You are on page 1of 83



5R]VGDWHPHW

( - ( 6

(

1 ' 5 (

52=6'$7(0(7
 3

( 7 )

' ,
,  ,

* , 7 / , 6
5 2 ' $ / 0

 , 5 2' $
,  0 = (

 $ .
  %

/ 0 ,

$ ' e 0 , $

8 0

8 ' $ 3 ( 6 7

     

5R]VGDWHPHW
R  R

$] HPEHU FVDN HJ\ QiGV]iO D WHUPpV]HW OHJW|UpNHQ\HEEMH


KDQHP HJ\ JRQGRONR]y QiGV]iO 1HP NHOO KR]]i KRJ\ D] HJpV]
PLQGHQVpJ IHOIHJ\YHUNH]]pN KD HO DNDUMD WLSRUQL (J\ NLV J]
HJ\ FVHSS Yt] PHJ WXGMD |OQL 'H KD D PLQGHQVpJ HOWLSRUQi LV
DNNRULVD]HPEHUPDUDGQDQHPHVHEEDQQiODNLHOWLSRUWDPHUW
WXGMDLVKRJ\PHJKDOPtJDPLQGHQVpJVHPPLWVHPWXGDUUyO
D]HOQ\UODPLYHOD]HPEHUI|O|WWiOO
J\ PLQGHQ PpOWyViJXQN D JRQGRODWEDQ UHMOLN (]iOWDO NHOO
IHOWiPDGQXQNpVQHPWpUEHQpVLGEHQ
/HJ\QN KiW D]RQ KRJ\ MyO JRQGRONRGMXQN H] D] HUN|OFVL
NLLQGXOiV
3DVFDO
R  R

$ 52=6'$7(0(7 NIDOODO ]iUW XGYDU D UDNWiUpSOHW P|J|WW ,SDUYiJiQ\ IHOH]L NpW ROGDOiQ
UHQGHWOHQ |VV]HYLVV]DViJEDQ HJ\PiV KHJ\pQKiWiQ NLVHOHMWH]HWW JpSHN EHKHPyW ND]iQRN
IHOLVPHUKHWHWOHQ V]|UQ\V]O|WWHN Q\RPyGQDN PpO\HQ D IHNHWH VDODNED Pi]ViV SHQpV]JRPEiV
NDURNNDOPXWDWQDND]pJUHYiUMiNDW]KDOiOW$]XGYDUYpJpQUiFVRVPDJDVUDpStWHWWYDVNDSXHQJHGL
DVtQSiUWDPDFVNDN|YHVXWFiUD
WDYDV]iQLIMDEE+iEHWOHU-iQRVPHJ|OWHJ\VHJpGPXQNiVWDUR]VGDWHPHWEHQ
$UHQGUVpJLHPEHUHNOHIpQ\NpSH]WpND]iOGR]DWRWMHJ\]N|Q\YHWtUWDNNLKDOOJDWWDNW|EEPXQNiVW
.OHLQ %pOiW D UDNWiU YH]HWMpW GH V]HPWDQ~W QHP WDOiOWDN /iWWDP DPLNRU D PHJELOLQFVHOW NH]
HV]WHUJiO\RVW HOYH]HWWpN D] DXWyED WXV]NROWiN /iEiW PHJIHV]tWHWWH IHOVWHVWpYHO YLDVNRGRWW ViUJiV
V]HPH LGHRGD XJUiOW IRJiW FVLNRUJDWWD 0DMG HOYLWWpN  R D] iOGR]DWRW 0tJ D V]UNH JpSNRFVL
YpJLJKDODGW D] XGYDURQ HOFV|QGHVOW D ]VLYDM $NNRU D WLV]WYLVHON HOWQWHN D] HPHOHWL DEODNRNEyO D
PXQNiVRNEHK~]yGWDNDPKHO\HNEHIHFVHJWHNYLWDWWiNDV]HQ]iFLyWGHVHQNLQHPWXGWDDWUDJLNXV
HVHPpQ\RNiW
eQ D IRUJiFVROy ,EHQ EHV]pOJHWWHP QpKiQ\ HV]WHUJiO\RVVDO LWW GROJR]RWW LIMDEE +iEHWOHU -iQRV
HV]WHQGN|Q iW &LJDUHWWi]WXQN D JpSH PHOOHWW EiPXOWXN D UDGLiWRU HOp UDNRWW NpV] PXQNiW D
I~UyRODMWyO QHGYHV DOXPtQLXPIRUJiFVRW WQGWQN PL W|UWpQKHWHWW D UDNWiUpSOHW P|J|WW PtJ
HJ\LNN PHJKDOW pV PLO\HQ EQWHWpVW NDSKDW D] pO eQ ~J\ YpOWHP KD EHEL]RQ\tWMiN D V]iQGpNRV
|OpVW LIMDEE +iEHWOHU VRNiLJ QHP OiWMD D]]DO D ViUJiV V]HPpYHO D QDSYLOiJRW $ Y|U|V KDM~ *UyI
PHJOHSG|WW
 6iUJiV" +RQQDQ YHV]L" 9LOiJRVNpN V]HPH YDQ 9DJ\ ]|OG +D VSpQ XJURWW EHOH PLQGLJ pQ
KDOiV]WDPNL(OHJHWOiWWDP
$PYH]HWYiOODWYRQW
(]MRJLODJpUGHNWHOHQ$]J\pV]WQHPpUGHNOLKRJ\DJ\LONRVQDNPLO\HQV]HPHYDQ,ERO\DV]tQ
YDJ\NRURPIHNHWH9DJ\WHQJHU]|OG$KDORWWDWVHPpUGHNOL
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

 -DQL QHP J\LONRV  PRQGWD D Y|U|V KDM~ *UyI  &VDN QpKD RUGtW PHJEiQWMD D] HP  R EHU
|QpU]HWpW$]WiQPHJV]pJ\HOOLPDJiW7HLVWXGRG
$PYH]HWMyYiKDJ\yDQELFFHQWHWWDIHMpYHO
 7XGRP  PRVRO\JRWW  $ SDVDV V]pWYHUWH D VDMiW IHMpW gQJ\LONRV OHWW 0HVpOG HO D UHQGUVpJHQ
KRJ\DQW|UWpQWQHKRJ\URVV]UDJRQGROMDQDN
$Y|U|VKDM~*UyIKDOOJDWRWWHJ\SHUFLJ0HJV]tYWDDFLJDUHWWiMiWD]WiQHOWDSRVWDDEHWRQRQ
1HPWXGRPPLW|UWpQW0DMGHOPRQGMD
,IMDEE +iEHWOHU -iQRV QHP PRQGWD HO +DOOJDWRWW NRQRNXO )LJ\HOPH]WHWWpN YHV]HGHOPHV MiWpN
HV]WHQGNEH NHUOKHW D]W YiODV]ROWD PHJ|OW HJ\ HPEHUW DOitUWD D MHJ\]N|Q\YHW D W|EEL QHP D]
GROJD
0HJ DNDUWDP LVPHUQL D WLWNiW %HV]pOKHWWHP YHOH D INDSLWiQ\ViJRQ HOPDJ\DUi]WDP KRJ\
pUWHOPHWOHQOYLVHONHGLNQHEiQMRQHORNWDODQXOPDJiYDOKLV]HQRWWKRQYiUMDWDFVDOiG)LJ\HOPHVHQ
YpJLJKDOOJDWRWW QHP PR]GtWRWWD HO KLGHJNpN V]HPpW D] DUFRPUyO $]WiQ IHOiOOW V]yOW D UHQGUQHN
YH]HVVHWYLVV]DDIRJGiED
WQp]WHPDQ\RPR]DWLDGDWRNDW$VyJRUiW|OWHPHJ(NNRUNH]GWHPNXWDWQLD+iEHW R OHUFVDOiG
pOHWpW 6RN HPEHUUHO EHV]pOJHWWHP V]DSRURGWDN MHJ\]HWI]HWHPEHQ D VRURN D QHYHN 6iSDGW %pOD
V]REDIHVW6HUHV6iQGRUD.OJ\PLQLV]WpULXPGROJR]yMD1DJ\IXYDURVXWFDLKi]IHOJ\HO&VHOH-XOL
J\iULPXQNiV.YHFVHV,VWYiQYLOODPRVPpUQ|N.YHFVHV/DMRVUHSOH]UHGHVpVPpJVRNDQQDJ\RQ
VRNDQPRQGRWWiNHODV]iPRPUDRO\IRQWRVUpV]OHWHNHW
eMV]DNiNRQNHUHV]WOW|SUHQJWHPD]tUyDV]WDORPQiOUDNWDPLJD]tWRWWDPKHO\pUHD]~MFVHOHNPpQ\W
D]WiQG]VHVV]]HQpV]HNHWNHUHVWHPIHOV]D[RIRQRVRNSLV]WRQRVRNVHJtWHWWHNPtJYpJOHJ\YDViUQDS
GpOXWiQ~J\pUH]WHPNpV]HQYDQD]DQ\DJRP
.pW QDSSDO NpVEE J\pV]L HQJHGpOO\HO D 0DUNy XWFDL IRJKi]EDQ PHJLQW IHONHUHVWHP LIMDEE
+iEHWOHU -iQRVW ,VPHUWHP D] pOHWpW WLWNiW PHJ]VDUROWDP W .HJ\HWOHQ MiWpN YROW $ UR]VGDWHPHWW
NpUWHP WOH D] XWROVy IHOYRQiVW +DOOJDWRWW 0DMG PHJNpUGH]WH PLW FVLQiORN D MHJ\]HWHLPPHO $]W
YiODV]ROWDPQ\LOYiQRVViJHOpWiURP
eVKDEHV]pOHN"NpUGH]WH
$NNRUHOpJHWHP(OIHOHMWHNPLQGHQW
5iPV]~UWDViUJiVV]HPpW(OYLJ\RURGRWW
&VLQiOMRQDPLWDNDUUMDPHJ8JDVVRQ0LWWXGPDJD"(J\QDJ\VHPPLWWXG
R

0HJFVLNRUJDWWDDIRJiW+DQJRVDQU|K|J|WW
 6HPPLW  RUGtWRWWD  0HQMHQ FVDN D UiNRVNHUHV]W~UL WHPHWEH 6HPPLW VH WXG 6HPPLW D]
pJNHUHNYLOiJRQ
6RNiLJQHPV]yOW$NH]pWQp]WHDUiFVRVDEODNRW
ULVWHQLWHQQHNDUHSOiVpOHWQHNPRQGWD
eVEHV]pOQLNH]GHWW
.|WHOHVVpJHP D WiUJ\DOiVRQ HOPRQGDQL D YDOy LJD]DW 'H H] D W|UWpQHW D] HOV YLOiJKiERU~EDQ
NH]GGLNDPLNRUD]pQKV|PPHJQHPLVpOW(]pUWNHJ\HWOHQOOHtUWDPPLQGHQW+DPDMG~J\pU]LN
HOIRJXOWDEEKDQJRQEHV]pOHNLIMDEE+iEHWOHU-iQRVUyOQHPWLOWDNR]RPHOLVPHUHPKRJ\V]HUHWHPW
1\HUV YROW V]yNLPRQGy (J\ UHQGUWLV]W D]W PRQGWD Ui DQDUFKLVWD eQ QHP KLWWHP HO &VDN QpKD
IHOOi]DGWLO\HQNRUDV]HPpWOIpOQLOHKHWHWW*\iYDYROW"$]WKLV]HPQpPHO\GROJRWQHPpUWHWWPHJ
DYLOiJEyOH]pUWYROWWHKHWHWOHQ
%QWHWpVpWKLYDWRWWEtUiNV]DEMiNNL0pOWiQ\RVDNOHV]QHN
R 
$ KRVV]~UD Q\~OW KiERU~EyO +iEHWOHU -iQRV PLQG|VV]H NpW HPOpNHW KR]RWW %RU PHOOHWW QpKD
HOPHVpOWH
$]RODV]KDUFWpUHQHJ\NpNDUF~KDORWWO\XNNDODKRPORNiQPR]RJQLNH]GHWW(OEED]iJ\pND
PDMG D KiWD N|]HSH PR]GXOW YpJO D IHMpW ELOOHQWHWWH $ KDORWW NDWRQD DODWW YDNRQGRN W~UW D] pON
ViSDGWDQQHYHWQLNH]GWHN
0iVLNHPOpNpUONRPRO\DEEKDQJRQiUQ\DODWQ\LV]pJ\HQNH]pVVHOEHV]pOW
.pV V]L GpOXWiQ OHOWWHN HJ\ GXSOD V]iUQ\~ HOOHQVpJHV UHSOJpSHW 1DJ\ FVDWWDQiVVDO pUW I|OGHW
QHPPHVV]HWONDNpWSLOyWDNLJXUXOWDIONpEO.RPiMiYDOHOE~MWDND]HUGEOV]DODGWDNDOiQJROy
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

JpSKH]*RPEROQLNH]GWpNDSLOyWiNUyODEUPHOOpQ\W
J\DOXGWHO|U|NUHDNRPD/HIHNGWDIUHDKiWiUDpVDSLOyWiYDOHJ\WWEiPXOWDDPRFVNRVV]tQ
IHOKNHW
R

 N~V]RWW YLVV]D D] HUGK|] O|NWH WROWD PDJiW D JRO\y]iSRUEDQ PLQW HJ\ KHUQ\y ,PiGNR]RWW
0HJIRJDGWDKRJ\EHFVOHWHVHPEHUNpQWIRJpOQL
eVH]WDIRJDGDOPiWQHPV]HJWHPHJVRKD
7DYDVV]DO YH]pQ\HOWpN W H]UHGpYHO %XGDSHVWUH (NNRU PiU V]DNDV]YH]HW YROW D .iURO\
FVDSDWNHUHV]W )HUHQF -y]VHI NLVH]VW )HUHQF -y]VHI EURQ] D VHEHVOpVL pUGHPpUHP pV D KiERU~V
HPOpNpUHPWXODMGRQRVD
$]XWyEELWNO|Q|VHQV]HUHWWH$PDJ\DUFtPHUI|OpGRPERU~EHWNNHOH]WtUWiN3UR'HRHW3DWULD
$PLNRUOHIRUGtWRWWiNQHNLD]pUWHOPpWQDJ\RQPHJKDWyGRWW
%XGiQ NDSWDN V]iOOiVW HJ\ NLUtWHWW LVNROiEDQ (WWHN NiUW\i]WDN pV +iEHWOHU -iQRV Kt]QL NH]GHWW
HOpUWH D KHWYHQ|W NLOyW D JpKiV ]|OGUH IHVWHWW PpUOHJpQ 'H QHP YROW N|YpU LQNiEE D PHOOH L]PDL
GRPERURGWDNpVDUFiUyOHOWQWHNDPpO\J\UGpVHN
.pVEEGU0iW\iVV]i]DGRV~UD'pOL3iO\DXGYDUUDYH]pQ\HOWHUV]ROJiODWUD+DMQDOL|WyUiWyOHVWH
Wt]LJMiUNiOWDVtQHNN|]|WWKDOOJDWWDDWHKHUYDJRQRNNRFFDQiViW$SXVNiWHJ\HWOHQSHUFLJVHPYHWWHOH
DYiOOiUyO
6]ROJiODWLLGHMpWPDJDiOODStWRWWDPHJ0LYHOHVWHWt]LJQHPpUNH]HWWDYiOWiVQHPV]yOWKR]]iVHQNL
EHJ\DORJROWD]LVNROiEDIHV]HVHQ R WLV]WHOHWWXGyDQMHOHQWHWWHKRJ\RWWIHOHMWHWWpN
'U0iW\iV9LOPRVV]i]DGRV~UH]HQPDJDLVPHJOHSG|WW(OQp]pVWNpUWPHJNtQiOWDSiOLQNiYDOD]W
PRQGWDQHPEDMD]pMV]DNDLV]ROJiODWRWPLQGMiUWHOLQWp]L'HHOIHOHGNH]HWWtJpUHWpUOPHUW+iEHWOHU
-iQRVV]DNDV]YH]HWWH]XWiQVHPYiOWRWWiNIHOD]UKHO\pQ
7|EEpQHPV]yOW&LSHOWHSXVNiMiWDVtQHNN|]|WWQp]WHD]HPEHUHNHWpVD]DVV]RQ\RNULQJyFVtSMpW
(VWHWt]yUDNRUKD]DVpWiOW0HJYDFVRUi]RWWHONpUWHPiVQDSLHEpGMpWEHPHQWDWDQWHUHPEHOHIHNGW
DV]DOPiUD(XUySDKHJ\pVYt]UDM]LWpUNpSHDOiHOPRQGWDD]HVWLLPiGViJRWpVHODOXGW
1HP V]HUHWWH D OiUPiW eU]pNHQ\ OHON YDOOiVRV HPEHU YROW FVtSV ILQRP KXPRUiQ QpKD
FVRGiONR]WDN$NDWRQiNQHPHJ\V]HUNpUWpNKRJ\pQHNHOMHQpVV]tYHVHQpQHNHOWQHNLNPpO\WLV]WD
KDQJRQUpJL]VROWiURNDWQpSGDORNDW
+iEHWOHU-iQRVHJpV]VpJHVMyOWiSOiOWHPEHUYROWDVV]RQ\WDNDUW|OHOQL+RVV]~NtQOyGiVXWiQM~OLXV
YpJpQHOLVKDWiUR]WDPDJiWDFVHOHNYpVUH
(J\WL]HGHVKtYWDIHODILJ\HOPpWD=|OG9DGiV]YHQGpJOJD]GDJYiODV]WpNiUD
$ =|OG 9DGiV] D] $UpQD ~WRQ YROW 7iJDV  R  R  R NHUWMpEHQ KHQJHUHOW VDODNRQ WiQFROWDN D
V]DEDGQDSRV NDWRQiN OiQ\RN HUV KDQJRQ pQHNHOWpN 6W D PDPD VW D SpN VW D PDPD KiURP
WHSVL SRJiFViW $ Up]I~YyV NDWRQD]HQHNDU JHV]WHQ\HIiN QpJ\V]|JpEHQ SLURV FVtNRV ViWRU DODWW
KDUVRJRWW
$WL]HGHVWDSDV]WDOWHPEHUPHJEt]KDWyWDQiFFVDOV]ROJiOW
9iODVV]HJ\OiQ\WWiQFROWDVGURJ\iVLJGLFVpUGDWDUWiViWLJ\iOYHOHNpWGHFLERUWD]WiQNHUHVVHJ\
SDGRWD/LJHWEHQPHVV]HDJi]OiPSiWyO
+iEHWOHU OHPRVDNRGRWW HJ\ Gp]VD KLGHJ Yt]EHQ ROOyYDO PHJLJD]tWRWWD D EDMXV]iW PHOOpUH W]WH D
NLWQWHWpVHNHW pV HOPHQW KRVV]~ OpSWHNNHO NLVVp KDMORWW WDUWiVVDO D =|OG 9DGiV] YHQGpJO tJpUHWHV
NHUWMpEH
3pN 0iULiW YiODV]WRWWD 7LV]WHOJHWW NDWRQiVDQ PHJIRJWD NpW YiOOiW SLKHQpV QpONO WiQFROWDN D
KVpJEHQHJpV]GpOXWiQ
(J\HQHV VRUEDQ YLOiJtWRWWDN D KRVV]~NiV ODPSLRQRN PLNRU OHOWHN D JHV]WHQ\HID DOi NHFVNHOiE~
IHVWHWWDV]WDOKR]pV+iEHWOHU-iQRVV]DNDV]YH]HWPHJW|U|OWHYHUtWpNHVDUFiW
3pN 0iULD QHYHWHWW 9pNRQ\ WHUHPWpV YROW DODFVRQ\ Q|YpV KLGHJ V]HP HUV PHOOHNNHO  YLVHOW
HJ\HGO IHNHWH VHO\HPUXKiW IHKpU JDOOpUUDO Np]HOYHO D =|OG 9DGiV] NHUW  R KHO\LVpJpEHQ +iURP
GHFLERUWNpUWVDYDQ\~N|YLGLQNiW$]WPRQGWD
eQVRKDQHPL]]DGRND]pUWIROWRVDEU|PPLQGHQQ\iURQ
0HJPXWDWWD U|YLG Q\DNiW +iEHWOHUQHN )HMpW ROGDOW KDMWRWWD V YDOyEDQ OiWQL OHKHWHWW KDOYiQ\
ILOWHUQ\LIROWRNDWDEUpQ
$ ODPSLRQRNRQ V]iUQ\DV ERJDUDN NRSSDQWDN $ KHQJHUHOW VDODN N|]HSpQ YLUiJRVNHUW OW HVW YiUW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

HJ\J\HQEiPXOWDDWiQFROyNDW
+iEHWOHU OHWpSHWW HJ\ V]HJIW HOKR]WD D OiQ\QDN $]WiQ OHOW pV FV|QGHVHQ PpUWpNWDUWyDQ DOLJ
pUH]KHWUHPHJpVVHODKDQJMiEDQGLFVpUQLNH]GWHW
3pN0iULDI|OHPHOWHFVRQWRVDUFiWV]HPHQDJ\UDQ\tOWODVVDQFVLOORJQLNH]GHWW
+iEHWOHU -iQRV H]HQ D] pMV]DNiQ QHP PRQGWD HO D] HVWL LPiGViJRW /HIHNGW (XUySD KHJ\ pV
Yt]UDM]LWpUNpSHDOipVD]RQQDOHODOXGW
$XJXV]WXVHOVYDViUQDSMiQWDOiONR]WDN~MUDDYHQGpJONHUWKHO\LVpJpEHQ
.RPLV]KVpJYROW$KHQJHUHOWVDODNRQYHUtWpNH]WHNDV]DEDGQDSRVNDWRQiNV]pGtWHWWpNDOiQ\RNDW
WHOLWGEOpQHNHOWHN
3pN0iULDPRVWLVIHNHWHVHO\HPUXKiWYLVHOW.H]pYHOD]DEURV]WJ\UWHU|YLGOiEiYDOKDUDQJR]RWWD
NHUWL V]pN LQJHUOWHQ Q\|V]|UJ|WW DODWWD D V]HJI UHV]NHWHWW D KDMiQ +iURP  R GHFL ERUW NpUW
VDYDQ\~N|YLGLQNiWOODSRWRVPRQGWDpVHOSLUXOW
1HPEDMIHOHOWH+iEHWOHU$]WiQQHPV]yOWVHPPLWEiPXOWDDUp]I~YyVRNDWPDMGPHJDVDMiW
NH]pWpVLGpWOHQOPRVRO\JRWW
0iVQDS UHJJHO EHNRSRJWDWRWW GU 0iW\iV 9LOPRV DMWDMiQ $ V]i]DGRV ~U KDOYiQ\ WiYROL KDQJRQ D]W
PRQGWD%HM|KHWPLQGHQNL
+iEHWOHU-iQRVPHJLJD]tWRWWD]XEERQ\iWOHQ\RPWDDNLOLQFVHWpVKXQ\RURJYDPHJiOOWDNV]|E|Q
$]DEODNRNDWHOpJVUIJJ|Q\WDNDUWDLGNHOOHWWPtJV]HPHPHJV]RNWDDKRPiO\W
$ IL]LNDV]HUWiU OHJV|WpWHEE pV OHJPpO\HEE VDUNiEDQ K~]yGRWW PHJ D V]i]DGRV ,WW QHP YROW E~WRU
FVXSiQ HJ\ GHV]NDSROF pV D]RQ HJ\ UR]VGiV SDWLNDPpUOHJ $ SDGOyQ OW V]HOtG PRVROO\DO VRNiLJ
EiPXOWDDUR]VGiVPpUOHJHWPDMGtJ\V]yOW
*\HUHN|]HOKR]]iPpVKDOOJDVV(OPRQGRPQHNHGDYpJUHQGHOHWHP
/iED PHOOHWW H]VW J\HUW\DWDUWyW V]pWV]yUW NRWWiNDW HJ\ NRV]RV ]VHENHQGW pV HJ\ IiEyO NpV]tWHWW
IXUXO\iWU]|WW
+iEHWOHU-iQRVHOLQGXOWDKRPiO\RVV]REiEDQOHOWHJ\FVRQNLJpJHWWJ\HUW\DPHOOpNH]pWDWpUGpUH
KHO\H]WHpVYiUDNR]yNtYiQFVLViJJDODV]i]DGRVDUFiUDQp]HWW
R

6]pS DUFD YROW )pUILDV $] HUV FVRQWRNRQ PpJ IHV]OW D EU FVDN IiW\ROR]RWW KDQJMD pV OXVWiQ
PR]GXOy V]HPH MHOH]WH D SUHGHOtULXP SXV]WtWiViW 1HP VRN LG YiODV]WRWWD HO D] XWROVy iOORPiVWyO $
SiOLQNiWyO KDOOJDWDJ OHWW PDJD HOp EiPXOW QHGYHV RUUiW W|U|OJHWWH pV KDQJRVDQ E|I|J|WW 'H D ERU
SXKDPiPRUiYDOPpJiWNDUROWDOHPRVWDFVHUHSHVDMNiUyODYLJ\RUWYH]HWWHV]HOtGHQDKtYRJDWyiUQ\DN
IHOp,O\HQNRUQHYHWQLLVWXGRWWLJD]QDJ\RQPHVV]LUOLO\HQNRUV]HUHWHWWWQGPRVROO\DOPpODE~V
KDQJRQPDJDV]WRVDEEHV]PpNUOEHV]pOJHWQL
0RVW|VV]HWHUHOWHJRQGRODWDLWDKY|VV]HUWiUEDQV]HPpQNLJ\~OWDUpJLIpQ\OHVRYiQ\RGRWWNH]pYHO
I|OHPHOWH D IiEyO NpV]tWHWW IXUXO\iW 5HV]NHWHJ KDQJRQ HOpJ NHOOHPHWOHQ SiWRVV]DO tJ\ V]yOW  /HV]
PDMG LG PLNRU D KiERU~UD QHP HPOpNH]QHN PiU D] HPEHUHN hJ\HV V]DWyFVRN EDQiQW iUXOQDN D]
XWFiQHOHJiQVDVV]RQ\RNORYDJROQDND)DVRUEDQ1HPEHV]pOQHNW|EEpDWHQJHUQ\LYpUUOD]RNWDODQ
KDOiOUyO1HPIRJMDVHQNLJ\O|OQLDQpPHWHWHEEHQDV]HUHQFVpWOHQRUV]iJEDQ
6DMQRV D V]i]DGRV ~U QDJ\RQ PHJKDWyGRWW D NpW H]VW J\HUW\DWDUWy N|]|WW IpOEHV]DNtWRWWD
PRQGyNiMiWEHN|YHWNH]HWWQiODDEHWHJHVURKDPXWiODWRVKDQJRQVtUQLNH]GHWWOXVWDV]H  R PpEO
VUQ SHUHJWHN D N|QQ\HN FVRQWRV NH]pYHO EHIHGWH D] DUFiW $UUyO EHV]pOW KRJ\  HJ\ OHN|SQL YDOy
V]HUHQFVpWOHQ HPEHU IHOPDUNROWD D SDGOyQ KHYHU NRWWiNDW pV N|Q\|UJ|WW QH HQJHGMpN HOYHV]QL D
V]LPIyQLiMiW UL]]pN PHJ PHUW QHNL QLQFVHQ HUUH OHKHWVpJH  QHPVRNiUD ,VWHQ V]tQH HOp iOO pV D
V]LPIyQLDDWHQJHUQ\LYpUWpVD]RNWDODQKDOiOWLGp]L|U|NHPOpNH]HWpEHDPDJ\DUQDN
+iEHWOHU QDJ\RQ PHJVDMQiOWD D V]i]DGRV XUDW LJHQ HOOiJ\XOW D V]tYH HOpU]pNHQ\OW KDQJRQ
IRJDGNR]RWWKRJ\V]tYHVHQPHJU]LD]RNDWDNRWWiNDWKLV]HQQHPNpUQHNNHQ\HUHWHOYLV]LPDJiYDO
%UJHFVUHPHUWKD]DXWD]LN+i]DVRGQLNpV]OpVWLV]WHOHWWHOWt]QDSV]DEDGViJRWNpU
$NNRUGU0iW\iVPHJNHUHVWHDNRV]RV]VHENHQGWODVVDQPHJQ\XJRGRWWVNpUQLNH]GWHOHJ\HQYHOH
HOQp]PDJDVHPpUWLPLNpSSHQKDJ\KDWWDHOPDJiWHQQ\LUH~J\OiWV]LNH]PiUDNUt]LVD]QDSMDL
YpJpUYpQ\HVHQPHJYDQQDNV]iPOiOYD
+iEHWOHU WLV]WHOHWWXGy KDQJRQ NLMHOHQWHWWH KRJ\ D V]i]DGRV ~U PpJ VRNiLJ IRJ pOQL D]RQEDQ
V]HUpQ\YpOHPpQ\HV]HULQWDERUpVDSiOLQNDIRJ\DV]WiViWOHKHWOHJPHOO]QLNHOO
'U0iW\iV9LOPRVQHPYiODV]ROWHOIRUGtWRWWDDIHMpWPHUWDV]HPHWHOHYROWN|QQ\HO
R
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

.pW QDSSDO NpVEE +iEHWOHU HOXWD]RWW PDJiYDO YLWWH D V]i]DGRV ~U V]LPIyQLiMiW pV ~MGRQVOW
IHOHVpJpW3pN0iULiW
$ YRQDW NRUiQ UHJJHO iOOW PHJ YHON )HOV $NiFRQ 7L]HQNpW NLORPpWHUW J\DORJROWDN D] DODFVRQ\
N|GEHQ PHUW +iEHWOHU -iQRV QHYHOV]OHL PHVV]H ODNWDN D N|]VpJWO D IDOXWyO LV NLQW ODNWDN D
%UJHFVEHQHJ\Q\iUIDHUGV]pOpQ
$ %UJHFV YLVNyLW PpO\HQ YDOOiVRV QHKp] HV] NDWROLNXV HPEHUHN ODNWiN ,JD]iQ V]RUJDOPDVDN pV
QHYHWQLYDOyDQ MiPERUDN tJ\ QHP YROW YHON EDM KpWN|]QDS GROJR]WDN YDViUQDS GpOXWiQ PHJ
SHQJHWWpNDFLWHUiW+DHOM|WWD]LGHMHRWWKDJ\WiNDQ\iUIDHUGWpVHQJHGHOPHVHQiWN|OW|]WHNDViUJD
KRPRNNDOERUtWRWWWHPHWEH
$ GHUpN pV YDOOiVRV EUJHFVL SDUDV]WRNUyO PRVW HOIHOHGNH]HWW D *RQGYLVHO YDJ\ KD QHP DNNRU
pSSRO\DQWDQiFVWDODQXOV]HPOpOWH)RUUy3iOXGYDUiQDKDORWWDWPLQWDV]HGUHVOiE~HPEHUHN
7HNLQWHWWHO D UHNNHQ KVpJUH D ]|OG KiW~ OHJ\HN FVDSDWiUD D KHO\]HW YDOyEDQ QHKp] YROW pV LJHQ
ERQ\ROXOW6]HUGDpMMHO)RUUy3iONLOHQFJ\HUPHNHN|]ODPiVIpOHV]WHQGVGiPU|YLGVLNROWR]iVXWiQ
HOV]HJG|WW ,VWHQ PHOOp DQJ\DONiQDN (QQHN PiU QpJ\ QDSMD pV  R GiP PpJ RWW IHNV]LN D]
XGYDURQDVXEOyGILyNMiEDQDPLWHOMHVHQOHKHWHWOHQiOODSRWD]WPpJDQHKp]HV]EUJHFVLHNLVWXGWiN
$GHUpNEUJHFVLSDUDV]WRNOHONpWPpO\V]iQDORPV]LQWHVHJtWHQLDNDUiVKDWRWWDiWGHSpQ]NQHP
YROW9pJOLV1\iUL3iO~UNOG|WWHJ\YLOiJRVNpNNRSRUVyWIL]HWHWW|WNRURQiWDEHV]HQWHOpVUHWL]HQ|W
NUDMFiUWDOpOHNKDUDQJV]DYiUDGHDNNRUD]WiQYiUDWODQXOEDMW|UWpQW$KDORWWOiWyPHJiOOWDNHUtWpVQpO
HOKR]WD D KtUW D J\HUHNHW QHP V]DEDG NLYLQQL D WHPHWEH D VtUKHO\ N|UO D YDGV]OERNURN DOMiQ
HJpV]HQDYL]HViURNLJIVWI~Yy|UG|J|NWDQ\i]QDN
(NNRU D PHOHJV]tY EUJHFVL SDUDV]WRN NHUHV]WHW UDM]ROWDN PDJXNUD PHJpUWHWWpN KRJ\ V]iPXNUD
FV~Q\D YLOiJ N|YHWNH]LN 6RSiQNRGQL NH]GWHN OiUPi]WDN MDMYHV]pNHOWHN yEpJDWWDN PLQG
NHVHUYHVHEEHQV]tYWiND]RUUXNDWHJ\PiVWEiPXOWiNpVFVRGiONR]WDNPLNpSSHQKDJ\KDWMDHOPDJiW
HQQ\LUHD]HPEHU
,O\HQV]tYHWPHJLQGtWyLGpWOHQOiWYiQ\IRJDGWD+iEHWOHU-iQRVWpVIHOHVpJpWDPLNRUHOEXNNDQWDND
PR]GXODWODQNXNRULFDWiEODP|JOpVPHJiOOWDNEiPXOQL)RUUy3iOXGYDUiQDELEOLDL]U]DYDUW
3pN 0iULD KDPDU WiMpNR]yGRWW *RURPEiQ WLV]WHOHWHW N|YHWHO KDQJRQ EHV]pOW D URQJ\RV 
R QpSVpJJHO O|NG|VWH NHW FVRQWRV |NOpYHO D KiWXNED FVDSRWW D]WiQ IHNHWH UXKiMiEDQ PDJDV VDUN~
IHNHWHFLSEHQPLQWYDODPLLVPHUHWOHQRUV]iJEyOpUNH]HWWWHPHWpVUHQGH]PHJQp]WHDKDORWWDWPDMG
LGHJHV KDQJRQ FV|QGHW SDUDQFVROW $]W PRQGWD KRJ\ GiP ERPODQL NH]G YLJ\pN LQQHQ D]RQQDO
I|OGHOMpNHODNiUKRODIUDQFHVVHQDIVWI~Yy|UG|J|NV]tYHN|]HSpEH
'HH]KDV]RQWDODQEHV]pGYROWPDJDLVEHOiWWDPHJpUWHWWHD]HPEHUHNMDMYHV]pNHOpVpEO(J\UpV]W
PHUW D KDORWWOiWy 0DV]HOQp PpJ VRKDVHP WpYHGHWW PiVUpV]W D WHPHWQHN D YL]HViURNWyO EHOMHEE HV
WHUOHWpQ|WYHQNRURQiQDOXOQHPERQWDQDNVtUWHQQ\LSpQ]SHGLJQHPYROWPpJDEUJHFVLYLVNyNEDQ
pV QHP XWROVyVRUEDQ D] LV LJD]ViJ KRJ\ GiP QHP SLKHQQH Q\XJRGWDQ D NVtURN N|]|WW DKRO
FVL]PiEDQDOV]DQDNDKDORWWDNYHUWFVLSNHV]HPI|GpODODWW
0iU YHV]YH OiWV]RWW PLQGHQ UHPpQ\ DPLNRU +iEHWOHU QHYHODQ\MiQDN PHJYiOWy |WOHWH WiPDGW pV
OHONHQGH]KDQJRQtJ\NLiOWR]RWW
 ,VWHQHP D IRNKDJ\PD +p HPEHUHN (PEHUHN V]DODGMDWRN D WHPHWEH D NLUiO\Q UDM]ROMRQ
NHUHV]WHWDVtUN|UOPHJDYDGV]OERNURNDOMiUDYpJLJDYL]HViURNLJ
$]HPEHUHNQpPiQWRSRJWDNDNLUiO\Q  R VHP PRQGRWW VHPPLW PLQGDQQ\LDQ )RUUy 3iO DUFiW
NHUHVWpN D WHNLQWHWNNHO 'H )RUUy 3iO KDOOJDWRWW eV D IHOHVpJH VHP V]yODOW PHJ QHP EL]WDWWD D]
HPEHUpWQHPPR]GXOWFVDNQp]WHD]pJYDNtWyV]tQpWpV|PO|WWDYHUtWpNDKRPORNiQ
$NNRU3pN0iULDKDUDJRVDQEHOHVXKLQWRWWNDUMiYDODOHYHJEHIRNKDJ\PiWNpUWN|YHWHOWHPXWDVViN
QHNL D] XWDW  NLPHJ\ D WHPHWEH pV DQQ\L NHUHV]WHW UDM]RO KRJ\ PpJ D J|UpQ\HN LV HOPHQHNOQHN
HEEODERORQGIDOXEyO
$ Uy]VDI]pUHV DVV]RQ\RN |VV]HE~MWDN WDQiFVNR]QL NH]GWHN N|UEHIRJWiN D NLUiO\QW 3HUHFHV
%RUEiOiW GH 3HUHFHV %RUEiOD VHP WXGWD HOG|QWHQL KDWiVRVH PRVW LO\HQNRU D V]O pUpVH HOWW D
IRNKDJ\PiV|UG|J]pV(]pUWDUy]VDI]pUHVDVV]RQ\RNNtYiQViJiUDHONOGWHNHJ\IUJHOiE~NLVOiQ\WD
KDORWWOiWy 0DV]HOQp NXQ\KyMiED 0DV]HOQp D]W ]HQWH D IRNKDJ\Pi]iV FVDN GHFHPEHU
WL]HQKDUPDGLNiQ/XFDQDSMiQKDV]QRVD]HV]WHQGHJ\pEQDSMiQVHPPLWVHPpU
$NpWVpJEHHMWKtUFVXSiQ+iEHWOHU-iQRVQHYHODQ\MiQDNKR]RWW|U|PHW
$ PHQ\H YpJHWW $ PHQ\H YpJHWW DNLW PD OiW HOV]|U DNLQHN D QHYpW VHP LVPHUL DNL YDNPHU
YLVHONHGpVpYHOYHV]HGHOHPEHVRGRU R QiD+iEHWOHUFVDOiGRW0HUWKiWPLWDNDUH]DQpPEHU"$NLV
)RUUy GiPRW HOEE YDJ\ XWyEE HOWHPHWLN I|OG DOi VHJtWL D *RQGYLVHO H] PLQGHQNL V]iPiUD
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

Q\LOYiQYDOyHKKH]QHPIpUKHWNpWVpJQHPIHNKHWLWWNXNDFRVRGiVLJH]RO\DQLJD]PLQWD%LEOLD0pUW
V]NVpJHVKHWYHQNHGQLDIVWI~YyNNDO"1HPHJ\Ki]DWHPpV]WHWWPiUHODViUJDOiQJ~ROWKDWDWODQW]
.LQHWXGQiUpV]HJHV&VyNRV,VWYiQHVHWpWDNLKDORWWDNQDSMiQiWYL]HOWDWHPHWV]|JHVGUyWMDIHOHWWD
WHKHWHWOHQVtURNUDeVPpJD]RQD]pMV]DNiQ]XKRJyHVEHQpJHWWSRULJDV]HNHUHSRQWRVDQDNHUHV]W
HOWWDKROVRKDQHPYHWWHOHDNDODSMiW
eV +iEHWOHU -iQRV QHYHODQ\MiQDN LJD]D OHWW 0pJ H]HQ D QDSRQ )RUUy GiPRW HQJHGHOPHVHQ
HOWHPHWWpNDKRPRNNDOERUtWRWWWHPHWEHQ$SDSEHV]HQWHOWHDYLOiJRVNpNNRSRUVyWODWLQXOLVEHV]pOW
DOpOHNKDUDQJLVV]yOW+DONDQV]pJ\HQOVHQQRKDDWL]HQ|WNUDMFiUEyOKDV]QDQHPV]iUPD]RWWDIXUD
WHPHWpVWQHPUHQGH]WHpVD]HON|YHWNH]HQGiOPDWODQpMV]DNiWVHPOHKHWHWWDV]iPOiMiUDtUQL
9iUDWODQXONHUOWOHDV~O\RVJRQGDEUJHFVLQpSVpJOHONpUO
$Q\RPDV]WyKtUXWiQDGHUpNpVMiPERUEUJHFVLNDWROLNXVRNYpJNpSSPHJpUWHWWpNUDMWXNPiUFVDN
HJ\HGOD]LPiGViJVHJtW R $Uy]VDI]pUHVDVV]RQ\RNDPHOHJKRPRNUDWpUGHSHOWHNIRKiV]NRGWDN
N|Q\|U|JWHND](JHN.LUiO\iKR]PHJ-p]XV+HUFHJKH]QHKDJ\MiNPDJXNUDDV]HQYHGNHWYH]HVVpNHO
D Q\iMDW D 6LUDORP 9|OJ\pEO FV|QGHV EpNpV PH]NUH pV *iEULHO ]]|Q HO D N|UQ\pNUO PLQGHQ
|UG|J|W
$ QDS D] XGYDU N|]HSpW EiPXOWD V]LNUi]y IpQ\pEHQ NpW FVHQGU pUNH]HWW *\DORJ M|WWHN LJHQ
NRPyWRVDQ pV DQQ\L FV|QGHW KR]WDN KRJ\ )RUUy 3iOpN XGYDUiQ PLQGHQNL KDOORWWD D] pUHWW V]HGHU
V]DSRUDSXIRJiViW
%DUiWViJRV FVHQGU|N YROWDN EDUQDSLURV DUFXNRQ QHP OiWV]RWW HOOHQVpJHV V]iQGpN MyLQGXODW~DQ
Qp]WpN D] LMHGW WiUVDViJRW $ NDSXEDQ PHJiOOWDN OHYHWWpN D SXVNiW GH QHP W]WpN IHO D KiURPpO
V]XURQ\W QHP DNDUWDN VHQNLW KDVED V]~UQL IHOIRUJDWQL D NLVIL~ UDYDWDOiW FVDN ~J\ V]XURQ\ QpONO D
FVL]PiMXNKR]iOOtWRWWiN
$PLQW YiUKDWy YROW D Uy]VDI]pUHV DVV]RQ\RN NH]GWpN D] pUWHOPHWOHQ KLV]WpULNXV WLOWDNR]iVW
/iWYiQ\RVNDUOHQJHWpVVHOMDMRQJiVVDOV]DODGWDNDNRSRUVyKR]ROWDOPD]yQN|UEHIRJWiNMHOH]YpQKRJ\
NVHPPLNpSSQHPHQJHGLN)RUUyGiPWHVWpWiWDGQLD]|UG|JQHN
/HKHWHWOHQO HV]HOV|N PyGMiQ YLVHONHGWHN 3HUHFHV %RUEiOD D NLUiO\Q SpOGDPXWDWyDQ 
R IRUJDWWDDV]HPpWRO\DQKDQJRNDWHUHV]WHWWNLDIRJDWODQV]iMiQKRJ\D]XGYDURQWpEOiEROyW\~NRN
ULNiFVROQLNH]GWHNYHUWpNPDJXNN|UODSRUWPLQWDQ\DYDO\DW|UV|N
$] HPEHUHN KiWiW NLYHUWH D KLGHJ OLEDEU QDJ\ LMHGHOPNEHQ |VV]HYLVV]D NLDEiOWDN IHQ\HJHWQL
NH]GWpN D FVHQGU|NHW 1pPHO\HN .UDMFVRYLFV PpOWyViJRV ~U QHYpW NLiOWR]WiN PiVRN 1\iUL 3iO ~UUDO
IHQ\HJHW]WHN PHJLQW PiVRN :HNHUOpYHO QpKiQ\DQ SHGLJ *DiO 0LKiO\ JD]GiW HPOHJHWWpN (]HN
YDODPLYHO KDONDEEDQ pV NHYpVEp KHYHVHQ WLOWDNR]WDN PLQWKD V]pJ\HOOQpN KRJ\ QHNLN FVXSiQ
KiURPV]i]KROGDVYpGHOPH]MXWRWW1HPUHPpQ\UpPOHWIW|WWHNHW
$ FVHQGU QHP WpWRYi]KDW $] UPHVWHU WDSDV]WDOW HPEHU YROW PHJQp]WH D EUJHFVL IpUILDN DUFiW
6RUED YHWWH PLQG PHJIRQWROWDQ YLWWH WHNLQWHWpW HJ\LNUO D PiVLNUD NLYiODV]WRWWD N|]ON D N~WiVy
9DUJKD*\XULpWPHUWDQQDNRO\DQELWDQJXOYLOORJyV]HPHYROW2GDPHQWKR]]ipVSRIRQYiJWD
&V|QG OHWW 3HUHFHV %RUEiOD HOWiWRWWD EDUODQJUHV V]iMiW D Uy]VDI]pUHV DVV]RQ\RN DEEDKDJ\WiN D
VLNROWR]iVWQHPLVPR]JROyGWDN
$] UPHVWHU DUFiQ QHP OHKHWHWW Q\XJWDODQViJRW IHOIHGH]QL 7HQ\HUpW Q\~MWy]WDWWD NtYiQ  R FVL
YiUDNR]iVVDO Qp]WH D SRIRQW|WW HPEHUW $ PiVLN FVHQGU ILDWDO YROW LGHJHVHQ NRFRJWDWWD D SXVND
KDViQDV]tMWDUWyNDULNiW
)HOV $NiFRQ YDViUQDSL PLVpUH KtYWiN D NDWROLNXVRNDW $ Q\iUIDHUG P|JO KDOODWV]RWW D WiYROL
KDUDQJV]y .~WiVy 9DUJKD *\XUL NHUHV]WHW UDM]ROW D PHOOpUH FVXNOyMiYDO OHW|U|OWH V]iMiQ D YpUW pV
NLPHQWD]XGYDUUyO
$ %UJHFV YLVNyLW QHYHWQLYDOyDQ MiPERU HPEHUHN ODNWiN $PLNRU D] UPHVWHU UiMXN NLDEiOW D]W
PRQGWD QHNLN IHMH]]pN EH D ERORQGR]iVW pV WDNDURGMDQDN KD]D N QHP WLOWDNR]WDN .pV]VpJHVHQ
EyORJDWQLNH]GWHNHOLVPHUWpNKRJ\D]UPHVWHUQHNLJD]DYDQeVHOLQGXOWDNODVVDQV]yWODQXO
1HP OHWW YROQD PiU V]NVpJ D WRYiEEL SRIR]iVUD $]RQEDQ D PiVLN FVHQGU QHP EtUW PDJiYDO $
V]iODVFVRQWRVQDJ\KRPORN~OHJpQ\WWDOiQDYLUWXVIW|WWH7DOiQILWRJWDWQLDNDUWDHUHMpWKHWYHQNHGQL
DKDWDOPiYDOPR]JDWQLL]PDLW7DOiQDJ\iYDViJYDGtWRWWDPHJ.~WiVy9DUJKD*\XULIHUGHV]iQDOPDV
PRVRO\D7DOiQPHJLMHGWHURQJ\RVKDOOJDWDJJRQGWHUKHOWQpSVpJWOH]WQHPWXGKDWWDVHQNLH]HQD]
HOQpPXOWXGYDURQpVH]WQHPWXGKDWWDPDJDVHP9DODPLpUWKHWHWOHQKDUDJJDOSRIR]QLNH]GWHNHW
3HUHFHV%RUEiODKDMiWUiQJDWWD)RUUy3iOWpUGpEHU~JRWW
R

( U~JiVQDN YpJNpSS QHP YROW VHPPL pUWHOPH 6W RVWREDViJ YROW PHUW NpVEE )RUUy 3iO RO\DQ
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

ODVVDQViQWLNiOWDWHPHWIHOpYH]HW~WRQRO\DQJ\DOi]DWRVELFHJpVVHOWROWDDQ\DYDO\iVWUDJDFVRWKRJ\
D]UPHVWHUWDJXWDNHUOJHWWH+DSHGLJUiNLDEiOWpVDV]HUHQFVpWOHQIOyWiVV]DSRUi]QLNH]GWHDOpSpVW
D NRSRUVy PLQGXQWDODQ OHHVHWW D KRPRNED eV tJ\ NHOOHWW J\DORJROQLRN KiURP NLORPpWHUW D G|JOHV]W
KVpJEHQ
3pN0iULDOHKHWHWOHQYLVHONHGpVHPLDWWFVDNKiURPQDSRWW|OW|WW%UJHFVHQDILDWDOKi]DVSiU'HH]
LVURQGDKiURPQDSYROWV]QWHOHQFLYDNRGiVFVXSiQ+iEHWOHU-iQRVSiUDWODQWUHOPHPHQWHWWHPHJ
DIHNHWHUXKiVDVV]RQ\NiWD]HOVYHUpVWOQRKDLGQNpQWDODSRVDQYLV]NHWHWWDV]DNDV]YH]HWWHQ\HUH
$KDUPDGLNQDSpMMHOpQHOERUXOWD]LGHOWQWDKROGDFVLOODJRN5HJJHOUHV]pOWiPDGW0HJUpPOWD
YLGpN =~JWDN D IiN D NXNRULFiV D YpJWHOHQ VRURNED OWHWHWW V]O OHYHOpQ UHPHJHWW IRV]IRUHV]NiOW D
NpNSHUPHW0HVV]LUOpV]DNUyOKDOODWV]RWWDVUQ\iUIDHUGKDUDJRVWLOWDNR]iVD
3pN 0iULD QpPiQ Q\LWRWW V]iMMDO NDSNRGWD D OHYHJW 0HQHNOW V]DODGW QHNLIHV]OW D V]pOQHN
GLYDWRVFLSMpYHOEXNGiFVROWDViUJDKRPRNRQ
R

'H DOLJ V]i] PpWHUQ\LUH D YDV~WL VRURPSy HOWW PHJiOOW (V]HOV WHNLQWHWWHO YLVV]DIRUGXOW iWNRNDW
NLDEiOWPHJUi]WD|NOpWDYLKDURVWiMUD+DQJRVDQHUVHQ]RNRJQLNH]GHWW
+iEHWOHU-iQRVPHJV]iQWDW%HWDNDUWDN|SHQ\pYHOPHJIRJWDKRUJDVXMM~FV~Q\DNH]pW(OLQGXOWDN
DQpSWHOHQRUV]iJ~WRQDUFXNDWYHUV]pOEHQV]yWODQXO
OGDWODQQiV]XNDWIXUFVDPHJOHSHWpVN|YHWWH(OWQWGU0iW\iV9LOPRVHOD]HJpV]V]i]DG+iEHWOHU
-iQRVV]DNDV]YH]HWNHUHVKHWWHFVDSDWiWHJ\HWOHQHPEHUWVHPWDOiOWDEXGDLLVNROiEDQ
$NNRUU|YLGW|SUHQJpVXWiQHOLQGXOWD%DM]DXWFDWL]HQQpJ\EH.yOLVFKJ\YpGODNiViUDPHJYLWDWQL
3pN0iULiYDOD]HVHPpQ\W
3pN0iULDOHOWHWWHWDNRQ\KiEDQ6OWK~VWSDODFNRVERUWDGRWWQHNL
0DUDGWHJ\NLOyNRWWiPV]yOW+iEHWOHU9HV]HNHJ\IXUXO\iWHVWpQNpQWOHMiWV]RPNHW
3pN0iULDD]WPRQGWDEHV]pOQLNHOO.yOLVFK~UUDOQHPEDEUDPHJ\DMiWpNpOHWUOKDOiOUyOYDQV]y
QHPOHKHWLWWWUpIiOQL
'pOXWiQ+iEHWOHU-iQRVEHPHQWD]J\YpGV]REiMiEDWDQiFViWNpUWH
.yOLVFK J\YpG EDUiWViJRV HPEHU YROW /HOWHWWH D V]DEDGViJRV NDWRQiW ILJ\HOPHVHQ 
R PHJKDOOJDWWD'HYiODV]WQHPDGRWW$]DEODNKR]PHQWHOK~]WDDFVRQWV]tQIJJ|Q\WQp]WHD]XWFiW
.pVEEOHOWRURV]OiQQDOGtV]tWHWWNRSRUVyDODN~tUyDV]WDOiKR]pVWHQ\HUpEHKDMWRWWDKRPORNiW
+iEHWOHUD]WJRQGROWDHODOXGW1HPWXGWDPLWpYOHJ\HQ1p]HJHWWHDE~WRURNDWN|Q\YHNHWDVRN
H]VWHGpQ\W
$PLNRUIHNHWHUXKiEDQIHKpUJDOOpUUDONp]HOYHO3pN0iULDEHKR]WDDNiYpWD]J\YpGPHJUH]]HQW
6]DUYDVEUUHOPHJW|U|OJHWWHV]HPYHJpWFXNURWWHWWD]DUDQ\RVV]HJpO\FVpV]pEHVPtJK|US|OWHD]
LOODWRV NiYpW JXQ\RURV KDQJRQ PHJQ\XJWDWWD +iEHWOHUW QLQFV RND IpOQL 0DJ\DURUV]iJRQ LV
PHJNH]GG|WWDWHOMHVGH]HUWiOiV
0HVWHUVpJHGYDQ"
,JHQPRQGWD+iEHWOHUFVYDJ\RN
%UiYyFLWR\HQEyOLQWRWWD]J\YpG7DOiONR]XQND*UqYHWpUHQ
.LERQWRWWDDKDOYiQ\]|OGPRQRJUDPRVV]DOYpWiW9iOODWYRQW
,WWPDUDGKDWV]PtJiWYHV]HGDKDWDOPDW
eVIDQ\DUXOQHYHWHWW
(]HQDQDSRQ+iEHWOHU-iQRVEHN|OW|]|WWDQDJ\KDWV]REiVODNiVED$]RQEDQFVDNKDPDUNLGHUOW
KRJ\ 3pN 0iULD NHYpV KDV]QiW  R YHV]L D VHJtWVpJpQHN J\HWOHQ NH] ODVV~ PR]JiV~ HPEHUQHN
EL]RQ\XOW/HJDOiEELV3pN0iULDPHOOHWW
3pN 0iULD HOYpJ]HWW PLQGHQ PXQNiW +iEHWOHU -iQRVQDN PLQG|VV]H NpW IHODGDW MXWRWW IiW FLSHOW D
SLQFpEO pV NHPpQ\tWW I]|WW .yOLVFK ,ORQiQDN PHUW D NLVDVV]RQ\ N|Q\YN|WpVVHO W|OW|WWH D] LGHMpW
(J\pENpQWWpWOHQNHGHWWpVH]pUWPpUKHWHWOHQOV]pJ\HOOWHPDJiW
eUWKHWYROWD]|U|PHDPLNRUHJ\HVViOPRVQDSRQDV]WDOERQWiVXWiQ.yOLVFKJ\YpGEHKtYDWWD
W pV KDWiUR]RWWDQ D]W WDQiFVROWD MHOHQWNH]]pN QHP]HWUQHN 0DMG QpKiQ\ V]yYDO PDJ\DUi]DWNpQW
PHJHPOtWHWWHD]U]DYDURVKHO\]HWHW2URV]RUV]iJPR]JROyGiViWDQHP]HWN|]LNRQVWHOOiFLyW
$]WPRQGWD
$9HJ\HVGDQGiU3DUDQFVQRNViJN|]HOYDQWDOiQHVWpQNpQWKD]DLVM|KHWV]D]DVV]RQ\KR]
3pN 0iULiQDN QHP YROW NLIRJiVD D NDWRQDL V]ROJiODW HOOHQ tJ\ +iEHWOHU -iQRV NLWQ KDQJXODWEDQ
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

MHOHQWNH]HWW D 9HJ\HVGDQGiU 3DUDQFVQRNViJ pSOHWpEHQ PHO\ YDOyEDQ N|]HO YROW .yOLVFK J\YpG
ODNiViKR]$VRUVWUpIiMDNpQWPpJD]QDSGpOXWiQD1\XJDWL3iO\DXGYDUUDNOGWpN
R

.pQ\HOPHV V]ROJiODW YROW $] iWXWD]y DODNXODWRNDW IRJDGWiN HOOiWWiN FLJDUHWWiYDO pOHOPLV]HUUHO D
NDWRQiNDW$PLNRUPHJDODNXOWD9|U|V+DGVHUHJ+iEHWOHU-iQRV|WiJ~FVLOODJRWNDSRWWDVDSNiMiUD
.LHJ\HQV~O\R]RWWOpOHNNHOKLEiWODQXOOiWWDHODIHODGDWiW
2VWREDPyGRQNHUOWHNHO.yOLVFKJ\YpGODNiViUyO(J\DONDORPPDOUHJJHOVHKROVHPWDOiOWiND]
HJpV]KyQDSLWHMMHJ\V]HOYpQ\W$]J\YpGIHOHVpJHD]WiOOtWRWWD3pN0iULDYHV]WHWWHHO3pN0iULDVtUW
IHOIRUJDWRWWPLQGHQWVPLNRUHONHUOWYDODPHO\LNILyNEyORO\DQLGHJHVYROWKRJ\YLEUiOWN|UO|WWHD
OHYHJ QHP OHKHWHWW OHFVLOODStWDQL WUiJiU V]DYDNNDO LOOHWWH D V]DEDGNR]y Ki]LDVV]RQ\W $] J\YpG
HOYHV]tWHWWH D WUHOPpW HOYHWWH WOH D IHNHWH VHO\HPUXKiW IHKpU JDOOpUUDO Np]HOYHO PHO\ D FVDOiG
WXODMGRQDYROWpVFVHOpGN|Q\YQpONONLGREWD
$NNRU3pN0iULDiW|OW|]|WWDVDMiWJ|QFpEHPHJPRQGWDGK|VHQ.yOLVFKJ\YpGQHNPLWFVLQiOMRQ
DFVHOpGN|Q\YpYHOpVHOPHQWD]XQRNDEiW\MiKR]6WiGLQJHU-y]VLNIDUDJyVHJpGKH]DNLUDQJRVHPEHU
YROWD9|U|V+DGVHUHJEHQ
'HDNNRUD]PiUQHPVHJtWKHWHWW
(OV J\HUPHNN D =LWDNyUKi]EDQ V]OHWHWW  MDQXiU KXV]DGLNiQ $ UHIRUPiWXV
V]HUWDUWiVDV]HULQWDNHUHV]WVpJEHQ*L]HOODQHYHWNDSRWW
)HKpUYROWDYiURV

 R

YDOOiV

1pKiQ\ QDSMD NHPpQ\HEE OHWW D] LG LV PHJV]QW D VU KDYD]iV &VtSV V]pO KDMWRWWD D IHOKNHW
%XGiQD9iUIHOHWWHOE~MWDQDSHJ\YL]VJiOyEtUyV]LJRUiYDOILJ\HOW
+iEHWOHUpN WDNDUtWiVpUW D )LXPHL ~WRQ ODNWDN %HOH]QD\ VtUN|YHV SLQFpMpEHQ PHO\QHN KDW DEODND D
/pJV]HV] XWFD IHOp D PDFVNDN|YHV MiUGiUD Qp]HWW +D HVWpQNpQW D PiUYiQ\N|YHN N|]|WW HOI~MWiN D
J\HUW\iW EiQWRWWiN HJ\PiVW PHUW IpOWHN pV QHP OiWWiN OHKHWVpJpW HPEHUWHOHQ VRUVXN
MREEUDIRUGXOiViQDN
6WiGLQJHU-y]VLKROD]HJ\LNQHNKRODPiVLNQDNDGRWWLJD]DW.pVEEPHJD]WPRQGWDPLQGHQNLQHN
LJD]DYDQ.yOLVFKJ\YpGQHNLV,O\HQNRU3pN0iULDNLDEiOWYHOHVWHJ\DONDORPPDOKR]]iYiJRWWHJ\
IDNDODSiFVRW$]WiQ|OpEHYHWWHDVtUy*L]LNpWyUiNLJpQHNHOWHQHNL
&VHW3iSiUyOSLOODQJyUD
RQQDQPHJ\QN.RPiURPED
6WiGLQJHU-y]VLLGHJWpSHPEHUYROWeMV]DNiQNpQWEHFVDYDUWDWHVWpWHJ\SRNUyFFDOEH R OHOWHJ\
FVXNRWW V]iUQ\~ V]RPRU~ |W PpWHUQpO PDJDVDEE DQJ\DO |OpEH pV UHPHJ KDQJRQ LPiGNR]RWW
6]DEDGRQPDUDGWNDUMiYDOPLQGHQIpOHPR]GXODWRNDWFVLQiOW,MHV]WOiWYiQ\YROWD]XWFiUyOEHV]UG
Ji]OiQJ ViUJiV]|OG IpQ\pEHQ (]pUW +iEHWOHU -iQRV HJ\ DONDORPPDO XGYDULDVDQ PHJNpUWH W QH
KDGRQiVV]RQPHUWD],VWHQQHPQp]LMyV]HPPHODJ\HUHNPHJIUiV]WNDSDUXKiVNRViUEDQ
6WiGLQJHU -y]VL ]DYDUWDQ HOKDOOJDWRWW 0DMG V]DEDGNR]QL NH]GHWW D]W PRQGWD Ii]LN K~]]iN D
UXKiVNRVDUDWHJ\VtUNP|JpeVKDONDQL]JDWRWWDQLPiGNR]RWWWRYiEE
'pOHOWW Wt] yUD WiMW M|WWHN EH D GDUXWROODV NDWRQiN D NRYiFVROW YDVNDSXQ D VtUN|YHV XGYDUiUD 3pN
0iULDD]LURGDOpSFVLWV|S|UWH$UFiEyONLV]|N|WWDYpU
%HOH]QD\ 3iO VtUN|YHV NLM|WW D] LURGiEyO 0HJNpUGH]WH D ]iV]OyVW PLW yKDMW 0DMG RGDYH]HWWH
6WiGLQJHU -y]VLKR] DNL D V]DEDG pJ DODWW NDUFV~ IHNHWH REHOLV]NHQ GROJR]RWW HJpV]HQ N|]HO KDMROW
KR]]i
0HJUH]]HQW PLNRU D QHYpQ V]yOtWRWWiN /HWHWWH D YpVW NDODSiFVRW IHOiOOW D] DODFVRQ\ ]ViPRO\UyO
V]HPEHIRUGXOWD]iV]OyVVDO0LQGYpJLJtJ\YiODV]ROWDNpUGpVHNUH
$]iV]OyVHJ\I]HWEONpUGH]HWW
6WiGLQJHU -y]VL KDONDQ pUWKHWHQ EHV]pOW  R (OPRQGWD 1DJ\NHV]LQ V]OHWHWW  V]HSWHPEHU
WL]HGLNpQpGHVDQ\MD3pN=VyILD(OLVPHUWHV]ROJiOWDY|U|V|NQpOKDUFROW6DOJyWDUMiQQiO0iVKROQHP
=iV]OyV~UPRQGWDKLUWHOHQL]JDWRWWDQpVQ\DNLJHOSLUXOW=iV]OyV~UpQPDJ\DUKLWYDOOiVRV
HPEHU YDJ\RN H]W EiUNL H]W 3DWD\ WLV]WHOHWHV ~U LV PHJPRQGKDWMD eQ GROJRV HPEHU YDJ\RN
1DJ\NHV]LQ EiUPHUUH D WHPSORPEDQ D WHPHWEHQ 0LVViN PDOPRV Ki]iQ D NHUtWpVpQ D IDUDJRWW
GtV]tWpVHNPLQGD]pQPXQNiPDWGLFVpULN7HVVpNH]WFVDNQ\XJRGWDQPHJpUGHNOGQL
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

$ ]iV]OyV SDUDQFViUD PLQGHQ WLOWDNR]iV QpONO RGDQ\~MWRWWD IDJ\RV NH]pW D NDWRQiNQDN KRJ\
PHJN|W|]]pN 0tJ D WLV]W D VtUN|YHVVHO EHV]pOJHWHWW 6WiGLQJHU -y]VLW D NHUtWpVKH] iOOtWRWWiN KiWWDO D]
XGYDUQDNpVHJ\NDWRQDYLJ\i]RWWUiQHIRUJROyGMpN'HUHQGHVHQYLVHONHGHWWDILQRPSRUWYHUWHOHD
N|SHQ\pUOpVDIHMpWFVyYiOWD1HPVRNNDONpVEEHOYH]HWWpN
$NIDUDJyVHJpGGHOD]~WRQVHPYROWEDM1HPDNDUWV]|NQLKDOOJDWDJRQPHQWDNDWRQiNN|]|WWD
FLSMpW EiPXOWD &VDN D] hOOL ~WRQ D NRPRU pSOHW NDSXMiEDQ WRUSDQW PHJ +iWUDIRUGtWRWWD IHMpW
V]DSRUiQ SLVORJRWW D WpOL QDSIpQ\EHQ GH FVDN QpKiQ\ Ii]yV VLHWV  R HPEHUW OiWKDWRWW D NRSDV]
IiNDW PHJ HJ\ V]HNpU ]|UJ|WW D] ~WWHVWHQ WUiJ\iW YLWW 1HP Qp]HOGKHWHWW WRYiEE 5iV]yOW D WLV]W
PHJO|NWHDKiWiW6WiGLQJHUPHJELOOHQWDVtNRVN|Y|QHOYHV]WHWWHD]HJ\HQV~O\iWpVSRQWRVDQDNDSX
HOWWDKDViUD]XKDQW$YiUDWODQ]XKDQiVPHJYDGtWRWWD2UGtWDQLNH]GHWWJXUtWRWWDGREiOWDPDJiWD
OySLV]RNEDQDNDWRQiNFVL]PiLN|]|WW6]iQDOPDVDQYLVHONHGHWW
1HNHPPXQNiPYDQRUGtWRWWD(QJHGMHWHNHO
$ ]iV]OyV SDUDQFViUD IHOHPHOWpN D SLURVIHKpU]|OG VRURPSyW PHO\ HOKDWiUROMD D EROWtYHV
NDSXEHMiUyWD]XGYDUWyO6WiGLQJHUWEHYRQV]ROWiNHJ\IDUDNiVP|JppVDJ\RQYHUWpN
IHEUXiUKyiQW|UWpQW-XOLDQQDQDSMiQGpOLWL]HQNpWyUDNRU3pN0iULDD]hOOL~WRQiOOW
6WiGLQJHUSRNUyFiWOHWHWWHDOiEiKR]KiWiWHJ\IDW|U]VpKH]WiPDV]WRWWDKRUJDVXMM~NH]pWiWNXOFVROWD
KDViQ pV DSUy VLNRO\RNNDO ]RNRJRWW 1HP PHVV]H D 0iULD 7HUp]LDODNWDQ\iWyO D] gU|NLPiGiV
WHPSORPWRUQ\iEDQGHOHWKDUDQJR]WDNDPLNRUDNDWRQiNHONHUJHWWpN
$OLJNpWyUiYDONpVEE+iEHWOHU-iQRVYRQDWUDOWHOYLWWHNLVOiQ\iW%UJHFVUH
3pN 0iULD QHP XWD]RWW YHON .LMHOHQWHWWH  R PtJ DQ\yVD ERFViQDWRW QHP NpU  QHP OpSL iW
DQQDNDUHSOiVQDNDNV]|EpW
+iEHWOHU QHP YiODV]ROW $] LUDWDLW UHQGH]WH QpKiQ\ SDStUW HOpJHWHWW HJ\ VtUN P|J|WW 'U 0iW\iV
9LOPRV KDJ\DWpNiYDO QHP WXGWD PLW NH]GMHQ /DSR]JDWWD YDODPHGGLJ WQG|WW Qp]WH D KDOYiQ\XOy
WLQWiYDO tUW NRWWDMHJ\HNHW 0DMG YiOODW YRQW pV YLVV]DGXJWD EiUVRQ\JDOOpURV WpOLNDEiWMD ]VHEpEH DPLW
.yOLVFKJ\YpGDMiQGpNR]RWWQHNLPpJDFV~Q\DERWUiQ\HOWW
3pN 0iULD NLYHWWH *L]LNpW D UXKiVNRViUEyO 9DVWDJRQ EHEXJ\ROiOWD D NHQGW PHJW]WH HJ\
EL]WRVtWyWYHO$J\HUHNQHPYROWV]pSKRVV]~DUFDYROWDNiUD]DSMiQDNOPiEyOULDGWIHOV]HGHUMHV
IRJDWODQV]iMDUHPHJHWWRUGtWRWWDKRJ\DWGHMHEtUWD$]DVV]RQ\PHJUi]WDNiURPNRGRWW
+iEHWOHUHOYHWWHWOH
,JD]DYDQ.yOLVFKJ\YpGQHNPRQGWD7pJHGQHPOHKHWHPEHUHNN|]pHUHV]WHQL
eV HOLQGXOW WOpSWH D GHV]NiUD WHUtWHWW NHUHV]WHNHW PiUYiQ\NRUVyNDW PHJNHUOWH D] |W PpWHUQpO
PDJDVDEEFVXNRWWV]iUQ\~DQJ\DOWpVVLHWYHI|OPHQWDOpSFVN|Q
3pN 0iULD XWiQDIXWRWW 0HJiOOW D NRYiFVROWYDV NDSXQiO NLDEiOW D NRUD GpOXWiQL QDSIpQ\EHQ
WHOHV]yUWDD/pJV]HV]XWFiWWUiJiU R V]DYDNNDO$*i]PYHNViUJDNHUtWpVpQpOPHJiOOWDNDYHGOHWW
iJUyOV]DNDGW My]VHIYiURVL HPEHUHN |UOWHN D] LQJ\HQ FLUNXV]QDN EL]WDWWiN D] DSUy WHUPHW PDJiQ
NtYOKDGRQiV]yILDWDODVV]RQ\W
+iEHWOHU-iQRVV]DODGQLNH]GHWW$%HU]VHQ\LXWFiEDQPHJiOOWHJ\SRVWDOiGDPHOOHWWPHJLJD]tWRWWD
NDUMiQDJ\HUHNHWpVHOLQGXOWKRVV]~OpSWHNNHONLVVpKDMORWWWDUWiViYDODSiO\DXGYDUIHOp
3pN 0iULD PXQNiKR] OiWRWW )|OV|S|UWH D] XGYDUW NLWDNDUtWRWWD D] LURGiW PDMG D KiWVy WUDNWXVED
PHQW UHQGHW FVLQiOQL %HOH]QD\ 3iO I|OGV]LQWHV KiURPV]REiV YLOOiMiEDQ .LSRUROWD D V]Q\HJHNHW
OHW|U|OWH D E~WRURNDW I|ONHIpOWH D SDUNHWWiW I|OPRVWD O~JRV Yt]]HO D NRQ\KiW D PHOOpNKHO\LVpJHNHW
$NNRU%HOH]QD\3iOIHOHVpJHPHJPRQGWDFVHOpGN|Q\YQpONOQHPDONDOPD]]DWRYiEE
3pN0iULDNpWQDSLJD]hGYKDGVHUHJV]DOPD]ViNRNNDO]V~IROWSLQFpMpEHQODNRWW,WWWDQiFVROWiNQHNL
PHQMHQ HO D 0iUWDHJ\OHWEH V KD V]HUHQFVpMH YDQ FVHOpGN|Q\Y QpONO LV HOKHO\H]LN &VDN PRQGMD
Q\XJRGWDQ KRJ\ NDWROLNXV WHPSORPED MiU J\yQ iOGR] HJ\V]yYDO PRQGMD D]W DPLW HJ\ NDWROLNXV
V]HUYH]HWMRJJDOHOYiUWOH
J\W|UWpQW3pN0iULDHOPHQWD5HiOWDQR R R R GDXWFiEDDKRODKDWRVV]iP~EpUKi]HOV
HPHOHWpQ NpWV]REiV KHO\LVpJEHQ GROJR]WDN D QHJ\OHW WLV]WYLVHOL .LNpUGH]WpN DODSRVDQ IHOtUWiN D]
DGDWDLWPDMGiWNOGWpNDYiUDNR]yV]REiED3pN0iULDOHOWDOyFiUDDIHFVHJSDUDV]WOiQ\RNN|]ppV
EHV]pOJHWQL NH]GHWW 9DODKiQ\V]RU D WLV]WYLVHO NtVpUHWpEHQ EHOpSHWW HJ\ FVHOpGHW NHUHV DVV]RQ\
IUNpV]QLNH]GWHNHWHOKDOOJDWWDN+DHOYLWWHNHJ\HWN|]ONI|OVyKDMWRWWDNFVLYLWHOWHNWRYiEE
3pN0iULiWYpNRQ\IOWGEHWHJRUYRVYLWWHHO$JJOHJpQ\YROWPRVRO\WDODQNHYpVEHV]pGHPEHU
:HVVHOpQ\L XWFDL NpWHUNpO\HV ODNiViW WHOHDJJDWWD YDOOiVRV WiUJ\~ RODMIHVWPpQ\HNNHO $ KiOyV]REiEDQ
VDMiWDUFNpSHOyJRWWViSDGWDQiUQ\pNROWV]HPPHOQp]HWWOHDIDOUyODVHO\HPKX]DW~iJ\UD
3pN0iULDNH]HDODWWNLUDJ\RJRWWDODNiVDI]WHt]OHWHVYiODV]WpNRVYROWGpOXWiQRQNpQWDMWyWQ\LWRWW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

D EHWHJHNQHN OHVHJtWHWWH UyOXN D NDEiWRW KHOO\HO NtQiOWD NHW &VDN D UHQGHOEHQ D IHKpU tUyDV]WDOUD
iOOtWRWWNRSRQ\iUyOQHPW|U|OWHOHDSRUWHJ\YLOiJpUWVHPpUWYROQDKR]]i
$] RUYRV D PiVRGLN KpWHQ YDViUQDS PLXWiQ PHJKDOOJDWWD D EHOYiURVL WHPSORPEDQ 0R]DUW
.RURQi]iVLPLVpMpWPHJHQJHGWH3pN0iULiQDNKRJ\+iEHWOHU-iQRVDFVHOpGV]R R EiEDN|OW|]]pN
KiURP KyQDSUD $]]DO D IHOWpWHOOHO KRJ\ FVDN DOYiV LGHMpQ WDUWy]NRGKDW D ODNiVEDQ WHKiW HVWH NLOHQF
yUiWyOUHJJHOKpWLJ
+iEHWOHUPXQNiWNHUHVHWW1pKD]ViNROWPiVNRUNpWNHUHNNRFVLQ]|OGVpJHWJ\P|OFV|WK~]RWWHOD
9iViUWHOHSUO ,O\HQNRU MyNHGY YROW NHUHVHWpW PDUDGpNWDODQXO RGDDGWD 3pN 0iULiQDN
6]RPEDWRQNpQWDSRVWiUDPHQWHNSpQ]WNOGWHN%UJHFVUHMyYDOQDJ\REE|VV]HJHWPLQWDPHQQ\LEH
*L]LNHHOWDUWiVDNHUOW
(KKH] 3pN 0iULD V]LJRU~DQ UDJDV]NRGRWW 9HV]HGHOPHVHQ N|]HOHGHWW D KDUPDGLN KyQDS YpJH V N
PLQG Q\XJWDODQDEEXO DOXGWDN D NLV FVHOpGV]REiEDQ +iEHWOHU HJ\HWOHQ PHJROGiVW OiWRWW N|OW|]]HQHN
%UJHFVUHPHJK~]yGQDNDQHYHOV]ONSDGOiViQPXQNDLVDNDG*DiO0LKiO\QiOYDJ\1\iUL3iO~U
I|OGMpQGH3pN0iULDHUUOKDOODQLVHPDNDUW
-iUW D] RUYRVKR] HJ\ N|SF|V J\RPRUEHWHJ pStWpV] HWWO D] HPEHUWO YiUWD D FVRGiW (J\ GpOXWiQ
OHVHJtWHWWHDNDEiWMiWHOYHWWHWOHDEDPEXV]VpWDERWRWPHJYiUWDPtJHOKHO\H]NHGLNDNDQDSpQDNNRU
RGDOpSHWW KR]]i HOQp]pVW NpUW UiWHWWH KLGHJNpN V]HPpW D N|SF|V IpUIL V]HPYHJpUH U|YLGHQ EiWUDQ
HOPRQGWDDEDMXNDW
R

$] pStWpV] Qp]WH D NLFVLQ\ HUV PHOO DVV]RQ\NiW HOPRVRO\RGRWW D]W IHOHOWH PHJSUyEiO PLQGHQW
UHPpOLHOpJHGHWWHNOHV]QHNHJ\PiVVDO.HUHVVpNPHJWD7N|UXWFDLLURGiQ
+iEHWOHU PiVQDS HOPHQW D] LURGiUD 0HJKDMROW D] pStWpV] HOWW HOPRQGWD QpJ\ pYLJ LQDVNRGRWW
1DJ\NU|V|Q 1pP|WK ,PUH iFVPHVWHU V]ROJiODWiEDQ PHJNDSWD D VHJpGOHYHOHW DNNRU NDWRQiQDN
YLWWpNDW]pUHNKH]DKiERU~EDeVV]HUpQ\KDQJRQIHOVRUROWDNLWQWHWpVHLW
$]pStWpV]FpGXOiWtUWHONOGWHWD9DV~WXWFDLpStWNH]pVKH](]DV]HUHQFVpVQDSDXJXV]WXVKy
WL]HQKHWHGLNpQ YROW +iEHWOHU -iQRV D]RQQDO HOPHQW D 9DV~W XWFiED iWDGWD D FpGXOiW HJ\ Y|U|V DUF~
VYiEHPEHUQHNDNLFLWURPV]tQNRUGEiUVRQ\QDGUiJEDQNLDEiOWHJ\NDO\LEDHOWW$VYiEHOROYDVWDD
FpGXOiW PDMG D QDJ\NU|VL LSDUWHVWOHW VHJpGOHYHOpW EyOLQWRWW D]W PRQGWD UHQGEHQ YDQ KROQDS
UHJJHO|WyUDNRUMHOHQWNH]]pNQiOD
+iEHWOHUQHPWDOiONR]RWWPiVQDSUHJJHODVYiESDOOpUUDOQHPIRJWDPHJVRKDW|EEpD]iFVRNU|YLG
V]HNHUFpMpW
$] RUYRV ODNiViQ LGp]pV YiUWD PHO\ V]HULQW MHOHQWNH]QL N|WHOHV DXJXV]WXV Ky WL]HQQ\ROFDGLNiQ
GpOHOWWWt]yUDNRUD6]tQKi]XWFD R V]iPDODWWD+RQYpGHOPL0LQLV]WpULXP3ROLWLNDL)FVRSRUW
,9 RV]WiO\iQ $] LGp]pVW GU 0iW\iV 9LOPRV V]i]DGRV DORV]WiO\ SDUDQFVQRN tUWD DOi WLV]WiQ
ROYDVKDWyDQDV]HQWNRURQiVSHFVpWDODWW
$Ki]DVSiUpMMHOQHPDOXGW%RUWLWWDNVRNDWD]LGp]pVMiUWD]HV]NEHQYLWDWWiNYiUWiNDKROQDSL
HVHPpQ\W 3pN 0iULD YiOWLJ D]W PRQGWD KD]XGQL NHOO .yFRV KDMMDO ERU]ROW OpOHNNHO OW D] iJ\EDQ
KRUJDV XMM~ FV~Q\D NH]pYHO J\UWH D SDSODQW KDGDNR]RWW D OHYHJEHQ KLV]WpULNXV KDQJMD YLOORJy
V]HPHPHJERORQGtWRWWD+iEHWOHUWLV
+iEHWOHUDJ\DPiUN|G|VYROW%HV]pOW|VV]HYLVV]DV]pWV]yUWDDNRWWiNDWWHQ\HUpYHOW|WWHD]DV]WDOW
PDJ\DUi]WDKRJ\QHPIpOPHUWDNLYpJUHQGHOHWHWtUD]QHPVRNiUD,VWHQV]tQHHOpiOODNLSHGLJ,VWHQ
V]tQHHOpiOODQQDNQHPOHKHWURVV]V]iQGHND(WWODJRQGRODWiWyOPHJQ\XJRGRWW/HW|U|OWHYHUtWpNHV
KRPORNiWGLFVpUWHVDMiWHV]pWEHPiV]RWW3pN0iULDPHOOpDYDViJ\UDpVHOMiWV]RWWDD]DVV]RQ\QDNPLW
PRQGPDMGQHNLKROQDSGpOHOWWDUpV]HJHVV]i]DGRV%iUJ\~DUFFDOQ\DYDO\iVVtUyVKDQJRQtJ\V]yOW
 /HV] PDMG LG PLNRU D KiERU~UD QHP HPOpNH]QHN PiU D] HPEHUHN 1HP EHV]pOQHN W|EEp D
WHQJHUQ\L YpUUO D] RNWDODQ KDOiOUyO 1HP IRJMD  R J\O|OQL VHQNL PiU D QpPHWHW HEEHQ D
V]HUHQFVpWOHQRUV]iJEDQ
3pN 0iULiEyO NLEXJJ\DQW D QHYHWpV +iEHWOHU LV QHYHWQL NH]GHWW SHUFHNHQ iW QHP WXGWiN
DEEDKDJ\QL'HDN|YHWNH]QDSPLQGHQPiVNpQWW|UWpQWPLQWD]WNYDODKDLViOPRGKDWWiN
$ 6]tQKi] XWFD D] , NHUOHWEHQ D 9iUEDQ YROW $ U|YLG PHUHGHN XWFD N|]HSpQ iOOW D KHWHV V]iP~
Ki] )ULVV YDNROiV~ KiURPHPHOHWHV pSOHW DEODNDLQ V]UNH RODMMDO IHVWHWW YDVUiFV +iEHWOHU -iQRV
W|OJ\IDNDSXQOpSHWWEHIHKpUFV|QGHVIRO\RVyUD$NpWLUiQ\~OpSFVKi]HOWWILDWDOWLV]WNpUWHWOHD]
LGp]pVWLJD]ROYiQ\DLWPHJNpUGH]WHYDQHQiODIHJ\YHU$WDJDGyYiODV]XWiQERNiLJPHJWDSRJDWWD
.DWRQD NtVpUWH D PiVRGLN HPHOHWUH 6]yWODQXO PHQWHN D OpSFVN|Q D KRVV]~ IRO\RVyQ HJ\IRUPD
DMWyNHOWWPtJDNDWRQDPHJiOOWLQWHWWpV+iEHWOHU-iQRVEHOpSHWWHJ\V]REiED,WWNpWNDWRQDWLV]WOW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

YLWp] 7DVQiG\ ,PUH V]i]DGRV PHJ %RUEiV $QWDO HYDQJpOLNXV OHONpV] DOHVSHUHV UQDJ\ DNL
HJ\HQUXKiMiQ EDUQD SDUROLW UDMWD NLFVLQ\ IHKpU FVRQWNHUHV]WHW YLVHOW 1pKiQ\ SHUFFHO NpVEE
EHHQJHGWpNHJ\SiUQi]RWWDMWyQGU0iW\iV9LOPRVDORV]WiO\SDUDQFVQRNtUyDV]WDODHOp
R

'U 0iW\iV 9LOPRV My]DQ YROW ViSDGW %DUQD V]HPH NRPRO\ HOHYHQ pV WDUWy]NRGy $ ULGHJ UiFVRV
DEODN~SiQFpOV]HNUpQ\HVKLYDWDOLV]REiEDQH]DKDUPLQF|WpYHVNDWRQDWLV]WPR]GXODWODQWHVWWDUWiVD
V]iPRV NLWQWHWpVH KY|V WHNLQWHWH HOOHQpUH  Q\XJWDODQQDN OiWV]RWW 6RYiQ\ iSROW NH]H KDOYiQ\DQ
UHPHJHWWXMMiQV]tQHNHWFVHUpOWDSODWLQiEDIRJODOWGUiJDN
0HJLOOHWG|WWPRVROO\DON|V]|QWHPHJDNRWWiNDW)|OpKDMROWWHQ\HUpEHYHWWHKRPORNiWHOPHUOWHQ
ODSR]JDWWD D ViUJXOy SDStUW NLJ\~OW V]HPPHO Qp]WH E|QJpV]WH D WLQWiYDO tUW MHJ\HNHW DUFiQ OiWQL
OHKHWHWW~MUDV]yOOHONpEHQDPX]VLND
$]WiQILyNED]iUWDDFVRPDJRWpVL]JDWRWWDQUHQGV]HUQpONOW]]HODV]HPpEHQEHV]pOQLNH]GHWW$
OHONHV V]DYDNEyO WHUYHN iOPRN FVLOODQWDN IHO 3iO DSRVWRO OHYHOHLEO LGp]HWW SRQWRV PRQGDWRNDW
LVWHQKDQJ~ V]LPIyQLiW DNDUW DONRWQL PHJ D 6]HQWKiURPViJ KLPQXV]iW PHJ SRJiQ\ PDJ\DU ]HQpW
VWGREEDOWiURJDWyYDOPHJQDJ\]HQHNDULPYHWPDMGYiUDWODQXONLMHOHQWHWWHSRNROLPHOHJHYDQ
,QJHUOWPR]GXODWRNNDOOHYHWWHD]XEERQ\iWLQJpWWHVWHYDOyEDQIpQ\HVYROWDYHUtWpNWO%HPHQWD
PRVGyIONpEHKDOODWV]RWWDKRJ\SUV]N|OIU|FVN|OLPDJiUDDYL]HW
R

0RVRO\RJYDM|WWYLVV]DQ\DNiWPHOOpWW|U|OJHWWHIHNHWHFLJiQ\RVKDMiUyOFV|S|J|WWDYt]$PLNRUD]
DEODNKR] OpSHWW HONRPRO\RGRWW ,QWHWW +iEHWOHU -iQRVQDN pV +iEHWOHU -iQRV HQJHGHOPHVHQ
NtYiQFVLDQRGDPHQW
$ NHUDPLWNRFNiV XGYDURQ ]|OGSRV]WyV DV]WDOQiO NDWRQDWLV]WHN OWHN KDGEtUy V]i]DGRV ROYDVWD
KDQJRVDQD]tWpOHWHW$NDV]WiVNpV]OW$KDOiOUDtWpOWKXV]RQ|WpYN|UOLDODFVRQ\Q|YpVHPEHU
KDOOJDWWD D SDUDJUDIXVRNDW D ERQ\ROXOW LQGRNROiVW ]ViYRO\QDGUiJMiQ OiWV]RWW UHPHJ D WpUGH
0HJYDNDUWDRUUiWKiWUDQp]HWWPHJOiWWDD]WILJ\HONRPRUFLYLOUXKiVIpUILWpVPHOOHWWHD]UQDJ\RW
DNLPiUNLQ\LWRWWDD%LEOLiW
$UFiED V]DODGW D YpU 6]HPH NLGOOHGW D KDGEtUy V]i]DGRV IHOp N|S|WW RFVPiQ\ V]DYDN W|PHJpW
YiJWD KR]]i $ V]i]DGRV HOViSDGW KiWUiEE OpSHWW KDGDUYD ROYDVRWW D KDOiOUDtWpOW PHJ QHYHWHWW H]W
NLiOWRWWD%~FV~]iVXOPpJOHK~J\R]ODNEHQQHWHNHWXUDNeVDQDGUiJMiKR]NDSRWWOi]DVDQJRPEROQL
NH]GWH (NNRU LQWHWW HJ\ WLV]W pV QpKiQ\ SLOODQDWWDO NpVEE D IiQ IHV]OW D] DODFVRQ\ HPEHU DUFiQ
IHNHWHNHQGYROWFVXSiQNHWWpKDVtWRWWLQJpEHQKXOOiP]RWWDPHOOHpViJ\pNiUDFVQJPHJN|W|]|WW
NH]HUiQGXOWJ|UFV|VHQHOpJVRNiLJ
R

'U 0iW\iV 9LOPRV PDJiUD |OW|WWH LQJpW ]XEERQ\iW OHOW D] tUyDV]WDOiKR] ,UDWFVRPyNNDO EDEUiOW
PHJNpUGH]WH+iEHWOHU-iQRVWyOKRJ\DQYLVHONHGQHRGDOHQW
+iEHWOHU U|YLG FV|QG XWiQ D]W IHOHOWH KRJ\ HJ\V]HU D] RODV] IURQWRQ HOOHQVpJHV SLOyWiUyO OH DNDUWD
JRPEROQLDEUPHOOpQ\WPDMGQHPRWWKDJ\WDDIRJiW(J\pEEQHQLQFVKDUFROWNLWQWHWWpNVRKDVHP
FVHOHNHGHWW D W|UYpQ\HN HOOHQ $PLNRU V]DEDGViJiUyO YLVV]DWpUW W WHOMHVHQ PDJiUD KDJ\WiN HOWQW D
V]i]DGHUUHWDOiQHPOpNV]LNPpJDV]i]DGRV~U
'U0iW\iV9LOPRVV]yUDNR]RWWDQEyOLQWRWW
 $] DNDV]WiV QHP WUpID  PRQGRWWD  )LJ\HOHP NHW D] XWROVy SHUFEHQ PLQGHQNL PiVNpQW
YLVHONHGLN $ KDOOJDWDJRN pSSHQ ~J\ NO|QE|]QHN HJ\PiVWyO PLQW D GK|QJN 'H PpJ KD YDODNL
RO\DQ t]OpVWHOHQO YLVHONHGLN LV PLQW H] D ILDWDOHPEHU pQ QHP pU]HN PHJYHWpVW LUiQWD 1HPUpJ
IHODNDV]WRWWDNHJ\]VLGyWD]DUDEELMiUDKDUDJXGRWW6]DSXOWDQHNLWiPDGWI|OO|NWHDV]DNiOODVKpEHUW
QRKDN|]WXGRPiV~GRORJKRJ\DSDSDKLYDWiViWYpJ]L0LQGHQNLQHYHWHWWD]tWpOHWYpJUHKDMWyLV&VDN
pQQHPeQpUWHWWHPDOHONLiOODSRWiW
1pKiQ\SLOODQDWLJKDOOJDWRWW
R

0DJDFV|QGHVHQVLUiQNR]QDpVPHJDGyDQOHKRUJDV]WRWWIYHOPHQQHDELWyDOieQQHP$EtUiN
OiED HOp GREQiP PDJDPDW N|Q\|U|JQpN D] pOHWHPpUW YRQV]ROQiQDN D] DNDV]WyIiLJ PLQW D GLV]QyW
6RNV]RU YpJLJJRQGROWDP pQ H]W pV QHP WDOiORN EHQQH VHPPL V]pJ\HOOQLYDOyW 0RVW PiU QHP W|U|P
UDMWDDIHMHPpMV]DNiQNpQWULWNiEEDQiOPRGRPLO\HQHNUO$]RUYRVRPPHJD]pGHVDQ\iPD]WPRQGMD
NHPpQ\DNDUDWRPYDQIpUILDVGROJRWFVHOHNV]HPH]LJD]LV1HKp]EHRV]WiVRPHOOHQpUHQ\ROFKyQDSMD
QHPLWWDP
.pVEE+iEHWOHUpOHWpUOEHV]pOJHWWHN
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

'U0iW\iV9LOPRVD]iFVV]DNPiWEL]RQ\WDODQHJ]LV]WHQFLiQDNPRQGRWWD0HJOHSWiMpNR]RWWViJJDO
J\DNRUODWLUpV]HNLVPHUHWpYHOPDJ\DUi]WDD]pStWNiFVRNQHKp]KHO\]HWpWDJ\|QJHEpUHNHWDKRVV]~
WpOL SDQJiVW $]W WDQiFVROWD +iEHWOHU -iQRVQDN MHOHQWNH]]pN UHQGUQHN %iU LSDURVW QHP QDJ\
|U|PPHOOiWQDNDWHVWOHWQpOHOLQWp]LD]iOORPiQ\EDYpWHOWKLV]HQUHQGHVPHJEt]KDWyHPEHUUOYDQ
V]yDNLKH]SROLWLNDLJ\DQ~iUQ\pNDVHPIpUNLEtUPLQGHQLQIRUPiFLyW
0HQMHQUHQGUQHNPRQGWD5HQGHVIL]HWpVWODNiVWNDSJRQGWDODQXOpOKHWDFVDOiGMiYDO
+iEHWOHUViSDGWDQKDONDQN|V]|QWHDVH R JtWVpJHW$]WPRQGWDiOPiEDQVHPOiWRWWPpJLO\HQW
DPLPRVWDYDOyViJEDQW|UWpQLNYHOH,JD]DUHQGUQpOEROGRJDEEHPEHUQHPpODI|OG|QKDHVLNKD
I~M I|GpO DODWW D FVDOiGMD PLQGLJ YDQ NHQ\pU D] DV]WDOiQ eV  My UHQGU OHQQH LVPHUL D
YH]pQ\V]DYDNDW pUW D IHJ\HOHPKH] IHJ\YHUKH] FVXSiQ HJ\ EDM YDQ tUQL ROYDVQL QHP WXG PiUSHGLJ
IpOKDH]NLWXGyGLNNHOOHPHWOHQOHV]DV]i]DGRV~UQDN'U0iW\iV9LOPRVNLMHOHQWHWWH$UHQGU|NHW
QHPD7XGRPiQ\RV$NDGpPLiQYiORJDWMiN
0DJDNpUHPPLO\HQYDOOiV~"NpUGH]WH
$QHYHOV]OHLPNDWROLNXVRNGHHQJHPHYDQJpOLNXVQDNNHUHV]WHOWHNDOHOHQFKi]EDQ$IHOHVpJHP
pVDNLVOiQ\RPSHGLJUHIRUPiWXV
$V]i]DGRVEyOLQWRWW
 +ROQDS EHV]pOHN D] LOOHWpNHVHNNHO  PRQGRWWD  1H IpOMHQ HOLQWp]HN PLQGHQW PHQMHQ KD]D
pUWHVtWHPD]HUHGPpQ\UO
eVHOERFViWRWWD
$PLNRU+iEHWOHUNLOpSHWWDW|OJ\IDNDSXQ3pN0iULDIHOHPHOWNDUUDOLQWHWWRWWiOOWDW]QDSRQD
VLNOyYpJiOORPiVDHOWWD6]tQKi]XWFDVDUNiQ0HJIRJWiNHJ\PiVNH]pWpVOHPHQWHNDIRUUyOpSFVN|Q
DYiURVED
R

2WWKRQDFVHOpGV]REiEDQQDJ\RQ|VV]HYHV]WHN3pN0iULDNLDEiOQLNH]GHWWNLMHOHQWHWWHPLWFVLQiOD
UHQGUVpJUHDV]i]DGRV~UUDD]WPRQGWDYDODPLUHYDOyHPEHUGROJR]LNQHPDVOWJDODPERWOHVL
+iEHWOHU EHFVXNWD D] DEODNRW N|Q\|UJ|WW EHV]pOMHQ FV|QGHVHQ I|O|VOHJHV D OiUPD PRVW  KRYD
PHUUHPHQMHQGROJR]QLPHJPRQGWiNQHIpOMHQHOLQWp]QHNPLQGHQWpUWHVtWLND]HUHGPpQ\UO
3pN0iULDIHKpUOHWWgNOpYHOEHOHFVDSRWW+iEHWOHUDUFiED
1HNHPQHLQWp]]HQHNVHPPLWRUGtWRWWD6HPPLW7HiOODW(OLQWp]QHNKRJ\DUUyONROGXOXQN
+iEHWOHUPHJIRJWDD]DVV]RQ\KRUJDVXMM~FV~Q\DNH]pWOHV]RUtWRWWDDFRPEMiKR].HUHNUHQ\LWRWW
V]HPPHOEiPXOWiNHJ\PiVWFVDN3pN0iULDOLKHJHWWNDSNRGWDDOHYHJWPLQWDIXOGRNOy
(VWHYDFVRUDXWiQD]RUYRVD]WPRQGWDQHPV]DEDGQ\XJWDODQNRGQLDELEOLDLKpWEHV]WHQGM|Q
+iEHWOHUQHPHQMHQVHKRYiOHJ\HQWUHOHPPHOiOOiVWODNiVWNDSH]EL]WRVLO\HQPDJDVUDQJ~HPEHU
PLQGHQN|UOPpQ\HNN|]|WWiOOMDDV]DYiWH]pUWVDMiWV]HPpO\pEHQIHOHOVVpJHWYiOODO
eVD]RUYRVQHPWpYHGHWW
R

 DXJXV]WXV Ky KXV]RQQHJ\HGLNHQ +iEHWOHU -iQRVW EHKtYWiN D 3URWHVWiQV 7iERUL /HONpV]L
+LYDWDO+RQYpG.|UOHWSDUDQFVQRNViJUDDKROU|YLGNLKDOOJDWiVXWiQ%RUEiV$QWDOHYDQJpOLNXVOHONpV]
DOHVSHUHVUQDJ\PLQWSROJiULVHNUHVW\pVWiOORPiQ\EDKHO\H]WH
.pW QDSSDO NpVEE ODNiVW NDSWDN $PLNRU 3pN 0iULD NH]pEH YHWWH D KLYDWDORV NLXWDOiVW NLEXNRWW
V]HPpQDN|QQ\
$ /HQNH ~WL EDUDNNODNyWHOHSUH N|OW|]WHN $] RUYRV HJ\ YDViJ\DW DGRWW E~FV~]yXO +iEHWOHU YLWWH D
KiWiQ 3pN 0iULD FLSHOWH D UXKiVNRVDUDW pV 6WiGLQJHU -y]VL HOiUYXOW SRNUyFiW $ ,;LN
pSOHWFVRSRUWEDQ D  V]iP~ DMWy YROW D] |YpN .|]YHWOHQ V]RPV]pGMXNWyO .YHFVHV (QGUH HUGpO\L
FLSpV]WO pV V]pS IHNHWH IHOHVpJpWO HJ\ SiUQiKR] YDOy WROODW NDSWDN DMiQGpNED (OV pMV]DND DOYiV
HOWW3pN0iULDPHJV]iPROWDDV]REDQpJ\VDUNiWpVVRNiLJLPiGNR]RWW
$EDUDNNNtYOUOQHPYROWEL]WDWy'H3pN0iULDEHOONLPHV]HOWHDIDODNDWHUVO~JJDOI|OPRVWDD
SDGOyW]ViNEyOV]Q\HJHWWHUtWHWWYLUiJRWKR]RWW7LV]WDViJpVYLUiJLOODWYROWPLQGLJD]RWWKRQXNEDQ
$YDJ\RQXNJ\DUDSRGRWW$N|YHWNH]pYWDYDV]iQPiUFVLNyW]KHO\YROWDNRQ\KiEDQDV]REiEDQ
DV]WDONpWV]pNpEUHV]WyUDD R IDORQWN|UpVUp]SiOFiUDK~]RWWKDEIHKpUIJJ|Q\D]DEODNRQ
+iEHWOHU pMMHO HJ\ yUDNRU NHOW HOLQGXOW D 9iPKi] WpUL 1DJ\YiViUWHOHSUH ,GH pUNH]WHN KDMQDOEDQ D
KDMyNV]H]RQV]HULQWYiOWR]y]|OGVpJJ\P|OFVUDNRPiQQ\DO$KDMyNUyOVWDELORNFLSHOWpNDNRVDUDNED
FVRPDJROW iUXW D 'XQDSDUWUD RQQDQ D] iUXVtWyKHO\UH $ NHUHVNHGN EL]RPiQ\ED YHWWpN iW D] iUXW
DPLNRUPLQGHQWHODGWDNHOV]iPROWDND]VWHUPHOYHO
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

,WWGROJR]RWW+iEHWOHU-iQRVVWDELOHPEHUYROW+XQ\RUJy-y]VHIQHKp]V~O\~ELUNy]yYiViUFVDUQRNL
QDJ\NHUHVNHGQpO
.pW yUDNRU NH]GG|WW D SLDF ,O\HQNRU +iEHWOHU IHOPHQW D KDMyUD WDUNyMiUD LJD]tWRWWD D NDPSy]RWW
YDVDW QHPHJ\V]HU KDW NRVDUDW LV UiDNDV]WRWW +D SHGLJ +XQ\RUJy -y]VHI KiWiUD HPHOWH D
NLOHQFYHQNLOyVNUXPSOLV]ViNRWHOYLWWHHUON|GpVQpONO
$3URWHVWiQV7iERUL/HONpV]L+LYDWDOEDQNLSLKHQWHPDJiW
$OHONpV]LKLYDWDOD9HUHV3iOQpXWFDV]iP~Ki]I|OGV]LQWMpQNpWHJ\PiVEDQ\tOyV]REDYROWHOpJ
V]NHQIpUWHNEHQQH,WWV]ROJiOWD,VWHQWpV+D]iW7DXELQJHU5H]VHYDQJIHVSHUHVH]UHGHV%RUEiV
$QWDOHYDQJDOHVSHUHVUQDJ\6]DEy*iERUHYDQJIOHONpV]V]i R ]DGRV7XED(QGUHUHIDOHVSHUHV
UQDJ\.RUHQ3iOUHIIOHONpV]V]i]DGRVpV+iEHWOHU-iQRVHYDQJSROJiULDOWLV]WVHNUHVW\pV
(J\HV]WHQGDODWWPHJWDQXOWDIHODGDWiWPHO\KH]WUHOHPUHWDSLQWDWUDVWPHJIHOHO]HQHLKDOOiVUD
YROWV]NVpJ
$ PXQND PLQGHQ UHJJHO HJ\IRUPiQ NH]GG|WW (]UHGSDUDQFVEDQ PHJMHOHQW H]HQ D QDSRQ KiQ\
yUDNRU PHO\LN NyUKi]EDQ IRJKi]EDQ YDJ\ ODNWDQ\iEDQ OHV] LVWHQWLV]WHOHW +iEHWOHU JRQGRVDQ
EHFVRPDJROWD D IHNHWH UXKiW H]VW VHUOHJHW ]VROWiURVN|Q\YHW V]DSSDQW W|UON|]W NH]pEH YHWWH D
IDOiGiW pV HOPHQW D VRURV OHONpVV]HO $PLNRU D SDS HOYpJH]WH D] LPiW LJHKLUGHWpVW  N|YHWNH]HWW
6]HUpQ\HQHOUHOpSHWW|VV]HNXOFVROWDNH]pWWLV]WDEDULWRQKDQJRQpQHNHOQLNH]GWH0LQWDV]pSKtYHV
SDWDNUD$V]DUYDVNtYiQNR]LN/HONHP~J\yKDMW8UDPUDeV+R]]iIRKiV]NRGLN2NWyEHU
pQ D UHIRUPiFLy QQHSpQ D]W pQHNHOWH (UV YiU D PL ,VWHQQN -y IHJ\YHUQN pV SDM]VXQN pY
HVWpMpQSHGLJ7HEHQQHGEt]WXQNHOHLWOIRJYD,O\HQNRUDNDWRQDLIRJKi]EDQKDQJRVDQ]RNRJWDND
KLYN $ J\OHNH]HW PLQGLJ YHOH pQHNHOW pV PLQGHQNRU D +LPQXVV]DO IHMH]WpN EH -HOHV QQHSHNHQ
UYDFVRUDRV]WiV YROW +iEHWOHU YiViUROWD D IHKpUNHQ\HUHW RVW\iW  R ERUW $ IHKpUNHQ\HUHW  YiJWD
DSUyUD KD PDUDGW ERU KD]DYLWWH D] DVV]RQ\QDN (]HQNtYO PpJ HOIRUGXOW HVNY NHUHV]WHO
WHPHWpVVLUDORPKi]pVNLYpJ]pV
$ NHUHV]WHOW LJHQ V]HUHWWH PHUW ODNiVRQ W|UWpQW $ SDS H]VW NHUHV]WHONDQQiEyO YpJH]WH D
V]HUWDUWiVW pV  J\DNUDQ NDSRWW ERUUDYDOyW D WLV]WHNWO 6DMQRV HVNYW QHP WDUWRWWDN Ki]QiO $
Ki]DVXOyWLV]WHNPHQ\DVV]RQ\XNDWD5iNyF]L~WL/XWKHUWHPSORPEDD'HiNWpULEHYDJ\D]$ERQ\L~WL
SURWHVWiQV LPDKi]ED YH]HWWpN 5DYDWDOR]iV PLQGLJ D *\iOL ~WL NDWRQDL NyUKi]EDQ YROW $
N|]OHJpQ\HNNHOKDPDUYpJH]WHNFVDNDNRSRUVyYLYNDWRQiNDWUHQGHOWpNNL$WLV]WHNNHOPiUW|EEEDM
YROW)~YyV]HQHNDUNtVpUWHNHWDNyUKi]LJEHV]pOWDSDSDNNRUHONtVpUWpNDNDWRQDLWHPHWEHPHJLQW
V]yOWD]HQHpVDSDSPHJLQWEHV]pOW
$QDJ\KDORWWDNDWJ\O|OWH$QDJ\KDORWWDNGtV]WHPHWpVWNDSWDNNHWD.HUHSHVLWHPHWEHQYDJ\D
9iFL XWFDL 7LV]WL .DV]LQy KDOOMiEDQ UDYDWDOR]WiN .|YHV +HUPDQQ WiERUV]HUQDJ\RW D WL]HQQpJ\HV
YLOiJKiERU~ KVpW D .HUHSHVLEHQ E~FV~]WDWWiN .pW pV IpO yUiW WDUWRWW D FHUHPyQLD %RUEiV $QWDO
DOHVSHUHVUQDJ\QDSRNLJiWNR]WDDV]HUHQFVpMpW
R

1DJ\ 3iO YH]pUH]UHGHV KDGVHUHJISDUDQFVQRNRW D 7LV]WL .DV]LQyEyO WHPHWWpN $ V]HUWDUWiVRQ


PHJMHOHQW +RUWK\ 0LNOyV pV H]W +iEHWOHU VRNiLJ HPOHJHWWH $ V]REiEDQ KVpJ YROW KDWDOPDV
NDQGHOiEHUHN ORERJWDN 7DXELQJHU 5H]V IHVSHUHV H]UHGHV HUWOHQO EHV]pOW D IXUDN ]VHENHQGYHO
LWDWy]WiN D KRPORNXNDW +iEHWOHU HJ\ OiQJROy NDQGHOiEHU PHOOHWW iOOW $UFiQ KRPORNiQ |PO|WW D
YHUtWpNi]WDWWDEDMXV]iWpJHWWHV]HPpWGHQHPPHUWD]VHEpKH]Q\~OQLIpOUHpUWKHWPR]GXODWRWWHQQL
D VRN GHWHNWtY HOWW .H]HIHMpYHO PHJW|U|OQL KRPORNiW KiURP OpSpVQ\LUH D .RUPiQ\]yWyO LJHQ
U|VWHOOWHYROQD
0iVIpO yUiYDO NpVEE EROGRJDQ WiQWRUJRWW D] XWFiQ $ 5iNyF]L ~WRQ YRQXOWDN YpJLJ GtV]UXKiV
UHQGU|N YH]HWWpN D PHQHWHW NDWRQDL GtV]V]i]DG NtVpUWH D] iJ\~WDOSDV NRSRUVyW KDWDOPDV
I~YyV]HQHNDU ODVV~ J\iV]LQGXOyW MiWV]RWW )ULFVD\ 5LFKiUG YH]pQ\OHWpYHO $ .HUHSHVL WHPHWEHQ
GtV]VRUW]G|UJ|WWNHOOHPHVV]pOI~MW
+iEHWOHUMyOpUH]WHPDJiWDFVRQWMiWURSRJWDWWD$]WiQOHVHJtWHWWH7DXELQJHU5H]VUODIHNHWHUXKiW
pVHOYLWWHJ\DORJD9HUHV3iOQpXWFiED
2O\DQQDSRNRQDPLNRUD]H]UHGSDUDQFVQHPDGRWWPXQNiWDOHONpV]HNDN|]HOL&XULD R XWFiEDQ
D .LV 5DEOyYHQGpJOEHQ IHKpU DEURV]QiO HWWpN D SDSULNiVW SLKHQWHN V|U|]WHN +iEHWOHU yUiQNpQW
HOOHQUL]WHNHWVKDYDODPHO\LNQpOPDJDVYROWDOpJN|UNRQIOLVWKR]RWWpVKD]DV]iOOtWRWWD
6]DEy *iERU IOHONpV] V]i]DGRV NHOOHPHV HPEHU YROW QHYHWJpOW pQHNHOW NDUMiED |OHOWH +iEHWOHU
-iQRVW7DXELQJHU5H]VIHVSHUHVH]UHGHVHQJHGHWOHQNHGHWWFLYDNRGRWWDSRNROEDNOGWHWVWHJ\
DONDORPPDO FV~Q\iQ PHJNDUPROWD D NRFVLEDQ D] RUUiW 0pJ RWWKRQ LV GXODNRGRWW DOLJ WXGWiN D
PpOWyViJRV DVV]RQQ\DO OHIHNWHWQL $ NHGYHV LGV ~ULDVV]RQ\ LJHQ V]pJ\HOOWH PDJiW HQJHV]WHOpVNpQW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

V]REDE~WRUWDMiQGpNR]RWWDSDGOiVUyO+iEHWOHU-iQRVQDN
9LJ\HHONHGYHVPRQGWDV]HOtGHQ,QNiEEPDJiQDNDGRPPLQWSiUILOOpUpUWDKDQGOpQDN
0iVQDS DPLNRU OHSDNROWiN D NpW V]HNUpQ\W NpW iJ\DW NpW pMMHOLV]HNUpQ\W pV D] DV]WDOW D NRFVLUyO
PLQGHQNLNHWEiPXOWDDEDUDNNHOWW
3pN 0iULD QpKiQ\ KHWH D 3DQQyQLD ([SRUW,PSRUW 5 7QpO D 6]tQKi] XWFD  V]iP~ Ki]
DODJVRUiEDQ GROJR]RWW 9LVHONHGpVpYHO DODSRVDQ Q\XJWDODQtWRWWD +iEHWOHUW $ YiOODODW  WDYDV]iQ
DODNXOW KRJ\ D KDGVH  R UHJ WHOMHV OyiOORPiQ\iQDN D V]pQiW V]DOPiW ]DERW HQ JURV EHV]HUH]]H
HOOiWiViWEL]WRVtWVD9H]pULJD]JDWyMD%DOLNRYLFV0yULF]H]UHGHVYROW*\|Q\|UHQIHOV]HUHOWKLQWyYDO
NHUpNUiIMiQJXPLDORYDNSDWiMiQJXPLSDWNyKDQJWDODQXON|]OHNHGHWWDPDFVNDN|YHVXWFiNRQpVH]
ULWNDViJQDNV]iPtWRWWDIYiURVEDQ3pN0iULD]DERV]ViNRWMDYtWRWWGDUDERQNpQWQpJ\ILOOpUpUWpV
QDJ\RQ VRN SRUW Q\HOW .|]YHWOHQ IQ|NH EXWiFVND ]iV]OyV YROW 3pN 0iULD PLQGHQ V]RPEDWRQ D]
HOV]iPROiVQiOKXV]RQ|WKDUPLQF]ViNNDOV]HPUHEEHQpVQpONOEHFVDSWD
+iEHWOHUIpOW.|Q\|U|JYHNpUWHQHFVLQiOMDE|UW|QWHPOHJHWHWWNRPRUV]tQHNNHOHFVHWHOWHDEXNiVW
'H 3pN 0iULD QHP KDOOJDWRWW Ui V]LJ PDUDNRGWDN +iEHWOHU QHP EtUWD WRYiEE 1RYHPEHU N|]HSpQ
HOPHQWD3DQQyQLD([SRUW,PSRUW57$UDQ\-iQRVXWFDV]iP~LURGiMiED$9DGiV]XWFiUyOYROWD
EHMiUDW+iEHWOHUI|OPHQWDV]Q\HJJHOERUtWRWWOpSFVN|QpVQDJ\WLV]WHOHWWHOPHJNpUWHYLWp]7DVQiG\
,PUHV]i]DGRVFpJYH]HWWGREMDNLDIHOHVpJpWPHUWiOGRWWiOODSRWEDQYDQVKLiEDEHV]pOQHNLKRJ\
D SRURV PXQND LJHQ NiURV D] HJpV]VpJpUH 9LWp] 7DVQiG\ ,PUH NLIL]HWWH D NpW KpW I|OPRQGiVW pV
PiVQDSUHJJHONLGREWiN3pN0iULiWDPXQNiEyO
R

 MDQXiU QHJ\HGLNpQ V]OHWHWW LIMDEE +iEHWOHU -iQRV 3pN 0iULD N|QQ\HQ V]OW 'pOXWiQ |W
yUDNRUHONOGWHIpUMpWDEiEDDVV]RQ\pUWKDWyUDNRUPiURUGtWRWWDJ\HUHNDSHWUyOHXPOiPSDIpQ\pEHQ
8MMiQFpUQDV]iOYROW.YHFVHVQpD]WPRQGWDV]DEyOHV]+pWQDSSDONpVEENHUHV]WHOWpND'HiNWpUL
HYDQJpOLNXV WHPSORPEDQ (VWH YHQGpJHNHW KtYWDN 3pN 0iULD KDODW UiQWRWW W~UyV FVXV]iW NpV]tWHWW
GHPL]VRQEyO LWWiN D EUJHFVL ERUW +iEHWOHU EHFVtSHWW OHWpUGHOW 3pN 0iULD HOp PHJFVyNROWD KRUJDV
XMM~ FV~Q\D NH]pW 3pN 0iULD HOSLUXOW  9pQ ERORQG  PRQGWD PHJVLPRJDWWD D IHMpW pV ]DYDUWDQ
QHYHWHWW.DODX],VWYiQNHUHV]WDSDN|V]|QWWPRQGRWWpQHNHOWHNKDMQDOLJLWWiNDERUWLIMDEE+iEHWOHU
-iQRVHJpV]VpJpUH
0iUFLXVEDQLGVHEE+iEHWOHU-iQRVHOKR]WD*L]LNpW%UJHFVUO$NLVOiQ\QDNyWYDURVYROWDIHMH3pN
0iULDGK|QJ|WWNiURPNRGRWWV]LGWDDQ\yViWDUHSOiVWQDSRNLJQHPWXGWiNFVLOODStWDQL-~QLXVEDQ
|WV]i]J\HUHNHW+ROODQGLiEDYLWWHNNpWKyQDSRVKL]ODOiVLDNFLyUD3pN0iULDD]WPRQGWDD]J\HUHNpW
QH HWHVVH LGHJHQ PtJ  D NDUMiW EtUMD *\DNRUOyUXKiW IHKpUQHPW PRVRWW D WLV]WHNQHN HJ\ NDWRQD
KRUGWDDFVRPDJRNDWD&LWDGHOOiEyO6]RPEDWRQD6tSXWFiEDQGU0iW\iV  R 9LOPRVpGHVDQ\MiQiO
WDNDUtWRWW$V]i]DGRVPiUQHPYROW3HVWHQDNV]HJLNDGpWLVNROiEDKHO\H]WpNWDQiUQDN
'pOXWiQ+iEHWOHUNDUMiUDYHWWH*L]LNpW3pN0iULDWROWDDNRFVLWHOPHQWHND'LyV]HJL~WUD$5LQJHU
V]DQDWyULXP HOWW OHOWHN D IUH EiPXOWiN D IiN N|]|WW MiUNiOy FVRGiODWRV EHWHJHNHW /HJMREEDQ D
NLERQWRWW KDM~ |UHJDVV]RQ\W V]HUHWWpN 7iQFOpSpVHNNHO MiUNiOW FVRQWEU NDUMiW V]iUQ\NpQW PR]JDWWD
D]W pQHNHOWH V]pS LV YDJ\RN My LV YDJ\RN FVDN HJ\ NLFVLW FVDOID YDJ\RN pV NH]GWH ~MUD HO|OUO
$PLNRU +iEHWOHU HOXQWD PDJiW iWVpWiOWDN D V]RPV]pGRV /LQXP 7DXV]LJ 6iPXHO pV )LDL
IXWEDOOSiO\iKR] (J\ DONDORPPDO V]HUHQFVpMN YROW D ,,, NHUOHWL )& EDUiWViJRV PpUN]pVW MiWV]RWW
HNNRU OiWKDWWiN D KtUHV =ViNRW D NDSXEDQ (VWpQNpQW D] DMWy HOp OWHN HOWWN V]DODGW D NRFVL~W
Qp]HJHWWpN D PXQNiEyO pUNH] HPEHUHNHW D VRNV]RNQ\iV FRSIRV EXGD|UVL VYiE OiQ\RNDW DNLN D
.DUROLQD ~WRQ D /LQXPV]|YJ\iUEDQ GROJR]WDN $]WiQ KD]DM|WW D NpW V]RPV]pG .DODX] ,VWYiQ pV
.YHFVHV (QGUH +iEHWOHU NLKR]WD D NiUW\iW VQDSV]OL]WDN D] DVV]RQ\RN EHV]pOJHWWHN NLDEiOWDN D
J\HUHNHNNHO$PLNRUDJ\iUDNNO|QIpOHKDQJRQWt]yUiWMHOH]WHNPLQGHQNLiJ\EDQYROW
R

V]HQPHJDODNtWRWWiND%XGDSHVWL.HOHQI|OGL'DOiUGiWD9LOOiQ\L~WpVEHO-HQ~WVDUNiQD
&KULVWYHQGpJOEHQ ,WW WDUWRWWiN D SUyEiNDW KHWHQNpQW NpWV]HU $] HOQ|N &KULVW .iURO\ YROW DOHOQ|N
7UDILQD %pOD WLWNiU .YHFVHV (QGUH SpQ]WiURV .DODX] ,VWYiQ pV %XJ\L *\XOD V]HUWiURV +iEHWOHU
-iQRV NDUYH]HW .DSL *\XOD pQHNWDQiU WHPSORPL RUJRQLVWD 7DYDV]UD KtUN YROW &KULVW DOLJ J\]WH
tUQLDPHJUHQGHOpVHNHW5pV]WYHWWHNHVNYQWHPHWpVHQpVV]HUHQiGRWDGWDN$V]HUHQiGRWFVLQiOWiN
DOHJV]HEEHQeJJ\HUW\iNNDOPHJiOOWDNDEDUDNNDEODNiQiOpU]pVVHOKDONDQpQHNHOWpNKPL]HQJ
D]pMV]DNiEDQOPDLWPL]LHO"/RPERNN|]|WWNLVPDGiUND6]HUHOHPUOpQHNHO3pQ]WQHP
IRJDGWDNHO0VRUXWiQERUUDOIL]HWWHN$&KULVWYHQGpJODV]WDOiQiOLO\HQNRUD]WpQHNHOWpN(PHOHP
SRKDUDPDNHGYHVWiUVDViJUD,J\iOLJ\iOD],VWHQpOWHVVHQVRNi+iEHWOHUQHPLYRWW.YHFVHV
DQQiO LQNiEE +D EHU~JRWW |VV]HW|UW PLQGHQW GH H] ULWNiQ IRUGXOW HO YLJ\i]WDN Ui ,QNiEE FVDN
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

N|W|]N|G|WW IOHJ +iEHWOHU -iQRVVDO 9iOWLJ D]W PRQGWD V]HUHOPHV D]  IHOHVpJpEH D]W WDQiFVROWD
N|OW|]]HQHN|VV]H
7HVHO\HPIL~RUGtWRWW$QQDLVWpJHGEiPXO9HUMHQPHJEHQQHWHNHWD],VWHQ
R

0iVQDSNLMy]DQRGRWWFV|QGHVHQV]RPRU~DQERFViQDWRWNpUW
9iODV]WpNRV PVRUXN YROW $ UDYDWDOQiO D]W pQHNHOWpN 0pUW RO\ E~V H VHUHJ"  2UFiLUyO D StU
HON|OW|]|WW$VtUQiOQLQFVDI|OG|QPiU
 M~QLXViEDQ D V]pS $QQD IL~W V]OW .YHFVHV DNDUDWiUD KHYHV YLWD VtUiV N|Q\|UJpV XWiQ
UHIRUPiWXV WHPSORPEDQ NHUHV]WHOWpN 3pN 0iULD YROW D NHUHV]WDQ\D +DODW UiQWRWW W~UyV FVXV]iW
NpV]tWHWW.YHFVHV|WOLWHUERUWKR]RWWPHJLWWiN
(]HQ D Q\iURQ NLV I|OGV]LQWHV Ki]EDQ 3LXV] 2WWKRQ QpYHQ PHJQ\LWRWWiN D NDWROLNXV yYRGiW $]
DSiFiNRWWMiUWDNDEDUDNNHOWWWQWHWHQQHPIRJDGWiN$QQDN|V]|QpVpW$QQDKLYNDWROLNXVYROW
0iULDOiQ\]iUGiEDQQHYHONHGHWW6tUYDSDQDV]NRGRWW3pN0iULiQDNKRJ\2UVRO\DIQYpUVRKDQHP
YHWL Ui D V]HPpW D]  J\HUHNpUH 3pN 0iULiW LV EiQWRWWD D] HVHW (J\ DONDORPPDO HOYHWWH WOH D
EDEDNRFVLWpVD]~WN|]HSpUHWROWD
.HGYHVQYpUNpUGH]WHPpUWQHPQp]LPHJD]pQNHUHV]WILDPDW"
 $]pUW  IHOHOW KLGHJHQ D IQYpU  PHUW KD PiU D] DQ\MD UHIRUPiWXV HPEHUKH] PHQW IHOHVpJO
OHJDOiEED]]DOWHWWHYROQDMyYiDEQpWKRJ\NDWROLNXVNHUHV]WPDPiWKtY
R  R  R
3pN0iULiWHO|QW|WWHDGK
'HDKpWV]HQWVpJHV~ULVWHQLWNHGYHVQYpUPRQGWDDQQDNDNDWROLNXVQQHNQHPpJHODOHONH
KDUHIRUPiWXVHPEHUNHUHVLQHNLDNHQ\HUpW"
0iVQDS D UHQGUVpJUH KtYWiN $ IRJDOPD]y ILJ\HOPH]WHWWH QH KDV]QiOMRQ GUDV]WLNXV KDQJRW D]
DSiFiNNDO pV QHYHWYH KD]DNOGWH +iEHWOHU -iQRV EHWHJH YROW D] HVHPpQ\QHN LJHQ V]pJ\HOOWH PDJiW
V]pSHQNpUWHIHOHVpJpWIRJMDDV]iMiWQHYDGtWVDWPHUWHJ\V]HUHOIRJ\DWUHOPHDNNRUSHGLJEDMOHV]
(]WHOPRQGWDQDSMiEDQWt]V]HULV
$XJXV]WXVEDQ3pN0iULDPHJV]OWHKDUPDGLNJ\HUPHNpWJ\|QJHYpUWHOHQIL~WDEiEDDVV]RQ\QHP
MyVROWV]iPiUDKRVV]~pOHWHW6LJD]DYROW+iEHWOHU,VWYiQQ\ROFKyQDSSDONpVEEJ\|WUHOPHVDJyQLD
XWiQ |U|NUH HON|OW|]|WW 8WROVy KDMQDOiQ PHJpUNH]HWW %UJHFVUO +iEHWOHU -iQRV QHYHODQ\MD
PHJQp]WHDKDOGRNOyWD]WPRQGWDiVViNHODJ\HUHNUXKiMiW3pN0iULDD]RQQDOJ|GU|WiVRWWD]DMWy
HOWW EHGREiOWD D NLFVLQ\ UXKiNDW GH H] PiU QHP VHJtWHWW )DUNDVUpWHQ WHPHWWpN HO $ VtUQiO 6]DEy
*iERUHYDQJIOHONpV]V]i]DGRVEHV]pOWpVDGDOiUGDHOpQHNHOWHQLQFVDI|OG|QPiU
3pN 0iULD V]HPpEO SDWDNRNEDQ IRO\W D  R N|QQ\ NpVEE DQ\yVD UiV]yOW QH VtUMRQ PHUW
HOiUDV]WMDYt]]HODNRSRUVyW$NNRU3pN0iULDPHJW|U|OWHV]HPpWpVKD]DJ\DORJROWDN
$N|YHWNH]pYV]HSWHPEHUpEHQGU0iW\iV9LOPRVW$WKpQEHNOGWpNNDWRQDLDWWDVpQDNpGHVDQ\MD
EV]NpQ PHVpOWH 3pN 0iULiQDN D V]RPEDWL WDNDUtWiVQiO 2NWyEHUEHQ OHYiOWRWWiN 7DXELQJHU 5H]V
HYDQJ IHVSHUHV H]UHGHVW 6]ROQRNUD KHO\H]WpN PHUW D %XGDNHV]L 7LV]WL 6]DQDWyULXPEDQ NpWV]HU
HOHMWHWWH D ]VROWiURVN|Q\YHW |VV]HYLVV]D EHV]pOW KDQJRVDQ E|I|J|WW pV iOODQGyDQ ERFViQDWRW NpUW D]
XUDNWyO+HO\pUH'DQL%DOi]VHYDQJIHVSHUHVH]UHGHVWQHYH]WpNNL+iEHWOHUNtQRVKHO\]HWEHQLVPHUWH
PHJ W KLYDWDOED OpSpVpQHN HOV UHJJHOpQ SRQWRVDQ Q\ROF yUDNRU D SROJiUL DOWLV]W PpO\HQ DOXGW D]
tUyDV]WDOQiO 'DQL %DOi]V I|OpEUHV]WHWWH  0LIpOH MRJRQ PHUpV]HO DOXGQL"  NpUGH]WH V]LJRU~DQ
+iEHWOHUViSDGWDQERFViQDWRWNpUW)HVSHUHVH]UHGHV~UPRQGWDpQPLQGHQpMMHOHJ\yUDNRUD
1DJ\YiViUWHOHSHQ+XQ\RUJy-y]VHINHUHVNHGQpOWUyJHURORNPHUWDFVDOiGRPQDNV]NVpJHYDQUi
'DQL %DOi]V JRQGRONR]RWW 0DMG NLMHOHQWHWWH QHPHV YLVHONHGpV  ,JHQ  PRQGWD NRPRO\ KDQJRQ 
PDJiQDNV]pSOHONHYDQeVHJ\SHQJWDGRWWDMiQGpNED
&XNURWYHWWDNpWJ\HUHNQHN3pN0iULi R QDNKiURPGHFLERUWOHOWDPRVyWHNQK|]EHV]pOWD]
DVV]RQ\QDN 'DQL %DOi]V MyViJiUyO NpVEE HOVpWiOWDN EiPpV]NRGQL D 5LQJHUV]DQDWyULXP GUyWKiOyV
NHUtWpVpKH]
+Y|VYDQPiUPRQGWDD]DOWLV]W1HPVRNiUDM|QD]HVVLGXJ\HKDYD]iVOHV]DNNRUSHGLJ
H]HNHWD]HPEHUHNHWEH]iUMiNDV]REiNEDpVEL]RQ\WDYDV]LJQHPLVOiWKDWMXNNHW
(]HQDWpOHQVRNKyHVHWW+iEHWOHUGpOXWiQRQNpQWQHPJ\]WHODSiWROQLD]DMWyHOWW-DQXiUYpJpQ
PHJOiWRJDWWD NHW +iEHWOHU -iQRV QHYHODQ\MD QpKiQ\ KpWLJ QiOXN PDUDGW (VWpQNpQW |OpEH YHWWH
*L]LNpW HOI~MWiN D OiPSiW pV D NiO\KDW] IpQ\pQpO IDQWDV]WLNXV PHVpNHW PHVpOW QHNL D JDUDERQFLiV
GLiNUyO D YiOWRWW J\HUPHNUO D KXV]iUUyO DNL PHJKDOW pV YLVV]DM|WW NHGYHVppUW EHV]yOW D] DEODNRQ
6]pSHQVWDKROGYLOiJ)pOV]HWOHPJ\|QJ\YLUiJ"D]WiQ3pN0iULDiJ\EDSDUDQFVROWPLQGHQNLW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

KDOOJDWWiNDV]pOWRPEROiViW
 PiMXV Q\ROFDGLNiQ NLVOiQ\XN V]OHWHWW +DMQDONiQDN NHUHV]WHOWpN $ %XGDSHVWL .HOHQI|OGL
'DOiUGDNyUXVWWDQXOWD]WpQHNHOWpN0DJDVDQUHSODGDUXV]pSHQV]yO+DUDJV]LNDNLVDQJ\DORP
PHUWQHPV]yO$6RSURQL2UV]iJRV'DORVYHUVHQ\UHNpV]OWHN$Q\iUN|]HSpQKpWN|]QDSLNRUD 
R GpOHOWW PH]tWOiEDV ILDWDO FLJiQ\Q MiUW DMWyUyO DMWyUD M|YHQGW PRQGRWW QpKiQ\ ILOOpUpUW 3pN
0iULiKR] LV EHPHQW N|UOQp]HWW D V]REiEDQ PHJWHWV]HWW QHNL D] DV]WDO N|]HSpQ HJ\ NLFVLQ\
FVLSNHWHUtW 0HJYLOODQWRWWD HJpV]VpJHV IRJVRUiW pV DMiQGpNED NpUWH 3pN 0iULD QHYHWHWW  'H VRN
HV]HG YDQ  PRQGWD $ FLJiQ\Q N|]HOHEE OpSHWW  1HP DNDURP LQJ\HQ  PRQGWD KDONDQ KRJ\ D
V]RPV]pGEDQQHKDOOMiN1DJ\GROJRWPRQGRNpUWHKDOiORVLJD]DWKDYDQEiWRUViJRGPXWDVGPHJD
WHQ\HUHG$NNRU3pN0iULDNLQ\LWRWWDKRUJDVXMM~NH]pWpVDFLJiQ\QtJ\V]yOW1HPPHVV]HWOHG
ODNLNHJ\IHNHWHDVV]RQ\EDERQiVV]HPpWNLYHWHWWHIpUMHGUHpVHOIRJMDFViEtWDQL
3pN0iULD|N|OOHONHUJHWWHNLDODNiVEyO
(EEHQ D] HV]WHQGEHQ HVWL NiUW\DSDUWLQiO L]JDOPDV J\LONRVViJUyO YLWi]WDN D] HPEHUHN YpJO LV
+iEHWOHU -iQRVWyO NpUWHN DODSRV KLYDWDORV IHOYLOiJRVtWiVW $] DOWLV]W NpV]VpJHVHQ IHOJ\UWH LQJXMMiW
FLJDUHWWiUDJ\~MWRWWpVPLQGHQSy]QpONOV]yV]HULQWHOPRQGWD
 /pGHUHU *XV]WiY IHOHVpJH LJHQ V]RURV EDUiWViJEDQ YROW .RGHOND QHY JD]GDJ KHQWHVPHVWHUUHO
9DOyV]tQ KRJ\ PpJ V]HUHOPL iEUiQG LV NLDODNXOW N|]|WWN $ KHQWHVPHVWHU EiUPHO\ LGV]DNEDQ
HOPHKHWHWW D] DVV]RQ\ OD  R NiViUD pV H]W D IpUMH D V]i]DGRV HOQp]WH pV WXGRWW UyOD KRJ\ D]
DVV]RQ\QDNV]HUHOPLYLV]RQ\DYDQYHOH(J\QDSRQDPLNRUYDOyV]tQKRJ\DKHQWHVPHVWHUQpOLJHQVRN
SpQ] YROW D V]i]DGRV pV D IHOHVpJH PHJJ\LONROWiN .RGHONiW pV KRJ\ D KROWWHVWHW HOWQWHVVpN
IHOGDUDEROWiN pV EU|QG|NEH NRVDUDNED UDNWiN pV D 0DUJLWKtG N|]HOpEHQ NRVDUDVWyO D 'XQiED
GREWiN PDMG D Yt] IHOGREWD pV NLIRJWiN 0LYHO D KHQWHVPHVWHU HOWQW NHUHVWpN pV tJ\ M|WWHN Ui pV
DEEyO LV KRJ\ VRNDW OiWWiN NHW HJ\PiV WiUVDViJiEDQ 5iM|WWHN HJ\ RO\DQ EQWpQ\UH DPHO\HW HJ\
KDWyViJLIHPEHUN|YHWHWWHODIHOHVpJpYHOpVH]WQHPFVDNHOQp]WHGHPDJDLVFVHOHNHGWHPLYHOWLV
PHJV]pGtWHWWHDSpQ]
1HPtJ\YDQPRQGWD.YHFVHV/pGHUHU*XV]WiYQDNYROWYLV]RQ\DDKHQWHVIHOHVpJpYHOeVH]
QHPPLQGHJ\PHUWNYROWDNDJ\LONRVRN7HSHGLJHJpV]HQPiVNpQWPHVpOHG
+iEHWOHUHOLVPHUWHHQQHNDOHKHWVpJpWD]RQEDQHJ\HWEL]RQ\RVDQWXGRWWKROQDSpMV]DNDHJ\WWOHV]
DVLUDORPKi]EDQ/pGHUHU*XV]WiYYDOPHUWD]H]UHGSDUDQFV6]DEy*iERUHYDQJIOHONpV]V]i]DGRVVDO
WMHO|OWHNL.DODX]NLMHOHQWHWWHV]tYHVHQPHJQp]QpKRJ\DQYLVHONHGLNHJ\KDOiOUDtWpOWD]XWROVypM 
R V]DNiQ+iEHWOHUD]WIHOHOWHHOUHVHPPLWQHPOHKHWWXGQL0LQGHQNLPiVNpQWYLVHONHGLN
1HPIpOV]"NpUGH]WH.YHFVHV$QQD
1HPIpOHNPRQGWD+iEHWOHU6HPPLRNRPUi
$]iOPRNWyOPRQGWDD]DVV]RQ\$YHV]HGHOPHViOPRNPHJERORQGtWKDWQDNDNiUNLW
eVSiUQiVNH]pYHONHUHV]WHWYHWHWW
%L]RQ\VRNIiUDGViJXNYROW/pGHUHU*XV]WiYYDO
(VWHQ\ROFyUDNRUPHQWHNEHD0DUJLWN|U~WLIRJKi]NDSXMiQ$SDUDQFVQRNLV]REiEDQ6]DEy*iERU
HYDQJ IOHONpV] V]i]DGRV PDJiUD K~]WD D SDSL |OW|]pNHW LWWDN HJ\ NXSLFD SiOLQNiW W|U]VUPHVWHU
YH]HWWH NHW D IULVVHQ PHV]HOW ]iUNiED DPHO\HW VLUDORPKi]QDN QHYH]WHN /pGHUHU *XV]WiY
UDQJMHO]pVHNWOPHJIRV]WRWWHJ\HQUXKiEDQPRVRO\RJYDM|WWHOpMNNH]HWV]RUtWRWW6]DEy*iERUUDOD]W
PRQGWD9iUWDP|QW
eMIpOLJ UHQGHVHQ YLVHONHGHWW V]LQWpQ EiQWD EQpW NRUKROWD J\|W|UWH PDJiW 6]DEy *iERU
VHJtWVpJpYHO EX]JyQ LPiGNR]RWW .LOHQF yUDNRU KLGHJ VOWHW NLVWiQ\pURQ GLyV NLIOLW pV SRKiU ERUW
KR]WDN (OQp]pVW NpUW NH]HW PRVRWW D ODYyUEDQ OHOW D] DV]WDOKR] Q\XJRG  R WDQ V]yWODQXO HYHWW
0DMG HONpUWH D %LEOLiW eMIpOWiMW IpOQL NH]GHWW 6]HPH ]DYDURV LGHJHQ IpQ\W NDSRWW DUFiQ NpWROGDOW
YDODPL LGHJ UiQJDQL NH]GHWW NRFRJRWW D IRJD (NNRU 6]DEy *iERU PHJNHUHVWH WHNLQWHWpYHO +iEHWOHU
-iQRVW D] DOWLV]W EyOLQWRWW HOOpSHWW D VDURNEyO pV V]HOtGHQ KDONDQ QDJ\RQ V]pSHQ pQHNHOQL NH]GWH
0LQW D V]pS KtYHV SDWDNUD $ V]DUYDV NtYiQNR]LN  /HONHP ~J\ yKDMW 8UDPUD  eV +R]]i
IRKiV]NRGLN7HKR]]iGpQ,VWHQHP6]RPM~KR]LNpQOHONHP9DMRQV]tQHGHOHLEH0LNRUMXWRN
pO,VWHQ
$ ]VROWiU HOOHQNH] KDWiVW RNR]RWW PLQW DPLW D IOHONpV] UHPpOW $ FVHQGUV]i]DGRV PHJYDGXOW
WNR]WDD](JHWIHOERUtWRWWDD]DV]WDOWDV]pNHWDIDOKR]YiJWDKRJ\GDUDERNUDW|U|WW6]DEy*iERUpV
+iEHWOHU-iQRVNLV]DODGWDNDIRO\RVyUD.pWIRJOiUOHWHSHUWHD]UM|QJWNH]pWOiEiWPHJELOLQFVHOWpN
1pKiQ\ SHUFFHO NpVEE PHJpUNH]HWW D IRJKi] SDUDQFVQRND /pGHUHU *XV]WiY HOFVLJi]RWW WHNLQWHWWHO
ERFViQDWRW NpUW 6]DYiW DGWD D KiWUDOHY yUiNEDQ NDWRQDWLV]WKH] PpOWyDQ YLVHONHGLN /HYHWWpN
ELOLQFVHLWKDQ\DWWIHNGWDYDViJ\RQ6]DEy*iERUODVV~iOPRVtWyKDQJRQD%LEOLiWROYDVWD/pGHUHU
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

*XV]WiYYLUUDGDWLJQHPV]yOW$NNRUD]WPRQGWDWDOiQD.RU R PiQ\]yUIPpOWyViJDNHJ\HOPHW


DG6]DEy*iERUtJ\YiODV]ROW0LQGDQQ\LDQ,VWHQNH]pEHQYDJ\XQN
5HJJHO|WyUDNRU6]DEy*iERUpV+iEHWOHU-iQRVHOPHQWDSDUDQFVQRNLV]REiED+iEHWOHUNLQ\LWRWWD
DIDOiGiWV]DSSDQWW|UON|]WDGRWW6]DEy*iERUQDNOHNHIpOWHUXKiMiWFLSMpW$]XWiQLVPHJPRVWD
DUFiW PHJIpVON|G|WW OHNHIpOWH V|WpWNpN HJ\HQUXKiMiW IHNHWH DUDQ\JRPERV FViNyMiW +iURPQHJ\HG
KDWNRUYLVV]DPHQWHN/pGHUHU*XV]WiYKR]
$ IHOYH]HW RV]WDJ SRQWRVDQ KDW yUDNRU pUNH]HWW VRUDNR]RWW D ]iUND HOWW 1\ROF IRJKi]U N|]|WW
YH]HWWpN /pGHUHU *XV]WiYRW D] XGYDUUD HOWWN NLYRQW NDUGGDO IRJKi]U WLV]W PHQW $ ELWyIiYDO
V]HPEHQ iOOW D W|UYpQ\V]pN DV]WDOD +DGEtUy H]UHGHV ROYDVWD D YiGDW EHMHOHQWHWWH D .RUPiQ\]y U
IPpOWyViJDHOXWDVtWRWWDDNHJ\HOPLNpUYpQ\WIHOV]yOtWRWWDD]tWpOHWYpJUHKDMWyWWHOMHVtWVHN|WHOHVVpJpW
(NNRU /pGHUHU *XV]WiY I|OHPHOWH NDUMiW  0pOWyViJRV HOQ|N ~U  NLiOWRWWD GH V]DYiW PiU QHP
KDOORWWD VHQNL D NUW|N KDUVRJiViWyO $PLNRU IHODNDV]WRWWiN HOKDOOJDWWDN D NUW|N FV|QG OHWW $]
H]UHGRUYRV NpW t]EHQ PHJYL]VJiOWD PDMG MHOHQWHWWH D KDOiO EHN|YHWNH]HWW 6]DEy *iERU KDQJRVDQ
LPiGNR]RWWDOHONLGYppUWDEtUiNOHKDMWRWWIYHO R PR]GXODWODQXOKDOOJDWWiN0iVQDSGpOXWiQNpW
yUDNRU I|OUDYDWDOR]WiN D *\iOL ~WL NDWRQDL NyUKi]EDQ 6]DEy *iERU PRQGRWW LPiW QpJ\ NDWRQD D
IOHONpV] pV +iEHWOHU -iQRV NtVpUWpN D NRSRUVyW D NDSXLJ 2QQDQ PiU HJ\HGO YLWWpN ORYDVNRFVLQ D
UiNRVNHUHV]W~ULWHPHWEH
*L]LNH D 9iOL ~WL LVNROiED MiUW PLQGHQ UHJJHO pV GpOEHQ IpOyUiW J\DORJROW D +RUWK\ 0LNOyV ~WRQ
3pOGiVPDJDYLVHOHWNLVOiQ\YROWQHKp]IHMDEXNiVWyO3pN0iULDSRIRQMDLPHQWHWWpNPHJ1\ROFDGLN
V]OHWpVQDSMiQ  MDQXiU KXV]DGLNiQ 3pN 0iULD PDGiUWHMHV NDOiFVRV X]VRQQiW NpV]tWHWW
PHJKtYWiN D V]RPV]pG J\HUHNHNHW +iEHWOHU KDUPRQLNiV ODPSLRQQDO GtV]tWHWWH D V]REiW pV D]
DMiQGpNRW YDGRQDW~M PDJDV V]iU~ FLSW D] DV]WDO N|]HSpUH KHO\H]WH 'pO N|UO NHJ\HWOHQ KyYLKDU
WiPDGW*L]LNHHOLQGXOWD]LVNROiEyOGHDYLKDURVV]pOEHQFVDND)DGUXV]XWFiLJMXWRWWHO+iEHWOHUHJ\
NRFVPD HOWW WDOiOW Ui NpW NLV WiUViYDO HJ\PiVED NDSDV]NRGYD VtUWDN eMV]DND EHOi]DVRGRWW
)pOUHEHV]pOW V]iMD NLUHSHGW V|WpWEURQ] KDMD DPLW DSMiWyO |U|N|OW i]RWW D YHUtWpNEHQ 3pN 0iULD
VLNROWR]RWW
(]LVPHJKDO-p]XV~ULVWHQNLDEiOWD
+iEHWOHU URKDQW D EiEDDVV]RQ\pUW NDEiW  R QpONO EXNGiFVROW D PpWHUHV KyEDQ $ EiEDDVV]RQ\
IRUUy Yt]]HO OHPRVWD D J\HUHNHW OHG|UJ|OWH V]iUD]UD ODQJ\RV ]VtUUDO PHJNHQWH KiWiW PHOOpW Q\DNLJ
EHEXJ\ROiOWDPHJLWDWWDUXPRVWHiYDO*L]LNpQHNKiURPQDSP~OYDNXW\DEDMDVHPYROW$IOHKDONDQ
]~JRWWQpKDGHH]QHPYROWNHOOHPHWOHQpU]pV(J\WWOHVWpN-DQLYDO+DMQDONiYDODSMXNDWHOpIXWRWWDN
KyJRO\yYDO GREiOWiN EHOHQ\~OWDN ]VHEpEH pV PLQGLJ WDOiOWDN FXNRUNiW +iEHWOHU QpKD PDJiYDO YLWWH
IHOHVpJpWD&KULVWYHQGpJOEH$V]NHDSUyWHUPHWDVV]RQ\PHJLYRWWHJ\IpOOLWHUERUWVKDDIpUILDN
VDQGDEyNRNDWFpO]iVRNDWV~JWDNQHNLPHJPRQGWD+iEHWOHU-iQRVQDN
)HEUXiU YpJpQ GU 0iW\iV 9LOPRV KD]DpUNH]HWW *|U|JRUV]iJEyO D /XGRYLND $NDGpPLiUD KHO\H]WpN
WDQiUQDNeGHVDQ\MiYDOD)RJDUDVL~WV]iP~Ki]EDN|OW|]|WWQpJ\V]REiVQDSIpQ\HVODNiVED3pN
0iULDNLWDNDUtWRWWDD]~MRWWKRQW+iEHWOHUUHQGH]WHWRORJDWWDDE~WRURNDWDPi]ViVFLWURPIiW(VWHD
E~FV~]iVQiO GU 0iW\iV 9LOPRV PHJN|V]|QWH D VHJtWVpJHW KDWV]|JOHWHV N|YHW DMiQGpNR]RWW QHNLN
DPLUH$WKpQV]tQHVOiWNpSpWUDJDV]WRWWiN
7DYDVV]DONLOWHND]DMWyHOp$IpUILDNNiUW\i]WDND]DVV]RQ\RNEHV]pOJHWWHNDIL~  R NDWQp]WpN
QDJ\RNDW QHYHWWHN $ IL~N ERWRNNDO OHVWpN D FRSIRV EXGD|UVL VYiE OiQ\RNDW $PLNRU NLM|WWHN D
/LQXPEyO KiWXN P|Jp NHUOWHN I|OGREWiN D V]RNQ\iW Q\DNXNLJ pV IUJH OiEDNNDO PHQHNOWHN
0iVNRUDIL~NHOPHQWHNNDYLFVRNNDOGREiOQL.RKQHU6iUiW.RKQHU6iUD|UHJYROWQDJ\RQFV~Q\DNpW
V]HPIRJD NLOyJRWW D V]iMiQ VRNDQ D]W EHV]pOWpN V]L QQHSHQ NHUHV]WpQ\ J\HUHN YpUpW LVV]D )|O LV
iVWiN V]REiMD N|UO D I|OGHW GH QHP WDOiOWDN VHPPLW (J\V]HU OiPSDROWiV XWiQ *L]LNH Q\XJWDODQXO
PHJNpUGH]WH PpUW LVV]D PHJ D NHUHV]WpQ\ J\HUHNHN YpUpW 3pN 0iULD D]W IHOHOWH QH EHV]pOMHQ
RNWDODQViJRW.RKQHU6iUDD]tQVpJNRQ\KDOHYHVpWLVV]D-~QLXVEDQYDODNLIHMHQWDOiOWDyUiNLJIHNGW
YpUHVHQKROWDQD.DUROLQD~WVDUNiQ$]HPEHUHNOi]DVDQWiUJ\DOWiNDV]HQ]iFLyWHVWHDNRQ\KiEDQD
NLV-DQLD]WPRQGWDNpV]DYpQ]VLGy3pN0iULDSRIRQFVDSWDPHJSRIR]WD+DMQDONiWpV*L]LNpWHOYH
YROWKDPLQGPHJYHULQHPQHYHWLNHJ\PiVW
(]HQDQ\iURQDXJXV]WXVLGpOXWiQ+DMQDONDYiUDWODQXOPHUHYJ|UFV|WNDSRWW7HVWHNLIHV]OWFV|SS
V]iMDNLIHKpUHGHWWV]HPHI|QQDNDGWPLQWDNLKDOQLNpV]O$EiEDDVV]RQ\D]WPRQGWDIRJIUiV]YLJ\pN
HO D 0iULD XWFDL UHQGHOEH RWW PDMG NDS HJ\ LQMHNFLyW  R J\ W|UWpQW $] RUYRV PHJYL]VJiOWD
LQMHNFLyW DGRWW D]W PRQGWD KiURP QDS P~OYD KR]]iN H PHJLQW D J\HUHNHW $] hOOL ~W VDUNiQ 3pN
0iULDPHJiOOWKRUJDVXMMiYDOIpOUHK~]WD+DMQDONDDUFiQDWDNDUyW
0HJKDOWPRQGWD
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

$]WiQ EHWDNDUWD W pV I|OV]iOOWDN D YLOODPRV WRUQiFiUD $] HPEHUHN D KRVV]~ ~WRQ HJ\UH FVDN
NpUGH]WpN PL EDM W|UWpQW" 3pN 0iULD PDJiKR] |OHOWH D J\HUHNHW ODVVDQ ULQJDWWD D]W IHOHOWH EHWHJ
QDJ\RQEHWHJ+iEHWOHUEyOLQWRWWpVIRO\WDN|QQ\H
3pN 0iULD NpW pOHWEHQ PDUDGW J\HUPHNpYHO PLQGHQ UHJJHO HOLQGXOW )DUNDVUpWUH -DQL URYDURNDW
J\MW|WW OHSNpW EpNiW NHUJHWHWW *L]LNH MiWV]RWW D VtURNQiO EiPXOWD D KDQWRNDW 2WW LV HEpGHOWHN
'pOXWiQpUWNM|WW+iEHWOHU+D]DIHOpPiUYLOiJtWRWWDNDV]HQWMiQRVERJDUDN
VV]HO 3pN 0iULD OW D NRQ\KiEDQ |VV]HIJJpVWHOHQO EHV]pOW V KD -DQL ]VtURV NHQ\HUHW N|YHWHOW
QHP pUWHWWH *L]LNH iOOW D] DMWyQiO Qp]WH D] HVW KXOOW D N|QQ\H KD NpUGH]WpN PLpUW VtU D]W IHOHOWH
VDMQiOMDDKDORWWDNDWDWHPHWEHQPHJD]RNDWDNLNQHNQLQFVHQODNiVXN.|]|ViJ\EDQDOXGW|FFVpYHO
-DQL D IDOQiO *L]LNH D V]RED IHOp (J\ pMV]DND FVRQWYi]DW OiWRWW V H]XWiQ PLQGHQ pMMHO 1\L  R WRWW
V]HPPHOQp]WHQHPYROWHUHMHEHFVXNQL+RODV]HNUpQ\QpOOiWWDKRODV]ONiJ\iQiO.H]pEHQNDV]D
YROW PiVNRU NHUHV]W YDJ\ DOPD /iWRPiViUyO QHP EHV]pOW VHQNLQHN FVDN WXGWiN KRJ\ IpO HVWH QHP
OHKHWHWWHONOGHQL.DUiFVRQ\NRUPHJpUNH]HWWDQDJ\PDPD%UJHFVUO*L]LNHD]|OpEHE~MWPLQGHQW
HOPRQGRWWQHNL$]|UHJDVV]RQ\PHJVLPRJDWWDU|YLGPpO\EURQ]KDMiW~J\PRQGWDD]WMHOHQWLQDJ\RQ
VRNiLJIRJpOQL(]HQD]pMV]DNiQQHPM|WWHODFVRQWYi]VRKDW|EEpQHPOiWWD
3pN 0iULD QHP DNDUW HOPHQQL D NDWRQDL UHQGHOEH $ .DUROLQD ~WRQ HJ\ WHWIHG PHVWHU RUYRV ILD
LQJ\HQ J\yJ\tWRWWD D EDUDNNODNyNDW pMQHN LGHMpQ LV HOPHQW KR]]iMXN .YHFVHV (QGUH KtYWD HO 3pN
0iULiKR] $ ILDWDO RUYRV QpJ\ KpWHQ NHUHV]WO DU]pQ pV LQ]XOLQLQMHNFLyNDW DGRWW D FVRQWEU
DVV]RQ\QDND]WiQ3pN0iULDYLVV]DiOOWDWHNQK|]
 M~QLXV QHJ\HGLNpQ GpOXWiQ IpO KDWNRU HOPHQW :HLV] ,JQiF EROWMiED SLURV V]DODJRW YHQQL KDW
yUDNRUHJpV]VpJHVNLVOiQ\WV]OW$V]pS.YHFVHV$QQiWNpUWpNNHUHV]WDQ\iQDN+iEHWOHUNtYiQViJiUD
D] (V]WHU QHYHW NDSWD .pW pYYHO NpVEE DXJXV]WXV KXV]RQ|W|GLNpQ PpJ HJ\ NLVOiQ\XN V]OHWHWW
+DMQDOND *L]LNH VtUW D]W NLDEiOWD PLQHN V]OHWQN IRO\WRQ +iEHWOHU DOLJ WXGWD NLYHQQL 3pN 0iULD
NH]pEO
R

 iSULOLViQDN YpJpQ  'DQL %DOi]V HYDQJ IHVSHUHV H]UHGHV NtYiQViJiUD  D 3URWHVWiQV 7iERUL
/HONpV]L +LYDWDO +RQYpG .|UOHWSDUDQFVQRNViJiUyO HONOGWpN +iEHWOHU -iQRVW 'DQL %DOi]V EHV]pOW D]
DOWLV]WWHO0HJN|V]|QWHSpOGiVV]RUJDOPiWPHJPRQGWDNpWKHO\N|]OYiODV]WKDWHOPHKHWD]2UV]iJRV
.DWRQDL7HVWQHYHOpVL*RQGQRNViJKR]YDJ\D/XGRYLND$NDGpPLiUD.pWQDSJRQGRONR]iVLLGWDGRWW
1p]]H+iEHWOHUPDJ\DUi]WDDSVS|N~ULGVHEEHYDQJpOLNXVHPEHUWDMiQORWWDILJ\HOPQNEH
|WJ\HUPHNHYDQ0DJDILDWDOHUVHJpV]VpJHVPLQGHQPXQNiWHOWXGYpJH]QL
 PiMXV HOVHMpQ D /XGRYLND $NDGpPLiUD KHO\H]WpN XGYDUV|SU|JHWQHN (J\ V]ROJiODWYH]HW
DOKDGQDJ\ HOPDJ\DUi]WD KRJ\ D Q|YHQGpNHNHW $.6 ~UQDN NHOO V]yOtWDQL D WLV]WHNHW UDQJMXN V]HULQW
.LQHYH]HWW iOODPL DOWLV]W YROW ~M EHRV]WiViW V]pJ\HOOWH HOPHQW GU 0iW\iV 9LOPRV DOH]UHGHV WDQiUKR]
HOSDQDV]ROWD EiQDWiW 7t] QDSSDO NpVEE D 7pUNpSpV]HWUH NHUOW 3DUDQFVQRND URVV]LQGXODW~
FVRQWYpNRQ\ V]HPYHJHV DOH]UHGHV .RJXWRZLW] 6iQGRU WHUHSWDQYH]HW WDQiU OHWW V]HQYHGpO\HV
EpO\HJJ\MW +iEHWOHU -iQRVW PLQGHQ YDViUQDS EHUHQGHOWH EpO\HJHW i]WDWQL 3QN|VGNRU NRQILUPiOW
*L]LNH+iEHWOHUHQ R JHGpO\WNpUWD]QQHSPHJWDUWiViUD.RJXWRZLW]D]WPRQGWDDSiSDHOW|U|OWH
H]W D] QQHSHW +iEHWOHU HOViSDGW OHKDMWRWWD IHMpW eQ QHP YDJ\RN SiSLVWD  PRQGWD FV|QGHVHQ eV
RWWKRQ PDUDGW .RJXWRZLW] QHP HQJHGWH YLVV]D W (NNRU NpW KpWLJ D] $NDGpPLD SDUDQFVQRND YLWp]
-iQ\*XV]WiYH]UHGHVLURGiMiQYROWNp]EHVtWPDMGD0~]HXPEDKHO\H]WpNP~]HXPUKHO\HWWHVQHN
(VWLNiUW\DSDUWLQiOtJ\EHV]pOW
 $ /XGRYLND $NDGpPLD 0~]HXP FVRGiOQL YDOy LUUHGHQWD HPOpNHNHW pV HJ\pE PX]HiOLV pUWpNHNHW
UL] 0iU D OpSFVKi]EDQ KDWDOPDV RODMIHVWPpQ\ %DFV USiG PXQNiMD OiWKDWy pV D PDJ\DURN QDJ\
J\]HOPpWiEUi]ROMDD]8]VRNLV]RURVQiODFiULKDGVHUHJIHOHWW$WHUHPEHQPHJLQWKDWDOPDVIHVWPpQ\
N|UOEHOO[PpWHUHViEUi]ROMDD/XGRYLND$NDGpPLD]iV]OyDYDWiViWPHO\HQD]DNNRULXUDONRGy
(OV )HUHQF -y]VHI D NLUiO\L FVDOiG pV D IQHPHVHN OiWKDWyN $ODWWD SHGLJ PiUYiQ\ HPHOYpQ\HQ D]
(OV0DJ\DU/RYDVViJL+DGWHVWSDUDQFVQRNiQDN+DMQHEHUJDOWiERUQDJ\QDNNLFVLQ\tWHWWORYDVV]REUD
(]HQNtYO YHJV]HNUpQ\EHQ OiWKDWy .RVVXWK PDJ\DUXO tURWW OHYHOH D WL]HQKiURP DUDGL YpUWDQ~ N|]O
/HLQLJHUQHN NLYpJ]pVH HOHVWpMpQ IHOHVpJpKH] tURWW OHYHOH D +DEVEXUJKi]  R NO|QIpOH HPOpNHL
$UDQ\R]RWW NDODSiFV PHOO\HO D] XUDONRGy D] $NDGpPLD ]iV]OyMiED D V]HJHW YHUWH D IQHPHVHN
H]VWNDODSiFVD .O|Q V]HNUpQ\EHQ YDQ D] $NDGpPLD FVDOiGIiMD DPHO\ V]i] pYHQ iW D PLQGHQNRUL
SDUDQFVQRNRN QHYpW WDUWDOPD]]D 1iOXQN PLQGHQ IHODYDWRWW KDGQDJ\ NDS HJ\ GDUDE DUDQ\
SHFVpWJ\UW/$YDQEHOHYpVYHHEEOLVU]|NHJ\SpOGiQ\W0LYHOD]$.6L|OW|]HWD]LGNIRO\DPiQ
YiOWR]RWW WHUPpV]HWHVHQ PLQGHQ |OW|Q\EO HJ\ GDUDERW UL]QN NLV V]HNUpQ\EHQ LJHQ KHO\HV
EiEXNRQ(]HQNtYOQiOXQNYDQHJ\KHUFHJNDUGMDpV|YHGHHQQHNDKHUFHJQHNDQHYpWVDMQRVQHP
WXGRPPHJPRQGDQL
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

3DUDQFVQRND  YLWp] 5y]ViV -y]VHI DOH]UHGHV W|UWpQHOHP pV QpPHW WDQiU D /XGRYLND $NDGpPLD
eYN|Q\YIV]HUNHV]WMHNHGpO\HVKL~DOHKHWHWOHQVpJLJJDUDVRVHPEHUYROW(J\DONDORPPDODOiEiQ
OHYF~JRVFLSUHPXWDWRWW
1HNHGDMiQGpNR]RPPRQGWD+iEHWOHU-iQRVQDN
$]DOWLV]WYiUWQDJ\RQVRNiLJYiUWYpJOLVtJ\V]yOW
$OH]UHGHV~UDOi]DWRVDQMHOHQWHPD]WWHWV]HWWPRQGDQLKRJ\H]WDFLSWQHNHPWHWV]LNDGQL
R

9LWp]5y]ViVD]WIHOHOWH
0DMGEDUiWRPPRVWDFLSWPpJKDV]QiORP
5HSUH]HQWiQV FpORNUD PDJiYDO YLWWH +iEHWOHUW 0HJSDUDQFVROWD V|WpWNpN HJ\HQUXKiEDQ IHNHWH
DUDQ\JRPERV FViNyEDQ MHOHQWNH]]pN +HQJHUPDORP XWFDL ODNiViQ (ONtVpUWHWWH PDJiW D .HOHQI|OGL
3iO\DXGYDUUD D UHVWLEHQ HJ\ VyVNLIOLW pV HJ\ SRKiU V|UW UHQGHOW $ NLIOLW HOW|UWH D V|UQHN LV PHJLWWD
IHOpWDPDUDGpNRWRGDDGWDD]DOWLV]WQHN
9LWp]5y]ViV-y]VHIYHUVHNHWtUWQpKiQ\N|]ONEXGDSHVWLODSRNEDQLVPHJMHOHQW/HJNHGYHVHEEpV
WDOiQOHJV]HEEYHUVpWHJ\IRO\yLUDWN|]|OWHJ\V]yOW
9$*<81.0e*
.LNQp]]NPpOiQIHOKNMiUiViW
VDFVLOODJRNNDOHOEHV]pOJHWQN
N|GOpMHNHQI|OGUHKDMROYD
KDOOMXNKDUFKR]y-|YGREDMiW
MDMPLOHV]YHOQN"
0HUWV]HUWHV]yUYDEiQDWEXMGRVyN
YDGRQEDQMiUXQNQiGDVEDQKiOXQN
SDWDNYL]pEHKXOOQDNN|QQ\HLQN
VPiJO\iNDWJ\~MWXQNNRUKDGyIiNEyO
NLD]~UQiOXQN"
R

.LD]~UV,VWHQ".HOOpiOGR]DW"
+DMUiVURKDPUDNHOOQNpPLPpJ
LJD]ViJWpYI|UJHWHJKDGUD"
9DJ\IpOUHiOOYD|QYHV]WGDFFDO
YiUMXNM|QD9pJ"
1HPVQH9DJ\XQNPpJPDJ\DUPDJ\DURN
NLNQHNVRNPiUDYDMKDMDMKD
0DPpJVtUXQNPHUWQHPWKHWQN
GHM|QD+ROQDSVIHO]~JV]HQWGDOXQN
~M5iMD5DMWD
(J\NRUDV]LGpOHOWWXQDWNR]RWWEHKtYDWWD+iEHWOHUWDSDUDQFVQRNLV]REiED
7XGV]WHPHVpOQL"NpUGH]WH
+iEHWOHUJRQGRONR]RWWYDODPHGGLJD]WIHOHOWHPHJSUyEiOQi
(]WPRQGWD
 $PLNRU PpJ OHJpQ\ YROWDP pV D OHiQ\RNKR] MiUWDP HJ\ QDJ\ HUGQ NHOOHWW HOKDODGQRP $KRJ\
PHJ\HND]HUGEHQKDOORPiPKRJ\IHQQD]iJDNN|]|WWHJ\HJpV]FLJiQ\EDQGDMiWV]RWWDD]WKRJ\
$PLNRUpQOHJpQ\YROWDPpVDOHiQ\RNKR]HOHOMiUWDP)HOIRJWDPDEXQNyVERWRPDWRO\DQIRUPiQ
PLQWKD D] SXVND OHWW YROQD pV D]W NLiOWRWWDP SXNN (UUH D] HJpV] EDQGD OHHVHWW D IiUyO FVDN D
FLPEDOPRVPDUDGWIHQQ
R

0pUWPDUDGWDFLPEDOPRVDIDWHWHMpQ"NpUGH]WHYLWp]5y]ViV-y]VHI
+iEHWOHUtJ\YiODV]ROW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

$]pUWDOH]UHGHV~UDOi]DWRVDQMHOHQWHPPHUWDNNRUiUDIHOpEUHGWHP
.pWQDSV]DEDGViJRWNDSRWW
(J\ pMV]DND .YHFVHV EH]|UJHWHWW +iEHWOHUpN DEODNiQ HOPRQGWD D] XQDORPLJ LVPHUW V]|YHJHW
YHUHNHGQL DNDUW +iEHWOHU iOPRVDQ NLE~MW D] iJ\EyO NLPHQW D] DMWyKR] FVLWtWRWWD NpUWH D UpV]HJ
FLSpV]W QH NLDEiOMRQ IHOHVOHJHV H] D KDV]RQWDODQ OiUPD GH D FLSpV] KDUFLDVNRGRWW NH]pYHO |N|OYtYy
PR]GXODWRNDW FVLQiOW +O\H OiWYiQ\ YROW D KROGVWpVEHQ 9pJO LV 3pN 0iULD PHJXQWD D FLUNXV]W pV
NLKDMROWD]DEODNRQ
 0LFVRGD GRORJ H]"  PRQGWD  0HJLWWiO HJ\ OLWHU ERUW EHV]pOV] |VV]HYLVV]D IHOOiUPi]RG D
N|UQ\pNHWKROQDSNLMy]DQRGV]DNNRUPHJERFViQDWRWNpUV](UHGMLQQHQDIHQpEH
.YHFVHVWDQiFVWDODQXOOHHQJHGWHDNDUMiWJRQGRONR]RWWD]WiQRGDPHQWD]DEODNKR]
.RPDDVV]RQ\7HJQDSD6DVKHJ\HQVpWiOWDN
1HPOiWWDD]WVHQNLV]yOWFV|QGHVHQ3pN0iULD
1pKiQ\SLOODQDWLJQp]WpNHJ\PiVW
 %RFViQDWRW NpUHN  PRQGWD QDJ\RQ NR  R PRO\DQ pV KD]DPHQW .pVEE KDOODQL OHKHWHWW KRJ\
YHULDIHOHVpJpW
,IMDEE +iEHWOHU -iQRV HJpV]VpJHV L]PRV J\HUHN YROW IpNH]KHWHWOHQ WHUPpV]HWpYHO J\DNUDQ RNR]RWW
EDMWDV]ONQHN$9iOL~WRQPiUD]HOVHOHPLEHQSpOGiWODQERWUiQ\WFVLQiOWPHUWM~QLXVEDQYL]VJiN
HOWWDWDQtWyQYDODPLpUWSRIRQW|WWH(ONH]GWHFVLNRUJDWQLIRJiW|NOpYHOJ\RPURQFVDSWDD]DVV]RQ\W
RO\DQ V]HUHQFVpWOHQO KRJ\ D WDQtWyQ PHJJ|UQ\HGW D WiEOD HOWW pV KiQ\W $] DOWLV]W ViSDGW YROW D
V]pJ\HQWO QHP WXGRWW YDFVRUi]QL NLMHOHQWHWWH LQNiEE IHODNDV]WMD PDJiW GH J\LONRVW QHP QHYHO D
FVDOiGEDQ 3pN 0iULD V]LGWD D WDQtWyQW  1H VVH D J\HUHNHW DNL QHP HWHWL  NLDEiOWD eV |N|OOHO
IDNDQiOODO YHUWH D ILiW 6]HSWHPEHUEHQ PHJQ\tOW D /HQNH ~WL ~M SLURV WpJOiV LVNROD LWW MiUW PpJ |W
HOHPLWKDVRQOyHUHGPpQQ\HOPLQWDQYpUH
(J\HWOHQV]HQYHGpO\HYROWDIXWEDOO+DWDYDVV]DOQ\iURQV]XWyMiQDFVDOiGVpWiOQLPHQWD5LQJHU
V]DQDWyULXP GUyWKiOyV NHUtWpVpKH] QHP YROW WUHOPH EiPpV]NRGQL $] DOWLV]W KLiED PXWRJDWWD D] ~M
V]HU]HPpQ\HNHWD]HOHJiQVV]DOPDNDODSRVOV]WHUUXKiVIpUILWDNLHONpS]HOWWHOHIRQWWDUWRWWDNH]pEHQ
pV L]JDWRWW KDQJRQ IRO\WRQ D]W NLDEiOWD +DOOy  R KDOOy $IULNiEDQ IHOWDOiOWiN D NHQ\pUIiW (]HU
YDJRQ WpWHOEHQ NDSKDWy YDJ\ D NpNUXKiV K|OJ\HW DNL D NHUtWpVKH] V]RUtWRWWD V]pS DUFiW NDFVLQWRWW
NpUWHORSMiNHOWDIL~WVHPH]HNVHPPiVRNQHPpUGHNHOWpN
0HQMHQHNDMyIUDQFED5iQWRWWK~VW]DEiOQDNXERUNDVDOiWiYDOQHNHPQHMiWVV]iNDERORQGRW
eV GK|VHQ J~Q\ROWD V]LGDOPD]WD NHW IHOpMN N|S|WW PtJ 3pN 0iULD HO QHP NHUJHWWH $NNRU
HOPHQWDV]RPV]pGRV/LQXP7DXV]LJ6iPXHOpV)LDLIXWEDOOSiO\iUD0LQGHJ\YROWPHO\LNFVDSDWJ\]
FVLOORJyV]HPPHOQp]WHDPpUN]pVHNHWWiUJ\LODJRVDQKLJJDGWDQpVV]DNpUWHOHPPHOYLWi]RWW'HKDD
%XGDL ,, MiWV]RWW HOYHV]tWHWWH My]DQ HV]pW QHP EtUW PDJiYDO D OHJKDOYiQ\DEE EtUiODWRW V]HPpO\HV
VpUWpVQHNYHWWHQHPHJ\V]HU|NOpWKDV]QiOWDLVIXWEDOOR]RWWQDJ\DNDUiVVDONHYpVWHKHWVpJJHOU~JWD
D URQJ\ODEGiW 1pKD HONyERUROW LERO\iW N|N|UFVLQW V]HGHWW D 6DVKHJ\HQ .DPDUDHUGQ V]pJ\HQNH]
YLJ\RUUDORGDDGWDD]DQ\MiQDN
6]|UPQHNPLQGHQYDViUQDSHEpGHWYLWWLWWKRQUyO6]|UPQDJ\V]DNiOOWYLVHOWIHKpUWHQJHUpV]VDSNiW
OHOWHN D .DUROLQD ~W P|J|WW D KRPRNRV JUXQGRQ pV WHQJHUL YLKDURNUyO KiERU~NUyO EHV]pOJHWWHN
6]|UP D]W PRQGWD  R QLQFVHQ W~OYLOiJ D KDODN PHJHV]LN D] HPEHUW pV NpV] $ *HUJHO\QDSWiUW
QHYHWVpJHV ERORQGViJQDN WDUWRWWD D QpYQDSRNUD VHPPL V]NVpJ .DUWRQSDStUEyO NpV]tWHWW HJ\
KpWQDSRV QDSWiUW PHO\ D N|YHWNH]NpSSHQ V]yOW +pWI OHNYiURV WpV]WD .HGG ViUJDERUVy 6]HUGD
E|MW|V  JUt] &VW|UW|N ViUJDERUVy 3pQWHN E|MW|V  JUt] 6]RPEDW WyJXO\iV 9DViUQDS +iEHWOHU
-DQL FVXSSDMy
6]|UP QpKD SDUi]V ERWUiQ\W UHQGH]HWW D] tQVpJNRQ\KD HOWW QHP DNDUW VRUED iOOQL GXSOD SRUFLyW
N|YHWHOW0H]WHOHQOiEiYDOWRSRU]pNROWD]WNLDEiOWD
 +LiED DNDGpNRVNRGWRN YHOHP WL NROGXVRN eQ PHQWHWWHP PHJ YLWp] +RUWK\ 0LNOyV pOHWpW D
1DYDUUiQ9LKDUEDQIVWEHQQDJ\KiERU~EDQ
$] HPEHUHN QHYHWWHN LO\HQNRU 6]|UP VtUQL NH]GHWW FV~Q\D V]DYDNNDO VpUWHJHWWH D KiOiWODQ
NRUPiQ\]yW$SUySLKpNEHQKXOOWDKyDPLNRUHJ\NHUpNSiURVUHQGUHOYLWWH$]HPEHUHNVDMQiOWiNW
V]yWODQXO Qp]WpN PtJ D] tQVpJNRQ\KD P|J|WW D %RFVNDL ~W VDUNiQ HOWQW D V]HPN HOO (VWH
PRVDNRGiVXWiQDNRQ\KiEDQ*L]LNHD]WPRQGWD
0RVWEHFVXNMiND]|UHJHWD5LQJHUEHpVQHPIRJIi]QLW|EEp
-DQLViUJiVV]HPpYHOUiQp]HWW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

R

%DURP$WRORQFKi]EDFVXNMiN$NHVHUYHVPRFVNRV~ULVWHQLW
2O\DQKDQJRVDQFVLNRUJDWWDIRJiWKRJ\D]DOWLV]WLGHJHVHQEHWDSDV]WRWWDPLQGDNpWIOpW
.YHFVHV$QQDPpJNpWIL~WV]OWIHNHWpNHWPLQWDKROOypVV]pQHJ\NLVOiQ\WDNLNpWKpWWHO
NpVEE PHJKDOW 1HKH]HQ pOWHN D FLSpV] HOpJ J\DNUDQ NpUWH 3pN 0iULiW KRJ\ YiViUROMRQ V]iPXNUD
pOHOPLV]HUW PHUW D] iOODPL DOWLV]W IHOHVpJpQHN NRUOiWODQ KLWHOH YROW :HLV] ,JQiF EROWMiEDQ $ IpUILDN
HVWpQNpQW+iEHWOHUpNV]REiMiEDQVQDSV]OL]WDNtUWiNDEXQNyW3pN0iULDUXPRVWHiWSLUtWRWW]VtURV
IRNKDJ\PiV NHQ\HUHW WHWW D] DV]WDOUD .DUiFVRQ\ PiVRGQDSMiQ HOPHQWHN D .DUROLQD ~WUD D WHWIHG
PHVWHURUYRVILiKR]DNLWDGDOiUGDWLV]WHOHWEHOLWDJQDNYiODV]WRWWIHOVRUDNR]WDNDV]REiEDQpVFV|QGHV
KDQJRQVRNV]tYYHONDUiFVRQ\LpQHNHWpQHNHOWHNQHNL
 WDYDV]iQ .YHFVHV $QQD PHJNpUWH +iEHWOHU -iQRVW EHV]pOMHQ D /XGRYLND $NDGpPLiUyO .LQW
OWHN D EDUDNN HOWW DONRQ\RGRWW D 3LXV] 2WWKRQ IHOO SiURViYDO OHKDMWRWW IYHO M|WWHN D] DSiFiN D
/LQXP 7DXV]LJ 6iPXHO pV )LDL HPHOHWHV J\iUpSOHWpQ D VRNNRFNiV DEODNRN P|J|WW ViUJD IpQ\EHQ
KDMODGR]WDNDOiQ\RND]~WRQWHKHUDXWyYHUWHD R SRUWV]tQHVGUyWWDOiWN|W|]|WWJ\DSM~EiOiNDWYLWW
NORWWQDGUiJRVN|O\N|NNDYLFFVDOGREiOWiN$]DOWLV]WJRQGRVDQSDStUEDFVRPDJROWDDNiUW\iWUHQGH]WH
JRQGRODWDLWpVH]WPRQGWD
 $ /XGRYLND $NDGpPLD WHUOHWH N|UOEHOO QHJ\YHQQpJ\ NDWDV]WHUL KROGRQ IHNV]LN 2UF]\ EiUy ~U
DMiQGpNR]WD DEEyO D FpOEyO KRJ\ D] RUV]iJ NLYiOy HPEHUHLQHN D J\HUHNHL HOVDMiWtWViN D NDWRQDWLV]WL
WXGRPiQ\W *\|Q\|UHQ JRQGR]RWW SDUNMiEDQ pO V]DUYDV ] UHQJHWHJ PDGiU SiYD H]HQNtYO
DUDQ\KDODVWDYDNV]REURNNDOYDGNDFViNNDOpVFVyQDNi]KDWyQDJ\WyLVYDQ0HJHJ\HYDQJpOLNXVPHJ
HJ\NDWROLNXVWHPSORP0LQGHQpYDXJXV]WXVKXV]DGLNiQYDQDKDGQDJ\DYDWiVPHO\HQDIHPEHUHNLV
PHJMHOHQQHN %HOpSpV WHUPpV]HWHVHQ PHJKtYyYDO $PLNRU D] XUDONRGy PHJEt]RWWMD PHJMHOHQLN
KDUVRQiNMHO]LNpVD+LPQXV]XWiQN|YHWNH]LND]HVNWpWHO(]WPRQGMiN(VNV]|PD]pO,VWHQUH
KRJ\ 0DJ\DURUV]iJKR] pV D OHJIHOVEE +DG~UKR] K OHV]HN NOV pV EHOV HOOHQVpJJHO QHP
V]|YHWNH]HP D PDJ\DU W|UYpQ\HNKH] PLQGKDOiOLJ K OHV]HN ,VWHQ HQJHP ~J\ VHJpOMHQ (NNRU
NLUiQWMiN D NDUGMXNDW D PDJDVED HPHOYH HJ\PiVKR] pULQWYH FVDWWRJWDWMiN pV WHOL WRURNEyO H]W
NLDEiOMiN $ +D]ipUW PLQGKDOiOLJ  R eV H] LJHQ V]pS pV PHJKDWy (]XWiQ D] pYIRO\DP OHJMREEMD
PRQG QQHSL EHV]pGHW  ~J\ KDOORP LGpQ D NpW *|PE|VIL~ N|]O YDODPHO\LN PHUW NLYiOyDQ HV]HV
J\HUHNHNPDMGGtV]HEpGSRKiUN|V]|QWNNHO
eVDNLPHJEXNLN"NpUGH]WH$QQD$]]DOPLW|UWpQLN"
 1iOXQN VHQNL VHP EXNLN PHJ  IHOHOWH D] DOWLV]W  $ QDJ\RQ EXWiN YLGpNUH NHUOQHN JpKiV
WLV]WQHN
 $ WH PXQNiG PLFVRGD"  NpUGH]WH D FLSpV]  (]W LV PRQGG HO OpJ\ V]tYHV 9LJ\i]RO KRJ\ D
NDWRQDWLV]WHNQHORSMiNHODP~]HXPRW"
$]DOWLV]WKDOOJDWRWWHJ\SHUFLJ
 $] pQ EHRV]WiVRP My]DQ pOHW HPEHUW N|YHWHO  PRQGWD  1HP DNDURP KRJ\ GLFVHNYQHN
JRQGROMDWRN PHUW D] LO\HQIpOpW PDJDP LV HOtWpOHP GH pQ D NHUHVHWHPHW XWROVy ILOOpULJ iWDGRP D
IHOHVpJHPQHN SHGLJ KDMQDOEDQ WUyJHURORN LV pV FVDN MHOHV QQHSHNHQ LV]RP PHJ D ERUW DNNRU LV
PyGMiYDOeVHQJHPVRKDGHVRKDQHPV]pGtWKHWPHJFVLOORJyELOORJypUWpNPHUWpQDPiVpKR]QHP
Q\~ORN $] pQ EHRV]WiVRP My]DQ JRQGRONR]iVW N|YHWHO KRJ\ PHJYLOiJtWVDP HOWWHWHN D GROJRW
HOPRQGRN SpOGDNpQW HJ\ HVHWHW $] DOH]UHGHV ~U HONOG|WW HJ\ PiVRGRV]WiO\~ DOWLV]WHW D .HOHWL 3i 
R O\DXGYDUUD KRJ\ NpW EU|QGMpW YLJ\H HO D +HQJHUPDORP XWFiED $] DOWLV]W WD[LYDO YLWWH HO pV D
V]iPOiW EHQ\~MWRWWD $] DOH]UHGHV ~U LJHQ QDJ\ KDUDJUD JHUMHGW D]W PRQGWD NRPPXQLVWD pV
NLKDOOJDWiVUDUHQGHOWH$PLNRUPHJNpUGH]WpNKRJ\DQPHUpV]HOWWD[LWIRJDGQLD]DOH]UHGHV~USpQ]pQ
D]]DO YpGHNH]HWW KRJ\ D NpW EU|QG V~O\RV YROW QHP WXGWD D YLOODPRVLJ HOFLSHOQL 1R KiW H] QHP
NLIRJiV PHUW KD D SDUDQFVRW pQ NDSRP WHOMHVVpJJHO NL]iUW GRORJ KRJ\ D EU|QG|NHW EiUPHO\
HUIHV]tWpV iUiQ KD]D QH V]iOOtWVDP (EEO NLYLOiJRVRGLN KRJ\ D] DOWLV]W  QHP iOOtWRP KRJ\
NRPPXQLVWD PHUW QHP YROQD LJD]  GH EL]RQ\RV KRJ\ QHP My]DQ JRQGRONR]iV~ HPEHU pV HJpV]HQ
WHUPpV]HWHVKRJ\D]RQQDOLKDWiOO\DOOHV]HUHOWpN
,JHQPRQGWDDFLSpV]*~Q\RVDQYLOODQyV]HPpW+iEHWOHU-iQRVUDHPHOWH
.pVYDQV]yODOWPHJ3pN0iULDeSSHQLGHMHD]DOYiVQDN
(J\NpWSHUFLJKDOOJDWWiNPpJDV]|YV]pNHN]DMiWD]WiQDOXGQLPHQWHN
$ Q\iU YpJpQ 3pN 0iULD PLQVtWKHWHWOHQ PyGRQ HV]HOV WHNLQWHWWHO WiPDGW D IpUMpUH V]LGDOPD]QL
NH]GWH W .YHFVHV $QQD PLDWW +pWN|]QDS GpOXWiQ W|UWpQW NHWWHQ YROWDN D V]REiEDQ $ NpW NLVOiQ\
%UJHFVHQ Q\DUDOW  R -DQL D 1DJ\EROGRJDVV]RQ\ ~WMiUD PHQW D 1DS PR]LED *L]LNH PRVW LV D
5LQJHUV]DQDWyULXPQiOQp]WHDEHWHJHNHWV]LQWHPR]GXODWODQILJ\HOHPPHOyUiNRQiW+iEHWOHUViSDGW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

YROW0HJIRUGXOWDWN|UWOOHWHWWHDERURWYiWD]DV]WDOUDFVLWtWDQLSUyEiOWDD]DVV]RQ\W.pUOHOWHWpUMHQ
HV]pKH] QH RUGtWVRQ  FV|QGHV EpNpV HPEHU QHP V]HUHWL D ERWUiQ\W IHOWQpVW  QHP iUW PpJ D
OpJ\QHNVHPGHKDHJ\V]HUPHJYDGtWMiNDEEyOLJHQQDJ\EDMOHV]$]RQEDQ3pN0iULiEyO|PO|WWDV]y
UHSOiVJD]HPEHUQHNKD]XJQDNQHYH]WH
,VWHQQHYpUHKDOOJDVVPRQGWD+iEHWOHU,QNiEEHOPHJ\HNNLPHJ\HNDYLOiJEyO
(OPpV]"QHYHWHWW3pN0iULD9LV]HGDIHNHWHULEDQFRW"
+iEHWOHUDWHQ\HUpUHFVDYDUWDD]DVV]RQ\V]NHKDMiWOHUiQWRWWDDSDGOyUDpVUXJGDOQLNH]GWH
+DOORGPLWFVLQiOYHOHPD]XUDP"VLNtWRWWD3pN0iULD0LDWWDGWHIHNHWHNXUYD
)|OWiSiV]NRGRWW iWURKDQW .YHFVHV DMWDMiKR] |NOpYHO EHW|UWH D] YHJHW ~J\ NLDEiOWD iWNDLW
.YHFVHV$QQDKLV]WpULNXVDQ]RNRJRWWD]WPRQGWDDJ\RQV]~UMDPDJiWNLUiQJDWWDDNRQ\KDILyNRWGH
FVDNIDNDQiONHUOWDNH]pEH
R

+iEHWOHU I|OYHWWH V|WpWNpN HJ\HQUXKiMiW IHMpUH WHWWH IHNHWH DUDQ\JRPERV FViNyMiW pV HOPHQW .pW
QDSP~OYDKD]DM|WWUpV]HJYROWDUFDIiUDGWpVERURVWiV3pN0iULDOHIHNWHWWHWEHK~]WDDIJJ|Q\WD]
DEODNRQ
&V|QGHVHQPRQGWDDNpWJ\HUHNQHNDSiWRNEHWHJ
$EDUDNNWHOHSHWRNWyEHUHOVHMpQNH]GWpNERQWDQLWL]HQQpJ\QDSRWDGWDNDN|OW|]N|GpVUH$]
DVV]RQ\RNVtUWDNDIpUILDNFVRSRUWRNEDYHUGYHWiUJ\DOWiNDV]HUHQFVpWOHQVpJHW$UHQGU|NNHWWHVpYHO
MiUNiOWDNDVLNiWRURNN|]|WW
+iEHWOHU LV IpOW D PDJDV ODNEpUWO $ 9iViUWHOHS HON|OW|]|WW D .YDVVDL ~WUD QDJ\RQ PHVV]LUH QHP
MiUKDWRWW KDMQDORQNpQW NUXPSOLW J\P|OFV|W KRUGDQL 1pKiQ\ iOPDWODQ pMV]DND XWiQ PHJNHUHVWH GU
0iW\iV 9LOPRVW $] DOH]UHGHV NLWQ WDQiFVRW DGRWW .LKDOOJDWiVRQ PRQGMD HO QHKp] KHO\]HWpW NpUMH
PDJiWIHOV]ROJiOyQDNDWLV]WLpWNH]GpEHpVHQJHGMpNPHJKRJ\DPDUDGpNpWHOWKD]DYLJ\HDFVDOiGQDN
$/XGRYLND$NDGpPLD~MSDUDQFVQRNDYLWp]6]RPEDWKHO\L)HUHQFH]UHGHVHQJHGpO\H]WH$PLNRU3pN
0iULDPHJKDOORWWDDV]HUHQFVpVKtUWQHYHWQLNH]GHWW
0HJW|PMNDEHQGWNLiOWRWWD0pJKDERVWRUWiWLV]DEiOKDWXQN
R

eVKRUJDVXMM~FV~Q\DNH]pYHOI|OGK|]YiJWDDSRKDUDW
$] XWROVy HVWpQ PpJ HOPHQWHN D &KULVWYHQGpJOEH pQHNHOWHN .YHFVHV EHU~JRWW PLQW D GLV]Qy
gNOpWUi]WDNiURPNRGRWW6]pNHO\RUV]iJRWHPOHJHWWHPDMGOHERUXOWD]RODMRVSDGOyUD.pWWHQ\HUpEH
WHPHWWHDUFiWpVNHVHUYHVHQVtUW
$] ~M N|UQ\pNHQ V]iPWDODQ NRFVPD YROW PLQG HJ\IRUPD $ YHQGpJHN PXQND XWiQ EHWpUWHN
IHFVHJWHNYLWi]WDNEHOHW|WWpND]RUUXNDWPLQGHQEH
$+iUIiVPpJLVNO|QE|]|WWDW|EELWO
1HP D EHUHQGH]pV D SLV]NRV WHMYHJHV OiPSD YDJ\ D ERU PLQVpJH YROW PiV $ YHQGpJHN LWW LV
IHFVHJWHN JRQGRVDQ PHJYL]VJiOWiN PpUW LYRWW Ji]W 6iSDGW %pOD KRJ\DQ Q\HUW SpQ]W +tUHV ,VWYiQ D
OyYHUVHQ\HQNLWOiOODSRWRV&VHOH-XOLeVFVDNDNNRUQ\XJRGWDNPHJLWWLVKDDNRFVPiURVJRURPEiQ
IHOV]yOtWRWWDNHWKRJ\]iUyUDYDQ
$+iUIiVD]pUWNO|QE|]|WWPLQGHQPiVNRFVPiWyOPHUWLGHMiUW5HLFKEiFVLDWHPSORPLpQHNHV+D
HOKDQ\DJROW UXKiMiEDQ EHOpSHWW D] DMWyQ D PRJRUYD NRFVPiURV V]HPpQ MyNHGY IpQ\ J\~OW PiU
NpV]tWHWWHDKHULQJHWHFHWHVKDJ\PiWNLPpUWHDIU|FFV|W
5HLFK EiFVL OHV]iPROWD D SpQ]W SLV]NRV XM  R MiYDO V]HGHJHWWH WpSWH D KHULQJHW UDNWD IRJDWODQ
V]iMiED $ PiVRGLN SRKiU XWiQ HOWQW DUFiUyO D ViSDGW V]tQ +iWiW D V|QWpV SXOWMiQDN WiPDV]WRWWD
V]LSSDQWRWW ROFVy V]LYDUMiEyO pV QDJ\NpSHQ PDJ\DUi]QL NH]GWH PLpUW QHP WpYHGQHN HO D
YiQGRUPDGDUDNPLO\HQDODN~.OHRSiWUDIUGNiGMDKRJ\DQWDOiONR]LNDYpJWHOHQEHQNpWSiUKX]DPRV
HJ\HQHV
$NRFVPiURVtJ\V]yOW
0HJPRQGDQiGNLORSWDHOD1DJ\IXYDURVXWFDL]VLGyWHPSORPSHUVHO\pW"
5HLFKEiFVLHOSLUXOW
1HPV]pSKRJ\LO\HQWNpUGH]HOWOHP
1HPV]pS"eVDWHPHWEHQPLWFVLQiOV]"
$IVW|VKHO\LVpJEHQNLW|UWDOiUPD
J\YDQ$UUyOEHV]pOM7HpQHNHV
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

7iJUDQ\LWRWWV]HPPHOQp]WHDNLDEiOyNDW0DMGKDUDJRVDQtJ\V]yOW
0LIpOHMRJRQJ\DQ~VtWKDWEiUNLHJ\iOODPSROJiUW"PHDSiQJHUPiQNRQVSLUiFLyKDWiVD(QJHPQH
J\DQ~VtWVDWRN,JD]QpKDPHJV]yOtWRPD]HPEHUHNHWDWHPHWEHQeQLVDGRPiQ\R]WDPPiU
/HOW D] DV]WDOKR] pV VRN ERUW LYRWW 1DJ\ KDQJRQ UHQGHOW IL]HWHWW PLQGHQNLQHN pQHNHOW WiQFROW
PHJFVyNROWD+tUHV,VWYiQW&VHOH-XOLQDNPHJD]WPRQGWD
,VWHQPHJYpGPLQNHWDV|WpWVpJEHQLV
R

$ YHQGpJHN WDSVROWDN QHYHWWHN YLUiJ]RWW D +iUIiVEDQ D MyNHGY $]WiQ 5HLFK EiFVL HOIiUDGW
OHKDMWRWWDNRSDV]IHMpWD]DV]WDOUDKRUNROW]iUyUiLJ
+tUHV ,VWYiQ FLSHOWH KD]D ]|UJHWWH D YpQ NROGXV DMWDMiW D KX]DWRV IRO\RVyQ 5HLFK .DWy iOPRVDQ
NyFRVDQiWYHWWHDYHUtWpNV]DJ~|UHJHWpVOHIHNWHWWHDUR]RJDYDViJ\UD
$ +iUIiV YHQGpJHL D]W PRQGWiN +tUHV ,VWYiQ V]HUHOPHV 5HLFK .DWyED $ NRFVPiURV EHOHV]yOW D
YLWiED
+tUHV,VWYiQD]|OpEHDNDUMDOWHWQLDOiQ\W0iVV]iQGpNDQLQFVHQ
$YHQGpJHNQHPFVRGiONR]WDN(OLVPHUWpNPLQGHQIpUILD]|OpEHYHQQpDOiQ\WD1DJ\IXYDURVXWFD
N|UQ\pNpQ
5HLFK.DWyV]pSYROWPHJN|]HOtWKHWHWOHQeVV]HUHOPHVLIMDEE+iEHWOHU-iQRVEDUHPpQ\WHOHQO
,IMDEE +iEHWOHU -iQRV QHP YROW V]pS QHP NO|Q|VHEEHQ pUWHOPHV .RQRN IDMWD LQGXODWiEDQ
IpNH]KHWHWOHQgNOpYHOEHOHFVDSRWWDNiUDV]REDIDOiEDLVKDPHJYDGtWRWWiNLO\HQNRURUGtWRWWDKRJ\D
WRUNiQNLIpUW
$WDYDV]LQQHSHNNH]GHWpQPLNRUDNHYpVEpYDOOiVRVKLYLVURSRJyVSiV]NiWHV]LNpVMHJ\HWYiOW
NpWSHQJpUWDWHPSORPED5HLFK.DWyPHJNpUWHDIL~WYHJ\HWIHOHVpJOKVpJHVDVV]RQ\DOHV]
R

(Ki]DVViJLDMiQODWQDNQHPYROWVHPPLpUWHOPHDIHOHNH]HWLNO|QEVpJNL]iUWPLQGHQOHKHWVpJHW$
QHYH]HWHVWDYDV]LQDSRQLIMDEE+iEHWOHU-iQRVH]WHOpJYLOiJRVDQPHJPDJ\DUi]WD
(]HQ D N|UQ\pNHQ QHPFVDN D NRFVPiN D EpUKi]DN LV HJ\IRUPiN 7|EEQ\LUH KiURPHPHOHWHVHN
PLQGHQHPHOHWHQN|]|VYpFpHOWHUN|QQ\LNRUJyOHQJDMWyYDO
,O\HQ EpUKi] KDUPDGLN HPHOHWpQ V]REDNRQ\KiV XWFDL ODNiVEDQ ODNRWW D N|]WLV]WHOHWQHN |UYHQG
+iEHWOHUFVDOiG
-yOHON WpNR]Oy HPEHUHN YROWDN '~VDQ WHUtWHWW DV]WDOXNQiO PLQGHQQDS FVLUNpW NDFViW HYHWW
IHOHNH]HWLpVUDQJNO|QEVpJQpONODV]RPV]pGpVDURNRQDWiYROLLVPHUVYDJ\D]DUUDMiUyNROGXV
/DNiVXNDW6iSDGW%pODIHVWHWWHNL$V]REiW3pN0iULDHOJRQGROiVDV]HULQWHOIHOH]WpN'HV]NiEyO
K~]WDN IDODW DEODNRW YiJWDN Ui pV NHVNHQ\ DMWyW $] XWFDL UpV]HQ iOOW 7DXELQJHU IHVSHUHV
DMiQGpNE~WRUD.pWV]HNUpQ\DV]WDOpVNpWpMMHOLV]HNUpQ\N|]|WWD]iJ\DN(J\LNHQDKi]DVSiUDOXGWD
PiVLNRQ -DQL $ GHV]NDIDO W~OVy ROGDOiQ HJ\ GtYiQ\RQ +DMQDOND pV (V]WHU D SDGOyUD WHUtWHWW
V]DOPD]ViNRQSHGLJ*L]LNH,WWiOOWPpJHJ\DV]WDONpWV]pNDKHQJHUDODN~]RPiQFR R ]RWWW]KHO\
+iEHWOHU ]|OG NDWRQDOiGiMD pV D VDURNEDQ SROFRQ SDUDGLFVRPRV EHIWWHV OHNYiURV
XERUNiVYHJHNDPLNDNpWV]HNUpQ\WHWHMpQPiUQHPIpUWHNHO
*L]LNHUHJJHOQpJ\yUDNRUNHOWMSHVWpV5iNRVSDORWDKDWiUiQD0DJ\DU3DPXWLSDUEDQGROJR]RWW
PLQW SRUROyOiQ\ KHWL NLOHQF SHQJpUW -DQL $QJ\DOI|OG|Q D )pPIHOGROJR]yEDQ YROW
HV]WHUJiO\RVWDQRQFDNpWNLVOiQ\SHGLJD&VREiQFXWFDLHOHPLLVNROiEDMiUW2WWKRQDIRO\RVyQ7QGpU
,ORQiWMiWV]RWWDNEDEiWYiJWDNNLJ\DNUDQ|VV]HYHV]WHNLO\HQNRUYpUHVUHNDUPROWiNHJ\PiVNH]pW3pN
0iULDDNRQ\KiEDQPRVRWW+iEHWOHUD.iURO\L/DNWDQ\iEyOKRUGWDDIHKpUQHPW
7DYDV]WyOV]LJYDViUQDSRQNpQWDV]RPV]pGRNNDOLVPHUV|NNHONLUiQGXOWDND1pSOLJHWEH3LKHQWHN
D IY|Q D J\HUHNHN FVDYDURJWDN KLQWi]WDN QHYHWWHN .iSRV]WiV =VX]VLQ NLNLiOWyQ OLV]WHV DUF~
ERKyFRQpVV]tQHVYDWWDFXNURWPDMV]ROWDN
*L]LNH V]pS OiQ\ YROW 6]HPH WLV]WD YLOiJRV NpNHVV]UNH V|WpW V]HPSLOOiNNDO +DMD EURQ] DODNMD
NDUFV~QDJ\V]pSN|UWHDODN~NHEOHNNHO6]NJRPERVEXUHWWUXKiWYLVHOWDPLNRUDKXOOiPYDV~WQiO
pOHWpEHQHOV]|UIpUILPHJV]yOtWRWWD)HNHWHKDMDYROWIHKpUIRJDYiODV]WpNRVDQ|OW|]|WWD]WPRQGWD
WLV]WYLVHO  R HJ\ PV]HUJ\iUEDQ ERNV]ROy HOYHWW KiURP NLWQWHWpVW pV PHJPXWDWWD $ONRQ\DW
XWiQWiYROUyOKD]iLJNtVpUWHD+iEHWOHUFVDOiGRW
.pW QDS P~OYD *L]LNH PHJOiWWD W D] DEODNEyO WRMiVKpMV]tQ UXKiW YLVHOW W]SLURV
FVRNRUQ\DNNHQGW IHO pV DOi MiUNiOW D] XWFD PiVLN ROGDOiQ D V]UNH IDO~ ]VLGyWHPSORP HOWW 5HLFK
.DWyYDO OHPHQW KR]]i VpWiOWDN EHV]pOJHWWHN D]WiQ 5HLFK .DWy HOE~FV~]RWW N PHJ HOPHQWHN D
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

3KQL[PR]LEDpVDV|WpWEHQPHJFVyNROWiNHJ\PiVW
$ IpUIL V]RPEDWRQ GpOXWiQ FLUNXV]MHJ\HW KR]RWW *L]LNH IHOKtYWD D ODNiVED +iEHWOHU .DODX] PHJ D
FLSpV]VQDSV]OL]WDN.YHFVHV$QQDWHNHUWHDJUDPRIRQWE|PE|OWD/DNXNDUDG]VD+tUHV,VWYiQ5HLFK
.DWyYDOWiQFROW6iSDGW%pODIXWEDOOPHFFVUORUGtWR]RWWYLWDWNR]RWW-DQLYDO&VHOH-XOLDV]HPpWOiGiQ
OWFVLUNHFRPERWHYHWWDNpWNLVOiQ\DNRQ\KDV]HNUpQ\ROGDOiEDQUHVJ\XIiVGRER]RNNDOMiWV]RWW3pN
0iULDPHJNtQiOWDDIpUILWHJ\SRKiUERUUDO
0DJDKiQ\pYHV"NpUGH]WH
+XV]RQ|WIHOHOWHDIpUIL
 (OP~OW PDJD PiU KDUPLQF LV  PRQGWD 3pN 0iULD  9LJ\i]] OiQ\RP D IpUILDNQDN UyNDOHONN
YDQ
$]WiQHOLQGXOWDNDFLUNXV]EDDIpUILHJpV] R ~WRQNDUMiQYLWWH*L]LNHERUVy]|OGNDEiWMiW(ODGiV
XWiQ D 9iURVOLJHW V]pOpQ D OiQ\ V]RNQ\iMD DOi Q\~OW WDSRJDWQL NH]GWH *L]LNH HOO|NWH PDJiWyO pV
URKDQW D YLOODPRVLJ 1pKiQ\ DONDORPPDO HOM|WW PpJ D IpUIL PR]LED PHQWHN KD]DIHOp FVyNROy]WDN
PLQGHQ NDSX DODWW 9pJO LV 3pN 0iULD PHJSRIR]WD *L]LNpW pV D] XGYDUOy U|YLG NtVpUOHWH]pV XWiQ
|U|NUHHOPDUDGW$NNRU*L]LNHD]WPRQGWD5HLFK.DWyQDN
1DJ\RQV]HUHWHNFVyNROy]QL
V]LHVWHYROW+iEHWOHUpNNRQ\KiMDHOWWDIRO\RVyUiFViQWiPDV]NRGWDN
 (QJHP PpJ QHP FVyNROWDN PHJ  PRQGWD 5HLFK .DWy  (OEEXWyEE IHOHVpJO PHJ\HN D]
|FVpGKH]OHJ\HQD]HOVD]WDNDURP
,O\HQUHQHPV]DEDGJRQGROQRGV]yOWFV|QGHVHQ*L]LNH
+DDNDUMDNLNHUHV]WHONHGHPPRQGWD5HLFK.DWy$SiPVtUQDGHpQHOPHJ\HND]HYDQJpOLNXV
SDSKR]pVNLNHUHV]WHONHGHP$NNRUPHJKi]DVRGKDWXQNpVNLVIL~WV]O|NQHNLPHUWNLVIL~WV]HUHWQH
PLQGHQiURQ
*L]LNHiW|OHOWHWpVKDOOJDWWDNVRNiLJ
$ WpO XWyMiQ OHWW V]HUHOPHV *L]LNH 6]FV %pOiED D *UDXHU /LNUJ\iU L]PRV ILDWDO VRIUMpEH
2UJRYiQ\L V]OHWpV YROW iUYD D +R  R PRN XWFiEDQ ODNRWW D QYpUpQpO 6]FV %pOD V]HUHWWH
+iEHWOHU *L]LNpW $ .HUHSHVL WHPHWEHQ NRV]RU~V]DJ~ V]pOEHQ FVyNROy]WDN VtUEROWRN iUQ\pNiEDQ
Qp]WpN HJ\PiV V]HPpW *L]LNH EROGRJ YROW  $UDQ\EDUQD KDMD YDQ  PRQGWD 5HLFK .DWyQDN  eV
]V]HP
$PLNRU *L]LNH 5LFKWHUV]|YJpSUH NHUOW KHWL NHUHVHWH WL]HQQ\ROF SHQJ OHWW HOKDWiUR]WiN KRJ\
PHJKi]DVRGQDN $]RQEDQ 6]FV %pOD EHPXWDWNR]iVD EDOXO VLNHUOW HJ\ NXUWD MyQDSRWWDO HOURQWRWW
PLQGHQW 3pN 0iULD NLHJ\HQHVtWHWWH GHUHNiW D PRVyWHNQQpO PHJW|U|OWH KRUJDV XMM~ FV~Q\D NH]pW
KLGHJNpNV]HPpYHODIL~UDQp]HWW
0DMGPHJEHV]pOHPDOiQ\RPPDOPRQGWD
6]FV%pOiWQHPHQJHGWHW|EEpDODNiVED
7LWRNEDQWDOiONR]WDN$]WiQ6]FV%pOiWNDWRQiQDNYLWWpNSiQFpORVQDND0iULD7HUp]LDODNWDQ\iED
(J\ HV]WHQGHLJ OHYHOH]WHN +tUHV ,VWYiQ HNNRU PiU V]HUHOPHV YROW *L]LNpEH PLQGHQ GpOXWiQ D
NRQ\KiEDQ OW 3pN 0iULiYDO EHV]pOJHWHWW D]W PRQGWD PHJ|OL PDJiW KD *L]LNH PiVKR] PHJ\
IHOHVpJOQDUDQFVRWKR]RWWDMiQGpNEDPR]LMHJ\HWD]2UJRQDYLUiJ]iVKR]pVPiUDEXWDViJLJWLV]WHOWH
*L]LNpW (J\ DONDORPPDO 3pN 0iULD D] yFVND EU|QGEHQ SRQ\YDUHJpQ\HN N|]|WW PHJWDOiO  R WD
6]FV %pOD OHYHOHLW DJ\EDIEH YHUWH OiQ\iW 7DYDVV]DO 6]FV %pOD EHWHJ OHWW $NNRU *L]LNH 5HLFK
.DWyYDOHOPHQWD*\iOL~WLKHO\UVpJLNyUKi]EDDNHUWEHQEHV]pOJHWWHN
.|OW|]]HORWWKRQUyOPRQGWDDIL~)HOHVpJOYHV]OHN
eQQHPKDJ\KDWRPHODFVDOiGRPDWYiODV]ROWD*L]LNH
*\iYDYDJ\(UHGMW|EEpQHPDNDUODNOiWQL
$]WiQM|WWDNDVVDLEHYRQXOiVpVHOYLWWpNW
+tUHV,VWYiQOG|JpOWDNRQ\KiEDQEHV]pOJHWHWW3pN0iULiYDOKR]WDDERQERQPHJJ\HWpVJ\DNUDQ
HOYLWWH*L]LNpWPR]LED(J\V]HU*L]LNHD]WPRQGWD5HLFK.DWyQDN
(]RO\DQHJ\KO\HDODNDNH]HPHWVHPPHULPHJIRJQL
1pKiQ\QDSSDONpVEEHVWHHJ\OiPSDRV]ORSDODWW+tUHV,VWYiQPHJiOOWpVtJ\V]yOW
7HpQPRQGDQLDNDURNYDODPLW
+iWPRQGG
,QNiEEDGQLDNDURNYDODPLW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

+iWDGMiO
+XQ\GEHDV]HPHGHW
*L]LNHEHFVXNWDDV]HPpWHNNRU+tUHV,VWYiQPHJFVyNROWD'HH]LQNiEESXV]LYROW
$OiQ\QHPV]HUHWWHW+t]HOJQHNXQDOPDVQDNWDOiOWDHOpJJ\DNUDQPHJPRQGWDQHNL
R

 NDUiFVRQ\iQ pGHVDQ\MD N|YHWHOpVpUH +iEHWOHU *L]HOOD IHOHVpJO PHQW +tUHV ,VWYiQKR] D
1DJ\YiUDG WpUL UHIRUPiWXV WHPSORPEDQ HVNGWHN |U|N KVpJHW HJ\PiVQDN $ IpQ\NpSpV]QpO IpUMH
NtYiQViJiUDOHYHWHWWHFLSLWPHUW+tUHV,VWYiQDODFVRQ\WHUPHWHPEHUYROW3pN0iULDKDODWUiQWRWW
W~UyVFVXV]iWNpV]tWHWWKDMQDOLJLWWDNpQHNHOWHN
-DQXiUEDQ*L]LNHWDOiONR]RWW6]FV%pOiYDO$IL~D+RPRNXWFiEDQHJ\NDSXDODWWiOOWYiUWYDODNLW
KDMiQV]HP|OG|NpQKyOW1HPV]yOWVHPPLWQHPLVN|V]|QW(VWH+tUHV,VWYiQQpD]WPRQGWD5HLFK
.DWyQDN
J\VHV]HUHWHWWYROQDVRNiLJHOKDJ\RWWYROQD2O\DQV]pS$OHONHPPpO\pQPLQGLJIpOWHPWOH
/HKDMROW D ODSiWpUW pV QDJ\ FV|U|PS|OpVVHO V]HQHW |QW|WW D KHQJHU DODN~ NiO\KiED )HEUXiUEDQ D
N|]pSV +iEHWOHUOiQ\W (V]WHUW QDJ\ IiMGDOPDNNDO t]OHWL J\XOODGiVVDO D )HKpUNHUHV]W
J\HUPHNNyUKi]ED YLWWpN .DUMiW WpUGpW PiU QHP WXGWD PR]GtWDQL $ +iUIiV YHQGpJHL L]JDWRWWDQ
WiUJ\DOWiND]HVHPpQ\WD]WPRQGWiNYDOyV]tQOHJPHJKDOPLQGHQXMMDN|UPHNLIHKpUHGHWW
5HLFKEiFVLYpOHPpQ\HPiVYROWV]HULQWH(V]WHUMyOWiSOiOWpVH]PHJPHQWLW
&VHOH -XOL N|QQ\H]HWW .LMHOHQWHWWH LPiG  R NR]QL IRJ pUWH LV  QDSRQWD NpWV]HU UHJJHO D 5LWD
NiSROQiEDQ PHJ DOYiV HOWW LPiGNR]LN NpUL ,VWHQW HJpV]VpJHV J\HUPHNH V]OHVVHQ YLJ\i]]D 9DUJKD
6iQGRU PLQGHQ OpSpVpW pV QH HQJHGMH NLJ\XOODGQL 5HLFK EiFVL J\RPUiEDQ D SiOLQNiW $] HPEHUHN
QHYHWWHN
.LD]D9DUJKD6iQGRU"NpUGH]WHDNRFVPiURV$J\HUHNHGDSMD"
 $]  PRQGWD &VHOH -XOL  $ YOHJpQ\HP .pWKHWHQNpQW J\DORJ M|Q EH +RUWK\OLJHWUO PHUW RWW
GROJR]LN1DJ\RQWDNDUpNRVHPEHUPiUKDWYDQSHQJWIpOUHWHWW+DW|EESpQ]QNOHV]NLIHVWHWMND
V]REiPDWFLiQR]WDWXQNPHUWNpQ\HVWHUPpV]HWYHV]QNUHQGHViJ\DWQpKiQ\V]NVpJHVKROPLWpV
PHJKi]DVRGXQN
eVWHPpUWQHPGROJR]RO"NpUGH]WH6iSDGW%pOD0HJPRQGRP$]pUWPHUWOXVWDGLV]QyYDJ\
&VHOH-XOLPHJYRQWDDYiOOiW
 eQ QHP EtURP D QHKp] PXQNiW  PRQGWD FV|QGHVHQ  0HJSUyEiOWDP +DPDU NLYHU D YHUtWpN
V]pGO|N IRURJQL NH]G PLQGHQ $ GRER]J\iUEyO LV KD]DNOGWHN 5HLFK EiFVLW QHPHJ\V]HU NpUWHP
V]HUH]]HQYDODPLWMREEHPEHUHNNHOpULQWNH]LN
,JD]PRQGWD5HLFKEiFVL9DOyLJD]pVpQV]DYDPUDPLQGHQWPHJLVSUyEiORN
R

0iUFLXV HOHMpQ 5HLFK EiFVL PXQNiW V]HU]HWW &VHOH -XOLQDN (J\ HJpV]HQ ~M YiOODODW OpWHVOW
PRQGKDWQL ]HP PHVV]H D )UDQJHSiQ XWFiEDQ D IXYDURVJD]GiN N|UQ\pNpQ pV D WLV]WHOHWUH PpOWy
6DOXEULWDVQHYHWYLVHOWH(QQHNDEHMHJ\]HWWFpJQHND]LJD]JDWyMiYDOEHV]pOWV]HPpO\HVHQ5HLFKEiFVL
WHOMHVHQYiUDWODQXO
'U9DMGD(UQD/XM]DXWFiEDQ|]YHJ\6DODPRQQpUHPHNNLI]pVpEHQHEpGHOWPLNRU5HLFKEiFVL
XGYDULDVDQ LVPHUHWOHQO My pWYiJ\DW NtYiQW pV QpKiQ\ V]yYDO PHJHPOtWHWWH D Q\RPRUiW $NNRU GU
9DMGD(UQUiQp]HWWDV]HPYHJpQiWpVPXQNiWDMiQORWW5|YLGHQV]LJRU~DQEHV]pOW$]WPRQGWDD
6DOXEULWDV QHP]HWHJpV]VpJJ\L V]HPSRQWEyO IRQWRV YiOODODW $ PXQND iOODQGy WHKHUDXWy KR]]D
PLQGHQUHJJHOD]iUXW1HPGDUDEV]iPPpULD]LGWQHPOHKHWVpUYHWNDSQLpVKHWLK~V]SHQJWIL]HW
5HLFK EiFVL D]RQQDO &VHOH -XOLW DMiQORWWD GLFVpUWH J\HV NH]pW pV HOKDOOJDWWD D OiQ\ iOGRWW iOODSRWiW
2WWKRQ D]W WDQiFVROWD &VHOH -XOLQDN |OW|]]|Q ~J\ KRJ\ GU 9DMGD OHJDOiEE D] HOV WDOiONR]iVQiO QH
YHJ\HpV]UHPLUOYDQV]y&VHOH-XOLQHPWXGWDHONHQG]QLDKDViWD]WtJpUWH~J\IRJPR]RJQLKRJ\
GU9DMGDQHJ\DQDNRGMpN
(] D EHV]pOJHWpV V]HUGiQ W|UWpQW FVW|UW|N|Q UHJJHO &VHOH -XOL HOPHQW D )UDQJHSiQ XW  R FiED
'U9DMGD(UQDNDSXEDQiOOWEHYH]HWWH&VHOH-XOLWD]XGYDUUDPHJPXWDWWDDPKHO\WpVYLVV]DPHQW
DNDSXKR]
$ PKHO\W GHV]NiEyO pStWHWWpN .|]HSpQ KRVV]~ EiGRJWHNQ iOOW N|UO|WWH UHV OiGiN $] HJ\LNHQ
YpQDVV]RQ\ NXSRUJRWW W|NPDJ KpMiW N|SN|GWH V]DQDV]pW ,GQNpQW IHOU|K|J|WW GH QHP YROW ERORQG
&VHOH-XOLNpVEEOiWWDKRJ\UpV]HJ
&V~Q\DYiOODODWYROWD6DOXEULWDV$KRJ\PHJpUNH]HWWDWHKHUDXWyOHUDNWiNUyODDVRNN|SFVpV]pW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

PHJLQGXOW D PXQND &VHOH -XOL Qp]WH YDODPHGGLJ D]WiQ HONpUWH D] |UHJDVV]RQ\WyO D SiOLQNiVYHJHW
%HKXQ\W V]HPPHO MyFVNiQ LYRWW PDMG I|OJ\UWH D EO~]iW N|Q\pNLJ pV GROJR]QL NH]GHWW .pVEE
PHJLWWiND]YHJSiOLQNiWQDJ\RNDWU|K|JWHN0pJpQHNHOWHNLV
(J\ V]RPEDW GpOXWiQ 9DUJKD 6iQGRU EHM|WW D PKHO\EH &VHOH -XOL HOPHUOWHQ GROJR]RWW QDJ\
KDViYDO KDMORQJRWW D WHNQQpO $NNRU OiWWD PHJ 9DUJKD 6iQGRUW DPLNRU D] PiU |NOHQGH]HWW $]
|UHJDVV]RQ\ KtYWD I|O Ui D ILJ\HOPpW EW\N|V XMMiYDO W|EEV]|U LV D IpUIL IHOp E|N|WW D OHYHJEHQ pV
ERU]DV]WyDQU|K|J|WW
'H PtJ &VHOH -XOL PHJW|U|OWH N|WpQ\pEH D NH]pW pV QHKp] MiUiViYDO HOLQGXOW PHJNHUOYH  R D
WHNQWOiGiNDWKRJ\VHJtWVpJpUHVLHVVHQ9DUJKD6iQGRUHOV]|N|WW
(]HQ D GpOXWiQ &VHOH -XOL VRN SiOLQNiW LYRWW D +iUIiVEDQ 7LV]WHVVpJHV UpV]HJ YROW QHP VtUW QHP
NLDEiOWFV|QGHVHQN|Q\|N|OWD]DV]WDORQ.pVEEIRURJQLNH]GHWWYHOHDNRFVPDHOLQGXOWKD]DIHOpGHD
0iW\iVWpUHQ|VV]HHVHWW$]HPEHUHNHJ\SDGUDIHNWHWWpN$+iUIiVEyOLVNLV]DODGWDNKR]]iDYHQGpJHN
LMHGWHQEiPXOWiNGHDV]OpVLIiMGDOPDNRQQHPWXGWDNVHJtWHQL1DJ\NtQRNDWpOWiWVLNROWR]RWWKDMiW
WpSWH YpUHVUH KDUDSWD |NOpW +tUHV ,VWYiQ W|EEV]|U PHJLJD]tWRWWD V]RNQ\iMiW $]WiQ HOYLWWpN W D
PHQWN
,IMDEE +iEHWOHU -iQRV HJ\ DNiFID DODWW iOOW IHNHWH DWOpWDWULNyW YLVHOW ViSDGW YROW LQJHUOW IRJiW
FVLNRUJDWWD QDJ\RQ I|OKiERUtWRWWD W D] HVHPpQ\ 6]LGDOPD]WD N|]|QVpJHV V]DYDNNDO LOOHWWH &VHOH
-XOLW'|J|OM|QPHJNLDEiOWD$]WNtYiQRPQHNLWLV]WDV]tYHPEO
$ VRSiQNRGy W|PHJEO HOOpSHWW HJ\ NRSDV] YiV]RQUXKiV IpUIL  +RJ\DQ EHV]pO"  NpUGH]WH
0HQMHQLQQHQPHUWUHQGUWKtYRN
5HLFK.DWypV+tUHV,VWYiQQDJ\RQPHJLMHGWHN.pUWpNDIpUILWQHV]yOMRQHJ\V]yWVHPPHQMHQPtJ
My GROJD YDQ PtJ EDM QHP  R OHV] GH D IpUIL QHP KDOOJDWRWW UiMXN OHIHMWHWWH YiOOiUyO 5HLFK .DWy
NH]pW iUDGW EHOOH D V]y D]W PRQGWD D] LO\HQ OHJpQ\W PHJ NHOO OHFNp]WHWQL LQWHUQiOQL NHOO H]HNEO
OHV]QHNDKpWSUyEiVJ\LONRVRN(NNRULIMDEE+iEHWOHUUiQp]HWWViUJiVV]HPpYHO(OLQGXOWDIiWyODIpUIL
PHJHOIHKpUHGHWW5HQGURUGtWRWWD(UHMHQHPYROWV]DODGQLYpGHNH]QHOUHQ\~MWRWWDNpW|NOpW
$IL~D]DUFiEDW|WW$NDYLFVRNRQUXJGDOQLWDSRVQLNH]GWHDUHQGUDOLJWXGWDHOUiQJDWQL6]yWODQXO
PHQW D 9tJ XWFDL UHQGUNDSLWiQ\ViJUD %HV|WpWHGHWW PLNRU NLHQJHGWpN 5HLFK .DWy D -y]VHI XWFD
VDUNiQ YiUWD W NLVpWiOWDN D 0iW\iV WpUUH OHOWHN HJ\ SDGUD Qp]WpN D KDQF~UR]y KROWNRV]RV
FLJiQ\J\HUHNHNHW .pVEE 5HLFK .DWy PHJNpUGH]WH PLO\HQ EQWHWpVUH V]iPtW D IL~ D]W IHOHOWH WDOiQ
KDUPLQFSHQJOHV]VDMQRVDWLV]WPiULVPHULW
&VDNRWWKRQQHWXGMiNPRQGWDLMHGWHQ,VPHUHGDSXNiWQDSRNLJVRSiQNRGQD
.pVEEPHJLQWHOIRJWDDGK6]HPHW]HOWPRFVNRVXWROVyUpV]HJGLV]QyQDNQHYH]WH&VHOH-XOLW
1HKp]|NOpYHOUiW|WWDSDGWiPOiMiUDEUHI|OV]DNDGWNLVHUNHGWDYpU
'HKiWQHPOHKHWtJ\DYLOiJUDKR]QLNLDEiOWD(PEHUHNYDJ\XQN6HQNLVHPFVLQiOMDH]W$
J\HUHNQHPV]OHWKHWLNtJ\ R LO\HQUpV]HJHQGLV]QyPyGMiUD$J\HUHND]J\HUHN
(OKDOOJDWRWWgNOpWQ\LWRJDWWD5HLFK.DWyOiWWDKRJ\VtUGHQHPPHUWHPHJVLPRJDWQL
,IMDEE +iEHWOHU PXQNiMiYDO V]RUJDOPiYDO QHP YROW EDM +tUHV ,VWYiQ W|EEV]|U pUGHNOG|WW D
)pPIHOGROJR]yEDQpVPLQGLJHOLVPHUPHJHOpJHGHWWKDQJRQEHV]pOWHNDIL~UyO
6]DEDG LGHMpEHQ 6iSDGW %pOiQDN K~]WD D NRFVLW Y|GU|NHW OpWUiNDW EpFVLWpJOiW HFVHWHNHW
KHQJHUHNHWPLQGD]WDPLDV]REDIHVWpVKH]V]NVpJHV6HJtWHWWIDODWNDSDUQLHQ\YHWI]|WWV]HUV]iPRW
DGRWW Np]KH] NpVEE PiU YRQDOD]RWW LV 5HLFK .DWy YDFVRUiW YLWW QHNL 3pN 0iULD NpV]tWHWWH 6iSDGW
%pOD D ODNiV PpUHWpKH] pV SLOODQDWQ\L KDQJXODWiKR] LJD]tWRWWD D IL]HWpVW $PLNRU OHROWRWWiN D
YLOODQ\RNDWOH]iUWiNDODNiVWpVKD]DIHOp6iSDGW%pODEHWpUWD+iUIiVEDNPLQGLJEHV]pOJHWWHN
+DHJ\HGOGROJR]QpNPRQGWDDIL~J\RUVDEEDQpVV]HEEHQFVLQiOQiP
0HJIRJWDDOiQ\NH]pWDERUEpO\]OHWUHGQ\HHOWWOHOWHNDOpSFVUH
$]XGYDULODNiVRNDWHJpV]HQYLOiJRVUDIHVWHQpPPRQGWDDIL~pVHOPRVRO\RGRWW.pNNHOPHJ
H]VWWHO0pJHVWHVHPNpQHYLOODQ\WJ\~MWDQL(OKLV]HG"
$OiQ\LVHOPRVRO\RGRWW
R

 )RJDGM HO HQJHP  PRQGWD FV|QGHVHQ  +D DNDURG YLOiJRVNpN UXKiW YHV]HN PDJDPQDN H]VW
V]HJpOO\HO
$IL~PpUJHVOHWW
 eQ QHP DNDUODN WpJHG VRKD EiQWDQL GH WH IHOERVV]DQWDV] DNNRU PpJLV EiQWDODN PiVQDS PHJ
PLQGHQNLYHOYHUHNV]HP(]pUWPHJNpUOHNKRJ\EHV]pOMPiVUyO
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

+DOOJDVVPHJ-DQLV]yOWDOiQ\eQPLQGHQUHQDJ\RQILJ\HOHNpVYLJ\i]RNDPLWWHPRQGDV]
7DYDO\ D] (OHNWURPRVSiO\iQ UiP NLDEiOWiO KRJ\ SLKpV D KDMDP eQ DNNRU HJpV] pMMHO EJWHP D]W
JRQGROWDP OHQ\tUDWRP NRSDV]UD OiVVDG PHQQ\LUH V]HUHWOHN 'H D]WiQ IpOWHP KRJ\ QHP iOOV] YHOHP
V]yED 0L EROGRJRN OHKHWQpQN +D QHP WXGQiP QHP LV EHV]pOQpN UyOD eV V]pS OHQQH D
J\HUPHNQN
eQ]VLGyOiQ\WQHPYHKHWHNIHOHVpJOPRQGWDDIL~(JpV]HQURVV]YpOHPpQ\HPYDQUyOXNpV
HJ\iOWDOiQQHPOHKHWV]HUHWQLNHW(]WQHPpQWDOiOWDPNLH]WLJD]iQPLQGHQNLWXGMD
eQQHPYROWDPRWWD]2ODMIiNKHJ\pQPRVRO\JRWWDOiQ\$V]HPHN|QQ\HVYROW,WWV]OHWWHPD
1DJ\IXYDURVXWFiEDQ
$IL~ViUJiVV]HPHYLOODQW
1HPDUUyOEHV]pOHNPRQGWDQ\HUVHQ R $NpWK~JRPUXKiMiQIROWKiWiQIROW+DM|QQHND]
LVNROiEyO N|]|WWN OLEHJ KDERVDQ ODNNFLSVHQ 6WHUQ 0DFD :HLV] 5y]VL D 6FKOpVLQJHUOiQ\ pV PpJ
PRQGKDWQiP $] DQ\MXN N|YpU PLQW D GLV]Qy O D SpQ]WiUEDQ PHJNtQiOMD +DMQDONiW (V]WHUW
OpJ\V]DURVSRJiFViYDO9HGGWXGRPiVXOXWiORPNHW.DYLFFVDOGREiOQiPPLQG$IHMNHW
+DOOJDWRWWYDODPHGGLJ
 $Q\XNiQDN J|UEpN D] XMMDL  PRQGWD FV|QGHVHQ  pV KD WXGQL DNDURG QHP LV WXGMD NHW
NLHJ\HQHVtWHQL
5HLFK.DWyQHPPR]GXOW+DOOJDWWDNVRNiLJ
 7pJHG NL EiQW"  NpUGH]WH LGHJHVHQ D IL~  +D WpJHG D EG|V pOHWEHQ YDODNL EiQW NLROWRP D
V]HPHYLOiJiW
(UVNH]pYHOPHJIRJWDDOiQ\DUFiWPDJDIHOpIRUGtWRWWD
(OKLV]HG"
$OiQ\EyOLQWRWW.LEXNRWWEHOOHKDQJWDODQXOD]RNRJiV
5HLFK.DWyPLQGHQPpUN]pVUHHONtVpUWHWpVH]QHKp]IHODGDWYROW-DQLDPiVRGRV]WiO\EDQMiWV]y
9DVDVQDN GUXNNROW YDG HV]HOV V]HQYHGpOO\HO $]W PRQGWD D FVDSDWiW Q\RPMiN PHUW FVyUy
PXQNiVNOXE VRN Q\XJWDODQ GpOXWiQW RNR]RWW D OiQ\QDN $ 9DVDV  R 3HUHFHV EDMQRNL G|QWQ
3HUHFHVHQJ\]HOPLPiPRUiEDQHOW|UWHNDUyUiMiWDPLWNRQILUPiOiVNRUNDSRWW'HD/DWRUFDXWFiEDQ
YHV]HGHOPHVHEE GROJRW PYHOW $ 9DVDV%HV]NiUW PpUN]pVHQ HOYHV]tWHWWH |QXUDOPiW PHJYDGXOW D
EtUyQDN UHNHGW KDQJRQ D]W NLDEiOWD  9iUMiO WH PRFVNRV iOODW +D EHM|QQHN D] RURV]RN PiVNpSS
IW\|UpV]HO$]HPEHUHNPLQGHOK~]yGWDNWOHQHPV]yOWVHQNL5HLFK.DWyPHJiWNDUROWDV]RURVDQD
Q\DNiWHJpV]HQKR]]iVLPXOWDUFiWDV]iMiUDV]RUtWRWWDVtUYDN|Q\|U|JYHNpUWHKDOOJDVVRQ9pJOD]
HPEHUHNPHJV]iQWiNDOiQ\WPHJNpUWpNV]HOtGV]yYDOLIMDEE+iEHWOHU-iQRVWNtVpUMHWKD]D
(V]WHUW M~OLXVEDQ KR]WiN HO D NyUKi]EyO 6RYiQ\DQ IHKpUHQ HJpV]VpJH DOLJ MDYXOW $] DOWLV]W
PLQGHQQDSDKiWiQYLWWHNH]HOpVUHDKROt]OHWHLWPR]JDWWiNpVIiMGDOPDVWHMLQMHNFLyWNDSRWW
3pN0iULDVRNDWGROJR]RWWNLIRJiVWDODQUHQGEHQWDUWRWWDD]V~IROWODNiVWDQDJ\FVDOiGRWFVXSiQD
I]pVVHOQHPYROWJRQGMDPHUWD]DOWLV]WNDQQiNNDOKRUGWDD]pWHOWD/XGRYLND$NDGpPLiUyO+DMQDOND
J\DNUDQPHJYiUWDWDNDSXQiOVHJtWHWWFLSHOQL
+tUHV ,VWYiQ VRN SpQ]W NHUHVHWW KHWHQNpQW QpKD PpJ |WYHQ SHQJW LV $ )HKpUYiUL ~WRQ 
R GROJR]RWWD0DJ\DU3UHFt]LyV0YHNQpOD]WPRQGWiNUyODNLYiOyNH]HHV]HYDQSiUDWODQWHKHWVpJ
$NH]pWV]HUHWWH6]pSKRVV]~NH]HYROWJRQGRVDQiSROWDEHV]pOJHWpVQpOMiWV]RWWPXWRJDWRWWYHOH$]
HVNY XWiQ PHJNpUWH DQ\yViW V]iPROMD NL PHQQ\LW IL]HVVHQHN KDYRQNpQW *L]LNpYHO 3pN 0iULD
QHYHWHWW
eOQNPLILDPEHOHDYLOiJEDDIHQHV]iPRO1iOXQNNRV]WROD]HJpV]Ki]FVDNQHPJRQGRORG
KRJ\WOHWHNSpQ]WNpUHN"
+tUHV ,VWYiQ FV|QGHVHQ pOW 0XQND XWiQ OHPHQW D +iUIiVED SRKiU ERU PHOOHWW HOEHV]pOJHWHWW
HVWpQNpQW PDQGROLQR]RWW OHJLQNiEE D +DZDL OiQ\ |Yp D QDJ\ V]HUHOPHPGDOW MiWV]RWWD (J\
GpOXWiQDGtYiQ\RQKHYHUpV]HWW&VHOH-XOLPHJNpUGH]WHWOHKRJ\DQYDQPHJHOpJHGYH*L]LNpYHO
+tUHV,VWYiQYiOODWYRQW
1HPYROQDYHOHVHPPLEDMIHOHOWHFVDNQpKDLGHJHVtW%iPXO~J\WHV]PLQWDVNHWNpWV]HU
LVHONHOOLVPpWHOQLDGROJRNDW
&VHOH-XOLD]WPRQGWD
1HYHOGPHJ
(V]WHU D V]RED PiVLN ROGDOiQ NLE~MW iJ\iEyO .pW ERWMiYDO NLPHQW D NRQ\KiED pV D EHV]pOJHWpVW
HOPRQGWDDQ\MiQDN3pN0iULDD]RQQDONLNHUJHWWH&VHOH-XOLWDODNiVEyO+tUHV,VWYiQWyOD]WNpUGH]WH
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

R

 $] pQ OiQ\RPDW HJ\ LO\HQ N|SFVpV]pYHO WiUJ\DORG NL" 9LJ\i]] PDJDGUD +tUHV ,VWYiQ 1DJ\RQ
YLJ\i]]QHPWXGRGPLWDGPpJQHNHGD],VWHQ
+tUHV ,VWYiQ QHP YiODV]ROW .pVEE OHPHQW D +iUIiVED VDYDQ\NiV ERUW KR]RWW .H]HW FVyNROW 3pN
0iULiQDNpVERFViQDWRWNpUW
DXJXV]WXViEDQHJ\V]REiVNLVKi]LNyWYiViUROW3HVWHU]VpEHWHQK~V]OpSpVQ\LUHD'XQiWyOPHJ
HJ\ KDV]QiOW NpWSiU HYH]V FVyQDNRW 2NWyEHU HOVHMpQ EHKtYWiN NDWRQiQDN D] , *pSNRFVL]y 7]pU
2V]WiO\UD3pN0iULDFVLUNpWWpV]WiNDWVW|WWHONpV]tWHWWHD]|OGNDWRQDOiGiW5HJJHOKDWyUDNRU*L]LNH
pV-DQLHONtVpUWHWD+XQJiULDN|U~WUDDJUyI$QGUiVV\ODNWDQ\DNDSXMiLJ
0iU D] HOV KpWHQ KD]DM|WW O~JN|YHW V]HUH]QL D] UPHVWHUpQHN 5HLFK EiFVL VHJtWHWW QHNL HOYLWWH D]
$JJWHOHNL XWFiED %HUJHU 0yU YHJ\HViUX QDJ\NHUHVNHGK|] pV NLWQ ]OHWHW N|W|WWHN %HUJHU 0yU
QDJ\NHUHVNHGHOPL iURQ iUHQJHGPpQQ\HO FVRNROiGpW )UXWWLW FXNRUNiW ERURWYDSHQJpW DGRWW +tUHV
,VWYiQ SHGLJ PHJIHOHO KDV]RQQDO HODGWD D NDWRQiNQDN (]W D] ]OHWHOpVW +iEHWOHU -DQL ERVV]~ViJiUD
KX]DPRVDQIRO\WDWWiNKRUGWDWiVNiYDOD]iUXWDVyJRUiQDN+tUHV,VWYiQFVDNKDPDUtUQRNOHWW(OEE
D V]i]DG PDMG D ]iV]OyDOM  R LURGiQ GROJR]RWW .pVEE  PiU PLQW V]DNDV]YH]HW  DOitUWD D
WRYiEEV]ROJiOyW3pN0iULiQDNH]QHPWHWV]HWWHJ\iOWDOiQ
+DPLQGHQiURQHJ\HQUXKiWDNDUV]YLVHOQLPRQGWDPpUJHVHQHUHGMNpPpQ\VHSUQHN
+tUHV,VWYiQD]WIHOHOWH
7XGRPpQPLWFVLQiORNQLQFVNHGYHPDIURQWUDPHQQL
6]HQW %RUEiOD QDSMiQ D] HJpV] FVDOiGRW PHJKtYWD D] QQHSpO\UH $ ODNWDQ\D XGYDUiQ ]HQHNDU
MiWV]RWW HJ\ NDWRQD IHOROYDVWD D V]HQW %RUEiOD WHNHUFVHW DIIpOH WUpIiV YHUVHV PRQGyNiW PHO\
UYH]HWWO ]iV]OyVLJ NLILJXUi]RWW QpKiQ\ N|]LVPHUWHQ JRURPED NLNpS]W D OHJpQ\VpJ pV D WLV]WHN
KDUViQ\GHUOpVpUH
.DUiFVRQ\WPHJHO]QDSRQ3pN0iULDQDJ\WDNDUtWiVWFVLQiOWiWUHQGH]WHDE~WRURNDW(]WPLQGHQ
QQHSHOWWPHJWHWWHVWDFVDOiGWDJRNERVV]~ViJiUDQHPHJ\V]HUDNiUPHO\LNV]RPEDWRQIHOIRUJDWWDD
ODNiVW 0RVW LV PLQGHQNL XJUiOW FLSHNHGHWW V]HNUpQ\W DV]WDOW iJ\DW WRORJDWRWW PRVWiN D SDGOyW
DEODNRNDW D OHYHJ WHOH YROW LGHJHVVpJJHO +DMQDOND VtSFVRQWRQ U~JWD *L]LNpW D ILDWDODVV]RQ\
ViQWLNiOYDVtUYDPHQWSDQDV]NRGQLD]DQ\MiQDN3pN0iULDPHJYHUWHPLQGDNHWWW
1HDIHMHPHWWHVVpNWQLNLDEiOWD R +DMQDOND$NiUKROPiVKROFVDNQHPLQGLJDIHMHPHW
*L]LNHEJ|WW(V]WHULVUiNH]GWHD]DOWLV]WNpWVpJEHHVHWWHQNLDEiOWNpUWHNHWOHJ\HQYpJUHFV|QGD
ODNyN D]W KLV]LN HPEHUW |OQHN 3pN 0iULD NiURPNRGRWW PHJPRQGWD PLW FVLQiO D ODNyNUD -DQLW
HO|QW|WWHDGKI|OHPHOWHDSMDNDWRQDOiGiMiWpVDSDGOyKR]FVDSWD
(VWH WL]HQHJ\ yUDNRU KROWIiUDGWDQ NHUOWHN iJ\ED (V]WHU QHP EtUW NtYiQFVLViJiYDO $ V]HNUpQ\KH]
ORSDNRGRWW PHJNHUHVWH D Uy]VDV]tQ VHO\HPSDStUED FVRPDJROW N|Q\YHW pV D] pMV]DND KDYDV
GHUHQJpVpEHQPHJQp]WH'iQLHOQp/HQJ\HO/DXUD1DJ\LGNQDJ\DVV]RQ\RNFtPN|Q\YHYROW$]
HOV ODSRQ GHGLNiFLy .LV VyJRUQPQHN QDJ\ V]HUHWHWWHO +tUHV ,VWYiQ 9LVV]DE~MW +DMQDOND PHOOp
DUFiWEHOHI~UWDDSiUQiEDpVFVDOyGRWWViJiEDQGK|VHQVtUQLNH]GHWW
$]DOWLV]WDIHQ\IiWPLQGHQHV]WHQGEHQDNDWRQDOiGiMiUDiOOtWRWWDpVPDJDGtV]tWHWWH$OiQ\RN
3pN 0iULiQDN VHJtWHWWHN D NRQ\KiEDQ -DQL V]HQHW KRUGRWW I|O D SLQFpEO *\HUW\DJ\~MWiV HOWW 3pN
0iULDPpUJHVHQD]WPRQGWDKtYMiNEH&VHOH-XOLWV]HUHQFVpWOHQPDUKDQHOHJ\HQHJ\HGODNRV]RVNLV
N|ONpYHO5HLFK.DWypUW-DQLPHQW.pVEED]DOWLV]WFV|QJHWHWWEHOpSHWWDV]REiEDPHJ R YiUWiN
PtJDFVDOiGIV]pSKDQJMiQpQHNHOQLNH]GWH.ULV]WXV8UXQNQDNiOGRWWV]OHWpVpQpVFV|QGHVHQ
YHOH pQHNHOWHN $]WiQ YLOODQ\W J\~MWRWWDN PHJFVyNROWiN HJ\PiVW D ID DODWW PHJNHUHVWpN D]
DMiQGpNRNDW3pN0iULDNLVFpGXOiNUDtUWDDQHYHNHW
-DQLDPiVLNV]REiEDYH]HWWHDOiQ\WPHJSXV]LOWD]VHEpEONpNEiUVRQQ\DOEpOHOWGRER]NiWYHWWNL
YpNRQ\DUDQ\OiQFYROWEHQQHQpJ\OHYHOOyKHUpYHO5HLFK.DWyQ\DNNHQGWYiViUROWDIL~QDN
$PLNRU 7DXELQJHU IHVSHUHV DV]WDOiUD IHKpU DEURV]W WHUtWHWWHN D OiQ\RN D WiQ\pURNDW SRKDUDNDW
NH]GWpNEHKRUGDQL3pN0iULDPHJSDUDQFVROWD5HLFK.DWyQDNKtYMDiWYDFVRUi]QLD]DSMiW
$OV]LNPRQGWDFV|QGHVHQDOiQ\5XPRWLYRWW,O\HQNRUDODSRVDQiWIi]LNDWHPHWEHQ
'H iOWDOiQRV NtYiQViJUD iWPHQWHN -DQLYDO D] |UHJKH] pV I|OpEUHV]WHWWpN 5HLFK EiFVL MyNHGYHQ
NLE~MWDUR]RJDYDViJ\UyOKLGHJYt]]HOPHJPRVWDDUFiWQ\DNiW.DWyKyIHKpULQJHWDGRWWUipVVLHWYH
NLWLV]WRJDWWDViURVFLSLW
5HLFK EiFVL |U|PPHO GY|]|OWH +iEHWOHUpNHW %ROGRJ QQHSHNHW NtYiQW HOQp]pVW NpUW PHUW QHP
KR]RWWDMiQGpNRW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

R

 $MiQORWWDN Np] DODWW HJ\ ViUNiQ\IHM OiPSiW  PRQGWD 3pN 0iULiQDN  JRQGROWDP HOKR]RP
QHNHG $ V]HPH LV YLOiJtW NpN PLQW D NyUWHUPHN OiPSiMD %iPXODWRV GDUDE $]WiQ QHP PHUWHP
PHJYiViUROQL$]HJpV]YDFDNDKDOiOUDHPOpNH]WHW
3pN0iULDD]WPRQGWD
0HJLV]ROHJ\YHJUXPRWpVLO\HQPDUKiNDWiOPRGV]
5HLFKEiFVLV]RNiVDV]HULQWHOSLUXOWPDJ\DUi]QLSUyEiOWDKRJ\DYDOyViJEDQOiWRWWLO\HQV]|UQ\
OiPSiW0LQGHQNLQHYHWHWWKLV]HQLVPHUWpNDYpQFVDYDUJy]DYDURVW|UWpQHWHLW3pN0iULDHJ\GRER]
V]LYDUWKR]RWWHODNDUiFVRQ\IDDOyO$]|UHJQHNDGWD
(]WQHNHGKR]WDD-p]XVNDQHYHWHWW7HYpQFVLEpV]
$UDQ\ K~VOHYHV YROW W|OW|WW NiSRV]WD UiQWRWW KDO W~UyV FVXV]D PiNRV GLyV NDOiFV $
GLV]QyDSUyOpNRW pV D GHPL]VRQ ERUW %UJHFVUO NOGWpN $ PiVRGLN SRKiU ERU XWiQ 5HLFK EiFVL
HOPRVRO\RGRWWNLMHOHQWHWWHKLV]DEROGRJViJEDQpVDEEDQKRJ\DOpOHNQHPKDOPHJ
-DQLOHWHWWHSRKDUiW
6]|UPD]WPRQGWDQLQFVHQW~OYLOiJ0HJHV]LND]HPEHUWDKDODNpVNpV]
5HLFKEiFVLJRQGRONR]RWW
R

6]|UPQHPPRQGRWWLJD]DWILDP7DOiQPiUHOWHPHWWpNWPDHVWHPpJLVpO
%yOLQWRWW
(]WDOiQ\RPQDNQHPHJ\V]HUHOPRQGWDPPDJ\DUi]WD+DV]RPRU~VRNDWEHV]pOJHWHNYHOHD]
pOHWQDJ\NpUGpVHLUO
$OiQ\UDQp]HWWHOPRVRO\RGRWWgUHJV]HPHWHOHYROWN|QQ\HO
hQQHSXWiQHOKR]WDDViUNiQ\IHMOiPSiW3pN0iULiQDN.pUWHJ\URQJ\RWOHW|U|OWHUyODDSRUWpV
D]DV]WDON|]HSpUHiOOtWRWWD
+iWLO\HQPRQGWDV]DEDGNR]yKDQJRQ
$]DOWLV]WQHNWHWV]HWW
 (] LJHQ V]pS DMiQGpN  PRQGWD  EL]RQ\iUD VRN SpQ]HGEH NHUOW 0HJN|V]|Q|P D] LUiQWXQN
WDQ~VtWRWWILJ\HOPHVVpJHGHW
3pN0iULDpMMHOLV]HNUpQ\pUHWHWWHNLSUyEiOWDKRJ\DQPN|GLN$ViUNiQ\V]HPHQHPYLOiJtWRWWGH
PpJtJ\LVHOYROWUDJDGWDWYD
(V]WHU PHJJ\yJ\XOW 0HJLQW LVNROiED MiUW D] LGYHV]WHVpJ PLDWW HJ\ RV]WiO\ED NHUOW +DMQDONiYDO
9DG YROW +D IHOPpUJHVtWHWWpN IHMMHO URKDQW D J\HUHNHN J\RPUiED EHQ D &VREiQF XWFDL HOHPL
LVNROiEDQ NLYiOy PDJDYLVHOHWppUW V]RUJDOPipUW MHOOHPHV PDJDWDUWiVipUW HOQ\HUWH D )YiURVL
7DNDUpNSpQ]WiUiOWDODGRPiQ\R]RWWWDQXOPiQ\LVHJpO\WV]i] R K~V]SHQJW$]DOWLV]WEV]NHYROW
PHJFVyNROWDKRPORNiW
(]QDJ\RQV]pSYROWWOHGPRQGWD
eVGLFVHNHGHWWPLQGHQNLQHNKRJ\pOHWpEHQPpJVRKDVHPNHUHVHWWHQQ\LSpQ]WHJ\KyQDSDODWW
VV]HO pMV]DND D PHOOpNOpSFVKi]EDQ PHJKDOW 5HLFK EiFVL +DMQDOEDQ OHOWHN Ui $ WHPHWpVpQ
UHQJHWHJ HPEHU YROW $PLNRU OHHUHV]WHWWpN D VtUED HONpV]OW I|O|WWH D KDQW LIMDEE +iEHWOHU -iQRV
NLOpSHWWDW|PHJEOPHJIRJWDDOiQ\NDUMiWpVHOPHQWHN
$ UiNRVNHUHV]W~UL ]VLGy WHPHW NDSXMiEDQ PHJiOOWDN 0HOHJHQ VW|WW D QDS -DQL OHYHWWH NDODSMiW
SpQ]WDGRWWDNROGXVRNQDN
6tUMiOPRQGWD
6iUJiV V]HPpW 5HLFK .DWy DUFiUD V]HJH]WH YiUW QpKiQ\ SLOODQDWLJ $]WiQ HOLQGXOWDN J\DORJ $
6|UJ\iUHOWWYLOODPRVUDOWHN$1pSV]tQKi]XWFiEDQD7LV]D.iOPiQWpUVDUNiQOHV]iOOWDNNyV]iOWDN
VRNiLJ$ONRQ\DWNRU-DQLPHJiOOWD9iURVL6]tQKi]ROGDOiEDQ
 6tUMiO  PRQGWD  +D QHP VtUV] pQ WHOMHV HUPEO EHOHFVDSRP D IHMHPHW D IDOED 'DUDERNUD
W|U|P
1p]WpNHJ\PiVWD]WiQ5HLFK.DWyDIL~PHOOpUHE~MW6tUWDNPLQGDNHWWHQ
$7LV]D.iOPiQWpUHVV]iP~Ki]RQIH R NHWHYHJWiEODiOOWDUDQ\EHWNKLUGHWWpN'HXWVFKHV
+HLP$KDUPDGLNHPHOHWHQHOHJiQVQpPHWFLYLOHNODNWDN+DLIMDEE+iEHWOHU-iQRVPHJOiWWDNHWD]
XWFiQEHV]pGNHWKDOORWWDHOIHKpUHGHWWDGKWOV]RNiVDV]HULQWIRJiWNH]GWHFVLNRUJDWQL$+iUIiVEyO
NLNHUJHWHWW HJ\ XWFDOiQ\W PHUW QpPHWHNNHO OiWWD *\O|OHWpQHN RNiW QHP WXGWD PHJPDJ\DUi]QL
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

$PLNRU YLVHONHGpVH ODVVDQNpQW YHV]HGHOPHV PpUHWHNHW |OW|WW  ~WRQ~WIpOHQ PLQG YDGDEEXO


V]LGDOPD]WDNHWD]DOWLV]WPHJHOpJHOWHDGROJRWUiWiPDGW
0LNRUEiQWRWWDNNWpJHGHW"NpUGH]WH0HJVpUWHWWHNWDOiQHJ\HWOHQHJ\V]HULV"$]WVHPWXGMiN
KRJ\ D YLOiJRQ YDJ\ QHP W|UGQHN N YHOHG HJ\iOWDOiQ %L]RQ\iUD WHOMHV MRJJDO D OHJPDJDVDEE
KDWyViJRNHQJHGpO\pYHOpOQHNQiOXQN+iWILJ\HOPH]WHWOHNIRJGDV]iGDWPLHOWWEDMWFVLQiOV]
'HDIL~H]HQW~OLVV]LGDOPD]WDNHWVWD]RURV]UiGLyWNH]GWHKDOOJDWQL
 WDYDV]iQ EDMW FVLQiOW 0iUFLXV pQ D PRV]NYDL UiGLy QQHSL PVRUW DGRWW UpJL PDJ\DU
GDORNDW PDMG D EHPRQGy HOPDJ\DUi]WD EDQ D] RURV] FiU YROW (XUySD FVHQGUH VHJtWVpJpUH
VLHWHWWD]RV]WUiNVHUHJHNQHNPRVWSHGLJ+LWOHUDIDVLV]WDQpPHWHN
0iVQDSOHYHQWHIRJODONR]iVRQD%H]HUpG\ R XWFDLLVNRODXGYDUiQHOPRQGWDQpKiQ\IL~QDN3iU
SHUFFHONpVEED]RNWDWyPDJiKR]SDUDQFVROWD
0LWXJDWD]RURV]UiGLy"NpUGH]WH+iEHWOHUKDOOJDWRWW
%HV]pOMPRQGWDD]RNWDWyPHUWNLYHUHPDIRJDGDW$IL~HOViSDGW
0DJDQHPRO\DQHUVHPEHUV]yOWFV|QGHVHQ
9DODNLU|K|J|WWD]XGYDUV]|JOHWpEHQ$]RNWDWyKiWUiEEOpSHWW
$]HJpV]YLJ\i]]RUGtWRWWD
)|OMHOHQWHWWHDIL~W$]DOWLV]WQHNQHPV]yOWDND]HVHWUO3pN0iULDQpPiQHV]HOVHQMiUNiOWNLHMWHWW
D NH]pEO PLQGHQW $]WiQ I|OYHWWH QQHSL UXKiMiW HOPHQW GU 0iW\iV 9LOPRV ODNiViUD HOPRQGRWW
PLQGHQWV]LQWpQ$]DOH]UHGHVYpJLJKDOOJDWWDDW|UWpQHWHWEyORJDWRWWPHJNtQiOWDWSiOLQNiYDO
 eQ QHP V]HUHWHP D QpPHWHW  PRQGWD  .HGYHV K|OJ\HP W|UWpQHOHP pV ]HQHWDQiU YDJ\RN
0DJ\DURUV]iJRQ
(ONH]GHWWQHYHWQLWpUGpWFVDSNRGWD3pN0iULDOiWWDKRJ\W|NUpV]HJ&V|QGHVHQPHJNpUGH]WHVHJtW
HDILiQ"$]DOH]UHGHVEHOHW~UWV]KDMiEDOiWKDWyDQNHUHVWHJRQGRODWDLW(OYLJ\RURGRWW
 (JpV]HQ EL]WRV  PRQGWD  (]W D]  R J\HW WHVVpN NpUHP EHIHMH]HWW WpQ\QHN YHQQL +D D
V]NVpJPDMG~J\NtYiQMDHOPHJ\HNKHO\HWWHDNiUD]DNDV]WyIDDOiLV
3pN0iULDGHUPHGWV]tYYHOM|WWOHDOpSFVN|Q5HLFK.DWyD]XWFiQYiUWDW
,PiGNR]]pMMHOQDSSDOPRQGWDD]DVV]RQ\7DOiQDWH,VWHQHGNO|QE
,IMDEE +iEHWOHU -iQRV MHOHQWNH]HWW D 9tJ XWFDL NDSLWiQ\ViJRQ $ IRJDOPD]y PHJQp]WH LGp]pVpW
9iUMRQPRQGWD0iVIpOyUiYDONpVEEEHNOGWpNHJ\UHQGUH]UHGHVKH]
$]H]UHGHVPHJNpUGH]WH
%Q|VQHNpU]HGPDJDG"
1HPPRQGWDDIL~
0pUWPHQWpO0iW\iVKR]KDQHPpU]HGPDJDGEQ|VQHN"
$IL~QHPWXGRWWYiODV]ROQL
$QDUFKLVWDYDJ\PRQGWDDUHQGUWLV]W7XGRGH]PLWMHOHQW"
1HPWXGRPIHOHOWHDIL~
%HWHJVpJPRQGWDDWLV]W*\yJ\tWKDWDWODQ
+D]DNOGWHDIL~W
2NWyEHUEHQ EHKtYWiN W 3LOLVFVDEDWiERUED D  *pSHVtWHWW 9HJ\LKDUF $ODNXODWKR] 3pN 0iULD
VW|WWI]|WWHONpV]tWHWWHILiQDND]|OGNDWRQDOiGiW-DQLKpWIQUHJJHOHOE~FV~]RWWPLQGHQNLWOQHP
HQJHGWHKRJ\HONtVpUMpN6tUWDNDKi]EDQDPLNRUHOPHQW
R

$ 1\XJDWL 3iO\DXGYDURQ WDOiONR]RWW .DODX] *\XULYDO  LV HJ\HGO M|WW .H]HW V]RUtWRWWDN $
YiUyWHUHPEHQ SDUDV]WDVV]RQ\RN OWHN VYiEXO EHV]pOWHN .DODX] PHJNpUGH]WH WON PL D KHO\]HW
3LOLVFVDEiQ$SDUDV]WDVV]RQ\RND]WIHOHOWpNQHPV]DEDGIpOQLNLWQNRV]WYDQ
6]i]DGSDUDQFVQRNXN -y]VD -y]VHI IKDGQDJ\ OHWW KDGQDJ\ .iVD -iQRV ]iV]OyV .RYiFV ,VWYiQ
2NWyEHUWONDUiFVRQ\LJDODNLNLNpS]pVWNDSWDN0HJWDQXOWiNKRJ\DQNHOOV]DOPD]ViNRWDJ\XIiVGRER]
IRUPiMiUD pOpUH W|PQL SRNUyFXNRQ D SLURVIHKpU]|OG FVtN KRJ\DQ OHV] ]VLQyUHJ\HQHV $ V]REiN
SDWLNDUHQGHVHNYROWDNKDYDODNLQ\LWYDIHOHMWHWWHJ\NDWRQDOiGiWD]DOWLV]WHNPLQGHQKROPLWNLV]yUWDN
HJ\NXSDFEDOHKHWHWWYiORJDWQL$MREEUDiWEDOUDiWKiWUDDUFPiUDN|Q\|NN|QM|WWNL+DMQDOEDQ
pOHVO|YpV]HWUH MiUWDN HEpG XWiQ KRPRNRV WHUHSHQ Wt]GHNiV PDMG IpONLOyV WULNHWW W|OWHWHW
UREEDQWRWWDN
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

6]RNWDWiVFpOMiEyO
-DQL VUQ NDSRWW OHYHOHW 5HLFK .DWyWyO $ OiQ\ PHJtUWD D IXWEDOOHUHGPpQ\HNHW D]W KRJ\ RWWKRQ
PLQGHQNL MyO YDQ  LV GROJR]LN HOpJ MyO NHUHV YiViUROW PDJiQDN HJ\ V|WpWNpN UXKiW GH FVDN DNNRU
YHV]LIHOKDPDMGDIL~KD]DM|Q
R

.DUiFVRQ\NRUKD]DM|WW(J\WWYROWD]HJpV]FVDOiG&VHOH-XOLWLVEHKtYWiNDNLVOiQ\iYDO5HLFK.DWy
V]pSYROWV|WpWNpNUXKiMiEDQ
hQQHS PiVRGQDSMiQ YHQGpJHN M|WWHN 6]yOW D JUDPRIRQ WiQFROWDN NiUW\i]WDN pQHNHOWHN LWWiN D
ERUW 3pN 0iULD QHP J\]WH NpV]tWHQL D V]HQGYLFVHNHW +tUHV ,VWYiQ EHFVtSHWW JRURPED KDQJRQ
YHV]HNHGQL NH]GHWW *L]LNpYHO |NOpW PXWRJDWWD (V]WHU PHJYDGXOW iWNDUROWD QYpUpW KLV]WpULNXV
KDQJRQ NLDEiOWD  1HP HQJHGHP 1HP HQJHGHP  $OLJ WXGWiN PHJQ\XJWDWQL 3pN 0iULiW LV
HO|QW|WWHDGKYiORJDWiVQpONOPRQGWDD]RFVPiQ\V]DYDNDWDV]DNDV]YH]HWQHNDOiEDHOpFVDSRWW
HJ\ SRKDUDW $] DOWLV]W ViSDGW YROW D V]pJ\HQWO N|Q\|UJ|WW IHMH]]pN EH H]W D FLUNXV]W PHUW H]HU
GDUDEUD W|UL D] HJpV] ODNiVW .YHFVHV $QQD I|OK~]WD D JUDPRIRQW .DUiG\ .DWDOLQ E~Jy KDQJRQ
pQHNHOQL NH]GWH (] OHWW D YHV]WQN PLQG D NHWWQN YHV]WH .DODX] *\XUL QHYHWHWW pV KHO\UHiOOW D
FVDOiGL EpNH .pVEE 6iSDGW %pOD NLMHOHQWHWWH KR]QDN HJ\ W|UYpQ\W NHUHV]WpQ\ QHP FVyNROKDW PHJ
]VLGyW&VHOH-XOLiPXOW
.LKDOORWWPiULO\HQW"NpUGH]WH$NLWpQV]HUHWHND]WEL]RQ\PHJFVyNRORP
6iSDGW%pODYiOODWYRQW
 (] W|UYpQ\  PRQGWD  $NL HOOHQH  R V]HJO IDMJ\DOi]iVW N|YHW HO 7pJHG QHP FVXNQDN
E|UW|QEHPHUWDNXW\DVHPYLV]D]iJ\iED
+tUHV,VWYiQQHYHWHWW
(]EL]WRVPRQGWD
(NNRU 3pN 0iULD PHJOiWWD -DQL V]HPpW D]RQQDO NLDEiOQL NH]GHWW IHMH]]pN EH D VRN EXWD EHV]pGHW
LQNiEEHJ\HQHNLJ\DQDNPDMGKDQJRVLGHJHVQHYHWpVVHOYDODPLUpJLYLGiPW|UWpQHWEHIRJRWWGHPiU
QHP WXGWD PHJPHQWHQL D KHO\]HWHW -DQL RGDPHQW 6iSDGW %pOiKR] $ )HUHQFYiURV IXWEDOOFVDSDWiW
J~Q\ROWD$V]REDIHVWQHYHWHWWWUpIiONR]yKDQJRQV]DSXOWDD9DVDVW
=VLGyFVDSDWD]PRQGWD0HJD](PWpNi/LEiVRN
-DQLtJ\V]yOW
0DJDPHJODVV~PLQWDWHW(J\iOWDOiQVHPPLWVHPpU$PtJEHPiUWMDD]HFVHWHWOHMiUDKHWLMHJ\
6iSDGW%pODKDOOJDWRWWHJ\SHUFLJ
7DUWR]RPQHNHGYDODPLYHO"NpUGH]WH3DStUSpQ]WYHWWHO0RQGGPHJNLIL]HWHP
)|OiOOWD]DV]WDOWyO)DUNDVV]HPHWQp]WHN
0DJDNDWROLNXVYLOiJtWyJi]WLYRWWDPLNRUDIHOHVpJHOHIHNGWPpJD6]LOiJ\LERUEpOO\DOLVPRQGWD
-DQLeVQHPG|JO|WWPHJ
R

3pN0iULDRGDXJURWW3RIRQW|WWH
 9HUHNHGQL DNDUV]"  VLNROWR]RWW  0LQGLJ" 7H iWRN 7H iWND D] HPEHULVpJQHN  KRJ\ PpUW
V]OWHOHNDYLOiJUD$]DQ\iGNHVHUYHVERORQG~ULVWHQLW
$PLNRU D] DOWLV]W .YHFVHV (QGUpYHO D V]RED PiVLN IHOpEH FLSHOWH D IL~W 3pN 0iULD 6iSDGW %pOiUD
]~GtWRWWDKDUDJMiW
 0DJD PHQMHQ IUDQFED RWW PHVpOMH D W|UYpQ\HLW $ NRFVPiED 1H M|MM|Q LGH PpJ HJ\V]HU PHUW
IHOU~JRP
5HLFK .DWy D NDUiFVRQ\ID PHOOHWW iOOW KiWWDO PLQGHQNLQHN 0HJUH]]HQW PLNRU -DQL PHJIRJWD D
NDUMiW
 0LO\HQ YpNRQ\ V]iORQ OyJ  PXWDWRWW HJ\ UHPHJ V]DORQFXNRUUD 0RVRO\RJQL SUyEiOW  &VyNROM
PHJPLHOWWHOXWD]RO
-DQLKRPORNiWUiQFROWDN|V]|UOWHWRUNiW1HPWXGRWWV]yOQL
0LWiOOV]LWWPRQGWDNpVEE0LD]LVWHQW(UHGMVHJtWHQLDQ\iQNQDN1HPYDJ\WHLWWYHQGpJ
.HPpQ\KLGHJYROWPLNRUNLPHQWHN3HVWHU]VpEHWUH$'XQiQiOOWDMpJ.DURQIRJYDYH]HWWHDOiQ\WD
IDJ\RV J|U|QJ\|N|Q D NLV FVyQDNKi]LJ %HQW W]HW J\~MWRWW D YDVNiO\KiEDQ DODSRVDQ PHJUDNWD
Uy]VDV]tQ PDMG SLURV OHWW D FV $ OiQ\ OHYHWHWWH WpOLNDEiWMiW  R V|WpWNpN UXKiMiEDQ OHOW D
SULFFVUH$QDSD]DEODNUDW]|WWDWOOIJJ|Q\VRNV]tQpWD]DUFiUDIHVWHWWH
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

-DQLDNiO\KDPHOOHWWJXJJROW
+DYLVV]DM|Y|NPRQGWDDIHOHVpJHPOHV]HO1HKLGGKRJ\YDODNLEHOHV]yOKDW
$OiQ\HOPRVRO\RGRWW
eQPLQGLJD]YROWDP
$IL~QpKiQ\SHUFLJJRQGRONRGRWW
 1HP D]pUW V]HUHWOHN PHUW V]pS YDJ\  V]yODOW PHJ  (]W QH JRQGROG .DODX] *\XULQDN
PHJPRQGWDP D]pUW V]HUHWOHN PHUW QHP WHKHWHN VHPPL PiVW /HFVXNRP D V]HPHP NLQ\LWRP D
V]HPHPOiWODN
)DKDViERWYHWWDNH]pEHIRUJDWWDPDMGyYDWRVDQDGHV]NDSDGOyUDWHWWH
1HPV]DEDGIpUILUDQp]QHGPRQGWD1HPV]DEDGRO\DQWFVLQiOQLPLQWVRNPiVDVV]RQ\eQ
PHJPRQGWDPQHNHGD]LJD]DWpVKDWHQHNHPHJ\HWOHQHJ\V]HUKD]XGQLIRJV]HONHUJHWOHN
J\OHJ\HQ
.DUiFVRQ\ XWiQ QHKH]HEE GROJXN OHWW -DQLpNQDN /iQJV]yUy WiQ\pUDNQD N|G|VtW pV PHOHJ
NpQ\HOPHWOHQ JXPLUXKiNEDQ Ji]RVtWy NLNpS]pVW NDSWDN (] PiU YHV]HGHOPHVHEE J\DNRUODWR]iV YROW
PHJW|UWpQWKRJ\DWiQ\pUDNQDNDWRQiNDWWpSHWWV]pW
R

0iMXVEDQ LQGXOWDN D IURQWUD $ 7DWiUKiJyQ PHQWHN NHUHV]WO 'HODWLQEDQ V]iOOWDN NL D


WHKHUYRQDWEyOURVV]XOLQGXOWD]HJpV]DNLUDNRGiVQiORURV]UHSOWiPDGWDPHJNHWD]HOVKDMQDORQ
WL]HQNpW KDORWWMXN YROW 'HODWLQEyO 3RURKLED PHQWHN DNQiNDW KHO\H]WHN D KRPRN DOi WDQNFVDSGiNDW
NpV]tWHWWHN NpW KpWHQ iW $ WLV]WHN USiGYRQDOHUGtWpVQHN QHYH]WpN D PXQNiW 9pWHOH]QL |WYHQ
NLORPpWHUUH1DGZRUQiEDMiUWDNDQpPHWe/2KR](J\DONDORPPDOFVDNDOypUNH]HWWYLVV]D9DGXO
VHEHVOWHQKXUFROWDDOHV]DNDGWKiPIiW3DUWL]iQRNFVDSWDNOHDV]HNHUHNUH.DODX]*\XULPiVQDSHVWH
NHUOW HO D W|EEL PHJKDOW )pOQL NH]GWHN D .iUSiWRN pV]DNL OHMWMpQ $ODFVRQ\DQ ~V]WDN D IHOKN
EHOHIXWRWWDND]yUMiVLIHQ\IiNDKHJ\LSDWDNRNV]tQHV|WpWYROW
%DUiWViJWDODQYLGpNPRQGWD.DODX]*\XULOPRPEDQLVI|OIRJRNVtUQLWOH
-DQLQHPYiODV]ROW
$YLVV]DYRQXOiVQiOWt]GHNiVKHQJHUDODN~W|OWHWHNNHOOiQJV]yUyNNDOpVNp]LJUiQiWRNNDO-y]VD-y]VHI
IKDGQDJ\SDUDQFViUDI|OJ\~MWRWWiNDIDOXW$7RURQ\DLKiJyQQLQFVHQYRQDWN|]OHNHGpVJ\DORJM|WWHN
gN|UPH]LJ3iUQDSP~OYDPHJLQWHONOGWpNNHWD.iUSiWRNEDD/pJLyKiJyKR]XWDWNHOOHWWpStWHQL
D]XWiQSyWOiVQDN
R

0HOHJGpOXWiQpUNH]WHND/pJLyKiJyKR]OHWiERUR]WDNNLMHO|OWpND]UV]HPHNHW%HQWWIXWyiUNRN
UR]VGiV VLVDN QpKiQ\ EHVSSHGW MHOWHOHQ VtU PXWDWWiN D] HOV YLOiJKiERU~ HPOpNHLW .DODX] *\XUL
NLiVRWWHJ\HW$NDWRQiNWLV]WHNPHJiOOWDNQp]WpNKRJ\DQNDSDUiV]LNDJ|G|UDOMiQ.RSRQ\iWNDU
pVOiEV]iUFVRQWRNDWKR]RWWI|OOHIHNWHWWHDIUH
0LIpOHQiFLyOHKHWHWW"NpUGH]WH
$NDWRQiNIiUDGWDQQp]WpNDW|UHGH]HWWFVRQWRNDWQHPYROWNHGYNERORQGR]QL
)iNDW G|QW|WWHN KHJ\ROGDOEyO N|YHW UREEDQWRWWDN pStWHWWpN D] XWDW D /pJLyKiJyQ 3DQWLUKiJyQ
%RUQHPLVV]DKiJyQ D QpPHW J\DORJViJQDN $XJXV]WXVEDQ 7DUDFNN|]EH PHQWHN $KRO D 7DUDFN D
7LV]iED|POLNOHWiERUR]WDN1pKiQ\QDSP~OYDD]iV]OyDOMHOYRQXOW8QJYiUIHOp(J\]iV]OyDOMW|U]V
-DQLYDO .DODX] *\XULYDO  HJ\ W|U]VUPHVWHU YH]HWpVpYHO HOLQGXOW J\DORJ 0iQGRNUD .DODX] *\XUL
V]|JHW V]|JHVGUyWRW FVHUpOW D SDUDV]WRNNDO FVLUNpW NDFViW NDSRWW pUWH -DQLW 0iQGRNRQ NLN|W|WWpN
PHUW UV]ROJiODWRQ Q\XODW OWW 0DMG +LGDVQpPHWLEH PHQWHN YDJRQtUR]WDN HOLQGXOWDN )OHN IHOp
D]WiQ 3iUNiQ\QiQiUD 1RYHPEHU KDUPDGLNiQ NHFPHUHJWHN NL D YRQDWEyO D SiO\DXGYDURQ NDSWiN D
KtUW)|OUREEDQWRWWiND0DUJLWKLGDW$ R ]iV]OyDOMLVLGHpUNH]HWW0iVQDS(V]WHUJRPEDPHQWHNpV
LQQHQJ\DORJ3LOLVFVDEiUD
9DViUQDSGpOHOWWDWHPSORPWpUHQHJ\UQDJ\]iV]OyDOMSDUDQFVQRNOyKiWUyOHOLJD]tWiVWDGRWW
(]WPRQGWD
 $] pQ ]iV]OyDOMDP PHJ WXG KDOQL D +D]ipUW D NRPPXQL]PXV HOOHQL KDUFEDQ pV PHJ LV IRJ pUWH
KDOQL5|YLGHVHQEHYHWpVOHV]
(OWiYR]iVWQHPDGRWW7iERULFVHQGU|NYLJ\i]WiNDN|UQ\pNHW
7t]QDSSDONpVEEJ\DORJD'XQiQW~ORQ.V]HJGRURV]OyUDYLWWpNNHW(NNRUPiUI|OHPHOWNDUUDO
eOMHQ 6]iODVL NLiOWiVVDO NHOOHWW N|V]|QQL 'H D] DODNXODW QpPiQ YLJ\RURJYD D UpJL WLV]WHOJpVVHO
N|V]|QW eV PHJLQW HUGtWHWWHN /|YpV]iUNRW WDQNFVDSGiW iVWDN D PXQNiKR] NLYH]pQ\HOWpN D
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

ODNRVViJRW (J\ GpOHOWW PHJMHOHQW N|]|WWN 6]HOHF]N\ =LWD EXGDSHVWL V]tQpV]Q PRVRO\RJYD KiWiUD
GRERWW IHKpU EXQGiEDQ -DQLEDQ I|OOREEDQW D GK IRJiW FVLNRUJDWWD Np]LJUiQiWRW DNDUW D] HOHJiQV
SHVWL WiUVDViJ IHOp KDMtWDQL D NDWRQiN DOLJ EtUWDN YHOH .DODX] HOYH]HWWH W HJ\ SDUDV]WKi] XGYDUiQ
OHOWHWWHPtJPHJQ\XJRGRWW
$]WiQ JpSNRFVLNNDO D NRPiURPL YiUED YLWWpN NHW $ 'XQD W~OVy ROGDOiUyO DNQiYDO  R YHUWpN D]
RURV]RNDYiUDWVRNYROWDVHEHVOWDYpUDKDORWWpVDWHW$N|YHWNH]QDS0iQ\UDPHQWHNRQQDQ
&VDSGLUD(ON|YHWNH]HWWDJ\DORJViJLEHYHWpVpVQpKiQ\yUDDODWWWHOMHVHQV]pWYHUWpND]DODNXODWRW,WW
KDOWPHJ-y]VD-y]VHIIKDGQDJ\.iVD-iQRVKDGQDJ\.RYiFV,VWYiQ]iV]OyV
-DQLpV.DODX]DV]OWNpNN|]|WWURKDQWPHQHNOW$]WiQ.DODX]*\XULO|YpVWNDSRWWERWODGR]QL
NH]GHWW D KyEDQ -DQL OHYiJWD UyOD KiWL]ViNMiW HOGREWD SXVNiMiW KiWiUD HPHOWH FLSHOWH EDUiWMiW W|EE
PLQW HJ\ NLORPpWHUHQ URN SDUWMiQ FVLOODJIpQ\QpO WHPHWWH HO 2O\DQ KLGHJ YROW KRJ\ D N|QQ\
PHJIDJ\RWWD]DUFiQ
&VDSGLDODWW|VV]HWHUHOWpNNHWHJ\PiVWyONpWV]i]PpWHUWiYROViJUDO|YpV]J|GU|WiVWDNPLQGHJ\LNEH
NpW NDWRQD IHNGW $] pON NpVEE PiU Q\ROFV]i] PpWHU WiYROViJUD YROWDN HJ\PiVWyO eMV]DND D]
RURV]RNPHJOHSWpNpVOHV]HUHOWpNNHWJ\NHUOWIRJViJEDLIMDEE+iEHWOHU-iQRV
5HLFK .DWy V]HSWHPEHUEHQ NLVOiQ\W V]OW $ J\HUHN HJpV]VpJHV YROW FVXNOyMiQ YiV]RQUD IHNHWH
WLQWiYDOtUWiN5HLFK0iULD*L]LNHPHJOiWRJDWWDNHWW\~NOHYHVWVWHPpQ\WNRPSyWRWYLWWDViSDGW
EROGRJDQ\iQDN
 LV EDEiW YiUW QpKiQ\ QDSSDO NpVEE XJ\DQDEEDQ D NyUKi]EDQ OiQ\W V]OW D .iO  R YLQ WpUL
UHIRUPiWXV WHPSORPEDQ JRWKD QpYUH NHUHV]WHOWpN +tUHV ,VWYiQ KD]DM|WW Uy]ViNDW KR]RWW D
IHOHVpJpQHNNLMHOHQWHWWHPHVHQLQFVDQpPHWHNHOYHV]tWHWWpNDKiERU~WYLJ\i]]RQPLQGHQNLKRJ\D
KiWUDOHYLGWW~OpOMH
$]WiQPDMGPHJOiWMXNPRQGWD
7t]QDSSDONpVEEiWN|OW|]|WWD]iV]OyDOMLURGD3pWUHYHONPHQW
2NWyEHU iQ D /XGRYLND $NDGpPLD SDUDQFVQRND .RFVLV H]UHGHV HOUHQGHOWH D NLUtWpVW $PtJ D
]VLGy PXQNDV]ROJiODWRVRN OiGiNED FVRPDJROWiN D 0~]HXP pUWpNHLW WHKHUDXWyNRQ HOV]iOOtWRWWiN D
)HUHQFYiURVL R R R 3iO\DXGYDUUDYLWp]5y]ViV-y]VHIDOH]UHGHVPDJiKR]NpUHWWH+iEHWOHU
-iQRVW
 ,WW YDQ KDW ILOOpU  PRQGWD  WHJQDS QiODG PDUDGW QpJ\ ILOOpU WHGG KR]]i pV YHJ\pO QHNHP HJ\
9LUUDGDWRW
(OROYDVWDD]~MViJRWpVDPLNRUDIHVWPpQ\HNOHNHUOWHNDIDODNUyOD]XWROVyYHJV]HNUpQ\NLUOW
PHJNpUGH]WHD]DOWLV]WHW
+DDEROVHYLVWDiUDGDWHOPRVVDDV]HQW+D]iWWHPLWIRJV]FVLQiOQL"
+iEHWOHUV]LQWHKDQJRQD]WIHOHOWHIRJDOPDVLQFVHQH]HGGLJQHPMXWRWWD]HV]pEH
RNWyEHUpQLQGXOWHOD/XGRYLND$NDGpPLDYRQDWV]HUHOYpQ\HD)HUHQFYiURVL3iO\DXGYDUUyO
.|UPHQGUH $ WLV]WHN D] (V]WHUKi]\NDVWpO\EDQ NDSWDN V]iOOiVW $]WiQ 6]HQWJRWWKiUGUD N|OW|]WHN
)HEUXiU PiVRGLNiQ GpOHOWW IpO WL]HQHJ\NRU OpSWpN iW D KDWiUW $] HOV iOORPiVRQ /DV]QLNRQ .RFVLV
H]UHGHV SDUDQFViUD K~V]IRNRV KLGHJEHQ V]DEDG pJ DODWW IHQ\YHVHUG V]pOpQ SURWHVWiQV
LVWHQWLV]WHOHWHW WDUWRWWDN 0DMG 'UH]GiED PHQWHN $ NDWRQiN NpW QDSLJ UDNWiN NL D YDJRQRNDW D
KDUPDGLN QDSRQ ERPEDWiPDGiV NH]GG|WW HOSXV]WXOW D YiURV (NNRU +iEHWOHU -iQRV iWpOWH
OHJERU]DOPDVDEE pMMHOpW pV QDSSDOiW 7t]H]HUQpO W|EE HPEHU KDOW PHJ VRNDQ PDJ\DURN N|]|WWN GU
0iW\iV9LOPRV$]pJYiURVEyOWRYiEEPHQWHN7LHUVFKHQUHXWKED$0~]HXPpUWpNHLWYLWp]5y]ViV
-y]VHI LUiQ\tWiViYDO D WHPSORP SLQFpMpEHQ KHO\H]WpN HO +iEHWOHU -iQRV D :HW]HUVWUDVVH  V]iP~
Ki] I|OGV]LQWL V]REiMiEDQ HJ\WW ODNRWW GU 0iW\iV 9LOPRV pGHVDQ\MiYDO $ V]RED WXODMGRQRVD
$VVHQNDPPHU2WWyQHYIpOOiE~NDWRQDYROWV]DORQQiYDO]VtUUDONRQ]HUYYHOpVUXPPDOIL]HWWpNQHNLD
ODNEpUWYROWEVpJHVHQ$]LGVDVV]RQ\IRO\WRQVtUWHVWHQHPDNDUWOHIHNGQLDIRWHOEDNXSRURGRWW
V]RURQJDWWD pNV]HUHVND]HWWiMiW pV J\DNUDQ EHYL]HOW (] DQQ\LUD ERVV]DQWRWWD +iEHWOHUW KRJ\ RO\DQW
FVLQiOW DPLW pOHWH VRUiQ VRKD 0HJLYRWW  R HJ\ IpOOLWHU UXPRW D] LGV ~ULDVV]RQ\W YpQ GLV]QyQDN
QHYH]WHNiURPNRGRWWpVWHOHURQGtWRWWDDV]REiW
3HVWHQJ\DNRULOHWWDERPEi]iVDOiQ\RNDWQDSMiEDQW|EEV]|ULVyYyKHO\UHYH]HWWpND]LVNROiEDQ+D
D] XWFiQ pUWH NHW D ULDGy Y|OW|WW D V]LUpQD +DMQDOND pV (V]WHU VRKD QHP iOOWDN EH D NDSX DOi
URKDQWDN DQ\MXNKR] ,O\HQNRU 3pN 0iULD iWNDUROWD NHW D SLQFpEHQ pV N EL]WRQViJEDQ pUH]WpN
PDJXNDW
3pN 0iULD PLQGHQ GpOHOWW HJ\HGO YROW XQRNiMiYDO JRWKiYDO D FVDOiG V]HUWHV]pW ,V]RQ\~
JRQGRODWRN NtQR]WiN UHWWHJHWW YpGWHOHQQHN pUH]WH PDJiW D KiERU~YDO V]HPEHQ *L]LNH QHP IpOW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

MSHVWUH MiUW GROJR]QL KD PV]DN XWiQ V]QHWHOW D YLOODPRVN|]OHNHGpV KD]DM|WW J\DORJ 5HLFK .DWy
QHP KRUGRWW ViUJD FVLOODJRW 3pN 0iULD QHP HQJHGWH %HPHQW 6iSDGW %pOiKR] $ V]REDIHVW
Q\LODVNHUHV]WHVSiUWWDJYROW]|OGLQJHWYLVHOW0HJNpUGH]WHW
+DQHPHQJHGHPKRUGDQLDFVLOODJRWPLWJRQGROPLEDMDOHKHW"
6iSDGW%pODD]WIHOHOWH
0DUKDViJ(]WDOiQ\WQHPEiQWMDVHQNL
9DOyEDQ QHP EiQWRWWiN W $] $JJWHOHNL XWFDL GRER]J\iUEDQ D V]HUHWHW KDQJMiQ EHV]pOWHN YHOH D
OiQ\RN D +iUIiV YHQGpJHL J\DNUDQ  R PHJiOOtWRWWiN W D] XWFiQ GLFVpUWpN NLVOiQ\D V]pSVpJpW D
NRFVPiURV SpQ]W DNDUW QHNL DGQL GH QHP IRJDGWD HO +iEHWOHUpNQpO pWNH]HWW 3pN 0iULD XJ\DQRO\DQ
V]HUHWHWWHO IUGHWWH YLJ\i]WD FVyNROWD J\HUPHNpW PLQW JRWKiW 'DMNiOWD MiWV]RWW YHOH pV KD VtUW
Wt]V]HU|WYHQH]HUV]HUpQHNHOJHWWHQHNL
&VHW3iSiUyOSLOODQJyUD
2QQDQPHJ\QN.RPiURPED
$PLNRUUHQGHOHWM|WWKRJ\5HLFK.DWyQDN]VLGyKi]EDQNHOOODNQL3pN0iULDNpWVpJEHHVHWWHQVtUW
PLQGHQ iOGRWW QDS HEpGHW pV YDFVRUiW NOG|WW YDODPHO\LN OiQ\iYDO .pW t]EHQ 6iSDGW %pOD LV
PHJOiWRJDWWDFVRNROiGpWYLWWQHNLDJ\HUHNQHNFV|UJW
eJHWW D 6KHOOJ\iU Ki]DN W|PHJH SXV]WXOW HO KDORWWDN KHYHUWHN D] XWFiQ 3pN 0iULD YLVHONHGpVpQ
V~O\RV LGHJEDM MHOHQWNH]HWW +LV]WpULNXV NLDEiOiVVDO WiPDGW *L]LNpUH WRSRU]pNROW QHP HQJHGWH
GROJR]QL+DMQDONiWpV(V]WHUWPLQGXQWDODQEHNHUJHWWHDIRO\RVyUyODKDMXNDWFLEiOWD)OHOW.pVEE
PHJ|QW|]WH D YLUiJRNDW PH]tWOiE KiOyLQJEHQ PiV]NiOW D NRQ\KiEDQ EDERW i]WDWRWW OHYHOHNHW tUW
$]WiQOHWHWWHDWROODW.H]pW|VV]HNXOFVROWD
,VWHQHP8UDPKRJ\DQWHKHWV]LO\HQW"NpUGH]WHFV|QGHVHQ
R

+LGHJNpNV]HPpYHOVRNiLJQp]WHDOpJROWDOPLSDStUUHSHGpVpQDKDMQDOW
9iUDWODQXOM|WWpUWN%UJHFVUO+iEHWOHU-iQRVQHYHODQ\MD,]JDWRWWDQWDSVROW
*\HUQNPRQGWD0R]JiVPHUWDNRFVLLQGXO
3pN0iULD|VV]HNDSRWWQpKiQ\J|QF|WpVPiUV]DODGWDNOHIHOpDOpSFVQ
5RKDQW YHON D WHKHUDXWy 3pN 0iULD D] |OpEHQ WDUWRWWD JRWKiW D OiQ\RN HJ\PiVKR] E~MWDN
.RURPV|WpWYROWPiUDSRQ\YDDODWWDPLNRU3pN0iULiQDNHV]pEHMXWRWW5HLFK.DWy
-p]XVRPPRQGWD2WWKDJ\WXN
6HQNLQHPV]yOW
&V|QGYiUWDNHW%UJHFVHQ3pN0iULDHOYpJH]WHDKi]WDUWiVWHVWHOHYHOHNHWtUWUy]VDV]tQUXKiNDW
KRUJROW JRWKiQDN pV 5HLFK .DWy NLVOiQ\iQDN $ +iEHWOHUOiQ\RN MyO pUH]WpN PDJXNDW *L]LNH HOYLWWH
NHW D WHPHWEH D VtUIHOLUDWRNDW E|QJpV]WpN +DMQDOND MiWV]RWW D SDUDV]WJ\HUHNHNNHO HOQp]HJHWWH D
VHNpO\ WyEDQ IUG OLEiNDW (V]WHU HOV]|U pU]HWW YRQ]DOPDW HJ\ ViSDGW WL]HQKpW HV]WHQGV WHROyJXV
LUiQW/HOWHNHJ\PiVPHOOpDNRSDV]V]HGHUIDDODWW$UDQ\-iQRVW(UON|QLJHWROYDVWiN$IL~WGEHWHJ
YROWNpVEEHOYLWWpNWDOHYHQWpNNHOPHJIi]RWWpVPHJKDOW
R

 iSULOLViEDQ M|WWHN KD]D $ Ki] PHJVpUOW 3pN 0iULD OHYDNROWD D IDODNDW NLIHVWHWWH D ODNiVW
3DPXWPRWULQJRW IHVWpNEH PiUWRWW OD]iUD K~]WD I|OGREiOWD D IDOUD tJ\ NpV]OW D PLQWD $ FVtNK~]iV
+DMQDONDGROJDYROW(V]WHUJ\HWOHQNHGHWWNDSNRGRWWQHPWXGWiNKDV]QiOQL
*L]LNH D 0DJ\DU 3DPXWLSDUEDQ GROJR]RWW NLWDUWy KDWDOPDV V]RUJDORPPDO QHYpW PLQGLJ D] HOV
KiURP PXQNiV N|]|WW tUWiN D WiEOiUD /LV]WHW EDERW ViUJDERUVyW RODMDW NXNRULFDGDUiW NDSRWW D
NHUHVHWHDUiQ\iEDQSUpPLXPIHMpEHQSHGLJYiV]QDWPURVWRVDQ\DJRW-~OLXVEDQNO|QYiOODOWpMMHOL
PV]DNRWLVOHIRJ\RWWQHJ\YHQQpJ\NLOyUDQRYHPEHUEHQ|VV]HURSSDQW$NHUOHWLRUYRVPHQWDXWyQ
D],VWYiQNyUKi]EDNOGWHGHV]HUYLEDMWQHPWDOiOWDNFVXSiQNLPHUOW
3pN0iULDVRNV]RUE|QJpV]WHD]VLGyWHPSORPXGYDUiQD%HWKOHQ*iERUWpUHQDKDORWWDNKLYDWDORV
QpYVRUiWGH5HLFK.DWypV5HLFK0iULDQHYpWQHPWDOiOWD
+DMQDONDpV(V]WHUEHIHMH]WHDQHJ\HGLNSROJiULWpVD3HGDJyJLDL*LPQi]LXPEDPHQWHN
)HEUXiUHOHMpQ.YHFVHV(QGUHNL]XKDQWD%RUiURVWpULNDQ\DUEDQDYLOODPRVWRUQiFiUyOPHJKDOWD
N|YH]HWHQ$UiNRVNHUHV]W~UL  R UHIRUPiWXVSDSWHPHWWHHO$QQD]RNRJRWWKiURPKROOyV]HPILD
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

FLSHOWHHODVtUWyO3pN0iULDDOiQ\DLYDORGDPHQWKR]]iV]yWODQXOPDJiKR]|OHOWH
5HLFKEiFVLpNODNiViEDNRPPXQLVWDN|OW|]|WWPDJDVV]LNiUIpUILpVN|YpUYDVWDJOiE~IHOHVpJH$
V]LNiU NRSRWW pV iSRODWODQ UXKi]DW~ HPEHU NpUpVpUH D Ki]PHVWHU NLKLUGHWWH KRJ\ EHV]pGHW NtYiQ
PRQGDQL D Ki] ODNyLQDN PLQGHQNL MHOHQMpN PHJ D] XGYDURQ .RQ\KDDV]WDOW iOOtWRWWDN D Ki]PHVWHU
ODNiVD HOWW Y|U|V SRV]WyYDO OHWDNDUWiN pV HJ\ V]RPEDW HVWH YLOODQ\YLOiJtWiVQiO D] ~M ODNy ViSDGW
ERURVWiVDUFFDOODVV~YRQWDWRWWKDQJRQDN|YHWNH]EHV]pGHWPRQGRWWD
 (OYWiUVDN (QJHP 6HUHV 6iQGRUQDN KtYQDN H]W PLQGMiUW D] HOHMpQ PHJPRQGRP pV
H]HUNLOHQFV]i]KiURPEDQ V]OHWWHP %yQDY|OJ\SXV]WiQ (OYWiUVDN pQ WL]HQHJ\ pYHV YROWDP DPLNRU
NLW|UW WL]HQQpJ\EHQ D] HOV YLOiJKiERU~ 7L]HQHJ\HQ YROWXQN WHVWYpUHN $KRJ\ D] HOV YLOiJKiERU~
NLW|UWPLQGMiUWNLYHWWHND]LVNROiEyOPpJDQHJ\HGLNRV]WiO\WVHPMiUKDWWDPYpJLJNHOOHWWPHQQHPD]
XUDGDORPED QDSV]iPED UHJJHO QDSNHOWpWO HVWH QDSQ\XJWiLJ ILOOpUHNEO NHOOHWW GROJR]QL .HGYHV
HOYWiUVDNDSiPYDV~WLYiOWyNH]HOPXQNiVYROWDNLQHNV]LQWpQJ\HQJHNHUHVHWHYROWDKKR] R KRJ\
WL]HQKDUPDGPDJiW DEEyO IHQQ WXGMD WDUWDQL (]pUW NHOOHWW NRUD WDYDV]WyO HJpV] D QDJ\ WpO EHiOOWiLJ
URQJ\RV UXKiEDQ pV FLSEHQ IDJ\RVNRGQL HJpV] QDS PpJ H] PHOOHWW VRNDW pKH]WHP LV PHUW D KRVV]~
PXQNDLGD]HPEHUQHNPLQGHQ]VtUMiWOHYHWWH(]WHOQHIHOHMWVNVRKD.O|Q|VHQQ\iURQDPLNRUD]
DUDWiVKR]PHJDFVpSOJpSKH]PiUKiURPyUDNRUNHOOHWWNHOQLpVYROWHVWHWL]HQHJ\PLUHQ\XJRYyUD
PHKHWWQN (OYWiUVDN D]XWiQ PLNRU NLW|UW D WL]HQNLOHQFHV IRUUDGDORP YROWDP WL]HQKDW pYHV DPLNRU
PHJV]|NWHP V]DEyWDQXOyQDN %L]WRVDQ VRNDQ WXGMiN KRJ\ DNNRU PL YROW D WDQRQFQDN D VRUVD pV H]W
VHP V]DEDG VRKD HOIHOHMWHQQN KRJ\ PLQGHQQHP Ki]LPXQNiW PHJ NHOOHWW FVLQiOQL $KRO NLVJ\HUHN
YROWDPLEHQQHNHPLVYROWUpV]HPPpJPRVQLLVNHOOHWWDV]HQQ\HVUXKiWpVDV]HQQ\HVHGpQ\WXWiQD
NLKRUGDQL(OYWiUVDND]WiQHOM|WWDV]DEDGXOiVLGHMHIHOV]DEDGtWRWWDPHVWHUGHGROJR]QLQHPWXGWDP
6DMQRV H] tJ\ YROW NpQ\WHOHQ YROWDP HJpV]HQ DODFVRQ\ EpUpUW PHQQL GROJR]QL J\ D VRUV GREiOWD D]
HPEHUW HOYWiUVDN pV PLNRU D VRUV PHJWDQtWRWW GROJR]QL DNNRU V]DNV]HUYH]HWL PXQNiV OHWWHP
EpUKDUFED NHUOWHP D V]DNWiUVDNDW SUyEiOWXN V]HUYH]QL DNNRU D PXQNiOWDWy D]pUW NOG|WW HO KRJ\
PHJIHUW]|PD]HPEHUHLWpV  R EL]RQ\VRNHVHWEHQPXQNDQpONOLOHWWHP(QJHPHOYWiUVDNH]HQ
NHUHV]WOtJ\DVRUVWDQtWRWWPHJDUUDILDWDOPXQNiVNRURPEDQKRJ\KRYDWDUWR]]DN0RVWSHGLJKRJ\
D V]RYMHW GLFV KDGVHUHJ IHOV]DEDGtWRWW HJ\ QDJ\ N HVHWW OH D V]tYHPUO PLQGMiUW WXGWDP PLW NHOO
WHQQLHOVD]YROWEHLUDWNR]WDPDSiUWEDpVQHPNtPpOHNIiUDGViJRWVHPPRVWVHPDM|YEHQKRJ\
DJLWiOMDPPDJXNDW%HIHMH]pVHOWWPpJDQQ\LWKRJ\pQQHPYDODPLDOMDVJRQGRODWWDOEHV]pOWHPQHP
D]pUWOpSWHPDSiUWEDKRJ\DVDMiWiJ\DPDWPHJYHVVHPPDJDPQDNpQFVDNHJ\V]HUPXQNiVYDJ\RN
HJ\ UXKDLSDUL ]HPEHQ GROJR]RP /HJYpJpQ SHGLJ DUUD NpUHP PDJXNDW KDOOJDVVDQDN D
NRPPXQLVWiNUD PHUW D OHJWLV]WiEE V]tYYHO NLMHOHQWKHWHP N YpGHOPH]WpN D P~OWEDQ pV N IRJMiN
YpGHOPH]QLDM|YEHQPLQGLJpVPLQGHQNRUDPXQNiVHPEHUYDOyViJRVpUGHNHLW
(NNRUDODNyNHUVHQPHJWDSVROWiNWPHJiOODStWRWWiNKRJ\EXWDHPEHUUHOiOGRWWDPHJNHWDVRUV
QHYHWWHNUDMWDPLQGHQKDUDJQpONOPHUWMiPERUV]LQWHHPEHUQHNOiWV]RWW
0iUFLXVEDQ LGVHEE +iEHWOHU -iQRV PHJpUNH]HWW D V]REDNRQ\KiV ODNiVED $ +RQYpGHOPL
0LQLV]WpULXPEDQ NLKDOOJDWWiN LJD]RO  R WiN %OLVWiUD WHWWpN D +tUDGyPR]LEDQ OHWW MHJ\V]HG
SULOLVEDQHONOGWpNPHUWMHJ\QpONOHQJHGHWWNDWRQiNDWDQp]WpUUH$)YiURVL7DQiFV.yUKi]EDQ
NDSRWWPXQNiWV]HQHWODSiWROWDND]iQKi]EDQ
+tUHV,VWYiQPiMXVEDQM|WWKD]DRURV]KDGLIRJViJEyO$0DJ\DU3UHFt]LyV0YHNKH]PHQWGROJR]QL
.tVpUOHWL GDUDERNDW HV]WHUJiOW W|NpOHWHV PXQNiW DGRWW NL NH]pEO QHPVRNiUD LVPHUWpN QHYpW D
PLQLV]WpULXPEDQ LV (OEE FVRSRUWYH]HW PYH]HW YHUVHQ\IHOHOV PDMG D WHUPHOpVL RV]WiO\RQ
IPXQNDLUiQ\tWy OHWW KDYL NHUHVHWH HOpUWH D KiURPH]HU IRULQWRW *L]LNpW LV EHYLWWH D J\iUED )HOHVpJH
J\HVYROWV]RUJDOPDVOHONLLVPHUHWHVpVYpJWHOHQOV]HOtGJ\QHYH]HWWIHKpUN|SHQ\HVPXQNiQD3
PV]HUNRFVL V]DEiO\R]iViQ GROJR]RWW NpVEE PHJWDQtWRWWiN OHSSHOQL gQW|WWYDV WVNpQ NO|QIpOH
SDV]WiNNDOH]UHGPLOOLPpWHUHVWUpVVHOD'LHVHORODMV]LYDWW\~NDWFVLV]ROWD
+tUHV ,VWYiQ WiUVEpUOHWL ODNiVW V]HU]HWW QHP PHVV]H +iEHWOHUpNWO D 'pU\ XWFiEDQ 9iViUROW
NRPELQiOW V]HNUpQ\W DV]WDOW QpJ\ V]pNHW OiPSiYDO YLOiJtWy UHNDPLpW pV &VHOH -XOLWyO KDWYDQ|W
IRULQWpUW HJ\ OHSNHV]iUQ\DNEyO NpV]tWHWW NpSHW H]W D YLUiJRN I|O|WW I|OV]|JH]WH D IDOUD JRWKiUD
QDSN|]EHQ3pN0iULDYL R J\i]RWWPLQGHQHVWHYDFVRUDXWiQKD]DYLWWpNDJ\HUHNHW+tUHV,VWYiQ
IPXQNDLUiQ\tWyHPEHUWHOHQOV]LJRU~YROW+D*L]LNHQHPNpV]tWHWWHYHV]N|]WDWiQ\pUPHOOpKLiED
YROWRUUDHOWWDNRQ\KDDV]WDOILyNMDNRPRUDQEiPXOWDD]pWHOWPHJYiUWDPtJNLYHV]LNQHNLDNpVWD
YLOOiW D NDQDODW 1DSRQNpQW HOOHQUL]WH +DMQDOND pV (V]WHU V]iPWDQIHODGDWDLW U|YLGHQ RNRVDQ
HOPDJ\DUi]WDDERQ\ROXOWNpSOHWHWVDNiUpUWHWWpNDNiUQHPNtQOyGKDWWDNpMIpOLJWRYiEEQHPVHJtWHWW
(J\ DONDORPPDO FXNURW KR]RWW JRWKiQDN $PLNRU DSUy NH]pYHO pUWH Q\~OW YLVV]DWHWWH D ]VHEpEH
EHKtYWD&VHOH-XOLIOLJNRV]RVNRSDV]UDQ\tUWNLVOiQ\iWDIRO\RVyUyOpVRGDDGWDQHNLJRWKiQDNSHGLJ
D]WPRQGWD
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

+DPiVNRUDSiGDMiQGpNRWKR]PHJIRJRGN|V]|QQL
3pN0iULDHOViSDGWDKDUDJWyO
1HPMyOQHYHOHPDOiQ\RGDW"
+tUHV,VWYiQQHPYiODV]ROW
 1HNHG QLQFVHQ V]tYHG  PRQGWD 3pN 0iULD  $NiUKiQ\ HPEHUQHN SDUDQFVROKDWV] DNiUPHQQ\L
SpQ]WNHUHVKHWV]D]pQV]HPHPEHQVHQNLYDJ\
+tUHV,VWYiQHOPRVRO\RGRWW
(J\V]HUPDMGKD]DM|QDILDLV1HNLPLWIRJPRQGDQL"
R

3pN0iULDVRNiLJKDOOJDWRWW
 $]W PRQGRP PDMG D ILDPQDN  V]yODOW PHJ D]WiQ pV KLGHJNpN V]HPpW D IpUIL DUFiUD WHWWH  D]W
PRQGRPQHNLQLQFVDWHQJHUEHQDQQ\LYt]DPHQQ\LN|QQ\NLIRO\LNDV]HPHPEO
1pKiQ\QDSSDONpVEEDKX]DWRVNRQ\KiEDQFV~Q\iQPHJIi]RWWDPRViVQiO0DJDVUDV]|N|WWDOi]D
EUHSHU]VHOWGHQHPWXGRWWL]]DGQL6]LJRU~DQPHJWLOWRWWDKRJ\RUYRVWKtYMDQDN
3iOLQNiWKR]]DWRNSDUDQFVROWD
+iURP QDSLJ LYRWW DOXGW KD I|OpEUHGW EHV]pOW |VV]HYLVV]D $ QHJ\HGLN QDS UHJJHOpQ |W yUDNRU
I|ONHOWWDOSLJOHPRVDNRGRWWIHKpUJDOOpUWYDVDOW+DMQDONiQDN(V]WHUQHNIpUMpQHNLQJHWHONpV]tWHWWHD
UHJJHOLW0LNRUDFVDOiGiOPRVDQLMHGWHQFVRGiONR]YDNLM|WWDNRQ\KiEDtJ\V]yOW
.XW\DEDMRPSDSD$V]pS|]YHJ\PpJYiUKDW
eVUiQFRVRGyDUFiYDOUiMXNQHYHWHWW
$ NpW OiQ\ NLWQHQ WDQXOW pV H] HJ\HGO (V]WHU pUGHPH YROW (ONHVHUHGpVLJ J\|W|UWH K~JiW D
OHFNpQpO D OHJDSUyEE KLEiQiO NLWpSWH I]HWpEO D ODSRW ~MUD tUDWWD YHOH +DMQDOND VtUW HJ\PiV KDMiW
FLEiOWiN 3pN 0iULD PHJSRIR]WD PLQG D NHWWW DNNRU YLVV]DOWHN D  R NRQ\KDDV]WDOKR] WDQXOWDN
VRNV]RU pMIpOLJ (V]WHU ]VDUQRN YROW NRQRN pV JDUDVRV +D HOPHQWHN D )HGHWWXV]RGiED HOWHWWH D
YLOODPRVMHJ\iUiWVPtJYpJLJJ\DORJROWDNDYiURVRQ+DMQDONiQDNPRQGDQLNHOOHWWKDQJRVDQDOHFNpW
$ NO|QIpOH PyGRQ PHJWDNDUtWRWW ]VHESpQ]EO V]RNQ\iW EO~]W KDULVQ\iW IHKpUQHPW YiViUROW
NHWWMNQHNYiODV]WRWWPLQGHQWKDWHVWYpUHQpKDWLOWDNR]QLSUyEiOWKLGHJNpNV]HPpYHOUiQp]HWWD]W
PRQGWD
1HYLWDWNR]]$WHt]OpVHGSRFVpN
(V]WHUQHNMyt]OpVHYROW
7pOHQYDViUQDSGpOXWiQHJ\PiVPHOOpE~MWDNNpWV]yODPEDQpQHNHOWHN6]HQYHGpO\HVHQV]HUHWWpN
pUH]WpN D ]HQpW KDOOiVXN EiPXODWRV YROW +iEHWOHU +tUHV pV 6iSDGW %pOD XOWL]WDN JRWKD &VHOH -XOL
OiQ\iYDO MiWV]RWW 3pN 0iULD GtYiQ\SiUQiW NpV]tWHWW YLUiJRN N|]p KtPH]WH (V]WHU PRQRJUDPMiW $]W
PRQGWDOiQ\iQDN$KR]RPiQ\RG
(V]WHUPpUJHVOHWW
1HWHVVpNQHNHPLO\HQWPRQGDQLpQQHPDNDURNIpUMKH]PHQQLVRKD
3pN0iULDHOPRVRO\RGRWWgOpEHWHWWHKRUJDVXMM~NH]pW
'HKRJ\QHPOiQ\RPPRQGWD(OEEWHD]WiQDK~JRG/iWQLDNDURPDEROGRJViJWRNDWPHJD]
XQRNiLPDW
R

$]HOV]V~UW+DMQDOND$QJ\DOQHYEDUiWQMpQpOWDUWRWWiN$QJ\DOV]OHLD7HOHSLXWFiEDQODNWDND
N|UQ\pNHQ HUV NDPLOODV]DJ YROW 1HUXGD 1iQGRU J\yJ\V]HUiUX ]HPpWO +DMQDONiW pV (V]WHUW
.YHFVHV/DMRVNtVpUWHHONDNDyWNDOiFVRWNDSWDNWiQFROWDNDV]REiEDQNLWHUtWHWWMHJHVPHGYHN|UO
+DMQDONiWQHPNpUWHIHOVHQNLQHPLVYHWWpNWpV]UH$OHPH]MiWV]yWEt]WiNUiHVWHQ\ROFLJV]yOWNH]H
DOyOD6]DOPDOiQJQiODGDV]HUHOHPPHJ(QJHPDUXPEDG|QW|JHWURPED.RPRUDQILJ\HOWHD
WiQFROyNDW OiWWD D ILQRPDQ NDFpUNRGy OiQ\RNDW DNLN VLPXOQL PRVRO\RJQL iPXOQL WXGQDN D NHGYHV
V]HPWHOHQJLPQD]LVWDIL~NUD+DMQDONDURVV]NHGYYROWKDOOJDWDJRQEDNWDWRWWKD]DIHOp2WWKRQPLNRU
(V]WHUPHOOpMHE~MWD]WPRQGWD
6]HPIRUJDWyKO\HVpJ
.YHFVHV $QQD ODNiViQ MHOPH]EiOW UHQGH]WHN (V]WHU DSUyGUXKiEDQ YROW +DMQDOND IHNHWH SLURV
FVtNRV V]pNHO\V]RNQ\iW IHKpU YiV]RQEO~]W YHWW PDJiUD KDMiW FRSIED IRQWD 7HOH YROW pOHWHUYHO
YLGiPDQSHUGOWIRUGXOWQDJ\RNDWQHYHWHWWQHPJ\]WHDWiQFRW(NNRUV]HU]HWWPDJiQDNHOV]|UIL~W
'RGLQDNKtYWiNDUHIRUPiWXVJLPQi]LXPOHJMREEWRUQiV]DQ\~MWyQpVWDODMRQOODQGySDUWQHUOHWWD
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

]V~URNRQ LVNRODL PXODWViJRNRQ D YiOODV L]  R PRV IL~W KHO\HV FVLEpV] NpSpW LULJ\HQ Qp]WpN D
OiQ\RN +DMQDONiW V]HUHWWpN D IL~N SDMWiVXNQDN YHWWpN KD PDODF YLFFHW PHQWHN PHVpOQL D PiVLN
V]REiED D]W PRQGWiN  +DMQDOND WH M|KHWV]  $ OiQ\RN VRSiQNRGWDN VXVWRURJWDN NpVEE
N|YHWHOWpN+DMQDONiWyODYLFFHWpVPLQGLJHOPRQGWDQHNLN
 V]LOYHV]WHUpQ 3pN 0iULD +iEHWOHU +tUHV ,VWYiQ *L]LNH pV (V]WHU D 0DJ\DU 3UHFt]LyV 0YHN
NXOW~UKi]iED NpV]OWHN +DMQDOND QHP pUH]WH MyO PDJiW QHP DNDUW YHON PHQQL GH 3pN 0iULD
NLMHOHQWHWWH
6]LOYHV]WHUNRUHJ\WWNHOOOHQQLDFVDOiGQDNDNNRUDN|YHWNH]pYHWLVHJ\WWW|OWLN
&VDOiGLDV]WDOQiOOWHN3pN0iULiQV|WpWNpNPDJDVDQ]iUyJDOOpUQpONOLUXKDYROWDQ\DNUpV]QpO
DOLJVHMWKHWDSUyWOOOHYHOHN6]NHV]OKDMiWNRV]RU~EDFVDYDUWD+iEHWOHUV|WpWNpNUXKiW+tUHV
,VWYiQ V|WpWV]UNH PLOOSRHQ |OW|Q\W *L]LNH XJ\DQDEEyO D] DQ\DJEyO DQJRO V]DEiV~ NRV]WP|W YLVHOW
+DMQDONDpV(V]WHUIHNHWHV]RNQ\iWIHKpUEO~]W.RFVRQ\iWYLUVOLWHWWHN+tUHV,VWYiQOLWHUHVYHJEHQ
KR]WDDERUWNHWWHQLWWiN3pN0iULiYDO$IPXQNDLUiQ\tWyHJ\LNPiVLNPYH]HWWLGVHEEPXQNiVW
DV]WDOXNKR] KtYWD LYRWW YHON (J\pENpQW +tUHV WDUWRWWD D UDQJMiW KY|V XGYDULDV IEyOLQWiVVDO
YiODV]ROW D  R V]iPWDODQ N|V]|QpVUH (J\ V]NH KXOOiPRV KDM~ HV]WHUJiO\RV QHP PR]GtWRWWD HO
WHNLQWHWpW+DMQDONiUyONpVEEEiWRUViJRWYHWWpVIHONpUWHWiQFROQL$EDUiWMDSHGLJ(V]WHUWMyIRUPiQ
PHJiOOiVQpONOWiQFROWDNDODPSLRQRVNRQIHWWLVV]HUSHQWLQHVFVLOORJyWHUHPEHQeMIpONRUHOROWRWWiND
YLOODQ\W D NpW IL~ D] DV]WDOQiO OW PHJLOOHWG|WW KDQJRQ EROGRJ ~MHV]WHQGW NtYiQWDN D +iEHWOHU
FVDOiGQDN+DMQDOEDQKyHVpVEHQKD]DNtVpUWpNNHW
1pKiQ\QDSSDONpVEEPHJOiWRJDWWiNDOiQ\RNDWOHJN|]HOHEEPR]LMHJ\HWKR]WDNHONpUWpN+DMQDONiW
pV(V]WHUW6RNDWMiUWDNPR]LEDQpKDWiYRODEED]LVNROiWyOPHJYiUWiNDWHVWYpUHNHWVpWiOWDND'XQD
SDUWRQ (J\ DONDORPPDO +tUHV ,VWYiQ HONOGWH +DMQDONiW .LVSHVWUH YDODPL FVRPDJpUW D V]NH IL~
HONtVpUWH6RNiLJNHUHVWpNDNHUWHVKi]DWHNNRUDV|WpWXWFiQPHJFVyNROWiNHJ\PiVW(]XWiQJ\DNUDQ
FVyNROy]WDN $ PiVLN HV]WHUJiO\RV YDODPL EXWDViJRQ |VV]HYLWDWNR]RWW (V]WHUUHO pV D OiQ\ HOPDUWD
7DYDVV]DOPR]LEDPHQWHNPHJQp]WpND+DPOHWHWDIL~iOODQGyDQ+DMQDONDNH]pWV]RURQJDWWD(UVHQ
L]]DGWDWHQ\HUHH]LGHJHVtWHWWHDOiQ\WQHPVRNNDONpVEEJRURPEiQV]DNtWRWW
$3HGDJyJLDL*LPQi]LXPEDQD]pQHNpV]HQHIWDQWiUJ\YROW+iEHWOHUD/XGRYLND R $NDGpPLD
HJ\NRUL KDQJROyMiWyO +HQ] %pOiWyO EpUHOW HJ\ ]RQJRUiW $ OiQ\RN FVDN D N|WHOH] J\DNRUODWRNDW
YpJH]WpN QHP EtUWiN HOYLVHOQL VDMiW NDOLPSiOiVXNDW (V]WHU QpKD EHOHIHOHGNH]HWW %DUWyN
IHOGROJR]iVRNDW MiWV]RWW OHJLQNiEE 0HJ|OWHN HJ\ OHJpQ\W KDWYDQ IRULQWMipUW ,O\HQNRU OHKXQ\WD
V]HPpWV]iMiW|VV]HV]RUtWRWWDDOLJpV]UHYHKHWHQUHPHJHWW
+DMQDOND yUiNRQ iW DNNRUGRNDW NXWDWRWW 6]HUHWWH D OHQ\XJYy WLV]WD DNNRUGRNDW GH KD HJ\PiV
PHOOHWWL KDQJRNDW IRJRWW D]RNEDQ LV PHJWDOiOWD |U|PpW (]HN D GLVV]RQiQV KDQJRN 3pN 0iULiW
LGHJHVtWHWWpN
/iQ\RPPiVWQHPWXGV]"NpUGH]WH
(EEHQ D] LGEHQ LV VRNDW pQHNHOWHN 0DGULJiOW QpSGDOW RSHUiW pV G]VHVV]W $ UiGLyEDQ KDOORWW
WiQFGDORNDWXWiOWiND5y]VDD]WMHOHQWLKYDJ\RNNH]GHWVOiJHUGKtWHWWHNHW+DYDODNLV]pS
+DMQDOND UpV]pUH YRQ]y GDOODPRW pQHNHOW |V]W|Q|VHQ DNNRUGRNDW KDOORWW KR]]i PRGHUQHW pV HEEO
LPSURYL]iOW D] DODSWpPiKR] (J\ DONDORPPDO /XF\ QHY RV]WiO\WiUVQMN ODNiViQ ]V~UW UHQGH]WHN
HOM|WW QpKiQ\ ]HQpV] LV (NNRU LVPHUWH PHJ +DMQDOND 6LPD /DFLW +XV]RQKDW pYHV V]HPYHJHV
N|]pSWHUPHW PDWHPDWLND pV RURV]WDQiUW SLV]WRQRVW pV ]HQHNDUYH]HWW .LV HJ\WWHVH  R YROW
I~YyVSLV]WRQSR]iQV]D[RIRQNODULQpWGREpV]RQJRUD(J\KpWWHONpVEEPHJLQWWDOiONR]WDN/XF\
ODNiViQ6LPD/DFLV]HQ]iFLyWKR]RWW&KRSLQFLV]PROOHPSURPSWMpEODYH]pUGDOODPRWG]VHVV]UH|W
V]yODPUD KDQJV]HUHOWH .LRV]WRWWD D NRWWiNDW $OW +DMQDOND PH]]RV]RSUiQ (V]WHU V]RSUiQ /XF\
EDVV]XV 5XGL WHQRU 6LPD /DFL (OEE PHJKDOOJDWWiN OHPH]UO %LQJ &URVE\ HODGiViEDQ D]WiQ
PHJSUyEiOWiNYRNiOEDQpQHNHOQL.pVEEPHJiOODStWRWWiNV]pSHQV]yO
6LPD/DFLHJ\WWHVHYDViUQDSD0ROQiUXWFiEDQHJ\WiQFLVNROiEDQMiWV]RWWEHOYiURVLILDWDORNQDN$
NpW +iEHWOHUOiQ\ LWW OiWRWW HOV]|U YDG Q\XJDWL WiQFRW ULWPXVUOHWEHQ .|U|N DODNXOWDN HJ\ SiU
NLW|UWDW|PHJEON|UOiOOWiNQp]WpNKDNLPHUOWHNPiVLNSiUXJURWWHV]HOVHQDKHO\NUH+DMQDOND
KD SDUWQHUW WDOiOW PDJiQNtYO UiQJDWWD PDJiW OLKHJHWW V]HPpW IRUJDWWD (V]WHU VRKD +D UHQGU
HOOHQU MHOHQWNH]HWW D OiWKDWiURQ PiU D] HOV]REDDMWyEyO MHOH]WpN DNNRU D ]HQHNDU V]ROLGDQ WDQJyW
MiWV]RWW
+DMQDOND HV]SUHVV]yNEDQ WDOiONR]RWW 6LPD /DFLYDO 6LPD /DFL D] LVNROiUyO PHVpOW WDQtWYiQ\DLUyO
HOPRQGWDVHPPLWVHPWXGRURV]XOyUDDODWWPtJIHOHOWHWQp]LPHJD]DQ\DJRWGHH]WPpJQHPYHWWH
pV]UHVHQNL+DMQDOND R D]pUHWWVpJLHONpV]OHWHLUOpVOHONHVKDQJRQPRGHUQPX]VLNiUyOEHV]pOW
$]WiQFVyNROy]WDN
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

3pN 0iULD QHP V]HUHWWH 6LPD /DFLW $]W PRQGWD SLV]NRVV]HP NLpOW HPEHU VRN QQHN KD]XGRWW
PiU pOHWpEHQ +DMQDONiQDN QHP HVHWW QHKH]pUH D V]DNtWiV 6LPD /DFL QHP NHUOW N|]HO D V]tYpKH]
FVXSiQHJ\LGHLJpUGHNHVYROWDWiUVDViJD
eUHWWVpJLHOWWD]LVNRODNyUXVDYHJ\HVNyUXVWpQHNHOWLWWIL~NLVYROWDN.|]|WWND]DODFVRQ\N|YpU
1LNRGpPXV]LNUHN 8GYDUROQL SUyEiOWDN +DMQDONiQDN (V]WHUQHN UDQGHY~W NpUWHN GH N QHYHWYH
HOXWDVtWRWWiN7DYDVV]DOD=HQHDNDGpPLiQ+lQGHO+DOOHOXMiMiWpQHNHOWpNRUJRQiYDO
.LWQHQpUHWWVpJL]WHN,GVHEE+iEHWOHU-iQRVPHJFVyNROWDDKRPORNXNDW6HUHV6iQGRUJUDWXOiOW
EHV]pGHWPRQGRWWQHNLNDNRQ\KiEDQ+RVV]DQiOPRVtWyDQHFVHWHOWHD+RUWK\UHQGV]HUQ\RPRUiWD
V]HJpQ\QpSKDUFDLWV]WUiMNRNDWE|UW|Q|NHWDNDV]WiVRNDWHPOtWHWWD]WiQD+LWOHUIDVL]PXVYHUHVpJpW
pUWpNHOWHPDMGYiUDWODQXODPXQNDEHFVOHWpUOEHV]pOWHON|YHWNH]HQGpOHWNUDJ\RJySHUVSHNWtYiMiW
EL]RQ\JDWWDDNpW+iEHWOHUOiQ\QDN
 $ PXQNiW V]HUHWQL NHOO  PRQGWD   R  R  R $NiUKRYi NHUtW EHQQHWHNHW D VRUV QH
IHOHGMpWHNKRJ\DWLV]OHLWHNHJ\ELWDQJQpSHOQ\RPy~ULYLOiJEDQNtQOyGWDNDKDUDSQLYDOyNHQ\pUpUW
eV PRVW NLMHOHQWKHWHP WLpWHN D I|OG D J\iU D] HJpV] V]RFLDOL]PXVW pStW 0DJ\DURUV]iJ $]RNp D]
HPEHUHNp OHWW H] D] RUV]iJ DNLN D EDUDNNRNEyO pV D NOYiURVRN PpO\ SLQFpLEO NHUOWHN HO pV
PHOOHWWNDV]HJpQ\SDUDV]WViJW|PHJHKRJ\PHJHUVtWVpNDGLFVVpJHVNRPPXQLVWDSiUWYH]HWpVpYHOD
PXQNiVKDWDOPDWD]LPSHULDOL]PXVKDOiOiUD.HGYHV+DMQDONDpV(V]WHUPLHOWWHOLQGXOWRNJ\|Q\|U
XWDWRNRQH]pUWpQPRVWD]WPRQGRPQHNWHNKDOOJDVVDWRNUiPLJD]NRPPXQLVWiUDV]HUHVVpWHNPHJD
PXQNDJpSHNHW VDMiWtWViWRN HO D WXGRPiQ\RNDW WDQXOMiWRN D PDU[LVWD LGHROyJLiW PHUW H] KLWHW pV
KDWDOPDVHUWDG+DV]DEDGH]WPRQGDQRPH]DOHJPDJDVDEEKLWV]HQWHEEPLQGHQQpOD%LEOLiQiO
PHUW H] YDOyEDQ PHJYiOWMD D] HPEHULVpJHW pV EVpJHV 3DUDGLFVRPRW WHUHPW ( KLW QpONO SHGLJ
PXQNiVHPEHU QHP pOKHW FVDN PpOWDWODQ pV V]iQDOPDV SRVYiQ\EDQ 1H IHOHGMpWHN KRJ\ D WXGiV
KDWDORPGHDWXGiVWMyOpWHWQHPDGMiNLQJ\HQWDQXOQLN]GHQLNHOOpUWH(]pUWNHGYHV+DMQDONDpV
(V]WHUpQV]LQWHV]tYYHOWDQiFVRORPpOMHWHNHJ\V]HUHQIHJ\HOPH]HWWHQPHJLQJDWKDWDWODQDNDUiVVDO
 R YpJH]]pWHN HO D UiWRN Et]RWW IHODGDWRW pV DNNRU PHJWHUHPWLWHN PDJDWRNQDN FVDOiGRWRNQDN
HOM|YHQG J\HUPHNHLWHNQHN V]pS Ki]DVViJEDQ QDJ\V]HU V]RFLDOL]PXVW pStW KD]iQNEDQ D EROGRJ
pOHWHW $PLW pQ PRVW ~J\ D PDJDP PLQW D IHOHVpJHP QHYpEHQ NtYiQRN QHNWHN D] pOHWEH YDOy
HOLQGXOiVWRNDONDOPiEyO
$OiQ\RNNRPRO\DQXGYDULDVDQYpJLJKDOOJDWWiNW&VDNDNNRUQHYHWWpNV]pOHVHQMyNHGYHQDPLNRU
NLPHQWD]DMWyQ
$ EDQNHWW D PDUJLWV]LJHWL &DVLQR NHUWMpEHQ YROW $ NpW +iEHWOHUOiQ\ KDOYiQ\]|OG UXKiEDQ PDJDV
VDUN~ GUDSS V]DQGiOEDQ IHFVHJHWW FLJDUHWWi]RWW D IHKpU DV]WDOQiO .pVEE (V]WHUW WiQFROQL NpUWH HJ\
PDJDVYpNRQ\V]NHIL~WLV]WYLVHOYROWpVV]D[RIRQRV)LOiWy-HQQHNKtYWiN(VWHKD]DNtVpUWHNHWD
NDSXEDQ UDQGHY~W NpUW (V]WHUWO &XNUiV]GiEDQ WDOiONR]WDN .H]HW FVyNROW FVRNROiGpIOLSSHW UHQGHOW
PDMGHOPHVpOWHKRJ\DQNpS]HOQpD]pOHWpW(V]WHUUHO
 2O\DQ ]HQpV] OHV]HN  PRQGWD  DNLW LVPHUQHN PDMG D YLOiJRQ )RJDGiVRNUD MiUXQN pQ
V]PRNLQJEDQWHSHGLJH]VWFLSEHQKyIHKpUHVWpO\LUXKiEDQpNV]HUHNNHO
&V|QGHVHQPRVRO\RJYDEHV]pOWDSUyILQWRUUDOPXWDWWDKRJ\PLQGH]iORPMiWpNEX R WDViJGH
DV]HPpEHQYROWYDODPLPHJKDWy(NNRUFVyNROy]RWW(V]WHUHOV]|U
+DMQDOND D 7UDNWRUJ\iUED (V]WHU HJ\ FLSNpV]tW ]HPEH NHUOW WLV]WYLVHOQHN IL]HWpVN |WV]i]
IRULQW YROW +DMQDOND J\O|OWH D J\iUDW (OEE D] |QWYpQ\UDNWiUEDQ PDMG D ,,HV HV]WHUJDPKHO\EHQ
V]iPROWDPXQNDODSRNUyODGDUDEEpUW$PKHO\|UHJYROWSLV]NRVD]DEODNRNRQQHPOHKHWHWWiWOiWQL
1pJ\YDVOpSFVQNHOOHWWIHOPHQQLHJ\YHJNDOLWNiEDDKRO|WDV]WDOVRUDNR]RWWNHWWDEpUHOV]iPROyNp
KiURP D PYH]HWNp 3DGOyMD IHNHWH RODMRV ID pV PLQGHQWW IHNHWH YDVWDJ |QWYpQ\SRU $ PXQNDLG
UHJJHO KpWWO GpOXWiQ IpO QpJ\LJ YROW $NNRU +DMQDOND KD]DPHQW DOXGW HJ\ yUiW OHPRVDNRGRWW pV
V]DODGWUDQGHY~UD(V]WHUQDSIpQ\HVLURGiQV]iPROWDDEpUHNHWYHQWLOOiWRUNHYHUWHDOHYHJW
1\iUHOHMpQ+tUHV,VWYiQROGDOPRWRUWYiViUROWFVyQDNMiUD1pKDYDViUQDSNLPHQWHNKR]]iDOiQ\RN
GHQHPpUH]WpNMyOPDJXNDW*L]LNHPLQGLJVtUWIHV]OWYROWDKDQJXODW]HQHWiQFSHGLJQHPDNDGWD
N|UQ\pNHQ +iEHWOHU J\RPRUIHNpO\W NDSRWW D ND]iQKi]EDQ 2UYRVL MDYDVODWUD N|QQ\HEE PXQNiUD
KHO\H]WpNNRFVLNtVpUQHNDV]pQKRUGyNQiO
(KKH]PLWV]yODV]pS|]YHJ\"NpUGH]WH3pN0iULDeVGLpWiVNRV]WRWNpV]tWHWWQHNL
R

)LOiWy -HQ EDUiWDL PLQGHQQDSRV YHQGpJHN OHWWHN D V]REDNRQ\KiV ODNiVEDQ )LDWDORN YROWDN
]HQpV]HN WLV]WD iOPRNNDO LOO~]LyNNDO (OKR]WiN KDQJV]HUHLNHW HVWH NLOHQFLJ  DNNRU +iEHWOHU DOXGQL
PHQW  PX]VLNiOWDN )HFH ]RQJRUiQ )LOiWy (V]DOWyV]D[RIRQRQ 6]HOHV SLV]WRQRQ (UYLQ %WHQRU
V]D[RIRQRQpV6]HLEHU/DFLGREROW)HFHYROWD]HQHNDUYH]HW7HKHWVpJHVV]LJRU~DEV]RO~WKDOOiVVDO
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

$ SUyEiNRQ QHP LVPHUW WUpIiW +D PHILV]WyDUFiW D FLPERUiNUD HPHOWH VU IHNHWH V]HP|OG|NpW
|VV]HYRQWDDOiQ\RNLVKDOOJDWWDN9RNiOUDKDQJV]HUHOWHD7HPSVWDWLRQWpVQDJ\RQV]HUHWWH+DMQDONiW
&XNUiV]GiEDQ FVyNROy]WDN (J\ DONDORPPDO EHiOOtWRWW NpW NDULNDJ\UYHO GH +DMQDOND D]RQQDO
YLVV]DDGWD
1HERORQGR]]QHYHWHWW
)HFHHOWHWWHDJ\UNHW
1HPEDMPRQGWDPDMGV]yOV]KDQHPWDUWRGERORQGViJQDN
(EEHQ D] LGEHQ NH]GG|WW D OiQ\RNQiO D U|YLG IL~V IUL]XUD +DMQDOND D] HOVN N|]|WW OHYiJDWWD D
KDMiW 9ROW HJ\ NHGYHQF UXKiMD 6]N V]RNQ\D YDVWDJ GHUpNUpVV]HO N|]HSpQ YLOiJRVEDUQD EU|YYHO
]|OGHV KDOV]iONiV V]|YHWEO $ %HOYiURVEDQ Q\HUVVHO\HP LQJEO~]W YHWW ILQRP D]V~UUDO (EEHQ PHQW
)LOiWy-HQKi]LPXULMiUD$IL~HJ\WWODNRWWHOYiOWpGHV R DQ\MiYDODSMDWH[WLOQDJ\NHUHVNHGYROW
/RQGRQEDV]|N|WWPiVRGLNIHOHVpJpYHO$V]pSHQEHUHQGH]HWWNpWV]REiVODNiVEDQWiQFROWDNpQHNHOWHN
PLNUREDUi]GiVOHPH]HNHWKDOOJDWWDN.pVEE)HFHOHLWWDPDJiWHOURQWRWWDDKDQJXODWRWEiUJ\~DUFFDO
SDQDV]ROWD V]HUHOPL EiQDWiW (NNRU +DMQDOND PHJXWiOWD W H]HQ D] HVWpQ HOKDWiUR]WD PHJKyGtWMD
PDJiQDN(UYLQW.tVpUWHHJ\LNV]REiEyODPiVLNEDFVLOORJWDWWDV]HPpWIRJiWNDUMiEDVLPXOWDWiQFQiO
GHDIL~K~]yGR]RWWPHUWV]HUHWWHWLV]WHOWHEDUiWMiW+DMQDONDpMIpON|UONH]GWHDMiWpNRWKDMQDOIHOp
PiUNLQWD]HOV]REiEDQFVyNROy]WDN(UYLQPiVQDSPLQGHQWHOPRQGRWWEDUiWMiQDNNH]HWV]RUtWRWWDN
)HFHD]WPRQGWDDOiQ\QDN/pJ\EROGRJ
(UYLQ V]NH YROW IRJD KyIHKpU PRVRO\D NLVIL~V V]HPH NpN iOPRGR]y 1DJ\RQ V]HUHWWpN HJ\PiVW
+DMQDONiYDO &XNUiV]GiEDQ E~MWDN HO YROW HJ\ MiWpNXN HJ\PiV V]iMiQ NLSXV]LOWiN D ]HQHV]iPRNDW D
PiVLNQDNNLNHOOHWWWDOiOQLPHO\LND](J\DONDORPPDODIL~UHPHJNp]]HONLJRPEROWD+DMQDONDEO~]iW
pVPHJFVyNROWDPH]WHOHQNHEOpW6RNiLJQHPWXGWDNPHJV]yODOQL
(UYLQpN QpKD WiQFLVNROiEDQ J\iUL UHQGH]YpQ\HNHQ KDNQL]WDN LO\HQNRU D NpW OiQ\ PLQGLJ YHON
PHQW%iUKROMiWV]RWWDN(UYLQD R 6WDUGXVWFtPGDOW+DMQDONiQDNPHVpOWHHOPHUWPHVpOQLWXGRWW
DV]D[RIRQQDO)LOiWySHGLJ(V]WHUWEiPXOWDDGRERJyUyOYpJWHOHQV]HUHOHPPHOV]HUHWWH'DOWV]HU]HWW
DV]|YHJpWQHNLDMiQORWWDHJ\Q\iULHVWHOHOWD]RQJRUiKR]pVKDONDQHOpQHNHOWH+iEHWOHU-iQRVQDN
LJHQWHWV]HWWDGDOH]WW|EEV]|UHOPRQGWD+tUHV,VWYiQYiOODWYRQWROFVyOLPRQiGpQDNQHYH]WH(V]WHU
UiWiPDGW FV~Q\iQ KDQJRVDQ YHV]HNHGWHN 3pN 0iULD EHM|WW D NRQ\KiEyO PHJSRIR]WD OiQ\iW +tUHV
,VWYiQQDN D]W PRQGWD YHJ\H HO D PDQGROLQMiW PXWDVVD PHJ PLW WXG $]WiQ OHOWHN YDFVRUi]QL
.pVEEEHM|WW6HUHV6iQGRUDNRPPXQLVWD3pN0iULDHOPRVRO\RGRWWERUWW|OW|WWQHNL
+LUGHWQLM|WWpO6DQ\LND"NpUGH]WH0HJKDOOJDWXQNV]tYHVHQ'HEL]RQ\ERURWYiONR]QRGNpQH
QHPLOOLNiPtJ\DJLWiOQL+DpQOHQQpNDIHOHVpJHGHOYHUQpPDOiEDGDW
 1DJ\RQ IiUDGW YDJ\RN NHGYHV 0iULD  IHOHOWH NRPRO\ KDQJRQ 6HUHV 6iQGRU  +LGG PHJ KRJ\
QDJ\RQ NHYHVHW SLKHQHN (QJHP D VRUV WDQtWRWW PHJ DUUD KRYD NHOO WDUWR]QL pV pQ V]QWHOHQO
KDUFRORNGROJR]RNMySiUWPXQNiYDOD]LJD]ViJpUW
 0L HOOHQ NHOO KDUFROQL"  NpUGH]WH 3pN 0iULD  0RQGG PHJ QHNQN 6DQ\LND 0HUW DWWyO IpOHN
VRNV]RU PDJDG VHP WXGRG .DS  R NRGV] FVDSNRGV] EHV]pOV] D YLOiJED D]WiQ PiU PDJDG VHP
WXGRGPLQHNpVPLpUW"
6HUHV 6iQGRU ODVV~ NRUW\RNNDO PHJLWWD D ERUW D +iEHWOHUFVDOiG HJpV]VpJpUH $ GtYiQ\ VDUNiUD OW
HJ\HQHVHQPLQWDF|YHNNpWWpUGpW|VV]H]iUWD
J\V]yOW
 /iWRG NHGYHV 0iULiP pQ EXWD HPEHU YDJ\RN H]W PRQGMiWRN UyODP KD PDMG pQ LQQHQ
KD]DPHJ\HN(]WPRQGRGWHLVSHUV]HQHPEiQWiVEyOFVDNWUpIiONR]iVEyOKRJ\QHYHWKHVVHQUDMWDPD
WH FVDOiGRG 'H H] QHP EDM PHUW pQ D]W QHP iOOtWRWWDP VRKD KRJ\ PiVRNQiO RNRVDEE OHQQpN &VDN
LJ\HNV]HP D SiUW iOWDO NLMHO|OW KHO\HPHQ V]HPEHV]iOOQL D] LJD]ViJpUW (] QHP N|QQ\ VW QDJ\RQ
QHKp]3pOGiXOHJ\KDUFRPPRVWPLQGMiUWHOPHVpOHP9ROWHJ\V]DNWiUVDNLQHNIHOOHWWPRQGYDPHUW
PXQNiVI|O|VOHJYROW(UUHD]WPRQGMDKRJ\HQ\pPDJ\iUPDJDPQDNGROJR]RNpVPpJLVIHOPRQGWDP
PDJDPQDNSHGLJHOQHPDNDUQpNPHQQLeQPHJKDOORWWDPpVPHJNpUGH]WHPWOHKRJ\PLWPRQGeV
NH]GWHPPRQGDQLDKRJ\NH]GWH+RJ\PDJipDJ\iUVDMiWPDJiQDNGROJR]LNpVPpJLVIHOPRQGRWW
PDJiQDN SHGLJ HO VHP DNDUQD PHQQL $]W YiODV]ROWD ~J\ YDQ DKRJ\ D V]DNWiUV PRQGMD $NNRU pQ
V]pSHQPHJNpUGH]WHP R WOHKDDV]DNWiUVPDJipQDNWDUWMDDJ\iUDWPLWWHV]H]pUW0HUWQp]HWHP
V]HULQWD]WDUWKDWMDPDJipQDNDJ\iUDWDNLDQpSN|]|VVpJpUWWHV]LVYDODPLW$]WIHOHOWHQHPNDS]VL
HPEHUQHPDNDUMDVHQNLHOOHOKDSSROQLDWiUVDGDOPLPXQNiW(UUHpQD]WIHOHOWHPQHNLKRJ\QHPLV
NHOOVHQNLHOOHOKDSSROQLPLQGHQNLQHNMXWHJ\NHYpVKDPLQGHQNLNLYHQQpDUpV]pWEHOOH'HDNLH]W
QHP DNDUMD D] N|QQ\HQ tJ\ YpGHNH]LN $] LO\HQ HPEHU QH YDOOMD PDJipQDN D J\iUDW |UOM|Q KRJ\ D
QpSN|]|VVpJPHJWULDWiUVDGDORPEDQDNLFVDNDVDMiWpUGHNHLWQp]L3HGLJKDPLQGHQNLKR]]iOiWQDD
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

WiUVDGDOPL PXQNiKR] QHP IRUGXOQD HO KRJ\ D OHONLLVPHUHWHV RGDDGy HPEHU pMIpO XWiQ HJ\ yUDNRU
PHKHWKD]D$]LO\HQNLSLKHQWHPEHUHNN|QQ\HEEHQGROJR]QDNMyONLSLKHQWWHVWWHOPiVQDSPLQWD]
DNL HOYpJ]L D UiHV WiUVDGDOPL PXQNiW D PXQNiMD XWiQ (UUO D]WiQ V]y YROW .LM|WWHN D
V]DNV]HUYH]HWWO pV HQJHP V]HPHOWHN NL KRJ\ EHV]pOMHN D NOG|WWHO 0LNRU HOPRQGWDP D WpQ\HNHW
DKRJ\YROWQDJ\RQQDJ\GLFVpUHWHWNDSWDPpUWHKRJ\QHPPLQGHQNLWXGtJ\PHJIHOHOQL
%XWDHPEHUYDJ\6DQ\LNDPRQGWD3pN0iULD$WWyOIpOHNKRJ\DSROLWLNiKR]VHPpUWHV]PHUW
DPLW PRVW HOPHVpOWpO D] HJ\ QDJ\ PDUKDViJ /HOV] LWW D GtYiQ\UD PLQW  R DNL ERWRW Q\HOW pV
IHFVHJV]|VV]HYLVV]D,QNiEELJ\iOPpJHJ\SRKiUERUWpVpQHNHOMpO
6HUHV6iQGRUHOXWDVtWRWWDDPiVRGLNSRKiUERUW)HOiOOW
 .HGYHV 0iULiP pQ QDJ\RQ QHKp] KHO\]HWEHQ YDJ\RN $ WH HJ\HWOHQ ILDG DNL UpV]W YHWW D KV
6]RYMHWXQLyHOOHQLQGtWRWWUDEOyKDGMiUDWEDQPRVWKRVV]~IRJViJRWV]HQYHG+RJ\DQOHKHWQHPRVWDWH
DQ\DLV]tYHGHWDOHJV]HEEJ\pUWDJLWiOQL"'HKDPDMGDWHILDGHJpV]VpJHVHQKD]DWpUHODSDGV]HPHGUO
D N|QQ\ PHJpUWHG D NRPPXQLVWiN SROLWLNiMiW .LMHOHQWKHWHP D EROGRJViJ YiU UiWRN $ WH FVDOiGRG
PpO\UO M|WW PLQW pQ PLQW D W|EEL V]HJpQ\ HPEHU pV OiQ\DLG OHHQG XQRNiLG pOHWpQ PHJOiWRG D
V]pGtWSHUVSHNWtYiWeVDNNRUD]WIRJRGNpUGH]QLWOHPKRQQDQYROWiOLO\HQGHUOiWy"eVpQPDMGD]W
IHOHOHPDVRUVWDQtWRWWUiKRYDNHOOWDUWR]QRP$NRPPXQLVWiNKR]PHUWNPHJWHUHPWLNDGROJR]y
QpSN|]|VVpJQHNDEpNpVMyOpWHW
(OQp]pVWNpUWD]DYDUiVpUWPLQGHQNLYHONH]HWV]RUtWRWWpVHOPHQW
V] YpJpQ M|WW KD]D LIMDEE +iEHWOHU -iQRV 0HJPRVDNRGRWW DNNRU 3pN 0iULD EHHQJHGWH D
V]RPV]pGRNDW WRORQJWDN OiUPi]WDN D NRQ\KiEDQ 6HUHV 6iQGRU LV EHPXWDWNR]RWW PHJV]RUtWRWWD D
KD]DWpUWNDWRQDNH]pW
R

 9iU D PXQND  PRQGWD QHNL  'LFVVpJHV QDJ\ M|Y HOWW iOOV] D V]RFLDOL]PXVW pStW QpSL
GHPRNUDWLNXV0DJ\DURUV]iJRQ
$]|UHJ+iEHWOHUQHYHWHWWVtUWVUJ|OG|WWIRUJROyGRWW-DQLN|UOOHV]DODGWD+iUIiVEDERUWKR]RWW
NtQiOW PLQGHQNLW FVDNKDPDU EHFVtSHWW .pVEE PHJpUNH]HWW +DMQDOND pV (V]WHU LGHJHQO Qp]WpN D]
LVPHUHWOHQ HUV IpUILW ]DYDUWDQ FVyNROWiN PHJ WHVWYpUNHW 3pN 0iULD NLSDUDQFVROW PLQGHQNLW D
ODNiVEyO KDODW UiQWRWW W~UyV FVXV]iW NpV]tWHWW D OiQ\RN IHKpU DEURV]W WHUtWHWWHN 9DFVRUD XWiQ 3pN
0iULDKLGHJNpNV]HPpWDILiUDHPHOWHJ\V]yOW
5HLFK.DWyPHJKDOW0iULiQDNKtYWiNDNLVOiQ\W
$]|UHJ+iEHWOHUDIHMpWFVyYiOWD
+HMGHQDJ\RQQDJ\NiUpUWNPRQGWDUpV]HJHQ$]DSMiWLVV]HUHWWHPLJHQUHQGHVV]HUHWHWUH
PpOWyHPEHUHNYROWDN
*L]LNHHOVtUWDPDJiW
$SiFVNiPKDOOJDVVRQNLDEiOWD+DOOJDVVRQ
6RNiLJKDOOJDWWDN0DMG-DQLD]WPRQGWDIiUDGW3pN0iULDiJ\DWERQWRWWpVDOXGQLWpUWHN
0iVQDSDOiQ\RN|OW|Q\WLQJHWQ\DNNHQGWpVFLSWYiViUROWDN-DQLQDN3iUQDSSDO  R NpVEE
$QJ\DOI|OG|QD)pPIHOGROJR]yEDQHV]WHUJiOQLNH]GHWW
6]LOYHV]WHUNRUDOiQ\RNKi]LPXULWUHQGH]WHN3pN0iULDVW|WWI]|WWD]|UHJHNLWWiNDERUWYHUWpND
NiUW\iWDILDWDORNWiQFROWDNpQHNHOWHNeMIpOHOWWHJ\yUiYDO3pN0iULDD]WPRQGWD)LOiWy-HQQHN
0HQMHOpGHVDQ\iGpUWQHOHJ\HQPRVWRWWKRQHJ\HGO
$ IL~ PHJFVyNROWD NpW KRUJDV XMM~ NH]pW pV (V]WHUUHO WD[LQ HOKR]WD PDPiMiW $ V]NpUH IHVWHWW
pNV]HUHNNHOGHNRUiOWK|OJ\OiWKDWyDQQHPpUH]WHMyOPDJiWD1DJ\IXYDURVXWFiEDQ7UyQROWHJ\V]pNHQ
JJ|VHQ IRUJDWWD IHMpW KD NtQiOWiN pWHOOHO LWDOODO HOXWDVtWyDQ ILQWRUJRWW .pVEE &VHOH -XOL PDMG
6iSDGW%pODLJ\HNH]HWWNHGYHVNHGQLGHRO\DQKY|VHQQp]HWWUiMXNKRJ\HOyGDORJWDN-DQLDVDURNEDQ
OWDSMDNDWRQDOiGiMiQV]HPpWQHPPR]GtWRWWDHOD]DVV]RQ\UyO$]WiQIHOiOOW
5RKDGMRQPHJPLQGHQQPRQGWDKDQJRVDQDNLPpJKLGHJYt]EHVHPGXJWDD]XMMiW
.LPHQW EHYiJWD D NRQ\KDDMWyW KRJ\ NpW NRFNiEyO NLSRWW\DQW D] YHJ $ OiQ\RN VRSiQNRGWDN
V]DODGJiOWDN+tUHV,VWYiQKDQJRVDQQHYHWHWW3pN0iULDRGDPHQWD]DVV]RQ\KR]
0DJDPLWSiYiVNRGLN"NpUGH]WH9HJ\HOHDEO~]iWNLPRVRP
R

)LOiWy -HQ Q\DNLJ SLURVDQ V]yWODQXO WiYR]RWW D] DQ\MiYDO 3pN 0iULD YiOOiUD NDSWD NHQGMpW
HOLQGXOWDILiWNHUHVQL$+iUIiVVDOV]HPEHQWDOiOWDPHJKiWiWDERUEpO\]OHWUHGQ\pQHNWiPDV]WRWWD
ILJ\HOWH D ODVV~ KyHVpVW 6]yWODQXO KD]DPHQW OHOW D NiUW\i]yN N|]p $] |UHJHN PiU ERUt] KDQJRQ
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

YLWDWNR]WDN V]LGWiN HJ\PiV NH]pW J\HUHNHVHQ |UOWHN D SLURV XOWLQDN $ YpQ .DODX] ,VWYiQ QpKD
EDPEiQKiWUDQp]HWW
$]WPRQGRGPHJKDOW"NpUGH]WH
,O\HQNRU-DQLODVVDQEyOLQWRWW
$ILDWDORNL]JDWRWWDQ]DMRQJWDNDV]REDPiVLNROGDOiQ
(V]WHU V]DNtWRWW )LOiWy -HQYHO $ IL~ E~FV~]yXO IpOEHW|UW QiGDW NOG|WW DPLW D V]D[RIRQEDQ
KDV]QiOWDN$]WtUWD|QJ\LONRVOHV](OP~OWDWpODWDYDV]1\iUYpJpQ+tUHV,VWYiQPHJNpUWHDQ\yViW
QH HQJHGMH JRWKiW &VHOH -XOL NLVOiQ\iYDO MiWV]DQL &V~Q\D YHV]HNHGpV NH]GG|WW 3pN 0iULD
UDQJNyUViJJDO YiGROWD YHMpW  0LW JRQGROV] PDJDGUyO NL YDJ\ WH"  NLDEiOW -DQL D VyJRUiQDN DGRWW
LJD]DW$]WPRQGWD&VHOH-XOLKLWYiQ\G|JWROYDMDE|UW|QEHQIRJMDYpJH]QLpVDOiQ\DVHOHV]NO|QE
&VHOH-XOLD&VRNROiGpiUXJ\iUEDQGROJR]RWWORSRWWPLQWDV]DUND+DQHPYROWNHGYHGROJR]QLHUV
IHNHWHNiYpED VyW  R NHYHUW PDJDV Oi]W FVLQiOW $ EHWHJiOORPiQ\ LGHMpQ FVHUHEHUpOW DONDOPL
]OHWHNHWN|W|WWD7HOHNLWpUHQ'HSpQ]HPpJVHPYROWNLIRO\WDNH]pQ(J\DONDORPPDO6HUHV6iQGRU
V]LJRU~ KDQJRQ V]HPUHKiQ\iVW WHWW QHNL +iEHWOHUpN NRQ\KiMiEDQ 0HUHYHQ F|YHNHJ\HQHVW OW D
KRNHGOLQDUFDViSDGWYROWV]HPpEOVW|WWDKDUDJ
$P~OWUHQGV]HUEHQKDYDODNLDWNpVWiUVDGDOPDWPHJNiURVtWRWWDD]WDNNRUKDPDUiEEHOLQWp]WpN
PLQWPRVW9iUWHJ\SHUFLJ(PHOWIHQ\HJHWKDQJRQIRO\WDWWD$WNpVMREEDQIpOWHWWHDYDJ\RQiW
PLQW PRVW QDJ\RQ VRN HPEHU D QpS YDJ\RQiW $] LO\HQ HPEHUHN FVDN RWWKRQ D VDMiWMXNDW IpOWLN DPL
QHNLN NO|Q NLDGiVW MHOHQW $ QpSL GHPRNUiFLD YDJ\RQD DPL QHP D]  ]VHEpEO NHUO NL D] RO\DQ
V]HPHWHW PLQW WH YDJ\ QHP pUGHNOL KRJ\ PLEH NHUO eQ PtJ ]HPEHQ GROJR]WDP XJ\DQ~J\
YLJ\i]WDPDQpSYDJ\RQiUDPLQWPRVWLVPHUWpU]HPKRJ\KDQHPPDJXQNDWFVDSMXNEH
3pN0iULDPHJIRUGXOWDW]KHO\WO
7HEROGRJOpOHNNpUGH]WHKiWPiUQHPGROJR]RO]HPEHQ"
 1HP GROJR]RP NHGYHV 0iULD  IHOHOWH EV]NpQ  3iU QDSSDO H]HOWW NLHPHOW HQJHPHW D SiUW
6]LJRU~DQ EL]DOPDV PXQNDN|UEH  R KHO\H]WHN pV PRVW U|JW|Q PHJPRQGRP H]pUW D WRYiEEL
PXQNiPPDONDSFVRODWRVNpUGpVHNUHQHPIHOHOKHWHNIHOYLOiJRVtWiVWQHPDGKDWRN
3pN0iULDHOPRVRO\RGRWW
 eQ DNNRU QHP LV NpUGH]HN WOHG VHPPLW 6DQ\LND +LV]HQ WH PRVW PiU MHOHV HPEHU OHWWpO D
GHPRNUiFLD EiUyMD HJ\V]HU PpJ WDOiQ D] ~MViJ LV NLtUMD D QHYHGHW PL SHGLJ EV]NpN OHV]QN UiG pV
|UOQL IRJXQN KRJ\ OiWRJDWiVDLGGDO PHJWLV]WHOV] 'H 6DQ\LNiP pQ D]W JRQGRORP VUEEHQ NHOOHQH
ERURWYiONR]QRG pV EL]RQ\ LQJHW LV J\DNUDEEDQ NHOO PRVW FVHUpOQHG QHKRJ\ D YpJpQ V]pJ\HQNH]]QN
PLDWWDG
6HUHV6iQGRUOiWKDWyDQJRQGRONR]RWWDYiODV]RQ
 .HGYHV 0iULD  V]yOW D]WiQ  LJD]DG YDQ +D WUpIiONR]RO LV |U|NNp pQYHOHP WXGRP MyO KRJ\
V]HUHWV]pVDJ~Q\RVURVV]DNDUDWKHO\pQH]EHV]pOPLQGLJEHOOHGeVpQQHPLVKDUDJV]RPUiGKLV]HN
DEEDQKRJ\D]pQQHYHOKDWiVRPUDHJ\V]HUDNRPPXQLVWiNKDUFRVVRUiEDOpSV]PHUWDWHKHO\HGLV
RWW YDQ pV D WH SUROHWiU iOOKDWDWRVViJRG QDJ\RQ QDJ\ VHJtWVpJHW MHOHQWHQH D QpSL GHPRNUiFLiQDN $]
HOEEHPOtWHWWSUREOpPiYDONDSFVRODWEDQPHJMHJ\H]QLNtYiQRPKRJ\LOOHWpNHVKHO\HQ R HJ\HOYWiUV
IHOKtYWDHUUHDILJ\HOPHPHWpVpQHQQHNPHJIHOHOHQFVHOHNV]HP
6 YDOyEDQ 1pKiQ\ QDSSDO NpVEE My V]DEiV~ |OW|Q\EHQ VHO\HPLQJEHQ t]OpVHV Q\DNNHQGYHO
iSROWDQ EHUHWYiOW DUFFDO OiWRJDWWD PHJ D +iEHWOHUFVDOiGRW 6 H]HQW~O tJ\ OiWWiN PLQGLJ ,GVHEE
+iEHWOHU -iQRV XJUDWWD W hJ\HVHQ PRVRO\RJYD EDUiWViJRV WUpIiONR]y KDQJQHPEHQ UHMWHWW
FpO]iVRNNDO V]XUNiOWD D EpNHN|OFV|QQHO D 6]DEDG 1pSIpOyUiNNDO EXWD SROLWLNDL YLFFHNNHO MiPERU
DUFFDO pUGHNOG|WW PL D NO|QEVpJ D YROW XUDN pV D PDL NiGHUHVHN IXQNFLRQiULXVRN N|]|WW 1pKD
W~OOWWDFpORQLO\HQNRU6HUHV6iQGRUPHJKDUDJXGRWWQDSRNLJQHPOiWWiN(J\DONDORPPDOQ\iUYpJL
HVWpQH]WPRQGWDLGVHEE+iEHWOHU-iQRVQDN
1DPRVWQp]]QNV]HPEHHJ\PiVVDO-iQRV7HD]WWDUWRGPDJDGUyOKRJ\RNRVHPEHUYDJ\SHGLJ
VRKDHOVHPROYDVWiOHJ\HWOHQ~MViJRWHJ\HWOHQN|Q\YHW'HpQPHJD]WPRQGRPDV]HPHGEHKRJ\DOLJ
WXGV] ROYDVQL tUQL YDJ\ DKRJ\ D EHWYHWpVHGHW Qp]WHP HOpJJp SRFVpNXO 1D pQ SHGLJ QHP WDUWRP
PDJDPDW RNRV HPEHUQHN GH D]W PHJiOODStWKDWRP KRJ\ H] D IRJ\DWpNRVViJ QHP D WH KLEiG H] D
QpSHOQ\RPy +RUWK\IDVL]PXV EQH eQ LV V]HQYHGHP HQQHN D WHUKpW pV QDJ\RQ VR  R NDQ PiVRN
PpJDSUROHWDULiWXVUpJHEELQHP]HGpNpEOeQQHPWDUWRPPDJDPDWRNRVHPEHUQHNGHDPLNRUPpJ
D QpPHWHN V]RYMHW WHUOHWHQ KDUFROWDN PL PiU DNNRUL V]DNV]HUYH]HWL GROJR]yN WXGWXN D]W KRJ\ KD
PHJIRUGXODKHO\]HWQiOXQNDNNRUPLQGRO\DQRNIRJQDNNHUOQLPLQGHQRO\DQKHO\UHDNLNN|]LEQN
YDOyNpVH]HND]HPEHUHNHJpV]HQPiVDEEDNOHV]QHNPLQWDP~OWLDNYROWDN(]SHGLJtJ\LVW|UWpQW
$NNRU PRVW PL EDMRG" .L D] LVWHQ EiQW" +DMORQJWiO HJpV] pOHWHGEHQ D] XUDN HOWW H] KLiQ\]LN" 0pUW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

J~Q\ROyGV] YHOHP IRO\WRQ" $]pUW PHUW HJ\ RVWRED HPEHU YDJ\ pV VHPPLW VHP WXGV] D YLOiJEDQ
EHN|YHWNH] YiOWR]iVRNUyO eV YHGG WXGRPiVXO KRJ\ QHP OHKHW J~Q\ROyGQL D PDU[LVWD LGHROyJLiQ
QHP OHKHW J~Q\ROyGQL H]HQ D PL UHQGV]HUQN|Q D NRPPXQLVWiNRQ DNLNQHN D VRUDL N|]|WW pQ LV
NHPpQ\HQ iOOKDWDWRVDQ IiUDGViJRW QHP NtPpOYH KDUFRORN D WH OiQ\DLG D ILDG OHHQG XQRNiLG D WH
QDJ\FVDOiGRGPDUDGpNWDODQEROGRJViJipUW
,GVHEE +iEHWOHU -iQRV QHP WXGRWW YiODV]ROQL PHUW 3pN 0iULD 6HUHV 6iQGRUW NLXWDVtWRWWD D
ODNiVEyO'HDVDMQiODWRVHVHWUOQHPEHV]pOWHNPDJXNN|]|WWHJ\HWOHQV]yWVHP
VV]HO D V]HOtG NpNV]HP (UYLQW EHKtYWiN NDWRQiQDN V]pWKXOORWW D WiUVDViJ 8WROVy  R GpOXWiQ
PpJ HOM|WW E~FV~]QL D IL~ NDURQ IRJYD HJ\PiVW +DMQDONiYDO VpWiOQL PHQWHN D YiURVEDQ $ONRQ\DWNRU
PHJiOOWDND.|U~WpV5iNyF]L~WVDUNiQQp]WpNDIRUJDOPDW+DMQDONDD]WPRQGWD
0LQGHQKpWHQPHJtURPKRJ\KDOiORPLJV]HUHWOHN
$N|]HOL+DXHUFXNUiV]GiEDQFVRNROiGpOLNUWLWWDNPHJFVyNROWiNHJ\PiVW
$ WpO N|]HSpQ PVRU WRPEROD WiQFPXODWViJ YROW D 7UDNWRUJ\iUEDQ $ ]RQJRUD PHOOHWW D
1LNRGpPXV]LNUHN I~MWiN D V]D[RIRQW SLV]WRQW D GREQiO KDUPLQFKDW pY N|UOL NUHRO EU IpUIL OW
WHWV]HWW +DMQDONiQDN V]HPH]QL NH]GHWW YDODKiQ\V]RU HOWWH WiQFROW HJ\PiVUD PRVRO\RJWDN
6]QHWEHQ D NpW 1LNRGpPXV] |U|PPHO GY|]|OWH +DMQDONiW (V]WHUW EV]NpQ PRQGWiN H] D
NLVHJ\WWHV D] |YpN ODVVDQ LVPHULN NHW PLQG W|EE KHO\UH KtYMiN 2GDOpSHWW KR]]iMXN D GRERV
EHPXWDWNR]RWW0XPPHO0LNLQHNKtYWiN5DQGHY~WNpUW+DMQDONiWyO
$] ,IM~ViJSUHVV]yEDQ WDOiONR]WDN PLQGHQ V]HUGD GpOXWiQ KDW yUiWyO Q\ROFLJ D] HPHOHWL UpV]HQ
IpOKRPiO\RV VDURNDV]WDO YROW D] |YpN 0XPPHO 0LNL D] HOV DONDORPPDO HOPRQGWD NO|Q pO D
IHOHVpJpWODNLVOiQ\DWt]HV]WHQGV(]XWiQFVyNROy]WDN0XPPHO0LNLV]tQHVHP R EHUFROWNLWQ
HODGy WUiJiU V]DYDNDW KDV]QiOW GH H] QiOD VRKD QHP YROW YLVV]DWDV]tWy 6RNDW EHV]pOW D IpUIL pV Q
YLV]RQ\iUyOHOPDJ\DUi]WDKDNpWHPEHUV]HUHWLHJ\PiVWHQQHNYHOHMiUyMDDWHVWLpOHW1pKDYHUVHNHW
V]DYDOW+DMQDONiQDN9LOORQWEHV]pOWD]pOHWpUWHOPHWOHQVpJpUOpVILQRPDQWUpIiVDQPHJHPOtWHWWHKD
W~ODNDUOHQQLDV]]HVVpJpQV]yOMRQQHNL+DMQDONDLO\HQNRUQHYHWHWWD]WPRQGWD-yPDMGV]yORN
0LQGHQDONDORPPDOFVyNROy]WDN+DMQDONDV]HUHWWHDKyHVpVW)HOHPHOWIHMMHODIHOKUHEiPXOW~J\
pUH]WH I|OHPHONHGLN ~V]LN D] pJ IHOp (]W 0XPPHO 0LNLYHO HJ\WW FVLQiOWiN HJ\PiVKR] VLPXOYD D]W
PRQGWiNNLUHSOQHNDYLOiJEyO+yJRO\y]WDNQHYHWWHNGHD.|]WiUVDViJWpUVDUNiQ+DMQDONDPLQGLJ
HOE~FV~]RWWQHPHQJHGWHPDJiWDNDSXLJNtVpUQL+DMQDONDVRNDWMiUWWiQFROQLVRNIL~YDOFVyNROy]RWW
H IXWy NDODQGRNDW PLQG HOPRQGWD D GRERVQDN 0XPPHO D VRURV ORYDJRW DODSRVDQ PHJYL]VJiOWD pV
Myt]HQNLQHYHWWpN0iUFLXVEDQ0XPPHO0LNLSROLWL]iOWMiUWDWWDYDODKRODV]iMiWH]pUWFVDND&LUNXV]
9iOODODWQiO WXGRWW HOKHO\H]NHGQL 6]RPRU~DQ SDQDV]ROWD KRJ\ YLUEOLW FVLQiO PtJ D OpJWRUQiV] IRURJ
IHQQDPDJDVEDQ
+DMQDONDPLQGHQYDViUQDSOHYHOHWtUW(UYLQQHNU~]VRVDMNiWWHWWHQ\RPDWNpQWDQHYHDOi
R

gWyUDLWHiQLVPHUNHGWHNPHJDNpWMyNpSPV]DNLUDM]ROyYDO*XO\iV6]LOiUGV]NHYROW3HUHV/yFL
IHNHWH $ 6]tY XWFiEDQ ODNWDN KiURPV]REiV ODNiVEDQ WHOMHVHQ VNHW YpQ Q\XJGtMDV WDQtWyQQpO
0HJKtYWiND+iEHWOHUOiQ\RNDWpVEDUiWQMNHW$QJ\DOWKi]LPXULUD)HNHWHNiYpWLWWDNpGHVOLNUWD
IpUILDNNRQ\DNRW$V]REDWiJDVYROWHJ\LNIDOiWQDJ\PpUHWSHU]VDV]Q\HJWDNDUWD$NpWDEODNN|]|WW
NLVDV]WDORQ UiGLy D VDURNEDQ DODFVRQ\ GRKiQ\]yDV]WDO QpJ\ IRWHO SXIIRN NRYiFVROWYDV iOOyOiPSD
UHNDPLp NiYpEDUQD KX]DWWDO (OV DONDORPPDO *XO\iV 6]LOiUG 3HUHV /yFL 9LOLNH D V]HPYHJHV
N|YpUNpVRUYRVWDQKDOOJDWyHJ\PDV]HNEUGtV]PYHVPHJHJ\LGVHEEHPEHUYROWDODNiVEDQDNLUO
VHQNL VHP WXGWD PLEO pO .iUW\i]WDN UiGLy]WDN WUpIiV W|UWpQHWHNHW pV V]iPWDODQ YLFFHW PHVpOWHN
(J\pENpQW QDJ\ pV YHJ\HV WiUVDViJ IRUJRWW D ODNiVEDQ QN IpUILDN EXNNDQWDN I|O LWWDN HJ\ NiYpW
NRQ\DNRW QpKiQ\ V]yW YiOWRWWDN ILOPHNUO GLYDWUyO GLFVpUWpN D 9LD 0DOiW pV iWDGWiN KHO\NHW
PiVRNQDN$OiQ\RNV]HUHWWpNH]WDIHOHOWOHQQ\]VJpVW+DMQDONDQpKiQ\V]RUNHWWHVEHQLVYROW*XO\iV
6]LOiUGGDO5HQGHWFVLQiOWV]HOO]WHWHWWVWHJ\DONDORPPDODNRQ\KiEDQWDOiOWDODSDQ\DJRNEyOt]OHWHV
YDFVRUiWNpV]tWHWWeOHWpEHQHOV]|UI]|WW R |QiOOyQpVH]WHWV]HWWQHNL*XO\iV6]LOiUGDV]OHLUO
EHV]pOW (OPRQGWD YLGpNHQ pOQHN pGHVDSMD MHJ\] PHJNpUGH]WH HO WXGQiH NpS]HOQL PDJiW HEEHQ D
ODNiVEDQPLQWIHOHVpJ+DMQDONDHOPRVRO\RGRWWD]WIHOHOWHWDOiQ$]WiQFVyNROy]WDN
(J\V]LHVWHOHDSDGWDWiUVDViJDNpW+iEHWOHUOiQ\$QJ\DO*XO\iV3HUHV/yFLpV9LOLNHPDUDGWD
ODNiVEDQ .HGYHWOHQ KDQJXODW YROW +DMQDOND %XGiUD DNDUW PHQQL D]W KDOORWWD D .DSiV XWFDL
WiQFLVNROiEDQV]D[RIRQR]LN(UYLQ
 +DOOJDVVXN PHJ D 6WDU GXVWRW  PRQGWD NpU KDQJRQ QYpUpQHN  (OMiWV]DQi QHNQN HJpV]
EL]WRVDQ
(V]WHUQHN QHP YROW NHGYH HOLQGXOQL D] HVEHQ $ V]RED VDUNiED E~MW 3HUHV /yFLYDO $QJ\DO
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

PHJJ\~MWRWWD D NRYiFVROWYDV iOOyOiPSiW HJ\ IRWHOED OW RGDDGWD D V]iMiW 9LOLNpQHN +DMQDOND D]
DEODNQiOQp]WHDV|WpW6]tYXWFiW*XO\iVDNH]pKH]pUW
*\HUHQH]DYDUMXNNHW
$ PiVLN V]REiEDQ *XO\iV QHP J\~MWRWW YLOODQ\W /HOWHN D NDQDSpUD +DMQDOND HUWOHQO KDJ\WD
PDJiW FVyNROQL D V|WpWEHQ $NNRU VHP WLOWDNR]RWW DPLNRU D IpUIL NHPpQ\ PR]GXODWWDO OHIHNWHWWH W
1pKiQ\SHUFFHONpVEE|VV]HK~]WDWHVWpWDIiMGDORP1HPV]yOWQHP R VtUWDPLNRU*XO\iVUHPHJ
Np]]HO PHJJ\~MWRWWD D NLFVLQ\ HUQ\V OiPSiW PHUHYHQ Qp]WH D IpUILW $]WiQ UHQGEHV]HGWH PDJiW
NLOpSHWWDPiVLNV]REiEDD]WPRQGWD
0HQMQN
$]XWFiQ(V]WHUUpPOWHQNpUGH]WH
0LW|UWpQW"
+DMQDOND]|OGDUFiWDQYpUpUHIRUGtWRWWDYiOODWYRQW
-p]XV~ULVWHQPRQGWD(V]WHU
+D]iLJ QHP EHV]pOWHN W|EEHW +iEHWOHUpN V]UHWHQ YROWDN -DQL PiU DOXGW $ NpW WHVWYpU V]yWODQXO
OHYHWN]|WWiJ\EDE~MWDN+DMQDONDD]RQQDOHODOXGW(V]WHUQp]WHWPHJVLPRJDWWDU|YLGNLVIL~VKDMiW
pVKDQJWDODQXOVtUW
(]]HODWiUVDViJJDOQHPWDOiONR]WDNVRKDW|EEp
3iU KpWWHO NpVEE PHJM|WW YLGpNUO 0XPPHO 0LNL IHOKtYWD WHOHIRQRQ +DMQDONiW D 7UDNWRUJ\iUEDQ
$] ,IM~ViJSUHVV]yEDQ WDOiONR]WDN +DMQDOND IDQ\DU KDQJRQ HOPRQGWD NtQRV RVWRED W|UWpQHWpW
0XPPHO GK|QJ|WW |NOpYHO UiW|WW D] DV]WDOUD iOODWQDN EDUEiUQDN JD]HPEHUQHN QHYH]WH *XO\iVW
.pVEE D]W PRQGWD KD  YDQ D KHO\pQ +DMQDOND PHJLVPHUL D OHJQDJ\REE EROGRJViJRW $ +DXHU
FXNUiV]GiEDQDGRWWUDQGHY~W
R

+DMQDOND WXGWD KRJ\ 0XPPHO EDUiWMD DEEDQ D Ki]EDQ ODNLN 0HJEHV]pOWH $QJ\DOODO M|MM|Q HO IpO
KpWUHpVKtYMDWPR]LED0XPPHO0LNLSRQWRVDQKDWyUDNRURWWYROW+pWN|]QDSLGROJRNUyOIHFVHJHWW
+DMQDONDYiUWDPLNRUNH]GLDPDQYHUH]pVW1pKiQ\SHUFFHO$QJ\DOpUNH]pVHHOWWPHJNpUGH]WH
0LpUWLWWWDOiONR]WXQN"
0XPPHO0LNLPHJOHSG|WW&LJDUHWWiUDJ\~MWRWW$]WPRQGWD
(EEHQDKi]EDQODNLNHJ\EDUiWRPV]HUHWQpPKDIHOM|QQpOYHOHP
+DMQDONDQp]WHWHJ\SLOODQDWLJ
-yOYDQIHOHOWH
(NNRUpUNH]HWWPHJ$QJ\DO0R]LMHJ\HWORERJWDWRWWJ\HWOHQPHVpEHNH]GHWWKRJ\DOLJWDOiOWLGH
PpJ My KRJ\ (V]WHU HOPDJ\DUi]WD PHUUH M|MM|Q pV NRUKROWD +DMQDONiW PHUW EL]RQ\iUD HOIHOHGWH D
N|]|VSURJUDPRW
1DJ\HUHV]yOWiWOiWV]yKDUDJJDOPHUWHONpVQN
0XPPHO0LNLHOPRVRO\RGRWWJ~Q\RVDQI|OpQ\HVHQ
$GGHODMHJ\HWPRQGWD+DMQDOND0DHVWHQHPpUHNUi
eV I|OPHQW D ODNiVUD 0XPPHO EDUiWMD NH]HW FVyNROW HOQp]pVW NpUW D]W PRQGWD VUJV GROJD YDQ
pUH]]pNPDJXNDWRWWKRQYDQNR R Q\DNIHNHWHNiYpDNXOFVRWSHGLJDGMiNOHDKi]PHVWHUQHN$]]DO
HOPHQW
.tQRVFV|QGXWiQ+DMQDONDPHJNpUGH]WH
1HPWDOiORGH]WQHYHWVpJHVQHN"
%iPXOWiNHJ\PiVWV]RPRU~DQ.pVEE0XPPHOFLJDUHWWiUDJ\~MWRWWVD]WPRQGWD
(OURQWRWWDNWpJHGNLVOiQ\RP|U|NUH
$NiFQ\tOiVNRU PLQGHQ pYEHQ 3pN 0iULD D IpUMpYHO %UJHFVUH PHQW 7DYDV]L YDViUQDS YROW *L]LNH
HODOXGWDGtYiQ\RQ-DQLHOYLWWHJRWKiWVpWiOQL+tUHV,VWYiQXQDWNR]RWWDMHJ\]HWHLWQp]HJHWWHPDMG
HOKtYWD D NpW OiQ\W ]HQpW KDOOJDWQL $ &RUYLQpWWHUHPEH PHQWHN 0HJYDFVRUi]WDN +tUHV ,VWYiQ D
WHUYHLUO EHV]pOW gU|NODNiVW DNDUW YHQQL D]W PRQGWD K~V]H]HU IRULQWUD OHV] V]NVpJH HOWHUHPWL
DNiUKRJ\DQ$V]RPV]pGDV]WDOQiONpWIpUILEiPXOWD(V]WHUW(J\LNIHNHWHYROWN|]pSWHUPHWDPiVLN
V]NHpVVXGiU+DMQDONDXQDWNR]RWWiVtWRWWD]WPRQGWDPHQMHQHNKD]DDOXGQL
$ UXKDWiU HOWW D V]NH IpUIL V]yOtWRWWD PHJ (V]WHUW (OQp]pVW NpU D WRODNRGiVpUW EHPXWDWNR]RWW
7DOiONR]QLV]HUHWQpNPDJiYDOPRQGWD
0iVQDS D %ULVWROEDQ WDOiONR]WDN |WyUDL WHiQ 7iQFROWDN EHV]pOJHWWHN $ V]NH IpUIL HOPRQGWD
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

0LVNROFRQ pStWpVYH]HW ROGDONR  R FVLV PRWRUNHUpNSiUMD YDQ PHJNpUGH]WH (V]WHUW KRO GROJR]LN
KRYDMiUV]yUDNR]QLPLWFVLQiOiOWDOiEDQ"
(J\ KpWWHO NpVEE D] $VWRULiEDQ WDOiONR]WDN GH DNNRU PiU QHP WDOiOWDN WpPiW KDOOJDWWDN (V]WHU
HOKDWiUR]WD W|EEp QHP UDQGHY~]LN D V]NH IpUILYDO 1pKiQ\ QDS P~OYD LQWHUXUEiQ NHUHVWH (V]WHUW
HOPRQGWDYDViUQDSHJ\EDUiWMiYDO3HVWUHM|QD](PNHpWWHUHPEHQYiUMiNWKR]]DHO+DMQDONiWLV
9DViUQDSHVWHD](PNpEHQDIHNHWHN|]pSWHUPHWIpUILLVEHPXWDWNR]RWW=HQWD\*\|UJ\QHNKtYWiN
6]yWODQXO OW D] DV]WDOQiO V]HPpW QHP PR]GtWRWWD HO (V]WHU DUFiUyO pV KD D OiQ\ UiQp]HWW ]DYDUWDQ
HOPRVRO\RGRWW.pVEEWiQFROW(V]WHUUHO$]WNpUWHM|MM|QYHOHDEiUEDV]HUHWQpEHPXWDWQLpGHVDSMiW
$] |UHJ =HQWD\ LGVHEE IpUILWiUVDViJJDO OW NH]HW FVyNROW (V]WHUQHN KDWiUR]RWW KDQJRQ NLMHOHQWHWWH
LO\HQV]pSOiQ\WPpJVRKDQHPOiWRWW$WiUVDViJQDNtJ\PXWDWWDEH
$ILDPPHQ\DVV]RQ\D
=HQWD\*\|UJ\HOPHQW+DMQDONipUWDV]NHEDUiWpUWD]|UHJ=HQWD\KHO\HWFVLQiOWFVRNROiGpIOLSSHW
NRQ\DNRW UHQGHOW NpW FVRNRU Uy]ViW YiViUROW D +iEHWOHUOiQ\RNQDN WiQFROW YHON PXODWViJRV
W|UWpQHWHNHWPHVpOWVRNDWQHYHWWHN
R

$ N|YHWNH] YDViUQDS D 3iOPDHV]SUHVV]yEDQ WDOiONR]RWW (V]WHU D IHNHWH IL~YDO )pOyUD NpVpVVHO


pUNH]HWWGH=HQWD\*\|UJ\QHPKDUDJXGRWWIpQ\OV]HPPHOQp]WHDOiQ\WFV|QGHVHQD]WPRQGWD
)pOWHPKRJ\HOIHOHGHWW
)HNHWHNiYpWUHQGHOW(OPRQGWDQRUPDHOOHQU0LVNROFRQNO|QpODIHOHVpJpWO(V]WHUFVRGiONR]RWW
,O\HQJ\HUHNpVPiUQV"
=HQWD\ *\|UJ\ KDOOJDWRWW HJ\ SHUFLJ $]WiQ N|Q\YHNUO EHV]pOW +HUF]HJ )HUHQFHW &URQLQW
'RV]WRMHYV]NLMWHPOtWHWWH$]WPRQGWDFV|QGHVHQ
(]HNMyEDUiWRN6RNV]RUKDMQDOLJYHOHPPDUDGQDN
.pVEE WD[LQ I|OPHQWHN D] 2OG )LUHQ]pEH &LQ]iQyW LWWDN =HQWD\ HOPRQGWD pGHVDSMD
GHWHNWtYIHOJ\HO YROW pGHVDQ\MD |QJ\LONRV OHWW 0RVWRKDDQ\MD WLWRNEDQ UXPRW LYRWW HJ\V]HU EHM|WW
KR]]iPH]WHOHQODWDQXOyV]REiEDpVV]iMRQFVyNROWD=HQWD\*\|UJ\V]RPRU~ViJDPHJKDWyYROW
7D[LYDOYLWWHKD]D(V]WHUW1pKiQ\SHUFFHONDSX]iUiVXWiQ
(V]WHU QHYHQDSMiQ PHQW I|O HOV]|U D +iEHWOHUFVDOiGKR] .RViU SLURV Uy]ViW ]RQJRUDDOEXPRW pV
*HUDOG\ YHUVHLW KR]WD HO D OiQ\  R QDN 6]HUHWWpN HJ\PiVW =HQWD\ NLV &VHSHO PRWRUMiQ PLQGHQ
YDViUQDSNLUiQGXOWDN
1\iURQ +DMQDOND D 7UDNWRUJ\iU V]DNV]HUYH]HWpWO EHXWDOiVW NDSRWW %DODWRQV]iUV]yUD (V]WHU
)|OGYiURQ =HQWD\ *\|UJ\ SHGLJ %DODWRQIHQ\YHVHQ GOW (J\ V]RPEDW HVWH )|OGYiURQ D
%DODWRQJ\|QJ\H]HQpVNHUWKHO\LVpJpEHQWDOiONR]WDN=HQWD\PDJiYDOKR]WDGOWiUViW'LWWHUD/iV]Oy
WLV]WYLVHOWpVDQQDNQYpUpW0DUJLWRW'LWWHUD/iV]OyQ\XJGtMDV09WLV]WILDYROWIHNHWHKDM~]|OG
V]HPKXV]RQKiURPpYHV
(OYRQW GROJRN pUGHNHOWpN -yJD KLSQy]LV V]HOOHPLGp]pV JUDIROyJLD pV FVLOODJMyVOiV 6RNDW WiQFROW
+DMQDONiYDOPHJNpUWHDOiQ\WWDOiONR]]DQDN3HVWHQLV
$] ,IM~ViJSUHVV]yEDQ WDOiONR]WDN 'LWWHUiQ DFpOV]UNH |OW|Q\ YROW XMMiQ SHFVpWJ\U IHNHWH
yQL[V]DO (OKR]WD J\HUHNNRUL SDMWiViW LV DNLYHO HJ\WW MiUW D SLDULVWiNKR] $ V]NH OiQ\RV DUF~ ILDWDO
HJ\HWHPLVWD OiWKDWy UDMRQJiVVDO EiPXOWD KDOOJDWWD EDUiWMiW 'LWWHUD /iV]Oy .ULV]WXVUyO PLQW D
OHJQDJ\REEKLSQRWL]UUOPDJ\DUi]RWW+DMQDONiQDN6]HULQWHDNiQDLPHQQ\HJ]PLNRUDYL]HWERUUi
YiOWR]WDWMD W|PHJ I|O|WWL KLSQy]LV .ULV]WXV tJ\ V]yOW  PRVW ERUW LV]WRN  pV I|OOpSHWW D] pU]pNL
FVDOyGiV 0DMG /i]iU IHOWiPDV]WiViW  R PDJ\DUi]WD HO PRQGYiQ .HOHWHQ PD LV pOQHN PiJXVRN
HOWHPHWWHWLN PDJXNDW PHJKDWiUR]RWW LGEHQ NLERQWMiN D VtUW pV pOQHN $]W PRQGWD H] D WHOMHV
NRQFHQWUiFLyNpUGpVHPDJDLVJ\DNRUROMDGHDNO|QIpOHNtVpUOHWHNDOLJVLNHUOQHNPHUWPLQGLJPiV
JRQGRODWRNWRODNRGQDNHO3HGLJFVDNHJ\GRORJUDV]DEDGJRQGROQLH]DWDQXOiVNH]GHWH0HJtJpUWH
+DMQDONiQDN KRJ\ DONDORPDGWiQ EHPXWDWMD D MyJDOpVW HEEHQ D SR]LW~UiEDQ NHOO NLNDSFVROyGQL D
YLOiJEyOpVEHPXWDWMDDMyJDOpJ]pVWJ\RPURQNHUHV]WO.pVEEHON|V]|QWDOiQ\RVDUF~HJ\HWHPLVWD
PHJSXV]LOWD 'LWWHUD /DFLW +DMQDONiQDN XGYDULDVDQ EyOLQWRWW $NNRU +DMQDOND D FVDOiGMiUyO EHV]pOW
]HQpUOIL~NUyO
$]WiQNLVpWiOWDND.|]WiUVDViJWpUUHOHOWHNHJ\SDGUDpVFVyNROy]WDN
(V]WHUHOMHJ\]pVHNDUiFVRQ\NRUYROW=HQWD\*\|UJ\D1DJ\PH]XWFiEDQDOEpUOHWEHQODNRWW0DQGHO
-HQ 7h.(5 RV]WiO\YH]HWQpO 6 V]OHWpVQDSMiQ HONpUWH D NpW OiQ\W UHJJHOLJ D]W PRQGWiN WiQFROQDN
YDODKRO 'LWWHUiYDO HJ\WW HOPHQWHN D NLFVLQ\ DOEpUOHWL V]REiED =HQWD\ *\|UJ\ HOUH HONpV]tWHWWH D
OD]DFRVNDYLiURVV]DOiPLVVRQNiVV]HQGYLFVHNHWQDJ\SXNNDQiVVDONLQ\LWRWWHJ\YHJKDE]yERUWIHOH
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

IHOIXWRWWDPHQQ\H]HWUH%H R NDSFVROWiNDUiGLyW]HQpWKDOOJDWWDNNpVEEPHJNpUWpNDOiQ\RNDW


pQHNHOMHQHNpVNNpWV]yODPEDQpQHNHOWpN(J\NLVVNyWIDOXEDQQQHSQDSYDQQQHSHOQHNRWWD]
HPEHUHN PHJ D 6RPPHUWLPHHW pV UpJL QpSGDORNDW (NNRU =HQWD\ *\|UJ\ LV YHON pQHNHOW FVDN
'LWWHUD KDOOJDWRWW PHUW URVV] YROW D KDOOiVD -yYDO pMIpO XWiQ +DMQDOND NLMHOHQWHWWH iOPRV =HQWD\
SRNUyFRWGtYiQ\SiUQiNDWWHWWDSDGOyUD+DMQDONDpVDJ|U|JDUF~IL~UXKiVWyOHJ\PiVPHOOpIHNGWHN
(V]WHU D YOHJpQ\pKH] NXSRURGRWW D NHVNHQ\ iJ\UD HOROWRWWiN D NLFVLQ\ OiPSiW GH QHP VRNiLJ
FVyNROy]KDWWDN $] DEODNRQ EHYLOiJtWRWW D KDMQDO YDODKRO FV|U|PS|OYH HOLQGXOW HJ\ YLOODPRV (V]WHU
PHJLJD]tWRWWDKDMiWD]WPRQGWDUHJJHOYDQPHQMQNKD]D
)HEUXiUYpJpQ'LWWHUDHONpUWH3pN0iULiWyO+DMQDONiW$]]DOKRJ\DQYpUHYOHJpQ\pQpOKi]LPXUL
OHV]NLVHEEFVDOiGLWDOiONR]yNDSX]iUiVXWiQM|QQHNKD]D-DQLDV]pSDUF~IL~UDWHWWHViUJiVV]HPpW
GHQHPV]yOWVHPPLW
'LWWHUD 0DUJLW YOHJpQ\H D /yQ\DL XWFiEDQ ODNRWW 6]XKDSD *\XOiQDN KtYWiN D IRJODONR]iVD
UpJLVpJNHUHVNHG $PLNRU D] |WYHQ pY N|UOL ViSDGW EDMXV]RV HPEHU NLQ\LWRWWD D NHVNHQ\ HOV]RED
DMWDMiW+DMQDONDPHJK|N  R NHQW~J\pUH]WHYt]EHI~OWDUFDWHNLQWUi$UpJLVpJNHUHVNHGWiJDV
PHOHJ V]REiED YH]HWWH NHW +iWXO D YDVWDJ IJJ|QQ\HO WDNDUW DEODNQiO UiGLy WHWHMpQ HJ\HWOHQ
HUQ\]|WW OiPSD V]yUWD D YLOiJtWiVW ( WRPSD IpQ\ V]REiEDQ PLQGHQ EDUQiQDN WQW $ IDODNKR]
V]RUtWRWW DQWLN E~WRURN D SDGOyW IDODNDW KHYHUNHW HOERUtWy SHU]ViN $ VDURNEDQ PDJQHWRIRQ V]pS
IHNHWH V]HP VWHZDUGHVV MiWV]RWW YHOH KDONDQ PHOOHWWH DODFVRQ\ DV]WDONiQ ]OHWEHQ YiViUROW pGHV pV
VyV VWHPpQ\ LWDORN 3XIIRNRQ KHYHUN|Q OW D OiQ\RV DUF~ HJ\HWHPL KDOOJDWy FVLQRV V]HPYHJHV
NROOHJLQiMDDKDUPLQF|WpYHVVRYiQ\'LWWHUD0DUJLWpVYt]EHI~OWDUFiYDODUpJLVpJNHUHVNHG$;9,
V]i]DG PYpV]HWpUO EHV]pOW PXWDWRWW QpKiQ\ DSUy PWiUJ\DW PDMG NH]pEH DNDGW HJ\ IHNY EURQ]
%XGGKD'LWWHUDHONpUWHWOH+DMQDONiYDOQp]HJHWWpN$UpJLVpJNHUHVNHGHOPRVRO\RGRWWD]WPRQGWD
+DMQDONiQDN H V]RERUWyO WDQXOQL NHOO D WRWiOLV GLNWDW~UiEDQ D]  HUpQ\H D E|OFV KDOOJDWiV .H]HW
FVyNROW D OiQ\QDN pV QHNLDMiQGpNR]WD .pVEE +DMQDOND D PDJQHWRIRQKR] JXJJROW D VWHZDUGHVV]HO
NHUHVWHN PHJIHOHO ]HQpW $PLNRU PHJV]yODOW KDONDQ D 0RRQOLJKW 6HUHQDGH WiQFROQL KtYWD D IL~W
)|OKDMWRWWiNDV]Q\HJHWPLQGHQNLWiQFROW'LWWHUDPHJFVyNROWD+DM  R QDONDQ\DNiW(]D]HQH
W|PpQ\ HURWLND  PRVRO\JRWW +DMQDOND OHKXQ\WD V]HPpW NpVEE EyOLQWRWW  ,JD]  IHOHOWH $]WiQ
I|OFVHQGOW5DYHO%ROHUyMD$VWHZDUGHVVD]HOVDNNRUGRNQiOSXKiQULQJDWWDFVtSMpWPDMGWiQFROQL
NH]GHWW HJ\HGO D KRPiO\EDQ 6]pS PR]GXODWRNNDO |QIHOHGWHQ VDMiW |U|PpUH $PLNRU D] XWROVy
WRPSDGREV]yLVHOKDOWNLNDSFVROWDDPDJQHWRIRQW$]WPRQGWD
(]WDWiQFRWPH]WHOHQOIiW\ROODONHOOWiQFROQL
$UpJLVpJNHUHVNHGNRQ\DNRWW|OW|WWNLMHOHQWHWWHKDJ\MiNDWiQFRWLQNiEEMiWVV]DQDNWiUVDVMiWpNRW
0pJKR]]iRO\DQWKRJ\DNLYHV]tWOHYHWPDJiUyOHJ\UXKDGDUDERWPHUWPiVNpQWXQDOPDV
$ WiUVDViJ D V]Q\HJUH WHOHSHGHWW NRFNiW GREWDN +DMQDONiW HOpJ VRNiLJ NtVpUWH D V]HUHQFVH
'LWWHUiUyOpVV]NHEDUiWMiUyOOHNHUOWDQ\DNNHQGLQJHJ\PiVPHOOHWWOWHNIpOPH]WHOHQO+DMQDOND
D]HOVVLNHUWHOHQGREiVQiOFLSMpWYHWHWWHOHNpVEEKDULVQ\iMiWPDMGKDULVQ\DN|WMpW(NNRUDYt]EH
I~OW PiU ]RNQLEDQ PH]WHOHQ OiEV]iUDNNDO OW HOYLOODQy IHKpU DOVyQDGUiJMiW FVXSiQ D] LQJ WDNDUWD
+DMQDOND YDODKiQ\V]RU UiQp]HWW NLSXNNDQW D QHYHWpVH 'H D N|YHWNH] GREiVQiO HONRPRO\RGRWW
/DVVDQ IHOiOOW KiWXO D VDURNEDQ  R OHK~]WD IHNHWH V]|YHWUXKiMiQ D ]LSS]iUDW NLJRPEROWD Q\DNiW
NRPELQpUDYHWN]|WWYLVV]DPHQWDKHO\pUHpVPDJDDOiK~]RWWOiEEDODV]Q\HJUHNXSRURGRWW(]XWiQ
D V]pS VWHZDUGHVV YHWWH OH V|WpWNpN ]XEERQ\iW NDUMiQ D UHSOWiUVDViJ HPEOpPiMiYDO DODWWD N|QQ\
EO~] YROW 0DMG D V]HPYHJHV HJ\HWHPLVWD OiQ\ E~MW NL D UXKiMiEyO 'LWWHUD 0DUJLW PiU EXJ\LEDQ
PHOOWDUWyYDO OW $ UpJLVpJNHUHVNHG +DMQDONiW ILJ\HOWH $ OiQ\RV DUF~ IL~ 'LWWHUiKR] VLPXOW D KiWiW
VLPRJDWWD%iUVRQ\DEU|GPRQGWD)RUUyEiUVRQ\
$N|YHWNH]GREiV+DMQDONiKR]NHUOW(OJXUtWRWWDDNRFNiWLMHGWHQIHOQp]HWW+DQJRVDQLGHJHVHQ
HOQHYHWWHPDJiW'LWWHUD0DUJLWUiQp]HWW
1DJ\HUHNHNQHNHPHEEOHOpJYROW
$Yt]EHI~OWKDUDJXGRWWD]WPRQGWDQHPV]DEDGHOURQWDQLKpWHPEHUKDQJXODWiW'LWWHUD0DUJLW
OHLQWHWWH NDURQ IRJWD W pV EHPHQWHN D PiVLN V]REiED $ V]pS VWHZDUGHVV LV HOWQW D V]HPYHJHV
NROOHJLQiYDO HJ\ EDUQD DMWy P|J|WW $ OiQ\RV DUF~ IL~ WDQiFVWDODQXO EiPXOWD 'LWWHUiW PDMG XWiQXN
PHQW$KRPiO\RVV]REiEDQNHWWHQPDUDGWDN+DMQDONDEHNDSFVROWDDPDJQHWRIRQWPHJNHUHVWH5DYHO
%ROHUyMiWiW|OHOWHDIL~W
$ V]REDNRQ\KiV ODNiVEDQ LIMDEE +iEHWOHU  R -iQRV  D OiQ\RN V]HULQW XQDOPiEDQ  PLQGHQ
GpOXWiQ FLUNXV]W FVLQiOW $PLNRU D NpW OiQ\ PHJPRVDNRGRWW PHJIpVON|G|WW NLU~]VR]WiN D V]iMXNDW
UiMXNWiPDGW
+RYDPHQWHNPiUPHJLQW"
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

+DMQDONiWHO|QW|WWHDPpUHJ
$GROJXQNUD
$SUHVV]yEDRUGtWRWWD-DQL0LD]LVWHQWFVLQiOWRNDSUHVV]yEDQ
+DMQDONDDNRQ\KDDV]WDOWYHUWH
hOQNNLDEiOWDhOQN
hOQNhOQNRUGtWRWW-DQL
3pN0iULDHOQHYHWWHPDJiW
0LDQ\DYDO\iWDNDUV]DOiQ\RNWyO"0pUWQHPPpV]YHON"
7HVVpNPRQGWD(V]WHU*\HUHYHOQN
-DQLUiQp]HWW
eQ"2GD"eQ"
eVURVV]KDQJRQQHYHWHWW(VWHD]DSMiWSLV]NiOWD
 7HJQDS LV NDSX]iUiV XWiQ M|WWHN KD]D  PDJ\DUi]WD V]HQYHGpO\HV KDQJRQ  7ROYDMRN N|]|WW
EDJy]QDNI~MMiNDIVW|WFVRNROiGpIUDQFRWLV]QDN6HPPLIpOHGRORJH]6HPPLGRORJH]
3pN 0iULD OHPDUKi]WD W YHV]HNHGWHN NLDEiOWDN .pVEE D] |UHJ +iEHWOHU NLMHOHQWHWWH 
R WHOMHVVpJJHO KHO\WHOHQ pV LJHQ QDJ\RQ HOV]RPRUtWy GRORJ KD D V]RPV]pGRN EHV]pOQL IRJMiN KRJ\ D
OiQ\RNWL]HQHJ\yUDXWiQMiUKDWQDNKD]D.RPRO\KDQJRQtJ\V]yOW3pN0iULiQDN
(]WpQQHPWU|P0RQGGPHJOpJ\V]tYHVDNpWOiQ\RGQDNKDHJ\HWOHQSHUFHWNpVQHNEDMOHV]
0iVQDS D OiQ\RN QpKiQ\ SHUFFHO NDSX]iUiV XWiQ pUNH]WHN ,GVHEE +iEHWOHU NLOpSHWW D] iJ\EyO
DNNRUDSRIRQWDGRWW(V]WHUQHNKRJ\DOiQ\OH]XKDQWDSDGOyUD$]WiQ+DMQDONiWW|WWHPHJ3pN0iULD
VLNROWR]RWWNLUiQJDWWDIpUMpWD]DMWyQDNNRUDOiQ\RNUDWiPDGW
(]WPHJpUGHPHOWpWHNUi]WDFVRQWRV|NOpW7DNDURGMDWRND]iJ\ED
+DMQDOND]RNRJYDNpUGH]WH-DQLW
0RVWEROGRJYDJ\"
-DQLDGtYiQ\RQIHNGW6iUJiVV]HPpYHODK~JiWQp]WH
/HJV]tYHVHEEHQEHOpWHNU~JQpNPRQGWD
'LWWHUD/DFLILJ\HOPHVYROW0LQGLJpV]UHYHWWH+DMQDONiQD]~MIUL]XUiWPiVLNV]tQU~]VWLO\HQNRU
NH]HWFVyNROWGLFVpUWHDOiQ\t]OpVpW3UHVV]yEDQXWFiQHVWHDNDSXHOWWFVyNROy]WDN(]pUWJ\DNUDQ
XJUDWWiNNHWHJ\V]HUD]|UHJ=HQWD\QHYHWYHD]WPRQGWD R KDV]HUHWLNHJ\PiVWIHGpODOiLVNpQH
K~]yGQL QpKD eV IHODMiQORWWD DOEpUOHWL V]REiMiW 3iU QDSSDO NpVEE +DMQDOND HOPRVRO\RGRWW D]W
PRQGWD'LWWHUiQDN
0LpUWQHPHQQpQNIHO"
$] |UHJ =HQWD\ D &RUYLQ N|]EHQ ODNRWW )HONtVpUWH NHW D V]REiED D]W PRQGWD NLOHQF yUD N|UO
YLVV]DM|Q 6RNiLJ FVyNROy]WDN HJ\ IRWHOEDQ $]WiQ +DMQDOND PHJNpUWH 'LWWHUiW IRUGXOMRQ HO
/HYHWN]|WW OHIHNGW D] iJ\ED pV Q\DNiLJ K~]WD D WDNDUyW $PtJ D IL~ PHOOpE~MW DUFiW D IDOKR]
V]RUtWRWWD6RNiLJIHNGWHNPR]GXODWODQXOV]yWODQXOHJ\PiVPHOOHWW&LJDUHWWi]WDN.pVEE'LWWHUDtJ\
V]yOW
1HPMyH]tJ\(OUHPHJEHV]pOYH
1HPPRQGWD+DMQDOND1HPMy
$NNRUIHO|OW|]WHNpVHOPHQWHN+DMQDONDVRKDW|EEpQHPOiWWDQHPMHOHQWNH]HWWDV]pSJ|U|JDUF~
IL~
(]HQDQ\iURQ,%86=YRQDWWDO6LyIRNUDYLWWH=HQWD\*\|UJ\DNpW+iEHWOHUOiQ\W6]pNHVIHKpUYiURQ
OHPHQWKVtWLWDOpUWHJ\IpUILYDOWpUWYLVV]DKDWKyQDSRVEHQWODNiVRVQRUPDLVNROiWW|OW|WWHNHJ\WWD
9iUEDQ$IpUILV]pSYROWV]HUpQ\V]NV]DY~DYiOODODWXNGOMpEHPHQW+D]DIHOpHVWHPHJLQWD]
IONpMNEHV]iOOW1DJ\iPXOyJ\HUHNV]HPPHOQp]WH+DMQDONiW.pVEEFV|QGHVHQ R PHJNpUGH]WH
WDOiONR]KDWQDNH3HVWHQ"+DMQDONDQHYHWHWWD]WIHOHOWH7HUPpV]HWHVHQ
$] ,IM~ViJSUHVV]yEDQ WDOiONR]WDN $ IL~W 6]XKD 0LNOyVQDN KtYWiN (OPRQGWD I|OGELUWRNRVFVDOiG
J\HUPHNHV]OHLYHOpOD%HWRQ~WpStW9iOODODWQiOQRUPiV6DMQRVURVV]NiGHUKLiEDGROJR]LNMyOUDMWD
YDQ D EpO\HJ PLQGXQWDODQ ]DNODWMiN NiGHUH]LN eGHVDSMD EHWHJ pGHVDQ\MD Ki]LLSDUL V]|YHWNH]HWQHN
GROJR]LN QHKH]HQ pOQHN 'H OHJDOiEE QH UHWWHJQH iOODQGyDQ KRJ\ NLWHV]LN D] iOOiViEyO +DMQDOND
QDJ\RQV]iQWDW+D]DIHOpD.|]WiUVDViJWpUHQPHJFVyNROWiNHJ\PiVW
6]XKD 0LNOyV PLQGHQ HVWH KpW yUiWyO Wt]LJ +iEHWOHUpN ODNiViQ OW +DMQDOND V]HUHWWH W PDJiW
HUVHEEQHN pUH]WH WXGWD KRJ\ D IL~QDN V]NVpJH YDQ D] HUHMpUH (OV t]EHQ JRQGROW DUUD KRJ\
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

J\HUHNHW LV V]OQH QHNL PHUW V]pS RNRV EHFVOHWHV (J\V]HU PHJHPOtWHWWH (V]WHUQHN D] iJ\EDQ D]W
PRQGWDMyNHYHUHGpVOHQQH
$ -y]VHI N|U~WL ER[RV FXNUiV]GiEDQ DKRO D NpNV]HP V]D[RIRQRV (UYLQ HOV]|U FVyNROWD PHJ D
NHEOpW+DMQDONDHOPRQGWD6]XKD0LNOyVQDNKRJ\PiUQHPOiQ\
9ROWHJ\URVV]XOVLNHUOWHVWpPPRQGWDFV|QGHVHQ
6]XKD0LNOyVPHJFVyNROWDW
R

/HJ\pODIHOHVpJHPPRQGWD
.DUiFVRQ\NRU (V]WHU HVNYMpQ MHJ\J\UNHW KR]RWW HOMHJ\H]WpN HJ\PiVW .DUiFVRQ\ XWiQ
PHJNpUWH3pN0iULiWHQJHGMHHOKiURPQDSUDYLGpNLURNRQDLKR]+DMQDONiWGLV]QyWRUUD
(KiURPQDS+DMQDONDV]iPiUDIHOHGKHWHWOHQPDUDGW6LyIRNUDPHQWHNHJ\|UHJDVV]RQ\QiOEpUHOWHN
V]REiW 1DJ\ SLKpNEHQ KXOOW D Ky ~J\ pUH]WpN IHKpU iORP D] HJpV] YLOiJ ,GHMN QDJ\ UpV]pW iJ\EDQ
W|OW|WWpN +DMQDOND V]DEDGRQ iWDGWD WHVWpW D EROGRJViJQDN +D HVWH D )RJDVEDQ YDFVRUi]WDN
HJ\PiVKR] VLPXOYD WiQFROWDN D] HPEHUHN V]HUHWHWWHO Qp]WpN D V]HUHOPHVSiUW )pO QDS NpVpVVHO
pUNH]WHNKD]D3pN0iULDNpUGH]pVQpONOKDWDOPDVSRIRQWDGRWW+DMQDONiQDN
)HEUXiUEDQKi]DVRGWDN3pN0iULDK~VOHYHVWNpV]tWHWWIWWK~VWWRUPiYDOKDJ\PiVPiUWiVWHJUHV
pVULEL]OLPiUWiVWUiQWRWWK~VWUiQWRWWFVLUNpWUiQWRWWKDODWW~UyVFVXV]iWpVVRNIpOHVWHPpQ\W(YHWW
LYRWW pQHNHOW D] HJpV] Ki] +tUHV ,VWYiQ PRQGRWW V]pS N|V]|QWW XWiQD 6iSDGW %pOD NtYiQW VRN
EROGRJViJRW D UpJL ODNyN QHYpEHQ =HQWD\ *\|UJ\ PDJQp]LXPPDO IpQ\NpSHNHW NpV]tWHWW 0HJLYRWW
QpKiQ\ SRKiU ERUW OHYHWWH Q\DNNHQGMpW YDVWDJ KDQJRQ pQHNHOWH +HM KD  R OiV]RN KDOiV]RN
(V]WHU pOHVHQ UiV]yOW IRJMD EH D V]iMiW .pVEE -DQL HOKtYWD +DMQDONiW D] DV]WDOWyO .DUyUiW GXJRWW D
IHNHWHNRV]WP]VHEpEH0HJNpWH]HUIRULQWRW
9HJ\pOOiERVWPRQGWD]DYDUWDQ0HJWHSVLW
+DMQDOND OiEKHJ\UH iOOW 0HJFVyNROWD D DUFiW .pVEE D] |UHJ =HQWD\ HONRW\RJWD KRJ\ D ILD PiU
HJ\V]HU Ki]DV YROW 3pN 0iULD HOViSDGW $]W PRQGWD (V]WHUQHN KD QHP OHQQH LWW HQQ\L HPEHU
DJ\RQYHUQpeMIpON|UODILDWDOSiUHQJHGpO\WNpUW3pN0iULiWyODWiYR]iVUD
1HPYDOyD]PRQGWDV]LJRU~DQ3pN0iULD7HVVpNPHJYiUQLPtJDYHQGpJHNHOPHQQHN
$]WiQ HOPRVRO\RGRWW .LKtYWD D] |UHJ +iEHWOHUW +DMQDOND NH]HW FVyNROW QHNLN .|QQ\HV V]HPPHO
Qp]WpNPLNRU6]XKD0LNOyVNDUMiQDOHJNLVHEEOiQ\LVHOPHQWDKi]WyO
3iU QDSSDO NpVEE YiUDWODQ PHJOHSHWpV pUWH D +iEHWOHUFVDOiGRW .pV HVWH EHNRSRJWDWRWW 6HUHV
6iQGRUDIHOHVpJpYHO%~FV~]QLM|WWHN
(OXWD]XQNPRQGWD6HUHV6iQGRU5HSOJpSHQ5yPiEDPHJ\QNRQQDQ7HO$YLYEDpVH]D
YpJFpO J\ JRQGROWXN %R  R ULVVDO KRJ\ QH PHQMQN HO N|V]|QpV QpONO QH YiOMXQN HO WOHWHN
NHGYHV 0iULiP pV -iQRVRP KDUDJJDO 0LQN PRVW D WiYROL LPSHULDOL]PXVEDQ IRJXQN GROJR]QL D
V]RFLDOL]PXVpUW WL SHGLJ GROJR]]DWRN pUWH LWWKRQ D PL V]pS QpSL GHPRNUDWLNXV KD]iQNEDQ 0LYHO D]
HOYWiUVDNWyOHQJHGpO\WNDSWXQNDOHYHOH]pVUHH]pUWKDDNDUMiWRNHOPRQGRPQHNWHNDSRQWRVFtPHPHW
1DJ\ILJ\HOPHWN|YHWHODGRORJ(OV]|ULVILJ\HOPH]WHWOHNKRJ\NpWERUtWpNEDNHOOEHWHQQLDOHYHOHW$]
HJ\LNHW D NOVW tJ\ NHOO FtPH]QL KRJ\ V]i]WL]HQQpJ\HV 3RVWDILyN KHWYHQNHWWHV 3RVWD %XGDSHVW $
EHOVERUtWpNRWPHO\EHDOHYHOQNHWWHV]LWHNDUUDtUMiWRNUiDQHYHPHWKRJ\6HUHV6iQGRUHOYWiUV7HO
$YLY 0DJ\DU N|YHWVpJ 7HKiW tJ\ FVDN LWWKRQL EpO\HJHW NHOO UiWHQQL pV H]HQ D FtPHQ IRJMiN D
OHYHOHLWHNHW HOMXWWDWQL KR]]iQN +D PRVW YDODPLYHO QHP OHQQpWHN WLV]WiED V]tYHVHQ HOPDJ\DUi]RP
QHNWHNPpJHJ\V]HUDPLWQHPpUWHQpWHNPHJ
3pN0iULDIHOtUWDDFtPHWV]HUHQFVpVXWDWNtYiQWPHJFVyNROWiNHJ\PiVWpVHON|V]|QWHN
$ 1DJ\PH] XWFDL DOEpUOHWEHQ ODNRWW (V]WHU D IpUMpYHO =HQWD\ PiU 3HVWHQ GROJR]RWW D 0DORPJpS
9iOODODWQiOJ\DNUDQMiUWYLGpNUHHOOHQUL]QL)L]HWpVHIRULQWYROW(V]WHUpD]HOVKyQDSEDQ
UiGLyW YiViURO  R WDN $ N|OWVpJYHWpVQpO DODSRVDQ PHJK~]WiN D J\HSOW 9DViUQDS PRWRURQ
NLUiQGXOWDN +i]DVViJXN KDUPDGLN KyQDSMiEDQ UpV]HJHQ M|WW KD]D =HQWD\ *\|UJ\ $PLNRU EiUJ\~
YLJ\RUUDOERUV]DJ~OHKHOHWpYHOiJ\EDE~MW(V]WHUHOK~]yGRWWWOH
8WiOODNKR]]iPQHpUMPRQGWDeQHOPHJ\HN
=HQWD\U|K|J|WW
+iWPHQMILDFVNiPHUHGM
5HJJHONLMy]DQRGRWW0HJFVyNROWD(V]WHUWpVHOXWD]RWWYLGpNUH
(V]WHUIHO|OW|]|WWHOPHQWD1DJ\IXYDURVXWFiEDD]WPRQGWDD]DQ\MiQDN
+D]DM|Y|N
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

-DQLYDOHOPHQWHNDEU|QG|NpUWKiURPV]RUIRUGXOWDNHOKR]WDNPLQGHQW=HQWD\PHJM|WWYLGpNUO
WDQiFVWDODQXOEiPXOWDD]UHVV]REiW1HPPHUWHOPHQQL+iEHWOHUpNKH]IpOWDQ\yViWyOpV-DQLViUJiV
V]HPpWO 0HJOHVWH (V]WHUW D NDSX HOWW pV HOKtYWD IHOHVpJpW D] ,IM~ViJSUHVV]yED 5|YLG EHV]pOJHWpV
XWiQ (V]WHU LQJHUOW KDQJRQ NLMHOHQWHWWH QHP N|OW|]LN YLVV]D VRKD W|EEp .pW QDSSDO NpVEE )LOiWy
-HQVXJiU]yDUFFDOPHJMHOHQWDV]REDNRQ\KiVODNiVEDQNH]HWFVyNROW(V]WHUQHNpV|WyUDLWHiUDYLWWH
WiQFROQL $ 1DJ\IXYDURV XWFiEDQ iOOtWRWWD PHJ NHW =HQWD\ )LOiWy  R -HQ PHJLMHGW (V]WHU
KLGHJNpNV]HPpWDIpUMpUHHPHOWHD]WPRQGWDQHIHQ\HJHW]]pNPHUWOHKtYMDDEiW\MiW
=HQWD\ *\|UJ\ HJ\ KpWHQ iW PLQGHQQDS Uy]ViW NOG|WW D IHOHVpJpQHN D]WiQ IHOKtYWD W WHOHIRQRQ D
FLSNpV]tW]HPEHQpVUDQGHY~WNpUW$+DQJXODWSUHVV]yEDQWDOiONR]WDN=HQWD\&LQ]iQyWUHQGHOW
FV|QGHVHQV]LQWHKDQJRQERFViQDWRWNpUWPHJIRJDGWDVRKDW|EEpQHPLV]LN6RNiLJXGYDUROWEyNROW
DIHOHVpJpQHNPRVRO\RJYDD]WPRQGWD
3HVWOHJFVLQRVDEEDVV]RQ\iWQHPHQJHGHPHODNDURPEyO
(V]WHU YLVV]DN|OW|]|WW $ N|YHWNH] QDS D] |UHJ =HQWD\W YiUDWODQXO NLWHOHStWHWWpN %XGDSHVWUO D
+RUWREiJ\PHOOp2KiWSXV]WiUD3pN0iULDPLQGHQKyQDSEDQpOHOPLV]HUFVRPDJRWNpV]tWHWWpV=HQWD\
*\|UJ\YRQDWRQHOYLWWHD]DSMiQDN$PLNRU(V]WHUiOODSRWRVOHWW3pN0iULDPHJSDUDQFVROWDKRJ\QiOD
pWNH]]HQHN.LOHQFKyQDSRQiWI]|WWDOiQ\iQDNYHMpQHNSpQ]WQHPIRJDGRWWHOWON(V]WHUNLVOiQ\W
V]OW 5HQGHV LGEHQ UHQGHV V~OO\DO D J\HUHN PHJKDOW D] HOV QDS D NOLQLNiQ $ KDORWWL OHYpOUH D]W
tUWiNDJ\YpU]pVGH(V]WHUIHMpEOQHPOHKHWHWWNLYHUQLKRJ\HOHMWHWWpN$WHPHWpVUHHOPHQWD]HJpV]
FVDOiG (V]WHU NLYpWHOpYHO 6tUyJ|UFV|NHW NDSRWW VL  R NROWR]RWW KDMiW WpSWH $ NLOHQFpYHV JRWKD
YLJ\i]RWWUiLMHGWHQOWD]iJ\DV]pOpQ
+DMQDONipN%XGiQODNWDNDOEpUOHWEHQHJ\PDJiQYLOODHOVHPHOHWpQNRFNDDODN~YLOiJRVV]REiEDQ
PHO\ D PRVyNRQ\KiEyO Q\tOW $ NHUW WHOH YROW YLUiJJDO Q\tOW D] RUJRQD +DMQDOND PLQGLJ pQHNHOW
QDJ\RQ V]HUHWWHN HJ\PiVW eV J\HUHNHW DNDUWDN PLQGNHWWHQ KDWDOPDV YiJ\DNR]iVVDO (J\ YDViUQDS
pMMHO pV]UHYpWOHQO PHJKDOW 6]XKD 0LNOyV pGHVDSMD $ IL~ QHP VtUW .HUHNUH Q\LWRWWD Q\LWRWWD EDUQD
V]HPpW ULDGWDQ Qp]WH +DMQDONiW $ WHPHWpVpYHO MiUy DGPLQLV]WUiFLyW VHP Et]WiN Ui +DMQDOND pV D]
|]YHJ\ V]DODGJiOW D SDStURNpUW $ +iEHWOHUFVDOiG HOPHQW D WHPHWpVUH 3pN 0iULD pOYLUiJ NRV]RU~W
YiViUROW6]XKD0LNOyVWpWRYiQiOOWDIULVVKDQWQiOpGHVDQ\MDPHOOHWWQHPHQJHGWHHODNH]HW+DMQDOND
WD[LQYLWWHKD]D6]yWODQXOOWD]DV]WDOQiOVRNiLJ.pVEEHQJHGHOPHVHQPHJYDFVRUi]RWWD]DEODNKR]
PHQWEiPXOWDDWiMDW+DMQDONDUHQGHWFVLQiOWNLPRVRWWQpKiQ\IHKpUQHPWD]WiQOHIHNGWHN6]XKD
0LNOyVPHJFVyNROWDDQ\DNiWDNHEOpWDFRPEMiKR]Q\~OW
+i]DVViJXN KDWRGLN KyQDSMiEDQ OHWW iOODSRWRV +DMQDOND $ WHUKHVVpJHW QHKH]HQ YLVHOWH iOODQGyDQ
URVV]XOOpWHN N|]|WW pOW 3pN 0i  R ULD SDUDQFViUD RWWKDJ\WD D 7UDNWRUJ\iUDW pV IpUMpYHO HJ\WW
RGDN|OW|]WHN D 1DJ\IXYDURV XWFiED D] HOIHOH]HWW V]RED NLVHEELN IHOpW NDSWiN $PLNRU D J\HUHN
PHJPR]GXOW +DMQDOND MREEDQ OHWW eMV]DND 6]XKD 0LNOyVVDO NLWDSLQWRWWiN D IRUJROyGy M|YHYpQ\W
PHJKDWyGRWWDQQp]WpNHJ\PiVWDKRPiO\EDQ+DMQDONDQHYHWHWWD]WNpUGH]WH
8J\HV]HUHWQLIRJV]EHQQQNHW"DIpUILSHGLJEyORJDWRWWpVPHJFVyNROWDIROWRVDUFiW
$ WHUKHVVpJ PiVRGLN V]DNDV]iEDQ -DQL iOODQGyDQ YHV]HNHGHWW D K~JiYDO KRJ\ PR]RJMRQ QH
OXVWXOMRQ HO GH QHP HQJHGHWW QHNL VHPPLW FVLQiOQL PLQGHQW NLYHWW D NH]pEO $] XWROVy QDSRNEDQ
RO\DQQ\XJWDODQYROWPDUDNRGRWWPLQGHQNLYHOKRJ\3pN0iULDD]WPRQGWDHONHUJHWLDODNiVEyO
0LWFVLQiOV]PDMGDNNRUKDDWHIHOHVpJHGV]O"0HJ|O|GD]HJpV]FVDOiGRW
(J\PiVUD Qp]WHN 3pN 0iULD D] DV]WDOKR] FVDYDUR]WD D PiNGDUiOyW &V~Q\D KRUJDV XMM~ NH]pYHO
IRUJDWQLNH]GWH
+DMQDONDYDViUQDSHVWHNLOHQFyUiWyOKpWIUHJJHOQpJ\LJYDM~GRWW-DQLpV6]XKD0LNOyVQHPPHQWHN
HO D IRO\RVyUyO D] XWROVy SLOODQDWLJ (JpV]VpJHV NLVIL~W V]OW 0LNOyV QpYUH NHUHV]WHOWpN 5iNRVIDOYiUD
YLWWHNHW6]XKD0LNOyVI|OGV]LQWHVNHUWHVKi]EDpGHVDQ\MDV]REDNRQ\KiVDOEpUOHWpEH
R

+tUHV ,VWYiQ WL]HQNpWH]HU IRULQWRW WDNDUtWRWW PHJ D KLiQ\]y SpQ]W N|OFV|QNpUWH PXQNDWiUVDLWyO
EHIL]HWWHD]HOOHJHWHJ\]XJOyL|U|NODNiVpStWpVpKH]$Q\iURQNLYHWWHJ\KpWV]DEDGViJRWNLPHQWODNQL
D FVyQDNKi]ED *L]LNH V]RPEDW KDMQDOEDQ K~VW VW|WW pV JRWKiYDO XWiQDPHQW $] DMWyEDQ PHJiOOW
HOK~]WDDV]tQHVNDUWRQIJJ|Q\WD]WPRQGWDJRWKiQDND'XQDSDUWRQYiUMDPHJW$NNRUEHOpSHWWD
V]REiED$NLK~]KDWySULFFVHQK~V]pYN|UOLOiQ\OW*L]LNHOiWWDKRJ\DNRPELQpDODWWPH]WHOHQ
+iWH]DV]HPpWUDNiVNLFVRGD"NpUGH]WH
.LNpUHPPDJDPQDNPRQGWDDQeQ9HUHV,VWYiQPHQ\DVV]RQ\DYDJ\RN
*L]LNHRGDGREWDKDULVQ\iMiWUXKiMiW
7DNDURGMPRQGWD*\RUVDQ*\RUVDQ0LQpOKDPDUDEE
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

$QNpQ\HOPHVHQIHO|OW|]|WWPHJNpUWH+tUHV,VWYiQWK~]]DIHOKiWiQDFLS]iUDW*L]LNpWHO|QW|WWHD
GKNLYiJWDUHWLNOMpWD]DMWyQ$PLNRUDQHOPHQWFV|QGHVHQNpUGH]WH
+RJ\DQWHKHWWpOLO\HQW"
+tUHV,VWYiQOHOWDSULFFVV]pOpUHNpWWHQ\HUpYHOKiWUDVLPtWRWWDV]NHNRSDV]RGyKDMiW&LJDUHWWiUD
J\~MWRWW
R

+RJ\IHOUi]]DODN$]HPEHUNtQOyGLNQHYHWQLDNDUWHSHGLJEiPXOV]DYLOiJEDYDJ\DOV]RO
)HOUi]WiOPRQGWD*L]LNH8WiOODNPLQWDSDWNiQ\W
eVKD]DYLWWHJRWKiW9DViUQDSHVWHPHJpUNH]HWW+tUHV,VWYiQ*L]LNHLQGXODWRVKDQJRQHOPRQGWD
W|EEV]|UILJ\HOPH]WHWWpNDJ\iUEDQKRJ\DIpUMHNXUYiONRGLNHJ\V]pSFLJiQ\QYHONpWV]HULVOiWWiND
3HWIL6iQGRUXWFiEDQ+tUHV,VWYiQOHWHWWHD]~MViJRW
.LPRQGWD"
2O\DQDNLV]DYDKLKHW
1HPLJD]
0LQGHQDOMDVV]HPpWG|JJHO|VV]HDGRGPDJDGDJ\iUEDQ
+tUHV,VWYiQSRIRQW|WWHV]pNNHOHJ\WWIHOERUXOW1HPVtUW)pODUFDIOHY|U|VYROWV]iMDVDUNiQ
IHOV]DNDGWDEU+tUHV,VWYiQV]HPpWHOIXWRWWDDN|QQ\
/iWRGPHUW|VV]HYLVV]DEHV]pOV]PRQGWD1HPJRQGRONR]RO
*L]LNHDSDGOyQOWDIpUMpWEiPXOWD
6HUHV6iQGRUWyOOHYpOpUNH]HWWVH]PLQGLJV]HQ]iFLyYROWD+iEHWOHUFVDOiGEDQLO\HQNRUDN|QQ\H
SRW\RJRWWPLQGHQNLQHNDQHYHWpVWO0RVWLVEHOWHNPLQGDQQ\LDQDV]REiEDQPRVWLV(V]WHUROYDVWD
IHODOHYHOHWPHUW R NRPRO\DUFFDOFVLQiOWDDFLUNXV]WDOHJEiUJ\~EEUpV]HNQpOVHPPRVRO\JRWW
H]HQNtYO NLWQHQ XWiQR]WD 6HUHV 6iQGRU ODVV~ EHV]pGpW DPLQ NO|Q PHJ OHKHWHWW V]DNDGQL (] D
OHYpOtJ\V]yOW
.HGYHV0iULiPpV-DQLNiP
7XGDWRP YHOHWHN KRJ\ D KR]]iQN tUW OHYHOHWHNHW PHJNDSWXN PHO\QHN QDJ\RQ PHJ|UOWQN ,WW
EHEL]RQ\tWMiWRN D KVpJHV YiODV]ROiVRNNDO KRJ\ VRKD QHP YROW N|]|WWQN NO|Q|V SUREOpPD D
Qp]HWQN N|]|WW KRJ\ HJ\ NLV NHPpQ\HEE SROLWLNDL YLWD PHOOHWW PHJ QH pUWHWWpO YROQD HQJHP $ My
NRPPXQLVWD QpSQHYHOPXQND PHOOHWW NHGYHVHLQN WXGDWRP YHOHWHN KRJ\ PL PHJYDJ\XQN HOpJ MyO
DPLW QHNWHN LV LJD] V]tYEO NtYiQXQN 1DJ\RQ |UOQN DQQDN LV KRJ\ WL LV PHJYDJ\WRN My HUEHQ pV
HJpV]VpJEHQ0LQiOXQNPpJPLQGLJQDJ\DPHOHJDPLWD%RULVQHPQDJ\RQEtUPHUWLWW~J\YDQD]
HPEHU PHQQpO WRYiEE YDQ DQQiO QHKH]HEE HOYLVHOQL D] LWWHQL pJKDMODWRW eV H]HQ NHUHV]WO D %RULVW
OHJ\HQJtWL pV QDJ\RQ L]]DG .O|QEHQ VHPPL EDM QLQFV 0RVW DPLW FVLQiOXQN PLQGHQW PDJXQNQDN
FVLQiOXQN$KRJ\HOYpJH]]NDPXQNiQNDW~J\YHVV]NKDV]QiWQHNLeVH]pUWLJ\HNH]QQNNHOOD]]DO
DPLYHO D SiUW PHJEt] EHQQQNHW D]W D OHJQDJ\REE EHFVOHWWHO  R YpJUH LV KDMWDQL 0HUW KRJ\KD
HJ\V]HU PLQGHQNL tJ\ IRJMD IHO DNNRU D] LPSHULDOLVWiNQDN KDPDU YpJHW YHWQN FVDN tJ\ WXGXQN HJ\
XWROVy FVDSiVW PpUQL D YpJV J\]HOHPUH +D H]W PLQGHQNL tJ\ YHQQp WXGRPiVXO .HGYHV -DQLNiP
QDJ\RQ|UO|NDQQDNKRJ\WHD]WOiWRGEHQQHPDPLYDOyMiEDQYDQKRJ\pQQHPYiJRNIHOVHQNLHOWW
VHPeVtJ\D]]DOEL]RQ\tWRPEHD]WKRJ\PL|QWXGDWRVNRPPXQLVWiNNO|QE|]QND]RNWyODNLNFVDN
DUUD W|UHNHGQHN KRJ\ I|OIHOp NHUHNHGMHQHN pV D]XWiQ PHJIHOHGNH]QHN DUUyO KRJ\ NHW D QpS
PHJEt]iViEyODSiUWWHWWHDUiMXNEt]RWWIHODGDWRNUD'HDNLHUUOPHJIHOHGNH]LND]N|QQ\HQHOLVpUKHWL
DPpOWyKHO\pWURG-DQLNiPKRJ\DN|WYpQ\HGQHPQ\HUW
$ IRQWRV D] KRJ\ WRYiEEUD LV EpNpEHQ GROJR]KDVVXQN H] PLQGHQ N|WYpQ\ NLK~]iViQiO W|EEHW pU
0HUWWHJ\NIHOKLiEDK~]]iNNLDIQ\HUHPpQ\WLVD]HVHWEHQKDDEpNpQNHWQHPWXGMXNEL]WRVtWDQL$
GROJR]y QpS V]iPiUD DNNRU ~J\VHP pUQpQN YHOH VHPPLW VHP (UUO DQQ\LW WXGRN tUQL KRJ\KD
HJ\iOWDOiQ QHP K~]QiN NL HJ\ N|WYpQ\W VHP D PL iOODPXQN EL]WRVtWMD PLQGHQNL V]iPiUD D EL]WRV
PHJpOKHWpVWpVD]HPEHUKH]YDOyMRJRNDWLV$PLPLQGHQQpOW|EEHWpUeVPpJYDQHVpO\DUUDLVKRJ\
V]HUHQFVpYHO NL LV K~]KDWMiN D  R N|WYpQ\QNHW 7LV]WD OHONLLVPHUHWWHO NLMHOHQWKHWHP PLQGHQ
OHKHWVpJQN PHJYDQ Ui KD D VRUVXQNDW D NH]QNEH YHVV]N DKRJ\ DUUD V]NVpJ YDQ D EpNpV
PHJpOKHWpV IHQQWDUWiViUD -DQLNiP tURG KRJ\ +DMQDOND NLHVHWW D PXQNiMiEyO (] QHP NHOOHPHV
GRORJ GH H]pUW QHP NHOO HOFVJJHGQL HJpV] EL]WRV YDJ\RN EHQQH KRJ\ D V]DNV]HUYH]HW JRQGRVNRGLN
DUUyOKRJ\~MEyOPXQNiKR]WXGMRQMXWQLD+DMQDOND0HUWDSiUWXQNHOWWOHJQDJ\REENLQFVDILDWDOViJ
DNLUH D M|YW D OHJMREEDQ DODSR]KDWMD eV DODSR]]D LV H]pUW QpKiQ\ KLiQ\RVViJ PLDWW QLQFVHQ RNRG D
NpWVpJEHHVpVUH(JpV]EL]WRVPHJROGyGLNU|YLGHVHQH]DSUREOpPD$IXWEDOOLVWiLQNHUHGPpQ\pUOPpJ
FVDNDQQ\LWtURNKRJ\D]HJpV]YLOiJHOWWQDJ\HOLVPHUpVWV]HUH]WQNH]]HODJ\|Q\|UHUHGPpQ\HNNHO
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

(]]HOEHLVIHMH]HPD]tUiVRPDW0DUDGRNDOHJQDJ\REEV]HUHWHWWHODYLV]RQWOiWiVUHPpQ\pEHQDPHVV]H
WiYROEyO 1HPVRNiUD KD]DM|YQN $] HJpV] FVDOiGRW FVyNROMXN %RULV pV 6DQ\L eV D Ki]QDN PLQGHQ
EHFVOHWHV ODNyLW 1HYHNHW QHP tURN PHUW ~J\LV WXGMiN D]RN DNLNUH WDUWR]LN pV JRQGRORP KRJ\
WXGRPiVXOLVYHV]LNWOQN
6LNHUH YROW D OHYpOQHN 0pJ (V]WHUEO LV NLSXNNDQW D QHYHWpV DQQiO D PRQGDWQiO KRJ\ FVDN tJ\
WXGXQN HJ\ XWROVy FVDSiVW PpUQL D  R YpJV J\]HOHPUH *L]LNpQHN D] WHWV]HWW KRJ\ PLQGHQ
OHKHWVpJQN PHJYDQ Ui KD D VRUVXQNDW D NH]QNEH YHVV]N D EpNpV PHJpOKHWpV IHQQWDUWiViUD
+DMQDONDV]HULQWDOHJNLWQEEKRJ\D]pJKDMODWOHJ\HQJtWLD%RULVWpVQDJ\RQL]]DG$]|UHJ+iEHWOHU
SHGLJ|U|PPHOPRQGWD
,O\HQEXWDHPEHU,O\HQFVXGiODWRVDQEXWDHPEHU
=HQWD\*\|UJ\PiVYpOHPpQ\HQYROW
7|EEHV]HYDQPLQGDQQ\LXQNQiOPRQGWD$]pUWtUHQQ\LEDGDUViJRWPHUWiWQp]LNDOHYHOH]pVpW
+O\HOHQQHNRFNi]WDWQLHJ\LO\HQNOI|OGLEXOLW
6]XKD0LNOyVHOPRVRO\RGRWW
 $]W KLV]HP WpYHGV]  V]yOW FV|QGHV KDQJMiQ  (] D] HPEHU SpOGiWODQXO RVWRED 9pOHPpQ\HP
V]HULQWDOWLV]WIpOHDN|YHWVpJHQDIHOHVpJHSHGLJWDNDUtWI]RO\DQPLQGHQHVFVHOpGOHKHW
 1H KDUDJXGM 0LNOyV  YiODV]ROWD =HQWD\ *\|UJ\  GH QHNHG QHP VRN pU]pNHG YDQ D UHiOLV
GROJRNKR]eQQHPiOOtWRPKRJ\DSDVDVOiQJpV]D]WYLV]RQWLJHQKRJ\DQpJ\HOHPLVPYHOWVpJpYHO
UHPHN NDUULHUW FVLQiOW (]HN RWW NLQW YDOXWiEDQ SDOHV]WLQ IRQWEDQ NDSMiN D IL]HWpVNHW +D PDMG D
FVRPDJRNNDO KD]DM|QQHN PHJpUWHG KRJ\ H] PLW MHOHQW $] EL]WRV KRJ\ D KO\H EROVHYLN V]|YHJpYHO
 R  R  R W|EEUH YLV]L PLQW VRN PiV HPEHU  (OPRVRO\RGRWW  *\HUHNHN pQ HJ\V]HU
NLEiQRNYHOH%L]RQ\LVWHQ0HJLWDWRPMyEUJHFVLERUUDOD]WiQPHJKDOOJDWMXNKRJ\DQSROLWL]iO
 6HKRJ\ VHP SROLWL]iO  PRQGWD -DQL 7DXELQJHU 5H]V IHVSHUHV H]UHGHV HJ\NRUL V]HNUpQ\pQ
GROJR]RWW~M]VDQpURNDWV]HJHOWDNRSRWWDMWyNUD+DOHLWDWRGPDJ\DUQyWiNDWpQHNHO
+DMQDONDQHYHWQLNH]GHWW
0DJ\DUQyWiW"OODWLIDOVXOPGDORNDWRUGtW
 1D pV"  YLJ\RUJRWW -DQL  0pJ PLQGLJ MREE PLQW D %WHQRU 0HJ D] (V]DOWy 0HJ D
FVRNROiGpIOLSS0HJVRNPLQGHQPiV
(V]WHUI|OHPHOWHIHMpWD]DV]WDOQiO
0LDEDMRGPHJLQW"NpUGH]WHLGHJHVHQ/pSMEHDSiUWEDKD~J\RGDYDJ\(UHGMPRVDNRGMiO
PHJDFVDSQiOHJ\NLVKLGHJYt]]HO-DQLDUFiUyOQHPWQWHODYLJ\RU
 )RJG EH D SRIiG  PRQGWD  $MiQORP KRJ\ IRJG D SRIiG 0HUW |VV]HW|U|N LWW PLQGHQW $
EHIWWHNHWDE~WRUWDODNiVWPLQGHQW(]HUGDUDEUDW|U|PpVUiN|S|N
,GVHEE+iEHWOHU-iQRVIHOiOOWDGtYiQ\UyO
 0LW FVLQiOV]"  NpUGH]WH  0RVW QHP D] 2KRVNLWHQJHU SDUWMiQ YDJ\ 5XV]NLN N|]|WW $] pQ
FVDOiGRPEDQWLV]WHVVpJHVHPEHUPyG R MiQYLVHONHGMPHUWDVDMiWNH]HPPHOYHUOHNDJ\RQ
&V|QGOHWW-DQLOHWHWWHDNDODSiFVRWD]DV]WDOUD
 $SXND PLQHN DYDWNR]LN EHOH"  NpUGH]WH  $SXND D OHJEXWiEE HPEHU D] HJpV] Q\ROFDGLN
NHUOHWEHQ$SXNDPRQGMDPHJPHQQ\LKDWV]RUNLOHQF
,GVHEE+iEHWOHU-iQRVPR]GXODWODQXON|QQ\HVV]HPPHOQp]WHDILiW
0DMGKDDNRSRUVyEDIHNWHWQHNHQJHPHWPRQGWDUHPHJKDQJRQDNNRUH]DEHV]pGHGPDMG
HV]HGEHIRJMXWQL'HDNNRUDWHEXWDDSiGPiURQQDQDVtULYLOiJEyOVHPPLWVHPIRJQHNHGPRQGDQL
$ OiQ\RN KDQJRVDQ KLV]WpULNXVDQ ]RNRJQL NH]GWHN 3pN 0iULD EHV]DODGW D NRQ\KiEyO |N|OOHO
FVDSRWWDILDDUFiED$]WiQiWNDUROWDWXV]NROWDNLIHOp$V]REiEDQKDOODQLOHKHWHWWDNLiOWR]iVXNDW
$SiGUDWiPDGV]"VLNtWRWWD3pN0iULD7HNtJ\y$FVDOiGRGHOOHQIRUGXOV]"$WHVWYpUHLGHOOHQ"
7H.iLQ
 0LW U|K|JQHN HJ\ DOWLV]W OHYHOpQ  RUGtWRWWD -DQL  +D HJ\ DOWLV]W PHJ HJ\ PRVyQ KLV]
YDODPLEHQ D]RQ FVDN D KO\pN U|K|JQHN eV DNLN U|K|JQHN D]RN PLEH KLV]QHN" 0LEH" (]W WHVVpN
PHJPRQGDQL$Q\XNDNpUHPWHVVpNH]WQHNHPPHJPRQGDQL
R

.pVEE PHJQ\XJRGRWW 6HJtWHWW DQ\MiQDN HOPRVQL D] HGpQ\W IHOPRVWD D NRQ\KD N|YpW $SMD IDNy
NDWRQDOiGiMiQNXSRUJRWWNpVHVWLJ$]WiQV]pJ\HQNH]YLJ\RUJiVVDOMypMV]DNiWNtYiQWDV]ONQHNpV
VLHWYHiJ\EDE~MW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

+DMQDONDD]eSOHWYHJH]9iOODODWHJ\LNUDNWiUiEDQKHO\H]NHGHWWHOPLQWN|Q\YHODKDWyUiV+e9
YHOMiUW3HVWUH
9DViUQDSVRNiLJDOXGW$Q\yVDNLQWODNRWWD]XQRNiMiYDODNRQ\KiEDQHOOiWWDDKi]WDUWiVW+DMQDOND
HEpG XWiQ YL]HW KR]RWW D N~WUyO NLPRVRWW PLQGHQ IHKpUQHPW NLDNDV]WRWWD V]iUDGQL D NHUWEH 6]XKD
0LNOyV IDULJFViOW OiPSDHUQ\W NpV]tWHWW EUKXOODGpNEyO SDSXFVRW SpQ]WiUFiW D]WiQ iJ\ED E~MWDN
|OHONH]WHN YDFVRUiLJ +DMQDOND QpKD NpUWH W EHV]pOJHVVHQHN 0HVpOMHQ NDODQGRNUyO V]HUHOPHNUO
QNUO YDJ\ OHJDOiEE D]W PRQGMD HO PL V]HUHWHWW YROQD OHQQL $ IpUIL KDOOJDWRWW V]tYWD D FLJDUHWWiMiW
FV|QGHVHQ FVLOODQy V]HPPHO D]W IHOHOWH SLOyWD (J\ WpOL GpOXWiQ +DMQDOND V]tQKi]MHJ\HW KR]RWW GH
6]XKD0LNOyVQHPYROWKDMODQGyHOPHQQLDKDV]QiOWHV]WHUKi]LNRFNiVUXKiMiEDQ
7DYDVV]DO +DMQDOND PHJLVPHUW HJ\ MyNpS IpUILW PLQGHQ UHJJHO HJ\WW YiUDNR]WDN D +e9
iOORPiVRQ$IpUILQpKiQ\V]RUXGYDULDVDQN|V]|QWNpVEEEHPXWDWNR]RWW$WWyO R NH]GYHEHQHP
iOOW D V]iMD WUpIiV W|UWpQHWHNHW PHVpOW LO\HQNRU +DMQDOND QHYHWHWW PXWDWWD KDUPLQFNpW HJpV]VpJHV
YDNtWy IJiW .RPRO\ GROJRNUyO LV EHV]pOW 6]HULQWH V]iQDOPDV KRJ\ D 9|U|V pV IHNHWH FtP ILOP
OiEFVyNRV MHOHQHWpQ QHYHWQHN D] HPEHUHN (OPDJ\DUi]WD KRJ\ D] LJD]L V]HUHWNH]pV VRN IDQWi]LiW pV
WHOMHV JiWOiVWDODQViJRW N|YHWHO D My V]HUHW iJ\EDQ |OHOpVQpO VRKDVHP QpPD +DMQDOND V]tYHVHQ
KDOOJDWWDWV]HUHWWHH]HNHWDUHJJHOLEHV]pOJHWpVHNHWDYRQDWRQ
(J\DXJXV]WXVLGpOXWiQYpOHWOHQOWDOiONR]WDNDKDWRVEXV]RQ$IpUILQpOIHNHWHODNNEU|QGSRNUyF
YROWDYtNHQGKi]iEDPHQW
9DQYDODPLGROJD"NpUGH]WH
1HPPRQGWD+DMQDOND6HPPLNO|Q|V
$NNRUHONtVpUKHWQH
0HVV]H HJ\ EXGDL NHUWKHO\LVpJEHQ FVDSQLYDOy IHNHWHNiYpW pV NRQ\DNRW LWWDN $ NHUW UHV YROW
JpS]HQHE|PE|OWDKDQJV]yUyQ.pVEEPHUHGHNXWFiQVpWiOWDNDYtNHQGKi]KR]+DMQDONiQDNWHWV]HWW
D IHKpU DEODNRV Ki]LNy D ]VHENHQGQ\L NHUW D VRN Q\iUL YLUiJ $]WiQ EHPHQWHN D V]REiED $ IpUIL
OHHUHV]WHWWHDUHGQ\W.pVEE+DMQDONDUXKiMiQOHSDWWDQWHJ\JRPE
(]HQD]HVWpQ+DMQDONDQHPFVyNROWDPHJ R DJ\HUHNHWQHPLVYDFVRUi]RWW$]WPRQGWDURVV]XO
YDQiJ\EDE~MWpVHOK~]yGRWWDIpUMpWO
$] |]YHJ\ V]HUHWWH +DMQDONiW KiOiV YROW QHNL PHUW EROGRJQDN OiWWD HJ\HWOHQ ILiW $PLNRU VV]HO
+DMQDONiWD]8]VRNLNyUKi]EDQYDNEpOOHORSHUiOWiNVtUWDV]RPV]pGRNQiO
(V]WHU PHJLQW NLVEDEiW YiUW 3pN 0iULD SDUDQFViUD RGDN|OW|]WHN D V]REDNRQ\KiV ODNiVED 3pN
0iULD PRVRWW I]|WW WDNDUtWRWW NpWKHWHQNpQW HOPHQW 5iNRVIDOYiUD EHIWWHW K~VW VWHPpQ\W YLWW
PHJFVyNROWDXQRNiMiWHVWHQ\ROFyUDNRUKD]DM|WW=HQWD\*\|UJ\ODNiVXWiQV]DODGJiOW$FVDOiGWDJRN
QHYHWWpN XJUDWWiN HJ\HGO &VHOH -XOL Et]RWW D VLNHUEHQ $]W PRQGWD =HQWD\QiO J\HVHEE
HUV]DNRVDEEHPEHUWPpJQHPOiWRWW,IMDEE+iEHWOHU-iQRVQHPV]HUHWWHDVyJRUiW(J\V]HUYDFVRUD
XWiQ =HQWD\ OHPHQW D N|]pUWEH JpSVRQNiW YiViUROW D NRQ\KDDV]WDOQiO HQQL NH]GWH $NNRU -DQL LV
KR]RWWVRQNiWOHYiJWDD]DV]WDOUD
(J\pOPRQGWD(V]WHUQHN
$]iOODSRWRVDVV]RQ\UiQp]HWWQHPPHUWHYLVV]DXWDVtWDQL
(JpV]VpJHVNLVOiQ\WV]OW=HQWD\*\|UJ\.LVSHVWUHYLWWHNHWIUGV]REiVWiUVEpUOHWLODNiVED
R

+~VYpWNRUNDUiFVRQ\NRU~MpYNRUV]OHWpVpVQpYQDSRNRQPLQGLJD1DJ\IXYDURVXWFiEDQQQHSHOW
D] HJpV] FVDOiG 3pN 0iULD QDJ\WDNDUtWiVW FVLQiOW iWUHQGH]WH D E~WRURNDW D FVDOiGI -DQL *L]LNH
(V]WHU D V]REiEDQ WDNDUtWRWW +DMQDOND D I]pVQpO VHJtWHWW pGHVDQ\MiQDN 9HV]HNHGWHN UHNHGWUH
NLDEiOWiN PDJXNDW (VWH PHJpUNH]WHN D IpUMHN KR]WiN D J\HUHNHNHW YLUiJRW 3pN 0iULiQDN
PHJFVyNROWiNKRUJDVXMM~FV~Q\DNH]pWD]WiQPHJWHUtWHWWpN7DXELQJHU5H]VIHVSHUHVDV]WDOiWpVD
EVpJHVYDFVRUiKR]OWHN$]|UHJ=HQWD\3pN0iULiWXJUDWWD
*\HUHNHNPRQGWDPHJLVPHUNHGWHPHJ\J\|Q\|UDVV]RQQ\DO$IpUMHiOODQGyDQYLGpNHQYDQ
6]pSHQEHUHQGH]HWWODNiV~ULDVV]RQ\
1HPIpOV]KRJ\PDMGKD]DM|QD]~ULHPEHU"NpUGH]WH3pN0iULD
QHPM|QD]KD]D
$]WiQKiQ\pYHVD]~ULDVV]RQ\"
1HJ\YHQpYHVPRQGWDD]|UHJ$OHJV]HEENRU'HQHPQp]NLDQQ\LQDN+DOiORVDQV]HUHOPHV
EHOpP
,O\HQNRU3pN0iULDHOSLUXOW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

1DJ\NiOHKHWD]ILDPOHJ\LQWHWWGK|VHQ0pJKRJ\V]HUHOPHV0LWDGV]QHNL"
R

$]|UHJ=HQWD\NDFVLQWRWW
$PLWNpUPRQGWD
.LW|UW D QHYHWpV 3pN 0iULD |NOpYHO D] DV]WDOUD YiJRWW YpQ FVLEpV]QHN QHYH]WH D] |UHJHW
NiURPNRGRWWFLIUiQ.pVEE+iEHWOHUD]|UHJ=HQWD\PHJ6iSDGW%pODOHOWHNXOWL]QL6]XKD0LNOyV
+tUHV ,VWYiQ =HQWD\ *\|UJ\ FV|QGHVHQ EHV]pOJHWWHN +tUHV ,VWYiQ ]HPL NpUGpVHNUO PDJ\DUi]RWW
SROLWL]iOWV]LGWDDQRUPiNDWDUHQGV]HUWDIHOHVpJpWV]DSXOWD=HQWD\*\|UJ\D]WPRQGWD(V]WHUQHNLV
FV~Q\D V]iMD YDQ D YpJWHOHQVpJLJ NLKR]]D W QpKD D WUHOPpEO 6]XKD 0LNOyV V]yWODQXO PRVRO\JRWW
+tUHV,VWYiQUiQp]HWW
1HNHGV]HUHQFVpGYDQPRQGWDNRPRO\DQ
,JHQIHOHOWH6]XKD0LNOyV6HPPLRNRPSDQDV]UD
-DQL D J\HUHNHNNHO ERORQGR]RWW /HIHNGW D URQJ\V]Q\HJUH WDSRVWDN ORYDJROWDN UDMWD $]
DVV]RQ\RN 3pN 0iULiYDO PRVRJDWWDN D NRQ\KiEDQ .pVEE 3pN 0iULD PHJiJ\D]RWW PDWUDFRNDW
V]DOPD]ViNRNDWWHUtWHWWDSDGOyUDHOKHO\H]WHD]XQRNiNDWpVDOXGQLNOGWHD]HJpV]FVDOiGRW
6]XKD 0LNOyVW iWV]HUYH]pV FtPpQ HONOGWpN D %HWRQ~WpStW 9iOODODWWyO 6RNiLJ QHP WXGRWW
HOKHO\H]NHGQL PDMG YDJRQRNQiO WHUPpVN|YHW  R UDNRGRWW .pVEE +DMQDOND NpUpVpUH IHOYHWWpN
V]iOOtWyPXQNiVQDN D] eSOHWYHJH] 9iOODODWKR] ,WW LV QHKp] PXQNiW YpJ]HWW D] HPEHUHN LWW LV
LGHJHQHN YROWDN QHNL pV D WUpIiLN YDVNRVDN GH DQ\DJLODJ PHJWDOiOWD V]iPtWiViW  IRULQWRW
NHUHVHWW KDYRQNpQW $ EULJiG PLQGHQ IL]HWpVL QDS HVWH D 3RVWDNUWYHQGpJOEHQ WDOiONR]RWW D
EULJiGYH]HWV]i]IRULQWRWYHWWHOWONIHMHQNpQWERUWLWWDNpQHNHOWHN6]XKD0LNOyVQHPPHUWWiYRO
PDUDGQLNpWt]EHQ+DMQDONiWLVPDJiYDOYLWWHKDPDUPHJV]|NWHN
$]DP~J\LVNHYpVEHV]pGHPEHUKDOOJDWDJOHWW+DOHWHOWDPXQNDLGKD]DPHQWpVQHPPR]GXOWNL
D V]REiEyO -iWV]RWW D ILiYDO DYLDWLNiUyO ROYDVRWW UHQJHWHJ NHUHV]WUHMWYpQ\W IHMWHWW YDFVRUD XWiQ
PHJ|OHOWH IHOHVpJpW D]WiQ DOXGWDN PpO\HQ IiUDGWDQ 9iViUROW HJ\ YLOiJYHY UiGLyW NRQ\KDE~WRUW
DV]WDOLW]KHO\HWViUJDNRUG]DNyWEDUQDQDGUiJJDOpVHJ\IRUPDYLOiJRVEDUQDVSRUWFLSWFVLQiOWDWWDN
+DMQDONiYDO
+DMQDONDD]XGYDUP|J|WWPHO\]V~IROYDYROWV]iOOtWiVUDNpV]yULiVLOiGiNNDOHJ\YHJH]HWWLURGiEDQ
N|Q\YHOWH D UDNWiUNpV]OHWHW J|QJ\|OHJHW pV NDUWRQMD DODSMiQ D PHJPR]JDWRWW V~O\ PHQQ\LVpJpW
H]XWiQV]iPtWRWWiNNLDEULJiGRNDWHOMHVtWPpQ\EpUNHW$]LUR R GiEDQNpWtUyDV]WDOYROWHJ\LND
UDNWiUYH]HWp  HJ\ V]HNUpQ\ pV HJ\ SiQFpOV]HNUpQ\ HEEHQ WDUWRWWiN D J\pPiQWRNDW pV D UiGOLNDW
H]HNNHO YiJWiN D GUyW pV NDWHGUiOYHJHNHW D V]RPV]pGRV V]DEiV]DWRQ +DMQDOND KDYRQNpQW HJ\V]HU
W~OyUi]RWW LO\HQNRU 6]XKD 0LNOyV KD]DPHQW  SHGLJ V]iPROW J\DNUDQ HVWH Wt]LJ LV D V]iOOtWyEULJiG
YH]HWMpYHO $ EULJiGYH]HW PDJDV FVXSD L]RP HUVHQ NRSDV]RGy QHJ\YHQ pY N|UOL IpUIL YROW NpN
PXQNDUXKiW NpN VYiMFLVDSNiW YLVHOW $ V]iOOtWyN WLV]WHOWpN URSSDQW HUHMpW I|OpQ\HV PRGRUiW
QDJ\YRQDO~ViJiW IL]HWWH D IU|FFV|NHW N|QQ\ Np]]HO +D PXQND XWiQ PHJIU|GWHN XWFDL UXKiEDQ
OHOWHND]HEpGOMNEHQKXV]RQHJ\H]QLPHUpV]MiWpNNDOKDQJRVQHYHWpVVHOHOQ\HUWHSpQ]NHWERUWpV
pWHOWKR]DWRWWDN|]HOLYHQGpOEO$PLNRUHJ\LNNPHJQVOWPLQGHQWDJWyOSpQ]WNpUWpVDVDMiW
]VHEpEO|WV]i]IRULQWRWDGRWW
+DMQDOND QpYQDSMiQ D] HJpV] tUyDV]WDOW WHOHUDNWD Uy]ViYDO D FpGXOiUD D]W tUWD 6RN V]HUHWHWWHO D
EULJiGWyO 3HUV]H +DMQDOND VRNDW VHJtWHWW QHNL UiNRQ iW V]iPROWiN D EULJiGYH]HWYHO D PR]JDWRWW
QpJ\]HWPpWHUHN V~O\iW D NO|QE|] YHJIpOHVpJHNQpO D KRUGiVL WiYROViJRW pV D W~OyUiNDW (]HQ QpKD
NR]PHWLNi]WDNKRJ\DV]iOOtWyNNHUHVHWHQHOHJ\HQ R VHPW~OPDJDVVHPW~ODODFVRQ\,O\HQNRUD
EULJiGYH]HWDN|]HOLYHQGpJOEOYDFVRUiWNpVEEIHNHWHNiYpWKR]RWW
 ,QJ\HQ QH GROJR]]RQ  PRQGWD QHYHWYH )HON|Q\|N|OW D] DV]WDOUD pV V]yWODQXO Qp]WH D]
LURGDOiPSDIpQ\pEHQV]iPROyU|YLGKDM~QW
(OVDONDORPPDODWDUNyMiWFVyNROWDPHJ$ILDWDODVV]RQ\NLHJ\HQHVHGHWWOHWHWWHDFHUX]iWHJ\PiVUD
Qp]WHN (VWH Wt] yUDNRU WD[LQ YLWWH +DMQDONiW 5iNRVIDOYiUD (J\ Q\iUL HVWH +DMQDOND W~OIHV]tWHWWH D
MiWpNRW $PLNRU NLE~MW D] |OHOpVEO D V]HNUpQ\EH ]iUWD D V]iPROyJpSHW D EULJiGYH]HW OHWpSWH
PH]WHOHQWHVWpUODN|SHQ\WGXODNRGWDN$]WiQDIpUILPHJPRVDNRGRWWKLGHJYt]]HOOHKW|WWHPDJiW
pVFV|QGHVHQERFViQDWRWNpUW
.pWQDSSDONpVEEHVWHD]iJ\EDQ6]XKD0LNOyVtJ\V]yOW
9LV]RQ\RGYDQDEULJiGYH]HWPPHO
+DMQDONDHOViSDGW$]WIHOHOWHQLQFVHQYLV]RQ\D+iURPYDJ\QpJ\t]EHQFVyNROy]WDN6]XKD0LNOyV
VRNiLJKDOOJDWRWW.pVEEtJ\V]yOW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

gOW|]]IHOHOPHJ\QNKR]]i
(]PRVWPLUHMy"NpUGH]WH+DMQDOND
gOW|]]PRQGWD6]XKD0LNOyV
$ EULJiGYH]HW MSHVWHQ ODNRWW $ NRQ\  R KiEDQ OW D IHOHVpJH Q\LWRWW DMWyW 6]XKD 0LNOyV
OHIRMWRWWLQGXODWWDOPHJNpUGH]WHPLO\HQNDSFVRODWDYDQDIHOHVpJpYHO$EULJiGYH]HWFVRGiONR]RWW
6HPPLO\HQ
+DMQDONDVtUQLNH]GHWW
*XV]WLQHEXWiVNRGMpQPHJPRQGWDPDIpUMHPQHNKRJ\FVyNROy]WXQN
)pOUHEHV]pOV]
6]XKD 0LNOyV NLMHOHQWHWWH +DMQDOND EHYDOORWW PLQGHQW QHYHWVpJHV WDJDGQL $ EULJiGYH]HW D]W
YiODV]ROWDFVDNXJ\DQQHYHWVpJHVD]HJpV]PHUWQLQFVPLWWDJDGQL$IHOHVpJHSHGLJFVDNEiPXOWPLQW
DNLKLUWHOHQERORQGRNN|]pNHUOW+DMQDONDPHJIRJWD6]XKD0LNOyVNDUMiW
0HQMQNV]yOWN|Q\|U|JYH
9DJ\KiURPyUiWJ\DORJROWDNDV|WpWXWFiNRQEHIHOpDYiURVED$.HOHWL3iO\DXGYDUROGDOiEDQ6]XKD
0LNOyV NLMHOHQWHWWH D J\HUHN WHUPpV]HWHVHQ QiOD PDUDG +DMQDOND KDQJRVDQ UpPOWHQ ]RNRJQL
NH]GHWW
1HP&VDND]WQHPN|Q\|UJ|WW$]WQHPFVLQiOKDWRGPHJ
6]XKD0LNOyVPHJNpUWHXUDONRGMpNPDJiQPHUWQLQFVV]NVpJHIHOWQpVUH&LJDUHWWiUDJ\~MWRWW
 +RJ\DQ WHKHWWpO LO\HQW"  NpUGH]WH Vi  R SDGWDQ J\O|OHWWHO  (]W pQ QHP pUGHPHOWHP PHJ
(J\LO\HQV]HPpWWHO+iWJ\HUHNHGYDQ+RJ\DQWXGRGWPHJFVyNROQL"
(OKDOOJDWRWW$Ki]WHWNHWQp]WHDFVLOODJRNDW$]WiQNHUHNV]RPRU~V]HPpW+DMQDONiUDHPHOWH
0RVWpQPLWFVLQiOMDN"NpUGH]WHFV|QGHVHQD]DVV]RQ\
(J\ KpWLJ QHP EHV]pOWHN 9DViUQDS HVWH iW|OHOWH IHOHVpJpW D] iJ\EDQ +DMQDOND V]HPpQ NLEXNRWW D
N|QQ\PHJFVyNROWDDNH]pW
.|V]|Q|PPRQGWD
1DJ\RQV]HUHWWH6]XKD0LNOyVW
$PLNRU6HUHV6iQGRUpVIHOHVpJHHOHJiQVEU|QG|NNHOKD]DWpUWD1DJ\IXYDURVXWFDLV]REDNRQ\KiV
ODNiVED D ODNyN Oi]DV KDQJRQ WiUJ\DOWiN D V]HQ]iFLyW .O|QIpOH KtUHN NHOWHN V]iUQ\UD pNV]HUHNUO
GUiJD NHOPpNUO VXWWRJWDN &VHOH -XOL NLMHOHQWHWWH H]HU SiU Q\ORQ KDULVQ\iW KR]WDN H]HQNtYO
PDJQHWRIRQW PHJ SODWLQDWW PHO\HW NLFVLQ\ GRER]EDQ OHKHW HOGXJQL pV D PDV]HN IRJRUYRVRN
KDV]QiOMiN 6iSDGW %pOD NHWW GDUDE %0:PRWRUNHUpNSiUUyO LV WXGRWW YpOHPpQ\H V]HULQW D
SiUWJDUi]VEDQ UHMWLN HO 3HUV]H D YDJ\RQL KHO\]HWNHW QHP OHKHW SRQWRVDQ IHOPpUQL LO\HQ HVHWHNQpO
LJHQ UDILQiOWDN OHV]QHN iP D] HPEHUHN QHP OiWQL D FVHPSpV]iUX Q\RPiW  R $PL YLV]RQW
KDWiUR]RWWDQ EL]RQ\tWpNXO V]ROJiOW D 6HUHV Ki]DVSiU DQ\DJL IHOOHQGOpVpKH] D]W OiWKDWWD PLQGHQNL
9iViUROWDN NRPELQiOW V]HNUpQ\W FVE~WRUW pV YLOiJYHY UiGLyW 6iSDGW %pOD IHVWHWWH NL D ODNiVXNDW
.pVEE HOPHVpOWH D +iUIiVEDQ KRJ\ NtYiQFVLViJEyO GLUHNWH Q\ROFV]i] IRULQW PXQNDGtMDW NpUW pV N
DONXGR]iVQpONOPHJDGWiN
6HUHVHOYWiUVEUHDODWWLVSpQ]YDQPRQGWDDPLWDPDJ\DUQpSL]]DGNLeVH]pUWHJ\V]HUPpJ
IHOHOQLIRJ
(NNRUD+iUIiVYHQGpJHLPHJLWWiNDERUWKDOOJDWWDNQpKiQ\SHUFLJPDMGVLHWYHNH]GWHNEHV]pOQLD
YDViUQDSL)UDGLPHFFVUO
6HUHV6iQGRUQHPW|UG|WWDURVV]KDQJ~SOHW\NiNNDOYDODKiQ\V]RUKD]DWpUWXGYDULDVDQIRJDGWDD
ODNyNN|V]|QpVpW+iEHWOHUpNHWJ\DNUDQPHJOiWRJDWWDhOG|JpOWDKRNHGOLQHJ\HQHVWDUWiVVDOPLQWDNL
ERWRWQ\HOWpVNRQRNXOIiUDGKDWDWODQXODJLWiOWD3pN0iULiW
.HGYHV0iULiPPDJ\DUi]WDODVV~KDQJRQKLGGHOQHNHPHJ\EHFVOHWHVNRPPXQLVWiQDND
UpJL~ULUHQGpVDQpSLGHPRNUDWLNXVUHQGN|]|WWOHYKDWDOPDVNO|QIpOHVpJHNHWeVD]WNHOOIHOHOQHG
KRJ\ LJD] PHUW WH V]RPRU~ FVHOpGVRUEyO pUNH]WpO D V]RFLDOL]PXV NV]|EpUH $ NRPPXQLVWiNQDN
N|WHOHVVpJN NRQNUpW SpOGiYDO EL]RQ\tWDQL D] LJD]Vi  R JRW PHUW PiVNpQW D] HJpV] HJ\ QDJ\
GHPDJyJLD (]pUW PRVW HJ\ NRQNUpW SpOGiW HPOtWHN $ WL UpJL pV NHGYHV LVPHUV|W|NQHN .YHFVHV
$QQiQDND]HJ\LNILiWDUpJL/XGRYLND$NDGpPLiQDGLFVVpJHVQpSKDGVHUHJQNKDGQDJ\iQDNDYDWWiN
$PiVLNILDPHJHOHNWURPRVPpUQ|NOHWW$W|EELWQHPWXGRP(]DNRQNUpWXPSHGLJLJD]ROMDKRJ\D
W|UWpQHOHPV]pSIHMH]HWpEHQpOQN
3pN0iULDPHJNtQiOWDWHJ\SRKiUERUUDO
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

7H6DQ\LNDQHYHWHWW5RVV]SUpGLNiWRUYDJ\$]WPRQGMiNNLOyV]iPGXJRGHOD]DUDQ\DW+iW
EiUy ~U OHWWpO $ GHPRNUiFLD EiUyMD (OHJiQV YDJ\ PLQW V]DURVSLVWD -p]XVNULV]WXV QHYHQDSMiQ PiV
HPEHUHNPHJGROJR]QDNKHO\HWWHG(]WLV]WHVVpJHVGRORJ"
6HUHV6iQGRUSLSDFVSLURVOHWW0HJLWWDDERUWDSRKDUDWDNRQ\KDDV]WDOHWHUQLWODSMiUDWHWWHIRUJDWWD
HJ\SHUFLJ0DMGFV|QGHVHQtJ\V]yOW
 .HGYHV 0iULiP LO\HQW QHP YDOy PRQGDQL eQ J\HUPHNNRURP yWD PLQGLJ GROJR]RP eQ
NRPPXQLVWiKR]PpOWyPyGRQYpJH]HPHODSiUWiOWDOUiPEt]RWWIHODGDWRNDW0pJHJ\HWOHQQDSRWyUiW
VHPPXODV]WRWWDPHJ\HWOHQHJ\V]HUVHPNpVWHPHODKLYDWDORPEyO(QJHPD]]HPEOLVD]pUWHPHOWHN
NL  R PHUW OiWWiN D IiUDGKDWDWODQ My PXQNiPDW pV KD EL]RQ\RVRNNDO NHOOHWW V]HPEHV]iOOQL D]
LJD]ViJpUWpQPLQGLJPHJWHWWHP
$]WiQKY|VHQHON|V]|QW
1pKiQ\QDSSDONpVEE=HQWD\*\|UJ\YLGpNLHOOHQU]pVHVRUiQIHOEXNRWWDPRWRUMiYDOyUiNLJIHNGW
D] iURNEDQ $ONRQ\DWNRU PHJWDOiOWiN HV]PpOHWOHQO YLWWpN W D Q\tUHJ\Ki]L NyUKi]ED DKRO D]RQQDO
|VV]HUDNWiN HOW|U|WW FVRQWMDLW 'H D IiMGDOPD QHP V]QW NpVEE 3HVWHQ PHJiOODStWRWWiN ~M PWpW
V]NVpJHV (V]WHU NpWVpJEHHVHWWHQ V]DODGJiOW PtJ HJ\ QHYHV WDQiU HOYiOODOWD D QHKp] pV YHV]pO\HV
RSHUiFLyW D .ROWyL $QQD EDOHVHWL NyUKi]EDQ +yQDSRNNDO NpVEE D 1DJ\IXYDURV XWFiED V]iOOtWRWWiN
(V]WHU GROJR]QL MiUW 3pN 0iULD PRVGDWWD HWHWWH KRUGWD D] iJ\WiODW VRNiLJ eV JRQGR]WD NLVOiQ\XNDW
PHJJRWKiW
2NWyEHUEHQ NpW PDQNyYDO OiEUD iOOW +DMQDOND NtVpUWH HO NHW YLOODPRVRQ .LVSHVWUH VHJtWHWW D
FVRPDJRNDW FLSHOQL (EpG XWiQ (V]WHUUHO NLPHQWHN D IUGV]REiED PLQGHQ KpWHQ HJ\WW PRVWiN D]
HJpV]FVDOiGOHSHGLWYiQNRVpVGXQQDKX]DWRNDWDPRVyJpSHQ(VWHV]yOWDWHOHIRQHJ\ILDWDORUYRV
NpUWH NHW V]yOMDQDN D QYpUpQHN QHP WXG KD]DM|QQL D NyUKi]EDQ PDUDG .pVEE PHJKDOOJDWWiN
*HUEHV]pGpWDUiGLyEDQ=HQWD\D]WPRQG R WDHEEOEDMOHV],VPHUV|NHWKtYRWWIHOWHOHIRQRQ
GH D] HOOHQWPRQGy |VV]HYLVV]D KtUHNWO Q\XJWDODQRN OHWWHN (JpV] pMMHO KDOOJDWWiN 3HVW LUiQ\iEyO D
O|Y|OG|]pVW 0iVQDS D UiGLy XWDVtWiViKR] KtYHQ QHP PR]GXOWDN NL D ODNiVEyO (VWH YiUDWODQXO
PHJpUNH]HWW +tUHV ,VWYiQ 5XKiMD SRURV YROW J\U|WW DUFD ERURVWiV V]HPH Oi]DV $]RQQDO
PHJNpUGH]WpNPLYDQ3HVWHQ$]WIHOHOWH)RUUDGDORP
'HKiWPLH]DO|Y|OG|]pV".LNOQHN".LUH"0LpUW"
+tUHV,VWYiQNpWNH]pYHOKiWUDVLPtWRWWDKDMiW*RQGRONR]RWW0DMGH]WPRQGWD
 eQ WDJMD YDJ\RN D 3HWIL .|UQHN 0L KDWiUR]WXN HO KRJ\ IHOYRQXOXQN .LKLUGHWWN D J\iUEDQ pV
YH]HWWN NHW 2WW YROWDP D 3HWILV]RERUQiO D %HPV]RERUQiO D]WiQ D 5iGLyQiO LV ,WW OWWHN UiQN
HOV]|U
0HJPRVDNRGRWW +DMQDOND WRMiVW VW|WW QHNL (V]WHU iJ\DW ERQWRWW OH DNDUWiN IHNWHWQL GH D]W
PRQGWDHOPHJ\
.LMiUiVLWLODORPYDQPRQGWD(V]WHU0HJUOWpO"
+tUHV,VWYiQYiOODWYRQW0HQQHPNHOO
(OPHQW=HQWD\FV|QGHVHQD]WPRQGWD
,VWHQHPPpUWPRVWYDJ\RNpQQ\RPRUpN
(V]WHUEHWDNDUWDNLVOiQ\iW,PiGNR]RWWNp R VEEKLV]WpULNXVDQMiUNiOQLNH]GHWWMDMRQJRWWPLW
FVLQiOKDWPRVWDFVDOiG+DMQDONDNpUOHOWHWKDJ\MDPiUDEEDYpJOFV~Q\iQ|VV]HYHV]WHNLGHJHVHQ
VtUWDN
+DMQDONDFVW|UW|N|QUHJJHOHOLQGXOWD1DJ\IXYDURVXWFiED6UN|GV]LWiOW$KRJ\N|]HOHGHWW3HVW
IHOpPLQGJ\DNUDEEDQE~MWNDSXDOiDVYtWJRO\yNHOOEiPXOWDDKDORWWDNDWpVQHPpUWHWWVHPPLW
3pN 0iULD ]RNRJYD |OHOWH iW +DMQDOND PHJQ\XJWDWWD W KRJ\ (V]WHUpN HJpV]VpJHVHN MyO YDQQDN
+tUHV,VWYiQLVpOPHJOiWRJDWWDNHWD]WiQHOPHQWYDODKRYi
$SLURVNDEiWRVNXUYiKR]PRQGWD*L]LNH
0LQGHQNLUiQp]HWWGHQHPNpUGH]WHNWOHVHPPLW$]|UHJ+iEHWOHUHJpV]QDSD]XWFiQNyV]iOWDKRO
OHKHWHWWVRUEDiOOWpOHOHPpUW6iSDGW%pODpV&VHOH-XOLQpJ\GHPL]VRQSiOLQNiWKR]RWWHJ\UDNWiUEyO
NtQiOWD D] HJpV] Ki]DW &VHOH -XOL OiQ\D V]DODGJiOW D IRO\RVyQ L]JDWRWWDQ PHVpOWH NRPPXQLVWiNDW
DNDV]WDQDN D .|]WiUVDViJ WpUHQ OHN|SG|VLN D PLFVRGiMXNDW 6HUHV 6iQGRU DMWDMiUD NUpWiYDO UitUWiN
+DMUi )UDGL +DOiO D NRPPXQLVWiNUD 6HUHV 6iQGRU WDQiFVWDODQXO Qp]WH D]WiQ OHW|U|OWH D
]VHENHQGMpYHO )HOHVpJpW ]RNRJYD WDOiOWD RWWKRQ 5pJL IODQHOUXKiW K~]RWW PDJiUD  R IHMpUH
SDUDV]WRVNHQGWN|W|WW$]DV]WDORQFLS]iUDVEU|QGiOOW
 0HQHNOMQN LQQHQ  N|Q\|UJ|WW D] DVV]RQ\  0HJUOW D] HJpV] XWFD $ 0iW\iV WpUL
FLJiQ\J\HUHNHNQpO JpSSLV]WRO\ YDQ $ +iUIiV HOWW D NDODX]RN DJ\RQYHUWHN HJ\ SL]VDPiV IpUILW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

YDODPHO\LN Ki]EyO KR]WiN 6DQGUL UpV]HJHN D] HPEHUHN V]|UQ\ GROJRNDW NLiOWR]QDN pV QHP VHJtW
VHQNL6DQGULPHQHNOMQN
6HUHV6iQGRUIHOpVDOiMiUNiOWDV]REiEDQ0DMGNXOFVUD]iUWDD]DMWyWEHFVXNWDD]DEODNRW
+RYiPHQMQN%RULV"NpUGH]WH$KLYDWDOEyOLVHONHUJHWWHN
$KLYDWDOEyO".LFVRGD"
$6FKOHLIIHUW-HQ
/HOWHNDIRWHOEDpVV]yWODQXOEiPXOWiNHJ\PiVW
6]UNOHWNRU LIMDEE +iEHWOHU -iQRV pUWN M|WW ,QJXMMEDQ PHJiOOW D] DMWy HOWW |NOpYHO ]|UJHWHWW
+DQJRVDQNLiOWRWWD6DQ\LEiFVL$Q\XNDKDOOHYHVWI]|WW9iUMDPDJXNDW
$ NRQ\KiEDQ YDFVRUi]WDN %RULV NpW W|PSH XMMiYDO V]HGHJHWWH DMNiUyO D KDOV]iONiW GLFVpUWH D] pWHO
t]pWHOPRQGWDKRJ\LO\HQILQRPDWVHKROPpJ%yQDY|OJ\SXV]WiQVHPHYHWW
R

 (J\pO GUiJD %RULVNiP  EL]WDWWD LGVHEE +iEHWOHU -iQRV  3DUDQFVROMiO FVDN NpUOHN V]pSHQ
V]HGMpOPpJDPHQQ\LFVDNMyOHVLN,JD]iQQDJ\RQ|UO|NKRJ\t]OLNQHNHGDPLNLVV]HUpQ\YDFVRUiQN
%RULVN|V]|QWHV]pSHQDEL]WDWiVWNHGYHVHPEHUQHNQHYH]WHLGVHEE+iEHWOHU-iQRVW0DMGLMHGWHQ
N|UOQp]HWW
 $]W tUWiN D] DMWyUD  LJ\HNH]HWW PRVRO\RJQL  KRJ\ KDOiO D NRPPXQLVWiNUD +iW NLW EiQWRWWXQN
PL"$OLJEHV]pOJHWWQNDV]RPV]pGRNNDOQHPKRJ\iUWRWWXQNYROQD
+DMQDONDFLJDUHWWiUDJ\~MWRWW
 1HP DNDUMD EiQWDQL %RULVND QpQLpNHW VHQNL  V]yOW IiUDGWDQ  9DODPHO\LN N|O\|N V]yUDNR]RWW
FVDN
6HUHV6iQGRUODVV~KDQJMiQGRNWRU6FKOHLIIHUW-HQHOYWiUVUDSDQDV]NRGRWWDNLQHNPDUHJJHOD]WD
YpOHPpQ\pWPRQGRWWDKRJ\LWWQDJ\EDMW|UWpQLNpVD]RQQDOLKDWiOO\DODOHJV]LJRU~EEPyGRQVHJtWHQL
NHOODQpSLGHPRNUDWLNXVJ\HW3pN0iULDGK|VHQOHLQWHWWH
 (J\pO 6DQ\LND 1H SROLWL]iOM |U|NNp QHP pUWHV] WH DKKR] J\ D SiUW ~J\ D SiUW QHV]H PRVW
NHUHVKHWHGDSiUWRW
+LGHJNpNV]HPpW6HUHV6iQGRUUDHPHOWH
 )HQH VH WXGMD PLW FVLQiOWiO (J\V]HU pQ  R PiU HONtVpUWHP HJ\ NIDUDJy VHJpGHW D 0iULD
7HUp]LDODNWDQ\iED8QRNDILYpUHPYROW+HPSHUJHWWD]XWFiQDOySLV]RNEDQ
6HUHV6iQGRUPHJYDNDUWDERURVWiVH]VWWVNpViOOiW
 1HP WXGRP PRVW PLW YiODV]ROMDN QHNHG 0iULD  PRQGWD ODVVDQ  eQ YDODPLNRU D]W KLWWHP
PLQGRO\DQRNIRJQDNNHUOQLPLQGHQRO\DQKHO\UHDNLNN|]LEpQNYDOyNpVH]HND]HPEHUHNPiVDEEDN
OHV]QHN PLQW D P~OWLDN YROWDN eV V]HPLQiULXPRNRQ LV KDMWRJDWWXN HOHJHW pV EL]RQ\ D] HPEHULVpJHW
QDJ\ FVDOyGiV pUWH eQ PLQGHQ NDUULHUL]PXV QpONO FVLQiOWDP D] pOHWHPHW QHP DUUD PHQWHP PLQW
VRNDQPiVRNWLV]WHOHWDNLYpWHOQHNDNLNQHNFVDND]pUWYROWIRQWRVDSiUWEDOpSQLKRJ\VDMiWUpV]pUH
D]iJ\DWPHJYHVVHPDJiQDNeQPRVWLVPXQNiVYDJ\RNDNOJ\PLQLV]WpULXPEDQKLYDWDOVHJpGDNLW
VDMQRV D] DODFVRQ\ EHRV]WiVD PLDWW QHP VRNUD EHFVOQHN $ %RULV PHJ WDNDUtWyQ 1HJ\YHQPpWHUHV
IRO\RVyMDYDQKDWV]REiMDpVDPRVGyKHO\LVpJHNeVOiWRGNHGYHV0iULDPRVWPpJLVIpOQQNNHOOD]
HJpV]Ki]FVDNJ|UEHV]HPPHOQp]UiQNPLQWYDODPLWROYDMQpSUH
%RULVDMHJ\J\UMpWIRUJDWWD
7DOiQFVDNNLDEiOQDN$V]iMXNMiU+LV]HQLVPHUQHNEHQQQNHW
R

-DQLPHJUi]WDDIHMpW
9DGDN0HUWIRO\WRQV]yODSXVND0HJDJpSSLV]WRO\(J\V]HULWWPiVNRUPiVKRO)HOPiV]QDND
Ki]WHWUHD]WVHPWXGRPNLFVRGiNpVOQHN$]HPEHUWHOMHVHQPHJERORQGXO
,JHQIHOHOWH%RULV2UGtWDQDN5HJJHONLOWWpNDWHMHVNDQQiWHJ\DVV]RQ\NH]pEO
6HUHV6iQGRUDQ\DNNHQGMpWEDEUiOWD
1DJ\EDMW|UWpQLN$]HOYWiUVDNQDNH]WPXV]iMOiWQL(]PiURO\DQQDJ\V]HUHQFVpWOHQVpJKRJ\D
OHJIHOVEEKHO\]HWEOLVWLV]WiQOiWQLNHOOD]HOYWiUVDNQDN
-DQLUiQp]HWW(OYLJ\RURGRWW
0HQMHQOHD]XWFiUDNHUHVVHQHJ\OiPSDYDVDWPRQGWDJRURPEiQ0DJiQDNKXOODV]DJDYDQ
3pN0iULDHOViSDGW)HOHPHOWHFVRQWRV|NOpW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

8JDWV]PiU"VLNtWRWWD7HiOODW7HYHV]HWWIDUNDV0HJLQWXJDWV]"
-DQLU|K|J|WW
 8JDWRN  RUGtWRWWD  0LpUW" 1HP tJ\ YDQ" ,WWKDJ\WiN pV NpV] 0HKHW D OiPSDYDVUD
$XVFKZLW]ED,WWIHOHMWHWWpN+DPHJG|JOLNQHPYROWV]HUHQFVpMH
+DMQDONDEHWDSDV]WRWWDDIOpW
R

-DQLKDJ\GDEEDN|Q\|UJ|WW$],VWHQiOGMRQPHJKiWQLQFVD]HPEHUQHNHOpJEDMDSRQWDWH
FLUNXV]RGKLiQ\]LN0LQGLJDWHFLUNXV]RG0LQGLJ
/HKDMWRWWD IHMpW D] DV]WDOUD ]RNRJRWW $] |UHJ +iEHWOHU EHFVXNWD D NRQ\KDDMWyW PHJLJD]tWRWWD D
NDUWRQIJJ|Q\W V]pJ\HQNH] PRVRO\iYDO HOQp]pVW NpUW D Ki]DVSiUWyO .tQiOWD NHW W~UyV FVXV]iYDO
GHPL]VRQWKR]RWWDV]REiEyODSRKDUDNDWPHJW|OW|WWHEUJHFVLERUUDOHJpV]VpJHWEROGRJViJRWKRVV]~
pOHWHWNtYiQWDUDQ\RVYHQGpJHLQHND+iEHWOHUFVDOiGQDNpVNRFFLQWRWWPLQGHQNLYHO
.LOHQFyUDWiMWEHNRSRJWDWRWW6iSDGW%pOD$V]HQQ\HVOiGDWHWHMpUHOWV]HPHYLOORJRWWDSiOLQNiWyO
EHV]pOW KHWHWKDYDW HOPHVpOWH KRJ\ D SiUWKi] HOWW D .|]WiUVDViJ WpUHQ iVViN D I|OGHW NHUHVLN D]
iYyVRN EXQNHUpW DKRO H]HUQpO W|EE iUWDWODQ IRJRO\ VHQ\YHG $] |UHJ +iEHWOHU PHJNtQiOWD W ERUUDO
NLMHOHQWHWWH QHP KLV] D NXWDWiV HUHGPpQ\pEHQ VW PDUKDViJQDN WDUWMD PHUW YpOHPpQ\H V]HULQW D]
iYyVRND]HPOtWHWWWHUOHWHQVHPPLIpOHEXQNHUWQHPpStWHWWHNJ\LQGRNROWD
0HJNHOOPRQGDQRPDWHOMHVV]LQWHVpJHWKRJ\pQSROLWLNiYDOQHPIRJODONR]WDPVRKDH]pUWQHP
LViOOtWRPKRJ\pUWHQpNKR]]iPHUWH]QHPYROQDLJD](QJHPHWFVDNLV  R D] pQ GUiJD FVDOiGRP
VRUVDEROGRJViJDpUGHNHOWpUWNGROJR]WDPHUPHWQHPNtPpOYHIRO\WRQpV|U|NNp'HD]WPpJLVHO
WXGRP JRQGROQL KRJ\ HJ\ LO\HQ KDWDOPDV pStWNH]pV H]HUQpO W|EE V]HPpO\ UpV]pUH FVXGiODWRVDQ QDJ\
SpQ]SRFVpNROiVOHWWYROQDD]iYpKiVRNUpV]pUODPLNRULVpSSHQVpJJHOHOHJHQGE|UW|QiOOD]LOOHWpNHV
V]HUYHNWXODMGRQMRJiEDQ
6iSDGW%pODYiOODWYRQW
 $ SpQ] QHP pUGHNHV  PRQGWD  $ FHKHW QHP D NRPPXQLVWiN D NOI|OGUH XWD]y QDJ\ GXPiV
EpUHQFHN pV QHP D J\LONRV iYy IL]HWLN KDQHP D GROJR]y QpS $ I|OGDODWWL YDV~WQDN VLQFV DEV]RO~WH
VHPPLpUWHOPHPpJLVFVLQiOWiN
&LJDUHWWiUD J\~MWRWW )RQWRV KtUW HPOtWHWW +iURP QDSRQ EHOO PHJpUNH]QHN D] HQV]HN pV
IHOV]DEDGtWMiNDPDJ\DUQpSHWD]RURV]HOQ\RPiVDOyO1HP]HWN|]LW|UYpQ\YDQUi
$]HQV]HN"FVRGiONR]RWWD]|UHJ+iEHWOHU
 &VDNLV  EyOLQWRWW D V]REDIHVW  %HYH]HWLN D Q\ROFSiUWUHQGV]HUW DOVy pV IHOVKi]DW 9DJ\
HVHWOHJDV]HQWNRURQiVNLUiO\ViJRW
(OPRVRO\RGRWW
6HUHVHOYWiUVPRVWPLDYpOHPpQ\HG"NpUGH]WH$P~J\SHUVSHNWLYLNXVDQ0LWWD R QtWDQDN
DSLURVN|Q\YHVHNQHNLO\HQNRUDV]HPLQiULXPRQ"
6HUHV6iQGRUKDOOJDWRWWhOWDKRNHGOLQPLQWDNLERWRWQ\HOW
 $]W WDQtWRWWiN D V]HPLQiULXPRQ  PRQGWD ODVVDQ  KRJ\ KD YDODNL RO\DQW N|YHW HO DPL
UHQGV]HUHOOHQHVD]PHJIRJMDNDSQLD]LOOMXWDOPiWpUWH+R]]iWHV]HPH]WVDMQRVPRVWQHPQDJ\RQ
OHKHWWDSDV]WDOQLDWNpVWiUVDGDORPMREEDQYLJ\i]RWWPDJiUD'HSHUVSHNWLYLNXVDQH]WYiODV]RORPD
WHRVWREDNpUGH]pVHGUH
$V]REDIHVWPHJV]tYWDFLJDUHWWiMiW+XQ\RUtWRWWDV]HPpYHO
 eV KiURP QDS P~OYD" +D LWW OHV]QHN 0DJ\DURUV]iJRQ D NpNUXKiV HMWHUQ\V|N" 0HJ PiVRN"
$NNRUPLWSUpGLNiOV]"
6HUHV6iQGRUQp]WHW
7HQHNHGpQQHPYiODV]RORNPRQGWDViSDGWDQPHUWWHKXOLJiQHOHPYDJ\WpJHGpQOHN|SOHN$
IHOHVpJHPQHNV]yORNPRVWDNLIpODWHDUFRGWyOPHJD]XWFiQRUGtWR]yHPEHUHNWODKHO\]HWPHJRO\DQ
KRJ\QDJ\RQQHKp]OHV]QHNHPWPHJQ\XJWDWQLPHUWDV]HPHOiWWiUDW|UWpQQHNHVHPpQ\HNeQSHGLJ
FVDNQpJ\HOHPLWYpJH]WHPNHYpVLVNROiWMiUWHPEHUYDJ\RNKRJ\DQLVWXGRPHOPRQGDQLRNRVDQKRJ\
pQGHUOiWyYDJ\RN0HUWH] R LJD]KDYDODNLPHJQp]KHWQpH]WOiWQiEHQQHP
%RUWW|OW|WWDSRKDUiED0HJLWWD$]WiQFV|QGHVHQtJ\V]yOW
 0LNRU QHJ\YHQHJ\EHQ 1pPHWRUV]iJ PHJWiPDGWD D 6]RYMHWXQLyW DNNRU D] HJ\LN URNRQRP ILDWDO
J\HUHN YROW D]W NpUGH]WH WOHP NL IRJMD PHJQ\HUQL D KiERU~W QpPHWHN YDJ\ DQJRORN YDJ\
DPHULNDLDN" eQ D]W IHOHOWHP KRJ\ LGH D V]RYMHWHN IRJQDN HOM|QQL DPLWO  QDJ\RQ PHJLMHGW PHUW D
WDQtWyUpPLV]WJHWWHNHWD]RURV]RNWyO$]WPRQGWDPQHKLJJ\HQDWDQtWyQDNPHUWQHPPRQGLJD]DW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

+D PDMG HOM|QQHN D] RURV]RN QHP OHV]QN W|EEp V]ROJiN D] XUDViJQiO KDQHP VDMiW PDJXQNQDN
IRJXQNGROJR]QLHPEHUHNOHV]QN(UUHD]WNpUGH]WHKRJ\LJD]OHV]H]tJ\NHUHV]WDSiP"eQPHJD]W
IHOHOWHP QHNL KRJ\ DQQDN LGHMpQ KD PDMG D V]HPHG HOp NHUO|N D]W PRQGRG LJD]DP YROW J\ LV
W|UWpQW$]WPRQGWDLJD]DYROWNHUHV]WDSiPFVDND]WiUXOMDHOKRQQDQOHWWLO\HQGHUOiWyDPLO\HQpV
pQ QDJ\RQ EV]NH YDJ\RN PDJiUD (OPRQGWDP QHNL KRJ\ HQJHPHW D VRUV WDQtWRWW PHJ KRYi NHOO
WDUWR]QRPPHUWYDJ\D]XUDViJRNIpUJHLOHV]QNYDJ\PLQNXUDONRGXQNPHJWHUHPWMNDV]HJpQ\QpS
EROGRJViJiW $NNRU  HOVQHN LUDWNR]RWW D GLFVVpJHV NRPPXQLV  R WD SiUWED XWiQD |QNpQW
MHOHQWNH]HWWDUHQGUVpJHQDKROPHJNpUGH]WpNKRJ\PLO\HQPHJJ\]GpVKR]WDpVUiPKLYDWNR]RWW
KRJ\pQJ\]WHPPHJKRYDWDUWR]LNtJ\OHWWiYpKiVJ\LVKDOWPHJQpKiQ\QDSSDOH]HOWW
1HP V]yOW VHQNL ,GVHEE +iEHWOHU -iQRV PHJW|OW|WWH D SRKDUDNDW LWWiN D EUJHFVL ERUW 6HUHV
6iQGRU QDJ\RQ EHFVtSHWW D]W PRQGWD V]pGO pV PXV]iM QHNL QHYHWQL 3pN 0iULD D]W WDQiFVROWD
IHNGMpN OH PHJiJ\D] D GtYiQ\RQ DOXGMDQDN LWW PD pMMHO D %RULVVDO 'H 6HUHV 6iQGRU WLOWDNR]RWW
NLMHOHQWHWWHYDQQHNLVDMiWODNiVDHJ\pENpQWV]HUHWQpPHJQ\XJWDWQLD+iEHWOHUFVDOiGRWQHIpOMHQHN
QLQFV D I|OG|Q RO\DQ HU DPHO\ D]  EROGRJViJXNDW PHJDNDGiO\R]KDWQi PHUW D V]RFLDOL]PXV J\H
YpJpUYpQ\HVLJD]ViJ%RULV]VHENHQGYHOW|UOJHWWHIHKpUYHUtWpNHVDUFiWD]XWiQ-DQLYDOEHOHNDUROWDN
pV KD]DFLSHOWpN $ IRO\RVyQ KDQJRVDQ QHYHWHWW WHOLWRURNEyO pQHNHOWH 9LOMD y 9LOMD WH V]pS pV
FVRGiV$V]RPV]pGRNPHJNLiOOWDND]DMWyNHOppVPRVRO\RJWiN
0iVQDSGpOXWiQPHJpUNH]HWW+tUHV,VWYiQ0HJPRVDNRGRWW3pN0iULDHQQLYDOyWWLV]WDLQJHWDGRWW
QHNL (J\ yUiW DOXGW $]WiQ D NRQ\KiEDQ NRPRO\ V]HPUHKiQ\y WHNLQWHWWHO ILQRP J~Q\RV PRVROO\DO
IUNpV]WHVyJRUD R DUFiW-DQLRGDOpSHWWKR]]iNLK~]WDJRPEO\XNiEyODQHP]HWLV]tQNRNiUGiW
 %RKyFNRGXQN +tUHV ,VWYiQ"  NpUGH]WH  +LV]HQ WH SiUWWDJ YDJ\ 0RVW PpUW QHP tURG DOi D
WRYiEEV]ROJiOyW"0RVWQHP]OHW"
3pN0iULDNLDEiOWIRJMDEHDSRIiMiWHKKH]VHPPLN|]H+tUHV,VWYiQPiUPHVV]HMiUWGHNPpJ
V]HQYHGpO\HVKDQJRQYHV]HNHGWHN
+DMQDONDGpOXWiQLQGXOWHO5iNRVIDOYiUDeGHVDSMDHONtVpUWHWD.HOHWLSiO\DXGYDULJPHJFVyNROWiN
HJ\PiVW$]WiQV]HPHUNpOHVEHQJ\DORJROWD.HUHSHVL~WRQDODSRVDQHOi]YDpUWKD]D$NRQ\KiEDQ
iW|OHOWHILiWpVNLW|UWEHOOHD]RNRJiV
$Q\XNDPLpUWVtUV]"NpUGH]WH
0HUWKiERU~YDQ
$]|]YHJ\YL]HWIRUUDOWQHNLWDOSLJPHJPRVDNRGRWW$OLJE~MWD]iJ\EDPHJpUNH]HWW6]XKD0LNOyV
9LGpNUO M|WW SRQ\YiV DXWyQ D )|OGPpU +LYDWDOQiO YROW WHFKQLNXV 6RNiLJ |OHOWpN HJ\PiVW .pVEE
+DMQDOND Q\XJWDODQXO PHJNpUGH]WH W PL OHV] HQQHN D YpJH 6]XKD 0LNOyV NLKDMROW D] iJ\EyO
FLJDUHWWiWNHUHVHWW
/pSMEHDNRPPXQLVWDSiUWED7DOiQN|QQ\HEEHQpOQN0HUWLWWQHPYiOWR]LNPHJDYLOiJW|EEp
eVKDLJHQpQPDMGpGHVDQ\iPPDOLJD]ROODN
R

+DMQDONDQHPOiWWDDUFiWDV|WpWEHQ
+tUHV,VWYiQWV]HOHVFV~Q\DQRYHPEHULGpOXWiQOWWpNPHJQHPPHVV]HD/iQFKtGWyONDFViWDNDUW
KiWL]ViNEDQ iWYLQQL %XGiUD $ WHQ\HUpW URQFVROWD V]pW D JRO\y 9DJ\ NpWV]i] PpWHUW IXWRWW HJ\
]OHWKHO\LVpJHOWWPHJiOOtWRWWiND]HPEHUHN0HQWWKtYWDNpVD0iW\iVWHPSORPDODWW]HJ]XJRVNLV
XWFiN N|]|WW D 6]LNODNyUKi]ED YLWWpN 3iU QDSSDO NpVEE *L]LNH PHJOiWRJDWWD $ KRVV]~ ]V~IROW
NyUWHUHPEHQYLOODQ\YLOiJtWRWWPHJNHUHVWHIpUMpWOHOWD]iJ\V]pOpUHKDOOJDWWDN.pVEE+tUHV,VWYiQ
OHKXQ\WD V]HPpW D]W PRQGWD Oi]DV DOXGQL V]HUHWQH PHQMHQ KD]D 'H *L]LNH WDOiQ QHP KDOORWWD
KDMORWW KiWWDO OG|JpOW EiPpV]NRGRWW QpKD V]yUDNR]RWWDQ LJD]tWRWWD V]O G~V NRQW\iW $]WiQ
PHJpUNH]HWW D SLURV NDEiWRV Q OHYHQGXODLOODWRW KR]RWW D] iJ\KR] NtYiQFVL ]DYDUUDO IUNpV]WH D]
DVV]RQ\W +tUHV ,VWYiQ J\O|OHWWHO Qp]WH D IHOHVpJpW PtJ NRSRWWDQ IiUDGWDQ NLPHQW D] DMWyQ 1pKiQ\
KpWWHONpVEE+DMQDONDpV(V]WHUVWHPpQ\WFLWURPRWFLJDUHWWiWKR]RWWDVHEHVOWQHNGHQHPOWHNOH
EHV]pOJHWQLPHUWOi]DVYROWD]WPRQGWDDOXGQLDNDU
)HEUXiUYpJpQHQJHGWpNHODNyUKi]EyOLGVHEE+iEHWOHU-iQRVPHQWpUWH$YLOODQ\IpQ\HVIRO\RVyQ
WDOiONR]WDN+tUHV,VWYiQ R PHJiOOW]DYDUWDQN|V]|QWPDMGDSLURVNDEiWRVQDNDUMiKR]Q\~OWpV
HOYLWWH
.pVEE LQWHUQiOWiN *L]LNH PLQGHQ OiWRJDWiVL QDSRQ pOHOPLV]HUW FLJDUHWWiW YLWW .LVWDUFViUD GH D
SLURVNDEiWRVQYHOQHPWDOiONR]RWWW|EEp
+DMQDONDHJ\7(;]OHWSpQ]WiUiEDQGROJR]RWW$EROWYH]HWJ\HVQDJ\YRQDO~HPEHUYROWLJHQ
V]HUHWWpN9HJ\HVEDUiWLWiUVDViJOiWRJDWWDMyNHGpO\PDV]HNV]DEyNV]RPRU~VHJpGV]tQpV]HNYpNRQ\
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

KDQJ~ERNV]ROyHJ\N|YpUHPEHUDNLIDUNDVNXW\iWiUXOWpVPiVIXUFVDDODNRN)HNHWHNiYpWKR]WDND
V]RPV]pGSUHVV]yEyOIHFVHJWHNGLFVpUWpNDSpQ]WiURVQV]pSVpJpW+DMQDONDNLWQHQpUH]WHPDJiW
FVHQJKDQJRQQHYHWHWWPLQGLJPLQGHQNLVEXWDViJRQ
$ Q\iU HOHMpQ ~M HOOHQU M|WW +XV]RQNpW pYHV QDJ\RQ V]NH NDUFV~ L]PRV IL~ D UHQGUVpJWO
V]HUHOWpN OH +DMQDOND D] HOV QDS PHJKyGtWRWWD D FVLQRV HOOHQU PLQGLJ RWW OHE]VHOW D SpQ]WiUQiO
(OPHVpOWH KRJ\  ELUNy]LN NULPLQROyJLiW ROYDV pV EV]NpQ PHJPXWDWWD ~M H]VW PRQRJUDPRV
FLJDUHWWDWiUFiMiW9DODKiQ\V]RUEyNROW+DMQDONDNLQHYHWWHPHJNpUWHNHYHVHWEHV]pOMHQPHUWQDJ\RQ
EXWD 'H VRN PLQGHQW NpUGH]HWW D EQ|]N OpOHNWDQiUyO =iUiV XWiQ K~V] NLOy FVHUHV]Q\pW YLWW 
R 5iNRVIDOYiUDD]HOOHQUFLSHOWHDNpWVSRUWWiVNiW0HOOpNXWFiNRQPHQWHNDIL~OHWHWWHDFVHUHV]Q\pW
FVyNROy]WDN
VV]HO LVPHUWH PHJ D WiQFRVW D] OODPL 1pSL (J\WWHVEO 0DJDV YROW IHNHWH pV V]pS 1pKiQ\V]RU
HONtVpUWH +DMQDONiW D +e9PHJiOOyLJ NOI|OGL XWD]iVRNUyO D WiQF |U|PHLUO EHV]pOW 1RYHPEHU
N|]HSpQ OHOWHN D -y]VHI N|U~WL ER[RV FXNUiV]GiEDQ (OUHSOW D] LG HVWH WL]HQHJ\ yUDNRU +DMQDOND
PHJUpPOW$WiQFRVPHJV]iQWDW
0RVWEDMOHV]"NpUGH]WH
+DMQDONDYiOODWYRQW
$IpUMHPYLGpNHQYDQ0HJW|UWpQWPiVNRULVKRJ\DQYpUHPQpOPDUDGWDPpMV]DNiUD
eMIpOLJ WiQFROWDN D 3LSDFVEDQ $NNRU WD[LED OWHN EXGiQ |UHJ I|OGV]LQWHV Ki] HOWW V]iOOWDN NL
+RVV]~ FV|QJHWpV XWiQ HQJHGWH EH NHW D Ki]PHVWHU NHUWHV XGYDUUyO Q\tOW D ODNiV $] HOV]REiEDQ
OHYHWWpN D NDEiWRW $ IpUIL NHUHV]WOPHQW HJ\ V|WpW V]REiQ D PiVLNEDQ N|Q\YHVSROF WHWHMpQ
PHJJ\~MWRWWHJ\NpNHUQ\VOiPSiW$V]REDNLFVLYROWN|]HSpQUHVDIDOQiOGHUpNV]|JEHQNpWKHYHU
DV]REiEDQ]V~UNRFVLUHVHQPHOOHWWHyFVNDIRWHO+DMQDONDIHNHWHNLVNRV]WPEHQOHOWDKHYHUUH$
IpUILOHYHWWH]DNyMiWQ\DNNHQGMpW R R R GUDSSSXOyYHUEHQPHOOpOWiWNDUROWiNHJ\PiVW
.pVEEJRPEROQLNH]GWHD]DVV]RQ\NDEiWMiW$UFDV]HPHHOYiOWR]RWWHOOHQV]HQYHVYRQiVNHUOWDV]iMD
N|Up+DMQDONDHOO|NWHPDJiWyOpVIHOOW
0LQHNM|WWpOLGH"NpUGH]WHDWiQFRV
eVQHYHWHWW
5HJJHO+DMQDONDPHJiOOWDPDFVNDN|YHVXWFiQ(J\IHMNHQGVDVV]RQ\WyONpUGH]WHKRJ\DQMXWKDWHO
DYiURVED
$ WpO N|]HSpQ (V]WHU NpWVpJEHHVHWW GKYHO WHOHIRQiOW D K~JiQDN HOPRQGWD KRJ\ =HQWD\ iOODQGyDQ
UpV]HJHQMiUKD]D+DMQDONDPpUJHVHQNLMHOHQWHWWHPHUWQHPWXGEiQQL*\XULYDO+DHJ\SRKiUERUW
LV]LN UM|QJ MHOHQHWHW FVLQiO PHJHV]L D OHONpW PLQGHQ FVDOiGL |VV]HM|YHWHOHQ PHJDOi]]D (V]WHU
NLDEiOW
7HPLQGLJQHNLDGV]LJD]DWeQWXGRPKRJ\DQNHOOEiQQLYHOH+DpQV]DEDGMiUDHUHV]WHPpMMHO
QDSSDOUpV]HJYROQD
eVOHYiJWDDKDOOJDWyW
1pKiQ\QDSP~OYD+DMQDONDIHOKtYWDWpUGHNOG|WWKRJ\DQYLVHONHGLN=HQWD\(V]WHUNLMHOHQWHWWH
PRVWQDJ\RQUHQGHV
.pS]HOGH]DKO\HEHiOOtWRWWNpWNDUGLJiQQDOPRQGWD/iWRGKDUHQGHVpQLVD]YDJ\RN
7t] QDSSDO NpVEE V]pWW|UWH HVHUQ\MpW  R =HQWD\ *\|UJ\ IHMpQ PDURNQ\L KDMDW NLV]DNtWRWW
=HQWD\ |N|OOHO W|WW D] DUFiED HO|O NLW|WWH HJ\ IRJiW +DMQDOND G|EEHQWHQ Qp]WH QYpUpW D] ,IM~ViJ
SUHVV]yEDQ
ULVWHQeVDJ\HUHNH]WOiWWD"+iWQLQFVHQHV]HWHN"
(V]WHUHOEJWHPDJiW
1HPEtURPYHOH1HPEtURPOiWQLDEiUJ\~NpSpWDPLNRUUpV]HJ
0LQGHQPiVRGLNYDViUQDSGpOXWiQHOYLWWpND]XQRNiNDWD1DJ\IXYDURVXWFiED(V]WHUHOSDQDV]ROWD
EiQDWiW3pN0iULiWHO|QW|WWHDGK
/iWRPpQUDMWDKDPHJM|QYLGpNUORUGtWRWW/LWHUV]iPQ\HOLDYL]HW.tYiQMD0LQGHQIUDQFRV
NLV]iOOiVRQKXOODUpV]HJUHLVV]DPDJiW*L]LNHN|]EHV]yOW
(]tJ\QHPKHO\HV0LQGHQNLUiWiPDGSHGLJPHJNHOOYL]VJiOQLDPiVLNROGDOWLV(V]WHUQHNLVYDQ
pSSHQHOpJKLEiMD(UV]DNRV|U|NNpYHV]HNV]LNYpULJVpUWLDPiVLNDWDQQDND]HPEHUQHNVRKDQLQFV
LJD]DVRKDQLQFVHQQ\XJWD-DQLHOYLJ\RURGRWW0iUPHJLQWYpGYDODNLWPRQGWDJ~Q\RVDQ$
YpGJ\YpG$IRJDGDWODQSUyNiWRU$MyV]tY*L]LNpKH]WROWDDUFiW
7HPDUKDRUGtWRWW1HNHPPHJPRQGWiN$NNRULVUpV]HJYROWDPLNRUIHO R EXNIHQFH]HWW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

7XGRGPLWFVLQiOQDNYLGpNHQ"1NHWWiQFROWDWQDND]DV]WDORQ
7HPHJIRJGEHDSRIiGNLDEiOW3pN0iULD
0LpUW"(J\IDODWVRQNiWQHPDGRWWD]iOODSRWRVIHOHVpJpQHN
$]|UHJ+iEHWOHUtJ\V]yOW
$]pQFVDOiGRPEDQLO\HQKHO\WHOHQOQHPOHKHWYLVHONHGQLeQPDMGEHV]pOHNYHOH
 7H QH EHV]pOM VHQNLYHO  NLDEiOW 3pN 0iULD  0LW DNDUV] EHV]pOQL" (] QHP UiG WDUWR]LN (] D
NHWWMNGROJD
*L]LNHDK~JiKR]IRUGXOW
7HPHJKO\HYDJ\0LQHNM|VV]KD]DH]HNHWDGROJRNDWNLWiUJ\DOQL"
0LWEHV]pOV]"NpUGH]WH3pN0iULD+iWKRYiPHQMHQSDQDV]NRGQL"
 %iUKRYi FVDN LGH QH  YiODV]ROWD  6]pWV]HGLN D]W D V]HUHQFVpWOHQ HPEHUW pV PpUJNEHQ D
OHJURVV]DEEWDQiFVRNDWDGMiN
3pN0iULDIHOHPHOWHFVRQWRV|NOpW
(OKDOOJDVV9DJ\WDNDURGM
*L]LNH|VV]HV]HGWHPRW\yMiW5iDGWDDNDEiWRWJRWKiUD
eQQHNHPPpJVRKDQHPYROWLWWKRQLJD]DP]RNRJRWW(OLVPHJ\HN(OPHJ\HNpVQHPM|Y|N
LGHVRKDW|EEp
3pN0iULDNLURKDQWEH]iUWDDNRQ\KDDMWyW
R

0pV]DIUDQFED2GDPpV]
$]WiQPHJWHUtWHWWpN7DXELQJHUIHVSHUHVH]UHGHVDV]WDOiWpVOHOWHNDW|OW|WWNiSRV]WiKR]1HYHWWHN
ERORQGR]WDN-DQLWXJUDWWiNPLNRUKi]DVRGLN-DQLHOSLUXOW
(OVHPIpUQpQNPiUD]DV]WDOQiOPRQGWD]DYDUWDQ1HPHOHJHQYHV]HNV]QN"
3pN0iULDQHYHWHWW
$YHV]HNHGpVQiOXQNQHPMHOHQWKDUDJRWDIHOHVpJHGQHNSHGLJV]RUtWXQNKHO\HW
(OKDOOJDWRWW
6]HUHWQpPPHJpUQLPpJDKi]DVViJRGDW
,GVHEE+iEHWOHU-iQRVIHOHPHOWHDSRKDUiW
 eQ XJ\DQ QHP NHGYHOHP D ERUW HOPRQGKDWRP HJpV] pOHWHP VRUiQ QHP LWWDP DQQ\LW PLQW
DQ\iWRN HJ\ KpW DODWW D]RQEDQ PRVW HPHOHP SRKDUDPDW D] pQ GUiJD MyViJRV IHOHVpJHPUH NHGYHV
J\HUPHNHLPUHDUDQ\RVNLVXQRNiLPUDIRUUyQV]HUHWHWWGUiJDFVDOiGRPUD
+iWDV]pS|]YHJ\NpUGH]WH3pN0iULD$]WHOKDJ\RG"
+iEHWOHUPHJFVyNROWDW
+DGGPiUWEpNpQQHYHWHWW%L]WRVDQDKDVDIiM
(]HQ D] HJpV] FVDOiG QHYHWHWW PHUW .YH  R FVHV $QQD HJ\LN NOLQLNiUyO D PiVLNUD PHQW KRO D
V]tYpUH SDQDV]NRGRWW KRO D J\RPUiUD HUV YROW pV HJpV]VpJHV HOPRQGWiN D] RUYRVRN PLQGHQ
DONDORPPDOPLQGHJ\LNILiQDN
=HQWD\ *\|UJ\ WpOLNDEiW V]|YHWHW QDJ\ NRViU YLUiJRW YiViUROW (V]WHUQHN eV |QNpQW MHOHQWNH]HWW
HOYRQyN~UiUD$&RUYLQpWWHUHPEHQQQHSHOWpNDEROGRJNLEpNOpVW0HJKtYWiND]|UHJ=HQWD\W6]XKD
0LNOyVW +DMQDONiW pV 3pN 0iULD SDUDQFViUD HOFLSHOWpN -DQLW LV $] |UHJ =HQWD\ YDFVRUiW UHQGHOW D
WiUVDViJQDNERUWNpVEENRQ\DNRW
 $Q\iWRN HJpV]VpJpUH  PRQGWD  /HJ\HQ EROGRJ N|]|WWQN pV pOMHQ VRNiLJ 1HP WXGRP
PHJKiOiOQLDPLWYHOHPFVLQiOWDV]iP]HWpVHPLGHMpQ
-DQL KDPDU EHFVtSHWW 9LJ\RUJRWW D]W PRQGWD V]pGO +D]D DNDUWiN NtVpUQL GH QHP HQJHGWH
.pVEEPHJFVyNROWDNpWK~JiWNH]HWV]RUtWRWWDIpUILDNNDOpVHOPHQW
$1DJ\IXYDURVXWFDVDUNiQWDOiONR]RWW&VHOH-XOLYDO
0LYDQYHOHG"NpUGH]WH&VHOH-XOL
%HFVtSWHPYiODV]ROWD
1HYHWHWW1HNLWiPDV]NRGRWWDOiPSDRV]ORSQDN1DJ\SHO\KHNEHQKXOOWDKy
%iQDWRGYDQ"NpUGH]WHDQ
6HPPLRNRPUiIHOHOWHgVV]HK~]WD

R

DV]HP|OG|NpW7HKLV]HOD]iORPQDN"1DJ\Yt]UO

KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

iOPRGWDP H] URVV]DW MHOHQW ~J\ WXGRP KDOiOW 9DJ\ QDJ\ YHV]HNHGpVW $Q\D V]HULQW D] iORP LJD]DW
PRQGQHPLVEHV]pOWHPQHNLHUUO
&VHOH-XOLYiOODWYRQW
eQHEEHQQHPKLV]HN(POpNH]KHWV]5HLFKEiFVLQDNLVH]YROWHUUODYpOHPpQ\H
-DQLHUVHQJRQGRONR]RWW
7HNXUYDYDJ\PRQGWDKDUDJQpONO7ROYDM(Oi]RWWDOHONHGDN|SFVpV]pNEHQ
&VHOH-XOLOHK~]WDNHV]W\MpWFLJDUHWWiUDJ\~MWRWW
eVDWHOHONHG"NpUGH]WH
-DQLKDOOJDWRWWHJ\SHUFLJ
/HYHWN]|ODNiUNLQHN+D]XGV]PHJORSV]PHJFVDOV]
&VHOH-XOLEyOLQWRWW
 1HNHG LV OHIHNV]HP +D DNDURG IL]HWHN LV pUWH 9DQ PRVW SpQ]HP HOpJ J\ XWiORP D] pMV]DNiW
HJ\HGOYiOODWYRQW*\HUHIHOYHV]HPDSRQJ\ROiPDWNtQDLVHO\HP&VRGiONR]KDWV])HNHWHV]tQ
ViUJDPHJ]|OGViUNiQ\RNYHUHNHGQHNUDMWD8WiODWRVSRIiNGHpQPiUUpJHQQHPIpOHNWON
-DQLQp]WHW
OODWYDJ\PRQGWDFV|QGHVHQ
&VHOH-XOLHOPRVRO\RGRWW
R

 +iW SHUV]H 9DFDN HJ\ Q YDJ\RN 3HGLJ D V]iUPD]iVRP NLWQ $UDQ\DW pU +LiED YLJ\RURJV]
$NiU KLV]HG DNiU QHP OHKHWQpN RUYRV 9DJ\ W|UYpQ\V]pNL EtUy 0LpUW QH" (] D KO\H 6HUHV
HVNV]LN Ui .pS]HOG HO KRJ\ FVRGiONR]QiQDN D ODNyN 2SHUiED MiUQpN %HFVOHWV]DYDPUD $
IpUMHPXGYDULDVOHQQHRNRVKDYDODPLWQHPpUWHNU|JW|QHOPDJ\DUi]Qi7H-DQLDQQ\LGROJRWQHP
pUWD]HPEHU,JD]YDJ\QHPLJD]"
9iUWD KRJ\ D IpUIL PRQGMRQ YDODPLW GH D] QpPiQ V]LJRU~DQ ILJ\HOWH D KyHVpVW $NNRU QHYHWQL
NH]GHWW
 1D EXPP 0RVW PL YDQ" 1HP V]HUH]WHP pUHWWVpJL EL]RQ\tWYiQ\W pV QHP MiURN D] 2SHUiED
,PiGRPDSiOLQNiWDSpQ]WPHJDIpUILDNDW(]VHURVV]EXOL$NiUKLV]HGDNiUQHPHJ\KO\HSDVDV
HVNG|]|WWKRJ\QHNHPNLVOiQ\RVV]HPHPYDQ+iWD]WKLWWHPPHJ]DEiORP&VDNEiPXOWDPUiPpJ
EJWHPLV$PDUKD5|JW|QPRQGWDPQHNLKRJ\V]HUHOHPPHOV]HUHWHP3HGLJHJ\IUiV]W$]HPEHU
QHPOHKHWPLQGHQNLEHV]HUHOPHV'HKiWH]DKD]XJViJNHOOQHNLN-DQLNiPPXV]iMQHNLNPHUWD]W
WDSDV]WDOWDPtJ\QHKH]HEEHQPDUDGQDNHO3HUV]HH]LVW~UyOpJ\YHOHRNRVDEE
R

%HPHQWHND+iUIiVEDSiOLQNi]WDN]iUyUiLJ&VHOH-XOLVHJtWHWWHWDOpSFVN|Q$V|WpWNRQ\KiEDQ
QHPDNDUW]DMWFVDSQL/HOWDNUHOHYHWWHDFLSLW.pVEE3pN0iULDNLPHQWIHOJ\~MWRWWDDYLOODQ\W$
KiWiQIHNGWQ\LWRWWV]HPPHOpUWHOPHWOHQOPRW\RJRWW
.DUiFVRQ\NRU HQJHGWpN HO +tUHV ,VWYiQW HJ\HQHVHQ +iEHWOHUpNKH] PHQW .H]HW FVyNROW 3pN
0iULiQDN pV PHJN|V]|QWH D] HJpV] FVDOiG MyViJiW 6]HUHWHWWHO IRJDGWiN W $ NDUiFVRQ\ID DOi KiURP
]VHENHQGWpVHJ\FVRPDJFLJDUHWWiWKHO\H]WHNDV]iPiUDLVH]WNDSWiNDIpUMHN9DFVRUDXWiQ*L]LNHD
VDURNEDYRQWDWH]WPRQGWD
0tJEDMEDQYROWiOPHOOHWWHGiOOWDP0RVWV]DEDGYDJ\GROJR]KDWV]QHNHPW|EEpQHPNHOOHV]
+tUHV,VWYiQPHJLJD]tWRWWDNDUMiQDIHNHWHNHQGWpVHOPHQW0LQGHQNLD]DVV]RQ\WQp]WH+DMQDOND
RGDOpSHWWKR]]i
0LW|UWpQW"NpUGH]WH
*L]LNHHOPRQGWDV]yV]HULQW+DMQDONDV]HPpQNLIXWRWWDN|QQ\
(]WQHPOHWWYROQDV]DEDG*L]LNH+iWPRVWM|WWNL+RYiNLKH]PHQMHQ"
(V]WHULVVtUQLNH]GHWW$]|UHJ+iEHWOHUQ\XJWDODQXONpUGH]WH
-DMpGHVILDPPHJJRQGROWDGH]WDODSRVDEEDQ"
R

*L]LNHFV|QGHVHQKDWiUR]RWWDQYiODV]ROW
 eQ PHJJRQGROWDP WXGRP PLW FVLQiORN $PLNRU UiM|WWHP D GLV]QyViJDLUD D]W DNDUWiWRN M|MMHN
KD]DeQD]WPRQGWDPPpJQLQFVWHOHDSRKiUYiUWDPWUWHPPHOOHWWH(J\HGOQHPWXGWDPYROQD
ODNiVWV]HUH]QLVRKD0RVWPiUQLQFVV]NVpJHUiPpVQHNQNVLQFVUi$]WiQPiVUyOEHV]pOJHWWHN
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

6]LOYHV]WHU HVWH LIMDEE +iEHWOHU -iQRV iOWDOiQRV PHJOHSHWpVUH LVPHUHWOHQ YHQGpJHW KR]RWW HNNRUD
|U|P PpJ QHP YROW D FVDOiGEDQ $ YpNRQ\ V]NH W|UpNHQ\ OiQ\W &LUD 3LURVNiQDN KtYWiN HJ\
PKHO\EHQ GROJR]WDN $] |UHJ +iEHWOHU D]RQQDO OHVHJtWHWWH NDEiWMiW D NiO\KD PHOOp YH]HWWH V]pNHW
KR]RWW
,GHWHVVpNOQLPRQGWD7HVVpNMyOPHJPHOHJHGQLDPLNLVV]HUpQ\RWWKRQXQNEDQ
$ OiQ\RN pWHOOHO LWDOODO NtQiOWiN 3pN 0iULD LV UiWHWWH KLGHJNpN V]HPpW QpKiQ\ V]yW YiOWRWW YHOH
.pVEE=HQWD\*\|UJ\IpQ\NpSIHOYpWHOHNHWFVLQiOW&LUD3LURVNDLVHOKHO\H]NHGHWWDFVDOiGEDQIpOpQNHQ
PRVRO\JRWW-DQLPHOOHWWeMIpOXWiQ-DQL|VV]HV]HGWHDJ\HUHNHNHWNDEiWRWVDSNiWDGRWWUiMXN
1HHQJHGGHODJ\HUHNNH]pWPRQGWD(V]WHULGHJHVHQ.LV]DODGD]~WUDNpV]DEDM
R

+O\pQHNQp]HO"NpUGH]WH-DQL
0LWRNRVNRGV]7HQHPWXGRGPLO\HQ(J\SLOODQDWUDHOHQJHGHGHOWLWYDODPL
$NNRUQHPYLV]HPRUGtWRWW-DQL,WWKDJ\RP3pN0iULDRGDV]DODGW
0iUPHJLQWOiUPi]WRNNLDEiOWD+iWSHUV]HKRJ\QHPHQJHGLHODNH]pW(UHGMPiUDIUDQFED
D]HPEHUPHJERORQGXOWOHWHN
(J\yUDP~OYDKD]DKR]WDNHWOpJJ|PE|NNHOSDStUFViNyNNDOWURPELWiNNDO3RNROLOiUPDYROW
6]XKD 0LNOyV KDOOJDWDJViJD HJ\UH LQNiEE LGHJHVtWHWWH +DMQDONiW .HUHV]WUHMWYpQ\W IHMWHWW
PDWHPDWLNDLNpSOHWHNPHJROGiViYDOV]yUDNR]RWWYDFVRUDXWiQV]yWODQXOiW|OHOWHDVV]RQ\iWPDMGDOXGW
PpO\HQ)HEUXiUEDQNLYHWWpNV]DEDGViJXNDW-DQLNLM|WWKR]]iMXNNLIHVWHWWHDODNiVW+DMQDONDSHGLJ
|VV]HWDNDUtWRWWDDNRV]WQDJ\WDNDUtWiVWFVLQiOWPRVRWWYDVDOWHVWHiJ\EDE~MWIiUDGWWHVWpWiWDGWDD]
|OHOpVQHN/DVVDQP~OWHODNpWKpW|UOWDPLNRUYpJUHGROJR]QLNH]GHWW
(J\ HVV GpOXWiQ WDOiONR]RWW YiUDWODQXO D] XWFiQ D V]D[RIRQRV (UYLQQHO |U|PNEHQ PHJSXV]LOWiN
HJ\PiVW OHOWHN EHV]pOJHWQL D] ,IM~ViJSUHVV]yEDQ $ IL~ EV]NpQ PHVpOWH NLVHJ\WWHVH YDQ PRVW
M|WWHN %XOJiULiEyO HO  R Q\|V V]HU]GpVN YROW D WHQJHUSDUWRQ MiWV]RWWDN V]pSHQ NHUHVWHN
+DMQDONDHOPRQGWDJ\|Q\|UNLVILDYDQHJ\7(;]OHWSpQ]WiURVDDIpUMHJ\DNUDQXWD]LNYLGpNUH
WHFKQLNXVD)|OGPpU+LYDWDOQiO
0HJKDODPDWHPDWLNipUWQHYHWHWW
0DMGDUpJLHPOpNHNNHUOWHNHO+DMQDONDHOPRVRO\RGRWW
-iWV]RGHPpJQpKDD6WDUGXVWRW"NpUGH]WH
$IL~PHJFVyNROWDDNH]pW
*\HUHHOKR]]iPPRQGWD(OPHVpOHP
0LQGHQKpWHQNpWV]HUKiURPV]RUWDOiONR]WDN
3pN0iULDEHWHJYROW1HKH]HQOpOHJ]HWWIXOODGWPpO\UONHVHUYHVHQV]iUD]RQN|K|J|WW(OYpJH]WHD
Ki]WDUWiVW GH D ODNiVEyO PiU DOLJ PR]GXOW NL $] |UHJ +iEHWOHU EHYiViUROW D 7HOHNL WpUL SLDFRQ -DQL
V~UROWDDSDGOyWDNRQ\KDN|YHWDEODNRWWLV]WtWRWWVWD]DSUyEEPRViVWLVFVLQiOWD$]|UHJ+iEHWOHU
LV ODVVDEEDQ MiUWD D OpSFVNHW QpKD SHUFHNLJ PHJiOOW pV NH]pW D V]tYpUH V]RUtWRWWD $ N|U]HWL RUYRV
PHJYL]VJiOWD W ILJ\HOPH]WHWWH NtPpOMH PDJiW W|EEIpOH J\yJ\V]HUW tUW LGVHEE +iEHWOHU -iQRV
JRQGRVDQSRQWRVDQQ\HOWHNHW
R

$NiFQ\tOiVNRU3pN0iULDHOXWD]RWWSLKHQQL%UJHFVUH$QHYHOV]ONPiUQHPpOWHNDOHJLGVHEE
OiQ\ ODNRWW IpUMpYHO D UpJL Ki]LNyEDQ QiOXN V]iOOW PHJ $] |UHJ +iEHWOHU V]RPEDWRQNpQW OHPHQW
KR]]iKiWL]ViNNDOFLSHOWHDNHQ\HUHWK~VWNDUILROW]|OGSDSULNiW3pN0iULDKDUDJXGRWWpUWH
+iWPLQHNKR]ROLGH]|OGSDSULNiWWHYpQHPEHU"
1p]GPHJPLO\HQV]pSPXWDWWD0LQGHQGDUDERWNLYiORJDWWDP
3pN 0iULD NRPELQpW EXJ\LW N|W|WW V]pS SiYDN|WpVVHO WHUtWNHW KRUJROW D SDUDV]WDVV]RQ\RNQDN
FVLUNpW WRMiVW WHMI|OW W~UyW NDSRWW pUWN H]HNHW HJ\HQOHQ HORV]WYD KD]DNOGWH YDViUQDS HVWH D
J\HUHNHNQHN+pWIQGpOXWiQD]|UHJPLQGHQNLQHNHOYLWWHDFVRPDJMiW
$ Q\iU N|]HSpQ URVV]XO OHWW D YRQDWRQ HOViSDGW DUFiW NLYHUWH D YHUtWpN $PLNRU )HOV$NiFRQ
OHV]iOOWpOHVIiMGDORPPDUNROWDDV]tYpWU|YLGJ\DORJOiVXWiQOHOWD]iURNV]pOHQSLKHQQLDKiWL]ViNRW
QHPYHWWHOHDKiWiUyO'HDEpQtWyIiMGDORPQHPV]QW
&VDN NLEtUMDP RGiLJ  JRQGROWD UpPOWHQ )HOWiSiV]NRGRWW HOLQGXOW ODVV~ OpSWHNNHO 3pN 0iULD
PHJOiWWDWDNHUWNDSXEyOURKDQWHOp
-p]XVLVWHQ0LEDMRG"
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

R

9DFDNRODV]tYHP/HYHWWHDKiWL]ViNRW(OPRVRO\RGRWW'HPRVWPiUMREEDQYDJ\RN
eMV]DNDURVV]XOOHWW.DSNRGWDDOHYHJWDUFDHOWRU]XOWHOYHV]tWHWWHD]HV]PpOHWpW3pN0iULDHJ\HGO
iOOW D] iJ\D PHOOHWW D WiYROL QpPD WDQ\iQ $ URNRQRN UHJJHO M|WWHN KD]D ODNRGDORPEyO MDMYHV]pNHOYH
URKDQWDN NRFVLpUW V]DOPiUD IHNWHWWpN LGVHEE +iEHWOHU -iQRVW pV Wt] NLORPpWHUW IXYDUR]WiN D ViUJD
KRPRNRQ)HOV$NiFUD
$]RUYRVWDWHPSORPEyOKtYWiNNL,QMHNFLyWDGRWWpVWHOHIRQiOWDPHQWNpUW1HPVRNNDONpVEE3pN
0iULiYDOHJ\WWDEXGDSHVWL,VWYiQNyUKi]EDV]iOOtWRWWiN
6iSDGW %pOD WHOHIRQiOW (V]WHUQHN PHJNpUWH pUWHVtWVH WHVWYpUHLW 3pN 0iULD D NRQ\KiEDQ OW IHMpQ
PpJSRURVYROWDIHNHWHNHQGLMHV]WQ\XJDORPPDOQp]WHD]DMWyIJJ|Q\pQDQDSVWpVW
+iUPDQPHQWHNHODNyUKi]ED
,GVHEE +iEHWOHU -iQRV SiUQD QpONO Yt]V]LQWHVHQ PR]GXODWODQXO IHNGW $UFD PHJQ\~OW
YLDV]ViUJD|PO|WWUyODDYHUtWpNV]iMDQ\LWYDPHOONDVD]LKiOWNDSNRGWDDOHYHJW0HJiOOWDND]iJ\D
N|UOV]yOtWRWWiNGHQHPLVPHUWHPHJNHW(V]WHUKLV]WpULNXVDQI|O]RNRJRWW+DMQDONDNLYRQV]ROWDD
IRO\RVyUD0HJUi]WDW
R

6]HGG|VV]HPDJDG9DJ\HUHGMLQQHQ
.pWV]i] IRULQWRW WHWW ERUtWpNED PHJNHUHVWH D] RV]WiO\RUYRVW RGDDGWD QHNL $] RUYRV PHJLJD]tWRWWD
V]HPYHJpWV]LQWpQHJ\WWpU]KDQJRQtJ\V]yOW
6DMQRVQHPPRQGKDWRNVHPPLEL]WDWyW$]LVKLKHWHWOHQKRJ\LGiLJNLEtUWD
+DMQDONDDUFiQIRO\WDN|QQ\
eMV]DNDDIRUYRV~UOHV]PHOOHWWH"
$]LQVSHNFLyV'HpQPiUKDMQDOEDQLWWOHV]HN1HPPDUDGHJ\HGOD]pGHVDSMD
.pVEE PHJpUNH]HWW -DQL *L]LNH =HQWD\ *\|UJ\ pV &LUD 3LURVND -DQL VtUW NLUiQJDWRWW D ]VHEpEO
|WV]i]IRULQWRW
&VLQiOGPRQGWD+DMQDONiQDN,QWp]G$GMiOPLQGHQNLQHN+ROQDS~MUDKR]RN
+DMQDOND NpWV]i] IRULQWRW DGRWW D] LQVSHNFLyVQDN pV PLQGHQ iSROyQQHN DNL PHJIRUGXOW D
NyUWHUHPEHQ K~V] IRULQWRW (VWH Wt] yUiLJ iOOWDN D IRO\RVyQ KDOOJDWWiN D] LV]RQ\~ K|UJpVW YpJO
W|EEV]|ULIHOV]yOtWiVXWiQKD]DNtVpUWpNPLQGDQQ\LDQ3pN0iULiW
0iVQDS UHJJHO +DMQDOND pV (V]WHU HJ\WW PHQW D NyUKi]ED $] RV]WiO\RV RUYRV OHOWHWWH NHW
KRVV]DQUpV]OHWHVHQHOPDJ\DUi]WDpGHVDSMXNWURPEy]LViW
1DJ\RQV~O\RVPRQGWDV]LQWpQ1HPWXGRPPDJXNDWPHJQ\XJWDWQL
R

$NNRUNLVtUWiNPDJXNDWpVURKDQWDND1DJ\IXYDURVXWFiED3pN0iULDDKRNHGOLQOWPHJFVyNROWiN
+DMQDONDPRVRO\JRWW
+iOD,VWHQQHND]pMV]DNiWNLEtUWD7DOiQPiUQHPOHV]EDM(]WPRQGWDD]RUYRVLV
3pN0iULDPR]GXODWODQXOQp]WHWD]WiQYDGXOVtUQLNH]GHWW
'pOXWiQ+DMQDONDpV(V]WHUPHJLQWEHPHQWDNyUKi]ED,GVHEE+iEHWOHU-iQRVPHJLVPHUWHNHW
.LVOiQ\NiLPPRQGWDKDONDQ.LVOiQ\NiLP
eVHOVtUWDPDJiW
+DMQDONDI|OpKDMROW
 1HP V]DEDG VtUQL DSiFVND  V]yOW N|QQ\H]YH  1HP V]DEDG EHV]pOQL PR]RJQL VtUQL 3LKHQQL
NHOODNNRUKDPDURVDQKD]DM|KHW$GGLJPLQGHQQDSEHM|YQNPHJHWHWMNDSiFVNiW
+HWHNHQ iW HWHWWpN D] DSMXNDW *\|QJH YROW QDJ\RQ +DMQDONiQDN PLQGHQ NDQiO W\~NK~V OHYHVpUW
N|Q\|U|JQL NHOOHWW KRJ\ OHQ\HOMH (V]WHUW QHP OHKHWHWW KDV]QiOQL UHPHJHWW D NH]H WpEOiEROW D] iJ\
N|UO pV YHV]HNHGHWW DSMiYDO KD PHJPR]GtWRWWD D OiEXMMiW $ V]D[RIRQRV (UYLQ D 1DJ\YiUDG WpUHQ
YiUWDNHWHONtVpUWHD]DVV]RQ\RNDWD1DJ\IXYDURVXW R FiLJ/iWRJDWiVLQDSRNRQDNyUKi]EDQYROW
D FVDOiG 9DViUQDSRQNpQW HOM|WW D] |UHJ =HQWD\ 6]XKD 0LNOyV 6HUHV 6iQGRU %RULV D V]RPV]pGRN
+tUHV ,VWYiQ PLQGLJ JHV]WHQ\HSUpW KR]RWW PHJFVyNROWD D] |UHJHW D]WiQ NLPHQW D IRO\RVyUD
FLJDUHWWi]RWW EHV]pOJHWHWW D IpUILDNNDO $PLyWD &VHOH -XOL HON|OW|]|WW D Ki]EyO |U|NODNiVW YHWW D]W
UHEHVJHWWpN QiOD pO GH QHP NpUGH]WHN WOH VHPPLW 3pN 0iULD HJpV]VpJH QDJ\RQ PHJURPORWW OLIWHQ
V]iOOtWRWWiNIHODNyUWHUHPKH]KDSHGLJDOLIWQHPPN|G|WWYDJ\QHPWDOiOWiNVHKRODNH]HOWKHYHV
YLWiN XWiQ -DQL D NDUMiEDQ YLWWH I|O $PLNRU D] V]L N|G UiWHOHSHGHWW D YiURVUD OpJ]pVH QHKp] OHWW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

IXOODGW QHP WXGRWW NLM|QQL D ODNiVEyO &LUD 3LURVND PDUDGW YHOH NpVEE PiU RWW LV DOXGW HJ\WW
PHQWHNKDMQDORQNpQW-DQLYDOGROJR]QL(J\DONDORPPDO3pN0iULDV]LJRU~KDQJRQPHJNpUGH]WHILiW
PLNRUKi]DVRGQDN-DQLPHJFVyNROWDW
+DDSXNiWKD]DHQJHGLNNDUiFVRQ\UDDNNRUPHJHVNV]QN
1RYHPEHUHOHMpQV]RPEDWRQHVWHD]iJ\EDQ+DMQDONDPHJPRQGWDIpUMpQHNXWROMiUDDOV]LNHEEHQD
ODNiVEDQ 1HP DNDU HOYLQQL PiVW FVDN D J\HUHNHW VDMiW UXKi]DWiW D N|OFV|QN|WYpQ\HLW pV D NLFVL
%XGGKiW PHO\ OHiQ\NRUL HPOpNH 6]XKD 0LNOyV PHJG|EEHQW  R (JpV] pMMHO N|Q\|UJ|WW D
IHOHVpJpQHN QH KDJ\MD HO +DMQDOND UHJJHO D]W PRQGWD KpWIQ HOM|Q D KROPLpUW D J\HUHNpUW
)HO|OW|]|WW6]XKD0LNOyVD]iJ\EyOQp]WH
%HPpV]DNyUKi]ED"
,JHQPRQGWDD]DVV]RQ\
7DOiONR]XQNEyOLQWRWW6]XKDeVKRVV]DQPHJV]tYWDDFLJDUHWWiW
(]HQDYDViUQDSUHJJHOHQ+DMQDONDD]pGHVDQ\MiKR]PHQW(J\HGOYROWRWWKRQDNRQ\KiEDQI]|WW
-DQLpV3LURVND%UJHFVUHXWD]WDNERUpUW+DMQDONDPHJFVyNROWDUiQFRVDUFiWOHOWDKRNHGOLUH
&LJDUHWWiUDJ\~MWRWW
(OM|Y|N0LNOyVWyOPRQGWD
3pN0iULDNH]HPHJiOOWDJ\~UyGHV]NiQ
0LW|UWpQW"NpUGH]WH
+DMQDONDJRQGRONR]RWWHJ\SHUFLJ
(OURPORWWH]DKi]DVViJV]yODOWPHJ1HPWXGRNNLUtYyGROJRWPRQGDQLKRJ\H]WFVLQiOWYDJ\
D]W FVLQiOW D WpERO\LJ XQDWNR]RP PHOOHWWH KiW V]yYDO QHP My 1HP My (]HNHW pV]UH VHP YHWWHP
YROQDWDOiQKDQHPV]HUHWQpNPiVW(UYLQWDV]D[RIRQRVW
-p]XVRP0LWEHV]pOV]"+iW0LNOyVEHFVOHWHVUHQGHVHPEHUFVDOiGMiWV]HUHW0HJJRQGROWDG"
0HJJRQGROWDPDQ\iPeVD]pUWM|WWHPKRJ\KD]DM|KHWQpQNH"
R

3pN0iULDKDOOJDWRWW*|FV|UW|VXMMDLYDOPHJLJD]tWRWWDIHNHWHNHQGMpW
0LNRUKR]RGDJ\HUHNHW"NpUGH]WH
eVJ\~UWDWRYiEEDWpV]WiW
(EpGUH PHJpUNH]HWW (V]WHU D IpUMpYHO NLVOiQ\XNNDO (V]WHU NLMHOHQWHWWH PHQMHQ 6]XKD 0LNOyV D
NHUHV]WUHMWYpQ\HLYHO D IHQpEH LWW YDQ D QRYHPEHU pV VHP +DMQDONiQDN VHP D J\HUHNQHN QLQFVHQ
WpOLNDEiWMD$K~JiKR]IRUGXOW0HQQ\LDIL]HWpVH"
1HPWXGRPIHOHOWH+DMQDOND
0LD]KRJ\QHPWXGRGNLDEiOW(V]WHU7HRGDDGWDGDNHUHVHWHGHWHJ\HWOHQILOOpULJ$IpUMHG
PHQQ\LW DGRWW KD]D" +DWV]i] IRULQWRW 0RQGG FVDN PHJ DQ\XNiQDN 7H WDUWRWWDG HO D FVDOiGRW
&LJDUHWWD PHJ YLOODPRVSpQ] JRQGMDL YROWDN iOODQGyDQ 9DViUQDS PRVRWW YDVDOW QHP YLWWH HO HJ\
PR]LEDVHP+DHJ\HGOpODJ\HUHNNHODNNRULVMREEOHV]QHNL
$IpUMpUHQp]HWWVHJtWVpJNpUHQGHD]V]yWODQXOHYHWW
3pN 0iULD HONpV]tWHWWH D] |UHJ +iEHWOHU HQQLYDOyMiW KR]]iIRJRWW PRVRJDWQL N SHGLJ HOPHQWHN D
NyUKi]EDpVPHJHWHWWpNDSMXNDW.pVEEPHJpUNH]HWW.YHFVHV$QQDDOH]UHGHVILiYDO*L]LNHJRWKD
D]WiQ+tUHV,VWYiQDJHV]WHQ\HSUpYHOPDMGNRPRUDUFiYDO6]XKD0LNOyV
R

,GVHEE+iEHWOHU-iQRVPiUMREEDQpUH]WHPDJiWHJ\NpWSHUFLJPLQGLJiOOWYDODNLD]iJ\iQiOGH
EHV]pOJHWQL PpJ QHP QDJ\RQ HQJHGWpN gW yUDNRU YpJH YROW D OiWRJDWiVQDN $ NyUKi] NDSXMiEDQ
PHJiOOWDWiUVDViJ(VHWWD]HV
.LPHUUH"KDMWRWWDI|ODEDOORQNDEiWJDOOpUMiW=HQWD\*\|UJ\0LDQ\XNiKR]PHJ\QN
eQLVPHJOiWRJDWRPV]yOW+tUHV,VWYiQ
eQLVPRQGWD6]XKD0LNOyV
.YHFVHV$QQDHOE~FV~]RWWDILiYDO*L]LNHD]WPRQGWDNPDMGNpVEEM|QQHNYDODPLGROJXNYDQ
pVHOYLWWHJRWKiW
$NRQ\KiEDQOWHNOH$IHV]OWVpJHWPLQGHQNLpUH]WHFLJDUHWWi]WDNHJ\PiVWEiPXOWiN3pN0iULDD
KRNHGOLQN|KpFVHOW
 $SXND PiU HOpJ MyO YDQ  PRQGWD (V]WHU  0RVW DUUD NHOO YLJ\i]QL QH PR]RJMRQ W~O VRNDW $
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

WGQNHWLVNLEHV]pOMNQHNL
+DOOJDWWDN+DMQDOND6]XKD0LNOyVDUFiWILJ\HOWH0DMGKDQJRVDQLGHJHVHQHOQHYHWWHPDJiW)|OiOOW
V]pWWiUWDDNDUMiWWUpIiONR]yQPHJKDMROW
1DHJ\WWDFVDOiGLWDQiFVPRQGWD.H]GKHWMN(VVQNW~OUDMWD$]WKLV]HPPLQGHQNLWXGMD
KRJ\ HON|OW|]WHP 0LNOyVWyO  R PHUW QHP DNDURN YHOH WRYiEE pOQL 1HNHP QHP NHOO WOH VHPPL
FVDNDJ\HUHNHWKR]RPHO
+tUHV,VWYiQHOROWRWWDDFLJDUHWWiMiW
0LWN|YHWHWWHOHOOHQHG"
6HPPLWYiODV]ROW+DMQDOND'HQHPLVHUUOYDQV]y
6]XKDPHJV]yODOW
'HHOOHQHPLJHQ
3pN0iULDUiQp]HWW
0LpUW"0LWFVLQiOW"
0HJFVDOW$EULJiGYH]HWPPHO7D[LQKR]WiNKD]D
=HQWD\EiPXOWDDIDOYpGW(V]WHUQHNUHPHJHWWDNH]H+DMQDONDIHKpUHQV]NUpVV]HPPHOQp]WHD
IpUMpW +tUHV ,VWYiQ ILQRPDQ PRVRO\JRWW 3pN 0iULD KLGHJNpN V]HPpW 6]XKD 0LNOyV DUFiUD WHWWH
%H]iUWDUHV]NHWKRUJDVXMM~NH]pWpVFVRQWRV|NOpYHOD]DV]WDOUDFVDSRWW
6]yYDOD]pQOiQ\RPNXUYD"
$IpUILHOViSDGW
$]WpQQHPPRQGWDP
*\|Q\|UQHYHWHWW+DMQDOND0RQGKDWRP,O\HQGROJRNNDOM|QPRVWHO$NNRUPLQHNpOWpO
YHOHP"0HUWD]HJpV]QHPtJ\YROW7XGRGSRQWRVDQKRJ\QHPtJ\YROW
(NNRU=HQWD\*\|UJ\KLJJDGWKDQJRQPHJV]yODOW
R

*\HUHNHNQHPHUUOYDQV]y(]DWLGROJRWRNQHPWDUWR]LNVHQNLUH$]WNHOOPHJEHV]pOQLPLOHV]
DJ\HUHNNHO(]DIRQWRV
1HP VRNNDO NpVEE HOE~FV~]RWW D WiUVDViJ 6]XKD 0LNOyV IpOUHYRQWD D IHOHVpJpW +DONDQ IpOpQNHQ
NpUGH]WH
+D]DM|VV]PRVW"
+DMQDONDQp]WHQDJ\NHUHNV]HPpW+LUWHOHQPHJV]iQWDW
1HP0LNOyVPRQGWD+ROQDSHOKR]RPDKROPLPDWpVDJ\HUHNHW
6]XKD0LNOyVOHKDMWRWWDDIHMpW$]WiQ+tUHV,VWYiQHOYLWWH
(VWH NLOHQF yUDNRU pUNH]HWW PHJ -DQL pV 3LURVND QpJ\ GHPL]VRQ ERUW KR]WDN 3pN 0iULD LYRWW HJ\
SRKiUUDO$ILiUDQp]HWW
$K~JRGKD]DM|WWPRQGWD+ROQDSKR]]DDJ\HUHNHWLVLWWIRJQDNODNQL
-DQLOHKDMROW.LN|W|WWHDFLSI]MpW
 (OIpUQN  YiODV]ROWD $]WiQ OHIHNGWHN ,IMDEE +iEHWOHU -iQRV HVNYMH NDUiFVRQ\NRU YROW 3pN
0iULD KDMQDOEDQ KR]]iNH]GHWW D I]pVKH] gW SiU FVLUNpW YiJRWW WN|USRQW\ WiWRJRWW D Yt]EHQ
+DMQDOND WpV]WiW J\~UW *L]LNH KiPR]WD D NUXPSOLW WLV]WtWRWWD D UHQJHWHJ ]|OGVpJHW (V]WHU PRVWD D
VHUWpVPDUKDK~VWNpV]tWHWWHDPiUWiVRNDW3LURVNiWQHPHQJHGWpNEHDNRQ\KiED
R

'ROJR]ROPpJHOHJHWPRQGWDQHNL3pN0iULD0HJLVXQRG
-DQL V|WpWNpN |OW|Q\EHQ OW D] QQHSL DV]WDOQiO D IHOHVpJH V|WpWNpN NRV]WPEHQ ,WWiN D] HUV
EUJHFVL ERUW =HQWD\ *\|UJ\ IpQ\NpSH]HWW PDMG LGVHEE +iEHWOHU -iQRV NpUW V]yW J\EDQ IHNGW
KiWiW IHOSiUQi]WiN &VDNQHP NRSDV] YROW NHYpV KDMD HJpV]HQ IHKpU 9DVWDJ Q\DND PpJ PXWDWWD D]
HJ\NRUL HUW GH EUpW PpO\ UiQFRN UDM]ROWiN WHOH .HYpV ERUW |QW|WWHN HJ\ SRKiUED *L]LNH RGDYLWWH
QHNL)|OOWpVH]WPRQGWD
eGHVJ\HUPHNHLPNtYiQRPQHNWHNWHOMHVV]tYHPEOKRJ\~J\pOMHWHNPLQWDKRJ\PLQNpOQNDWL
GUiJDDUDQ\RVNLVDQ\iWRNNDO+DYROWLVQpKDNLVHEEQDJ\REEFVHWHSDWpH]WLVPHJNHOOPRQGDQLD
KD]XJ V]yW D KD]XJ HPEHUW PLQGLJ PHJYHWHWWHP D] LO\HQ QiODP VHPPL  D WL GUiJD DQ\iWRN
PLQGHQNRU HOLJD]tWRWWD D YLV]iO\W ,JD]  QHP GLFVpUQL DNDURP PDJDPDW  pQ D IL]HWpVHPHW
PDUDGpNWDODQXOD]NH]pEHDGWDPPHUWpQWHOMHVVpJJHOQHPLVPHUWHPVHPPLIpOHNiURVV]HQYHGpO\W
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

+iW HPHOHP D SRKDUDW D] pQ GUiJD IHOHVpJHPUH D ILDWDO SiUUD D] HJpV] GUiJD FVDOiGRPUD KRJ\
OHJ\HWHNPLQGLJQDJ\RQEROGRJRN
eVNLIXWRWWV]HPpQDN|QQ\
R

eMIpO XWiQ HPHONHGHWW D KDQJXODW $] |UHJ =HQWD\ NLMHOHQWHWWH  LV Ki]DVRGLN IHOHVpJO YHV] HJ\
|]YHJ\DVV]RQ\WKDWYDQH]HUIRULQWWDO
eVPpJV]pSLV
9pQNHFVNHQHYHWHWW3pN0iULD0LQGLJLO\HQHQMiUD]HV]HG"
$]|UHJ=HQWD\FVRGiONR]RWW
0LpUW"(]FVDNHOpJNHOOHPHVGRORJ(ON|OWMNDPDPXVNDSpQ]pWD]WiQRGpEEiOOXQN
3pN0iULDGK|VOHWW
eJMHQHODSRIiG0DKROQDSDNRSRUVyGDWPpULN7HPHJDQN|QVSHNXOiOV]
=HQWD\OHWHWWHSRKDUiW
(]QHPWpPD
3pN0iULDQHYHWHWW
0LpUW"1HPNRSKDWXQNHOPLQWDFVL]PD
 (] QHP WpPD  LVPpWHOWH  (J\V]HU PDMG D] HPEHU |VV]HHVLN 8WFiQ DNiUKRO 1HP JRQGRORN
LO\HQUH
=HQWD\ *\|UJ\ UpV]HJ OHWW %iUJ\~Q pQHNHOWH +HM KDOiV]RN (V]WHU QHNLWiPDGW UpV]HJ G|JQHN
iOODWQDNQHYH]WH3pN0iULiQDNLVFVLOORJRWWDV]HPHDERUWyOGK|VOHWWNLNHUJHWWH(V]WHUWDV]REiEyO
$]|UHJ=HQWD\XWiQDPHQWPHJVLPRJDWWDDKDMiW
6DMQiORPKRJ\SRQWD]pQILDPPDOYH R WHWW|VV]HDVRUVPRQGWDQHNL1HPOHV]D]VRKD
UHQGHVHPEHU2O\DQPLQWDQDJ\DSMDYROWLV]LNNXUYi]LNHOYHULDSpQ]W$]WWDQiFVRORPFVDOGPHJ
WQHOHJ\HQRO\DQEL]WRVDGROJiEDQ
6HUHV 6iQGRU pV IHOHVpJH NpW YiOWiV iJ\KX]DWRW PHJ HJ\ HSHUV]tQ SHKHO\SDSODQW YiViUROWDN
QiV]DMiQGpNXO D] LIM~ Ki]DVSiUQDN 6HUHV 6iQGRU PiU NLSLUXOW D EUJHFVL ERUWyO PHJNRFRJWDWWD
SRKDUiWFV|QGHWNpUW'HDPLNRUI|OiOOWDQQ\LUDPHJKDWyGRWWKRJ\NLSHUGOWV]HPpEODN|QQ\
 -DQFVLNiP OHJ\pO QDJ\RQ EROGRJ  PRQGWD  /HJ\pO QDJ\RQ EROGRJ -DQFVLNiP 0HJ D WH
IHOHVpJHGLV&VDNH]WNtYiQRPQHNWHN
$NNRU VLHWYH OHOW 6iSDGW %pOD PHJFVyNROWD W PDMG %RULVW WHOLWRURNEyO pQHNHOQL NH]GWH =~J D]
HUG]~JDQiGDV+DMQDOLJpQHNHOWDWiUVDViJpVJ\DNUDQNtYiQWDNVRNEROGRJViJRWD]LIM~SiUQDN
0iUFLXVEDQ D] |UHJ +iEHWOHUW EHXWDOWiN D EDODWRQIUHGL V]tYNyUKi]ED +iURP KyQDS XWiQ NHUOW
KD]D QDJ\V]HU iOODSRWEDQ $] RUYRV XWDVtWiViUD Q\XJGtMED PHQW =HQWD\ LQWp]WH D SDStURNDW VRN
V]DODGJiOiVXWiQKpWV]i]IRULQWRWNDSRWWHJ\KyQDSUD$J\HUHNHNPHJEHV]pOWpNKRJ\PLQGHQNLV]i]
IRULQWWDO R NLSyWROMDH]WD]|VV]HJHWeVIL]HWpVLQDSRQHOLVKR]WiN3pN0iULiQDN
$ V]REDNRQ\KiV ODNiVEDQ NRPLV] OHWW D KHO\]HW ,GVHEE +iEHWOHU -iQRV WpWOHQNHGHWW E|UW|QEHQ
pUH]WH PDJiW 3pN 0iULD V]LJRU~DQ YLJ\i]RWW Ui QHP HQJHGWH PpJ D IRO\RVyUD VHP $] |UHJHPEHUW
QHP pUGHNHOWH VHP ~MViJ VHP N|Q\Y MiUNiOW D ODNiVEDQ ]V|UW|OG|WW pOHV J~Q\RV PHJMHJ\]pVHLYHO
VpUWHJHWQL NH]GWH D IHOHVpJpW ,O\HQNRU 3pN 0iULD PHJLYRWW KiURP GHFL ERUW KLV]WpULNXV KDQJRQ
V]LGDOPD]WD IpUMpW PHJW|UWpQW KRJ\ |NOpYHO D] DUFiED YiJRWW $ KDUF QDSUyO QDSUD GXUYiEE OHWW
N|]|WWNVRNV]RUQDSRNLJQHPEHV]pOWHNQpPiQV]HQYHGpO\HVLQGXODWWDOJ\O|OWpNHJ\PiVW
+DMQDONDYiOySHUHEHIHMH]G|WWDEtUyViJQpJ\V]i]IRULQWJ\HUPHNWDUWiVWiOODStWRWWPHJ.RUDV]L
GpOHOWWKi]DVRGWDNDWDQiFVKi]iQNpWLGHJHQWNpUWHNPHJWDQ~QDN$]hOOL~WRQYHWWHN|U|NODNiVW
273UHDV]D[RIRQRV(UYLQQHJ\YHQH]HUIRULQWHOOHJHWIL]HWHWW
=HQWD\ *\|UJ\ N|]JD]GDViJL WHFKQLNXPED MiUW HVWL HODGiVRNUD D] XWROVy pYHW YpJH]WH
6]HQYHGpO\HVDNDUDWWDOWDQXOWpUHWWVpJLXWiQHJ\HWHPUHDNDUWPHQQLU|JHV]PpVHQPRQGRJDWWDKRJ\
DGGLJQHPQ\XJV]LNPtJGRNWRU=HQWD\QDNQHPKtYMiN
R

+DPHJYiOWR]LNLVDUHQGV]HUPRQGWDDGLSORPDpUYpQ\HVPDUDG
(V]WHUWEV]tWHWWHKRJ\HVWpQNpQWI]HWHWPDUJy]UDGtUR]YHUVHWWDQXOpVJ~Q\ROWDW
1HKDUDJXGMQHYHWQHPNHOOKRJ\NRSDV]RGyHPEHUHNEDOODJQDN0pJWL]HQQ\ROFpYHVHQHOPHJ\
YDODKRJ\GHH]tJ\D]pQV]iPRPUDQDJ\RQNRPLNXV
=HQWD\HOY|U|V|G|WW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

1HPpUGHNHODYpOHPpQ\HGIHOHOWV]iUD]RQ
(J\ HVWH (V]WHU D]W PRQGWD EHLUDWNR]LN D] HJ\HWHPUH D] ]HPEO MDYDVROMiN W pUHWWVpJL
EL]RQ\tWYiQ\DNLWQMRJRWDNDUWDQXOQL
'RNWRU+iEHWOHU(V]WHUOHV]HN
=HQWD\ D]W YiODV]ROWD QH W|UMH H]HQ D IHMpW PHUW  QHP KDMODQGy HVWpQNpQW D J\HUHNUH YLJ\i]QL
OGDWODQ PDUDNRGiV OHWW PHJLQW D] pOHWN =HQWD\ UiNDSRWW D] LWDOUD J\DNUDQ M|WW KD]D UpV]HJHQ
,O\HQNRU(V]WHUUM|QJ|WW
1HQ\~OMKR]]iP8WiOODN+R]]iQHpUMDJ\HUHNKH].|OW|]]HOLQQHQ(]WQHPOHKHWNLEtUQL
-yPRQGWD5HQGEHQYDQ(ON|OW|]|P
'HQHPPHQWHO
(V]WHU VtUYD SDQDV]NRGRWW D 1DJ\IXYDURV XWFiEDQ 3pN 0iULD D]W PRQGWD M|MM|Q KD]D D J\HUHNNHO
*L]LNHPiVNpQWOiWWDDKHO\]HWHW
R

0pUWKDJ\QiRWWDODNiVWDE~WRUWDPRVyJpSHW"+RJ\=HQWD\HOLJ\D"
-DQLDIRJiWFVLNRUJDWWD
7HPLQHNV]yOV]EHOH"7HPLQGLJKO\HYROWiO(JpV]pOHWHGEHQeVKDHJ\V]HUUpV]HJHQIHMEHYiJMD
WKRJ\NLQ\~OLNDNNRUPLWPRQGDV]"
6RN VtUiV YHV]HNHGpV YLWD XWiQ (V]WHU YLVV]DPHQW D J\HUHNNHO .LVSHVWUH $] |UHJ +iEHWOHU
OHYHWN]|WWEHE~MWD]iJ\EDPHJJ\~MWRWWDDViUNiQ\OHMOiPSiWD]pMMHOLV]HNUpQ\HQ.LKtYyJ~QQ\DOD
IHOHVpJpUHQp]HWW
 %HV]pOQHP NHOO =HQWD\YDO  PRQGWD NRPRO\ KDQJRQ  $] pQ FVDOiGRPEDQ QHP WU|P D
UpV]HJHVNHGpVW$]LO\HQIpOHHPEHUWPHJYHWHPPHUWXJ\HQHPDGKDWRNDV]DYiUDVHPPLWGHVHPPLW
D]pJNHUHNYLOiJRQ
3pN0iULDHOViSDGW
0iUPHJLQWMiUDSRIiG"VLNtWRWWD(,DNDUV]SXV]WtWDQL"6]iQGpNRVDQ"
-DQLEHV]DODGWDNRQ\KiEyO
$Q\XNDQHNH]GMHPiUPHJLQW1HNH]GMpNHOD],VWHQUHNpUHPPDJXNDWPHUWDERORQGRNKi]iED
NHUOQN
3pN0iULDV]HPN|]WN|SWH
$Q\iGGDOEHV]pOV]7HPRFVRN
7XGRPPRQGWD-DQL$Q\XNDPHJLV]LNKiURPGHFLERUWPLQGHQNLPRFVRN
R

)|ONDSWDD]YHJHWpVDI|OGK|]YiJWD$]WiQNLPHQWDNRQ\KiEDPRVRJDWQL
3LURVND iOODSRWRV YROW -DQL PHJV]iOORWWNpQW YiUWD D J\HUHNHW yYWD D] DVV]RQ\W D V]pOWO LV D
OHJDSUyEE Ki]LPXQNiW NLYHWWH D NH]pEO EDQiQW QDUDQFVRW PLQGHQW |VV]HKRUGRWW QHNL (J\ pMMHO
PHJLQW QDJ\ Yt]UO iOPRGRWW UHJJHO HOPHVpOWH D] DQ\MiQDN 3pN 0iULD D]W IHOHOWH QHP V]DEDG IpOQL
,JD]3LURVNDHOpJYpNRQ\YpUWHOHQGHNLWQRUYRVYiUMDWD],VWYiQNyUKi]EDQ(OPRVRO\RGRWW
 5HJJHOHQNpQW SHGLJ KD IHOpEUHGV] Qp]] U|JW|Q D] DEODNUD $NNRU HOIHOHMWHG D] iOPRGDW  eV
PHJVLPRJDWWDHUVNH]pW
3LURVND LG HOWW D Q\ROFDGLN KyQDSEDQ URVV]XO OHWW PHJNH]GGWHN D Wt]SHUFHV IiMiVRN 3pN 0iULD
|VV]HSDNROWD KROPLMiW D V]D[RIRQRV (UYLQ WD[LW KR]RWW +DMQDONiYDO HOYLWWpN W D] ,VWYiQNyUKi]ED
.pVEEPHJpUNH]HWW-DQL1\XJWDODQXOVpWiOWDNDIRO\RVyQ0DMGNLM|WWD]RUYRVDV]OV]REiEyO$]W
PRQGWD VDMQRV NRPSOLNiFLy YDQ FViV]iUPHWV]pVW NHOO DONDOPD]QL IHQQiOO D YHV]pO\ KRJ\ YDJ\ D]
DQ\iWYDJ\DJ\HUPHNHWWXGMiNPHJPHQWHQL-DQLPHJNpUWHYLJ\i]]DQDNDIHOHVpJpUH6]HPHN|QQ\HV
YROW
3LURVNiWJXPLNHUHNHVNRFVLQWROWiNDPWUH0tJD]RUYRVRNEHPRVDNRGWDND]RSH  R UiFLyKR]
YiUDWODQVLNROO\DOEHDYDWNR]iVQpONOJ\|QJHNRSDV]pOHWNpSHVNLVIL~WV]OW(J\KyQDSSDONpVEED
1DJ\YiUDGWpULUHIRUPiWXVWHPSORPEDQ+DMQDONDpV(UYLQWDUWRWWDNHUHV]WYt]DOiD-iQRVQHYHWNDSWD
3pN 0iULD KDODW UiQWRWW W~UyV FVXV]iW NpV]tWHWW LWWiN D ERUW pQHNHOWHN UHJJHOLJ -DQLQiO EROGRJDEE
HPEHUQHPYROWD]HJpV]YLOiJRQ
$ NpW |UHJ N|]|WW PLQGHQQDS pOHVHEE OHWW D YLV]iO\ PiU DOLJ YROW HPEHUL V]DYXN HJ\PiVKR]
+iEHWOHU VDQGiQ Q\XJRGWDQ KDUFROW NLWQHQ HJ\NpW PHJMHJ\]pVpYHO D KLV]WpULNXV UM|QJpVLJ
NHUJHWWHDIHOHVpJpW1HPDSDGWNLD]|WOHWHNEO(J\DONDORPPDODUHJJHOLWHiQiOPHJNpUGH]WHYROWH
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

QiODDNRPDDVV]RQ\PtJHV]PpOHWOHQOIHNGWDNiUKi]EDQ3pN0iULDOHWHWWHDFVpV]pW
 (]HQ MiU D] HV]HG" 7H YpQ PDUKD 0pJ D] pOHWKDOiOEDQ LV D IHNHWH ULEDQF L]JDWWD D PRFVNRV
IDQWi]LiGDW"
+iEHWOHUDIHMpWFVyYiOWD
1HEiQWVGWPLQGLJ$QQXVNDWLV]WHVVpJHVDVV]RQ\+DWiUR]RWWDQV]HUHWHWUHPpOWyLJHQNHGYHV
EDUiWViJRVpVLJHQFVDNILQRPPRGRU~WHUHPWpV
,O\HQNRU3pN0iULDPHJYDGXOW
 0HJ LV YHUWpO PLDWWD $ I|OGUH WDSRVWiO 7H VHO\HPIL~ 'ROJR]WDP PRVWDP QHJ\YHQ  R pYLJ
DNiU D] iOODW WH PHJ FLFi]WiO D /XGRYLNiQ D WDNDUtWyQNNHO $]W JRQGROWDG QHP WXGRP" $]W KLV]HG
QHPWXGRPKRJ\OHIHNGWpOD6iSDGW%pODIHOHVpJpYHO"
/HKHWVpJHVPRQGWD+iEHWOHU0LpUWQH"+DMyOHPOpNV]HPIRUPiVHUVHJpV]VpJHVDVV]RQ\
YROW
3pN 0iULD I|OVLNROWRWW 5iQFRV NLFVLQ\ DUFD HOWRU]XOW KRUJDV NH]pYHO D KDMiW FLEiOWD KLGHJNpN
V]HPpEO|PO|WWDN|QQ\
(ODNDUV]WHQQLOiEDOyO"]RNRJWD0HJWHV]HPpQQHNWHNHJ\HGOH]WD]|U|PHW'HDWHPHWEH
QHKR]]QHNHPYLUiJRW7HPRVRO\JyJ\LONRV$OMDV$]YROWiOPLQGLJ.pSPXWDWyUHSOiVJD]HPEHU
 ,VWHQ QHYpUH NpUOHN KDOOJDVV  PRQGWD +iEHWOHU  )HOYHUHG D] HJpV] Ki]DW 1HJ\YHQ pYH
N|Q\|U|JYHNpUOHNIRJGD]WDFV~Q\DV]iGDWEHV]pOMWLV]WHVVpJHVKDQJRQFV|QGHVHQDKRJ\LOOLN'HWH
FVDNRUGtWDV]YHOHPDJ\HUHNHNNHODV]RPV]pGRNNDOPLQWDYDGGLV]Qy*RURPEDSRNUyFYROWiOHJpV]
pOHWHGEHQ H]W WDQ~VtWKDWMD PLQGHQNL DNL YDODKD LVPHUW EHQQQNHW 7HVVpN NpUGH]]QN PHJ EiUNLW
DNiUNLW D OHJWiYRODEEL V]RPV]pGRW D Ki]PHVWHUW D FVDOiGRP EiUPHO\ WDJMiW %UJHFVHQ YDJ\ DNiU D
VDMiW J\HUHNHLQNHW WLV]WHOWpOH WH PiU D] pOHWEHQ YDODNLW LV" 6HQNLW VH 6]yOWiOH  R YDODKD LV
EiUNLKH] EiUNLKH] LV D YLOiJRQ PiVNpQW PLQW JRURPEiQ" 1HP DNDG HUUH SpOGD +D V]DYD]iVUD
WHQQpQNIHODNpUGpVWQHPiOOQDPHOOpGVHQNLD]pJNHUHNYLOiJRQ
3pN0iULDQHPPR]GtWRWWDHOKLGHJNpNV]HPpWD]DUFiUyO
$],VWHQIL]HVVHQPHJQHNHGPRQGWD7HIpUHJ
eVEHPHQWDV]REiEDVtUQL
,O\HQNRUQHPEHV]pOWHNHJ\PiVVDO3pN0iULDHONpV]tWHWWHDGLpWiVHEpGHWYDFVRUiWV]yWODQXOUDNWD
D]DV]WDOUD'HSiUQDSSDONpVEEHOQHYHWWHPDJiW
(J\pOWHYpQHPEHU)HQHD]~ULJ\RPURGDW
+iEHWOHUHOPRVRO\RGRWW)pOpQNHQEQWXGDWRVDUFFDOPHJFVyNROWDW
.|V]|Q|PV]pSHQGUiJDDUDQ\RVNLVDQ\XNiPPRQGWDHOpU]pNHQ\OWKDQJRQN|V]|Q|PD]W
DMyViJRVV]tYJRQGRVNRGiVRGDWDPHO\HWD]pQLUiQ\RPEDQWDQ~VtWRWWiO|U|NN|Q|U|NNp
0iVQDS NH]GWpN D KDUFRW HO|OUO 3RURV HPOpNHN N|]|WW YiMNiOWDN EiQWRWWiN |OWpN HJ\PiVW
HQJHV]WHOKHWHWOHQJ\O|OHWWHO
9pJO LV -DQL PHJNpUWH D OiQ\RNDW WHJ\HQHN YDODPLW H KDOiORV YLV]iO\ PHJV]QWHWpVpUH PHUW N
3LURVNiYDO QHP WXGQDN ]|OGiJUD YHU  R JGQL 9DViUQDS GpOXWiQ HO LV M|WWHN PLQG D WHVWYpUHN $
V]ON  PLQW NpW PHJV]LGRWW J\HUPHN  ]DYDUWDQ OHKDMWRWW IYHO KDOOJDWWiN D NRUKROy V]DYDNDW
+DMQDONDN|QQ\HVV]HPPHOHONHVHUHGHWWKDQJRQEHV]pOW
J\QHPOHKHWpOQL0LQGNHWWHQEHWHJHND]HPEHUQHPLVWXGMDPHO\LNpUWDJJyGMpNMREEDQ+LiED
tJpULN PHJ KRJ\ PRVW PiU EpNpQ OHV]QHN PiVQDS ~MUD NH]GLN D YHV]HNHGpVW ,WW PiU FVDN HJ\
PHJROGiVYDQDQ\XNDN|OW|]]|QKR]]iQNYDJ\EiUPHO\LNQNK|]DSXVNDSHGLJODNMRQLWWPHUWHJ\WW
QHPPDUDGKDWQDN
3pN0iULDHOSLUXOW
-yOYDQ-yOYDQPRQGWDLQJHUOWHQ7|UGMHWHNWLFVDNDPDJDWRNGROJiYDO$NDGpSSHQHOpJ
.O|QEHQLVKDQHJ\YHQpYLJMyYROWH]XWiQPiUMyOHV]
eVPpUJHVHQV]pJ\HQOVHQQHYHWHWW
J\OiWV]RWWPHJEpNpOWHNHJ\PiVVDO3pN0iULiQHOXUDONRGRWWDEHWHJVpJQDSUyOQDSUDJ\|QJOWD]
HUHMH D KDQJMD FVDN D V]HPH YROW D UpJL WLV]WD pV V]LJRU~ 6RN J\yJ\V]HUW NDSRWW 6ROYDVWKPLQW
$VWKPDPLGRW ,VRODQLGFVHSSHNHW &RGHULWHW pV LGHJQ\XJWDWyNDW $ N|U]HWL RUYRV D OHONpUH N|W|WWH
SLKHQMHQ 'H D] DOYiVWyO IpOW KD IHOpEUHGW QHP NDSRWW OHYHJW LO\HQNRU D WDNDUyW NDSDUWD NtQMiEDQ
-yIRU  R PiQ HJpV] pMMHO OW D] iJ\EDQ KDOOJDWWD D W|EELHN V]XV]RJiViW KDMQDOWiMW EyELVNROW HJ\
NHYHVHW
$] |UHJ +iEHWOHU NLWQHQ DOXGW IULVVHQ pEUHGW ERURWYiONR]RWW NLWLV]WtWRWWD FLSMpW Q\DNNHQGW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

N|W|WW pV MiUNiOW ]V|UW|OG|WW QDSHVWLJ 0LQGHQiURQ GROJR]QL DNDUW YDJ\ OHJDOiEE FVDYDURJQL
LVPHUV|NHW OiWRJDWQL GH D] RUYRV SDUDQFViUD pV D J\HUHNHN V]LJRU~ NtYiQViJiUD 3pN 0iULD QHP
HQJHGWH NL W D ODNiVEyO $NNRU XQDOPiEDQ WHKHWHWOHQ GKpEHQ D] HJpV]VpJpW HUHMpW GLFVpUWH
IpUILDVViJiYDOKLYDONRGRWWNLMHOHQWHWWHDOHJYpUPHVHEEDVV]RQ\VHPSDQDV]NRGQDDNDUMDN|]|WW3pN
0iULDVtUGRJiOWV]tYWHOHQQHNQHYH]WHPDUWiNHJ\PiVW~MUDWDOiQPpJNHJ\HWOHQHEEO
1\iUYpJpQHJ\YDViUQDSKDMQDORQ-DQLEHV]pOWD]DQ\MiYDO$NRQ\KiEDQW|UWpQWFV|QGHVHQKRJ\
QH ]DYDUMiN D] DOYyNDW 3pN 0iULD D KRNHGOLQ OW |OpEHQ OiERV DOPiW KiPR]RWW V]HOHWHOW -DQL
ERURWYiONR]RWW
(OPHJ\HNDQ\iP(OYLV]HPDIHOHVpJHPHWpVDILDPDW
3pN0iULDNH]pEHQYLOORJRWWDNpV
+RYiPpV]ILDP"
 1HP WXGRP .pUWHP ODNiVW D] ]HPEHQ +D QHP VHJtWHQHN HOPHJ\HN *\UEH YDJ\ HJ\ ~M
JpSiOORPiVUDDKRODGQDN$SpQ]HPHWPLQGHQWWPHJNHUHVHP
R

eVDFVDOiG"
6HPPLGROJRPYHON
,JD]iQ"
,JD]iQDQ\iP6HPHJ\PRFVRNDSDVHPDULQJ\yWHVWYpUHN6HPD]HJpV]NOR]HWW
eVDQ\iG"(QJHPPLQHNQHYH]HO"
-DQLOHPRVWDDUFiUyODV]DSSDQW0HJW|UON|]|WW
,WWQHPV]DEDGpOQL(QQHNDSLV]RNQDN]U]DYDUQDNQHPOHKHWMyYpJH$Q\XNDpQUHQGHWDNDURN
PDJDPN|UOHOYLV]HPDILDPDW
$]|UHJDVV]RQ\KDQJQpONOQHYHWHWW
 6RKDVHP PpV] HO LQQHQ +D DNDURP D V]HPHG YiJRP NL +D DNDURP OHIHNV]HP D] DMWyKR] D
NV]|EUHOpSMUiPeQD]DQ\iGYDJ\RN,WWV]OHWWpOEHQQHPDV]tYHPDODWWDEROGRJViJRPUDPLQWD
W|EELHN1HNHPMRJRPYDQV]yOQLPHUWV]HQYHGWHPDFVDOiGpUW(J\WWpOWQNMyEDQURVV]EDQHJ\WW
PDUDGXQN PtJ pOHN eV D]XWiQ LV $ ILDP YDJ\ 1pKD QHYHWHN KD RUGtWDV] FVLNRUtWRG D IRJDG
KDGRQiV]RO D] |NO|GGHO $SiGDW QH EiQWVG gUHJ PiU ERORQGRV $ OiQ\RNDW QH EiQWVG YpUHLG D]W
PRQGRPKRJ\YpGHOPH]GNHWPHUWWHOHWWpOQiOXQNDIpUILDWiPDV]XN(]DYpJDNDUDWRP
$Q\iPIHOHOWHKDWUDNWRUWN|WD R OiEDPUDDNNRULVHOPHJ\HNHEEODGLV]QyKL]ODOGiEyO
0yGRPYDQDILDPEyOHPEHUWQHYHOQLeVMRJRPLVYDQKR]]i
.|QQ\PRVROO\DOEHOHE~MWD]LQJpEH
.pWQDSSDONpVEENHGGHQGpOHOWW6iSDGW%pODLMHGWHQWHOHIRQiOW+DMQDONDODNiViUD$]WPRQGWD
+iEHWOHUQpURVV]XOYDQM|MMHQHN+DMQDONDQHPYROWRWWKRQDV]D[RIRQRVWD[LYDOPHQWD1DJ\IXYDURV
XWFiED6iSDGW%pODDIRO\RVyQYiUWDW)RQWRVNRGyDUFFDON|]HOKDMROWNLMHOHQWHWWHKRJ\+iEHWOHUQp
D]YpOHPpQ\HV]HULQW|QJ\LONRVOHWW
$] |UHJ +iEHWOHU KDMORWW KiWWDO HJ\HGO WpEOiEROW D NRQ\KiEDQ 6]HPH ULDGWDQ XJUiOW HONHUOWH D
YHMHWHNLQWHWpW'HQDJ\RQNHGYHVYDJ\KRJ\HOM|WWpOPRQGWD
3pN0iULDIODQHOOKiOyLQJEHQIHNGWD]iJ\EDQ$UFiQQDSIpQ\YROWV]KDMDV]DQDV]pWiOOWQ\HOYH
V]pOHVHQ]|OGHQNLEXNRWWNpNV]HPHPR]GXODWODQXOQp]WHDPHQQ\H]HWHW$V]D[RIRQRVOHOWPDJiKR]
|OHOWHN|QQ\WHVWpWDUFiWPHJJ\|W|UWUiQFRVNLVDUFiKR]V]RUtWRWWD
0LWFVLQiOW")HOHOMHQ$Q\XND+DOOMDDPLWPRQGRN"
3pN 0iULD V]HPpQ PHJMHOHQW HJ\ N|QQ\FVHSS $ V]D[RIRQRV WHMHW NpUW pV PHJLWDWWD $NNRU D]
|UHJDVV]RQ\VtUQLNH]GHWW
R

 /iWRG PHJKDOQL VHP WXGRN $]W PRQGWD VRKD QHP V]HUHWHWW EHFVOHWEO pOW YHOHP 8WiOQi
PHJFVyNROQLDNH]HPHWRO\DQFV~Q\D
$ V]D[RIRQRV ULQJDWWD W QpKiQ\ SHUFLJ PtJ HODOXGW $NNRU NLPHQW D NRQ\KiED 0HJNpUGH]WH
+iEHWOHUWPLpUWQHPKtYRWWRUYRVW$]WYiODV]ROWDQHPPHUWV]HPEHV]HJOQLYHOHHJ\pENpQWDPLNRU
D]HVHWW|UWpQWQHPWDUWy]NRGRWWDV]REiEDQ
$NNRUPRVWLPiGNR]]RQPRQGWDDV]D[RIRQRV+DIHOV]tYyGRWWHOPHKHWDWHPHWpVpUH
3pN 0iULD HVWpUH MREEDQ OHWW 0HJIRJDGWD NpWVpJEHHVHWWHQ ]RNRJy J\HUPHNHLQHN VRKD QHP WHV]
KDVRQOyW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

(UUODQDSUyOQHPEHV]pOWHNW|EEp&VDN3pN0iULDKtYWDiJ\iKR]DILiW.pVHVWHYROW
eQQHPWXGWDPHOV]|NQLV~JWD0HQMHOLQQHQeVOHJ\HQDWHpOHWHGEROGRJ
,IMDEE+iEHWOHU-iQRVEyOLQWRWWeVPHJFVyNROWDDNH]pW
=HQWD\ *\|UJ\ PLQGHQ pMMHO UpV]HJHQ MiUW KD]D (V]WHU OHVRYiQ\RGRWW NH]H iOODQGyDQ UHPHJHWW
WHKHWHWOHQONpWVpJEHHVHWWJ\O|OHWWHOEiPXOWDDIpUILEDPEDYLJ\RUiW
 OODW YDJ\ 0pJ D] DSiG LV HOM|Q D EtUy  R ViJUD WDQ~VNRGQL PLIpOH XWROVy UpV]HJ FVLUNHIRJy
YDJ\$V]DSSDQRPDWSHGLJQHKDV]QiOG6HPDIRJNUpPHW,J\iONpWYHJV|UUHONHYHVHEEHWPHUWpQ
QHPGROJR]RPUiG0HJPRQGWDDSiGKRJ\U~JMDODNDIHQpEH.HUHVVHNPDJDPQDNHJ\KR]]iPLOO
UHQGHVEHFVOHWHVHPEHUW
=HQWD\ OHYHWWH D Q\DNNHQGMpW ,YRWW HJ\ SRKiU YL]HW (OYLJ\RURGRWW GH D V]HPH V|WpW PDUDGW
V]RPRU~
 ,VWHQHP SHGLJ PLO\HQ NLWQ QHYHOpVW NDSWDP  PRQGWD NRPRO\ KDQJRQ  0LQGHQ UHJJHO
V]tQpV]QN pEUHV]WHWWHN $SD PpJ PiVQDSRV YROW iOPRV D IOHPKH] WHWWH D WHOHIRQW pQ PHJ
KDOOJDWWDPDWXUEpNROiVW.DUiG\.DWDOLQU|YLGGDOWLVpQHNHOWDIIHOJ\HO~UQDN3HUV]HQHOHJ\QN
LJD]ViJWDODQRN D]pUW W|UG|WW YHOHP (J\V]HU UpV]HJHQ D KRPORNRPKR] V]RUtWRWWD D UHYROYHUpW PHUW
QHPDNDUWDPYDFVRUi]QLeGHVDQ\iPKiURPpYLJEtUWDPHOOHWWH$]WiQPHJKDOW1RH]DGHUpNHPEHU
PpJLVFVDN D] DSiP D VtUMiUD PDMG UitUDWRP QHP Q\XJV]LN LWW VHQNL 7H SHGLJ |UHJHP YDFDN NLV
K|UFV|JYDJ\,VWHQUHPRQGRPQDJ\RQXWiOODN
(V]WHU UHQJHWHJHW VtUW 9pJO D OiQ\RN WDQiFViUD WHUYV]HUHQ UiJQL NH]GWH =HQWD\ *\|UJ\ pOHWpW
PLQGHQpMMHOQHNLWiPDGWQ\HUVKDQJRQNpUGH]WH
R

0LNRUN|OW|]|O"0LNRUPpV]HO"0LNRUV]DEDGXOXQNWOHG"
=HQWD\SHGLJIiUDGWDQLVPpWHOJHWWH
(OPHJ\HN|UHJHP(OPHJ\HNKDPDURVDQ
$FVDOiGYpOHPpQ\HD]YROWQHPPHJ\HOVRKD
2NWyEHU YpJpQ YiUDWODQXO HON|OW|]|WW .HYpV iJ\QHPW IpQ\NpSH]JpSpW pV D UiGLyW YLWWH PDJiYDO
(V]WHUKD]DPHQWDPXQNiEyOPHJOiWWDD]UHVUiGLyDV]WDOWEJQLNH]GHWW'HPiVQDSD1DJ\IXYDURV
XWFiEDQ*L]LNHOHLQWHWWHW
0HJUOWpO"PRQGWDeVKDHOIHOH]HWWYROQDPLQGHQWgUOMKRJ\FVDNHQQ\LWYLWWHO
3pN0iULDFV|QGHVHQVtUGRJiOWDNRQ\KiEDQ
,VWHQHPPLQGDKiURP0LQGDKiURP
'HD+iEHWOHUOiQ\RNQHYHWWHNYLJDV]WDOWiNWHOPDJ\DUi]WiNEiUPHUUHQp]QHNURVV]Ki]DVViJRW
OiWQDN FVDN D] DVV]RQ\RN WULN D YHUpVW D UpV]HJ IpUMHW PHUW IpOQHN D V]RPV]pGRN V]iMiWyO PHJ
VDMQiOMiNHOIHOH]QLDE~WRUWDKROPLW'HNKiODD],VWHQQHNQHPRO\DQRNQLQFVHQUDEV]ROJDOHONND
PDJiQ\WyOVHPIpOQHNDJ\HUHNHWSHGLJHOWDUWMiNpVI|OQHYHOLN
R

-DQLU|K|J|WW
$]EL]WRV$]HJ\LNVOiJHUpQHNHVOHV]DPiVLNSLV]WRQRV(KHWQHNDQQ\LW~UyVFVXV]iWPHJUiQWRWW
KDODWDPHQQ\LDKDVXNEDIpUL
$NpWOiQ\VtUQLNH]GHWW*L]LNHV]HPpQLVNLV]DODGWDN|QQ\
 (]W WXGRG FVDN PRQGDQL" eV KD WpJHG YHU D] pOHW" .LKH] E~MV]" eQ YLJ\i]WDP UiG D EDUDNNEDQ
PtJNLVDQ\iQNGROJR]RWWpQYLWWHOHNVpWiOQLD5LQJHUKH]PRVGDWWDODNNHQ\HUHWDOPiWDGWDPQHNHG
-DQLWHO|QW|WWHDGK
UGIHODNpPpQ\EHRUGtWRWW1HNHPQHMiWVV]GPHJPDJDG7XGRNUyODGHOHJHW$GROJDLGUyO
+O\pQHN Qp]WHN" .LDNDV]WRP D SLURV OiPSiW D] DMWyUD OiVViN KRJ\ LWW YDQQDN D +iEHWOHUOiQ\RN
7HVVpN OHKHW EHIiUDGQL (J\LN NO|QE PLQW D PiVLN ']VHVV] WiQF FVRNROiGpIOLSS 7HVVpN
WUHOHPPHOYiUQLPLQGHQNLVRUUDNHUO
3pN0iULDI|OVLNROWRWW
 1HP LJD]  NDSNRGWD D OHYHJW  1H KLJJ\HWHN D V]DYiQDN &VDN RUGtW 0LQGLJ RUGtW 7OHP
pQWOHP|U|N|OWHH]WDQ\RPRUXOWUHSOiVWHUPpV]HWpW0HOHJV]tYDEiW\iWRN1HPKDJ\HOEHQQHWHNHW
VRKD
-DQLOHJ\LQWHWW
.|S|ND]HJpV]FVDOiGUD0DJiUDLV R 1HNHPQHERKyFNRGMRQQHPKDWPHJDN|Q\|N|P|Q
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

M|QNL(OHJHPYDQPDJiEyOLVDQ\XND(OHJHPYDQPLQGHQNLEO0LQGHQNLEO7RUNLJ+iQ\iVLJ
3pN 0iULD PR]GXODWODQXO Qp]WH W $]WiQ OHGREWD PDJiW D NRQ\KDNUH D KDMiW FLEiOWD PtJ
NLERPORWW (OEE D KDOiQWpND I|O|WW PDMG D WDUNyMiQ Q\tOW V]pW D NRV]RU~ V]HQ ERU]DVDQ
+LV]WpULNXVDQUiQJDWWDPDJiWKRPORNiQS~SQWWRUUiQV]LYiUJRWWDYpU
&VDNRUGtW]RNRJWD'HPHOHJV]tY1HPHQJHGLV]pWKXOODQLDFVDOiGRW
-DQL RGDXJURWW D NDUMiED HPHOWH &VyNROWD UiQFRV PHJJ\|W|UW NLV DUFiW 6iUJiV V]HPpEO IRO\W D
N|QQ\
eQFVDNRUGtWRNPDJ\DUi]WD$Q\XNDLVPHUHQJHP%RORQGYDJ\RN$Q\XNDG|J|OMHNPHJKD
HEEHQD]pOHWEHQYDODKDHJ\HWOHQHJ\V]HULVHOKDJ\RPNHW+LV]HQD]HPEHUQHPU~JMDIHODWHVWYpUHLW
$NNRU PLQG PHJFVyNROWiN HJ\PiVW pV VtUWDN PpJ HJ\ NHYHVHW .pVEE *L]LNH SDQDV]NRGRWW IiM D
KiWD5XKiVWXODGtYiQ\UDIHNGW3pN0iULDEHWDNDUWDW3iUSHUFFHONpVEEPpO\HQDOXGW+DFVDN
WHKHWWH PLQGLJ DOXGW eV PLQGLJ IiMW D KiWD 'H KLiED NpUOHOWpN QHP PHQW RUYRVKR] (OPDJ\DUi]WD
KRJ\  QpJ\V]i] IRULQWRW W|UOHV]W KDYRQNpQW  R D ]XJOyL |U|NODNiVUD DNNRU D YLOODQ\ D IWpVW D
NRV]WRW D KHWLMHJ\HW D UXKi]NRGiVW QHP WXGQi EL]WRVtWDQL D WiSSpQ]EO JRWKD KDUPDGLN
JLPQi]LXPEDMiUWPDJDVFVLQRVOiQ\YROWQHPOHKHWHWWPiUUXKiWYHQQLUpV]pUHD]WW|UUXKi]EDQ
+tUHV ,VWYiQ PLQGHQ KyQDS HOHMpQ HONOG|WW D OiQ\iQDN KiURPV]i] IRULQWRW 2SHUiOW NH]pYHO %XGiQ
HJ\PDV]HNPV]HUpV]SLQFHKHO\LVpJpEHQGROJR]RWWiOOtWiVDV]HULQWWt]IRULQWRVyUDEpUpUWJRWKDQpKD
PHJOiWRJDWWD W ,O\HQNRU +tUHV ,VWYiQ pUGHNOG|WW KRJ\DQ WDQXO pV J\DNUDQ GLFVHNHGHWW KiQ\IpOH
J\iUEDKtYMiNWGROJR]QLHPOpNH]QHNPLQGHQWWDWHKHWVpJpUH*L]LNpUOQHPNpUGH]HWWVRKDDPDJD
pOHWpUO QHP EHV]pOW +DQJYHUVHQ\EpUOHWHW YiViUROW JRWKiQDN NHUpNSiUW PHJQp]WpN NHWWHQ D
1HP]HWL 6]tQKi]EDQ D %iQN EiQW (J\ DONDORPPDO &VHOH -XOL OiQ\D OHM|WW D OpSFVN|Q D PKHO\EH
OiERVEDQHEpGHWKR]RWW&VHOH%|EHNDUFV~HUVPHOOOiQ\YROWOLODEDOORQNDEiWRWYLVHOWKDMiWV]NpUH
IHVWHWWH0HJFVyNROWDUHV]HOVQHYHWpVVHODNRSDV]RGyHV]WHUJiO\RVW
6]HYDV]FVLQLEDEDPRQGWDQHNL
$NNRU+tUHV,VWYiQHOSLUXOWDIRUJiFVRWNH]GWHV|S|UQLDJpSHDODWWJRWKDHOV]|UpU]HWWV]iQDOPDW
D]DSMDLUiQW
,IMDEE +iEHWOHU -iQRV NRUDV]O|WW ILD VRNDW  R EHWHJHVNHGHWW H]pUW 3LURVND  WiSSpQ]HV
iOORPiQ\EDQKRVV]~KHWHNHQiWRWWKRQPDUDGWYHOH(OpJOXVWDYROWVRNV]RUGpOHOWWWt]LJDOXGWYDJ\
ROYDVJDWRWW D] iJ\EDQ D SHOHQNiNDW PLQGLJ IpOUHWHWWH (VWH -DQL KD]DM|WW pV D WHNQEHQ NLPRVWD (]
QDJ\RQEiQWRWWD3pN0iULiW(J\DONDORPPDONHWWHQYROWDNDNRQ\KiEDQH]WPRQGWDDPHQ\pQHN
)LDPDNLQHNNLFVLJ\HUHNHYDQD]QHPHQJHGKHWLPHJPDJiQDNKRJ\Wt]yUiLJiJ\EDQOHJ\HQ$
SHOHQNDPRViVSHGLJQHPDIpUILGROJDKDQHPD]DVV]RQ\p
3LURVNDPiVQDSUHJJHOLGEHQIHONHOWUH]HWWLV]WtWRWWEHYiViUROWI]|WWGHDSHOHQNiNDWIpOUHWHWWH
(VWH-DQLYL]HW|QW|WWDWHNQEH
 $] pQ J\HUHNHPUH PLQGHQW NLPRVRN 0LQGHQW 1HPFVDN D SHOHQNiW KDQHP D] LQJHW UpNOLW
UXKiFVNiWLV3LURVNDJ\|QJHpQPHJHUVYDJ\RNQHPKDJ\RPW
3pN0iULDDPHQ\pUHQp]HWW
1ROiQ\RPWHMyOLPiGNR]WiOPHUWLO\HQERORQGIpUMHWQHPWDOiOV]PpJHJ\HW7DOiQH]WDViSDGW
W|UpNHQ\XQRNiMiWV]HUHWWHDOHJMREEDQ'DMNiOWDD]|OpEHQMiWV]RWWYHOHORYDJROWDWWDDWpUGpQ
&VHW3iSiUyOSLOODQJyUD
2QQDQPHJ\QN.RPiURPED
R

'HKDPDUNLIXOODGWLO\HQNRUOHWHWWHD]iJ\UDOHOWpVYpNRQ\KDQJRQpQHNHOWQHNL$ERUWPiUQHP
NtYiQWD $ OiQ\RN PLQGHQQDS PHJOiWRJDWWiN QDUDQFVRW YLUiJRW KR]WDN DSMXNQDN PHJ QiSRO\LW pV
FVRNROiGpW PHUW LJHQ FVRGiODWRV PyGRQ V]HUHWWH 0HJFVyNROWD OiQ\DLW N|QQ\HV V]HPPHO
PHJKDWyGRWW KDQJRQ NRUKROWD NHW KRJ\ HQQ\L QDJ\RQ VRN GUiJD SpQ]W NLV]yUQDN D ]VHENEO eV
IRJDWODQV]iMiYDOPDMV]ROQLNH]GHWW3pN0iULDGK|VHQQp]WHW
'HKO\HOHV]D]HPEHUYpQVpJpUHPRQGWDeVIDQ\DUXOQHYHWHWW
$] |UHJ =HQWD\ PLQGHQ V]RPEDWRQ D 9LGiPSUHVV]yEDQ WDOiONR]RWW (V]WHUUHO 5HGQ\NpV]tW
LSDUHQJHGpO\HYROWNpWODNDWRVGROJR]RWWQHNLFVDNXWD]WDD]RUV]iJRWJ\MW|WWHDPHJUHQGHOpVHNHW
6RNSpQ]WNHUHVHWWpVMyOIL]HWWHNpWHPEHUpW$]XQRNiMiQDNLUKDEXQGiWELFLNOLWMiWpNYDVXWDWYiViUROW
(V]WHUQHN SHGLJ PLQGHQ DONDORPPDO V]i] IRULQWRW GXJRWW D WiVNiMiED eV YLJDV]WDOWD D FVRQWVRYiQ\
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

LGHJHVDVV]RQ\WQHE~VODNRGMpND]UpV]HJHVILipUWQHPpUGHPOLPHJ(V]WHUNLMHOHQWHWWHHJ\iOWDOiQ
QHPE~VXOXWiOMDWNDQiOLVW|OWHOpNQHNWDUWMDKDYRQNpQWHJ\V]HUNpQ\V]HUEOWDOiONR]LNYHOHDPLNRU
HOKR]]DDJ\HUHNQHNDKiURPV]i]|WYHQIRULQWRW
R

$]|UHJ=HQWD\PiUIiUDGWYROW0R]JiVDHOQHKH]OWEHUHWYiOWDUFiQNHPpQ\HGWHNDUiQFRNEDUQD
V]HPHIpQ\HVHEEOHWWFVDNDKDMDYROWDUpJLQHPDNDGWEHQQHV]V]iOJRQGRVDQKiWUDIpVOWH1HP
IHFVHJHWW QNUO NDODQGRNUyO YiUKDWy KR]RPiQ\RNUyO PHJLYRWW QpKiQ\ YHJ V|UW UpJP~OW LGNUO
PHVpOW (V]WHUQHN $ PXQNiMiUyO V]HUpQ\ KDQJRQ |U|PPHO EHV]pOW (OPRQGWD D =HQWD\FVRSRUWQDN
HJ\DUiQWKtUHYROWDWHVWOHWQpOpVD]DOYLOiJEDQ3HGLJDNLKDOOJDWiVRNVRUiQNHYHVHWSRIR]WDNPHUW
JRQGRVDQPHJV]HUYH]WHDNXUYiNVWULFLNX]VRUiVRNRUJD]GiNSLQFpUHNpVWROYDMRNEHV~JyKiOy]DWiW
0LQGHQ PiUNiV EHW|UW V]HPpO\HVHQ LVPHUW J\DNUDQ PHQW N|]pMN yFVND FVHKyNED 6]DNWXGiViW
HOLVPHUWpNDEQOG|]pVUOtUWN|Q\YpWVRNQ\HOYUHOHIRUGtWRWWiNDEUVV]HOLNRQIHUHQFLiQDPDJ\DURN
N|]O FVDN  NDSRWW PHVWHUGHWHNWtY RNOHYHOHW PHO\EO PLQG|VV]H KDW SpOGiQ\W RV]WRWWDN $]WiQ
]VLGyNDW E~MWDWRWW D Q\LODVRN PHJYHUWpN D NRPPXQLVWiN QHP WDUWRWWDN LJpQ\W V]ROJiODWiUD HOEE
Q\XJGtMD]WiNNpVEENLWHOHStWHWWpN1HPKLWW,VWHQEHQJ~Q\ROWDDYDOOiVWDW~OYLOiJRWpVU|JHV]PpVHQ
J\O|OWHDSDSRNDWPHUWYpOHPpQ\HV]HULQWUL]LNyQpONOpOQHNLQJ\HQpVMyO
 +D |WYHQ pY P~OYD YpOHWOHQO PHJKDORN  R  PRQGWD (V]WHUQHN  QH HQJHGMHWHN SDSRW D
N|]HOHPEHPHUWOHPiV]RNDUDYDWDOUyOpVIDUEDUXJGRVRP
)LJ\HOPH]WHWHQIHOHPHOWHDPXWDWyXMMiW
1RYHPEHUHOHMpQYDViUQDS-DQLILDEHOi]DVRGRWWQ\J|VHQHUWOHQOVtUGRJiOW3pN0iULDD]|OpEH
YHWWHNLQ\LWRWWDDV]iMiW$]WPRQGWDQHPNHOOIpOQLM|QDIRJD8MMiYDOPHJPXWDWWD-DQLQDNDGX]]DGW
tQ\W
(VWHNLOHQFyUDNRUDJ\HUHNYiUDWODQXOURVV]XOOHWWKiQ\W0DMGHJpV]WHVWHJ|UFVEHUiQGXOWPHUHY
OHWW V]HPH IHQQDNDGW HOYHV]tWHWWH D] HV]PpOHWpW 3pN 0iULD I|OVLNROWRWW /HGREWD PDJiW D
URQJ\V]Q\HJUHDKDMiWFLEiOWD
ULVWHQ)RJIUiV]9pJHYDQ-p]XV~ULVWHQPLpUWYHV]HGHO
-DQLRUGtWDQLNH]GHWW
+DOOJDVVRQ$]~ULVWHQLWDQ\XND$Q\XNDWHVVpNHOKDOOJDWQL2UYRVW5RKDQMDWRNRUYRVpUW
 9pJH  VLNtWRWWD D] |UHJDVV]RQ\  $ KDOiO HOOHQ QLQFV RUYRVViJ 8UDP ,VWHQHP VRKDVHP
V]HUHWWpO0pUWH]WDNLFVLQ\YLUiJRW"0pUWD]iUWDWODQW"
6HUHV 6iQGRU URKDQW D] pMV]DNDL J\HOHWUH /yGHQNDEiWRV ILDWDO OiQ\W KR]RWW LMHGWHQ Qp]WH D
J\HUHNHW
R

eQQHPQDJ\RNJ\HUPHNRUYRVPRQGWDLGHJHVHQHOYLV]HPWVSHFLDOLVWiKR]
3LURVNDEHEXJ\ROiOWDWD[LQYLWWpND)HKpUNHUHV]WNyUKi]ED,IMDEE+iEHWOHU-iQRVDNRQ\KDDV]WDOUD
ERUXOWUi]WDD]RNRJiV
+pWIQ UHJJHO PiU MREEDQ YROW D NLVIL~ 'pOXWiQ HOM|WWHN pUGHNOGQL D OiQ\RN 3pN 0iULD
PHJQ\XJWDWWDNHWWt]QDSP~OYDKD]DKR]]iN(V]WHUUiQWRWWKDODWKR]RWWD]DQ\MiQDNDSMiQDNSHGLJ
7LELFVRNROiGpW
.HGGHQUHJJHO3pN0iULDURVV]XOOHWW
0HJKDORNPRQGWD2UYRVW
$N|U]HWLRUYRVLQMHNFLyWDGRWWQHNLpVHOPHQW'HDOLJIpOyUiYDONpVEEKtYiVQpONOYLVV]DM|WW$NNRU
PiU +DMQDOND LV RWWKRQ YROW .|Q\|UJ V]HPPHO Qp]WH $] RUYRV V]iQDNR]y WHKHWHWOHQ VRNDW VHMWHW
PR]GXODWRWWHWW
6]tYPRQGWDeVKtYWDDPHQWNHW
3pN0iULDD]iJ\RQOW+DMQDONDPHOHJEXJ\LWIHNHWHKDULVQ\iWSRQJ\ROiWpVDIHNHWHWpOLNDEiWRW
DGWD Ui V] KDMiW PHJLJD]tWRWWD EHN|W|WWH D UpJL IHNHWH NHQGYHO 3RKDUDW HYHV]N|]W V]DSSDQW
W|UON|]WNpV]tWHWWDV]DW\RUED
$]WiQ PHJpUNH]WHN D PHQWN +DMQDOND PHJNpUWH D] RUYRVW KDGG NtVpUMH HO D] pGHVDQ\MiW %HOW D
NRFVLED PDJiKR] |OHOWH W DUFD V]HPPHO OiWKDWyDQ KDOYiQ\XOW WHVWpEHQ  R PiU QHP YROW HU
+DMQDONiWV]|UQ\IpOHOHPIRJWDHO
2WWOHV]QNU|JW|QDQ\iFVNiPPRQGRJDWWD0LQGMiUWRWWOHV]QN
$] ,VWYiQNyUKi]ED YLWWpN 3pN 0iULiW DODFVRQ\ SyWiJ\DW NDSRWW +DMQDOND HOLQWp]WH D IHOYpWHOL
SDStURNDWPHJNHUHVWHV]REiMiEDQD]RV]WiO\RVRUYRVQWKiURPV]i]IRULQWRWDGRWWQHNL
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

*\HQJHDV]tYKDQJPRQGWDDQQHPVRNDWWXGXQNFVLQiOQL0HJSUyEiOMXND]R[LJpQWWDOiQ
YDODPLWVHJtW
'H D] R[LJpQW PpJ IpOyUD P~OYD VHP KR]WiN $ QYpU D]W PRQGWD KLEiV D NpV]OpN MDYtWMiN
+DMQDOND IpOUOWHQ URKDQW D] RUYRVQK|] .|Q\|UJ|WW PRQGMD PHJ KRO MDYtWMiN  PDMG EHV]pO D
V]HUHONNHOPHJVUJHWL$]RUYRVQLQJHUOWpVHOXWDVtWyYROW
 .pUHP HOEE ~J\VHP WXGMiN KR]QL PLQW DKRJ\ NpV]HQ YDQQDN  PRQGWD Q\HUV KDQJRQ  +D
SHGLJNpV]HQYDQQDNDNNRU~J\LVHOKR]]iN
1HP VRNNDO NpVEE 3pN 0iULD iJ\iKR] iOOtWRWWiN D NpV]OpNHW (J\ iSROyQ yUiNRQ iW U|YLG
PHJV]DNtWiVRNNDOHQJHGWHD]R[LJpQDV]iMiUD
7L]HQNpW yUD WiMW 6HUHV 6iQGRU EXNNDQW HO D OpSFVKi] LUiQ\iEyO W\~NK~VOHYHVW KR]RWW 
R 6RNiLJ iOOW V]yWODQXO +DMQDOND PHOOHWW D IRO\RVyQ WDQiFVWDODQXO V]RURQJDWWD D] pWHOWHUPRV]
IRJDQW\~MiWPDMGKDONDQN|V]|QWpVHOPHQW
'pOXWiQ PHJpUNH]HWW *L]LNH JRWKD (V]WHU -DQL 3LURVND pV D V]D[RIRQRV (UYLQ -DQL SpQ]W
Q\RPRWW+DMQDONDNH]pEH
&VLQiOGPRQGWD,QWp]G$GMiOPLQGHQNLQHN
%HKHPyW WHVWpYHO QHNLGOW D IDOQDN pV KDQJRVDQ VtUW $]WiQ HJ\HQNpQW EHPHQWHN D NyUWHUHPEH
PHJQp]WpN IXOGRNOy HV]PpOHWOHQ DQ\MXNDW gW yUDNRU (V]WHU .LVSHVWUH PHQW KD]DYLWWH NLVOiQ\iW D]
yYRGiEyO+DWyUDNRUKDMORWWKiWWDOPHJMHOHQWDIRO\RVyQLGVHEE+iEHWOHU-iQRV
1HP HQJHGWpN D IHOHVpJpKH] OHOWHWWpN D SDGUD NpN OiPSD DOi D]W PRQGWiN DOV]LN QHP V]DEDG
]DYDUQL +pW yUDNRU -DQL PHJ 3LURVND EHOHNDUROW pV KD]DNtVpUWH *L]LNH JRWKD +DMQDOND pV (UYLQ
PDUDGWDN D IRO\RVyQ (VWH Wt] yUDNRU D] J\HOHWHV QYpU V]LJRU~DQ XGYDULDV KDQJRQ NLGREWD NHW $
OpSFVKi]]DOV]HPN|]WYROWD]RUYRVQV]REiMD$V]D[RIRQRVEHPHQWKR]]iPHJNpUWHWYDODPHO\LN
OiQ\KDGGPDUDGMRQD]pGHVDQ\MiYDOpMV]DNiUD$]RUYRVQWDJDGyDQLQJDWWDDIHMpW
R

1HPWHKHWHNNLYpWHOWPRQGWD
$NNRUWDOiQPHJHQJHGLKRJ\LGHWHOHIRQiOMDN"
 +D pQ H]W PHJHQJHGQpP HJpV] pMMHO FV|QJHQH D WHOHIRQ $] RV]WiO\RQ VRN V~O\RV EHWHJ IHNV]LN
DNLNpUWXJ\DQ~J\DJJyGQDN
0LO\HQUHPpQ\QNOHKHW"
/HJNpVEEUHJJHOLJIHOOpSDWGYL]HQ\
$V]D[RIRQRVOHKDMWRWWDDIHMpW
5HJJHODWHVWYpUHNQHPWDOiOWiN3pN0iULiWDNyUWHUHPEHQ+DMQDOLQpJ\yUDNRUPHJKDOW
,GVHEE +iEHWOHU -iQRV OHV]|N|WW D +iUIiVED WHOHIRQRQ KDOORWWD PHJ D KtUW $PLNRU D WHVWYpUHN
KD]DpUNH]WHN D Ki]PHVWHU ODNiViQ IHNGW LMHV]W iOODSRWEDQ )RJDWODQ V]iMiYDO NDSNRGWD D OHYHJW
V] KDMD LMHGWHQ NXQNRULQ KDMORQJRWW %DMXV]iW HOi]WDWWD D N|QQ\ |PO|WW YDVWDJRQ D V]HPpEO
6]HQYHGpO\HVIiMGDORPPDONLDEiOW
1HPHQJHGWHNRGDKR]]i1HPYROWDPPHOOHWWH1HPIRJKDWWDPPHJDGUiJDNH]pWeGHVGUiJD
,VWHQHPQHPHQJHGWHNRGD0LWWHWWpOYHOHP,VWHQHP
-DQLEyONLUREEDQWDVtUiV
1HWHVVpNH]WFVLQiOQL+iWNHWWpKDVDGD]HPEHUV]tYHDNNRUPLpUWNHOOH]WYHOQN R FVLQiOQL"
7HVVpNH]WPRVWPHJpUWHQLDSXND
$]|UHJIHOWiSiV]NRGRWW5i]WDDIHMpW
0HJPRQGWDKRJ\LWWKDJ\0HJPRQGWDQHNHP$I|OGEHWHV]LND]WDGUiJDDUDQ\RVNLVWHVWpW
,WWKDJ\RWW|U|NUHD]pQHJ\HWOHQpOHWHP-|Y|NXWiQDGpQLVGUiJDNLFVLDUDQ\RVDQ\XNiP/HV]iOORN
pQLVDWHVtURGPpO\pUH
$N|U]HWLRUYRVNpWLQMHNFLyWDGRWWQHNL,QJHUOWHQUiV]yOW
6]HGMH|VV]HPDJiWNpUHPJ\QHPOHKHWYLVHONHGQL
$NNRUPHJOiWWD-DQLViUJDV]HPpW%HFVXNWDDWiVNiMiW
1HKp]QDSRNM|QQHNPRQGWD]DYDUWDQ6]NVpJOHV]D]HUUH
,GVHEE +iEHWOHU -iQRVW HJ\ V]pNUH OWHWWpN PHJIRJWiN NpWROGDOW ~J\ FLSHOWpN I|O D OpSFVN|Q D
ViSDGWMDMRQJy|UHJHPEHUWDV]REDNRQ\KiVODNiVED
$SURVHFWXUiUD*L]LNHpV+DMQDONDPHQW
$ SLURV WpJOiV NLV pSOHW D NyUKi] XGYDUiQDN HOGXJRWW VDUNiEDQ iOO NpW ROGDOiQ |UHJ I]ID 6iUJD
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

NDSXMiQW~OYLOODQ\OiPSiVIRO\RVyQ\tOLNDIRO\RVyYpJpQWHMYHJHVDMWy7HVVpNFV|QJHWQLIHOLUDWWDO
,GVHEE ]|P|N EDMXV]RV HPEHU Q\LWRWWD NL )HKpU UXKiW N|WpQ\W VDSNiW YLVHOW PLQW D 
R V]DNiFVRN%DUiWViJRVDQQp]HWWDMHOHQWNH]NUH
(J\NHYHVHWYiUQLNHOOPRQGWD6]iOOtWiVYDQ
$ YiUyV]REiEDQ HJ\HWOHQ DV]WDO YROW WHWHMpQ NRSRWW V]UNH RODMIHVWpN pV HJ\ SLURV V]tQ SDG
DPLO\HQWDN|]WHUHNHQOiWQL$SDGOy]DWEHWRQDQpJ\IDOIHKpUDNpWV]iUQ\DVDEODNDGWDDIpQ\W%RU~V
YROWD]pJV]LWiOWD]HVHOpJKLWYiQ\YROWDYLOiJtWiV.pVEEEHM|WWD]|P|NHPEHU&VRQNDFHUX]iYDO
iNRPEiNRP EHWNNHO EHtUWD D] DGDWRNDW HJ\ NpNIHGHO NRFNiV I]HWEH *L]LNH NLUDNWD D V]DW\RUEyO D
IHNHWHVHO\HPUXKiWIHNHWHNRPELQpWIHNHWHKDULVQ\iWpVDIHNHWHPDJDVVDUN~FLSW$]|P|NHPEHUD
NH]pEHYHWWH
 (]]HO EDM OHV]  PRQGWD  )HNHWH SDSXFVRW V]RNWXQN UiMXN K~]QL PHUW XJ\H D OiE PHUHY
7HUPpV]HWHVHQKDDKR]]iWDUWR]yDNDUMDNLYiJMXNKiWXODVDURNQiODEUFLSWLVGHXJ\HEiUH]QHP
N|WHOHVVpJQN
+DMQDONDK~V]IRULQWRWDGRWWQHNL$]|P|NHPEHUQDJ\NHQGEHUDNWDDKROPLW
%XJ\LQLQFV"NpUGH]WH
1LQFVYiODV]ROWDLMHGWHQ*L]LNH$]WHOIHOHMWHWWN
0LO\HQIUL]XUiWSDUDQFVROQDN"
+DOOJDWWDNHJ\SHUFLJ
R

+DOHKHWNRV]RU~EDPRQGWD*L]LNH%HIRQQLpVKiWXONRV]RU~ED
$]WiQHOPHQWHN
*L]LNH D YLOODPRV PHJiOOyQiO HOE~FV~]RWW D K~JiWyO $] hOOL ~WRQ EHPHQW HJ\ GLYDWiUX]OHWEH
YLOiJRVNpNVHO\HPEXJ\LWYiViUROW
7HVVpNV]pSHWpVILQRPDWDGQLPRVRO\JRWWV]HOtGHQD]pQKDORWWDQ\XNiPQDNOHV]
$] HOVRV]WiO\~ WHPHWpVW +DMQDOND LQWp]WH 5|YLG WDQDNRGiV XWiQ DSMXN DJJDV]Wy iOODSRWiW
ILJ\HOHPEH YpYH NpW VtUKHO\HW YiViUROW +D ~J\ NHUO D VRU IHNGMHQHN PDMG HJ\PiV PHOOHWW |U|N
EpNHVVpJEHQ (] YLV]RQW QHKH]HQ OiWV]RWW PHJROGKDWyQDN $ NpW VtUKHO\ D GtV]HV UDYDWDO YHJH]HWW
KLQWyDODNNR]RWWNRSRUVyDJ\iV]KXV]iURNFVDNQHP|WH]HUIRULQWEDNHUOW(]HQNtYODNRV]RU~ND
UDYDWDOR]y HPEHUHN D SDS D VtUiVyN pV D IpQ\NpSpV] NO|Q NLDGiV $ V]DNV]HUYH]HWL VHJpO\ VRNDW
MHOHQWHWW +DMQDOND KiURPV]i] (V]WHU QpJ\V]i] -DQL KDWV]i] 3LURVND KiURPV]i] *L]LNH KDWV]i]
IRULQWRW NDSRWW VW *L]LNpQHN D PXQNiVRN PpJ NO|Q J\MW|WWHN H]HU|WV]i] IRULQWRW D PKHO\EHQ
g]YHJ\ +iEHWOHU -iQRVQDN QpJ\V]i] IRULQWRW IL]HWHWW D 1\XJGtMLQWp]HW D W|EEL SpQ]W D V]D[RIRQRV
SyWROWD
$ J\iV]NHUHWHV PHJKtYyNDW LV +DMQDOND  R UHQGHOWH (J\HW UDM]V]|JJHO NLW]WHN D NDSX DOi D
W|EELW PHJFtPH]WpN HONOGWpN SRVWiQ D URNRQRNQDN pV D] LVPHUV|NQHN 3LURVND HJ\ WXFDW IHNHWH
V]HJpO\HV]VHENHQGWYiViUROWV]pWRV]WRWWDDFVDOiGWDJRNN|]|WW
$SMXNNDOQHPWXGWiNPLWpYNOHJ\HQHN$KDQJMDPiUHOIiUDGWIHNGWDGtYiQ\RQPHOOpEOKDQJRV
VyKDMWiVRNV]DNDGWDNNLY|U|VUHJ\~OWV]HPpEOHV]HOVIiMGDORPiUDGWV]QHWQpONOIRO\WDN|QQ\H
-DQLDOLJPR]GXOWHOPHOOOH
7HVVpNPHJQ\XJRGQLDSXNDNpUOHOWHW1DJ\RQNpUHPDSXNiWWHVVpNPHJQ\XJRGQL
$] |UHJHPEHU QHP YiODV]ROW ( KDOOJDWDJ V]HQYHGpVW OiWQL QHKH]HEE YROW PLQW UM|QJpVpW $
V]D[RIRQRVHOOHQH]WHKRJ\NLHQJHGMpNWDWHPHWpVUH
$GMXQNQHNLHUVDOWDWyWPRQGWD+DNpVEEV]HPUHKiQ\iVWWHV]PpJPLQGLJMREEPLQWHJ\
YpJ]HWHVV]tYURKDP5iNRVNHUHV]W~URQ
$+iEHWOHUOiQ\RNNpWVpJEHHVHWWHQ]RNRJWDND]WIHOHOWpNQLQFVMRJXNPHJIRV]WDQLDSMXNDWD]XWROVy
E~FV~WyO
$Q\XNiPLVYiUMDWPRQGWD*L]LNH0LQGLJHJ\WWYROWDFVDOiG(UUHQDJ\RQNHOOYLJ\i]QL
R

$N|U]HWLRUYRVDV]D[RIRQRVQDNDGRWWLJD]DWYHV]pO\HVQHNWDUWRWWDDWHPHWpVVHEHNHWWpSL]JDOPiW
'H*L]LNHUpPOWDUFiWOiWYDYiOODWYRQW
+DDNDUMiNPRQGWDLQGXOiVHOWWDGRNQHNLHJ\PRUILXPLQMHNFLyW$]WiQPDMGYLJ\i]]DQDNUi
$NNRUPHJEHV]pOWpNKRJ\-DQLYLJ\HWWD[LQ0HJDSDSRW$IOHONpV]WDOiQHUWDGQHNLHQ\KtWL
IiMGDOPiWDKRVV]~~WRQ
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

$ OiQ\RN IHNHWH NDEiWRNDW NHQGNHW WiVNiNDW NpUWHN N|OFV|Q D NDUV]DODJRNDW JRWKD YDUUWD $]
XQRNiNQDNLVMXWRWWEHOOHULDGWDQEV]NpQYLVHOWpN$FLSNpUGpVW-DQLLQWp]WHPLQGHQNLpWEHIHVWHWWH
IHNHWpUH
$ +iEHWOHUOiQ\RN PHJQ\~OWDN H QpKiQ\ QDS DODWW KiWXN PHJJ|PE|O\|G|WW PR]JiVXN OHODVVXOW
DUFXN |UHJ OHWW V]HPEHWQHQ KDVRQOtWRWWDN PLQGKiUPDQ D] DSMXNUD $ N|QQ\ QHP DSDGW HO D
V]HPN|Q +DMQDOND WpWRYiQ MiUNiOW D V]pS ODNiVEDQ $ V]D[RIRQRV PHJPRVGDWWD D J\HUHNHW
PHJiJ\D]RWWQHNLpVOHIHNWHWWH+DMQDONDOHNXSRURGRWWDIRWHOEDD]HUQ\]|WWOiPSDDOi
1HNHPQLQFVW|EEpDQ\iP"NpUGH]WH$V]D[RIRQRVOHOWDV]Q\HJUH.H]pEHYHWWHD]DVV]RQ\
HUWOHQNH]pWPHJFVyNROWD+DOOJDWWDNHJ\LGHLJ0DMGDIpUILFV|QGHVHQtJ\V]yOW
R

+DKROQDSHOE~FV~]ROWOHDUDYDWDORQLGHJHQDUFRWWDOiOV](]WPHJNHOOHWWPRQGDQL
+DMQDOND UiQp]HWW V]HPpQ WLOWDNR]iV OREEDQW +DUDJ /DVVDQ HOK~]WD D NH]pW YpUWHOHQ DMNiW
LQGXODWRVDQV]LJRU~DQEH]iUWD'HV]yOQLNpUGH]QLQHPPHUW
1HPYROWPpJIpOWt]DPLNRUEHPHQWHNDWHPHWNDSXMiQ*L]LNHJRWKD(V]WHU3LURVNDPiURWW
iOOWDNDMiUGiQDNLOHQFHVUDYDWDOR]yHOWW+DMQDONDDQYpUpKH]IRUGXOW9ROWiOEHQW"NpUGH]WH
(V]WHUEyOLQWRWW$NNRU+DMQDONDEHPHQWPHJQp]WHD]DQ\MiWGHPiUIXWRWWLVYLVV]DUi]WDDIHMpWD
V]D[RIRQRVPHOOpUHE~MW
(]QHP]RNRJWD(]QHP
$V]D[RIRQRVV]yWODQXO|OHOWH
6XKRJRWWDQRYHPEHULHV(J\PiVXWiQM|WWHNDURNRQRNNROOpJiNPXQNiVRNLVPHUV|NYLUiJRW
NRV]RU~W KR]WDN $ 1DJ\IXYDURV XWFDL ODNyN HJ\ FVRSRUWEDQ pUNH]WHN 6iSDGW %pOD pV 6HUHV 6iQGRU
FLSHOWHDKDWDOPDVViUJDpOYLUiJNRV]RU~WHOWWNDKi]J\HUHNHLOpSNHGWHNIHKpUNRV]RU~YDOKDMXN
DUFXN YL]HV ]DYDUXNEDQ OHVW|WWpN D V]HPNHW pV YLJ\RURJWDN $] |UHJ =HQWD\ D ILiYDO Uy]VD pV
FLNOiPHQNRV]RU~W KR]RWW D UDYDWDOR]y HPEHUHN DOLJ WXGWiN HOKHO\H]QL D NDQ  R GHOiEHUHN N|]|WW
LOODWR]y YLUiJKHJ\HQ 0HJFVyNROWiN D +iEHWOHUOiQ\RNDW =HQWD\ *\|UJ\ NDURQ IRJWD (V]WHUW .pVEE
V]UNHHVNDEiWEDQRGDOpSHWWDIpQ\NpSpV]PHJNpUGH]WHPLO\HQIHOYpWHOHNHWyKDMWDQDN$V]D[RIRQRV
FV|QGHVHQD]WYiODV]ROWDPHQMHQDIHQpEH*L]LNHQHPHQJHGWHWHOPHQQL
 $SXNiP EL]RQ\iUD |UOQH D NpSHNQHN  PRQGWD V]HOtGHQ  7DOiQ %UJHFVUH LV NOG PDMG
QpKiQ\DW
$ IpQ\NpSpV] PHJPXWDWWD D KDUPRQLNiV NROOHNFLyW KpW DNWXVEyO OHKHWHWW YiODV]WDQL D UDYDWDO D]
HOKXQ\W DUFiYDO D NRSRUVy OHYpWHOH D NRFVLUD HPHOpV D J\iV]PHQHW D NLERQWRWW I|OG D NRSRUVyYDO D
NRSRUVy OHHUHV]WpVH pV D] HONpV]tWHWW VtUKDQW D IHMIiYDO N|UO|WWH D J\iV]ROy FVDOiG $ V]D[RIRQRV
PLQGHJ\LNEOUHQGHOWWt]GDUDERWDGRWWKiURPV]i]IRULQWHOOHJHWpVHOWHWWHDQ\XJWiW
1HP VRN KLiQ\]RWW D Wt] yUiKR] $] HPEHUHN PHJW|OW|WWpN D UDYDWDOR]yW VRUDNR]WDN KRJ\
PHJWHNLQWKHVVpN D KDORWWDW D QpJ\ORYDV YHJKLQWy LV RGDJ|UGOW D EHMiUDW HOp GH -DQL D] |UHJ
+iEHWOHU pV D SDS PpJ QHP pUNH]HWW PHJ $ OiQ\RN NpWVpJEHHVHWWHQ VtUWDN KRJ\ EDM W|UWpQW
WDQDNRGWDN PLWpYN OHJ\HQHN $ V]HUWDUWiVW SRQWRVDQ D PHQHWUHQG V]HULQW NHOO NH]GHQL QHKRJ\
WRUOyGiVIHQQDNDGiVOHJ\HQ
R  R  R

*L]LNH PHJLQW PHJ DNDUWD Qp]QL D] pGHVDQ\MiW $ V]D[RIRQRV KHO\HW NpUW D NRSRUVyQiO 3pN 0iULD
IHMHQHPOiWV]RWWQDJ\REEQDNHJ\MyNRUDIpUIL|N|OQpOV]HPpWOHKXQ\WDDUFiUyODOHJWHOMHVHEEN|]|Q\
iUDGW
$]XWROVySLOODQDWEDQpUNH]HWWPHJDWD[L,GVHEE+iEHWOHU-iQRVKDMORWWDQODVVDQOpSNHGHWWDSDS
XWiQ D] |OW|] DMWDMiLJ FLSHOWH D IDOiGiW PHO\EH D IHNHWH WDOiUW VDSNiW ]VROWiURVN|Q\YHW %LEOLiW
W|UON|]WpVDV]DSSDQWKHO\H]LN
$+iEHWOHUFVDOiG]RNRJYDIHOVRUDNR]RWWDUDYDWDOHJ\LNROGDOiQYiUWiNDSDSRW$SDSQDJ\RQ|UHJ
HPEHUYROWDNHPpQ\IHNHWHVDSNDDOyOV]LQWHYLOiJtWRWWKyIHKpUKDMD0HJiOOWDUDYDWDOHOHMpQNH]pEHQ
%LEOLD YiUW PtJ D ]VLERQJiV PHJV]QLN DNNRU I|OHPHOWH D IHMpW pV PHJOHSHQ HUV WLV]WD KDQJRQ D
N|YHWNH]EHV]pGHWPRQGRWWD
 *\iV]ROy J\OHNH]HW ,WW iOOXQN WHVWYpUQN 3pN 0iULD I|OGL SRUKYHO\pQpO 1H VtUMDWRN ,VWHQ
V]HUHWHWH YpJWHOHQ  )iMGDOPDV D] KRJ\ QLQFV W|EEp N|]|WWHWHN 'H WXGQRWRN NHOO pUH]QL pV
EL]RQ\RVViJJDO WXGQL KRJ\  D] UQiO YDQ (OV]yOtWRWWD PDJiKR] YpJHW YHWYH V]HQYHGpVHLQHN D]
ULVWHQDQJ\DODLVHUHJpEHQV]ROJiOMDD0HQQ\HL$W\iW.|]HOHGLN.ULV]WXVV]OHWpVpQHNQ R QHSH
.ULV]WXVp DNL PHJYiOWMD OHONQNHW D]  NHUHV]WKDOiOD iOWDO MXWKDWXQN D 0HQQ\HN 2UV]iJiED 1H
IpOMHWHN KiW HOKXQ\W WHVWYpUQN OHONH LV UpV]HVO HEEHQ D PHJYiOWiVEDQ -p]XV .ULV]WXV ,WW iOO
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

PHJUHQGOW FVDOiGMD )pUMH DNLYHO QHJ\YHQ GROJRV HV]WHQGW VRN JRQGRW |U|P|W pOW HJ\WW QpJ\
J\HUPHNH DNLNHW I|OQHYHOW WLV]WHVVpJEHQ *\iV]ROMiWRN IpUMH J\HUPHNHL YHMHL PHQ\H XQRNiL
URNRQDL pV LVPHUVHL 0LQGD]RN DNLN HOM|WWHWHN KRJ\ YpJWLV]WHVVpJHW DGMDWRN *\iV]ROMiWRN
V]tYHWHNEHQPDUDGMRQPHJLUiQWDDV]HUHWHWDPHO\,VWHQWOYDOypV|U|N
,GVHEE +iEHWOHU -iQRV YDGXO I|O]RNRJRWW $UFiW EHI|GWH J\iV]V]HJpO\HV N|QQ\HNWO i]RWW
]VHENHQGMpYHOHOUHKDMROWDWpUGpLJDIHMpWUi]WD-DQLDOLJWXGWDWDUWDQLQHKRJ\DN|YH]HWUHEXNMRQ
,VWHQHPNLDEiOWD]VHENHQGMpQ,WWKDJ\RWWHQJHPeGHVGUiJDMyViJRV,VWHQHP,WWKDJ\RWW
$SXNDNpUHPPRQGWD-DQL$]DUFDIHKpUYROW$SXNDNpUHPQHWHVVpN
$ OiQ\RNEyO LV NLV]DNDGW D KDQJRV IiMGDOPDV VtUiV 6tUWDN D URNRQRN LVPHUV|N LV $] |UHJ SDS
PHJLJD]tWRWWD Q\DNiQ D ViODW D WiUW DMWyQ FVtSV WpOL V]pO pUNH]HWW LGQNpQW )|OHPHOWH NDUMiW NH]H
V]LQWHYLOiJtWRWWDIHNHWHV]tQHNN|]|WW
R

 eQHNHOMN HO WHVWYpUHLP D KDWYDQDGLN ]VROWiUW  PRQGWD  )LJ\HOHPPHO pQHNHOMpWHN V


PHJQ\XJWDWEHQQHWHNHW,VWHQ|U|NOpWH
 NH]GWH HO pV VRNDQ pQHNHOWpN YHOH $PLNRU EHIHMH]WpN D NRSRUVyYLYN KRUGDQL NH]GWpN D
YLUiJRNDW D] HPEHUHN LV PR]GXOWDN -DQL V]RURVDQ PHJIRJWD URJ\DGR]y DSMiW GH D SDS PHJiOOtWRWW
PLQGHQNLWPDJDVKDQJRQtJ\V]yOW
*\iV]ROyJ\OHNH]HW0RVWSHGLJPRQGMXNHON|]|VHQD.HUHV]W\pQ+LWYDOOiVW
$] HPEHUHN HOQpPXOWDN 0LQG D IHNHWH WDOiURV |UHJ SDSRW Qp]WpN NH]pEHQ D %LEOLiYDO V HJ\UH
W|EEHQpVW|EEHQPRQGWiNXWiQDIHQQKDQJRQ+LV]HNHJ\,VWHQEHQD0LQGHQKDWy$W\iEDQOpV]HQ
HOM|YHQG|OQLtWpOQLHOHYHQHNHWpVKROWDNDWPHQ
PHQPRQGWiND]HPEHUHN$+iEHWOHUOiQ\RNDPiUNRSDV]UDYDWDOQiO&VHOH-XOL+tUHV,VWYiQ
PHOOHWW D PiVLN ROGDORQ D] H]VWWHO V]HJpO\H]HWW EiUVRQ\IJJ|Q\ DODWW .YHFVHV $QQD KDMWRWWD OH D
IHMpW$IpQ\NpSpV]YLOODQyIpQQ\HOGROJR]RWW
$PtJ3pN0iULiWNLYLWWpND]YHJH]HWWKLQWyUDD]|UHJ=HQWD\PHJNpUWHDSDSRWDVtUQiONHYHVHEEHW
EHV]pOMHQIRJMDU|YLGHEEUHD]LPiWPHUWLGVHEE+iEHWOHU-iQRVURVV]XOYDQ
R

 6DMQRV QpONO|]QL IRJMXN FVRGiODWRV WH[WXVDLW  PRQGWD  (]pUW |QW QHP pUKHWL ]RNV]y LJHQ
GHUHNDVEX]JDORPPDOYLJ\i]RWWHGGLJLVDOHONQNGY|VVpJpUH
$SDSUiQp]HWWGHQHPV]yOWVHPPLW
$]|UHJ=HQWD\YH]HWWHLGVHEE+iEHWOHU-iQRVWDNRFVLP|J|WW$OLJiOOWDOiEiQPHQWPLQWDYDN
EHOHJi]ROWDWyFViNEDOySLV]RNEDFLSMHQDGUiJV]iUDFVXSDViUYROW*\pUKDMiQD]HVYpJ]HWWDODSRV
PXQNiWyORPV]tQV]iODNRQHUHV]NHGHWWIHMpUODYt]DQ\DNiED$PLNRUD]~WV]pOpQHJ\NDQ\DUEDQ
IHOWQWHN D ODSiWRNRQ WiPDV]NRGy VtUiVyN D J|GU|W |OHO YL]HV I|OGNXSDF D] |UHJ =HQWD\ KLUWHOHQ
PHJiOOW.LOpSHWWDVRUEyOpVV]yWODQXOVLHWVOpSWHNNHOHOLQGXOWYLVV]DDWHPHWNLMiUDWDIHOp
$ SDS KDPDU HOYpJH]WH IHODGDWiW 3pN 0iULiW OHHUHV]WHWWpN D I|OGEH DOLJ QpKiQ\ SHUFFHO NpVEE D
YLUiJRNNDO ERUtWRWW KDQW N|UO ]RNRJRWW D FVDOiG 8WROMiUD OREEDQW D YLOODQyIpQ\ D V]D[RIRQRV SpQ]W
DGRWW D VtUiVyNQDN WD[LpUW NOG|WW HJ\ J\HUHNHW .YHFVHV $QQD PHJFVyNROWD D +iEHWOHUOiQ\RNDW
WiYRODEEDVtUWyOHJ\EHWRQJ\UQpOKROQ\iURQYL]HWWiURONDQQiMiWPHUtWLDNHUWpV]D1DJ\IXYDURV
XWFDL DVV]RQ\RN OHIRMWRWW KDQJRQ V]LGDOPD]WiN &VHOH -XOLW SRIiWODQ NXUYiQDN QHYH]  R WpN PHUW
LGHM|WWKiERUJDWQLDKDORWWDW6iSDGW%pODGXUYiQPHJO|NWHDKiWiW
7DNDURGMLQQHQPRQGWDQHNL+DGGWHFVDNEpNpQH]WDJ\iV]ROyFVDOiGRW
&VHOH-XOLLMHGWHQIRUJDWWDDIHMpW+tUHV,VWYiQWNHUHVWHGHD]PHVV]HYROWQHPOiWKDWWDW=HQWD\
*\|UJJ\HOFLJDUHWWi]RWWEHV]pOJHWHWWI|OKDMWRWWJDOOpUUDOHJ\IDDODWW$NNRUUpPOWHQQp]HWWDKDUDJYy
DUFRNUD pV L]JDWRWW KDQJRQ ]RNRJQL NH]GHWW -DQL RGDOpSHWW KR]]i ViUJiV V]HPpW D] HPEHUHNUH
IRUGtWRWWD
1HEiQWVDWVHQNLPRQGWDFV|QGHVHQ6]HUHWWHD]DQ\iPDW
$]WiQPHJpUNH]HWWDWD[L+DMQDONDEHOWDVRIUPHOOpDSDSKiWUDLGVHEE+iEHWOHU-iQRVPHJiOOW
D]DMWyQiOKiURPXMMiYDOFVyNRWKLQWHWWD]HPEHUHNIHOpPtJ-DQLLQJHUOWHQUiQHPV]yOWKRJ\IHMH]]H
EH D E~FV~]NRGiVW $NNRU PHJK|NNHQW IHMpUH WHWWH D NDODSRW EHOW D SDS PHOOp pV HOYLWWpN W
+DMQDONipNKR]'HHVWHPiUKD]DNtYiQNR]RWWD1DJ\IXYDURVXWFiED
(J\LN FVDSiV KR]WD D PiVLNDW D IULVV EiQDWRW J\iV]W ~MDEE N|YHWWH 6]DSRURGRWW D JRQG D N|QQ\
GDJDGQLNH]GHWWDIpOHOHP
eVQHPWHKHWWHNHOOHQHW|EEpVHPPLW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

*L]LNH D WHPHWpVW N|YHW QDSRQ PiU NLPHQW DQ\MiKR] 5iNRVNHUHV]W~UUD V H]HQW~O  R PLQGHQ
iOGRWW GpOXWiQ KD YpJHW pUW D PV]DN YLUiJRW YLWW QHNL $SMiW LV KtYWD PDJiYDO GH D WHVWYpUHN QHP
HQJHGWpN$]|UHJHPEHUHJpV]VpJHDODSRVDQPHJUHQGOWIRJ\RWWHOKDJ\WDPDJiWViSDGWDUFD|U|NNp
ERURVWiV YROW $ V]tYH ~MUD YDFDNROW pUH]WH PHJLQW D OiWKDWDWODQ Np] V]RUtWiViW D OpOHJ]pVH LGQNpQW
NDSNRGyOHWW$N|U]HWLRUYRVLQMHNFLyWDGRWWQHNLJ\yJ\V]HUWtUW1LWURPLQWVH]KHYHVHEEURKDPRNQiO
NLWQQHN EL]RQ\XOW 'H QHP WXGRWW pV QHP DNDUW HQQL QHP WXGRWW pV QHP DNDUW XUDONRGQL D
IiMGDOPiQ (JpV] QDS 3pN 0iULD IpQ\NpSpW EiPXOWD |QJ\LONRVViJRW HPOHJHWHWW V]DEDGMiUD HQJHGWH
pU]HOPHLWV]tYHWWpSMDMRQJiViYDOIHOL]JDWWDD]HJpV]FVDOiGRW
+DOORPWSDQDV]NRGQLWDNDUWDHODUFiWDIHNHWHV]HJpO\HV]VHENHQGYHO$]WPRQGMDMHJHVD
V]pOIi]RPKLV]HQPHOHJiJ\EyOKR]WDWRNHQJHPHWLGHNLDKLGHJWHPHWEH%HWDNDUODNRGDIHNV]HP
PHOOpGiW|OHOOHN|U|NN|Q|U|NNppQNLFVLQ\GUiJDDUDQ\RVDQ\XNiP
,O\HQNRU]RNRJQLNH]GWHNDOiQ\RN-DQLV]HPpEOLVNLSHUGOWDN|QQ\$IRJiWFVLNRUJDWWD
$SXNDNpUHPQHWHVVpNN|Q\|UJ|WW%L]RQ\LVWHQNpUHPQHWHVVpN
R

1HP KDJ\WiN W PDJiUD HJ\HWOHQ SHUFLJ VHP IHOYiOWYD UL]WpN pMMHOQDSSDO $ V]D[RIRQRVWyO IpOW
8GYDULDV IXUFVD PRVRO\iWyO +D UiV]yOW HQJHGHOPHVHQ HYHWW KD NHWWHQ YROWDN D V]REDNRQ\KiV
ODNiVEDQQHPVtUW=DYDUWDQIHFVHJHWWHOPRQGWDYDODKDP~]HXPLNLQFVHNHWEt]WDNUiGHWFVLOORJy
ELOORJyKROPLPHJQHPV]pGtWHWWHDPiVpKR]QHPQ\~OWVRKDGHVRKDD]pJNHUHNYLOiJRQ1HPDNDU
GLFVHNYQHN OiWV]DQL D] LO\HQIpOH HPEHUW HOtWpOL PpJ LQNiEE D KD]XJRW 0HUW KD]XJ V]y QHPLJHQ
KDJ\WDHODV]iMiWIL]HWpVpWXWROVyILOOpULJiWDGWDDIHOHVpJpQHNpVFVDNMHOHVQQHSHNHQLWWDPHJDERUW
DNNRULVPyGMiYDO5pV]HJFVDN~J\HPOpNV]LNWDOiQNpWt]EHQYROW(J\V]HUD-DQLNHUHV]WHOMpQ
HJ\V]HUSHGLJ|VV]HNO|QE|]WHNYDODPLQDIHOHVpJpYHO$NNRUHOPHQWpVLJHQQDJ\RQEHU~JRWW
 9DGGLV]Qy YROW  PRQGWD  0LQGLJ 9LOiJpOHWpEHQ +D NLQ\LWRWWD D V]iMiW QHP iOOKDWRWW PHJ
HOWWHVHQNL$Q\iPpNLJHQQDJ\RQHOOHQH]WpNKRJ\PHJHVNGMHNYHOH6]DNDV]YH]HWYROWDPMyNpS
PyGRVDEEOiQ\WQp]WHNDV]iPRPUD'HKiW*L]LNpYHOPiU~J\YROW1DJ\RQPHJUpPOWeQYROWDP
D]HJ\HWOHQIpUILD]HJpV]pOHWpEHQ
$V]D[RIRQRVPHJUDNWDDKHQJHUDODN~ R YDVNiO\KiW$]|UHJLVKDOOJDWRWW.pVEEFV|QGHVHQD]W
PRQGWD
 -DQL *L]LNH D OiQ\RN PLQG D]W JRQGROMiN KRJ\ N|]|WWHP PHJ .YHFVHVQp N|]|WW YDODPLIpOH
V]HUHOPLYLV]RQ\DODNXOWNL0HUWDQ\iWRN|U|NNpH]]HOYiGROWVH]WQHPOHKHWHWWNLYHUQLDIHMpEO
$V]D[RIRQRVYiOODWYRQW
1HPKLV]HPKRJ\H]pUGHNHOQpNHW
$]|UHJOHKDMWRWWDIHMpW
 $]W QHP iOOtWRP KRJ\ QHP FVyNROy]WXQN PHUW QHP OHQQH LJD] 'H $QQXVND 0iULDOiQ\ YROW
YDOOiVRVOHONOHWKLWWDSRNROEDQW|EEUHQHPYROWKDMODQGy0iVQYROWQHPPRQGRPKRJ\QHP
YROWGHpQHJ\YDJ\HVHWOHJNpWSRKiUV|UQpOW|EEHWQHPN|OW|WWHPUiMXNVRKDQHPYRQWDPHODSpQ]W
DFVDOiGRPWyOHUUHHJ\HWOHQSpOGDVHPDNDG
$V]D[RIRQRVDOHJNRPRO\DEEKDQJRQPHJQ\XJWDWWDDSyViWKRJ\HUUOPDJDLVV]HQWOPHJYDQ
J\]GYHtJ\KiWIHOHVOHJHVDWRYiEELDNEDQHNpUGpVUODNiUHJ\HWOHQV]yWLVHPOtWHQL
$NDUiFVRQ\W+DMQDONipNODNiViQQQHSHOWpN'pOXWiQ]XKRJRWWD]HVD]HJpV]FVDOiGNLPHQWD
WHPHWEH D V]D[RIRQRV PHJ D KDWHV]WHQGV IL~ PDUDGW RWWKRQ IHOGtV]tWHQL D NpWPpWHUHV IHQ\IiW
FVDNQHP NpW yUiLJ EDM  R OyGWDN $PLNRU D] XWROVy V]DORQFXNURW YHJJ|PE|W LV UiDNDV]WRWWiN
I|OERUXOW D] HJpV] $ J\HUHN NDFDJRWW D V]D[RIRQRV GK|QJ|WW NDPSyVV]|JHW YHUW D IDOED VSiUJiYDO
N|W|WWHKR]]iDIHQ\WpSSHQKRJ\HONpV]OWHNLGUH
*L]LNH(V]WHU3LURVNDPiUDNRQ\KiEDQVUJ|OG|WWVHJtWHWWHN+DMQDONiQDNDJ\HUHNHNJRWKiYDO
MiWV]RWWDN D] |UHJHPEHU NDURVV]pNEHQ VtUGRJiOW DPLNRU =HQWD\ *\|UJ\ PHJpUNH]HWW UpV]HJHQ
DOYyEDEiW KR]RWW D OiQ\iQDN $ V]D[RIRQRV OHVHJtWHWWH UyOD D ]|OG PEU NDEiWRW HOYHWWH D NDODSMiW
PDMG PHJNpUWH -DQLW IRJODONR]]RQ D VyJRUiYDO PHUW QHNL VHP KDQJXODWD VHP WUHOPH QLQFVHQ D
ERUV]DJ~N|WHNHGHPEHUKH]
=HQWD\ NRSRWW Q\iUL UXKiEDQ YROW KDEIHKpU LQJEHQ QHYHWJpOW KDQJRVNRGRWW GLFVHNHGHWW
(OPRQGWD V]pS V]REiMD YDQ UHQJHWHJHW WDQXOW NLWQHQ pUHWWVpJL]HWW PRVW M|Q D QDJ\ IHODGDW D]
HJ\HWHP HEEHQ QHP OHKHW W PHJDNDGiO\R]QL D GLSORPipUW PLQGHQ iOGR]DWUD KDMODQGy NRSODO
YHUHNV]LNDNiUDKDOiOODOLVV]HPEHV]iOO
-DQLPRVRO\JRWW
$NRFVPiWLVHONHUO|G"NpUGH]WH
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

6HPPLN|]|GKR]]iYiODV]ROWD=HQWD\*\|UJ\+DOOJDWRWWHJ\SHUFLJ7HD]WJRQGRORGKRJ\pQ
IpOHN WOHG 'H H] PiU Up  R JHQ QHP tJ\ YDQ +D PRVW HONH]GHQpO WHOLWRURNEyO RUGtWDQL
IHOHPHOQpG UiP D] |NO|GHW V]HPHUQ\LW VHP pUGHNHO QHP V]DODGQpN HO 1HYHWQpN HJ\ QDJ\RW
0HJNpUOHNH]WYHGGWXGRPiVXODM|YUHYRQDWNR]yODJ
-DQLUiWHWWHViUJiVV]HPpW
+O\HYDJ\PRQGWD)|OHPHOWHDWiODOyQIHNYEURQ]%XGGKiWPDMGYLVV]DiOOtWRWWDDWHUtWUH
+D pQ HJ\V]HU UiG HPHOQpP D] |NO|PHW 'H KiW WpJHG QHP NHOO PHJWQL HOLQWp]HG WH PDJDGDW
HJ\HGO
$ V]D[RIRQRV PHJUi]WD D FV|QJHWW\W D V]RPV]pG V]REiEDQ EHPHQW PLQGHQNL $PLNRU D] XWROVy
FVLOODJV]yUyLVNLKXQ\WPHJFVyNROWiNLGVHEE+iEHWOHU-iQRVWiWDGWiNHJ\PiVQDND]DMiQGpNRNDWpV
OHOWHNYDFVRUi]QL
=HQWD\PHJ|OHOWHDNLVOiQ\iWpVVLHWYHHON|V]|QW
0iVQDS UHJJHO VW|WW D QDS NpN YROW D] pJ IHOKWOHQ 6]XKD 0LNOyV pGHVDQ\MD HOYLWWH D J\HUHNHW
5iNRVIDOYiUD$+iEHWOHUFVDOiGLVWHQWLV]WHOHWUHPHQW$]|UHJSDSV]pSHQEHV]pOWPHJHPOpNH]HWW3pN
0iULiUyOLPiGNR]RWWDOHONppUW
$ 1DJ\IXYDURV XWFiEDQ HEpGHOWHN .pVEE D OiQ\RN KR]]iIRJWDN D WHPHWpVL N|OWVpJHN
HOV]iPROiViKR]NLPHQQ\LSpQ]WDGRWWPLUH R PHQQ\LWN|OW|WWHN(]QHPYROWN|QQ\IHODGDWVRN
DSUyNLDGiVUDQHPHPOpNH]WHN+DMQDONDHJ\PiVXWiQtUWDWHOHDSDStURNDWGHDYpJ|VV]HJKROW|EE
KRONHYHVHEEYROWPLQGLJ(J\yUDP~OYDOHWHWWH(V]WHUHOpDFHUX]iW
.tQOyGMWHPRQGWDIiUDGWDQ
'H (V]WHU VHP EROGRJXOW V]i]IRULQWRN WQWHN HO EXNNDQWDN HO LQJHUOWHQ YLWi]WDN ,GVHEE
+iEHWOHU-iQRVEH]iUWDDNRQ\KDDMWyWQHM|MM|QEHV]RPV]pGPHUWPpJD]WJRQGROQiKRJ\LO\HVPLQ
YHV]HNHGQHN -DQLW QHP pUGHNHOWH D] HJpV] D ILiYDO ERORQGR]RWW D GtYiQ\RQ %HV|WpWHGHWW DPLNRU
3LURVND UiV]yOW VHJtWVHQ D OiQ\RNQDN KLV]HQ  LV pUGHNHOYH YDQ D GRORJEDQ 'H -DQL QHP YROW
KDMODQGy$]WIHOHOWHPRQGMiNPHJKDWDUWR]LNYDODNLQHNNLIL]HWLpVUpV]pUOHOYDQLQWp]YH
3LURVNDYiOODWYRQW
'pOyWDV]iPROQDNYDFDNROQDN
(V]WHUI|ONDSWDDIHMpW
1HIpOMQHPNiURVtWXQNPHJD]pUWVHQNLWPRQGWDLQJHUOWHQ(]QiOXQNQHPV]RNiV
1iOXQNVHPIHOHOWH3LURVNDeVNLPHQWDNRQ\KiED
-DQL D K~JiUD Qp]HWW QHP V]yOW VHPPLW ,GVHEE +iEHWOHU -iQRV D KHQJHU DODN~ YDV  R NiO\KD
P|J|WWDUpJLNRSRWWNDWRQDOiGiQOWgVV]HUiQFROWDDKRPORNiWD]RQW|SUHQJHWWNLQHPDGWDPHJD
IHOHVpJpQHN D YpJWLV]WHVVpJHW 6]XKD 0LNOyVUD QDJ\RQ KDUDJXGRWW .HVHU KDQJRQ SDQDV]NRGRWW D
V]D[RIRQRVQDN
9pOHPpQ\HPV]HULQWH]WDFV~Q\DYLVHONHGpVWQHPOHWWYROQDQHNLV]DEDGVHPPLNpSSHQHON|YHWQL
PHUW DPLNRU D] DSMD HOKDOiOR]RWW DNNRU D] pQ FVDOiGRP PLQGHQ WDJMD MHOHQ YROW D WHPHWpVpQ GUiJD
pOYLUiJNRV]RU~WKHO\H]HWWDVtUKDQWMiUD
$V]D[RIRQRVPHJQ\XJWDWWDQHPpUGHPHVH]]HOW|UGQLKLV]HQVRNDQPHJDGWiNDYpJWLV]WHVVpJHW
QHPOHKHWHWWPHJV]iPROQLDYLUiJRNDWDUHQJHWHJNRV]RU~W$]|UHJ+iEHWOHU|VV]HK~]WDDV]HPpW
(]QHPtJ\YDQPRQGWD+DWDOiONR]RP6]XKD0LNOyVVDOHOPRQGRPQHNLKRJ\XWROVyURQJ\
HPEHUQHN WDUWRP eV KD RO\DVIpOpW YiODV]RO DPLW VpUWQHN WDOiORN DNNRU QHP IRJRN IHOHOQL D]
HON|YHWNH]HQG FVHOHNHGHWHPpUW 0HUW pQ ILDP WXGRN iP QDJ\RQ My LV OHQQL PHJ QDJ\RQ URVV] LV
OHQQL-DMDQQDNDNLHQJHPPHJYDGtWPHUWpQDNNRUQHPQp]HNVHQNLWGHVHQNLWD]pJNHUHNYLOiJRQ
$UFDNRPRO\YROWIHQ\HJHW0R]GXODWODQXOQp]WHHJ\PiVEDIRQWNH]pW
$ +iEHWOHUOiQ\RN YpJO NLV]iPtWRWWiN  R KRJ\ -DQL WL]HQNpW IRULQWWDO WDUWR]LN +DMQDONiQDN
(V]WHU -DQLQDN Q\ROFYDQQDO *L]LNH SHGLJ V]i]QHJ\YHQQHO DPLW D]RQQDO NL LV IL]HWHWW $NNRU *L]LNH
HV]pEHMXWRWWKRJ\IL]HVVpNPHJ+DMQDONiQDNDNDUiFVRQ\LYDFVRUiWPHUWD]QHPILOOpUHNEHNHUOW$
V]D[RIRQRVH]WD]|WOHWHWHOXWDVtWRWWDQDJ\RQFV~Q\iWPRQGRWWD]WiQUiDGWDIHOHVpJpUHD]VHPOHV]tQ
SDQRIL[EXQGiW
0HQMQNPRQGWDLGHJHVHQeQKROQDSHVWHMiWV]RPDOXGQLV]HUHWQpNPiUYpJUH
'HQHPDOXGWHOH]HQD]pMV]DNiQ
%RUXOW YROW D] pJEROW KDYDW tJpUW 6LHWYH PHQWHN YpJLJ D %pUNRFVLV XWFiQ D -y]VHI N|U~W VDUNiQ
WD[LED OWHN $ Ki]PHVWHU WHQ\HUpW G|U]V|OWH D OLIWEHQ DNiUPLEHQ IRJDGQL DNDUW YHON KRJ\ UHJJHOUH
IHKpU OHV] D YiURV $ V]D[RIRQRV D]W WDQiFVROWD QHNL KDODVV]iN HO H]W D IRJDGiVW DXJXV]WXVUD 2WWKRQ
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

+DMQDONDIRUUyIUGWNpV]tWHWW)UGpVXWiQSL]VDPiEDQOWHND]DV]WDOKR]YDFVRUi]QL$V]D[RIRQRVD
WHUYHLUOEHV]pOW~MPVRUWNHUHVHWWYRQ]yWNRUV]HUWDPLYHONOI|OGLIHV]WLYiORQLVEHPXWDWNR]KDW
+DMQDONiQDN HV]pEH MXWRWW HJ\ %DELWVYHUV DPLW PpJ D JLPQi]LXPEDQ pQHNHOWHN (OG~GROWD $
V]D[RIRQRViOPRVDQEyOLQWRWW
6]pSHQV]yOPRQGWDhQQHSpO\HVHQ R 'HKiWH]RUJRQDYDJ\KDUPyQLXPNtVpUHW(VHWOHJ
]RQJRUDPHJJLWiU6DMQRVI~YyVRNUDQHPOHKHWKDQJV]HUHOQL
(NNRUFV|QJHWWHN$V]D[RIRQRVLQJHUOWHQEHOHE~MWIURWWtUN|QW|VpEHNLPHQWDMWyWQ\LWQL$KLGHJ
IRO\RVyQ ]|OG PEU NDEiWEDQ V]UNH NDODSEDQ =HQWD\ *\|UJ\ iOOW ,MHGWHQ HOQp]pVW NpUHQ
PRVRO\JRWW
0HJKDOWD]DSiPPRQGWD6RNiLJPiV]NiOWDPDYiURVEDQJRQGROWDPQiODWRNiWPHOHJV]HP
HJ\NLFVLW
+DMQDONDDUFiQYpJLJIXWRWWDN|QQ\
,VWHQHPGHPHJYHUV]EHQQQNHW
%HOHE~MWV|WpWNpNVHO\HPN|QW|VpEHPHO\DWpUGpLJpUWpVQDUDQFVKpMV]tQViUNiQ\RNNDOKtPH]WpN
NL /HYHWWH IHNHWH DUDQ\V]|YpV SDSXFViW HJ\ NDURVV]pNEH NXSRURGRWW /iWKDWyDQ GLGHUJHWW $
V]D[RIRQRVHJ\YHJNRQ\DNRWYHWWHOGHQHPWXGWDNLQ\LWQL=HQWD\NLK~]WDDGXJyWW|OW|WWDKiURP
SRKiUEDFLJDUHWWiUDJ\~MWRWW5|YLGFV|QGXWiQD]WPRQGWD
 ,VWHQ EL]RQ\ PiU GpOHOWW WXGWDP KRJ\ EDM W|UWpQW .pWV]HU LV RGDWHOHIRQiOWDP HOV]|U NLOHQF
yUDNRUD]WiQWL]HQHJ\yUDNRUGHQHPYHWWHIHO7L]HQNHWWNRUHOPHQWHPKR]]i&V|QJHWWHPGHQHP
Q\LWRWWD NL D] DMWyW eUH]QL OHKHWHWW D Ji]V]DJRW J\HUHNHN WXGWDP  R KRJ\ PiU QHP pO QHP
PHUWHPHJ\HGOEHPHQQL/HNLDEiOWDPDKi]PHVWHUQHNKRJ\M|MM|QIHOD]RQQDODKDUPDGLNHPHOHWUH
$]PHJUHQGUWKtYRWWEHW|UWNDODNiVW$]|UHJDYpFpQOWIHMpWDIDOQDNWiPDV]WRWWDJ\KDOWPHJ
$NNRUDUHQGUUHONLQ\LWRWWXND]DEODNRNDWPHUWQHKp]YROWHOYLVHOQLDJi]V]DJRW
gQJ\LONRVOHWW"NpUGH]WHDV]D[RIRQRV=HQWD\UiQp]HWW
 1HP  YiODV]ROWD KDWiUR]RWWDQ  7HOMHVHQ NL]iUW 6DMQRV UpV]HJ YROW $ VWEH WHWWH D K~VW
NLQ\LWRWWDDFVDSRWpVHOIHOHMWHWWHPHJJ\~MWDQL$UHQGUVpJQHNLVH]DYpOHPpQ\H
+DOOJDWWDN =HQWD\ NLV ]VHEWNU|W YHWW HO PHJLJD]tWRWWD D Q\DNNHQGMpW 0DMG D Q\DNiUD WHWWH D
V]UNHJ\DSM~ViODW
 9LOODPRVR]KDWRN HJ\ yUiW .L D SRNROED $] HPEHU NpWV]i] IRULQWRW IL]HW HJ\ NDPUipUW J\DORJRO
HVEHQViUEDQFVRGDKDQHPILFDPtWMDNLDERNiMiWHJ\KO\HJ|G|UEHQ
$OXGMQiOXQNPRQGWDDV]D[RIRQRV
1HPDNDUWQiOXNDOXGQL$]WPRQGWD3HVWOULQFHQYDQDIpQ\NpSH]JpSHUHJJHOHOYLV]LD0V]DNL
%L]RPiQ\LUXKi]EDWDOiQNDSpUWHKiURPH]HUIRULQWRWDNNRUEHIL]HWLDWHPHWpVLN|OWVpJHW
+DMQDOND D] DEODNKR] OpSHWW HOK~]WD D ViU  R JD V]|YHWIJJ|Q\W =XKRJRWW D Ky $ MiUGiQ PiU
V|S|UWpN
1HPHQMHONpUWH2O\DQERORQGXOHVLNDKyDOLJOHKHWOiWQLD]XWDW%DERQiEyOVHPHQMHOPD
HVWH HOFV~V]RO YDODKRO D]]DO D URVV] OiEDGGDO $GRN QHNHG K~VOHYHVW My IRUUy W\~NOHYHVW DPLO\HQW
DQ\XNDI]|WW0HJW|OW|WWNiSRV]WiW.RFVRQ\iWLVHKHWV]UXPRVWHiYDO
+D]DPHJ\HN0DMGYLJ\i]RND]~WRQRWWKRQSHGLJPiUQHPIHQ\HJHWVHPPL,QQLQHPWXGRN|W
IRULQW YDQ D ]VHEHPEHQ KD PHJ QHP WXGQpN HODOXGQL D IDORQ V]HPEHQ D] iJ\DPPDO D NLVOiQ\RP
IpQ\NpSHOyJ
0HJFVyNROWD +DMQDONiW NH]HW V]RUtWRWW D V]D[RIRQRVVDO pV HOPHQW $OLJ K~V] SHUFFHO NpVEE
YLVV]DM|WW
 )pOHN  QHYHWHWW 1HYHWpVH W~O KDQJRVUD VLNHUOW PHJLMHGW WOH HOKDOOJDWRWW =VHENHQGMpYHO
PHJW|U|OWHYL]HVDUFiW*\HUHNHNQHYHVVHWHNNLEL]RQ\LVWHQU|K|JQLYDOyGHtJ\YDQ
+DMQDOND K~VOHYHVW DGRWW QHNL W|OW|WW NiSRV]WiW 6]yWODQXO HYHWW 0DMG HOQp]pVW NpUW KO\H
LGHJiOODSRWipUWFV|QGHVHQMypMV]DNiWNtYiQWpVEHPHQWDPiVLNV]REiEDGHQHPIHNGWOHMiUNiOWIHO
pVDOi
6RNiLJKDOOJDWWiN.pVEE+DMQDONDLGH R JHVHQI|OOWD]iJ\EDQPHJJ\~MWRWWDD]iOOyOiPSiW
 5HJJHOLJ IRJ PiV]NiOQL  PRQGWD  .tQiOG PHJ W NRQ\DNNDO HOpJ KDPDU EHFVtS WDOiQ DNNRU
HODOV]LN
$ V]D[RIRQRVQDN QHP QDJ\RQ WHWV]HWW D] |WOHW $]W PRQGWD =HQWD\W LWDWQL NLV]iPtWKDWDWODQ
YiOODONR]iV5pV]HJHQHUV]DNRVN|WHNHGYDJ\VtUYDJ\YHUHNV]LNDQQ\LEL]RQ\RVKRJ\PHJIpNH]QL
QHPOHKHW'HYpJOLVNLKtYWDW
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

7HPSyVDQ Q\XJRGWDQ LYRWW )pO OLWHU NRQ\DN KLiQ\]RWW PiU D] YHJEO GH VHP D V]HPpQ VHP D
KDQJMiQQHPOHKHWHWWpV]UHYHQQL$]pUWVHPKDUDJXGRWWPHUWDV]D[RIRQRVPDJiQDNQHPW|OW|WWVW
NLMHOHQWHWWHQLQFVLVHUUHV]NVpJHJ\HGOPHJLVV]DD]HJpV]YHJJHO)HKpULQJEHQOWD]DV]WDOQiO
KDONDQODVVDQMyIRUPiQV]QHWQpONOEHV]pOWHJ\PiVXWiQV]tYWDN|U|PLJDFLJDUHWWiNDW,GQNpQW
+DMQDONiUD WHNLQWHWW V]RPRUNiV PRVROO\DO HOQp]pVW NpUW H ERORQG pMV]DNipUW +DMQDOND D] iJ\EDQ
IHNGW D SHKHO\SDSODQW I|OK~]WD D Q\DNiLJ D]W IHOHOWH QH EXWiVNRGMRQ pV D WRPSD IpQ\EHQ
PHJPXWDWWDHJpV]VpJHVIHKpUIRJiW
=HQWD\ PpJ EHV]pOW WRYiEE YDODPL JUDILNXVUyO DNLQHN WDUWR]LN V]i]|WYHQ IRULQWWDO  R D]WiQ D
NLEHUQHWLNiUyOPDMGD]UUHSOpVV]pGtWHUHGPpQ\HLWIHMWHJHWWH
eQPpJXWD]RPDFVLOODJRNN|]|WWPRVRO\JRWW|QJ~QQ\DO+LV]HQRGDQHPNHOOPDMGNiGHUODS
~WOHYpOVHPYt]XPEHIL]HWHPDN|OWVpJHNHWHJ\WiYROLERO\JyUDpVHOUHSO|N
$]WiQ HJ\ NLWQ V]DNiFVN|Q\YUO EHV]pOW DPLW HVWpQNpQW ROYDVJDW I]QL WDQXO pV UpV]OHWHVHQ
HOPDJ\DUi]WD QpKiQ\ pWHO NpV]tWpVPyGMiW $ V]D[RIRQRV IiUDGWDQ W|OW|WWH SRKDUiED D NRQ\DNRW
IDKDQJRQ PRQGRJDWWD ,J\iO IL~   SHGLJ D]RQQDO pUWH Q\~OW V]pJ\HOOVHQ QHYHWJpOW PLQWKD D]W
PRQGDQi QR OiP KLiED IRJ\ D] LG D] LWDO PpJVHP V]pGO|N QHP pU]HP VHPPL KDWiViW .pVEE
DNDGR]QL NH]GHWW D EHV]pGEHQ HJ\LNPiVLN JRQGRODWiW HOYHV]tWHWWH LO\HQNRU V]LJRU~DQ |VV]HYRQWD D
V]HP|OG|NpW pV D IHMpW FVyYiOWD $ V]HPpO\]HWL RV]WiO\ YH]HWMpUH NHVHU KDQJRQ SDQDV]NRGRWW PHUW
QHP HQJHGL W D] HJ\HWHPUH (]W NpSWHOHQVpJQHN WDOiOWD 7L]HQNpW HV]WHQGHMH YDQ D YiOODODWQiO
W|EEV]|U MXWDOPDW NDSRWW RNWyEHUEHQ QHP FVLQiOW VHPPLW KLV]HQ NpW PDQNyYDO MiUW pV H] D] HPEHU
PpJLV D]W PRQGWD HJ\ NROOpJiQDN  LWW ERFViQDWRW NpUW D V]y V]HULQWL LGp]HWpUW  $ =HQWD\ |UOM|Q
KRJ\OXNYDQDYDODJiQQHYHJ\H R HODKHO\HWEHFVOHWHVPXQNiVpVSDUDV]WHPEHUHNHOO
0RVWPiUORERJRWWDV]HPHPXWRJDWRWWV]HQYHGpO\HVKDQJRQPDJ\DUi]WDKRJ\KDD]WPRQGMiNQH
YHJ\HHODKHO\HWEHFVOHWHVHPEHUHNHOOH]DQQ\LWMHOHQWKRJ\QHPEHFVOHWHVKDQHPEHFVWHOHQ
0iUSHGLJH]UiJDOPD]iVEL]RQ\tWViNEHH]PiUMRJLNpUGpVH]PiUDEtUyViJUDWDUWR]LNQHPLVKDJ\MD
PDJiWKDW|ULNKDV]DNDGHJ\HWHPUHPHJ\
-yFVNiQ HOP~OW pMIpO DPLNRU D V]D[RIRQRV NLW|OW|WWH QHNL D] YHJ DOMiEyO D PDUDGpN NRQ\DNRW
,QJHUOWHQ V]HPUHKiQ\yDQ Qp]HWW D IHOHVpJpUH +DMQDOND LV iOPRV YROW NLPHUOW DOLJ WXGWD Q\LWYD
WDUWDQLDV]HPpW=HQWD\ODVVDQQHKp]NHVHQIHOWiSiV]NRGRWW.RPRUDQQp]WHNHW
*i]V]DJYDQ
'H KLiED PRQGWiN QHNL KRJ\ QLQFVHQ Q\XJWDODQXO IRUJDWWD D IHMpW NLPHQW D] HOV]REiED
PHJYL]VJiOQLHO]iUWiNHDIFVDSRW9LVV]DOWD]DV]WDOKR]QpKiQ\SHUFLJD]UHVYHJHWIRUJDWWDPDMG
NpWWHQ\HUpEHKDMWRWWDKRPORNiW
0LQGLJRO\DQJRQGRVDQIpVON|G|WWNLJRQGROWDKRJ\HQQ\LKDMDKLiQ\]LN*\HUHNHNEL]RQ\LVWHQ
PDOiWWDP
+DMQDOND V]HPpQ NLIXWRWW D N|QQ\ $  R V]D[RIRQRV LGHJHVHQ HOYHWW D VXEOyGEyO HJ\ V|WpWNpN
SL]VDPiWRGDDGWDQHNL
 1HNHP LV VRN KDMDP KLiQ\]LN  IRUGXOW PRVW V]RPRU~DQ +DMQDONiKR]  $ QYpUHG HJpV]
PDURNQ\LWNLWpSHWW$SiPPpJOHJXWyEELVD]WPRQGWDPHQMHNYLVV]DKR]]iFVyNROMDPPHJDNH]pW
PHUWEHFVOHWHVHEEDVV]RQ\WQHPWDOiORN'HpQQHPPHJ\HNYLVV]DeSSHQHOHJHPYDQEHOOH,QNiEE
PHJWDQXORNI]QLNLPRVRPD]LQJHPHWFVDNQHLVOiVVDPW
7HVHPKLiQ\]ROQHNLPRQGWD+DMQDOND0RVWSHGLJDOXGMXQNPHUWOHUDJDGDV]HPHP
=HQWD\ HONpV]OW )LQWRURNDW YiJRWW KDUDJRVDQ PHJE|NWH PXWDWyXMMiYDO D KRPORNiW GDGRJRWW
DNDGR]RWW NLMHOHQWHWWH QHP DNDUW WLV]WHOHWOHQ KDQJRQ EHV]pOQL D IHOHVpJpUO 1HP YLWiV KRJ\ QHP
FVDOWDPHJWKLV]HQDOHONHPpO\pQEDERQiVDQIpOD],VWHQWOEQWHWpVWODWWyOKRJ\WDOiQEHWHJOHV]
PHJKDO D PiVRGLN J\HUPHNH LV 3HUV]H V]HQYHGpO\HV WHUPpV]HW DSMD YpUH KD HJ\V]HU HONH]GL QHP
KDJ\MD DEED OHIHNV]LN PLQGHQNLYHO GH KiW HKKH] VHQNLQHN VHPPL N|]H HJ\HGO D]  GROJD EiU D]W
IHOHOVVpJJHO NLMHOHQWKHWL DPHO\LN SHUFEHQ DNDUQi V]HQW OHKHWQH D EpNH FVXSiQ HJ\ FVRNRU Uy]VD pV
HJ\ DXV]WUiOJ\DSM~ NDUGLJiQ V]NVpJHV D PDUDGpNWDODQ EROGRJViJKR]  R $]WiQ PHJNpUWH D
V]D[RIRQRVW NtVpUMH NL W D YpFpUH GH D] DMWy HOWW PHJWRUSDQW ~J\ NHOOHWW D NDUMiQiO IRJYD EHYLQQL
0DMG ERFViQDWRW NpUW PHJLQW +DMQDONiWyO VtUQL NH]GHWW N|YHWHOWH D]RQQDO J\~MWViN PHJ D] |VV]HV
YLOODQ\W YDJ\ OHGREMD PDJiW D] HPHOHWUO +DMQDONiW HO|QW|WWH D GK JRURPEiQ UiV]yOW YLVHONHGMpN
QRUPiOLVDQ OHJ\HQ WHNLQWHWWHO UiMXN LV PHQMHQ EH D PiVLN V]REiED pV DOXGMpN YpJUH =HQWD\
I|OHPHOWHD]|NOpW
+DOOJDVVNLiOWRWWD/iWWDGPLO\HQOiGiEDWHWWpN"(J\iOWDOiQQHPKDVRQOtWRWWNRSRUVyUD
&ViSROWDNDUMiYDOiOODWQDNPRQGWDDUHQGUWLV]WHWPHUWDNNRUKtYWDWDWHOHIRQKR]PLNRUKR]WiN
D] |UHJHW PLQW .ULV]WXVW pV NpQ\WHOHQ YROW iWOpSQL I|O|WWH (OKDOOJDWRWW 0RVW LMHGW YROW D] DUFD
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

Q\XJWDODQXOQp]HWWN|UO
1HPOHWW|QJ\LONRVV]yODOWPHJV]LJRU~KDQJRQ$]WPRQGWDV]LOYHV]WHUNRULVHJ\WWOHV]QN
NRQ\DNRWYHV]KR]XQNDN|U~WUyONpWKHO\HVFLFiWHOPDUKiVNRGXQNYHONUHJJHOLJ,JD]KDV]HQWHVWpQ
QiODYDJ\RNPHJpU]HPDJi]|POpVW(QJHPYiUWDK~VWQHNHPDNDUWDVWQL
.|QQ\HV DUFiW D V]D[RIRQRVUD HPHOWH WDOiQ PRQGDQL DNDUW PpJ YDODPLW GH FVDN HJ\  R ILQWRUW
FVLQiOW)|OHPHOWHDV]Q\HJUODSL]VDPiWpVEHPHQWDPiVLNV]REiED+DOORWWiNKRJ\I|ONDWWLQWMDD
YLOODQ\WPRW\RJG~GROWLDSiUQiWPDMGODVVDQIW\OQLNH]GL+HMKDOiV]RNKDOiV]RNPLWIRJRWWD
KiOyWRN
+DMQDORGRWWDPLNRUEHPHQWHNKR]]i.|Q\|N|OWDQ\LWRWWDEODNEDQPpJPLQGLJIW\OW0H]WHOHQ
IHOVWHVWpWH]VWV]tQKyI|GWH
+DPDU HOP~OW D WpO )HEUXiUEDQ PpJ Wt]IRNRV KLGHJHW PpUWHN D]WiQ KLUWHOHQ PHJHQ\KOW QpKiQ\
QDSLJ WDUWy HV]pV XWiQ iWPHQHW QpONO V]LQWH HJ\ FVDSiVUD NLWDYDV]RGRWW $ )pPIHOGROJR]yEDQ PiU
NLWiPDV]WRWWiN D] DEODNRNDW ,IMDEE +iEHWOHU -iQRV UHJJHO KDW yUDNRU iWYHWWH D JpSHW NLRODMR]WD
pNV]tMDW FVHUpOW $]WiQ EHNDSFVROWD D PRWRUW $OXPtQLXPRW HV]WHUJiOW .LOHQF yUDNRU RGDM|WW KR]]i D
Y|U|VKDM~*UyI6]DSRUiQKO\pQSLVORJRWW-DQLDIpQ\IHOpIRUGtWRWWDOHK~]WDDV]HPKpMiW/HWpSHWW
HJ\V]HOHWSDStUWPHJQ\iOD]WDpVNLYHWWHDVSpQW$Y|U|VKDM~SUyEDSLVORJiVWFVLQiOWPDMGEyOLQWRWW
KRJ\UHQGEHQYDQ
(OYiOODORGDWDQWHUHPIHVWpVpW"NpUGH]WH
,JHQPRQGWD-DQL9DViUQDSUHJJHOKR]]iOiWRNKDMQDOLJEHLVIHMH]HP
$Y|U|VKDM~JRQGRONR]RWW
R

OODPLGRORJJDOQHPMyNH]GHQL6]iPOiWNpUQHN
9iOODW YRQW .LMHOHQWHWWH QHP IpO $ V]OL PXQNDN|]|VVpJ Et]WD PHJ W VDMiW NDVV]iEyO IL]HWQHN
KDWV]i] IRULQWRW pV  WLV]WHVVpJHV PXQNiW DG D SpQ]NpUW (]pUW QHP DNDV]WDQDN I|O VHQNLW EH VHP
]iUQDN
9DJ\EH]iUQDN"PR]GtWRWWDViUJiVV]HPpW
7HKHWQHNHJ\V]tYHVVpJHWPRQGWDDY|U|VKDM~0D[LPXPPHJEQWHWQHNSiUV]i]IRULQWUD
$EHWRQUDN|S|WWpVHOPHQW
-DQL OHKDMROW D UDGLiWRU HOp UDNWD D NpV] PXQNiW OHV|S|UWH EDNDQFViUyO D YL]HV IpPKXOODGpNRW pV
NLPHQW D] XGYDUUD 6W|WW D QDS $ UDNWiUpSOHW DMWDMiEDQ .OHLQ %pOD NLDEiOW SLURV PHJ NpN FpGXOiN
YROWDNDNH]pEHQ$UDQ\IRJDYLOORJRWWWHJH]HWWPLQGHQNLWGHDPXQNiVRNQHPKDUDJXGWDNUiWUpIiVDQ
.OHLQ~UQDNV]yOtWRWWiNQHYHWYHNpUGH]WpNKRJ\PHJ\DIV]HU]OHWHPHQQ\LpUWiUXOMDDVYHJFXNURW
3HQJK~V]pUWIHOHOWHeVV]LGWDD]$XUyUDFLUNiOyWPHUWQHP1HZ<RUNEDQNH]GWHDO|Y|OG|]pVW$
UDNRGyN KDQJRVDQ QHYHWWHN =HQWD\ *\|UJ\ LV HOPRVRO\RGRWW 2WW iOOW N|]|WWN YDGRQDW~M NpN
PXQNDUXKiWYLVHOWKiWiWDWHKHUDXWyROGDOiQDNWiPDV]WRW R WDDUFDNRV]RVYROWIpQ\HVDYHUtWpNWO
KDMDWHOHV]V]iODNNDO$PLNRULIMDEE+iEHWOHU-iQRVDNDUMiKR]Q\~OW|VV]HUH]]HQW$VyJRUDDUFiED
Qp]HWW HOOHQVpJHVHQ KDOOJDWRWW HJ\ SHUFLJ 0DMG HOYLJ\RURGRWW D]]DO D UpV]HJ YLJ\RUUDO DPHOO\HO D]
UOHWLJGKtWHWWH(V]WHUW
hGYDSUROHWiUQDNPRQGWDJ~Q\RVDQeVPHJKDMROW
$UR]VGDWHPHWNIDOODO]iUWXGYDUDUDNWiUpSOHWP|J|WW,SDUYiJiQ\IHOH]LNpWROGDOiQUHQGHWOHQ
|VV]HYLVV]DViJEDQ HJ\PiV KHJ\pQKiWiQ NLVHOHMWH]HWW JpSHN EHKHPyW ND]iQRN IHOLVPHUKHWHWOHQ
V]|UQ\V]O|WWHN Q\RPyGQDN PpO\HQ D IHNHWH VDODNED Pi]ViV SHQpV]JRPEiV NDURNNDO PXWDWQDN D]
pJUH YiUMiN D W]KDOiOW $] XGYDU YpJpQ UiFVRV PDJDVUD pStWHWW YDVNDSX HQJHGL D VtQSiUW D
PDFVNDN|YHVXWFiUD
=HQWD\ *\|UJ\ KRVV]~ WUDYHU]HQ OW iUQ\pNEDQ NHUHV]WEH WHWW OiEEDO YiV]RQQDGUiJMD I|OFV~V]RWW
PXWDWWDERNiMiQDPpUHJ]|OGQ\ORQ]RNQLWKiWiWNpQ\HOPHVHQDNIDOQDNWiPDV]WRWWD7XGWDHV]WHOHQ
KDQJXODWiEDQ YDQ RNRVDEE YROQD KDOOJDWQL PHUW YHV]HGHOPHV ~WUD WpYHG PHJYHULN PLQW QHPUpJ
QpKiQ\NDODX]HJ\.iOYiULDWpULLWDOEROWEDQWXGWD-DQLYDOQHPV]DEDGMiWV]DQLV]HPPHO R WDUWMD
WViUJDV]HPpWQHPPR]GtWMDHOD]DUFiUyO'HPiUQHPW|UG|WWYHOH
3LV]NRVXMMDLN|]|WWUHPHJHWWDFLJDUHWWDYLJ\RUJRWWV]pOHVHQFVtSVJ~QQ\DONLMHOHQWHWWHPHJNtPpOL
VyJRUiWDV]DEYiQ\SUpGLNiFLyWyOHOLVPHULKRJ\PHJLQWLOOXPLQiOWiOODSRWEDQYDQKDWGHFLERUWLYRWW
pV NHOOHPHVHQ pU]L PDJiW H V]pS WDYDV]L GpOHOWW|Q pUGHNHV N|UQ\H]HWEHQ D] DUDQ\RV URNRQ
WiUVDViJiEDQ &VDN DWWyO IpO KD D WQGpUL PiPRU HOIRJ\ HOIRJ\ D]  MyNHGYH LV (] SHGLJ QHP My
M|QQHNDKO\HJRQGRODWRND]LQJHUOWVpJJ\RPRUpVIHMJ|UFVLO\HQNRUPHJNRPLV]OHV]PDUDNRGy
EHOHN|WPpJD]HOHYHQIiEDLV
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

 $] RUYRVRN YpOHPpQ\H V]HULQW LYiV XWiQ DODFVRQ\UD V]iOO D YpUFXNRU  PRQGWD HJ\ SHGDJyJXV
KDQJMiQXMMiWDPDJDVEDHPHOYH(]pUWLV]QDNPiVQDSUHJJHOV|UWHOP~OLNDNDW]HQMDPPHU(QJHP
H]QHPpUGHNHOeQDV]HQWEpNHVVpJpUWLV]RNKRJ\PHJNtPpOMHPHPEHUWiUVDLPDWHJ\N|WHNHGHPEHU
JRURPEDViJDLWyO
 5pV]HJHQ VHP YDJ\ NHOOHPHVHEE  PRQGWD -DQL 5R]VGiV OiQFRW HPHOW I|O D EDNDQFVD PHOOO
PHJIRUJDWWDDWHQ\HUpQPDMGKiWUDGREWDD]yFVNDViJRNN|]p$]HJpV]pOHWHGHWtJ\WROWDGHO,WWiO
NXUYi]WiOYHV]HNHGWpO$]pQFVDOiGRPEDQVHPWXGWiOPHJPDUDGQL
R

 0iV VHP WXGRWW  YiODV]ROWD =HQWD\  0pJ D V]D[RIRQRV LV OHOpSHWW 3HGLJ D] QHP LYRWW pV QHP
NXUYi]RWW0pJLVHOPHQWHJ\HWOHQV]iOUXKiEDQO\XNDVFLSYHO2WWKDJ\RWWPLQGHQW
.LKtYyDQ Qp]HWW D VyJRUiUD YiUW HJ\ LGHLJ GH D] QpPD YROW 6]HPN|]W OW YHOH I|OIRUGtWRWW OiGiQ
KDMORWWKiWWDOPR]GXODWODQXOEiPXOWDDEDNDQFViW$NNRUKLUWHOHQPHJV]iQWDWHOGREWDDFLJDUHWWiMiW
JpSHOWSDStURNDWK~]RWWHOD]VHEpEOUiW|WWDNH]pYHOpVPiVUyONH]GHWWEHV]pOQL&V|QGHVKDQJRQ
HOEHV]pOWH KRJ\ W D 0DORPJpS 9iOODODW V]HPpO\]HWL YH]HWMH WL]HQNpW HV]WHQGHL EHFVOHWHV PXQND
XWiQ D 0XQNDW|UYpQ\N|Q\Y & SRQWMiUD YDOy KLYDWNR]iVVDO WHWWH NL D] XWFiUD H] SHGLJ D]  HVHWpEHQ
MRJWDODQ (OPHQW D 1pSV]DEDGViJKR] D VHJtWVpJNHW NpUWH KLYDWNR]RWW D ;;,, NRQJUHVV]XVUD
IRJODONR]WDNLVD]J\pYHOPpJKR]]iOHONLLVPHUHWHVHQDODSRVDQpVWHOMHVHUHGPpQQ\HO'HD]~MViJtUy
EDUiWLWDQiFViUDQHPPHJ\YLVV]DD0DORPJpSKH]PHUWNpVEEPHJLQWNLW|UQpNDQ\DNiWFVDNPiU
J\HVHEEHQ(]pUWE|QJpV]QLNH]GWHD]~MViJKLUGHWpVHNHWKRONHUHVQHNQDJ\J\DNRUODWWDOUHQGHONH]
V]DNHPEHUWPtJD]WiQWDOiOWLVHJ\ILDWDONLWQQHKp]LSDULYiOODODWRWDKROEL]RQ\LVWHQKDOORWWiNPiU
D] R QHYpWPXQNDJ\LIHODGyNpQW|U|PPHODONDOPD]QiN
&LJDUHWWiUD J\~MWRWW PRVW PiU PDJDEL]WRV KDQJRQ |QWHOW HOOHQV]HQYHV PRVROO\DO PDJ\DUi]WD
NHWWH]HUQ\ROFV]i] IRULQWRW tJpUWHN QHNL pV  DODSRV PHJEHV]pOpV XWiQ HOIRJDGWD D IHOWpWHOHNHW D
YiOODODW  pYL LQWp]NHGpVL WHUYpQHN Ui YRQDWNR]y UpV]IHODGDWDLW PXQNDXWDOYiQ\RN WpWHOHV
HOOHQU]pVHPXQNDUHQGV]HULQWLPXQNDLGHOOHQU]pVHPXQNDQDSIHOYpWHOHNNpV]tWpVHDJpSOiQFEDQ
GROJR]y HUJpSHN NLKDV]QiOiViQDN YL]VJiODWD KHO\HV FLNOXVpUWpNHN PHJiOODStWiVD LGEpUHV yUiN
FV|NNHQWpVHWHOMHVtWPpQ\EpUHVyUiNQ|YHOpVHDV]NVpJHVQRUPDIHOYpWHOHNHONpV]tWpVHIRO\DPDWRVDQ
D] XWDOYiQ\R]RWW PHQQ\LVpJHN |VV]HKDVRQOtWiVD D Ki]L V]iPOiNNDO iOORPiQ\FVRSRUWRN OpWV]iPiQDN
HORV]WiVDYL]VJiODWDpVHOOHQU]pVHKDYRQNpQW
,WWYDQD]HJpV]DNLVXMMDPEDQ$PLQWH]DNHGYHVFpJNLDGMDDPXQNDN|Q\YHPHWKR]]iMiUXOiViW
KRJ\QHPWDUWLJpQ\WWRYiEEDWUyJHUROiVRPUDH]PpJQpKiQ\QDSKR]]iOiWRNDPXQNiKR]0RVW
QHP pUGHNHV D V]iUPD]iV FVDN D WHKHWVpJ DXJXV]WXVUD EL]RQ\LVWHQ IHOWRUQiV]RP PDJDP
SUpPLXPPDOPHJOHV]DQpJ\H]HUIRULQWRP
,IMDEE+iEHWOHU-iQRV|VV]HYRQWDDV]HP|OG|NpW
R

 PHQ  EyOLQWRWW  0DMG LJD]ROWDWQDN UpV]HJHQ HJ\ pMV]DNDL SUHVV]yEDQ NLGHUO KRJ\
EHWHJiOORPiQ\EDQ YDJ\ pUWHVtWLN D YiOODODWRW pV HOLQGXOKDWV] PHJLQW V]HUHQFVpW NHUHVQL D
1pSV]DEDGViJKR]
=HQWD\HOYLWWHWHNLQWHWpWDViUJiVV]HPSiUUyOSLV]NRVUHSHGH]HWWN|UPpWYL]VJiOWD(OPRVRO\RGRWW
)DQ\DU KDQJRQ |QPDJiW J~Q\ROy ILQWRURNNDO HOPRQGWD KRJ\  V]LOYHV]WHU pMMHOpQ HJ\ YHJ SH]VJW
YiViUROW NL DNDUWD YLQQL D WHPHWEH 'H KLiED tJpUW D WD[LVRIUQHN V]i] IRULQWRW QHP iOOW N|WpOQHN
HOPDJ\DUi]WD ]iUYD YDQ D NDSX LO\HQNRU QHP NHOO ERO\JDWQL D KDORWWDNDW $NNRU HOPHQW D] GiP
EIpEHPHJNpUWHJ\yFVNDNLVQWLJ\RQYHOH0DMGI|OGK|]FVDSWDDSRKDUDNDWD]YHJHWpVEHKtYWiN
DUHQGUW7iSSpQ]HVYROWDOULQFLLGHJRV]WiO\RQNH]HOWpN'HPpJPRVWLV]VLEEDGDNDUMDpMMHOQHP
WXGDOXGQLIRUJROyGLNJRQGRONR]LNUHJJHORO\DQPLQWDNLWDJ\RQYHUWHN
-DQLI|OiOOWOHSRUROWDD]OHSpW
1HLJ\iO0RVWLVYDQEHQQHGKDWGHFL]|OGYDJ\PLQWDFLWURP
=HQWD\HOYLJ\RURGRWW
0HUW]VtURVNHQ\pUHQpOHN.HGYHVVyJRU
+LUWHOHQ GK IRJWD HO (OViSDGW WpUGpW iW  R |OHOWH pUGHV QHYHWpVVHO Qp]HWW I|O D PiVLN DUFiED
1HPWXGWDpVQHPLVDNDUWDIpNH]QLPDJiWDKRJ\NDYDURJWDNIHMpEHQDJRQGRODWRN~J\V]yUWDNLNHW
.H]pYHO PXWRJDWRWW LGQNpQW VtUiV IRMWRJDWWD LO\HQNRU EHOHW~UW D KDMiED V]iMD HOp HPHOWH D] |NOpW
NHVHUYHVHQ N|K|J|WW 6]HUWHOHQ PRQGDWDLQDN HUW DGRWW D J\O|OHW DNiU HUVtWHWWH KDQJMiW DNiU
KDONtWRWWD pSSHQ ~J\ YLOORJRWW PLQW D V]HPpEHQ 9pJpUYpQ\HVHQ NLNpUW PDJiQDN PLQGHQIpOH
SUpGLNiFLyW HOLVPHUWH KRJ\ XWROVy ]OO|WW DODN NDQiOLVW|OWHOpN FVDN KDJ\MiN PiU W HOE~FV~]RWW D
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

WLV]WHV FVDOiGWyO RWWKDJ\WD D ODNiVW E~WRUW PRVyJpSHW KD NtYiQMiN YLVV]DNOGL D UiGLyW HJ\HWOHQ
UXKiMiW MiU PH]WHOHQO FVDN D] D NpUpVH QH SUpGLNiOMDQDN QHNL D WLV]WHVVpJUO QH UiQJDVViN HO D
E|OFVHNN|YpWpVQHPRQGMiNDNLVOiQ\iQDNKRJ\JD]HPEHU.LIL]HWLKDYRQNpQWDKiURPV]i]|WYHQ
IRULQWRW HOYHWWpN WOH HGGLJ LV VHQNLW VHP pUGHNHOW KRJ\ D VHJpGPXQNiVQDN PDUDGH SpQ]H ]DEiOQL
'HPLQGH]QHPpUGHNHVHJ\IRUPDDPVRUPLQGDKiURPIpUMIL]HWDPiUWtUDVV]RQ\RNHJ\IRUPDV]pS
ODNiVEDQPDUDGWDNNLWQIRGUiV]KR]MiUQDNpVYpJWHOHQOV]iQMiNKRJ\QHPVLNHUOQHNLNVHPPLD]
pOHWEHQ
+DOOJDVVPRQGWD-DQL5iWHWWHViUJiV R V]HPpWD]iJiOyHPEHUUHpVFV|QGHVKDQJRQPpJ
HJ\V]HUILJ\HOPH]WHWWH+DOOJDVV
'H =HQWD\ FVDN PRVRO\JRWW J~Q\RVDQ $UFD IHKpU YROW YHUtWpN J\|QJ\|]|WW KRPORNiQ V]HPH
Q\XJWDODQLQJHUOWKDQJRQNLMHOHQWHWWHPRVWWHV]LOHDJDUDVWDNDQiOLVW|OWHOpNPHUWQHNLLVPHJYDQ
DVDMiWYpOHPpQ\HDWLV]WHVFVDOiGUyODJ\iV]EDERUXOW|UHJHPEHUUODNLK~V]pYXWiQPRVWFVLQiOWDWRWW
PIRJVRUW ~J\ MiU NL PLQGHQ iOGRWW GpOXWiQ IHOHVpJH VtUMiKR] )ULVVHQ ERURWYiOYD IpQ\HV FLSYHO
YDVDOWQDGUiJJDO
+iWQHPyULiVL"gWyUDLKHO\HWWDWHPHWEHMiULVPHUNHGQLXGYDUROJDWQLD]|]YHJ\DVV]RQ\RNQDN
,]JDWRWWDQOHNiV]iOyGRWWDWUDYHU]UORGDOpSHWW-DQLHOp
+DOOJDWV]"NpUGH]WH0pUWQHPPRQGRGKRJ\KD]XGRN"
 6]HPpW YDJ\  PRQGWD -DQL FV|QGHVHQ  7t] pYLJ pOWpO N|]|WWQN $Q\iP D] iJ\WiODW KRUGWD
DOyODG
=HQWD\KDOOJDWRWWHJ\SHUFLJ
$Q\iGEDNDSDV]NRGV]V]yODOWPHJD]WiQ6]RPRU~DQHOPRVRO\RGRWW&VHW3iSiUyOSLOODQJyUD
LVHOPHQW
$] XGYDU PiVLN YpJpQ HJ\ PXQNiV EXNNDQW HO NLQ\LWRWWD D Yt]FVDSRW IHUGpQ WiWRWW  R V]iMMDO
KDMROWDOi$]WiQPHJUi]WDDIHMpWpVHOV]DODGW=HQWD\URVV]ILQWRUWFVLQiOW
eQYDJ\RNV]HPpW"eVWLKRJ\DQpOWHN"+DMQDONDSRIiUDGREWDDPiVRGLNIpUMpWLVD]HOVWOV]HGLD
QpJ\V]i]IRULQWRW*L]LNHERORQGPDJDHOpEiPXOV]|UQ\VpJHViOPRNDWOiWVLUiQNR]LNKRJ\QHPpO
D]DQ\XNiMDGHNpWV]HUHWWWDUWFVDOiGRVHPEHUHNHWDNLNUXKiYDOFLSYHOKDULVQ\iYDOYLJDV]WDOMiN
7LV]WHVVpJ HUN|OFV 9HGG WXGRPiVXO D IpUMpW LV FVDOWD &VDN +tUHV ,VWYiQ KL~EE HPEHU YROW 6]XKD
0LNOyVQiOKDOOJDWRWWPLQWDVtU
+DOOJDVV
 +DOOJDVVDN"  QHYHWHWW L]JDWRWWDQ  0pUW QHP SUpGLNiOV]" $ NDQiOLVW|OWHOpNQHN" ,WWDP" ,JD]
,V]RPPRVWLV(J\YLOiJWDSRVUDMWDPROFVyNDSFDEHW\iURNN|SQHNV]HPN|]WYDFDNIXQNFLRQiULXVRN
W|ULN NL D Q\DNDP KD QHP WHWV]LN D] iEUi]DWRP pV WL PHUWHN SUpGLNiOQL QHNHP" 7L DNLNHW PDJDP
P|J|WW KDJ\RN HEEHQ D UHQGV]HUEHQ LV V]i]V]RU NO|QE pOHWHW pOHN QiODWRN OHJDOiEE PXQNDJ\L
IHODGyOHWWHPpVPpJHOEEUHLVMXWRNWDQXORNDNNRULVKDPLQGHQIXQNFLRQiULXVVDOHJ\HQNpQWNHOO
YHUHNHGQHP WL PHUWHN SUpGLNiOQL" 0LIpOH MRJRQ" +iW H] D UHQGV]HU D WL KRPORNRWRNDW FVyNROMD
N|Q\|U|J KRJ\ Ii  R UDGMDWRN HO D] HJ\HWHPUH OHJ\HWHN RUYRVRN PpUQ|N|N EtUyN IPYH]HWN
IUHQGU|N INDWRQiN ILVWHQQ\LOiN pV WL HOE~MWDWRN D EDUDNNRNEyO pOWHN XJ\DQ~J\ PLQW D
K|UFV|J|N ']VHVV] WiQF KDMUi )UDGL &VDN ]DEiOWRN W|PLWHN PDJDWRNDW W~UyV FVXV]iYDO UiQWRWW
KDOODOE|I|JW|NpViJ\EDE~MWRNNHGYHV+iEHWOHUHOYWiUV
5HPHJNp]]HOFLJDUHWWiUDJ\~MWRWW
 1H Qp]] tJ\ UiP  QHYHWHWW J~Q\RVDQ  7H KRJ\DQ pOV]" .HUHVHO W|EE PLQW NpWH]HU IRULQWRW
ODNiVIHVWpVW YiOODOV] PRVRO I]|O WDNDUtWDV] FVyNROJDWRG D ILDGDW /iWWiO PiU V]tQKi]DW EHOOUO"
(OROYDVWiOHJ\HWOHQN|Q\YHWLV"3HGLJWHYDJ\HQQHNDKDWDORPQDNDELUWRNRVDHV]WHUJiO\RVIQHPHV
KiERU~V PiUWtU KLV]HQ D V]HUHOPHGHW pV D NLVOiQ\RGDW HJ\ NLV IHOHGpNHQ\VpJ PLDWW pJHWWpN HO
$XVFKZLW]EDQ
-DQL|N|OOHOW|WWHPHJWD]DUFiW+iWUD]XKDQWDJpSURQFVRNN|]pDNRSRQ\iMiWW|UWHHOD]RQQDO
PHJKDOW $] HV]WHUJiO\RV SHUFHNLJ QHP WXGWD HOPR]GtWDQL ViUJiV V]HPpW D] LV]RQ\DWRV OiWYiQ\UyO
$]WiQ NpW KDWDOPDV WHQ\HUpW D] DUFiKR] HPHOWH RUGtWRWW PLQW HJ\ iOODW PpJ DNNRU LV DPLNRU D
PXQNiVRNHOYH]HWWpN
+DMQDOND ODNiViQ UHQGHWOHQVpJ YROW D KDQ  R JXODW LV Oi]DV LQJHUOW ,GVHEE +iEHWOHU -iQRV D
EU|QG|NHW ]iUWD H (V]WHU D NLVOiQ\iW UiQJDWWD |OW|]WHWWH +DMQDOND HJ\ V]pNHQ OW IHMpW
KiWUDKDMWRWWD PR]GXODWODQ V]HPPHO Qp]WH D PRGHUQ KDWiJ~ FVLOOiUW DMNiW V]pWK~]WD LGpWOHQO
YLFVRUtWRWW*L]LNHYpNRQ\VyVDYEDPiUWRWWNLVHFVHWWHOODVV~PR]GXODWRNNDOWLV]WtWRWWDDIRJiW
)RUUy M~OLXV YROW JRWKD GLiNWiERUEDQ SLKHQW 6LyIRNRQ +DMQDOND NLVILiW 6]XKD 0LNOyV YLWWH
KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO





5R]VGDWHPHW

Q\DUDOQL +DMQDOND pV (V]WHU 0LVNROF7DSROFiUD NpV]OW (V]WHU YiOODODWiQDN NLFVLQ\ KDWV]REiV
GOMpEH0pJW|EEPLQWKiURPQHJ\HGyUDKLiQ\]RWWDYRQDWLQGXOiViKR]*L]LNHWRMiVWI]|WWQHNLN
V]DOiPLV]VHPOpWNpV]tWHWWJ\P|OFV|WPRVRWWQ\ORQ]DFVNyEDFVRPDJROWDEHOHWHWWH+DMQDONDSLURV
NpN FVtNRV GLYDWRV VWUDQGWiVNiMiED $] |UHJ +iEHWOHU PiU J\HUHNHVHQ YLVHONHGHWW J\YpGGHO DNDUW
EHV]pOQLNRQRNXOLGHJHVtWHQKDMWRJDWWDKRJ\D]NLVDUDQ\RVIHOHVpJpQHND]XQRNDILYpUpWEL]RQ\RV
6WiGLQJHU -y]VL QHYH]HW NIDUDJyVHJpGHW DJ\RQYHUWpN D NRPPQ XWiQ 0iUSHGLJ H]W YDODKRJ\
LJD]ROQLNpQHPHJD]WKRJ\LVV]ROJiOWDY|U|VKDGVHUHJEHQ
(]WHOMHVVpJJHOPHJIHOHODYDOyViJQDNPRQGRWWDeQVRKDpOHWHPEHQKD]XJGROJRW R QHP
iOOtWRWWDP0iUSHGLJKDH]D]iOOtWiVRPEHLJD]ROKDWyDQ\XJGtMDPDWOHJDOiEELVNpWV]i]YDJ\PpJW|EE
IRULQWWDOLVIHOHPHOQpN
$]WiQ WHOHIRQiOWDN WD[LpUW .|QQ\H]YH FVyNROWiN PHJ DSMXNDW *L]LNH VHJtWHWW OHFLSHOQL D QHKp]
EU|QG|NHW D] HPHOHWUO $] |UHJ WpEOiEROW YDODPHGGLJ D WiODOyQ KHYHU EURQ] %XGGKiW Qp]HJHWWH
OHW|U|OWHKiMDVWHVWpUODSRUW0DMGNLPHQWDNRQ\KiEDPHJW|OW|WWYt]]HOHJ\WHMHVYHJHWpVORFVROQL
NH]GWHDYLUiJRNDW
R

KWWSGLDMDGR[SLPKXMHWVSHHGGLVSOD\;KWPO"GRF,G  VHF,G  PDLQ&RQWHQW WUXH PRGH KWPO



You might also like