVIXI-RWXMXYXI %FVEWMSR
SJJPSSVWERHTEZIQIRXWGERVIWYPXJVSQTVSHYGXMSRSTIVEXMSRW
SVJSSXSVZILMGYPEVXVEJJMG%FVEWMSRVIWMWXERGIMWXLIVIJSVI
SJGSRGIVRMRMRHYWXVMEPJPSSVW 'SZIPP ;MRHSV[EXIV
FSVRI TEVXMGPIW GER EPWS EFVEHI GSRGVIXI WYVJEGIW 4VMGI
 8LIVIEVIMRWXERGIW[LIVIEFVEWMSRMWSJPMXXPIGSRGIVR
WXVYGXYVEPP]]IXXLIVIQE]FIEHYWXMRKTVSFPIQXLEXGERFI
SFNIGXMSREFPIMRWSQIOMRHWSJWIVZMGI%FVEWMSRSJGSRGVIXI
MRL]HVEYPMGWXVYGXYVIWMWHMWGYWWIHSRP]FVMIJP]MRXLMWKYMHI
XLIWYFNIGXMWXVIEXIHMRQSVIHIXEMPMR%'-6ERH6
{8IWXMRKGSRGVIXIJSVVIWMWXERGIXSEFVEWMSR
6IWIEVGL XS HIZIPST QIERMRKJYP PEFSVEXSV] XIWXW SR
GSRGVIXI EFVEWMSRLEW FIIR SRKSMRKWMRGI XLIIEVP]W
8LIVIEVIWIZIVEPHMJJIVIRXX]TIWSJEFVEWMSRERHRSWMRKPI
XIWXQIXLSHLEWFIIRJSYRHXLEXMWEHIUYEXIJSVEPPGSRHMXMSRW
%HIXEMPIHHIWGVMTXMSRSJEFVEWMSRIVSWMSRXIWXQIXLSHWGER
FIJSYRHMR&EOOI  4VMSV  HIWGVMFIHJSYVFVSEH
EVIEW VIPEXIH XS EFVEWMSR WLS[R EW JSPPS[W 8LI GYVVIRX
HSGYQIRXHMWGYWWIWSRP]XLIJMVWXX[SFVSEHEVIEWERHHSIW
RSXHMWGYWWIVSWMSRSVGEZMXEXMSR
;IEVSRJPSSVERHWPEFGSRWXVYGXMSR 8EFPIWLS[W
GPEWWIWSJ[IEVERHWTIGMEPGSRWMHIVEXMSRWVIUYMVIHJSVKSSH
[IEVVIWMWXERGI %'-6 

6

;IEVSRGSRGVIXIVSEHWYVJEGIWHYIXSEXXVMXMSRWGVETMRK
ERHTIVGYWWMSRJVSQLIEZ]XVYGOWERHEYXSQSFMPIW
 )VSWMSR SJ L]HVEYPMG WXVYGXYVIW WYGL EW HEQW WTMPP
[E]WXYRRIPWFVMHKITMIVWERHEFYXQIRXWHYIXSXLIEGXMSR
SJEFVEWMZIQEXIVMEPWGEVVMIHF]JPS[MRK[EXIV EXXVMXMSRERH
WGVETMRK ERH
 'EZMXEXMSR EGXMSR SR GSRGVIXI MR HEQW WTMPP[E]W
XYRRIPWERHSXLIV[EXIVGEVV]MRKW]WXIQWHYIXSLMKLJPS[
ZIPSGMXMIWERHRIKEXMZITVIWWYVIW
%781''1GSZIVWXLVIISTIVEXMSREPTVSGIHYVIW
JSVIZEPYEXMRKJPSSVWYVJEGIW4VSGIHYVI%VIZSPZMRKHMWGW
4VSGIHYVI&HVIWWMRK[LIIPWERH4VSGIHYVI'FEPPFIEVMRKW
)EGL QIXLSH LEW FIIR YWIH XS HIZIPST MRJSVQEXMSR SR
[IEV VIWMWXERGI 0MY   GSQQIRXIH XLEX XLI QSWX
VITVSHYGMFPI VIWYPXWEVI SFXEMRIH F] XLI QIXLSH MRZSPZMRK
XLI YWI SJ VIZSPZMRK HMWGW 6ITVSHYGMFMPMX] SJ EFVEWMSR
XIWXMRK MWER MQTSVXERX JEGXSV MR WIPIGXMRK XLI XIWX QIXLSH
6ITPMGEXMSR SJ VIWYPXW MW RIGIWWEV] XS EZSMH QMWPIEHMRK
VIWYPXWJVSQWMRKPIXIWXW
8LIGSRGVIXIWYVJEGIGSRHMXMSRPSSWIEKKVIKEXIWXLEXEVI
HMWPSHKIH ERH EFVEHIH HYVMRK XLI XIWX TVSGIHYVI ERH GEVI
ERH WIPIGXMSR SJ VITVIWIRXEXMZI WEQTPIW EJJIGXW XIWX VIWYPXW
7EQTPIWXLEXEVIJEFVMGEXIHMRXLIPEFSVEXSV]WLSYPHFIMHIRXMGEP
JSVGSQTEVMWSRERHXLIWIPIGXMSRSJJMIPHXIWXMRKWMXIWWLSYPH
FIQEHISRXLIFEWMWSJTVSZMHMRKVITVIWIRXEXMZIVIWYPXW
8S WIX PMQMXW JSV EFVEWMSR VIWMWXERGI SJ GSRGVIXI MX MW
RIGIWWEV] XS VIP] SR XLI VIPEXMZI ZEPYIW SFXEMRIH HYVMRK
XIWXMRKXSTVSZMHIETVIHMGXMSRSJWIVZMGI
9RHIV[EXIV EFVEWMSR TVIWIRXW WTIGMEP HIQERHW JSV XIWX
TVSGIHYVIW %781 ' YWIW EKMXEXMSR SJ WXIIP FEPPW MR
[EXIVXSHIXIVQMRIEFVEWMSRVIWMWXERGI
8LI%781'XIWXTVSGIHYVIYWIWEWERHFPEWXMRKETTE
VEXYW XS QIEWYVI XLI HITXL SV [IEV XS WMQYPEXI GSQTEVEXMZI
WERHMQTMRKIH[IEVVIWMWXERGI8LMWXIWXTVSZMHIWEQIERWJSV
IZEPYEXMRKVIWMWXERGIXSEFVEWMSRGEYWIHF][MRHFPS[RWERH
{*EGXSVWEJJIGXMRKEFVEWMSRVIWMWXERGISJ
GSRGVIXI
8LI EFVEWMSR VIWMWXERGI SJ GSRGVIXI MW E TVSKVIWWMZI
TLIRSQIRSR-RMXMEPP]XLIVIWMWXERGIMWVIPEXIHXSGSQTVIWWMZI
WXVIRKXLSJXLI[IEVMRKWYVJEGI8LIVIJSVIMRMXMEPNYHKQIRXW
VIKEVHMRK VIPEXMZI JPSSV [IEV GER FI QEHI SR XLI FEWMW SJ
GSQTVIWWMZIWXVIRKXL
%WWSJXIVTEWXI[IEVWE[E]LS[IZIVXLITEVXMGPIWSJJMRI
ERHGSEVWIEKKVIKEXIEVII\TSWIHERHEFVEWMSRERHMQTEGX
[MPPGEYWIEHHMXMSREPHIKVEHEXMSRXLEXMWQSVIVIPEXIHXSXLI
TEWXIXSEKKVIKEXIFSRHWXVIRKXLERHXLIVIPEXMZILEVHRIWWSJ
XLIEKKVIKEXIXLERXSXLIGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI
8IWXWERHJMIPHI\TIVMIRGILEZIKIRIVEPP]WLS[RXLEXEFVEWMSR
VIWMWXERGI MW TVSTSVXMSREP XS XLI GSQTVIWWMZI WXVIRKXL SJ
GSRGVIXI 7GVMTXYVIIXEP;MXXIERH&EGOWXVSQ 
&IGEYWIEFVEWMSRSGGYVWEXXLIWYVJEGIMXMWGVMXMGEPXLEXXLI
WYVJEGI WXVIRKXL FI QE\MQM^IH 6IWMWXERGI GER FI KVIEXP]
MQTVSZIHF]XLIYWISJHV]WLEOIWERHXSTTMRKWJMRMWLMRK
XIGLRMUYIW ERH GYVMRK -R EHHMXMSR XLI YWI SJ GSRGVIXI
QM\XYVIW LEZMRK PS[ XS QSHIVEXIP] PS[    [GQ MW
VIGSQQIRHIHXSMQTVSZIXLIWXVIRKXLERH[IEVVIWMWXERGISJ
WYVJEGITEWXI

6

%'-'311-88))6)4368

8EFPI{*PSSVGPEWWMJMGEXMSRW
'PEWW

%RXMGMTEXIHX]TISJXVEJJMG

7MRKPIGSYVWI )\TSWIHWYVJEGI{JSSXXVEJJMG

9WI

7TIGMEPGSRWMHIVEXMSRW

3JJMGIWGLYVGLIWGSQQIVGMEP 9RMJSVQJMRMWLRSRWPMTEKKVIKEXIMR
MRWXMXYXMSREPQYPXMYRMXVIWMHIRXMEP WTIGMJMGEVIEWGYVMRK

*MREPJMRMWL
2SVQEPWXIIPXVS[IPIHJMRMWL
RSRWPMTJMRMWL[LIVIVIUYMVIH

(IGSVEXMZI

7MRKPIGSYVWI 'SZIVIHWYVJEGI{JSSXXVEJJMG
8[SGSYVWI

)\TSWIHSVGSZIVIHWYVJEGI{
JSSXXVEJJMG

7MRKPIGSYVWI )\TSWIHSVGSZIVIHWYVJEGI{
JSSXERHPMKLXZILMGYPEVXVEJJMG

'SPSVIHQMRIVEPEKKVIKEXIGSPSV
%WVIUYMVIH
TMKQIRXSVI\TSWIHEKKVIKEXIWXEQTIH
SVMRPEMHTEXXIVRWEVXMWXMGNSMRXPE]SYX
GYVMRK
3JJMGIWGLYVGLIWGSQQIVGMEP *PEXERHPIZIPWPEFWWYMXEFPIJSVETTPMIH 0MKLXWXIIPXVS[IPIHJMRMWL
QYPXMYRMXVIWMHIRXMEPMRWXMXY
GSZIVMRKWGYVMRK'SSVHMREXINSMRXW
XMSREP[MXLJPSSVGSZIVMRKW
[MXLETTPMIHGSZIVMRKW
9RFSRHIHSVFSRHIHXSTTMRK &EWIWPEF{KSSHYRMJSVQPIZIP
&EWIWPEF{XVS[IPIHJMRMWL
SZIVFEWIWPEFJSVGSQQIVGMEP WYVJEGIXSPIVERGIGYVMRK
YRHIVYRFSRHIHXSTTMRK
SVRSRMRHYWXVMEPFYMPHMRKW
9RFSRHIHXSTTMRK{FSRHFVIEOIVSR GPIERXI\XYVIHWYVJEGIYRHIV
[LIVIGSRWXVYGXMSRX]TISV
FEWIWPEFQMRMQYQXLMGORIWWMR
FSRHIHXSTTMRK
WGLIHYPIHMGXEXIW
QQ VIMRJSVGIHGYVMRK
8STTMRK{JSVI\TSWIHWYVJEGI
&SRHIHXSTTMRK{TVSTIVP]WM^IH
RSVQEPWXIIPXVS[IPIHJMRMWL
EKKVIKEXIMR QQ QMRMQYQ *SVGSZIVIHWYVJEGIPMKLX
XLMGORIWWGYVMRK
WXIIPXVS[IPIHJMRMWL
-RWXMXYXMSREPSVGSQQIVGMEP
0IZIPERHJPEXWPEFWYMXEFPIJSVETTPMIH 2SVQEPWXIIPXVS[IPIHJMRMWL
GSZIVMRKWRSRWPMTEKKVIKEXIJSVWTIGMJMG
EVIEWGYVMRK'SSVHMREXINSMRXW[MXL
ETTPMIHGSZIVMRKW
-RHYWXVMEPJPSSVWJSVQERYJEGXYVMRK +SSHYRMJSVQWYFKVEHINSMRXPE]SYX ,EVHWXIIPXVS[IPIHJMRMWL
TVSGIWWMRKERH[EVILSYWMRK
EFVEWMSRVIWMWXERGIGYVMRK

7MRKPIGSYVWI )\TSWIHWYVJEGI{MRHYWXVMEP
ZILMGYPEVXVEJJMGXLEXMW
TRIYQEXMG[LIIPWERH
QSHIVEXIP]WSJXWSPMH[LIIPW
7MRKPIGSYVWI )\TSWIHWYVJEGI{LIEZ]HYX] -RHYWXVMEPJPSSVWWYFNIGXXSLIEZ] +SSHYRMJSVQWYFKVEHINSMRXPE]SYX 7TIGMEPQIXEPPMGSVQMRIVEP
MRHYWXVMEPZILMGYPEVXVEJJMGXLEX XVEJJMGQE]FIWYFNIGXXSMQTEGX PSEHXVERWJIVEFVEWMSRVIWMWXERGIGYVMRK EKKVIKEXIWYVJEGILEVHIRIV
MWLEVH[LIIPWERHLIEZ][LIIP PSEHW
VITIEXIHLEVHWXIIPXVS[IPMRK
PSEHW
8[SGSYVWI )\TSWIHWYVJEGI{LIEZ]HYX] &SRHIHX[SGSYVWIJPSSVWWYFNIGX &EWIWPEF{KSSHYRMJSVQWYFKVEHI
'PIERXI\XYVIHFEWIWPEF
MRHYWXVMEPZILMGYPEVXVEJJMG
XSLIEZ]XVEJJMGERHMQTEGX
VIMRJSVGIQIRXNSMRXPE]SYXPIZIP
WYVJEGIWYMXEFPIJSVWYFWIUYIRX
XLEXMWLEVH[LIIPWERH
WYVJEGIGYVMRK
FSRHIHXSTTMRK7TIGMEP
LIEZ][LIIPPSEHW
8STTMRK{GSQTSWIHSJ[IPPKVEHIHEPP TS[IVJPSEXWJSVXSTTMRKEVI
QMRIVEPSVEPPQIXEPPMGEKKVIKEXI
STXMSREPLEVHWXIIPXVS[IPIH
1MRMQYQXLMGORIWWMR QQ  JMRMWL
1MRIVEPSVQIXEPPMGEKKVIKEXIWYVJEGI
LEVHIRIVETTPMIHXSLMKLWXVIRKXLTPEMR
XSTTMRKXSXSYKLIRGYVMRK
8[SGSYVWI %WMR'PEWWIWSV
9RFSRHIHXSTTMRK{SRRI[SV &SRHFVIEOIVSRFEWIWPEFQMRMQYQ %WMR'PEWWIWSV
SPHJPSSVW[LIVIGSRWXVYGXMSR
XLMGORIWWMR QQ EFVEWMSR
WIUYIRGISVWGLIHYPIHMGXEXIW
VIWMWXERGIGYVMRK
7MRKPIGSYVWI )\TSWIHWYVJEGI{WYTIVJPEXSV 2EVVS[EMWPILMKLFE][EVI
:EV]MRKGSRGVIXIUYEPMX]VIUYMVIQIRXW 7XVMGXP]JSPPS[MRKXIGLRMUYIW
EWMRHMGEXIHMR7IGXMSRSJ
SVXSTTMRK
GVMXMGEPWYVJEGIXSPIVERGI
7TIGMEPETTPMGEXMSRTVSGIHYVIWERH
LSYWIWXIPIZMWMSRWXYHMSWMGI
%'-6
VIUYMVIH7TIGMEPQEXIVMEPW
VMROWSVK]QREWMYQW6IJIVXS WXVMGXEXXIRXMSRXSHIXEMPEVIVIGSQ
LERHPMRKZILMGPIWSVVSFSXMGW %'-6JSVHIWMKRKYMHERGI
QIRHIH[LIRWLEOISRLEVHIRIVWEVI
VIUYMVMRKWTIGMJMGXSPIVERGIW
YWIH**XS** wWYTIVJPEXx
JPSSV 'YVMRK
8EFPISJ%'-6

%PXLSYKLYWIJYPEWEVIPEXMZIMRHMGEXSVVIPMERGIWLSYPHRSX
FITPEGIHWSPIP]SRXLIVIWYPXWSJGSQTVIWWMZIWXVIRKXLXIWXW
6EXLIVGEVIJYPMRWTIGXMSRWLSYPHFIQEHIHYVMRKMRWXEPPEXMSR
ERHJMRMWLMRKSJJPSSVWPEFW /IXXPIERH7EHIK^EHIL 
;MXLEKMZIRGSRGVIXIQM\XYVIGSQTVIWWMZIWXVIRKXLEXXLI
WYVJEGIMWMQTVSZIHF]
y %ZSMHMRKWIKVIKEXMSR
e )PMQMREXMRKFPIIHMRK
e 4VSTIVP]XMQIHJMRMWLMRK
e 1MRMQM^MRKWYVJEGI[GQ JSVFMHER][EXIVEHHMXMSRXS
XLIWYVJEGIHYVMRKJMRMWLMRK 
e ,EVHXVS[IPMRKSJXLIWYVJEGIERH
e 4VSTIVGYVMRKTVSGIHYVIW
)GSRSQMGEP TVSTSVXMSRMRK SJ XLI QM\XYVI JSV MRGVIEWIH
GSQTVIWWMZIWXVIRKXLMRGPYHIWYWMRKEQMRMQYQ [GQERH
TVSTIVEKKVIKEXIWM^I
'SRWMHIVEXMSRWLSYPHFIKMZIRXSXLIUYEPMX]SJXLIEKKVI
KEXI 7GVMTXYVIIXEP7QMXL 8LIWIVZMGIPMJISJ

WSQI GSRGVIXI WPEFW WYGL EW [EVILSYWI JPSSVW XLEX EVI


WYFNIGXIHXSEFVEWMSRF]WXIIPSVLEVHVYFFIV[LIIPIHXVEJJMG
MWKVIEXP]PIRKXLIRIHF]XLIYWISJLEVHXSYKLEKKVIKEXIW
7TIGMEPEKKVIKEXIWGERFIYWIHIMXLIV[MXLXLIHV]WLEOI
QIXLSH %'-6 SVEWTEVXSJELMKLWXVIRKXLXSTTMRK
QM\XYVI -J EFVEWMSR MW XLI TVMRGMTEP GSRGIVR EHHMXMSR SJ
LMKLUYEPMX]UYEVX^XVETVSGOSVIQIV]EKKVIKEXIWTVSTIVP]
TVSTSVXMSRIH[MXLGIQIRX[MPPMRGVIEWIXLI[IEVVIWMWXERGI
F]MQTVSZMRKXLIGSQTVIWWMZIWXVIRKXLEXXLIWYVJEGI 8LI
EKKVIKEXIWYWIHMRXSTTMRKQM\XYVIWSVHV]WLEOIWWLSYPHFI
LEVHIV XLER XLI EKKVIKEXI MR XLI GSRGVIXI *SV EHHMXMSREP
EFVEWMSRVIWMWXERGIEGLERKIXSEFPIRHSJQIXEPPMGEKKVIKEXI
ERHGIQIRX[MPPJYVXLIVMRGVIEWIXLIEFVEWMSRVIWMWXERGIERH
MRGVIEWI WIVZMGI PMJI %RSXLIV EHZERXEKI SJ YWMRK QIXEPPMG
EKKVIKEXIMWMQTVSZIHMQTEGXVIWMWXERGIIWTIGMEPP]EXNSMRXW
8LIYWISJX[SGSYVWIJPSSVWYWMRKELMKLWXVIRKXLXSTTMRK
MWKIRIVEPP]PMQMXIHXSJPSSVW[LIVIFSXLEFVEWMSRERHMQTEGX
VIWMWXERGI EVI VIUYMVIH ;LMPI TVSZMHMRK I\GIPPIRX EFVEWMSR

+9-()83(96%&0)'32'6)8)

VIWMWXERGIEX[SGSYVWIJPSSV[MPPKIRIVEPP]FIQSVII\TIRWMZI
%HHMXMSREP MQTEGX VIWMWXERGI GER FI SFXEMRIH F] YWMRK E
XSTTMRKXLEXGSRXEMRWTSVXPERHGIQIRXERHQIXEPPMGEKKVIKEXI
% OI] IPIQIRX MR XLI TVSHYGXMSR SJ WEXMWJEGXSV] JPSSV
WYVJEGIWMWGYVMRK 0MY  %'-66 &IGEYWI
XLIYTTIVQSWXTEVXSJXLIGSRGVIXIWYVJEGIMWXLIVIKMSRXLEX
MWEFVEHIHF]XVEJJMGQE\MQYQWXVIRKXLERHXSYKLRIWWEVI
XLI QSWX MQTSVXERX IPIQIRXW JSV IRWYVMRK VIWMWXERGI XS
WYVJEGI EFVEWMSR 8LMW MW TEVXMEPP] EGGSQTPMWLIH XLVSYKL
TVSTIV JMRMWLMRK STIVEXMSRW XVS[IPMRK XIGLRMUYIW ERH
EHIUYEXI ERH XMQIP] GYVMRK TVEGXMGIW 8LI IJJIGXSJ GYVMRK
IJJMGMIRG] EFWSVTXMZMX] EXXLIXST[IEVMRKWYVJEGILEWFIIR
WLS[RXSFIHMVIGXP]VIPEXIHXSEFVEWMSRVIWMWXERGI'YVMRK
LEWPIWWIJJIGXSRXLIEFVEWMSRVIWMWXERGISJHIITIVWIGXMSRW
SJXLIWEQIGSRGVIXI 7IRFIXXEERH7GLSPIV 
{6IGSQQIRHEXMSRWJSVSFXEMRMRKEFVEWMSR
VIWMWXERXGSRGVIXIWYVJEGIW
 8LI JSPPS[MRK JEGXSVW HMVIGXP] MQTEGX GSRGVIXI
WXVIRKXLERHXLIVIJSVIEFVEWMSRVIWMWXERGI %'-6 
e % PS[ [GQ EX XLI WYVJEGI{7XITW XS PS[IV [GQ
MRGPYHIXLIYWISJ[EXIVVIHYGMRKEHQM\XYVIWQM\XYVI
TVSTSVXMSRW XS VIHYGI FPIIHMRK XMQMRK SJ JMRMWLMRK
STIVEXMSRW XLEX EZSMH XLI EHHMXMSR SJ [EXIV HYVMRK
XVS[IPMRKERHZEGYYQHI[EXIVMRK
e ;IPPKVEHIH JMRI ERH GSEVWI EKKVIKEXIW QIIXMRK
%781 ' {8LI QE\MQYQ WM^I SJ GSEVWI EKKVIKEXI
WLSYPH FI GLSWIR JSV STXMQYQ [SVOEFMPMX] ERH
QMRMQYQ[EXIVGSRXIRX
e 0S[IWX WPYQT GSRWMWXIRX [MXL TVSTIV TPEGIQIRX ERH
GSRWSPMHEXMSREWVIGSQQIRHIHMR%'-6ERH
e %MV GSRXIRXW GSRWMWXIRX [MXL I\TSWYVI GSRHMXMSRW{-R
EHHMXMSRXSEHIXVMQIRXEPIJJIGXSRGSQTVIWWMZIWXVIRKXL
EMV GSRXIRX PIZIPW GER GSRXVMFYXI XS WYVJEGI FPMWXIVMRK
ERHHIPEQMREXMSRMJJMRMWLMRKSTIVEXMSRWEVIMQTVSTIVP]
XMQIH)RXVEMRIHEMVWLSYPHRIZIVFIYWIHJSVHV]WLEOI
XSTTMRKWYRPIWWWTIGMEPTVIGEYXMSRWEVIJSPPS[IH
 8[SGSYVWI JPSSVW{,MKLWXVIRKXL XSTTMRKW MR
I\GIWW SJ  14E  TWM  TVSZMHI MRGVIEWIH EFVEWMSR
VIWMWXERGI 8LI RSQMREP QE\MQYQ EKKVIKEXI WM^I JSV
XSTTMRKQM\XYVIWMWQQ MR 
 7TIGMEPGSRGVIXIEKKVIKEXIW{7IPIGXMSRSJEKKVIKEXIW
JSV MQTVSZIH WXVIRKXL TIVJSVQERGI EX E KMZIR [GQ EPWS
MQTVSZIW EFVEWMSR VIWMWXERGI 8]TMGEPP] EKKVIKEXIW EVI
ETTPMIHEWHV]WLEOIWSVMRLMKLWXVIRKXLFSRHIH XSTTMRKW
 4VSTIV JMRMWLMRK TVSGIHYVIW{*PSEXMRK ERH XVS[IPMRK
STIVEXMSRWWLSYPHFIHIPE]IHYRXMPXLIGSRGVIXILEWPSWXMXW
WYVJEGIWLIIR-XQE]FIRIGIWWEV]XSVIQSZIJVII[EXIVJVSQ
XLIWYVJEGIXSTIVQMXJMRMWLMRKSTIVEXMSRWXSGSRXMRYIFIJSVI
XLIFEWIGSRGVIXILEVHIRW7XERHMRK[EXIVWLSYPHRIZIVFI
[SVOIH MRXS GSRGVIXI WYVJEGIW FIGEYWI MX VIHYGIW XLI
GSQTVIWWMZIWXVIRKXLSJXLIWYVJEGITEWXI8LIHIPE]TIVMSH
[MPPZEV]KVIEXP]HITIRHMRKSRXIQTIVEXYVILYQMHMX]ERH
EMV QSZIQIRX +VIEXIV HIXEMP VIKEVHMRK TVSTIV JMRMWLMRK
STIVEXMSRWMWTVSZMHIHMR%'-6
 :EGYYQ HI[EXIVMRK{:EGYYQ HI[EXIVMRK MW E
QIXLSHJSVVIQSZMRK[EXIVJVSQGSRGVIXIMQQIHMEXIP]EJXIV
TPEGIQIRX 2I[ >IEPERH 4SVXPERH 'IQIRX %WWSGMEXMSR

6

 ;LMPIXLMWTIVQMXWEVIHYGXMSRMR[GQXLIUYEPMX]SJ
XLIJMRMWLIHWYVJEGIMWWXMPPLMKLP]HITIRHIRXSRXLIXMQMRKSJ
JMRMWLMRKERHWYFWIUYIRXEGXMSRWF]XLIGSRXVEGXSV-XWLSYPH
FI IRWYVIH XLEX TVSTIV HI[EXIVMRK MW EGGSQTPMWLIH EX XLI
IHKIWSJXLIZEGYYQQEXW-QTVSTIVP]HI[EXIVIHEVIEWEVI
PIWWVIWMWXERXXSEFVEWMSRFIGEYWISJELMKLIV[GQ
 7TIGMEPHV]WLEOIWERHXSTTMRKW{;LIRWIZIVI[IEV
MW ERXMGMTEXIH XLI YWI SJ WTIGMEP HV] WLEOIW SV XSTTMRK
QM\XYVIW WLSYPH FI YWIH 8LI VIGSQQIRHEXMSRW MR %'6WLSYPHFIJSPPS[IH
 4VSTIV GYVMRK TVSGIHYVIW{*SV QSWX GSRGVIXI
JPSSVW[EXIVGYVMRK OIITMRKXLIGSRGVIXIGSRXMRYSYWP][IX
MW XLI QSWX IJJIGXMZI QIXLSH SJ TVSHYGMRK E LEVH HIRWI
WYVJEGI;EXIVGYVMRKLS[IZIVQE]RSXFIEP[E]WTVEGXMGEP
'YVMRKGSQTSYRHW[LMGLWIEPQSMWXYVIMRXLIGSRGVIXIEVI
YWIH EW ER EPXIVREXMZI 'YVMRK GSQTSYRHW EPWS TVSZMHI
TVSXIGXMSREKEMRWXIEVP]GEVFSREXMSRERHTVIZIRXTVIQEXYVI
SV I\GIWWMZI PSWW SJ WYVJEGI QSMWXYVI 1SMWX GYVMRK SJ
QIXEPPMGWLEOIXSTTMRKWMWRSXVIGSQQIRHIHFIGEYWIWSQI
[EXIVWSYVGIWERHVEMR[EXIVLEZIET,SJPIWWXLER[LMGL
QE]VIWYPXMRXLIS\MHEXMSRSJXLIQIXEPPMGEKKVIKEXITEVXMGPIW
;EXIVGYVMRKMWEGGSQTPMWLIHXLVSYKLXLIYWISJWTVE]W
HEQTFYVPETSVGSXXSRQEXW;EXIVVIWMWXERXTETIVSVTPEWXMG
WLIIXW EVI WEXMWJEGXSV] TVSZMHIH XLEX XLI GSRGVIXI MW JMVWX
[IXXIH ERH XLIR MQQIHMEXIP] GSZIVIH [MXL XLI IHKIW
SZIVPETTIHERHWIEPIHYWMRK[EXIVVIWMWXERXXETI
'YVMRK GSQTSYRHW WLSYPH QIIX XLI QMRMQYQ VIUYMVI
QIRXWSJ%781'8LI]WLSYPHFIETTPMIHMREYRMJSVQ
GSEXMQQIHMEXIP]EJXIVGSRGVIXIJMRMWLMRKERHMREGGSVHERGI
[MXL XLI QERYJEGXYVIVvW VIGSQQIRHEXMSRW 6IGSQQIRHIH
GSZIVEKIVEXIW[MPPZEV]HITIRHMRKSRXLIWYVJEGIXI\XYVISJ
XLI JMRMWLIH WYVJEGI % WQSSXLIV JPSSV WYVJEGI [MPP LEZI
FIXXIV QSMWXYVI VIXIRXMSR TVSTIVXMIW GSQTEVIH [MXL E
LMKL[E] WPEF 7QEPPIV TIEOW ERH ZEPPI]W VIWYPX MR E PS[IV
IZETSVEXMSRVEXIERHXLIVIJSVIEPS[IVGSZIVEKIVEXI8LI
GSQTSYRHWLSYPHFIGSZIVIH[MXLWGYJJVIWMWXERXTETIVMJXLI
JPSSVMWWYFNIGXIHXSXVEJJMGFIJSVIGYVMRKMWGSQTPIXI'YVMRK
GSQTSYRHWWLSYPHRSXFIVIUYMVIHJSVWYVJEGIWXLEXVIGIMZI
TEMRXSVJPSSVXMPIYRPIWWXLIGYVMRKGSQTSYRHMWGSQTEXMFPI
[MXLXLIWIQEXIVMEPW
;IXGYVMRKMWVIGSQQIRHIHJSVGSRGVIXI[MXLEPS[[GQ
XS WYTTP] EHHMXMSREP [EXIV JSV GIQIRX L]HVEXMSR  [LIVI
GSSPMRKSJXLIWYVJEGIMWHIWMVIH[LIVIGSRGVIXI[MPPPEXIVFI
FSRHIH SV [LIVI PMUYMH LEVHIRIVW [MPP FI ETTPMIH 'YVMRK
QIXLSHWEVIHIWGVMFIHMRHIXEMPMR%'-6
,IEXIVWFYVRMRKJSWWMPJYIPWSVSXLIVWSYVGIWSJ'3WYGL
EW JMRMWLMRK QEGLMRIW ZILMGPIW ERH [IPHMRK QEGLMRIW
WLSYPH RSX FI YWIH [MXLSYX EXXIRXMSR XS TVSTIV ZIRXMPEXMSR
7IGXMSR   'EVFSR HMS\MHI GER EHZIVWIP] EJJIGX JVIWL
GSRGVIXI WYVJEGIW FIX[IIR XLI XMQI SJ TPEGIQIRX ERH XLI
ETTPMGEXMSRSJEGYVMRKGSQTSYRH8LIWIZIVMX]SJXLIIJJIGX
MWHITIRHIRXSRXLIGSRGIRXVEXMSRSJ'3XLILYQMHMX]ERH
EQFMIRX XIQTIVEXYVI ERH XLI PIRKXL SJ I\TSWYVI XS XLI EMV
/EYIV ERH *VIIQER   )EVP] GEVFSREXMSR [MPP KVIEXP]
VIHYGIXLIEFVEWMSRVIWMWXERGISJGSRGVIXIWYVJEGIW8LII\XIRX
SJXLIVIHYGXMSRHITIRHWSRXLIHITXLSJGEVFSREXMSR8LISRP]
IJJIGXMZIVITEMVMWXSKVMRHXLIWYVJEGIXSWSYRHLEVHGSRGVIXI

6

%'-'311-88))6)4368

{7XYHHIHXMVIERHXMVIGLEMR[IEVSRGSRGVIXI
8MVI GLEMRW ERH WXYHHIH WRS[ XMVIW GEYWI GSRWMHIVEFPI
[IEVXSGSRGVIXIWYVJEGIWIZIR[LIVIXLIGSRGVIXIMWSJKSSH
UYEPMX]%FVEWMZIQEXIVMEPWWYGLEWWERHEVISJXIRETTPMIH
XSXLITEZIQIRXWYVJEGI[LIRVSEHWEVIWPMTTIV])\TIVMIRGI
JVSQQER]]IEVWvYWISJWERHMR[MRXIVLS[IZIVMRHMGEXIW
XLEXXLMWGEYWIWPMXXPI[IEVMJXLIGSRGVIXIMWSJKSSHUYEPMX]
ERHXLIEKKVIKEXIWEVI[IEVVIWMWXERX
7XYHHIHWRS[XMVIWGEYWI WIVMSYWHEQEKIIZIR XS LMKL
UYEPMX]GSRGVIXI8LIHEQEKIMWHYIXSXLIH]REQMGMQTEGX
SJXLIWQEPPXYRKWXIRGEVFMHIXMTSJXLIWXYHWSJ[LMGLXLIVI
EVIVSYKLP]MRIEGLXMVI3RIPEFSVEXSV]WXYH]WLS[IH
XLEXWXYHHIHXMVIWVYRRMRKSRWYVJEGIWXS[LMGLWERHERHWEPX
[IVIETTPMIHGEYWIHXMQIWEWQYGL[IEVEWYRWXYHHIH
XMVIW /VYOEV ERH 'SSO   *SVXYREXIP] XLI YWI SJ
WXYHHIHXMVIWLEWFIIRHIGPMRMRKJSVERYQFIVSJ]IEVW
;IEVGEYWIHF]WXYHHIHXMVIWMWYWYEPP]GSRGIRXVEXIHMRXLI
[LIIPXVEGOW6YXWJVSQXSQQ XSMR HIITGER
JSVQMREWMRKPI[MRXIVMRVIKMSRW[LIVIETTVS\MQEXIP]
SJTEWWIRKIVGEVWEVIIUYMTTIH[MXLWXYHHIHXMVIWERHXVEJJMG
MW LIEZ] 7QMXL ERH 7GLSRJIPH   1SVI WIZIVI [IEV
SGGYVW[LIVIZILMGPIWWXSTWXEVXSVXYVR /I]WIV 
-RZIWXMKEXMSRWLEZIFIIRQEHITVMRGMTEPP]MR7GERHEREZME
'EREHEERHXLI9RMXIH7XEXIWXSI\EQMRIXLITVSTIVXMIWSJ
I\MWXMRKGSRGVIXIEWVIPEXIHXSWXYHHIHXMVI[IEV 7QMXLERH
7GLSRJIPH   /I]WIV  4VIYW  ;ILRIV
8LYVQERR -RWSQIGEWIWXLIVI[EWGSRWMHIVEFPI
ZEVMEFMPMX]MRXLIHEXEERHXLIGSRGPYWMSRWSJXLIHMJJIVIRX
MRZIWXMKEXSVW [IVI RSXMR EKVIIQIRXLS[IZIV QSWXJSYRH
XLEX E LEVH GSEVWI EKKVIKEXI ERH E LMKLWXVIRKXL QSVXEV
QEXVM\EVIFIRIJMGMEPMRVIWMWXMRKEFVEWMSR
%RSXLIV MRZIWXMKEXMSR [EW EMQIH EX HIZIPSTMRK QSVI
[IEVVIWMWXERX X]TIW SJ GSRGVIXI SZIVPE]W 4VIYW  
4SP]QIV GIQIRX GSRGVIXI ERH TSP]QIVJP] EWL GSRGVIXI
TVSZMHIFIXXIVVIWMWXERGIXS[IEVEPXLSYKLEXXLIWEGVMJMGISJ
WOMHVIWMWXERGI7XIIPJMFIVGSRGVIXISZIVPE]W[IVIEPWSXIWXIH
ERHWLS[IHVIHYGIH [IEV %FVEHIH PSSWI WXIIP JMFIVWGER
TVSHYGI EHHMXMSREP WGSYV ERH XLI I\TSWIH JMFIVW GER
EHZIVWIP]EJJIGXXLIXMVI[IEV
%PXLSYKL XLI VITSVXIH XIWX VIWYPXW WLS[ TVSQMWI RS
EJJSVHEFPIGSRGVIXIWYVJEGILEW]IXFIIRHIZIPSTIHXLEX[MPP
TVSZMHIXLIWEQIWIVZMGIPMJI[LIRWXYHHIHXMVIWEVIYWIHEW
GSRGVIXI WYVJEGIW I\TSWIH XS VYFFIV XMVI [IEV % VITSVX
8VERWTSVXEXMSR6IWIEVGL&SEVH WYQQEVM^IWEZEMPEFPI
HEXESRTEZIQIRX[IEVERHSRXLITIVJSVQERGIERH[MRXIV
EGGMHIRXVIGSVHWJSVWXYHHIHXMVIYWI
{7OMHVIWMWXERGISJTEZIQIRXW
8LIWOMHVIWMWXERGISJGSRGVIXITEZIQIRXWHITIRHWSRXLI
WYVJEGI XI\XYVI SJ XLI GSRGVIXI 8LIVI EVI X[S X]TIW SJ
WYVJEGIXI\XYVI
1EGVSXI\XYVIJVSQWYVJEGIMVVIKYPEVMXMIWXLEXEVIFYMPXMR
EXXLIXMQISJGSRWXVYGXMSRERH
1MGVSXI\XYVIJVSQXLIX]TIERHLEVHRIWWSJJMRIEKKVIKEXI
8LIQMGVSXI\XYVIMWQSVIMQTSVXERXEXWTIIHWSJPIWWXLER
ETTVS\MQEXIP]OQL QTL  /YQQIVERH1I]IV
1YVTL];MPO %XWTIIHWKVIEXIVXLEROQL

 QTL  XLI QEGVSXI\XYVI FIGSQIW UYMXI MQTSVXERX


FIGEYWIMXMWVIPMIHSRXSLIPTTVIZIRXL]HVSTPERMRK
8LIWOMHVIWMWXERGISJGSRGVIXITEZIQIRXMRMXMEPP]HITIRHW
SRXLIXI\XYVIFYMPXMRXSXLIWYVJEGIPE]IV (ELMV -RXMQI
VYFFIVXMVI XVEJJMG EFVEHIW XLIWYVJEGI TEWXI [LMGLVIQSZIW
XLIFIRIJMGMEPQEGVSXI\XYVIERHI\TSWIWXLIGSEVWIERHJMRI
EKKVIKEXITEVXMGPIW8LIVEXIXLEXXLIWYVJEGITEWXIMWVIQSZIH
ERH XLI GSRWIUYIRGIW SR XLI WOMH VIWMWXERGI SJ E TEZIQIRX
HITIRHWSRXLIHITXLERHUYEPMX]SJXLIWYVJEGITEWXIERHXLI
VSGOX]TI XSYKLRIWW SJXLIJMRIERHGSEVWIEKKVIKEXI
*MRIEKKVIKEXIWGSRXEMRMRKWMKRMJMGERXEQSYRXWSJWMPMGEXI
QMRIVEPW MR XLI PEVKIV TEVXMGPI WM^IW [MPP EWWMWX MR WPS[MRK
HS[RWYVJEGI[IEVERHQEMRXEMRMRKXLIQMGVSXI\XYVIRIGIWWEV]
JSVWEXMWJEGXSV]WOMHVIWMWXERGIEXWPS[WTIIH'IVXEMRVSGO
X]TIWLS[IZIVTSPMWLYRHIVVYFFIVXMVI[IEV8LIWIMRGPYHI
ZIV]JMRIXI\XYVIHPMQIWXSRIWHSPSQMXIWERHWIVTIRXMRIXLI
JMRIVXLIXI\XYVIXLIQSVIVETMHXLITSPMWLMRK;LIVIFSXL
XLIJMRIERHGSEVWIEKKVIKEXIEVIQEHISJXLIWIVSGOX]TIW
XLIVIQE]FIEVETMHTSPMWLMRKSJXLIIRXMVITEZIQIRXWYVJEGI
ERHE WIVMSYW VIHYGXMSR MR WOMH VIWMWXERGI;LIVI SRP] XLI
GSEVWI EKKVIKEXI MW SJ XLI TSPMWLMRK X]TI XLI TVSFPIQ MW
HIPE]IHYRXMPXLIGSEVWIEKKVIKEXIMWI\TSWIHF][IEV3R
XLI SXLIV LERH MJ XLI GSEVWI EKKVIKEXI MW JSV I\EQTPI E
GSEVWIKVEMRIH WMPMGE SV ZIWMGYPEV WPEK XLI WOMH VIWMWXERGI
QE]MRGVIEWI[LIRXLIEKKVIKEXIMWI\TSWIH
1EGVSXI\XYVI MW ZIV] MQTSVXERX FIGEYWI MX TVIZIRXW
L]HVSTPERMRK%RI\EQTPISJGSRWXVYGXMRKQEGVSXI\XYVIMR
TEZIQIRXWYVJEGIWMWTPEGMRKKVSSZIWMRXLIGSRGVIXI{IMXLIV
FIJSVILEVHIRMRKSVF]WE[MRKEJXIVXLIGSRGVIXILEWLEVHIRIH{
XSTVSZMHIGLERRIPWJSVXLIIWGETISJ[EXIVXLEXMWSXLIV[MWI
XVETTIHFIX[IIRXLIXMVIERHXLITEZIQIRX-XMWZMXEPXLEXXLI
WTEGI FIX[IIR KVSSZIW FI IWTIGMEPP] VIWMWXERX XS WYVJEGI
EFVEWMSR ERH JVSWX EGXMSR % LMKLUYEPMX] GSRGVIXI XLEX MW
TVSTIVP]JMRMWLIHERHGYVIHLEWXLIVIUYMVIHHYVEFMPMX]ERH
EFVEWMSRVIWMWXERGI
',%48)6{6)*)6)2')7
{6IJIVIRGIHWXERHEVHWERHVITSVXW
8LI WXERHEVHW ERH VITSVXW PMWXIH FIPS[ [IVI XLI PEXIWX
IHMXMSRW EX XLI XMQI XLMW HSGYQIRX [EW TVITEVIH &IGEYWI
XLIWIHSGYQIRXWEVIVIZMWIHJVIUYIRXP]XLIVIEHIVMWEHZMWIH
XSGSRXEGXXLITVSTIVWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIV
XSXLIPEXIWXZIVWMSR
%QIVMGER'SRGVIXI-RWXMXYXI
6 +YMHIXS(YVEFPI'SRGVIXI
6 1EWW'SRGVIXI
6 6ITSVX SR 8LIVQEP ERH :SPYQI'LERKI )JJIGXW
SR'VEGOMRKSJ1EWW'SRGVIXI
6
)VSWMSRSJ'SRGVIXIMR,]HVEYPMG7XVYGXYVIW
6 'SQTIRHMYQ SJ 'EWI ,MWXSVMIW SR 6ITEMV SJ
)VSWMSR(EQEKIH'SRGVIXIMR,]HVEYPMG7XVYGXYVIW

7XERHEVH 4VEGXMGI JSV 7IPIGXMRK 4VSTSVXMSRW JSV
2SVQEP,IEZ][IMKLXERH1EWW'SRGVIXI

7XERHEVH 4VEGXMGI JSV 7IPIGXMSR 4VSTSVXMSRW JSV
7XVYGXYVEP0MKLX[IMKLX'SRGVIXI
6 'LIQMGEP%HQM\XYVIWJSV'SRGVIXI

+9-()83(96%&0)'32'6)8)


6
6
6


6
6
6
6
6
6
6
6
6
6
6
6
6


6
6

'SHI6IUYMVIQIRXWJSV(IXIVQMRMRK*MVI6IWMWXERGI
SJ'SRGVIXIERH1EWSRV]'SRWXVYGXMSR%WWIQFPMIW
+YMHI JSV 9WI SJ 2SVQEP ;IMKLX ERH ,IEZ]
[IMKLX%KKVIKEXIWMR'SRGVIXI
6ITSVXSR%POEPM%KKVIKEXI6IEGXMZMX]
4VSXIGXMSRSJ1IXEPWMR'SRGVIXI%KEMRWX'SVVSWMSR
4VSZMWMSREP 7XERHEVH 8IWX 1IXLSH JSV ;EXIV
7SPYFPI 'LPSVMHI %ZEMPEFPI JSV 'SVVSWMSR SJ
)QFIHHIH7XIIPMR1SVXEVERH'SRGVIXI9WMRKXLI
7S\LPIX)\XVEGXSV
(IWMKR ERH 'SRWXVYGXMSR 4VEGXMGIW XS 1MXMKEXI
'SVVSWMSRSJ6IMRJSVGIQIRXMR'SRGVIXI7XVYGXYVIW
'SRXVSPSJ'VEGOMRKMR'SRGVIXI7XVYGXYVIW
'EYWIW )ZEPYEXMSR ERH 6ITEMV SJ 'VEGOW MR
'SRGVIXI7XVYGXYVIW
9WI SJ 6E[ SV 4VSGIWWIH 2EXYVEP 4S^^SPERW MR
'SRGVIXI
9WISJ*P]%WLMR'SRGVIXI
7PEK'IQIRXMR'SRGVIXIERH1SVXEV
+YMHIJSVXLI9WISJ7MPMGE*YQIMR'SRGVIXI
+YMHIJSV'SRGVIXI*PSSVERH7PEF'SRWXVYGXMSR
+YMHIJSV1IEWYVMRK1M\MRK8VERWTSVXMRKERH
4PEGMRK'SRGVIXI
,SX;IEXLIV'SRGVIXMRK
'SPH;IEXLIV'SRGVIXMRK
+YMHIXS'YVMRK'SRGVIXI
+YMHIJSV'SRWSPMHEXMSRSJ'SRGVIXI
&YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYGXYVEP
'SRGVIXIERH'SQQIRXEV]
'SHI6IUYMVIQIRXWJSV)RZMVSRQIRXEP)RKMRIIVMRK
'SRGVIXI7XVYGXYVIWERH'SQQIRXEV]
6ITSVX SR 3JJWLSVI 'SRGVIXI 7XVYGXYVIW JSV XLI
%VGXMG
+YMHI XS XLI 9WI SJ ;EXIVTVSSJMRK (EQT
TVSSJMRK 4VSXIGXMZI ERH (IGSVEXMZI &EVVMIV
7]WXIQWJSV'SRGVIXI

%781-RXIVREXMSREP
'
7TIGMJMGEXMSRJSV'SRGVIXI%KKVIKEXIW
'
8IWX1IXLSHJSV7SYRHRIWWSJ%KKVIKEXIWF]
9WISJ7SHMYQ7YPJEXISV1EKRIWMYQ7YPJEXI
'
8IWX 1IXLSHW JSV 'LIQMGEP %REP]WMW SJ
,]HVEYPMG'IQIRX
'
7TIGMJMGEXMSRJSV4SVXPERH'IQIRX
'
8IWX 1IXLSHJSV 4SXIRXMEP %POEPM 6IEGXMZMX]
SJ'IQIRX%KKVIKEXI'SQFMREXMSRW 1SVXEV
&EV1IXLSH
'
7TIGMJMGEXMSRJSV%MV)RXVEMRMRK%HQM\XYVIW
JSV'SRGVIXI
'
8IWX 1IXLSH JSV 4SXIRXMEP %POEPM7MPMGE
6IEGXMZMX]SJ%KKVIKEXIW 'LIQMGEP1IXLSH
'
+YMHIJSV4IXVSKVETLMG)\EQMREXMSRSJ%KKVI
KEXIWJSV'SRGVIXI
'
7TIGMJMGEXMSR JSV 0MUYMH 1IQFVERI*SVQMRK
'SQTSYRHWJSV'YVMRK'SRGVIXI
'
8IWX1IXLSHWJSV7EQTPMRKERH8IWXMRK*P]
%WL SV 2EXYVEP 4S^^SPERW JSV 9WI MR 4SVX
PERH'IQIRX'SRGVIXI

6

'

8IWX 1IXLSH JSV %FVEWMSR 6IWMWXERGI SJ


'SRGVIXIF]7ERHFPEWXMRK
'
8IWX1IXLSHJSV)JJIGXMZIRIWWSJ4S^^SPERWSV
+VSYRH &PEWX*YVREGI 7PEK MR 4VIZIRXMRK
)\GIWWMZI)\TERWMSRSJ'SRGVIXI(YIXSXLI
%POEPM7MPMGE6IEGXMSR
'
8IWX1IXLSH JSV 4SXIRXMEP)\TERWMSRSJ4SVX
PERH'IQIRX1SVXEVW)\TSWIHXS7YPJEXI
'
8IWX 1IXLSH JSV 1MGVSWGSTMGEP (IXIVQMRE
XMSRSJ4EVEQIXIVWSJXLI%MV:SMH7]WXIQMR
,EVHIRIH'SRGVIXI
'
8IWX 1IXLSH JSV 4SXIRXMEP %POEPM 6IEGXMZMX]
SJ'EVFSREXI6SGOWJSV'SRGVIXI%KKVIKEXIW
6SGO']PMRHIV1IXLSH
'
7TIGMJMGEXMSRJSV&PIRHIH,]HVEYPMG'IQIRXW
'
7TIGMJMGEXMSR JSV 'SEP *P] %WL ERH 6E[ SV
'EPGMRIH2EXYVEP4S^^SPERJSV9WIMR'SRGVIXI
''1 8IWX 1IXLSH JSV 6IWMWXERGI SJ 'SRGVIXI XS
6ETMH*VII^MRKERH8LE[MRK
''1 8IWX 1IXLSH JSV 7GEPMRK 6IWMWXERGI SJ
'SRGVIXI 7YVJEGIW )\TSWIH XS (IMGMRK
'LIQMGEPW
''1 8IWX 1IXLSH JSV %FVEWMSR 6IWMWXERGI SJ
,SVM^SRXEP'SRGVIXI7YVJEGIW
'
7TIGMJMGEXMSR JSV +VSYRH +VERYPEXIH &PEWX
*YVREGI7PEKJSV9WIMR'SRGVIXIERH1SVXEVW
'
8IWX 1IXLSH JSV 0IRKXL 'LERKI SJ
,]HVEYPMG'IQIRX 1SVXEVW )\TSWIH XS E
7YPJEXI7SPYXMSR
'
8IWX1IXLSHJSV0IRKXL'LERKISJ'SRGVIXI
(YIXS%POEPM'EVFSREXI6SGO6IEGXMSR
'
8IWX 1IXLSH JSV %FVEWMSR 6IWMWXERGI SJ
'SRGVIXI 9RHIV[EXIV1IXLSH
'
8IWX1IXLSHJSV%GMH7SPYFPI'LPSVMHIMR
'1
1SVXEVERH'SRGVIXI
'
4IVJSVQERGI 7TIGMJMGEXMSR JSV ,]HVEYPMG
'IQIRX
'
8IWX 1IXLSH JSV )PIGXVMGEP -RHMGEXMSR SJ
'SRGVIXIvW %FMPMX] XS 6IWMWX 'LPSVMHI -SR
4IRIXVEXMSR
'
8IWX1IXLSHJSV;EXIV7SPYFPI'LPSVMHIMR
'1
1SVXEVERH'SRGVIXI
'
7TIGMJMGEXMSR JSV 7MPMGE *YQI 9WIH MR
'IQIRXMXMSYW1M\XYVIW
'
8IWX1IXLSHJSV4SXIRXMEP%POEPM6IEGXMZMX]SJ
%KKVIKEXIW 1SVXEV&EV1IXLSH
'
8IWX 1IXLSH JSV (IXIVQMREXMSR SJ 0IRKXL
'LERKI SJ 'SRGVIXI (YI XS %POEPM7MPMGE
6IEGXMSR
'
8IWX 1IXLSH JSV (IXIVQMRMRK XLI 4SXIRXMEP
%POEPM7MPMGE 6IEGXMZMX] SJ 'SQFMREXMSRW SJ
'IQIRXMXMSYW 1EXIVMEPW ERH %KKVIKEXI
%GGIPIVEXIH1SVXEV&EV1IXLSH
'
8IWX1IXLSHJSV;EXIV7SPYFPI7YPJEXIMR7SMP
'EREHMER7XERHEVHW%WWSGMEXMSR
'7%% 'SRGVIXI 1EXIVMEPW ERH 1IXLSHW SJ
'SRGVIXI'SRWXVYGXMSR

6

%'-'311-88))6)4368

'7%% 1IXLSHWSJ8IWXJSV'SRGVIXI
'7%%% 8IWXJSV%POEPM%KKVIKEXI6IEGXMSR
'7%%% 'SRGVIXI 1EXIVMEPW ERH 1IXLSHW SJ
'SRGVIXI 'SRWXVYGXMSR1IXLSHW SJ 8IWX
JSV'SRGVIXI
'7%%% 7XERHEVH 4VEGXMGI XS -HIRXMJ] (IKVII SJ
%POEPM6IEGXMZMX] SJ %KKVIKEXIW ERH XS
-HIRXMJ] 1IEWYVIW XS %ZSMH (IPIXIVMSYW
)\TERWMSRMR'SRGVIXI
'7%%% 7XERHEVH 4VEGXMGI JSV 0EFSVEXSV] 8IWXMRK
XS (IQSRWXVEXI XLI )JJIGXMZIRIWW SJ
7YTTPIQIRXEV] 'IQIRXMRK 1EXIVMEPW ERH
0MXLMYQ&EWIH %HQM\XYVIW XS 4VIZIRX
%POEPM7MPMGE6IEGXMSRMR'SRGVIXI
'7%%% %GGIPIVEXIH1SVXEV&EV8IWX
+IVQER-RWXMXYXISJ7XERHEVHM^EXMSR
(-2 %WWIWWQIRX SJ ;EXIV 7SMP ERH +EWIW JSV 8LIMV
%KKVIWWMZIRIWW XS 'SRGVIXI 4VMRGMTPIW ERH
0MQMXMRK:EPYIW
8LIWITYFPMGEXMSRWQE]FISFXEMRIHJVSQXLIWISVKERM^EXMSRW
%QIVMGER'SRGVIXI-RWXMXYXI
43&S\
*EVQMRKXSR,MPPW1-
[[[GSRGVIXISVK
%781-RXIVREXMSREP
&EVV,EVFSV(VMZI
;IWX'SRWLSLSGOIR4%
[[[EWXQSVK
'EREHMER7XERHEVHW%WWSGMEXMSR
6I\HEPI&PZH
)XSFMGSOI 8SVSRXS 321;6
'EREHE
[[[GWEGE
+IVQER-RWXMXYXISJ7XERHEVHM^EXMSR
(-2(IYXWGLIW-RWXMXYXJV2SVQYRKI:
&IVPMR
+IVQER]
[[[HMRHI
{'MXIHVIJIVIRGIW
%%7,83  w+YMHI 7TIGMJMGEXMSR JSV ,MKL[E]
'SRWXVYGXMSR7IGXMSR\4SVXPERH'IQIRX'SRGVIXI6IWMWXERX
XS)\GIWWMZI)\TERWMSR'EYWIHF]%POEPM7MPMGE6IEGXMSRx
LXXTPIEHWXEXIWXVERWTSVXEXMSRSVKEWVPMFVEV]KWTIGWXQ
%GOIV4*SYGVMIV'ERH1EPMIV=w8IQTIVEXYVI
6IPEXIH 1IGLERMGEP )JJIGXW MR 'SRGVIXI )PIQIRXW ERH
3TXMQM^EXMSR SJ XLI 1ERYJEGXYVMRK 4VSGIWWx 'SRGVIXI EX
)EVP] %KIW 74 . * =SYRK IH %QIVMGER 'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1-TT
%PEWEPM 1 1  w%POEPM%KKVIKEXI 6IEGXMSR MR
'SRGVIXI-RZIWXMKEXMSRWSJ'SRGVIXI)\TERWMSRJVSQ%POEPM
'SRXVMFYXIH F] 4S^^SPERW SV 7PEKx *P] %WL 7MPMGE *YQI

7PEKERH2EXYVEP4S^^SPERWMR'SRGVIXI4VSGIIHMRKWSJXLI
8LMVH '%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74
:11EPLSXVEIH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1-TT
%PQSRH(/ERH.ERWWIR(.w8LI;EWLMRKXSR
,]HVEYPMG*VEGXYVI8IWXJSV'SRGVIXI%KKVIKEXIW)\TSWIHXS
*VII^MRK ERH 8LE[MRKx 7YTTPIQIRXEP 4ETIV 7IGSRH
'%21)8%'- -RXIVREXMSREP 'SRJIVIRGI SR (YVEFMPMX] SJ
'SRGVIXI1SRXVIEP5''EREHETT
%PSRWS ' %RHVEHI ' &EGPI & ERH *MHNIWXP 4
 w'SVVSWMSR HI %VQEHYVEW IR 1MGVSLSVQMKSRIW HI
,YQSHI7MPMGE'SVFSREXEHSW 'SVVSWMSRSJ6IMRJSVGIQIRX
MR'EVFSREXIH1MGVSGSRGVIXI[MXL7MPMGE*YQI x4VSGIIHMRKW
)61'3'SRJIVIRGI1EHVMH MR7TERMWL
%QIVMGER'SRGVIXI-RWXMXYXIw%'-'SRGVIXI8IVQM
RSPSK]x%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-
LXXTXIVQMRSPSK]GSRGVIXISVK EGGIWWIH%TVMP 
%RUM0&ES]Y0+YSTMRK,=IMFS'ERH+YSPMER7
w7XYH]SR'SVVSWMSR4VIZIRXMSRMR6IMRJSVGIH'SRGVIXI
'SRXEMRMRK 'SRHIRWIH 7MPMGE *YQI ERH -XW %TTPMGEXMSRx
(YVEFMPMX] SJ 'SRGVIXI 4VSGIIHMRKW SJ XLI 7IGSRH
'%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
%WKIMVWWSR,ERH+YHQYRHWWSR+w4S^^SPERMG
%GXMZMX]SJ7MPMGE(YWXx'IQIRXERH'SRGVIXI6IWIEVGL:
2STT
&EGOWXVSQ . ) &YVVS[W 6 ; 1MIPIR^ 6 ' ERH
;SPOSHSJJ:)Ew3VMKMR)ZSPYXMSRERH)JJIGXWSJ
XLI %MV :SMH 7]WXIQ MR 'SRGVIXI 4EVX {-RJPYIRGI SJ
;EXIV'IQIRX 6EXMS ERH 'SQTEGXMSRx %'- .3962%0
4VSGIIHMRKW:2S%YKTT
&EGOWXVSQ . ) &YVVS[W 6 ; 1MIPIR^ 6 ' ERH
;SPOSHSJJ:)Fw3VMKMR)ZSPYXMSRERH)JJIGXWSJ
XLI%MV:SMH7]WXIQMR'SRGVIXI4EVX{-RJPYIRGISJ8]TI
ERH %QSYRX SJ %MV)RXVEMRMRK %KIRXx %'- .3962%0
4VSGIIHMRKW:2S%YKTT
&EOOI/.w%FVEWMSR6IWMWXERGIx7MKRMJMGERGISJ
8IWXW ERH 4VSTIVXMIW SJ 'SRGVIXI ERH 'SRGVIXI1EOMRK
1EXIVMEPW%781784(TT
&EOOIV6w3RXLI'EYWISJ-RGVIEWIH6IWMWXERGI
SJ'SRGVIXI1EHIJVSQ&PEWX*YVREGI'IQIRXXSXLI%POEPM
7MPMGE 6IEGXMSR ERH XS 7YPJEXI 'SVVSWMSRx XLIWMW 6;8,
%EGLIRTT
&EWXMIRWIR61SYVR.ERH6SWIRUYMWX-w7SQI
-RZIWXMKEXMSRW SJ %PYQ 7PEXI MR 'SRWXVYGXMSR &MHVEKJMP
&IP]WRMRK EZ ZMWWI &]KRMRKWXIORMWOI 4VSFPIQIV ZIH
3WPSSQVEHIXW %PYRWOMJIVI x 4YFPMGEXMSR 2S  2SV[I
KMER+ISXIGLRMGEP-RWXMXYXI3WPSTT MR2SV[IKMER
&E[INE(7MVMZMZEXRERSR:+VSWW;ERH0EYVMI+
w,MKL4IVJSVQERGI%YWXVEPMER'SRGVIXIWJSV1EVMRI
%TTPMGEXMSRWx ,MKL4IVJSVQERGI'SRGVIXI4VSGIIHMRKWSJ
XLI 7IGSRH %'- -RXIVREXMSREP 'SRJIVIRGI 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
&IPPTSVX & 4  w'SQFEXMRK 7YPTLEXI %XXEGO SR
'SRGVIXISR&YVIEYSJ6IGPEQEXMSR4VSNIGXWx4IVJSVQERGI
SJ'SRGVIXI9RMZIVWMX]SJ8SVSRXS4VIWWTT

+9-()83(96%&0)'32'6)8)

&IVOI27w)JJIGXWSJ'EPGMYQ2MXVMXIERH1M\
(IWMKR SR XLI 'SVVSWMSR 6IWMWXERGI SJ 7XIIP MR 'SRGVIXI
4EVX P x 2%') 'SVVSWMSR  4ETIV 2S  2EXMSREP
%WWSGMEXMSRSJ'SVVSWMSR)RKMRIIVW,SYWXSR8<
&IVOI 2 7  w)JJIGX SJ 'EPGMYQ 2MXVMXI ERH 1M\
(IWMKR SR XLI 'SVVSWMSR 6IWMWXERGI SJ 7XIIP MR 'SRGVIXI
4EVX0SRK8IVQ x2%')'SVVSWMSR4ETIV2S
2EXMSREP%WWSGMEXMSRSJ'SVVSWMSR)RKMRIIVW,SYWXSR8<
&IVOI27w1MGVSWMPMGEERH'SRGVIXI(YVEFMPMX]x
8VERWTSVXEXMSR 6IWIEVGL 6IGSVH  8VERWTSVXEXMSR
6IWIEVGL&SEVH;EWLMRKXSR('TT
&IVOI 2 7 (EPPEMVI 1 4 ERH ,MGOW 1 ' 
w4PEWXMG 1IGLERMGEP 'SVVSWMSR ERH 'LIQMGEP 6IWMWXERGI
4VSTIVXMIWSJ7MPMGE*YQI 1MGVSWMPMGE 'SRGVIXIWx*P]%WL
7MPMGE *YQI 7PEK ERH 2EXYVEP 4S^^SPERW MR 'SRGVIXI
*SYVXL '%21)8%'- -RXIVREXMSREP 'SRJIVIRGI : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
&IVOI 2 7 ,MGOW 1 ' ERH ,SSTIW 6 . 
w'SRHMXMSR %WWIWWQIRX SJ *MIPH 7XVYGXYVIW [MXL 'EPGMYQ
2MXVMXIx 'SRGVIXI &VMHKIW MR %KKVIWWMZI )RZMVSRQIRXW
4LMPMT ( 'EH] -RXIVREXMSREP 7]QTSWMYQ 74 6 )
;I]IVWIH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW
1-TT
&IVOI27ERH6SFIVXW06w9WISJ'SRGVIXI
%HQM\XYVIW XS 4VSZMHI 0SRK8IVQ (YVEFMPMX] JVSQ 7XIIP
'SVVSWMSRx 7YTIVTPEWXMGM^IVW ERH 3XLIV 'LIQMGEP %HQM\
XYVIWMR'SRGVIXI4VSGIIHMRKWSJXLI8LMVH'%21)8%'-RXIVREXMSREP'SRJIVIRGI74:11EPLSXVEIH%QIV
MGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
&IVOI27ERH6SWIRFIVK%w8IGLRMGEP6IZMI[
SJ'EPGMYQ2MXVMXI'SVVSWMSR-RLMFMXSVMR'SRGVIXIx8VERW
TSVXEXMSR 6IWIEVGL 6IGSVH  8VERWTSVXEXMSR 6IWIEVGL
&SEVH;EWLMRKXSR('TT
&IVOI277GEPM1.6IKER.'ERH7LIR(*
 w0SRK8IVQ 'SVVSWMSR 6IWMWXERGI SJ 7XIIP MR 7MPMGE
*YQIERHSV*P]%WL'SRXEMRMRK'SRGVIXIWx(YVEFMPMX]SJ
'SRGVIXI4VSGIIHMRKWSJXLI7IGSRH'%21)8%'--RXIV
REXMSREP'SRJIVIRGI74:11EPLSXVEIH%QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
&VYF 1% ERH (YGLIWRI .  w)ZEPYEXMSR SJ
8IWXMRK 1IXLSHW 9WIH JSV %WWIWWMRK XLI )JJIGXMZIRIWW SJ
1MRIVEP %HQM\XYVIW MR 7YTTVIWWMRK )\TERWMSR (YI XS
%POEPM%KKVIKEXI6IEGXMSRx*P]%WL7MPMGE*YQI7PEKERH
2EXYVEP 4S^^SPERW MR 'SRGVIXI 4VSGIIHMRKW SJ XLI *SYVXL
'%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
&VYF1%ERH*SYVRMIV&Ew%GGIPIVEXIH8IWX
1IXLSHW JSV %POEPM%KKVIKEXI 6IEGXMZMX]x %HZERGIW MR
'SRGVIXI 8IGLRSPSK] : 1 1EPLSXVE IH '%21)8
)163XXE[ETT
&VYF1%ERH*SYVRMIV&Fw)JJIGXMZIRIWWSJ
XLI %GGIPIVEXIH 1SVXEV &EV 1IXLSH %781 ' 4VSTSWEP
4 SV 2&6- JSV %WWIWWMRK 4SXIRXMEP %%6 MR 5YIFIG
'EREHE x 4VSGIIHMRKWSJXLI2MRXL-RXIVREXMSREP'SRJIV
IRGI SR %POEPM%KKVIKEXI 6IEGXMSR MR 'SRGVIXI 'SRGVIXI
7SGMIX]7PSYKL9/TT

6

&VYF 1% ERH *SYVRMIV &  w8IWXMRK JSV


%POEPM%KKVIKEXI 6IEGXMZMX] MR 'SRGVIXIx 1IQSVME HIP
7IQMREVMS-RXIVREGMSREPWSFVI8IGRSPSKMEHIP'SRGVIXS6
6MZIVE :MPPEVIEP IH 9RMZIVWMHEH %YXSRSQE HI 2YIZS
0ISR2YIZS0ISR1I\MGS3GXTT
&IWWI]+)ERH0IE*14VSGIIHMRKWSJXLI
-RWXMXYXMSRSJ'MZMP)RKMRIIVW4EVXTT
&MG^SO-'SRGVIXI'SVVSWMSR'SRGVIXI4VSXIGXMSR
IMKLXLIHMXMSR%OEHIQMEM/MEHS&YHETIWXTT
&MNIR.ERHZER7IPWX6w)JJIGXWSJ*P]%WLSR
'EVFSREXMSRSJ'SRGVIXI[MXL4SVXPERH&PEWX*YVREGI7PEK
'IQIRXx (YVEFMPMX]SJ'SRGVIXI4VSGIIHMRKWSJXLI7IGSRH
'%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
&PEROW 6 *  w*P] %WL EW E 4S^^SPERx %'.3962%0 4VSGIIHMRKW:2S%TVTT
&SFVS[WOM+ERH=SYR(.w'SVVSWMSR-RLMFMXSVW
MR 'VEGOIH 'SRGVIXI %R %HQM\XYVI 7SPYXMSRx 'SRGVIXI
 )GSRSQMG ERH (YVEFPI 'SRWXVYGXMSR XLVSYKL
)\GIPPIRGI4VSGIIHMRKWSJXLI-RXIVREXMSREP'SRJIVIRGI
:TT
&VERGE'*VEXIWM61SVMGSRM+ERH7MQSRGMRM7
w-RJPYIRGISJ*P]%WLSR'SRGVIXI'EVFSREXMSRERH
6IFEV'SVVSWMSRx*P]%WL7MPMGE*YQI7PEKERH2EXYVEP
4S^^SPERW MR 'SRGVIXI 4VSGIIHMRKW SJ XLI *SYVXL
'%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
&VS[RI6(w1IGLERMWQWSJ'SVVSWMSRSJ7XIIP
MR'SRGVIXIMR6IPEXMSRXS(IWMKR-RWTIGXMSRERH6ITEMVSJ
3JJWLSVIERH'SEWXEP7XVYGXYVIWx4IVJSVQERGISJ'SRGVIXI
MR1EVMRI)RZMVSRQIRX 74:11EPLSXVEIH%QIV
MGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
&YGO%(,SYWXSR&.ERH4ITTIV0w)JJIG
XMZIRIWW SJ 1MRIVEP %HQM\XYVIW MR 4VIZIRXMRK )\GIWWMZI
)\TERWMSRSJ'SRGVIXI(YIXS%POEPM%KKVIKEXI6IEGXMSRx
%'-.3962%0 4VSGIIHMRKW:2S3GXT
&YIRJIPH26ERH2I[QER.&w(IZIPSTQIRX
ERH7XEFMPMX]SJ7YVJEGI0E]IVWSR'SRGVIXI)\TSWIHXS7IE
;EXIVx 'IQIRXERH'SRGVIXI6IWIEVGL:2S7ITX
TT
&YVK6+ERH3WX&;w)RKMRIIVMRK4VSTIVXMIW
SJ 'SQQIVGMEPP] %ZEMPEFPI ,MKL7XVIRKXL 'SRGVIXIWx
6IWIEVGL ERH (IZIPSTQIRX &YPPIXMR 6(8 4SVXPERH
'IQIRX%WWSGMEXMSR7OSOMI-0TT
'EFVIVE . + ERH +LSHHSYWWM 4  w-RJPYIRGI SJ
*P]%WLSRXLI6IWMWXMZMX]ERH6EXISJ'SVVSWMSRSJ6IMR
JSVGIH'SRGVIXIx(YVEFMPMX]SJ'SRGVIXI4VSGIIHMRKWSJXLI
8LMVH '%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74
:11EPLSXVEIH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1-TT
'LEXXIVNM 7 8LEYPS[ 2 ERH .IRWIR % ( 
w7XYHMIWSJ%POEPM7MPMGE6IEGXMSR4EVX)JJIGXSJ(MJJIVIRX
%POEPM7EPX7SPYXMSRWSR)\TERWMSRx'IQIRXERH'SRGVIXI
6IWIEVGL :2STT
'PIEV / '  w8MQIXS'SVVSWMSR SJ 6IMRJSVGMRK
7XIIPMR'SRGVIXI7PEFW:4IVJSVQERGI%JXIV(EMP]

6

%'-'311-88))6)4368

7EPX %TTPMGEXMSRWx 6ITSVX 2S *,;%6( *IHIVEP


,MKL[E]%HQMRMWXVEXMSR;EWLMRKXSR('
'PIEV/'ERH,E]6)w8MQIXS'SVVSWMSRSJ
6IMRJSVGMRK7XIIPMR'SRGVIXI7PEFW:)JJIGXSJ1M\(IWMKR
ERH'SRWXVYGXMSR4EVEQIXIVWx-RXIVMQ6ITSVX2S*,;%6(
*IHIVEP,MKL[E]%HQMRMWXVEXMSR;EWLMRKXSR('
'SPPITEVHM 1 'STTSPE 0 ERH 4MWXSPIWM ' 
w(YVEFMPMX]SJ'SRGVIXI7XVYGXYVIW)\TSWIHXS'E'P&EWIH
(IMGMRK7EPXWx(YVEFMPMX]SJ'SRGVIXI4VSGIIHMRKWSJXLI
8LMVH '%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74
:11EPLSXVEIH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1-TT
'SPPMRW ; ( ;I]IVW 6 ) ERH %P5EHM - 0 
w'LIQMGEP8VIEXQIRXSJ'SVVSHMRK7XIIP6IMRJSVGIQIRX%JXIV
6IQSZEPSJ'LPSVMHI'SRXEQMREXIH'SRGVIXIx 8LI.SYVREP
SJ7GMIRGISJ)RKMRIIVMRK'SVVSWMSR:2S.ER
'SSO%6w(IMGMRK7EPXWERHXLI0SRKIZMX]SJ
6IMRJSVGIH 'SRGVIXIx 4ETIV  'SVVSWMSR 2%')
-RXIVREXMSREP,SYWXSR8<
'SSOI8, 'SRGVIXI4YQTMRKERH7TVE]MRK%
4VEGXMGEP+YMHI:ER2SWXVERH6IMRLSPH2I[=SVO
'SVHSR ; %  w*VII^MRK ERH 8LE[MRK SJ
'SRGVIXI{1IGLERMWQW ERH 'SRXVSPx 1SRSKVETL 2S 
%QIVMGER 'SRGVIXI -RWXMXYXI-S[E 7XEXI 9RMZIVWMX] 4VIWW
*EVQMRKXSR,MPPW1-TT
'SZIPP')w,IEZ](YX]'SRGVIXI*PSSVWx%'.3962%0 4VSGIIHMRKW: %QIVMGER 'SRGVIXI -RWXMXYXI
*EVQMRKXSR,MPPW1-TT
'VMEYH%:IVRIX'ERH(IJSWWI'w)ZEPYEXMSR
SJXLI)JJIGXMZIRIWWSJ1MRIVEP%HQM\XYVIW%5YMGO1SVXEV
&EV 8IWX EX 'x 4VSGIIHMRKW SJ XLI XL -RXIVREXMSREP
'SRJIVIRGISR%POEPM%KKVIKEXI6IEGXMSRMR'SRGVIXI:
8LI'SRGVIXI7SGMIX]7PSYKL9/TT
(ELMV 7 ,  w6IPEXMZI 6IWMWXERGI SJ 6EMRIH3R
'SRGVIXI 4EZIQIRXW XS %FVEWMSR 7OMHHMRK ERH 7GEPMRKx
'IQIRX 'SRGVIXI ERH %KKVIKEXIW %781 :  2S 
7YQQIVTT
(EZMIW + ERH 3FIVLSPWXIV 6 )  w9WI SJ XLI
2&6- %GGIPIVEXIH 8IWX XS )ZEPYEXI XLI )JJIGXMZIRIWW SJ
1MRIVEP%HQM\XYVIWMR4VIZIRXMRKXLI%POEPM7MPMGE6IEGXMSRx
'IQIRXERH'SRGVIXI6IWIEVGL:2STT
(IGXIV1,7LSVX264EKI'0ERH,MKKMRW((
 w'LPSVMHI -SR 4IRIXVEXMSR MRXS &PIRHIH 'IQIRX
4EWXIW ERH 'SRGVIXIx *P] %WL 7MPMGE *YQI 7PEK ERH
2EXYVEP 4S^^SPERWMR'SRGVIXI 4VSGIIHMRKW SJ XLI8LMVH
'%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
(I4Y]+;w'LETXIV'LIQMGEP6IWMWXERGISJ
'SRGVIXIx 7MKRMJMGERGISJ8IWXWERH4VSTIVXMIWSJ'SRGVIXI
ERH'SRGVIXI1EOMRK1EXIVMEPW784'%781-RXIV
REXMSREP;IWX'SRWLSLSGOIR4%TT
(IX[MPIV6.ERH*ETSLYRHE'%w'SQTEVMWSR
SJ8[S1IXLSHWJSV1IEWYVMRKXLI'LPSVMHI-SR4IVQIEFMPMX]
SJ 'SRGVIXIx 'IQIRX 'SRGVIXI ERH %KKVIKEXIW : 
2S7YQQIVTT

(MEQSRH7w)JJIGXWSJ1MGVSWMPMGE 7MPMGE*YQI
SR4SVI7SPYXMSR'LIQMWXV]SJ'IQIRX4EWXIWx'SQQYRM
GEXMSRWSJXLI%QIVMGER'IVEQMGW7SGMIX]1E]TT
(MEQSRH7w'SRGVIXI4SVSWMX]6IZMWMXIHx1EXIVMEPW
7GMIRGI SJ 'SRGVIXI 7TIGMEP :SPYQI 8LI (MEQSRH
7]QTSWMYQ1'SLIR71MRHIWWERH.47OEPR]IHW
8LI%QIVMGER'IVEQMG7SGMIX];IWXIVZMPPI3,TT
(MEQSRH7ERH0II6.w1MGVSWXVYGXYVEP%PXIV
EXMSRW%WWSGMEXIH[MXL7YPJEXI%XXEGOMR4IVQIEFPI'SRGVIXIWx
1EXIVMEPW7GMIRGISJ'SRGVIXI7TIGMEP:SPYQI7YPJEXI%XXEGO
1IGLERMWQW .1EVGLERHERH.7OEPR]IHW8LI%QIVMGER
'IVEQMG7SGMIX];IWXIVZMPPI3,TT
(MOISY . 8  w*P] %WL -RGVIEWIW 6IWMWXERGI SJ
'SRGVIXIXS7YPJEXI%XXEGOx6IWIEVGL6ITSVX2S97
&YVIEYSJ6IGPEQEXMSR(IRZIV'3TT
(YFFIVOI ; ERH 1EVOW : .  w8LI )JJIGX SJ
(IMGMRK 7EPX SR %KKVIKEXI (YVEFMPMX]x 8VERWTSVXEXMSR
6IWIEVGL6IGSVH2STT
(YGLIWRI . ERH &VYF 1 %  w%R %YXSGPEZI
1SVXEV&EV8IWXJSV%WWIWWMRKXLI)JJIGXMZIRIWWSJ1MRIVEP
%HQM\XYVIW MR 7YTVIWWMRK )\TERWMSR HYI XS %%6x
4VSGIIHMRKWSJXLIXL-RXIVREXMSREP'SRJIVIRGISR%POEPM
%KKVIKEXI6IEGXMSRMR'SRGVIXI .YP]8LI'SRGVIXI
7SGMIX]TT
(YGLIWRI.ERH&VYF1%w8LI)JJIGXMZIRIWW
SJ 7YTTPIQIRXEV] 'IQIRXMRK 1EXIVMEPW MR 7YTTVIWWMRK
)\TERWMSR (YI XS %76 %RSXLIV 0SSO EX 6IEGXMSR 1IGLE
RMWQW4EVX'SRGVIXI)\TERWMSRERH4SVXPERHMXI(ITPIXMSRx
'IQIRXERH'SRGVIXI6IWIEVGL:2STT
(YRWXER ) 6 .V  w4IVJSVQERGI SJ 0MKRMXI ERH
7YFFMXYQMRSYW*P]%WLMR'SRGVIXI{%4VSKVIWW6ITSVXx
6ITSVX 2S 6)')6' 97 &YVIEY SJ 6IGPEQEXMSR
(IRZIV'3TT
(YRWXIV%1/E[ER,ERH2M\SR4.w8LI
)JJIGX SJ 7MPMGE *YQI XS 6IHYGI %POEPM7MPMGE 6IEGXMSR MR
'SRGVIXIx 4VSGIIHMRKWSJXLI*MJXL-RXIVREXMSREP'SRJIVIRGI
SR(YVEFMPMX]SJ&YMPHMRK1EXIVMEPWERH'SQTSRIRXW.1
&EOIV 4 . 2M\SR % . 1ENYQHEV ERH , (EZMIW IHW
)
*27TSR0SRHSRTT
(YVERH & &IVEVH . 6SY\ 6 ERH 7SPIW . 
w%POEPM7MPMGE6IEGXMSR8LI6IPEXMSR&IX[IIR4SVI7SPYXMSR
'LEVEGXIVMWXMGW ERH )\TERWMSR 8IWX 6IWYPXWx 'IQIRX ERH
'SRGVIXI6IWIEVGL:TT
(]IV 6 1  w%R -RZIWXMKEXMSR SJ 'SRGVIXI
4YQTMRK4VIWWYVIERHXLI)JJIGXWSRXLI%MV:SMH7]WXIQSJ
'SRGVIXIx1EWXIVvWXLIWMW(ITEVXQIRXSJ'MZMP)RKMRIIVMRK
9RMZIVWMX]SJ;EWLMRKXSR
)POI] ; ) .ERWWIR ( . ERH ,SZIV / ' 
w'SRGVIXI 4YQTMRK )JJIGXW SR )RXVEMRIH %MV :SMHWx
2EXMSREP 8IGLRMGEP -RJSVQEXMSR 7IVZMGI 4&
;EWLMRKXSR7XEXI(ITEVXQIRXSJ8VERWTSVXEXMSR
)VPMR &  w)QFIHHIH1IXEPW ERH1EXIVMEPW3XLIV
8LER7XIIPx7MKRMJMGERGISJ8IWXWERH4VSTIVXMIWSJ'SRGVIXI
ERH 'SRGVIXI1EOMRK 1EXIVMEPW 784 ' 4 /PMIKIV
ERH . * 0EQSRH IHW %781 -RXIVREXMSREP ;IWX
'SRWLSLSGOIR4%TT
)VPMR&ERH;SSHW,w'SVVSWMSRSJ)QFIHHIH
1EXIVMEPW 3XLIV 8LER 6IMRJSVGMRK 7XIIPx 7MKRMJMGERGI SJ

+9-()83(96%&0)'32'6)8)

8IWX ERH 4VSTIVXMIW SJ 'SRGVIXI ERH 'SRGVIXI1EOMRK


1EXIVMEPW 784 & %781 -RXIVREXMSREP ;IWX
'SRWLSLSGOIR4%
)WTIPMH & ERH *MHNIWXP 4  w(YVEFMPMX] ERH
'SVVSWMSR &ILEZMSYV SJ (]REQMGEPP] 0SEHIH 3JJWLSVI
'SRGVIXI 7XVYGXYVIWx 4VSGIIHMRKW SJ XLI -RXIVREXMSREP
'SRJIVIRGISR'SRGVIXIMRXLI1EVMRI)RZMVSRQIRX 1EVMRI
'SRGVIXIu 8LI'SRGVIXI7SGMIX]9/
*EVRI] . % ERH /IVOLSJJ &  w(MEKRSWMW ERH
'SRXVSP SJ %POEPM%KKVIKEXI 6IEGXMSRWx -7 4SVXPERH
'IQIRX%WWSGMEXMSR7OSOMI-0TT
*IHIVEP ,MKL[E] %HQMRMWXVEXMSR E w'SEXIH
6IMRJSVGMRK7XIIPx-RXIVMQ6ITSVX2S2))44VSNIGX2S
*,;%2SXMGI2;EWLMRKXSR('
*IHIVEP ,MKL[E] %HQMRMWXVEXMSR F w%%7,83
*,;% 7TIGMEP 4VSHYGXW )ZEPYEXMSR 0MWX 74)0 x 6ITSVX
2S*,;%6(;EWLMRKXSR('
*IHIVEP ,MKL[E] %HQMRMWXVEXMSR  w9WI SJ +EPZE
RM^IH6IFEVWMR&VMHKI(IGOWx2SXMGI2S;EWL
MRKXSR('
*MHNIWXP4w6IMRJSVGIQIRX'SVVSWMSRERHXLI9WI
SJ'7*&EWIH%HHMXMZIWx'SRGVIXI(YVEFMPMX]{/EXLEVMRI
ERH&V]ERX1EXLIV-RXIVREXMSREP'SRJIVIRGI74.1
7GERPSRIH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW
1-TT
*MHNIWXP 4  w/SVVSWNSRWLEWXMKLIX M OEVFSREXMWIVX
FIXSRKx7OERHMREZMWOQMRMWIQMREV8VSRHLIMQ2SV[E]
*MHNIWXP4w'LPSVMHI6IWMWXERGISJ&PIRHIHERH
8VMTPI&PIRH'IQIRXWx4VSGIIHMRKW2SVHMWO1MRMWIQMREV
SQOPSVMHIVMFIXSRK032MPWWSRIH-RWXMXYXISJ&YMPHMRK
1EXIVMEPW'LEPQIVW9RMZIVWMX]+SXLIRFYVK.ER
*MHNIWXP4ERH*VIEVWSR.w,MKL4IVJSVQERGI
'SRGVIXI9WMRK&PIRHIHERH8VMTPI&PIRHIH&MRHIVWx,MKL
4IVJSVQERGI 'SRGVIXI 4VSGIIHMRKW SJ XLI 7IGSRH %'-RXIVREXMSREP'SRJIVIRGI74:11EPLSXVEIH%QIV
MGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
*MHNIWXP4ERH2MPWIR2w*MIPH8IWXSJ6IMRJSVGI
QIRX'SVVSWMSRMR'SRGVIXIx4IVJSVQERGISJ'SRGVIXIMR
1EVMRI)RZMVSRQIRX74:11EPLSXVEIH%QIV
MGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
*MHNIWXP46RRMRK&ERH6PERH&w'VMXIVME
JSV'SZIVERH'VEGO'SRXVSPMRXLI4IVQERIRXP];IX4EVXSJ
1EVMRI 'SRGVIXI 7XVYGXYVIWx 6ITSVX XS 'SRGVIXI MR XLI
3GIERW4LEWI EZEMPEFPIJVSQ,IV1ENIWX]vW7XEXMSREV]
3JJMGI
*PYKI*ERH&PEROZSPP%w'LPSVMHI)\TSWYVISR
+MQW]WXVEYQIRX&VMHKI6IWYPXWJVSQ)\XIRHIH'SRHMXMSR
7YVZI]x 4VSGIIHMRKWSJXLI2SVHMG7IQMREVSR'SVVSWMSR
SJ 6IMRJSVGIQIRX *MIPH ERH 0EFSVEXSV] 7XYHMIW JSV
1SHIPMRKERH7IVZMGI0MJI6ITSVX8:&1/8YYXXM
IH9RMZIVWMX]SJ0YRH
*SPPMEVH/.ERH7ERHFIVK4w1IGLERMWQWSJ
'SRGVIXI(IXIVMSVEXMSRF]7SHMYQ7YPJEXI'V]WXEPPM^EXMSRx
(YVEFMPMX] SJ 'SRGVIXI 4VSGIIHMRKW SJ XLI 8LMVH
'%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT

6

*SPPMEVH/.8LSQEW1(%*SYVRMIV&/YVXMW/
)ERH-HIOIV.,w-RXIVMQ6IGSQQIRHEXMSRWJSV
XLI 9WI SJ 0MXLMYQ XS 1MXMKEXI SV 4VIZIRX %POEPM7MPMGE
6IEGXMSR %76 x4YFPMGEXMSR*,;%,68*IHIVEP
,MKL[E]%HQMRMWXVEXMSR
*SYVRMIV & &MPSHIEY % ERH 1EPLSXVE : 1 
w'%21)8-RHYWXV] 6IWIEVGL 'SRWSVXMYQ SR %POEPM
%KKVIKEXI6IEGXMZMX]x '%21)8%'- -RXIVREXMSREP;SVO
WLST SR %POEPM%KKVIKEXI 6IEGXMSRW MR 'SRGVIXI 2EXYVEP
6IWSYVGIW'EREHETT
*VIRGL ; . ERH 4SSPI % &  w%POEPM%KKVIWWMZI
6IEGXMSRWERHXLI1MHHPI)EWXx'SRGVIXI :2S
TT
+EYXIJEPP 3 ERH :IRRIWPERH   w)PIOXVMWO
QSXWXERHSKT,RMZ1SHMJMWIVX4SVXPERHGIQIRXHIPVETTSVX
)PIGXVMGEP 6IWMWXMZMX] ERH T, PIZIP 1SHMJMIH 4SVXPERH
'IQIRX4VSNIGX4EVX6ITSVX x7MRXIJ6ITSVX2S78*
%8VSRHLIMQ MR2SV[IKMER
+E]RSV 6 (  w9RHIVWXERHMRK 'LPSVMHI 4IVGIRX
EKIWx 'SRGVIXI-RXIVREXMSREP :2S7ITXTT
+MPPMPERH . 0 ERH 1SVER ; 8  w7MPMGISYW
%HQM\XYVIJSVXLI(EZMW(EQx)RKMRIIVMRK2I[W6IGSVH
*IFT
+MPPSX.)w)JJIGXSJ(IMGMRK%KIRXWERH7YPJEXI
7SPYXMSRWSR'SRGVIXI%KKVIKEXIx.SYVREPSJ)RKMRIIVMRK
+ISPSK]:TT
+MPTMR 6 6  w% 1SHIP JSV XLI 4VIHMGXMSR SJ -GI
0IRWMRK ERH *VSWX ,IEZI MR 7SMPWx ;EXIV 6IWSYVGIW
6IWIEVGLTT
+VEXXER&IPPI[4)w8IWX1IXLSHWERH'VMXIVME
JSV )ZEPYEXMRK XLI 4SXIRXMEP 6IEGXMZMX] SJ %KKVIKEXIWx
4VSGIIHMRKWSJXLIXL-RXIVREXMSREP'SRJIVIRGISR%POEPM
%KKVIKEXI6IEGXMSR/]SXS.ETERTT
+VMJJMR ( *  w)JJIGXMZIRIWW SJ >MRG 'SEXMRK SR
6IMRJSVGMRK7XIIPMR'SRGVIXI)\TSWIHXSE1EVMRI)RZMVSR
QIRXx 8IGLRMGEP2SXI2S2972EZEP'MZMP)RKM
RIIVMRK 0EFSVEXSV] 4SVX ,YIRIQI .YP]  TT WX
7YTTPIQIRX.YRIERHRH7YTTPIQIRX.YRI
+YHQYRHWWSR+ERH3PEJWWSR,w7MPMGE*YQI
MR'SRGVIXI{=IEVWSJ)\TIVMIRGIMR-GIPERHx4VSGIIHMRKW
SJXLI8IRXL-RXIVREXMSREP'SRJIVIRGISR%POEPM%KKVIKEXI
6IEGXMSRWMR'SRGVIXI
,EKIVQER 8 ERH 6SSWEEV ,  w(EQEKI XS
'SRGVIXI'EYWIHF]7YPJMHI1MRIVEPWx&IXSRK 7XSGOLSPQ 
:2STT
,EOOMRIR8w4IVQIEFMPMX]SJ,MKL7XVIRKXL&PEWX
*YVREGI7PEK'SRGVIXIx2SVHMG'SRGVIXI6IWIEVGL 2SVWO
&IXSRKJSVIRMRK 2S*IFTT
,EPPIX & ;EPHIV . 7 ERH 7XYFFW ' ; 
w;IEXLIVMRKF]7IKVIKEXMSR-GI+VS[XLMR1MGVSGVEGOWEX
7YWXEMRIH 7YF>IVS 8IQTIVEXYVIW :IVMJMGEXMSR JVSQ ER
)\TIVMQIRXEP7XYH]9WMRK%GSYWXMG)QMWWMSRWx4IVQEJVSWX
ERH4IVMKPEGMEP4VSGIIHMRKWT
,EQMPXSR..ERH,ERHIKSVH+3w8LI4IVJSV
QERGI SJ 3VHMREV] 4SVXPERH 'IQIRX 'SRGVIXI MR 4VEMVMI
7SMPW SJ ,MKL 7YPTLEXI 'SRXIRXx 4IVJSVQERGI SJ
'SRGVIXI{6IWMWXERGI SJ 'SRGVIXI XS 7YPTLEXI ERH 3XLIV

6

%'-'311-88))6)4368

)RZMVSRQIRXEP 'SRHMXMSRW 8LSVZEPHWSR 7]QTSWMYQ 9RMZIV


WMX]SJ8SVSRXS4VIWW8SVSRXS32'EREHETT
,ERWIR;'w-RLMFMXMRK%POEPM%KKVIKEXI6IEG
XMSR[MXL&EVMYQ7EPXWx%'-.3962%0 4VSGIIHMRKW:
2S1EVTT
,ERWIR ; '  w'V]WXEP +VS[XL EW E 7SYVGI SJ
)\TERWMSRMR4SVXPERH'IQIRX'SRGVIXIx4VSGIIHMRKW :
%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4%TT
,EUYI12/E]]EPM3%ERH+STEPER1/
w*P]%WL6IHYGIW,EVQJYP'LPSVMHI-SRWMR'SRGVIXIx%'1EXIVMEPW.SYVREP:2S1E].YRITT
,EVFSI ) 1  w0SRKXMQI 7XYHMIW ERH *MIPH
)\TIVMIRGI [MXL 7YPJEXI %XXEGOx 7YPJEXI 6IWMWXERGI SJ
'SRGVIXI74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1-TT
,E]RIW , ERH 3v2IMPP 6  w(IXIVMSVEXMSR SJ
'SRGVIXIJVSQ7EPX'V]WXEPPM^EXMSRx(YVEFMPMX]SJ'SRGVIXI
4VSGIIHMRKW SJ XLI 8LMVH '%21)8%'- -RXIVREXMSREP
'SRJIVIRGI 74 : 1 1EPLSXVE IH %QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
,E]RIW , 3v2IMPP 6 ERH 1ILXE 4 / 
w'SRGVIXI (IXIVMSVEXMSR JVSQ 4L]WMGEP %XXEGO F] 7EPXWx
'SRGVIXI -RXIVREXMSREP:2S.ERTT
,E]RIW,3v2IMPP62IJJ1ERH1ILXE4/
w7EPX;IEXLIVMRK(MWXVIWWSR'SRGVIXI)\TSWIHXS7SHMYQ
7YPJEXI)RZMVSRQIRX%'-1EXIVMEPW.SYVREP:2S
.ER*IFTT
,IEVR2,SSXSR6(ERH1MPPW6,w4SVI
7XVYGXYVI ERH 4IVQIEFMPMX]x 7MKRMJMGERGI SJ 8IWXW ERH
4VSTIVXMIW SJ 'SRGVIXI ERH 'SRGVIXI1EOMRK 1EXIVMEPW
784'%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4%
TT
,IEVR2ERH=SYRK.*w;'6EXMS4SVSWMX]
ERH7YPJEXI%XXEGO{%6IZMI[x1EXIVMEPW7GMIRGISJ'SRGVIXI
7TIGMEP:SPYQI7YPJEXI%XXEGO1IGLERMWQW.1EVGLERHERH
.7OEPR]IHW8LI%QIVMGER'IVEQMG7SGMIX];IWXIVZMPPI
3,TT
,IPQYXL 6  w'ETMPPEV] 7M^I 6IWXVMGXMSRW SR -GI
*SVQEXMSR MR ,EVHIRIH 4SVXPERH 'IQIRX 4EWXIWx *SYVXL
-RXIVREXMSREP 7]QTSWMYQ SR XLI 'LIQMWXV] SJ 'IQIRX
;EWLMRKXSRTT
,I[PIXX 4 '  0IEvW 'LIQMWXV] SJ 'IQIRX ERH
'SRGVIXI JSYVXL IHMXMSR .SLR ;MPI]
 7SRW -RG 2I[
=SVOTT
,MPP+%7TIPPQER(0ERH7XVEXJYPP6*
w0EFSVEXSV]'SVVSWMSR8IWXWSJ+EPZERM^IH7XIIPMR'SRGVIXIx
8VERWTSVXEXMSR6IWIEVGL6IGSVH2STT
,SFFW ( ;  w)JJIGX SJ 1MRIVEP ERH 'LIQMGEP
%HQM\XYVIWSR%POEPM%KKVIKEXI6IEGXMSRx4VSGIIHMRKWSJ
XLIXL-RXIVREXMSREP'SRJIVIRGISR%POEPM%KKVIKEXI6IEGXMSR
/3OEHE72MWLMFE]EWLMERH1/E[EQYVEIHW)
*2
7TSRTT
,SPQ.w'SQTEVMWSRSJXLI'SVVSWMSR4SXIRXMEPSJ
'EPGMYQ'LPSVMHIERHE'EPGMYQ2MXVMXI&EWIH2SR'LPSVMHI
%GGIPIVEXSV{%1EGVS'IPP'SVVSWMSR%TTVSEGLx'SVVSWMSR
'SRGVIXIERH'LPSVMHIW74*;+MFWSRIH%QIV
MGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT

,SSXSR6(w2I[%KKVIKEXIW%POEPM6IEGXMZMX]
8IWX 1IXLSHWx 6IWIEVGL 6ITSVX 1%8 1MRMWXV] SJ
8VERWTSVXEXMSR32'EREHE
,SSXSR6(w-RJPYIRGISJ7MPMGE*YQI6ITPEGIQIRX
SJ'IQIRXSR4L]WMGEP4VSTIVXMIWERH6IWMWXERGIXS7YPJEXI
%XXEGO*VII^MRKERH8LE[MRKERH%POEPM7MPMGE6IEGXMZMX]x
%'-1EXIVMEPW.SYVREP:2S1EV%TVTT
,SSXSR6( ERH6SKIVW ' %w)ZEPYEXMSR SJ
6ETMH 8IWX 1IXLSHW JSV (IXIGXMRK %POEPM6IEGXMZI %KKVI
KEXIWx 4VSGIIHMRKWSJXLIXL-RXIVREXMSREP'SRJIVIRGISR
%POEPM%KKVIKEXI6IEGXMSR/]SXS.ETERTT
,SSXSR6(ERH6SKIVW'%w(IZIPSTQIRXSJ
XLI2&6-6ETMH1SVXEV&EV8IWX0IEHMRKXS-XW9WIMR2SVXL
%QIVMGEx 4VSGIIHMRKWSJXLIXL-RXIVREXMSREP'SRJIVIRGI
SR%POEPM%KKVIKEXI6IEGXMSRMR'SRGVIXI:0SRHSR
TT
,SVMKYGLM/'LSWSOEFM8-OEFEXE8ERH7Y^YOM=
w6EXISJ'EVFSREXMSRMR'SRGVIXI1EHI[MXL&PIRHIH
'IQIRXx (YVEFMPMX]SJ'SRGVIXI4VSGIIHMRKWSJXLI8LMVH
'%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
,YHIG44ERH0EVFM)=w'LIQMGEP8VIEXQIRXW
ERH%HHMXMZIWXS1MRMQM^I%POEPM6IEGXMZMX]x4VSGIIHMRKW
SJXLIXL-RXIVREXMSREP'SRJIVIRGISR%POEPM%KKVIKEXI
6IEGXMSR/]SXS.ETERTT
,YVWX ; (  w)\TIVMIRGI MR XLI ;MRRMTIK %VIE
[MXL7YPTLEXI6IWMWXMRK'IQIRX'SRGVIXIx4IVJSVQERGISJ
'SRGVIXI6IWMWXERGI SJ 'SRGVIXI XS 7YPTLEXI ERH 3XLIV
)RZMVSRQIRXEP'SRHMXMSRW 8LSVZEPHWSR7]QTSWMYQ9RMZIV
WMX]SJ8SVSRXS4VIWW8SVSRXS32'EREHETT
,YWWEMR 7 ) ERH 6EWLIIHY^^EJEV  w'SVVSWMSR
6IWMWXERGI 4IVJSVQERGI SJ *P] %WL &PIRHIH 'IQIRX
'SRGVIXIx %'-1EXIVMEPW.SYVREP:2S1E].YRI
TT
-HSVR+1ERH6S](1w3TTSVXYRMXMIW[MXL
%POEPMIW MR 'SRGVIXI 8IWXMRK 6IWIEVGL ERH )RKMRIIVMRK
4VEGXMGIx %POEPMIW MR 'SRGVIXI 784 %781 -RXIVRE
XMSREP;IWX'SRWLSLSGOIR4%TT
.ERWWIR(.,MKL[E]'SRGVIXI4EZIQIRX8IGL
RSPSK]:SPYQI--*MIPH)ZEPYEXMSRSJ7,64' *VII^I
8LE[6IWMWXERGI 8IWX7MXIW*,;%
.ERWWIR(.(Y&SWI.(4EXIP%.ERH(IQTWI]
& .  w4VIHMGXMRK XLI 4VSKVIWWMSR SJ ('VEGOMRKx
'MZMP )RKMRIIVMRK 7XYHMIW 8VERWTSVXEXMSR )RKMRIIVMRK
7IVMIW2S9RMZIVWMX]SJ-PPMRSMW
.ERWWIR ( . (]IV 6 1 ERH )POI] ; ) 
w)JJIGXSJ4YQTMRKSR)RXVEMRIH%MV:SMHW6SPISJ4VIWWYVIx
4VSGIIHMRKW'327)'/7EOEM2&ERXLMEERH3)
+NVZIHW7ETTSVS.ETER
.ERWWIR(.ERH7R]HIV1&w1EWW0SWW)\TI
VMIRGI[MXL%781';MXLERH;MXLSYX(IMGMRK7EPXx
4VSGIIHMRKW -RXIVREXMSREP ;SVOWLST SR XLI 6IWMWXERGI SJ
'SRGVIXI XS 7GEPMRK (YI XS *VII^MRK MR XLI 4VIWIRGI SJ
(IMGMRK7EPXW7EMRXI*S]5''EREHE%YKTT
.ERWWIR ( . ERH 7R]HIV 1 &  6IWMWXERGI SJ
'SRGVIXIXS*VII^MRKERH8LE[MRK7,64'8VERWTSV
XEXMSR6IWIEVGL&SEVH

+9-()83(96%&0)'32'6)8)

.SRIW86;EPXIVW+:ERH/SWXYGL.%w6SPI
SJ 1IXEOESPMR MR 7YTTVIWWMRK %76 MR 'SRGVIXI 'SRXEMRMRK
6IEGXMZI%KKVIKEXIERH)\TSWIHXS7EXYVEXIH2E'P7SPYXMSRx
4VSGIIHMRKW SJ XLI XL -RXIVREXMSREP 'SRJIVIRGI SR %POEPM
%KKVIKEXI6IEGXMSRMR'SRGVIXI:0SRHSRTT
.YWXRIW,ERH2]KEEVH)'w8LI-RJPYIRGISJ
8IGLRMGEP 'EPGMYQ 2MXVEXI %HHMXMSRW SR XLI 'LPSVMHI
&MRHMRK 'ETEGMX] SJ 'IQIRX ERH XLI 6EXI SJ 'LPSVMHI
-RHYGIH'SVVSWMSRSJ7XIIP)QFIHHIHMR1SVXEVWx4VSGIIHMRKW
SJXLI-RXIVREXMSREP'SRJIVIRGISR'SVVSWMSRERH'SVVSWMSR
4VSXIGXMSRSJ7XIIPMR'SRGVIXI627[EQ]IH7LIJJMIPH
9/TT
/EPSYWIO + 0 4SVXIV 0 ' ERH&IRXSR ) . 
w'SRGVIXIJSV0SRK8MQI7IVZMGIMR7YPJEXI)RZMVSRQIRXx
'IQIRXERH'SRGVIXI6IWIEVGL :2S.ERTT
/EPSYWIO + 0 4SVXIV 0 'ERH ,EFVSI ) . 
w4EWX 4VIWIRX ERH 4SXIRXMEP (IZIPSTQIRXW SJ 7YPTLEXI
6IWMWXMRK'SRGVIXIWx.SYVREPSJ8IWXMRKERH)ZEPYEXMSR
TT
/ERIYNM 1 ;MRWPS[ ( 2 ERH (SPGL ; 0 
w8LI6IPEXMSRWLMT&IX[IIRER%KKVIKEXIvW4SVI7M^I(MWXVM
FYXMSRERH-XW*VII^I8LE[(YVEFMPMX]MR'SRGVIXIx'IQIRX
ERH'SRGVIXI6IWIEVGL:TT
/EYIV.%ERH*VIIQER60w)JJIGXSJ'EVFSR
(MS\MHISR*VIWL'SRGVIXIx%'-. 3962%0 4VSGIIHMRKW
:2S(IGTT7IIEPWS(MWGYWWMSRTT

/E[EQYVE 1 8EOIQSXS / ERH ,EWEFE 7 
w)JJIGXMZIRIWW SJ :EVMSYW 7MPMGE *YQIW MR 4VIZIRXMRK
%POEPM7MPMGE )\TERWMSRx 'SRGVIXI (YVEFMPMX]{/EXLEVMRI
ERH&V]ERX1EXLIV-RXIVREXMSREP'SRJIVIRGI74.1
7GERPSRIH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW
1-TT
/IRRIVPI]6%w)\TIVMIRGIMR2I[>IEPERH[MXL
4S^^SPERW*P]%WLERH7PEKx'SRGVIXI;SVOWLST;+
6]ERIH'SRGVIXI-RWXMXYXISJ%YWXVEPME7]HRI]TT
/IRRIVPI]6%7X.SLR(%ERH7QMXL01
w%6IZMI[SJ8LMVX]=IEVW SJ -RZIWXMKEXMSRSJXLI%POEPM
%KKVIKEXI 6IEGXMSR MR 2I[ >IEPERHx 4VSGIIHMRKW SJ XLI
XL-RXIVREXMSREP'SRJIVIRGISR%POEPM%KKVIKEXI6IEGXMSR
'ETI8S[R7
/IXXPI 6 ERH 7EHIK^EHIL 1  w-RJPYIRGI SJ
'SRWXVYGXMSR4VSGIHYVIWSR%FVEWMSR6IWMWXERGIx'SRGVIXI
(YVEFMPMX]{/EXLEVMRI ERH &V]ERX 1EXLIV -RXIVREXMSREP
'SRJIVIRGI74.17GERPSRIH%QIVMGER'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1-TT
/I]WIV.,w6IWMWXERGISJ:EVMSYW8]TIWSJ&MXY
QMRSYW'SRGVIXIERH'IQIRX'SRGVIXIXS;IEVF]7XYHHIH
8MVIWx ,MKL[E] 6IWIEVGL 6IGSVH 2S  ,MKL[E]
8VERWTSVXEXMSR 6IWIEVGL&SEVHTT
/NEIV97VIRWIR&ERH+IMOIV1w'LPSVMHI
6IWMWXERX 'SRGVIXI{8LISV] ERH 4VEGXMGIx 4VSGIIHMRKW
'SRGVIXI%GVSWW&SVHIVW3HIRWITT
/PMIKIV 4 ERH +IFPIV 7  w*P] %WL ERH 'SRGVIXI
(YVEFMPMX]x 'SRGVIXI(YVEFMPMX]{/EXLEVMRIERH&V]ERX1EXLIV
-RXIVREXMSREP'SRJIVIRGI74.17GERPSRIH%QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT

6

/PMIKIV41SRJSVI+7XEVO(ERH8IWOI;
w('VEGOMRKSJ'SRGVIXI4EZIQIRXWMR3LMSx*MREP6ITSVX
3LMS(38
/SQTIR6w7MOVMRKEZSZIVHIORMRKJSVEVQIVMRK
)RWYVMRK XLI 'SZIV XS XLI 6IMRJSVGIQIRX x 4VSGIIHMRKW
2SV[IKMER'SRGVIXI(E]2SV[IKMER'SRGVIXI7SGMIX] MR
2SV[IKMER
/SWQEXOE7,/IVOLSJJ&ERH4EREVIWI;'
(IWMKRERH'SRXVSPSJ'SRGVIXI1M\XYVIW)&4SVXPERH
'IQIRX%WWSGMEXMSR7OSOMI-0TT
/VEYWOSTJ/&ERH&MVH(/-RXVSHYGXMSRXS
'LIQMWXV]7XERJSVH'%TT
/VYOEV1ERH'SSO.'w)JJIGXSJ7XYHHIH8MVIW
SR :EVMSYW 4EZIQIRXW ERH 7YVJEGIWx ,MKL[E] 6IWIEVGL
6IGSVH 2S,MKL[E] 8VERWTSVXEXMSR 6IWIEVGL&SEVH
TT
/YQQIV , ; ERH 1I]IV ; )  w8IRXEXMZI
7OMH6IWMWXERGI6IUYMVIQIRXWJSV1EMR6YVEP ,MKL[E]Wx
2',646ITSVX2S,MKL[E] 8VERWTSVXEXMSR 6IWIEVGL
&SEVHTT
0ERI ( 7  w0SRK8IVQ 1SVXEV &EV )\TERWMSR
8IWXWJSV4SXIRXMEP%POEPM%KKVIKEXI6IEGXMZMX]x4VSGIIHMRKW
SJ XLI XL -RXIVREXMSREP 'SRJIVIRGI SR 'SRGVIXI %POEPM
%KKVIKEXI6IEGXMSRW4)+VEXXER&IPPI[IH2S]IW2.
TT
0EROEVH(6w'SRGVIXI9RHIVXLI1MGVSWGSTIx
'SRGVIXI6ITEMV(MKIWX:2STT
0EVWSR 8 ( 'EH] 4 ( ERH 1EPPS] . . 
w4VSXIGXIH 4EWXI :SPYQI 'SRGITX 9WMRK 2I[ %MV:SMH
1IEWYVIQIRX ERH (MWXVMFYXMSR 8IGLRMUYIWx .SYVREP SJ
1EXIVMEPW:2STT
0IE*18LI'LIQMWXV]SJ'IQIRXERH'SRGVIXI
JMVWX%QIVMGERIHMXMSR'LIQMGEP4YFPMWLMRK'S2I[=SVO
TT
0MXZER++w4LEWI8VERWMXMSRWSJ%HWSVFEXIW-:
1IGLERMWQ SJ *VSWX %GXMSR MR ,EVHIRIH 'IQIRX 4EWXIx
.SYVREP %QIVMGER'IVEQMG7SGMIX]:2STT
0MXZER + +  w%HWSVTXMSR 7]WXIQW EX 8IQTIVE
XYVIW &IPS[ XLI *VII^MRK 4SMRX SJ XLI %HWSVTXMZIx
%HZERGIH'SPPSMHEPERH-RXIVJEGMEP7GMIRGITT
0MY 8  w%FVEWMSR 6IWMWXERGIx 7MKRMJMGERGI SJ
8IWXW ERH 4VSTIVXMIW SJ 'SRGVIXI ERH 'SRGVIXI1EOMRK
1EXIVMEPW 784' 4 /PMIKIV ERH . 0EQSRH IHW
%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4%TT
0SWWMRK*%w7YPJEXI%XXEGOSR'SRGVIXI4EZI
QIRXWMR1MWWMWWMTTMx,MKL[E]6IWIEVGL6IGSVH2S
,MKL[E] 8VERWTSVXEXMSR 6IWIEVGL&SEVHTT
0YH[MK 9  w(YVEFMPMX] SJ 'IQIRX 1SVXEVW ERH
'SRGVIXIWx (YVEFMPMX] SJ &YMPHMRK 1EXIVMEPW ERH 'SQTS
RIRXW784%781-RXIVREXMSREP;IWX'SRWLSLSGOIR
4%TT
1EEKI1ERH,IPPERH7w5YEPMX]-RWTIGXMSRSJ
u7LSVI %TTVSEGLv ,MKL7XVIRKXL 'SRGVIXIx (YVEFMPMX] SJ
'SRGVIXI4VSGIIHMRKWSJXLI7IGSRH'%21)8%'--RXIV
REXMSREP'SRJIVIRGI74:11EPLSXVEIH%QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
1EEKI 1 ,IPPERH 7 'EVPWIR . ) ERH 6SRRI 1
w-RWTIGXMSRERH6ITEMVSJE'SRGVIXI;LEVJx(YVEFMPMX]

6

%'-'311-88))6)4368

SJ'SRGVIXI4VSGIIHMRKWSJXLI8LMVH'%21)8%'--RXIV
REXMSREP'SRJIVIRGI74:11EPLSXVEIH%QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
1EKRM ) 6 6SKIVW' %ERH +VEXXER&IPPI[ 4)
 w8LI -RJPYIRGI SJ XLI %POEPM7MPMGEXI 6IEGXMSR SR
7XVYGXYVIWMRXLI:MGMRMX]SJ7YHFYV]3RXEVMSx4VSGIIHMRKW
SJ XLI XL -RXIVREXMSREP 'SRJIVIRGI SR 'SRGVIXI %POEPM
%KKVIKEXI6IEGXMSRW 4)+VEXXER&IPPI[IH2S]IW2.
TT
1EVGLERH.ERH7OEPR].IHW1EXIVMEPW7GMIRGI
SJ 'SRGVIXI 7TIGMEP :SPYQI 7YPJEXI %XXEGO 1IGLERMWQW
8LI%QIVMGER'IVEQMG7SGMIX];IWXIVZMPPI3,TT
1EVOW : . ERH (YFFIVOI ;  w(YVEFMPMX] SJ
'SRGVIXI ERH XLI -S[E 4SVI -RHI\ 8IWXx 8VERWTSVXEXMSR
6IWIEVGL6IGSVH2STT
1EVYWMR70w-RJPYIRGISJ0IRKXLSJ1SMWX'YVMRK
8MQISR;IMKLX'LERKI&ILEZMSVERH'LPSVMHI-SR4IVQI
EFMPMX]SJ'SRGVIXI'SRXEMRMRK7MPMGE*YQIx*P]%WL7MPMGE
*YQI 7PEK ERH 2EXYVEP 4S^^SPERW MR 'SRGVIXI 4VSGIIH
MRKWSJXLI8LMVH'%21)8%'--RXIVREXMSREP'SRJIVIRGI
74 : 1 1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI
*EVQMRKXSR,MPPW1-TT
1EVYWMR 70 ERH 4JIMJIV ( ; w'LPSVMHI -SR
4IRIXVEXMSRMRXS'SRGVIXI1EHI[MXL:EVMSYW%HQM\XYVIWx
8IGLRSPSK]SJ'SRGVIXI[LIR4S^^SPERW7PEKWERH'LIQMGEP
%HQM\XYVIW %VI 9WIH 6-0)1 7]QTSWMYQ  20
1I\MGS
1EXLIV &  w)JJIGXW SJ 7IE[EXIV SR 'SRGVIXIx
,MKL[E]6IWIEVGL6IGSVH2S,MKL[E] 8VERWTSVXE
XMSR 6IWIEVGL&SEVHTT
1EXLIV &  w*MIPH ERH 0EFSVEXSV] 7XYHMIW SJ XLI
7YPTLEXI6IWMWXERGISJ'SRGVIXIx4IVJSVQERGISJ'SRGVIXI{
6IWMWXERGISJ'SRGVIXIXS7YPTLEXIERH3XLIV)RZMVSRQIRXEP
'SRHMXMSRW 8LSVZEPHWSR7]QTSWMYQ9RMZIVWMX]SJ8SVSRXS
4VIWW8SVSRXS32'EREHETT
1EXLIV &  w,S[ XS 1EOI 'SRGVIXI XLEX [MPP FI
-QQYRI XS XLI )JJIGXW SJ *VII^MRK ERH 8LE[MRKx 4EYP
/PMIKIV7]QTSWMYQSR4IVJSVQERGISJ'SRGVIXI74
( ;LMXMRK IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
1EXLIV &  w'EPGMYQ 'LPSVMHI 8]TI : 'IQIRX
'SRGVIXIx (YVEFMPMX]SJ'SRGVIXI4VSGIIHMRKWSJXLI+1
-HSVR -RXIVREXMSREP 7]QTSWMYQ 74 . ,SPQ ERH 1
+IMOIVIHW%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW
1-TT
1EXLIV&Ew&PIRHWSJ'IQIRXMXMSYW1EXIVMEPWJSV
'SRGVIXI XS FI )\TSWIH XS 7IE[EXIVx 4VSGIIHMRKW XL
-RXIVREXMSREP7]QTSWMYQSR'SRGVIXI8IGLRSPSK]9RMZIV
WMHEH%YXSRSQEHI2YIZS0ISR1SRXIVI]201I\MGS
TT
1EXLIV/w8IWXWERH)ZEPYEXMSRSJ4SVXPERHERH
&PIRHIH'IQIRXWJSV6IWMWXERGIXS7YPJEXI%XXEGOx'IQIRX
7XERHEVHW)ZSPYXMSRERH8VIRHW784%781-RXIVRE
XMSREP;IWX'SRWLSLSGOIR4%TT
1EXLIV/Fw*EGXSVW%JJIGXMRK7YPJEXI6IWMWXERGI
SJ1SVXEVWx4VSGIIHMRKW XL-RXIVREXMSREP'SRKVIWWSRXLI
'LIQMWXV]SJ'IQIRX4EVMW:-:TT

1EXLIV/w'YVVIRX6IWIEVGLMR7YPJEXI6IWMWXERGI
EXXLI;EXIV[E]W)\TIVMQIRX7XEXMSRx7YPJEXI6IWMWXERGISJ
'SRGVIXI74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1-TT
1G'S];.ERH'EPH[IPP%+w2I[%TTVSEGL
XS-RLMFMXMRK%POEPM%KKVIKEXI)\TERWMSRx%'-.3962%0
4VSGIIHMRKW:2S7ITXTT
1ILXE 4 /  (MWGYWWMSR SJ w'SQFEXMRK 7YPJEXI
%XXEGOMR'SVTWSJ)RKMRIIVW'SRGVIXI'SRWXVYGXMSRxF]8
.6IEHMRK%'-.3962%0 4VSGIIHMRKW :2S%TV
TT
1ILXE4/w7YPJEXI6IWMWXERGISJ&PIRHIH4SVXPERH
'IQIRXW 'SRXEMRMRK 4S^^SPERW ERH +VERYPEXIH &PEWX
*YVREGI 7PEKx 4VSGIIHMRKW XL -RXIVREXMSREP 7]QTSWMYQ
SR'SRGVIXI8IGLRSPSK]9RMZIVWMHEH%YXSRSQEHI2YIZS
0ISR1SRXIVI]201I\MGSTT
1ILXE4/w7YPJEXI%XXEGOSR'SRGVIXI{%'VMXMGEP
6IZMI[x 1EXIVMEP 7GMIRGI SJ 'SRGVIXI . 7OEPR] IH
%QIVMGER'IVEQMG7SGMIX];IWXIVZMPPI3,TT
1MIPIR^6';SPOSHSJJ:)&EGOWXVSQ.)ERH
&YVVS[W6;Ew3VMKMR)ZSPYXMSRERH)JJIGXWSJ
XLI%MV:SMH7]WXIQMR'SRGVIXI4EVX{8LI%MV:SMH7]WXIQ
MR'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S3GX
TT
1MIPIR^6';SPOSHSJJ:)&EGOWXVSQ.)ERH
*PEGO,0Fw3VMKMR)ZSPYXMSRERH)JJIGXWSJXLI
%MV :SMH 7]WXIQ MR 'SRGVIXI 4EVX {)RXVEMRIH %MV MR
9RLEVHIRIH'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:
2S.YP]TT
1MWVE7=EQEQSXS%8WYXWYQM8ERH1SXSLEWLM
/w%TTPMGEXMSRSJ6ETMH'LPSVMHI4IVQIEFMPMX]8IWX
XS 5YEPMX] 'SRXVSP SJ 'SRGVIXIx (YVEFMPMX] SJ 'SRGVIXI
4VSGIIHMRKW SJ XLI 8LMVH -RXIVREXMSREP '%21)8%''SRJIVIRGI74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1-TT
1MWWSYVM,MKL[E]ERH8VERWTSVXEXMSR(ITEVXQIRX
w-RJPYIRGISJ(IWMKR'LEVEGXIVMWXMGWSR'SRGVIXI(YVEFMPMX]x
2',64 .IJJIVWSR'MX]13
1SYVR.ERH6SWIRUYMWX-8w7YPJEXI%XXEGOSR
'SRGVIXIMRXLI3WPS6IKMSRx%'-.3962%0 4VSGIIHMRKW
:2S7ITXTT
1YVTL];)w7OMHHMRK6IWMWXERGISJ'SRGVIXI
4EZIQIRXW%6IZMI[SJ6IWIEVGL(IZIPSTQIRXERH4VEGXMGI
MRXLI9RMXIH/MRKHSQx6SEH[E]WERH%MVTSVX4EZIQIRXW
74;17MRKPI]ERH8.4EWOS.VIHW%QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
2EMO22.YTI%'7XSGO76;MPOMRWSR%4
ERH /YVXMW / )  w7YPJEXI %XXEGO 1SRMXSVIH F]
1MGVS'8ERH)(<6(-RJPYIRGISJ'IQIRX8]TI;EXIV
XS'IQIRX 6EXMS ERH %KKVIKEXIx 'IQIRX ERH 'SRGVIXI
6IWIEVGL:2S.ERTT
2I[ >IEPERH 4SVXPERH 'IQIRX %WWSGMEXMSR 
w:EGYYQ'SRGVIXI(I[EXIVMRKx-&;IPPMRKXSR
2M\SR4.'ERLEQ-4EKI'0ERH&SPPMRKLEYW6
 w7SHMYQ 'LPSVMHI ERH %POEPM%KKVIKEXI 6IEGXMSRx
4VSGIIHMRKW SJ XLI XL -RXIVREXMSREP 'SRJIVIRGI SR
'SRGVIXI%POEPM%KKVIKEXI6IEGXMSRW4)+VEXXER&IPPI[
IH2S]IW2.TT

+9-()83(96%&0)'32'6)8)

2M\SR4.'SPPMRW6.ERH6E]QIRX40w8LI
'SRGIRXVEXMSR SJ %POEPMIW F] 1SMWXYVI 1MKVEXMSR MR
'SRGVIXI{%*EGXSV-RJPYIRGMRK%POEPM%KKVIKEXI6IEGXMSRx
'IQIRXERH'SRGVIXI6IWIEVGL :2STT
2M\SR4.ERH7MQW-w6-0)18'%POEPM
%KKVIKEXI6IEGXMSR{%GGIPIVEXIH8IWXW-RXIVMQ6ITSVXERH
7YQQEV]SJ2EXMSREP7TIGMJMGEXMSRWx4VSGIIHMRKWSJXLI
XL-RXIVREXMSREP'SRJIVIRGISR%POEPM%KKVIKEXI6IEGXMSRMR
'SRGVIXI:8LI'SRGVIXI7SGMIX]7PSYKL9/TT
2QEM'/*EVVMRKXSR7ERH&SFVS[WOM+7
w3VKERMG&EWIH 'SVVSWMSR-RLMFMXMRK %HQM\XYVI JSV
6IMRJSVGIH'SRGVIXIx'SRGVIXI-RXIVREXMSREP:2S
%TVTT
2QEM ' / ERH /VEYWW 4 (  w'SQTEVEXMZI
)ZEPYEXMSR SJ 'SVVSWMSR-RLMFMXMRK 'LIQMGEP %HQM\XYVIW
JSV6IMRJSVGIH'SRGVIXIx(YVEFMPMX]SJ'SRGVIXI4VSGIIHMRKW
SJXLI8LMVH'%21)8%'--RXIVREXMSREP'SRJIVIRGI74
:11EPLSXVEIH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1-TT
2SV[IKMER4YFPMG6SEHW%HQMRMWXVEXMSRw4VSGIWW
'SHI  &VMHKIW ERH ;LEVZIWx 2SV[IKMER 4YFPMG 6SEHW
%HQMRMWXVEXMSR3WPS MR2SV[IKMER
3FIVLSPWXIV6)w8LI)JJIGXSJ(MJJIVIRX3YXHSSV
)\TSWYVI'SRHMXMSRWSRXLI)\TERWMSR(YIXS%POEPM7MPMGE
6IEGXMSRx 4VSGIIHMRKWSJXLIXL-RXIVREXMSREP'SRJIVIRGI
SR %POEPM%KKVIKEXI 6IEGXMSR MR 'SRGVIXI :  8LI
'SRGVIXI7SGMIX]7PSYKL9/TT
3FIVLSPWXIV6)w%POEPM7MPMGE6IEGXMSR4VSHYGXW
ERH8LIMV (IZIPSTQIRXx'IQIRX ERH'SRGVIXI6IWIEVGL
:2S.YP]TT
3FIVLSPWXIV 6 ) ERH (EZMIW +  w%GGIPIVEXIH
1IXLSH JSV 8IWXMRK XLI 4SXIRXMEP 6IEGXMZMX] SJ 7MPMGISYW
%KKVIKEXIWx 'IQIRXERH'SRGVIXI6IWIEVGL :2S
1EVTT
3FIVLSPWXIV6)ERH;IWXVE;&w8LI)JJIG
XMZIRIWWSJ1MRIVEP%HQM\XYVIWMR6IHYGMRK)\TERWMSR(YI
XS %POEPM%KKVIKEXI 6IEGXMSR [MXL 1EPQIWFYV] +VSYT
%KKVIKEXIWx 4VSGIIHMRKW SJ XLI XL-RXIVREXMSREP'SRJIV
IRGISR%POEPM%KKVIKEXI6IEGXMSR'ETI8S[R7
3LEQE=/EXWYRSVM(ERH/EOIKE[E1w-RLMF
MXMRK%POEPM%KKVIKEXI6IEGXMSR[MXL'LIQMGEP%HQM\XYVIWx
4VSGIIHMRKW SJ XLI XL -RXIVREXMSREP 'SRJIVIRGI SR %POEPM
%KKVIKEXI6IEGXMSR/]SXS.ETERTT
3^]MPHMVMQ'w0EFSVEXSV]-RZIWXMKEXMSRSJ0S[
4IVQIEFMPMX]'SRGVIXIW'SRXEMRMRK7PEKERH7MPMGE*YQIx
%'-1EXIVMEPW.SYVREP:2S1EV%TVTT
4EKI'07IVKM+ERH7LSVX26w'SVVSWMSR
&ILEZMSYVSJ>MRG'SEXIH7XIIPMR7MPMGE*YQI'SRGVIXIx
*P] %WL 7MPMGE *YQI 7PEK ERH 2EXYVEP 4S^^SPERW MR
'SRGVIXI4VSGIIHMRKWSJXLI8LMVH'%21)8%'--RXIVRE
XMSREP'SRJIVIRGI74:11EPLSXVEIH%QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
4EKI ' 0 ERH :IRRIWPERH 3  w4SVI 7SPYXMSR
'SQTSWMXMSRERH'LPSVMHI&MRHMRK'ETEGMX]SJ7MPMGE*YQI
'IQIRX4EWXIWx1EXIVMEP'SRWXVYGXMSR1EXIVMEP7XVYGXYVIW
:2S.ER*IFTT
4EX^MEW8w8LI(IZIPSTQIRXSJ%7811IXLSH'
 [MXL 6IGSQQIRHIH %GGITXERGI 0MQMXW JSV 7YPJEXI

6

6IWMWXERGISJ,]HVEYPMG'IQIRXWx'IQIRX'SRGVIXIERH
%KKVIKEXIW:2S7YQQIVTT
4ITTIV0w-RJPYIRGISJ%POEPM'SRXIRXSJ*P]%WL
SR)JJIGXMZIRIWWMR4VIZIRXMRK)\TERWMSRSJ'SRGVIXIx%'.3962%0 4VSGIIHMRKW:2S1EVT
4ITTIV 0 ERH 1EXLIV &  w)JJIGXMZIRIWW SJ
1MRIVEP %HQM\XYVIW MR 4VIZIRXMRK )\GIWWMZI )\TERWMSR
SJ'SRGVIXI(YIXS%POEPM%KKVIKEXI6IEGXMSRx4VSGIIH
MRKW %781-RXIVREXMSREP;IWX'SRWLSLSGOIR4%:
TT
4IVV] ' ERH +MPPSXX . )  w8LI *IEWMFMPMX] SJ
9WMRK 7MPMGE *YQI XS 'SRXVSP 'SRGVIXI )\TERWMSR (YI XS
%POEPM%KKVIKEXI6IEGXMSRWx(YVEFMPMX]SJ&YMPHMRK1EXIVMEPW
:TT
4IXXIVWSR /  w'LPSVMHI 8LVIWLSPH :EPYI ERH XLI
'SVVSWMSR6EXIMR6IMRJSVGIH'SRGVIXIx4VSGIIHMRKWSJXLI
2SVHMG7IQMREVSR'SVVSWMSRSJ6IMRJSVGIQIRX*MIPHERH
0EFSVEXSV] 7XYHMIW JSV 1SHIPMRK ERH 7IVZMGI 0MJI 6ITSVX
8:&1/8YYXXMIH9RMZIVWMX]SJ0YRH
4JIMJIV ( ; 0ERHKVIR . 6 ERH >SSF % 
w4VSXIGXMZI7]WXIQW JSV2I[4VIWXVIWWIH ERH7YFWXVYGXYVI
'SRGVIXIx *,;%6ITSVX2S6(*IHIVEP,MKL[E]
%HQMRMWXVEXMSR;EWLMRKXSR('
4LMPPIS 6 )  w% 1IXLSH *SV %REP]^MRK :SMH
(MWXVMFYXMSR MR %MV)RXVEMRIH 'SRGVIXIx 4SVXPERH 'IQIRX
%WWSGMEXMSR6IWIEVGLERH(IZIPSTQIRX(MZMWMSR1E]
4LMPPIS6)w*VII^MRKERH8LE[MRK6IWMWXERGISJ
,MKL7XVIRKXL'SRGVIXIx2',647]RXLIWMW2S8VERW
TSVXEXMSR6IWIEVGL&SEVH;EWLMRKXSR('TT
4MKISR1w*VSWX6IWMWXERGI%'VMXMGEP0SSOx
'SRGVIXI8IGLRSPSK]4EWX4VIWIRXERH*YXYVI4VSGIIHMRKW
SJ:1SLER1EPLSXVE7]QTSWMYQ744/1ILXE
IH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-
TT
4PIEY64MKISR10EQSRXEKRI%ERH0IWWEVH1
w-RJPYIRGI SJ 4YQTMRKSR XLI 'LEVEGXIVMWXMGW SJXLI
%MV:SMH7]WXIQMR,MKL4IVJSVQERGI'SRGVIXIx8VERWTSV
XEXMSR6IWIEVGL6IGSVH2S8VERWTSVXEXMSR6IWIEVGL
&SEVH;EWLMRKXSR('TT
4STSZMG / 9OVEMRGMO : ERH (NYVIOSZMG % 
w-QTVSZIQIRXSJ1SVXEVERH'SRGVIXI(YVEFMPMX]F]XLI9WI
SJ'SRHIRWIH7MPMGE*YQIx(YVEFMPMX]SJ&YMPHMRK1EXIVMEPW
:TT
4SVXPERH'IQIRX%WWSGMEXMSR 4'% w+YMHI7TIG
MJMGEXMSRWJSV'SRGVIXI7YFNIGXXS%POEPM7MPMGE6IEGXMSRWx
-77OSOMI-0TT
4SVXPERH 'IQIRX %WWSGMEXMSR 4'%   w)JJIGXW SJ
7YFWXERGIW SR 'SRGVIXI ERH +YMHI XS 4VSXIGXMZI 8VIEX
QIRXWx-77OSOMI-0TT
4S[IVW 8 '  w;SVOMRK ,]TSXLIWMW JSV *YVXLIV
7XYHMIW SJ *VSWX 6IWMWXERGI SJ 'SRGVIXIx %'- .3962%0
4VSGIIHMRKW :2S*IFTT
4S[IVW 8 '  w8LI %MV 6IUYMVIQIRX SJ *VSWX
6IWMWXERX'SRGVIXIx4VSGIIHMRKW:,MKL[E]6IWIEVGL
&SEVHTT
4S[IVW 8 '  w:SMH 7TEGMRK EW E &EWMW JSV
4VSHYGMRK %MV)RXVEMRIH 'SRGVIXIx %'- .3962%0
4VSGIIHMRKW :2S1E]TT

6

%'-'311-88))6)4368

4S[IVW8'w&EWMG'SRWMHIVEXMSRW4IVXEMRMRKXS
*VII^MRK ERH8LE[MRK8IWXWx4VSGIIHMRKW : %781
-RXIVREXMSREP;IWX'SRWLSLSGOIR4%TT
4S[IVW 8 '  w'ETMPPEV] 'SRXMRYMX] SV (MWGSRXM
RYMX]MR'IQIRX4EWXIWx.SYVREPSJXLI4'%6
(0EFW:
2STT
4S[IVW 8 '  w4VIZIRXMSR SJ *VSWX (EQEKI XS
+VIIR 'SRGVIXIx 6< 4SVXPERH 'IQIRX %WWSGMEXMSR
7OSOMI-0TT
4S[IVW 8 '  w*VII^MRK )JJIGXW MR 'SRGVIXIx
(YVEFMPMX]SJ'SRGVIXI74%QIVMGER'SRGVIXI-RWXMXYXI
*EVQMRKXSR,MPPW1-TT
4S[IVW8 '  w8LI 2EXYVI SJ 'SRGVIXIx 7MKRMJM
GERGI SJ 8IWXW ERH 4VSTIVXMIW SJ 'SRGVIXI ERH 'SRGVIXI
1EOMRK 1EXIVMEPW 784 & %781 -RXIVREXMSREP ;IWX
'SRWLSLSGOIR4%TT
4S[IVW 8 ' ERH ,IPQYXL 6 %  w8LISV] SJ
:SPYQI 'LERKIW MR ,EVHIRIH 4SVXPERH 'IQIRX 4EWXI
(YVMRK *VII^MRKx 4VSGIIHMRKW SJ XLI ,MKL[E] 6IWIEVGL
&SEVHTT
4VIYW'/HMWGYWWMSRSJw6IWMWXERGISJ:EVMSYW
8]TIW SJ &MXYQMRSYW 'SRGVIXI ERH 'IQIRX 'SRGVIXI XS
;IEV F] 7XYHHIH 8MVIWx F] . ,SHI /I]WIV ,MKL[E]
6IWIEVGL 6IGSVH 2S  ,MKL[E] 8VERWTSVXEXMSR
6IWIEVGL&SEVHTT
4VIYW'/w%JXIV7XYHWMR1MRRIWSXEx,MKL[E]
6IWIEVGL 6IGSVH 2S  ,MKL[E] 8VERWTSVXEXMSR
6IWIEVGL&SEVHTT
4VMGI + ' ERH 4IXIVWSR 6  w)\TIVMIRGI [MXL
'SRGVIXI MR 7YPTLEXI )RZMVSRQIRXW MR ;IWXIVR 'EREHEx
4IVJSVQERGI SJ 'SRGVIXI{6IWMWXERGI SJ 'SRGVIXI XS
7YPTLEXIERH3XLIV)RZMVSRQIRXEP'SRHMXMSRW 8LSVZEPHWSR
7]QTSWMYQ 9RMZIVWMX] SJ 8SVSRXS 4VIWW 8SVSRXS 32
'EREHETT
4VMGI ; ,  w)VSWMSR SJ 'SRGVIXI F] 'EZMXEXMSR
ERH7SPMHWMR*PS[MRK;EXIVx%'-.3962%0 4VSGIIHMRKW
:2S1E]TT7IIEPWS(MWGYWWMSR
TTERH
4VMSV 1 )  w%FVEWMSR 6IWMWXERGI,EVHIRIH
'SRGVIXIx 7MKRMJMGERGISJ8IWXERH4VSTIVXMIWSJ'SRGVIXI
ERH'SRGVIXI1EOMRK 1EXIVMEPW 784% %781 -RXIV
REXMSREP;IWX'SRWLSLSGOIR4%TT
6EWLIIHY^^EJEV ERH ,YWWEMR 7 )  w)JJIGX SJ
1MGVSWMPMGE ERH &PEWX *YVREGI 7PEK SR 4SVI 7SPYXMSR
'SQTSWMXMSR ERH %POEPM7MPMGE 6IEGXMSRx 'IQIRX ERH
'SRGVIXI'SQTSWMXIW:TT
6EWLIIHY^^EJEV ,YWWEMR 7 ) ERH %P7EEHSYR 7 7
w)JJIGXSJ8VMGEPGMYQ%PYQMREXI'SRXIRXSJ'IQIRX
SR 'LPSVMHI &MRHMRK 'SVVSWMSR SJ 6IMRJSVGMRK 7XIIP MR
'SRGVIXIx %'-1EXIVMEPW.SYVREP:2S.ER*IF
TT
6IEHMRK8.w'SQFEXMRK7YPJEXI%XXEGOMR'SVTW
SJ )RKMRIIVW 'SRGVIXI 'SRWXVYGXMSRx (YVEFMPMX] SJ
'SRGVIXI74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1-TT
6IEHMRK8.w4L]WMGEP%WTIGXWSJ7SHMYQ7YPJEXI
%XXEGOSR'SRGVIXIx7YPJEXI6IWMWXERGISJ'SRGVIXI74
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT

6IKSYVH1,SVREMR,0IZ]4ERH1SVXYVEY\&
w6IWMWXERGISJ'SRGVIXIXS4L]WMGS'LIQMGEP%XXEGOx
4VSGIIHMRKW 7IZIRXL -RXIVREXMSREP 'SRJIVIRGI SR XLI
'LIQMWXV]SJ'IQIRX4EVMW
6IMRLEVHX,;IH4IRIXVEXMSRERH4IVQIEFMPMX]
SJ 'SRGVIXI &EVVMIVW XS 3VKERMG ERH 'SRXEQMREXMRK
0MUYMHW6-0)16ITSVX)
*27TSR0SRHSRTT
6-0)1  w(YVEFMPMX] SJ 'SRGVIXIx 6-0)1
7]QTSWMYQ +IRIVEP 6ITSVXW 6-0)1 &YPPIXMR 4EVMW 
2S1EVTT
6-0)18'*('w8IWX1IXLSHJSVXLI*VII^I
8LE[ ERH (IMGMRK 6IWMWXERGI SJ 'SRGVIXI{8IWXW [MXL
7SHMYQ'LPSVMHI '(* x1EXIVMEPWERH7XVYGXYVIW:
-WWYITT
6SFIVXW06ERH7GLIMRIV4w%MV:SMH7]WXIQ
ERH*VSWX6IWMWXERGISJ'SRGVIXI'SRXEMRMRK7YTIVTPEWXMGM^IVWx
(IZIPSTQIRXWMRXLI9WISJ7YTIVTPEWXMGM^IVW74:1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
6SKIVW'%ERH,SSXSR6(w6IHYGXMSRMR
1SVXEV ERH 'SRGVIXI )\TERWMSR [MXL 6IEGXMZI %KKVIKEXIW
(YIXS0IEGLMRKx'IQIRX'SRGVIXIERH%KKVIKEXIW:
TT
6SKIVW ' % ERH ,SSXSR 6 (  w'SQTEVMWSR
FIX[IIR0EFSVEXSV]ERH*MIPH)\TERWMSRSJ%POEPM'EVFSREXI
6IEGXMZI%KKVIKEXIWx4VSGIIHMRKWSJXLIXL-RXIVREXMSREP
'SRJIVIRGI SR%POEPM%KKVIKEXI6IEGXMSR MR'SRGVIXI: 
8LI'SRGVIXI7SGMIX]7PSYKL9/TT
6S](1ERH-HSVR+1w,]HVEXMSR7XVYGXYVI
ERH4VSTIVXMIWSJ&PEWX*YVREGI7PEK'IQIRXW1SVXEVWERH
'SRGVIXIx%'-.3962%0 4VSGIIHMRKW :2S2SZ
(IGTT
7EOEKYGLM = 8EOEQYVE 1 /MXEKE[E % ,SVM 8
8SQSWE[E*ERH%FI1w8LI-RLMFMXMRK)JJIGXSJ
0MXLMYQ'SQTSYRHWSR%POEPM7MPMGE6IEGXMSRx4VSGIIHMRKW
SJ XLI XL -RXIVREXMSREP 'SRJIVIRGI SR %POEPM%KKVIKEXI
6IEGXMSR / 3OEHE 7 2MWLMFE]EWLM ERH 1 /E[EQYVE
IHW/]SXS.ETERTT
7GLEJJIV 6 .  w8LI ;IEXLIVMRK SJ 2EXYVEP
&YMPHMRK 7XSRIWx 7TIGMEP 6ITSVX  8LI (ITEVXQIRX SJ
7GMIRXMJMG ERH -RHYWXVMEP 6IWIEVGL &YMPHMRK 6IWIEVGL
TT
7GLMIWWP4w(YVEFPI'SRGVIXI7XVYGXYVIWx(IWMKR
+YMHI 'SQMXI )YVS-RXIVREXMSREP (Y &IXSR 8LSQEW
8IPJSVH7IVZMGIW0XHTT
7GLMIWWP4;MIRW9ERH&VIMX;w6IHY^MIVYRK
HIW %POEPMRMXXWHITSXW HYVGL 4Y^^SPERI 6IHYGXMSR MR XLI
%POEPM6IWIVZI(YIXS4S^^SPERW x8IGLRMGEP6ITSVX2S*
 -RWXMXYX JV &EYJSVWGLYRK 8IGLRMWGLI ,SGLWLYPI
%EGLIR
7GL[EVX^ ( 6  w('VEGOMRK SJ 'SRGVIXI 4EZI
QIRXWx 7]RXLIWMW SJ ,MKL[E] 4VEGXMGI 2S  2EXMSREP
'SSTIVEXMZI,MKL[E]6IWIEVGL4VSKVEQ
7GVMTXYVI ) ; .V &IRIHMGX 7 ; ERH &V]ERX ( )
w*PSSV%KKVIKEXIWx%'-.3962%0 4VSGIIHMRKW :
2STT7IIEPWS(MWGYWWMSRTTXS
7IPPIZSPH).ERH2MPWSR8w'SRHIRWIH7MPMGE
*YQI MR 'SRGVIXI{% ;SVPH :MI[x 7YTTPIQIRXEV]

+9-()83(96%&0)'32'6)8)

'IQIRXMRK 1EXIVMEPW JSV 'SRGVIXI 74) '%21)8


)RIVK]1MRIWERH6IWSYVGIW3XXE[E32'EREHE
7IRFIXXE)ERH7GLSPIV'w%2I[%TTVSEGLJSV
8IWXMRK 'SRGVIXI 'YVMRK )JJMGMIRG]x %'- .3962%0
4VSGIIHMRKW:2S.ER*IFTT
7LEvEX % % 0SRK % ) 1SRXKSQIV] * 6 ERH
&EWLIIV4%1w-RJPYIRGISJ'SRXVSPPIH4IVQIEFMPMX]
*SVQ[SVO 0MRIV SR XLI 5YEPMX] SJ XLI 'SZIV 'SRGVIXIx
(YVEFPI'SRGVIXIMR,SX'PMQEXIW74'1EG-RRMWIH
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
7LEWLMTVEOEWL 7 + ERH 8LSQEW 1 ( % 
w7YPJEXI 6IWMWXERGI SJ 1SVXEVW 'SRXEMRMRK ,MKL'EPGMYQ
*P]%WLIWERH'SQFMREXMSRWSJ,MKLP]6IEGXMZI4S^^SPERW
ERH *P] %WLx *P] %WL 7MPMGE *YQI 7PEK ERH 2EXYVEP
4S^^SPERWMR'SRGVIXI4VSGIIHMRKWSJXLI7IZIRXL-RXIV
REXMSREP '%21)8%'- 'SRJIVIRGI 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
7LE]ER%w4VIHMGXMSRSJ%POEPM6IEGXMZMX]4SXIRXMEP
SJ7SQI%YWXVEPMER%KKVIKEXIWERH'SVVIPEXMSR[MXL7IVZMGI
4IVJSVQERGIx %'-1EXIVMEPW.SYVREP:2STT
7MQSR1..IROMRW66ERH,SZIV/'w8LI
-RJPYIRGISJ-QQIVWMSR:MFVEXMSRSRXLI:SMH7]WXIQSJ%MV
)RXVEMRIH'SRGVIXIx(YVEFMPMX]SJ'SRGVIXI4VSGIIHMRKWSJ
XLI+1-HSVR-RXIVREXMSREP7]QTSWMYQ74.,SPQ
ERH 1 +IMOIV IHW %QIVMGER 'SRGVIXI -RWXMXYXI *EVQ
MRKXSR,MPPW1-TT
7OEPR] . (MEQSRH 7 ERH 0II 6 .  w7YPJEXI
%XXEGO -RXIVJEGIW ERH 'SRGVIXI(IXIVMSVEXMSRx 4VSGIIHMRKW
6-0)1 RH -RXIVREXMSREP 'SRJIVIRGI SR XLI -RXIVJEGMEP
8VERWMXMSR >SRI MR 'IQIRXMXMSYW 'SQTSWMXIW % /EX^ %
&IRXYV 1 %PI\ERHIV ERH + %VPMKYMI IHW 2&6- 8IGL
RMSR,EMJETT
7QMXL * 0  w)JJIGX SJ %KKVIKEXI 5YEPMX] SR
6IWMWXERGISJ'SRGVIXIXS%FVEWMSRx'IQIRXERH'SRGVIXI
784%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4%
TT
7QMXL4ERH7GLSRJIPH6w4EZIQIRX;IEV(YI
XS 7XYHHIH 8MVIW ERH XLI )GSRSQMG 'SRWIUYIRGIW MR
3RXEVMSx ,MKL[E] 6IWIEVGL 6IGSVH 2S  ,MKL[E]
8VERWTSVXEXMSR 6IWIEVGL&SEVHTT
7QMXL4ERH7GLSRJIPH6w7XYHMIWSJ7XYHHIH
8MVI(EQEKIERH4IVJSVQERGIMR3RXEVMS(YVMRKXLI;MRXIV
SJx,MKL[E]6IWIEVGL6IGSVH2S,MKL[E]
8VERWTSVXEXMSR 6IWIEVGL&SEVHTT
7XERXSR 8 )  w)\TERWMSR SJ 'SRGVIXI XLVSYKL
6IEGXMSRFIX[IIR'IQIRXERH%KKVIKEXIx4VSGIIHMRKW
: %7')6IWXSR:%(IGTT
7XERXSR 8 )  w7XYHMIW SJ 9WI SJ 4S^^SPERW JSV
'SYRXIVEGXMRK)\GIWWMZI'SRGVIXI)\TERWMSR6IWYPXMRKJVSQ
6IEGXMSRFIX[IIR%KKVIKEXIW ERHXLI%POEPMIWMR'IQIRXx
4S^^SPERMG 1EXIVMEPW MR 1SVXEVW ERH 'SRGVIXIW 784 
%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4%TT
7XEVO(w'LEVEGXIVMWXMGWERH9XMPM^EXMSRSJ'SEVWI
%KKVIKEXIW %WWSGMEXIH [MXL ('VEGOMRKx 6IWIEVGL ERH
(IZIPSTQIRX &YPPIXMR 6(4 4SVXPERH 'IQIRX
%WWSGMEXMSR7OSOMI-0

6

7XEVO (  w%POEPM7MPMGE 6IEGXMZMX] MR XLI 6SGO]


1SYRXEMR6IKMSRx4VSGIIHMRKWXL-RXIVREXMSREP'SRJIV
IRGISR)JJIGXWSJ%POEPMIWMR'IQIRXERH'SRGVIXI4YVHYI
9RMZIVWMX];IWX0EJE]IXXI-2TT
7XEVO (  w%POEPM7MPMGE 6IEGXMZMX] 7SQI 6IGSR
WMHIVEXMSRWx 'IQIRX'SRGVIXIERH%KKVIKEXIW:2S
TT
7XEVO(w)JJIGXSJ0IRKXLSJ*VII^MRK4IVMSHSR
(YVEFMPMX] SJ 'SRGVIXIx 6IWIEVGL ERH (IZIPSTQIRX
&YPPIXMR6(84SVXPERH'IQIRX%WWSGMEXMSR7OSOMI
-0TT
7XEVO(ERH&LEXX]17=w%POEPM7MPMGE6IEG
XMZMX])JJIGXSJ%POEPMMR%KKVIKEXISR)\TERWMSRx%POEPMIW
MR'SRGVIXI784%781-RXIVREXMSREP;IWX'SRWLS
LSGOIR4%TT
7XEVO ( ERH /PMIKIV 4  w)JJIGXW SJ 1E\MQYQ
7M^ISJ'SEVWI%KKVIKEXISR('VEGOMRKMR'SRGVIXI4EZI
QIRXWx ,MKL[E]6IWIEVGL6IGSVH:TT
7XEVO ( 1SVKER & 3OEQSXS 4 ERH (MEQSRH 7
w)PMQMREXMRKSV1MRMQM^MRK%POEPM7MPMGE6IEGXMZMX]x
7,64' 7XVEXIKMG ,MKL[E] 6IWIEVGL 4VSKVEQ
2EXMSREP6IWIEVGL'SYRGMP;EWLMRKXSR('TT
7XEVO ( ERH 4IVIRGLMS ;  w4IVJSVQERGI SJ
+EPZERM^IH 6IMRJSVGIQIRX MR 'SRGVIXI &VMHKI (IGOWx
*MREP6ITSVX 4SVXPERH'IQIRX%WWSGMEXMSR7OSOMI-0
7XYQQ;ERH1SVKER. %UYEXMG'LIQMWXV]{
%R -RXVSHYGXMSR )QTLEWM^MRK 'LIQMGEP )UYMPMFVME MR
2EXYVEP;EXIVWWIGSRHIHMXMSR.SLR;MPI]ERH7SRWTT
7XYVVYT : 6 ,SSXSR 6 ( ERH 'PIRHIRRMRK 8 +
 w(YVEFMPMX] SJ *P] %WL 'SRGVIXIx *P] %WL 7MPMGE
*YQI7PEKERH3XLIV1MRIVEP&]4VSHYGXWMR'SRGVIXI
74 : 1 1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI
*EVQMRKXSR,MPPW1-TT
8E]PSV,*;'IQIRX'LIQMWXV]WIGSRHIHMXMSR
8LSQEW8IPPJSVH0SRHSRTT
8IV^EKLM 6 (  w'SRGVIXI (IXIVMSVEXMSR MR E
7LMT[E]x%'-.3962%0 4VSGIIHMRKW :2S.YRI
TT
8IV^EKLM 6 (  w'SRGVIXI (IXIVMSVEXMSR (YI XS
'EVFSRMG%GMHx.SYVREP &SWXSR7SGMIX]SJ'MZMP)RKMRIIVW
:
8LSQEW 1 ( %  w*MIPH 7XYHMIW SJ *P] %WL
'SRGVIXI 7XVYGXYVIW 'SRXEMRMRK 6IEGXMZI %KKVIKEXIWx
1EKE^MRISJ'SRGVIXI6IWIEVGL.YP]
8LSQEW 1 ( % &PEGO[IPP & 5 ERH 4IXXMJIV /
w7YTTVIWWMSRSJ(EQEKIJVSQ%POEPM7MPMGE6IEGXMSR
F]*P]%WLMR'SRGVIXI(EQWx4VSGIIHMRKWSJXLIXL-RXIV
REXMSREP 'SRJIVIRGI SR %POEPM%KKVIKEXI 6IEGXMSR MR
'SRGVIXI :  8LI 'SRGVIXI 7SGMIX] 7PSYKL 9/ TT

8LSQEW1(%ERH&PIW^]RWOM6*w8LI9WI
SJ7MPMGE*YQIXS'SRXVSP)\TERWMSR(YIXS%POEPM%KKVI
KEXI6IEGXMZMX]MR'SRGVIXI{%6IZMI[x1EXIVMEPW7GMIRGI
SJ 'SRGVIXI:- .7OEPR] ERH 7 1MRHIWW IHW %QIVMGER
'IVEQMGW7SGMIX];IWXIVZMPPI3,TT
8LSQEW1(%*SYVRMIV&*SPPMEVH/.7LILEXE
1 , -HIOIV . , ERH 6SKIVW '  w4IVJSVQERGI
0MQMXWJSV)ZEPYEXMRK7YTTPIQIRXEV]'IQIRXMRK1EXIVMEPW

6

%'-'311-88))6)4368

9WMRK%GGIPIVEXIH1SVXEV&EV8IWXx%'-1EXIVMEPW.SYVREP
:2S1EV%TVTT
8LSQEW 1 ( % ,SSXSR 6 ( ERH 6SKIVW ' %
 w4VIZIRXMSR SJ (EQEKI (YI XS %%6 MR 'SRGVIXI
'SRWXVYGXMSR{'EREHMER %TTVSEGLx 'IQIRX 'SRGVIXI
ERH%KKVIKEXIW:2STT
8LSQEW 1 ( % ERH -RRMW * %  w9WI SJ XLI
%GGIPIVEXIH1SVXEV&EV8IWXJSV)ZEPYEXMRKXLI)JJMGEG]SJ
1MRIVEP %HQM\XYVIW JSV 'SRXVSPPMRK )\TERWMSR HYI XS
%POEPM7MPMGE6IEGXMSRx'IQIRX'SRGVIXIERH%KKVIKEXIW
:2STT
8LSQEW1(%ERH7OEPR].w'LIQMGEP6IWMW
XERGISJ'SRGVIXIx7MKRMJMGERGISJ8IWXWERH4VSTIVXMIWSJ
'SRGVIXIERH'SRGVIXI1EOMRK1EXIVMEPW784(.*
0EQSRHERH.,4MIPIVXIHW%781-RXIVREXMSREP;IWX
'SRWLSLSGOIR4%TT
8LSVRXSR,8.Vw%GMH%XXEGOSJ'SRGVIXI'EYWIH
F] 7YPJYV &EGXIVME %GXMSRx %'-. 3962%0 4VSGIIHMRKW
:2S2SZTT
8LYVQERR 1 8  w4EZIQIRX ;IEV 'EYWIH F]
7XYHHIH 8MVIW 4MKKHIOOIRIW 7PMXEWKI TE :IKHIOOIV x
2SV[IKMER7XEXI,MKL[E]0EFSVEXSV]3WPS
8SVMM / ERH /E[EQYVE 1  w1IGLERMGEP ERH
(YVEFMPMX]6IPEXIH 4VSTIVXMIW SJ ,MKL7XVIRKXL 'SRGVIXI
'SRXEMRMRK 7MPMGE *YQIx ,MKL4IVJSVQERGI 'SRGVIXI
4VSGIIHMRKW SJ XLI 7IGSRH %'- -RXIVREXMSREP 'SRJIVIRGI
74:11EPLSXVEIH%QIVMGER'SRGVIXI-RWXMXYXI
*EVQMRKXSR,MPPW1-TT
8VERWTSVXEXMSR6IWIEVGL&SEVHw)JJIGXWSJ7XYHHIH
8MVIWx 2',64 7]RXLIWMW SJ ,MKL[E] 4VEGXMGI 2S 
8VERWTSVXEXMSR6IWIEVGL&SEVHTT
8YXLMPP 0 ,  w6IWMWXERGI XS 'LIQMGEP %XXEGOx
7MKRMJMGERGI SJ 8IWXW ERH 4VSTIVXMIW SJ 'SRGVIXI ERH
'SRGVIXI1EOMRK 1EXIVMEPW 784& %781 -RXIVRE
XMSREP;IWX'SRWLSLSGOIR4%TT
8YXXM/w'SVVSWMSRSJ7XIIPMR'SRGVIXIx7
7[IHMWL'IQIRXERH'SRGVIXI6IWIEVGL-RWXMXYXI7XSGOLSPQ
97%VQ]'SVTWSJ)RKMRIIVW 97%') w7XERHEVH
4VEGXMGIJSV'SRGVIXIJSV'MZMP;SVOW7XVYGXYVIWx)1
97%VQ]'SVTWSJ)RKMRIIVW;EWLMRKXSR('
9 7 &YVIEY SJ 6IGPEQEXMSR 97&6   'SRGVIXI
1ERYEPIMKLXLIHMXMSR(IRZIV'3TT
:ER %EVHX . , 4 ERH :MWWIV 7  w'EPGMYQ
,]HVS\MHI%XXEGOSJ*IPHWTEVWERH'PE]W4SWWMFPI6IPIZERGI
XS 'IQIRX%KKVIKEXI 6IEGXMSRWx 'IQIRX ERH 'SRGVIXI
6IWIEVGL :TT
:ER (EZIIV . 6 ERH 7LIVIX + (  w'SRGVIXI
'SZIV 7XYH]x *MREP 6ITSVX 2S *,;%(4 *IHIVEP
,MKL[E]%HQMRMWXVEXMSR;EWLMRKXSR('
:ER 8MP ' . 'EVV & . ERH :EPPIVKE & % 
w;EXIVTVSSJ1IQFVERIWJSV4VSXIGXMSRSJ'SRGVIXI&VMHKI
(IGO{0EFSVEXSV]4LEWIx2',646ITSVX2S8VERW
TSVXEXMSR6IWIEVGL&SEVHTT
:ERHIR &SWGL : (  w4IVJSVQERGI SJ 1SVXEV
7TIGMQIRW MR 'LIQMGEP ERH %GGIPIVEXIH 1EVMRI )\TS
WYVIx 4IVJSVQERGISJ'SRGVIXIMR1EVMRI)RZMVSRQIRX
74 : 1 1EPLSXVE IH %QIVMGER'SRGVIXI-RWXMXYXI
*EVQMRKXSR,MPPW1-TT

:IVFIGO+.w'EVFSREXMSRSJ,]HVEXIH4SVXPERH
'IQIRXx 'IQIRX ERH 'SRGVIXI 784 %781 ;IWX
'SRWLSLSGOIR 4% TT  %PWS 4SVXPERH 'IQIRX
%WWSGMEXMSR6
(0EFSVEXSVMIW&YPPIXMR6<
:IVFIGO+.w*MIPHERH0EFSVEXSV]7XYHMIWSJXLI
7YPTLEXI 6IWMWXERGI SJ 'SRGVIXIx 4IVJSVQERGI SJ
'SRGVIXI{6IWMWXERGI SJ 'SRGVIXI XS 7YPTLEXI ERH 3XLIV
)RZMVSRQIRXEP'SRHMXMSRW 8LSVZEPHWSR7]QTSWMYQ9RMZIV
WMX] SJ 8SVSRXS 4VIWW 8SVSRXS 32 'EREHE TT 
%PWS VITVMRXIH EW 4'% 6IWIEVGL (ITEVXQIRX &YPPIXMR
6<4SVXPERH'IQIRX%WWSGMEXMSR7OSOMI-0
;EPHIV.7ERH,EPPIX&w%8LISVIXMGEP1SHIP
SJ XLI *VEGXYVI SJ 6SGO HYVMRK *VII^MRKx &YPPIXMR SJ XLI
+ISPSKMGEP7SGMIX]SJ%QIVMGETT
;EPXIVW+:ERH.SRIW86w)JJIGXSJ1IXEOESPMR
SR %POEPM7MPMGE 6IEGXMSR %76  MR 'SRGVIXI 1ERYJEGXYVIH
[MXL6IEGXMZI%KKVIKEXIx(YVEFMPMX]SJ'SRGVIXI4VSGIIHMRKW
SJ XLI 7IGSRH '%21)8%'- -RXIVREXMSREP 'SRJIVIRGI
74 : 1 1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI
*EVQMRKXSR,MPPW1-TT
;E]7.ERH'SPI;*w'EPGMYQ,]HVS\MHI
%XXEGOSR6SGOWx'IQIRXERH'SRGVIXI6IWIEVGL:
TT
;ILRIV &  w&IERWTVYGLYRK HIV 7XVEWWIRSSIV
JPEIGLHYVGL;MRXIVVIMJIRQMX7TMOIWx8IGLRMWGLI9RMZIV
WMXEIX&IVPMR-RWXMXYXIJYV7XVEWWIRYRH:IVOILVW[IWIR
;LMXMRK(%ERH2EKM1%1ERYEPSR'SRXVSP
SJ %MV 'SRXIRX MR 'SRGVIXI )& 4SVXPERH 'IQIRX
%WWSGMEXMSR7OSOMI-0
;LMXMRK( %ERH 7XEVO ('w'SRXVSPSJ%MV
'SRXIRXMR'SRGVIXIx2',646ITSVX2S8VERWTSVXEXMSR
6IWIEVGL &SEVH 2EXMSREP 6IWIEVGL 'SYRGMP ;EWLMRKXSR
('1E]
;MIFIRKE . +  w(YVEFMPMX] SJ  'SRGVIXI
'SRWXVYGXMSRW3R7LSVIERH3JJ7LSVIx'IQIRX vW,IVXS
KIRFSWGL :2S%TVTT MR(YXGL
;MPO;w'SRWMHIVEXMSRSJXLI5YIWXMSRSJ7OMH
6IWMWXERGI SJ 'EVVMEKI[E] 7YVJEGIW 4EVXMGYPEVP] SJ
'SRGVIXIx &IXSRWXVEWWIR 2S1SRSKVETL
;MPPMW8*ERH0SVH+;w'EPGYPEXMSRSJ%MV
&YFFPI7M^I(MWXVMFYXMSRJVSQ6IWYPXWSJ6SWM[EP8VEZIVWI
SJ%IVEXIH'SRGVIXIx%781&YPPIXMRTT
;MXXI04ERH&EGOWXVSQ.)w7SQI4VSTIVXMIW
%JJIGXMRK XLI %FVEWMSR 6IWMWXERGI SJ %MV)RXVEMRIH
'SRGVIXIx 4VSGIIHMRKW :%781-RXIVREXMSREP;IWX
'SRWLSLSGOIR4%TT
;SPWMIJIV . 8 7V  w7MPMGE *YQI 'SRGVIXI %
7SPYXMSR XS 7XIIP 6IMRJSVGIQIRX 'SVVSWMSR MR 'SRGVIXIx
(YVEFMPMX] SJ 'SRGVIXI 4VSGIIHMRKW SJ XLI 7IGSRH
'%21)8%'- -RXIVREXMSREP 'SRJIVIRGI 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1-TT
;SSHW ,  (YVEFMPMX] SJ 'SRGVIXI 'SRWXVYGXMSR
1SRSKVETL2S%QIVMGER'SRGVIXI-RWXMXYXI-S[E7XEXI
9RMZIVWMX]4VIWW*EVQMRKXSR,MPPW1-TT
=MRKPMRK.1YPPMRKW+1ERH+E]RSV6(
w0SWW SJ %MV 'SRXIRX MR 4YQTIH 'SRGVIXIx 'SRGVIXI
-RXIVREXMSREP:2S3GXTT

+9-()83(96%&0)'32'6)8)

=SYRK * 6  'EZMXEXMSR 1G+VE[,MPP 0SRHSR


TT
>LERK1,ERH+NSVZ3w)JJIGXSJ7MPMGE*YQI
SR4SVI7XVYGXYVIERH'LPSVMHI(MJJYWMZMX]SJ0S[4SVSWMX]
'IQIRX4EWXIWx 'IQIRXERH'SRGVIXI6IWIEVGL:
2S2SZ(IGTT
>LSRKM<ERH,SSXSR6(w1MKVEXMSRSJ%POEPM
-SRW MR 1SVXEV (YI XS 7IZIVEP 1IGLERMWQWx 'IQIRX ERH
'SRGVIXI6IWIEVGL:2STT
%44)2(-<%{1)8,3(*3646)4%6-2+
)<86%'8*36%2%0=7-73*
;%8)67309&0)790*%8)-273-0
0SWWSRMKRMXMSR
(IXIVQMRI XLI QEWW SJ E VITVIWIRXEXMZI TSVXMSR SJ WSMP
ETTVS\MQEXIP]  K  MREXEVIHGIVEQMGGVYGMFPI6IGSVH
QEWW SJ GVYGMFPI TPYW WEQTPI (V] EX  ' SZIVRMKLX
6IQSZIERHHIWMGGEXIYRXMPGSSP6IGSVHHV]QEWW'EPGYPEXI
PSWWSRMKRMXMSREWJSPPS[W

6

03-'!?QEWWSJWEQTPIGVYGMFPIFIJSVI
HV]MRK K zQEWWSJWEQTPIGVYGMFPIEJXIVHV]MRK K A
?QEWWSJWEQTPIFIJSVIHV]MRK K A
+VMRHMRK
+VMRHHVMIHWSMPWEQTPIXSTEWWEQWMIZI
)\XVEGXMSR
(IXIVQMRIXLIQEWWSJEKWEQTPISJHVMIHWSMPXSXLI
RIEVIWXQMPPMKVEQ6IGSVHQEWWSJWEQTPI4YXWSMPMREQ0
FIEOIV %HH E WXMV FEV %HH  Q0 SJ VSSQ XIQTIVEXYVI
HIMSRM^IH[EXIV'SZIVFIEOIV[MXLE[EXGLKPEWW7XMVYWMRK
EQIGLERMGEPWXMVTPEXIJSVLSYVQEOMRKWYVIXLEXEPPWSMPMW
WYWTIRHIH MR XLI [EXIV *MPXIV XLI WSPYXMSR XLVSYKL HV]
HSYFPI;LEXQERJMPXIVTETIVYWMRKE&YGLRIVJYRRIPMRXS
E  Q0 WMHIEVQ JPEWO -J XLI WSPYXMSR MW GPSYH] VIJMPXIV
XLVSYKLE;LEXQERSV1MPPMTSVIJMPXIV8VERWJIV[MXLSYX
VMRWIWXSEQ02EPKIRIFSXXPI

%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

%W %'- FIKMRW MXW WIGSRH GIRXYV] SJ EHZERGMRK GSRGVIXI ORS[PIHKI MXW SVMKMREP GLEVXIVIH TYVTSWI
VIQEMRW wXS TVSZMHI E GSQVEHIWLMT MR JMRHMRK XLI FIWX [E]W XS HS GSRGVIXI [SVO SJ EPP OMRHW ERH MR
WTVIEHMRKORS[PIHKIx-ROIITMRK[MXLXLMWTYVTSWI%'-WYTTSVXWXLIJSPPS[MRKEGXMZMXMIW
8IGLRMGEPGSQQMXXIIWXLEXTVSHYGIGSRWIRWYWVITSVXWKYMHIWWTIGMJMGEXMSRWERHGSHIW
7TVMRKERHJEPPGSRZIRXMSRWXSJEGMPMXEXIXLI[SVOSJMXWGSQQMXXIIW
)HYGEXMSREPWIQMREVWXLEXHMWWIQMREXIVIPMEFPIMRJSVQEXMSRSRGSRGVIXI
'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]
7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW
7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME
*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW
4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP
&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW
%W E QIQFIV SJ %'- ]SY NSMR XLSYWERHW SJ TVEGXMXMSRIVW ERH TVSJIWWMSREPW [SVPH[MHI [LS WLEVI E
GSQQMXQIRX XS QEMRXEMR XLI LMKLIWX MRHYWXV] WXERHEVHW JSV GSRGVIXI XIGLRSPSK] GSRWXVYGXMSR ERH
TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
EXEPSGEPPIZIP

%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI

*E\


[[[GSRGVIXISVK

+YMHIXS(YVEFPI'SRGVIXI

8LI%1)6-'%2'32'6)8)-278-898)
[EWJSYRHIHMREWERSRTVSJMXQIQFIVWLMTSVKERM^EXMSRHIHMGEXIHXSTYFPMG
WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW
8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR
-RHMZMHYEPWMRXIVIWXIHMRXLIEGXMZMXMIWSJ%'-EVIIRGSYVEKIHXSFIGSQIEQIQFIV
8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW
1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

[[[GSRGVIXISVK

%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

Das könnte Ihnen auch gefallen