Professional Documents
Culture Documents
GSRJMER^E
)BDJBVOOVFWPWrODVMP
FOUSF&TUBEPZ4PDJFEBE$JWJM
7PMVNFO*
$BQrUVMP
6IPEGMSRIWIRXVI)WXEHS]WSGMIHEHGMZMP
IRPE%VKIRXMREYRQEVGSHIERjPMWMW
QPS.BSDFMP-FJSBT
*OUSPEVDDJwO
&TUFFOTBZPEJTDVUFUFPSrBTBDFSDBEFMBSFMBDJwOFOUSFFM&TUBEPZMB
TPDJFEBEDJWJMBMBMV[EFMBFYQFSJFODJBBSHFOUJOB
FOQBSUJDVMBSMBFYQFSJFODJB
EFNPDSgUJDBSFDJFOUF"OBMJ[BFTUBTUFPSrBTFOUSFTTFOUJEPTEJTUJOUPTDPNP
DPOKVOUPTEFUnSNJOPTQBSBEFTJHOBSBMBTQBSUFTEFFTUBSFMBDJwO
DPNPDPO
KVOUPTEFBSHVNFOUPTQBSBKV[HBSOPSNBUJWBNFOUFTVTSFTVMUBEPTZDPNP
DPOKVOUPT EF IJQwUFTJT QBSB FTUBCMFDFS TVT DPOEJDJPOFT EF QPTJCJMJEBE &M
FYBNFOOPFTFYIBVTUJWPTFDPODFOUSBFOMBTEFOPNJOBDJPOFT
MBTWBMPSB
DJPOFTZMBTEFTDSJQDJPOFTNgTGSFDVFOUFTFOMPTFTUVEJPTDPOUFNQPSgOFPT
-BFYQPTJDJwOBEPQUBVOBQFSTQFDUJWBNJSBBMBTPDJFEBEDJWJMZBM&TUBEP
EFTEFFMQVOUPEFWJTUBEFMJEFBSJPEFNPDSgUJDPZMPTKV[HBFOSFMBDJwODPO
TVDBQBDJEBEQBSBQSPNPWFSMBTVQFSWJWFODJBZFMFOSJRVFDJNJFOUPEFMSFQFS
UPSJPJOTUJUVDJPOBMEFMSnHJNFO
&TUFNBSDPEFBOgMJTJTFTUgJOTQJSBEPFOMBTJOUFSWFODJPOFTSFBMJ[B
EBTFOFM&ODVFOUSP²)BDJBVOOVFWPWrODVMPFOUSF&TUBEPZ4PDJFEBE$JWJM³
ZRVFFTUFWPMVNFOSFDPHF4VQSPQwTJUPFTVCJDBSFTUBTJOUFSWFODJPOFT
FOFMDPOUFYUPEFMPTEFCBUFTOBDJPOBMFTFJOUFSOBDJPOBMFTTPCSFFMUFNB
&TUPTEFCBUFTUJFOFOVOBEJNFOTJwOEFTDSJQUJWB
SF¾FSFOBOVFTUSBDBQBDJ
EBEQBSBFOUFOEFSZFYQMJDBSDwNPZQPSRVnTFWJODVMBOZQVFEFOWJODVMBS
TFFM&TUBEPZMBTPDJFEBEDJWJM5JFOFOUBNCJnOVOBEJNFOTJwOWBMPSBUJWB
BMJNFOUBOOVFTUSBDBQBDJEBEQBSBKV[HBSFJNBHJOBSDwNPEFCFOWJODVMBS
TFFTUPTEPTUnSNJOPT$PNPMPJMVTUSBOMBTJOUFSWFODJPOFTFOFM&ODVFOUSP
UBOUP MB EFTDSJQDJwO DPNP MB WBMPSBDJwO QSFTFOUBO OVNFSPTPT EFTBGrPT
4POWBSJPTMPTNPEPTEFFOUFOEFS ZWBSJPTMPTNBMFOUFOEJEPT
ZWBSJPTMPT
NPEPTEFBQSFDJBS PSFDIB[BS
MPTWrODVMPTFOUSFFM&TUBEPZMBTPDJFEBE
1SPGFTPSEFM%FQBSUBNFOUPEF)VNBOJEBEFT
6OJWFSTJEBEEF4BO"OESnT
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
DJWJM&TUFNBSDPPGSFDFBMHVOPTDSJUFSJPTQBSBSFDPOPDFS
DPNQBSBSZKV[HBS
BFTUBTEJTUJOUBTEFTDSJQDJPOFTZWBMPSBDJPOFT&MUrUVMPEFM&ODVFOUSPTV
HJFSFVOBDJFSUBJOTBUJTGBDDJwODPOFMWrODVMPBDUVBMNFOUFFYJTUFOUFFOUSF
&TUBEPZTPDJFEBEDJWJM&MNBSDPEFBOgMJTJTSFDPHFFTBJORVJFUVEZFTQFSB
FOUPODFTPGSFDFSBMHVOBTHVrBTDPODFQUVBMFTQBSBJNBHJOBSVOOVFWPWrO
DVMPZMMFWBSMPBMBQSgDUJDB
-PTBSHVNFOUPTRVFTFQSFTFOUBOTPOCBTUBOUFHFOFSBMFT
QPSMPRVF
TFSgTFODJMMPQBSBFMMFDUPSFODPOUSBSTVTSFMBDJPOFTDPOUFNBTRVFBQBSF
DFOFOPUSBTTFDDJPOFTEFFTUFMJCSP"MPMBSHPEFMBFYQPTJDJwONFODJPOP
MBTDPJODJEFODJBTFTQFDJBMNFOUFTJHOJ¾DBUJWBT&TQSPCBCMF
TJOFNCBSHP
RVFEBEBMBFYUFOTJwOZMPTQSPQwTJUPTEFFTUFUFYUPJOUSPEVDUPSJP
BMHVOP
EFMPTUFNBTEJTDVUJEPTFOFM&ODVFOUSPOPUFOHBOVOUSBUBNJFOUPTV¾DJFO
UFNFOUFFYUFOTP1PSMPTNJTNPTNPUJWPT
OPIFQPEJEPJODMVJSPUSPT
-PRVFSFTUBEFMBFYQPTJDJwOFTUgPSHBOJ[BEPFOTJFUFQBSUFT&OUSF
MBQSJNFSBZMBUFSDFSBTFQSFTFOUBOMBEJTDVTJwOUFSNJOPMwHJDB
OPSNBUJWBZ
EFTDSJQUJWB-BDVBSUBBOBMJ[BTJOUnUJDBNFOUFMBIJTUPSJBEFMBSFMBDJwOFOUSF
FM&TUBEPZMBTPDJFEBEDJWJMFOMB"SHFOUJOBEFBDVFSEPDPOUSFTQSPDFTPT
DMBWF-BRVJOUBFYQMJDBGBDUPSFTBTPDJBEPTDPOFMDSFDJNJFOUPEFMBWJTJCJ
MJEBEZMBJO¿VFODJBQ|CMJDBEFMBTPSHBOJ[BDJPOFTEFMBTPDJFEBEDJWJMFOMB
"SHFOUJOBQPTU-BTFYUBBOBMJ[BBMHVOPTJOEJDBEPSFTEFEJGFSFODJBT
JOUFSQSPWJODJBMFT FO FTUF DSFDJNJFOUP -B TnQUJNB TFDDJwO FYQPOF CSFWFT
DPODMVTJPOFT
&TUBEPZTPDJFEBEDJWJM
EF¾OJFOEPMPTUnSNJOPTZMBSFMBDJwO
²QPSFTUBEPFOUJFOEPVODPOKVOUPEFJOTUJUVDJPOFTZSFMBDJPOFTTP
DJBMFT DBTJ UPEBT FMMBT TBODJPOBEBT Z SFTQBMEBEBT QPS FM TJTUFNB
MFHBMEFFTFFTUBEP
RVFOPSNBMNFOUFQFOFUSBOZDPOUSPMBOMBQP
CMBDJwOZFMUFSSJUPSJPRVFFTFDPOKVOUPEFMJNJUBHFPHSg¾DBNFOUF
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
&TBTJOTUJUVDJPOFTUJFOFODPNP|MUJNPSFDVSTP
QBSBJNQMFNFOUBSMBT
EFDJTJPOFTRVFUPNBO
MBTVQSFNBDrBRVFOPSNBMNFOUFFKFSDFOTP
CSFFMDPOUSPMEFMPTNFEJPTEFDPFSDJwOFOEJDIPUFSSJUPSJP³
nOGBTJTFOFMPSJHJOBM
1PS TVQVFTUP
MB UBSFB QVFEF DPNQMJDBSTF TJ TF USBUB EF EJTUJOHVJS
FTUBGPSNBEFPSHBOJ[BSMBBVUPSJEBEQPMrUJDBSFTQFDUPEFPUSBTDPNPMPT
JNQFSJPT
TJUFOFNPTRVFGFDIBSFYBDUBNFOUFTVPSJHFOPBOBMJ[BSVOBTJ
UVBDJwOFOMBRVFOJOH|ODPOKVOUPEFPSHBOJ[BDJPOFTFKFSDFVOBDMBSBTV
QSFNBDrBTPCSFMPTNFEJPTEFDPFSDJwO&ONVDIBTPDBTJPOFTUBNQPDPFT
TFODJMMPEFUFSNJOBSRVJnOFTUgBVUPSJ[BEPBBDUVBSFOOPNCSFEFM&TUBEP
&TBEFUFSNJOBDJwOQVFEFEBSMVHBSBEJTDVTJPOFTMFHBMFTZQPMrUJDBT1FSP
QBSUJFOEPEFMBEF¾OJDJwOBOUFSJPS
PEFBMHVOBTFNFKBOUF
QPEFNPTFO
DPOUSBSDSJUFSJPTQBSBPSEFOBSFTUBTEJTDVTJPOFT2VJ[gTUBSEFNPTFOQP
OFSOPTEFBDVFSEP
QFSPTBCFNPTQPSEwOEFFNQF[BS
4JUFOFNPTRVFEF¾OJSBMBTPDJFEBEDJWJM
FODBNCJP
MBUBSFBFTNgT
DPNQMJDBEB1SPCBCMFNFOUFMBSFBDDJwOJONFEJBUBTFBQFOTBSFOVOFTQB
DJPEFBTPDJBDJPOFTBVUwOPNBTZWPMVOUBSJBT4JFTUFFTFMTJHOJ¾DBEPEF
MBFYQSFTJwO
QPEFNPTQSFHVOUBSOPTTJOFDFTJUBNPTFMBEKFUJWP²DJWJM
³ OP
QPESrBNPTEFDJSTJNQMFNFOUF²TPDJFEBE³ &OFTUFQVOUPRVJ[gTOPTBDPS
EFNPTEFBVUPSFTDPNP+PIO-PDLFP+FBO+BDRVFT3PVTTFBVZQFOTFNPT
RVF²DJWJM³FTBOUwOJNPEF²OBUVSBM³
1FOTBOEP BTr
MP DBSBDUFSrTUJDP EF FTUBT BTPDJBDJPOFT BVUwOPNBT
Z WPMVOUBSJBT FT TV ²BSUJ¾DJBMJEBE
³ FM IFDIP EF TFS DSFBEBT
JOTUJUVJEBT
FMIFDIPEFFTUBSTPTUFOJEBTTPCSFMBBDDJwOEFMJCFSBEBZSBDJPOBMEFTVT
NJFNCSPT1FSP²DJWJM
³UBNCJnOQPESrBRVFSFSEFDJS
DPNPMPJOUFSQSFUBCB
"EBN'FSHVTPO RVJFOQSPCBCMFNFOUFIBZBTJEPFMQSJNFSPFOVTBSFTUB
FYQSFTJwO FO TV TJHOJ¾DBEP NPEFSOP
²DJWJMJ[BEB
³ ²SF¾OBEB³ 2VJ[gT FM
BEKFUJWPSFNJUB
FOUPODFT
BBMHPNgTRVFFMDBSgDUFSBSUJ¾DJBMEFFTUBTBTP
DJBDJPOFT"TPDJBDJPOFTDJWJMFTTFSrBOBTrMBTRVFDVMUJWBODJFSUPTIgCJUPT
EF²DJWJMJEBE³FOTVTNJFNCSPT 4IJMT
-PTIgCJUPTEF²DJWJMJEBE³QVFEFOOPTFSDPNQBUJCMFTDPOMBMFBMUBE
IBDJBMBDPNVOJEBEQPMrUJDB&TPUFNrB'FSHVTPOZ
BMFSUBEPQPS'FSHVTPO
(FPSH)FHFMZ
BMFSUBEPQPSFMMPTZPUSPT
,BSM.BSY&MSF¾OBNJFOUPZMB
DJWJMJ[BDJwOTPOPCSBEFMBQBDJ¾DBDJwOZMBEJTDJQMJOBQSPEVDJEBTQPSMPT
&TUBEPT NPEFSOPT
QFSP UBNCJnO GSVUP EF MB NBEVSBDJwO EF MB BDUJWJEBE
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
FDPOwNJDB
EFMBQSPEVDDJwOZEFMDPNFSDJP/PTBDPSEBSFNPTFOUPODFT
EFRVF²DJWJM³UJFOFSBr[MBUJOBZWJFOFEF²DJVEBE
³ZRVF²DJVEBE³TJOSBr[
MBUJOB FT ²CVSHP³ 1FOTBSFNPT FOUPODFT RVF ²TPDJFEBE DJWJM³ QVFEF TFS
TJOwOJNP EF TPDJFEBE CVSHVFTB
EF QSPQJFEBE
EFTJHVBMEBE Z DPO¿JDUP
EJTUSJCVUJWP&OMBTPDJFEBECVSHVFTB
FMDBSgDUFSWPMVOUBSJPZBVUwOPNP
EFFTUBTBTPDJBDJPOFTUJFOFVOQSPQwTJUPQBSUJDVMBS
RVFFTMBEFGFOTBEF
JOUFSFTFT TFDUPSJBMFT BTPDJBEPT GVOEBNFOUBMNFOUF DPO MBT BDUJWJEBEFT
FDPOwNJDBTEFTVTNJFNCSPT
%FUPEPTNPEPTFTQPTJCMFRVF
DPNPJNBHJOBCB"MFYJTEF5PDRVF
WJMMF
FTUBTPSHBOJ[BDJPOFTEFGFOTPSBTEFJOUFSFTFTQBSUJDVMBSFTFTUJNVMFO
FOTVTNJFNCSPTFMFTQrSJUVDrWJDPOFDFTBSJPQBSBMBTVCTJTUFODJBEFMBMJ
CFSUBEDVBOEPMBTKFSBSRVrBTTPDJBMFTUSBEJDJPOBMFTTFIBOEJTVFMUP5BN
CJnOFTQPTJCMFRVF
DPNPJNBHJOBCB+BNFT.BEJTPO
MBNVMUJQMJDBDJwOEF
PSHBOJ[BDJPOFTRVFSFQSFTFOUBOJOUFSFTFTQBSUJDVMBSFTMBTOFVUSBMJDFDPNP
GVFS[BQPMrUJDBZ
FOUPODFT
IBHBQPTJCMFFMHPCJFSOPSFQVCMJDBOPEFTPDJF
EBEFTDPNQMFKBT
&OMBNFEJEBFORVFSFDPOP[DBNPTZFOGBUJDFNPTMBQBSUJDVMBSJEBE
EFFTUBTBTPDJBDJPOFT
²BVUPOPNrB³Z²DBSgDUFSWPMVOUBSJP³EFKBOEFTFS
TJOwOJNPTEF²BVUPTV¾DJFODJB³$PODFCJEPDPNPSFVOJwOEFFOUJEBEFTSF
QSFTFOUBOUFTEFJOUFSFTFTQBSUJDVMBSFT
FMDPOKVOUPEFMBT04$TOPDPOTUJ
UVZFVOPSEFOOJVOTJTUFNB
PTwMPQVFEFDPOTUJUVJSMPFOMBNFEJEBFORVF
FYJTUBVOBHFOUFFYUFSJPSBMBTPDJFEBEDJWJMRVFPSEFOFZTJTUFNBUJDF&O
UPEBTMBTJOUFSQSFUBDJPOFTEFFTUBJEFBRVFIFNPTDPNFOUBEP
FTFBHFOUF
FTFM&TUBEP )PEHLJOTPOZ'PMFZ
-BQMVSBMJEBEEFDPOOPUBDJPOFTEF²TPDJFEBEDJWJM³TVCTJTUFFOMBT
EFOPNJOBDJPOFTDPOUFNQPSgOFBTNgTVTVBMFT&TUBQMVSBMJEBEOPJNQJEF
RVFOPTFOUFOEBNPTDVBOEPIBCMBNPTEFMBTPDJFEBEDJWJMPEFMBTPSHB
OJ[BDJPOFTRVFMBDPNQPOFO
QFSPQSFTFOUBBMHVOBTEJ¾DVMUBEFTDVBOEP
USBUBOEPEFQSFDJTBSVOVTPQBSUJDVMBS
BDFOUVBNPTBMHVOBEFFTBTDPOOP
UBDJPOFT&TUBTEJ¾DVMUBEFTTFNBOJ¾FTUBOFOMBGSFDVFODJBDPORVFSFDV
SSJNPTBOFHBDJPOFTQBSBOPNCSBSBMBT04$T²PSHBOJ[BDJPOFTTJO¾OFTEF
MVDSP³V²PSHBOJ[BDJPOFTOPHVCFSOBNFOUBMFT³TPO
QPSFKFNQMP
EPTEF
MPTOPNCSFTHFOnSJDPTNgTVTVBMFT$SFPRVFVTBNPTFTUBTEFOPNJOBDJP
OFTOFHBUJWBTBQPZBEPTFOB¾SNBDJPOFTJNQMrDJUBT $BNPV
$VBOEPEFDJNPTRVFMBT04$TTPOOPHVCFSOBNFOUBMFT
B¾SNBNPT
JNQMrDJUBNFOUFRVFFOBMHPTFQBSFDFOBMBTHVCFSOBNFOUBMFT)BCJUVBM
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
NFOUFFTUFQBSFDJEPFTQSFTFOUBEPDPNPMBQFSTFDVDJwOEFBMHVOBJOUFS
QSFUBDJwOEFMJOUFSnTPEFMCJFOQ|CMJDP ²PSHBOJ[BDJPOFTEFJOUFSnTQ|CMJ
DP³P²EFCJFOQ|CMJDP³TPOPUSPTEFMPTOPNCSFTDPNVOFT
$VBOEPEFDJNPTRVFTPOPSHBOJ[BDJPOFTTJO¾OFTEFMVDSP
B¾SNB
NPTJNQMrDJUBNFOUFRVFFOBMHPTFQBSFDFOBMBTFNQSFTBT&TFBMHPTF
DPODJCFDPN|ONFOUFDPNPJOEFQFOEFODJBSFTQFDUPEFM&TUBEP-BEPCMF
OFHBDJwOQVFEFTFSQPDPFMFHBOUFEFTEFFMQVOUPEFWJTUBEFMFTUJMP
QFSP
FTBEFDVBEBZPQPSUVOBEFTEFFMQVOUPEFWJTUBDPODFQUVBMEFTUBDBRVF
MPQ|CMJDPOPTFBHPUBFOMBTPSHBOJ[BDJPOFTRVFFTUSVDUVSBOMBEPNJOBDJwO
QPMrUJDBZRVFGVFSBEFM&TUBEPIBZPUSPTNPUJWPTEFBTPDJBDJwOQPEFSPTPT
BEFNgTEFQSPEVDJSFJOUFSDBNCJBS1FSP
FORVnDPOTJTUFOFTPTNPUJWPT
)BZVOBGPSNBHFOFSBMEFOPNCSBSMPT
6OPEFMPTNgTBCBSDBEPSFTFTUVEJPTDPNQBSBUJWPTJOUFSOBDJPOB
MFTTPCSFFMMMBNBEP²UFSDFSTFDUPS³QSPQPOFVOBEF¾OJDJwORVFIBHBOBEP
JO¿VFODJBFOMBTEJTDVTJPOFTDPOUFNQPSgOFBTBSHFOUJOBTZMBUJOPBNFSJDB
OBT $BNQFUFMMB
(PO[gMF[ #PNCBM FU BM
3PJUUFS
3JQQFUPF FU BM
4BMBNPOZ"OIFJFS
4BMBNPO
"OIFJFSFUBM
5IPNQTPO
-BEF¾OJDJwOEJTUJOHVFBMBT04$TDPNPQSJWBEBT JOTUJUVDJPOBMNFO
UFJOEFQFOEJFOUFTEFM&TUBEP
BVUPHPCFSOBEBT
RVFOPEJTUSJCVZFOCFOF
¾DJPTFOUSFTVTNJFNCSPT BVORVFQVFEFOHFOFSBSCFOF¾DJPTEFSJWBEPT
EFMBWFOUBEFCJFOFTPTFSWJDJPT
ZWPMVOUBSJBT-BEF¾OJDJwODPOTFSWBMB
EJTUJODJwOSFTQFDUPEFM&TUBEP TFUSBUBEFPSHBOJ[BDJPOFTWPMVOUBSJBT
Z
EFMBTFNQSFTBT OPEJTUSJCVZFOCFOF¾DJPTFOUSFTVTNJFNCSPT
BTrDPNP
FMnOGBTJTTPCSFMBBVUPOPNrB TPOJOEFQFOEJFOUFTEFMBBVUPSJEBEQ|CMJDB
Z BVUPHPCFSOBEBT
&O FTUF TFOUJEP
DPJODJEF DPO MPT VTPT IBCJUVBMFT Z
PGSFDFVOQVOUPEFQBSUJEBBQSPQJBEPQBSBFMUSBCBKPEFTDSJQUJWP"IPSB
FTTV¾DJFOUFQBSBEBSDVFOUBEFMBNVMUJQMJDJEBEEFGPSNBTZQSPQwTJUPT
RVFQVFEFOBEPQUBSFTUBTPSHBOJ[BDJPOFT
1BSBJMVTUSBSMBWBSJFEBEEFNPEPTBTPDJBUJWPTRVFDBCFOCBKPMB
FUJRVFUB ²TPDJFEBE DJWJM³ Z MBT EJ¾DVMUBEFT RVF QMBOUFB TV BQSFIFOTJwO
DPODFQUVBM
DPOTJEFSFNPTMBTDMBTJ¾DBDJPOFTRVFQSPQPOFOEPTFTUVEJPT
FYIBVTUJWPTSFDJFOUFTTPCSFMBFTUSVDUVSBEFMUFSDFSTFDUPSFOMB"SHFOUJOB
-PTFYQPOFNPTFOMBTUBCMBTZ
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
5BCMB
5JQPMPHrBEFPSHBOJ[BDJPOFTTJO¾OFTEFMVDSP
$&%&4
5JQPT1VSPT
$PPQFSBEPSBT
0SHBOJ[BDJPOFTEFDPMFDUJWJEBEFT
4PDJFEBEFTEFGPNFOUP
"TPDJBDJPOFT
#JCMJPUFDBTQPQVMBSFT
DJWJMFT
"DBEFNJBT/BDJPOBMFTZDFOUSPTEFJOWFTUJHBDJwO
0SHBOJ[BDJPOFT/P(VCFSOBNFOUBMFT 0/(µT
0SHBOJ[BDJPOFTEFCBTF
1PMrUJDBT
$VMUVSBMFT
&EVDBUJWBT
'VOEBDJPOFT
.nEJDBT
EF"TJTUFODJB4PDJBM
&NQSFTBSJBT
1SFWJTJwOTPDJBM
DSnEJUP
WJWJFOEB
TBMVE
DPOTVNP
.VUVBMFT
&YDFQUPMBT¾OBODJFSBTZEFTFHVSPT
5JQPT)rCSJEPT
%FUSBCBKP
BHSPQFDVBSJBT
EFTFSWJDJPTQ|CMJDPT
$PPQFSBUJWBT
&YDFQUPDPNFSDJBMFT
JOEVTUSJBMFT
CBODBSJBTZEFTFSWJDJPT
4JOEJDBMFT
EFQFSTPOBMEFEJSFDDJwOZQPSDPOWFOJPDPO
0CSBT4PDJBMFT
FNQSFTBTQSJWBEBTPQ|CMJDBT
4JOEJDBUPT 1PSSBNBEFBDUJWJEBEZQPSFNQSFTB
&MFTUVEJPEFM$FOUSPEF&TUVEJPTEF&TUBEPZ4PDJFEBE $&%&4
DPN
CJOBMPTDSJUFSJPTFTUSVDUVSBMFTZGVODJPOBMFTEFMBEF¾OJDJwOEF-FTUFS4BMB
NPOZTVTDPBVUPSFTDPO¾HVSBTKVSrEJDBTZGPSNBTTPDJPMwHJDBTGSFDVFOUFT
FOMB"SHFOUJOB%FFTUBDPNCJOBDJwOSFTVMUBOUSFTUJQPTQVSPT UJQPTRVF
TBUJTGBDFO MPT DSJUFSJPT EF DBSgDUFS QSJWBEP
JOHSFTP Z TBMJEB WPMVOUBSJPT
BVUPHPCJFSOP Z OP EJTUSJCVDJwO EF CFOF¾DJPT
Z USFT IrCSJEPT UJQPT RVF
OPTBUJTGBDFODMBSBNFOUFBMHVOPEFFTPTDSJUFSJPT
$PNPTFPCTFSWBFOMB
UBCMB
EFOUSPEFDBEBUJQPIBZVOBNVMUJQMJDJEBEEFTVCUJQPT
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
5BCMB
$MBTJ¾DBDJwOEF0SHBOJ[BDJPOFTEFMBTPDJFEBEDJWJM
1/6%#*%
"TPDJBDJPOFTEFBNJHPT
"TPDJBDJPOFTEFDPMFDUJWJEBEFT
"TPDJBDJPOFTEFQSPGFTJPOBMFT
#PNCFSPTWPMVOUBSJPT
$FOUSPTEFFTUVEJBOUFT
$FOUSPTEFKVCJMBEPT
$rSDVMPT
"TPDJBDJPOFT
$MVCFTTPDJBMFT
EFQPSUJWPTZDVMUVSBMFT
EFB¾OJEBE
$PPQFSBEPSBT
$PPQFSBEPSBTFTDPMBSFT
$PPQFSBEPSBTIPTQJUBMBSJBT
&OUJEBEFTZ$gNBSBTQBUSPOBMFT
(SFNJPTZ4JOEJDBUPT
(SVQPTEFBVUPBZVEB
.VUVBMFT
%FFNQSFTBT
'VOEBDJPOFT %FGBNJMJBT
.JYUBT
"NQMJBDJwOEFEFSFDIPT
0SHBOJ[BDJPOFT $FOUSPTBDBEnNJDPT
EFBQPZP 1SFTUBDJwOEFTFSWJDJPTTPDJBMFTZDVMUVSBMFT
1SPNPDJwOZEFTBSSPMMP
#JCMJPUFDBTQPQVMBSFT
$MVCFTCBSSJBMFT
0SHBOJ[BDJPOFT $MVCFTEFNBESFT
EFCBTF $PNFEPSFTDPNVOJUBSJPT
DPQBEFMFDIF
DPNJTJwOEFMBIVFSUB
$PNVOJEBEFTBCPSrHFOFT
6OJwOWFDJOBM
DPNJTJwOWFDJOBM
DFOUSPWFDJOBM
TPDJFEBEEFGPNFOUP
$POGFEFSBDJPOFT
$PPSEJOBEPSBT
'FEFSBDJPOFT
3FEFT 'PSPT
-JHBT
3FEFT
6OJPOFT
'VFOUF#*%Z1/6%
0SHBOJ[BDJPOFTEFMB4PDJFEBE$JWJMQPSUJQPZQSPWJODJB
XXXVOEQPSHBSBSDIJWPTDVBESP@EF@UJQPMPHJBT@04$YMT$POTVMUBEPFMEF+VMJPEF
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
-BDMBTJ¾DBDJwOEF1/6%QSPQPOFVOTJTUFNBEFDBUFHPSrBTEJTUJOUP
$PNCJOBDSJUFSJPTEFWrODVMPFOUSFMPTNJFNCSPTEFMBPSHBOJ[BDJwO
SFMB
DJwODPOTVTQ|CMJDPT
JOEFQFOEFODJBGPSNBMSFTQFDUPEFTQPOTPST
MPDBMJ
[BDJwOHFPHSg¾DBZDPNQMFKJEBESFMBUJWB5BNCJnOFOFTUFDBTP
UFOFNPT
TFJTUJQPTCgTJDPTDPOTJHOJ¾DBUJWBIFUFSPHFOFJEBEJOUFSOB
1VFEFSFEVDJSTFFTUBDPNQMFKJEBEDPODFQUVBM 1PEFNPTBTQJSBSB
BMDBO[BSVOBEJTUJODJwOUBODMBSB
BJNBHJOBSOPTUBOSgQJEBNFOUFMBGPSNB
EFMPCKFUPDVBOEPIBCMBNPTTPCSFMBTPDJFEBEDJWJMDPNPMPIBDFNPTIBCJ
UVBMNFOUFDVBOEPIBCMBNPTEFM&TUBEP $SFPRVFOPZDSFPRVFFTFOPFT
NPUJWPQBSBRVFSFFNQMBDFNPTFMUnSNJOP²TPDJFEBEDJWJM³QPSPUSPTDPO
NBZPSDBQBDJEBEEFTDSJQUJWB$PNPTFJOEJDBNgTBSSJCB
²TPDJFEBEDJWJM³
EFTJHOBVOFTQBDJPQ|CMJDPZOPFTUBUBM
ZMBDBQBDJEBEEFOPNCSBSFTFFT
QBDJPFTVOSFDVSTPTJNCwMJDPWBMJPTPEFMPTMFOHVBKFTQPMrUJDPTNPEFSOPT
1PEFSOPNCSBSMPFTDPOEJDJwOEFMBDBQBDJEBEEFJNBHJOBSMPZ
FOUPODFT
DPOEJDJwOEFMBDBQBDJEBEEFBDUVBSQBSBQSPUFHFSMPZFOSJRVFDFSMP
&OFTUFQVOUPNFQBSFDFPQPSUVOPMMBNBSMBBUFODJwOTPCSFEJTUJOUPT
VTPTEFMBFYQSFTJwO²TPDJFEBEDJWJM³&OFMNgTGSFDVFOUF
TFMBQSFTFOUB
DPNPVO²FTQBDJP
³VOMVHBSFOFMRVFTFGPSNBOBTPDJBDJPOFTWPMVOUBSJBT
1FSPUBNCJnOFTDPN|O
FTQFDJBMNFOUFDVBOEPTFQJFOTBTVSFMBDJwODPO
FM&TUBEP
RVFTFMBDPODJCBDPNPVOTVKFUPFTUPFTVOBFOUJEBEDPOQSP
QwTJUPTZDBQBDJEBEEFBDDJwO&TUFVTPQVFEFTFSQPUFOUFEFTEFFMQVOUP
EFWJTUBSFUwSJDPQFSPFTFRVrWPDPEFTEFFMQVOUPEFWJTUBBOBMrUJDP$PNP
IFNPT TFvBMBEP
FO MB TPDJFEBE DJWJM TF EFTBSSPMMBO BTPDJBDJPOFT NVZ
EJTUJOUBTRVFTwMPNVZFYDFQDJPOBMNFOUF FOHFOFSBM
EVSBOUFMPTCSFWFT
JOUFSMVEJPTRVFTFQBSBOBMBEJTPMVDJwOEFVOSnHJNFOBVUPSJUBSJPPUPUBMJ
UBSJPEFMBGPSNBDJwOEFVOOVFWPSnHJNFO
BEPQUBOQSPQwTJUPTDPNVOFTZ
DPPSEJOBOTVBDDJwODPMFDUJWB.gTDPN|ONFOUF
FTUBTBTPDJBDJPOFTQFS
TJHVFOEJTUJOUPTPCKFUJWPTZ
BVODVBOEPQFSTJHBOMPTNJTNPT
FODVFOUSBO
EJ¾DVMUBEFTQBSBBDUVBSFODPN|O&OFTUFTFOUJEP
FMWrODVMPFOUSFFM&T
UBEP ZMB TPDJFEBE DJWJMEFCF TFS QFOTBEP FO QMVSBM IBZ UBOUPT WrODVMPT
DPNPPSHBOJ[BDJPOFTEFOUSPEFM&TUBEPZDPNPUJQPTEFPSHBOJ[BDJPOFTFO
FMBNQMJPFTQBDJPEFMBTPDJFEBEDJWJM
%FUPEPTNPEPT
FMRVFVTFNPTFMUnSNJOP²TPDJFEBEDJWJM³JOEJDB
FO
USFPUSBTDPTBT
RVFRVFSFNPTWJWJSEFNPEPUBMRVFMBTBTPDJBDJPOFTBVUw
OPNBTZWPMVOUBSJBTTFBOQPTJCMFT"MHVOBTEFMBTPCTFSWBDJPOFTBOUFSJPSFT
TVHJFSFOZBMHVOPTEFMPTDPNFOUBSJPTRVFTJHVFOTVCSBZBSgORVFMPTNP
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
UJWPTQBSBWBMPSBSFTUBQPTJCJMJEBEQVFEFOEFGFOEFSTFDPOBSHVNFOUPTNVZ
EJTUJOUPT%FFTBTEJTUJODJPOFTNFJOUFSFTBEFTUBDBSBIPSBTVTDPOTFDVFO
DJBTQBSBQFOTBSMBTSFMBDJPOFTFOUSFMBTPDJFEBEDJWJMZFM&TUBEP
&M QSPDFTP EF DPOTUJUVDJwO EF MB TPDJFEBE DJWJM
FTUP FT
EF VOB FT
GFSBEFBTPDJBDJPOFTWPMVOUBSJBTZBVUwOPNBT
IBTJEPDPOUFNQPSgOFPEFM
QSPDFTPEFDPOTUJUVDJwOEFM&TUBEP
FTUPFT
EFMMPHSPEFMBTVQSFNBDrBFO
FMFKFSDJDJPEFMBDPFSDJwOTPCSFVOEFUFSNJOBEPUFSSJUPSJPQPSQBSUFEFVO
DPOKVOUPEFPSHBOJ[BDJPOFTZEFMVTPEFFTBTVQSFNBDrBDPNPSFDVSTPEF
DPOUSPMEFMBQPCMBDJwORVFSFTJEFTPCSFFTFUFSSJUPSJP-BDPOUFNQPSBOFJEBE
OPJNQMJDBRVFIBZBVOBSFMBDJwODBVTBM1FSPMBIBZ-BDPODFOUSBDJwOEFMB
BVUPSJEBEQPMrUJDBFOVODFOUSPPSHBOJ[BDJPOBMZMBDPODFQDJwOEFMBPCFEJFO
DJB QPMrUJDB DPNP TVCPSEJOBDJwO B MBT EJTQPTJDJPOFT MFHBMFT EF FTF DFOUSP
IBOTJEPDPOEJDJwOEFMBBVUPOPNrBEFMBTBTPDJBDJPOFTDJWJMFT
FOQBSUJDV
MBSEFTVTFQBSBDJwOEFMBTPSHBOJ[BDJPOFTSFMJHJPTBT3FDrQSPDBNFOUF
MBT
BTPDJBDJPOFTEFMBTPDJFEBEDJWJM
DPNPMPTVCSBZBMBDPODFQDJwOEF"OUPOJP
(SBNTDJ
UBNCJnOJO¿VZFOUFFOMBTEJTDVTJPOFTDPOUFNQPSgOFBT
DPMBCPSBO
DPOFMQSPDFTPEFJOUFHSBDJwOTPDJBMZTJNCwMJDBEFMBTQPCMBDJPOFTRVFFT
JOEJTQFOTBCMFQBSBFMFKFSDJDJPSFHVMBSEFMBEPNJOBDJwOFTUBUBM
/BUVSBMNFOUF
RVF IBZB VO PSJHFO DPN|O Z VOB DPOUSJCVDJwO SFDr
QSPDBFOMBDPOTUJUVDJwOEFBNCPTUnSNJOPTEFMBSFMBDJwOOPJNQMJDBRVF
FMMPT TFBO TJFNQSF QFSGFDUBNFOUF DPNQMFNFOUBSJPT P QFSGFDUBNFOUF SF
EVDUJCMFTFMVOPBMPUSP/PMPTPO.gTB|O
IBOFYJTUJEPZB|OFYJTUFO&T
UBEPTRVFBTQJSBOBDPPQUBS
DPMPOJ[BS
TPNFUFSPBTVQSJNJSUPEBGPSNBEF
PSHBOJ[BDJwODPMFDUJWBZWPMVOUBSJB)BOFYJTUJEPZB|OFYJTUFOFYQSFTJPOFT
EFMBTPDJFEBEDJWJMRVFBTQJSBOBTPTUFOFSTFQPSGVFSBEFMBDPNVOJEBEQP
MrUJDB
RVFTFEF¾OFOQPSPQPTJDJwOBM&TUBEPPRVFTFJNBHJOBOSFFNQMB
[BOEPBM&TUBEPFOBMHVOBEFTVTGVODJPOFTGVOEBNFOUBMFTZEJTUJOUJWBT
&TUBTOPTPONFSBNFOUFQPTJCJMJEBEFTUFwSJDBTIBOTJEPZTPOQSPZFDUPT
EFNPWJNJFOUPTZPSHBOJ[BDJPOFTRVF
FOBMHVOPTDBTPT
BMDBO[BODJFSUP
nYJUP&TJNQSPCBCMFTPTUFOFSVO&TUBEPTJOVOBTPDJFEBEDJWJMWJHPSPTB
QFSPMBJEFBEFVO&TUBEPTJOTPDJFEBEDJWJMOPFTMwHJDBNFOUFJNQPTJCMF
&TJNQSPCBCMFEJTGSVUBSEFVOFTQBDJPQMVSBMEFBTPDJBDJwOWPMVOUBSJBZBV
UwOPNBTJOVOBBVUPSJEBEQ|CMJDBRVFMPQSPUFKB
DPOMFZFTZDPOMBGVFS[B
RVFMBTSFTQBMEBO
QFSPFTDPODFCJCMFVOBWJEBQPSGVFSBEFM&TUBEPPFO
DPNQMFUBPQPTJDJwOBM&TUBEP BVORVFTFSrBEJGrDJMBSHVNFOUBSRVFFTBWJEB
TJHVFTJFOEPQ|CMJDB
&OPUSBTQBMBCSBT
ZDPNPFOGBUJ[BOWBSJBTEFMBTJO
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
UFSWFODJPOFTFOFM&ODVFOUSPUSBOTDSJQUBTNgTBEFMBOUF
MBDPFYJTUFODJBEF
VO&TUBEPF¾DB[DPOVOBTPDJFEBEDJWJMGVFSUFOPFTVOSFTVMUBEPIJTUwSJDP
JOFYPSBCMF"MDPOUSBSJP
FTVOQSPEVDUPQBSUJDVMBS
DBSBDUFSrTUJDPEFMBNP
EFSOJEBEQPMrUJDBZRVFIBQPEJEPFOGSFOUBSMBTUFOTJPOFTRVFJNQMJDBFTUB
DPNCJOBDJwODPONFOPTGSFDVFODJBRVFMPRVFBNFOVEPDSFFNPT$VBM
RVJFSPUSBDPODFQDJwOFTUFwSJDBNFOUFQPTJCMF$VBMRVJFSBEFFTBTPUSBT
DPODFQDJPOFTEFCFFYQMJDBS
DwNPFTUPTEPTGFOwNFOPTRVFOBDJFSPOZTF
EFTBSSPMMBSPOKVOUPTQPESrBO
TJOFNCBSHP
TPTUFOFSTFTFQBSBEPT1BSBTFS
DPOWJODFOUFTDPNPJNBHFOQPMrUJDBQBSBVOBTPDJFEBEDPNPMB"SHFOUJOB
BDUVBM
FTBTDPODFQDJPOFTEFCFSrBOEFNPTUSBS
BEFNgT
DwNPQPESrBODP
FYJTUJSDPOMBEFNPDSBDJBDPNPSnHJNFOEFHPCJFSOP
$POTJEFSBOEPMBTEJ¾DVMUBEFTIJTUwSJDBT
UFwSJDBTZEFNPDSgUJDBTEF
DVBMRVJFSJNBHFOBMUFSOBUJWB
QBSFDFSB[POBCMFBCBOEPOBSDVBMRVJFSQSPZFD
UPEFTVQSFTJwOEFBMHVOPEFMPTUnSNJOPT$PSSFTQPOEF
FODBNCJP
FYQMP
SBSMBTEJTUJOUBTGPSNBTRVFQVFEFBEPQUBSMBDPFYJTUFODJBFOUSFFM&TUBEPZ
MBTPDJFEBE&TUBTGPSNBTDPSSFTQPOEFODPOMBEJWFSTJEBEEFSB[POFTDPOMBT
RVFQPESrBNPTGVOEBNFOUBSOVFTUSPEFTFPEFWJWJSDPOVOFTQBDJPEFTPDJF
EBEDJWJMBMBRVFSFGFSJNPTNgTBSSJCB-BDPNCJOBDJwOEFFTBTSB[POFTDPO
FMJEFBSJPEFNPDSgUJDPQMBOUFBBMHVOPTEFTBGrPT&OFMBQBSUBEPTJHVJFOUF
MPTFYBNJOPBQBSUJSEFMDPOUSBTUFFOUSFBSHVNFOUPTBGBWPSEFMBTPDJFEBE
DJWJMZDPOUSBBSHVNFOUPTRVFEFTUBDBOBMHVOBTEFTVTMJNJUBDJPOFT
%JTDVUJFOEPMBTPDJFEBEDJWJM
BSHVNFOUPTZDPOUSBBSHVNFOUPT
&O
.JDIBFM 8BM[FS QVCMJDw VO FOTBZP RVF FYQPOF VOB WBMP
SBDJwOQBSUJDVMBSNFOUFQFSTVBTJWBEFMTJHOJ¾DBEPQPMrUJDPEFMBTPDJFEBE
DJWJM5SBTDFOEJw DPO FM UrUVMP 5IF DJWJM TPDJFUZ BSHVNFOU
FM
BSHVNFOUPEFMBTPDJFEBEDJWJM
&TUBTFDDJwOZQBSUFEFMBTFDDJwOTFCBTBOFOMPFYQVFTUPFONJUSBCBKP²-BJODJEFODJBEF
MBTPSHBOJ[BDJPOFTEFMB4PDJFEBE$JWJMFOMBTQPMrUJDBTQ|CMJDBTEF¾OJDJPOFT
FYQMJDBDJPOFT
ZFWBMVBDJPOFTEFMBMJUFSBUVSBFTQFDJBMJ[BEBMPDBMFJOUFSOBDJPOBM
³QSFQBSBEPFOFMDPOUFY
UPEFM1SPHSBNB*OJDJBUJWBTQBSBFM'PSUBMFDJNJFOUP%FNPDSgUJDPZ4PDJBM XXXJOJDJBUJWBT
PSHBS
RVFMMFWBOBEFMBOUFFM$FOUSPEF&TUVEJPT-FHBMFTZ4PDJBMFT $&-4
MB'BDVMUBE
-BUJOPBNFSJDBOBEF$JFODJBT4PDJBMFT '-"$40
ZMB6OJWFSTJEBEEF4BO"OESnT 6EF4"
DPOBQPZPEFMB'VOEBDJwO'PSE
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
"KVJDJPEF8BM[FS
FTUFBSHVNFOUPDPSSJHFDVBUSPEFTWJBDJPOFTDPNV
OFTFOFMEJTDVSTPQPMrUJDPNPEFSOPZRVFDFMFCSBOPUSBTUBOUBTGPSNBTEF
WJEBDPNPNPEFMPTEFDPFYJTUFODJB-PTQSJNFSPTEPTBSHVNFOUPTGPSNBO
QBSUFEFMBUSBEJDJwOEFJ[RVJFSEBTFMBSHVNFOUPEFMBCVFOBWJEBBTPDJBEB
DPOMBQBSUJDJQBDJwOBDUJWBFOMBQPMrUJDBZFMBSHVNFOUPEFMBCVFOBWJEB
DPNP DPNVOJEBE BVUwOPNB Z BVUPSSFHVMBEB EF QSPEVDUPSFT MJCSFT -PT
PUSPTEPTBSHVNFOUPTTPOSFQSFTFOUBUJWPTEFMPTEJTDVSTPTEFEFSFDIBT
FMBSHVNFOUPEFMBCVFOBWJEBEFEJDBEBBMBQSPEVDDJwOZFMJOUFSDBNCJP
FOFMNFSDBEPZFMBSHVNFOUPEFMBCVFOBWJEBDPNPMFBMUBEBMBOBDJwO
&MQSPCMFNBEFFTUPTBSHVNFOUPTFTTVTJOHVMBSJEBE
TVJOTFOTJCJMJEBEB
MBDPNQMFKJEBEEFMPTBTVOUPTIVNBOPTZBMPTJOFWJUBCMFTDPO¿JDUPTEF
MFBMUBEFTBTPDJBEPTDPOFMMB
&MBSHVNFOUPEFMBTPDJFEBEDJWJM
FODBNCJP
DFMFCSBMBTPDJBCJMJEBE
FMWJODVMBSTFDPOPUSPTJOEFQFOEJFOUFNFOUFEFMBNPUJWBDJwOPFMQSPQwTJ
UPJODPSQPSBBMPTPUSPTBSHVNFOUPT
QVFTUPRVFBDFQUBUPEPTMPTJNQVMTPT
BTPDJBUJWPTQFSPUBNCJnOOJFHBBMPTPUSPTBSHVNFOUPT
QPSRVFSFRVJFSF
MBQSFTFSWBDJwOEFMBQPTJCJMJEBEEFNBOUFOFSN|MUJQMFTB¾MJBDJPOFTZN|M
UJQMFTMFBMUBEFT-BTPDJFEBEDJWJMBTrJOUFSQSFUBEB
QSFDJTBNFOUFQPSRVFOP
UJFOFOJOH|OQSPQwTJUPEFUFSNJOBEP
FTFMSFJOPEFMBQMVSBMJEBE1FSPFTUF
OPFTFM|OJDPNPUJWPQBSBEFTFBSWJWJSDPOTPDJFEBEDJWJM5BNQPDPFMNgT
JO¿VZFOUFFOMBTEJTDVTJPOFTIPZDPSSJFOUFTFOMB"SHFOUJOB
&TQPTJCMFVOTFHVOEPBSHVNFOUPEFMBTPDJFEBEDJWJMBTPDJBEPDPO
FMQMVSBMJTNP%FBDVFSEPDPOnM
MBNVMUJQMJDBDJwOEFBTPDJBDJPOFTDPOJO
UFSFTFTQBSUJDVMBSFTDPOUSJCVZFBMBEFTDPODFOUSBDJwOEFMQPEFSZ
FOFTF
TFOUJEP
IBDFQPTJCMFFMHPCJFSOPEFNPDSgUJDPFOTPDJFEBEFTDPNQMFKBT
&TUBNCJnOVOBSHVNFOUPEFMBTPDJFEBEDJWJMQFSPDPODFCJEBDPNPQSPNP
UPSBZSFTHVBSEPEFMQMVSBMJTNPQPMrUJDP
-BNVMUJQMJDBDJwOEFJOUFSFTFTQSJWBEPT
IBTUB¾OFTEFMTJHMP97***
GVFQSFTFOUBEBDBTJTJFNQSFDPNPVOBBNFOB[BQBSBMBSFBMJ[BDJwOEFMJO
UFSnTQ|CMJDP&TUBQSFPDVQBDJwOBERVJSJwVOOVFWPTFOUJEPBQBSUJSEFMUSB
CBKPEF+BNFT.BEJTPO-PTBSUrDVMPTEF&M'FEFSBMJTUBRVFTFMFBUSJCVZFO
QSFTFOUBOMBNVMUJQMJDBDJwOEFJOUFSFTFTQBSUJDVMBSFTZTVJOUFSWFODJwOFO
MBBSFOBQPMrUJDBDPNPNFDBOJTNPTEFOFVUSBMJ[BDJwOSFDrQSPDB&TUFNFDB
OJTNPHBSBOUJ[BUBOUPMBBVUPOPNrBEFMHPCJFSOPSFQVCMJDBOPGSFOUFBMBT
PSHBOJ[BDJPOFTSFQSFTFOUBUJWBTEFJOUFSFTFTQBSUJDVMBSFTDPNPMBTBVUPOP
NrBTEFMPTQPEFSFTMPDBMFTZMPTJOEJWJEVPTGSFOUFBMQPEFSDFOUSBM&TUB
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
JNBHFOEFMBEFNPDSBDJBNPEFSOBDPNPTJTUFNBDPON|MUJQMFTDFOUSPTEF
QPEFSIBTJEPZDPOUJO|BTJFOEPVOBSJDBGVFOUFEFJOTQJSBDJwOJEFPMwHJ
DB .D'BSMBOE
ZVOBSB[wOQPEFSPTBQBSBBTPDJBSMBWJHFODJBEFMB
EFNPDSBDJBDPOFMTPTUFOJNJFOUP EFM QMVSBMJTNP EF PSHBOJ[BDJPOFT FO FM
gNCJUPEFMBTPDJFEBEDJWJM
%FBDVFSEPDPOVOUFSDFSBSHVNFOUP
MBTBTPDJBDJPOFTEFMBTPDJF
EBEDJWJMDPNQMFNFOUBOPQVFEFOSFFNQMB[BSBMBSFQSFTFOUBDJwOQPMrUJDB
DBOBMJ[BEBBUSBWnTEFMBTFMFDDJPOFT&TUFBSHVNFOUPKV[HBFMWPUPZMPT
QBSUJEPTQPMrUJDPTDPNPWFIrDVMPTJOBEFDVBEPTBMBWBSJFEBEEFJOUFSFTFT
FYJTUFOUFTFODVBMRVJFSTPDJFEBEDPOUFNQPSgOFBZBMBDPNQMFKJEBEEFMBT
EFDJTJPOFTEFHPCJFSOPZEFMBTCVSPDSBDJBTQ|CMJDBTBDUVBMFT&MBSHVNFO
UPTPTUJFOFRVFMBT04$TQVFEFOSFQSFTFOUBSHSVQPTZEFNBOEBTRVFMPT
DBOBMFTFTUBCMFDJEPTOPQVFEFOJODMVJSZRVFMBQBSUJDJQBDJwOEFFTBTPS
HBOJ[BDJPOFTIBDFRVFMPTQSPDFTPTEFQPMrUJDBSFQSFTFOUFONgT¾FMNFO
UFMBQMVSBMJEBEEFJOUFSFTFTBGFDUBEPTQPSDBEBEFDJTJwO0USBWFSTJwOEF
FTUFBSHVNFOUPEFTUBDBFMQBQFMEFMBT04$TDPNPQSPEVDUPSBTEFCJFOFT
DPMFDUJWPTRVFQVFEFODPNQMFNFOUBSPSFFNQMB[BSBMPTQSPWJTUPTQPSFM
&TUBEP%BEPTTVUBNBvP
TVMPDBMJ[BDJwOZTVTJODFOUJWPT
FTUBTPSHBOJ[B
DJPOFTEJTQPOESrBOEFNFKPSJOGPSNBDJwOZNPUJWBDJwONgTBEFDVBEBQBSB
TBUJTGBDFSMPTJOUFSFTFTEFMBTQPCMBDJPOFTBMBTRVFTJSWFO #SZDF
4UFJOCFSH
"Tr
FTNgTQSPCBCMFRVFMPTNFDBOJTNPTEFSFOEJDJwO
EFDVFOUBT
B|OMPTJOGPSNBMFT
GVODJPOFOF¾DB[NFOUF
%FTEFVODVBSUPQVOUPEFWJTUB
MBBTPDJBDJwOWPMVOUBSJBFOFMgNCJ
UPEFMBTPDJFEBEDJWJMFTVOWFIrDVMPEFMBF¾DJFODJB0GSFDFVOBBMUFSOBUJWB
BMPTFTRVFNBTFTUBUBMFTEFQSPWJTJwOEFCJFOFTDPMFDUJWPT
UrQJDBNFOUF
DFOUSBMJ[BEPT Z SrHJEPT
Z GVODJPOB DPNP TFvBM EF WBMPSBDJwO EF VO CJFO
Z
FOUPODFT
EFMBEJTQPTJDJwOBDPOUSJCVJS
DPOUJFNQPPEJOFSP
BTVQSP
EVDDJwO $BTFMMBZ'SFZ
-BT04$TQVFEFOQSPEVDJSCJFOFTQ|CMJDPT
EF NPEP NgT F¾DJFOUF RVF FM &TUBEP QPS NPUJWPT TFNFKBOUFT B MPT RVF
TF PGSFDFO QBSB QSFTFOUBSMBT DPNP WFIrDVMPT EF SFQSFTFOUBDJwO QPMrUJDB
UJFOFOJODFOUJWPTNgTGVFSUFTZDPOEJDJPOFTNgTQSPQJDJBTQBSBTBUJTGBDFS
MBTEFNBOEBTEFTVTQ|CMJDPT
)BZQPSMPNFOPTDVBUSPGPSNBTEFGVOEBNFOUBSOVFTUSPEFTFPEF
WJWJSDPOVOBTPDJFEBEDJWJMGVFSUF1PEFNPTEFGFOEFSFTUFEFTFPBQPZB
EPTFOVOBSHVNFOUPEFQMVSBMJTNPEFGPSNBTEFWJEB
FOVOBSHVNFOUP
EFQMVSBMJTNPQPMrUJDP
FOVOBSHVNFOUPEFSFQSFTFOUBDJwOEFNPDSgUJDBP
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
FOVOBSHVNFOUPEFF¾DJFODJB"IPSB
OJMBFYJTUFODJBOJMBJO¿VFODJBEF
FTUPTBSHVNFOUPTFOFMEFCBUFQ|CMJDPDPOUFNQPSgOFP UBOUPFOFMQMBOP
BSHFOUJOP DPNP FO FM JOUFSOBDJPOBM
TPO SB[POFT TV¾DJFOUFT QBSB GVOEBS
VOB EFGFOTB EF MB TPDJFEBE DJWJM BEFDVBEB B MBT DPOEJDJPOFT EF VOB TP
DJFEBEEFNPDSgUJDB&TUPTBSHVNFOUPTEJDFOMPRVFMBTPDJFEBEDJWJMZMBT
PSHBOJ[BDJPOFT RVF FO FMMB TF EFTFOWVFMWFO TPO DBQBDFT EF IBDFS
QFSP
OPFTQFDJ¾DBOCBKPRVnDPOEJDJPOFTFTBTDBQBDJEBEFTQVFEFOEFTBSSPMMBS
TF1BSBJEFOUJ¾DBSFTBTDPOEJDJPOFT
FYQPOHPDVBUSPDPOUSBBSHVNFOUPT
$POTJEFSPRVFFTNgTQSPEVDUJWPJOUFSQSFUBSFTUPTDPOUSBBSHVNFOUPTOP
DPNPSFGVUBDJPOFTTJOPDPNPDPNQMFNFOUPTEFMPTBOUFSJPSFT
-BQBSUJDJQBDJwOQPMrUJDBZFMJOUFSnTQPSMPTBTVOUPTQ|CMJDPTOPDPO
EFOTBOUPEBTMBTWJSUVEFTIVNBOBTOJSF¿FKBOTJFNQSFMBTTVQFSJPSFT&TUF
FTFMQSJNFSBSHVNFOUPGVFSUFEFMUFYUPEF8BM[FS1FSP
DPNPFMQSPQJP
8BM[FS BEWJFSUF ²
OP IBZ GPSNB EF FTDBQBS BM QPEFS Z MB DPFSDJwO
OJ
QPTJCJMJEBEEFFMFHJS
DPNPMPTWJFKPTBOBSRVJTUBT
TwMPMBTPDJFEBEDJWJM³
-B TPDJFEBE DJWJM OP TF TPTUJFOF OJ TF CBTUB B Tr NJTNB Z FM
&TUBEPOPFTNFSBNFOUFVOBFOUSFWBSJBTGPSNBTEFBTPDJBDJwOQPTJCMF
&M&TUBEP
nMNJTNPVOBBTPDJBDJwO
FTDPOEJDJwOEFQPTJCJMJEBEEFUPEBT
MBTPUSBTBTPDJBDJPOFTZDPOEJDJwOEFMBDJWJMJEBEZMBQMVSBMJEBEEFMBTP
DJFEBEDJWJM4JOVONBSDPEFSFHMBTDPNVOFT RVFJNQMJDBMBPCFEJFODJBB
MBBVUPSJEBEDPN|ORVFWJHJMBFMDVNQMJNJFOUPEFFTBTSFHMBT
MBDJWJMJEBE
EFMBTPDJFEBEDJWJMTFEJTVFMWFFONVMUJQMJDJEBEEFMFBMUBEFTBVOBSDIJ
QJnMBHPEFPSHBOJ[BDJPOFTRVFNVDIBTWFDFTQVFEFOTFSDPOUSBEJDUPSJBT
4JOVONBSDPEFSFHMBTDPNVOFT
MBQMVSBMJEBEEFMBTPDJFEBEDJWJMOPFT
QMVSBMJEBETJOPNVMUJQMJDBDJwOEFTJOHVMBSJEBEFT-BNVMUJQMJDBDJwOZEJT
QFSTJwOEFMPTFTQBDJPTEFTPDJBCJMJEBEQVFEFOEBSMVHBSBVOBDPMFDDJwO
EFNJDSPTPDJFEBEFTFODBQTVMBEBTZIPTUJMFTFOUSFTr$JUBSFMFKFNQMPEF
MB QBSUJDJQBDJwO EF KwWFOFT NVTVMNBOFT SFTJEFOUFT FO QBrTFT FVSPQFPT
FOMPTBUFOUBEPTEFMPT|MUJNPTBvPTOPFTVOBSFGVUBDJwODBUFHwSJDBEF
MBTFTUSBUFHJBTNVMUJDVMUVSBMJTUBTEFJOUFHSBDJwODJVEBEBOB RVFTPOVOB
WBSJBOUF EF MB JEFB EF QMVSBMJTNP DPNP NVMUJQMJDBDJwO EF TJOHVMBSJEBEFT
BJTMBEBT
QFSPTrFTVOMMBNBEPEFBUFODJwOTPCSFMBTMJNJUBDJPOFTEFFTBT
FTUSBUFHJBT &TUF MMBNBEP EF BUFODJwO QFSNJUF UBNCJnO IBDFS VOB QSFDJ
TJwOTPCSFFMBSHVNFOUPEFMBTPDJFEBEDJWJMDPNPQMVSBMJTNPEFGPSNBT
EFWJEB&TUFBSHVNFOUPQSPNVFWFRVFMBTNJTNBTQFSTPOBTEFTBSSPMMFO
JEFOUJEBEFTDPNQMFKBTZMFBMUBEFTN|MUJQMFTZDSV[BEBT&TUPOPFTFRVJ
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
WBMFOUF B RVF FO VOB NJTNB TPDJFEBE DPOWJWBO NVDIPT TFHNFOUPT RVF
SF|OFOBQFSTPOBTEJTUJOUBTQFSPDPOJEFOUJEBEFTIPNPHnOFBTZMFBMUBEFT
TJNQMFT6OBTPDJFEBEQMVSBMFTVOBSFVOJwOEFDPOKVOUPTDPON|MUJQMFT
JOUFSTFDDJPOFT
OPVOBDPMFDDJwOEFDPOKVOUPTEJTKVOUPT1BSBRVFMBJOUFS
TFDDJwOZMBNVMUJQMJDJEBEEFMFBMUBEFTTFBQPTJCMFFTOFDFTBSJPVOFTQBDJP
DPN|O EF SFHMBT RVF NVDIBT WFDFT TF NBOJ¾FTUB DPNP
P TF BQPZB FO
VOB CBTF EF JEFOUJEBE DPN|O &T EJGrDJM RVF FTB JEFOUJEBE Z FTBT SFHMBT
QVFEBOQSPEVDJSTFTJOMBJOUFSWFODJwOEFVOBBVUPSJEBEQ|CMJDBRVFQVFEB
IBCMBSFOOPNCSFEFUPEPTZHPCFSOBSTPCSFUPEPT$PNPTFPCTFSWBSgFO
MPTDBQrUVMPTTJHVJFOUFT
MBJOFWJUBCJMJEBEEFMBQPMrUJDBZMBDFOUSBMJEBEEFM
&TUBEPGPSNBOQBSUFEFMBDFSWPEFBQSFOEJ[BKFTEFBMHVOPTQSPUBHPOJTUBT
EFMEFTBSSPMMPSFDJFOUFEFMBTPDJFEBEDJWJMFOMPTQBrTFTMBUJOPBNFSJDBOPT
.PUJWPTTFNFKBOUFTJOTQJSBOFMTFHVOEPDPOUSBBSHVNFOUPcTUFJN
QVHOBEFTEFVOQVOUPEFWJTUBEFNPDSgUJDPBMBJNBHFOEFMBTPDJFEBEDJWJM
DPNPHBSBOUrBEFMQMVSBMJTNPQPMrUJDP%FBDVFSEPDPOFTUBJNQVHOBDJwO
MB
NVMUJQMJDBDJwOEFJOUFSFTFTQBSUJDVMBSFTQPMrUJDBNFOUFPSHBOJ[BEPTOPJN
QMJDBOJOHVOBHBSBOUrBEFOFVUSBMJ[BDJwOSFDrQSPDBBVNFOUBFMQFMJHSPEF
DBQUVSBZDPMPOJ[BDJwOEFMBQBSBUPFTUBUBM)BTJEPVOUFNBGSFDVFOUFEF
MPTDSrUJDPTEFMGVODJPOBNJFOUPEFMBEFNPDSBDJBOPSUFBNFSJDBOB 8SJHIU
.JMMT
Z SFUPNBEP QPS DSrUJDPT DPOUFNQPSgOFPT EF MB HMPCBMJ[BDJwO
$FSOZ
%FTEFFMQVOUPEFWJTUBEFFTUPTDSrUJDPT
MBTPCFSBOrBFTUBUBM
FT DPOEJDJwO EFM HPCJFSOP EFNPDSgUJDP &TUF BSHVNFOUP TPTUJFOF RVF MB
NVMUJQMJDJEBEEFJOTUBODJBTEFQBSUJDJQBDJwOZEFDJTJwOOPUJFOFQPUFODJB
FRVJWBMFOUF OJ QVFEF SFFNQMB[BS BM FKFSDJDJP EF EFDJTJwO QPMrUJDB RVF TF
SFBMJ[BEFTEFFM&TUBEP&OMBPQJOJwOEFNVDIPTEFFTUPTDSrUJDPT
FTFM
&TUBEP
ZOPMBTPDJFEBEDJWJM
FMFTQBDJPEFBSUJDVMBDJwOQSJWJMFHJBEBQBSB
MPTJOUFSFTFTOPPSHBOJ[BEPT-BEJ¾DVMUBEQBSBPSHBOJ[BSTFFOGVODJwOEF
JOUFSFTFTDPNVOFTBGFDUBNVZFTQFDJBMNFOUFBMBTQFSTPOBTDPONFOPT
DBQJUBM ¾OBODJFSP
FDPOwNJDP Z TPDJBM &TUB PCTFSWBDJwO QFSNJUF
FOUPO
DFT
SFTQBMEBSFMQSJWJMFHJPFTUBUBMFOMBUBSFBEFSFQSFTFOUBDJwOQPMrUJDBFO
VOBEFGFOTBEFMJHVBMJUBSJTNPEFNPDSgUJDP
&M UFSDFS DPOUSBBSHVNFOUP TPTUJFOF RVF MBT EJ¾DVMUBEFT EF SFQSF
TFOUBDJwOZSFOEJDJwOEFDVFOUBTRVFBGFDUBOBM&TUBEPZRVFMPTQBSUJEPT
QPMrUJDPTOPBMDBO[BOBQBMJBS
QVFEFOBGFDUBSUBNCJnOBNVDIBT04$T-BT
WFOUBKBTEFMUBNBvPQFRVFvP
MBDFSDBOrBBMBTDPNVOJEBEFTZMB¿FYJCJMJ
EBEQVFEFOWFSTFOFVUSBMJ[BEBTQPSEFTWFOUBKBTBTPDJBEBTDPOMBJOGPSNB
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
MJEBEZMBEFQFOEFODJBEFMFTGVFS[P¾OBODJFSPEFVOBTQPDBTPSHBOJ[BDJP
OFTPEFMFTGVFS[PMBCPSBMEFVOBTQPDBTQFSTPOBTRVFBGFDUBOBNVDIBT
04$T1PSMPEFNgT
TJCJFONVDIPTJOUFSFTFT
PQJOJPOFTZHSVQPTRVFEBO
GVFSBEFMPTFTQBDJPTEFEFDJTJwOZMPTNFDBOJTNPTEFSFQSFTFOUBDJwOFT
UBUBMFT
UBNCJnOFTDJFSUPRVFNVDIPTPUSPT
QSPCBCMFNFOUFMPTRVFEFT
QJFSUBOJOUFSnTNBZPSJUBSJP
RVFEBOEFOUSP
7FSTJPOFT EF FTUPT DPOUSBBSHVNFOUPT BQBSFDFO FO MBT GSFDVFOUFT
EJTDVTJPOFTTPCSFMBSFQSFTFOUBUJWJEBEZMBSFOEJDJwOEFDVFOUBTEFMBTPS
HBOJ[BDJPOFTEF MB TPDJFEBE DJWJM &TUBT EJTDVTJPOFT GVFSPO FYUFOTBNFO
UFUSBUBEBTEVSBOUFFM&ODVFOUSP"MHVOBTEFMBTJOUFSWFODJPOFTTFIBDFO
FDP EF RVJFOFT DVFTUJPOBO MBT DSFEFODJBMFT EF MBT 04$T QBSB QBSUJDJQBS
FO MB EFDJTJwO EF MBT QPMrUJDBT Q|CMJDBT FO JHVBMEBE EF DPOEJDJPOFT DPO
GVODJPOBSJPTRVFIBOBDDFEJEPBTVTDBSHPTBUSBWnTEFFMFDDJPOFT0USBT
JOUFSWFODJPOFTPCTFSWBORVFMBT04$TQVFEFODPNQFOTBSMBDBSFODJBEF
SFQSFTFOUBUJWJEBEFMFDUPSBMDPOPUSBTGPSNBTEFMFHJUJNJEBEQPSFKFNQMP
MBRVFEFSJWBEFMBOgMJTJTQSPGFTJPOBMZFDVgOJNFEFMBJOGPSNBDJwOPEFMB
EFGFOTBDPOTFDVFOUFEFBMHVOPTWBMPSFT
6OUSBUBNJFOUPBEFDVBEPEFMPTQSPCMFNBTEFMBSFQSFTFOUBUJWJEBEZ
MBMFHJUJNJEBEEFNBOEBNgTFTQBDJPEFMRVFQVFEPEFEJDBSMFFOFTUFUFY
UPJOUSPEVDUPSJP$POTJEFSBOEPMPTDPOUSBBSHVNFOUPT
QVFEPTJOFNCBSHP
IBDFSBMHVOBTPCTFSWBDJPOFT&OQSJNFSMVHBS
MBPCKFDJwOEFSFQSFTFOUB
UJWJEBENVDIBTWFDFTFTJNQFSUJOFOUFCBTUBDPORVFMBTPSHBOJ[BDJPOFT
EFMBTPDJFEBEDJWJMQSFTFOUFOVOBEFNBOEB
VOBJORVJFUVEPVOJOUFSnT
QBSBBNFSJUBSVOBSFTQVFTUBEFMBTBVUPSJEBEFTQ|CMJDBT&MQSPCMFNBEF
SFQSFTFOUBUJWJEBETFQMBOUFBDVBOEPFTBTJORVJFUVEFT
EFNBOEBTFJOUFSF
TFTTFDPUFKBODPOPUSPTRVF
QPSJEnOUJDPTNPUJWPTZDPOJHVBMFTNnSJUPT
QPESrBOSFRVFSJSVOBSFTQVFTUBP¾DJBM
&TUFQSPCMFNBFTJOFMVEJCMFZMBQFPSGPSNBEFSFTPMWFSMP RVFOPQPS
TFSQFPSFTJOGSFDVFOUF
FTJHOPSBSMP%FTDPOPDFSFMQSPCMFNBFTEFTDPOPDFS
MBQBSDJBMJEBEEFMBTEFNBOEBTEFMBT04$T
MPRVFJNQMJDBUBNCJnO
QBSB
EwKJDBNFOUF
EFTDPOPDFSMBQMVSBMJEBERVFIBCJUVBMNFOUFTFSFTDBUBDPNP
VOBEFMBTWJSUVEFTEFMBTPDJFEBEDJWJM3FDPOPDFSFMQSPCMFNBFTUBNCJnO
DPOEJDJwOEFMBF¾DBDJBQPMrUJDBEFMBTPSHBOJ[BDJPOFTEFMBTPDJFEBEDJWJM
"TVNJSMBQMVSBMJEBEEFJOUFSFTFT NVDIBTWFDFTDPOUSBQVFTUPT
RVF
BTQJSBO B JO¿VJS TPCSF MBT EFDJTJPOFT HVCFSOBNFOUBMFT FT JOEJTQFOTBCMF
QBSBFOUFOEFSDwNPBDU|BO
RVnQVFEFOIBDFSZRVnOPMPTGVODJPOBSJPTQ|
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
CMJDPT&TUPOPRVJFSFEFDJSRVFMPTGVODJPOBSJPTBDU|FOTJFNQSFFOGVODJwO
EFMJOUFSnTEFUPEPT2VJFSFEFDJS
TJNQMFNFOUF
RVFFOGSFOUBOVODPOKVOUP
EFSFTUSJDDJPOFTNgTDPNQMFKPRVFFMRVFFOGSFOUBOMBT04$T0USPNPEPJO
BEFDVBEPEFSFTPMWFSFMQSPCMFNBFTTVQPOFSRVFMBTGVFOUFTEFMFHJUJNJEBE
ZMPTJOUFSFTFTEFMBT04$TTPO
FODVBMRVJFSTFOUJEP
NgTWgMJEPTRVFMPTEF
MPTGVODJPOBSJPTQ|CMJDPTPMPTEFMBTPSHBOJ[BDJPOFTQBSUJEBSJBT
-BT 04$T QVFEFO
FGFDUJWBNFOUF
DPNQMFNFOUBS MB SFQSFTFOUBDJwO
QBSUJEBSJB Z FMFDUPSBM 1FSP
FO VOB EFNPDSBDJB
DPNQMFNFOUP OP RVJFSF
EFDJS²SFFNQMB[P³Z
FODVBMRVJFSDBTP
FTBGVODJwODPNQMFNFOUBSJBEFCF
EFNPTUSBSTFZFTUgTVKFUBBDPOEJDJPOFTNVZFTQFDr¾DBT/PIBZNPUJWPT
UFwSJDPTOJOPSNBUJWPTQBSBTVQPOFSRVFFTVOBDPOEJDJwORVFUPEBTMBT
04$TTBUJTGBDFOOBUVSBMNFOUF
&O MB NJTNB MrOFB
QVFEF BSUJDVMBSTF VO DVBSUP DPOUSBBSHVNFOUP
4POQPDBTMBT04$TRVFQSPEVDFOCJFOFTQ|CMJDPTFOFMTFOUJEPFTUSJDUP
EFMUnSNJOP FTUPFT
CJFOFTEFDVZPDPOTVNPOPQVFEFFYDMVJSTFBOBEJF
ZCJFOFTDVZBEJTQPOJCJMJEBEOPTFWFSFEVDJEBQPSDBEBDPOTVNPJOEJWJ
EVBM
-BHSBONBZPSrBEFFMMBTQSPEVDFCJFOFTDPMFDUJWPTQFSPOPQ|CMJDPT
:QBSBMBQSPEVDDJwOEFMBNBZPSrBEFMPTCJFOFTQ|CMJDPTTPDJBMNFOUFSF
MFWBOUFT
ZQBSBHBSBOUJ[BSRVFTFBONgTPNFOPTJHVBMNFOUFBDDFTJCMFT
BUPEPTMPTTFDUPSFTEFMBQPCMBDJwO
MBDPODFOUSBDJwOEFMBGVFS[BQ|CMJDB
FTJOEJTQFOTBCMF
BVORVFFMMPJNQMJRVFNVDIBTWFDFTQBHBSVOQSFDJPFO
UnSNJOPTEFF¾DJFODJB
1PS RVn EFCFSrBNPT DPOTJEFSBS MPT DPOUSBBSHVNFOUPT #VFOB
QBSUFEFMJOUFSnTSFDJFOUFFOFYQMPSBSMBTDPOEJDJPOFTEFJODJEFODJBEFMBT
04$TFOMBTQPMrUJDBTQ|CMJDBTJNQMJDBVOSFDPOPDJNJFOUPUgDJUPEFMBDFO
USBMJEBEEFM&TUBEP-BWPMVOUBEEFQBTBSEFMBBDDJwOFYQSFTJWBZFMUSBCBKP
EFBEWPDBDZTVHJFSFRVF
BVORVFBMHVOPTNPWJNJFOUPTIBOBCBOEPOBEP
MBBTQJSBDJwOEFDPORVJTUBSFM&TUBEP
nTUFDPOUJO|BTJFOEPVOBIFSSBNJFO
UBEFBDDJwOQPMrUJDBJOFMVEJCMF "DVvB
+FMJOFUBM
(PO[gMF[#PNCBM
7JMMBS
/PPCTUBOUF
FOBMHVOPTDBTPTMBWPDBDJwOEFQBSUJDJ
QBDJwOQPMrUJDBQVFEFUSBEVDJSVOBJOUFODJwOEFOFVUSBMJ[BSPSFFNQMB[BS
BM&TUBEP&OFTUPTDBTPT
MBWPDBDJwOBOUJBVUPSJUBSJBEFMPTNPWJNJFOUPT
TPDJBMFTFOMPTRVFNVDIBT04$TEFEFTBSSPMMPSFDJFOUFSFDPOPDFOTVBO
UFDFEFOUF
TFUSBOTGPSNBFOWPDBDJwOBOUJFTUBUBMZ
QPSMPUBOUP
BOUJQPMr
UJDB3FQJUJFOEPB8BM[FS
OPIBZNPUJWPTQBSBFMFHJSTwMPMBQPMrUJDB
QFSP
OPTFQVFEFQSFTDJOEJSEFFMMB-BBDDJwOQPMrUJDBOPTFBHPUBFOFM&TUBEP
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
QFSPOPQVFEFFMVEJSMP%FMQPEFSZMBDPFSDJwOOPTFFTDBQB&MQPEFSZ
MBDPFSDJwOQVFEFOTFSIFSSBNJFOUBEFQSPGVOEJ[BDJwOEFNPDSgUJDBFOMB
NFEJEBFORVFTFQSPUFKBBM&TUBEPDPNPCJFOQ|CMJDPZSFDVSTPDPN|OEF
JOUFSWFODJwOEFNPDSgUJDB
-PT DPOUSBBSHVNFOUPT FTUgO JOTQJSBEPT QPS VO EFOPNJOBEPS DP
N|OMBQPMrUJDBFTVOBGPSNBEFBDDJwOQ|CMJDBTVJHFOFSJT1BSBWBMPSBS
BEFDVBEBNFOUFMPTBSHVNFOUPTEFMBTPDJFEBEDJWJMZQBSBQPEFSBSUJDVMBS
MPTEFNPEPDPOWJODFOUFDPOFMJEFBSJPEFNPDSgUJDPFTOFDFTBSJPUFOFSQSF
TFOUFFTUBDPOTJEFSBDJwO-BJOUFSWFODJwOQ|CMJDBEFMBT04$TZTVWrODVMP
QSPEVDUJWPDPOMBTBVUPSJEBEFTFTUBUBMFTEFNBOEBJOUFSOBMJ[BSFMQVOUPEF
WJTUBEFM&TUBEPSFDPOPDFSMBJOFWJUBCJMJEBEEFMBDPFSDJwOZMBOFDFTJEBE
EFVONBSDPEFSFHMBTZVOFTQBDJPEFBDDJwODPNVOFT&MBSHVNFOUPEFMB
TPDJFEBEDJWJM
FODVBMRVJFSBEFTVTWBSJBOUFT
OPFTVOBWFSTJwOTVQFSJPS
EF MP Q|CMJDP &T
UBM DPNP MP FOGBUJ[B8BM[FS
FM SFDPOPDJNJFOUP EF RVF
OP FYJTUF UBM WFSTJwO TVQFSJPS 4J DPNQBSUJNPT FTUF SFDPOPDJNJFOUP Z
BM
NJTNP UJFNQP
BDFQUBNPT MP JOFWJUBCMF EF MB DPFSDJwO
MB B¾SNBDJwO EF
MBQPMrUJDBZMBFTUBUBMJEBEBQBSFDFODPNPDPSPMBSJPTEFMBSHVNFOUPEFMB
TPDJFEBEDJWJMDPNPQMVSBMJEBE
&TUB B¾SNBDJwO OP FT VOB TrOUFTJT EFM DPUFKP FOUSF BSHVNFOUPT Z
DPOUSBBSHVNFOUPT&TVOBBEWFSUFODJBJOJDJBMTPCSFMBWBSJFEBEEFNPUJ
WBDJPOFTRVFTVCZBDFOBMPTKVJDJPTSFBMJ[BEPTBDFSDBEFMBTPDJFEBEDJWJM
ZEFTEFMBTPDJFEBEDJWJMZTPCSFMPTSFRVJTJUPTRVFEFCFOTBUJTGBDFSFTPT
KVJDJPTQBSBBSUJDVMBSVOEJTDVSTPDPNQBUJCMFDPOFMGPSUBMFDJNJFOUPEFMHP
CJFSOPEFNPDSgUJDP$PNPTFvBMBNPTBMQSJODJQJP
FTJOFWJUBCMFQFOTBSFO
BTPDJBDJwOWPMVOUBSJB
DJWJMJEBE
DJWJTNPZDPO¿JDUPDVBOEPQFOTBNPTFOMB
TPDJFEBEDJWJM1FOTBSFODBEBVOBEFFTUBTDPTBTJNQMJDB
BWFDFT
QFOTBS
FOFM&TUBEPDPNPHBSBOUFZDPOEJDJwOEFQPTJCJMJEBEZ
PUSBT
QFOTBSFOFM
&TUBEPDPNPFTQBDJPFYUFSJPSZ
QPSRVnOP
DPNPBOUBHPOJTUB1PEFNPT
BEPQUBSVOBDPODFQDJwOEFTPDJFEBEDJWJMRVFEFTUBRVFBMHVOBEFFTUBT
JOUFSQSFUBDJPOFT /P QPEFNPT FWJUBS RVF MBT EFNgT SFTVFOFO B NFOPT
RVFSFOVODJFNPTBDPOTJEFSBSMBIJTUPSJBEFMDPODFQUP
MPRVFTFSrBNVZ
QBSFDJEPBBCBOEPOBSMP1PSMBTSB[POFTFYQVFTUBTNgTBSSJCB
FTFBCBO
EPOPOPFTOFDFTBSJPOJEFTFBCMF1FSPTJEFTFBNPTIBCMBSEFTPDJFEBE
DJWJMQBSBEJTDVUJSDwNPTFDPOTUSVZFZTFTPTUJFOFVOPSEFOEFNPDSgUJDP
DVBMRVJFSDPODFQDJwOOFHBUJWB BOUJTPDJFUBMPBOUJFTUBUBMBTPDJFUBMPB
FTUBUBM
FTJOBEFDVBEB
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
$POEJDJPOFTEFEFTBSSPMMPEFMBTPDJFEBEDJWJM
NPUJWBDJPOFT
SFDVSTPTZPQPSUVOJEBEFT
)BTUBFMNPNFOUPFYQMPSnBMHVOBTDVFTUJPOFTUFSNJOPMwHJDBTZOPS
NBUJWBTHFOFSBMFT1BSBDPNQMFNFOUBSFTUBFYQMPSBDJwOFTOFDFTBSJPEF
UFSNJOBSCBKPRVnDPOEJDJPOFTDPOUFYUVBMFTMBTBSUJDVMBDJPOFTEFTFBCMFT
FOUSF&TUBEPZTPDJFEBEDJWJMSFTVMUBOQPTJCMFT1SFTFOUBSn
QSJNFSP
BMHV
OBTFYQMJDBDJPOFTNVZBCTUSBDUBTZHFOFSBMFTRVFDPNCJOBOUFTJTEFMPT
FTUVEJPTTPCSFMBTPSHBOJ[BDJPOFTTJO¾OFTEFMVDSPZMBMJUFSBUVSBWFDJOB
EFTBSSPMMBEBFOSFMBDJwODPOMPTNPWJNJFOUPTTPDJBMFT
"MHVOPTBCPSEBKFTDPOUFNQPSgOFPT
QSPDVSBOEPSFTBMUBSMBTWFOUB
KBTEFMBTBTPDJBDJPOFTWPMVOUBSJBTQBSBMBQSPWJTJwOEFCJFOFTZTFSWJDJPT
GSFOUFBMBTPSHBOJ[BDJPOFTQ|CMJDBTZMBTFNQSFTBSJBT
QPTUVMBORVFMBTP
DJFEBEDJWJMUJFOFNgTBMUBQSPCBCJMJEBEEFEFTBSSPMMBSTFBMMrEPOEFQSFEP
NJOBOMBT²GBMMBTEFNFSDBEP³ZEPOEFFM&TUBEPOPBMDBO[BBSFQBSBSMBT
-BT²GBMMBT³EFHPCJFSOPTFBUSJCVZFOBMCBKPQFTPFMFDUPSBMEFMBTNJOP
SrBT$POBQPZPFOFTUBPCTFSWBDJwO
TFIBQSPQVFTUPRVFMBIFUFSPHFOFJ
EBEFOMBDPNQPTJDJwOnUOJDBEFMBTTPDJFEBEFT
RVFIBDFNgTQSPCBCMFMB
FYJTUFODJBEFNJOPSrBTFMFDUPSBMNFOUFJSSFMFWBOUFT
EFCFSrBFTUBSBTPDJBEB
DPOVOEFTBSSPMMPNgTWJHPSPTPEFMBTPSHBOJ[BDJPOFTEFMBTPDJFEBEDJWJM
4BMBNPO
4PLPMPXTLJFUBM
4JCJFOFTUBIJQwUFTJTFTQMBVTJCMF
DPOTJEFSBDJPOFTUFwSJDBTBEJDJP
OBMFTTVHJFSFORVFFTJODPNQMFUB-BTBTPDJBDJPOFTWPMVOUBSJBTFOGSFOUBO
JHVBMRVFMBTFNQSFTBT
JHVBMRVFFM&TUBEP
BHVEPTQSPCMFNBTEFBDDJwO
DPMFDUJWB-BTGBMMBTEFNFSDBEPZEFHPCJFSOPQVFEFONPUJWBSBNJFNCSPT
EFMBDPNVOJEBEBQSPWFFSCJFOFTDPMFDUJWPT1FSPQBSBRVFVODPOKVOUPEF
JOEJWJEVPTDPPQFSFWPMVOUBSJBNFOUFDPOMBQSPEVDDJwOEFVOCJFOOPCBTUB
DPORVFUFOHBOVONPUJWPQBSBIBDFSMP
&T OFDFTBSJP
BEFNgT
RVF FM CFOF¾DJP RVF FTQFSBO EFSJWBS EF MB
FYJTUFODJB EF FTF CJFO EBEP MP RVF FTQFSBO RVF IBHBO MPT PUSPT JOEJWJ
EVPT
TFBNBZPSRVFFMDPTUPRVFJNQMJDBFMFTGVFS[PJOEJWJEVBMEFDPOUSJ
CVJSBQSPEVDJSMP 0MTPO
%FNPEPRVFDVBOEPFMNFSDBEP²GBMMB³Z
FM&TUBEPOPBDU|B
MPNgTQSPCBCMFFTRVFDVBMRVJFSPUSPJOUFOUPEFPSHB
$BNQFUFMMBZ(PO[gMF[#PNCBM B
FODVFOUSBORVFFTUBUFPSrBTFBQMJDBTwMPQBSDJBM
NFOUFBMEFTBSSPMMPEFMBTPDJFEBEDJWJMFOMB"SHFOUJOB
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
BVTFODJBEFBMJBEPTPTQPOTPSTQBSBMBTPSHBOJ[BDJPOFT
MBTEJWJTJPOFTEFO
USPEFMBTFMJUFTHPCFSOBOUFTZMBTDBQBDJEBEFTBENJOJTUSBUJWBTEFM&TUBEP
WnBTF5BSSPX
ZMPTBVUPSFTBMMrDJUBEPT
$BEBVOPEFFTUPTGBDUPSFT
QVFEFSFMFWBSTFFOGVODJwOEFEJTUJOUPTJOEJDBEPSFTZMPTFTUVEJPTQSPQPOFO
FGFDUPTEFEJTUJOUBJOUFOTJEBEZEJSFDDJwOQBSBDBEBVOPEFFMMPT1PSFTUPT
NPUJWPT
MBTQPTJCJMJEBEFTEFFMBCPSBSVOBSHVNFOUPHFOFSBMZFTUSVDUVSBEP
BQBSUJSEFFTUBTJOUVJDJPOFTJOJDJBMFTTPONVZMJNJUBEBT
"VORVFJODPNQMFUBT
MBTUFTJTEFNPWJMJ[BDJwOEFSFDVSTPTZFTUSVDUV
SBEFPQPSUVOJEBEFTQVFEFOGVODJPOBSDPNPVOBHVrBHFOFSBMQBSBFWBMVBS
MBTDPOEJDJPOFTFTQFDr¾DBTCBKPMBTDVBMFTMBT04$TQVFEFOEFTBSSPMMBSTF
$POFTUBHVrB
QSPQPOHPPCTFSWBDJPOFTTJOUnUJDBTTPCSFMBFWPMVDJwOIJTUw
SJDBEFMBTSFMBDJPOFTFOUSFFM&TUBEPZMBTPDJFEBEDJWJMFOMB"SHFOUJOB.F
BQPZPFOEPTUSBCBKPTSFDJFOUFT $BNQFUFMMBZ(PO[gMF[#PNCBM
C
%J4UFGBOP
4BCBUPFUBM
RVFTJOUFUJ[BOVOBSJDBZFYUFOTBIJTUP
SJPHSBGrB FMBCPSBEB FO MPT |MUJNPT BvPT Z B DVZB MFDUVSB SFNJUP QBSB VO
USBUBNJFOUPDPNQMFUPEFFTUBFWPMVDJwO
-BFWPMVDJwOEFMBSFMBDJwOFOUSFFM&TUBEP
ZMBTPDJFEBEDJWJMFOMB"SHFOUJOB
$PNP TF JOEJDB NgT BSSJCB
MB HnOFTJT EFM &TUBEP
DPNP DPOKVOUP
EFPSHBOJ[BDJPOFTRVFQSFEPNJOBOFOFMFKFSDJDJPEFMBDPFSDJwOTPCSFVO
UFSSJUPSJP
DPJODJEFDPOMBEFMBTPDJFEBEDJWJMDPNPFTQBDJPEFBTPDJBDJP
OFT WPMVOUBSJBT Z BVUwOPNBT &O VO TFOUJEP
MB IJTUPSJB EF DBEB VOB EF
FTUBTFOUJEBEFTFTMBNJTNBIJTUPSJB"NCBTTFEFTBSSPMMBSPOFOQSPDFTPT
TJNVMUgOFPTZEFNVUVBJO¿VFODJB&TUBIJTUPSJBQVFEFTFSDPOUBEBEFTEF
EJTUJOUPTQVOUPTEFWJTUBZUJFOFEJWFSTBTEJNFOTJPOFT&OUSFFTUBTEJNFO
TJPOFTEFTUBDPUSFTBDPOTUSVDDJwOEFMBBVUPSJEBEQ|CMJDBFJOTUJUVDJPOB
MJ[BDJwOEFMBDPNQFUFODJBQPMrUJDBCOBDJPOBMJ[BDJwOZDJOTUJUVDJPOBMJ[B
DJwOEFMBQSPUFDDJwOTPDJBM-BMJTUBEFEJNFOTJPOFTOPFTFYIBVTUJWBTJOP
JMVTUSBUJWB$BEBVOBEFFTUBTEJNFOTJPOFTBEPQUwVOBEJOgNJDBEJTUJOUB
ZEJTUJOUPTSJUNPTEFEFTBSSPMMP
QPSMPRVFOPDBCFQSPQPOFSVOBQFSJPEJ
[BDJwOHFOFSBM DBEBVOPEFMPTUSBCBKPTDJUBEPTQSPQPOFQFSJPEJ[BDJPOFT
EJTUJOUBT
%BEPTMPTQSPQwTJUPTEFFTUFUFYUP
MJNJUBSnMBFYQPTJDJwOBVO
DPNFOUBSJPNVZTJOUnUJDPTPCSFMPTSBTHPTHFOFSBMFTEFFTBTEJOgNJDBT
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
$POTUJUVDJwOEFMBBVUPSJEBEQ|CMJDBFJOTUJUVDJPOBMJ[BDJwOEFMB
DPNQFUFODJBQPMrUJDB
-BTUFPSrBTBDFSDBEFMBGPSNBDJwOEFMPT&TUBEPT
JOTQJSBEBTFOMBT
FYQFSJFODJBTFVSPQFBT
EFTDSJCFOFTUPTQSPDFTPTDPNPMBIJTUPSJBEFMBJN
QPTJDJwOEFMQPEFSEFMPTQSrODJQFTTPCSFFMEFMBTBVUPSJEBEFTSFMJHJPTBTZ
MPTMJEFSB[HPTMPDBMFT&T
CgTJDBNFOUF
VOBIJTUPSJBEFDFOUSBMJ[BDJwO
EF
TBSSPMMPEFDBQBDJEBEFTEFEFGFOTBUFSSJUPSJBMZEFFYUSBDDJwOZBENJOJTUSB
DJwOEFSFDVSTPT¾OBODJFSPT &SUNBO
ZMBTOVNFSPTBTSFGFSFODJBTBMMr
BOBMJ[BEBT
&OMBGPSNBDJwOEFMPT&TUBEPTJCFSPBNFSJDBOPT
FOUSFFMMPTFM
BSHFOUJOP
MPTUFNBTTPOTFNFKBOUFTQFSPMPTQSPUBHPOJTUBTTPOEJTUJOUPT
$FOUFOP
0T[MBL
4J CJFO FM DPO¿JDUP FOUSF QPEFS TFDVMBS Z
QPEFSSFMJHJPTPGVFQPMrUJDBNFOUFSFMFWBOUF
MBDMBWFOPDPOTJTUJwFOBVUP
OPNJ[BSBMPTBTQJSBOUFTBFKFSDFSMBBVUPSJEBEQPMrUJDBEFMBTBTQJSBDJPOFT
EFMPT1BQBTDBUwMJDPT
TJOPFOFTUSVDUVSBSFMDPO¿JDUPQPSFMFKFSDJDJPEFM
QPEFSQ|CMJDPFOUSFFMJUFTEFEJTUJOUPPSJHFOTPDJBMZMPDBMJ[BDJwOHFPHSg¾
DB $IJBSBNPOUF
BC
0SHBOJ[BSFMDPO¿JDUPFOUSFMBTFMJ
UFTQPMrUJDBTZTPDJBMFTEFBDVFSEPDPOVODPOKVOUPEFSFHMBTSFDPOPDJEBT
ZSFTQFUBEBTGVFJOEJTQFOTBCMFQBSBGVOEBSVOBBVUPSJEBEQ|CMJDBQBSDJBM
NFOUFJOEFQFOEJFOUFEFFTUBTFMJUFTZDPOBVUPSJEBEQSPQJB
&OFMQFSrPEPJONFEJBUBNFOUFBOUFSJPSZQPTUFSJPSBMBPSHBOJ[BDJwO
OBDJPOBM
BMHVOBTBTPDJBDJPOFTWPMVOUBSJBTDPOTUJUVZFSPOVOQSJNFSFTQB
DJPEFSFVOJwOEFMBTFMJUFTRVFDPOUSJCVZwBGPSNBSVOTJTUFNBEFSFHMBT
JOGPSNBMFTZMFBMUBEFTQFSTPOBMFTQBSBSFHVMBSMBDPNQFUFODJBQPSFMQP
EFS5BMFTGVFSPOMPTDBTPTEFMPTDMVCFTEFMPDJPZMBTMPHJBTNBTwOJDBT
&TUBTFOUJEBEFTOPUFOrBOQSPQwTJUPTQPMrUJDPTFYQMrDJUPTQFSPSFVOrBOBMBT
QFSTPOBTRVFTrMPTUFOrBO
RVJFOFTEFTBSSPMMBCBOEFOUSPEFFTUBTPSHBOJ
[BDJPOFTWrODVMPTDPOPUSBTQFSTPOBTDPOQSPQwTJUPTTFNFKBOUFT
&O
VOBWF[DPNQMFUBEBMBPSHBOJ[BDJwOOBDJPOBM
MBPSHBOJ[BDJP
OFTQPMrUJDBTTFBVUPOPNJ[BSPOEFTQMB[gOEPTF
QPSBTrEFDJS
EFTEFFMgNCJUP
EFMBTPDJFEBEDJWJMIBDJBFM&TUBEP1PSTVQVFTUP
OPUPEPTMPTNJFNCSPTEF
MPTQBSUJEPTQPMrUJDPTFSBOGVODJPOBSJPTQ|CMJDPT
QFSPBMHVOPTGVODJPOBSJPT
QBSUJDVMBSNFOUF MPT HPCFSOBEPSFT "MPOTP
MJEFSBCBO Z DPOUSPMBCBO
FTBTPSHBOJ[BDJPOFT"MHVOBTBTPDJBDJPOFTDJWJMFTDPOTUJUVZFSPOUBNCJnOWF
IrDVMPTEFEJTUSJCVDJwOEFCFOF¾DJPTTFMFDUJWPTFOUSFMPTWPUBOUFTZIFSSB
NJFOUBTEFNPWJMJ[BDJwOFMFDUPSBM&TUBCBOFONFKPSFTDPOEJDJPOFTEFDVN
QMJSFTUFQBQFMMBTPSHBOJ[BDJPOFTEFCBTFUFSSJUPSJBM
DPNPMBTTPDJFEBEFTEF
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
GPNFOUP-BSFMFWBODJBFTUSBUnHJDBEFFTUBTPSHBOJ[BDJPOFTBVNFOUwBQBSUJS
EF
DVBOEPTFMFWBOUBSPOMBTSFTUSJDDJPOFTBMMJCSFFKFSDJDJPEFMTVGSBHJP
NBTDVMJOP1BSBMFMBNFOUF
MBFYQBOTJwOEFMBTNBOVGBDUVSBTZFMUSBCBKPBTB
MBSJBEPZMBSFHVMBDJwOEFMPTNFSDBEPTEFUSBCBKP
JOJDJBEBTB¾OFTEFMTJHMP
9*9
DPOTPMJEBSPOZBVNFOUBSPOMBJNQPSUBODJBQPMrUJDBEFMPTTJOEJDBUPT RVF
FOMPTgNCJUPTVSCBOPTUFOrBOVOBQSFTFODJBTJHOJ¾DBUJWBEFTEFFMQFSrPEP
EFMBPSHBOJ[BDJwOOBDJPOBM
4VSFMFWBODJBFMFDUPSBMDSFDJwDPOTUBOUFNFOUF
BQBSUJSEFZ
DPNPFTDPOPDJEP
BMDBO[wTVBQPHFPBQBSUJSEF
%VSBOUFMBTGSFDVFOUFTJOUFSSVQDJPOFTEFMPSEFODPOTUJUVDJPOBMQPTUFSJPSFTB
MPTTJOEJDBUPTPGSFDJFSPOQSPUFDDJwOZPQPSUVOJEBEFTEFFNQMFPBNJMJ
UBOUFTZEJSJHFOUFTEFMQFSPOJTNPQSPTDSJQUP -FWJUTLZ
-B JOTUSVNFOUBDJwO FMFDUPSBM OP BHPUB FM NFO| EF SFMBDJPOFT RVF
TFFTUBCMFDJFSPOFOUSFMPTQBSUJEPTQPMrUJDPTZPUSBTPSHBOJ[BDJPOFTEFMB
TPDJFEBEDJWJM-BTPSHBOJ[BDJPOFTCBSSJBMFT
MBTFTUVEJBOUJMFT
MBTEFQSP
GFTJPOBMFT
MBTDJFOUr¾DBT
MBTDVMUVSBMFTZMBTBSUrTUJDBTGVFSPOUBNCJnO
FO
EJTUJOUPTQFSrPEPT
QSPUBHPOJTUBTEFEJTQVUBTQPMrUJDBTFJEFPMwHJDBTZ
FO
PUSPT
BSFOBTEFMDPO¿JDUPJOUFSQBSUJEBSJP&OFMDPOUFYUPEFMBQPMBSJ[BDJwO
QPMrUJDBRVFBDPNQBvwBMQFSPOJTNPEFTEFTVPSJHFOIBTUB
MPTQBSUJ
EPTSFDVSSJFSPODPODSFDJFOUFGSFDVFODJBBMB²DPMPOJ[BDJwO³PMBDPPQUBDJwO
EFBMHVOBTBTPDJBDJPOFTWPMVOUBSJBTDPNPFTUSBUFHJBEFDPNQFUFODJB
0CTFSWBNPTFOUPODFTRVFMBT04$TBDPNQBvBSPOZFTUSVDUVSBSPOFM
QSPDFTPEFDPOTUSVDDJwOEFM&TUBEP6OBWF[DPOTPMJEBEBMBPSHBOJ[BDJwO
FTUBUBM Z QBSDJBMNFOUF JOTUJUVDJPOBMJ[BEB MB DPNQFUFODJB FMFDUPSBM
FMMBT
DPOTUJUVZFSPO QBSUF EFM SFQFSUPSJP EF NPEBMJEBEFT EF BDDJwO V PGSFDJF
SPOFTDFOBSJPTQBSBMBJOUFSWFODJwOEFMPTQSPUBHPOJTUBTQBSUJEBSJPTEFMB
EJTQVUBQPMrUJDB%VSBOUFMBTJOUFSSVQDJPOFTEFMPSEFODPOTUJUVDJPOBMZFO
QFSrPEPT EF QSPTDSJQDJwO
EJFSPO SFGVHJP UFNQPSBM P BSFOBT EF JOUFSWFO
DJwOBMUFSOBUJWBQBSBMPTNJFNCSPTEFMPTQBSUJEPT%FBDVFSEPDPOFTUF
BSHVNFOUPFTQFSBNPTFODPOUSBSSFMBDJPOFTEFJO¿VFODJBSFDrQSPDBFOUSF
MBTPSHBOJ[BDJPOFTFTUBUBMFTZMBTBTPDJBDJPOFTWPMVOUBSJBTEFMBTPDJFEBE
DJWJM-BFWPMVDJwOEFMBOBUVSBMF[B
MBTSFHMBTZMBJOUFOTJEBEEFMBDPNQF
UFODJBQPMrUJDBPGSFDFDPOEJDJPOFTNgTPNFOPTQSPQJDJBTQBSBFMEFTBSSPMMP
EFPSHBOJ[BDJPOFTWPMVOUBSJBTEFEJTUJOUPGPSNBUPZRVFDVNQMFOEJTUJOUBT
GVODJPOFT FO BMHVOPT DBTPT NgT JOEFQFOEJFOUFT Z FO PUSPT
NFOPT
FO
SFMBDJwODPOFTBDPNQFUFODJB
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
/BDJPOBMJ[BDJwO
&MQSPDFTPEFGPSNBDJwOEFMPT&TUBEPTFTUBNCJnOVOQSPDFTPEFIP
NPHFOFJ[BDJwODVMUVSBM-BPCFEJFODJBBMPSEFOMFHBMFTUgBQPZBEBFOJEFO
UJEBEFTDPMFDUJWBTDPNVOFTRVFFOHFOFSBMTFFYQSFTBODPNPTFOUJNJFOUP
EFQFSUFOFODJBBMBOBDJwO-PT&TUBEPTIBODVMUJWBEPFTUFTFOUJNJFOUPBD
UJWBNFOUF
BUSBWnTEFEJTUJOUPTNFEJPTZDPOEJTUJOUBTDPOTFDVFODJBTQBSB
TVSFMBDJwODPOMBT04$T&OBMHVOPTDBTPT
MBSFTJTUFODJBEFDPNVOJEBEFT
nUOJDBTDPODFOUSBEBTHFPHSg¾DBNFOUFPTPDJBMNFOUFEJTDSJNJOBEBTQVFEF
DBOBMJ[BSTFBUSBWnTEFPSHBOJ[BDJPOFTEFMBTPDJFEBEDJWJM&OFTUPTDBTPT
MB OBDJPOBMJ[BDJwO QVFEF EBS MVHBS B VO QBUSwO EF SFMBDJPOFT DPO¿JDUJWBT
-BTPSHBOJ[BDJPOFTEFMBTPDJFEBEDJWJMQVFEFOUBNCJnOTFSWFIrDVMPTEFMPT
FTGVFS[PTEFIPNPHFOFJ[BDJwOEFMBTQPCMBDJPOFTEFTBSSPMMBEPTEFTEFFM
&TUBEP&TUFQBSFDFIBCFSTJEPFMDBTPFOMB"SHFOUJOB%FTEFMPTQSJNFSPT
JOUFOUPTEFPSHBOJ[BDJwOOBDJPOBM
MBQSPWJTJwOEFDPOEJDJPOFTMFHBMFTZFDP
OwNJDBTQSPQJDJBTQBSBMBGPSNBDJwOEFBTPDJBDJPOFTWPMVOUBSJBTDPOTUJUVZw
VOBEFMBTIFSSBNJFOUBTGVOEBNFOUBMFTBMBTRVFMPTBTQJSBOUFTBDPOTPMJEBS
MB BVUPSJEBE Q|CMJDB SFDVSSJFSPO QBSB FTUSVDUVSBS MBT SFMBDJPOFT TPDJBMFT Z
NPUJWBSMBMFBMUBEEFMPTDJVEBEBOPT"TPDJBDJPOFTEFNVZEJWFSTBOBUVSB
MF[BEJTGSVUBSPOEFFTUBQSPUFDDJwOFOUSFPUSBT
MBTTPDJFEBEFTEFGPNFO
UP
BTPDJBEBTBMPTQSPDFTPTEFVSCBOJ[BDJwOMBTDPPQFSBEPSBTFTDPMBSFT
BTPDJBEBTBMBBSUJDVMBDJwOEFMBFEVDBDJwODPNPTJTUFNBFTUBUBMMBTBTP
DJBDJPOFTDJFOUr¾DBT
QSPGFTJPOBMFTZDVMUVSBMFTMBTBTPDJBDJPOFTEFMBTDP
MFDUJWJEBEFTEFJONJHSBOUFT
RVFTJSWJFSPODPNPFTQBDJPEFSFQSPEVDDJwOEF
MBDVMUVSBEFMQBrTEFPSJHFOQFSPUBNCJnODPNPWFIrDVMPTEFMBJOUFHSBDJwO
EFTVTNJFNCSPTBMBDPNVOJEBEOBDJPOBM $BNQFUFMMBZ(PO[gMF[#PNCBM
B
ZMBTBTPDJBDJPOFTNVUVBMFTZ¾MBOUSwQJDBT
RVFBOUFTEFMBDPOTUJ
UVDJwOEFMPTTJTUFNBTQ|CMJDPTEFBTJTUFODJB
JOJDJBEBIBDJB¾OFTEFM4JHMP
9*9 Z DPOTPMJEBEB IBDJB NFEJBEPT EFM 99
DBOBMJ[BSPO MB BZVEB TPDJBM -B
QBSUJDJQBDJwOFOBTPDJBDJPOFTWPMVOUBSJBTGVFVODPNQPOFOUFJNQPSUBOUFEF
MBJEFBEFBSHFOUJOJEBERVFBDVvBSPOMPTGVOEBEPSFTEFM&TUBEPOBDJPOBM
&TBTPSHBOJ[BDJPOFTPGSFDJFSPOVOgNCJUPQBSBMBTPDJBMJ[BDJwOEFBOUJHVPTZ
OVFWPTQPCMBEPSFTEFMUFSSJUPSJPBMSFEFEPSEFFTBJEFB
*OTUJUVDJPOBMJ[BDJwOEFMBQSPUFDDJwOTPDJBM
-BBVUPOPNrBBTPDJBUJWB
DPOEJDJwOEFMEFTBSSPMMPEFMBTPDJFEBEDJWJM
FTIJKBEFMNJTNPQSPDFTPEFEJTPMVDJwOEFMPTwSEFOFTTPDJBMFTUSBEJDJPOB
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
MFTRVFIJ[PQPTJCMFMBFYUFOTJwOEFMBTSFMBDJPOFTNFSDBOUJMFTDPNPNPEP
EPNJOBOUFEFPSHBOJ[BDJwOFDPOwNJDBZTPDJBM"MHVOBTBTPDJBDJPOFTWPMVO
UBSJBTTFDPOTUJUVZFSPOQBSBPGSFDFSQSPUFDDJwOBMBTQFSTPOBTRVFFOGSFOUBO
EJ¾DVMUBEFTDJSDVOTUBODJBMFTPQFSNBOFOUFTQBSBWJWJSEFMPTJOHSFTPTRVF
HFOFSBO&OPDBTJPOFT
FTUBTBTPDJBDJPOFTDPOUBSPODPOFMFTUrNVMPQPMrUJDP
Z¾OBODJFSPEFMBTBVUPSJEBEFTQ|CMJDBT5BMFT
QPSFKFNQMP
FMDBTPEFMB4P
DJFEBEEF#FOF¾DJFODJB
GVOEBEBFO#VFOPT"JSFTFO-B4PDJFEBEGVF
FMDFOUSPEFVOBSFEEFBTPDJBDJPOFTCFOn¾DBTQSJWBEBTFTUSVDUVSBEBTEFT
EFFM&TUBEPRVFIBTUB¾OFTEFTJHMP9*9DPOTUJUVZFSPOFMQSJODJQBMTJTUFNB
EFBZVEBTPDJBM-BTBTPDJBDJPOFTNVUVBMFTEFCBTFUFSSJUPSJBM
nUOJDBPQSP
GFTJPOBMUBNCJnOEFTFNQFvBSPOUBSFBTFOFTUFgNCJUPBQBSUJSEFNFEJBEPT
EFTJHMP-BDPOTPMJEBDJwOEFMBPSHBOJ[BDJwOCVSPDSgUJDBEFM&TUBEPQFSNJUJw
GPSUBMFDFSFMDPOUSPMZMBDPPSEJOBDJwOEFMBBTJTUFODJBTPDJBMQSPWJTUBQPSBTP
DJBDJPOFTWPMVOUBSJBT
FOVOQSPDFTPRVFTFJOJDJwFOMBT|MUJNBTEnDBEBTEFM
TJHMP9*9ZGVFBERVJSJFOEPDSFDJFOUFJOUFOTJEBEIBTUBDVMNJOBSFOFMNPEF
MPDPSQPSBUJWPFTUSVDUVSBEPTPCSFMBTPDJFEBEFOUSF&TUBEPTZTJOEJDBUPTEF
NFEJBEPTEFMTJHMP99&TUFBSNBEPDPSQPSBUJWPTPCSFWJWJwB|OEVSBOUFMPT
HPCJFSOPTNJMJUBSFTQPTUFSJPSFTB
-BQSPUFDDJwOTPDJBMUVWPEJTUJOUBFYUFOTJwOZWBSJBEBTGPSNBTJOTUJ
UVDJPOBMFTFODBEBQFSrPEP"NFEJEBRVFFTUBQSPUFDDJwOTFFYUFOEJw
DSF
DJwFMQFTPSFMBUJWPEFMBTBHFODJBTQ|CMJDBTZEFDSFDJwFMEFMBT04$T/P
PCTUBOUF
EFTEFFMPSJHFOMBTJOJDJBUJWBTFTUBUBMFTZMBTTPDJBMFTFTUVWJFSPO
FOUSFMB[BEBT-BSFEF¾OJDJwOEFMPTTFSWJDJPTTPDJBMFTQPTUFSJPSB
FO
MBRVFMPTTJOEJDBUPTTJHVFOKVHBOEPVOQBQFMDFOUSBMZMBT04$TBTVNFO
OVFWPTSPMFT
OPEFCFMFFSTFDPNPVOBJOOPWBDJwOSBEJDBMTJOPDPNPVO
OVFWPQBUSwOEFVOBIJTUPSJBBOUJHVB
-BDSFDJFOUFSFMFWBODJBEFMBT04$T
FOMB"SHFOUJOBEFNPDSgUJDB
RVFFMUFSDFSTFDUPSUJFOFIPZVOQFTPTPDJBMZFDPOwNJDPNVZTJHOJ¾DB
UJWP %F BDVFSEP DPO MBT FTUJNBDJPOFT EF 3PJUUFS Z TVT DPBVUPSFT
DPOCBTFFOEBUPTEF
FMQSPEVDUPEFMBTPSHBOJ[BDJPOFTTJO¾OFTEF
MVDSPSFQSFTFOUBFMEFM1SPEVDUP#SVUP*OUFSOP 1#*
ZFMDPOKVOUPEF
TVTFNQMFBEPTSFQSFTFOUBFMEFMFNQMFPOPBHSrDPMB RVFBTDJFOEFBM
TJTFBHSFHBBMBDVFOUBFMFRVJWBMFOUFBMBQPSUFEFUJFNQPEFUSBCBKP
OPSFNVOFSBEPEFMPTWPMVOUBSJPT
4JCJFOOPFYJTUFOEBUPTTJTUFNgUJDPT
QBSBFTUJNBSMBNBHOJUVEEFMDSFDJNJFOUPDVBOUJUBUJWPEFMTFDUPSSFTQFDUP
EFQFSrPEPTQSFWJPT
BMHVOBTFYQMJDBDJPOFTQSPQVFTUBTFOMBTMJUFSBUVSBT
MPDBM Z DPNQBSBUJWB QVFEFO BZVEBS B JOUFSQSFUBS TV DSFDJFOUF SFMFWBODJB
DPOUFNQPSgOFB
%FNPDSBUJ[BDJwO
-BEFNPDSBUJ[BDJwOPGSFDFDPOEJDJPOFTGBWPSBCMFTQBSBMBNPWJMJ[B
DJwOEFMPTSFDVSTPTEFMBT04$TZPQPSUVOJEBEFTQPMrUJDBTQSPQJDJBTQBSB
TVJOUFSWFODJwO&MMFWBOUBNJFOUPEFMBTSFTUSJDDJPOFTMFHBMFTBMBBDDJwO
QPMrUJDBSFEVDFMPTDPTUPTEFMBBDDJwODPMFDUJWB-BJOTUJUVDJPOBMJ[BDJwOEF
MBDPNQFUFODJBQPMrUJDBZMBBQFSUVSBEFMBFTGFSBQ|CMJDBWBMPSJ[BOMBTDB
QBDJEBEFTEFNPWJMJ[BDJwO
QSPEVDDJwOEFJOGPSNBDJwOZBSHVNFOUBDJwOEF
MBT 04$T (PMETUPOF
&TUP FTUJNVMBSrB B FNQSFOEFEPSFT QPMrUJDPT
ZBTQPOTPSTUBOUPQ|CMJDPTDPNPQSJWBEPTBSFBMJ[BSMBTJOWFSTJPOFTOF
DFTBSJBTQBSBTPMVDJPOBSMPTQSPCMFNBTEFBDDJwODPMFDUJWBRVFJNQMJDBMB
DPOTUJUVDJwOZFMNBOUFOJNJFOUPEFMBT04$T4JCJFOMBEFNPDSBUJ[BDJwO
SFDJFOUFIBGBWPSFDJEPFMDSFDJNJFOUPEFVOFTQBDJPTPDJBMFYUFSJPSBM&TUB
EPZBMTJTUFNBQBSUJEBSJP
DPNPPDVSSJwFOPUSPTQFSrPEPTIJTUwSJDPT
MBT
BTPDJBDJPOFTEFMBTPDJFEBEDJWJMQVFEFOTFSJOTUSVNFOUPEFMBJOUFSWFO
DJwOEFTEF²BSSJCB³PEFTEF²BEFOUSP³EFMTJTUFNBQPMrUJDP
4JFMBSHVNFOUPEFEFNPDSBUJ[BDJwOFTDPSSFDUP
FTQFSBSrBNPTRVF
DVBOUPNgTJOUFOTBTFBMBDPNQFUFODJBQPMrUJDB
NgTQSPQJDJBTTFSgOMBT
DPOEJDJPOFTQBSBMBGPSNBDJwOEFBTPDJBDJPOFTEFMBTPDJFEBEDJWJM$PNP
WFSFNPT
FTUFBSHVNFOUPQVFEFTFSSFMFWBOUFQBSBBOBMJ[BSEJGFSFODJBTFO
FMEFTBSSPMMPEFMBTPDJFEBEDJWJMFOUSFMBTQSPWJODJBTBSHFOUJOBTFTQFSB
NPTRVFTFBNgTSPCVTUPEPOEFMBDPNQFUFODJBQPMrUJDBFTNgTJOUFOTBZ
MBTSFTUSJDDJPOFTBMBPSHBOJ[BDJwOBVUwOPNB
NgTEnCJMFT
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
$BNCJPTFOFMQBQFMSFHVMBEPSEFM&TUBEPFOMBTBDUJWJEBEFT
FDPOwNJDBT
&MDBNCJPFOMBTGVODJPOFTSFHVMBEPSBTEFM&TUBEPFOMBFDPOPNrBFT
PUSPEFMPTGBDUPSFTDJUBEPTIBCJUVBMNFOUFQBSBFYQMJDBSFMJODSFNFOUPEF
MBBDUJWJEBEEFMBT04$T-PTBTQFDUPTNgTSFMFWBOUFTEFFTUFDBNCJPQBSB
OVFTUSBEJTDVTJwOTPOMBQFSTFDVDJwOEFMFRVJMJCSJP¾TDBM
MBQSJWBUJ[BDJwO
ZMBEFTSFHVMBDJwO
ZMBEFTDFOUSBMJ[BDJwOZGPDBMJ[BDJwOFOMBQSPWJTJwOEF
TFSWJDJPTTPDJBMFT
&MBKVTUFEFMHBTUPSFTVMUBOUFEFMFTGVFS[PEFFRVJMJCSJP¾TDBMQSPEV
KPEJTMPDBDJPOFTTPDJBMFTEFEJTUJOUBOBUVSBMF[B-BSFUSBDDJwOFOMBDPCFS
UVSBEFMPTTFSWJDJPTEFSJWwFOEFNBOEBTTPDJBMFTJOTBUJTGFDIBT&TBJOTB
UJTGBDDJwOBMJNFOUwUBOUPMBQSPUFTUBTPDJBMDPNPMBHFOFSBDJwOEFGVFOUFT
BMUFSOBUJWBTEFTFSWJDJPT5BOUPMBQSPUFTUBDPNPMBQSPWJTJwOEFTFSWJDJPT
GVFSPOGSFDVFOUFNFOUFDBOBMJ[BEBTBUSBWnTEF04$T
-BQSJWBUJ[BDJwOZMBEFTSFHVMBDJwODSFBSPODPOEJDJPOFTQBSBFMEFTB
SSPMMPEFMBT04$TBUSBWnTEFPUSPTEPTNFDBOJTNPT&OBMHVOPTDBTPT
PS
HBOJ[BDJPOFTEFMBTPDJFEBEDJWJMUPNBSPOBTVDBSHPMBQSFTUBDJwOEFTFS
WJDJPTQ|CMJDPTTPDJBMFTZEFJOGSBFTUSVDUVSB&OPUSPT
GVFSPOJODPSQPSBEBT
BSFHrNFOFTEFSFHVMBDJwOEFTFSWJDJPTQ|CMJDPTQSFTUBEPTQPSFNQSFTBT
QSJWBEBT"MHPTFNFKBOUFPDVSSJwDPOMBEFTDFOUSBMJ[BDJwOZMBGPDBMJ[BDJwO
EFMBBTJTUFODJBTPDJBM-BOFDFTJEBEEFMMFHBSBQPCMBDJPOFTEF¾OJEBTEF
BDVFSEPDPODSJUFSJPTTPDJBMFTZHFPHSg¾DPTFTQFDr¾DPTWBMPSJ[wFMBSSBJHP
TPDJBMZFMBDDFTPEFMRVFEJTGSVUBOBMHVOBT04$T&TQFSBOEPFYQMPUBSFT
UPTSFDVSTPT
MPT&TUBEPTMFTEFMFHBSPOEJTUJOUBTGVODJPOFTBTPDJBEBTDPO
MBJNQMFNFOUBDJwOEFMBTQPMrUJDBTTPDJBMFT "DVvB
+FMJOFUBM
(PO
[gMF[#PNCBM
(BSBZFUBM
3BUIHFC4NJUIZ-JQTLZ
%FBDVFSEPDPOFTUBTPCTFSWBDJPOFT
TFFTQFSBRVFMBSFEF¾OJDJwO
EFMBTGVODJPOFTFDPOwNJDBTZTPDJBMFTEFM&TUBEPPGSF[DBVOBFTUSVDUVSB
EFPQPSUVOJEBEFTNgTGBWPSBCMFBMEFTBSSPMMPEFMBTPSHBOJ[BDJPOFTEFMB
TPDJFEBEDJWJM-BSFEF¾OJDJwOQSPEVDJEBFOMB"SHFOUJOBFYQMJDBSrBFMDSFDJ
NJFOUPFOMBSFMFWBODJBEFMTFDUPSRVFFODVFOUSBOMPTFTUVEJPT
&YUFOTJwOFOMBTGVODJPOFTBENJOJTUSBUJWBTEFM&TUBEP
-B JO¿VFODJB QPMrUJDB EF MBT PSHBOJ[BDJPOFT EF MB TPDJFEBE DJWJM IB
TJEPBTPDJBEBDPOMBBNQMJBDJwOEFMDPOKVOUPEFUFNBTRVFTFDPOWJFSUFO
FOPCKFUPEFMBQPMrUJDBQ|CMJDB%FBDVFSEPDPO)VHP)FDMP
FTUB
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
BNQMJBDJwOEBMVHBSBMBGPSNBDJwOEFJTTVFOFUXPSLT SFEFTEFBTVOUPT
FTQBDJPTEFJOUFSBDDJwOGSFDVFOUFZ
FOHFOFSBM
JOGPSNBM
FOUSFMPTGVODJP
OBSJPTQ|CMJDPTZMBTQFSTPOBT
HSVQPTZPSHBOJ[BDJPOFTJOUFSFTBEPTFOVO
UFNBQBSUJDVMBS-BFYQBOTJwOUFNgUJDBSFEVDFMBQSPCBCJMJEBEEFRVFMPT
GVODJPOBSJPTQ|CMJDPT FMFDUPTPEFTJHOBEPT
EJTQPOHBOEFJOGPSNBDJwOFO
DBOUJEBE Z DBMJEBE TV¾DJFOUFT QBSB USBUBSMPT &TUF En¾DJU EF JOGPSNBDJwO
BCSF MB QVFSUB B MB JO¿VFODJB EF JOEJWJEVPT Z PSHBOJ[BDJPOFT RVF UJFOFO
MPT JODFOUJWPT QPMrUJDPT P MB DPNQFUFODJB QSPGFTJPOBM QBSB QSPEVDJSMB &O
MBNFEJEBFORVFMBDBOUJEBEZDPNQMFKJEBEEFMPTUFNBTEFJODVNCFODJB
FTUBUBMBVNFOUFO
FTQFSBSrBNPTRVFBVNFOUFUBNCJnOMBDBOUJEBEEFMBT
BTPDJBDJPOFTEFMBTPDJFEBEDJWJMEFTUJOBEBTBMUSBUBNJFOUPFTQFDJBMJ[BEP
EF UFNBT FTQFDr¾DPT EF QPMrUJDB
BVORVF MB JODJEFODJB FGFDUJWB EF FTUBT
BTPDJBDJPOFTWBSrBEFBDVFSEPDPOTVTDBQBDJEBEFTPSHBOJ[BDJPOBMFT
MPT
SBTHPT JOTUJUVDJPOBMFT EFM FOUPSOP Z MB DPZVOUVSB FO MB RVF JOUFSWJFOFO
#SBVO
$IVEOPWTLZFUBM
(MPCBMJ[BDJwO
/VFTUSPDPNFOUBSJPTFDPODFOUSBFOEPTBTQFDUPTEFFTUFGFOwNFOP
DPNQMFKPFMEFTBSSPMMPEFPSHBOJ[BDJPOFTZSFHrNFOFTJOUFSOBDJPOBMFTZMB
SFEVDDJwOFOMPTDPTUPTEFNPWJMJEBEJOUFSOBDJPOBMEFMBJOGPSNBDJwOZEF
MBTQFSTPOBT
-PTSFHrNFOFTJOUFSOBDJPOBMFTTPO²QSJODJQJPT
OPSNBT
SFHMBTZQSP
DFEJNJFOUPTQBSBMBUPNBEFEFDJTJPOFTBMSFEFEPSEFMBTDVBMFTDPOWFSHFO
MBTFYQFDUBUJWBTEFMPTBDUPSFTFOVOBEFUFSNJOBEBgSFBEFBTVOUPT³ ,SBT
OFS
-PTBDUPSFTEFMPTRVFIBCMBMBEF¾OJDJwOTPO
GVOEBNFO
UBMNFOUF
&TUBEPTOBDJPOBMFT-PT&TUBEPTQVFEFOFODPOUSBSOFDFTBSJPP
DPOWFOJFOUFFTUBCJMJ[BSTVTFYQFDUBUJWBTSFTQFDUPEFMDPNQPSUBNJFOUPEF
PUSPT&TUBEPTQBSBSFTPMWFSQSPCMFNBTEFDPPSEJOBDJwO QSPCMFNBTRVFSF
RVJFSFOEFMBBDDJwODPODFSUBEB
PQSPCMFNBTEFDPPQFSBDJwO QSPCMFNBT
RVFSFTVMUBOEFMBJODFSUJEVNCSFBDFSDBEFMDVNQMJNJFOUPEFMPTBDVFSEPT
.VDIPT EF FTUPT SFHrNFOFT EBO MVHBS B MB GPSNBDJwO EF PSHBOJ[BDJPOFT
JOUFSOBDJPOBMFT
FOUJEBEFTFODBSHBEBTEFTVQFSWJTBSFMDVNQMJNJFOUPEF
MBTSFHMBTZDBOBMJ[BSMBUPNBEFEFDJTJPOFT
-PTSFHrNFOFTZMBTPSHBOJ[BDJPOFTJOUFSOBDJPOBMFTPGSFDFOVOBBSF
OBEFJOUFSWFODJwOZ
FOFTFTFOUJEP
NVMUJQMJDBOMBTPQPSUVOJEBEFTQPMrUJ
DBTEFMBT04$T"EJDJPOBMNFOUF
QVFEFOTFSWJSDPNPVOSFDVSTPQPMrUJDP
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
QBSBNBHOJ¾DBSMBJODJEFODJBEFMBT04$TFOMBFTDBMBOBDJPOBM-BQSFTJwO
JOUFSOBDJPOBMQVFEFBVNFOUBSMPTDPTUPTEFSFQSJNJSPEFEFNPSBSMBBEPQ
DJwOEFSFGPSNBTZBTrQSPNPWFSFMBMDBODFEFMPTPCKFUJWPTEFBMHVOBTEF
FMMBT ,FDLZ4JLLJOL
.JTSB
-BSFEVDDJwOEFMPTDPTUPTEFNPWJMJEBEJOUFSOBDJPOBMEFMBJOGPSNB
DJwOZEFMBTQFSTPOBT SFTVMUBOUF
FOHFOFSBM
EFUSBOTGPSNBDJPOFTUFDOP
MwHJDBTTJHOJ¾DBUJWBT
GBDJMJUBRVFMBT04$TBQSPWFDIFOMBTPQPSUVOJEBEFT
RVFQSFTFOUBMBDSFBDJwOEFSFHrNFOFTJOUFSOBDJPOBMFT&TUPTGBDUPSFTTF
SFUSPBMJNFOUBO MB BDDJwO DPMFDUJWB JOUFSOBDJPOBM JNQVMTB MB BEPQDJwO EF
SFHMBTTVQSBOBDJPOBMFT&TBTSFHMBTGBDJMJUBOMBBDDJwODPMFDUJWBUBOUPEP
NnTUJDBDPNPUSBOTOBDJPOBM&OFMDBTPBSHFOUJOP
FMEFTBSSPMMPZMBDPOTP
MJEBDJwOEFMNPWJNJFOUPEFEFSFDIPTIVNBOPTZTVJO¿VFODJBTPCSFVOB
NVMUJQMJDJEBE EF PSHBOJ[BDJPOFT RVF QSPNVFWFO EJTUJOUPT UJQPT EF EFSF
DIPT
JMVTUSBOFTUBEJOgNJDB
-BTPDJFEBEDJWJMFTVOTFDUPS JNQPSUBOUF FO MB QSPEVDDJwO Z FO MB
EFNBOEBEFGVFS[BEFUSBCBKP-BEFNPDSBUJ[BDJwO
MBSFEF¾OJDJwOEFMSPM
FDPOwNJDPEFM&TUBEP
MBDPNQMFKJ[BDJwOEFMBTBHFOEBTEFQPMrUJDBQ|CMJDB
ZBMHVOPTBTQFDUPTEFMBHMPCBMJ[BDJwONVMUJQMJDBOMBTPQPSUVOJEBEFTEF
JOUFSWFODJwOQPMrUJDBEFBMHVOBTEFMBTPSHBOJ[BDJPOFTRVFJOUFHSBOFTUF
TFDUPS&MDPNFOUBSJPTPCSFMBTUFOEFODJBTSFDJFOUFTEFCFDPNQMFNFOUBSTF
DPOEPTBEWFSUFODJBT
-PTQSPDFTPTEFTDSJQUPTTPOUFOEFODJBTHFOFSBMFT4VOBUVSBMF[BZ
MBNBHOJUVEEFTVJNQBDUPQVFEFOWBSJBSFOUSFMPTQBrTFTZ
EFOUSPEFDBEB
QBrT
FOUSFMBTSFHJPOFT-BTWBSJBDJPOFTPCFEFDFOBMBNFEJBDJwOEFGBD
UPSFTJOTUJUVDJPOBMFT
BUSJCVUPTEFMDPOUFYUPTPDJBMZDBSBDUFSrTUJDBTEFMPT
BDUPSFTTPDJBMFTZQPMrUJDPT.gTBMMgEFMBTUFOEFODJBTHFOFSBMFT
FTGVO
EBNFOUBMFOUFOEFSMBJO¿VFODJBEFFTUBTNFEJBDJPOFTQBSBDBSBDUFSJ[BSMBT
SFMBDJPOFTFOUSFFM&TUBEPZMBTPDJFEBEDJWJMFODPOUFYUPTFTQFDr¾DPT
-BTDJUBEBTUFOEFODJBTOPTPOVOJEJSFDDJPOBMFT
OJEFJOUFOTJEBEDSF
DJFOUF
OJJSSFWFSTJCMFT/VFWPTDBNCJPTFOMPTSPMFTEFMPT&TUBEPTZFO
MBTSFMBDJPOFTFOUSFMPT&TUBEPTQVFEFOSFEVDJSMBJO¿VFODJBQPMrUJDBEFMBT
BTPDJBDJPOFTWPMVOUBSJBTFOHFOFSBMPSFFNQMB[BSBMBTRVFIPZTPOJO¿V
ZFOUFTZWJTJCMFTQPSPUSBTDPOEJTUJOUBTDBQBDJEBEFTZEJTUJOUBFTUSVDUVSB
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
4PDJFEBEDJWJMUFSSJUPSJPTZSPMFT
%FTEF MB TPDJFEBE DJWJM UJFOF NgT PSHBOJ[BDJPOFT
NgT WBSJB
EBT
DPODSFDJFOUFWJTJCJMJEBEQ|CMJDBFJO¿VFODJBQPMrUJDB%JTUJOUPTSFMF
WBNJFOUPTZFTUVEJPTSFDJFOUFTTVHJFSFORVFFMUBNBvPZMBFTUSVDUVSBEFM
TFDUPSWBSrBOFOUSFMBTQSPWJODJBT-BNBHOJUVEEFMBWBSJBDJwODBNCJBEF
BDVFSEPDPOFMSFHJTUSPRVFTFDPOTJEFSF1PSFKFNQMP
MBCBTFEFEBUPT
BDUVBMJ[BEBQFSJwEJDBNFOUFQPSFM$FOUSP/BDJPOBMEF0SHBOJ[BDJPOFTEF
MB$PNVOJEBE $&/0$
DPOTUSVJEBBQBSUJSEFMSFHJTUSPWPMVOUBSJPEFPSHB
OJ[BDJPOFTEFMBTPDJFEBEDJWJM
DVFOUBPSHBOJ[BDJPOFTFOMBQSPWJODJB
EF#VFOPT"JSFT MBRVFNgTUJFOF
ZFO$BUBNBSDB MBRVFNFOPTUJFOF
&M FTUVEJP EF EFM 1SPHSBNB EF /BDJPOFT 6OJEBT QBSB FM %FTBSSPMMP
DVFOUBPSHBOJ[BDJPOFTFO#VFOPT"JSFTZFO5JFSSBEFM'VFHP
NrOJNP
&M%JSFDUPSJPEF0/(TEF$*11&$
DPODFOUSBEPFOPSHBOJ[BDJPOFT
RVFEFTBSSPMMBOBDUJWJEBEFTFOFMgNCJUPEFMBQPMrUJDBQ|CMJDB
SFHJTUSw
PSHBOJ[BDJPOFTFOMB$JVEBE"VUwOPNBEF#VFOPT"JSFT
OJOHVOBFO4BOUB
$SV[ZTwMPVOBFOPUSBTDVBUSPQSPWJODJBT4JCJFOFTUPTSFHJTUSPTDPOTJH
OBOMBMPDBMJ[BDJwOEFMBTTFEFTEFMBTPSHBOJ[BDJPOFT
ZFYJTUFDJFSUBEJGF
SFODJBFOUSFMBMPDBMJ[BDJwOZMB[POBEFJOUFSWFODJwO *LFJ
*vJHVF[FUBM
MPTEBUPTTVHJFSFORVF
FGFDUJWBNFOUF
MBTEJGFSFODJBTDVBOUJUBUJWBT
JOUFSQSPWJODJBMFTTPOBQSFDJBCMFT
1SFTFOUP BMHVOBT DPOKFUVSBT QBSB JOUFSQSFUBS FTUBT EJGFSFODJBT EF
BDVFSEPDPOMBJOGPSNBDJwOTJOUFUJ[BEBFOMBTTJHVJFOUFTUSFT¾HVSBT&O
DBEB¾HVSBTFDMBTJ¾DBOBMBTQSPWJODJBTBSHFOUJOBTEFBDVFSEPDPOEJT
UJOUBTDPNCJOBDJPOFTEFWBMPSFTEFWBSJBCMFT
-B¾HVSBBOBMJ[BMBSFMBDJwOFOUSFFMUBNBvPEFMBQPCMBDJwOQSPWJO
DJBMZMBDBOUJEBEEF04$T DPOCBTFFOEBUPTEF1/6%
$PNPQVFEFPC
TFSWBSTF
MBBTPDJBDJwOFTNVZFTUSFDIB4FPCUJFOFOEJTUSJCVDJPOFTTFNF
KBOUFTVUJMJ[BOEPPUSBTWBSJBCMFTBTPDJBEBTDPOFMUBNBvPEFMBQPCMBDJwO
QPSFKFNQMP
FM1SPEVDUP(FPHSg¾DP#SVUP1#(
&MQBUSwOFTTFNFKBOUF
TJTFVUJMJ[BOPUSBTCBTFTEFEBUPT&TUBBTPDJBDJwOQVFEFQBSFDFSUSJWJBMTJ
IBZNgTHFOUF
FTOBUVSBMRVFIBZBNgTPSHBOJ[BDJPOFT"IPSB
BMHVOPEF
MPTDPNFOUBSJPTUFwSJDPTRVFIFNPTIFDIPNgTBSSJCBTVHJFSFORVFMBQSP
CBCJMJEBEEFFODPOUSBSPSHBOJ[BDJPOFTOPFTTJNQMFNFOUFVOBGVODJwOEF
MBFYJTUFODJBEFHFOUF&TQFSBSrBNPTFODPOUSBSNgTPSHBOJ[BDJPOFTEPOEF
MBTDPOEJDJPOFTTFBONgTQSPQJDJBTQBSBRVFFMMBTTFDPOTUJUVZBO
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
'JHVSB
1PCMBDJwO NJMFT
$BOUJEBEEF04$T
'JHVSB
$BOUJEBEEF04$T NJMFT
(BTUP4PDJBM1#(
'JHVSB
/|NFSP&GFDUJWPEFQBSUJEPT
EF1PCFO04$
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
-PTFTUVEJPTPGSFDFOEJTUJOUPTNPEPTEFFTUJNBSDVgOQSPQJDJBTTPO
FTBTDPOEJDJPOFT1PSFKFNQMP
MBMMBNBEB²UFPSrBEFMBDPNQMFNFOUBSJF
EBE³ $BNQFUFMMBZ(PO[gMF[#PNCBM
B
TPTUJFOFRVFMBTPSHBOJ[B
DJPOFTEFMBTPDJFEBEDJWJMTFEFTBSSPMMBODPNP²TPDJBT³EFM&TUBEP&TQF
SBNPTFOUPODFTRVFIBZBNgTPSHBOJ[BDJPOFTDVBOEPFMQFTPFDPOwNJDPZ
TPDJBMEFM&TUBEPFTNgTTJHOJ¾DBUJWP-B¾HVSBQSPQPOFDPNPFTUJNBDJwO
EFFTF²QFTP³BMBSFMBDJwOFOUSFFMHBTUPQ|CMJDPTPDJBMFKFDVUBEPFOFMUF
SSJUPSJPQSPWJODJBMZFM1#(-BBTPDJBDJwOFTNVZEnCJMZEFTJHOPDPOUSBSJP
BMFTQFSBEP$VBOUPNBZPSFTFMQFTPEFMHBTUPTPDJBM VOQPDP
NFOPSFT
MBQSPCBCJMJEBEEFFODPOUSBSPSHBOJ[BDJPOFTEFMBTPDJFEBEDJWJM6UJMJ[BOEP
FTUJNBDJPOFTTFNFKBOUFT QPSFKFNQMP
FMQFTPEFMFNQMFPQ|CMJDPTPCSF
FM1#(
TFFODVFOUSBFMNJTNPQBUSwO&TUPOPJNQMJDBOFDFTBSJBNFOUFRVF
EFCBNPT SFDIB[BS FM BSHVNFOUP EF DPNQMFNFOUBSJFEBE 1SPCBCMFNFOUF
FTBDPNQMFNFOUBSJFEBETFFTUBCMFDFDPOBMH|OUJQPQBSUJDVMBSEF04$TZ
EFTBQBSFDFDVBOEPMBTDPOTJEFSBNPTFODPOKVOUP
"MUFSOBUJWBNFOUF
QPESrBNPTSFDVSSJSBVOBSHVNFOUPEFPQPSUVOJ
EBEFTQPMrUJDBT"MHVOPTEFFTUPTBSHVNFOUPTTPTUJFOFORVFDVBOUPNgT
JOUFOTBFTMBDPNQFUFODJBQPMrUJDBNBZPSFTMBQSPCBCJMJEBEEFGPSNBSPS
HBOJ[BDJPOFTEFMBTPDJFEBEDJWJM&OFMDBTPFORVFMBDPNQFUFODJBTFNB
OJ¾FTUFDPNPDPOGSPOUBDJwOFOUSFQBSUJEPT
FTUPQVFEFPDVSSJSQPSRVFFM
NJFEPBQFSEFSFMFDDJPOFTEJTVBEFBMPTP¾DJBMJTNPTEFMJNJUBSMBMJCFSUBE
EFBTPDJBDJwOPQPSRVFDPOFMBGgOEFHBOBSFMFDDJPOFTMPTQBSUJEPTSFDV
SSFOBMBT04$TDPNPIFSSBNJFOUBEFNPWJMJ[BDJwO-B¾HVSBBOBMJ[BFTUB
SFMBDJwO6CJDBBMBTQSPWJODJBTEFBDVFSEPDPOFMQPSDFOUBKFEFNFODJPOFT
EFQBSUJDJQBDJwOSFHJTUSBEPFOMBFODVFTUBEF1/6%ZFMO|NFSPFGFDUJWP
EFQBSUJEPTSFHJTUSBEPFOFMQSPNFEJPEFMBTFMFDDJPOFTQBSBDBSHPTQSP
WJODJBMFTDFMFCSBEBTFOUSFZ-PTEBUPTPGSFDFOBMH|OTVTUFOUP
BFTUBJOUFSQSFUBDJwODVBOEPMPTWPUPTTFEJTUSJCVZFOFOUSFVODPOKVOUP
NgTHSBOEFEFQBSUJEPT
MBQSPQPSDJwOEFQFSTPOBTRVFEFDMBSBOQBSUJDJQBS
EFVOB04$BVNFOUB
$POTJEFSBEPTFODPOKVOUP
FTUPTEBUPTOPTJOWJUBOBBQMJDBSDPODBV
UFMBMPTBSHVNFOUPTUFwSJDPT-BWBSJFEBEEFGPSNBTPSHBOJ[BDJPOBMFTRVF
QVFEFOFODPOUSBSTFEFOUSPEFMBTPSHBOJ[BDJPOFTEFMBTPDJFEBEDJWJMFT
UBOHSBOEFRVFMPTGBDUPSFTRVFFTUJNVMBOFMEFTBSSPMMPEFVOUJQPEFPSHB
&TUFO|NFSPFTVOBNFEJEBEFMBSFMBUJWBDPODFOUSBDJwOEFMPTWPUPTFODBEBFMFDDJwO
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
OJ[BDJwOQVFEFODPOTQJSBSDPOUSBFMEFTBSSPMMPEFPUSBT"EJDJPOBMNFOUF
MBDBOUJEBEEFPSHBOJ[BDJPOFTFTVOJOEJDBEPSNVZS|TUJDPEFMBSFMFWBODJB
TPDJPQPMrUJDBEFMBTPDJFEBEDJWJM1BSBFOUFOEFSBMBTPDJFEBEDJWJMBSHFO
UJOBOFDFTJUBNPTUnSNJOPTNgTDMBSPT
UFPSrBTNgTTFOTJCMFT
NBZPSDBO
UJEBEEFEBUPTZBOgMJTJTNgTFTQFDr¾DPT&TFFOUFOEJNJFOUPFTDPOEJDJwO
QBSBQSPNPWFSTVEFTBSSPMMPIPNPHnOFPFOUPEPTMPTUFSSJUPSJPTEFMQBrT
ZQBSBFTUJNVMBSBSUJDVMBDJPOFTQSPEVDUJWBTUBOUPDPOFM&TUBEPOBDJPOBM
DPNPDPOMPT&TUBEPTQSPWJODJBMFT
&TBTBSUJDVMBDJPOFTEFCFOSFDPOPDFSMBWBSJFEBEEFQBQFMFTRVFMBT
04$TQVFEFODVNQMJSFOSFMBDJwODPOMBTBVUPSJEBEFTFTUBUBMFT-BNBZPSrB
EFMPTBOgMJTJTTFDPODFOUSBOFOEPTSPMFTFMEFQSPNPUPSBTEFUFNBTZFWB
MVBEPSBTEFMBHFTUJwOQ|CMJDB BEWPDBUFT
ZFMEFTPDJBTUFSSJUPSJBMFTFOMB
JNQMFNFOUBDJwOEFQSPHSBNBT0USPTEPTQBQFMFT
JHVBMNFOUFSFMFWBOUFT
NFSFDFODPOTJEFSBDJwO6OP
DJUBEPDPOBMHVOBGSFDVFODJB
FTFMEFQSPNP
UPSBTEFJOOPWBDJPOFT-BFTDBMBQFRVFvBZMB¿FYJCJMJEBEQFSNJUFORVFMBT
04$TFOTBZFOFTUSBUFHJBTEFJOUFSWFODJwOOPQSPCBEBTBNVZCBKPDPTUP
0SHBOJ[BDJPOFTNgTHSBOEFTZDPNQMFKBTOPQVFEFOEBSTFFTFMVKP
-BTJOOPWBDJPOFTFYJUPTBTEFQBSUFEFMBTPSHBOJ[BDJPOFTEFMBTP
DJFEBEDJWJMFOSJRVFDFOMBUSBNBTPDJBMZQVFEFOTFSWJSEFNPEFMPPEFJOT
UBODJBEFWBMJEBDJwOQBSBMBJOOPWBDJwOFOQPMrUJDBQ|CMJDB.FOPTGSFDVFO
UFNFOUFTFSFDPOPDF RVJ[gTQPSRVFPDVSSFGSFDVFOUFNFOUF
FMSPMRVFMBT
PSHBOJ[BDJPOFTEFMBTPDJFEBEDJWJMQVFEFODVNQMJSDPNPGBDJMJUBEPSBTEF
MBOFHPDJBDJwOFOUSFGVODJPOBSJPTQ|CMJDPT&TUPQVFEFPDVSSJSUBOUPFOUSF
EJTUJOUPTHSVQPTMFHJTMBUJWPT
FOUSFMFHJTMBEPSFTZGVODJPOBSJPTEFM&KFDV
UJWP P FOUSF GVODJPOBSJPT EF EJTUJOUPT OJWFMFT EF HPCJFSOP QPS FKFNQMP
OBDJPOBMFTZQSPWJODJBMFT
-B JOGPSNBDJwO Z FM DPOUSPM EF MBT 04$T
CBKP DJFSUBT DPOEJDJPOFT
QVFEFOSFEVDJSMBJODFSUJEVNCSFQSPQJBEFMBTOFHPDJBDJPOFTZGBDJMJUBSFM
BMDBODFZFMDVNQMJNJFOUPEFBDVFSEPT TFH|OMBJOUFSQSFUBDJwOEF3BVT
UJBMBFTUPPDVSSFDPOBMHVOBGSFDVFODJBFOMBTOFHPDJBDJPOFTJOUFSOB
DJPOBMFT
5BOUPMPTBOgMJTJTDPNPMBTFTUSBUFHJBTRVFTFQSPNVFWFOEFCFO
TFSTFOTJCMFTUBNCJnOBFTUBNVMUJQMJDJEBEEFSPMFT
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
$PODMVTJPOFT
-BSFMBDJwOFOUSFFM&TUBEPZMBTPDJFEBEDJWJMIBBEPQUBEPNVZEJT
UJOUBTGPSNBT
IBTJEPSFUSBUBEBEFEJTUJOUBTNBOFSBTFOMBIJTUPSJBEFMB
UFPSrBZQVFEFEBSMVHBSBEJTUJOUBTWBMPSBDJPOFT&M&TUBEPZMBTPDJFEBE
DJWJMTPONBOJGFTUBDJPOFTEFVONJTNPQSPDFTPIJTUwSJDP
QFSPTVEFTBSSP
MMPDPN|OZFRVJMJCSBEPOPFTJOFYPSBCMFOJFTVOWBMPSDPNQBSUJEPVOJWFS
TBMNFOUF/PPCTUBOUF
VOSnHJNFOEFNPDSgUJDPOFDFTJUBUBOUPVO&TUBEP
F¾DB[DPNPVOBTPDJFEBEDJWJMSPCVTUB
-BTPDJFEBEDJWJMDPNPGFOwNFOPIJTUwSJDPZPCKFUPEFSF¿FYJwOFT
QBSUFEFMPTSFDVSTPTQPMrUJDPTRVFPGSFDFMBUSBEJDJwONPEFSOBZEFCFNPT
BUFTPSBS1FSPIBZEJTUJOUBTGPSNBTEFWBMPSBSMBZEJTUJOUPTNPUJWPTQBSB
DVJEBSMB&TOFDFTBSJPRVFMBTEFGFOTBTEFFTPTNPUJWPT
RVFFOTVTGPS
NBTNgTQFSTVBTJWBTFTUgOBTPDJBEBTDPOMBQMVSBMJEBE
SFDPOP[DBORVF
MBTPDJFEBEDJWJMOPFTBVUPTV¾DJFOUFOJBVUPTPTUFOJEB
ZRVFMBBVUPSJEBE
QPMrUJDBFTVOSFDVSTPEFMBTPDJFEBEDJWJM
1PSTVQVFTUP
OPDVBMRVJFSGPSNBEFBVUPSJEBEQPMrUJDBPGSFDFFTPT
SFDVSTPT .VDIBT BTPDJBDJPOFT WPMVOUBSJBT DPOUFNQPSgOFBT
FOUSF FMMBT
MBTBSHFOUJOBT
TPCSFWJWJFSPOZDSFDJFSPOFOMBNFEJEBFORVFDPOTJHVJFSPO
DPNCBUJS
OFVUSBMJ[BS
JHOPSBSP
BMNFOPT
QBTBSEFTBQFSDJCJEBTQBSB&TUB
EPTBVUPSJUBSJPT1FSPFTPOPJNQMJDBRVFIBZBPSHBOJ[BDJwOEFNPDSgUJDB
EVSBEFSBGVFSBEFM&TUBEPPTJOFM&TUBEP/PMBIBZ
-B BSUJDVMBDJwO EF SFMBDJPOFT QSPEVDUJWBT FOUSF MPT &TUBEPT Z MBT
04$TEFQFOEFEFMBTNPUJWBDJPOFTRVFEFTBSSPMMFOFTUBTPSHBOJ[BDJPOFT
QFSP
NgTTJHOJ¾DBUJWBNFOUF
EFTVDBQBDJEBEQBSBNPWJMJ[BSSFDVSTPTZEF
MBTPQPSUVOJEBEFTRVFFMDPOUFYUPPGSF[DBQBSBFTBNPWJMJ[BDJwO&TUBTJO
UVJDJPOFTCgTJDBTJOGPSNBOMBJOUFSQSFUBDJwOTPCSFMBFWPMVDJwOIJTUwSJDBEF
MBDPNQFUFODJBQPMrUJDB
EFMTFOUJEPEFOBDJPOBMJEBEZEFMBTJOTUJUVDJPOFT
EFQSPUFDDJwOTPDJBMRVFIFEFTDSJQUPTJOUnUJDBNFOUF
&MFTQBDJPEFBTPDJBDJPOFTWPMVOUBSJBTZBVUwOPNBTIBTJEPTJFNQSF
BNQMJPZSPCVTUPFOMB"SHFOUJOB&TBBNQMJUVEZSPCVTUF[EFSJWBO
FOHSBO
QBSUF
EFMBWPMVOUBEEFMBTFMJUFTFTUBUBMFTZEFMBF¾DBDJBEFTVTFTUSBUF
HJBTEFDPOTUSVDDJwO&MDSFDJNJFOUPSFDJFOUFEFFTUFFTQBDJPQVFEFBTP
DJBSTFDPOMBEFNPDSBUJ[BDJwO
MBSFEF¾OJDJwOEFMSPMFDPOwNJDPEFM&TUBEP
FMDSFDJNJFOUPFOMBDBOUJEBEZDPNQMFKJEBEEFMPTUFNBTRVFTFDPOTUJUV
ZFODPNPPCKFUPEFQPMrUJDBTZBMHVOPTBTQFDUPTEFMBHMPCBMJ[BDJwO
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
&TFDSFDJNJFOUPQBSFDFOPIBCFSTJEPVOJGPSNFFOUPEPFMUFSSJUPSJP
OBDJPOBM -B FWJEFODJB Z MBT UFPSrBT EJTQPOJCMFT PGSFDFO JOUFSQSFUBDJPOFT
JODPNQMFUBTEFMBTWBSJBDJPOFTJOUFSQSPWJODJBMFT/FDFTJUBNPTDPODFQUPT
NgTQSFDJTPT
JOGPSNBDJwONgTTJTUFNgUJDBZUFPSrBTNgTTFOTJCMFTBMBT
EJWFSTJEBEEFGPSNBTRVFBEPQUBOMBT04$TZBMBEJWFSTJEBEEFFOUPSOPT
JOTUJUVDJPOBMFT UBOUPFOFMQMBOPOBDJPOBM
DPNPFOFMQSPWJODJBMZFMMPDBM
FOMPTRVFTFEFTFOWVFMWFO
&TBTUFPSrBTEFCFODPOUFNQMBSUBNCJnOMBNVMUJQMJDJEBEEFSPMFTRVF
FTUBTPSHBOJ[BDJPOFTQVFEFODVNQMJSFOUBOUPRVFJOUFSMPDVUPSBTEFM&TUB
EPFOVODPOUFYUPEFNPDSgUJDP
3FGFSFODJBT
$BNQFUFMMB
"OESFBF*OnT(PO[gMF[#PNCBMB²&MEFTBSSPMMPIJTUwSJ
DPEFMTFDUPSTJO¾OFTEFMVDSPFOMB"SHFOUJOB%FCBUFDPOBMHVOPT
NPEFMPTUFwSJDPT³&O.BSJP3PJUUFSF*OnT(PO[gMF[#PNCBM
FET
&TUVEJPTTPCSFFMTFDUPSTJO¾OFTEFMVDSPFOMB"SHFOUJOB#VFOPT
"JSFT$&%&4
C²)JTUPSJBEFMTFDUPSTJO¾OFTEFMVDSPFO"SHFOUJOB³&O.BSJP
3PJUUFSF*OnT(PO[gMF[#PNCBM
FET
&TUVEJPTTPCSFFMTFDUPSTJO
¾OFTEFMVDSPFOMB"SHFOUJOB#VFOPT"JSFT$FOUSPEF&TUVEJPTEF
&TUBEPZ4PDJFEBE
$BNQFUFMMB
"OESFB
*OnT (PO[gMF[ #PNCBM Z .BSJP 3PJUUFS ²%F¾
OJFOEPBMTFDUPSTJO¾OFTEFMVDSPFOMB"SHFOUJOB³&O.BSJP3PJUUFS
F*OnT(PO[gMF[#PNCBM
FET
&TUVEJPTTPCSFFMTFDUPSTJO¾OFTEF
MVDSPFOMB"SHFOUJOB#VFOPT"JSFT$&%&4
$BTFMMB
"MFTTBOESBZ#SVOP'SFZ²'FEFSBMJTNBOE$MVCT5PXBSETBO
&DPOPNJD5IFPSZPG0WFSMBQQJOH1PMJUJDBM+VTSJTEJDUJPOT³&VSPQFBO
&DPOPNJD3FWJFX
$FOUFOP
.JHVFM"OHFM²-JNJUFE8BSBOE-JNJUFE4UBUFT³&O%JBOF&
BOE"OUIPOZ81FSFJSB%BWJT
FET
*SSFHVMBS"SNFE'PSDFTBOE5IFJS
3PMFJO1PMJUJDTBOE4UBUF'PSNBUJPO$BNCSJEHF$BNCSJEHF6OJWFS
TJUZ1SFTT
$FSOZ
1(²(MPCBMJ[BUJPOBOEUIF&SPTJPOPG%FNPDSBDZ³&VSPQFBO
+PVSOBMPG1PMJUJDBM3FTFBSDI
$IBP
(VPZ+VMJFU".VTTP²3FQSFTFOUBUJPOJO/POQSP¾UBOE7PMVO
UBSZ0SHBOJ[BUJPOT"$PODFQUVBM'SBNFXPSL³/POQSP¾UBOE7PMVO
UBSZ4FDUPS2VBSUFSMZ
$IJBSBNPOUF
+PTn$BSMPTB$JVEBEFT
QSPWJODJBT
FTUBEPT0SrHFOFT
EFMB/BDJwO"SHFOUJOB#VFOPT"JSFT$PNQBvrB&TQBTB
$BMQF"SHFOUJOB
C-BGPSNBDJwOEFMPTFTUBEPTOBDJPOBMFTFO*CFSPBNnSJDB#PMF
UrOEFM*OTUJUVUPEF)JTUPSJB"SHFOUJOBZ"NFSJDBOB²%S&NJMJP3BWJH
OBOJ³
/BDJwOZFTUBEPFO*CFSPBNnSJDB&MMFOHVBKFQPMrUJDPFOUJFNQPT
EFMBTJOEFQFOEFODJBT#VFOPT"JSFT&EJUPSJBM4VEBNFSJDBOB
%J4UFGBOP
3
)4BCBUP
-"3PNFSPZ+-.PSFOP%FMBTDPGSBErBT
BMBTPSHBOJ[BDJPOFTEFMBTPDJFEBEDJWJM)JTUPSJBEFMBJOJDJBUJWBBTP
DJBUJWBFO"SHFOUJOB#VFOPT"JSFT("%*4
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*
&SUNBO
5IPNBT#JSUIPG-FWJBUIBO$BNCSJEHF$BNCSJEHF6OJWFS
TJUZ1SFTT
(PMETUPOF
+BDL².PSF4PDJBM.PWFNFOUTPS'FXFS #FZPOE1PMJUJ
DBM0QQPSUVOJUZ4USVDUVSFTUP3FMBUJPOBM'JFMET³5IFPSZBOE4PDJFUZ
(PO[gMF[ #PNCBM
*OnT -B WJTJCJMJEBE Q|CMJDB EF MBT BTPDJBDJPOFT
DJWJMFT#VFOPT"JSFT$FOUSPEF&TUVEJPTEF&TUBEPZ4PDJFEBE
%P
DVNFOUP$&%&4
²0SHBOJ[BDJPOFTEFMBTPDJFEBEDJWJMFJODJEFODJBFOQPMrUJDBTQ|CMJ
DBT3F¿FYJPOFTQBSBTFHVJSBWBO[BOEP³&O*OnT(PO[gMF[#PNCBMZ
3PESJHP7JMMBS
FET
0SHBOJ[BDJPOFTEFMBTPDJFEBEDJWJMFJODJEFODJB
FOQPMrUJDBTQ|CMJDBT#VFOPT"JSFT-JCSPTEFM;PS[BM
(PO[gMF[#PNCBM
*OnT
$BOEFMBSJB(BSBZZ'FSOBOEB1PUFO[B0SHB
OJ[BDJPOFTEFMBTPDJFEBEDJWJMZQPMrUJDBTTPDJBMFTFOMB"SHFOUJOBEF
MPTOPWFOUB#VFOPT"JSFT$FOUSPEF&TUVEJPTEF&TUBEPZ4PDJFEBE
6OJWFSTJEBEEF4BO"OESnT
)FDMP
)VHI²*TTVF/FUXPSLTBOEUIF&YFDVUJWF&TUBCMJTINFOU³&O
",JOB
FE
5IF/FX"NFSJDBO1PMJUJDBM4ZTUFN8BTIJOHUPO
%$
"NFSJDBO&OUFSQSJTF*OTUJUVF
)PEHLJOTPO
7"Z.8'PMFZ5IF$JWJM4PDJFUZ3FBEFS)BOPWFS
/)5VGUT6OJWFSTJUZ1SFTTPG/FX&OHMBOE
*LFJ
-JEJB
&MJ[BCFUI *vJHVF[
'BDVOEP -wQF[ #VSHPT
(VJMMFSNP .BZFS Z
.BSrBEFMPT"OHFMFT4PMg"MWBSF[
FET
"DFSDBEFMBDPOTUJ
UVDJwOEFMUFSDFSTFDUPSFOMB"SHFOUJOB-BTBDUJWJEBEFTEFMBTPSHB
OJ[BDJPOFTEFMBTPDJFEBEDJWJMJOTDSJQUBTFOFM$&/0$#VFOPT"JSFT
$&/0$
.JOJTUFSJPEF%FTBSSPMMP4PDJBM
+FOLJOT
+$SBJH²3FTPVSDF.PCJMJ[BUJPO5IFPSZBOEUIF4UVEZPG4P
DJBM.PWFNFOUT³"NFSJDBO+PVSOBMPG4PDJPMPHZ
+FOLJOT
+$SBJH
+BDPCT%BWJEZ"HOPOF+PO²1PMJUJDBM0QQPSUVOJUJFT
BOE"GSJDBO"NFSJDBO1SPUFTU
³5IF"NFSJDBO+PVSOBM
PG4PDJPMPHZ
,FDL
.BSHBSFU&Z,BUISZO4JLLJOL"DUJWJTUT#FZPOE#PSEFST"EWPDBZ
/FUXPSLTJO*OUFSOBUJPOBM1PMJUJDT*UIBDB$PSOFMM6OJWFSTJUZ1SFTT
,SBTOFS
4UFQIFO % ²4USVDUVSBM $BVTFT BOE 3FHJNF $POTFRVFOD
FT 3FHJNFT BT *OUFSWFOJOH 7BSJBCMFT³ *OUFSOBUJPOBM 0SHBOJ[BUJPO
$BQrUVMP
3FMBDJPOFTFOUSF&TUBEPZ4PDJFEBE$JWJM
-FWJUTLZ
4UFWFO5SBOTGPSNJOH-BCPS#BTFE1BSUJFTJO-BUJO"NFSJDB
"SHFOUJOF 1FSPOJTN JO $PNQBSBUJWF 1FSTQFDUJWF $BNCSJEHF $BN
CSJEHF6OJWFSTJUZ1SFTT
.D'BSMBOE
"OESFX 4 ²/FPQMVSBMJTN³ "OOVBM 3FWJFX PG 1PMJUJDBM
4DJFODF
.FZFS
%BWJE4Z%$.JOLPGG²$PODFQUVBMJ[JOH1PMJUJDBM0QQPSUV
OJUZ³4PDJBM'PSDFT
.FZFS
%BWJE4Z4V[BOOF4UBHHFOCPSH².PWFNFOUT
$PVOUFSNPWF
NFOUTBOEUIF4USVDUVSFPG1PMJUJDBM0QQPSUVOJUZ³"NFSJDBO+PVSOBM
PG4PDJPMPHZ
.JTSB
,BWJUB ²1PMJUJDP.PSBM 5SBOTBDUJPOT JO *OEJB "JET 4FSWJDF
$PO¾EFOUJBMJUZ
3JHIUTBOE/FX.PEBMJUJFTPG(PWFSOBODF³"OUISP
QPMPHJDBM2VBSUFSMZ
0µ%POOFM
(VJMMFSNP"²/PUBTTPCSFMBEFNPDSBDJBFO"NnSJDB-B
UJOB³&O1SPHSBNBEF/BDJPOFT6OJEBTQBSBFM%FTBSSPMMP
FE
-B
EFNPDSBDJBFO"NnSJDB-BUJOB)BDJBVOBEFNPDSBDJBEFDJVEBEBOBT
ZDJVEBEBOPT
FMEFCBUFDPODFQUVBMTPCSFMBEFNPDSBDJB/FX:PSL
1SPHSBNBEF/BDJPOFT6OJEBTQBSBFM%FTBSSPMMP
0MTPO
.BODVS5IF-PHJDPG$PMMFDUJWF"DUJPO$BNCSJEHF
.BTT)BS
WBSE6OJWFSTJUZ1SFTT
0T[MBL
0TDBS-BGPSNBDJwOEFMFTUBEPBSHFOUJOP0SEFO
QSPHSFTPZ
PSHBOJ[BDJwOOBDJPOBM#VFOPT"JSFT1MBOFUB
3BUIHFC4NJUI
4UFWFOZ.JDIBFM-JQTLZ/POQSP¾UT'PS)JSF5IF8FMGBSF
4UBUFJOUIF"HFPG$POUSBDUJOH$BNCSJEHF$BNCESJHF6OJWFSTJUZ1SFTT
3BVTUJBMB
,BM²4UBUFT
/(0T"OE&OWJSPONFOUBM*OUFSOBUJPOBM*OTUJ
UVUJPOT³*OUFSOBUJPOBM4UVEJFT2VBSUFSMZ
3PJUUFS
..
33JQQFUPFZ-.4BMBNPO%FTDVCSJFOEPFMTFDUPS
TJO ¾OFT EF MVDSP FO MB "SHFOUJOB 4V FTUSVDUVSB Z TV JNQPSUBODJB
FDPOwNJDB$/1+)6$&%&4
3PJUUFS
.BSJP
3FHJOB3JQQFUPFZ-FTUFS.4BMBNPO²%FTDVCSJFOEP
FMTFDUPSTJO¾OFTEFMVDSPFO"SHFOUJOB4VFTUSVDUVSBZTVJNQPS
UBODJBFDPOwNJDB³&O.BSJP3PJUUFSF*OnT(PO[gMF[#PNCBM
FET
&TUVEJPTTPCSFFMTFDUPSTJO¾OFTEFMVDSPFOMB"SHFOUJOB#VFOPT
"JSFT$FOUSPEF&TUVEJPTEF&TUBEPZ4PDJFEBE
4BMBNPO
-.Z),"OIFJFS5IF&NFSHJOH/PO1SP¾U4FDUPS"O
0WFSWJFX.BODIFTUFS.BODIFTUFS6OJWFSTJUZ1SFTT
$POTUSVZFOEPDPO¾BO[B
7PMVNFO*