4'%14&8QNWOG0Q

9CUJKPIVQP#PPWCN/GGVKPI
1EVQDGT

5GUUKQP+(
#EVWCTKCN%CTGGTUKP5QHVYCTG
6TCEM
-G[YQTFU

#EVWCT[QHVJG(WVWTG
2TQFWEV&GXGNQROGPV%QORWVGT5[UVGOU

/QFGTCVQT
2CPGNKUVU

&17).#558#0&#/
&#8+&0-#41
,15+#*.;0%*
/#4-5/#*#0;
&17).#558#0&#/

4GEQTFGT

5WOOCT[5QHVYCTGFGXGNQROGPVTGOCKPUCITQYKPIDWUKPGUUKPYJKEJVJG75
OCKPVCKPUCEQOOCPFKPINGCFFYCTHKPICNNQVJGTEQWPVTKGUEQODKPGF6JG
HQNNQYKPIVQRKEUCTGGZRNQTGFKPVJKUUGUUKQP





YJCVOCMGUCECTGGTKPUQHVYCTGWPKSWG!
VJGCEVWCTKCNUMKNNUKPVJGKPFWUVT[
QVJGTUMKNNUPGGFGFVQUWEEGGFCPF
YJQUJQWNFEQPUKFGTVJKUQRVKQP!

/T&QWINCU58CP&CO9GCTGVCNMKPICDQWVCEVWCTKCNECTGGTUKPUQHVYCTG
6JGTGUCDKIKPVGTUGEVKQPDGVYGGPVJGRGQRNGVJCVYQTMYKVJEQORWVGTUCPFVJQUG
VJCVCTGKPVJGTQQO&CXKF-CTQKUYKVJ'EVC%QTRQTCVKQPYJKEJFQGUKNNWUVTCVKQP
UQHVYCTG,QUKCJ.[PEJKUYKVJ.[PEJ$GNN5[UVGOUCPFJGYQTMUQPRGPUKQP
U[UVGOU2TKEG9CVGTJQWUGFQGUXCNWCVKQPU[UVGOU6JGOGODGTUJKRKPVJG
EQORWVGTUEKGPEGUGEVKQPJCUDGGPHCKTN[NGXGNDGVYGGPCPF
OGODGTU6JGTGJCUCNUQDGGPCUVGCF[KPETGCUGKPUQHVYCTGFGXGNQROGPV
/T/CTM5/CJCP[+OVJGOCPCIKPIFKTGEVQTQHVJG+PUWTCPEG5QHVYCTG&KXKUKQP
QH2TKEG9CVGTJQWUG+UVCTVGFCUCPCEVWCTKCNUVWFGPVCV,QJP*CPEQEMDCEMKP
+URGPVVJTGG[GCTUYKVJ,QJP*CPEQEMCPFYGPVVQYQTMCV6TCPUCOGTKECCU
CPCEVWCT[KPVJGTGUGCTEJWPKV+URGPVHQWT[GCTUCV6TCPUCOGTKECCPFLQKPGF
%JCNMG+PEQTRQTCVGF+IQVO[(5#CPFUVCTVGFOCTMGVKPICPFUGNNKPI265UQHVYCTG
%QR[TKIJV l  5QEKGV[ QH #EVWCTKGU

4'%14&8QNWOG

CVCVKOGYJGPYGJCFRTQDCDN[EQORCPKGUVJCVUGNN+URGPVUKZCPFCJCNH[GCTU
YKVJ%JCNMG+PEQTRQTCVGFCPFKP/CTEJ+LQKPGF2TKEG9CVGTJQWUGVQUVCTVQHH
VJGKT+PUWTCPEG5QHVYCTG&KXKUKQPYJKEJYCUVJGUVCTVQHXCNWCVKQPUQHVYCTGKPVJG
KPFKXKFWCNKPUWTCPEGOCTMGVRNCEG9GCNUQFQUQOGRTQRGTV[ECUWCNV[UQHVYCTGCU
YGNN
+OIQKPIVQVCNMCDQWVVJGUCNGUCPFOCTMGVKPIEQORQPGPVQHQWTRTGUGPVCVKQP+P
VJGNCUV[GCTU+XGTGCNN[DGGPHWPEVKQPKPICUCUCNGURGTUQP+URGPVUKZCPFCJCNH
[GCTUCV%JCNMGFQKPICUUGVNKCDKNKV[OCPCIGOGPV
#./+UVCTVGFYKVJVJG
4GIWNCVKQPOCTMGVRNCEGCPFKVITGYKPVQYJCVYGPQYMPQYCUECUJHNQY
VGUVKPICPFCUUGVCFGSWCE[CPCN[UKU6JGXCNWCVKQPOCTMGVRNCEGKUCTGNCVKXGN[PGY
OCTMGVRNCEGCNVJQWIJCEQWRNGQHEQORCPKGUJCXGDGGPKPKVHQTCNQPIVKOG(TQO
VJGKPFKXKFWCNKPUWTCPEGEQORQPGPVYJCVUJCRRGPGFKPVJGOKFVQNCVGUKU
UQTVQHYJCVJCRRGPGFYKVJVJGCUUGVNKCDKNKV[OCTMGVRNCEGKPVJGNCVGU6JG
PGYTGIWNCVKQPUVJCVJCXGEQOGCDQWVHTQOVJGUVCVGUJCXGUQTVQHTGPFGTGF
UQHVYCTGFGXGNQROGPVVQDGCEQOOGTEKCNXGPVWTGVJGUGFC[U%QORCPKGUJCXG
HQWPFVJCVCPKPETGFKDNGCOQWPVQHVKOGCPFTGXGPWGCTGURGPVVQFQKVKPJQWUG
(QTVJGOQUVRCTVVJGCFOKPKUVTCVKQPEQORCPKGUVJCVWUGFVQFQVJGXCNWCVKQP
EQORQPGPVJCXGUQTVQHYCUJGFVJGKTJCPFUQHVJGXCNWCVKQPRKGEGCPFUQVJG
EQORCPKGUGKVJGTJCXGVQEQPVKPWGVQFGXGNQRVJGKTQYPNGICE[U[UVGOQTIQQWV
KPVQVJGOCTMGVRNCEGVQDW[PGYUQHVYCTG9GUQTVQHJKVQPCPKEGOCTMGVRNCEGCV
NGCUVCV2TKEG9CVGTJQWUG+H[QWTGCUCNGUOCP[QWPGGFCOCTMGVCPFVJGTGUC
TGCNXKCDNGOCTMGVRNCEG6JGTGUCEQWRNGQHQVJGTGPVTGRTGPGWTKCNQRRQTVWPKVKGUVJCV
YGUGGVJCVGZKUV6JG+PVGTPGVKUEQOKPIQHCIGCPF+VJKPMRGQRNGYKNNNGCTPJQYVQ
VCMGCFXCPVCIGQHVJG+PVGTPGVYJGVJGTKVUVJTQWIJUCNGUQTFGXGNQRKPIVGEJPQNQI[
VJCVEQORCPKGUECPVCMGCFXCPVCIGQH&CXGYKNNVCNMCDQWVUCNGUKPVJCV
OCTMGVRNCEG
9GTGCNN[GORNQ[HQWTV[RGUQHCEVWCTKGUKPQWTFKXKUKQP6JGHKTUVQPGKUCVGEJPKECN
CEVWCT[9GJCXGRGQRNGVJCVUKVFQYPCPFCEVWCNN[YTKVGQWVURGEKHKECVKQPUHTQO
YJKEJYGTGIQKPIVQDWKNFUQHVYCTG9JGVJGTYGTGFQKPICDWIHKZQTC
EWUVQOK\CVKQPHQTCRCTVKEWNCTENKGPVCPGYTGIWNCVKQPQTLWUVUWRRQTVKPIUQOGPGY
RTQFWEVHGCVWTGYGJCXGCPCEVWCT[VJCVUKVUFQYPCPFCEVWCNN[YTKVGUQWVVJG
HQTOWNCVJCVUIQKPIVQDGKPEQTRQTCVGFKPVQVJGEQFG
6JGUGEQPFRKGEGVJCV+OKUUGFDGECWUGYGFQPVJCXGCP[CEVWCTKGUFQKPIVJKU
HWPEVKQPCVQWTEQORCP[KUVCMKPIVJGURGEUVQCFGXGNQRGTCPFJCXKPICFGXGNQRGT
EQFGKVQWV6JGVJKTFV[RGQHUWRRQTVOCPCIGTKUCEQTGOCPCIGT6JGUGCTG
CEVWCTKGUVJCVCTGHWPEVKQPKPICURGQRNGVJCVVTCKPQPUQHVYCTGCPFJCXGCHCKTFGITGG
QHMPQYNGFIGCDQWVYJCVVJGUQHVYCTGFQGUCPFJQYKVIQGUCDQWVFQKPIKV;QW
ECPLWUVVGCEJENKGPVUJQYVQWUGVJGUQHVYCTGCPFEQPVKPWGVQOCPCIGVJGENKGPVU
QPEGVJG[IGVWRCPFTWPPKPI5QYGTGCNKVVNGDKVWPKSWG9JGP[QWDTKPIVJG

#EVWCTKCN%CTGGTUKP5QHVYCTG

RCEMCIGKPJQWUG[QWIGVUQOGNGXGNQHVTCKPKPICPFVJGP[QWJCPFKVQHHVQC
UWRRQTVFGUM9KVJQWTUWRRQTVHWPEVKQPVJGRGQRNGVJCVVTCKPCPFVJGRGQRNGVJCV
CTGTGURQPUKDNGHQTKORNGOGPVCVKQPQHQWTRTQFWEVUCVCRCTVKEWNCTEQORCP[
CEVWCNN[UVC[YKVJVJGENKGPV+VUPKEGDGECWUGVJG[TGEQIPK\GCHCOKNKCTHCEG6JG[
JCXGUQOGFGITGGQHVGEJPKECNMPQYNGFIGCDQWVVJGUQHVYCTGCPFUQ+YQWNFUC[
VJGUGRGQRNGCTGPVTGCNN[HWPEVKQPKPICUCEVWCTKGUDWVVJG[EGTVCKPN[MPQYGPQWIJ
VQDGFCPIGTQWUCPFMPQYUQOGVJKPICDQWVVJGUQHVYCTGCPFVJGJCTFYCTG6JG[
CTGTGCNN[LCEMUQHCNNVTCFGU
6JGPVJGHKPCNV[RGQHCEVWCTKGUCTGVJGUCNGUTGRU+YQWNFUC[+JCXGPVDGGP
HWPEVKQPKPICUCPCEVWCT[HQTCDQWV[GCTUCNOQUVUKPEG+IQVO[(5#DWV+VJKPMC
UCNGUHWPEVKQPYQWNFDGKPETGFKDN[WUGHWNDGECWUG+VJKPMRGQRNGIKXG[QWVJG
DGPGHKVQHVJGFQWDVDGECWUG[QWJCXGVJTGGKPKVKCNUCHVGT[QWTPCOG6JG[IGVVQ
MPQYOGCPFVJG[FQPVTGCNN[IKXGOGOWEJDGPGHKVQHVJGFQWDVCHVGTVJCV
(QTUQOGTGCUQPQXGTVJG[GCTUVJGTGJCUDGGPCPGICVKXGEQPPQVCVKQPCVVCEJGFVQ
UCNGU+NKMGDGKPICUCNGURGTUQPCPF+OPQVUJ[CDQWVUC[KPIVJCV+CO;QWOKIJV
PQVTGCNK\GVJCVGXGT[FC[[QWCTGCUCNGURGTUQP+H[QWTGVT[KPIVQOCMGCECUGHQT
UQOGVJKPIVJCV[QWYCPVVQFQKP[QWTLQD[QWTGIQKPIVQVT[VQOCMGVJGECUGVQ
FQVJKPIUVJGYC[[QWYCPV;QWTCDKNKV[VQDGCUCNGURGTUQPKUIQKPIVQFGVGTOKPG
YJGVJGTQTPQV[QWTGUWEEGUUHWNKP[QWTECTGGT5QGXGPKH[QWTGPQVKPCRWTG
UCNGURQUKVKQP+TGCNN[DGNKGXGVJCV[QWTGOGCUWTGFD[[QWTCDKNKV[VQEQPXKPEG
RGQRNGQH[QWTKFGCUCPF[QWTCDKNKV[VQKORNGOGPVVJGO
9JGP&QWICUMGFOGVQIKXGVJKUURGGEJJGCUMGFOGVQPQVQPN[VCNMCDQWVYJCV
+FQDWVYJCV+HGNVFGVGTOKPGUDGKPICUWEEGUUKPCPQTICPK\CVKQP+YCUCNYC[U
HCKTN[EGTVCKPCDQWVO[TGNCVKXGUVTGPIVJU+YCUCNYC[UCDNGVQHKPFQWVYJCVYCU
KORQTVCPVVQOGCPFVWTPVJCVKPVQCECTGGTRCVJ9JGP+YCUIQKPIVJTQWIJVJG
GZCORTQEGUU+YCUCV6TCPUCOGTKEC9GWUGFVQJCXGCUVWF[ITQWRDGECWUGVJGTG
YGTGUQOCP[CEVWCTKGUVCMKPIVJGGZCOUCVQPEG+UCVKPCTQQOYKVJCDQWVUGXGP
QTGKIJVRGQRNGCPFYGSWK\\GFGCEJQVJGT+IWGUUO[UVTGPIVJCUCPCEVWCT[KU
VJCVWNVKOCVGN[+YQWNFCNYC[UIWGUUDWVVJGRTQDNGOYCU+YCUCNYC[UVJGHKHVJQT
UKZQPGVQIGVKVKPVJCVTQQO+VJKPMVJCVYJGP[QWGZRCPFVJGHQEWU[QWCNYC[U
HGGNNKMG[QWCTGKPVJGDQVVQOQHIGVVKPIRTQDNGOUDGKPICVGEJPKECNCEVWCT[
QTDGKPIKPVJCVTQNG+CNYC[UJCFCIQQFECTGGTDGKPICPCEVWCT[+RCUUGFVJG
GZCOUCPFFKFO[YQTMDWVVJG[EQWNFPVTGCNN[HKPFCRNCEGHQTOGVQUVCPFQWV
6JGUCNGUQRRQTVWPKV[YCUUQOGVJKPIVJCVYCUIKXGPVQOGCPF+VQQMCFXCPVCIGQH
KV#V6TCPUCOGTKEC+JCFQRVGFVQDGCPCEVWCTKCNFKTGEVQT+YCUTWPPKPIVJG
UVWFGPVRTQITCOGXGPVJQWIJ+YCUPVCP(5#CPFFGCNKPIYKVJWRRGTOCPCIGOGPV
CPFPGIQVKCVKPICPFFQKPITGKPUWTCPEGVTGCVKGUQPVJGEGFGFUKFG6JCVV[RGQHYQTM
CRRGCNGFVQOGDGECWUGKVYCUCPQRRQTVWPKV[VQIGVVQMPQYQVJGTRGQRNGYKVJKP
VJGKPFWUVT[

4'%14&8QNWOG

+PO[LWPKQT[GCTQHJKIJUEJQQN+NQXGFURQTVU+YGPVVQO[OCVJVGCEJGTCPF
UCKF+OJCRR[CUCPCVJNGVGDWV+FQPVVJKPM+ECPOCMGCECTGGTQWVQHKV9JCV
ECP+FQ!5JGVQNFOGVQDGEQOGCPCEVWCT[
#U+OGPVKQPGF+YCUYKVJ6TCPUCOGTKECYJGP5JCPG%JCNMGCRRTQCEJGFOGCDQWV
UGNNKPIUQHVYCTG+VYCUCVCVKOG5JCPGJCFFGXGNQRGF265CPFYGRTQDCDN[JCF
CDQWVENKGPVU+VYCUQPN[CNKCDKNKV[DCUGFU[UVGO*GCUMGFOGVQLQKPJKOCVC
VKOGYJGPJGYCUCFFKPIVJGCUUGVOQFGNCVCVKOGYJGP4GIWNCVKQPYCULWUV
EQOKPIQWVCPFYJGP0GY;QTMYCUCUMKPIENKGPVUVQTWPVGPUEGPCTKQU2GQRNG
YGTGUVCTVKPIVQNQQMCVVJGEQOOGTEKCNOCTMGVRNCEG6JGQRRQTVWPKV[VJCVJG
QHHGTGFOGYCUVQUGNNDWVVQTGCNN[TWPO[QYPUJQR'XGPVJQWIJ+YCUCP
GORNQ[GG+YCUEQORGPUCVGFQPCEQOOKUUKQPDCUKUVJGUCOGYC[VJGRTKQT
UCNGUOCPYCU5Q+VQQMCUCNCT[FTCYDWV+TGCNN[FKFPVIGVCEGPVQPVJGUCNCT[
FTCYWPVKN+GCTPGFVJGEQOOKUUKQP+VTGCNN[OCFG[QWTWP[QWTQYPDWUKPGUU+
HGNVNKMG+JCFUQOGOQPG[KPVJGDCPMCPFEQWNFCHHQTFVQVCMGCEJCPEGYKVJVJG
QRRQTVWPKV[6JGPKEGVJKPIKUVJCV+HGNVNKMGKVYQWNFIKXGOGCNQVQHGZRQUWTGVQ
QVJGTEQORCPKGUUQVJCV+EQWNFUGGFKHHGTGPVENKGPVUCPFFKHHGTGPVGPXKTQPOGPVUKP
VJGEQORCPKGU'XGPKHKVFKFPVYQTMQWVKVYQWNFGZRQUGOGVQVJQUGEQORCPKGU
VJCV+YCUKORTGUUGFYKVJ9JGP[QWIQQWVCPFFQRTGUGPVCVKQPUHQTCDQWV
EQORCPKGUC[GCT[QWUGGUQOGEQORCPKGUCPF[QWYQPFGTYJCVVJG[TGUVKNN
FQKPIQPVJGHCEGQHVJGGCTVJ;QWECPVGNNYJGVJGTVJG[CTGIQKPIVQDGUWEEGUUHWN
D[VJGSWCNKV[QHRGQRNG+FQPVTGCNN[FGVGTOKPGO[RTKQTKVKGUO[ENKGPVU
FGVGTOKPGO[RTKQTKVKGU'XGT[OQTPKPIYJGP+EQOGKPVQYQTM+RTQDCDN[JCXG
CDQWVVJKPIUQPO[NKUVQHVJKPIUVQFQCPFO[ENKGPVURTKQTKVK\GVJQUGHQTOG
9JQGXGTKUIQKPIVQOCMGOGVJGOQUVOQPG[QTOCMGVJGEQORCP[VJGOQUV
OQPG[IQGUVQVJGVQRQHVJGNKUV+OCDNGVQETQUUCDQWVVGPVJKPIUQHHVJGNKUVCHVGT
CPQVJGTVJKPIUIGVCFFGFVQVJGNKUV
9JGP+LQKPGF2TKEG9CVGTJQWUGO[RQUKVKQPYCUVJCVQHCOCPCIKPIFKTGEVQT5Q
GXGPVJQWIJ+FQPVYTKVGCNKPGQHEQFG+OTGURQPUKDNGHQTPQVQPN[VJGUCNGUQHQWT
NKPGQHUQHVYCTGDWVCNUQVJGOCPCIGOGPVQHVJGFKXKUKQP+VJCUTGCNN[RTQXKFGFOG
YKVJCEQPHNKEVKPITQNGKPVJGRCUV+LWUVWUGFVQUGNNUGNNUGNNCPF+EQWNFPV
WPFGTUVCPFYJ[VJGFGXGNQROGPVFKXKUKQPEQWNFPVMGGRWRYKVJOG/[DKIIGUV
GPGO[CUCUCNGURGTUQPKUVJG&KTGEVQTQHVJG&KXKUKQPYJQJCFVQIGVVJGYQTM
FQPGVQFGNKXGTVQVJGENKGPVCPFXKEGXGTUC5QVJGOCPCIKPIFKTGEVQTKPOGYCPVU
VJGUCNGUOGPVQIQQWVCPFVCMGCXCECVKQPHQTCEQWRNGOQPVJUYJKNGVJGUCNGUIW[
KPOGKUTGCNN[NQQMKPIVQVT[VQUGNNCUOWEJCURQUUKDNG
#U+UCKFVJGOCTMGVUGVUVJGRTKQTKV[+H[QWNKMGOCPCIKPI[QWTNKHGDCUGFQPYJCV
QVJGTRGQRNGVGNN[QWVQFQ[QWNNNKMGUCNGUDGECWUGGXGT[DQF[JCUCPQRKPKQP
CDQWVYJCV[QWUJQWNFFQ;QWUJQWNFJCXGCNKVVNGDKVQHGPVTGRTGPGWTKP[QW+H
[QWTGYKNNKPIVQVCMGCTKUMGXGPVJQWIJCEVWCTKGUCTGPVYGNNMPQYPHQTVJGKT

#EVWCTKCN%CTGGTUKP5QHVYCTG

CDKNKV[VQVCMGTKUMUKVUCITGCVQRRQTVWPKV[6JGDGUVCFXKEG+YCUGXGTIKXGPCUC
UCNGUOCPYCUVQUJWVWR6JGCDKNKV[VQNKUVGPKUXGT[KORQTVCPV/CP[VKOGUYJGP
[QWTGFGCNKPIYKVJENKGPVUVJG[NNVGNN[QWYJCV[QWPGGFVQFQVQOCMGVJGUCNG
;QWLWUVJCXGVQNKUVGP6JG[NNVGNN[QWYJCVVJGKTRTKQTKVKGUCTGCPFYJCVVJG[YCPV
VJGUQHVYCTGVQFQ6JCVOCMGU[QWTLQDXGT[GCU[+VJKPM[QWPGGFVJGCDKNKV[VQ
KPVGITCVGKPHQTOCVKQP;QWOWUVVT[VQVWTPYJCV[QWNGCTPHTQOQPGENKGPVKPVQ
YJCVQVJGTENKGPVUOC[YCPV+CNUQVJKPM[QWJCXGVQDGVGPCEKQWUGPQWIJVQPGXGT
IKXGWR
#UHCTCUUWEEGUUIQGU+VJKPMVJCVVJGOQUVKORQTVCPVETKVGTKCVJCVYGJCXGKPVJKU
RCTVKEWNCTYQTNFKUVJGKFGCVJCVVJGTGKUEQQTFKPCVKQPDGVYGGPOCTMGVKPICPFUCNGU
'XGPVJQWIJ+OTGURQPUKDNGHQTCNNQHVJGRW\\NGRKGEGUKHCP[QPGRKGEGQHVJG
RW\\NGHCNNUCRCTVVJGYJQNGRW\\NGHCNNUCRCTV+H[QWIGVPGYENKGPVUCPF[QWFQPV
VCMGECTGQH[QWTGZKUVKPIENKGPVUKVUPQVIQKPIVQDGXGT[NQPIDGHQTG[QWT
RGTURGEVKXGENKGPVUHKPFQWVVJCV[QWTGZKUVKPIENKGPVUCTGPVVQQJCRR[6JGOQQF
YKVJKPQWTUJQRKUVJCVQWTGZKUVKPIENKGPVUUQTVQHFGVGTOKPGQWTRTKQTKVKGUCPFYG
NKUVGPGURGEKCNN[YJGPRGQRNGCTGDW[KPIQTYQTVJQHUQHVYCTG
+H[QWTGPQVVCMKPIECTGQH[QWTGZKUVKPIENKGPVUCPFRGQRNGYKNNHKPFVJKUQWV[QWTG
PQVIQKPIVQJCXGCP[GZKUVKPIENKGPVU
(KPCNN[+FNKMGVQFKUEWUUVJGVQQNUVQCEJKGXGVJGEQOOWPKECVKQP9GJCXG
VTCEMKPIUJGGVU;QWPGGFVQDGCDNGVQVTCEMYJCV[QWTGFQKPIHQTGXGT[UCNGUIQCN
#V2TKEG9CVGTJQWUGYGRWVGXGT[TGSWGUVQTGXGT[KPKVKCVKXGVJCVYGYCPVVQFQ
YKVJVJGUQHVYCTGKPVQVJGUCOGHQTO9JGVJGTKVUCDWIHKZQTENKGPVUUETGCOKPIHQT
EWUVQOK\CVKQPQTCPGYTGIWNCVKQPVJCVUDGEQOKPIGHHGEVKXG&GEGODGT
YGEQPVKPWCNN[XCNKFCVGCNNQHVJQUGRTKQTKVKGUYKVJQPGENGCTRKEVWTGUQVJCVYGFQPV
JCXGVJGNGHVJCPFFQKPIUQOGVJKPIVJGTKIJVJCPFFQGUPVMPQYCDQWV
/[HKPCNUCNGUUVQT[CEVWCNN[JCRRGPGFYJGP+YCUFQKPICRTGUGPVCVKQPCVC
EQORCP[+WUGFVQYQTMHQT9GJCFDGGPVT[KPIVQUGNN265CPFVJG[YGTG
FGRGPFKPIQPOG6JG[JCFVJGTQQOUGVWRUQVJCVVJGTGYGTGCEVWCTKGUCPF
U[UVGOURGQRNGKPCEQORNGVGEKTENGCTQWPFOG+YCUFQKPICRTGUGPVCVKQPCPFUCV
VJGTGHQTCDQWV+FUC[VJTGGCPFCJCNHJQWTUHKTUVFQKPIO[RTGUGPVCVKQPCPFVJGP
IGVVKPIITKNNGF6JG[CUMGFOG%CP[QWUWRRQTVVJKU!+UCKF9GNNPQ+ECPV
UWRRQTVVJCVPQYDWVYGRNCPQPFQKPIVJCVKPVJTGGOQPVJU+YGPVQPVQFKUEWUU
UQOGVJKPIGNUGCPF+JCFVQUC[0QYGTGPQVFQKPIVJCVDWVYGRNCPQPFQKPIKV
KPUKZOQPVJUQTPKPGOQPVJU6JGEQORCP[FKFPVDW[UQHVYCTGCP[VKOGUQQPCPF
VJG[FKFPVDW[CP[DQF[GNUGUUQHVYCTGDWVCHVGT[GCTGPFVJGUCOGITQWRDTQWIJV
OGKPCICKP6JG[UCKF.GVUUGGYJCV[QWJCXGPQY+YGPVVJTQWIJVJG
RTGUGPVCVKQPCPFVJGTGYGTGVYQRGQRNGVJCVUCVVJGTGYKVJVJGGPVKTGNKUVQHCNNQHVJG
VJKPIUVJCV+UCKFYGYGTGIQKPIVQFQ+GPFGFWRENQUKPIVJGFGCNYKVJKPCOQPVJ
DGECWUGGXGT[VJKPIVJCV+JCFRTQOKUGFVJCVYGYGTGFQKPIVQFQYJGVJGTKVYCUVQ

4'%14&8QNWOG

DGFQPGKPVJTGGOQPVJUUKZOQPVJUQTPKPGOQPVJUYGHQNNQYGFVJTQWIJCPF
EQORNGVGF6JKUYCUCNWEM[DTGCMDGECWUGYGCNNMPQYRTKQTKVKGUEJCPIGHTQOQPG
FC[VQVJGPGZVGURGEKCNN[QXGTC[GCT6JGDQVVQONKPGKUKH[QWTGJQPGUVYKVJ
RGQRNGCPF[QWFQPVUGNNXCRQTYCTGQTVJGPGYVGTOKUUQHVYCTGHWVWTGU[QWNN
DGUWEEGUUHWN6JGUCNGUYQTNFECPDGHWP
/T,QUKCJ.[PEJ+OIQKPIVQVCNMCDQWVJQYYGIQVVQYJGTGYGCTGPQYCPF
YJCVRCVVGTPUYGXGUGGPGXQNXKPIQXGTVJGFGECFGU#U+YCUUC[KPIVQ&QWI
GCTNKGT+OPQVUWTG+OCVVJGTKIJVUGUUKQPDGECWUG+OCRGPUKQPCEVWCT[+HGGN
XGT[OWEJQWVQHRNCEGKPVJGITQWRVJCVUYCPFGTKPIVJTQWIJVJGUGJCNNU
'XGT[VJKPI+UC[YKNNDGHTQOCRQKPVQHXKGYQHCRGPUKQPRGTUQPYJQURGEKCNK\GUKP
UQHVYCTGHQTRGPUKQPRGQRNG
6JGHKTUVIGPGTCVKQPQHEQORWVGTUFCVGUHTQOVJGNCVGUVQVJGOKFVQNCVGU
6JG[YGTGEJCTCEVGTK\GFD[XCEWWOVWDGUCPFOCEJKPGNCPIWCIGRTQITCOOKPI+V
YCUCXGT[RTKOKVKXGDGIKPPKPICPFCEVWCTKGURNC[GFCNOQUVPQTQNGKPVJKU
IGPGTCVKQPQHEQORWVGTU
6JGUGEQPFIGPGTCVKQPQHEQORWVGTUIQVOQTGKPVGTGUVKPI6JGUGEQPFIGPGTCVKQP
YCUEJCTCEVGTK\GFD[UQNKFUVCVGGSWKROGPVVTCPUKUVQTUVJGKPXGPVKQPQHNCPIWCIGU
CPFCUUGODN[NCPIWCIG%1$1.CPF(QTVTCPYGTGVJGHKTUVVYQWUGTNCPIWCIGU
%1$1.YCUHQTDWUKPGUUCPF(QTVTCPYCUHQTOCVJGOCVKEKCPU7PFGTPGCVJKVCNN
YCUVJGUKZDKVEJCTCEVGTUYJKEJOGCPVVJCVYKVJCUKPINGENWUVGT[QWEQWNFJCXGWR
VQRQUUKDNGEJCTCEVGTUYJKEJOGCPU[QWJCFCPWRRGTECUGDWVPQNQYGTECUG
PWODGTUCPFCHGYQVJGTEJCTCEVGTU
0QYVJGUGEQPFIGPGTCVKQPEQORWVGTUWNVKOCVGN[DGECOGXGT[RQYGTHWNCPF
CFXCPEGF9JCVYCURTQDCDN[VJGOQUVCFXCPEGFYCUVJG%QPVTQN&CVCE[DGT
UWRGTEQORWVGTUGTKGU6JG[JCFVJG%[DGTPGVCPFOWNVKRTQEGUUKPIVKOGUJCTKPI
CPFSWKVGCHGYCEVWCTKGUWUGFVJQUGEQORWVGTUVQITGCVCFXCPVCIG6JGVJKTF
IGPGTCVKQPGODQFKGFYKVJKPVJG+$/CPFVJGCPFVJG4%#5RGEVTCUGTKGU
YJKNGKVNCUVGFJCFPGYCTEJKVGEVWTGYKVJCPGKIJVDKVD[VG6JGGKIJVDKVD[VGUVKNN
ECTTKGUQPVQVJKUFC[CNNQYKPIRQUUKDNGEJCTCEVGTUYJKEJKUTGCUQPCDN[TKEJ
+$/KPUVKVWVGFVJGOQUVET[RVKEQHCNNRQUUKDNGNCPIWCIGUECNNGF1RGTCVKPI5[UVGO
,QD%QPVTQN.CPIWCIG
15,%.CPFVJCVYCUCECTGGTOCMGTKPUQOGECUGUCPFC
ECTGGTDTGCMGTKPQVJGTECUGU
6JGOCKPHTCOGGPXKTQPOGPVYCUXGT[HQTDKFFKPI6JGUGEQORWVGTUJCFNKOKVGF
CEEGUU6JG[CNYC[UJCFVJGKTQYPTQQOWUWCNN[QPVJGHNQQT+PCTKIKFN[
EQPVTQNNGFGPXKTQPOGPVVJGVGORGTCVWTGCPFVJGJWOKFKV[CPFVJGCKTSWCNKV[YGTG
ECTGHWNN[OQPKVQTGFD[VJGJQWT6JG[YGTGCNYC[UECTGHWNN[GPENQUGFCPFCU+
UCKFCFOKUUKQPYCUTGUVTKEVGF6JGTGYGTGHCKTN[HTGSWGPVTGHGTGPEGUKPNKVGTCVWTGVQ

#EVWCTKCN%CTGGTUKP5QHVYCTG

VJGRTKGUVJQQFVJCVIWCTFGFVJQUGEQORWVGTUCPFYJQJCFCNGXGNQHEWNVWTG
TQWIJN[UGGPPQYCVVJG%+#QTVJG5GETGV5GTXKEG(TQOVJGCEVWCT[URQKPVQH
XKGYVJGCEVWCT[UTQNGYCURTGVV[OWEJTGUVTKEVGFVQCFXKUKPIVJGUQHVYCTG
FGUKIPGTU6JGTGYGTGPVOCP[CEVWCTKGUYJQFKFJCPFUQPRTQITCOOKPI
.GVUFKUEWUUVJGTQNGQHVJGCEVWCT[KPFGXGNQRKPICEVWCTKCNUQHVYCTGEQORCTGFVQ
VJGTQNGQHVJGRTQITCOOGTUCPFVJGRGQRNGYJQCTGKPXQNXGFKPVGEJPQNQI[
6GEJPQNQI[CVVJKURQKPVTGRTGUGPVUCUOCNNRTQRQTVKQPQHVJGVQVCNGHHQTVDGECWUGKV
KUJKIJN[EQORWVGTTGNCVGFCPFKVFKFPVXCT[OWEJHTQORTQLGEVVQRTQLGEVQTHTQO
U[UVGOFGUKIPVQU[UVGOFGUKIP6JGRGQRNGKPXQNXGFKPVGEJPQNQI[UKORN[
OQPKVQTGFVJGQRGTCVKPIU[UVGOCPFOCFGUWTGVJCVVJGEQORWVGTMGRVYQTMKPI
6JGRTQITCOOGTUFKFVJGDWNMQHVJGYQTMQPOCKPHTCOGUQHVYCTGCPFVJGCEVWCTKGU
RTQXKFGFVJGQDLGEVKXGUCPFYQTMGFYKVJVJGRTQITCOOGTUVQOCMGUWTGVJGTGUWNVU
YGTGTKIJV
+PO[QYPECTGGT+XGJCFVJGIQQFHQTVWPGQHEQODKPKPIVJGUGVYQTQNGUVJG
CEVWCTKCNTQNGCPFVJGRTQITCOOKPITQNGUQVJCVPQDQF[GXGTRTQITCOOGF
UQOGVJKPIVJCV+YQTMGFQP+FKFCNNVJGRTQITCOOKPIO[UGNH
+PVJGGCTN[VQOKFUVJGOKPKEQORWVGTUECOGQPVJGUEGPG6JG
OKPKEQORWVGTJCFVJGEJCTOQHDGKPICOQTGRGTUQPCNMKPFQHCPGPVKV[#UOCNN
HKTOEQWNFCHHQTFQPGCPFKVFKFPVSWKVGTGSWKTGVJGUEKGPVKHKECNN[OQPKVQTGFTQQO
VJCVVJGOCKPHTCOGUPGGFGF'CEJOKPKEQORWVGTYCUHTGSWGPVN[UGTXGFD[C
OQFGUVPWODGTQHVGTOKPCNU6JGUGOCEJKPGUEQUVNGUUCPFVJGKTWUGFKFNQYGTVJG
EQUVRGTECNEWNCVKQP+PVJGOCKPHTCOGGTCVJGTGYCUCTWNGQHVJWODVJGOQTG
GZRGPUKXGVJGEQORWVGTVJGEJGCRGTGCEJECNEWNCVKQPYCU6JGOKPKEQORWVGTHQT
VJGHKTUVVKOGVWTPGFVJCVTWNGQHVJWODQPKVUJGCF6JGOKPKEQORWVGTCNUQJCFC
OQTGHNGZKDNGCRRTQCEJ+PCUOWEJCUVJGOKPKEQORWVGTYCUWUWCNN[UGTXKPIC
UKPINGEQORCP[VJGPVJGQRGTCVKPIU[UVGOEQWNFDGOWEJNQQUGTKPKVUCEEQWPVKPI
VJCPKVYQWNFDGKHKVYGTGCOCKPEQORWVGTUGTXKPIOCP[EQORCPKGUQTOCP[
OCP[JWIGFKXKUKQPUYKVJKPIKCPVEQORCPKGUVJCVYGTGEQPUVTWEVGFCUKHVJG[YGTG
OCP[EQORCPKGUYKVJKPCUKPINGHKTO5QVJG[YGTGOWEJOQTGRGTUQPCNKPVJGKT
CRRGCTCPEGKPVJGKTWUGCPFKPVJGYC[RGQRNGVJQWIJVCDQWVVJGOCPFWUGFVJGO
5QKPVJGUCOGUWDLGEVKXGGXCNWCVKQPVJCVYCUWUGFDGHQTGVJGTGYCUCOWEJITGCVGT
KPXQNXGOGPVQHVJGCEVWCT[KPVJGWUGQHCOKPKEQORWVGTVJCPYCUVJGECUGYKVJVJG
OCKPHTCOG6JGTGYCUOQTGVGEJPQNQI[TGSWKTGFDGECWUGVJGOKPKEQORWVGTNGPV
KVUGNHVQOQTGHWUUKPIVJCPYCURQUUKDNGYKVJVJGOCKPHTCOG5QUQOGRWTGN[
UQRJKUVKECVGFTQWVKPGUYGTGRWVVQIGVJGTHQTVJGOKPKEQORWVGTYKVJKPCUKPINGHKTO
0QYYGEQOGVQVJGDGIKPPKPIQHVJG2%GTC+OIQKPIVQD[RCUUVJGPQP&15
OCEJKPGUVJG#RRNGCPFVJGQNF%2/OCEJKPGU6JG&152%HKTUVECOGQWVKP

4'%14&8QNWOG

CPFJCUDGGPIGVVKPIDGVVGTCPFDGVVGTQXGTVKOG+VJCFVJGNQYGUVEQUVRGT
ECNEWNCVKQPGXGTUGGPKPJKUVQT[+VJCFVJGCFXCPVCIGQHDGKPICRGTUQPCNEQORWVGT
+VYCUTKIJVVJGTGHQTVJGWUGTVQWUG+HJGFKFPVWUGKVPQDQF[FKF+VYCUPV
YQTMKPIYJGPJGYCUPVWUKPIKVQPVJGCUUWORVKQPVJCVQPGRGTUQPJCFQPG
EQORWVGT*GEQWNFCEVWCNN[NWIKVKPJKUECTHTQOQHHKEGVQJQOGKHJGYCPVGF+V
RTQXKFGFCNKDGTCVKPIGHHGEV6JGTGCUQPYJ[+OEQPEGPVTCVKPIQPVJG&152%KU
DGECWUG+$/TGEQIPK\KPIVJCVVJG[EQWNFPVRQUUKDN[ECRVWTGVJCVOCTMGVD[
VJGOUGNXGUQRGPGFWRVJGCTEJKVGEVWTGCPFOCFGKVHTGGN[CXCKNCDNGVQCP[QPGVJCV
YCPVGFVQETGCVGUQHVYCTGHQTKV#UCTGUWNVVJGTGYCUCPGZRNQUKQPQHVJKTFRCTV[
UQHVYCTG)GPKWUGUKPICTCIGUYGTGYQTMKPICTQWPFVJGENQEMVQFGXGNQRUQHVYCTG
VJG[FUGNN[QWHQTQTVQOCMG[QWTYQTMGCUKGT5QVJGRTQFWEVKXKV[
DGECOGHCPVCUVKEQPGCEJQPG+VYCUNKVGTCNN[CRGTUQPCNEQORWVGT
6JKUUQTVQHWPNGCUJGFVJGCEVWCT[URQYGTQPVJCVEQORWVGT*GEQWNFFQ
RTQITCOOKPIJKOUGNH+VECOGYKVJCHTGGXGTUKQPQH$CUKE*GEQWNFHQTCOQFGUV
COQWPVQHOQPG[IGVCURTGCFUJGGVRTQITCOQTJKUGORNQ[GTEQWNFRTQXKFGKVHQT
JKO5QYJKNGOCP[QHVJGCEVWCTKGUUVKNNJCFQVJGTRGQRNGYTKVKPIRTQITCOUHQT
VJGOOQTGCEVWCTKGUYGTGFQKPIJCPFUQPYQTMQPVJGKTQYPEQORWVGTU9KVJ
URTGCFUJGGVUCPFFCVCDCUGRTQITCOUKVYCUPQVWPEQOOQPVQJCXGCIWTWQTVYQ
DWVKVKUJGTGCICKPOQTGNKMGCRGTUQPCNIWTWTCVJGTVJCPCHKZGFCUUGV5QVJCVYCU
VJG&152%YJKEJYCUCUVCPFCNQPGOCEJKPG
6JGPVJGNQECNCTGCPGVYQTMECOGCNQPI6JGCEVWCT[UVKNNJCFCPKPVKOCVG
KPXQNXGOGPVYKVJJKUQTJGT2%6JGTGYCUUVKNNRTQITCOOKPIDGKPIFQPGDWVQP
VJGPGVYQTMVJGTQNGQHVJGVGEJPQNQIKUVYCUGPNCTIGFDGECWUGVJGPGVYQTMTGSWKTGF
CVTGOGPFQWUCOQWPVQHCVVGPVKQPVYGCMKPIGFWECVKPIGVE9GPQYJCXG
9KPFQYUQT9KPFQYU062%U6JGUGOCEJKPGUKPQTFGTVQUWRRQTV9KPFQYU
CTGOWEJOQTGRQYGTHWNYKVJCITGCVGTECRCEKV[VJCPGXGTDGHQTG;QWJCXGCNGUU
XGTDCNCPFOQTGITCRJKEKPVGTHCEGYKVJKEQPCEEGUUCPFUQHQTVJ+VUIGVVKPIXGT[
HTKGPFN[YJKNGIGVVKPIOQTGFKHHKEWNVVQHCVJQO9GJCXGF[PCOKENKPMKPIHQWTVJ
IGPGTCVKQPNCPIWCIGCPFXKUWCNQDLGEVRTQITCOOKPIKVKUKOOGPUGN[RQYGTHWNDWV
KPUQOGYC[UKVUCUVGRDCEMYCTFUHQTVJGCEVWCTKGU5QYJCVYGTGUGGKPIPQYKU
VJCVVJGRTQRQTVKQPQHVJGCEVWCTKGUVCUMVQVJGRTQITCOOGTUVCUMKUCDQWVYJCVKV
YCUDWVVJGTQNGQHVJGVGEJPQNQIKUVJCUITQYPD[NGCRUCPFDQWPFU6JGU[UVGOU
RGTUQPJCUCOWEJOQTGRQYGTHWNTQNGVJCPJGJCFGXGPKPVJGOCKPHTCOGFC[UQT
VJGOKPKEQORWVGTFC[U+PO[GZRGTKGPEGKVJCUDGGPPQVWPJGCTFQHHQTVJG
CEVWCT[VQFQVJKUHWPEVKQPCPFVJKUHWPEVKQPKVUOWEJTCTGTHQTVJGOVQFQVJKU
HWPEVKQP$WVJGTGCICKP+OVCNMKPIHTQOVJGRQKPVQHXKGYQHRGPUKQPCEVWCTKGU
&CXKF0-CTQ+XGURGPVCNOQUVVJGNCUVVGP[GCTUYQTMKPICUCPCEVWCT[FGCNKPI
YKVJKNNWUVTCVKQPU[UVGOUCPFEQORWVGTUQHVYCTG+UVCTVGFQWVCUCPCEVWCTKCNVTCKPGG
TKIJVQWVQHEQNNGIGCVCUOCNNNKHGKPUWTCPEGEQORCP[+JCFPQRTQITCOOKPI

#EVWCTKCN%CTGGTUKP5QHVYCTG

DCEMITQWPFYJGP+UVCTVGFVQRTQITCOVJGEQORCP[UVTCFKVKQPCNNKHGKPUWTCPEG
KNNWUVTCVKQPU[UVGOQPCP+$/(TQOVJGTG+OQXGFQPVQVJGRTQFWEV
FGXGNQROGPVCTGCHQTCOGFKWOUK\GFNKHGKPUWTCPEGEQORCP[+YCUTGURQPUKDNG
HQTRTKEKPIKVUWPKXGTUCNNKHG
7.RQTVHQNKQ+CNUQYCUKPXQNXGFKPRTQITCOOKPIKVU
KPJQWUG#2.
#2TQITCOOKPI.CPIWCIGKNNWUVTCVKQPU[UVGOCUYGNNCUOCMKPIUVCVG
HKNKPIUCPFFGCNKPIYKVJEQORNKCPEGKUUWGU9JGPYGRWTEJCUGFVJGVJKTFRCTV[
KNNWUVTCVKQPU[UVGO+YCUVJGOCKPCEVWCTKCNEQPVCEV6JCVRTQXGFVQDGCHQTVWKVQWU
TGNCVKQPUJKRDGECWUGCHGY[GCTUNCVGTCPQVJGTEQORCP[YCUEQOKPIKPCPFYCU
IQKPIVQVCMGQXGTVJGKPUWTCPEGEQORCP[YJGTG+YCUYQTMKPIUQ+NGHVVQIQYQTM
HQTVJGUQHVYCTGXGPFQT+JCXGPQYDGGPYQTMKPIVJGTGHQTCNKVVNGOQTGVJCPHKXG
[GCTU1WTOCKPRTQFWEVUCTGNKHGKPUWTCPEGCPFCPPWKV[KNNWUVTCVKQPU[UVGOUCNQPI
YKVJ+PVGTPGVCPFENKGPVUGTXGTUQNWVKQPU
#NNQWTPGYU[UVGOUCTG9KPFQYUDCUGFJQYGXGTYGUVKNNFQCIQQFDKVQH&15
YQTMKPOCKPVCKPKPIQWT.GICE[5[UVGOU+OCKPN[FGCNYKVJVJGECNEWNCVKQPGPIKPG
RQTVKQPQHVJGWPKXGTUCNNKHGCPFXCTKCDNGNKHGRTQLGEVUCPF+IGPGTCNN[UGGVJGRTQLGEVU
VJCV+YQTMQPVJTQWIJHTQOUVCTVVQHKPKUJ+UVCTVQHHYKVJCUCNGURTGUGPVCVKQPC
RTQFWEVFGOQ(TQOVJGTGYGOQXGQPVQCHCEGVQHCEGOGGVKPIYJGTGYGHKTGQWV
CNNVJGURGEKHKEUQHVJGRTQLGEVKPITGCVFGVCKN#VVJCVRQKPVO[CEVWCTKCNDCEMITQWPF
KUCJWIGJGNR(TQOVJCVKPHQTOCVKQPYGCUUGODNGCEQORTGJGPUKXGVGEJPKECN
OCPWCNVJCVVJGENKGPVOWUVUKIPQHHQPDGHQTGVJGRTQITCOOKPICEVWCNN[DGIKPU
1PEGVJG[XGUKIPGFQHH+DGIKPRTQITCOOKPIVJGECNEWNCVKQPGPIKPGCPFVGUVKPI
JQOGQHHKEGXCNWGUCICKPUVQWTQYPXCNWGU6JGHKPCNUVGRKUCUUGODNKPIVJGKPRWV
CPFQWVRWVOQFWNGUKPJQQMKPIWRVJGECNEWNCVKQPGPIKPGVQVJGOCPFTGVGUVKPI
GXGT[VJKPICICKPUVVJGJQOGQHHKEGXCNWGU
0QYVJGTGOCTMUVJCVHQNNQYCTGDCUGFOCKPN[QPO[RGTUQPCNGZRGTKGPEGCPFOC[
XCT[DGVYGGPHKTOUKPVJGUQHVYCTGKPFWUVT[*QYGXGTVJGTGTGOCP[HCEVQTUVJCV
OCMGCECTGGTKPUQHVYCTGWPKSWG1PGQHVJGOQUVPQVKEGCDNGFKHHGTGPEGUKUVJG
OQTGECUWCNYQTMCVOQURJGTG6JKUOKIJVUJQYWRKPCOQTGTGNCZGFFTGUUEQFG
YJKEJECPUQOGVKOGUDGCJKFFGPEQUVQHGORNQ[OGPVHQTUQOGRGQRNGDGECWUG
VJGKTECUWCNENQVJGUOKIJVPQVDGUWKVCDNGHQTRQNKVGUQEKGV[6JGTGCNUQOKIJVDGC
NCEMQHHQTOCNTWNGUCPFRTQEGFWTGU6JCVECPDGXGT[FGUKTCDNGHQTVJQUGRGQRNG
VJCVCTGHGFWRYKVJQHHKEGRQNKVKEU*QYGXGTUQOGVKOGUVJGNCEMQHTWNGUECPDGC
UQWTEGQHHTWUVTCVKQP6JGTGVGPFUVQDGHGYGTNGXGNUQHOCPCIGOGPVCVNGCUVKP
UOCNNGTUQHVYCTGHKTOU(CTNGUUVKOGKUURGPVKPOGGVKPIUCNNQYKPIHQTWPKPVGTTWRVGF
YQTMKPIEQPFKVKQPUCPFKPETGCUGFRTQFWEVKXKV[2NWUVJGTGVGPFUVQDGOQTG
FGRGPFGPEGQPVGCOYQTMYKVJKPCUQHVYCTGHKTOVJCPYKVJKPCPKPUWTCPEG
EQORCP[6JCVUFWGVQVJGNCTIGUEQRGQHVJGRTQLGEVUCPFVJGVKIJVGTFGCFNKPGU
6JGTGCTGUQOCP[FKHHGTGPVHCEGVUQHVJGRTQLGEVUVJCVKVUKORQUUKDNGHQTQPGRGTUQP
VQDGCPGZRGTVQPCNNVJGRKGEGU9GWUWCNN[DTGCMFQYPVJGRTQLGEVKPVQCNQVQH



4'%14&8QNWOG

NKVVNGRKGEGUCPFFKXKFGVJGODGVYGGPVGCOOGODGTU5QHVYCTGHKTOUVGPFVQ
DGNKGXGKPCOQTGGSWKVCDNGUJCTKPIQHYGCNVJVJCPKPUWTCPEGEQORCPKGU6JKU
RJKNQUQRJ[NGCFUVQDGVVGTGORNQ[GGDGPGHKVU5QOGV[RKECNN[GPJCPEGFDGPGHKVU
OKIJVKPENWFGDGVVGTEQORGPUCVKQPDGECWUGUQHVYCTGHKTOUJCXGCNQVOQTG
EQORGVKVKQPYJGPTGETWKVKPICPFVJG[GPVGTVCKPJKIJN[SWCNKHKGFKPFKXKFWCNUVJGTG
OKIJVDGRTQHKVUJCTKPIRNCPUQTRTQFWEVKQPDQPWUGUCUYGNNCUOQTGXCECVKQPVKOG
CPFHWNN[RCKFOGFKECNDGPGHKVUHQT[QWTGPVKTGHCOKN[
6JGYQTMGPXKTQPOGPVKPCUQHVYCTGHKTOECPFKHHGTFTCUVKECNN[HTQOVJCVQHCP
KPUWTCPEGEQORCP[5QOGQHVJGFKHHGTGPEGUEQWNFDGOQTGHNGZKDNGYQTMJQWTU+
JCXGUGXGTCNEQYQTMGTUYJQEQOGKPDGHQTGUKZQENQEMKPVJGOQTPKPIUQVJG[ECP
DGJQOGKPVKOGVQOGGVVJGKTMKFUYJGPVJG[IGVJQOGHTQOUEJQQN6JGTGOC[DG
NQWFOWUKERNC[KPIKPVJGJCNNYC[UQTCNKDGTCNWUGQHRTQHCPKV[6JCVRTQHCPKV[
OKIJVDGFKTGEVGFCVEQYQTMGTUCUYGNNCUVJGENKGPVUKVLWUVFGRGPFU6JGTGKUCNUQ
COQTGRGTOKUUKXGRQNKE[VQYCTFUQHHKEGFGEQTCVKPI+PFKXKFWCNKV[UGGOUVQDG
GPEQWTCIGF(QTKPUVCPEGYJGP+OQXGFKPVQO[QHHKEGVJGGPVKTGDCEMYCNNJCF
JWPFTGFUQH2GRUKECPUINWGFVQKVHTQOHNQQTVQEGKNKPI5KPEG+FQPVFTKPM2GRUK
QPGQHVJGHKTUVVJKPIU+FKFYCUVCMGKVFQYPDWVCNQVQHRGQRNGCVQWTEQORCP[UVKNN
MKPFQHNQQMDCEMCVVJQUGFC[UHQPFN[+PCUQHVYCTGHKTOVJGTGUCNQVOQTG
NKMGNKJQQFQHDGKPIKPXQNXGFYKVJRTQLGEVUYKVJCPKPVGTPCVKQPCNHQEWUDGECWUG
[QWTGFGCNKPIYKVJOCP[ENKGPVUKPUVGCFQHLWUV[QWTQYPGORNQ[GT+VUPQV
WPWUWCNHQTOCP[QHVJGPQPFQOGUVKEHKTOUQTNCTIGOWNVKPCVKQPCNEQPINQOGTCVGUVQ
NQQMHQTVJGDGUVUQHVYCTGVJCVHKVUVJGKTPGGFUTGICTFNGUUQHKVUEQORCP[QHQTKIKP
$GECWUGQHVJKUKPVGTPCVKQPCNHQEWUVJGTGKUITGCVGTRQVGPVKCNHQTVTCXGNVJCPYKVJKPC
NKHGKPUWTCPEGEQORCP[*QYGXGTVJGEJCPEGUQHIQKPIVQUQOGGZQVKENQECNGCTG
RTQDCDN[PQITGCVGTVJCPYJCV[QWUGGPQY*QYGXGT[QWOKIJVJCXGCDGVVGT
UJQVCVEQPXKPEKPI[QWTGORNQ[GTVQUGPF[QWVQ*CYCKKPGZV[GCTHQTVJGOGGVKPI
1PGQHVJGITGCVGUVDGPGHKVUQHYQTMKPIHQTCJKIJVGEJHKTOKUUVC[KPIQPVJGEWVVKPI
GFIGQHVJGNCVGUVVGEJPQNQI[;QWTGEQPVKPWCNN[HQTEGFVQWRFCVG[QWTMPQYNGFIG
QHEQORWVGTJCTFYCTGUQHVYCTGCPFRTQITCOOKPINCPIWCIGU6JKURTQEGUUYKNN
DTQCFGP[QWTUMKNNUGVCPFOCMG[QWOQTGOCTMGVCDNG#EVWCTKCNUMKNNUPGGFGFKP
VJGUQHVYCTGDWUKPGUUCTGUKOKNCTVQVJGUMKNNUOQUVQH[QWCNTGCF[RQUUGUU6JG[
YQWNFKPENWFGVJGDCUKEMPQYNGFIGQHCEVWCTKCNOCVJGOCVKEUIGPGTCNKPUWTCPEG
MPQYNGFIGRTQFWEVMPQYNGFIGQPCPKPFWUVT[YKFGDCUKUCUYGNNCUVJGMPQYNGFIG
QHRGTVKPGPVTGIWNCVKQPU;QWTKPUWTCPEGDCEMITQWPFKUOQTGURGEKCNK\GFVJCP[QWT
EQORWVGTDCEMITQWPF6JKUOCMGU[QWOQTGFGUKTCDNGDGECWUGKVKUGCUKGTVQRKEM
WRVGEJPKECNEQORWVGTMPQYNGFIGQPVJGLQDVJCPKVKUVQRKEMWRKPUWTCPEG
MPQYNGFIG
1VJGTUMKNNUPGGFGFVQUWEEGGFKPCECTGGTKPUQHVYCTGYQWNFKPENWFGCDCUKE
MPQYNGFIGQHEQORWVGTRTQITCOOKPIRTKPEKRNGUCPFCPWPFGTUVCPFKPIQHNQIKE

#EVWCTKCN%CTGGTUKP5QHVYCTG



.GCTPKPIVJGEQORWVGTNCPIWCIGUKUUQOGVJKPIVJCVECPGCUKN[DGRKEMGFWRCU[QW
IQ1TICPK\CVKQPCNUMKNNUCTGKORQTVCPVDGECWUG[QWNNRTQDCDN[DGLWIINKPI
OWNVKRNGVCUMUHQTOWNVKRNGENKGPVUCNNQHYJKEJCTGNKMGN[VQJCXGCPCIITGUUKXGVKOG
HTCOG%QOOWPKECVKQPUMKNNUCTGOWEJOQTGKORQTVCPVYJGP[QWTGFGCNKPIYKVJ
ENKGPVUKPCPQVJGTNQECVKQPTCVJGTVJCP[QWTRGGTUWPFGTVJGUCOGTQQH
&QEWOGPVCVKQPUMKNNUIQJCPFKPJCPFYKVJEQOOWPKECVKQPUMKNNU9JGPFGCNKPI
YKVJENKGPVUKVUCNYC[UKORQTVCPVVQDGCDNGVQFQEWOGPVCP[FGVCKNUVJCVJCXG
EJCPIGFQPVJGHN[+VUUQKORQTVCPVVQEWNVKXCVGVJGCDKNKV[VQYQTMGHHGEVKXGN[YKVJ
NGUUUWRGTXKUKQP;QWUJQWNFGZRGEVVQCUUWOGOQTGTGURQPUKDKNKV[HQTRTQLGEVUQHC
NCTIGTUEQRG;QWUJQWNFDGCDNGVQUJKHVHTQOCVCUMQTKGPVCVKQPVQCIQCN
QTKGPVCVKQP6JKUOC[JCRRGPYJGPCRTQLGEVKUKPLGQRCTF[QHPQVDGKPIHKPKUJGFQP
VKOG6JGQXGTCNNIQCNQHFGNKXGTKPID[CEGTVCKPFCVGOC[UWRGTUGFGUQOGQHVJG
KPFKXKFWCNVCUMUVJCVOCMGWRVJGRTQLGEV6JKUECWUGFUQOGQHVJGVCUMUVQDGNGHV
QWVHQTUWDUGSWGPVFGNKXGTKGUUQVJCVVJGQXGTCNNIQCNQHFGNKXGT[EQWNFDGOGV
2GQRNGUMKNNUCTGCNYC[UKORQTVCPV;QWPGGFVQDGCDNGVQFGCNYKVJCYKFGXCTKGV[
QHRGQRNGYJQYQTMKPFKHHGTGPVFGRCTVOGPVUQH[QWTENKGPVEQORCPKGU'CEJITQWR
OC[JCXGCFKHHGTGPVDCEMITQWPFCPFRGTURGEVKXGQPVJGRTQLGEV6JGFKHHGTGPV
ITQWRUOC[PQVCNYC[UEQOOWPKECVGGHHGEVKXGN[DGVYGGPGCEJQVJGTUQKVUWRVQ
[QWVQOCMGUWTGVJCVVJGEQOOWPKECVKQPIQGUUOQQVJN[
/CP[QH[QWOKIJVYCPVVQEQPUKFGTVJGKFGCQHYQTMKPIHQTCUQHVYCTGHKTO%CTGGT
#5#UQTQVJGTCEVWCTKGUVJCVJCXGUVQRRGFVCMKPIGZCOUEQWNFDGPGHKVUKPEG
RTQOQVKQPUCTGPVVKGFVQGZCONGXGNCPFVJGTGUNGUUGORJCUKURWVQPUVWF[KPIHQT
GZCOU*QYGXGTKH[QWFGEKFGVQEQPVKPWGVCMKPIGZCOUFQPVPGEGUUCTKN[GZRGEV
VJCV[QWNNDGIGVVKPIUVWF[VKOGHTQO[QWTGORNQ[GT2GQRNGHTWUVTCVGFYKVJ
YQTMKPIKPCEQTRQTCVGUGVVKPIUJQWNFVJTKXGWPFGTVJGNQQUGTEQPUVTCKPVUUGVWR
WPFGTCUQHVYCTGRTQXKFGT+H[QWJCXGCUVTQPIKPVGTGUVKPVJGNCVGUVVGEJPQNQI[CPF
RTQITCOOKPICUQHVYCTGHKTOYQWNFFGHKPKVGN[DGTKIJVWR[QWTCNNG[
1PGVJKPIVQEQPUKFGTDGHQTGLWORKPIUJKRVQ[QWTHCXQTKVGUQHVYCTGXGPFQTKUVJG
GZKUVGPEGQHVJGFTGCFGFETQUUJKTKPICITGGOGPV/CP[XGPFQTUCPFVJGKTENKGPVU
JCXGVJGUGKPRNCEGVQRTGXGPVVJGKTDGUVGORNQ[GGUHTQONGCXKPI;QWFQPVYCPV
VQDWTP[QWTDTKFIGUDGJKPF[QWKH[QWIQKPECUGVJKPIUFQPVYQTMQWVCPF[QW
YCPVVQTGVWTPVQ[QWTHQTOGTGORNQ[GTQTKPVJGGXGPVQHCPGXGPVQWEJKGT
UKVWCVKQPUWEJCUYJGP[QWTHQTOGTGORNQ[GTDGEQOGUCENKGPV+PVJCVUKVWCVKQP
[QWTGCNOQUVIWCTCPVGGFVQDGCUMGFVQYQTMQPVJCVRTQLGEVFWGVQ[QWTHCOKNKCTKV[
YKVJVJGEQTRQTCVGEWNVWTGCPFVJGRGQRNG5Q[QWTGCNN[YCPVVQOCKPVCKPEQTFKCN
TGNCVKQPUYKVJVJGO
/CP[VJKPIUCTGURGEKCNCDQWVO[EWTTGPVRQUKVKQPKPVJGUQHVYCTGHKGNFCUQRRQUGF
VQQVJGTCEVWCTKCNYQTM6JG[KPENWFGFGCNKPIYKVJCDTQCFGTTCPIGQHENKGPVUHTQO



4'%14&8QNWOG

OCP[FKHHGTGPVDCEMITQWPFU+VUPQVWPWUWCNHQTOGVQDGFGCNKPIYKVJJQOGQHHKEG
UVCHHEQPUWNVCPVUQTGXGPQVJGTUQHVYCTGXGPFQTUCNNQPVJGUCOGRTQLGEV1PEG+
YCUKPCOGGVKPIYKVJQVJGTRGQRNGCPFQPN[VYQQHVJGOYQTMGFHQTVJGENKGPV
6JGTGUVYGTGHTQOUKZFKHHGTGPVEQPUWNVKPIHKTOU#U[QWECPKOCIKPGVJKUECP
ECWUGITGCVEQOOWPKECVKQPRTQDNGOU/[YQTMJCUCNNQYGFOGVQDTQCFGPO[
JQTK\QPUCPFNGCTPCDQWVFKHHGTGPVKPUWTCPEGRTQFWEVUVJCVCTGDGKPIUQNFCDTQCFCU
YGNNCUVJGTGIWNCVKQPUCRRN[/[GORNQ[GTUNKDGTCN+PVGTPGVRQNKE[JCUCNNQYGFOG
VQNGCTPJQYVQWUGVJG+PVGTPGVCUCDWUKPGUUVQQN+WUGKVHQTMGGRKPIVCDUQP
EQORGVKVQTUTGUGCTEJKPITGIWNCVKQPUQTGXGPTGETWKVKPIECPFKFCVGUVQHKNNKPCPQRGP
RQUKVKQP
5VTQPIENKGPVKPVGTCEVKQPJCUKORTQXGFO[KPVGTRGTUQPCNUMKNNU5KPEGCEVWCTKGUCTG
UVKNNTGNCVKXGN[TCTGKPPQPCEVWCTKCNUQHVYCTGHKTOU[QWEQWNFCUUWOGCJKIJGT
RQUKVKQPDQVJKPUKFGVJGEQORCP[CPFQWVUKFGQHKV&WGVQO[DCEMITQWPF+O
EQPVKPWQWUN[UQWIJVQWVHTQOO[EQYQTMGTUHQTCFXKEGQPKPUWTCPEGKUUWGUCPF
OCVJGOCVKECNSWGUVKQPU&WGVQVJGUOCNNGTUK\GQHVJGUQHVYCTGHKTO+YQTMHQT+O
CDNGVQCUUWOGCNQVOQTGTGURQPUKDKNKV[HQTRTQLGEVUVJCP+GXGTEQWNFKPCNCTIGT
KPUWTCPEGEQORCP[+PCUQHVYCTGHKTO[QWTGPQVIQKPIVQDGEQPUVTCKPGFD[[QWT
VKVNGNKMG[QWOKIJVDGKPCEQTRQTCVGUKVWCVKQP6JKUKUIQKPIVQCNNQY[QWVQDG
LWFIGFDCUGFQPVJGSWCNKV[QH[QWTYQTM+VOC[UGGONKMGCXGT[WPWUWCNEQPEGRV
VQUQOGQH[QWDWVDGNKGXGOGKVYQTMU9KVJVJGKPETGCUGFTGURQPUKDKNKV[EQOGU
KPETGCUGFEQPVTQNQH[QWTECTGGTRCVJ5KPEGVJGTGUUQOCP[FKHHGTGPVRTQLGEVUIQKPI
QPCVQPGVKOG[QWOC[JCXGOQTGQHCPQRRQTVWPKV[VQXQNWPVGGTQPCURGEKHKE
RTQLGEVVJCVUOQTGKP[QWTNKPGQHKPVGTGUV
/T8CP&CO/CTM[QWOGPVKQPGFCPGPVTGRTGPGWTKCNDGPV,QG[QWFKFPV
OGPVKQPKVGZRNKEKVN[DWVVJCVUYJCV[QWXGDGGPFQKPIHQTOCP[[GCTU&Q[QWUGG
CP[PGYQRRQTVWPKVKGUQWVVJGTGHQTVJGRGQRNGKPVJGCWFKGPEGYJQHGGNVJG[JCXG
CPGPVTGRTGPGWTKCNDGPV!
/T.[PEJ#EVWCNN[+UGGVJGEQUVQHGPVT[IQKPIWRCNNVJGVKOG9JGP+GPVGTGF
VJGTGYGTGPQEQORGVKVQTU5QCP[VJKPI+FKFYCUQTKIKPCNCPFJQRGHWNN[QHXCNWG+
YCUVJGHKTUVRGTUQPVQHQWPFCHKTOVJCVURGEKCNK\GFKPRGPUKQPXCNWCVKQPUQHVYCTG+
YCUNQQMGFWRQPCUCRCTKCJKPVJGRTQHGUUKQPCVHKTUVDGECWUG+FKFPVJCXGCLQD+
YCUDWKNFKPIO[QYPEQORCP[DWVKVJCUYQTMGFQWVHQT[GCTU+XGDGGP
TGURQPUKDNGHQTOGGVKPIVJGRC[TQNN+YCUQP$WV+JCXGPQVKEGFVJCVVJGEQUVQH
GPVT[KUIQKPIWRHQTCPGYHKTODGECWUGVJGRGQRNGYJQFGXGNQRVJGUQHVYCTGVJCV
KUKPEQOOGTEKCNWUGJCXGDGGPYQTMKPICVKVNQPIGTCPFNQPIGTCPFICKPKPIOQTG
CPFOQTGGZRGTKGPEG6JGVGEJPQNQI[KUIGVVKPIUVTQPIGTUQVJGRTQITCOOKPI
UVCPFCTFUJCXGKPETGCUGF6JGKPVGTHCEGUVCPFCTFUJCXGKPETGCUGF+VUXGT[FKHHKEWNV
VQDTGCMKPCUCPGYGPVTGRTGPGWT+VJKPM[QWYKNNUGGYJCV[QWXGUGGPKPQVJGT
RTQHGUUKQPU5QHVYCTGHKTOUYKNNITQYHTQOYKVJKPD[CESWKTKPIRGQRNG6JG[YKNN

#EVWCTKCN%CTGGTUKP5QHVYCTG



ITQYD[GZRCPFKPIVJGKTQHHGTKPIUDWVCUHCTCUVJGGPVTGRTGPGWTUJKRQTUVCTVKPIC
DTCPFPGYHKTOYKVJCDTCPFPGYRTQFWEVKPCPWPVTKGFCTGCVJGEJCPEGUKPVJG
CEVWCTKCNURGEKCNVKGUCTGDGEQOKPIHGYGTCPFHGYGT6JCVUPQVVQUC[KVECPV
JCRRGPDWVCU+UCKFVJGEQUVQHGPVT[KUJKIJGTVJCPGXGTCPFKVKUIQKPIWR
/T/CJCP[+IWGUU+CITGGYKVJ,QG/[RQKPVYQWNFDGVJCV[QWPGGFVJGCDKNKV[
VQUVGRDCEMCPFNQQMCVYJCVUKORQTVCPVVQEQORCPKGU1PGENGCTVJKPIVJCVGXGT[
EQORCP[KUVT[KPIVQNGCTPKUJQYVQIGVRTQFWEVUFGXGNQRGFKPVJGOCTMGVCU
SWKEMN[CURQUUKDNG9GPGGFVQIGVVJGOVJTQWIJVJGTGIWNCVQT[CRRTQXCNUVCIGIGV
UCNGUKNNWUVTCVKQPUDWKNF+PVGTPGVCEEGUUCPFVJCVV[RGQHVJKPI+HUQOGQPGKUCDNGVQ
IGVCRTQFWEVHTQOVJGIGUVCVKQPRGTKQFVQVJGKPKVKCNKFGCVQVJGOCTMGVCPFKPVJG
CIGPVUJCPFUVJGTGKUIQKPIVQDGCOCTMGV+H[QWNQQMCV#./VQQNUCVNGCUVQP
VJGKPFKXKFWCNUKFGHTQOCPCEVWCTKCNRGTURGEVKXGVJQUGVQQNUCTGTGCNN[DGKPIWUGF
CUTGIWNCVQT[XGJKENGU+OCNKVVNGDKVTGOQXGFHTQOKVDGECWUGKVJCUDGGPVJTGGCPF
CJCNH[GCTUUKPEG+YCUKPVJCVOCTMGVRNCEG6JGTGTGLWUVPQVCNQVQHEQORCPKGU
WUKPIVJGKPHQTOCVKQPVJCVEQOGUQWVQHVJG265U[UVGOUVQOCPCIGVJGKTEQORCP[
QPCIQKPIHQTYCTFDCUKU6JG[WUGVJCVKPHQTOCVKQPHQTTGIWNCVQT[UVWHHCPFVJGP
VJG[FQQVJGTOQFGNUKPXGUVOGPVOQFGNUHQTGZCORNG5Q+VJKPMVJGTGCTG
QRRQTVWPKVKGUQWVVJGTGYJGVJGTKPCUVCPFCNQPGUJQRQTIGVVKPIUQOGQPGYKVJKP
[QWTEQORCP[VQGXCNWCVGYJCVUKORQTVCPVVQVJGEQORCP[CPFEQOGWRYKVJC
UVTCVGI[
/T-CTQ1PGQHVJGVYQCTGCUYJGTG+XGUGGPCNQVQHQRRQTVWPKV[CTGVJG+PVGTPGV
YJKEJKUQDXKQWUN[VJGJQVVQRKEQPGXGT[DQF[UOKPFTKIJVPQY/CP[RGQRNGCTG
VCNMKPICDQWVUGNNKPIKPUWTCPEGQTCPPWKVKGUQPVJG+PVGTPGV5GUUKQPKUQPVJCV
VQRKE5QYGTGFGCNKPIYKVJOCP[ENKGPVUVJCVJCXGCNQVQHKPVGTGUVKPVJCV+VJCUPV
PGEGUUCTKN[VTCPUNCVGFKPVQUCNGU[GVDWVYGJCXGRWVUQOGU[UVGOUQWVVJGTGVJCVCTG
FQKPIVJCV6JGTGUGXGPQPGKPUWTCPEGEQORCP[VJCVJCUPQJQOGQHHKEGRGTUG
6JG[TGFQKPIGXGT[VJKPIQPVJGYGD6JGTGKUCITGCVFGCNQHKPVGTGUVKPVJG+PVGTPGV
TKIJVPQY
6JGQVJGTVJKPIVJCVUDGGPCTGCNDQQOHQTWUJCUDGGPVJGKNNWUVTCVKQPTGIWNCVKQPU
#P[DQF[YKVJMPQYNGFIGQHVJCVJCUUQOGQRRQTVWPKVKGU+VJCUMGRVWUXGT[DWU[
CPFKP%CPCFCVJG[LWUVRCUUGFUQOGIWKFGNKPGUVJCVCTGUQOGYJCVUKOKNCTVQVJG
75TGIWNCVKQP9GCPVKEKRCVGUGGKPICNQVQHYQTMEQOKPIQWVQHVJCVCUYGNN
(TQOVJG(NQQT+XGCEVWCNN[YQTMGFYKVJUQHVYCTGHTQOCNNVJTGGQH[QWIW[U1PG
VJKPIVJCV+PQVGFKUVJCVCNNVJTGGRCEMCIGUVJCV[QWXGDGGPKPXQNXGFYKVJVJCV+XG
WUGFJCXGDGGPYTKVVGPKPFKHHGTGPVNCPIWCIGUCPFVJG[JCXGXGT[FKHHGTGPV
RJKNQUQRJKGUCUHCTCURTQXKFKPIVJGUQWTEGEQFGQTNGVVKPI[QWOQFKH[KVQT
EWUVQOK\GKV+YQPFGTKH[QWEQWNFCFFTGUUVJGSWGUVKQPQHRTQITCOOKPINCPIWCIGU
CPFYJCV[QWUGGCUDGKPIVJGHWVWTGKHVJGTGKUCHWVWTG!



4'%14&8QNWOG

/T-CTQ(QTWUKVUGGOUNKMG%CPF% KUVJGNCPIWCIGQHEJQKEG9GTG
UQOGYJCVHNGZKDNGKPYJCVYGRTQITCOKP5QOGENKGPVUFKEVCVGCURGEKHKENCPIWCIG
4KIJVPQYYGTGLWUVGODCTMKPIQPCNCTIGRTQLGEVYJGTGVJGENKGPVYCPVUKVVQDGKP
/KETQUQHV%YJKEJYGXGPGXGTWUGFDGHQTGUQYGJCXGXCUVSWCPVKVKGUQHCNKDTCT[
UQWTEGEQFGVJCVCTGKP%CPF2CUECNCPFYGTGKPVJGRTQEGUUQHHKIWTKPIQWVJQY
VQOCMGVJGOCEEGUUKDNGKP/KETQUQHV%5QVJGENKGPVUQOGVKOGUFKEVCVGUKV1VJGT
VKOGUKVULWUVCOCVVGTQHYJCV[QWTEWTTGPVIGPGTCVKQPQHRTQFWEVUJCUGXQNXGFVQ
4KIJVPQY%UGGOUVQDGVJGOQUVRQRWNCTD[HCT
/T/CJCP[#U[QWUCKF+XGTWPVJGICOWV265KUYTKVVGPKP#2.DWVYGJCF
UQOGRGQRNGYJQLWUVYQWNFPQVGXGPEQPUKFGTDW[KPIUQHVYCTGDGECWUGKVYCU
YTKVVGPKP#2.6JG[JCFCPCVVKVWFGVJCVVJG[LWUVFKFPVYCPVVQIQPGCTKV6JG
ENKGPVUVJCVNKMG#2.NKMGVJGCDKNKV[VQEWUVQOK\GKVCPFFQVJGKTQYPVJKPICPF
ETGCVGYJCVKHV[RGCPCN[UGU6JGDKIIGUVRTQDNGOYKVJVJCVKUVJCV[QWEQOGQWV
YKVJCPGYTGNGCUG2GTJCRUKVJCFPGYTGIWNCVQT[UWRRQTVQTUWRRQTVHQTCP[V[RG
QH%/16JGEQORCP[YQWNFPQVKORNGOGPVKVKPCP[MKPFQHVKOGN[RTQEGUU
DGECWUGVJG[YGTGVJGRGQRNGTGURQPUKDNGHQTKORNGOGPVKPIVJGEWUVQOK\CVKQPVJCV
VJG[PGGFHTQOVJGRTGXKQWUXGTUKQPUKPVQCEWTTGPVXGTUKQP5Q[QWJCXGENKGPVU
HTWUVTCVGFCDQWVCDWIKPVJKUXGTUKQP9JKNGYGHKZGFVJCVDWIVYQXGTUKQPUCIQYG
PGXGTWRITCFGFVQVJGEWTTGPVXGTUKQP5Q[QWEQPUVCPVN[IQDCEMCPFHQTVJ
+PQWTFGXGNQRKPIGPXKTQPOGPVCDKIEQORQPGPVKUVJCVFCVCDCUGCPFDGKPICDNGVQ
PQVQPN[FQVJGECNEWNCVKQPUDWVIKXG[QWVJGKPVGTOGFKCVGECNEWNCVKQPUCPFVJGHKPCN
ECNEWNCVKQPUKPCHQTOCVVJCV[QWECPRNC[CTQWPFYKVJCPFWUGVQFQYJCVKHCPCN[UKU
CPFYJCVYGECNNCFJQESWGT[KPI6JGEQFGKVUGNHKUYTKVVGPKP% 9GXGVCMGP
CTGCNCIITGUUKXGCRRTQCEJCDQWVVJGEQUVQHEWUVQOK\CVKQPCUYGNNCUVJGVKOGNKPGUU
QHVJGVWTPCTQWPFVQVT[VQIGVEQORCPKGUVQJKTGWUVQFQGXGT[VJKPIUQVJCVYGECP
MGGRVJGXGTUKQPUEWTTGPV9JGPYGUGPFQWVCPGYXGTUKQPCNOQUVCNNQHQWT
ENKGPVUKORNGOGPVKVTKIJVCYC[DGECWUGYGXGTGITGUUKQPVGUVGFKVCPFVJGRTKQT
EWUVQOK\CVKQPDGICPCPFYCUECTTKGFHQTYCTFKPHWVWTGXGTUKQPU9GNNUVKNNIKXG
CEEGUUVQVJGUQWTEGEQFG9GJCXGCRTQXKUKQPKPVJGEQPVTCEVVJCVUC[UKV+FQPV
VJKPMYGXGGXGTUGPVKVQWV+OPQVUWTGYJCVYGTGIQKPIVQFQYJGPUQOGQPG
ECNNUWRCPFYCPVUKV+VUVJGTGDWVKVUVJGTGOQTGHQTEQOHQTVDGECWUGYGTGCNN[
FQPVYCPV[QWVQVQWEJKV+HUQOGQPGKUIQKPIVQUETGYKVWRNGVKVDGWU
'XGT[VJKPIYGFQKUKP% 9GHKPFVJCV%KUCNKVVNGDKVHCUVGTKPUQOGQHVJG
ETWPEJTQWVKPGUDWVYGTGFQKPIVJKPIUKP% CPFWUKPICFCVCDCUG
(TQOVJG(NQQT9JCVFCVCDCUGCTG[QWWUKPI!
/T/CJCP[9GTGWUKPICRTQFWEVECNNGF%GPVWT[+VUCUGSWGNDCUGFRTQFWEV
6JGTGCUQPVJCVYGEJQUGKVHQWT[GCTUCIQKUDGECWUGKVYCUCVVJGVKOGVJGQPN[
HTQPVGPFFCVCDCUGRCEMCIGVJCVQRGTCVGFYKVJDQVJVJGUVCPFCNQPGOCEJKPG

#EVWCTKCN%CTGGTUKP5QHVYCTG



GPXKTQPOGPVCUYGNNCUKPVJGPGVYQTM;QWFQPVJCXGVQJCXGVYQXGTUKQPUQHVJG
EQFG6JGUGEQPFVJKPIKUYJGP[QWVJKPMQHWUKPICFCVCDCUG[QWWUGKVUQNKVVNG
+VULWUVHQTCNNQHVJGRNCPCUUWORVKQPU5QCDKIRNCPFCVCDCUGOKIJVDGQT
OGICD[VGUHQTWU+VUXGT[UOCNNEQORCTGFVQVJGTGUWNVKPIHKNGUVJCVYGRTQFWEG
*CXKPIVQKPUVCNNCPQTCENGKPJQWUGVQJQWUG[QWTRNCPFCVCDCUGKUNKMGMKNNKPICP
CPVYKVJCPGNGRJCPV9GXGIQPGVQVJGNQYGTGPFQHVJCV$WVKHVJGENKGPVYCPVU
WUVQYGNNEWUVQOK\GVJGCRRNKECVKQPHQTCPQTCENGQTUQOGVJKPIYKVJDKIIGTJKIJ
VGEJGPIKPGU
/T-CTQ1PGQVJGTVJKPICDQWVVJGUQWTEGEQFGVJCV[QWJCFOGPVKQPGFKUKV
UGGOUNKMGENKGPVUCTGURQKNGFKPVJCVTGURGEV9GYKNNNKEGPUGQWVQWTUQWTEGEQFG
PQYCVCPCFFKVKQPCNEQUVVQCNQVQHENKGPVU1XGTVJGNCUVVYQ[GCTUYGJCXGJCFC
NCTIGKPJQWUGGHHQTVVQTGCNN[DQQUVWRQWTFQEWOGPVCVKQPUQVJCVYGECPIKXGC
VTCKPKPIEQWTUGCPFJCXGMG[RGQRNGCVVJGENKGPVUQHHKEGYJQYKNNUKVVJTQWIJVJCV
VTCKPKPIUQVJCVVJG[TGHCOKNKCTYKVJVJGGPIKPGCPFVJGKPVGTHCEGCPFGXGT[VJKPINKMG
VJCVCPFNGCTPVQRTQITCOPGYRTQFWEVU9GNNMKPFQHVCMGVJGOVJTQWIJC
OGPVQTKPIRJCUGYJGTGYGNNIKXGVJGOVGEJPKECNCFXKEGDWVPQVCNNQHQWTENKGPVU
CTGEQOHQTVCDNGYKVJVJCVCRRTQCEJTKIJVPQYDGECWUGVJGTGKUCITGCVFGCNQH
OQXGOGPVVQYCTFUQWVUQWTEKPICPFCITGCVFGCNQHWPEGTVCKPV[KPVJGKPHQTOCVKQP
UGTXKEGFGRCTVOGPV5QOGRGQRNGYQWNFTCVJGTLWUVNGCXGVJGYJQNGTGURQPUKDKNKV[
YKVJWU6JG[MPQYVJG[JCXGFGFKECVGFRGQRNGVJCVCTGHCOKNKCTYKVJKVTCVJGTVJCP
JCXKPIVQYQTT[CDQWVVWTPQXGTCOQPIVJGKTQYPEQORWVGTRTQITCOOGTU
(TQOVJG(NQQT+LWUVYCPVVQUC[QPGQHVJGTGCUQPURGQRNGNKMGO[UQWTEGEQFGKU
DGECWUGVJG[FQPVMPQYKHVJGEQORCP[KUIQKPIVQDGCTQWPFKPCHGY[GCTUUQ
VJG[JCXGVJGUQWTEGEQFGVQUGNNVJCVRTQFWEV
/T/CJCP[+JCXGHQWPFVJCVKVUCUCHGV[DNCPMGV+HYGFKFPVRWVKVKPQWT
EQPVTCEVGXGT[DQF[YQWNFCUMHQTKV+VUC[UVJCVYKVJKPVGPFC[UQH[QWTTGSWGUV
YGNNUGPF[QWVJGUQWTEGEQFG9GXGDGGPFQKPIKVHQTCDQWVHQWT[GCTUPQYCPF
YGXGPGXGTJCFCTGSWGUVUQKVUCIQQFUCHGV[DNCPMGV'XGT[EQORCP[QWVVJGTG
JCUDGGPDWTPGFD[CXGPFQTKPUQOGYC[UJCRGQTHQTO
/T-CTQ+VUQWPFUIQQFQPRCRGTVJCV[QWJCXGUQWTEGEQFGCPFVJCV[QWECP
OCMGVJGEJCPIGU+OFGCNKPIYKVJENKGPVUVJCVYGXGIKXGPVJGUQWTEGEQFGVQ
CPFVJG[XGDTQWIJVKPEQPVTCEVRTQITCOOGTUDGECWUGVJG[YGTGUWTGVJCVVJG[
EQWNFLWUVVCMGVJGUGEQPVTCEVRTQITCOOGTUCPFWRFCVGVJGUQWTEGEQFG6JG[LWUV
TGVCKPWUQPCPJQWTN[DCUKUVQIKXGVJGOCFXKEG6JGEQPVTCEVRTQITCOOGTUECNNOG
WRCPFUC[VJCVVJG[XGDGGPNQQMKPICVUQOGNKPGQHEQFGHQTVYQYGGMUCPFVJG[
FQPVWPFGTUVCPFYJCVKVUFQKPI*QYFQVJG[OCMGVJKUEJCPIG!+VNNDGCP
WPDGNKGXCDN[VTKXKCNEJCPIG5QLWUVJCXKPIVJGUQWTEGEQFGKUPVPGEGUUCTKN[C
RCPCEGC



4'%14&8QNWOG

(TQOVJG(NQQT9GJCXGDGGPWUKPICNQVQHXGPFQTUUQHVYCTGCPF+FNKMGVQOCMG
CIGPGTCNEQOOGPVVJCVVJGFQEWOGPVCVKQPKURTGVV[DCF+VKUEQPHWUKPICVDGUV+
VJKPMQPGQHVJGCEVWCTKCNECTGGTUEQWNFDGYTKVKPIDGVVGTOGPWU
+FQPVYCPVVQEQPVTCFKEVYJCV[QWLWUVUCKFCDQWV% DGECWUG+FQPVWPFGTUVCPF
NCPIWCIGUXGT[YGNN5QOGEQORCPKGUOKIJVJCXGCEQTRQTCVGJQOGYKVJVGP
FKHHGTGPVEQORCPKGUCPFVJG[FQPVYCPVVJGFKHHGTGPVEQORCPKGUVQJCXGFKHHGTGPV
XGPFQTUQHUQHVYCTG6JG[YCPVVQJCXGQPGXGPFQTCPFVJGKPHQTOCVKQPIQKPI
HTGGN[HTQOQPGEQORCP[VQVJGPGZV6JGDGUVKUVQJCXGCURTGCFUJGGVCPFC
U[UVGOVJCVECPEQPPGEVCNNVJGURTGCFUJGGVUVQIGVJGT
/T/CJCP[9GJCXGPV
/T.[PEJ9GXGUVWFKGFVJGNCPIWCIGUSWKVGCDKVQXGTVJGFGECFGUCPFYGJCXG
UVC[GFYKVJ(QTVTCPHQTQWTXCNWCVKQPGPIKPGKPRCTVDGECWUGVJGUVTQPIRCTVQHQWT
UQHVYCTGKUVJGECRCDKNKV[QHFQKPIGPVT[RQKPVOQFKHKECVKQPU6JG(QTVTCPNCPIWCIGKU
OWEJGCUKGTHQTENKGPVUVQWPFGTUVCPFCPFTGCFDGECWUGKVKUOQTGCEVWCTKCNN[
QTKGPVGFVJCPCP[QHVJGQVJGTNCPIWCIGU9GXGUVC[GFCYC[HTQO%CPF% KP
RCTVDGECWUGQHVJGRQYGTQH&GNRJKEQPEGRVGPIKPG+VKUCPQDLGEVQTKGPVGFGPIKPG
VJCVCNNQYUQPGVQIGPGTCVG2CUECNCWVQOCVKECNN[CNVJQWIJ2CUECNJCUTGEGPVN[EQOG
QWVYKVJCXGT[IQQF% VJCVWUGUVJG&GNRJKEQPEGRVGPIKPG9GUVC[GFYKVJ
VJG2CUECN+JCXGHGNVVJCV$CUKEJCUDGGPWPFGTTCVGFCUCNCPIWCIG+VUCPGCU[VQ
WUGGCU[VQWPFGTUVCPFNCPIWCIG6JGEJKGHRTQDNGOKUDGECWUGOCLQTU[UVGOU
JCXGPQVDGGPYTKVVGPKPKVVJGTGKUPQVVJGDQF[QHRGQRNGYJQJCXGRWVKP
GZVGPFGFRQYGTUVJCVUVQR[QWTFGXGNQRGTURTGUUVJGEQORKNGTOCMGTUVQCFF
/T-CTQ+FNKMGVQTGURQPFVQ[QWTSWGUVKQPCDQWVFQEWOGPVCVKQP+ORTQDCDN[
URGCMKPIHQTVJGQVJGTRCPGNOGODGTUYJGP+UC[VJCVYGRTQDCDN[YQWNFNQXGVQ
VWTPQXGTCUQHVYCTGRTQFWEVYKVJOCPWCNCHVGTOCPWCNQHITGCVFQEWOGPVCVKQPDWV+
VJKPMVJGVYQHQTEGUCTGCNYC[UVWIIKPICVGCEJQVJGT6JGOCTMGVKPIFGRCTVOGPV
JCUCXGT[CIITGUUKXGFGCFNKPG+XGPGXGTEQOGKPVQCUQHVYCTGRTQLGEVYJGTGVJG[
UCKF6CMGCUOWEJVKOGCU[QWYCPVLWUVCUNQPICU[QWIKXGWUIQQF
FQEWOGPVCVKQPQPVJKUU[UVGO4CVJGTYGJGCT9GPGGFVJKUXGT[SWKEMN[+H
YGCUMHQTOQTGVKOGVQIGVVJGFQEWOGPVCVKQPTGCF[+FQPVVJKPMYGFDGIKXGP
VJCVVKOG
/T/CJCP[+IWGUU+MPQYOQTGCDQWVVJGFQEWOGPVCVKQP+VJKPMKVFGRGPFUQP
VJGV[RGQHCRRNKECVKQPQTUQHVYCTGRCEMCIGVJCV[QWTGYTKVKPI+URGPVUKZCPFQPG
JCNH[GCTUYKVJ%JCNMGYQTMKPIYKVJ2656JGVGEJPKECNTGHGTGPEGFQEWOGPVCVKQP
YCUPQVWRVQURGGFUJCNN+UC[6JGOCTMGVFGOCPFGFVJCVYGKORNGOGPV
UQOGVJKPIXGT[SWKEMN[CPF+VJKPMYGIQVQHHVQCDCFUVCTVYKVJKVCPFKVPGXGT
ECWIJVWR9GYCPVGFVQDTKPIUQOGVJKPIVQOCTMGVCPFVJGVGEJPKECNTGHGTGPEG

#EVWCTKCN%CTGGTUKP5QHVYCTG



OCPWCNUQTVQHHGNNDGJKPF#V2TKEG9CVGTJQWUG+VJKPMYGTGFGCNKPIKPCXCNWCVKQP
OCTMGVRNCEGVJCVKUXGT[URGEKHKE%QORCPKGUCTGYQTTKGFCDQWVCPWODGTVJCV
OCMGUWRQHVJGKTDCNCPEGUJGGVUUQVJG[CTGXGT[EQPEGTPGFCDQWVVJG
SWCNKV[QHVJCVPWODGT2TKEG9CVGTJQWUGKUCPCWFKVHKTO6JGTGYCUCHWPFCOGPVCN
FGUKIPEQORQPGPVVJCV+OPQVTGURQPUKDNGHQT+YCUPVTGURQPUKDNGHQTFGXGNQRKPI
KV+OTGURQPUKDNGHQTOCKPVCKPKPIKV+H[QWJCXGQWTVGEJPKECNTGHGTGPEGOCPWCNQT
QWVQHFGVCKNTGRQTVKPCECNEWNCVQT[QWECPTGRTQFWEGCP[ECNEWNCVKQPVJCVUFQPGKP
VJGU[UVGOQPCIKXGPRQNKE[5QVJGVGEJPKECNTGHGTGPEGOCPWCNUHQTQWTRTQFWEVU
CTGCP[YJGTGHTQOVQRCIGUCPFYGCRRTQCEJVJGURGEKHKECVKQPRCIGU
VJGUCOGYC[YJGVJGTYGTGHKZKPICDWIQTYJGVJGTYGTGFQKPICPGYTGIWNCVKQP
CU+OGPVKQPGF9GCEVWCNN[JCXGCPCEVWCT[UKVFQYPCPFHKZVJGEQFGQPVJGURGE
RCIGCPFVJCVUYJCVUJCPFGFVQCFGXGNQRGT6JQUGURGERCIGUCTGVWTPGFQXGT
YKVJQWTTGNGCUG
5Q+HGGNNKMG+XGUGGPVJGGZVTGOGUKPVGTOUQHFQEWOGPVCVKQP%NKGPVUPGXGTNKMGF
KVYKVJ265DWVKVFKFPVMGGRVJGOHTQODW[KPIVJGRCEMCIGQTCVNGCUVKVFKFPV
KPHNWGPEGVJGWNVKOCVGFGEKUKQP+PVQFC[UOCTMGVRNCEGKPO[XCNWCVKQP
OCTMGVRNCEGKVYKNNMGGREQORCPKGUHTQODW[KPIKVKHVJG[HGGNNKMGVJGTGUPQVCTGCN
UVTGPIVJKPVJGFQEWOGPVCVKQPTGNCVKXGVQVJGQVJGTRCEMCIGUVJCVCTGQWVVJGTG
/T8CP&CO6JGTGCTGECTGGTUKPUQHVYCTGVJCVFQPQVKPXQNXGRTQITCOOKPI
/CTMKUQPGGZCORNG+JCXGCPKPFGRGPFGPVEQPUWNVKPIHKTOHQTYJKEJ+FQ
KPFGRGPFGPVCEVWCTKCNEQPUWNVKPI+FQYQTMHQTCPCFOKPKUVTCVKXGUQHVYCTGXGPFQT
/[LQDFKFPQVKPXQNXGYTKVKPIEQFG6JGTGCTGCPWODGTQHFKHHGTGPVVJKPIUVJCVO[
LQDFKFKPXQNXGCPFVJGTGTGCPWODGTQHFKHHGTGPVTQNGUHQTYJKEJCEVWCTKGUYKVJ
FKHHGTGPVUMKNNUECPRNC[6JGTGUCUWRRQTVTQNGHQTVJGUCNGUHWPEVKQPVJCV/CTM
VCNMGFCDQWV6JGTGUCNUQCRTQLGEVOCPCIGOGPVTQNGVJGTGKHCPCEVWCT[YCU
KPVGTGUVGFKPRTQLGEVOCPCIGOGPV6JGCFOKPKUVTCVKXGUQHVYCTGEQORCPKGUCTG
FGURGTCVGHQTRGQRNGVJCVWPFGTUVCPFKPUWTCPEG+H[QWJCXGCPKPVGTGUVKPRTQLGEV
OCPCIGOGPV[QWNNHKPFVJCVVJGUCNCTKGUCTGIQQFHQTCECTGGT#5#DWVVJG[OC[
PQVDGYJCVCP(5#YQWNFYCPV6JG[OKIJVDGHKPGHQTCPGY(5#DWVVJG(5#
RTQDCDN[YQWNFPQVYCPVCECTGGTVJGTG
6JGTGUCNUQTQQOHQTRGQRNGYJQECPWPFGTUVCPFVJGU[UVGOKPVGTOUQHYJCVVJG
RTQITCOQWIJVVQTGCNN[DGFQKPI;QWJCXGCPWPFGTUVCPFKPIQHKPUWTCPEGCPF
OQUVCEVWCTKGUJCXGCDCUKEWPFGTUVCPFKPIQHYJCVUKPXQNXGFKPRTQITCOOKPI
DGECWUGVJG[XGFQPGCNKVVNGRTQITCOOKPICNQPIVJGYC[6JG[OC[PQVDG
RTQITCOOKPICXGT[DKICRRNKECVKQPDWVLWUVJCXKPIVJGMPQYNGFIGCPF
WPFGTUVCPFKPIJGNRGFKPVGTOUQHYQTMKPIYKVJENKGPVUKPVGTOUQHIGVVKPIVJGURGEU
KPVJGU[UVGOCPFKPVGTOUQHOCMKPIUWTGVJGU[UVGOECPJCPFNGVJGRTQFWEVUVJCV
EQOGKP6JGTGUCPQVJGTTQNGKPKORNGOGPVKPIVJGRTQFWEVU



4'%14&8QNWOG

9GVCNMGFCDQWVVJGQWVUQWTEKPI+FQPVJQYOCP[QH[QWYQTMYKVJ
CFOKPKUVTCVKXGUQHVYCTG6JGTGCTGCNQVQHCEVWCTKGUVJCVCTGKPXQNXGFKPVT[KPIVQIGV
RTQFWEVUWRQPVJGCFOKPKUVTCVKXGUQHVYCTG5QOGQHVJCVYQTMKUCNUQIQKPIQPKP
VJGCEVWCNUQHVYCTGJQWUGU6JGUGTQNGUJCXGDCUKECNN[VWTPGFKPVQEQPUWNVKPIV[RG
TQNGUYJGTG[QWTGDKNNKPI[QWTVKOGD[VJGJQWT5QOGQHVJQUGTQNGUJCXGCNQVQH
UKOKNCTKV[VQYJCV[QWVJKPMQHKPVGTOUQHCVTCFKVKQPCNEQPUWNVKPITQNG
/T.[PEJ+FQPVMPQYJQYKVEQORCTGUYKVJQVJGTUQHVYCTGHKTOUDWVKPO[
UQHVYCTGHKTOYGJCXGCHWPEVKQPECNNGF5GTXKEG$WTGCW%QORWVKPI5OCNNGTHKTOU
QTHKTOUVJCVCTGEQPUKFGTKPINGCUKPIQWTUQHVYCTGQTHKTOUVJCVJCXGQXGTNQCFUUGPF
WURGPUKQPECUGUVQFQVJGXCNWCVKQPUKPQWTQHHKEG+VKUUKOKNCTVQVJGYC[VJG[
YQWNFFQKVKPVJGKTQYPUJQRKHVJG[YGTGNGCUKPIQTJCFRWTEJCUGFQWTUQHVYCTG
9GTWPVJGXCNWCVKQPHQTVJGOCEEQTFKPIVQURGEKHKECVKQPUVJCVVJG[IKXGWUCPFVJGP
TGVWTPVJGTGUWNVUVQVJGO6JKUKUCPCTGCVJCVYGTGIQKPIVQDGGZRCPFKPIKPVJG
PQVVQQFKUVCPVHWVWTG6JKUKUPQVCPQHHGTD[CP[OGCPU9GYKNNDGTWPPKPICFU
CPFGZRCPFKPIVJKUECRCDKNKV[KPVJGPGCTHWVWTGKPQWTQHHKEGVJCVUCITQYKPICTGC
+PQWTQHHKEGYGJCXGUGGPCITQYKPIPGGFHQTCHWNNVKOGHWPEVKQPHQTSWCNKV[
EQPVTQNCPFQWTSWCNKV[EQPVTQNRGTUQPKUCXGT[RQYGTHWNRGTUQPYKVJKPVJG
EQORCP[2GQRNGLWORYJGPUJGVCNMU
/T8CP&CO#NNQH[QWTCKUGF[QWTJCPFYJGP[QWVCNMGFCDQWVUQHVYCTG%CP
CP[QPGJGTGVCNMCDQWVYQTM[QWTGFQKPIKPVGTOUQH+PVGTPGVUQHVYCTG!&CXGCTG
[QWFQKPICP[VJKPIYKVJ+PVGTPGVUQHVYCTGCVVJKURQKPV!
/T-CTQ;GUYGXGTGNGCUGFQPGU[UVGOYJGTGVJKUQPGEQORCP[UUCNGUKUFQPG
XKCVJG+PVGTPGV6JG[JCXGPQCIGPVUQTPQHKGNFHQTEGYJCVUQGXGT5QVJG[JCXGC
ECNEWNCVKQPGPIKPGWRVJGTGFQKPIVJGKTRTQRQUCNUVJTQWIJVJG+PVGTPGVCPFYGXG
CNUQUVCTVGFYQTMQPCEQWRNGQHQVJGTUKOKNCTCRRNKECVKQPUHQTQVJGTENKGPVUCUYGNN
/T/CJCP[9GXGFQPGTGUGCTEJCPFYGXGCEVWCNN[KORNGOGPVGFKVKPCVNGCUV
QPGECUG9GHKPFVJCVCNQVQHEQORCPKGUTKIJVPQYCTGUVKNNFGCNKPIYKVJVJG
UGEWTKV[KUUWGQHVJG+PVGTPGVCPFCEEGUUVQRGQRNGUEQORWVGTU9GTGNQQMKPICVKV
CUOQTGQHCENKGPVUWRRQTVTQNG9GXGFQPGUQOGGZRGTKOGPVUYJGTGYGJCXG
IQPGQWVVQVJGENKGPVUUKVGVQHKZVJGUQHVYCTGQTVQVT[CPFTGEQIPK\GYJCVRTQDNGO
VJG[OKIJVDGJCXKPIDGECWUGQHVJGKTFCVCYGNNCEVWCNN[IQQWVQPVJG+PVGTPGVCPF
VCMGEQPVTQNQHVJGKTOCEJKPGCPFCTGCDNGVQFGDWIKVCPFWUGKVVJCVYC[
'XGT[DQF[VJKPMUCDQWVUGNNKPIPGYRTQFWEVUDWVCUHCTCUCENKGPVUWRRQTVCXGPWG
KVUECRCDKNKV[KUWPMPQYP
(TQOVJG(NQQT6JGTGYCUCUGUUKQPCDQWVTCRKFCRRNKECVKQPFGXGNQROGPV
4#&
CPF+YQPFGTKHCP[QHVJGRCPGNKUVUYQWNFEQOOGPVCDQWVVJGWUGQH4#&
VGEJPKSWGUKPVJGKTUJQRU

#EVWCTKCN%CTGGTUKP5QHVYCTG



/T/CJCP[9GXGNQQMGFKPVQUQOGQHVJGVQQNU9GXGNQQMGFKPVQ&GNRJKCPF
2QYGT$WKNFGTDWVYGJCXGPVCEVWCNN[DWKNVCP[RTQLGEVU[GVYKVJVJGO5QOGQH
QWTENKGPVUJCXGDGGPGZRGTKOGPVKPIYKVJVJCVCPFVJG[TGKPVJGRTQEGUUQHDWKNFKPI
ECNEWNCVKQPGPIKPGUYKVJVJGO+OPQVUWTGJQYUWEEGUUHWNVJG[XGDGGPWRVQ
PQY

/T.[PEJ9GWUG&GNRJKVQCEEGNGTCVGVJGFGXGNQROGPVQHQWT9KPFQYU
5QHVYCTG9GEQPXGTVGFQWT&15RTQFWEVKPVQ9KPFQYUYKVJQWVGXGTJCXKPI
WUGF9KPFQYUGZEGRVXKCC&15DQZ9GEQPXGTVGFQWTGPVKTGU[UVGOKPVQ
9KPFQYU+VKPENWFGFCEJCPIGKP(QTVTCPEQORKNGTUCPFKVKPENWFGFTGYTKVKPI
CNNQHVJGKPVGTHCEGU%JCPIKPIVJG(QTVTCPEQORKNGTUYCUHWPDGECWUGYGJCF
UYKVEJGF+VFQGUPQY9GUYKVEJGFVQ/KETQUQHV2QYGT5VCVKQP,WUVCHVGTYGJCF
OCFGVJGEQORNGVGEQPXGTUKQP/KETQUQHVCPPQWPEGFKVYCUPVIQKPIVQUWRRQTVKV
CP[OQTG9GTGIQKPIVQDGVWTPKPIQXGTUQOGTKIJVUVQKVVQ&KIKVCN'SWKROGPV
%QTRQTCVKQPQT&'%5QYGUYKVEJGFVJGOVQC&'%%QORKNGTYJKEJJCFDWIU
+VUCNNFGDWIIGFPQYCPFGXGT[VJKPIYQTMU
/T/CJCP[+MPQYYGXGWUGFVJGODWVVJGIQQFPGYUKU+JCXGPQENWGYJKEJ
QPGUYGJCXGWUGF+ECPIKXG[QWVJGPCOGQHUQOGQPGKPQWTUJQRVJCVECPVGNN
[QWYJKEJQPGUVJG[WUG+LWUVUKIPVJGEJGEMHQTVJGKVGOUVJG[DW[
(TQOVJG(NQQT%CPVJGQVJGTVYQRCPGNKUVUEQOOGPVQP,QG.[PEJUITCRJUCDQWV
VJGEJCPIKPITGNCVKQPUJKRDGVYGGPVJGRTQITCOOGTVJGCEVWCT[CPFVJG
VGEJPQNQIKUVKPUQHVYCTGFGXGNQROGPV1PGQHVJGEJCTVUUJQYGFJQYVJG
VGEJPQNQIKUVJCUDGEQOGVJGOQUVKORQTVCPVRGTUQPKPVJGGSWCVKQP(KTUVFQ[QW
CITGGYKVJVJCVCPFUGEQPFJQYJCUVJCVCHHGEVGF[QWTYQTM
/T-CTQ+FQCITGG+JCXGPVRWVCUOWEJUVWF[KPVQKVCU,QGJCUDWV+FQHGGN
VJCVVGEJPQNQI[KUDGEQOKPIOQTGKORQTVCPV+VUEGTVCKPN[EJCPIKPIOWEJOQTG
TCRKFN[CPF[QWTGCUMGFVQDGCDNGVQUWRRQTVCPWODGTQHFKHHGTGPVRNCVHQTOUVJCV
CTGEQPUVCPVN[EJCPIKPI9GJCXGCPWODGTQHRGQRNGKPJQWUGYJQUGLQDKVKUVQ
DCUKECNN[VKPMGTYKVJFKHHGTGPVVGEJPQNQIKGUCPFHKPFQWVYJCVYQTMUCPFYJCV
FQGUPVYQTM6JGNKPGRTQITCOOGTUFQPVTGCNN[YQTT[CDQWVVJQUGVJKPIU6JG[
MPQYVJG[JCXGVJGTGUQWTEGUVJCVVJG[ECPHCNNDCEMQPVQHKPFQWVVJGCPUYGTUVQ
VJGTGCNN[JCTFVGEJPKECNSWGUVKQPU
(TQOVJG(NQQT+IWGUU+CITGGVJCVVGEJPQNQI[KUDGEQOKPICOQTGKORQTVCPV
EQORQPGPV+FQPVVJKPM[QWECPDGCFQRGCDQWVEQORWVGTUCPFUVKNNDGHKPGCPF
TKUGVQDGRTGUKFGPVQH[QWTQTICPK\CVKQP+VJKPMKVULWUVCOCVVGTQHCEEWOWNCVKPI
VCNGPV(QTKPUVCPEG+JCXGCENKGPVUWRRQTVTQNG#VVJKUVKOG+JCXGUKZENKGPV
UWRRQTVOCPCIGTU6JQUGENKGPVUWRRQTVOCPCIGTUTCPIGHTQOUQOGQPGYJQECP
DCTGN[VWTPQPCEQORWVGTVQVJGQRRQUKVGGZVTGOGYJKEJKPENWFGURGQRNGYJQ



4'%14&8QNWOG

URGPFVKOGCVJQOGQPVJG+PVGTPGVCPFVKOGCVYQTMQPVJG+PVGTPGV+ECPVGNN[QW
VJCVVJGRGQRNGVJCVMPQYOQTGCDQWVVJGVGEJPQNQI[RNC[COQTGKORQTVCPVTQNG
DGECWUGYJGPVJGENKGPVUCUMSWGUVKQPUCPFYJGPYGJCXGOGGVKPIUVJGUGRGQRNG
RNC[CTGNCVKXGN[OQTGKORQTVCPVTQNGVJCPRGQRNGYJQFQPVJCXGVJCVGZRGTVKUG+P
O[QTICPK\CVKQPKVOCMGUVJGOOQTGXCNWCDNGDGECWUG+FQPVPGEGUUCTKN[JCXGVQ
IQQWVCPFJKTGUQOGQPGYKVJVJCVUMKNNUGV6JG[DWKNVVJCVUMKNNUGVCNQPIYKVJVJG
QVJGTDCUKEVJKPIUVJCVVJG[PGGFVQFQVQVJGKTLQD5QVJG[TGTGNCVKXGN[OWEJOQTG
KORQTVCPV
/T8CP&CO#PQVJGTVJKPIVJCV+JCFYTKVVGPFQYPCUCPCNVGTPCVKXGECTGGTVJCV
CEVWCTKGUYQWNFDGIQQFCVKPCENKGPVUGTXGTGPXKTQPOGPVKUCFCVCDCUG
CFOKPKUVTCVQT
&$#+VJKPMCNQVQHVJGCEVWCTKCNUMKNNUYQWNFVTCPUNCVGYGNNKPVQC
FCVCDCUGCFOKPKUVTCVQTRQUKVKQP+OPQVVJCVHCOKNKCTYKVJKVDWVKVYCUCXGT[IQQF
RC[KPILQDHQTVJQUGQH[QWYJQCTGKPVGTGUVGFKPVGEJPKECNV[RGUQHECTGGTU6JCVU
UQOGVJKPIVJCV[QWOC[YCPVVQNQQMKPVQJQYGXGTKVFQGUPVTGCNN[WUGCNQVQH
CEVWCTKCNVTCKPKPIRGTUG1PGNCUVSWGUVKQP+JCFKUJCUCP[DQF[JGTGKPVJG
CWFKGPEGYQTMGFYKVJUQOGQHVJGKPHQTOCVKQPVGEJPQNQI[EQPUWNVCPVUNKMG2TKEG
9CVGTJQWUG!*CXGCP[QH[QWJCFCP[GZRGTKGPEGYQTMKPIYKVJVJCVITQWRQH
RGQRNG!+JCXGPVPGEGUUCTKN[UGGPCNQVQHCEVWCTKGUOQXGKPVQVJCVTQNG/CTMFQ
[QWJCXGVJCVGZRGTKGPEG!&Q[QWUGGCP[ETQUUHGTVKNK\CVKQPYKVJVJGITQWRYKVJKP
[QWTHKTO!
/T/CJCP[/QTGQHVJGETQUUHGTVKNK\CVKQPJCUDGGPQPVJGNKHGUKFGKPVGTOUQHVJG
FCVCYCTGJQWUKPICPFVJCVV[RGQHVJKPI'XGPVJQWIJ+YQWNFUC[VJCVKVUNKHG
XGTUWURTQRGTV[ECUWCNV[VJGNKHGKPFWUVT[JCUCOWEJDGVVGTHGGNHQTEQOOGTEKCN
UQHVYCTGCPFVJGXCNWGQHKVTGNCVKXGVQFGXGNQRKPIKPKPJQWUG6JG
RTQRGTV[ECUWCNV[CEVWCTKGUCTGUVKNNQHVJGOKPFVJCVPQQPGECPFQYJCV+ECPFQ
CPF+ODGVVGTQHHDWKNFKPIKVO[UGNH