4'%14&8QNWOG0Q

9CUJKPIVQP#PPWCN/GGVKPI
1EVQDGTä

5GUUKQP65
6JG'XQNWVKQPQH#EVWCTKCN/CVJGOCVKEU
6TCEM 'FWECVKQPCPF4GUGCTEJ
-G[YQTFU #EVWCTKCN2TQHGUUKQP'FWECVKQP

+PUVTWEVQTU 0'9610.$19'45,4
,#/'5%*+%-/#0
&10#.&#,10'5

5WOOCT[6JGUGEQPFGFKVKQPQHVJG#EVWCTKCN/CVJGOCVKEUVGZVDQQMYCURWDNKUJGF
KPVJGURTKPIQH6JGCWVJQTUQHVJGVGZVFKUEWUUYJCVYCUCFFGFVQVJGPGY
GFKVKQP6JG[HQEWUQPYJCVVJG[FKFYJ[VJG[FKFKVCPFYJ[VJG[UVQRRGF
YJGTGVJG[FKF

/T,COGU%*KEMOCP6JGTGYGTGHKXGCWVJQTUQPVJKUDQQMYJQYGTGGPICIGFKP
CRTQLGEVVJCVVQQMRNCEGNCTIGN[KPVJGNCVGUCPFGCTN[U#EGPVTCNVJGOG
YCURTQDCDKNKV[åVQVT[VQDWKNFCRTQDCDKNKV[DCUKUWPFGTYJCVJCFDGGPECNNGFNKHG
EQPVKPIGPEKGUCPFVQUJQYVJCVTKUMVJGQT[VJCVJCFQHVGPDGGPVCWIJVCUCUGRCTCVG
UWDLGEVCNUQJCFCHWPFCOGPVCNRTQDCDKNKV[DCUKUCPFVJCVVJGFKUVKPEVKQPUOCFGKP
OQTGEQPXGPVKQPCNGZRQUKVKQPUYGTGPQNQPIGTTGNGXCPV6JGKFGCQHXCTKCPEGQH
XCTKCDKNKV[QHTGUWNVUCTQWPFGZRGEVGFXCNWGUYCUCMG[VJGOG6JGCWVJQTVGCOQH
EQWTUGYCU0GYV$QYGTU*CPU)GTDGT&QP,QPGU%GEKN0GUDKVVCPF+

6JGHKTUVGFKVKQPQHVJKUDQQMYCURWDNKUJGFKPCDQWVä6KOGUJCXG
EJCPIGF0GYV$QYGTUYCUKPXQNXGFKPTGXKUKPIVJKUDQQM1WTHTKGPF*CPU
)GTDGTHTQOVJG7PKXGTUKV[QH.CWUCPPGKP5YKV\GTNCPFUGTXGFCUCEQPUWNVCPVCPF
EQPVTKDWVGFUGXGTCNOCIPKHKEGPVRTQDNGOU+YCUKPXQNXGF/[EQNNGCIWG&QP
,QPGUHTQO1TGIQP5VCVGDQTGCJGCX[RCTVQHVJKUTGURQPUKDKNKV[1WTEQNNGCIWG
%GEKN0GUDKVVHTQO/KEJKICPCNUQEQPVTKDWVGFUGXGTCNIQQFKFGCUCPFGZGTEKUGU

9GUJQWNFCNUQCEMPQYNGFIGVJGHCEVVJCVCYJQNGCTO[QHRGQRNGOCP[QHYJQO
CTGKPVJKUTQQOUWRRNKGFKFGCUEQTTGEVKQPUCPFEQOOGPVU6JGHCEVVJCVVJG[
YGTGPçVCNNTGEQIPK\GFYCUDGECWUGYGYGTGPçVCNYC[UUOCTVGPQWIJVQTGEQIPK\G
VJGIQCNDGJKPFVJGO9GUJQWNFCNUQTGEQIPK\GVJGEQPVTKDWVKQPUQHVJG5QEKGV[
UVCHHYJQCTGDCUKECNN[TGURQPUKDNGHQTVJGRTK\GYKPPKPIFGUKIPCPFHQTMGGRKPIWU

%QR[TKIJV l  5QEKGV[ QH #EVWCTKGU

4'%14&8QNWOG

QPVTCEM6JKUYCUUWEJCPKPVGTGUVKPICUUKIPOGPVVJCV+çOCHTCKFYGIQVECTTKGF
CYC[CVVKOGUYKVJVJGUVKOWNCVKQPTCVJGTVJCPUKORN[EQORNGVKPIVJGYQTM

6JGTGCTGDKIHCEVQTUVJCVJCXGKPHNWGPEGFVJKUGZRQUKVKQPCPFKPHNWGPEGFVJGPGY
GFKVKQP1PGECPVTCEGCEVWCTKCNUEKGPEGRTQDCDN[DCEMCNOQUVVQVJGDGIKPPKPIQH
JWOCPVJQWIJV9GJCXGEJQUGPVQUVCTVKVKPYKVJ'FOWPF*CNG[CPFVJG
RWDNKECVKQPQHVJG$TGUCY6CDNG$[VJGOKFFNGRCTVQHVJGNCUVEGPVWT[VJGKFGCUQH
XCTKCDKNKV[CPFVJGKFGCQHWUKPIVJGEGPVTCNNKOKVVJGQTGOHQTRTQDCDKNKV[UVCVGOGPVU
YCUXGT[EQOOQPRCTVKEWNCTN[KPEGPVTCN'WTQRG9GçXGKFGPVKHKGFVJCVYKVJVJG
PCOGQH*CWUFQTHCPFJKUHCOQWUVJGQTGOQH*GYCUPQVCNQPG+P
VJQUGTGOCTMCDNG5YGFGURCTVKEWNCTN[2JKNKR.WPDGTIFGXGNQRGFYJCVYG
VGEJPKECNN[ECNNéEQORQWPFUVQEJCUVKERTQEGUUGUêDWVKPVJQUGFC[UKVYCUECNNGF
éEQNNGEVKXGTKUMVJGQT[êQPGQHVJGOQUVETGCVKXGCRRNKECVKQPUQHUVQEJCUVKE
RTQEGUUGU

0GZVEQOGUVJGPCOGQH*CTQNF%TCO¾TVJCVTGOCTMCDNG5YGFGYJQKP
RWDNKUJGFCDQQMQPVJGOCVJGOCVKECNVJGQT[QHTKUMYJKEJKPOCP[YC[UECRVWTGF
VJGGUUGPEGQH#EVWCTKCN/CVJGOCVKEUWRWPVKNVJCVVKOG+P%TCO¾TRWDNKUJGF
CUOCNNOCTXGNQWUOQPQITCRJQPVJGEQNNGEVKXGVJGQT[QHTKUMQTYJCVYGOCKPN[
YQWNFECNNEQORQWPF2QKUUQPRTQEGUUGU#NVJQWIJKVYCUPQVQTKIKPCNKVGZRNCKPGF
VJGKFGCQHRTQDCDKNKV[CPFUVCVKUVKECNCRRTQCEJGUVQNKHGEQPVKPIGPEKGUYJKEJJCF
DGIWPVQGPVGTVJGOCKPUVTGCO+P+RWDNKUJGFCRCRGTVJCVCRRNKGFVJGUG
KFGCUKPVJGOWNVKRNGFGETGOGPVVJGQT[.KVVNGQHKVYCUQTKIKPCNDWVKVYCU
DGIKPPKPIVQGPVGTVJGOCKPUVTGCO

+PVJGUCXCTKGV[QHCWVJQTUDGICPVQNQQMPQVQPN[CVVJGVKOGCPFVJGECWUGQH
FGETGOGPVCPFVJGPWODGTQHENCKOUCPFVJGENCKOCOQWPVUCUTCPFQOXCTKCDNGU
DWVCNUQCVKPVGTGUVTCVGUCUTCPFQOXCTKCDNGU6JGTGCTGUGXGTCNTQWVGUVQVJKUUVTGCO
QHVJQWIJVCPFYGYKNNVT[VQKFGPVKH[UQOGQHVJQUGTQWVGUKPCHGYOQOGPVU#PF
QHEQWTUGUVKNNKPVJGHWVWTGKUVJGKFGCQHDWKNFKPIUVQEJCUVKEGZRGPUGTCVGU+H[QW
DGNKGXGVJCVGZRGPUGTCVGUCTGEQPUVCPVCPFKPXCTKCPV+JCXGCDTKFIGVQUGNN[QW

6JKUGHHQTVKUCNUQKPHNWGPEGFD[VJGJKUVQT[QHECNEWNCVKPI#EVWCTKCN/CVJGOCVKEUKU
PQVCPCDUVTCEVUWDLGEV;QWJCXGVQRTQFWEGPWODGTU+PVJGJKUVQT[QHECNEWNCVKPI
QPGECPIQDCEMVQENC[VCDNGUCPFUETCVEJGTUCPFRCRGTCPFRGPEKNU$[VJCV
COC\KPI5EQVUOCPCNQPIYKVJJKUDQPGUåTGHGTTKPIPQVVQJKUUMGNGVQPDWVJKU
EQORWVKPIFGXKEGUåFGXGNQRGFNQICTKVJOU6JGPECOGUNKFGTWNGU$[VJGNCUVRCTV
QHVJGNCUVEGPVWT[YGDGICPVQIGVHQWTHWPEVKQPCWVQOCVKEECNEWNCVQTU#PFQH
EQWTUGUQOGQHWU4QYNCPF%TQUUCPFO[UGNHRGTJCRUGPVGTGFVJGYQTNFKPYJKEJ
VJKUYCUQWTRTKPEKRNGEQORWVKPIFGXKEG$[VJGOKFUJKIJURGGFGNGEVTQPKE
EQORWVGTUDGICPVQKPHNWGPEGPQVQPN[DWUKPGUURTCEVKEGUDWVCEVWCTKCNECNEWNCVKQPU
GPCDNKPIWUVQTGEQIPK\GOQTGXCTKCDNGUCPFVQCVNGCUVCRRTQZKOCVGFKUVTKDWVKQPUQH
6JG'XQNWVKQPQH#EVWCTKCN/CVJGOCVKEU

TGUWNVU5QOGQHWUGCTPGFQWTNKXKPIHQTUQOG[GCTUWUKPIVJG+$/+PHCEVKP
VJGGCTN[RCTVQHVJGUVJG7PKXCEYCUKPUVCNNGFKPCEQWRNGQHOCLQTNKHG
KPUWTCPEGEQORCPKGU

$[VJGGCTN[UYGDGICPVQWUGJCPFJGNFECNEWNCVQTUVJCVJCFECRCDKNKVKGUHCT
KPGZEGUUQHVJGECRCDKNKVKGUQHVJGOGEJCPKECNOCEJKPGUYGYGTGWUKPILWUVCHGY
[GCTUDGHQTG(QNNQYKPIVJCVVJGRCEGDGECOGXGT[TCRKFYKVJVJGXCTKGV[QH
GSWKROGPVCPFUQHVYCTGCPFVJGCDKNKV[VQUVQTGVCDNGU5WDUGSWGPVN[VJGWUGQH
DQQMUHWNNQHVCDNGUDGICPVQFGETGCUG

5RTGCFUJGGVUCPFRQTVCDNG2%UKPHNWGPEGFVJGNKXGUQHWUCNN0QVLWUVKPJQYYG
CFOKPKUVGTGFKPUWTCPEGCPFRGPUKQPQRGTCVKQPUCPFJQYYGEQOOWPKECVGFYKVJ
GCEJQVJGTCNVJQWIJVJQUGYGTGKORQTVCPVDWVJQYYGWUGFQWTOQFGNU#PFQH
EQWTUGD[VJGGCTN[UVJKUJCFUJTWPMFQYPVQRCNOUK\GEQORWVGTUVJCV
EGTVCKPN[JCFECRCDKNKVKGUHCTKPGZEGUUQHVJGENC[VCDNGVU;QWEQWNFIQCDQWVVYQ
VJKTFUQHVJGYC[FQYPVJCVNKUVQHEQORWVKPICPFJQNFKP[QWTRCNOGSWKROGPVVJCV
EQWNFDGCVVJGO

0QYVJGUGHCEVQTUDQVJVJGOCTEJQHRTQDCDKNKV[CPFUVCVKUVKECNVJQWIJVQDXKQWUN[
JCXGKPHNWGPEGF#EVWCTKCN/CVJGOCVKEUçHKTUVGFKVKQPCUYGNNCUVJGUGEQPFGFKVKQP
+VçUCNUQKPHNWGPEGFD[RTCEVKECNKUUWGUUWEJCUEJCPIGFRTQFWEVU8CTKQWUHNGZKDNG
NKHGKPUWTCPEGRTQFWEVUKPYJKEJRTGOKWOUQTDGPGHKVUJQRCTQWPFCVQPGVKOG
YGTGPQVQPN[TCTGVJG[FKFPçVGZKUVWPVKNVJGRWDNKECVKQPQHVJGUGVGZVDQQMU0QY
VJG[FQOKPCVGOWEJQHCEVWCTKCNRTCEVKEG(KZGFRTQFWEVUCTGDCUKECNN[FQYP
.KMGYKUGPGYRTQFWEVUNKMGCEEGNGTCVGFDGPGHKVUCPFNQPIVGTOECTGTGSWKTG
UQOGYJCVOQTGUQRJKUVKECVGFOQFGNUVJCPUKORN[VJGOQFGNQHVKOGQHFGETGOGPV
CPFECWUGQHFGETGOGPV6JGUGPGYRTQFWEVUJCXGDGEQOGKORQTVCPV

2GPUKQPUJCXGEJCPIGF&GHKPGFEQPVTKDWVKQP
&%RNCPUJCXGDCUKECNN[DGGPWR
CPFFGHKPGFDGPGHKV
&$RNCPUCTGFQYP+HKPQWTGFWECVKQPCNRTQEGUUYGCTGVQ
RTGRCTGQWTUVWFGPVUHQTVJKUYQTNFVJKUPGGFUVQDGTGEQIPK\GF6JQUGVJTGGDKI
HCEVQTUVJGITQYVJQHVJGRTQDCDKNKV[CPFUVCVKUVKECNOQFGNUVJGEJCPIGKP
EQORWVKPICPFVJGEJCPIGKPVJGYQTNFVJCVYGUGTXGJCXGKPHNWGPEGFVJGJKUVQT[QH
CEVWCTKCNVGZVDQQMU1PGECPçVWPFGTGUVKOCVGVJGKORQTVCPEGQH)GQTIG-KPI+P
OCP[YC[U-KPIFGHKPGFVJGUWDLGEV9JCVJGRWVKPJKUHKTUVCPFUGEQPFGFKVKQP
CNOQUVFGHKPGFVJGEJCRVGTJGCFKPIUQH5RWTIGQP/CPQTGVCNCPFQPGQHVJG
DQQMUD[%9,QTFCPYJQFKGFVJKUUWOOGT9JGP[QWUKORN[VCMGCNQQMCVVJG
PWODGTQHPGYOGODGTUQHVJG5QEKGV[UKPEGWRWPVKNVJGOKFUCPFUGG
VJCVHCPVCUVKEITQYVJKH[QWTGOGODGTCP[PCOGKP0QTVJ#OGTKECPCEVWCTKCN
UEKGPEGKVUJQWNFDGVJCVQH%9,QTFCP
4'%14&8QNWOG

+PKPVJG#EVWCTKCN/CVJGOCVKEUDQQM[QWçNNPQVKEGVJCVVJGNKHGGZRGEVCPEKGU
QHCEVWCTKCNVGZVDQQMUCTG[GCTUQTUQ*QYGXGTVJGNKHGGZRGEVCPE[QHCP[
GFWECVKQPCNOCVGTKCNKUPQYUJQTVGPGFDGECWUGQHVJGVJTGGHCEVQTUYGOGPVKQPGF
DGHQTGåPGYKFGCUPGYEQORWVKPICPFPGYPGGFU&QP,QPGUYKNNVGNN[QWCDKV
CDQWVVJGOCLQTECVGIQTKGUQHEJCPIG

/T&QPCNF#,QPGU,KOICXGWUCJKUVQT[QHYJ[YGYGTGKPVJGRQUKVKQPYGYGTG
KPYKVJKPVJGRTQHGUUKQP0QYYGçNNUVCTVYKVJYJCVYCUVJGVJQWIJVCVVJGVKOGQH
VJGVTCPUKVKQPHTQOGFKVKQPVQGFKVKQP+PVJGDGIKPPKPIQHVJGDQQMYGRWVCP
KPVTQFWEVKQPVQVJGUGEQPFGFKVKQPKPYJKEJYGNKUVGFVJGOCLQTEJCPIGU6JGTG
YGTGQHVJGO9GOCFGVYQEQORWVKPIEJCPIGUUKZEJCPIGUKPVJGOQFGNUYG
YGTGWUKPICPFVJTGGCRRNKECVKQPUEJCPIGU

6JGTGYGTGVYQEQORWVKPIEJCPIGU(KTUVEQOOWVCVKQPHWPEVKQPUCTGIQPG+çNN
OGPVKQPVJGKTTQNGKPJKUVQT[DWVVJGTGçUPQVCUKPINGU[ODQNKPVJGVGZVDQQM+P
RNCEGQHVJCVYGRWVKPTGEWTUKXGTGNCVKQPU9GVJKPMVJG[JCXGTGRNCEGFVJG
EQOOWVCVKQPHWPEVKQPHQTQWTUVWFGPVU5GEQPFOQTGIGPGTCNTGEWTUKXGECNEWNCVKQP
HQTEQORQWPFFKUVTKDWVKQPUYCUCFFGFVQ%JCRVGT+VEQXGTUEQORQWPF2QKUUQP
FKUVTKDWVKQPEQORQWPFPGICVKXGDKPQOKCNCPFEQORQWPFDKPQOKCNFKUVTKDWVKQPU

9JGPYGYTQVGVJGHKTUVGFKVKQPKPVJGGCTN[U2%UCPFURTGCFUJGGVUYGTGLWUV
EQOKPIKP+PHCEVVJGTGYCUCVKOGYJGP+WUGF8KUK%CNEYJKEJYQWNFPçVNGV[QW
FQURTGCFUJGGVUHTQOVJGDQVVQOWR+VYQWNFQPN[FQVJGHQTOWNCUVQRFQYP
YJKEJYCUCTGCNRCKPVQCPCEVWCT[DGECWUG[QWJCFVQGKVJGTVWTP[QWTCIGUWRUKFG
FQYPQT[QWJCFVQHKPFQWVVJGXCNWGQHVJGCPPWKV[CVCIG\GTQQTCPFVJGPIQ
FQYPVJGEQNWOP;QWEQWNFPçVLWUVIKXGKVCXCNWGQHQOGICCPFVJGPIQVJGQVJGT
YC[.QVWUEJCPIGFCNNVJCVDWVVJCVçUYJGTGYGYGTGKPVJGGCTN[U

5VQTKPIECNEWNCVQTUYGTGLWUVEQOKPIKPFWTKPIVJCVVKOG9GJCFUQOGKPVGTGUVKPI
CWVJQTFKUEWUUKQPUCDQWVYJGVJGTCNNVJGTGCFGTUQHVJGDQQMYQWNFJCXGCP*2
ECNEWNCVQTYKVJCNKVVNGOCIPGVKEECTFVJCVVJG[EQWNFWUGVQNQCFVJGKTOQTVCNKV[
VCDNGUDWVVJCVYCUEQPUKFGTGFVQQPGYCVVJCVVKOG5QKPVJGHKTUVGFKVKQPYG
UVC[GFYKVJVJGEQOOWVCVKQPHWPEVKQPUCPFVJGHQWTHWPEVKQPECNEWNCVQTUCUVQQNUHQT
VJGGZGTEKUGU9GLWUVFKFPçVVJKPMVJG2%UCPFVJGUVQTKPIECNEWNCVQTUYGTGHCT
GPQWIJCNQPICVVJCVVKOG

0QYKH[QWNQQMCTQWPFVJGECORWUGU+YQWNFIWGUUQHVJGUVWFGPVUJCXGC
EQORWVGT#PFKHVJG[FQPçVVJG[ECPIQQXGTVQCNCDYJGTGVJGTGCTGLWUVVQPUQH
EQORWVGTUYJGTGVJG[ECPWUGGKVJGTC/CEKPVQUJQTC2%CPF+FQPçVVJKPMVJG[
GXGTHQTOCNKPGVQWUGQPG6JGVGCEJGTUCTGPQYGZRGEVKPIUVWFGPVUVQFQ
JQOGYQTMYKVJURTGCFUJGGVUCPFFQVJGKTRCRGTUYKVJYQTFRTQEGUUQTUPQYCFC[U
CPFVJCVçULWUVEQOOQPQPECORWU9JGP+YGPVVQYQTMCV$CPMGTU.KHGPQY6JG
6JG'XQNWVKQPQH#EVWCTKCN/CVJGOCVKEU

2TKPEKRCNHQTCUWOOGTLQD+JCFCHQWTHWPEVKQP/CTEJCPVQPO[FGUMVJCVEQUV
VYQCPFCJCNHVKOGUO[OQPVJN[UCNCT[0QYCUVWFGPVECPIQVQYQTMCPFJCXGC
2%QPJKUQTJGTFGUMCPFKHKVçUYQTVJVKOGUJKUQTJGTOQPVJN[UCNCT[JGQTUJG
JCUCXGT[PKEG2%5QYGCUUWOGVJGUVWFGPVUWUKPIQWTDQQMJCXGCFGUMVQR
EQORWVGTYKVJCURTGCFUJGGVYQTFRTQEGUUQTCPFUQQP

)TCRJKPIUVQTKPICPFRTQITCOOCDNGECNEWNCVQTUCTGPQYGXGPTGSWKTGFKPECNEWNWU
EQWTUGU[GVUVQTKPIECNEWNCVQTUYGTGMKPFQHTCTG[GCTUCIQUQYGGZRGEVVJG
UVWFGPVUVQFQCNNVJGKTPWOGTKECNGZGTEKUGUKPCURTGCFUJGGV6JCVOGCPUVJCVVJG
TGEWTUKXGTGNCVKQPUYJKEJKPVJGQT[CTGWUWCNN[ECNNGFFKHHGTGPEGGSWCVKQPUCTGYJCV
VJG[çTGWUKPIQPVJGURTGCFUJGGV9JCVIQGUCTQWPFEQOGUCTQWPF+JCFCOCVJ
RTQHGUUQTCVVJG7PKXGTUKV[QH+QYCHQTO[CEVWCTKCNVGCEJGTYJQYCUGPCOQTGFYKVJ
FKHHGTGPEGGSWCVKQPU*GYQWNFURGPFCNQVQHVKOGVGCEJKPIEQORQWPFKPVGTGUVCPF
NKHGEQPVKPIGPEKGUYKVJFKHHGTGPEGGSWCVKQPU1HEQWTUGVJGQPN[VJKPIYGUQNXGF
VJGPYGTGVJGEQORQWPFKPVGTGUVRTQDNGOUYJGPYGUWOOGFCIGQOGVTKEUGTKGU
0QYCFC[UIGVVKPIPWOGTKECNUQNWVKQPUKUXGT[RQUUKDNG

6QFGCNYKVJVJKUYGKPUVKVWVGFCEJCKPQHEQORWVKPIGZGTEKUGUHTQO%JCRVGTUVQ
6JGUVWFGPVUDWKNFCOQTVCNKV[VCDNGCPFVJGPCRRN[KVKPECNEWNCVKQPU6JGTGCTGC
UGVQHGZGTEKUGUYJGTGVJGUVWFGPVKUVQNFé&QVJKUQP[QWTURTGCFUJGGVêCPF[QW
CUUWOGVJCVVJG[JCXGQPGCXCKNCDNGVQFQVJCV6JKUTGRNCEGUVJGQNFKFGCQHVJG
EQOOWVCVKQPHWPEVKQPKPVJGDCEMQHVJGDQQMCPFVJGHQWTHWPEVKQPECNEWNCVQTHQT
FQKPICRTQDNGO

9JCVCTGTGEWTUKXGTGNCVKQPU!*GTGçUCPGZCORNGHTQO%JCRVGTé9JCVçUVJGNKHG
GZRGEVCPE[!ê6JGTGEWTUKXGTGNCVKQPKUCHKTUVQTFGTNKPGCTQPGYKVJPQPEQPUVCPV
EQGHHKEKGPVU,WUVCU[QWFQYJGP[QWUQNXGVJGFKHHGTGPVKCNGSWCVKQP[QWJCXGVQ
JCXGCUVCTVKPIXCNWGQTKPKVKCNEQPFKVKQPQHUQOGMKPFCPFYKVJCEVWCTKGUYGNKMGVQ
IQFQYPVQVJGGPFQHVJGVCDNGYJGTGYGMPQYKVçUGCU[VQRQUVWNCVGCUVCTVKPI
XCNWG5Q[QWJCXGGZHQTZQOGICGSWCNVQ\GTQCPF[QWRTQITCOVJGHQTOWNC
KPVQ[QWTURTGCFUJGGVEQNWOPCPFRNWIVJG\GTQKPVQYJCVGXGT[QWFGVGTOKPGVQDG
QOGICCPFDKPIQJCXGCNNVJGXCNWGUCPFUQQP0GYV$QYGTUYKNNHQNNQYWRQP
VJGUGEQORWVKPIKFGCU

/T0GYVQP.$QYGTU,T6JGHKTUVEJCPIGKPVJGOQFGNKUVJGWVKNKV[RGTKQF
EJCPIG9GFKFKVKPVJGHKTUVEJCRVGTGUUGPVKCNN[KPVJGHKTUVGFKVKQP9GMGRVKVKP
%JCRVGTCPFGPFGFWRYKVJ#TTQYçU6JGQTGOYJKEJMKPFQHLWUVKHKGFYJ[
KPUWTCPEGOCMGUUGPUG9GYGTGCNKVVNGOQTGCODKVKQWUKPVJGUGEQPFGFKVKQP
#PFYGWUGFVJKUKP%JCRVGTUCPFYJGPYGDGICPVQIGVOQPGVCT[XCNWGUVQIGV
VJGRTGOKWO6JGRTGOKWOKUCXCNWGUWEJVJCVVJGKPUWTCPEGEQORCP[KU
KPFKHHGTGPVVQQHHGTKPIVJGRQNKE[CVCPCPPWCNRTGOKWOQTVQQHHGTKPIVJGEQPVTCEVQT
4'%14&8QNWOG

PQVQHHGTKPIVJGEQPVTCEVKPFKHHGTGPVVQWUKPICUVJGOGCUWTGQHKPFKHHGTGPEGC
RCTVKEWNCTWVKNKV[QHYGCNVJHWPEVKQP

0QYVJGNKPGCTWVKNKV[QHYGCNVJHWPEVKQPKUGSWKXCNGPVVQYJCVYGçXGCNYC[UFQPG
KPCEVWCTKCNUEKGPEGUQVJGTGçUPQVJKPIPGYKPVJCV$WVYGCNUQYQTMGFQWVVJG
GZRQPGPVKCNWVKNKV[HWPEVKQPYJGTG[QWJCXGVQJCXGCRQUKVKXGHKTUVFGTKXCVKXGCPF
PGICVKXGUGEQPFFGTKXCVKXGVQFGVGTOKPGYJCVUKIPU[QWRWVKPVQVJGWVKNKV[HWPEVKQP
#PF[QWECPECNEWNCVGVJGUCOGRTGOKWOYJGTG[QWçTGKPFKHHGTGPVWUKPIVJG
GZRQPGPVKCNWVKNKV[HWPEVKQP

+çOFQWDVHWNCUVQJQYOWEJWUGKVJCU+VFQGUTGHNGEVVJGTKUMUQHVJGRQNKE[9G
JCXGCFGOQPUVTCVKQPYJGTGHQTCRCTVKEWNCTN[GCU[RQNKE[VJGRTGOKWOHQTCRQNKE[
QHVKOGUVJGHCEGCOQWPVVWTPUQWVVQDGVKOGUCUNCTIG6JKUKUPQPNKPGCT
6JGGZVTCTKUMYKVJVJGGZVTCCOQWPVQHTKUMVJGTGCEVWCNN[KPETGCUGUVJKUKPFKHHGTGPEG
RTGOKWO

9GFKFVJGUCOGVJKPIYKVJTGUGTXGUKP%JCRVGT9GEQXGTVJGCOQWPVQHOQPG[
VJCVVJGKPUWTCPEGEQORCP[YQWNFJCXGVQVTCPUHGTVQVJGTGKPUWTGTKHVJGTGKPUWTGT
YGTGVQCUUWOGVJGTKUM6JKUKUVJGCOQWPVQHOQPG[VJCVVJG[YQWNFVTCPUHGTKH
VJG[YGTGVQDGKPFKHHGTGPVCDQWVEQPVKPWKPIVJGTKUMQTVTCPUHGTTKPIKVVQCTGKPUWTGT

4GICTFKPITCPFQOHWVWTGNKHGVKOG,KOMKPFQHVQWEJGFQPVJKU9JGP+çOWUKPIVJG
PQTOCNFKUVTKDWVKQPEGPVTCNNKOKVJGTGCPFOCMKPICRRTQZKOCVGRTQDCDKNKV[
UVCVGOGPVUCUNQPICU+CUUWOGKPFGRGPFGPEGDGVYGGPVJGXCTKQWUNKXGUCPFVJG
VKOGQHFGCVJQHXCTKQWUNKXGUVJGPCNN+PGGFKUVJGGZRGEVGFXCNWGCPFVJGXCTKCPEG
5KORN[CFFVJQUGWRCPF[QWJCXGQPGOGVJQFQHFQKPIRTQDCDKNKV[UVCVGOGPVU

9GFKFVQWEJQPUQOGQHVJGQVJGTVJKPIUKPVJGEJCRVGTQPFGXGNQROGPVKPVJGHKTUV
GFKVKQP9JCVYGCFFGFKPVJGUGEQPFGFKVKQPYGTGKNNWUVTCVKQPUQHVJGRTQDCDKNKV[
FGPUKV[HWPEVKQPU#VVJKURQKPVYGTGCEJGFUQOGYJCVQHCNKOKVCVKQPQHVJGVGZV#U
KPVJGHKTUVGFKVKQPYGFKFPQVVT[VQVGCEJEQORWVGTU+FQPçVGXGPMPQYKHVJKU
YQWNFDGVJGEWTTGPVDGUVVGEJPKSWGVQFQEQPXQNWVKQPUD[VJGHCUV(QWTKGT
VTCPUHQTOQTYJCVGXGTVJGEWTTGPVDGUVOGVJQFKU9GOCMGPQRTGVGPUGQHVGNNKPI
[QWJQYVQFQVJCV$WVKVKURQUUKDNGCPFYKVJVJGRTQDCDKNKV[FKUVTKDWVKQPHWPEVKQPU
JGTGHQTVJGUGXCTKQWUKPFKXKFWCNNQUUXCTKCDNGUKVKURGTJCRURQUUKDNGVQRGTHQTO
EQPXQNWVKQPUCPFIGVVJGFKUVTKDWVKQPQHVJGNQUUGUHQTQWTRQTVHQNKQQHKPFGRGPFGPV
NKXGU+VçUVJGUCOGMKPFQHRTQDNGOVJCVYGYGTGHCEKPIKPVJGHKTUVGFKVKQP

+CNYC[UWUGFVQIGVVQ%JCRVGTCVVJGGPFQHVJGUGOGUVGT1WTRCTVKEWNCT
UEJGFWNGKUVJCVYGVGCEJKVKPVJGURTKPIYJGPGXGT[QPGKUIGVVKPIMKPFQHTGUVNGUU
+VçUCNQPIEJCRVGTVJGTGçUPQSWGUVKQPCDQWVVJCVUQYGFGEKFGFVQDTGCMKVWRKPVQ
VYQEJCRVGTU
6JG'XQNWVKQPQH#EVWCTKCN/CVJGOCVKEU

6JGPGY%JCRVGTKUTGCNN[CNOQUVYJCVVJGKPUWTCPEGFGRCTVOGPVYCPVU[QWVQFQ
VQEQOGWRYKVJTGUGTXGUHQTUVCPFCTFQNFNGXGNRTGOKWONGXGNDGPGHKVRQNKEKGU+V
JCUCNNVJGVJKPIUUWEJCUCRRQTVKQPCDNGRTGOKWOUCPFCNNVJCVUGOKKPVGTGUVKPIUVWHH

9GOQXGFVJGOQTGKPVGTGUVKPIUVWHHNKMGPQPNGXGNDGPGHKVUVJCVKPXQNXGKPVGTKO
TGUGTXGUVQ%JCRVGT

+PGXGTUGGOVQSWKVGIGVVQVJG*CVVGPFQTH6JGQTGOKP%JCRVGT1WTUEJGFWNGCV
&TCMGYCURCTVKEWNCTN[JCPF[DGECWUGKH+IQVVJCVHCTVJGPHQTVJGHCNNUGOGUVGT
5VWCTV-NWIOCPQTUQOGQPGGNUGYQWNFVCMGQXGT,WUVFQPçVVGCEJVJGVYQEQWTUGU
KPCTQY

9GFKFUQOGYQTMQPLQKPVFGRGPFGPVNKXGUYJKEJUJQYUVJCVKPFGRGPFGPEGKUPQV
CIQQFCUUWORVKQPVQWUG$CEMKPVJGHKTUVGFKVKQPCPFVJKURTQDCDN[NQQMUCNOQUV
TCPFQOVQVJGUVWFGPVUUQOGVKOGUYGçFYTKVG VRZ[GSWCNUVRZVKOGUVR[0QYVJQUG
VYQYGTGCNOQUVKPVGTEJCPIGCDNGUVCVGOGPVUDCEMKPVJG,QTFCPDQQM+PVJGHKTUV
GFKVKQPGXGT[VJKPIVJCVYGEQWNFFQYKVJQWVCUUWOKPIKPFGRGPFGPEGYGFKFHKTUV
9GVJGPRWVKPéCPFPQYCUUWOKPIKPFGRGPFGPEGQHVJGVKOGUQHFGCVJQHVJGVYQ
NKXGUêCPFYGFKFYJCVGXGTGNUGJCFVQDGFQPGVJGTG5QVJCVRCTVQHVJKU
FGRGPFGPEGJCUDGGPEQXGTGF

(QTGZCORNGUQHFKUVTKDWVKQPUYKVJFGRGPFGPEGYGFKFPçVFQCP[VJKPICDQWVVJCV
6JGUGCRRCTGPVN[YGTGUWRRQUGFVQDG)QFIKXGPPWODGTUVJCV[QWYQWNFWUGKH
[QWYCPVGFVQNQQMCVCFGRGPFGPVUKVWCVKQP9GNQQMGFCVVYQFKHHGTGPVOQFGNU
6JGTGçUCEQOOQPUVQEMOQFGN+FQPçVMPQYKHO[EQCWVJQTUYQWNFCITGGDWVKV
UVTKMGUOGVJCVVJKUKURGTJCRUCIGPGTCNK\CVKQPQH/CMGJCOçUNCY;QWJCXGVJGµ
HQTEGQHOQTVCNKV[GSWCNVQ# $EZ6JG#VGTOEQPUKUVUQHHKTUVCEEKFGPVCNTKUMU
RGTJCRUCRRNKECDNGVQ[QWCNQPGCPFVJGTGçUCNUQUQOGUOCNNRKGEGKPVJGTGVJCVKU
CRRNKECDNGVQ[QWCPF[QWTUKIPKHKECPVQVJGT(QTGZCORNG[QWçTGFTKXKPIVJG
-CPUCU6WTPRKMGCPFRNQYKPVQCDTKFIGCDWVOGPVKPQVJGTYQTFUUKOWNVCPGQWU
FKUCUVGTUVQVYQRGQRNGYJQYQWNFJCXGCTGCUQPHQTJCXKPICLQKPVNKHGRQNKE[QH
UQOGHQTO9GYQTMGFUQOGQHVJCVKPUGEVKQP

+PVJGOKFUVJGKUUWGQHJCXKPIVYQOCTIKPCNFKUVTKDWVKQPUHKTUVECOGWR
5VCVKUVKEKCPUYQWNFGZCOKPGUKVWCVKQPUYJGTGVJGTGYCUCLQKPVFKUVTKDWVKQPYJGTG
KPFGRGPFGPEGFKFPçVJQNF6JCVçUGCU[GPQWIJVQFQKHKPFGRGPFGPEGJQNFU;QW
LWUVOWNVKRN[VJGOVQIGVJGT$WVKHKPFGRGPFGPEGFQGUPçVJQNF[QWJCXGVQFQ
UQOGOCIKE6JGMKPFQHOCIKEVJCVYGNQQMGFCVYCUCOGVJQFD[(TCPM%QRWNC
+VKPXQNXGUCEQPUVCPVCNRJCYJKEJIKXGUVJGOGCUWTGQHFGRGPFGPEG0QY,GF
(TGGU,CESWG%CTTKGTGCPF'OKN8CNFG\JCFUQOG%CPCFKCPFCVCCPFGUVKOCVGFVJKU
CNRJCXCNWGDCUGFQPUQOGLQKPVCPFUGEQPFVQFKGGZRGTKGPEG7UKPIVJKU(TCPM
4'%14&8QNWOG

%QRWNCOGVJQFVJG[UJQYGFVJCVVJGCPPWKV[XCNWGUHQTFGRGPFGPVNKXGU
VJKUKUHQT
CUGEQPFVQFKGNCUVUWTXKXQTCPPWKV[YGTGNGUUVJCPVJG[YQWNFDGKHVJG[CUUWOGF
KPFGRGPFGPV6JGCPPWKV[XCNWGUYGTGTGFWEGF6JKUKUCTGCNRTQDNGO

0QYHQTCPWPTGCNUQNWVKQP$[UJGGTCEEKFGPVYGECOGWRYKVJVYQFKUVTKDWVKQPU
6JGTGçUQPGYKVJKPFGRGPFGPEGYJGTG[QWUKORN[JCXGVQOWNVKRN[VYQOCTIKPCNU
VQIGVJGTCPFQPGYKVJFGRGPFGPEGHQTYJKEJ[QWRTQFWEGVJGUCOGFKUVTKDWVKQP
HQTVJGLQKPVNKHGUVCVWU9GWUGFVJCVVQUKORN[RNQYVJTQWIJVJCVEJCRVGTVQUJQY
VJGMKPFQHECNEWNCVKQPUVJGTGCTGYKVJCLQKPVFKUVTKDWVKQPYJCV[QWYQWNFPGGFVQ
FQVQIGVNCUVUWTXKXQTRTQDCDKNKV[CPFUQQP
6JKUTGCNN[OCMGUOQTGUGPUG+VJKPMIQKPIKPVJGQVJGTFKTGEVKQP+VKPFKECVGUVJG
RTQDNGODGVVGTIQKPIVJGQVJGTFKTGEVKQP;QWQDUGTXGCFKUVTKDWVKQPQHNGV UUC[
VJGVKOGQHVJGHKTUVFGCVJVJGVKOGQHFGETGOGPVHTQOCOWNVKRNGFGETGOGPV
UKVWCVKQP0QYKVçUKORQUUKDNGVQHQNNQYVJGRGQRNGCHVGTVJGHKTUVFGETGOGPVJCU
QEEWTTGF+VçUJCTFVQCUMYJCVKUVJGRTQDCDKNKV[VJCVUQOGDQF[YQWNFFKGHTQO
ECPEGTKHVJG[çXGCNTGCF[FKGFHTQOJGCTVFKUGCUG;QWECPçVFQVJCV;QWECPçV
JCPFNGVJCV+PVJKUGZCORNGKP%JCRVGTYGFGXGNQRGFCUKVWCVKQPYJGTGVYQ
FKHHGTGPVFKUVTKDWVKQPUYGTGKFGPVKECNHQTVJGVKOGQHVJGHKTUVFGCVJ6JGRTQDCDKNKV[
QHCFGETGOGPVKPGCEJECUGYCUCJCNHCVCP[IKXGPRQKPVKPVKOGCPFVJGOCTIKPCNU
CTGGUUGPVKCNN[WUGNGUUKPVJCVUKVWCVKQP

6JKURTQDCDN[UJQWNFIKXGRCWUGVQRGQRNGYJQOCMGFGEKUKQPUDCUGFQPOQTVCNKV[
FCVCHTQOCOWNVKRNGFGETGOGPVYQTNF+PUWTCPEGEQORCPKGUFQPçVJCXGFGCVJQPN[
EQPVTCEVU6JG[ECPYCNMKHVJG[UVQRRC[KPIRTGOKWOUIGVFKUCDNGFCPFUQQP+H
[QWECPQPN[HQNNQYVJGOVQVJGVKOGQHFGETGOGPVKVECPECWUGUQOGRTQDNGOU
6JKUKUCNUQVTWGHQTRCVEJKPIVYQFKUVTKDWVKQPUVQIGVJGT;QWECPCUUWOGVJCVVJG
VYQCTGKPFGRGPFGPVDWVVJCVYQWNFUGGOHCNUGQPVJGHCEGQHKV

#P[YC[VJGUGCTGRTQDNGOUCPFYGFQPçVUQNXGVJGO9GFQPçVUQNXG
PQPKFGPVKHKCDKNKV[RTQDNGOUCVCNN9GFKFCHCKTCOQWPVQHYQTMQPVJKUDWV
RTQDCDN[VJGOQUVETGCVKXGUKPINGEJCPIGKUVJGQPGVJCV,KOJGTGYKNNFGUETKDG
6JGTGçUCIQQFTGCUQPYJ[JGçUFGUETKDKPIKVåJGGUUGPVKCNN[YTQVGKVHQTWU

/T,QPGU,KOYKVJCNNVJCVVCNMCDQWVVJGFGRGPFGPVNKXGUCPFUQHQTVJYGJCXG
VJGCWVJQTQHCHKTUVNKHGEQPVKPIGPE[SWGUVKQPJGTG1WTDQQMUVCVGFVJCVVJGNKXGU
EQWNFDGFGRGPFGPVDWVYGPGXGTICXGVJGOCP[GZCORNGU4KEJECOGWRYKVJ
QPGCPFRWVKVQPQPGQHJKUGZCOU

/T*KEMOCP#NVJQWIJVJGTGHGTGPEGUVJCVYGIKXGHQTVJGOCVJGOCVKEUQHVJKUCTG
HTQOVJGNCUV–[GCTUKH[QWTGCFUQOGQHVJGRKQPGGTU/CMGJCOKPRCTVKEWNCT
VJG[MPGYVJCVYCUQWVVJGTG6JG[FKFPçVSWKVGWUGVJGNCPIWCIGVJCVYGWUGVQFC[
CPFVJGYQTFéKPFGRGPFGPEGêYCUPQVXGT[YGNNFGHKPGFDWVPQQPGECPENCKOVJCV
6JG'XQNWVKQPQH#EVWCTKCN/CVJGOCVKEU

YGEQPEQEVGFVJGKFGCKPVJGNCUVQT[GCTU9GUKORN[OCFGKVCNKVVNGDKV
OQTGRTGEKUGCPFRWVKVKPRTQDCDNKUVKEVGTOU

6JGTGçUPQSWGUVKQPVJCVKVYCUVJGOQUVFKHHKEWNVRJKNQUQRJKERTQDNGOCNVJQWIJYG
YGTGCNUQHCEGFYKVJYJCVVQFQCDQWVUVQEJCUVKEOQFGNUHQTKPVGTGUV+VKURTQDCDN[
VJGNGCUVKORQTVCPVRTCEVKECNRTQDNGODGECWUGVJGCTGCKUOQXKPIUQTCRKFN[VJCVPQ
QPGYKNNRTQDCDN[TGCFYJCVYGFKFCP[YC[$WVRJKNQUQRJKECNN[VJKUKU
GZVTCQTFKPCTKN[KORQTVCPV9GTGEQIPK\GFHTQOVJGHKTUVGFKVKQPVJCVVQDWKNFC
UVQEJCUVKEOQFGNHQTVKOGWPVKNFGETGOGPVD[ECWUGQHFGETGOGPVCPFPWODGTQH
ENCKOUCPFENCKOCOQWPVUYCUQPN[IQKPIRCTVYC[#UNQPICUKPXGUVOGPVUCPF
HWPFUYGTGEQPEGTPGFCPQVJGTKORQTVCPVXCTKCDNGJCFVQFQYKVJKPVGTGUVCPFYG
CUUWOGFVJCVVQDGFGVGTOKPKUVKE

9JCV+YKNNFQJGTGKUDCUKECNN[QWVNKPGVJGRCVJVJCVYGJCXGKPOKPF+VVTCEGUVJG
KPVGNNGEVWCNRCVJ+VJKPMVJCVCEVWCTKGUJCXGVCMGP+PVJGFGHKPKVKQPQHVJGRTQDNGO
YGVCMGCXGEVQTQHQDUGTXGFKPVGTGUVTCVGUUKORN[VQUJQY[QWVJCVVJG[JQRCTQWPF
CNQVYJKEJKUPQDKIFGCN9GOCMGCFKUVKPEVKQPDGVYGGPVJQUGOQFGNUHQT
KPVGTGUVVJCVCTGUVCVKUVKECNKPPCVWTGRTKOCTKN[DCUGFQPCPCPCN[UKUQHRCUVFCVCCPF
VJQUGOQFGNUVJCVCTGDCUGFQPEJCTCEVGTKUVKEUGKVJGTFGXGNQRGFD[VJGQT[QTD[
QDUGTXCVKQPQHVJGECRKVCNOCTMGVU1PGOKIJVYGNNVCMGVJGUGEQPFENCUUCU
EQPUVTCKPKPIVJGHKTUV

+PVJGPGZVUGEVKQPYGGPICIGFKPUQOGPQVCVKQPCPFRTGNKOKPCTKGU1PGQHVJG
HWPFCOGPVCNRTGNKOKPCTKGUYCUVJGGZRGEVGFXCNWGQHCFKUEQWPVHCEVQTITGCVGTVJCP
QTGSWCNVQVJGFKUEQWPVHCEVQTDCUGFQPVJGGZRGEVGFKPVGTGUVTCVG6JKUIKXGUWUC
EJCPEGVQTGXKGY,GPUGPçUKPGSWCNKV[YJKEJRNC[UCPKORQTVCPVTQNGKP%JCRVGT

5QOGQHVJGUGDCUKEKFGCUCPFVJGYJQNGKFGCQHVJGPQVCVKQPCTGKPVJCVUGEVKQP
9GUJQWNFJCXGWUGFECRKVCN+çUVQTGRTGUGPVTCPFQOKPVGTGUVTCVGU+PVJGPGZV
UGEVKQPYGFGCNYKVJUEGPCTKQU#UEGPCTKQHQTWUKUUKORN[CUGSWGPEGQHKPVGTGUV
TCVGU6JGHKTUVQHVJGUGUGSWGPEGUVJCVYGUVWF[CTGFGVGTOKPKUVKEUGSWGPEGUQT
FGVGTOKPKUVKEUEGPCTKQU6JKUYCUSWKVGEQOOQPGXGPKPVJGFC[UVJCV+YCUKP
CEVWCTKCNRTCEVKEG9GYQWNFCUUWOGVJCVKPVGTGUVTCVGUOKIJVDGJKIJHQTCHGY
[GCTUCPFVJGPIQFQYP&GVGTOKPKUVKEUEGPCTKQUYGTGWUGFKPTGIWNCVKQP
RCTVKEWNCTN[D[VJG0GY;QTM&GRCTVOGPVHQTCMKPFQHUGPUKVKXKV[VGUVQHHKPCPEKCN
TGRQTVKPIHQTEGTVCKPEQPVTCEVU

1PGEQWNFCNUQCVVCEJRTQDCDKNKVKGUVQGCEJQHVJGUGUEGPCTKQU1PEGQPGFQGUVJCV
UGXGTCNEQPUGSWGPEGUCTGKOOGFKCVG(KTUVCOCLQTEQPUGSWGPEGKUVJCVKV
KNNWUVTCVGUVJCVVJGTKUMOCPCIGOGPVRTQDNGOHQTTCPFQOKPVGTGUVKUOWEJFKHHGTGPV
HTQOVJGTKUMOCPCIGOGPVRTQDNGOHQTKPFKXKFWCNTKUMU6JGTKUMOCPCIGOGPV
4'%14&8QNWOG

RTQDNGOVJGTGECPDGUQNXGFD[IGVVKPIDKIIGTQTD[TGKPUWTCPEG$GECWUGVJG
TCPFQOKPVGTGUVUEGPCTKQCHHGEVUCNNQHVJGUGRQNKEKGUVJGTKUMOCPCIGOGPVRTQDNGO
KUSWKVGFKHHGTGPV6JCVçUKNNWUVTCVGFKPVJKUTCPFQOUEGPCTKQUGEVKQP

6JGPEQOGUCEQWRNGQHUGEVKQPUVJCVCTGXGT[OWEJUVCVKUVKECNN[DCUGFUVCTVKPICU
[QWWUWCNN[FQKPUVCVKUVKEUYKVJVJGKPFGRGPFGPVCPFKFGPVKECNN[FKUVTKDWVGFTCPFQO
XCTKCDNGU9GçXGKNNWUVTCVGFVJQUGYKVJVJGNQIPQTOCNOQFGNYJKEJKUECTTKGF
HQTYCTFKPVQUKORNGCEVWCTKCNHWPEVKQPUUWEJCUCPPWKVKGUCPFDGPGHKVRTGOKWOUHQT
UKPINGRTGOKWOKPUWTCPEGUKPENWFKPIOGCPUCPFXCTKCPEGU9GVJGPVCMGCUVGR
WRYCTFKPYJCV+JQRGKUCUGPUKDNGRTQITGUUKQPIQKPIHTQOCFGVGTOKPKUVKEUEGPCTKQ
TCPFQOUEGPCTKQUKPFGRGPFGPVKPVGTGUVTCVGUCPFPQYFGRGPFGPVKPVGTGUVTCVGU

9GEJQUGVQKNNWUVTCVGVJKUYKVJCUKORNGOQXKPICXGTCIGOQFGNHQTKPVGTGUVTCVGU
&QYGENCKOVJCVVJKUKUCWPKXGTUCNOQFGN!0Q$WVKVDTKPIUQWVVJGOCKPKUUWGUKP
WUKPICUVCVKUVKECNDCUGFOQFGNHQTKPVGTGUVUEGPCTKQU6JKUKORNGOGPVCVKQPUGEVKQP
OCMGUVJGRQKPVVJCVVJGTGCTGOCP[QVJGTOQFGNUFCVCDCUGFENGCTN[YKVJKPVJG
CWVQTGITGUUKXGKPVGITCVGFOQXKPICXGTCIGENCUUåVJG#4+/#OQFGNU6JGTGCTGC
ITGCVOCP[FKHHGTGPVOQFGNUVJCVQPGOKIJVWUGFGRGPFKPIQPVJGFCVC6JG
KORNGOGPVCVKQPUGEVKQPDTKPIUWRVJGRQUUKDKNKV[QHWUKPIUKOWNCVKQPVQCRRTQZKOCVG
VJGFKUVTKDWVKQPUYJGTGCUKPCPGCTNKGTYQTNFVJGYQTNFVJCV0GYVYCUFGUETKDKPI
[QWEQWNFCEVWCNN[FKURNC[VJGFKUVTKDWVKQPUQHNQUUXCTKCDNGU

6JGPGZVUGEVKQPJCUVQFQYKVJHKPCPEKCNGEQPQOKEOQFGNU+VKPVTQFWEGUURQVTCVGU
HQTYCTFTCVGUCPFUQOGQHVJGECRKVCNOCTMGVEQPEGRVUVJGOQUVKORQTVCPVQHYJKEJ
CTGVJGPQCTDKVTCIGTGSWKTGOGPVQTCUUWORVKQPCPFVJGKFGCVJCVGEQPQOKE
KPHQTOCVKQPOC[DGECRVWTGFKPEWTTGPVRTKEGUCPFOCVWTKVKGU6JKUKUVJG[KGNFTCVG
KFGCVJCVYKVJKPVJCVQDUGTXCDNGRJGPQOGPCVJGTGOC[DGCEQPUGPUWUHQTGECUVQH
VJGHWVWTGUVCVGQHVJGGEQPQO[CPFVJCVVJKUKPHQTOCVKQPOC[DGWUGHWNVQVJG
CEVWCT[KPDQVJFGUKIPKPIRTQFWEVUCPFOCPCIKPITKUMU

6JCVIQGUVQIGVJGTCPFYGEJQUGCPCWVQTGITGUUKXGUVQEJCUVKEOQFGNKPYJKEJVJG
RCTCOGVGTUQHVJGOQFGNCTGEQPUVTCKPGFD[CUUWORVKQPUCDQWVVJGECRKVCNOCTMGVU
RTKOCTKN[VJGPQCTDKVTCIGCUUWORVKQP#VDGUVVJQUGECPQPN[KNNWUVTCVGUQOGQH
VJGUGKFGCUCPFVJGOQFGNUCTGTGUVTKEVGFVQSWKVGUKORNGQPGUCWVQTGITGUUKXGHQT
GZCORNG6JGNCUVUGEVKQPVTKGUVQETGCVGCRTQDNGOPCOGN[VJGOCPCIGOGPVQH
KPVGTGUVTCVGTKUMCPFIKXGUQOGJKPVUCUVQYJCVUQOGQHVJGUQNWVKQPUOKIJVDG
5GEVKQPKUCENCUUKECNUGEVKQP+PHCEVKVçUCTGVTGCVVQCOQTGFGVGTOKPKUVKE
YQTNFKPYJKEJKOOWPK\CVKQPTWNGUCTGFGXGNQRGFCPFEQOOGPVGFQP

6JGTGKUCUJQTVPCTTCVKXGUGEVKQPNCTIGN[DWKNFKPIQPYQTMD[,GF(TGGUQPVJG
OCPCIGOGPVQHDQVJOQTVCNKV[CUCTCPFQOXCTKCDNGCPFKPVGTGUVCUCTCPFQO
XCTKCDNG6JGUGCTGVQIKXGVJGUVWFGPVCPKFGCQHVJGTKUMOCPCIGOGPVVQQNUVJCV
6JG'XQNWVKQPQH#EVWCTKCN/CVJGOCVKEU

OKIJVDGCXCKNCDNGKPOCPCIKPIVJKUKPVGTGUVTCVGTKUM6JGTGçUCPGZVGPUKXGRTQDNGO
UGEVKQP1WTFGEKUKQPQPYJGVJGTVJKUUJQWNFIQKPVQVJGRTQDNGOUQTVJGPCTTCVKXG
YCUCENQUGQPG+çOUWTGVJCVOCP[QH[QWYJQVCMGVJGVKOGVQIQVJTQWIJKVYKUJ
YGJCFIQPGVJGQVJGTYC[DGKPIVJCVUQOGQHVJGKORQTVCPVKFGCUCTGTGRTGUGPVGF
KPVJGRTQDNGOUTCVJGTVJCPKPVJGPCTTCVKXG1PGEQWNFJCXGFQPGGSWCNN[YGNN
RTGUGPVKPIVJGGZRQUKVKQPKPVJGPCTTCVKXGHQTO

/T,QPGU9GJCFUQOGEQQRGTCVKQPHTQOVJGUVQEMOCTMGVUCTQWPFVJGYQTNFVQ
LWUVKH[VJGCFFKVKQPQHVJCVEJCRVGTVQVJGDQQMVQRTQXGVJCVKPXGUVOGPVTCVGUCTGCP
KORQTVCPVRCTVQHVJKUYQTNF1PVJGQVJGTJCPF%JCRVGTYCURTQDCDN[VJG
DKIIGUVXKEVKOQHEJCPIGDGECWUGQHKVUCRRNKECVKQPQHOWNVKRNGFGETGOGPVVJGQT[+V
DCUKECNN[RKPEJGFCPCRRNKECVKQP+VYCUSWKEMN[QWVQHFCVGDGECWUGCNQVQHVJG
OCVGTKCNKPVJGTGJCFVQFQYKVJ75KPVGITCVGFRGPUKQPRNCPUCPFUKPEGVJGPVJG
KPVGITCVKQPTWNGUJCXGEJCPIGFVQRGTOKVFKURCTKV[

#NUQFWTKPIVJKURGTKQFVJG&$RNCPUVJCVCTGFGUETKDGFKPVJGTGCTGNQUKPIHCXQTCPF
DGKPITGRNCEGFD[&%RNCPU$WVPQYVJCVVJGOCTMGVUCTGIQKPIFQYPOC[DG&%
RNCPUYKNNHCNNQWVQHHCXQTCPFYGçNNDGTGVWTPKPIVQGORNQ[GTURQPUQTGF&$RNCPU
CICKP

%JCRVGTKUPQNQPIGTCRGPUKQPRNCPEJCRVGTKVUCRRNKECVKQPUQHOWNVKRNG
FGETGOGPVVJGQT[YGTGEQPUQNKFCVGF9GDTQWIJVUQOGVQRKEUQPFKUCDKNKV[
KPUWTCPEGUWEJCUFKUCDKNKV[TKFGTUHTQO%JCRVGTQHVJGHKTUVGFKVKQPDCEMKPVQ
VJKUEJCRVGTYJKEJKUPQY%JCRVGT0GYVUCKFVJCVYCUURNKVUQVJKUKU%JCRVGT
6JGTGCTGOQTGGZCORNGUQHOWNVKRNGFGETGOGPVKFGCUKPVJKUEJCRVGTPQYVJCP
DGHQTGCPFVJGURGEKCNFGUKIPRNCPUVJCVCTGTGCNN[OQVKXCVGFD[TGIWNCVKQPJCXG
DGGPFGNGVGF

+PVJGCRRNKECVKQPUVJGTGCTGUQOGPGYKPUWTCPEGRTQFWEVUKP%JCRVGT9G
FTQRRGFQWVVJGTGVKTGOGPVKPEQOGRQNKEKGU+TGOGODGTQPGQHVJGDKIVJTGGCWVQ
EQORCPKGUJCFCRGPUKQPRNCPDCUGFQPKPFKXKFWCNTGVKTGOGPVGPFQYOGPVRQNKEKGU
9GçXGVCMGPVJQUGQWV+PUVGCFYGJCXGCPCEEGNGTCVGFDGPGHKVURQNKE[UGEVKQPCPF
CPQVJGTUGEVKQPQPNQPIVGTOECTGRQNKEKGUKP%JCRVGT

#PQVJGTVJKPICDQWVVJGCRRNKECVKQPUHQTRTKEKPICPFCEEQWPVKPI%JCRVGT
EQORTKUGFUKPINGFGETGOGPVNGXGNDGPGHKVRTGOKWOU6JGP[QWOQXGFVQ%JCRVGT
YJGTG[QWUVKNNYQTMYKVJUKPINGFGETGOGPVCPFUVKNNNGXGNRTGOKWO9GUVWFKGF
TGUGTXGU9GVJGPYGPVVQ%JCRVGTCPFCFFGFGZRGPUGUVQVJKUUKPINGFGETGOGPV
YQTNFCPFOQFKHKGFVJGTGUGTXGUVQCEEQOOQFCVGVJGGZRGPUGU6JGPYGYGPVVQ
%JCRVGTCPFCFFGFKPCPQVJGTFGETGOGPVCPFWUGFCUUGVUJCTGUHQTRTKEKPI6JCV
4'%14&8QNWOG

YCUVJGYC[YGRTGUGPVGFVJKUKPVJGUGEQPFGFKVKQPVJGHKTUVVYQKFGCUCTGVJGTG
DWVVJGNCUVVYQJCXGDGGPOQFKHKGF

/T,QPGU9GDTQMGVJCVWR0QYYGJCXGOWNVKRNGFGETGOGPVCPFCEEQWPVKPIKP
QPGEJCRVGTCPFOQTGRTKEKPIOQFGNUKPVJGPGZVEJCRVGT6JGTGçUVJG#PFGTUQP
OQFGNHQTKPUWTCPEGRTKEKPICPFVJG*QUMKPUOQFGNUQVJGTGKUOQTGQPRTKEKPIDWV
KVçUCHVGTVJG[çXGJCFCNNQHVJGQVJGTOCVGTKCN9JCVWUGFVQDG%JCRVGTUCPF
JCXGDGGPUETCODNGFCNNVQIGVJGTCPFRCTEGNGFQWVFKHHGTGPVN[KPVQVYQEJCRVGTU
6JGTGIWNCVKQPUVWHHJCUDGGPFGNGVGF6JGURGEKHKETGIWNCVKQPUVWHHVJGKFGCQH
UVCPFCTFUVJCV[QWJCXGVQOGGVKUKPVJGTGDWV[QWFQPçVJCXGVQMPQYVJG75QT
VJG%CPCFKCPUVCPFCTFU

9JCVCTGUQOGQHVJGPQVCVKQPUCPFPQOGPENCVWTGEJCPIGUVJCVYKNNCPPQ[VJG
VGCEJGTUDGECWUG[QWçNNUVKNNDGUC[KPIPGVUKPINGRTGOKWOCPFUQQP!1PGVJKPIYG
FKFEJCPIGYCUVJGU[ODQNHQTVJGHQTEGQHOQTVCNKV[YJKEJKUXGT[FKHHKEWNV+VçU
UQOGVJKPIVJCVYGJCXGPçVVTGCVGFXGT[YGNNKP0QTVJ#OGTKECPCEVWCTKCNVGZVDQQMU
QXGTVJG[GCTU9GOCFGVJGHQTEGQHOQTVCNKV[U[ODQNGUUGPVKCNN[UGNGEVYJKEJ
YQWNFKORN[VJGPVJCVGXGT[VJKPIGNUGKUUGNGEV6JKPIUIQVUQQWVQHJCPFVJCVYG
FGEKFGFNGVçUNGVKVMKPFQHIQD[EQPVGZV$WVYGMGRVVJKUUGNGEVPQVCVKQPHQTVJG
HQTEGQHOQTVCNKV[+PUVGCFQHJCXKPIzZ VYGJCXGzZ
VVQUGRCTCVGVJGFWTCVKQP
HTQOCPWPFGTYTKVKPIEJCTCEVGTKUVKECVVJGDGIKPPKPIYJCVYGFKFYCUC
EQORTQOKUG+VçNNDWI[QWCVVKOGUCPFOC[DGYGUJQWNFJCXGFQPGUQOGVJKPI
GNUGDWVYGIQVTKFQHPGVUKPINGRTGOKWOKP%JCRVGTQPVJGKPUWTCPEGUCPFECNNGF
VJCVCEVWCTKCNRTGUGPVXCNWGCPFOCFGKVUQOGYJCVU[OOGVTKEYKVJVJGCPPWKVKGU
6JGCEVWCTKCNRTGUGPVXCNWGVJGTGCPFVJQUGVYQVJKPIUCTGVJGUCOGKFGC6JCVçUPQV
TGCNN[CPGVUKPINGRTGOKWODGECWUGVJG[FQPçVVCNMCDQWVRTKEKPI6JGPGVUKPING
RTGOKWOKFGCVJGKFGCQHVJGCEVWCTKCNRTGUGPVXCNWGCUVJGPGVUKPINGRTGOKWOKU
KP%JCRVGT6JCVYQTFKPIKUCEVWCTKCNRTGUGPVXCNWGYJKEJKUCPQVJGT
PQOGPENCVWTGEJCPIG

9GIQVTKFQHPGVNGXGNRTGOKWO9GVJQWIJVVJCVYCUCDGPGHKVRTGOKWO6JKU
RTGOKWOYCUQPN[FGUKIPGFVQEQXGTVJGDGPGHKVU0GVNGXGNYCUPQVSWKVG
FGUETKRVKXG6JGKORNKECVKQPKUVJCVKHVJGTGUGTXGVJGPKUCNOQUVFQWDNGVJGRTGOKWO
TGUGTXGKVçUCDGPGHKVTGUGTXGKGITQUURTGOKWO5KPEGITQUUKUPQVCRQNKVKECNN[
EQTTGEVYQTFVJGUGFC[UYGJCXGEQPVTCEVRTGOKWOUKPUVGCFQHITQUURTGOKWOU

6JKUKUUQTVQHCUWOOCT[QHVJGDKIEJCPIGU9JCVEJCRVGTJCFVJGNGCUVEJCPIG!
6JCVYQWNFDGQNFFGOQITCRJ[%JCRVGTYJKEJKUPQY%JCRVGT#NNYGFKF
YCUEJCPIGVJGPWODGTUHTQOVQ6JGEJCRVGTYKVJVJGOQUVEJCPIGYCUVJG
QPG,KOLWUVVCNMGFCDQWVVJGUVQEJCUVKEKPVGTGUVDGECWUGKVFKFPçVGZKUVKPVJGHKTUV
GFKVKQP+VTQUGWRQWVQHPQVJKPI
6JG'XQNWVKQPQH#EVWCTKCN/CVJGOCVKEU

6JGDKIIGUVEQORNCKPVQTVJGOQUVHTGSWGPVEQORNCKPVYGJCFCDQWVVJGHKTUVGFKVKQP
YCUVJGUK\GQHVJGDQQMé+ECPçVECTT[KVêVJGUVWFGPVUYQWNFEQORNCKP6JGPGY
DQQMJCUVJGUCOGQWVUKFGFKOGPUKQPUDWVKVJCUOQTGOCVGTKCN

/T,QPGU+VJCUUNKIJVN[UOCNNGTOCTIKPUCPFUNKIJVN[UOCNNGTRTKPV#PFQHEQWTUG
VJGRTKEGYGPVWRDWVVJGEQUVRGTRCIGYGPVFQYP+VYCUHQTRCIGUKVçU
PQYHQTRCIGU6JGIQQFPGYUKUVJCVVJGRCIGUCTGUSWGG\GFKPVQVJG
UCOGQWVUKFGFKOGPUKQPUQHVJGHKTUVQPGUQ[QWECPçVUC[VJCVKVçUJGCXKGTVJCPVJG
HKTUVGFKVKQP

,WUVNCUVYGGM$CTDCTC5KOOQPUUCKFVJCV#EVWCTKCN/CVJGOCVKEUYQPCPCYCTFVJG
DGUVKPKVUECVGIQT[UEJQNCTN[DQQMRWDNKUJKPICVVJGVJCPPWCNOGFKCUJQYQHVJG
%JKECIQ$QQM%NKPKE%QPITCVWNCVKQPUVQ$CTDCPFJGTUVCHH

6JGHKTUVGZCOVJCVKVçUIQKPIVQDGWUGFHQTKU0QXGODGT6JCVçUVJG
GZCO+H[QWIQDCEMVJTQWIJVJGJKUVQT[QHVGZVDQQMU[QWYKNNUGGVJCVGCEJDQQM
YCUWUGFHQTQT[GCTUCPFGFKVKQPUYQWNFDGWUGFHQTä[GCTU+VJKPM
VJCVçUPQYCPWRRGTDQWPF6JGYQTNFKUEJCPIKPIOWEJHCUVGT6JGU[NNCDWUKU
IGVVKPITGDWKNV+GUVKOCVGVJGNKHGVKOGVQDGä[GCTU

/T,QPGU6JGHKTUVGFKVKQPJCFVJGCFXCPVCIGQHDGKPIWUGFKPUVWF[PQVGHQTOHQT
VJTGGQTHQWT[GCTU9KVJUVWFGPVUCPFRTQHGUUQTUHKPFKPIOKUVCMGUOKURTKPVUCPF
V[RQU[QWçFVJKPMVJGUGEQPFGFKVKQPYQWNFDGCNOQUVRWTG$WVVJGTGYCUVQQ
OWEJTGYTKVKPICPFKVYCUPGXGTWUGFCUCUVWF[PQVGUQVJGGTTCVCCTGUVCTVKPIVQ
EQOGKP6JG5QEKGV[YKNNOCKPVCKPVJGEWTTGPVGTTCVCUJGGVQPVJGKT9GDUKVGCPF
KPUVTWEVKQPU;QWECPUGGVJG[GNNQYKVCNKEUQHVJGKPUVTWEVKQPUCPF+JCXGEQRKGUQH
VJGEWTTGPVRTQQH

(TQOVJG(NQQT+HYGHKPFOQTGGTTCVCYJGTGUJQWNFYGUGPFVJGO!

/T,QPGU+çNNIKXG[QWO[GOCKNCFFTGUU

/T4QYNCPF%TQUU#PCYHWNNQVQHVJKPIUYGTGUNKRRKPID[VJCV+EQWNFPçVTGCNN[
ITCURDWVQPG+PQVKEGFYCUVJCV[QWFTQRRGFVJG.KFUVQPG6JGQTGO+UVJGTG
CP[VJKPIEQORCTCDNGVQVJCV!+YCPVVQMPQYYJCVVJGGHHGEVQPTGUGTXGUYQWNFDG
QHCEJCPIGKPKPVGTGUVTCVGQTOQTVCNKV[+UVJGTGUQOGVJKPIUKOKNCTVQVJCVQTFQ[QW
JCXGCPQVJGTWUGHWNVQQN!

/T,QPGU6JCVçUCIQQFSWGUVKQP1WTHGGNKPIYCUVJCVVJGKFGCQHVJGKORCEVQP
TGUGTXGUKUUQGCUKN[FQPGPQYQPVJGURTGCFUJGGVVJCVå
4'%14&8QNWOG

/T%TQUU$WV[QWJCXGVQFQKV;QWOWUVJCXGVJGOCEJKPGVQFQKV+H[QWçTG
EQPUWNVKPICENKGPVCPFVJG[CUM[QWé9JCVçUIQKPIVQJCRRGPKH[QWEJCPIGVJG
OQTVCNKV[VCDNG!ê[QWECPçVUC[é,WUVCOKPWVG+çNNIGVDCEMVQO[EQORWVGTê

/T,QPGU;GU[QWçTGTKIJV4QYNCPF2GTJCRUVJQUGEQTQNNCTKGUVJCVYGJCFVQ
.KFUVQPGçU6JGQTGOUJQWNFUVKNNDGKPVJGTG+FQWDVKH[QWçFWUGVJCVETKVKECN
HWPEVKQPCU[QWçTGUKVVKPICPFVCNMKPIVQCENKGPVDWV[QWRTQDCDN[YQWNFHQTVJG
EQPUGSWGPEGUQHVJGUQNQGHHGEVQHCPKPVGTGUVEJCPIGQTQHCOQTVCNKV[EJCPIG(QWT
EQTQNNCTKGUYGTGKPVJGHKTUVGFKVKQP6JG[FKFPQVUWTXKXGVJGUGEQPFGFKVKQPDWV
OC[DGVJG[UJQWNFJCXG

/T%TQUU+UVJGTGVJQWIJVVJCV[QWOKIJVTGUVQTGVJGO!

/T*KEMOCP+VJKPMVJGOCKPRQKPV4QYNCPFYCUVJCVVJGCOQWPVQHVKOGCPF
URCEGVJCV[QWJCFVQIGV.KFUVQPGçU6JGQTGOYJKEJKPXQNXGUCFKHHGTGPEGGSWCVKQP
UWDVTCEVKPIIGVVKPICHWPEVKQPVJCVMKPFQHIQGUHTQO\GTQVQ\GTQCPFCNQVQH
CUUWORVKQPU[QWRWVQPKV$[VJGVKOG[QWVCWIJVCNNVJCVYJCVFQ[QWIGVQWVQH
KV!9GNN[QWEQWNFIGVCEQWRNGQHEQTQNNCTKGUVJCVCTGFKTGEVN[KPVGTGUVKPIHQTVJG
KUUWGVJCVJGLWUVDTQWIJVWR$WVVJGTGCTGQVJGTYC[UVQRTQXKFGVJCVKPUKIJVCPF
VJKULWUVOC[YGNNDGCOKUVCMG$WVVJGKFGCYCUVJCVKVLWUVVQQMVQQOWEJVKOGCPF
URCEGVQFQCNN.KFUVQPGçU6JGQTGOHQTVJGTCVJGTOGCIGTTGUWNV0QVVJCVKVçUCP
WPKORQTVCPVTGUWNVDWVVJGTGCTGQVJGTYC[UVQRTQXKFGVJCVKPUKIJV

6JG.KFUVQPGCTIWOGPVKUQDXKQWUN[CPKPVGTGUVKPICTIWOGPV+VRQRUWRKP
FKHHGTGPVKCNGSWCVKQPUCPFUGXGTCNRNCEGUCPFRTQDNGOU$WVVJGTGCTGPQNQPIGTVYQ
QTVJTGGRCIGUFGXQVGFVQ.KFUVQPGçU6JGQTGO

(TQOVJG(NQQT*QYFQ[QWVTGCVUVCVGTGIWNCVKQPUQPVJGUGUWDLGEVU!

/T*KEMOCP6JGTGçUCNKVVNGQHVJCVOWNVKRNGUVCVGUVWHHDCEMKPVJGOCVGTKCNQP
CEEGNGTCVGFDGPGHKVUCPFNQPIVGTOECTG+VçUHCTHTQOCEQORNGVGGZRQUKVKQPDGECWUG
YGFQPQVJCXGTGVWTPU+VKUDCUKECNN[VCWIJVCUKHKVYCUOWNVKRNGFGETGOGPVU
VJGQT[CNVJQWIJVJGTGçUCUGEVKQPVJCVTGEQIPK\GUVJCVYKVJOWNVKRNGUVCVGOQFGNU
[QWECPOQXGDCEMCPFHQTVJDGVYGGPUGXGTCNOQFGNUYJKEJKURGTJCRUCDGVVGT
YC[VQFQKV*QYGXGTYGFKFPQVVCMGVJGVKOGVQFQKV9KVJTGURGEVVQVJG
PQPKFGPVKHKCDKNKV[RTQDNGOENGCTN[[QWECPURGEKH[VJGRCTCOGVTKEFKUVTKDWVKQPCPF
RGTJCRUIGVCYC[HTQOKV$WVCUNQPICU[QWVJKPMKPVGTOUQHVKOGWPVKNFGETGOGPV
CPFéECWUGêQHFGETGOGPVVJKUKUCRTGVV[PGCVRTQDNGOVJCVJCUPQVDGGP
TGEQIPK\GFVJKUKUGUUGPVKCNN[CPGUVKOCVKQPRTQDNGO

+VçUPQVCPCRRNKECVKQPURTQDNGO$WVKVçUXGT[UGTKQWUCPFYJGPKVTGCNN[EQOGUWRKU
KPVJGGNFGTN[DGECWUGVJGPCVWTCNOQFGNUCTGVQVJKPMQHECWUGUQHFGCVJCU
6JG'XQNWVKQPQH#EVWCTKCN/CVJGOCVKEU

KPFGRGPFGPV6JCVçUVJGYC[YGCNNNGCTPGF$WVQDXKQWUN[VJCVçUQPN[RCTVKCNN[
VTWGYKVJVJG[QWPICPFKUUWTGN[PQVVTWGYKVJVJGGNFGTN[6JGTGHQTGVJGXCNWGQH
ECWUGQHFGCVJKPHQTOCVKQPCU[QWRTQLGEVKPVJGJKIJGTCIGUKUXGT[SWGUVKQPCDNG
+VçUPQVVJCV[QWFQPçVIGVCP[KPHQTOCVKQPDWVYJKNG[QWTUVCPFCTFOQFGNUCTG
CUUWOKPIKPFGRGPFGPEGVJGTGKUPQKPFGRGPFGPEGDGVYGGPVJGUGECWUGU#PFKV
RTQDCDN[KUPçVUQKPOCP[GORNQ[GGDGPGHKVRNCPU&GCVJFKUCDKNKV[NC[QHHKPC
RGPUKQPRNCPCNOQUVQPVJGKTHCEGCTGPQVKPFGRGPFGPV

/T%TQUU9JCVCDQWVUOCNNUEJQQNUVJCVJCXGLWUVCXGT[OQFGUVRTQITCOKP
CEVWCTKCNUEKGPEGKPVJGKTOCVJFGRCTVOGPVU!

/T*KEMOCP;GUVJG[YCPVVQKPEQTRQTCVGVJKUPGYGFKVKQP6JGURNKVDGVYGGP
VJGUGEQPFGFKVKQPQH,QTFCPCPFVJGHKTUVGFKVKQPQH#EVWCTKCN/CVJGOCVKEUYCUC
DKIIGTLWORVJCPVJKUQPG6JCVYCUVJGDKILWOR$WVHQTGZCORNGYGMPGY
CDQWVPQPKFGPVKHKCDKNKV[VGP[GCTUCIQYJGPYGYTQVGVJGOWNVKRNGFGETGOGPV
EJCRVGT6JGYQTFUCTGVJGTGDWVVJG[çTGHW\\[#PFVJCVYCUD[FGUKIP$WVVJG
YQTNFJCUIQPGQP/QTGRGQRNGCTGHCEKPIWRVQVJGKTRTQDNGOU6JGNCPIWCIGKU
DGVVGT9GECPDGCNKVVNGDKVOQTGGZRNKEKVCDQWVKVVJKUVKOG#HGY[GCTUHTQO
PQYYGOC[JCXGCTKEJGTENCUUQHOWNVKXCTKCVGOQFGNUVQUNCRKPVJGTG6JG[çTG
QWVVJGTGPQYDWVVJG[CTGKPQWTXKGYPQVSWKVGTGCF[HQTVJKUNGXGN$WVVJG
CPUYGTKU[GU6JCVUQNQVGCEJGTQWVVJGTGCVCNKDGTCNCTVUUEJQQNYJQçUMGGRKPIQPG
UVGRCJGCFQHVJGUVWFGPVCPFJCFCNQVJCTFGTVKOGIQKPIHTQO,QTFCPVQVJGHKTUV
GFKVKQPQH#EVWCTKCN/CVJGOCVKEUKUIQKPIVQJCXGCUNKIJVN[JCTFGTVKOGKPIQKPIVQ
VJKUPGYQPG$WVKPUQOGUGPUGVJCVçUVJGYQTNF4QYNCPF0QVQPN[KUVJCVVTWG
KP#EVWCTKCN/CVJGOCVKEUDWVKPCNOQUVCP[UWDLGEVVJCV[QWECPKOCIKPGVJGRCEG
JCUUVGRRGFWR

(TQOVJG(NQQT+çOHTQO%JKPC+H[QWFQPQVJCXGGCU[CEEGUUVQCURTGCFUJGGV
YKVJVJGDQQMPQYCTG[QWEQORNGVGN[UVWEM!

/T*KEMOCP;GUVJGRTQDNGOUVJCVYGTGUVCVGFKPVGTOUQHEQOOWVCVKQP
HWPEVKQPUQTYJGTGYGGZRGEVGFVJGOVQWUGEQOOWVCVKQPHWPEVKQPUCTGPçVVJGTGUQ
UQOGDQF[VGCEJKPIKPVJGPQPURTGCFUJGGVGPXKTQPOGPVOKIJVJCXGVQOCMGWR
UQOGGZGTEKUGUCPFRTQXKFGEQOOWVCVKQPHWPEVKQPU

/T*KEMOCP;GUYGFKFTGFWEGQWTOCTMGVQPVJCVFGEKUKQP;QWçTGCDUQNWVGN[
TKIJV

/T%TQUU6JG5QEKGV[RWDNKUJGUCUVWF[PQVGFQGUPçVKVQPEQOOWVCVKQP
HWPEVKQPU!
4'%14&8QNWOG

(TQOVJG(NQQT0QV[GV

/T,QPGU6JG,QKPV$QCTFOKIJV4QYNCPF

/U'UVJGT2QTVPQ[6JKUKUCSWGUVKQPQHEQOOWVCVKQPHWPEVKQPXGTUWUVJG
URTGCFUJGGVGURGEKCNN[WUKPIVJGTGEWTUKQPTGNCVKQPU+çOPQVVGCEJKPIVJCVOCVGTKCN
VJKUUGOGUVGT2JKNQUQRJKECNN[+ECPCRRTGEKCVGVJCVDWVKPVGTOUQHYJCVO[
UVWFGPVUCTGFQKPI+çXGVTKGFHQT[GCTU+çXGRWUJGFVJGTGEWTUKQPTGNCVKQPUHQT[GCTU
CPFVJG[çXGTGUKUVGF+VçUVJCVNGCRVQWPFGTUVCPFKPI+MGGRVGNNKPIVJGOé6JKUKU
GCU[ê;QWLWUVVJKPMYJCVJCRRGPUVJGHKTUV[GCTDWVCHVGTVJCV[QWFQPçVJCXGVQ
OGOQTK\GCNNVJQUGHQTOWNCU5VKNNVJG[TGUKUVGF+çOXGT[UMGRVKECNQHJQYKVçU
IQKPIVQIQQXGTRGFCIQIKECNN[

/T,QPGU.QQMVQVJGURTGCFUJGGVVQJGNR[QW+VJKPM6JGHCEVVJCVVJG[çTGFQKPI
VJKPIUQPVJCVURTGCFUJGGV+VJKPMYKNNJGNRVJGOWPFGTUVCPFCPFIGVVJGOQVKXCVKQP
VQNGCTPVJGTGEWTUKQPTGNCVKQPUåVJCVçUO[TGCEVKQPVQKV/[UVWFGPVUNKMGFVJG
URTGCFUJGGVGZGTEKUGU+WUGFVJGONCUV[GCTDGECWUG+UGVVJGOWR

/T*KEMOCP;GU+VJKPM[QWçTGTKIJV#PFKPLWUVKHKECVKQP+çNNLWUVCFFVYQVJKPIU
VQYJCV&QPUCKF/QTGCPFOQTGCEVWCTKCNHWPEVKQPUFQPQVFGRGPFQPN[QP
CVVCKPGFCIG6JGRGPUKQPRGQRNGCNOQUVGPCEVGFCUVCPFCTFCPFUCKFGXGT[VJKPI
UJCNNDGUGNGEV6JG[FKFPçVSWKVGGPCEVKVDWVVJCVKFGCYCUVJGTG6JGKFGCVJCV
HWPEVKQPUFGRGPFQPN[QPCVVCKPGFCIGYJGTG[QWIGVOQUVQHVJGGEQPQO[HTQO
EQOOWVCVKQPHWPEVKQPUKUUQOGYJCVFGENKPKPIKPRTCEVKEG

(WTVJGT+çFLWUVNKMGVQSWQVGVQ[QWHTQOKP6JG,QWTPCNQHVJG+PUVKVWVGQH
#EVWCTKGU5VWFGPV5QEKGV[COCPPCOGF9KNNKCO2JKNNKRUQPGQHVJGTGCNRKQPGGTUQH
EQORWVKPIYJQUCKFé0QYYGMPQYVJCVEQOOWVCVKQPEQNWOPUVJGHQTOWNCHQT
CRRTQZKOCVGTGITGUUKQPCPFVJGCRRTQZKOCVGGXCNWCVKQPOGVJQFUCTGCUFGCFCUC
FQFQê#PF[GCTUNCVGTYGçTGMKPFQHECVEJKPIWRYKVJYJGTG2JKNNKRUYCUVJGP
$[VJGYC[+TGEQOOGPFVJCV[QWTGCFCDQWVVJKUTGOCTMCDNGIW[+VçUKP,CEM
/QQTJGCFçUDQQM1WT;GUVGTFC[U*GYCUCEGPVWT[CJGCFQHVJGTGUVQHWU

/T%TQUU$WVTGCNKUVKECNN[RGQRNGCTGIQKPIVQJCXGVQMPQYCDQWVEQOOWVCVKQP
HWPEVKQPU6JG[çTGIQKPIVQJCXGVQUGGFGXGNQROGPVUKPQHHKEGUD[QVJGTGZRGTVU
VJCVWUGEQOOWVCVKQPHWPEVKQPU;QWECPçVLWUVGNKOKPCVGVJGOD[CPCEVQH)QF
CPFUC[VJG[FQPçVGZKUV6JG[CTGIQKPIVQJCXGVQIGVKVUQOGYJGTGCTGPçVVJG[!

/T,QPGU+VJKPM/CZ2NCPEMUCKFUQOGVJKPICDQWVVJCV*GUCKFCPGYKFGC
EQOGUCNQPICPFKVVCMGUCIGPGTCVKQPHQTKVVQDGCEEGRVGF;QWJCXGVQLWUVYCKV
WPVKNVJGRGQRNGYJQWUGVJGQNFKFGCNGCXGCPFVJGPGYRGQRNGEQOGCNQPI+JCXG
CSWGUVKQPHQT[QW+PVJGGSWCVKQPFQYPJGTGVJCV,KOYGPVQXGTYJCVFQYGECNN
6JG'XQNWVKQPQH#EVWCTKCN/CVJGOCVKEU

VJKUVJKPITKIJVJGTG!6JG+45ECNNUVJCVéDGUVGUVKOCVGê4KIJV!+VçUVJGCEVWCTKGUç
GZRGEVGFXCNWGQHVJGKTFKUVTKDWVKQPHQTVJGKPVGTGUVTCVG9JCVFQGUVJKUGSWCVKQPVGNN
WU!6JGGSWCVKQPUC[UVJCVVJGGZRGEVGFXCNWGQHVJGTCPFQONKCDKNKV[RTGUGPVXCNWGU
KUDKIIGTVJCPVJGQPG[QWECNEWNCVGYJGP[QWWUG[QWTDGUVGUVKOCVG

/T*KEMOCP6JKUKUMKPFQHNGUUQPQPGKPUVQEJCUVKEKPVGTGUV

/T,QPGU;GUUQFQGUVJKUUC[VJCVVJG+45KUVGNNKPIWUVQWPFGTHWPFRGPUKQPRNCPU
D[WUKPIQWTDGUVGUVKOCVGKPVJGKPVGTGUVTCVGUTCVJGTVJCPCFKUVTKDWVKQPHQTVJG
KPVGTGUVTCVG!+VJKPMVJCVVJKUKPPQEWQWUNQQMKPIVJKPIEQWNFDGCRQNKVKECN
UVCVGOGPVRTQDCDN[VJGQPN[QPGKPVJGDQQM$WVKVçUMKPFQHCPKPVGTGUVKPIVJKPI
&QGUVJCVUC[VJCVVJG+45KUWPFGTHWPFKPIQWT&$RGPUKQPRNCP!

/T%TQUU9JCVçUVJGQTFGTQHVJGKPGSWCNKV[!+VKUFTCOCVKECNN[DKIIGTQTKUKVLWUVC
NKVVNGDKVDKIIGT!

/T*KEMOCP9QTMRTQDNGOYKNNCUM[QWHQTXCTKQWUFKUVTKDWVKQPUKPKPVGTGUV
TCVGUCPFJQYHCTVJG[CTGCRCTV6JGCPUYGTKU[GU6JG[ECPDGSWKVGCDKV

/T%TQUU.KMGYJCV!(KHV[RGTEGPVOQTG!

/T*KEMOCP1J+FQPçVTGOGODGT9GCUMGFVJGOVQGXCNWCVGVJQUG
FKHHGTGPEGU

/T,QPGU+VçUCDQWVQHUQOGEQOOQPXCNWGU$GECWUGVJG[YGPVKPVJGQVJGT
FKTGEVKQPKVçUDCUKECNN[QHHUGVD[VJCVFGRGPFGPE[QHVJGLQKPVNKHGECNEWNCVKQPU+H[QW
JCRRGPVQJCXGCRNCPYKVJLQKPVNKHGDGPGHKVUKPKVKVOC[VWTPQWVGXGP

#UHCTCUVKOKPIYJCV[QWEQXGTKPCUGOGUVGTFGRGPFKPIQPYJGTG[QWUVCTVGF[QW
JCXGVQFQCNKVVNGDKVYKVJ%JCRVGTPQYDGECWUGQHVJGWUGQHWVKNKV[VJGQT[CPF
VJGRTKEKPI9GçTGWUGFVQUVCTVKPIQP%JCRVGTCPFIGVVKPIVJTQWIJKPC
UGOGUVGT;QWFQJCXGVQFQCNKVVNGDKVYKVJWVKNKV[PQY

+FQP VJCXGRGTHGEVGZRGTKGPEGVQTGNCVGVQ[QWDGECWUG+çOQPSWCTVGTU+çOENGCTN[
VJTQWIJ%JCRVGTD[VJGUGEQPFSWCTVGTDWVYJGTG+YQWNFJCXGDGGPKH+JCF
DGGPQPCUGOGUVGT[GCT+PGXGTICXGVJCVCVJQWIJV

/T*KEMOCP+FQPçVVJKPM[QWçNNJCXGVQFQCNNQH%JCRVGTVQFQ%JCRVGTCPF
;QWECPFQKVYKVJCDCEMYCTFNQQM(QTGZCORNGVJG#TTQY6JGQTGOFQGUPQV
CRRGCTCICKPKP%JCRVGTUCPFDWVVJGKFGCVJCV[QWEQWNFDWKNFCEQJGTGPV
U[UVGOQHDQVJRTKEKPICPFTGUGTXKPIHQTQVJGTVJCPNKPGCTWVKNKVKGUFQGURQRWR+H
4'%14&8QNWOG

[QWEJQUGSWCFTCVKEWVKNKV[QTGZRQPGPVKCNWVKNKV[[QWEQWNFIGVCYJQNGUVTWEVWTGQH
RTGOKWOUCPFTGUGTXGU6JGYJQNGVJKPIYQWNFRWNNVQIGVJGTCPFOCMGUGPUG
6JCVKFGCKUVJGTG+H[QWECPJGNRVJGUVWFGPVMPQYVJCVKPFKHHGTGPEGGSWCVKQPQH
VJGTGUGTXGQHCPGZRGEVGFWVKNKV[QHVJGHWVWTGECUJHNQYUCVVKOG\GTQ[QWIGVVJG
RTGOKWO#VQVJGTVKOGU[QWIGVVJGTGUGTXGU6JCVçUCNNVJG[PGGFVQMPQY$WV
VJG[YKNNDGNGFVJTQWIJRTQDNGOUVJCVKNNWUVTCVGDQVJGZRQPGPVKCNWVKNKV[CPF
SWCFTCVKEWVKNKV[,WUVKNNWUVTCVGVJCVKFGC

.KPGCTWVKNKV[KUPçVVJGYQTNF;QWECPDWKNFCYJQNGUVTWEVWTGQPCFKHHGTGPVXCNWG
U[UVGO#PF[QWECPKNNWUVTCVGVJCVKFGC6JCVVTCFGQHHKUCNN[QWPGGFVQFQåQPN[
CDQWVVJGHKTUVHQWTQTHKXGRCIGUQH%JCRVGT