You are on page 1of 112



%YXSQSXMZIETTPMGEXMSRWSJTS[HIV
QIXEPPYVK]
4  6 % 1% /6 - 7 ,2 %2-RHMER-RWXMXYXISJ8IGLRSPSK]
&SQFE]-RHME
(3-
%FWXVEGX4S[HIVQIXEPPYVK] 41 MWERIWXEFPMWLIHKVIIRQERYJEGXYVMRK
XIGLRSPSK]JSVXLITVSHYGXMSRSJRIXWLETIGSQTSRIRXW8LIEFMPMX]XSYWI
41XSQEWWTVSHYGIVIPMEFPITVIGMWMSRTEVXWGSRWMWXIRXP]EXEGLIETVEXIMW
ZIV]EXXVEGXMZIXSXLIEYXSQSXMZIMRHYWXV]8LMWGLETXIVHMWGYWWIWXLIYWI
SJE[MHIZEVMIX]SJGSQTSRIRXWTVSHYGIHJVSQHMJJIVIRXQIXEPPMGQEXIVMEPW
MRXVEHMXMSREPERHIGSGEVW/I]JEGXSVWMRXLIMRGVIEWIMRYWISJ41TEVXW
MREYXSQSXMZIETTPMGEXMSRWERHXLIGLEPPIRKIWVIPEXIHXSXLMWMRGVIEWIEVI
I\EQMRIH*MREPP]XLIGLETXIVPSSOWEXIQIVKMRKXVIRHWERHTVSWTIGXWJSV
MRRSZEXMZI41XIGLRSPSK]MRXLIEYXSQSXMZIMRHYWXV]
/I][SVHWEYXSQSXMZI41TEVXWJIVVSYWERHRSRJIVVSYWJYRGXMSREPTEVXW
RERSXIGLRSPSK]WXVYGXYVEPTEVXWXVEHMXMSREPERHIGSZILMGPIW



-RXVSHYGXMSR

8LIEYXSQSXMZIMRHYWXV]MWSRISJXLIOI]WIGXSVWSJXLIIGSRSQ]RSXIHJSV
MXWKPSFEPZEPYIGLEMRERHMWEQENSVGYWXSQIVSJXLITS[HIVQIXEPPYVK] 41 
MRHYWXV] %YXSQSFMPI QERYJEGXYVIVW EVI JEGMRK XLI GLEPPIRKI SJTVSGYVMRK
GSQTSRIRXW[MXLPMKLX[IMKLXWYTIVMSVTIVJSVQERGIERHIRLERGIHHYVEFMPMX]
ERHVIPMEFMPMX]MRSVHIVXSTVSHYGIGSQJSVXEFPIWEJIZILMGPIWEXPS[GSWX41
MWERIRIVK]WEZMRKKVIIRXIGLRSPSK]SJJIVMRKMQTVSZIHTIVJSVQERGIERH
WYGLEWGEWXMRKI\XVYWMSRJSVKMRKWXEQTMRKERHQEGLMRMRK8LIEYXSQSXMZI
MRHYWXV]LEW EGGITXIH41XIGLRSPSK][MXLXLIVIWYPXXLEXSZIV SJMXW
TVSHYGXMSR[SVPH[MHIMWEMQIHEXXLIEYXSQSFMPIQERYJEGXYVMRKWIGXSV8LIVI
MWXVIQIRHSYWWGSTIJSV41XSTIRIXVEXIJYVXLIVGSRWMHIVMRKXLI[MHIZEVMIX]
SJZILMGPIWWYGLEWGEVWFYWIWXVYGOWZERWERHXLVII[LIIPIHZILMGPIWEW
[IPPEWX[S[LIIPIHZILMGPIWWYGLEWWGSSXIVWQSXSVG]GPIWERHFMG]GPIW
 1ER] TS[HIV QIXEPPYVK] TVSGIWWMRK XIGLRMUYIW EVI EZEMPEFPI JSV
QERYJEGXYVMRK HMJJIVIRX GSQTSRIRXW VERKMRK JVSQ TVIWWMRK ERH WMRXIVMRK
XSLSXMWSWXEXMGTVIWWMRKTS[HIVJSVKMRKQIXEPMRNIGXMSRQSPHMRKERHVETMH
TVSXSX]TMRKXLIWIEVIHMWGYWWIHMRZEVMSYWTYFPMGEXMSRW 14-*
)41%%71-RXIVREXMSREP6EQEOVMWLRER 
 8LIYWISJ41MRXLIEYXSQSFMPIWIGXSVFIKER[MXLXLIYWISJWMRXIVIHWIPJ

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

PYFVMGEXMRKFIEVMRKWERHPS[HIRWMX]WXVYGXYVEPTEVXWMRXLIWERHW
JSPPS[IHF]WQEPPTEVXW EWEWYFWXMXYXIJSVGEWXMVSR ERHWLSGOEFWSVFMRK
GSQTSRIRXWMRXLIW0EVKIVGSQTSRIRXWERHQSVIGSQTPMGEXIHWLETIW
WYGLEWXMQMRKKIEVWTVSGOIXWW]RGLVSRM^IVLYFWZEPZIWIEXWFIPXTYPPI]W
ERHTS[IVWXIIVMRKTEVXW[IVIHIZIPSTIHMRXLIWERHW(YVMRKXLI
WIJJSVXW[IVIGSRGIRXVEXIHSRXLIWYFWXMXYXMSRSJ41JSVJSVKIHWXIIP
MRGSQTSRIRXWWYGLEWGSRRIGXMRKVSHWGSQTSWMXIGEQWLEJXWERHIQMWWMSR
GSRXVSPW]WXIQTEVXW8LIRYQFIVSJTEVXWMRYWIERHXLIMV[IMKLXTIVZILMGPI
LEW MRGVIEWIH WYFWXERXMEPP] WMRGI XLIW ERH W XSXLI GYVVIRX PIZIP
SJSZIVTEVXW[MXLQSVIXLERETTPMGEXMSRW[IMKLMRK MRXLI97% 
MRXLIVERKISJXSOKHITIRHMRKYTSRXLIX]TISJZILMGPI8LIYWISJ

EGGITXERGI XMQI SJ 41 GSQTSRIRXW 'SRXMRYSYW MQTVSZIQIRXW MR VE[


QEXIVMEPWTS[HIVWIUYMTQIRXWYGLEWGSQTEGXMRKTVIWWIW MRGPYHMRKMWSWXEXMG
ERHWMRXIVMRKJYVREGIW ERHTVSGIWWIWWYGLEW[EVQERHLSXTVIWWMRKWMRXIV
FSRHMRKLSXMWSWXEXMGTVIWWMRKTS[HIVJSVKMRKVSPPMRKERHMRNIGXMSRQSPHMRK
 *IVVSYWEPPS]W[IVIHIZIPSTIHJVSQHMJJYWMSREPPS]IHJYPP]EPPS]IHFSRHIH
QM\ERHEHQM\IHIPIQIRXEPTS[HIVWEPSRK[MXLPYFVMGERXWERHEHHMXMZIWXS
MQTVSZIXLIMVQMGVSWXVYGXYVIERHQIGLERMGEPTVSTIVXMIW)JJSVXW[IVIQEHIXS
VIHYGIXLIGSWXF]YWMRKGLIETIVEPPS]MRKIPIQIRXWQSHMJ]MRKXLIWMRXIVMRK
EXQSWTLIVIWYWMRKLMKLIVWMRXIVMRKXIQTIVEXYVIWERHHIZIPSTMRKTVSGIWWIW
WYGLEWWMRXIVLEVHIRMRKXSVITPEGIGSRZIRXMSREPWMRXIVMRKERHLIEXXVIEXQIRX
8SMRGVIEWIXLIWM^IVERKISJWLETIWERHGSQTPI\MX]SJGSQTSRIRXWEW[IPP
EWMQTVSZIXLIIGSRSQ]SJXLITVSGIWWE[MHIZEVMIX]SJTVIWWIWLEZIFIIR
HIZIPSTIH7SQII\EQTPIWMRGPYHIGSQTYXIVRYQIVMGEPGSRXVSP '2' TVIWWIW
[MXLGPSWIHPSSTGSRXVSPPIH QSZIQIRXWQYPXMTPEXIREHSTXIVWLMKL WTIIH
TVIWWIWWIVZSHVMZIRTVIWWIWERHLMKLZIPSGMX]GSQTEGXMSR ,MR^QERRERH
7XIVOIRFYVK -RSVHIVXSVIHYGIXLIIRIVK]GSRWYQTXMSRERHMQTVSZI
TVSHYGX UYEPMX] E ZEVMIX] SJFEXGLERH GSRXMRYSYW WMRXIVMRKJYVREGIW [MXL
GSRXVSPPIH EXQSWTLIVIW LMKLIV XIQTIVEXYVIW ERHQSVIWSTLMWXMGEXIHWTEVO
8LI[MHIVYWISJGSQTYXEXMSRERHWMQYPEXMSRLEWVIWYPXIHMRVIHYGXMSRWMRXLI
GSWXERHTVSGIWWMRKXMQIERHLEWEPWSMQTVSZIHTVSHYGXUYEPMX]8LISZIVEPP
VIWYPXMWXLIEGGITXERGISJ41EWEPS[GSWXEPXIVREXMZIF]XLIEYXSQSXMZI
MRHYWXV]



4S[HIVQIXEPPYVK]TEVXW

8LI YWI SJ 41 MR EYXSQSXMZI ZILMGPIW WYGL EW GEVW FYWIW XVYGOW ZERW
SXLIV GSQTSRIRXW 8LI TSXIRXMEP EVIEW SJ ETTPMGEXMSR JSV 41 MR E GEV EVI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



*YIP
MRNIGXMSR
%MV
GPIERIV

7XIIVMRK
)\LEYWX

&EXXIV]

)RKMRI

7LSGO
EFWSVFIV
TEVXW

%PXIVREXSV
4S[IVWXIIVMRK
VIWIVZSMV

7IEX

&VEOIHMWG

'LEWWMW

8VERWQMWWMSR

4S[HIVQIXEPPYVK]ETTPMGEXMSREVIEWMREGEV

3MPTYQTVSXSVWERHKIEVW

WLS[RMR*MK7SQI41TEVXWWYGLEWFIEVMRKWERH KIEVW WLS[RMR


*MK EVIGSQQSRXSEPPZILMGPIWEPXLSYKLXLIMVWM^IWXVIRKXLKISQIXV]
TVSHYGXMSRSJWGSSXIVWERHQSXSVG]GPIWEPWSYWIW41TEVXWWSQISJXLIWI
EVIWLS[RMR*MK(IXEMPIHGSZIVEKISJXLIEYXSQSXMZIETTPMGEXMSRWSJ
41LEWFIIRVITSVXIHF],EPPERH1SGEVWOM  1SGEVWOMIXEP  

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

7GSSXIVQSXSVG]GPITEVXW

+IEVFS\XVERWQMWWMSR GPYXGLLYFKIEVWLMJXMRK]SOIWIXG 

ERH*YNMOM   ,S[IZIVGSRXMRYSYWMQTVSZIQIRXWERHMRRSZEXMSREVI


XEOMRKTPEGIMREYXSQSFMPITVSHYGXMSRERH41MWVMWMRKXSXLISGGEWMSRXS
QIIXXLIWIGLEPPIRKIW

 8VERWQMWWMSRW
%YXSQSXMZI XVERWQMWWMSR GER FI QERYEP WIQMEYXSQEXMG EYXSQEXMG SV
YWI ZEVMEFPI ZEPZI XMQMRK 8LI TEVXW YWIH MR QERYEP XVERWQMWWMSRW EVI EW
JSPPS[WW]RGLVSRM^IVLYFFPSGOMRKVMRKMRXIVPSGOWPIIZIKIEVWLMJXPIZIV
W]RGLVSRM^IVTPEXIGPYXGLLYFGPYXGLVIPIEWILYFHIXIRXPIZIVKYMHITPEXI
WPIIZIMRXIVPSGOERHPIZIVGSRXVSP7SQIXVERWQMWWMSRTEVXWEVIWLS[RMR*MK
%WEYXSQEXMGXVERWQMWWMSRWFIGSQIQSVI[MHIP]YWIHXLIHIQERHJSV

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



41TEVXW[MPPMRGVIEWI-REREYXSQEXMGXVERWQMWWMSRXLIJSPPS[MRKTEVXWEVI
YWIHZERIX]TIERHKIEVX]TITYQTWXLIGSRZIVXIVXYVFMRILYFGPYXGLTPEXIW
XLIGPYXGLLYFGSRZIVXIVGPYXGLIWSYXIVERHMRRIVVEGIWPSGOYTGSRZIVXIV
TEVXWTEVOMRKKIEVWOMGOHS[RPIZIVWERHGLEMRWTVSGOIXW
 -REQERYEPXVERWQMWWMSRYWIHMRTEWWIRKIVGEVWERHXVYGOWW]RGLVSRM^IV
YRMXW QEOI KIEV WLMJXW WQSSXLIV ERH IEWMIV JSV XLI HVMZIV 7MKP ERH 6EWGL
 LEZIGSZIVIHEHZERGIWMRGSQTSRIRXWJSVXLIW]RGLVSRM^EXMSRQSHYPI
MR QERYEP XVERWQMWWMSR KIEV FS\IW 8LI TIVJSVQERGI SJ XLI W]RGLVSRM^IV
YRMX MW GVMXMGEP JSV XLI GSVVIGX STIVEXMSR SJ XLI XVERWQMWWMSR EW [IPP EW XLI
GSQJSVXSJXLIHVMZIV[LIRGLERKMRKKIEV8LIYRMXGSRXEMRWXLIJSPPS[MRK
GSQTSRIRXWWLEJXFIEVMRKWELYFQSYRXIHSRXLIMRTYXWLEJXERHEWPMHMRK
WPIIZI[LMGLXVERWJIVWXLIXSVUYIJVSQXLIWLEJXLYFEWWIQFP]XSXLIGPYXGL
XSXLIW]RGLVSRM^EXMSRGSRI%X[SWLEJXQERYEPXVERWQMWWMSRMWWLS[RMR
*MKERHXLIOI]GSQTSRIRXWSJXLIW]RGLVSRM^EXMSRW]WXIQEVIWLS[R
MR*MK
 8LIGPYXGLKIEVGSRIYRMXMW[IPHIHXSEJVIIP]WTMRRMRKXVERWQMWWMSRKIEV
8LIWPMHMRKWPIIZIGSRRIGXWXSXLIGPYXGLKIEVXLIJVIIKIEVFIGSQIWPSGOIH
XS XLI MRTYX WLEJX ERH XVERWJIVW XLI XSVUYI XS XLI GSQQYXIV XVERWQMWWMSR
GSQFMREXMSR[MXLXLIGPYXGLKIEVGSRIIRWYVIWXLEXXLIW]RGLVSRM^EXMSRSJ
XLIVSXEXMSREPWTIIHWFIX[IIRXLIMRTYXERHSYXTYXWLEJXWMWEGLMIZIHFIJSVI
XLIWPMHMRKWPIIZIIRKEKIW[MXLXLIGPYXGLKIEV8LIW]RGLVSRM^EXMSRTVSGIWW
HYVMRKEKIEVGLERKIVIUYMVIWXLIKIEVWXSEGGIPIVEXISVHIGIPIVEXIEKEMRWX
XLI MRIVXMESJ XVERWQMWWMSR XLMW MW EGLMIZIHYWMRKE W]RGLVSRM^IV VMRK ERH
E GSRIX]TI JVMGXMSR GPYXGL ;LIR XLI HVMZIV QSZIW XLI KIEV PIZIV E WLMJX
JSVO WPMHIW XLI WPMHMRK WPIIZI [MXL XLI GPYXGL KIEVXVERWQMWWMSR KIEV YRMX

-RTYXWLEJX




3YXTYXWLEJX
7]RGLVSRM^IVYRMX

8[SWLEJXQERYEPXVERWQMWWMSRSJEW]RGLVSRM^EXMSRW]WXIQ

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]


7]RGLVSRM^IVLYF
 7]RGLVSRM^IVVMRK

7PMHMRKWPIIZI
'PYXGLKIEV[MXLGSRI
8VERWQMWWMSR





/I]GSQTSRIRXWSJEW]RGLVSRM^IVW]WXIQ

GPYXGLKIEV -RXVERWQMWWMSRWXLIQEMRSFNIGXSJ EKIEVMW XLIVIPMEFPIERH


WMPIRXXVERWQMWWMSRSJXSVUYILIRGIKIEVWMRKIEVFS\ETTPMGEXMSRWVIUYMVIE
LMKLHIKVIISJKISQIXVMGTVIGMWMSR8LIVIMWGSRWMHIVEFPIWGSTIXSMRGVIEWI
XLI RYQFIV SJ 41 GSQTSRIRXW MR XLI W]RGLVSRM^EXMSR QSHYPI MR QERYEP
XVERWQMWWMSR KIEV FS\IW %VRSPH   KMZIW E WYVZI] SJ XLI GSQTPI\
HIWMKRQEXIVMEPGSQFMREXMSRWEW[IPPEWYRMUYIWSPYXMSRWJSVQERYJEGXYVMRK
EHZERGIH TVSHYGXW ,YFWVEGIWGPYXGLTPEXIWERHGPYXGLTPEXIGEVVMIVWEVI
EPPMQTSVXERXGSQTSRIRXWMREYXSQEXMGXVERWQMWWMSRWXLEXEVIQERYJEGXYVIH
YWMRK41-RHMZMHYEP41TEVXWEVINSMRIHF]FVE^MRKSV[IPHMRK[MXLXMKLX
XSPIVERGIW8LIEWWIQFPIHTEVXWERHXLIMVGEVVMIVWEVIWLS[RMR*MK

 )RKMRIW
%YXSQSFMPIIRKMRIWLEZIYRHIVKSRIWYFWXERXMEPGLERKIW[LMGLLEZIVIWYPXIH
MRMRGVIEWIHTIVJSVQERGIERHVIHYGIHJYIPGSRWYQTXMSRERHIRZMVSRQIRXEP
X]TI SJ JYIP YWIH KEWSPMRI HMIWIP L]FVMH SV JYIP GIPP % WGLIQEXMG ZMI[
SJETMWXSRIRKMRI[MXL41TEVXWMWWLS[RMR*MK41LEWTPE]IHER
MQTSVXERX VSPI MR XLI HIZIPSTQIRX SJ RI[ IRKMRIW IMXLIV F] MQTVSZMRK
I\MWXMRKGSQTSRIRXWSVF]MQTVSZMRKXLIHIWMKRTSWWMFMPMXMIWSJGSQTSRIRXW
MRRI[P]HIZIPSTIHW]WXIQWEWHMWGYWWIHF]1SPMRW  8LIYWISJ41
GSQTSRIRXWLEWMQTVSZIHIRKMRITIVJSVQERGIEW[IPPEWVIHYGMRKGSWXW
 'EQ WLEJXW EVI XVEHMXMSREPP] JSVKIH JVSQ WSPMH FEVW ERH EVI LIEZMP]
QEGLMRIH41XIGLRSPSK]LEWEPPS[IHJSVXLIYWISJGEQWERHMRXIVQIHMEXI
VMRKW SR E LSPPS[ XYFI EW WLS[R MR *MK  VIWYPXMRK MR HMQIRWMSREP

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]

%YXSXVERWQMWWMSRGEVVMIVW E EWWIQFPIHGSQTSRIRXW F 
MRHMZMHYEP41TEVXW G TMIGIGEVVMIVFVE^IH H TMIGIGEVVMIV
[IPHIH

:EPZI
7TEVOTPYK

4MWXSR
'SRRIGXMRKVSH
'VEROWLEJX
)RKMRIFPSGO

1EMRFIEVMRKGET
3MPTER

7GLIQEXMGZMI[SJETMWXSRIRKMRI[MXL41TEVXW

'SQTSWMXIGEQWLEJX GSYVXIW]SJ8L]WWIR 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ





%HZERGIWMRTS[HIVQIXEPPYVK]

TVIGMWMSRWXVMRKIRX[IEVVIWMWXERGIERHEPMKLXIVEWWIQFP]4S[HIVJSVKIH
GSRRIGXMRKVSHWWLS[RMR*MKLEZIQYGLXMKLXIVXSPIVERGIWERHXLI
MRXVSHYGXMSRSJJVEGXYVIWTPMXXMRKSJXLIVSHvWQEMRFIEVMRKLIEHLEWVIWYPXIH
MRMQTVSZIHFEPERGIMRXLIIRKMRIW3XLIVTEVXWMRGPYHIGEQWLEJXERHGVERO
WLEJXWTVSGOIXWXMQMRKKIEVW+VSXSVERHKIEVX]TISMPTYQTW[EXIVTYQT
HSYFPI GLEMR WTVSGOIXW KSZIVRSV [IMKLXW ZEPZI WIEX MRWIVXW ZEPZI PMJXIV
KYMHIW WXEMRPIWW WXIIP XLVSXXPI GEQ MRWIVXW XYVFSGLEVKIVW ERH JYIP MRNIGXSV
TEVXW
 8LIYWISJ41XIGLRSPSK]LEWEPWSLIPTIHXSVIHYGIXLI[IMKLXSJHMWXVMFYXMSR
TYPPI]WEWWLS[RMR*MKERHXLIXVERWMXMSRJVSQGEVFYVIXSVXSKEWSPMRI

4S[HIVJSVKIHGSRRIGXMRKVSHW GSYVXIW]SJ+/2 

(MWXVMFYXMSRTYPPI]W

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



JYIPMRNIGXMSRW]WXIQWLEWVIWYPXIHMREVIHYGXMSR MRJYIPGSRWYQTXMSRERH
IQMWWMSRW *YIP MRNIGXMSR TYQT TEVXW EVI WLS[R MR *MK  7SJX 41
QEKRIXWEVIYWIHMRXLIMRNIGXSVWEWWLS[RMR*MK
 -RI\LEYWXKEWVIGMVGYPEXMSRW]WXIQWWSQISJXLII\LEYWXKEWMWJIHFEGO
MRXSXLIGSQFYWXMSRGLEQFIVXSVIHYGIXLIEQSYRXSJ23\MRXLII\LEYWX
8LMW VIUYMVIW ZEPZIW ERH EGXYEXSVW XLEX GER [SVO EX LMKL XIQTIVEXYVIW MR
ER IRZMVSRQIRX GSRXEMRMRK EKKVIWWMZI GSQFYWXMSR KEWIW JSV [LMGL 41
XIGLRSPSK]MWVIUYMVIH7SQISJXLIWI41TEVXWEVIWLS[RMR*MK
 41 WXEMRPIWW WXIIPW ERH WTIGMEP FVSR^IW EVI YWIH EW WPMHMRK FYWLIW ERH
ZEPZIFSHMIW'LERKIWMRGSQFYWXMSRGSRHMXMSRWERHJYIPGSQTSWMXMSRLEZI

*YIPMRNIGXMSRTYQTTEVXW

7SJXQEKRIXMGQEXIVMEPWJSVKEWSPMRIMRNIGXMSRW]WXIQ

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

4EVXWJSVERI\LEYWXKEWGMVGYPEXMSRW]WXIQ



GEYWIHERMRGVIEWIMRXLIXIQTIVEXYVISJI\LEYWXKEWIWERHXLIYWISJ41
IRKMRI KEWSPMRI MW GSRZIVXIH XS OMRIXMG IRIVK] XLVSYKL GSQFYWXMSR ERH E
VIPEXMZIP]PEVKIEQSYRXSJLIEXMWI\LEYWXIHXLVSYKLIQMWWMSRKEWIW)JJSVXW
EVIFIMRKQEHIXSKIRIVEXIIPIGXVMGMX]JVSQXLII\LEYWXLIEXSJIRKMRIWYWMRK
IRKMRIW1ER]WYGLXLIVQSIPIGXVMGHIZMGIWEVIQERYJEGXYVIHYWMRK41
 8LI ETTPMGEXMSRW SJ QIXEP MRNIGXMSR QSPHMRK 1-1  MR XLI EYXSQSXMZI
MRHYWXV] EVI MRGVIEWMRK S[MRK XS XLI ZSPYQI VIUYMVIQIRXW SJ XLI MRHYWXV]
EVIEW /EXS 4EVXWFIMRKQERYJEGXYVIHYWMRK1-1MRGPYHIXLIIRKMRI

 'LEWIWERHSXLIVW
8LIWI EVIEW MRGPYHI WXIIVMRK WYWTIRWMSR WLSGO EFWSVFIV TEVXW HSSV PSGO
TEVXWFVEOITEVXWERHWSSR4EWWIRKIVGEVW[MXLJVSRX[LIIPHVMZIERHVEGO

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



)RKMRIERHW]RGLVSRM^IVWXEMRPIWWWXIIP1-1TEVXW E IRKMRI

4S[IVWXIIVMRKTEVXW

ERHTMRMSR WXIIVMRK QIGLERMWQW LEZI E 41 WXIIP FYPOLIEH EWWIQFP] IRH


TPEXIERHWXIIVMRKVEGOKYMHI7XIIVMRKGSPYQRWYWIEZEVMIX]SJVEXGLIXWXS
PSGOXLIXMPXMRKWXIIVMRK[LIIPMRTSWMXMSR8LIWXIIVMRKGSPYQRMKRMXMSROI]
W]WXIQWEPWSYWIE41MKRMXMSROI]PSGOKIEV-RTS[IVWXIIVMRKQIGLERMWQW
41XIGLRSPSK]MWYWIHJSVXLITS[IVTYQT[LMGLGSRWMWXWSJEVSXSVYTTIV
ERH PS[IV IRH TPEXIW ER EGXYEXSV ERH E GEQ MRWIVX 7SQI TS[IV WXIIVMRK
TEVXWEVIWLS[RMR*MK7LSGOEFWSVFIVTEVXWWYGLEWTMWXSRG]PMRHIV
IRHW WXVYX VSH KYMHIW ERH GSQTVIWWMSR ZEPZIW ERH WIEX VIGPMRMRK TEVXW
WII*MKWERH EVIEPWS QEHIYWMRK41%RERXMPSGOFVEOMRK
W]WXIQ %&7 YWMRKWIRWSVVMRKWEWIRWSVTEHLSPHIVERHJVMGXMSRQEXIVMEPW
WYGLEWFVEOITEHWMWWLS[RMR*MK &EFYERH(LIIVEN+SPPE 
*YVXLIV HIZIPSTQIRXW MR XLIWI EVIEW EVI HMWGYWWIH MR 7IGXMSRW  ERH


;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

7LSGOEFWSVFIVTEVXW

7IEXVIGPMRMRKTEVXW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



1IXEPPMGFVEOITEH GVIHMX41%- 



1EXIVMEPW

%ZEVMIX]SJMVSRWXIIPEPPS]WXIIPWWXEMRPIWWWXIIPGSTTIVFVSR^IEPYQMRMYQ
ERHXMXERMYQEPPS]WERHGSQTSWMXIWEVIYWIHJSVEYXSQSXMZIGSQTSRIRXWMR
EHHMXMSRXSIPIGXVMGEPQEKRIXMGERHIPIGXVSRMGQEXIVMEPW8LIKIRIVEPXVIRHMWXS
VIHYGI[IMKLXMRGVIEWIWXVIRKXLMQTVSZIXLIRIXWLETIYXMPM^ILIEXXVIEXQIRX
ERHWTIGMEPWYVJEGIXVIEXQIRXWERHMQTVSZITVIGMWMSRMRXVERWTSVXEXMSR

 -VSRERHWXIIP
-RXLIJIVVSYWGEXIKSV]*I*Iz'*Iz'Y*Iz'Yz'ERH*Iz1Sz'Yz2Mz'
PS[1S ERH2M ERHLMKL 1S ERH 2M EVI YWIHJSVWXVYGXYVEPETTPMGEXMSRW
WYGL EW GEQWLEJX ERH GVEROWLEJX WTVSGOIXW GSRRIGXMRK VSHW W]RGLVSRM^IV
VMRKWFIEVMRKGETWSMPTYQTKIEVWERHWSSR8LII\TIRWMZI1S2MERH
'Y IPIQIRXW EVI FIMRK WYFWXMXYXIH F] GLIETIV 'V 1R ERH 7M [MXL LMKL
XIQTIVEXYVIWMRXIVMRK8LYW*Iz1Rz'*Iz1Rz7Mz'*Iz7Mz'Vz1Sz' PS[
1S ERH*Iz7Mz'Vz1Sz2Mz' PS[2M GSQTSWMXMSRWLEZIFIIRHIZIPSTIH
XSVIHYGIXLIGSWXSJXLIGSQTSRIRXW*SV[IEVVIWMWXERXETTPMGEXMSRWWYGLEW
ZEPZIWIEXWZEPZIKYMHIWGEQWLEJXW*Iz'Vz1Sz;z:z'*Iz'Yz7Rz4z'
ERH *Iz'Vz2Mz1Sz4z' GSQTSWMXMSRW EVI YWIH 4SXIRXMEP ETTPMGEXMSRW SJ
WXEMRPIWW WXIIPW WYGL EW  0  0 4, MRGPYHI IRKMRI ZEPZI WIEXW

KEWVIGMVGYPEXMSRW]WXIQW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

 %PYQMRMYQXMXERMYQERHSXLIVW
%PYQMRMYQEPPS]TEVXWEVIYWIHXSVIHYGIXLI[IMKLXERHMRGVIEWIXLIJYIP
GETWTYPPI]WSMPTYQTVSXSVWG]PMRHIVPMRIVWERHWLSGOEFWSVFIVTEVXW%Pz7M
%Pz'Yz1K%Pz>Rz1Kz'Y%Pz'Yz7Mz1KERH%Pz*Iz'IEPPS]WEVIYWIHJSV
XLIWIETTPMGEXMSRW-RXLITVIWWzWMRXIVzWM^MRKTVSGIWWIPIQIRXEPTS[HIVWEVI
QM\IHSVEPYQMRMYQTS[HIVWEVIQM\IH[MXLQEWXIVEPPS]TS[HIVWSJXLI
HIWMVIHGSQTSWMXMSRERHXLIPMUYMHTLEWIWMRXIVIHXSTVSHYGIGSQTSRIRXW
[MXL XLI HIWMVIH TVSTIVXMIW *YVXLIV MQTVSZIQIRXW MR TVSTIVXMIW GER FI
LSXTVIWWMRKI\XVYWMSRJSVKMRKSVLSXMWSWXEXMGTVIWWMRKXSJSVQGSQTSRIRXW
WYGLEWG]PMRHIVPMRIVWVSXSVWERHZERIWJSVEYXSQSXMZIEMVGSRHMXMSRIVWERH
SMPTYQTVSXSVW (IPEVFVIERH/VILP,YRX 7IPMKERH(SQER
41KIEVW%PYQMRMYQFEWIHQIXEPQEXVM\GSQTSWMXIWYXMPM^MRK7M'%P3SV
&'TEVXMGPIW[MPPTVSZMHIMQTVSZIH[IEVVIWMWXERGIERHLMKLG]GPIJEXMKYI
VIWMWXERGI EX QSHIVEXIP] IPIZEXIH XIQTIVEXYVIW %RSXLIV QIXLSH YWIH XS
JVSQ ' 7M' SV SXLIV QEXIVMEPW 7SQI SJ XLI GEWX EPYQMRMYQ ERH JIVVSYW
QEXIVMEPW MR ZEPZI XVEMR GSQTSRIRXW GER FI VITPEGIH [MXL EPYQMRMYQ 41
TEVXW %PYQMRMYQ QIXEPPMG JSEQW [LMGL EVI TVSHYGIH F] FPIRHMRK QIXEP
TS[HIVW[MXLJSEQMRKEKIRXWERHLIEXXVIEXMRKXLIQ[MPPVIWYPXMRTVSHYGXW
[MXL E TSVSWMX] SJ z  8LI GIPPYPEV WXVYGXYVIW TVSHYGIH [MPP TVSZMHI
ELMKLWXMJJRIWWXS[IMKLX VEXMSERHEFWSVFLMKLEQSYRXWSJIRIVK]HYVMRK
GSQTVIWWMZIHIJSVQEXMSR8LI]EVIXLIVIJSVIEXXVEGXMZIJSVYWIMRPMKLX[IMKLX
ERHIRIVK]EFWSVTXMSRETTPMGEXMSRW
 8MXERMYQ MW ERSXLIV QIXEP [MXL PS[ HIRWMX] LMKL WXVIRKXL ERH KSSH
GSVVSWMSRVIWMWXERGI8LIJIEWMFMPMX]SJTVSHYGMRKXMXERMYQTEVXWJSVEYXSQSXMZI
ERH RYXW LEW FIIR IWXEFPMWLIH JSV 8M%P: YWMRK IPIQIRXEP ERH EPPS]
TS[HIVW -ZEWMWLMRIXEP4EXXERE]EOIXEP 9WMRK41XMXERMYQ
MR TS[IV XVEMR GSQTSRIRXW EPPS[W XLI QERYJEGXYVIV XS VIHYGI XLI [IMKLX
SJ GSQTSRIRXW TEVXMGYPEVP] MR VIGMTVSGEXMRK ETTPMGEXMSRW MJ TVSHYGIH EX E
PS[IVGSWXXLERXLIGSRZIRXMSREPXMXERMYQVSYXI8LMWGSYPHGSRXVMFYXIXSXLI
 'STTIVEPPS]WWYGLEWFVSR^IERHFVEWWERHXLIFIEVMRKEPPS]W'Yz7R
'Yz>R 'Yz4Fz7R ERH *Iz'Yz4Fz' EVI YWIH MR PEVKI RYQFIVW JSV WIPJ
WIKQIRXW FEPERGI WLEJX QIGLERMWQW PSGOW ERH OI]W 'Yz' QEXIVMEPW EVI
YWIH MR QSXSVW WXEVXIVW KSZIVRSVW ZSPXEKI VIKYPEXSVW GMVGYMX TVSXIGXSVW
VIPE]WERHGSRXEGXFVYWLIW8LI]EVIEPWSYWIHMRIPIGXVMGEPGSRXVSPW]WXIQW
WYGL EWLIEHPMKLXWJSK PMKLXW [MRHS[ PMJXIVW [MTIVWERH IPIGXVSQEKRIXMG

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



ZMFVEXSVW WYGL EW FY^^IVW ERH LSVRW )PIGXVMGEP GSRXEGX QEXIVMEPW MRGPYHI
GSTTIVWMPZIVERHXYRKWXIRFEWIHEPPS]WQYPXMGSQTSRIRXW]WXIQWGSQFMRMRK
TVIGMSYWQIXEPWWYGLEWTPEXMRYQTEPPEHMYQKSPHERHWMPZIV[MXLSXLIVQIXEPW
WYGL EW 'Y 2M 1S SV ; ERH WMPZIVFEWIH GSQTSWMXIW WYGL EW %Kz'H3
%Kz7R3%Kz' .SWLMIXEP *MKYVIWLS[WEWGLIQEXMGZMI[
SJ E GEV MRHMGEXMRK X]TMGEP GSRXEGX ETTPMGEXMSRW 3XLIV IPIGXVMGEP QEKRIXMG
ERHIPIGXVSRMGQEXIVMEPWEVIGSZIVIHMRXLIWIGXMSRSRJYRGXMSREPQEXIVMEPW

 2ERSQEXIVMEPW
1EXIVMEPWHIEPMRK[MXLEXSQMGERHQSPIGYPEVPIZIPW[MXLPIRKXLWVERKMRKJVSQ
EFSYXzRQGERTVSZMHIRI[TVSTIVXMIWERHJYRGXMSRW8LIWIQEXIVMEPW
LEZI WLS[R MQTVSZIH QIGLERMGEP IPIGXVMGEP STXMGEP GLIQMGEP QEKRIXMG
ERHIPIGXVSRMGTVSTIVXMIW8LIVIEVIWIZIVEPETTPMGEXMSRWMRXLIEYXSQSXMZI
MRHYWXV]JSVRERSXIGLRSPSK]MRGPYHMRKPMKLX[IMKLXGSRWXVYGXMSRTS[IVXVEMRW
IRIVK] GSRZIVWMSR TSPPYXMSRVIHYGXMSR WIRWSVW ERHXLI VIHYGXMSR SJ [IEV
MR HVMZMRK H]REQMGW 4VIWXMRK ERH /SRMK   2ERSFEWIH PMKLX EPPS]W
ERHGSQTSWMXIWLEZIMQTVSZIHQIGLERMGEPTVSTIVXMIWEWHIQSRWXVEXIHF]
1IPR]OIXEP  WSXLI]GERFIYWIHJSVLMKLIVTIVJSVQERGIETTPMGEXMSRW








1SXSVWXEVXIV
:SPXEKIVIKYPEXSV
,SVR
;MTIV
,IEHPMKLX
8EMPPEQTW


 &Y^^IV
 7EJIX]FIPXW
 ;MRHS[PMJXIVW
6IEV[MRHS[HIJSKKIV
,IEXMRKERHEMVGSRHMXMSRMRKW]WXIQ
(SSVPSGOMRK

7GLIQEXMGZMI[SJEGEVMRHMGEXMRKX]TMGEPGSRXEGXETTPMGEXMSRW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

;LMPI XLI XIRWMPI WXVIRKXL SJ E GSRZIRXMSREP EPYQMRMYQ EPPS] %P 
MW SJ XLI SVHIV SJ  14E XLEX SJ XLI %P z%P3 RERSGSQTSWMXI MW
 14E ERH XLEX SJ XLI %Pz1Kz7M' RMXVSKIR GV]SQMPPIH RERSGSQTSWMXI
MW14E -R XLIEYXSQSXMZIMRHYWXV]YWIWMRGPYHIRERSGSQTSWMXIWJSV
WXVYGXYVEPVIMRJSVGIQIRXERHWEJIX]RERSTEVXMGPIGEXEP]WXWJSVJYIPIGSRSQ]
ERHRERSEHHMXMZIWJSVETTPMGEXMSRWWYGLEWPYFVMGERXWERHWIPJGPIERMRKERXM
JSKKMRKERXMEFVEWMSRERXMGSVVSWMSRERHWIPJVITEMVMRKGSEXMRKW



-RRSZEXMZITS[HIVQIXEPPYVK]TVSHYGXW

8LIVI EVI WIZIVEP SYXWXERHMRK ETTPMGEXMSRW HIQSRWXVEXMRK TVIGMWMSR


GSQTPI\MX]TIVJSVQERGIIGSRSQ]ERHMRRSZEXMSRXLEXGERFISFXEMRIHJVSQ
41QEXIVMEPWERHGSQTSRIRXWWSQISJXLIWITVSHYGXWEVIHIWGVMFIHMRXLMW
WIGXMSR*MKYVIWLS[WERSMPMQTVIKREXIHFVSR^ITMZSXFYWLMRKYWIHMR
XLIQERYEPXVERWQMWWMSRSJEPMKLXXVYGO[LMGLLEWVIWYPXIHMRGSRWMHIVEFPI
GSWXWEZMRKW
 8LIEPYQMRMYQGEQWLEJXFIEVMRKTEVXW[MXLGSQTPI\HIWMKRWWLS[RMR
*MKVITVIWIRX ERIZSPYXMSR MR XLIQERYJEGXYVMRKSJEPYQMRMYQ41

&VSR^ISMPMQTVIKREXIHTMZSXFYWLMRK GVIHMX14-* 

%PYQMRMYQGEQGETW GSYVXIW]SJ144 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



TEVXW ERH LEZI VIWYPXIH MR GSRWMHIVEFPI [IMKLX WEZMRKW GSQTEVIH XS XLI
IEVPMIV[VSYKLXWXIIPTEVXWYWIHMRIRKMRIW%RSXLIVI\EQTPIMWXLIEPYQMRMYQ
WTVSGOIX ERH VSXSV [IMKLMRK  K *MK   YWIH MR EYXSQSXMZI GEQ
TLEWIVETTPMGEXMSRWXLMWGERFIGSQTEVIHXSXLIIEVPMIVYWISJWMRXIVIHMVSR
[IMKLMRKK
 -REHHMXMSRXS[IMKLXWEZMRKWXLIVSXEXMRKMRIVXMEWEVIEPWSVIHYGIH[LMGL
MQTVSZIWXLIH]REQMGVIWTSRWIXLMWVIWYPXWMRMQTVSZIHIRKMRITIVJSVQERGI
GSQTPI\ TEVXW E ZERI VSXSV WTVSGOIX ERH XLVYWX TPEXI 8LI YWI SJ 41 MR

%PYQMRMYQWTVSGOIXERHVSXSVW GVIHMX)41% 

:EVMEFPIZEPZIXMQMRK GVIHMX14-* 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

XLMW W]WXIQ SJJIVW WYFWXERXMEP GSWX WEZMRKWERH VIWYPXWMR MQTVSZIH IRKMRI


 *MKYVIMWEJSV[EVHGPYXGLLYFEXSVUYIXVERWQMWWMSRTEVXJSVJSV[EVH
ERHFEGO[EVHQSZIQIRXMREGLEMRX]TIGSRXMRYSYWP]ZEVMEFPIXVERWQMWWMSR
8LIGSQTSRIRXLEWGSQTPMGEXIHJIEXYVIWWYGLEWEPEVKIXLMRVMQ[MXLEPSRK
SYXIVWTPMRIERHEPSRKFSWW[MXLMRRIVERHSYXIVWTPMRIW9WMRKXLI41TVSGIWW
VIWYPXIHMRFSXLEPS[IVTVSHYGXMSRGSWXERHMQTVSZIHWXVIRKXLTVSTIVXMIW%
GSQTPI\41WXIIPGVEROWLEJXWTVSGOIXYWIHMRIRKMRIWMWWLS[RMR*MK
GEVVMIVERHSRI[E]GPYXGLEWWIQFP]YWIHMREYXSQSXMZIXVERWQMWWMSRW *MK

*SV[EVHGPYXGLLYFJSV':8W]WXIQW GVIHMX.41% 

'SQTPI\41WXIIPGVEROWLEJXWTVSGOIXJSVEYXSIRKMRI GVIHMX
14-* 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



 GSRWMWXWSJXLVIITMIGIWMRXIVFVE^IHTPERIXEV]GEVVMIVWERHMWQEHI
YWMRKFSXL41GSTTIVWXIIPERHWMRXIVLEVHIRIHQEXIVMEPWEWWIQFPIH[MXLE
WMRKPITVIWWIHGEQTPEXI[LMGLMWEPWSWMRXIVLEVHIRIH8LI41EWWIQFP]
MW VITPEGIH F] E X[STMIGI VMZIXIH TPERIXEV] GEVVMIV EXXEGLIH F] E WTPMRI
MRXIVJEGIXSEJYPPSRI[E]GPYXGLEWWIQFP]XLMWVIWYPXIHMRGSWXWEZMRKWSJ
QSVIXLER 
 %RSXLIV EYXSQSXMZI XVERWQMWWMSR *MK   MW E GEVVMIV ERH SRI[E]
GSWXWEZMRKWSJEFSYX [LIRGSQTEVIHXSSXLIVGSQTIXMXMZITVSGIWWIW
8LIHMJJIVIRXMEPFIEVMRKEHNYWXIV *MK YWIHMREYXSQSFMPIGLEWWMWMW
EWXIIPTEVX[LMGLTVIPSEHWXLIFIEVMRKERHMWPSGOIHMRTPEGIXLVSYKLXLI
WMHILSPIW9WMRKE41TEVXXSVITPEGIXLIGEWXGSQTSRIRX [LMGLVIUYMVIH
I\XIRWMZIQEGLMRMRK VIWYPXIHMRGSRWMHIVEFPIGSWXWEZMRKW*MKYVIWLS[W
XLIMRXEOIWTVSGOIXERHI\LEYWXKIEVYWIHMREGSYTPMRKEWWIQFP]STIVEXMRK
MRHMIWIPIRKMRIW41WXIIPKIEVWVITPEGIHXLIQEGLMRIH[VSYKLXWXIIPKIEVW



)QIVKMRKXVIRHW

8LIEYXSQSXMZIMRHYWXV]MWYRHIVKSMRKWIZIVEPXVERWJSVQEXMSRWXSMQTVSZI
WYWXEMREFMPMX][LMGLEVIVIWYPXMRKMRGLERKMRKXIGLRSPSK]8LIXIGLRSPSKMIW
I\TPSVIHMRIGSGEVWWYGLEWFEXXIV]L]FVMHTPYKMRL]FVMHJYIPGIPPL]FVMH
ERHJYPP]JYRGXMSRMRKIPIGXVMGZILMGPIW[MPPQIIXXLIHIQERHJSVFSXLMQTVSZIH

4PERIXEV]GEVVMIVSRI[E]GPYXGLEWWIQFP]JSVXVERWQMWWMSR
GVIHMX14-* 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

'EVVMIVERHSRI[E]VSGOIVGPYXGLEWWIQFP]JSVEYXSQEXMG
XVERWQMWWMSR GVIHMX14-* 

(MJJIVIRXMEPFIEVMRKEHNYWXIVJSVEYXSGLEWWMW GVIHMX14-* 

JSV YWI MR IGSGEVW EVI IXLERSP FMSHMIWIP GSQTVIWWIH L]HVSKIR KEW ERH
IRIVK]GEVVMIVIPIGXVMGMX]8SEHHVIWWGPMQEXIGLERKI ERH VMWMRKSMPTVMGIW
QENSV EYXSQSXMZI MRHYWXVMIWEGVSWWXLI [SVPHEVI IRKEKIHMRVIWIEVGL ERH

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



-RXEOIWTVSGOIXKIEVERHI\LEYWXKIEVJSVHMIWIPIRKMRI GVIHMX
14-* 

QMPPMSRZILMGPIWMRXSFMPPMSRF]-XMWI\TIGXIHXLEXF]
WEPIWSJRI[L]FVMHW[MPPVIEGLEFSYX ERHWEPIWSJIPIGXVMGZILMGPIW[MPP
VMWIXS SJXSXEPGEVWEPIW8LIVI[MPPEPWSFIEWLMJXXS[EVHWXLI%WMER
QEVOIX [MXL XLI HIQERH JSV WQEPPIV GEVW -R XLI 97% GEV QERYJEGXYVIVW
[MPPFIVIUYMVIHXSEGLMIZIERI[GSVTSVEXIEZIVEKIJYIPIGSRSQ] '%*) 
SJOQTIVKEPPSRJSVEPPGEVWF]'YVVIRX'%*)WXERHEVHWGEPPJSV
OQTIVKEPPSRF]3XLIVJEGXSVWMRGPYHIXLI)YVSTIER+VIIR'EVW
-RMXMEXMZIXLIXEVKIX SJOQTIVKEPPSRJSV TEWWIRKIV GEVWERH XLI
PSRKXIVQ  TIVWTIGXMZI 8LIWI XEVKIXW [MPP JSVGI GEVQERYJEGXYVIVW XS
SZIVLEYPXLIMVETTVSEGLXSZILMGPIHIWMKRERHIRKMRIERHXVERWQMWWMSRHIWMKR
YWMRKPMKLXIVQEXIVMEPW7SQISJXLIHIWMKRJIEXYVIWMRGPYHIZEVMEFPIZEPZI
XMQMRK ::8  ERH LMKLWTIIH XVERWQMWWMSRW WYGL EW WM\ ERH IMKLXWTIIH
KIEVFS\IW[LMGLTVSZMHIQSVIOMPSQIXIVWTIVKEPPSRSZIVE[MHIVERKISJ
WTIIHW 8LI XVEHMXMSREP L]HVEYPMG ::8 W]WXIQ [MPP RSX FI EFPI XS STIVEXI
[MXL XLI HIWMVIH TVIGMWMSR MQQIHMEXIP] EJXIV XLI IRKMRI WXEVXW S[MRK XS
XSXLIYWISJEQSXSV[LMGLHMVIGXP]EHNYWXWXLIZEPZIXMQMRKIZIREX PS[
IRKMRIVIZSPYXMSRWERHPS[IRKMRIXIQTIVEXYVIW
 -R TVMRGMTPI XLI IPIGXVMG GEV [MPP FI E XLVIEX XS XLI 41 MRHYWXV] EW MX
YWIWJI[IVQSZMRKTEVXWXLERMRXIVREPGSQFYWXMSRIRKMRIWERHHVMZIPMRIW
[LMGLGSRXEMRLYRHVIHWSJTEVXW,S[IZIVEYXSQSXMZISVMKMREPIUYMTQIRX
QERYJEGXYVIVW 3)1W SJIPIGXVMGERHL]FVMHZILMGPIWLEZIERRSYRGIHXLEX
XLIVIMWRSTPERXSW[MXGLXVERWQMWWMSRWJVSQQIGLERMGEPXSIPIGXVMGEPW]WXIQW
WII'ETYW ,]FVMHZILMGPIWGSYPHYWIGSRZIRXMSREPXVERWQMWWMSRWWYGL

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

EWWXERHEVHQERYEP SVHYEPGPYXGLXVERWQMWWMSRW*YVXLIVQSVIXLIIPIGXVMG
IRKMRIQE]RSXVITPEGIXLILIEZ]PMJXMRKGEVVMIHSYXF]XVYGOW%KEMRXLIVIEVI
WIZIVEPSTTSVXYRMXMIWJSV41MRIPIGXVMGERHL]FVMHZILMGPIW)PIGXVSQEKRIXMG
TEVXW[MPPMRGVIEWMRKP]FIYWIHMR WYGLHVMZIWERHXLIEZEMPEFMPMX]SJI\XVE
TS[IV[MPPEPPS[XLIYWISJIPIGXVSQEKRIXMGEGXYEXSVWWIRWSVWERHGSRXVSPW
MRWXIEHSJQIGLERMGEPERHL]HVEYPMGEPXIVREXMZIW

 (IRWIVWXVSRKIVERHPMKLXIVTEVXW
8LIVI MW GSRXMRYSYW HIQERH JVSQ XLI EYXSQSXMZI MRHYWXV] JSV HIRWIV ERH
WXVSRKIV GSQTSRIRXW WYGL EW GPYXGL VEGI EWWIQFPMIW IRKMRI XVERWQMWWMSR
W]WXIQWGSRRIGXMRKVSHWKIEVWERHWTVSGOIXW8LIWIVIUYMVIQIRXWEVIQIXYWMRK
RI[EPPS]HIWMKRWLMKLIVGSQTEGXMRKTVIWWYVIWERHWMRXIVMRKXIQTIVEXYVIW
ERHXIGLRMUYIWWYGLEWPMUYMHTLEWIWMRXIVMRKHSYFPITVIWWMRKERHHSYFPI
WMRXIVMRK [EVQ GSQTEGXMSR ERH TS[HIV JSVKMRK 8LI LMKLIV HIRWMXMIW SJ
z K GQz   XLISVIXMGEP HIRWMXMIW  [MXL WTLIVMGEP TSVSWMXMIW ERH
QEVXIRWMXMG QMGVSWXVYGXYVIW GSYPH TVSZMHI WYFWXERXMEP MQTVSZIQIRXW MR
SRP][LIVIRIGIWWEV][LMPIXLIGSVIVIQEMRWEXXLIWMRXIVIHHIRWMX]
 )RHYVERGIPMQMXWMRFSXLXLIFIRHMRKJEXMKYIERHWYVJEGIJEXMKYISJLMKL
HIRWMX]'Vz1SWYVJEGIVSPPIHWMRXIVIHWXIIPKIEVWGSQTPIXIP]QEXGL
XLSWI SJ GEWIGEVFYVM^IH [VSYKLXWXIIP KIEVW QEHI JVSQ X]TMGEP 'Vz1S
WXIIP 8EOIQEWYIXEP 7TVSGOIXWQEHISJ*Iz3'Vz1Rz1S
WXIIP TS[HIVYWMRKGSQTEGXMSR ERH LMKLXIQTIVEXYVI WMRXIVMRK EX '
z
XS E HIRWMX] SJ  K GQz
XLVSYKL [SVOMRK F] VSPPMRK % [MHI ZEVMIX] SJ KIEVW LIPMGEP KIEVW ERH
WTVSGOIXW[MXLI\GITXMSREPTVSTIVXMIWEVIQERYJEGXYVIHGSWXIJJIGXMZIP]F]
FIIRHIZIPSTIHYWMRKMVSRWXIIPERHPS[EPPS]WXIIPTS[HIVW[MXLSTXMQM^IH
PYFVMGERX GSRXIRX 8LI TS[HIVW EVI LIEXIH XS ' ERH TVIWWIH MR XLI
XSSPMRK [LMGLMW LIEXIHXS ' )RKWXVSQ IX EP  7MRGI ELMKLIV
KVIIR WXVIRKXL GER FI EGLMIZIH YWMRK [EVQ GSQTEGXMSR XLIWI TVSHYGXW
GER FI QEGLMRIH MJ RIGIWWEV] XLIVIF] VIHYGMRK XLI QERYJEGXYVMRK GSWX
'SRWMHIVEFPIMQTVSZIQIRXWMRXIRWMPIWXVIRKXL]MIPHWXVIRKXLMQTEGXWXVIRKXL
ERH JEXMKYI WXVIRKXL EVI TSWWMFPIXLVSYKL XLIYWI SJ [EVQ GSQTEGXMSR MR
EHHMXMSRXSVIHYGIHHIRWMX]ZEVMEXMSRW[MXLMREGSQTEGX[LMGLEVIMQTSVXERX
JSVKIEVWERHW]RGLVSRM^MRKWXIIPTEVXW8]TMGEPI\EQTPIWSJTEVXWXLEXGER
FI QERYJEGXYVIH YWMRK [EVQ GSQTEGXMSR EVI KIEVW W]RGLVSRM^MRK VMRKW
W]RGLVSRM^MRK PEXGL GSRIW ERH GSQTPI\ QYPXMPIZIP XSVUYI GSRZIVXIV LYFW
*YVXLIVHIZIPSTQIRXWMRXLMWEVIEEPPS[XLIQERYJEGXYVISJPEVKIVTEVXW YT
XSQQLMKL ERHGSQTPI\WLETIWF]LIEXMRKXLIXSSPWXS'[MXLSYX
TS[HIVLIEXMRK [EVQHMIGSQTEGXMSR 8LMWVIWYPXWMRHIRWMXMIWSJXLISVHIV
SJKGQzEJXIVWMRXIVMRKEX' 2EVEWMQLER 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



 6IHYGMRKXLI[IMKLXSJEYXSQSFMPITEVXWF]YWMRKEPYQMRMYQERHXMXERMYQ
[MPPVIWYPXMRMQTVSZIHJYIPIGSRSQ]ERHPS[IVIQMWWMSRW8LIGSRZIRXMSREP
TVIWWERHWMRXIVVSYXIWLEZIFIIRYWIHJSV%Pz'Yz1Kz7MTVIEPPS]IH
TS[HIVW JSPPS[IH F] WLSXFPEWXMRK XS IPMQMREXI WYVJEGI TSVSWMX] 8LIWI
EPYQMRMYQ GLEMR WTVSGOIXW EVI YWIH F] &1; +IVQER] MR GEQTLEWIV
W]WXIQW 4SLP 
 %RSXLIVETTVSEGLMWXSYWIGSPHMWSWXEXMGTVIWWMRKJSPPS[IHF]TVIWWYVI
WMRXIVMRK 8LIWI RI[ ETTVSEGLIW STIR YT EHHMXMSREP STTSVXYRMXMIW JSV 41
EPYQMRMYQMRXLIEYXSQSXMZIMRHYWXV] %PXLSYKLXMXERMYQ41GSQTSRIRXW
EVII\TIRWMZI8S]SXEvW%PXI^^EGEVYWIWE418Mz%Pz:MRPIXZEPZIERHE
8M&8Mz%Pz>Vz7Rz1Sz7MI\LEYWXZEPZI41SJJIVWEREPXIVREXMZIXS[VSYKLX
XMXERMYQJEFVMGEXMSRF]VIHYGMRKXLIRYQFIVSJTVSGIWWMRKWXITW

 1SVIGSQTPI\WLETIW
%GSQTPI\WLETIPMOIEW]RGLVSRM^IVLYFJSVETEWWIRKIVGEVMWQEWWTVSHYGIH
MRXLIRIXWLETIF]ETVSTIVWIPIGXMSRSJVE[QEXIVMEPWGSQTEGXMRK TVIWW
XSSPMRK ERH WXEKIW SJ STIVEXMSR % LMKLEPPS] TS[HIV GSRXEMRMRK *I 2M
'Y ERH1SXSKIXLIV[MXLGEVFSR MW IMXLIVHMJJYWMSR FSRHIHSVKPYIHERH
TVIWWIHMRE WSTLMWXMGEXIHTVIWWERHXSSPMRKW]WXIQ[LIVIMXMWTSWWMFPI XS
XVERWJIVXLITS[HIVFIJSVIGSQTEGXMSRJSVYRMJSVQHIRWMX]8LITS[HIVMW
XLIR GSQTEGXIH MR XLVII PIZIPW [MXL XLI YWI SJ WM\ TYRGLIW XSKIXLIV [MXL
HMI QSZIQIRXW %PP XLIWI STIVEXMSRW WLSYPH FI W]RGLVSRM^IH WS XLEX XLI
GVEGOW 8LIWI TEVXW EVI QERYJEGXYVIH MR '2' EYXSQEXMG TVIWWIW [LIVI
XLI QEGLMRIW EVI STIVEXIH [MXL GPSWIHPSST GSRXVSPPIH QYPXMTPEXIR XSSPW
W]WXIQW [MXL STXMQYQ TVSKVEQQMRK SJ XLIMV GSQTEGXMRK WIUYIRGI 8LMW
IRWYVIWXLIVITVSHYGMFPIJEFVMGEXMSRSJXLITEVXW%RSXLIVGETEFMPMX]SJXLI
41 TVSGIWW MW XLI EWWIQFP] SJ XLI HMJJIVIRX TEVXW YWMRK WMRXIV FSRHMRK XS
TVSHYGIQYPXMJYRGXMSREPWXVYGXYVEPTEVXW )GOEVXIXEP 
 'SQTPI\GPYXGLTPEXIGEVVMIVWJSVEYXSQEXMGXVERWQMWWMSRWEVIQERYJEGXYVIH
YWMRKFVE^MRKSV[IPHMRKEWVITSVXIHIEVPMIVERHWLS[RMR*MK3XLIV
QIXLSHW SJQERYJEGXYVMRKGSQTPI\GSQTSRIRXWMRGPYHIWMRXIVFSRHMRKSJ
E GSQTPI\ZEPZITPEXI GLERRIPJSVE GSQTVIWWSV WMRXIVMRK XLI PSFIW SJER
EWWIQFPIH GEQWLEJX WII *MK   ERH TS[HIVJSVKMRK E SRI[E] GPYXGL
VEGIVJSVGEKIHVSPPIVW%ZEVMIX]SJKIEVWLMJXGEQWJSVYWIMRKIEVFS\IWJSV
X[S[LIIPIHZILMGPIWPMOIWGSSXIVWERHQSXSVG]GPIWEVITVSHYGIHIGSRSQMGEPP]
F]GSWMRXIVMRK'SQTPI\WLETIWGEREPWSFITVSHYGIHYWMRKGSPHERHLSX

 1-1 [MPP IREFPI XLI TVSHYGXMSR SJ GSQTPI\ WLETIW [LMGL MX MW RSX
TSWWMFPIXSTVSHYGIYWMRKVMKMHHMITVIWWMRK8LITVSGIWWMRZSPZIWLSXQM\MRK
SJ TS[HIVW SJ XLI VIUYMVIH GLEVEGXIVMWXMGW[MXL E FMRHIV ERHKVERYPEXIW XS

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

JSVQXLIJIIHWXSGO[LMGLMWQSPHIHMREWMQMPEVQERRIVXSTPEWXMGMRNIGXMSR
QSYPHMRK8LIQSPHIHTEVXWEVIXLIRWYFNIGXIHXSHIFMRHMRKERHWMRXIVMRK
 3XLIV ETTPMGEXMSRW MRGPYHI GSQTPI\ VSGOIV EVQ GSQTSRIRXW JYIP
MRNIGXSVWXVERWQMWWMSRGSQTSRIRXWJSVXVERWZIVWIKIEVW]RGLVSRM^EXMSRERH
TEVXWJSVPSGOW]WXIQW ;LMXXEOIV %YXSQSXMZIIRKMRIQERYJEGXYVIVW
JEGIH[MXLQSVIWXVMRKIRXIQMWWMSRVIKYPEXMSRWERHHIQERHWJSVMRGVIEWIH
8YVFSGLEVKMRK XIGLRSPSK] LEW KMZIR HMIWIP IRKMRIW ER IRSVQSYW FSSWX
ERH QERYJEGXYVIVW EVI XYVRMRK XLIMV EXXIRXMSR XS KEWSPMRI IRKMRIW (MIWIP
XYVFSGLEVKIVWSTIVEXIEX'KEWSPMRITS[IVIHZILMGPIWLEZIXS[MXLWXERH
XIQTIVEXYVIWSJ'8YVFSGLEVKIVTEVXWWYGLEWZERIWEHNYWXQIRXVMRKW
VSPPIVERHSXLIVTEVXWMRXLII\LEYWXKEWVIGMVGYPEXMSRLEZIFIIRQEHIJVSQ
RMGOIPFEWIHWYTIVEPPS]WYWMRK1-17SQIGSQTSRIRXWYWIHMRI\LEYWXKEW
VIGMVGYPEXMSRW]WXIQWEVIWLS[RMR*MK'SQTEVIHXSMRZIWXQIRXGEWX
RMGOIPFEWIHWYTIVEPPS]XYVFSGLEVKIVGSQTSRIRXW1-1TEVXWTVSZMHIWYTIVMSV
QIGLERMGEPTVSTIVXMIW[MXLVIKEVHXS]MIPHWXVIRKXLEXIPIZEXIHXIQTIVEXYVIW
/IVRIXEP 

 *YRGXMSREPTEVXW
GSQTSRIRXWEVIQEHIYWMRK41)PIGXVMGQSXSVWEVIYWIHMRXLIJSPPS[MRK
W]WXIQW WIEX TSWMXMSRMRK [MRHS[ PMJXW HSSV QMVVSV TSWMXMSRMRK IRKMRI
GSSPMRKJERWEMVGSRHMXMSRMRKERXMPSGOFVEOMRKW]WXIQWERXMWOMHW]WXIQW
WTIEOIVWVEHMSW'(TPE]IVWIPIGXVMGEPWXIIVMRKW]WXIQWERHFVEOMRKW]WXIQW
%JI[ LYRHVIHQEKRIXWGSZIVEPPXLIWIETTPMGEXMSRW 8LIYWISJE ZSPX
W]WXIQLMKLIVXLERXLIZSPXW]WXIQGYVVIRXP]MRYWI[MPPEPPS[JYPPIPIGXVMG
WXIIVMRK XS VITPEGI XLI GYVVIRX LIEZ] L]HVEYPMGEWWMWXIH VEQW ERH IRKMRI
HVMZIRL]HVEYPMGTYQTW8LII\XVETIVJSVQERGI[MPPTVSZMHISTTSVXYRMXMIW
 8VEHMXMSREPP]%PRMGS %Pz2Mz'S EPPS]WEVIYWIHMRWIRWSVWERHMRWXVYQIRX
ETTPMGEXMSRW8LIMRGVIEWMRKGSWX SJGSFEPXLEWVIWYPXIHMRXLIYWISJSXLIV
QEXIVMEPW7MRXIVIHJIVVMXIWMR('QSXSVWEVIQSVI[MHIP]YWIH*SVLMKLIV
WXVIRKXL QEKRIXMG ETTPMGEXMSRW WEQEVMYQzGSFEPX EPPS]W EVI YWIH 8LI
HIZIPSTQIRX SJ GLIETIV WMRXIVIH RISH]QMYQzMVSRzFSVSR QEKRIXW LEW
VIWYPXIHMRXLIQMRMEXYVM^EXMSRSJGSQTSRIRXW[LMGLLEWMRXYVRVIWYPXIHMR
 2Hz*Iz&QEKRIXWEVIEPWSTVSGIWWIHF]FSRHMRKERHMRNIGXMSRQSPHMRK
XLIVIF]EZSMHMRKXLIQEGLMRMRKRIGIWWEV]XSTVSHYGIGSQTPI\TEVXWERHEVI
VITPEGMRKWMRXIVIHJIVVMXIWIKQIRXWMRQSXSVW8LIHIZIPSTQIRXSJWMRXIVIHWSJX
QEKRIXMGQEXIVMEPWJVSQMRWYPEXIHMVSRTS[HIVMWEVIPEXMZIP]VIGIRXEHZERGI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



  8LI HIZIPSTQIRX SJ WSJX QEKRIXMG GSQTSWMXI 71'  QEXIVMEP LEW
PIHXSQEXIVMEPW[MXLMQTVSZIHTIVJSVQERGIMRGPYHMRKPS[IVPSWWIWLMKLIV
TIVQIEFMPMX] ERH MRGVIEWIH QIGLERMGEP WXVIRKXL 8LI GSQFMREXMSR SJ LMKL
QEKRIXMGWEXYVEXMSRJEWXVIWTSRWIWERHGSWXIJJIGXMZITVSHYGXMSRSJGSQTEGX
XLVIIHMQIRWMSREP WLETIW QEOIW 71' XIGLRSPSK] ZIV] EXXVEGXMZI JSV JEWX
W[MXGLMRKEGXYEXSVETTPMGEXMSRW



'SRGPYWMSRW

4S[HIV QIXEPPYVK] MW E WYWXEMREFPI QERYJEGXYVMRK XIGLRSPSK] JSV XLI


IGSRSQMGEP QEWW TVSHYGXMSR SJ TVIGMWMSR IRKMRIIVIH GSQTSRIRXW YWMRK
E [MHI ZEVMIX] SJ QEXIVMEPW -X MW MRGVIEWMRKP] EXXVEGXMRK XLI EXXIRXMSR SJ
XLI EYXSQSXMZI MRHYWXV] 1ER] SJ XLI HIZIPSTQIRXW MR 41 ETTPMGEXMSRW
LEZIIQIVKIHJVSQGSPPEFSVEXMSRWSJEYXSQSXMZIHIWMKRIVW[MXLQEXIVMEPW
QERYJEGXYVMRKERHZEPYIIRKMRIIVW
 8LIEYXSQSXMZIMRHYWXV]LEWYRHIVKSRIWYFWXERXMEP GLERKIWMRXIVQWSJ
MRGVIEWIHTIVJSVQERGIVIHYGIHJYIPGSRWYQTXMSRERHIRZMVSRQIRXEPMQTEGX
ERHMQTVSZIHWEJIX]41LEWTPE]IHERMQTSVXERXVSPIMRXLIWIHIZIPSTQIRXW
FSXLF]MQTVSZMRKI\MWXMRKGSQTSRIRXWERHF]EPPS[MRKXLIMRXVSHYGXMSRSJ
MRRSZEXMZIGSQTSRIRXWXSRI[W]WXIQW8LIMRXVSHYGXMSRSJIGSGEVWGSYPH
FIWIIREWEXLVIEXFYXMWTVSZMHMRKSTTSVXYRMXMIWJSVXLIYWISJ41MRXLI
HIZIPSTQIRX SJ RI[ TVSHYGXW MR XLI EVIEW SJ JYRGXMSREP IPIGXVSQEKRIXMG
GSRXVSPWERHHVMZIW



6IJIVIRGIW

%VRSPH :   u*YXYVI TSXIRXMEP SJ TS[HIV QIXEPPYVK] ETTPMGEXMSRW MR EYXSQSXMZI
MRHYWXV]v4S[HIVQIXEPPYVK]JSVEYXSQSXMZIERHIRKMRIIVMRKMRHYWXVMIW6EQEOVMWLRER
4 IH 2EVSWE4YFPMWLMRK,SYWI4ZX0XH2I[(IPLMz
%71 -RXIVREXMSREP   4S[HIV 1IXEP 8IGLRSPSKMIW ERH %TTPMGEXMSRW ,ERHFSSO
:SPYQI1EXIVMEPW4EVO3LMS
&EFY + ERH (LIIVEN +   u7MRXIVIH QIXEPPMG HMWG FVEOI JSV EYXSQSFMPIWv 8VERW
41%-z
'ETYW.  u4S[HIVQIXEPPYVK]TVSKVIWWERHXLIIGSJVMIRHP]GEVv1IXEP4S[HIV
6ITz
(IPEVFVI 4 ERH /VILP 1   4S[HIV 1IXEPPYVK] %PYQMRMYQ ERH 0MKLX %PPS]W JSV
%YXSQSXMZI%TTPMGEXMSRW;*.SRHIWOE.VERH6%'LIVRIROSJJ IHW 1IXEP4S[HIV
-RHYWXVMIW*IHIVEXMSR2I[.IVWI]z
)GOEVX7(SPPQIMIV/&]VH/ERH2IYFIVX,  u%RMRHYWXV]SZIVZMI[SRETTPMIH
TS[HIVQIXEPNSMRMRKXIGLRMUYIWv4S[HIV1IXEPPYVK]MR%YXSQSXMZI%TTPMGEXMSRW
6EQE 1SLER 8 6 6 ERH6EQEOVMWLRER 4 IHW 3\JSVH ERH -&, 4YFPMWLMRK 2I[
(IPLMz
)RKWXVSQ 9 .SLERWWSR & ERH 7IREH (   u)\TIVMIRGI [MXL [EVQ GSQTEGXMSR
SJ HIRWQM\ TS[HIVW MR XLI TVSHYGXMSR SJ GSQTPI\ TEVXWv 4S[HIV 1IXEPPYVK] MR
%YXSQSXMZI %TTPMGEXMSRW 6EQE 1SLER 8 6 ERH 6EQEOVMWLRER 4 IHW  3\JSVH
ERH-&,4YFPMGEXMSRW2I[(IPLMz

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

)YVSTIER 4S[HIV 1IXEPPYVK] %WWSGMEXMSR )41%    4S[HIV 1IXEPPYVK] 8LI


4VSGIWWIWERHMXW4VSHYGXW7LI[WFYV]9/
*YNMOM %   u4VIWIRX WXEXI ERH JYXYVI TVSWTIGXW SJ TS[HIV QIXEPPYVK] TEVXW JSV
EYXSQSXMZIETTPMGEXMSRWv1EXIV'LIQ4L]Wz
,EPP,;ERH1SGEVWOM7  u41EYXSQSXMZIETTPMGEXMSRWv-RX.4S[HIV1IXEPP
  z
,MR^QERR + ERH 7XIVOIRFYVK (   u,MKL HIRWMX] QYPXMPIZIP 41 GSQTSRIRXW F]
LMKLZIPSGMX]GSQTEGXMSRv4S[HIV1IXEPPYVK]4VSGIWWMRKJSV%YXSQSXMZI)PIGXVMGEP
)PIGXVSRMGERH)RKMRIIVMRK -RHYWXV]6EQEOVMWLRER 4 IH 2I[%KI -RXIVREXMSREP
4YFPMWLIVW2I[(IPLMz
,YPXQER  u%HZERGIHQEKRIXMGQEXIVMEPWERHXLIMVETTPMGEXMSRW%HZERGIWMR71'
XIGLRSPSK]zQEXIVMEPWERHETTPMGEXMSRWv8VERW41%-z
,YRX .V   u2I[ HMVIGXMSRW MR EPYQMRMYQ FEWIH 41 QEXIVMEPW JSV EYXSQSXMZI
ETTPMGEXMSRW-RX.4S[HIV1IXEPP  z
-ZEWMWLMR 3 1 7EVZEOMR ( + 1S\WSR : 7 &SRHEVIZEP / % ERH *VSIW * ,  
u8MXERMYQ TS[HIV QIXEPPYVK] JSV EYXSQSXMZI GSQTSRIRXWv 1EXIV 8IGLRSP   
z
.SWLM4&4VEFLE7/VMWLRER4EXIP6,+EHKIIPERH6EQEOVMWLRER4  u2I[
WMPZIV^MRG S\MHI (' GSRXEGXW JSV EYXSQSXMZI ETTPMGEXMSRWv 4S[HIV 1IXEPPYVK] MR
%YXSQSXMZI %TTPMGEXMSRW 6EQEOVMWLRER 4 IH  3\JSVH ERH -&, 4YFPMWLIVW 2I[
(IPLMz
6EQEOVMWLRER4 IH  4S[HIV1IXEPPYVK]JSV%YXSQSXMZI%TTPMGEXMSRW3\JSVHERH
-&,4YFPMWLIVW2I[(IPLMz
/IVR%&PSQEGLIV1.SLER8ERH%VXRH8  u1ERYJEGXYVIVWQYPPTVSWTIGXWSJ
XYVFSFSSWXJSVKEWSPMRIv1IXEP4S[HIV6ITz
1IPR]O';IMRWXIMR&0YNER(+VERX(ERH+ERWIVX6  u4VSHYGXMSRSJRERS
FEWIH LMKL EPPS]W ERH GSQTSWMXIW JSV EIVSWTEGI ETTPMGEXMSRWv %HZ 1EX 4VSGIWW
  z
1IXEP4S[HIV-RHYWXVMIW*IHIVEXMSR 14-*   4S[HIV1IXEPPYVK](IWMKR1ERYEP
14-*2I[.IVWI]
1IXEP 4S[HIV-RHYWXVMIW*IHIVEXMSR 14-*    4S[HIV1IXEPPYVK]8LITVIJIVVIH
QIXEPJSVQMRKWSPYXMSRW14-*2I[.IVWI]
1SGEVWOM7;MPPMEQ,EPP(.SKMRHIV/ERH7ERK/II7YL  u4EVXWJSVEYXSQSXMZI
ETTPMGEXMSRWz4EVX---v-RX.4S[HIV1IXEPP  z
1SPMRW '   u(IZIPSTQIRXW MR 41 IRKMRI GSQTSRIRXWv 4S[HIV 1IXEPPYVK] JSV
%YXSQSXMZI ERH ,MKL 4IVJSVQERGI )RKMRIIVMRK -RHYWXVMIW 6EQEOVMWLRER 4 IH 
2I[%KI-RXIVREXMSREP4YFPMWLIVW2I[(IPLMz
2EVEWMQLER/7  u2I[TVSHYGXWERHTVSGIWWIWERHXLIKPSFEPKVS[XLSJTS[HIV
QIXEPPYVK]v 4S[HIV 1IXEPPYVK] JSV %YXSQSXMZI ERH ,MKL 4IVJSVQERGI 1EXIVMEPW
MR)RKMRIIVMRK-RHYWXVMIW6EQEOVMWLRER4 IH 2I[%KI-RXIVREXMSREP4YFPMWLIVW
2I[(IPLMz
4EXXERE]EO(/4ERMKVELM&&6EQE1SLER86+SHOLMRHM11(EFLEHI::ERH
6EQEOVMWLRER4  u8MXERMYQERHRERSGV]WXEPPMRIXMXERMYQJSVXLIEYXSQSXMZI
MRHYWXV]v4S[HIV1IXEPPYVK]4VSGIWWMRKJSV%YXSQSXMZI)PIGXVMGEP)PIGXVSRMGERH
)RKMRIIVMRK-RHYWXV]6EQEOVMWLRER4 IH 2I[%KI-RXIVREXMSREP4YFPMWLIVW2I[
(IPLMz
4SLP %   u41 EPYQMRMYQ HVMZIW JSV[EVH MR RI[ &1; FVIEO XLVSYKLv 1IXEP
4S[HIV6ITz

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%YXSQSXMZIETTPMGEXMSRWSJTS[HIVQIXEPPYVK]



4VIWXMRK,ERH/SRMK9  u*YXYVIRERSXIGLRSPSK]HIZIPSTQIRXWJSVEYXSQSXMZI


ETTPMGEXMSRWv1EXIV7GM)RK'z
6EQEOVMWLRER4   u6IWMHYEP WXVIWWIW MR TS[HIV QIXEP TVSGIWWMRKv ,ERHFSSOSJ
6IWMHYEP7XVIWWIWERH(IJSVQEXMSRSJ7XIIP8SXXIR+,S[IW1ERH-RSYI8 IHW 
%71-RXIVREXMSREP1EXIVMEPW4EVO3LMSz
7IPMK7ERH(SQER(%  u*MRMXIIPIQIRXWMQYPEXMSRSJXLIGSQTEGXMSRSJEPYQMRMYQ
FEWIH41KIEVWv-RX.4S[HIV1IXEPP  z
7MKP 0 7 ERH 6EWGL '   u41 GSQTSRIRXW JSV W]RGLVSRM^IV W]WXIQWv 4S[HIV
1IXEPPYVK]JSV%YXSQSXMZIERH,MKL4IVJSVQERGI)RKMRIIVMRK-RHYWXVMIW6EQEOVMWLRER
4 IH 2EVSWE4YFPMWLMRK,SYWI4ZX0XH2I[(IPLMz
8EOIQEWY88EOES/=SWLMRSFE88SWLMREOE7ERH%OMLMVS7  u4IVJSVQERGISJ
WYVJEGIVSPPIH41WXIIPWJSVEYXSQSXMZIKIEVWv8VERW41%-z
;LMXXEOIV  u4S[HIVMRNIGXMSRQSYPHMRKPSSOWXSEYXSQSZIETTPMGEXMSRWJSVKVS[XL
ERHWXEFMPMX]v4S[HIV-RNIGXMSR1SYPHMRK-RX  z

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ


%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MR
FMSQEXIVMEPW
1  & 6 % 1-RWXMXYXISJ)RIVK]ERH'PMQEXI6IWIEVGL
+IVQER]8  ) & )0  ERH  1  ;30 * *-RWXMXYXISJ1EXIVMEPW
6IWIEVGL+IVQER]%4  ' = 7 2 )  &% 6& 3 7 %
9RMZIVWMHEHI*IHIVEPHS6MS+VERHIHS2SVXI&VE^MPERH
2 8 9 2' ) 6%REHSPY9RMZIVWMX]8YVOI]
(3-
%FWXVEGX4S[HIVQIXEPPYVK] 41 SJFMSQEXIVMEPWMWWXMPPERMGLIQEVOIX
FYXGSRWMHIVEFPITVSKVIWWMRVIPEXIHQERYJEGXYVMRKXIGLRSPSKMIWSTIRWYT
XLITSWWMFMPMX]SJTEVXMGMTEXMRKMRXLIIQIVKMRKQEVOIXJSVQIHMGEPHIZMGIW
ERHWYVKMGEPMQTPERXW[MXLMRXLIRI\XHIGEHI41XIGLRSPSKMIWPMOIQIXEP
MRNIGXMSRQSYPHMRK 1-1 EVITVSQMWMRKQERYJEGXYVMRKVSYXIWMJPEVKI
UYERXMXMIWSJGSQTPI\WLETIHTEVXWEVIVIUYMVIH-REHHMXMSRTSVSYWMQTPERXW
QEHIF]41XIGLRSPSKMIW-RXLMWGLETXIVXLIQSWXTVSQMWMRK41VSYXIWJSV
SJMQTPERXQEXIVMEPWEVIHMWGYWWIH[LMGL[IVIQEHIWXEVXMRKJVSQXMXERMYQ
QEKRIWMYQSV2MXMRSPTS[HIVW8LITSXIRXMEPSJ41MWHIQSRWXVEXIHMRJSYV
GEWIWXYHMIW
/I][SVHWGEWIWXYHMIWJYRGXMSREPTSVSWMX]KVIIRQEGLMRMRKQEKRIWMYQ
QIXEPMRNIGXMSRQSYPHMRK 1-1 2MXMRSPWTEGILSPHIVQEXIVMEPWXMXERMYQ



-RXVSHYGXMSR

1IXEPPMGQEXIVMEPWPMOI0WXIIP'S'VEPPS]WXMXERMYQERHXMXERMYQEPPS]W
EVIIWXEFPMWLIHJSVFMSQIHMGEPETTPMGEXMSRWS[MRKXSXLIMVFMSGSQTEXMFMPMX]
ERHSYXWXERHMRKGSQFMREXMSRSJWXVIRKXLERHHYGXMPMX]8LIVIJSVIXLI]EVI
TVIJIVIRXMEPP]ETTPMIHJSVPSEHFIEVMRKMQTPERXWTVSZMHIHJSVNSMRXVITPEGIQIRX
XVEYQESVHIRXMWXV]-R QSWX GEWIW QIXEPPMG MQTPERXWEVI QERYJEGXYVIH F]
GSPHSVLSX[SVOMRKXSMQTVSZIXLIQMGVSWXVYGXYVIERHQIGLERMGEPTVSTIVXMIW
QIXEPPYVK] 41 MWEREXXVEGXMZIEPXIVREXMZIYRHIVIGSRSQMGGSRWMHIVEXMSRW
MJEPEVKIRYQFIVSJGSQTPI\WLETIHTEVXWMWVIUYMVIHSVXSEZSMHWIGSRHEV]
STIVEXMSRWPMOII\XIRWMZINSMRMRKTVSGIWWIW*YVXLIVQSVI41QMKLXFIGSQI
EHZERXEKISYWJSVQIXEPPMGFMSQEXIVMEPWPMOIXMXERMYQQEKRIWMYQSV2MXMRSP


;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



HYIXSFSRIMRKVS[XLERHEHETXEXMSRSJXLIIPEWXMGTVSTIVXMIWXSXLILYQER
FSRIVIHYGMRKXLIVMWOSJWXVIWWWLMIPHMRK
 2IZIVXLIPIWW41LEWVEVIP]FIIRYWIHJSVXLIRIXWLETIQERYJEGXYVMRKSJ
MQTPERXWERHFMSQIHMGEPHIZMGIWWSJEV3RISJXLIQEMRVIEWSRWJSVXLMWMW
XLIJEGXXLEXMR41QERYJEGXYVMRKGSRWMHIVEFPIIJJSVXMWVIUYMVIHXSEGLMIZI
TEVXW [MXL QIGLERMGEP TVSTIVXMIW XLEX EVI GSQTIXMXMZI [MXL TEVXW QEHI F]
IWXEFPMWLIH MRKSX QIXEPPYVK] (YGXMPMX] ERH JEXMKYI VIWMWXERGI EVI VIHYGIH
F] XLI VIWMHYEP QMGVSTSVSWMX] VIWYPXMRK JVSQ XLI WMRXIVMRK TVSGIWW EW [IPP
EW XLI YTXEOI SJ MQTYVMXMIW PMOI S\]KIR ERH GEVFSR [LMGL EVI MRXVSHYGIH
HYVMRKTVSGIWWMRKF]XLIGSRXEGXSJQIXEPTS[HIVW[MXLSVKERMGFMRHIVWSV
EWMRXIVMRKEXQSWTLIVI8LIWIMQTYVMXMIWQE]PIEHXSIQFVMXXPIQIRXSJXLI
QEXIVMEPW S[MRK XS WSPMHzWSPYXMSR LEVHIRMRK SV TVIGMTMXEXMSR SJ WIGSRHEV]
TLEWIW
 -R XLMW GLETXIV WXEXI SJ XLI EVX SJ 41 QERYJEGXYVMRK SJ RIXWLETIH
FMSQIHMGEPMQTPERXWMWWYQQEVMWIH;IJSGYWSRXMXERMYQXMXERMYQEPPS]W
QEKRIWMYQ ERH 2MXMRSP [LMGL EVI I\GITXMSREPP] WYWGITXMFPI XS MQTYVMX]
YTXEOI HYVMRK 41 TVSGIWWMRK 7SPYXMSRW EVI TVSZMHIH JSV GSRJVSRXMRK XLI
GLEPPIRKIWSJGPSWMRKXLIKETFIX[IIR41ERHMRKSXQIXEPPYVK]7IGSRHP]
VSYKLRIWWSVJYRGXMSREPTSVSWMXMIW*SYVGEWIWXYHMIWSJFMSQIHMGEPMQTPERXW
EVIKMZIR[LMGLHIQSRWXVEXIXLITSXIRXMEPSJ41TVSGIWWMRKJSVFMSQIHMGEP
ETTPMGEXMSRW



'LEPPIRKIWSJTS[HIVQIXEPPYVK]FMSQEXIVMEPW

 8MXERMYQERHXMXERMYQEPPS]W
8MXERMYQERHXMXERMYQEPPS]WEVIVIPEXMZIP]]SYRKERHI\TIRWMZIWXVYGXYVEP
QEXIVMEPW YWIH MR SJJWLSVI MRHYWXV] GLIQMGEP MRHYWXV] EIVSWTEGI ERH
EYXSQSXMZI MRHYWXVMIW EW [IPP EW JSV PY\YV] KSSHW ERH QIHMGEP HIZMGIW

WXMJJRIWWERHI\GIPPIRXFMSGSQTEXMFMPMX]8LIPS[IVIPEWXMGQSHYPYWGSQTEVIH
IJJIGX MR FSRI MQTPERXW 8LMW IJJIGX MW VIPEXIH XS XLI QMWQEXGL FIX[IIR
XLI IPEWXMG QSHYPYW SJ FSRI EFSYX z +4E  ERH XLEX SJ WXIIP EVSYRH
+4E SVXMXERMYQ EVSYRH+4E [LMGLMRGVIEWIWXLIVMWOSJPSSWIRMRK
XLIMQTPERX&SRIXMWWYIMW HIKVEHIHFIGEYWIQSWXSJXLIQIGLERMGEPPSEH
MWGSRGIRXVEXIHSRXLIWXMJJMQTPERX
 3FZMSYWP] MR EPP ETTPMGEXMSR EVIEW I\GIPPIRX GSVVSWMSR VIWMWXERGI MW ER
JSVS\]KIR[LMGLIJJIGXWWTSRXERISYW JSVQEXMSRSJE HIRWIS\MHIPE]IVEX

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

XLI WYVJEGI 8LMW GIVEQMGPMOI WYVJEGI MW XLI VIEWSR JSV XLI LMKL GSVVSWMSR
VIWMWXERGIERHSYXWXERHMRKFMSGSQTEXMFMPMX] 4ERMKVELM IXEP 3RXLI
RMXVSKIR MW QEMRP] VIWTSRWMFPI JSV XLI LMKL GSWXW SJ VE[ QEXIVMEP ERH XLI
GLEPPIRKIWSJJYVXLIVTVSGIWWMRK8LI/VSPPTVSGIWWMWEQYPXMWXITIRIVK]
MRXIRWMZIXIGLRMUYIXSTVSHYGIQIXEPPMGXMXERMYQJVSQXLIWXEFPIS\MHISVI
(YVMRKEPPWYFWIUYIRXTVSGIWWIWERHVIKEVHPIWWSJ[LIXLIVEQIPXSVTS[HIV
MWMRZSPZIHEZSMHERGISJGSRXEQMREXMSRF]S\]KIRGEVFSRERHRMXVSKIRMW
IWWIRXMEP 8MXERMYQ JIEXYVIW LMKL WSPYFMPMX] JSV XLIWI IPIQIRXW GSRRIGXIH
[MXL E WXVSRK GLERKI MR XLI QIGLERMGEP TVSTIVXMIW IZIR MJ WQEPP EQSYRXW
EVIMRZSPZIH*VSQXLITSMRXSJZMI[SJWSPYXMSRLEVHIRMRKS\]KIRRMXVSKIR
ERH GEVFSR LEZI XLI WEQI IJJIGX FYX [MXL HMJJIVIRX TSXIRG] 8LIVIJSVI MX
MWWIRWMFPIXSGSQFMRIXLIWIIPIQIRXWMRXLIJSVQSJERS\]KIRIUYMZEPIRX
3IU%GSQQSRP]YWIHIUYEXMSRMW 'SRVEH 
3IU!G3G2G'

?A

[LIVI G3 G2 ERH G' VITVIWIRX XLI GSRGIRXVEXMSR SJ S\]KIR RMXVSKIR ERH
GEVFSR VIWTIGXMZIP]&IGEYWISJXLIWXVSRKHITIRHIRGISJXLI QIGLERMGEP

L]HVSKIREVIPMWXIHERHPMQMXIHI\TPMGMXP]MRXLIWXERHEVHW%WERI\EQTPI
8EFPIWLS[WXLIZEPYIWJSVXLIQE\MQYQGSRXIRXSJS\]KIREGGSVHMRK
XS %781 WXERHEVHW & ERH * JSV [VSYKLX FEVW ERH FMPPIXW ERH

TS[HIV [MXL E GSQTEVEFP] LYKI WYVJEGI MW ER IWWIRXMEP MWWYI MR SVHIV XS
EZSMH IQFVMXXPIQIRX -R 7IGXMSR  MX [MPP FI WLS[R XLEX IZIR GEVFSR
GSYPHFITMGOIHYTHYVMRK41TVSGIWWMRK[LIREHHMXMSREPWYFWXERGIWPMOI
TSP]QIVMGFMRHIVWEVIMRZSPZIH
8EFPI0MQMXSJS\]KIRGSRXIRXERHXIRWMPITVSTIVXMIWSJHMJJIVIRXXMXERMYQ
FEWIHQEXIVMEPWEGGSVHMRKXS%781WXERHEVHW& 8M8M%P: ERH*
8M%P2F




1E\S\]KIR
GSRXIRX [X 


1MR]MIPH
WXVIRKXL
14E 

1MRYPXMQEXI
XIRWMPIWXVIRKXL
14E 

1MR J

8M+VEHI
8M+VEHI
8M+VEHI
8M+VEHI
8M%P:+VEHI
8M%P:+VEHI
8M%P2F

































;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



 *YVXLIVQSVI 8EFPI  WLS[W XLI EPPS]W [LMGL EVI QSWXP] YWIH JSV
QIHMGEP HIZMGIW 8LIWI EVI GSQQIVGMEPP] TYVI '4  XMXERMYQ HIRSXIH EW
+VEHIW  XS  ERH XLI EPPS] 8M%P: [LMGL MW EZEMPEFPI MR X[S KVEHIW
XLEXIWWIRXMEPP]HMJJIVMR XLIS\]KIR PMQMX *SVQIHMGEPTYVTSWIW +VEHI
8M%P2F LEW RIEVP] XLI WEQI QIGLERMGEP TVSTIVXMIW EW 8M%P:
+VEHIFYXXLIXS\MGIPIQIRXZEREHMYQMWVITPEGIHF]XLIFMSGSQTEXMFPI
RMSFMYQ6IPIEWISJ%PERH:MSRWJVSQFMSQIHMGEPMQTPERXWMWWYWTIGXIH
XSFIEWWSGMEXIH[MXLPSRKXIVQLIEPXLTVSFPIQWWYGLEW%P^LIMQIVHMWIEWI
RIYVSTEXL]ERHSWXISQEPEGME 7MRKLIXEP&ELVEQM2EWEFERH,EWWER
 ,S[IZIV8M%P:MWWXMPPXLIQSWXJVIUYIRXP]YWIHEPPS]JSVQIHMGEP
MQTPERXW % PSX SJ VIWIEVGL MW HSRI SR WSGEPPIH QIXEWXEFPI FIXEXMXERMYQ
EPPS]W[LMGLTVSZMHIEPS[IVIPEWXMGQSHYPYWHS[RXSz+4E8MXERMYQ
JIEXYVIW X[S TSWWMFPI GV]WXEP WXVYGXYVIW XLI LI\EKSREPGPSWIHTEGOEKIH
EPTLETLEWI[LMGLMWWXEFPIEXXIQTIVEXYVIWFIPS[XLIFIXEXVERWYWEX'
ERH XLI FSH]GIRXVIHGYFMG FIXE TLEWI EX LMKLIV XIQTIVEXYVIW %PTLEFIXE
EPPS]WPMOI8M%P:WLS[FSXLTLEWIWIZIREXVSSQXIQTIVEXYVI[LMPIMR
QIXEWXEFPIFIXEEPPS]WQEMRP]XLIFIXETLEWIMWGSRXEMRIHEXVSSQXIQTIVEXYVI
0I]IRW ERH4IXIVW   8LMW TLEWIGER FIWXEFMPMWIH F] FMSGSQTEXMFPI
IPIQIRXW PMOI QSP]FHIRYQ ^MVGSRMYQ SV RMSFMYQ [LMPI EPYQMRMYQ GER
FI SQMXXIH ,S[IZIV XLI] EVI RSX MR TVEGXMGEP GPMRMGEP YWI ]IX %RSXLIV
EXXIQTX XS VIHYGI XLI IPEWXMG QSHYPYW MW F] XLI MRXVSHYGXMSR SJ JYRGXMSREP
TSVSWMX] &EVMPIXEP)FIPIXEP EWMRXVSHYGIHMRQSVIHITXLMR
7IGXMSR
 :IV]VSYKLP]XLIEZEMPEFPITS[HIVWGERFIHMZMHIHMRXSTYVIERHI\TIRWMZI
TS[HIVWERHGSQTEVEFP]YRGPIERERHPS[GSWXTS[HIVW-RXLMWGSRXI\XXLI
TYVMX]VIPEXIWIWTIGMEPP]XSXLIS\]KIRERHGEVFSRGSRXIRXFYXEPWSXSVIWMHYEPW
TVSGIWW*YVXLIVQSVIXLIWITS[HIVWEPWSHMJJIVMRKISQIXV]XLII\TIRWMZI
SRIW EVI QSVI WTLIVMGEP XLI PS[IV GSWX TS[HIVW EVI X]TMGEPP] MVVIKYPEV
WLETIH ERH SJXIR EKKPSQIVEXIH 'YVVIRX XIGLRMUYIW JSV XLI TVSHYGXMSR SJ
QSVII\TIRWMZITS[HIVWEVIMRIVXKEWEXSQMWEXMSR ,SLQERRERH.RWWSR
  ERH TPEWQE VSXEXMRK IPIGXVSHI 6)4  TVSGIWWMRK %PPIV ERH 0SWEHE
 &IGEYWIEPPS]WGERFIYWIHEWWXEVXMRKQEXIVMEPWTVIEPPS]IHTS[HIV
GER FI QEHI F] XLIWI XIGLRMUYIW XSS 0S[IV GSWX TS[HIVW EVI QEHI F]
QIGLERMGEPQMPPMRKSJWTSRKIWGVETSVMRKSXWJSVI\EQTPIEWHSRIMRXLI
,(,TVSGIWW L]HVMHIzHIL]HVMHI  1G'VEGOIRIXEP 1YGLVIWIEVGL
IJJSVXLEWFIIRHIZSXIHXSXLIHMVIGXVIHYGXMSRSJXMXERMYQS\MHI[MXLSYXXLI
/VSPPTVSGIWWQEMRP]EMQMRKEXPS[IVMRKXLIGSWXW,S[IZIVEXXLIQSQIRX
TVSTIVXMIW GERFIEGLMIZIHEJXIVWMRXIVMRK+IRIVEPP],(,TS[HIVWWLS[
ERIRLERGIHGSRXIRXSJS\]KIR2IZIVXLIPIWWIZIR[MXL,(,TS[HIVWPS[
S\]KIRGSRXIRXQMKLXFIEGLMIZIHEJXIVWMRXIVMRKMJL]HVMHIHTS[HIVMWWXMPP

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

YWIHJSV41TVSGIWWMRK8LIL]HVSKIRIWGETIWHYVMRKWMRXIVMRKERHVIEGXW
[MXLTSWWMFPIS\]KIRMRXLIFMRHIVTS[HIVERHJYVREGIEXQSWTLIVI
 7YQQMRKYT41SJXMXERMYQVIUYMVIWGEVIJYPGSRWMHIVEXMSRSJGSRXEQMREXMSR
QIGLERMGEPTVSTIVXMIW%ZEVMIX]SJXMXERMYQQEXIVMEPWEVIYWIHMRQIHMGMRI
ERHEPPWLS[I\GIPPIRXFMSGSQTEXMFMPMX]8MXERMYQTS[HIVWSJXLIWIQEXIVMEPW
EVIGSQQIVGMEPP]EZEMPEFPI

 1EKRIWMYQERHQEKRIWMYQEPPS]W
-R EHHMXMSR XS XLIMV YWI EW PMKLX[IMKLX QEXIVMEP QEKRIWMYQ EPPS]W EVI
TVSQMWMRK GERHMHEXIW JSV TVSWTIGXMZI WYVKMGEP MQTPERXW GSRWMHIVMRK XLIMV
I\GIPPIRXFMSHIKVEHEFPITVSTIVXMIW 7XEMKIVIXEP;MXXIIXEP 
ERHXLIHIKVEHEXMSRSJQEKRIWMYQMQTPERXWF]IREFPMRKXLIMRKVS[XLSJFSRI
GIPPW SWWISMRXIKVEXMSR MRXSXLIHIKVEHMRKMQTPERX ;MXXIIXEP ERH
ZMGIZIVWEGSVVSWMSRTVSHYGXWSJQEKRIWMYQKIRIVEXIHHYVMRKFMSHIKVEHEXMSR
WYTTSVX SWXISGSRHYGXMZMX] SJ XLI FSRI .ERRMRK IX EP   +IRIVEPP]
QEKRIWMYQEPPS]WTVSZMHIIPEWXMGQSHYPIWERHWXVIRKXLWQEXGLMRKXLSWISJ
FSRIXMWWYIVIHYGMRKXLIVMWOSJWXVIWWWLMIPHMRKXSEQMRMQYQ 4SYQEVEX
ERH7UYMVI 
GSRXVSPPIHHIKVEHEXMSRSJXLIQEXIVMEP2IZIVXLIPIWWXLIGSVVSWMSRVEXISJQSWX
QEKRIWMYQFEWIHEPPS]WMWWXMPPXSSLMKLJSVFMSHIKVEHEFPIMQTPERXW-RSVHIV
XSHIZIPST QEKRIWMYQFEWIHEPPS]W [MXL EHETXIH GSVVSWMSR VEXIWWXEFMPMX]
ERH FMSGSQTEXMFMPMX] XEMPSVMRK XLI FEWI QEXIVMEP [MXL RSRXS\MG EPPS]MRK
WSQIVEVIIEVXLIPIQIRXWEWWYMXEFPIGERHMHEXIW3RXLISXLIVLERHXEMPSVMRK
XLI QEXIVMEP F] ETTP]MRK JYRGXMSREP WYVJEGI GSEXMRKW MW ERSXLIV TVSQMWMRK
ETTVSEGLJSVEHNYWXMRKXLIHIKVEHEXMSRVEXI
 41 XIGLRSPSKMIW IREFPI RIXWLETI QERYJEGXYVMRK SJ QEKRIWMYQ
MQTPERXW 4VSWTIGXMZI 1-1 TVSGIWWMRK WXEVXMRK JVSQ QEKRIWMYQFEWIH
TS[HIVW MW GYVVIRXP] YRHIV HIZIPSTQIRX MR SVHIV XS QERYJEGXYVI WQEPP
LMKL VITVSHYGMFMPMX] ;SPJJ IX EP   3TXMSREPP] JYRGXMSREP TSVSWMX]
GERFIMRXVSHYGIHF]EHETXMRKXLITEVXMGPIWM^ISJXLIWXEVXMRKTS[HIVWERH
EPPS]HIWMKRF]FPIRHMRKTYVIQEKRIWMYQTS[HIV[MXLHMJJIVIRXIPIQIRXEP
SVQEWXIVEPPS]TS[HIVW-RXLMWGEWIGSQQIVGMEPP]EZEMPEFPIKEWEXSQMWIH
TYVI QEKRIWMYQ TS[HIV[MXLETEVXMGPI WM^IFIPS[ QQGER FIYWIHEW
LERHPMRKSJTS[HIVWERHWTIGMQIRWEW[IPPEWWYFWIUYIRXWMRXIVMRKLEWXS
FI TIVJSVQIH YRHIV E TVSXIGXMZI EVKSR EXQSWTLIVI 7LMIPHMRK QEKRIWMYQ

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



TEVXWEKEMRWXMRXIVWXMXMEPMQTYVMXMIWPMOIS\]KIRHYVMRKWMRXIVMRKMWIWWIRXMEP
8LMW KSEP GER FI EGLMIZIH F] YWMRK KIXXIV QEXIVMEP ERH E PEF]VMRXLPMOI
IXEP 9RHIVXLIWIGSRHMXMSRWQIGLERMGEP
TVSTIVXMIWQEXGLMRKXLSWISJGEWXQEXIVMEPSVGSVXMGEPFSRIGERFIEGLMIZIH
(ITIRHMRKSRXLIWMRXIVMRKGSRHMXMSRWVIWMHYEPTSVSWMXMIWGERFIZEVMIHFIX[IIR
 ERH ;LIRETTVSEGLMRKTSVSWMXMIWRIEVXS MRXIVGSRRIGXMSRSJ
TSVIWEVMWIW

 2MXMRSPEPPS]W
8LIMQTSVXERGISJWLETIQIQSV]EPPS]W 71% JSVFMSQIHMGEPETTPMGEXMSRW
XLIMVSVMKMREPWLETIIZIREJXIVXLI]LEZIFIIRHIJSVQIH[IPPFI]SRHXLIIPEWXMG
HIJSVQEXMSRPMQMX4WIYHSIPEWXMGWLETIVIGSZIV]MWXLIFEWMGTVMRGMTPISJWIPJ
I\TERHMRKWXIRXWJSVXVIEXQIRXSJIQFSPMWQW-JWLETIVIGSZIV]MWMRLMFMXIH
FEWIHSRXLMWIJJIGX8LIWLETIQIQSV]IJJIGXMWQSWXTVSRSYRGIHMR2MXMRSP
EPPS]W[LMGLEVIFEWIHSRXLIMRXIVQIXEPPMGTLEWI2M8M 1EWWEPWOM 
8LIWI EPPS]W LEZI XLI LMKLIWX XIGLRMGEP VIPIZERGI XSHE] 8LI TVSHYGXMSR
SJ GSQTPI\WLETIH GSQTSRIRXW JVSQ XLIWI EPPS]W LEW WS JEV FIIR PMQMXIH
IXEP
 &IGEYWI SJ XLI WLETI QIQSV] IJJIGXXLI XSSPW YWIH JSVQEGLMRMRK
[IEVUYMGOP]ERHQYWXFIVITPEGIHEXJVIUYIRXMRXIVZEPW-REHHMXMSRXLIPS[
IZIRF]QIERWSJMRKSXQIXEPPYVK]XLEXEPSWWSJQEXIVMEPMRXLIWYFWIUYIRX
WLETMRKTVSGIWWMWLEVHP]EGGITXEFPI
 41MW ER EPXIVREXMZI TVSHYGXMSR QIXLSH [LMGL IREFPIWRIEVRIXWLETIH
GSQTSRIRXW[MXLGSQTPI\KISQIXVMIWXSFITVSHYGIHJVSQ2MXMRSPTS[HIVW
[MXLPMXXPIPSWWSJQEXIVMEP*YVXLIVQSVIXLI[IPPORS[RTVSFPIQWSJMRKSX
QIXEPPYVK]PMOIWIKVIKEXMSRERHKVEMRKVS[XLGERFIIEWMP]EZSMHIH&PIRHW
SJ IPIQIRXEP RMGOIP ERH XMXERMYQ TS[HIVW EW [IPP EW TVIEPPS]IH 2MXMRSP
TS[HIVW GER FIYWIH EW WXEVXMRK QEXIVMEPW ;IR IX EP
GEWIERI\SXLIVQMGVIEGXMSRFIX[IIRRMGOIPERHXMXERMYQGERFIMRMXMEXIHF]
XLIVQEPXVIEXQIRXSJ TS[HIVGSQTEGXW WIPJTVSTEKEXMRK LMKLXIQTIVEXYVI
W]RXLIWMW 7,7  [LMGLPIEHW XS XLI JSVQEXMSR SJ ER STIRTSVSYW WXVYGXYVI
GEYWIHF]XLI JSVQEXMSR SJ ETEVXMEP PMUYMH TLEWIMRGSQFMREXMSR [MXLXLI
/MVOIRHEPP IJJIGX -KLEVS ERH ;SSH  ,I] ERH .EVHMRI  0M IX
EP%WWEHIXEP +IRIVEPP]XLII\SXLIVQMGVIEGXMSRMW
TLEWI XVERWJSVQEXMSR 2IZIVXLIPIWW XLMW QIXLSH MW YWIH JSV XLI MRHYWXVMEP
TVSHYGXMSRSJEWTMREPMQTPERXEW[MPPFIHMWGYWWIHPEXIV4VIEPPS]IH2MXMRSP
TS[HIVWEVITVIJIVVIHEWWXEVXMRKQEXIVMEPWXSEGLMIZIERIWWIRXMEPP]SRITLEWI
LSQSKIRISYWWXVYGXYVI8LIWITS[HIVWEVITVSHYGIHF]MRIVXKEWEXSQMWEXMSR

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

SJ 2MXMRSP QIPXW VIWYPXMRKMRWTLIVMGEP TS[HIVW9TXSRS[WYGL TS[HIVW


EVIRSXEZEMPEFPISREGSQQIVGMEPWGEPI
 %KEMR 1-1 TVSGIWWMRK MW XLI QSWX TVSQMWMRK QIXLSH SJ TVSHYGMRK
RIEVRIXWLETI GSQTSRIRXW [MXL GSQTPI\ KISQIXVMIW JVSQ XLIWI TS[HIVW
/VSRI IX EP   3TXMSREPP] ETTPMGEXMSRSJWTEGI LSPHIVTEVXMGPIWPMOI
2E'P IREFPIW XLI QERYJEGXYVI SJ LMKLP] TSVSYW 2MXMRSP GSQTSRIRXW IZIR
TVIJIVIRXMEPP]WXEVXMRKJVSQTVIEPPS]IHTS[HIVW /LPIXEP 
SJS\]KIRERHGEVFSRHYVMRKIEGLTVSGIWWMRKWXIT-RGSRXVEWXXSXMXERMYQ
EPPS]WXLIMRXIVQIXEPPMG2M8MTLEWILEWEPQSWXRSWSPYFMPMX]SJS\]KIRERH
GEVFSR-RWXIEHEFVMXXPI8M 2MTLEWI[MXLS\]KIRSRXLIMRXIVWXMXMEPWMXIWERH
8M'TVIGMTMXEXIWEVIJSVQIH *VIR^IPIXEP &IGEYWIFSXLTVIGMTMXEXIW
EVIORS[RXSMRMXMEXIGVEGOWHYVMRKQIGLERMGEPPSEHMRK /VSRIIXEP
1IRX^IXEP XLIS\]KIRERHGEVFSRYTXEOIHYVMRKTVSGIWWMRKQYWXFI
VIHYGIHXSEQMRMQYQ*YVXLIVQSVIJSVQEXMSRSJXMXERMYQVMGLTVIGMTMXEXIW
WLMJXWXLIRMGOIPGSRXIRXSJXLI2M8MQEXVM\XSPS[IVZEPYIW[LMGLMWGSYTPIH
[MXLEWXVSRKVIHYGXMSRSJQEVXIRWMXMGTLEWIXVERWJSVQEXMSRXIQTIVEXYVIF]
ETTVS\MQEXIP]'EX RMGOIPMJXLIRMGOIPGSRXIRXI\GIIHWEX 
*VIR^IPIXEP -RXLIGEWISJTVIEPPS]IH2MXMRSPTS[HIVWXLIWMRXIVMRK
SVHIVIH2M8MTLEWI7MRXIVMRKXIQTIVEXYVIWYTXS SJXLI2M8MQIPXMRK
XIQTIVEXYVISJ' 1EWWEPWOMIXEP EVIVIUYMVIHXSEGLMIZIVIWMHYEP
TSVSWMXMIWFIPS[  /VSRIIXEP/LP IXEP 9RHIVXLIWI
GSRHMXMSRWXLIETTPMGEXMSRSJWYMXEFPIWMRXIVMRKEMHWFIGSQIWEGLEPPIRKMRK
MWWYI%RSXLIVQSVIKIRIVEPGLEPPIRKISJ2MXMRSPEWERMQTPERXQEXIVMEPMW
MXWLMKLRMGOIPGSRXIRX8LIVMWOSJEPPIVKMGVIEGXMSRWMRXLIGEWISJSRKSMRK
RMGOIPVIPIEWIJVSQXLIMQTPERXWYVJEGIMWUYMXIGSRXVSZIVWMEPP]HMWGYWWIHMR
PMXIVEXYVI 7LEFEPSZWOE]EIXEP 



4VSHYGXMSRSJTS[HIVQIXEPPYVK]FMSQEXIVMEPW

 1IXEPMRNIGXMSRQSYPHMRK
%W MRXVSHYGIH MR 'LETXIV  QIXEP MRNIGXMSR QSYPHMRK 1-1  VITVIWIRXW
ER I\GIPPIRX XIGLRSPSK] JSV XLI IGSRSQMG TVSHYGXMSR SJ GSQTSRIRXW [MXL
GSQTPI\KISQIXVMIW8LIKVIEXJVIIHSQ[MXLVIKEVHXSXLIWLETISJXLITEVX
QEOIWMXMHIEPP]WYMXEFPIJSVXLITVSHYGXMSRSJEREXSQMGEPP]JSVQIHMQTPERXW
ERHJYRGXMSREPP]STXMQMWIHQIHMGEPHIZMGIW8LIVIJSVIXMR]ERHGSQTPMGEXIH
TVSHYGIHF]1-1,S[IZIVXSHE]WXEMRPIWWWXIIPMWQSWXP]TVSGIWWIHF]1-1
EPXLSYKLXMXERMYQLEWWSQIEHZERXEKIWVIKEVHMRK[IMKLXFMSGSQTEXMFMPMX]
ERH16-GSQTEXMFMPMX] QEKRIXMGVIWSRERGIMQEKMRK -XGSYPHIZIRFIYWIH
JSVTIVQERIRXMQTPERXW[MXLSYXVIWXVMGXMSRW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



 1-1SJXMXERMYQQEKRIWMYQSV2MXMRSPMWWXMPPRSXWXERHEVHIZIRMJQSWX
XIGLRMGEPTVSFPIQWSJTVSGIWWMRKLEZIFIIRWSPZIHHYVMRKXLIPEWXJI[]IEVW
IJJSVXWVIKEVHMRKVE[QEXIVMEPWIUYMTQIRXERHLERHPMRK,S[IZIVMJWXEVXMRK
JVSQ EHIUYEXI TS[HIVW XLIWI QEXIVMEPW GER FI TVSGIWWIH XS GSQTSRIRXW
[MXLI\GIPPIRXQIGLERMGEPTVSTIVXMIWQEXGLMRKXLSWISJQEGLMRIHTEVXWERH
TVSTIVXMIW 6IKEVHMRK JEXMKYI FILEZMSYV XLI TVSTIVXMIW EVI WXMPP TVSQMWMRK
GSQQSRP] TVSGIWWIH QEXIVMEPW LEZI XS FIXEOIR MRXS EGGSYRX %TEVX JVSQ
VIWMHYEPTSVSWMX]XLIQEMRGSRWXVEMRXMWXLIGLERKIMRQMGVSWXVYGXYVIGEYWIH
F]XLIWMRXIVMRKTVSGIWW8LIGSEVWIVQMGVSWXVYGXYVIGSQTEVIHXSWXERHEVH
[VSYKLX QEXIVMEP TEVXMGYPEVP] HIGVIEWIW XLI IRHYVERGI PMQMX 0EXIV SR ER
I\EQTPI[MPPFIKMZIRSJXLII\GIPPIRXJEXMKYITVSTIVXMIWXLEXGERFIEGLMIZIH
MR XLI GEWI SJ XMXERMYQ EPPS]W F] GLERKMRK XLI GSQTSWMXMSR WPMKLXP] ERH
ETTP]MRKWMQTPI41QIXLSHW
 % HIXEMPIH MRXVSHYGXMSR XS XLI 1-1 TVSGIWW GER FI JSYRH F] +IVQER
QEXIVMEPW[LIVIEFMRHIVQEXIVMEPMWEHHIHXSXLITS[HIV2SVQEPP]EXPIEWX
X[SFMRHIVGSQTSRIRXWEVIIQTPS]IH%JXIVXLILSQSKIRMWEXMSRMRELIEXEFPI
ORIEHIV XLI JIIHWXSGO QEXIVMEP MW SFXEMRIH 8LI JIIHWXSGO MW EJXIV[EVHW
MRNIGXIH MRXS XLI GEZMX] SJ E QSYPH YWMRK ER MRNIGXMSR QSYPHMRK QEGLMRI
8LIJEGMPMXMIWERHXSSPMRKJSV1-1EVIWMQMPEVXSXLSWIYWIHJSVXVEHMXMSREP
TPEWXMGWMRNIGXMSRQSYPHMRK8LIKVIIRTEVXSFXEMRIHMWWYFNIGXIHXSETEVXMEP
7SPZIRXHIFMRHMRKMWQEMRP]IQTPS]IHJSVFMSQIHMGEP1-1TEVXWMJQEHIJVSQ
XMXERMYQFEWIHTS[HIVW6IPEXIHHIFMRHMRKJEGMPMXMIWEVIGSQQSRP]EZEMPEFPI
SRXLIQEVOIXERHRSWTIGMEPRIIHWJSVXMXERMYQQEKRIWMYQSV2MXMRSP1-1
TEVXWI\MWX-RGVIEWIWMRWSPZIRXXIQTIVEXYVIW ;YIXEP ETTPMGEXMSR
SJPS[QSPIGYPEV[IMKLXFMRHIVW &EOER EW[IPPEWPS[IVZSPYQIWXS
WYVJEGI EVIEVEXMSWSJXLI QSYPHIH TEVX 7LMZEWLEROEV ERH +IVQER 
PIEH XS E JEWXIV HIFMRHMRK VEXI 8LI WIGSRH FMRHIV GSQTSRIRX MW YWYEPP]
VIQSZIH F] XLIVQEP HIGSQTSWMXMSR EX IPIZEXIH XIQTIVEXYVIW MR XLI VERKI
z'
 8LIGLSMGISJXLIWYMXEFPIFMRHIVW]WXIQMWXLIOI]JSVWYGGIWWJYPTVSHYGXMSR
SJ 1-1 TEVXW JVSQ XMXERMYQ QEKRIWMYQ SV 2MXMRSP TS[HIVW %PXLSYKL
WYVJEGIWHYVMRKTVSGIWWMRKERHGERXLIVIJSVIEGXEWEWSYVGISJGSRXEQMREXMSR
)WTIGMEPP]HYVMRK XLIVQEP HIFMRHMRKGSRXEQMREXMSRWIRWMXMZITS[HIVWEVI
WYWGITXMFPIXSS\]KIRERHGEVFSRYTXEOI3[MRKXSXLIYWYEPP]SVKERMGREXYVI
SJ XLI FMRHIV W]WXIQXLI TVIWIRGI SJ GEVFSR MR XLI GLIQMGEPGSQTSWMXMSR
SJ XLI FMRHIV W]WXIQ GERRSX FI EZSMHIH 8LI TVIWIRGI SJ S\]KIR SR XLI
SXLIV LERH QE] FI QMRMQMWIH F] YWMRK S\]KIRJVII FMRHIV GSQTSRIRXW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

SVEWGSTSP]QIV[MXLZMR]P EGIXEXI ERHWXIEVMGEGMHLEWFIIRWYGGIWWJYPP]


ETTPMIHXSXMXERMYQERHXMXERMYQEPPS]TS[HIVWERHPIEZIWEREGGITXEFPIPS[
EQSYRXSJGSRXEQMREXMSRMRXLIQIXEPPMGQEXVM\ %YWXIXEP&MHIEY\
IXEP']WRI&EVFSWEIXEP 
 -REHHMXMSRXSXLIVQEPHIFMRHMRKWMRXIVMRKMWERSXLIVGVMXMGEPWXITVIPEXIH
XSGSRXEQMREXMSRF]S\]KIRERHGEVFSR8LMWMWHYIXSXLILMKLXIQTIVEXYVIW
MRZSPZIH JSVGMRK XLI TMGOYT SJ MRXIVWXMXMEPW 7MRXIVMRK SJ XMXERMYQFEWIH
QEXIVMEPWXEOIWTPEGIEXXIQTIVEXYVIWFIX[IIR'ERH'8LYWE
JYVREGITVSZMHMRKLMKLZEGYYQSVETVSXIGXMZIKEWEXQSWTLIVISJLMKLTYVMX]
MWERIWWIRXMEPVIUYMVIQIRX8MXERMYQMWEPWSSJXIRWMRXIVIHYRHIVL]HVSKIR
EXQSWTLIVI MR SVHIV XS OIIT XLI S\]KIR PIZIP PS[ -R EHHMXMSR L]HVSKIR
GER MQTVSZI XLI QMGVSWXVYGXYVI SJ XLI WMRXIVIH TEVX HYI XS GLERKMRK XLI
FIXEXVERWYWXIQTIVEXYVI
 8LI1-1XIGLRMUYIGERFIIEWMP]GSQFMRIH[MXLXLIWTEGILSPHIVQIXLSH
7,1 MJTVSHYGXMSRSJTSVSYWXMXERMYQERH2MXMRSPTEVXWMWVIUYMVIH /LP
IX EP   2E'P TEVXMGPIW [IVI TVSZIH XS FI WYMXEFPI WTEGI LSPHIVW JSV
XLI MRNIGXMSR TVSGIWW [LMPI PIEZMRK E QMRMQYQ EQSYRX SJ GSRXEQMREXMSR
EJXIV MXW VIQSZEP -R XLI JIIHWXSGO GSQTSWMXMSR XLI FMQSHEP TEVXMGPI WM^I
HMWXVMFYXMSRSJGSEVWIWTEGIVTEVXMGPIW JSVI\EQTPIz Q
QIXEP TS[HIVW JSV I\EQTPI  QQ  PIEHWXS E RIIHJSV MRGVIEWIH WSPMH
PSEHMRKW GSQTEVIH XS JIIHWXSGO [MXLSYX WTEGIV QEXIVMEPW 7YFWIUYIRX
TVSGIWWMRKWXITWEVIXLIWEQIEWJSVXVEHMXMSREP1-1[MXLXLII\GITXMSRSJ
EREHHMXMSREPHIWEPMREXMSRWXITEJXIVTEVXMEPHIFMRHMRK%JXIVVIQSZEPSJXLI
WTEGILSPHIVQEXIVMEPXLITEVXWEVIWMRXIVIH(ITIRHMRKSRXLIWTEGILSPHIV
XLIVERKISJzZSP EVIEGLMIZIH6IGIRXP]TVSWTIGXMZIX[SGSQTSRIRX
1-1[EWWYGGIWWJYPP]ETTPMIHXSXLITVSHYGXMSRSJXMXERMYQWTMRIMQTPERXW
[MXLEWXIT[MWIKVEHMIRXMRTSVSWMX] ']WRI&EVFSWEIXEP 

 4VIWWMRKKVIIRQEGLMRMRKERHWMRXIVMRK
'SRZIRXMSREPTVIWWERHWMRXIVQIXLSHMWEVIPEXMZIP]IEW]ERHGSWXIJJIGXMZI
-RXLIGEWISJFMSQIHMGEPETTPMGEXMSRWXLMWQIXLSHMWTVIJIVIRXMEPP]YWIHXS
QERYJEGXYVILMKLP]TSVSYWQEXIVMEPW4SVIWGERFIGVIEXIHIMXLIVF]PSSWI
TS[HIV WMRXIVMRK 8LMIQI IX EP  3L IX EP   SV F] XLI YWI SJ
WYMXEFPIWTEGILSPHIVQEXIVMEPW &VEQIXEP;IRIXEP)WIR
ERH&SV,SRKIXEP ;LMPIXLIEHNYWXQIRXSJTSVSWMX]TSVI
WLETIERHTSVIWM^IWMWPMQMXIHMRXLIGEWISJPSSWITS[HIVWMRXIVMRKXLIWI
TEVEQIXIVWGERFIWMQTP]ERHEGGYVEXIP]GSRXVSPPIH[MXLMRE[MHIVERKIF]
XLIYWISJXIQTSVEV]WTEGILSPHIVQEXIVMEPW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



 *SVRIXWLETIQERYJEGXYVMRKSJTSVSYWXMXERMYQMQTPERXWERI[TS[HIV
EVIQEHIF]TVIWWMRKWTEGILSPHIVXMXERMYQTS[HIVQM\XYVIW7LETMRKXLIWI
GSQTEGXWMWTVIJIVIRXMEPP]HSRIF]QEGLMRMRKXLIQMRXLIYRWMRXIVIHWXEXI
EPWS GEPPIH uKVIIR QEGLMRMRKv 0ETXIZ IX EP   -R XLI GEWI SJ WQEPP
ERHQIHMYQMQTPERXHMQIRWMSRWKVIIRQEGLMRMRKGERFIHSRI[MXLSYXER]
EHHMXMSRSJSVKERMGFMRHIVWXSXLITS[HIVGSQTEGXQMRMQMWMRKXLIVMWOSJ
S\]KIRERHGEVFSRYTXEOIHYVMRKJYVXLIVTVSGIWWMRK %JXIVXLIVIQSZEPSJ
XLIWTEGILSPHIVEWMRXIVMRKWXITEXXIQTIVEXYVIWMRXLIVERKIz'
PSEHFIEVMRK MQTPERXW -R TVMRGMTPI QEGLMRMRK SJ LMKLP] TSVSYW TEVXW MW
EPWSTSWWMFPIMRXLIWMRXIVIHWXEXIFYXTPEWXMGHIJSVQEXMSRERHWQIEVMRKSJ
XLIWMRXIVIHWXVYXWQE]PIEHXSTEVXMEPGPSWYVISJWYVJEGITSVIW &VEQIXEP
 
 7TEGILSPHIVWGERFIVIQSZIHFIJSVISVEJXIVXLIWMRXIVMRKWXIT6IQSZEP
GERFIIMXLIVXLIVQEPP]SVF]PIEGLMRKSYXMREWYMXEFPIWSPZIRX%RMHIEPWTEGI
LSPHIVWLSYPHPIEZIXLIW]WXIQEXVIPEXMZIP]PS[XIQTIVEXYVIWXSTVIZIRXER]
VIEGXMSR[MXLXLILSWXQEXIVMEP8LMWXIQTIVEXYVIWLSYPHFIKIRIVEPP]FIPS[
'JSVXMXERMYQJSVI\EQTPI8LIHIWMVIHTVSTIVXMIWJSVEWTEGILSPHIV
WSPZIRXW 1SWX GSQQSRP] YWIH WTEGI LSPHIVW MRGPYHI GEVFEQMHI YVIE 
EQQSRMYQL]HVSKIRGEVFSREXIERHWSHMYQGLPSVMHI 2E'P EPXLSYKLWTEGIVW
WYGLEWQEKRIWMYQTSP]TVST]PIRIGEVFSREXI 44' TSP]QIXL]PQIXLEGV]PEXI
411% [IVIEPWSVITSVXIHXSLEZIFIIRYWIHWYGGIWWJYPP]EWWTEGILSPHIV
QEXIVMEP&IWMHIWXLIQEGVSTSVIWGVIEXIHF]XIQTSVEV]WTEGILSPHIVTEVXMGPIW
41FMSQEXIVMEPWEPWSGSRXEMRQMGVSTSVIWMRWMHISJXLIWMRXIVIHWXVYXW[LMGL
EVI VIPEXIH XS VIWMHYEP TSVSWMX] JVSQ XLI WMRXIVMRK TVSGIWW &SXL X]TIW SJ
TSVSWMX]EVIYWIJYPMRMQTPERXETTPMGEXMSRWWMRGIQMGVSTSVSWMX] TSVIHMEQIXIV
PIWWXLERQ
[LIVIEW QEGVSTSVSWMX] TSVIHMEQIXIVWMRXLIVERKIFIX[IIR  QQ ERH
WIZIVEP QQWTEGI LSPHIV GSRXIRXW YTXS ZSP TVSZMHIWEWGEJJSPHJSV
FSRIzGIPPGSPSRMWEXMSRMRGSQFMREXMSR[MXLZEWGYPEVMWEXMSRSJFPSSHZIWWIPW
;MRXIVQERXIPERH,E 
 41TVSZMHIWELMKLHIKVIISJJVIIHSQERHVIRHIVWMXTSWWMFPIXSGSRXVSP
MRXIVREP EVGLMXIGXYVI SJ XLI TVSHYGIH JSEQW 8LMW LMKL HIKVII SJ JVIIHSQ
FVMRKWEZIV]LMKLRYQFIVSJTVSGIWWMRKTEVEQIXIVWXLEXEJJIGXWXVYGXYVEPERH
GLIQMGEPTVSTIVXMIWWMQYPXERISYWP] 8YRGIVIXEPEF 41XMXERMYQ
MQTPERXWLEZIFIIRWLS[RXSFITVSQMWMRKJSVFMSQIHMGEPETTPMGEXMSRWWYGL
EWMRXIVZIVXIFVEPHMWGWHIRXEPMQTPERXWSVEGIXEFYPEVLMTTVSWXLIWIW 0ETXIZ
IXEP-Q[MROIPVMIH7GLMIJIVIXEP %VIPEXIHGEWIWXYH]
MWKMZIRPEXIV

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

 6ITPMGEQIXLSH
8LI VITPMGEXMSR SJ VIXMGYPEXIH TSP]QIV JSEQW F] GSEXMRK [MXL 8M SV
8M%P: TS[HIV WPYVVMIW MW ERSXLIV ETTVSEGL XS EGLMIZI YRMJSVQ ERH
MWSXVSTMG WXVYGXYVIW [MXL TSVSWMXMIW " ZSP  JYPP] MRXIVGSRRIGXIH TSVIW
ERH QIER STIR GIPP HMEQIXIVW MR XLI VERKI SJ z QQ 0M IX EP 
5YEHFIGO IX EP   4SP]YVIXLERI 49  JSEQ MW YWIH EW E WXEVXMRK
WPYVV]8LIVLISPSKMGEPTVSTIVXMIWSJXLIWPYVV]TPE]ERMQTSVXERXVSPIMRXLI
MQTVIKREXMSRTVSGIWW :MWGSWMX] QYWX FI EHNYWXIH MR E[E]XLEX XLIWPYVV]
QMKLXTIRIXVEXIXLIJSEQIEWMP]ERHFIWYWXEMRIHLSQSKIRISYWP]SRXLI49
WXVYXWEJXIV[EVHW8LIWLIEVXLMRRMRKFILEZMSYVSJXLIWPYVV][EWJSYRHXSFI
EHZERXEKISYWMREGLMIZMRKXLMWEMQ6IQSZEPSJI\GIWWWPYVV]MWWYTTSVXIH
F]XLIETTPMGEXMSRSJVYFFIVVSPPW%TTP]MRKTVIWWYVIWYTTSVXWXLIJSVQEXMSR
SJE[IPPHMWXVMFYXIHGSEXMRKSRXLIWXVYXW%JXIVHV]MRKXLI49XIQTPEXIMW
VIQSZIHF]EXLIVQEPXVIEXQIRXFIPS['PIEZMRKXVMERKYPEVLSPIWMRWMHI
XLIWXVYXW%HHMXMSREPTS[HIVGSEXMRKWEVISTXMSREPXSVIQSZIXLIXVMERKYPEV
LSPIW ERH XS IRLERGI XLI XLMGORIWW SJ XLI WXVYXW JSV MQTVSZIH QIGLERMGEP
TVSTIVXMIW 8LI VIQEMRMRK RIX[SVO SJ XMXERMYQ SV 8M%P: TEVXMGPIW MW
WMRXIVIHMREZEGYYQEXXIQTIVEXYVIWMRXLIVERKIz'JSVWIZIVEP
LSYVW%JXIVWLETMRKXLIJSEQF]QIGLERMGEPQEGLMRMRKMXGERFIHMVIGXP]
YWIHEWEWGEJJSPHJSVFSRIXMWWYIIRKMRIIVMRK

 7IPIGXMZIPEWIVQIPXMRKIPIGXVSRFIEQQIPXMRK
*SEQMRK ERH GSRZIRXMSREP 41 XIGLRSPSKMIW LEZI PMQMXEXMSRW VIKEVHMRK
TVSHYGXMSRSJLMKLP]SVHIVIH TSVSYWWXVYGXYVIWEW [IPP EW EGGYVEXIGSRXVSP
SJXLIMRXIVREPTSVIWLETIWHMQMRMWLMRKXLIVITVSHYGMFMPMX]SJQSVTLSPSK]
ERHTL]WMGEPTVSTIVXMIW8LIVIJSVIGSQTYXIVEMHIHHIWMKR '%( GSQTYXIV
EMHIHQERYJEGXYVMRK '%1 FEWIHPE]IVIHQERYJEGXYVMRKXIGLRMUYIW[IVI
VIGIRXP]EHSTXIHJSVRIEVRIXWLETIJEFVMGEXMSRSJTSVSYWTEVXW[MXLGSRXVSPPIH
TSVSWMX]ERHTSVIWXVYGXYVI7IPIGXMZIPEWIVQIPXMRK 701 SVIPIGXVSRFIEQ
QIPXMRK )&1 EVIX[SI\EQTPIWSJEHHMXMZIQERYJEGXYVMRKTVSGIWWIWXLEX
YWIELMKLTS[IVIHPEWIVSVIPIGXVSRFIEQXSGVIEXIXLVIIHMQIRWMSREP ( 
QIXEPTEVXWFEWIHSREHMKMXEPMRJSVQEXMSRWSYVGIF]JYWMRKQIXEPPMGTS[HIVW
XSKIXLIV8LITVMRGMTPISJXLIQIXLSHMWXSQIPXIEGLPE]IVSJQIXEPTS[HIVW
GSEXMRKEPE]IVSJQIXEPPMGTS[HIVWF]E[MTIVSREQIXEPTPEXI8LIPEWIV
SVIPIGXVSRFIEQQIPXWXLITS[HIVSR XLIJSGYWMRKPIZIPSJXLITS[HIVMR
[IPHMRKFIEHW8LIQIXEPQIPXQIVKIW[MXLXLIQIXEPTPEXI%JXIVXVIEXQIRX
SRXLIJSGYWMRKPIZIPXLIQIXEPTPEXIMWPS[IVIHERHXLI[MTIVEKEMRPE]WSR
QIXEPPMGTS[HIVW8LIRXLI RI\XPE]IVSJ QIXEPPMGTS[HIVMRXLIJSGYWMRK
PIZIPSJXLIFIEQMWVIEH]JSVTVSGIWWMRK ;ILQPPIVIXEP:ER&EIP
IXEP 4EVEQIXIVWPMOIPEWIVTS[IVWTSXWM^IWGERWTIIHERHLEXGL
;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



HMWXERGIQYWXFIEHNYWXIHGEVIJYPP]XSMQTVSZITSVSWMX]ERHWYVJEGIUYEPMX]
EW[IPPEWXSHIGVIEWIVIWMHYEPWXVIWWMRXLITEVXWTVSHYGIHF]701 1IMIV
ERH,EFIVPERH *MKYVIWLS[WEX]TMGEPLMKLP]TSVSYWERH[IPP
SVHIVIHQMGVSWXVYGXYVI[LMGLLEWFIIRTVSHYGIHF])&1
 'SQTEVMRKPEWIVERHIPIGXVSRFIEQWXLIPEXXIVLEWLMKLIVIRIVK]HIRWMX]
[LMGLPIEHWXSVIHYGIHFYMPHMRKXMQIWERHGSRWIUYIRXP]VIHYGIHQERYJEGXYVMRK
GSWXW 4EVXLEWEVEXL]IXEP %VGEQvW)&1TVSGIWWMWGYVVIRXP]MRYWI
JSVPS[ZSPYQITVSHYGXMSRSJQIHMGEPGSQTSRIRXWMR)YVSTIERHXLI97%
3PEIXEP %HHMXMZIQERYJEGXYVMRKEPPS[WXLIFYMPHMRKSJTEVXW[MXL
TVSHYGMRKER][EWXIQEXIVMEP&SXLQIXLSHWIREFPIQERYJEGXYVISJTEXMIRX

EW8M%P:TVSHYGIHZME)&1ERH701[IVIVITSVXIHXSLEZIWYMXEFPI
QIGLERMGEP WXVYGXYVEP ERH JVMGXMSREP TVSTIVXMIW JSV YWI EW FSRI MQTPERXW
,IMRPIXEP1YVVIXEP&MIQSRHIXEP ;ILQPPIVIX
EP  WLS[WXLEXMX MWTSWWMFPIXSTVSHYGII\XVIQIP]GSQTPI\WLETIH
MQTPERXWWYGLEWGSVXMGEPPS[IVNE[SVPYQFEVZIVXIFVEI*YVXLIVQSVIXMXERMYQ
HIRXEP MQTPERXW[MXLETSVSWMX]KVEHMIRXXLVSYKLWGVI[ GVSWWWIGXMSR[IVI
EPWSVITSVXIH[LMGL[IVITVSHYGIHF]701 8VEMRMIXEP 

 7IPJTVSTEKEXMRKLMKLXIQTIVEXYVIW]RXLIWMWSJ
TSVSYW2M8M
;MXLMRXLIPEWXJI[HIGEHIWXLII\SXLIVQMGVIEGXMSRFIX[IIRIPIQIRXEP2M
ERH8MTS[HIVWLEWFIIRMRXIRWIP]MRZIWXMKEXIH[MXLXLIEMQSJQERYJEGXYVMRK

 E 8MXERMYQQIWLMQTPERXWXSXVIEXFSRIHIJIGXW GSYVXIW]


SJ-RWXMXYXIJSV1IHMGEPERH%REP]XMGEP8IGLRSPSKMIW9RMZIVWMX]SJ
%TTPMIH7GMIRGIW2SVXL[IWXIVR7[MX^IVPERH  F (IXEMPSJXMXERMYQ
QIWLTVSHYGIHF])&1

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

SJLMKLP]TSVSYW2M8MTEVXWXSFIYWIHEWWGEJJSPHWJSVFSRIXMWWYIIRKMRIIVMRK
0MIXEP&MW[EW 8LIQEMRGSYVWISJXLIVIEGXMSRMWKMZIRF]
XLIJSPPS[MRKIUYEXMSR
 

2M8M2M8MO.QSPz

?A

 (ITIRHMRK SR XLI TVSGIWWMRK GSRHMXMSRW XLI I\SXLIVQMG VIEGXMSR QE]


FIGSQIWIPJWYWXEMRMRK WIPJTVSTEKEXMRKLMKLXIQTIVEXYVIW]RXLIWMW7,7 
2MGOIP ERHXMXERMYQIPIQIRXEPTS[HIVWEVIQM\IH ERHGSRWSPMHEXIHMRXSE
KVIIRGSQTEGXF]YRME\MEPSVMWSWXEXMGTVIWWMRK%JXIV[EVHWXLIVIEGXMSRMW
WXEVXIHF]MKRMXMRKXLIXSTSJXLIWEQTPIJSVI\EQTPIF]MRHYGXMSRLIEXMRK
JSPPS[IHF]XLIJSVQEXMSRSJEVIEGXMSRJVSRXVYRRMRKXLVSYKLXLIWEQTPI
8LI IRIVK] HMWGLEVKI HYVMRK XLI I\SXLIVQMG VIEGXMSR PIEHW XS E WYHHIR
XIQTIVEXYVI MRGVIEWI MRWMHI XLI GSQTEGX GEYWIH F] WIPJLIEXMRK [LMGL MW
GSYTPIH[MXL XLIJSVQEXMSR SJ LMKL MRXIVREP TVIWWYVIW %R I\TPSWMZI[EZI
MW KIRIVEXIHJSVTVIWWYVI VIPIEWI VIWYPXMRKMRI\TERWMSRSJ XLI WEQTPI ERH
JSVQEXMSR SJ MRXIVGSRRIGXIH ERH PMRIEVEPMKRIH TSVI WXVYGXYVIW 0M IX EP
  8LI ETTIEVERGI SJ TEVXMEP PMUYMH TLEWI WYTTSVXW TSVI JSVQEXMSR F]
GETMPPEV]JSVGIW8]TMGEPP]TSVSWMXMIWMRXLIVERKISJzZSP ERHTSVI
WM^IWMRXLIVERKISJzQQ[IVIEGLMIZIH[LMGL[IVIJSYRHXSFI
WYMXEFPI JSV FSRI XMWWYIMRKVS[XLERHZEWGYPEVMWEXMSR %WWEH IX EP 
%HVE[FEGOSJXLI7,7QIXLSHMWXLIJSVQEXMSRSJWIGSRHEV]MRXIVQIXEPPMG
TLEWIW PMOI 8M2M ERH 2M8M [LMGL MRGVIEWI XLI FVMXXPIRIWW SJ XLI TSVSYW
2M8MEPPS]ERHQE]GEYWIHIXIVMSVEXMSRSJXLIFMSGSQTEXMFMPMX]F]MRHYGMRK
GSVVSWMSRTVSGIWWIWMRXLITL]WMSPSKMGEPIRZMVSRQIRX7LETMRKQYWXFIHSRI
EJXIV GSQTPIXMSR SJ XLI 7,7 TVSGIWW % TSVSYW WTMRI MQTPERX [LMGL [EW
PEYRGLIHSR XLIQEVOIXMRHIQSRWXVEXIWXLITSXIRXMEPSJXLIQIXLSH
%WWEHIXEP IZIRMJXLILMKLRMGOIPGSRXIRXWEVIXLSYKLXXSFIGVMXMGEP
JSVPSRKXIVQMQTPERXW 7LEFEPSZWOE]EIXEP 

 4SVSYWGSEXMRKW
-RXVSHYGXMSRSJGPEWWMGEP41XIGLRSPSKMIWJSVFMSQIHMGEPETTPMGEXMSRWWXEVXIH
MRXLIW[LIRGSEVWIXMXERMYQSV'S'VFIEHW[IVITVIWWIHERHWMRXIVIH
'PIQS[IXEP 8LIWIOMRHWSJMQTPERXWEVIWXMPPSRXLIQEVOIXFYX
WMRKPIFIEHWYRHIVG]GPMGPSEHMRKGSRHMXMSRWLEWHIGVIEWIHXLIMVMQTSVXERGI
GSQTEVIHXSSXLIVTSVSYWMQTPERXW%RSXLIVHVE[FEGOSJXLILMKLXIQTIVEXYVI
WMRXIVMRKTVSGIWW XIQTIVEXYVIW"' VIUYMVIHXSEGLMIZIEWXEFPIGSEXMRK
MW XLI GSEVWIRMRK SJ XLI MQTPERX QMGVSWXVYGXYVI [LMGL QMKLX VIHYGI XLI
WXVIRKXLERHJEXMKYIVIWMWXERGISJXLIMQTPERXQEXIVMEPGPIEVP]
ZEGYYQ TPEWQE WTVE]MRK :47  SJ XMXERMYQ TS[HIVW :47 GSEXMRKW LEZI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



FIIR[IPPIWXEFPMWLIHJSVXLIWXIQSJLMTERHORIITVSWXLIWIWEW[IPPEWJSV
GSEXMRK XLI SYXIV WLIPP SJ EGIXEFYPEV GYTW JSV WIZIVEP HIGEHIW ,ELR ERH
4EPMGL %HIXEMPIHHIWGVMTXMSRSJXLI:47QIXLSHMWKMZIRF]*EYGLEMW
 8MXERMYQTS[HIVMWMRNIGXIHMRXSXLITPEWQEKEWWXVIEQTVSHYGIHF]
ERIPIGXVMGEVG8LITS[HIVMWEGGIPIVEXIHXSLMKLWTIIHQIPXIHSVTEVXMEPP]
QIPXIHERHMQTEGXIHSRXSXLIMQTPERXWYVJEGI%HLIVIRGISJXLI:47PE]IV
XSXLIMQTPERXWYVJEGIGERFIMQTVSZIHF]IRLERGMRKXLIWYVJEGIVSYKLRIWW
JSV I\EQTPI F] WERH FPEWXMRK -R GSRXVEWX XS WMRXIVMRK SJ FIEHW WYFWXVEXI
QEXIVMEPWVIXEMRXLIMVQIGLERMGEPTVSTIVXMIWEJXIVXLIGSEXMRKTVSGIHYVIS[MRK
XS E PS[ MRGVIEWI MR WYFWXVEXI XIQTIVEXYVI HYVMRK :47 GSEXMRK :EV]MRK
HIKVIIWSJTSVSWMX]GERFIEGLMIZIHMJTVSGIWWMRKTEVEQIXIVWEVIEHNYWXIHJSV
XLMWTYVTSWI7TIGMEPGEVIQYWXFIXEOIRXSEZSMHXLIJSVQEXMSRSJMQTYVMX]
TLEWIWMJS\MHEXMSRWIRWMXMZITS[HIVWPMOIXMXERMYQEVIWTVE]IH 6]ERIXEP
 6EXLIVXLERTVSHYGMRKSTIRGIPPTSVSWMX]XLIXIGLRMUYISJXIRHIPMZIVW
MWSPEXIHSVGPSWIHGIPPTSVIW%PXLSYKLFSRIMRKVS[XLMRXSWYGLEWXVYGXYVIMW
RSXTSWWMFPIEXXEGLQIRXSJXLIWYVVSYRHMRKFSRIXMWWYIXSXLIVSYKLMQTPERX
WYVJEGI uSRKVS[XLv MWGPIEVP]MQTVSZIHGSQTEVIHXSERSRXVIEXIHWYVJEGI
7XEFPIERGLSVMRKSJMQTPERXWMWHIQSRWXVEXIHF]MRZMZSXIWXW


XMXERMYQEPPS]FMSQEXIVMEPW
+IRIVEPP]GSQQIVGMEPP]TYVIXMXERMYQERHMXWEPPS]WGSQFMRIKSSHQIGLERMGEP
TVSTIVXMIW XLEX EZSMH WXVIWW WLMIPHMRK LMKL GSVVSWMSR ERH [IEV VIWMWXERGI
VIEGXMSRW MR XLI LYQER FSH] +IIXLE IX EP   8LIVIJSVI XLI] EVI
IWXEFPMWLIHQEXIVMEPWJSVFSRIWGEJJSPHETTPMGEXMSRW 7MRKLIXEP -RXLI
GEWISJ41QERYJEGXYVMRKSJXMXERMYQERHMXWEPPS]WJSVI\EQTPIF]1-1XLI
MRXLIVERKISJz EJXIVWMRXIVMRK9WYEPP]XLITSVIWEVIGPSWIHMWSPEXIH
ERHX]TMGEPP]WQEPPIVXLERQQ-RXLIGEWISJQIGLERMGEPPSEHMRKXLIWI
TSVIWQE]EGXEWRSXGLIWMRXLIWMRXIVIHQMGVSWXVYGXYVIGEYWMRKHIXIVMSVEXMSR
IWTIGMEPP]SJXLIXIRWMPIERHJEXMKYITVSTIVXMIW )FIP IXEP 8LYWMJ
QE\MQYQWXVIRKXLERHHYGXMPMX]MWVIUYMVIHJSVI\EQTPIMRXLIGEWISJFSRI
TPEXIWWGVI[WSVSXLIVMQTPERXWYWIHJSVFSRIWYTTSVXEJXIVJVEGXYVIHIRWI
QEXIVMEPW LEZI XS FI XEVKIXIH 8S EGLMIZI XLMW EMQ [LMPI WXMPP QEMRXEMRMRK
XLIEHZERXEKIWSJ1-1TVSGIWWMRKJSVRIXWLETIQERYJEGXYVMRKWYFWIUYIRX
LSXMWSWXEXMG TVIWWMRK ,-4 MW VIGSQQIRHIH EJXIV WMRXIVMRK 3[MRKXS XLI
WYTIVTSWMXMSRSJMWSWXEXMGTVIWWYVIHYVMRKLMKLXIQTIVEXYVIXVIEXQIRXEPPTSVIW
XLEXEVIRSXGSRRIGXIHXSXLIMQTPERXWYVJEGI[MPPFIGSQTPIXIP]IPMQMREXIH
-R 8EFPIERSZIVZMI[MWKMZIRSJXLIQIGLERMGEPTVSTIVXMIWEGLMIZIH
WXYHMIW *IVVMIXEP3FEWMIXEP FYXVIZIEPX]TMGEPZEPYIW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

8EFPI8]TMGEPQIGLERMGEPHEXESJ1-1TVSGIWWIH8M%P:GSQTEVIHXS%781
WXERHEVHW
1EXIVMEP




6IWMHYEP
TSVSWMX]



=MIPH
WXVIRKXL
14E 


9PXMQEXI J  )RHYVERGI
XIRWMPI

PMQMX 14E
WXVIRKXL
14E 

8M%P:WMRXIVIHEX'
8M%P:WMRXIVIHEX'
8M%P:,-4
8M%P:&
%781&KVEHI
%781&KVEHI
%781*WMRXIVIH






RE
RE







"
"
"
"





"
"
"
"





"
"
"
"


RE


RE
RE
RE
RE

MJVIWMHYEPTSVSWMX]ERHS\]KIRGSRXIRX EVIOITX[MXLMREGIVXEMRVERKIEW
HMWGYWWIHFIPS[8LII\TIVMQIRXEPHEXEEVIGSQTEVIHXSWXERHEVHWJSV[VSYKLX
ERH1-1TVSGIWWIH8M%P:-R%781*[LMGLMWZEPMHJSV1-1
TVSGIWWIHXMXERMYQEPPS]WX[SGEWIWEVIHMWXMRKYMWLIHXLIWMRXIVIHWXEXIERH
JSVI\EQTPIF]GSRHYGXMRKE,-4G]GPIEJXIVWMRXIVMRK
 -X MW SFZMSYW XLEX XLI TVSTIVXMIW SJ WEQTPIW JEFVMGEXIH F] 1-1 HS RSX

IUYEPXSXLSWISJ[VSYKLXQEXIVMEP8LMWHITIRHIRGISRXLIVIWMHYEPTSVSWMX]
[MXLMRXLI%781*WXERHEVHJSV1-1JEFVMGEXIHQEXIVMEP3RXLISXLIV
LERH IZIR MR XLI EWWMRXIVIH WXEXI 1-1 GSQTSRIRXW EPVIEH] WLS[ LMKL
WXVIRKXLERHI\GIPPIRX HYGXMPMX]EPXLSYKL XLIMV QMGVSWXVYGXYVIHMJJIVWJVSQ
[VSYKLX QEXIVMEP RSX SRP] MR XIVQW SJ I\MWXMRK TSVSWMX] FYX EPWS MR KVEMR
QSVTLSPSK] ERH KVEMR WM^I -R *MK  X]TMGEP QMGVSKVETLW SJ [VSYKLX
ERH SJ 1-1 TVSGIWWIH 8M%P:EPPS] EVI WLS[R8LI[VSYKLX QEXIVMEP
I\LMFMXWEKPSFYPEVWXVYGXYVIGSRWMWXMRKSJIUYME\IHEPTLEKVEMRW[MXLFIXE
TLEWIEXXLIKVEMRFSYRHEV]VIKMSRW-RGSRXVEWXXLI1-1TVSGIWWIHQEXIVMEP
I\LMFMXW E PEQIPPEV WXVYGXYVI [MXL EPTLEFIXE GSPSRMIW 8LMW WXVYGXYVI MW
JSVQIHHYVMRKGSSPMRKEJXIVWMRXIVMRK[LIRXLIXIQTIVEXYVIJEPPWFIPS[XLI
GEYWIHF]WMRXIVMRK[MXLMRXLIWMRKPITLEWIFIXEVIKMSR-RXLIGEWISJXLI
[VSYKLX QEXIVMEP XLIVQSQIGLERMGEP XVIEXQIRX MRGPYHMRK VIGV]WXEPPMWEXMSR
XLIHIZMEXMSRWMRXLIQIGLERMGEPTVSTIVXMIWSJWMRXIVIHERH[VSYKLXQEXIVMEP

QMGVSWXVYGXYVI 0XNIVMRK 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



Q

Q

Q

8]TMGEPQMGVSWXVYGXYVISJ E [VSYKLXERH F 1-1TVSGIWWIH


8M%P:











987






=7













3\]KIRGSRXIRX [X



(ITIRHIRGISJXIRWMPITVSTIVXMIWSRS\]KIRGSRXIRXSJ1-1
TVSGIWWIH8M%P:

 %JYVXLIVHMJJIVIRGIMWXLIGSRXIRXSJS\]KIRMRXLIQEXIVMEP(YVMRK1-1
TVSTIVXMIW*MKYVIWLS[WXLIHITIRHIRGISJXLIXIRWMPITVSTIVXMIWSRXLI
S\]KIRGSRXIRX )FIPIXEP -RXLMWWXYH]WEQTPIW[IVIMRZIWXMKEXIH
[LMGLHMJJIVIHSRP]MRXLIS\]KIRGSRXIRXVERKMRKJVSQz[X ;LMPI
XLIWXVIRKXLGSRXMRYSYWP]MRGVIEWIH[MXLMRGVIEWMRKS\]KIRGSRXIRXEWLEVT
HIGVIEWIMRXLIIPSRKEXMSR[EWJSYRHEXEFSYX[X 8LMWPMQMXQYWXRSX
FII\GIIHIHHYVMRKTVSGIWWMRK-RXIVIWXMRKP]XLIQE\MQYQGSRXIRXWXEXIHMR
%781*MWSRP][X IUYEPXSXLEXSJ%781&JSV[VSYKLX
QEXIVMEPEPXLSYKLEXPIEWXJSVXLIXIRWMPIFILEZMSYVLMKLIVS\]KIRGSRXIRXW
8EFPIVIZIEPIHS\]KIRGSRXIRXWFIX[IIR[X ERH[X 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

 8EFPIWLS[WWSQIWEQTPIW[MXLERIRHYVERGIPMQMXEXG]GPIWYRHIV
JSYVTSMRXFIRHMRKXIWXGSRHMXMSRWMRSVHIVXSGSQTEVIXLIJEXMKYITVSTIVXMIW
F] ,-4 ERH EJXIV EPPS]MRK [MXL WQEPP EQSYRXW [MXL FSVSR % ZEPYI SJ
 14E JSV EWWMRXIVIH QEXIVMEP MW JSYRH FYX [VSYKLX QEXIVMEP WLS[W
X]TMGEPJEXMKYIWXVIRKXLMRXLIVERKIFIX[IIR14EERH14E)ZIR
GPSWMRKXLITSVSWMX]F]E,-4TVSGIWWHSIWRSXMQTVSZIXLIIRHYVERGIPMQMX
F]EWEXMWJEGXSV]EQSYRX*IVVMIXEP  TVSZIHXLEXXLIGSQTEVEXMZIP]
PEVKIKVEMRWM^ISJ1-1QEXIVMEPQEMRP]GEYWIHMRJIVMSVJEXMKYIFILEZMSYV
XSXLIEPPS]TS[HIVHYVMRKJIIHWXSGOTVSHYGXMSR(YVMRKLIEXMRKXSWMRXIVMRK
XIQTIVEXYVIFSVSRVIEGXW[MXLXMXERMYQJSVQMRKXLIMRXIVQIXEPPMG8M&TLEWI
(YVMRKWMRXIVMRKMRXLIFIXEVIKMSRXLIKVS[XLSJXLIFIXEKVEMRWMWMQTIHIH
HYIXSKVEMRFSYRHEV]TMRRMRKF]XLIWIXMXERMYQFSVMHITEVXMGPIW-REHHMXMSR
HYVMRK GSSPMRK XLI EPTLE TLEWI RYGPIEXIW EX XLI TEVXMGPIW 8LMW PIEHW XS
QSVIERHWQEPPIVEPTLEKVEMRWERHXLIKVEMRWM^IMWVIHYGIHJVSQQQXS
QQGSQTEVEFPI XS[VSYKLXQEXIVMEP8EFPIWLS[WEWXVSRKIJJIGX
SRXLIIRHYVERGIPMQMX[LMGLMW[IPP[MXLMRXLIVERKISJ[VSYKLXQEXIVMEP

XLIVIUYMVIHETTPMGEXMSR
 8LITSXIRXMEPSJ41XIGLRSPSKMIWMRFMSQIHMGEPMQTPERXWMWHIQSRWXVEXIH
F] XLI JEGX XLEX 1-1 SJ 8M%P: MW EPVIEH] MR YWI MR XLI TVSHYGXMSR SJ
TIVQERIRXMQTPERXWFYXPMQMXIHXSGSQTSRIRXWWXVIWWIHF]PS[QIGLERMGEP
PSEHW-R7IGXMSRETSVXW]WXIQMWWLS[REWEGEWIWXYH][LMGLLEW
FIIR MQTPERXIH ZIV] WYGGIWWJYPP] JSV WIZIVEP ]IEVW [MXLSYX ER] TVSFPIQW
MRGPYHMRKMRXIVQWSJFMSGSQTEXMFMPMX]
 ,MKLP] TSVSYW XMXERMYQ WXVYGXYVIW EVI TVSQMWMRK GERHMHEXIW JSV FSRI
VMWO SJ WXVIWWWLMIPHMRK XS E QMRMQYQ S[MRK XS IPEWXMG TVSTIVXMIW XLEX EVI
[IPPEHETXIHXSXLILYQERFSRI3RXLISXLIVLERHMXQYWXFIGSRWMHIVIH
XLEXXLIMRXVSHYGXMSRSJQEGVSTSVIWEPWSHVEWXMGEPP]VIHYGIWXLIQIGLERMGEP
WXVIRKXL 8LIVIJSVI XLMW OMRH SJ MQTPERX WLSYPHFI TVIJIVIRXMEPP] YWIH JSV
MQTPERXW [LMGL TVMQEVMP] LEZI XS [MXLWXERH GSQTVIWWMSR PSEHW -R XLI
GEWISJQEGVSTSVSYWMQTPERXWXLIEVGLMXIGXYVIERHMRXIVGSRRIGXMZMX]SJXLI
TSVIWEVIGVYGMEPXSEPPS[ZEWGYPEVMWEXMSRERHJSVWYTTP]MRKRYXVMIRXWXSXLI
HIZIPSTMRKXMWWYI7XYHMIWLEZIPIHXSXLIGSRWIRWYWXLEXXLISTXMQEPTSVI
MRXIVGSRRIGXMSRVEHMMJSVFSRIMRKVS[XLMWEFSZIQQFYXXLIQE\MQYQ
VERKMRKJVSQEJI[QQYTXSWIZIVEPQQ &SF]RIXEP;LERK
IXEP.SRIWIXEP 
 %RSXLIVMQTSVXERXMWWYIHMVIGXP]VIPEXIHXSXLIWM^ISJXLISTIRTSVIWMWXLI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



EJXIVWYVKIV]*MKYVIWLS[WXLIQMGVSWXVYGXYVISJVITVIWIRXEXMZIXMXERMYQ
JSEQ X]TMGEPP] YWIH JSV FMSQIHMGEP MQTPERXW 8LI JSEQ [EW TVSHYGIH F]
TVIWWMRKEXMXERMYQTS[HIVWTEGILSPHIVQM\XYVI WTEGILSPHIVYVIEEZIVEKI
WM^IQQGSRXIRXZSP EWSPYXMSRSJXLIWTEGILSPHIV TEVXMGPIWMR
[EXIVERHWYFWIUYIRXWMRXIVMRKEX'MREVKSR 8YRGIVERH%VWPER
8YRGIVIXEPE <VE]QMGVSXSQSKVETL]MQEKMRKSJXLIJSEQEPPS[W
GEPGYPEXMSR SJXLI EQSYRX SJ QEGVSERH QMGVSTSVIW EW [IPP EW XLI WM^I SJ
TSVIWERHXLIMRXIVGSRRIGXMRKVEHMM 8YRGIVIXEPE 
 %W QIRXMSRIH FIJSVI GSRXEQMREXMSRF] MRXIVWXMXMEPIPIQIRXW IWTIGMEPP]
S\]KIRERHGEVFSRMWEZIV]MQTSVXERXMWWYIHYVMRKTVSGIWWMRK8LMWMWIZIR

&EVMP IX EP 8YRGIV IX EPEF 8LIJEGXXLEXXLIHIWMVIH


WXVYGXYVEP ERH QIGLERMGEP TVSTIVXMIW SJ XLI MQTPERX WXVSRKP] HITIRH SR
WYFWXMXYXIH FSRI XLI EKI ERH HEMP] EGXMZMX] SJ XLI TEXMIRX RIGIWWMXEXIW E
HIXEMPIHYRHIVWXERHMRKSJXLIWXVYGXYVIzTVSTIVX]VIPEXMSRWLMTWMR8MJSEQW
4SVSWMX]MWXLIQSWXIJJIGXMZIJSEQTVSTIVX]MRQIGLERMGEPFILEZMSYV *MKYVI
 7XVIRKXLERHWXMJJRIWWHIGVIEWIEWXLITSVSWMX]SJXLIJSEQMRGVIEWIW
-Q[MROIPVMIH 
 )PEWXMGTVSTIVXMIWXLEXHITIRHSRXLIEQSYRXSJTSVSWMX]GERFIGEPGYPEXIH
YWMRKEWMQTPIQSHIPTVSTSWIHF]+MFWSRERH%WLF]  [LMGLMWFEWIH
SR YRMX GIPPW [MXL E GSRWXERX [EPP XLMGORIWW 8LI WGEPMRK PE[ MR )UYEXMSR
 EWWYQIWEWMQTPIWXVYXFIRHMRKQSHIPETTPMIHXSEGYFMGYRMXGIPP
l
)
! ' |
W
)W

R

?A

l
! ' |
W
W

R

?A

Q

Q

Q

1MGVSWXVYGXYVISJXMXERMYQJSEQWYMXEFPIJSVFSRIMQTPERX
ETTPMGEXMSRWTVSHYGIH[MXLEZSP WTEGILSPHIV E *VEGXYVIH
WYVJEGI F <VE]QMGVSXSQSKVETL] G TSPMWLIHGVSWWWIGXMSR

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]
































7XVEMR?zA







7XVIWWzWXVEMRGYVZIWSFXEMRIHF]WXEXMGGSQTVIWWMSRSJXMXERMYQ
JSEQWEQTPIW WEQTPIWM^I QQL!QQ HITIRHMRKSR
XLITSVSWMX]%XERHQQHMWTPEGIQIRXPSEHMRK
YRPSEHMRKG]GPIW[IVIGSRHYGXIHWIZIRXMQIWJSVIEGLSJXLI
WEQTPIWEXWXVEMRWFIX[IIR HMWTPEGIQIRXQQ ERH
HMWTPEGIQIRXQQ %JXIVQE\MQYQHMWTPEGIQIRXSJQQ WXVEMR
 EPPWEQTPIWSJXLITPEWXMGEPP]HIJSVQIHG]PMRHIVW[IVIYRPSEHIH
ERHHIQSYRXIH4IVGIRXEKIWSRXLIVMKLXLERHWMHIKMZIXLITSVSWMX]
SJIEGLMRHMZMHYEPWEQTPI GSYVXIW]SJ7]RXLIW+QF,3FIVHSVJ
7[MX^IVPERH 

 -RXLIWIIUYEXMSRW) ERH VIJIVXSIPEWXMGQSHYPYWGSQTVIWWMZIWXVIRKXL


ERHVIPEXMZIHIRWMX]SJXLIJSEQVIWTIGXMZIP][LIVIEWWYFWGVMTXWWXERHWJSV
XLIFYPOQEXIVMEPTVSTIVX]'ERHREVIGSRWXERXWHITIRHMRKSRXLIKISQIXVMGEP
JIEXYVIWPMOIXLIGIPPWXVYGXYVISJXLIJSEQ)\TIVMQIRXEPIZMHIRGIWLS[IH
XLEXRIUYEPWJSVXLIIPEWXMGQSHYPYWERHJSVGSQTVIWWMZIWXVIRKXL'MW
EGSRWXERXSJJSVVMKMHTSP]QIVWIPEWXSQIVWQIXEPWERHKPEWWIW,S[IZIV
XLIVIMWEGIVXEMRHMWGVITERG]FIX[IIRXLITVIHMGXIHERHI\TIVMQIRXEPVIWYPXW
[LMGLEVMWIWJVSQYRHIVIWXMQEXMSRSJXLIVIEPEVGLMXIGXYVEPIJJIGXW 8YRGIV
IX EP E F  *SEQ JIEXYVIW WYGL EW TSVI EWTIGX VEXMS GIPP [EPP
TSVSWMX]QEXIVMEPLSQSKIRIMX]TSVIWM^IHMWXVMFYXMSRERHTSVISVMIRXEXMSR
LEZI FIIR WLS[R GPIEVP] XS EJJIGX XLI VIPEXMSRWLMT FIX[IIR TSVSWMX] ERH
QIGLERMGEPTVSTIVXMIW


FMSQEXIVMEPW
 1EKRIWMYQERHQEKRIWMYQEPPS]W
1EKRIWMYQERHQEKRIWMYQEPPS]WLEZIEXXVEGXIHKVIEXMRXIVIWXEWQEXIVMEPW
JSVFMSHIKVEHEFPIMQTPERXWMRVIGIRX]IEVW41QERYJEGXYVMRKSJRIXWLETIH

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



QEKRIWMYQMQTPERXWJSVI\EQTPIF]1-1TVSGIWWMRKMWETVSQMWMRKQIXLSH
SJIWXEFPMWLMRKXLMWQEXIVMEPJSVFMSQIHMGEPETTPMGEXMSRW41SJQEKRIWMYQ

RSXWLS[ER]WSPYFMPMX]JSVS\]KIREXSQW%WEGSRWIUYIRGIS\]KIRYTXEOI
JVSQXLIWYVVSYRHMRKEXQSWTLIVIPIEHWXSXLIJSVQEXMSRSJEXLIVQSH]REQMGEPP]
WXEFPI1K3PE]IV[MXLEXLMGORIWWMRXLIVERKIzRQSRXLIWYVJEGISJXLI
TS[HIVTEVXMGPIW8LMWS\MHIPE]IVHVEWXMGEPP]MRLMFMXWXLIHMJJYWMSRTVSGIWWIW
TVSFPIQ WIZIVEP ETTVSEGLIW [IVI YWIH ;SPJJ IX EP   ;LIR TYVI
QEKRIWMYQ TS[HIVW [IVI YWIH EW WXEVXMRK QEXIVMEPW MQTVSZIH WMRXIVMRK
FILEZMSYV [EW JSYRH [LIR TVSXIGXMRK QEKRIWMYQ TS[HIV GSQTEGXW F]
IQFIHHMRKXLIQMRPSSWIQEKRIWMYQTS[HIVWEGXMRKEWXLIKIXXIVQEXIVMEP
GSRHMXMSRW VIWMHYEPTSVSWMX]SJETTVS\MQEXIP] [EWEGLMIZIHWXEVXMRK
JVSQGSQQIVGMEPKEWEXSQMWIHQEKRIWMYQTS[HIVWERHWMRXIVMRKEX'
JSVLMREREVKSREXQSWTLIVI8LIWEQTPIWWLS[IHEGSQTVIWWMSRWXVIWW
SJ14EERHE=SYRKWQSHYPYWSJ+4EETTVSEGLMRKXLIQIGLERMGEP
TVSTIVXMIWSJXLIGSVXMGEPFSRI3TXMSREPP]XLIMRXIVGSRRIGXIHTSVSWMX]GSYPH
MRKVS[XL
 %RMQTVSZIHWMRXIVMRKHIRWMX][EWEGLMIZIH[LIRGEPGMYQ[EWEHHIHEW
XLIEPPS]MRKIPIQIRX'SRWMHIVMRKXLI1Kz'ETLEWIHMEKVEQEXVERWMIRXPMUYMH
TLEWIMWJSVQIHEXPS[GEPGMYQPIZIPW [X [LIRWMRXIVMRKMWGSRHYGXIH
EXXIQTIVEXYVIWEFSZI' 1EWWEPWOMERH3OEQSXS -RXLIGSQTEGX
QEKRIWMYQTEVXMGPIWYVJEGIWEVI [IXXIH[MXL XLMWXVERWMIRXQIPXGEYWIH F]
XLIGETMPPEV]EGXMSRSJXLIQMGVSTSVIW8LIR1K3MWVIQSZIHF]GLIQMGEP
MRXIVEGXMSR[MXLGEPGMYQVIWYPXMRKMREXLIVQSH]REQMGEPP]QSVIWXEFPI'E3
ERH MRXIVQIXEPPMG 1K'E TLEWI %JXIV WMRXIVMRK MR XLI XIQTIVEXYVI VERKI
z'JSVzLFSXLTLEWIWGERFIJSYRHEWWITEVEXIHTVIGMTMXEXIW
SR XLI KVEMR FSYRHEVMIW %HZERXEKISYWP] XLIWI TVIGMTMXEXIW EPWS TMR XLI
KVEMRFSYRHEVMIWHYVMRKWMRXIVMRK-JVIUYMVIHXLIQIXEWXEFPI1K 'ETLEWI
GERFIVIQSZIHF]EREHHMXMSREPLIEXXVIEXQIRX[MXLWYFWIUYIRXUYIRGLMRK
'EPGMYQ[EWEHHIHMRXLIJSVQSJ'E,TS[HIVWSV1Kz'EQEWXIVEPPS]W
[MXLGEPGMYQGSRXIRXWFIX[IIRERH[X %PXIVREXMZIP]ETVIEPPS]IH
KEWEXSQMWIH1Kz'EEPPS]TS[HIV[EWWYGGIWWJYPP]YWIH9RHIVXLIKMZIR
GSRHMXMSRW XLI VIWMHYEP TSVSWMX] SJ 1Kz'E EPPS] [EW VIHYGIH XS  
EJXIV WMRXIVMRK 8LI EZIVEKI KVEMR WM^I [EW  QQ 9PXMQEXI GSQTVIWWMSR
WXVIRKXLWYTXS14EERH]MIPHWXVIRKXLWYTXS14E[IVIEGLMIZIH
HIQSRWXVEXMRKXLITSXIRXMEPSJ41SJQEKRIWMYQEPPS]W %RI\EQTPISJE
VIPEXIHQMGVSWXVYGXYVIMWKMZIRMR*MK E 
 -J XLIWI VIWYPXW EVI XVERWJIVVIH XS 1-1 TVSGIWWMRK MRXIVEGXMSR [MXL XLI
SVKERMG FMRHIV W]WXIQ [MPP EGX EW ER EHHMXMSREP WSYVGI JSV XLI YTXEOI SJ

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

Q

Q

1MGVSWXVYGXYVISJ1Kz'ETEVXW E 4VIWWIHTS[HIVW[MXLSYX
FMRHIVTSVSWMX]  F 1-1TVSHYGXMSRVIWMHYEPTSVSWMX] 

 E 8IRWMPIWEQTPIWQEHIF]1-1JVSQ1Kz'EEPPS]
TSVSYWQEKRIWMYQ[MXLIXLERSPHIQSRWXVEXIWXLITSXIRXMEPJSVHVYK

JVSQ WYGGIWWJYPP] TVSGIWWIH 1Kz'E EPPS] *MKYVI E  ERH XLIMV


QMGVSWXVYGXYVIMWWLS[RMR*MK F 8LITSXIRXMEPSJTSVSYWQEKRIWMYQ
[MXLIXLERSP[MXLMRWIGSRHW7MQMPEVXSS\]KIRQEKRIWMYQHSIWRSXWLS[
ER] WSPYFMPMX] JSV GEVFSR 8LIVIJSVI JSVQEXMSR SJ QEKRIWMYQ SV GEPGMYQ
GEVFMHIW MW I\TIGXIH % HIXEMPIH MRZIWXMKEXMSR SJ XLMW TLIRSQIRSR MW MR
TVSKVIWW

 2MXMRSP
*SVRIXWLETIQERYJEGXYVMRKSJ412MXMRSPTEVXW[MXLMQTVSZIHQIGLERMGEP
TVSTIVXMIWXLIETTPMGEXMSRSJTVIEPPS]IH2MXMRSPTS[HIVWMWVIGSQQIRHIH-R
XLMWGEWIXLIJSVQEXMSRSJWIGSRHEV]TLEWIW[LMGLHSRSXWLS[QEVXIRWMXMG
TLEWI XVERWJSVQEXMSRW MW VIHYGIH XS E QMRMQYQ 8LI FIWX QIGLERMGEP

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



TVSTIVXMIW [IVI EGLMIZIH [MXL 2MXMRSP TS[HIVW [LMGL [IVI TVITEVIH F]
IPIGXVSHIMRHYGXMSRQIPXMRKKEWEXSQMWEXMSR )-+% 8LIS\]KIRERHGEVFSR
GSRXIRXW SJ XLI WXEVXMRK TS[HIVW TVSHYGIH F] XLMW QIXLSH [IVI FIPS[
 [X  ERH  [X  2IZIVXLIPIWW XLIWI GSRXIRXW EPVIEH] ETTVSEGL
XLIQE\MQYQS\]KIRERHGEVFSRGSRXIRXW EPPS[IHMRXLI %781WXERHEVH
*JSV[VSYKLX2MXMRSPEPPS]W
 *MKYVIWLS[WXLIQMGVSWXVYGXYVIEW[IPPEWXLIQIGLERMGEPTVSTIVXMIW
SJXIRWMPIWTIGMQIRW[LMGL[IVIRIXWLETIQERYJEGXYVIHF]1-1XIGLRSPSK]
%JXIVHIFMRHMRKXLIWTIGMQIRW[IVIWMRXIVIHEX'JSVLMRZEGYYQ
;MXLXLII\GITXMSRSJIPIGXVSTSPMWLMRKRSJYVXLIVWIGSRHEV]STIVEXMSRW[IVI
ETTPMIH 1IRX^IXEP %JXIVWMRXIVMRKXLIQE\MQYQMQTYVMX]GSRXIRXW

8M2M3
8M'

2M8M
4SVI

Q

E

'


'



z'












7XVEMR
F







 E 1MGVSWXVYGXYVISJEXIRWMPIWTIGMQIRTVSHYGIHF]1-1
XIGLRSPSK]WXEVXMRKJVSQTVIEPPS]IH2MXMRSPTS[HIVW F 6IPEXIH
WXVIWWzWXVEMRGYVZIHITIRHMRKSRXIWXMRKXIQTIVEXYVI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

SJWEQTPIW[IVI[X S\]KIRERH[X GEVFSRMJ)-+%TS[HIVW


[IVIYWIH8LITSVSWMX]SJXLIWMRXIVIHWTIGMQIR[EWFIPS[ 3[MRKXS
XLIRIKPMKMFPIWSPYFMPMX]SJS\]KIRERHGEVFSRMRXLI2M8MPEXXMGITVIGMTMXEXMSR
SJLSQSKIRISYWP]HMWXVMFYXIHS\]KIRGSRXEMRMRK8M2M PMKLXKVI] ERH8M'
TLEWIW FPEGO VIWYPXIH *MK E 8LIVIPEXIHWXVIWWzWXVEMRGYVZIWLS[IH
XLEXXLIQE\MQYQWXVEMRXSJEMPYVI[EWFIPS[  *MK F 8LIJVEGXYVI
WXVIRKXLPE]FIX[IIR14EERH14E[LMGLMWGPIEVP]PS[IVXLERXLI
JVEGXYVIWXVIRKXLSJ[VSYKLX2MXMRSP8LI8M2M3\
MRMXMEXMRK GVEGOW EPVIEH] EX PS[HIJSVQEXMSRW 1IRX^ IX EP   3[MRK
XSXLIMVWTLIVMGEP WLETI VIWMHYEP TSVIW [IVI JSYRH XSFIPIWW GVMXMGEP [MXL
VIKEVHXSXLIQIGLERMGEPTVSTIVXMIW
 %W MRHMGEXIH F] *MK  JSVQEXMSR SJ E JYPP]TVSRSYRGIH QEVXIRWMXMG
8M'ERH8M2M3\TLEWIWSRXLIJSVQEXMSRERHHIX[MRRMRKSJXLIQEVXIRWMXMG
TLEWI E VIHYGIHTPEXIEY PIRKXL GSYTPIH [MXL E GSRXMRYSYW WXVIWW MRGVIEWI
MRXLITPEXIEYVIKMSR[EWJSYRHMJGSQTEVIHXS2MXMRSPWEQTPIWTVITEVIHF]
MRKSXQIXEPPYVK]
 %WEVIJIVIRGIHIRWI2M8MWEQTPIW[IVITVITEVIHF]LSXMWSWXEXMGTVIWWMRK
SJTVIEPPS]IH2M8MTS[HIVWMRIZEGYEXIHWXIIPGERWEXXIQTIVEXYVISJ'
TVIWWYVISJ14EERHH[IPPXMQISJL 1IRX^ IXEP -R
S\]KIRERHGEVFSRGSRXIRXWGEYWIHF]XLIGSRXEGX[MXLSVKERMGFMRHIVERH
WMRXIVMRK EXQSWTLIVI [EW IPMQMREXIH 3[MRK XS XLI IRGETWYPEXMSR SJ XLI
TS[HIVWXLIVIMWRS MRGVIEWI MR S\]KIR ERH GEVFSR GSRXIRXWGSQTEVIH XS
XLI WXEVXMRK TS[HIV 8LI WTIGMQIRW I\LMFMXIH MRGVIEWIH WXVEMRW XS JEMPYVI
SJYTXS MRXLIEW,-4WXEXI %REHHMXMSREP LIEXXVIEXQIRX SJXLI,-4
WTIGMQIRW EX ' JSV  L GSQTEVEFPI XS XLI WMRXIVMRK GSRHMXMSRW JSV
XLI1-1WTIGMQIRW [EWTIVJSVQIHJSVJYVXLIVGSEVWIRMRKSJXLI8M 2M3\
2M3\TEVXMGPIWSR
XLIKVEMRFSYRHEVMIWWXVEMRWXSJEMPYVISJYTXS [IVIEGLMIZIH[LMGL
ETTVSEGLXLIHYGXMPMX]SJWEQTPIWTVITEVIHF]GSRZIRXMSREPMRKSXQIXEPPYVK]
8LIWXVIWWEXJVEGXYVIPE]MRXLIVERKIz14E
 8SMRZIWXMKEXIXLIJEXMKYISJXLIWLETIQIQSV]IJJIGXPSEHMRKzYRPSEHMRK
G]GPIW[IVIGSRHYGXIH[MXLEQE\MQYQWXVEMRSJ EXEHIJSVQEXMSRVEXI
SJ QQ QMRz /VSRI  )ZIR MJE GSRXMRYSYWGLERKI MRXLIGYVZI
EPQSWXGSQTPIXIP]TWIYHSIPEWXMG *MK 8LIWLMJXSJXLIGYVZI[MXLER
MRGVIEWMRKRYQFIVSJTWIYHSIPEWXMGG]GPIWMWEPVIEH][IPPORS[RJSV[VSYKLX
2MXMRSP EPPS]W -X MW XLSYKLX XS FI VIPEXIH XS XLI JSVQEXMSR SJ HMWPSGEXMSRW
EXXLIEYWXIRMXIzQEVXIRWMXIMRXIVJEGIEW[IPPEWF]XLIMRXIVEGXMSR[MXLRSR
XVERWJSVQMRKS\MHIWERHGEVFMHIW
 8LI ETTPMGEXMSR SJ WYMXEFPI WTEGIV QEXIVMEPW PMOI 2E'P IREFPIH XLI
QERYJEGXYVISJRIXWLETIHTSVSYW2MXMRSPF]1-1[LMGLMWLMKLP]EXXVEGXMZI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW





'














7XVEMR





']GPMGWXVIWWzWXVEMRGYVZIWSJTWIYHSIPEWXMG2MXMRSPTVSHYGIHF]
1-1

JSVFSRIMQTPERXW4SVSWMXMIWMRXLIVERKISJzZSP MRGSQFMREXMSR[MXL
JYPP]TVSRSYRGIHTWIYHSIPEWXMGWLETIVIGSZIV]PIEHXSETIVJIGXEHETXMSRSJ
QIGLERMGEPTVSTIVXMIWVIPEXIHXSXLIFSRIXMWWYI /LPIXEP&VEQIX
EP 8LIVIJSVIXLIVMWOSJWXVIWWWLMIPHMRKMWVIHYGIHXSEQMRMQYQ
ERHJEWXFSRIMRKVS[XLMWI\TIGXIH%RSZIVZMI[SJQIGLERMGEPTVSTIVXMIW
SJTSVSYW2MXMRSPTVITEVIHF]WIPJTVSTEKEXMRKLMKLXIQTIVEXYVIW]RXLIWMW
MWKMZIRIPWI[LIVI 0MIXEP;IRIXEP 



'EWIWXYHMIW

 4SVXW]WXIQ
4SVX W]WXIQW EVI YWIH MR XLI JVEQI[SVO SJ GERGIV ERH TEMR XLIVET] JSV
VITIEXIHEGGIWWXSZIMRWSVITMHYVEPERHMRXVEXLIGEPWTEGIWJSVHVYKHIPMZIV]
'SQQSRP] XLI LSYWMRK MW QEHI IMXLIV JVSQ E FMSGSQTEXMFPI TSP]QIV
SV JVSQ E QIXEP PMOI XMXERMYQ 8LI PEXXIV LEW XLI EHZERXEKI SJ MQTVSZIH
FMSGSQTEXMFMPMX] ERHVYKKIHRIWWEKEMRWX EGGMHIRXEPWXMXGLIWF]XLIW]VMRKI
HYVMRKETTPMGEXMSRSJXLIHVYK,S[IZIVEREREXSQMGEPERHIVKSRSQMGWLETI
MW LEVH XS VIEPMWI F] GSRZIRXMSREPMRKSX QIXEPPYVK] EX VIEWSREFPIGSWX 3R
XLISXLIVLERHTSVXW]WXIQWQEHIJVSQTSP]QIVWEVIEPVIEH]TVSHYGIHF]
MRNIGXMSRQSYPHMRK[LMGLSJJIVWEPQSWXRSPMQMXWMRXIVQWSJKISQIXV]FYX
WYJJIVJVSQMRJIVMSVQEXIVMEPTVSTIVXMIW
 8VERWJIVVMRKXLIMRNIGXMSRQSYPHMRKTVSGIWWXSXMXERMYQTS[HIVWMXFIGSQIW
TSWWMFPIXSGSQFMRIXLIEHZERXEKIWERHTVSHYGIXMXERMYQTSVXW]WXIQW[MXL
STXMQMWIHJYRGXMSREFMPMX]EXPS[GSWX*MKYVI E WLS[WEGSQQIVGMEP
TSVX W]WXIQ [LMGL MW QERYJEGXYVIH F] E FMSQIHMGEP GSQTER] MR WIVMEP
1-1 TVSHYGXMSR WMRGI  3KIV IX EP   8LI TSVX MW QEHI JVSQ

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

8LMGORIWWQQ

0IRKXLQQ
E

 E ,SYWMRKSJETSVXW]WXIQQEHIF]1-1JVSQ8M%P:
TS[HIV F (IXEMPIHWOIXGLSJXLITSVXSYXPIX GSYVXIW]SJ8VMGYQIH
1IHM^MRXIGLRMO+QF,/MIP+IVQER] 

8M%P:+VEHITS[HIVETTVSZIHEWEPSRKXIVQMQTPERXERHWYGGIWWJYPP]
MQTPERXIHMRRYQFIVWSJWIZIVEPLYRHVIHW
 %TEVXJVSQXLIVIEPMWEXMSRSJIVKSRSQMGKISQIXV]1-1QERYJEGXYVMRK
EPPS[WGSWXWEZMRKW3[MRKXSXLILMKLQEXIVMEPYXMPMWEXMSRMRXLIGEWISJXLI
1-1QEXIVMEPPSWWHYVMRKWLETMRK[EWVIHYGIHF]EJEGXSVSJGSQTEVIH
XSGSRZIRXMSREPQEGLMRMRKSJFYPOXMXERMYQ8LYWIZIRMJTS[HIVWEVIQSVI
I\TIRWMZIXLERMRKSXFEVWMRXLIIRHEVIHYGXMSRMRQEXIVMEPGSWXWVIWYPXW-R
EHHMXMSRGSQTPI\NSMRMRKWXITWGERFIEZSMHIHEWSYXPIXERHQEMRLSYWMRK
EVITVSHYGIHEWSRITEVX-R*MK F XLIGVSWWWIGXMSRSJXLITSVXSYXPIX
SJSRP]QQ1MRMQYQ[EPPXLMGORIWWMWSRP]QQ8LIVIUYMVIH
QIXLSHW PMOIHVMPPMRK -RXLI EWWMRXIVIHWXEXIXMKLX ERH JEWX EXXEGLQIRXSJ

EW[IPP

 &SRIWGVI[
;LMPI XLI TSVX W]WXIQ HSIW RSX VIUYMVI LMKL QIGLERMGEP WXVIRKXLW FSRI
WGVI[W EW WLS[R MR *MK  LEZI XS [MXLWXERH WXVSRK JSVGIW 8LYW
X]TMGEPP] XMXERMYQ EPPS]W PMOI 8M%P: EVI YWIH 8LI WGVI[ HITMGXIH MR
*MK  [EW QERYJEGXYVIH EW E TVSXSX]TI HIQSRWXVEXMRK XLI TSXIRXMEP
SJ1-1WXEVXMRKJVSQ8M%P:+VEHIERHJVSQ8M%P2FTS[HIVW
%YWXIXEP -XWKISQIXV]MWWTIGMEPMWIHJSVVITEMVMRKJVEGXYVIWSJXLI
HIRWIE\MW[LMGLTVSXVYHIWJVSQXLIWIGSRHRIGOZIVXIFVEERHEGXWEWXLI
TMZSXJSVXLILIEH%PSRKMXYHMREPFSVMRKIREFPIWXLIMRWIVXMSRSJEKYMHMRK

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



4VSXSX]TISJEFSRIWGVI[QEHIF]1-1JVSQXMXERMYQEPPS]
TS[HIV HIWMKRF]8VMGYQIH1IHM^MRXIGLRMO+QF,/MIP+IVQER] 

[MVI HYVMRK STIVEXMSR *YVXLIVQSVI XLI WGVI[ JIEXYVIW WIPJGYXXMRKIHKIW


X[SXLVIEHW[MXLHMJJIVIRXTMXGLIWERHELI\EKSREPWSGOIX
 8LIIRXMVIWGVI[[MXLEPPMXWJIEXYVIWMWQEHIF]EWMRKPIMRNIGXMSRQSYPHMRK
TVSGIWW&]EWMQTPIGLERKIMRXLIGSVISJXLIQSYPH[LMGLJSVQWXLIFSVMRK
MRXSEZEVMERX[MXLELI\EKSREPGVSWWWIGXMSRMRWXIEHSJEGMVGYPEVSRIXLI
FSVMRKGERFIWLETIHWYGLXLEXELI\EKSREPWGVI[HVMZIVGER[SVOIZIRSR
XLIWLEJX-RXLMWGEWIXLIJSVGIXVERWQMWWMSRSRXLIWGVI[MWMQTVSZIHXLI
VMWOSJJVEGXYVIHIGVIEWIWERHXLIGLERGISJVIQSZMRKIZIREFVSOIRWGVI[
MW GPIEVP] IRLERGIH %PXLSYKL XLMW WGVI[ MW RSX GSQQIVGMEPP] EZEMPEFPI
XSHE]MXVIZIEPWXLIKVIEXJVIIHSQVIPEXIHXSKISQIXV]SJXLI1-1TVSGIWW
-REHHMXMSRMXWLS[WXLEXQSVIJYRGXMSREPMX]F]QSVIGSQTPI\MX]HSIWRSX
MQTP]LMKLIVQERYJEGXYVMRKGSWXW

 4SVSYWWTMRIMQTPERXW
0YQFEVHMWGWEVIXLIPEVKIWXEVXMGYPEXIHRSRZEWGYPEVMWIHXMWWYIMRLYQERW
XLI] EVI WXEXMGEPP] ERH H]REQMGEPP] I\XVIQIP] LIEZMP] PSEHIH 8LIVIJSVI
PYQFEV HMWIEWIW EVI SJXIR VITSVXIH MR XLI LYQER FSH] ;MRXIVQERXIP ERH
,E ;LIREGSQTPIXIPYQFEVHMWGVITPEGIQIRXMWRIIHIHEGSQQSR
MQTPERXMWXLIMRXIVFSH]JYWMSRGEKI[LMGLEGXWEWEWTEGIVFIX[IIREHNEGIRX
ZIVXIFVEPFSRIW-XMWYWYEPP]HIWMKRIHXSTVSQSXIXLIMRKVS[XLSJFSRIXMWWYI
MRXSXLIMQTPERX SWWISMRXIKVEXMSR -QTVSZIHMRKVS[XLFILEZMSYVMWI\TIGXIH
MJXLIMQTPERXGSRXEMRWERSTIRTSVSYWRIX[SVO8LIVIEVIWIZIVEPQIXLSHW
JSVQERYJEGXYVMRKWYGLMQTPERXW
 -R  E WTMRI MQTPERX [EW PEYRGLIH SR XLI QEVOIX [LMGL [EW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

QERYJEGXYVIH F] TVIWWMRK XMXERMYQ TS[HIVWTEGI LSPHIV GSQTEGXW [MXL


WYFWIUYIRXKVIIRQEGLMRMRKERHWMRXIVMRK -Q[MROIPVMIH *MKYVI
WLS[WXLIKISQIXV]SJXLMWMQTPERX8LMWWTMREPMQTPERXMWGSQTSWIHSJE
TSVSYWTEVX MRXIVGSRRIGXIHTSVSWMX]MRXLIVERKIzZSP TSVIWM^IWMR
XLIVERKISJzQQ ERHETEVX[MXLGPIEVP]VIHYGIHTSVSWMX][LMGL

SJXLIMQTPERXEJXIVWYVKIV][LMPIXLIMRXIVGSRRIGXIHTSVSWMX]IREFPIWXLI
FSRIMRKVS[XLVIUYMVIHJSVPSRKXIVQWXEFMPMWEXMSR
 %RSXLIV TSVSYW WTMRIMQTPERX EZEMPEFPI SR XLI QEVOIX MW QEHIF] WIPJ
TVSTEKEXMRKLMKLXIQTIVEXYVIW]RXLIWMWWXEVXMRKJVSQTS[HIVGSQTEGXWQEHI
JVSQIPIQIRXEPRMGOIPERHXMXERMYQTS[HIVW 0M IXEP%WWEHIXEP
6LEPQMIXEP 8LMWMQTPERXLEWEJYPP]TSVSYW2MXMRSPWXVYGXYVI
[MXL ETSVSWMX] SJ    %RSXLIVETTVSEGL MW XLI QERYJEGXYVISJ XLI
TSVSYWMRXIVFSH]JYWMSRGEKIF]WIPIGXMZIPEWIVQIPXMRK 701 EWHIWGVMFIHF]
0MRIXEP  %WTMRIMQTPERX[MXLETSVSWMX]SJ [EWTVSHYGIH

 &SRIWXETPI[MXLWLETIQIQSV]IJJIGX
8LITVSXSX]TISJEFMSQIHMGEPJSSXWXETPI[EWGLSWIRXSTVSZIXLIWYMXEFMPMX]
SJXLI1-1TVSGIWWJSVQERYJEGXYVMRKRIXWLETIH 2MXMRSPMQTPERXW[MXLE
JYPP]TVSRSYRGIHWLETIQIQSV]IJJIGX7YGLJSSXWXETPIWEVIYWIHXSTYXE
TIVQERIRXPSEHSRFSRIJVEGXYVIWWXEFMPMWMRKXLIFSRIHIJIGXERHWYTTSVXMRK
XLIFSRIVIKIRIVEXMSR )WIR[IMRIXEP 8LIJYRGXMSRTVMRGMTPISJXLI
JSSXWXETPIMWFEWIHSRESRI[E]WLETIQIQSV]IJJIGX3RGIXLIJSSXWXETPI
LEW FIIRQERYJEGXYVIH MXLEWEREYWXIRMXMGWXVYGXYVI8LIWXETPIMWGSSPIH

7TMRIMQTPERX MRXIVFSH]JYWMSRGEKI [MXLEWXIT[MWIKVEHMIRX


MRTSVSWMX] HIWMKRF]7]RXLIW+QF,3FIVHSVJ7[MX^IVPERH 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



FIJSVIXLIETTPMGEXMSRERHXLYWJYPP]XVERWJSVQIHMRXSXLIQEVXIRWMXMGWXEXI-R
XLMWWXEXIMXMWSTIRIH[MXLEWTIGMEPXSSPERHWXSVIHFIPS[XLIEYWXIRMXMGWXEVX
XIQTIVEXYVI %W YRXMPWYVKIV]8[SWQEPPLSPIWEVIHVMPPIHSRFSXLWMHIWSJ
XLIFSRIHIJIGXGSRXEMRMRKXLIIRHWSJXLIJSSXWXETPI%JXIVTSWMXMSRMRKHYVMRK
WYVKIV]XLIJSSXWXETPILIEXWYTXSFSH]XIQTIVEXYVI%XXLMWXIQTIVEXYVI
TLEWI XVERWJSVQEXMSR FEGO XS XLI EYWXIRMXI XEOIW TPEGI GSYTPIH [MXL XLI
WLETIVIGSZIV]SJ XLI WXETPIXS MXWSVMKMREP WLETI 7MRGI WLETIVIGSZIV] MW
XLILIEPMRKTVSGIWW*MKYVIHIQSRWXVEXIWXLIJYRGXMSRSJEJSSXWXETPI
QERYJEGXYVIHF]1-1 /VSRIIXEP 



'SRGPYWMSRWERHJYXYVIXVIRHW

41XIGLRSPSKMIWEVIMRRSZEXMZIJSVXLIQERYJEGXYVISJFMSQIHMGEPMQTPERXW
MJPEVKIUYERXMXMIWSJGSQTPI\WLETIHMQTPERXWSVMQTPERXW[MXLJYRGXMSREP
TSVSWMX]EVIVIUYMVIH8SHE]XLITSXIRXMEPSJ41LEWFIIRHIQSRWXVEXIHF]
XLIQEVOIHPEYRGLSJETSVXW]WXIQQEHIF]QIXEPMRNIGXMSRQSYPHMRKYWMRK
8M%P:TS[HIV*YVXLIVQSVITSVSYWWTMRIMQTPERXWEW[IPPEWWIZIVEP

'
E

z'
F

'

'
G

4VSXSX]TISJEFMSQIHMGEPJSSXWXETPIQERYJEGXYVIHF]1-1
HIQSRWXVEXMRKMXWJYRGXMSRFEWIHSRXLISRI[E]WLETIQIQSV]
IJJIGX E -RMXMEPWEQTPIWMRXIVIHERHIPIGXVSTSPMWLIH F GSSPMRKXS
z'QIGLERMGEPP]STIRIH G LIEXMRKXSFSH]XIQTIVEXYVIJYPP
WLETIVIGSZIV]ERH H ETTP]MRKETIVQERIRXPSEHF]WYTTVIWWMSRSJ
WLETIVIGSZIV]

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

MQTPERX GSEXMRKW [MXL JYRGXMSREP TSVSWMX] QEHI JVSQ XMXERMYQ TS[HIVW


*YVXLIVQSVITVSWTIGXMZIEHHMXMZIQERYJEGXYVMRKXIGLRMUYIWPMOI701ERH
)&1 SJJIVXLITSWWMFMPMX] JSVIGSRSQMGTVSHYGXMSR SJ MRHMZMHYEPMQTPERXW
XEMPSVIHTVIGMWIP]XSXLITEXMIRX
 -R XLI GEWI SJ XMXERMYQ ERH XMXERMYQ EPPS]W GSQTSRIRXW [MXL I\GIPPIRX
EHIUYEXITS[HIVWERHFMRHIVW]WXIQWEVIYWIHERHMJWMRXIVMRKMWGSRHYGXIH
GSRWMHIVMRKXLIWTIGMEPVIUYMVIQIRXWSJXMXERMYQ9TXSRS[XLIVIMWEPEGO
SJWXERHEVHTS[HIVWJIIHWXSGOWERHJEGMPMXMIWJSV41TVSGIWWMRKSJXMXERMYQ
TS[HIVWEMQIHEXFMSQIHMGEPETTPMGEXMSRW3RXLISXLIVLERHXLIJEGXXLEXE
RI[%781WXERHEVHJSV1-1SJXMXERMYQLEWFIIRIWXEFPMWLIHVIZIEPWXLI
MRHYWXVMEPMRXIVIWXERHWLS[WXLEXVIWIEVGLMWSRXLIVMKLXXVEGO
 1EKRIWMYQFEWIH EPPS]W EVI TVSQMWMRK GERHMHEXIW JSV FMSHIKVEHEFPI
MQTPERXW 41 QERYJEGXYVMRK SJ WYGL EPPS]W LEW FIIR MRZIWXMKEXIH SR E
%X TVIWIRX QSVI FEWMG VIWIEVGL MW VIUYMVIH FIJSVI XLI TSXIRXMEP SJ 41
QEKRIWMYQMQTPERXWGERFIHIQSRWXVEXIHSRRIXWLETIHTVSXSX]TIW
 8LI ETTPMGEFMPMX] SJ 41 QERYJEGXYVMRK JSV 2MXMRSP MQTPERXW [EW
HIQSRWXVEXIH F] QIXEP MRNIGXMSR QSYPHMRK SJ E JSSX WXETPI WXEVXMRK JVSQ
TVIEPPS]IH 2MXMRSP TS[HIVW %JXIV WMRXIVMRK LMKL HMQIRWMSREP EGGYVEG]
EW [IPP EW JYPP] TVSRSYRGIH WLETI QIQSV] TVSTIVXMIW LEZI FIIR WLS[R

HIZMGIWERHWYVKMGEPMQTPERXW
 8LI SRKSMRK TVSKVIWW MR 41 QERYJEGXYVMRK SJ XMXERMYQ ERH XMXERMYQ
EPPS]WHYVMRKXLIPEWXJI[]IEVWLEWLIPTIHXSMRXVSHYGIXLMWXIGLRSPSK]JSV
XLI TVSHYGXMSR SJ QIHMGEP HIZMGIW ERH WYVKMGEP MQTPERXW SR ER MRHYWXVMEP
VIUYMVIQIRXW SJ 41 QERYJEGXYVMRK EW [IPP EW WXERHEVHMWEXMSR SJ IEGL
TVSGIWWMRK WXIT MW VIUYMVIH XS QEOI 41 XMXERMYQ ER MRLIVIRX TEVX SJ XLI
IQIVKMRKFMSQIHMGEPQEVOIX
 -R XLI GEWI SJ QEKRIWMYQ EPPS]W ERH 2MXMRSP QSVI FEWMG VIWIEVGL MW
VIUYMVIHFIJSVI41XIGLRSPSKMIWGERFIXVERWJIVVIHXSMRHYWXV]8LIJSPPS[MRK
MRXVSHYGIHXSXLIQEVOIX




HIZIPSTQIRX SJ WXERHEVHW JSV 41 QERYJEGXYVMRK SJ QEKRIWMYQ ERH


2MXMRSP
WYTTP] SJ TS[HIVW TVSHYGIH F] IWXEFPMWLIH TS[HIV QERYJEGXYVIVW
JSPPS[MRKXLIWIWXERHEVHW
JYVXLIVVIHYGXMSRSJS\]KIRERHGEVFSRYTXEOIHYVMRK41TVSGIWWMRK

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



 JYVXLIV MQTVSZIQIRX SJ WMRXIVMRK FILEZMSYV IK F] EHHMRK WYMXEFPI


WMRXIVMRKEMHW
 TVSSJSJGSRXVSPPIHHIKVEHEXMSRSJ41QEKRIWMYQEPPS]WF]GSVVSWMSR
ERHMRZMZSXIWXW
 TVSSJ SJ FMSGSQTEXMFMPMX] SJ 41 2MXMRSP TEVXW F] MR ZMXVS ERH MR ZMZS
XIWXW
 TVSSJSJJEXMKYIVIWMWXERGI



*YVXLIVVIEHMRK

-RSVHIVXSWXEVX[MXL1-1SJXMXERMYQMXMWLIPTJYPXSVIEHVIZMI[EVXMGPIW
JSVI\EQTPIF]+IVQER  &EVMP  ERH)FIP  *SVEHIITIV
YRHIVWXERHMRKVIJIVIRGIWKMZIRMRXLIWIEVXMGPIWWLSYPHFIGSRWYPXIH
 6IZMI[TETIVWMRGPYHMRKXLI41TVSHYGXMSRSJTSVSYWXMXERMYQLEZIFIIR
[VMXXIRF]6]ERIXEP  (YRERHIXEP  ERH7MRKLIXEP  
&ERWMHHLMIXEP  ERH;IRIXEP  WYQQEVMWIXLIWXEXISJXLIEVX
SJTSVSYW2MXMRSPEPPS]W
 7SQIKIRIVEPMRJSVQEXMSREFSYX 41JEGMPMX]WYTTPMIVWGEWIWXYHMIWERH
FEWMG TVSTIVXMIW SJ 41 TEVXW GER FI SFXEMRIH ZME [[[IQTEGSQ [[[
QTMJSVK[[[QMQE[IFSVK[[[NTQEKVNTERH[[[QMQI\TIVXIRHI
,S[IZIVXLIWIGXMSRWEFSYXXMXERMYQSVTSVSYWMQTPERXQEXIVMEPWEVIYWYEPP]
UYMXIPMQMXIH
 % ZMWMX XS 41 GSRKVIWWIW MW EPWS VIGSQQIRHIH QSWXP] SVKERMWIH F]
)YVSTIER 4S[HIV 1IXEPPYVK] %WWSGMEXMSR )41%  SV %QIVMGER 1IXEP
4S[HIVW -RHYWXVMIW *IHIVEXMSR 14-*  8SHE] WTIGMEP WIWWMSRW EFSYX 41
SJQIXEPWPMOIXMXERMYQQEKRIWMYQSV2MXMRSPEW[IPPEWXLIMVETTPMGEXMSREW
FMSQEXIVMEPW EVISJXIR SJJIVIH ERH XLIGYVVIRX EGXMZMXMIWERH HIZIPSTQIRXW
MWFEWIHSRTVIWIRXEXMSRWERHHMWGYWWMSRWEXWYGLGSRKVIWWIW



6IJIVIRGIW

%PPIV%.ERH0SWEHE%  u6SXEXMRKEXSQM^EXMSRTVSGIWWIWSJVIEGXMZIERHVIJVEGXSV]


EPPS]Wv1IXEP4S[HIV6ITz
%WWEH 1 .EV^IQ 4 0IVSY\ 1% 'SMPPEVH ' 'LIVR]WLSZ %: ERH 'LEVIXXI 7  
u4SVSYWXMXERMYQRMGOIPJSVMRXIVZIVXIFVEPJYWMSRMREWLIITQSHIPTEVX,MWXSTLSQIXVMG
ERHVEHMSPSKMGEPEREP]WMWv.&MSQIH1EXIV6IW&z
%YWX)0+IVPMRK63KIV&ERH)FIP8  u,IVWXIPPYRKIMRIVOSQTPI\IR8MXER
/RSGLIRWGLVEYFI HYVGL 1IXEPPTYPZIVWTVMX^KYWWv 1EX[MWW YRH ;IVOWXSJJXIGLRMO
z
%YWX)0MQFIVK;+IVPMRK63KIV&ERH)FIP8  u%HZERGIH8M%P2FFSRI
WGVI[MQTPERXJEFVMGEXIHF]QIXEPMRNIGXMSRQSYPHMRKv%HZ)RK1EXIVz
&ELVEQM2EWEF1ERH,EWWER16  u1IXEPPMGFMSQEXIVMEPWSJORIIERHLMT%
VIZMI[v8VIRHW&MSQEX%VXMJ3VKERWz

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

&EOER,-.YQEHM=1IWWIV4*(EZMIW,%ERH)PPMW&  u7XYH]SJTVSGIWWMRK


TEVEQIXIVW JSV 1-1 JIIHWXSGO FEWIH SR GSQTSWMXI 4)+411% FMRHIVv 4S[HIV
1IXEPPz
&ERWMHHLM%7EVKIERX8(7XYTT7-ERH(YRERH('  u4SVSYW2M8MJSVFSRI
MQTPERXW%VIZMI[v%GXE&MSQEXIVz
&EVMP )   u8MXERMYQ ERH XMXERMYQ EPPS] TS[HIV MRNIGXMSR QSYPHMRK 1EXGLMRK
ETTPMGEXMSRVIUYMVIQIRXWv4-1-RXz
&EVMP)0IJIFZVI04ERH8LSQEW=  u-RXIVWXMXMEPWWSYVGIWERHGSRXVSPMRXMXERMYQ
41TVSGIWWIWv4S[HIV1IXEPPz
&MHEY\.).SGLIQ%>YJJIVI](ERH'EVVIRS1SVIPPM)  u1IXEPMRNIGXMSRQSYPHMRK
SJ2M8MWLETIQIQSV]EPPS]WvMR)963414VSGIIHMRKWSJXLI-RXIVREXMSREP
4S[HIV1IXEPPYVK]'SRKVIWWERH)\LMFMXMSR)YVSTIER4S[HIV1IXEPPYVK]%WWSGMEXMSR
)41%7LVI[WFYV]9/:SPYQIz
&MIQSRH . ) %UYEVMYW 6 :IVHSRWGLSX 2 ERH &YQE 4   u*VMGXMSREP ERH FSRI
MRKVS[XLTVSTIVXMIWSJ IRKMRIIVIHWYVJEGIXSTSKVETLMIWTVSHYGIH F]IPIGXVSRFIEQ
XIGLRSPSK]v%VGL3VXLST8VEYQE7YVKz
&MW[EW%  u4SVSYW2M8MF]XLIVQEPI\TPSWMSRQSHISJ7,7TVSGIWWMRKQIGLERMWQ
ERHKIRIVEXMSRSJWMRKPITLEWIQMGVSWXVYGXYVIv%GXE1EXIVz
&SF]R.(4MPPMEV6'EQIVSR;ERH;IEXLIVP]+'  u8LISTXMQYQTSVIWM^I
'PMR3VXLST
z
&VEQ17XMPPIV'&YGLOVIQIV,47XZIV(ERH&EYV,  u,MKLTSVSWMX]XMXERMYQ
WXEMRPIWWWXIIPERHWYTIVEPPS]TEVXWv%HZ)RK1EXIVz
&VEQ1/IQTQERR'0ETXIZ%7XZIV(ERH;IMRIVX/  u-RZIWXMKEXMSRWSRXLI
QEGLMRMRKSJWMRXIVIHXMXERMYQJSEQWYXMPM^MRKJEGIQMPPMRKERHTIVMTLIVEPKVMRHMRKv
%HZ)RK1EXIVz
&VEQ 1 /LP 1 &YGLOVIQIV , 4 ERH 7XZIV (   u1IGLERMGEP TVSTIVXMIW SJ
LMKLP]TSVSYW2M8MEPPS]Wv.1EXIV)RK4IVJSVQz
'PIQS[%.;IMRWXIMR%1/PE[MXXIV../SRIQER.ERH%RHIVWSR.  u-RXIVJEGI
QIGLERMGWSJTSVSYWXMXERMYQMQTPERXWv.&MSQIH1EXIV6IWz
EXXIQTIVEXYVIWFIPS[81v%GXE1IXEPP z
']WRI&EVFSWE%4/LP1&VEQ1&YGLOVIQIV,4ERH7XZIV(  u4VSHYGXMSR
SJRIEVRIXWLETIGSQTSRIRXW[MXLKVEHIHTSVSWMX]F]'1-1vMR4VSGIIHMRKWSJ
XL 4PERWII7IQMREV 7MKP 0 7 6HLEQQIV 4 ;MPHRIV , IHW  6IYXXI %YWXVME
+8z+8
']WRI &EVFSWE % 4 &VEQ 1 &YGLOVIQIV , 4 ERH 7XZIV (   u*EFVMGEXMSR SJ
XMXERMYQ MQTPERXW [MXL E KVEHMIRX MR TSVSWMX] F] GSQTSRIRX TS[HIV MRNIGXMSR
QSYPHMRKv4-1-RXz
(YRERH('  u4VSGIWWMRKSJXMXERMYQJSEQWv%HZ)RK1EXIVz
)FIP8  u8MXERMYQERHXMXERMYQEPPS]WJSVQIHMGEPETTPMGEXMSRWSTTSVXYRMXMIWERH
GLEPPIRKIWv4-1-RXz
)FIP 8 %OEMGLM , *IVVM 3 1 ERH (ELQW 1   u1-1 JEFVMGEXMSR SJ TSVSYW 8M
%P:GSQTSRIRXWJSVFMSQIHMGEPETTPMGEXMSRWvMR4VSGIIHMRKWSJ )96341
)41% 7LVI[WFYV]9/:SPYQIz
)FIP8*IVVM310MQFIVK;ERH7GLMQERWO]*4  u1IXEPMRNIGXMSRQSYPHMRK
SJEHZERGIHXMXERMYQEPPS]WvMR4VSGIIHMRKWSJXLI-RXIVREXMSREP'SRJIVIRGISR
4S[HIV1IXEPPYVK]ERH4EVXMGYPEXI1EXIVMEPW4S[HIV1IX14-*7ER*VERGMWGS
'EPMJSVRME97%:SPYQIz

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



)WIR>ERH&SV7  u4VSGIWWMRKSJ8MJSEQWYWMRKQEKRIWMYQ WTEGIVTEVXMGPIWv


7GV1EXIVz
)WIR[IMR 7 % &SHKERWOM ( /VSRI 0 /PPIV 1 )TTPI 1 ERH 1YLV +   u>YV
)MKRYRK ZSR *SVQKIHGLXRMWPIKMIVYRKIR EYJ HIV &EWMW ZSR 2M8M 2-8-230  EPW
-QTPERXEX[IVOWXSJJ z 1KPMGLOIMXIR ^YV OPMRMWGLIR %R[IRHYRKv &MSQIH 8IGLRSP
z
*EYGLEMW 4   u9RHIVWXERHMRK SJ TPEWQE WTVE]MRKv . 4L] ( %TTP 4L] 
z
*IVVM 3 1 )FIP 8 ERH &SVQERR 6   u,MKL G]GPI JEXMKYI FILEZMSYV SJ 8Mz%Pz
: JEFVMGEXIH F] QIXEP MRNIGXMSR QSYPHMRK XIGLRSPSK]v 1EXIV 7GM )RK % 
z
SRJEXMKYIFILEZMSYVSJ8Mz%Pz:GSQTSRIRXWTVSGIWWIHF]1-1v1EXIV7GM)RK
%z
QMGVSWXVYGXYVIERHQIGLERMGEPTVSTIVXMIWSJ8M%P:JEFVMGEXIHF]QIXEPMRNIGXMSR
QSYPHMRKv%HZ)RK1EXIVz
*VIR^IP . +ISVKI ) 4 (PSYL] % 7SQWIR ' ;EKRIV 1 < * ERH )KKIPIV +  
%GXE
1EXIVz
+IIXLE 1 7MRKL % / %WSOEQERM 6 ERH +SKME % /   u8M FEWIH FMSQEXIVMEPW
XLI YPXMQEXI GLSMGI JSV SVXLSTEIHMG MQTPERXW z % VIZMI[v 4VSK 1EXIV 7GM 
z
+IVQER61  -RNIGXMSR1SPHMRKSJ1IXEPWERH'IVEQMGW1IXEP4S[HIV-RHYWXV]
*IHIVEXMSR14-*4VMRGIXSR2.97%
+IVQER61  u8MXERMYQTS[HIVMRNIGXMSRQSYPHMRK%VIZMI[SJXLIGYVVIRXWXEXYW
SJQEXIVMEPWTVSGIWWMRKTVSTIVXMIWERHETTPMGEXMSRWv4-1-RXz
+MFWSR 0 . ERH %WLF] 1 *   'IPPYPEV 7SPMHW WIGSRH IHMXMSR 'EQFVMHKI 7SPMH
7XEXI7GMIRGI7IVMIW'EQFVMHKI9/
,ELR,4ERH4EPMGL;  u4VIPMQMREV]IZEPYEXMSRSJTSVSYWQIXEPWYVJEGIXMXERMYQ
JSVSVXLSTIHMGMQTPERXWv.&MSQIH1EXIV6IWz
,IMRP41PPIV0/VRIV'7MRKIV6*ERH1PPIV*%  u'IPPYPEV8Mz%Pz:
WXVYGXYVIW[MXLMRXIVGSRRIGXIHQEGVSTSVSWMX]JSVFSRIMQTPERXWJEFVMGEXIHF]WIPIGXMZI
IPIGXVSRFIEQQIPXMRKv%GXE&MSQEXIVz
,I].'ERH.EVHMRI%4  u7LETIQIQSV]8M2MW]RXLIWMWJVSQIPIQIRXEPTS[HIVWv
1EXIV7GM)RK%z
,SLQERR1ERH.RWWSR7  u1SHIVRW]WXIQWJSVTVSHYGXMSRSJLMKLUYEPMX]QIXEP
EPPS]TS[HIVv:EGYYQz
,SRK8*+YS><ERH=ERK6  u*EFVMGEXMSRSJTSVSYWXMXERMYQWGEJJSPHQEXIVMEPW
.1EXIV7GM1EXIVMR1IHz
-KLEVS1ERH;SSH.:  u'SQTEGXMSRERHWMRXIVMRKTLIRSQIREMRXMXERMYQRMGOIP
WLETIQIQSV]EPPS]Wv4S[HIV1IXEPPz
-Q[MROIPVMIH8  u1IGLERMGEPTVSTIVXMIWSJSTIRTSVIXMXERMYQJSEQv .&MSQIH
1EXIV6IW4EVX%z
.ERRMRK';MPPFSPH):SKX'2IPPIWIR.1I]IV0MRHIRFIVK%;MRHFIVKIR,8LSVI]
* ERH ;MXXI *   u1EKRIWMYQ L]HVS\MHI XIQTSVEVMP] IRLERGMRK SWXISFPEWX
EGXMZMX] ERH HIGVIEWMRK XLI SWXISGPEWX RYQFIV MR TIVMMQTPERX FSRI VIQSHIPPMRKv
%GXE&MSQEXIVz
.SRIW%'%VRW',,YXQEGLIV(;1MPXLSVTI&/7LITTEVH%4ERH/REGOWXIHX1%

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

 u8LIGSVVIPEXMSRSJTSVIQSVTLSPSK]MRXIVGSRRIGXMZMX]ERHTL]WMGEPTVSTIVXMIW
SJ(GIVEQMGWGEJJSPHW[MXLFSRIMRKVS[XLv&MSQEXIVMEPWz
/LP1,EFMNER8&VEQ1&YGLOVIQIV,47XZIV(ERH/PPIV1  u4S[HIV
QIXEPPYVKMGEPRIEVRIXWLETIJEFVMGEXMSRSJTSVSYW2M8MWLETIQIQSV]EPPS]WJSVYWI
EW PSRK XIVQ MQTPERXW F] XLI GSQFMREXMSR SJ XLI QIXEP MRNIGXMSR QSYPHMRK TVSGIWW
[MXLXLIWTEGILSPHIVXIGLRMUYIv%HZ)RK1EXIVz
/LP1&VEQ11SWIV%&IGO8&YGLOVIQIV,4ERH7XZIV(  u'LEVEGXIVM^EXMSR
SJTSVSYWRIXWLETIH8MERH2M8MEPPS]WVIKEVHMRKXLIMVHEQTMRKERHIRIVK]EFWSVFMRK
GETEGMX]v1EXIV7GM)RK%z
/VSRI0 1IRX^. &VEQ1&YGLOVIQIV,47XZIV(;EKRIV1)KKIPIV+'LVMWX
( 6IIWI 7 &SKHERWOM (/PPIV1 )WIR[IMR 7% 1YLV +4V]QEO 3ERH )TTPI
1   u8LI TSXIRXMEP SJ TS[HIV QIXEPPYVK] JSV XLI JEGVMGEXMSR SJ FMSQEXIVMEPW
SRXLIFEWMW SJRMGOIPXMXERMYQ %GEWIWXYH][MXLEWXETPIWLS[MRK WLETI QIQSV]
FILEZMSYVv%HZ)RK1EXIVz
0ETXIZ%&VEQ1&YGLOVIQIV,4ERH7XZIV(  u7XYH]SJTVSHYGXMSRVSYXI
JSV8M TEVXWGSQFMRMRKZIV]LMKLTSVSWMX]ERHGSQTPI\WLETIv 4S[HIV1IXEPP 
z
0I]IRW ' ERH 4IXIVW 1 )HW    8MXERMYQ ERH 8MXERMYQ %PPS]W ;MPI]:',
;IMRLIMQ+IVQER]
0M&=6SRK0.ERH0M==  u4SVSYW2M8MEPPS]TVITEVIHJVSQIPIQIRXEPTS[HIV
WMRXIVMRKv.1EXIV6IWz
0M&=6SRK0.0M==ERH+NYRXIV:)  u7]RXLIWMWSJTSVSYW2M8MWLETI
QIQSV]EPPS]WF]WIPJTVSTEKEXMRKW]RXLIWMWVIEGXMSRQIGLERMWQERHERMWSXVST]MR
TSVIWXVYGXYVIv%GXE1EXIVz
0M = , 6SRK 0 . ERH 0M = =   u'SQTVIWWMZI TVSTIVX] SJ TSVSYW 2M8M EPPS]
W]RXLIWM^IHF]GSQFYWXMSRW]RXLIWMWv.%PPS]W'SQTz
0MR ' = ;MVX^ 8 0E1EVGE * ERH ,SPPMWXIV 7 .   u7XVYGXYVEP ERH QIGLERMGEP
IZEPYEXMSRW SJ E XSTSPSK] STXMQMWIH XMXERMYQ MRXIVFSH] JYWMSR GEKI JEFVMGEXIH F]
WIPIGXMZIPEWIVQIPXMRKTVSGIWWv.&MSQIH1EXIV6IW4EVX%z
SJ  XMXERMYQEPPS]Wu1EXIV7GM)RK%z
1EWWEPWOM8&ERH3OEQSXS,  &MREV]%PPS]W4LEWI(MEKVEQW%71-RXIVREXMSREP
1EXIVMEPW4EVO3LMS97%
1EWWEPWOM 8 & 3OEQEXS , 7YFVEQERMER 4 6 ERH /EGTV^EO 0   &MREV] %PPS]W
4LEWI(MEKVEQW%71-RXIVREXMSREPWIGSRHIHMXMSR1EXIVMEPW4EVO3LMS97%
1G'VEGOIR'+&EVFMW(4ERH(IIXIV6'  u/I]XMXERMYQTS[HIVGLVEGXIVMWXMGW
QERYJEGXYVIHYWMRKXLIL]HVMHIHIL]HVMHI ,(, TVSGIWWvMR4VSGIIHMRKWSJ)963
41)41% 7LVI[WFYV]9/:SPYQIz
1IMIV , ERH ,EFIVPERH '   u)\TIVMQIRXEP WXYHMIW SR WIPIGXMZI PEWIV QIPXMRK SJ
QIXEPPMGTEVXWv1EX[MWWY;IVOWXSJJXIGLz
1IRX^.&VEQ1&YGLOVIQIV,4ERH7XZIV(  u-QTVSZIQIRXSJQIGLERMGEP
TVSTIVXMIW SJ TS[HIV QIXEPPYVKMGEP 2M8M WLETI QIQSV] EPPS]Wv %HZ )RK 1EXIV 
z
SR XLI QIGLERMGEP TVSTIVXMIW SJ LMKLUYEPMX] 2MVMGL 2M8M TVSHYGIH F] TS[HIV
QIXEPPYVKMGEPQIXLSHWv1EXIV7GM)RK%zz
1YVV 0 ) %QEXS / 2 0M 7 . 8MER = < 'LIRK < = +E]XER 7 1 1EVXMRI^ )
7LMRHS 4 ; 1IHMRE * ERH ;MGOIV 6 &   u1MGVSWXVYGXYVI ERH QIGLERMGEP
TVSTIVXMIW SJ STIRGIPPYPEV FMSQEXIVMEPW TVSXSX]TIW JSV XSXEP ORII VITPEGIQIRX

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]MRFMSQEXIVMEPW



MQTPERXW JEFVMGEXIH F] IPIGXVSR FIEQ QIPXMRKv . 1IGL &ILEZ &MSQIH 1EXIV 
z
SR QIGLERMGEP TVSTIVXMIW SJ 8Mz%Pz: EPPS] JEFVMGEXIH F] 1-1v 1EXIV 7GM )RK
%z
3KIV & )FIP 8 ERH 0MQFIVK ;   u8LI QERYJEGXYVI SJ LMKLP]HYGXMPI ERH
KISQIXVMGEPP] GSQTPI\ 1-1TEVXW FEWIH SR 8M%P:v MR 4VSGIIHMRKW SJ )963
41:SPYQIz
3L-,2SQYVE21EWELEWLM2ERH,EREHE7  u1IGLERMGEPTVSTIVXMIWSJTSVSYW
XMXERMYQGSQTEGXWTVITEVIHF]TS[HIVWMRXIVMRKv7GV1EXIVz
3PE 0 ,EVV]WWSR% 'ERWM^SKPY 3 1EVGIPPMR0MXXPI ( . 'SVQMIV( 6ERH;IWX , %
  u(MVIGX QIXEP JEFVMGEXMSR SJ XMXERMYQ MQTPERXW [MXL XEMPSVIH QEXIVMEPW ERH
QIGLERMGEP TVSTIVXMIW YWMRK IPIGXVSR FIEQ QIPXMRK XIGLRSPSK]v 1EXIV 7GM )RK '
z
4ERMKVELM&&+SHOLMRHM11(EW/1YOYRHE4+ERH6EQEOVMWLRER4  u7MRXIVMRK
OMRIXMGWSJQMGVSQIXVMGXMXERMYQTS[HIVv1EXIV7GM)RK%z
4EVXLEWEVEXL].7XEVP]&7LMZEOYQEV6ERH'LVMWXIRWIR%  u1IGLERMGEPIZEPYEXMSR
SJTSVSYWXMXERMYQ 8M%P: WXVYGXYVIW[MXLIPIGXVSRFIEQQIPXMRK )&1 v.1IGL
&ILEZ&MSQIH1EXIVz
4SYQEVEX+ERH7UYMVI4  u'SQTEVMWSRSJQIGLERMGEPTVSTIVXMIWSJLYQERFSZMRI
FSRIERHERI[TVSGIWWIHFSRI\IRSKVEJXv&MSQEXIVMEPWz
5YEHFIGO 4 7XITLERM + /QQIP / ,EYWIV 6 7XELROI + %HPIV . 7XITLERM + ERH
/MIFEGO&  u7XVYGXYVEPERHQEXIVMEPHIWMKRSJSTIRGIPPTS[HIVQIXEPPYVKMGEP
JSEQWv%HZ)RK1EXIVz
6LEPQM 7 'LEVIXXI 7 %WWEH 1 'SMPPEVH ' ERH 6MZEVH ' ,   u8LI WTMREP GSVH
HYVEQEXIVVIEGXMSRXS2MXMRSPERHXMXERMYQEPPS]TEVXMGPIWE]IEVWXYH]MRVEFFMXWv
)YVST7TMRI.z
6]ER+4ERHMX%ERH%TEXWMHMW(4  u*EFVMGEXMSRQIXLSHWSJTSVSYWQIXEPWJSV
YWIMRSVXLSTEIHMGETTPMGEXMSRWv&MSQEXIVMEPWz
7GLMIJIV,&VEQ1&YGLOVIQIV,4ERH7XZIV(  u1IGLERMGEPI\EQMREXMSRW
SR HIRXEP MQTPERXW [MXL TSVSYW XMXERMYQ GSEXMRKv . 1EXIV 7GM 1EXIV MR 1IH 
z
7MRKL60II4((EWL[SSH6.ERH0MRHPI]8'  u8MXERMYQJSEQWJSVFMSQIHMGEP
ETTPMGEXMSRWEVIZMI[v1EXIV8IGLRSPz
7LEFEPSZWOE]E 7 %RHIVIKK . ERH :ER ,YQFIIGO .   u'VMXMGEP SZIVZMI[ SJ
%GXE &MSQEXIV
z
7LMZEWLEROEV87ERH+IVQER61  u)JJIGXMZIPIRKXLWGEPIJSVTVIHMGXMRKWSPZIRX
HIFMRHMRKXMQIWSJGSQTSRIRXWTVSHYGIHF]TS[HIVMRNIGXMSRQSPHMRKv.%Q'IVEQ
7SGz
7XEMKIV144MIXEO%1,YEHQEM.ERH(MEW+  u1EKRIWMYQERHMXWEPPS]WEW
SVXLSTIHMGFMSQEXIVMEPW%VIZMI[v&MSQEXIVMEPWz
8LMIQI1;MIXIVW/4&IVKRIV*7GLEVR[IFIV(;SVGL,2HST./MQ8.ERH+VMPP
;  u8MXERMYQTS[HIVWMRXIVMRKJSVTVITEVEXMSRSJETSVSYWJYRGXMSREPP]KVEHIH
QEXIVMEPHIWXMRIHJSVSVXLSTEIHMGMQTPERXWv.1EXIV7GMz
8VEMRM81ERKERS'7EQQSRW601ERKERS*1EGGLM%ERH4MEXXIPPM%  u(MVIGX
PEWIV QIXEP WMRXIVMRK EW E RI[ ETTVSEGL XS JEFVMGEXMSR SJ ER MWSIPEWXMG JYRGXMSREPP]
KVEHIHQEXIVMEPJSVQERYJEGXYVISJTSVSYWXMXERMYQHIRXEPMQTPERXWv (IRXEP1EXIV
z

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

8YRGIV2ERH%VWPER+  u(IWMKRMRKGSQTVIWWMZITVSTIVXMIWSJXMXERMYQJSEQWv


.1EXIV7GMz
8YRGIV 2 %VWPER + 1EMVI ) ERH 7EPZS 0 E  u-RZIWXMKEXMSR SJ 41 TEVEQIXIVWv
IJJIGX SR EVGLMXIGXYVI SJ XMXERMYQ JSEQW YWMRK <VE] QMGVSXSQSKVETL]v 1EXIV 7GM
)RK%z
EVGLMXIGXYVI ERH GSQTVIWWMZI WXVIRKXL SJ XMXERMYQ JSEQWv 1EXIV 7GM )RK % 
z
:ER&EIP7/IVGOLSJW+1SIWIR14]OE+7GLVSSXIR.ERH/VYXL.4  u1MGVS
'8FEWIHMQTVSZIQIRXSJKISQIXVMGEPERHQIGLERMGEPGSRXVSPPEFMPMX]SJWIPIGXMZIPEWIV
QIPXIH8M%P:TSVSYWWXVYGXYVIWv1EXIV7GM)RK%z
TVSHYGXMSR{E RI[ ETTVSEGL F] WIPIGXMZI PEWIV QIPXMRKv -RX 'SRKVIWW 7IV 
z
;IR')1EFYGLM1=EQEHE=7LMQSNMQE/'LMRS=ERH%WELMRE8  4VSGIWWMRK
SJFMSGSQTEXMFPITSVSYW8MERH1K7GV1EXIVz
;IR ' )<MSRK .= 0M = ' ERH ,SHKWSR 4 (   u4SVSYW WLETI QIQSV] EPPS]
WGEJJSPHWJSVFMSQIHMGEPETTPMGEXMSRWEVIZMI[v4L]W7GV8z
;LERK / ,IEP] / ) )PIR^ ( 6 2EQ ) / 8WEM ( ' 8LSQEW ' , 2YFIV + ;
+PSVMIY\* ,8VEZIVW 6ERH7TVEKYI 71  u)RKMRIIVMRKFSRIVIKIRIVEXMSR
[MXLFMSEFWSVFEFPIWGEJJSPHW[MXLRSZIPQMGVSEVGLMXIGXYVIv8MWWYI)RKz
;MRXIVQERXIP ) ERH ,E 7 ;   1IHM^MRXIGLRMO QMX FMSOSQTEXMFPIR ;IVOWXSJJIR
YRH:IVJELVIR7TVMRKIV:IVPEK&IVPMR,IMHIPFIVK2I[=SVO
;MXXI **MWGLIV .2IPPIWIR.'VSWXEGO,%/VEIWI:4MWGL%&IGOQERR*ERH,
;MRHLEKIR ,   u-R ZMXVS ERH MR ZMZS GSVVSWMSR QIEWYVIQIRXW SJ QEKRIWMYQ
EPPS]Wv&MSQEXIVMEPWz
;MXXI * 9PVMGL , 6YHIVX 1 ERH ;MPPFSPH )   u&MSHIKVEHEFPI QEKRIWMYQ
.&MSQIH1EXIV6IW4EVX%
z
;SPJJ1(ELQW1ERH)FIP8  u7MRXIVMRKSJQEKRIWMYQv %HZ)RK1EXIV 
z
;Y7/0MR,'ERH'LIR''  u%WXYH]SRXLIQEGLMREFMPMX]SJE8M2M
WLETIQIQSV]EPPS]v1EXIV0IXXIVWz
;Y=;6/[SR=74EVO7.ERH+IVQER61  u-RNIGXMSRQSYPHMRKSJ,(,
XMXERMYQTS[HIVv-RX.4S[HIV1IXEPPz

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ


%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XS
GYXXMRKXSSPW
.  7  /3 2 7 8 %2 8 =%+,9RMZIVWMX]SJ7GMIRGIERH
8IGLRSPSK]4SPERH
(3-
%FWXVEGX8LMWGLETXIVTVIWIRXWXLIVSPISJTS[HIVQIXEPPYVK] 41 MR
XLITVSHYGXMSRSJHMEQSRHMQTVIKREXIHXSSPWERHTVSZMHIWMRJSVQEXMSR

ETTPMGEXMSRGSRHMXMSRWERHWLS[WXLIPEXIWXXVIRHWERHHIZIPSTQIRXW
/I][SVHWHMEQSRHMQTVIKREXIHXSSPLSXTVIWWMRKQIXEPPMGQEXVM\
W]RXLIXMGHMEQSRH



-RXVSHYGXMSR

]IEVWPEXIV
 8LIIEVP]XSSPWYWIHGEVFSREHSWEGV]TXSGV]WXEPPMRIQEWWSJQMGVSWGSTMG
GEVFSREHSW
[LMGL [IVI VIWMWXERX XS GPIEZEKI [IVI E ZEPYIH QEXIVMEP WIX EVSYRH XLI

MR XLI W ,YKLIW   4VSKVIWW MR XLI XSSP TVSHYGXMSR VSYXIW XLEX

MRXSSTIVEXMSREVSYRH ,YKLIW 


;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

WGEPI &YRH] IX EP

IX EP

 4IVQERIRXTVSKVIWWMRHMEQSRHQERYJEGXYVMRKXIGLRSPSKMIWJSWXIVIHXLI
GSQQIVGMEP MQTSVXERGI SJ W]RXLIXMG KVMXW [LMGL RS[ EGGSYRX JSV EPQSWX

LEZIVIZSPYXMSRMWIHQEGLMRIV]ERHTVSGIWWMRKMRXLIWXSRIERHGSRWXVYGXMSR
MRHYWXVMIW VSEH VITEMV TIXVSPIYQ I\TPSVEXMSR TVSHYGXMSR SJ KPEWW HIRWI
GIVEQMGWERHWSSR

ERHGSVIHVMPPWJSVGYXXMRKREXYVEPWXSRIERHGSRWXVYGXMSRQEXIVMEPWEW[IPP



1EGLMRIV]
97QMPPMSR 

8VERWTSVXEXMSR
97QMPPMSR 

)PIGXVSRMGW
97QMPPMSR 

7XSRI
GSRWXVYGXMSR
97QMPPMSR 

+PSFEPGSRWYQTXMSRSJHMEQSRHXSSPWF]IRHYWIQEVOIXMR
 (IHEPYW'SRWYPXMRK 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



SJHMEQSRHMRZSPZIHERHMXWSVMKMRSYX[EVHETTIEVERGIERHMRXIVREPWXVYGXYVI

[LMGL EVI HMWXMRGXMZI [MXL VIWTIGX XS XLI ZEVMSYW QERYJEGXYVMRK QIXLSHW



8SSPHIWMKRERHGSQTSWMXMSR

8LIHIWMKRERHGSQTSWMXMSRSJXLIHMEQSRHXSSPTPE]ERMQTSVXERXVSPIMR
XLIIGSRSQMGQEGLMRMRKSJQEXIVMEPW[LIVIKVIEXHIQERHWEVIQEHISRXLI

(MEQSRHWYWTIRWMSRW

(MEQSRHGSEXIHXSSPW

(MEQSRHTEWXIW

*VIIWXERHMRKTPEXIW

0SSWI
HMEQSRH
EFVEWMZIW

':(
HMEQSRH
'EVFMHIFEGOIH
FPEROW

'YXXMRKHVIWWMRK
XSSPW

;MVIHVE[MRK
HMIFPEROW
(MEQSRH
XSSPW
4SP]
GV]WXEPPMRI
HMEQSRH
4'(

7MRKPI
GV]WXEP
HMEQSRH

;MVIHVE[MRK
HMIFPEROW

&SRHIH
HMEQSRH
KVMXW

874FMXW
1IXEPFSRHIHXSSPW

)PIGXVSTPEXIHXSSPW

4S[HIVQIXEPPYVK]
XIGLRSPSK]
6IWMRFSRHIHXSSPW


XIGLRSPSK]

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

7IPIGXMSRSJQIXEPFSRHIHXSSPWERHHMEQSRHMQTVIKREXIH
WIKQIRXW

KISQIXV]EW[IPPEWXLIEVVERKIQIRXERHWLETISJXLIHMEQSRHMQTVIKREXIH

 [LMGLLEZITIVJSVQIH[IPPMRE[MHIVERKISJETTPMGEXMSRW

GV]WXEPKPEWWXMPIWERHSXLIVX]TIWSJLEVHERHHIRWIGIVEQMGW'SRXMRYSYW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW
,EQQIVWIKQIRX



(MEQSRH
MQTVIKREXIH
VMQ

7PERXWIKQIRX

8]TI

8]TI

8]TI

8]TI

8]TI
7XIIPGIRXVI
8]TI

8]TI



XLIVIJSVIEPWSYWIHJSVJEWXWE[MRKSTIVEXMSRWEW[IPPEWMRGMVGYPEVWE[MRK

 8LIVIEVIEPWSQER][E]WMR[LMGLHMEQSRHMQTVIKREXIHWIKQIRXWQE]

SJXIRNYWXMJ]WIPIGXMSRSJGSQTPI\HIWMKRW8LIYWISJXETIVIHWIKQIRXWJSV

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%HZERGIWMRTS[HIVQIXEPPYVK]



9RMJSVQ
WXVYGXYVI

8ETIVIH
VIHYGIH
PEXIVEPJVMGXMSR

7ERH[MGL

;IEVVIWMWXERX
WMHIPE]IVW
0IWW[IEVVIWMWXERX
MRRIVTEVX

9RMJSVQSV
WERH[MGL

;IEVWYVJEGI

(MEQSRHJVIIFEWI
WYMXEFPIJSVPEWIV
[IPHMRK

7E[FPEHIWXIIPGIRXVI

&EWMGWE[FPEHIWIKQIRXHIWMKRW

 7IPIGXMSRSJQIXEPPMGQEXVM\

XLIQEXVM\MRGPYHIMXWGLIQMGEPGSQTSWMXMSRERHHIKVIISJEPPS]MRKQIER
]MIPHWEQEXIVMEP[LMGLHSIWRSXHIKVEHIXLIHMEQSRHHYVMRKWMRXIVMRKGER

VIWMWXERGIMHIEPP]WYMXIHJSVXLIETTPMGEXMSRGSRHMXMSRW
'SFEPX
TVSJIWWMSREP XSSPW S[MRK XS MXW WYTIVMSV HMEQSRH VIXIRXMSR TVSTIVXMIW ERH

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW

Q
E

Q
F

Q
G

)\EQTPIWSJGSFEPXTS[HIVWTVSHYGIHF]9QMGSVI 3PIR
G QIWL

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ





%HZERGIWMRTS[HIVQIXEPPYVK]

'SFEPXWYFWXMXYXIW

GYXWMRXLIHMEQSRHWYTTP]WMHIXVIQIRHSYWMRGVIEWIMRXLIWIVZMGIPMJISJ

'SFEPMXI 9QMGSVI
&IPKMYQ  2I\X ERH /IIR

IX EP








=IEV

%ZIVEKIUYEVXIVP]1IXEP&YPPIXMRJVIIQEVOIXTVMGIUYSXEXMSRJSV
 GSFEPXGEXLSHIW %RSR%RSR 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



8EFPI2SQMREPGLIQMGEPGSQTSWMXMSRWERHQIERTEVXMGPIWM^IWSJGSQQIVGMEP
GSFEPXWYFWXMXYXIW
(IWMKREXMSR

'LIQMGEPGSQTSWMXMSR [X

*MWLIVWYFWMIZI 4VSHYGIV
WM^I Q
7SYVGI

*I

'Y

'S

3XLIVW

2I\X
2I\X
2I\X
2I\X
2I\X
/IIR
/IIR





















z



z
z
z
z
z
z
1S

z
z






)YVSXYRKWXIRI
4SYHVIW
%RSR
&SRRIEY


'SFEPMXI
'SFEPMXI,(6
'SFEPMXI'2*











z





9QMGSVI
9QMGSVI


'SFEPMXI<,
'SFEPMXI307










z
z
7R;
=3
z
z




 8LI 'SFEPMXI 2I\X ERH /IIR TS[HIVW GSQTPIQIRX [IPP XLI ZEVMIX] SJ
/IIR 

 7IPIGXMSRSJHMEQSRHKVMX

X]TIWM^IERHGSRGIRXVEXMSR
(MEQSRHX]TI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

Q
E

Q
F

)\EQTPIWSJTVIEPPS]IHTS[HIVWHIHMGEXIHJSVHMEQSRHXSSPW
E GSTTIVFEWI2I\X F MVSRFEWI'SFEPMXI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



WE[MRKSJWXSRIERHPMKLXHYX]WE[MRKERHKVMRHMRKETTPMGEXMSRW /SRWXERX]
TVMGIWSJW]RXLIXMGKVMXWGSRXMRYIXSHIGPMRIS[MRKXSMRGVIEWMRKGSQTIXMXMSR
HMEQSRH[MXLIGSRSQ]W]RXLIXMGKVEHIWMWWIIRMRXLITVSHYGXMSRSJWXSRIERH
XSW]RXLIXMGTVSHYGXWREXYVEPHMEQSRHWXMPPQIIXWGVMXIVMEJSVETTPMGEXMSRMR
WMRKPI TSMRX HVIWWIVW JSVQ HVIWWIVW [EXIV NIXW HIRXEP XSSPW GYXXMRK XSSPW

E GEXEP]WX MR HMEQSRH W]RXLIWMW GV]WXEPW [MXL HMJJIVIRX MRXIVREP WXVYGXYVI

Q

Q
E

Q
G

Q
H

7]RXLIXMGHMEQSRHEFVEWMZIW E TVIQMYQERH F IGSRSQ]


KVEHIHMEQSRHKVMXWQERYJEGXYVIHYWMRKEGSFEPXFEWIHEPPS]
W]RXLIWMWXIGLRMUYI G TVIQMYQERH H IGSRSQ]KVEHIHMEQSRH
KVMXWQERYJEGXYVIHYWMRKERMGOIPFEWIHEPPS]W]RXLIWMWXIGLRMUYI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

TEVXMGPIVIWYPXMRKMRI\GIPPIRXXVERWTEVIRG]LMKLIVXSYKLRIWWERHVIWMWXERGI
XSXLIVQEPHIKVEHEXMSR
+VMXWM^I

ETTPMGEXMSRMREZEVMIX]SJWE[MRKERHHVMPPMRKSTIVEXMSRW[LIVIJEWXQEXIVMEP
VIQSZEPVEXIWEVIIWWIRXMEP8LIKIRIVEPKYMHIPMRIWJSVHMEQSRHWM^IWYWIH
MRXLIQSWXX]TMGEPXSSPETTPMGEXMSRWEVIEWJSPPS[W

JVIWLGSRGVIXIERHEWTLEPXHVMPPMRKSJVIMRJSVGIHGSRGVIXI
97QIWLGMVGYPEVWE[MRKERHHVMPPMRKSJWXSRIGSRGVIXIVIMRJSVGIH

MKRISYW WXSRI IK KVERMXI KVERSHMSVMXI  ERH VIJVEGXSV] QEXIVMEPW

SJGIVEQMGXMPIW

ERHGIVEQMGW3RXLISXLIVLERHXLIQEMREHZERXEKISJYWMRKGSEVWIVKVMX

W[EVJINIGXMSRJVSQXLIGYXXMRK^SRI
ERHEVIKIRIVEPP]YWIHJSVKVMRHMRKSTIVEXMSRW1SWXGSQQIVGMEPTVSHYGXWEVI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



KVMRHMRKWXITW
+VMXGSRGIRXVEXMSR


GSRGIRXVEXMSR MR GSRNYRGXMSR [MXL XLI HMEQSRH TEVXMGPI WM^I KSZIVRW XLI

%TTPMGEXMSRSJGSEXIHHMEQSRHW
%WEPVIEH]QIRXMSRIHMX MW I\XVIQIP]MQTSVXERX XLEXXLIHMEQSRHGV]WXEPW

MXWIPJ LEW XS GSSTIVEXI [MXL XLI QEXVM\ MR SVHIV XS QMRMQMWI MXW I\GIWWMZI

XSXLIHMEQSRHERHJSVQWEQIXEPPYVKMGEPHMJJYWMSREXXEGLQIRXXSXLIQEXVM\

8EFPI8SXEPRYQFIVSJHMEQSRHWERHTYPPSYXWTIVGYFMGGIRXMQIXVISJXLI
[SVOMRKJEGISJEXSSP +)7YTIVEFVEWMZIW
97QIWL
WM^I

(MEQSRHGSRGIRXVEXMSR





























































;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

Q

6SYKLRMGOIPGPEHHMRKSR8MGSEXIHW]RXLIXMGHMEQSRHGV]WXEPW

GSEXIHHMEQSRHWEVITEVXMGYPEVP]YWIJYP[LIRIJJIGXMZITVSXIGXMSRSJHMEQSRH
GV]WXEPW JVSQ HIWXVYGXMZI LMKL XIQTIVEXYVI VIEGXMSRW MW E QEXXIV SJ TVMQI



(MEQSRHXSSPJEFVMGEXMSR

 4S[HIVQIXEPPYVK]WIKQIRXJEFVMGEXMSRVSYXIW
4VITEVEXMSRSJQEXVM\TS[HIVzHMEQSRHQM\XYVI
8LMWSTIVEXMSRMWYWYEPP]GEVVMIHSYXMRE 8YVFYPEX]TIQM\IV8LITS[HIV
TS[HIVWERHWXIIPGLEMRWYWIHXSEMHQM\MRKERHWIXMRXSEGLESXMGQSXMSR

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW
(MEQSRH+VMX



%PPS]
1EXVM\TS[HIV

874(MEQSRH

1M\MRK
+VERYPEXMSR
'SPHTVIWWMRK
,SXTVIWWMRK
(IFYVVMRK

7MRXIVMRK
,-4

414VSGIWW

5YEPMX]GSRXVSP
7E[7IKQIRX

;MVI7E[&IEH

(VMPP&MX'VS[R

41HMEQSRHXSSPTVSHYGXMSRTVSGIWW

EVI EHHIH XS XLI GSRXEMRIV EX ZEVMSYW WXEKIW SJ QM\MRK WS EW XS TVIZIRX

+VERYPEXMSR

QM\MRK TVMRGMTPI SV QIGLERMGEP VSPPMRK TVSGIWW LEZI VIGIMZIH [MHIWTVIEH

TIVQMXMXWGSQTPIXIVIQSZEPJVSQXLIQEXIVMEPEXXLILSXGSRWSPMHEXMSRWXIT
3XLIV[MWIXLIWIKQIRXWLEZILMKLIVVIWMHYEPTSVSWMX][LMGLQE]HIKVEHI

'SPHTVIWWMRK
LSXTVIWWMRK SJWE[WIKQIRXWXLEXLEZI EPE]IVIH WXVYGXYVI 'SPH TVIWWMRK

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

%PXIVREXMZIP] XLI QEGLMRIW QE] MRGSVTSVEXI JIIH WLSIW STIVEXMRK SR XLI

SJXSSPGSQTSRIRXW
,SXTVIWWMRK
SJ HMEQSRH MQTVIKREXIH WIKQIRXW GSRWMWXW SJ E WMQYPXERISYW ETTPMGEXMSR
TSVSWMX]'SQTEVIHXSXLIGSRZIRXMSREPGSPHTVIWWWMRXIVVSYXILSXTVIWWMRK

 8LITVMRGMTPISJHMVIGXVIWMWXERGILIEXMRKLEWPMQMXEXMSRW[MXLVIWTIGXXS

WPS[ERH IRIVK]GSRWYQMRK S[MRKXSXLIPEVKI HMQIRWMSRWSJXLIWIXSSPW

ETTPMGEXMSRMWEJYVREGITVIWWMR[LMGLWIZIVEPWXIIPHMIWTMPIHSRISRXST

(IFYVVMRK

7MRXIVMRK
TEVXWERHXSSPGSQTSRIRXW,S[IZIVMXWETTPMGEXMSRMRXLIQERYJEGXYVISJ

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



SYX[IMKLXLIWLSVXGSQMRKWSJXLITVIWWYVIPIWWWMRXIVMRKSTIVEXMSR
,SXMWSWXEXMGTVIWWMRK

TVIWW[LMGLMWIZEGYEXIHERHTYVKIHWIZIVEPXMQIW[MXLETVIWWYVMWMRKKEW

(MEQSRH[MVIWE[ERHFIEHW KPEWWIRGETWYPEXIHJSV,-4ERH
VIEH]JSVQSYRXMRKSREWXIIP[MVIVSTI 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]
7XIIPFPERO

874HMEQSRHTMRW

1EXVM\TS[HIV
HMEQSRHQM\XYVI

+VETLMXIQSYPH

7IGXMSREPZMI[SJQSYPHEWWIQFP]ERHGSVILIEHX]TI874
L]FVMHFMXYWIHJSVKISPSKMGEPI\TPSVEXMSR

5YEPMX]GSRXVSP

LEVHRIWWVERKI[LMGLQSWXP]HITIRHWSRXLIQEXVM\GSQTSWMXMSRERHTSVSWMX]

ZMWYEPI\EQMREXMSRMWVSYXMRIP]YWIHXSEWWYVIGSVVIGXHMEQSRHWIXXMRKERH

 *MRMWLMRKSTIVEXMSRW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



PEWIV[IPHMRKMWYWIHMRXLIQEWWTVSHYGXMSRSJWQEPPHMEQIXIVHV]GYXXMRK

TIVJSVQIHMRSVHIVXSVIQSZIXLIQEXVM\JVSQEVSYRHXLIHMEQSRHTEVXMGPIW

XIRWMSRMRK[LMGLGSRWMWXWSJXLIEHHMXMSRSJI\XVEWXVIWWXSWXVIXGLXLIGIRXVI
WIGXMSR GSYRXIVEGXMRK XLI GIRXVMJYKEP JSVGI XLEX XIRHW XS IPSRKEXI XLI VMQ

SPHIVX]TISJHMEQSRH[MVI[MXLLIPMGEPWTVMRKWTEGIVWERHWXSTTMRKVMRKW

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

GPEQTMRKTMTIWSVXLVIEHIHGSRRIGXMRKWPIIZIW



%TTPMGEXMSRSJTS[HIVQIXEPPYVK]HMEQSRH
XSSPW

YRHIVKSRIEWTIGXEGYPEVIZSPYXMSRWMRGIXLIMRZIRXMSRSJW]RXLIXMGHMEQSRHMR

KEWERHTIXVSPIYQERHWSSR

 7E[MRK
2S[EHE]W XLI 41 HMEQSRH XSSP MW XLI QSWX IJJIGXMZI QIERW SJ WE[MRK

QEXIVMEPWGSQTVMWIWGMVGYPEVWE[MRKJVEQIWE[MRKERH[MVIWE[MRK
'MVGYPEVWE[MRK

WXIIPGIRXVIWXSXLISZIVEPPGSWXSJXLIXSSPMRGVIEWIWHVEQEXMGEPP][MXLXLI
 8LIKIRIVEPKYMHIPMRIWJSVSTIVEXMRKTEVEQIXIVWYWIHMRXLIQSWXX]TMGEP

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



 E 7E[MRKEHSSV[E][MXLEVIQSXIP]GSRXVSPPIH[EPPWE[
ERH F TVSHYGXMSRSJQSHYPEVKVERMXIXMPIW[MXLEQYPXMFPEHIWE[
GSYVXIW]SJ,MPXM'SVTSVEXMSRERH),;%(MEQSRH-RH'S0XH 

VYRJVIIP]ERHTEVEPPIPXSSRIERSXLIV8LIVIJSVIXSQMRMQMWIJSVGIWEGXMRKSR

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

8EFPI+IRIVEPVIGSQQIRHEXMSRWJSVTIVMTLIVEPWTIIHWERHGYXXMRKVEXIWJSV
YWISRWMRKPIFPEHIERHQYPXMFPEHIQEGLMRIW /SRWXERX]T
;SVOTMIGIQEXIVMEP

&PEHITIVMTLIVEP
WTIIH QWz

'YXXMRKVEXI GQQMRz

(V]GYXXMRK[MXLLERHLIPH
IUYMTQIRX
5YEVX^MJIVSYWKVERMXI
0S[UYEVX^MJIVSYWKVERMXI
1EVFPI
7ERHWXSRI
'IVEQMGW
'SRGVIXI
6IMRJSVGIHGSRGVIXI
%WTLEPX

z

%HNYWXIHXSXLIWE[FPEHIERH
[SVOTMIGIGLEVEGXIVMWXMGW
z
z
z
z
z
z
z
z

z
z
z
z
z
z
z
z


&18+1EVIO+IPFIVX 

*VEQIWE[MRK

VSXEXMSREPWTIIHMWPS[IVSVLMKLIVXLERQQMR 
 8LIX]TMGEPGYXXMRKVEXIWYWIHSRWPS[ERHJEWXLSVM^SRXEPJVEQIWEVIPMWXIH

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



8EFPI6IGSQQIRHIHGYXXMRKVEXIWJSVWE[MRKZEVMSYWX]TIWSJWXSRISRWPS[
ERHJEWXJVEQIWE[W /SRWXERX]T
*IIHVEXI GQLz E

7XSRI

1EVFPI
8VEZIVXMRI
0MQIWXSRI
7ERHWXSRI
%KKPSQIVEXIW
)EW]XSTVSGIWWX]TIWSJKVERMXIERH
W]IRMXI

7PS[JVEQI

*EWXJVEQI

z
z
z
z
z
 z

z
z
z
z
z
z

MRGVIEWIW[MXLXLIPMRIEVWTIIHSJXLIJVEQIERHHIGVIEWIW[MXLXLIRYQFIVSJ
WE[FPEHIW

1YPXM[MVIWE[WPEFFMRKEWXSRIFPSGO GSYVXIW]SJ1'(MEQ
0XH 

;MVIWE[MRK

QQHMEQIXIVWXIIPVSTIGSQTSWIHSJQER]X[MWXIHXSKIXLIVLMKLWXVIRKXL

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

 8LI ZIVWEXMPMX] ERH IGSRSQMG EHZERXEKIW SJ XLI [MVI WE[ XIGLRSPSK]
WE[QEGLMRIWEVIYWIHJSVZEVMSYWGSRWXVYGXMSRVIRSZEXMSRERHGSRXVSPPIH

L SRVIMRJSVGIHGSRGVIXIXLVSYKL
L SRQEWSRV]HITIRHMRK

L
GSQTSWMXMSRERHWSSR

 (VMPPMRK

GSRGVIXIWXVYGXYVIWEW[IPPEWJSVI\TPSVEXSV]HVMPPMRKMRIEVXLJSVQEXMSRW

8EFPI8]TMGEPETTPMGEXMSRTEVEQIXIVWJSVUYEVV]MRKWXSRIF]QIERWSJ
HMEQSRHMQTVIKREXIH[MVIWE[W /SRWXERX]T
8]TISJWXSRI

2SSJFIEHWTIV
QIXVISJ[MVIPIRKXL

;MVIPMRIEV
WTIIH QWz

'YXXMRKVEXI
QLz

5YEVX^MJIVSYWKVERMXI
0S[UYEVX^MJIVSYWKVERMXI
1EVFPI
0MQIWXSRI
8VEZIVXMRI

z
z
z
z
z

z
z
z
z
z

z
z
z
z
z

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



7IPIGXMSRSJGSVIHVMPPWJSVHVMPPMRKMRWXSRIGSRGVIXIERH
GIVEQMGW

4SVXEFPIHVMPPVMKQSYRXIHJSVHVMPPMRKXLVSYKLEGSRGVIXI[EPP
GSYVXIW]SJ,MPXM'SVTSVEXMSR 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

PEXIVEP EMV ZIRXW 8LI GIRXVEP KYMHMRK HVMPP TVSNIGXW SYX SZIV XLI WIKQIRXW

 (VMPPMRKXSSPWYWIHMRKISPSKMGEPI\TPSVEXMSRERHQMRMRKSJQMRIVEPHITSWMXW

 8S STXMQMWI IGSRSQ] SJ HVMPPMRK XLI VSXEXMSREP WTIIH ERH JIIH VEXI SJ

GERSGGYV

 +VMRHMRKERHTSPMWLMRK

8EFPI4IVMTLIVEPWTIIHWERHJIIHVEXIWVIGSQQIRHIHJSVGSVIHVMPPMRK
/SRWXERX]T
;SVOTMIGIQEXIVMEP

+VERMXIMKRISYWWXSRIW
+PEWW
'SRGVIXIVIMRJSVGIHGSRGVIXI
1EVFPIXVEZIVXMRIPMQIWXSRI
7ERHWXSRIEWTLEPX

(VMPPTIVMTLIVEPWTIIH
QWz

*IIHVEXI
GQQMRz

b
z
z
z
z
z

z
z
z
z
z
z

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



XSSPW
 %RSXLIVMQTSVXERXETTPMGEXMSRSJHMEQSRHMQTVIKREXIHXSSPWMWMRKVMRHMRK
TIVMTLIVEP [LIIPW ERH TIRGMP IHKI [LIIPW EVI YWIH LIVI XS GSQTPIQIRX
IHKMRKERHWYVJEGMRKSJEVGLMXIGXYVEPJYVRMXYVIEYXSQSXMZIERHSTXMGEPKPEWW
GSQTSRIRXWEVXMWXMGHIGSVEXMSRSJKPEWW[EVIERHWSSR



0EXIWXXVIRHWERHHIZIPSTQIRXW

8LIVIGIRXXVIQIRHSYWTVMGIGYXWMRXLIHMEQSRHWYTTP]WMHIERHMRGVIEWIH
PIEHMRKIHKISJXLIHMEQSRHXSSPMRHYWXV]XSMRGVIEWIXLIVEXISJMRRSZEXMSR



;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

IXEP

VIXIRXMSRSJXLIQSWXLIEZMP]PSEHIHHMEQSRHGV]WXEPW

IX EP
ETTPMGEXMSRW

QQ
E

QQ
F

QQ
G

(MWXVMFYXMSRSJHMEQSRHWMRWIKQIRXWJEFVMGEXIH E F]E
HMEQSRHTPEGIQIRXXIGLRSPSK] GSYVXIW]SJ),;%(MEQSRH-RH'S
0XH/SVIE  F YWMRKIRGETWYPEXIHHMEQSRHWERH G JVSQEQM\XYVI
SJHMEQSRHKVMXWERHQEXVM\TS[HIVW GSYVXIW]SJ)PIQIRX7M\0XH
-VIPERH 

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



GV]WXEPWMXMWGVYGMEPXLEXXLIVS[WSJHMEQSRHWEVITVSTIVP]ERKPIHZIVWYW
XLIXSSPJEGI 0IIIXEP
 8LI PEXXIV QIXLSH YWIW HMEQSRHW GSEXIH [MXL E TVIHIXIVQMRIH EQSYRX
SJQEXVM\TS[HIVXS]MIPHXLIMRXIRHIHHMEQSRHGSRGIRXVEXMSR8STVSHYGI
IX EP

XLIVSXEXMRKTERQIXLSH[LMGLSJJIVWMRGVIEWIHTS[HIVHITSWMXMSRVEXIW

(MEQSRHWIIH

QQ

(MEQSRHTIPPIXWGSRXEMRMRKEWMRKPIHMEQSRHGV]WXEP

,IMKLXSJHMEQSRHTVSXVYWMSR

;IEVVIWMWXERXPE]IV

-RGVIEWMRKHMEQSRHTVSXVYWMSRF]MRGSVTSVEXMRKE[IEV
VIWMWXERX^SRIEVSYRHIEGLHMEQSRH

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



%HZERGIWMRTS[HIVQIXEPPYVK]

MJXLIGSEXMRKGSRWMWXWSJX[SGSRGIRXVMGPE]IVWSJHMJJIVIRXGSQTSWMXMSR[LIVI
XLIMRRIVPE]IVEXXEMRWLMKLIVVIWMWXERGIXS[IEVYTSRWIKQIRXGSRWSPMHEXMSR



6IJIVIRGIW
1EVQSQEGGLMRI

-RXIVREXMSREP
-RHYWXVMEP
(MEQSRH6IZMI[
-RHYWXVMEP(MEQSRH6IZMI[

'SFEPX 2I[W

'SFEPX 2I[W

(MEQSRH4VSHYGXW*MIPH1ERYEP'YWXSQIVKYMHIXSXLIWIPIGXMSR
?SRPMRIA

1MGVSRMG
4VIEPPS]IH1IXEP4S[HIVFEWIHSR8LVIIHMQIRWMSREP8VERWMXMSR1IXEP97TEXIRX

2EXYVI
-RHYWXVMEP(MEQSRH6IZMI[
-RHYWXVMEP(MEQSRH6IZMI[
+PSFEP 1EVOIXW %TTPMGEXMSRW
 )RHYWIVW z
EREP]WMW
JSVIGEWXW
)41% )YVSTIER 4S[HIV 1IXEPPYVK]
%WWSGMEXMSR  4VSGIIHMRKW SJ 41 4S[HIV 1IXEPPYVK] ;SVPH 'SRKVIWW ERH
)\LMFMXMSR
7(&82
1&7(MEQSRH4VSHYGXWJSV7E[MRKERH(VMPPMRK%TTPMGEXMSRW
1IXLSHJSV
1ERYJEGXYVMRK)RGETWYPEXIH7YTIVLEVH1EXIVMEP
1IXLSH
SJ1EOMRK(MEQSRHW
;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

%TTPMGEXMSRWSJTS[HIVQIXEPPYVK]XSGYXXMRKXSSPW



-RHYWXVMEP(MEQSRH6IZMI[

4VIEPPS]IH &SRH 4S[HIVW 97

(MEQERXI%TTPMGE^MSRM
8IGRSPSKME
'SFEPXEWE1EXVM\MR(MEQSRH-QTVIKREXIH8SSPWJSV7XSRI7E[MRK
%TTPMGEXMSRW
4S[HIV1IXEPPYVK](MEQSRH8SSPW
(MEQSRH 8SSPMRK
.SYVREP
(MEQSRH 8SSP

-RHMEUYE
4VIEPPS]IH 'STTIV 'SRXEMRMRK
4S[HIV ERH MXW 9WI MR XLI 1ERYJEGXYVI SJ (MEQSRH 8SSPW
7GMIRGIERH8IGLRSPSK]
SJ -RHYWXVMEP (MEQSRHW
8SSP1EXIVMEPW
1MRIVEP 'SQQSHMX] 7YQQEVMIW  97 +ISPSKMGEP 7YVZI] 6IWXSR
:MVKMRME
-RHYWXVMEP (MEQSRH 6IZMI[ 
)41%
)YVSTIER4S[HIV1IXEPPYVK]%WWSGMEXMSR 4VSGIIHMRKWSJ-RXIVREXMSREP;SVOWLST
SR(MEQSRH8SSP4VSHYGXMSR
(MEQSRH
8SSPMRK.SYVREP

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

[[[OIXEFHS[RPSEHGSQ

-RHI\

EHHMXMZIPE]IVQERYJEGXYVMRK %01 
z
 EIVSWTEGIETTPMGEXMSR
 EYXSQSXMZITYPPI]TVSXSX]TI
 JERGEWITVSHYGIHXSEJSVKIH
TVIJSVQ
 KEWXYVFMRIGSQTSRIRXVITEMV
 PSGOFEVVIPTVSXSX]TI
 QIHMGEPMQTPERXETTPMGEXMSR
 WGLIQEXMGHMEKVEQ
EHHMXMZIPE]IVQERYJEGXYVMRKFEWIH
XIGLRMUYIWz
EHHMXMZIWz
EHLIWMZIFSRHMRKz
EHMEFEXMGXIQTIVEXYVI
EHNSMRXWXVYGXYVIETTVSEGL %7% 
EHNSMRXZEVMEFPIQIXLSH %:1 
%(1%4VSHYGXWETTVSEGL
EHZERGIHTS[HIVIHWXIIPEPPS]W
z
 EHZERGIHTVIWWIHERHWMRXIVIHWXIIP
GSQTSRIRXWz
  EPPS]MRKZEVMERXWJSVTS[HIV
QIXEPPYVK]WXIIPW
  GSWXSJXLIEPPS]IPIQIRXW
  6MGLEVHWSRz)PPMRKLEQHMEKVEQW
JSVXLIEPPS]IPIQIRXW
 JIVVSYWTS[HIVQIXEPPYVK]z
 SZIVZMI[z
  TS[HIVQIXEPPYVK]TVSHYGXW
 TS[HIVMRNIGXMSRQSYPHIHWXIIP
GSQTSRIRXWz
 TS[HIVQIXEPPYVK]XSSPWXIIPWz
 TVSHYGXTVSTIVXMIWERH
QMGVSWXVYGXYVIWz
  EXXEMREFPITVSTIVXMIWz

HMPEXSQIXVMGKVETLWSJWMRXIVIH
WXIIP
JEXMKYIGVEGOMRMXMEXMSREXWMRKYPEV
HIJIGXWMRWMRXIVIHWXIIPW
KISQIXVMGEPTVIGMWMSREXXEMREFPIF]
TVIWWERHWMRXIVVSYXIW
QIGLERMGEPTVSTIVXMIWSJWMRXIVIH
TPEMRMVSRz
QMGVSWXVYGXYVIWSJZEVMSYWWMRXIVIH
EPPS]WXIIPW


VIPEXMSRWLMTFIX[IIRJVEGXYVI
XSYKLRIWWERH]MIPHWXVIRKXLSJ
WMRXIVIHWXIIPW
  WMRXIVIHEPPS]WXIIPWTVSHYGXW
  7z2GYVZIWSJZEVMSYWWMRXIV
LEVHIRIHWXIIPW
  XLIVQEPGSRHYGXMZMX]SJ1S
TVIEPPS]IHWXIIP
  XLIVQEPGSRHYGXMZMX]SJZEVMSYW
WMRXIVIHWXIIPW
  XSPIVERGIWEXXEMREFPIEWWMRXIVIH
ERHEWWM^IH
 WMRXIVIHWXIIPGSQTSRIRXW
QERYJEGXYVMRKVSYXIWz
EMVEXSQMWEXMSRz
EPPS]MRKzz
 HIJIGXWVSPIz






GV]WXEPPMXIWM^I[MXLQMPPMRK
XMQI
QIGLERMWQz
 FEPPzTS[HIVzFEPPGSPPMWMSR
 HIJSVQEXMSRGLEVEGXIVMWXMGWSJ
WXEVXMRKTS[HIVW


;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



-RHI\

WTLIVMGEPJIVVSYWTS[HIVWYWIHJSV
TS[HIVMRNIGXMSRQSY
EPYQMRMYQz
EPYQMRMYQFEWIHGSQTSWMXITS[HIVW
z
EPYQMRMYQFEWIHQEXVM\GSQTSWMXIW
%1' 
EQQSRMYQL]HVSKIRGEVFSREXI
%2'36()27)
%28)69RMXLIVQ1SHIP
ERXMPSGOFVEOMRKW]WXIQ %&7 
EVG[IPHMRKz
%VGEQ%&
EWTIGXVEXMS
%781&
%781&
%781)
%781*
%781*
%781*
%781*
EXSQMWEXMSR
 GIRXVMJYKEPEXSQMWEXMSRz
 KEWEXSQMWEXMSRz
 QIXEPTS[HIVJSVQEXMSRz
 SZIVZMI[z
  PSKRSVQEPHMWXVMFYXMSRTPSXJSV
  TEVXMGPIWM^IHMWXVMFYXMSRW
 XIGLRMUYIWz
 [EXIVEXSQMWEXMSRz
EYKQIRXIH0EKVERKMERQYPXMTPMIV %01 
QIXLSH
%YXS-RWTIGX
EYXSQEXIHSTXMGEPMRWTIGXMSR %3- 
EYXSQSXMZIMRHYWXV]
 ETTPMGEXMSRWSJTS[HIVQIXEPPYVK]
z
 IQIVKMRKXVIRHWz
  HIRWIVWXVSRKIVPMKLXIVTEVXW
z
  JYRGXMSREPTEVXWz
  QSVIGSQTPI\WLETIWz
 MRRSZEXMZITS[HIVQIXEPPYVK]
TVSHYGXWz
  EPYQMRMYQGEQGETW
  EPYQMRMYQWTVSGOIXERHVSXSVW
  FVSR^ISMPMQTVIKREXIHTMZSX
FYWLMRK















GEVVMIVERHSRI[E]VSGOIVGPYXGL
EWWIQFP]
 GSQTPI\41WXIIPGVEROWLEJX
WTVSGOIX
 HMJJIVIRXMEPFIEVMRKEHNYWXIVJSV
EYXSGLEWWMW
 JSV[EVHGPYXGLLYFJSV':8
W]WXIQW
 TPERIXEV]GEVVMIVSRI[E]GPYXGL
EWWIQFP]
 ZEVMEFPIZEPZIXMQMRK
QEXIVMEPWz
 EPYQMRMYQXMXERMYQERHSXLIVW
z
 MVSRERHWXIIP
 RERSQEXIVMEPWz
 WGLIQEXMGZMI[SJEGEVMRHMGEXMRK
GSRXEGXETTPMGEXMSRW
TS[HIVQIXEPPYVK]TEVXWz
 ETTPMGEXMSREVIEWMREGEV

FEGOFSRIFMRHIV
FEWMGS\]KIRJYVREGI &3* XIGLRSPSK]

FMRHIVWz
 4)+ERH411%GLIQMGEP
GSQTSWMXMSRW
FMSQEXIVMEPW
 ETTPMGEXMSRWSJTS[HIVQIXEPPYVK]
z
 GEWIWXYHMIWz
  FSRIWGVI[z
  FSRIWXETPI[MXLWLETIQIQSV]
IJJIGXz
  TSVSYWWTMRIMQTPERXWz
  TSVXW]WXIQz
 GLEPPIRKIWz
  PMQMXSJS\]KIRGSRXIRXERHXIRWMPI
TVSTIVXMIWSJXMXERMYQFEWIH
QEXIVMEPW
 TVSHYGXMSRSJTS[HIVQIXEPPYVK]
z
  QIXEPMRNIGXMSRQSYPHMRKz
  TSVSYWGSEXMRKz
  TVIWWMRKKVIIRQEGLMRMRKERH
WMRXIVMRKz
  VITPMGEQIXLSH

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

-RHI\

FIEQQIPXMRKz
WIPJTVSTEKEXMRKLMKLXIQTIVEXYVI
W]RXLIWMWSJTSVSYW2M8Mz
QIXEPPYVK]FMSQEXIVMEPWz
QEKRIWMYQERHQEKRIWMYQEPPS]W
z
RMXMRSPz

XMXERMYQERHXMXERMYQEPPS]W
z
  HEXESJ1-1TVSGIWWIH8M%P:
ZW%781WXERHEVHW
  HITIRHIRGISJXIRWMPITVSTIVXMIWSR
S\]KIRGSRXIRXW
  QMGVSWXVYGXYVISJXMXERMYQJSEQ

  WXVIWWWXVEMRGYVZIWSFXEMRIHF]
WXEXMGGSQTVIWWMSR
  [VSYKLXERH1-1TVSGIWWIH
8M%P:
FMSQIHMGMRI
FPIRHIHIPIQIRXEPTS[HIVW
FPIRHIHIPIQIRXEPW &) z
 EYXSGSRRIGXMRKVSH
 WSJXFEPPFEX[MXLTS[HIVQIXEPPYVK]
XMXERMYQEPPS]SYXIVWLIPP
 XMXERMYQQIXEPQEXVM\GSQTSWMXIKSPJ
GPYFLIEH
 8S]SXE%PXI^^E
FPS[LSPIW
FSH]GIRXVIHGV]WXEP &'' 
FSRIWGVI[z
 TVSXSX]TIQEHIF]1-1
FSRIWXETPIz
 TVSXSX]TISJFMSQIHMGEPJSSXWXETPI

FSVSRGEVFMHI &' 
FSYRHEV]IPIQIRXQIXLSH &)1 
FVE^MRK
GEQWLEJXW
GEVFEQMHI YVIE 
GEVFSR
GEVFSRFEWIHERSHI
GEVFSREHSW
GEVFSRMXVMHMRK
GEVFYVMWMRK



GEXEP]XMGHIFMRHMRK
GIPPHIWMKRW
GIPPW
GIQIRXIHGEVFMHIW
GIRXVMJYKEPEXSQMWEXMSRzz
 ETTPMGEXMSRXSIPIGXVSRMGWSPHIVW
z
 GIRXVMJYKEPGYTEXSQMWEXMSRSJWXIIP

 MRHYWXVMEPW]WXIQJSVIPIGXVSRMGWSPHIV
TS[HIVW
 RSRJIVVSYWTS[HIVWz
 WGLIQEXMGHMEKVEQ
GIVEQMGMRNIGXMSRQSYPHMRK '-1 
GIVEQMGWPYVV]ETTVSEGL
'IVQIXW
GLEWIz
 QIXEPPMGFVEOITEH
 TS[IVWXIIVMRKTEVXW
 WIEXVIGPMRMRKTEVXW
 WLSGOEFWSVFIVTEVXW
',-4TVSGIWWz
 WGLIQEXMGHMEKVEQ
'-47MRXIVTVSGIWWWII',-4TVSGIWW
GMVGYPEVWE[MRKz
 VIGSQQIRHEXMSRWJSVTIVMTLIVEP
WTIIHWERHGYXXMRKVEXIW
 WE[MRKEHSSVERHKVERMXIXMPIW
TVSHYGXMSR
GPEQTMRKJSVGI JG 
GPIERTS[HIVz
GPYXGLKIEVGSRIYRMX
'28VIMRJSVGIHQIXEPQEXVM\ 11
'28 
'SFEPMXI
GSFEPXz
 I\EQTPIWSJGSFEPXTS[HIVW
 JVIIQEVOIXTVMGIUYSXEXMSR
GSFEPXWYFWXMXYXIWz
 RSQMREPGLIQMGEPGSQTSWMXMSRWERH
QIERTEVXMGPIWM^IW
 WEQTPIWSJTVIEPPS]IHTS[HIVWJSV
HMEQSRHXSSPW

GSMRMRK
GSPHMWSWXEXMGTVIWWMRK '-4 z
GSPHTPEWQEWIIRSRXLIVQEPTPEWQE
GSPHTVIWWMRKz

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



-RHI\

GSPHWTVE]
GSQTEGXMSRz
 TVIWWMRKXSSPJSVEQYPXMPIZIPTEVX
GSQTSRIRXQERYJEGXYVMRK
 TVSGIWWSTXMQMWEXMSRz
  HMIGSQTEGXMSRTVSGIWWz
  JSVQEPSTXMQMWEXMSRz
  TS[HIVMRNIGXMSRQSYPHMRK
z
  WMRXIVMRKz
  WXIEH]WXEXIGSRHYGXMSRz
GSQTYXIVEMHIHHIWMKR '%( 
GSRNYKEXIKVEHMIRXQIXLSH '+1 
'321-2GSRNYKEXIKVEHMIRXEPKSVMXLQ

'321-2GSRNYKEXIKVEHMIRXQIXLSH

GSRWSPMHEXMSRz
GSRWXMXYXMZIFILEZMSYV
 QMGVSWXVYGXYVEPGSRWXMXYIRXWz
  IJJIGXSJXLIVQEPEKMRKz
  IJJIGXSJXLIVQEPEKMRKSR
RERSLEVHRIWWSJJIVVMXIERH
QEVXIRWMXI
  7)1SJJIVVMXIERHQEVXIRWMXI
  WXVIWWWXVEMRGYVZIJVSQJIVVMXIERH
QEVXIRWMXI
  ]MIPHERHJVEGXYVIWXVIRKXLSJ
JIVVMXIERHQEVXIRWMXI
'SSPMHKI
GSSPMRKXMQIz
GSTTIVz
GSTTIVFEWIHGSQTSWMXITS[HIVWz
GSTTIVW[IPPMRK
GSVTSVEXIEZIVEKIJYIPIGSRSQ] '%*) 

'7-63XIGLRMUYIz
GYXXMRKXSSPW
 ETTPMGEXMSRWSJTS[HIVQIXEPPYVK]
z
 HMEQSRHXSSPWETTPMGEXMSRz
  HVMPPMRKz
  KVMRHMRKERHTSPMWLMRKz
  WE[MRKz
 XSSPHIWMKRERHGSQTSWMXMSRz
  FEWMGWE[FPEHIWIKQIRXHIWMKRW

  HMEQSRHXSSPJEFVMGEXMSRz

WE[FPEHIW
 WIPIGXMSRSJHMEQSRHKVMXWz
 WIPIGXMSRSJQIXEPPMGQEXVM\z
XSXEPRYQFIVSJHMEQSRHWERHTYPPSYXW
TIVGYFMGGIRXMQIXVI
  XVIRHWERHHIZIPSTQIRXz
  HMEQSRHTIPPIXW[MXLEWMRKPI
HMEQSRHGV]WXEP
  HMWXVMFYXMSRSJHMEQSRHW
  MRGVIEWMRKHMEQSRHTVSXVYWMSR
G]GPMGJVEGXYVI




(EZMHSR*PIXGLIV4S[IPPQIXLSH
HIFMRHMRKzz
HIFYVVMRK
HIJSVQEXMSRXIQTIVEXYVI
HIRWIQIXEP
HIVMZEXMZIFEWIHWIEVGLIW
HI[E\MRKz
HMEQSRHKVMXWz
 ETTPMGEXMSRSJGSEXIHHMEQSRHWz
  RMGOIPGPEHHMRK
 HMEQSRHX]TIz
  W]RXLIXMGHMEQSRHEFVEWMZIW
 KVMXGSRGIRXVEXMSR
 KVMXWM^Iz
HMEQSRHTSPMWLMRK
HMEQSRHXSSPW






TVSHYGXMSRXIGLRSPSK]
WIPIGXMSRSJQIXEPFSRHIHXSSPW
ERHHMEQSRHMQTVIKREXIH
WIKQIRXW
JEFVMGEXMSRz

TS[HIVQIXEPPYVK]WIKQIRX
JEFVMGEXMSRz
  TVSHYGXMSRTVSGIWW
 KPSFEPGSRWYQTXMSRF]IRHYWI
QEVOIX
HMIGSQTEGXMSRTVSGIWW
 STXMQMWEXMSRz
  HSQEMRERHFSYRHEV]GSRHMXMSRW
HMEKVEQ
HMI[EPPPYFVMGEXMSR
HMI[EPPJVMGXMSR

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

-RHI\
HMJJIVIRXMEPFIEVMRKEHNYWXIV
HMJJIVIRXMEPIJJIGXMZIQIHMYQ ()1 
QSHIP
HMJJYWMSRFSRHMRK
HMKMXEPVEHMSKVETL] (6 z
HMQIXL]PWYPJS\MHI (173 
(MVE+VIIR
HMVIGXHMJJIVIRXMEXMSRETTVSEGL ((% 

HMVIGXHMJJIVIRXMEXMSRQIXLSH ((1 
HMVIGXHMKMXEPVEHMSKVETL] ((6 
HMWTPEGIQIRXVIEGXMSRWz
 GIVMETEVXMGPITVSHYGXMSR
(MWXEPS]
HSYFPIQIGLERMGEPEPPS]MRK H1% 
(7 
HVMPPMRKz
 QSYRXIHTSVXEFPIHVMPPVMK
 TIVMTLIVEPWTIIHWERHJIIHVEXIW
 WIPIGXMSRSJGSVIHVMPPW
IHH]GYVVIRXW
IJJIGXMZIPSEHFIEVMRKGVSWWWIGXMSR
)P8IQTW]WXIQ
IPIGXVMGEPEVGHMWGLEVKIW]RXLIWMWz
IPIGXVMGEPGSRHYGXMZMX]
IPIGXVSHMWGLEVKIQEGLMRMRK )(1 
z
IPIGXVSHIMRHYGXMSRQIPXMRKKEW
EXSQMWEXMSR )-+% 
IPIGXVSP]WMW
 IPIGXVSQIXEPPYVK]ERHTS[HIV
QIXEPPYVK]z
  EPYQMRMYQERHGLVSQMYQTS[HIVW
TVSHYGIHF]EXSQMWEXMSR
 **''EQFVMHKITVSGIWWzz
 JYXYVIXVIRHWz
 QIXEPTS[HIVJSVQEXMSRz
 VSYXIJVSQS\MHITVIGYVWSVWXSEPPS]IH
TS[IVWz
  G]GPMGZSPXEQQSKVEQWERH
HMWGLEVKIGETEGMX]ZEVMEXMSR
z
  )(<EREP]WIWSJIPIGXVSP]XMG
2M1R+EEPPS]TS[HIVW
  MRXIVMSVWSJXLI8F3z*I3
TIPPIX
  TVSHYGXWSJIPIGXVSVIHYGXMSRSJ



IUYMQSPEVQM\XYVISJ8M3ERH
2M3
  TVSTIVXMIWSJRMGOIPERHXMXERMYQ

IPIGXVSQEKRIXMGEGSYWXMGXVERWHYGIVW
)1%8W z
IPIGXVSQIXEPPYVK]z
IPIGXVSRFIEQ )& [IPHMRK
IPIGXVSRFIEQQIPXMRK )&1 z
 XMXERMYQQIWLMQTPERXW
IPIGXVSVIHYGXMSR
IRIVK]HMWTIVWMZIWTIGXVSWGST] )(7 
IRKMRIWz
 GSQTSWMXIGEQWLEJX
 HMWXVMFYXMSRTYPPI]W
 IRKMRIERHW]RGLVSRM^IVWXEMRPIWWWXIIP
1-1TEVXW
 I\LEYWXKEWGMVGYPEXMSRW]WXIQ
 JYIPMRNIGXMSRTYQTTEVXW





TS[HIVJSVKIHGSRRIGXMRKVSHW
WGLIQEXMGZMI[SJTMWXSRIRKMRI
WSJXQEKRIXMGQEXIVMEPWJSVKEWSPMRI
MRNIGXMSRW]WXIQ
)37)PIGXVS3TXMGEP7]WXIQW
)WLIPF]vWXLISV]
)YGPMHIERWTEGIz
I\GLERKIVIEGXMSRW
I\LEYWXKEWVIGMVGYPEXMSRW]WXIQ
JEXMKYIFILEZMSYVz
 GVEGOFVMHKMRK
 GVEGOKVS[XLVEXI
 JEXMKYIGVEGOFILEZMSYV
 JEXMKYIJVEGXYVIWYVJEGI
 JEXMKYIWXVIRKXLTVSTSVXMSREPPMQMXERH
=SYRKvWQSHYPYW
 L]WXIVIWMWPSSTW
 -RWMXYSFWIVZEXMSRSJGVEGOMRK
 TPEWXMGWXVEMRERHHEQEKITEVEQIXIV

 7)1SJJVEGXYVIWYVJEGI
 WXVIWWZIVWYWG]GPIWJEXMKYIFILEZMSYV

JEXMKYIGVEGOTVSTEKEXMSR
JEXMKYIIRHYVERGIWXVIRKXL
JIEWMFPIWSPYXMSRW
JIVVMXIz

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



-RHI\

*IVVS8MXERMX
JIVVSYWEPPS]W
JIVVSYWTS[HIVQIXEPPYVK]z
JIVVSYWTS[HIVWzz
 EPPS]IPIQIRXTS[HIVWz
 GSQQIVGMEPKVEHIWJSVTEVXW
QERYJEGXYVMRKz
 TVSTIVXMIW
**''EQFVMHKITVSGIWWz
 QIXEPTS[HIVWTVSHYGXMSRz
  KVETLMXIVSHERSHI
  TVSTEKEXMSRSJXLIXLVIITLEWI
MRXIVPMRIW
  8E31S7'V3ERH7M3
GSQQIVGMEPTS[HIV
 TVMRGMTPIERHXIGLRSPSK]z
  GIPPHIWMKRW[MXLEGEXLSHISJX]TI


JSVIMKRFSH]GSRXEQMREXMSR
JSV[EVHGPYXGLLYF
JVEGXSKVETLMGXIGLRMUYIWz
JVEGXSKVETL]
JVEGXYVIFILEZMSYVz
 IJJIGXSJHIRWMX]SRXIRWMPIFILEZMSYV

GSRHMXMSRWJSV*)1
QSHIPPIHWXVIWWzWXVEMRFILEZMSYV
TPEWXMGWXVEMRGSRXSYVWMRQSHIPPIH
QMGVSWXVYGXYVIW
 XIRWMPIJVEGXYVI
 XIRWMPITVSTIVXMIWSJ*Iz1Sz2MWXIIPW

 =SYRKvWQSHYPYWSJ41WXIIPWZIVWYW
TSVSWMX]
JVEQIWE[MRKz
 VIGSQQIRHIHGYXXMRKVEXIW



JVMGXMSRWXMV[IPHMRK *7; 


JVMGXMSR[IPHMRKz
KEWEXSQMWEXMSRz
 TVSFPIQWERHEHZERGIWz




 TVSGIWWIGSRSQMGW
WEXIPPMXIERHQMWWLETIRKEWEXSQMWIH
TEVXMGPIW
KEWEXSQMWIVz
KEWIRXVETQIRXz
KEWQIXEPEVG[IPHMRK +1%; 

KEWTLEWI
KEWUYIRGLMRKz
KEWXYRKWXIREVG[IPHMRK +8%; 
KEWISYWEXQSWTLIVI
 RSRXVERWJIVVIHEVGTPEWQEz
 XVERWJIVVIHEVGTPEWQEz
+EYWWMERUYEHVEXYVIVYPI
KMERXQEKRIXSWXVMGXMZIQEXIVMEPW
+MFWSR%WLF]QSHIPz
KVERYPEXMSR
KVETLMXI
KVIIRQEGLMRMRKz
KVIIRTEVX
KVIIRTVSTIVXMIWz
 IJJIGXWSJ[EVQGSQTEGXMSRSRXLI
KVIIRHIRWMX]ERHWXVIRKXLSJ
(MWXEPS]
KVIIRWXEXI
KVMRHMRKz
,IT]GRSQIXV]
LIEZ]EPPS]WXVYGXYVI
LIXIVSWYTIVWSPMHYWWMRXIVMRK
LMKLIRIVK]FEPPQMPPMRK ,)&1 
LMKLWTIIHWXIIPW ,77 
LMKLZIPSGMX]GSQTEGXMSR ,:' z
LMKLZIPSGMX]TEVXMGPIWGSRWSPMHEXMSR
,:4' TVSGIWW
LSQSKIRMWEXMSR
LSXMWSWXEXMGTVIWWMRK ,-4 z

 HMEQSRH[MVIWE[ERHFIEHW
LSXTPEWQEWIIXLIVQEPTPEWQE
LSXTVIWWMRK
L]FVMHTS[HIVW
L]HVMHIzHIL]HVMHI ,(, TS[HIVz
L]HVMHIzHIL]HVMHITVSGIWW
L]HVSKIREXIHXMXERMYQz
 HIRWMX]SJ8M%P:GSQTEGXWEJXIV
WMRXIVMRK
 JEXMKYIHEXEWGEXXIVFERHWSJ&)

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

-RHI\
TYVIXMXERMYQWLIIXTVSHYGXMSR
TVSGIWW
 VSSQXIQTIVEXYVIXIRWMPITVSTIVXMIW

 WMRXIVIH8M%P:QEXIVMEP
QMGVSWXVYGXYVI
 8M%P:EPPS]
 8M%P:TEVXWTVSHYGIHYWMRKE
TVIWWERHWMRXIVETTVSEGL
 8M,TS[HIV
L]HVS\]ETEXMXI ,% 
L]WXIVIWMWGYVZI
L]WXIVIWMWPSST



MRGPYWMSRWz
MRIVXERSHI


WIGXMSREPZMI[SJQSYPHEWWIQFP]

-RJVEQEX'SVT
MRKSXQIXEPPYVK] -1 
MRNIGXMSRTVIWWYVI 4M 
MRXIVQIXEPPMGFEWIHGSQTSWMXITS[HIVW
z
MVSRz
MVSRFEWIHGSQTSWMXITS[HIVW

NSMRMRKTVSGIWWIWz
 EFMPMX]SJ41XSGVIEXIGSQTPI\
KISQIXVMIW
 HMWGYWWMSRz
 MQTSVXERXJEGXSVWXSGSRWMHIVMR41
TVSHYGXWHIZIPSTQIRX
 PE]SYXWLS[MRKVIPEXMZIHMWTSWMXMSRSJ
NSMRMRKTVSGIWWIW
 SXLIVTVSGIWWIWz
  EHLIWMZIFSRHMRKz
  FVE^MRK
  HMJJYWMSRFSRHMRK
  NSMRMRKQIXEPMRNIGXMSRQSYPHIH
1-1 TEVXW
  PEWIVQIXEPHITSWMXMSRz


UYEPMXEXMZIVEROMRK





[IPHMRKTVSGIWWIWz
 EVG[IPHMRKz















VIHYGIHTVIWWYVI
IPIGXVSRFIEQ )& [IPHMRK

JVMGXMSR[IPHMRKz
JVMGXMSR[IPHMRKI\EQTPIWz
OI]LSPIPEWIV[IPHMRKERHX]TMGEP
[IPHVITVIWIRXEXMSR
PEWIV[IPHMRKz
QERYEPQIXEPEVG

VIWMWXERGITVSNIGXMSR[IPHMRK
z

/IIR
/MVOIRHEPPIJJIGX
uORSGOHS[RvJEGXSV
/VSPPTVSGIWW
/]SXS4VSXSGSP
0EKVERKIERQYPXMTPMIVW
0ETPEGIvWIUYEXMSR
PEWIVFVE^MRK
PEWIVHMVIGXQIXEPHITSWMXMSR 0(1( 

PEWIVQIXEPHITSWMXMSRz
PEWIVT]VSP]WMW
PEWIV[IPHMRKz
0IQPMGLQSHIP
PMUYMHTLEWIWMRXIVMRK
PSGEPQMRMQYQ
PS[TVIWWYVIGEVFYVMWMRK
PYFVMGERXFYVRSYX
PYFVMGEXMSRz
 HMI[EPPPYFVMGEXMSRIJJIGXSREHQM\IH
PYFVMGERXz
QEKRIWMYQzz
 QMGVSWXVYGXYVISJ1Kz'ETEVXW

QEKRIWMYQEPPS]Wzz
 WEQTPIWQEHIF]1-1JVSQ1Kz
'EEPPS]TS[HIVW
QEVXIRWMXIz
QEWXIVWMRXIVMRKGYVZI 17' XLISV]
QEXLIQEXMGEPTVSKVEQQMRKTVSFPIQ
QEXVM\TS[HIVzHMEQSRHQM\XYVIz
QE\MQYQWLIEVVEXI

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



-RHI\

QE\MQYQ[EPPWLIEVWXVIWW XQE\ 


QIGLERMGEPEPPS]MRK 1% 
QIGLERMGEPHMWSVHIVMRK 1( 
QIGLERMGEPQMPPMRK 11 
QIGLERMGEPW]RXLIWMW 17 
QIGLERMGEPP]EGXMZEXIHWIPJTVSTEKEXMRK
LMKLXIQTIVEXYVIW]RXLIWMW
1%7,7 
QIGLERMGEPP]MRHYGIHWIPJWYWXEMRMRK
VIEGXMSR 176 
QIGLERSGLIQMGEPTVSGIWWMRK 1'4 
z
 EXXVMFYXIWz
QIGLERSGLIQMGEPW]RXLIWMW
 GSRWSPMHEXMSRz
 HMWTPEGIQIRXVIEGXMSRWz
 KVEMRWM^IERHTVSGIWWZEVMEFPIWz
 QIGLERSGLIQMGEPTVSGIWWMRK 1'4 
z
 RERSGV]WXEPPMRIQIXEPTS[HIVWz
 TS[HIVGSRXEQMREXMSRz
 TVSGIWWz
  EPPS]MRKQIGLERMWQz
  HIJIGXWVSPIMREPPS]MRKz
  QMPPMRKIUYMTQIRX
  TEVXMGPIWM^IIZSPYXMSRz
  TVSGIWWMRK
QIGLERSW]RXLIWMWz
 PMQMXEXMSRW
QIPXJVSRXEVIE 1*% 
QIPXJVSRXXIQTIVEXYVIHMJJIVIRGI
(1*8 
QIPXJVSRXZIPSGMX] 1*: 
1)6ETTVSEGL
QIXEPFEWIHGSQTSWMXITS[HIVWz
 EPYQMRMYQFEWIHGSQTSWMXITS[HIVW
z
 ETTPMGEXMSRWz
 GSTTIVERHEPYQMRMYQFEWIH
GSQTSWMXITS[HIVW]WXIQW
z
 GSTTIVFEWIHGSQTSWMXITS[HIVW
z
  GSQTSWMXI'Yz*Iz'SERH 
EPYQMREEJXIV,)&1
  'Yz*Iz'SERH EPYQMRE
EKKVIKEXIEJXIV,)&1
  QEKRIXMGHSQEMRWGLEVEGXIVMWIHF]
1*1EJXIV,)&1

QIXEPPMG'Yz*Iz'SEKKVIKEXIEJXIV
,)&1
 JYXYVIXVIRHWz
 SXLIVQIXEPFEWIHGSQTSWMXITS[HIVW
z
  MRXIVQIXEPPMGFEWIHGSQTSWMXI
TS[HIVWz
  MVSRFEWIHGSQTSWMXITS[HIVW
  VIJVEGXSV]FEWIHGSQTSWMXI
TS[HIVWz
  XMXERMYQFEWIHGSQTSWMXITS[HIVW
z
 TVSHYGXMSRz
  KEWTLEWIT]VSP]WMW
  PMUYMHTLEWIWSPKIPXIGLRSPSK]
z
  WSPMHTLEWIQIGLERSW]RXLIWMW
z
QIXEPJSEQW
QIXEPMRNIGXMSRQSYPHMRK 1-1 
zzz
z
 ETTPMGEXMSRWERHHIWMKRz
  HIWMKRVIGSQQIRHEXMSRWJSV1-1
GSQTSRIRXW
  1-1ETTPMGEXMSRWMR)YVSTI
  1-1GSQTSRIRXWYWIHMR
EIVSWTEGIETTPMGEXMSRW
  1-1GSQTSRIRXWYWIHMR
GSRWYQIVETTPMGEXMSRW
  1-1GSQTSRIRXWYWIHMR








ETTPMGEXMSRW
1-1GSQTSRIRXWYWIH[MXLMRXLI
EYXSQSXMZIWIGXSV
 1-1GSQTSRIRXWYWIH[MXLMRXLI
-8WIGXSV
 1-1GSQTSRIRXWYWIH[MXLMRXLI
QIHMGEPWIGXSV
FMRHIVWz
HIFMRHMRKz
QM\MRKERHJIIHWXSGOEREP]WMWz
 ETTEVIRXZMWGSWMX]ZWETTEVIRX
WLIEVVEXISJ'48MJIIHWXSGO

 '48MJIIHWXSGOEJXIVWTIIH
QM\MRK
SJ'48MJIIHWXSGO

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

-RHI\















8+%XVEGIWLS[MRK[IMKLXPSWWSJ
'48MJIIHWXSGO
 8MGSQQIVGMEPJIIHWXSGOTIPPIXW

 ZMWGSWMX]ERHXIQTIVEXYVI
GSVVIPEXMSR
SZIVZMI[z
 ETTPMGEXMSRWVIKMSREPGSRGIRXVEXMSR

 WEPIWKVS[XLMR)YVSTI
 WGLIQEXMGHMEKVEQ
 ZWSXLIVXIGLRSPSKMIW
TEVXW
TSWXWMRXIVMRKz
TS[HIVWz
TVSGIWWz
 EWQSYPHIH2M8MGSQTSRIRX
QSVTLSPSK]
 FEWMGMRNIGXMSRQSYPHMRKQEGLMRI


STIRMRKWXEKIW
MRNIGXMSRQSYPHMRKQEGLMRI
QERYJEGXYVIHF]%VFYVK
TVSGIWWMRKGSRHMXMSRWSRXLI

ZEVMEXMSRSJXLITVIWWYVISRXLI
JIIHWXSGOQEXIVMEP
 WMRXIVMRKz
QIXEPMRNIGXMSRQSYPHMRK 1-1 
z
QIXEPQEXVM\GSQTSWMXIW 11' z
TMXXIWXMRK
 QMGVSWXVYGXYVISJ'IVQI8MQEXIVMEP
ERH8M'VIMRJSVGIQIRX
 TVSTIVXMIWSJ'IVQI8MZW8M%P:

QIXEPRERSTS[HIVW
 TPEWQEW]RXLIWMWz





 [EXIVEXSQMWEXMSRz
JSVQEXMSRF]IPIGXVSP]WMWz
 IPIGXVSQIXEPPYVK]ERHTS[HIV
QIXEPPYVK]z
  **''EQFVMHKITVSGIWWz
z
  JYXYVIXVIRHWz
  VSYXIJVSQS\MHITVIGYVWSVWXS
EPPS]IHTS[IVWz
 QMGVS[EZIWMRXIVMRKz
  FYPOQIXEPTVSGIWWMRKz
  JYXYVIXVIRHWz
  QIXEPPMGTS[HIVWWMRXIVMRKz
  QMGVS[EZIQIXEPMRXIVEGXMSRz
 [EVQGSQTEGXMSRz
  GSQTEGXIHTEVXWTVSTIVXMIWz
  IJJIGXSJHMI[EPPJVMGXMSR
  JYXYVIXVIRHW
  QEXIVMEPWERHETTPMGEXMSRWz
  TVSGIWWz
  VEHMEPTVIWWYVIZWE\MEPTVIWWYVI
HYVMRKEPSEHMRKVIPIEWMRK
G]GPI
  ]MIPHTSMRXSJTYVIMVSR
QIXEPWTSRKIW
QIXEPPMGQEXVM\z
QIXEWXEFPIFIXEEPPS]W
QMGVSTMPPEVGSQTVIWWMSRzz
1-'637'%2
QMGVS[EZIWMRXIVMRKz
 FYPOQIXEPTVSGIWWMRKz








IPIGXVMGEPEVGHMWGLEVKIW]RXLIWMW
z
QIXEPTS[HIVW
 JSVQEXMSRF]EXSQMWEXMSRz
  GIRXVMJYKEPEXSQMWEXMSRz
  KEWEXSQMWEXMSRz
  SZIVZMI[z
  XIGLRMUYIWz







QIXEPWz
FYPOQIXEPWFIJSVIERHEJXIV
QIPXMRKMREQMGVS[EZI
 QIXEPGSEXMRKWSRQIXEPPMG
WYFWXVEXIW
 QMGVS[EZINSMRMRKSJWXEMRPIWW
WXIIPERHGEWXMVSRYWMRKFVE^I
TS[HIV
 QMGVS[EZITVSHYGIHTMKMVSR
[MXLSYXER]WPEK
 QMGVS[EZIVITEMVSJHEQEKIH
EMVGVEJXIRKMRIWYTIVEPPS]
XYVFMRIFPEHI
 WXIIPQEOMRKz
JYXYVIXVIRHWz
QIXEPPMGTS[HIVWWMRXIVMRKz



;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ














-RHI\
'YWXIIPWEQTPIWQMGVSWXVYGXYVI
QMGVS[EZIWMRXIVIHRERS1S
TS[HIVQMGVSWXVYGXYVI
QMGVS[EZIWMRXIVIHRERS;
TS[HIVW
TYVI;HSQITEVXWMRXIVIHMR
QMGVS[EZI
VIJVEGXSV]QIXEPWERHXLIMVEPPS]W
;1S6I;,%W z
WXVIRKXLSJQMGVS[EZIERH
GSRZIRXMSREPP]WMRXIVIHGSTTIV
WXIIP
WMRXIVMRKLEVHQIXEP ;''S 
z
WXIIPTS[HIVWz
8M%PERH'YWMRXIVMRK

F]QMGVS[EZITVSGIWW
;''SLEVHQIXEPGSQQIVGMEP
TEVXWWMRXIVIHMRQMGVS[EZI
  ;,%QMGVSWXVYGXYVIW
 QMGVS[EZIIRIVK]EFWSVTXMSR
EWJYRGXMSRSJIPIGXVMGEP
GSRHYGXMZMX]
 QMGVS[EZIQIXEPMRXIVEGXMSRz
 QYPXMQSHIO;ERH+,^
QMGVS[EZITVSGIWWMRKW]WXIQ
JSVQIXEPPMGQEXIVMEPW
QMPPMRKIRIVK]z
QMPPMRKXIQTIVEXYVI
1-1TS[HIVWz
 QEXIVMEPFVIEOHS[R
 TS[HIVHMWXVMFYXMSRKVETLWJSV
XMXERMYQTS[HIVW
 XMXERMYQTS[HIV
QMRMQYQKVEMRWM^Iz
 QIGLERMGEPQMPPMRKSJHMJJIVIRXTYVI
QIXEPW
QMRMQYQWYVJEGIEVIEQSHIPW


QSPXIRWEPXW
QSP]FHIRYQ
1SVM8EREOEQSHIPW
QSYPHEFPIHMQIRWMSRW
QSYPHMRKz
RERSGV]WXEPPMRIQIXEPTS[HIVW
 QIGLERSGLIQMGEPW]RXLIWMWz









GSRWSPMHEXMSRz
HMWTPEGIQIRXVIEGXMSRWz
KVEMRWM^IERHTVSGIWWZEVMEFPIW
z
  QIGLERSGLIQMGEPTVSGIWWMRK
1'4 z
  TS[HIVGSRXEQMREXMSRz
  TVSGIWWz
RERSMRHIRXEXMSRz
 XEVKIXMRKQMGVSGSRWXMXYIRXWSRIXGLIH
WXIIPWYVJEGI
RERSQEXIVMEPWz
RIEVRIXWLETIW 227 z
2I\X
2M1R+ETS[HIV
2M8M
 WIPJTVSTEKEXMRKLMKLXIQTIVEXYVI
W]RXLIWMWz
RMXMRSPz
 G]GPMGWXVIWWWXVEMRGYVZIWSJ
TWIYHSIPEWXMGRMXMRSP
 QMGVSWXVYGXYVIERHWXVIWWWXVEMRGYVZI

RMXVMHMRK
RMXVMSPEPPS]Wz
RSRHIWXVYGXMZIIZEPYEXMSRz


GLEPPIRKIWMRVIPEXMSRXSXLIWXEXISJ
XLIEVXz
 EYXSQEXIHSTXMGEPMRWTIGXMSR
 SRPMRIVIWSRERXXIGLRMUYI
 YPXVEWSRMGMRWTIGXMSRXIGLRMUYI
z
 YWISJ<VE]Wz
MQTSVXERXJEGXSVWXSGSRWMHIVMR
VIKMQIHIZIPSTQIRXJSV41
TVSHYGXW
RIIHERHMRGIRXMZIJSV2(8z
TVMSVEVXMRVIPEXMSRXSVEHMSKVETL]SJ
TEVXMGYPEXIQEXXIVERHRIEVRIX
WLETITEVXWz
 HMKMXEPVEHMSKVETLMGMQEKISJ41
1-1TEVX
 WEJIX]PIZIVMQEKIW










PMROFIX[IIRQERYJEGXYVMRK
GSRXVSPERHIRHYWIVWIGXSVW


;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

-RHI\
UYEPMX]GSRXVSPF]HMKMXEPVEHMSKVETLMG
MRWTIGXMSRMRTVSHYGXMSRz
  41TVSGIWWG]GPI[MXLMRXIKVEXIH
(6MRWTIGXMSRW]WXIQ
 VIEPXMQISRPMRITS[HIVQIXEPPYVK]
TEVXWMRWTIGXMSRz
RSRJIVVSYWTS[HIVWz
 [EVQGSQTEGXMSRIJJIGXSRXLI
TVSTIVXMIWSJWSQIEPYQMRMYQ
EPPS]Wz
uRSRWEKvKVEHIW
RSRXLIVQEPTPEWQE
RSRXVERWJIVVIHEVGTPEWQE
 KEWISYWEXQSWTLIVIz



QEXIVMEPTEVEQIXIVWJSVWSPMHWXEXI

TPEWQEXSVGL
  6*TPEWQEXSVGLWIXYT
  WIXYT
RSRXVERWJIVVIHEVGXSVGLIW
SFNIGXMZIJYRGXMSR
SRPMRIVIWSRERXQIXLSH 361 z
STXMQEPWSPYXMSR
STXMQMWEXMSRz
 HMIGSQTEGXMSRTVSGIWWz
  HSQEMRERHFSYRHEV]GSRHMXMSRW
HMEKVEQ
 JSVQEPSTXMQMWEXMSRz
 TS[HIVMRNIGXMSRQSYPHMRKz
  %231ERH%23:%GEPGYPEXMSRW

  HIWMKRTEVEQIXIVWz
  MRNIGXMSRTVIWWYVIEWERSYXTYX
TEVEQEXIV
  MRNIGXMSRTVIWWYVIHMWXVMFYXMSR
EGVSWWQSYPHGEZMX]
  MRTYXHEXEFMRHIVQEXIVMEP
TVSTIVXMIW
  MRTYXHEXEJIIHWXSGOQEXIVMEP
TVSTIVXMIW
  08EKYGLMEVVE]
  TPEMRTPEXIKISQIXV]JSVQQ
XLMGORIWW
  ZEVMEXMSRSJQIPXJVSRXZIPSGMX][MXL
ZEV]MRKQIPXJVSRXEVIE
 WMRXIVMRKz
  KVEMRKVS[XLQSHIPJSVTS[HIVW7
ERH2

QSHIP
QEXIVMEPTEVEQIXIVWYWIHMRKVEMR
KVS[XLQSHIP
QMRMQYQKVEMRWM^IERH
GSVVIWTSRHMRKLSPHXMQIHYVMRK
WSPMHWXEXIWMRXIVMRK
QMRMQYQKVEMRWM^IERH
GSVVIWTSRHMRKWMRXIVHIRWMX]
HYVMRKWSPMHWXEXIWMRXIVMRK
TS[HIVW7ERH2








TEVEQIXIVJSVTS[HIVW7ERH2

WIRWMXMZMX]EREP]WMWJSV

WIRWMXMZMX]EREP]WMWJSVKVEMR
KVS[XL
WXIEH]WXEXIGSRHYGXMSRz
 GSSVHMREXIXVERWJSVQEXMSRVYPIMR
SRIGSSPMRKGLERRIPIPIQIRX

 HIXEMPHMEKVEQSJWEQTPIQSHIP
TVSFPIQJSVRSXEXMSRW
 KISQIXV]SJWMQTPIQSHIP
TVSFPIQ
 MRMXMEPHIWMKRERHSTXMQEP

GLERRIPW
SWWISMRXIKVEXMSR
S\MHIHMWTIVWMSRWXVIRKXLIRIH 3(7 


TEVIRXQIXEP
TEVXMEPWMRXIVMRKz
TEVXMGPIWM^Iz
 GSRZSPYXIHPEQIPPEVWXVYGXYVISFXEMRIH
HYVMRKQMPPMRK
 HMWXVMFYXMSRMRER%P
4-17SPZIV
TPERITSVSWMX]4\
TPEWQE
TPEWQERMXVMHMRK
TPEWQEVSXEXMRKIPIGXVSHITVSGIWW
46)4 
TPEWQEWTLIVMSHMWEXMSR

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



-RHI\



TPEWQEWTVE]MRK
TPEWQEW]RXLIWMW
RERSTS[HIVWz
 IPIGXVMGEPEVGHMWGLEVKIW]RXLIWMWz
 QIXEPRERSTS[HIVWz
TPEWXMGHIJSVQEXMSR
TSPMWLMRKz
TSP]IXL]PIRIKP]GSP 4)+ 
TSP]QIXL]PQIXLEGV]PEXI 411% 
TSP]YVIXLERI 49 
TSVIJVIIHIRWMX] 4*( 
TSVIW
TSVSWMX]zz
 (VIGSRWXVYGXMSRMR41WXIIP
TSVSYWGSEXMRKz
TSVSYWQIXEPWz
 GLEVEGXIVMWXMGWz
 JYVXLIVMRJSVQEXMSR
 JYXYVITIVWTIGXMZIWz
 MPPYWXVEXMSR
 TEVEQIXIVWJVIUYIRXP]QIEWYVIHXS
GLEVEGXIVMWIXLIWXVYGXYVISJE
TSVSYWQIXEP
 TS[HIVTVSGIWWMRKKEWIRXVETQIRX
ERHEHHMXMZIPE]IV
QERYJEGXYVMRKz
  EHHMXMZIPE]IVQERYJEGXYVMRKFEWIH
XIGLRMUYIWz
  KEWIRXVETQIRXz
  QIXEPPMGPEXXMGITVSHYGXMSRYWMRK
%01QIXLSH
  WGLIQEXMGHMEKVEQSJKEW
IRXVETQIRXTVSGIWWJSVTSVSYW
QIXEPGVIEXMSR
 TS[HIVTVSGIWWMRKTEVXMEPWMRXIVMRK
ERHWTEGILSPHIVWz
  TEVXMEPWMRXIVMRKz
  TSVSYWXMXERMYQTVSHYGIHF]
TEVXMEPWMRXIVMRKSJKEWEXSQMWIH
TS[HIV
  WTEGILSPHIVVSYXIJSVTSVSYW
QIXEPTVSHYGXMSR
  WTEGILSPHIVWz
 TVIHMGXMSRSJTSVSYWQIXEPTVSTIVXMIW
z
  I\TVIWWMSRWJSVWSQIJSEQ
TVSTIVXMIW

QSHIPWJSVGSRHYGXMSR
QSHIPWJSVQIGLERMGEPFILEZMSYV
z
  VIKYPEVWXVYGXYVIWGSRWMHIVIHXS
HIVMZIWMQTPIVIPEXMSRWLMTW
  WMQYPEXMSRW
 TVSTIVXMIWz
  FMSPSKMGEPTVSTIVXMIW
  GSRHYGXMSRTVSTIVXMIWz
  PMXIVEXYVIHEXEJSVGSRHYGXMSR
TVSTIVXMIWSJTSVSYWQIXEPW
JVSQTS[HIVW
  PMXIVEXYVIHEXEJSVQIGLERMGEP
TVSTIVXMIWSJTSVSYWQIXEPW
JVSQTS[HIVW
  QIGLERMGEPTVSTIVXMIWz
  VIPEXMZIGSRHYGXMZMX]SJZEVMSYW
TSVSYWQIXEPWJVSQTS[HIV

  VIPEXMZI=SYRKvWQSHYPYWSJ
ZEVMSYWTSVSYWQIXEPWJVSQ
TS[HIV
TSVSYW2M8M
TSVSYWWTMRIMQTPERXWz
 WGLIQEXMGHMEKVEQ
TSVSYWXMXERMYQ
TSVXW]WXIQz
 WEQTPIGSQQIVGMEPTSVXW]WXIQ
TSWXWMRXIVMRKzz
 EIWXLIXMGIJJIGXSJTSPMWLMRK







GEVFYVMWIHWMRXIVIHWXIIPFMPPIXW

,-4IJJIGXSRE8M1-1
GSQTSRIRX
1-18MGSQTSRIRXFIJSVIERHEJXIV
WLSXTIIRMRK


TSXEWWMYQGEVFSREXI
TS[HIVFIHQIXLSHW
TS[HIVFPIRHMRK
TS[HIVGSRHMXMSRMRK
TS[HIVGSRXEQMREXMSRz


S\]KIRERHRMXVSKIRGSRXIRXWSJ
8M%P2F EX TS[HIVW

WSYVGIWz

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

-RHI\


'V[X :EPPS]YWMRKWXIIPSV
ZEREHMYQFEPPW
TS[HIVMRNIGXMSRQSYPHIHWXIIPz
 EXXEMREFPITVSTIVXMIWz
 QMGVSWXVYGXYVI
 1-1JIVVSYWTVSHYGXW
TS[HIVMRNIGXMSRQSYPHMRK 4-1 
zz



STXMQMWEXMSRz
 %231ERH%23:%GEPGYPEXMSRW

  HIWMKRTEVEQIXIVWz
  MRNIGXMSRTVIWWYVIEWERSYXTYX
TEVEQEXIV
  MRNIGXMSRTVIWWYVIHMWXVMFYXMSR
EGVSWWQSYPHGEZMX]
  MRTYXHEXEFMRHIVQEXIVMEP
TVSTIVXMIW
  MRTYXHEXEJIIHWXSGOQEXIVMEP
TVSTIVXMIW
  08EKYGLMEVVE]
  TPEMRTPEXIKISQIXV]JSVQQ
XLMGORIWW
  ZEVMEXMSRSJQIPXJVSRXZIPSGMX]
[MXLZEV]MRKQIPXJVSRXEVIE

 WXITW
 XMXERMYQ1-1GSQTSRIRXW
TS[HIVQIXEPPYVK]TEVXW
 NSMRMRKTVSGIWWIWz
  HMWGYWWMSRz
  SXLIVTVSGIWWIWz
  [IPHMRKTVSGIWWIWz
 RSRHIWXVYGXMZIIZEPYEXMSRz
  GLEPPIRKIWMRVIPEXMSRXSXLIWXEXI
SJXLIEVXz
  RIIHERHMRGIRXMZIJSV2(8
z
  TVMSVEVXMRVIPEXMSRXSVEHMSKVETL]
SJTEVXMGYPEXIQEXXIVERHRIEV
RIXWLETITEVXWz


UYEPMX]GSRXVSPF]HMKMXEP
VEHMSKVETLMGMRWTIGXMSRMR
TVSHYGXMSRz
VIEPXMQISRPMRITS[HIV
QIXEPPYVK]TEVXWMRWTIGXMSR
z



TS[HIVQIXEPPYVK] 41 z
z
 EHHMXMZIPE]IVQERYJEGXYVMRKERH
TS[HIVMRNIGXMSRQSYPHMRK
z
  0EWJSVQWLETIW
  0EWJSVQMRK7]WXIQ
  QEXIVMEP[EWXIMRQEGLMRMRK
JIEXYVIWSREJSVKIHTVIJSVQ
 ETTPMGEXMSRWMRFMSQEXIVMEPWz
  GEWIWXYHMIWz
  GLEPPIRKIWz
  JYXYVIXVIRHWz
  TVSHYGXMSRz
QIXEPPYVK]FMSQEXIVMEPWz
























XMXERMYQERHXMXERMYQEPPS]W
z
ETTPMGEXMSRWXSGYXXMRKXSSPWz
 HMEQSRHXSSPJEFVMGEXMSRz
 HMEQSRHXSSPWETTPMGEXMSRz
 XSSPHIWMKRERHGSQTSWMXMSR
z
 XVIRHWERHHIZIPSTQIRXz
EYXSQSXMZIETTPMGEXMSRWz
 IQIVKMRKXVIRHWz
 MRRSZEXMZITVSHYGXWz
 QEXIVMEPWz
 TS[HIVQIXEPPYVK]TEVXWz
GEXIKSVMIW
JIVVSYWTS[HIVQIXEPPYVK]QEXIVMEPW
QMGVSWXVYGXYVIz
 EYWXIRMXIKVEMRWM^Iz
 GEVFSRHMWWSPYXMSRz
 GSPH[SVOXSSPWXIIP&LPIV/

 HMJJIVIRXHMJJYWMSREPPS]IHERH
L]FVMHEPPS]IHWMRXIVIHWXIIPW
QMGVSWXVYGXYVIW
 IJJIGXSJEPPS]MRKXIGLRMUYIW
z
 IJJIGXSJLIEXXVIEXQIRXz
 IZSPYXMSRSJTSVIWXVYGXYVIz
 *Iz 1Sz 'TVIEPPS]IH
ZWQM\IH
 *Iz3z 'EJXIVWMRXIVMRKJSV
QMRWEXHMJJIVIRXXIQTIVEXYVIW


;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ




















-RHI\
JVIIKVETLMXIMR*Iz '
EWJYRGXMSRSJWMRXIVMRK
XIQTIVEXYVI
MRHYGXMSRLEVHIRIHWTVSGOIXWJVSQ
'YEPPS]IHWMRXIVIHWXIIP
NSMRXKIRIVEXIHF]GETEGMXSV
HMWGLEVKI[IPHMRK
NSMRXKIRIVEXIHF]WTIGMEPJYWMSR
[IPHMRKXIGLRMUYIW
QERYJEGXYVIHJVSQGSEXIHWXEVXMRK
TS[HIVW
QIXEPMRNIGXMSRQSYPHMRK 1-1 
JIVVSYWQEXIVMEPW
QIXEPPSKVETLMGWIGXMSRWSJWMRXIVIH
WXIIP
QMGVSWXVYGXYVIWSJNSMRXWz
STIRERHGPSWIHTSVSWMX]SJ
HMJJIVIRXWMRXIVIHWXIIPW
TS[HIVQIXEPPYVK]XSSPWXIIPW
QMGVSWXVYGXYVIWz
WIGSRHEV]TSVSWMX]MRHMJJIVIRX
WMRXIVIHWXIIPWTVITEVIHJVSQ
QM\IHTS[HIVW
WMRXIVLEVHIRIH'Vz1STVIEPPS]IH
WXIIPWQMGVSWXVYGXYVI
WMRXIVIHWXIIP*Iz 1Sz '
[MXL TSVSWMX]YRIXGLIH
WMRXIVIHWXIIPTEVXWWMRXIVFVE^IH
WXEMRPIWWWXIIP1-1WTIGMQIRWMR
HMJJIVIRXQERYJEGXYVMRKWXEXIW
z

KIEVW
 [VSYKLXGSPH[SVOXSSPWXIIP
JYXYVIXVIRHWz
QERYJEGXYVMRKGSWXFVIEOHS[RJSV
&SIMRK
QIXEPPSKVETLMGTVITEVEXMSRXIGLRMUYIW
z
 HMJJIVIRXJVEGXYVIQSHIWMRJIVVSYW
41QEXIVMEPW
 JVEGXSKVETLMGXIGLRMUYIWz
 JVEGXYVIWYVJEGIWSJWMRXIVIHTPEMR
MVSR[MXLHMJJIVIRXTSVSWMX]
 JVEGXYVIWYVJEGIWSJWMRXIVIHWXIIP
*Iz 1Sz '
 SZIVIXGLIHERHTVSTIVP]IXGLIH
WMRXIVIHWXIIP













TSVSWMX]MRWMRXIVIHWXIIP*Iz 
'Vz 1Sz '
 WMRXIVIHWXIIP*Iz 'Vz '

 XYRKWXIRLIEZ]EPPS];z 2Mz
 *IPMUYMHTLEWIWMRXIVIHEX
'
 ;LIEZ]EPPS]W[MXLPS[ERHLMKL
MRXIVJEGMEPWXVIRKXLERHVIWYPXMRK
[MHIP]HMJJIVIRXHYGXMPMX]
QMGVSWXVYGXYVIIZSPYXMSRMRJIVVSYW
ERHRSRJIVVSYWQEXIVMEPW
z
RIEVRIXWLETIW 227 z
RSRJIVVSYWQEXIVMEPWz
 GPEWWMGEP;'z'SLEVHQIXEPERHSJ
GIVQIXQMGVSWXVYGXYVIW
 'YFEWIHWMRXIVIHQEXIVMEPW
z
 HMJJIVIRXP]QERYJEGXYVIH
L]TIVIYXIGXMG%Pz7MEPPS]
 JVEGXYVIWYVJEGISJWMRXIVIH
%Pz'Yz1Kz7M








LEVHQIXEPWQMGVSWXVYGXYVIW
z
L]TIVIYXIGXMG%Pz7Mz1Kz'Y
WMRXIVIHEXSTXMQYQ
XIQTIVEXYVI
QMGVSWXVYGXYVISJWMRXIVIH'Yz'V
GSRXEGXQEXIVMEP
QMGVSWXVYGXYVIWSJ%Pz%P3
TVITEVIHF]I\XVYWMSRSJ
TS[HIVGSQTEGXW
QMGVSWXVYGXYVIWSJFVEWWWMRXIVIHEX
HMJJIVIRXXIQTIVEXYVIW
1-18Mz%Pz:QMGVSWXVYGXYVI

TS[HIVQIXEPPYVK]PMKLXEPPS]W
z
TS[HIVQIXEPPYVK]VIJVEGXSV]
QIXEPWz
ZEVMSYWVIJVEGXSV]QIXEPW
QMGVSWXVYGXYVIW
;z 'YVSPPIH
;'zQEWW 'SLEVHQIXEP
[MXLMHIRXMGEPFMRHIVGSRXIRX

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

-RHI\
FYXHMJJIVIRX;'KVEMRWM^IW

  ;'z'SLEVHQIXEP[MXLTPEXIPIXW
QMGVSWXVYGXYVI
  ;'z'SLEVHQIXEP[MXLVSYRHIH
;'QMGVSWXVYGXYVI
 TS[HIVMRNIGXMSRQSYPHMRK 4-1 
 TS[HIVWz
 WTVE]MRKERHVIWIEVGLFEWIH
TVSGIWWIWz
  FSRHMRKSJXMXERMYQWXIIP
  GVSWWWIGXMSRSJVSXEXMRKGSPPIGXSV

  ';-&4W]WXIQ
  JSEQWTVSHYGIHF]HMI
GSQTEGXMSR
  ,-48M%P:TSVIW
  XIQTIVEXYVIZWZIPSGMX]VIKMQIW
JSVGSQQSRXLIVQEPWTVE]
  8M%P:TWIYHSFMREV]TLEWI
HMEKVEQERH,-4EPTLEPEXLW

  XMXERMYQEPYQMRMHIMRXIVQIXEPPMG
EPPS]W
  XMXERMYQLIEXTMTIGSRRIGXSVW
 XMXERMYQEPPS]Wz
 XMXERMYQGSWX
 XSSPWXIIPWz
  EXSQMWIHXSSPWXIIPTS[HIVW
  GSQTSWMXMSR
  QERYJEGXYVMRKVSYXIWz
  QMGVSWXVYGXYVI
  QMGVSWXVYGXYVIWSJ[VSYKLXZW41
GSPH[SVOXSSPWXIIPW
  TVSTIVXMIWz
  7z2GYVZIWJSV[VSYKLXZW41
GSPH[SVOXSSPWXIIPW
 XVIRHWMRQMGVSWXVYGXYVIWz
TS[HIVQIXEPPYVK]WXIIPW
 JEXMKYIERHJVEGXYVIz
  GSRWXMXYXMZIFILEZMSYVSJ
QMGVSWXVYGXYVEPGSRWXMXYIRXW
z
  JEXMKYIFILEZMSYVz
  JVEGXYVIFILEZMSYVz
  QMGVSWXVYGXYVEPTLEWIWMRGPYHMRK
TIEVPMXIFEMRMXIERH2MVMGL
EYWXIRMXI
  QMGVSWXVYGXYVIz











STXMGEPQMGVSKVETL
VIWMHYEPWXVIWWSRJEXMKYIz
WXIIPQMGVSWXVYGXYVIEXXLVII
HIRWMXMIW
TS[HIVWzz
 GLEVEGXIVMWXMGWSJHMJJIVIRXX]TIWSJ
XMXERMYQTS[HIVW
 '7-63TVSGIWW
 HIWGVMTXMZIWM^IVERKIWSJTEVXMGPIW
 KEWEXSQMWIHTVIEPPS]IHWTLIVMGEP8M
%P:
 WM^IVERKIWTVSHYGIHF]HMJJIVIRX
XIGLRMUYIW
TS[IVPE[I\TSRIRX
TVIGSQTSYRHMRK
TVIEPPS]z
 GSQTSRIRXWTVSHYGIHJVSQTVIEPPS]IH
XMXERMYQTS[HIV
 JVEGXYVIXSYKLRIWWSJ41QEXIVMEP

 KEQQEXMXERMYQEPYQMRMHI
 MRKSXZWTS[HIVQIXEPPYVK]XIRWMPI
TVSTIVXMIW
 RIEVRIXWLETI8M%P:IRKMRI
GSQTSRIRX
 RIXWLETI)0-8M%P:MQTIPPIV

 41XMXERMYQEPYQMRMHIWLIIX
 8M%P:TS[HIV,-4ZW[VSYKLX
XIRWMPITVSTIVXMIW
TVIEPPS]IHTS[HIVW
TVIWWIHWXIIPz
TVIWWMRKz
TVIWWYVIWMRXIVMRK
TVMQEV]TSVIW
TVSGIWWGSRXVSPEKIRX 4'% 
TVSNIGXMSR[IPHMRK
TWIYHSEPPS]W
T]VSP]WMW
UYEPMX]GSRXVSP

6EQEOVMWLRERERH%VYREGLEPEQ 6% 
z
VETMHFYVRSJJ
VIEGXMSRQMPPMRK 61 
VIJVEGXSV]FEWIHGSQTSWMXITS[HIVW
z
6IRMWLE[

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



-RHI\

VITPMGEQIXLSH
VIWMHYEPWXVIWW
 JEXMKYIz
  HMWXVMFYXMSRSJTSVSWMX]
  JEXMKYIFILEZMSYVSJXIQTIVIH
WEQTPIW
  QIEWYVIHVIWMHYEPE\MEPWYVJEGI
WXVIWWIW
  STXMGEPQMGVSKVETLSJKEYKI
WIGXMSRSJEREWQEGLMRIH
JEXMKYIWTIGMQIR
  VIWMHYEPWXVIWWZIVWYWG]GPIWXS
JEMPYVIEXXIQTIVMRKGSRHMXMSRW

  7z2GYVZIWWLS[MRKEJEXMKYI
IRHYVERGIPMQMX
VIWMWXERGITVSNIGXMSR[IPHMRKz
VIWSRERXEGSYWXMGQIXLSH 6%1 
VSFYWXHIWMKRQIXLSH
6SGO[IPP&XIWX
VYRXSVYRGSRXEQMREXMSR
WERH[MGL
WEXIPPMXMRK
WEXIPPMXMRKXLIVQEPWTVE]TS[HIVWz
 JSVQEXMSRSJWEXIPPMXITEVXMGPIWMR
GSPPMWMSRW
WE[MRKz
WGERRMRKIPIGXVSRQMGVSWGST] 7)1 

7GLYRO7MRXIV1IXEPW
WIEVGLWTEGI
WIGSRHEV]TSVSWMX]
WIPIGXMZIPEWIVQIPXMRK 701 
z
WIPJTVSTEKEXMRKLMKLXIQTIVEXYVI
W]RXLIWMW 7,7 
 2M8Mz
WLETIQIQSV]EPPS]W 71% 
WLEVTIRMRK
WLIIXQSYPHMRKGSQTSYRH 71' 
WLSXTIIRMRK
WMKQSMHIUYEXMSR
WMRXIVFSRHMRK
WMRXIVFVE^MRK
WMRXIVIHEPPS]WXIIPW
 X]TMGEP41WXIIPTEVXW

WMRXIVIHTVSTIVXMIWz
 (MWXEPS]%)QMGVSWXVYGXYVI
 TVSTIVXMIWERHJEXMKYIIRHYVERGIPMQMX
SJ[EVQGSQTEGXIHMVSRFEWIH
EPPS]W
WMRXIVIHWXIIPW
 EHZERGIHGSQTSRIRXWz
 EYWXIRMXIKVEMRWM^Iz
 GEVFSRHMWWSPYXMSRz
 GSQTSRIRXWQERYJEGXYVMRKVSYXIW
z
  FEWIJIVVSYWTS[HIVWERH
EHHMXMZIWz
  GSQTEGXMRKXIGLRMUYIWz
  TSWXWMRXIVMRKXVIEXQIRXWz
  TS[HIVFPIRHMRKERHGSRHMXMSRMRK

  WMRXIVMRKTVSGIWWIWz
 IJJIGXSJEPPS]MRKXIGLRMUYIWz
 IJJIGXSJLIEXXVIEXQIRXz
 QMGVSWXVYGXYVIWSJNSMRXWz
WMRXIVMRKzzz
zz
 GEYWIERHIJJIGX
 '48M1-1GSQTSRIRXTSVIWXVYGXYVI

 HMPEXSQIXVMGKVETLWJSVWMRXIVMRK
HMJJIVIRX41WXIIPWz
 HMPEXSQIXV]17KVETLWJSVWMRXIVMRK
*I'ERH*I'V1S'z
 -21-1GSQTSRIRXTSVI
WXVYGXYVI
 -2'WLVMROEKI1-1XIRWMPIXIWX
FEV
 RIGOJSVQEXMSR
 STXMQMWEXMSRz
  KVEMRKVS[XLQSHIPJSVTS[HIVW7
ERH2
  QEXIVMEPTEVEQIXIVWJSVWSPMHWXEXI

QSHIP
QEXIVMEPTEVEQIXIVWYWIHMRKVEMR
KVS[XLQSHIP
QMRMQYQKVEMRWM^IERH
GSVVIWTSRHMRKLSPHXMQIHYVMRK
WSPMHWXEXIWMRXIVMRK
QMRMQYQKVEMRWM^IERH
GSVVIWTSRHMRKWMRXIVHIRWMX]
HYVMRKWSPMHWXEXIWMRXIVMRK

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

-RHI\
TS[HIVW7ERH2

TEVEQIXIVJSVTS[HIVW7ERH2

WIRWMXMZMX]EREP]WMWJSV

WIRWMXMZMX]EREP]WMWJSVKVEMR
KVS[XL
 WIGSRHEV]TSVIWMRWMRXIVIH*I 'Y

WMRXIVMRKHMWWSPYXMSRTVSGIWW 7(4 
WM^MRK
WOMRHITXL
WSJXQEKRIXMGGSQTSWMXIW 71' 
WSPzKIPXIGLRSPSK]z
WSPMHTLEWI
WSPMHTSP]QIVWSPYXMSR 747 
WSPZIRXHIFMRHMRK
WTEGILSPHIVQIXLSH 7,1 
WTEGILSPHIVWz
 JVII^IGEWXMRKz
 QIXEPMRNIGXMSRQSYPHMRK[MXLWTEGI
LSPHIVWz
 TSVSYWMRXIVQIXEPPMGWERHEPPS]W
z
 VSYXIJSVTSVSYWQIXEPTVSHYGXMSR

 WMRXIVMRKHMWWSPYXMSRTVSGIWW
 WMRXIVMRK[MXLSXLIVWTEGILSPHIVW

 XIQTPEXIQIXLSHW
WTEVOHMWGLEVKIz
 QIXEPRERSTS[HIVTVSHYGXMSR
 WIXYTJSVRERSTS[HIVTVSHYGXMSR
WTEVOTPEWQEWMRXIVMRK 747 
WTEVOTPEWQEXIGLRMUYI
74)<QMPPW
WTVE]T]VSP]WMW
WXIEH]WXEXIGSRHYGXMSR
 STXMQMWEXMSRz
  GSSVHMREXIXVERWJSVQEXMSRVYPIMR
SRIGSSPMRKGLERRIPIPIQIRX

  HIXEMPHMEKVEQSJWEQTPIQSHIP
TVSFPIQJSVRSXEXMSRW
  KISQIXV]SJWMQTPIQSHIP
TVSFPIQ
  MRMXMEPHIWMKRERHSTXMQEP



GLERRIPW
WXIIP
WXIITIWXHIWGIRXQIXLSH
WXVIWWzWXVEMRFILEZMSYV
WXVIWWzWXVEMRTPSXW
WXVYXW
WYTIVGVMXMGEPHIFMRHMRKz
 FMRHIVHMWXVMFYXMSRW
 HIZIPSTQIRXSJTSVIWHYVMRKXLI
VIQSZEPSJ4)+
* 
 4)+PSWXEWEJYRGXMSRSJXIQTIVEXYVI
ERHXMQI
 8+%XVEGIWLS[MRK[IMKLXPSWWSJ
 XLIVQEPHIFMRHMRKWXEKIW
WYVJEGIVSPPMRK
W]RGLVSRM^IVYRMX
W]RXEGXMGJSEQ
W]RXLIXMGTS[HIV
8EKYGLMVSFYWXQIXLSH
8)7-1%
XLIVQEPHIFMRHMRK
XLIVQEPTPEWQE
XLIVQEPP]WXEFPITSP]GV]WXEPPMRIHMEQSRH
874 
XLIVQSTPEWXMGFMRHIV
XLVIITLEWIMRXIVPMRI 4- z
XMXERMYQzzz
XMXERMYQEPPS]Wzz
 TS[HIVQIXEPPYVK] 41 z
  EHHMXMZIPE]IVQERYJEGXYVMRKERH
TS[HIVMRNIGXMSRQSYPHMRK
z
  GEXIKSVMIW
  JYXYVIXVIRHWz
  QERYJEGXYVMRKGSWXFVIEOHS[RJSV
&SIMRK
  RIEVRIXWLETIWz
  TS[HIVMRNIGXMSRQSYPHMRK 4-1 

  TS[HIVWz
  WTVE]MRKERHVIWIEVGLFEWIH
TVSGIWWIWz
  XMXERMYQGSWX
XMXERMYQFEWIHGSQTSWMXITS[HIVW
z

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ



-RHI\

XMXERMYQJSEQW
XMXERMYQQEXVM\GSQTSWMXIW 8M1'W 
XVERWJIVVIHEVGTPEWQE
 KEWISYWEXQSWTLIVIz
  IZSPYXMSRSJQIXEPRERSTS[HIVW
JVSQZETSYVTLEWI
  PSKRSVQEPGYQYPEXMZIERHEGXYEP
WM^IHMWXVMFYXMSRTPSXWSJGSTTIV
RERSTS[HIVW
  QIXEPRERSTS[HIVWTVSHYGIHYWMRK
XLIEVGHMWGLEVKIHQIXLSH
  WIXYTJSVRERSTS[HIVW]RXLIWMW

 PMUYMHQIHMYQz
  8)1QMGVSKVETLWSJ%P*I'Y
ERH2MRERSTS[HIVWz
XVERWQMWWMSRz
 EYXSXVERWQMWWMSRGEVVMIVW
 GSQTSRIRXWSJEW]RGLVSRM^IVW]WXIQ

 X[SWLEJXQERYEPXVERWQMWWMSR
XVMIHERHXVYIETTVSEGL
XYRKWXIR
XYRKWXIRGSTTIVEPPS]
XYRKWXIRLIEZ]EPPS]W
XYVFSGLEVKMRKXIGLRSPSK]
8YVFYPEX]TIQM\IV
8>1
YPXVEWSRMGEXSQMWEXMSR
YPXVEWSRMGMRWTIGXMSRXIGLRMUYIz
YRME\MEPHMIGSQTEGXMSR
ZEGYYQGEVFYVMWMRKWIIPS[TVIWWYVI
GEVFYVMWMRK
ZEGYYQTPEWQEWTVE]MRK :47 z

ZEVMEFPIZEPZIXMQMRKW]WXIQz

[EVQGSQTEGXMSR
 GSQTEGXIHTEVXWTVSTIVXMIWz
 JYXYVIXVIRHW
 QEXIVMEPWERHETTPMGEXMSRWz
 QIXEPPMGTS[HIVWz
 TVSGIWWz
  HI[E\MRKERHWMRXIVMRKz
  PYFVMGEXMSRz
  XIQTIVEXYVIIJJIGXSRETTEVIRX
WGEXXIVSJ(MWXEPS]%)
XLIVQSKVEZMQIXVMGEREP]WMW 8+% 
GYVZIJSV(MWXEPS]%)
  XSSPMRKERHXIGLRMUYIWz
 VEHMEPTVIWWYVIZWE\MEPTVIWWYVI
HYVMRKEPSEHMRKVIPIEWMRK
G]GPI
 ]MIPHTSMRXSJTYVIMVSR
[EXIVEXSQMWEXMSRz
 TEVXMGPIWM^IZWTVIWWYVIJSVGSQQSR
QIXEPW
 TVSFPIQWERHEHZERGIWz
;''STS[HIV
;''STS[HIV
[MVIWE[MRKz
 ETTPMGEXMSRTEVEQIXIVWJSVUYEVV]MRK
WXSRI
 YWIJSVFPSGOHMZMWMSR


<VE]XSQSKVETL]
=SYRKvWQSHYPYW
^MRGTS[HIV

;SSHLIEH4YFPMWLMRK0MQMXIH

[[[OIXEFHS[RPSEHGSQ

You might also like