Descargar el documento
Anuncio
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
,3(**,:6(3((:0:;,5*0(
:(50;(90(+,3(:7,9:65(:
0540.9(5;,::057,940:6
+,9,:0+,5*0(@:630*0;(5;,:
+,(:036,5+0,A7(Ð:,:
+,3(<50Ô5,<967,(
3,.0:3(*0Ô5@79Í*;0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
-V[VNYHMxHKLSHWVY[HKH6SP]PLY1VIHYK
+PZL|V`THX\L[HJP}U!4HYPL(\KL1LHUKtO[[W!^^^QLHUKLMYLLMY
7\ISPJHJP}UKL Deposito Legal: M-10629-2010
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
,3(**,:6(3((:0:;,5*0(
:(50;(90(+,3(:7,9:65(:
0540.9(5;,::057,940:6
+,9,:0+,5*0(@:630*0;(5;,:
+,(:036,5+0,A7(Ð:,:
+,3(<50Ô5,<967,(
3,.0:3(*0Ô5@79Í*;0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
*65;,50+6
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
0U[YVK\JJP}U
9LZ\TLULQLJ\[P]V
)i3.0*(
7YmJ[PJHWmN
-9(5*0(
7YmJ[PJHWmN
(3,4(50(
7YmJ[PJHWmN
0;(30(
7YmJ[PJHWmN 4(3;(
7YmJ[PJHWmN
7(Ð:,:)(16:
7YmJ[PJHWmN
769;<.(3
7YmJ[PJHWmN
,:7(j(
7YmJ[PJHWmN
:<,*0(
7YmJ[PJHWmN
9,056<50+6
7YmJ[PJHWmN
*VUJS\ZP}U
9LJVTLUKHJPVULZ
)PISPVNYHMxH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
05;96+<**0Ô5
:LNU SH LZ[PTHJP}U YLHSPaHKH WVY SH *VTPZP}U 4\UKPHS ZVIYL SHZ 4PNYH
JPVULZ 0U[LYUHJPVUHSLZ LU LU SH <UP}U ,\YVWLH ]P]LU LU[YL ` TPSSVULZ KL PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH 7VY V[YV SHKV SH <UP}U
,\YVWLHYLNPZ[Y}U\L]HZZVSPJP[\KLZKLHZPSVLU,Z[HLSL]HKH
[HZH`SHZJVUKPJPVULZKL]PKH[HUL_[YLTHKHTLU[LWYLJHYPHZLUSHZX\LLZ[L
JVSLJ[P]V]P]LLU[VKH,\YVWHSL]HU[HUSH]VaKLHSHYTHLU[YLSVZKLMLUZVYLZ
KLSVZKLYLJOVZO\THUVZ
3H J\LZ[P}U KLS HJJLZV H SH HZPZ[LUJPH ZHUP[HYPH KL LZ[HZ WLYZVUHZ LZ \U
HZ\U[V WYPVYP[HYPV X\L KLIL KLIH[PYZL HIPLY[HTLU[L" KLZNYHJPHKHTLU[L LS
YH[PVKLSHWVISHJP}UX\LLZ[mHJJLKPLUKVHSHH[LUJP}UZHUP[HYPHLU,\YVWH
UVYLWYLZLU[H\UHTLKPHHJLW[HISL([YH]tZKL\UHLUJ\LZ[HYLHSPaHKHLU
JPUJV WHxZLZ LU LS WYPTLY LZ[\KPV JVTWHYH[P]V KLS 6IZLY]H[VYPV ,\
YVWLVKL(JJLZVHSH:HUPKHKKL4tKPJVZKLS4\UKVYL]LS}SHYLHSPKHKX\L
]P]LU SVZ PUTPNYHU[LZ X\L ZL LUJ\LU[YHU LU ZP[\HJP}U PYYLN\SHY LU ,\YVWH
.YHJPHZHtSX\LK}WH[LU[LX\LHTLU\KVUV[PLULUHJJLZVHSHZHUPKHK
PUJS\ZV J\HUKV [PLULU KLYLJOV H LSSH KLIPKV WYPUJPWHSTLU[L HS TPLKV H
X\LZLSLZKLU\UJPLHSHMHS[HKLPUMVYTHJP}UVHSVZLSL]HKVZJVZ[LZKLSH
H[LUJP}UZHUP[HYPHX\LUVW\LKLUWLYTP[PYZL
,SHJJLZVHSHZHUPKHKKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`KLSVZ
ZVSPJP[HU[LZKLHZPSVLU,\YVWHLZ[mKPYLJ[HTLU[LYLSHJPVUHKVJVUSHS\JOH
LUJVU[YHKLSH­PUTPNYHJP}UPSLNHS®\UHKLSHZWYPUJPWHSLZWYLVJ\WHJPVULZ
KLSH<UP}U,\YVWLHK\YHU[LSHS[PTHKtJHKH+LZKLSHLU[YHKHLU]PNVYKLS
;YH[HKVKLÍTZ[LYKHTLU
SVZ,Z[HKVZTPLTIYVZOHUJVUJLU[YHKVZ\Z
LZM\LYaVZLUI\ZJHYZPZ[LTHZJVT\ULZKLJVU[YVSKLMYVU[LYHZPTWPKPLUKV
SHLU[YHKHKLPUTPNYHU[LZLULS[LYYP[VYPVL\YVWLV7HYHSLSHTLU[LOHUKLÄ
UPKV\UZPZ[LTHJVTUKLHZPSVX\L`HOHULTWLaHKVHHWSPJHY,U[YLSVZ
H|VZ
`SH<UP}U,\YVWLHHKVW[}\UHZLYPLKLKPYLJ[P]HZJVULS
VIQL[P]V KL SVNYHY X\L SVZ ,Z[HKVZ TPLTIYVZ [\]PLZLU \U LUMVX\L NSVIHS
ZVIYLSHJ\LZ[P}UKLSHZPSV(KLTmZK\YHU[LSVZS[PTVZH|VZ[HTIPtUOHU
VYNHUPaHKVSHYL[LUJP}U`SHL_W\SZP}UKLSVZPUTPNYHU[LZX\LUVJ\LU[HUJVU
H\[VYPaHJP}UWHYHYLZPKPYLULS[LYYP[VYPVKLSVZWHxZLZKLSH<,
:PULTIHYNVLULZ[LJVU[L_[VUVZLOHWYVWPJPHKV\UKLIH[LHJLYJHKLLZ[HZ
WLYZVUHZPUJS\PKVLSKLYLJOVHSHHZPZ[LUJPHZHUP[HYPHHWLZHYKLX\LSVZPUZ
[Y\TLU[VZPU[LYUHJPVUHSLZKLKLYLJOVZO\THUVZWYV[LNLUSHH[LUJP}UZHUP[HYPH
JVTV KLYLJOV M\UKHTLU[HS ,S 7HJ[V 0U[LYUHJPVUHS KL +LYLJOVZ ,JVU}TPJVZ
:VJPHSLZ`*\S[\YHSLZKL5HJPVULZ<UPKHZLZ[HISLJLX\LSVZ,Z[HKVZYLJVUVJLU
­LSKLYLJOVKL[VKHWLYZVUHHSKPZMY\[LKLSTmZHS[VUP]LSWVZPISLKLZHS\KMxZPJH
`TLU[HS®`X\LHZPTPZTV­SVZ,Z[HKVZ[PLULUSHVISPNHJP}UKLYLZWL[HYLSKL
YLJOVHSHZHS\KLUWHY[PJ\SHYHIZ[LUPtUKVZLKLKLULNHYVSPTP[HYLSHJJLZVPN\HS
KL[VKHZSHZWLYZVUHZPUJS\PKVZSVZWYLZVZVKL[LUPKVZSVZYLWYLZLU[HU[LZKL
SHZTPUVYxHZSVZZVSPJP[HU[LZKLHZPSVVSVZPUTPNYHU[LZPSLNHSLZHSVZZLY]PJPVZ
(*5<9(Z`S\TSL]LSZ
HUK[YLUKZPUPUK\Z[YPHSPZLK
JV\U[YPLZ!:[H[PZ[PJHS
V]LY]PL^VMHZ`S\THWWSP
JH[PVUZSVKNLKPU,\YVWL
HUKZLSLJ[5VU,\YVWLHU
JV\U[YPLZTHYaVKL KPZWVUPISLLUPUNStZ
4tKPJVZKLS4\UKV7YP
TLY6IZLY]H[VYPV,\YVWLV
KL(JJLZVHSH:HUPKHK
,SZLN\UKVPUMVYTLKLS
6IZLY]H[VYPV,\YVWLVKL
(JJLZVHSH:HUPKHKKL
4tKPJVZKLS4\UKVLZ[m
KPZWVUPISLLUSHWmNPUH^LI
^^^TKTPU[LYUH[PVUHSVYN
KLZKLZLW[PLTIYLKL +PYLJ[P]H*,
KLS7HYSHTLU[V,\YVWLV
`KLS*VUZLQVKLKL
KPJPLTIYLKLYLSH[P]H
HUVYTHZ`WYVJLKPTPLU[VZ
JVT\ULZLUSVZ,Z[HKVZ
TPLTIYVZWHYHLSYL[VYUV
KLSVZUHJPVUHSLZKL
[LYJLYVZWHxZLZLUZP[\HJP}U
PYYLN\SHY
(Y[KLS7HJ[V
0U[LYUHJPVUHSKL+LYLJOVZ
,JVU}TPJVZ:VJPHSLZ`
*\S[\YHSLZ9LZVS\JP}U
(??0KLKLKPJPLTIYL
KL (**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
KL ZHS\K WYL]LU[P]VZ J\YH[P]VZ ` WHSPH[P]VZ" HIZ[LULYZL KL PTWVULY WYmJ[PJHZ
KPZJYPTPUH[VYPHZJVTVWVSx[PJHKL,Z[HKV®
(ZPTPZTVSVZHZ\U[VZKLZHS\KWISPJHZVU[HTIPtUKLZ\THPTWVY[HUJPHLU
LZ[L JVU[L_[V" SH LMLJ[P]PKHK KL SHZ WVSx[PJHZ KL ZHS\K WISPJH KLWLUKL KL SH
JHWHJPKHKKLSVZ,Z[HKVZTPLTIYVZKLYLK\JPYSHZKLZPN\HSKHKLZLUTH[LYPHKL
ZHS\K`LU[tYTPUVZKLHJJLZVH\UHNYHU]HYPLKHKKLZLY]PJPVZZHUP[HYPVZPU
JS\PKHSHTLKPJPUHWYL]LU[P]HWHYH[VKHSHWVISHJP}UWYLZLU[LLULS[LYYP[VYPV3HZ
WVSx[PJHZKLZHS\KWISPJHKLWLUKLU[HTIPtUKLSVZJVZ[LZWVYSVX\LZLOHJL
PTWYLZJPUKPISL\UHYHJPVUHSPaHJP}UKLSVZNHZ[VZX\LNHYHU[PJL\UHWVSx[PJHKL
ZHS\KWISPJHZ}SPKH,SOLJOVKLYLZ[YPUNPYLSHJJLZVHSVZZLY]PJPVZKL\YNLUJPHZ
WVKYxH JVUK\JPY H \UH HJ\T\SHJP}U KL WYVISLTHZ KL ZHS\K JVU \UVZ JVZ[LZ
TmZLSL]HKVZLUL[HWHZWVZ[LYPVYLZWVYLQLTWSVJHKH]LaX\LZLYLX\PLYH\U
PUNYLZVOVZWP[HSHYPV7VYV[YVSHKVKLZH[LUKLYLSHJJLZVHSHHZPZ[LUJPHKLWYP
TLYUP]LSKLJPLY[VZNY\WVZKLSHWVISHJP}UPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY`
WLYTP[PYX\LZLHUZ}SVH[LUKPKVZLUSVZJHZVZKL\YNLUJPHZZLJVU[YHKPJLJVU
\UHWVSx[PJHX\LWYL[LUKLZLYLJVU}TPJH`LÄJHa
,U LZ[L JVU[L_[V SVZ ,Z[HKVZ TPLTIYVZ OHU KLZHYYVSSHKV Z\Z WYVWPVZ ZPZ[L
THZ UHJPVUHSLZ ` UV [YH[HU KL MVYTH \UPMVYTL SHZ ULJLZPKHKLZ ZHUP[HYPHZ KL
SHZWLYZVUHZX\LOHUZVSPJP[HKVHZPSVVKLHX\LSSHZX\LUV[PLULUWLYTPZVKL
YLZPKLUJPH3HLSLJJP}UKL\UZPZ[LTH\V[YVLZ[mJVUKPJPVUHKHWVYLSZPZ[LTH
ZHUP[HYPV]PNLU[L\UZPZ[LTHUHJPVUHSKLZHS\KV\UZPZ[LTHIHZHKVLUZLN\YVZ
VT\[\HZSHSLNPZSHJP}USHOPZ[VYPHKLSWHxZLUSVYLMLYLU[LHSHZTPNYHJPVULZ`HS
HZPSV`SHZP[\HJP}UNLVNYmÄJHKLU[YVKL,\YVWHWHxZLZMYVU[LYPaVZVKLSPU[LYPVY
,USHTH`VYxHKLSVZJHZVZSHZJVUZPKLYHJPVULZYLSH[P]HZHSHZWVSx[PJHZKLPU
TPNYHJP}UWYL]HSLJLUZVIYLSVZMHJ[VYLZO\THUP[HYPVZ`SVZKLYLJOVZO\THUVZ
PUJS\ZVZVIYLSVZHZ\U[VZKLZHS\KWISPJH(ZxSVKLT\LZ[YHLSOLJOVKLX\LSVZ
,Z[HKVZTPLTIYVZOH`HULZ[HISLJPKV]HYPVZUP]LSLZKLKLYLJOVZKLHJJLZVH
SHZHUPKHK`U\TLYVZHZJVUKPJPVULZHKTPUPZ[YH[P]HZWHYHWVKLYHJJLKLYHLZVZ
KLYLJOVZ
*VTP[tKL+LYLJOVZ
,JVU}TPJVZ:VJPHSLZ`
*\S[\YHSLZ6IZLY]HJP}U
.LULYHSU¢,S
KLYLJOVHSKPZMY\[LKLS
TmZHS[VUP]LSWVZPISLKL
ZHS\K,*KL
HNVZ[VKL7HYH
TmZPUMVYTHJP}UZVIYL
SVZ+LYLJOVZ/\THUVZ
0U[LYUHJPVUHSLZ`ZVIYLLS
KLYLJOVHSHZHUPKHK!^^^
O\THUL[^VYRVYN
+PYLJ[P]H *,KL
KLLULYVKLWVYSH
X\LZLHWY\LIHUUVYTHZ
TxUPTHZWHYHSHHJVNPKHKL
SVZZVSPJP[HU[LZKLHZPSVLU
SVZ,Z[HKVZTPLTIYVZKLSH
<UP}U,\YVWLH
+PJOHZJVUKPJPVULZHKTPUPZ[YH[P]HZWYLZLU[HYKVJ\TLU[VZKLPKLU[PKHKVWY\L
IHZKLYLZPKLUJPH]mSPKVZKLTVZ[YHYMHS[HKLYLJ\YZVZLJVU}TPJVZZ\ÄJPLU[LZ
PU]LZ[PNHJPVULZ LU LS KVTPJPSPV L[J [PLUKLU H JYLHY U\L]HZ IHYYLYHZ X\L KPÄ
J\S[HULSHJJLZVHSHH[LUJP}UZHUP[HYPHLUS\NHYKLMHJPSP[HYSV(KLTmZMHJ[VYLZ
JVTVSHMHS[HKLPUMVYTHJP}UNLULYHSPaHKHVSVZWYLQ\PJPVZJVU[YHSHWVISHJP}U
PUTPNYHU[LWYL]HSLJLULUSHTH`VYxHKLSVZWHxZLZJVUZ[P[\`LUKV[HTIPtUPT
WVY[HU[LZVIZ[mJ\SVZ
,Z[LPUMVYTL[YH[H[HTIPtUSVZWYVISLTHZYLSHJPVUHKVZJVULSHJJLZVHSHZHUP
KHKKLSVZZVSPJP[HU[LZKLHZPSVJ\`VZKLYLJOVZTLUJPVUHSHSLNPZSHJP}UL\YV
WLH3H+PYLJ[P]HZVIYLSHZUVYTHZTxUPTHZWHYHSHHJVNPKHKLSVZZVSPJP[HU[LZ
KLHZPSVKLLZ[HISLJLX\LKLILYxHU[LULYKLYLJOV­HSHH[LUJP}UZHUP[HYPH
ULJLZHYPHX\LPUJS\PYmJVTVTxUPTVSVZJ\PKHKVZKL\YNLUJPH`LS[YH[HTPLU[V
ImZPJVKLSHZLUMLYTLKHKLZ®(WLZHYKLX\LSHTH`VYxHKLSVZWHxZLZYLJLW
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
[VYLZJ\TWSLULZ[HVISPNHJP}ULUSHWYmJ[PJHZVUT\JOVZSVZWHxZLZLUSVZX\L
SHZWLYZVUHZX\LZVSPJP[HUHZPSVKLILULUMYLU[HYZLHSVZTPZTVZWYVISLTHZX\L
SH WVISHJP}U PUTPNYHU[L LU ZP[\HJP}U PYYLN\SHY ,Z[H YHa}U L_WSPJH X\L U\LZ[YV
PUMVYTLZLJLU[YL[HTIPtULULZ[LZLN\UKVNY\WVKLWVISHJP}U
6)1,;0=6@4,;6+636.Ð(
+,305-694,
,USH7SH[HMVYTHWHYHSH*VVWLYHJP}U0U[LYUHJPVUHSZVIYL0UTPNYHU[LZ
0UKVJ\TLU[HKVZ70*<4WVYZ\ZZPNSHZLUPUNStZW\ISPJ}LULSTHYJVKL
\U WYV`LJ[V L\YVWLV \UH JVTWHYHJP}U KVJ\TLU[HKH KL VUJL WHxZLZ LU
SHX\LLZ[\KPHIHSHSLNPZSHJP}U`SHWYmJ[PJHWVUPLUKVKLTHUPÄLZ[VX\LSH
TLQVYHKLSHJJLZVHSHHZPZ[LUJPHZHUP[HYPHJVUZ[P[\xH\UHWYPVYPKHK\YNLU[L
WHYHNHYHU[PaHY\UTxUPTVKLYLZWL[VKLSVZKLYLJOVZO\THUVZ
+VZH|VZTmZ[HYKLLSWYLZLU[LPUMVYTLWYL[LUKLWYVWVYJPVUHY\UH]PZP}U
HJ[\HSPaHKH KL SVZ KPZ[PU[VZ ZPZ[LTHZ X\L YLN\SHU LS HJJLZV H SH ZHUPKHK
[HU[VKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHJVTVKLSVZZVSPJP[HU[LZ
KLHZPSVLUKPLa,Z[HKVZTPLTIYVZ)tSNPJH-YHUJPH(SLTHUPH0[HSPH4HS[H
7HxZLZ)HQVZ7VY[\NHS,ZWH|H:\LJPH`9LPUV<UPKV,Z[LPUMVYTLWYVJ\YH
Z\IYH`HYSHZJHYHJ[LYxZ[PJHZLZWLJxÄJHZKLSVZKPZ[PU[VZNY\WVZ`SVZ[PWVZKL
H[LUJP}UV[YH[HTPLU[VX\LYLJPILUJVULSÄUKLKLTVZ[YHYSHZKPZJYPTPUH
JPVULZL_PZ[LU[LZLUTH[LYPHKLKLYLJOVZ`KLJVUKPJPVULZHKTPUPZ[YH[P]HZ
7HYHLSSVZLOHUYLHSPaHKVSHZZPN\PLU[LZKPZ[PUJPVULZ!UHJPVUHSLZZVSPJP
[HU[LZKLHZPSVLPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH"HK\S[VZ`UP|VZ"
[PWVZ KL HZPZ[LUJPH KL WYPTLY UP]LS ` LZWLJPHSPaHKH \YNLUJPHZ OVZWP[H
SPaHJPVULZ`H[LUJP}UWYL`WVZ[UH[HS`[YH[HTPLU[VZTLKPJHTLU[VZ[YH[H
TPLU[VKLS=0/`[YH[HTPLU[VKLV[YHZLUMLYTLKHKLZPUMLJJPVZHZ
,Z[L LZ[\KPV [HTIPtU PUJS\`L KH[VZ HJLYJH KL SVZ KLYLJOVZ KL HJJLZV H
SH ZHUPKHK KL SHZ WLYZVUHZ X\L ZL LUJ\LU[YHU JVUÄUHKHZ LU JLU[YVZ KL
YL[LUJP}U *LU[YVZ KL 0U[LYUHTPLU[V KL ,_[YHUQLYVZ *0, ZLNU SH SLNPZSH
JP}ULZWH|VSHHZxJVTVKLSVZWLYTPZVZKLYLZPKLUJPH`V[YVZTLJHUPZTVZ
LZ[HISLJPKVZWVYSHZSLNPZSHJPVULZUHJPVUHSLZWHYHWYV[LNLYKLSHL_W\SZP}U
H SVZ PUTPNYHU[LZ LU ZP[\HJP}U PYYLN\SHY ` ZVSPJP[HU[LZ KL HZPSV NYH]LTLU[L
LUMLYTVZ X\L UV W\LKLU HJJLKLY KL MVYTH LMLJ[P]H H SVZ [YH[HTPLU[VZ LU
Z\ZWHxZLZKLVYPNLU
7VY S[PTV LZ[H PUMVYTHJP}U ZL JVTWSLTLU[H LU JHKH WHxZ JVU ­[LZ[P
TVUPVZ KLZKL LS [LYYLUV® X\L WYL[LUKLU KHY \UH ]PZP}U NLULYHS KL SH
HWSPJHIPSPKHKKLSVZKLYLJOVZLUSHWYmJ[PJHKPHYPHHZxJVTVKLSVZVIZ
[mJ\SVZX\LLUJ\LU[YHLZ[HWVISHJP}UHS[YH[HYKLHJJLKLYHSHHZPZ[LUJPH
ZHUP[HYPH
70*<4(JJLZZ[V/LHS[O*HYL
MVY<UKVJ\TLU[LKTPNYHU[ZPU
,\YVWL
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
3HPUMVYTHJP}USLNHSZLOHWYLZLU[HKVKLSPILYHKHTLU[LLU\UJ\HKYVWHYH
MHJPSP[HYHZxSHJVTWHYHJP}ULU[YLSVZKPZ[PU[VZWHxZLZLUYLSHJP}U[HU[VJVU
SHZKPZ[PU[HZWVISHJPVULZJVTVJVUSVZKPMLYLU[LZ[PWVZKLHZPZ[LUJPHTtKP
JH(KLTmZSHZNYHUKLZKPMLYLUJPHZL_PZ[LU[LZLU[YLSVZ,Z[HKVZTPLTIYVZ
[HU[V LU SH [LYTPUVSVNxH JVTV LU SVZ ZPZ[LTHZ ZHUP[HYPVZ ` LU SHZ SLNPZSH
JPVULZOHUOLJOVULJLZHYPVWYVWVULY\UH[LYTPUVSVNxHJVTU
3HSLNPZSHJP}U]PNLU[LLUSVZKPZ[PU[VZWHxZLZLUTH[LYPHKLPUTPNYHJP}UHZPSV
`H[LUJP}UZHUP[HYPHOHZ\W\LZ[VSHWYPUJPWHSM\LU[LKLPUMVYTHJP}U\[PSPaHKH
WHYHLZ[LPUMVYTL,Z[VZKH[VZOHUZPKVHUHSPaHKVZWVY\UHQ\YPZ[HLZWH|VSH
X\LOHJVU[HKVJVULSHWV`VKL\ULX\PWVPU[LYUHJPVUHSKLQ\YPZ[HZKLJHKH
WHxZ3VZTPLTIYVZKLSH9LK/<4(OHUJVU[YPI\PKVHLZ[H[HYLHPS\Z[YHUKV
SHHWSPJHIPSPKHKKLSHPUMVYTHJP}USLNHSJVU[LZ[PTVUPVZIHZHKVZLUZ\L_WL
YPLUJPHLULS[YHIHQVKPHYPVJVUPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`LU
TLUVY TLKPKH JVU ZVSPJP[HU[LZ KL HZPSV :\ [YHIHQV JVUZPZ[L ImZPJHTLU[L
LUSHHZPZ[LUJPHKPYLJ[HWYVWVYJPVUHUKVZLY]PJPVZTtKPJVZ`S\JOHUKVWVY
SHKLMLUZHKLSVZKLYLJOVZKLHJJLZVHSHZHUPKHK[HU[VHUP]LSSVJHSJVTV
HUP]LSUHJPVUHS
,SVIQL[P]VWYPUJPWHSKLLZ[LPUMVYTLLZKHY]PZPIPSPKHKHSHWYLZLUJPHKLKVZ
KLSHZWVISHJPVULZTmZ]\SULYHISLZKL,\YVWH`KLU\UJPHYSHZP[\HJP}U[HU
WYLJHYPHLUSHX\LZLLUJ\LU[YHUiZ[HLZ[HTIPtU\UHKLSHZHJ[P]PKHKLZ
WYPUJPWHSLZKL4tKPJVZKLS4\UKV`KLSHZVYNHUPaHJPVULZJVUSHZX\L[YH
IHQH (Zx W\LZ SH 9LK /<4( PU[LU[H JVUJPLUJPHY H SVZ YLZWVUZHISLZ KL SH
ZHUPKHKWISPJHHSWLYZVUHSZHUP[HYPV`HSWISPJVLUNLULYHSWHYHJVUZLN\PY
SHWYV[LJJP}U[V[HSKLSKLYLJOVKLHJJLZVHSVZJ\PKHKVZKLZHS\K[HU[VKL
SVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHJVTVKLSVZZVSPJP[HU[LZKLHZPSV
,Z[LPUMVYTLWYVJ\YHJVU[YPI\PYHSHJVUZLJ\JP}UKLKPJOVVIQL[P]V`KLIL
ZLYJVUZPKLYHKVJVTV\UHOLYYHTPLU[HX\LZLLUJ\LU[YHHKPZWVZPJP}UKL
SHJSHZLWVSx[PJHKLSVZWYVMLZPVUHSLZKLSHZHS\K`KLSHZVYNHUPaHJPVULZUV
N\ILYUHTLU[HSLZWHYHWYVTV]LYSVZKLYLJOVZKLSHZWLYZVUHZPUTPNYHU[LZ
ZPUWLYTPZVKLYLZPKLUJPH`ZVSPJP[HU[LZKLHZPSV`Z\HJJLZVLMLJ[P]VHSH
HZPZ[LUJPHZHUP[HYPH5HKPLLU,\YVWHKLILYxH]LYZLL_JS\PKVKLSHHZPZ[LU
JPHZHUP[HYPH
,Z[LPUMVYTLW\LKLJVUZPKLYHYZLJVTV\UWYPTLYWHZV`ZLJVTWSL[HYmLU
SVZWY}_PTVZTLZLZJVU\UH]PZP}UNLULYHSKLV[YVZJ\H[YVZPZ[LTHZZHUP
[HYPVZKL,Z[HKVZTPLTIYVZKLSH<UP}U,\YVWLH*OPWYL.YLJPH7VSVUPH`
9\THUxH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
;,9405636.Ð(<;030A(+(,5,305-694,
0UTPNYHU[LZ
5HJPVUHSLZKL[LYJLYVZWHxZLZYLZPKLU[LZKLMVYTHYLN\SHYVPYYLN\SHY
LUSH<UP}U,\YVWLH,SJVUQ\U[VKLJP\KHKHUHZ`JP\KHKHUVZKLSH<,
LZ[mL_JS\PKVKLLZ[HJH[LNVYxH
5HJPVUHSLZ
8\PLULZ WVZLLU SH UHJPVUHSPKHK KL HSN\UV KL SVZ ,Z[HKVZ TPLTIYVZ
KL SH <, PUKLWLUKPLU[LTLU[L KLS WHxZ LU LS X\L UHJPLYHU V KLS X\L
WYVJLKHU
7LYZVUHZJVUWLYTPZV 8\PLULZ [PLULU KLYLJOV H WLYTHULJLY V YLZPKPY KL MVYTH [LTWVYHS
KLYLZPKLUJPH
V WLYTHULU[L LU \U WHxZ KL SH <, ( KPMLYLUJPH KL SHZ WLYZVUHZ
UH[\YHSPaHKHZ!X\PLULZVI[PLULUSHUHJPVUHSPKHKKL\UWHxZKLSH<,\UH
]LaX\LZVUUHJPVUHSLZKL\U,Z[HKVTPLTIYVKLSH<,ZLJVUZPKLYHU
H\[VTm[PJHTLU[LJ\PKHKHUHZ`JP\KHKHUVZKLSH<,
:VSPJP[HU[LZKLHZPSV
8\PLULZLZ[mUYLHSPaHUKVSVZ[YmTP[LZKLZVSPJP[\KKLHZPSVLU\UWHxZKL
SH<,HSHTWHYVKLS*VU]LUPVKL.PULIYHVKLWYV[LJJP}UZ\IZPKPHYPH
3HZWLYZVUHZHTWHYHKHZWVYLS9LNSHTLU[VKL+\ISxUZVUZVSPJP[HU[LZ
KLHZPSV
0UTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPH
5HJPVUHSLZKL[LYJLYVZWHxZLZX\LUV[PLULUKLYLJOVHWLYTHULJLYV
HYLZPKPYLU\UWHxZKLSH<,5VKPZMY\[HUKL\UWLYTPZVVH\[VYPaHJP}U
WHYHWLYTHULJLY]P]PYV[YHIHQHYLUUPUN\UVKLSVZ,Z[HKVZTPLTIYVZ
KLSH<,3HZSLNPZSHJPVULZKLJHKHWHxZKPÄLYLUHSHOVYHKLKLÄUPYLS
ZPNUPÄJHKVKLPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH:PULTIHYNVSHZ
ZP[\HJPVULZHKTPUPZ[YH[P]HZTmZJVT\ULZLUSHX\LZLW\LKLULUJVU[YHY
LZ[HZWLYZVUHZLU\UWHxZKLSH<UP}U,\YVWLHZVUSHZZPN\PLU[LZ!
7LYZVUHZJVUZPKLYHKHZJVTV­PUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH®!
Q(X\LSSHZX\L[PLULUWYL]PZ[VZVSPJP[HYHZPSVWLYVX\L[VKH]xHUV
OHU WYLZLU[HKV MVYTHSTLU[L \UH ZVSPJP[\K H SHZ H\[VYPKHKLZ
UHJPVUHSLZJVTWL[LU[LZ
Q+LTHUKHU[LZKLHZPSVJ\`HZVSPJP[\KKLHZPSVOHZPKVYLJOHaHKH
Q(X\LSSHZ J\`H ZVSPJP[\K KL WLYTPZV KL YLZPKLUJPH V KL
YL\UPÄJHJP}U MHTPSPHY LZ[m HU WLUKPLU[L SHZ H\[VYPKHKLZ
JVTWL[LU[LZUHJPVUHSLZUVOHU[VTHKVUPUN\UHKLJPZP}U5V
VIZ[HU[L LU HSN\UVZ WHxZLZ ZL JVUZPKLYH X\L ZL LUJ\LU[YHU
LUZP[\HJP}UYLN\SHY
Q(X\LSSHZHSHZX\LZLSLZOHKLULNHKVLSWLYTPZVKLYLZPKLUJPH
WVYYL\UPÄJHJP}UMHTPSPHYVSHYLUV]HJP}UKLKPJOHH\[VYPaHJP}U
Q(X\LSSHZ J\`V ]PZHKV OH JHK\JHKV [\YPZTV LZ[\KPVZ YHaVULZ
TtKPJHZL[J
Q(X\LSSHZJ\`VWLYTPZVKLYLZPKLUJPHVKL[YHIHQVOHJHK\JHKV
Q(X\LSSHZ X\L UV ZVSPJP[HYVU UPUNU ]PZHKV UP WLYTPZV KL
YLZPKLUJPH`LU[YHYVUKLMVYTHPSLNHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
7LYZVUHZ X\L UV ZL JVUZPKLYHU ­PUTPNYHU[LZ ZPU WLYTPZV KL
YLZPKLUJPH®!
Q:VSPJP[HU[LZKLHZPSV
Q7LYZVUHZX\L[LUNHU\UWLYTPZVKLYLZPKLUJPH]mSPKV
KL V[YV WHxZ KL SH <, *VTV YLZPKLU[LZ H\[VYPaHKVZ
[PLULU KLYLJOV H ]PHQHY K\YHU[L [YLZ TLZLZ LU V[YVZ
WHxZLZ KL SH <, HKLTmZ KL LU LS WHxZ LU LS X\L
YLZPKLU+LZW\tZLLZ[LWLYxVKVW\LKLUZLYLU]PHKHZ
HS WHxZ KL SH <, LU LS X\L YLZPKLU `H X\L HSSx LZ[mU
YLN\SHYPaHKHZ
Q*P\KHKHUHZ ` JP\KHKHUVZ KL SH <, UHJPVUHSLZ KL
J\HSX\PLY,Z[HKVTPLTIYV
*HIL KLZ[HJHY X\L SVZ PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH W\LKLU
LUJVU[YHYZLLUSPILY[HKVLUJLU[YVZKLYL[LUJP}U
$WHQFLyQGHSULPHU
QLYHO
,ZLSWYPTLYUP]LSKLJVU[HJ[VJVUWLYZVUHZX\LZLPTWSPJHUWHYH
TLQVYHYSHZHUPKHKLUZ\LU[VYUVJLYJHUV
3HH[LUJP}UKLWYPTLYUP]LSLZ\UHHZPZ[LUJPHZHUP[HYPHImZPJH
HJJLZPISLH\UWYLJPVHZLX\PISLWHYHLSWHxZ`SVZZLY]PJPVZWISPJVZ
JVUTt[VKVZWYmJ[PJVZ`Z}SPKVZKLZKLLSW\U[VKL]PZ[HJPLU[xÄJV`
ZVJPHSTLU[LHJLW[HISLZ
$WHQFLyQ
HVSHFLDOL]DGD
:LY]PJPVZTtKPJVZLZWLJPHSPaHKVZT}]PSLZ`H[LUJP}UOVZWP[HSHYPH
JVTUOVZWP[HSPaHJPVULZ`ZLY]PJPVZHWHJPLU[LZL_[LYUVZ*VU
MYLJ\LUJPHSVZWHJPLU[LZZVUKLYP]HKVZKLZKLSVZZLY]PJPVZKL
H[LUJP}UKLWYPTLYUP]LS
8UJHQFLDV
;YH[HTPLU[VZTtKPJVZVZHUP[HYPVZZLY]PJPVZWYVK\J[VZVHSVQHTPLU[V
X\LZLWYVWVYJPVUHH\UHWLYZVUHLUMLYTHVOLYPKHYLWLU[PUHTLU[L
KLMVYTHX\LLUJHZVKLUVZLYH[LUKPKHKLMVYTHPUTLKPH[HW\KPLYH
WYVK\JPYZL\UKL[LYPVYVLUZ\LZ[HKVKLZHS\K
/VZWP[HSPaHJP}U
PUNYLZV
,ZLSHJ[VKLPUNYLZHYHSHWLYZVUHLU\UOVZWP[HSJVTVWHJPLU[L
.YH[\P[V
3VZJVZ[LZKLSHH[LUJP}UZHUP[HYPHVKLSVZ[YH[HTPLU[VZLZ[mU
J\IPLY[VZxU[LNYHTLU[LWVYMVUKVZWISPJVZVZLN\YVZVT\[\HZ
VISPNH[VYPVZ\VWJPVUHSLZ3VZWHJPLU[LZUV[PLULUX\LWHNHYUHKHWVY
SHHZPZ[LUJPH`SVZ[YH[HTPLU[VZYLJPIPKVZ
(JJLZVIHZHKVLU
JVWHNV
3VZ JVZ[LZ KLYP]HKVZ KL SH H[LUJP}U ZHUP[HYPH V KL SVZ [YH[HTPLU[VZ
LZ[mU J\IPLY[VZ WHYJPHSTLU[L WVY MVUKVZ WISPJVZ V WVY \U ZLN\YV
LZ[HISLJPKVWVYSL`VJVU[YH[HKV]VS\U[HYPHTLU[L`WVYLSWHJPLU[L3HZ
JVU[YPI\JPVULZKLSVZWHJPLU[LZW\LKLUZLYLSL]HKHZVIHZ[HU[LIHQHZ
`ZPTI}SPJHZ
:PUHJJLZVNYH[\P[V
3H[V[HSPKHKKLSVZJVZ[LZKLYP]HKVZKLSHH[LUJP}UVKLSVZ
[YH[HTPLU[VZYLJPIPKVZOHKLZLYZ\MYHNHKHWVYJHKHWHJPLU[L
;HZHTVKLYHKVYH
JVWHNVVNHZ[VZH
JHYNVKLSWHJPLU[L
7HNVZYLHSPaHKVZKPYLJ[HTLU[LWVYSVZWHJPLU[LZLUZPZ[LTHZUHJPVUHSLZ
KLZHS\KWHYHKL[LYTPUHKVZ[PWVZKLH[LUJP}UZHUP[HYPHV[YH[HTPLU[VZ
LZWLJxÄJVZ:\LSLUZLYIHZ[HU[LYLK\JPKVZ
6YNHUPaHJP}U4\UKPHSKLSH:HS\K.SVZHYPVKL7YVTVJP}UKLSH:HS\K
6IZLY]H[VYPV,\YVWLVKL:PZ[LTHZ`7VSx[PJHZ:HUP[HYPHZ
1*:LNLU*VUJPZL+PJ[PVUHY`VM4VKLYU4LKPJPUL
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
9,:<4,5,1,*<;0=6
,USH<UP}U,\YVWLHL_PZ[L\UUTLYVZPNUPÄJH[P]VKLWLYZVUHZPUTPNYHU[LZZPU
WLYTPZV KL YLZPKLUJPH ,Z[H WVISHJP}U JVUZ[P[\`L \UV KL SVZ NY\WVZ ZVJPHSLZ
TmZL_JS\PKVZKLU[YVKLU\LZ[YV[LYYP[VYPV`Z\THYNPUHJP}U[HTIPtUHSJHUaHHS
mTIP[VKLSHZHS\K*VUMYLJ\LUJPHLZ[HZWLYZVUHZUV[PLULUHJJLZVHUPUNU
[PWVKLHZPZ[LUJPHZHUP[HYPH5VZ}SV[PLULUX\LOHJLYMYLU[LHSHZKPÄJ\S[HKLZ
JVT\ULZKL[VKHSHWVISHJP}UPUTPNYHU[LMHS[HKLPUMVYTHJP}U`KL[PLTWVIHY
YLYHZSPUN
xZ[PJHZ`J\S[\YHSLZL[JZPUVX\L[HTIPtUZ\MYLUSHZJVUZLJ\LUJPHZ
KLZ\LZWLJPHS]\SULYHIPSPKHK`KLZ\PU]PZPIPSPKHKLUSHZVJPLKHK*PYJ\UZ[HUJPHZ
JVTVUVYLJVUVJLYHSN\UVZKLZ\ZKLYLJOVZSHPTWVZPJP}UKLKL[LYTPUHKHZ
JVUKPJPVULZ HKTPUPZ[YH[P]HZ LS TPLKV H ZLY KLU\UJPHKVZ SH LSL]HKH MHS[H KL
PUMVYTHJP}UVSHJHYLUJPHKLTLKPVZLJVU}TPJVZOHJLUX\LPYHSTtKPJVVHS
OVZWP[HSZLHLSS[PTVYLJ\YZV`X\LZ}SVZLHJ\KHLUZP[\HJPVULZT\`NYH]LZ
,U SV X\L YLZWLJ[H H SH ZHUPKHK SH ZP[\HJP}U KL SVZ ZVSPJP[HU[LZ KL HZPSV LZ
[HTIPtU WYVISLTm[PJH H\UX\L LU SH TH`VYxH KL SVZ WHxZLZ UV WHYLJL ZLY [HU
JYx[PJHKLIPKVHX\LJ\LU[HUJVUH\[VYPaHJP}UWHYHYLZPKPY[LTWVYHSTLU[L:PU
LTIHYNV Z\ HJJLZV LMLJ[P]V H SH ZHUPKHK KLWLUKL KL SVZ KLYLJOVZ SLNHSLZ
YLJVUVJPKVZWVYLSWHxZKLHJVNPKHKLSHZJVUKPJPVULZHKTPUPZ[YH[P]HZYLX\L
YPKHZ`KLSHL_PZ[LUJPHKLWVSx[PJHZHJ[P]HZX\LPU[LU[LUTLQVYHYLSHJJLZVKL
LZ[HWVISHJP}UHSVZZLY]PJPVZZHUP[HYPVZNLULYHSLZ
6[YHPTWVY[HU[LKPMLYLUJPHLU[YLLZ[VZKVZNY\WVZL_JS\PKVZZVJPHSTLU[LLZ[m
YLSHJPVUHKHJVUSHYLZW\LZ[HX\LKHSH<UP}U,\YVWLHHZ\ZP[\HJP}U4PLU[YHZ
X\LL_PZ[L\UHKPYLJ[P]HKLSH<UP}U,\YVWLHX\LPU[LU[HLZ[HISLJLY\UVZLZ[mU
KHYLZKLHJVNPKHImZPJVZWHYHSHZWLYZVUHZX\LOHUZVSPJP[HKVHZPSVPUJS\PKH
SHJVILY[\YHZHUP[HYPHImZPJHX\LSVZ,Z[HKVZTPLTIYVZKLILYxHUNHYHU[PaHYSLZ
UPUN\UHUVYTH[P]HKLSH<UP}U,\YVWLHYLN\SHLSKLYLJOVKLHJJLZVHSHZHUP
KHKVHV[YHZULJLZPKHKLZImZPJHZKLHX\LSSHZX\LLZ[mULUZP[\HJP}UPYYLN\SHY
,USH<UP}U,\YVWLHLSKLIH[LZVIYLLZ[LJVSLJ[P]VZLJP|LHSHS\JOHJVU[YH
SH ­PUTPNYHJP}U PSLNHS® 3H YLÅL_P}U ZVIYL SH ULJLZPKHK KL WYV[LNLY H LZJHSH
L\YVWLH SVZ KLYLJOVZ KL SH WVISHJP}U PUTPNYHU[L ZPU WLYTPZV KL YLZPKLUJPH
LZ [VKH]xH \UH [HYLH WLUKPLU[L ;HTWVJV ZL OH WYVW\LZ[V SH YH[PÄJHJP}U KL
SH*VU]LUJP}U0U[LYUHJPVUHSZVIYLSHWYV[LJJP}UKLSVZKLYLJOVZKL[VKVZSVZ
[YHIHQHKVYLZ TPNYH[VYPVZ ` KL Z\Z MHTPSPHYLZ \U PUZ[Y\TLU[V X\L WYV[LNL SVZ
KLYLJOVZKL[VKHZ`[VKVZSVZTPNYHU[LZPUKLWLUKPLU[LTLU[LKLZ\ZP[\HJP}U
HKTPUPZ[YH[P]H`X\L[VKH]xHUVOHZPKVYH[PÄJHKVWVYUPUNU,Z[HKVTPLTIYV
KLSH<UP}U,\YVWLH
*VTVJVUZLJ\LUJPHKPYLJ[HKLLZ[HYLHSPKHKUHKHPTWPKLHSVZ,Z[HKVZTPLT
IYVZ \[PSPaHY LS KLYLJOV KL HJJLZV H SH ZHUPKHK JVTV PUZ[Y\TLU[V KL JVU[YVS
KLSHPUTPNYHJP}ULUS\NHYKLJVUZPKLYHYSVJVTV\UKLYLJOVX\LKLILYxHWYV
[LNLYZLKLHJ\LYKVJVUSHZVISPNHJPVULZKLYP]HKHZKLSHZUVYTHZPU[LYUHJPV
UHSLZ KL KLYLJOVZ O\THUVZ +HKV X\L JHKH \UV KL SVZ ,Z[HKVZ TPLTIYVZ
KL SH <UP}U ,\YVWLH OH W\LZ[V LU THYJOH Z\ WYVWPV ZPZ[LTH WHYH YLN\SHY LS
HJJLZVHSHZHUPKHKKLSVZPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY`SVZZVSPJP[HU[LZ
KLHZPSVSVZKLYLJOVZ`SHZJVUKPJPVULZHKTPUPZ[YH[P]HZX\LZLPTWVULUHLZ[HZ
WLYZVUHZ]HYxHUZPNUPÄJH[P]HTLU[LKL\UWHxZHV[YV7VYLZ[HYHa}ULSWYPUJPWHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
VIQL[P]VKLLZ[LPUMVYTLJVUZPZ[LWYLJPZHTLU[LLUVMYLJLY\UJ\HKYVKL[HSSHKV
KLSVZKLYLJOVZYLJVUVJPKVZWVYSHSL``KLSHZJVUKPJPVULZHKTPUPZ[YH[P]HZKL
HJJLZVHSHZHUPKHKX\LL_PZ[LULUJHKHWHxZWHYHSVZKPZ[PU[VZNY\WVZUHJPV
UHSLZ YLZPKLU[LZ H\[VYPaHKVZ ZVSPJP[HU[LZ KL HZPSV L PUTPNYHU[LZ LU ZP[\HJP}U
PYYLN\SHY ` [LUPLUKV LU J\LU[H SVZ KPZ[PU[VZ [PWVZ KL HZPZ[LUJPH ZHUP[HYPH ` KL
[YH[HTPLU[VZ\YNLUJPHZH[LUJP}UKLWYPTLYUP]LS`LZWLJPHSPaHKHH[LUJP}UWYL
UH[HS`WVZ[UH[HSTLKPJHTLU[VZL[J(ZPTPZTVLSPUMVYTLWYVWVYJPVUHPUMVY
THJP}UL_OH\Z[P]HZVIYLSHZUVYTHZX\LYLN\SHULSHJJLZVHSHZHUPKHKKLU[YV
KLSVZJLU[YVZKLYL[LUJP}U`SHJVUJLZP}UKLSVZWLYTPZVZKLYLZPKLUJPHWVY
YHaVULZTtKPJHZX\LWYV[LNLKLSHL_W\SZP}UHSHZWLYZVUHZZPUWLYTPZVKL
YLZPKLUJPHNYH]LTLU[LLUMLYTHZ
,Z[HPUMVYTHJP}UZLJVTWSLTLU[HJVU[LZ[PTVUPVZHWVY[HKVZKLZKLLS[LYYLUV
ZVIYLSHHWSPJHJP}UWYmJ[PJHKLLZ[LTHYJVSLNHS`ZVIYLSVZVIZ[mJ\SVZX\L[PL
ULUX\LZ\WLYHYSHZWLYZVUHZZPUWLYTPZVKLYLZPKLUJPH`ZVSPJP[HU[LZKLHZPSV
WHYHWVKLYHJJLKLYHSVZKLYLJOVZYLJVUVJPKVZ,SHUmSPZPZKLLZ[HPUMVYTHJP}U
[HU YLSL]HU[L T\LZ[YH X\L LU LS PU[LU[V KL HJJLKLY H SH ZHUPKHK LZ[VZ KVZ
JVSLJ[P]VZZLLUJ\LU[YHUJVULUVYTLZIHYYLYHZLU[VKVZSVZWHxZLZKLSH<UP}U
,\YVWLH
,UYLZ\TLULZ[LPUMVYTLKLQHWH[LU[LX\LLSHJJLZVHSHZHUPKHKKLSHZWLYZV
UHZX\LUVJ\LU[HUJVUWLYTPZVKLYLZPKLUJPH`LUTLUVYTLKPKHKLHX\LSSHZ
X\LOHUZVSPJP[HKVHZPSVUVLZ[mNHYHU[PaHKVLU,\YVWH3VZLZ[mUKHYLZKLKL
YLJOVZO\THUVZÄQHKVZWVYSVZWYPUJPWHSLZ[YH[HKVZPU[LYUHJPVUHSLZLZ[mUSLQVZ
KLZLYYLZWL[HKVZ`SVZ,Z[HKVZLUS\NHYKL[YHIHQHYWVYLSJ\TWSPTPLU[VWYV
NYLZP]VKLSKLYLJOVHSHZHS\KSVLZ[mUYLZ[YPUNPLUKVJHKH]LaTmZ\[PSPamUKVSV
JVTV\UHOLYYHTPLU[HWHYHYLK\JPYSHLU[YHKHKLPUTPNYHU[LZ,Z[H[LUKLUJPH
YLZ[YPJ[P]H ZL LZ[m KHUKV LU [VKH ,\YVWH ` WVKYxH WVULY WYVNYLZP]HTLU[L LU
WLSPNYVSHLMLJ[P]PKHKKLSHZWVSx[PJHZNLULYHSLZKLZHS\KWISPJHHSL_JS\PYH\UH
WHY[LKLSHWVISHJP}UX\L]P]LLU,\YVWHKLSZPZ[LTHZHUP[HYPVNLULYHS
(WHY[PYKLLZ[VZYLZ\S[HKVZSH9LK/<4(YLHSPaH\UHZYLJVTLUKHJPVULZLZ
WLJxÄJHZHSHZPUZ[P[\JPVULZL\YVWLHZJVULSÄUKLH\TLU[HYSH]PZPIPSPKHK`SH
YLN\SHJP}UKLSWYVISLTHHLZJHSHL\YVWLH(ZPTPZTV/<4(L_PNLHSVZ,Z[H
KVZTPLTIYVZX\LTLQVYLULSHJJLZVHSHZHUPKHKJVULSÄUKLL]P[HYJ\HSX\PLY
[PWVKLKPZJYPTPUHJP}UIHZHKVLUSHZP[\HJP}UHKTPUPZ[YH[P]H
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
9,:<4,5,1,*<;0=6
7905*07(3,:9,:<3;(+6:7697(Ð:
)i3.0*(
8\PLULZ ZVSPJP[LU HZPSV [PLULU KLYLJOV H HJJLKLY WYmJ[PJHTLU[L H [VKVZ SVZ ZLY]PJPVZ KL
ZHS\KWYL]LU[P]H`J\YH[P]H,USVX\LYLZWLJ[HHSHJVILY[\YHZHUP[HYPHUVL_PZ[L\UHKPZJYP
TPUHJP}UZPNUPÄJH[P]HLU[YLLZ[HWVISHJP}U`SHUHJPVUHSILSNH3HZP[\HJP}ULZKPZ[PU[HZPZL
[PLULULUJ\LU[HSVZ[YmTP[LZHKTPUPZ[YH[P]VZX\LOH`X\LYLHSPaHYWHYHWVKLYHJJLKLYHSH
ZHUPKHK,SJVSLJ[P]VPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPHZ}SVW\LKLHJJLKLYNYH[\P[HTLU[L
HSH(PKL4tKPJHSL<YNLU[L(`\KH4tKPJH<YNLU[LX\LPUJS\`L\UHNYHU]HYPLKHKKLZLY
]PJPVZTtKPJVZJVUL_JLWJP}UKLHSN\UHZWY}[LZPZHWHYH[VZ`HSN\UVZ[PWVZKLTLKPJPUHZ
7HYH SH HWSPJHJP}U KL LZ[VZ KLYLJOVZ ZL OH W\LZ[V LU THYJOH \U ZPZ[LTH HKTPUPZ[YH[P]V
WHYHSLSVJVU\UVZ[YmTP[LZJVTWSPJHKVZLU[YLSVZX\LZLLUJ\LU[YH\UJVU[YVSKVTPJPSPHYPV
YLHSPaHKVWVYSVZZLY]PJPVZZVJPHSLZ`LSHJ\LYKVKLSTtKPJVH[YH]tZKL\UJLY[PÄJHKVX\L
KLÄUH LS JHYmJ[LY ­\YNLU[L® KLS ZLY]PJPV ZVSPJP[HKV ,Z[L ZPZ[LTH LZ T\` I\YVJYm[PJV ` SHZ
H\[VYPKHKLZSVHWSPJHUKLMVYTHT\`KPZ[PU[HLUSVZKPMLYLU[LZKPZ[YP[VZ
:}SV\UYLK\JPKVUTLYVKLZVSPJP[HU[LZKLHZPSV`KLPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
WYPUJPWHSTLU[L TLUVYLZ UV HJVTWH|HKVZ W\LKLU HJJLKLY H SH ZHUPKHK LU SHZ TPZTHZ
JVUKPJPVULZ X\L SH WVISHJP}U UHJPVUHS [LUPLUKV LU J\LU[H UV Z}SV SH JVILY[\YH ZHUP[HYPH
ZPUV[HTIPtUSHZJVUKPJPVULZHKTPUPZ[YH[P]HZ
-9(5*0(
,USVX\LZLYLÄLYLHSHJVILY[\YHZHUP[HYPH`HSHZJVUKPJPVULZKLHJJLZVX\PLULZZVSPJP[LU
HZPSV[PLULUKLYLJOVHHJJLKLYHSHHZPZ[LUJPHZHUP[HYPHLUSHZTPZTHZJVUKPJPVULZX\LSVZ
UHJPVUHSLZ[HTIPtU]mSPKVWHYHSVZTLUVYLZUVHJVTWH|HKVZ
3HZWLYZVUHZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH[PLULUYLJVUVJPKVSLNHSTLU[LLSHJJLZV
HSHH[LUJP}UZHUP[HYPHNYH[\P[HZHS]VHSN\UHZL_JLWJPVULZTLUVYLZH[YH]tZKL\UZPZ[LTH
HKTPUPZ[YH[P]VWHYHSLSVSSHTHKV(PKL4tKPJHSLi[H[(`\KH4tKPJHKLS,Z[HKV:PULTIHYNV
WHYHWVKLYKPZMY\[HYKLLZLKLYLJOVKLILUJ\TWSPYKVZJVUKPJPVULZ!OHILYYLZPKPKVLU-YHU
JPHK\YHU[L\UWLYxVKVZ\WLYPVYH[YLZTLZLZ`UVZ\WLYHY\U\TIYHSLJVU}TPJVKL[LYTPUH
KV7HYHWVKLYJ\TWSPYLZ[HZJVUKPJPVULZKLILUZLN\PY\UHZLYPLKL[YmTP[LZHKTPUPZ[YH[P]VZ
X\LHJHIHUWVYZLYNYHUKLZVIZ[mJ\SVZLUZ\HJJLZVHSHHZPZ[LUJPHZHUP[HYPH
,SYLZ[VKLPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHYZ}SV[PLULUKLYLJOVHHJJLKLYNYH[\P[HTLU[LH
SVZZLY]PJPVZKL\YNLUJPHZ
(3,4(50(
3H SLNPZSHJP}U HSLTHUH KPZJYPTPUH ZPNUPÄJH[P]HTLU[L H SVZ ZVSPJP[HU[LZ KL HZPSV K\YHU[L SVZ
J\H[YVWYPTLYVZH|VZKLYLZPKLUJPHLU(SLTHUPH+\YHU[LLZ[L[PLTWVtZ[VZZ}SV[PLULUKL
YLJOVHHJJLKLYH[YH[HTPLU[VZTtKPJVZNYH[\P[VZLUJHZVKL­LUMLYTLKHKLZNYH]LZVKVSVY
HN\KV® HZx JVTV H ­[VKV SV ULJLZHYPV WHYH SH YLJ\WLYHJP}U TLQVYH V HSP]PV KL LUMLYTL
KHKLZ`KLZ\ZJVUZLJ\LUJPHZ®(KLTmZKLSHH[LUJP}UWYL`WVZ[WVZUH[HS`LS[YH[HTPLU[V
KLS=0/LU[YLV[YVZ:}SVL_PZ[L\UHJVILY[\YHTmZHTWSPHWHYHTLUVYLZ
,U[YLSVZKLYLJOVZKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`SVZKLYLJOVZKLSVZZVSP
JP[HU[LZKLHZPSVX\LYLZPKLULULSWHxZKLZKL\UWLYxVKVPUMLYPVYHTLZLZiZ[H[HTIPtU
ZLHWSPJHHSVZJLU[YVZKLHZPZ[LUJPHZVJPHSJVUJVTWL[LUJPHZLUTH[LYPHKLHKTPUPZ[YHJP}U
ZHUP[HYPH9LJPLU[LTLU[L\UHPU[LYWYL[HJP}UMVYTHSKLSHZSL`LZYLHSPaHKHWVYLS7HYSHTLU[V
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
HSLTmUOHL_JS\PKVHLZ[VZJLU[YVZKLSHVISPNHJP}UKLKLU\UJPHJ\HUKVSVZWYVMLZPVUHSLZ
KLSHZHS\KSLZKLTHUKLULSYLLTIVSZVKLSVZNHZ[VZKLYP]HKVZKLSHHZPZ[LUJPHZHUP[HYPH
HLZ[VZPUTPNYHU[LZ
,Z[LYxNPKVTHYJVSLNHSZ}SVSVOHU­Z\WLYHKV®HSN\UHZPUPJPH[P]HZ[VTHKHZHUP]LSSVJHS
JVUSHPU[LUJP}UKLWYVWVYJPVUHYSHHZPZ[LUJPHZHUP[HYPHULJLZHYPHHSHWVISHJP}UPUTPNYHU[L
ZPUYLN\SHYPaHYNHYHU[PaHUKVZ\HUVUPTH[V
0;(30(
,USVX\LZLYLÄLYLHSHJVILY[\YHZHUP[HYPH`HSHZJVUKPJPVULZKLHJJLZVSHZWLYZVUHZ
ZVSPJP[HU[LZKLHZPSV[PLULUKLYLJOVHHJJLKLYHSHHZPZ[LUJPHZHUP[HYPHLUSHZTPZTHZJVUKP
JPVULZX\LSHZUHJPVUHSLZSHZP[\HJP}ULZSHTPZTHWHYHSVZTLUVYLZUVHJVTWH|HKVZ
3HWVISHJP}UPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPH[PLULHJJLZVH\UHHTWSPHJVILY[\YH
ZHUP[HYPHX\LHWHYLJLLZWLJPHSTLU[LKL[HSSHKHLUSHSL`H[YH]tZKL\UZPZ[LTHLZWLJx
ÄJVSSHTHKV¸,_[YHUQLYVZ;LTWVYHSTLU[L7YLZLU[LZ¹:;7WVYZ\ZZPNSHZLUP[HSPHUVX\L
JVUZPZ[LLU\UJ}KPNVHU}UPTVKLJVY[H]HSPKLaWLYVYLUV]HISLX\LVI[PLULUMmJPSTLU[L
(\UX\LZ\LSLU[LULYX\LWHNHY\UHJVU[YPI\JP}UZPTI}SPJHHSZPZ[LTHKLZHS\KH[YH]tZ
KLS ­[PJRL[® LS WYPUJPWHS VIZ[mJ\SV LZ[YPIH LU UV WVKLY [LULY \UH TtKPJH V TtKPJV KL
MHTPSPHSVX\LKPÄJ\S[HWVKLYHJJLKLYHLZWLJPHSPZ[HZ
7(Ð:,:)(16:
(X\PLUZVSPJP[LHZPSVLU7HxZLZ)HQVZZLSLYLJVUVJLLSKLYLJOVHHJJLKLYNYH[\P[HTLU[L
H [VKVZ SVZ [PWVZ KL H[LUJP}U ZHUP[HYPH JVU T\` WVJHZ L_JLWJPVULZ ,U J\HU[V H SHZ
JVUKPJPVULZKLHJJLZVSHUPJHKPMLYLUJPHYLZWLJ[VKLSJVUQ\U[VKLSHWVISHJP}UUHJPVUHS
YHKPJHLUUVWVKLYLSLNPYHSHJVTWH|xHHZLN\YHKVYH"JHILZL|HSHYZPULTIHYNVX\LLZ[H
KPMLYLUJPHUV[PLUL\UHNYHUYLWLYJ\ZP}ULUSVZZLY]PJPVZYLJ0IxKVZUPLUSHZJVUKPJPVULZ
L_PNPKHZ
7HYHX\PLULZUVJ\LU[LUJVUWLYTPZVKLYLZPKLUJPHLSHJJLZVHSHZHUPKHKLZ[mJVUKP
JPVUHKVWVYSH]HSVYHJP}UX\LYLHSPJLUSVZTtKPJVZJHZVWVYJHZVZVIYLZPSHHZPZ[LUJPH
LZ ­TtKPJHTLU[L ULJLZHYPH® 7VY YLNSH NLULYHS [PLULU X\L WHNHY WVY LS ZLY]PJPV ZHS]V
X\LZLKLT\LZ[YLX\LUVW\LKLUOHJLYSV,ULZ[LJHZVWLYZVUHSZHUP[HYPVOVZWP[HSLZ`
MHYTHJPHZWYVWVYJPVUHU\U[YH[HTPLU[VV\UZLY]PJPV`HJVU[PU\HJP}UZVSPJP[HUZ\YLLT
IVSZVH\UMVUKVWISPJVLZWLJxÄJV
(\U ZPLUKV PU[LYWYL[HKV HTWSPHTLU[L [HU[V LU LS WSHUV [L}YPJV KL SH SL` JVTV LU SH
WYmJ[PJH PUJS\`LUKV [HTIPtU LS [YH[HTPLU[V KLS =0/ ` SH H[LUJP}U WYL ` WVZ[UH[HS LS
JVUJLW[V ­TtKPJHTLU[L ULJLZHYPV® UV VMYLJL Z\ÄJPLU[LZ NHYHU[xHZ WHYH \U HJJLZV
LMLJ[P]V H SH ZHUPKHK `H X\L tZ[L KLWLUKL KL SH ]HSVYHJP}U KPZJYLJPVUHS KLS WLYZV
UHS TtKPJV (KLTmZ \U NYHU UTLYV KL WYVMLZPVUHSLZ ZHUP[HYPVZ UV [PLUL SH Z\ÄJPLU[L
TV[P]HJP}U WHYH H[LUKLYSLZ `H X\L JVTV Tm_PTV Z}SV YLJPIL LS KL SVZ NHZ[VZ
4(3;(
,S[YH[HTPLU[VX\LKHSHSLNPZSHJP}UTHS[LZHHSVZZVSPJP[HU[LZKLHZPSV`HSVZPUTPNYHU[LZ
LU ZP[\HJP}U PYYLN\SHY UV ]HYxH ZPNUPÄJH[P]HTLU[L ,Z[L [YH[HTPLU[V ZL L_WSPJH LU NYHU
TLKPKH WVY SH PUL_PZ[LUJPH KL \U THYJV SLNHS X\L KPMLYLUJPL JSHYHTLU[L SVZ NY\WVZ KL
L_[YHUQLYVZWYLZLU[LZLULS[LYYP[VYPV`LZ[HISLaJHZ\ZKLYLJOVZImZPJVZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
9,:<4,5,1,*<;0=6
,_PZ[L\UHSL`X\LYLJVUVJLLSKLYLJOVKLHJJLZVKLSHZWLYZVUHZZVSPJP[HU[LZKLHZPSVHSVZ
­ZLY]PJPVZKLH[LUJP}UZHUP[HYPHLZ[H[HSLZ®ZPUTH`VYL_WSPJHJP}U:PULTIHYNVUPUN\UHKPZ
WVZPJP}USLNHSKL4HS[HOHJLYLMLYLUJPHHSHJJLZVKLPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
HSHZHUPKHK;HUZ}SVL_PZ[L\UKVJ\TLU[VWVSx[PJVUV]PUJ\SHU[LSLNHSTLU[LX\LLZ[HISLJL
X\L[VKHZSHZWLYZVUHZL_[YHUQLYHZX\LZLLUJ\LU[YLULUJLU[YVZKLYL[LUJP}USHTH`VYxH
KLSHZWLYZVUHZZVSPJP[HU[LZKLHZPSV`KLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHWYLZLU[LZ
LU4HS[HOHZ[HHOVYH[PLULUKLYLJOVHHJJLKLY­NYH[\P[HTLU[LHSVZZLY]PJPVZKLH[LUJP}U
ZHUP[HYPHWISPJVZ®(\UX\LSHPU[LYWYL[HJP}UKLLZ[VZ[tYTPUVZZ\LSLZLYIHZ[HU[LHTWSPHSH
WYmJ[PJHUVZT\LZ[YHX\LLSHJJLZVLMLJ[P]VKLLZ[HWVISHJP}UHSHHZPZ[LUJPHZHUP[HYPH`HSVZ
TLKPJHTLU[VZKLWLUKLLUNYHUTLKPKHKLSHZKLJPZPVULZKPZJYLJPVUHSLZ[VTHKHZLUSVZ
OVZWP[HSLZVKLSVZLZJHZVZYLJ\YZVZTtKPJVZKLSVZJLU[YVZKLYL[LUJP}U`KLSH]VS\U[HK
KLZ\WLYZVUHS
,UJHZVKLX\LZLSLZWLYTP[HYLJPIPYZLY]PJPVZTtKPJVZHJJLKLUHSZPZ[LTHWISPJVKLZHS\K
7HYHLSSV[PLULUX\LTVZ[YHYZ\UTLYVHZPNUHKVWVYSHWVSPJxHJVTVUPJHPKLU[PÄJHJP}U
769;<.(3
,USVYLMLYLU[LHSHJVILY[\YHZHUP[HYPH`HSHZJVUKPJPVULZKLHJJLZVSVZZVSPJP[HU[LZKLHZPSV
[PLULUKLYLJOVHHJJLKLYHSHH[LUJP}UZHUP[HYPHLUSHZTPZTHZJVUKPJPVULZX\LSHWVISHJP}U
UHJPVUHS
3HSL`WYL]t\UHJVILY[\YHZHUP[HYPHWHYHPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHZPLTWYLX\L
W\LKHUKLTVZ[YHYX\LSSL]HUTmZKL KxHZ]P]PLUKVLU7VY[\NHS5VVIZ[HU[LLSOLJOVKL
[LULYX\LKLTVZ[YHYLZ[HL]PKLUJPHLZ\UHKLSHZTH`VYLZIHYYLYHZJVUSHZX\LZLLUJ\LU
[YHU WHYH OHJLY ]HSLY Z\Z KLYLJOVZ (KLTmZ WHYH HJJLKLY HS TtKPJV [PLULU X\L YLHSPaHY
\UH PUZJYPWJP}U [LTWVYHS LU LS JLU[YV KL ZHS\K X\L Z\LSL L_PNPYZL JHKH ]La X\L ULJLZP[HU
HZPZ[LUJPHZHUP[HYPH
3HZWLYZVUHZLUZP[\HJP}UPYYLN\SHYX\LSSL]LUTLUVZKL KxHZ]P]PLUKVLULSWHxZZLJVUZP
KLYHU [\YPZ[HZ ` [PLULU \UH JVILY[\YH TmZ YLK\JPKH :PU LTIHYNV LZ[H JVILY[\YH PUJS\`L
LU[YLV[YVZLS[YH[HTPLU[VKLS=0/`SHH[LUJP}UWYL`WVZ[UH[HS
(SPN\HSX\LSVX\LZ\JLKLJVUSHWVISHJP}USVJHSSVZKLYLJOVZKLSVZX\LUVJ\LU[HUJVU
WLYTPZV KL YLZPKLUJPH WLSPNYHU KLIPKV H SHZ KLÄJPLUJPHZ KLS ZPZ[LTH ZHUP[HYPV WVY[\N\tZ
[HU[VWVYSVZWYVISLTHZKLVYNHUPaHJP}UJVTVWVYSHMHS[HKLYLJ\YZVZ
,:7(j(
8\PLULZOH`HUZVSPJP[HKVHZPSVVZLLUJ\LU[YLULUZP[\HJP}UPYYLN\SHYLU,ZWH|H[PLULUKL
YLJOVHHJJLKLYHSHHZPZ[LUJPHZHUP[HYPHLUSHZTPZTHZJVUKPJPVULZX\LSVZUHJPVUHSLZLUSV
X\LZLYLÄLYLHSHJVILY[\YHZHUP[HYPH`HSHZJVUKPJPVULZKLHJJLZV,SWYVISLTHLZX\LWHYH
SH WVISHJP}U PUTPNYHU[L ZPU WLYTPZV KL YLZPKLUJPH LZ TmZ KPMxJPS J\TWSPY JVU SVZ YLX\PZP[VZ
HKTPUPZ[YH[P]VZWYPUJPWHSTLU[LLSLTWHKYVUHTPLU[VSVX\LPTWSPJH[LULY\UKVJ\TLU[VKL
PKLU[PKHK]mSPKV`\UKVTPJPSPV
3HZUP|HZSVZUP|VZ`SHZT\QLYLZLTIHYHaHZLZ[mUL_LU[VZKLSVZYLX\PZP[VZHKTPUPZ[YH[P]VZ
(S TLUVZ J\H[YV KL SHZ KPLJPZPL[L JVT\UPKHKLZ H\[}UVTHZ KL ,ZWH|H OHU HKVW[HKV \U
ZPZ[LTHTmZMH]VYHISLX\LJVUZPZ[LLUWYVWVYJPVUHYZPUUPUNU[PWVKLJVUKPJPVULZHKTP
UPZ[YH[P]HZSH[HYQL[HZHUP[HYPHH[VKHZSHZWLYZVUHZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
:<,*0(
,U :\LJPH SVZ ZVSPJP[HU[LZ KL HZPSV ` SVZ PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH LZ[mU
ZPNUPÄJH[P]HTLU[L KPZJYPTPUHKVZ WVY SH SLNPZSHJP}U X\L YLN\SH LS HJJLZV H SH HZPZ[LUJPH
ZHUP[HYPH3HUPJHL_JLWJP}USHYLWYLZLU[HUSHZOPQHZLOPQVZKLSVZZVSPJP[HU[LZKLHZPSV
SVZTLUVYLZX\LOH`HUZVSPJP[HKVHZPSVVHX\PLULZZLSLZOH`HKLULNHKVVÄUHSTLU[L
HX\LSSVZTLUVYLZHJ\`VZWHKYLZ`VTHKYLZZLSLZOH`HKLULNHKVLSHZPSV
8\PLULZZVSPJP[HUHZPSV`ZVUTH`VYLZKLLKHKZ}SV[PLULUKLYLJOVHHJJLKLYNYH[\P[H
TLU[L H SH ZHUPKHK J\HUKV ZL [YH[H KL \U WYVISLTH X\L UV ZL W\LKL HWSHaHY LU SVZ
JHZVZ KL H[LUJP}U WYL ` WVZ[UH[HS WSHUPÄJHJP}U MHTPSPHY ` HIVY[V ` KLILU WHNHY \UH
JVU[YPI\JP}UWVYYLJPIPYHSN\UVZKLLZ[VZZLY]PJPVZ
*VTV NTKH LZJVUKPKH SH WVISHJP}U PUTPNYHU[L LU ZP[\HJP}U PYYLN\SHY OH ZPKV [V[HS
TLU[LPU]PZPISLWHYHSHSLNPZSHJP}U;HUZ}SVYLJPLU[LTLU[L\UHSL`OHOLJOVYLMLYLUJPHH
SHZWLYZVUHZHSHZX\LZLSLZYLJOHaHSHZVSPJP[\KKLHZPSV`UPJHTLU[LWHYHKLQHYSLZHS
THYNLUKLHX\LSSHZJH[LNVYxHZKLL_[YHUQLYVZX\L[PLULUHSNU[PWVKLHJJLZVHSZPZ[LTH
ZHUP[HYPV3VZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHLU:\LJPHPUJS\PKVZUP|HZ`UP|VZ
T\QLYLZLTIHYHaHKHZVWLYZVUHZX\LZLLUJ\LU[YLULU\UHZP[\HJP}UKL\YNLUJPHVJVU
\UHLUMLYTLKHKPUMLJJPVZHNYH]LUV[PLULUUPUNU[PWVKLHJJLZVNYH[\P[VHSHZHUPKHK`
[PLULUZLYPHZKPÄJ\S[HKLZWHYHWHNHYLSPTWVY[L[V[HSKLLZ[VZZLY]PJPVZKHKVZ\LSL]HKV
JVZ[L
3HPUL_PZ[LUJPHKL\UHWYVOPIPJP}UKLH[LUKLYHPUTPNYHU[LZX\L]P]LULU:\LJPHKLMVYTH
PYYLN\SHYOHSSL]HKVHSHZH\[VYPKHKLZWYV]PUJPHSLZ`HHSN\UVZOVZWP[HSLZWISPJVZHHKVW
[HY [xTPKHZ PUPJPH[P]HZ WHYH VMYLJLY HSN\UVZ ZLY]PJPVZ ZHUP[HYPVZ H LZ[L NY\WV ZVJPHS [HU
THYNPUHKV
9,056<50+6
8\PLULZZLHUZVSPJP[HU[LZKLHZPSV[PLULUKLYLJOVHHJJLKLYHSHHZPZ[LUJPHZHUP[HYPHLU
SHZ TPZTHZ JVUKPJPVULZ X\L SH WVISHJP}U UHJPVUHS LU SV X\L ZL YLÄLYL H SH JVILY[\YH
ZHUP[HYPH ` H SHZ JVUKPJPVULZ KL HJJLZV SH ZP[\HJP}U LZ SH TPZTH WHYH SVZ TLUVYLZ UV
HJVTWH|HKVZ
3HWVISHJP}UPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPHZ}SVW\LKLHJJLKLYNYH[\P[HTLU[LH
SHH[LUJP}UKLWYPTLYUP]LSH\YNLUJPHZHWSHUPÄJHJP}UMHTPSPHYHS[YH[HTPLU[VKLLUMLY
TLKHKLZJVU[HNPVZHZZHS]V=0/`HZHS\KTLU[HSLUJHZVZHN\KVZ+LZKLLZ[L
JVSLJ[P]V[PLULX\LWHNHYxU[LNYHTLU[LSVZNHZ[VZKLV[YVZ[YH[HTPLU[VZVKPHNU}Z[PJVZ
OVZWP[HSHYPVZPUJS\PKHZSHH[LUJP}ULZWLJPHSPaHKHSHZOVZWP[HSPaHJPVULZSVZJ\PKHKVZWYL`
WVZ[UH[HSLZLUOVZWP[HSLZSVZTLKPJHTLU[VZ`LS[YH[HTPLU[VKLS=0/(KLTmZZPLTWYL
X\L LS [YH[HTPLU[V W\LKH LZWLYHY OHZ[H X\L YLNYLZL H Z\ WHxZ KL VYPNLU ZL SLZ W\LKL
KLULNHYLSHJJLZVHLZ[VZZLY]PJPVZLUJHZVKLUVWVKLYYLHSPaHYLSWHNV<UPTWVY[HU[L
VIZ[mJ\SVWHYHX\PLULZ]P]LULU9LPUV<UPKVZPUWLYTPZVZLKLILHSOLJOVKLX\LSVZ
TtKPJVZNLULYHSPZ[HZLULS9LPUV<UPKV[PLULUWVKLYKPZJYLJPVUHSWHYHPUJS\PYSLZVUVLU
Z\SPZ[HKLSZPZ[LTHUHJPVUHSKLZHS\K(ZxLSSVZZVUSHW\LY[HKLHJJLZVWHYHSVZWVJVZ
KLYLJOVZHSHHZPZ[LUJPHZHUP[HYPHX\LSHZUVYTHZIYP[mUPJHZSLZYLJVUVJLU
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
9,:<4,5,1,*<;0=6
;HISHZZPU[t[PJHZ
,Z[HZ[HISHZVMYLJLU\UYLZ\TLUKLSVZYLZ\S[HKVZVI[LUPKVZLUSVZKPZ[PU[VZWHxZLZ`T\LZ[YHUSVZYHZNVZ
JHYHJ[LYxZ[PJVZKLJHKHZPZ[LTHWLYTP[PLUKVZ\JVTWHYHJP}U:PULTIHYNVSHJVTWSLQPKHKNLULYHSKLJHKH
ZPZ[LTHUVHWHYLJLYLWYLZLU[HKHLULZ[H[HISH7HYH[LULY\UH]PZP}UJVTWSL[HKLSVZKLYLJOVZKLSVZPUTP
NYHU[LZZPUWLYTPZVKLYLZPKLUJPH`KLSVZZVSPJP[HU[LZKLHZPSVHZxJVTVKLSVZWLYTPZVZKLYLZPKLUJPHWVY
YHaVULZTtKPJHZZLYLJVTPLUKHSLLYSHÄJOHKLSWHxZJVYYLZWVUKPLU[L
,SHJJLZVHSHHZPZ[LUJPHZHUP[HYPH`HSVZ[YH[HTPLU[VZWHYHSHZ
WLYZVUHZPUTPNYHU[LZHK\S[HZZPUWLYTPZVKLYLZPKLUJPH
ZLNUSHSLNPZSHJP}UUHJPVUHSHWSPJHISL
3L`LUKH!
56;0,5,5
(**,:6
(3,4(50(
-9(5*0(
)i3.0*(
([LUJP}U
KLWYPTLY
UP]LS
0;(30(
(**,:6)(:(+6,5,37(.6
Ð5;,.96+,36:.(:;6:
(**,:6)(:(+6
,5*67(.6
(**,:6
.9(;<0;6
56,?0:;,<5(3,.0:3(*0Ô5
(39,:7,*;6
(**,:6(3;9(;(40,5;6
(**,:6(3((:0:;,5*0(:(50;(90(
4(3;(
([LUJP}U
LZWLJPHSPaHKH
/VZWP[HSPaHJP}U
PUNYLZV
<YNLUJPHZ
([LUJP}UWYL
`WVZ[UH[HS
4LKPJHTLU[VZ
=0/
WHJPLU[LL_[LYUV
6[YHZ
LUMLYTLKHKLZ
PUMLJJPVZHZ
:P[PLULKLYLJOV`
VI[PLULSH(4<
*VUKPJPVULZ!
HZLPU]LZ[PNHLS
KVTPJPSPV`SHMHS[H
KLYLJ\YZVZ"`ISH
LUMLYTLKHK[PLUL
X\L[LULY¸JHYmJ[LY
\YNLU[L¹
:P[PLULKLYLJOV`
VI[PLULSH(4<
*VUKPJPVULZ!
HZLPU]LZ[PNHLS
KVTPJPSPV`SHMHS[H
KLYLJ\YZVZ"`ISH
LUMLYTLKHK[PLUL
X\L[LULY¸JHYmJ[LY
\YNLU[L¹
:P[PLULKLYLJOV`
VI[PLULSH(4<
*VUKPJPVULZ!
HZLPU]LZ[PNHLS
KVTPJPSPV`SHMHS[H
KLYLJ\YZVZ"`ISH
LUMLYTLKHK[PLUL
X\L[LULY¸JHYmJ[LY
\YNLU[L¹
:P[PLULKLYLJOV`
VI[PLULSH(4<
*VUKPJPVULZ!
HZLPU]LZ[PNHLS
KVTPJPSPV`SHMHS[H
KLYLJ\YZVZ"`ISH
LUMLYTLKHK[PLUL
X\L[LULY¸JHYmJ[LY
\YNLU[L¹
:P[PLULKLYLJOV`
VI[PLULSH(4<
*VUKPJPVULZ!
HZLPU]LZ[PNHLS
KVTPJPSPV`SHMHS[H
KLYLJ\YZVZ"`ISH
LUMLYTLKHK[PLUL
X\L[LULY¸JHYmJ[LY
\YNLU[L¹
:P[PLULKLYLJOV`
VI[PLULSH(4<
*VUKPJPVULZ!
HZLPU]LZ[PNHLS
KVTPJPSPV`SHMHS[H
KLYLJ\YZVZ"`ISH
LUMLYTLKHK[PLUL
X\L[LULY¸JHYmJ[LY
\YNLU[L¹
:P[PLULKLYLJOV`
VI[PLULSH(4<
*VUKPJPVULZ!
HZLPU]LZ[PNHLS
KVTPJPSPV`SHMHS[H
KLYLJ\YZVZ"`ISH
LUMLYTLKHK[PLUL
X\L[LULY¸JHYmJ[LY
\YNLU[L ¹
:P[PLULKLYLJOV`
VI[PLULSH(4,
:P[PLULKLYLJOV`
VI[PLULSH(4,
:P[PLULKLYLJOV`
VI[PLULSH(4,
:P[PLULKLYLJOV`
VI[PLULSH(4,
:P[PLULKLYLJOV`
VI[PLULSH(4,
:P[PLULKLYLJOV`
VI[PLULSH(4,
:P[PLULKLYLJOV`
VI[PLULSH(4,
*VUKPJPVULZ!
H+LTVZ[YHYX\L
OHUYLZPKPKVLULS
WHxZK\YHU[LTmZ
KL[YLZTLZLZ
I+LTVZ[YHYSH
MHS[HKLYLJ\YZVZ
*VUKPJPVULZ!
H+LTVZ[YHYX\L
OHUYLZPKPKVLULS
WHxZK\YHU[LTmZ
KL[YLZTLZLZ
I+LTVZ[YHYSH
MHS[HKLYLJ\YZVZ
*VUKPJPVULZ!
H+LTVZ[YHYX\L
OHUYLZPKPKVLULS
WHxZK\YHU[LTmZ
KL[YLZTLZLZ
I+LTVZ[YHYSH
MHS[HKLYLJ\YZVZ
*VUKPJPVULZ!
H+LTVZ[YHYX\L
OHUYLZPKPKVLULS
WHxZK\YHU[LTmZ
KL[YLZTLZLZ
I+LTVZ[YHYSH
MHS[HKLYLJ\YZVZ
*VUKPJPVULZ!
H+LTVZ[YHYX\L
OHUYLZPKPKVLULS
WHxZK\YHU[LTmZ
KL[YLZTLZLZ
I+LTVZ[YHYSH
MHS[HKLYLJ\YZVZ
*VUKPJPVULZ!
H+LTVZ[YHYX\L
OHUYLZPKPKVLULS
WHxZK\YHU[LTmZ
KL[YLZTLZLZ
I+LTVZ[YHYSH
MHS[HKLYLJ\YZVZ
*VUKPJPVULZ!
H+LTVZ[YHYX\L
OHUYLZPKPKVLULS
WHxZK\YHU[LTmZ
KL[YLZTLZLZ
I+LTVZ[YHYSH
MHS[HKLYLJ\YZVZ
5V[PLULUHJJLZVKLIPKVHSHL_PZ[LUJPHKLSKLILYKLKLU\UJPHYHSHZWLYZVUHZ
PUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LPU]HSPKHWVYJVTWSL[VSVZKLYLJOVZ
5V[PLULUKLYLJOV
H[LULY\UTtKPJV
KLMHTPSPH
5VLZ[mYLN\SHKVWVYSL`;HUZ}SVL_PZ[L\UKVJ\TLU[VKLJHYmJ[LYWVSx[PJVUV
]PUJ\SHU[LQ\YxKPJHTLU[LZVIYLSHZWLYZVUHZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
`SHZZVSPJP[HU[LZKLHZPSVLUJLU[YVZKLYL[LUJP}U
5V[PLULUHJJLZVKLIPKVHSHL_PZ[LUJPHKLSKLILYKL
KLU\UJPHYHSHZWLYZVUHZPUTPNYHU[LZZPUWLYTPZVKL
YLZPKLUJPHX\LPU]HSPKHWVYJVTWSL[VSVZKLYLJOVZ
5VLZ[mYLN\SHKVWVYSL`;HUZ}SVL_PZ[L\UKVJ\TLU[V
KLJHYmJ[LYWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[LZVIYL
SHZWLYZVUHZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`SHZ
ZVSPJP[HU[LZKLHZPSVLUJLU[YVZKLYL[LUJP}U
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
769;<.(3
7(Ð:,:)(16:
([LUJP}U
KLWYPTLY
UP]LS
([LUJP}U
LZWLJPHSPaHKH
/VZWP[HSPaHJP}U
PUNYLZV
<YNLUJPHZ
([LUJP}UWYL
`WVZ[UH[HS
4LKPJHTLU[VZ
:PLZ­ULJLZHYPV
KLZKLLSW\U[V
KL]PZ[HTtKPJV®
ZPLTWYLLZHZxLU
SHWYmJ[PJH`ZL
KLT\LZ[YHSHMHS[H
KLYLJ\YZVZWHYH
WHNHY
:PLZ­ULJLZHYPV
KLZKLLSW\U[V
KL]PZ[HTtKPJV®
`ZLKLT\LZ[YHSH
MHS[HKLYLJ\YZVZ
WHYHWHNHY
9,056<50+6
=0/
WHJPLU[LL_[LYUV
:PLZ¸ULJLZHYPV
KLZKLLSW\U[V
KL]PZ[HTtKPJV®
`ZLKLT\LZ[YHSH
MHS[HKLYLJ\YZVZ
WHYHWHNHY
:PLZ¸ULJLZHYPV
KLZKLLSW\U[V
KL]PZ[HTtKPJV®
`ZLKLT\LZ[YHSH
MHS[HKLYLJ\YZVZ
WHYHWHNHY
:PLZ¸ULJLZHYPV
KLZKLLSW\U[V
KL]PZ[HTtKPJV®
`ZLKLT\LZ[YHSH
MHS[HKLYLJ\YZVZ
WHYHWHNHY
:PLZ¸ULJLZHYPV
KLZKLLSW\U[V
KL]PZ[HTtKPJV®
`ZLKLT\LZ[YHSH
MHS[HKLYLJ\YZVZ
WHYHWHNHY
:PZLKLT\LZ[YH
SHYLZPKLUJPHWVY
\UWLYPVKVZ\WL
YPVYH KxHZ
:PZLKLT\LZ[YH
SHYLZPKLUJPHWVY
\UWLYPVKVZ\WL
YPVYH KxHZ
:PZLKLT\LZ[YH
SHYLZPKLUJPHWVY
\UWLYPVKVZ\WL
YPVYH KxHZ
:PZLKLT\LZ[YH
SHYLZPKLUJPHWVY
\UWLYPVKVZ\WL
YPVYH KxHZ
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
6[YHZ
LUMLYTLKHKLZ
PUMLJJPVZHZ
:PLZ­ULJLZHYPV
KLZKLLSW\U[V
KL]PZ[HTtKPJV®
ZPLTWYLLZHZxLU
SHWYmJ[PJH`ZL
KLT\LZ[YHSHMHS[H
KLYLJ\YZVZWHYH
WHNHY
:PLZ­ULJLZHYPV
KLZKLLSW\U[V
KL]PZ[HTtKPJV®
ZPLTWYLLZHZxLU
SHWYmJ[PJH`ZL
KLT\LZ[YHSHMHS[H
KLYLJ\YZVZWHYH
WHNHY
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
:PZLKLT\LZ[YH
SHYLZPKLUJPHWVY
\UWLYPVKVZ\WL
YPVYH KxHZ
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
:<,*0(
,:7(j(
(**,:6(3;9(;(40,5;6
(**,:6(3((:0:;,5*0(:(50;(90(
:PLSTtKPJV
NLULYHSPZ[HSL
PUJS\`LLUSH
SPZ[HKLS5H[PVUHS
/LHS[O:LY]PJL
,USHTH`VYxHKLSVZWHxZLZL_PZ[LUT\JOHZLZWLJP
ÄJPKHKLZYLSHJPVUHKHZJVULSHJJLZVHSHZHUPKHKKLSVZ
TLUVYLZPUTPNYHU[LZUVHJVTWH|HKVZ`KLSVZOPQVZKL
PUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
,S[tYTPUV¸\YNLU[L¹ZLPU[LYWYL[HL_[LUZHTLU[L
WHYHYLMLYPYZLHSHTH`VYxHKLSVZZLY]PJPVZJ\YH[P]VZ`KL
WYL]LUJP}U
:PLSTtKPJV
NLULYHSPZ[HSL
PUJS\`LLUSH
SPZ[HKLS5H[PVUHS
/LHS[O:LY]PJL
,SZPZ[LTHZLVYNHUPaHH[YH]tZKL\UJ}KPNV
HU}UPTVX\LZLV[VYNHHSHZWLYZVUHZPUTPNYHU[LZKL
MVYTHÅL_PISL¸J}KPNV:;7¹*HILKLZ[HJHYX\LLSJV
WHNV¸[PJRL[¹KLSVZPUTPNYHU[LZX\LZLLUJ\LU[YHULU
ZP[\HJP}UPYYLN\SHYLZT\`ZPTI}SPJVLU0[HSPH`H]LJLZ
PUJS\ZVLZ[mUL_LU[VZKLSTPZTV
,SHJJLZVNYH[\P[VVIHZHKVLUJVWHNVKLWLUKLKL
SHJH[LNVYxHKLTLKPJPUHZ
0IxK
0IxK
+LHJ\LYKVJVULZ[LKVJ\TLU[VWVSx[PJVSHWVISH
JP}UPUTPNYHU[L[PLULKLYLJOVHHJJLKLYNYH[\P[HTLU[L
HSVZ¸ZLY]PJPVZZHUP[HYPVZWISPJVZ¹
:PZL[YH[HKL\UH
KLSHZLUMLYTL
KHKLZLZWLJPÄJHKHZ
`ZP\UTtKPJV
NLULYHSPZ[HSLOH
PUJS\PKVLUSHSPZ[H
KLS5H[PVUHS/LHS[O
:`Z[LT
(JJLZVNYH[\P[VVIHZHKVLUJVWHNVLUM\UJP}UKL
SHJH[LNVYxHKLTLKPJHTLU[VZ
,Z[HPUMVYTHJP}UZLYLÄLYLHSHZP[\HJP}ULUSH
TH`VYxHKLSHZJVT\UPKHKLZH\[}UVTHZLZWH|VSHZ
:PULTIHYNVHSN\UHZKLLSSHZOHULSPTPUHKV[VKHZ
SHZJVUKPJPVULZHKTPUPZ[YH[P]HZWHYHVI[LULYSH[HYQL[H
ZHUP[HYPH
7HYLJLX\LSHSLNPZSHJP}UNLULYHSZVIYLLUMLYTL
KHKLZJVU[HNPVZHZZL]PLULHWSPJHUKVH[VKHSHWVISH
JP}UH[YH]tZKLJSxUPJHZLZWLJPHSPaHKHZLULUMLYTLKHKLZ
KL[YHUZTPZP}UZL_\HS
0IxK
0IxK
0IxK
0IxK
*HILKLZ[HJHYX\LLSJVWHNV[HZHTVKLYHKVYHX\L
JVYYLZWVUKLHSVZZVSPJP[HU[LZKLHZPSV`HSHWVISHJP}U
UHJPVUHSLZZPTI}SPJVLU7VY[\NHS3HWLYZVUHZZPU
WLYTPZVKLYLZPKLUJPHZ\LSLULZ[HYL_LU[HZZPJVUZPN\LU
LSJLY[PÄJHKVKLZP[\HJP}ULJVU}TPJHWYLJHYPH
7\LKLUHJJLKLYHHSN\UVZZLY]PJPVZWHYHLTIHYHaH
KHZNHYHU[PaHKVZKPYLJ[HTLU[LWVYJVTHKYVUHZ
:PULTIHYNVHSN\UVZ[YH[HTPLU[VZZxZLKHUZPU
JVUKPJPVULZH[YH]tZKLJSxUPJHZKLZHS\KZL_\HSLZWLJPH
SPaHKHZNUH[LKZL_\HSOLHS[OJSPUPJ\WVUUVJVUKP[PVUZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
,SHJJLZVHSHHZPZ[LUJPHZHUP[HYPH`HSVZ[YH[HTPLU[VZWHYHSHZ
WLYZVUHZZVSPJP[HU[LZKLHZPSV HK\S[HZ
ZLNUSHSLNPZSHJP}UUHJPVUHSHWSPJHISL
3L`LUKH!
56;0,5,5
(**,:6
(**,:6)(:(+6,5,37(.6
Ð5;,.96+,36:.(:;6:
(**,:6)(:(+6
,5*67(.6
(**,:6
.9(;<0;6
56,?0:;,<5(3,.0:3(*0Ô5
(39,:7,*;6
(**,:6(3(:(50+(+
([LUJP}U
LZWLJPHSPaHKH
/VZWP[HSPaHJP}U
PUNYLZV
<YNLUJPHZ
(**,:6(3;9(;(40,5;6
([LUJP}UWYL
`WVZ[UH[HS
4LKPJHTLU[VZ
=0/
7YL]PHZVSPJP[\K
KLS¸YtX\PZP[VPYL¹
7YL]PHZVSPJP[\K
7YL]PHZVSPJP[\K
7YL]PHZVSPJP[\K
KLS¸YtX\PZP[VPYL¹ KLS¸YtX\PZP[VPYL¹ KLS¸YtX\PZP[VPYL¹
:PLS[PLTWVKL
YLZPKLUJPHLZZ\
WLYPVYHTLZLZ
+LSVJVU[YHYPV
Z}SVZPVI[PLULU
WYL]PHTLU[LLS
¸2YHURLUZJOLPU¹
:PLS[PLTWVKL
YLZPKLUJPHLZZ\
WLYPVYHTLZLZ
+LSVJVU[YHYPV
Z}SVZPVI[PLULU
WYL]PHTLU[LLS
¸2YHURLUZJOLPU¹
WHJPLU[LL_[LYUV
7YL]PHZVSPJP[\K
7YL]PHZVSPJP[\K
7YL]PHZVSPJP[\K
KLS¸YtX\PZP[VPYL¹ KLS¸YtX\PZP[VPYL¹ KLS¸YtX\PZP[VPYL¹
6[YHZ
LUMLYTLKHKLZ
PUMLJJPVZHZ
(3,4(50(
-9(5*0(
)i3.0*(
([LUJP}U
KLWYPTLY
UP]LS
:PLS[PLTWVKLYL
ZPKLUJPHLZZ\WLYPVY
HTLZLZ+LSV
JVU[YHYPVZ}SVLU
JHZVKLLUMLYTL
KHKNYH]LVKVSVY
HN\KVVI[LUPLUKV
WYL]PHTLU[LLS
¸2YHURLUZJOLPU¹
:PLS[PLTWVKLYL
ZPKLUJPHLZZ\WLYPVY
HTLZLZ+LSV
JVU[YHYPVZ}SVLU
JHZVKLLUMLYTL
KHKNYH]LVKVSVY
HN\KVVI[LUPLUKV
WYL]PHTLU[LLS
¸2YHURLUZJOLPU¹
:PLS[PLTWVKLYL
ZPKLUJPHLZZ\WLYPVY
HTLZLZ+LSV
JVU[YHYPVZ}SVLU
JHZVKLLUMLYTL
KHKNYH]LVKVSVY
HN\KVVI[LUPLUKV
WYL]PHTLU[LLS
¸2YHURLUZJOLPU¹
:PLS[PLTWVKLYL :PLS[PLTWVKLYL
ZPKLUJPHLZZ\WLYPVY ZPKLUJPHLZZ\WLYPVY
HTLZLZ+LSV HTLZLZ+LSV
JVU[YHYPVZ}SVLU JVU[YHYPVZ}SVLU
JHZVKLLUMLYTL
JHZVKLLUMLYTL
KHKNYH]LVKVSVY KHKNYH]LVKVSVY
HN\KVVI[LUPLUKV HN\KVVI[LUPLUKV
WYL]PHTLU[LLS
WYL]PHTLU[LLS
¸2YHURLUZJOLPU¹
¸2YHURLUZJOLPU¹
<UHKPZWVZPJP}USLNHSSLZKHKLYLJOVWVYUVYTHNLULYHSHHJJLKLYHSVZ­ZLY]PJPVZTtKPJVZ
WISPJVZ®,_PZ[L[HTIPtU\UKVJ\TLU[VQ\YxKPJHTLU[LUV]PUJ\SHU[LX\LZLHWSPJHHSHZ
WLYZVUHZZVSPJP[HU[LZKLHZPSVLPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LZLLUJ\LU[YHULU
JLU[YVZKLYL[LUJP}U
<UHKPZWVZPJP}USLNHSSLZKHKLYLJOVWVYUVYTHNLULYHSH
HJJLKLYHSVZ­ZLY]PJPVZTtKPJVZWISPJVZ®,_PZ[L[HTIPtU
\UKVJ\TLU[VQ\YxKPJHTLU[LUV]PUJ\SHU[LX\LZLHWSPJHH
SHZWLYZVUHZZVSPJP[HU[LZKLHZPSVLPUTPNYHU[LZZPUWLYTPZV
KLYLZPKLUJPHX\LZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}U
7(Ð:,:)(16:
4(3;(
0;(30(
769;<.(3
,:7(j(
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
:PJVUZPN\LLS
LTWHKYVUH
TPLU[V`WVY
JVUZPN\PLU[LSH
[HYQL[HZHUP[HYPH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
(**,:6(3(:(50+(+
9,056<50+6
:<,*0(
([LUJP}U
KLWYPTLY
UP]LS
([LUJP}U
LZWLJPHSPaHKH
/VZWP[HSPaHJP}U
PUNYLZV
(**,:6(3;9(;(40,5;6
<YNLUJPHZ
([LUJP}UWYL
`WVZ[UH[HS
4LKPJHTLU[VZ
=0/
WHJPLU[LL_[LYUV
:PSHHZPZ[LUJPH
­UVZLW\LKL
WVZWVULY¹
:PSHHZPZ[LUJPH
­UVZLW\LKL
WVZWVULY¹
:PSHHZPZ[LUJPH
­UVZLW\LKL
WVZWVULY¹
:PLSTtKPJV
NLULYHSPZ[HSL
PUJS\`LLUSHSPZ[H
KLS5/:
:PLSTtKPJV
NLULYHSPZ[HSL
PUJS\`LLUSHSPZ[H
KLS5/:
:PLSTtKPJV
NLULYHSPZ[HSL
PUJS\`LLUSHSPZ[H
KLS5/:
:PSHHZPZ[LUJPH
­UVZLW\LKL
WVZWVULY¹
:PLSTtKPJV
NLULYHSPZ[HSL
PUJS\`LLUSHSPZ[H
KLS5/:
:PLSTtKPJV
NLULYHSPZ[HSL
PUJS\`LLUSHSPZ[H
KLS5/:
(JJLZVNYH[\P[VVIHZHKVLUJVWHNVLUM\UJP}UKL
SHJH[LNVYxHKLTLKPJHTLU[VZ
0IxK
,_PZ[LUT\JOHZLZWLJPÄJPKHKLZYLSHJPVUHKHZJVULS
HJJLZVHSHZHUPKHKLUSHTH`VYxHKLSVZWHxZLZWHYHSVZ
TLUVYLZZVSPJP[HU[LZKLHZPSVUVHJVTWH|HKVZ`SVZOPQVZ
KLSHZWLYZVUHZZVSPJP[HU[LZKLHZPSV
:PSHLUMLYTLKHK
LZ[mPUJS\PKHLU
SHSPZ[HLZ[HISL
JPKHWVYSHSL`
:PSHHZPZ[LUJPH
­UVZLW\LKL
WVZWVULY¹
:PLSTtKPJV
NLULYHSPZ[HSL
PUJS\`LLUSHSPZ[H
KLS5/:
6[YHZ
LUMLYTLKHKLZ
PUMLJJPVZHZ
0IxK
0IxK
,Z[HJVUKPJP}UZLHWSPJHZ}SVHSVZZVSPJP[HU[LZ
KLHZPSVX\LKLJPKLUUV]P]PYLUJLU[YVZKLHJVNPKH
WISPJVZ
5VYTHSTLU[L[PLULUKLYLJOVHYLJPIPYSH*4<*V
ILY[\YH4tKPJH<UP]LYZHSJVTWSLTLU[HYPHZPLTWYLX\L
LZ[tUWVYKLIHQVKL\UJPLY[V\TIYHSLJVU}TPJVX\L
SLZWLYTP[LHJJLKLYNYH[\P[HTLU[LH[VKVZSVZZLY]PJPVZ
`[YH[HTPLU[VZ
0IxK
0IxK
:PSVZZVSPJP[HU[LZKLHZPSVX\LSSL]LUTLUVZKL
J\H[YVH|VZYLZPKPLUKVLU(SLTHUPHVI[PLULULS2YH
RLUZJOLPUYLJPILUSVZTLKPJHTLU[VZNYH[\P[HTLU[L
0IxK
+LHJ\LYKVJVULZ[LKVJ\TLU[VWVSx[PJVSVZZVSPJP
[HU[LZKLHZPSV[PLULUKLYLJOVHHJJLKLYHSVZ¸ZLY]PJPVZ
ZHUP[HYPVZWISPJVZNYH[\P[VZ¹
0IxK
(JJLZVNYH[\P[VVIHZHKVLUJVWHNVLUM\UJP}UKL
SHJH[LNVYxHKLTLKPJHTLU[VZ
7HYHSHZWLYZVUHZZVSPJP[HU[LZKLHZPSVSHJVUKPJP}U
KLSLTWHKYVUHTPLU[VUVLZ\UNYHUVIZ[mJ\SV
3HUVL_W\SZP}UWVYYHaVULZTtKPJHZ
3L`LUKH!¸?¹ZPNUPÄJHX\LL_PZ[LUKPZWVZPJPVULZSLNHSLZHSYLZWLJ[V
3(50,62'(
5(6,'(1&,$325
5$=21(60e',&$6
275260(&$1,6026/(*$/(63$5$
,03(',5/$(;38/6,Ï12/$'(1(*$&,Ï1
'((175$'$3255$=21(60e',&$6
)i3.0*(
;
-9(5*0(
;
;
(3,4(50(
;
;
0;(30(
;
;
4(3;(
7(Ð:,:)(16:
;
769;<.(3
;
,:7(j(
;
:<,*0(
;
9,056<50+6
;
5VVIZ[HU[LSHYLN\SHJP}ULZT\`PUZ\ÄJPLU[L`WVJVJSHYH
;
;
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
)i3.0*(
:0:;,4(:(50;(906
)tSNPJH[PLUL\UZPZ[LTHKLZLN\YVZHUP[HYPVWISPJVVISPNH[VYPVNLZ[PV
UHKVWVYZLPZMVUKVZKLLUMLYTLKHKWYP]HKVZZPUmUPTVKLS\JYVT\
[\HZHZLN\YHKVYHZ3HZJVU[YPI\JPVULZHSHZLN\YPKHKZVJPHS`SVZZ\I
ZPKPVZKLS.VIPLYUVMLKLYHSZVUZ\ZWYPUJPWHSLZM\LU[LZKLÄUHUJPHJP}U
`SHZJVTWL[LUJPHZZLKP]PKLULU[YLLS.VIPLYUVMLKLYHS`SVZNVIPLYUVZ
YLNPVUHSLZ,_PZ[L[HTIPtU\UZLN\YVWYP]HKVWLYVYLWYLZLU[H\UYLK\
JPKVWVYJLU[HQLKLSZPZ[LTHZHUP[HYPV
+,9,*/6+,(**,:6
(3(:(50+(+
,U)tSNPJHSHWVISHJP}UUHJPVUHS`SHZWLYZVUHZJVUWLYTPZVKLYLZP
KLUJPHLZ[mUVISPNHKHZHPUZJYPIPYZLLU\UHT\[\HKLZ\LSLJJP}U,Z[HZ
WLYZVUHZ[PLULUKLYLJOVHLZ[HYHZLN\YHKHZWVYZ\HJ[P]PKHKWYVMLZPVUHS
WYLZLU[L V WHZHKH WVY ZLY LZ[\KPHU[LZ KL \UH PUZ[P[\JP}U KL LK\JH
JP}UZ\WLYPVY YLJVUVJPKH V JVTV KLWLUKPLU[LZ KL LZ[HZ JH[LNVYxHZ KL
WLYZVUHZ*VTVTPLTIYVZKLSHT\[\HKLILUWHNHYWVY\USHKV\UH
J\V[HWVYJLU[\HS`WVYV[YV\UHKL[LYTPUHKHJHU[PKHKÄQHKLSJVZ[LKLS
ZLY]PJPVLUM\UJP}UKLZ\ZPUNYLZVZ,Z[VZPTWVY[LZZLÄQHUWVYSL``
SHT\[\HHIVUHVYLLTIVSZHSHJHU[PKHKYLZ[HU[L*HILZL|HSHYX\LSVZ
WHJPLU[LZKPZMY\[HUKLSHSPIYLLSLJJP}UKLWLYZVUHSTtKPJV`KLOVZWP[HS
(KLTmZW\LKLUHJJLKLYHSHH[LUJP}ULZWLJPHSPaHKHPUJS\ZVH\UX\LUV
SVOH`HH\[VYPaHKVWYL]PHTLU[L\UTtKPJVNLULYHSPZ[H
3HTH`VYxHKLSVZZLY]PJPVZ
ZVUYLLTIVSZHISLZLU\U
5VVIZ[HU[LLZ[LWVYJLU[HQLLZ
TH`VYWHYHHSN\UHZJH[LNVYxHZKL
WVISHJP}UJVUIHQVZPUNYLZVZ
6IZLY]H[VYPV,\YVWLVKL
:PZ[LTHZ`7VSx[PJHZ:HUP[HYPHZ
/LHS[O:`Z[LTZPU;YHUZP[PVU¶
)LSNP\T
7\LKLUVI[LULYLS¸LZ[H[\Z
64506¹VLS¸LZ[H[\Z)04¹)tUtÄ
JPHPYLKLS»0U[LY]L[PVU4HQVYtL
3VZZLY]PJPVZLZWLJxÄJVZJ\IPLY[VZWVYLS¸ZLN\YVTtKPJVVISPNH[VYPV¹V
¸WHX\L[LVISPNH[VYPV¹(ZZ\YHUJL4HSHKPL0U]HSPKP[t(40ZLW\ISPJHULU
LSJ\HKYVKL[HYPMHZUVTLUJSH[\YL05(40LULSX\LHWHYLJL\UHYLSHJP}U
KLWYLZ[HJPVULZX\LZVUYLLTIVSZHISLZ7HYH\UHTH`VYJVILY[\YH
ZHUP[HYPHSVZWHJPLU[LZ[PLULUSHWVZPIPSPKHKKLJVU[YH[HYWHX\L[LZHKP
JPVUHSLZ*HILZL|HSHYX\LSHZT\[\HZ[PLULUSPILY[HKWHYHÄQHYSHWYPTH
KLLZ[VZWHX\L[LZHKPJPVUHSLZ
(X\LSSHZ WLYZVUHZ JVU \UH ZP[\HJP}U LJVU}TPJH WYLJHYPH W\L
KLU ZVSPJP[HY HS *LU[YV 7ISPJV KL (JJP}U :VJPHS *7(:6*4>
X\L J\IYH Z\ J\V[H KL HÄSPHJP}U H SH T\[\H LS JVZ[L KLS ZLY]PJPV
X\L SLZ JVYYLZWVUKLYxH HIVUHY LU JVWHNV V KL[LYTPUHKVZ ZLY]P
JPVZ ZHUP[HYPVZ X\L UV LZ[tU PUJS\PKVZ LU LS ¸ZLN\YV TtKPJV VISP
NH[VYPV¹ LZ KLJPY }W[PJH VKVU[VSVNxH ` HSN\UVZ TLKPJHTLU[VZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
*LU[YVKLHJVNPKHV03(
0UP[PH[P]LSVJHSLK»HJJ\LPS
3VZZPN\PLU[LZZLY]PJPVZZHUP[H
YPVZZVUNYH[\P[VZH\UX\LUVLZ[tU
PUJS\PKVZLUSHUVTLUJSH[\YLKLS
05(40KLIPKVHX\LZVU¸ULJLZH
YPVZWHYHSH]PKHKPHYPH¹!\UHZLYPL
KLTLKPJHTLU[VZL_[YHJJPVULZ
KLU[HSLZWY}[LZPZKLU[HSLZULJL
ZHYPHZWHYHWVKLYTHZ[PJHYNHMHZ
WHYHTLUVYLZ`HSN\UVZHK\S[VZ
`SLJOLPUMHU[PS:PULTIHYNVSVZ
ZPN\PLU[LZZLY]PJPVZZHUP[HYPVZUV
ZVUNYH[\P[VZH\UX\LHWHYLaJHU
PUJS\PKVZLUSHUVTLUJSH[\YLKLS
05(40WVYZLY¸THUPÄLZ[HTLU[L
PUULJLZHYPVZ¹!VY[VKVUJPHZ
[YH[HTPLU[VZKLMLY[PSPKHKHSN\UHZ
L_[YHJJPVULZ`WY}[LZPZKLU[HSLZ`
[YH[HTPLU[VZKLLZ[t[PJH(KLTmZ
KLLZ[HZWYL]PZPVULZ-LKHZPSWV
KYxHH\[VYPaHY[HTIPtUV[YVZ[PWVZ
KLZLY]PJPVZZHUP[HYPVZWVYYHaVULZ
KLKPNUPKHKO\THUH=tHZLLS
HY[KLSH3VPZ\YS»HJJ\LPSKLZ
KLTHUKL\YZK»HZPSLL[KLJLY[HPULZ
H\[YLZJH[tNVYPLZK»t[YHUNLYZKL
KLLULYVKL"(YYv[tYV`HS
Kt[LYTPUHU[S»HPKLL[SLZZVPUZ
TtKPJH\_THUPMLZ[LTLU[UVUUt
JLZZHPYLZX\PULZVU[WHZHZZ\YtZ
H\ItUtÄJPHPYLKLS»HJJ\LPSL[S»HPKL
L[SLZZVPUZTtKPJH\_YLSL]HU[KL
SH]PLX\V[PKPLUULX\PZVU[HZZ\YtZ
H\ItUtÄJPHPYLKLS»HJJ\LPSKL
KLTH`VKLX\LKLZHYYVSSH
LSHY[KLSHSL`ZVIYLSHHJVNPKH
KLSVZZVSPJP[HU[LZKLHZPSV"`
*PYJ\SHPYLKL-LKHZPSKLKL
TH`VKL
,3*7(:6*4>KLSKPZ[YP[VLU
LSX\LYLZPKHUVKLSKPZ[YP[VLULS
X\LZLSLOH`HUWYLZ[HKVZLY]PJPVZ
KL\YNLUJPHZ
70*<4(JJLZZ[V/LHS[O*HYL
MVY<UKVJ\TLU[LKTPNYHU[ZPU
,\YVWLWmN
3VPVYNHUPX\LKLZ*LU[YLZ7\
ISPJZK»(J[PVU:VJPHSLKLKLQ\SPV
KL `(YYv[t9V`HSYLSH[P]Ln
S»(PKL4tKPJHSL<YNLU[LKLKL
KPJPLTIYLKL ;HU Z}SV SVZ ZVSPJP[HU[LZ KL HZPSV X\L LZ[tU LZ[\KPHUKV LU \UH PUZ
[P[\JP}U KL LK\JHJP}U Z\WLYPVY YLJVUVJPKH ` SHZ WLYZVUHZ H Z\ JHYNV
W\LKLUKPZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹4mZHSSmKLLZ[LJHZV
JVUJYL[V [HTIPtU W\LKLU HJJLKLY NYH[\P[HTLU[L H [VKVZ SVZ ZLY]PJPVZ
ZHUP[HYPVZ X\L ZL JVUZPKLYHU ¸ULJLZHYPVZ WHYH SH ]PKH KPHYPH¹ YLSL]HU[
KLSH]PLX\V[PKPLUULVX\LZLPUJS\`LULUSHUVTLUJSH[\YLKLS05(40
JVU SH L_JLWJP}U KL HX\LSSVZ X\L ZVU ¸THUPÄLZ[HTLU[L PUULJLZHYPVZ¹
THUPMLZ[LTLU[UVUUtJLZZHPYLZ,SZPZ[LTHJ\IYLWYmJ[PJHTLU[L[VKVZ
SVZ [PWVZ KL H[LUJP}U WYL]LU[P]H ` J\YH[P]H ZHS]V SHZ VY[VKVUJPHZ SVZ
[YH[HTPLU[VZKLMLY[PSPKHKHSN\UHZL_[YHJJPVULZ`WY}[LZPZKLU[HSLZ`SVZ
[YH[HTPLU[VZKLLZ[t[PJH
,SWYVJLKPTPLU[V]HYxHLUM\UJP}UKLZPWLYTHULJLUVUVLULSJLU[YVKL
HJVNPKHWISPJVLULSX\LZLYLNPZ[YHYVUHZ\SSLNHKH(ZxZP]P]LULU
\UVKLLZ[VZJLU[YVZtZ[VZWHNHYmUKPYLJ[HTLU[LSVZNHZ[VZTtKPJVZ ,U JHZV JVU[YHYPV JVYYLZWVUKL H SH (NLUJPH -LKLYHS WHYH SH (JVNPKH
KL:VSPJP[HU[LZKL(ZPSV-,+(:03VHS*LU[YV7ISPJVKL(JJP}U:VJPHS
JVTWL[LU[L*7(:6*4>YLLTIVSZHYHSWLYZVUHSZHUP[HYPVSVZNHZ[VZ
KLYP]HKVZ KL SH H[LUJP}U KL LZ[HZ WLYZVUHZ HZx JVTV V[VYNHYSLZ \UH
NHYHU[xHKLWHNVYtX\PZP[VPYLHU[LZKLHJ\KPYHSHJVUZ\S[HZPLTWYLX\L
UVZL[YH[LKL\UH\YNLUJPH
3VZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHZ}SVW\LKLUHÄSPHYZLH\UH
T\[\H`HZxVI[LULYLS¸ZLN\YVTtKPJVVISPNH[VYPV¹LUZP[\HJPVULZT\`
SPTP[HKHZ! ZP ZVU TLUVYLZ UV HJVTWH|HKVZ" ZP ZVU ILULÄJPHYPVZ
KLS ZLN\YV TtKPJV KL Z\Z WHKYLZ OPQVZ V J}U`\NLZ" ZP KPZMY\[HIHU
KLSZLN\YVTtKPJVWLYVWLYKPLYVUZ\LZ[H[\ZSLNHS"ZP[LUxHUWLYTPZV
KLYLZPKLUJPH`\U[YHIHQVKLJSHYHKVWHNHUKV[VKHZSHZJVU[YPI\JPVULZ
ZVJPHSLZ WLYV LU \U KL[LYTPUHKV TVTLU[V WLYKPLYVU Z\ LZ[H[\Z SLNHS
TPLU[YHZX\LSHWLYZVUHX\LSLLTWSLHIHJVU[PU\}WHNHUKVSHZJVU[YP
I\JPVULZTHU[PLULULSZLN\YVK\YHU[L]HYPVZH|VZTmZ"ZPLZ[mULZ
[\KPHUKVLU\UHPUZ[P[\JP}UKLLK\JHJP}UZ\WLYPVYYLJVUVJPKH
3HZWLYZVUHZPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHYX\LUVZLLUJ\LU[YLULU
UPUN\UHKLLZ[HZJH[LNVYxHZZ}SV[PLULUKLYLJOVHYLJPIPYNYH[\P[HTLU[L
SH¸([LUJP}U4tKPJH<YNLU[L¹(PKL4tKPJHSL<YNLU[L(4<:PULTIHY
NVUVL_PZ[L\UHKLÄUPJP}UJSHYHKLLZ[LJVUJLW[V3HSLNPZSHJP}UILSNH
[HUZ}SVKL[LYTPUHX\L!SHHZPZ[LUJPHTtKPJHW\LKLZLYWYL]LU[P]HV
J\YH[P]H`ZLW\LKLWYV]LLYLU\UPKHKLZT}]PSLZVLUJLU[YVZZHUP[HYPVZ"
`LSJHYmJ[LY\YNLU[LKLILJLY[PÄJHYSVLSWLYZVUHSTtKPJV
*VU MYLJ\LUJPH LS JVUJLW[V KL ¸([LUJP}U 4tKPJH <YNLU[L¹ ZL OH
JVUM\UKPKVJVULSKL¸H[LUJP}UKL\YNLUJPHZ¹:PULTIHYNVLSWYPTLYV
LZT\JOVTmZHTWSPVX\LLSZLN\UKV`HX\LPUJS\`L\UTH`VYHIHUPJV
KLZLY]PJPVZTtKPJVZJVUSHUPJHL_JLWJP}UKLHSN\UHZWY}[LZPZHWH
YH[VZ`KL[LYTPUHKHZJH[LNVYxHZKLTLKPJHTLU[VZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
3VZ*LU[YVZ7ISPJVZKL(JJP}U:VJPHS*7(:6*4>ZVUSHZHKTPUPZ
[YHJPVULZX\LKPYPNLU`JVVYKPUHULSWYVJLZVJVTWSL[V3VZ[YmTP[LZHK
TPUPZ[YH[P]VZZVUL_[YLTHKHTLU[LJVTWSLQVZ`]HYxHUZPNUPÄJH[P]HTLU[L
LUM\UJP}UKLSJLU[YV:LNULSZPZ[LTHTmZJVTUSHWVISHJP}UPUTP
NYHU[LZPUWLYTPZVKLYLZPKLUJPHKLILKPYPNPYZLLUWYPTLYS\NHYHS*7(:
6*4> KLS KPZ[YP[V LU LS X\L YLZPKL ( JVU[PU\HJP}U \UH ]La X\L tZ[L
OHYLHSPaHKV\UHPU]LZ[PNHJP}UPUZP[\WHYHJVTWYVIHYSHYLZPKLUJPH`SH
ZP[\HJP}UKLWYLJHYPLKHKLJVU}TPJHKLJPKLZPHJJLKLVUVHWHNHYWVY
SHH[LUJP}UTtKPJHYLX\LYPKH:PHJLW[HULZ[VZWHJPLU[LZKLILYmU]PZP[HY
H\UTtKPJVJVUX\PLUZL[LUNHJVU]LUPVX\LKLZW\tZKLH[LUKLYSLZ
LU]PHYm HS *7(:6*4> \U ¸JLY[PÄJHKV KL HZPZ[LUJPH TtKPJH \YNLU[L¹
Q\U[VJVUSHMHJ[\YHJVYYLZWVUKPLU[L
70*<4(JJLZZ[V/LHS[O
*HYLMVY<UKVJ\TLU[LKTP
NYHU[ZPU,\YVWLWmNZ
3VPYLSH[P]LnS»(PKL
4tKPJHSL<YNLU[LKLKLQ\SPV
KL (Y[KLSH3VPVYNHUPX\L
KLKLQ\SPVKL "HY[
]LYZP}UTVKPÄJHKHKL
SH3VPWVY[HU[KLZKPZWVZP[PVUZ
ZVJPHSLZL[KP]LYZLZKLKL
KPJPLTIYLKL 5VVIZ[HU[LSVZZLY]PJPVZKL\YNLUJPHZH[LUJP}UYLX\LYPKHKLMVYTHPU
TLKPH[HLUJHZVKLHJJPKLU[LVLUMLYTLKHKYLWLU[PUHZPLTWYLH[PLUKLU
HJ\HSX\PLYWLYZVUHPUJS\PKVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHZPU
X\L[LUNHUX\LYLHSPaHYUPUNUWHNVUP[YmTP[LHKTPUPZ[YH[P]VWYL]PV
(U[LZKL SHSL`UVOHJxHUPUN\UHKPZ[PUJP}UHSYLN\SHYLSHJJLZVHSH
ZHUPKHKKLPUTPNYHU[LZJVU`ZPUWLYTPZVKLYLZPKLUJPH,U[YLSVZH|VZ
` SHZWLYZVUHZLUZP[\HJP}UPYYLN\SHYYLJPIxHUH`\KHTtKPJH`
LJVU}TPJHWHYHZ\Z\IZPZ[LUJPH5VVIZ[HU[LLU SHH`\KHWISPJH
HLZ[LJVSLJ[P]VZLYLK\QVHSHH`\KHKLUH[\YHSLaHTtKPJH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
(:0:;,5*0(:(50;(90(
(+<3;6:
<9.,5*0(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSHT\[\HLUJHZVKLHJJPKLU[L
[YHZ[VYUVYLWLU[PUVVJVTWSPJHJP}UYLWLU[PUHKL\UHLUMLYTLKHK
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹WHYHLSSV[PLULX\LHÄSPHYZLH\UH
T\[\HSVX\LJVUSSL]HWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH¸[HYQL[H
KLSHT\[\H¹`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSJVZ[LKLSZLY]PJPV,_
JLWJPVULZ! SHZ WLYZVUHZ LU ZP[\HJP}U KL WYLJHYPLKHK LJVU}TPJH W\LKLU
ZVSPJP[HYHS*7(:6*4>X\LJ\IYHLZ[VZNHZ[VZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[VLUJHZVKLHJJP
KLU[L[YHZ[VYUVYLWLU[PUVVYLWLU[PUHJVTWSPJHJP}UKL\UHLUMLYTLKHK
] *VUKPJPVULZ!
*HILKPZ[PUN\PY[YLZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HWLYVZLSLZOHPUZJYP[V`YL
ZPKLULU\UJLU[YVKLHJVNPKHWISPJV!UVZLYLX\PLYLUPUN\UHJVUKPJP}U
WHY[PJ\SHY
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H`UV]P]LULU\UJLU[YVKL
HJVNPKHWISPJV!UVZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY5VLZULJL
ZHYPVZVSPJP[HY\UHNHYHU[xHKLWHNVYtX\PZP[VPYLL_WLKPKHWVYSHH\[VYPKHK
JVTWL[LU[LHU[LZKLHJ\KPYHSOVZWP[HSSPIYLLSLJJP}UKLOVZWP[HS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
(JJLZVNYH[\P[VLUJHZVKLHJJPKLU[L[YHZ[VYUVYLWLU[PUVVYLWLU[PUHJVTWSP
JHJP}UKL\UHLUMLYTLKHK
3VPYLSH[P]LnS»(PKL4tKPJHSL
<YNLU[LKLKLQ\SPVKL 70*<4(JJLZZ[V/LHS[O*HYL
MVY<UKVJ\TLU[LKTPNYHU[ZPU
,\YVWLWmN
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHYWHYHWVKLYHJJLKLYHSVZZLY]PJPVZ
KL \YNLUJPHZ :PU LTIHYNV LS WLYZVUHS ZHUP[HYPV KLS OVZWP[HS LTWLaHYm SVZ
[YmTP[LZ WHYH VI[LULY SH (4< LU]PHUKV \U ¸JLY[PÄJHKV KL H[LUJP}U TtKPJH
\YNLU[L¹HS*7(:6*4>JVTWL[LU[L
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
(;,5*0Ô5+,7904,950=,3@,:7,*0(30A(+(7(*0,5;,,?;,956
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSHT\[\H
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹WHYHLSSV[PLULX\LHÄSPHYZLH\UH
T\[\H SV X\L JVUSSL]H WHNHY SH J\V[H KL JVU[YPI\JP}U WYLZLU[HY SH ¸[HY
QL[HKLSHT\[\H¹`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSJVZ[LKLSZLY]PJPV
,_JLWJPVULZ!SHZWLYZVUHZLUZP[\HJP}UKLWYLJHYPLKHKLJVU}TPJHW\LKLU
ZVSPJP[HYHS*7(:6*4>X\LJ\IYHLZ[VZNHZ[VZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PY[YLZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HWLYVZLSLZOHPUZJYP[V`
YLZPKLULU\UJLU[YVKLHJVNPKHWISPJV!
³:LSLZWYVWVYJPVUHHZPZ[LUJPHZHUP[HYPHM\LYHKLSJLU[YVWHNHKHWVYLS
JLU[YVZ}SVZPUVLZWVZPISLYLJPIPYSHKLU[YV:PLSPNLI\ZJHYH[LUJP}U
ZHUP[HYPHM\LYHKLSJLU[YVSVZNHZ[VZJVYYLYmUHZ\JHYNV
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H`UV]P]LULU\UJLU[YVKL
HJVNPKHWISPJV!
³+LILUZVSPJP[HYSHNHYHU[xHKLWHNVYtX\PZP[VPYLHSHH\[VYPKHKJVTWL
[LU[LHU[LZKLHJ\KPYHSHJVUZ\S[H3PIYLLSLJJP}UKLSTtKPJV
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HZPZ[LTH(4<!
³+LILUVI[LULYLSHJ\LYKVKLS*LU[YV7ISPJVKL(JJP}U:VJPHSX\LSLZ
JVYYLZWVUKH[LUKYmUX\LZ\WLYHY\UHPU]LZ[PNHJP}UWHYHJVTWYVIHYX\L
YLZPKLULULZLKPZ[YP[V`X\LZ\ZP[\HJP}ULJVU}TPJHLZWYLJHYPH
³+LILU HJ\KPYHJVUZ\S[H`VI[LULYKLSTtKPJVLS¸JLY[PÄJHKVKLH[LUJP}U
TtKPJH\YNLU[L¹HSN\UVZ*7(:6*4>J\LU[HUJVU\UHSPZ[HJLYYHKH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
/6:70;(30A(*0Ô505.9,:6
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSHT\[\H
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹WHYHLSSV[PLULX\LHÄSPHYZLH\UH
T\[\H SV X\L JVUSSL]H WHNHY SH J\V[H KL JVU[YPI\JP}U WYLZLU[HY SH ¸[HY
QL[HKLSHT\[\H¹`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSJVZ[LKLSZLY]PJPV
,_JLWJPVULZ!SHZWLYZVUHZLUZP[\HJP}UKLWYLJHYPLKHKLJVU}TPJHW\LKLU
ZVSPJP[HYHS*7(:6*4>X\LJ\IYHLZ[VZNHZ[VZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PY[YLZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HWLYVZLSLZOHPUZJYP[V`
YLZPKLULU\UJLU[YVKLHJVNPKHWISPJV!UVZLYLX\PLYLUPUN\UHJVUKP
JP}UWHY[PJ\SHY
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HWLYVZLSLZOHPUZJYP[V`
YLZPKLULU\UJLU[YVKLHJVNPKHWISPJV!
³+LILYmUZVSPJP[HY\UHNHYHU[xHKLWHNVYtX\PZP[VPYLHSHH\[VYPKHKJVT
WL[LU[LHU[LZKLZLYOVZWP[HSPaHKVZ3PIYLLSLJJP}UKLOVZWP[HS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
0IPK
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HZPZ[LTH(4<!
³+LILUVI[LULYLSHJ\LYKVKLS*LU[YV7ISPJVKL(JJP}U:VJPHSX\LSLZ
JVYYLZWVUKH[LUKYmUX\LZ\WLYHY\UHPU]LZ[PNHJP}UWHYHJVTWYVIHY
X\LYLZPKLULULZLKPZ[YP[V`X\LZ\ZP[\HJP}ULJVU}TPJHLZWYLJHYPH
³+LILUHJ\KPYHSOVZWP[HS`ZVSPJP[HYLS¸JLY[PÄJHKVKLH[LUJP}UTtKPJH\Y
NLU[L¹HSN\UVZ*7(:6*4>Z}SVHKTP[LU]PZP[HZHKL[LYTPUHKVZOVZ
WP[HSLZJVUSVZX\LL_PZ[LUHJ\LYKVZUVYTHSTLU[LOVZWP[HSLZWISPJVZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
(;,5*0Ô579,@76:;5(;(3
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSHT\[\H
(JJLZVNYH[\P[VHSHH[LUJP}UWYL]LU[P]HWYL`WVZ[UH[HSH[YH]tZKLSH65,
6MÄJLKLSH5HPZZHUJLL[KLS»,UMHUJL6ÄJPUHKLS5HJPTPLU[V`KLSH0UMHUJPH
] *VUKPJPVULZ!
Q:PZ[LTHNLULYHS!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹WHYHLSSV[PLULX\LHÄSPHYZLH
\UHT\[\HSVX\LJVUSSL]HWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HY
SH¸[HYQL[HKLSHT\[\H¹`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSJVZ[LKLS
ZLY]PJPV,_JLWJPVULZ!SHZWLYZVUHZX\LZLLUJ\LU[YLULU\UHZP[\HJP}U
WYLJHYPHW\LKLUZVSPJP[HYHS*7(:6*4>X\LJ\IYHLZ[VZNHZ[VZ
Q(JJLZVH[YH]tZKLSH65,!UVZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
(JJLZVNYH[\P[VHSHH[LUJP}UWYL]LU[P]HWYL`WVZ[UH[HSH[YH]tZKLSH65,
6MÄJLKLSH5HPZZHUJLL[KLS»,UMHUJL6ÄJPUHKLS5HJPTPLU[V`KLSH0UMHUJPH
] *VUKPJPVULZ!
*HILKPZ[PUN\PYJ\H[YVZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HWLYVZLSLZOHPUZJYP[V`YLZP
KLULU\UJLU[YVKLHJVNPKHWISPJV!
³;HUZ}SVW\LKLUYLJPIPYHZPZ[LUJPHZHUP[HYPHM\LYHKLSJLU[YVZPUVLZWV
ZPISLWYVWVYJPVUmYZLSHKLU[YVKLSTPZTV
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H`UV]P]LULU\UJLU[YVKL
HJVNPKHWISPJV!
³+LILYmUZVSPJP[HY\UHNHYHU[xHKLWHNVYtX\PZP[VPYLLTP[PKHWVYSHH\[VYP
KHKJVTWL[LU[LHU[LZKLHJ\KPYHSHJVUZ\S[H
Q(JJLZVH[YH]tZKLSH65,!UVZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
(JJLZVNYH[\P[VHSHH[LUJP}UWYL]LU[P]HWYL`WVZ[UH[HSH[YH]tZKLSH65,
6MÄJLKLSH5HPZZHUJLL[KLS»,UMHUJL6ÄJPUHKLS5HJPTPLU[V`KLSH0UMHUJPH
] *VUKPJPVULZ!
*HILKPZ[PUN\PY[YLZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HZPZ[LTH(4<!
³+LILUVI[LULYLSHJ\LYKVKLS*LU[YV7ISPJVKL(JJP}U:VJPHSX\LSLZ
JVYYLZWVUKH[LUKYmUX\LZ\WLYHYWYL]PHTLU[L\UHPU]LZ[PNHJP}UWHYH
JVTWYVIHYX\LYLZPKLULULZLKPZ[YP[V`X\LZ\ZP[\HJP}ULJVU}TPJHLZ
WYLJHYPH
³+LILUHJ\KPYHJVUZ\S[H`VI[LULYKLSTtKPJVLS¸JLY[PÄJHKVKLH[LUJP}U
TtKPJH \YNLU[L¹ HSN\UVZ *7(:6*4> J\LU[HU JVU \UH SPZ[H JLYYHKH
5VYTHSTLU[LLS*7(:6*4>LU]xHHSVZWHJPLU[LZHSH65,
Q(JJLZVH[YH]tZKLSH65,!UVZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
;9(;(40,5;6(+<3;6:
4,+0*(4,5;6:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSHT\[\H ] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹WHYHLSSV[PLULX\LHÄSPHYZLH\UH
T\[\HSVX\LJVUSSL]HWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH¸[HYQL[H
KLSHT\[\H¹`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSJVZ[LKLSMmYTHJV
(SN\UVZMmYTHJVZZLKPZ[YPI\`LUZPUJVWHNVJH[LNVYxH(!LUMLYTLKHKLZ
NYH]LZVKLSHYNHK\YHJP}U,_JLWJPVULZ!SHZWLYZVUHZX\LZLLUJ\LU[YLU
LU\UHZP[\HJP}UWYLJHYPHW\LKLUZVSPJP[HYHS*7(:6*4>X\LJ\IYHLZ[VZ
NHZ[VZ
:630*0;(5;,:+,(:036
,_PZ[L\UHSPZ[HX\L
JVU[PLULHWYV_PTHKHTLU[L
MmYTHJVZX\LZVU[V[HSV
WHYJPHSTLU[LYLLTIVSZHISLZ
3HJVU[YPI\JP}UKLWLUKLKL
SHJH[LNVYxHKLTLKPJHTLU
[VZX\LYLÅLQHSHPTWVY[HUJPH
ZVJPHSKLSJYP[LYPVMHYTHJt\
[PJV`WHYHMHYTHJt\[PJVHZx
JVTVKLSJYP[LYPVKLSWYLJPV
,_PZ[LUZLPZJH[LNVYxHZ!(
))NYHUKLTVKuSL)(;*
)NYHUKLTVKuSLL[(;**
*(;**ZL[*_=tHUZL
6IZLY]H[VYPV,\YVWLVKL:PZ
[LTHZ`7VSx[PJHZ:HUP[HYPHZ
/LHS[O:`Z[LTZPU;YHUZP[PVU
)tSNPJHWmNZ
`^^^PUHTPMNV]IL
PUMVYTHJP}ULUMYHUJtZV
ULLYSHUKtZ
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PY[YLZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HWLYVZLSLZOHPUZJYP[V`YL
ZPKLULU\UJLU[YVKLHJVNPKHWISPJV!UVZLYLX\PLYLUPUN\UHJVUKPJP}U
WHY[PJ\SHY3VZTLKPJHTLU[VZZLZ\LSLUKPZ[YPI\PYLUSVZJLU[YVZ
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H`UV]P]LULU\UJLU[YVKL
HJVNPKHWISPJV!
³,ZULJLZHYPVZVSPJP[HY\UHNHYHU[xHKLWHNVYtX\PZP[VPYLL_WLKPKHWVY
SHH\[VYPKHKJVTWL[LU[LHU[LZKLHJ\KPYHSHMHYTHJPHSPIYLLSLJJP}UKL
MHYTHJPH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HZPZ[LTHKL(4<!
³+LILU VI[LULY LS HJ\LYKV KLS *LU[YV 7ISPJV KL (JJP}U :VJPHS X\L SLZ
JVYYLZWVUKH[LUKYmUX\LZ\WLYHY\UHPU]LZ[PNHJP}UWHYHJVTWYVIHYX\L
YLZPKLULULZLKPZ[YP[V`X\LZ\ZP[\HJP}ULJVU}TPJHLZWYLJHYPH
³
+LILUHJ\KPYHJVUZ\S[H`VI[LULYKLSTtKPJVLS¸JLY[PÄJHKVKLH[LUJP}U
TtKPJH \YNLU[L¹ 3VZ *7(:6*4> W\LKLU KLJPKPY [YHIHQHY L_JS\ZP]H
TLU[LJVUKL[LYTPUHKHZMHYTHJPHZ
+,;,**0Ô5+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
,SWHJPLU[L`SHT\[\HJVTWHY[LULSJVWHNVKLSHZWY\LIHZKLKL[LJJP}UX\L
UVZVUHU}UPTHZ
3HKL[LJJP}ULZNYH[\P[H`HU}UPTHØ50*(4,5;,LUJLU[YVZLZWLJxÄJVZ
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q,UOVZWP[HSLZ!
³
+PZMY\[HY KLS ¸ZLN\YV TtKPJV VISPNH[VYPV¹ WHYH LSSV [PLUL X\L HÄSPHYZL H
\UH T\[\H SV X\L JVUSSL]H WHNHY SH J\V[H KL JVU[YPI\JP}U WYLZLU[HY
SH¸[HYQL[HKLSHT\[\H¹`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSJVZ[LKLS
ZLY]PJPV,_JLWJPVULZ!SHZWLYZVUHZX\LZLLUJ\LU[YLULU\UHZP[\HJP}U
WYLJHYPHW\LKLUZVSPJP[HYHS*7(:6*4>X\LJ\IYHLZ[VZNHZ[VZ
Q,UJLU[YVZLZWLJxÄJVZ!UVZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!SHZWY\LIHZKLKL[LJJP}UZVUNYH
[\P[HZ ` HU}UPTHZ Ø50*(4,5;, LU JLU[YVZ LZWLJxÄJVZ ;HTIPtU ZL W\LKLU
YLHSPaHYLUJLU[YVZKLHJVNPKHWISPJVZ
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
,_PZ[LUJLU[YVZLU)Y\ZLSHZ
¸JLU[YL,30:(¹(TILYLZ
¸/LSWJLU[YL¹3PLQH5HT\Y`
*OHYSLYVP
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:P UV [PLULU KLYLJOV H HÄSPHYZL H \UH T\[\H! SHZ WY\LIHZ KL KL[LJJP}U ZVU
NYH[\P[HZ`HU}UPTHZØ50*(4,5;,LUJLU[YVZLZWLJxÄJVZ+LSVJVU[YHYPVZL
YLHSPaHYmH[YH]tZKLZPZ[LTHKL([LUJP}U4tKPJH<YNLU[L(4<
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q,UOVZWP[HSLZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVZPZ[LTH(4<!
³+LILU VI[LULY LS HJ\LYKV KLS *LU[YV 7ISPJV KL (JJP}U :VJPHS X\L SLZ
JVYYLZWVUKH[LUKYmUX\LZ\WLYHY\UHPU]LZ[PNHJP}UWHYHJVTWYVIHYX\L
YLZPKLULULZLKPZ[YP[V`X\LZ\ZP[\HJP}ULJVU}TPJHLZWYLJHYPH
³+LILUHJ\KPYHJVUZ\S[H`VI[LULYKLSTtKPJVLS¸JLY[PÄJHKVKLH[LUJP}U
TtKPJH\YNLU[L¹
Q,UJLU[YVZLZWLJxÄJVZ!PN\HSX\LSHWVISHJP}UUHJPVUHS
;9(;(40,5;6+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSHT\[\H
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹WHYHLSSV[PLULX\LHÄSPHYZLH\UH
T\[\HSVX\LJVUSSL]HWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH¸[HY
QL[HKLSHT\[\H¹`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSJVZ[LKLSZLY]PJPV
,_JLWJPVULZ!SHZWLYZVUHZX\LZLLUJ\LU[YLULU\UHZP[\HJP}UWYLJHYPH
W\LKLUZVSPJP[HYHS*7(:6*4>X\LJ\IYHLZ[VZNHZ[VZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:P[PLULUKLYLJOVHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\LSH
WVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PY[YLZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LLSJVUQ\U[VKLUHJPVUHSLZ
Q:PUV[PLULUKLYLJOVHKPZMY\[HYKL\UZLN\YVWLYVLZ[mUPUZJYP[VZ`YLZPKLU
LU\UJLU[YVKLHJVNPKHWISPJV!UVZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H`UV]P]LULU\UJLU[YVKL
HJVNPKHWISPJV!
³+LILYmUZVSPJP[HY\UHNHYHU[xHKLWHNVYtX\PZP[VPYLLTP[PKHWVYSHH\[V
YPKHKJVTWL[LU[LHU[LZKLHJ\KPYHSOVZWP[HS
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\LLS
JVUQ\U[VKLUHJPVUHSLZ
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HZPZ[LTHKL(4<!
³+LILU VI[LULY LS HJ\LYKV KLS *LU[YV 7ISPJV KL (JJP}U :VJPHS X\L SLZ
JVYYLZWVUKH[LUKYmUX\LZ\WLYHY\UHPU]LZ[PNHJP}UWHYHJVTWYVIHYX\L
YLZPKLULULZLKPZ[YP[V`X\LZ\ZP[\HJP}ULJVU}TPJHLZWYLJHYPH
³
+LILUHJ\KPYHSOVZWP[HSWHYHZVSPJP[HYLS¸JLY[PÄJHKVKLH[LUJP}UTtKPJH
\YNLU[L¹HSN\UVZ*7(:6*4>Z}SVHKTP[LU]PZP[HZHKL[LYTPUHKVZOVZ
WP[HSLZJVUSVZX\LL_PZ[LUHJ\LYKVZ
;9(;(40,5;6+,6;9(:,5-,94,+(+,:05-,**06:(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSHT\[\H
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹WHYHLSSV[PLULX\LHÄSPHYZLH\UH
T\[\HSVX\LJVUSSL]HWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH¸[HYQL[H
KLSHT\[\H¹`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSJVZ[LKLSZLY]PJPV
,_JLWJPVULZ!SHZWLYZVUHZX\LZLLUJ\LU[YLULU\UHZP[\HJP}UWYLJHYPH
W\LKLUZVSPJP[HYHS*7(:6*4>X\LJ\IYHLZ[VZNHZ[VZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PY[YLZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HWLYVZLSLZOHPUZJYP[V`YL
ZPKLULU\UJLU[YVKLHJVNPKHWISPJV!UVZLYLX\PLYLUPUN\UHJVUKPJP}U
WHY[PJ\SHY
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H`UV]P]LULU\UJLU[YVKL
HJVNPKHWISPJV!
³+LILYmUZVSPJP[HY\UHNHYHU[xHKLWHNVYtX\PZP[VPYLLTP[PKHWVYSHH\[VYP
KHKJVTWL[LU[LHU[LZKLHJ\KPYHSHJVUZ\S[H
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SHWVISHJP}UUHJPVUHS
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSSHWVISHJP}UUHJPVUHS
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H(4<!
³+LILU VI[LULY LS HJ\LYKV KLS *LU[YV 7ISPJV KL (JJP}U :VJPHS X\L SLZ
JVYYLZWVUKH[LUKYmUX\LZ\WLYHY\UHPU]LZ[PNHJP}UWHYHJVTWYVIHYX\L
YLZPKLULULZLKPZ[YP[V`X\LZ\ZP[\HJP}ULJVU}TPJHLZWYLJHYPH
³
+LILUHJ\KPYHJVUZ\S[H`VI[LULYKLSTtKPJVLS¸JLY[PÄJHKVKLH[LUJP}U
TtKPJH\YNLU[L¹HSN\UVZ*7(:6*4>[PLULU\UHSPZ[HJLYYHKH
4,569,:
4,569,:5(*065(3,:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
,SHJJLZVHSHHZPZ[LUJPHZHUP[HYPHLZNYH[\P[VWHYHSVZTLUVYLZKLH|VZ3HZ
T\[\HZWHNHULS¸ZLN\YVVISPNH[VYPV¹
7VYV[YVSHKVSH6ÄJPUHKLS5HJPTPLU[V`KLSH0UMHUJPHWYVWVYJPVUHZLY]PJPVZ
KLZHS\KWYL]LU[P]HPUJS\PKHZSHZ]HJ\UHZHSVZTLUVYLZKLZLPZH|VZ(SN\UHZ
]HJ\UHZZVUVISPNH[VYPHZ
] *VUKPJPVULZ!
Q:PZ[LTHNLULYHS!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹WHYHLSSV[PLULUX\LHÄSPHYZLH
\UHT\[\H5VLZULJLZHYPVWHNHYSHJ\V[HKLJVU[YPI\JP}UUP\UHJHU[P
KHKKL[LYTPUHKHKLSJVZ[LKLSZLY]PJPV
Q6ÄJPUHKLS5HJPTPLU[V`KLSH0UMHUJPH!UVZLYLX\PLYLUPUN\UHJVUKPJP}U
WHY[PJ\SHY
/016:+,:630*0;(5;,:+,(:036
] +LYLJOVZ!
:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HLUT\`YHYHZVJHZPVULZ!PN\HSX\L
SVZTLUVYLZUHJPVUHSLZ
:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!HJJLZVNYH[\P[V
3PZ[HKL]HJ\UHZVISPNH[V
YPHZ!^^^VULILIHUX\L]HJ
O[TPUMVYTHJP}ULUMYHUJtZ
] *VUKPJPVULZ!
*HILKPZ[PUN\PYJ\H[YVZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSVZTLUVYLZUHJPVUHSLZ
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\HWLYVZLSLZOHPUZJYP[V`YLZP
KLULU\UJLU[YVKLHJVNPKHWISPJV!
³;HUZ}SVW\LKLUYLJPIPYH[LUJP}UZHUP[HYPHM\LYHKLSJLU[YVZPUVLZ
WVZPISLWYVWVYJPVUmYZLSHKLU[YVKLSTPZTV:PLSPNLUI\ZJHYH[LUJP}U
ZHUP[HYPHM\LYHKLSJLU[YVSVZNHZ[VZJVYYLYmUHZ\JHYNV
Q:PUV[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H`UV]P]LULU\UJLU[YVKL
HJVNPKHWISPJV!
³+LILYmUZVSPJP[HY\UHNHYHU[xHKLWHNVYtX\PZP[VPYLLTP[PKHWVYSHH\[VYP
KHKJVTWL[LU[LHU[LZKLHJ\KPYHSHJVUZ\S[H
Q6ÄJPUHKLS5HJPTPLU[V`KLSH0UMHUJPH!PN\HSX\LSVZTLUVYLZUHJPVUHSLZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
4,569,::630*0;(5;,:+,(:03656(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹WHYHLSSV[PLULUX\LHÄSPHYZL
H\UHT\[\H5VLZULJLZHYPVWHNHYSHJ\V[HKLJVU[YPI\JP}UUP\UH
JHU[PKHKKL[LYTPUHKHKLSJVZ[LKLSZLY]PJPV7HYHVI[LULYLSZLN\YV
TtKPJVVISPNH[VYPVKLILUJ\TWSPYSHZZPN\PLU[LZJVUKPJPVULZ!
Q
+LTVZ[YHYX\LUVLZ[mUHJVTWH|HKVZ
Q
+LTVZ[YHYX\LOHULZ[HKVLZJVSHYPaHKVZK\YHU[L\UWLYPVKVKL[LY
TPUHKV[YLZTLZLZJVUZLJ\[P]VZ
Q
:PLZ[mUL_LU[VZKLSHVISPNHJP}UKLLZ[HYLZJVSHYPaHKVZ!KLTVZ[YHY
X\LZLOHUWYLZLU[HKVLU\UH¸PUZ[P[\JP}UKLHWV`VWYL]LU[P]VHSHZ
MHTPSPHZ¹YLJVUVJPKHWVYSHZH\[VYPKHKLZ
/016:+,0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
3H6ÄJPUHKLS5HJPTPLU[V`KLSH0UMHUJPHWYVWVYJPVUHZLY]PJPVZKLZHS\KWYL
]LU[P]HNYH[\P[VZPUJS\PKHZSHZ]HJ\UHZHSVZTLUVYLZKLZLPZH|VZ
:LNULSHY[KLSH
3VPWYVNYHTTL0YLSH[PMnSH
[\[LSSLKLZTPUL\YZt[YHUNLYZ
UVUHJJVTWHNUtZKLKL
KPJPLTIYLKL
¸0UZ[P[\[PVUKLZV\[PLU
WYt]LU[PMH\_MHTPSSLZ¹!
6MÄJLKLSH5HPZZHUJLL[KL
S»,UMHUJL65,+PLUZ[
M
Y2PUK\UK-HTPSPL+2-
2PUKLU.LaPU2.V\U
¸t[HISPZZLTLU[K»LUZLPNUL
TLU[TH[LYULS¹=tHUZL3VP
WVY[HU[KPZWVZP[PVUZKP]LYZLZ
LUTH[PuYLKLZHU[tKL
KLKPJPLTIYLKL"(YYv[t
YV`HSTVKPÄHU[S»HYYv[tYV`HS
K\Q\PSSL[ WVY[HU[
L_tJ\[PVUKLSHSVPYLSH[P]Ln
S»HZZ\YHUJLVISPNH[VPYLZVPUZ
KLZHU[tL[PUKLTUP[tZJVVY
KVUUtLSLQ\PSSL[ KL
KLHNVZ[VKL"*PYJ\
SHPYL6(U¢ KL KLTH`VKL"HY[KLSH
3VPWYVNYHTTL0YLSH[PMnSH
[\[LSSLKLZTPUL\YZt[YHUNLYZ
UVUHJJVTWHNUtZKLKL
KPJPLTIYLKL
0IxK
=tHZLSH3L`KLKL
KPJPLTIYLKL`HUL_VZ
KLSH*PYJ\SHPYLKLS KLTH`V
KL
] *VUKPJPVULZ!
Q:P[PLULUKLYLJOVHKPZMY\[HYKL\UZLN\YVZHUP[HYPVLUT\`YHYHZVJH
ZPVULZ!PN\HSX\LSVZTLUVYLZUHJPVUHSLZ
Q:PUV[PLULUKLYLJOVHKPZMY\[HYKL\UZLN\YVZHUP[HYPVZPZ[LTH(4<!
³
+LILU VI[LULY LS HJ\LYKV KLS *LU[YV 7ISPJV KL (JJP}U :VJPHS X\L SLZ
JVYYLZWVUKH[LUKYmUX\LZ\WLYHY\UHPU]LZ[PNHJP}UWHYHJVTWYVIHYX\L
YLZPKLULULZLKPZ[YP[V`X\LZ\ZP[\HJP}ULJVU}TPJHLZWYLJHYPH
³
+LILU JVUZ\S[HY H \U TtKPJV WHYH VI[LULY LS ¸JLY[PÄJHKV KL HZPZ[LUJPH
TtKPJH\YNLU[L¹HSN\UVZ*7(:6*4>J\LU[HUJVUSPZ[HZJLYYHKHZ
4,569,:0540.9(5;,::057,940:6+,9,:0+,5*0(56(*647(j(+6:
] +LYLJOVZ!
0N\HS X\L SVZ TLUVYLZ UHJPVUHSLZ [PLULU KLYLJOV H KPZMY\[HY KL \U ZLN\YV
ZHUP[HYPV
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹WHYHLSSV[PLULUX\LHÄSPHYZLH
\UHT\[\H5VLZULJLZHYPVWHNHY\UHSHJ\V[HKLJVU[YPI\JP}UUP\UH
JHU[PKHKKL[LYTPUHKHKLSJVZ[LKLSZLY]PJPV7HYHVI[LULYLSZLN\YV
TtKPJVVISPNH[VYPVKLILUJ\TWSPYSHZZPN\PLU[LZJVUKPJPVULZ!
Q
+LTVZ[YHYX\LUVLZ[mUHJVTWH|HKVZ
Q
+LTVZ[YHYX\LOHULZ[HKVLZJVSHYPaHKVZK\YHU[L\UWLYPVKVKL[LY
TPUHKV[YLZTLZLZJVUZLJ\[P]VZ
Q
:PLZ[mUL_LU[VZKLSHVISPNHJP}UKLLZ[HYLZJVSHYPaHKVZ!KLTVZ[YHY
X\LZLOHUWYLZLU[HKVLU\UH¸PUZ[P[\JP}UKLHWV`VWYL]LU[P]VHSHZ
MHTPSPHZ¹YLJVUVJPKHWVYSHZH\[VYPKHKLZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
*,5;96:+,9,;,5*0Ô5
(+<3;6:
:}SV[PLULUHJJLZVNYH[\P[VHSHHZPZ[LUJPHZHUP[HYPH`SVZTLKPJHTLU[VZ¸ULJL
ZHYPVZWHYHSHWLYZVUH¹M\LYHKLSJLU[YVZPUVZLVMYLJLULZ[VZZLY]PJPVZKLU[YV
KLSTPZTV
9LJVUVJPTPLU[VZTtKPJVZKPHYPVZLUJHZVKLHPZSHTPLU[V,SWLYZVUHSTtKPJV
KLS JLU[YV W\LKL YLJVTLUKHY HS KPYLJ[VY X\L Z\ZWLUKH SH YL[LUJP}U WVY YH
aVULZKLZHS\KMxZPJHVTLU[HS
3HZWLYZVUHZYL[LUPKHZW\LKLUZVSPJP[HYZLYH[LUKPKHZWVYV[YVZWYVMLZPVUHSLZ
ZHUP[HYPVZX\LUVZLHLSWLYZVUHSTtKPJVKLSJLU[YV,ULZ[VZJHZVZSVZNHZ
[VZJVYYLYmUHZ\JHYNV
4,569,:
3VZ TLUVYLZ ZPU WLYTPZV KL YLZPKLUJPH HJVTWH|HKVZ W\LKLU ZLY LU]PHKVZ
Q\U[VJVUZ\ZWHKYLZHJLU[YVZKLYL[LUJP}U[PLULULSTPZTVHJJLZVHSHH[LU
JP}UZHUP[HYPHX\LSHZWLYZVUHZHK\S[HZ
3VZTLUVYLZKLH|VZUVHJVTWH|HKVZUVW\LKLUZLYLU]PHKVZHJLU[YVZ
KLYL[LUJP}UZPUVHZPUVJLU[YVZLZWLJPHSPaHKVZWHYHZ\VIZLY]HJP}U`VYPLU
[HJP}ULUSVZX\L[PLULUHJJLZVH\UZLN\YVZHUP[HYPV
(**,:6+,3(:(<;690+(+,:
(3(05-694(*0Ô5@
;9(5:-,9,5*0(+,+(;6:
;YHUZMLYLUJPH KL PUMVYTHJP}U V HJJLZV H KH[VZ ZVIYL SH ZP[\HJP}U HK
TPUPZ[YH[P]H! SVZ *LU[YVZ 7ISPJVZ KL (JJP}U :VJPHS UV W\LKLU \[PSPaHY SH
PUMVYTHJP}UWLYZVUHSKLSVZPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHYX\LHWHYLJL
LULSJLY[PÄJHKVKL¸([LUJP}U4tKPJH<YNLU[L¹(4<JVUV[YVZÄULZX\L
UVZLHULSYLLTIVSZVHSWLYZVUHSZHUP[HYPVX\LH[PLUKLHLZ[HZWLYZVUHZ
(Y[ZHKLS(YYv[tYV`HS
Ä_HU[SLYtNPTLL[SLZTLZ\YLZKL
MVUJ[PVUULTLU[HWWSPJHISLZH\_
SPL\_ZP[\tZZ\YSL[LYYP[VPYLILSNL
NtYtZWHYS»6MÄJLKLZt[YHUNLYZ
V\Ut[YHUNLYLZ[Kt[LU\TPZn
SHKPZWVZP[PVUK\NV\]LYULTLU[
V\THPU[LU\LUHWWSPJH[PVUKLZ
KPZWVZP[PVUZJP[tLZnS»HY[PJSL
LYKLSHSVPK\KtJLTIYL Z\YS»HJJuZH\[LYYP[VPYLSLZtQV\Y
S»t[HISPZZLTLU[L[S»tSVPNULTLU[
KLZt[YHUNLYZUV[HTTLU[S»HY[PJSL
KLKLHNVZ[VKL
(Y[KLS(YYv[tYV`HSYLSH[PMn
HPKLTtKPJHSL\YNLU[LVJ[YV`tLWHY
SLZJLU[YLZW\ISPJZK»HPKLZVJPHSL
H\_t[YHUNLYZX\PZtQV\YULU[PSStNH
SLTLU[KHUZSL9V`H\TLKLKL
KPJPLTIYLKL 3(56,?7<3:0Ô5
7699(A65,:4i+0*(:
7,940:6+,9,:0+,5*0(7699(A65,:4i+0*(:
¦8<0i5,:367<,+,5:630*0;(9&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`ZVSPJP[HU[LZKLHZPSVX\LLZ[tUNYH]L
TLU[LLUMLYTVZ
*65+0*065,:!
³3HLUMLYTLKHKKLILZ\WVULY\U]LYKHKLYVYPLZNVWHYHSH]PKHKLSWHJPLU[L
VWHYHZ\PU[LNYPKHKMxZPJHVPTWSPJHY\UYPLZNVKL[YH[HTPLU[VPUO\THUVV
KLNYHKHU[L
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
³5VKLILL_PZ[PY\U[YH[HTPLU[VHKLJ\HKVLUZ\WHxZKLWYVJLKLUJPHVYLZP
KLUJPH:PLS[YH[HTPLU[VLZ[mKPZWVUPISLWLYVUVLZHJJLZPISLZLJVUZPKL
YHYmJVTVUVHKLJ\HKV
³:LWYLZLU[HYmSHZVSPJP[\KH[YH]tZKL\UHJHY[HLU]PHKHWVYJVYYLVJLY[PÄ
JHKVHSH6ÄJPUHKL,_[YHUQLYxH6MÄJLKLZi[YHUNLYZHJVTWH|HKHKLSVZ
ZPN\PLU[LZKVJ\TLU[VZ!
Q
*VWPH KLS WHZHWVY[LKVJ\TLU[V KL PKLU[PKHK V WY\LIH KL SH PT
WVZPIPSPKHKKLWYLZLU[HYLZ[VZKVJ\TLU[VZ(\UX\LZLYLX\PLYL\U
KVJ\TLU[VKLPKLU[PKHKWHYHVI[LULY\UWLYTPZVKLYLZPKLUJPHWVY
YHaVULZTtKPJHZSVZZVSPJP[HU[LZKLHZPSVLZ[mUL_LU[VZHZxJVTV
HX\LSSVZ PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH X\L KLT\LZ[YLU
X\LUVW\LKLUVI[LULY\UKVJ\TLU[VKLPKLU[PKHKLU)tSNPJH
Q
<UJLY[PÄJHKVTtKPJVL_WLKPKVWVY\UTtKPJVLZWLJPHSPaHKV`KPYP
NPKVHSHH\[VYPKHKTtKPJHJVTWL[LU[LTtKLJPUJVUZLPSKLSH¸VÄ
JPUHKLL_[YHUQLYxH¹LULSL_WVUNHSHL_PZ[LUJPHKL\UYPLZNV[HS`
JVTVSVYLX\PLYLSHSL``SHPUL_PZ[LUJPHKLS[YH[HTPLU[VLULSWHxZKL
VYPNLUYLZPKLUJPH(WHY[PYKLLZ[LJLY[PÄJHKVSHH\[VYPKHKTtKPJH
JVTWL[LU[L TtKLJPUJVUZLPS KL SH ¸VÄJPUH KL L_[YHUQLYxH¹ KH Z\
VWPUP}UZVIYLSHL_PZ[LUJPHKL\UYPLZNV`SHWVZPIPSPKHKKLX\LZLSL
[YH[LLUZ\WHxZKLVYPNLUVYLZPKLUJPH(U[LZKLLTP[PY\UHVWPUP}U
ÄUHSLSTtKPJVW\LKLZVSPJP[HYX\LZLYLHSPJL\UHYL]PZP}UTtKPJH
HS WHJPLU[L ` W\LKL WLKPY \UH ZLN\UKH VWPUP}U H V[YVZ TtKPJVZ
LZWLJPHSPaHKVZ
Q
6[YHPUMVYTHJP}U[PSZVIYLSHLUMLYTLKHK
Q
+PYLJJP}ULU)tSNPJH
+<9(*0Ô5!
,SWLYTPZVKLYLZPKLUJPH[PLUL\UH]HSPKLaTxUPTHKL\UH|VZPLTWYLX\LZL
THU[LUNHSHZP[\HJP}UX\LYLJVNLSHSL`+LZW\tZKLJPUJVH|VZLZ[HH\[VYP
aHJP}UKLYLZPKLUJPHWHZHHZLYWLYTHULU[L =tHZLLS[YHIHQV
WYLWHYH[VYPVKLSHWYVW\LZ[H
KLLUTPLUKHKLSH3VPK\
KtJLTIYL Z\YS»HJJuZ
H\[LYYP[VPYLSLZtQV\YS»t[H
ISPZZLTLU[L[S»tSVPNULTLU[
KLZt[YHUNLYZ9HWWVY[MHP[
H\UVTKLSH*VTTPZZPVU
KLS»0U[tYPL\YKLZHMMHPYLZ
NtUtYHSLZL[KLSHMVUJ[PVU
W\ISPX\LKLKLQ\SPVKL
KVJKLSH
*OHTIYLKLZ9LWYtZLU[HU[Z
KL)LSNPX\L
=tHUZLHY[KLS(YYv[t
YV`HSÄ_HU[KLZTVKHSP[tZ
K»L_tJ\[PVUKLSHSVPK\
ZLW[LTIYLTVKPÄHU[SH
SVPK\KtJLTIYL Z\Y
S»HJJuZH\[LYYP[VPYLSLZtQV\Y
S»t[HISPZZLTLU[L[S»tSVPNUL
TLU[KLZt[YHUNLYZKLKL
TH`VKL"HY[KL
SH3VPZ\YS»HJJuZH\[LYYP[VPYL
SLZtQV\YS»t[HISPZZLTLU[L[
S»tSVPNULTLU[KLZt[YHUNLYZ
KLKLKPJPLTIYLKL *PYJ\SHPYL6,*;3
KLS»6MÄJLKLZt[YHUNLYZ
H\_*7(:KLKLLULYV
KL
(**,:6(3((:0:;,5*0(:(50;(90(!
:P ZL SLZ JVUJLKL LZ[L WLYTPZV KL YLZPKLUJPH W\LKLU VI[LULY LS ¸ZLN\YV
TtKPJVVISPNH[VYPV¹X\LSLZKHHJJLZVHSHH[LUJP}UZHUP[HYPHLUSHZTPZTHZ
JVUKPJPVULZX\LSHWVISHJP}UUHJPVUHS
796365.(*065,:*69;(:+,4,56:+,;9,:
4,:,:+,=0:(+6:67,940:6:+,9,:0+,5*0(
;,4769(3,:
¦8<0i5,:367<,+,5:630*0;(9&
(X\LSSHZWLYZVUHZJ\`VWLYTPZVKLYLZPKLUJPHV]PZHKVOH`HL_WPYHKVPUJS\P
KHZSHZX\LO\IPLZLUZVSPJP[HKVHZPSV
*65+0*065,:!
³:}SV ZL JVUJLKLU LU JPYJ\UZ[HUJPHZ L_JLWJPVUHSLZ PUJS\`LUKV LUMLYTL
KHKLZJVY[HZVLTIHYHaVZ
³3HZVSPJP[\KKLILWYLZLU[HYZLLUSHVÄJPUHKL¸LZ[HUJPHZJVY[HZ¹KLSH¸VÄ
JPUHKLL_[YHUQLYxH¹I\YLH\¸JV\Y[ZtQV\Y¹KLS»6MÄJLKLZi[YHUNLYZQ\U[V
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
JVUSVZZPN\PLU[LZKVJ\TLU[VZ!
Q
-V[VJVWPHKLSWHZHWVY[L
Q
-V[VJVWPHKLS]PZHKVZPWYVJLKL
Q
-V[VJVWPHKLSWLYTPZVKLYLZPKLUJPHLUV[YVWHxZÄYTHU[LKLS;YH
[HKVKL:JOLUNLUZPWYVJLKL
Q
-V[VJVWPHKLSIPSSL[LKLH]P}UKL]\LS[HZPL_PZ[L
Q
*LY[PÄJHKVTtKPJVL_WLKPKVWVY\UTtKPJVLZWLJPHSPaHKVHWHY[PY
KL\UHWSHU[PSSHVÄJPHS
Q
7Y\LIHKLX\LZLOHUHIVUHKVSVZNHZ[VZKLYP]HKVZKLSHHZPZ[LU
JPHZHUP[HYPH
Q
7Y\LIHKLX\LZLKPZWVULKL\UZLN\YVZHUP[HYPVVKLX\LZL[PLULU
SVZYLJ\YZVZULJLZHYPVZWHYHJ\IYPYSVZNHZ[VZTtKPJVZ
+<9(*0Ô5!
<UTm_PTVKL[YLZTLZLZ
(**,:6(3((:0:;,5*0(:(50;(90(!
5VL_PZ[LSHWVZPIPSPKHKKLVI[LULYLS¸ZLN\YVTtKPJVVISPNH[VYPV¹,SHJJLZV
]HYxHLUM\UJP}UKLSHZP[\HJP}UHU[LYPVY
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
79Í*;0*(
3(=0:0Ô5+,4i+0*6:+,34<5+6
)i3.0*(:6)9,3(:0;<(*0Ô5
,53(79Í*;0*(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZZVSPJP[HU[LZKL
HZPSVHK\S[VZ
+LZKLLSH|VWHZHKV-LKHZPSSHHNLUJPHMLKLYHSLUJHYNHKHKLYLJPIPYH
SVZZVSPJP[HU[LZKLHZPSVUVOHZPKVJHWHaKLHJVNLYHSLSL]HKVUTLYV
KL WLYZVUHZ PUJS\PKHZ SHZ MHTPSPHZ X\L [PLULU KLYLJOV H YLJPIPY H`\KH
TH[LYPHSLU\UJLU[YVKLHJVNPKHMLKLYHS
7HYH WVKLY NLZ[PVUHY SHZ U\TLYVZHZ ZVSPJP[\KLZ -LKHZPS OH [LUPKV X\L
YLJVUK\JPYSLZJVUZ[HU[LTLU[LHSHYLKKLH`\KHWHYHSHZWLYZVUHZZPU
OVNHYX\L`HZLLUJ\LU[YHWVYLUJPTHKLZ\ZWVZPIPSPKHKLZ3VZWYVNYH
THZKL4tKPJVZKLS4\UKV)tSNPJHOHUYLNPZ[YHKV\UUTLYVJYLJPLU[L
KL ZVSPJP[HU[LZ HZPSV YLJPtU SSLNHKVZ HS WHxZ X\L UV OHU KPZMY\[HKV KL
UPUNU[PWVKLH`\KHTH[LYPHSUPKLSHZ\WLY]PZP}UWZPJVS}NPJHZVJPHSV
TtKPJHX\L-LKHZPSKLILYxHWYVWVYJPVUHYSLZ,Z[LJVSLJ[P]VHKLTmZUV
JVUVJLZ\ZKLYLJOVZZVIYLLSHJJLZVHSHZHUPKHKSHZVSPJP[\KKLHZPSV
L[J 9LN\SHYTLU[L WVKLTVZ VIZLY]HY SH MHS[H KL PUMVYTHJP}U YLSH[P]H
HSVZKLYLJOVZLUTH[LYPHKLZHS\KKLHX\LSSVZWHJPLU[LZX\LOHUKPZ
MY\[HKVWYL]PHTLU[LKL\UHJVILY[\YHZHUP[HYPHWLYVX\L`HOHUKLQHKV
LS ZPZ[LTH KL HZPZ[LUJPH ,Z[HZ WLYZVUHZ H\UX\L `H UV ZL HSVQLU LU
LSJLU[YVKLHJVNPKH[PLULUKLYLJOVHYLJPIPYH[LUJP}UTtKPJHNYH[\P[H
OHZ[HX\LJVUJS\`HUSVZ[YmTP[LZKLZ\ZVSPJP[\KKLHZPSV7HYHX\PLULZSV
ZVSPJP[LULSKLWHY[HTLU[VTtKPJVKL-LKHZPSW\LKLL_WLKPY\UMVYT\SH
YPVKLNHYHU[xHKLWHNVYtX\PZP[VPYLX\LNHYHU[PaHHSWLYZVUHSZHUP[HYPV
X\LZLSLZYLLTIVSZHYmUSVZZLY]PJPVZWYLZ[HKVZ
*VUMYLJ\LUJPHSHZWLYZVUHZYLJPtUSSLNHKHZX\LNLULYHSTLU[LUVOHU
[LUPKVSHVWVY[\UPKHKKLKLZHYYVSSHYSHOHIPSPKHKULJLZHYPHWHYHKLZLU
]VS]LYZL LU LS SHILYPU[V KL SH I\YVJYHJPH ILSNH UV JVUVJLU LZ[VZ [Ym
TP[LZ
6[YVWYVISLTHSVYLWYLZLU[HSHMHS[HKLPUMVYTHJP}UKLSWLYZVUHSZHUP[HYPV
ZVIYL SH JVILY[\YH KL SVZ JVZ[LZ WYVWVYJPVUHKH WVY -LKHZPS (KLTmZ
H\UX\L SVZ WHJPLU[LZ ZVU SPIYLZ KL LSLNPY HS MHJ\S[H[P]V TtKPJV HS X\L
KLZLHUHJ\KPYSVZWYVMLZPVUHSLZZLT\LZ[YHUYL[PJLU[LZHHJLW[HYHLZ[L
JVSLJ[P]V KL WHJPLU[LZ KLIPKV H SHZ JVTWSLQPKHKLZ I\YVJYm[PJHZ ` HS
[PLTWVX\L[HYKHULUYLJPIPYLSWHNVKL-LKHZPS(SN\UVZWYVMLZPVUHSLZ
ZHUP[HYPVZZ}SVHJLW[HUHSVZWHJPLU[LZJVUSHJVUKPJP}UKLX\LSSLN\LU
JVU\UHYLZVS\JP}UKLWHNVKLIPKHTLU[LJ\TWSPTLU[HKH+LLZ[HMVYTH
LZ[LZPZ[LTHKLYLZVS\JPVULZKLWHNVYLX\PLYL\UZLY]PJPVPU[LYTLKPHYPV
JVTVSVZ*LU[YVZKL(JVNPKH([LUJP}U`6YPLU[HJP}U*(:6X\LZPY]H
KLLUSHJLJVULSKLWHY[HTLU[VTtKPJVKL-LKHZPS7LZLHX\LJVULZ[L
PU[LYTLKPHYPVJLU[YHSPaHKVZLOHTLQVYHKVSHNLZ[P}UKLSVZ[YmTP[LZKL
YLLTIVSZV KL NHZ[VZ W LQ HJ[\HSTLU[L SHZ YLZVS\JPVULZ KL WHNV ZL
W\LKLUVI[LULYLUTLKPHOVYHH[YH]tZKLMH_ZPN\LUL_PZ[PLUKVKLTH
ZPHKHZIHYYLYHZLULSHJJLZVHSHZHUPKHK
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHK\S[VZ
(\UX\LLSTHYJVSLNHSKLSZPZ[LTHKLSH([LUJP}U4tKPJH<YNLU[L(4<
WHYLJLLZ[HYSVZ\ÄJPLU[LTLU[LJSHYVSVZ[YmTP[LZZVUTmZKPMxJPSLZKL
YLHSPaHYLUSHWYmJ[PJH,_PZ[LUKPZ[PU[VZMHJ[VYLZX\LJVU[PUHUVIZ[HJ\
SPaHUKVLSHJJLZVHSHH[LUJP}UZHUP[HYPH!LSKLZJVUVJPTPLU[VKLSVZJVT
WSLQVZ [YmTP[LZ SH KPMLYLUJPH KL WVSx[PJHZ L_PZ[LU[LZ LU[YL SVZ KPZ[PU[VZ
*LU[YVZ 7ISPJVZ KL (JJP}U :VJPHS *7(: SHZ SHYNHZ SPZ[HZ KL LZWLYH
X\L]HYxHULUVYTLTLU[LLU[YL\UZP[PV`V[YV`SHZJVUKPJPVULZX\LJVU
MYLJ\LUJPHZVUKLTHZPHKVLZ[YPJ[HZ
,UWYPTLYS\NHYSHMHS[HKLJVUVJPTPLU[VKLSZPZ[LTHKL(4<LZNLUL
YHSPaHKH[HU[VWVYWHY[LKLSWLYZVUHSZHUP[HYPVJVTVWVYWHY[LKLLZ[L
NY\WV KL WHJPLU[LZ 3H WHSHIYH ¸\YNLUJPH¹ [HTIPtU ZL WYLZ[H H JVUM\
ZP}U `H X\L W\LKL KHY H LU[LUKLY X\L SH H[LUJP}U WYL]LU[P]H UV LZ[m
PUJS\PKH`X\LZ}SVZLKLILWYLZ[HYH`\KHLUZP[\HJPVULZX\LYLX\PLYHU
\UH]LYKHKLYHPU[LY]LUJP}UTtKPJH\YNLU[L3VZWHJPLU[LZWVYZ\WHY[L
UVJVUVJLUZ\KLYLJOVKLHJJLZVHSHZHUPKHK`[LTLUX\LLSOLJOVKL
ZVSPJP[HYH`\KHH\U*7(:W\LKH[LULYJVUZLJ\LUJPHZULMHZ[HZLU[tY
TPUVZKLL_W\SZP}UKLU\UJPHZL[J(ZPTPZTVZLT\LZ[YHUYL[PJLU[LZH
PUKPJHY\UKVTPJPSPVKLIPKVHX\L[LTLUX\LOH`HJVUZLJ\LUJPHZWHYH
SHZWLYZVUHZX\LSLZKHUJVIPQV\UTPLKVX\LJVTWHY[LU[HTIPtUSVZ
X\LSLZHJVNLU
<UH]LaX\LSHL[HWHKLS*7(:ZLOHZ\WLYHKVJVUt_P[VZ\YNLUV[YVZ
VIZ[mJ\SVZ 3H TH`VYxH KL SVZ PUTPNYHU[L LU ZP[\HJP}U PYYLN\SHY OHISHU
WVJVMYHUJtZVULLYSHUKtZ`LSJLU[YVZVJPHSUVZ\LSL[LULYKPULYVWHYH
JVU[YH[HYH\UZLY]PJPVKL[YHK\JJP}U(ZxLU)Y\ZLSHZ[HUZ}SVLU\UV
KLSVZ *7(:KLSHJP\KHKZLW\LKLULUJVU[YHYMVSSL[VZL_WSPJH[P]VZLU
SVZPKPVTHZKLSVZKPZ[PU[VZWHxZLZKLVYPNLUKLSHWVISHJP}UPUTPNYHU[L
,Z[HMHS[HKLPUMVYTHJP}UZLHNYH]HWVYLSOLJOVKLX\LJHKH*7(:X\L
[YHIHQHIHQVSHQ\YPZKPJJP}UT\UPJPWHSLZSPIYLKLZLN\PYZ\ZWYVWPHZWVSx
[PJHZLUSVX\LYLZWLJ[HHSH(4<`KLLZ[HISLJLYKPZ[PU[VZ[YmTP[LZHK
TPUPZ[YH[P]VZ,Z[VWYV]VJHU\TLYVZVZWYVISLTHZLULSmYLHKL)Y\ZLSHZ
KVUKLZLJVUJLU[YHU JLU[YVZLU\U[LYYP[VYPVYLK\JPKVWLYVKLUZH
TLU[L WVISHKV ` LU (TILYLZ KVUKL SHZ LZWLJPÄJPKHKLZ KLS JVU[L_[V
WVSx[PJV WHYLJLU YLWLYJ\[PY LU SHZ KLJPZPVULZ KLS UPJV *7(: ZVIYL ZP
JVUJLKLUVUVSH(4<+LLZ[HMVYTHJHKHJLU[YVZVJPHS[PLULZ\WYV
WPV JLY[PÄJHKV TtKPJV X\L KLIL J\TWSPTLU[HY LS WLYZVUHS TtKPJV `
HWSPJHKPZ[PU[VZJYP[LYPVZHSHOVYHKLV[VYNHYLSKLYLJOVHSH(4<VUV
(SN\UVZ KL LZ[VZ JLU[YVZ L_WPKLU \UH [HYQL[H ZHUP[HYPH TPLU[YHZ X\L
V[YVZZLUPLNHUHOHJLYSV`WYVJLKLUKLMVYTHPUMVYTHS(Zx]HYxHU[HU[V
SHK\YHJP}UKLSHH`\KHX\LWYVWVYJPVUHUJVTVSHZYLNSHZZVIYLSHLSLJ
JP}UKLSWLYZVUHSZHUP[HYPVSPIYLVZ\QL[HH\UHJ\LYKVJVULS*7(:`SVZ
[YmTP[LZULJLZHYPVZWHYHHJJLKLYHLZWLJPHSPZ[HZHTLKPJHTLU[VZL[J
(U[LZ KL LTP[PY LS MVYT\SHYPV KL NHYHU[xH KL WHNV SH TH`VYxH KL SVZ
*7(: L_PNLU X\L SLZ ZLH WYLZLU[HKV \U JLY[PÄJHKV KL (4< TPLU[YHZ
X\LSHTH`VYxHKLSVZWYVMLZPVUHSLZKLZHS\KL_PNLUX\LSVZWHJPLU[LZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
WYLZLU[LUWYL]PHTLU[LLSMVYT\SHYPVKLNHYHU[xHKLWHNV+LLZ[HMVYTHSVZ
WHJPLU[LZ ZL LUJ\LU[YHU H[YHWHKVZ LU \U JxYJ\SV ]PJPVZV X\L UV ZL W\LKL
YVTWLYHUVZLYX\L\UHKLSHZKVZWHY[LZPUJ\TWSHZ\Z¸UVYTHZ¹
,S [PLTWV KL LZWLYH WHYH YLJPIPY SH (4< W\LKL ]HYPHY ` W\LKL ZLY T\` SHY
NVLUZP[\HJPVULZX\LYLX\PLYLU\UHPU[LY]LUJP}UYmWPKH7VYLSSVSVZ*(:6
*LU[YV KL (JVNPKH ([LUJP}U ` 6YPLU[HJP}U WVY Z\Z ZPNSHZ LU MYHUJtZ KL
4tKPJVZ KLS 4\UKV ZL ]LU VISPNHKVZ H H[LUKLY H WHJPLU[LZ H SH LZWLYH KL
SH YLZW\LZ[H KLS *7(: ,U \U JVU[L_[V KL TH`VY JVU[YVS MLKLYHS tZ[VZ S[P
TVZLZ[mULTWLaHUKVHPTWVULY\UHZJVUKPJPVULZTmZLZ[YPJ[HZJVTV\UH
WY\LIH KL PKLU[PKHK X\L ZLNU SVZ JLU[YVZ ZVJPHSLZ JVUZ[P[\`L \UH JVUKP
JP}UWYL]PHPUKPZWLUZHISLWHYHVI[LULYLSYLLTIVSZV*\HUKVSHZWLYZVUHZUV
[PLULUKVTPJPSPVÄQVZLX\LKHU\UKxHLU\UHJHZHHSKxHZPN\PLU[LLUV[YH
L[JZ\YNLUU\TLYVZVZWYVISLTHZKLIPKVHX\LJHKH*7(:LZYLZWVUZHISL
ZVSHTLU[LKLSHZWLYZVUHZZPUOVNHYKLZ\WYVWPHQ\YPZKPJJP}U
,UJHZVZKL]LYKHKLYHZ\YNLUJPHZKLILUHJ\KPYHSH\UPKHKKL\YNLUJPHZKLS
OVZWP[HS:PHSWHJPLU[LUVSLJVYYLZWVUKLYLJPIPYH`\KHTtKPJHH[YH]tZKLZ\
*7(:SVZZLY]PJPVZZVJPHSLZKLSOVZWP[HSZ\LSLUHWSPJHYSHYLNSHKLSZLJ[VYKL
HZPZ[LUJPH YLZWVUZHIPSPaHUKV HS *7(: LU S\NHY KL HS OVZWP[HS :PU LTIHYNV
KLIPKVHSHMHS[HKLPUMVYTHJP}UKLSHZWLYZVUHZX\LZVSPJP[HUH[LUJP}UZHUP
[HYPH`HSVZWYVISLTHZKLJVVYKPUHJP}UKLSOVZWP[HSLULZ[LHZWLJ[VZLKHU
JHZVZ KL WHJPLU[LZ X\L ZHSLU KL SH \UPKHK KL \YNLUJPHZ JVU \UH J\HU[PVZH
MHJ[\YH WLUKPLU[L *VU YLSH[P]H MYLJ\LUJPH SVZ *7(: PU[LU[HU YLZWVUZHIPSP
aHYZL \UVZ H V[YVZ ZVIYL X\PtU [PLUL X\L WHNHY KL[LYTPUHKH MHJ[\YH ,U LS
JHZVKL(TILYLZJHKHWHJPLU[LX\LUVKPZMY\[LKLSH(4<[PLULX\LKLQHY\U
KLW}ZP[VKLL\YVZWHYHWVKLYHJJLKLYHSVZZLY]PJPVZKL\YNLUJPHZ
=P]PYLUJHZHZVJ\WHKHZVTHU[LULYZLLUO\LSNHKLOHTIYLZVUYHaVULZX\L
W\LKLU JVUK\JPY H X\L ZL KLUPLN\L SH (4< ,S KLWHY[HTLU[V KL ZLY]PJPVZ
ZVJPHSLZKLS*(:6KL4tKPJVZKLS4\UKVLU)Y\ZLSHZOHKLU\UJPHKVHSN\UVZ
JHZVZVJHZPVUHSLZLUSVZX\LLS*7(:ZLOHULNHKV[YHTP[HYVÄJPHSTLU[LSHZ
ZVSPJP[\KLZKL¸VJ\WHZ¹VKLWLYZVUHZLUO\LSNHKLOHTIYL
¸;YHTP[HYVÄJPHSTLU[L¹ZP
NUPÄJHX\LLS*7(:L_WPKL\U
KVJ\TLU[VLULSX\LJLY[PÄJH
X\LSHWLYZVUHOHZVSPJP[HKV
LMLJ[P]HTLU[LHSNU[PWVKL
H`\KH`LS*7(:[PLULSHVISP
NHJP}USLNHSKLL_WLKPYLZ[L
KVJ\TLU[V:PULTIHYNVZP
SHZVSPJP[\KUVZLOH[YHTP[HKV
VÄJPHSTLU[LUVL_PZ[L\U
YLJOHaVVÄJPHSKLS*7(:H
H`\KHYHSHWLYZVUH`WVY
[HU[VUVZLW\LKLWYLZLU[HY
\UYLJ\YZVWVYLZ[LYLJOHaV
HS¸;YPI\UHS3HIVYHS¹
3HZTPZTHZYLNSHZNLULYHSLZZLHWSPJHULULSJHZVKLSHH[LUJP}UWYL`ULV
UH[HSLS*7(:J\IYLSVZNHZ[VZ3HZ6ÄJPUHZKLS5HJPTPLU[V`KLSH0UMHUJPH
65, Z\LSLU [LULY Z\Z WYVWPVZ ZLY]PJPVZ ZVJPHSLZ ` ZL LUJHYNHU KL VYPLU[HY
HSVZWHJPLU[LZZVIYLJ}TVHJJLKLYHSHZHUPKHK,USVZJHZVZLUSVZX\LLS
*7(:ZLUPLNHHJ\IYPYSVZNHZ[VZKLWLYZVUHZLUZP[\HJP}UPYYLN\SHYSHWVZ[\
YHKLSVZ65,W\LKL]HYPHYKL\US\NHYHV[YVJVZ[LZJ\IPLY[VZWVYSVZWYVWPVZ
MVUKVZVUV`Z}SVJ\IYLUSVZZLY]PJPVZTmZIHYH[VZJVTVLJVNYHMxHZHUmSPZPZ
JSxUPJVZYL]PZPVULZNPULJVS}NPJHZL[J*\HUKV\UHT\QLYX\LUVKPZMY\[HKL
\UHJVILY[\YHTtKPJHKHHS\a[YHZZVSPJP[HYH[LUJP}ULUSH\UPKHKKL\YNLU
JPHZLSOVZWP[HSZ\LSLLTP[PYMHJ[\YHZH[VKHZSHZWHY[LZWHYHH\TLU[HYSHZWV
ZPIPSPKHKLZKLYLJPIPYLSWHNV7\LKLVJ\YYPY[HTIPtUX\LSHZWHJPLU[LZYLJPIHU
\UHMHJ[\YHX\LHZJPLUKHHJHU[PKHKLZHZ[YVU}TPJHZKLHL\YVZ
,USVX\LYLZWLJ[HHSHZWY\LIHZKLS=0/`SHZYL]PZPVULZKLWHJPLU[LZZLYV
WVZP[P]VZL_PZ[LU]HYPHZPUPJPH[P]HZSVJHSLZX\LYLHSPaHUWY\LIHZKLKL[LJJP}U
NYH[\P[HZ ` HU}UPTHZ LZWLJPHSTLU[L LU )Y\ZLSHZ 5HT\Y 3PLQH (TILYLZ `
V[YHZJP\KHKLZKL)tSNPJH,ZKPMxJPSL]HS\HYOHZ[HX\tW\U[VZVUJVUVJPKHZ
LZ[HZPUPJPH[P]HZWLYVZxKLILHÄYTHYZLX\LL_PZ[LU7VYV[YVSHKVSVZJLU
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%)i3.0*(
[YVZKLYLMLYLUJPH[PLULUZ\ZWYVWPVZZLY]PJPVZZVJPHSLZX\LVMYLJLUHSVZWH
JPLU[LZZLY]PJPVZKLPUMVYTHJP}UZVIYLJ}TVHJJLKLYHSHZHUPKHK4PLU[YHZ
YLHSPaHUSVZ[YmTP[LZSVZJLU[YVZKLYLMLYLUJPHZ\LSLUH`\KHYSLZJ\IYPLUKVLS
SVZTPZTVZSVZNHZ[VZ
7VY V[YV SHKV L_PZ[LU LU )tSNPJH ]HYPVZ JLU[YVZ NYH[\P[VZ KL KL[LJJP}U ` KL
YL]PZP}UWHYHWLYZVUHZLUMLYTHZKL[\ILYJ\SVZPZ
(JJLZVHSHZHUPKHKLUSVZJLU[YVZKLYL[LUJP}U
3VZJLU[YVZKLYL[LUJP}UJ\LU[HUJVUWLYZVUHSTtKPJVNLULYHSPZ[H`J\HUKV
LZULJLZHYPVZLW\LKLUVYNHUPaHYJVUZ\S[HZLZWLJPHSPaHKHZ
+LIPKVHX\LKLWLUKLUKLS4PUPZ[LYPVKLS0U[LYPVYLSWLYZVUHSTtKPJVX\L[YH
IHQHLULZ[VZJLU[YVZUVZPLTWYLW\LKLLQLYJLYZ\WYVMLZP}UJVUSHPUKLWLU
KLUJPHULJLZHYPH,Z[VZLKLILHX\LSVZPTWLYH[P]VZTtKPJVZUVZPLTWYLZVU
\UHWYPVYPKHKJVUYLZWLJ[VHV[YVZMHJ[VYLZ(ZxWVYLQLTWSVHSHZWLYZVUHZ
X\LPUNYLZHULUSVZJLU[YVZKLYL[LUJP}UUVZLSLZYLHSPaH\UYLJVUVJPTPLU[V
TtKPJVLULSTVTLU[VKLZ\SSLNHKH+LLZ[HMVYTHSVZPU[LYUVZJ\`HJVU[P
U\HKL[LUJP}UWVULNYH]LTLU[LLUWLSPNYVZ\ZHS\KTLU[HS`MxZPJHZPN\LUZPU
LTIHYNVYL[LUPKVZ`HX\LSSVZX\LWVKYxHUZLYSPILYHKVZWVYYHaVULZTtKPJHZ
ZVUL_W\SZHKVZ
(KLTmZLSWLYZVUHSTtKPJVX\L[YHIHQHLUSVZJLU[YVZKLYL[LUJP}UUVHJLW
[HWVYUVYTHSNLULYHSSHZZVSPJP[\KLZKLWLYTPZVKLYLZPKLUJPHWVYYHaVULZ
TtKPJHZH\UX\LLSPU[LYUVLUJ\LZ[P}UYLUHSHZJVUKPJPVULZYLX\LYPKHZWHYH
JVTWSL[HY KPJOH ZVSPJP[\K! Z\MYPY WVY LQLTWSV \UH LUMLYTLKHK X\L YLWYL
ZLU[L\U]LYKHKLYVYPLZNVWHYHZ\]PKHVZ\PU[LNYPKHKMxZPJHV\UZLYPVYPLZNV
KL[YH[VPUO\THUVVKLNYHKHU[L"SHMHS[HKL\U[YH[HTPLU[VHKLJ\HKVLUZ\
WHxZKLVYPNLUVLULSWHxZLULSX\LYLZPKL"`WYLZLU[HJP}UKL\UHWY\LIH
KLPKLU[PKHK;VKHZLZ[HZYHaVULZQ\Z[PÄJHUX\LSHWYLZLUJPHKL65.`ZVIYL
[VKVKL65.TtKPJHZLUSVZJLU[YVZKLYL[LUJP}UZLHULJLZHYPH
3HUVL_W\SZP}UWVYYHaVULZTtKPJHZ
,U T\JOVZ JHZVZ LS WLYZVUHS TtKPJV UV JVUVJL LZ[VZ [YmTP[LZ V ZPTWSL
TLU[LZLSPTP[HHÄYTHYJLY[PÄJHKVZPUKPJHUKVLS[PWVKLHZPZ[LUJPHX\LUL
JLZP[HUZ\ZWHJPLU[LZ(KLTmZLZ[L[YmTP[LSSL]HT\JOV[PLTWVLU[LVYxHSH
6ÄJPUHKL,_[YHUQLYVZKLILYxHUV[PÄJHYSVHSH`\U[HTPLU[VLUKPLaKxHZWLYPVKV
K\YHU[L LS J\HS ZL WVKYxH YLHSPaHY \UH JVTWYVIHJP}U KL SH YLZPKLUJPH OHZ[H
X\LSHZVSPJP[\KZLKLJSHYHHKTPZPISL`X\PLULZSVZVSPJP[HUYLJPILU\UWLYTPZV
KLYLZPKLUJPH[LTWVYHS
4tKPJVZKLS4\UKV)tSNPJH
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
-9(5*0(
:0:;,4(:(50;(906
-YHUJPH[PLUL\UZPZ[LTHKLZLN\YPKHKZVJPHSWISPJVVISPNH[VYPVÄUHU
JPHKVWVYSHZJVU[YPI\JPVULZ`SVZPTW\LZ[VZ,Z[LZPZ[LTHZLJVTWSL
TLU[H JVU T\[\HZ KL ZHS\K ]VS\U[HYPHZ HKPJPVUHSLZ `H X\L KLU[YV KLS
ZPZ[LTHKLZLN\YPKHKZVJPHSVISPNH[VYPVL_PZ[L\UTVKLSVNLULYHS`V[YVZ
LZWLJPHSLZWHYHKPZ[PU[HZJH[LNVYxHZKL[YHIHQHKVYLZWVYJ\LU[HHQLUH`
WHYHH\[}UVTVZ
+,9,*/6+,(**,:6
(3(:(50+(+
3H WVISHJP}U UHJPVUHS ` SHZ WLYZVUHZ JVU WLYTPZV KL YLZPKLUJPH
KLTVZ[YHKV LU -YHUJPH NVaHU KL SH JVILY[\YH KL \U ZLN\YV ZHUP[HYPV
WISPJV VISPNH[VYPV X\L JVTWYLUKL \U WHX\L[L KL HZPZ[LUJPH ZHUP[HYPH
ImZPJHYtNPTLKLIHZL7HYHVI[LULYLZ[LWHX\L[L[PLULUX\LWHNHY\UH
JVU[YPI\JP}UIHZHKHLUZ\ZPUNYLZVZ`[PLULUKLYLJOVHHJJLKLYH\UH
HTWSPHNHTHKLZLY]PJPVZTtKPJVZX\LPUJS\`LH[LUJP}UKLWYPTLYUP]LS
H[LUJP}U LZWLJPHSPaHKH VKVU[VSVNxH WY\LIHZ KL KPHNU}Z[PJV PUNYLZVZ
OVZWP[HSHYPVZ ZLY]PJPVZ L_[LYUVZ [YHUZWVY[L TtKPJV WY}[LZPZ KLU[HSLZ
`}W[PJHZ`YLOHIPSP[HJP}UJVUSHUPJHL_JLWJP}UKLSHZNHMHZHSN\UHZ
WY}[LZPZKLU[HSLZH\KxMVUVZ`V[YVZHWHYH[VZTtKPJVZ3VZWHJPLU[LZ
[PLULUX\LWHNHYLSPTWVY[L[V[HSKLSZLY]PJPVLULSTVTLU[VLUX\LSV
YLJPILUZHS]VLUSVZJHZVZKLPUNYLZVOVZWP[HSHYPV`HJVU[PU\HJP}USH
HKTPUPZ[YHJP}USVJHSKLSHZLN\YPKHKZVJPHS*HPZZL7YPTHPYLK»(ZZ\YHUJL
4HSHKPL SLZ YLLTIVSZH HWYV_PTHKHTLU[L LS :PU LTIHYNV W\L
KLUULNVJPHYJVULSWLYZVUHSZHUP[HYPVX\LHWSPX\LULSZPZ[LTHKL¸[PLYZ
WH`HU[¹LULSJ\HSUV[PLULUX\LWHNHYLSKLSPTWVY[LWVYHKLSHU[H
KV`HX\LSH*HPZZL7YPTHPYLYLLTIVSZHKPYLJ[HTLU[LWHY[LKLSPTWVY[L
HSWLYZVUHSZHUP[HYPV`LSWHJPLU[LWHNH\UH[HZHTVKLYHKVYH[PJRL[TV
KtYH[L\Y JVYYLZWVUKPLU[L H SH WHY[L YLZ[HU[L KLS JVZ[L ,_PZ[LU KPZ[PU
[VZJHZVZLUSVZX\LSVZWHJPLU[LZUV[PLULUX\LWHNHYUPUNUJVWHNV!
KL[LYTPUHKHZOVZWP[HSPaHJPVULZ`LUMLYTLKHKLZSHYNHZZLN\PTPLU[VKLS
LTIHYHaVK\YHU[LSVZS[PTVZJ\H[YVTLZLZ`H[LUJP}UHULVUH[VZHZx
JVTVHSN\UVZZLY]PJPVZHWLYZVUHZQ\IPSHKHZWVYPU]HSPKLaVHHX\LSSHZ
WLYZVUHZX\LOH`HUZ\MYPKV\UHJJPKLU[LSHIVYHS
(Y[3KLS*VKLKLSH
:tJ\YP[t:VJPHSL
(Y[3`9KLS
*VKLKLSH:tJ\YP[t:VJPHSL
,Z[LZLN\YVZLW\LKL
JVU[YH[HYJVU\UHT\[\H\UMVUKV
KLZLN\YVZHUP[HYPVImZPJVVYNH
UPZTLZKLWYt]V`HUJL`ZLN\YVZ
WYP]HKVZ,Z[VZWYV]LLKVYLZKL
ZLN\YVZLZ[mULUYtNPTLUKLSPIYL
JVTWL[LUJPH
(KLTmZWHYHSHHZPZ[LUJPHZHUP[HYPHX\LUVLZ[mPUJS\PKHLULSZLN\YVZH
UP[HYPVWISPJVVISPNH[VYPV[PLULUX\LWHNHY\UHJVU[YPI\JP}UZPTI}SPJHH
UVZLYX\LLSPQHU\UHT\[\HKLZHS\KJVTWSLTLU[HYPH3HJVILY[\YHKLSH
T\[\HJVTWSLTLU[HYPH`SHJHU[PKHKX\LJVYYLHJHYNVKLSWHJPLU[L]HYxH
LUM\UJP}UKLSWHX\L[LJVU[YH[HKV
,Z[L ZPZ[LTH ZL HWSPJH [HU[V H SH WVISHJP}U UHJPVUHS JVTV H SVZ PUTP
NYHU[LZ X\L KLT\LZ[YLU X\L OHU YLZPKPKV SLNHSTLU[L LU -YHUJPH K\
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
,Z[LZPZ[LTHUVJ\IYLUPH
[\YPZ[HZUPHSHZWLYZVUHZX\LYLZP
KHULU-YHUJPHK\YHU[L\UWLYPVKV
PUMLYPVYH[YLZTLZLZ8\PLULZUV
[LUNHU\UKVTPJPSPVÄQVKLILU
YLNPZ[YHYZLLU\UHKLSHZHZVJPH
JPVULZOHIPSP[HKHZWHYHLSSV
3VZTPLTIYVZKLSHMHTPSPH
X\LZVUKLWLUKPLU[LZ[HTIPtUZL
ILULÄJPHUKLSZLN\YVZHUP[HYPVW
ISPJVZLNULZ[LJYP[LYPV(Y[xJ\SVZ
3`3KLS*VKLKLSH
:tJ\YP[t:VJPHSL
(Y[9KLS*VKLKLSH
:tJ\YP[t:VJPHSL
(Y[3KLS*VKLKLSH
:tJ\YP[t:VJPHSL
:}SVX\PLULZOH`HUZVSPJP[HKV
HZPSVMVYTHSTLU[L
(Y[9KLS*VKLKLSH
:tJ\YP[t:VJPHSL
(Y[KLSH3VPU¢ YLSH[P]LnSHTHz[YPZLKLS»PTTPNYH
[PVUL[H\_JVUKP[PVUZK»LU[YtLL[
KLZtQV\YKLZt[YHUNLYZLU-YHUJL
KLKLHNVZ[VKL ,Z[HSL`
SSHTHKH¸3VP7HZX\H¹]PUJ\SHIH
SHHÄSPHJP}UHSHZLN\YPKHKZVJPHS
HSWLYTPZVKLYLZPKLUJPH,U
SH3VPU¢ WVY[HU[SH
JYtH[PVUK»\UL*V\]LY[\YL4HSHKPL
<UP]LYZLSSLKLKLQ\SPVKL
KLQ}HSHZWLYZVUHZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHSTHYNLU
KLSH*4<]PUJ\SmUKVSHZHS
ZPZ[LTHKLSH(4,
(Y[3KLS*VKLKL
S»HJ[PVUZVJPHSLL[KLZMHTPSSLZ(S
PN\HSX\LSHWVISHJP}UUHJPVUHSSVZ
PUTPNYHU[LZZPUWLYTPZVKLYLZP
KLUJPHW\LKLUYLJPIPYLSYLLTIVSZV
KL\UHWLX\L|HWHY[LKLSJVZ[LKL
HSN\UHZWY}[LZPZKLU[HSLZ
(Y[KLS+tJYL[U¢
YLSH[P]LH\_TVKHSP[tZ
K»HKTPZZPVUKLZKLTHUKLZK»HPKL
TtKPJHSLKLS»,[H[KLKLQ\SPV
KL`HY[KLSH*PYJ\SHPYL
+.(:+::+/6:
YLSH[P]LnS»HPKL4tKPJHSLKLS»,[H[
KLKLZLW[PLTIYLKL
YHU[L\UWLYPVKVZ\WLYPVYH[YLZTLZLZ`X\LLZ[mU[YHIHQHUKV+LSV
JVU[YHYPV LZ[HZ WLYZVUHZ LZ[HYmU J\IPLY[HZ WVY SH *V\]LY[\YL 4HSHKPL
<UP]LYZLSSL*4<WVYLSJYP[LYPVKLYLZPKLUJPH
7HYHVI[LULYSH*4<Z}SV[PLULUX\LWHNHYSHZJVU[YPI\JPVULZLUJHZV
KLX\LZ\ZPUNYLZVZHU\HSLZZ\WLYLUSVZL\YVZLU (KLTmZ
X\PLULZ [LUNHU PUNYLZVZ T\` IHQVZ OHZ[H L\YVZ TLUZ\HSLZ WHYH
\UH ]P]PLUKH \UPWLYZVUHS LU W\LKLU KPZMY\[HY KL SH ¸*4< JVT
WSLTLU[HYPH¹ *V\]LY[\YL 4HSHKPL <UP]LYZLSSL JVTWStTLU[HPYL X\L SLZ
WLYTP[LHJJLKLYNYH[\P[HTLU[LHJHYNVKLSVZMVUKVZWISPJVZH[VKVZ
SVZZLY]PJPVZTtKPJVZX\LUVLZ[mUPUJS\PKVZLULSWHX\L[LKLSYtNPTLU
ImZPJVJVTVNHMHZWY}[LZPZKLU[HSLZH\KxMVUVZ`V[YVZHWHYH[VZTtKP
JVZZPUX\LL_PZ[HSHVISPNHJP}UKLWHNHYJVU[YPI\JPVULZ[HZHZTV
KLYHKVYHZUPKLWHNHYWVYHKLSHU[HKVLULSTVTLU[VLULSX\LHJ\KLU
HSVZZLY]PJPVZ ZHUP[HYPVZ ,S WLYZVUHS ZHUP[HYPV WVY Z\ WHY[LZVSPJP[H LS
YLLTIVSZVHSHH\[VYPKHKTtKPJHJVTWL[LU[LX\LZVUSHZ*HPZZLZ7YP
THPYLZK»(ZZ\YHUJL4HSHKPL*HILKLZ[HJHYX\LSH¸*4<JVTWSLTLU[H
YPH¹[PLUL\UH]HSPKLaKL\UH|V`LZYLUV]HISL`X\LSHZWLYZVUHZX\LZL
LUJ\LU[YLUSPNLYHTLU[LWVYLUJPTHKLS\TIYHSLZ[HISLJPKVWHYHYLJPIPYSH
W\LKLUZVSPJP[HY\UHH`\KHWISPJHWHYHWHNHYWHYJPHSTLU[L\UHT\[\H
VZLN\YVJVTWSLTLU[HYPV
3VZZVSPJP[HU[LZKLHZPSV [PLULUKLYLJOVHKPZMY\[HYKLSWHX\L[LZHUP
[HYPVImZPJVKLSZLN\YVZHUP[HYPVWISPJVVISPNH[VYPVHZxJVTVHYLJPIPY
\UH¸*4<JVTWSLTLU[HYPH¹ZPLTWYLX\LZLLUJ\LU[YLUWVYKLIHQVKLS
\TIYHSLJVU}TPJVTLUJPVUHKVHU[LYPVYTLU[LZ\LSLZLYLSJHZV[xWPJV
iZ[LLZLSUPJVYLX\PZP[VULJLZHYPVWHYHVI[LULYSH¸*4<JVTWSLTLU[H
YPH¹`UVLZULJLZHYPVKLTVZ[YHY\UHYLZPKLUJPHKL[YLZTLZLZLU-YHU
JPH
/HZ[H SH WVISHJP}U PUTPNYHU[L LU ZP[\HJP}U PYYLN\SHY YLJPIxH LS
TPZTV[YH[VX\LSHWVISHJP}UUHJPVUHSJVUYLJ\YZVZLJVU}TPJVZLZJH
ZVZ(J[\HSTLU[LSHHZPZ[LUJPHZHUP[HYPHWHYHPUTPNYHU[LZZPUWLYTPZV
KLYLZPKLUJPHZLVYNHUPaHH[YH]tZKL\UZPZ[LTHHKTPUPZ[YH[P]VWHYHSLSV
SSHTHKV¸(`\KH4tKPJHKLS,Z[HKV¹(PKL4tKPJHSLi[H[(4,X\LSLZ
WLYTP[LHJJLKLYNYH[\P[HTLU[LSVZJVZ[LZJVYYLUHJHYNVKLMVUKVZW
ISPJVZ`UVLZULJLZHYPVWHNHYWVYHKLSHU[HKVH[VKV[PWVKLZLY]PJPVZ
ZHUP[HYPVZJVUSHUPJHL_JLWJP}UKLSVZWYVK\J[VZ}W[PJVZSVZH\KxMV
UVZ`HSN\UHZWY}[LZPZKLU[HSLZ:}SV[PLULUKLYLJOVHYLJPIPYSH(4,
HX\tSSVZX\LW\LKHUKLTVZ[YHYX\LOHUYLZPKPKVLU-YHUJPHK\YHU[L\U
WLYPVKV Z\WLYPVY H [YLZ TLZLZ ` X\L ZL LUJ\LU[YHU WVY KLIHQV KL \U
KL[LYTPUHKV\TIYHSLJVU}TPJVL\YVZTLUZ\HSLZWHYH\UH]P]PLUKH
\UPWLYZVUHSLU 7HYHVI[LULYSH(4,X\LZLJVUJLKLWHYH\UWLYPVKVKL\UH|V`LZYL
UV]HISLZLKLILUJ\TWSPY\UHZLYPLKLYLX\PZP[VZX\LPTWSPJHUNYHUKLZ
[YHIHZ HKTPUPZ[YH[P]HZ! KLTVZ[YHY SH PKLU[PKHK KL X\PLU SV ZVSPJP[H `
KLX\PLULZLZ[mUHZ\JHYNVWHZHWVY[LKVJ\TLU[VKLPKLU[PKHKJLY[P
ÄJHKVKLUHJPTPLU[VSPIYVKLMHTPSPHWLYTPZVKLYLZPKLUJPHJHK\JHKV
`J\HSX\PLYV[YVKVJ\TLU[VKLLZ[L[PWVX\LKLT\LZ[YLSHPKLU[PKHK"
WYLZLU[HY\UHWY\LIHKLKVTPJPSPV`KLX\LZLOHYLZPKPKVPUPU[LYY\T
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
(Y[KLS+tJYL[U¢
`*PYJ\SHPYL+.(:+::
+/6:
,Z[L\TIYHS]HYxHLU
M\UJP}UKLSUTLYVKLWLYZVUHZ
X\L]P]HULULSOVNHY7HYHTmZ
PUMVYTHJP}UZVIYLSHL]HS\HJP}U
KLLZ[VZYLX\PZP[VZ]tHUZLHY[
KLS+tJYL[U¢
`*VTuKL.\PKLWYH[PX\L
7YPZLLUJOHYNLTLKPJV
WZ`JOVZVJPHSLKLZTPNYHU[Z
t[YHUNLYZLUZP[\H[PVUWYtJHPYL
=tHUZLHY[0KLSH
3VP7HZX\H`HY[3KLS
*VKLKLS»HJ[PVUZVJPHSLL[KLZ
MHTPSSLZLU70*<4(JJLZZ[V
OLHS[OJHYLMVY\UKVJ\TLU[LK
TPNYHU[ZWmN
:PULTIHYNVL_PZ[LSH
WVZPIPSPKHKKLJVUZLN\PYSH
(4,H\UX\LUVZLJ\TWSHU
SVZYLX\PZP[VZKLZP[\HJPVULZ
L_[YLTHKHTLU[L\YNLU[LZWLYV
KLWLUKLKLSJYP[LYPVKPZJYLJPV
UHSKLSHZH\[VYPKHKLZWISPJHZ
,Z[HWVZPIPSPKHKZLKLUVTPUH
¸(`\KH4tKPJHKLS,Z[HKV
WVYKLJPZP}UTPUPZ[LYPHS¹TmZ
JVTUTLU[LJVUVJPKHJVTV
¸H`\KHTtKPJHO\THUP[HYPH¹
=tHZL.\PKL*VTuKL
WmN
(Y[Z3`3KLS
*VKLKLS»HJ[PVUZVJPHSLL[KLZ
MHTPSSLZ`*PYJ\SHPYL+/6:+::
+.(:U¢K\THYZ
YLSH[P]LnSHWYPZLLUJOHYNLKLZ
ZVPUZ\YNLU[ZKtSP]YtZnKLZ
t[YHUNLYZYtZPKHU[LU-YHUJL
KLTHUPuYLPYYtN\SPuYLL[UVU
ItUtÄJPHPYLZKLS»(PKLTtKPJHSL
KLS»,[H[
,SVIQL[P]VKLLZ[LZLY]PJPV
LZH[LUKLYH[VKHZSHZWLYZVUHZ
X\LUV[PLULUJVILY[\YHZHUP[H
YPHLU-YHUJPH
(Y[3KLS*VKLKLSH
:tJ\YP[t:VJPHSL
3VPKLÄUHUJLZYLJ[PÄJH[P]L
WV\YKLKLKPJPLTIYL
KL=tHZL[HTIPtU!
70*<4(JJLZZ[VOLHS[OJHYL
MVY\UKVJ\TLU[LKTPNYHU[Z
WmN
WPKHTLU[LLU-YHUJPHK\YHU[LZ\UWLYPVKVKL[YLZTLZLZ]PZHKVVZLSSV
KLMYVU[LYHMV[VJVWPHKLSJVU[YH[VKLHYYLUKHTPLU[VVYLJPIVKLSHSX\PSLY
JHY[HZKLPTW\LZ[VZMHJ[\YHZKLOV[LSLZMHJ[\YHZKLLSLJ[YPJPKHKNHZ
HN\H V [LStMVUV KVJ\TLU[VZ V JLY[PÄJHKVZ L_WLKPKVZ WVY HKTPUPZ[YH
JPVULZVLU[PKHKLZZVJPHSLZVZHUP[HYPHZVJ\HSX\PLYV[YVKVJ\TLU[VKL
LZ[L [PWV X\L ZPY]H JVTV Q\Z[PÄJHU[L KLS KVTPJPSPV ZHS]V KLJSHYHJPVULZ
Q\YHKHZKLSHWLYZVUHX\LSVZVSPJP[HL_JLW[VLUSVZJHZVZMVYTHSTLU[L
WYL]PZ[VZWVYSHSL`"`KLTVZ[YHYX\LOHUWLYTHULJPKVWVYKLIHQV
KL \U KL[LYTPUHKV \TIYHS LJVU}TPJV JVU[HUKV J\HSX\PLY [PWV KL YL
J\YZVZ L\YVZ TLUZ\HSLZ WHYH \UH ]P]PLUKH \UPWLYZVUHS LU K\YHU[LSVZS[PTVZKVJLTLZLZ,_PZ[LUKVZWYVJLKPTPLU[VZKPZ[PU[VZ
WHYHVI[LULYSH(4,!LSWYVJLKPTPLU[VUVYTHSX\LW\LKLSSL]HYT\JOV
[PLTWV`\UWYVJLKPTPLU[V¸WYPVYP[HYPV¹X\LW\LKLZVSPJP[HYMVYTHSTLU[L
\UWYVMLZPVUHSTtKPJVWVYYHaVULZKL\YNLUJPHVKLIPKVHSHZWVZPISLZ
YLWLYJ\ZPVULZ X\L W\LKL [LULY \U WYVISLTH ZHUP[HYPV LU LS LZ[HKV KL
ZHS\KKLSHWLYZVUH3HZWLYZVUHZZPUWLYTPZVKLYLZPKLUJPHUVVI[PLULU
SH[HYQL[HNLULYHSJHY[L]P[HSLZPUVX\LYLJPILULUZ\S\NHY\UHUV[PÄJH
JP}UWVYLZJYP[V
8\PLULZW\LKLUKLTVZ[YHYX\LOHUYLZPKPKVLU-YHUJPHK\YHU[L\UWL
YPVKVZ\WLYPVYH[YLZH|VZ[HTIPtU[PLULUKLYLJOVHYLJPIPYSH¸H[LUJP}U
TtKPJH H KVTPJPSPV¹ HZZPZ[HUJL TtKPJHSL n KVTPJPSL NYHJPHZ H SH J\HS
W\LKLUYLJPIPYH[LUJP}UKLWYPTLYUP]LSKLMVYTHNYH[\P[H
:PU LTIHYNV UV [VKH SH WVISHJP}U PUTPNYHU[L X\L ]P]L LU -YHUJPH ZPU
YLN\SHYPaHY[PLULKLYLJOVHYLJPIPYSH(4,+LLZ[HMVYTHX\PLULZUV
JVUZPNHU KLTVZ[YHY \UH YLZPKLUJPH Z\WLYPVY H [YLZ TLZLZ V SH MHS[H KL
YLJ\YZVZLJVU}TPJVZZ}SV[PLULUKLYLJOVH!H[LUJP}U\YNLU[LZVPUZ
K»\YNLUJLLU[LUKPKHJVTVSHHZPZ[LUJPHLUZP[\HJPVULZX\LWVUNHULU
WLSPNYVSH]PKHKLSVSHWHJPLU[LLS[YH[HTPLU[VKLLUMLYTLKHKLZJVU[H
NPVZHZULJLZHYPVWHYHLSPTPUHYYPLZNVZWHYHSHZHS\KWISPJH[VKV[PWV
KL H[LUJP}U H TLUVYLZ ZLY]PJPVZ KL VIZ[L[YPJPH ` HIVY[V WVY YHaVULZ
TtKPJHZ H L_JLWJP}U KLS [YH[HTPLU[V KL LUMLYTLKHKLZ JY}UPJHZ" KL[LJJP}UKLLUMLYTLKHKLZKL[YHUZTPZP}UZL_\HS`KLS=0/ZPKHWSHUP
ÄJHJP}UMHTPSPHY]HJ\UHZ"`KL[LJJP}U`[YH[HTPLU[VKL[\ILYJ\SVZPZ
3HH[LUJP}UKL\YNLUJPHZWHYHSHWVISHJP}UPUTPNYHU[LZLYLHSPaHKPYLJ[H
TLU[LLUSVZZLY]PJPVZKL\YNLUJPHZKLSOVZWP[HSVZLVYNHUPaHH[YH]tZKL
\UHZJVUZ\S[HZX\LZLLUJ\LU[YHU[L}YPJHTLU[LLU[VKVZSVZOVZWP[HSLZ
WISPJVZ!7LYTHULUJLZK»HJJuZH\_ZVPUZKLZHU[t7(:: (JVU[PU\H
JP}ULSMVUKVMVUKZKLZVPUZK»\YNLUJLYLLTIVSZHHSVZOVZWP[HSLZWVY
SVZNHZ[VZKLYP]HKVZKLSHH[LUJP}ULZ[\KPmUKVSVZJHZVWVYJHZV
7VYS[PTVKPZ[PU[HZJH[LNVYxHZKLPUTPNYHU[LZZPUWLYTPZVKLYLZPKLU
JPH[PLULUKLYLJOVHKPZMY\[HYKLSZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV`
KLSH*4<JVTWSLTLU[HYPH!X\PLULZOH`HUZ\MYPKV\UHJJPKLU[LSHIVYHS
V\UHLUMLYTLKHKWYVMLZPVUHSWLYZVUHZLUJHYJLSHKHZPUKVJ\TLU[HKHZ
HX\LSSHZJ\`VWLYTPZVKLYLZPKLUJPHLU-YHUJPHOH`HL_WPYHKVK\YHU[L
\UH|V HZxJVTVTLUVYLZUVHJVTWH|HKVZ
,ULS7HYSHTLU[VMYHUJtZPU[LU[}YLK\JPYSHJVILY[\YHKLSH(4,KLS
HSOHJPLUKVX\LLZ[LJVSLJ[P]VKLPUTPNYHU[LZ[\]PLYHUX\L
JVU[YPI\PY[HU[VHSVZJVZ[LZKLSHH[LUJP}UHWHJPLU[LZL_[LYUVZJVTVH
SVZWYVK\JPKVZWVYPUNYLZVZOVZWP[HSHYPVZ:LW\LKLZLN\PYJVUZPKLYHUKV
JVTV\U¸PU[LU[V¹`HX\LLZ[HYLMVYTHZLZ\IVYKPU}HSHHKVWJP}UKL
\UKLJYL[VX\LHWSPJHYxHLZ[HTLKPKH`ÄQHYxHSVZPTWVY[LZ5VVIZ[HU[L
LZ[LKLJYL[VHUUVOHZPKVHKVW[HKV (**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
(:0:;,5*0(:(50;(90(
((+<3;6:
<9.,5*0(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV
] *VUKPJPVULZ!
³+PZMY\[HYKLSWHX\L[LZHUP[HYPVImZPJVKLSHZLN\YPKHKZVJPHS`WYLZLU[HYSH
JHY[L]P[HSL7VY[HU[VKLILUWHNHYSHZJVU[YPI\JPVULZ`\UHKL[LYTPUHKH
JHU[PKHKKLSJVZ[LKLSZLY]PJPVLSKLSJVZ[LHKLTmZKLLU[YLL\YVZ
` L\YVZ KL ¸[HYPMH OVZWP[HSHYPH KPHYPH¹ MVYMHP[ QV\YUHSPLY OVZWP[HSPLY ,_
JLWJPVULZ!WLYZVUHZILULÄJPHYPHZKLSH*4<JVTWSLTLU[HYPHOVZWP[HSPaH
JPVULZKLTmZKLKxHZJVUZLJ\[P]VZVKLIPKHZHLUMLYTLKHKLZSHYNHZ
ZLN\PTPLU[V KLS LTIHYHaV K\YHU[L SVZ S[PTVZ J\H[YV TLZLZ ` H[LUJP}U H
ULVUH[VZHZxJVTVHSN\UVZZLY]PJPVZWYVWVYJPVUHKVZHWLYZVUHZQ\IPSHKHZ
WVYPU]HSPKLaHWLYZVUHZX\LOH`HUZ\MYPKV\UHJJPKLU[LSHIVYHSL[J
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³6I[LULY SH *4< JVTWSLTLU[HYPH! KLTVZ[YHY X\L ZL LUJ\LU[YHU WVY KL
IHQVKL\UKL[LYTPUHKV\TIYHSLJVU}TPJV`WYLZLU[HYSHJHY[L]P[HSLJVTV
T\LZ[YHKLX\L[PLULUKLYLJOV
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZ!HJJLZVNYH[\P[V
:PUVW\LKLUKLTVZ[YHYX\LOHUYLZPKPKVLULSWHxZK\YHU[L\UWLYPVKVZ\WL
YPVY H [YLZ TLZLZ! HJJLZV NYH[\P[V H [YH]tZ KL SVZ ZLY]PJPVZ KL 7LYTHULUJLZ
K»HJJuZH\_ZVPUZKLZHU[t¶7(::
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZZPZ[LTH(4,!
³6I[LULYSH(4,`WYLZLU[HYSHUV[PÄJHJP}ULZJYP[HKLSH(4,!
Q
+LTVZ[YHYSHPKLU[PKHK
Q
+LTVZ[YHYX\LZLOHYLZPKPKVKLMVYTHJVU[PU\HLU-YHUJPHK\YHU[L
\UWLYPVKVZ\WLYPVYH[YLZTLZLZ
Q
+LTVZ[YHY X\LZLLUJ\LU[YHUWVYKLIHQVKL\UKL[LYTPUHKV\T
IYHSLJVU}TPJV
Q:PUVKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZ7LYTHULUJLZ
K»HJJuZH\_ZVPUZKLZHU[t!UVZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(;,5*0Ô5+,7904,950=,3@,:7,*0(30A(+(7(*0,5;,,?;,956
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSZLN\YVZHUP[HYPVWISPJVVISP
NH[VYPV
] *VUKPJPVULZ!
³+PZMY\[HYKLSWHX\L[LZHUP[HYPVImZPJVKLSHZLN\YPKHKZVJPHSVISPNH[VYPHSV
X\LPTWSPJHWHNHYSHZJVU[YPI\JPVULZ`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLS
JVZ[LKLSZLY]PJPVLU[YL\U`\UKLWLUKPLUKVKLSHLZWLJPHSPKHK
TtKPJH 7YLZLU[HY SH JHY[L ]P[HSL ,_JLWJPVULZ! WLYZVUHZ ILULÄJPHYPHZ
KLSH*4<JVTWSLTLU[HYPHZLN\PTPLU[VKLSLTIHYHaVK\YHU[LSVZS[PTVZ
J\H[YV TLZLZ ` H[LUJP}U H ULVUH[VZ WLYZVUHZ JVU KL[LYTPUHKHZ LUMLY
TLKHKLZ SHYNHZ HZx JVTV HSN\UVZ ZLY]PJPVZ WYVWVYJPVUHKVZ H WLYZVUHZ
Q\IPSHKHZWVYPU]HSPKLaVHHX\LSSHZWLYZVUHZX\LOH`HUZ\MYPKV\UHJJPKLU[L
SHIVYHS
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³6I[LULYSH*4<JVTWSLTLU[HYPH!KLTVZ[YHYX\LZLLUJ\LU[YHUWVYKLIHQV
KL\UKL[LYTPUHKV\TIYHSLJVU}TPJV`WYLZLU[HYSHJHY[L]P[HSLJVTV
T\LZ[YHKLX\L[PLULUKLYLJOV
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZ!HJJLZVNYH[\P[V
:PUVW\LKLUKLTVZ[YHYX\LOHUYLZPKPKVLULSWHxZK\YHU[L\UWLYPVKVZ\WL
YPVYH[YLZTLZLZ!56[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
;HYQL[HLSLJ[Y}UPJHX\LMHJPSP[H
SVZ[YmTP[LZLUSHHKTPUPZ[YHJP}UKL
ZHS\KPKLU[PÄJHJP}UJVTWYVIHJP}U
KLSVZKLYLJOVZ`JVWHNVZ
] *VUKPJPVULZ!
Q:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZZPZ[LTH(4,!
³6I[LULYSH(4,`WYLZLU[HYSHUV[PÄJHJP}ULZJYP[HKLSH(4,!
Q
+LTVZ[YHYSHPKLU[PKHK
Q
+LTVZ[YHYX\LZLOHYLZPKPKVKLMVYTHJVU[PU\HLU-YHUJPHK\YHU[L
\UWLYPVKVZ\WLYPVYH[YLZTLZLZ
Q
+LTVZ[YHY X\LZLLUJ\LU[YHUWVYKLIHQVKL\UKL[LYTPUHKV\T
IYHSLJVU}TPJV
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
/6:70;(30A(*0Ô505.9,:6
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSZLN\YVZHUP[HYPVWISPJVVISP
NH[VYPV
] *VUKPJPVULZ!
³+PZMY\[HYKLSWHX\L[LZHUP[HYPVImZPJVKLSHZLN\YPKHKZVJPHS`WYLZLU[HYSH
JHY[L]P[HSL7VY[HU[VKLILUWHNHYSHZJVU[YPI\JPVULZ`\UHKL[LYTPUHKH
JHU[PKHKKLSJVZ[LKLSZLY]PJPVLSKLSJVZ[LHKLTmZKLLU[YLL\YVZ
`L\YVZKL¸[HYPMHOVZWP[HSHYPHKPHYPH¹MVYMHP[QV\YUHSPLYOVZWP[HSPLY,_JLW
JPVULZ!WLYZVUHZILULÄJPHYPHZKLSH*4<JVTWSLTLU[HYPHOVZWP[HSPaHJPVULZ
KL TmZ KL KxHZ JVUZLJ\[P]VZ V KLIPKHZ H LUMLYTLKHKLZ SHYNHZ ZLN\P
TPLU[VKLSLTIHYHaVK\YHU[LSVZS[PTVZJ\H[YVTLZLZ`H[LUJP}UHULVUH
[VZ HZx JVTV HSN\UVZ ZLY]PJPVZ WYVWVYJPVUHKVZ H WLYZVUHZ Q\IPSHKHZ WVY
PU]HSPKLaVHHX\LSSHZWLYZVUHZX\LOH`HUZ\MYPKV\UHJJPKLU[LSHIVYHSL[J
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³6I[LULYSH*4<JVTWSLTLU[HYPH!KLTVZ[YHYX\LZLLUJ\LU[YHUWVYKLIHQV
KL\UKL[LYTPUHKV\TIYHSLJVU}TPJV`WYLZLU[HYSHJHY[L]P[HSLJVTV
T\LZ[YHKLX\L[PLULUKLYLJOV
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZ!HJJLZVNYH[\P[V
:PUVW\LKLUKLTVZ[YHYX\LOHUYLZPKPKVLULSWHxZK\YHU[L\UWLYPVKVZ\WL
YPVYH[YLZTLZLZ!56[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
] *VUKPJPVULZ!
Q:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZZPZ[LTH(4,!
³6I[LULYSH(4,`WYLZLU[HYSHUV[PÄJHJP}ULZJYP[HKLSH(4,!
Q
+LTVZ[YHYSHPKLU[PKHK
Q
+LTVZ[YHYX\LZLOHYLZPKPKVKLMVYTHJVU[PU\HLU-YHUJPHK\YHU[L
\UWLYPVKVZ\WLYPVYH[YLZTLZLZ
Q
+LTVZ[YHY X\LZLLUJ\LU[YHUWVYKLIHQVKL\UKL[LYTPUHKV\T
IYHSLJVU}TPJV
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
(;,5*0Ô579,@76:;5(;(3
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZV NYH[\P[V WHNHKV WVY MVUKVZ WISPJVZ S[PTVZ J\H[YV TLZLZ KLS LT
IHYHaV`H[LUJP}UHULVUH[VZ-\LYHKLLZ[LWLYPVKVSHH[LUJP}UZLIHZHLU
JVWHNV
] *VUKPJPVULZ!
³+PZMY\[HYKLSWHX\L[LZHUP[HYPVImZPJVKLSHZLN\YPKHKZVJPHS`WYLZLU[HYSH
JHY[L]P[HSL,Z[VPTWSPJHWHNHYSHZJVU[YPI\JPVULZ,_JLWJPVULZ!WLYZVUHZ
ILULÄJPHYPHZKLSH*4<JVTWSLTLU[HYPH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³6I[LULYSH*4<JVTWSLTLU[HYPH!KLTVZ[YHYX\LZLLUJ\LU[YHUWVY
KLIHQVKL\UKL[LYTPUHKV\TIYHSLJVU}TPJV`WYLZLU[HYSHJHY[L]P[HSL
JVTVT\LZ[YHKLX\L[PLULUKLYLJOV
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZ!HJJLZVNYH[\P[V
:PUVW\LKLUKLTVZ[YHYX\LOHUYLZPKPKVLULSWHxZK\YHU[L\UWLYPVKVZ\WL
YPVY H [YLZ TLZLZ! HJJLZV NYH[\P[V H [YH]tZ KL SVZ ZLY]PJPVZ KL 7LYTHULUJLZ
K»HJJuZH\_ZVPUZKLZHU[t7(::
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZZPZ[LTH(4,!
³6I[LULYSH(4,`WYLZLU[HYSHUV[PÄJHJP}ULZJYP[HKLSHTPZTH!
Q
+LTVZ[YHYSHPKLU[PKHK
Q
+LTVZ[YHYX\LZLOHYLZPKPKVKLMVYTHJVU[PU\HLU-YHUJPHK\YHU[L
\UWLYPVKVZ\WLYPVYH[YLZTLZLZ
Q
+LTVZ[YHY X\LZLLUJ\LU[YHUWVYKLIHQVKL\UKL[LYTPUHKV\T
IYHSLJVU}TPJV
Q:PUVKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZ7LYTHULUJLZ
K»HJJuZH\_ZVPUZKLZHU[t!UVZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
;9(;(40,5;6(+<3;6:
4,+0*(4,5;6:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSZLN\YVZHUP[HYPVWISPJVVISP
NH[VYPV
] *VUKPJPVULZ!
³+PZMY\[HYKLSWHX\L[LZHUP[HYPVImZPJVKLSHZLN\YPKHKZVJPHS`WYLZLU[HY
SHJHY[L]P[HSLWHYHUV[LULYX\LH]HUaHYLSWHNVVWHYHX\LSLZLHYLLT
IVSZHKV7VY[HU[VOH`X\LWHNHYSHZJVU[YPI\JPVULZ`\UHKL[LYTPUHKH
JHU[PKHKKLSJVZ[LKLSVZTLKPJHTLU[VZLU[YLLS`LSKL
WLUKPLUKVKLSHJH[LNVYxHKLTLKPJHTLU[VZ,_JLWJPVULZ!WLYZVUHZ
ILULÄJPHYPHZKLSH*4<JVTWSLTLU[HYPHKL[LYTPUHKHZOVZWP[HSPaHJPVULZ`
LUMLYTLKHKLZSHYNHZZLN\PTPLU[VKLSLTIHYHaVK\YHU[LSVZS[PTVZJ\H[YV
TLZLZ`H[LUJP}UHULVUH[VZHZxJVTVHSN\UVZZLY]PJPVZWYVWVYJPVUHKVZ
HWLYZVUHZQ\IPSHKHZWVYPU]HSPKLaVHHX\LSSHZWLYZVUHZX\LOH`HUZ\MYPKV
\UHJJPKLU[LSHIVYHS
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³6I[LULYSH*4<JVTWSLTLU[HYPH!KLTVZ[YHYX\LZLLUJ\LU[YHUWVY
KLIHQVKL\UKL[LYTPUHKV\TIYHSLJVU}TPJV`WYLZLU[HYSHJHY[L]P[HSL
JVTVT\LZ[YHKLX\L[PLULUKLYLJOV
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZ!HJJLZVNYH[\P[V
:PUVW\LKLUKLTVZ[YHYX\LOHUYLZPKPKVLULSWHxZK\YHU[L\UWLYPVKVZ\WL
YPVYH[YLZTLZLZ!56[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
] *VUKPJPVULZ!
Q:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZZPZ[LTH(4,!
³6I[LULYSH(4,`WYLZLU[HYSHUV[PÄJHJP}ULZJYP[HKLSHTPZTH!
Q
+LTVZ[YHYSHPKLU[PKHK
Q
+LTVZ[YHYX\LZLOHYLZPKPKVKLMVYTHJVU[PU\HLU-YHUJPHK\YHU[L
\UWLYPVKVZ\WLYPVYH[YLZTLZLZ
Q
+LTVZ[YHY X\LZLLUJ\LU[YHUWVYKLIHQVKL\UKL[LYTPUHKV\T
IYHSLJVU}TPJV
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
+,;,**0Ô5+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
3HZWY\LIHZKLKL[LJJP}UZVUHU}UPTHZ`NYH[\P[HZ
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY,_PZ[LUJLU[YVZWISPJVZ
LZWLJPHSPaHKVZ :630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
;9(;(40,5;6+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
+PZMY\[HYKLSWHX\L[LZHUP[HYPVImZPJVKLSHZLN\YPKHKZVJPHS`WYLZLU[HYSH
JHY[L]P[HSL`WVYJVUZPN\PLU[LWHNHYSHZJVU[YPI\JPVULZ,_LUJP}U[V[HSKLS
JVWHNV
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
6I[LULYSH*4<JVTWSLTLU[HYPH!KLTVZ[YHYX\LZLLUJ\LU[YHUWVYKLIHQV
KL\UKL[LYTPUHKV\TIYHSLJVU}TPJV`WYLZLU[HYSHJHY[L]P[HSL
0540.9(5;,::057,940:6+,9,:0+,5*0(
3VZ¸*LU[YVZKL+L[LJJP}U
(U}UPTVZ`.YH[\P[VZ¹*+(.
`SHZ¸*VUZ\S[HZKL+L[LJJP}U`
(ZLZVYHTPLU[V¹*+6WVYZ\Z
ZPNSHZLUMYHUJtZWHYHWLYZVUHZ
ZPUJVILY[\YHZHUP[HYPH
] +LYLJOVZ!
:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZ!HJJLZVNYH[\P[V
:PUVW\LKLUKLTVZ[YHYX\LOHUYLZPKPKVLULSWHxZK\YHU[L\UWLYPVKVZ\
WLYPVYH[YLZTLZLZ!HJJLZVNYH[\P[V
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:P[PLULUKLYLJOVHHÄSPHYZLH\UHT\[\H!PN\HSX\LSHWVISHJP}UUHJPVUHS
³6I[LULYSH(4,`WYLZLU[HYSHUV[PÄJHJP}ULZJYP[HKLSHTPZTH!
Q
+LTVZ[YHYSHPKLU[PKHK
Q
+LTVZ[YHYX\LZLOHYLZPKPKVKLMVYTHJVU[PU\HLU-YHUJPHK\YHU[L
\UWLYPVKVZ\WLYPVYH[YLZTLZLZ
Q
+LTVZ[YHYX\LZLLUJ\LU[YHUWVYKLIHQVKL\UKL[LYTPUHKV\TIYHS
LJVU}TPJV
Q:PUVKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZ7LYTHULUJLZK»HJ
JuZH\_ZVPUZKLZHU[t!UVZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
;9(;(40,5;6+,6;9(:,5-,94,+(+,:05-,**06:(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
+L[LJJP}U!WY\LIHZKLKL[LJJP}UHU}UPTHZ`NYH[\P[HZLUJLU[YVZLZWLJPHSPaH
KVZWISPJVZ ;YH[HTPLU[V!HJJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSZLN\YVZHUP[HYPV
VISPNH[VYPV(JJLZVHS[YH[HTPLU[VNYH[\P[VLUJLU[YVZLZWLJPHSPaHKVZ*3(;¶
*LU[YLZKLS\[[LHU[P[\ILYJ\SVZL
] *VUKPJPVULZ!
Q7HYHSHZWY\LIHZKLKL[LJJP}U!UVZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
Q7HYHLS[YH[HTPLU[V!
³+PZMY\[HYKLSWHX\L[LZHUP[HYPVImZPJVKLSHZLN\YPKHKZVJPHS`WYLZLU[HYSH
JHY[L]P[HSL,Z[VPTWSPJHWHNHYSHZJVU[YPI\JPVULZUVZLYLX\PLYLUPUNU
JVWHNV:PUVZLKPZMY\[HKLJVILY[\YHZHUP[HYPH!UVZLYLX\PLYLUPUN\UH
JVUKPJP}UWHYHHJJLKLYHS[YH[HTPLU[VH[YH]tZKLS*3(;
:630*0;(5;,:+,(:036
] +LYLJOVZ!
+L[LJJP}U!PN\HSX\LSHWVISHJP}UUHJPVUHS
;YH[HTPLU[V!HJJLZVNYH[\P[V
] *VUKPJPVULZ!
Q7HYHSHZWY\LIHZKLKL[LJJP}U!PN\HSX\LSHWVISHJP}UUHJPVUHS
Q7HYHLS[YH[HTPLU[V!VI[LULYSH*4<JVTWSLTLU[HYPHKLTVZ[YHUKVX\L
ZLLUJ\LU[YHUWVYKLIHQVKL\UKL[LYTPUHKV\TIYHSLJVU}TPJV`WYLZLU
[HUKVSHJHY[L]P[HSL
0540.9(5;,::057,940:6+,9,:0+,5*0(
*+(.WHYHSHOLWH[P[PZ"
*0++0:;*LU[YLK»PUMVYTH
[PVUKLKtWPZ[HNLL[KLKPH
NUVZ[PJKLZPUMLJ[PVUZZL_\LS
SLTLU[[YHUZTPZPISLZWHYHSHZ
LUMLYTLKHKLZKL[YHUZTPZP}U
ZL_\HS"*+6`*3(;*LU[YLZ
KLS\[[LHU[P[\ILYJ\SVZLWHYH
SH[\ILYJ\SVZPZ
] +LYLJOVZ!
+L[LJJP}U!PN\HSX\LSHWVISHJP}UUHJPVUHS
;YH[HTPLU[V! ZP KLT\LZ[YHU \UH YLZPKLUJPH Z\WLYPVY H [YLZ TLZLZ [LUKYmU
HJJLZV NYH[\P[V H LZ[VZ ZLY]PJPVZ :P WVY LS JVU[YHYPV UV W\LKLU KLTVZ[YHY
X\LOHUYLZPKPKVLULSWHxZK\YHU[L\UWLYPVKVZ\WLYPVYH[YLZTLZLZWVKYmU
HJJLKLY H LZ[VZ ZLY]PJPVZ NYH[\P[HTLU[L LU JLU[YVZ LZWLJPHSPaHKVZ *3(; ¶
*LU[YLZKLS\[[LHU[P[\ILYJ\SVZL
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
] *VUKPJPVULZ!
Q7HYHSHZWY\LIHZKLKL[LJJP}U!PN\HSX\LSHWVISHJP}UUHJPVUHS!
Q7HYHLS[YH[HTPLU[V!
:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYH[YLZTLZLZ!
³6I[LULYSH(4,`WYLZLU[HYSHUV[PÄJHJP}ULZJYP[HKLSHTPZTH!
Q
+LTVZ[YHYSHPKLU[PKHK
Q
+LTVZ[YHYX\LZLOHYLZPKPKVKLMVYTHJVU[PU\HLU-YHUJPHK\YHU[L
\UWLYPVKVZ\WLYPVYH[YLZTLZLZ
Q
+LTVZ[YHY X\LZLLUJ\LU[YHUWVYKLIHQVKL\UKL[LYTPUHKV\T
IYHSLJVU}TPJV
:P UV KLT\LZ[YHU X\L OHU YLZPKPKV LU -YHUJPH K\YHU[L \U WLYPVKV Z\WLYPVY H
[YLZTLZLZWVKYmUHJJLKLYHSVZ*LU[YLZKLS\[[LHU[P[\ILYJ\SVZLKVUKLUVZL
YLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
4,569,:
4,569,:5(*065(3,:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSZLN\YVZHUP[HYPVWISPJVVISPNH
[VYPVVWHNHKVLUZ\PU[LNYPKHKWVYtZ[LS[PTVKLWLUKPLUKVKLSHJVILY[\YH
ZHUP[HYPHKLSVZWHKYLZ
=HJ\UHZ!HSN\UHZ]HJ\UHZZVUVISPNH[VYPHZ`NYH[\P[HZ ] *VUKPJPVULZ!
³+PZMY\[HYKLSWHX\L[LZHUP[HYPVImZPJVKLSHZLN\YPKHKZVJPHSH[YH]tZKL
Z\ZWHKYLZ`WYLZLU[HYSHJHY[L]P[HSL+LLZ[HMVYTHKLILYmUWHNHY\UH
KL[LYTPUHKHJHU[PKHKKLSJVZ[LKLSZLY]PJPV,_JLWJPVULZ!TLUVYLZX\L
ZLILULÄJPLUKLSH*4<JVTWSLTLU[HYPHHSN\UVZPUNYLZVZOVZWP[HSHYPVZ
`LUMLYTLKHKLZSHYNHZ
/016:+,:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³6I[LULYSH*4<JVTWSLTLU[HYPH!KLTVZ[YHYX\LZ\ZWHKYLZZLLUJ\LU
[YHUWVYKLIHQVKL\UKL[LYTPUHKV\TIYHSLJVU}TPJV`WYLZLU[HYSHJHY[L
]P[HSLJVTVT\LZ[YHKLX\L[PLULUKLYLJOV
4,569,::630*0;(5;,:+,(:03656(*647(j(+6:
] +LYLJOVZ!
(JJLZVNYH[\P[V
=tHZLSPZ[HKL]H
J\UHZ!^^^PU]ZZHU[L
MY),/ F
ILOFFF WKMPUMVYTH
JP}ULUMYHUJtZ
,Z[LYLWYLZLU[HU[LSLNHS
Z\LSLZLYLSZLY]PJPVWISPJV
(PKL:VJPHSLnS»LUMHUJL(:,
] *VUKPJPVULZ!
³;LULYHZPNUHKV\UYLWYLZLU[HU[LSLNHS ³6I[LULYSH*4<JVTWSLTLU[HYPH!KLTVZ[YHYX\LZLLUJ\LU[YHUWVY
KLIHQVKL\UKL[LYTPUHKV\TIYHSLJVU}TPJV`WYLZLU[HYSHJHY[L]P[HSL
JVTVT\LZ[YHKLX\L[PLULUKLYLJOV
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
4,569,:0540.9(5;,::057,940:6+,9,:0+,5*0(56(*6
7(j(+6:
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!!
³;LULYHZPNUHKV\UYLWYLZLU[HU[LSLNHS
³6I[LULYSH*4<JVTWSLTLU[HYPH!KLTVZ[YHYX\LZLLUJ\LU[YHUWVY
KLIHQVKL\UKL[LYTPUHKV\TIYHSLJVU}TPJV`WYLZLU[HYSHJHY[L]P[HSL
JVTVT\LZ[YHKLX\L[PLULUKLYLJOV
/016:+,0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³6I[LULYSH(4,`WYLZLU[HYSHUV[PÄJHJP}ULZJYP[HKLSHTPZTH!
Q
+LTVZ[YHYSHPKLU[PKHK ,U-YHUJPHSVZTLUVYLZUV
HJVTWH|HKVZUVZVUJVUZPKL
YHKVZJVTV¸PUKVJ\TLU[HKVZ¹
`ZLSLZYLJVUVJLU\ULZ[H[\Z
LZWLJxÄJV`\UHZLYPLKL
KLYLJOVZ
3VZOPQVZKLPUTPNYHU[LZ
ZPUWLYTPZVKLYLZPKLUJPH[PLULU
KLYLJOVH\[VTm[PJHTLU[LH
YLJPIPYSH(4,`UVULJLZP[HU
LZWLYHYHX\LZ\ZWHKYLZ
KLT\LZ[YLUZ\YLZPKLUJPHUPSH
MHS[HKLYLJ\YZVZLJVU}TPJVZ
Z\ÄJPLU[LZ
(Y[3KLS*VKLKL
S»LU[YtLK\ZtQV\YKLZt[YHUNLYZ
L[K\KYVP[KLHZPSL*LZLKHKL
KLMLIYLYVKL"HY[
KLS+tJYL[U¢YLSH[PM
nSHYt[LU[PVUHKTPUPZ[YH[P]LL[
H\_aVULZK»H[[LU[LZWYPZLU
HWWSPJH[PVUKLZHY[PJSLZ3 33L[KL
*VKLKLS»LU[YtLL[K\ZtQV\Y
KLZt[YHUNLYZL[K\KYVP[K»HZPSL
KLKLTH`VKL"(UL_V
00KLS(YYv[tWYtJPZHU[SLZJVUKP
[PVUZK»HWWSPJH[PVUKLZHY[PJSLZ
L[K\+tJYL[U¢
KL KLTHYaVKL
YLSH[PMH\_JLU[LYZL[SVJH\_KL
Yt[LU[PVUHKTPUPZ[YH[P]LKL
KLHIYPSKL`(UL_V00KLS
(YYv[tWYtJPZHU[SLZJVUKP[PVUZ
K»HWWSPJH[PVUKLZHY[PJSLZ
L[K\KtJYL[U¢
K\Q\PSSL[WYPZWV\Y
S»HWWSPJH[PVUKLS»VYKVUUHUJL
U¢K\H]YPS
YLSH[P]LH\_JVUKP[PVUZK»LU[YtL
L[KLZtQV\YKLZt[YHUNLYZn
4H`V[[LKL KLLULYVKL
*PYJ\SHPYLKLSKL
MLIYLYVKLU¢569
1<:+*KLS4PUPZ[LYPV
KLS0U[LYPVY`KLS4PUPZ[LYPVKL
1\Z[PJPH
*,5;96:+,9,;,5*0Ô5
(+<3;6:
(JJLZVNYH[\P[VHSHHZPZ[LUJPHZHUP[HYPHKLU[YVKLSJLU[YV,Z[HH[LUJP}UZLYm
WYLZ[HKH WVY LS WLYZVUHS TtKPJV ` ZHUP[HYPV PUJS\PKV LU \UH SPZ[H JLYYHKH 3H
HZPZ[LUJPHZLYmWYLZ[HKHM\LYHKLSJLU[YVUPJHTLU[LLUJHZVKLULJLZPKHKV 4,569,:
5VZLKLILYxHLU]PHYHTLUVYLZHJLU[YVZKLYL[LUJP}UZHS]VX\LSHZH\[VYP
KHKLZ HWSPX\LU LS WYPUJPWPV KL ¸\UPKHK MHTPSPHY¹ :P ZL SLZ LU]xH H JLU[YVZ KL
YL[LUJP}ULZ[HYmULUSHTPZTHZP[\HJP}UX\LSHZWLYZVUHZHK\S[HZ
(**,:6+,3(:(<;690+(+,:
(3(05-694(*0Ô5@
;9(5:-,9,5*0(+,+(;6:
;YHUZMLYLUJPHKLPUMVYTHJP}UVHJJLZVHKH[VZZVIYLSHZP[\HJP}UHKTP
UPZ[YH[P]H!
,UMLIYLYVKL\UHJPYJ\SHYKLS4PUPZ[LYPVKLS0U[LYPVY`KLS4PUPZ[LYPV
KL1\Z[PJPHYLHSPa}\USSHTHTPLU[VHSHZM\LYaHZKLZLN\YPKHKWHYHX\LHJVY
KVUHYHU [VKVZ SVZ ZLY]PJPVZ ZHUP[HYPVZ SHZ ZHSHZ KL LZWLYH KL SHZ HZVJPH
JPVULZSHZ]P]PLUKHZKLLZ[\KPHU[LZ`[YHIHQHKVYLZHZxJVTVKL[LYTPUHKVZ
]LJPUKHYPVZ`\UPKHKLZT}]PSLZNLZ[PVUHKHZWVYZLY]PJPVZZVJPHSLZ`65.
JVULSVIQL[P]VKLMYLUHY`J\LZ[PVUHYSHYLZPKLUJPHKLWLYZVUHZLUZP[\HJP}U
PYYLN\SHY (ZPTPZTV KPLYVU PUZ[Y\JJPVULZ ` LQLTWSVZ ZVIYL J}TV H[YHLY H
LZ[VZPUTPNYHU[LZHSHWYLMLJ[\YHKLMVYTHX\LZ\HYYLZ[VM\LYHTmZMmJPS
5VVIZ[HU[LLS;YPI\UHSKL*HZHJP}UKLJSHY}PSLNHSLZLZ[HZPUZ[Y\JJPVULZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
3(56,?7<3:0Ô5
7699(A65,:4i+0*(:
,3 56 9,*<9:6 ( :(5*065,: +, ,?7<3:0Ô5 6 3(
:<:7,5:0Ô5+,3(+,5,.(*0Ô5+,,5;9(+(6+,
3(:Ô9+,5,:+,,?7<3:0Ô5
3VZ PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH X\L YLZPKLU OHIP[\HSTLU[L LU
-YHUJPH ` X\L ULJLZP[HU HZPZ[LUJPH ZHUP[HYPH KL [HS MVYTH X\L SH MHS[H KL
[YH[HTPLU[V WVKYxH HJHYYLHY JVUZLJ\LUJPHZ LZWLJPHSTLU[L ZLYPHZ WHYH Z\
LZ[HKVKLZHS\KUVW\LKLUZLYLU]PHKHZM\LYHKLSHZMYVU[LYHZUPL_W\SZH
KHZKLSWHxZZHS]VX\LW\LKHUHJJLKLYHS[YH[HTPLU[VHKLJ\HKVKLMVYTH
LMLJ[P]HLU[tYTPUVZKLKPZWVUPIPSPKHK`HJJLZPIPSPKHKLULSWHxZHSX\LZVU
LU]PHKHZ
*65+0*065,:!
³3H KLJPZP}U SH [VTH LS WYLMLJ[V 7YtML[ [YHZ LZJ\JOHY SH VWPUP}U KLS PUZ
WLJ[VYTtKPJVKLZHS\KWISPJHKLSKLWHY[HTLU[VLULSX\LZLLUJ\LU[YHU
SHZWLYZVUHZX\LSVZVSPJP[HUUVYTHSTLU[LLU\UJLU[YVKLYL[LUJP}U:PSH
VYKLUKLL_W\SZP}UYLZ\S[HYL]VJHKHLZ[HZWLYZVUHZZVUSPILYHKHZ`KLILU
ZVSPJP[HY\U¸WLYTPZVKLYLZPKLUJPH[LTWVYHSWVYYHaVULZTtKPJHZ¹]LYTmZ
HKLSHU[L
(**,:6(3((:0:;,5*0(:(50;(90(!
³(JJLZV H SH H[LUJP}U ZHUP[HYPH H [YH]tZ KLS ZPZ[LTH (4, TPLU[YHZ ZL SLZ
V[VYNHLS¸WLYTPZVKLYLZPKLUJPH[LTWVYHSWVYYHaVULZTtKPJHZ¹
(Y[3¢`3
¢KL*LZLKH
,Z\UHKLSHZWVZPIPSP
KHKLZWHYHVI[LULYSH¸[HYQL[H
WLYZVUHSKLYLZPKLUJPH[LTWVYHS
`]PKHMHTPSPHY¹"]tHUZLHY[
3¢KL*LZLKH`HY[Z
9H9KL*LZLKH
HWSPJHJP}UKLSHUVYTH[P]H
(WLZHYKLX\LSH
ZVSPJP[\KKLLZ[LWLYTPZVUVLZ
PUJVTWH[PISLJVUSHZVSPJP[\K
KLHZPSVLUHSN\UVZJHZVZLU
SHWYmJ[PJHZLKHUJHZVZLU
SVZX\LZLSLZKLUPLNH=tHZL
.\PKL*VTuKLWmN
,UWYPUJPWPVLZ[LZLYxH
LSJHZVKLSVZL_[YHUQLYVZX\L
OH`HUJVTL[PKV\UKLSP[VT\`
NYH]L"ZPULTIHYNVOH`\UH
[LUKLUJPHJYLJPLU[LHPUJS\PYH
WLYZVUHZX\LOH`HUZHSPKVKL
WYPZP}U=tHZL.\PKL*VTuKL
WmN
*PYJ\SHPYLK»HWWSPJH[PVU
KLSHSVPU¢ K\THP
YLSH[P]LnS»LU[YtLL[
H\ZtQV\YKLZt[YHUNLYZLU
-YHUJLL[H\KYVP[K»HZPSL569
05;+ *
7,940:6+,9,:0+,5*0(7699(A65,:4i+0*(:!
¸7,940:6+,9,:0+,5*0(;,4769(37699(A65,:
4i+0*(:¹
¦8<0i5,:367<,+,5:630*0;(9&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHVZVSPJP[HU[LZKLHZPSVX\LLZ[tUNYH]L
TLU[LLUMLYTVZ
*65+0*065,:!
³3HWYLZLUJPHKLKPJOHWLYZVUHLU-YHUJPHUVKLILJVUZ[P[\PY\UYPLZNVWHYH
LSVYKLUWISPJV
³3HWLYZVUHX\LSVZVSPJP[HKLILYLZPKPYLU-YHUJPH
³+LILULJLZP[HYSHHZPZ[LUJPHZHUP[HYPHOHZ[H[HSW\U[VX\LSHMHS[HKL[YH[H
TPLU[VW\LKHJVUSSL]HYJVUZLJ\LUJPHZT\`NYH]LZWHYHZ\LZ[HKVKLZHS\K
UVOH`\UHSPZ[HKLLUMLYTLKHKLZ
³:L KLIL KHY SH JVUKPJP}U KL X\L UV W\LKHU HJJLKLY KL MVYTH LMLJ[P]H
KPZWVUPIPSPKHK`HJJLZPIPSPKHKH\U[YH[HTPLU[VHWYVWPHKVLULSWHxZKL
VYPNLU
³3HZZVSPJP[\KLZZLKLILUWYLZLU[HYLUWLYZVUHVWVYJVYYLVLSLJ[Y}UPJVZP
ZLSLZH\[VYPaHHSHH\[VYPKHKJVTWL[LU[LLSWYLMLJ[V7YtML[Q\U[VJVUSVZ
ZPN\PLU[LZKVJ\TLU[VZ!
Q
+VJ\TLU[VKLPKLU[PKHKLZ[mUL_LU[VZKLSHVISPNHJP}UKL[LULY\UWHZH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
WVY[LHSTLUVZZLNUSVKPJ[HSHSL`
-V[VNYHMxHZ
Q
7Y\LIHKLX\LZLOHYLZPKPKVLU-YHUJPHK\YHU[L\UWLYPVKVZ\WLYPVYH\U
H|V
Q
*LY[PÄJHKVTtKPJVL_WLKPKVWVY\UTtKPJVJVUX\PLUZL[LUNHJVU]LUPV
V WVY \U ¸TtKPJV KL OVZWP[HS¹ ,U SH WYmJ[PJH ZL SLZ WPKL [HTIPtU X\L
WYVWVYJPVULU\UKVTPJPSPVVÄJPHSKVTPJPSPH[PVU`X\LYLSSLULU\UMVYT\SHYPV
KLZVSPJP[\K
³,SWYLMLJ[V[VTHYm\UHKLJPZP}UKLZW\tZKLLZJ\JOHYSHVWPUP}UUV]PUJ\
SHU[LKLSHH\[VYPKHKTtKPJHJVTWL[LU[LHUHSPaHUKV!HSHULJLZPKHKKL
HZPZ[LUJPHZHUP[HYPH"ILSYPLZNVKLJVUZLJ\LUJPHZNYH]LZWHYHSHZHS\KKLS
WHJPLU[LLUH\ZLUJPHKLS[YH[HTPLU[V"JSHHJJLZPIPSPKHKVUVKLS[YH[HTPLU
[VHWYVWPHKVLULSWHxZKLVYPNLU"`KLS[PLTWVLZ[PTHKVKLS[YH[HTPLU[V
ULJLZHYPV (ZPTPZTV SH H\[VYPKHK TtKPJH W\LKL ZVSPJP[HY H \UH JVTPZP}U
TtKPJHYLNPVUHSX\LYLHSPJL\UYLJVUVJPTPLU[VTtKPJVHSHWLYZVUH ³,Z[HZ WLYZVUHZ [PLULU X\L WHNHY SVZ ¸KYVP[Z KL JOHUJLSSLYPL¹ ZP LU[YHU LU
-YHUJPHZPU\U]PZHKV
Q
+<9(*0Ô5!
+LWLUKLYmKLSHSVUNP[\KKLS[YH[HTPLU[VX\LLZ[PTLSHH\[VYPKHKTtKPJHJVT
WL[LU[LZPLUKVLSWLYPVKVTm_PTVKL\UH|V7VZPIPSPKHKKLYLUV]HJP}UUV
ZL ULJLZP[HYm \U U\L]V JLY[PÄJHKV TtKPJV LU JHZVZ KL [YH[HTPLU[VZ H SHYNV
WSHaV
(**,:6(3((:0:;,5*0(:(50;(90(!
6I[LUKYmUSH*4<VSH*4<JVTWSLTLU[HYPHZPLTWYLX\LJ\TWSHUKVZJVUKP
JPVULZ[PLTWVKLYLZPKLUJPH`MHS[HKLYLJ\YZVZLJVU}TPJVZZ\ÄJPLU[LZ
:PZLOHYLZPKPKVLU
-YHUJPHK\YHU[L\UWLYPVKV
PUMLYPVYH\UH|VZ}SVZLLZ[\
KPHYmUSHZZVSPJP[\KLZLUJHZVZ
L_JLWJPVUHSLZ=tHZL*PYJ\SHPYL
K»HWWSPJH[PVUKLSHSVPU¢ 56905;+ *
.\PKL*VTuKL
WmN <UTtKPJVPUZWLJ[VYKL
ZHS\KWISPJHKLSHKPYLJJP}U
KLZHS\K`HZ\U[VZZVJPHSLZKLS
KLWHY[HTLU[VVLULSJHZVKL
7HYxZLSYLZWVUZHISLKLSZLY]P
JPVTtKPJVKLSKPZ[YP[VWVSPJPHS
(YYv[tYLSH[PMH\_JVUKP
[PVUZK»t[HISPZZLTLU[KLZH]PZ
TtKPJH\_KLSKLQ\SPVKL
.\PKL*VTuKL
WmN
(Y[3*LZLKH
*PYJ\SHPYLK»HWWSPJH[PVU
KLSHSVPU¢ 569
05;+ *
¸(\[VYPZH[PVUWYV]PZVPYLKL
ZtQV\YWV\YZVPUZ¹LZ[HISLJPKH
LUSVZHY[9KL*LZLKH
YLNSU[HJP}U"*PYJ\SHPYLK»HWWSP
JH[PVUKLSHSVPU¢ 569
05;+ *
7,940:6+,9,:0+,5*0(7699(A65,:4i+0*(:!
¸(<;690A(*0Ô5796=0:065(3+,,:;(5*0(7(9(
9,*0)09(:0:;,5*0(:(50;(90(¹
¦8<0i5,:367<,+,5:630*0;(9&
0UTPNYHU[LZ LU ZP[\HJP}U PYYLN\SHY NYH]LTLU[L LUMLYTVZ X\L OH`HU SSLNHKV
YLJPLU[LTLU[LH-YHUJPHVX\LUVW\LKLUKLTVZ[YHYX\LSSL]HU\UH|VYLZP
KPLUKVLULSWHxZ
*65+0*065,:!
;VKHZSHZJVUKPJPVULZYLX\LYPKHZWHYHLS¸WLYTPZVKLYLZPKLUJPH[LTWVYHSWVY
YHaVULZTtKPJHZ¹ZHS]VLS[PLTWVKLYLZPKLUJPHKL\UH|VLU-YHUJPH
+<9(*0Ô5!
<U Tm_PTV KL ZLPZ TLZLZ ,U SH WYmJ[PJH ZL WVKYxH YLUV]HY \UH ]La WHYH
OHJLYWVZPISLX\LLZ[HZWLYZVUHZZVSPJP[LULS¸WLYTPZVKLYLZPKLUJPH[LTWVYHS
WVYYHaVULZTtKPJHZ¹
(**,:6(3((:0:;,5*0(:(50;(90(!
6I[LUKYmUSH*4<VSH*4<JVTWSLTLU[HYPHZPLTWYLX\LJ\TWSHUKVZJVUKP
JPVULZ[PLTWVKLYLZPKLUJPH`MHS[HKLYLJ\YZVZLJVU}TPJVZZ\ÄJPLU[LZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
79Í*;0*(
3(=0:0Ô5+,4i+0*6:+,34<5+6
-9(5*0(:6)9,3(:0;<(*0Ô5,53(
79Í*;0*(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHK\S[VZ
+LZKL LS H|V SH ¸(`\KH 4tKPJH KLS ,Z[HKV¹ (PKL 4tKPJHSL KL
S»,[H[(4,YLZLY]HKHWHYHX\PLULZYLZPKLULULSWHxZKLMVYTHPYYLN\
SHYJYL}LZ[LZPZ[LTHWHYHSLSVWHYHJ\IYPYHWLYZVUHZ:PULT
IHYNVLZ[LZPZ[LTHOHJVUK\JPKVHX\LZLWYVK\aJHUKPZJYPTPUHJPVULZ
KLZJVUÄHUaH`JVTWSPJHJPVULZHKPJPVUHSLZJYLHUKVU\TLYVZVZVIZ[m
J\SVZWHYHHJJLKLYHSVZKLYLJOVZ`HSHH[LUJP}UZHUP[HYPH
,Z[VZVIZ[mJ\SVZZLKLILUHSHZPU[LYWYL[HJPVULZJHKH]LaTmZLZ[YPJ[HZ
KLSHSL`HZxJVTVHSKLZJVUVJPTPLU[VKLSHTPZTH[HU[VWVYWHY[LKLSVZ
ZLY]PJPVZWISPJVZJVTVKLSVZVYNHUPZTVZKLSHZLN\YPKHKZVJPHSX\L
Z\LSLU JVTL[LY LYYVYLZ LU SH PU[LYWYL[HJP}U KL SH SL` KLZJVUVJPTPLU[V
KLSZPZ[LTH(4,ZVSPJP[\KLZUVWLY[PULU[LZKLKVJ\TLU[VZL[J,Z[V
Z\WVUL\UHPUQ\Z[PJPHX\LZLHNYH]HLUSVZ[LYYP[VYPVZKL\S[YHTHYKLSH
.\H`HUH -YHUJLZH ` KL 4H`V[L (ZPTPZTV KLIPKV H SH MHS[H KL PUMVY
THJP}UKLSWLYZVUHSZHUP[HYPV`HSVZYLX\PZP[VZLZWLJxÄJVZKLSZPZ[LTH
(4,HT\JOHZWLYZVUHZX\L[LUxHUKLYLJOVHHZPZ[LUJPHZHUP[HYPHSLZ
OHZPKVKLULNHKHJVUT\JOHTmZMYLJ\LUJPHX\LLULSJHZVKLX\PLULZ
KPZMY\[HUKLSH*4<JVTWStTLU[HPYL
(KLTmZT\JOHZWLYZVUHZOHUZPKVL_JS\PKHZKLSZPZ[LTHKLIPKVHSSx
TP[LLZ[HISLJPKVWHYHKL[LYTPUHYZPZL[PLULUVUV¸YLJ\YZVZLJVU}TPJVZ
Z\ÄJPLU[LZ¹LZ[LSxTP[LZLOHÄQHKVT\`IHQVPUJS\ZVWVYKLIHQVKLS\T
IYHSKLWVIYLaH+LLZ[HMVYTHKLIPKVHSHMHS[HKLPUMVYTHJP}UNLULYHS
ZVIYLLZ[LM\UJPVUHTPLU[V[HUJVTWSLQVHSHIHYYLYHKLSPKPVTHX\LZL
HNYH]H WVY SH MHS[H KL ZLY]PJPVZ KL PU[LYWYL[HJP}U ` HS SHYNV [PLTWV KL
LZWLYHX\LZLYLX\PLYLWHYHJVUZLN\PY\UHJVILY[\YHZHUP[HYPHZLWYVK\
JLUYL[YHZVZLUSHHZPZ[LUJPHZHUP[HYPH`LSHIHUKVUVKLSVZ[YH[HTPLU[VZ
*HILZL|HSHYX\LKLS[V[HSKLWHJPLU[LZX\LYLJPILUH[LUJP}UZHUP[HYPH
LU4tKPJVZKLS4\UKV-YHUJPHZ}SVLSKLSJVUQ\U[VKLJP\KHKHUVZ
L_[YHUQLYVZ J\IPLY[VZ WVY LS ZPZ[LTH (4, W\LKLU HJJLKLY H Z\Z KLYL
JOVZJ\HUKVSVKLZLHU
:LNU\UHLUJ\LZ[H
YLHSPaHKHLUWVY4tKPJVZ
KLS4\UKVJLYJHKLJ\H[YV
KLJHKHKPLaWYVMLZPVUHSLZ
TtKPJVZLSZLULNHYVUH
H[LUKLYHWLYZVUHZX\L[LUxHU
KLYLJOVHKPZMY\[HYKLSZPZ[LTH
(4,`LSLYHUWLYZVUHZ
X\LOHIxHUZVSPJP[HKVSH*4<
JVTWSLTLU[HPYL
4tKPJVZKLS4\UKV0U
MVYTLKLKLS6IZLY]H[VYPV
KL(JJLZVHSH:HUPKHKKLSH
4PZP}U-YHUJPHKL4tKPJVZKLS
4\UKVVJ[\IYLKL
7VY S[PTV SVZ JLU[YVZ JVUVJPKVZ JVTV 7(:: WLYTHULUJLZ K»HJJuZ
H\_ZVPUZKLZHU[tZLY]PJPVZKLH[LUJP}UJVU[PU\HUVZPLTWYLJ\TWSLU
JVUZ\JVTL[PKV(Zx\UHLUJ\LZ[HYLHSPaHKHWVY4tKPJVZKLS4\UKVLU
7(::W\ZVKLTHUPÄLZ[VX\LSHTP[HKKLLSSVZUVHJLW[HUHX\PLULZ
UV KPZMY\[LU KL \UH JVILY[\YH ZHUP[HYPH J\HUKV tZ[H LZ WYLJPZHTLU[L
\UHKLZ\Z[HYLHZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZZVSPJP[HU[LZKLHZPSV
HK\S[VZ
7HYHT\JOHZWLYZVUHZZVSPJP[HU[LZKLHZPSVSHZJVUKPJPVULZWHYHHJJLKLYHSH
ZHUPKHKZLOHUPKVKL[LYPVYHUKVHSVSHYNVKLSVZS[PTVZH|VZ3VZWYVISLTHZ
WHYHHJJLKLYHSVZ[YH[HTPLU[VZZ\LSLUKLILYZLHSHZKPÄJ\S[HKLZX\L[PLULU
WHYH OHJLY ]HSLY Z\Z KLYLJOVZ HZx JVTV H SH JVTWSLQPKHK KLS ZPZ[LTH ` HS
KLZJVUVJPTPLU[V [HU[V WVY WHY[L KLS WLYZVUHS ZHUP[HYPV JVTV KL SVZ VYNH
UPZTVZKLSHZLN\YPKHKZVJPHSKLSHSL``KLSVZ[YmTP[LZX\LOH`X\LZLN\PY
7VYV[YVSHKVSHZP[\HJP}UZLJVTWSPJHJ\HUKVSVZVYNHUPZTVZYLHSPaHUJVT
WYVIHJPVULZZVIYLSHUHJPVUHSPKHKVSHZP[\HJP}UHKTPUPZ[YH[P]HKLSHWLYZVUH
JVTWYVIHJPVULZ X\L LZ[mU VISPNHKVZ WVY SL` H YLHSPaHY *HIL KLZ[HJHY LS
KLZJVUVJPTPLU[VWVYWHY[LKLSVZVYNHUPZTVZKLSHZLN\YPKHKZVJPHSKLSVZ
[YmTP[LZX\L[PLULUX\LYLHSPaHYSVZYLM\NPHKVZ`KLSVZKLYLJOVZLZWLJxÄJVZ
KL SHZ WLYZVUHZ X\L OHU ZVSPJP[HKV HZPSV OLJOV X\L OH JVUK\JPKV H X\L ZL
WYVK\aJH \U H\TLU[V KL SVZ WLYTPZVZ KL YLZPKLUJPH WYLJHYPVZ ,Z[HZ J\LZ
[PVULZZ\LSLUWYV]VJHYX\LZLSLZUPLN\LUZ\ZKLYLJOVZVX\LZLSLZV[VYN\L
SHH`\KH(4,WYL]PZ[HWHYHSVZPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY(KLTmZ
LUSHTH`VYxHKLSVZJHZVZSVZVIZ[mJ\SVZWHYHHJJLKLYHSHZHUPKHKZLKLILU
HWYVISLTHZKLNLZ[P}UKLSVZVYNHUPZTVZKLSHZLN\YPKHKZVJPHS
+L[VKVZSVZZVSPJP[HU[LZKLHZPSVH[LUKPKVZWVY4tKPJVZKLS4\UKVZ}SVLS
KLSHZWLYZVUHZX\LKLILYxHUKPZMY\[HYKLSHZLN\YPKHKZVJPHS`KLSH*4<
JVTWSLTLU[HYPHW\LKLUHJJLKLYWSLUHTLU[LHZ\ZKLYLJOVZJ\HUKVSVULJL
ZP[HUZPUK\KHJVUYL[YHZVKLIPKVHSHZZVSPJP[\KLZKLKVJ\TLU[VZ
(JJLZVHSHZHUPKHKKLTLUVYLZPUTPNYHU[LZZPUWLYTPZV
KLYLZPKLUJPH`ZVSPJP[HU[LZKLHZPSV
4tKPJVZKLS4\UKV0UMVYTL
KLKLS6IZLY]H[VYPVKL
(JJLZVHSH:HUPKHKKLSH4PZP}U
-YHUJPHKL4tKPJVZKLS4\UKV
+L[VKHZSHZWLYZVUHZX\LHJ\KPLYVUHSVZJLU[YVZZHUP[HYPVZKL4tKPJVZKLS
4\UKVLU-YHUJPHLU!
Q,S KLSHZWLYZVUHZH[LUKPKHZLULYHUTLUVYLZ\UWVYJLU[HQLX\L
UVOHIxH]HYPHKVWYmJ[PJHTLU[LKLZKL
Q4\JOVZKLLZ[VZTLUVYLZLYHUT\`Q}]LULZ!LS[LUxHTLUVZKLH|VZ
LSLU[YL`H|VZLS LU[YL`"SHTH`VYxHLS]P]xHJVU
Z\ZWHKYLZ\V[YVZTPLTIYVZKLZ\MHTPSPHPUKLWLUKPLU[LKLX\L[\]PLYHUV
UV\UH]P]PLUKH
Q(SPN\HSX\LWHYHLS[V[HSKLWHJPLU[LZLS KLSVZTLUVYLZLYHUL_[YHUQL
YVZ`T\JOVZKLLSSVZWYVJLKLU[LZKLWHxZLZKLSH<UP}U,\YVWLHLS
KL9\THUxH
Q,S]P]xHLUSHJHSSL`JHZPSHTP[HKLYHUTLUVYLZKLH|VZ
Q,S UVKPZMY\[HIHKL\UHJVILY[\YHZHUP[HYPH
Q:LYLHSPaHYVUJVUZ\S[HZTtKPJHZHTLUVYLZJVUZ\S[HZWVYTLUVY
MYLU[L H JVUZ\S[HZ WVY WLYZVUH LU LS YLZ[V KL JHZVZ <UV KL JHKH KPLa
TLUVYLZZ\MYxH\UHLUMLYTLKHKPUMLJJPVZHLUSHTH`VYxHKLSVZJHZVZYLZ
WPYH[VYPH`LSULJLZP[HIH\U[YH[HTPLU[VHTLKPVVHSHYNVWSHaV
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
3HTH`VYxHKLSVZTLUVYLZH[LUKPKVZZx[LUxHU\UHJVILY[\YHZHUP[HYPH
` HWYV_PTHKHTLU[L \U J\HY[V KPZMY\[HIHU KL SH JVILY[\YH KLS ZPZ[LTH
(4, :PU LTIHYNV HS LZ[\KPHY TmZ KL JLYJH LS JHZV KL HX\LSSVZ TL
UVYLZX\LWVKYxHUKPZMY\[HYKL\UZLN\YVZHUP[HYPVVKLSH(4,X\LK}
WH[LU[LX\LTmZKLSUV[LUxHUUPUNU[PWVKLJVILY[\YHZHUP[HYPH
LUJVU[YmUKVZLLU\UHNYHUKLZ]LU[HQHLUJVTWHYHJP}UJVUSVZHK\S[VZ
LSUVW\LKLHJJLKLYSPIYLTLU[LHZ\ZKLYLJOVZ
3VZ TLUVYLZ L_[YHUQLYVZ LU ZP[\HJP}U PYYLN\SHY KLILYxHU [LULY HJJLZV
HSZPZ[LTH(4,KLZKLLSTVTLU[VKLZ\SSLNHKHH-YHUJPH:LSLZKL
ILYxHPKLU[PÄJHYHZ\UVTIYLWLYTP[PtUKVSLZHJJLKLYHSVZZLY]PJPVZKL
SH(4,KLZKLLSKxHKLWYLZLU[HJP}UKLSHZVSPJP[\K+LMVYTHNLULYHS
PUKLWLUKPLU[LTLU[LKLZ\ZP[\HJP}UHKTPUPZ[YH[P]HZ}SVLSKLLSSVZ
KPZMY\[HKL\UHJVILY[\YHTtKPJHLULSTVTLU[VKLZ\WYPTLYH]PZP[HH
SVZZLY]PJPVZZHUP[HYPVZKL4tKPJVZKLS4\UKV
(SLZ[\KPHYSVZVIZ[mJ\SVZX\LLUJ\LU[YHULZ[VZWHJPLU[LZHSHOVYHKL
HJJLKLYHZ\ZKLYLJOVZX\LKHKLTHUPÄLZ[VX\LUVL_PZ[L\UHKPMLYLU
JPH UV[HISL JVU YLZWLJ[V H V[YVZ ZPUV X\L ZL LUJ\LU[YHU JVU SVZ TPZ
TVZVIZ[mJ\SVZX\LZ\ZWHKYLZ!ULJLZPKHKKL\UWLYTPZVKLYLZPKLUJPH
JVTWSLQPKHKKLSVZ[YmTP[LZMHS[HKLPUMVYTHJP}UZVIYLZ\ZKLYLJOVZ`
ZVIYL SVZ VYNHUPZTVZ HKTPUPZ[YH[P]VZ KPÄJ\S[HKLZ LJVU}TPJHZ ZVSPJP
[\KLZUVWLY[PULU[LZKLKVJ\TLU[VZ`KPZJYPTPUHJP}U
3HUVL_W\SZP}UWVYYHaVULZTtKPJHZ
*PYJ\SHY ZVIYLSHYLN\
SHJP}UKLSHJVILY[\YHTtKPJH
KLSH*7(4*HPZZL7YPTHPYL
K»(ZZ\YHUJL4HSHKPLKLKL
UV]PLTIYLKL
6IZLY]H[VYPVKLS+LYLJOV
HSH:HUPKHKKLSVZ,_[YHUQLYVZ
3HYtN\SHYPZH[PVUWV\YYHPZVUZ
TtKPJHSLZLU-YHUJL<UIPSHU
KLZHU[tHSHYTHU[TH`VKL
,S6+:,LZ\UJVSLJ[P]V
MVYTHKVWVYKPZ[PU[HZHZVJPH
JPVULZX\LZ\WLY]PZHLSLZ[HKV
KLZHS\KKLSHZWLYZVUHZL_
[YHUQLYHZ4tKPJVZKLS4\UKV
LZ\UTPLTIYVHJ[P]VKLLZ[H
HZVJPHJP}U
,U-YHUJPHHSVSHYNVKLSVZS[PTVZH|VZSHTLKPKHKLV[VYNHYWLYTPZVZ
KL YLZPKLUJPH WVY YHaVULZ TtKPJHZ ZL OH ]PZ[V H[HJHKH LU U\TLYVZHZ
VJHZPVULZTPLU[YHZX\LLSUTLYVKLKLULNHJPVULZWHYHYLUV]HYLZ[L
[PWVKLH\[VYPaHJP}UUVOHJLZHKVKLH\TLU[HYOHJPLUKVX\LLZ[LKL
YLJOVZLHJHKH]LaTmZKPMxJPSKLHSJHUaHY3VZJP\KHKHUVZL_[YHUQLYVZ
KLILU HMYVU[HY U\TLYVZVZ WYVISLTHZ LU SHZ WYLMLJ[\YHZ! ZLY]PJPVZ KL
H[LUJP}U KLWSVYHISLZ ZVSPJP[\KLZ KL KVJ\TLU[HJP}U UV YLX\LYPKHZ WVY
SHSL`PTWVZPJP}UKLJHYNVZUVWLY[PULU[LZ]PVSHJP}UKLSZLJYL[VTtKPJV
` WSHaVZ L_[YLTHKHTLU[L SHYNVZ WHYH SH [YHTP[HJP}U KL SH ZVSPJP[\K +L
LZ[HMVYTHLSUTLYVKL[YHIHZX\LVIZ[HJ\SPaHUSHVI[LUJP}UKL\UWLY
TPZVKLYLZPKLUJPH[HS`JVTVKPJ[HSHSL`UVKLQHKLH\TLU[HY(KLTmZ
KLLZ[VZWYVISLTHZ HKTPUPZ[YH[P]VZ HSN\UHZ WYLMLJ[\YHZ KLSLNHJPVULZ
KLS.VIPLYUVKLZVILKLJLUHIPLY[HTLU[LSHZKLJPZPVULZKLSVZPUZWLJ
[VYLZKLSZLY]PJPVKLZHS\KWISPJHX\LWYLZLU[HUPUMVYTLZTtKPJVZLU
SHZ ZVSPJP[\KLZ KL +(:,4 +YVP[ H\ ZtQV\Y WV\Y YHPZVUZ TtKPJHSLZ 7VY
V[YVSHKVJHILZL|HSHYX\LHWLZHYKLX\LZL[YH[HKL\UHOLYYHTPLU[H
UHKHÄHISLWHYHL]HS\HYSVZZLY]PJPVZTtKPJVZL_PZ[LU[LZ`Z\HJJLZPIP
SPKHKLUSVZWHxZLZKLVYPNLUKLSVZWHJPLU[LZZLJVSNHYVULUSH0U[YHUL[
KL SVZ 4PUPZ[LYPVZ KL :HUPKHK ` KLS 0U[LYPVY \UHZ ÄJOHZ ZVIYL SVZ KPZ
[PU[VZWHxZLZWHYHPUMVYTHYHSVZPUZWLJ[VYLZTtKPJVZKLZHS\KWISPJH
ZVIYL SH ZP[\HJP}U LU SVZ KPZ[PU[VZ WHxZLZ (KLTmZ SH WYLZP}U LQLYJPKH
WVYSVZWYLMLJ[VZX\LLZ[mUVISPNHKVZHL_W\SZHYH\UKL[LYTPUHKVU
TLYVKLPUTPNYHU[LZX\LYLZPKLUKLMVYTHPYYLN\SHYZLYLÅLQHLU[VKHZ
HX\LSSHZWLYZVUHZX\LZLLUJHYNHUKL[YHTP[HYSHZZVSPJP[\KLZ`KL[VTHY
KLJPZPVULZHSYLZWLJ[VX\LYLHSPaHUZ\[YHIHQVKLMVYTHJHKH]LaTmZ
Z\WLYÄJPHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
/V`LUKxHWVKLTVZVIZLY]HY\UIY\ZJVH\TLU[VKLSHZKLULNHJPVULZKLYL
UV]HJP}UKLWLYTPZVZKLYLZPKLUJPHWVYYHaVULZTtKPJHZHWLYZVUHZJ\`HZH
S\KLZ[mSLQVZKLLZ[HYYLZ[HISLJPKHLPUJS\ZV\UH\TLU[VKLSHZKL[LUJPVULZ
` L_W\SZPVULZ KL WLYZVUHZ LUMLYTHZ (Zx W\LZ SVZ PU[LU[VZ KL KLWVY[HJP}U
LZ[mUH\TLU[HUKV`HMLJ[HU[HTIPtUHSHZWLYZVUHZZLYVWVZP[P]HZHWLZHYKL
X\LLZ[mUWYV[LNPKHZWVYKVZ*PYJ\SHYLZKLS.VIPLYUVLZWLJxÄJHZ;HUZ}SVLS
JVU[YVS[V[HSKLSHZHZVJPHJPVULZ`Z\ZYLWL[PKHZPU[LY]LUJPVULZH`\KHUHX\L
SVZZLY]PJPVZWISPJVZ`SVZM\UJPVUHYPVZYLZWL[LUSHSL`
7VYS[PTVSHJYLJPLU[LPUZLN\YPKHKKLIPKHHSHPUJLY[PK\TIYLZVIYLZPWVKYmU
VI[LULY\UWLYTPZV KL YLZPKLUJPH YLWYLZLU[H \UH IHYYLYH HKPJPVUHS LU LS HJ
JLZVLMLJ[P]VHSHH[LUJP}UZHUP[HYPH
(JJLZVHSHZHUPKHKLUSVZJLU[YVZKLYL[LUJP}U 3HZHS\KLUSVZJLU[YVZKLYL[LUJP}U
,SUTLYVKLHYYLZ[VZZLOHPKVT\S[PWSPJHUKVOHZ[HLSW\U[VKLSSLNHYHZLY
PUKPZJYPTPUHKVZ KL MVYTH X\L SVZ L_[YHUQLYVZ LZWLJPHSTLU[L ]\SULYHISLZ H
X\PLULZ OHZ[H OHJL WVJV ZL OHIYxHU KLQHKV LU SPILY[HK ZL ]LU LUJLYYHKVZ
LU JLU[YVZ KL YL[LUJP}U 3H JHYYLYH WVY HSJHUaHY \U YtJVYK KL KL[LUJPVULZ
JVUK\JPKH WVY LS 4PUPZ[LYPV KLS 0U[LYPVY LU ` YL[VTHKH WVZ[LYPVYTLU[L
WVYSLHJ[\HS4PUPZ[LYPVKL0UTPNYHJP}U0U[LNYHJP}UL0KLU[PKHK5HJPVUHS`KLS
+LZHYYVSSV:VSPKHYPVOHSSL]HKVHX\LSVZJLU[YVZKLYL[LUJP}ULZ[tUKLZIVY
KHKVZKLPU[LYUVZ
,SOLJOVKLJVUJLU[YHYLULSTPZTVLZWHJPVHSHZWLYZVUHZX\LLZ[mUZHUHZ
JVUSHZX\LLZ[mULUMLYTHZOHHN\KPaHKVSHZLUZHJP}UKLTHSLZ[HY(STPZTV
[PLTWVLSH\TLU[VKLSWLYPVKVKLYL[LUJP}UVPU[LYUHTPLU[VKLHKxHZ
OHH\TLU[HKVJVUZPKLYHISLTLU[LSHZLUZHJP}UKLPUQ\Z[PJPH`KLPUJVTWYLU
ZP}UX\LL_WLYPTLU[HUSVZPU[LYUVZJVUYLZWLJ[VHSVX\LSLZLZ[mVJ\YYPLUKV
`OHH\TLU[HKVSHPUJPKLUJPHKLZP[\HJPVULZ[LUZHZ;VKVLZ[V[PLUL[HTIPtU
\UHYLWLYJ\ZP}UKPYLJ[HLUZ\LZ[HKVKLZHS\K
4PLU[YHZ LZ[HZ WLYZVUHZ LZWLYHU H JVTWHYLJLY HU[L LS Q\La X\L MHSSH ZVIYL
SHSPILYHJP}UVSHYL[LUJP}UZLSLZPUMVYTHKLX\LZLSLZ]HHWYP]HYKLSPILY[HK
K\YHU[L\UWLYPVKVPUPJPHSKLKVZZLTHUHZ\UHZWHSHIYHZX\L[PLULU\UHYL
WLYJ\ZP}UPUTLKPH[HLUZ\LZ[HKVWZPJVS}NPJVX\L`HOHZ\MYPKVSH[YH\Tm[PJH
L_WLYPLUJPHKLSHKL[LUJP}UWYL]PH,Z[HL_[LUZP}USLNHSKLSWLYPVKVTm_PTV
KL PU[LYUHTPLU[V PTWSPJH L]PKLU[LTLU[L X\L LZ[VZ JP\KHKHUVZ L_[YHUQLYVZ
WHZLU KL TLKPH \U WLYPVKV JVUZPKLYHISLTLU[L Z\WLYPVY KL[LUPKVZ (Zx SH
HTWSPHJP}UKLS[PLTWVKLPU[LYUHTPLU[VH\TLU[HSHHUZPLKHK`LSLZ[YtZWVYSV
X\LLZMYLJ\LU[LLUJVU[YHYZLJVUWLYZVUHZUVYTHSTLU[L[YHUX\PSHZX\LZ\MYLU
ZLYPVZH[HX\LZKLHNYLZP]PKHKTPLU[YHZX\LV[YHZWLYZVUHZ[PLULUWYVISLTHZ
WHYHKVYTPYV[PLULUX\L[VTHYZVTUxMLYVZ`V[YHZZLH\[VSLZPVUHUVPU[LU[HU
Z\PJPKHYZL+LLZ[HMVYTHSHZJVUKPJPVULZX\LSLZPTWVULUSLZYLZ\S[HUJVUZP
KLYHISLTLU[LTmZLZ[YLZHU[LZ
3HPUMVYTHJP}UYLSH[P]HHSHJ
JLZVHSHH[LUJP}UZHUP[HYPHKLU[YV
KLSVZJLU[YVZKLYL[LUJP}UOHZPKV
MHJPSP[HKHWVY*PTHKLVYNHUPaHJP}U
X\LPU[LY]PLULLULZ[VZJLU[YVZLU
-YHUJPH^^^JPTHKLVYN
*HKHJLU[YVKLYL[LUJP}UWLYTP[LLSHJJLZVHSVZZLY]PJPVZTtKPJVZWVYSVX\L
SVZPU[LYUVZW\LKLUHJJLKLYHSVZ[YH[HTPLU[VZ3VZWYVISLTHZZVULZWLJPHS
TLU[LPUX\PL[HU[LZLUJHZVZKLLUMLYTLKHKLZNYH]LZX\LUVZLW\LKLU[YH[HY
LUSVZWHxZLZKLVYPNLU`J\HUKVSHMHS[HKLH[LUJP}UTtKPJHWVKYxHJVUSSL]HY
NYH]LZJVUZLJ\LUJPHZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
,U` OLTVZWVKPKVLUJVU[YHYLUSVZJLU[YVZKLYL[LUJP}UH
PUTPNYHU[LZ[VTHUKV[VKV[PWVKLTLKPJHJP}UHV[YVZX\LOHUPU[LU[HKV
Z\PJPKHYZL V X\L ZL LUJ\LU[YHU LU \U LZ[HKV WZPJVS}NPJV KLWSVYHISL
V H WLYZVUHZ J\`V LZ[HKV KL ZHS\K LZ ULMHZ[V ,S WLYZVUHS TtKPJV KL
ZHUPKHKWISPJHKL4HYZLSSHYLZWVUZHISLKLSHH[LUJP}ULULSJLU[YVKL
YL[LUJP}UKL3L*HUL[OHVIZLY]HKV\UH\TLU[VKLSxUKPJLKL[LU[H[P]HZ
KLZ\PJPKVLUKPJOVJLU[YV!LUZLWYVK\QLYVUJHZVZKLH\[VSL
ZPVULZ HOVYJmUKVZL OPYPtUKVZL V [YHNHUKV VIQL[VZ JVTV [LULKVYLZ
J\JOPSSHZ[VYUPSSVZL[JLU[YLSHZWLYZVUHZL_[YHUQLYHZX\LZLLU
JVU[YHIHULUJLYYHKHZ
(\UX\L H PU[LYUVZ X\L LZ[mU LUMLYTVZ Zx ZL SLZ WLYTP[L ZHSPY KL LZ[VZ
JLU[YVZJHILKLZ[HJHYX\LT\JOHZKLLSSVZZVUYLWH[YPHKVZHZ\ZWHxZLZ
KLVYPNLUHWLZHYKLX\LUVOH`HUPUN\UHNHYHU[xHKLX\L]H`HUHYLJP
IPY\U[YH[HTPLU[VTtKPJVHKLJ\HKV
7YV[LJJP}UKLSHZWLYZVUHZLUMLYTHZKLSHL_W\SZP}U
<UH WLYZVUH L_[YHUQLYH LU]PHKH H \U JLU[YV KL YL[LUJP}U WHYH ZLY KL
WVY[HKHW\LKLHWLSHYHZ\LZ[HKVKLZHS\KWHYHILULÄJPHYZLKLSVX\L
KPZWVULLSHY[xJ\SV3¶KLSJ}KPNVX\LYLN\SHSHLU[YHKH`SHZHSPKH
KLSVZJP\KHKHUVZL_[YHUQLYVZ`SVZKLYLJOVZKLHZPSVVYLJSHTHYX\L
WVYYHaVULZTtKPJHZUVW\LKLU\[PSPaHYSVZTLKPVZKL[YHUZWVY[LX\LSL
VMYLJLUWHYHSHL_W\SZP}UWYPUJPWHSTLU[LLSH]P}U:L[YH[HKLLQLYJLY
\UKLYLJOVX\L[PLULULSJVUQ\U[VKLJP\KHKHUHZ`JP\KHKHUVZL_[YHUQL
YVZ`LUUPUNUJHZVKLX\LZLSLZJVUJLKH\UMH]VY
+LZKL
OHUL_PZ[PKVLU[VKVZSVZJLU[YVZKLYL[LUJP}UWHYHPUTP
NYHU[LZ\UVZZLY]PJPVZKLH[LUJP}UZHUP[HYPHJ\TWSPLUKVJVULSHJ\LYKV
LU[YL LS WLYZVUHS TtKPJV KL SVZ OVZWP[HSLZ WISPJVZ ` LS WLYZVUHS KL
LUMLYTLYxH`SHWYLMLJ[\YH:PULTIHYNVUV[VKVZJVUVJLULSWHWLSKLS
WLYZVUHSZHUP[HYPVHSHOVYHKLWYV[LNLYKLSHL_W\SZP}UKL-YHUJPHHSHZ
WLYZVUHZ LUMLYTHZ 3VZ TtKPJVZ ZVU SHZ UPJHZ WLYZVUHZ X\L W\LKLU
YLTP[PYJHZVZHSHPUZWLJJP}UTtKPJHKLSH+KHZZ+PYLJJP}U+LWHY[HTLU
[HSKL(Z\U[VZ:HUP[HYPVZ`:VJPHSLZWHYHX\LLTP[H\UKPJ[HTLUZVIYL
ZP SH ZHS\K KL \U PU[LYUV WVKYxH ZVWVY[HY SH L_W\SZP}U KL -YHUJPH ,Z[L
KPJ[HTLUZLOHJLSSLNHYHSHWYLMLJ[\YHX\L[VT}SHKLJPZP}UKLYLWH[YPHY
HSHWLYZVUHX\L[LUKYmSHS[PTHWHSHIYHZVIYLZPZLSLL_W\SZHVUV3H
SLNPZSHJP}UUVOHJLYLMLYLUJPHHSWLYZVUHSTtKPJV`LSM\UJPVUHTPLU[VKL
SHZKPZWVZPJPVULZSLNHSLZYLSH[P]HZHSHZHS\K]HYxHJVUZPKLYHISLTLU[LKL
\US\NHYHV[YVKLWLUKPLUKVKLSVZPU[LYLZLZWLYZVUHSLZKLSVZPTWSPJH
KVZ*HILZL|HSHYX\LLUSVZJLU[YVZKLYL[LUJP}UKLPUTPNYHU[LZUVLZ
MYLJ\LU[LX\LSVZJP\KHKHUVZL_[YHUQLYVZW\LKHUJVUZ\S[HYH\UTtKPJV
ZHS]VLUSVZJHZVZX\LSHWVSPJxHJVUZPKLYLX\LZL[YH[HKL\UH\YNLUJPH
=tHZL3H7YV]LUJLKL
VJ[\IYLKL
7VYS[PTVTPLU[YHZZLI\ZJHUMVYTHZKLYLJ\YYPYSHZWYLMLJ[\YHZLPU
JS\ZV LS 4PUPZ[LYPV ZPN\LU WYVJLKPLUKV H SH L_W\SZP}U KL JP\KHKHUVZ
L_[YHUQLYVZLUMLYTVZLUJVU[YHKLSHZHK]LY[LUJPHZKLSVZPUZWLJ[VYLZ
TtKPJVZ KL ZHS\K WISPJH ` WVUPLUKV LS HJLU[V LU HSJHUaHY \U YtJVYK
KLL_W\SZPVULZWVYLUJPTHKLSVZPTWLYH[P]VZt[PJVZ;HSLZLSJHZVWVY
LQLTWSVKL\UJP\KHKHUVL_[YHUQLYVX\LM\LYLWH[YPHKVH.\PULHHWYPU
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%-9(5*0(
JPWPVZKL J\HUKVLSPUZWLJ[VYTtKPJVKLSH+KHZZOHIxHYLJVTLUKHKV
X\L WLYTHULJPLYH YL[LUPKV LU LS [LYYP[VYPV -YHUJtZ K\YHU[L \U WLYPVKV PUKL
[LYTPUHKVKLIPKVHSHNYH]LKHKKLZ\LUMLYTLKHK3HWYLMLJ[\YHOPaVJHZV
VTPZVKLLZ[LJVUZLQV`J\HUKVZLYLTP[P}LSWYVISLTHHS4PUPZ[LYPVtZ[LUV
PU[LY]PUVWHYHHU\SHYSHL_W\SZP}U
4tKPJVZKLS4\UKV-YHUJPH
*PTHKLZVIYLJLU[YVZKLYL[LUJP}U
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
(3,4(50(
:0:;,4(:(50;(906
(SLTHUPH [PLUL \U ZPZ[LTH KL ZLN\YVZ ZHUP[HYPVZ VISPNH[VYPVZ IHZHKV
WYPUJPWHSTLU[LLUJVU[YPI\JPVULZX\LZLJHSJ\SHUHWHY[PYKLSHYLU[H(
Z\]LaLSZPZ[LTHLZ[mÄUHUJPHKVWHYJPHSTLU[LWVYV[YVZZLN\YVZZHUP
[HYPVWISPJVZWLQLSKLSVZM\UJPVUHYPVZWVYPTW\LZ[VZWVYNHZ[VZ
X\L KLIL HZ\TPY LS WHJPLU[L ` WVY ZLN\YVZ KL ZHS\K WYP]HKVZ (Zx
HKLTmZ KLS ZLN\YV ZHUP[HYPV WISPJV VISPNH[VYPV L_PZ[LU ZLN\YVZ ZHUP
[HYPVZ WYP]HKVZ X\L J\IYLU xU[LNYHTLU[L H KL[LYTPUHKVZ NY\WVZ KL SH
WVISHJP}U ` VMYLJLU ZLN\YVZ JVTWSLTLU[HYPVZ ` Z\WSLTLU[HYPVZ H SHZ
WLYZVUHZJ\IPLY[HZWVYLSZLN\YVZHUP[HYPVVISPNH[VYPV3H[VTHKLKLJP
ZPVULZLZJVTWHY[PKHLU[YLSVZ3pUKLYLS.VIPLYUVMLKLYHS`\UHZLYPLKL
VYNHUPaHJPVULZKLSHZVJPLKHKJP]PSH\[VYPaHKHZWHYHLSSV
+,9,*/6+,(**,:6
(3(:(50+(+
+LZKLLSKLLULYVKL SHWVISHJP}UUHJPVUHS`SHZWLYZVUHZJVU
WLYTPZVKLYLZPKLUJPH[PLULUSHVISPNHJP}UKL[LULY\UZLN\YVZHUP[HYPV
WISPJVVWYP]HKV3HTH`VYxHKLSHZWLYZVUHZLZ[mUJ\IPLY[HZWVYLSZL
N\YVZHUP[HYPVWISPJVVISPNH[VYPV`HX\LSHHÄSPHJP}ULZVISPNH[VYPHWHYH
HX\LSSVZ[YHIHQHKVYLZWVYJ\LU[HHQLUHJ\`VZHSHYPVIY\[VTLUZ\HSZLH
PUMLYPVYHL\YVZLU3VZLTWSLHKVZX\LZLLUJ\LU[YLUWVY
LUJPTHKLLZ[L\TIYHSSVZH\[}UVTVZ`LUJPLY[HTLKPKHSVZM\UJPV
UHYPVZW\LKLUVW[HYH\UZLN\YVZHUP[HYPVWYP]HKVX\L[PLULSHVISPNH
JP}U KL VMYLJLYSLZ \U ¸WHX\L[L ImZPJV¹ J\`HZ JVUKPJPVULZ ` JVILY[\YH
ZLHU JVTWHYHISLZ JVU SHZ KLS ZLN\YV ZHUP[HYPV WISPJV 3HZ WLYZVUHZ
JVU PUNYLZVZ T\` IHQVZ W\LKLU [LULY HJJLZV H WYLZ[HJPVULZ ZVJPHSLZ
JVYYPLUKVZ\ZJVU[YPI\JPVULZ`SVZNHZ[VZKLYP]HKVZKLSZLN\YVZHUP[HYPV
VISPNH[VYPVHJHYNVKLSVZJLU[YVZKLHJJP}UZVJPHS
6IZLY]H[VYPV,\YVWLVKL
:PZ[LTHZ`7VSx[PJHZ:HUP[HYPHZ
/LHS[O*HYL:`Z[LTZPU;YHUZP[PVU¶
.LYTHU`
3HZWYLZ[HJPVULZKLSZLN\YVZHUP[HYPVWISPJVVISPNH[VYPVPUJS\`LUWHYH
SVZ ILULÄJPHYPVZ ` SHZ WLYZVUHZ H Z\ JHYNV [VKHZ SHZ TLKPKHZ X\L ZL
WVKYxHUKLZJYPIPYJVTV¸TLKPJPUHIHZHKHLUSHL]PKLUJPH¹!WYL]LUJP}U
KL[LJJP}U ` [YH[HTPLU[V KL LUMLYTLKHKLZ \YNLUJPHZ HZPZ[LUJPH Tt
KPJH HTI\SH[VYPH OVZWP[HSPaHJPVULZ YLLTIVSZV WHYJPHS KL TLKPJHTLU
[VZ VKVU[VSVNxH HWHYH[VZ TtKPJVZ ZLY]PJPVZ KL LUMLYTLYxH H KVTPJP
SPV KL[LYTPUHKVZ [PWVZ KL YLOHIPSP[HJP}U ZVJPV[LYHWPH L[J [YHUZWVY[L
KLWHJPLU[LZJVU\ULZ[HKVKLZHS\KKL[LYTPUHKV`V[YHZWYLZ[HJPVULZ
JVTVPUMVYTHJP}UKPYPNPKHHSVZWHJPLU[LZ8\PLULZKLZLLUH\TLU[HYZ\
UP]LS KL JVILY[\YH ZHUP[HYPH WHYH HJ\KPY H SH JVUZ\S[H KL WYVMLZPVUHSLZ
ZHUP[HYPVZ X\L Z}SV [LUNHU JVU]LUPV JVU ZLN\YVZ WYP]HKVZ YLTLKPVZ
OVTLVWm[PJVZOHIP[HJPVULZWYP]HKHZLUOVZWP[HSLZPTWSHU[LZKLU[HSLZ
V WYVK\J[VZ }W[PJVZ WHYH HK\S[VZ KLILU JVU[YH[HY \U ZLN\YV WYP]HKV
HKPJPVUHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
3HZ JVU[YPI\JPVULZ KL LTWSLHKVYLZ ` LTWSLHKVZ HS ZPZ[LTH KL ZLN\YV
ZHUP[HYPVWISPJVVISPNH[VYPVKLWLUKLUKLSHYLU[H(J[\HSTLU[LSHWYP
TH TLUZ\HS KL LZ[L ZLN\YV ZL JVYYLZWVUKL HWYV_PTHKHTLU[L JVU LS
KLSZHSHYPVIY\[VOHZ[H\UTm_PTVKLL\YVZKLZHSHYPVTLU
Z\HS(KLTmZL_PZ[LUV[YVZNHZ[VZX\LJVYYLUHJHYNVKLSWHJPLU[L!JV
WHNVKLJVUZ\S[HZTtKPJHZ`VKVU[VS}NPJHZOVZWP[HSPaHJPVULZTLKPJH
TLU[VZ`KPZWVZP[P]VZTtKPJVZ3VZTLUVYLZKPZMY\[HUKL\UHL_LUJP}U
KLSWHNVKLSHZJVU[YPI\JPVULZ`LZ[HZ[HZHZ`NHZ[VZZL]LUYLK\JPKVZ
[HTIPtULUNYHUTLKPKHWHYHSHZWLYZVUHZX\LWHKLJLULUMLYTLKHKLZ
JY}UPJHZVX\LZLLUJ\LU[YLULU\UHZP[\HJP}UWYLJHYPH
,ULSTLYJHKVKLSVZZLN\YVZZHUP[HYPVZWYP]HKVZLSJVZ[LKL\UZLN\YV
TtKPJVJVTWSL[VZLIHZHLUSHZWYLZ[HJPVULZLSLNPKHZHZxJVTVLUSH
LKHKLSZL_V`LSOPZ[VYPHSTtKPJVKLSHWLYZVUH
/HZ[HHNVZ[VKLLS
WLYPVKVKLYLMLYLUJPHLYHKL
TLZLZ=tHZLLSHWHY[HKVKL
SH(Z`SIL^LYILYSLPZ[\UNZNLZL[a
(Z`SI3.KLKLHNVZ[VKL `Z\ZZ\JLZP]HZLUTPLUKHZ*HIL
KLZ[HJHYX\LLUKL[LYTPUHKVZ
3pUKLYSVZZVSPJP[HU[LZKLHZPSV
W\LKLUVI[LULY\UH[HYQL[HZHUP[H
YPHHSVZZLPZTLZLZKLYLZPKLUJPH
H\UX\LJVUSHZYLZ[YPJJPVULZKL
KLYLJOVZKLSH(Z`SI3.
(WHY[HKVKLSH(Z`SI3.
(WHY[HKV KLSH.LZL[aa\Y
=LYO
[\UN\UK)LRpTWM\UN]VU
0UMLR[PVUZRYHUROLP[LUILPT4LUZ
JOLUKLKLQ\SPVKL
3VZOVZWP[HSLZW\LKLU
ZVSPJP[HYLSYLLTIVSZVHSVZJLU[YVZ
WISPJVZKLHJJP}UZVJPHSZPLTWYL
X\LLSWHJPLU[LUVLZ[tHZLN\YHKV
`UV[LUNHYLJ\YZVZWHYHWHNHYLS
[YH[HTPLU[VTtKPJVHWHY[HKVZ`
KLSH(Z`SI3.
5VZL[YH[HKL\UH[HYQL[H
ZHUP[HYPHUPKL\UJLY[PÄJHKVKLLU
MLYTLKHKZPUVKL\UKVJ\TLU[V
X\LWLYTP[LHSHWLYZVUHHJ\KPYH
SHJVUZ\S[H
(WHY[HKVZ`KLSH
(Z`SI3.
(WHY[HKVKLSH(Z`SI3.
3VZ ZVSPJP[HU[LZ KL HZPSV Z}SV W\LKLU HJJLKLY HS ZLN\YV WISPJV VISP
NH[VYPV LU SHZ TPZTHZ JVUKPJPVULZ X\L SH WVISHJP}U UHJPVUHS KLZW\tZ
KLTLZLZKLYLZPKLUJPHLU(SLTHUPHHU[LYPVYTLU[LLZ[LWLYPVKVLYH
KLTLZLZ/HZ[HLU[VUJLZZ}SV[PLULUKLYLJOVHHJJLKLYNYH[\P
[HTLU[L H SVZ [YH[HTPLU[VZ TtKPJVZ V KLU[HSLZ LU JHZVZ KL ­LUMLYTL
KHKLZNYH]LZVKVSVYHN\KV®HZxJVTVHSVZTLKPJHTLU[VZHSTH[LYPHS
KL J\YHZ ` H ­[VKV SV ULJLZHYPV WHYH SH YLJ\WLYHJP}U TLQVYH V HSP]PV
KL\UHLUMLYTLKHK`Z\ZJVUZLJ\LUJPHZ®PUJS\`LUKVLS[YH[HTPLU[VKLS
=0/KLV[YHZLUMLYTLKHKLZPUMLJJPVZHZ(ZPTPZTVW\LKLUHJJLKLYHSH
H[LUJP}UWYL`WVZUH[HSHSHZ]HJ\UHZHWY\LIHZTtKPJHZWYL]LU[P]HZ
`LUHSN\UVZJHZVZHWY}[LZPZKLU[HSLZ 7VYS[PTVW\LKLUHJJLKLY
NYH[\P[HTLU[L H JVUZ\S[HZ KL HZLZVYHTPLU[V HU}UPTV ` H WY\LIHZ KL
KL[LJJP}UKL[\ILYJ\SVZPZ`KLLUMLYTLKHKLZKL[YHUZTPZP}UZL_\HSPU
JS\PKVLS=0/ZPKH
:HS]VLUSHZZP[\HJPVULZYLHSTLU[L\YNLU[LZSVZZVSPJP[HU[LZKLHZPSV
X\LULJLZP[LUHZPZ[LUJPHZHUP[HYPHKLILUZVSPJP[HYWYL]PHTLU[L\UH2YHU
RLUZJOLPUHSJLU[YVWISPJVKLHJJP}UZVJPHSJVTWL[LU[L,Z[LKVJ\
TLU[VSLZWLYTP[LHJJLKLYNYH[\P[HTLU[LHSVZZLY]PJPVZLZWLJxÄJVZHSVZ
X\L[PLULUKLYLJOVJVUSHUPJHJVUKPJP}UKLX\LJ\TWSHUSVZYLX\PZP
[VZLZ[HISLJPKVZWVYSH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
SVX\LZPNUPÄJHX\LUV[LUNHUPUNYLZVZ
,ZPTWVY[HU[LZL|HSHYX\LZPULTIHYNVLUT\JOHZYLNPVULZZLLU[YLNH
HSHZWLYZVUHZX\LOHUZVSPJP[HKVHZPSV\UH[HYQL[HZHUP[HYPHK\YHU[LSVZ
ZLPZWYPTLYVZTLZLZKLLZ[HUJPHJVUSHZSPTP[HJPVULZLZ[HISLJPKHZWVY
SH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
,UWYPUJPWPVSVZOPQVZKLSVZZVSPJP[HU[LZKLHZPSV[PLULUSVZTPZTVZKL
YLJOVZ H\UX\L SH SL` TLUJPVUH X\L W\LKLU KPZMY\[HY KL ­V[YVZ [PWVZ
KLH[LUJP}UZHUP[HYPHLUM\UJP}UKLZ\ZULJLZPKHKLZLZWLJxÄJHZ®(ZP
TPZTVSHZWLYZVUHZX\LOH`HUZ\MYPKV\UHZP[\HJP}U[YH\Tm[PJH[HTIPtU
[PLULUSHWVZPIPSPKHKKLHJJLKLYH\UH­H[LUJP}UZHUP[HYPHHWYVWPHKH®
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
(SVZZVSPJP[HU[LZKLHZPSVX\L[PLULUX\LYLZPKPYLU\UJLU[YVKLHJVNPKH
VLU\UH]P]PLUKHJVSLJ[P]HZLSLZW\LKLYLX\LYPYX\LZLZVTL[HUH\U
YLJVUVJPTPLU[V TtKPJV PUJS\`LUKV \UH WY\LIH KL YH`VZ _ KLS HWHYH[V
YLZWPYH[VYPVJVULSVIQL[P]VKLPKLU[PÄJHYWVZPISLZLUMLYTLKHKLZJVU[H
NPVZHZ 3VZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH[PLULULU[LVYxHHJJLZVH
SVZTPZTVZZLY]PJPVZTtKPJVZ`IHQVSHZTPZTHZJVUKPJPVULZX\LSVZZV
SPJP[HU[LZKLHZPSVX\LSSL]HUTLUVZKLTLZLZYLZPKPLUKVLU(SLTHUPH
,ZKLJPY[PLULUHJJLZVHSVZ[YH[HTPLU[VZLUJHZVZKLLUMLYTLKHKNYH]L
VKVSVYHN\KV`H[VKVSVULJLZHYPVWHYHSHYLJ\WLYHJP}USHTLQVYHVLS
HSP]PVKLLUMLYTLKHKLZ`KLZ\ZJVUZLJ\LUJPHZHSHH[LUJP}UWVZ[UH[HS
HSHZ]HJ\UHZHWY\LIHZTtKPJHZWYL]LU[P]HZ`HHZLZVYHTPLU[V`KL[LJ
JP}UHU}UPTVZKLLUMLYTLKHKLZPUMLJJPVZHZ`KL[YHUZTPZP}UZL_\HS
;HTIPtU [PLULU X\L ZVSPJP[HY SH ¸2YHURLUZJOLPU¹ WYL]PHTLU[L ZHS]V LU
SVZ JHZVZ KL \YNLUJPHZ LU SVZ X\L W\LKLU ZVSPJP[HY H[LUJP}U ZHUP[HYPH
KPYLJ[HTLU[L
:PULTIHYNVL_PZ[LUHSN\UHZPUPJPH[P]HZSVJHSLZX\LPU[LU[HUKLHSN\UH
THULYHZVY[LHYLZ[LTHYJVSLNHS[HULZ[YPJ[V<UI\LULQLTWSVLZ4\
UPJOX\LLZ[HISLJP}LU\UW\U[VKLJVU[HJ[VTtKPJVWHYHWLYZV
UHZUVHZLN\YHKHZ`TmZYLJPLU[LTLU[L)LYSxUKVUKLLS.VIPLYUVLZ[m
LZ[\KPHUKVSHWVZPIPSPKHKKLHKVW[HY\UH2YHURLUZJOLPUHU}UPTHWHYH
MHJPSP[HYLSHJJLZVHSHZHUPKHKKLPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
3(6)30.(*0Ô5+,+,5<5*0(9<5()(99,9(05
40:6+,9,:0+,5*0(
:<7,9()3,7(9(8<0,5,:56;0,5,57,940:6+,
(WHY[HKVKLSH
(Z`S]LYMHOYLUZNLZL[a(Z`S=M.
KLSKLQ\SPVKL (WHY[HKVZ`KL
SH(Z`SI3.`HWHY[HKV KL
SH)\UKLZZL\JOLUNLZL[a3L`
-LKLYHSKL,UMLYTLKHKLZ
0UMLJJPVZHZ(ZPTPZTVLS
*}KPNV7LUHSLZ[HISLJLX\L
[VKHWLYZVUHKLILYxHYLJPIPY
H`\KHLUJHZVKL\YNLUJPH
:[YHMNLZL[aI\JOB:[.)DKL
KLUV]PLTIYLKL :LNULSHWHY[HKV
KLSH(\MLU[OHS[ZNLZL[a
.LZL[a
ILYKLU(\MLU[OHS[
KPL,Y^LYIZ[p[PNRLP[\UKKPL
0U[LNYH[PVU]VU(\ZSpUKLYUPT
)\UKLZNLIPL[KLSKLQ\SPV
KL]LYZP}UTVKPÄJHKH
(\MLU[O.3L`KL9LZPKLUJPH
­J\HSX\PLYPUZ[P[\JP}UWISPJH
[PLULLSKLILYKLPUMVYTHYPU
TLKPH[HTLU[LHSH6ÄJPUHKL
,_[YHUQLYxHZPLZ[mHSJVYYPLU[L
KLSHLZ[HUJPHKL\UHWLYZVUH
L_[YHUQLYHX\LUVWVZLHLS
WLYTPZVKLYLZPKLUJPHULJLZHYPV
`J\`HL_W\SZP}UUVOH`HZPKV
Z\ZWLUKPKH®
9,:0+,5*0(
,Z[LHWHYLU[LWHYHSLSPZTVLU[YLSVZKLYLJOVZKLZVSPJP[HU[LZKLHZPSVX\L
OHU YLZPKPKV K\YHU[L \U WLYPVKV PUMLYPVY H TLZLZ L PUTPNYHU[LZ LU
ZP[\HJP}UPYYLN\SHYUV[PLULUUPUNUYLÅLQVLUSHWYmJ[PJHKPHYPH,UYLHSP
KHK[VKHSHPUMVYTHJP}USLNHSX\LHWHYLJLLULZ[LPUMVYTLZVIYLSHJV
ILY[\YHZHUP[HYPHKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHLZ[m]HJxH
KLZPNUPÄJHKV`HX\LSVZJLU[YVZWISPJVZKLHJJP}UZVJPHSSHH\[VYPKHK
JVTWL[LU[LWHYHWLYTP[PYLSHJJLZVV[VYNHYSH2YHURLUZJOLPU`YLLTIVS
ZHYHSVZOVZWP[HSLZ[PLULUHSPN\HSX\L[VKHZSHZPUZ[P[\JPVULZHKTPUPZ
[YH[P]HZWISPJHZKL(SLTHUPHZVWLUHKLZLYZHUJPVUHKHZSHVISPNHJP}U
SLNHSKLKLU\UJPHYSLZHSH6ÄJPUHKL,_[YHUQLYxH+HKHSH[LYTPUVSVNxH
\[PSPaHKH LU SH SL` ¸LPUL VLMMLU[SPJOL Z[LSL¹ HKTPUPZ[YHJP}U WISPJH LS
WLYZVUHSZHUP[HYPV`SVZOVZWP[HSLZWISPJVZWHYLJLULZ[HYL_JS\PKVZKL
LZ[H VISPNHJP}U ,Z[H PU[LYWYL[HJP}U WHYLJL JVUÄYTHYZL [HTIPtU LU SH
WYmJ[PJH
3HVISPNHJP}UKLSHZPUZ[P[\JPVULZHKTPUPZ[YH[P]HZWISPJHZPUJS\PKVZSVZ
JLU[YVZWISPJVZKLHJJP}UZVJPHSLUJHYNHKVZKLSVZHZ\U[VZKLHKTPUPZ
[YHJP}UZHUP[HYPHKLKLU\UJPHYSHWYLZLUJPHKLPUTPNYHU[LZLUZP[\HJP}U
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
PYYLN\SHYPTWPKLHLZ[L[PWVKLWHJPLU[LZZVSPJP[HYJ\HSX\PLY[PWVKLHZPZ[LU
JPHZHUP[HYPHKLU[YVKLSZPZ[LTHKLZHS\KWISPJVHSLTmU
0UJS\ZVLUSVZJHZVZKL\YNLUJPHZWVKLTVZLUJVU[YHYUVZJVULZ[HZP[\H
JP}U `H X\L H\UX\L SVZ WHJPLU[LZ UV ULJLZP[LU VI[LULY WYL]PHTLU[L SH
2YHURLUZJOLPULULZ[VZJHZVZSVZOVZWP[HSLZZxLZ[mUVISPNHKVZH[YHUZMLYPY
HSVZJLU[YVZKLHJJP}UZVJPHSSVZKH[VZWLYZVUHSLZKLZ\ZWHJPLU[LZWHYH
WVKLYVI[LULYLSYLLTIVSZV
3HVISPNHJP}UPTW\LZ[HHSHZPUZ[P[\JPVULZHKTPUPZ[YH[P]HZWISPJHZKLKL
U\UJPHYHSHWVISHJP}UPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPHJVUZ[P[\`L\U
VIZ[mJ\SVSLNHSPUTLUZVX\LHU\SHSVZKLYLJOVZKLHJJLZVHSHH[LUJP}U
ZHUP[HYPHLU(SLTHUPHKLLZ[HZWLYZVUHZJVUSHZWVJHZL_JLWJPVULZKLSH
HZPZ[LUJPHHU}UPTHWYVWVYJPVUHKHWVYYHaVULZKLZHS\KWISPJH(KLTmZ
SHWLUHSPaHJP}UJVUT\S[HZVWYPZP}UPTW\LZ[HWVYSH¸3L`KL9LZPKLUJPH¹H
J\HSX\PLYHX\LSLZH`\KL­HYLZPKPYPYYLN\SHYTLU[LVHLU[YHYLULS[LYYP[VYPV
HSLTmU V H WLYTHULJLY TmZ [PLTWV KLS WLYTP[PKV [HU[V ZP ZL OHJL WHYH
ILULÄJPHYZLLJVU}TPJHTLU[LZPZLOHJLKLMVYTHYLPUJPKLU[LVZPZLILUL
ÄJPHHU\TLYVZVZPUTPNYHU[LZ®JVUZ[P[\`LV[YVMHJ[VYWYPUJPWHSWHYHPTWLKPY
HLZ[HWVISHJP}UX\LZVSPJP[LHZPZ[LUJPHZHUP[HYPHLU(SLTHUPHH\UX\LUVZL
OH`HUKHKVJHZVZKLZHUJPVULZWVYHZPZ[LUJPHTtKPJH(KLTmZLS4PUPZ
[LYPVKLS0U[LYPVYOHL_JS\PKVL_WYLZHTLU[LSHH[LUJP}UTtKPJH\YNLUJPHZ
`HSVZ[YHIHQHKVYLZZVJPHSLZWLYZVUHZ\65.KLSmTIP[VKLHWSPJHJP}UKL
SH3L`KL9LZPKLUJPH
;HUZ}SVT\`YLJPLU[LTLU[LLS7HYSHTLU[VHSLTmUOHYLHSPaHKV\UHPU[LY
WYL[HJP}UMVYTHSKLSH¸3L`KL9LZPKLUJPH¹PU[YVK\JPLUKVHSN\UHZKVZPZKL
ÅL_PIPSPKHKLUSHYLN\SHJP}UKLSHVISPNHJP}UKLKLU\UJPH`KLSHWLUHSPaH
JP}UKLSHHZPZ[LUJPH,UJVUJYL[VZLLZ[HISLJLX\LSVZJLU[YVZKLHJJP}U
ZVJPHSX\LKHYmUL_JS\PKVZKLSKLILYKLKLU\UJPHLUHX\LSSVZJHZVZLUSVZ
X\L SVZ WYVMLZPVUHSLZ ` HKTPUPZ[YHJPVULZ ZHUP[HYPHZ ZVSPJP[LU LS YLLTIVSZV
KLSVZNHZ[VZWVYWYLZ[HYHZPZ[LUJPHTtKPJHHSVZPUTPNYHU[LZLUZP[\HJP}U
PYYLN\SHY +L PN\HS TVKV LZ[H PU[LYWYL[HJP}U JSHYPÄJH X\L SH HZPZ[LUJPH H
LZ[VZPUTPNYHU[LZUPJHTLU[LLZ[HYmWLUHKHJ\HUKVZLWLYZPNHUÄULZS\
JYH[P]VZ
70*<4(JJLZZ[V/LHS[O
*HYLMVY<UKVJ\TLU[LKTPNYHU[Z
PU,\YVWLWmN
=tHZL)\UKLZZVaPHSOPSML.L
ZL[aKLKLQ\UPVKL (U[LZKLSVZ J\HUKVZLHWYVI}SHSLNPZSHJP}UYLSH[P]HHSVZZVSPJP[HU[LZ
KLHZPSV[HU[VZVSPJP[HU[LZKLHZPSVJVTVPUTPNYHU[LZPUJS\`LUKVHX\PLULZ
UV[LUxHUWLYTPZVKLYLZPKLUJPH[LUxHUKLYLJOVHHJJLKLYHSHH[LUJP}UZH
UP[HYPH LU SHZ TPZTHZ JVUKPJPVULZ X\L SH WVISHJP}U UHJPVUHS JVU \U UP]LS
ZPTPSHYKLYLJ\YZVZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
(:0:;,5*0(:(50;(90(
((+<3;6:
<9.,5*0(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VJ\IPLY[VWVYLSZLN\YVZHUP[HYPVWISPJVVWYP]HKV
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹VKL\UZLN\YVZHUP[HYPV
WYP]HKVWHYHLSSVWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH[HYQL[HZHUP
[HYPH`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSPTWVY[LKLSZLY]PJPVL\YVZ
WVY JHKH KxH KL H[LUJP}U OVZWP[HSHYPH JVU \U Tm_PTV HU\HS KL KxHZ
,_LUJP}U[V[HSWHYHTLUVYLZ`L_LUJP}UWHYJPHSWHYHWLYZVUHZJVULUMLYTL
KHKLZJY}UPJHZNYH]LZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ`LU
ZP[\HJPVULZWYLJHYPHZTm_PTV!KLZ\ZPUNYLZVZIY\[VZHU\HSLZ,USVZ
JHZVZKLZLN\YVZWYP]HKVZLSJVWHNVKLWLUKLKLJHKHJVU[YH[V
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}UUH
JPVUHSX\LKPZMY\[HKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹
:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!HJJLZVNYH[\P[VJ\IPLY[VWVY
MVUKVZWISPJVZ
,UZLW[PLTIYLKL MLJOHKLÄUHSPaHJP}UKL
LZ[LPUMVYTLLS7HYSHTLU[V
HSLTmUTLKPHU[L\UHPU[LY
WYL[HJP}UMVYTHSKLSH¸3L`
KL9LZPKLUJPH¹L_JS\`}HSVZ
JLU[YVZKLHJJP}UZVJPHSKLS
KLILYKLKLU\UJPHJ\HUKV
SVZWYVMLZPVUHSLZZHUP[HYPVZ
SLZWPKHUYLLTIVSZVKL
NHZ[VZ,USHTLKPKHLUX\L
UVZLOHWYVK\JPKVUPUN\UH
TVKPÄJHJP}UMVYTHSKLSHSL`
UPOHOHIPKV[PLTWVZ\ÄJPLU[L
WHYHJVTWYVIHYSHHWSPJHJP}U
LUSHWYmJ[PJHKLLZ[HPU[LY
WYL[HJP}USHPUMVYTHJP}UX\L
MHJPSP[HLZ[HÄJOHWHxZZLIH
ZHYmLUSHZP[\HJP}UL_PZ[LU[L
OHZ[HZLW[PLTIYLKL ] *VUKPJPVULZ!
Q:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}U
UHJPVUHS
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!UVZLYLX\PLYLUPUN\UH
JVUKPJP}UWHY[PJ\SHY5VLZULJLZHYPVVI[LULYSH2YHURLUZJOLPUWYL]PH
TLU[L3VZOVZWP[HSLZKLZW\tZKLH[LUKLYHZ\ZWHJPLU[LZZVSPJP[HULS
YLLTIVSZVHSVZJLU[YVZWISPJVZKLHJJP}UZVJPHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VJ\IPLY[VWVYMVUKVZWISPJVZ
505.<5((730*()030+(+LUSHWYmJ[PJHKLIPKVHSHVISPNHJP}UKLKLU\UJPH
PTW\LZ[HHSVZJLU[YVZWISPJVZKLHJJP}UZVJPHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
(;,5*0Ô5+,7904,950=,3@,:7,*0(30A(+(7(*0,5;,,?;,956
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLULSJVWHNVKLSWHJPLU[L`KLSZLN\YVZHUP[HYPVWISPJVVISP
NH[VYPV
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹VKL\UZLN\YVZHUP[HYPV
WYP]HKVWHYHLSSVWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH[HYQL[HZH
UP[HYPH ` WHNHY \UH KL[LYTPUHKH JHU[PKHK KLS PTWVY[L KLS ZLY]PJPV L\
YVZ[YPTLZ[YHSLZWVYSHZJVUZ\S[HZTtKPJHZ\VKVU[VS}NPJHZ,_LUJP}U[V[HS
WHYHTLUVYLZ`L_LUJP}UWHYJPHSWHYHWLYZVUHZJVULUMLYTLKHKLZJY}UPJHZ
NYH]LZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ`LUZP[\HJPVULZWYLJH
YPHZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ,USVZJHZVZKLZLN\YVZ
WYP]HKVZLSJVWHNVKLWLUKLKLJHKHJVU[YH[V
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}UUH
JPVUHSX\LKPZMY\[HKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹
:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!(JJLZVNYH[\P[V,?*3<:0
=(4,5;, LU SVZ JHZVZ KL LUMLYTLKHKLZ NYH]LZ V KVSVY HN\KV ` H [VKV SV
ULJLZHYPVWHYHJ\YHYTLQVYHYVHSP]PHYSHZLUMLYTLKHKLZ`Z\ZJVUZLJ\LUJPHZ
] *VUKPJPVULZ!
Q:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}U
UHJPVUHS
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!
³:VSPJP[HYWYL]PHTLU[LSH2YHURLUZJOLPUHSVZJLU[YVZWISPJVZKLHJJP}U
ZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZLZ[HISLJPKVZWVYSH¸3L`KL
7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZV NYH[\P[V ,?*3<:0=(4,5;, LU SVZ JHZVZ KL LUMLYTLKHKLZ NYH]LZ V
KVSVY HN\KV ` H [VKV SV ULJLZHYPV WHYH J\YHY TLQVYHY V HSP]PHY SHZ LUMLYTL
KHKLZ`Z\ZJVUZLJ\LUJPHZ
] *VUKPJPVULZ!
³:VSPJP[HYWYL]PHTLU[L\UHH`\KHWISPJH`VI[LULYSH2YHURLUZJOLPUKLSVZ
JLU[YVZKLHJJP}UZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZLZ[HISLJPKVZ
WVYSH3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV
505.<5((730*()030+(+LUSHWYmJ[PJHKLIPKVHSHVISPNHJP}UKLKLU\UJPH
PTW\LZ[HHSVZJLU[YVZWISPJVZKLHJJP}UZVJPHS
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
/6:70;(30A(*0Ô505.9,:6
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VJ\IPLY[VWVYLSZLN\YVZHUP[HYPVWISPJVVWYP]HKV
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹VKL\UZLN\YVZHUP[HYPV
WYP]HKVWHYHLSSVWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH[HYQL[HZH
UP[HYPH`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSPTWVY[LKLSZLY]PJPVL\YVZ
WVY JHKH KxH KL H[LUJP}U OVZWP[HSHYPH JVU \U Tm_PTV HU\HS KL KxHZ
,_LUJP}U[V[HSWHYHTLUVYLZ`L_LUJP}UWHYJPHSWHYHWLYZVUHZJVULUMLYTL
KHKLZJY}UPJHZNYH]LZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ`LU
ZP[\HJPVULZWYLJHYPHZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ,USVZ
JHZVZKLZLN\YVZWYP]HKVZLSJVWHNVKLWLUKLKLJHKHJVU[YH[V
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}UUH
JPVUHSX\LKPZMY\[HKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹
:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!(JJLZVNYH[\P[V,?*3<:0
=(4,5;, LU SVZ JHZVZ KL LUMLYTLKHKLZ NYH]LZ V KVSVY HN\KV ` H [VKV SV
ULJLZHYPVWHYHJ\YHYTLQVYHYVHSP]PHYSHZLUMLYTLKHKLZ`Z\ZJVUZLJ\LUJPHZ
] *VUKPJPVULZ!
Q:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISH
JP}UUHJPVUHS
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!
³:VSPJP[HYWYL]PHTLU[L2YHURLUZJOLPUHSVZJLU[YVZWISPJVZKLHJJP}U
ZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZLZ[HISLJPKVZWVYSH¸3L`KL
7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZV NYH[\P[V ,?*3<:0=(4,5;, LU SVZ JHZVZ KL LUMLYTLKHKLZ NYH]LZ V
KVSVY HN\KV ` H [VKV SV ULJLZHYPV WHYH J\YHY TLQVYHY V HSP]PHY SHZ LUMLYTL
KHKLZ`Z\ZJVUZLJ\LUJPHZ
] *VUKPJPVULZ!
³:VSPJP[HYWYL]PHTLU[L\UHH`\KHWISPJH`VI[LULYSH2YHURLUZJOLPUKLSVZ
JLU[YVZWISPJVZKLHJJP}UZVJPHSLZ[VPTWSPJHLZ[HYHTWHYHKVZWVY¸3L`
KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
505.<5((730*()030+(+LUSHWYmJ[PJHKLIPKVHSHVISPNHJP}UKLKLU\UJPH
PTW\LZ[HHSVZJLU[YVZWISPJVZKLHJJP}UZVJPHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
(;,5*0Ô579,@76:;5(;(3
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VJ\IPLY[VWVYLSZLN\YVZHUP[HYPVWISPJVVWYP]HKV
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVWISPJVVISPNH[VYPV¹VKL\UZLN\YVZHUP[HYPV
WYP]HKVWHYHLSSVWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH[HYQL[HZHUP
[HYPH`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSPTWVY[LKLSZLY]PJPV,_LUJP}U
[V[HSWHYHTLUVYLZ`L_LUJP}UWHYJPHSWHYHWLYZVUHZJVULUMLYTLKHKLZ
JY}UPJHZNYH]LZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ`LUZP[\H
JPVULZWYLJHYPHZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}UUH
JPVUHSX\LKPZMY\[HKLS¸ZLN\YVZHUP[HYPVVISPNH[VYPV¹
:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!HJJLZVNYH[\P[VJ\IPLY[VWVY
SVZMVUKVZWISPJVZ
] *VUKPJPVULZ!
Q:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}U
UHJPVUHS
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!
³:VSPJP[HYWYL]PHTLU[L2YHURLUZJOLPUHSVZJLU[YVZWISPJVZKLHJJP}U
ZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZLZ[HISLJPKVZWVYSH¸3L`KL
7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VJ\IPLY[VWVYMVUKVZWISPJVZ
] *VUKPJPVULZ!
³:VSPJP[HYWYL]PHTLU[L\UHH`\KHWISPJH`VI[LULYSH2YHURLUZJOLPUKL
SVZJLU[YVZWISPJVZKLHJJP}UZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\P
ZP[VZLZ[HISLJPKVZWVYSH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL
(ZPSV¹
505.<5((730*()030+(+LUSHWYmJ[PJHKLIPKVHSHVISPNHJP}UKLKL
U\UJPHPTW\LZ[HLUSVZJLU[YVZWISPJVZKLHJJP}UZVJPHS7VY[HU[VSH
+\SK\UNZ\ZWLUZP}U[LTWVYHSKLSHL_W\SZP}UZLJVU]PLY[LLUSHUPJHWV
ZPIPSPKHKWHYHYLJPIPYH[LUJP}UZHUP[HYPH3H+\SK\UNZLZ\LSLV[VYNHYLU[YL
ZLPZZLTHUHZHU[LZKLKHYHS\a`VJOVZLTHUHZKLZW\tZ`ZLIHZHLUSH
PTWVZPIPSPKHK[LTWVYHSKL]PHQHY+LLZ[HMVYTHZLZ\ZWLUKLSHL_W\SZP}U
WLYVZ}SV[LTWVYHSTLU[L
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
;9(;(40,5;6(+<3;6:
4,+0*(4,5;6:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:P ZL KPZMY\[H KLS ZLN\YV ZHUP[HYPV WISPJV VISPNH[VYPV! HJJLZV IHZHKV LU LS
JVWHNVKLSWHJPLU[L`KLSZLN\YV;VKVZSVZTLKPJHTLU[VZX\LZLOH`HKL
TVZ[YHKV X\L ZVU HWYVWPHKVZ WHYH LS [YH[HTPLU[V ` X\L UV [LUNHU LMLJ[VZ
ZLJ\UKHYPVZ
:PZL[PLUL\UZLN\YVWYP]HKV!LZWVZPISLX\LZLSLZYLLTIVSZLLSNHZ[V[V[HS
KLWLUKPLUKVKLSJVU[YH[V
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹VKL\UZLN\YVZHUP[H
YPVWYP]HKVWHYHLSSVWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH[HYQL[H
ZHUP[HYPH`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSPTWVY[LKLSTLKPJHTLU[V
LSKLSJVZ[LJVU\UTm_PTVKLL\YVZ`\UTxUPTVKLL\YVZ
WVYYLJL[H,_LUJP}U[V[HSWHYHTLUVYLZ`L_LUJP}UWHYJPHSWHYHWLYZVUHZ
JVULUMLYTLKHKLZJY}UPJHZNYH]LZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZ
IY\[VZ`LUZP[\HJPVULZWYLJHYPHZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZ
IY\[VZ;HTIPtUW\LKLUZVSPJP[HY\UHL_LUJP}UV[YHZWLYZVUHZJVUMHS[HKL
YLJ\YZVZLJVU}TPJVZZ\ÄJPLU[LZ,ULSJHZVKLSVZZLN\YVZWYP]HKVZSVZ
WHJPLU[LZKLILUWHNHYWVYHKLSHU[HKV`TmZ[HYKLZLSLZYLLTIVSZHSH
J\V[HKLWLUKLYmKLJHKHJVU[YH[V
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}UUH
JPVUHSX\LKPZMY\[HKLS¸ZLN\YVZHUP[HYPVVISPNH[VYPV¹
:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!HJJLZVNYH[\P[V,?*3<:0
=(4,5;, LU SVZ JHZVZ KL LUMLYTLKHKLZ NYH]LZ V KVSVY HN\KV ` H [VKV SV
ULJLZHYPVWHYHJ\YHYTLQVYHYVHSP]PHYSHZLUMLYTLKHKLZ`Z\ZJVUZLJ\LUJPHZ
] *VUKPJPVULZ!
Q:PKLT\LZ[YHU\UHYLZPKLUJPHZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISH
JP}UUHJPVUHS
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!
³7YLZLU[HY\UHYLJL[HWHYHLSSVLZULJLZHYPVZVSPJP[HYWYL]PHTLU[LSH2YHU
RLUZJOLPUHSVZJLU[YVZKLHJJP}UZVJPHSSVX\LZPNUPÄJHJ\TWSPYSVZYLX\PZP
[VZLZ[HISLJPKVZWVYSH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZV NYH[\P[V ,?*3<:0=(4,5;, LU SVZ JHZVZ KL LUMLYTLKHKLZ NYH]LZ V
KVSVY HN\KV ` H [VKV SV ULJLZHYPV WHYH J\YHY TLQVYHY V HSP]PHY SHZ LUMLYTL
KHKLZ`Z\ZJVUZLJ\LUJPHZ
] *VUKPJPVULZ!
³7YLZLU[HY\UHYLJL[HWHYHLSSVLZULJLZHYPVZVSPJP[HYWYL]PHTLU[L\UH
H`\KHWISPJH`VI[LULYSH2YHURLUZJOLPUKLSVZJLU[YVZWISPJVZKL
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
HJJP}UZVJPHSSVX\LZPNUPÄJHJ\TWSPYSVZYLX\PZP[VZLZ[HISLJPKVZWVYSH
¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
505.<5((730*()030+(+LUSHWYmJ[PJHKLIPKVHSHVISPNHJP}UKLKLU\UJPH
PTW\LZ[HHSVZJLU[YVZWISPJVZKLHJJP}UZVJPHS
+,;,**0Ô5+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
7Y\LIHZ KL KL[LJJP}U HU}UPTHZ ` NYH[\P[HZ J\IPLY[HZ WVY LS ZLN\YV H\X\L
L_PZ[LU[HTIPtUJLU[YVZSVJHSLZLZWLJxÄJVZ
] *VUKPJPVULZ!
Q:PSVWHNHLSZLN\YV!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVVISPNH[VYPV¹VKL\UZLN\YVZHUP[HYPVWYP
]HKV`WYLZLU[HYSH[HYQL[HZHUP[HYPH`WHNHYSHJ\V[HKLJVU[YPI\JP}U
Q:PZLYLHSPaHLUJLU[YVZLZWLJxÄJVZ!UVZLYLX\PLYLUPUN\UHJVUKPJP}U
WHY[PJ\SHY
:630*0;(5;,:+,(:036
] +LYLJOVZ!
Q:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}U
UHJPVUHSX\LKPZMY\[HKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!HJJLZVNYH[\P[VJ\IPLY[V
WVYMVUKVZWISPJVZLUSVZJLU[YVZSVJHSLZLZWLJxÄJVZ
] *VUKPJPVULZ!
Q:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}U
UHJPVUHS
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!UVZLYLX\PLYLUPUN\UH
JVUKPJP}UWHY[PJ\SHY
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVHU}UPTV`NYH[\P[VLUJLU[YVZSVJHSLZLZWLJxÄJVZ
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
;9(;(40,5;6+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VJ\IPLY[VWVYLSZLN\YVZHUP[HYPVWISPJVVWYP]HKV
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVWISPJVVISPNH[VYPV¹VKL\UZLN\YVZHUP[HYPV
WYP]HKVWHYHLSSVWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH[HYQL[H
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
ZHUP[HYPH`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSPTWVY[LKLSZLY]PJPV,_LU
JP}U[V[HSWHYHTLUVYLZ`L_LUJP}UWHYJPHSWHYHWLYZVUHZJVULUMLYTL
KHKLZJY}UPJHZNYH]LZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ`LU
ZP[\HJPVULZWYLJHYPHZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}UUH
JPVUHSX\LKPZMY\[HKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹
:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!HJJLZVNYH[\P[V,?*3<:0=(
4,5;,LUSVZJHZVZKLLUMLYTLKHKLZNYH]LZVKVSVYHN\KV`H[VKVSVUL
JLZHYPVWHYHJ\YHYTLQVYHYVHSP]PHYSHZLUMLYTLKHKLZ`Z\ZJVUZLJ\LUJPHZLS
[YH[HTPLU[VKLS=0/LZ[mJVUZPKLYHKVJVTVLUMLYTLKHKNYH]LVKVSVYHN\KV
] *VUKPJPVULZ!
Q:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}U
UHJPVUHS
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!
³:VSPJP[HYWYL]PHTLU[L2YHURLUZJOLPUHSVZJLU[YVZWISPJVZKLHJJP}UZV
JPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZLZ[HISLJPKVZWVYSH¸3L`KL7YLZ[H
JPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V,?*3<:0=(4,5;,LUSVZJHZVZKLLUMLYTLKHKLZNYH]LZ
V KVSVY HN\KV ` H [VKV SV ULJLZHYPV WHYH J\YHY TLQVYHY V HSP]PHY SHZ LU
MLYTLKHKLZ`Z\ZJVUZLJ\LUJPHZLS[YH[HTPLU[VKLS=0/LZ[mJVUZPKLYHKV
JVTVLUMLYTLKHKNYH]LVKVSVYHN\KV
] *VUKPJPVULZ!
³:VSPJP[HYWYL]PHTLU[L\UHH`\KHWISPJH`VI[LULYSH2YHURLUZJOLPUKL
SVZJLU[YVZWISPJVZKLHJJP}UZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZ
LZ[HISLJPKVZWVYSH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
505.<5((730*()030+(+LUSHWYmJ[PJHKLIPKVHSHVISPNHJP}UKLKLU\UJPH
PTW\LZ[HHSVZJLU[YVZWISPJVZKLHJJP}UZVJPHS
;9(;(40,5;6+,6;9(:,5-,94,+(+,:05-,**06:(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VJ\IPLY[VWVYLSZLN\YVZHUP[HYPVWISPJVVWYP]HKV
] *VUKPJPVULZ!
³+PZMY\[HYKLS¸ZLN\YVTtKPJVWISPJVVISPNH[VYPV¹VKL\UZLN\YVZHUP[HYPV
WYP]HKVWHYHLSSVWHNHYSHJ\V[HKLJVU[YPI\JP}UWYLZLU[HYSH[HYQL[HZH
UP[HYPH`WHNHY\UHKL[LYTPUHKHJHU[PKHKKLSPTWVY[LKLSZLY]PJPV,_LU
JP}U [V[HS WHYH TLUVYLZ ` L_LUJP}U WHYJPHS WHYH WLYZVUHZ JVU LUMLYTL
KHKLZJY}UPJHZNYH]LZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ`LU
ZP[\HJPVULZWYLJHYPHZTm_PTV!KLZ\ZPUNYLZVZHU\HSLZIY\[VZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}UUH
JPVUHSX\LKPZMY\[HKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹
:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!HJJLZVNYH[\P[V,?*3<:0
=(4,5;, LU SVZ JHZVZ KL LUMLYTLKHKLZ NYH]LZ V KVSVY HN\KV ` H [VKV SV
ULJLZHYPVWHYHJ\YHYTLQVYHYVHSP]PHYSHZLUMLYTLKHKLZ`Z\ZJVUZLJ\LUJPHZ
] *VUKPJPVULZ!
Q:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSHWVISHJP}U
UHJPVUHS
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!
³:VSPJP[HYWYL]PHTLU[L\UHH`\KHWISPJH`VI[LULYSH2YHURLUZJOLPUKLSVZ
JLU[YVZKLHJJP}UZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZLZ[HISLJPKVZ
WVYSH3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZV NYH[\P[V ,?*3<:0=(4,5;, LU SVZ JHZVZ KL LUMLYTLKHKLZ NYH]LZ V
KVSVY HN\KV ` H [VKV SV ULJLZHYPV WHYH J\YHY TLQVYHY V HSP]PHY SHZ LUMLYTL
KHKLZ`Z\ZJVUZLJ\LUJPHZ
] *VUKPJPVULZ!
³:VSPJP[HYWYL]PHTLU[L\UHH`\KHWISPJH`VI[LULYSH2YHURLUZJOLPUKL
SVZJLU[YVZWISPJVZKLHJJP}UZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\P
ZP[VZLZ[HISLJPKVZWVYSH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL
(ZPSV¹
56(730*()030+(+LUSHWYmJ[PJHKLIPKVHSHVISPNHJP}UKLKLU\UJPH
PTW\LZ[HHSVZJLU[YVZWISPJVZKLHJJP}UZVJPHS
4,569,:
4,569,:5(*065(3,:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VHSHHZPZ[LUJPHZHUP[HYPHJ\IPLY[VWVYLSZLN\YVZHUP[HYPVW
ISPJVVWYP]HKV
=HJ\UHZ!UVZVUVISPNH[VYPHZZ}SVYLJVTLUKHKHZ`ZVUNYH[\P[HZJ\IPLY[HZ
WVYLSZLN\YVZHUP[HYPVWISPJVVWYP]HKV
=tHZLSPZ[HKL]HJ\UHZ
LU9VILY[2VJO0UZ[P[\[!^^^
YRPKLJSUF UUF +,
*VU[LU[0UMLR[0TWMLU0TWMLT
WMLOS\UNLU0TWMLTWMLOS\U
NLUFFUVKLO[TS&FFUUU$[Y\L
] *VUKPJPVULZ!
³;LULY LS ¸ZLN\YV ZHUP[HYPV WISPJV VISPNH[VYPV¹ V \U ZLN\YV ZHUP[HYPV WYP
]HKV`WYLZLU[HYSH[HYQL[HZHUP[HYPH,ULSZPZ[LTHKLZLN\YVZHUP[HYPVVISP
NH[VYPV SVZ TLUVYLZ LZ[mU L_LU[VZ KL WHNHY SHZ JVU[YPI\JPVULZ ` V[YVZ
NHZ[VZKL\Z\HYPVZ,USVZZPZ[LTHZWYP]HKVZKLWLUKLKLSVZJVU[YH[VZ
WLYV NLULYHSTLU[L SVZ WHKYLZ [PLULU X\L WHNHY \UH JVU[YPI\JP}U WHYH
PUZJYPIPYHZ\ZOPQVZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
/016:+,:630*0;(5;,:+,(:036
] +LYLJOVZ!
:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSVZTLUVYLZUH
JPVUHSLZX\LKPZMY\[HUKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹
:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!HJJLZVNYH[\P[VHJHZP[VKVZ
SVZZLY]PJPVZZHUP[HYPVZJVUT\`WVJHZYLZ[YPJJPVULZ­W\LKLUILULÄJPHYZLKL
V[YVZZLY]PJPVZLUM\UJP}UKLZ\ZULJLZPKHKLZWHY[PJ\SHYLZ®
] *VUKPJPVULZ!
Q:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSVZTLUVYLZ
UHJPVUHSLZ
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!
³:VSPJP[HY WYL]PHTLU[L \UH H`\KH WISPJH ` VI[LULY SH 2YHURLUZJOLPU KL
SVZJLU[YVZWISPJVZKLHJJP}UZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZ
LZ[HISLJPKVZWVYSH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
4,569,::630*0;(5;,:+,(:03656(*647(j(+6:
] +LYLJOVZ!
:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSVZTLUVYLZUH
JPVUHSLZX\LKPZMY\[HUKLS¸ZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV¹
:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!HJJLZVNYH[\P[VHJHZP[VKVZ
SVZZLY]PJPVZZHUP[HYPVZJVUT\`WVJHZYLZ[YPJJPVULZ­W\LKLUILULÄJPHYZLKL
V[YVZZLY]PJPVZLUM\UJP}UKLZ\ZULJLZPKHKLZWHY[PJ\SHYLZ®
] *VUKPJPVULZ!
Q:PLS[PLTWVKLYLZPKLUJPHLZZ\WLYPVYHTLZLZ!PN\HSX\LSVZTLUVYLZ
UHJPVUHSLZ
Q:PLS[PLTWVKLYLZPKLUJPHLZPUMLYPVYHTLZLZ!
³:VSPJP[HY WYL]PHTLU[L \UH H`\KH WISPJH ` VI[LULY SH 2YHURLUZJOLPU KL
SVZJLU[YVZWISPJVZKLHJJP}UZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZ
LZ[HISLJPKVZWVYSH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
4,569,:0540.9(5;,:56(*647(j(+6:
] +LYLJOVZ!
(JJLZVNYH[\P[VHJHZP[VKVZSVZZLY]PJPVZZHUP[HYPVZJVUT\`WVJHZYLZ[YPJ
JPVULZ­W\LKLUILULÄJPHYZLKLV[YVZZLY]PJPVZLUM\UJP}UKLZ\ZULJLZPKHKLZ
WHY[PJ\SHYLZ®
] *VUKPJPVULZ!
³:VSPJP[HYWYL]PHTLU[L\UHH`\KHWISPJH`VI[LULYSH2YHURLUZJOLPUKL
SVZJLU[YVZWISPJVZKLHJJP}UZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZ
LZ[HISLJPKVZWVYSH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
505.<5((730*()030+(+LUSHWYmJ[PJHKLIPKVHSHVISPNHJP}UKLKLU\UJPH
PTW\LZ[HHSVZJLU[YVZWISPJVZKLHJJP}UZVJPHS
/016:+,0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VHJHZP[VKVZSVZZLY]PJPVZZHUP[HYPVZJVUT\`WVJHZYLZ[YPJ
JPVULZ­W\LKLUILULÄJPHYZLKLV[YVZZLY]PJPVZLUM\UJP}UKLZ\ZULJLZPKHKLZ
WHY[PJ\SHYLZ®
] *VUKPJPVULZ!
³:VSPJP[HYWYL]PHTLU[L\UHH`\KHWISPJH`VI[LULYSH2YHURLUZJOLPUKL
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
SVZJLU[YVZWISPJVZKLHJJP}UZVJPHSLZ[VPTWSPJHJ\TWSPYSVZYLX\PZP[VZ
LZ[HISLJPKVZWVYSH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL(ZPSV¹
505.<5((730*()030+(+LUSHWYmJ[PJHKLIPKVHSHVISPNHJP}UKLKLU\UJPH
PTW\LZ[HHSVZJLU[YVZWISPJVZKLHJJP}UZVJPHS
*,5;96:+,9,;,5*0Ô5
(+<3;6:
:LYLN\SHKLU[YVKLJHKH3HUK+VZLQLTWSVZ!
)LYSxU! HJJLZV H SH HZPZ[LUJPH ZHUP[HYPH KLU[YV KL SVZ JLU[YVZ KL YL[LUJP}U
ZPLTWYL X\L ZLH ULJLZHYPV IHQV SH YLZWVUZHIPSPKHK KLS WLYZVUHS TtKPJV KLS
JLU[YV`KLSQLMLKLWVSPJxHKL)LYSxU3LJVYYLZWVUKLHSWLYZVUHSTtKPJVKLS
JLU[YVL]HS\HYSHPUJHWHJPKHKKLSHWLYZVUHWHYHLZ[HYPU[LYUHKHVWHYH]PHQHY
3VZYLZWVUZHISLZKLSJLU[YVZLLUJHYNHUKLL]HS\HYSHZVSPJP[\KKLSVZPU[LYUVZ
WHYHZLYH[LUKPKVZWVYWYVMLZPVUHSLZZHUP[HYPVZL_[LYUVZ
)H]PLYH! SHZ WLYZVUHZ LU ZP[\HJP}U PYYLN\SHY ZVU JVUK\JPKHZ H \UHZ PUZ[HSH
JPVULZZLTLQHU[LZHSHZKLSHZJmYJLSLZ`ZLSLZHWSPJHUSHZUVYTHZNLULYHSLZ
WLUP[LUJPHYPHZLZKLJPYHJJLZVNYH[\P[VHSHZLY]PJPVZZHUP[HYPVZMxZPJVZVTLU
[HSLZH[YH[HTPLU[VZ`YLOHIPSP[HJP}UHTLKPKHZKLWYL]LUJP}UWHYHWLYZVUHZ
TLUVYLZ KL H|VZ JVU LUMLYTLKHKLZ JY}UPJHZ L[J :PU LTIHYNV ZL SLZ
W\LKLZVSPJP[HYX\LJVU[YPI\`HUHSWHNVKLSHH[LUJP}UZHUP[HYPH`KLSVZ[YH[H
TPLU[VZ
4,569,:
0N\HSX\LSHZWLYZVUHZHK\S[HZ
(SN\UVZ3pUKLYJVTV
)H]PLYHHWSPJHUSHSLNPZSHJP}U
NLULYHSWLUP[LUJPHYPH6[YVZ
JVTV)LYSxU[PLULUUVYTH[P]HZ
LZWLJxÄJHZZVIYLSVZJLU[YVZKL
YL[LUJP}U
7\U[VKLS.LZL[a
ILYKLU(IZJOPLI\UNZNL^H
OYZHTPT3HUK)LYSPUKL KL
MLIYLYVKL
(Y[Z KLSH)H`L
YPZJOLZ:[YHMM]VSSa\NZNLZL[a
KLKLUV]PLTIYL
KL
(WHY[HKVUKLSH
(\MLU[O.
70*<4(JJLZZ[V/LHS[O
*HYLMVY<UKVJ\TLU[LKTP
NYHU[ZPU,\YVWLWmN
(**,:6+,3(:(<;690+(+,:
(3(05-694(*0Ô5@
;9(5:-,9,5*0(+,+(;6:
;YHUZMLYLUJPHKLPUMVYTHJP}UVHJJLZVHKH[VZZVIYLSHZP[\HJP}UHK
TPUPZ[YH[P]H! [VKH PUZ[P[\JP}U HKTPUPZ[YH[P]H WISPJH LZ[m VISPNHKH ZV WLUH
KLZLYZHUJPVUHKHHKLU\UJPHYPUTLKPH[HTLU[LHSVZPUTPNYHU[LZLUZP[\HJP}U
PYYLN\SHYHSH6ÄJPUHKL,_[YHUQLYxH­ZPLZ[mHSJVYYPLU[LKLSHLZ[HUJPHKL\UH
WLYZVUH L_[YHUQLYH X\L UV WVZLH LS WLYTPZV KL YLZPKLUJPH ULJLZHYPV ` J\`H
L_W\SZP}UUVZLOH`HZ\ZWLUKPKV® ,SOLJOVKLX\LSVZJLU[YVZWISPJVZKL
HJJP}UZVJPHS[LUNHUSHVISPNHJP}UKLKLU\UJPHYSLZ[PLULNYH]LZJVUZLJ\LUJPHZ
LULSHJJLZVLMLJ[P]VKLLZ[HWVISHJP}UHSHHZPZ[LUJPHZHUP[HYPH`HX\LZVUSHZ
H\[VYPKHKLZYLZWVUZHISLZKLWLYTP[PYLSHJJLZVHSHZHUPKHK`LSYLLTIVSZVKLS
WLYZVUHSZHUP[HYPVWVYSVZZLY]PJPVZWYVWVYJPVUHKVZHPUTPNYHU[LZ
(\UX\LL_PZ[L\UHS[VNYHKVKLPUJLY[PK\TIYLZVIYLSHPU[LYWYL[HJP}UKLLZ[H
KPZWVZPJP}USLNHSHSWLYZVUHSZHUP[HYPVUVSLHMLJ[HLZ[HVISPNHJP}UKLKLU\UJPH
4LUVZJSHYVX\LKHZPLZ[VHMLJ[H[HTIPtUHSVZOVZWP[HSLZWISPJVZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
3(56,?7<3:0Ô5769
9(A65,:4i+0*(:
,3 56 9,*<9:6 ( :(5*065,: +, ,?7<3:0Ô5 6 3(
:<:7,5:0Ô5 +, 3(: Ô9+,5,: +, ,?7<3:0Ô5 769
9(A65,:4i+0*(:!+<3+<5.:<:7,5:0Ô5;,476
9(3+,3(+,769;(*0Ô5
3HKLWVY[HJP}UKL\UJP\KHKHUVL_[YHUQLYVKLILYmZ\ZWLUKLYZLZPLTWYLX\L
Z\L_W\SZP}UZLHPTWVZPISLKLOLJOVVKLKLYLJOV`UVZLSLV[VYN\LUPUNU
WLYTPZVKLYLZPKLUJPH:LSLZW\LKLJVUJLKLY\UHZ\ZWLUZP}U[LTWVYHSKLSH
KLWVY[HJP}UZPZ\WYLZLUJPHJVU[PU\HLULS[LYYP[VYPVMLKLYHSLZULJLZHYPH`HZLH
WVYYHaVULZ\YNLU[LZO\THUP[HYPHZVWLYZVUHSLZVKLIPKVHPU[LYLZLZWISPJVZ
PTWVY[HU[LZ
5VZL[YH[HKL\UWLYTPZVKLYLZPKLUJPHHZxUVHMLJ[HHSHVISPNHJP}UKLZHSPY
KLS[LYYP[VYPVMLKLYHS\UH]LaX\LSHZ\ZWLUZP}U[LTWVYHSKLSHKLWVY[HJP}UOH`H
L_WPYHKV<UH]LaX\LZLSLZJVUJLKLYLJPILU\UJLY[PÄJHKV
¦8<0i5,:367<,+,5:630*0;(9&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tUNYH]LTLU[LLUMLYTVZ
*65+0*065,:!
³7YVISLTHZKLZHS\KNYH]LZX\LPTWPKHU]PHQHYHSHWLYZVUHX\LSVZVSPJP[HV
H\UTPLTIYVKLZ\MHTPSPH
+<9(*0Ô5!
<U Tm_PTV KL ZLPZ TLZLZ H\UX\L W\LKL ZLY YLUV]HKH WVY SH KLJPZP}U
KPZJYLJPVUHSKLSHH\[VYPKHKJVTWL[LU[LLUM\UJP}UKLSHZJPYJ\UZ[HUJPHZKL
JHKHJHZVWHY[PJ\SHY3H+\SK\UNKLILYxHYL]VJHYZLJ\HUKVSHZJPYJ\UZ[HUJPHZ
X\L PTWPKLU SH L_W\SZP}U KLQLU KL ZLY HWSPJHISLZ HWHY[HKV H ;YHZ TLZLZKLZ\ZWLUZP}UW\LKLUZVSPJP[HYLS¸WLYTPZVKLYLZPKLUJPHWVYYHaVULZ
O\THUP[HYPHZ¹
(WHY[HKVHKLSH
(\MLU[O.
(WHY[HKVHKLSH
(\MLU[O.
3HZIHZLZSLNHSLZWHYH
V[VYNHY\U+\SK\UNHTPLTIYVZ
KLSHMHTPSPHZLLUJ\LU[YHU
L_JS\ZP]HTLU[LLULSHY[xJ\SV
KLSH*VUZ[P[\JP}U(SLTHUH
(WHY[HKVHKLSH
(\MLU[O.
(WHY[HKVKLSH
(\MLU[O.
(WHY[HKVHKLSH
(\MLU[O.
(**,:6(3((:0:;,5*0(:(50;(90(!
*VILY[\YHZHUP[HYPHLULSTHYJVKLSH¸3L`KL7YLZ[HJPVULZWHYH:VSPJP[HU[LZ
KL(ZPSV¹
7,940:6+,9,:0+,5*0(7699(A65,:4i+0*(:!
¸7,940:6+,9,:0+,5*0(,5*(:6:
+,.9(5+0-0*<3;(+¹
¦8<0i5,:367<,+,5:630*0;(9&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tUNYH]LTLU[LLUMLYTVZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
*65+0*065,:!
³3HWYLZLUJPHJVU[PU\HKL\UHWLYZVUHL_[YHUQLYHLULS[LYYP[VYPVMLKLYHSKLIL
LZ[HYQ\Z[PÄJHKHWVYYHaVULZO\THUP[HYPHZVWLYZVUHSLZ\YNLU[LZ
³3HWLYZVUHX\LSHZVSPJP[LKLIL[LULY\UHVYKLUKLL_W\SZP}ULQLJ\[HISLZPU
WVZPIPSPKHKKLYLJ\YYPY
³,S ZVSPJP[HU[L UV KLIL H OHILY JVTL[PKV UPUN\UH PUMYHJJP}U KL NYH]LKHK
JVUZPKLYHISL ³3HZ ZVSPJP[\KLZ KLILYm WYLZLU[HYSHZ WVY SH /pY[LMHSSRVTTPZZPVU *VTPZP}U
KL*HZVZKL+PÄJ\S[HKHSHH\[VYPKHKZ\WYLTHKLS3HUK3HH\[VYPKHKZ\
WYLTHKLS3HUKLZ[mLUJHYNHKHKLLZ[HISLJLY\UH/pY[LMHSSRVTTPZZPVUKL
LZWLJPÄJHYSVZ[YmTP[LZSVZTV[P]VZKLL_JS\ZP}U`SVZYLX\PZP[VZLZWLJxÄJVZ
KLJHKH3HUK
3HWYmJ[PJHKLQHWH[LU[LX\LLZ[LWLYTPZVZLJVUJLKLL_JS\ZP]HTLU[LJ\HUKV
UVZLW\LKLV[VYNHYUPUNUV[YVWLYTPZVKLYLZPKLUJPH`ZPLTWYLKLILKHYZL
\UHZLN\UKHYHa}UHKLTmZKLSHZYHaVULZTtKPJHZ
+<9(*0Ô5!
<UWLYPVKVTm_PTVKL[YLZH|VZKLWLUKPLUKVKLSHKLJPZP}UKLSHH\[VYPKHK
Z\WYLTHKLS3HUK7VZPIPSPKHKKLYLUV]HJP}U
(WHY[HKVHKLSH
(\MLU[O.
(WHY[HKVHKLSH
(\MLU[O.
0IxK
(WHY[HKVHKL
SH(\MLU[O.)H]PLYHWVY
LQLTWSVOH[LUPKV\UH/pY[L
MHSSRVTTPZZPVUKLZKLHNVZ[V
KLJVTW\LZ[HWVY\UH
WLYZVUHKLSH0NSLZPH*H[}SPJH
`,]HUNtSPJH[YLZWLYZVUHZ
KLVYNHUPaHJPVULZZVJPHSLZUV
N\ILYUHTLU[HSLZHQLUHZHSH
0NSLZPHJ\H[YVWLYZVUHZKLSVZ
WYPUJPWHSLZWHY[PKVZWVSx[PJVZ
SVJHSLZ`\UHWLYZVUHKLS
4PUPZ[LYPVKLS0U[LYPVYJVTV
VIZLY]HKVYH:LNUSHSLNPZSH
JP}UHWSPJHISLLULZ[L3HUKUV
ZLV[VYNHYmUPUNUWLYTPZVKL
YLZPKLUJPHWVYLZ[HZYHaVULZ
ZPZLZ\WLYHLSWSHaVKLÄUKL
YLZPKLUJPHZPUVZLYLHSPaH\U
[YmTP[LHKLJ\HKHTLU[LZPZL
OHJVTL[PKV\UKLSP[VWLUHSV
SHWLYZVUHJVUZ[P[\`L\UYPLZNV
WHYHSHZLN\YPKHKUHJPVUHSZP
UVZLKPZWVULKLPUNYLZVZZL
N\YVZVZPSHQ\Z[PÄJHJP}UKLSH
ZP[\HJP}UKLKPÄJ\S[HKZLIHZH
L_JS\ZP]HTLU[LLSSVZ[YmTP[LZ
KLZVSPJP[\KKLHZPSV
(**,:6(3((:0:;,5*0(:(50;(90(!
0N\HSX\LSHWVISHJP}UUHJPVUHS`HZLHH[YH]tZKLSZLN\YVZHUP[HYPVVISPNH[VYPV
VKLSZPZ[LTHKLILULÄJPHYPVZKLWYLZ[HJPVULZZVJPHSLZWVYIHQVZPUNYLZVZ
7,940:6+,9,:0+,5*0(7699(A65,:4i+0*(:!
¸7,940:6+,9,:0+,5*0(7699(A65,:
/<4(50;(90(:¹
(7(9;(+6+,3(3,@+,9,:0+,5*0(
¦8<0i5,:7<,+,5:630*0;(936&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tUNYH]LTLU[LLUMLYTVZ
*65+0*065,:!
³3HL_W\SZP}UKLILZLYLQLJ\[HISLWLYV­SHL_W\SZP}ULZPTWVZPISLKLOLJOV
VKLKLYLJOV`UVLZT\`WYVIHISLX\LZLLSPTPULUSVZVIZ[mJ\SVZX\LZL
PU[LYWVULUHSHKLWVY[HJP}ULU\UM\[\YVPUTLKPH[V®
³8\LZLOH`HZ\ZWLUKPKVSHL_W\SZP}UK\YHU[LTLZLZ
³,ZWVZPISLX\LUVZLSLJVUJLKHLSWLYTPZVZPW\LKLKLQHYLSWHxZ]VS\U[HYPH
TLU[LVLUJHZVKLTHSJVTWVY[HTPLU[VWLQPU[LU[VKLMHSZPÄJHJP}UKLSH
PKLU[PKHKVSHUHJPVUHSPKHK
(WHY[HKVKLSH
(\MLU[O.
(WHY[HKVKLSH
(\MLU[O.
(WHY[HKVZ`KL
SH(\MLU[O.
+<9(*0Ô5!
<UTm_PTVKLZLPZTLZLZJ\HUKV­LSL_[YHUQLYVUVOHLZ[HKVYLZPKPLUKVSL
NHSTLU[LLULS[LYYP[VYPVMLKLYHSK\YHU[L\UTxUPTVKLTLZLZ®,SWLYTPZV
UVZLW\LKLHTWSPHYZPSVZVIZ[mJ\SVZX\LPTWLKxHUSHL_W\SZP}UOHUKLQHKV
KLZLYWLY[PULU[LZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3((:0:;,5*0(:(50;(90(!
0N\HS X\L SH WVISHJP}U UHJPVUHS `H ZLH H [YH]tZ LS ZLN\YV ZHUP[HYPV WISPJV
VISPNH[VYPVVKLSZPZ[LTHKLILULÄJPHYPVZKLWYLZ[HJPVULZZVJPHSLZWVYIHQVZ
PUNYLZVZ
(7(9;(+6+,3(3,@+,9,:0+,5*0(
¦8<0i5,:7<,+,5:630*0;(936&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tUNYH]LTLU[LLUMLYTVZ
*65+0*065,:!
³8\LUVZLOH`HHKVW[HKVUPUN\UHVYKLUKLL_W\SZP}U
³3HWYLZLUJPHKLLZ[HZWLYZVUHZLULS[LYYP[VYPVMLKLYHSKLILIHZHYZLULJL
ZHYPHTLU[LLUYHaVULZO\THUP[HYPHZVWLYZVUHSLZ\YNLU[LZVLUPU[LYLZLZ
WISPJVZZ\IZ[HUJPHSLZ
+<9(*0Ô5!
;LTWVYHSWLYVW\LKLHTWSPHYZLZPSHZHSPKHKLS[LYYP[VYPVMLKLYHSWVKYxHJVUZ[P
[\PY\UHZP[\HJP}UKLKPÄJ\S[HKWHYHSHWLYZVUHKLIPKVHJPYJ\UZ[HUJPHZLZWL
JPHSLZKLSJHZVLUZx
(**,:6(3((:0:;,5*0(:(50;(90(!
0N\HS X\L SH WVISHJP}U UHJPVUHS `H ZLH H [YH]tZ KLS ZLN\YV ZHUP[HYPV WISPJV
VISPNH[VYPVVKLSZPZ[LTHKLILULÄJPHYPVZKLWYLZ[HJPVULZZVJPHSLZWVYIHQVZ
PUNYLZVZ
(7(9;(+6:@+,3(3,@+,9,:0+,5*0(
¦8<0i5,:7<,+,5:630*0;(936&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tUNYH]LTLU[LLUMLYTVZ
*65+0*065,:!
70*<4<UKVJ\TLU[LK
HUKZLYPV\ZS`PSS!9LZPKLUJL
7LYTP[ZMVY4LKPJHS9LHZVUZPU
,\YVWL WmN
³3HKLWVY[HJP}UHV[YVLZ[HKVPTWSPJHX\LL_PZ[L\UWLSPNYVNYH]L`JVUJYL[V
WHYHZ\]PKHVWHYHZ\SPILY[HKZLOHPKLU[PÄJHKVLSVIZ[mJ\SVHSHL_W\S
ZP}U+LHJ\LYKVJVUSHQ\YPZWY\KLUJPHKLS;YPI\UHS(KTPUPZ[YH[P]V-LKLYHS
­LZ[HZJVUKPJPVULZZLZ\THULU[YLV[YHZHZPSHWLYZVUHLUJ\LZ[P}UWVKYxH
Z\MYPY\UHNYH]LKPZJHWHJPKHKPUTLKPH[HTLU[LKLZW\tZKLZ\]\LS[HKLIPKV
HX\LZ\LUMLYTLKHKUVW\LKLZLY[YH[HKHHWYVWPHKHTLU[LLULSWHxZKL
VYPNLU®
³5VZLSLV[VYNHYmLSWLYTPZVZPSHZHSPKHWHYHSHWVZ[LYPVYHKTPZP}ULUV[YV
LZ[HKV LZ WVZPISL ` YHaVUHISL ZP OH PUMYPUNPKV Z\ VISPNHJP}U KL JVVWLYHY
KLMVYTHNYH]LVYLWL[PKHVZPL_PZ[LUPTWVY[HU[LZYHaVULZX\LQ\Z[PÄX\LU
LSZ\W\LZ[VKLX\LLZ[HWLYZVUH!OHJVTL[PKV\UH[LU[HKVHSHWHa\U
JYPTLUKLN\LYYHV\UJYPTLUJVU[YHSHO\THUPKHK"OHJVTL[PKV\UKLSP[V
KLNYH]LKHKJVUZPKLYHISL"LZJ\SWHISLKLHJ[\HYLUJVU[YHKLSVZVIQL[P
]VZ`WYPUJPWPVZKLSHZ5HJPVULZ<UPKHZ"VJVUZ[P[\`L\UWLSPNYVWHYHHSH
ZLN\YPKHKWISPJH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
³:PU\UJHOHUZVSPJP[HKVHZPSVKLILUWYLZLU[HYSHZZVSPJP[\KLZHSHZH\[VYP
KHKLZ SVJHSLZ JVTWL[LU[LZ LU TH[LYPH KL PUTPNYHJP}U 3H 6ÄJPUH -LKLYHS
KL4PNYHJP}U`9LM\NPHKVZ)(4-WVYZ\ZZPNSHZLUHSLTmULTP[L\UKPJ
[HTLU[YHZPUMVYTHYZLLULS4PUPZ[LYPVKL(Z\U[VZ,_[LYPVYLZKLSHZLTIH
QHKHZHSLTHUHZ3HZWLYZVUHZX\LSVZVSPJP[LUKLILYmUWYLZLU[HY\UJLY[P
ÄJHKVTtKPJVL_WLKPKVWVYLSWLYZVUHSTtKPJVX\LSHZOH`HH[LUKPKV5V
VIZ[HU[LSHH\[VYPKHKJVTWL[LU[LWVKYm[HTIPtUZVSPJP[HY\UJLY[PÄJHKVKLS
PUZWLJ[VYKLZHS\KWISPJH*HILSHWVZPIPSPKHKKLX\LZLKt\UHYLZW\LZ[H
WVZP[P]H [HU Z}SV JVU X\L ZL OH`H PKLU[PÄJHKV \U VIZ[mJ\SV X\L ZL PU[LY
WVUNHHSHL_W\SZP}U
+<9(*0Ô5!
7LYPVKVTm_PTVKLZLPZTLZLZ7VZPIPSPKHKKLYLUV]HJP}UTPLU[YHZZLTHU
[LUNHSHTPZTHZP[\HJP}U
(**,:6(3((:0:;,5*0(:(50;(90(!
0N\HS X\L SH WVISHJP}U UHJPVUHS `H ZLH H [YH]tZ KLS ZLN\YV ZHUP[HYPV WISPJV
VISPNH[VYPVVKLSZPZ[LTHKLILULÄJPHYPVZKLWYLZ[HJPVULZZVJPHSLZWVYIHQVZ
PUNYLZVZ
(WHY[HKVKLSH
(\MLU[O.
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
79Í*;0*(
3(:0;<(*0Ô5,53(79Í*;0*(
­3H H[LUJP}U ZHUP[HYPH WHYH PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH LU
(SLTHUPHLZKLÄJPLU[LJVTVX\LKHKLTHUPÄLZ[VLUSVZYLZ\S[HKVZKL
[YHIHQVZ KL JHTWV ` KL LZ[\KPVZ JPLU[xÄJVZ ,U WHY[PJ\SHY LS WLYZVUHS
TtKPJVKLU\UJPHX\LSVZPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHYZVSPJP[HUHZPZ
[LUJPHTtKPJHKLTHZPHKV[HYKLVU\UJH`LUT\JOVZJHZVZZLWPLYKLSH
VWVY[\UPKHKKLYLHSPaHY\UKPHNU}Z[PJVV\U[YH[HTPLU[V[LTWYHUVZ3HZ
LUMLYTLKHKLZZLHNYH]HUPUULJLZHYPHTLU[L`LU[YLSHZWVZPISLZJVUZL
J\LUJPHZZLKHUPUNYLZVZOVZWP[HSHYPVZL]P[HISLZ`LSYPLZNVKLX\LSHZ
LUMLYTLKHKLZZLOHNHUJY}UPJHZ6[YHZZP[\HJPVULZX\LWSHU[LHU\UHZ
KPÄJ\S[HKLZWHY[PJ\SHYLZZVULSLTIHYHaV`LSWHY[V
,Z[LJVSLJ[P]VKLPUTPNYHU[LZYHYH]LaYLP]PUKPJHZ\KLYLJOVImZPJVHSH
HZPZ[LUJPHTtKPJHHTWHYHKVWVYSH3L`KL7YLZ[HJPVULZH:VSPJP[HU[LZ
KL(ZPSVX\L`HKLWVYZxZLLUJ\LU[YHIHZ[HU[LWVYKLIHQVKLSVZLZ
[mUKHYLZKLSZPZ[LTHKLZLN\YVZHUP[HYPVWISPJVVISPNH[VYPV,STPLKVH
X\LZLKLZJ\IYHZ\ZP[\HJP}UHKTPUPZ[YH[P]HSLZSSL]HHOHJLY\ZVKLZ\
KLYLJOVHHZPZ[LUJPHZHUP[HYPHJVUWVJHMYLJ\LUJPHVU\UJH
3HYHa}UWYPUJPWHSKLSHMHS[HKLWYV]PZP}ULZ[Y\J[\YHSKLH[LUJP}UZHUP
[HYPHHLZ[HZWLYZVUHZLZSHVISPNHJP}UVÄJPHSKLKLU\UJPHX\LKPJ[HSH
3L` KL 9LZPKLUJPH ZLNU SH J\HS SVZ }YNHUVZ WISPJVZ HKTPUPZ[YH[P]VZ
JVTV SVZ JLU[YVZ KL HJJP}U ZVJPHS LZ[mU VISPNHKVZ H PUMVYTHY H SHZ
H\[VYPKHKLZJVTWL[LU[LZLUTH[LYPHKLPUTPNYHJP}UZPZHILUKLHSN\UH
WLYZVUHL_[YHUQLYHX\LLZ[tYLZPKPLUKVLULSWHxZZPU\UWLYTPZVKLYL
ZPKLUJPH
5PUNU V[YV LZ[HKV L\YVWLV [PLUL \UH VISPNHJP}U KL KLU\UJPH KL LZ[L
[PWV LU SH H[LUJP}U ZHUP[HYPH KL WYPTLY UP]LS +LZKL LS W\U[V KL ]PZ[H
KL LZ[L NY\WV KL PUTPNYHU[LZ LS KLILY KL KLU\UJPHY ZL JVU]PLY[L LU
Z\WYPUJPWHSVIZ[mJ\SVWHYHHJJLKLYHSHHZPZ[LUJPHZHUP[HYPH7VYLZ[H
YHa}U [HU Z}SV \[PSPaHU Z\ KLYLJOV H YLJPIPY \U [YH[HTPLU[V TtKPJV LU
JHZVZKLLTLYNLUJPHZ<UZLN\UKVMHJ[VYX\L]PLULHZ\THYZLHSWYV
ISLTHLZSH[YLTLUKHWVIYLaHKLLZ[HWVISHJP}U.LULYHSTLU[LLSWHNV
KLSVZ[YH[HTPLU[VZZLLUJ\LU[YHWVYLUJPTHKLZ\ZWVZPIPSPKHKLZWVYSV
X\LLZ[HZWLYZVUHZKLWLUKLUJHZPZPLTWYLKLH`\KHWHYHYLJPIPYH[LU
JP}UTLKPJH
,_[YHJ[VKLSPUMVYTLKLS
0UZ[P[\[V(SLTmUKL+LYLJOVZ
/\THUVZ<UKVJ\TLU[LK4P
NYHU[ZPU.LYTHU`¶;OLPYYPNO[
[V/LHS[O!YLWVY[VM[OL5H[PVUHS
>VYRPUN.YV\WVU/LHS[OHUK
0SSLNHSP[`)LYSxU
+LLZ[HMVYTHSHVISPNHJP}UKLKLU\UJPHMYHJHZHJVTVPUZ[Y\TLU[VKL
JVU[YVS,SYLZ\S[HKVKLMHJ[VX\LSVZPUTPNYHU[LZZPUWLYTPZVKLYLZP
KLUJPHKLQLUKLLQLYJLYZ\KLYLJOVZVJPHSKLHJJLZVHSHH[LUJP}UTtKP
JHUVW\LKLJVUZ[P[\PYLSVIQL[P]VKLSHVISPNHJP}UKLKLU\UJPH,ULZ[L
JVU[L_[V X\LKH WH[LU[L WVY X\t SHZ PNSLZPHZ SHZ 65. ` SHZ VYNHUPaH
JPVULZKLKLYLJOVZO\THUVZPUZPZ[LU[HU[VLULSHZ\U[VKLSHVISPNHJP}U
KLKLU\UJPH®
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
3(=0:0Ô5+,4i+0*6:+,34<5+6
(3,4(50(:6)9,3(:0;<(*0Ô5,53(
79Í*;0*(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHK\S[VZ
,S HJJLZV H SH HZPZ[LUJPH ZHUP[HYPH KL PUTPNYHU[LZ ZPU WLYTPZV KL YLZP
KLUJPH [HU[V LU LS JHZV KL SH H[LUJP}U H WHJPLU[LZ L_[LYUVZ JVTV LU
SVZPUNYLZVZOVZWP[HSHYPVZW\LKLZLYMVYTHSTLU[LWVZPISLWLYVPTWSPJH
YPLZNVZHSHOVYHKLYLZWL[HYSH3L`ZVIYL,_[YHUQLYxH:PUVX\PLYLUHY
YPLZNHYZLHX\LSLZÄJOLUSHZH\[VYPKHKLZKLPUTPNYHJP}UKLILUWHNHYLS
JVZ[LKLSHH[LUJP}UWLYZVUHSTLU[L+LLZ[HMVYTHJVUT\JOHMYLJ\LU
JPHUVZLYLJ\YYLHSWLYZVUHSZHUP[HYPVLUWYPTLYHPUZ[HUJPHWVYTPLKVH
SHZWVZPISLZJVUZLJ\LUJPHZ
:PU LTIHYNV L_PZ[LU LU (SLTHUPH U\TLYVZVZ ZLY]PJPVZ TtKPJVZ MmJPS
TLU[L HJJLZPISLZ WYPUJPWHSTLU[L UV N\ILYUHTLU[HSLZ X\L VMYLJLU SH
WVZPIPSPKHKKLX\LZLSLZH[PLUKHKLMVYTHHU}UPTH`NYH[\P[H(ZPTPZ
TVSHH[LUJP}UZHUP[HYPH[HTIPtUZLW\LKLWYVWVYJPVUHYWHYJPHSTLU[LH
[YH]tZ KL SHZ PUZ[P[\JPVULZ T\UPJPWHSLZ ;VKVZ SVZ T\UPJPWPVZ [PLULU SH
VISPNHJP}UKLNHYHU[PaHY\UVZZLY]PJPVZTxUPTVZ`HU}UPTVZWHYHHX\LS
SHZWLYZVUHZX\LSVZULJLZP[LULZWLJPHSTLU[LLULSmTIP[VKLSHZLUMLY
TLKHKLZPUMLJJPVZHZ=0/ZPKH[\ILYJ\SVZPZ,;:L[J,U4\UPJOWVY
LQLTWSVSH\UPKHKTtKPJHKLH[LUJP}UHWHJPLU[LZL_[LYUVZWHYHLUMLY
TLKHKLZKL[YHUZTPZP}UZL_\HSKLS+LWHY[HTLU[VKL:HUPKHK`4LKPV
(TIPLU[LYLHSPaHHUmSPZPZJSxUPJVZ`WY\LIHZNPULJVS}NPJHZKLMVYTHHU}
UPTH`NYH[\P[H
3HWVISHJP}UPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPHW\LKLHJJLKLYHLZ[HZ
JSxUPJHZ T\UPJPWHSLZ V UV N\ILYUHTLU[HSLZ 5V VIZ[HU[L tZ[HZ Z\LSLU
JLU[YHYZLLUKL[LYTPUHKVZNY\WVZIPLUKLÄUPKVZWLYZVUHZZPUKVTPJP
SPV[YHIHQHKVYLZ`[YHIHQHKVYHZKLSZL_VL[JJVUWYVISLTHZLZWLJxÄ
JVZ LTIHYHaVHIVY[V =0/ HKPJJP}U L[J ` YHYH ]La VMYLJLU TLKPKHZ
[LYHWt\[PJHZNLULYHSLZUVYTHSTLU[LUPZPX\PLYH[YH[HTPLU[VZ\YNLU[LZ
,USVZS[PTVZH|VZZLOHUWYVWVYJPVUHKVZLY]PJPVZTtKPJVZKPYPNPKVZH
PUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`ZPUZLN\YVZHUP[HYPVJVTVWVY
LQLTWSV LU SHZ JSxUPJHZ fYa[L KLY >LS[ ` JHMt LU 4\UPJO V LU SHZ
SSHTHKHZ¸4LKPUL[aL¹LUSHTH`VYxHKLSHZNYHUKLZJP\KHKLZJVTV)LY
SxU:PULTIHYNVLZ[HZJSxUPJHZNLULYHSTLU[LW\LKLUHJ[\HYZ}SVJVTV
TLKPHKVYHZ`LUVJHZPVULZVMYLJLU[HUZ}SVH[LUJP}UKLWYPTLYUP]LS
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZZVSPJP[HU[LZKL
HZPSVHK\S[VZ
,S HJJLZV H SH HZPZ[LUJPH ZHUP[HYPH KL SVZ ZVSPJP[HU[LZ KL HZPSV LZ[m YL
N\SHKVWVYSH3L`KL7YLZ[HJPVULZH:VSPJP[HU[LZKL(ZPSV3HJVILY[\YH
KLSVZJVZ[LZKLS[YH[HTPLU[VLUJHZVKLLUMLYTLKHKZLYLHSPaHZ}SVLU
SVZJHZVZKLLUMLYTLKHKLZNYH]LZ`ZP[\HJPVULZKLKVSVYWHYHHSP]PHYSH
LUMLYTLKHKVZ\ZJVUZLJ\LUJPHZ,SYLX\PZP[VWYL]PVWHYHHJJLKLYHLZ[H
H[LUJP}UTtKPJHSPTP[HKHLZX\LSHWLYZVUHX\LOHWLKPKVHZPSVZVSPJP[L
HSH:LN\YPKHK:VJPHS\UJLY[PÄJHKV
*VULZ[LJLY[PÄJHKVW\LKLUHJ\KPYHSHJVUZ\S[HKL\UTtKPJVNLULYH
SPZ[H ,U T\JOVZ S\NHYLZ LU[YL [HU[V ZL KH \UH LZWLJPL KL [HYQL[H KL
ZLN\YVTtKPJVZPTPSHYHSHKLSHZLN\YPKHKZVJPHS[HUZ}SV\UVZTLZLZ
KLZW\tZKLZ\SSLNHKHKLZKLLSL_[YHUQLYV:PULTIHYNVSHL_[LUZP}UKL
LZ[VZZLY]PJPVZZLJVYYLZWVUKLJVUSVZYLX\PZP[VZSLNHSLZ(KLTmZLU
SVZ JHZVZ KL JVUZ\S[HZ ULJLZHYPHZ H LZWLJPHSPZ[HZ OHIYm X\L ZVSPJP[HY
\UHJHY[HKLKLYP]HJP}U:VIYL[VKVSHWYV]PZP}UKLKLU[HK\YHZZPSSHZKL
Y\LKHZHZPZ[LUJPHL[JZ}SVLZWVZPISLZPLSVYNHUPZTVKLSHZLN\YPKHK
ZVJPHSJVYYLZWVUKPLU[LJLY[PÄJHSHULJLZPKHKTtKPJHKLSVZTPZTVZ,S
KLWHY[HTLU[VKLZHS\KWISPJHZ\LSLJVUJLKLY\UJLY[PÄJHKV
3H H[LUJP}U TtKPJH WHYH SVZ ZVSPJP[HU[LZ KL HZPSV Z\LSL LZ[HY THYJHKH
WVYKPÄJ\S[HKLZHKTPUPZ[YH[P]HZX\LZ\THKHZHSHZMYLJ\LU[LZIHYYLYHZ
SPUN
xZ[PJHZ`HSHMHS[HKLPUMVYTHJP}UZVIYLLSZPZ[LTHZHUP[HYPVHSLTmU
KPÄJ\S[HU LS HJJLZV ` LU HSN\UVZ JHZVZ W LQ [YH\TH[PZTVZ NYH]LZ
OHJLUX\LZLHWYmJ[PJHTLU[LPTWVZPISL
(JJLZVHSHZHUPKHKKLSVZTLUVYLZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPH`ZVSPJP[HU[LZKLHZPSV
3VZ KLZJLUKPLU[LZ KL SVZ ZVSPJP[HU[LZ KL HZPSV ` KL SVZ PUTPNYHU[LZ ZPU
WLYTPZV KL YLZPKLUJPH [PLULU HJJLZV H SHZ TPZTHZ WYLZ[HJPVULZ ZHUP
[HYPHZ X\L SVZ HK\S[VZ :PU LTIHYNV SH SL` LZ[HISLJL X\L SVZ TLUVYLZ
W\LKLUILULÄJPHYZLKLTLKPKHZ`[YH[HTPLU[VZWYL]LU[P]VZHKPJPVUHSLZ
KLWLUKPLUKVKLZ\ZULJLZPKHKLZLZWLJxÄJHZ
,SHJJLZVHSHZHUPKHKKLSVZOPQVZKLSVZPUTPNYHU[LZLUZP[\HJP}UPYYL
N\SHY[HU[VKLTHULYHHTI\SH[VYPHJVTVLULSJHZVKLSHZOVZWP[HSPaH
JPVULZ[HTIPtUZL]LHMLJ[HKVWVYLSYPLZNVKLX\LSLZÄJOLUSHZH\[VYP
KHKLZJVTWL[LU[LZLUTH[LYPHKLPUTPNYHJP}U
,UHSN\UVZJHZVZZLVMYLJLUZLY]PJPVZZVJPHSLZ`O\THUP[HYPVZKPYPNPKVZ
HTLUVYLZ(ZxLUT\JOHZNYHUKLZJP\KHKLZSHZMHTPSPHZJVUOPQVZTL
UVYLZKL[YLZH|VZWVYLQLTWSVW\LKLU[LULYHJJLZVHX\LSLZ]PZP[L`
SLZHZLZVYL\UHLUMLYTLYH,Z[LZLY]PJPVT\UPJPWHSZLW\LKLWYVWVYJPV
UHYKLTHULYHHU}UPTH`NYH[\P[H
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%(3,4(50(
3HUVL_W\SZP}UWVYYHaVULZTtKPJHZ
:P\UPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPHWHKLJL\UHLUMLYTLKHKNYH]LX\L
WVUNHLUWLSPNYVZ\]PKHZLW\LKLZVSPJP[HYX\LZLKL[LYTPULSHL_PZ[LUJPHKL
\UPTWLKPTLU[VWHYHSHL_W\SZP}U,UWYPUJPWPVL_PZ[LPTWLKPTLU[VZPSHWLY
ZVUHUVW\LKLYLHSPaHYUPUNU[PWVKL]PHQLKLIPKVHZ\LZ[HKVKLZHS\KVZPSH
LUMLYTLKHKUVZLW\LKL[YH[HYLULSWHxZKLVYPNLU`SHWLYZVUHLUJ\LZ[P}U
JVYYLLSYPLZNVKLTVYPYVKLZ\MYPYNYH]LZSPTP[HJPVULZLUZ\LZ[HKVKLZHS\K
KLIPKVHSHLUMLYTLKHK3HKL[LYTPUHJP}UKLSHL_PZ[LUJPHKL\UPTWLKPTLU[V
ZLW\LKLYLJSHTHYJVTVWHY[LKL\UHZVSPJP[\KKLHZPSVWVSx[PJVVKPYLJ[HTLU[L
HSHH\[VYPKHKJVTWL[LU[LLUTH[LYPHKLPUTPNYHJP}U
3HPUMVYTHJP}UWYVWVYJPVUHKHWVYSHZLTIHQHKHZHSLTHUHZYLZ\S[HLZWLJPHS
TLU[L [PS H SH OVYH KL HU\SHY SH VYKLU KL L_W\SZP}U WVY YHaVULZ TtKPJHZ
+LZNYHJPHKHTLU[L LU LZ[H PUMVYTHJP}U ZL Z\LSL WHZHY WVY HS[V SH ZP[\HJP}U
KL SH H[LUJP}U ZHUP[HYPH (Zx WVY LQLTWSV Z}SV ZL KLZJYPIL SH ZP[\HJP}U X\L
ZLKHLUSHJHWP[HSKLSWHxZKLVYPNLUVZVUSVZM\UJPVUHYPVZKLSHLTIHQHKH
SVJHSKLZKLZ\ZP[\HJP}UWYP]PSLNPHKHX\PLULZKLK\JLUSHZP[\HJP}UNLULYHSKL
SHZHUPKHK/HJLHSNU[PLTWVX\L]LUPTVZVIZLY]HUKVX\LSHZH\[VYPKHKLZ
JVTWL[LU[LZLUTH[LYPHKLPUTPNYHJP}U`SH6ÄJPUH-LKLYHSKL4PNYHJP}U`9L
M\NPHKVZPU[LU[HUL]P[HYSVZPTWLKPTLU[VZKLSHL_W\SZP}UWVYYHaVULZTtKP
JHZTLKPHU[LSHLU[YLNHKLTLKPJHTLU[VZ(ZxZ\LSLVJ\YYPYX\LSHZWLYZVUHZ
ZLHUHTLUHaHKHZJVUSHKLWVY[HJP}UHWLZHYKLZ\MYPY\UHLUMLYTLKHKNYH]L
X\LUVWVKYmZLY[YH[HKHLUZ\ZWHxZLZKLVYPNLU
,Z[HPUMVYTHJP}UZLYLÄLYLHSVZ¸WLYTPZVZKLYLZPKLUJPHWVYYHaVULZO\TH
UP[HYPHZ¹ 3VZ ¸WLYTPZVZ KL YLZPKLUJPH LU JHZVZ KL NYHU KPÄJ\S[HK¹ Z}SV ZL
W\LKLU V[VYNHY H WLYZVUHZ X\L UV W\LKHU VI[LULY V[YV [PWV KL WLYTPZV KL
YLZPKLUJPH L PTWSPJH X\L ZL YLP]PUKPX\L V[YH YHa}U HKPJPVUHS HKLTmZ KL \UH
LUMLYTLKHKNYH]L\UHT\`I\LUHPU[LNYHJP}UL[J5VVIZ[HU[LUVLZT\`
WVZPISLVI[LULYSVLULZ[VZJHZVZ
,ULSJHZVKLSHZT\QLYLZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tULT
IHYHaHKHZLU4\UPJOLU[YLV[YVZS\NHYLZL_PZ[LSHWVZPIPSPKHKKLYLJPIPY\U
+\SK\UNWLYTPZV[LTWVYHSL_JLWJPVUHSVJOVZLTHUHZHU[LZ`VJOVZLTHUHZ
KLZW\tZ KL KHY H S\a ,Z[L WLYTPZV ZL \[PSPaH ZVIYL [VKV ZP SH THKYL [PLUL
KLYLJOVHVI[LULY\UWLYTPZVKLYLZPKLUJPHKLZW\tZKLSUHJPTPLU[V
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
0;(30(
:0:;,4(:(50;(906
0[HSPH [PLUL \U ZPZ[LTH UHJPVUHS KL ZHS\K ÄUHUJPHKV WVY PTW\LZ[VZ X\L
ZLIHZHLULSWYPUJPWPVKLZVSPKHYPKHK`WYL[LUKLNHYHU[PaHY\UHJVILY
[\YH\UP]LYZHSH\UUP]LS\UPMVYTLKLH[LUJP}UZHUP[HYPHLU[VKVLSWHxZ
3HZ YLZWVUZHIPSPKHKLZ LZ[mU KP]PKPKHZ LU[YL LS .VIPLYUV JLU[YHS ` SHZ
YLNPVULZ 3HZ H\[VYPKHKLZ ZHUP[HYPHZ SVJHSLZ ZVU YLZWVUZHISLZ KL WYV
WVYJPVUHY ZLY]PJPVZ ZHUP[HYPVZ H LZJHSH SVJHS (KLTmZ LZ[L ZPZ[LTH ZL
JVTWSLTLU[HJVUZLN\YVZZHUP[HYPVZWYP]HKVZ
+,9,*/6+,(**,:6
(3(:(50+(+
(Y[KLSH*VUZ[P[\JP}U
0[HSPHUH!­3H9LW\IISPJH[\[LSHSH
ZHS\[LJVTLMVUKHTLU[HSLKPYP[[V
KLSS»PUKP]PK\VLPU[LYLZZLKLSSHJVS
SL[[P]P[nLNHYHU[PZJLJ\YLNYH[\P[L
HNSPPUKPNLU[P®
=tHZL*HWV0KLSH3LNNL
U0Z[P[\aPVULKLSZLY]PaPV
ZHUP[HYPVUHaPVUHSLKLKLKP
JPLTIYLKL =tHZL^^^Z[YHUPLYPPUP[HSPHP[
(ZPTPZTVZLW\LKLUKHY
V[YHZL_JLWJPVULZLUM\UJP}UKLS
JYP[LYPVKL¸WLY[PULUJPHJSxUPJH¹
4PUPZ[LYVKLSSH:HS\[L3PIYV
IPHUJVZ\PWYPUJPWPMVUKHTLU[HSPKLS
ZLY]PaPVZHUP[HYPVUHaPVUHSL
WmNZ
3VZUP|VZTLUVYLZKLZLPZ
H|VZ`SHZWLYZVUHZTH`VYLZKL
ZPLTWYLX\LSVZPUNYLZVZMHTP
SPHYLZUVZ\WLYLUSVZ L\
YVZ"SHZWLYZVUHZTH`VYLZKL
H|VZX\LYLJPIHU\UHWLUZP}UKL
Q\IPSHJP}UTxUPTH`X\L[LUNHUH
\UHMHTPSPHHZ\JHYNVZPLTWYLX\L
SVZPUNYLZVZMHTPSPHYLZUVZ\WLYLU
SVZL\YVZZP[PLULUHZ\
LZWVZHHJHYNVVL\
YVZZPUV[PLULUHZ\LZWVZHHZ\
JHYNVHKLTmZHLZ[HJHU[PKHKZL
SLH|HKLUL\YVZWVYJHKH
KLZJLUKPLU[L"HX\LSSHZWLYZVUHZ
J\`HKPZJHWHJPKHKZLHZ\WLYPVY
H"`HX\LSSHZWLYZVUHZX\L
YLJPILU\UHWLUZP}UKLPU]HSPKLa
KLSLZ[HKV
3H*VUZ[P[\JP}U0[HSPHUHNHYHU[PaHLSKLYLJOVKL[VKHWLYZVUHHHJJLKLY
H SH ZHUPKHK ` LS HJJLZV NYH[\P[V WHYH SHZ WLYZVUHZ PUKPNLU[LZ ;VKH
SHWVISHJP}U¸PUKLWLUKPLU[LTLU[LKLZ\ZP[\HJP}UZVJPHS¹[PLULKLYLJOV
H HJJLKLY HS WHX\L[L KL WYLZ[HJPVULZ ImZPJV ¸3P]LSSP ,ZZLUaPHSP KP (Z
ZPZ[LUaH ZHUP[HYPH¹ KLS :PZ[LTH :HUP[HYPV 5HJPVUHS 7HYH X\L Z\Z KL
YLJOVZZLOHNHULMLJ[P]VZSHWVISHJP}UUHJPVUHS`SHZWLYZVUHZJVU
WLYTPZV KL YLZPKLUJPH [PLULU X\L PUZJYPIPYZL LU LS :PZ[LTH :HUP[HYPV
5HJPVUHS LU SH HKTPUPZ[YHJP}U ZHUP[HYPH SVJHS (aPLUKH :HUP[HYPH 3VJHSL
(:3 X\L SLZ LU[YLNHYm SH ¸[HYQL[H ZHUP[HYPH¹ [LZZLYH ZHUP[HYPH 0UZJYP
IPYZL LU LS ZPZ[LTH ZHUP[HYPV H UP]LS SVJHS LZ NYH[\P[V WHYH HZHSHYPHKVZ
H\[}UVTVZX\LWHN\LUPTW\LZ[VZWLYZVUHZKLZLTWSLHKHZX\LLZ[tU
PUZJYP[HZLUSHVÄJPUHKLLTWSLVX\PLULZ[LUNHULSLZ[H[\ZKLYLM\NPH
KVZZVSPJP[HU[LZKLHZPSV`WHYHSVZOPQVZKL[VKHZLZ[HZJH[LNVYxHZKL
WLYZVUHZ 3HZ WLYZVUHZ X\L UV J\TWSHU LZ[VZ YLX\PZP[VZ [LUKYmU X\L
WHNHYHWYV_PTHKHTLU[LL\YVZ ,S .VIPLYUV JLU[YHS KPZL|H LS WHX\L[L KL WYLZ[HJPVULZ ImZPJV X\L PU
JS\`L[VKVZSVZ[PWVZKLZLY]PJPVZZHUP[HYPVZZHS]VHSN\UHZL_JLWJPVULZ
JVTVSHJPY\NxHLZ[t[PJHSHJPYJ\UJPZP}UYP[\HSKLUP|VZSHZ]HJ\UHZWHYH
]PHQLZHSL_[YHUQLYV`SHÄZPV[LYHWPHLUJHZVKLWYVISLTHZSL]LZV[YHU
ZP[VYPVZ
4PLU[YHZX\LHSN\UVZKLSVZZLY]PJPVZZHUP[HYPVZPUJS\PKVZLULSWHX\L[L
ImZPJV KL WYLZ[HJPVULZ ZVU JVTWSL[HTLU[L NYH[\P[VZ V[YVZ KLWLUKLU
KLS JVWHNV KLS \Z\HYPV H X\PLU SL JVYYLZWVUKL WHNHY \UH [HZH TVKL
YHKVYH¸[PJRL[¹!JVUZ\S[HZHLZWLJPHSPZ[HZKxHZKLPUNYLZVOVZWP[HSHYPV
[YHZ \U WYVJLZV KL KPHNU}Z[PJV KL[LYTPUHKVZ TLKPJHTLU[VZ [LYHWPHZ
[LYTHSLZ ` YLOHIPSP[HJP}U LU JSxUPJHZ HTI\SH[VYPHZ ,S PTWVY[L ` LS WHNV
KLS¸[PJRL[¹]HYxHUKL\UHYLNP}UHV[YH`L_PZ[LUHSN\UHZL_JLWJPVULZLU
M\UJP}UKLSHLKHKKLSVZPUNYLZVZ`KLS[PWVKLLUMLYTLKHKPUJS\`LU
KVPUJHWHJPKHKLZSHIVYHSLZTmZKLJLN\LYHWHYJPHSZVYKVT\KLa
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
LUMLYTLKHKLZYHYHZKL[LJJP}U`KPHNU}Z[PJV[LTWYHUVZVIZ[L[YPJPHWYL
]LUJP}UKLS=0/`V[YVZZLY]PJPVZJVU[YHLWPKLTPHZWYL]PZ[VZWVYSHSL`
8\PLULZZVUZVSPJP[HU[LZKLHZPSV[PLULUKLYLJOVHPUZJYPIPYZLLULS:PZ
[LTH:HUP[HYPV5HJPVUHSP[HSPHUV`YLJPILUH[LUJP}UZHUP[HYPHLUSHZTPZ
THZJVUKPJPVULZX\LSHWVISHJP}UUHJPVUHS`IHQVSHZTPZTVZYLX\PZP[VZ
3VZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHLUJHTIPVUV[PLULUKL
YLJOVHPUZJYPIPYZLLULS:PZ[LTH:HUP[HYPV5HJPVUHS:PULTIHYNVKLZKL
W\LKLUHJJLKLYHSHZWYLZ[HJPVULZNHYHU[PaHKHZWVYLZ[LZPZ[LTH
ZPLTWYLX\LVI[LUNHULS¸J}KPNV:;7¹:[YHUPLYP;LTWVYHULHTLU[L7YL
ZLU[P¶,_[YHUQLYVZ;LTWVYHSTLU[L7YLZLU[LZ
=tHZL4PUPZ[LYVKLSSH:HS\[L
3PIYVIPHUJVWmNZ
,UYLSHJP}UJVULSZPZ[LTH
X\LJVYYLZWVUKLHSVZPUTPNYHU[LZ
ZPUWLYTPZVKLYLZPKLUJPH]tHUZL
SVZZPN\PLU[LZ[L_[VZSLNPZSH[P]VZ!
HY[Z`KLS+LJYL[V3LNPZSH
[P]VU;LZ[V<UPJVKLSSLKPZ
WVZPaPVUPJVUJLYULU[PSHKPZJPWSPUH
KLSS»PTTPNYHaPVULLUVYTLZ\SSH
JVUKPaPVULKLSSVZ[YHUPLYV.HaaL[[H
<MÄJPHSLU KL KLHNVZ[V
KL :\WWSLTLU[V6YKPUHYPV
U KLKLQ\SPVKL "HY[
KLS+LJYL[VKLS7YLZPKLU[LKLSSH
9LW\ISPJHU ¶9LNVSHTLU[V
YLJHU[LUVYTLKPH[[\HaPVULKLS
[LZ[V\UPJVKLSSLKPZWVZPaPVUP
JVUJLYULU[PSHKPZJPWSPUHKLSS»PTTP
NYHaPVULLUVYTLZ\SSHJVUKPaPVUL
KLSSVZ[YHUPLYVHUVYTHKLSS»HY[PJVSV
JVTTHKLS+LJYL[V3LNPZSH[P]V
UKLS\NSPV KLKL
HNVZ[VKL
".HaaL[[H<MÄJPHSL
U ¶:\WWSLTLU[V6YKPUHYPVU
KLKLUV]PLTIYLKL
"
HWHY[HKV00)KLSH*PYJVSHYLU
KLS4PUPZ[LYVKLSSH:HUP[nKLKL
THYaVKL
=tHZLHSSLNH[VKLS
+LJYL[VKLSS4PUPZ[LYVKLSS»,JV
UVTPHLKLSSL-PUHUaLKLKL
THYaVKL
=tHZL+PZLNUVKP3LNNL
+PZWVZPaPVUPPUTH[LYPHKP
ZPJ\YLaaHW\IISPJHKLKLMLIYLYV
KL "3LNNLU*VU]LY
ZPVULPUSLNNLJVUTVKPÄJHaPVUP
KLSKLJYL[VSLNNLMLIIYHPV
UYLJHU[LTPZ\YL\YNLU[P
PUTH[LYPHKPZPJ\YLaaHW\IISPJHL
KPJVU[YHZ[VHSSH]PVSLUaHZLZZ\HSL
UVUJOuPU[LTHKPH[[PWLYZLJ\[VYP
.HaL[[H<MÄJPHSLU KLSHWYPSL
KLKLHIYPSKL ,S ¸J}KPNV :;7¹ SLZ WLYTP[L HJJLKLY NYH[\P[HTLU[L V WYL]PV WHNV KL
\UHJVU[YPI\JP}UZPTI}SPJHLUM\UJP}UKLS[PWVKLZLY]PJPVH\UHTWSPV
HIHUPJV KL ZLY]PJPVZ ZHUP[HYPVZ! H H[LUJP}U TtKPJH ¸\YNLU[L¹ V ¸PUKPZ
WLUZHISL¹PUJS\`LUKV[YH[HTPLU[VZJVU[PU\VZ"IH[LUJP}UWYL]LU[P]H"J
H[LUJP}UWYVWVYJPVUHKHWVYYHaVULZKLZHS\KWISPJHPUJS\`LUKVVIZ[L
[YPJPHH[LUJP}UPUMHU[PS]HJ\UHZ`KPHNU}Z[PJV`[YH[HTPLU[VKLLUMLYTL
KHKLZPUMLJJPVZHZ
4PLU[YHZX\LLSJVUJLW[VKL¸H[LUJP}UTtKPJH\YNLU[L¹¸J\YL\YNLU[P¹
ZL KLÄUL KL MVYTH T\` JLYYHKH JVTV SH H[LUJP}U X\L UV W\LKL WVZ
WVULYZLZPUWVULYLUWLSPNYVSH]PKHKLSVSHWHJPLU[LVZPUWLYQ\KPJHYZ\
ZHS\KLSJVUJLW[VKL¸H[LUJP}UTtKPJHPUKPZWLUZHISL¹¸J\YLLZLUaPHSP¹
ZL PU[LYWYL[H KL MVYTH TmZ HTWSPH ` ZL YLÄLYL H LUMLYTLKHKLZ X\L UV
ZVUWLSPNYVZHZHJVY[VWSHaVWLYVX\LWVKYxHUZ\WVULYWVZ[LYPVYTLU[L
NYH]LZWLYQ\PJPVZ`YPLZNVZWHYHSHZHS\KKLSPUTPNYHU[L
,S¸J}KPNV:;7¹LZHU}UPTVNYH[\P[V`[PLUL\UH]HSPKLaKLZLPZTLZLZ
JVUSHWVZPIPSPKHKKLZLYYLUV]HKV3VL_WPKLSH(:3`W\LKLUVI[LULYSV
SVZ PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH LU J\HSX\PLY TVTLU[V 7HYH
VI[LULYSV[PLULUX\LZVSPJP[HY[HTIPtULS¸LZ[H[\ZKLPUKPNLUJPH¹Z[H[VKP
PUKPNLUaH KLJSHYHUKV \UH ZP[\HJP}U LJVU}TPJH WYLJHYPH :PU LTIHYNV
LZ[LLZ[H[\ZUVSLZL_PTLKLZ\VISPNHJP}UKLWHNHYLS¸[PJRL[¹,UTHYaV
KL \U U\L]V KLJYL[V KLS 4PUPZ[LYPV KL ,JVUVTxH ` /HJPLUKH PU
JS\`}HSVZPUTPNYHU[LZZPUYLN\SHYPaHYLU[YLSHZJH[LNVYxHZKLWLYZVUHZ
X\LUV[PLULUWVYX\tWHNHYLS¸[PJRL[¹WVYUPUNUZLY]PJPVTtKPJV5V
VIZ[HU[LLZ[HKPZWVZPJP}USLNHSLZT\`WVJVJVUVJPKH`WVY[HU[VT\`
WVJVHWSPJHKH
4\` YLJPLU[LTLU[L LS .VIPLYUV OH PU[LU[HKV L_PNPY X\L LZ[L JVSLJ[P]V
WHN\LLSJVZ[L[V[HSKLSHHZPZ[LUJPHYLJPIPKHHZxJVTVKLYVNHYSHWYVOP
IPJP}UKLKLU\UJPHKLSWLYZVUHSZHUP[HYPVHPUTPNYHU[LZ`Z\Z[P[\PYSHWVY
SHVISPNHJP}UKLKLU\UJPHYSLZLUSHWYVW\LZ[HVYPNPUHS`TmZ[HYKLWVY
SHVWJP}USPIYLKLSWLYZVUHSZHUP[HYPVWHYHKLJPKPYZPKLU\UJPHUVUVLULS
HY[xJ\SVLUTLUKHKV(MVY[\UHKHTLU[LUPUN\UHKLKLLZ[HZWYVW\LZ[HZ
M\LHWYVIHKH
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
(:0:;,5*0(:(50;(90(
((+<3;6:
<9.,5*0(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³0UZJYPIPYZLLULS:PZ[LTH:HUP[HYPV5HJPVUHS`WYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
³6I[LULYLS¸J}KPNV:;7¹ZLSLZV[VYNHKLMVYTHPUTLKPH[H
(;,5*0Ô5+,7904,950=,3@,:7,*0(30A(+(7(*0,5;,,?;,956
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VHSHH[LUJP}UKLWYPTLYUP]LS`IHZHKVLUJVWHNV[HZHTVKL
YHKVYHWHYHH[LUJP}ULZWLJPHSPaHKH
] *VUKPJPVULZ!
³0UZJYPIPYZLLULS:PZ[LTH:HUP[HYPV5HJPVUHS`WYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹
³7HNHYLS¸[PJRL[¹Z}SVLULSJHZVKLSHH[LUJP}ULZWLJPHSPaHKHHWYV_PTHKH
TLU[L L\YVZ ,_JLWJPVULZ! WVY LKHK PUNYLZVZ V [PWV KL LUMLYTLKHK
PUJS\`LUKVPUJHWHJPKHKSHIVYHSZ\WLYPVYHJLN\LYHWHYJPHSZVYKVT\
KLaLUMLYTLKHKLZYHYHZWY\LIHZKLKL[LJJP}U`KPHNU}Z[PJV[LTWYHUHZ
WYL]LUJP}UKLS=0/`ZLY]PJPVZJVU[YHLWPKLTPHZWYL]PZ[VZWVYSHSL`
³6I[LULY SH H\[VYPaHJP}U WYL]PH KL \U TtKPJV KL MHTPSPH WHYH HJJLKLY H SH
H[LUJP}ULZWLJPHSPaHKH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSH\UX\LLULZ[LJHZV[PLULUX\LWYLZLU[HY\UJLY
[PÄJHKV]mSPKVX\LKLT\LZ[YLX\LOHUZVSPJP[HKVHZPSVMVYTHSTLU[LWHYHYLNPZ[YHYZL
LULS:PZ[LTH:HUP[HYPV5HJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V,?*3<:0=(4,5;,ZPZLJVUZPKLYH¸PUKPZWLUZHISL¹VZPLZKL
UH[\YHSLaHWYL]LU[P]H5V[PLULUSHWVZPIPSPKHKKLPUZJYPIPYZLLU\UTtKPJVKL
MHTPSPH
] *VUKPJPVULZ!
³6I[LULYLS¸J}KPNV:;7¹
³,USHWYmJ[PJH[HTIPtUWHNHUSH[HZHTVKLYHKVYH7YVISLTH!UVW\LKLU
PUZJYPIPYZLLU\UTtKPJVKLMHTPSPHWVYSVX\L[PLULUKPÄJ\S[HKLZWHYH
HJJLKLYHSHH[LUJP}UKLWYPTLYUP]LS`LZWLJPHSPaHKH`HX\LZ}SVZLW\LKL
HJJLKLYHSHH[LUJP}ULZWLJPHSPaHKHZPZLOHVI[LUPKVWYL]PHTLU[LSHH\[VYP
aHJP}UKL\UTtKPJVKLMHTPSPH
/6:70;(30A(*0Ô505.9,:6
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNV[HZHTVKLYHKVYH
] *VUKPJPVULZ!
³0UZJYPIPYZLLULS:PZ[LTH:HUP[HYPV5HJPVUHS`WYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹
³7HNHYLS¸[PJRL[¹WVYJHKHKxHKLPUNYLZVOVZWP[HSHYPVKLZW\tZKL\UWYVJLZV
KLKPHNU}Z[PJVHWYV_PTHKHTLU[LL\YVZ,_JLWJPVULZ!WVYLKHKPUNYL
ZVZ ` [PWV KL LUMLYTLKHK PUJS\`LUKV PUJHWHJPKHK SHIVYHS Z\WLYPVY H JLN\LYHWHYJPHSZVYKVT\KLa`LUMLYTLKHKLZYHYHZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VL_JS\ZP]HTLU[LZPZLJVUZPKLYH¸PUKPZWLUZHISL¹
] *VUKPJPVULZ!
³6I[LULYLS¸J}KPNV:;7¹
³,USHWYmJ[PJH[HTIPtUWHNHUSH[HZHTVKLYHKVYH
(;,5*0Ô579,@76:;5(;(3
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³0UZJYPIPYZLLULS:PZ[LTH:HUP[HYPV5HJPVUHS`WYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
³6I[LULYLS¸J}KPNV:;7¹
;9(;(40,5;6(+<3;6:
4,+0*(4,5;6:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZV NYH[\P[V V IHZHKV LU JVWHNV WHNV KL \UH KL[LYTPUHKH JHU[PKHK
KLSJVZ[LKLWLUKPLUKVKLSHJH[LNVYxHKLTLKPJHTLU[VZ
] *VUKPJPVULZ!
³0UZJYPIPYZLLULS:PZ[LTH:HUP[HYPV5HJPVUHS`WYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹
³7HNHY\UKL[LYTPUHKVWVYJLU[HQLKLSJVZ[LKLSVZWYVK\J[VZMHYTHJt\[P
JVZ!LSWHYHSHJH[LNVYxH(LUMLYTLKHKLZNYH]LZLSWHYHSHJH
[LNVYxH)`LSWHYHSHJH[LNVYxH*,_JLWJPVULZ!TLUVYLZ`WLYZVUHZ
TH`VYLZKLH|VZJVUKL[LYTPUHKHZLUMLYTLKHKLZJY}UPJHZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
³6I[LULYLS¸J}KPNV:;7¹
³7HNHY\UKL[LYTPUHKVWVYJLU[HQLKLSJVZ[LKLSVZWYVK\J[VZMHYTHJt\[P
JVZ!LSWHYHSHJH[LNVYxH(LUMLYTLKHKLZNYH]LZLSWHYHSHJH
[LNVYxH)`LSWHYHSHJH[LNVYxH*,_JLWJPVULZ!TLUVYLZ`WLYZVUHZ
TH`VYLZKLH|VZJVUKL[LYTPUHKHZLUMLYTLKHKLZJY}UPJHZ
+,;,**0Ô5+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
3HZWY\LIHZKLKL[LJJP}UZVUHU}UPTHZ`NYH[\P[HZ
] *VUKPJPVULZ!
³0UZJYPIPYZLLULS:PZ[LTH:HUP[HYPV5HJPVUHS`WYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
³6I[LULYLS¸J}KPNV:;7¹
;9(;(40,5;6+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³0UZJYPIPYZLLULS:PZ[LTH:HUP[HYPV5HJPVUHS`WYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
³6I[LULYLS¸J}KPNV:;7¹
;9(;(40,5;6+,6;9(:,5-,94,+(+,:05-,**06:(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VHSVZ[YH[HTPLU[VZKL¸WH[VSVNxHZL_VULYHKHZ¹LUKLWHY[HTLU
[VZLZWLJPHSLZWHYHWHJPLU[LZL_[LYUVZ
] *VUKPJPVULZ!
³0UZJYPIPYZLLULS:PZ[LTH:HUP[HYPV5HJPVUHS`WYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
³6I[LULYLS¸J}KPNV:;7¹
4,569,:
4,569,:5(*065(3,:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VWHYHTLUVYLZKLH|VZ
=HJ\UHZ!(SN\UHZZVUVISPNH[VYPHZ`V[YHZYLJVTLUKHKHZ
+PM[LYPH[t[HUVWVSPV`
OLWH[P[PZ)
] *VUKPJPVULZ!
³0UZJYPIPYZLLULS:PZ[LTH:HUP[HYPV5HJPVUHS`WYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
/016:+,:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
4,569,::630*0;(5;,:+,(:03656(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
4,569,:0540.9(5;,:56(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZZLSLZV[VYNHLSWLYTPZVKLYLZPKLUJPH`ZL
SLZPUZJYPILLULS:PZ[LTH:HUP[HYPV5HJPVUHS
/016:+,0540.9(5;,::057,940:6+,9,:0+,5*0(
70*<4<UKVJ\TLU[LK
JOPSKYLUPU,\YVWL!0U]PZPISL=PJ
[PTZVM0TTPNYH[PVU9LZ[YPJ[PVUZ
WmN
(Y[IKLS;LZ[V
<UPJV
7HYSHTLU[V,\YVWLV
+PYLJJP}U.LULYHSKL7VSx[PJHZ
0U[LYPVYLZKLSH<UP}U*VUKP
[PVUZKLZYLZZVY[PZZHU[ZKLWH`Z
[PLYZYL[LU\ZKHUZKLZJLU[YLZ
JHTWZKLKt[LU[PVUJLU[YLZ
V\]LY[ZHPUZPX\LKLZaVULZ
KL[YHUZP[H]LJ\ULH[[LU[PVU
WHY[PJ\SPuYLWVY[tLH\_ZLY]PJLZ
L[TV`LUZLUMH]L\YZKLZWLY
ZVUULZH\_ILZVPUZZWtJPÄX\LZ
H\ZLPUKLZ,[H[ZTLTIYLZ
KLS»<UPVU,\YVWtLUUL9HWWVY[
KL]PZP[LLU0[HSPLWmNZ
9LM!07*30),0*
KPZWVUPISLLUMYHUJtZ
LUSH<93!^^^JPTHKLVYN
\WSVHKZ-PSLHKTPUYHWWVY[F0[H
SPLWKM3HZT\QLYLZLTIHYH
aHKHZ[HTWVJVW\LKLUZLY
LU]PHKHZHJLU[YVZKLYL[LUJP}U
*7;(UPJHTLU[LHJLU[YVZ
KLHJVNPKHHIPLY[VZ*7(
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
³6I[LULYLS¸J}KPNV:;7¹
*,5;96:+,9,;,5*0Ô5
(+<3;6:
(JJLZVHSHHZPZ[LUJPHZHUP[HYPH¸PUKPZWLUZHISL¹
4,569,:
3VZ TLUVYLZ HJVTWH|HKVZ V UV UV W\LKLU ZLY LU]PHKVZ H JLU[YVZ KL YL
[LUJP}U ZPUV H JLU[YVZ KL TLUVYLZ ` H JLU[YVZ KL HJVNPKH HIPLY[VZ ;PLULU
HJJLZVHSHZHUPKHKLUJLU[YVZKLZHS\KVLUOVZWP[HSLZKLS:PZ[LTH:HUP[HYPV
5HJPVUHS 9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
(**,:6+,3(:(<;690+(+,:
(3(05-694(*0Ô5@
;9(5:-,9,5*0(+,+(;6:
;YHUZMLYLUJPHKLPUMVYTHJP}UVHJJLZVHKH[VZZVIYLSHZP[\HJP}UHK
TPUPZ[YH[P]H!:PN\LLZ[HUKVWYVOPIPKVWVYSL`X\LSHZPUZ[P[\JPVULZZHUP[H
YPHZ`SVZWYVMLZPVUHSLZKLU\UJPLUHSHZWLYZVUHZPUTPNYHU[LZLUZP[\HJP}U
PYYLN\SHY H SHZ H\[VYPKHKLZ JVTWL[LU[LZ LU TH[LYPH KL PUTPNYHJP}U 3HZ
UPJHZL_JLWJPVULZZVUSHZYHaVULZKLZLN\YPKHKWISPJHVJ\HUKVZLOH
WYVK\JPKV\UHSLZP}UKLYP]HKHKLSHJVTPZP}UKL\UKLSP[V
3(56,?7<3:0Ô5
7699(A65,:4i+0*(:
,3569,*<9:6( :(5*065,:+,,?7<3:0Ô563(
:<:7,5:0Ô5 +, 3(: Ô9+,5,: +, ,?7<3:0Ô5 769
9(A65,:4i+0*(:
(Y[KLS;LZ[V<UPJV
5VVIZ[HU[LSVZUP|VZ
TLUVYLZKLKPLJPVJOVH|VZ
SHZT\QLYLZLTIHYHaHKHZ`SHZ
THKYLZKLTLUVYLZKLZLPZ
TLZLZLZ[mUWYV[LNPKVZKLSH
L_W\SZP}U,Z[HUVYTHZLYLÄLYL
[HTIPtUHSHZWLYZVUHZX\L
JVYYLULSYPLZNVKLZLYWLYZL
N\PKHZWVYYHaVULZKLYHaH
ZL_VPKPVTHJP\KHKHUxHPKLHZ
WVSx[PJHZVWVYZ\JVUKPJP}UZV
JPHSVWLYZVUHSHWHY[HKVZ ` KLS;LZ[V<UPJV
(Y[KLS;LZ[V<UPJV
:LU[LUJPHKLS;YPI\UHS
*VUZ[P[\JPVUHSU¢KLSKL
Q\SPVKL
(\UX\LUVSVKPJ[LMVYTHSTLU[LSHSL`LS;YPI\UHS*VUZ[P[\JPVUHS0[HSPHUV
SVZHY[xJ\SVZ`KLSH*VUZ[P[\JP}U0[HSPHUHWYV[LJJP}UKLSVZZLYLZO\
THUVZ"`KLYLJOVZPU]PVSHISLZ`KLYLJOV\UP]LYZHSHSHZHUPKHK`LSHY[xJ\SV
KLS;LZ[V<UPJVZVIYLPUTPNYHJP}UWYV[LJJP}UKLSVZKLYLJOVZO\THUVZ
KL[VKVZSVZL_[YHUQLYVZWYLZLU[LZLU0[HSPHVLUSHMYVU[LYHZLNUSHSLNPZSH
JP}UUHJPVUHSSHZJVU]LUJPVULZPU[LYUHJPVUHSLZ`SVZWYPUJPWPVZNLULYHSLZ
JVUZ[P[\`LU \UH IHZL SLNHS Z\ÄJPLU[L WHYH WYV[LNLY H SVZ PUTPNYHU[LZ ZPU
WLYTPZVKLYLZPKLUJPHNYH]LTLU[LLUMLYTVZKLSHL_W\SZP}U`HX\LSHL_
W\SZP}UW\LKLZ\WVULY\UWLYQ\PJPVPYYLWHYHISLLULSKLYLJOVHSHZHS\KKL
SHWLYZVUH
7,940:6 +, 9,:0+,5*0( 769 9(A65,: 4i+0*(:
¸7,940:6 +, 9,:0+,5*0( 769 9(A65,: /<4(50
;(90(:¹
3H SLNPZSHJP}U YLSH[P]H H LZ[L [PWV KL WLYTPZVZ LZ L_[YLTHKHTLU[L PUZ\Ä
JPLU[L`JVUM\ZH3HSL`JVU[LTWSHLS¸WLYTPZVKLYLZPKLUJPHWVYYHaVULZO\
THUP[HYPHZ¹:PULTIHYNVUPLZWLJPÄJHJSHYHTLU[LZ\mTIP[VKLHWSPJHJP}U
UPKLÄULSVX\LZLKLILYxHLU[LUKLYWVY¸JHYmJ[LYO\THUP[HYPV¹,UWYPUJPWPV
UHKHWHYLJLPTWLKPY\UHPU[LYWYL[HJP}UKLLZ[L[tYTPUVX\LPUJS\`H\UHLU
MLYTLKHKNYH]L
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
¦8<0i5,:367<,+,5:630*0;(9&
0UTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH X\L LZ[tU NYH]LTLU[L LUMLYTVZ `
WLYZVUHZ NYH]LTLU[L LUMLYTHZ H X\PLULZ ZL OH`H KLULNHKV SH ZVSPJP[\K KL
HZPSV
*65+0*065,:!
³¸9HaVULZO\THUP[HYPHZNYH]LZ¹
(Y[KLS;LZ[V<UPJV
`HY[J[LYKLS+LJYL[V
KLS7YLZPKLU[LKLSSH9LW\IISPJH
U KLKLHNVZ[VKL
7HYHSHZWLYZVUHZH
X\PLULZZLSLZOHKLULNHKV
LSHZPSV]tHZLLSHY[KLS
+LJYL[VSLNPZSH[P]VU([[\H
aPVULKLSSHKPYL[[P]H
*,YLJHU[LUVYTLTPUPTL
WLYSLWYVJLK\YLHWWSPJH[L
ULNSP:[H[PTLTIYPHPÄUPKLS
YPJVUVZJPTLU[VLKLSSHYL]VJH
KLSSVZ[H[\ZKPYPM\NPH[VKL
KLLULYVKL
(Y[KLS+LJYL[V
3LNPZSH[P]VUKL KL
UV]PLTIYLKL
3HZPN\PLU[LKPZWVZPJP}U
WVKYxHYLMLYPYZLHSHK\YHJP}U
WLYVUVX\LKHJSHYVZPLZ
HWSPJHISL!HY[LKLS;LZ[V
<UPJV=tHZL[HTIPtUHY[
KLS+LJYL[VKLS7YLZPKLU[L
KLSSH9LW\IISPJHU KL
KLHNVZ[VKL
!­UVUW\V
LZZLYLZ\WLYPVYLHSSLULJLZZP[n
ZWLJPÄJHTLU[LKVJ\TLU[H[L®
­SHK\YHJP}UUVWVKYmZLYZ\
WLYPVYHSHZULJLZPKHKLZLZWLJx
ÄJHTLU[LKVJ\TLU[HKHZ®
(X\LSSVZJ\`HZVSPJP[\KKL
HZPSVOH`HZPKVKLULNHKHWLYV
[LUNHU\UWLYTPZVKLYLZPKLU
JPHWVYYHaVULZO\THUP[HYPHZ
[PLULUSVZTPZTVZKLYLJOVZ
X\LZLYLJVUVJLUHSHZWLYZV
UHZJVU¸WYV[LJJP}UZ\IZPKPHYPH¹
HY[KLS+LJYL[V3LNPZSH[P]V
UKL KLUV]PLTIYL
KL
:LU[LUJPHZKLS;YPI\UHS
(KTPUPZ[YH[P]V9LNPVUHSKL
3PN\YPHU¢KLSKL
THYaVKL`KLS;YPI\UHS
(KTPUPZ[YH[P]V9LNPVUHSKLS
3HaPV0[LYU¢KLS KL
Q\UPVKL
*HILKPZ[PUN\PYKVZZP[\HJPVULZ!
Q:PX\PLULZSVZVSPJP[HUZVUPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH!
³(\[VYPKHKJVTWL[LU[L!¸8\LZ[\YH¹WVSPJxH
Q:PZVUWLYZVUHZHX\PLULZZLOHYLJOHaHKVSHZVSPJP[\KKLHZPSV!
³8\LZLSLZOH`HKLULNHKVSHZVSPJP[\KKLHZPSV
³3H SL`LZ[PW\SHX\LLZ[LWLYTPZVSVV[VYNHYmSH¸8\LZ[\YH¹KLSKPZ[YP[VKL
YLZPKLUJPHWYL]PHZVSPJP[\KKLSHH\[VYPKHKJVTWL[LU[LWHYHL_HTPUHYSHZ
ZVSPJP[\KLZKLHZPSV
+<9(*0Ô5!
5VL_PZ[LUPUN\UHKPZWVZPJP}USLNHSJSHYHHSYLZWLJ[V,USHWYmJ[PJHSHK\YH
JP}UZ\LSLZLYKL\UH|V
(**,:6(3((:0:;,5*0(:(50;(90(!
;PLULU KLYLJOV H PUZJYPIPYZL LU LS :PZ[LTH :HUP[HYPV 5HJPVUHS ` H HJJLKLY H
SVZZLY]PJPVZZHUP[HYPVZLUSHZTPZTHZJVUKPJPVULZX\LSHWVISHJP}UUHJPVUHS`
V[YHZWLYZVUHZJVUWLYTPZVKLYLZPKLUJPH
3HQ\YPZWY\KLUJPHOHPKVTmZHSSmKLLZ[HLZJHZHSLNPZSHJP}U+LOLJOVHWHY[PY
KLSHZLU[LUJPHHU[LYPVYTLU[LJP[HKHKLS;YPI\UHS*VUZ[P[\JPVUHSSVZ;YPI\UHSLZ
(KTPUPZ[YH[P]VZOHUMHSSHKVLU]HYPHZVJHZPVULZX\L­SVZPUTPNYHU[LZZPUWLYTP
ZVKLYLZPKLUJPHX\LYLZPKLULU0[HSPH[PLULUKLYLJOVHVI[LULY\UWLYTPZVKL
YLZPKLUJPH HWYVWPHKV WVY YHaVULZ TtKPJHZ K\YHU[L LS [PLTWV ULJLZHYPV WHYH
WVKLYHJJLKLYHSH¸H[LUJP}UTtKPJH\YNLU[L¹VHSH¸H[LUJP}UZHUP[HYPHX\LUV
W\LKHUYLJPIPYLUZ\WHxZKLVYPNLU¹®5VVIZ[HU[LLZULJLZHYPVX\LLZ[H
Q\YPZWY\KLUJPHZLYLÅLQLLUSHSLNPZSHJP}UP[HSPHUH,UJ\HSX\PLYJHZVPUJS\ZVSH
Q\YPZWY\KLUJPHLZWVJVWYLJPZH`WVYLQLTWSVUVHWVY[HUPUN\UHVYPLU[HJP}U
WHYHSVZJHZVZLUSVZX\LLS[YH[HTPLU[VLZ[mKPZWVUPISL`LZHJJLZPISLLULS
WHxZKLVYPNLUWLYVSHWLYZVUHUVW\LKL]PHQHYWVYYHaVULZTtKPJHZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
79Í*;0*(
3(=0:0Ô5+,4i+0*6::05-965;,
9(: 0;(30(:6)9,3(:0;<(*0Ô5,5
3(79Í*;0*(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHK\S[VZ`TLUVYLZ
6I[LULY LS J}KPNV :;7 LZ YLSH[P]HTLU[L ZLUJPSSV ` UV L_PZ[LU NYHUKLZ
VIZ[mJ\SVZ:PULTIHYNVSHL_PZ[LUJPHKLU\TLYVZVZKLYLJOVZUVNH
YHU[PaH H\[VTm[PJHTLU[L SH LMLJ[P]PKHK KL SVZ TPZTVZ 3VZ WYPUJPWHSLZ
VIZ[mJ\SVZ JVU SVZ X\L ZL LUJ\LU[YHU SVZ PUTPNYHU[LZ LU ZP[\HJP}U PY
YLN\SHYZVUSHZIHYYLYHZSPUN
xZ[PJHZ`J\S[\YHSLZSHMHS[HKLPUMVYTHJP}U
`LSTPLKVHX\LZLSLZZVSPJP[LX\LWHN\LUVHX\LZLSLZKLU\UJPLH
SHWVSPJxHHWLZHYKLX\LSHSL`WYVOxILHSWLYZVUHSTtKPJVX\LSLZKL
U\UJPL,Z[HZJPYJ\UZ[HUJPHZOHJLUX\LLZ[HWVISHJP}UUVZVSPJP[LHZPZ
[LUJPHZHUP[HYPHLUHSN\UVZJHZVZPUJS\ZVLUSHZJSxUPJHZNLZ[PVUHKHZWVY
VYNHUPaHJPVULZ]VS\U[HYPHZ
7VYV[YVSHKVLSHJJLZVNYH[\P[VHSVZZLY]PJPVZKLVKVU[VSVNxH`KLZH
S\KTLU[HSUVLZMmJPSH\UX\LW\LKLZLYJVUZPKLYHKVJVTV\UWYVISLTH
LZ[Y\J[\YHS X\L HMLJ[H [HTIPtU HS JVUQ\U[V KL JP\KHKHUVZ P[HSPHUVZ `H
X\LSHZSPZ[HZKLLZWLYHZ\LSLUZLYT\`SHYNHZ
3VZ TLUVYLZ ZPU WLYTPZV KL YLZPKLUJPH ZL LUMYLU[HU H VIZ[mJ\SVZ ZP
TPSHYLZHSVZKLSVZHK\S[VZ5VVIZ[HU[LJHILKLZ[HJHYX\LUV[PLULU
HJJLZVH\UWLKPH[YH
4tKPJVZ:PU-YVU[LYHZ0[HSPH
UVLZTPLTIYVKLSHYLK/<4(
:PULTIHYNVZ\L_WLYPLUJPHLU
LSmTIP[VKLSHZHS\KKLSHZWLY
ZVUHZPUTPNYHU[LZZPUWLYTPZVKL
YLZPKLUJPHLU0[HSPHLZ\UH]HSPVZH
M\LU[LKLPUMVYTHJP}UWHYHLZ[L
PUMVYTL
7HYHTmZPUMVYTHJP}UZVIYL
SHZP[\HJP}ULUSHWYmJ[PJH`LSWHWLS
X\LKLZLTWL|HSHZVJPLKHKJP]PS
LU0[HSPH]tHZL!70*<4(JJLZZ
[VOLHS[OJHYLMVY\UKVJ\TLU[LK
TPNYHU[ZWmNZ +LZKL 4tKPJVZ :PU -YVU[LYHZ OH NLZ[PVUHKV WYV`LJ[VZ KL H[LU
JP}UZHUP[HYPHLUaVUHZLUSHZX\L]P]LUT\JOVZPUTPNYHU[LZZPUYLN\SH
YPaHY`ZVSPJP[HU[LZKLHZPSVX\LZLLUJ\LU[YHULU\UHZP[\HJP}UKLNYHU
L_JS\ZP}U ` THYNPUHJP}U ` X\L UV KPZMY\[HU KL UPUNU [PWV KL HJJLZV
H SH HZPZ[LUJPH ZHUP[HYPH 3HZ WYPUJPWHSLZ HJ[P]PKHKLZ YLHSPaHKHZ ZVU SH
H[LUJP}UZHUP[HYPHImZPJH`KPYLJ[HSHTLKPHJP}UJ\S[\YHSWHYHL]P[HYSHZ
IHYYLYHZSPUN
xZ[PJHZSHZHJ[P]PKHKLZKLZLUZPIPSPaHJP}UWHYHPUTPNYHU[LZ
SH ZLUZPIPSPaHJP}U KL SHZ PUZ[P[\JPVULZ ZHUP[HYPHZ ` SHZ THUPMLZ[HJPVULZ
WHYHPU[LYWLSHYHSHZPUZ[P[\JPVULZWISPJHZ`HSHWVISHJP}USVJHS,SVI
QL[P]VKL4tKPJVZ:PU-YVU[LYHZLZWVKLYKLQHYKLYLHSPaHYHJ[P]PKHKLZKL
H[LUJP}UTtKPJH`TLKPHJP}UJ\S[\YHS[HUWYVU[VJVTVSHZPUZ[P[\JPVULZ
ZHUP[HYPHZSVJHSLZHZ\THULZ[HZYLZWVUZHIPSPKHKLZ
*HKH H|V LU HSN\UHZ YLNPVULZ KLS Z\Y KL 0[HSPH ZL WYVK\JL \UH VSH
KL PUTPNYHJP}U LZ[HJPVUHS KL [YHIHQHKVYLZ KLS ZLJ[VY HNYxJVSH ,U LZ
[VZ JHZVZ SHZ H\[VYPKHKLZ SVJHSLZ UV OHJLU UHKH V LU HSN\UVZ JHZVZ
LZWVYmKPJVZHKVW[HUJPLY[HZTLKPKHZX\LZ}SVZVUHWSPJHISLZHSHWV
ISHJP}UPUTPNYHU[LJVUWLYTPZVKLYLZPKLUJPH(WLZHYKLSVZKLYLJOVZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
X\L SLZ YLJVUVJL SH SL` SVZ [YHIHQHKVYLZ LZ[HJPVUHSLZ UV [PLUL HJJLZV
HSVZZLY]PJPVZZHUP[HYPVZ`]P]LULUTHSxZPTHZJVUKPJPVULZKLTHYNPUH
JP}U`L_JS\ZP}UZVJPHS,Z[VZLKLILWVY\USHKVHSHMHS[HKLZLY]PJPVZ
PUMVYTH[P]VZVYPLU[HKVZHSHJVT\UPKHKKLPUTPNYHU[LZ`WVYV[YVHSH
LZJHZLaKLJLU[YVZKLH[LUJP}UKLWYPTLYUP]LSKPYPNPKVZHPUTPNYHU[LZ
ZPUWLYTPZVKLYLZPKLUJPH
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHK\S[VZ
3VZ ZVSPJP[HU[LZ KL HZPSV X\L UV YLZPKLU LU \U JLU[YV KL HJVNPKH [PL
ULUKPÄJ\S[HKLZHSHOVYHKLYLJPIPYH[LUJP}UKL\UTtKPJVNLULYHSPZ[H
(ZPTPZTV [PLULU X\L OHJLY MYLU[L H KPZ[PU[HZ IHYYLYHZ HKTPUPZ[YH[P]HZ
`HX\LWHYHHJJLKLYHSHHZPZ[LUJPHZHUP[HYPH[PLULUX\LKLTVZ[YHYWVY
LQLTWSV \UH YLZPKLUJPH OHIP[\HS WYLZLU[HUKV \U JVU[YH[V KL HYYLUKH
TPLU[V V \UH KLJSHYHJP}U VÄJPHS KLS WYVWPL[HYPV V SH WYVWPL[HYPH KL SH
JHZH,SYLZ\S[HKVKLLZ[HZJVUKPJPVULZLZX\LT\JOVZZVSPJP[HU[LZKL
HZPSV ZPU KVTPJPSPV ÄQV HJJLKLU H SH H[LUJP}U ZHUP[HYPH LU SHZ TPZTHZ
JVUKPJPVULZX\LSHWVISHJP}UPUTPNYHU[LLUZP[\HJP}UPYYLN\SHY
,USVZJLU[YVZKLHJVNPKHWHYHZVSPJP[HU[LZKLHZPSV*(9(L_PZ[L\UH
MHS[H KL \UPMVYTPKHK KL SH VYNHUPaHJP}U KL SVZ ZLY]PJPVZ ZHUP[HYPVZ +L
LZ[HMVYTHSHZT\QLYLZLTIHYHaHKHZ`SHZWLYZVUHZLUMLYTHZUVYLJP
ILU\UHH[LUJP}UTtKPJHWYVMLZPVUHSIPLUVYNHUPaHKHJVUWYVMLZPVUHSLZ
LZWLJPHSPaHKVZ3HH[LUJP}UX\LZLYLJPILLULZ[VZJLU[YVZWHYLJLKL
WLUKLYLUNYHUTLKPKHKLSHHJ[P[\K`SH]VS\U[HKKLSWLYZVUHSTtKPJV
X\L[YHIHQLLUJHKHJLU[YV(KLTmZJVUMYLJ\LUJPHSVZWHJPLU[LZYL
JPILU \U WSHJLIV LU S\NHY KL \UH TLKPJHJP}U HKLJ\HKH 4tKPJVZ :PU
-YVU[LYHZ]PZP[}SVZJLU[YVZKLHJVNPKHLU[YLSVZTLZLZKLUV]PLTIYL`
KPJPLTIYLKL`HJ[\HSTLU[LLZ[mYLKHJ[HUKV\UPUMVYTLZVIYLLZ[L
HZ\U[V
(JJLZVHSHZHUPKHKLUSVZJLU[YVZKLYL[LUJP}U
*VU T\JOH MYLJ\LUJPH ZL OH J\LZ[PVUHKV SH JHSPKHK KL SVZ ZLY]PJPVZ
TtKPJVZKLSVZJLU[YVZKLYL[LUJP}U*0,`NLULYHSTLU[LUVZLW\LKL
]LY KLZKL M\LYH SV X\L VJ\YYL KLU[YV KL SVZ JLU[YVZ ,_PZ[L \UH PUPJPH
[P]HKL¸LTLYNLUJPH¹UVLZ[Y\J[\YHKHX\LJVUZPZ[LLUHJ[P]PKHKLZHPZSH
KHZ`LUSHPU[LY]LUJP}ULZWVYmKPJHLUJHZVZPUKP]PK\HSLZ:LOHWVKPKV
JVUZ[H[HYX\LHSVZPU[LYUVZYHYH]LaZLSLZLU[YLNHUPUN\UHKVJ\TLU[H
JP}UTtKPJHJ\HUKVZHSLUUPZPX\PLYHLUSVZJHZVZKLWHJPLU[LZX\LZL
ZHILX\LWHKLJLU\UHLUMLYTLKHK+LMVYTHNLULYHSWHYLJLX\LKL
[LYTPUHKVZ[PWVZKLH[LUJP}UZHUP[HYPHWLQVKVU[VSVNxHZHS\KTLU[HS
ZLWVZWVULUK\YHU[LLSWLYPVKVKLKL[LUJP}U(KLTmZJVUMYLJ\LUJPH
SVZWHJPLU[LZYLJPILU\UWSHJLIVLUS\NHYKL\UHTLKPJHJP}UHKLJ\HKH
4tKPJVZ :PU -YVU[LYHZ ]PZP[} SVZ JLU[YVZ KL YL[LUJP}U LU[YL SVZ TLZLZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%0;(30(
KL UV]PLTIYL ` KPJPLTIYL KL ` HJ[\HSTLU[L LZ[m YLKHJ[HUKV \U
PUMVYTLZVIYLLZ[LHZ\U[V
;YHUZMLYLUJPHKLPUMVYTHJP}UVHJJLZVHKH[VZZVIYL
SHZP[\HJP}UHKTPUPZ[YH[P]H
3HSLNPZSHJP}UP[HSPHUHZPN\LWYVOPIPLUKVX\LSHHKTPUPZ[YHJP}UZHUP[HYPH
KLU\UJPL H PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH H SH WVSPJxH 5VVIZ
[HU[L[YHZLSPU[LU[VKLS.VIPLYUVKLLSPTPUHYLZ[HWYVOPIPJP}ULU
ZLNU SHZ LZ[PTHJPVULZ L_[YHVÄJPHSLZ KL SVZ ZPUKPJH[VZ *.03
*0:3<03 LS UTLYV KL WLYZVUHZ LU ZP[\HJP}U PYYLN\SHY X\L ZVSPJP[HU
HZPZ[LUJPH TtKPJH ZL OH YLK\JPKV LU[YL \U ` \U LU SVZ [YLZ
S[PTVZTLZLZKL 3HUVL_W\SZP}UWVYYHaVULZTtKPJHZ
,SWLYTPZVKLYLZPKLUJPHWVYYHaVULZO\THUP[HYPHZIHZHKHZLUTV[P]VZ
TtKPJVZ ZL W\LKL VI[LULY \UH ]La X\L \U PUMVYTL TtKPJV JLY[PÄX\L!
X\LUVL_PZ[L\U[YH[HTPLU[VTtKPJVHKLJ\HKVLULSWHxZKLVYPNLUW
LQMHS[HKLTLKPJHTLU[VZVPUJLY[PK\TIYLZVIYLLS[YH[HTPLU[VX\LLS
HJJLZVHSHHZPZ[LUJPHZHUP[HYPHYLZ\S[HT\`JHYVVX\LSHWLYZVUHPUTP
NYHU[LUVW\LKL]PHQHYWVYYHaVULZTtKPJHZ
,UT\JOVZJHZVZLSWLYZVUHSTtKPJVUVL_WPKLLZ[VZJLY[PÄJHKVZTtKP
JVZZLUJPSSHTLU[LWVYX\LUVZHILSVPTWVY[HU[LX\LLZKHYLZ[HPUMVYTH
JP}UZVIYLLSWHJPLU[LVWVYX\LUVJVUVJLLSZPZ[LTHZHUP[HYPVKLSWHxZ
KLVYPNLUKLSPUTPNYHU[L
<U WLYTPZV KL YLZPKLUJPH WVY YHaVULZ TtKPJHZ OH` X\L YLUV]HYSV
ZPLTWYLHSTLUVZ\UH]LaHSH|V(SVSHYNVKLLZ[LWYVJLKPTPLU[VSH
WLYZVUHX\LSVZVSPJP[HUVW\LKLYLJSHTHYLSKLYLJOVHHJVNPTPLU[VLU
]P]PLUKHUPH\UZLN\YVZHUP[HYPV(KLTmZZ}SVJ\HUKVVI[PLULLSWLY
TPZVKLYLZPKLUJPH[LTWVYHSW\LKLYLJSHTHYLSKLYLJOVH[YHIHQHY
4tKPJVZ:PU-YVU[LYHZ0[HSPH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
4(3;(
:0:;,4(:(50;(906
:L[YH[HKL\UZPZ[LTHUHJPVUHSKLZHS\KÄUHUJPHKVWVYPTW\LZ[VZ,_PZ[LU
HKLTmZZLY]PJPVZZHUP[HYPVZWYP]HKVZX\LJVL_PZ[LUJVULSZPZ[LTHWISPJV
+,9,*/6+,(**,:6
(3(:(50+(+
3H WVISHJP}U UHJPVUHS ` SHZ WLYZVUHZ JVU WLYTPZV KL YLZPKLUJPH
[PLULU KLYLJOV H HJJLKLY NYH[\P[HTLU[L H SVZ ZLY]PJPVZ ZHUP[HYPVZ WYL
]LU[P]VZ J\YH[P]VZ KL KPHNU}Z[PJV V KL YLOHIPSP[HJP}U LU JLU[YVZ ZH
UP[HYPVZ WISPJVZ V LU OVZWP[HSLZ 3VZ [YHIHQHKVYLZ WVY J\LU[H HQLUH V
H\[}UVTVZWHNHUQ\U[VJVUZ\LTWSLHKVY\UHJVU[YPI\JP}UHSHZLN\YP
KHKZVJPHSIHZHKHLUSHYLU[H:PULTIHYNVSHZWLYZVUHZHZ\JHYNVHZx
JVTVSHZKLZLTWSLHKHZ`SHZQ\IPSHKHZ[HTIPtULZ[mUJ\IPLY[HZ
3HJVILY[\YHZHUP[HYPHZLL_[PLUKLH]HYPHZJH[LNVYxHZKLWLYZVUHZX\L
[PLULUKLYLJOVHYLJPIPY¸HZPZ[LUJPHWVYLUMLYTLKHK¹¸HZPZ[LUJPHWVYSL
WYH¹¸HZPZ[LUJPHWVY[\ILYJ\SVZPZ¹¸H`\KHTtKPJHNYH[\P[H¹V\UH¸H`\
KHWHYHSLJOL¹,Z[HZWLYZVUHZ[PLULUX\LWHNHYSHZJVU[YPI\JPVULZHSH
ZLN\YPKHKZVJPHSZHS]VLULSJHZVKLX\LLZ[tUKLZLTWSLHKHZ
5PUN\UHSL`LZ[HISLJLX\L
SHZWLYZVUHZJVUWLYTPZVKLYLZP
KLUJPH[LUNHUHJJLZVHSHH[LUJP}U
ZHUP[HYPHLUSHZTPZTHZJVUKP
JPVULZX\LSHWVISHJP}UUHJPVUHS
ZHS]VLULSJHZVKLSHZWLYZVUHZ
JVULZ[H[\ZKLYLM\NPHKV
(Y[KLSH:VJPHS:LJ\
YP[`(J[KL `Z\ZZ\JLZP]HZ
LUTPLUKHZ
:LN\UKHWHY[LKLS(UL_V
KLSH:VJPHS:LJ\YP[`(J[KVUKL
HWHYLJLSHSPZ[HKLLUMLYTLKHKLZ
X\LKHUKLYLJOVHSH¸H`\KH
TtKPJHNYH[\P[H¹
(Y[KLSH9LM\NLLZ(J[
KLKLVJ[\IYLKL
(Y[KLSH:\IZPKPHY`
3LNPZSH[PVU9LJLW[PVU
VM(Z`S\T:LLRLYZ4PUPT\T
:[HUKHYKZ9LN\SH[PVUZKL
KLUV]PLTIYLKL:LNULS
:LY]PJPV1LZ\P[HH9LM\NPHKVZKL
4HS[HWHYLJLX\LLZ[HKPZWVZPJP}U
U\UJHOHZPKVHWSPJHKH
(Y[KLSH:\IZPKPHY`
3LNPZSH[PVUKLKLUV
]PLTIYLKL
8\PLULZ KLT\LZ[YLU [LULY \UH YLU[H IHQH LS \TIYHS ZL ZP[H LU[VYUV
H SVZ L\YVZ HS TLZ ` L\YVZ WHYH WLYZVUHZ X\L LZ[tU LU WHYV
YLJPILU\UH¸[HYQL[HYVZH¹,Z[H[HYQL[HSLZWLYTP[LHJJLKLYHSH¸H`\KH
TtKPJHNYH[\P[H®SVX\LZPNUPÄJHX\LW\LKLUHJJLKLYNYH[\P[HTLU[LH
TLKPJHTLU[VZNHMHZWY}[LZPZKLU[HSLZ`KLV[YV[PWV(X\LSSVZX\L
WHKLaJHULUMLYTLKHKLZJY}UPJHZW\LKLUKPZMY\[HYKLSH¸HZPZ[LUJPHWVY
LUMLYTLKHK¹¸[HYQL[HHTHYPSSH¹X\LSLZWLYTP[LHJJLKLYNYH[\P[HTLU[L
H SVZ TLKPJHTLU[VZ X\L HWHYLJLU LZWLJPÄJHKVZ LU Z\ [HYQL[H K\YHU[L
\UWLYPVKVKLÄUPKVVPUKLÄUPKVLUM\UJP}UKLSHLUMLYTLKHK
(KLTmZ SHZ WLYZVUHZ X\L WHKLaJHU [\ILYJ\SVZPZ SLWYH V WVSPVTPLSP[PZ
[PLULU\UHJVILY[\YHHTWSPHKHX\LSLZWLYTP[LHJJLKLYNYH[\P[HTLU[LH
SHZWYLZ[HJPVULZ`[YH[HTPLU[VZLZWLJxÄJVZULJLZHYPVZ
3VZ ZVSPJP[HU[LZ KL HZPSV [PLULU KLYLJOV H HJJLKLY H SVZ ­ZLY]PJPVZ `
[YH[HTPLU[VZ TtKPJVZ WISPJVZ® WLYV [PLULU X\L ­J\IYPY V JVU[YPI\PY
HS JVZ[L KL SH H[LUJP}U ZHUP[HYPH ZP [PLULU YLJ\YZVZ LJVU}TPJVZ Z\Ä
JPLU[LZ®(KLTmZLU¸JPYJ\UZ[HUJPHZL_JLWJPVUHSLZ¹SHSL`LZ[HISLJL
SHWVZPIPSPKHKKLTVKPÄJHYLZ[HZJVUKPJPVULZKLHJVNPKHLULSJHZVKL
­ZVSPJP[HU[LZ KL HZPSV X\L ZL LUJ\LU[YLU LU JLU[YVZ KL YL[LUJP}U V LU
\UW\LZ[VMYVU[LYPaV®KHKVX\L­LZ[HZKPZ[PU[HZJVUKPJPVULZJ\IYLUSHZ
ULJLZPKHKLZImZPJHZ®
3H SLNPZSHJP}U UV LZWLJPÄJH LS ZPNUPÄJHKV KL ¸ZLY]PJPVZ ` [YH[HTPLU[VZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
TtKPJVZWISPJVZ¹UPZPSVZZVSPJP[HU[LZKLHZPSV[PLULUKLYLJOVHHJJLKLY
HSHZHUPKHKLUSHZTPZTHZJVUKPJPVULZX\LSHWVISHJP}UUHJPVUHSLULS
ZPZ[LTHWISPJVVZPLZ[mUJ\IPLY[VZWVY\UWYVNYHTHLZWLJxÄJV(\UX\L
ZLZ\LSLLU[LUKLYJVTVHJJLZVNYH[\P[VH[VKVZSVZZLY]PJPVZTtKPJVZ
X\L YLJPILU SVZ UHJPVUHSLZ LZ[H HTIPN
LKHK KLQH SH W\LY[H HIPLY[H H
WYmJ[PJHZKPZJYLJPVUHSLZ(KLTmZLSOLJOVKLX\LT\JOVZZVSPJP[HU[LZ
KLHZPSVZLLUJ\LU[YLUJVUÄUHKVZLUJLU[YVZKLYL[LUJP}ULU4HS[HOHJL
X\LLUSHWYmJ[PJHLSHJJLZVHSHHZPZ[LUJPHZHUP[HYPH`HSVZTLKPJHTLU
[VZKLWLUKHLUNYHUTLKPKHKLSH]VS\U[HK`KLSZLU[PKVJVTUKLSVZ
ZVSKHKVZLUJHYNHKVZKLNLZ[PVUHYSVZJLU[YVZ,SYLZ\S[HKVLZX\LtZ[H
HJHIHWVYYLK\JPYZLHSVZZLY]PJPVZKL\YNLUJPHZVHSHH[LUJP}UKLWYPTLY
UP]LSLUSHZLZJHZHZPUZ[HSHJPVULZTtKPJHZKLSVZJLU[YVZKLYL[LUJP}U
5PUN\UH KPZWVZPJP}U SLNHS UP HKTPUPZ[YH[P]H OHJL YLMLYLUJPH H SVZ KLYL
JOVZKLHJJLZVHSHZHUPKHKLU4HS[HKLSVZPUTPNYHU[LZZPUWLYTPZV
KL YLZPKLUJPH ;HU Z}SV L_PZ[L \U ¸KVJ\TLU[V WVSx[PJV¹ UV ]PUJ\SHU[L
Q\YxKPJHTLU[LX\LLZ[HISLJLX\L[VKVZSVZJP\KHKHUVZL_[YHUQLYVZX\L
ZL LUJ\LU[YLU LU JLU[YVZ KL YL[LUJP}U ­[PLULU KLYLJOV H HJJLKLY NYH
[\P[HTLU[LHSVZZLY]PJPVZKLH[LUJP}UZHUP[HYPHWISPJVZ®*VTVZ\LSL
VJ\YYPYJVUSHZKPZWVZPJPVULZX\LZLYLÄLYLULZWLJxÄJHTLU[LHX\PLULZ
OHUZVSPJP[HKVHZPSVZLPU[LYWYL[HPUMVYTHSTLU[LJVTVLSHJJLZVNYH[\P[V
H SH JVILY[\YH ZHUP[HYPH LZ[mUKHY KL 4HS[H WYL]LUJP}U KPHNU}Z[PJV `
ZLY]PJPVZJ\YH[P]VZ`KLYLOHIPSP[HJP}U:LZ\LSLHWSPJHYH[VKVZSVZPU
TPNYHU[LZLUZP[\HJP}UPYYLN\SHY`ZVSPJP[HU[LZKLHZPSVX\LZVULU]PHKVZ
ZPZ[LTm[PJHTLU[LHJLU[YVZJLYYHKVZJ\HUKVSSLNHUH4HS[H,Z[LKVJ\
TLU[V WVSx[PJV UV OHJL YLMLYLUJPH H SVZ KLYLJOVZ KL HJJLZV H SH HZPZ
[LUJPH ZHUP[HYPH KL HX\LSSVZ PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH X\L
ZLLUJ\LU[YHULUJLU[YVZHIPLY[VZS\NHYKLYLZPKLUJPHOHIP[\HSJ\HUKV
ZHSLUKLSVZJLU[YVZJLYYHKVZVLUV[YV[PWVKLHSVQHTPLU[VZPUVX\L
ZLSPTP[HHTLUJPVUHYX\LLSJLU[YVKLILTHU[LULYZLLUJVU[HJ[VYLN\
SHYTLU[LJVUSHZH\[VYPKHKLZWISPJHZWHYH[YH[HYHZ\U[VZZHUP[HYPVZLU
NLULYHS`LUJHZVZKLZVZWLJOHKLJVUKPJPVULZPUMLJJPVZHZ 4PUPZ[LYPVKL1\Z[PJPHL
0U[LYPVY`4PUPZ[LYPVKL-HTPSPH
`:VSPKHYPKHK:VJPHS0YYLN\SHY
0TTPNYHU[Z9LM\NLLZHUK
0U[LNYH[PVUKVJ\TLU[VKL
JHYmJ[LYWVSx[PJVWmN
,Z[HZWLYZVUHZZPUWLY
TPZVKLYLZPKLUJPHHSHZX\L
ZLOHYLJOHaHKVSHZVSPJP[\KKL
HZPSVZVUSPILYHKHZKLZW\tZ
KLTLZLZKLYL[LUJP}U`
LU]PHKHZHJLU[YVZHIPLY[VZ
+VJ\TLU[VWVSx[PJVKLS
4PUPZ[LYPVKL1\Z[PJPHL0U[LYPVY
`KLS4PUPZ[LYPVKL-HTPSPH`
:VSPKHYPKHK:VJPHSWmN
*\HUKVKLTHUKHU[LZKLHZPSVVPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
ZVSPJP[HUHZPZ[LUJPHZHUP[HYPHZLSLZZ\LSLWLKPYX\LWYLZLU[LULSUTLYV
HZPNUHKV WVY SH WVSPJxH ZP ZL LUJ\LU[YHU LU JLU[YVZ KL YL[LUJP}U V LS
¸KVJ\TLU[V KL PKLU[PKHK¹ ZP ZL SLZ OH W\LZ[V LU SPILY[HK ,S ¸UTLYV
HZPNUHKVWVYSHWVSPJxH®LZ\UUTLYVKLPUTPNYHJP}UX\LZLSLZHZPNUH
LULSTVTLU[VKLZ\SSLNHKH,S¸KVJ\TLU[VKLPKLU[PKHK¹LZZPTPSHYHS
JHYUtKLPKLU[PKHKKL4HS[HWLYVZLL_WPKLWVYTV[P]VZKLYLNPZ[YV5V
KHUPUNUKLYLJOV`ZPY]LJVTVQ\Z[PÄJHU[LKLX\LSHWLYZVUHUVZLOH
LZJHWHKVKL\UJLU[YVKLYL[LUJP}U
8\LKH WH[LU[L SH MHS[H KL THYJV SLNHS L_PZ[LU[L LU 4HS[H OLJOV X\L
WYV]VJHX\LOHIP[\HSTLU[LZL[VTLUKLJPZPVULZHYIP[YHYPHZ`ZLYLJ\YYH
HLZ[YH[LNPHZPUMVYTHSLZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
(:0:;,5*0(:(50;(90(
((+<3;6:
<9.,5*0(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³(ÄSPHYZLHSHZLN\YPKHKZVJPHSVZLYILULÄJPHYPV`WYLZLU[HY\UKVJ\TLU[V
KLPKLU[PKHKVLSUTLYVKLSHZLN\YPKHKZVJPHSKLSHS[PTHU}TPUHSVX\L
ZPNUPÄJHWHNHYSHZJVU[YPI\JPVULZKLSHZLN\YPKHKZVJPHSZHS]VX\LZL[YH[L
KL\UHWLYZVUHKLWLUKPLU[LKLZLTWSLHKHVQ\IPSHKH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKL
PKLU[PKHK¹ZPLZ[mULUSPILY[HK
³7HNHYVJVTWHY[PYSVZNHZ[VZJVWHNVZPZL[PLULUYLJ\YZVZLJVU}TPJVZ
Z\ÄJPLU[LZZPUHWSPJHIPSPKHKLUSHWYmJ[PJH
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5PUN\UHKPZWVZPJP}USLNHSVHKTPUPZ[YH[P]HOHJLYLMLYLUJPHHSHJJLZVHSHZHUP
KHKKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
+VJ\TLU[VWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[L!HJJLZVNYH[\P[VJVTVILULÄ
JPHYPVZKLSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZNYH[\P[VZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKLPKLU
[PKHK¹ZPLZ[mULUSPILY[HK
(;,5*0Ô5+,7904,950=,3@,:7,*0(30A(+(7(*0,5;,,?;,956
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³(ÄSPHYZLHSHZLN\YPKHKZVJPHSVZLYILULÄJPHYPV`WYLZLU[HY\UKVJ\TLU[VKL
PKLU[PKHKVSHS[PTHU}TPUHLUSHX\LKLILHWHYLJLYLSUTLYVKLSHZLN\
YPKHKZVJPHSSVX\LZPNUPÄJHWHNHYSHZJVU[YPI\JPVULZKLSHZLN\YPKHKZVJPHS
ZHS]VX\LZL[YH[LKL\UHWLYZVUHKLWLUKPLU[LKLZLTWSLHKHVQ\IPSHKH
³6I[LULYSHH\[VYPaHJP}UWYL]PHKL\UTtKPJVNLULYHSPZ[HWHYHHJJLKLYHSH
H[LUJP}ULZWLJPHSPaHKH
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKL
PKLU[PKHK¹ZPLZ[mULUSPILY[HK
³7HNHYVJVTWHY[PYSVZNHZ[VZJVWHNVZPZL[PLULUYLJ\YZVZLJVU}TPJVZ
Z\ÄJPLU[LZZPUHWSPJHIPSPKHKLUSHWYmJ[PJH
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5PUN\UHKPZWVZPJP}USLNHSVHKTPUPZ[YH[P]HOHJLYLMLYLUJPHHSHJJLZVHSHZHUP
KHKKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
+VJ\TLU[VWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[L!HJJLZVNYH[\P[VJVTVILULÄ
JPHYPVZKLSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZNYH[\P[VZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVYSH
WVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKLPKLU[PKHK¹
ZPLZ[mULUSPILY[HK
/6:70;(30A(*0Ô55.9,:6
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³(ÄSPHYZLHSHZLN\YPKHKZVJPHSVZLYILULÄJPHYPV`WYLZLU[HY\UKVJ\TLU[V
KLPKLU[PKHKVSHS[PTHU}TPUHLUSHX\LKLILHWHYLJLYLSUTLYVKLSH
ZLN\YPKHKZVJPHSSVX\LZPNUPÄJHWHNHYSHZJVU[YPI\JPVULZZHS]VX\LZL[YH[L
KL\UHWLYZVUHKLWLUKPLU[LKLZLTWSLHKHVQ\IPSHKH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKLPKLU
[PKHK¹ZPLZ[mULUSPILY[HK
³7HNHYVJVTWHY[PYSVZNHZ[VZJVWHNVZPZL[PLULUYLJ\YZVZLJVU}TPJVZ
Z\ÄJPLU[LZZPUHWSPJHIPSPKHKLUSHWYmJ[PJH
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5PUN\UHKPZWVZPJP}USLNHSVHKTPUPZ[YH[P]HOHJLYLMLYLUJPHHSHJJLZVHSHZHUP
KHKKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
+VJ\TLU[VWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[L!HJJLZVHSVZ¸ZLY]PJPVZ`[YH
[HTPLU[VZTtKPJVZWISPJVZNYH[\P[VZ¹
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKL
PKLU[PKHK¹ZPLZ[mULUSPILY[HK
(;,5*0Ô579,@76:;5(;(3
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³(ÄSPHYZLHSHZLN\YPKHKZVJPHSVZLYILULÄJPHYPV`WYLZLU[HY\UKVJ\TLU[V
KLPKLU[PKHKVSHS[PTHU}TPUHLUSHX\LKLILHWHYLJLYLSUTLYVKLSH
ZLN\YPKHKZVJPHSSVX\LZPNUPÄJHWHNHYSHZJVU[YPI\JPVULZZHS]VX\LZL[YH[L
KL\UHWLYZVUHKLWLUKPLU[LKLZLTWSLHKHVQ\IPSHKH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹ ] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKLPKLU
[PKHK¹ZPLZ[mULUSPILY[HK
³7HNHYVJVTWHY[PYSVZNHZ[VZJVWHNVZPZL[PLULUYLJ\YZVZLJVU}TPJVZ
Z\ÄJPLU[LZZPUHWSPJHIPSPKHKLUSHWYmJ[PJH
0540.9(5;,::057,940:6+,9,:0+,5*0(
:LNULSHY[KL
SH:\IZPKPHY`3LNPZSH[PVU
­LUSHHWSPJHJP}UKL
SHZKPZWVZPJPVULZYLSHJPVUHKHZ
JVUSHZHUPKHKZL[LUKYmLU
J\LU[HSHZP[\HJP}ULZWLJxÄJH
KLSHZWLYZVUHZ]\SULYHISLZ
JVTVTLUVYLZTLUVYLZ
UVHJVTWH|HKVZ`T\QLYLZ
LTIHYHaHKHZZPLTWYLX\L
K\YHU[LSHL]HS\HJP}UPUKP]PK\HS
KLZ\ZP[\HJP}UZLOH`HW\LZ[V
KLTHUPÄLZ[VX\L[PLULU\UHZ
ULJLZPKHKLZLZWLJPHSLZ®5V
VIZ[HU[LLZ[HKPZWVZPJP}UUV
ZLKLZHYYVSSHTmZSVX\LPTWPKL
Z\HWSPJHJP}UJVUJYL[H
,SKVJ\TLU[VTPUPZ[LYPHS
HU[LYPVYTLU[LJP[HKVLZ[HISLJL
X\L­SVZLUJHYNHKVZKLSH
NLZ[P}U`LSM\UJPVUHTPLU[VKL
SVZJLU[YVZHIPLY[VZX\LHJVNLU
HT\QLYLZLTIHYHaHKHZ[PLULU
X\LYLJVUVJLYZ\ZULJLZPKHKLZ
LZWLJxÄJHZ`SHZKPZ[PU[HZJHYHJ
[LYxZ[PJHZKLLZ[LNY\WV`NLZ
[PVUHYSHZKPMLYLUJPHZ®HKLTmZ
KL­MVTLU[HY`WYV[LNLYZ\
ZHS\K®JVSHIVYHUKVJVUSH
H\[VYPKHKJVTWL[LU[L=tHZL
LSKVJ\TLU[VKLS4PUPZ[LYPVKL
1\Z[PJPHL0U[LYPVY`KLS4PUPZ
[LYPVKL-HTPSPH`:VSPKHYPKHK
:VJPHSWmN
] +LYLJOVZ!
5PUN\UHKPZWVZPJP}USLNHSVHKTPUPZ[YH[P]HOHJLYLMLYLUJPHHSHJJLZVHSHZHUP
KHKKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
+VJ\TLU[VWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[L!HJJLZVHSVZ¸ZLY]PJPVZ`
[YH[HTPLU[VZTtKPJVZWISPJVZNYH[\P[VZ¹ ] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKLPKLU
[PKHK¹ZPLZ[mULUSPILY[HK
;9(;(40,5;6(+<3;6:
4,+0*(4,5;6:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VVWHNHUKVLSPTWVY[L[V[HSLUM\UJP}UKLSHJH[LNVYxHKLTLKP
JHTLU[VZ3HZWLYZVUHZJVU[HYQL[HZLZWLJPHSLZ[PLULUHJJLZVNYH[\P[VH[VKVZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
SVZTLKPJHTLU[VZX\LHWHYLJLULU\USPZ[HKVVÄJPHSLTP[PKVWVYSH(KTPUPZ[YH
JP}U¸[HYQL[HYVZH¹VLUZ\[HYQL[H¸[HYQL[HHTHYPSSH¹`[HYQL[HZKL[\ILYJ\SVZPZ
SLWYH`WVSPVTPLSP[PZ
] *VUKPJPVULZ!
*HILKPZ[PUN\PY[YLZZP[\HJPVULZKPZ[PU[HZ!
Q7HYHLSWISPJVLUNLULYHS!
³(ÄSPHYZLVZLYILULÄJPHYPVKLSHZLN\YPKHKZVJPHS`WVY[HU[VWHNHYSHZ
JVU[YPI\JPVULZJVYYLZWVUKPLU[LZZHS]VLUSVZJHZVZKLWLYZVUHZKL
WLUKPLU[LZKLZLTWSLHKHZVQ\IPSHKHZ
³7YLZLU[HYSHYLJL[H
³7HNHYLSJVZ[L[V[HSKLKL[LYTPUHKVZTLKPJHTLU[VZWLQSVZHU[PIP}[PJVZ
Q7HYHSHZWLYZVUHZX\LLZ[mULUWVZLZP}UKLSH¸[HYQL[HYVZH¹!
³(ÄSPHYZLVZLYILULÄJPHYPVKLSHZLN\YPKHKZVJPHS`WVY[HU[VWHNHYSHZ
JVU[YPI\JPVULZJVYYLZWVUKPLU[LZZHS]VLUSVZJHZVZKLWLYZVUHZKL
WLUKPLU[LZKLZLTWSLHKHZVQ\IPSHKHZ
³+LTVZ[YHYSHYLU[HIHQH
³7YLZLU[HYSH¸[HYQL[HYVZH¹
Q7HYHSHZWLYZVUHZX\L[PLULUSH¸[HYQL[HHTHYPSSH¹VX\LWHKLJLU[\ILYJ\SV
ZPZSLWYHVWVSPVTPLSP[PZ!
³(ÄSPHYZL V ZLY ILULÄJPHYPV KL SH ZLN\YPKHK ZVJPHS ` WVY [HU[V WHNHY SHZ
JVU[YPI\JPVULZJVYYLZWVUKPLU[LZZHS]VLUSVZJHZVZKLWLYZVUHZKLWLU
KPLU[LZKLZLTWSLHKHZVQ\IPSHKHZ
³7YLZLU[HYSH¸[HYQL[HHTHYPSSH¹VSH¸[HYQL[HKL[\ILYJ\SVZPZ¹
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKLPKLU
[PKHK¹ZPLZ[mULUSPILY[HK
³7HNHYVJVTWHY[PYSVZNHZ[VZJVWHNVZPZL[PLULUYLJ\YZVZLJVU}TP
JVZZ\ÄJPLU[LZZPUHWSPJHIPSPKHKLUSHWYmJ[PJH
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5PUN\UHKPZWVZPJP}USLNHSVHKTPUPZ[YH[P]HOHJLYLMLYLUJPHHSHJJLZVHSHZHUP
KHKKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
+VJ\TLU[VWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[L!HJJLZVHSVZ¸ZLY]PJPVZ`[YH
[HTPLU[VZTtKPJVZWISPJVZNYH[\P[VZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKLPKLU
[PKHK¹ZPLZ[mULUSPILY[HK
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
+,;,**0Ô5+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVHU}UPTV`NYH[\P[V
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
;9(;(40,5;6+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³(ÄSPHYZLHSHZLN\YPKHKZVJPHSVZLYILULÄJPHYPV`WYLZLU[HY\UKVJ\TLU
[VKLPKLU[PKHKVSHS[PTHU}TPUHLUSHX\LKLILHWHYLJLYLSUTLYVKL
SHZLN\YPKHKZVJPHSSVX\LZPNUPÄJHWHNHYSHZJVU[YPI\JPVULZZHS]VX\LZL
[YH[LKL\UHWLYZVUHKLWLUKPLU[LKLZLTWSLHKHVQ\IPSHKH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SH WVSPJxH ZP ZL LUJ\LU[YHU LU JLU[YVZ KL YL[LUJP}U V LS ¸KVJ\TLU[V KL
PKLU[PKHK¹ZPLZ[mULUSPILY[HK
³7HNHYVJVTWHY[PYSVZNHZ[VZJVWHNVZPZL[PLULUYLJ\YZVZLJVU}TPJVZ
Z\ÄJPLU[LZZPUHWSPJHIPSPKHKLUSHWYmJ[PJH
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5PUN\UHKPZWVZPJP}USLNHSVHKTPUPZ[YH[P]HOHJLYLMLYLUJPHHSHJJLZVHSHZHUP
KHKKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
+VJ\TLU[VWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[L!HJJLZVHSVZ¸ZLY]PJPVZ`[YH
[HTPLU[VZTtKPJVZWISPJVZNYH[\P[VZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKL
PKLU[PKHK¹ZPLZ[mULUSPILY[HK
;9(;(40,5;6+,6;9(:,5-,94,+(+,:05-,**06:(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³(ÄSPHYZLHSHZLN\YPKHKZVJPHSVZLYILULÄJPHYPV`WYLZLU[HY\UKVJ\TLU[V
KLPKLU[PKHKVSHS[PTHU}TPUHLUSHX\LKLILHWHYLJLYLSUTLYVKLSH
ZLN\YPKHKZVJPHSSVX\LZPNUPÄJHWHNHYSHZJVU[YPI\JPVULZZHS]VX\LZL
[YH[LKL\UHWLYZVUHKLWLUKPLU[LKLZLTWSLHKHVQ\IPSHKH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SH WVSPJxH ZP ZL LUJ\LU[YHU LU JLU[YVZ KL YL[LUJP}U V LS ¸KVJ\TLU[V KL
PKLU[PKHK¹ZPLZ[mULUSPILY[HK
³7HNHYVJVTWHY[PYSVZNHZ[VZJVWHNVZPZL[PLULUYLJ\YZVZLJVU}TPJVZ
Z\ÄJPLU[LZZPUHWSPJHIPSPKHKLUSHWYmJ[PJH
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5PUN\UHKPZWVZPJP}USLNHSVHKTPUPZ[YH[P]HOHJLYLMLYLUJPHHSHJJLZVHSHZHUP
KHKKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
+VJ\TLU[VWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[L!HJJLZVHSVZ¸ZLY]PJPVZ`[YH
[HTPLU[VZTtKPJVZWISPJVZNYH[\P[VZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVYSH
WVSPJxHZPZLLUJ\LU[YHULUJLU[YVZKLYL[LUJP}UVLS¸KVJ\TLU[VKLPKLU[P
KHK¹ZPLZ[mULUSPILY[HK
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
4,569,:
4,569,:5(*065(3,:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VIHQVSHZTPZTHZJVUKPJPVULZX\LZ\ZWHKYLZ
/H`]HJ\UHZVISPNH[VYPHZ`]HJ\UHZYLJVTLUKHKHZ ] *VUKPJPVULZ!
³:LYILULÄJPHYPVKLWLYZVUHZHÄSPHKHZHSHZLN\YPKHKZVJPHS`WYLZLU[HYLS
KVJ\TLU[VKLPKLU[PKHKVLSUTLYVKLSHZLN\YPKHKZVJPHSKLSHS[PTH
U}TPUHKLZ\ZWHKYLZ
³7YLZLU[HYSH¸[HYQL[HYVZH¹VSH¸[HYQL[HHTHYPSSH¹LUSVZJHZVZKLYLU[HIHQH
VKLKL[LYTPUHKHZLUMLYTLKHKLZJY}UPJHZ
/016:+,:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHLULSTVTLU[VKLZ\SSLNHKHZPZLLUJ\LU[YHULUJLU[YVZKL
YL[LUJP}UVLS¸KVJ\TLU[VKLPKLU[PKHK¹ZPLZ[mULUSPILY[HK
³7HNHYVJVTWHY[PYSVZNHZ[VZJVWHNVZPZL[PLULUYLJ\YZVZLJVU}TPJVZZ\Ä
JPLU[LZZPUHWSPJHIPSPKHKLUSHWYmJ[PJH
4,569,::630*0;(5;,:+,(:03656(*647(j(+6:
] +LYLJOVZ!
*\HSX\PLYTLUVYKLH|VZX\LULJLZP[LHZPZ[LUJPHZHUP[HYPHW\LKLZVSPJP[HY
HZPSVWVSx[PJV`WHZHYHLZ[HYIHQVSHJ\Z[VKPHKLS,Z[HKV !HJJLZVHSVZ¸ZLY
]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹
+VJ\TLU[VWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[L!PN\HSX\LSVZTLUVYLZUHJPV
UHSLZ 3PZ[HKVKL]HJ\UHZ!^^^
L\]HJUL[NYHWOPJZL\]HJ]HJ
JPUH[PVUTHS[HO[TSPUMVYTHJP}U
LUPUNStZ
:LSLZKLILYmH[LUKLY
ZLNUSH*OPSKYLUHUK@V\UN
7LYZVUZ*HYL6YKLYZ(J[LU
SHZTPZTHZJVUKPJPVULZX\L
HSVZUP|VZKL4HS[HHY[
KLSH9LM\NLLZ(J[(ZPTPZTV
OHIYmX\L[LULYLUJ\LU[HSH
ZP[\HJP}ULZWLJxÄJHKLJHKH
TLUVYUVHJVTWH|HKV[YHZ
\UHL]HS\HJP}UPUKP]PK\HSKLZ\
ZP[\HJP}UHY[KLSH:\IZP
KPHY`3LNPZSH[PVU
+VJ\TLU[VWVSx[PJVKLS
4PUPZ[LYPVKL1\Z[PJPHL0U[LYPVY
`KLS4PUPZ[LYPVKL-HTPSPH`
:VSPKHYPKHK:VJPHSWmN
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHLULSTVTLU[VKLZ\SSLNHKHZPZLLUJ\LU[YHULUJLU[YVZKL
YL[LUJP}UVLS¸KVJ\TLU[VKLPKLU[PKHK¹ZPLZ[mULUSPILY[HK
³7HNHYVJVTWHY[PYSVZNHZ[VZJVWHNVZPZL[PLULUYLJ\YZVZLJVU}TPJVZZ\Ä
JPLU[LZZPUHWSPJHIPSPKHKLUSHWYmJ[PJH
/016:+,0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹*\HSX\PLYTLUVYKL
H|VZX\LULJLZP[LHZPZ[LUJPHZHUP[HYPH[PLULKLYLJOVHZVSPJP[HYHZPSV
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHLULSTVTLU[VKLZ\SSLNHKHZPZLLUJ\LU[YHULUJLU[YVZKL
YL[LUJP}UVLS¸KVJ\TLU[VKLPKLU[PKHK¹ZPLZ[mULUSPILY[HK
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
4,569,:0540.9(5;,:56(*647(j(+6:
] +LYLJOVZ!
(JJLZVHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZWISPJVZ¹*\HSX\PLYTLUVYKL
H|VZX\LULJLZP[LHZPZ[LUJPHZHUP[HYPHW\LKLZVSPJP[HYHZPSVWVSx[PJV`WHZHYH
LZ[HYIHQVSHJ\Z[VKPHKLS,Z[HKV
+VJ\TLU[VWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[L!PN\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
³,USHWYmJ[PJHZLSLZZ\LSLYLX\LYPYX\LWYLZLU[LULSUTLYVHZPNUHKVWVY
SHWVSPJxHLULSTVTLU[VKLZ\SSLNHKHZPZLLUJ\LU[YHULUJLU[YVZKL
YL[LUJP}UVLS¸KVJ\TLU[VKLPKLU[PKHK¹ZPLZ[mULUSPILY[HK
*,5;96:+,9,;,5*0Ô5
(+<3;6:
3VZZVSPJP[HU[LZKLHZPSV[PLULUKLYLJOVHYLJPIPYSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZ
TtKPJVZ WISPJVZ¹ H\UX\L LZ[H WYV[LJJP}U ZL WVKYm ]LY TLUN\HKH LU JPY
J\UZ[HUJPHZL_JLWJPVUHSLZ +VJ\TLU[VWVSx[PJVUV]PUJ\SHU[LQ\YxKPJHTLU[L![VKHZSHZWLYZVUHZL_[YHUQL
YHZYL[LUPKHZZVSPJP[HU[LZKLHZPSVLPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH[PL
ULUKLYLJOVHHJJLKLYNYH[\P[HTLU[LHSVZ¸ZLY]PJPVZ`[YH[HTPLU[VZTtKPJVZ
WISPJVZ¹
4,569,:
5V ZL W\LKL LUJLYYHY H SVZ TLUVYLZ UV HJVTWH|HKVZ LU JLU[YVZ KL YL[LU
JP}UZPUVX\LOHIYmX\LLU]PHYSLZHJLU[YVZKLTLUVYLZ
4LUVYLZHJVTWH|HKVZ!PN\HSX\LSVZHK\S[VZ
(**,:6+,3(:(<;690+(+,:
(3(05-694(*0Ô5@
;9(5:-,9,5*0(+,+(;6:
(Y[KLSH:\IZPKPHY`
3LNPZSH[PVU
;YHUZMLYLUJPHKLPUMVYTHJP}UVHJJLZVHKH[VZZVIYLSHZP[\HJP}UHK
TPUPZ[YH[P]H! UPUN\UH KPZWVZPJP}U SLNHS L_PNL UP WYVOxIL HS M\UJPVUHYPHKV
WISPJVKLU\UJPHYSHWYLZLUJPHKLPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHH
SHZ H\[VYPKHKLZ JVTWL[LU[LZ LU TH[LYPH KL PUTPNYHJP}U V SH [YHUZMLYLUJPH
KLKH[VZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
3(56,?7<3:0Ô5
7699(A65,:4i+0*(:
,3 56 9,*<9:6 ( :(5*065,: +, ,?7<3:0Ô5 6 3(
:<:7,5:0Ô5+,3(+,5,.(*0Ô5+,,5;9(+(6+,
3(:Ô9+,5,:+,,?7<3:0Ô5
¸*\HSX\PLYWLYZVUH¹PUJS\PKHWVY[HU[VSHWVISHJP}UPUTPNYHU[LZPUWLYTPZV
KL YLZPKLUJPH X\L ULJLZP[L \U [YH[HTPLU[V TtKPJV V X\PYYNPJV PUTLKPH[V
X\LUVZLSLW\LKHYLJOHaHYZPUWLYQ\KPJHYZ\ZHS\KW\LKLVI[LULY\UWLY
TPZVWHYHLU[YHY`WLYTHULJLYLU4HS[H *65+0*065,:!
³+VZWYVMLZPVUHSLZTtKPJVZ\UVKLLSSVZM\UJPVUHYPVKLS,Z[HKVKLILUJLY
[PÄJHYSHULJLZPKHKKLH[LUJP}UTtKPJHVX\PYYNPJHPUTLKPH[HJ\`VYL[YHZV
WLYQ\KPJHYxHSHZHS\KKLSHWLYZVUH(\[VYPKHKJVTWL[LU[L!LSYLZWVUZHISL
KLSVZZLY]PJPVZKLPUTPNYHJP}UX\LZLNUSHSL`­UVW\LKLKLULNHYLSWLY
TPZVWHYHLU[YHY`WLYTHULJLYLU4HS[H®
+<9(*0Ô5!
/HZ[HLSZtW[PTVKxHKLZW\tZKLSHL_WLKPJP}UKL\UJLY[PÄJHKVTtKPJVL_
WLKPKVWVY\UM\UJPVUHYPVTtKPJVKLS.VIPLYUVX\LLZ[HISLaJHX\LUVZPN\L
OHIPLUKVUPUN\UHULJLZPKHKKLX\LKPJOHWLYZVUHWLYTHULaJHLU4HS[HJVU
TV[P]VKLS[YH[HTPLU[V\V[YVZTV[P]VZYLSHJPVUHKVZJVUtZ[L
(**,:6(3((:0:;,5*0(:(50;(90(!
5VL_PZ[LUPUN\UHKPZWVZPJP}USLNHSHSYLZWLJ[V5VVIZ[HU[LLUSHWYmJ[PJHLS
¸*VTPZHYPVWHYHSVZ9LM\NPHKVZ¹WVKYxHV[VYNHY\UH¸WYV[LJJP}U[LTWVYHSWVY
YHaVULZO\THUP[HYPHZ¹
7,940:6+,9,:0+,5*0(7699(A65,:4i+0*(:
(Y[KLSJHWx[\SV
KLSH0TTPNYH[PVU(J[KLKL
ZLW[PLTIYLKL 5VL_PZ[LUPUN\UHKPZWVZPJP}USLNHSHSYLZWLJ[V5VVIZ[HU[LLUSHWYmJ[PJH
LS¸*VTPZHYPVWHYHSVZ9LM\NPHKVZ¹WVKYxHV[VYNHY\UH¸WYV[LJJP}U[LTWVYHS
WVYYHaVULZO\THUP[HYPHZ¹
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
79Í*;0*(
3(=0:0Ô5+,3.9<76/(4 :6)9,3(
:0;<(*0Ô5,53(79Í*;0*(
,U4HS[H[VKHZSHZWLYZVUHZPUTPNYHU[LZ`ZVSPJP[HU[LZKLHZPSVZVUKL[L
UPKHZZPZ[LTm[PJHTLU[LJ\HUKVSSLNHUHSHPZSH5VVIZ[HU[LSHK\YHJP}U
KLSHKL[LUJP}UKLWLUKLKLZ\ZP[\HJP}UHKTPUPZ[YH[P]H(ZxLUJHZVKL
X\LZVSPJP[LUHZPSVZLSLZSPILYH\UH]LaX\LSHZVSPJP[\KOHZPKVHJLW[HKH
VKLZW\tZKL\UH|VZPZ\JHZVZPN\LWLUKPLU[L:PULTIHYNVJ\HUKV
UVZVSPJP[HUHZPSVVJ\HUKVtZ[LSLZOHZPKVKLULNHKVWLYTHULJLULU
JLU[YVZKLYL[LUJP}UK\YHU[L\UH|V`TLKPV(JVU[PU\HJP}U[VKVZLS
SVZZVUSPILYHKVZ`LU]PHKVZHJLU[YVZHIPLY[VZPUKLWLUKPLU[LTLU[LKL
Z\ZP[\HJP}UHKTPUPZ[YH[P]H
,Z PTWVY[HU[L WYLZ[HY LZWLJPHS H[LUJP}U H LZ[H ZP[\HJP}U `H X\L \UH
KL[LUJP}U[HUSHYNH[PLUL\UHM\LY[LYLWLYJ\ZP}ULULSLZ[HKVKLZHS\KKL
PUTPNYHU[LZ`ZVSPJP[HU[LZKLHZPSV[HU[VMxZPJHJVTVWZPJVS}NPJH
3VZ OPQVZ KL ZVSPJP[HU[LZ KL HZPSV V KL HX\LSSVZ H X\PLULZ ZL OH KLUL
NHKVSHZVSPJP[\KKLHZPSVZLLUJ\LU[YHULUSHTPZTHZP[\HJP}UX\LZ\Z
WHKYLZ3HWYPUJPWHSKPMLYLUJPHLZX\LSVZTLUVYLZZLJVUZPKLYHU¸WLYZV
UHZ]\SULYHISLZ¹`WVY[HU[VZLSLZKLILYxHSPILYHYHU[LZKLSVZJLU[YVZ
KLYL[LUJP}UZLNUSHWVSx[PJH]PNLU[L:PULTIHYNVLUSHWYmJ[PJHWH
ZHU]HYPVZTLZLZOHZ[HX\LZLSLZSPILYHQ\U[VJVUZ\ZWHKYLZ
(JJLZVHSHZHUPKHKKLSVZPUTPNYHU[LZZPUWLYTPZVKL
YLZPKLUJPH`KLSVZZVSPJP[HU[LZKLHZPSVLUSVZJLU[YVZ
KLYL[LUJP}U
,U[LVYxH`ZLNUKVJ\TLU[VZUV]PUJ\SHU[LZQ\YxKPJHTLU[LLSHJJLZV
HSHZHUPKHKLUSVZJLU[YVZKLYL[LUJP}UKL4HS[HKLILYxHZLY¸NYH[\P[V
WHYH SVZ ZLY]PJPVZ ` [YH[HTPLU[VZ TtKPJVZ WISPJVZ¹ ,U SH WYmJ[PJH UP
SVZZVSPJP[HU[LZKLHZPSVUPSVZPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY[PLULU\U
HJJLZVHKLJ\HKVHSHZHUPKHK
,S HJJLZV H SH ZHUPKHK LZ T\` PUZ\ÄJPLU[L ` LZ[VZ KVZ JVSLJ[P]VZ ZL
LUJ\LU[YHU JVU [VKV [PWV KL [YHIHZ J\HUKV ULJLZP[HU JVUZ\S[HY H \U
NLULYHSPZ[H,USVZJLU[YVZKLYL[LUJP}UKL4HS[HZ}SVOH`KVZTtKPJVZ
NLULYHSPZ[HZ [YHIHQHUKV J\H[YV OVYHZ HS KxH KL S\ULZ H ]PLYULZ J\HUKV
HJ[\HSTLU[L ]P]LU HSSx PUTPNYHU[LZ (KLTmZ LS WLYZVUHS TtKPJV
UVLU[YHLUSHZOHIP[HJPVULZZPUVX\L[PLULU\UHWLX\L|HJVUZ\S[HHSH
LU[YHKHKLSHZOHIP[HJPVULZKLMVYTHX\LZP\UHWLYZVUHLZ[mLUMLYTH
`UVW\LKLTV]LYZLUVWVKYmJVUZ\S[HYHSTtKPJV
/(4/LHS[O*HYL(JJLZZMVY
4PNYHU[ZLZ\UNY\WVKL[YHIHQV
ZVIYLLSHJJLZVHSHZHUPKHKKLSVZ
PUTPNYHU[LZX\LMVYTHWHY[LKLSH
:267SH7SH[HMVYTH5HJPVUHSKL
65.KL4HS[H
7VYV[YVSHKV[HTIPtUZLKHUWYVISLTHZKLJVVYKPUHJP}ULU[YLLSOVZWP
[HS`SVZJLU[YVZKLYL[LUJP}U:\LSLVJ\YYPYX\LJ\HUKV\UPU[LYUV[PLUL
\UHJP[HLULSOVZWP[HSSVZZVSKHKVZUVZLSVUV[PÄJHU`ZPUVLUJ\LU[YHU
HLZ[HWLYZVUHJ\HUKV]HUHYLJVNLYSHWPLYKLSHJP[H;HTIPtUZLWPLY
KLUJP[HZJ\HUKVZ\YNL\UH\YNLUJPHLULSJLU[YVKLYL[LUJP}U(KLTmZ
J\HUKV\UWHJPLU[LJVUZPN\LHJ\KPYHSOVZWP[HSSHOPZ[VYPHJSxUPJHUVZL
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
SLLU[YLNHKPYLJ[HTLU[LHLZ[HWLYZVUHVHSTtKPJVNLULYHSPZ[HZPUVHS
ZVSKHKVX\LH]LJLZSHWPLYKL+LOLJOVJ\HUKVZHSLUKLSVZJLU[YVZ
KLYL[LUJP}UZLSLZLU[YLNHZ\OPZ[VYPHJSxUPJHWLYVLSOVZWP[HSUVW\LKL
\[PSPaHYSH `H X\L LS WYVNYHTH X\L YLNPZ[YH SH PUMVYTHJP}U ZVIYL SVZ WH
JPLU[LZ UV ZL W\LKL \[PSPaHY WHYH SHZ WLYZVUHZ JVUÄUHKHZ LU JLU[YVZ
JLYYHKVZ7VYLZ[HYHa}UZLW\LKLKHYSHZP[\HJP}UKLX\L\UHTPZTH
WLYZVUH[LUNHKPZ[PU[VZOPZ[VYPHSLZKLU[YVKLSTPZTVOVZWP[HS
6[YV WYVISLTH LZ LS KL SHZ LUMLYTLKHKLZ PUMLJJPVZHZ `H X\L SHZ WLY
ZVUHZX\LWHKLJLULUMLYTLKHKLZJVU[HNPVZHZJVTV]HYPJLSHZHYUHV
[\ILYJ\SVZPZUVLZ[mUHPZSHKHZKLSHZKLTmZLULSJLU[YVKLYL[LUJP}U
¸:HÄ )HYYHJRZ¹ ,U V[YV JLU[YV ¸3`Z[LY )HYYHJRZ¹ J\HUKV \U PU[LYUV
WHKLJL\UHLUMLYTLKHKPUMLJJPVZHZLSLSSL]HH\UHJLSKHWLX\L|HZPU
HZLVZZPU]LU[HUH`JVULSZ\LSVLUJOHYJHKVWVYHN\HZYLZPK\HSLZ,U
LSJHZVKLSH[\ILYJ\SVZPZZLOHJL\UHWY\LIHKLKL[LJJP}UH[VKHZSHZ
WLYZVUHZ LU ZP[\HJP}U PYYLN\SHY ` H SVZ ZVSPJP[HU[LZ KL HZPSV LU LS TV
TLU[V KL LU[YHKH HS JLU[YV ` HU[LZ KL ZHSPY 5V VIZ[HU[L Z\LSL WHZHY
TmZKL\UTLZLU[YLSHZWY\LIHZKLKL[LJJP}U`LSPUPJPVKLS[YH[HTPLU[V
,UVJHZPVULZJ\HUKVUVOH`Z\ÄJPLU[LLZWHJPVLULSOVZWP[HSZL]\LS]L
HLU]PHYHX\PLULZWHKLJLU[\ILYJ\SVZPZHSJLU[YVKLYL[LUJP}UKVUKL
JVU]P]LUJVULSYLZ[V`UVYLJPILU\UZLN\PTPLU[VHKLJ\HKV
3HZJVUKPJPVULZKLYL[LUJP}U[PLULU\UHYLWLYJ\ZP}UT\`ULNH[P]HLUSH
ZHS\KKLSHZWLYZVUHZKL[LUPKHZ,Z[VZLKLILHX\LSHZJVUKPJPVULZKL
HSVQHTPLU[V UV ZVU HKLJ\HKHZ H SH MHS[H KL OPNPLUL H X\L SVZ JLU[YVZ
LZ[mUZ\WLYWVISHKVZ`HX\LZLLUJ\LU[YHULU\UHZJVUKPJPVULZULMHZ
[HZHKLTmZKLX\LUV[PLULUHJJLZVYLN\SHYHSHPYLSPIYL
,SS[PTVPUMVYTLKL4tKPJVZ:PU-YVU[LYHZ[P[\SHKV¸5V[*YPTPUHSZ¹ SHVYNHUPaHJP}UKLU\UJPHSHZWtZPTHZJVUKPJPVULZKL]PKHKLSVZPUTP
NYHU[LZZPUWLYTPZVKLYLZPKLUJPH`ZVSPJP[HU[LZKLHZPSVLUSVZJLU[YVZ
KL YL[LUJP}U KL 4HS[H ,S PUMVYTL Z\IYH`H SHZ YLWLYJ\ZPVULZ ULNH[P]HZ
X\L[PLULULZ[VZJLU[YVZLUSHZHS\K`LSOLJOVKLX\LSHTH`VYxHKLSVZ
WYVISLTHZ KL ZHS\K TmZ MYLJ\LU[LZ LZ[mU YLSHJPVUHKVZ JVU SHZ JVUKP
JPVULZKLS]PHQL(ZPTPZTVYLJVNL\UHSPZ[HKLSHZ[YHIHZPUHJLW[HISLZ
X\LVIZ[HJ\SPaHULSHJJLZVHSHZHUPKHK!MHS[HKLWLYZVUHSTtKPJVMHS[H
KLTH[LYPHSTtKPJVH\ZLUJPHKLZLY]PJPVZKLPU[LYWYL[HJP}UWYVISLTHZ
WHYHHJJLKLYHSVZTLKPJHTLU[VZWVYX\LKLWLUKLUKLX\LSVZZVSKHKVZ
ZLSVZLU[YLN\LUL[J
4tKPJVZ:PU-YVU[LYHZ
5V[*YPTPUHSZ4tKLJPUZZHUZ
-YVU[PuYLZL_WVZLZJVUKP[PVUZMVY
\UKVJ\TLU[LKTPNYHU[ZHUKHZ`
S\TZLLRLYZPU4HS[LZLKL[LU[PVU
JLU[YLZHIYPSKL 7VYV[YVSHKVLSPUMVYTLYLJVNL[HTIPtU\UHSPZ[HKLTLKPKHZ\YNLU[LZ
YLSHJPVUHKHZ JVU LS HJJLZV H SH ZHUPKHK! ZL KLILYxH JYLHY \U JLU
[YVKLYLJLWJP}UWHYHYLJVUVJLYYLHSPaHYWY\LIHZKLKL[LJJP}U`[YH[HY
H [VKHZ SHZ WLYZVUHZ YLJPtU SSLNHKHZ HU[LZ KL [YHZSHKHYSHZ H SHZ aVUHZ
KLYL[LUJP}U"LSUTLYVKLSWLYZVUHSTtKPJV`KLLUMLYTLYxHKPZWV
UPISLKLU[YVKLSVZJLU[YVZKLYL[LUJP}UHZxJVTVK\YHU[LSHZOVYHZKL
JVUZ\S[HKLILYxHZLYZ\ÄJPLU[LWHYHWYVWVYJPVUHY\UH[LUJP}UHKLJ\HKH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
LU J\HSX\PLY TVTLU[V H SHZ WLYZVUHZ X\L ZL LUJ\LU[YHU KL[LUPKHZ LU
LS JLU[YV" [VKHZ SHZ HJ[P]PKHKLZ TtKPJHZ KLILYmU SSL]HYSHZ H JHIV
L_JS\ZP]HTLU[L WYVMLZPVUHSLZ ZHUP[HYPVZ Z\WLY]PZHKVZ WVY LS ZPZ[LTH
ZHUP[HYPVWISPJVH[YH]tZKLWYV[VJVSVZTtKPJVZ`KLSxULHZKPYLJ[YPJLZ
VÄJPHSLZ"SVZZLY]PJPVZTtKPJVZKLILYmUYLHSPaHYZLLUWYLZLUJPHKL\U
TLKPHKVYJ\S[\YHS"LSWLYZVUHSTtKPJVKLILYm[LULYHJJLZVYLN\SHYH
SHZaVUHZKLKVYTP[VYPVZWHYHNHYHU[PaHYX\LSHZWLYZVUHZTmZLUMLYTHZ
`]\SULYHISLZ[LUNHUHJJLZVHSHZJVUZ\S[HZTtKPJHZ"JHKHWHJPLU[L
KLILYxH [LULY \U OPZ[VYPHS JSxUPJV HJ[\HSPaHKV LU JHKH JVUZ\S[H" SVZ
PU[LYUVZX\LZLHUH[LUKPKVZLUJLU[YVZZHUP[HYPVZL_[LYUVZKLILYmULU
[VKVTVTLU[VZLY[YH[HKVZPN\HSX\LLSYLZ[VKLWHJPLU[LZLU[tYTPUVZ
KLLZWHJPVTV]PTPLU[VWVZPIPSPKHKKLYLJPIPY]PZP[HZL[J"ZLKLILYxH
PUZ[HSHY\UHMHYTHJPHLUSVZJLU[YVZH[LUKPKHWVY\UMHYTHJt\[PJVWHYH
NHYHU[PaHYX\LZLKPZWLUZHUSHZYLJL[HZHSVZWHJPLU[LZKPYLJ[HTLU[L`
ZPUYL[YHZVZ
(JJLZVHSHZHUPKHKKLSVZPUTPNYHU[LZZPUWLYTPZVKL
YLZPKLUJPH`KLSVZZVSPJP[HU[LZKLHZPSVLUSVZJLU[YVZ
HIPLY[VZ
,U4HS[HSHZWLYZVUHZX\LOHUYLHSPaHKVSVZ[YmTP[LZKLSHZVSPJP[\KKL
HZPSV`J\`HZVSPJP[\KOHZPKVKLULNHKHKLÄUP[P]HTLU[LUVZLJVU]PLY[LU
LU¸PUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY¹LULSZLU[PKVLZ[YPJ[VKLSHWHSH
IYH,UT\JOVZJHZVZUVLZWVZPISLWHYHLS.VIPLYUVYLWH[YPHYSLZHZ\Z
WHxZLZ KL VYPNLU WVY SV X\L ZL SLZ V[VYNH \U KVJ\TLU[V KL PKLU[PKHK
WYV]PZPVUHS K\YHU[L Z\ LZ[HUJPH LU 4HS[H ,Z[H [HYQL[H UV SLZ NHYHU[PaH
UPUNUKLYLJOVWLYVZLSLZLU[YLNHWVYTV[P]VZKLYLNPZ[YV3HTH`VYxH
KLLSSVZZVUHSVQHKHZLUJLU[YVZHIPLY[VZ
,U SH WYmJ[PJH WHYLJL X\L LZ[HZ WLYZVUHZ [PLULU HJJLZV NYH[\P[V H SH
H[LUJP}U KL WYPTLY UP]LS LU SVZ OVZWP[HSLZ ` LU SVZ JLU[YVZ KL ZHS\K `
W\LKLUYLJPIPYTLKPJHTLU[VZNYH[\P[VZ
4tKPJVZKLS4\UKV,]L
Y`IVK`Q\Z[[YPLZ[VNL[YPKVM\Z
(JJLZZ[VOLHS[OJHYLHUKO\THU
YPNO[ZVMHZ`S\TZLLRLYZPU4HS[H
,_WLYPLUJLZYLZ\S[ZHUKYLJVT
TLUKH[PVUZ
,U 4tKPJVZ KLS 4\UKV LZ[HISLJP} JSxUPJHZ HIPLY[HZ LU JLU[YVZ
HIPLY[VZKL4HS[HLU[YLHIYPS`ZLW[PLTIYLKL<UHKLSHZJVUJS\
ZPVULZKLZ\PUMVYTLM\LX\L­LSWH[Y}UKLKPZ[YPI\JP}UKLSHZWH[VSVNxHZ
TmZJVT\ULZLU[YLSVZWHJPLU[LZJVUZ\S[HKVZLZ[mZPUK\KHYLSHJPVUHKV
JVUSHJVL_PZ[LUJPHKL\UHZJVUKPJPVULZKL]PKHWYLJHYPHZ`MHJ[VYLZKL
LZ[YtZWZPJVZVJPHSLZ®(KLTmZ4tKPJVZKLS4\UKVYLHSPa}\UHLUJ\LZ[H
LU[YLZVSPJP[HU[LZKLHZPSVLPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHYYLZPKLU[LZ
LU JLU[YVZ HIPLY[VZ ,S PUMVYTL KLQ} WH[LU[L X\L LS WYPUJPWHS WYVISLTH
WHYHHJJLKLYHSHZHUPKHKLZ[mYLSHJPVUHKVJVULSJVZ[LHJJLZVNYH[\P[V
H [YH[HTPLU[VZ ` JVU SHZ JVUZ\S[HZ H LZWLJPHSPZ[HZ H[LUJP}U LZWLJPHSP
aHKH(KLTmZLSWLYZVUHSTtKPJV`MHYTHJt\[PJV`SVZZVSPJP[HU[LZKL
HZPSV UV LYHU JVTWSL[HTLU[L JVUZJPLU[LZ KLS KLYLJOV H YLJPIPY TLKP
JHTLU[VZ NYH[\P[VZ +L PN\HS TVKV SHZ WLYZVUHZ LU ZP[\HJP}U PYYLN\SHY
ZPN\LUWHNHUKVLS[YH[HTPLU[VLUT\JOVZJHZVZ,USVX\LYLZWLJ[HHS
HJJLZVHZHS\KTLU[HS\ULSL]HKVUTLYVKLWLYZVUHZZ\MYxHUKPZ[PU[VZ
[YHZ[VYUVZWZPJVZVJPHSLZKLIPKVHS[PLTWV`HSHZJVUKPJPVULZKLKL[LU
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%4(3;(
JP}U`Z}SV\UVZWVJVZ[LUxHUHJJLZVH[YH[HTPLU[VZ
7VYS[PTVHSHOVYHKLHJJLKLYHSHZHUPKHKSVZPUTPNYHU[LZZ\LSLULUJVU[YHY
IHYYLYHZ J\S[\YHSLZ ` SPUN
xZ[PJHZ 8\PLULZ UV OHISHU THS[tZ UP PUNStZ [PLULU
T\JOHZ KPÄJ\S[HKLZ WHYH JVT\UPJHYZL JVU LS WLYZVUHS TtKPJV ` KL LUMLY
TLYxH (J[\HSTLU[L 4tKPJVZ :PU -YVU[LYHZ VMYLJL \U ZLY]PJPV KL TLKPHJP}U
J\S[\YHS L PU[LYWYL[HJP}U KL[LYTPUHKVZ KxHZ LU LS OVZWP[HS WYPUJPWHS ` LU \UV
KLSVZJLU[YVZKLZHS\K;HTIPtUZLOHUKHKVJHZVZLUSVZX\LLSWLYZVUHS
KLSVZOVZWP[HSLZ`JLU[YVZKLZHS\KOH[YH[HKVJVUOVZ[PSPKHKHPUTPNYHU[LZ
WYVJLKLU[LZKLÍMYPJH
.Y\WV/(4KLSH:267
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
7(Ð:,:)(16:
:0:;,4(:(50;(906
:L [YH[H KL \U ZPZ[LTH ZHUP[HYPV IHZHKV LU ZLN\YVZ ` NLZ[PVUHKV WVY
JVTWH|xHZ WYP]HKHZ KL ZLN\YVZ KL ZHS\K ,S .VIPLYUV OH LZ[HISLJPKV
\UHZLYPLKLJVUKPJPVULZWHYHNHYHU[PaHYX\LSHH[LUJP}UZHUP[HYPHLZ[t
HSHSJHUJLKL[VKVZPUJS\PKHZSHZWLYZVUHZX\LZLLUJ\LU[YHULU\UHZP
[\HJP}ULJVU}TPJHWYLJHYPHVJ\`VZNHZ[VZZHUP[HYPVZZVUT\`LSL]HKVZ
+,9,*/6+,(**,:6
(3(:(50+(+
3HWVISHJP}UUHJPVUHS`SHZWLYZVUHZJVUWLYTPZVKLYLZPKLUJPHLU
SVZ 7HxZLZ )HQVZ [PLULU SH VISPNHJP}U KL JVU[YH[HY \U ZLN\YV ZHUP[HYPV
X\L J\IYH \U ¸WHX\L[L ImZPJV¹ KL H[LUJP}U ZHUP[HYPH *HKH TLZ ZL
WHNH\UHJHU[PKHKÄQH`SHJVTWH|xHKLZLN\YVZYLLTIVSZHLSJVZ[LKL
SVZZLY]PJPVZZHUP[HYPVZ\[PSPaHKVZ3HZJVTWH|xHZKLZLN\YVZUVW\LKLU
ULNHYLZ[LZLN\YVHUPUN\UHWLYZVUHX\LYLZPKHLUZ\mYLHKLHJ[P]PKHK
3H WYPTH KLS WHX\L[L ImZPJV ZL KL[LYTPUH WISPJHTLU[L LU[YL L\
YVZ`L\YVZTLUZ\HSLZ`SVZTLUVYLZUVWHNHUOHZ[HSVZH|VZ
7VYV[YVSHKVSHZWLYZVUHZX\LUVW\LKLUWHNHYxU[LNYHTLU[LSHWYPTH
LZ[mUKHYW\LKLUZVSPJP[HY\UHH`\KHWISPJH(ZPTPZTV[HU[VSVZHZHSH
YPHKVZJVTVX\PLULZYLJPILUWYLZ[HJPVULZ[PLULUX\LWHNHY\UHJVU[YP
I\JP}UIHZHKHLUZ\ZPUNYLZVZHKLTmZKLSHWYPTH
:}SV\UWLX\L|VWVYJLU[HQL
KLOVSHUKLZLZJHYLJLUKLHSNU
[PWVKLZLN\YVWLYZVUHZZPUOVNHY
JVUWYVISLTHZKLZHS\KTLU[HS
L[J,Z[HZWLYZVUHZ[PLULUX\L
WHNHYLSJVZ[L[V[HSKLSVZZLY]PJPVZ
TtKPJVZ
5\L]H3L`KL:LN\YPKHK
:VJPHSAVYN]LYaLRLYPUNZ^L[KL
KLQ\UPVKL
(SVZZVSPJP[HU[LZKLHZPSV
ZLSLZYLHSPaH\UYLJVUVJPTPLU[V
TtKPJVLULSTVTLU[VKLZ\
SSLNHKH
9LNLSPUN]LYZ[YLRRPUNLU
HZPLSaVLRLYZ9=(
,SJVU[LUPKVKLSWHX\L[LImZPJVLZ[mKL[LYTPUHKVWVYSL`LPUJS\`LWYmJ
[PJHTLU[L [VKVZ SVZ ZLY]PJPVZ ZHUP[HYPVZ ImZPJVZ! H[LUJP}U KL WYPTLY
UP]LS ` LZWLJPHSPaHKH" OVZWP[HSPaHJPVULZ" ZLY]PJPVZ KL VKVU[VSVNxH
WHYHTLUVYLZKLH|VZ"ZLY]PJPVZKLVKVU[VSVNxHLZWLJPHSPaHKVZ`
WY}[LZPZKLU[HSLZ"HWHYH[VZTtKPJVZ"\UHHTWSPHNHTHKLTLKPJH
TLU[VZ"VIZ[L[YPJPH"[YHUZWVY[LTtKPJVHTI\SHUJPHZ\V[YVZ]LOx
J\SVZHJJLZPISLZWHYHZPSSHZKLY\LKHZ" HJJLZVSPTP[HKVHÄZPV[LYHWPH
[LYHWPH J\YH[P]H SVNVWLKPH ` [LYHWPH VJ\WHJPVUHS" ` HZLZVYHTPLU[V
ZVIYLU\[YPJP}U`KPL[t[PJH
7HYH \UH TH`VY JVILY[\YH ZHUP[HYPH UV PUJS\PKH LU LS WHX\L[L ImZPJV
SVZ WHJPLU[LZ [PLULU SH WVZPIPSPKHK KL JVU[YH[HY WHX\L[LZ HKPJPVUHSLZ
3H WYPTH KL LZ[L WHX\L[L HKPJPVUHS SH KL[LYTPUHU SPIYLTLU[L SHZ HZL
N\YHKVYHZWYP]HKHZX\LLZ[mUH\[VYPaHKHZHWLYZLN\PYSHVI[LUJP}UKL
ILULÄJPVZ
5VVIZ[HU[LLZ[LZPZ[LTHUVHMLJ[HHSVZZVSPJP[HU[LZKLHZPSVX\L
UV W\LKLU VI[LULY LS ZLN\YV ZHUP[HYPV VYKPUHYPV ZPUV X\L LZ[mU Z\QL
[VZHS¸YLNSHTLU[VZVIYLWYLZ[HJPVULZWHYHZVSPJP[HU[LZKLHZPSV¹:\Z
NHZ[VZZHUP[HYPVZLZ[mUJ\IPLY[VZWVYSH(NLUJPH*LU[YHSKL(JVNPKHKL
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
.LTLLU[LSPQRL.LaVUKOLPKZ
KPLUZ[..+
2VWWLSPUNZ^L[KL (U[LZKLX\LLU[YHYHLU]PNVYLZ[H
SL`SVZPUTPNYHU[LZZPUWLYTPZVKL
YLZPKLUJPH[LUxHUHJJLZVHSZPZ[LTH
KLZLN\YVWISPJV
(Y[KLSH=YLLTKLSPU
NLU^L[KLKLUV]PLTIYLKL
+VJ[VYHUK(SPLUPUMVYTLKL
SH¸*VTPZP}UZVIYLSHH[LUJP}UZH
UP[HYPHWHYHWLYZVUHZHSHZX\LZL
OHYLJOHaHKVSHZVSPJP[\KKLHZPSV
`WLYZVUHZL_[YHUQLYHZPSLNHSLZ¹
KPJPLTIYLKL254.3/=
5=]76YKL]HU4LKPZJO:WLJPHSPZ
[LU7OHYVZ
(Y[HKLAVYN]LYaLRL
YPUNZ^L[
,UTPLUKHU¢ KLAVY
N]LYaLRLYPUNZ^L[JVUVJPKHJVTV
¸9LNSHTLU[V-PUHUJPLYV¹KLKL
UV]PLTIYLKL,Z[HLUTPLUKH
PUJVYWVYHLSHY[HX\LZ\Z[P
[\`LHSHU[LYPVYZPZ[LTHKLÄUHUJPH
JP}UJVTW\LZ[VWVYKVZZPZ[LTHZ
KPZ[PU[VZ!2VWWLSPUNZMVUKZMVUKV
WHYHJVTWLUZHYHTtKPJVZKLMH
TPSPHJVTHKYVUHZMHYTHJt\[PJVZ`
KLU[PZ[HZ`LSZPZ[LTHKL¸K\IPV\Z
KLI[VY¹WHYHOVZWP[HSLZJLU[YVZ
KLYLOHIPSP[HJP}U`ZLY]PJPVZKL
HTI\SHUJPHZ:LNULSHY[H
KLSH3L`KL:LN\YPKHK:VJPHS
LSxUKPJLKLYLLTIVSZVHSHZJV
THKYVUHZLZKLS`KLS
WHYHV[YVZWYVMLZPVUHSLZZHUP[HYPVZ
TtKPJVZNLULYHSPZ[HZ,USVZ
JHZVZKLSVZOVZWP[HSLZZLY]PJPVZ
KL\YNLUJPHZOVZWP[HSPaHJPVULZ`
H[LUJP}UHWHJPLU[LZL_[LYUVZ`
KLSHZMHYTHJPHZLS*=ALSPNLWVY
JVUJ\YZVWISPJVSVZOVZWP[HSLZ
MHYTHJPHZVJLU[YVZX\LVMYLJLU
SVZxUKPJLZKLYLLTIVSZVTmZ
JVTWL[P[P]VZ,UJ\HU[VHSHH[LU
JP}ULZWLJPHSPaHKHZHS\KTLU[HS
NLYPH[YxHYLOHIPSP[HJP}UL[JZL
W\LKLPUPJPHY\UJVU[YH[VJVULS
*=ALULSTVTLU[VLUX\L\U
WHJPLU[L\[PSPJLZ\ZZLY]PJPVZ,Z[VZ
WVYJLU[HQLZZ\LSLUVZJPSHYLU[YLLS
`LS
,S*=ALZ\UVYNHUPZTV
WISPJVX\LZLLUJHYNHKLNHYHU
[PaHYX\LSHH[LUJP}UZHUP[HYPHZLH
HJJLZPISL`HZLX\PISLLUSVZ7HxZLZ
)HQVZWHYHSVJ\HSZ\WLY]PZHLS
JVTWVY[HTPLU[VKLSHZJVTWH|xHZ
KLZLN\YVZ
:VSPJP[HU[LZKL(ZPSV*6(H[YH]tZKLSHJVTWH|xHKLZLN\YVZ4LUaPZ
:L [YH[H KL \UH JVTWH|xH KL ZLN\YVZ ZPU mUPTV KL S\JYV X\L OH ZPKV
JVU[YH[HKHYLJPLU[LTLU[LWVYSH*6(`ZLLUJHYNHKLHKTPUPZ[YHY[VKVZ
SVZZLY]PJPVZZHUP[HYPVZL_JLW[VSHH[LUJP}UZHUP[HYPHULJLZHYPHJ\HUKV
L_PZ[L\UYPLZNVWHYHSHZHS\KWISPJHLZ[VZZLY]PJPVZSVZWYVWVYJPVUHLS
ZLY]PJPVZHUP[HYPVWISPJVSVJHS4LKPHU[LLZ[LZPZ[LTHSHZWLYZVUHZ
X\L OHU ZVSPJP[HKV HZPSV [PLULU KLYLJOV H HJJLKLY NYH[\P[HTLU[L H SH
HZPZ[LUJPHZHUP[HYPHL_JLW[VLUSVZJHZVZKLMLY[PSPaHJP}UPU]P[YVVWLYH
JPVULZKLJHTIPVKLZL_V`HSN\UVZ[PWVZKLJPY\NxHLZ[t[PJH
3HWVISHJP}UPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPHLZ[mL_JS\PKHKL
SVZZLN\YVZZHUP[HYPVZKLZKL ,U\UJVU[L_[VLULSX\LH\TLU[H
IHUSHZTLKPKHZKLJVU[YVSKLSHPUTPNYHJP}USH¸3L`KL]PUJ\SHJP}U¹
]PUJ\S}LSKLYLJOVHHJJLKLYHSVZZLY]PJPVZZVJPHSLZPUJS\`LUKVSHHK
TPZPIPSPKHKLULSZPZ[LTHZHUP[HYPVWISPJVHSHZP[\HJP}UHKTPUPZ[YH[P]H
+LZKLLU[VUJLZZ}SV[PLULUKLYLJOVHYLJPIPYSH¸H[LUJP}UTtKPJHTLU[L
ULJLZHYPH¹ ` SH H[LUJP}U ULJLZHYPH LU ZP[\HJPVULZ X\L WVKYxHU JVUZ[P
[\PY\UWLSPNYVWHYHSHZHS\KWISPJH*VUMYLJ\LUJPHLSZPNUPÄJHKVKLS
JVUJLW[V¸H[LUJP}UTtKPJHTLU[LULJLZHYPH¹OHZPKVVIQL[VKLKLIH[LZ
[HU[VLULSmTIP[VWVSx[PJVJVTVLULSmTIP[VTtKPJV,U\UHJVTP
ZP}UPUKLWLUKPLU[LYLJVTLUK}HS4PUPZ[LYPVKL:HUPKHKX\LKLÄUPLYH
LSJVUJLW[VJVTV­H[LUJP}UTtKPJHHWYVWPHKH`YLZWVUZHISLBDLMLJ
[P]HKPYPNPKHHSVZWHJPLU[LZ`KLÄUPKHLUM\UJP}UKLSHZULJLZPKHKLZKL
SVZTPZTVZ®(WLZHYKLLZ[HYLJVTLUKHJP}ULSWLYZVUHSZHUP[HYPVZPN\L
PU[LYWYL[mUKVSHKLT\JOHZMVYTHZKPZ[PU[HZ`HX\LZLNUSHSL`SLZJVY
YLZWVUKLKL[LYTPUHYJHZVWVYJHZVSVX\LZLJVUZPKLYHJVTV¸H[LUJP}U
TtKPJHTLU[LULJLZHYPH¹JVUZPKLYHUKVLS[PWVKLH[LUJP}UULJLZHYPH`
SHWVZPISLYLZPKLUJPHKLSWHJPLU[LLULSWHxZ
+L LZ[H THULYH [HU[V WYVMLZPVUHSLZ ZHUP[HYPVZ JVTV OVZWP[HSLZ VMYL
JLU\UHNYHU]HYPLKHKKLZLY]PJPVZHSTLUVZWV[LUJPHSTLU[LPUJS\PKV
LS [YH[HTPLU[V KLS =0/ZPKH WHYH PUTPNYHU[LZ LU ZP[\HJP}U PYYLN\SHY ,S
WYPUJPWPVX\L ZL HWSPJH LZ X\L [PLULU X\L HIVUHY LS PTWVY[L xU[LNYV KL
SVZ ZLY]PJPVZ H TLUVZ X\L UV W\LKHU WHNHY :L SLZ WPKL X\L WHN\LU
KPYLJ[HTLU[L LU LMLJ[P]V V KL SV JVU[YHYPV YLJPILU \UH MHJ[\YH ` YL
JVYKH[VYPVZ LU Z\ KVTPJPSPV ;HTIPtU [PLULU SH WVZPIPSPKHK KL WHNHY H
WSHaVZ3VZWYVMLZPVUHSLZZHUP[HYPVZSSLNHUPUJS\ZVHJVU[YH[HYHHNLU[LZ
WYP]HKVZPUJHZZVWHYHX\LPU[LU[LUJVUZLN\PYLSKPULYVWLYZVUmUKVZL
KPYLJ[HTLU[LLULSKVTPJPSPV:}SVZPL_PZ[LUWY\LIHZZ\ÄJPLU[LZKLX\L
UV W\LKLU WHNHY SVZ WYVMLZPVUHSLZ ZHUP[HYPVZ SVZ OVZWP[HSLZ ` SHZ MHY
THJPHZ[PLULUX\LKLYLJOVHX\LZLSLZYLLTIVSZLU[V[HSVWHYJPHSTLU[L
LZ[VZNHZ[VZ+LZKLSHYLMVYTHKL LSWVYJLU[HQLKLYLLTIVSZV
KLWLUKL KLS [PWV KL ZLY]PJPV (Zx WVY LQLTWSV \U TtKPJV NLULYHSPZ[H
Z}SV W\LKL VI[LULY \U ` SHZ JVTHKYVUHZ LS ,U J\HU[V H
SVZOVZWP[HSLZ`SHZMHYTHJPHZZVSHTLU[LZLSLZYLLTIVSZHZP[PLULU\U
JVU[YH[VLZWLJPHSJVULS*=A*VUZLQVKLS:LN\YV:HUP[HYPVWHYHWYLZ
[HY ZLY]PJPVZ H SVZ PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH ,S WVYJLU[HQL
KLWLUKLKLSVLZ[PW\SHKVLUJHKHJVU[YH[V
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
(:0:;,5*0(:(50;(90(
((+<3;6:
<9.,5*0(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVJ\IPLY[VWVYSHJVTWH|xHHZLN\YHKVYHKLU[YVKLS¸WHX\L[LImZPJV¹
] *VUKPJPVULZ!
³;LULY\UZLN\YVZHUP[HYPV¸WHX\L[LLZ[mUKHY¹`WYLZLU[HYSH[HYQL[HZHUP[HYPH
`\UKVJ\TLU[VKLPKLU[PKHKSVX\LZPNUPÄJHWHNHYSHWYPTHZHS]VLUSVZ
JHZVZKLYLU[HIHQHVMHS[HKLYLJ\YZVZ,ULZ[LJHZVW\LKLUZVSPJP[HY\UH
H`\KHWISPJH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[VJ\IPLY[VWVYMVUKVZWISPJVZKLU[YVKLSVZJLU[YVZKLHJV
NPKHWHYHZVSPJP[HU[LZKLHZPSVVM\LYHZPLZULJLZHYPV
] *VUKPJPVULZ!
³,UJHZVKLX\LZLULJLZP[LYLJPIPYHZPZ[LUJPHZHUP[HYPHM\LYHKLSJLU[YVKL
HJVNPKHLZULJLZHYPVWYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹KLSZLN\YVJVUJLY[HKV
4LUaPZWHYHKLTVZ[YHYZ\ZKLYLJOVZ
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5V[PLULUKLYLJOVKLHJJLZVNYH[\P[VZHS]VX\LUVW\LKHUWHNHY`SHH[LU
JP}UZLJVUZPKLYLJVTV¸TtKPJHTLU[LULJLZHYPH¹
] *VUKPJPVULZ!
³,S TtKPJV [PLUL X\L JVUZPKLYHY SVZ ZLY]PJPVZ ZVSPJP[HKVZ JVTV ¸TtKPJHTLU[L
ULJLZHYPVZ¹
;VKVZ SVZ OVZWP[HSLZ W\LKLU YLJSHTHY LS YLLTIVSZV KLS KL SVZ NHZ[VZ
PYYLJ\WLYHISLZ
(;,5*0Ô5+,7904,950=,3@,:7,*0(30A(+(7(*0,5;,,?;,956
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVJ\IPLY[VWVYSHJVTWH|xHHZLN\YHKVYHKLU[YVKLS¸WHX\L[LImZPJV¹
] *VUKPJPVULZ!
³;LULY\UZLN\YVZHUP[HYPV¸WHX\L[LLZ[mUKHY¹`WYLZLU[HYSH[HYQL[HZHUP[HYPH
`\UKVJ\TLU[VKLPKLU[PKHKSVX\LZPNUPÄJHWHNHYSHWYPTHZHS]VLUSVZ
JHZVZKLYLU[HIHQHVMHS[HKLYLJ\YZVZ,ULZ[LJHZVW\LKLUZVSPJP[HY\UH
H`\KHWISPJH
³(\[VYPaHJP}U WYL]PH KL \U TtKPJV NLULYHSPZ[H WHYH HJJLKLY H SH H[LUJP}U
LZWLJPHSPaHKHZ}SVLUSVZZLY]PJPVZHTI\SH[VYPVZKLSVZOVZWP[HSLZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³,UJHZVKLX\LZLULJLZP[LYLJPIPYHZPZ[LUJPHZHUP[HYPHM\LYHKLSJLU[YVKLHJV
NPKHLZULJLZHYPVWYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹KLSZLN\YVJVUJLY[HKV4LUaPZ
WHYHKLTVZ[YHYZ\ZKLYLJOVZ
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5V[PLULUKLYLJOVKLHJJLZVNYH[\P[VZHS]VX\LUVW\LKHUWHNHY`SHH[LU
JP}UZLJVUZPKLYLJVTV¸TtKPJHTLU[LULJLZHYPH¹
] *VUKPJPVULZ!
³,S TtKPJV [PLUL X\L JVUZPKLYHY SVZ ZLY]PJPVZ ZVSPJP[HKVZ JVTV ¸TtKPJHTLU[L
ULJLZHYPVZ¹
,STtKPJVW\LKLYLJSHTHYLSYLLTIVSZVKLSKLSVZNHZ[VZPYYLJ\WLYHISLZ
/6:70;(30A(*0Ô505.9,:6
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVJ\IPLY[VWVYSHJVTWH|xHHZLN\YHKVYHKLU[YVKLS¸WHX\L[LImZPJV¹
] *VUKPJPVULZ!
³;LULY\UZLN\YVZHUP[HYPV¸WHX\L[LLZ[mUKHY¹`WYLZLU[HYSH[HYQL[HZHUP[HYPH
`\UKVJ\TLU[VKLPKLU[PKHKSVX\LZPNUPÄJHWHNHYSHWYPTHZHS]VLUSVZ
JHZVZKLYLU[HIHQHVMHS[HKLYLJ\YZVZ,ULZ[LJHZVW\LKLUZVSPJP[HY\UH
H`\KHWISPJH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³,UJHZVKLX\LZLULJLZP[LYLJPIPYHZPZ[LUJPHZHUP[HYPHM\LYHKLSJLU[YVKLHJV
NPKHLZULJLZHYPVWYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹KLSZLN\YVJVUJLY[HKV4LUaPZ
WHYHKLTVZ[YHYZ\ZKLYLJOVZ
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5V[PLULUKLYLJOVKLHJJLZVNYH[\P[VZHS]VX\LUVW\LKHUWHNHY`SHH[LU
JP}UZLJVUZPKLYLJVTV¸TtKPJHTLU[LULJLZHYPH¹
] *VUKPJPVULZ!
³,S TtKPJV [PLUL X\L JVUZPKLYHY SVZ TLKPJHTLU[VZ ZVSPJP[HKVZ JVTV ¸TtKPJH
TLU[LULJLZHYPVZ¹
:}SVSVZOVZWP[HSLZJVUSVZX\LZL[PLULJVU]LUPVW\LKLUZVSPJP[HYLU[YL
LS`LSKLSYLLTIVSZVKLWLUKPLUKVKLSH[HZHHJVYKHKHLULS
JVU[YH[VJVULS*=A
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(;,5*0Ô579,@76:;5(;(3
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVJ\IPLY[VWVYSHJVTWH|xHHZLN\YHKVYHKLU[YVKLS¸WHX\L[LImZPJV¹
] *VUKPJPVULZ!
³;LULY\UZLN\YVZHUP[HYPV¸WHX\L[LLZ[mUKHY¹`WYLZLU[HYSH[HYQL[HZHUP[HYPH
`\UKVJ\TLU[VKLPKLU[PKHKSVX\LZPNUPÄJHWHNHYSHWYPTHZHS]VLUSVZ
JHZVZKLYLU[HIHQHVMHS[HKLYLJ\YZVZ,ULZ[LJHZVW\LKLUZVSPJP[HY\UH
H`\KHWISPJH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³,UJHZVKLX\LZLULJLZP[LYLJPIPYHZPZ[LUJPHZHUP[HYPHM\LYHKLSJLU[YVKL
HJVNPKHLZULJLZHYPVWYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹KLSZLN\YVJVUJLY[HKV
4LUaPZWHYHKLTVZ[YHYZ\ZKLYLJOVZ
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5V[PLULUKLYLJOVKLHJJLZVNYH[\P[VZHS]VX\LUVW\LKHUWHNHY`SHH[LU
JP}UZLJVUZPKLYLJVTV¸TtKPJHTLU[LULJLZHYPH¹,USHWYmJ[PJHZPLTWYLZL
JVUZPKLYHJVTV¸TtKPJHTLU[LULJLZHYPH¹
] *VUKPJPVULZ!
³,STtKPJV[PLULX\LJVUZPKLYHYSVZZLY]PJPVZZVSPJP[HKVZJVTV¸TtKPJHTLU[L
ULJLZHYPVZ¹
3HZJVTHKYVUHZ`SVZOVZWP[HSLZLUSVZX\LKHUHS\aW\LKLUZVSPJP[HYLSYLLT
IVSZVKLSKLSJVZ[L
;9(;(40,5;6(+<3;6:
4,+0*(4,5;6:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZV WHNHKV WVY SH JVTWH|xH HZLN\YHKVYH KLU[YV KLS ¸WHX\L[L ImZPJV¹
NYHU]HYPLKHKKLTLKPJHTLU[VZ,SYLZ[VZ}SVLZ[mJ\IPLY[VZPZLOHJVU[YH
[HKV\UWHX\L[LKLZLN\YVHKPJPVUHS
7VYLQLTWSVSVZTL
KPJHTLU[VZOVTLVWm[PJVZ
\V[YHZTLKPJPUHZT\`
LZWLJxÄJHZ`JHYHZ
] *VUKPJPVULZ!
³;LULY\UZLN\YVZHUP[HYPV¸WHX\L[LLZ[mUKHY¹`WYLZLU[HYSH[HYQL[HZHUP[H
YPH`\UKVJ\TLU[VKLPKLU[PKHKSVX\LZPNUPÄJHWHNHYSHWYPTHZHS]VLU
SVZJHZVZKLYLU[HIHQHVMHS[HKLYLJ\YZVZ,ULZ[LJHZVW\LKLUZVSPJP[HY
\UHH`\KHWISPJH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[VH\UHNYHU]HYPLKHKKLTLKPJHTLU[VZ
] *VUKPJPVULZ!
³,UJHZVKLX\LZLULJLZP[LYLJPIPYHZPZ[LUJPHZHUP[HYPHM\LYHKLSJLU[YVKL
HJVNPKHLZULJLZHYPVWYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹KLSZLN\YVJVUJLY[HKV
4LUaPZWHYHKLTVZ[YHYZ\ZKLYLJOVZ
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5V[PLULUKLYLJOVKLHJJLZVNYH[\P[VZHS]VX\LUVW\LKHUWHNHY`SHH[LU
JP}UZLJVUZPKLYLJVTV¸TtKPJHTLU[LULJLZHYPH¹
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
³,STtKPJV[PLULX\LJVUZPKLYHYSVZTLKPJHTLU[VZZVSPJP[HKVZJVTV
¸TtKPJHTLU[LULJLZHYPVZ¹
³:PW\LKLUWHNHYZLSLZWPKLX\LWHN\LULSJVZ[L[V[HS
3HZMHYTHJPHZW\LKLUZVSPJP[HYLU[YLLS`LSKLYLLTIVSZVKLWLU
KPLUKVKLSH[HZHHJVYKHKHLULSJVU[YH[VJVULS*=A
+,;,**0Ô5+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
3HZWY\LIHZKLKL[LJJP}UZVUNYH[\P[HZ`HU}UPTHZ:Ô36LUZLY]PJPVZSVJHSLZ
KLZHS\KWISPJH..+VLUJSxUPJHZKLLUMLYTLKHKLZKL[YHUZTPZP}UZL_\HS
+LSVJVU[YHYPVSHZWY\LIHZKLKL[LJJP}ULZ[mUJ\IPLY[HZWVYLS¸WHX\L[LIm
ZPJV¹KLSHJVTWH|xHKLZLN\YVZHUP[HYPV
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
:630*0;(5;,:+,(:036
] +LYLJOVZ!
:P]P]LULUJLU[YVZKLHJVNPKHWISPJVZ!SHZWY\LIHZKLKL[LJJP}UZVUHU}UP
THZ`NYH[\P[HZ
:P UV ]P]LU LU JLU[YVZ KL HJVNPKH WISPJVZ! SHZ WY\LIHZ KL KL[LJJP}U ZVU
NYH[\P[HZ`HU}UPTHZ:Ô36LUZLY]PJPVZSVJHSLZKLZHS\KWISPJH..+VLU
JSxUPJHZKLLUMLYTLKHKLZKL[YHUZTPZP}UZL_\HS
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
3HZWY\LIHZKLKL[LJJP}UZVUNYH[\P[HZ`HU}UPTHZ:Ô36LUZLY]PJPVZSVJHSLZKL
ZHS\KWISPJH..+VLUJSxUPJHZKLLUMLYTLKHKLZKL[YHUZTPZP}UZL_\HS
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
;9(;(40,5;6+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVWHNHKVWVYSHJVTWH|xHHZLN\YHKVYHKLU[YVKLS¸WHX\L[LImZPJV¹
] *VUKPJPVULZ!
³;LULY\UZLN\YVZHUP[HYPV¸WHX\L[LLZ[mUKHY¹`WYLZLU[HYSH[HYQL[HZHUP
[HYPH`\UKVJ\TLU[VKLPKLU[PKHKSVX\LZPNUPÄJHWHNHYSHWYPTHZHS]V
LUSVZJHZVZKLYLU[HIHQHWISPJHKLH[LUJP}UVMHS[HKLYLJ\YZVZ,ULZ[L
JHZVW\LKLUZVSPJP[HY\UHH`\KHWISPJH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³,UJHZVKLX\LZLULJLZP[LYLJPIPYHZPZ[LUJPHZHUP[HYPHM\LYHKLSJLU[YVKL
HJVNPKHLZULJLZHYPVWYLZLU[HYSH¸[HYQL[HZHUP[HYPH¹KLSZLN\YVJVUJLY[HKV
4LUaPZWHYHKLTVZ[YHYZ\ZKLYLJOVZ
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5V[PLULUKLYLJOVKLHJJLZVNYH[\P[VZHS]VX\LUVW\LKHUWHNHY`SHH[LU
JP}UZLJVUZPKLYLJVTV¸TtKPJHTLU[LULJLZHYPH¹,USHWYmJ[PJHZPLTWYLZL
JVUZPKLYHJVTV¸TtKPJHTLU[LULJLZHYPH¹
] *VUKPJPVULZ!
³,STtKPJV[PLULX\LJVUZPKLYHYSVZTLKPJHTLU[VZZVSPJP[HKVZJVTV¸TtKP
JHTLU[LULJLZHYPVZ¹
3VZOVZWP[HSLZW\LKLUZVSPJP[HYLU[YLLS `LSKLYLLTIVSZVKLWLU
KPLUKVKLSH[HZHHJVYKHKHLULSJVU[YH[VJVULS*=A
6;9(:,5-,94,+(+,:05-,**06:(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVWHNHKVWVYSHJVTWH|xHHZLN\YHKVYHKLU[YVKLS¸WHX\L[LImZPJV¹
] *VUKPJPVULZ!
³;LULY\UZLN\YVZHUP[HYPV¸WHX\L[LLZ[mUKHY¹`WYLZLU[HYSH[HYQL[HZHUP
[HYPH`\UKVJ\TLU[VKLPKLU[PKHKSVX\LZPNUPÄJHWHNHYSHWYPTHZHS]V
LUSVZJHZVZKLYLU[HIHQHVMHS[HKLYLJ\YZVZ,ULZ[LJHZVW\LKLUZV
SPJP[HY\UHH`\KHWISPJH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[VPUJS\PKVLS[YH[HTPLU[VKLSH[\ILYJ\SVZPZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
] *VUKPJPVULZ!
³,U JHZV KL X\L ZL ULJLZP[L YLJPIPY HZPZ[LUJPH ZHUP[HYPH M\LYH KLS JLU[YV KL
HJVNPKH LZ ULJLZHYPV WYLZLU[HY SH ¸[HYQL[H ZHUP[HYPH¹ KLS ZLN\YV JVUJLY[HKV
4LUaPZWHYHKLTVZ[YHYZ\ZKLYLJOVZ
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5V[PLULUKLYLJOVKLHJJLZVNYH[\P[VZHS]VX\LUVW\LKHUWHNHY`SHH[LU
JP}UZLJVUZPKLYLJVTV¸TtKPJHTLU[LULJLZHYPH¹,USHWYmJ[PJHZPLTWYLZL
JVUZPKLYHJVTV¸TtKPJHTLU[LULJLZHYPH¹
] *VUKPJPVULZ!
³,STtKPJV[PLULX\LJVUZPKLYHYSVZTLKPJHTLU[VZZVSPJP[HKVZJVTV¸TtKP
JHTLU[LULJLZHYPVZ¹
3VZOVZWP[HSLZW\LKLUZVSPJP[HYLU[YLLS`LSKLYLLTIVSZVLU
M\UJP}UKLSH[HZHHJVYKHKHLULSJVU[YH[VJVULS*=AZHS]VLULSJHZVKLSH
[\ILYJ\SVZPZ`HX\LLS¸9LNSHTLU[VZVIYL7YLZ[HJPVULZWHYH:VSPJP[HU[LZKL
(ZPSV¹9=(WVYZ\ZZPNSHZLUULLYSHUKtZJ\IYLLSJVZ[L[V[HSKLS[YH[HTPLU[V
LULZ[VZJHZVZ
4,569,:
4,569,:5(*065(3,:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVH[VKV[PWVKLH[LUJP}UZHUP[HYPHNYH[\P[HOHZ[HSVZH|VZ
3HZ]HJ\UHZZVUNYH[\P[HZ`UVVISPNH[VYPHZ
] *VUKPJPVULZ!
³,Z[HYPUZJYP[VZLUSH[HYQL[HZHUP[HYPHKLZ\ZWHKYLZHWLZHYKLX\LLZ[mU
J\IPLY[VZWVYMVUKVZWISPJVZ
/016:+,:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
4,569,::630*0;(5;,:+,(:03656(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
4,569,:0540.9(5;,:56(*647(j(+6:
] +LYLJOVZ!
5V[PLULUKLYLJOVKLHJJLZVNYH[\P[VZHS]VX\LZ\ZWHKYLZUVW\LKHUWHNHY
`SHH[LUJP}UZLJVUZPKLYLJVTV¸TtKPJHTLU[LULJLZHYPH¹
3HZ]HJ\UHZUVZVUVISPNH[VYPHZWLYVZVUNYH[\P[HZ
] *VUKPJPVULZ!
³,STtKPJV[PLULX\LJVUZPKLYHYSVZZLY]PJPVZZVSPJP[HKVZJVTV¸TtKPJH
TLU[LULJLZHYPVZ¹
,STtKPJVOVZWP[HSW\LKLZVSPJP[HYLSYLLTIVSZVSH[HZHKLWLUKLKLS[PWV
KLH[LUJP}UZHUP[HYPH`KLSJVU[YH[V!
/016:+,0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5V [PLULU KLYLJOV KL HJJLZV NYH[\P[V ZHS]V X\L SH H[LUJP}U ZL JVUZPKLYL
JVTV¸TtKPJHTLU[LULJLZHYPH¹
3HZ]HJ\UHZUVZVUVISPNH[VYPHZWLYVZVUNYH[\P[HZ
] *VUKPJPVULZ!
³,STtKPJV[PLULX\LJVUZPKLYHYSVZZLY]PJPVZZVSPJP[HKVZJVTV¸TtKPJH
TLU[LULJLZHYPVZ¹
,STtKPJVOVZWP[HSW\LKLZVSPJP[HYLSYLLTIVSZVSH[HZHKLWLUKLKLS[PWVKL
H[LUJP}UZHUP[HYPH`KLSJVU[YH[V
*,5;96:+,9,;,5*0Ô5
(+<3;6:
5V L_PZ[L UPUN\UH KPZWVZPJP}U SLNHS LZWLJxÄJH ZVIYL LS HJJLZV H SH ZHUPKHK
KLU[YVKLSVZJLU[YVZKLYL[LUJP}U
4,569,:
5V L_PZ[L UPUN\UH KPZWVZPJP}U SLNHS LZWLJxÄJH ZVIYL LS HJJLZV H SH ZHUPKHK
KLU[YV KL SVZ JLU[YVZ KL YL[LUJP}U :L SLZ W\LKL PU[LYUHY LU SVZ JLU[YVZ KL
YL[LUJP}U
(**,:6+,3(:(<;690+(+,:
(3(05-694(*0Ô5@
;9(5:-,9,5*0(+,+(;6:
;YHUZMLYLUJPH KL PUMVYTHJP}U V HJJLZV H KH[VZ ZVIYL SH ZP[\HJP}U HK
TPUPZ[YH[P]H!HKLTmZKLSHVISPNHJP}UKLPUMVYTHYHSHZH\[VYPKHKLZKLZHS\K
WISPJHLUJHZVZKLLUMLYTLKHKLZKLUV[PÄJHJP}UVISPNH[VYPHLSWLYZVUHSZHUP
[HYPVW\LKLKLU\UJPHYHSHWVSPJxHLUJHZVKLZVZWLJOHKLHI\ZVKLTLUVYLZV
KLV[YVZKLSP[VZX\LWVUNHUHSWHJPLU[LLUNYH]LWLSPNYV5PUN\UHV[YHKPZWVZP
JP}USLNHSLZ[HISLJLX\LLSWLYZVUHSZHUP[HYPVUPSHZHKTPUPZ[YHJPVULZZHUP[HYPHZ
[LUNHUSHVISPNHJP}UKL[YHUZMLYPYPUMVYTHJP}UZVIYLLSLZ[H[\ZHKTPUPZ[YH[P]VKL
SHWLYZVUHHSHZH\[VYPKHKLZJVTWL[LU[LZLUTH[LYPHKLPUTPNYHJP}U
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
3(56,?7<3:0Ô5
7699(A65,:4i+0*(:
,3569,*<9:6(:(5*065,:+,,?7<3:0Ô563(:<:
7,5:0Ô5+,3(+,5,.(*0Ô5+,,5;9(+(6+,3(:Ô9
+,5,:+,,?7<3:0Ô5!¸:630*0;<++,3(9;Ð*<36¹
¦8<0i5,:7<,+,5:630*0;(93(&
3HL_W\SZP}UZLW\LKLZ\ZWLUKLYZPLTWYLX\LLZ[HKVKLZHS\KKLSPUTPNYHU[L
ZPUWLYTPZVKLYLZPKLUJPHVKL\UTPLTIYVKLZ\MHTPSPHOHNHX\LZLHKLZH
JVUZLQHISL]PHQHY5VZL[YH[HKL\UWLYTPZVKLYLZPKLUJPHLUZx
*65+0*065,:!
³8\LKLIPKVHSLZ[HKVKLZHS\KKLSZVSPJP[HU[LVKL\UTPLTIYVKLZ\MHTPSPH
ZLHKLZHJVUZLQHISL]PHQHY
³8\LLSÄUKLS[YH[HTPLU[VTtKPJVJVUK\aJHH\UH­\YNLUJPHTtKPJH®:LNU
SHUVYTH[P]HHWSPJHISL\UH\YNLUJPHTtKPJHLZ­\UHZP[\HJP}ULUSHX\LSH
WLYZVUHLUJ\LZ[P}UZ\MYL\U[YHZ[VYUVX\LZLNUSHVWPUP}UKLSWLYZVUHS
TtKPJVX\LKL WH[LU[L X\L LU H\ZLUJPH KLS [YH[HTPLU[V ZL WYVK\JPYxHSH
T\LY[LKLSWHJPLU[LHJVY[VWSHaV\UHTPU\Z]HSxH\V[YVZKH|VZMxZPJVZV
WZPJVS}NPJVZNYH]LZ®¸*VY[VWSHaV¹W\LKLPU[LYWYL[HYZLJVTV[YLZTLZLZ(
WLZHYKLX\LZLKL[LYTPUHLZ[\KPmUKVSVJHZVWVYJHZVSHWYmJ[PJHKLQHWH
[LU[LX\LZLZ\LSLHWSPJHYLZ[HUVYTHLUJHZVKLLTIHYHaVZLPZZLTHUHZ
HU[LZ`KLZW\tZKLKHYHS\aLUMLYTLKHKLZWZPJVS}NPJHZNYH]LZ`[YH[H
TPLU[VZTtKPJVZNYH]LZJVTVLULSJHZVKLSH[\ILYJ\SVZPZ
³3H\YNLUJPHTtKPJHKLILK\YHYTLUVZKL\UH|V
³(\[VYPKHK JVTWL[LU[L! 05+ :LY]PJPV KL 0UTPNYHJP}U ` KL 5H[\YHSPaHJP}U
3H ZVSPJP[\K KLIL JVU[LULY PUMVYTHJP}U TtKPJH ZVIYL LS [YH[HTPLU[V ` SHZ
JVUZLJ\LUJPHZKLKLQHYSV,S:LY]PJPV4tKPJVKLS,Z[HKV)\YLH\4LKPZJOL
(K]PZLYPUN )4( KL[LYTPUHYm ZP SH WLYZVUH X\L SV ZVSPJP[H LZ PUJHWHa KL
]PHQHYKLIPKVHZ\LZ[HKVKLZHS\KZPLSJLZLKLS[YH[HTPLU[VWVKYxHJVUK\JPY
H\UH\YNLUJPHTtKPJH`ZPLS[PLTWVLZ[PTHKVKLS[YH[HTPLU[VLZPUMLYPVYH
\UH|V,S)4(W\LKLJVU[YH[HYH\UTtKPJVWHYHX\LYLHSPJL\UYLJVUVJP
TPLU[VTtKPJVHSHWLYZVUH
+<9(*0Ô5!
3H¸ZVSPJP[\KKLSHY[xJ\SV¹KHKLYLJOVHWLYTHULJLYSLNHSTLU[LLUSVZ7HxZLZ
)HQVZK\YHU[L\UKL[LYTPUHKVWLYPVKVLUM\UJP}UKLSHLUMLYTLKHK`KLS[YH
[HTPLU[V:LZ\LSLV[VYNHYWVY\UWLYPVKVKLZLPZTLZLZJVUWVZPIPSPKHKKL
YLUV]HJP}UWLYVU\UJHWHZHHZLYWLYTHULU[L
(Y[KLSH=YLLTKLSPU
NLU^L[
:PULTIHYNVUVZLSLZ
VMYLJLSHWVZPIPSPKHKKLHSVQHYZL
LUJLU[YVZKLHJVNPKH
(**,:6(3((:0:;,5*0(:(50;(90(!
6I[PLULU LS TPZTV ZLN\YV X\L SVZ ZVSPJP[HU[LZ KL HZPSV NLZ[PVUHKV WVY SH
(NLUJPH*LU[YHSKL(JVNPKHKL:VSPJP[HU[LZKL(ZPSV*6(WVYZ\ZZPNSHZLU
ULLYSHUKtZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
7,940:6+,9,:0+,5*0(7699(A65,:4i+0*(:!
¸7,940:6+,9,:0+,5*0(;,4769(37699(A65,:
4i+0*(:¹
¦8<0i5,:7<,+,5:630*0;(936&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tUNYH]LTLU[LLUMLYTVZ
*65+0*065,:!
(Y[KLSH=YLLTKLSPU
NLU^L[ZVIYLSHZJVUKPJPVULZ
X\LZLHWSPJHUH[VKVZSVZ
WLYTPZVZ[LTWVYHSLZYLN\SHYLZ
`)9KLSH=YLLTKLSPUNLU
JPYJ\SHPYL
)KLSH=YLLTKLSPU
NLUJPYJ\SHPYL
,USHWYmJ[PJHLZ[VZ[PWVZ
KLWHJPLU[LZUVW\LKLU]PHQHY
(Y[JKL=YLLTKLSPU
NLU^L[6[YHWVZPIPSPKHKWHYH
LZ[HYL_LU[HVL_LU[VKLLZ[L
YLX\PZP[VPUJS\`LHSHZ]xJ[PTHZ`
[LZ[PNVZKL[YmÄJV
,Z[HPUMVYTHJP}UZLZ\LSL
VI[LULYH[YH]tZKLS0U[LYUH[PV
UHS:6:
(Y[KLSH=YLLTKL
SPUNLUILZS\P[KL
³3H PU[LYY\WJP}U KLS [YH[HTPLU[V TtKPJV WVKYxH JVUK\JPY H \UH ¸\YNLUJPH
TtKPJH¹YPLZNVKLT\LY[LKPZJHWHJPKHK\V[YV[PWVKLKH|VMxZPJVVWZP
JVS}NPJVNYH]LZPUVZL[YH[HLU[YLZTLZLZ
³3H K\YHJP}U KL SH \YNLUJPH TtKPJH KLIL ZLY KL \U H|V V Z\WLYPVY KL SV
JVU[YHYPVZLHWSPJHYmLSHY[xJ\SV
³+PZMY\[HYKLS¸7LYTPZVKL9LZPKLUJPH7YV]PZPVUHS¹YLX\LYPKVWHYHLU[YHYLU
SVZ7HxZLZ)HQVZZHS]VX\L­LSLZ[HKVKLZHS\KKLSHWLYZVUHZLH[HUNYH]L
X\LUVZLHYLJVTLUKHISL]PHQHY®
³;LULY\UWHZHWVY[L]mSPKVZHS]VX\LJVUKPJPVULZHJ\T\SH[P]HZ!ZLKL
T\LZ[YLX\LSHUPJHWVZPIPSPKHKKLVI[LULY\UWHZHWVY[L]mSPKVZLH]VS]LY
HSWHxZKLVYPNLU"SHPU[LYY\WJP}UKLS[YH[HTPLU[VTtKPJVJVUK\aJHH\UH
\YNLUJPH TtKPJH" SVZ 7HxZLZ )HQVZ ZLHU LS WHxZ TmZ HKLJ\HKV WHYH LS
[YH[HTPLU[V"`LS[PLTWVLZ[PTHKVKLSH\YNLUJPHTtKPJHZLHKL\UH|VV
TmZKLSVJVU[YHYPVZLHWSPJHYmLSHY[xJ\SV
³8\LZLSLYLHSPJL\UYLJVUVJPTPLU[VTtKPJVWVYYHaVULZKLZHS\KWISPJH
³(\[VYPKHK JVTWL[LU[L! 05+ :LY]PJPV KL 0UTPNYHJP}U ` KL 5H[\YHSPaHJP}U
:LKLILWYLZLU[HYSHZVSPJP[\KQ\U[VJVU\UHH\[VYPaHJP}UWHYHVI[LULYPU
MVYTHJP}U TtKPJH KLS ZVSPJP[HU[L ` \UH KLJSHYHJP}U ÄYTHKH WVY LS TtKPJV
ZVIYLSHZP[\HJP}UTtKPJHKLZ\WHJPLU[L,Z[VZKVJ\TLU[VZKLILU[LULY
MLJOHKLSS[PTVTLZ,S:LY]PJPV4tKPJVKLS,Z[HKV)\YLH\4LKPZJOL(K
]PZLYPUN)4(L_WLKPYm\UJLY[PÄJHKVKL[LYTPUHUKVZPZL[YH[HKL\UH\Y
NLUJPHTtKPJHZPLSWHJPLU[LUVW\LKL]PHQHYKLIPKVHLZ[H\YNLUJPH`ZPZL
W\LKLYLJPIPYLS[YH[HTPLU[VLULSWHxZKLVYPNLUUVZLTLUJPVUHLSHJJLZV
LMLJ[P]VHSTPZTV
+<9(*0Ô5!
<UH|V7VZPIPSPKHKKLYLUV]HJP}UKL\UH|VTmZZPZLYLULUSHZJVUKPJPVULZ
KLZW\tZKLV[YHL]HS\HJP}U
(**,:6(3((:0:;,5*0(:(50;(90(!
*VTVWLYZVUHZJVUWLYTPZVKLYLZPKLUJPH[PLULUKLYLJOVHSTPZTVZLN\YV
X\LLSJVUQ\U[VKLJP\KHKHUVZKLSVZ7HxZLZ)HQVZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
79Í*;0*(
3(=0:0Ô5+,4i+0*6:+,34<5+6
7(Ð:,:)(16::6)9,3(:0;<(*0Ô5,5
3(79Í*;0*(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHK\S[VZ
+LZKL SVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHLZ[mUL_JS\PKVZ
KL SH ZLN\YPKHK ZVJPHS PUJS\`LUKV LS ZLN\YV ZHUP[HYPV 5V VIZ[HU[L Zx
[PLULUKLYLJOVHYLJPIPYSHH[LUJP}UZHUP[HYPHTtKPJHTLU[LULJLZHYPH,S
.VIPLYUVOHHKVW[HKV\UHUVYTH[P]HX\LMHJPSP[HLSYLLTIVSZVHSWLYZV
UHSZHUP[HYPVWVYLS[YH[HTPLU[VYLJPIPKVWVYLZ[VZPUTPNYHU[LZZPLTWYL
X\LUVW\LKHUWHNHYZ\ZMHJ[\YHZ;YHZSHYLMVYTHKLSH3L`KLZLN\YV
ZHUP[HYPVKLLZ[HLUTPLUKHLU[Y}LU]PNVYLULULYVKL ( WLZHY KL SH SLNPZSHJP}U L_PZ[LU[L T\JOHZ KL LZ[HZ WLYZVUHZ UV LZ
[mU MHTPSPHYPaHKHZ JVU LS ZPZ[LTH ZHUP[HYPV OVSHUKtZ ` UV JVUVJLU Z\
KLYLJOV H YLJPIPY ¸H[LUJP}U TtKPJHTLU[L ULJLZHYPH¹ 7VY V[YV SHKV ZL
[PLUL TPLKV KL SSHTHY SH H[LUJP}U KL SH WVSPJxH V KL SH VÄJPUH KL L_
[YHUQLYxH0TTPNYH[PLLU5H[\YHSPZH[PL+PLUZ[05+ZPZLZVSPJP[HH[LUJP}U
TtKPJH V KL X\L LS WLYZVUHS ZHUP[HYPV [YHUZTP[H PUMVYTHJP}U WLYZVUHS
ZVIYLZ\ZWHJPLU[LZHLZ[HZPUZ[P[\JPVULZ
<UHKLU\LZ[YHZTH`VYLZWYLVJ\WHJPVULZLZZPSHHWSPJHJP}UKLSU\L]V
WSHU KL ÄUHUJPHJP}U LQLJ\[HKV WVY LS *VSSLNL =VVY AVYN]LYaLRLYPUNLU
*=AOHHSJHUaHKVYLHSTLU[LHSJVUQ\U[VKLWYVMLZPVUHSLZZHUP[HYPVZ:L
KHSHZP[\HJP}UKLX\LKL[LYTPUHKHZPUZ[P[\JPVULZ`WYVMLZPVUHSLZZHUP[H
YPVZ[VKH]xHUVJVUVJLUSHUVYTH[P]HWVYSVX\LSHWVISHJP}UPUTPNYHU[L
LUZP[\HJP}UPYYLN\SHYJVYYLLSYPLZNVKLX\LKPJOVZWYVMLZPVUHSLZZHUP[H
YPVZZLUPLN\LUHH[LUKLYSLZ
,UJVU[YHWVZPJP}UJVULSMVUKVHU[LYPVY¸2VWWLUSPUNZM\UK¹ZLW\LKLU
YLLTIVSZHY[HTIPtUSVZNHZ[VZKLYP]HKVZKLSHH[LUJP}ULZWLJPHSPaHKH`
OVZWP[HSHYPH,S*=AZLSLJJPVUH`JVU[YH[HH]HYPHZMHYTHJPHZ`OVZWP[HSLZ
KL[VKVLSWHxZX\L[LUKYmUKLYLJOVHYLJPIPYLSYLLTIVSZVWVYSVZZLY
]PJPVZZHUP[HYPVZWYLZ[HKVZHPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH5V
VIZ[HU[LZ\YNL\UHIHYYLYHHKPJPVUHSWHYHHSN\UHZKLLZ[HZWLYZVUHZ
X\LLZSHTH`VYKPZ[HUJPHHSHX\LZLLUJ\LU[YHUSVZJLU[YVZJVU[YH[H
KVZ(KLTmZTPLU[YHZX\LSVZOVZWP[HSLZJVU[YH[HKVZYLN\SHUZ\Z[Ym
TP[LZHKTPUPZ[YH[P]VZPU[LYUVZSVZVIZ[mJ\SVZWYmJ[PJVZWHYHHJJLKLYH
SHHZPZ[LUJPHZHUP[HYPHWHYLJLX\LZPN\LULZ[HUKVWHYJPHSTLU[LLUWPL
(LZ[VZLZ\THSHJ\LZ[P}UKLX\LSVZWHJPLU[LZZPN\LUKLJSHYHUKVX\L
[PLULUTPLKVWVYX\LSVZOVZWP[HSLZZVSPJP[HULSWHNVWVYHKLSHU[HKV`LU
HSN\UVZJHZVZSLZUPLNHULSHJJLZVHS[YH[HTPLU[V
5VVIZ[HU[LHSN\UVZJHZVZYLJPLU[LZT\LZ[YHUX\LSHMHS[HKLPUMVYTH
JP}U`SHMHS[HKLMVUKVZ`WVYJVUZPN\PLU[LLSTPLKVHZVSPJP[HYHZPZ[LU
JPH ZHUP[HYPH ZPN\LU ZPLUKV SHZ WYPUJPWHSLZ [YHIHZ X\L KPÄJ\S[HU LS HJ
JLZVHSH¸H[LUJP}UTtKPJHTLU[LULJLZHYPH¹7HYHX\LSLZYLLTIVSZLLS
*=ALSWLYZVUHSZHUP[HYPVVSHZPUZ[P[\JPVULZ[PLULUX\LKLTVZ[YHYX\L
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
OHUPU[LU[HKVYLJSHTHYLSWHNVKLSHKL\KHKLSWHJPLU[L7HYHLSSV[PL
ULUX\LOHILYLU]PHKV\UHMHJ[\YHZLN\PKHKL\UYLJVYKH[VYPVKLWHNV
H SH KPYLJJP}U KLS WHJPLU[L `H X\L SH PUZ[P[\JP}U SH JVUVJL :P tZ[L UV
W\LKLWHNHYSHZMHJ[\YHZLSILULÄJPHYPVKLILLUJHYNHYH\UVYNHUPZTV
KLYLJH\KHJP}UKLKL\KHZX\LPU]LZ[PN\LJVUTmZKL[HSSLSVZYLJ\YZVZ
LJVU}TPJVZKLSHWLYZVUH(SN\UHZPUZ[P[\JPVULZOHUZVSPJP[HKVVTP[PYLS
S[PTVWHZVWHYHNHUHY[PLTWV`HOVYYHYKPULYV`HX\LLUSHTH`VYxHKL
SVZJHZVZLZT\`WVJVWYVIHISLX\LLSPUTPNYHU[LW\LKHWHNHYSHKL\
KH:PULTIHYNVKLIPKVHSHYLJPLU[LHWSPJHJP}UKLSU\L]VLZX\LTHKL
ÄUHUJPHJP}UL_PZ[LWVJHPUMVYTHJP}UZVIYLSHZYLWLYJ\ZPVULZX\L[PLULU
HJ[\HSTLU[LLZ[HZWYmJ[PJHZWHYHSVZPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY
7VY V[YV SHKV JVU SH HWSPJHJP}U KLS U\L]V YLNSHTLU[V KL ÄUHUJPHJP}U
LS YLLTIVSZV KL SH H[LUJP}U KL WYPTLY UP]LS ZL YLK\QV KLS H \U
Tm_PTV KLS KLS JVZ[L [V[HS OLJOV X\L OH HNYHUKHKV SH IHYYLYH
LJVU}TPJHX\LKPÄJ\S[HLSHJJLZVHSHTLKPJPUHKLMHTPSPH`SVZJLU[YVZ
KLKPHNU}Z[PJV,UJ\HU[VHSVZZLY]PJPVZKLVKVU[VSVNxHWHYHTH`VYLZ
KLH|VZUVL_PZ[LUPUNU[PWVKLYLLTIVSZV:LOHUKHKVJHZVZKL
WHJPLU[LZ X\L ULJLZP[HIHU H[LUJP}U VKVU[VS}NPJH ImZPJH H X\PLULZ ZL
YLTP[P} H SVZ ZLY]PJPVZ KL H[LUJP}U LZWLJPHSPaHKVZ KLZW\tZ KL X\L LS
KLU[PZ[H ZL ULNHYH H H[LUKLYSLZ 4PLU[YHZ [HU[V T\JOVZ V[YVZ UV OHU
[LUPKVLZ[HVWVY[\UPKHK`UVOHUWVKPKVZVS\JPVUHYZ\ZWYVISLTHZKLU
[HSLZ+LZKLLULYVKL OHUZ\YNPKVKPZ[PU[HZPUPJPH[P]HZWYP]HKHZWHYH
WYVWVYJPVUHYMVUKVZWHYHSHH[LUJP}UVKVU[VS}NPJH\YNLU[L`JVVYKPUHY
HSVZKLU[PZ[HZX\LLZ[mUKPZW\LZ[VZH[YH[HYHWLYZVUHZZPUWLYTPZVKL
YLZPKLUJPH ZLNU SHZ [HYPMHZ JVYYLZWVUKPLU[LZ H SH H[LUJP}U KL WYPTLY
UP]LS LZ[HISLJPKHZ WVY LS *=A (ZPTPZTV SH H[LUJP}U WZPJV[LYHWt\[PJH
YLZ\S[HT\JOVTLUVZHJJLZPISLKLZKLLULYVKL +LIPKVHSHWYLZP}UWVSx[PJHLQLYJPKHWVYSHHZVJPHJP}UKLJVTHKYVUHZ`
]HYPHZ65.LS.VIPLYUVHJJLKP}HYLTIVSZHYJVTWSL[HTLU[LSVZNHZ[VZ
KLYP]HKVZKLSVZZLY]PJPVZKLVIZ[L[YPJPH`KLSHH[LUJP}UWYL`WVZ[UH[HS
5V VIZ[HU[L ZL OHU KHKV JHZVZ KL JVTHKYVUHZ X\L HÄYTHU UV LZ[HY
PUMVYTHKHZKLSHSLNPZSHJP}UYLSH[P]HHSHHZPZ[LUJPHZHUP[HYPHKLSHWVISH
JP}UPUTPNYHU[LZPUYLN\SHYPaHY
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZZVSPJP[HU[LZKL
HZPSVHK\S[VZ
+LZKLLULYVKL OHJHTIPHKVSHVYNHUPaHJP}UKLSHHZPZ[LUJPHZH
UP[HYPHLUSVZJLU[YVZKLHJVNPKHWHYHZVSPJP[HU[LZKLHZPSVLUSVZ7HxZLZ
)HQVZ,SU\L]VZPZ[LTHHIVNHWVYSHPUKLWLUKLUJPHKLLZ[HZWLYZVUHZ
LUSVX\LZLYLÄLYLHSHZVSPJP[\KKLH[LUJP}UZHUP[HYPH:LOHUYLK\JPKV
SVZZLY]PJPVZTtKPJVZLUSVZJLU[YVZZ\MYLJ\LUJPH]HYxHLUJHKHJLU[YV
` LU Z\ S\NHY ZL OH JVU[YH[HKV H TtKPJVZ NLULYHSPZ[HZ KL SH aVUH 3H
PKLH LZ WYVWVYJPVUHY \U UTLYV KL [LStMVUV H SVZ WHJPLU[LZ KL MVYTH
X\L W\LKHU WLKPY JP[H H \UV KL LZ[VZ TtKPJVZ LU J\HSX\PLY TVTLU[V
ZLY]PJPVKLOVYHZ[VKVZSVZKxHZKLSHZLTHUH5VVIZ[HU[LZLOHU
PKLU[PÄJHKVWYVISLTHZX\LWSHU[LHLZ[LZPZ[LTHJVTVSHZIHYYLYHZSPU
N
xZ[PJHZLSOLJOVKLX\LT\JOHZWLYZVUHZUVLZ[tUMHTPSPHYPaHKHZJVU
LSZPZ[LTHWVYLQLTWSVSHZ`SVZWHJPLU[LZ[PLUKLUHVS]PKHYSHZJP[HZV
H LX\P]VJHYZL ` X\L UV ZL PUMVYTH HWYVWPHKHTLU[L ZVIYL LS \ZV KLS
ZPZ[LTH[LSLM}UPJV
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
7VY V[YV SHKV SHZ WLYZVUHZ X\L UV YLZPKLU LU JLU[YVZ KL HJVNPKH [PL
ULUKPÄJ\S[HKLZKLIPKVHSHSHYNHKPZ[HUJPHX\L[PLULUX\LYLJVYYLYWHYH
HJ\KPYHSVZTtKPJVZJVUSVZX\LZL[PLULJVU]LUPVT\JOVZJLU[YVZKL
HJVNPKHWHYHZVSPJP[HU[LZKLHZPSVZLLUJ\LU[YHULUaVUHZYLSH[P]HTLU[L
YLTV[HZ(KLTmZSHZSPZ[HZKLLZWLYHWHYHSVZZLY]PJPVZKLZHS\KTLU[HS
ZVUT\`SHYNHZWLYVLZ[LWYVISLTHUVLZ[mYLSHJPVUHKVJVULSLZ[H[\Z
KLZVSPJP[HU[LKLHZPSVZPUVX\LHMLJ[H[HTIPtUHSHWVISHJP}UUHJPVUHS
KLSVZ7HxZLZ)HQVZ
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZTLUVYLZPUTP
NYHU[LZZPUWLYTPZVKLYLZPKLUJPH
6ÄJPHSTLU[LSHUPJHKPMLYLUJPHL_PZ[LU[LLU[YLPUTPNYHU[LZZPUWLYTPZV
KL YLZPKLUJPH TLUVYLZ ` HK\S[VZ LZ X\L H SVZ TLUVYLZ KL H|VZ ZL
SLZ YLLTIVSZH OHZ[H LS KL SVZ NHZ[VZ KLYP]HKVZ KL SVZ ZLY]PJPVZ
KL VKVU[VSVNxH :PU LTIHYNV TPLU[YHZ X\L SH TH`VYxH KL SHZ IHYYLYHZ
TLUJPVUHKHZWHYHHJJLKLYHSHZHUPKHKZLYLÄLYLUHWLYZVUHZHK\S[HZ
X\LKHWH[LU[LX\LSVZUP|VZX\LUV[PLULUWLYTPZVKLYLZPKLUJPHZ\MYLU
SHZTPZTHZKPÄJ\S[HKLZ
6[YHIHYYLYHX\LKPÄJ\S[HLSHJJLZVH\UHH[LUJP}UZHUP[HYPHHKLJ\HKH`
WYVMLZPVUHSLZSHMHS[HKLPUMVYTHJP}UZVIYLLSHJJLZVKLLZ[VZTLUVYLZ
HSHH[LUJP}ULZWLJPHSPaHKH<UWYVISLTHJVUJYL[VKL]P[HSPTWVY[HUJPH
LZLSHJJLZVHSHLK\JHJP}ULZWLJPHSX\LPUJS\`LLS[YH[HTPLU[VKLWYV
ISLTHZ WZPJVS}NPJVZ ` KL TPU\Z]HSxHZ MxZPJHZ V TLU[HSLZ H SH X\L LU
HSN\UVZJHZVZZ}SVZLOH[LUPKVHJJLZVKLZW\tZKL\UWYVJLZVSLNHS
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZTLUVYLZZVSPJP
[HU[LZKLHZPSV
<UHJ\LZ[P}UX\LWYLVJ\WHHKPZ[PU[HZ65.X\L[YHIHQHUWVYLSIPLULZ
[HYKLSVZTLUVYLZLUSVZ7HxZLZ)HQVZLZSHJHSPKHK`SHJVU[PU\PKHKKL
SH HZPZ[LUJPH ZVJPHS ` TLU[HS X\L WYVWVYJPVUH LS ZPZ[LTH KL ([LUJP}U
:HUP[HYPHH1}]LULZ1L\NKNLaVUKOLPKZaVYN1.AHSVZTLUVYLZ`HZ\Z
WHKYLZ:LOHW\LZ[VLU[LSHKLQ\PJPVZPLS1.AYLZWVUKLYLHSTLU[LHSHZ
ULJLZPKHKLZKLSVZTLUVYLZX\L]P]LULUSHZJPYJ\UZ[HUJPHZLZWLJxÄJHZ
KL \U JLU[YV KL HJVNPKH WHYH ZVSPJP[HU[LZ KL HZPSV 6[YH KPÄJ\S[HK LZ
LS[YHZSHKVKLTLUVYLZHKPZ[PU[HZYLNPVULZKLSWHxZX\LPU[LYY\TWLSH
JVU[PU\PKHKKLSVZZLY]PJPVZZVJPHSLZVKLZHS\KTLU[HS
(JJLZVHSHZHUPKHKLUSVZJLU[YVZKLYL[LUJP}U
+\YHU[LLSWLYPVKVKLPU[LYUHTPLU[VZL[PLULHJJLZVHSHHZPZ[LUJPHZH
UP[HYPH5VVIZ[HU[LZLOHJ\LZ[PVUHKVLUU\TLYVZHZVJHZPVULZSHJH
SPKHK KL LZ[VZ ZLY]PJPVZ ` LU NLULYHS UV ZL JVUVJLU M\LYH KLS JLU[YV
7HYHHJJLKLYHSVZZLY]PJPVZTtKPJVZSVZPU[LYUVZ[PLULUX\LWYLZLU[HY
\UHZVSPJP[\KWVYLZJYP[V`LSWLYZVUHSKLZLN\YPKHKX\LH]LJLZ[HYKH
KLTHZPHKV[PLTWVLUHJ[\HYHKLJ\HKHTLU[LZLLUJHYNHKL[YHTP[HYSH
5VOH`SPILY[HKKLLSLJJP}UKLSWLYZVUHSTtKPJVHJ\`HZJVUZ\S[HZZ}SV
ZL W\LKL HJJLKLY H [YH]tZ KLS WLYZVUHS KL LUMLYTLYxH ,U SH WYmJ[PJH
WHYLJLX\LKL[LYTPUHKVZ[PWVZKLH[LUJP}UZHUP[HYPHWLQVKVU[VSVNxH
WY}[LZPZ`H[LUJP}UL_[LYUHZLWVZWVULUK\YHU[LLSWLYPVKVKLKL[LU
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%7(Ð:,:)(16:
JP}U3VZWHJPLU[LZZLZ\LSLUX\LQHYKLX\LSLZKHUWHYHJL[HTVSLUS\NHYKLSH
TLKPJHJP}UHKLJ\HKH7VYV[YVSHKVX\LKHWH[LU[LX\LSHZHS\KTLU[HSLZ\U
HZ\U[VT\`JVTWSPJHKV`HX\LSVZWYVISLTHZZ\LSLULZ[HYYLSHJPVUHKVZJVU
SHKL[LUJP}ULUZx`LZ[VZLZ\THHX\LT\JOVZKLSVZPU[LYUVZUVJVUMxHULU
SVZWZPJ}SVNVZX\L[YHIHQHULUSVZJLU[YVZKLYL[LUJP}U(KLTmZUVZLYLHSPaH
UPUNUYLJVUVJPTPLU[VTtKPJVWYL]PVX\LKL[LYTPULZPLSLZ[HKVKLZHS\KKL
SHWLYZVUHSLWLYTP[LWLYTHULJLYKL[LUPKH
3HUVL_W\SZP}UWVYYHaVULZTtKPJHZ
*HIL SH WVZPIPSPKHK KL VI[LULY \U ¸WLYTPZV KL YLZPKLUJPH WVY \YNLUJPH Tt
KPJH¹ZPLTWYL`J\HUKVZLKLT\LZ[YLX\LUVL_PZ[LU\UVZZLY]PJPVZTtKPJVZ
HKLJ\HKVZLULSWHxZKLVYPNLUWLQMHS[HKLTLKPJHTLU[VZVPUJLY[PK\TIYL
ZVIYLLS[YH[HTPLU[VX\LSVZ[YH[HTPLU[VZTtKPJVZUVZLHUZ\ÄJPLU[LZWLQ
LS WHJPLU[L OH Z\MYPKV L_WLYPLUJPHZ [YH\Tm[PJHZ LU LS WHxZ KL VYPNLU V X\L
UVL_PZ[HSHH[LUJP}UJVTWSLTLU[HYPHULJLZHYPHLULSWHxZKLVYPNLUWLQSH
H[LUJP}UZVJPHSKLMHTPSPHYLZ<UWLYTPZVKLYLZPKLUJPHWVY\YNLUJPHTtKPJH
ZLYLU\L]HHU\HSTLU[L3HKLJPZP}UZLIHZHLUSHKPZWVUPIPSPKHKKLSHH[LU
JP}UZHUP[HYPHULJLZHYPH`UVZLJVUZPKLYHUJVTVHYN\TLU[VZ]mSPKVZUPSHZ
YHaVULZLJVU}TPJHZUPLSHJJLZVLMLJ[P]VPUKP]PK\HS
3H UL\[YHSPKHK KL SHZ KLJPZPVULZ YLSH[P]HZ H SH KPZWVUPIPSPKHK KL SH HZPZ[LU
JPH ZHUP[HYPH HKLJ\HKH LU SVZ WHxZLZ KL VYPNLU LZ KPZJ\[PISL ,U WYPTLY S\
NHYWVYX\LSHZVWPUPVULZKLSWLYZVUHSTtKPJVW\LKLU]HYPHY`WVYV[YVSHKV
WVYX\LSHZKLJPZPVULZX\L[VTHUSHZH\[VYPKHKLZJVTWL[LU[LZLUTH[LYPHKL
PUTPNYHJP}U ZL IHZHU LU LS JVUZLQV KL SH 6ÄJPUH KL (ZLZVYxH 4tKPJH )\
YLH\4LKPZJOL(K]PZLYPUN)4(,SWLYZVUHSTtKPJVKLS)4(IHZHZ\VWPUP}U
TtKPJH LU SH PUMVYTHJP}U WYVWVYJPVUHKH WVY LS TtKPJV X\L LZ[t [YH[HUKV HS
WHJPLU[L ,Z[H YLJVWPSHJP}U KL PUMVYTHJP}U UV ZL Z\LSL OHJLY WVY LZJYP[V ,S
VIQL[P]VKLSTtKPJVKLS)4(LZ]LYWLYZVUHSTLU[LHSHWLYZVUHWLYVJVUT\
JOHMYLJ\LUJPHLZ[VUVZLJVUZPN\L(ZPTPZTVZLOHUKHKV]HYPVZJHZVZLU
SVZX\LLSTtKPJVKLS)4(UPZPX\PLYHJVUZ\S[HHSMHJ\S[H[P]VX\LLZ[m[YH[HUKV
HSWHJPLU[L:L[YH[HKL]LYLUX\tPUMVYTHJP}UIHZHZ\VWPUP}ULSTtKPJVKLS
)4(ZHIPLUKVX\LtZ[LKL[LYTPUHYmSHKLJPZP}UKLSHVÄJPUHKLL_[YHUQLYxH
3HPUMVYTHJP}UZVIYLSHKPZWVUPIPSPKHKKLS[YH[HTPLU[VLULSWHxZKLVYPNLUZL
VI[PLULH[YH]tZKL\UHVYNHUPaHJP}UPU[LYUHJPVUHS0U[LYUH[PVUHS:6:`ZLOHU
WSHU[LHKVPUJ}NUP[HZZVIYLLSJVU[YVSX\LZLYLHSPaHKLLZ[HZVYNHUPaHJPVULZ
(KLTmZSHTHULYHLUX\LZLKL[LYTPUHSHKPZWVUPIPSPKHKKLSHHZPZ[LUJPHZH
UP[HYPH LU LS WHxZ KL VYPNLU Z\LSL YLZ\S[HY KLZ]LU[HQVZH WHYH SVZ ZVSPJP[HU[LZ
KLS WLYTPZV W LQ X\t ZL JVUZPKLYH \UH KPZ[HUJPH YHaVUHISL X\t OHJLY LU
ZP[\HJPVULZKLLTLYNLUJPHL[J
3HPKLU[PÄJHJP}UWLYZVUHSLZVISPNH[VYPHOLJOVX\LL_JS\`LHHSN\UHZWLYZV
UHZKLSHWVZPIPSPKHKKLJVTLUaHY\UWYVJLKPTPLU[VSLNHS(SVSHYNVKLLZ[L
WYVJLKPTPLU[VLSZVSPJP[HU[LUVW\LKLYLJSHTHYLSKLYLJOVH\UH]P]PLUKHUPH
\UZLN\YVZHUP[HYPV(KLTmZ\UH]LaX\LZLOHVI[LUPKVLSWLYTPZVKLYLZP
KLUJPH[LTWVYHSUVZLW\LKLYLJSHTHYLSKLYLJOVH[YHIHQHY
4tKPJVZKLS4\UKV7HxZLZ)HQVZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
769;<.(3
:0:;,4(:(50;(906
,SZPZ[LTHZHUP[HYPVLZ[mJVTW\LZ[VWVY[YLZZPZ[LTHZJVL_PZ[LU[LZ!\U
ZPZ[LTHUHJPVUHSKLZHS\KZPZ[LTHZKLZLN\YVZWISPJVZ`WYP]HKVZWHYH
KL[LYTPUHKHZWYVMLZPVULZ`V[YVZZLN\YVZKLZHS\KWYP]HKVZ]VS\U[HYPVZ
,SZPZ[LTHZHUP[HYPVWISPJVWYVWVYJPVUHJVILY[\YH\UP]LYZHSÄUHUJPHKH
WYPUJPWHSTLU[LTLKPHU[LPTW\LZ[VZ`KLSLNHHSN\UHZYLZWVUZHIPSPKHKLZ
LUSVZVYNHUPZTVZYLNPVUHSLZ,ULSZPZ[LTHUHJPVUHSKLZHS\KZLZ\LSLU
JVTWHY[PY SVZ NHZ[VZ JVU HSN\UHZ L_JLWJPVULZ H\UX\L SHZ [HZHZ ÄQH
KHZWHYHLSJVWHNVZ\LSLUZLYIHZ[HU[LYLK\JPKHZZPZLJVTWHYHUJVULS
JVZ[LKLSZLY]PJPV +,9,*/6+,(**,:6
(3(:(50+(+
7VISHJP}UUHJPVUHS`WLYZVUHZJVUWLYTPZVKLYLZPKLUJPH!LSZPZ
[LTHZHUP[HYPVWISPJVWVY[\N\tZNHYHU[PaHLSKLYLJOVKL[VKHSHWVISH
JP}U UHJPVUHS PUKLWLUKPLU[L KL Z\ ZP[\HJP}U LJVU}TPJH ` ZVJPHS H YL
JPIPYWYV[LJJP}UZHUP[HYPH\UKLYLJOV\UP]LYZHSWYmJ[PJHTLU[LNYH[\P[V
WVYX\LSVZWHJPLU[LZWHNHU\UH[HZHTVKLYHKVYHZPTI}SPJH
;L}YPJHTLU[LUPUNUZLY]PJPVLZ[mL_WSxJP[HTLU[LL_JS\PKVKLSHJVILY
[\YHKLSZPZ[LTHUHJPVUHSKLZHS\K:PULTIHYNVSVZZLY]PJPVZKLVKVU
[VSVNxHUVLZ[mUJ\IPLY[VZLU[VKVLS[LYYP[VYPVUHJPVUHS
6IZLY]H[VYPV,\YVWLVKL
:PZ[LTHZ`7VSx[PJHZ:HUP[HYPHZ
/LHS[O:`Z[LTZPU;YHUZP[PVU¶
7VY[\NHS"]tHZLHY[KLSH
*VUZ[P[\JP}U7VY[\N\LZH
0UMVYTHJP}UZVIYLSVZKLYL
JOVZKLSHWVISHJP}UPUTPNYHU[L
JVUWLYTPZVKLYLZPKLUJPH
=tHZL+LZWHJOVKV4PUPZ[tYPVKH
:HKLU¢KL
KLUV]PLTIYLKL`*PYJ\SHY
0UMVYTH[P]HU¢+8:+4+KL
KLTH`VKL =tHZL+LZWHJOVU¢
+LJYL[V3LP 9LNPTLKLJVTWHY[PJPWHsqVKVLZ
[HKVUVWYLsVKVZTLKPJHTLU[VZ
KLSKLQ\UPVKL TVKPÄ
JHKVWVYLS+LJYL[V3LP KLKLHNVZ[VKL
,U 7VY[\NHS SVZ WHJPLU[LZ WHY[PJPWHU LU SH ÄUHUJPHJP}U KL SH HZPZ[LU
JPHZHUP[HYPHWISPJHH[YH]tZKLSJVWHNV`KLSJVHZLN\YV7HYHHSN\UVZ
ZLY]PJPVZZHUP[HYPVZWYLZ[HKVZWVYLSZPZ[LTHUHJPVUHSKLZHS\KZLWHNH
\UH JHU[PKHK ÄQH WVY SH H[LUJP}U KL WYPTLY UP]LS H[LUJP}U LZWLJPHSPaH
KH\YNLUJPHZ]PZP[HZHKVTPJPSPVWY\LIHZKLKPHNU}Z[PJV[YH[HTPLU[VZ
PUNYLZVOVZWP[HSHYPV`JPY\NxHHTI\SH[VYPH
,UJ\HU[VHSVZWYVK\J[VZMHYTHJt\[PJVZL_PZ[L\UWYVNYHTHKLZLN\YV
JVTWHY[PKV LU LS J\HS LS WHJPLU[L KLIL WHNHY \U KL[LYTPUHKV WVYJLU
[HQLÄQVKLSJVZ[LKLSTLKPJHTLU[V3HJHU[PKHKKLSZLN\YVJVTWHY[PKV
WHYHSVZWYVK\J[VZMHYTHJt\[PJVZ]HYxHLUM\UJP}UKLS]HSVY[LYHWt\[PJV
KLSTLKPJHTLU[V,ULSJHZVKLHX\LSSVZWYVK\J[VZMHYTHJt\[PJVZX\L
ZLJVUZPKLYLX\L[PLULUWVJVVUPUNU]HSVY[LYHWt\[PJVZLYLX\LYPYmLS
WHNVJVTWSL[V7VYLSJVU[YHYPVLS,Z[HKVJ\IYLLSJVZ[L[V[HSKLSHTL
KPJHJP}UULJLZHYPHWHYHSVZNY\WVZKLWHJPLU[LZTmZ]\SULYHISLZJVTV
SHZWLYZVUHZJVUKPHIL[LZ[\ILYJ\SVZPZ`=0/ZPKH
+L[LYTPUHKHZ WLYZVUHZ UV [PLULU X\L WHNHY UPUN\UH [HZH TVKLYHKVYH
[H_H TVKLYHKVYH ,U[YL V[YHZ! SHZ T\QLYLZ LU SVZ ZLY]PJPVZ KL WSHUPÄ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
JHJP}U MHTPSPHY SHZ T\QLYLZ LTIHYHaHKHZ V X\L OH`HU KHKV H S\a K\
YHU[LSHZZLTHUHZHU[LYPVYLZ"SVZUP|VZTLUVYLZKLH|VZ`HKV
SLZJLU[LZ X\L YLZPKLU LU JLU[YVZ KL TLUVYLZ" WLYZVUHZ JVU YLU[H
IHQHQ\IPSHKHZVX\LYLJPILUZ\IZPKPVZKLKLZLTWSLVVKLV[YV[PWV"`
WLYZVUHZX\LWHKLJLUKL[LYTPUHKHZLUMLYTLKHKLZJY}UPJHZV[YHUZTP
ZPISLZJVTVKPHIL[LZ/0=ZPKH`[\ILYJ\SVZPZ
,Z[L ZPZ[LTH ZL HWSPJH [HTIPtU H SVZ ZVSPJP[HU[LZ KL HZPSV TPLU[YHZ
X\LZL[YHTP[HZ\ZVSPJP[\KZHS]VLUSVZJHZVZYLSHJPVUHKVZJVULSLZ[HKV
KLZHS\KKLSWHJPLU[L;VKVZLSSVZW\LKLUYLNPZ[YHYZLJVTV\Z\HYPVZ
KLSZPZ[LTHZHUP[HYPVWISPJV\[LU[LKV:5:
5VVIZ[HU[LZHS]VLULSJHZVKLSVZUP|VZTLUVYLZKLH|VZLSHJ
JLZVHSHHZPZ[LUJPHZHUP[HYPHKLSHWVISHJP}UPUTPNYHU[LZPUWLYTPZV
KLYLZPKLUJPH]HYxHLUM\UJP}UKLS[PLTWVKLYLZPKLUJPHLU7VY[\NHS
Q:P OHU YLZPKPKV LU 7VY[\NHS K\YHU[L TmZ KL
(Y[KLS+LJYL[V3LPU¢
KLKLHNVZ[VKL
"]tHZL[HTIPtU*PYJ\SHY
0UMVYTH[P]HU¢+8:+4+
KLKLTH`VKL (Y[KLSH3LPU¢
LZ[HILSLJL\TUV]V
YLNPTLQ\YxKPJVSLNHSLTTH[tYPH
KLHZPSVLKLYLM\NPHKVZKL
KLTHYaVKL "7VY[HYPH
U¢KVZ4PUPZ[tYPVZ
KH(KTPUPZ[YHsqV0U[LYUHL
KH:HKLKLKLLULYVKL
"7VY[HYPHU¢
KVZ4PUPZ[tYPVZKH(KTPUPZ[YH
sqV0U[LYUHLKH:HKLKL
KLZLW[PLTIYLKL
7VY[HYPHU¢
+LZWHJOVKV4PUPZ[tYPVKH
:HKLU¢"HY[
KLS+LJYL[V3LPU¢ KL
KLHIYPSKL
`*PYJ\SHY
0UMVYTH[P]HU¢+8:+4+
KLKLTH`VKL !­3VZ
KVJ\TLU[VZKLYLZPKLUJPH
ZLYmUL_WLKPKVZHJVUKPJP}UKL
X\LSH1\U[HKL-YLN\LZxHZLH
PUMVYTHKHKLMVYTHKPYLJ[HKL
SHYLZPKLUJPH`HZLHH[YH]tZ
KLSHZKLJSHYHJPVULZVYHSLZV
LZJYP[HZKLKVZ[LZ[PNVZKLX\L
SHWLYZVUHOHYLZPKPKVLULS
KPZ[YP[VV\UHKLJSHYHJP}UQ\YHKH
KLSHWYVWPHWLYZVUH®
7\U[VKLSH*PYJ\SHY
0UMVYTH[P]HU¢+8:+4+
KxHZ [PLULU HJJLZV H
[VKVZSVZ[PWVZKLZLY]PJPVZZHUP[HYPVZTLKPJHTLU[VZ`WY\LIHZ:PU
LTIHYNVWHYHWVKLYKPZMY\[HYLZ[VZKLYLJOVZKLILUJ\TWSPY\UHZLYPL
KLJVUKPJPVULZ!
³6I[LULYLSKVJ\TLU[VL_WLKPKVWVYSH1\U[HKL-YLN\LZPHLU[PKHK
SVJHSJLY[PÄJHUKVX\LSHWLYZVUHOHYLZPKPKVLU7VY[\NHSK\YHU[L
\UWLYPVKVZ\WLYPVYH KxHZ(KLTmZ[PLULUX\LWYLZLU[HYSHZ
KLJSHYHJPVULZKLKVZ[LZ[PNVZV\UHKLJSHYHJP}UQ\YHKH
³<UH]LaX\LZLOHJ\TWSPKVLZ[LYLX\PZP[VKLILUKPYPNPYZLHSJLU
[YV ZHUP[HYPV JVYYLZWVUKPLU[L H Z\ YLZPKLUJPH OHIP[\HS WHYH VI[L
ULYSHPUZJYPWsqVLZWVYmKPJHPUZJYPWJP}U[LTWVYHSJVTVWHJPLU[L
,Z[HPUZJYPWJP}U[LTWVYHSSLZWLYTP[LHJJLKLYHSHHZPZ[LUJPHZH
UP[HYPH \UH UPJH ]La ` LZ YLUV]HISL (SN\UVZ JLU[YVZ KL ZHS\K
WLYTP[LUHJJLKLYLUTS[PWSLZVJHZPVULZHSHHZPZ[LUJPHZHUP[HYPH
JVUSHTPZTHPUZJYPWJP}U
³7HNHY\UH[HZHTVKLYHKVYHZHS]VX\LVI[LUNH\UJLY[PÄJHKVKL
SH1\U[HKL-YLN\LZPHKLJSHYHUKVSHMHS[HKLYLJ\YZVZLJVU}TPJVZ
Z\ÄJPLU[LZVX\LULJLZP[HUH[LUJP}U\YNLU[LH[LUJP}UWHYH[YH[HY
LUMLYTLKHKLZKLUV[PÄJHJP}UVISPNH[VYPHJVTV[\ILYJ\SVZPZ=0/
ZPKHVLUMLYTLKHKLZKL[YHUZTPZP}UZL_\HSH[LUJP}UWYL`WVZ[
UH[HS ]HJ\UHZ V ZLY]PJPVZ KL WSHUPÄJHJP}U MHTPSPHY 3VZ TLUVYLZ
ZPUWLYTPZVKLYLZPKLUJPH`SHZWLYZVUHZX\LOH`HUZVSPJP[HKVSH
YL\UPÄJHJP}UMHTPSPHY[HTIPtULZ[mUL_JS\PKHZKLSWHNVKLSH[HZH
TVKLYHKVYH
Q:POHUYLZPKPKVLU7VY[\NHSK\YHU[L\UWLYPVKVPUMLYPVYH KxHZVUV
OHUJVUZLN\PKVKLTVZ[YHYZ\YLZPKLUJPHKL KxHZ!HSPN\HSX\LSHWV
ISHJP}UUHJPVUHS[PLULUKLYLJOVHYLJPIPYNYH[\P[HTLU[LLS[YH[HTPLU[V
KLLUMLYTLKHKLZJVU[HNPVZHZPUJS\PKHZSH[\ILYJ\SVZPZ`LS=0/ZPKH
H[LUJP}UWYL`WVZ[UH[HS]HJ\UHZ`ZLY]PJPVZKLWSHUPÄJHJP}UMHTPSPHY
5VVIZ[HU[L[LUKYmUX\LWHNHYLSJVZ[LxU[LNYVKLSHH[LUJP}UKLWYP
TLY UP]LS LZWLJPHSPaHKH ` KL \YNLUJPHZ ZHS]V X\L OH`HU WYLZLU[HKV
SVZKLIPKVZKVJ\TLU[VZX\LJLY[PÄX\LU\UHZP[\HJP}ULJVU}TPJHWYL
JHYPH ` SH HKTPUPZ[YHJP}U ZHUP[HYPH SLZ OH`H JVUJLKPKV \UH L_LUJP}U
,UYLHSPKHKZLNUSHSLNPZSHJP}UWVY[\N\LZHSVZZLY]PJPVZKL\YNLUJPHZ
UVZLW\LKLUULNHYHH[LUKLYHSWHJPLU[LZPtZ[LJHYLJLKLYLJ\YZVZ
LJVU}TPJVZZ\ÄJPLU[LZ(KLTmZSHSL`LZ[HISLJLX\LSHZH\[VYPKHKLZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
ZPLTWYL[LUKYmUX\L[LULYLUJ\LU[HLSUP]LSKLYLJ\YZVZLJVU}TPJVZ
HSHOVYHKLJVIYHYSVZNHZ[VZKLYP]HKVZKLSHH[LUJP}U
+LMVYTHNLULYHSSHSLNPZSHJP}UWVY[\N\LZHLZIHZ[HU[LHTIPN\HLUSV
X\LZLYLÄLYLHSHJJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZX\L
YLZPKLULULSWHxZKLMVYTHPYYLN\SHY,Z[HHTIPN
LKHKZLKLILWYPUJP
WHSTLU[LHSHL_PZ[LUJPHKLU\TLYVZHZJPYJ\SHYLZ`V[YVZKVJ\TLU[VZ
HKTPUPZ[YH[P]VZX\LPU[LU[HUHJSHYHY`L_WSPJHYSHSLNPZSHJP}U
(:0:;,5*0(:(50;(90(
((+<3;6:
<9.,5*0(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNV
] *VUKPJPVULZ!
³0UZJYPIPYZLLULSZPZ[LTHUHJPVUHSKLZHS\K`WYLZLU[HYSH[HYQL[HKLSHZLN\
YPKHKZVJPHS
³7HNHY \UH [HZH TVKLYHKVYH ,Z[H [HZH VZJPSH LU[YL ` L\YVZ KLWLUKPLUKV KL ZP SVZ ZLY]PJPVZ ZL SLZ WYLZ[HU LU JLU[YVZ ZHUP[HYPVZ V LU
OVZWP[HSLZ,_LUJPVULZ!T\QLYLZLTIHYHaHKHZVX\LOH`HUKHKVHS\aYL
JPLU[LTLU[L"WLYZVUHZJVUYLU[HIHQHVX\LYLJPILUHSN\UHWYLZ[HJP}UZV
JPHS"`WLYZVUHZ X\L WHKLJLU KL[LYTPUHKHZ LUMLYTLKHKLZ JY}UPJHZVLU
MLYTLKHKLZ[YHUZTPZPISLZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
70*<4(JJLZZ[VOLHS[O
JHYLMVY\UKVJ\TLU[LKTPNYHU[Z
WmN"`(*0+00TPNYHsqVLT
7VY[\NHS¶0UMVYTHsHV[PS
WmN
(UL_VKLS7VY[HYPHU¢
KLKLKPJPLTIYL
KL
] +LYLJOVZ!
:PW\LKLUKLTVZ[YHY\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ!PN\HSX\LSH
WVISHJP}UUHJPVUHS
:PUVW\LKLUKLTVZ[YHY\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ`UVLZ[mU
L_LU[VZKLSWHNV!56[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:PKLT\LZ[YHU\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ!
³7Y\LIHVÄJPHSKLYLZPKLUJPHZ\WLYPVYH KxHZ
³*VUZLN\PYSH¸PUZJYPWJP}U[LTWVYHS¹JVTVWHJPLU[LZKLSJLU[YVKLZHS\K
³7HNHYSH[HZHTVKLYHKVYHZHS]VLUJHZVKLL_LUJP}U,UJHZVKLX\LUVZL
[LUNHUYLJ\YZVZLJVU}TPJVZZ\ÄJPLU[LZOHIYmX\LZVSPJP[HYHSHHKTPUPZ[YH
JP}UZHUP[HYPH\UJLY[PÄJHKVKLZP[\HJP}ULJVU}TPJHWYLJHYPHWHYHJVUZLN\PYSH
L_LUJP}UKLSWHNVKLSHZ[HZHZTVKLYHKVYHZ
Q:PUVKLT\LZ[YHU\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ!
:PUV[PLULUYLJ\YZVZLJVU}TPJVZZ\ÄJPLU[LZ!
³:VSPJP[HYHSHHKTPUPZ[YHJP}UZHUP[HYPH\UJLY[PÄJHKVKLZP[\HJP}ULJVU}
TPJHWYLJHYPHWHYHJVUZLN\PYSHL_LUJP}UKLSWHNV
(;,5*0Ô5+,7904,950=,3@,:7,*0(30A(+(7(*0,5;,,?;,956
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNV
] *VUKPJPVULZ!
³0UZJYPIPYZLLULSZPZ[LTHUHJPVUHSKLZHS\K`WYLZLU[HYSH[HYQL[HZHUP[HYPH
³7HNHY \UH [HZH TVKLYHKVYH ,Z[H [HZH W\LKL H\TLU[HY KL L\YVZ H
L\YVZKLWLUKPLUKVKLZPSVZZLY]PJPVZZLWYLZ[HULUJLU[YVZZHUP[HYPVZ
VLUOVZWP[HSLZ,_LUJPVULZ!T\QLYLZLTIHYHaHKHZVX\LOH`HUKHKVHS\aYL
JPLU[LTLU[L"WLYZVUHZJVUYLU[HIHQHVX\LYLJPILUHSN\UHWYLZ[HJP}UZVJPHS"`
WLYZVUHZX\LWHKLJLUKL[LYTPUHKHZLUMLYTLKHKLZJY}UPJHZVLUMLYTLKHKLZ
[YHUZTPZPISLZ
³6I[LULYSHH\[VYPaHJP}UWYL]PHKL\UTtKPJVNLULYHSPZ[HWHYHHJJLKLYHSHH[LU
JP}ULZWLJPHSPaHKH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:PW\LKLUKLTVZ[YHY\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ!PN\HSX\LSH
WVISHJP}UUHJPVUHS
:PUVW\LKLUKLTVZ[YHY\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ`UVLZ[mU
L_LU[VZKLSWHNV!56[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
(UL_VKLS7VY[HYPHU¢
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:PKLT\LZ[YHU\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ!
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
³7Y\LIHVÄJPHSKLYLZPKLUJPHZ\WLYPVYH KxHZ
³*VUZLN\PYSH¸PUZJYPWJP}U[LTWVYHS¹JVTVWHJPLU[LZKLSJLU[YVKLZHS\K
³7HNHYSH[HZHTVKLYHKVYHZHS]VX\LZLLZ[tL_LU[V:PZLLZ[mL_LU[V
OHIYmX\LZVSPJP[HYHSHHKTPUPZ[YHJP}UZHUP[HYPH\UJLY[PÄJHKVKLZP[\HJP}U
LJVU}TPJHWYLJHYPHWHYHJVUZLN\PYSHL_LUJP}UKLSWHNVKLSHZ[HZHZTV
KLYHKVYHZ
Q:PUVKLT\LZ[YHU\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ!
:PUV[PLULUYLJ\YZVZLJVU}TPJVZZ\ÄJPLU[LZ!
³:VSPJP[HY H SH HKTPUPZ[YHJP}U ZHUP[HYPH \U JLY[PÄJHKV KL ZP[\HJP}U LJVU}
TPJHWYLJHYPHWHYHJVUZLN\PYSHL_LUJP}UKLSWHNV
/6:70;(30A(*0Ô505.9,:6
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNV
] *VUKPJPVULZ!
³0UZJYPIPYZLLULSZPZ[LTHUHJPVUHSKLZHS\K`WYLZLU[HYSH[HYQL[HZHUP[HYPH
³7HNHY\UH[HZHTVKLYHKVYHKLL\YVZHSKxHK\YHU[LSVZKPLaWYPTLYVZ
KxHZ,_LUJPVULZ!T\QLYLZLTIHYHaHKHZVX\LOH`HUKHKVHS\aYLJPLU
[LTLU[L" WLYZVUHZ JVU YLU[H IHQH V X\L YLJPILU HSN\UH WYLZ[HJP}U ZVJPHS"
`WLYZVUHZX\LWHKLJLUKL[LYTPUHKHZLUMLYTLKHKLZJY}UPJHZVLUMLYTL
KHKLZ[YHUZTPZPISLZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS:Ô36ZPW\LKLUKLTVZ[YHYX\LOHUYLZPKPKVLU
LSWHxZK\YHU[L\UWLYPVKVZ\WLYPVYH KxHZ
:PUVW\LKLUKLTVZ[YHY\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ`UVLZ[mU
L_LU[VZKLSWHNV!56[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
(UL_VKLS7VY[HYPHU¢
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q:PKLT\LZ[YHU\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ!
³7Y\LIHVÄJPHSKLYLZPKLUJPHZ\WLYPVYH KxHZ
³*VUZLN\PYSH¸PUZJYPWJP}U[LTWVYHS¹JVTVWHJPLU[LZKLSJLU[YVKLZHS\K
³7HNHYSH[HZHTVKLYHKVYHZHS]VX\LZLLZ[tL_LU[V,UJHZVKLX\LUV
ZL [LUNHU YLJ\YZVZ LJVU}TPJVZ Z\ÄJPLU[LZ OHIYm X\L ZVSPJP[HY H SH HK
TPUPZ[YHJP}UZHUP[HYPH\UJLY[PÄJHKVKLZP[\HJP}ULJVU}TPJHWYLJHYPHWHYH
JVUZLN\PYSHL_LUJP}UKLSWHNVKLSHZ[HZHZTVKLYHKVYHZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
Q:PUVKLT\LZ[YHU\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH
KxHZ!
:PUV[PLULUYLJ\YZVZLJVU}TPJVZZ\ÄJPLU[LZ!
³:VSPJP[HY H SH HKTPUPZ[YHJP}U ZHUP[HYPH \U JLY[PÄJHKV KL ZP[\HJP}U LJVU}
TPJHWYLJHYPHWHYHJVUZLN\PYSHL_LUJP}UKLSWHNV
(;,5*0Ô579,@76:;5(;(3
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VOHZ[HVJOVZLTHUHZKLZW\tZKLSWHY[V
] *VUKPJPVULZ!
³0UZJYPIPYZLLULSZPZ[LTHUHJPVUHSKLZHS\K`WYLZLU[HYSH[HYQL[HKLSHZLN\YP
KHKZVJPHS
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSPUKLWLUKPLU[LTLU[LKLS[PLTWVKLYLZPKLUJPH
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
;9(;(40,5;6(+<3;6:
4,+0*(4,5;6:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
(Y[KLS+LJYL[V3LPU¢
+LJYL[V3LP 9LNPTLKLJVTWHY[PJPWHsqV
KVLZ[HKVUVWYLsVKVZ
TLKPJHTLU[VZKLKLQ\UPV
KL TVKPÄJHKVWVYLS
+LJYL[V3LP KL
KLHNVZ[VKL=tHZL[HT
IPtU!7VY[HYPHKL
KLKPJPLTIYLKLLUTLU
KHKVWVY7VY[HYPH KL
KLHIYPSKL
] +LYLJOVZ!
(JJLZVNYH[\P[VVIHZHKVLUJVWHNVWHNVKL\UHKL[LYTPUHKHJHU[PKHKKLS
JVZ[LKLWLUKPLUKVKLSHJH[LNVYxHKLTLKPJHTLU[VZ
] *VUKPJPVULZ!
³0UZJYPIPYZLLULSZPZ[LTHUHJPVUHSKLZHS\K`WYLZLU[HYSH[HYQL[HZHUP[HYPH
³7HNHY\UKL[LYTPUHKVWVYJLU[HQLKLSJVZ[LKLSVZWYVK\J[VZMHYTHJt\[P
JVZ!LSWHYHSHJH[LNVYxH(LUMLYTLKHKLZNYH]LZJVTV[\ILYJ\SVZPZ
V=0/LSWHYHSHJH[LNVYxH)`LSWHYHSHJH[LNVYxH*,_JLW
JPVULZ!LZ[VZWVYJLU[HQLZZVUPUMLYPVYLZWHYHKL[LYTPUHKVZJVSLJ[P]VZ
JVTVSHZWLYZVUHZQ\IPSHKHZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS:Ô36ZPW\LKLUKLTVZ[YHYX\LOHUYLZPKPKVLU
LSWHxZK\YHU[L\UWLYPVKVZ\WLYPVYH KxHZ
:PUVW\LKLUKLTVZ[YHY\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ!56[PLULU
HJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
] *VUKPJPVULZ!
Q:PKLT\LZ[YHU\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZ!
³7Y\LIHVÄJPHSKLYLZPKLUJPHZ\WLYPVYH KxHZ
³*VUZLN\PYSH¸PUZJYPWJP}U[LTWVYHS¹JVTVWHJPLU[LZKLSJLU[YVKLZHS\K
³7HNHY\UKL[LYTPUHKVWVYJLU[HQLKLSJVZ[LKLSVZWYVK\J[VZMHYTHJt\[PJVZ
+,;,**0Ô5+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
3HZWY\LIHZKLKL[LJJP}UZVUHU}UPTHZ`NYH[\P[HZ
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSPUKLWLUKPLU[LTLU[LKLS[PLTWVKLYLZP
KLUJPH
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
;9(;(40,5;6+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³0UZJYPIPYZLLULSZPZ[LTHUHJPVUHSKLZHS\K`WYLZLU[HYSH[HYQL[HKLSHZLN\
YPKHKZVJPHS
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSPUKLWLUKPLU[LTLU[LKLS[PLTWVKLYLZPKLUJPH
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
6;9(:,5-,94,+(+,:05-,**06:(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VLU[VKVZSVZJHZVZKLLUMLYTLKHKLZKLUV[PÄJHJP}UVISPNH[V
YPHJVTVSH[\ILYJ\SVZPZ
] *VUKPJPVULZ!
³0UZJYPIPYZLLULSZPZ[LTHUHJPVUHSKLZHS\K`WYLZLU[HYSH[HYQL[HZHUP[HYPH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSPUKLWLUKPLU[LTLU[LKLS[PLTWVKLYLZPKLUJPH
3PZ[HKLLUMLYTLKHKLZ!
^^^KNZW[\WSVHKTLTIYVPK
ÄJOLPYVZP WKMPUMVYTH
JP}UKPZWVUPISLLUWVY[\N\tZ
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
4,569,:
4,569,:5(*065(3,:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VWHYHTLUVYLZKLH|VZVX\LYLZPKHULUJLU[YVZKLTL
UVYLZHJJLZVIHZHKVLUJVWHNVLULSYLZ[VKLJHZVZ
=HJ\UHZ! UPUN\UH ]HJ\UH LZ VISPNH[VYPH (SN\UHZ LZ[mU YLJVTLUKHKHZ 3HZ
]HJ\UHZPUJS\PKHZLULS7YVNYHTHKL=HJ\UHJP}U(U\HSZVUNYH[\P[HZ
] *VUKPJPVULZ!
³0UZJYPIPYZLLULSZPZ[LTHUHJPVUHSKLZHS\KJVTVILULÄJPHYPVZ`WYLZLU[HY
SH[HYQL[HZHUP[HYPH
³7HNHY SHZ [HZHZ TVKLYHKVYHZ ZHS]V LU SVZ JHZVZ KL UP|VZ TLUVYLZ KL
H|VZVTH`VYLZKLLZ[HLKHKX\LYLZPKHULUJLU[YVZKLHJVNPKHKL
TLUVYLZ
³6I[LULYSHH\[VYPaHJP}UWYL]PHKL\UTtKPJVNLULYHSPZ[HWHYHHJJLKLYHSH
H[LUJP}ULZWLJPHSPaHKH
/016:+,:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
4,569,::630*0;(5;,:+,(:03656(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
4,569,:0540.9(5;,:56(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ:Ô36TLUVYLZKLH|VZ
] *VUKPJPVULZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
7HYHNHYHU[PaHYZ\HJJLZV[PLULUX\LPUZJYPIPYZLLULSYLNPZ[YVKLTLUVYLZ
ZPUWLYTPZVKLYLZPKLUJPHNLZ[PVUHKVWVYLS(S[V*VTPZHYPHKVWHYHSH0UTP
NYHJP}U`LS+PmSVNV0U[LYJ\S[\YHS(*0+0
(Y[ZI`OKLS
+LJYL[V3LPU¢
/016:+,0540.9(5;,::057,940:6+,9,:0+,5*0(
*PYJ\SHY0UMVYTH[P]HU¢
+:7*:KLKLUV]PLTIYLKL
"`W\U[VKLSH*PYJ\SHY
0UMVYTH[P]HU¢+8:+4+
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ:Ô36TLUVYLZKLH|VZ
+LJYL[V3LPU¢KL
KLTHYaVKL"7VY[HYPH
U¢ KL KLHNVZ[VKL
"*PYJ\SHY0UMVYTH[P]HU¢
+:7*:KLKLUV]PLTIYLKL
] *VUKPJPVULZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ7HYHNHYHU[PaHYZ\HJJLZV[PLULUX\LPUZ
JYPIPYZLLULSYLNPZ[YVKLTLUVYLZZPUWLYTPZVKLYLZPKLUJPHNLZ[PVUHKVWVY
LS(S[V*VTPZHYPHKVWHYHSH0UTPNYHJP}U`LS+PmSVNV0U[LYJ\S[\YHS(*0+0
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
*,5;96:+,9,;,5*0Ô5
(+<3;6:
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHImZPJH`[YHZSHKVHSOVZWP[HSWISPJVZPLZUL
JLZHYPV*HKHJLU[YVKLYL[LUJP}UHZ\TLSVZJVZ[LZ3VZZLY]PJPVZKLZHS\KZL
HKHW[HYmUHSHZULJLZPKHKLZLZWLJxÄJHZKLSVZWHJPLU[LZ
4,569,:
(JJLZV H \UH ¸H[LUJP}U ZHUP[HYPH HKLJ\HKH¹! 3VZ TLUVYLZ Z}SV W\LKLU ZLY
LU]PHKVZHJLU[YVZKLYL[LUJP}UZPZ\ZWHKYLZ[HTIPtUZLLUJ\LU[YHUKLU[YV
KLSJLU[YV:PLSJLU[YVUVKPZWVULKLSHZPUZ[HSHJPVULZULJLZHYPHZWHYHHJVNLY
HMHTPSPHZWLYTHULJLYmUJVUZ\THKYL
(**,:6+,3(:(<;690+(+,:
(3(05-694(*0Ô5@
;9(5:-,9,5*0(+,+(;6:
7HYSHTLU[V,\YVWLV¶
+PYLJJP}U.LULYHSKL7VSx[PJHZ
0U[LYPVYLZKLSH<UP}U¸*VUKP
[PVUZKLZYLZZVY[PZZHU[ZKLWH`Z
[PLYZYL[LU\ZKHUZKLZJLU[YLZ
JHTWZKLKt[LU[PVUJLU[YLZ
V\]LY[ZHPUZPX\LKLZaVULZ
KL[YHUZP[H]LJ\ULH[[LU[PVU
WHY[PJ\SPuYLWVY[tLH\_ZLY]PJLZ
L[TV`LUZLUMH]L\YZKLZWLY
ZVUULZH\_ILZVPUZZWtJPÄX\LZ
H\ZLPUKLZ,[H[ZTLTIYLZ
KLS»<UPVU,\YVWtLUUL»»
9HWWVY[KL]PZP[LH\7VY[\NHS
WmNZ9LM!07*
30),0*KPZWVUPISL
LUMYHUJtZLUSH<93!^^^
JPTHKLVYN\WSVHKZ-PSLHKTPU
9HWWVY[F7VY[\NHSWKM
=tHZLHY[NKL
SH3L`KLKLQ\SPV
KLZVIYLSHSLNPZSHJP}U
YLSH[P]HHSHLU[YHKHSHLZ[HUJPH
SHZHSPKH`SHL_W\SZP}UKL
L_[YHUQLYVZKLU[YV`M\LYHKLS
[LYYP[VYPVUHJPVUHS
(Y[NKLSH3L`
"HY[`KLS
+LJYL[V9LN\SHTLU[HYU¢
KLKLUV]PLTIYL
KLX\LKLZHYYVSSHSH
3L`"-VYT\SHYPVKL
ZVSPJP[\K!^^^ZLMW[KVJ\
TLU[VZ*VUJLZZHVFZLTF
=PZ[VF0WKM
;YHUZMLYLUJPH KL PUMVYTHJP}U V HJJLZV H KH[VZ ZVIYL SH ZP[\HJP}U HK
TPUPZ[YH[P]H!HWHY[LKLSHSLNPZSHJP}UNLULYHSHWSPJHKHLUSVZJHZVZKLLU
MLYTLKHKLZKLUV[PÄJHJP}UVISPNH[VYPH`KLZVZWLJOHKLKLSP[VZUVL_PZ[L
UPUN\UHV[YHKPZWVZPJP}USLNHSX\LPUKPX\LX\LLSWLYZVUHSZHUP[HYPV`SHZHK
TPUPZ[YHJPVULZWISPJHZ[LUNHUX\L[YHUZMLYPYPUMVYTHJP}UZVIYLSHZP[\HJP}U
HKTPUPZ[YH[P]HKL\UHWLYZVUHHSHZH\[VYPKHKLZJVTWL[LU[LZLUTH[LYPHKL
PUTPNYHJP}U
3(56,?7<3:0Ô5
7699(A65,:4i+0*(:
7,940:6 +, 9,:0+,5*0( 769 9(A65,: 4i+0*(:!
¸7,940:6+,9,:0+,5*0(;,4769(3*65,?,5*0Ô5
+,=0:(+6+,9,:0+,5*0(¹
¦8<0i5,:367<,+,5:630*0;(9&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tUNYH]LTLU[LLUMLYTVZ *65+0*065,:!
³,UMLYTLKHKLZX\LYLX\PLYHU\UHHZPZ[LUJPHTtKPJHWYVSVUNHKH
³,UMLYTLKHKLZX\LPTWPKHU]VS]LYHSWHxZKLVYPNLU
³,S[YH[HTPLU[VKLILL]P[HY\UYPLZNVWHYHSHZHS\KKLSHWLYZVUH
³3H ZVSPJP[\K KLILYm WYLZLU[HZL HS :LY]PJPV KL ,_[YHUQLYxH ` -YVU[LYHZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
:LY]PsVKL,Z[YHUNLPYVZL-YVU[LPYHZQ\U[VJVU!
<UWHZHWVY[L]mSPKV\V[YVKVJ\TLU[VKL]PHQL]mSPKVKVJ\TLU[VKL]PH
NLT
Q
1\Z[PÄJHU[LKLKVTPJPSPV
Q
1\Z[PÄJHU[LKLX\LZL[PLULUYLJ\YZVZLJVU}TPJVZZ\ÄJPLU[LZWHYHZ\IZPZ[PY
Q
,S:,-:LY]PJPVKL,_[YHUQLYxH`-YVU[LYHZYLX\LYPYmHJJLKLYHSYLNPZ[YVKLHU
[LJLKLU[LZWLUHSLZKL7VY[\NHS
Q
*LY[PÄJHKVKLHU[LJLKLU[LZWLUHSLZL_WLKPKVWVYLSWHxZKLVYPNLU
Q
<UJLY[PÄJHKVTtKPJVVÄJPHSX\LPUKPX\LX\LLSZVSPJP[HU[LZ\MYL\UHLUMLYTLKHK
WYVSVUNHKHX\LSLPTWPKL]VS]LYHZ\WHxZKLVYPNLUZPUWVULYLUWLSPNYVZ\ZHS\K
Q
+<9(*0Ô5!
,Z[LWLYTPZV[PLULU\UH]HSPKLaKL\UH|V`LZYLUV]HISLWVYWLYPVKVZZ\JL
ZP]VZKLKVZH|VZ
(Y[KLSH3L`
`HY[KLS+LJYL[V
9LN\SHTLU[HYU¢X\L
KLZHYYVSSHSH3L`
(Y[KLSH3L`
(**,:6(3((:0:;,5*0(:(50;(90(!
<UH]LaX\LOH`HUVI[LUPKVLZ[LWLYTPZV[PLULUKLYLJOVHHJJLKLYHSHH[LU
JP}UZHUP[HYPHLUSHZTPZTHZJVUKPJPVULZX\LSHWVISHJP}UUHJPVUHS
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%769;<.(3
79Í*;0*(
3(=0:0Ô5+,4i+0*6:+,34<5+6
769;<.(3:6)9,3(:0;<(*0Ô5,53(
79Í*;0*(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHK\S[VZ`TLUVYLZ
,USHWYmJ[PJHLSHJJLZVHSHHZPZ[LUJPHZHUP[HYPHPTWSPJH\UHOHIPSPKHK
WHYHYLHSPaHY[VKVZSVZ[YmTP[LZHKTPUPZ[YH[P]VZZHIPLUKVZVY[LHYKPZ[PU
[VZVIZ[mJ\SVZJVTVSHJVTWSLQPKHKKLSZPZ[LTHSHMHS[HKLPUMVYTHJP}U
SHZ IHYYLYHZ SPUN
xZ[PJHZ L[J (KLTmZ ZP LZ[HZ WLYZVUHZ UV JVUZPN\LU
KLTVZ[YHY\U[PLTWVKLYLZPKLUJPHZ\WLYPVYH KxHZKLILUWHNHYNYHU
WHY[LKLSVZ[YH[HTPLU[VZX\LYLJPILU
7VYV[YVSHKVL_PZ[LLSTPLKVHX\LHSYL]LSHYZ\WYLZLUJPHLULS[LYYP[VYPV
WVY[\N\tZ[HUHIPLY[HTLU[LZLHYYPLZN\LUHX\LZLSLZL_W\SZLHWLZHY
KLX\LLUWYPUJPWPVSHZH\[VYPKHKLZUV[PLULUHJJLZVHSHOPZ[VYPHJSxUPJH
KLSVZWHJPLU[LZ`LSWLYZVUHSZHUP[HYPVLZ[mZ\QL[VHSZLJYL[VTtKPJV
(KLTmZV[YVZMHJ[VYLZX\LYLWLYJ\[LULULSHJJLZVHSHZHUPKHKKLSH
WVISHJP}UPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPHZVUSHLZJHZLaNLULYH
SPaHKHKLWLYZVUHSTtKPJV`KLYLJ\YZVZ`SHZH[\YHJP}UKLSVZZLY]PJPVZ
KL\YNLUJPHZ
3VZ TLUVYLZ W\LKLU PUZJYPIPYZL LU LS ZPZ[LTH UHJPVUHS KL ZHS\K PUKL
WLUKPLU[LTLU[LKLZ\ZP[\HJP}UHKTPUPZ[YH[P]H`WVYSVNLULYHS[PLULU
HJJLZVHSHHZPZ[LUJPHZHUP[HYPHKLZKLLSTPZTVKxHLUX\LSSLNHUHSWHxZ
(SPN\HSX\LSVZTLUVYLZUHJPVUHSLZ[PLULUX\LWHNHYLS¸[PJRL[¹ZHS]V
X\LZLKLT\LZ[YLX\LZLLUJ\LU[YHULU\UHZP[\HJP}ULJVU}TPJHWYL
JHYPHOLJOVX\LUVLZT\`KPMxJPSKLKLTVZ[YHY3VZHZPZ[LU[LZZVJPHSLZ
KLSOVZWP[HSZ\LSLULUJHYNHYZLKLL]HS\HYZPSHMHTPSPHKLSTLUVYUV[PLUL
YLJ\YZVZZ\ÄJPLU[LZWHYHWHNHYSH[HZHTVKLYHKVYH
(JJLZVHSHZHUPKHKLUSVZJLU[YVZKLYL[LUJP}U
7HYHTmZPUMVYTHJP}U
ZVIYLSHZP[\HJP}ULUSHWYmJ[PJH
`LSWHWLSX\LKLZLTWL|H
SHZVJPLKHKJP]PSLU7VY[\NHS
]tHZL!70*<4(JJLZZ[V
OLHS[OJHYLMVY\UKVJ\TLU[LK
TPNYHU[ZWmNZ
,S:,-:LY]PJPVKL,_[YHUQLYxH`-YVU[LYHZ[PLUL\UWYV[VJVSVJVU4tKP
JVZKLS4\UKV7VY[\NHSZVIYLSHWYLZ[HJP}UKLZLY]PJPVZTtKPJVZ4tKP
JVZKLS4\UKVH[YH]tZKLWYVMLZPVUHSLZZHUP[HYPVZZLLUJHYNHKLWYV
WVYJPVUHY HZPZ[LUJPH TtKPJH H SVZ PU[LYUVZ KLS JLU[YV KL YL[LUJP}U KL
6WVY[V (Zx JHKH THY[LZ \U TtKPJV ` \U LUMLYTLYV WHZHU JVUZ\S[H H
SHZWLYZVUHZX\LZLLUJ\LU[YHULULSJLU[YV,_PZ[L[HTIPtU\UHZHSHKL
JVUZ\S[H JVU LS LX\PWHTPLU[V ImZPJV JYLHKH WVY LS :,- ` LU JHZV KL
X\LZ\YQHUKPÄJ\S[HKLZSPUN
xZ[PJHZLSWHJPLU[LW\LKL[LULYHJJLZVHZLY
]PJPVZKLPU[LYWYL[HJP}U:PZ\YNL\UH\YNLUJPHZL[YHZSHKHHSHWLYZVUH
HSOVZWP[HS`4tKPJVZKLS4\UKVJVU[YVSHLSWYVJLKPTPLU[V*HILZL|HSHY
X\LSHLSLJJP}UKLSOVZWP[HSKLWLUKLKLSHLUMLYTLKHKLUJ\LZ[P}U
4tKPJVZKLS4\UKV7VY[\NHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
,:7(j(
:0:;,4(:(50;(906
(Y[KLSH3L`.LULYHSKL
:HUPKHK KLKLHIYPS
KL =tHZL[HTIPtULSHY[
KLSH*VUZ[P[\JP}U,ZWH|VSH
KL (WYV_PTHKHTLU[LLSKL
SHWVISHJP}UUVLZ[mJ\IPLY[VWVYLS
:PZ[LTH.LULYHSKL:LN\YPKHK:V
JPHS<UHWHY[LKLLZ[LWVYJLU[HQL
J\LU[HJVUV[YV[PWVKLZLN\YV`
V[YH\UHZWLYZVUHZUV
LZ[mJ\IPLY[HWVYUPUNUZLN\YVKL
ZHS\KWISPJV=tHZL!1VZt4HU\LS
-YLPYL*HTWV¸3VZZPZ[LTHZKL
HZLN\YHTPLU[VZHUP[HYPVKLYPLZNVZ
KLLUMLYTLKHKLU,ZWH|H¹LU
*P\KHKHUxH:HUP[HYPH
=tHZLLS9LHS+LJYL[V
WVYLSX\LZLL_[PLUKL
SHJVILY[\YHKLSHHZPZ[LUJPHZHUP
[HYPHKLSH:LN\YPKHK:VJPHSHSHZ
WLYZVUHZZPUYLJ\YZVZZ\ÄJPLU[LZ
KLKLZLW[PLTIYLKL ,Z[L
KLJYL[VL_[PLUKLLSKLYLJOVKL
HJJLZVHSHZHUPKHKKLU[YVKLS
:PZ[LTHKLSH:LN\YPKHK:VJPHSH
X\PLULZZLLUJ\LU[YHUWVYKLIHQV
KL\UKL[LYTPUHKV\TIYHSLJVU}
TPJV`UV[PLULU:LN\YPKHK:VJPHS
,S\TIYHSZLÄQHHWHY[PYKLSZHSHYPV
TxUPTVPU[LYWYVMLZPVUHSL\YVZ
TLUZ\HSLZLU (SHZWLYZVUHZZVSPJP[HU[LZ
KLHZPSVZLSLZW\LKLYLX\LYPY\U
YLJVUVJPTPLU[VTtKPJVVISPNH[VYPV
LULSTVTLU[VKLZ\SSLNHKH
=tHZLLSHY[ KLS9LHS+LJYL[V
WVYLSX\LZLHWY\LIH
LS9LNSHTLU[VKLSH3L`6YNmUPJH
KLKLLULYVZVIYLKLYL
JOVZ`SPILY[HKLZKLSVZL_[YHUQLYVZ
LU,ZWH|H`Z\PU[LNYHJP}U:VJPHS
KLKLKPJPLTIYLKL
:LNUSHZUVYTH[P]HZYLNPV
UHSLZHWSPJHISLZZPUVZLW\LKL
KLTVZ[YHYSHMHS[HKLYLJ\YZVZ
ZLZ\LSLHJLW[HY\UHKLJSHYHJP}U
Q\YHKH
(Y[KLSH3L`6YNmUPJH
ZVIYLKLYLJOVZ`SPILY[HKLZ
KLSVZL_[YHUQLYVZLU,ZWH|H`Z\
PU[LNYHJP}UZVJPHSKLKLLULYV
KL=LmZL[HTIPtULSHY[
KLSH3L` 9LN\SHKVYH
KLSHZ)HZLZKLS9tNPTLU3VJHS
KLKLHIYPSKL `SH9LZVS\
JP}UJVUQ\U[HKLSH7YLZPKLU[HKLS
0UZ[P[\[V5HJPVUHSKL,Z[HKxZ[PJH
`KLS+PYLJ[VYNLULYHSKL*VVWL
YHJP}U;LYYP[VYPHSWVYSHX\LZL
KPJ[HUPUZ[Y\JJPVULZ[tJUPJHZHSVZ
(`\U[HTPLU[VZZVIYLHJ[\HSPaHJP}U
KLS7HKY}UT\UPJPWHSKLKLQ\SPV
KL ,ZWH|HJ\LU[HJVU\UZPZ[LTHUHJPVUHSKLZHS\KX\LZLÄUHUJPHH[YH
]tZ KL PTW\LZ[VZ ` X\L WYLZLU[H \UH UV[HISL KLZJLU[YHSPaHJP}U KL SHZ
JVTWL[LUJPHZHSHZJVT\UPKHKLZH\[}UVTHZ,_PZ[LU[HTIPtUHSN\UVZ
ZPZ[LTHZKLZLN\YVZWISPJVZ`WYP]HKVZWHYHKL[LYTPUHKHZWYVMLZPVULZ
`V[YVZZLN\YVZKLZHS\KWYP]HKVZ
+,9,*/6+,(**,:6
(3(:(50+(+
7VISHJP}U UHJPVUHS ` WLYZVUHZ JVU WLYTPZV KL YLZPKLUJPH! *VTV
WYPUJPWPVNLULYHS[PLULUKLYLJOVHHJJLKLYNYH[\P[HTLU[LHSHHZPZ[LUJPH
ZHUP[HYPH LU SVZ JLU[YVZ KL ZHS\K ` OVZWP[HSLZ KLS :LY]PJPV 5HJPVUHS KL
:HS\K­[VKVZSVZLZWH|VSLZ`SVZJP\KHKHUVZL_[YHUQLYVZX\L[LUNHULZ
[HISLJPKHZ\YLZPKLUJPHLULS[LYYP[VYPVUHJPVUHS®:PULTIHYNVL_PZ[L
\U WVYJLU[HQL IHZ[HU[L YLK\JPKV KL SH WVISHJP}U UHJPVUHS X\L X\LKH
L_JS\PKV KLS ZPZ[LTH ,S KLYLJOV KL HJJLZV H SH ZHUPKHK PUJS\`L SH
TH`VY WHY[L KL SVZ ZLY]PJPVZ ZHUP[HYPVZ ` [YH[HTPLU[VZ ZHS]V WLX\L|HZ
L_JLWJPVULZJVTVSVZWYVK\J[VZ}W[PJVZVSVZ[YH[HTPLU[VZKLMLY[PSPaH
JP}UPU]P[YV
,_JLW[V LU SVZ JHZVZ KL \YNLUJPHZ SH UPJH JVUKPJP}U WHYH HJJLKLY H
SHH[LUJP}UZHUP[HYPHLZWYLZLU[HYSHJHY[PSSHKLSH:LN\YPKHK:VJPHSVSH
;HYQL[H:HUP[HYPH0UKP]PK\HS<UYLX\PZP[VX\LKLILZLYJ\TWSPKV[HU[VWVY
[YHIHQHKVYLZX\LWHNHUZ\JVU[YPI\JP}UHSHZLN\YPKHKZVJPHS`Z\ZMH
TPSPHYLZJVTVWVYX\PLUUV[PLULZ\ÄJPLU[LZYLJ\YZVZLJVU}TPJVZ3H
JHY[PSSH KL SH :LN\YPKHK :VJPHS LZ[m KLZHWHYLJPLUKV WYVNYLZP]HTLU[L `
SHZWLYZVUHZJVU:LN\YPKHK:VJPHSYLJPILUSH;HYQL[H:HUP[HYPH0UKP]PK\HS
L_WLKPKHWVYSHZ*VUZLQLYxHZKL:HS\KKLSHZJVT\UPKHKLZH\[}UVTHZ
3HUPJHJVUKPJP}UWHYHVI[LULYSHLZYLNPZ[YHYZLLULSWHKY}UWHYHLSSV
KLILUWYLZLU[HYLS+50`\UHWY\LIHKLX\LZL[PLULLSKVTPJPSPVLULZL
KPZ[YP[V
,USHTH`VYxHKLSHZJVT\UPKHKLZH\[}UVTHZ[HU[VZVSPJP[HU[LZKLHZPSV
JVTV PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH L_JLW[V LU SVZ JHZVZ
KL TLUVYLZ ` T\QLYLZ LTIHYHaHKHZ [PLULU X\L LTWHKYVUHYZL WYL]PH
TLU[LWHYHVI[LULYSH[HYQL[HZHUP[HYPHHSPN\HSX\LSVZJP\KHKHUVZLZ
WH|VSLZ`KLTVZ[YHYX\LUV[PLULUZ\ÄJPLU[LZYLJ\YZVZLJVU}TPJVZ
3HZJVUKPJPVULZWHYHYLNPZ[YHYZLLULSWHKY}UZVUSHZZPN\PLU[LZ ![LULY
\UWHZHWVY[L]mSPKV`KLTVZ[YHYSHYLZPKLUJPHOHIP[\HSJVU\UJVU[YH[V
KL HSX\PSLY \UH H\[VYPaHJP}U KLS WYVWPL[HYPV V KLS JVHYYLUKH[HYPV V \U
JVU[YH[V KL HN\H LSLJ[YPJPKHK L[J (KLTmZ WHYH THU[LULY SH ;HYQL[H
:HUP[HYPH 0UKP]PK\HS LS YLNPZ[YV LU LS WHKY}U ZL [PLUL X\L YLUV]HY JHKH
KVZH|VZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
4\JOHZWLYZVUHZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHUVVI[PLULUSH
[HYQL[H ZHUP[HYPH WVY UV WVKLY J\TWSPY LZ[VZ YLX\PZP[VZ ,U LZ[L JHZV `
J\HUKVZL[YH[HKLLUMLYTLKHKLZJY}UPJHZLZWLJxÄJHZJVTVLS=0/VSH
KPHIL[LZHSN\UHZJVT\UPKHKLZH\[}UVTHZWLYTP[LUHJJLKLYHSVZ[YH
[HTPLU[VZULJLZHYPVZZPUSH;HYQL[H:HUP[HYPH0UKP]PK\HS,SUPJVYLX\PZP[V
LZJVU[HYJVULS+VJ\TLU[VKL(ZPZ[LUJPH:HUP[HYPH+(:"\UKVJ\TLU
[V X\L H\UX\L UV L_PNL [LULY \U WHZHWVY[L ]mSPKV WHYH Z\ VI[LUJP}U
WYLZLU[H\UH]HSPKLaSPTP[HKHZLPZTLZLZYLUV]HISLZV[YVZZLPZSVX\L
W\LKL WYV]VJHY X\L SVZ WHJPLU[LZ ZL ]LHU VISPNHKVZ H PU[LYY\TWPY Z\Z
[YH[HTPLU[VZ
7HYHL]P[HYSHZKPÄJ\S[HKLZKLHJJLZVHSHZHUPKHKHSN\UHZJVT\UPKHKLZ
H\[}UVTHZ OHU KLZHYYVSSHKV \U ZPZ[LTH TmZ ZVSPKHYPV X\L JVUZPZ[L LU
WYVWVYJPVUHYHLZ[VZPUTPNYHU[LZ\UH[HYQL[HZHUP[HYPHLUHSN\UVZJHZVZ
SSHTHKH¸[HYQL[HZVSPKHYPH¹ZPUX\L[LUNHUX\LYLNPZ[YHYZLWYL]PHTLU[L
LULSH`\U[HTPLU[V;HSLZLSJHZVKL(UKHS\JxHKLSH*VT\UPKHK=HSLU
JPHUHKLSH9LNP}UKL4\YJPH`KL,_[YLTHK\YH
(:0:;,5*0(:(50;(90(
((+<3;6:
<9.,5*0(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
5PUN\UHJVUKPJP}UWHY[PJ\SHY
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
(;,5*0Ô5+,7904,950=,3@,:7,*0(30A(+(7(*0,5;,,?;,956
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q4PLTIYVZHÄSPHKVZVILULÄJPHYPVZKLSH:LN\YPKHK:VJPHS!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU
Q7LYZVUHZJVUPUNYLZVZIHQVZ!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU`KLTVZ[YHYSHMHS[HKLYLJ\YZVZ
LJVU}TPJVZ
³(\[VYPaHJP}UWYL]PHKL\UTtKPJVKLMHTPSPH\V[YVLZWLJPHSPZ[HWHYHHJJLKLY
HSHH[LUJP}ULZWLJPHSPaHKH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HS X\L SH WVISHJP}U UHJPVUHS JVU LS TPZTV UP]LS KL YLJ\YZVZ ZPU LTIHYNV
LUSHWYmJ[PJHW\LKLX\LUVJ\TWSHUSVZYLX\PZP[VZWHYHLTWHKYVUHYZL`WVY
[HU[VW\LKLX\LUVVI[LUNHUSH;HYQL[H:HUP[HYPH0UKP]PK\HS
/6:70;(30A(*0Ô505.9,:6
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
(Y[KLSH3L` YLN\SHKVYHKLSKLYLJOVKLHZPSV`
KLSHJVUKPJP}UKLYLM\NPHKVKL
KL4HYaVKL "HY[KLSH
3L`
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q4PLTIYVZHÄSPHKVZVILULÄJPHYPVZKLSH:LN\YPKHK:VJPHS!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU
Q7LYZVUHZJVUPUNYLZVZIHQVZ!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU`KLTVZ[YHYSHMHS[HKLYLJ\YZVZ
LJVU}TPJVZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSJVULSTPZTVUP]LSKLYLJ\YZVZZPULTIHYNV
LUSHWYmJ[PJHW\LKLX\LUVJ\TWSHUSVZYLX\PZP[VZWHYHLTWHKYVUHYZL`WVY
[HU[VW\LKLX\LUVVI[LUNHUSH;HYQL[H:HUP[HYPH0UKP]PK\HS
(;,5*0Ô579,@76:;5(;(3
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q4PLTIYVZHÄSPHKVZVILULÄJPHYPVZKLSH:LN\YPKHK:VJPHS!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU
Q7LYZVUHZJVUPUNYLZVZIHQVZ!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU`KLTVZ[YHYSHMHS[HKLYLJ\YZVZ
LJVU}TPJVZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHYLULZ[LJHZVUVLZULJLZHYPV
LTWHKYVUHYZLWHYHVI[LULYSH;HYQL[H:HUP[HYPH0UKP]PK\HS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
(JJLZVNYH[\P[VK\YHU[L
LSLTIHYHaVLSWHY[V`SH
H[LUJP}UWVZ[UH[HS=tHZLLSHY[
KLSH3L`
0IxK
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHYLULZ[LJHZVUVLZULJLZHYPV
LTWHKYVUHYZLWHYHVI[LULYSH;HYQL[H:HUP[HYPH0UKP]PK\HS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
;9(;(40,5;6(+<3;6:
4,+0*(4,5;6:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNVWHNVKLSKLSWYLJPVKLSTLKPJHTLU[V
] *VUKPJPVULZ!
Q4PLTIYVZHÄSPHKVZVILULÄJPHYPVZKLSH:LN\YPKHK:VJPHS!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU
Q7LYZVUHZJVUPUNYLZVZIHQVZ!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU`KLTVZ[YHYSHMHS[HKLYLJ\YZVZ
LJVU}TPJVZ
³7HNHYLSKLSJVZ[LKLSVZWYVK\J[VZMHYTHJt\[PJVZ,_JLWJPVULZ!WLU
ZPVUPZ[HZWLYZVUHZHSHZX\LZLSLZJVUJLKLSHPUJHWHJPKHK[LTWVYHS`WLY
ZVUHZX\LWHKLJLUKL[LYTPUHKHZLUMLYTLKHKLZJY}UPJHZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSJVULSTPZTVUP]LSKLYLJ\YZVZZPULT
IHYNVLUSHWYmJ[PJHW\LKLX\LUVJ\TWSHUSVZYLX\PZP[VZWHYHLTWHKYV
UHYZL`WVY[HU[VW\LKLX\LUVVI[LUNHUSH;HYQL[H:HUP[HYPH0UKP]PK\HS
+,;,**0Ô5+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
3H*VT\UPKHK=HSLUJPHUH
WYVWVYJPVUHTLKPJHTLU[VZ
NYH[\P[HTLU[LHSVZPUTPNYHU[LZ
ZPUWLYTPZVKLYLZPKLUJPHX\L
OH`HUVI[LUPKVSH¸[HYQL[H
ZVSPKHYPH¹
] *VUKPJPVULZ!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS:PULTIHYNV[HTIPtUL_PZ[LUJLU
[YVZWISPJVZJVTVSVZJLU[YVZKLLUMLYTLKHKLZKL[YHUZTPZP}UZL_\HS`
65.X\LUVYLX\PLYLUUPUN\UHKVJ\TLU[HJP}U
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
;9(;(40,5;6+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q4PLTIYVZHÄSPHKVZVILULÄJPHYPVZKLSH:LN\YPKHK:VJPHS!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU
Q7LYZVUHZJVUPUNYLZVZIHQVZ!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU`KLTVZ[YHYSHMHS[HKLYLJ\YZVZ
LJVU}TPJVZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSJVULSTPZTVUP]LSKLYLJ\YZVZ:PULTIHYNV
LUSHWYmJ[PJHW\LKLX\LUVJVUZPNHUJ\TWSPYSVZYLX\PZP[VZWHYHLTWHKYV
UHYZL`WVY[HU[VW\LKLX\LUVVI[LUNHUSH;HYQL[H:HUP[HYPH0UKP]PK\HS,U
JHZVKLX\LUVJ\TWSHUSHZJVUKPJPVULZWHYHYLNPZ[YHYZLLUHSN\UHZJVT\
UPKHKLZH\[}UVTHZJVTV4HKYPK`.HSPJPHW\LKLUVI[LULYLS¸+VJ\TLU[V
KL(ZPZ[LUJPH:HUP[HYPH¹X\LSLZWLYTP[LHJJLKLYHS[YH[HTPLU[VHU[PYYL[YV]PYHS
K\YHU[L\UWLYPVKVTm_PTVKL\UH|V
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
;9(;(40,5;6+,6;9(:,5-,94,+(+,:05-,**06:(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
*HILKPZ[PUN\PYKVZZP[\HJPVULZKPZ[PU[HZ!
Q4PLTIYVZHÄSPHKVZVILULÄJPHYPVZKLSH:LN\YPKHK:VJPHS!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU
Q7LYZVUHZJVUPUNYLZVZIHQVZ!
³7YLZLU[HYSH;HYQL[H:HUP[HYPH0UKP]PK\HS7HYHVI[LULYSH[HYQL[HKLILULTWH
KYVUHYZLLULST\UPJPWPVLULSX\LYLZPKLU`KLTVZ[YHYSHMHS[HKLYLJ\YZVZ
LJVU}TPJVZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSJVULSTPZTVUP]LSKLYLJ\YZVZZPULTIHYNV
LUSHWYmJ[PJHW\LKLX\LUVJ\TWSHUSVZYLX\PZP[VZWHYHLTWHKYVUHYZL`
WVY[HU[VW\LKLX\LUVVI[LUNHUSH;HYQL[H:HUP[HYPH0UKP]PK\HS5VVIZ
[HU[LLUT\JOHZJVT\UPKHKLZH\[}UVTHZSHZ(KTPUPZ[YHJPVULZ7ISPJHZ
MHJPSP[HUNLULYHSTLU[LLSHJJLZVHSKPHNU}Z[PJV`[YH[HTPLU[VKLSH[\ILYJ\SV
ZPZ`KLV[YHZLUMLYTLKHKLZPUMLJJPVZHZNYH]LZHJ\HSX\PLYWLYZVUHH[YH]tZ
KLS¸+VJ\TLU[VKL(ZPZ[LUJPH:HUP[HYPH¹VWVY]xHZPUMVYTHSLZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
4,569,:
4,569,:5(*065(3,:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHZWLYZVUHZHK\S[HZ!HJJLZVNYH[\P[VH[VKVZSVZ[PWVZKLH[LUJP}U
ZHUP[HYPH
=HJ\UHZ!UPUN\UH]HJ\UHLZVISPNH[VYPH(SN\UHZLZ[mUYLJVTLUKHKHZ`ZVU
NYH[\P[HZ
] *VUKPJPVULZ!
³4VZ[YHYSH;HYQL[H:HUP[HYPH0UKP]PK\HSHSN\UVZTLUVYLZLZ[mUYLNPZ[YHKVZ
LUSHJHY[PSSHZHUP[HYPHKLZ\ZWHKYLZ
³(\[VYPaHJP}UWYL]PHKL\UTtKPJVKLMHTPSPH\V[YVLZWLJPHSPZ[HWHYHHJ
JLKLYHSHH[LUJP}ULZWLJPHSPaHKH
/016:+,:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
0N\HS X\L SVZ TLUVYLZ UHJPVUHSLZ ,U LZ[L JHZV UV LZ ULJLZHYPV LTWHKYV
UHYZLWHYHVI[LULYSH;HYQL[H:HUP[HYPH0UKP]PK\HS
4,569,::630*0;(5;,:+,(:03656(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
0N\HS X\L SVZ TLUVYLZ UHJPVUHSLZ ,U LZ[L JHZV UV LZ ULJLZHYPV LTWHKYV
UHYZLWHYHVI[LULYSH;HYQL[H:HUP[HYPH0UKP]PK\HS
4,569,:0540.9(5;,:56(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZTLUVYLZKLH|VZ
] *VUKPJPVULZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ,ULZ[LJHZVUVLZULJLZHYPVLTWHKYV
UHYZLWHYHVI[LULYSH;HYQL[H:HUP[HYPH0UKP]PK\HS
(Y[KLSH3L`
0IxK
0IxK
0IxK
0IxK
/016:+,0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZTLUVYLZKLH|VZ
] *VUKPJPVULZ!
0N\HS X\L SVZ TLUVYLZ UHJPVUHSLZ ,U LZ[L JHZV UV LZ ULJLZHYPV LTWHKYV
UHYZLWHYHVI[LULYSH;HYQL[H:HUP[HYPH0UKP]PK\HS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
*,5;96:+,9,;,5*0Ô5
(+<3;:
(JJLZVH\UH¸H[LUJP}UZHUP[HYPHHKLJ\HKH¹!H[LUJP}UKLWYPTLYUP]LSKLU[YV
KLSJLU[YV`H[LUJP}ULZWLJPHSPaHKHLPUNYLZVZOVZWP[HSHYPVZM\LYHKLSJLU[YVKL
PU[LYUHTPLU[VKLL_[YHUQLYVZ*0,
,U JHKH JLU[YV LZ[HYm KPZWVUPISL \U ZLY]PJPV TtKPJV IHQV SH YLZWVUZHIPSPKHK
KL\UTtKPJVNLULYHSPZ[HX\LJ\LU[HJVULSHWV`VKL\UWYVMLZPVUHSKLLUMLY
TLYxH,Z[LZLY]PJPVLZYLZWVUZHISLKLSHHZPZ[LUJPHTtKPJH`MHYTHJt\[PJHHZx
JVTVKLSHVYNHUPaHJP}U`SHJVVYKPUHJP}UKLSVZZLY]PJPVZZHUP[HYPVZYLSHJPV
UHKVZJVUSHHSPTLU[HJP}USHOPNPLULWLYZVUHSSH]LZ[PTLU[HSHZJVUKPJPVULZ
KLZHS\IYPKHK]LU[PSHJP}ULPS\TPUHJP}U`LSHPZSHTPLU[VKLWLYZVUHZX\LWH
KLaJHU HSN\UH LUMLYTLKHK MxZPJH V WZxX\PJH V [V_PJVTHUxH X\L ZPU YLX\LYPY
H[LUJP}UOVZWP[HSHYPHHJVUZLQLZ\ZLWHYHJP}U
,USHZOVYHZWVZ[LYPVYLZHSHSSLNHKHKL\UHWLYZVUHH\U*0,ZLYLHSPaH\U
YLJVUVJPTPLU[V TtKPJV JVU LS VIQL[P]V KL PKLU[PÄJHY WVZPISLZ LUMLYTLKHKLZ
MxZPJHZVTLU[HSLZVHKPJJP}UHSHZKYVNHZ+LLZ[HMVYTHZPM\LYHULJLZHYPV
ZLWYVWVYJPVUHYmLS[YH[HTPLU[VHKLJ\HKVVPUJS\ZVZLHPZSHYm\OVZWP[HSPaHYm
HSHWLYZVUH 3HWYV]PZP}UKLZLY]PJPVZTtKPJVZ`ZVJPHSLZLZJVTWL[LUJPHKLS4PUPZ[LYPVKLS
0U[LYPVY:PULTIHYNVW\LKLHJVYKHYZLX\LLZ[VZZLY]PJPVZZLHUJVTWL[LUJPH
KLV[YVZTPUPZ[LYPVZVLU[PKHKLZWISPJHZVWYP]HKHZZPUmUPTVKLS\JYV(
TLU\KVLZ[VZZLY]PJPVZZVUZ\TPUPZ[YHKVZWVYLZWLJPHSPZ[HZX\LWLY[LULJLU
HSH7VSPJxH5HJPVUHS
4,569,:
(JJLZV H \UH ¸H[LUJP}U ZHUP[HYPH HKLJ\HKH¹ LU SHZ TPZTHZ JVUKPJPVULZ X\L
SVZHK\S[VZ;HUZ}SVZLWVKYmLU]PHYHSHZ`SVZTLUVYLZHJLU[YVZKLPU[LYUH
TPLU[VKLL_[YHUQLYVZJ\HUKVSVZVSPJP[LUZ\ZWHKYLZZPLTWYLX\LtZ[VZLZ[tU
[HTIPtUKLU[YVKLSJLU[YV`X\LL_PZ[HUT}K\SVZX\LNHYHU[PJLUSHPU[PTPKHK
MHTPSPHY
(Y[IPZKKLSH3L`
`HY[Z`
KLSH6YKLU4PUPZ[LYPHSZVIYL
M\UJPVUHTPLU[V`YtNPTLUPU[LYPVY
KLSVZJLU[YVZKLPU[LYUHTPLU[V
KLL_[YHUQLYVZKLKLMLIYLYV
KL
(Y[KLSH6YKLU4PUPZ[L
YPHSKLKLMLIYLYVKL
(Y[Z`IPZPKLSH
3L``(Y[KLSH6YKLU
4PUPZ[LYPHSKL
+PZWVZPJP}UHKPJPVUHSZL_[H
KLSH3L`KLYLMVYTHKL
SH3L`6YNmUPJHKLKL
LULYVZVIYLKLYLJOVZ`SPILY[HKLZ
KLSVZL_[YHUQLYVZLU,ZWH|H`
Z\PU[LNYHJP}UZVJPHSKLKL
KPJPLTIYLKL
(**,:6+,3(:(<;690+(+,:
(3(05-694(*0Ô5@
;9(5:-,9,5*0(+,+(;6:
;YHUZMLYLUJPH KL PUMVYTHJP}U V HJJLZV H KH[VZ ZVIYL SH ZP[\HJP}U HK
TPUPZ[YH[P]H!3HWVSPJxHW\LKLHJJLKLYHSHIHZLKLKH[VZKLWLYZVUHZL_
[YHUQLYHZ LTWHKYVUHKHZ LU SVZ H`\U[HTPLU[VZ ,Z[L OLJOV WVKYxH PUÅ\PY
LU SH KLJPZP}U KL ZVSPJP[HY SH ;HYQL[H :HUP[HYPH 0UKP]PK\HS KL SVZ PUTPNYHU[LZ
X\LYLZPKLULU,ZWH|HKLMVYTHPYYLN\SHY
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
3(56,?7<3:0Ô5
7699(A65,:4i+0*(:
,3569,*<9:6(:(5*065,:+,,?7<3:0Ô56:<:
7,5:0Ô5 +, 3(: Ô9+,5,: +, ,?7<3:0Ô5 769 9(
A65,:4i+0*(:
:PLSJP\KHKHUVL_[YHUQLYVMVYT\SHZLWL[PJP}UKLHZPSVZLZ\ZWLUKLYmSHLQL
J\JP}UKLSHYLZVS\JP}UKLL_W\SZP}UOHZ[HX\LZLOH`HPUHKTP[PKVH[YmTP[LV
YLZ\LS[V`LUSVZJHZVZKLT\QLYLZLTIHYHaHKHZZLZ\ZWLUKLYmSHLQLJ\JP}U
KLSHL_W\SZP}UJ\HUKVZ\WVUNH\UYPLZNVWHYHSHNLZ[HJP}UVWHYHSH]PKHV
SHPU[LNYPKHKMxZPJHKLSHTHKYL
7,940:6 +, 9,:0+,5*0( 769 9(A65,: 4i+0*(:!
¸(<;690A(*0Ô5+,9,:0+,5*0(;,4769(37699(
A65,:/<4(50;(90(:¹
¦8<0i5,:367<,+,5:630*0;(9&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tUNYH]LTLU[LLUMLYTVZ
*65+0*065,:!
(Y[Z`KLSH
3L`
=tHZLHY[KLSH
3L`"HY[IKLS
9LHS+LJYL[V 7HYHSHJVUJLZP}UKLLZ[L
WLYTPZVHWLYZVUHZHSHZX\L
ZLSLZOHULNHKVSHZVSPJP[\K
KLHZPSV]tHZLHY[KLS
9LHS+LJYL[V WVY
LSX\LZLHWY\LIHLS9LNSH
TLU[VKL(WSPJHJP}UKLSH
3L` KLKLTHYaV
YLN\SHKVYHKLS+LYLJOVKL
(ZPSV`KLSH*VUKPJP}UKL
9LM\NPHKVTVKPÄJHKHWVYSH
3L` KL KLTH`V
KLKLMLIYLYVKL YLN\SHKVYHKLSH3L` ZVIYLLSKLYLJOVKLHZPSV
=tHZLHY[KLSH
3L`"HY[IKLS
9LHS+LJYL[V "
]tHZL[HTIPtUSHZVSPJP[\K
KPZWVUPISLLU!^^^TPY
LZ:.(*(=;TVKLSVZ
L_[YHUQLYPHTVKLSVZFL_[YHUQL
L_FWKM
(Y[Z`KLS
9LHS+LJYL[V ³8\LZL[YH[LKL\UHLUMLYTLKHK­ZVIYL]LUPKH®KLJHYmJ[LYNYH]LX\L
YLX\PLYHHZPZ[LUJPHTtKPJHLZWLJPHSPaHKH
³8\LZLHPTWVZPISLHJJLKLYHKPJOV[YH[HTPLU[VLULSWHxZKLVYPNLU
³8\LSHPU[LYY\WJP}UVSHMHS[HKL[YH[HTPLU[VW\LKHJVUSSL]HY\UNYH]L
YPLZNVWHYHSHZHS\KVSH]PKHKLSWHJPLU[L
³:LWYLZLU[HYmUWLYZVUHSTLU[LHU[LLS}YNHUVJVTWL[LU[L6ÄJPUHZKL
,_[YHUQLYVZVLUZ\KLMLJ[V*VTPZHYxHZKL7VSPJxHVÍYLHZV+LWLU
KLUJPHZKL;YHIHQVL0UTPNYHJP}UQ\U[VJVUSVZZPN\PLU[LZKVJ\TLU[VZ!
Q
7HZHWVY[LJVTWSL[VV[x[\SVKL]PHQLVLUZ\KLMLJ[VJtK\SHKL
PUZJYPWJP}ULU]PNVY
Q
*LY[PÄJHKVKLHU[LJLKLU[LZWLUHSLZL_WLKPKVWVYSHZH\[VYPKHKLZ
KLSWHxZKLVYPNLUVKLWYVJLKLUJPH
Q
0UMVYTLTtKPJVL_WLKPKVWVYSHH\[VYPKHKZHUP[HYPHJVYYLZWVUKPLU[L
LU YLSHJP}U JVU SH LUMLYTLKHK ZVIYL]LUPKH J\`V WHKLJPTPLU[V ZL
HSLN\L
+<9(*0Ô5!
<UH|VYLUV]HISLWVYWLYPVKVZKL\UH|V:}SVW\LKLUZVSPJP[HYSHYLZP
KLUJPHWLYTHULU[LKLZW\tZKLJPUJVH|VZZPLTWYLX\LSHLUMLYTLKHK
UVWLYZPZ[H
,3(**,:6(3((:0:;,5*0(:(50;(90(!
,U SHZ TPZTHZ JVUKPJPVULZ X\L SH WVISHJP}U LZWH|VSH 4mZ HSSm KL SH
LSPTPUHJP}U KL KL[LYTPUHKHZ IHYYLYHZ HKTPUPZ[YH[P]HZ LZ[L WLYTPZV UV
JHTIPHSHZJVUKPJPVULZKLHJJLZVHSZPZ[LTHZHUP[HYPVX\LZLNHYHU[PaH
H[VKVZSVZPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
79Í*;0*(
3(=0:0Ô5+,4i+0*6:+,34<5+6,:
7(j(:6)9,3(:0;<(*0Ô5,53(
79Í*;0*(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHK\S[VZ
:PIPLULZJPLY[VX\LSHZP[\HJP}ULU,ZWH|HLUYLSHJP}UHSHJJLZVHSHZH
UPKHKKLSHWVISHJP}UPUTPNYHU[LOHL_WLYPTLU[HKVUV[HISLZH]HUJLZLU
SVZS[PTVZH|VZUVSVLZTLUVZX\LL_PZ[L\UWVYJLU[HQLZPNUPÄJH[P]V
KLWLYZVUHZPUTPNYHU[LZX\LZLLUJ\LU[YHJVUVIZ[mJ\SVZLULSHJJLZV
HSVZZLY]PJPVZKLZHS\KKLSHYLKUVYTHSPaHKH(ZxSVOHW\LZ[VKLTHUP
ÄLZ[V4tKPJVZKLS4\UKV,ZWH|HLULSLZ[\KPVKL)HYYLYHZLULSHJJLZV
HSZPZ[LTHWISPJVKLZHS\KWVYWHY[LKLWVISHJP}ULUYPLZNVVZP[\HJP}U
KLL_JS\ZP}UZVJPHSX\LHJ\KLHSVZKPZWVZP[P]VZKL4tKPJVZKLS4\UKV
W\ISPJHKVLUUV]PLTIYLKL
*VU LS VIQL[P]V KL KLÄUPY SVZ VIZ[mJ\SVZ H SVZ X\L ZL LUMYLU[HU LZ[HZ
WLYZVUHZHSHOVYHKLHJJLKLYKLTHULYHJVU[PU\HKHHSVZZLY]PJPVZKL
ZHS\K4tKPJVZKLS4\UKVOHJLLUZ\WYmJ[PJHKPHYPH\UJ\LZ[PVUHYPVH
X\PLULZHJ\KLUHZ\ZKPZWVZP[P]VZ3HZWYLN\U[HZVMYLJLUU\L]LWVZPIP
SPKHKLZ!+PÄJ\S[HKLZHKTPUPZ[YH[P]HZ5VZHILKVUKLHJ\KPY)HY
YLYHZKLSPKPVTH)HYYLYHZJ\S[\YHSLZ4PLKVHSHKPZJYPTPUHJP}U
4PLKV H SHZ KLU\UJPHZ /VYHYPV KL ZLY]PJPV PUHKLJ\HKV 9LJOHaV
WVYWHY[LKLSVZWYVMLZPVUHSLZ` 6[YVZ
3VZ KH[VZ KLS JP[HKV PUMVYTL ZVIYL IHYYLYHZ LU LS HJJLZV HS ZPZ[LTH
WISPJVKLZHS\KKLYLÅLQHUX\LLSKLSHZTmZKLWLY
ZVUHZLUJ\LZ[HKHZHÄYTHLUJVU[YHYZLJVUHSN\UHV]HYPHZIHYYLYHZX\L
SLPTWPKLUHJJLKLYHSZPZ[LTHZHUP[HYPV(ZPTPZTVSHWYmJ[PJHKPHYPHKLS
[YHIHQVKL4tKPJVZKLS4\UKV,ZWH|HWLYTP[LKL[LJ[HYX\L\UKL
LZL[V[HSKLWLYZVUHZX\LWLYJPILUVIZ[mJ\SVZLULSHJJLZVHSZPZ[LTH
ZHUP[HYPV UV LZ[mU YLHSPaHUKV SHZ NLZ[PVULZ ULJLZHYPHZ WHYH VI[LULY SH
[HYQL[HZHUP[HYPH`WVY[HU[VLZ[mUHSTHYNLUKLSZPZ[LTHZHUP[HYPV
,U ,ZWH|H LS HJJLZV H SH H[LUJP}U ZHUP[HYPH KL \YNLUJPH LZ[m NHYHU[P
aHKVWHYH[VKHZSHZWLYZVUHZPUKLWLUKPLU[LTLU[LKLZ\ZP[\HJP}UHK
TPUPZ[YH[P]H ,S HJJLZV H SH HZPZ[LUJPH ZHUP[HYPH UV KL \YNLUJPH LZ NYH
[\P[H`LUWYPUJPWPV\UP]LYZHSWHYH[VKHZSHZWLYZVUHZX\LKPZWVULUKL
[HYQL[H ZHUP[HYPH SH J\HS ZL VI[PLUL J\TWSPLUKV \UH ZLYPL KL YLX\PZP[VZ
HKTPUPZ[YH[P]VZ LU[YL SVZ J\HSLZ JHIL JP[HY SH VISPNHJP}U KL LTWHKYV
UHYZLZHS]VWHYHSHZT\QLYLZLTIHYHaHKHZ`WHYHSHZ`SVZTLUVYLZKL
H|VZX\LUVULJLZP[HUJ\TWSPYUPUNUYLX\PZP[V
7YLJPZHTLU[L LS J\TWSPTPLU[V KL LZVZ YLX\PZP[VZ HKTPUPZ[YH[P]VZ WHYH
HJJLKLYHSH[HYQL[HZHUP[HYPHLZ\UHKLSHZIHYYLYHZTmZMYLJ\LU[LZX\L
SHWVISHJP}UPUTPNYHU[LLUJ\LU[YHWHYHKPZMY\[HYKLZ\KLYLJOVHSHHZPZ
[LUJPH ZHUP[HYPH LS KL SHZ WLYZVUHZ LUJ\LZ[HKHZ WVY 4tKPJVZ KLS
4\UKV THUPÄLZ[H OHILY Z\MYPKV LZ[L [PWV KL IHYYLYHZ HKTPUPZ[YH[P]HZ
<UUTLYVKPMxJPSKLLZ[PTHYKLWLYZVUHZPUTPNYHU[LZWYLZLU[HUWYVISL
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
THZ WHYH WVKLY LTWHKYVUHYZL WVYX\L H\UX\L LZ \U [YmTP[L NYH[\P[V
L_PNLSHWVZLZP}UKL\UWHZHWVY[LLU]PNVY`WYVIHYX\LJ\LU[HUJVU\U
S\NHYÄQVKLYLZPKLUJPH
3HL_PNLUJPHKLSLTWHKYVUHTPLU[VWHYHHJJLKLYHSH[HYQL[HZHUP[HYPHZL
WYVK\JLLU[VKVLS[LYYP[VYPVLZWH|VSZHS]VLUSH*VT\UPKHK=HSLUJPHUH
LU(UKHS\JxHLU4\YJPH`LU,_[YLTHK\YH
6[YHIHYYLYHX\LSHZWLYZVUHZPUTPNYHU[LZKLZ[HJHULZSHMHS[HKLPUMVY
THJP}U5V[VKVLST\UKVZHILX\LW\LKLVI[LULYSH[HYQL[HZHUP[HYPHH
[YH]tZKLSLTWHKYVUHTPLU[V"ZLKLZJVUVJLUSVZYLX\PZP[VZHKTPUPZ[YH[P
]VZ`OHZ[HSHL_PZ[LUJPHTPZTHKLSKLYLJOVHSHJJLZVHSHZHS\K
,SKLSHZWLYZVUHZLUJ\LZ[HKHZTLUJPVUHSHIHYYLYHKLSPKPVTH
,Z[LVIZ[mJ\SVZLWYLZLU[HZVIYL[VKVLUPUTPNYHU[LZX\LYLZPKLULULS
WHxZKLHJVNPKHKLZKLHSTLUVZ}H|VZ(\UX\LSVZJLU[YVZZHUP[H
YPVZWISPJVZ[YHIHQHUJVUTLKPHKVYLZPU[LYJ\S[\YHSLZUVZVUHUPUZ\
ÄJPLU[LZWHYHH[LUKLY[VKHSHKLTHUKHKLSHWVISHJP}UPUTPNYHU[LJ\`H
SLUN\HTH[LYUHUVLZLSJHZ[LSSHUV
6[YHZKLSHZKPÄJ\S[HKLZTLUJPVUHKHZZVUSHZZPN\PLU[LZ!IHYYLYHZJ\S[\
YHSLZTPLKVHSHKPZJYPTPUHJP}UOVYHYPVZKLZLY]PJPVPUH
KLJ\HKVZTPLKVHSHZKLU\UJPHZ`YLJOHaVWVYWHY[LKL
SVZWYVMLZPVUHSLZZHUP[HYPVZ
3VZ WYPUJPWHSLZ VIZ[mJ\SVZ HS HJJLZV H SVZ ZLY]PJPVZ KL ZHS\K ]HYxHU
JVUMVYTLH\TLU[HUSVZH|VZKLLZ[HUJPHZPUWLYTPZVKLYLZPKLUJPHLU
LSWHxZKLHJVNPKH,USHtWVJHPUPJPHS[HSLZVIZ[mJ\SVZOHJLUYLMLYLU
JPHZVIYL[VKVHJ\LZ[PVULZKLHSVQHTPLU[VMHS[HKLHKHW[HJP}UKLSVZ
OVYHYPVZKL[YHIHQVKLSVZTtKPJVZJHYLUJPHKLJVILY[\YHKLLUMLYTL
KHKLS[LTVYHZLYKLU\UJPHKVHSHZH\[VYPKHKLZVLSKLZJVUVJPTPLU[V
KLSVZS\NHYLZHSVZX\LHJ\KPYWHYHZVSPJP[HYH[LUJP}UTtKPJH+\YHU[L
SVZWYPTLYVZTLZLZKLLZ[HUJPHUVZLOHJLYLMLYLUJPHHSHZKPMLYLUJPHZ
J\S[\YHSLZ" Z}SV J\HUKV `H OHU [YHUZJ\YYPKV ]HYPVZ H|VZ LU LS WHxZ KL
HJVNPKHZLTLUJPVUHSHIHYYLYHJ\S[\YHSJVTVVIZ[mJ\SVWHYHLSHJJLZV
HSVZZLY]PJPVZKLZHS\K
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZZVSPJP[HU[LZKL
HZPSVHK\S[VZ
,UYLSHJP}UHSVZZVSPJP[HU[LZKLHZPSVH\UX\LJVUMVYTLHSHSL`Z\HJJL
ZVHSVZYLJ\YZVZZHUP[HYPVZKLSHYLKUVYTHSPaHKH`HSH[HYQL[HZHUP[HYPH
UVKLILYxHZ\WVULYUPUNUWYVISLTHLUSHWYmJ[PJHZxX\LZLKHUKPÄJ\S
[HKLZLUZ\HJJLZVLMLJ[P]V:LNUZL|HSH*,(9*VTPZP}U,ZWH|VSHKL
(`\KHHS9LM\NPHKVL_PZ[LUKPÄJ\S[HKLZLUSHWYPTLYHMHZLLZKLJPY\UH
]La X\L ZL OH WYLZLU[HKV MVYTHSTLU[L SH ZVSPJP[\K KL HZPSV ` UV ZL OH
VI[LUPKVYLZW\LZ[H`HX\LK\YHU[LLZ[L[PLTWVSHWLYZVUHZVSPJP[HU[LUV
[PLULUPUNUKVJ\TLU[VKLPKLU[PÄJHJP}UUPZPX\PLYHLSUTLYVUHJPVUHS
KL L_[YHUQLYV ` WVY [HU[V LS ZPZ[LTH KL SH ZLN\YPKHK ZVJPHS UV W\LKL
YLNPZ[YHYSH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
3VZZVSPJP[HU[LZKLHZPSVZLLUMYLU[HU[HTIPtUHKPÄJ\S[HKLZK\YHU[LLSWLYPVKV
K\YHU[LLSX\LWSHULHUZVSPJP[HYHZPSVWLYVHUUVOHUMVYTHSPaHKVSHZVSPJP[\K
WYPUJPWHSTLU[LJ\HUKVUV[PLULUUPUNUKVJ\TLU[VX\LKLT\LZ[YLZ\PKLU
[PKHK,USH*VT\UPKHKKL4HKYPKLSWLYPVKVKLMVYTHSPaHJP}UKLSHZVSPJP[\K
KLTVYHHSYLKLKVYKL\UHZLTHUHWLYVLUV[YHZJP\KHKLZLZLWLYPVKVW\LKL
ZLYKLOHZ[HKVZTLZLZ
(JJLZVHSHZHUPKHKLUSVZJLU[YVZKLYL[LUJP}U*0,
5VL_PZ[LHWLUHZPUMVYTHJP}UZVIYLSHZP[\HJP}UZHUP[HYPH`KLHJJLZVHSH
H[LUJP}UTtKPJH`TLKPJHTLU[VZLULSPU[LYPVYKLSVZJLU[YVZKLPU[LYUH
TPLU[VKLL_[YHUQLYVZLZWH|VSLZ*VU[VKVSVZLZJHZVZ[LZ[PTVUPVZKL
U\UJPHZLPUMVYTLZL_PZ[LU[LZWVULUKLTHUPÄLZ[VX\LSVZJLU[YVZWVKYxHU
LZ[HYHKVSLJPLUKVKLZLYPVZWYVISLTHZKLZKLLSW\U[VKL]PZ[HTtKPJV`
ZHUP[HYPV
,SS[PTVPUMVYTLKL+LMLUZVYKLS7\LISV,ZWH|VSKLTH`VKL KLU\UJPH
SHZNYH]LZKLÄJPLUJPHZZHUP[HYPHZX\LZ\MYLUSHZWLYZVUHZPU[LYUHKHZLULS*0,
KL(S\JOL4HKYPK:LNULS+LMLUZVYKLS7\LISVSHH[LUJP}UZHUP[HYPHLULS
JLU[YVOHLTWLVYHKVKLZKLZ\S[PTH]PZP[HHSTPZTV3HZ]PZP[HZTtKPJHZZL
OHUYLK\JPKVHKVZWVYZLTHUHSVX\LPTWPKLX\LL_PZ[H\UZLY]PJPVTtKPJV
WLYTHULU[L`LZ[HISLHZxJVTVSHYL]PZP}UKLSHZWLYZVUHZLULSWSHaVKL
OVYHZKLZKLZ\PUNYLZV[HSJVTVLZ[HISLJLSHUVYTH[P]H(KLTmZUVZLLZ
[mU KPZWLUZHUKV SVZ TLKPJHTLU[VZ M\LYH KL OVYHYPV KL [YHIHQV KLS WLYZVUHS
KLLUMLYTLYxHLPUJS\ZVZLLZ[mUPU[LYY\TWPLUKV[YH[HTPLU[VZWYLLZJYP[VZJVU
HU[LYPVYPKHK HS PUNYLZV LU LS JLU[YV 3HZ NYH]LZ KLÄJPLUJPHZ JVUZ[H[HKHZ ZL
LTWLVYHUKLIPKVHSHZZP[\HJPVULZKLPUZHS\IYPKHKLUSHZX\LSHZWLYZVUHZZL
]LUVISPNHKHZH]P]PY!KPÄJ\S[HKLZWHYHHJJLKLYHSIH|VWVYSHUVJOLPUL_PZ[LU
JPHKLaVUHZLUSVZWH[PVZWHYHYLZN\HYKHYZLKLSZVSVKLSHSS\]PH`KV[HJP}U
LZJHZHKLWYVK\J[VZOPNPtUPJVZ
;YHUZMLYLUJPHKLPUMVYTHJP}UVHJJLZVHKH[VZZVIYLSH
ZP[\HJP}UHKTPUPZ[YH[P]H
3HSL`WLYTP[LHSHWVSPJxHHJJLKLYHSVZWHKYVULZT\UPJPWHSLZ,Z[VZ\WVUL
\UHTVKPÄJHJP}UKLSHUH[\YHSLaHTPZTHKLSWHKY}UX\LLZSHKLJVUVJLYSH
YLHSPKHKWVISHJPVUHSKL\UKL[LYTPUHKVT\UPJPWPV7VYYHaVULZKLWY\KLU
JPHMYLU[LHLZ[HWYmJ[PJHKLSHWVSPJxHT\JOVZJP\KHKHUVZL_[YHUQLYVZLU
ZP[\HJP}UPYYLN\SHYWYLÄLYLUUVLTWHKYVUHYZL`WVYJVUZPN\PLU[LUV[PLULU
HJJLZVHSVZZLY]PJPVZKLZHS\K
,ULS0UMVYTL3HNLZ[P}UT\UPJPWHSKLS,TWHKYVUHTPLU[VKLSVZPUTPNYHU[LZ
LS:xUKPJKL.YL\NLZ+LMLUZVYKLS7\LISVKL*H[HS\|HZL|HSH¸LSHS[V
WVYJLU[HQLKLJVUZPZ[VYPVZX\L\[PSPaHULSWHKY}UT\UPJPWHSTmZHSSmKLZ\Z
JVTWL[LUJPHZSLNHSLZ,UJVUJYL[VJ\HUKVLZ[LHJJLZVLZZVSPJP[HKVWVYLS
*\LYWV5HJPVUHSKL7VSPJxHVSH.\HYKPH*P]PSLUSHWYmJ[PJH[V[HSPKHKKLSVZ
JHZVZZLLMLJ[HWVYTLKPVKL\UHZVSPJP[\KWYL]PHLUSHX\LZLL_WVULUSVZ
TV[P]VZKLSHJVUZ\S[H"ZPULTIHYNVJ\HUKVZL[YH[HKLSHWVSPJxHT\UPJP
WHSLSHJJLZVLZKPYLJ[VLUJHZPSHTP[HKKLSVZJHZVZHSWYV]LUPYSHWL[PJP}U
KLSHTPZTHHKTPUPZ[YHJP}UT\UPJPWHS,SSVWYV]VJHX\LLUSHWYmJ[PJHSVZ
T\UPJPWPVZKLZJVUVaJHULSUTLYVKL]LJLZX\LSHWVSPJxHOHHJJLKPKVHSVZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%,:7(j(
KH[VZKLSWHKY}U¹,STPZTV:xUKPJ[HTIPtUOHJVTLU[HKVX\LHSTLUVZLU
*H[HS\|HLSKLSVZH`\U[HTPLU[VZKHUKLIHQHLULSWHKY}UHSVZPUTP
NYHU[LZX\L[PLULU\UHVYKLUKLL_W\SZP}UZPUJVT\UPJHYKPJOHIHQHHSHZ
WLYZVUHZHMLJ[HKHZ
3HUVL_W\SZP}UWVYYHaVULZTtKPJHZ
<UV KL SVZ KVJ\TLU[VZ ULJLZHYPVZ WHYH ZVSPJP[HY SH UV L_W\SZP}U WVY TV[P
]VZO\THUP[HYPVZLZLSPUMVYTLTtKPJVX\LKLT\LZ[YLX\LSHLUMLYTLKHKOH
ZPKV¸ZVIYL]LUPKH¹LZKLJPYX\LSHLUMLYTLKHKZLOHJVU[YHxKVKLZW\tZKLS
TVTLU[VKLSHLU[YHKHLU,ZWH|H,USHWYmJ[PJHOH`JPLY[HZLUMLYTLKHKLZ
ZVIYL SHZ X\L SH [tJUPJH TtKPJH HJ[\HS UV W\LKL JLY[PÄJHY JVU L_HJ[P[\K LS
TVTLU[VLULSX\LZLJVU[YHQV,Z[HJPYJ\UZ[HUJPHOHJLX\LLUT\JOHZVJH
ZPVULZ SVZ TtKPJVZ UV JLY[PÄX\LU X\L SH LUMLYTLKHK OH ZPKV ZVIYL]LUPKH
*VULZ[LJYP[LYPVSHHKTPUPZ[YHJP}ULZ[mHWSPJHUKVKLTHULYHKPZJYPTPUH[VYPH
LSWYPUJPWPVKLPU]LYZP}UKLSHJHYNHZLVISPNHHSHWLYZVUHLUMLYTHHJLY[PÄJHY
SHJVUKPJP}UKL¸ZVIYL]LUPKH¹LUS\NHYKLZLYSHHKTPUPZ[YHJP}UX\PLUHYN\
TLU[LZ\ZTV[P]VZWHYHULNHYZ\YLJVUVJPTPLU[V
6[YVWYVISLTHX\LZLKHLUSHWYmJ[PJHLZSHVISPNHJP}UX\L[PLULUSHZWLYZV
UHZ PUTPNYHU[LZ LUMLYTHZ NYH]LZ WHYH HJVNLYZL H LZ[L JYP[LYPV X\L L]P[L Z\
L_W\SZP}U KL KLTVZ[YHY X\L LU Z\Z WHxZLZ KL VYPNLU UV W\LKLU YLJPIPY [YH
[HTPLU[VTtKPJV+HKVX\LSHZHKTPUPZ[YHJPVULZKLSVZWHxZLZKLVYPNLUYH
YHTLU[LJLY[PÄJHUSHPUZ\ÄJPLUJPHKLZ\ZZPZ[LTHZZHUP[HYPVZWHYHKLTVZ[YHY
LZ[L OLJOV LZ MYLJ\LU[L [LULY X\L YLJ\YYPY H PUMVYTLZ WISPJVZ LSHIVYHKVZ
WVYVYNHUPaHJPVULZLZWLJPHSPaHKHZX\LWVUNHUKLTHUPÄLZ[VSHZJHYLUJPHZKL
LZVZZPZ[LTHZKLZHS\K"\UHJ\LZ[P}UX\LZ\LSLZLYT\`JVTWSPJHKH
7VYV[YVSHKVJVU]PLULZL|HSHYX\LLUSHWYmJ[PJHSVZWLYTPZVZKLYLZPKLUJPH
WVY LUMLYTLKHK ZVIYL]LUPKH ZVU T\JOV TmZ KPMxJPSLZ KL [YHTP[HY J\HUKV SH
LUMLYTLKHKLZKL[PWVWZPJVS}NPJVX\LJ\HUKVSHLUMLYTLKHKLZKL[PWVMxZPJV
(KPJPVUHSTLU[L JHIL KLZ[HJHY X\L LS WLYTPZV KL YLZPKLUJPH UV PUJS\`L \U
WLYTPZVKL[YHIHQV(ZxZ\LSLVJ\YYPYX\L\UH]La[YHTP[HKVJVUt_P[VLSWLYTP
ZVKLYLZPKLUJPHKLSHWLYZVUHZVSPJP[HU[LtZ[LUVZLW\LKHYLUV]HY`HX\LLZ
JVUKPJP}UPUKPZWLUZHISLWHYHLSSVKPZWVULYKLTLKPVZLJVU}TPJVZZ\ÄJPLU[LZ
4tKPJVZKLS4\UKV,ZWH|H
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
:<,*0(
:0:;,4(:(50;(906
:L[YH[HKL\UZPZ[LTHUHJPVUHSKLZHS\KIHZHKVWYPUJPWHSTLU[LLUSVZ
PTW\LZ[VZ`M\UKHKVLUSVZWYPUJPWPVZKLPN\HSKHK`SPIYLLSLJJP}UKLSH
H[LUJP}UZHUP[HYPH,SZPZ[LTHJ\IYLH[VKHSHWVISHJP}U3VZJVUKHKVZ
LU[PKHKLZWYV]PUJPHSLZ`SVZH`\U[HTPLU[VZ[PLULU\UHSPILY[HKJVUZPKL
YHISLLUSVX\LYLZWLJ[HHSHVYNHUPaHJP}UKLZ\ZZLY]PJPVZZHUP[HYPVZ3HZ
YLZWVUZHIPSPKHKLZLUTH[LYPHKLHZPZ[LUJPHZHUP[HYPH`TtKPJHZLKP]PKLU
LU[YLLS,Z[HKVSVZJVUKHKVZ`SVZH`\U[HTPLU[VZ(SVSHYNVKLSVZS
[PTVZH|VZOHUH\TLU[HKVSVZZLN\YVZWYP]HKVZZPIPLUZPN\LUZPLUKV
T\`YLK\JPKVZ
,USVZJHZVZKLZVSPJP[HU[LZ
KLHZPSVKLWLYZVUHZJVUÄUHKHZ
LUJLU[YVZKLYL[LUJP}U`WLYZVUHZ
X\LKPZMY\[HUKL\UHWYV[LJJP}U
[LTWVYHSJVTVJVUZLJ\LUJPHKL
SHSSLNHKHKL\UHVSHKLWLYZVUHZ
KLZWSHaHKHZTH`VYLZKLH|VZ
Z}SV[PLULUHJJLZVHSH¸H[LUJP}U
ZHUP[HYPHX\LUVZLW\LKHHWSHaHY¹
H[LUJP}UWYL`WVZ[UH[HSWSHUPÄJH
JP}UMHTPSPHYHIVY[VZ`ZLY]PJPVZ
KLVKVU[VSVNxH¸X\LUVZLW\LKHU
HWSHaHY¹=tHUZLHWHY[HKVZ
`HWHY[HKVKLSH3HN
!VTOpSZVVJOZQ\R]rYK
r[HZ`SZRHUKLTÅKLKL
TH`VKL
,S¸WLYZVUU\TTLY¹LZ\U
UTLYVKLPKLU[PÄJHJP}UWLYZVUHS
JVTW\LZ[VWVYSHMLJOHKLUHJP
TPLU[VHHTTKK`V[YVZJ\H[YV
KxNP[VZ,Z[LUTLYVKLKPLaJPMYHZ
ZL\[PSPaHKLMVYTHNLULYHSWHYH
JVTWYVIHYSVZKLYLJOVZZVJPHSLZ`
LJVU}TPJVZHSVZX\LW\LKLUHJ
JLKLYSHZWLYZVUHZ(X\PLULZUV
[LUNHU\UUTLYVKLPKLU[PÄJHJP}U
WLYZVUHSZLSLZUPLNHLSHJJLZVH
LZ[VZKLYLJOVZZHS]VX\LL_PZ[H
\UHSLNPZSHJP}ULZWLJxÄJHZVIYLSH
JVILY[\YHKL\UNY\WVWHY[PJ\SHY
JVTVSVZZVSPJP[HU[LZKLHZPSVVSVZ
JP\KHKHUVZKLS,ZWHJPV,JVU}
TPJV,\YVWLV=tHZL!70*<4
)VVRVM:VSPKHYP[`]VS!7YV]PKPUN
HZZPZ[HUJL[V\UKVJ\TLU[LK
TPNYHU[ZPU:^LKLU+LUTHYRHUK
(\Z[YPHWmN
,Z[HLZSHZP[\HJP}U
WHYH[VKHZSHZLUMLYTLKHKLZ
TLUJPVUHKHZLUSH¸3L`ZVIYL
LUMLYTLKHKLZJVU[HNPVZHZ¹:TP[[
Z`KKZSHNLU
(WHY[HKVZ`HWHY[HKV
KLSH3HN!VTOpSZV
VJOZQ\R]rYKr[HZ`SZRHUKLTÅ
KLKLTH`VKL
0IxKHWHY[HKV
+,9,*/6+,(**,:6
(3(:(50+(+
,SZPZ[LTHZHUP[HYPVZ\LJVWLYTP[LHJJLKLYHSHWVISHJP}UUHJPVUHS`H
SHTH`VYxHKLSHZWLYZVUHZJVUWLYTPZVKLYLZPKLUJPHH[VKVZSVZ
ZLY]PJPVZ TtKPJVZ JVU SH UPJH L_JLWJP}U KL SH JPY\NxH WSmZ[PJH ZHS]V
X\LLZ[tYLJVTLUKHKHWVYYHaVULZTtKPJHZ;VKHWLYZVUHW\LKLHJ
JLKLYHLZ[LZPZ[LTHH[YH]tZKLZ\¸UTLYVWLYZVUHS¹WLYZVUU\TTLY
UHJPVUHS :LNU LS WYPUJPWPV KL SPIYL LSLJJP}U LU SH H[LUJP}U ZHUP[HYPH
SVZWHJPLU[LZW\LKLUZVSPJP[HYHZPZ[LUJPHLUJ\HSX\PLYWHY[LKLSWHxZLU
SHZTPZTHZJVUKPJPVULZX\LLUZ\WYVWPVJVUKHKV+LILUHWVY[HY\UH
JVU[YPI\JP}UZPTI}SPJHX\LZ\WVUL\UWLX\L|VWVYJLU[HQLKLSJVZ[LKL
SHH[LUJP}UZHUP[HYPHVKLSTLKPJHTLU[V,Z[HJHU[PKHKUVW\LKLZ\WL
YHYSVZJVZ[LZTm_PTVZLZ[HISLJPKVZWVYLS,Z[HKV JVYVUHZZ\LJHZ
B L\YVZDWVY\UWLYPVKVKLKVJLTLZLZ`KLWLUKLKLSJVUKHKVKLS
[PWV KL ZLY]PJPV ZHUP[HYPV ` KL SH JH[LNVYxH WYVMLZPVUHS KLS WLYZVUHS ZH
UP[HYPV,SWHNVZLZ\LSLYLHSPaHYHSHOVYHKLPUZJYPIPYZLWHYHSHJVUZ\S[H
TtKPJHH\UX\L[HTIPtULZWVZPISLYLJPIPY\UHMHJ[\YH`WHNHYSHPUTL
KPH[HTLU[L KLZW\tZ 3VZ TLUVYLZ KL H|VZ LZ[mU L_LU[VZ KL LZ[L
WHNVHZxJVTVSHZT\QLYLZX\LULJLZP[LUH[LUJP}UWYL`WVZ[UH[HS`LU
SVZ JHZVZ KL WY\LIHZ KL KL[LJJP}U ` [YH[HTPLU[V KL KL[LYTPUHKHZ LU
MLYTLKHKLZPUMLJJPVZHZPUJS\PKVLS=0/ KL[LJJP}UJLS\SHYHZPZ[LUJPH
ZHUP[HYPHHKVTPJPSPV`WSHUPÄJHJP}UMHTPSPHY
3VZZVSPJP[HU[LZKLHZPSVZ}SV[PLULUKLYLJOVHHJJLKLYNYH[\P[HTLU[LH
SH¸H[LUJP}UX\LUVZLW\LKHHWSHaHY¹UVZLMHJPSP[HUPUN\UHKLÄUPJP}U
HSHH[LUJP}UWYL`WVZ[UH[HSHSHWSHUPÄJHJP}UMHTPSPHYHSHIVY[V`HSVZ
ZLY]PJPVZ KL VKVU[VSVNxH ¸X\L UV ZL W\LKHU HWSHaHY¹ :}SV SVZ OPQVZ
KLSVZZVSPJP[HU[LZKLHZPSV[PLULUHJJLZVHSHH[LUJP}UTtKPJH`VKVU
[VS}NPJHLUSHZTPZTHZJVUKPJPVULZX\LLSYLZ[VKLTLUVYLZYLZPKLU[LZ
LU:\LJPH8\PLULZOHUZVSPJP[HKVHZPSVYLJPILUHZPZ[LUJPHZHUP[HYPHLU
OVZWP[HSLZVLUJLU[YVZZHUP[HYPVZWISPJVZZHS]VLU,Z[VJVSTVKVUKL
L_PZ[LUKVZJLU[YVZKLZHS\KX\LH[PLUKLUL_JS\ZP]HTLU[LHLZ[HWVISH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
JP}U(KLTmZ[PLULUX\LWHNHY\UH[HZHX\LJVYYLHJHYNVKLSWHJPLU[L
\UHZJVYVUHZL\YVZWVYJHKHJVUZ\S[HTLKPJHTLU[VYLJL[HKV
`ZLY]PJPVKL[YHUZWVY[LTtKPJVH\UX\LW\LKLUZVSPJP[HY\UHJVTWLU
ZHJP}UHS*VUZLQVKL0UTPNYHJP}UZPOHUWHNHKVTmZKLJVYVUHZ
L\YVZLUZLPZTLZLZ7HYHKLTVZ[YHYZ\ZKLYLJOVZZLSLZZ\LSLYLX\LYPY
X\LWYLZLU[LUZ\¸[HYQL[H34(¹L_WLKPKHWVYLS*VUZLQVKL0UTPNYHJP}U
LULSTVTLU[VKLZVSPJP[HYHZPSV
*VUSHUPJHL_JLWJP}UKLSVZTLUVYLZHSVZX\LZLSLZOHKLULNHKVLS
HZPSV ` KL SHZ PUPJPH[P]HZ X\L OHU Z\YNPKV LU HSN\UVZ JVUKHKVZ SH WV
ISHJP}U PUTPNYHU[L ZPU WLYTPZV KL YLZPKLUJPH UV [PLUL KLYLJOV H
HJJLKLYHSZPZ[LTHZHUP[HYPVWISPJVZHS]VX\LWHN\LLSJVZ[LxU[LNYVKL
SVZZLY]PJPVZZHUP[HYPVZPUJS\ZVLUSVZJHZVZKL\YNLUJPHZ+LZKL
SH 3L` ! YLSH[P]H H SH H[LUJP}U ZHUP[HYPH KL SVZ ZVSPJP[HU[LZ KL
HZPSVL_JS\`LMVYTHSTLU[LHSHZWLYZVUHZTH`VYLZKLH|VZHX\PLULZ
ZL OH`H YLJOHaHKV SH ZVSPJP[\K KL HZPSV KLS HJJLZV HS ZPZ[LTH ZHUP[H
YPV WISPJV Z\LJV IHQV SHZ TPZTHZ JVUKPJPVULZ YLJVUVJPKHZ H HX\LSSVZ
JP\KHKHUVZ L_[YHUQLYVZ X\L Zx [PLULU KLYLJOV H \U HJJLZV WHYJPHS H SH
HZPZ[LUJPHZHUP[HYPHLU:\LJPH(SYLZ[VKLPUTPNYHU[LZZPUWLYTPZVKL
YLZPKLUJPHUPZPX\PLYHZLSLZTLUJPVUHLULZ[HSL`
3HWYLZP}ULQLYJPKHWVYSHZVYNHUPaHJPVULZKLSHZVJPLKHKJP]PSOHL]P[HKV
X\LLS.VIPLYUVTHU[\]PLYHLUSHSL`\UHWYVOPIPJP}UMVYTHSKLWYLZ[HY
HZPZ[LUJPHZHUP[HYPHHPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY3HSL`HWYVIHKH
UVL_PNLHSVZJVUKHKVZX\LNHYHU[PJLUZLY]PJPVZKLH[LUJP}UZHUP[HYPH
H LZ[H WVISHJP}U WLYV [HTWVJV SLZ WYVOxIL OHJLYSV ZP [PLULU YLJ\YZVZ
` SH ]VS\U[HK KL OHJLYSV ,U YLHSPKHK JHIL ZL|HSHY X\L SVZ JVUKHKVZ
KL HSN\UHZ YLNPVULZ KL :\LJPH OHU YLJVUVJPKV YLJPLU[LTLU[L HSN\UVZ
KLYLJOVZHSHHZPZ[LUJPHZHUP[HYPHHLZ[HZWLYZVUHZH\UX\LLZKLTH
ZPHKV WYVU[V WHYH L]HS\HY SH HWSPJHJP}U LU SH WYmJ[PJH 5V VIZ[HU[L LS
JVUKHKV KL ,Z[VJVSTV WLYTP[L LS HJJLZV KL T\QLYLZ LTIHYHaHKHZ LU
ZP[\HJP}UPYYLN\SHYHSVZZLY]PJPVZKLVIZ[L[YPJPHPUJS\`LUKVLSWHY[V`SH
H[LUJP}UWVZ[UH[HS`,ZJHUPHZLOHJVTWYVTL[PKVHVMYLJLYHSHZWLYZV
UHZHX\PLULZZLOHYLJOHaHKVLSHZPSVSHTPZTHJVILY[\YHZHUP[HYPHX\L
[PLULUSVZKLTHUKHU[LZKLHZPSV,UV[YHZYLNPVULZJVTV.V[LTI\YNV
LZ[H HWLY[\YH ZL OH JVUJYL[HKV H [YH]tZ KL \UH PUPJPH[P]H PUKP]PK\HS KL
\UOVZWP[HS
3VZPUTPNYHU[LZZPUWLYTPZV
KLYLZPKLUJPHLULZWLJPHSHX\LSSVZ
HSVZX\LZLOHYLJOHaHKVSH
ZVSPJP[\KKLHZPSVZVUJVUVJPKVZ
LU:\LJPHJVTV¸NVTKH¹LZJVUKP
KHZ(J[\HSTLU[L[HTIPtUZLSHZ
JVUVJLJVTV¸WHWWLYZSZH¹ZPU
WHWLSLZ
:VSPJP[HU[LZKLHZPSVKL[L
UPKVZLUJLU[YVZKLYL[LUJP}UV
X\LKPZMY\[HUKL\UHWYV[LJJP}U
[LTWVYHSKLIPKVHSHSSLNHKHKL
\UHVSHKLWLYZVUHZKLZWSHaHKHZ
=tHZLLSHWHY[HKVKLSH3HN
!
(U[LZKLSH3L`!UPUN\UHSLNPZSHJP}UUHJPVUHSOHIxHKLULNHKV
MVYTHSTLU[LLSHJJLZVHSHH[LUJP}UZHUP[HYPHHSHZWLYZVUHZHX\PLULZZL
OHYLJOHaHKVSHZVSPJP[\KKLHZPSVX\LZVULSUPJVNY\WVKLPUTPNYHU[LZ
ZPUWLYTPZVKLYLZPKLUJPHJ\`HWYLZLUJPHYLJVUVJLLS.VIPLYUV5VVIZ
[HU[L HU[LZ L_PZ[xHU KVZ KPZWVZPJPVULZ NLULYHSLZ X\L ZL HWSPJHIHU PU
KPYLJ[HTLU[L H SHZ WLYZVUHZ PUTPNYHU[LZ LU ZP[\HJP}U PYYLN\SHY `H X\L
SH3L`UVL_JS\xHMVYTHSTLU[LHUPUN\UHWLYZVUHKLZ\mTIP[VKLHWSP
JHJP}U!\UHKPZWVZPJP}UKLSH3L`KL:LY]PJPVZ4tKPJVZ`:HUP[HYPVZ
X\LVISPNHIHH[VKVZSVZJVUKHKVZHWYVWVYJPVUHYHZPZ[LUJPHZHUP[HYPHH
[VKHZHX\LSSHZWLYZVUHZX\LULJLZP[HYHU¸H[LUJP}UZHUP[HYPHPUTLKPH[H¹
PUKLWLUKPLU[LTLU[L KL Z\ ZP[\HJP}U SLNHS" ` SHZ KPZWVZPJPVULZ KL SH
¸SL`KLJVU[YVSKLLUMLYTLKHKLZ¹X\LUVL_JS\xHL_WYLZHTLU[LHUPUNU
NY\WVKLWLYZVUHZKLX\LZLSHZH[LUKPLYHLUJSxUPJHZLZWLJPHSPaHKHZLU
JHZVZKLKL[LYTPUHKHZLUMLYTLKHKLZKL[YHUZTPZP}UZL_\HSL_JS\`LU
KVSH[\ILYJ\SVZPZ`LS=0/ZPKH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
:}SVSVZTLUVYLZHX\PLULZZLOHYLJOHaHKVLSHZPSVHZxJVTVSVZOPQVZ
KL HK\S[VZ H SVZ X\L [HTIPtU ZL SLZ OH KLULNHKV [PLULU HJJLZV H SH
HZPZ[LUJPHZHUP[HYPHLUSHZTPZTHZJVUKPJPVULZX\LSHWVISHJP}UUHJPV
UHS6YPNPUHYPHTLU[LLZ[HKLJPZP}ULYHZ}SV\UHJ\LYKVLJVU}TPJVLU[YL
LS,Z[HKV`SVZJVUKHKVZ4\`YLJPLU[LTLU[LSH¸3L`!¹OHYL
JVUVJPKVMVYTHSTLU[LLZ[LKLYLJOVH\UX\LSVOHJLKLMVYTHT\`PUKP
YLJ[H`WVJVJSHYH,SHU[LWYV`LJ[VKLSL`[HTIPtUTLUJPVUHIHLZ[VZ
KLYLJOVZLUSHL_WVZPJP}UKLTV[P]VZ,USVX\LYLZWLJ[HHSYLZ[VKL
TLUVYLZZPUWLYTPZVKLYLZPKLUJPHLU:\LJPHX\LUVOHUYLHSPaHKVSVZ
[YmTP[LZKLZVSPJP[\KKLHZPSVZPN\LUWLYTHULJPLUKVHSHZVTIYH`UV
[PLULUUPUNUKLYLJOVKLHJJLZVHSHHZPZ[LUJPHZHUP[HYPH[V[HSVWHYJPHS
TLU[LNYH[\P[V
+LIPKVHSVZLZJHZVZKLYLJOVZJVUJLKPKVZLU:\LJPHHSVZZVSPJP[HU[LZ
KLHZPSV`HSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHLUSVX\LYLZWLJ[H
HSHH[LUJP}UZHUP[HYPHLS9LSH[VY,ZWLJPHSKLSHZ5HJPVULZ<UPKHZWHYH
LS +LYLJOV H SH :HS\K KLU\UJP} LU Z\ ]PZP[H HS WHxZ LU X\L LZ[m
ZP[\HJP}U UV LYH JVOLYLU[L JVU LS +LYLJOV PU[LYUHJPVUHS KL KLYLJOVZ
O\THUVZ`HUPT}HS.VIPLYUVZ\LJVH¸YLJVUZPKLYHYZ\WVZ[\YHJVU]PZ
[HZHVMYLJLYH[VKHZSHZWLYZVUHZZVSPJP[HU[LZKLHZPSVVZPUWLYTPZVKL
YLZPKLUJPHSVZTPZTVZZLY]PJPVZZHUP[HYPVZX\LHSJVUQ\U[VKLYLZPKLU[LZ
KL:\LJPH`LUSHZTPZTHZJVUKPJPVULZ
(:0:;,5*0(:(50;(90(
((+<3;6:
<9.,5*0(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNV[HZHTVKLYHKVYH
70*<4(JJLZZ[V/LHS[O
*HYLMVY<UKVJ\TLU[LKTPNYHU[Z
PU,\YVWLWmN
=tHZLLSHWHY[HKVKLSH
3HN!
7YVWVZPJP}U!
3HNVTOpSZVVJOZQ\R]rYKr[
HZ`SZRHUKLTÅKLKLTHYaV
KLWmN
7\U[VZKLS0UMVYTLKLS
9LSH[VY,ZWLJPHSKLSHZ5HJPVULZ
<UPKHZ7H\S/\U[ZVIYLLSKL
YLJOVKL[VKHWLYZVUHHSKPZMY\[L
KLSTmZHS[VUP]LSWVZPISLKLZHS\K
MxZPJH`TLU[HS(WtUKPJL!4PZZPVU
[V:^LKLU(/9*(KK
KLKLMLIYLYVKL
] *VUKPJPVULZ!
³7YLZLU[HYLS¸WLYZVUU\TTLY¹
³7HNHY\UHSH[HZHTVKLYHKVYH!JVYVUHZL\YVZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNV[HZHTVKLYHKVYHHSH¸H[LUJP}UX\LUVZLW\LKH
HWSHaHY¹
] *VUKPJPVULZ!
³7YLZLU[HYSH¸[HYQL[H34(¹
³7HNHYSH[HZHTVKLYHKVYH!JVYVUHZL\YVZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
56 [PLULU HJJLZV NYH[\P[V KLILU WHNHY LS JVZ[L [V[HS! \UHZ JVYVUHZ
L\YVZ
5VZLSLZW\LKLULNHYLSHJJLZVWVYX\LSHSL`SLZVISPNHHWYLZ[HYHZPZ[LUJPH
ZHUP[HYPH
(;,5*0Ô5+,7904,950=,3@,:7,*0(30A(+(7(*0,5;,,?;,956
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNV[HZHTVKLYHKVYH
] *VUKPJPVULZ!
³7YLZLU[HYLS¸WLYZVUU\TTLY¹
³7HNHY[HZH TVKLYHKVYH ¸JVZ[LZ HTI\SH[VYPVZ¹! JVYVUHZ L\YVZ
WVYSHH[LUJP}UKLWYPTLYUP]LS`LZWLJPHSPaHKH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNV[HZHTVKLYHKVYHHSH¸H[LUJP}UX\LUVZLW\LKH
HWSHaHY¹
] *VUKPJPVULZ!
Q:PSHH[LUJP}U¸UVZLW\LKLHWSHaHY¹
³7YLZLU[HYSH¸[HYQL[H34(¹
³7HNHYSH[HZHTVKLYHKVYH!JVYVUHZL\YVZ
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
56 [PLULU HJJLZV NYH[\P[V KLILU WHNHY LS JVZ[L [V[HS! \UHZ JVYVUHZ
L\YVZ
(KLTmZZLSLZWVKYxHULNHYLSHJJLZVWVYX\LSHSL`UVVISPNHHWYLZ[HYH[LU
JP}UZHUP[HYPH
/6:70;(30A(*0Ô505.9,:6
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNV[HZHTVKLYHKVYH
+H[VZKL4tKPJVZ:PU
-YVU[LYHZ,_WLYPLUJLZVM.TKH
PU:^LKLU,_JS\ZPVUMYVTOLHS[O
JHYLMVYPTTPNYHU[ZSP]PUN^P[OV\[
SLNHSZ[H[\ZWmN ] *VUKPJPVULZ!
³7YLZLU[HYLS¸WLYZVUU\TTLY¹
³7HNHYSH[HZHKLOVZWP[HSPaHJP}UKPHYPHJVYVUHZL\YVZJVU\UTm_P
TVHU\HS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V,?*3<:0=(4,5;,ZPSH¸H[LUJP}UUVZLW\LKLHWSHaHY¹
] *VUKPJPVULZ!
³7YLZLU[HYSH¸[HYQL[H34(¹
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
56[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
(KLTmZZLSLZWVKYxHULNHYLSHJJLZVWVYX\LSHSL`UVVISPNHHWYLZ[HYHZPZ
[LUJPHZHUP[HYPH
(;,5*0Ô579,@76:;5(;(3
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³7YLZLU[HYLS¸WLYZVUU\TTLY¹
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
³7YLZLU[HYSH¸[HYQL[H34(¹
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
56[PLULUHJJLZVNYH[\P[VWHNVKLSPTWVY[L[V[HSHWYV_PTHKHTLU[L
JVYVUHZBL\YVZDWVYJVUZ\S[HJVU\UHJVTHKYVUH`JVYVUHZ
B L\YVZDWVYLSWHY[V 0IxK
(KLTmZZLSLZWVKYxHULNHYLSHJJLZVWVYX\LSHSL`UVVISPNHHWYLZ[HYHZPZ[LU
JPHZHUP[HYPH
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
;9(;(40,5;6(+<3;6:
4,+0*(4,5;6:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNV¸NHZ[VZHJHYNVKLSWHJPLU[L¹,SPTWVY[LKLWLUKL
KLSHJH[LNVYxHKLTLKPJHTLU[VZ
] *VUKPJPVULZ!
³7YLZLU[HYLS¸WLYZVUU\TTLY¹
³7HNHY SVZ ¸NHZ[VZ H JHYNV KLS WHJPLU[L¹ ,S PTWVY[L Tm_PTV LZ KL JVYVUHZL\YVZWVY\UWLYPVKVKLKVJLTLZLZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZV IHZHKV LU JVWHNV Z}SV WHYH SVZ TLKPJHTLU[VZ X\L ¸UV ZL W\LKHU
HWSHaHY¹VSVZYLJL[HKVZLULSTHYJVKLSHH[LUJP}UWYL`WVZ[UH[HSKLSHWSH
UPÄJHJP}UMHTPSPHYKLSHIVY[VKLSHVKVU[VSVNxHVKLV[YVZZLY]PJPVZX\L¸UVZL
W\LKHUHWSHaHY¹
] *VUKPJPVULZ!
³7YLZLU[HYSH¸[HYQL[H34(¹
³7HNHYSVZ¸NHZ[VZHJHYNVKLSWHJPLU[L¹!JVYVUHZL\YVZWVYTLKP
JHTLU[VVYLJL[H
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
56[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
+,;,**0Ô5+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVHU}UPTV`NYH[\P[V
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
;9(;(40,5;6+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³7YLZLU[HYLS¸WLYZVUU\TTLY¹
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSLUSHWYmJ[PJHZLJVUZPKLYHJVTV¸H[LUJP}U
X\LUVZLW\LKLHWSHaHY¹
] *VUKPJPVULZ!
³7YLZLU[HYSH¸[HYQL[H34(¹
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
56[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
(KLTmZ ZL SLZ WVKYxH ULNHY LS HJJLZV WVYX\L SH SL` UV VISPNH H WYVWVYJPV
UHYSLZ[YH[HTPLU[VZ
;9(;(40,5;6+,6;9(:,5-,94,+(+,:05-,**06:(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V:Ô36ZPSHLUMLYTLKHKLZ[mPUJS\PKHLUSH¸3L`KLLUMLYTL
KHKLZJVU[HNPVZHZ¹
(JJLZV NYH[\P[V LU JSxUPJHZ LZWLJPHSPaHKHZ LU LUMLYTLKHKLZ KL [YHUZTPZP}U
ZL_\HSWLQNVUVYYLHJSHTPKPH`ZxÄSPZZPUPUJS\PYSH[\ILYJ\SVZPZ
] *VUKPJPVULZ!
³7YLZLU[HYLS¸WLYZVUU\TTLY¹
:630*0;(5;,:+,(:036
] +LYLJOVZ!
(JJLZVNYH[\P[V:Ô36LUJSxUPJHZLZWLJPHSPaHKHZLULUMLYTLKHKLZKL[YHUZTP
ZP}UZL_\HSWLQNVUVYYLHJSHTPKPH`ZxÄSPZZPUPUJS\PYSH[\ILYJ\SVZPZ
] *VUKPJPVULZ!
³7YLZLU[HYSH¸[HYQL[H34(¹
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V:Ô36LUJSxUPJHZLZWLJPHSPaHKHZLULUMLYTLKHKLZKL[YHUZTP
ZP}UZL_\HSWLQNVUVYYLHJSHTPKPH`ZxÄSPZZPUPUJS\PYSH[\ILYJ\SVZPZ
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
4,569,:
4,569,:5(*065(3,:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VWHYH[VKHZSHZWLYZVUHZTLUVYLZKLH|VZ
3HZ]HJ\UHZUVZVUVISPNH[VYPHZ,_PZ[L\UHSPZ[HKL]HJ\UHZYLJVTLUKHKHZ
] *VUKPJPVULZ!
³7YLZLU[HYLS¸WLYZVUU\TTLY¹
/016:+,:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZTLUVYLZKLH|VZ
] *VUKPJPVULZ!
³7YLZLU[HYSH¸[HYQL[H34(¹
4,569,::630*0;(5;,:+,(:03656(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZTLUVYLZKLH|VZ
] *VUKPJPVULZ!
³7YLZLU[HYSH¸[HYQL[H34(¹
4,569,:0540.9(5;,:56(*647(j(+6:
] +LYLJOVZ!
:PZLSLZOHYLJOHaHKVSHZVSPJP[\KKLHZPSV!PN\HSX\LSVZTLUVYLZUHJPVUHSLZ
,UJHZVJVU[YHYPV!56[PLULUHJJLZVNYH[\P[VHUPUNU[PWVKLHZPZ[LUJPHZHUP
[HYPHKLILUWHNHYLSJVZ[L[V[HS(KLTmZZHS]VLUSVZJHZVZKL\YNLUJPHZZL
SLZWVKYxHULNHYLSHJJLZVWVYX\LSHSL`UVVISPNHHX\LZLSLZWYLZ[LH[LUJP}U
ZHUP[HYPHUPHX\LZLSLZWYVWVYJPVULU[YH[HTPLU[VZ
] *VUKPJPVULZ!
Q,USVZJHZVZKLTLUVYLZHX\PLULZZLOHYLJOHaHKVSHZVSPJP[\KKLHZPSV!
³7YLZLU[HYSH¸[HYQL[H34(¹JHK\JHKH
/016:+,0540.9(5;,::057,940:6+,9,:0+,5*0(
7HYHJVUZ\S[HYSHSPZ[HKL
]HJ\UHZ]tHZLLSWYVNYHTH
^^^ZTP[[ZR`KKZPUZ[P[\[L[
ZLPULUNSPZOHJ[P]P[PLZ[OL
Z^LKPZO]HJJPUH[PVUWYVNYHT
PUMVYTHJP}ULUPUNStZ
(WHY[HKVKLSH3HN
!
0IxK
] +LYLJOVZ!
:PZLSLZOHYLJOHaHKVSHZVSPJP[\KKLHZPSVHLSSVZHZ\ZWHKYLZ!PN\HSX\LSVZ
TLUVYLZUHJPVUHSLZ
,UJHZVJVU[YHYPV!56[PLULUHJJLZVNYH[\P[VHUPUNU[PWVKLHZPZ[LUJPHZHUP
[HYPHKLILUWHNHYLSJVZ[L[V[HS(KLTmZZHS]VLUSVZJHZVZKL\YNLUJPHZZL
SLZWVKYxHULNHYLSHJJLZVWVYX\LSHSL`UVVISPNHHX\LZLSLZWYLZ[LH[LUJP}U
ZHUP[HYPHUPHX\LZLSLZWYVWVYJPVULU[YH[HTPLU[VZ
] *VUKPJPVULZ!
Q,USVZJHZVZKLOPQVZKLWLYZVUHZHX\PLULZZLOHKLULNHKVSHZVSPJP[\KKL
HZPSV!
³7YLZLU[HYSH¸[HYQL[H34(¹JHK\JHKH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
*,5;96:+,9,;,5*0Ô5
(+<3;6:
(JJLZVNYH[\P[VHSH¸H[LUJP}UX\LUVZLW\LKHHWSHaHY¹HSHH[LUJP}UWYL`
WVZ[UH[HSHSHWSHUPÄJHJP}UMHTPSPHYHSHIVY[V`HSVZZLY]PJPVZKLVKVU[VSVNxH
¸X\LUVZLW\LKHUHWSHaHY¹
(JJLZVHH[LUJP}UOVZWP[HSHYPHLUJHZVKLULJLZPKHK
4,569,:
(JJLZV NYH[\P[V LU SHZ TPZTHZ JVUKPJPVULZ X\L SH WVISHJP}U UHJPVUHS ,S
[PLTWV SxTP[L KL KL[LUJP}U LZ KL OVYHZ WYVSVUNHISL V[YHZ OVYHZ WVY
YHaVULZL_JLWJPVUHSLZ
(**,:6+,3(:(<;690+(+,:
(3(05-694(*0Ô5@
;9(5:-,9,5*0(+,+(;6:
;YHUZMLYLUJPH KL PUMVYTHJP}U V HJJLZV H KH[VZ ZVIYL SH ZP[\HJP}U HK
TPUPZ[YH[P]H!LSJVTP[tT\UPJPWHSKLIPLULZ[HYZVJPHS[PLULSHVISPNHJP}UKL
YL]LSHYPUMVYTHJP}UZVIYLSHZP[\HJP}UWLYZVUHSKL\UHWLYZVUHL_[YHUQLYHZP
ZLSVZVSPJP[HLS:LY]PJPVKL7VSPJxH:\LJVLS:LY]PJPVKL:LN\YPKHK:\LJV
LS *VUZLQV KL 0UTPNYHJP}U \U [YPI\UHS KL PUTPNYHJP}U LS ;YPI\UHS KL (WL
SHJPVULZ KL 0UTPNYHJP}U V LS .VIPLYUV ,Z[H PUMVYTHJP}U LZ \[PSPaHKH WHYH
[VTHYKLJPZPVULZYLSH[P]HZHSWLYTPZVKLYLZPKLUJPHVLSLZ[H[\ZKLYLZPKLU[L
LU:\LJPHHSHYNVWSHaVWHYHJP\KHKHUVZKL[LYJLYVZWHxZLZVWHYHPTWVULY
\UHVYKLUKLL_W\SZP}UV\UHKLULNHJP}UKLSWLYTPZVKLLU[YHKH;HTIPtU
ZL\[PSPaHLZ[HPUMVYTHJP}UJ\HUKVZ\YNLSHJ\LZ[P}UKLZPLSL_[YHUQLYV[PLUL
KLYLJOVHVI[LULY\UWLYTPZVKLYLZPKLUJPH
3(56,?7<3:0Ô5
7699(A65,:4i+0*(:
0IxK(WHY[HKVZ`
*HWx[\SVHWHY[HKVKLSH
3L`ZVIYL,_[YHUQLYxH!
KL KLZLW[PLTIYLKL
7,940:6 +, 9,:0+,5*0( 769 9(A65,: 4i+0*(:!
¸7,940:6+,9,:0+,5*0(769*09*<5:;(5*0(:,?
*,7*065(34,5;,.9(=,:¹
(WHY[HKVKLSH3HN
!
*HWx[\SVHWHY[HKVKLSH
3L`ZVIYL,_[YHUQLYxH!
*HWx[\SVHWHY[HKVKLSH
3L`ZVIYL,_[YHUQLYxH!
*HWx[\SVHWHY[HKVKLSH
3L`ZVIYL,_[YHUQLYxH!
¦8<0i5,:367<,+,5:630*0;(9&
:VSPJP[HU[LZKLHZPSV,?*3<:0=(4,5;,
*65+0*065,:!
³7YLZLU[HY\UHZVSPJP[\KKLHZPSV
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
³5V KPZMY\[HY KL UPUNU WLYTPZV KL YLZPKLUJPH WVY V[YVZ TV[P]VZ LU
WHY[PJ\SHYWVYHZPSVVWYV[LJJP}UZ\IZPKPHYPH
³3HL]HS\HJP}UNSVIHSKLSHZP[\HJP}UKLSHWLYZVUHKLILKLQHYWH[LU[L
X\LL_PZ[LU\UHZJPYJ\UZ[HUJPHZL_JLWJPVUHSTLU[LNYH]LZWYLZ[HUKV
LZWLJPHSH[LUJP}UHSLZ[HKVKLZHS\KKLSHWLYZVUHHZ\HKHW[HJP}U
H:\LJPH`HZ\ZP[\HJP}ULULSWHxZKLVYPNLU,S9LSH[VY,ZWLJPHSKL
SHZ 5HJPVULZ <UPKHZ WHYH LS +LYLJOV H SH :HS\K K\YHU[L Z\ ]PZP[H H
:\LJPHLUKLZ[HJ}X\LK\YHU[LSHL]HS\HJP}UKLSHZ¸JPYJ\UZ[HU
JPHZL_JLWJPVUHSTLU[LNYH]LZ¹SVZ[YPI\UHSLZKLPUTPNYHJP}UKLILYxHU
[LULY LU J\LU[H ZP SH WLYZVUH WVKYxH LU SH WYmJ[PJH HJJLKLY H \U
[YH[HTPLU[VX\LSLZHS]LSH]PKHLUS\NHYKLHUHSPaHYL_JS\ZP]HTLU[LSH
KPZWVUPIPSPKHK KLS [YH[HTPLU[V ULJLZHYPV (ZPTPZTV YLJVTLUK} X\L
ZL[\]PLYHLUJ\LU[HSHHJJLZPIPSPKHKKLSVZTLKPJHTLU[VZ`JYP[PJ}KL
MVYTHNLULYHSLSWVIYL[YH[HTPLU[VKHKVLUSVZPUMVYTLZL_WLKPKVZ
WVYSHZLTIHQHKHZ:\LJHZZVIYLSHJ\LZ[P}UKLSHKPZWVUPIPSPKHKKLS
[YH[HTPLU[V TtKPJV LU SVZ WHxZLZ KL VYPNLU KL SHZ WLYZVUHZ X\L SV
ZVSPJP[HU ³,ULSJHZVKLTLUVYLZ!SHZJPYJ\UZ[HUJPHZUV[PLULUX\LZLYKLSHTPZ
THNYH]LKHK`KLSTPZTVWLZVX\LSHZYLX\LYPKHZWHYHSVZHK\S[VZ
³,S *VTP[t KL 0UTPNYHJP}U :\LJV [VTHYm \UH KLJPZP}U [YHZ JVUZ\S[HY
LU Z\ WYVWPH IHZL KL KH[VZ SH KPZWVUPIPSPKHK ` SH HJJLZPIPSPKHK KLS
[YH[HTPLU[VLULSWHxZKLVYPNLU +<9(*0Ô5!
3PTP[HKHZPSHLUMLYTLKHKVSHULJLZPKHKKLHZPZ[LUJPHZHUP[HYPHLZ[LT
WVYHSVWLYTHULU[L (**,:6(3((:0:;,5*0(:(50;(90(!
3HWLYZVUHX\LSVZVSPJP[H[PLULLSLZ[H[\ZKLKLTHUKHU[LKLHZPSV7VY
[HU[VW\LKLHJJLKLYHSHH[LUJP}UZHUP[HYPH¸X\LUVZLW\LKHHWSHaHY¹
HZx JVTV H SH H[LUJP}U WYL ` WVZ[UH[HS WSHUPÄJHJP}U MHTPSPHY HIVY[V `
ZLY]PJPVZKLVKVU[VSVNxH¸X\LUVZLW\LKHUHWSHaHY¹
7\U[VZ KLS
0UMVYTLKLS9LSH[VY,ZWLJPHS(
/9*(KK
)HZLKLKH[VZ¸30-6:¹"
]tHZL70*<4<UKVJ\TLU[LK
HUKZLYPV\ZS`PSS!WmN
­:LNULS*VUZLQVKL
0UTPNYHJP}U:\LJV\UWLYTPZV
KLYLZPKLUJPHWVYYHaVULZO\
THUP[HYPHZZLJVUJLKLHTL
U\KVKLMVYTHWLYTHULU[L®"
]tHZL70*<4<UKVJ\TLU[LK
HUKZLYPV\ZS`PSSWmN
7,940:6 +, 9,:0+,5*0( 769 9(A65,: 4i+0*(:!
¸7,940:6+,9,:0+,5*0(;,4769(367,94(5,5;,
,5*(:6:+,047,+04,5;6:+<9(+,96:656
8<,:,05;,9765.(5(3(,1,*<*0Ô5+,3(69+,5
+,,?7<3:0Ô56(3(+,5,.(*0Ô5+,37,940:6
+,,5;9(+(¹
¦8<0i5,:367<,+,5:630*0;(9&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tUNYH]LTLU[LLUMLYTVZ
*65+0*065,:!
³;YHZ SH KLJPZP}U ÄUHS HNV[HKH SH WVZPIPSPKHK KL YLJ\YYPY KL KLULNH
JP}U KLS WLYTPZV KL LU[YHKH V KL VYKLU KL L_W\SZP}U Z\YNLU U\L
]HZJPYJ\UZ[HUJPHZTtKPJHZX\LPTWPKLUSHLQLJ\JP}UKLSHVYKLU"V
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
L_PZ[LUYHaVULZWHYHWLUZHYX\L­LSL_[YHUQLYVLZ[HYxHLUWLSPNYVKL
ZLYJVUKLUHKVHT\LY[LVH\UJHZ[PNVMxZPJV[VY[\YH\V[YVJHZ[PNV
V[YH[HTPLU[VPUO\THUVVKLNYHKHU[L® *VYYLZWVUKL[VTHYLZ[H
KLJPZP}UHS*VUZLQVKL0UTPNYHJP}U:\LJV
+<9(*0Ô5!
3PTP[HKHZPSHLUMLYTLKHKVSHULJLZPKHKKLH[LUJP}UZHUP[HYPHLZ[LT
WVYHSVWLYTHULU[L *HWx[\SVHWHY[HKVKL
3L`ZVIYL,_[YHUQLYxH!
*HWx[\SVHWHY[HKVKL
3L`ZVIYL,_[YHUQLYxH!
,3(**,:6(3((:0:;,5*0(:(50;(90(!
(S PN\HS X\L SHZ WLYZVUHZ JVU WLYTPZV KL YLZPKLUJPH YLJPILU \U WLY
ZVUU\TTLY ` W\LKLU HJJLKLY H SH HZPZ[LUJPH ZHUP[HYPH LU SHZ TPZTHZ
JVUKPJPVULZX\LSHWVISHJP}UUHJPVUHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
3(=0:0Ô5+,4i+0*6:+,34<5+6
:<,*0(:6)9,3(:0;<(*0Ô5,53(
79Í*;0*(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHK\S[VZ`TLUVYLZ
3HSLNPZSHJP}UUVYLJVUVJLUPUNU[PWVKLHJJLZVNYH[\P[VHSHWVISHJP}U
PUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPHJVUSHUPJHL_JLWJP}UKLSVZOPQVZ
KLSHZWLYZVUHZHX\PLULZZLOHKLULNHKVSHZVSPJP[\KKLHZPSV`KLSVZ
TLUVYLZZVSPJP[HU[LZKLHZPSVYLJOHaHKVZ7VY[HU[VLSTH`VYVIZ[mJ\SV
LZSHSL`LUZx(\UX\LSHSL`UVYLJVUVaJHSVZKLYLJOVZKLHJJLZVHSH
ZHUPKHKHSJVSLJ[P]VKLPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY[HTWVJVWYV
OxILX\LZLSLWYLZ[LZLY]PJPVZTtKPJVZ,U[VUJLZ¦WVYX\tLSWLYZVUHS
TtKPJV Z\LJV UV SLZ H[PLUKL& 3H L_WSPJHJP}U Z\LSL LZ[HY YLSHJPVUHKH
JVUHZ\U[VZHKTPUPZ[YH[P]VZ`LJVU}TPJVZ(KLTmZHSUVPTWVULYSVSH
SL`SHSL`UVSLZTV[P]HHHJ[\HYKLV[YHMVYTH+LMVYTHZPTPSHYLSKLZ
JVUVJPTPLU[VWVYWHY[LKLSWLYZVUHSZHUP[HYPVJVUK\JLLUVJHZPVULZHS
THSLU[LUKPKVKLX\LZPZLWYLZ[HHZPZ[LUJPHH\UVKLLZ[VZWHJPLU[LZZL
LZ[mPUMYPUNPLUKVSHSL`
7VYV[YVSHKVHTLU\KVLSWLYZVUHSTtKPJVUVZHILYLHSPaHYSVZ[YmTP[LZ
HKTPUPZ[YH[P]VZ ULJLZHYPVZ J\HUKV \U PUTPNYHU[L LU ZP[\HJP}U PYYLN\SHY
ZVSPJP[HH[LUJP}UZHUP[HYPH;VKHWLYZVUHX\LYLZPKLSLNHSTLU[LLU:\L
JPHYLJPIL\UUTLYVWLYZVUHSKLPKLU[PKHK,Z[LUTLYVMHJPSP[HSVZ[Ym
TP[LZHKTPUPZ[YH[P]VZ`ZL\[PSPaHZPLTWYLLULSZPZ[LTHZHUP[HYPVWHYHSH
PUZJYPWJP}U`LSZLN\PTPLU[VKLSWHJPLU[L(SUV[LULY\UUTLYVWLYZV
UHSLZ[VZPUTPNYHU[LZUVL_PZ[LUWHYHLSZPZ[LTHKLH[LUJP}UZHUP[HYPH
WVYSVX\LZLW\LKLKHYSHZP[\HJP}UKLX\LZLSLZUPLN\LSHHZPZ[LUJPH
ZHUP[HYPH <UH WVZPISL ZVS\JP}U H LZ[L WYVISLTH WVKYxH ZLY WYVWVYJPV
UHYSLZ\U¸UTLYV[LTWVYHS¹X\L`HZL\[PSPaHWVYLQLTWSVJ\HUKV\U
ILItZ\LJVYLJPtUUHJPKVULJLZP[HH[LUJP}UZHUP[HYPH\YNLU[L`[VKH]xH
UV ZL OHU YLHSPaHKV SVZ [YmTP[LZ HKTPUPZ[YH[P]VZ WHYH HKQ\KPJHYSLZ \U
UTLYVWLYZVUHS
,SHZWLJ[VLJVU}TPJVLZV[YVHZ\U[VPTWVY[HU[LZPUVLSWYPUJPWHS,Z[HZ
WLYZVUHZ[PLULUKLYLJOVHHJJLKLYHSVZZLY]PJPVZKL\YNLUJPHZWLYVSH
[V[HSPKHKKLSVZNHZ[VZJVYYLUHZ\JHYNV`Z\LSLUZLYKLTHZPHKVLSL]H
KVZ ,U NLULYHS [VKVZ SVZ WHJPLU[LZ [PLULU X\L WHNHY HU[LZ KL WVKLY
JVUZ\S[HY H \U TtKPJV ` ZP UV W\LKLU WHNHY UV ZL SLZ NHYHU[PaH X\L
]H`HUHYLJPIPYUPUN\UHH[LUJP}UZHUP[HYPH(\UX\L[PLULUKLYLJOVHZV
SPJP[HYX\LZLSLZLU]xL\UHMHJ[\YHHSKVTPJPSPVX\LPUKPX\LUT\`WVJHZ
WLYZVUHZ JVUVJLU LZ[H WVZPIPSPKHK WVY SV X\L HJHIHU WVY UV ZVSPJP[HY
H[LUJP}UZHUP[HYPH
:LN\UKV0UMVYTLKLS
6IZLY]H[VYPVKL(JJLZVH
SH:HUPKHKKL4tKPJVZKLS
4\UKVZLW[PLTIYLKL 4mZHSSmKLLZ[HZJ\LZ[PVULZL_PZ[LUV[YVZVIZ[mJ\SVZPUKPYLJ[VZJVTV
LS TPLKV H X\L ZL SLZ KLU\UJPL H SH WVSPJxH V HS *VUZLQV KL 0UTPNYH
JP}U,U\UHLUJ\LZ[HYLHSPaHKHWVY4tKPJVZKLS4\UKV:\LJPHLU,Z[V
JVSTV X\LK}WH[LU[LX\LSHTH`VYxHKLSVZPUTPNYHU[LZZPUWLYTPZV
KL YLZPKLUJPH LU[YL]PZ[HKVZ U\UJH OHU HJ\KPKV H \U JLU[YV KL ZHS\K
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
WISPJV WVY TPLKV H X\L SLZ KLU\UJPL ;VKHZ SHZ H\[VYPKHKLZ WISPJHZ
Z\LJHZPUJS\PKHZHX\LSSHZX\L[YHIHQHUWHYHLSZPZ[LTHZHUP[HYPVWISPJV
LZ[mU VISPNHKHZ H THU[LULY LS ZLJYL[V WYVMLZPVUHS 7VY [HU[V LZ PSLNHS
KLU\UJPHYH\UWHJPLU[LHSHWVSPJxH[LUNHVUVWLYTPZVKLYLZPKLUJPH
3H UPJH L_JLWJP}U H SH SL` HWSPJHISL LZ X\L LS WLYZVUHS TtKPJV LZ[m
VISPNHKVHYLZWVUKLYHSHZWYLN\U[HZKPYLJ[HZKLSHWVSPJxHZPTLUJPVUHU
LSUVTIYLKL\UHWLYZVUHKLSHX\L[PLULUZVZWLJOHZ3VZPUTPNYHU[LZ
LUZP[\HJP}UPYYLN\SHYUVJVUVJLUIPLUSHSL``LUVJHZPVULZUPZPX\PLYH
LSWLYZVUHSTtKPJVLZ[mHSJVYYPLU[LKLX\LUVKLILYL]LSHYPUMVYTHJP}U
JVUÄKLUJPHSZVIYLLZ[HZWLYZVUHZLUUPUNUV[YVJHZV
,SKLZJVUVJPTPLU[VKLSVZKLYLJOVZWVYWHY[LKLSWYVWPVJVSLJ[P]VPUTP
NYHU[LJVUZ[P[\`LV[YVNYHUVIZ[mJ\SV[HS`JVTVX\LK}KLTHUPÄLZ[V
LUSHLUJ\LZ[HYLHSPaHKHLU(SN\UVZKLSVZWHJPLU[LZLU[YL]PZ[HKVZ
WLUZHIHUX\LUV[LUxHUUPUNU[PWVKLKLYLJOVKLHJJLZVHSHHZPZ[LU
JPHZHUP[HYPHUPZPX\PLYHHSVZZLY]PJPVZKL\YNLUJPHZH\X\LZPLTWYLOH`H
X\LWHNHYSVZ,Z[HZWLYZVUHZU\UJHPU[LU[HIHUZVSPJP[HYH[LUJP}UZHUP
[HYPHUPZPX\PLYHJ\HUKVZLLUJVU[YHIHULU\UHZP[\HJP}UT\`JYx[PJH
7VYV[YVSHKVSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH[PLULUKLYLJOV
HYLHSPaHYZLWY\LIHZKLKL[LJJP}UHU}UPTHZ`NYH[\P[HZWLYVWHYHH\
TLU[HYZ\HJJLZVZLULJLZP[HUPUMVYTHJP}U`TV[P]HJP}U,UJ\HU[VHS
[YH[HTPLU[VKLS=0/UV[PLULUHJJLZVNYH[\P[VHSTPZTV
3VZ TLUVYLZ Z\MYLU SVZ TPZTVZ VIZ[mJ\SVZ X\L SVZ HK\S[VZ! ZP ZL SLZ
OHYLJOHaHKVSHZVSPJP[\KKLHZPSVVZVUOPQVZKLKLTHUKHU[LZKLHZPSV
YLJOHaHKVZ[PLULUTH`VYLZKLYLJOVZHSHOVYHKLHJJLKLYHSHZHUPKHK
5VVIZ[HU[LZ\ZKLYLJOVZZL]LUHU\SHKVZKLIPKVHX\LZ\ZWHKYLZUV
[PLULU KLYLJOV KL HJJLZV NYH[\P[V H SH HZPZ[LUJPH ZHUP[HYPH LU :\LJPH
,ULMLJ[VSHZP[\HJP}UKLSVZTLUVYLZLZ[mLZ[YLJOHTLU[LYLSHJPVUHKH
JVUSHKLZ\ZWHKYLZ(ZxLSTPLKVHX\LZLSLZKLU\UJPLVSHMHS[HKL
PUMVYTHJP}U ZVIYL Z\Z KLYLJOVZ ZVU VIZ[mJ\SVZ ZPNUPÄJH[P]VZ X\L SLZ
PTWPKLUHJJLKLYHSHH[LUJP}UZHUP[HYPH
,SOLJOVKLX\L:\LJPHOH`HZPKVJYP[PJHKHWVYLS9LSH[VY,ZWLJPHSKLSHZ
5HJPVULZ<UPKHZWHYHLS+LYLJOVHSH:HS\KK\YHU[LZ\]PZP[HH:\LJPH
LUWVY[LULY\UHSL``\UHWYmJ[PJHKPZJYPTPUH[VYPHZLULZ[LmTIP[V
OHKLZLUJHKLUHKV\UHZLYPLKLPUPJPH[P]HZWHYHYLJVUVJLYSHPTWVY[HUJPH
KLWYLZ[HYHZPZ[LUJPHZHUP[HYPHHSVZPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY`
WHYHWVULYKLTHUPÄLZ[VSHZJVUZLJ\LUJPHZKLSHSLNPZSHJP}UYLZ[YPJ[P]H
3H<UP}U,\YVWLH[HTIPtUOHZL|HSHKVLUKP]LYZHZVJHZPVULZX\L:\L
JPHKLILYxHYLN\SHYWVYSL`LSHJJLZVHSHZHUPKHKKLLZ[VZPUTPNYHU[LZ
` KL SVZ ZVSPJP[HU[LZ KL HZPSV ` UV Z}SV H [YH]tZ KL HJ\LYKVZ LU[YL LS
.VIPLYUV`SVZJVUKHKVZ(\UX\L\UHU\L]HSL`M\LHWYVIHKHLUQ\SPV
KLLZ[HSL`UVOHJHTIPHKVUHKHLUJ\HU[VHSHJJLZVHSHZHUPKHK
KLSHWVISHJP}UPUTPNYHU[LLUZP[\HJP}UPYYLN\SHY`Z\MHS[HKLKLYLJOVZ
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
ZPN\LZPLUKVSHTPZTH5VVIZ[HU[L[VKVLZ[LWYVJLZVOHJVU[YPI\PKVH
YLMVYaHYKPZ[PU[HZYLKLZOHH[YHxKVSHH[LUJP}UKLSVZTLKPVZKLJVT\UP
JHJP}U`OHZPKVJH\ZHKLKLIH[LLULSmTIP[VKLSHWVSx[PJH+LHSN\UH
MVYTHLZ[HH[LUJP}UOHJVU[YPI\PKVHZLUZPIPSPaHYHSHWVISHJP}ULUNL
ULYHSH\UX\LSHPUMVYTHJP}UZVIYLLZ[LHZ\U[VZPN\LZPLUKVPUZ\ÄJPLU[L
,ULZ[LJVU[L_[VOHUZ\YNPKV]HYPHZPUPJPH[P]HZYLNPVUHSLZWHYHHTWSPHY
SHJVILY[\YHZHUP[HYPHKLSVZPUTPNYHU[LZX\LUV[PLULUYLN\SHYPaHKHZ\
ZP[\HJP}U (SN\UVZ JVUKHKVZ ` KL[LYTPUHKVZ OVZWP[HSLZ ` JLU[YVZ KL
ZHS\KOHULTWLaHKVHKLZHYYVSSHYZ\ZWYVWPHZWVSx[PJHZWHYHOHJLYMYLU[L
HSHZJVUZLJ\LUJPHZX\LWYV]VJHLZ[LYxNPKVTHYJVSLNHSUHJPVUHSLULS
LZ[HKV KL ZHS\K ` LU SVZ KLYLJOVZ KL LZ[HZ WLYZVUHZ <U LQLTWSV LZ
,ZJHUPH HS Z\Y KL :\LJPH KVUKL HX\LSSVZ H X\PLULZ ZL OH KLULNHKV
SH ZVSPJP[\K KL HZPSV YLJPILU SH TPZTH H[LUJP}U ZHUP[HYPH X\L SHZ ZVSPJP
[HU[LZ KL HZPSV 6[YV LQLTWSV KL PUPJPH[P]H YLNPVUHS LU LS JVUKHKV KL
,Z[VJVSTVLZLSKLSHZT\QLYLZLTIHYHaHKHZZPUWLYTPZVKLYLZPKLUJPH
X\PLULZKLZKLMLIYLYVKL [PLULUHJJLZVHH[LUJP}UWYLUH[HSNYH
[\P[HH\UX\LLZ[HPUPJPH[P]HUVPUJS\`LUPLSWHY[VUPSHH[LUJP}UWVZ[UH[HS
;HTIPtULU,Z[VJVSTVLS/VZWP[HS<UP]LYZP[HYPV2HYVSPUZRHOHHJVYKHKV
KLJPKPYJHZVWVYJHZVZVIYLLS[YH[HTPLU[V`LSZLN\PTPLU[VKLWHJPLU[LZ
JVULUMLYTLKHKLZJY}UPJHZVNYH]LZJVUSHPU[LUJP}UKLPUJS\PYHPUTP
NYHU[LZX\LUVJ\LU[HUJVU\UWLYTPZVKLYLZPKLUJPH,U.V[LTI\YNV
LS /VZWP[HS <UP]LYZP[HYPV :HOSNYLUZRH OH LSHIVYHKV Z\ WYVWPH WVSx[PJH
OVZWP[HSHYPHZVIYLSHHJLW[HJP}U`LS[YH[HTPLU[VKLLZ[HWVISHJP}U
(WLZHYKL[VKVZLZ[VZLZM\LYaVZZLYLNPZ[YHUNYHUKLZKPÄJ\S[HKLZLU
SH HWSPJHJP}U LMLJ[P]H KL LZ[HZ [xTPKHZ UVYTH[P]HZ (ZPTPZTV ZL [LTL
X\LLZ[HZPUPJPH[P]HZLZ[tUZ\YNPLUKVKLIPKVHSHHJ[\HSZP[\HJP}UKLZ\
WLYm]P[LJVU}TPJVKLSHZHUPKHK`X\LWVY[HU[VWVKYxHUKLZHWHYLJLY
LUJHZVKLKtÄJP[
(JJLZVHSHZHUPKHKLUSVZJLU[YVZKLYL[LUJP}U
,U:\LJPHSHZWLYZVUHZX\LLZ[mUJVUÄUHKHZLUJLU[YVZKLYL[LUJP}U
[PLULUSVZTPZTVZKLYLJOVZX\LSHZX\LOHUZVSPJP[HKVHZPSVLUSVX\L
YLZWLJ[HHSHJJLZVHSHZHUPKHKLZKLJPYHJJLZVZ\I]LUJPVUHKVHSVZ
ZLY]PJPVZKL\YNLUJPHZKLH[LUJP}UWYL`WVZ[UH[HSHIVY[V`ZLY]PJPVZKL
VKVU[VSVNxHLUJHZVZNYH]LZ3HZLUMLYTLKHKLZJVTVSH[\ILYJ\SVZPZV
SHOLWH[P[PZUVLZ[mUPUJS\PKHZZHS]VX\LLSLZ[HKVKLZHS\KKLSVSHWH
JPLU[LZLHT\`NYH]L(ZPTPZTVUV[PLULUHJJLZVHZLY]PJPVZKLH[LU
JP}UWZPJVS}NPJHUPWZPX\Pm[YPJHZHS]VX\LZ\ZP[\HJP}UZLHJVUZPKLYHKH
JVTV \UH \YNLUJPH ,Z[HZ YLZ[YPJJPVULZ [PLULU NYH]xZPTHZ JVUZLJ\LU
JPHZLULSLZ[HKVKLZHS\KKLSVZPU[LYUVZ[LUPLUKVLUJ\LU[HX\LZLLU
J\LU[YHULU\UHZP[\HJP}ULZWLJPHSTLU[LLZ[YLZHU[L!UV[PLULUSPILY[HK
KLJPYJ\SHJP}UHWLZHYKLX\LUVOHUJVTL[PKVUPUNUKLSP[VOHU[LUPKV
X\LLTPNYHYO\`LUKVKLSHN\LYYHVKLSHWVIYLaHZLSLZOHYLJOHaHKV
Z\ZVSPJP[\KKLHZPSVZ\L_W\SZP}ULZPUTPULU[LL[J
+LMVYTHNLULYHSSHZKPZWVZPJPVULZX\LYLJVUVJLULZ[LKLYLJOVUVZVU
Z\ÄJPLU[LZ`\UNYHUUTLYVKLVIZ[mJ\SVZSPTP[HUHUTmZLSHJJLZVH
SHZHUPKHKLUSVZJLU[YVZKLYL[LUJP}U
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
(JJLZVHSHZHUPKHKLULSJLU[YVKLYL[LUJP}UKL2rSSLYLKHSHZHM\LYHZ
KL.V[LTI\YNV!SVZPU[LYUVZ[PLULUHJJLZVNYH[\P[VHKL[LYTPUHKVZTL
KPJHTLU[VZ ImZPJVZ KPZWVUPISLZ LU SVZ JLU[YVZ OVYHZ HS KxH [VKVZ
SVZKxHZKLSHZLTHUHHUHSNtZPJVZZ\H]LZTLKPJHTLU[VZWHYHSH[VZV
LSKVSVYKLLZ[}THNVVZVTUxMLYVZ/H`\UHWYLZLUJPHYLN\SHYKLSWLY
ZVUHS TtKPJV LU LS JLU[YV WHYH JVUZ\S[HZ YLJL[HZ ` ZLN\PTPLU[V WLYV
UVLZWLYTHULU[L(KLTmZUVZPLTWYLZLZ\Z[P[\`LHSWLYZVUHSZHUP[H
YPV K\YHU[L SHZ ]HJHJPVULZ V KxHZ MLZ[P]VZ ,Z[HZ JPYJ\UZ[HUJPHZ Z\LSLU
OHJLY JYLJLY SHZ SPZ[HZ KL LZWLYH WHYH SHZ JVUZ\S[HZ 7VY V[YV SHKV SVZ
PUTPNYHU[LZYL[LUPKVZW\LKLUHJJLKLYHHSN\UVZ[PWVZKLH[LUJP}ULZ
WLJPHSPaHKH ZPLTWYL X\L LS WLYZVUHS KL LUMLYTLYxH JVUZPKLYL X\L LZ[L
[PWV KL H[LUJP}U ZHUP[HYPH MVYTH WHY[L KL Z\Z KLYLJOVZ ,U JHZVZ KL
\YNLUJPHZ ZL SLZ SSL]H HS OVZWP[HS (Zx W\LZ HU[L SH H\ZLUJPH KL ZLY]P
JPVZTtKPJVZWLYTHULU[LZLUT\JOHZVJHZPVULZHJHIHZPLUKVLSWLY
ZVUHSNLULYHSKLSJLU[YVUPLSWLYZVUHSTtKPJVUPLSKLLUMLYTLYxHX\PLU
L]HSHSHNYH]LKHKKLSLZ[HKVKLZHS\KKLSHWLYZVUH(KLTmZKLX\LSH
WVSPJxHW\LKLLX\P]VJHYZLLUZ\Q\PJPVTtKPJV[HTIPtUW\LKLYLZ\S[HY
JVTWSPJHKVX\LZLHSHWVSPJxHX\PLU[YHZSHKLHSVZLUMLYTVZHSOVZWP[HS
`HX\LLZ[mVISPNHKHHYLZWL[HY\UHZLZ[YPJ[HZYLNSHZKL[YHUZWVY[LWHYH
ZHSPYKLSJLU[YV
3HUVL_W\SZP}UWVYYHaVULZTtKPJHZ
3HYLNSHImZPJHWHYHHJLW[HYVKLULNHYLSWLYTPZVKLYLZPKLUJPHWVYYH
aVULZTtKPJHZHJP\KHKHUVZL_[YHUQLYVZNYH]LTLU[LLUMLYTVZZLNU
LS*VUZLQVKL0UTPNYHJP}UZLJLU[YHLUSHL_PZ[LUJPHKLS[YH[HTPLU[V`
SVZTLKPJHTLU[VZULJLZHYPVZLULSWHxZKLVYPNLU+LLZ[HMVYTHZPLS
*VUZLQV KL 0UTPNYHJP}U KL[LYTPUH [YHZ Z\ L]HS\HJP}U X\L LS WHJPLU[L
WVKYxH[LULYHJJLZVHS[YH[HTPLU[VLULSWHxZKLVYPNLUSLZLYmKLULNHKV
LS WLYTPZV KL YLZPKLUJPH WVY YHaVULZ TtKPJHZ 5V ZL YLHSPaH ZPLTWYL
\UHYPN\YVZHPU]LZ[PNHJP}ULUJHKHJHZVZVIYLSHKPZWVUPIPSPKHKKLS[YH
[HTPLU[V UP ZL LZ[\KPH JHKH JHZV WHY[PJ\SHY (KLTmZ UV ZL [PLULU LU
J\LU[HSVZVIZ[mJ\SVZWHYHHJJLKLYHSVZTLKPJHTLU[VZJVTVSVZLSL
]HKVZJVZ[LZSVZZLN\YVZVSHZJ\LZ[PVULZSVNxZ[PJHZ
,_PZ[LU L_JLWJPVULZ H SHZ JPYJ\UZ[HUJPHZ HU[LYPVYTLU[L L_W\LZ[HZ
JVTVSHYLSH[P]HHSVZHZ\U[VZZVJPVLJVU}TPJVZ:LOHWVKPKVJVUZ[H[HY
X\LJ\HU[VTLUVZJVTULZSHLUMLYTLKHKTmZWVZPIPSPKHKLZOH`KL
VI[LULY\UWLYTPZVKLYLZPKLUJPHLU:\LJPHWVYYHaVULZTtKPJHZ,Z[V
ZL KLIL H X\L ZP LS JHZV X\L ZL [YH[H UV [PLUL WYLJLKLU[LZ SHZ WVZP
IPSPKHKLZKLX\LHWHYLaJHV[YVJHZVZPTPSHYZVUTLUVYLZWVYSVX\LSH
KLJPZP}UZLIHZHYmLUJVUZPKLYHJPVULZZVJPVLJVU}TPJHZ
6[YH L_JLWJP}U LZ LS JHZV KL X\L SH WLYZVUH UV W\LKH ZLY [YHZSHKHKH
WVYYHaVULZTtKPJHZKLMVYTHX\LZPJVYYLLSYPLZNVKLTVYPYK\YHU[L
SH L_W\SZP}U SH KLJPZP}U ZL WHYHSPaHYm OHZ[H X\L ZL YLJ\WLYL ` W\LKH
ZVWVY[HYLS]PHQL
6[YHZP[\HJP}UX\LWVKYxHWYV]VJHYX\LZLHWSHJLSHKLWVY[HJP}ULZX\L
SHJVTWH|xHHtYLHVLSWPSV[VUVHJLW[LUHSWHZHQLYVKLIPKVHZ\NYH]L
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
LZ[HKVKLZHS\K,ULZ[VZJHZVZLS,Z[HKVZ\LJVW\LKLÅL[HYH]PVULZ
WHYH YLWH[YPHYSL H Z\ WHxZ KL VYPNLU WLYV L]PKLU[LTLU[L LZ[H VWJP}U
[YHZSHKHYxHLSWYVISLTHHV[YHJVTWH|xHHtYLHVWPSV[VX\LWVKYxH\[PSPaHY
SVZTPZTVZHYN\TLU[VZ5VVIZ[HU[LLS,Z[HKVW\LKLHJ[\HYH[YH]tZ
KLSHHNLUJPH-YVU[L_ ,ULSJHZVKLSVZTLUVYLZNYH]LTLU[LLUMLYTVZZLYLX\PLYL\ULUMVX\L
HSNVTmZHTWSPV:PULTIHYNVSHWYmJ[PJH[HTIPtULZT\`YLZ[YPJ[P]HJVU
SVZTLUVYLZLULZ[VZJHZVZ*\HUKVZL[YH[HKLTLUVYLZKLH|VZ
YHYH]LaZLSLZL_W\SZHZPUVZLLUJ\LU[YHHUPUNU¸KLZ[PUH[HYPV¹LULS
WHxZKLVYPNLUJVTVMHTPSPHYLZL[J5VVIZ[HU[L\UVYMHUH[V[HTIPtU
W\LKLJSHZPÄJHYZLJVTV¸KLZ[PUH[HYPV¹SVX\LVJ\YYLJVUIHZ[HU[LMYL
J\LUJPH7\LKLVJ\YYPYX\LZLHUTLUVYLZLULSTVTLU[VKLZ\SSLNHKH
WLYV X\L J\HUKV HJHIH LS WYVJLZV KL ZVSPJP[\K KL HZPSV OH`H WHZHKV
[HU[V[PLTWVX\L`HOH`HUJ\TWSPKVSVZH|VZWVYSVX\LZLW\LKL
[VTHYSHKLJPZP}UKLL_W\SZHYSLZ
,U:\LJPHZLOHUKHKV]HYPVZJHZVZNYH]LZKLTLUVYLZX\LWHKLJLU
LS ¸ZxUKYVTL KL YLJOHaV NLULYHSPaHKV¹ ,Z[VZ TLUVYLZ OHU WLYKPKV LS
JVU[HJ[VJVUZ\LU[VYUV`]P]LULU\UHZP[\HJP}UKLZHSLU[HKVYH0UJS\ZV
LU LZ[VZ JHZVZ LZ T\` WVJV MYLJ\LU[L X\L VI[LUNHU \U WLYTPZV KL
YLZPKLUJPH WVY YHaVULZ TtKPJHZ `H X\L ZLNU SH L]HS\HJP}U YLHSPaHKH
¸L_PZ[LLS[YH[HTPLU[VLUZ\WHxZKLVYPNLU¹7VYV[YVSHKVJHILKLZ[HJHY
SH MHS[H KL PUMVYTHJP}U ZVIYL LZ[L ZxUKYVTL ` ZVIYL SH ZP[\HJP}U LU SH
X\LZLLUJ\LU[YHULZ[VZUP|VZHSVZX\LYHYH]LaLU[YL]PZ[HUUP*VUZLQV
KL0UTPNYHJP}UUPLS;YPI\UHSKL0UTPNYHJP}ULULSZPN\PLU[LUP]LSUPLS
WLYZVUHSTtKPJV
,U:\LJPHSHJHYNHKLSHWY\LIHYLJHLZVIYLSHWHY[LX\LYLWYLZLU[HH
SHWLYZVUHX\LZVSPJP[HLSWLYTPZVKLYLZPKLUJPH`UVZVIYLSHV[YHWHY[L
JVTV VJ\YYL LU V[YVZ JHZVZ LU LS ZPZ[LTH Q\YxKPJV Z\LJV KVUKL ZL LZ
PUVJLU[LOHZ[HX\LZLKLT\LZ[YLSVJVU[YHYPV
-YVU[L_HNLUJPHKL
SH<,JVUZLKLLU=HYZV]PH
M\LJYLHKHWHYHJVVYKPUHYSH
JVVWLYHJP}ULU[YLSVZ,Z[HKVZ
TPLTIYVZLULSmTIP[VKLSH
ZLN\YPKHKMYVU[LYPaH3HHNLUJPH
[PLULZLPZLQLZKL[YHIHQVM\U
KHTLU[HSLZ\UVKLSVZJ\HSLZ
LZWYVWVYJPVUHYHSVZ,Z[HKVZ
TPLTIYVZLSHWV`VULJLZHYPV
WHYHVYNHUPaHYVWLYHJPVULZKL
YLWH[YPHJP}UJVUQ\U[HZ
,Z[VZPNUPÄJHX\LSHWHY[LKLMLUZVYH[PLUL\UHNYHUYLZWVUZHIPSPKHKHSH
OVYH KL YLHSPaHY \UH L]HS\HJP}U YPN\YVZH ` KL JHSPKHK ,S YLWYLZLU[HU[L
SLNHSZPN\L\UWYVJLKPTPLU[VLZ[mUKHYLU[VKVZSVZJHZVZPUJS\`LUKVLS
WHNVKLVJOVOVYHZKL[YHIHQVJHU[PKHKX\LJVYYLHJ\LU[HKLS*VUZLQV
KL0UTPNYHJP}U:PLSJVZ[LL_JLKLLSWYLZ\W\LZ[VHSNVX\LW\LKLVJ\YYPY
LUJHZVKLX\LLSYLWYLZLU[HU[LSLNHSULJLZP[LWYVSVUNHYSHPU]LZ[PNHJP}U
WHYHJVTWSL[HYLSJHZVWLQSHL]HS\HJP}UKL\UTtKPJVLZWLJPHSPZ[H
LS*VUZLQVKL0UTPNYHJP}UKLJPKPYmZPLZ[VZJVZ[LZHKPJPVUHSLZZVUSLNx
[PTVZVUVWHYHLZ[\KPHYZPSVZWHNHU7VY[HU[VHSYLWYLZLU[HU[LSLNHS
SLPU[LYLZHYLK\JPYSVZJVZ[LZWHYHUV[LULYX\LYLHSPaHYPU]LZ[PNHJPVULZ
PUJPLY[HZLPUKLÄUPKHZX\LW\LKHUWVULYLUWLSPNYVZ\ZTPU\[HZHWL
ZHY KL X\L W\LKH ZLY ULJLZHYPV JSHYPÄJHY ` JVTWSL[HY LS JHZV TtKPJV
7VYV[YVSHKVSVZZLY]PJPVZKLPU[LYWYL[HJP}UZ\WVULU\ULSL]HKVJVZ[L
X\LZLWVKYxHPU[LU[HYHQ\Z[HYWVYLZ[LTPZTVTV[P]V@WVYZ\W\LZ[V
J\HU[VTmZTPUVYP[HYPVLZLSPKPVTHTmZKPMxJPSLZLUJVU[YHYPU[tYWYL[LZ
`WVY[HU[VYLZ\S[H[HTIPtUTmZJHYV
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%:<,*0(
+LLZ[HMVYTHZPLSYLWYLZLU[HU[LSLNHSKLJPKLWVYZ\J\LU[HJVU[PU\HY
SVZ[YmTP[LZH\UX\L[LUNHX\LWHNHYSVKLZ\WYVWPVIVSZPSSVV[LUNHX\L
[YHIHQHYOVYHZL_[YHZUVYLT\ULYHKHZHSNVX\LVJ\YYLPUL]P[HISLTLU[L
SH J\LZ[P}U LZ X\L LS ZPZ[LTH UV TV[P]H H SVZ YLWYLZLU[HU[LZ SLNHSLZ H
H\TLU[HY LS WYLZ\W\LZ[V X\L PUJS\`L Z}SV VJOV OVYHZ KL [YHIHQV (Zx
WVYLQLTWSVLU]HYPVZJHZVZTtKPJVZWVKYxHOHIYxHZPKVULJLZHYPVWHYH
NHUHYJYLKPIPSPKHKX\LLS¸*LU[YVKL*YPZPZ`;YH\THZ¹2YPZVJO;YH\
THJLU[Y\T PU]LZ[PNHYH ZVIYL LS [YH[HTPLU[V KL [YHZ[VYUVZ KPZVJPH[P]VZ
JVTWSLQVZ:PULTIHYNVLZT\`WVJVMYLJ\LU[LX\LZLYLHSPJLLZ[HPU
]LZ[PNHJP}U`HX\LLSJVZ[LHWYV_PTHKVKLJHKH\UHLZKLJVYV
UHZL\YVZ;VKHZLZ[HZJPYJ\UZ[HUJPHZZVUT\`WYVISLTm[PJHZ`
JHILKLZ[HJHYX\L:\LJPHOHZPKVJVUKLUHKHKVJL]LJLZWVYLS*VTP[t
JVU[YHSH;VY[\YHKLSHZ5HJPVULZ<UPKHZWVYKLULNHYSHLU[YHKHHSWHxZ
LUJHZVZKL[VY[\YH
6[YHZ KL SHZ KPÄJ\S[HKLZ SH LUJVU[YHTVZ LU LS [YHIHQV KLS WLYZVUHS KLS
*VUZLQVKL0UTPNYHJP}UX\L[PLULX\L[YH[HY\ULSL]HKVUTLYVKLJH
ZVZLU\UJVY[VWLYPVKVKL[PLTWV3HMHS[HKLS[PLTWVLZL]PKLU[L`UV
W\LKLU WHZHY KLTHZPHKV [PLTWV JVU JHKH JHZV SV X\L ZPNUPÄJH X\L
[PLULUX\LSPTP[HYLS[PLTWVX\LKLKPJHUHYL]PZHYJVTWHYHY`JVTWYVIHY
[VKH SH PUMVYTHJP}U :PU LTIHYNV \UH ]La TmZ SH JHYNH KL SH WY\LIH
YLJHLLUSHWHY[LKLMLUZVYHOLJOVX\LWVKYxH]LYZLJVTV\UHMVYTHKL
LS\KPYSHYLZWVUZHIPSPKHKKLNHYHU[PaHYX\LZLOHUJVTWYVIHKVSVZKH
[VZ,SWLYZVUHSKLS*VUZLQVKL0UTPNYHJP}UKL[LYTPUHLSWSHaVX\L[PLUL
SH WHY[L KLMLUZVYH WHYH WYLZLU[HY WY\LIHZ V SV X\L ZL JVUVJL JVTV
¸U\L]VZLSLTLU[VZ¹WHYHJHKHJHZV,Z[LWSHaVZ\WVUL\UHSPTP[HJP}U
WHYHSHKLMLUZHKLSHWLYZVUHX\LZVSPJP[HLSWLYTPZV`HX\LZPUVJVUZP
N\LWYLZLU[HY\UHWY\LIHH[PLTWVZLSLKLULNHYmSHZVSPJP[\K
4tKPJVZKLS4\UKV:\LJPH
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
9,056<50+6
:0:;,4(:(50;(906
,S 5H[PVUHS /LHS[O :LY]PJL :PZ[LTH 5HJPVUHS KL :HS\K LU HKLSHU[L
¸5/:¹ZLÄUHUJPHJVULSWHNVKLPTW\LZ[VZHLZJHSHUHJPVUHS5VVIZ
[HU[LSHNLZ[P}UKLSVZZLY]PJPVZKL0UNSH[LYYH0YSHUKHKLS5VY[L,ZJVJPH
`.HSLZLZPUKLWLUKPLU[L(WLZHYKLX\LLUSVZS[PTVZH|VZOHUZ\Y
NPKV HSN\UHZ KPMLYLUJPHZ LU[YL LZ[VZ ZPZ[LTHZ ZPN\LU ZPLUKV ZPTPSHYLZ
LUSHTH`VYxHKLSVZHZWLJ[VZ`ZLZPN\LUJVUZPKLYHUKVJVTV\UUPJV
ZPZ[LTH\UPKV +,9,*/6+,(**,:6
(3(:(50+(+
,S5/:WYLZ[HZLY]PJPVZZHUP[HYPVZNYH[\P[VZHJ\HSX\PLYWLYZVUHX\LYL
ZPKHLULS9LPUV<UPKV
3HPUMVYTHJP}UX\LZLMHJPSP[H
LULZ[HÄJOHZLYLÄLYLWYPUJPWHS
TLU[LH0UNSH[LYYH
,SZPNUPÄJHKVKL¸YLZPKLUJPH
OHIP[\HS¹OHZPKVKL[LYTPUHKVWVY
SHQ\YPZWY\KLUJPHLUS\NHYKLWVYSH
SLNPZSHJP}U+LZKLHIYPSKLSH
KLÄUPJP}UKL¸YLZPKLUJPHOHIP[\HS¹
ZLOHYLK\JPKVHSHYLZPKLUJPH
SLNHSWYPUJPWHSTLU[LKLWLYZVUHZ
YLM\NPHKHZZVSPJP[HU[LZKLHZPSV
`­WLYZVUHZX\LOH`HUYLZPKPKV
SLNHSTLU[LLULS9LPUV<UPKV
K\YHU[L\UWLYPVKVKLHSTLUVZ
\UH|VPUTLKPH[HTLU[LHU[LYPVYHS
TVTLU[VLUX\LZLSLZWYLZ[HSH
H[LUJP}UZHUP[HYPHHTLUVZX\L
LZ[LWLYPVKVM\LZLZ\IZPN\PLU[L
HSHJVUJLZP}UKL\UWLYTPZVKL
LU[YHKHLULS9LPUV<UPKVJVUVI
QL[VKLZVTL[LYZLH\U[YH[HTPLU[V
TtKPJVWYP]HKVVHSHKL[LYTP
UHJP}UKL\UVKLSVZZ\W\LZ[VZ
JVU[LTWSHKVZLUSHKPZWVZPJP}U
(®=tHZLSHKPZWVZPJP}UJ\HY[H
9LN\SH[PVUKLSHUVYTH[P]HKLS
5/:KL 5H[PVUHS/LHS[O:LY
]PJLB*OHYNLZ[V6]LYZLHZ=PZP[VYZD
9LN\SH[PVUZ `Z\ZZ\JLZP]HZ
LUTPLUKHZ `
LUHKLSHU[LKLUVTP
UHKH¸SHUVYTH[P]HKLS5/:¹
=tHZL+LWHY[TLU[VM/LHS[O
/*¸/LSW^P[OOLHS[OJVZ[Z¹
*\HSX\PLYYLZPKLU[LKLS9LPUV<UPKVPUKLWLUKPLU[LTLU[LKLZ\ZP[\H
JP}UHKTPUPZ[YH[P]HW\LKLHJJLKLYNYH[\P[HTLU[LHSVZZPN\PLU[LZZLY]P
JPVZKLS5/:!ZLY]PJPVZWYLZ[HKVZLU\U¸KLWHY[HTLU[VKLHJJPKLU[LZ
`\YNLUJPHZ¹OHZ[HX\LLSWHJPLU[LZLHOVZWP[HSPaHKVVYLTP[PKVHV[YVZ
ZLY]PJPVZKLSOVZWP[HSVLUSVZ^HSRPUJLU[YLZKPZWLUZHYPVZHIPLY[VZLU
JHZVZKL\YNLUJPHZ"WSHUPÄJHJP}UMHTPSPHY"ZLY]PJPVZKLWYV_PTPKHK
LUSVZX\LLSWLYZVUHSUVLZ[mJVU[YH[HKVKPYLJ[HTLU[LWVYLS5/:WLQ
WLYZVUHS KL LUMLYTLYxH KL JLU[YVZ KL ZHS\K SVJHSLZ" [YH[HTPLU[V KL
KL[LYTPUHKHZLUMLYTLKHKLZ[YHUZTPZPISLZJVTVSH[\ILYJ\SVZPZUVLZ[m
PUJS\PKVLS=0/ZPKHLUJ\`VJHZVZ}SVLZNYH[\P[VLSWYPTLYKPHNU}Z[PJV`
SHZZLZPVULZKLHZLZVYHTPLU[V"[YH[HTPLU[VWYVWVYJPVUHKVVKLYP]HKV
KLZKLJSxUPJHZLZWLJPHSPaHKHZLULUMLYTLKHKLZKL[YHUZTPZP}UZL_\HS"`
[YH[HTPLU[VWZPX\Pm[YPJVVISPNH[VYPV
7HYHWVKLYHJJLKLYHSVZZLY]PJPVZKLS5/:ZHS]VHSVZKLWHY[HTLU[VZ
KL HJJPKLU[LZ ` \YNLUJPHZ LZ ULJLZHYPV PUZJYPIPYZL LU SH JVUZ\S[H KL
\U TtKPJV NLULYHSPZ[H .7 KLS KPZ[YP[V KL YLZPKLUJPH ,Z[L TtKPJV NL
ULYHSPZ[H WYLZ[H H[LUJP}U KL WYPTLY UP]LS ` LZ SH W\LY[H KL HJJLZV H SH
H[LUJP}ULZWLJPHSPaHKH
;HU[V SH H[LUJP}U KL WYPTLY UP]LS JVTV SH LZWLJPHSPaHKH ZVU NYH[\P[HZ
WHYHSHWVISHJP}UUHJPVUHS`WHYHSHZWLYZVUHZJVUWLYTPZVKLYL
ZPKLUJPHZPLTWYLX\LZLHU¸YLZPKLU[LZOHIP[\HSLZ¹ 5VVIZ[HU[L
UV[VKVZSVZZLY]PJPVZKLS5/:ZVUNYH[\P[VZ,USHH[LUJP}UKLWYPTLY
UP]LSLS5/:L_PNL\UHZLYPLKL[HZHZVISPNH[VYPHZWVYYLJL[HZZLY]PJPVZ
KLVKVU[VSVNxHYL]PZPVULZVM[HSTVS}NPJHZWYVK\J[VZ}W[PJVZNHZ[VZKL
KLZWSHaHTPLU[V WHYH HJ\KPY H SVZ ZLY]PJPVZ KLS 5/: THSSHZ ` WY}[LZPZ
JHWPSHYLZL[JZHS]VX\LSHWLYZVUHLZ[t[V[HSVWHYJPHSTLU[LL_LU[HLU
M\UJP}UKLJYP[LYPVZKLLKHKYLU[H`LZ[HKVKLZHS\K (**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
3VZ[YH[HTPLU[VZX\LUVZLHUJVUZPKLYHKVZJVTV¸PUTLKPH[HTLU[LUL
JLZHYPVZ¹V¸\YNLU[LZ¹UVZVUPUTLKPH[HTLU[LULJLZHYPVZWLYVUVW\L
KLUHWSHaHYZLOHZ[HX\LLSWHJPLU[L]\LS]HHZ\WHxZKLVYPNLUW\LKLU
ZLYKLULNHKVZOHZ[HX\LZLKLQL\UKLW}ZP[VVZLWHN\LWVYSHH[LUJP}U
WYVWVYJPVUHKH 3VZ ZVSPJP[HU[LZ KL HZPSV JVUZPKLYHKVZ JVTV ¸YLZPKLU[LZ OHIP
[\HSLZ¹[PLULUKLYLJOVHHJJLKLYHSHHZPZ[LUJPHZHUP[HYPHNYH[\P[HLUSHZ
TPZTHZJVUKPJPVULZX\LSHWVISHJP}UUHJPVUHS(KLTmZ[PLULUSHWVZP
IPSPKHKKLX\LZLSHZL_PTHKLSWHNVKLSHZJVU[YPI\JPVULZHS5/:IHQV
SHZTPZTHZJVUKPJPVULZX\LSHWVISHJP}UUHJPVUHSKLS9LPUV<UPKV
=tHUZLSHZKPZWVZPJPVULZ
HKLSHUVYTH[P]HKLS5/:
`LSJHWx[\SVKLSHZKPYLJ[YPJLZ
.\PKHUJLKLSTPUPZ[YVKL:HUPKHK
WHYH[VKVZSVZOVZWP[HSLZKLS5/:
KL0UNSH[LYYHZVIYLSHHWSPJHJP}U
KLSHZ6]LYZLHZ=PZP[VYZ/VZWP[HS
*OHYNPUN9LN\SH[PVUZKLKL
HIYPSKLHJ[\HSPaHKHZLU
LUHKLSHU[LKLUVTPUHKHZ
¸SHZKPYLJ[YPJLZ¹
=tHUZLSHKPZWVZPJP}UJ\HY[H
KLSHUVYTH[P]HKLS5/:`SHZ
KPYLJ[YPJLZ<UHYLJPLU[LZLU[LUJPH
KLS;YPI\UHS:\WYLTVZPIPLUUV
J\LZ[PVUHIHSVZKLYLJOVZKLSVZ
ZVSPJP[HU[LZKLHZPSVHHJJLKLYH
SHH[LUJP}UZHUP[HYPHZxMHSSHIHX\L
­OH`X\LKHYHSHZWHSHIYHZZ\ZLU
[PKVOHIP[\HS3VZZVSPJP[HU[LZKL
HZPSVZVUJSHYHTLU[LYLZPKLU[LZ®
WLYV­TPLU[YHZLZ[mUHSHLZWLYH
KLX\LZLLZ[\KPLZ\ZVSPJP[\KUV
ZVUHTPQ\PJPVYLZPKLU[LZOHIP
[\HSLZ9LZPKLUJPHH\[VYPaHKHWVY
NYHJPHVWVYMH]VYUVLZYLZPKLUJPH
OHIP[\HS®]tHZLLSW\U[VKLSH
ZLU[LUJPHB D,>*(*P]
KLS:\WYLTL*V\Y[VM1\KPJH[\YL
*V\Y[VM(WWLHSB*P]PS+P]PZPVUDKL
KLTHYaVKL =tHUZLSHZKPZWVZPJPVULZ
HKLSHUVYTH[P]HKLS5/:LS
JHWx[\SVKLSHZKPYLJ[YPJLZ`SVZ
W\U[VZKLSHZLU[LUJPHKL
KLTHYaVKL =tHZLSHZLU[LUJPH9(
]:LJYL[HY`VM:[H[LMVY/LHS[O
KLMLUKHU[HUK>LZ[4PKKSLZL_
<UP]LYZP[`/VZWP[HS5/:;Y\Z[
PU[LYLZ[LKWHY[`
=tHZLSHZLU[LUJPHB D
,>*(*P]KLS*V\Y[VM(WWLHS
*P]PS+P]PZPVUKLKLTHYaV
KL 3VZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHZ}SV[PLULUHJJLZVNYH[\P[V
H! H[LUJP}U KL WYPTLY UP]LS ZP JVUZPN\LU X\L \U TtKPJV NLULYHSPZ[H
SLZPUJS\`HLUSHSPZ[HKLWHJPLU[LZKLS5/:"¸H[LUJP}UPUTLKPH[HTLU[L
ULJLZHYPH¹LU\UKLWHY[HTLU[VKLHJJPKLU[LZ`\YNLUJPHZVLU\U^HSR
PUJLU[YL"WSHUPÄJHJP}UMHTPSPHY"[YH[HTPLU[VKLKL[LYTPUHKHZLUMLY
TLKHKLZ[YHUZTPZPISLZZHS]V=0/"`ZHS\KTLU[HSLUJHZVZNYH]LZ
/HZ[HHIYPSKLJ\HSX\PLYWLYZVUHX\LO\IPLYHYLZPKPKVLULS9LPUV
<UPKV K\YHU[L \U H|V PUJS\ZV KL MVYTH PYYLN\SHY [LUxH KLYLJOV H HJ
JLKLYNYH[\P[HTLU[LHSVZZLY]PJPVZOVZWP[HSHYPVZKLS5/::PULTIHYNV
KLZKLHIYPSKLSHWVISHJP}UPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPH
[PLULX\LWHNHYLSJVZ[L[V[HSKLJ\HSX\PLYV[YV[YH[HTPLU[VVKPHNU}Z[PJV
PUJS\`LUKVSHH[LUJP}ULZWLJPHSPaHKHHTI\SH[VYPHSHZOVZWP[HSPaHJPVULZ
SHH[LUJP}UWYL`WVZ[UH[HSLUOVZWP[HSLZSVZTLKPJHTLU[VZ`SVZ[YH[H
TPLU[VZHU[PYYL[YV]PYHSLZ3HYHWPKLaWHYHHJJLKLYHSHZHUPKHKZHS]VLU
SHH[LUJP}UWYLUH[HS]HYxHLUM\UJP}UKLSHL]HS\HJP}UX\LYLHSPJLLSWLY
ZVUHS TtKPJV ZVIYL ZP LS [YH[HTPLU[V LZ ¸PUTLKPH[HTLU[L ULJLZHYPV¹ V
¸\YNLU[L¹:PLS[YH[HTPLU[VZLJVUZPKLYHJVTV¸UV\YNLU[L¹[YH[HTPLU[V
Y\[PUHYPVX\LW\LKLHWSHaHYZLOHZ[HX\LLSVSHWHJPLU[L]\LS]HHZ\WHxZ
KL VYPNLU LU \U [PLTWV HJLW[HISL KLZKL LS W\U[V KL ]PZ[H TtKPJV ZL
SLZ ULNHYm LS HJJLZV HS [YH[HTPLU[V ` KPHNU}Z[PJV OHZ[H X\L WHN\LU LS
JVZ[L [V[HS WVY HKLSHU[HKV ,U LS JHZV KL SH H[LUJP}U WYLUH[HS UV LZ
ULJLZHYPHSHL]HS\HJP}UTtKPJH`HX\LZPLTWYLZLYLJVUVJLJVTV¸PU
TLKPH[HTLU[LULJLZHYPH¹`ZPLTWYLZL[PLULHJJLZVHLSSH5VVIZ[HU[L
OHIYmX\LWHNHYWVYLZ[VZZLY]PJPVZ
,U HIYPS KL LS ;YPI\UHS :\WLYPVY KL 0UNSH[LYYH ` .HSLZ LZ[HISLJP}
X\L SHZ WLYZVUHZ H SHZ X\L ZL SLZ OH`H KLULNHKV LS HZPSV KLILU ZLY
JVUZPKLYHKHZJVTV¸YLZPKLU[LZOHIP[\HSLZ¹`WVY[HU[VKLILU[LULYKL
YLJOVHHJJLKLYHSHH[LUJP}ULZWLJPHSPaHKH:PULTIHYNVLS4PUPZ[LYPV
KL:HUPKHKYLJ\YYP}LZ[HZLU[LUJPH`LS;YPI\UHSKL(WLSHJP}UMHSS}HZ\
MH]VYLZ[HISLJPLUKVX\LUVZLSLZJVUZPKLYHYxHJVTV¸YLZPKLU[LZOHIP
[\HSLZ¹
,S4PUPZ[LYPVKL:HUPKHKUV[HYKHYmLUW\ISPJHY\UHZKPYLJ[YPJLZZVIYLLS
HJJLZVHSHH[LUJP}ULZWLJPHSPaHKHKLX\PLULZZVUJVUZPKLYHKVZJVTV
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
¸YLZPKLU[LZOHIP[\HSLZ¹
(ZPTPZTVLUHIYPSKLLS.VIPLYUVWYVW\ZV\UHLUTPLUKHHSYLNSH
TLU[V ZHUP[HYPV X\L YLZ[YPUNPYxH LS HJJLZV H SH H[LUJP}U KL WYPTLY UP]LS
WHYHSVZPUTPNYHU[LZLUZP[\HJP}UPYYLN\SHY`LZLTPZTVH|VPUPJP}\UH
JVUZ\S[HWVW\SHYZVIYLSHLUTPLUKH(\UX\LWHYLJLX\LLS.VIPLYUVOH
KLQHKVKLSHKVLZ[HWYVW\LZ[HLZWVZPISLX\LYLHSPJLUV[YHZPTPSHYLUSVZ
WY}_PTVZTLZLZHJVTWH|HKHKLV[YHJVUZ\S[HWVW\SHY
(:0:;,5*0(:(50;(90(
((+<3;6:
<9.,5*0(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³:}SV LU SVZ KLWHY[HTLU[VZ KL HJJPKLU[LZ ` \YNLUJPHZ KL SVZ OVZWP[HSLZ V
LU SVZ ^HSRPU JLU[YLZ X\L WYLZ[LU SVZ TPZTVZ ZLY]PJPVZ X\L SVZ WYPTLYVZ
LZKLJPYSVX\LKL[LYTPUHZPLSZLY]PJPVLZNYH[\P[VLZLSS\NHY`UVLS[PWV
KLH[LUJP}U
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
(;,5*0Ô5+,7904,950=,3@,:7,*0(30A(+(7(*0,5;,,?;,956
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
] *VUKPJPVULZ!
³8\L\UTtKPJVNLULYHSPZ[HSLPUJS\`HLUSHSPZ[HKLS5/:LUSHWYmJ[PJHZL
SLZWPKLZ\UVTIYLKPYLJJP}UMLJOHKLUHJPTPLU[V`UTLYVKL[LStMVUV
:PLSTtKPJVKLSmYLHKLYLZPKLUJPHUVSVOHJLLSVYNHUPZTVKLS5/:LUJHY
NHKVKLSHH[LUJP}UWYPTHYPHSLHZPNUHYm\UV
³6I[LULYSHH\[VYPaHJP}UWYL]PHKL\UTtKPJVNLULYHSPZ[HWHYHHJJLKLYHSH
H[LUJP}ULZWLJPHSPaHKH
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VZ}SVHSHH[LUJP}UKLWYPTLYUP]LS
56[PLULUHJJLZVNYH[\P[VHSHH[LUJP}ULZWLJPHSPaHKHKLILUWHNHYLSJVZ[L
[V[HS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHSKLWLUKPLUKVKLSJYP[LYPVKPZJYLJPVUHSKL
SVZTtKPJVZNLULYHSPZ[HZWHYHPUJS\PYSLZLUSHSPZ[H
/6:70;(30A(*0Ô505.9,:6
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³8\L\UTtKPJVNLULYHSPZ[HSLOH`HPUJS\PKVLUSHSPZ[HKLWHJPLU[LZKLS5/:
³(\[VYPaHJP}U WYL]PH KLS TtKPJV NLULYHSPZ[H V YLJVTLUKHJP}U KLS WLYZVUHS
TtKPJVKLSH\UPKHKKL\YNLUJPHZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
=tHZLLS(UL_VKLSHWHY
[HKVKLSH5VYTH[P]HKLS5/:
KL.LULYHS4LKPJHS:LY]PJLZ
*VU[YHJ[ZZVIYLSHKPZJYLJPVUH
SPKHKKLSVZTtKPJVZNLULYHSPZ[H
WHYHPUZJYPIPYHWHJPLU[LZLUZ\KPZ
[YP[VZPLTWYLX\LUVKPZJYPTPULU
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5V[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
(;,5*0Ô579,@76:;5(;(3
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VH[LUJP}UWYLUH[HSLUOVZWP[HSLZVKPYLJ[HTLU[LJVU\UHJV
THKYVUH
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
5V[PLULUHJJLZVNYH[\P[VHSVZOVZWP[HSLZWLYVZxW\LKLUZLYH[LUKPKHZ
KPYLJ[HTLU[LWVY\UHJVTHKYVUHKLMVYTHNYH[\P[H
8\PLULZ[LUNHUX\L
WHNHYTmZKLJPUJVMmYTH
JVZWYLZJYP[VZLUJ\H[YV
TLZLZVTmZKLJH[VYJLLU
KVJLTLZLZW\LKLUYLK\JPY
SVZNHZ[VZJVTWYHUKV\U
¸JLY[PÄJHKVKLWYLWHNV¹
WYLWH`TLU[JLY[PÄJH[L
77*
7LYZVUHZX\LLZ[mU
L_LU[HZ!TH`VYLZKL
H|VZ"TLUVYLZKLV
KLZPZVULZ[\KPHU[LZH
[PLTWVJVTWSL[V"T\QLYLZ
LTIHYHaHKHZVX\LOH`HU
[LUPKV\UILItLUSVZS[P
TVZKVJLTLZLZ`[LUNHU
\UJLY[PÄJHKVKLL_LUJP}U
]mSPKV"WLYZVUHZJVU\UH
JVUKPJP}UTtKPJHKL[LYTP
UHKHYLJVNPKHLU\UHSPZ[H
`X\L[LUNHU\UJLY[PÄJHKV
KLL_LUJP}U]mSPKV"X\PLULZ
[LUNHU\UHTPU\Z]HSxH
MxZPJHX\LSLZPTWPKHZHSPY
ZPUHJVTWH|HY"WLYZVUHZ
OVZWP[HSPaHKHZLULS5/:"
X\PLULZVI[LUNHU\U
KL[LYTPUHKVHWV`VLJVU}
TPJV"X\PLULZKPZMY\[LUKL
\UHL_LUJP}UKLJYtKP[V
ÄZJHS"X\PLULZWYLZLU[LU\U
JLY[PÄJHKVKL/*]mSPKV"V
SVZWLUZPVUPZ[HZKLN\LYYH
=tHZL/*¸/LSW^P[O
OLHS[OJVZ[Z¹
] *VUKPJPVULZ!
Q([LUJP}UWYLUH[HSLUOVZWP[HSLZ!
³7HNVKLSJVZ[L[V[HS
Q([LUJP}UWYLZ[HKHKPYLJ[HTLU[LWVYJVTHKYVUHZ!
³8\L\UTtKPJVNLULYHSPZ[HSHOH`HPUJS\PKVLUSHSPZ[HKLWHJPLU[LZKLS5/:
;9(;(40,5;6(+<3;6:
4,+0*(4,5;6:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVIHZHKVLUJVWHNVWHNVKL\UH[HZHVISPNH[VYPH
] *VUKPJPVULZ!
³7HNHYSHYLJL[H\UH[HZHÄQHKLL\YVZZHS]VX\LZLOH`HVI[LUPKV
\UHL_LUJP}U5VZLYLX\PLYLUPUNUWHNVWHYHSVZTLKPJHTLU[VZKPZWLU
ZHKVZLUOVZWP[HSLZ`LU^HSRPUJLU[YLZ[YH[HTPLU[VZHU[PJVUJLW[P]VZUPLS
[YH[HTPLU[VKLKL[LYTPUHKHZLUMLYTLKHKLZ[YHUZTPZPISLZZHS]VLS=0/
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS56VIZ[HU[LUVLZMmJPSX\LZLSLZWYLZJYP
IHUTLKPJHTLU[VZLZWLJxÄJVZKLIPKVHZ\ZKLYLJOVZ
+,;,**0Ô5+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
3HZWY\LIHZKLKL[LJJP}UZVUHU}UPTHZ`NYH[\P[HZLUSHZJSxUPJHZKLZPNUHKHZ
WHYHLSSV
] *VUKPJPVULZ!
5VZLYLX\PLYLUPUN\UHJVUKPJP}UWHY[PJ\SHY
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
;9(;(40,5;6+,3=0/
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[V
] *VUKPJPVULZ!
³8\L\UTtKPJVNLULYHSPZ[HSLOH`HPUJS\PKVLUSHSPZ[HKLWHJPLU[LZKLS
5/:
³(\[VYPaHJP}UWYL]PHKLSTtKPJVNLULYHSPZ[HVYLJVTLUKHJP}UKLSWLYZVUHS
TtKPJVKLSH\UPKHKKL\YNLUJPHZ,S[YH[HTPLU[VSVJVVYKPUHUJVUQ\U[H
TLU[LLSTtKPJVKLJHILJLYH`\ULZWLJPHSPZ[HLU=0/
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
56[PLULUHJJLZVNYH[\P[VKLILUWHNHYLSJVZ[L[V[HS
;9(;(40,5;6+,6;9(:,5-,94,+(+,:05-,**06:(:
5(*065(3,:7,9:65(:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZVNYH[\P[VWHYHLUMLYTLKHKLZ
] *VUKPJPVULZ!
³8\L \U TtKPJV NLULYHSPZ[H SL OH`H PUJS\PKV LU SH SPZ[H KL WHJPLU[LZ KLS
5/:
³(\[VYPaHJP}UWYL]PHKLSTtKPJVNLULYHSPZ[HVYLJVTLUKHJP}UKLSWLYZVUHS
TtKPJVKLSH\UPKHKKL\YNLUJPHZ
5VVIZ[HU[LHSN\UVZ[YH[HTPLU[VZLZ[mUKPZWVUPISLZH[YH]tZKLSHZJSxUPJHZKL
ZHS\KZL_\HSPUKPJHKHZ
:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSHWVISHJP}UUHJPVUHS
4,569,:
=tHZLSPZ[HKL
LUMLYTLKHKLZ!^^^KONV]
\RLU7\ISPJH[PVUZHUKZ[H
[PZ[PJZ7\ISPJH[PVUZ7\ISP
JH[PVUZ7VSPJ`(UK.\PKHUJL
+/FPUMVYTHJP}U
LUPUNStZ
4,569,:5(*065(3,:*657,940:6+,9,:0+,5*0(
] +LYLJOVZ!
(JJLZV NYH[\P[V H [VKVZ SVZ [PWVZ KL H[LUJP}U ZHUP[HYPH 3VZ TLUVYLZ KL H|VZVKLZPZVULZ[\KPHU[LZH[PLTWVJVTWSL[VLZ[mUL_LU[VZKLSWHNV
KL TLKPJHTLU[VZ YLJL[HKVZ ZLY]PJPVZ KL VKVU[VSVNxH WYVK\J[VZ }W[PJVZ
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
NHZ[VZKLKLZWSHaHTPLU[VWHYHHJ\KPYHSVZZLY]PJPVZKLS5/:`THSSHZ`WY}[L
ZPZJHWPSHYLZ
=HJ\UHZ!UPUN\UH]HJ\UHLZVISPNH[VYPH(SN\UHZLZ[mUYLJVTLUKHKHZ
] *VUKPJPVULZ!
³8\L \U TtKPJV NLULYHSPZ[H SL OH`H PUJS\PKV LU SH SPZ[H KL WHJPLU[LZ KLS
5/:`UVYTHSTLU[LX\LZ\ZWHKYLZ[HTIPtULZ[tUPUZJYP[VZLUSHTPZTH
SPZ[H
/016:+,:630*0;(5;,:+,(:036
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
4,569,::630*0;(5;,:+,(:03656(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZ
] *VUKPJPVULZ!
³8\L \U TtKPJV NLULYHSPZ[H SL OH`H PUJS\PKV LU SH SPZ[H KL WHJPLU[LZ KLS
5/:
4,569,:0540.9(5;,:56(*647(j(+6:
] +LYLJOVZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZOHZ[HX\LJ\TWSLUSVZH|VZ`HX\LZL
SLZV[VYNHLSKLYLJOVKLHZPSVV\UWLYTPZVKPZJYLJPVUHS
] *VUKPJPVULZ!
0N\HSX\LSVZTLUVYLZUHJPVUHSLZZPLTWYLZVSPJP[HUHZPSV
/016:+,0540.9(5;,::057,940:6+,9,:0+,5*0(
] +LYLJOVZ!
:}SV[PLULUHJJLZVNYH[\P[VHSHH[LUJP}UKLWYPTLYUP]LSZPJVUZPN\LUX\L\U
TtKPJVNLULYHSPZ[HSLZPUJS\`HLUSHSPZ[HKLWHJPLU[LZKLS5/:HSH¸H[LUJP}U
PUTLKPH[HTLU[LULJLZHYPH¹LU\UKLWHY[HTLU[VKLHJJPKLU[LZ`\YNLUJPHZV
LU\U^HSRPUJLU[YLHS[YH[HTPLU[VKLKL[LYTPUHKHZLUMLYTLKHKLZ[YHUZTP
ZPISLZZHS]V=0/`HZLY]PJPVZKLZHS\KTLU[HSLUJHZVZNYH]LZ
56[PLULUHJJLZVNYH[\P[VHUPUNUV[YVZLY]PJPVOVZWP[HSHYPVVKPHNU}Z[PJVPU
JS\`LUKVSHH[LUJP}ULZWLJPHSPaHKHHTI\SH[VYPHSHZOVZWP[HSPaHJPVULZSHH[LU
JP}UWYL`WVZ[UH[HSSVZTLKPJHTLU[VZ`LS[YH[HTPLU[VHU[PYYL[YV]PYHSWHNVKLS
PTWVY[L[V[HS
=tHZLSHSPZ[HKL
]HJ\UHZYLJVTLUKHKHZ!
^^^UL[KVJ[VYJV\R
OLHS[OFHK]PJLMHJ[Z
JOPSKOVVK]HJJPUH[PVUZO[T
PUMVYTHJP}ULUPUNStZ
] *VUKPJPVULZ!
³8\L\UTtKPJVNLULYHSPZ[HSLOH`HPUJS\PKVLUSHSPZ[HKLWHJPLU[LZKLS
5/:`UVYTHSTLU[LX\LZ\ZWHKYLZ[HTIPtULZ[tUPUZJYP[VZLUSHTPZTH
SPZ[H
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
*,5;96:+,9,;,5*0Ô5
(+<3;6:
3HH[LUJP}UMxZPJH`TLU[HSZVSHTLU[LLZNYH[\P[HZPZLSHWYVWVYJPVUHLSWLY
ZVUHS ZHUP[HYPV KLS JLU[YV KL YL[LUJP}U KL SV JVU[YHYPV JVYYLYm H JHYNV KLS
WHJPLU[L,SWLYZVUHSZHUP[HYPVYLZWL[HYmLSZLJYL[VTtKPJVWYLZ[HYmLZWLJPHS
H[LUJP}U HS LZ[HKV KL ZHS\K KL SHZ WLYZVUHZ ` H SHZ KPMLYLUJPHZ J\S[\YHSLZ `
JVTWYVIHYmX\LYLJPIL[VKVZSVZOPZ[VYPHSLZTtKPJVZ(KLTmZ[VKVZSVZPU
[LYUVZKLILYxHU[LULYKLYLJOVZPSVKLZLHUHZLYH[LUKPKVZZVSHTLU[LWVY\U
TtKPJVKLSTPZTVZL_V
:LSLZYLHSPaHYm\UYLJVUVJPTPLU[VTtKPJVMxZPJV`WZPJVS}NPJVJVUZ\JVUZLU
[PTPLU[VZHS]VX\LSVZVSPJP[L\U]PNPSHU[LWVYYHaVULZKLZHS\KWISPJHLUSHZ
OVYHZWVZ[LYPVYLZHZ\PUNYLZVLULSJLU[YVKLYL[LUJP}U
,SWLYZVUHSTtKPJVPUMVYTHYmHSYLZWVUZHISLKLSJLU[YVX\LPUMVYTHYmHZ\]La
HSZLJYL[HYPVKL,Z[HKVLUJHZVKLX\LLSLZ[HKVKLZHS\KKLSVZWHJPLU[LZZL
W\LKH]LYNYH]LTLU[LHMLJ[HKVWVY\UHKL[LUJP}UJVU[PU\HVWVYSHZJVUKP
JPVULZKLKL[LUJP}UPUJS\`LUKVLSJHZVKLSHZ]xJ[PTHZKLSH[VY[\YH 4,569,:
=tHUZLSVZW\U[VZ
HKLS:[H[\[VY`
0UZ[Y\TLU[5V
;OL+L[LU[PVU*LU[YL9\SLZ
3VZTLUVYLZUV
HJVTWH|HKVZ`SHZT\QLYLZ
LTIHYHaHKHZZHS]VLUJPY
J\UZ[HUJPHZL_JLWJPVUHSLZ
UVW\LKLUZLYPU[LYUHKVZ
]tHZLLSW\U[VKLS
:[H[\[VY`0UZ[Y\TLU[
5V
3HKLÄUPJP}UKL
¸KLSP[VNYH]L¹UVLZ[m
JVTWSL[HTLU[LJSHYH,_PZ[L
SHWVZPIPSPKHKKLYVTWLYSH
JVUÄKLUJPHSPKHKLUJHZVZ
KLHZLZPUH[VOVTPJPKPV]PV
SHJP}U[YHPJP}UZLJ\LZ[YV
HI\ZVKLTLUVYLZ\V[YVZ
JHZVZLUSVZX\LSHWLYZVUH
OH`HZ\MYPKV\UKH|VNYH]L
.LULYHSTLU[L[HTIPtUZL
PUJS\`LULULZ[HJH[LNVYxH
SVZJHZVZKLNYH]L
WLYQ\PJPVHSHZLN\YPKHKKLS
,Z[HKVVHSVYKLUWISPJV
`SVZKLSP[VZX\LPTWSPX\LU
LSL]HKVZILULÄJPVZV
WtYKPKHZLJVU}TPJHZ7VY
LSJVU[YHYPVV[YVZKLSP[VZ
JVTVYVIVZMYH\KLVKH|VZ
HSHWYVWPLKHKLUSVZX\L
LSKH|VZLHTLUVZNYH]L
UVWLYTP[LUNLULYHSTLU[L
YVTWLYSHJVUÄKLUJPHSPKHK
=tHZL+LWHY[TLU[VM
/LHS[O¸*VUÄKLU[PHSP[`!
5/:*VKLVM7YHJ[PJL¹
UV]PLTIYLKL
:LSLZW\LKLLU]PHYHJLU[YVZKLYL[LUJP}UZPSLZHJVTWH|HUZ\ZMHTPSPHZ
;PLULULSTPZTVHJJLZVHSHHZPZ[LUJPHZHUP[HYPHX\LSVZHK\S[VZ
(**,:6+,3(:(<;690+(+,:
(3(05-694(*0Ô5@
;9(5:-,9,5*0(+,+(;6:
;YHUZMLYLUJPHKLPUMVYTHJP}UVHJJLZVHKH[VZZVIYLSHZP[\HJP}UHKTP
UPZ[YH[P]H!LSKLILYKLJVUÄKLUJPHSPKHKLZ\UHVISPNHJP}USLNHSKLYP]HKHKLSH
Q\YPZWY\KLUJPHHZxJVTV\UYLX\PZP[VLZ[HISLJPKVWVYSVZJ}KPNVZKLJVUK\J[H
WYVMLZPVUHSLZ 7VY [HU[V KLIL HWHYLJLY LU SVZ JVU[YH[VZ KL [YHIHQV KLS 5/:
JVTV\UYLX\PZP[VLZWLJxÄJVKLJHYmJ[LYKPZJPWSPUHYPV3HPUMVYTHJP}UX\L[LUNH
\U WHJPLU[L UV KLIL ZLY \[PSPaHKH V YL]LSHKH WHYH V[YVZ ÄULZ X\L UV LZ[tU
YLSHJPVUHKVZJVUSHHZPZ[LUJPHZHUP[HYPHZHS]VX\LZL[LUNHLSJVUZLU[PTPLU[V
L_WSxJP[VKLSHWLYZVUHHSNUV[YVM\UKHTLU[VQ\YxKPJVVJ\HUKVOH`H\UPU
[LYtZWISPJVV\UHQ\Z[PÄJHJP}USLNHSWHYHOHJLYSVJVTVWVYLQLTWSVWYL]LUPY
`JVSHIVYHYLUSHKL[LJJP}USHPU]LZ[PNHJP}U`SHJVUKLUHKL\UKLSP[VNYH]L
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
3(56,?7<3:0Ô5
7699(A65,:4i+0*(:
7,940:6 +, 9,:0+,5*0( 769 9(A65,: 4i+0*(:!
¸7,940:6+0:*9,*065(3+,3(9;Ð*<369,3(;0=6
(9(A65,:4i+0*(:¹
(Y[IKLSH0TTPNYH
[PVU(J[KL "(Z`S\T7VSPJ`
<UP[(7<5V[PJLZ¸(WWSPJH
[PVUZYHPZPUNHY[PJSLTLKPJHS
NYV\UKZ¹KLKLVJ[\IYL
KL"¸,_JLW[PVUHS3LH]L
/\THUP[HYPHU7YV[LJ[PVUHUK
+PZJYL[PVUHY`3LH]L¹KLHIYPS
KL`¸/\THUP[HYPHUWYV
[LJ[PVUHUK+PZJYL[PVUHY`3LH]L¹
HUK(Z`S\T7VSPJ`0UZ[Y\J[PVU
¸+PZJYL[PVUHY`3LH]L¹
3HPUMVYTHJP}UZVIYLSH
KPZWVUPIPSPKHKKLS[YH[HTPLU[V
LULSWHxZKLVYPNLUZLVI[LUKYm
H[YH]tZKLSH*07<<UPKHKKL
7YVJLZHTPLU[VKLSH0UMVYTH
JP}U*SxUPJHWVYZ\ZZPNSHZLU
PUNStZ`KLS5**KLS4HUHNLK
4PNYH[PVU+PYLJ[VYH[L*4<
X\LNLZ[PVUHSHZZVSPJP[\KLZKL
WLYTPZVKLYLZPKLUJPHWVYWHY[L
KLX\PLULZUVZVUZVSPJP[HU[LZ
KLHZPSVLUIHZLH\UHPUMLJJP}U
KL=/0\V[YVZLZ[HKVZKLZHS\K
X\LWVUNHULUWLSPNYVSH]PKH
KLSHWLYZVUH
(SN\UVZLQLTWSVZKLLZ[L
JHZVW\LKLUZLYX\LSHWLYZVUH
LZ[tZVTL[PKHH\U[YH[HTPLU[V
KL\UHKL[LYTPUHKHK\YHJP}U
VX\LLZ[tLZWLYHUKV\UH
VWLYHJP}U,ULZ[VZJHZVZLZ
WVZPISLX\LSVZVIZ[mJ\SVZYL
JVNPKVZLULSHY[xJ\SVUVZLHU
HWSPJHISLZ(ZPTPZTVJ\HUKV
ZLJVUZPKLYHX\LZLYxHWVZPISL
]VS]LYHSWHxZKLVYPNLUK\YHU[L
SVZZLPZTLZLZWVZ[LYPVYLZHSH
MLJOHKLKLJPZP}UUVYTHSTLU[L
ZLYxHHWYVWPHKVYLJOHaHY
KPYLJ[HTLU[LSHZVSPJP[\KUV
V[VYNHY\UWLYPVKVKLWLYTPZV
KPZJYLJPVUHS`HWSHaHYSHL_W\S
ZP}UOHZ[HLZLTVTLU[V`H
X\LLZWVZPISL
,UHSN\UVZJHZVZL_JLW
JPVUHSLZJ\HUKVOH`\UHYHa}U
KLWLZVWHYHJVUZPKLYHYX\LSH
WLYZVUHOHJVTL[PKV\UH[LU
[HKVHSHWHaX\LJVUZ[P[\`L\U
WLSPNYVWHYHSHJVT\UPKHKL[J
KLILUWHZHYKPLaH|VZOHZ[H
X\L[LUNHKLYLJOVHZVSPJP[HY
SHYLZPKLUJPHPUKLÄUPKH=tHZL
(7<5V[PJLZ¸(WWSPJH[PVUZYHP
ZPUNHY[PJSLTLKPJHSNYV\UKZ¹
¸+PZJYL[PVUHY`3LH]L¹HUK
¸/\THUP[HYPHU7YV[LJ[PVU¹
¦8<0i5,:7<,+,5:630*0;(936
3HZWLYZVUHZHX\PLULZZLOHYLJOHaHKVSHZVSPJP[\KKLHZPSVNYH]LTLU[LLU
MLYTHZJHZVZKLHZPSV\V[YVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tU
NYH]LTLU[LLUMLYTVZJHZVZKPZ[PU[VZHSVZKLHZPSVVWYV[LJJP}UZ\IZPKPHYPH
*65+0*065,:!
³,USVZJHZVZLUSVZX\LZLOH`HZVSPJP[HKVHZPSV!UVYL\UPYSVZYLX\PZP[VZWHYH
VI[LULYLSLZ[H[\ZKLYLM\NPHKVV\UHWYV[LJJP}UO\THUP[HYPH
³,U SVZ JHZVZ LU SVZ X\L UV ZL ZVSPJP[L HZPSV! UV YL\UPY SVZ YLX\PZP[VZ WHYH
VI[LULYV[YV[PWVKLWLYTPZVKLYLZPKLUJPHZLNUSHZ0UTPNYH[PVU9\SLZUVY
TH[P]HZYLSH[P]HZHSHPUTPNYHJP}U
³8\LSHL_W\SZP}UPTWSPX\L\U[YH[VKLNYHKHU[LVPUO\THUVKLIPKVHSNYH]L
Z\MYPTPLU[VX\LZLWYV]VJHYxHKHKVLSLZ[HKVKLZHS\KKLSHWLYZVUH5V
LZWVZPISLSHKLWVY[HJP}U]VS\U[HYPHUPMVYaVZHZPUWYV]VJHY\UWLYQ\PJPVKL
LZ[LKLYLJOV
³:LV[VYNHYmZ}SVLUJHZVZ]LYKHKLYHTLU[LL_JLWJPVUHSLZJ\HUKVZL[YH[L
KL JPYJ\UZ[HUJPHZ L_[YLTHZ :PLTWYL X\L ZL HSJHUJL LS \TIYHS L_[YLTH
KHTLU[L HS[V LZ[HISLJPKV WVY LS HY[xJ\SV KL SH *VU]LUJP}U ,\YVWLH KL
+LYLJOVZ/\THUVZZLNUSHQ\YPZWY\KLUJPHUHJPVUHS`L\YVWLH,SOLJOV
KLX\LSHWLYZVUHZVSPJP[HU[LZ\MYH\UWYVISLTHTtKPJVWYLVJ\WHU[LWLQ
X\LPTWSPX\L\UHLZWLYHUaHKL]PKHSPTP[HKHVX\LHMLJ[LHZ\ZHS\KTLU[HS
W\LKLX\LUVZLHZ\ÄJPLU[LLUZxTPZTVWHYHHSJHUaHYLZ[L\TIYHS5VZL
V[VYNHYm\UWLYTPZVKPZJYLJPVUHSZPSHWLYZVUHWVKYxHL]P[HYLSYPLZNVKLLZ[L
HN\KVZ\MYPTPLU[VZHSPLUKV]VS\U[HYPHTLU[LKLS9LPUV<UPKV
³8\LZLHWVJVWYVIHISLWVKLYHJJLKLYHS[YH[HTPLU[VLULSWHxZKLVYPNLU
³,U SVZ JHZVZ LU SVZ X\L ZL OH`H ZVSPJP[HKV ` ZPLTWYL X\L ZL SL O\IPLZL
VMYLJPKV\U¸WLYTPZVKPZJYLJPVUHS¹LS[YHIHQHKVYZVJPHSKLILYm[YHZSHKHYLS
L_WLKPLU[LH\U[YHIHQHKVYZVJPHSZ\WLYPVYWHYHX\LKtLS]PZ[VI\LUV
+<9(*0Ô5!
;YLZ H|VZ ZHS]V X\L L_PZ[H \UH YHa}U JSHYH WHYH V[VYNHY LS WLYTPZV WVY \U
[PLTWV PUMLYPVY ,Z WVZPISL VI[LULY \UH WYVSVUNHJP}U ;YHZ \U WLYTPZV KL
ZLPZH|VZ[LUKYmUKLYLJOVHZVSPJP[HY\U039WLYTPZVKLYLZPKLUJPHPUKLÄ
UPKVWVYZ\ZZPNSHZLUPUNStZ
(**,:6(3((:0:;,5*0(:(50;(90(!
0N\HSX\LSHZWLYZVUHZJVUWLYTPZVKLYLZPKLUJPH
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
7,940:6+,9,:0+,5*0(7699(A65,:4i+0*(:!
¸7,940:6,?*,7*065(3(34(9.,5+,3(:569
4(:¹3,(=,6<;:0+,;/,9<3,:
¦8<0i5,:7<,+,5:630*0;(936&
0UTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPHX\LLZ[tUNYH]LTLU[LLUMLYTVZ
*65+0*065,:!
³5VYL\UPYSHZJVUKPJPVULZULJLZHYPHZWHYHVI[LULY\UWLYTPZVKLHJ\LYKV
JVUSVZJYP[LYPVZKLSHZ0UTPNYH[PVU9\SLZKLSHWYV[LJJP}UO\THUP[HYPHUPKLS
WLYTPZVKPZJYLJPVUHS
³,U JHZV KL X\L ZL [YH[L KL WLYZVUHZ X\L UV ZLHU ZVSPJP[HU[LZ KL HZPSV V
X\LUV[LUNHUKLYLJOVHWYV[LJJP}UZLV[VYNHYmLZ[LWLYTPZVUPJHTLU[L
LU KVZ JPYJ\UZ[HUJPHZ! J\HUKV HSN\PLU UV W\LKH KPZMY\[HY KL UPUN\UH
KL SHZ L_JLWJPVULZ H SH WVSx[PJH KL PUTPNYHJP}U" V WVY ¸JPYJ\UZ[HUJPHZ
LZWLJPHSTLU[L JVUJS\`LU[LZ¹ ¸JVTWLSSPUN JPYJ\UZ[HUJLZ¹ 3VZ JHZVZ KL
¸JPYJ\UZ[HUJPHZLZWLJPHSTLU[LJVUJS\`LU[LZ¹KLILYxHUZLYL_JLWJPVUHSLZ`
UPJHTLU[LWVYYHaVULZJPYJ\UZ[HUJPHSLZ`JVTWHZP]HZVJ\HUKVZLQ\aN\L
HIZVS\[HTLU[LULJLZHYPVWLYTP[PYH\UHWLYZVUHLU[YHYVWLYTHULJLYLULS
9LPUV<UPKVJ\HUKVUVOH`HV[YHVWJP}UKPZWVUPISL
³+LJPZP}UKPZJYLJPVUHSKLSZLJYL[HYPVKL,Z[HKVVKLSM\UJPVUHYPHKVKLPUTP
NYHJP}U7HYHVI[LULYJ\HSX\PLYHKLLZ[VZWLYTPZVZLZULJLZHYPVLS]PZ[V
I\LUVKL\UPUZWLJ[VYV[YHIHQHKVYZVJPHSZ\WLYPVY
+<9(*0Ô5!
+\YHJP}U PUKLÄUPKH V SPTP[HKH JVU WVZPIPSPKHK KL WYVSVUNHJP}U ,S WLYPVKV
JVUJYL[VKLWLUKLYmKLSHZJPYJ\UZ[HUJPHZPUKP]PK\HSLZKLJHKHJHZV`[LUKYm
Z}SVSHK\YHJP}UULJLZHYPH3VZWLYTPZVZPUKLÄUPKVZZ}SVZLV[VYNHUJ\HUKV
SHZ JPYJ\UZ[HUJPHZ ZVU ¸LZWLJPHSTLU[L JVUJS\`LU[LZ¹ KL MVYTH X\L ZL [PLUL
JHZPSHJVTWSL[HZLN\YPKHKKLX\LSHZJPYJ\UZ[HUJPHZUVJHTIPHYmULUJPUJV
H|VZ
0TTPNYH[PVU+PYLJ[VYH[LZ»
0UZ[Y\J[PVUZ¸*OHW[LY:LJ[PVU
3LH]L6\[ZPKL[OL9\SLZ
36;9¹KLHIYPSKL
(**,:6(3((:0:;,5*0(:(50;(90(!
0N\HSX\LSHZWLYZVUHZJVUWLYTPZVKLYLZPKLUJPH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
79Í*;0*(
3(=0:0Ô5+,4i+0*6:+,34<5+6
9,056<50+6:6)9,3(:0;<(*0Ô5,5
3(79Í*;0*(
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPHHK\S[VZ
,S HJJLZV H SH HZPZ[LUJPH KL WYPTLY UP]LS KLWLUKL KL SH ]VS\U[HK KLS
TtKPJV NLULYHSPZ[H .7 HZx X\L [VKVZ SVZ PUTPNYHU[LZ ZPU WLYTPZV KL
YLZPKLUJPHKLILYxHUWVKLYPUZJYPIPYZL`HJJLKLYHSHHZPZ[LUJPHZHUP[HYPH
5VVIZ[HU[LLZ[VZTtKPJVZW\LKLUULNHYZLHPUZJYPIPYH\UHWLYZVUH
ZLNUZ\JYP[LYPVKPZJYLJPVUHSVZLNULSKPZ[YP[VZHUP[HYPVWLYVJ\HUKV
SVOHJLUUVW\LKLUKPZJYPTPUHYWVYTV[P]VZKLYHaHNtULYVJSHZLZV
JPHSLKHKYLSPNP}UVYPLU[HJP}UZL_\HSHZWLJ[VTPU\Z]HSxHVLZ[HKVKL
ZHS\K:PIPLUUVLZVISPNH[VYPVWYLZLU[HYKVJ\TLU[VZLULSTVTLU[VKL
PUZJYPIPYZLLUSHWYmJ[PJHOLTVZWVKPKVJVUZ[H[HYX\LHSN\UHZJVUZ\S
[HZKLNLULYHSPZ[HZZVSPJP[HU\UHWY\LIHKLKVTPJPSPVKLPKLU[PKHKVKL
WLYTPZVKLYLZPKLUJPH*HKHJVUZ\S[H[PLULZ\ZWYVWPVZJYP[LYPVZZVIYL
LS [PWV ` LS UTLYV KL KVJ\TLU[VZ ULJLZHYPVZ (SN\UVZ TtKPJVZ NL
ULYHSPZ[HZ UV ZVSPJP[HU UPUN\UH KVJ\TLU[HJP}U KL MVYTH X\L UV LZ[mU
PUMVYTHKVZKLSHZP[\HJP}UHKTPUPZ[YH[P]HKLSHWLYZVUH
,S HJJLZV H SH H[LUJP}U LZWLJPHSPaHKH WHZH WVY SH H[LUJP}U KL WYPTLY
UP]LSWLYVL_PZ[LU\UHZUVYTHZJSHYHZZVIYLX\PtUW\LKLHJJLKLYNYH
[\P[HTLU[LHLZ[VZZLY]PJPVZ,USHWYmJ[PJHHSN\UVZOVZWP[HSLZUVPKLU
[PÄJHUHSHZWLYZVUHZX\LLZ[mULUZP[\HJP}UPYYLN\SHYKLIPKVHX\LOHU
LZ[HKV PUZJYP[HZ LU SH SPZ[H KL \U TtKPJV NLULYHSPZ[H K\YHU[L \U SHYNV
WLYPVKV :PU LTIHYNV W\LKLU ULNHYZL H H[LUKLY H LZ[H WVISHJP}U ZP
KLZJ\IYLUX\LSLZJVYYLZWVUKLWHNHYSVZNHZ[VZ`UVW\LKLUOHJLYSV
:L OHU KHKV JHZVZ KL WHJPLU[LZ H X\PLULZ ZL OH JVIYHKV HS PU[LU[HY
HJJLKLYHSVZZLY]PJPVZKLH[LUJP}UWYLUH[HS(SN\UVZOVZWP[HSLZJLU[YHU
Z\H[LUJP}ULUSHWVISHJP}UPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPHLUKL
[LYTPUHKHZ\UPKHKLZJVTVSHKLH[LUJP}UWYLUH[HS,Z[VZZLY]PJPVZUV
ZLSLZW\LKLUULNHYWLYVZxZLW\LKLVISPNHYHWHNHYHSHWHJPLU[L*VU
LZ[L VIQL[P]V SH WLYZVUH LUJHYNHKH KLS WHNV KL SVZ L_[YHUQLYVZ 6]LY
ZLHZ7H`TLU[6MÄJLYLU[YL]PZ[HYmHSWHJPLU[LWHYHJVIYHYSL`LZWVZPISL
X\LSLZPU[PTPKLWHYHX\LZLT\LZ[YLUYL[PJLU[LZH]VS]LYHSVZZLY]PJPVZ
KLHZPZ[LUJPHZHUP[HYPH
7VYV[YVSHKVZLW\LKLKHYLSJHZVKLX\LHSN\UVZOVZWP[HSLZVIZLY]LU
X\L\UHWLYZVUHZLOHPUZJYP[VYLJPLU[LTLU[LLUSHSPZ[HKL\UTtKPJV
NLULYHSPZ[HLUJ\`VJHZVW\LKLX\LSHLU[YL]PZ[LUWHYHH]LYPN\HYZPZL
[YH[HKL\U]PZP[HU[LL_[YHUQLYVHSX\LZLSLW\LKHJVIYHY,ULZ[VZJHZVZ
ZLSLZW\LKLULNHYSHHZPZ[LUJPHZHUP[HYPHOHZ[HX\LWHN\LU(ZPTPZTV
X\LKH WH[LU[L LU SH WYmJ[PJH X\L SH WVSx[PJH KL SVZ OVZWP[HSLZ UV LZ
\UPMVYTL ` X\L HSN\UVZ OVZWP[HSLZ PU]LZ[PNHU TmZ X\L V[YVZ ZVIYL SH
ZP[\HJP}UHKTPUPZ[YH[P]HKLSVZPUTPNYHU[LZ
7VY S[PTV LZ WVZPISL MHJ[\YHY H SVZ WHJPLU[LZ X\L HJJLKLU H SVZ ZLY
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
9,056<50+6:<,*0(,:7(j(769;<.(37(Ð:,:)(16:4(3;(0;(30((3,4(50(-9(5*0()i3.0*(
]PJPVZKL\YNLUJPHZZPZLSLZHJHIHOVZWP[HSPaHUKVWHYHZLN\PYYLHSPamU
KVSLZ WY\LIHZ ` H[LUKLYSLZ 7VY V[YV SHKV ZL OHU KHKV HSN\UVZ JHZVZ
LU SVZ X\L UV ZL OH WLYTP[PKV HJJLKLY H SVZ ZLY]PJPVZ KL \YNLUJPHZ H
WLYZVUHZ LU ZP[\HJP}U PYYLN\SHY WVY UV JVUZPKLYHY Z\ LZ[HKV KL ZHS\K
JVTV\UH\YNLUJPH
(JJLZVHSHHZPZ[LUJPHZHUP[HYPHKLSVZZVSPJP[HU[LZKL
HZPSVHK\S[VZ
,S HJJLZV H SH HZPZ[LUJPH KL WYPTLY UP]LS ` LZWLJPHSPaHKH LZ NYH[\P[V `
UVZLSLZKLILYxHULNHYUPUNU[PWVKLH[LUJP}U,USHWYmJ[PJHHSN\UHZ
JVUZ\S[HZKLTtKPJVZNLULYHSPZ[HZZLUPLNHUHPUZJYPIPYHZVSPJP[HU[LZKL
HZPSVOHZ[HX\LUVWYLZLU[LULSWHZHWVY[LTPLU[YHZX\LV[YHZZLUPLNHU
HPUZJYPIPYSLZZPUV[PLULU\UH]P]PLUKHLZ[HISL`ZLN\YH`[PLULUWY\LIHZ
LZJYP[HZ KL X\L YLZPKLU LU KPJOV KVTPJPSPV (KLTmZ HSN\UVZ ZLY]PJPVZ
ZHUP[HYPVZUV[YHIHQHUJVUPU[tYWYL[LZWVYSVX\LHKL[LYTPUHKHZWLYZV
UHZSLZYLZ\S[HIHZ[HU[LKPMxJPSVI[LULYSHH`\KHX\LULJLZP[HU
(JJLZVHSHZHUPKHKLUSVZJLU[YVZKLYL[LUJP}U
:LNU SHZ JPMYHZ VÄJPHSLZ ZL LZ[PTH X\L JHKH H|V ZL KL[PLUL H \UHZ
WLYZVUHZ 5V L_PZ[L SxTP[L KL [PLTWV WHYH LS WLYPVKV K\YHU[L
LSX\LZLW\LKLTHU[LULYYL[LUPKHH\UHWLYZVUH`LUHSN\UVZJHZVZ
W\LKLSSLNHYHK\YHYH|VZ<ULSL]HKVWVYJLU[HQLKLSVZPU[LYUVZUV[PLUL
YLWYLZLU[HJP}U SLNHS ` UV [PLUL KLYLJOV H YLJPIPY HZLZVYHTPLU[V SLNHS
(KLTmZLZWVZPISLX\LZLWYVK\aJHUU\L]VZYLJVY[LZLUSHHZPZ[LUJPH
Q\YxKPJHLUV[V|VKL
3VZ ZLY]PJPVZ TtKPJVZ ZVU T\` SPTP[HKVZ ` JHYLJLU KL SH L_WLYPLUJPH
ULJLZHYPHWHYH[YH[HYSVZWYVISLTHZKLZHS\KKLSVZWHJPLU[LZ(KLTmZ
ZLNU JVUZ[H[H SH 65. 4LKPJHS 1\Z[PJL SH H[LUJP}U ZHUP[HYPH WYLZ[HKH
Z\LSLZLYPUHKLJ\HKHULNSPNLU[LLPUJS\ZVHI\ZP]H,S4PUPZ[LYPVKLS0U[L
YPVYX\LLZLSS[PTVYLZWVUZHISLUVJVU[YH[}HUPUNUWLYZVUHSTtKPJV
WHYHHZLZVYHYZVIYLTLKPKHZZHUP[HYPHZLUSVZJLU[YVZKLYL[LUJP}UOHZ[H
X\LPU[LY]PUV4LKPJHS1\Z[PJL\UHVYNHUPaHJP}UIYP[mUPJHX\LKLU\UJPH
SVZHI\ZVZTtKPJVZLUSVZJLU[YVZKLYL[LUJP}UKLS9LPUV<UPKV
3HNLZ[P}UKLZPL[LKLSVZKPLaJLU[YVZSHZ\IJVU[YH[HLS4PUPZ[LYPVKLS0U
[LYPVYHJVTWH|xHZWYP]HKHZJVUÄULZS\JYH[P]VZJVTV¸.SVIHS:VS\[PVUZ
3[K¹ V ¸:LYJV 3[K¹ iZ[HZ H Z\ ]La W\LKLU Z\IJVU[YH[HY SVZ ZLY]PJPVZ
ZHUP[HYPVZH\UHZLN\UKHLTWYLZHWYP]HKHJVUÄULZS\JYH[P]VZ3VZV[YVZ
[YLZJLU[YVZZVUJmYJLSLZYLJVU]LY[PKHZKPYPNPKHZWVYLS:LY]PJPVKL7YP
ZPVULZ ` SH YLZWVUZHIPSPKHK KL SH HZPZ[LUJPH ZHUP[HYPH SL JVYYLZWVUKL HS
5H[PVUHS/LHS[O:LY]PJL
,Z[LHWHY[HKVOHZPKV
YLKHJ[HKVWVYSH65.4LKPJHS
1\Z[PJL!^^^TLKPJHSQ\Z[PJL
VYN\R
:LNUHÄYTH4LKPJHS1\Z[PJLSHZULJLZPKHKLZZHUP[HYPHZKLSVZPU[LYUVZ
UV LZ[mU J\IPLY[HZ ` SVZ JLU[YVZ KL YL[LUJP}U LU Zx TPZTVZ WLYQ\KPJHU
NYH]LTLU[LZ\LZ[HKVKLZHS\K(KLTmZSHKL[LUJP}UKLZ\WLY]P]PLU[LZ
KLSH[VY[\YHKLTLUVYLZ`KLWLYZVUHZJVUWYVISLTHZKLZHS\KMxZPJVZ
VTLU[HSLZLZPUQ\Z[PÄJHISL`JVU[YHKPJ[VYPHJVUSHWYVWPHWVSx[PJHKLS4P
UPZ[LYPVKLS0U[LYPVYWVYSVX\LKLILYxHZ\ZWLUKLYZL
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036%9,056<50+6
(J[\HSTLU[LSVZZLY]PJPVZTtKPJVZKLSVZJLU[YVZKLYL[LUJP}UYHYH]La
J\LU[HUJVUSHJHWHJPKHKVSHL_WLYPLUJPHULJLZHYPHWHYH[YH[HYLSHTWSPV
HIHUPJV KL LUMLYTLKHKLZ TLU[HSLZ ` MxZPJHZ X\L WHKLJLU SHZ WLYZV
UHZKL[LUPKHZ3HZJVUZLJ\LUJPHZW\LKLUZLYNYH]LZ`HX\LMYLJ\LU[L
TLU[LWHKLJLUHUZPLKHKKLWYLZP}U[YHZ[VYUVWVYLZ[YtZWVZ[YH\Tm[PJV
` NYH]LZ LUMLYTLKHKLZ TLU[HSLZ X\L ZL W\LKLU WLYWL[\HY V HNYH]HY
JVU LS PU[LYUHTPLU[V :L OHU KHKV HSN\UVZ JHZVZ LU SVZ X\L LUMLYTL
KHKLZ PUMLJJPVZHZ JVTV SH [\ILYJ\SVZPZ V LS =0/ZPKH UV OHIxHU ZPKV
KPHNUVZ[PJHKHZ OHZ[H SH PU[LY]LUJP}U KLS WLYZVUHS TtKPJV KL 4LKPJHS
1\Z[PJL 4\JOHZ KL SVZ PU[LYUVZ WYVJLKLU[LZ KLS ÍMYPJH :\IZHOHYPHUH
ZVUWVY[HKVYHZKLS=0/ZPKH`ULJLZP[HUKLZLZWLYHKHTLU[LYLJPIPYLS[YH
[HTPLU[VHU[PYYL[YV]PYHS
4LKPJHS 1\Z[PJL Z\LSL WHY[PJPWHY LU LS KPHNU}Z[PJV KL SHZ ULJLZPKHKLZ
TtKPJHZKLSHZWLYZVUHZJVUÄUHKHZX\LJVUT\JOHMYLJ\LUJPHUVOHU
ZPKVPKLU[PÄJHKHZWYL]PHTLU[L7VYV[YVSHKVLZ[mUPTW\SZHUKVJVUt_P
[VHS4PUPZ[LYPVKLS0U[LYPVYHHKVW[HYSHWVSx[PJHKL]HJ\UHYVWYVWVYJPV
UHYLS[YH[HTPLU[VWYL]LU[P]VKLSHTHSHYPHHTLUVYLZHU[LZKLLU]PHYSLZ
HSÍMYPJH:\IZHOHYPHUH\V[YHZaVUHZKLYPLZNV
4LKPJHS1\Z[PJL)L`VUK
*VTWYLOLUZPVUHUK+LJLUJ`!(
9LWVY[VU4LKPJHS(I\ZLPU0TTP
NYH[PVU+L[LU[PVUQ\SPVKL
4tKPJVZKLS4\UKV9LPUV<UPKV
4LKPJHS1\Z[PJLZVIYLJLU[YVZKLYL[LUJP}U
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
*65*3<:0Ô5
,U SH <UP}U ,\YVWLH SH VYNHUPaHJP}U ` SH WYLZ[HJP}U KL ZLY]PJPVZ TtKPJVZ
ZVU JVTWL[LUJPHZ UHJPVUHSLZ ` WVY LSSV L_PZ[LU NYHUKLZ KPMLYLUJPHZ LU[YL
\UVZWHxZLZ`V[YVZ,SYLJVUVJPTPLU[VKLSKLYLJOVKLHJJLZVHSHZHUPKHK
KLSHZWLYZVUHZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`ZVSPJP[HU[LZKLHZPSV
KLWLUKLKLJHKH\UVKLSVZ,Z[HKVZTPLTIYVZW\LZ[VX\LJHKHWHxZKLSH
<UP}U,\YVWLHLZ[HTIPtUJVTWL[LU[LWHYHKL[LYTPUHYX\PtULZW\LKLUKPZ
MY\[HYKLSZPZ[LTHZHUP[HYPVWISPJV,UT\JOVZKLSVZ,Z[HKVZTPLTIYVZSH
[VTHKLKLJPZPVULZLUTH[LYPHKLZHUPKHKLZ[mJVTWHY[PKHLU[YLLS.VIPLYUV
JLU[YHSSHZYLNPVULZ`SHZHKTPUPZ[YHJPVULZSVJHSLZOLJOVX\LWYV]VJHKPML
YLUJPHZJVUZPKLYHISLZLUSVX\LYLZWLJ[HHSVZKLYLJOVZ`HSHHWSPJHJP}UKL
SHSL`PUJS\ZVKLU[YVKL\UTPZTVWHxZ
3HTH`VYxHKLSVZWHxZLZV[VYNHUHSVZZVSPJP[HU[LZKLHZPSV\UUP]LSKLJV
ILY[\YH ZHUP[HYPH LX\P]HSLU[L HS TLUVZ WV[LUJPHSTLU[L HS KLS YLZ[V KL SH
WVISHJP}UUHJPVUHS5VVIZ[HU[LJHILKLZ[HJHYKVZL_JLWJPVULZLU[YLSVZ
WHxZLZKLU\LZ[YVPUMVYTL(SLTHUPH`:\LJPHKVUKLLZ[HWVISHJP}UYLJPIL
\UHJVILY[\YHZHUP[HYPHSPTP[HKHLULSJHZVKL:\LJPHPUKLWLUKPLU[LTLU[L
KLS[PLTWVKLYLZPKLUJPH`LULSKL(SLTHUPHK\YHU[LSVZJ\H[YVWYPTLYVZ
H|VZKLYLZPKLUJPH
,Z[HZWLYZVUHZ·HSPN\HSX\LVJ\YYLJVUSVZPUTPNYHU[LZZPUWLYTPZVKLYL
ZPKLUJPH·LUJ\LU[YHUNYHUKLZKPÄJ\S[HKLZLU[VKVZSVZ,Z[HKVZTPLTIYVZ
HSHOVYHKLHJJLKLYH\UHH[LUJP}UZHUP[HYPHLMLJ[P]HKLIPKVHSHMHS[HKL
PUMVYTHJP}U V KL [PLTWV H SH ZP[\HJP}U KL WYLJHYPLKHK LJVU}TPJH V H SHZ
IHYYLYHZSPUN
xZ[PJHZ`J\S[\YHSLZ
7LYVLSWHUVYHTHZLT\LZ[YHWLVYWHYHLSJVSLJ[P]VPUTPNYHU[LLUZP[\HJP}U
PYYLN\SHY*VUT\JOHMYLJ\LUJPHSHSL`LZKPZJYPTPUH[VYPHLUSVX\LYLZWLJ[HH
Z\ZKLYLJOVZ`HSHZJVUKPJPVULZHKTPUPZ[YH[P]HZULJLZHYPHZWHYHLQLYJLYSVZ
,UKL[LYTPUHKVZWHxZLZJVTV:\LJPHUV[PLULUHJJLZVNYH[\P[VHUPUNU
[PWV KL ZLY]PJPV ZHUP[HYPV UP ZPX\PLYH LU JHZVZ KL \YNLUJPHZ V LTIHYHaVZ
,UV[YVZWHxZLZJVTV(SLTHUPHZ\Z`HKLWVYZxLZJHZVZKLYLJOVZZL]LU
JVTWSL[HTLU[LHU\SHKVZWVYSHVISPNHJP}UKLKLU\UJPHPTW\LZ[HWVYSL`H
[VKHZSHZPUZ[P[\JPVULZHKTPUPZ[YH[P]HZWISPJHZPUJS\PKVZSVZJLU[YVZWISP
JVZKLHJJP}UZVJPHSX\L[PLULUJVTWL[LUJPHZLUTH[LYPHKLHKTPUPZ[YHJP}U
ZHUP[HYPH,UV[YVZWHxZLZZLSLZJVUJLKLHSNU[PWVKLWYV[LJJP}UWLYVZL
KLQHUKLSHKVZLY]PJPVZZHUP[HYPVZ]P[HSLZJVTVSHH[LUJP}UWYL`WVZ[UH[HSV
LS[YH[HTPLU[VKLS=0/WLQLULS9LPUV<UPKV
,Z[LPUMVYTLJVYYVIVYHX\LLSKLYLJOVKLHJJLZVHSHHZPZ[LUJPHZHUP[H
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
YPHKLSHZWLYZVUHZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`WVY[HU[V
Z\KLYLJOVHSHZHUPKHKUVLZ[mNHYHU[PaHKVLUSH<UP}U,\YVWLH3HZ
SLNPZSHJPVULZKPZJYPTPUH[VYPHZL_PZ[LU[LZ`SHZPUTLUZHZIHYYLYHZX\LZLLU
J\LU[YHULUSHWYmJ[PJHWVULUKLTHUPÄLZ[VX\LUPUNUWHxZJVUZPN\LNHYHU
[PaHYHLZ[HWVISHJP}ULS­TmZHS[VUP]LSWVZPISLKLZHS\KMxZPJH`TLU[HS®[HS
`JVTVYLJVUVJLUSVZWYPUJPWHSLZPUZ[Y\TLU[VZPU[LYUHJPVUHSLZKLKLYLJOVZ
O\THUVZ,Z[LUP]LSKLWYV[LJJP}UKLILYxHJVUZ[P[\PYSHYLMLYLUJPHWHYHL]H
S\HYSHZKPMLYLU[LZSLNPZSHJPVULZ`WVSx[PJHZUHJPVUHSLZ
7VYV[YVSHKVLZ[LPUMVYTLJVUÄYTHSH[LUKLUJPHNLULYHSPaHKHLU[VKVZ
SVZ WHxZLZ KL SH <UP}U ,\YVWLH H YLZ[YPUNPY SVZ KLYLJOVZ KL HJJLZV H
SH ZHUPKHK KL SVZ PUTPNYHU[LZ LU ZP[\HJP}U PYYLN\SHY ` H \[PSPaHY SH ZH
S\KJVTV\UPUZ[Y\TLU[VHSZLY]PJPVKLSJVU[YVSTPNYH[VYPVLUS\NHYKL
JVUZPKLYHYSV JVTV \U KLYLJOV O\THUV H WYV[LNLY 7VY SV NLULYHS ZVU
WYLJPZHTLU[LHSN\UVZWHxZLZX\L[PLULU\UHSHYNHOPZ[VYPHKLYLJLWJP}UKL
PUTPNYHU[LZJVTVLS9LPUV<UPKV(SLTHUPH`SVZ7HxZLZ)HQVZX\PLULZOHU
ZPKVWPVULYVZLULZ[LLUMVX\LX\LSHTLU[HISLTLU[LLZ[mZPLUKVPTP[HKV
JHKH ]La TmZ WVY SVZ U\L]VZ WHxZLZ YLJLW[VYLZ KL PUTPNYHJP}U JVTV 0[H
SPH(KLTmZHSN\UVZWHxZLZLUSVZX\LSHPUTPNYHJP}ULZ\UMLU}TLUVT\`
YLJPLU[L JVTV 4HS[H UV LZ[mU IPLU WYLWHYHKVZ WHYH HMYVU[HY \UH SSLNHKH
PTWVY[HU[LKLPUTPNYHU[LZ`NLULYHSTLU[LUVKPZWVULUKLUPUN\UHSLNPZSH
JP}UHWSPJHISL
3VZZPN\PLU[LZLQLTWSVZZPY]LUWHYHPS\Z[YHYLZ[H[LUKLUJPH!
(SLTHUPH!,U SHZSL`LZYLK\QLYVUSVZKLYLJOVZKLHJJLZVHSVZZLY]P
JPVZZHUP[HYPVZJVUYLZWLJ[VHSHJVILY[\YHZHUP[HYPHNLULYHSWHYHSHWVISH
JP}UPUTPNYHU[LZPUWLYTPZVKLYLZPKLUJPH`ZVSPJP[HU[LKLHZPSV(ZPTPZTV
LULSH|VZLPU[YVK\QLYVULSKLILYKLKLU\UJPH`SHWLUHSPaHJP}UKLSH
HZPZ[LUJPHHWLYZVUHZLUZP[\HJP}UPYYLN\SHY
7HxZLZ)HQVZ!/HZ[H SHZWLYZVUHZZPUWLYTPZVKLYLZPKLUJPH[LUxHUKL
YLJOVH[LULY\UZLN\YVTtKPJVLUSHZTPZTHZJVUKPJPVULZX\LSHWVISHJP}U
UHJPVUHS(J[\HSTLU[LZ}SVW\LKLUHJJLKLYHSH¸H[LUJP}UTtKPJHTLU[LUL
JLZHYPH¹
9LPUV <UPKV! +LZKL SVZ PUTPNYHU[LZ X\L UV [PLULU YLN\SHYPaHKH Z\
ZP[\HJP}UUVW\LKLUHJJLKLYNYH[\P[HTLU[LHKL[LYTPUHKVZKPHNU}Z[PJVZV
[YH[HTPLU[VZOVZWP[HSHYPVZPUJS\PKVZSHH[LUJP}ULZWLJPHSPaHKHSHZOVZWP[H
SPaHJPVULZ SH H[LUJP}U WYL ` WVZ[UH[HS SVZ TLKPJHTLU[VZ ` LS [YH[HTPLU[V
KLS=0/(KLTmZLS.VIPLYUVLZ[mPU[LU[HKV[HTIPtUL_JS\PYSHH[LUJP}UKL
WYPTLYUP]LS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
0[HSPH!(WLZHYKLX\LLSMLU}TLUVKLSHPUTPNYHJP}ULZYLSH[P]HTLU[LYLJPLU[L
LUZLWYVK\QV\UPU[LU[VX\LUVM\LHWYVIHKVÄUHSTLU[LKLYLZ[YPUNPY
ZPNUPÄJH[P]HTLU[LLSHJJLZVHSHZHUPKHKKLLZ[HWVISHJP}UH[YH]tZKL\UH
WYVW\LZ[HX\LWYL[LUKxHOHJLYSLZWHNHYWVYSHHZPZ[LUJPHZHUP[HYPH`WLYTP[PY
HSWLYZVUHSZHUP[HYPVKLU\UJPHYSLZHSHZH\[VYPKHKLZJVTWL[LU[LZLUTH[LYPH
KLPUTPNYHJP}U
:\LJPH! ,U M\L HWYVIHKH SH WYPTLYH SL` X\L OHJL YLMLYLUJPH H JPLY[HZ
JH[LNVYxHZ KL PUTPNYHU[LZ X\L ]P]LU LU LS WHxZ KL MVYTH PYYLN\SHY JVU LS
UPJVVIQL[P]VKLL_JS\PYMVYTHSTLU[LHLZ[HWVISHJP}UKLJ\HSX\PLY[PWVKL
H[LUJP}UZHUP[HYPHNYH[\P[H(ZPTPZTVO\IV\UPU[LU[VKLPU[YVK\JPY\UHWYV
OPIPJP}UMVYTHSKLWYLZ[HYSLZHZPZ[LUJPHZHUP[HYPH
,U LZ[L JVU[L_[V ` HU[L LZ[H ZP[\HJP}U SHZ PUZ[P[\JPVULZ L\YVWLHZ Z\LSLU
N\HYKHYZPSLUJPV:PIPLULZJPLY[VX\LUV[PLULUJVTWL[LUJPHZWHYHYLN\SHY
LZ[LHZ\U[VH[YH]tZKLUVYTHZQ\YxKPJHTLU[L]PUJ\SHU[LZSHZPUZ[P[\JPVULZ
UV \[PSPaHU Z\ WVKLY NLULYHS KL YLJVTLUKHJP}U WHYH KHY ]PZPIPSPKHK H LZ[L
NYH]L WYVISLTH (KLTmZ H\U LU HX\LSSVZ JHZVZ LU SVZ X\L KPZWVULU KL
IHZLQ\YxKPJHULJLZHYPHWHYHHKVW[HYTLKPKHZJVU[PUHUHWYVIHUKV[xTPKHZ
UVYTHZJVTVSH+PYLJ[P]HKLS*VUZLQVWVYSHX\LZLHWY\LIHUUVYTHZTx
UPTHZWHYHSHHJVNPKHKLSVZZVSPJP[HU[LZKLHZPSVLUSVZ,Z[HKVZTPLTIYVZ
HJ[\HSTLU[LLUWYVJLZVKLLUTPLUKHX\L[HUZ}SVYLJVUVJLHLZ[HWVISH
JP}U­SHH[LUJP}UZHUP[HYPHULJLZHYPHX\LPUJS\PYmJVTVTxUPTVSVZJ\PKH
KVZKL\YNLUJPH`LS[YH[HTPLU[VImZPJVKLSHZLUMLYTLKHKLZ®
3HH\ZLUJPHVLSLZJHZVHJJLZVHSHHZPZ[LUJPHZHUP[HYPHWHYHSVZJVSLJ[P]VZ
KL ZVSPJP[HU[LZ KL HZPSV ` KL PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH LZ \UH
J\LZ[P}UKLZ\THPTWVY[HUJPHX\LZPULTIHYNVWYVIHISLTLU[LUVZLWSHU
[LHYmZLYPHTLU[LWVYSVZNVIPLYUVZOHZ[HX\LUVZLWYVK\aJHUOLJOVZJVU
JVUZLJ\LUJPHZ JVUZPKLYHISLZ WHYH SH ZHS\K WISPJH NLULYHS :PU VS]PKHY SH
PTWVY[HUJPHKLYLZWVUKLYJVUKPSPNLUJPHHSVZWYVISLTHZKLZHS\KWISPJHSH
YLK/<4(Z\IYH`HX\LSHWYLZ[HJP}UKLZLY]PJPVZZHUP[HYPVZUVLZ\UHJ[VKL
NLULYVZPKHKZPUVSHMVYTHKLJ\TWSPYJVUSHZVISPNHJPVULZSLNHSLZPU[LYUH
JPVUHSLZ`LUSHTH`VYxHKLSVZJHZVZJVUZ[P[\JPVUHSLZJVU[YHxKHZWVYSVZ
,Z[HKVZTPLTIYVZLUTH[LYPHKLKLYLJOVZO\THUVZ
(J[\HSTLU[LYLZPKLLU,\YVWH\UUTLYVZPNUPÄJH[P]VKLZVSPJP[HU[LZKLHZP
SV`KLPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH3VZNVIPLYUVZUVW\LKLUJLY
YHYSVZVQVZHU[LLZ[HYLHSPKHKUPHU[LZ\KLILYKLWYV[LNLYSHZULJLZPKHKLZ
ImZPJHZHSHZX\LKLILYxH[LULYKLYLJOV[VKVZLYO\THUV,Z[HWYV[LJJP}U
KLILYxHL_[LUKLYZL\YNLU[LTLU[LH[VKHZHX\LSSHZWLYZVUHZPUTPNYHU[LZLU
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
ZP[\HJP}UPYYLN\SHY`ZVSPJP[HU[LZKLHZPSVX\LZLLUJ\LU[YHUJVUÄUHKHZ
LUJLU[YVZKLYL[LUJP}UKL[VKH,\YVWHKHKHZSHZWtZPTHZJVUKPJPVULZ
KL ]PKH ` ZHUP[HYPHZ L_PZ[LU[LZ LU LZ[VZ S\NHYLZ JHYHJ[LYPaHKVZ WVY SH
VWHJPKHKQ\YxKPJH
+LHJ\LYKVJVULZ[LLUMVX\LSHYLK/<4(JVU[PUHS\JOHUKVWVYKL
U\UJPHYLZ[HZZP[\HJPVULZ`WVYYLP]PUKPJHYLSKLYLJOVHSHZHUPKHKKLKVZ
KL SVZ JVSLJ[P]VZ TmZ THYNPUHKVZ KL ,\YVWH ,S ZLN\UKV PUMVYTL KLS
6IZLY]H[VYPV,\YVWLVKL(JJLZVHSH:HUPKHKKL4tKPJVZKLS4\UKV
W\ISPJHKVLU ZLW[PLTIYL KL ` SH ZLN\UKH WHY[L KLS WYLZLU[L PU
MVYTLX\LPUJS\PYmLSLZ[\KPVKLJ\H[YVWHxZLZHKPJPVUHSLZJVU[PU\HYmU
LZ[H\YNLU[LLPTWVY[HU[L[HYLH
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
9,*64,5+(*065,:
3VZTPLTIYVZKLSHYLK/<4(YLP]PUKPJHULSHJJLZVHSH
HZPZ[LUJPHZHUP[HYPHHSVZ[YH[HTPLU[VZ`HSHWYL]LUJP}U
WHYH[VKHZSHZWLYZVUHZX\LYLZPKLULU,\YVWHLUJVUKP
JPVULZKLPN\HSKHKZPUUPUNU[PWVKLKPZJYPTPUHJP}ULU
]PY[\KKLZ\ZP[\HJP}UHKTPUPZ[YH[P]HVKLZ\ZYLJ\YZVZ
LJVU}TPJVZ3HZWVSx[PJHZZHUP[HYPHZUVW\LKLU]LYZL
JVUKPJPVUHKHZWVYSHZWVSx[PJHZKLPUTPNYHJP}U
9LJVTLUKHJPVULZNLULYHSLZ
3HYLK/<4(YLJSHTH!
Q, SHJJLZVLMLJ[P]VHSHHZPZ[LUJPHZHUP[HYPH`HSHWYL]LUJP}UKLSHZWLYZVUHZ
PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH ` ZVSPJP[HU[LZ KL HZPSV LU SHZ TPZTHZ
JVUKPJPVULZX\LSHWVISHJP}UUHJPVUHSJVULSTPZTVUP]LSKLYLJ\YZVZLJVU}
TPJVZ
Q8 \LZL[LUNHULUJ\LU[HSHZULJLZPKHKLZLZWLJPHSLZKLSVZNY\WVZTmZ]\SUL
YHISLZT\QLYLZLTIHYHaHKHZTLUVYLZ`]xJ[PTHZKL[VY[\YH`ZLSLZWYVWVY
JPVUL\UHJJLZVPUTLKPH[VHSHWYL]LUJP}U`SHHZPZ[LUJPHZHUP[HYPH
Q8 \LZLV[VYN\L\UWLYTPZVVH\[VYPaHJP}UKLYLZPKLUJPHHSVZPUTPNYHU[LZLU
ZP[\HJP}UPYYLN\SHYNYH]LTLU[LLUMLYTVZ`X\LZLSLZWYV[LQHKLSHL_W\SZP}U
J\HUKVUVW\LKHUKPZMY\[HYKL\UHJJLZVLMLJ[P]VHS[YH[HTPLU[VLUZ\WHxZ
KLVYPNLU
Q, SHJJLZVLMLJ[P]VHSHHZPZ[LUJPHZHUP[HYPHKLSHZWLYZVUHZJVUÄUHKHZLUJLU
[YVZKLYL[LUJP}U`LSHJJLZVWLYTHULU[LKLSHZ65.HKPJOVZJLU[YVZ
9LJVTLUKHJPVULZHSHZPUZ[P[\JPVULZ
L\YVWLHZ
(WHY[PYKLSVZYLZ\S[HKVZKLLZ[LPUMVYTL`[LUPLUKVLUJ\LU[HSHHJ[\HSZP[\H
JP}USLNPZSH[P]HKLSH<UP}U,\YVWLHSHYLK/<4(KPYPNLSHZZPN\PLU[LZYLJVTLU
KHJPVULZNLULYHSLZHSHZPUZ[P[\JPVULZL\YVWLHZ
(ZPTPZTVJHKHTPLTIYVKLSHYLK/<4(LTP[PYm\UHZLYPLKLYLJVTLUKHJPVULZ
LZWLJxÄJHZ H LZJHSH UHJPVUHS X\L ZL KPYPNPYmU KPYLJ[HTLU[L H SHZ H\[VYPKHKLZ
UHJPVUHSLZYLNPVUHSLZVSVJHSLZJVTWL[LU[LZ3HSPZ[HKLYLJVTLUKHJPVULZUH
JPVUHSLZLZ[HYmKPZWVUPISLLU^^^O\THUL[^VYRVYN
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
(SH*VTPZP}U,\YVWLH!
Q8\LZLWYVT\L]HSHHKVWJP}UKLUVYTH[P]HZL\YVWLHZQ\YxKPJHTLU[L]PUJ\
SHU[LZX\LNHYHU[PJLU\UHJJLZVUVKPZJYPTPUH[VYPVHSHZHUPKHKHSHZWLYZV
UHZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH
Q8\LZLHKVW[L\UH*VT\UPJHJP}U+PYLJJPVULZ.LULYHSLZKL:HUPKHK`7YV
[LJJP}U KL SVZ *VUZ\TPKVYLZ ` KL 1\Z[PJPH 3PILY[HK ` :LN\YPKHK WHYH KHY
]PZPIPSPKHKHSVZWYVISLTHZYLSHJPVUHKVZJVUSHPUL_PZ[LUJPHVSHPUZ\ÄJPLUJPH
KLS HJJLZV H SH ZHUPKHK KL SH WVISHJP}U PUTPNYHU[L X\L YLZPKL LU SH <UP}U
,\YVWLH KL MVYTH PYYLN\SHY ` X\L ZL WYVWVUNH SH HKVWJP}U KL TLKPKHZ LZ
WLJxÄJHZWVYWHY[LKLSHZPUZ[P[\JPVULZL\YVWLHZ`KLSVZ,Z[HKVZTPLTIYVZ
WHYHHIVYKHYLZ[LWYVISLTH
Q8\L ZL KPYPQHU YLJVTLUKHJPVULZ H SVZ ,Z[HKVZ TPLTIYVZ WHYH X\L [VTLU
TLKPKHZ LZWLJxÄJHZ WHYH SH TLQVYH KLS HJJLZV H ZHUPKHK KL SHZ WLYZVUHZ
PUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`ZVSPJP[HU[LZKLHZPSVX\L]P]LULUSH
<UP}U,\YVWLH
Q8\LZLWYVT\L]HLSHJJLZVHSHZHUPKHKKLSHZWLYZVUHZX\LOHUZVSPJP[HKV
HZPSVLUSHZTPZTHZJVUKPJPVULZX\LSHWVISHJP}UUHJPVUHSLULSTHYJVKLSH
YLULNVJPHJP}UKLSH+PYLJ[P]HZVIYLJVUKPJPVULZKLHJVNPKH (S7HYSHTLU[V,\YVWLV!
Q8\LHKVW[L\UH9LZVS\JP}UKVUKLZLLZ[HISLaJHUSVZWYPUJPWPVZX\LKLILYxHU
YLNPYLSHJJLZVHSHZHUPKHKKLSVZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`KL
SVZZVSPJP[HU[LZKLHZPSVLUSH<UP}U,\YVWLHHZHILY!LSHJJLZVUVKPZJYPTPUH
[VYPVHSHZHUPKHKX\LUVL_PZ[HSHVISPNHJP}UKLKLU\UJPHYHX\PLULZJHYLaJHU
KL WLYTPZV KL YLZPKLUJPH ` X\L UV ZL WLUHSPJL SH HZPZ[LUJPH O\THUP[HYPH H
LZ[HZWLYZVUHZ
Q8\L WYVT\L]H LS HJJLZV H SH ZHUPKHK KL SVZ ZVSPJP[HU[LZ KL HZPSV LU SHZ
TPZTHZJVUKPJPVULZX\LSHWVISHJP}UUHJPVUHSLULSTHYJVKLSWYVJLZVKL
LUTPLUKH KL SH +PYLJ[P]H ZVIYL JVUKPJPVULZ KL HJVNPKH KL ZVSPJP[HU[LZ KL
HZPSV
(S*VUZLQV,JVU}TPJV`:VJPHS
Q8\LWYVT\L]HSHWYV[LJJP}UKLSVZKLYLJOVZKLSHZWLYZVUHZPUTPNYHU[LZZPU
WLYTPZVKLYLZPKLUJPH`ZVSPJP[HU[LZKLHZPSV`LUWHY[PJ\SHYLSKLYLJOVHSH
ZHUPKHKLULSTHYJVKLS-VYV,\YVWLVZVIYL0U[LNYHJP}U
+PYLJ[P]H *,
0IxK
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
)0 ) 30 6. 9 ( -Ð (
.,5,9(3
Q(0+:HUK4VIPSP[`,\YVWL@V\*HU:WLHR!/V^/0=WVZP[P]LWLVWSL^P[OHU
\UJLY[HPUYLZPKLUJLZ[H[\ZZ\Y]P]LPU,\YVWL
Q,SKLYLJOVHSKPZMY\[LKLSTmZHS[VUP]LSWVZPISLKLZHS\KHY[xJ\SVKLS7HJ[V
0U[LYUHJPVUHSKL+LYLJOVZ,JVU}TPJVZ:VJPHSLZ`*\S[\YHSLZKVJ\TLU[VKL
SHZ5HJPVULZ<UPKHZ,*HNVZ[VKL
Q*VUKP[PVUZ KLZ YLZZVY[PZZHU[Z KL WH`Z [PLYZ YL[LU\Z KHUZ KLZ JLU[YLZ JHTWZ
KLKt[LU[PVUJLU[YLZV\]LY[ZHPUZPX\LKLZaVULZKL[YHUZP[H]LJ\ULH[[LU
[PVU WHY[PJ\SPuYL WVY[tL H\_ ZLY]PJLZ L[ TV`LUZ LU MH]L\YZ KLZ WLYZVUULZ H\_
ILZVPUZZWtJPÄX\LZH\ZLPUKLZ,[H[ZTLTIYLZKLS»<UPVU,\YVWtLUUL+t
JLTIYLMVY[OL,\YVWLHU7HYSPHTLU[9,-!07*30),0*
Q+H 3VTIH : ­ -\UKHTLU[HS ZVJPHS YPNO[Z MVY PYYLN\SHY TPNYHU[Z ! [OL YPNO[ [V
OLHS[OJHYLPU-YHUJLHUK,UNSHUK®PU)VN\Za)*OVSL^PUZRP9*`NHU(
:a`ZaJaHR,LKZ
Q*VTPZP}U 4\UKPHS ZVIYL SHZ 4PNYHJPVULZ 0U[LYUHJPVUHSLZ *440 3HZ TPNYH
JPVULZ LU \U T\UKV PU[LYKLWLUKPLU[L! U\L]HZ VYPLU[HJPVULZ WHYH HJ[\HY 0U
MVYTL KL SH *VTPZP}U 4\UKPHS ZVIYL SHZ 4PNYHJPVULZ 0U[LYUHJPVUHSLZ VJ[\IYL
KL
Q.YVL;LIIL : HUK -PN\LYHZ 1 LKZ :UHWZOV[Z VM /LHS[O :`Z[LTZ ¶ ;OL
:[H[LVM(MMHPYZPU*V\U[YPLZPU:\TTLY
Q040:*6,0U[LYUH[PVUHS4PNYH[PVU0U[LNYH[PVUHUK:VJPHS*VOLZPVU:VJPHS0U
[LNYH[PVU4VIPSP[`!,K\JH[PVUOV\ZPUNOLHS[O<UP]LYZPKHKKL3PZIVH
Q0UMVYTH[PVU5L[^VYRVUNVVKWYHJ[PJLPUOLHS[OJHYLMVYTPNYHU[ZHUKTPUVYP[PLZ
PU,\YVWL4PNOLHS[OUL[O[[W!TPNOLHS[OUL[
Q:LY]PJPV1LZ\P[HH9LM\NPHKVZ¸>L(YL+`PUN:PSLU[¹¶9LWVY[VU+LZ[P[\[LMVY
JLK4PNYHU[Z
Q4tKPJVZ KLS 4\UKV 7YPTLY 6IZLY]H[VYPV ,\YVWLV KL (JJLZV H SH :HUPKHK
Q4tKPJVZ :PU -YVU[LYHZ 4PNYHU[Z YLM\NLLZ HUK HZ`S\T ZLLRLYZ! =\SULYHISL
WLVWSLH[,\YVWL»ZKVVYZ[LW Q4VZI`»Z4LKPJHS+PJ[PVUHY`[OLKP[PVU Q5VYYLKHT44`NPUK(2YHZUPR(¸(JJLZZ[VOLHS[OJHYLMVYHZ`S\TZLL
RLYZPU[OL,\YVWLHU<UPVU¶HJVTWHYH[P]LZ[\K`VMJV\U[Y`WVSPJPLZ¹PU,\YV
WLHU1V\YUHSVM7\ISPJ/LHS[O]VSU
Q70*<4(JJLZZ[VOLHS[OJHYLMVY\UKVJ\TLU[LKTPNYHU[ZPU,\YVWL
Q70*<4 )VVR VM :VSPKHYP[` ]VS 7YV]PKPUN HZZPZ[HUJL [V \UKVJ\TLU[LK TP
NYHU[ZPU)LSNP\T.LYTHU`HUK;OL5L[OLYSHUKZ
Q70*<4 )VVR VM :VSPKHYP[` ]VS 7YV]PKPUN HZZPZ[HUJL [V \UKVJ\TLU[LK TP
NYHU[ZPU-YHUJL:WHPUHUK0[HS`
Q70*<4 )VVR VM :VSPKHYP[` ]VS 7YV]PKPUN HZZPZ[HUJL [V \UKVJ\TLU[LK TP
NYHU[ZPU:^LKLU+LUTHYRHUK(\Z[YPH
Q70*<4 /LHS[O JHYL MVY \UKVJ\TLU[LK TPNYHU[Z ¶ .LYTHU` )LSNP\T [OL
5L[OLYSHUKZHUK<UP[LK2PUNKVT
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
Q70*<4<UKVJ\TLU[LK4PNYHU[Z/H]L9PNO[Z(U6]LY]PL^VM[OL0U[LYUH[PVUHS
/\THU9PNO[Z-YHTL^VYR
Q70*<4 <UKVJ\TLU[LK HUK ZLYPV\ZS` PSS! 9LZPKLUJL 7LYTP[Z MVY 4LKPJHS 9LH
ZVUZPU,\YVWL Q70*<4 <UKVJ\TLU[LK JOPSKYLU PU ,\YVWL! 0U]PZPISL =PJ[PTZ VM 0TTPNYH[PVU
9LZ[YPJ[PVUZ
Q9VTLYV6Y[\|V 9 ¸(JJLZZ [V OLHS[O JHYL MVY PSSLNHS PTTPNYHU[Z PU [OL ,<!
ZOV\SK^LILJVUJLYULK&¹LU,\YVWLHU1V\YUHSVM/LHS[O3H^
Q:JV[[7¸<UKVJ\TLU[LK4PNYHU[ZPU.LYTHU`HUK)YP[HPU!;OL/\THU¸9PNO[Z¹
HUK¸>YVUNZ¹YLNHYKPUN(JJLZZ[V/LHS[O*HYL¹PU,SLJ[YVUPJ1V\YUHSVM:VJPV
SVN`
Q:LUHKV-YHUJtZ3»HJJuZKLZt[YHUNLYZLUZP[\H[PVUPYYtN\SPuYLH\Z`Z[uTLKL
ZHU[t3LZKVJ\TLU[ZKL[YH]HPSK\:tUH[-YHUsHPZ:tYPL3tNPZSH[PVUJVTWHYtL
U¢3*
Q:[HUJPVSL(,/\ILY4¸(JJLZZ[VOLHS[OJHYLMVYTPNYHU[ZL[OUPJTPUVYP[PLZ
HUKHZ`S\TZLLRLYZPU,\YVWL¹,\YVWLHU*LU[YLMVYZVJPHS^LSMHYLWVSPJ`HUK
YLZLHYJO7VSPJ`IYPLM4H` Q;VYYLZ(4HUK:HUa)¸/LHS[O*HYL7YV]PZPVUMVY0SSLNHS0TTPNYHU[Z!:OV\SK
7\ISPJ /LHS[O )L *VUJLYULK&¹ PU 1V\YUHS VM ,WPKLTPVSVN` HUK *VTT\UP[`
/LHS[O5V
Q(*5<9 (Z`S\T SL]LSZ HUK [YLUKZ PU PUK\Z[YPHSPZLK JV\U[YPLZ :[H[PZ[PJHS
V]LY]PL^ VM HZ`S\T HWWSPJH[PVUZ SVKNLK PU ,\YVWL HUK ZLSLJ[ 5VU,\YVWLHU
JV\U[YPLZ4HYaVKL 7697(Ð:,:
)i3.0*(
Q(YYv[tYV`HSKt[LYTPUHU[S»HPKLL[SLZZVPUZTtKPJH\_THUPMLZ[LTLU[UVUUtJLZ
ZHPYLZX\PULZVU[WHZHZZ\YtZH\ItUtÄJPHPYLKLS»HJJ\LPSL[S»HPKLL[SLZZVPUZ
TtKPJH\_YLSL]HU[KLSH]PLX\V[PKPLUULX\PZVU[HZZ\YtZH\ItUtÄJPHPYLKLS»HJ
J\LPSKLKLTH`VKLZVIYLSHH[LUJP}UZHUP[HYPHKLZVSPJP[HU[LZKLHZPSV
KLJYL[VX\LKLZHYYVSSHLSHY[KLSHSL`YLSH[P]HHSHHJVNPKHKLSHZWLYZVUHZ
ZVSPJP[HU[LZKLHZPSV
Q(YYv[tYV`HSÄ_HU[KLZTVKHSP[tZK»L_tJ\[PVUKLSHSVPK\ZLW[LTIYLTV
KPÄHU[SHSVPK\KtJLTIYL Z\YS»HJJuZH\[LYYP[VPYLSLZtQV\YS»t[HISPZZL
TLU[L[S»tSVPNULTLU[KLZt[YHUNLYZKLKLTH`VKLZVIYLL_[YHUQLYxH
Q(YYv[tYV`HSÄ_HU[SLYtNPTLLSSLZTLZ\YLZKLMVUJ[PVUULTLU[HWWSPJHISLZH\_
SPL\_ZP[\tZZ\YSL[LYYP[VPYLILSNLNtYtZWHYS»6MÄJLKLZt[YHUNLYZV\Ut[YHU
NLY LZ[ Kt[LU\ TPZ n SH KPZWVZP[PVU K\ NV\]LYULTLU[ V\ THPU[LU\ LU HWWSP
JH[PVU KLZ KPZWVZP[PVUZ JP[tLZ n S»HY[PJSL LY KL SH SVP K\ KtJLTIYL
Z\Y S»HJJuZ H\ [LYYP[VPYL SL ZtQV\Y S»t[HISPZZLTLU[ L[ S»tSVPNULTLU[ KLZ
t[YHUNLYZUV[HTTLU[S»HY[PJSLKLKLHNVZ[VKLZVIYLSVZJLU[YVZ
KLYL[LUJP}U
Q(YYv[tYV`HSTVKPÄHU[S»HYYv[tYV`HSK\Q\PSSL[ WVY[HU[L_tJ\[PVUKLSHSVP
YLSH[P]LnS»HZZ\YHUJLVISPNH[VPYLZVPUZKLZHU[tL[PUKLTUP[tZJVVYKVUUtLSL
Q\PSSL[ KLKLHNVZ[VKLZVIYLLSZLN\YVVISPNH[VYPV
Q(YYv[t 9V`HS YLSH[PM n S»HPKL TtKPJHSL \YNLU[L VM +LJLTILY ([LUJP}U4tKPJH<YNLU[L
ZVIYL SH
Q(YYv[t YV`HS YLSH[PM n HPKL TtKPJHSL \YNLU[L VJ[YV`tL WHY SLZ JLU[YLZ W\ISPJZ
K»HPKLZVJPHSLH\_t[YHUNLYZX\PZtQV\YULU[PSStNHSLTLU[KHUZSL9V`H\TLKL
KLKPJPLTIYLKL ZVIYLH[LUJP}UTtKPJH\YNLU[LHWLYZVUHZZPUWLYTPZV
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
KLYLZPKLUJPH
Q*PYJ\SHPYLKL-LKHZPSKLKLTH`VKL
Q*PYJ\SHPYL6(U¢ KL KLTH`VKL
Q*PYJ\SHPYL6,*;3KLS»6MÄJLKLZt[YHUNLYZH\_*7(:KLKLLULYVKL
Q3VPK\KtJLTIYL Z\YS»HJJuZH\[LYYP[VPYLSLZtQV\YS»t[HISPZZLTLU[L[
S»tSVPNULTLU[ KLZ t[YHUNLYZ 9HWWVY[ MHP[ H\ UVT KL SH *VTTPZZPVU KL S»0U[t
YPL\Y KLZ HMMHPYLZ NtUtYHSLZ L[ KL SH MVUJ[PVU W\ISPX\L KL KL Q\SPV KL KVJ KL SH *OHTIYL KLZ 9LWYtZLU[HU[Z KL )LSNPX\L ZVIYL L_
[YHUQLYxH
Q3VPVYNHUPX\LKLZ*LU[YLZ7\ISPJZK»(J[PVU:VJPHSLKLKLQ\SPVKL ZVIYL
SVZJLU[YVZWISPJVZKLHJJP}UZVJPHS
Q3VP WVY[HU[ KPZWVZP[PVUZ KP]LYZLZ LU TH[PuYL KL ZHU[t KL KL KPJPLTIYL KL
YLSH[P]HHSHZHUPKHK
Q3VPWYVNYHTTL0YLSH[PMnSH[\[LSSLKLZTPUL\YZt[YHUNLYZUVUHJJVTWHNUtZ
KLKLKPJPLTIYLKLYLSH[P]HHSVZTLUVYLZUVHJVTWH|HKVZ
Q3VPYLSH[P]LnS»HPKLTtKPJHSL\YNLU[LKLKLQ\SPVKL ZVIYLSH([LUJP}U
4tKPJH<YNLU[L
Q3VPWVY[HU[KLZKPZWVZP[PVUZZVJPHSLZL[KP]LYZLZKLKLKPJPLTIYLKL
YLSH[P]HHHZ\U[VZZVJPHSLZ
Q3VPZ\YS»HJJuZH\[LYYP[VPYLSLZtQV\YS»t[HISPZZLTLU[L[S»tSVPNULTLU[KLZt[YHU
NLYZKLKLKPJPLTIYLKL ZVIYLL_[YHUQLYxH
Q3VP Z\Y S»HJJ\LPS KLZ KLTHUKL\YZ K»HZPSL L[ KL JLY[HPULZ H\[YLZ JH[tNVYPLZ
K»t[YHUNLYZKLKLLULYVKLZVIYLZVSPJP[HU[LZKLHZPSV`V[YHZJH[L
NVYxHZKLL_[YHUQLYVZ
Q6IZLY]H[VY` VU /LHS[O :`Z[LTZ HUK 7VSPJPLZ /LHS[O :`Z[LTZ PU ;YHUZP[PVU ¶
)LSNP\T
-9(5*0(
Q(YYv[tWYtJPZHU[SLZJVUKP[PVUZK»HWWSPJH[PVUKLZHY[PJSLZL[K\+tJYL[U¢
K\ THYZYLSH[PMH\_JLU[YLZL[SVJH\_KLYt[LU[PVUHKTPUPZ[YH
[P]LKLKLHIYPSKLZVIYLSVZJLU[YVZKLYL[LUJP}U
Q(YYv[tWYtJPZHU[SLZJVUKP[PVUZK»HWWSPJH[PVUKLZHY[PJSLZ L[K\KtJYL[
U¢K\Q\PSSL[WYPZWV\YS»HWWSPJH[PVUKLS»VYKVUUHUJLU¢
K\H]YPSYLSH[P]LH\_JVUKP[PVUZK»LU[YtLL[KLZtQV\YKLZt[YHUNLYZ
n4H`V[[LKL KLLULYVKLZVIYLL_[YHUQLYxH
Q(YYv[tYLSH[PMH\_JVUKP[PVUZK»t[HISPZZLTLU[KLZH]PZTtKPJH\_KLKLQ\SPV
KL
Q*PYJ\SHPYLK»HWWSPJH[PVUKLSHSVPU¢ K\THP YLSH[P]LnS»LU[YtLL[
H\ZtQV\YKLZt[YHUNLYZLU-YHUJLL[H\KYVP[K»HZPSL56905;+ *
KLKLTH`VKL ZVIYLL_[YHUQLYxH`HZPSV
Q*PYJ\SHPYL+.(:+::+/6:YLSH[P]LnS»HPKLTtKPJHSLKLS»,[H[KL
KLZLW[PLTIYLKLYLSH[P]HHSH([LUJP}U4tKPJHKL,Z[HKV(4<
Q*PYJ\SHPYL+/6:+::+.(:U¢K\THYZYLSH[P]LnSHWYPZLLUJOHYNL
KLZZVPUZ\YNLU[ZKtSP]YtZnKLZt[YHUNLYZYtZPKHU[LU-YHUJLKLTHUPuYLPYYt
N\SPuYL L[ UVU ItUtÄJPHPYLZ KL S»(PKL TtKPJHSL KL S»,[H[ YLSH[P]H H SH H[LUJP}U
KL\YNLUJPHZKLSHZWLYZVUHZZPUWLYTPZVKLYLZPKLUJPHX\LUV[PLULUKLYLJOV
HYLJPIPYSH(4,
Q*PYJ\SHPYLU¢5691<:+*KLS4PUPZ[LYPVKLS0U[LYPVY`KLS4PUPZ[LYPVKL
1\Z[PJPHKLMLIYLYVKL
Q*VKLKLS»LU[YtLK\ZtQV\YKLZt[YHUNLYZL[K\KYVP[KLHZPSL*LZLKHKLKL
MLIYLYVKLL_[YHUQLYxH`HZPSV
Q*VKLKLSH:tJ\YP[t:VJPHSL*}KPNVKLSH:LN\YPKHK:VJPHS
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
Q*VTuKL .\PKL WYH[PX\L 7YPZL LU JOHYNL TLKPJVWZ`JOVZVJPHSL KLZ
TPNYHU[Zt[YHUNLYZLUZP[\H[PVUWYtJHPYL
Q+tJYL[ U YLSH[PM n SH Yt[LU[PVU HKTPUPZ[YH[P]L L[ H\_ aVULZ K»H[[LU[L
WYPZLUHWWSPJH[PVUKLZHY[PJSLZ3 33L[3K\JVKL
KLS»LU[YtLL[K\ZtQV\YKLZt[YHUNLYZL[K\KYVP[K»HZPSLKLKLTH`VKL
ZVIYLSVZJLU[YVZKLYL[LUJP}U
Q+tJYL[ U¢ YLSH[P]L H\_ TVKHSP[tZ K»HKTPZZPVU KLZ KLTHUKLZ K»HPKL
TtKPJHSLKLS»,[H[KLKLQ\SPVKLZVIYLSH([LUJP}U4tKPJHKL,Z[HKV
Q3VPU¢ YLSH[P]LnSHTHz[YPZLKLS»PTTPNYH[PVUL[H\_JVUKP[PVUZK»LU[YtL
L[KLZtQV\YKLZt[YHUNLYZLU-YHUJLKLKLQ\SPVKL
YLSH[P]HHSHJVILY
[\YHTtKPJH\UP]LYZHS*4<
Q3VPU¢ WVY[HU[SHJYtH[PVUK»\ULJV\]LY[\YLTHSHKPL\UP]LYZLSSLVM1\S`
VU*4<
Q3VPKLÄUHUJLZYLJ[PÄJH[P]LWV\YKLKLKPJPLTIYLKLSL`KLTV
KPÄJHJP}UKLSWYLZ\W\LZ[V
Q4tKLJPUZK\4VUKL9HWWVY[KLS»6IZLY]H[VPYLKLS»HJJuZH\_ZVPUZKLSH
TPZZPVU-YHUJLKL4tKLJPUZK\4VUKLVJ[\IYLKL
Q6IZLY]H[VPYL K\ KYVP[ n SH ZHU[t KLZ t[YHUNLYZ 3H YtN\SHYPZH[PVU WV\Y YHPZVUZ
TtKPJHSLZLU-YHUJL<UIPSHUKLZHU[tHSHYTHU[TH`VKL
(3,4(50(
Q(Z`SIL^LYILYSLPZ[\UNZNLZL[a (Z`SI3. KL KL HNVZ[V KL WYLZ[HJPVULZHZVSPJP[HU[LZKLHZPSV
Q(Z`S]LYMHOYLUZNLZL[a(Z`S=M.KLKLQ\SPVKL
ZVSPJP[\KKLHZPSV
YLSH[P]H H SHZ
YLSH[P]HHSVZ[YmTP[LZKL
Q(\MLU[OHS[ZNLZL[a.LZL[a
ILYKLU(\MLU[OHS[KPL,Y^LYIZ[p[PNRLP[\UKKPL0U
[LNYH[PVU]VU(\ZSpUKLYUPT)\UKLZNLIPL[KLKLQ\SPVKLSL`KLYLZP
KLUJPH
Q)H`LYPZJOLZ:[YHMM]VSSa\NZNLZL[a KLKLUV]PLTIYLKLZVIYL
SVZJLU[YVZKLYL[LUJP}U
Q)\UKLZZVaPHSOPSML.LZL[aKLKLQ\UPVKL ZVIYLSVZJLU[YVZKLHJJP}U
ZVJPHS
Q6IZLY]H[VYPV,\YVWLVKL:PZ[LTHZ`7VSx[PJHZ:HUP[HYPHZ/LHS[O*HYL:`Z[LTZ
PU;YHUZP[PVU¶.LYTHU`
Q0UZ[P[\[V(SLTmUKL+LYLJOVZ/\THUVZ<UKVJ\TLU[LK4PNYHU[ZPU.LYTHU`
¶;OLPYYPNO[[V/LHS[O!YLWVY[VM[OL5H[PVUHS>VYRPUN.YV\WVU/LHS[OHUK0SSL
NHSP[`)LYSxU
Q.LZL[a
ILYKLU(IZJOPLI\UNZNL^HOYZHTPT3HUK)LYSPUKL KLMLIYLYVKL
ZVIYLSHL_W\SZP}U
Q.LZL[a a\Y =LYO
[\UN \UK )LRpTWM\UN ]VU 0UMLR[PVUZRYHUROLP[LU ILPT 4LUZ
JOLUKLKLQ\SPVKLZVIYLLUMLYTLKHKLZPUMLJJPVZHZ
Q:[YHMNLZL[aI\JO:[.)KLKLUV]PLTIYLKL
0;(30(
Q*PYJVSHYLUKLS4PUPZ[LYVKLSSH:HUP[nKLKLTHYaVKL
Q+LJYL[VKLS7YLZPKLU[LKLSSH9LW\ISPJHU 9LNVSHTLU[VYLJHU[LUVYTLKP
H[[\HaPVULKLS[LZ[V\UPJVKLSSLKPZWVZPaPVUPJVUJLYULU[PSHKPZJPWSPUHKLSS»PTTP
NYHaPVULLUVYTLZ\SSHJVUKPaPVULKLSSVZ[YHUPLYVHUVYTHKLSS»HY[PJVSVJVTTH
KLS +LJYL[V 3LNPZSH[P]V U KL S\NSPV KL KL HNVZ[V KL KLJYL[VKLKLZHYYVSSVKLS;LZ[V<UPJVYLSH[P]VHSHPUTPNYHJP}U
Q+LJYL[VKLSS4PUPZ[LYVKLSS»,JVUVTPHLKLSSH-PUHUJLKLKLTHYaVKL
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
Q+LJYL[VSLNPZSH[P]VU([[\HaPVULKLSSHKPYL[[P]H*,YLJHU[LUVYTL
TPUPTLWLYSLWYVJLK\YLHWWSPJH[LULNSP:[H[PTLTIYPHPÄUPKLSYPJVUVZJPTLU[V
LKLSSHYL]VJHKLSSVZ[H[\ZKPYPM\NPH[VKLKLLULYVKLZVIYLLSLZ[H[\Z
KLYLM\NPHKV
Q+LJYL[V3LNPZSH[P]VU([[\HaPVULKLSSHKPYL[[P]H*,YLJHU[LUVYTL
TPUPTL Z\SS»H[[YPI\aPVUL H JP[[HKPUP KP 7HLZP [LYaP V HWVSPKP KLSSH X\HSPÄJH KLS
YPM\NPH[VVKPWLYZVUHHS[YPTLU[PIPZVNUVZHKPWYV[LaPVULPU[LYUHaPVUHSLUVUJOu
UVYTLTPUPTLZ\SJVU[LU\[VKLSSHWYV[LaPVULYPJVUVZJP\[HKL KLUV]PLTIYL
KLZVIYLSHZJVUKPJPVULZKLHJVNPKHKLYLM\NPHKVZ
Q+LJYL[V3LNPZSH[P]VU;LZ[V<UPJVKLSSLKPZWVZPaPVUPJVUJLYULU[PSHKPZJP
WSPUHKLSS»PTTPNYHaPVULLUVYTLZ\SSHJVUKPaPVULKLSSVZ[YHUPLYV.HaaL[[H<MÄ
JPHSLU KLS HNVZ[V ¶:\WWSLTLU[V6YKPUHYPVU KLKLQ\SPV
KL ;LZ[V<UPJVYLSH[P]VHSHPUTPNYHJP}U
Q+PZLNUVKP3LNNL+PZWVZPaPVUPPUTH[LYPHKPZPJ\YLaaHW\IISPJHKLML
IYLYVKL ZVIYLSHZLN\YPKHKWISPJH
Q.HaaL[[H<MÄJPHSLU :\WWSLTLU[V6YKPUHYPVUKLKLUV]PLTIYLKL
Q3LNNL U *VU]LYZPVUL PU SLNNL JVU TVKPÄJHaPVUP KLS KLJYL[VSLNNL MLIIYHPV UYLJHU[LTPZ\YL\YNLU[PPUTH[LYPHKPZPJ\YLaaHW\IISPJHL
KPJVU[YHZ[VHSSH]PVSLUaHZLZZ\HSLUVUJOuPU[LTHKPH[[PWLYZLJ\[VYP.HaL[[H
<MÄJPHSLU KLSHWYPSL KLKLHIYPSKL YLSH[P]HHSHZLN\YPKHK
WISPJH
Q3LNNLU0Z[P[\aPVULKLSZLY]PaPVZHUP[HYPVUHaPVUHSLKLKLKPJPLTIYLKL
YLSH[P]HHS:PZ[LTH5HJPVUHSKL:HS\K
Q4PUPZ[LYVKLSSH:HS\[L3PIYVIPHUJVZ\PWYPUJPWPMVUKHTLU[HSPKLSZLY]PaPVZHUP
[HYPVUHaPVUHSL
4(3;(
Q0TTPNYH[PVU(J[VM:LW[LTILY SL`KLPUTPNYHJP}U
Q4tKPJVZKLS4\UKV,]LY`IVK`Q\Z[[YPLZ[VNL[YPKVM\Z(JJLZZ[VOLHS[OJHYL
HUK/\THUYPNO[ZVMHZ`S\TZLLRLYZPU4HS[H,_WLYPLUJLZYLZ\S[ZHUKYLJVT
TLUKH[PVUZ
Q4tKPJVZ:PU-YVU[LYHZ5V[*YPTPUHSZ4tKLJPUZZHUZ-YVU[PuYLZL_WVZLZJVUKP
[PVUZ MVY \UKVJ\TLU[LK TPNYHU[Z HUK HZ`S\T ZLLRLYZ PU 4HS[LZL KL[LU[PVU
JLU[YLZHIYPSKL Q4PUPZ[LYPVKL1\Z[PJPHL0U[LYPVY`4PUPZ[LYPVKL-HTPSPH`:VSPKHYPKHK:VJPHS0YYL
N\SHY0TTPNYHU[Z9LM\NLLZHUK0U[LNYH[PVUKVJ\TLU[VWVSx[PJV
Q9LM\NLLZ(J[KLKLVJ[\IYLKLZVIYLYLM\NPHKVZ
Q:VJPHS:LJ\YP[`(J[KL ZVIYLSHZLN\YPKHKZVJPHS
Q:\IZPKPHY` 3LNPZSH[PVU 9LJLW[PVU VM (Z`S\T :LLRLYZ 4PUPT\T :[HU
KHYKZ 9LN\SH[PVUZ KL KL UV]PLTIYL KL ZVIYL SH HJVNPKH KL ZVSPJP
[HU[LZKLHZPSV
7(Ð:,:)(16:
Q+VJ[VYHUK(SPLUPUMVYTLKLSH¸*VTPZP}UZVIYLSHH[LUJP}UZHUP[HYPHWHYHWLY
ZVUHZHSHZX\LZLOHYLJOHaHKVSHZVSPJP[\KKLHZPSV`WLYZVUHZL_[YHUQLYHZPSL
NHSLZ¹KPJPLTIYLKL254.3/=5=]76YKL]HU4LKPZJO:WLJPHSPZ[LU
7OHYVZ
Q2VWWLSPUNZ^L[KL
ZVIYLZVSPJP[HU[LZKLHZPSV
Q9LNLSPUN]LYZ[YLRRPUNLUHZPLSaVLRLYZ9=(
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
Q=YLLTKLSPUNLU^L[KLKLUV]PLTIYLKLZVIYLL_[YHUQLYxH
Q=YLLTKLSPUNLUJPYJ\SHPYLKLZVIYLL_[YHUQLYxH
Q=YLLTKLSPUNLUILZS\P[KLZVIYLL_[YHUQLYxH
QAVYN]LYaLRLYPUNZ^L[ KL KL Q\UPV KL ZVIYL LS ZLN\YV ZHUP[HYPV
769;<.(3
Q(*0+00TPNYHsqVLT7VY[\NHS0UMVYTHsHV[PS
Q(J[KLKLQ\SPVKL
Q*PYJ\SHY0UMVYTH[P]HU¢+8:+4+KLKLTH`VKL Q*PYJ\SHY0UMVYTH[P]HU¢+:7*:VM5V]LTILY
Q+LJYL[V3LPU¢KLKLTHYaVKL
Q+LJYL[V3LP 9LNPTL KL JVTWHY[PJPWHsqV KV LZ[HKV UV WYLsV KVZ
TLKPJHTLU[VZKLKLQ\UPVKL TVKPÄJHKVWVYLS+LJYL[V3LP KLKLHNVZ[VKLZVIYLSH[HZHTVKLYHKVYHKLSVZTLKPJHTLU[VZ
Q+LJYL[V3LPU¢
KLKLHIYPSKL
Q+LJYL[V3LPU¢KLKLHNVZ[VKL
Q+LJYL[V9LN\SHTLU[HYU¢KLKLUV]PLTIYLKL
Q+LZWHJOVKV4PUPZ[tYPVKH:HKLU¢KLKLUV]PLTIYLKL
Q,\YVWLHU6IZLY]H[VY`VU/LHS[O:`Z[LTZHUK7VSPJPLZ/LHS[O:`Z[LTZPU;YHU
ZP[PVU¶7VY[\NHS
Q3LP U¢ LZ[HILSLJL \T UV]V YLNPTL Q\YxKPJVSLNHS LT TH[tYPH KL HZPSV L
KLYLM\NPHKVZVU[OLUL^SLNHSMYHTL^VYRVMHZ`S\TKLKLTHYaVKL ZVIYLLSU\L]VTHYJVSLNHSLUTH[LYPHKLHZPSV
Q7VY[HYPHU¢KVZ4PUPZ[tYPVZKH(KTPUPZ[YHsqV0U[LYUHLKH:HKLKL
KLLULYVKL
Q7VY[HYPHU¢KVZ4PUPZ[tYPVZKH(KTPUPZ[YHsqV0U[LYUHLKH:HKLVM
:LW[LTILY
Q7VY[HYPHU¢KLKLKPJPLTIYLKL
Q7VY[HYPHKLKLKPJPLTIYLKL`Z\WVZ[LYPVYLUTPLUKH7VY
[HYPH KLKLHIYPSKL
Q7VY[HYPHU¢
KL KLHNVZ[VKL
,:7(j(
Q3L` 9LN\SHKVYHKLSHZ)HZLZKLS9tNPTLU3VJHSKLKLHIYPSKL `Z\ZZ\JLZP]HZLUTPLUKHZ
Q3L`.LULYHSKL:HUPKHK KLKLHIYPSKL Q3L`6YNmUPJHZVIYLKLYLJOVZ`SPILY[HKLZKLSVZL_[YHUQLYVZLU,ZWH|H
`Z\PU[LNYHJP}UZVJPHSKLKLLULYVKL`Z\ZZ\JLZP]HZLUTPLUKHZ
Q3L`KLYLMVYTHKLSH3L`6YNmUPJHKLKLLULYVZVIYLKLYL
JOVZ`SPILY[HKLZKLSVZL_[YHUQLYVZLU,ZWH|H`Z\PU[LNYHJP}UZVJPHSKLKL
KPJPLTIYLKL
Q3L` YLN\SHKVYHKLSKLYLJOVKLHZPSV`KLSHJVUKPJP}UKLYLM\NPHKVKL
KLTHYaVKL `Z\ZZ\JLZP]HZLUTPLUKHZ
Q6YKLU 4PUPZ[LYPHS ZVIYL M\UJPVUHTPLU[V ` YtNPTLU PU[LYPVY KL SVZ JLU[YVZ KL
PU[LYUHTPLU[VKLL_[YHUQLYVZKLKLMLIYLYVKL Q9LHS+LJYL[V WVYLSX\LZLHWY\LIHLS9LNSHTLU[VKL(WSPJHJP}UKLSH
3L` KLKLTHYaVYLN\SHKVYHKLS+LYLJOVKL(ZPSV`KLSH*VUKPJP}U
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
KL9LM\NPHKVTVKPÄJHKHWVYSH3L` KL KL KLTH`VKLKLMLIYLYV
Q9LHS+LJYL[V WVYLSX\LZLL_[PLUKLSHJVILY[\YHKLSHHZPZ[LUJPHZH
UP[HYPHKLSH:LN\YPKHK:VJPHSHSHZWLYZVUHZZPUYLJ\YZVZZ\ÄJPLU[LZKLKL
ZLW[PLTIYLKL Q9LHS+LJYL[V WVYLSX\LZLHWY\LIHLS9LNSHTLU[VKLSH3L`6YNm
UPJHKLKLLULYVZVIYLKLYLJOVZ`SPILY[HKLZKLSVZL_[YHUQLYVZLU
,ZWH|H`Z\PU[LNYHJP}UZVJPHSKLKLKPJPLTIYLKL
Q9LZVS\JP}UJVUQ\U[HKLSH7YLZPKLU[HKLS0UZ[P[\[V5HJPVUHSKL,Z[HKxZ[PJH`KLS
+PYLJ[VYNLULYHSKL*VVWLYHJP}U;LYYP[VYPHSWVYSHX\LZLKPJ[HUPUZ[Y\JJPVULZ
[tJUPJHZ H SVZ (`\U[HTPLU[VZ ZVIYL HJ[\HSPaHJP}U KLS 7HKY}U T\UPJPWHS KL KLQ\SPVKL :<,*0(
Q3L`KL,_[YHUQLYxH!KL KLZLW[PLTIYLKL
Q3HN!VTOpSZVVJOZQ\R]rYKr[HZ`SZRHUKLTÅKLKLTH`VKL
ZVIYLZVSPJP[HU[LZKLHZPSV`V[YHZJH[LNVYxHZKLL_[YHUQLYVZ
Q4tKPJVZ:PU-YVU[LYHZ,_WLYPLUJLZVM.TKHPU:^LKLU,_JS\ZPVUMYVTOLHS[O
JHYLMVYPTTPNYHU[ZSP]PUN^P[OV\[SLNHSZ[H[\Z
Q7YVWVZPJP}U!3HNVTOpSZVVJOZQ\R]rYKr[HZ`SZRHUKLTÅKL
KLTHYaVKLZVIYLZVSPJP[HU[LZKLHZPSV`V[YHZJH[LNVYxHZKLL_[YHUQLYVZ
Q0UMVYTLKLS9LSH[VY,ZWLJPHSKLSHZ5HJPVULZ<UPKHZ7H\S/\U[ZVIYLLSKL
YLJOV KL [VKH WLYZVUH HS KPZMY\[L KLS TmZ HS[V UP]LS WVZPISL KL ZHS\K MxZPJH `
TLU[HS(WtUKPJL!4PZZPVU[V:^LKLU(/9*(KKKLKLMLIYLYVKL
Q:TP[[Z`KKZSHNLUZVIYLLSJVU[YVSKLLUMLYTLKHKLZ!
9,056<50+6
Q(Z`S\T7VSPJ`<UP[(7<5V[PJLZZVIYLSHZWVSx[PJHZKLHZPSV
Q.\PKHUJL[V[OL5/:;Y\Z[/VZWP[HSZPU,UNSHUKNP]LUI`[OL:LJYL[HY`VM:[H[L
MVY /LHS[O VU 0TWSLTLU[PUN [OL 6]LYZLHZ =PZP[VYZ /VZWP[HS *OHYNPUN 9LN\SH
[PVUZKLKLHIYPSKLHJ[\HSPaHKHLUZVIYLLSJVIYVKLSVZNHZ[VZ
OVZWP[HSHYPVZHWHJPLU[LZWYVJLKLU[LZKLSL_[YHUQLYV
Q0TTPNYH[PVU(J[VM 3L`KL0UTPNYHJP}U
Q0TTPNYH[PVU+PYLJ[VYH[LZ»0UZ[Y\J[PVUZ¸*OHW[LY:LJ[PVU3LH]L6\[ZPKL[OL
9\SLZ36;9¹KLHIYPSKLZVIYLPUTPNYHJP}U
Q4LKPJHS 1\Z[PJL )L`VUK *VTWYLOLUZPVU HUK +LJLUJ`! ( 9LWVY[ VU 4LKPJHS
(I\ZL PU 0TTPNYH[PVU +L[LU[PVU KL Q\SPV KL PUMVYTL ZVIYL SVZ HI\ZVZ
TtKPJVZLUSVZJLU[YVZKLYL[LUJP}U
Q9(¶]¶:LJYL[HY`VM:[H[LMVY/LHS[OKLMLUKHU[HUK>LZ[4PKKSLZL_<UP]LY
ZP[`/VZWP[HS5/:;Y\Z[PU[LYLZ[LKWHY[`
Q9LN\SH[PVUZ
`
Q9LN\SH[PVUVM[OL5H[PVUHS/LHS[O:LY]PJL
Q:[H[\[VY`0UZ[Y\TLU[5V
(**,:6(3(:(50+(++,0540.9(5;,::057,940:6+,9,:0+,5*0(@:630*0;(5;,:+,(:036
(.9(+,*040,5;6:
,UWYPTLYS\NHYUVZN\Z[HYxHKHYSHZNYHJPHZHSHH\[VYHKLLZ[LPUMVYTL:HYH
*VSSHU[LZ4H[LVZWVYZ\[LUHJPKHK`Z\KLKPJHJP}UK\YHU[LSHLSHIVYHJP}U
KLSLZ[\KPV
,SHWV`VKLSLX\PWVKLSHYLK/<4(`Z\JVTWYVTPZVOHUZPKVPUKPZWLU
ZHISLZWHYHSHLSHIVYHJP}UKLLZ[L[YHIHQVHZxJVTVSHH`\KHKLU\LZ[YHZ
JVTWH|LYHZ`U\LZ[YVZJVTWH|LYVZKLS6IZLY]H[VYPV,\YVWLVKL(JJLZVH
SH:HUPKHKKL4tKPJVZKLS4\UKV4LYLJLU\UHTLUJP}ULZWLJPHS)LUVz[
)SVUKLS(\YtSPL+\WVU[5HKuNL+YV\V[*HYVSPUL0U[YHUK1\SPL[[L7VPYZVU
5H[OHSPL:PTVUUV[-tSP_>HUNH`-HIYPJL.PYH\_
,S[YHIHQVKLZHYYVSSHKVLULZ[LPUMVYTLUVOHIYxHZPKVWVZPISLZPUSHPULZ[P
THISLL_WLYPLUJPH`KLKPJHJP}UKLSVZTPLTIYVZKLSHYLK/<4(`KLV[YVZ
LZWLJPHSPZ[HZKLSVZWHxZLZX\LZVUVIQL[VKLLZ[LPUMVYTL,Z[HZWLYZVUHZ
OHUJVU[YPI\PKVHHSPTLU[HYLSPUMVYTLSLNHS`UVZOHUWYLZLU[HKV\UH]PZP}U
NLULYHSKLSHZP[\HJP}ULUSHWYmJ[PJHLUZ\ZYLZWLJ[P]VZWHxZLZ
4mZJVUJYL[HTLU[LKHTVZSHZNYHJPHZH,]H(N\PSLYH1VZt4HYxH([PLUaH
7PLYYL*HYYVa4HYPVU*OLUL]HZ9HT}U,Z[LZV=LLYSL,]LULWVLS+LSWOPUL
-HUNL[*HYSH-LYUHUKLZ3PUH.HTISL:VSuUL.\LYPUV[,TTH.PUU2YPZ[P
UH1HYUHSK1VwSSHKL1VUN4HYNYLL[2YVLZLU*HYVSPUL3HYWPU5PRSHZ3\O
THUU9VSHUKV4HNUHUV(YSL[L4VYLPYH@VSHUKH7VSV-PaaH8\YLZOP(U[QL
:HUVNV4`Y[OL]HU4PKKL-YHUR=HUIPLY]SPL[7H\SPUL=LYVU9VZHTHYPH
=P[HSL*LSPUL>HYUPLYKL>HPSS`:\ZHU>YPNO[HUK/LPUa1VJOLUALURLY
7VYS[PTVUVZN\Z[HYxHKHYSHZNYHJPHZH[VKHZHX\LSSHZWLYZVUHZX\L[HT
IPtUUVZOHUH`\KHKVKLKPZ[PU[HZMVYTHZ`LUWHY[PJ\SHYH,SLUH4HY[xULa
:\mYLa`)SHUJH:V[VZ=PKHSLUJHYNHKHZYLZWLJ[P]HTLU[LKLSH[YHK\JJP}U`
YL]PZP}UKLS[L_[VLULZWH|VSHZxJVTVH(SLQHUKYH.HYJxH7H[}UWVYSHJVVY
KPUHJP}UKLSHZ[YHK\JJPVULZ
,Z[LPUMVYTLWYL[LUKLWYVWVYJPVUHY\UH]PZP}U
NLULYHSHJ[\HSPaHKHKLSVZKPZ[PU[VZZPZ[LTHZ
X\LYLN\SHULSHJJLZVHSHZHUPKHK[HU[VKL
PUTPNYHU[LZ ZPU WLYTPZV KL YLZPKLUJPH JVTV
KLZVSPJP[HU[LZKLHZPSVLUKPLa,Z[HKVZKLSH
<,(SLTHUPH)tSNPJH,ZWH|H-YHUJPH0[HSPH
4HS[H7HxZLZ)HQVZ7VY[\NHS:\LJPH`9LPUV
<UPKV ` WVULY KL THUPÄLZ[V SHZ KPZJYPTPUH
JPVULZL_PZ[LU[LZLUTH[LYPHKLKLYLJOVZ
(ZPTPZTV LS PUMVYTL HIVYKH KL MVYTH TmZ
LZWLJxÄJH SVZ KLYLJOVZ KL HJJLZV H SH ZH
UPKHK KL SHZ WLYZVUHZ X\L ZL LUJ\LU[YHU
JVUÄUHKHZLUJLU[YVZKLYL[LUJP}UHZxJVTV
SH J\LZ[P}U KL SVZ WLYTPZVZ KL YLZPKLUJPH `
V[YVZTLJHUPZTVZLZ[HISLJPKVZWVYSHZSLNPZ
SHJPVULZUHJPVUHSLZWHYHWYV[LNLYKLSHL_W\S
ZP}UHSHZWLYZVUHZPUTPNYHU[LZLUZP[\HJP}U
PYYLN\SHY ` ZVSPJP[HU[LZ KL HZPSV NYH]LTLU[L
LUMLYTHZ X\L UV W\LKLU HJJLKLY KL MVYTH
LMLJ[P]H H SVZ [YH[HTPLU[VZ LU Z\Z WHxZLZ KL
VYPNLU
,USHYLK/<4(W\ISPJHYm\UH]LYZP}U
HJ[\HSPaHKHKLLZ[LPUMVYTLKVUKLZLL_WVU
KYmSHZP[\HJP}ULUJ\H[YVWHxZLZHKPJPVUHSLZ!
*OPWYL.YLJPH7VSVUPH`9\THUxH
3(9,+/<4(
,S VIQL[P]V NLULYHS KL SH YLK /<4( LZ WYVTV]LY LS HJJLZV H SH
ZHUPKHKKLSHZWLYZVUHZPUTPNYHU[LZZPUWLYTPZVKLYLZPKLUJPH`
ZVSPJP[HU[LZ KL HZPSV KLU[YV KL SH <UP}U ,\YVWLH LU SHZ TPZTHZ
JVUKPJPVULZX\LSHWVISHJP}UUHJPVUHSKLJHKHWHxZ
:L[YH[HKL\UHYLKKLPUJPKLUJPHWVSx[PJHX\L[YHIHQH[HU[VHLZ
JHSH UHJPVUHS JVTV L\YVWLH (J[\HSTLU[L LZ[m JVTW\LZ[H WVY
KVJL65.L\YVWLHZ`WVY\ULX\PWVKLJVVYKPUHJP}UJVUZLKLZ
LU7HYxZ)Y\ZLSHZ`4HKYPK
3HZVWPUPVULZTHUPMLZ[HKHZ
LULZ[HW\ISPJHJP}UZVU
YLZWVUZHIPSPKHKL_JS\
ZP]HKLSH\[VY`UVYLÅLQHU
ULJLZHYPHTLU[LSH]PZP}UKL
SH(NLUJPH,QLJ\[P]HKL:H
UPKHK`*VUZ\TV,(/*WVYZ\ZZPNSHZLUPUNStZ
5PSH,(/*UPUPUN\UHWLYZVUHX\L[YHIHQLWHYHSH
,(/*LZYLZWVUZHISLKLS\ZVX\LZLW\LKHOHJLY
KLLZ[LPUMVYTL
,Z[HW\ISPJHJP}UZ\YNLKL\UWYV`LJ[VKLSHYLK
/<4(JVÄUHUJPHKVWVYSH<UP}U,\YVWLHLULS
THYJVKLS7YVNYHTHKL:HS\K7ISPJH
3VZTPLTIYVZKLSHYLK/<4(YLHSPaHUHJ[P]PKHKLZYLSHJPVUHKHZ
JVUSHZHUPKHK`SHPUTPNYHJP}UJLU[YmUKVZLLUWHY[PJ\SHYLUSHZ
WLYZVUHZ PUTPNYHU[LZ X\L UV [PLULU YLN\SHYPaHKH Z\ ZP[\HJP}U `
LU SVZ ZVSPJP[HU[LZ KL HZPSV (ZPTPZTV SSL]HU H JHIV WYVNYHTHZ
` JHTWH|HZ KL YLP]PUKPJHJP}U [HU[V H LZJHSHUHJPVUHSJVTVL\
YVWLH`HWVY[HUKH[VZ`JVUVJPTPLU[VZ[tJUPJVZHSHYLK;VKHZ
SHZ KLSLNHJPVULZ L\YVWLHZ KL 4tKPJVZ KLS 4\UKV MVYTHU WHY[L
KL LZ[H YLK :\ [YHIHQV JVUZPZ[L LU SH TH`VYxH KL SVZ JHZVZ LU
WYLZ[HYH[LUJP}UKLWYPTLYUP]LS`YLHSPaHYHJ[P]PKHKLZKLZLUZPIPSP
aHJP}UTV]PSPaHJP}ULPUJPKLUJPHWVSx[PJH
4tKPJVZKLS4\UKV-YHUJPHKPYPNLLSJVUQ\U[VKLSWYV`LJ[VQ\U[V
JVU4tKPJVZKLS4\UKV,ZWH|H`4tKPJVZKLS4\UKV)tSNPJH
7HYH TmZ PUMVYTHJP}U ZVIYL U\LZ[YVZ WYV`LJ[VZ ` HJ[P]PKHKLZ
W\LKL JVUZ\S[HY SH WmNPUH ^LI KL SH YLK /<4(! ^^^O\TH
UL[^VYRVYN
*VYYLV LSLJ[Y}UPJV KL JVU[HJ[V! JVU[HJ[O\TH'TLKLJPUZK\
TVUKLUL[
