PORTADA CIJ IMPUNIDAD.indd

Anuncio
Comisión Internacional de Juristas
ICJ – CIJ
33, rue des Bains
Casilla Postal 91
1211 Ginebra 8
Suiza
ISBN 978-92-9037-130-7
Guía para Profesionales No. 3
La presente Guía para Profesionales sistematiza los
principios jurídicos internacionales que rigen la cuestión
de la impunidad de las graves violaciones de derechos
humanos. La Guía aborda los conceptos de impunidad
y de violación grave de derechos humanos así como las
obligaciones internacionales de los Estados de luchar y
erradicar la impunidad. La Guía integra la jurisprudencia
de los órganos internacionales y regionales de protección de derechos humanos así como la práctica de
las Naciones Unidas. La Guía está dirigida a jueces,
fiscales, abogados y defensores de derechos humanos.
Con esta Guía, la Comisión Internacional de Juristas
quiere contribuir a fortalecer los esfuerzos de la justicia
en la lucha contra la impunidad.
Impunidad y Graves Violaciones de Derechos Humanos
La impunidad es incompatible con las obligaciones
internacionales de los Estados y se erige como un
obstáculo mayor para el pleno goce de los derechos
humanos y la vigencia del estado de derecho. Tal como
lo expresara Theo van Boven, Experto de las Naciones
Unidas sobre el derecho a la reparación: “resulta difícil
imaginar un sistema judicial que vele por los derechos
de las víctimas y se mantenga al mismo tiempo indiferente e inactivo ante los flagrantes delitos de quienes
los han violado”. La impunidad engendra desesperanza
en la sociedad; violencia e injusticia adquieren categoría
de valor supremo; la resignación es la única alternativa
dejada a las víctimas; y el silencio se convierte en norma
de convivencia social. Como una “espada de Damocles”,
la impunidad le recuerda a la sociedad que los crímenes
del pasado pueden resurgir si el ejercicio de las libertades fundamentales desborda el marco tolerado por los
verdugos de ayer, hoy impunes.
Impunidad y
Graves Violaciones
de Derechos Humanos
Guía para Profesionales No. 3
*NQVOJEBEZ(SBWFT7JPMBDJPOFT
EF%FSFDIPT)VNBOPT
(VrBQBSB1SPGFTJPOBMFT/P
‰$PQZSJHIU$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT
-B$*+QFSNJUFMBMJCSFSFQSPEVDDJwOEFFYUSBDUPTEFTVTQVCMJ
DBDJPOFTTJFNQSFRVFTFSFDPOP[DBTVBVUPSrBZVOBDPQJBEFMB
QVCMJDBDJwOFOMBRVFFMUFYUPTFBDJUBEPTFBFOWJBEBBMBPSHBOJ
[BDJwOBMBTJHVJFOUFEJSFDDJwO
$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT
*$+$*+
SVFEFT#BJOT
$BTJMMB1PTUBM
(JOFCSB
4VJ[B
ˆ*NQVOJEBEZ(SBWFT7JPMBDJPOFTEF%FSFDIPT)VNBOPT°(VrBQBSB
1SPGFTJPOBMFT
*4#/
(JOFCSB
*NQVOJEBEZ(SBWFT7JPMBDJPOFT
EF%FSFDIPT)VNBOPT
(VrBQBSB1SPGFTJPOBMFT/P
-BQSFTFOUF(VrBGVFFTDSJUBQPS'FEFSJDP"OESFV(V[NgO$POTFKFSP
HFOFSBMEFMB$*+DPOMBBTJTUFODJBEF+PTn;FJUVOF$POTFKFSPKVSrEJDP
QBSB"NnSJDB-BUJOBEFMB$*+3BNwO$BEFOB%JSFDUPSEFMB0¾DJOB
QBSB$FOUSPBNnSJDBEFMB$*+Z1SJZBNWBEB:BSOFMMEFM4FDSFUBSJBEP
*OUFSOBDJPOBMEFMB$*+BTJTUJFSPOFOTVQSPEVDDJwO
-B$*+BHSBEFDFB%BWF)BSEZEF"JNGPS)VNBO3JHIUTQPSMBT
GPUPHSBGrBTRVFTFSFQSPEVDFOFOFTUBQVCMJDBDJwO
&TUBQVCMJDBDJwOGVFQPTJCMFHSBDJBTBMBQPZPEFMB
&NCBKBEB#SJUgOJDBFO(VBUFNBMB
#SJUJTI&NCBTTZ
(VBUFNBMB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
W
5"#- "%&$0/5&/*%04
*OUSPEVDDJwO
$BQrUVMP*
$POTJEFSBDJPOFTIJTUwSJDPKVSrEJDBTTPCSFMBMVDIB
DPOUSBMBJNQVOJEBE
%FMEJTDVSTPQPMrUJDPPMBJNQVOJEBEDPNPNBMOFDFTBSJP
&NFSHFODJBEFMEJTDVSTPKVSrEJDP
B -PTwSHBOPTEFDPOUSPMEFUSBUBEPT
C &MTJTUFNBJOUFSBNFSJDBOP
D &MEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP
E &NFSHFODJBEFMPTUSJCVOBMFTBEIPDZMB$PSUF1FOBM*OUFSOBDJPOBM F -PTwSHBOPTQPMrUJDPTEFMTJTUFNBEF/BDJPOFT6OJEBT
-BFNFSHFODJBEFOPSNBTJOUFSOBDJPOBMFT
$BQrUVMP**
%FMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
ZEFMPTDSrNFOFTCBKPFMEFSFDIPJOUFSOBDJPOBM
%FMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
%FMPTDSrNFOFTDPOUSBMBIVNBOJEBE
%FMPTDSrNFOFTEFHVFSSB
%FMBBVUPOPNrBEFMPTDSrNFOFTCBKP
FMEFSFDIPJOUFSOBDJPOBM
%FMDSJNFOCBKPFMEFSFDIPJOUFSOBDJPOBMZMB
QMVSBMJEBEEFEF¾OJDJPOFT
$BQrUVMP***
%FM%FCFSEF(BSBOUrBZMB*NQVOJEBE
$POTJEFSBDJPOFTHFOFSBMFT
%FMBPCMJHBDJwOEFJOWFTUJHBS
%FMBPCMJHBDJwOEFCSJOEBSVOSFDVSTPFGFDUJWP
%FMBPCMJHBDJwOEFKV[HBSZDBTUJHBS
B $POTJEFSBDJPOFTHFOFSBMFT
C .BUFSJBMJ[BDJwOEFMBPCMJHBDJwOEFKV[HBSZDBTUJHBS
(6Ê"1"3"130'&4*0/"-&4/P
WJ
D %FMBPCMJHBDJwOEFUJQJ¾DBSMPTDPNQPSUBNJFOUPT
JMrDJUPTFOFMEFSFDIPOBDJPOBM
E 1SPQPSDJPOBMJEBEEFMBTQFOBTFJNQVOJEBE
F $POTFDVFODJBTEFMJODVNQMJNJFOUPEFKV[HBSZDBTUJHBS
%FMBPCMJHBDJwOEFSFQBSBSZEFMEFSFDIPBMBSFQBSBDJwO
%FMEFSFDIPBMBWFSEBE
%FMBJNQVOJEBE
$BQrUVMP*7
%FMBTBNOJTUrBTZPUSBTNFEJEBTTJNJMBSFT
%PDUSJOBZQSgDUJDBEFMBT/BDJPOFT6OJEBT
+VSJTQSVEFODJBEFUSJCVOBMFTJOUFSOBDJPOBMFT
ÎSHBOPTJOUFSOBDJPOBMFTEFQSPUFDDJwOEFEFSFDIPTIVNBOPT
%FMPTDPO¿JDUPTBSNBEPTJOUFSOPTZMBTBNOJTUrBT
ZPUSBTNFEJEBTTJNJMBSFT
%FMQSJODJQJP1BDUBTVOUTFSWBOEBZMBT
BNOJTUrBTZPUSBTNFEJEBT
$BQrUVMP7
'VFSPNJMJUBSFJNQVOJEBE
&M4JTUFNB6OJWFSTBMEF1SPUFDDJwOEF%FSFDIPT)VNBOPT
B -PTwSHBOPTEFUSBUBEPTEFEFSFDIPTIVNBOPT
B $PNJUnEF%FSFDIPT)VNBOPT
B &M$PNJUnDPOUSBMB5PSUVSB
B &M$PNJUnEFMPT%FSFDIPTEFM/JvP
-PTQSPDFEJNJFOUPTFTQFDJBMFTEFMB
FY$PNJTJwOEF%FSFDIPT)VNBOPT
4JTUFNBT3FHJPOBMFTEF1SPUFDDJwOEF%FSFDIPT)VNBOPT
$BQrUVMP7*
*OWFTUJHBDJwOZGVFS[BTNJMJUBSFT
&MTJTUFNBVOJWFSTBMEFEFSFDIPTIVNBOPT
&MTJTUFNBJOUFSBNFSJDBOPEFEFSFDIPTIVNBOPT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
$BQrUVMP7**
1SFTDSJQDJwODPTBKV[HBEBOPSFUSPBDUJWJEBEFJNQVOJEBE
&MQSJODJQJPEFOPSFUSPBDUJWJEBEEFMBMFZQFOBM
1SFTDSJQDJwOFJNQSFTDSJQUJCJMJEBE
B *NQSFTDSJQUJCJMJEBE
C 1SFTDSJQDJwOZHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
$PTBKV[HBEBZFMQSJODJQJPOPOCJTJOrEFN
"/&904 $POKVOUPEFQSJODJQJPTBDUVBMJ[BEPTQBSBMBQSPUFDDJwO
ZMBQSPNPDJwOEFMPTEFSFDIPTIVNBOPTNFEJBOUF
MBMVDIBDPOUSBMBJNQVOJEBE
4FMFDDJwOEFOPSNBTJOUFSOBDJPOBMFT
4FMFDDJwOEFOPSNBTSFMBUJWBTBBMHVOPT
DSrNFOFTJOUFSOBDJPOBMFT
&TUgOEBSFTJOUFSOBDJPOBMFTEFJOWFTUJHBDJwO
* *OTUSVNFOUPTEF/BDJPOFT6OJEBT
** *OTUSVNFOUPTEFMB0SHBOJ[BDJwOEFMPT&TUBEPT"NFSJDBOPT
WJJ
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
5SJTUF FT UFOFS RVF DPOTFSWBS QBSB TJFNQSF FO MB NF
NPSJBDPMFDUJWBFMIFDIPGBUBMEFRVFQPSMBJNQVOJEBE
JNQVFTUBOPTIFNPTDPOWFSUJEPFOVOQVFCMPQVTJMgOJ
NFEPCMFHBEPQPSBCZFDUBTBNFOB[BTEFBMHVOPTEF
MJODVFOUFTRVFPCMJHBOBPMWJEBSZBEFKBSJNQVOFTTVT
DSrNFOFT &T JOTPQPSUBCMF DPOWJWJS QBSB TJFNQSF DPO
MBQSPQJBWFSHFO[BZDPOMBEJHOJEBEQFSEJEB-BQB[
WFSEBEFSBRVFTJFNQSFFTGSVUPEFMBKVTUJDJBSFTUBCMF
DJEBTFWVFMWFVOBJMVTJwOJOBMDBO[BCMFZOPTUBMHJPTB
-VJT1nSF["HVJSSF4+RFQE
*OUSPEVDDJwO
1PSNVDIPUJFNQPMBJNQVOJEBEEFMPTBVUPSFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPT
IVNBOPTGVFBTVNJEBDPNPVONBMOFDFTBSJPPDPNPVOBGBUBMJEBEEFMEFTUJOP%FTEF
FMMMBNBEPQSBHNBUJTNPQPMrUJDPPMPTEJTDVSTPTEFM²QFSEwOZPMWJEP³MBJNQVOJEBE
GVF QSFTFOUBEB DPNP FM JOFWJUBCMF QSFDJP B QBHBS QBSB BTFHVSBS MBT USBOTJDJPOFT
EFNPDSgUJDBT FM ²SFUPSOP EF MPT NJMJUBSFT B TVT DVBSUFMFT³ P MB UFSNJOBDJwO EF
DPO¿JDUPTBSNBEPTJOUFSOPT.VDIBTWFDFTTFPQVTPMBSFDPODJMJBDJwOZMBQB[BMB
KVTUJDJBDPNPTJGVFSBOOPDJPOFTPQVFTUBTZFYDMVZFOUFT&OBSBTEFMB²FTUBCJMJEBE³
ZEFMBTVQFSBDJwOEFMBWJPMFODJBQPSEFNBTJBEPTBvPTMBDPNVOJEBEJOUFSOBDJPOBM
DPOEPOwMBJNQVOJEBEDPNP²TPMVDJwOQPMrUJDB³
4JOFNCBSHPFMCgMTBNPEFMBJNQVOJEBEOPTVSUJwFGFDUPTZMPTBOVODJBEPTSFTVMUBEPT
TFEFTWBOFDJFSPO-BTEJTUJOUBTFYQFSJFODJBTOPTFOTFvBORVFMBJNQVOJEBEFOHFOESB
EFTFTQFSBO[BFOMBTPDJFEBEZMBWJPMFODJBFJOKVTUJDJBBERVJFSFODBUFHPSrBEFWBMPS
TVQSFNP-BSFTJHOBDJwOZFMTJMFODJPTFDPOWJFSUFOFOOPSNBEFDPOWJWFODJBTPDJBMZ
FO|OJDBBMUFSOBUJWBQBSBMBTWrDUJNBT-BJNQVOJEBEDPNPVOB²FTQBEBEF%BNPDMFT³
MFSFDVFSEBBMBTPDJFEBERVFMPTDSrNFOFTEFMQBTBEPQVFEFOSFTVSHJSTJFMFKFSDJDJP
EFMBTMJCFSUBEFTGVOEBNFOUBMFTEFTCPSEBFMNBSDPUPMFSBEPQPSMPTWFSEVHPTEFBZFS
IPZJNQVOFT-BTUBOBOIFMBEBTQB[ZSFDPODJMJBDJwOOPTFDSJTUBMJ[BOMBJNQVOJEBE
MBTEJMVZFIBTUBDPOWFSUJSMBTFOFTQFKJTNP&TEJGrDJMDPODFCJSVOFTUBEPEFEFSFDIP
HBSBOUFEFMPTEFSFDIPTIVNBOPTFODVBMVOBGBDDJwOEFMBTPDJFEBETFFODVFOUSF
JNQVOFZQPSFODJNBEFMBMFZ-BFYQFSJFODJBOPTFOTFvBJHVBMNFOUFRVFMBJNQVOJEBE
DPOTUJUVZFFMQSJODJQBMGBDUPSRVFQFSNJUFMBSFQFUJDJwOEFQSgDUJDBTDPNPMBUPSUVSB
FMBTFTJOBUPZMBEFTBQBSJDJwOGPS[BEB"TrMBJNQVOJEBEBMJFOUBMBDSJNJOBMJEBEZMB
UPMFSBODJBEFMPJOKVTUP$VBOEPIBZJNQVOJEBEDPNPMPTFvBMBSB8JMEFS5BZMFS²MB
OPDJwO NJTNB EF KVTUJDJB TVTUFOUP FTFODJBM EF MB DPOWJWFODJB EFNPDSgUJDB TF WF
QSPGVOEBNFOUF EJTUPSTJPOBEB -PT SFTQPOTBCMFT EF UBMFT WJPMBDJPOFT BM DPOTUBUBS
RVFQVFEFOWJPMBSMBMFZJNQVOFNFOUFFODVFOUSBOBMJFOUPQBSBTFHVJSDPNFUJFOEP
-VJT1nSF["HVJSSF²$POTFDVFODJBTEFMBJNQVOJEBETPCSFMBTPDJFEBE³FO&ODVFOUSPJOUFSOBDJPOBM/PBMB
JNQVOJEBE°4rBMBKVTUJDJB&E$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT(JOFCSBQgHJOB
(6Ê"1"3"130'&4*0/"-&4/P
FTPTDSrNFOFT&TUPTPDBWBFMFTUBEPEFEFSFDIPRVFQSFTVNFRVFOBEJFJODMVZFOEP
BMPTGVODJPOBSJPTZBMPTHPCFSOBOUFTTFFODVFOUSBOQPSFODJNBEFMBMFZ³
.gTBMMgEFTVTEJNFOTJPOFTQPMrUJDBTZTPDJBMFTMBJNQVOJEBEUJFOFVOBEJNFOTJwO
KVSrEJDB&TDPNPMPQSFDJTBFM$POKVOUPBDUVBMJ[BEPEFQSJODJQJPTQBSBMBQSPUFDDJwOZ
MBQSPNPDJwOEFMPTEFSFDIPTIVNBOPTNFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBE²VOB
JOGSBDDJwOEFMBTPCMJHBDJPOFTRVFUJFOFOMPT&TUBEPTEFJOWFTUJHBSMBTWJPMBDJPOFT
BEPQUBS NFEJEBT BQSPQJBEBT SFTQFDUP EF TVT BVUPSFT FTQFDJBMNFOUF FO MB FTGFSB
EF MB KVTUJDJB QBSB RVF MBT QFSTPOBT TPTQFDIPTBT EF SFTQPOTBCJMJEBE QFOBM TFBO
QSPDFTBEBTKV[HBEBTZDPOEFOBEBTBQFOBTBQSPQJBEBTEFHBSBOUJ[BSBMBTWrDUJNBT
SFDVSTPTF¾DBDFTZMBSFQBSBDJwOEFMPTQFSKVJDJPTTVGSJEPTEFHBSBOUJ[BSFMEFSFDIP
JOBMJFOBCMFBDPOPDFSMBWFSEBEZEFUPNBSUPEBTMBTNFEJEBTOFDFTBSJBTQBSBFWJUBS
MBSFQFUJDJwOEFEJDIBTWJPMBDJPOFT³)PZErBMBJNQVOJEBEFTDPOTJEFSBEBDPNPVO
GFOwNFOPJODPNQBUJCMFDPOMBTPCMJHBDJPOFTJOUFSOBDJPOBMFTEFMPT&TUBEPTZDPNP
VOPCTUgDVMPNBZPSQBSBFMQMFOPHPDFEFMPTEFSFDIPTIVNBOPTZMBWJHFODJBEFM
FTUBEPEFEFSFDIP
-B QSFTFOUF (VrB QBSB 1SPGFTJPOBMFT TJTUFNBUJ[B MPT QSJODJQJPT KVSrEJDPT JOUFSOB
DJPOBMFTRVFSJHFOMBDVFTUJwOEFMBJNQVOJEBEEFMBTHSBWFTWJPMBDJPOFTEFEFSFDIPT
IVNBOPT-BTGVFOUFTQSJODJQBMFTEFMB(VrBTPOMBKVSJTQSVEFODJBEFMPTwSHBOPTEF
JOUFSOBDJPOBMFTZSFHJPOBMFTEFQSPUFDDJwOEFEFSFDIPTIVNBOPTMBKVSJTQSVEFODJB
EFMPTUSJCVOBMFTJOUFSOBDJPOBMFTZMBQSgDUJDBEFMBT/BDJPOFT6OJEBTFOQBSUJDVMBS
EFMB"TBNCMFB(FOFSBMZEFM$POTFKPEF4FHVSJEBE-B(VrBUSBFBDVFOUBBMHVOBT
DPOTJEFSBDJPOFTIJTUwSJDPKVSrEJDBTTPCSFMBMVDIBDPOUSBMBJNQVOJEBE$BQrUVMP*
"TJNJTNPTFBCPSEBOMBTOPDJPOFTEFHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
DSrNFOFTEFMFTBIVNBOJEBEZDSrNFOFTEFHVFSSB$BQrUVMP**
ZFM%FCFSEF(BSBOUrB
ZMBTPCMJHBDJPOFTJOUFSOBDJPOBMFTEFMPT&TUBEPTEFMVDIBSZFSSBEJDBSMBJNQVOJEBE
$BQrUVMP***
'JOBMNFOUFMB(VrBBCPSEBGPSNBTFTQFDr¾DBTEFJNQVOJEBEPBCVTPT
EFJOTUJUVUPTKVSrEJDPTQBSBDPOTPMJEBSMBJNQVOJEBEDPNPMPTDPODFQUPTEFJNQV
OJEBE Z EF WJPMBDJwO HSBWF EF EFSFDIPT IVNBOPT BTr DPNP MBT BNOJTUrBT Z PUSBT
NFEJEBTTJNJMBSFT$BQrUVMP*7
FMGVFSPNJMJUBS$BQrUVMP7
MBJOWFTUJHBDJwOQPSMBT
GVFS[BTNJMJUBSFT$BQrUVMP7*
MBQSFTDSJQDJwOMBJSSFUSPBDUJWJEBEZMBDPTBKV[HBEB
$BQrUVMP7**
-B(VrBFTUgEJSJHJEBBKVFDFT¾TDBMFTBCPHBEPTZEFGFOTPSFTEFEFSFDIPTIVNBOPT
5PEPTFMMPTUJFOFOVOQBQFMEFQSJNFSBMrOFBFOMBMVDIBDPOUSBMBJNQVOJEBE$PO
FTUB (VrB MB $PNJTJwO *OUFSOBDJPOBM EF +VSJTUBT RVJFSF DPOUSJCVJS B GPSUBMFDFS MPT
FTGVFS[PTEFMBKVTUJDJBFOMBMVDIBDPOUSBMBJNQVOJEBE
8JMEFS5BZMFS²-BQSPCMFNgUJDBEFMBJNQVOJEBEZTVUSBUBNJFOUPFOMBT/BDJPOFT6OJEBT°/PUBTQBSBMBSF
¿FYJwO°³FO3FWJTUBEFM*OTUJUVUP*OUFSBNFSJDBOPEF%FSFDIPT)VNBOPT7PMVNFOKVMJPEJDJFNCSF
$PTUB3JDBQgHJOBT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
$BQrUVMP*
$POTJEFSBDJPOFTIJTUwSJDPKVSrEJDBT
TPCSFMBMVDIBDPOUSBMBJNQVOJEBE
<S>FTVMUBEJGrDJMJNBHJOBSVOTJTUFNBKVEJDJBMRVFWFMFQPS
MPTEFSFDIPTEFMBTWrDUJNBTZTFNBOUFOHBBMNJTNP
UJFNQPJOEJGFSFOUFFJOBDUJWPBOUFMPT¿BHSBOUFTEFMJUPT
EFRVJFOFTMPTIBOWJPMBEP
5IFPWBO#PWFO
"OUFTEFRVFMB0SHBOJ[BDJwOEFMBT/BDJPOFT6OJEBTUPNBSBJOJDJBUJWBTFOFMgNCJUP
EFMBMVDIBDPOUSBMBJNQVOJEBEGVFSPOMBTPSHBOJ[BDJPOFTOPHVCFSOBNFOUBMFTZMBT
BTPDJBDJPOFT EF WrDUJNBT QBSUJDVMBSNFOUF EF "NnSJDB -BUJOB MBT RVF MMFWBSPO FTUB
MVDIBBMPTGPSPTJOUFSHVCFSOBNFOUBMFT&OFTUFQSPDFTPKVHwVOJNQPSUBOUFQBQFMMB
MVDIBDPOUSBMBTBNOJTUrBTPUPSHBEBTEVSBOUFFMEFDFOJPEF$PNPMPTFvBMw-PVJT
+PJOFU²<M>BBNOJTUrBTrNCPMPEFMJCFSUBETFQFSDJCrBDBEBWF[NgTDPNPVOBFTQFDJF
EF´JODFOUJWPBMBJNQVOJEBEµUSBTMBBQBSJDJwOTFHVJEBEFMBQSPMJGFSBDJwOEFMFZFTEF
BVUPBNOJTUrB BVUPQSPDMBNBEBT QPS EJDUBEVSBT NJMJUBSFT FO TV PDBTP QSFPDVQBEBT
QPSQSFQBSBSTFFMUFSSFOPQBSBTVJNQVOJEBEDVBOEPB|OFTUBCBOBUJFNQP³
%FMEJTDVSTPQPMrUJDPPMBJNQVOJEBEDPNPNBMOFDFTBSJP
-BJNQVOJEBEEFMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTBVORVFNVDIBTWF
DFTDPOEFOBEBGVFQPSNVDIPUJFNQPBTVNJEBDPNPVO²NBMOFDFTBSJP³QPSQBSUF
EFWBSJBTJOTUBODJBTEFMBT/BDJPOFT6OJEBT"MPMBSHPEFWBSJBTEnDBEBTEPNJOwMB
JEFBEFRVFMBJNQVOJEBEFSBFMQSFDJPBQBHBSQBSBBTFHVSBSMBUSBOTJDJwOBMBEF
NPDSBDJBFM²SFUPSOPEFMPTNJMJUBSFTBTVTDVBSUFMFT³PMBTVQFSBDJwOEFDPO¿JDUPT
BSNBEPT JOUFSOPT "Tr QPS FKFNQMP MB "TBNCMFB (FOFSBM EF MBT /BDJPOFT 6OJEBT
RVFBEPQUwOVNFSPTBTSFTPMVDJPOFTTPCSFMBTJUVBDJwOEFMPTEFSFDIPTIVNBOPTFO
$IJMFJOTUBOEPBMBTBVUPSJEBEFTEFMSnHJNFONJMJUBSBMMFWBSBOUFMPTUSJCVOBMFTZB
DBTUJHBSBMPTBVUPSFTEFHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTTFBCTUFOESrB
*OGPSNF¾OBMSFWJTBEPBDFSDBEFMBDVFTUJwOEFMBJNQVOJEBEEFMPTBVUPSFTEFWJPMBDJPOFTEFMPTEFSFDIPT
IVNBOPTEFSFDIPTDJWJMFTZQPMrUJDPT
%PDVNFOUPEF/BDJPOFT6OJEBT&$/4VC3FWEF
EFPDUVCSFEFQgSSBGP
*CJEFN
7FSFOUSFPUSBTMBT3FTPMVDJPOFTEFEFEJDJFNCSFQgSSBGPC
EFEFEJDJFNCSF
EFQgSSBGPD
EFEFEJDJFNCSFEFQgSSBGPTCZ
EFEFEJDJFNCSFEF
QgSSBGP
EFEFEJDJFNCSFEFQgSSBGPEZF
EFEFEJDJFNCSFEF
QgSSBGP
ZEFEFEJDJFNCSFEFQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
TJOFNCBSHPEFQSPOVODJBSTFTPCSFMBBVUPBNOJTUrBEFDSFUBEBQPSFMHPCJFSOPNJMJ
UBSFO"TJNJTNPFOFMDBTPEFMBBNOJTUrBEFEF&M4BMWBEPSMB"TBNCMFB
(FOFSBMTFBCTUFOESrBEFQSPOVODJBSTFTPCSFFTUBMFHJTMBDJwODPOTBHSBOEPMBJNQV
OJEBEEFMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT1FSPBVONgTSFWFMBEPS
EF FTB DPODFQDJwO QSFEPNJOBOUF TPCSF MB JNQVOJEBE DPNP DPTUP OFDFTBSJP TFSrB
MB SFTPMVDJwO EF MB "TBNCMFB (FOFSBM EF JOUJUVMBEB ²-B TJUVBDJwO FO $FOUSP
BNnSJDBBNFOB[BTBMBQB[ZMBTFHVSJEBEJOUFSOBDJPOBMFTFJOJDJBUJWBTEFQB[³&O
FMMBMB"TBNCMFB(FOFSBMEBCBTVSFTQBMEPJODPOEJDJPOBMBM"DVFSEPEF&TRVJQVMBT**
EFBHPTUPEFBEPQUBEPFOEFTBSSPMMPEFM"DVFSEPTPCSFQSPDFEJNJFOUPTQBSB
FTUBCMFDFSMBQB[¾SNFZEVSBEFSBFO$FOUSP"NnSJDB&TRVJQVMBT*
ZTVTDSJUPQPS
MPT(PCJFSOPTEF$PTUB3JDB&M4BMWBEPS(VBUFNBMB)POEVSBTZ/JDBSBHVB&OFM
"DVFSEPEF&TRVJQVMBT**MPTQSFTJEFOUFTDFOUSPBNFSJDBOPTIBCrBOBDPSEBEPFNJUJS
²EFDSFUPTEFBNOJTUrBT³&TUBEJTQPTJDJwOEFM"DVFSEPEF&TRVJQVMBT**TFSrBJOWPDB
EBBMQSPNVMHBSTVTSFTQFDUJWBTMFZFTEFBNOJTUrBQPSMPTHPCJFSOPTHVBUFNBMUFDP
IPOEVSFvPOJDBSBHFOTFZTBMWBEPSFvP
-BDSJTJTIBJUJBOBEFJOJDJPTEFMBEnDBEBEFM´TFSrBUBNCJnOFTDFOBSJPEFFTUFUJQP
EFDPODFQDJPOFT-PT1SPUPDPMPTEF8BTIJOHUPOTVTDSJUPTFOFOUSFFM(PCJFSOP
DPOTUJUVDJPOBMEF+FBO#FSUSBOE"SJTUJEFZFMSnHJNFOEFGBDUPEFM(FOFSBM3BPVM$nESBT
CBKPBVTQJDJPTEFMB0SHBOJ[BDJwOEFMPT&TUBEPT"NFSJDBOPT0&"
TFOUBCBODPNP
CBTFTQBSBFMSFUPSOPBMBEFNPDSBDJBFMSFHSFTPBMQBrTEFMQSFTJEFOUFEFSSPDBEP
MB DSFBDJwO EF VO (PCJFSOP EF 4BMWBDJwO /BDJPOBM MB TFQBSBDJwO EF MB QPMJDrB EF
MBT GVFS[BT NJMJUBSFT Z MB QSPNVMHBDJwO EF VOB BNOJTUrB QBSB MPT HPMQJTUBT -PT
UnSNJOPTEFSFGFSFODJBEFMBBNOJTUrBFSBOBMHPNgTRVFWBHPTZTFSFGFSrBOBEFMJUPT
DPNVOFTTJORVFIVCJFTFTBMWBHVBSEBBMHVOBFONBUFSJBEFHSBWFTWJPMBDJPOFTBMPT
EFSFDIPTIVNBOPT&M4FDSFUBSJP(FOFSBMEFMBT/BDJPOFT6OJEBTFOTVJOGPSNFBMB
"TBNCMFB(FOFSBMEFB¾SNBCBRVFMBQSJPSJEBEEFMBBDDJwOEFMBDPNVOJEBE
JOUFSOBDJPOBMFSBMBEFHBSBOUJ[BSMBFTUBCJMJEBEZFMPSEFOFOFMQBrTDBSJCFvPBUSBWnT
EFMSFUPSOPEFM1SFTJEFOUF"SJTUJEFMBEFTJHOBDJwOEFVOQSJNFSNJOJTUSPBMBDBCF[B
EFVO(PCJFSOPEF4BMWBDJwO/BDJPOBMZMBDPODFTJwOEFVOBBNOJTUrB&M&OWJBEP
%FDSFUP-FZ/PEF
3FTPMVDJwOEFMB"TBNCMFB(FOFSBMEFEFEJDJFNCSFEF
3FTPMVDJwOEFMB"TBNCMFB(FOFSBMEFEFOPWJFNCSFEF
%FDSFUP/PEFEFKVOJPEF
%FDSFUP/PEFEFOPWJFNCSFEF
-FZEFBNOJTUrBEF
%FDSFUP/PEFEFPDUVCSFEF
4JOFNCBSHPFTJNQPSUBOUFEFTUBDBSRVFFM$POTFKP1FSNBOFOUFEFMB0&"FOTVQSJNFSBSFTPMVDJwODPO
EFOBOEPFMHPMQFEF&TUBEPDPOUSBFM1SFTJEFOUFEF)BJUrIBCrBSFRVFSJEPRVFMPTBVUPSFTEFWJPMBDJPOFTEF
EFSFDIPTIVNBOPTGVFSBOMMFWBEPTBOUFMBKVTUJDJBZDBTUJHBEPT3FTPMVDJwO$13FT
EFEF
TFQUJFNCSFEF
/PPCTUBOUFFTUBEFNBOEBEFTBQBSFDFSrBEFMDBUgMPHPEFFYJHFODJBTEFMB0&"
4JUVBDJwOEFMBEFNPDSBDJBZMPTEFSFDIPTIVNBOPTFO)BJUr*OGPSNFEFM4FDSFUBSJP(FOFSBM%PDVNFOUPEF
/BDJPOFT6OJEBT"EFEFNBS[PEFQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&TQFDJBM QBSB )BJUr EFM 4FDSFUBSJP (FOFSBM EF /BDJPOFT 6OJEBT 4S %BOUF $BQVUP
QSPQPOESrBDPNPVOPEFMPTFMFNFOUPTDMBWFTEFTVQMBOQBSBMBTVQFSBDJwOEFMB
DSJTJTIBJUJBOBMBDPODFTJwOEFVOBBNOJTUrB&TUFFMFNFOUPDPOTUJUVJSrBVOPEFMPT
FMFNFOUPT DMBWFT EFM "DVFSEP EF (PWFSOPST *TMBOE QBDUBEP FOUSF FM 1SFTJEFOUF
"SJTUJEFZFM(FOFSBM$nESBT7BSJPTCPSSBEPSFTEFMFZEFBNOJTUrBTFSrBOTPNFUJEPT
BDPOTJEFSBDJwOEFM1SFTJEFOUFDPOTUJUVDJPOBMRVJFO¾OBMNFOUFPQUBSrBQPSVOUFYUP
EFBNCJHVBSFEBDDJwORVFDPNPTFEFNPTUSBSrBQPTUFSJPSNFOUFOPJNQFErBKV[HBS
BMPTSFTQPOTBCMFTEFMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
&NFSHFODJBEFMEJTDVSTPKVSrEJDP
&TUB TJUVBDJwO GVF QSPHSFTJWBNFOUF NPEJ¾DgOEPTF Z GSFOUF BM EJTDVSTP QPMrUJDP EF
MB JNQVOJEBE DPNP ²NBM OFDFTBSJP³ GVF FNFSHJFOEP VOB BSHVNFOUBDJwO KVSrEJDB
DPOUSBMBJNQVOJEBEDPOCBTFFOFMEFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPT
&TUBBSHVNFOUBDJwOGVFFMSFTVMUBEPEFVOQSPDFTPQSPNPWJEPUBOUPQPSMBBDDJwO
ZNPWJMJ[BDJwOEFMBTPSHBOJ[BDJPOFTOPHVCFSOBNFOUBMFTDPNPQPSMBEPDUSJOBZMB
KVSJTQSVEFODJB EF MPT wSHBOPT Z QSPDFEJNJFOUPT JOUFSOBDJPOBMFT EF QSPUFDDJwO EF
EFSFDIPTIVNBOPTUBOUPEFMBT/BDJPOFT6OJEBTDPNPEFMTJTUFNBJOUFSBNFSJDBOP
&O QBSUJDVMBS DBCF EFTUBDBS MB MBCPS QJPOFSB EF MB 4VCDPNJTJwO EF 1SFWFODJwO EF
%JTDSJNJOBDJPOFT Z 1SPUFDDJwO B MBT .JOPSrBT EF MB BOUJHVB $PNJTJwO EF %FSFDIPT
)VNBOPTEFMBT/BDJPOFT6OJEBT"TrFOMB4VCDPNJTJwOJOTUwBMPT&TUBEPT
BBCTUFOFSTFEFQSPNVMHBSMFZFTDPNPMBTEFBNOJTUrBRVFJNQJEFOJOWFTUJHBSMBT
EFTBQBSJDJPOFT GPS[BEBT &O MB 4VCDPNJTJwO OPNCSw VO 3FMBUPS &TQFDJBM
TPCSFMBBNOJTUrBZQPTUFSJPSNFOUFFOEJPJOJDJPBVOFTUVEJPTPCSFMBJNQV
OJEBE RVF DVMNJOw FO VO QSPZFDUP EF $POKVOUP EF QSJODJQJPT QBSB MB QSPUFDDJwO Z
MB QSPNPDJwO EF MPT EFSFDIPT IVNBOPT NFEJBOUF MB MVDIB DPOUSB MB JNQVOJEBE
BEPQUBEPQPSMB4VCDPNJTJwOFO
B -PTwSHBOPTEFDPOUSPMEFUSBUBEPT
-B BDUJWJEBE EF MPT wSHBOPT EF USBUBEPT EF EFSFDIPT IVNBOPT EF MBT /BDJPOFT
6OJEBTKVHBSrBVOQBQFMEFWJUBMJNQPSUBODJBFOFTUFQSPDFTP&M$PNJUnEF%FSFDIPT
)VNBOPT EF MBT /BDJPOFT 6OJEBT BCPSEw MB DVFTUJwO EFTEF UFNQSBOB IPSB BM
7FS'FEFSJDP"OESFV²5IF*OUFSOBUJPOBM$PNNVOJUZJO)BJUJ&WJEFODFPGUIF/FX8PSME0SEFS³FO*NQVOJUZ
JO-BUJO"NFSJDB*OTUJUVUFPG-BUJO"NFSJDBO4UVEJFT-POESFTQgHJOBT
3FTPMVDJwO999*7
EF
&TUVEJPTPCSFMBTMFZFTEFBNOJTUrBZFMQBQFMRVFEFTFNQFvBOFOMBTBMWBHVBSEJBZMBQSPNPDJwOEFMPTEF
SFDIPTIVNBOPT%PDVNFOUPEF/BDJPOFT6OJEBT&$/4VC3FWEFEFBHPTUPEF
%FDJTJwOEFBHPTUPEF
*OGPSNF¾OBMSFWJTBEPBDFSDBEFMBDVFTUJwOEFMBJNQVOJEBEEFMPTBVUPSFTEFWJPMBDJPOFTEFMPTEFSFDIPT
IVNBOPT EFSFDIPT DJWJMFT Z QPMrUJDPT
%PDVNFOUP EF /BDJPOFT 6OJEBT &$/4VC3FW
"OFYPEFEFPDUVCSFEF
(6Ê"1"3"130'&4*0/"-&4/P
FYQSFTBSFOWJWBTDSrUJDBTBMBBVUPBNOJTUrBEFDSFUBEBQPSFMSnHJNFONJMJUBS
DIJMFOP&OFM$PNJUnEF%FSFDIPT)VNBOPTDPODMVZwRVF²<M>BTBNOJTUrBT
TPO HFOFSBMNFOUF JODPNQBUJCMFT DPO MB PCMJHBDJwO EF MPT &TUBEPT EF JOWFTUJHBS
UBMFTBDUPT<EFUPSUVSB>EFHBSBOUJ[BSRVFOPTFDPNFUBOUBMFTBDUPTEFOUSPEFTV
KVSJTEJDDJwOZEFWFMBSQPSRVFOPTFSFBMJDFOUBMFTBDUPTFOFMGVUVSP-PT&TUBEPT
OPQVFEFOQSJWBSBMPTQBSUJDVMBSFTEFMEFSFDIPBVOBSFQBSBDJwOFGFDUJWBJODMVJEB
MBJOEFNOJ[BDJwOZMBSFIBCJMJUBDJwONgTDPNQMFUBQPTJCMF³&M$PNJUnEF%FSFDIPT
)VNBOPTIBSFJUFSBEBNFOUFSFB¾SNBEPFTUBKVSJTQSVEFODJBBMFYBNJOBSBNOJTUrBT
BEPQUBEBTQPS&TUBEPT1BSUFTBM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT
&M$PNJUnIBEFTUBDBEPRVFFTUBDMBTFEFBNOJTUrBTDPOUSJCVZFOBDSFBSVOBBUNwTGFSB
EF JNQVOJEBE QBSB MPT QFSQFUSBEPSFT EF WJPMBDJPOFT EF MPT EFSFDIPT IVNBOPT Z
TPDBWBMPTFTGVFS[PTFODBNJOBEPTBSFTUBCMFDFSFMSFTQFUPEFMPTEFSFDIPTIVNBOPT
Z FM FTUBEP EF EFSFDIP TJUVBDJPOFT RVF TPO DPOUSBSJBT B MBT PCMJHBDJPOFT EF MPT
&TUBEPTCBKPFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT&OUPEBTFTUBT
TJUVBDJPOFT FM $PNJUn DPOTJEFSw RVF UBMFT MFZFT EF BNOJTUrB FSBO JODPNQBUJCMFT
DPO MB PCMJHBDJwOEFMPT&TUBEPT1BSUFTEFHBSBOUJ[BSVOSFDVSTPFGFDUJWPQBSBMBT
WrDUJNBT EF WJPMBDJPOFT EF MPT EFSFDIPT IVNBOPT QSPUFHJEP QPS FM BSUrDVMP EFM
1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT
4JNJMBS QPTJDJwO IB BEPQUBEP FM $PNJUn DPOUSB MB5PSUVSB EF MBT /BDJPOFT 6OJEBT
BMDPOTJEFSBSMBTMFZFTEFBNOJTUrBZNFEJEBTTJNJMBSFTDPNPDPOUSBSJBTBMFTQrSJUV
Z QSPQwTJUPT EF MB $POWFODJwO DPOUSB MB 5PSUVSB Z 0USPT 5SBUPT Z 1FOBT $SVFMFT
*OIVNBOPTZ%FHSBEBOUFTZBRVFQFSNJUFOEFKBSFOMBJNQVOJEBEBMPTBVUPSFTEF
*OGPSNFEFM$PNJUnEF%FSFDIPT)VNBOPT%PDVNFOUPEF/BDJPOFT6OJEBT4VQMFNFOUP/P"
QgSSBGP
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/P
TPCSFFMBSUrDVMPœQFSrPEPEFTFTJPOFT
EFM$PNJUnEF%FSFDIPT)VNBOPT
FO%PDVNFOUPT0¾DJBMFTEFMB"TBNCMFB(FOFSBMDVBESBHnTJNP
TnQUJNPQFSrPEPEFTFTJPOFT4VQMFNFOUP/P"
BOFYP7*"
7FSFOUSFPUSPTMBT0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPTSFTQFDUPEF"SHFOUJOBEFEF
BCSJMEF%PDVNFOUPTEF/BDJPOFT6OJEBT$$13$"EE"QgSSBGPZ$$13$0
"3(EFEFOPWJFNCSFQgSSBGP$IJMF%PDVNFOUPEFMBT/BDJPOFT6OJEBT$$13$"EE
QgSSBGP&M4BMWBEPS%PDVNFOUPTEF/BDJPOFT6OJEBT$$13$04-7EFEFBHPTUPEFQgSSBGP
Z$$13$"EEQgSSBGP'SBODJB%PDVNFOUPEF/BDJPOFT6OJEBT$$13$"EEQgSSBGP
)BJUr%PDVNFOUPEF/BDJPOFT6OJEBT"QgSSBGPT°-rCBOP%PDVNFOUPEF/BDJPOFT6OJEBT
$$13$"EEQgSSBGP/rHFS%PDVNFOUPEF/BDJPOFT6OJEBT$$13$"EEEFEFBCSJMEF
QgSSBGP1FS|%PDVNFOUPTEF/BDJPOFT6OJEBT$$13$"EEQgSSBGPTZZ$$13
$01&3 QgSSBGP 4FOFHBM %PDVNFOUP EF /BDJPOFT 6OJEBT $$13$"EE EF EF EJDJFNCSF
EF QgSSBGP 3FQ|CMJDB EFM $POHP %PDVNFOUP EF /BDJPOFT 6OJEBT $$13$"EE EF EF
NBS[PEFQgSSBGP3FQ|CMJDBEF$SPBDJBEFEFBCSJMEF%PDVNFOUPEF/BDJPOFT6OJEBT
$$13$0)37 QgSSBGP 6SVHVBZ %PDVNFOUPT EF /BDJPOFT 6OJEBT $$13$"EE QgSSBGPT Z
$$13$"EE1BSUF$²1SJODJQBMFTUFNBTEFQSFPDVQBDJwOZSFDPNFOEBDJPOFT³Z%JDUBNFOEF
EFBHPTUPEF$BTP)VHP3PESrHVF[6SVHVBZ
$PNVOJDBDJwO/P$$13$%
QgSSBGPZ:FNFO"QgSSBGPT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
BDUPTEFUPSUVSB'SFOUFBMBSHVNFOUPFTHSJNJEPQPSBMHVOPT&TUBEPTDPOTJTUFOUF
FO²VOBEJWFSHFODJBFOUSFMBMFHBMJEBEJOUFSOBDJPOBMZMBMFHBMJEBEOBDJPOBMDPOFM¾O
EFMFHBMJ[BSMBJNQVOJEBEEFMPTBDUPTEFUPSUVSBJNQVOJEBERVFTFCBTBFOMBTMFZFT
SFMBUJWBTBMBBNOJTUrB³FM$PNJUnDPOUSBMB5PSUVSBIBEFTUBDBEPRVFUBMFTMFZFTEF
BNOJTUrBTPODPOUSBSJBTBMBBQMJDBDJwOEFMBTEJTQPTJDJPOFTEFMB$POWFODJwODPOUSB
MB5PSUVSB"TJNJTNPFM$PNJUnIBTFvBMBEPRVFMBOPBEPQDJwOEFBNOJTUrBTZPUSBT
NFEJEBTTJNJMBSFTDPOTUJUVZFVOGBDUPSQPTJUJWPQBSBFMDVNQMJNJFOUPQPSMPT&TUBEPT
EFMBTPCMJHBDJPOFTFTUBCMFDJEBTCBKPMB$POWFODJwO
C &MTJTUFNBJOUFSBNFSJDBOP
&O FM gNCJUP BNFSJDBOP EFTEF MB $PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT
)VNBOPT $*%)
IB SFJUFSBEBNFOUF DPODMVJEP RVF ²MB BQMJDBDJwO EF MBT BNOJTUrBT
IBDFJOF¾DBDFTZTJOWBMPSMBTPCMJHBDJPOFTJOUFSOBDJPOBMFTEFMPT&TUBEPTQBSUFT
JNQVFTUBTQPSFMBSUrDVMPEFMB$POWFODJwO<"NFSJDBOBTPCSF%FSFDIPT)VNBOPT>
FODPOTFDVFODJBDPOTUJUVZFOVOBWJPMBDJwOEFEJDIPBSUrDVMPZFMJNJOBOMBNFEJEBNgT
FGFDUJWBQBSBQPOFSFOWJHFODJBUBMFTEFSFDIPTDVBMFTFMFOKVJDJBNJFOUPZDBTUJHPB
MPTSFTQPOTBCMFT³%FNBOFSBHFOFSBMMB$*%)IBDPOTJEFSBEPRVFMBT²MFZFT<EF
BNOJTUrB>FMJNJOBOMBNFEJEBNgTFGFDUJWBQBSBMBWJHFODJBEFMPTEFSFDIPTIVNBOPT
WBMFEFDJSFMFOKVJDJBNJFOUPZDBTUJHPBMPTSFTQPOTBCMFT³-B$*%)IBDPOTJEFSBEP
$PNJUn $POUSB MB 5PSUVSB %FDJTJwO EF EF OPWJFNCSF EF $PNVOJDBDJPOFT /P Z
"SHFOUJOB
QgSSBGPTZFO%PDVNFOUPEF/BDJPOFT6OJEBT"TBNCMFB(FOFSBM*OGPSNFTP¾DJB
MFT$VBESBHnTJNPRVJOUPQFSrPEPEFTFTJPOFT4VQMFNFOUP/P"
0CTFSWBDJPOFT¾OBMFT
EFM$PNJUnDPOUSBMB5PSUVSB"[FSCBJZgO%PDVNFOUPEF/BDJPOFT6OJEBT"EFEFOPWJFNCSFEF
QgSSBGPTZ$PODMVTJPOFTZSFDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB$IJMFFO*OGPSNFTPCSF
FMDVBESBHnTJNPTFYUPQFSrPEPEFTFTJPOFT4VQMFNFOUP/P"
EFKVOJPEFZ$PODMVTJP
OFTZSFDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB$IJMF%PDVNFOUPEF/BDJPOFT6OJEBT$"5$$3
EFEFKVOJPQgSSBGPTZ$PODMVTJPOFTZSFDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB1FS|EF
EFOPWJFNCSFEFQgSSBGP%PDVNFOUPEF/BDJPOFT6OJEBT"0CTFSWBDJPOFT¾OBMFTEFM
$PNJUnDPOUSBMB5PSUVSB,JSHVJTUgO%PDVNFOUPEF/BDJPOFT6OJEBT"EFEFOPWJFNCSFEF
QgSSBGPTZZ0CTFSWBDJPOFT¾OBMFTEFM$PNJUnDPOUSBMB5PSUVSB4FOFHBM%PDVNFOUPEF/BDJPOFT
6OJEBT"EFEFKVMJPEFQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnDPOUSBMB5PSUVSB4FOFHBMEPDDJU
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn DPOUSB MB5PSUVSB 1BSBHVBZ EF EF NBZP EF %PDVNFOUP EF /B
DJPOFT6OJEBT"QgSSBGPTZ$PODMVTJPOFTZSFDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB
7FOF[VFMB%PDVNFOUPEF/BDJPOFT6OJEBT$"5$$3EFEFEJDJFNCSFEFQgSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP$IJMF
EFPDUVCSFEF
QgSSBGP 7FS JHVBMNFOUF *OGPSNF /P $BTPT Z $IJMF
EF
PDUVCSFEFQgSSBGP*OGPSNF/P$BTPT
Z$IJMF
EFBCSJMEFQgSSBGP*OGPSNF
/ $BTP *HOBDJP &MMBDVSrB 4+ Z PUSPT &M 4BMWBEPS
EF EJDJFNCSF EF QgSSBGP *OGPSNF /P $BTP -VDJP 1BSBEB $FB Z PUSPT &M 4BMWBEPS
EF FOFSP EF QgSSBGP JOGPSNF/PDBTP.BTBDSFEFMBT)PKBT&M4BMWBEPS
EFTFQUJFNCSFEFQgSSBGP
*OGPSNF /P $BTPT Z "SHFOUJOB
EF EF PDUVCSF EF
F*OGPSNF/P6SVHVBZ
EFEFPDUVCSFEF
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP*HOBDJP&MMBDVSrB4+Z
PUSPT&M4BMWBEPS
EFEJDJFNCSFEFQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
JODPNQBUJCMFT MBT MFZFT EF BNOJTUrB EF "SHFOUJOB $IJMF &M 4BMWBEPS 1FS|
Z 6SVHVBZ DPO MBT PCMJHBDJPOFT EF FTUPT &TUBEPT CBKP MB %FDMBSBDJwO "NFSJDBOB
EFMPT%FSFDIPTZ%FCFSFTEFM)PNCSFZMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT
)VNBOPT
&OMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTEF¾OJwMBJNQVOJEBEDPNP
²MB GBMUB FO TV DPOKVOUP EF JOWFTUJHBDJwO QFSTFDVDJwO DBQUVSB FOKVJDJBNJFOUP Z
DPOEFOBEFMPTSFTQPOTBCMFTEFMBTWJPMBDJPOFTEFMPTEFSFDIPT³ZDPOTJEFSwRVF
²FM&TUBEPUJFOFMBPCMJHBDJwOEFDPNCBUJSUBMTJUVBDJwOQPSUPEPTMPTNFEJPTMFHBMFT
EJTQPOJCMFTZBRVFMBJNQVOJEBEQSPQJDJBMBSFQFUJDJwODSwOJDBEFMBTWJPMBDJPOFTEF
EFSFDIPTIVNBOPTZMBUPUBMJOEFGFOTJwOEFMBTWrDUJNBTZEFTVTGBNJMJBSFT³-B$PSUF
TFvBMwFORVF²<F>M&TUBEPUJFOFFMEFCFSEFFWJUBSZDPNCBUJSMBJNQVOJEBE³
1PTUFSJPSNFOUFFOTVQSJNFSQSPOVODJBNJFOUPTPCSFVOBBNOJTUrBMB$PSUFDPOTJ
EFSw RVF ²TPO JOBENJTJCMFT MBT EJTQPTJDJPOFT EF BNOJTUrB MBT EJTQPTJDJPOFT EF
QSFTDSJQDJwOZFMFTUBCMFDJNJFOUPEFFYDMVZFOUFTEFSFTQPOTBCJMJEBERVFQSFUFOEBO
JNQFEJSMBJOWFTUJHBDJwOZTBODJwOEFMPTSFTQPOTBCMFTEFMBTWJPMBDJPOFTHSBWFTEF
MPTEFSFDIPTIVNBOPTUBMFTDPNPMBUPSUVSBMBTFKFDVDJPOFTTVNBSJBTFYUSBMFHBMFT
P BSCJUSBSJBT Z MBT EFTBQBSJDJPOFT GPS[BEBT UPEBT FMMBT QSPIJCJEBT QPS DPOUSBWFOJS
EFSFDIPT JOEFSPHBCMFT SFDPOPDJEPT QPS FM %FSFDIP *OUFSOBDJPOBM EF MPT %FSFDIPT
)VNBOPT³ &O FTB TFOUFODJB MB $PSUF TFvBMw RVF MB JNQVOJEBE FO QBSUJDVMBS
NFEJBOUF FM PUPSHBNJFOUP EF BNOJTUrBT DPOTUJUVZF VOB WJPMBDJwO EF MB PCMJHBDJwO
EFHBSBOUJ[BSMPTEFSFDIPTBMBQSPUFDDJwOKVEJDJBMZBVOSFDVSTPTFODJMMPZF¾DB[
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTPT
Z"SHFOUJOB
EFPDUVCSFEF
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP$IJMF
EFPDUVCSFEF
QgSSBGP*OGPSNF/P$BTPTZ$IJMF
EFPDUVCSFEF
QgSSBGP*OGPSNF/P$BTPT
Z$IJMF
EFBCSJMEFQgSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP*HOBDJP&MMBDVSrB4+Z
PUSPT&M4BMWBEPS
EFEJDJFNCSFEF*OGPSNF/P$BTP.POTFvPS0TDBS"SOVMGP3P
NFSPZ(BMEgNF[&M4BMWBEPS
EFBCSJMEF*OGPSNF/P$BTP-VDJP1BSBEB$FBZPUSPT
&M4BMWBEPS
EFFOFSPEF*OGPSNF/PDBTP.BTBDSFEFMBT)PKBT&M4BMWBEPS
EFTFQUJFNCSFEFFOUSFPUSPT
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP$IVNCJWJMDBT1FS|
EF
NBS[PEF*OGPSNF/P$BTPÇOHFM&TDPCBS+VSBEPS1FS|
EFGFCSFSPEFQgSSB
GPTZ*OGPSNF/P$BTP)VHP#VTUPT4BBWFESB1FS|
EFPDUVCSFEFQgSSBGPT
Z
F*OGPSNF/P$BTP)nDUPS1nSF[4BMB[BS1FS|
EFGFCSFSPEF7FSJHVBM
NFOUF*OGPSNF/P$BTP.BSUrO+BWJFS3PDB$BTBT1FS|
EFGFCSFSPEFQgSSBGPF
*OGPSNF/P$BTP&TUJMFT3VJ[%gWJMB1FS|
EFEFGFCSFSPEF
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTPT
Z6SVHVBZ
EFEFPDUVCSF
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFMB²1BOFM#MBODB³1BOJBHVB.PSBMFTZPUSPT
WT(VB
UFNBMB4FOUFODJBEFEFNBS[PEF4FSJF$/PQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP/JDIPMBT#MBLFWT(VBUFNBMB4FOUFODJB3FQBSBDJPOFTZ
$PTUBT
EFEFFOFSPEF4FSJF$/PQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP#BSSJPT"MUPTWT1FS|4FOUFODJBEFEFNBS[PEF
4FSJF$/PQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
BNQBSBEPT QPS MPT BSUrDVMPT Z EF MB $POWFODJwO "NFSJDBOB TPCSF %FSFDIPT
IVNBOPTZFOHFOFSBMEFTVEFCFSEFHBSBOUJ[BSQMFOBNFOUFFMHPDFZEJTGSVUFEF
MPTEFSFDIPTIVNBOPT
D&MEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP
-PTDPO¿JDUPTBSNBEPTGVFSPOIJTUwSJDBNFOUFFTDFOBSJPTQSPQJDJPTQBSBFMPUPSHB
NJFOUPEFBNOJTUrBTZNFEJEBTTJNJMBSFTBM¾OBMEFMBTIPTUJMJEBEFT%FIFDIPFM
BSUrDVMP
EFM1SPUPDPMPBEJDJPOBMBMPT$POWFOJPTEF(JOFCSBEFMEFBHPTUP
EFSFMBUJWPBMBQSPUFDDJwOEFMBTWrDUJNBTEFMPTDPO¿JDUPTBSNBEPTTJODBSgDUFS
JOUFSOBDJPOBM 1SPUPDPMP **
FTUJQVMB RVF ²<B> MB DFTBDJwO EF MBT IPTUJMJEBEFT MBT
BVUPSJEBEFT FO FM QPEFS QSPDVSBSgO DPODFEFS MB BNOJTUrB NgT BNQMJB QPTJCMF B
MBTQFSTPOBTRVFIBZBOUPNBEPQBSUFFOFMDPO¿JDUPBSNBEPPRVFTFFODVFOUSFO
QSJWBEBTEFMJCFSUBEJOUFSOBEBTPEFUFOJEBTQPSNPUJWPTSFMBDJPOBEPTDPOFMDPO¿JDUP
BSNBEP³ &TUB OPSNB GVF JOWPDBEB FO OP QPDBT PQPSUVOJEBEFT QBSB BNOJTUJBS B
BVUPSFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTFJOGSBDDJPOFTBMEFSFDIPJOUFS
OBDJPOBMIVNBOJUBSJPDPNFUJEBTEVSBOUFDPO¿JDUPTJOUFSOPT
/PPCTUBOUFFM$PNJUn*OUFSOBDJPOBMEFMB$SV[3PKB$*$3
EFTDBSUwVOBJOUFSQSFUBDJwO
BNQMJBZVOBBQMJDBDJwOMBYBEFFTUBOPSNB"TrFOFM$*$3DPOTJEFSwRVFMBT
BNOJTUrBTQSFWJTUBTBMBSUrDVMP
EFM1SPUPDPMP**OPQVFEFODPCJKBSJOGSBDDJPOFT
BMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPDPNPTPOMPTIPNJDJEJPTBSCJUSBSJPTMBUPSUVSB
ZMBTEFTBQBSJDJPOFTGPS[BEBT&M$*$3SFDPSEwRVF²<M>PTUSBCBKPTQSFQBSBUPSJPTEFM
BSUrDVMP
JOEJDBORVFFTUFQSFDFQUPUJFOFFMQSPQwTJUPEFBMFOUBSMBBNOJTUrB<>
DPNPVOBFTQFDJFEFMJCFSBDJwOBMUnSNJOPEFMBTIPTUJMJEBEFTQBSBRVJFOFTGVFSPO
EFUFOJEPTPTBODJPOBEPTQPSFMNFSPIFDIPEFIBCFSQBSUJDJQBEPFOMBTIPTUJMJEBEFT
/PQSFUFOEFTFSVOBBNOJTUrBQBSBBRVFMMPTRVFIBOWJPMBEPFM%FSFDIPIVNBOJUBSJP
JOUFSOBDJPOBM³&M$*$3IBEFTUBDBEPRVFUBMFTBNOJTUrBT²TFSrBOUBNCJnOJODPN
QBUJCMFTDPOMBOPSNB<EFEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJP>RVFPCMJHBBMPT
&TUBEPTBJOWFTUJHBSZFOKVJDJBSBMPTTPTQFDIPTPTEFIBCFSDPNFUJEPDSrNFOFTEF
HVFSSBFODPO¿JDUPTBSNBEPTOPJOUFSOBDJPOBMFT³
*CJEFN
$BSUBEFM$*$3EJSJHJEBBM'JTDBMEFM5SJCVOBM1FOBMQBSBMB"OUJHVB:VHPTMBWJBFOFMBvP0SJHJOBMFOJO
HMnTUSBEVDDJwOMJCSF
&M$*$3SFJUFSwFTUBJOUFSQSFUBDJwOFOPUSBDPNVOJDBDJwOGFDIBEBEFBCSJMEF
+FBO.BSJF)FODLBFSUTZ-PVJTF%PTXBME#FDL%FSFDIPJOUFSOBDJPOBMIVNBOJUBSJPDPOTVFUVEJOBSJP°7PMV
NFO*/PSNBT&E$PNJUn*OUFSOBDJPOBMEFMB$SV[3PKBQgHJOB
(6Ê"1"3"130'&4*0/"-&4/P
E &NFSHFODJBEFMPTUSJCVOBMFTBEIPDZMB$PSUF1FOBM*OUFSOBDJPOBM
-B DSFBDJwO EF MPT 5SJCVOBMFT BE IPD QBSB MB FY :VHPTMBWJB Z QBSB 3VBOEB Z EFM
5SJCVOBM &TQFDJBM QBSB 4JFSSB -FPOB BTr DPNP EF MB $PSUF 1FOBM *OUFSOBDJPOBM
IBO DPOUSJCVJEP FOPSNFNFOUF QPS VO MBEP B EFTMFHJUJNBS FM EJTDVSTP QPMrUJDP EF
MB JNQVOJEBE DPNP NBM OFDFTBSJP Z QPS PUSP B TVTUFOUBS FO OPSNBT EF EFSFDIP
JOUFSOBDJPOBM MB PCMJHBDJwO EF JNQFEJS MB JNQVOJEBE EF MPT DSrNFOFT NgT HSBWFT
CBKP FM EFSFDIP JOUFSOBDJPOBM Z EF TPNFUFS B MB KVTUJDJB B TVT BVUPSFT $PNP CJFO
MPEFTDSJCJSrBFM4FDSFUBSJP(FOFSBMEFMBT/BDJPOFT6OJEBT²&TUPTUSJCVOBMFTSFQSF
TFOUBOMPHSPTIJTUwSJDPTFOMBEFUFSNJOBDJwOEFMBSFTQPOTBCJMJEBEQPSJOGSBDDJPOFT
HSBWFTEFMPTEFSFDIPTIVNBOPTZFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPDPNFUJEBT
QPSBVUPSJEBEFTDJWJMFTZNJMJUBSFTZSF¿FKBOMBDSFDJFOUFUFOEFODJBEFMBDPNVOJEBE
JOUFSOBDJPOBMEFQBTBSEFMBUPMFSBODJBEFMBJNQVOJEBEZMBBNOJTUrBBVOJNQFSJPEF
MBMFZFOFMQMBOPJOUFSOBDJPOBM³
&OFGFDUPMBKVSJTQSVEFODJBJOUFSOBDJPOBMIBDPO¾SNBEPMBJOBQMJDBCJMJEBEEFBNOJT
UrBTPNFEJEBTBOgMPHBTFODBTPTEFHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTDSr
NFOFTEFHVFSSBZDSrNFOFTEFMFTBIVNBOJEBE"TrFM5SJCVOBM1FOBM*OUFSOBDJPOBM
QBSBMBFY:VHPTMBWJBDPOTJEFSwRVFFMWBMPSEFKVTDPHFOTEFMBQSPIJCJDJwOBCTPMVUB
EFMBUPSUVSBFOUBOUPOPSNBJNQFSBUJWBEFMEFSFDIPJOUFSOBDJPOBMQSJWBEFMFHJUJ
NJEBEUPEPBDUPMFHJTMBUJWPBENJOJTUSBUJWPPKVEJDJBMRVFBVUPSJ[BUPMFSBPDPNPMB
BNOJTUrBDPOEPOFMBUPSUVSB&M5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOBIBDPODMVJEP
RVFFT²VOBOPSNBDSJTUBMJ[BEBEFMEFSFDIPJOUFSOBDJPOBMFMRVFVOHPCJFSOPOPQVF
EFDPODFEFSBNOJTUrBQBSBTFSJPTDSrNFOFTCBKPEFSFDIPJOUFSOBDJPOBM³
F -PTwSHBOPTQPMrUJDPTEFMTJTUFNBEF/BDJPOFT6OJEBT
&TUFQSPDFTPUFOESrBHSBEVBMNFOUFTVTFGFDUPTFOMPTwSHBOPTQPMrUJDPTEFMTJTUFNB
EFMB0/6DPNPMPBUFTUBOMBTEJTUJOUBTSFTPMVDJPOFTEFMB"TBNCMFB(FOFSBM"Tr
DBCFEFTUBDBSMBSFTPMVDJwOEFMB"TBNCMFB(FOFSBMTPCSF)BJUrEFFOMBDVBM
²<S>FB¾SNB MB JNQPSUBODJB EF MBT JOWFTUJHBDJPOFT FNQSFOEJEBT QPS MB $PNJTJwO
/BDJPOBM EF MB7FSEBE Z MB +VTUJDJB QBSB DPNCBUJS MB JNQVOJEBE Z DPOTFHVJS RVF FM
&M5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBGVFDSFBEPQPSMB3FTPMVDJwOEFEFNBZPEF
Z5SJCVOBM1FOBM*OUFSOBDJPOBMQBSB3VBOEBQPS3FTPMVDJwOEFEFOPWJFNCSFEFEFM$POTFKPEF
4FHVSJEBEEFMBT/BDJPOFT6OJEBT
3FTPMVDJwO
EFM$POTFKPEF4FHVSJEBEEFEFBHPTUPEF
&M&TUBEPEFEFSFDIPZMBKVTUJDJBEFUSBOTJDJwOFOMBTTPDJFEBEFTRVFTVGSFOPIBOTVGSJEPDPO¿JDUPT*OGPSNFEFM
4FDSFUBSJP(FOFSBM%PDVNFOUPEF/BDJPOFT6OJEBT4EFEFBHPTUPEFQgSSBGP
5SJCVOBMQFOBMQBSBMBFY:VHPTMBWJB4FOUFODJBEFEFEJDJFNCSFEF$BTP&M'JTDBMD"OUP'VSVOE[JKB
&YQFEJFOUF/P*55QgSSBGP
5SJCVOBM &TQFDJBM QBSB 4JFSSB -FPOB 4BMB EF "QFMBDJPOFT 4FOUFODJB FYDFQDJPOFT QSFMJNJOBSFT
EF EF NBZP EF $BTP &M 'JTDBM D .PJOJOB 'PGBOB $BTP /P 4$4-"3F
PSJHJOBM FO JOHMnT
USBEVDDJwOMJCSF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
QSPDFTPEFUSBOTJDJwOZSFDPODJMJBDJwOOBDJPOBMTFBBVUnOUJDPZFGFDUJWPZFYIPSUB
OVFWBNFOUFBM(PCJFSOPEF)BJUrBRVFTPNFUBBKVJDJPBMPTBVUPSFTEFMBTWJPMBDJPOFT
EFMPTEFSFDIPTIVNBOPT³*HVBMNFOUFDBCFEFTUBDBSMB3FTPMVDJwOTPCSFFM,INFS
3PVHFEFFOMBDVBMMB"TBNCMFB(FOFSBMDMBSBNFOUFBCBOEPOBTVEPDUSJOB
QFSNJTJWB TPCSF MBT BNOJTUrBT DPNP HBKF B QBHBS QPS FM SFUPSOP EF MB OPSNBMJEBE
JOTUJUVDJPOBMBMSFDPOPDFSRVF²MBSFTQPOTBCJMJEBEEFMPTBVUPSFTEFUSBOTHSFTJPOFT
HSBWFTEFMPTEFSFDIPTIVNBOPTFTVOPEFMPTFMFNFOUPTGVOEBNFOUBMFTEFUPEB
SFQBSBDJwO FGFDUJWB QBSB MBT WrDUJNBT EF FMMBT Z VO GBDUPS FTFODJBM QBSB RVF IBZB
VO TJTUFNB KVEJDJBM JNQBSDJBM Z FRVJUBUJWP Z FO |MUJNB JOTUBODJB QBSB MPHSBS MB
SFDPODJMJBDJwOZMBFTUBCJMJEBEEFOUSPEFM&TUBEP³
"TJNJTNP FM $POTFKP EF 4FHVSJEBE EF MBT /BDJPOFT 6OJEBT GVF BCBOEPOBOEP
QBVMBUJOBNFOUF MB WJFKB EPDUSJOB QPMrUJDB EF MB 0/6 FO NBUFSJB EF BNOJTUrBT F
JNQVOJEBE&OTVDFTJWBTSFTPMVDJPOFTSFMBUJWBTBMPTOJvPTZMPTDPO¿JDUPTBSNBEPT
FM $POTFKP EF 4FHVSJEBE GVF QPOJFOEP EF SFMJFWF ²MB SFTQPOTBCJMJEBE RVF UJFOFO
UPEPT MPT &TUBEPT EF QPOFS ¾O B MB JNQVOJEBE Z FOKVJDJBS B MPT SFTQPOTBCMFT EF
HFOPDJEJP DSrNFOFT EF MFTB IVNBOJEBE Z DSrNFOFT EF HVFSSB Z B FTF SFTQFDUP
<TVCSBZw> MB OFDFTJEBE EF FYDMVJS FTPT DSrNFOFT TJFNQSF RVF TFB QPTJCMF EF MBT
EJTQPTJDJPOFTTPCSFBNOJTUrBZMFZFTQFSUJOFOUFT³1PTUFSJPSNFOUFFM$POTFKPEF
4FHVSJEBEBCBOEPOwMBSFGFSFODJB²TJFNQSFRVFTFBQPTJCMF³ZTFMJNJUwBSFDPSEBS
²MBSFTQPOTBCJMJEBEEFMPT&TUBEPTEFQPOFS¾OBMBJNQVOJEBEZMMFWBSBOUFMBKVTUJDJB
BMPTSFTQPOTBCMFTEFHFOPDJEJPDSrNFOFTEFMFTBIVNBOJEBEDSrNFOFTEFHVFSSB
Z PUSPT DSrNFOFT BUSPDFT QFSQFUSBEPT DPOUSB MPT OJvPT³ &O MPT |MUJNPT BvPT FM
$POTFKP EF 4FHVSJEBE IB JOTUBEP B WBSJPT QBrTFT IB QPOFS ¾O B MB JNQVOJEBE Z B
IBDFS²DPNQBSFDFSTJOEFNPSBBOUFMBKVTUJDJBBMPTBVUPSFTEFWJPMBDJPOFTHSBWFT
EF MPT EFSFDIPT IVNBOPT Z EFM EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP³ &O WBSJBT
SFTPMVDJPOFTFM$POTFKPEF4FHVSJEBEDPO¾SNwRVFOPQVFEFODPODFEFSTFBNOJTUrBT
QBSBFMHFOPDJEJPMPTDSrNFOFTEFMFTBIVNBOJEBEMPTDSrNFOFTEFHVFSSBZPUSBT
3FTPMVDJwO²4JUVBDJwOEFMPTEFSFDIPTIVNBOPTFO)BJUr³EFEFEJDJFNCSFEFQgSSBGP
3FTPMVDJwO²1SPDFTPTDPOUSBFM,INFS3PVHF³EFMB"TBNCMFB(FOFSBMEFEFEJDJFNCSFEF
QgSSBGPEFMQSFgNCVMP7FSJHVBMNFOUFMB3FTPMVDJwO/PEFEFEJDJFNCSFEFQgSSBGP
FOMBRVFMB"TBNCMFB(FOFSBMQJEFBMPT&TUBEPTNJFNCSPTEFMBT/BDJPOFT6OJEBTMMFWBSBOUFMBKVTUJDJBB
MPTSFTQPOTBCMFTEFMPTTFDVFTUSPTEFOJvPT
3FTPMVDJwO
EFEFBHPTUPEFQgSSBGP&OFMNJTNPTFOUJEPWFS3FTPMVDJwO
EFEFOPWJFNCSFEFQgSSBGPPQFSBUJWP
3FTPMVDJwO
EFEF+VMJPEFQgSSBGPEFMQSFgNCVMP&OFMNJTNPTFOUJEPWFSMB3FTPMV
DJwO
EFEFBCSJMEFQgSSBGPEFMQSFgNCVMP
ZMB3FTPMVDJwO
EFEFFOFSP
EFQgSSBGPEFMQSFgNCVMP
3FTPMVDJwO
EFEFNBZPEF3FQ|CMJDB%FNPDSgUJDBEFM$POHPQgSSBGP7FSJHVBM
NFOUF3FTPMVDJwO
EFEFNBZPEF$PTUBEF.BS¾MQgSSBGP3FTPMVDJwO
EFEFGFCSFSPEF)BJUrQgSSBGP3FTPMVDJwO
EFEFEJDJFNCSFEF3FQ|CMJDB
%FNPDSgUJDBEFM$POHPQgSSBGP3FTPMVDJwO
EFEFEJDJFNCSFEF#VSVOEJQgSSBGP
Z3FTPMVDJwO
EFEFFOFSPEF3FHJwOEFMPT(SBOEFT-BHPTEFÇGSJDBQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
TFSJBTWJPMBDJPOFTBMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP$BCFJHVBMNFOUFEFTUBDBS
RVFMPTFTUBUVUPTEFUSJCVOBMFTEFDBSgDUFSJOUFSOBDJPOBMPUSJCVOBMFT²IrCSJEPT²
FTUBCMFDJEPTQPSFM$POTFKPEF4FHVSJEBEPCBKPTVTBVTQJDJPTIBOFYQSFTBNFOUF
FYDMVJEPMBBQMJDBDJwOPFMSFDPOPDJNJFOUPKVSrEJDPEFBNOJTUrBTQBSBMPTDSrNFOFT
DPOUSBMBIVNBOJEBEMPTDSrNFOFTEFHVFSSBZMPTBDUPTUFSSPSJTUBT
&TJNQPSUBOUFBOPUBSRVFFOWBSJBTSFTPMVDJPOFTFM$POTFKPEF4FHVSJEBEIBEFTUBDBEP
MBSFTQPOTBCJMJEBEEFMPT&TUBEPTEFQPOFS¾OBMBJNQVOJEBEZEFQSPDFTBSBMPT
SFTQPOTBCMFTEFDPNFUFSWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP
FOCBTFBMBTPCMJHBDJPOFTRVFMFTJNQPOFFMEFSFDIPJOUFSOBDJPOBM"TJNJTNPFM
$POTFKPEF4FHVSJEBEIBSFDPOPDJEPRVF²FMSFTQFUPEFMPTEFSFDIPTIVNBOPTMBT
EFCJEBTHBSBOUrBTQSPDFTBMFTZMBMVDIBDPOUSBMBEFMJODVFODJBZFM¾OEFMBJNQVOJEBE
TPOFTFODJBMFTQBSBHBSBOUJ[BSFMFTUBEPEFEFSFDIPZMBTFHVSJEBE³"EFNgTFM
$POTFKPEF4FHVSJEBEIBFYQSFTBEPFOEJTUJOUBTPQPSUVOJEBEFTTV²EFUFSNJOBDJwO
<©> EF QPOFS ¾O B MB JNQVOJEBE FTUBCMFDFS FM &TUBEP EF EFSFDIP QSPNPWFS FM
SFTQFUP EF MPT EFSFDIPTIVNBOPTZSFTUBCMFDFSZNBOUFOFSMBQB[ZMBTFHVSJEBE
JOUFSOBDJPOBMFT EF DPOGPSNJEBE DPO FM EFSFDIP JOUFSOBDJPOBM Z MPT QSPQwTJUPT Z
QSJODJQJPTEFMB$BSUB³1PS|MUJNPFM$POTFKPIBEFTUBDBEPRVF²FTFTFODJBMQPOFS
¾OBMBJNQVOJEBEQBSBRVFVOBTPDJFEBEFODPO¿JDUPPRVFTFFTUgSFDVQFSBOEPEF
VODPO¿JDUPQVFEBFOGSFOUBSMBSFBMJEBEEFMPTBCVTPTDPNFUJEPTFOFMQBTBEPDPOUSB
MPTDJWJMFTBGFDUBEPTQPSFMDPO¿JDUPBSNBEPZFWJUBSFTPTBCVTPTFOFMGVUVSP³
&TUBFWPMVDJwOTFIBSF¿FKBEPJHVBMNFOUFFOMBBDDJwOEFMBT/BDJPOFT6OJEBTFO
MBT UBSFBT EF NBOUFOJNJFOUP EF MB QB[ &O FGFDUP MB MVDIB DPOUSB MB JNQVOJEBE
7FS FOUSF PUSBT 3FTPMVDJwO $SPBDJB EF EF +VMJP EF Z 3FTPMVDJwO 4JFSSB
-FPOBEFEFBHPTUPEF
&MBSUrDVMPEFM&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOBSFTQBMEBEPQPSFM$POTFKPEF4FHVSJEBE
3FTPMVDJwO
FTUJQVMBRVF²-BBNOJTUrBDPODFEJEBBVOBQFSTPOBSFTQFDUPEFMBDVBMFM5SJCVOBM
&TQFDJBMUFOHBDPNQFUFODJBFOSFMBDJwODPOVOPEFMPTDSrNFOFTBRVFTFIBDFSFGFSFODJBFOMPTBSUrDVMPT
BEFMQSFTFOUF&TUBUVUP<DSrNFOFTDPOUBMBIVNBOJEBEJOGSBDDJPOFTBMBSUrDVMPDPN|OEFMPT$POWFOJPT
EF(JOFCSBZBM1SPUPDPMP**EFMPTEFMPT$POWFOJPTEF(JOFCSBZPUSBTHSBWFTJOGSBDDJPOFTBM%FSFDIPJOUFS
OBDJPOBMIVNBOJUBSJP>OPDPOTUJUVJSgVOJNQFEJNFOUPQBSBFMQSPDFTBNJFOUP³&M"DVFSEPFOUSFMBT/BDJPOFT
6OJEBTZMB3FQ|CMJDB-JCBOFTBSFMBUJWPBMFTUBCMFDJNJFOUPEFVO5SJCVOBM&TQFDJBMQBSBFM-rCBOPBSUrDVMP
ZFM&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSBFM-rCBOPBSUrDVMP
FOEPSTBEPTQPSMB3FTPMVDJwO
EF
EFNBZPEFEFM$POTFKPEF4FHVSJEBEFYDMVZFOMBBQMJDBDJwOEFMBBNOJTUrBQBSBEFMJUPTUFSSPSJTUBT
3FTPMVDJwO
²1SPUFDDJwOEFMPTDJWJMFTFOMPTDPO¿JDUPTBSNBEPT³EFEFBCSJMEFQgSSBGP
7FSJHVBMNFOUF3FTPMVDJwO
²1SPUFDDJwOEFMPTDJWJMFTFOMPTDPO¿JDUPTBSNBEPT³EFEF
EJDJFNCSFEFQgSSBGP
3FTPMVDJwO
EFEFPDUVCSFEF)BJUrQSFgNCVMP&OFTFNJTNPTFOUJEPWFSMB3FTPMVDJwO
EFEFNBS[P4JFSSB-FPOB
3FTPMVDJwO
EFEFKVOJPEF4JFSSB-FPOBQSFgNCVMP
3FTPMVDJwO
²1SPUFDDJwOEFMPTDJWJMFTFOMPTDPO¿JDUPTBSNBEPT³EFEFBCSJMEFQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
TFSrB JOUFHSBEB BM NBOEBUP EF MBT NJTJPOFT EF UFSSFOP EF MBT /BDJPOFT 6OJEBT
&M4FDSFUBSJP(FOFSBMEFMBT/BDJPOFT6OJEBTSFDPNFOEwBM$POTFKPEF4FHVSJEBE
²<B>TFHVSBSTFEFRVFFOMPTBDVFSEPTEFQB[ZMBTSFTPMVDJPOFTZMPTNBOEBUPT<©>
D
4FSFDIBDFMBBNOJTUrBFODBTPTEFHFOPDJEJPDSrNFOFTEFHVFSSBPDSrNFOFTEF
MFTBIVNBOJEBEJODMVJEPTMPTEFMJUPTJOUFSOBDJPOBMFTSFMBDJPOBEPTDPOMBFUOJBFM
HnOFSPZFMTFYPZTFHBSBOUJDFRVFOJOHVOBBNOJTUrBDPODFEJEBDPOBOUFSJPSJEBE
DPOTUJUVZB VO PCTUgDVMP QBSB FM FOKVJDJBNJFOUP BOUF DVBMRVJFS USJCVOBM DSFBEP P
BTJTUJEPQPSMBT/BDJPOFT6OJEBT<©>F
4FEJTQPOHBRVFUPEPTMPTQSPDFTPTKVEJ
DJBMFT USJCVOBMFT Z FOKVJDJBNJFOUPT TFBO DSFrCMFT KVTUPT Z DPNQBUJCMFT DPO MBT
OPSNBTJOUFSOBDJPOBMFTTPCSFMBJOEFQFOEFODJBZMBJNQBSDJBMJEBEEFMBKVEJDBUVSBMB
F¾DBDJBZMBJNQBSDJBMJEBEEFMPT¾TDBMFTZMBJOUFHSJEBEEFMQSPDFTPKVEJDJBM<Z>G 4F
SFDPOP[DBOZSFTQFUFOMPTEFSFDIPTEFMBTWrDUJNBTZMPTBDVTBEPTEFDPOGPSNJEBE
DPO MBT OPSNBT JOUFSOBDJPOBMFT <©> Z TF HBSBOUJDF RVF MPT QSPDFEJNJFOUPT EF
SFQBSBDJwODPNQSFOEBONFEJEBTFTQFDr¾DBTQBSBTVQBSUJDJQBDJwOZQSPUFDDJwO³
&OFGFDUPWBSJBTEFMBTNJTJPOFTZPQFSBDJPOFTFOFMUFSSFOPIBOSFDJCJEPFMNBOEBUP
EFM $POTFKP EF 4FHVSJEBE QBSB EFTQMFHBS BDUJWJEBEFT DPO NJSBT B QPOFS ¾O B MB
JNQVOJEBEZBIBDFSDPNQBSFDFSBOUFMBKVTUJDJBBMPTSFTQPOTBCMFTEFWJPMBDJPOFT
HSBWFTEFMPTEFSFDIPTIVNBOPTZFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP
-PTJOGPSNFTEFM4FDSFUBSJP(FOFSBMTPCSFPQFSBDJPOFTEFUFSSFOPUSJCVOBMFTJOUFSOB
DJPOBMFTPKVTUJDJBEFUSBOTJDJwOTJTUFNBUJ[BOMPRVFFTIPZMBEPDUSJOBZQSgDUJDBEF
MBT/BDJPOFT6OJEBTFONBUFSJBEFJNQVOJEBE&M4FDSFUBSJP(FOFSBMIBEFDMBSBEP
RVFFTJOEJTQFOTBCMFMMFWBSBOUFMBKVTUJDJBBMPTBVUPSFTEFHSBWFTWJPMBDJPOFTEF
EFSFDIPT IVNBOPT Z EF DSrNFOFT JOUFSOBDJPOBMFT QBSB EFTBMFOUBS MB DPNJTJwO EF
OVFWPTDSrNFOFT²$VBMRVJFSBQBSJFODJBEFJNQVOJEBEFOGBWPSEFMPTQFSQFUSBEPSFT
QVFEFDSFBSVOBVUnOUJDPPCTUgDVMPBMQSPDFTPEFC|TRVFEBEFVOBTPMVDJwOQBDr¾DB
7FS FOUSF PUSPT 4nQUJNP *OGPSNF EFM 4FDSFUBSJP (FOFSBM EF MBT /BDJPOFT 6OJEBT TPCSF MB .JTJwO EF
0CTFSWBDJwOFO4JFSSB-FPOF%PDVNFOUPEF/BDJPOFT6OJEBT4EFEFKVMJPEFQgSSBGP
(SVQPTPCSFMBT0QFSBDJPOFTEF1B[EFMBT/BDJPOFT6OJEBT%PDVNFOUPEF/BDJPOFT6OJEBT"
4EFEFPDUVCSFEF&M&TUBEPEFEFSFDIPZMBKVTUJDJBEFUSBOTJDJwOFOMBTTPDJFEBEFTRVF
TVGSFOPIBOTVGSJEPDPO¿JDUPT*OGPSNFEFM4FDSFUBSJP(FOFSBM%PDVNFOUPEF/BDJPOFT6OJEBT4
EFBHPTUPEFQgSSBGPTZF*OGPSNFEFM4FDSFUBSJP(FOFSBMTPCSFMBKVTUJDJBZMBSFDPODJMJBDJwO
FO5JNPS-FTUF%PDVNFOUPEF/BDJPOFT6OJEBT4EFEFKVMJPEFQgSSBGP
&M&TUBEPEFEFSFDIPZMBKVTUJDJBEFUSBOTJDJwOFOMBTTPDJFEBEFTRVFTVGSFOPIBOTVGSJEPDPO¿JDUPT*OGPS
NFEFM4FDSFUBSJP(FOFSBM%PDVNFOUPEF/BDJPOFT6OJEBT4EFBHPTUPEFQgSSBGPT
Z
7FS QPS FKFNQMP 3FTPMVDJwO EF EF NBZP EF QgSSBGP D
TPCSF FM NBOEBUP EF MB
.JTJwOEFMBT/BDJPOFT6OJEBTFOMB3FQ|CMJDB%FNPDSgUJDBEFM$POHP.0/6$
3FTPMVDJwO
EFEFFOFSPEFQgSSBGPL
TPCSFFMNBOEBUPEFMB0QFSBDJwOEFMBT/BDJPOFT6OJEBTFO$yUF
Eµ*WPJSF0/6$*
3FTPMVDJwO
EFEFPDUVCSFEFQgSSBGPK
TPCSFFMNBOEBUPEFMB
0¾DJOB*OUFHSBEBEFMBT/BDJPOFT6OJEBTFO#VSVOEJ0/6#
3FTPMVDJwO
EFEFBCSJMEF
QgSSBGPB
TPCSFFMNBOEBUPEFMB.JTJwOEF&TUBCJMJ[BDJwOEFMBT/BDJPOFT6OJEBTFO)BJUr.*/645")
3FTPMVDJwO
EFEFNBZPEFQgSSBGPRVFSFWJTBFMNBOEBUPEFMB.JTJwOEF"QPZPEF
MBT/BDJPOFT6OJEBTFO5JNPS0SJFOUBM6/.*4&5
Z3FTPMVDJwO
EFEFBHPTUPEFQgSSBGP
L
TPCSFFMNBOEBUPEFMB.JTJwOEFMBT/BDJPOFT6OJEBTFOFM4VEgO6/.*4
(6Ê"1"3"130'&4*0/"-&4/P
BM DPO¿JDUP QPS NFEJP EF MB OFHPDJBDJwO³ &M 4FDSFUBSJP (FOFSBM SFTVNJw EFM
TJHVJFOUFNPEPMBQPMrUJDBEFMBPSHBOJ[BDJwO
"VORVFSFDPOPDFORVFMBBNOJTUrBFTVODPODFQUPKVSrEJDPBDFQUBEPZVOB
NVFTUSBEFQB[ZSFDPODJMJBDJwOBM¾OBMEFVOBHVFSSBDJWJMPEFVODPO¿JDUP
BSNBEP JOUFSOP MBT /BDJPOFT 6OJEBT NBOUJFOFO TJTUFNgUJDBNFOUF MB
QPTJDJwO EF RVF MB BNOJTUrB OP QVFEF DPODFEFSTF SFTQFDUP EF DSrNFOFT
JOUFSOBDJPOBMFTDPNPFMHFOPDJEJPMPTDSrNFOFTEFMFTBIVNBOJEBEPMBT
JOGSBDDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP<©>6OBBNOJTUrB
DVJEBEPTBNFOUFGPSNVMBEBTFQVFEFBQPZBSFMSFHSFTPZMBSFJOTFSDJwOEF
BNCPTHSVQPTQPSMPDVBMQVFEFTFSSFDPNFOEBCMFTJCJFODPNPTFTFvBMw
BOUFSJPSNFOUFOPEFCFQFSNJUJSTFFOOJOHVOBDJSDVOTUBODJBRVFTJSWBEF
FYDVTB QBSB FM HFOPDJEJP MPT DSrNFOFT EF HVFSSB MPT DSrNFOFT EF MFTB
IVNBOJEBEPMBTJOGSBDDJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPT
-BFNFSHFODJBEFOPSNBTJOUFSOBDJPOBMFT
"¾OBMFTEFMBEnDBEBEFM´TVSHFOMBTQSJNFSBTOPSNBTEFMEFSFDIPJOUFSOBDJPOBM
EF EFSFDIPT IVNBOPT RVF FYQSFTBNFOUF BQVOUBO B MB DVFTUJwO EF MB JNQVOJEBE
6OPEFMPTQSJNFSPTQSFDFEFOUFTOPSNBUJWPTMPDPOTUJUVZFOMPT1SJODJQJPTSFMBUJWPT
BVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEFMBTFKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBT
PTVNBSJBTEFDVZPQSJODJQJPFTUJQVMBRVF²<F>OOJOHVOBDJSDVOTUBODJBOJ
TJRVJFSB FO FTUBEP EF HVFSSB EF TJUJP P FO PUSB FNFSHFODJB Q|CMJDB TF PUPSHBSg
JONVOJEBEHFOFSBMQSFWJBEFQSPDFTBNJFOUPBMBTQFSTPOBTTVQVFTUBNFOUFJNQMJDBEBT
FOFKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBT³-B%FDMBSBDJwOTPCSFMBQSP
UFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBEPQUBEBFO
QPSMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBTDPOTUJUVZFFMTFHVOEPFTUgOEBS
OPSNBUJWP FO MB NBUFSJB &O FGFDUP FM BSUrDVMP EF MB %FDMBSBDJwO QSFTDSJCF RVF
²<M>PTBVUPSFTPQSFTVOUPTBVUPSFTEF<EFTBQBSJDJwOGPS[BEB>OPTFCFOF¾DJBSgOEF
OJOHVOBMFZEFBNOJTUrBFTQFDJBMVPUSBTNFEJEBTBOgMPHBTRVFUFOHBOQPSFGFDUP
FYPOFSBSMPTEFDVBMRVJFSQSPDFEJNJFOUPPTBODJwOQFOBM³"TJNJTNPTVBSUrDVMP
QSFTDSJCFRVFMPTQSFTVOUPTBVUPSFTEFEFMJUPTEFEFTBQBSJDJwOGPS[BEB²TwMPQPESgO
TFSKV[HBEPTQPSMBTKVSJTEJDDJPOFTEFEFSFDIPDPN|ODPNQFUFOUFTFODBEB&TUBEP
DPOFYDMVTJwOEFUPEBPUSBKVSJTEJDDJwOFTQFDJBMFOQBSUJDVMBSMBNJMJUBS³5BNCJnO
*OGPSNFEFM4FDSFUBSJP(FOFSBMQSFQBSBEPFODVNQMJNJFOUPEFMBTSFTPMVDJPOFTEFM$POTFKPEF4FHVSJEBE
Z
%PDVNFOUPEF/BDJPOFT6OJEBT4EFEFFOFSPEF
QgSSBGP
*OGPSNFEFM4FDSFUBSJP(FOFSBMTPCSFFMFTUBCMFDJNJFOUPEFVOUSJCVOBMFTQFDJBMQBSB4JFSSB-FPOB4
EFEFPDUVCSFEFQgSSBGP7FSJHVBMNFOUF*OGPSNFEFM4FDSFUBSJP(FOFSBMTPCSFMBKVTUJDJBZMBSF
DPODJMJBDJwOFO5JNPS-FTUF4EFEFKVMJPEFQgSSBGPTZ
3FTPMVDJwOEFM$POTFKP&DPOwNJDPZ4PDJBMEFMBT/BDJPOFT6OJEBT&$040$
EFEFNBZPEF
3FTPMVDJwOEFEFEJDJFNCSFEF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
DBCF EFTUBDBS MB %FDMBSBDJwO Z FM 1SPHSBNB EF "DDJwO EF MB $POGFSFODJB .VOEJBM
EF %FSFDIPT )VNBOPT 7JFOB KVOJP EF RVF JODMVZw VO QgSSBGP FTUJQVMBOEP
RVF²MPTHPCJFSOPTEFCFOEFSPHBSMBMFHJTMBDJwORVFGBWPSF[DBMBJNQVOJEBEEFMPT
BVUPSFTEFWJPMBDJPOFTHSBWFTEFEFSFDIPTIVNBOPTDPNPMBUPSUVSBZDBTUJHBSFTBT
WJPMBDJPOFTDPOTPMJEBOEPBTrMBTCBTFTEFMJNQFSJPEFMBMFZ³
*HVBMNFOUF DBCF EFTUBDBS MPT 1SJODJQJPT Z EJSFDUSJDFT CgTJDPT TPCSF FM EFSFDIP EF
MBTWrDUJNBTEFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBTJOUFSOBDJPOBMFTEFEFSFDIPT
IVNBOPTZEFWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPBJOUFSQPOFS
SFDVSTPT Z PCUFOFS SFQBSBDJPOFT BEPQUBEPT FO QPS MB "TBNCMFB (FOFSBM EF
MBT/BDJPOFT6OJEBT"VODVBOEPFTUPT1SJODJQJPTOPIBDFOFYQSFTBSFGFSFODJBMB
JNQVOJEBEJODPSQPSBOOVNFSPTBTEJTQPTJDJPOFTFTUSFDIBNFOUFSFMBDJPOBEBTDPOMB
JNQVOJEBE"TJNJTNPDBCFTFvBMBSFM1SPZFDUPEF1SJODJQJPTTPCSFMB"ENJOJTUSBDJwO
EF KVTUJDJB QPS 5SJCVOBMFT .JMJUBSFT BEPQUBEP QPS MB 4VCDPNJTJwO EF 1SPNPDJwO
Z 1SPUFDDJwO EF MPT %FSFDIPT )VNBOPT EF MBT /BDJPOFT 6OJEBT &M 1SJODJQJP ²&OKVJDJBNJFOUP EF MPT BVUPSFT EF WJPMBDJPOFT HSBWFT EF MPT EFSFDIPT IVNBOPT³
QSFTDSJCF RVF ²<F>O UPEP DBTP MB DPNQFUFODJB EF MPT wSHBOPT KVEJDJBMFT NJMJUBSFT
EFCFSrBFYDMVJSTFFOGBWPSEFMBEFMPTUSJCVOBMFTEFKVTUJDJBPSEJOBSJPTQBSBJOTUSVJS
EJMJHFODJBTTPCSFWJPMBDJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPTDPNPMBTFKFDVDJPOFT
FYUSBKVEJDJBMFTMBTEFTBQBSJDJPOFTGPS[BEBTZMBUPSUVSBZQBSBQFSTFHVJSZKV[HBSBMPT
BVUPSFTEFFTPTDSrNFOFT³"VODVBOEPFMQSPDFTPEFBEPQDJwOEFFTUPT1SJODJQJPT
OPIBDVMNJOBEPB|OFM5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTIBDPOTJEFSBEPRVF
SF¿FKBOMBFWPMVDJwOEFMEFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPTFOFMDBNQP
EFMPTUSJCVOBMFTNJMJUBSFT
'JOBMNFOUFIBZRVFEFTUBDBSFM$POKVOUPEFQSJODJQJPTBDUVBMJ[BEPTQBSBMBQSPUFDDJwO
ZMBQSPNPDJwOEFMPTEFSFDIPTIVNBOPTNFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBE&O
MBBOUJHVB$PNJTJwOEF%FSFDIPT)VNBOPTEFMBT/BDJPOFT6OJEBTSFDPNFOEw
BUPEPTMPT&TUBEPTJNQMFNFOUBSFTUPTQSJODJQJPTFOTVTFTGVFS[PTDPOUSBMBJNQV
OJEBE $PO BMHVOBT NPEJ¾DBDJPOFT NFOPSFT FTUF $POKVOUP EF QSJODJQJPT BDUVB
MJ[BEPT SFQSPEVDF FTFODJBMNFOUF FM QSPZFDUP EF $POKVOUP EF QSJODJQJPT QBSB MB
QSPUFDDJwO Z MB QSPNPDJwO EF MPT EFSFDIPT IVNBOPT NFEJBOUF MB MVDIB DPOUSB MB
$POGFSFODJB.VOEJBMEF%FSFDIPT)VNBOPT%FDMBSBDJwOZ1SPHSBNBEF"DDJwOEF7JFOB+VOJP%PDV
NFOUPEF/BDJPOFT6OJEBT%1*0DUPCFS.4FDDJwO**QgSSBGPQgHJOB
3FTPMVDJwOEFEFEJDJFNCSFEFM
&O%PDVNFOUPEF/BDJPOFT6OJEBT&$/EFEFFOFSPEF
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT4FOUFODJBEFMEFNBZPEF$BTP&SHJOD5VSRVrB$PNVOJDB
DJwO/P
Z4FOUFODJBEFEFTFQUJFNCSFEF$BTP.BT[OJD3VNBOJB$PNVOJDBDJwO/P
%PDVNFOUPEF/BDJPOFT6OJEBT&$/"EE
3FTPMVDJwOEFMB$PNJTJwOEF%FSFDIPT)VNBOPTEFEFBCSJMEF
(6Ê"1"3"130'&4*0/"-&4/P
JNQVOJEBEFMBCPSBEPQPS-PVJT+PJOFU&YQFSUPEFMB4VCDPNJTJwOEF1SFWFODJwO
EF%JTDSJNJOBDJPOFTZ1SPUFDDJwOBMBT.JOPSrBTEFMBT/BDJPOFT6OJEBTZBEPQUBEP
QPSFTUFwSHBOPFO-BBOUJHVB$PNJTJwODPOTUBUwRVFFTUPT²<Q>SJODJQJPT<EF
MB4VCDPNJTJwO>TFIBOBQMJDBEPZBFOMPTQMBOPTSFHJPOBMZOBDJPOBMFJOWJUBBPUSPT
&TUBEPTPSHBOJ[BDJPOFTJOUFSHVCFSOBNFOUBMFTZPSHBOJ[BDJPOFTOPHVCFSOBNFOUBMFT
BRVFFTUVEJFOMBQPTJCJMJEBEEFJOUFHSBSMPT1SJODJQJPTFOTVTBDUJWJEBEFTFODBNJOBEBT
BDPNCBUJSMBJNQVOJEBE³5BOUPFM$POKVOUPEFQSJODJQJPTEFMB4VCDPNJTJwODPNP
TVWFSTJwOBDUVBMJ[BEBEFIBOTJEPFNQMFBEPTDPNPSFGFSFOUFTKVSrEJDPTQPS
MB $PNJTJwO Z MB $PSUF *OUFSBNFSJDBOBT QPS BVUPSJEBEFT OBDJPOBMFT BM BEPQUBS
DJFSUBTNFEJEBTEFMVDIBDPOUSBMBJNQVOJEBEZQPSUSJCVOBMFTOBDJPOBMFTFODBVTBT
KVEJDJBMFT7BSJBT$PNJTJPOFTEFMB7FSEBEIBOSFDPNFOEBEPTVJNQMFNFOUBDJwO
$PNPMPTFvBMBSBFO%JBOF0SFOUMJDIFSMBFYQFSUBEFTJHOBEBQBSBMMFWBSBDBCP
MBBDUVBMJ[BDJwOEFM1SPZFDUPEFQSJODJQJPTEFMB4VCDPNJTJwO²MBFWPMVDJwOSFDJFOUF
EFMEFSFDIPJOUFSOBDJPOBMIBDPO¾SNBEPDBUFHwSJDBNFOUFMBWBMJEF[EFM$POKVOUPEF
QSJODJQJPT<EFMBTVCDPNJTJwO>"MHVOPTEFFMMPTBCBSDBOQSJODJQJPTEFMPTUSBUBEPT
EFEFSFDIPTIVNBOPTZEFMEFSFDIPDPOTVFUVEJOBSJPRVFZBFTUBCBOCJFOBTFOUBEPT
FOPUSPTTFIBOWJTUPSBUJ¾DBEPTQPSFWPMVDJPOFTNgTSFDJFOUFTEFMEFSFDIP
JOUFSOBDJPOBM<©>-PTQSJODJQJPTIBODPOTUJUVJEPEFQPSTrVONBSDPJO¿VZFOUFQBSB
MBTNFEJEBTOBDJPOBMFTEFMVDIBDPOUSBMBJNQVOJEBE³
%PDVNFOUP EF /BDJPOFT 6OJEBT &$/4VC3FW BOFYP ** &T JNQPSUBOUF BOPUBS RVF FO TV
JOGPSNF¾OBM%JBOF0SFOUMJDIFSMBFYQFSUBEFTJHOBEBQBSBIBDFSMBBDUVBMJ[BDJwOEFM1SPZFDUPEFQSJODJQJPT
EFMB4VCDPNJTJwOEFTUBDBRVF²<F>OUnSNJOPTHFOFSBMFTMBFWPMVDJwOQFSUJOFOUFEFMEFSFDIPJOUFSOBDJPOBM
IBWFOJEPBDPO¾SNBSDBUFHwSJDBNFOUFMBWBMJEF[EFMPTQSJODJQJPTZBMBWF[IBBQPSUBEPNBZPSFTBDMBSBDJP
OFTTPCSFFMBMDBODFEFMBTPCMJHBDJPOFTKVSrEJDBTFTUBCMFDJEBTEFMPT&TUBEPT³*NQVOJEBE%PDVNFOUPEF
/BDJPOFT6OJEBT&$/EFEFGFCSFSPEF²SFTVNFO³QgHJOB
3FTPMVDJwOEFEFBCSJMQgSSBGP&OFMNJTNPTFOUJEPWFS3FTPMVDJwOEFEF
BCSJMQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPTIVNBOPT$BTP#gNBDB7FMgTRVF[WT(VBUFNBMB4FOUFODJB3FQBSBDJP
OFTZ$PTUBT
EFEFGFCSFSPEF4FSJF$/PQgSSBGP$BTP$BTUJMMP1gF[WT1FS|4FOUFODJB
3FQBSBDJPOFTZ$PTUBT
EFEFOPWJFNCSFEF4FSJF$/PQgSSBGPZ$BTP5SVKJMMP0SP[BWT
#PMJWJB4FOUFODJB3FQBSBDJPOFTZ$PTUBT
EFEF'FCSFSPEF4FSJF$/P3FQBSBDJPOFT1gSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP*HOBDJP&MMBDVSrB4+
ZPUSPT&M4BMWBEPS
EFEJDJFNCSFEF*OGPSNF/P$BTP&M4BMWBEPS
.POTFvPS0TDBS
"SOVMGP3PNFSPZ(BMEgNF[*OGPSNF/P$BTP.BOVFM.wOBHP$BSIVBSJDSBZ&MFB[BS.wOBHP
-BVSB1FS|
EFBCSJMEF*OGPSNF/P$BTP"NnSJDP;BWBMB.BSUrOF[1FS|
EFBCSJM
EF*OGPSNF/P$BTP"MDJEFT4BOEPWBMZPUSPT1FS|
EFBCSJMEF*OGPSNF/P
$BTP7rDUPS.BOVFM0SPQF[B.nYJDP
EFOPWJFNCSFEF*OGPSNF/P$BTP
$BSNFMP4PSJB&TQJOP[B$IJMF
EFOPWJFNCSFEFF*OGPSNF/P$BTP.BOVFM
.FOFTFT4PUBDVSPZ'nMJY*OHB$VZB1FS|
EFBCSJMEF
7FSQPSFKFNQMP"SHFOUJOB%FDSFUP/PEFDSFBDJwOEFM"SDIJWP/BDJPOBMEFMB.FNPSJBEFEFEJ
DJFNCSFEF$PSUF$POTUJUVDJPOBMEF$PMPNCJB4FOUFODJB$EFEFNBZPEF%FNBOEB
EFJODPOTUJUVDJPOBMJEBEDPOUSBFMBSUrDVMPEFMB-FZEFFYQFEJFOUF%Z$PSUF4VQSFNBEF
+VTUJDJB4BMBQFOBM
EF$PMPNCJB%FDJTJwOTPCSFSFDVSTPEFBQFMBDJwOEFEFKVMJPEFDBTP0SMBOEP
$nTBS$BCBMMFSP.POUBMWP5SJCVOBM4VQFSJPSEF"OUJPRVJB"TJNJTNPWFSFMJOGPSNF*NQVOJEBEFO%PDVNFO
UPEF/BDJPOFT6OJEBT&$/EFEFGFCSFSPEF
7FSQPSFKFNQMP$PNJTJwOQBSBFM&TDMBSFDJNJFOUP)JTUwSJDPEF(VBUFNBMB$PODMVTJPOFTZSFDPNFOEBDJP
OFTEFMJOGPSNFEFMB$PNJTJwOQBSBFM&TDMBSFDJNJFOUP)JTUwSJDPQgSSBGP
*NQVOJEBETVQSBOPUBQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&M $POKVOUP EF QSJODJQJPT BDUVBMJ[BEPT QBSB MB QSPUFDDJwO Z MB QSPNPDJwO EF MPT
EFSFDIPT IVNBOPT NFEJBOUF MB MVDIB DPOUSB MB JNQVOJEBE SF¿FKBO FM EFTBSSPMMP
EFMEFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPT"TrMPEFTUBDwMB&YQFSUB²MBT
UFOEFODJBT SFDJFOUFT EFM EFSFDIP Z MB QSgDUJDB IBO DPOTPMJEBEP MPT QSJODJQJPT³
-PT QSJODJQJPT FTUBCMFDFO VOB DMBSB EF¾OJDJwO EF MB JNQVOJEBE FO MPT UnSNJOPT
TJHVJFOUFT
²1PS JNQVOJEBE TF FOUJFOEF MB JOFYJTUFODJB EF IFDIP P EF EFSFDIP EF
SFTQPOTBCJMJEBEQFOBMQPSQBSUFEFMPTBVUPSFTEFWJPMBDJPOFTBTrDPNPEF
SFTQPOTBCJMJEBEDJWJMBENJOJTUSBUJWBPEJTDJQMJOBSJBQPSRVFFTDBQBOBUPEB
JOWFTUJHBDJwODPONJSBTBTVJODVMQBDJwOEFUFODJwOQSPDFTBNJFOUPZFO
DBTPEFTFSSFDPOPDJEPTDVMQBCMFTDPOEFOBBQFOBTBQSPQJBEBTJODMVTPB
MBJOEFNOJ[BDJwOEFMEBvPDBVTBEPBTVTWrDUJNBT³
"TJNJTNPFMQSJODJQJPEFM$POKVOUPEF1SJODJQJPTFTUBCMFDFRVF
²-B JNQVOJEBE DPOTUJUVZF VOB JOGSBDDJwO EF MBT PCMJHBDJPOFT RVF UJFOFO
MPT &TUBEPT EF JOWFTUJHBS MBT WJPMBDJPOFT BEPQUBS NFEJEBT BQSPQJBEBT
SFTQFDUP EF TVT BVUPSFT FTQFDJBMNFOUF FO MB FTGFSB EF MB KVTUJDJB QBSB
RVFMBTQFSTPOBTTPTQFDIPTBTEFSFTQPOTBCJMJEBEQFOBMTFBOQSPDFTBEBT
KV[HBEBT Z DPOEFOBEBT B QFOBT BQSPQJBEBT EF HBSBOUJ[BS B MBT WrDUJNBT
SFDVSTPT F¾DBDFT Z MB SFQBSBDJwO EF MPT QFSKVJDJPT TVGSJEPT EF HBSBOUJ[BS
FMEFSFDIPJOBMJFOBCMFBDPOPDFSMBWFSEBEZEFUPNBSUPEBTMBTNFEJEBT
OFDFTBSJBTQBSBFWJUBSMBSFQFUJDJwOEFEJDIBTWJPMBDJPOFT³
*NQVOJEBETVQSBOPUBQgSSBGP
%F¾OJDJwO*²*NQVOJEBE³FO%PDVNFOUPEF/BDJPOFT6OJEBT&$/"EE
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
$BQrUVMP**
%FMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
ZEFMPTDSrNFOFTCBKPFMEFSFDIPJOUFSOBDJPOBM
%FTQVnT EF MPT IPSSPSFT WJWJEPT EVSBOUF MB TFHVOEB
HVFSSBNVOEJBMMBDPNVOJEBEJOUFSOBDJPOBMDPODMVZw
RVF EFUFSNJOBEBT DPOEVDUBT QPS TV FTQFDJBM HSBWF
EBE Z DPOTFDVFODJBT TPCSF JNQPSUBOUFT TFDUPSFT EF
MB TPDJFEBE IJFSFO BHSBEFO Z BGFDUBO MB DPODJFODJB
NJTNBEFMBIVNBOJEBE<©>&TQPSFMMPRVFEFCFOTFS
DBMJ¾DBEPTDPNPDSrNFOFTRVFWJPMBOFMEFSFDIPJOUFS
OBDJPOBMDPOJOEFQFOEFODJBEFRVFTFIBMMFOPOPDBT
UJHBEPTDPNPEFMJUPTFOBMH|O&TUBEPFOQBSUJDVMBS
"MFKBOESP"SUVDJP
"M BCPSEBS MB DVFTUJwO EF MB JNQVOJEBE EF MBT HSBWFT WJPMBDJPOFT B MPT EFSFDIPT
IVNBOPTFTOFDFTBSJPQSFDJTBSFMBMDBODFEFMBTOPDJPOFTEF²HSBWFTWJPMBDJPOFTB
MPT EFSFDIPT IVNBOPT³ Z EF ²DSrNFOFT CBKP FM EFSFDIP JOUFSOBDJPOBM³ "TJNJTNP
FO UBOUP MBT HSBWFT WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT QVFEFO DPOTUJUVJS FO
EFUFSNJOBEBTDJSDVOTUBODJBTEF¾OJEBTQPSFMEFSFDIPJOUFSOBDJPOBMVO²DSJNFOEF
MFTBIVNBOJEBE³ZVO²DSJNFOEFHVFSSB³SFTVMUB|UJMQSFDJTBSFTUBTOPDJPOFT
%FMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
#BKPFMEFSFDIPJOUFSOBDJPOBMDJFSUBTWJPMBDJPOFTEFEFSFDIPTIVNBOPTTPODBMJ¾DB
EBTEF²HSBWFT³²TFSJBT³²¿BHSBOUFT³P²NBOJ¾FTUBT³-BKVSJTQSVEFODJBZMBEPD
USJOBDPODVFSEBOFORVFBVODVBOEPTFFNQMFBOJOEJTUJOUBNFOUFFTUBTOPDJPOFT
UPEBT BQVOUBO B DBMJ¾DBS Z DBSBDUFSJ[BS FM NJTNP UJQP EF WJPMBDJPOFT EF EFSFDIPT
IVNBOPT
&MEFSFDIPJOUFSOBDJPOBMDPOTJEFSBRVFFOUSFPUSPTBDUPTMBUPSUVSBMBTFKFDVDJPOFT
FYUSBKVEJDJBMFT TVNBSJBT P BSCJUSBSJBT Z MBT EFTBQBSJDJPOFT GPS[BEBT TPO HSBWFT
WJPMBDJPOFTBMPTEFSFDIPTIVNBOPT-B"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBT
FO SFJUFSBEBT PQPSUVOJEBEFT IB SFDPSEBEP RVF MBT FKFDVDJPOFT FYUSBKVEJDJBMFT
"MFKBOESP"SUVDJP²*NQVOJEBEZEFSFDIPJOUFSOBDJPOBM³FO&ODVFOUSPJOUFSOBDJPOBM/PBMBJNQVOJEBE°4r
BMBKVTUJDJB&E$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT(JOFCSBQgHJOB
(6Ê"1"3"130'&4*0/"-&4/P
TVNBSJBTPBSCJUSBSJBTZMBUPSUVSBDPOTUJUVZFOHSBWFTWJPMBDJPOFTBMPTEFSFDIPT
IVNBOPT -B %FDMBSBDJwO TPCSF MB QSPUFDDJwO EF UPEBT MBT QFSTPOBT DPOUSB MBT
EFTBQBSJDJPOFTGPS[BEBTSFJUFSBRVFMBEFTBQBSJDJwOGPS[BEBFTVOBWJPMBDJwOHSBWF
B MPT EFSFDIPT IVNBOPT -B KVSJTQSVEFODJB EF MPT wSHBOPT JOUFSOBDJPOBMFT EF
QSPUFDDJwOEFMPTEFSFDIPTIVNBOPTFTDPJODJEFOUFFOFTUBNBUFSJB&M$PNJUnEF
%FSFDIPT)VNBOPTEFMBT/BDJPOFT6OJEBTIBSFJUFSBEBNFOUFDBMJ¾DBEPBMBUPSUVSB
MBTFKFDVDJPOFTFYUSBKVEJDJBMFTZMBEFTBQBSJDJPOFTGPS[BEBTFOUSFPUSPTBDUPTDPNP
HSBWFTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPT
6OP EF MPT FMFNFOUPT RVF DBSBDUFSJ[B DPNP ²HSBWF³ VOB WJPMBDJwO FT FM DBSgDUFS
JOEFSPHBCMF EF MPT EFSFDIPT IVNBOPT BGFDUBEPT ZP MB WVMOFSBDJwO EF OPSNBT
JNQFSBUJWBT EFM EFSFDIP JOUFSOBDJPOBM KVT DPHFOT
$BCF TFvBMBS RVF FOUSF MBT
OPSNBTEFKVTDPHFOT¾HVSBOMBTQSPIJCJDJPOFTSFMBUJWBTBMBUPSUVSBMBTQSJWBDJPOFT
7FSQPSFKFNQMP3FTPMVDJwO²&KFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTPBSCJUSBSJBT³EFEFEJDJFNCSF
EF 3FTPMVDJwO ²&KFDVDJPOFT FYUSBKVEJDJBMFT TVNBSJBT P BSCJUSBSJBT³ EF EF EJDJFNCSF EF
QgSSBGPZSFTPMVDJwO²&KFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTPBSCJUSBSJBT³EFEFEJDJFNCSF
EF
7FSQPSFKFNQMPMBSFTPMVDJwO²-BUPSUVSBZPUSPTUSBUPTPQFOBTDSVFMFTJOIVNBOPTPEFHSBEBOUFT³
EF EF EJDJFNCSF EF SFTPMVDJwO ²-B UPSUVSB Z PUSPT USBUPT P QFOBT DSVFMFT JOIVNBOPT P
EFHSBEBOUFT³EFEFEJDJFNCSFEFZMBSFTPMVDJwO²-BUPSUVSBZPUSPTUSBUPTZQFOBTDVFMFT
JOIVNBOPTZEFHSBEBOUFT³EFEFGFCSFSPEF7nBTFUBNCJnOMB%FDMBSBDJwOTPCSFMB1SPUFDDJwOEF
5PEBTMBT1FSTPOBTDPOUSBMB5PSUVSBZ0USPT5SBUPTP1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFT$POGFSFODJB
.VOEJBMEF%FSFDIPT)VNBOPT%FDMBSBDJwOZQSPHSBNBEFBDDJwOEF7JFOBKVOJPEFQgSSBGP
3FTPMVDJwO997**
EFEFBHPTUPEFEFMB4VCDPNJTJwOEF1SFWFODJwOEF%JTDSJNJOBDJPOFTZ1SPUFD
DJwOBMBT.JOPSrBT
"SUrDVMP
EFMB%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[B
EBT
7FSMPTJOGPSNFTSFMBUJWPTBMQSPZFDUPEFQSJODJQJPTZEJSFDUSJDFTTPCSFFMEFSFDIPEFMBTWrDUJNBTEFHSB
WFT WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT Z BM EFSFDIP IVNBOJUBSJP B PCUFOFS SFQBSBDJwO FMBCPSBEPT QPS
FM4S5IFPWBO#PWFO3FMBUPS&TQFDJBMEFMB4VCDPNJTJwOEF1SFWFODJwOEF%JTDSJNJOBDJPOFTZ1SPUFDDJwO
B MBT .JOPSrBT EF MBT /BDJPOFT 6OJEBT %PDVNFOUPT EF MBT /BDJPOFT 6OJEBT &$/ &$/
4VCZ&$/4VC
7FSQPSFKFNQMP%FDJTJwOEFEFNBS[PEF$PNVOJDBDJwO/P$BTP#MFJFS-FXIPGGZ7BMJvP
EF#MFJFSD6SVHVBZ%FDJTJwOEFEFNBS[PEF$PNVOJDBDJwO/P$BTP1FESP1BCMP$BSNBS
HPD$PMPNCJBZ0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT#VSVOEJEFEFBHPTUPFO
%PDVNFOUPEF/BDJPOFT6OJEBT$$13$"EEQgSSBGP
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB&M'JTDBMD"OUP'VSVOE[JKB4FOUFODJB/P*55
QgSSBGP5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB&M'JTDBMD%FMBMJDZPUSPT*55QgSSBGP
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB&M'JTDBMD,VOBSBD*55F*55EF
EFGFCSFSPEF
3FTPMVDJwO"3&4EFMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBT3FTPMVDJwO
&$/3&4EFMB$PNJTJwOEF%FSFDIPT)VNBOPTEFMBT/BDJPOFT6OJEBTF*OGPSNFEFM3FMBUPS
&TQFDJBMTPCSFMB5PSUVSBEFMBT/BDJPOFT6OJEBT%PDVNFOUPEF/BDJPOFT6OJEBT&$/QgSSBGP
EFEFGFCSFSPEF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
BSCJUSBSJBTEFMBWJEBMBEFTBQBSJDJwOGPS[BEBMBUPNBEFSFIFOFTZMPTDBTUJHPT
DPMFDUJWPT
-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTDBSBDUFSJ[wDPNPHSBWFTWJPMBDJPOFT
EF EFSFDIPT IVNBOPT BRVFMMPT BDUPT ²DPNP MB UPSUVSB MBT FKFDVDJPOFT TVNBSJBT
FYUSBMFHBMFTPBSCJUSBSJBTZMBTEFTBQBSJDJPOFTGPS[BEBTUPEBTFMMBTQSPIJCJEBTQPS
DPOUSBWFOJS EFSFDIPT JOEFSPHBCMFT SFDPOPDJEPT QPS FM %FSFDIP *OUFSOBDJPOBM EF
MPT%FSFDIPT)VNBOPT³$PNPMPIBEFTUBDBEPFM$PNJUnEF%FSFDIPT)VNBOPT
²<M>PT&TUBEPT 1BSUFT OP QVFEFO FO OJOH|O DBTP JOWPDBS FM BSUrDVMP EFM 1BDUP
<*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT>DPNPKVTUJ¾DBDJwOEFBDUPTRVFWJPMBO
FMEFSFDIPIVNBOJUBSJPPOPSNBTJNQFSBUJWBTEFEFSFDIPJOUFSOBDJPOBM³&M$PNJUn
TFvBMwJHVBMNFOUFRVFCBKPOJOHVOBDJSDVOTUBODJBTFQVFEFODPNFUFSBDUPTUBMFT
DPNP TFDVFTUSPT EFUFODJwO OP SFDPOPDJEB EFQPSUBDJwO P USBTMBEP GPS[PTP EF
QPCMBDJwOTJONPUJWPTBVUPSJ[BEPTQPSFMEFSFDIPJOUFSOBDJPOBMZBQPMPHrBEFMPEJP
OBDJPOBMSBDJBMPSFMJHJPTPRVFDPOTUJUVZBJODJUBDJwOBMBEJTDSJNJOBDJwOMBIPTUJMJEBE
PMBWJPMFODJB
"Tr FO UBOUP BGFDUBO EFSFDIPT IVNBOPT JOEFSPHBCMFT ZP QSPIJCJDJPOFT EF KVT
DPHFOT FTUPT BDUPT DPOTUJUVZFO HSBWFT WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT Z FO
DPOTFDVFODJB EFCFO TFS DBTUJHBEPT QFOBMNFOUF -BT HSBWFT WJPMBDJPOFT EF EFSF
DIPT IVNBOPT DPOTUJUVZFO EFMJUPT DPOGPSNF BM EFSFDIP JOUFSOBDJPOBM P JMrDJUPT
SFTQFDUPEFMPTDVBMFTFMEFSFDIPJOUFSOBDJPOBMFYJHFBMPT&TUBEPTRVFJNQPOHBO
QFOBT-B"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBTIBSFDPSEBEPSFJUFSBEBNFOUF
RVFMBUPSUVSBFTVODSJNFOCBKPFMEFSFDIPJOUFSOBDJPOBMZRVF²MPTSFTQPOTBCMFT
EF UPEPT MPT BDUPT EF UPSUVSB EFCFO TFS QSPDFTBEPT Z DBTUJHBEPT³ -B "TBNCMFB
4FYUP$POHSFTPEFMBT/BDJPOFT6OJEBTTPCSFMB1SFWFODJwOEFM%FMJUPZ5SBUBNJFOUPEFM%FMJODVFOUF
3FTPMVDJwO/PSFMBUJWBBMBT&KFDVDJPOFTFYUSBKVEJDJBMFTQgSSBGPTZ%PDVNFOUPEF/BDJPOFT6OJEBT
"$0/'3FW
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP#BSSJPT"MUPTWT1FS|4FO
UFODJBEFEFNBS[PEF4FSJF$/PZ$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT3FDPNFO
EBDJwOTPCSF"TJMPZ%FMJUPT*OUFSOBDJPOBMFTEFEFPDUVCSFEF
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZ4FOUFODJBEFEFTFQ
UJFNCSFEF4FSJF$/PQgSSBGP
0CTFSWBDJwOHFOFSBM/P&TUBEPTEFFNFSHFODJBBSUrDVMP
BEPQUBEBFMEFKVMJPEF%PDVNFOUP
EF/BDJPOFT6OJEBT$$13$3FW"EEQgSSBGP
*CJEQgSSBGPZ3FHMB²MPTDBTUJHPTDPMFDUJWPTFTUgOQSPIJCJEPT³FO$PNJUn*OUFSOBDJPOBMEFMB$SV[
3PKB$VTUPNBSZ*OUFSOBUJPOBM)VNBOJUBSJBO-BX7PMVNF*3VMFT$BNCSJEHF6OJWFSTJUZ1SFTTQ
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT$BTP#BSSJPT"MUPTWT1FS|EPDDJUQgSSBGP
$PNJUnEF %FSFDIPT)VNBOPT 0CTFSWBDJwOHFOFSBM/P&TUBEPTEFFNFSHFODJBBSUrDVMP
EPDDJU
QgSSBGP
*CJEQgSSBGPC
E
ZF
*NQVOJEBE%PDVNFOUPEF/BDJPOFT6OJEBT&$/EFEFGFCSFSPEFQgSSBGP
7FSJOUFSBMJBSFTPMVDJwO²-BUPSUVSBZPUSPTUSBUPTPQFOBTDSVFMFTJOIVNBOPTPEFHSBEBOUFT³EF
EFEJDJFNCSFEFQgSSBGPZSFTPMVDJwO²-BUPSUVSBZPUSPTUSBUPTPQFOBTDSVFMFTJOIVNBOPTP
EFHSBEBOUFT³EFEFEJDJFNCSFEFQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
(FOFSBMIBUBNCJnODBMJ¾DBEPMBEFTBQBSJDJwOGPS[BEBDPNPWJPMBDJwOEFMBTSFHMBT
EFMEFSFDIPJOUFSOBDJPOBMZVODSJNFORVFEFCFTFSDBTUJHBEPQPSFMEFSFDIPQFOBM
-B$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMEFMBT/BDJPOFT6OJEBTDPOTJEFSwFO
RVFMBEFTBQBSJDJwOGPS[BEBFSBVOEFMJUPCBKPFMEFSFDIPJOUFSOBDJPOBMDVZBQSgDUJDB
NBTJWBPTJTUFNgUJDBDPOTUJUVrBVODSJNFOEFMFTBIVNBOJEBE"TJNJTNPMB$PNJTJwO
EF %FSFDIPT )VNBOPT EF MBT /BDJPOFT 6OJEBT IB SFJUFSBEP RVF MB EFTBQBSJDJwO
GPS[BEBDPOTUJUVZFVOEFMJUPEFFYUSFNBHSBWFEBERVFMPT&TUBEPTEFCFOTBODJPOBS
Z DBTUJHBS 1PS TV QBSUF FM (SVQP EF 5SBCBKP TPCSF MBT %FTBQBSJDJPOFT 'PS[BEBT
P *OWPMVOUBSJBT EF MBT /BDJPOFT 6OJEBT IB DBMJ¾DBEP FO EJTUJOUBT PQPSUVOJEBEFT
BMBEFTBQBSJDJwOGPS[BEBEFDSJNFOJOUFSOBDJPOBM&M5SJCVOBM1FOBM*OUFSOBDJPOBM
QBSBMBFY:VHPTMBWJBIBSFJUFSBEPRVFMBEFTBQBSJDJwOGPS[BEBDPOTUJUVZFVOJMrDJUP
JOUFSOBDJPOBMFOUBOUPFTVOBDUPDSVFMFJOIVNBOPBCTPMVUBNFOUFQSPIJCJEPZRVF
DVBOEP FT DPNFUJEB EF GPSNB NBTJWB P TJTUFNgUJDB DPOTUJUVZF VO DSJNFO EF MFTB
IVNBOJEBE
-BUPSUVSBMBTFKFDVDJPOFTFYUSBKVEJDJBMFTZMBTEFTBQBSJDJPOFTGPS[BEBTFOUSFPUSBT
HSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTDPOTUJUVZFODSrNFOFTCBKPFMEFSFDIP
JOUFSOBDJPOBM $PNP UBMFT TV SnHJNFO KVSrEJDP FTUg QSFTDSJUP QPS EJDIP DVFSQP
3FTPMVDJwOEFMB"TBNCMFB(FOFSBMBEPQUBEBFMEFEJDJFNCSFEF&OFTFNJTNPTFOUJEPWFS
MBTSFTPMVDJPOFTEFEFEJDJFNCSFEFZEFEFEJDJFNCSFEF
*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEBFOTVœQFSrPEPEFTFTJPOFT°
EFNBZPBEF+VMJPEFEPDVNFOUPTP¾DJBMFTEFMB"TBNCMFB(FOFSBM2VJODVBHnTJNPQSJNFSQFSrPEP
EFTFTJPOFT4VQMFNFOUP/P"
7PM**
QgHJOB
3FTPMVDJPOFTEFMB$PNJTJwOEF%FSFDIPT)VNBOPTEFEFBCSJMEFEFEFNBS[P
EFEFEFNBS[PEF
%PDVNFOUPTEF/BDJPOFT6OJEBT&$/EFEFEJDJFNCSFEFQgSSBGP&$/
EFEFEJDJFNCSFEFQgSSBGP&$/EFEFFOFSPEFSFTVNFOFKFDVUJWP
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB$BTP&M'JTDBMD;PSBO,VQSFTLJDFUBM4FOUFODJBEFEF
FOFSPEF*5"QgSSBGP
-B $POWFODJwO DPOUSB MB5PSUVSB Z PUSPT5SBUPT Z 1FOBT $SVFMFT *OIVNBOPT Z %FHSBEBOUFT MB $POWFODJwO
*OUFSBNFSJDBOBQBSB1SFWFOJSZ4BODJPOBSMB5PSUVSBMB$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBT
MBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTMB%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBT
DPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTMB$POWFODJwOJOUFSBNFSJDBOBTPCSFEFTBQBSJDJwOGPS[BEBEFQFSTPOBT
MPT1SJODJQJPTSFMBUJWPTBVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEFMBTFKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBT
PTVNBSJBT*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEBFOTVQFSrPEPEF
TFTJPOFT°EFNBZPBEF+VMJPEFFOEPDVNFOUPTP¾DJBMFTEFMB"TBNCMFB(FOFSBM2VJODVBHn
TJNPQSJNFSQFSrPEPEFTFTJPOFT4VQMFNFOUP/P"
7PM**
*OGPSNFTEFM(SVQPEF5SBCBKP
TPCSFMBT%FTBQBSJDJPOFT'PS[BEBTP*OWPMVOUBSJBTEFMBT/BDJPOFT6OJEBT%PDVNFOUPTEF/BDJPOFT6OJEBT
&$/EFEFEJDJFNCSFEFQgSSBGP&$/EFEFEJDJFNCSFEF
QgSSBGP&$/EFEFFOFSPEFSFTVNFOFKFDVUJWP
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSB
MBFY:VHPTMBWJBWFSFOUSFPUSPT4FOUFODJBEFEFFOFSPEF$BTP&M'JTDBMD;PSBO,QSFTLJDFUBM
*5"
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
OPSNBUJWPUBOUPDPOWFODJPOBMDPNPDPOTVFUVEJOBSJPZFM&TUBEPUJFOFMBPCMJHBDJwO
JOUFSOBDJPOBMEFKV[HBSZDBTUJHBSBMPTSFTQPOTBCMFTEFFTUPTDSrNFOFT
%FMPTDSrNFOFTDPOUSBMBIVNBOJEBE
$POMBDSFBDJwOEFM5SJCVOBM.JMJUBS*OUFSOBDJPOBMEF/VSFNCFSHTFBQPSUwMBQSJNFSB
EF¾OJDJwO EFM DSJNFO EF MFTB IVNBOJEBE UBNCJnO MMBNBEPT DSrNFOFT DPOUSB MB
IVNBOJEBE
$JFSUBNFOUF MB OPDJwO EF DSJNFO EF MFTB IVNBOJEBE ZB IBCrB TJEP
FNQMFBEBDPOBOUFSJPSJEBEBTrQPSFKFNQMPMB%FDMBSBDJwOEF'SBODJB(SBO#SFUBvB
Z3VTJBEFMEFNBZPEFDBMJ¾DwMBTNBTBDSFTEFBSNFOJPTQFSQFUSBEBTQPS
FM*NQFSJP0UPNBOPEF²DSrNFOFTDPOUSBMBIVNBOJEBE³ZFOFMgNCJUPBNFSJDBOP
FM 1SFTJEFOUF EF 1BSBHVBZ &VTFCJP "ZBMB DBMJ¾Dw EF ²DSrNFOFT EF MFTP EFSFDIP
EFHFOUFTZMFTBIVNBOJEBE³BDUPTDPNFUJEPTQPSMBTUSPQBTCPMJWJBOBTEVSBOUFMB
HVFSSBEFM$IBDP
/PPCTUBOUFOPFYJTUrBFOFMEFSFDIPJOUFSOBDJPOBM
IBTUBVOBEF¾OJDJwOPUJQJ¾DBDJwOEFMDSJNFOEFMFTBIVNBOJEBE'SBOmPJTEF
.FOUIPO 1SPDVSBEPS (FOFSBM QPS 'SBODJB FO FM KVJDJP EF /VSFNCFSH MPT EF¾OJw
DPNPBRVFMMPTDSrNFOFTDPOUSBMBDPOEJDJwOIVNBOBDPNPVODSJNFODBQJUBMDPOUSB
MBDPODJFODJBRVFFMTFSIVNBOPUJFOFIPZErBEFTVQSPQJBDPOEJDJwO&M&TUBUVUP
EFM 5SJCVOBM .JMJUBS *OUFSOBDJPOBM EF /VSFNCFSH UJQJ¾Dw DPNP DSrNFOFT DPOUSB MB
IVNBOJEBEMPTBTFTJOBUPTFMFYUFSNJOJPMBFTDMBWJUVEMBEFQPSUBDJwOZPUSPTBDUPT
JOIVNBOPTDPNFUJEPTDPOUSBDVBMRVJFSQPCMBDJwODJWJMBOUFTPEVSBOUFMB4FHVOEB
(VFSSB.VOEJBMZMBTQFSTFDVDJPOFTQPSNPUJWPTQPMrUJDPTSBDJBMFTPSFMJHJPTPTFO
FKFDVDJwOEFDVBMRVJFSPUSPDSJNFOEFDPNQFUFODJBEFM5SJCVOBMPSFMBDJPOBEPTDPO
MPTNJTNPT
7FSJOUFSBMJB$POWFODJwODPOUSBMB5PSUVSBZ0USPT5SBUPTP1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFTBSUr
DVMPTZ$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFT
GPS[BEBTBSUrDVMPTZ%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQB
SJDJPOFTGPS[BEBTBSUrDVMPTZ$wEJHPEFDPOEVDUBQBSBGVODJPOBSJPTFODBSHBEPTEFIBDFSDVNQMJS
MBMFZBSUrDVMP1SJODJQJPTSFMBUJWPTBVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEFMBTFKFDVDJPOFTFYUSBMFHB
MFTBSCJUSBSJBTPTVNBSJBT1SJODJQJPTZ$POKVOUPEFQSJODJQJPTBDUVBMJ[BEPTQBSBMBQSPUFDDJwOZ
MBQSPNPDJwOEFMPTEFSFDIPTIVNBOPTNFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBE1SJODJQJPTZTJHVJFOUFT
1SJODJQJPTZEJSFDUSJDFTCgTJDPTTPCSFFMEFSFDIPEFMBTWrDUJNBTEFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBT
JOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTZEFWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPBJO
UFSQPOFSSFDVSTPTZPCUFOFSSFQBSBDJPOFT1SJODJQJPZ$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM
/P/BUVSBMF[BEFMBPCMJHBDJwOKVSrEJDBHFOFSBMJNQVFTUBBMPT&TUBEPT1BSUFTFOFM1BDUPQgSSBGPFO
%PDVNFOUPEF/BDJPOFT6OJEBT$$13$3FW"EEEFEFNBZPEF7FSJHVBMNFOUF$POWFO
DJwO*OUFSBNFSJDBOBQBSB1SFWFOJSZ4BODJPOBSMB5PSUVSBBSUrDVMPTZZ$POWFODJwO*OUFSBNFSJDBOB
TPCSF%FTBQBSJDJwO'PS[BEBEF1FSTPOBTBSUrDVMPT*****7Z7***
7FS3PCFSUP2VFSFKB[V$BMWP)JTUPSJBEFMBHVFSSBEFM$IBDP&E-JCSFSrB&EJUPSJBM+VWFOUVE-B1B[#PMJWJB
QgHJOB$POBOUFSJPSJEBEBFTUBTEFDMBSBDJPOFTFYJTUFOPUSPTQSFDFEFOUFTRVFTFSF¾FSFOBBDUPT
DPOUSBSJPTB²MBTMFZFTEFMBIVNBOJEBE³DPNPMB%FDMBSBDJwOEF4BO1FUFSTCVSHPEF
%PCLJOF .JDIFM $SJNFT FU IVNBOJUn FYUSBJUT EFT BDUFT EV QSPDoT EF /VSFNCFSH PDUPCSF FS
0DUPCSF&EJDJPOFT3PNJMMBU1BSrTQBHT
(6Ê"1"3"130'&4*0/"-&4/P
-B OPDJwO EF DSJNFO DPOUSB MB IVNBOJEBE PCFEFDF B MB OFDFTJEBE QPS QBSUF EF
MB DPNVOJEBE JOUFSOBDJPOBM EF SFDPOPDFS RVF ²IBZ EJDUBEPT FMFNFOUBMFT EF MB
IVNBOJEBE RVF EFCFO SFDPOPDFSTF FO UPEB DJSDVOTUBODJB³ Z IBDF QBSUF IPZ EF
MPTQSJODJQJPTBDFQUBEPTQPSFMEFSFDIPJOUFSOBDJPOBMDPNPMPDPO¾SNwFOMB
"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBT-BOPDJwOEFDSJNFODPOUSBMBIVNBOJEBE
CVTDB MB QSFTFSWBDJwO B USBWnT EFM EFSFDIP QFOBM JOUFSOBDJPOBM EF VO O|DMFP EF
EFSFDIPT GVOEBNFOUBMFT DVZB TBMWBHVBSEB DPOTUJUVZF VOB OPSNB JNQFSBUJWB EF
EFSFDIP JOUFSOBDJPOBM $PNP MP B¾SNw MB $PSUF *OUFSOBDJPOBM EF +VTUJDJB ²EBEB MB
JNQPSUBODJBEFMPTEFSFDIPTRVFFTUgOFOKVFHPQVFEFDPOTJEFSBSTFRVFMPT&TUBEPT
UJFOFOVOJOUFSnTKVSrEJDPFORVFFTPTEFSFDIPTTFBOQSPUFHJEPTMBTPCMJHBDJPOFTEF
RVFTFUSBUBTPOPCMJHBDJPOFTFSHBPNOFT³&TUPTJHOJ¾DBRVFFTUBTPCMJHBDJPOFT
TPOFYJHJCMFTBUPEPTMPT&TUBEPTZQPSUPEPTMPT&TUBEPT
&M5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBIBDBSBDUFSJ[BEPMPTDSrNFOFT
EFMFTBIVNBOJEBEDPNP²TFSJPTBDUPTEFWJPMFODJBRVFEBvBOBMPTTFSFTIVNBOPT
BM HPMQFBS MP NgT FTFODJBM QBSB FMMPT TV WJEB TV MJCFSUBE TV CJFOFTUBS GrTJDP TV
TBMVEZPTVEJHOJEBE4POBDUPTJOIVNBOPTRVFQPSTVFYUFOTJwOZHSBWFEBEWBO
NgTBMMgEFMPTMrNJUFTEFMPUPMFSBCMFQBSBMBDPNVOJEBEJOUFSOBDJPOBMMBRVFEFCF
OFDFTBSJBNFOUF FYJHJS TV DBTUJHP 1FSP MPT DSrNFOFT EF MFTB IVNBOJEBE UBNCJnO
USBTDJFOEFOBMJOEJWJEVPQPSRVFDVBOEPFMJOEJWJEVPFTBHSFEJEPTFBUBDBZTFOJFHB
B MB IVNBOJEBE UPEB 1PS FTP MP RVF DBSBDUFSJ[B FTFODJBMNFOUF BM DSJNFO EF MFTB
IVNBOJEBEFTFMDPODFQUPEFMBIVNBOJEBEDPNPWrDUJNB³&M4FDSFUBSJP(FOFSBMEF
MBT/BDJPOFT6OJEBTIBJHVBMNFOUFDBSBDUFSJ[BEPMPTDSrNFOFTDPOUSBMBIVNBOJEBE
DPNP ²BDUPT JOIVNBOPT EF DBSgDUFS HSBWrTJNP³ &M5SJCVOBM 1FOBM *OUFSOBDJPOBM
QBSBMBFY:VHPTMBWJBIBTFvBMBEPRVF²MBNBZPSrBEFOPSNBTEFEFSFDIPJOUFSOBDJPOBM
IVNBOJUBSJP FO QBSUJDVMBS MBT RVF QSPIrCFO MPT DSrNFOFT EF HVFSSB MPT DSrNFOFT
EF MFTB IVNBOJEBE Z FM HFOPDJEJP TPO UBNCJnO OPSNBT QFSFOUPSJBT EF EFSFDIP
JOUFSOBDJPOBM P KVT DPHFOT FT EFDJS EF DBSgDUFS JNQFSBUJWP F JOEFSPHBCMF³ -B
*OGPSNF'JOBMEFMB$PNJTJwOEF&YQFSUPTQBSBMB*OWFTUJHBDJwOEFMBTHSBWFTUSBOTHSFTJPOFTEFMPT$POWFOJPT
EF (JOFCSB Z PUSBT WJPMBDJPOFT EFM EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP DPNFUJEBT FO FM UFSSJUPSJP EF MB FY
:VHPTMBWJB%PDVNFOUPEF/BDJPOFT6OJEBT4EFEFNBZPEFQgSSBGP
3FTPMVDJwO*
EFEFEJDJFNCSFEFEFMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBT
$PSUF *OUFSOBDJPOBM EF +VTUJDJB GBMMP EF EF GFCSFSP EF BTVOUP #BSDFMPOB5SBDUJPO -JHIU BOE 1PXFS
$PNQBOZQgSSBGPFO3FDVFJMEFT"SSpUTEFMB$PVS*OUFSOBUJPOBMFEF+VTUJDFPSJHJOBMFOGSBODnT
USBEVDDJwOMJCSF
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB4FOUFODJBEFEFOPWJFNCSFEF&M'JTDBMD&SEF
NPWJD$BVTB*55QgSSBGPPSJHJOBMFOJOHMnTUSBEVDDJwOMJCSF
*OGPSNFQSFTFOUBEPQPSFM4FDSFUBSJP(FOFSBMEFDPOGPSNJEBEDPOFMQgSSBGPEFMBSFTPMVDJwO
EFM
$POTFKPEF4FHVSJEBEEFEFNBZPEF%PDVNFOUPEF/BDJPOFT6OJEBT4QgSSBGP
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB4FOUFODJBEFEFFOFSPEF&M'JTDBMD,VQSFTLJDFU
BM$BVTB*5QgSSBGPPSJHJOBMFOJOHMnTUSBEVDDJwOMJCSF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
OBUVSBMF[BEFKVTDPHFOTEFMBTQSPIJCJDJPOFTSFMBUJWBTBMHFOPDJEJPMPTDSrNFOFT
EFMFTBIVNBOJEBEZMPTDSrNFOFTEFHVFSSBIBTJEPSFJUFSBEBNFOUFEFTUBDBEB
ZSFB¾SNBEB
&M&TUBUVUPEFM5SJCVOBM.JMJUBS*OUFSOBDJPOBMEF/VSFNCFSHBUwMBOPDJwOEFDSJNFO
EFMFTBIVNBOJEBEBMBFYJTUFODJBEFVODPO¿JDUPBSNBEP&TUBDPOEJDJwOIBTJEP
SFNPWJEBEF¾OJUJWBNFOUFZIPZFMEFSFDIPJOUFSOBDJPOBMOPFYJHFFTUFWrODVMPQBSB
RVFTFDPO¾HVSFFMDSJNFOEFMFTBIVNBOJEBE"TrEFDPOGPSNJEBEDPOFMEFSFDIP
JOUFSOBDJPOBM MPT DSrNFOFT DPOUSB MB IVNBOJEBE QVFEFO TFS DPNFUJEPT UBOUP FO
UJFNQPTEFQB[ZEFFYDFQDJwODPNPFOUJFNQPTEFHVFSSBJOUFSOBDJPOBMPEFDPO¿JDUP
BSNBEP JOUFSOP &MMP IB TJEP BNQMJBNFOUF SFJUFSBEP QPS JOTUSVNFOUPT OPSNBUJWPT
EFMEFSFDIPJOUFSOBDJPOBMBTrDPNPQPSMBKVSJTQSVEFODJBEFMPT5SJCVOBMFT1FOBMFT
*OUFSOBDJPOBMFTQBSB3VBOEBZMBFY:VHPTMBWJB$PNPMPIBNBOJGFTUBEPFTUF|MUJNP
²FMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJPOPFYJHFNgTFMWrODVMPFOUSFDSrNFOFTEF
MFTBIVNBOJEBEZDPO¿JDUPBSNBEP<©>-BBVTFODJBEFWrODVMPFOUSFMPTDSrNFOFT
EFMFTBIVNBOJEBEZVODPO¿JDUPBSNBEPFTIPZFOErBVOBSFHMBFTUBCMFDJEBEFM
EFSFDIP JOUFSOBDJPOBM DPOTVFUVEJOBSJP³ "TJNJTNP FM5SJCVOBM IB QSFDJTBEP RVF
VO DSJNFO EF MFTB IVNBOJEBE QVFEF DPNFUFSTF UBOUP DPOUSB VOB QPCMBDJwO DJWJM
DVBMRVJFSBRVFTFBDPNPDPOUSBNJFNCSPTEFMPTQBSUFTFOVODPO¿JDUPBSNBEP
3FTPMVDJwO*
EFMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBTEFEFEJDJFNCSFEF$PSUF*OUFSOB
DJPOBMEF+VTUJDJB0QJOJwODPOTVMUJWBEFEFNBZPEF3FTFSWBTBMB$POWFODJwOQBSBMB1SFWFODJwOZ
MB4BODJwOEFM%FMJUPEF(FOPDJEJP5SJCVOBM1FOBM*OUFSOBDJPOBMQBSB3XBOEB4FOUFODJBEFEFPDUVCSFEF
&M'JTDBMD+FBO1BVM"LBZFTV$BTP/P*$5355SJCVOBM1FOBM*OUFSOBDJPOBMQBSB3XBOEB4FOUFO
DJBEFEFNBZPEF&M'JTDBMD$MnNFOU,BZJTIFNBZ0CFE3V[JOEBOBZ5SJCVOBM1FOBM*OUFSOBDJPOBM
QBSBMBFY:VHPTMBWJB4FOUFODJBEFEFBHPTUPEF&M'JTDBMD3BEJTMBW,STUJD²4SFCSFOJDB³
$BTP/P
*57nBTFUBNCJnO$PSUF4VQSFNBEF*TSBFM%FDJTJwOEFEFNBZPEF1SPDVSBEPS(FOFSBMEF
*TSBFMD&JDINBOO
3FTPMVDJwO*
EFMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBTEFEFEJDJFNCSFEF*OGPSNFEFM
4FDSFUBSJP(FOFSBMEFDPOGPSNJEBEDPOFMQgSSBGPEFMBSFTPMVDJwO
EFM$POTFKPEF4FHVSJEBEZ
"OFYPT%PDVNFOUPEF/BDJPOFT6OJEBT4QgSSBGPZMB4FOUFODJBEFM5SJCVOBM1FOBM*OUFSOBDJPOBM
QBSBMBFY:VHPTMBWJBEFEFOPWJFNCSFEF&M'JTDBMD&SEFNPWJD$BTP/P*55
3FTPMVDJwO*
EFMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBTEFEFEJDJFNCSFEF5SJCVOBM1FOBM
*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB4BMBEF"QFMBDJwO4FOUFODJBEFEFGFCSFSPEF$BTP.VDJDFUBM
²$FMFCJDJ³
*5Z5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB4BMBEF"QFMBDJwO%FDJTJwOTPCSF
MBNPDJwOEFMBEFGFOTBQBSBVOBBQFMBDJwOJOUFSMPDVUPSJBTPCSFMBKVSJTEJDDJwOEFEFPDUVCSFEF$BTP
&M'JTDBMD5BEJm*5²1SJKFEPS³
7nBTFUBNCJnOMB4FOUFODJBEFM5SJCVOBMEF"QFMBDJwO.JMJUBSEF3PNB
EFEFNBS[PEFMB4FOUFODJBEFMB$PSUF4VQSFNBEF$BTBDJwOEFEFOPWJFNCSFEF$BTPEF
)BBTZ1SJFCLF
7FSFOUSFPUSPTMB$POWFODJwOTPCSFMBJNQSFTDSJQUJCJMJEBEEFMPTDSrNFOFTEFHVFSSBZEFMPTDSrNFOFTEF
MFTBIVNBOJEBEBSUrDVMP*C
MB$POWFODJwOQBSBMB1SFWFODJwOZMB4BODJwOEFM%FMJUPEF(FOPDJEJPBSUrDV
MP*
FM&TUBUVUPEF3PNBEFMB$PSUF1FOBM*OUFSOBDJPOBMBSUrDVMP
FM&TUBUVUPEFM5SJCVOBM1FOBM*OUFSOB
DJPOBMQBSBMBFY:VHPTMBWJBBSUrDVMP
&TUBUVUPEFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSB3VBOEBBSUrDVMP
Z
&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOBBSUrDVMP
4FOUFODJBTPCSFFYDFQDJPOFTQSFMJNJOBSFTDPNQFUFODJB
EFEFPDUVCSFEF$BTP&M'JTDBMD5BEJm
²1SJKFEPS³
/P*5QgSSBGPTZ0SJHJOBMFOGSBODnTUSBEVDDJwOMJCSF
4BMBEF1SJNFSB*OTUBODJBEFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB4FOUFODJBEFEFNBZPEF
$BTP&M'JTDBMD5BEJm²1SJKFEPS³
/P*5QgSSBGPTZTJHVJFOUFT4BMBEF1SJNFSB*OTUBODJBEFM
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB4FOUFODJBEFEFBCSJMEF$BTP&M'JTDBMD.JMF
.STLJD.JSPTMBW3BEJDBOE7FTFMJO4KMJWBODBOJO²)PTQJUBMEF7VLPWBS³
/P*53QgSSBGPTZ
(6Ê"1"3"130'&4*0/"-&4/P
&MDSJNFOEFMFTBIVNBOJEBEFTVODSJNFOEFEFSFDIPJOUFSOBDJPOBM$PNPMPTFvBMw
MB $PNJTJwO EF %FSFDIP *OUFSOBDJPOBM EF MBT /BDJPOFT 6OJEBT ²MB WJPMBDJwO HSBWF
Z FO HSBO FTDBMB EF VOB PCMJHBDJwO JOUFSOBDJPOBM EF JNQPSUBODJB FTFODJBM QBSB MB
TBMWBHVBSEB EFM TFS IVNBOP DPNP MBT RVF QSPIrCFO MB FTDMBWJUVE FM HFOPDJEJP Z
FM BQBSUIFJE³ FT VO DSJNFO JOUFSOBDJPOBM RVF SFMFWB EF OPSNBT JNQFSBUJWBT EFM
EFSFDIP JOUFSOBDJPOBM &MMP RVF TJHOJ¾DB RVF TV DPOUFOJEP TV OBUVSBMF[B Z MBT
DPOEJDJPOFTEFTVSFTQPOTBCJMJEBETPOFTUBCMFDJEBTQPSFMEFSFDIPJOUFSOBDJPOBMDPO
JOEFQFOEFODJBEFMPRVFQVFEBFTUBCMFDFSTFFOFMEFSFDIPJOUFSOPEFMPT&TUBEPT
&O FTUF TFOUJEP OP DBCF QPTJCJMJEBE KVSrEJDB BMHVOB EF RVF MBT WJPMBDJPOFT B MPT
EFSFDIPTIVNBOPTNgTGVOEBNFOUBMFTRVFTPOMPTRVFFTUgODPNQSPNFUJEPTFOMPT
DSrNFOFTDPOUSBMBIVNBOJEBEOPTFBOTPNFUJEBTBKVJDJPZTVTBVUPSFTDBTUJHBEPT
4FH|O FTUP MB PCMJHBDJwO JOUFSOBDJPOBM EF VO &TUBEP FT MB EF KV[HBS Z DBTUJHBS B
MPT SFTQPOTBCMFT EF DSrNFOFT DPOUSB MB IVNBOJEBE FT VOB OPSNB JNQFSBUJWB EFM
EFSFDIPJOUFSOBDJPOBMRVFQFSUFOFDFBMKVTDPHFOT
"VORVF MPT JOTUSVNFOUPT KVSrEJDPT QPTUFSJPSFT BM &TUBUVUP Z B MB 4FOUFODJB EFM
5SJCVOBM EF /VSFNCFSH IBO QSPGVOEJ[BEP FO MB EF¾OJDJwO EF DSrNFOFT DPOUSB MB
IVNBOJEBE FYJTUF VO BDVFSEP HFOFSBMJ[BEP TPCSF MPT UJQPT EF BDUPT JOIVNBOPT
RVFDPOTUJUVZFODSrNFOFTDPOUSBMBIVNBOJEBERVFFTFODJBMNFOUFTPOMPTNJTNPT
SFDPOPDJEPTEFTEFIBDFDBTJPDIFOUBBvPT"MBMV[EFMEFTBSSPMMPBDUVBMEFMEFSFDIP
JOUFSOBDJPOBMUBOUPDPOTVFUVEJOBSJPDPNPDPOWFODJPOBMDPOTUJUVZFODSJNFODPOUSB
MBIVNBOJEBEBDUPTDPNPFMHFOPDJEJPFMBQBSUIFJEZMBFTDMBWJUVE"TJNJTNPIBO
TJEP DPOTJEFSBEPT DSrNFOFT DPOUSB MB IVNBOJEBE MB QSgDUJDB TJTUFNgUJDB P B HSBO
FTDBMBEFMBTFTJOBUPMBUPSUVSBMBTEFTBQBSJDJPOFTGPS[BEBTMBEFUFODJwOBSCJUSBSJB
MB SFEVDDJwO FO FTUBEP EF TFSWJEVNCSF P USBCBKP GPS[PTP MBT QFSTFDVDJPOFT QPS
NPUJWPT QPMrUJDPT SBDJBMFT SFMJHJPTPT P nUOJDPT MBT WJPMBDJPOFT Z PUSBT GPSNBT EF
BCVTPT TFYVBMFT Z MB EFQPSUBDJwO P USBTMBEP GPS[PTP EF QPCMBDJPOFT DPO DBSgDUFS
BSCJUSBSJP7BSJPTEFFTUPTDSrNFOFTDPOUSBMBIVNBOJEBEIBOTJEPPCKFUPEFJOTUSV
NFOUPTJOUFSOBDJPOBMFTFOUSFPUSBTMB$POWFODJwO*OUFSOBDJPOBMTPCSFMB3FQSFTJwO
ZFM$BTUJHPEFM$SJNFOEF"QBSUIFJEZMB$POWFODJwOQBSBMB1SFWFODJwOZMB4BODJwO
EFM%FMJUPEF(FOPDJEJP"EJGFSFODJBEFMBEF¾OJDJwOEFHFOPDJEJPZEFMDSJNFOEF
BQBSUIFJE MB EF¾OJDJwO EF MPT DSrNFOFT EF MFTB IVNBOJEBE BQBSFDF FO EJWFSTPT
JOTUSVNFOUPTZIBJEPTVGSJFOEPNPEJ¾DBDJPOFTDPO¾OFTBDMBSBUPSJPT-BQSgDUJDB
TJTUFNgUJDB EF MB EFTBQBSJDJwO GPS[BEB EF QFSTPOBT IB TJEP DPOTJEFSBEB DPNP VO
DSJNFO DPOUSB MB IVNBOJEBE QPS MB %FDMBSBDJwO TPCSF MB QSPUFDDJwO EF UPEBT MBT
QFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTEFMBT/BDJPOFT6OJEBTMB$POWFODJwO
*OUFSBNFSJDBOBTPCSF%FTBQBSJDJwO'PS[BEBEF1FSTPOBTMB"TBNCMFB(FOFSBMEFMB
$PNJTJwOEF%FSFDIP*OUFSOBDJPOBM"OVBSJPEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBM7PM**B1BSUF
QgHJOB
"M SFTQFDUP WFS $PNJTJwO EF %FSFDIP *OUFSOBDJPOBM *OGPSNF EF MB $PNJTJwO EF %FSFDIP *OUFSOBDJPOBM
%PDVNFOUP EF /BDJPOFT 6OJEBT 4VQMFNFOUP /P "
QgHJOB Z TJHVJFOUFT Z "NOJTUrB
*OUFSOBDJPOBM$PSUF1FOBM*OUFSOBDJPOBM-BFMFDDJwOEFMBTPQDJPOFTDPSSFDUBT1BSUF*&OFSPEFÊOEJDF
"**03T
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
0SHBOJ[BDJwOEFMPT&TUBEPT"NFSJDBOPTZMB"TBNCMFB1BSMBNFOUBSJBEFM$POTFKPEF
&VSPQB&MBSUrDVMPEFMB$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBT
QFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTFTUJQVMBRVF²<M>BQSgDUJDBHFOFSBMJ[BEB
PTJTUFNgUJDBEFMBEFTBQBSJDJwOGPS[BEBDPOTUJUVZFVODSJNFOEFMFTBIVNBOJEBE³
*HVBMNFOUFMBUPSUVSBIBTJEPDPOTJEFSBEBDPNPVOB²PGFOTBBMBEJHOJEBEIVNBOB³
QPSMB%FDMBSBDJwOTPCSFMB1SPUFDDJwOEF5PEBTMBT1FSTPOBTDPOUSBMB5PSUVSBZ0USPT
5SBUPTP1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFT&M5SJCVOBM&VSPQFPEF%FSFDIPT
)VNBOPTIBDPOTJEFSBEPRVFTVQSgDUJDBTJTUFNgUJDBDPOTUJUVZFVODSJNFODPOUSBMB
IVNBOJEBE
%FMPTDSrNFOFTEFHVFSSB
5BOUPFMBSUrDVMP$PN|OEFMPTDVBUSP$POWFOJPTEF(JOFCSBEFMEFBHPTUPEF
DPNPFM1SPUPDPMPBEJDJPOBMBMPT$POWFOJPTEF(JOFCSBEFMEFBHPTUPEF
SFMBUJWPBMBQSPUFDDJwOEFMBTWrDUJNBTEFMPTDPO¿JDUPTBSNBEPTTJODBSgDUFS
JOUFSOBDJPOBM1SPUPDPMP**
EF¾OFOMBTJOGSBDDJPOFTBMEFSFDIPJOUFSOBDJPOBMIVNB
OJUBSJPFOFMDPOUFYUPEFVODPO¿JDUPBSNBEPJOUFSOP"TJNJTNPBEFNgTEFFTUBT
OPSNBTDPOWFODJPOBMFTFYJTUFOOPSNBTDPOTVFUVEJOBSJBTBQMJDBCMFTBMPTDPO¿JDUPT
JOUFSOPT GVOEBNFOUBMNFOUF SFDPHJEBT CBKP MP RVF TF EFOPNJOB DPSSJFOUFNFOUF
DPNP²MBTMFZFTZDPTUVNCSFTEFMBHVFSSB³
&MDPODFQUPEF²JOGSBDDJPOFTHSBWFT³BMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP°FRVJWB
MFOUFBMEF²DSJNFOEFHVFSSB³°GVFPSJHJOBMNFOUFSFTUSJOHJEPBMPTDPO¿JDUPTJOUFS
OBDJPOBMFT $PNP MP TFvBMB 5IPNBT (SBEJU[LZ ²<F>O TF DPOTJEFSBCB RVF
FYUFOEFS FM TJTUFNB EF JOGSBDDJPOFT HSBWFT B MPT DPO¿JDUPT JOUFSOPT TFSrB BUFOUBS
JOBDFQUBCMFNFOUFDPOUSBMBTPCFSBOrBEFMPT&TUBEPT$VBOEPTFBQSPCBSPOFMEF
KVOJPEFMPT1SPUPDPMPTBEJDJPOBMFTBMPT$POWFOJPTEF(JOFCSBMPT&TUBEPTTF
NBOUFOrBOFOMBNJTNBQPTJDJwO³$JFSUBNFOUF²MBTEJTQPTJDJPOFTDPOWFODJPOBMFT
BQMJDBCMFT B MPT DPO¿JDUPT BSNBEPT OP JOUFSOBDJPOBMFT OP DPOUJFOFO FMFNFOUP
JODSJNJOBUPSJPBMHVOPFTQFDr¾DPEFMBTWJPMBDJPOFTHSBWFTEFMBTOPSNBTRVFEJDUBO
%FIFDIPFOFMBSUrDVMPDPN|OOBEBTFEJDFBMSFTQFDUPZFOFM1SPUPDPMP**OPTF
QSFWnSnHJNFOBMHVOPFRVJQBSBCMFBMEFMBTJOGSBDDJPOFTHSBWFTDPOTJHOBEBTFOMPT
$POWFOJPTEFZDPNQMFUBEBTFOFM1SPUPDPMP*³-BOPDJwOEFHSBWFJOGSBDDJwO
BMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPPDSJNFOEFHVFSSBJNQMJDBVOSnHJNFOKVSrEJDP
3FTPMVDJPOFT9***
Z9*7
3FTPMVDJwOEFEFTFQUJFNCSFEF
%FDJTJwO/PEFEFFOFSPEF
5IPNBT(SBEJU[LZ²-BSFTQPOTBCJMJEBEQFOBMQPSWJPMBDJwOEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPBQMJDBCMF
FOTJUVBDJwOEFDPO¿JDUPBSNBEPOPJOUFSOBDJPOBM³FO3FWJTUB*OUFSOBDJPOBMEFMB$SV[3PKB/PNBS[P
EF7FSQgHJOBXFCEFM$*$3
IUUQXXXDJDSPSH8FCTQBTJUFTQBOTGJXQ-JTU&&'$$'$%&$
*CJEFN
(6Ê"1"3"130'&4*0/"-&4/P
FTQFDJBM CBKP FM EFSFDIP JOUFSOBDJPOBM B TBCFS BQMJDBDJwO EF MPT QSJODJQJPT EF
KVSJTEJDDJwO VOJWFSTBM Z EF JNQSFTDSJQUJCJMJEBE FOUSF PUSPT /P PCTUBOUF FMMP OP
TJHOJ¾DB RVF MBT JOGSBDDJPOFT BM EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP Z B ²MBT MFZFT
ZDPTUVNCSFTEFMBHVFSSB³DPNFUJEBTFOFMNBSDPEFVODPO¿JDUPBSNBEPJOUFSOP
FTDBQFOBMBSFQSFTJwOKVEJDJBMEFM&TUBEP$PNPMPTFvBMwMB4BMBEF"QFMBDJPOFT
EFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB²FMNVOEPFOUFSPSFDPOPDF
RVF MPT BDUPT FOVNFSBEPT FO FM BSUrDVMP $PN|O TPO DSJNJOBMFT Z RVF DIPDBO MB
DPODJFODJBEFUPEPQVFCMPDJWJMJ[BEP³
)PZEFBDVFSEPDPOFMEFTBSSPMMPBDUVBMEFMEFSFDIPJOUFSOBDJPOBMMBTJOGSBDDJPOFT
HSBWFT BM EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP Z B ²MBT MFZFT Z DPTUVNCSFT EF MB
HVFSSB³DPNFUJEBTFOFMNBSDPEFVODPO¿JDUPBSNBEPTPODPOTJEFSBEBTDSrNFOFTEF
HVFSSB/PIVFMHBSFDPSEBSRVFFOFMDVSTPEFVODPO¿JDUPBSNBEP°TFBEFDBSgDUFS
JOUFSOBDJPOBMPEFDBSgDUFSJOUFSOP°TFQVFEFODPNFUFSDSrNFOFTEFMFTBIVNBOJEBE
1PS PUSB QBSUF DBCF EFTUBDBS RVF DPNP MP TFvBMB FM $PNJUn *OUFSOBDJPOBM EF MB
$SV[ 3PKB ²<M>PT DSrNFOFT EF HVFSSB QVFEFO DPOTJTUJS FO BDDJPOFT V PNJTJPOFT
"MHVOPT FKFNQMPT EF PNJTJPOFT TPO FM IFDIP EF OP PGSFDFS VO KVJDJP JNQBSDJBM
QSJWBSEFBMJNFOUPTPOPCSJOEBSMBBUFODJwONnEJDBOFDFTBSJBBMBTQFSTPOBTRVFTF
FODVFOUSBOFOQPEFSEFMBEWFSTBSJP"EJGFSFODJBEFMPTDSrNFOFTEFMFTBIVNBOJEBE
RVFDPOTJTUFOFODPNFUFSEFNBOFSB²BNQMJBPTJTUFNgUJDB³BDUPTQSPIJCJEPTUPEB
WJPMBDJwO HSBWF EFM EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP DPOTUJUVZF VO DSJNFO EF
HVFSSB³ -VFHP EF BOBMJ[BS MB FWPMVDJwO EFM EFSFDIP JOUFSOBDJPOBM FO MB NBUFSJB
MBTSFTPMVDJPOFTEFM$POTFKPEF4FHVSJEBEEFMBT/BDJPOFT6OJEBTZMBTQSgDUJDBT
OBDJPOBMFTFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBDPOTJEFSwRVF²FM
EFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJPJNQPOFVOBSFTQPOTBCJMJEBEQFOBMQBSBMBT
WJPMBDJPOFTHSBWFTBMBSUrDVMP$PN|ODPNQMFUBEPQPSPUSPTQSJODJQJPTZOPSNBT
HFOFSBMFT TPCSF MB QSPUFDDJwO EF MBT WrDUJNBT EF MPT DPO¿JDUPT BSNBEPT JOUFSOPT
Z QBSB MPT BUBRVFT DPOUSB BMHVOPT QSJODJQJPT Z OPSNBT GVOEBNFOUBMFT SFMBUJWBT B
MPTNFEJPTZNnUPEPTEFDPNCBUFFOMPTDPO¿JDUPTDJWJMFT<©>-BJEFBEFRVFMBT
WJPMBDJPOFT HSBWFT BM EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP RVF SFHVMB MPT DPO¿JDUPT
BSNBEPTJOUFSOPTDPOMMFWBOMBSFTQPOTBCJMJEBEQFOBMJOEJWJEVBMTFKVTUJ¾DBUBNCJnO
QMFOBNFOUFEFTEFFMQVOUPEFWJTUBCgTJDPEFMBKVTUJDJBZEFMBFRVJEBE³&M&TUBUVUP
EFMB$PSUF1FOBM*OUFSOBDJPOBMDPO¾SNBFMMPBMUJQJ¾DBSDPNPDSrNFOFTEFHVFSSBMBT
WJPMBDJPOFTHSBWFTBMBSUrDVMP$PN|OBMPT$POWFOJPTEF(JOFCSBZB²MBTMFZFTZMPT
4FOUFODJBEFEFGFCSFSPEFEFMB4BMBEF"QFMBDJPOFTEFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY
:VHPTMBWJB$BTP.VDJDFUDPOTPSUT²$BNQEF$FMFCJDJ²
/P*5QgSSBGP0SJHJOBMFOGSBODnTUSB
EVDDJwOMJCSF
+FBO.BSJF)FODLBFSUTZ-PVJTF%PTXBME#FDL%FSFDIPJOUFSOBDJPOBMIVNBOJUBSJPDPOTVFUVEJOBSJP°7PMV
NFO*/PSNBT&E$PNJUn*OUFSOBDJPOBMEFMB$SV[3PKBQgHJOB
&O QBSUJDVMBS MBT SFTPMVDJPOFT EF EF EJDJFNCSF EF Z EF EF NBS[P EF TPCSF
4PNBMJB
4FOUFODJB TPCSF FYDFQDJPOFT QSFMJNJOBSFT DPNQFUFODJB
EF EF PDUVCSF EF $BTP &M 'JTDBM D5BEJm
²1SJKFEPS³
/P*5QgSSBGPTZ0SJHJOBMFOGSBODnTUSBEVDDJwOMJCSF
&OFTFNJTNPTFOUJEPWFS
MB4FOUFODJBEFEFGFCSFSPEFEFMB4BMBEF"QFMBDJPOFTEFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY
:VHPTMBWJB$BTP.VDJDFUDPOTPSUT²$BNQEF$FMFCJDJ³
/P*5
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
VTPT³EFMBHVFSSBDPOTUJUVZFODSrNFOFTEFHVFSSB&M$PNJUn*OUFSOBDJPOBMEFMB
$SV[3PKBIBDPODMVJEPRVFFMQSJODJQJPEFSFTQPOTBCJMJEBEQFOBMQPSMBDPNJTJwOEF
DSrNFOFTEFHVFSSBUBOUPFOMPTDPO¿JDUPTBSNBEPTJOUFSOBDJPOBMFTDPNPFOMPTOP
JOUFSOBDJPOBMFTFTVOBOPSNBEFMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJP
&MEFSFDIPJOUFSOBDJPOBMDPOUFNQPSgOFPDPOTJEFSBRVFMBOPDJwOEFDSJNFOEFHVFSSB
TFBQMJDBBMBTJOGSBDDJPOFTHSBWFTDPNFUJEBTEVSBOUFMPTDPO¿JDUPTJOUFSOPTBQFTBS
EFRVFOPSNBMNFOUFFOFMEFSFDIPDPOWFODJPOBMTwMPTPOBENJUJEBTFOFMNBSDP
EFDPO¿JDUPTBSNBEPTJOUFSOBDJPOBMFT&OPUSBTQBMBCSBTMBTHSBWFTJOGSBDDJPOFTBM
EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP DPNFUJEBT FO FM NBSDP EF VO DPO¿JDUP BSNBEP
JOUFSOP DPOTUJUVZFO VO DSJNFO JOUFSOBDJPOBM °DSJNFO EF HVFSSB° Z DPNP UBM FTUgO
TPNFUJEBTBMSnHJNFOKVSrEJDPQSFWJTUPQPSFMEFSFDIPJOUFSOBDJPOBMZFOUBOUPRVF
DBMJ¾DBEBTEFDSJNFOEFHVFSSBFTUgOTVKFUBTBMQSJODJQJPEFKVSJTEJDDJwOVOJWFSTBM
ZTPOJNQSFTDSJQUJCMFT&MIPNJDJEJPMBTNVUJMBDJPOFTMBUPSUVSBMPTUSBUPTDSVFMFT
IVNJMMBOUFTPEFHSBEBOUFTFMSFDMVUBNJFOUPEFOJvPTNFOPSFTEFBvPTPTVVUJMJ
[BDJwOBDUJWBFOFMDPO¿JDUPMBUPNBEFSFIFOFTMBWJPMBDJwOMBFTDMBWJUVETFYVBMZ
MBQSPTUJUVDJwOGPS[BEBEVSBOUFVODPO¿JDUPBSNBEPPJOTUJHBEBTQPSBMHVOBEFMBT
QBSUFTFOVODPO¿JDUPZMPTBUBRVFTDPOUSBMBQPCMBDJwODJWJMDPNPUBMTPOBMHVOBT
EFMBTJOGSBDDJPOFTHSBWFTBMBSUrDVMP$PN|OBMPT$POWFOJPTEF(JOFCSBZB²MBT
MFZFTZMPTVTPT³EFMBHVFSSBRVFDPOTUJUVZFODSrNFOFTEFHVFSSBCBKPFMEFSFDIP
JOUFSOBDJPOBM UBOUP DPOWFODJPOBM DPNP DPOTVFUVEJOBSJP /P TPCSB QSFDJTBS RVF
MBT JOGSBDDJPOFT HSBWFT BM EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP BCBSDBO JHVBMNFOUF
OVNFSPTPT DPNQPSUBNJFOUPT Z NnUPEPT EF HVFSSB QSPIJCJEPT QPS FM 1SPUPDPMP **
$PNPMPQSFDJTwMB4BMBEF"QFMBDJPOFTEFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY
:VHPTMBWJB MB WJPMBDJwO HSBWF DPOTUJUVZF VOB JOGSBDDJwO B MBT SFHMBT EFM EFSFDIP
JOUFSOBDJPOBMIVNBOJUBSJPUBOUPDPOWFODJPOBMDPNPDPOTVFUVEJOBSJPRVFQSPUFHFO
WBMPSFTGVOEBNFOUBMFT
%FMBBVUPOPNrBEFMPTDSrNFOFTCBKPFMEFSFDIPJOUFSOBDJPOBM
$PNPDSrNFOFTJOUFSOBDJPOBMFTFMSnHJNFOKVSrEJDPBQMJDBCMFBMBTHSBWFTWJPMBDJPOFT
EFEFSFDIPTIVNBOPTDPOTUJUVUJWBTEFJMrDJUPTQFOBMFTJOUFSOBDJPOBMFTMPTDSrNFOFT
EF MFTB IVNBOJEBE Z MPT DSrNFOFT EF HVFSSB FTUgO FTUBCMFDJEPT QPS FM EFSFDIP
JOUFSOBDJPOBM UBOUP DPOWFODJPOBM DPNP DPOTVFUVEJOBSJP DPO JOEFQFOEFODJB EF MP
RVFQVFEBFTUBCMFDFSTFFOFMEFSFDIPJOUFSOPEFMPT&TUBEPT&TUPUJFOFJNQPSUBOUFT
ZOVNFSPTBTDPOTFDVFODJBTKVSrEJDBT"TrQPSFKFNQMPMB$PSUF4VQSFNBEF+VTUJDJB
EF MB /BDJwO "SHFOUJOB TFvBMw RVF ²MB DBMJ¾DBDJwOEF EFMJUPT DPOUSB MB IVNBOJEBE
"SUrDVMPQgSSBGPMFUSBTD
E
F
ZG EFM&TUBUVUPEF3PNBTPCSFMB$PSUF1FOBM*OUFSOBDJPOBM
%FSFDIPJOUFSOBDJPOBMIVNBOJUBSJPDPOTVFUVEJOBSJP°7PMVNFO*/PSNBTPQDJUQgHJOB
4FOUFODJB TPCSF FYDFQDJPOFT QSFMJNJOBSFT DPNQFUFODJB
EF EF PDUVCSF EF $BTP &M 'JTDBM D5BEJm
²1SJKFEPS³
/P*5QgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
OPEFQFOEFEFMBWPMVOUBEEFMPT&TUBEPTSFRVJSFOUFPSFRVFSJEPFOFMQSPDFTPEF
FYUSBEJDJwOTJOPEFMPTQSJODJQJPTEFMKVTDPHFOTEFMEFSFDIPJOUFSOBDJPOBM³
&TPCWJPRVFMPTQSJODJQJPTEFMFHBMJEBEEFMPTEFMJUPT°OVMMVNDSJNFOTJOFMFHF°Z
EF MB SFTQPOTBCJMJEBE QFOBM TVCKFUJWB TPO EF BQMJDBDJwO FO FM gNCJUP EFM EFSFDIP
JOUFSOBDJPOBM"NCPTDPOTUJUVZFOQSJODJQJPTGVOEBNFOUBMFTEFMEFSFDIPQFOBMHFOF
SBM Z EFM EFSFDIP QFOBM JOUFSOBDJPOBM BTr DPNP EFM EFSFDIP JOUFSOBDJPOBM EF MPT
EFSFDIPTIVNBOPT-PTQSJODJQJPTEFMFHBMJEBEEFMPTEFMJUPTZEFSFTQPOTBCJMJEBE
TVCKFUJWBJOEJWJEVBMFONBUFSJBQFOBMBTrDPNPMBQSPIJCJDJwOEFMBSFTQPOTBCJMJEBE
PCKFUJWBTPOOPSNBTEFEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJP/PPCTUBOUFDPNP
MPTFvBMB3PEPMGP.BUUBSPMMP²&OFMEFSFDIPQFOBMJOUFSOBDJPOBM<©>FMQSJODJQJPEF
MFHBMJEBE<©>UJFOFDBSBDUFSrTUJDBTQFDVMJBSFTZTFIBFYQSFTBEPEFVOBNBOFSBRVFMF
FTQSPQJBOVMMVNDSJNFOTJOFJVSFMPRVFTJHOJ¾DBRVFMBTJODSJNJOBDJPOFTEFCFOUFOFS
VOBCBTFOPSNBUJWBZOPTFSBSCJUSBSJBTBVORVFMBTQFOBTOPFTUnOGPSNVMBEBTEF
NBOFSBFYQSFTBZFTQFDr¾DB&MQSJODJQJPEFMFHBMJEBEFOFMEFSFDIPQFOBMJOUFSOBDJPOBM
QBSUFEFVOBEJTUJODJwOGVOEBNFOUBMFOUSFMBOPSNBEFDPNQPSUBNJFOUPZMBOPSNB
EFSFQSFTJwO-BDPTUVNCSFQVFEFEBSOBDJNJFOUPBMBOPSNBEFDPNQPSUBNJFOUPVO
DPNQPSUBNJFOUPTFDPOWFSUJSgFOBMHPQSPIJCJEPQPSRVFMBNBZPSrBEFMPT&TUBEPTTF
BCTUJFOFODPOMBDPODJFODJBEFFKFDVUBSBTrVOBPCMJHBDJwOKVSrEJDB<©>%JDIPQSJODJQJP
FYJHFVOUFYUPQFSPTPMBNFOUFQBSBMBOPSNBEFDPNQPSUBNJFOUPZDPNPQSVFCBEF
MBFYJTUFODJBEFMBDPTUVNCSF&TUPFTOFDFTBSJPQBSBEF¾OJSFTUFDPNQPSUBNJFOUP
DPNPDSJNJOBMZOPTwMPDPNPJMrDJUPEJTUJODJwORVFMBDPTUVNCSFOPGPSNVMBEBFO
VOUFYUPOPTJFNQSFIBDFBQBSFDFSFOGPSNBDMBSB1FSPMBOPSNBEFSFQSFTJwOFT
VOBDPOTFDVFODJBEFMBOPSNBDPOTVFUVEJOBSJBEFDPNQPSUBNJFOUP&YJHJSJEFOUJ¾DBS
EFMBNJTNBGPSNBVOBOPSNBDPOTVFUVEJOBSJBEFSFQSFTJwOFRVJWBMESrBBFYJHJSVOB
$PSUF4VQSFNBEF+VTUJDJBEFMB/BDJwO"SHFOUJOB4FOUFODJBEFMEFOPWJFNCSFEF$BVTB1SJFCLF&SJD
T&YUSBEJDJwODBVTB/P
7FSFOUSFPUSPT"SUrDVMPTZEFM&TUBUVUPEF3PNBTPCSFMB$PSUF1FOBM*OUFSOBDJPOBMBSUrDVMPEFM
&TUBUVUP EFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBBSUrDVMPEFM &TUBUVUPEFM5SJCVOBM1FOBM
*OUFSOBDJPOBMQBSB3XBOEBBSUrDVMPEFM&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOB"SUrDVMPC
EFM*1SPUPDPMPBMPT$POWFOJPTEF(JOFCSB"SUrDVMPC
EFM**1SPUPDPMPBMPT$POWFOJPTEF(JOFCSB1BDUP
*OUFSOBDJPOBMEFMPT%FSFDIPT$JWJMFTZ1PMrUJDPTBSU
$POWFOJP&VSPQFPEF%FSFDIPT)VNBOPTBSU
$BSUB"GSJDBOBEFMPT%FSFDIPT)VNBOPTZEFMPT1VFCMPTBSU
$BSUBÇSBCFEF%FSFDIPT)VNBOPTBSU
Z $POWFODJwO "NFSJDBOB TPCSF %FSFDIPT )VNBOPT BSUT Z 7FS JHVBMNFOUF $PNJUn EF %FSFDIPT
)VNBOPT0CTFSWBDJwOHFOFSBM/P4VTQFOTJwOEFPCMJHBDJPOFTEVSBOUFVOFTUBEPEFFYDFQDJwOBSU
QgSSBGP0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT&TUPOJB%PDVNFOUPEF/BDJPOFT6OJEBT
$$13$0&45EFEFBCSJMEFQgSSBGP5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTTFOUFODJBEFM
EFKVOJPEF$BTP$zFNFD#FMHJRVF/PFU
QgSSBGP$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP$BTUJMMP1FUSV[[JZPUSPTWT1FS|4FOUFODJB
EFEFNBZPEF4FSJF$/PQgSSBGPTB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT
*OGPSNFTPCSFUFSSPSJTNPZEFSFDIPTIVNBOPT%PDVNFOUP0&"4FS-7MM%PDSFWDPSSEFEF
PDUVCSFEFQgSSBGPTZZMPTJOGPSNFTEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMBMB"TBN
CMFB(FOFSBMEFMBT/BDJPOFT6OJEBTEF4VQMFNFOUP/P"
Q
ZEF4VQMFNFOUP
/P"
QgHJOB
%FSFDIPJOUFSOBDJPOBMIVNBOJUBSJPDPOTVFUVEJOBSJP°7PMVNFO*/PSNBTPQDJUQgHJOBZTJHVJFOUFT
*OGPSNFQSFTFOUBEPQPSFM4FDSFUBSJP(FOFSBMEFDPOGPSNJEBEDPOFMQgSSBGPEFMBSFTPMVDJwO
EFM$POTFKPEF4FHVSJEBEEFEFNBZPEF%PDVNFOUPEF/BDJPOFT6OJEBT4QgSSBGPZ
TJHVJFOUFT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
DPTUVNCSF EF MB USBTHSFTJwO³ -B BVTFODJB EF QFOBMJEBEFT FO MPT JOTUSVNFOUPT
JOUFSOBDJPOBMFTOPWVMOFSBFMQSJODJQJPEFMFHBMJEBEEFMPTEFMJUPTFOFMgNCJUPEFM
EFSFDIPQFOBMJOUFSOBDJPOBM%FTEFMPT&TUBUVUPTEFMPT5SJCVOBMFTEF/VSFNCFSHZ
EF5PLJPQBTBOEPQPSMPTUSBUBEPTJOUFSOBDJPOBMFTDPOUSBFMUFSSPSJTNPFMHFOPDJEJP
ZMBUPSUVSBMBDBTJUPUBMJEBEEFMPTUSBUBEPTOPQSFWnOMBTQFOBTFTQFDr¾DBTQBSB
MPT EFMJUPT RVF UJQJ¾DBO P JODSJNJOBO "Tr FM 1SPGFTPS $IFSJG #BTTJPVOJ TFvBMw RVF
OJOHVOPEFMPTJOTUSVNFOUPTEFEFSFDIPQFOBMJOUFSOBDJPOBMFMBCPSBEPTFOUSF
ZJODMVZFMBTTBODJPOFTSFTQFDUJWBTQPSMPRVFDPODMVZFRVF²MBBVTFODJB
DPO¾SNBVOBSFHMBDPOTVFUVEJOBSJBEFMBBQMJDBDJwOEFMEFSFDIPJOUFSOBDJPOBMTFH|O
MBDVBMMBTQFOBTQPSBOBMPHrBTPOWgMJEBT³
-BOPBQMJDBDJwOSFUSPBDUJWBEFMBMFZQFOBMFTVOQSJODJQJPVOJWFSTBMNFOUFSFDPOPDJEP
QPSMBTMFHJTMBDJPOFTQFOBMFTFOFMNVOEPZFTVOBDPOTFDVFODJBEFMQSJODJQJPEF
MFHBMJEBE EF MPT EFMJUPT OVMMVN DSJNFO TJOF MFHF
*HVBMNFOUF MB OP BQMJDBDJwO
SFUSPBDUJWBEFMBMFZQFOBMPQSJODJQJPEFJSSFUSPBDUJWJEBEFTVOBTBMWBHVBSEBFTFODJBM
EFM EFSFDIP JOUFSOBDJPOBM EF MPT EFSFDIPT IVNBOPT Z EFM EFSFDIP JOUFSOBDJPOBM
IVNBOJUBSJP/PPCTUBOUFFMEFSFDIPJOUFSOBDJPOBMFTDMBSPBMEF¾OJSMBOBUVSBMF[B
EFMBMFZQFOBMBQMJDBCMF°TFUSBUBUBOUPEFMBMFHJTMBDJwOOBDJPOBMDPNPEFMEFSFDIP
JOUFSOBDJPOBM° DPO MP DVBM FTUg QFSNJUJEP FM FOKVJDJBNJFOUP Z DBTUJHP EF BDUPT
SFDPOPDJEPTDPNPDSJNJOBMFTQPSFMEFSFDIPJOUFSOBDJPOBMPQPSQSJODJQJPTHFOFSBMFT
EFMEFSFDIPSFDPOPDJEPTQPSMBDPNVOJEBEJOUFSOBDJPOBMBVODVBOEPFTUPTBDUPTOP
FTUBCBOUJQJ¾DBEPTBMNPNFOUPEFTVDPNJTJwOQPSFMEFSFDIPOBDJPOBM
-BTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTDPOTUJUVUJWBTEFJMrDJUPTQFOBMFTJOUFS
OBDJPOBMFTMPTDSrNFOFTEFMFTBIVNBOJEBEZMPTDSrNFOFTEFHVFSSBTPOJNQVUBCMFT
BMJOEJWJEVPRVFMPTDPNFUFTFBPOPwSHBOPPBHFOUFEFM&TUBEP$POGPSNFBMPT
1SJODJQJPTEF%FSFDIP*OUFSOBDJPOBMSFDPOPDJEPTQPSFM&TUBUVUPZQPSMBTTFOUFODJBT
EFM5SJCVOBM EF /VSFNCFSH ²<U>PEB QFSTPOB RVF DPNFUB VO BDUP RVF DPOTUJUVZB
EFMJUPEFEFSFDIPJOUFSOBDJPOBMFTSFTQPOTBCMFEFnMZFTUgTVKFUBBTBODJwO³1SJODJ
3PEPMGP.BUUBSPMMP²-BKVSJTQSVEFODJBBSHFOUJOBSFDJFOUFZMPTDSrNFOFTDPOUSBMBIVNBOJEBE³FO3FWJTUB
EFMB$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT*NQVOJEBEDSJNFOEFMFTBIVNBOJEBEZEFTBQBSJDJwOGPS[BEB&E
$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT/P(JOFCSB+VMJPQgHJOB
$IFSJG #BTTJPVOJ FO $SJNFT "HBJOTU )VNBOJUZ JO *OUFSOBUJPOBM $SJNJOBM -BX .BSUJOVT /JKIPGG 1VCMJTIFST
%PSESFDIU#PTUPO-POEPOQgHJOBPSJHJOBMFOJOHMnTUSBEVDDJwOMJCSF
"Tr FM 1BDUP *OUFSOBDJPOBM EF %FSFDIPT $JWJMFT Z 1PMrUJDPT BSUrDVMP MB $POWFODJwO "NFSJDBOB TPCSF
%FSFDIPT)VNBOPTBSUrDVMP
ZFM$POWFOJP&VSPQFPQBSBMB1SPUFDDJwOEFMPT%FSFDIPT)VNBOPTZEFMBT
-JCFSUBEFT'VOEBNFOUBMFTBSUrDVMP
DPOTBHSBOFMDBSgDUFSJOEFSPHBCMFEFMQSJODJQJPEFJSSFUSPBDUJWJEBEEF
MBMFZQFOBM
*** $POWFOJP EF (JOFCSB "SUrDVMP *7 $POWFOJP EF (JOFCSB BSUrDVMP 1SPUPDPMP * BEJDJPOBM B MPT
$POWFOJPTEF(JOFCSBBSUrDVMPD
Z**1SPUPDPMPBEJDJPOBMBMPT$POWFOJPTEF(JOFCSBBSUrDVMPD
"QSPCBEPT QPS MB $PNJTJwO EF %FSFDIP *OUFSOBDJPOBM FO Z QSFTFOUBEPT B MB "TBNCMFB (FOFSBM7FS
1SPZFDUPEF$wEJHPEF%FMJUPTDPOUSBMB1B[ZMB4FHVSJEBEEFMB)VNBOJEBE$PNQFOEJPEFJOTUSVNFOUPT
JOUFSOBDJPOBMFTQFSUJOFOUFT%PDVNFOUPEF/BDJPOFT6OJEBT"$/BCSJMEF
(6Ê"1"3"130'&4*0/"-&4/P
QJP*
*HVBMNFOUFFMIFDIPEFRVFFMJOEJWJEVPIBZBBDUVBEPDPNPKFGFEF&TUBEPP
DPNPBVUPSJEBEEFM&TUBEPOPMFFYJNFEFSFTQPOTBCJMJEBE
-BBVUPOPNrBEFMSnHJNFOKVSrEJDPEFMDSJNFOCBKPFMEFSFDIPJOUFSOBDJPOBMTJHOJ¾DB
JHVBMNFOUF RVF FM IFDIP EF RVF FM EFSFDIP JOUFSOP EFM &TUBEP OP UJQJ¾RVF P OP
JNQPOHBQFOBBMHVOBQPSVOBDUPRVFDPOTUJUVZFVODSJNFOJOUFSOBDJPOBMOPFYJNF
EFSFTQPOTBCJMJEBEFOEFSFDIPJOUFSOBDJPOBMBRVJFOMPIBZBDPNFUJEP
#BKP FM EFSFDIP JOUFSOBDJPOBM UBOUP DPOWFODJPOBM DPNP DPOTVFUVEJOBSJP MBT HSB
WFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT DPOTUJUVUJWBT EF DSrNFOFT JOUFSOBDJPOBMFT
°DPNPMBUPSUVSBMBFKFDVDJwOFYUSBKVEJDJBMZMBEFTBQBSJDJwOGPS[BEB°MPTDSrNFOFT
EF MFTB IVNBOJEBE Z MPT DSrNFOFT EF HVFSSB OP QVFEFO TFS DBMJ¾DBEPT EF EFMJUPT
QPMrUJDPTBVODVBOEPTVTBVUPSFTIBZBOUFOJEPNPUJWBDJPOFTQPMrUJDBTPJEFPMwHJDBT
QBSB DPNFUFSMPT -BT DPOTFDVFODJBT QSFWJTUBT QPS FM EFSFDIP JOUFSOBDJPOBM QBSB
FMEFMJUPQPMrUJDPOPTPOBQMJDBCMFTBFTFUJQPEFDSrNFOFTFTQFDJBMNFOUFFONBUF
SJB EF DBVTBMFT EF OP FYUSBEJDJwO Z EF BTJMP "EFNgT EFM EFSFDIP JOUFSOBDJPOBM
DPOTVFUVEJOBSJP WBSJPT JOTUSVNFOUPT JOUFSOBDJPOBMFT FYQSFTBNFOUF QSPIrCFO
QBSBFGFDUPEFMBFYUSBEJDJwODPOTJEFSBSDPNPEFMJUPQPMrUJDPHSBWFTWJPMBDJPOFTEF
EFSFDIPTIVNBOPTMPTDSrNFOFTEFMFTBIVNBOJEBEZMPTDSrNFOFTEFHVFSSB
"TJNJTNP FM EFSFDIP JOUFSOBDJPOBM QSFTDSJCF RVF MPT TPTQFDIPTPT P BVUPSFT EF
UBMFT DSrNFOFT OP QVFEFO CFOF¾DJBSTF EF MPT JOTUJUVUPT EFM BTJMP Z EFM SFGVHJP
$PNP MP IB QSFDJTBEP MB $PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT ²<M>PT
&TUBEPTIBOBDFQUBEPBUSBWnTEFEJWFSTBTGVFOUFTEFMEFSFDIPJOUFSOBDJPOBMRVF
1SJODJQJP***EFMPT1SJODJQJPTEF%FSFDIP*OUFSOBDJPOBMSFDPOPDJEPTQPSFM&TUBUVUPZQPSMBTTFOUFODJBTEFM
5SJCVOBMEF/VSFNCFSH7FSJHVBMNFOUF&TUBUVUPEFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBBS
UrDVMP
&TUBUVUPEFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSB3VBOEBBSUrDVMP
ZFM&TUBUVUPEF3PNBEFMB
$PSUF1FOBM*OUFSOBDJPOBMBSUrDVMP
Z&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOBBSUrDVMP
7FS
JHVBMNFOUF$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/P/BUVSBMF[BEFMBPCMJHBDJwOKVSrEJDB
HFOFSBMJNQVFTUBBMPT&TUBEPT1BSUFTFOFM1BDUPQgSSBGPFO%PDVNFOUPEF/BDJPOFT6OJEBT$$13
$3FW"EEEFEFNBZPEF
7FSQPSFKFNQMP1SJODJQJP**EFMPT1SJODJQJPTEFEFSFDIP*OUFSOBDJPOBMSFDPOPDJEPTQPSFM&TUBUVUPZQPSMB
4FOUFODJBEFM5SJCVOBMEF/VSFNCFSH$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMEFMBT/BDJPOFT6OJEBT%PDVNFO
UPEF/BDJPOFT6OJEBT"$/EFEFBCSJMEF
7FS FOUSF PUSPT BSUrDVMP EF MB $POWFODJwO *OUFSOBDJPOBM QBSB MB QSPUFDDJwO EF UPEBT MBT QFSTPOBT DPOUSB
MBT EFTBQBSJDJPOFT GPS[BEBT BSUrDVMP 7 EF MB $POWFODJwO *OUFSBNFSJDBOB TPCSF %FTBQBSJDJwO 'PS[BEB EF
1FSTPOBTBSUrDVMP7**EFMB$POWFODJwOQBSBMB1SFWFODJwOZMB4BODJwOEFM%FMJUPEF(FOPDJEJPBSUrDVMPEFMB
$POWFODJwOEFMB/BDJPOFT6OJEBTTPCSF%FMJUPTDPOUSB1FSTPOBT*OUFSOBDJPOBMNFOUF1SPUFHJEBTBSUrDVMPEF
MB$POWFODJwO&VSPQFBTPCSF4VQSFTJwOEFM5FSSPSJTNPFMBSUrDVMPEFMB$POWFODJwO*OUFSBNFSJDBOBDPOUSBFM
5FSSPSJTNPZBSUrDVMPB
EFM1SPUPDPMPBEJDJPOBMBM$POWFOJP&VSPQFPEF&YUSBEJDJwO45&/P
7FSFOUSFPUSPTBSUrDVMPG EFMB$POWFODJwOTPCSFFM&TUBUVUPEFMPT3FGVHJBEPT1SJODJQJPEFMPT1SJODJ
QJPTEFDPPQFSBDJwOJOUFSOBDJPOBMFOMBJEFOUJ¾DBDJwOEFUFODJwOFYUSBEJDJwOZDBTUJHPEFMPTDVMQBCMFTEF
DSrNFOFTEFHVFSSBPEFDSrNFOFTEFMFTBIVNBOJEBEBSUrDVMPEFMB%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUP
EBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMP
EFMB%FDMBSBDJwOTPCSFFM"TJMP5FSSJUPSJBM
BSUrDVMP
EFMB$POWFODJwOEFMB0SHBOJ[BDJwOEFMB6OJEBE"GSJDBOBQPSMBRVFTFSFHVMBOMPT"TQFDUPT
&TQFDr¾DPTEF1SPCMFNBTEFMPT3FGVHJBEPTFOÇGSJDBZ$PODMVTJwO/P999*
²1SPCMFNBTEFFYUSBEJDJwO
RVFBGFDUBOBMPTSFGVHJBEPT³BEPQUBEBQPSFM$PNJUn&KFDVUJWPEFM"MUP$PNJTJPOBEPEFMBT/BDJPOFT6OJ
EBTQBSBMPT3FGVHJBEPT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
FYJTUFOMJNJUBDJPOFTBMBTJMPDPOGPSNFBMBTDVBMFTEJDIBQSPUFDDJwOOPQVFEFTFS
DPODFEJEBBQFSTPOBTSFTQFDUPEFMBTDVBMFTIBZBOTFSJPTJOEJDJPTQBSBDPOTJEFSBS
RVFIBODPNFUJEPDSrNFOFTJOUFSOBDJPOBMFTUBMFTDPNPDSrNFOFTEFMFTBIVNBOJEBE
DPODFQUPRVFJODMVZFMBEFTBQBSJDJwOGPS[BEBEFQFSTPOBTUPSUVSBTZFKFDVDJPOFT
TVNBSJBT
DSrNFOFT EF HVFSSB Z DSrNFOFT DPOUSB MB QB[³ &TUB SFHVMBDJwO EFM
EFSFDIPJOUFSOBDJPOBMZMBBQMJDBDJwOEFMPTQSJODJQJPTEFKVSJTEJDDJwOVOJWFSTBMZBVU
EFEFSFBVUKVEJDBSFQBSBSFQSJNJSFTUPTDSrNFOFTDPO¾SNBOMBPCMJHBDJwOEFM&TUBEP
EFOPUSBUBSDPNPEFMJUPTQPMrUJDPTMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTMPT
DSrNFOFTEFMFTBIVNBOJEBEZMPTDSrNFOFTEFHVFSSB
&ONBUFSJBEFSFTQPOTBCJMJEBEQFOBMJOEJWJEVBMFMEFSFDIPJOUFSOBDJPOBMSFDIB[BMB
BQMJDBDJwO QBSB FTUPT DSrNFOFT EF MB ¾HVSB EF MB PCFEJFODJB EFCJEB DPNP DBVTBM
EFFYPOFSBDJwOEFSFTQPOTBCJMJEBEQFOBMPEFKVTUJ¾DBDJwOEFMPTIFDIPT"TrCBKP
FMEFSFDIPJOUFSOBDJPOBMOBEJFQVFEFTFSFYJNJEPEFSFTQPOTBCJMJEBEQFOBMQPSFM
IFDIPEFIBCFSBDUVBEPFODVNQMJNJFOUPEFwSEFOFTEFVOTVQFSJPSKFSgSRVJDP¾HVSB
JODPNQBUJCMF DPO MB PCMJHBDJwO JOUFSOBDJPOBM EFM &TUBEP EF KV[HBS Z DBTUJHBS B MPT
BVUPSFTEFFTUPTJMrDJUPT-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBTFvBMBEP
RVF²TPOJOBENJTJCMFT<©>FMFTUBCMFDJNJFOUPEFFYDMVZFOUFTEFSFTQPOTBCJMJEBERVF
QSFUFOEBOJNQFEJSMBJOWFTUJHBDJwOZTBODJwOEFMPTSFTQPOTBCMFTEFMBTWJPMBDJPOFT
HSBWFT EF MPT EFSFDIPT IVNBOPT UBMFT DPNP MB UPSUVSB MBT FKFDVDJPOFT TVNBSJBT
FYUSBMFHBMFTPBSCJUSBSJBTZMBTEFTBQBSJDJPOFTGPS[BEBTUPEBTFMMBTQSPIJCJEBTQPS
DPOUSBWFOJSEFSFDIPTJOEFSPHBCMFTSFDPOPDJEPTQPSFM%FSFDIP*OUFSOBDJPOBMEFMPT
%FSFDIPT)VNBOPT³
"TJNJTNPFMEFSFDIPJOUFSOBDJPOBMDPOTBHSBFMQSJODJQJPEFSFTQPOTBCJMJEBEQFOBM
EFM TVQFSJPS KFSgSRVJDP QPS OFHMJHFODJB DSJNJOBM FO BQMJDBDJwO EFM QSJODJQJP EF
SFTQPOTBCJMJEBEFOFMNBOEPPNBOEPSFTQPOTBCMF"TrFMIFDIPEFRVFVOBHSBWF
3FDPNFOEBDJwO"TJMPZ$SrNFOFT*OUFSOBDJPOBMFTEFEFPDUVCSFEF0&"4FS-7**EPD
SFWBCSJM
1SJODJQJP*7EFMPT1SJODJQJPTEF%FSFDIP*OUFSOBDJPOBMSFDPOPDJEPTQPSFM&TUBUVUPZQPSMBTTFOUFODJBTEFM
5SJCVOBM EF /VSFNCFSH &TUBUVUP EFM5SJCVOBM 1FOBM *OUFSOBDJPOBM QBSB MB FY:VHPTMBWJB BSUrDVMP &T
UBUVUPEFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSB3VBOEBBSUrDVMP
FM&TUBUVUPEF3PNBEFMB$PSUF1FOBM
*OUFSOBDJPOBMBSUrDVMP
&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOBBSUrDVMP
$POWFODJwODPOUSB
MB5PSUVSBZ0USPT5SBUPTP1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFTBSUrDVMPTZ$POWFODJwO*OUFSOB
DJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPTZ
%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPTZ
$wEJHPEFDPOEVDUBQBSBGVODJPOBSJPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZBSUrDVMP1SJODJQJPTSFMBUJWPT
BVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEFMBTFKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBT1SJODJQJPT
Z$POKVOUPEFQSJODJQJPTBDUVBMJ[BEPTQBSBMBQSPUFDDJwOZMBQSPNPDJwOEFMPTEFSFDIPTIVNBOPT
NFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBE1SJODJQJPTZTJHVJFOUFT1SJODJQJPTZEJSFDUSJDFTCgTJDPTTPCSFFM
EFSFDIPEFMBTWrDUJNBTEFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPT
ZEFWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPBJOUFSQPOFSSFDVSTPTZPCUFOFSSFQBSBDJP
OFT1SJODJQJPZ$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/P/BUVSBMF[BEFMBPCMJHBDJwO
KVSrEJDBHFOFSBMJNQVFTUBBMPT&TUBEPT1BSUFTFOFM1BDUPQgSSBGPFO%PDVNFOUPEF/BDJPOFT6OJEBT
$$13$3FW"EEEFEFNBZPEF7FSJHVBMNFOUF$POWFODJwO*OUFSBNFSJDBOBQBSB1SFWFOJS
Z4BODJPOBSMB5PSUVSBBSUrDVMPTZZ$POWFODJwO*OUFSBNFSJDBOBTPCSF%FTBQBSJDJwO'PS[BEBEF
1FSTPOBTBSUrDVMPT*****7Z7***
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP#BSSJPT"MUPTWT1FS|EPDDJUQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
WJPMBDJwOEFEFSFDIPTIVNBOPTVODSJNFOEFMFTBIVNBOJEBEPVODSJNFOEFHVFSSB
IBZB TJEP DPNFUJEP QPS VO TVCPSEJOBEP OP FYPOFSB EF SFTQPOTBCJMJEBE QFOBM BM
TVQFSJPS RVF TBCJFOEP P UFOJFOEP NPUJWPT QBSB TBCFS RVF FM JMrDJUP JOUFSOBDJPOBM
FTUBCB QPS DPNFUFSTF TF FTUBCB DPNFUJFOEP P TF IBCrB DPNFUJEP OP UPNw MBT
NFEJEBT OFDFTBSJBT QBSB JNQFEJS TV DPNJTJwO IBDFSMP DFTBS P QBSB DBTUJHBS B
TVT BVUPSFT &TUF QSJODJQJP IB TJEP BNQMJBNFOUF SFJUFSBEP QPS MB KVSJTQSVEFODJB
JOUFSOBDJPOBM
%FMDSJNFOCBKPFMEFSFDIPJOUFSOBDJPOBMZMBQMVSBMJEBEEF
EF¾OJDJPOFT
$PNPMPTFvBMwMB&YQFSUBEFMB4VCDPNJTJwOEF1SPNPDJwOZ1SPUFDDJwOEFMPT%FSF
DIPT)VNBOPTEFMBT/BDJPOFT6OJEBTMB1SPGFTPSB'SBOmPJTF)BNQTPOTFEFCFEJ
GFSFODJBSFOUSFMBTDVFTUJPOFTSFMBUJWBTBMBDBMJ¾DBDJwOEFVODPNQPSUBNJFOUPDPNP
JMrDJUPTVUJQJ¾DBDJwOCBKPFMEFSFDIPJOUFSOBDJPOBMZMBTNPEBMJEBEFTEFJODSJNJOB
DJwO"TrQPSFKFNQMPMPTBDUPTDPOTUJUVUJWPTEFUPSUVSBDBMJ¾DBEBEFDSJNFOCBKP
FMEFSFDIPJOUFSOBDJPOBMQVFEFOTFSJODSJNJOBEPTTFH|OMBTDJSDVOTUBODJBTDPNP
UPSUVSBQFSTFDSJNFOEFMFTBIVNBOJEBEDSJNFOEFHVFSSBPHFOPDJEJP
0USPBTQFDUPJNQPSUBOUFFOEFSFDIPJOUFSOBDJPOBMFTMBBDFQUBDJwOEFMBFYJTUFODJB
TJNVMUBOFBEFWBSJBTEF¾OJDJPOFTEFVONJTNPEFMJUP-PDJFSUPFTRVFFOFMEFSFDIP
&TUBUVUP EFM5SJCVOBM 1FOBM *OUFSOBDJPOBM QBSB MB FY :VHPTMBWJB BSUrDVMP &TUBUVUP EFM5SJCVOBM 1FOBM
*OUFSOBDJPOBMQBSB3VBOEBBSUrDVMP
FM&TUBUVUPEF3PNBEFMB$PSUF1FOBM*OUFSOBDJPOBMBSUrDVMP
&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOBBSUrDVMP
1SPUPDPMPBEJDJPOBMBMPT$POWFOJPTEF(JOF
CSBEFMEFBHPTUPEFSFMBUJWPBMBQSPUFDDJwOEFMBTWrDUJNBTEFMPTDPO¿JDUPTBSNBEPTJOUFSOBDJPOBMFT
BSUrDVMPQgSSBGP
$PNJTJwOEF%FSFDIP*OUFSOBDJPOBM1SPZFDUPEF$wEJHPEF$SrNFOFTDPOUSBMB1B[Z
MB4FHVSJEBEEFMB)VNBOJEBEFOEPDVNFOUPTEFMBT/BDJPOFT6OJEBT4VQMFNFOUP/P"
QgHJOB
Z4VQMFNFOUP/P"
QgHJOBTB$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBT
MBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMP1SJODJQJPTSFMBUJWPTBVOBF¾DB[QSFWFODJwOF
JOWFTUJHBDJwOEFMBTFKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBT1SJODJQJP$wEJHPEFDPOEVDUBQBSB
GVODJPOBSJPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZBSUrDVMP$POKVOUPEFQSJODJQJPTBDUVBMJ[BEPTQBSBMBQSP
UFDDJwOZMBQSPNPDJwOEFMPTEFSFDIPTIVNBOPTNFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBE1SJODJQJPC
&TUFQSJODJQJPIBTJEPSFDPOPDJEPQPSMBKVSJTQSVEFODJBEFTEFMB4FHVOEB(VFSSB.VOEJBM"TrMPIJ[PFOFM
DBTPEF'SJDL°QPSFVUBOBTJBQSBDUJDBEBFOIPTQJUBMFTZPUSPTDFOUSPTCBKPTVSFTQPOTBCJMJEBE°FM5SJCVOBMEF
/VSFNCFSHFOTV4FOUFODJBEFMEFPDUVCSFEF&MQSJODJQJPGVFBNQMJBNFOUFEFTBSSPMMBEPQPSFM5SJCVOBM
EF5PLJPFOTV4FOUFODJBEFMEFOPWJFNCSFEFFTQFDJBMNFOUFFOMPSFMBUJWPBMBSFTQPOTBCJMJEBE
EFMPTP¾DJBMFTTVQFSJPSFTQPSDSrNFOFTDPNFUJEPTDPOUSBQSJTJPOFSPTEFHVFSSB*HVBMNFOUFFMQSJODJQJP
GVFBQMJDBEPFOMBTTFOUFODJBTSFMBUJWPTBMPTDBTPT3F:BNBTIJUB$PSUF4VQSFNBEFMPT&TUBEPT6OJEPT
EFGFCSFSPEF
)PNNBW6OJUFE4UBUFT
7PO-FFC°²(FSNBO)JHI$PNNBOE5SJBM³5SJCVOBM
.JMJUBS EF MPT &TUBEPT 6OJEPT /VSFNCFSH EF PDUVCSF EF 1PIM Z PUSPT 5SJCVOBM .JMJUBS EF MPT
&TUBEPT6OJEPT/VSFNCFSHEFOPWJFNCSFEF
Z-JTU²)PTUBHF5SJBM³5SJCVOBM.JMJUBSEF&TUBEPT
6OJEPT/VSFNCFSHEFGFCSFSPEF
*HVBMNFOUFFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB
IBSFJUFSBEPFTUFQSJODJQJPFOMBT4FOUFODJBTEFEFOPWJFNCSFEF$BTP/P*55&M'JTDBMD;
%FMBMJDBOEPUIFSTQgSSBGPEFEFNBS[P$BTP&M'JTDBMD#MBTLJD²-BTWB7BMMFZ³
QgSSBGPT
ZTJHVJFOUFTEFEFKVMJP$BTP/P*5&M'JTDBMD%FMBMJD²$FMJCJDJ$BNQ³
EFEFGFCSFSP
$BTP/P*5&M'JTDBMW%BSJP,PSEJD.BSJP$FSLF[²-BTWB7BMMFZ³
QgSSBGPTBZ
ZTJHVJFOUFT
%PDVNFOUPEF/BDJPOFT6OJEBT&$/4VCEFEFKVMJPEF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
JOUFSOBDJPOBMFYJTUFOWBSJBTEF¾OJDJPOFTPUJQJ¾DBDJPOFTEFDJFSUPTEFMJUPT-B%FDMB
SBDJwOTPCSFMB1SPUFDDJwOEF5PEBTMBT1FSTPOBTDPOUSBMB5PSUVSBZ0USPT5SBUPTP
1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFTMB$POWFODJwODPOUSBMB5PSUVSBZ0USPT
5SBUPTP1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFTMB$POWFODJwO*OUFSBNFSJDBOBQBSB
1SFWFOJSZ4BODJPOBSMB5PSUVSBZFM&TUBUVUPEF3PNBEFMB$PSUF1FOBM*OUFSOBDJPOBM
EF¾OFOEFNBOFSBEJGFSFOUFFMDSJNFOEFUPSUVSB"FMMPIBZRVFTVNBSMBEF¾OJDJwO
EF UPSUVSB FYJTUFOUF FO FM EFSFDIP JOUFSOBDJPOBM DPOTVFUVEJOBSJP FMBCPSBEB QPS
FM5SJCVOBM 1FOBM *OUFSOBDJPOBM QBSB MB FY :VHPTMBWJB &O FGFDUP EJDIP5SJCVOBM BM
FYBNJOBSMPTEJGFSFOUFTJOTUSVNFOUPTJOUFSOBDJPOBMFTRVFQSPWFFOVOBEF¾OJDJwOEF
UPSUVSBIBPQUBEPQPSVOBEF¾OJDJwOEFEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJP
*HVBM TJUVBDJwO PDVSSF DPO FM EFMJUP EF EFTBQBSJDJwO GPS[BEB EF QFSTPOBT -BT
EF¾OJDJPOFT EF FTUF DSJNFO FTUBCMFDJEBT QPS MB $POWFODJwO *OUFSBNFSJDBOB TPCSF
%FTBQBSJDJwO'PS[BEBEF1FSTPOBTFM&TUBUVUPEF3PNBTPCSFMB$PSUF1FOBM*OUFS
OBDJPOBM Z MB $POWFODJwO *OUFSOBDJPOBM QBSB MB QSPUFDDJwO EF UPEBT MBT QFSTPOBT
DPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTEJ¾FSFOFOWBSJPTBTQFDUPT&TUBTJUVBDJwOMMFWw
BMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTDPOCBTFFOMBEPDUSJOBEFM(SVQP
EF5SBCBKPTPCSFMB%FTBQBSJDJwO'PS[BEBP*OWPMVOUBSJBEFMBT/BDJPOFT6OJEBTMB
$POWFODJwO*OUFSBNFSJDBOBTPCSF%FTBQBSJDJwO'PS[BEBEF1FSTPOBTZMB$POWFODJwO
*OUFSOBDJPOBM QBSB MB QSPUFDDJwO EF UPEBT MBT QFSTPOBT DPOUSB MBT EFTBQBSJDJPOFT
GPS[BEBTBJEFOUJ¾DBSMPTFMFNFOUPTRVFDBSBDUFSJ[BOMBEFTBQBSJDJwOGPS[BEBDPNP
JMrDJUPJOUFSOBDJPOBM&OFTUFTFOUJEPMB$PSUFQSFDJTwRVFMBQSJWBDJwOEFMJCFSUBEZMB
OFHBUJWBBSFDPOPDFSUBMQSJWBDJwOZBPDVMUBSMBTVFSUFPQBSBEFSPEFMEFTBQBSFDJEP
BTrDPNPMBJOUFSWFODJwOEJSFDUBPJOEJSFDUBEFBHFOUFTFTUBUBMFTTPOMPTFMFNFOUPT
RVFDBSBDUFSJ[BOMBEFTBQBSJDJwOGPS[BEBUBOUPDPNPEFMJUPRVFDPNPHSBWFWJPMBDJwO
BMPTEFSFDIPTIVNBOPT&M$PNJUnEF%FSFDIPT)VNBOPTIBDPJODJEJEPFORVFTPO
MBQSJWBDJwOEFMJCFSUBEZMBOFHBUJWBBSFDPOPDFSUBMQSJWBDJwOVPDVMUBSMBTVFSUFP
"EPQUBEBQPSMB"TBNCMFB(FOFSBMFOTVSFTPMVDJwO999
EFEFEJDJFNCSFEF
5SJCVOBM 1FOBM *OUFSOBDJPOBM QBSB MB FY:VHPTMBWJB 4FOUFODJB EF EF OPWJFNCSF EF $BTP &M 'JTDBM
D%FMBMJDFUDPOTPSUT/P*55QgSSBGPZTT4FOUFODJBEFEFEJDJFNCSFEF$BTP&M'JTDBM
D'VSVOE[JKB&YQFEJFOUF/P*55QgSSBGP**4BMBEFQSJNFSBJOTUBODJB4FOUFODJBEFEF
GFCSFSPEF$BTP&M'JTDBMD,VOBSBDFUBM&YQFEJFOUF*5F*5
QgSSBGPZTJHVJFOUFT
Z4BMBEF"QFMBDJPOFT4FOUFODJBEFEFKVOJPEF$BTP&M'JTDBMD,VOBSBDFUBM&YQFEJFOUF*5
F*5
QgSSBGP
&M(SVQPEF5SBCBKPTPCSFMB%FTBQBSJDJwO'PS[BEBP*OWPMVOUBSJBEF1FSTPOBTIBJEFOUJ¾DBEPMPTFMFNFOUPT
RVFDBSBDUFSJ[BOMBEFTBQBSJDJwOGPS[BEBZRVFEFCFOFTUBSQSFTFOUFTFOUPEPUJQPQFOBMEFEFTBQBSJDJwO
GPS[BEB²B
QSJWBDJwOEFMJCFSUBEDPOUSBMBWPMVOUBEEFMBQFSTPOBJOUFSFTBEBC
JOUFSWFODJwOEFBHFOUFT
FTUBUBMFTBMNFOPTJOEJSFDUBNFOUFQPSBTFOUJNJFOUPZD
OFHBUJWBBSFDPOPDFSMBEFUFODJwOZBSFWFMBSMB
TVFSUFPFMQBSBEFSPEFMBQFSTPOBJOUFSFTBEB³*OGPSNFEFM(SVQPEF5SBCBKPTPCSFMB%FTBQBSJDJwO'PS[BEB
P*OWPMVOUBSJBEF1FSTPOBT²$PNFOUBSJPT(FOFSBMFTBMB%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBTQFS
TPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT³EFEFFOFSPEF%PDVNFOUPEF/BDJPOFT6OJEBT&$/
QgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(wNF[1BMPNJOPWT1FS|4FOUFODJBEFEFOPWJFNCSF
EF4FSJF$/PQgSSBGPZTJHVJFOUFTZ$BTP(PJCVS|ZPUSPTWT1BSBHVBZEPDDJUQgSSBGPTZ
TJHVJFOUFT
(6Ê"1"3"130'&4*0/"-&4/P
QBSBEFSPEFMEFTBQBSFDJEPMPTFMFNFOUPTRVFDBSBDUFSJ[BOBMBEFTBQBSJDJwOGPS[BEB
UBOUPDPNPEFMJUPRVFDPNPHSBWFWJPMBDJwOEFEFSFDIPTIVNBOPT
"TJNJTNPFYJTUFOUBOUPFOFMEFSFDIPDPOWFODJPOBMDPNPDPOTVFUVEJOBSJPEJTUJO
UBTEF¾OJDJPOFTEFMDSJNFOEFMFTBIVNBOJEBE&TBTrDPNPMBEF¾OJDJwOEFDSJNFO
EFMFTBIVNBOJEBEFOFM&TUBUVUPEFM5SJCVOBM.JMJUBS*OUFSOBDJPOBMEF/VSFNCFSH
MPTFTUBUVUPTEFMPTUSJCVOBMFTQBSBMBFY:VHPTMBWJBQBSB3VBOEBZQBSB4JFSSB
-FPOBBTrDPNPEFM&TUBUVUPEF3PNBEFMB$PSUF1FOBM*OUFSOBDJPOBMTPOEJ
GFSFOUFT5BNCJnODBCFEFTUBDBSRVFFONBUFSJBEFEFTBQBSJDJwOGPS[BEBZDSJNFO
EFMFTBIVNBOJEBEMB$POWFODJwO*OUFSBNFSJDBOBTPCSFMB%FTBQBSJDJwO'PS[BEBEF
1FSTPOBT Z MB %FDMBSBDJwO TPCSF MB QSPUFDDJwO EF UPEBT MBT QFSTPOBT DPOUSB MBT
EFTBQBSJDJPOFT GPS[BEBT DBSBDUFSJ[BO B MB EFTBQBSJDJwO GPS[BEB DPNP VO DSJNFO
DPOUSBMBIVNBOJEBEDVBOEPBRVnMFTDPNFUJEPDPNPQBSUFEFVOBQSgDUJDBTJTUF
NgUJDB1PSTVQBSUFMB$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBT
QFSTPOBT DPOUSB MBT EFTBQBSJDJPOFT GPS[BEBT FTUBCMFDF FO TV BSUrDVMP RVF ²<M>B
QSgDUJDBHFOFSBMJ[BEBPTJTUFNgUJDBEFMBEFTBQBSJDJwOGPS[BEBDPOTUJUVZFVODSJNFO
EFMFTBIVNBOJEBEUBMDPNPFTUgEF¾OJEPFOFMEFSFDIPJOUFSOBDJPOBMBQMJDBCMFZFO
USBvBMBTDPOTFDVFODJBTQSFWJTUBTQPSFMEFSFDIPJOUFSOBDJPOBMBQMJDBCMF³7BMFBRVr
SFDPSEBSRVFMPTQSJODJQJPTBSUJDVMBEPTFOFM&TUBUVUPZMBTFOUFODJBEF/VSFNCFSH
GVFSPOSFDPOPDJEPTFODPNPQSJODJQJPTEFEFSFDIPJOUFSOBDJPOBMQPSMB"TBN
CMFB(FOFSBMEFMBT/BDJPOFT6OJEBTZRVFMPTDSrNFOFTEFMFTBIVNBOJEBEIBDFO
QBSUFEFMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJP
$PNJUnEF%FSFDIPT)VNBOPT%FDJTJwOEFEFOPWJFNCSFEF$PNVOJDBDJwO/P$BTP
/PSNB:VSJDID$IJMF$$13$%EFEFEJDJFNCSFEFQgSSBGP
"SUrDVMPEFM&TUBUVUP
"SUrDVMPEFM&TUBUVUP
"SUrDVMPEFM&TUBUVUP
"SUrDVMPEFM&TUBUVUP
"SUrDVMPEFM&TUBUVUP
1SFgNCVMPQgSSBGP
1SFgNCVMPQgSSBGP
3FTPMVDJwO*
7FSFOUSFPUSPT%FDMBSBDJwOEF'SBODJB(SBO#SFUBvBZ3VTJBEFEFNBZPEFTPCSFMBTNBUBO[BTEF
BSNFOJPTSFBMJ[BEBTFO5VSRVrBQPSFM*NQFSJP0UPNBOPFM5SBUBEPEF4oWSFTEFEFBHPTUPEFFM
JOGPSNFQSFTFOUBEPBOUFMB$POGFSFODJB1SFMJNJOBSEF1B[EFQPSMB$PNJTJwOTPCSFMB3FTQPOTBCJMJEBE
EFMPT"VUPSFTEFMB(VFSSBZTPCSFMB"QMJDBDJwOEF4BODJPOFTFMBSUrDVMPDEFM&TUBUVUPEFM5SJCVOBM.JMJUBS
*OUFSOBDJPOBMEF/VSFNCFSHEFMB-FZ/PEFM$POTFKPEF$POUSPM"MJBEPEFFMBSUrDVMPDEFM
&TUBUVUPEFM5SJCVOBM.JMJUBS*OUFSOBDJPOBMQBSBFM&YUSFNP0SJFOUFEFFMBSUrDVMP
EFM1SPZFDUP
EF$wEJHPFO.BUFSJBEF%FMJUPTDPOUSBMB1B[ZMB4FHVSJEBEEFMB)VNBOJEBEEFMB$PNJTJwOEF%FSFDIP
*OUFSOBDJPOBMEFMBT/BDJPOFTVOJEBT
ZFMBSUrDVMPEFM1SPZFDUPEF$wEJHPEF$SrNFOFTDPOUSBMB1B[
ZMB4FHVSJEBEEFMB)VNBOJEBEEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMEFMBT/BDJPOFTVOJEBT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&TUBQMVSBMJEBEEFJODSJNJOBDJPOFTZEF¾OJDJPOFTFTBDFQUBEBQPSMPTQSPQJPTJOTUSV
NFOUPT JOUFSOBDJPOBMFT &O FTF TFOUJEP OP IVFMHB EFTUBDBS RVF MB $POWFODJwO
DPOUSB MB 5PSUVSB Z 0USPT 5SBUPT P 1FOBT $SVFMFT *OIVNBOPT P %FHSBEBOUFT B
TV BSUrDVMP QSFTDSJCF RVF ²&M QSFTFOUF BSUrDVMP TF FOUFOEFSg TJO QFSKVJDJP
EF DVBMRVJFS JOTUSVNFOUP JOUFSOBDJPOBM P MFHJTMBDJwO OBDJPOBM RVF DPOUFOHB P
QVFEB DPOUFOFS EJTQPTJDJPOFT EF NBZPS BMDBODF³ 4JNJMBS EJTQPTJDJwO DPOUJFOF
MB $POWFODJwO *OUFSOBDJPOBM QBSB MB QSPUFDDJwO EF UPEBT MBT QFSTPOBT DPOUSB MBT
EFTBQBSJDJPOFT GPS[BEBT &O FTF NJTNP TFOUJEP FM BSUrDVMP EFM &TUBUVUP EF
MB $PSUF 1FOBM *OUFSOBDJPOBM QSFTDSJCF RVF ²/BEB EF MP EJTQVFTUP FO MB QSFTFOUF
QBSUFTFJOUFSQSFUBSgFOFMTFOUJEPEFRVFMJNJUFPNFOPTDBCFEFBMHVOBNBOFSB
MBTOPSNBTFYJTUFOUFTPFOEFTBSSPMMPEFEFSFDIPJOUFSOBDJPOBMQBSB¾OFTEJTUJOUPT
EFMQSFTFOUF&TUBUVUP³&MBSUrDVMP
EFM&TUBUVUPEF3PNBQSFTDSJCFJHVBMNFOUF
RVF²<O>BEBEFMPEJTQVFTUPFOFMQSFTFOUFBSUrDVMPBGFDUBSgBMBUJQJ¾DBDJwOEFVOB
DPOEVDUBDPNPDSJNFOEFEFSFDIPJOUFSOBDJPOBMJOEFQFOEJFOUFNFOUFEFMQSFTFOUF
&TUBUVUP³
&OFTUFDBNQPSFTVMUBEFQSJNFSBJNQPSUBODJBMBKVSJTQSVEFODJBEFM5SJCVOBM1FOBM
*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB$PNPFM&TUBUVUPEFM5SJCVOBM1FOBM*OUFSOBDJPOBM
QBSB3VBOEBZFM&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOBFM&TUBUVUPEFM
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBBVORVFJODSJNJOBMBUPSUVSBOP
FTUBCMFDFVOBEF¾OJDJwOEFFTUFJMrDJUP"EJGFSFODJBEFM5SJCVOBM1FOBM*OUFSOBDJPOBM
QBSB3VBOEBRVFPQUwQPSVUJMJ[BSMBEF¾OJDJwOEFMBSUrDVMPEFMB$POWFODJwODPOUSB
MB5PSUVSBZ0USPT5SBUPTP1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFTFM5SJCVOBM
1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBMVFHPEFWBSJBTEVEBTDPOTJEFSwRVFMB
EF¾OJDJwOEFMB$POWFODJwODPOUSBMB5PSUVSBFSBTPMPBMPTFGFDUPTEFFTFUSBUBEPZ
RVFEBEPTVBSUrDVMP
²FOMBNFEJEBFORVFPUSPTJOTUSVNFOUPTJOUFSOBDJPOBMFT
VPUSBTMFZFTJOUFSOBTDPODFEFOVOBQSPUFDDJwONgTBODIBBMPTJOEJWJEVPTnTUPT
UJFOFO EFSFDIP B CFOF¾DJBSTF³ &M 5SJCVOBM DPODMVZw FMBCPSBOEP VOB EF¾OJDJwO
EFM DSJNFO EF UPSUVSB RVF JOUFHSBCB ²FMFNFOUPT JOBQFMBCMFT Z RVF TF BDFQUB RVF
SFQSFTFOUBOMBQPTJDJwOEFMEFSFDIPDPOTVFUVEJOBSJPJOUFSOBDJPOBMTPCSFFMUFNB³
"SUrDVMPG "SUrDVMPG "SUrDVMP
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSB3VBOEB4BMBEFSB*OTUBODJB4FOUFODJBEFEFTFQUJFNCSFEF$BTP
&M'JTDBMD+FBO1BVM"LBZFTV/P51*35
5SJCVOBM 1FOBM *OUFSOBDJPOBM QBSB MB FY:VHPTMBWJB 4FOUFODJB EF EF OPWJFNCSF EF $BTP &M 'JTDBM
D%FMBMJDFUDPOTPSUT/P*55FOMBRVFFM5SJCVOBMPQUwQPSBTVNJSDPNPUBMMBEF¾OJDJwOEFMBSUrDVMP
EFMB$POWFODJwODPOUSBMB5PSUVSBZ0USPT5SBUPTP1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFTFOUBOUPDPOTJ
EFSwRVFFMMBSF¿FKBCBFMEFTBSSPMMPEFMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJP7FSJHVBMNFOUFMBTFOUFODJB
EFEFEJDJFNCSFEFEFMB4BMBEF1SJNFSB*OTUBODJBFOFMDBTP&M'JTDBMD'VSVOE[JKB&YQFEJFOUF/P
*55
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB4FOUFODJBEFEFGFCSFSPEF$BTP,VOBSBDFUBM
*5BOE*5
QgSSBGP
*CJEQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
&M5SJCVOBMTPTUVWPRVF²<F>OFMEFSFDIPDPOTVFUVEJOBSJPJOUFSOBDJPOBMOPTFFYJHF
RVFMBDPOEVDUBIBZBTJEPQFSQFUSBEB|OJDBNFOUFQPSVOPEFMPTPCKFUJWPTQSPIJCJEPT
<©> FM PCKFUJWP QSPIJCJEP EFCF GPSNBS QBSUF TJNQMFNFOUF EF MB NPUJWBDJwO EF MB
DPOEVDUBZOPFTOFDFTBSJPRVFTFBFM|OJDP¾OOJFMQSFEPNJOBOUF³"TrBUSBWnT
EFFTBEF¾OJDJwOEFMEFMJUPEFUPSUVSBFM5SJCVOBMEFDJEJwJODSJNJOBSCBKPFMEFMJUPEF
UPSUVSBMBWJPMBDJwODBSOBM
*CJEQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
$BQrUVMP***
%FM%FCFSEF(BSBOUrBZMB*NQVOJEBE
&M &TUBEP FTUg FO FM EFCFS KVSrEJDP EF QSFWFOJS SB[P
OBCMFNFOUFMBTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPT
EFJOWFTUJHBSTFSJBNFOUFDPOMPTNFEJPTBTVBMDBODF
MBTWJPMBDJPOFTRVFTFIBZBODPNFUJEPEFOUSPEFMgN
CJUPEFTVKVSJTEJDDJwOB¾OEFJEFOUJ¾DBSBMPTSFTQPO
TBCMFTEFJNQPOFSMFTMBTTBODJPOFTQFSUJOFOUFTZEF
BTFHVSBSBMBWrDUJNBVOBBEFDVBEBSFQBSBDJwO
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT
&M$POKVOUPBDUVBMJ[BEPEFQSJODJQJPTQBSBMBQSPUFDDJwOZMBQSPNPDJwOEFMPTEFSFDIPT
IVNBOPTNFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBEDBSBDUFSJ[BMBJNQVOJEBEDPNP²VOB
JOGSBDDJwOEFMBTPCMJHBDJPOFTRVFUJFOFOMPT&TUBEPT³EFJOWFTUJHBSMBTWJPMBDJPOFT
KV[HBSZDPOEFOBSBTVTBVUPSFTQSPWFFSSFQBSBDJwOBMBTWrDUJNBTZHBSBOUJ[BSTV
EFSFDIPBMBWFSEBE&M$POTFKPEF4FHVSJEBETFIBSFGFSJEPBMBSFTQPOTBCJMJEBERVF
MFJODVNCFBMPT&TUBEPTEFQPOFS¾OBMBJNQVOJEBEEFBDVFSEPDPOMBTPCMJHBDJPOFT
RVF MFT JNQPOF FM EFSFDIP JOUFSOBDJPOBM -B $PSUF *OUFSBNFSJDBOB EF %FSFDIPT
)VNBOPTIBSFJUFSBEBNFOUFTFvBMBEPRVFMPT&TUBEPTUJFOFOVOEFCFSKVSrEJDPEF
FWJUBSZDPNCBUJSMBJNQVOJEBE&M$PNJUnEF%FSFDIPT)VNBOPTEFMBT/BDJPOFT
6OJEBT IB JHVBMNFOUF SFJUFSBEP RVF MB JNQVOJEBE EF MBT HSBWFT WJPMBDJPOFT EF
EFSFDIPT IVNBOPT FT JODPNQBUJCMF DPO MBT PCMJHBDJPOFT EFM &TUBEP CBKP FM 1BDUP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBT4FOUFODJBEFEF
KVMJPEF4FSJF$/PQgSSBGP
7FS1SJODJQJPEFM$POKVOUPEF1SJODJQJPT
3FTPMVDJwO
²1SPUFDDJwOEFMPTDJWJMFTFOMPTDPO¿JDUPTBSNBEPT³EFEFBCSJMEFQgSSBGP
Z3FTPMVDJwO
²1SPUFDDJwOEFMPTDJWJMFTFOMPTDPO¿JDUPTBSNBEPT³EFEFEJDJFNCSFEF
QgSSBGP
7FS FOUSF PUSBT TFOUFODJBT EF MB $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT $BTP EF MB ²1BOFM #MBODB³
1BOJBHVB.PSBMFTZPUSPT
WT(VBUFNBMB4FOUFODJBEFEFNBS[PEF4FSJF$/PQgSSBGP
$BTP/JDIPMBT#MBLFWT(VBUFNBMB4FOUFODJB3FQBSBDJPOFTZ$PTUBT
EFEFFOFSPEF4FSJF$/P
QgSSBGP$BTPEFMBT.BTBDSFTEF*UVBOHPWT$PMPNCJB4FOUFODJBEFEFKVMJPEF4FSJF$/P
QgSSBGP$BTPEFMB².BTBDSFEF.BQJSJQgO³WT$PMPNCJB4FOUFODJBEFTFQUJFNCSFEF
'POEP3FQBSBDJPOFTZ$PTUBT
4FSJF$/PQgSSBGP$BTPEFMB$PNVOJEBE.PJXBOBWT4VSJOBNF
4FOUFODJB*OUFSQSFUBDJwOEFMB4FOUFODJBEF'POEP3FQBSBDJPOFTZ$PTUBT
EFEFGFCSFSPEF4FSJF$
/PQgSSBGP$BTPEFMBT)FSNBOBT4FSSBOP$SV[WT&M4BMWBEPS4FOUFODJBEFEFNBS[PEF
4FSJF$/PQgSSBGP$BTP#BMEFwO(BSDrBWT1FS|4FOUFODJBEFEFBCSJMEF4FSJF$/P
QgSSBGP$BTPEFMB.BTBDSFEF1VFCMP#FMMPWT$PMPNCJB4FOUFODJBEFEFFOFSPEF4FSJF$/P
QgSSBGP$BTP.BSJU[B6SSVUJBWT(VBUFNBMB4FOUFODJBEFEFOPWJFNCSFEF4FSJF$/P
QgSSBGPZ$BTPEFMPT)FSNBOPT(wNF[1BRVJZBVSJWT1FS|4FOUFODJBEFEFKVMJPEF4FSJF
$/PQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT-B$PNJTJwO"GSJDBOBEFMPT%FSFDIPT
)VNBOPT Z EF MPT 1VFCMPT IB JHVBMNFOUF DPOTJEFSBEP RVF MB JNQVOJEBE JNQMJDB
VOB WJPMBDJwO QPS QBSUF EFM &TUBEP EF TV PCMJHBDJwO EF QSPUFHFS Z HBSBOUJ[BS MPT
EFSFDIPTIVNBOPTEFMPTDJVEBEBOPT&OPUSPTUnSNJOPTZDPNPTFEFTQSFOEFEF
MBQPTJDJwOEFEJWFSTPTwSHBOPTVOJWFSTBMFTZSFHJPOBMFTEFQSPUFDDJwOEFEFSFDIPT
IVNBOPTMBJNQVOJEBEFOUBOUPUSBTHSFTJwOEFPCMJHBDJPOFTJOUFSOBDJPOBMFTFTVO
GFOwNFOPBOUJKVSrEJDP&OFTFDPOUFYUPSFTVMUBEFQSJNFSJNQPSUBODJBQSFDJTBSDVgMFT
TPOMBTPCMJHBDJPOFTJOUFSOBDJPOBMFTTVSHJEBTDPOPDBTJwOEFMBDPNJTJwOEFHSBWFT
WJPMBDJPOFTEFEFSFDIPTIVNBOPTZDVZPJODVNQMJNJFOUPUPUBMPQBSDJBMDPO¾HVSB
MBJNQVOJEBE
$POTJEFSBDJPOFTHFOFSBMFT
&MEFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPTJNQPOFEPTHSBOEFTwSEFOFTEF
PCMJHBDJPOFTBM&TUBEPFOQSJNFSMVHBSFMEFCFSEFSFTQFUBSZBTFHVSBSMPTEFSFDIPT
IVNBOPT Z FO TFHVOEP MVHBS FM EFCFS EF HBSBOUJ[BS RVF EJDIPT EFSFDIPT TFBO
SFTQFUBEPT&MQSJNFSPFTUgJOUFHSBEPQPSBRVFMDPOKVOUPEFPCMJHBDJPOFTRVFUJFOFO
RVFWFSEJSFDUBNFOUFDPOFMEFCFSEFBCTUFODJwOEFM&TUBEPEFWJPMBS°QPSBDDJwOP
QPSPNJTJwO°MPTEFSFDIPTIVNBOPTMPRVFJNQMJDBBTJNJTNPBTFHVSBSNFEJBOUFMBT
NFEJEBTOFDFTBSJBTFMHPDFZEJTGSVUFEFFTUPTEFSFDIPT4FUSBUBEFPCMJHBDJPOFTEF
OBUVSBMF[BUBOUPOFHBUJWBDPNPQPTJUJWBEFVOMBEPFM&TUBEPEFCFBCTUFOFSTFQPS
BDDJwOVPNJTJwO
EFWJPMBSMPTEFSFDIPTIVNBOPTZEFPUSPMBEPFM&TUBEPEFCF
BTFHVSBSNFEJBOUFMBBEPQDJwOEFMBTNFEJEBTOFDFTBSJBTFMHPDFZFKFSDJPFGFDUJWP
EFMPTEFSFDIPTIVNBOPTZMJCFSUBEFTGVOEBNFOUBMFT"TrFM$PNJUnEF%FSFDIPT
)VNBOPTIBFOGBUJ[BEPFORVFMPT²&TUBEPTQBSUFTEFCFOBCTUFOFSTFEFWJPMBSMPT
EFSFDIPTSFDPOPDJEPTQPSFM1BDUPZDVBMFTRVJFSBSFTUSJDDJPOFTBDVBMRVJFSBEFFTPT
EFSFDIPT EFCF TFS QFSNJTJCMF EF DPOGPSNJEBE DPO MBT EJTQPTJDJPOFT QFSUJOFOUFT
EFM1BDUP<*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT><©>&MBSUrDVMPJNQPOFB
MPT&TUBEPT1BSUFTMBPCMJHBDJwOEFBEPQUBSNFEJEBTMFHJTMBUJWBTKVEJDJBMFTBENJ
OJTUSBUJWBT FEVDBUJWBT Z EF PUSB rOEPMF BEFDVBEBT QBSB DVNQMJS TVT PCMJHBDJPOFT
KVSrEJDBT³&MTFHVOEPEFCFSQPSTVQBSUFTFSF¾FSFBMBTPCMJHBDJPOFTEFM&TUBEP
EFQSFWFOJSMBTWJPMBDJPOFTJOWFTUJHBSMBTQSPDFTBSZTBODJPOBSBTVTBVUPSFTSFQBSBS
7FS FOUSF PUSPT $PNJUn EF %FSFDIPT )VNBOPT 0CTFSWBDJwO HFOFSBM /P TPCSF FM BSUrDVMP œ
QFSrPEP EF TFTJPOFT EFM $PNJUn EF %FSFDIPT )VNBOPT FO %PDVNFOUPT 0¾DJBMFT EF MB "TBNCMFB
(FOFSBMDVBESBHnTJNPTnQUJNPQFSrPEPEFTFTJPOFT4VQMFNFOUP/P"
BOFYP7*"0CTFSWBDJwO
HFOFSBM/P/BUVSBMF[BEFMBPCMJHBDJwOKVSrEJDBHFOFSBMJNQVFTUBBMPT&TUBEPT1BSUFTFOFM1BDUP%P
DVNFOUPEF/BDJPOFT6OJEBT$$13$3FW"EEEFEFNBS[PEF0CTFSWBDJPOFT¾OBMFTEFM
$PNJUnEF%FSFDIPT)VNBOPT-FTPUIPEFEFBCSJMEF%PDVNFOUPEF/BDJPOFT6OJEBT$$13$
"EEQgSSBGP0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT#SBTJMEFEFKVMJPEF
%PDVNFOUPEF/BDJPOFT6OJEBT$$13$BEEQgSSBGP
$BTPEFM$FOUSPEF"DDJwOQPSMPT%FSFDIPT4PDJBMFTZ&DPOwNJDPTZFM$FOUSPEF%FSFDIPT&DPOwNJDPTZ
4PDJBMFTDPOUSB/JHFSJB$PNVOJDBDJwONB4FTJwO0SEJOBSJBPDUVCSFEF
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/P/BUVSBMF[BEFMBPCMJHBDJwOKVSrEJDBHFOFSBMJN
QVFTUBBMPT&TUBEPT1BSUFTFOFM1BDUPEPDDJUQgSSBGPTZ
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
MPTEBvPTDBVTBEPTZHBSBOUJ[BSMPTEFSFDIPTEFMBTWrDUJNBTBVOSFDVSTPFGFDUJWP
B MB SFQBSBDJwO Z B MB WFSEBE &M &TUBEP TF DPMPDB BTr FO VOB QPTJDJwO KVSrEJDB EF
HBSBOUFEFMPTEFSFDIPTIVNBOPTEFMBDVBMFNFSHFOPCMJHBDJPOFTFTFODJBMFTQBSB
MBQSPUFDDJwOZTBMWBHVBSEBEFnTUPT&TTPCSFFTUBCBTFRVFMBKVSJTQSVEFODJBZMB
EPDUSJOBIBOFMBCPSBEPFMDPODFQUPEFM²EFCFSEFHBSBOUrB³DPNPOPDJwOOVDMFBSEF
MBQPTJDJwOKVSrEJDBEFM&TUBEPFONBUFSJBEFEFSFDIPTIVNBOPT
&M EFCFS EF HBSBOUrB UJFOF TV BTJEFSP KVSrEJDP UBOUP FO FM EFSFDIP JOUFSOBDJPOBM
DPOTVFUVEJOBSJPDPNPFOFMEFSFDIPJOUFSOBDJPOBMDPOWFODJPOBM&MEFCFSEFHBSBOUrB
FTUg DPOTBHSBEP FO WBSJPT USBUBEPT F JOTUSVNFOUPT EFDMBSBUJWPT EF EFSFDIPT
IVNBOPT"MBOBMJ[BSFMBSUrDVMP
EFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT
)VNBOPTMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTSFDPSEwRVFMPT&TUBEPT
1BSUFTIBODPOUSBrEPMBPCMJHBDJwOHFOFSBMEFQSPUFHFSEFSFTQFUBSZEFHBSBOUJ[BS
DBEBVOPEFMPTEFSFDIPTEFMB$POWFODJwO"NFSJDBOBMPRVFJNQMJDBRVF²EFCFO
QSFWFOJS JOWFTUJHBS Z TBODJPOBS UPEB WJPMBDJwO EF MPT EFSFDIPT SFDPOPDJEPT QPS
MB $POWFODJwO Z QSPDVSBS BEFNgT FM SFTUBCMFDJNJFOUP TJ FT QPTJCMF EFM EFSFDIP
DPODVMDBEP Z FO TV DBTP MB SFQBSBDJwO EF MPT EBvPT QSPEVDJEPT QPS MB WJPMBDJwO
EFMPTEFSFDIPTIVNBOPT<©ZRVF>&M&TUBEPFTUgFOFMEFCFSKVSrEJDPEFQSFWFOJS
SB[POBCMFNFOUFMBTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTEFJOWFTUJHBSTFSJBNFOUF
DPOMPTNFEJPTBTVBMDBODFMBTWJPMBDJPOFTRVFTFIBZBODPNFUJEPEFOUSPEFMgNCJUP
EFTVKVSJTEJDDJwOB¾OEFJEFOUJ¾DBSBMPTSFTQPOTBCMFTEFJNQPOFSMFTMBTTBODJPOFT
QFSUJOFOUFT Z EF BTFHVSBS B MB WrDUJNB VOB BEFDVBEB SFQBSBDJwO³ -B $PNJTJwO
*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBDPOTJEFSBEPRVFFMEFCFSEFHBSBOUrBFT
VOFMFNFOUPFTFODJBMEFMBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPT
²4FUSBUBFOFGFDUPEFMPTDPODFQUPTEFEFCFSEFSFTQFUPZEFEFCFSEF
HBSBOUrB EF MPT EFSFDIPT GVOEBNFOUBMFT B DBSHP EF MPT &TUBEPT "NCPT
EFCFSFTFTUBUBMFTEFSFTQFUPZEFHBSBOUrBDPOTUJUVZFOMBQJFESBBOHVMBS
EFMTJTUFNBEFQSPUFDDJwOJOUFSOBDJPOBMQVFTFMMPTSFNJUFOBMDPNQSPNJTP
JOUFSOBDJPOBMEFMPT&TUBEPTEFMJNJUBSFMFKFSDJDJPEFMQPEFSZB|OEFTV
7nBOTFFOUSFPUSPTFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTBSU
MB$POWFODJwODPOUSBMB
5PSUVSB Z 0USPT 5SBUPT P 1FOBT $SVFMFT *OIVNBOPT P %FHSBEBOUFT MB $POWFODJwO *OUFSOBDJPOBM TPCSF MB
&MJNJOBDJwO EF5PEBT MBT 'PSNBT EF %JTDSJNJOBDJwO 3BDJBM BSU MB $POWFODJwO TPCSF MB FMJNJOBDJwO EF
UPEBTMBTGPSNBTEFEJTDSJNJOBDJwODPOUSBMBNVKFSBSUD
MB$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwO
EFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT
BSU MB $POWFODJwO *OUFSBNFSJDBOB TPCSF %FTBQBSJDJwO 'PS[BEB EF 1FSTPOBT BSU MB $POWFODJwO
*OUFSBNFSJDBOBQBSB1SFWFOJSZ4BODJPOBSMB5PSUVSBBSU
MB$BSUB"GSJDBOBEFMPT%FSFDIPT)VNBOPTZ
EF MPT 1VFCMPT BSU MB $BSUB ÇSBCF EF %FSFDIPT )VNBOPT BSU Z FM $POWFOJP &VSPQFP EF %FSFDIPT
)VNBOPTBSU
7nBOTFFOUSFPUSPT%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT
BSUrDVMP 1SJODJQJPT SFMBUJWPT B VOB F¾DB[ QSFWFODJwO F JOWFTUJHBDJwO EF MBT FKFDVDJPOFT FYUSBMFHBMFT
BSCJUSBSJBTPTVNBSJBTQSJODJQJPTZ
1SJODJQJPTZEJSFDUSJDFTCgTJDPTTPCSFFMEFSFDIPEFMBTWrDUJNBTEF
WJPMBDJPOFT NBOJ¾FTUBT EF MBT OPSNBT JOUFSOBDJPOBMFT EF EFSFDIPT IVNBOPT Z EF WJPMBDJPOFT HSBWFT EFM
EFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPBJOUFSQPOFSSFDVSTPTZPCUFOFSSFQBSBDJPOFT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBTEPDDJUQgSSBGPT
Z
(6Ê"1"3"130'&4*0/"-&4/P
TPCFSBOrBGSFOUFBMBWJHFODJBEFMPTEFSFDIPTZMJCFSUBEFTGVOEBNFOUBMFT
EFMBQFSTPOBIVNBOB&MEFCFSEFSFTQFUPJNQMJDBRVFMPT&TUBEPTEFCFO
BTFHVSBS MB WJHFODJB EF UPEPT MPT EFSFDIPT DPOUFOJEPT FO MB $POWFODJwO
NFEJBOUFVOTJTUFNBKVSrEJDPQPMrUJDPFJOTUJUVDJPOBMBEFDVBEPQBSBUBMFT
¾OFT 1PS TV QBSUF FM EFCFS EF HBSBOUrB JNQMJDB RVF MPT &TUBEPT EFCFO
BTFHVSBS MB WJHFODJB EF MPT EFSFDIPT GVOEBNFOUBMFT QSPDVSBOEP MPT
NFEJPTKVSrEJDPTFTQFDr¾DPTEFQSPUFDDJwORVFTFBOBEFDVBEPTTFBQBSB
QSFWFOJSMBTWJPMBDJPOFTTFBQBSBSFTUBCMFDFSTVWJHFODJBZQBSBJOEFNOJ[BS
BMBTWrDUJNBTPBTVTGBNJMJBSFTGSFOUFBDBTPTEFBCVTPPEFTWJBDJwOEFM
QPEFS&TUBTPCMJHBDJPOFTFTUBUBMFTWBOBQBSFKBEBTEFMEFCFSEFBEPQUBS
EJTQPTJDJPOFT FO FM EFSFDIP JOUFSOP RVF TFBO OFDFTBSJBT QBSB IBDFS
FGFDUJWPT MPT EFSFDIPT DPOTBHSBEPT FO MB $POWFODJwO BSUrDVMP $PNP
DPSPMBSJPEFFTUBTEJTQPTJDJPOFTFYJTUFFMEFCFSEFQSFWFOJSMBTWJPMBDJPOFT
ZFMEFCFSEFJOWFTUJHBSMBTQSPEVDJEBTQVFTBNCBTTPOPCMJHBDJPOFTRVF
DPNQSPNFUFOMBSFTQPOTBCJMJEBEEFMPT&TUBEPT³
&OFTBNJTNBMrOFBTFIBQSPOVODJBEPFM$PNJUnEF%FSFDIPT)VNBOPTBMBOBMJ[BS
FMBMDBODFEFMBTPCMJHBDJPOFTJNQVFTUBTBMPT&TUBEPTQPSFMBSUrDVMPEFM1BDUP
*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT"TrFM$PNJUnEF%FSFDIPT)VNBOPT
IBQSFDJTBEPRVF²<F>MIFDIPEFRVFVO&TUBEP1BSUFOPJOWFTUJHVFMBTEFOVODJBTEF
WJPMBDJwOQVFEFTFSEFQPSTrVOBWVMOFSBDJwOEFM1BDUP<©>$PNPTVDFEFDVBOEPOP
TFBCSFVOBJOWFTUJHBDJwOFMIFDIPEFRVFOPTFIBHBDPNQBSFDFSBOUFMBKVTUJDJB
B MPT BVUPSFT EF WJPMBDJPOFT QVFEF TFS EF QPS Tr VOB WVMOFSBDJwO EFM 1BDUP &TUBT
PCMJHBDJPOFT FYJTUFO DPODSFUBNFOUF FO SFMBDJwO DPO MBT JOGSBDDJPOFT SFDPOPDJEBT
DPNP EFMJUPT FO FM EFSFDIP JOUFSOBDJPOBM P FO MB MFHJTMBDJwO OBDJPOBM FOUSF FMMPT
MBUPSUVSBZPUSPTUSBUPTDSVFMFTJOIVNBOPTPEFHSBEBOUFTMBTQSJWBDJPOFTEFWJEB
TVNBSJBTZBSCJUSBSJBTZMBTEFTBQBSJDJPOFTGPS[PTBT³
-BOPDJwOEFMEFCFSEFHBSBOUrBIBTJEPJODPSQPSBEPQPSMBTNJTJPOFTEFMBT/BDJPOFT
6OJEBTDPNPSFGFSFOUFFTFODJBMEFTVMBCPSEFPCTFSWBDJwOEFEFSFDIPTIVNBOPT
FOEJTUJOUPTQBrTFTEFMNVOEP&TBTrDPNPQPSFKFNQMPMB.JTJwOEF0CTFSWBEPSFT
EFMBT/BDJPOFT6OJEBTFO&M4BMWBEPS0/64"-TJOUFUJ[wFMEFCFSEFHBSBOUrBDPNP
FM DPOKVOUP EF ²PCMJHBDJPOFT EF HBSBOUJ[BS P QSPUFHFS MPT EFSFDIPT IVNBOPT<Z>
DPOTJTUFFOTVEFCFSEFQSFWFOJSMBTDPOEVDUBTBOUJKVSrEJDBTZTJnTUBTTFQSPEVDFO
EF JOWFTUJHBSMBT EF KV[HBS Z TBODJPOBS B MPT DVMQBCMFT Z EF JOEFNOJ[BS B MBT
WrDUJNBT³
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP$IVNCJWJMDBT1FS|
EF
NBS[PEF
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/P-BrOEPMFEFMBPCMJHBDJwOKVSrEJDBHFOFSBMJN
QVFTUBBMPT&TUBEPT1BSUFTFOFM1BDUPEPDDJU
*CJEQgSSBGPTZ
.JTJwOEF0CTFSWBEPSFTEFMBT/BDJPOFT6OJEBTFO&M4BMWBEPS*OGPSNFEFEFGFCSFSPEF%PDVNFO
UPEF/BDJPOFT6OJEBT"4QgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
-BKVSJTQSVEFODJBEFUSJCVOBMFTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTBTrDPNPEF
wSHBOPTDVBTJKVSJTEJDDJPOBMFTEFEFSFDIPTIVNBOPTDPNPFM$PNJUnEF%FSFDIPT
)VNBOPTEFMBT/BDJPOFT6OJEBTZMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNB
OPT DPJODJEFO FO RVF FM EFCFS EF HBSBOUrB FTUg JOUFHSBEP QPS DJODP PCMJHBDJPOFT
FTFODJBMFTRVFFM&TUBEPEFCFDVNQMJSEFCVFOBGF
v
MBPCMJHBDJwOEFJOWFTUJHBSMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
v
MBPCMJHBDJwOEFCSJOEBSVOSFDVSTPFGFDUJWPBMBTWrDUJNBTEFWJPMBDJPOFTEF
EFSFDIPTIVNBOPT
v
MBPCMJHBDJwOMMFWBSBOUFMBKVTUJDJBZTBODJPOBSBMPTSFTQPOTBCMFTEFHSBWFT
WJPMBDJPOFTEFEFSFDIPTIVNBOPT
v
MBPCMJHBDJwOEFCSJOEBSKVTUBZBEFDVBEBSFQBSBDJwOBMBTWrDUJNBTZTVT
GBNJMJBSFTZ
v
MBPCMJHBDJwOEFFTUBCMFDFSMBWFSEBEEFMPTIFDIPT
-BTPCMJHBDJPOFTRVFJOUFHSBOFMEFCFSEFHBSBOUrBTPOEFOBUVSBMF[BDPNQMFNFOUBSJB
Z OP TPO BMUFSOBUJWBT OJ TVTUJUVUJWBT "Tr QPS FKFNQMP MP IB FYQMJDBEP FM 3FMBUPS
&TQFDJBMTPCSFMBT&KFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTPBSCJUSBSJBTEFMBT/BDJPOFT
6OJEBT²FMSFDPOPDJNJFOUPEFMEFSFDIPEFMBTWrDUJNBTPEFTVTGBNJMJBSFTBSFDJCJS
VOBSFQBSBDJwOBEFDVBEBFRVJWBMFBSFDPOPDFSMBSFTQPOTBCJMJEBEEFM&TUBEPQPSMPT
BDUPTEFTVTwSHBOPTZFTFYQSFTJwOEFSFTQFUPIBDJBFMTFSIVNBOP$PODFEFSVOB
SFQBSBDJwOQSFTVQPOFFMDVNQMJNJFOUPEFMBPCMJHBDJwOEFJOWFTUJHBSMBTEFOVODJBT
EFWJPMBDJPOFTEFEFSFDIPTIVNBOPTQBSBJEFOUJ¾DBSZQSPDFTBSBMPTBVUPSFT4JO
FNCBSHPFMQBHPEFVOBDPNQFOTBDJwONPOFUBSJBPEFPUSPUJQPBMBTWrDUJNBTPTVT
GBNJMJBSFTBOUFTPBM¾OBMJ[BSFTBTJOWFTUJHBDJPOFTOPFYJNFBMPTHPCJFSOPTEFMB
PCMJHBDJwOEFMMFWBSMBTBUnSNJOP³
-BTPCMJHBDJPOFTRVFJOUFHSBOFMEFCFSEFHBSBOUrBTPODJFSUBNFOUFJOUFSEFQFOEJFOUFT
"TrMBPCMJHBDJwOEFQSPDFTBSZDBTUJHBSBMPTSFTQPOTBCMFTEFWJPMBDJPOFTEFEFSFDIPT
IVNBOPT FTUg FO FTUSFDIB SFMBDJwO DPO MB EF JOWFTUJHBS MPT IFDIPT /P PCTUBOUF
DPNP MP TFvBMw +VBO .nOEF[ ²OP FT QPTJCMF RVF FM &TUBEP FMJKB DVgM EF FTUBT
PCMJHBDJPOFT IBCSg EF DVNQMJS³ 4J nTUBT QVFEFO TFS DVNQMJEBT TFQBSBEBNFOUF
VOB EF PUSB OP EFKB QPS FMMP FM &TUBEP EF FTUBS PCMJHBEP B DVNQMJS UPEBT Z DBEB
*OGPSNF EFM 3FMBUPS &TQFDJBM TPCSF MBT &KFDVDJPOFT FYUSBKVEJDJBMFT TVNBSJBT P BSCJUSBSJBT %PDVNFOUP EF
/BDJPOFT6OJEBT&$/QgSSBGPTZ
.nOEF[+VBO²%FSFDIPBMB7FSEBEGSFOUFBMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT³FO-BBQMJDBDJwO
EF MPT USBUBEPT EF EFSFDIPT IVNBOPT QPS MPT USJCVOBMFT MPDBMFT $FOUSP EF &TUBVEJPT -FHBMFT Z 4PDJBMFT
"SHFOUJOB
DPNQJMBEPSFT.BSUrO"CSFH|$ISJTUJBO$PVSUJT&EJUPSFTEFM1VFSUPTSM#VFOPT"JSFT
QgHJOB
(6Ê"1"3"130'&4*0/"-&4/P
VOB EF FTUBT PCMJHBDJPOFT&M DBSgDUFS BVUwOPNP EF DBEB VOB EF MBT PCMJHBDJPOFT
RVFDPNQPOFOFMEFCFSEFHBSBOUrBIBTJEPSFJUFSBEPQPSMB$PSUF*OUFSBNFSJDBOBEF
%FSFDIPT)VNBOPTRVFIBTFvBMBEPRVFMBSFOVODJBEFMBWrDUJNBEFWJPMBDJPOFTEF
EFSFDIPTIVNBOPTBQFSDJCJSMBJOEFNOJ[BDJwORVFMFFTEFCJEBOPFYPOFSBBM&TUBEP
EFTVPCMJHBDJwOEFJOWFTUJHBSMPTIFDIPTFOKVJDJBSZTBODJPOBSBMPTBVUPSFT"TrMB
$PSUFDPOTJEFSwRVF²BVODVBOEPFMQBSUJDVMBSEBNOJ¾DBEPQFSEPOFBMBVUPSEFMB
WJPMBDJwOEFTVTEFSFDIPTFM&TUBEPFTUgPCMJHBEPBTBODJPOBSMP<>-BPCMJHBDJwO
EFM&TUBEPEFJOWFTUJHBSMPTIFDIPTZTBODJPOBSBMPTDVMQBCMFTOPUJFOEFBCPSSBSMBT
DPOTFDVFODJBTEFMBDUPJMrDJUPFOMBQFSTPOBBGFDUBEBTJOPRVFQFSTJHVFRVFDBEB
&TUBEP1BSUFBTFHVSFFOTVPSEFOKVSrEJDPMPTEFSFDIPTZMJCFSUBEFTDPOTBHSBEPTFO
MB$POWFODJwO²
-B$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBSFJUFSBEBNFOUFB¾SNBEPRVF
MBTNFEJEBTEFSFQBSBDJwOBMBTWrDUJNBTZTVTGBNJMJBSFTBTrDPNPFMFTUBCMFDJNJFOUP
EF²$PNJTJPOFTEFMB7FSEBE³OPFYPOFSBFOOJOH|ODBTPBM&TUBEPEFTVPCMJHBDJwO
EF MMFWBS BOUF MB KVTUJDJB B MPT SFTQPOTBCMFT EF MBT WJPMBDJPOFT EF MPT EFSFDIPT
IVNBOPTFJNQPOFSMFTBODJPOFT&OFMDBTPEF$IJMFMB$PNJTJwOFYQSFTBNFOUF
DPOTJEFSw RVF ²<F>M SFDPOPDJNJFOUP EF SFTQPOTBCJMJEBE SFBMJ[BEP QPS FM (PCJFSOP
MB JOWFTUJHBDJwO QBSDJBM EF MPT IFDIPT Z FM QBHP QPTUFSJPS EF DPNQFOTBDJPOFT
OP TPO QPS Tr NJTNBT TV¾DJFOUFT QBSB DVNQMJS DPO MBT PCMJHBDJPOFT QSFWJTUBT FO
MB $POWFODJwO 4FH|O MP EJTQVFTUP FO FM BSUrDVMP EF nTUB FM &TUBEP UJFOF MB
PCMJHBDJwOEFJOWFTUJHBSMBTWJPMBDJPOFTRVFTFIBZBODPNFUJEPEFOUSPEFMgNCJUP
EFTVKVSJTEJDDJwOB¾OEFJEFOUJ¾DBSBMPTSFTQPOTBCMFTEFJNQPOFSMFTTBODJPOFT
QFSUJOFOUFTZEFBTFHVSBSBMBWrDUJNBVOBBEFDVBEBSFQBSBDJwO³&OFMDBTPEF&M
4BMWBEPSMB$PNJTJwOSFDPSEwRVFQFTFBMBJNQPSUBODJBRVFUVWPMB$PNJTJwOEFMB
7FSEBEQBSBFTUBCMFDFSMPTIFDIPTSFMBDJPOBEPTDPOMBTWJPMBDJPOFTNgTHSBWFTZQBSB
QSPNPWFSMBSFDPODJMJBDJwOOBDJPOBMFTUFUJQPEF$PNJTJPOFT²<U>BNQPDPTVTUJUVZFO
MB PCMJHBDJwO JOEFMFHBCMF EFM &TUBEP EF JOWFTUJHBS MBT WJPMBDJPOFT RVF TF IBZBO
DPNFUJEPEFOUSPEFMgNCJUPEFTVKVSJTEJDDJwOEFJEFOUJ¾DBSBMPTSFTQPOTBCMFTEF
JNQPOFSMFTTBODJPOFTZEFBTFHVSBSBMBWrDUJNBVOBBEFDVBEBSFQBSBDJwO<>UPEP
EFOUSPEFMBOFDFTJEBEJNQFSBUJWBEFDPNCBUJSMBJNQVOJEBE³
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(BSSJEPZ#BJHPSSJBWT"SHFOUJOB4FOUFODJB3FQBSBDJPOFT
EFEFBHPTUPEF4FSJF$/PQgSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTPT
Z"SHFOUJOB
EFPDUVCSFEFQgSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP$IJMF
EFPDUVCSFEF
QgSSBGP*HVBMNFOUFWFS$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTPT
Z$IJMF
EFPDUVCSFEFQgSSBGPF*OGPSNF/P$BTPT
Z
$IJMF
EFBCSJMEFQgSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/$BTP*HOBDJP&MMBDVSrB4+ZPUSPT
&M4BMWBEPS
EFEJDJFNCSFEFQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
"TJNJTNP MB PCMJHBDJwO EFM &TUBEP EF HBSBOUJ[BS B MBT WrDUJNBT EF WJPMBDJPOFT EF
EFSFDIPTIVNBOPTFMEFSFDIPBVOSFDVSTPFGFDUJWPTVCTJTUFJOEFQFOEJFOUFNFOUFEF
MBPCMJHBDJwOEFJOWFTUJHBSKV[HBSZTBODJPOBSBMPTBVUPSFTEFFTUBTWJPMBDJPOFT"TrMP
IBSFDPSEBEPFOMPRVFIBDFBMBPCMJHBDJwOEFJOWFTUJHBSMB$PSUF*OUFSBNFSJDBOBEF
%FSFDIPT)VNBOPTBMTFvBMBSRVF²<-BPCMJHBDJwOEFJOWFTUJHBS>EFCFFNQSFOEFSTF
DPOTFSJFEBEZOPDPNPVOBTJNQMFGPSNBMJEBEDPOEFOBEBEFBOUFNBOPBTFSJOGSVD
UVPTB%FCFUFOFSVOTFOUJEPZTFSBTVNJEBQPSFM&TUBEPDPNPVOEFCFSKVSrEJDP
QSPQJP Z OP DPNP VOB TJNQMF HFTUJwO EF JOUFSFTFT QBSUJDVMBSFT RVF EFQFOEB EF
MB JOJDJBUJWB QSPDFTBM EF MB WrDUJNB P EF TVT GBNJMJBSFT P EF MB BQPSUBDJwO QSJWBEB
EF FMFNFOUPT QSPCBUPSJPT TJO RVF MB BVUPSJEBE Q|CMJDB CVTRVF FGFDUJWBNFOUF MB
WFSEBE³"TJNJTNPMB$PSUFIBDPOTJEFSBEPRVF²<U>PEPTMPT&TUBEPTQBSUFTEFMB
$POWFODJwO"NFSJDBOBUJFOFOFMEFCFSEFJOWFTUJHBSMBTWJPMBDJPOFTEFMPTEFSFDIPT
IVNBOPTZTBODJPOBSBMPTBVUPSFTZBMPTFODVCSJEPSFTEFEJDIBTWJPMBDJPOFT:UPEB
QFSTPOBRVFTFDPOTJEFSFWrDUJNBEFnTUBTUJFOFEFSFDIPEFBDDFEFSBMBKVTUJDJBQBSB
DPOTFHVJSRVFTFDVNQMBFOTVCFOF¾DJPZFOFMEFMDPOKVOUPEFMBTPDJFEBEFTF
EFCFSEFM&TUBEP³
%FMBPCMJHBDJwOEFJOWFTUJHBS
-BPCMJHBDJwOEFJOWFTUJHBSMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTFTVOB
PCMJHBDJwO JOUFSOBDJPOBM UBOUP CBKP USBUBEPT DPNP CBKP FM EFSFDIP JOUFSOBDJPOBM
DPOTVFUVEJOBSJP Z FT VOP EF MPT DPNQPOFOUFT EFM EFCFS EF HBSBOUrB EFM &TUBEP
-BBOUJHVB$PNJTJwOEF%FSFDIPT)VNBOPTEFMBT/BDJPOFT6OJEBTSFDPSEwSFQFUJ
EBNFOUFBMPT&TUBEPTTVPCMJHBDJwOEFSFBMJ[BSJOWFTUJHBDJPOFTQSPOUBTJNQBSDJBMFT
F JOEFQFOEJFOUFT SFTQFDUP EF UPEP BDUP EF UPSUVSB EFTBQBSJDJwO GPS[BEB P EF
FKFDVDJwO FYUSBKVEJDJBM TVNBSJB P BSCJUSBSJB "Tr FO MP RVF TF SF¾FSF B MB UPSUVSB
MB $PNJTJwO EF %FSFDIPT )VNBOPT TPTUVWP RVF TFH|O FM EFSFDIP JOUFSOBDJPOBM
²UPEBEFOVODJBEFUPSUVSBTPEFPUSPTUSBUPTPQFOBTDSVFMFTJOIVNBOPTPEFHSB
EBOUFT EFCF TFS FYBNJOBEB SgQJEB F JNQBSDJBMNFOUF QPS MB BVUPSJEBE OBDJPOBM
DPNQFUFOUF²"TJNJTNPFONBUFSJBEFEFTBQBSJDJwOGPS[BEBMBBOUJHVB$PNJTJwO
SFDPSEw MB ²OFDFTJEBE <EF RVF> MBT BVUPSJEBEFT FGFDU|FO JOWFTUJHBDJPOFT QSPOUBT
F JNQBSDJBMFT³ DVBOEP TF DPOTJEFSB RVF TF IB QPEJEP QSPEVDJS VOB EFTBQBSJDJwO
GPS[BEBEFQFSTPOB*HVBMNFOUFMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBTZMB
BOUJHVB$PNJTJwOEF%FSFDIPT)VNBOPTIBOSFJUFSBEP²MBPCMJHBDJwORVFJODVNCF
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBTEPDDJUQgSSBGP
$BTP(PErOF[$SV[WT)POEVSBT4FOUFODJBEFEFFOFSPEF4FSJF$/PQgSSBGPZ$BTP$BCB
MMFSP%FMHBEPZ4BOUBOBWT$PMPNCJB4FOUFODJBEFEFEJDJFNCSFEF4FSJF$/PQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM$BSBDB[PWT7FOF[VFMB4FOUFODJB3FQBSBDJPOFTZ
$PTUBT
EFEFBHPTUP4FSJF$/P7FSJHVBMNFOUFFM$BTP5SVKJMMP0SP[BWT#PMJWJB4FOUFODJB
3FQBSBDJPOFTZ$PTUBT
EFEFGFCSFSPEF4FSJF$/PQgSSBGP
3FTPMVDJwOEFEFBCSJMQgSSBGP
$PNJTJwOEF%FSFDIPT)VNBOPTEFMBT/BDJPOFT6OJEBT3FTPMVDJPOFTQgSSBGP
QgSSB
GP
ZQgSSBGP
JOUJUVMBEBT²$VFTUJwOEFMBTEFTBQBSJDJPOFTGPS[BEBT³
(6Ê"1"3"130'&4*0/"-&4/P
BUPEPTMPTHPCJFSOPTEFMMFWBSBDBCPJOWFTUJHBDJPOFTDPNQMFUBTFJNQBSDJBMFTFO
UPEPTMPTDBTPTFORVFTFTPTQFDIFRVFTFIBOSFBMJ[BEPFKFDVDJPOFTFYUSBKVEJDJBMFT
TVNBSJBTPBSCJUSBSJBTZEFJEFOUJ¾DBSZFOKVJDJBSBMPTBVUPSFT³
&M 1BDUP *OUFSOBDJPOBM EF %FSFDIPT $JWJMFT Z 1PMrUJDPT JNQPOF MB PCMJHBDJwO EF
JOWFTUJHBSMBTWJPMBDJPOFTBMPTEFSFDIPTQSPUFHJEPTQPSnTUFDPNPMPIBSFJUFSBEB
NFOUF B¾SNBEP FM $PNJUn EF %FSFDIPT )VNBOPT &O WBSJBT PQPSUVOJEBEFT FM
$PNJUn EF %FSFDIPT )VNBOPT IB BTFWFSBEP RVF ²<&>M &TUBEP 1BSUF UJFOF FM EFCFS
EFJOWFTUJHBSBGPOEPMBTQSFTVOUBTWJPMBDJPOFTEFEFSFDIPTIVNBOPTFOQBSUJDVMBS
MBT EFTBQBSJDJPOFT GPS[BEBT EF QFSTPOBT Z MBT WJPMBDJPOFT EFM EFSFDIP B MB WJEB
<©>³ "TJNJTNP FM $PNJUn IB QSFDJTBEP RVF ²<F>M IFDIP EF RVF VO &TUBEP 1BSUF
OP JOWFTUJHVF MBT EFOVODJBT EF WJPMBDJwO QVFEF TFS EF QPS Tr VOB WVMOFSBDJwO EFM
1BDUP³
%VSBOUFFMFKFSDJDJPEFTVNBOEBUPMB$PNJTJwOEF%FSFDIPT)VNBOPTEFMBT/BDJPOFT
6OJEBTB¾SNwSFQFUJEBNFOUFFMEFCFSEFMPT&TUBEPTEFMMFWBSBDBCPJOWFTUJHBDJPOFT
F¾DBDFTFYIBVTUJWBTFJNQBSDJBMFTEFMPTBMFHBUPTEFHSBWFTWJPMBDJPOFTEFEFSFDIPT
IVNBOPTFOQBSUJDVMBSEFFKFDVDJPOFTFYUSBKVEJDJBMFTBSCJUSBSJBTPTVNBSJBTEFTB
QBSJDJPOFT GPS[BEBT Z EF UPSUVSB 3FDPNFOEBDJPOFT TJNJMBSFT QSPWJFOFO EF MPT
QSPDFEJNJFOUPTFTQFDJBMFTEFMBFY$PNJTJwODPNPQPSFKFNQMPFM3FMBUPSFTQFDJBM
TPCSFMB5PSUVSBFM3FMBUPS&TQFDJBMTPCSFMBWJPMFODJBDPOUSBMBNVKFSFM3FMBUPS
&TQFDJBMTPCSFMBJOEFQFOEFODJBEFKVFDFTZBCPHBEPTFM3FMBUPS&TQFDJBMTPCSF
3FTPMVDJwOEFMB$PNJTJwOEF%FSFDIPT)VNBOPTEFBCSJMQgSSBGP3FTPMVDJwOEF
MB"TBNCMFB(FOFSBMEFEFEJDJFNCSFEFQgSSBGP
$PNJUnEF%FSFDIPT)VNBOPT%FDJTJwOEFOPWJFNCSFEF$PNVOJDBDJwO/P$BTP/ZEJB
&SJLB#BVUJTUB$PMPNCJB
%PDVNFOUPEF/BDJPOFT6OJEBT$$13$%QgSSBGP*HVBMNFOUF
WFSMB%FDJTJwOEFEFKVMJPEF$PNVOJDBDJwO/P$BTP+PTn7JDFOUFZ"NBEP7JMMBGBvF$IB
QBSSP-VJT/BQPMFwO5PSSFT$SFTQP"OHFM.BSrB5PSSFT"SSPZPZ"OUPOJP)VHVFT$IBQBSSP5PSSFT$PMPNCJB
%PDVNFOUPEF/BDJPOFT6OJEBT$$13$%QgSSBGP
0CTFSWBDJwOHFOFSBM/P-BrOEPMFEFMBPCMJHBDJwOKVSrEJDBHFOFSBMJNQVFTUBBMPT&TUBEPT1BSUFTFOFM
1BDUPEPDDJUQgSSBGP
7nBOTFMBT3FTPMVDJPOFT&$/EFBCSJMEFQgSSBGP&$/3&4UPSUVSB
EFBCSJMEFQgSSBGP&$/3&4FKFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTZBSCJUSBSJBT
EFBCSJMEFQgSSBGPT&$/3&4JNQVOJEBE
EFBCSJMEFQgSSBGP&$/
3&4EFTBQBSJDJPOFTGPS[BEBTPJOWPMVOUBSJBT
EFBCSJMEFQgSSBGPD
RVFSFGPSNVMBMBT
SFTPMVDJPOFTBOUFSJPSFTDPOMPTNJTNPTSFRVJTJUPT
*OGPSNFEFM3FMBUPSFTQFDJBMTPCSFMBUPSUVSBEFEJDJFNCSFEF%PDVNFOUPEF/BDJPOFT6OJEBT&
$/SFDPNFOEBDJwOL
*OGPSNFEFM3FMBUPSFTQFDJBMTPCSFMBWJPMFODJBDPOUSBMBNVKFSSFGFSFOUFBQSgDUJDBTDVMUVSBMFTEFMBGBNJMJB
RVFTPOWJPMFOUBTQBSBMBTNVKFSFT%PDVNFOUPEF/BDJPOFT6OJEBT&$/EFFOFSPEF
QgSSBGP
*OGPSNFEFM3FMBUPSFTQFDJBMTPCSFMBJOEFQFOEFODJBEFKVFDFTZBCPHBEPTFOTVNJTJwOB(VBUFNBMBEF
EJDJFNCSFEF%PDVNFOUPEF/BDJPOFT6OJEBT&$/"EESFDPNFOEBDJwOB
*OGPSNFEFM
3FMBUPSFTQFDJBMTPCSFMBJOEFQFOEFODJBEFKVFDFTZBCPHBEPTFOTVNJTJwOB1FS|EFGFCSFSPEF
%PDVNFOUPEF/BDJPOFT6OJEBT&$/"EEQgSSBGP*OGPSNFEFM3FMBUPSFTQFDJBMTPCSFMB
JOEFQFOEFODJBEFKVFDFTZBCPHBEPTFOTVNJTJwOB.nYJDPEFFOFSPEF%PDVNFOUPEF/BDJPOFT
6OJEBT&$/"EESFDPNFOEBDJPOFTC
K
L
Q
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
FKFDVDJPOFT FYUSBKVEJDJBMFT TVNBSJBT Z BSCJUSBSJBT Z FM (SVQP EF USBCBKP TPCSF
EFTBQBSJDJPOFTGPS[BEBTPJOWPMVOUBSJBT&M3FMBUPS&TQFDJBMTPCSFMBT&KFDVDJPOFT
FYUSBKVEJDJBMFTTVNBSJBTPBSCJUSBSJBTIBSFJUFSBEBNFOUFB¾SNBEPMBFYJTUFODJBEF
FTUBPCMJHBDJwOEFJOWFTUJHBSTFH|OFMEFSFDIPJOUFSOBDJPOBM²&TPCMJHBDJwOEFMPT
HPCJFSOPTJOWFTUJHBSFOGPSNBFYIBVTUJWBFJNQBSDJBMUPEBEFOVODJBEFWJPMBDJwOEFM
EFSFDIPBMBWJEB³PCMJHBDJwORVFDPOTUJUVZF²VOPEFMPTQSJODJQBMFTQJMBSFTEFMB
QSPUFDDJwOFGFDUJWBEFMPTEFSFDIPTIVNBOPT³
-B $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB TFvBMBEP RVF EF MB PCMJHBDJwO
HFOFSBMRVFUJFOFOMPT&TUBEPT1BSUFTCBKPMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT
IVNBOPT EF SFTQFUBS Z HBSBOUJ[BS MPT EFSFDIPT IVNBOPT DPOTBHSBEPT FO FMMB TF
EFSJWBFMEFCFSEFJOWFTUJHBSMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT"TrMB
$PSUFIBQSFDJTBEPRVF²<©>OPJOWFTUJHBSMBTEFNBOFSBBEFDVBEBZOPTBODJPOBSFO
TVDBTPBMPTSFTQPOTBCMFTWJPMBFMEFCFSEFSFTQFUBSMPTEFSFDIPTSFDPOPDJEPTQPS
MB$POWFODJwOZHBSBOUJ[BSTVMJCSFZQMFOPFKFSDJDJPUBOUPEFMBQSFTVOUBWrDUJNBDPNP
EFTVTGBNJMJBSFT³$BCFEFTUBDBSRVFMB$PSUFIBEFDMBSBEPRVFMBQSPIJCJDJwOEFMB
EFTBQBSJDJwOGPS[BEBEFQFSTPOBTZFMDPSSFMBUJWPEFCFSEFJOWFTUJHBSMBTZTBODJPOBSB
TVTSFTQPOTBCMFTTPOOPSNBTRVF²IBOBMDBO[BEPDBSgDUFSEFKVTDPHFOT³-B$PSUF
*OUFSBNFSJDBOBIBEFTUBDBEPJHVBMNFOUFRVF
²FO DBTPT EF FKFDVDJPOFT FYUSBKVEJDJBMFT EFTBQBSJDJPOFT GPS[BEBT Z
PUSBT HSBWFT WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT <©> MB SFBMJ[BDJwO EF
VOB JOWFTUJHBDJwO FY PG¾DJP TJO EJMBDJwO TFSJB JNQBSDJBM Z FGFDUJWB FT
VO FMFNFOUP GVOEBNFOUBM Z DPOEJDJPOBOUF QBSB MB QSPUFDDJwO EF DJFSUPT
EFSFDIPTRVFTFWFOBGFDUBEPTPBOVMBEPTQPSFTBTTJUVBDJPOFTDPNPMPT
EFSFDIPTBMBMJCFSUBEQFSTPOBMJOUFHSJEBEQFSTPOBMZWJEB&TBPCMJHBDJwOEF
JOWFTUJHBSBERVJFSFVOBQBSUJDVMBSZEFUFSNJOBOUFJOUFOTJEBEFJNQPSUBODJB
FODBTPTEFDSrNFOFTDPOUSBMBIVNBOJEBE³
*OGPSNFEFM3FMBUPSFTQFDJBMTPCSFFKFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTZBSCJUSBSJBTEFEJDJFNCSFEF
%PDVNFOUP EF /BDJPOFT 6OJEBT &$/ QgSSBGP *OGPSNF EFM 3FMBUPS FTQFDJBM TPCSF
FKFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTZBSCJUSBSJBTFOTVNJTJwOB#SBTJMEFFOFSPEF%PDVNFOUP
EF/BDJPOFT6OJEBT&$/"EEQgSSBGPT
7nBTFJOUFSBMJBFM*OGPSNFEFM(SVQPEFUSBCBKPTPCSFEFTBQBSJDJPOFTGPS[BEBTFJOWPMVOUBSJBTEFFOFSP
EF%PDVNFOUPEF/BDJPOFT6OJEBT&$/Z$PSSQgSSBGP
%PDVNFOUPEF/BDJPOFT6OJEBT&$/QgSSBGP
%PDVNFOUPEF/BDJPOFT6OJEBT&$/QgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFMBT.BTBDSFTEF*UVBOHPWT$PMPNCJBEPDDJUQgSSBGP
$PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT $BTP EF MB .BTBDSF EF -B 3PDIFMB WT $PMPNCJB 4FOUFODJB
'POEP3FQBSBDJPOFTZ$PTUBT
EFEF.BZPEF4FSJF$/PQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZ4FOUFODJBEFEFTFQ
UJFNCSFEF4FSJF$/PQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP-B$BOUVUBWT1FS|4FOUFODJB'POEP3FQBSBDJPOFTZ
$PTUBT
EFEFOPWJFNCSFEF4FSJF$/PQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
&M 5SJCVOBM &VSPQFP EF %FSFDIPT )VNBOPT IB TPTUFOJEP RVF TJFNQSF RVF TF
EFOVODJFVOBTFTJOBUPJNQVUBEPBBHFOUFTFTUBUBMFTEFCFOJOWFTUJHBSTFMPTIFDIPT
QPSRVFMBTJOWFTUJHBDJPOFTTPOVOBPCMJHBDJwOQSPDFTBMEFMPT&TUBEPTFOWJSUVEEFM
EFSFDIPBMBWJEB"TJNJTNPFM5SJCVOBM&VSPQFPIBDPODMVJEPRVFFMEFSFDIPEF
MBWrDUJNBPTVTGBNJMJBSFTBVOSFDVSTPFGFDUJWPQPErBWJPMBSTFTJOPTFJOWFTUJHBCB
F¾DB[NFOUF*HVBMNFOUFFM5SJCVOBMIBDPOTJEFSBEPRVFDVBOEPFYJTUFOBMFHBUPT
EFUPSUVSBTPWFKBDJPOFTnTUPTEFCFOTFSJOWFTUJHBEPTFOWJSUVEEFMEFSFDIPBOPTFS
TPNFUJEPUPSUVSBPNBMPTUSBUPT
-B$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBTFvBMBEPSFJUFSBEBNFOUFRVF
MBPCMJHBDJwOEFJOWFTUJHBSFTJOEFMFHBCMFQVFTIBDFQBSUFEF²MBOFDFTJEBEJNQF
SBUJWBEFDPNCBUJSMBJNQVOJEBE³-B$PNJTJwOIBSFDPSEBEPRVFFTUBPCMJHBDJwO
FTBTJNJTNPJSSFOVODJBCMF²FTUBFTVOBPCMJHBDJwOJOUFSOBDJPOBMRVFFM&TUBEPOP
QVFEFSFOVODJBS³
-PT&TUBEPTFOMB$POGFSFODJB.VOEJBMEF%FSFDIPT)VNBOPTDFMFCSBEBFO7JFOB
FOKVOJPEFSFB¾SNBSPOFTUBPCMJHBDJwOFONBUFSJBEFEFTBQBSJDJPOFTGPS[BEBT
DVBOEPTVTDSJCJFSPOMB%FDMBSBDJwOZ1SPHSBNBEF"DDJwOEF7JFOB
²-B$POGFSFODJBSFB¾SNBRVFFTVOBPCMJHBDJwOEFUPEPTMPT&TUBEPTFO
DVBMRVJFS DJSDVOTUBODJB FNQSFOEFS VOB JOWFTUJHBDJwO TJFNQSF RVF IBZB
NPUJWPTTV¾DJFOUFTQBSBDSFFSRVFTFIBQSPEVDJEPVOBEFTBQBSJDJwOGPS[BEB
FO VO UFSSJUPSJP TVKFUP B TV KVSJTEJDDJwO Z TJ TF DPO¾SNBO MBT EFOVODJBT
FOKVJDJBSBMPTBVUPSFTEFMIFDIP³
-BT DPOEJDJPOFT EF FKFDVDJwO Z DVNQMJNJFOUP EF MB PCMJHBDJwO EF JOWFTUJHBS FTUgO
QSFTDSJUBT QPS FM EFSFDIP JOUFSOBDJPOBM EF MPT EFSFDIPT IVNBOPT UBOUP FO UFYUPT
DPOWFODJPOBMFTDPNPEFDMBSBUJWPT7FS"OFYP/
BTrDPNPQPSMBKVSJTQSVEFODJB
EF MPT wSHBOPT JOUFSOBDJPOBMFT EF QSPUFDDJwO EF MPT EFSFDIPT IVNBOPT &TUB
PCMJHBDJwOEFJOWFTUJHBDJwOOPQVFEFTFSFKFDVUBEBEFDVBMRVJFSNBOFSB%FCFTFS
DVNQMJEBDPOGPSNFBMPTFTUgOEBSFTFTUBCMFDJEPTQPSMBTOPSNBTZMBKVSJTQSVEFODJB
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT$BTP.D$BOODFM3FJOP6OJEP4FOUFODJBEFMEFTFQUJFNCSFEF
4FSJF"/PQgSSBGP
5SJCVOBM &VSPQFP EF %FSFDIPT )VNBOPT $BTP "LTPZ D 5VSRVrB 4FOUFODJB EFM EF EJDJFNCSF EF *OGPSNFT7**QgSSBGPT
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT$BTP"TTFOPWD#VMHBSJB4FOUFODJBEFMEFPDUVCSFEF
*OGPSNFT7***QgSSBGP
$PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT *OGPSNF /P $BTP *HOBDJP &MMBDVSrB 4+ Z
PUSPT&M4BMWBEPS
EFEJDJFNCSFEFQgSSBGP
$PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT 4FHVOEP *OGPSNF TPCSF MB 4JUVBDJwO EF MPT %FSFDIPT
)VNBOPTFO1FS|0&"4FS-7**%PDSFWEFKVOJPQgSSBGP
$POGFSFODJB .VOEJBM EF %FSFDIPT )VNBOPT %FDMBSBDJwO Z 1SPHSBNB EF "DDJwO EF 7JFOB %PDVNFOUP EF
/BDJPOFT6OJEBT"$0/'QgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
JOUFSOBDJPOBMFT-PTFTUgOEBSFTJOUFSOBDJPOBMFTMBTDBSBDUFSJ[BODPNPJOWFTUJHBDJPOFT
QSPOUBTFYIBVTUJWBTJNQBSDJBMFTFJOEFQFOEJFOUFT
-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBQSFDJTBEPRVF²FM&TUBEPUJFOFFM
EFCFSEFJOJDJBSFYPG¾DJPTJOEJMBDJwOVOBJOWFTUJHBDJwOTFSJBJNQBSDJBMZFGFDUJWB
RVF OP TF FNQSFOEB DPNP VOB TJNQMF GPSNBMJEBE DPOEFOBEB EF BOUFNBOP B TFS
JOGSVDUVPTB³&MEFCFSEFJOWFTUJHBDJwOFTVOBEFBRVFMMBTPCMJHBDJPOFTMMBNBEBT
EFNFEJP-BTBVUPSJEBEFTEFCFOJOWFTUJHBSEJMJHFOUFZTFSJBNFOUFUPEBBMFHBDJwO
EFWJPMBDJwOEFMPTEFSFDIPTIVNBOPTZBRVFDPNPMPTFvBMwMBQSPQJB$PSUF²FM
&TUBEPFTUgFOFMEFCFSKVSrEJDPEF<>JOWFTUJHBSTFSJBNFOUFDPOMPTNFEJPTBTV
BMDBODF³ &MMP TJHOJ¾DB RVF UBM EFCFS EF JOWFTUJHBDJwO TF BCTVFMWF EFTQMFHBOEP
NPUVQSPQSJPMBTBDUJWJEBEFTOFDFTBSJBTQBSBFTDMBSFDFSMPTIFDIPTZMBTDJSDVOTUBO
DJBTRVFMPTSPEFBSPOFJEFOUJ¾DBSMPTBVUPSFT4FUSBUBEFVOBPCMJHBDJwOKVSrEJDBZ
OP EF VOB NFSB HFTUJwO EF JOUFSFTFT QBSUJDVMBSFT "Tr MB $PSUF *OUFSBNFSJDBOB IB
TFvBMBEPRVF
²<M>BEFJOWFTUJHBSFTDPNPMBEFQSFWFOJSVOBPCMJHBDJwOEFNFEJPPDPN
QPSUBNJFOUPRVFOPFTJODVNQMJEBQPSFMTwMPIFDIPEFRVFMBJOWFTUJHBDJwO
OP QSPEV[DB VO SFTVMUBEP TBUJTGBDUPSJP 4JO FNCBSHP EFCF FNQSFOEFSTF
DPOTFSJFEBEZOPDPNPVOBTJNQMFGPSNBMJEBEDPOEFOBEBEFBOUFNBOPB
TFSJOGSVDUVPTB%FCFUFOFSVOTFOUJEPZTFSBTVNJEBQPSFM&TUBEPDPNPVO
EFCFSKVSrEJDPQSPQJPZOPDPNPVOBTJNQMFHFTUJwOEFJOUFSFTFTQBSUJDVMB
SFTRVFEFQFOEBEFMBJOJDJBUJWBQSPDFTBMEFMBWrDUJNBPEFTVTGBNJMJBSFTP
EFMBBQPSUBDJwOQSJWBEBEFFMFNFOUPTQSPCBUPSJPTTJORVFMBBVUPSJEBEQ|
CMJDBCVTRVFFGFDUJWBNFOUFMBWFSEBE&TUBBQSFDJBDJwOFTWgMJEBDVBMRVJFSB
TFBFMBHFOUFBMDVBMQVFEBFWFOUVBMNFOUFBUSJCVJSTFMBWJPMBDJwOBVOMPT
QBSUJDVMBSFTQVFTTJTVTIFDIPTOPTPOJOWFTUJHBEPTDPOTFSJFEBESFTVMUB
SrBOFODJFSUPNPEPBVYJMJBEPTQPSFMQPEFSQ|CMJDPMPRVFDPNQSPNFUFSrB
MBSFTQPOTBCJMJEBEJOUFSOBDJPOBMEFM&TUBEP²
&OFTFNJTNPTFOUJEPTFIBQSPOVODJBEPFM$PNJUnEF%FSFDIPT)VNBOPT&M$PNJUn
IBQSFDJTBEPRVFFYJTUFCBKPFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT
VOB²PCMJHBDJwOHFOFSBMEFJOWFTUJHBSMBTBMFHBDJPOFTEFWJPMBDJPOFTDPOSBQJEF[B
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFMBT.BTBDSFTEF*UVBOHPWT$PMPNCJBEPDDJUQgSSBGP
7FSUBNCJnO$BTPEFMB².BTBDSFEF.BQJSJQgO³WT$PMPNCJBEPDDJU$BTPEFMB$PNVOJEBE.PJXBOB
WT4VSJOBNFEPDDJUQgSSBGP$BTPEFMB.BTBDSFEF1VFCMP#FMMPWT$PMPNCJBEPDDJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBTEPDDJUQgSSBGP
WnBTFUBNCJnOFMQgSSBGPZ5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT$BTP'JOVDBOFDFM3FJOP6OJEP
4FOUFODJBEFMEFKVMJPEFQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBTEPDDJUQgSSBGP
*EFN7FSUBNCJnO$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PErOF[$SV[WT)POEVSBTEPDDJU
QgSSBGPZ$BTP$BCBMMFSP%FMHBEPZ4BOUBOBWT$PMPNCJBEPDDJUQgSSBGP
$PNJUnEF%FSFDIPT)VNBOPT%FDJTJwOEFEFKVMJPEF$PNVOJDBDJwO/P$BTP)VHP
3PESrHVF[6SVHVBZ
%PDVNFOUPEF/BDJPOFT6OJEBT$$13$%QgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
GPOEPZEFNBOFSBFGFDUJWBNFEJBOUFwSHBOPTJOEFQFOEJFOUFTFJNQBSDJBMFT³&TUP
TJHOJ¾DBRVFMBTJOWFTUJHBDJPOFTEFCFOTFSBCPDBEBTEFP¾DJPQPSMBTBVUPSJEBEFT
JOEFQFOEJFOUFNFOUFEFRVFNFEJFPOPRVFKBPEFOVODJBGPSNBMBMHVOB
-B $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB QSFDJTBEP JHVBMNFOUF RVF MB
JOWFTUJHBDJwO EF MB HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT EFCF TFS SFBMJ[BEB
²QPSUPEPTMPTNFEJPTMFHBMFTEJTQPOJCMFTZFTUBSPSJFOUBEBBMBEFUFSNJOBDJwOEFMB
WFSEBEZMBJOWFTUJHBDJwOQFSTFDVDJwODBQUVSBFOKVJDJBNJFOUPZDPOEFOBEFUPEPT
MPTSFTQPOTBCMFTFTQFDJBMNFOUFDVBOEPFTUgOPQVFEBOFTUBSJOWPMVDSBEPTBHFOUFT
FTUBUBMFT³DPOFMNgTFTUSJDUPBQFHPBMBEFCJEBEJMJHFODJBZEFOUSPEFVOQMB[P
SB[POBCMF
&M$PNJUnEF%FSFDIPT)VNBOPTIBSFJUFSBEBNFOUFSFDPSEBEPBMPT&TUBEPT1BSUFT
EFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTRVFEFCFOFTUBCMFDFSwSHBOPT
ZQSPDFEJNJFOUPTJOEFQFOEJFOUFTEFMBT'VFS[BT"SNBEBTZEFMPTDVFSQPTEFQPMJDrB
QBSBJOWFTUJHBSDPOQSPOUJUVEFJNQBSDJBMJEBEMBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
ZMPTDBTPTEFVTPFYDFTJWPEFMBGVFS[BBUSJCVJCMFTBMQFSTPOBMEFMPTDVFSQPTEF
TFHVSJEBE EFM &TUBEP 5SBUgOEPTF EF EFTBQBSJDJPOFT GPS[BEBT FM $PNJUn TFvBMw
RVFMPT&TUBEPTFTUgOFOFMEFCFSEF²FTUBCMFDFSTFSWJDJPTZQSPDFEJNJFOUPTF¾DBDFT
QBSBJOWFTUJHBSBGPOEPMPTDBTPTEFQFSTPOBTEFTBQBSFDJEBTRVFQVFEBOJNQMJDBS
VOBWJPMBDJwOEFMEFSFDIPBMBWJEB³&M$PNJUnEF%FSFDIPT)VNBOPTIBBTFWFSBEP
RVF ²MBT EFOVODJBT EF NBMPT USBUPT EFCFO TFS JOWFTUJHBEBT F¾DB[NFOUF QPS MBT
BVUPSJEBEFTDPNQFUFOUFT²ZRVFnTUBTDPNPMBTEFOVODJBTQPSUPSUVSB²EFCFSgO
0CTFSWBDJwO(FOFSBM/P-BrOEPMFEFMBPCMJHBDJwOKVSrEJDBHFOFSBMJNQVFTUBBMPT&TUBEPT1BSUFTFOFM
1BDUPEPDDJUQgSSBGP
$PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT $BTP EF MB .BTBDSF EF -B 3PDIFMB WT $PMPNCJB EPD DJU
QgSSBGP
*EFNQgSSBGP$BTPEFMBT.BTBDSFTEF*UVBOHPWT$PMPNCJBEPDDJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFMBT.BTBDSFTEF*UVBOHPWT$PMPNCJBEPDDJUQgSSBGP
7FSMBT0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPTTPCSF7FOF[VFMBEFBCSJMEF%PDVNFO
UPEF/BDJPOFT6OJEBT$$13$07&/QgSSBGP3FQ|CMJDB,JSHVJTBEFKVMJPEF$$13$,(;
QgSSBGP$IJMFEFNBS[PEF$$13$"EEQgSSBGP#FMBS|TEFOPWJFNCSFEF$$13
$BEEQgSSBGP&Y3FQ|CMJDB:VHPTMBWBEF.BDFEPOJBEFBHPTUPEF$$13$"EEQg
SSBGP$BNFS|OEFEFOPWJFNCSFEF$$13$"EEQgSSBGP4VEgOEFOPWJFNCSFEF
$$13$"EEQgSSBGP.BVSJDJPEFKVOJPEF$$13$"EEMJUFSBM&#SBTJMEFEF
KVMJPEF$$13$"EEQgSSBGP"MFNBOJBEFOPWJFNCSFEF$$13$"EEQgSSBGP
#PMJWJBEFNBZPEF$$13$"EEQgSSBGP,VXBJUEFKVMJPEF$$13$0,85Qg
SSBGP4SJ-BOLBEFKVMJPEF$$13$"EEQgSSBGP:FNFOEFPDUVCSFEF"
BQBSUBEP(VZBOBEFBCSJMEF$$13$"EEQgSSBGP"SHFMJBEFBHPTUPEF$$13
$"EEQgSSBGPT:Z1FS|EFKVMJPEF$$13$"EEQgSSBGP
$PNJUnEF%FSFDIPT)VNBOPTEFMBT/BDJPOFT6OJEBT0CTFSWBDJwOHFOFSBM/P
SFMBUJWBBMBSUrDVMP
EFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTFO3FDPQJMBDJwOEFMBTPCTFSWBDJPOFTHFOFSBMFTZ
SFDPNFOEBDJPOFTHFOFSBMFTBEPQUBEBTQPSwSHBOPTEFEFSFDIPTIVNBOPTDSFBEPTFOWJSUVEEFUSBUBEPT
%PDVNFOUPEF/BDJPOFT6OJEBT)3*(&/3FWQgHJOB
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwO(FOFSBM/PTPCSFFMBSUrDVMPEFM1BDUPFO3FDPQJMBDJwOEF
MBTPCTFSWBDJPOFTHFOFSBMFTZSFDPNFOEBDJPOFTHFOFSBMFTBEPQUBEBTQPSwSHBOPTEFEFSFDIPTIVNBOPT
DSFBEPTFOWJSUVEEFUSBUBEPT%PDVNFOUPEF/BDJPOFT6OJEBT)3*(&/3FWQgHJOB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
TFSJOWFTUJHBEBTDPODFMFSJEBEFJNQBSDJBMJEBEQPSMBTBVUPSJEBEFTDPNQFUFOUFTB¾O
EFRVFFMSFDVSTPTFBF¾DB[³&M$PNJUnIBEFTUBDBEPFOWBSJBTPQPSUVOJEBEFT
RVF FM IFDIP RVF MBT WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT Z BCVTPT BUSJCVJEPT
B NJFNCSPT F MPT DVFSQPT QPMJDJBMFT OP IBZBO TJEP JOWFTUJHBEPT QPS VO wSHBOP
JOEFQFOEJFOUFDPOUSJCVZFBDSFBSVODMJNBEFJNQVOJEBE
-B$POWFODJwODPOUSBMB5PSUVSBZPUSPT5SBUPTZ1FOBT$SVFMFT*OIVNBOPTZ%FHSB
EBOUFT FTUBCMFDF RVF USBUgOEPTF EF BDUPT EF UPSUVSB MB JOWFTUJHBDJwO EFCF TFS
²QSPOUB F JNQBSDJBM³ &M $PNJUn DPOUSB MB5PSUVSB IB SFDPNFOEBEP RVF MB JOWFT
UJHBDJwOEFMPTEFMJUPT²FTUnCBKPMBEJSFDUBWJHJMBODJBEFKVFDFTJOEFQFOEJFOUFTJO
UFHSBOUF EFM QPEFS KVEJDJBM³ -B $POWFODJwO *OUFSOBDJPOBM QBSB MB QSPUFDDJwO EF
UPEBT MBT QFSTPOBT DPOUSB MBT EFTBQBSJDJPOFT GPS[BEBT QSFTDSJCF MB SFBMJ[BDJwO EF
VOBJOWFTUJHBDJwOFYIBVTUJWBFJNQBSDJBMZFTUJQVMBMBTDPOEJDJPOFTCgTJDBTEFOUSPEF
MBTDVBMFTnTUBTEFCFOSFBMJ[BSTFBTrDPNPMPTQPEFSFTZGBDVMUBEFTRVFEFCFOUFOFS
MPTwSHBOPTEFJOWFTUJHBDJwO
&O DVBOUP B MPT JOTUSVNFOUPT JOUFSOBDJPOBMFT DPO WPDBDJwO EFDMBSBUJWB nTUPT
DPJODJEFOFORVFFM&TUBEPEFCFSFBMJ[BSJOWFTUJHBDJPOFTFYIBVTUJWBTJNQBSDJBMFTF
JOEFQFOEJFOUFTZFTUBCMFDFODSJUFSJPTZFTUgOEBSFTRVFEFCFOPCTFSWBSMPT&TUBEPT
FOMBTJOWFTUJHBDJPOFT&TUPTFTUgOEBSFTDPOTUJUVZFOVOBCBTFGVOEBNFOUBMQBSB
EFUFSNJOBSTJVOBJOWFTUJHBDJwOIBTJEPMMFWBEBBDBCPDPOGPSNFDPOMBPCMJHBDJwO
FTUBUBMEFJOWFTUJHBS&M3FMBUPS&TQFDJBMTPCSF&KFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBT
PBSCJUSBSJBTEFMBT/BDJPOFT6OJEBTIBSFJUFSBEBNFOUFDPOTJEFSBEPRVFFMJODVNQMJ
NJFOUPEFMBTOPSNBTFOVODJBEBTFOMPT1SJODJQJPT3FMBUJWPTBVOBF¾DB[QSFWFODJwO
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwO(FOFSBM/PTPCSFFMBSUrDVMPEFM1BDUPQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT4SJ-BOLBEFEFKVMJPEF%PDVNFOUPEF
/BDJPOFT 6OJEBT $$13$"EE QBS Z 0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn EF %FSFDIPT )VNBOPT
#FMBS|TEFEFOPWJFNCSFEF%PDVNFOUPEF/BDJPOFT6OJEBT$$13$BEEQBS
"SUrDVMPEFMB$POWFODJwODPOUSBMB5PSUVSBZPUSPT5SBUPTZ1FOBT$SVFMFT*OIVNBOPTZ%FHSBEBOUFT
$PODMVTJPOFTZSFDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB&DVBEPSEFEFOPWJFNCSFEF%PDV
NFOUPEF/BDJPOFT6OJEBT"QBSB
"SUrDVMPEFMB$POWFODJwO
7FS FOUSF PUSPT %FDMBSBDJwO TPCSF MB FMJNJOBDJwO EF MB WJPMFODJB DPOUSB MB NVKFS BSUrDVMP %FDMBSBDJwO
TPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPTZ
%FDMBSB
DJwOTPCSFMB1SPUFDDJwOEF5PEBTMBT1FSTPOBTDPOUSBMB5PSUVSBZPUSPT5SBUPTZ1FOBT$SVFMFT*OIVNBOPT
Z%FHSBEBOUFTBSUrDVMP
1SJODJQJPT3FMBUJWPTBVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEFMBTFKFDVDJPOFT
FYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBT$POKVOUPEF1SJODJQJPTQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTTPNFUJ
EBTBDVBMRVJFSGPSNBEFEFUFODJwOPQSJTJwOQSJODJQJPTZ
3FHMBTEFMBT/BDJPOFT6OJEBTQBSB
MBQSPUFDDJwOEFMPTNFOPSFTQSJWBEPTEFMJCFSUBE1SJODJQJPTZ
1SJODJQJPTSFMBUJWPTBMBJOWFTUJHBDJwO
ZEPDVNFOUBDJwOF¾DBDFTEFMBUPSUVSBZ0USPT5SBUPTP1FOBT$SVFMFT$wEJHPEFDPOEVDUBQBSBGVODJPOBSJPT
FODBSHBEPTEFIBDFSDVNQMJSMBMFZBSUrDVMP
1SJODJQJPT#gTJDPTTPCSFFM&NQMFPEFMB'VFS[BZEF"SNBT
EF'VFHPQPSMPT'VODJPOBSJPT&ODBSHBEPTEF)BDFS$VNQMJSMB-FZ1SJODJQJPT
%FDMBSBDJwOTPCSF
MPTQSJODJQJPTGVOEBNFOUBMFTEFKVTUJDJBQBSBMBTWrDUJNBTEFEFMJUPTZEFMBCVTPEFQPEFSQSJODJQJPTZ
%JSFDUSJDFTTPCSFMB'VODJwOEFMPT'JTDBMFTBSUrDVMPTB
%FDMBSBDJwOTPCSFFMEFSFDIPZFMEFCFSEF
MPTJOEJWJEVPTMPTHSVQPTZMBTJOTUJUVDJPOFTEFQSPNPWFSZQSPUFHFSMPTEFSFDIPTIVNBOPTZMBTMJCFSUBEFT
GVOEBNFOUBMFTVOJWFSTBMNFOUFSFDPOPDJEPTBSUrDVMP
.BOVBMTPCSFMB1SFWFODJwOF*OWFTUJHBDJwO&GFDUJWB
EF&KFDVDJPOFT&YUSBKVEJDJBMFT"SCJUSBSJBTZ4VNBSJBTEF/BDJPOFT6OJEBT
(6Ê"1"3"130'&4*0/"-&4/P
F JOWFTUJHBDJwO EF MBT FKFDVDJPOFT FYUSBMFHBMFT BSCJUSBSJBT P TVNBSJBT DPOTUJUVZF
VO²JOEJDJPEFSFTQPOTBCJMJEBEHVCFSOBNFOUBM³BVORVFOPTFQVFEBQSPCBSRVFFO
MBT FKFDVDJPOFT TVNBSJBT P BSCJUSBSJBT EF RVF TF USBUF IBZBO FTUBEP EJSFDUBNFOUF
JNQMJDBEPT MPT GVODJPOBSJPT HVCFSOBNFOUBMFT $PO CBTF FO FM .BOVBM TPCSF MB
1SFWFODJwO F *OWFTUJHBDJwO &GFDUJWB EF &KFDVDJPOFT &YUSBKVEJDJBMFT "SCJUSBSJBT Z
4VNBSJBT EF /BDJPOFT 6OJEBT MB $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB
FTQFDJ¾DBEP MPT QSJODJQJPT SFDUPSFT RVF FT QSFDJTP PCTFSWBS DVBOEP TF DPOTJEFSB
RVF VOB NVFSUF QVEP EFCFSTF B VOB FKFDVDJwO FYUSBKVEJDJBM "Tr MB $PSUF IB
QSFDJTBEPRVF²-BTBVUPSJEBEFTFTUBUBMFTRVFDPOEVDFOVOBJOWFTUJHBDJwOEFCFO
JOUFOUBSDPNPNrOJNPJOUFSBMJBB
JEFOUJ¾DBSBMBWrDUJNBC
SFDVQFSBSZQSFTFSWBS
FMNBUFSJBMQSPCBUPSJPSFMBDJPOBEPDPOMBNVFSUFDPOFM¾OEFBZVEBSFODVBMRVJFS
QPUFODJBMJOWFTUJHBDJwOQFOBMEFMPTSFTQPOTBCMFTD
JEFOUJ¾DBSQPTJCMFTUFTUJHPTZ
PCUFOFSTVTEFDMBSBDJPOFTFOSFMBDJwODPOMBNVFSUFRVFTFJOWFTUJHBE
EFUFSNJOBS
MBDBVTBGPSNBMVHBSZNPNFOUPEFMBNVFSUFBTrDPNPDVBMRVJFSQBUSwOPQSgDUJDB
RVF QVFEB IBCFS DBVTBEP MB NVFSUF Z F
EJTUJOHVJS FOUSF NVFSUF OBUVSBM NVFSUF
BDDJEFOUBMTVJDJEJPZIPNJDJEJP"EFNgTFTOFDFTBSJPJOWFTUJHBSFYIBVTUJWBNFOUF
MBFTDFOBEFMDSJNFOTFEFCFOSFBMJ[BSBVUPQTJBTZBOgMJTJTEFSFTUPTIVNBOPTFO
GPSNB SJHVSPTB QPS QSPGFTJPOBMFT DPNQFUFOUFT Z FNQMFBOEP MPT QSPDFEJNJFOUPT
NgTBQSPQJBEPT³
%PDVNFOUPTEF/BDJPOFT6OJEBT&$/QgSSBGPZ&$/QgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFMBT.BTBDSFTEF*UVBOHPWT$PMPNCJBEPDDJU
QgSSBGP
*CJE
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&45Ç/%"3&4*/5&3/"$*0/"-&4%&*/7&45*("$*Î/
v -BPCMJHBDJwOEFJOWFTUJHBSFTJSSFOVODJBCMFEFNFEJPZEFCFTFSDVNQMJEBEFCVFOBGFZ
DPOMBEFCJEBEJMJHFODJB
v -BTJOWFTUJHBDJPOFTEFCFOTFSJOJDJBEBTFYPG¾DJP
v -BTJOWFTUJHBDJPOFTEFCFOTFSQSPOUBTZSFBMJ[BEBTEFOUSPEFVOQMB[PSB[POBCMF
v -BTJOWFTUJHBDJPOFTEFCFOTFSFYIBVTUJWBTFTUPFTEFCFOFTUBSPSJFOUBEBT
° "M FTUBCMFDJNJFOUP EF MPT IFDIPT Z DJSDVOTUBODJBT FO RVF TF DPNFUJFSPO MBT HSBWFT
WJPMBDJPOFTEFEFSFDIPTIVNBOPT
° "MBJEFOUJ¾DBDJwOZSFTQPOTBCJMJEBEEFMBTQFSTPOBTJNQMJDBEBTBVUPSFTQBSUrDJQFT
DBEFOBEFNBOEPFODVCSJEPSFT
FOMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZ
° "MBEFUFSNJOBDJwOEFMBSFTQPOTBCJMJEBEEFM&TUBEP
v -BTJOWFTUJHBDJPOFTEFCFOTFSJOEFQFOEJFOUFTFOQBSUJDVMBSFMwSHBOPJOWFTUJHBEPSZMPT
JOWFTUJHBEPSFTEFCFOTFS
° JOEFQFOEJFOUFTEFMPTQSFTVOUPTBVUPSFTZEFMPSHBOJTNPBMRVFnTUPTQFSUFOFDFOZ
° OPEFCFOUFOFSWrODVMPTEFTVCPSEJOBDJwOPEFQFOEFODJBKFSgSRVJDBPGVODJPOBMEFMPT
QSFTVOUPTBVUPSFTZEFMPSHBOJTNPBMRVFnTUPTQFSUFOFDFO
v -BTJOWFTUJHBDJPOFTEFCFOTFSJNQBSDJBMFTZQFSDJCJEBTDPNPJNQBSDJBMFT
v -BTJOWFTUJHBDJPOFTEFCFOTFSFGFDUJWBT
° &MwSHBOPJOWFTUJHBEPSZMPTJOWFTUJHBEPSFTJOEJWJEVBMFTEFCFOEJTQPOFSEFMBTGBDVMUB
EFTZSFDVSTPTOFDFTBSJPTQBSBMMFWBSBDBCPMBTJOWFTUJHBDJPOFTJODMVJEPQBSBPCUFOFS
UPEBMBJOGPSNBDJwOOFDFTBSJBBDDFEFSBMVHBSFTBDDFEFSBEPDVNFOUPTDPOWPDBSUFT
UJHPTZQPTJCMFTBVUPSFTZDPQBSUJDJQFT
° -BT JOWFTUJHBDJPOFT EFCFO FTUBS PSJFOUBEBT BM QSPDFTBNJFOUP Z KV[HBNJFOUP EF MPT
SFTQPOTBCMFTEFMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZ
° -BTJOWFTUJHBDJPOFTEFCFOFTUBSPSJFOUBEBTBDPOUSJCVJSBMBSFBMJ[BDJwOEFMEFSFDIPEF
MBTWrDUJNBTBMBSFQBSBDJwOZBMBWFSEBE
v -BTJOWFTUJHBDJPOFTOPQVFEFOSFDVSSJSBNnUPEPTQSPIJCJEPTQPSFMEFSFDIPJOUFSOBDJPOBM
DPNPMBUPSUVSBMPTNBMPTUSBUPTZMBTBNFOB[BTEFNVFSUF
v &O FM DVSTP EF MBT JOWFTUJHBDJPOFT TF EFCFO HBSBOUJ[BS Z QSFTFSWBS MPT EFSFDIPT EF MBT
WrDUJNBTZGBNJMJBSFTFOQBSUJDVMBSB
° 1SFTFOUBSRVFKBT
° *OUFSWFOJSFOMBJOWFTUJHBDJwOZPTFSJOGPSNBEPTEFMPTBWBODFTZSFTVMUBEPTZ
° 5FOFSDPOPDJNJFOUPEFDJFSUPTBDUPTBVUPQTJBTEJDUgNFOFTMFHJTUBTFYIVNBDJPOFT
v 4F EFCFO BEPQUBS NFEJEBT EF TBMWBHVBSEB EF MB JOUFHSJEBE EF MB JOWFTUJHBDJwO Z MPT
QBSUJDJQBOUFTFOFMMB&OQBSUJDVMBSEFCFOUPNBSTF
° .FEJEBTEFQSPUFDDJwOBMBTWrDUJNBTTVTGBNJMJBSFTEFOVODJBOUFTVTSFQSFTFOUBOUFT
PBQPEFSBEPTZEFNgTQFSTPOBTRVFQBSUJDJQFOBMBJOWFTUJHBDJwO
° .FEJEBTFTQFDJBMFTEFQSPUFDDJwOEFNFOPSFTWrDUJNBTZUFTUJHPT
° .FEJEBT FTQFDJBMFT EF QSPUFDDJwO DVBOEP TPO WJPMBDJPOFT EF EFSFDIPT IVNBOPT
DPOUSBNVKFSFTFTQFDJBMNFOUFBCVTPTTFYVBMFTZUSBUBEFTFSFTIVNBOPT
° .FEJEBT EF SFTFSWB EF MB JOWFTUJHBDJwO QBSB QSFTFSWBS MB JOTUSVDDJwO EF VOB DBVTB
QFOBMFODVSTP
° .FEJEBT JODMVJEB MB TVTQFOTJwO FO FM DBSHP EVSBOUF MB JOWFTUJHBDJwO QBSB BTFHVSBS
RVFMPTQSFTVOUPTBVUPSFTZQBSUrDJQFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTOP
FTUnOFODPOEJDJPOFTEFJO¿VJSFOFMDVSTPEFMBTJOWFTUJHBDJPOFTNFEJBOUFQSFTJPOFT
ZBDUPTEFJOUJNJEBDJwOPEFSFQSFTBMJBTPCSFFMEFOVODJBOUFMPTUFTUJHPTMPTBMMFHBEPT
EFMBWrDUJNBZTVTEFGFOTPSFTBTrDPNPTPCSFRVJFOFTQBSUJDJQBOFOMBJOWFTUJHBDJwO
(6Ê"1"3"130'&4*0/"-&4/P
7BSJBT NFEJEBT OBDJPOBMFT QVFEFO DPOTUJUVJS VO PCTUgDVMP B MB SFBMJ[BDJwO EF
JOWFTUJHBDJPOFT"TrMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBB¾SNBEPRVF
²TPOJOBENJTJCMFTMBTEJTQPTJDJPOFTEFBNOJTUrBMBTEJTQPTJDJPOFTEFQSFTDSJQDJwO
Z FM FTUBCMFDJNJFOUP EF FYDMVZFOUFT EF SFTQPOTBCJMJEBE RVF QSFUFOEBO JNQFEJS MB
JOWFTUJHBDJwO<©>EFMBTWJPMBDJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPTUBMFTDPNPMB
UPSUVSB MBT FKFDVDJPOFT TVNBSJBT FYUSBMFHBMFT P BSCJUSBSJBT Z MBT EFTBQBSJDJPOFT
GPS[BEBT³ -B $PSUF IB DPOTJEFSBEP JHVBMNFOUF RVF ²FM &TUBEP EFCF HBSBOUJ[BS
RVF MPT QSPDFTPT JOUFSOPT UFOEJFOUFT B JOWFTUJHBS <©> MPT IFDIPT <©> TVSUBO TVT
EFCJEPT FGFDUPT Z FO QBSUJDVMBS EF BCTUFOFSTF EF SFDVSSJS B ¾HVSBT DPNP MB
BNOJTUrB MB QSFTDSJQDJwO Z FM FTUBCMFDJNJFOUP EF FYDMVZFOUFT EF SFTQPOTBCJMJEBE
<©>-PT GVODJPOBSJPT Q|CMJDPT Z MPT QBSUJDVMBSFT RVF FOUPSQF[DBO EFTWrFO P
EJMBUFO JOEFCJEBNFOUF MBT JOWFTUJHBDJPOFT UFOEJFOUFT B BDMBSBS MB WFSEBE EF MPT
IFDIPT EFCFSgO TFS TBODJPOBEPT BQMJDBOEP BM SFTQFDUP DPO FM NBZPS SJHPS MBT
QSFWJTJPOFT EF MB MFHJTMBDJwO JOUFSOB³ "TJNJTNP FM $PNJUn DPOUSB MB5PSUVSB IB
SFDPNFOEBEPEFSPHBSMBTEJTQPTJDJPOFTRVFBVUPSJ[BOMBJOUFSWFODJwOEFM&KnSDJUPFO
MBTJOWFTUJHBDJPOFTDSJNJOBMFTQPSHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZIB
EFTUBDBEP²MBQSPIJCJDJwOBCTPMVUBBUPEPPSHBOJTNPEFM&TUBEPOPQSPDFTBMNFOUF
IBCJMJUBEP QBSB FMMP EF EFTBSSPMMBS JOWFTUJHBDJPOFT FO BTVOUPT EF DBSgDUFS QFOBM
QBSBMFMBTBMBTRVFMFHBMNFOUFTPOEFDBSHPFYDMVTJWPEFMPTwSHBOPTEFMTJTUFNB
KVEJDJBM³ &M 5SJCVOBM &VSPQFP EF %FSFDIPT )VNBOPT IB DPOTJEFSBEP RVF FM
EFSFDIPEFMBWrDUJNBPTVTGBNJMJBSFTBVOSFDVSTPFGFDUJWPQPErBWJPMBSTFTJOPTF
JOWFTUJHBCBF¾DB[NFOUF
4J FM &TUBEP OP BEFDVB TV MFHJTMBDJwO JOUFSOB Z TV QSgDUJDB DPO FM ¾O EF BTFHVSBS
MB PCMJHBDJwO EF JOWFTUJHBS MBT HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT FT EFDJS
HBSBOUJ[BSMBSFBMJ[BDJwOEFJOWFTUJHBDJPOFTQSPOUBTFYIBVTUJWBTFGFDUJWBTJOEFQFO
EJFOUFTFJNQBSDJBMFTFOUPODFTDPNQSPNFUFTVSFTQPOTBCJMJEBEJOUFSOBDJPOBM
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP#BSSJPT"MUPTWT1FS|4FOUFODJBEFEFNBS[PEF
4FSJF$/PQgSSBGP&OJHVBMTFOUJEPWFS$BTP5SVKJMMP0SP[BWT#PMJWJB3FQBSBDJPOFTZ$PTUBT
EPD
DJUQgSSBGPZ$BTP#BSSJPT"MUPTWT1FS|*OUFSQSFUBDJwOEFMB4FOUFODJBEF'POEP
4FOUFODJBEFEF
TFQUJFNCSFEF4FSJF$/PQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM$BSBDB[PWT7FOF[VFMBEPDDJUQgSSBGP
$PODMVTJPOFT Z SFDPNFOEBDJPOFT EFM $PNJUn DPOUSB MB5PSUVSB (VBUFNBMB EF EF OPWJFNCSF EF %PDVNFOUPEF/BDJPOFT6OJEBT$"5$997$PODMQBSBC
*CJEQBSBE
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT$BTP"LTPZD5VSRVrB4FOUFODJBEFEFEJDJFNCSFEF*OGPS
NFT7**QgSSBGPT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
%FMBPCMJHBDJwOEFCSJOEBSVOSFDVSTPFGFDUJWP
&MEFSFDIPBVOSFDVSTPFGFDUJWPFTUgDPOTBHSBEPFOOVNFSPTPTUSBUBEPTZFOPUSPT
JOTUSVNFOUPTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPT5PEBWJPMBDJwOEFVOEFSFDIP
IVNBOPHFOFSBBM&TUBEPMBPCMJHBDJwOEFQSPWFFSZHBSBOUJ[BSVOSFDVSTPFGFDUJWP
&TUB PCMJHBDJwO IB TJEP SFJUFSBEB QPS MPT 1SJODJQJPT Z EJSFDUSJDFT CgTJDPT TPCSF FM
EFSFDIPEFMBTWrDUJNBTEFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBTJOUFSOBDJPOBMFTEF
EFSFDIPTIVNBOPTZEFWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPB
JOUFSQPOFSSFDVSTPTZPCUFOFSSFQBSBDJPOFT
#BKPFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTBSUrDVMP
ZFM$POWFOJP
&VSPQFP EF %FSFDIPT )VNBOPT BSUrDVMP MB OBUVSBMF[B KVEJDJBM BENJOJTUSBUJWB
P EF PUSB rOEPMF EFM SFDVSTP FTUg FO GVODJwO UBOUP EF MB OBUVSBMF[B EFM EFSFDIP
WJPMBEPDPNPEFMDBSgDUFSFGFDUJWPEFMSFDVSTP#BKPMB$POWFODJwO"NFSJDBOBTPCSF
%FSFDIPT)VNBOPTBSUrDVMP
ZMB$BSUB"GSJDBOBEFMPT%FSFDIPTEFM)PNCSFZEF
MPT1VFCMPTBSUrDVMP
FODBTPEFWJPMBDJPOFTBMPTEFSFDIPTGVOEBNFOUBMFTFM
SFDVSTPEFCFTFSEFOBUVSBMF[BKVEJDJBM-B$BSUBEFMPT%FSFDIPT'VOEBNFOUBMFTEF
MB6OJwO&VSPQFBTFSF¾FSFBVOSFDVSTPFGFDUJWPBOUFVOUSJCVOBMQPSWJPMBDJPOFTB
MPTEFSFDIPTZMJCFSUBEFTHBSBOUJ[BEBTQPSFMEFSFDIPEFMB6OJwOBSUrDVMP
-B
$PSUFEF+VTUJDJBEFMBT$PNVOJEBEFT&VSPQFBTIBDPOTJEFSBEPRVFMBQPTJCJMJEBE
QBSBVOBQFSTPOBMFTJPOBEBFOTVTEFSFDIPTEFBDVEJSBQSPDFTPKVSJTEJDDJPOBMQBSB
IBDFSWBMFSTVTEFSFDIPT²FTMBFYQSFTJwOEFVOQSJODJQJPHFOFSBMEFEFSFDIPRVF
UJFOF TV GVOEBNFOUP FO MBT USBEJDJPOFT DPOTUJUVDJPOBMFT DPNVOFT EF MPT &TUBEPT
NJFNCSPT³
7nBOTF 1BDUP *OUFSOBDJPOBM EF %FSFDIPT $JWJMFT Z 1PMrUJDPT BSUrDVMP $POWFODJwO DPOUSB MB5PSUVSB Z
0USPT5SBUPT P 1FOBT $SVFMFT *OIVNBOPT P %FHSBEBOUFT BSUrDVMP $POWFODJwO *OUFSOBDJPOBM TPCSF MB
&MJNJOBDJwO EF 5PEBT MBT 'PSNBT EF %JTDSJNJOBDJwO 3BDJBM BSUrDVMP $POWFODJwO *OUFSOBDJPOBM QBSB MB
QSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPTG Z
1SPUPDPMP
QBSBQSFWFOJSSFQSJNJSZTBODJPOBSMBUSBUBEFQFSTPOBTFTQFDJBMNFOUFNVKFSFTZOJvPTRVFDPNQMFNFOUBMB
$POWFODJwOEFMBT/BDJPOFT6OJEBTDPOUSBMB%FMJODVFODJB0SHBOJ[BEB5SBOTOBDJPOBMBSUrDVMP
%FDMBSBDJwO
6OJWFSTBMEF%FSFDIPT)VNBOPTBSUrDVMP
%FDMBSBDJwOQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSB
MBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPTZ
1SJODJQJPTSFMBUJWPTBVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwO
EFMBTFKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBT1SJODJQJPTZ
%FDMBSBDJwOTPCSFMPTQSJODJQJPT
GVOEBNFOUBMFTEFKVTUJDJBQBSBMBTWrDUJNBTEFEFMJUPTZEFMBCVTPEFQPEFS1SJODJQJPT
%FDMBSBDJwOZ
1SPHSBNBEF"DDJwOEF7JFOBQgSSBGP
%FDMBSBDJwOZ1SPHSBNBEF"DDJwOEFMB$POGFSFODJB.VOEJBM
DPOUSB FM 3BDJTNP MB %JTDSJNJOBDJwO 3BDJBM MB 9FOPGPCJB Z MBT 'PSNBT $POFYBT EF *OUPMFSBODJB QgSSBGPT
Z
%FDMBSBDJwOTPCSFFMEFSFDIPZFMEFCFSEFMPTJOEJWJEVPTMPTHSVQPTZMBTJOTUJUVDJPOFT
EFQSPNPWFSZQSPUFHFSMPTEFSFDIPTIVNBOPTZMBTMJCFSUBEFTGVOEBNFOUBMFTVOJWFSTBMNFOUFSFDPOPDJEPT
BSUrDVMP
$POWFOJP&VSPQFPEF%FSFDIPT)VNBOPTBSUrDVMP
$BSUBEFMPT%FSFDIPT'VOEBNFOUBMFT
EFMB6OJwO&VSPQFBBSUrDVMP
$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPTBSUrDVMPTB
Z
%FDMBSBDJwO"NFSJDBOBEFMPT%FSFDIPTZ%FCFSFTEFM)PNCSFBSUrDVMP97***
$POWFODJwO*OUFSBNFSJDBOB
TPCSF %FTBQBSJDJwO 'PS[BEB EF 1FSTPOBT BSUrDVMP *** $POWFODJwO *OUFSBNFSJDBOB QBSB 1SFWFOJS Z
4BODJPOBSMB5PSUVSBBSUrDVMP
$BSUB"GSJDBOBEFMPT%FSFDIPT)VNBOPTZEFMPT1VFCMPTBSUrDVMPB
Z$BSUBÇSBCFEF%FSFDIPT)VNBOPTBSUrDVMP
%FDJTJwOEFEFNBZPEF$BTP+PIOTUPO/PDJUBEPFO(VZ#SBJCBOU-B$IBSUFEFTESPJUT
GPOEBNFOUBVY EF Mµ6OJPO FVSPQnFOOF &EJUJPO EV 4FVJM 1BSrT QgHJOB PSJHJOBM FO GSBODnT
USBEVDDJwOMJCSF
(6Ê"1"3"130'&4*0/"-&4/P
1FTFBFTUBTEJWFSTBTSFHVMBDJPOFTFOMPTJOTUSVNFOUPTJOUFSOBDJPOBMFTFONBUFSJB
EF HSBWFT WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT RVF JNQMJDBO MB DPO¾HVSBDJwO EF
VOB JOGSBDDJwO QFOBM FYJTUF VOBOJNJEBE FO MB KVSJTQSVEFODJB TPCSF MB OBUVSBMF[B
KVEJDJBMEFMSFDVSTPFGFDUJWP"TrFM$PNJUnEF%FSFDIPT)VNBOPTIBDPOTJEFSBEP
RVF ²MPT SFDVSTPTEFDBSgDUFSQVSBNFOUFBENJOJTUSBUJWPZEJTDJQMJOBSJPOPQVFEFO
DPOTJEFSBSTFSFDVSTPTFGFDUJWPTZBEFDVBEPTBUFOPSEFMQgSSBGPEFMBSUrDVMPEFM
1BDUP FO DBTPT EF WJPMBDJPOFT QBSUJDVMBSNFOUF HSBWFT EF MPT EFSFDIPT IVNBOPT
FOQBSUJDVMBSDVBOEPTFBMFHBMBWJPMBDJwOEFMEFSFDIPBMBWJEB³5SBUgOEPTFEF
FKFDVDJPOFTFYUSBKVEJDJBMFTEFTBQBSJDJPOFTGPS[BEBTPUPSUVSBMPTSFDVSTPTEFCFOTFS
FTFODJBMNFOUFKVEJDJBMFT&M$PNJUnIBEFTUBDBEPRVFFM&TUBEPEFCFQSPQPSDJPOBS
VOSFDVSTPFGFDUJWPZ²TPCSFUPEPHBSBOUJ[BSRVFQVFEBOJNQVHOBSF¾DB[NFOUFFTUBT
WJPMBDJPOFTBOUFVOUSJCVOBMEFKVTUJDJB³
&M 5SJCVOBM &VSPQFP EF %FSFDIPT )VNBOPT QPS TV QBSUF IB DPOTJEFSBEP RVF ²MB
OPDJwO EF ´SFDVSTP FGFDUJWPµ JNQMJDB BEFNgT EFM QBHP EF VOB JOEFNOJ[BDJwO
DVBOEP FMMP FT BQSPQJBEP JOWFTUJHBDJPOFT QSPGVOEBT Z FGFDUJWBT EFTUJOBEBT B MB
JEFOUJ¾DBDJwOZDBTUJHPEFMPTSFTQPOTBCMFTZDPOMMFWBFMBDDFTPFGFDUJWPEFMRVFKPTP
BVOQSPDFEJNJFOUPEFJOWFTUJHBDJwO³
1PS TV QBSUF MB $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB DPOTJEFSBEP RVF
FM EFSFDIP B VO SFDVSTP FGFDUJWP Z B MB QSPUFDDJwO KVEJDJBM ²JODPSQPSB FM QSJODJQJP
SFDPOPDJEPFOFMEFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPTEFMBFGFDUJWJEBE
EF MPT JOTUSVNFOUPT P NFEJPT QSPDFTBMFT EFTUJOBEPT B HBSBOUJ[BS UBMFT EFSFDIPT
<©> MPT &TUBEPT 1BSUFT TF PCMJHBO B TVNJOJTUSBS SFDVSTPT KVEJDJBMFT FGFDUJWPT B MBT
WrDUJNBT EF WJPMBDJwO EF MPT EFSFDIPT IVNBOPT BSU SFDVSTPT RVF EFCFO TFS
TVTUBODJBEPTEFDPOGPSNJEBEDPOMBTSFHMBTEFMEFCJEPQSPDFTPMFHBMBSU
UPEP
FMMPEFOUSPEFMBPCMJHBDJwOHFOFSBMBDBSHPEFMPTNJTNPT&TUBEPTEFHBSBOUJ[BSFM
MJCSFZQMFOPFKFSDJDJPEFMPTEFSFDIPTSFDPOPDJEPTQPSMB$POWFODJwOBUPEBQFSTPOB
RVFTFFODVFOUSFCBKPTVKVSJTEJDDJwO³-B$PSUF*OUFSBNFSJDBOBIBDPOTJEFSBEP
JHVBMNFOUFRVF²<T>FH|OFTUFQSJODJQJPMBJOFYJTUFODJBEFVOSFDVSTPFGFDUJWPDPOUSB
MBTWJPMBDJPOFTBMPTEFSFDIPTSFDPOPDJEPTQPSMB$POWFODJwO<"NFSJDBOB>DPOTUJUVZF
VOBUSBTHSFTJwOEFMBNJTNBQPSFM&TUBEP1BSUFFOFMDVBMTFNFKBOUFTJUVBDJwOUFOHB
%FDJTJwOEFOPWJFNCSFEF$PNVOJDBDJwO/P$BTP/ZEJB&SJLB#BVUJTUB$PMPNCJB
EPD
DJUQgSSBGP*HVBMNFOUFWFSMB%FDJTJwOEFEFKVMJPEF$PNVOJDBDJwO/P$BTP+PTn7J
DFOUFZ"NBEP7JMMBGBvF$IBQBSSP-VJT/BQPMFwO5PSSFT$SFTQP"OHFM.BSrB5PSSFT"SSPZPZ"OUPOJP)VHVFT
$IBQBSSP5PSSFT$PMPNCJB
EPDDJUQgSSBGP
&OFTFTFOUJEPWFSMB%FDJTJwOEFBENJTJCJMJEBEEFEFPDUVCSFEF$PNVOJDBDJwO/P$BTP
$PSPOFMFUBM$PMPNCJB
%PDVNFOUPEF/BDJPOFT6OJEBT$$13$%QgSSBGP
%FDJTJwOEFEFOPWJFNCSFEF$BTP'#JSJOEXBDJ#JSIBTIXJXBZ&5TIJTFLFEJXB.VMVNCBD;BJSF
$PNVOJDBDJwO/PQgSSBGP%PDVNFOUPEF/BDJPOFT6OJEBT$$13$%
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT4FOUFODJBQSFMJNJOBSFT
EFEFEJDJFNCSFEF$BTP"LTPZD
5VSRVrBQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT(BSBOUrBT+VEJDJBMFTFO&TUBEPTEF&NFSHFODJB"SUT
Z$POWFODJwO"NFSJDBOB4PCSF%FSFDIPT)VNBOPT
0QJOJwO$POTVMUJWB0$EFEFPDUVCSFEF
4FSJF"/PQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
MVHBS&OFTFTFOUJEPEFCFTVCSBZBSTFRVFQBSBRVFUBMSFDVSTPFYJTUBOPCBTUBDPO
RVFFTUnQSFWJTUPQPSMB$POTUJUVDJwOPMBMFZPDPORVFTFBGPSNBMNFOUFBENJTJCMFTJOP
RVFTFSFRVJFSFRVFTFBSFBMNFOUFJEwOFPQBSBFTUBCMFDFSTJTFIBJODVSSJEPFOVOB
WJPMBDJwOBMPTEFSFDIPTIVNBOPTZQSPWFFSMPOFDFTBSJPQBSBSFNFEJBSMB/PQVFEFO
DPOTJEFSBSTFFGFDUJWPTBRVFMMPTSFDVSTPTRVFQPSMBTDPOEJDJPOFTHFOFSBMFTEFMQBrT
PJODMVTPQPSMBTDJSDVOTUBODJBTQBSUJDVMBSFTEFVODBTPEBEPSFTVMUFOJMVTPSJPT&MMP
QVFEFPDVSSJSQPSFKFNQMPDVBOEPTVJOVUJMJEBEIBZBRVFEBEPEFNPTUSBEBQPSMB
QSgDUJDBQPSRVFFM1PEFS+VEJDJBMDBSF[DBEFMBJOEFQFOEFODJBOFDFTBSJBQBSBEFDJEJS
DPO JNQBSDJBMJEBE P QPSRVF GBMUFO MPT NFEJPT QBSB FKFDVUBS TVT EFDJTJPOFT QPS
DVBMRVJFSPUSBTJUVBDJwORVFDPO¾HVSFVODVBESPEFEFOFHBDJwOEFKVTUJDJBDPNP
TVDFEF DVBOEP TF JODVSSF FO SFUBSEP JOKVTUJ¾DBEP FO MB EFDJTJwO P QPS DVBMRVJFS
DBVTBOPTFQFSNJUBBMQSFTVOUPMFTJPOBEPFMBDDFTPBMSFDVSTPKVEJDJBM³-B$PSUF
*OUFSBNFSJDBOB IB DPOTJEFSBEP JHVBMNFOUF RVF ²<U>PEPT MPT &TUBEPT QBSUFT EF MB
$POWFODJwO"NFSJDBOBUJFOFOFMEFCFSEFJOWFTUJHBSMBTWJPMBDJPOFTEFMPTEFSFDIPT
IVNBOPTZTBODJPOBSBMPTBVUPSFTZBMPTFODVCSJEPSFTEFEJDIBTWJPMBDJPOFT:UPEB
QFSTPOBRVFTFDPOTJEFSFWrDUJNBEFnTUBTUJFOFEFSFDIPEFBDDFEFSBMBKVTUJDJBQBSB
DPOTFHVJSRVFTFDVNQMBFOTVCFOF¾DJPZFOFMEFMDPOKVOUPEFMBTPDJFEBEFTF
EFCFSEFM&TUBEP³
-B $PNJTJwO "GSJDBOB EF %FSFDIPT )VNBOPT Z EF MPT 1VFCMPT IB JOUFSQSFUBEP FM
EFSFDIPBVOSFDVSTPFGFDUJWPFOTVT1SJODJQJPTZEJSFDUSJDFTTPCSFFMEFSFDIPBVO
KVJDJP KVTUP Z BTJTUFODJB MFUSBEB HSBUVJUB FO ÇGSJDB $POTJEFSB RVF ²<U>PEPT UJFOFO
EFSFDIPBVOSFDVSTPFGFDUJWPBOUFUSJCVOBMFTOBDJPOBMFTDPNQFUFOUFTQPSIFDIPT
RVFWJPMBOMPTEFSFDIPTRVFPUPSHBOMBDPOTUJUVDJwOMBTMFZFTPMB$BSUBOPPCTUBOUF
RVF MPT IFDIPT IBZBO TJEP DPNFUJEPT QPS QFSTPOBT RVF EFTFNQFvBCBO VO DBSHP
P¾DJBM³1PSDPOTJHVJFOUFMB$PNJTJwO"GSJDBOBDPOTJEFSBRVFVOSFDVSTPFGFDUJWP
TJHOJ¾DBVOSFDVSTPKVEJDJBM
&M EFSFDIP B VO SFDVSTP BOUF MBT HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT FT VO
EFSFDIPJOEFSPHBCMF&M$PNJUnEF%FSFDIPT)VNBOPTIBSFDPSEBEPRVFMBPCMJHBDJwO
EF QSPQPSDJPOBS SFDVSTPT QBSB DVBMRVJFS WJPMBDJwO EF MBT EJTQPTJDJPOFT EFM 1BDUP
QSFTDSJUBFOTVBSUrDVMP
²DPOTUJUVZFVOBPCMJHBDJwOJOIFSFOUFEFM1BDUPFOTV
DPOKVOUP*ODMVTPTJMPT&TUBEPT1BSUFTQVFEFOEVSBOUFVOFTUBEPEFFYDFQDJwOZ
FOMBFTUSJDUBNFEJEBRVFMBTJUVBDJwOFYJHFJOUSPEVDJSBKVTUFTFOFMGVODJPOBNJFOUP
QSgDUJDPEFMPTQSPDFEJNJFOUPTSFMBUJWPTBMPTSFDVSTPTKVEJDJBMFTPEFPUSBrOEPMF
EFCFODPOGPSNBSTFBMBPCMJHBDJwOGVOEBNFOUBMEFHBSBOUJ[BSVOSFDVSTPFGFDUJWPFO
*CJEFN
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM$BSBDB[PWT7FOF[VFMBEPDDJU7FSJHVBMNFOUF$BTP
5SVKJMMP0SP[BWT#PMJWJB3FQBSBDJPOFTZ$PTUBT
EPDDJUQgSSBGP
1SJODJQJPTZEJSFDUSJDFTTPCSFFMEFSFDIPBVOKVJDJPKVTUPZBTJTUFODJBMFUSBEBHSBUVJUBFOÇGSJDB1SJODJQJP$
B
nOGBTJTBHSFHBEPWnBTFUBNCJnOFMDBTPEFM$FOUSPEF"DDJwOQPSMPT%FSFDIPT4PDJBMFTZ&DPOwNJDPTZ
FM$FOUSPEF%FSFDIPT&DPOwNJDPTZ4PDJBMFTDPOUSB/JHFSJB$PNVOJDBDJwONB4FTJwO0SEJOBSJB
PDUVCSF EF QgSSBGP EPOEF MB $PNJTJwO DPOTJEFSw RVF FM &TUBEP EFCrB HBSBOUJ[BS MPT ²SFDVSTPT
MFHBMFT³
(6Ê"1"3"130'&4*0/"-&4/P
WJSUVEEFMQgSSBGPEFMBSUrDVMPEFM1BDUP³&M$PNJUnDPOTJEFSBRVFFMEFSFDIP
BVOSFDVSTPFGFDUJWP²<F>TJOIFSFOUFBMBQSPUFDDJwOEFMPTEFSFDIPTFYQSFTBNFOUF
SFDPOPDJEPT DPNP OP TVTDFQUJCMFT EF TVTQFOTJwO RVF IBO EF TFS HBSBOUJ[BEPT
NFEJBOUFHBSBOUrBTQSPDFTBMFTHFOFSBMNFOUFEFDBSgDUFSKVEJDJBM-BTEJTQPTJDJPOFT
EFM1BDUPRVFTFSF¾FSBOBMBTHBSBOUrBTQSPDFTBMFTOVODBQPESgOTFSFMPCKFUPEF
NFEJEBT RVF EF BMHVOB GPSNB TPDBWFO MB QSPUFDDJwO EF MPT EFSFDIPT RVF OP TPO
TVTDFQUJCMFTEFTVTQFOTJwO<©>³-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT
IB QSFDJTBEP JHVBMNFOUF RVF MPT SFDVSTPT KVEJDJBMFT QBSB QSPUFHFS MPT EFSFDIPT
JOUBOHJCMFTTPOJOEFSPHBCMFT
&O NBUFSJB EF HSBWFT WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT OP DBCF EVEB RVF FM
EFSFDIPBVOSFDVSTPFGFDUJWPDPOTUJUVZFFMEFSFDIPEFBDDFEFSBVOUSJCVOBM%BEP
FM DBSgDUFS EF JMrDJUP DSJNJOBM EF FTUBT HSBWFT WJPMBDJPOFT FM EFSFDIP EF BDDFEFS
B VO USJCVOBM TF JOTDSJCF FO FM gNCJUP QFOBM -B KVSJTQSVEFODJB EF MPT wSHBOPT
JOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTFTVOgOJNFFODPOTJEFSBSRVFSFTQFDUPEFMBT
HSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTTwMPVOSFDVSTPBOUFUSJCVOBMFTQFOBMFT
SF|OFMPTSFRVJTJUPTEFVOSFDVSTPFGFDUJWP
-BEPDUSJOBDPOTJEFSBRVFSFTQFDUPMPTDBTPTEFWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
JOUBOHJCMFTTFDPOTBHSBVOEFSFDIPBMBKVTUJDJBFTQFDr¾DPcTUFFTUgSFGFSJEPBM
BDDFTPBUSJCVOBMFTJOEFQFOEJFOUFTFJNQBSDJBMFT$PNPMPTFvBMBMBQSPGFTPSB7JDUPSJB
"CFMMgO)POSVCJB²DPOGPSNFBMB%FDMBSBDJwO6OJWFSTBMEFMPT%FSFDIPT)VNBOPTZ
BMPTDPOWFOJPTJOUFSOBDJPOBMFTFOMBNBUFSJB<>FMBDDFTPBMBBENJOJTUSBDJwOEF
KVTUJDJB DPNP DPOKVOUP EF HBSBOUrBT KVSrEJDBT JOUFSOBT QBSB MB TBMWBHVBSEB EF MPT
EFSFDIPT IVNBOPT FT VO EFSFDIP IVNBOP JOUFSOBDJPOBMNFOUF SFDPOPDJEP DPNP
EFSFDIPIVNBOPGVOEBNFOUBMEFSFDIPRVFOPTPMPBGFDUBBUPEBQFSTPOBRVFFT
TVUJUVMBSTJOPRVFDPNQSPNFUFEJSFDUBNFOUFMBPSHBOJ[BDJwOJOUFSOBEFM&TUBEPZFM
GVODJPOBNJFOUPEFTVQSPQJBBENJOJTUSBDJwOEFKVTUJDJB&TEFDJSFMSFDPOPDJNJFOUP
JOUFSOBDJPOBMEFM%FSFDIP)VNBOPBMB+VTUJDJBMMFWBBQBSFKBEBMBOFDFTJEBEMwHJDB
EF B¾SNBS RVF MB PSHBOJ[BDJwO Z GVODJPOBNJFOUP EF MBT JOTUJUVDJPOFT FTUBUBMFT EF
BENJOJTUSBDJwOEFKVTUJDJBOPFTVOBGBDVMUBEEJTDSFDJPOBMEFM&TUBEPTJOPRVFFYJTUF
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwO(FOFSBM/PEPDDJUQgSSBGP
*CJEQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT(BSBOUrBT+VEJDJBMFTFO&TUBEPTEF&NFSHFODJB"SUTZ
$POWFODJwO"NFSJDBOB4PCSF%FSFDIPT)VNBOPT
EPDDJU
"CFMMgO)POSVCJB7JDUPSJB²*NQVOJEBEEFWJPMBDJwOEFMPTEFSFDIPTIVNBOPTGVOEBNFOUBMFTFO"NnSJDB
-BUJOB"TQFDUPTKVSrEJDPTJOUFSOBDJPOBMFT³FO+PSOBEBTJCFSPBNFSJDBOBTEFMB"TPDJBDJwOFTQBvPMBEFQSP
GFTPSFTEFEFSFDIPJOUFSOBDJPOBMZSFMBDJPOFTJOUFSOBDJPOBMFT-B&TDVFMBEF4BMBNBODBZFM%FSFDIP*OUFS
OBDJPOBMFO"NnSJDBEFMQBTBEPBMGVUVSP6OJWFSTJEBEEF4BMBNBODB4BMBNBODB.BUUBSPMMP3PEPMGP
²-BQSPCMFNgUJDBEFMBJNQVOJEBE³FO3FW$VBEFSOPT$FOUSPBNFSJDBOPTEF%FSFDIPT)VNBOPT/P&E
$PEFIVDB4BO+PTn$PTUB3JDB.nOEF[+VBO²"DDPVOUBCJMJUZGPS1BTU"CVTFT³FO3FW)VNBO3JHIUT
2VBSUFMZ7PMVNFO/P4FOFTF4BMWBUPSF²1PVWPJSKVEJDJBJSFESPJUhMBKVTUJDFFUJNQVOJUn³FO
*NQVOJUZ *NQVOJEBE *NQVOJUn FE -JEMJQ (JOFCSB 7BMJvB -JMJBOB ²%SPJUT JOUBOHJCMFT EBOT MF DBESF
EVTZTUoNFJOUFSBNFSJDBJOEFTESPJUTEFMµIPNNF³FO%SPJUTJOUBOHJCMFTFUnUBUTEµFYDFQUJPO&E#SVZMBOU
#SVYFMMFT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
VOMrNJUFBTFHVSBSFM%FSFDIPBMB+VTUJDJBFOMBGPSNBFORVFFMNJTNPFTSFDPOPDJEP
QPSFM%FSFDIP*OUFSOBDJPOBM³-B$PNJTJwOZMB$PSUF*OUFSBNFSJDBOBTEF%FSFDIPT
)VNBOPT IBO DPOTJEFSBEP RVF FM EFSFDIP B MB KVTUJDJB FTUg BNQBSBEP CBKP MB
$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT"TrFTDPNPMB$PSUFIBQSFDJTBEP
RVF ²UPEB QFSTPOB RVF TF DPOTJEFSF WrDUJNB EF nTUBT UJFOF EFSFDIP EF BDDFEFS B
MBKVTUJDJBQBSBDPOTFHVJSRVFTFDVNQMBFOTVCFOF¾DJPZFOFMEFMDPOKVOUPEFMB
TPDJFEBEFTFEFCFSEFM&TUBEP³
&MEFSFDIPBMBKVTUJDJBDVZPUJUVMBSFTFMTFSIVNBOPUJFOFFOFMPUSPFYUSFNPEFMB
SFMBDJwOKVSrEJDBBM&TUBEPDPNPUJUVMBSEFMBPCMJHBDJwO&TUBPCMJHBDJwOUJFOFEPT
HSBOEFTWFSUJFOUFTQPSVOMBEPFM&TUBEPEFCFHBSBOUJ[BSFMEFSFDIPBMBKVTUJDJBEFM
JOEJWJEVPZQPSPUSPEFCFJNQBSUJSKVTUJDJB&MDPOOBUVSBMOFYPFOUSFFMEFSFDIPBMB
KVTUJDJBZMBPCMJHBDJwOEFJNQBSUJSKVTUJDJBFTFWJEFOUF/PFTDPODFCJCMFMBBVTFODJB
EF QSPUFDDJwO KVEJDJBM TP QFOB EF EFTUSVJS MB OPDJwO NJTNB EF PSEFO KVSrEJDP5BM
DPNP MP FYQSFTBSB FM &YQFSUP TPCSF FM EFSFDIP EF SFTUJUVDJwO JOEFNOJ[BDJwO Z
SFIBCJMJUBDJwO EF MBT /BDJPOFT 6OJEBT ²SFTVMUB EJGrDJM JNBHJOBS VO TJTUFNB KVEJDJBM
RVFWFMFQPSMPTEFSFDIPTEFMBTWrDUJNBTZTFNBOUFOHBBMNJTNPUJFNQPJOEJGFSFOUF
FJOBDUJWPBOUFMPT¿BHSBOUFTEFMJUPTEFRVJFOFTMPTIBOWJPMBEP³
-BT OPSNBT JOUFSOBDJPOBMFT DPNP BTr UBNCJnO MB KVSJTQSVEFODJB Z EPDUSJOB EF MPT
USJCVOBMFT Z EFNgT wSHBOPT JOUFSOBDJPOBMFT EF QSPUFDDJwO EF EFSFDIPT IVNBOPT
EF¾OFOFMBMDBODFEFMBPCMJHBDJwOEFM&TUBEPEFHBSBOUJ[BSVOSFDVSTPFGFDUJWPQPS
HSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTBTrDPNPFMDPOUFOJEPEFMEFSFDIPBVO
SFDVSTP &O FTUF DBNQP TPO EF QBSUJDVMBS JNQPSUBODJB MPT 1SJODJQJPT Z EJSFDUSJDFT
CgTJDPTTPCSFFMEFSFDIPEFMBTWrDUJNBTEFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBT
JOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTZEFWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOB
DJPOBMIVNBOJUBSJPBJOUFSQPOFSSFDVSTPTZPCUFOFSSFQBSBDJPOFT
"CFMMgO)POSVCJB7JDUPSJBPQDJUQgHJOB
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM$BSBDB[PWT7FOF[VFMBEPDDJU7FSJHVBMNFOUF$BTP
5SVKJMMP0SP[BWT#PMJWJB3FQBSBDJPOFTZ$PTUBT
EPDDJUQgSSBGP
%PDVNFOUPEF/BDJPOFT6OJEBT&$/4VCQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
3FDVSTPFGFDUJWPZHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
&OMPTDBTPTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTFMSFDVSTPEFCF
… 4FS EF OBUVSBMF[B KVEJDJBM Z TVTUFOUBEP DPOGPSNF BM EFCJEP QSPDFTP MFHBM BOUF VO
USJCVOBMJOEFQFOEJFOUFJNQBSDJBMZDPNQFUFOUFFTUBCMFDJEPQPSMFZ
… 4FSFGFDUJWPFTUPFTJEwOFPQBSBFTUBCMFDFSMBWJPMBDJwOZMBTDJSDVOTUBODJBTFOMBTRVF
GVFDPNFUJEBQSPWFFSMPOFDFTBSJPQBSBSFNFEJBSMBJODMVJEBMBSFQBSBDJwOEFMEBvP
TVGSJEPFJEFOUJ¾DBSBMPTBVUPSFTZEFNgTQBSUJDJQFTEFMBWJPMBDJwOQBSBRVFnTUPT
TFBOKV[HBEPTZDBTUJHBEPT
… 4FSTFODJMMPQSgDUJDPZOPJMVTPSJP
… 4FSJOEFSPHBCMFZOPTFSPCKFUPEFMJNJUBDJPOFTQSPDFTBMFTRVFMPEFTOBUVSBMJDFO
… *NQMJDBSJOWFTUJHBDJPOFTFYIBVTUJWBTZDPOMMFWBSFMBDDFTPFGFDUJWPEFMRVFKPTPBVO
QSPDFEJNJFOUPEFJOWFTUJHBDJwO
… 4FSFKFDVUBCMFQPSMBTBVUPSJEBEFTDPNQFUFOUFT
… 4FSUSBNJUBEPMPNgTSgQJEBNFOUFQPTJCMFZOPTVGSJSQSPMPOHBDJPOFTJOKVTUJ¾DBEBT
1BSBBTFHVSBSMBFGFDUJWJEBEEFMEFSFDIPBVOSFDVSTPFM&TUBEPEFCFJHVBMNFOUF
… (BSBOUJ[BSBTJTUFODJBBQSPQJBEBBMBTWrDUJNBTZPMPTGBNJMJBSFTRVFUSBUBOEFBDDFEFSB
MBKVTUJDJBFMBDDFTPBVOBTFTPSMFHBMZEFTFSOFDFTBSJPBBTJTUFODJBMFHBMHSBUVJUB
… 5PNBSNFEJEBTQBSBQSPUFHFSBMRVFKPTPZPBTVTGBNJMJBSFTDPOUSBUPEPNBMUSBUPP
JOUJNJEBDJwOFOSB[wOEFMSFDVSTPQSFTFOUBEP
-BT MFHJTMBDJPOFT Z QSgDUJDBT OBDJPOBMFT RVF OJFHBO FM EFSFDIP B VO SFDVSTP RVF
FTUBCMFDFO SFDVSTPT JMVTPSJPT P NFSBNFOUF GPSNBMFT P RVF JNQJEFO FM BDDFTP B
MB KVTUJDJB B MBT WrDUJNBT EF HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT ZP EF TVT
GBNJMJBSFTQBSBIBDFSWBMFSQVFEFOIBDFSTVTEFSFDIPTDPOTUJUVZFOVOBWJPMBDJwOEF
MBPCMJHBDJwOJOUFSOBDJPOBMEFM&TUBEPEFHBSBOUJ[BSVOSFDVSTPFGFDUJWP"TJNJTNP
DVBOEPMBUSBNJUBDJwOEFMSFDVSTPTFQSPMPOHBEFNBOFSBJOKVTUJ¾DBEBFOFMUJFNQP
TFDPO¾HVSBVOBWJPMBDJwOEFMEFCFSFTUBUBMEFHBSBOUJ[BSVOSFDVSTPFGFDUJWP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
%FMBPCMJHBDJwOEFKV[HBSZDBTUJHBS
B $POTJEFSBDJPOFTHFOFSBMFT
-BPCMJHBDJwOEFKV[HBSZTBODJPOBSBMPTBVUPSFTEFHSBWFTWJPMBDJPOFTBMPTEFSFDIPT
IVNBOPTDPNPFYQSFTJwOEFMEFCFSEFHBSBOUrBUJFOFTVBTJEFSPKVSrEJDPFOUSBUBEPT
FJOTUSVNFOUPTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPT-B"TBNCMFB(FOFSBMZ
FM$POTFKPEF4FHVSJEBEEFMBT/BDJPOFT6OJEBTIBOSFB¾SNBEPRVFMPTBVUPSFT
EFHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTEFCFOTFSDBTUJHBEPTQPSFMEFSFDIP
QFOBM
"VORVFFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTOPFTUBCMFDFFYQSFTB
NFOUFFTUBPCMJHBDJwOEFKV[HBSZTBODJPOBSBMPTSFTQPOTBCMFTEFWJPMBDJPOFTBMPT
EFSFDIPTIVNBOPTFM$PNJUnEF%FSFDIPT)VNBOPTIBDPOTJEFSBEPRVFIBDFQBSUF
EFMBTPCMJHBDJPOFTHFOFSBMFTRVFJNQPOFFM1BDUPFOTVBSUrDVMP"TrFM$PNJUnIB
SFDPSEBEPRVF²<©>FM&TUBEP1BSUFUJFOFFMEFCFSEFJOWFTUJHBSBGPOEPMBTQSFTVOUBT
WJPMBDJPOFT EF EFSFDIPT IVNBOPT FO QBSUJDVMBS MBT EFTBQBSJDJPOFT GPS[BEBT EF
QFSTPOBTZMBTWJPMBDJPOFTEFMEFSFDIPBMBWJEBZEFFODBVTBSQFOBMNFOUFKV[HBSZ
DBTUJHBSBRVJFOFTTFBODPOTJEFSBEPTSFTQPOTBCMFTEFFTBTWJPMBDJPOFT&TUFEFCFS
FTBQMJDBCMFBGPSUJPSJFOMPTDBTPTFORVFMPTBVUPSFTEFFTBTWJPMBDJPOFTIBOTJEP
JEFOUJ¾DBEPT³"TJNJTNPFM$PNJUnIBQSFDJTBEPRVF²FMIFDIPEFRVFOPTFIBHB
DPNQBSFDFS BOUF MB KVTUJDJB B MPT BVUPSFT EF WJPMBDJPOFT QVFEF TFS EF QPS Tr VOB
7FSFOUSFPUSPT1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTBSUrDVMP
$POWFODJwO"NFSJDBOBTPCSF
%FSFDIPT)VNBOPTBSUrDVMP
$POWFODJwODPOUSBMB5PSUVSBZPUSPT5SBUPTZ1FOBT$SVFMFT*OIVNBOPTZ
%FHSBEBOUFTBSUrDVMPTZ
$POWFODJwO*OUFSBNFSJDBOBQBSB1SFWFOJSZ4BODJPOBSMB5PSUVSBBSUrDVMPT
Z $POWFODJwO *OUFSBNFSJDBOB TPCSF %FTBQBSJDJwO 'PS[BEB EF 1FSTPOBT BSUrDVMPT * Z *7
$POWFODJwO
*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPTZ
%FDMBSBDJwOTPCSFMB1SPUFDDJwOEF5PEBTMBT1FSTPOBTDPOUSBMB5PSUVSBZ0USPT5SBUPTP1FOBT$SVFMFT
*OIVNBOPTP%FHSBEBOUFTBSUrDVMPTZ
1SJODJQJPTSFMBUJWPTBVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEFMBT
FKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBTQSJODJQJPTZ
Z%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBT
MBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPTZ
7FSFOUSFPUSBTMBT3FTPMVDJPOFTEFEFEJDJFNCSFEFEFEFEJDJFNCSFEF
EFEFEJDJFNCSFEFEFEFEJDJFNCSFEFEFEFEJDJFNCSFEFQgSSBGP
²&KFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTPBSCJUSBSJBT³EFEFEJDJFNCSFEFQgSSBGP
7FSFOUSFPUSPT3FTPMVDJwOTPCSFMBDVFTUJwOEF)BJUr43&4
EFGFCSFSPEFQgSSBGP
Z3FTPMVDJwOTPCSFMBTJUVBDJwOFO$PTUBEF.BS¾M43&4EFNBZPEFQgSSBGP
%FDJTJwOEFOPWJFNCSFEF$PNVOJDBDJwO/P$BTP/ZEJB&SJLB#BVUJTUB$PMPNCJB
EPD
DJUQgSSBGP*HVBMNFOUFWFSMB%FDJTJwOEFEFKVMJPEF$PNVOJDBDJwO/œ$BTP+PTn
7JDFOUFZ"NBEP7JMMBGBvF$IBQBSSP-VJT/BQPMFwO5PSSFT$SFTQP"OHFM.BSrB5PSSFT"SSPZPZ"OUPOJP)V
HVFT$IBQBSSP5PSSFT$PMPNCJB
EPDDJUQgSSBGP7FSJHVBMNFOUFMBT0CTFSWBDJPOFT¾OBMFTEFM$PNJUn
EF %FSFDIPT )VNBOPT TPCSF 6SVHVBZ EF NBZP EF $$13$"EE QgSSBGP $IJMF EF
NBS[PEF$$13$"EEQgSSBGP-rCBOPEFBCSJMEF$$13$"EEQgSSBGP
&M4BMWBEPSEFBCSJMEF$$13$"EEQgSSBGP)BJUrEFPDUVCSFEF"QgSSBGPT
FO1FS|EFOPWJFNCSFEF$$13$01&3QgSSBGP'SBODJBEFBHPTUPEF
$$13$"EEQgSSBGP"SHFOUJOBEFBCSJMEF$$13$"EEQgSSBGPZEFOP
WJFNCSFEF$$13$0"3(QgSSBGP$SPBDJBEFBCSJMEF$$13$0)37QgSSBGPZ
(VBUFNBMBEFBHPTUPEF$$13$0(5.QgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
WVMOFSBDJwOEFM1BDUP&TUBTPCMJHBDJPOFTFYJTUFODPODSFUBNFOUFFOSFMBDJwODPOMBT
JOGSBDDJPOFTSFDPOPDJEBTDPNPEFMJUPTFOFMEFSFDIPJOUFSOBDJPOBMPFOMBMFHJTMBDJwO
OBDJPOBM FOUSF FMMPT MB UPSUVSB Z PUSPT USBUPT DSVFMFT JOIVNBOPT P EFHSBEBOUFT
MBTQSJWBDJPOFTEFWJEBTVNBSJBTZBSCJUSBSJBTZMBTEFTBQBSJDJPOFTGPS[PTBT³&M
$PNJUnIBJHVBMNFOUFQSFDJTBEPRVF
²DVBOEPGVODJPOBSJPTQ|CMJDPTPBHFOUFTEFM&TUBEPIBODPNFUJEP<HSBWFT
WJPMBDJPOFTEFEFSFDIPTIVNBOPT>MPT&TUBEPT1BSUFTOPQVFEFOFYJNJSBMPT
BVUPSFTEFTVSFTQPOTBCJMJEBEQFSTPOBMDPNPIBPDVSSJEPDPOEFUFSNJOBEBT
BNOJTUrBT <©> Z MBT JONVOJEBEFT F JOEFNOJ[BDJPOFT KVSrEJDBT BOUFSJPSFT "EFNgT OJOHVOB QPTJDJwO P¾DJBM KVTUJ¾DB RVF QFSTPOBT RVF QVFEFO TFS
BDVTBEBT EF SFTQPOTBCJMJEBE QPS FTBT WJPMBDJPOFT RVFEFO JONVOFT EF
SFTQPOTBCJMJEBE KVSrEJDB 0USPT JNQFEJNFOUPT QBSB FM FTUBCMFDJNJFOUP EF
MBSFTQPOTBCJMJEBEKVSrEJDBEFCFOJHVBMNFOUFFMJNJOBSTFDPNPMBEFGFOTB
EFMBPCFEJFODJBBwSEFOFTTVQFSJPSFTPMPTQFSrPEPTFYDFTJWBNFOUFCSFWFT
EFQSFTDSJQDJwOFOMPTDBTPTFORVFFTBTMJNJUBDJPOFTTPOBQMJDBCMFT-PT
&TUBEPT 1BSUFT EFCFO UBNCJnO QSFTUBSTF BTJTUFODJB NVUVBNFOUF QBSB
TPNFUFSBMBKVTUJDJBBMBTQFSTPOBTEFMBTRVFTPTQFDIBORVFIBODPNFUJEP
BDUPTEFWJPMBDJwOEFM1BDUPRVFTPOQVOJCMFTDPOBSSFHMPBMEFSFDIPJOUFSOP
PFMEFSFDIPJOUFSOBDJPOBM³
" TJNJMJUVE EFM 1BDUP *OUFSOBDJPOBM EF %FSFDIPT $JWJMFT Z 1PMrUJDPT MB $POWFODJwO
"NFSJDBOB TPCSF %FSFDIPT )VNBOPT FM $POWFOJP &VSPQFP EF %FSFDIPT )VNBOPT
Z MB $BSUB "GSJDBOB EF MPT %FSFDIPT )VNBOPT Z EF MPT 1VFCMPT OP FTUBCMFDFO
FYQSFTBNFOUF MB PCMJHBDJwO EF KV[HBS Z TBODJPOBS B MPT SFTQPOTBCMFT EF HSBWFT
WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT /P PCTUBOUF TVT wSHBOPT IBO DPOTJEFSBEP
RVFFMMBIBDFQBSUFEFMBTPCMJHBDJPOFTHFOFSBMFTEFHBSBOUrBEFDBEBVOPEFFTUPT
USBUBEPT
&O FTUF TFOUJEP MB $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB TFvBMBEP
SFJUFSBEBNFOUFRVFMPT&TUBEPTQBSUFTEFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT
)VNBOPTUJFOFOMBPCMJHBDJwOJOUFSOBDJPOBMEFKV[HBSZTBODJPOBSBMPTSFTQPOTBCMFT
EF WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT &TUB PCMJHBDJwO FTUg EJSFDUBNFOUF
SFMBDJPOBEBDPOFMEFSFDIPEFUPEBQFSTPOBBTFSPrEBQPSVOUSJCVOBMDPNQFUFOUF
0CTFSWBDJwOHFOFSBM/P-BrOEPMFEFMBPCMJHBDJwOKVSrEJDBHFOFSBMJNQVFTUBBMPT&TUBEPT1BSUFTFOFM
1BDUPEPDDJUQgSSBGP
*CJEFN
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBT4FOUFODJB*OEFNOJ
[BDJwO$PNQFOTBUPSJB
EFEFKVMJPEF4FSJF$/PQgSSBGPTZ$BTP(PErOF[$SV[WT)POEV
SBT4FOUFODJB*OEFNOJ[BDJwO$PNQFOTBUPSJB
EFEFKVMJPEF4FSJF$/PQgSSBGPTZTJHVJFOUFT
$BTP$BCBMMFSP%FMHBEPZ4BOUBOBWT$PMPNCJBEPDDJUQgSSBGPZ3FTPMVUJWP$BTP&M"NQBSPWT7FOF
[VFMB4FOUFODJB3FQBSBDJPOFTZ$PTUBT
EFEFTFQUJFNCSFEF4FSJF$/PQgSSBGPZ3FTPMVUJWP
$BTP$BTUJMMP1gF[WT1FS|4FOUFODJBEFEFOPWJFNCSFEF4FSJF$/PQgSSBGP$BTP4VgSF[
3PTFSPWT&DVBEPS4FOUFODJBEFEFOPWJFNCSFEF4FSJF$/PQgSSBGPZ3FTPMVUJWP$BTP
#MBLFWT(VBUFNBMB4FOUFODJBEFEFFOFSPEF4FSJF$/PQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
JOEFQFOEJFOUFFJNQBSDJBMQBSBMBEFUFSNJOBDJwOEFTVTEFSFDIPTBTrDPNPDPOFM
EFSFDIPBVOSFDVSTPFGFDUJWPDPOTBHSBEPTFOMPTBSUrDVMPTZEFMB$POWFODJwO
"NFSJDBOBTPCSF%FSFDIPT)VNBOPT$PNPMPIBSFDPSEBEPMB$PSUF*OUFSBNFSJDBOB
EF%FSFDIPT)VNBOPT²-B$POWFODJwO"NFSJDBOBHBSBOUJ[BBUPEBQFSTPOBFMBDDFTP
BMBKVTUJDJBQBSBIBDFSWBMFSTVTEFSFDIPTSFDBZFOEPTPCSFMPT&TUBEPT1BSUFTMPT
EFCFSFT EF QSFWFOJS JOWFTUJHBS JEFOUJ¾DBS Z TBODJPOBS B MPT BVUPSFT JOUFMFDUVBMFT
Z FODVCSJEPSFT EF WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT <©> &M BSUrDVMP EF MB
$POWFODJwO"NFSJDBOBHVBSEBSFMBDJwOEJSFDUBDPOFMBSUrDVMPFOSFMBDJwODPOFM
BSUrDVMP BNCPT EF MB NJTNB RVF BTFHVSB B UPEB QFSTPOB VO SFDVSTP SgQJEP Z
TFODJMMPQBSBMPHSBSFOUSFPUSPTSFTVMUBEPTRVFMPTSFTQPOTBCMFTEFMBTWJPMBDJPOFT
BMPTEFSFDIPTIVNBOPTTFBOKV[HBEPT³
-B$PSUF*OUFSBNFSJDBOBIBSFDPSEBEPRVF²MBTBODJwOEFMBTQFSTPOBTSFTQPOTBCMFT
<> FT VOB PCMJHBDJwO RVF DPSSFTQPOEF BM &TUBEP TJFNQSF RVF IBZB PDVSSJEP VOB
WJPMBDJwOEFMPTEFSFDIPTIVNBOPTZFTBPCMJHBDJwOEFCFTFSDVNQMJEBTFSJBNFOUF
ZOPDPNPVOBNFSBGPSNBMJEBE³"TrMB$PSUF*OUFSBNFSJDBOBIBDPOTJEFSBEPRVF
²<F>M&TUBEPEFCFHBSBOUJ[BSRVFMPTQSPDFTPTJOUFSOPTUFOEJFOUFTB<©>TBODJPOBSB
MPTSFTQPOTBCMFTEFMPTIFDIPT<©>TVSUBOTVTEFCJEPTFGFDUPTZFOQBSUJDVMBSEF
BCTUFOFSTFEFSFDVSSJSB¾HVSBTDPNPMBBNOJTUrBMBQSFTDSJQDJwOZFMFTUBCMFDJNJFOUP
EFFYDMVZFOUFTEFSFTQPOTBCJMJEBE³-B$PSUFIBEFDMBSBEPRVFMBQSPIJCJDJwOEFMB
EFTBQBSJDJwOGPS[BEBEFQFSTPOBTZFMDPSSFMBUJWPEFCFSEFTBODJPOBSBTVTSFTQPOTBCMFT
²IBOBMDBO[BEPDBSgDUFSEFKVTDPHFOT³-B$PSUFIBQSFDJTBEPRVFEBEPFMDBSgDUFS
EFOPSNBEFKVTDPHFOTEFMBQSPIJCJDJwOEFMBUPSUVSBZEFMBEFTBQBSJDJwOGPS[BEB
MB DVBM TF USBEVDF FO MB DPO¾HVSBDJwO EF DSrNFOFT JOUFSOBDJPOBMFT ²MBT OPSNBT EF
EFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJPZDPOWFODJPOBMFTUBCMFDFOFMEFCFSEFKV[HBSB
TVTSFTQPOTBCMFT³
1PSTVQBSUFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBSFDPSEBEPRVFMB
PCMJHBDJwOEFQSPDFTBSZTBODJPOBSBMPTBVUPSFTEFWJPMBDJPOFTBMPTEFSFDIPTIV
NBOPTFTJOEFMFHBCMFFJSSFOVODJBCMF"TrMB$PNJTJwO*OUFSBNFSJDBOBBTFWFSwRVF
²MPT&TUBEPTUJFOFOMBPCMJHBDJwOEFJOWFTUJHBSKV[HBSZTBODJPOBSBMPTSFTQPOTBCMFT
EFWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT<©>.BTB|OFTUBFTVOBPCMJHBDJwOJOUFSOB
DJPOBMRVFFM&TUBEPOPQVFEFSFOVODJBS³
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP/JDIPMBT#MBLFWT(VBUFNBMB4FOUFODJB3FQBSBDJPOFTZ
$PTUBT
EFEFFOFSPEF4FSJF$/PQgSSBGPTZ
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP&M"NQBSPWT7FOF[VFMB3FQBSBDJPOFT
EPDDJUQgSSBGP
7FSUBNCJnO$BTP#MBLFWT(VBUFNBMB3FQBSBDJPOFT
EPDDJUQgSSBGP
$PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT $BTP EFM $BSBDB[P WT 7FOF[VFMB 3FQBSBDJPOFT
EPD DJU
QgSSBGP7FSJHVBMNFOUF4FOUFODJBEFEFNBS[PEF$BTP#BSSJPT"MUPTWT1FS|EPDDJUQgSSBGP
Z$BTP5SVKJMMP0SP[BWT#PMJWJB3FQBSBDJPOFT
EPDDJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZEPDDJUQgSSBGP
*CJEQgSSBGP
$PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT 4FHVOEP *OGPSNF TPCSF MB 4JUVBDJwO EF MPT %FSFDIPT
)VNBOPTFO1FS|%PDVNFOUP0&"4FS-7**%PDSFWEFKVOJPQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
&OFMgNCJUPFVSPQFPFM5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTIBDPOTJEFSBEPRVF
MBQSPUFDDJwOEFMEFSFDIPBMBWJEBMBQSPIJCJDJwOEFMBUPSUVSBZFMUSBUPPQFOB
DSVFMJOIVNBOPPEFHSBEBOUFBTrDPNPMBQSPIJCJDJwOEFEFTBQBSJDJPOFTGPS[BEBT
SFRVJFSFO FM QSPDFTBNJFOUP QFOBM Z MB TBODJwO EFM BDUP &M 5SJCVOBM IB TFvBMBEP
RVF FM EFCFS EF KV[HBS Z DBTUJHBS FT QBSUF EF MB PCMJHBDJwO HFOFSBM EF QSPUFDDJwO
ZHBSBOUrBEFMPTEFSFDIPTIVNBOPT"TrFM5SJCVOBMIBTFvBMBEPRVFMPT&TUBEPT
EFCFO²BEPQUBSNFEJEBTBEFDVBEBTQBSBTBMWBHVBSEBSMBTWJEBTEFMPTJOEJWJEVPT
RVF FTUgO EFOUSP EF TV KVSJTEJDDJwO <©> -B PCMJHBDJwO EFM &TUBEP B FTUF SFTQFDUP
USBTDJFOEFTVEFCFSQSJNBSJPEFHBSBOUJ[BSFMEFSFDIPBMBWJEBJNQMFNFOUBOEPQBSB
FMMPVOBMFHJTMBDJwOQFOBMFGFDUJWBB¾OEFJNQFEJSMBDPNJTJwOEFEFMJUPTDPOUSBMB
QFSTPOB DPO FM SFTQBMEP EF VOB NBRVJOBSJB RVF TF FODBSHVF EF IBDFS DVNQMJS MB
MFZ QBSB QSFWFOJS SFQSJNJS Z TBODJPOBS MBT WJPMBDJPOFT EF EJDIBT MFHJTMBDJPOFT³
&M 5SJCVOBM IB UBNCJnO TFvBMBEP RVF MB PNJTJwO FO BQMJDBS F¾DB[NFOUF MBT MFZFT
QFOBMFT UBOUP FO MB JOWFTUJHBDJwO DPNP FO FM QSPDFTBNJFOUP DPO MB DPOTJHVJFOUF
JNQVOJEBE EF MPT BVUPSFT DSFB VOB TJUVBDJwO FO MB RVF MBT GVFS[BT EF TFHVSJEBE
OP SFTQPOEFO QPS TVT BDDJPOFT MP RVF FT JODPNQBUJCMF DPO FM FTUBEP EF EFSFDIP
FO VOB TPDJFEBE EFNPDSgUJDBRVFSFTQFUBMPTEFSFDIPTIVNBOPTHBSBOUJ[BEPTFO
FM $POWFOJP &VSPQFP &M 5SJCVOBM IB DPOTJEFSBEP RVF MB PCMJHBDJwO EF KV[HBS Z
DBTUJHBSBMPTBVUPSFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTFTBEFNgTVO
FMFNFOUPJOUFHSBOUFEFMEFSFDIPBVOSFDVSTPFGFDUJWP
-B$PNJTJwO"GSJDBOBEF%FSFDIPT)VNBOPTZEFMPT1VFCMPTIBSFB¾SNBEPUBNCJnO
FMEFCFSEFKV[HBSZDBTUJHBS
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT4FOUFODJBEFEFPDUVCSFEF$BTP0TNBODFM3FJOP6OJEP
QgSSBGP
5SJCVOBM &VSPQFP EF %FSFDIPT )VNBOPT 4FOUFODJB EF EF EJDJFNCSF EF $BTP "LTPZ D 5VSRVrB
QgSSBGP
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT4FOUFODJBEFEFTFQUJFNCSFEF$BTP"DFM3FJOP6OJEP
QgSSBGPT
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT4FOUFODJBEFEFNBZPEF$BTP,VSUD5VSRVrBQgSSBGP
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT4FOUFODJBEFEFPDUVCSFEF$BTP0TNBODFM3FJOP6OJEP
QgSSBGP7FSJHVBMNFOUFTFOUFODJBEFEFNBS[PEF$BTP.BINVU,BZBD5VSRVrBQgSSBGPZ
4FOUFODJBEFEFNBS[PEFDBTP,JMJmD5VSRVrBQgSSBGP
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT4FOUFODJBEFEFNBS[PEF$BTP.BINVU,BZBD5VSRVrB
QgSSBGP4FOUFODJBEFEFNBS[PEFDBTP,JMJmD5VSRVrBQgSSBGPZ4FOUFODJBEFMEFKVOJP
EFDBTP0SIBOD5VSRVrBQgSSBGP
5SJCVOBM &VSPQFP EF %FSFDIPT )VNBOPT 4FOUFODJB EF EF EJDJFNCSF EF $BTP "LTPZ D 5VSRVrB
QgSSBGP4FOUFODJBEFEFTFQUJFNCSFEFDBTP"ZEJOD5VSRVrBQgSSBGP4FOUFODJBEFEF
GFCSFSPEFDBTP,BZBD5VSRVrBQgSSBGPT4FOUFODJBEFMEFKVOJPEFDBTP0SIBOD
5VSRVrBQgSSBGP
$BTP "TPDJBDJwO "GSJDBOB EF .BMBXJ FU BM D .BVSJUBOJB $PNVOJDBDJPOFT UB 4FTJwO0SEJOBSJBNBZPEF
Z$BTP$FOUSPEF"DDJwOQPSMPT%FSFDIPT4PDJBMFT
Z&DPOwNJDPTZ$FOUSPEF%FSFDIPT&DPOwNJDPTZ4PDJBMFTD/JHFSJB$PNVOJDBDJwONB4FTJwO
0SEJOBSJBPDUVCSFEF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&YJTUF TJO MVHBS B EVEBT VOB PCMJHBDJwO EF QSPDFTBS KVEJDJBMNFOUF Z EF DBTUJHBS B
MPT BVUPSFT EF HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT &TUB PCMJHBDJwO EJNBOB
EFM 1BDUP *OUFSOBDJPOBM EF %FSFDIPT $JWJMFT Z 1PMrUJDPT MB $POWFODJwO "NFSJDBOB
TPCSF %FSFDIPT )VNBOPT FM $POWFOJP &VSPQFP EF %FSFDIPT )VNBOPT Z MB $BSUB
"GSJDBOB EF MPT %FSFDIPT )VNBOPT Z EF MPT 1VFCMPT "TJNJTNP FTUB PCMJHBDJwO
FTUgFYQSFTBNFOUFDPOTBHSBEBFOPUSPTUSBUBEPTFJOTUSVNFOUPTJOUFSOBDJPOBMFTEF
EFSFDIPTIVNBOPT
&TUB PCMJHBDJwO OP TwMP FT EF DBSgDUFS DPOWFODJPOBM TJOP RVF TV SFDPOPDJNJFOUP
FO FM EFSFDIP JOUFSOBDJPOBM FT EF MBSHB EBUB 6OP EF MPT QSJNFSPT QSFDFEFOUFT MP
DPOTUJUVZF FM MBVEP BSCJUSBM EF  EF NBZP EF EFM 1SPGFTPS .BY )VCFS FO FM
BTVOUPEFMBTSFDMBNBDJPOFTCSJUgOJDBTQPSEBvPTDBVTBEPTBMPTT|CEJUPTCSJUgOJDPT
FOMB[POBFTQBvPMBEF.BSSVFDPT&OTVMBVEPBSCJUSBMFM1SPGFTPS)VCFSSFDPSEBCB
RVFTFH|OFMEFSFDIPJOUFSOBDJPOBM²<F>TUgBENJUJEPRVFEFVOBNBOFSBHFOFSBM
MBSFQSFTJwOEFMPTEFMJUPTOPTPMBNFOUFFTVOBPCMJHBDJwOMFHBMEFMBTBVUPSJEBEFT
DPNQFUFOUFT QFSP UBNCJnO <©> VO EFCFS JOUFSOBDJPOBM EFM &TUBEP³ %F JHVBM
NPEPFOFMDBTP+BOFTSFMBUJWPBMBTFTJOBUPEFVODJVEBEBOPFTUBEPVOJEFOTFFO
.nYJDPFOFMRVFFMBTFTJOPOPGVFBQSFIFOEJEPOJKV[HBEPMBKVSJTQSVEFODJBIBMMw
SFTQPOTBCMFJOUFSOBDJPOBMNFOUFBMBTBVUPSJEBEFTNFYJDBOBQPSMB´BGSFOUBRVFDBVTw
OPDBTUJHBSBMBTFTJOP1PSTVQBSUFBMDPOTJEFSBSDBTPTEFUPSUVSBDPNFUJEPTDPO
BOUFSJPSJEBEBMBFOUSBEBFOWJHFODJBEFMB$POWFODJwODPOUSBMB5PSUVSBZ0USPT5SBUPT
P1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFTFM$PNJUnDPOUSBMB5PSUVSBSFDPSEwRVF
MBPCMJHBDJwOEFDBTUJHBSBMPTSFTQPOTBCMFTEFBDUPTEFUPSUVSBFSBZBFYJHJCMFBOUFT
EFMBFOUSBEBFOWJHPSEFMB$POWFODJwOUPEBWF[RVF²FYJTUrBVOBOPSNBHFOFSBMEF
EFSFDIPJOUFSOBDJPOBMRVFPCMJHBBMPT&TUBEPTBUPNBSNFEJEBTF¾DBDFT<>QBSB
7FSFOUSFPUSPT$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPTBSUrDVMP
$POWFODJwODPOUSBMB5PSUVSB
Z PUSPT5SBUPT Z 1FOBT $SVFMFT *OIVNBOPT Z %FHSBEBOUFT BSUrDVMPT Z $POWFODJwO *OUFSBNFSJDBOB
QBSB1SFWFOJSZ4BODJPOBSMB5PSUVSBBSUrDVMPTZ
$POWFODJwO*OUFSBNFSJDBOBTPCSF%FTBQBSJDJwO'PS[BEB
EF 1FSTPOBT BSUrDVMPT * Z *7
$POWFODJwO *OUFSOBDJPOBM QBSB MB QSPUFDDJwO EF UPEBT MBT QFSTPOBT DPOUSB
MBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPTZ
$POWFODJwO*OUFSOBDJPOBMTPCSFMB3FQSFTJwOZFM$BTUJHP
EFM$SJNFOEF"QBSUIFJE"SUrDVMP*7
$POWFODJwOQBSBMB1SFWFODJwOZMB4BODJwOEFM%FMJUPEF(FOPDJEJP
"SUrDVMPT*77Z7*
1SPUPDPMP"EJDJPOBMBMB$POWFODJwOEFMPT%FSFDIPTEFM/JvPSFMBUJWPBMB7FOUBEF
OJvPTMB1SPTUJUVDJwO*OGBOUJMZMB6UJMJ[BDJwOEF/JvPTFOMB1PSOPHSBGrB"SUrDVMPT
1SPUPDPMP'BDVMUBUJWP
EFMB$POWFODJwOTPCSFMPT%FSFDIPTEFM/JvPSFMBUJWPBMB1BSUJDJQBDJwOEF/JvPTFOMPT$PO¿JDUPT"SNBEPT
"SUrDVMP %FDMBSBDJwO TPCSF MB 1SPUFDDJwO EF 5PEBT MBT 1FSTPOBT DPOUSB MB 5PSUVSB Z 0USPT 5SBUPT P
1FOBT $SVFMFT *OIVNBOPT P %FHSBEBOUFT BSUrDVMPT Z 1SJODJQJPT SFMBUJWPT B VOB F¾DB[ QSFWFODJwO F
JOWFTUJHBDJwOEFMBTFKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBTQSJODJQJPTZ
%FDMBSBDJwOTPCSF
MBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPTZ
1SJODJQJPTCgTJDPT
TPCSFFMFNQMFPEFMBGVFS[BZEFBSNBTEFGVFHPQPSMPTGVODJPOBSJPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZ
1SJODJQJP
EFMPT1SJODJQJPTEFDPPQFSBDJwOJOUFSOBDJPOBMFOMBEFUFDDJwOBSSFTUPFYUSBEJDJwOZDBTUJHP
EFQFSTPOBTDVMQBCMFTEFDSrNFOFTEFHVFSSBZDSrNFOFTEFMFTBIVNBOJEBE1SJODJQJP
Z$POKVOUPEF
QSJODJQJPTBDUVBMJ[BEPTQBSBMBQSPUFDDJwOZMBQSPNPDJwOEFMPTEFSFDIPTIVNBOPTNFEJBOUFMBMVDIBDPOUSB
MBJNQVOJEBE
3FDVFJMEFTFOUFODFTBSCJUSBMFT/BUJPOT6OJFT7PM**QgHJOBTZ0SJHJOBMFOGSBODnTUSBEVDDJwO
MJCSF
-BVSB.#+BOFTFUBM&&66
DMPT&TUBEPT6OJEPT.FYJDBOPTMBVEPEFMEFOPWJFNCSFEF3FDVFJM
EFTFOUFODFTBSCJUSBMFT/BUJPOT6OJFT7PMVNFO*7QgHJOB
(6Ê"1"3"130'&4*0/"-&4/P
DBTUJHBS TV QSgDUJDB <EF MB UPSUVSB>³ &M $PNJUn DPOUSB MB 5PSUVSB GVOEBNFOUw TV
DPOTJEFSBDJwOFOMPT²QSJODJQJPTEFMGBMMPEFM5SJCVOBM*OUFSOBDJPOBMEF/VSFNCFSH³
ZFMEFSFDIPBOPTFSUPSUVSBEPDPOTBHSBEPFOMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT
)VNBOPT
-BPCMJHBDJwOEFKV[HBSZDBTUJHBSBMPTBVUPSFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPT
IVNBOPT OP TF MJNJUBBM&TUBEPFODVZPUFSSJUPSJPTFDPNFUJwFMJMrDJUP-BTHSBWFT
WJPMBDJPOFTEFEFSFDIPTIVNBOPTFOUBOUPQSPIJCJDJPOFTEFKVTDPHFOTHFOFSBOMB
PCMJHBDJwOEFUPEP&TUBEPFODVZPUFSSJUPSJPTFIBMMFFMQSFTVOUPBVUPSBVODVBOEP
nTUF Z MBT
WrDUJNBT
TFBO FYUSBOKFSBT EF KV[HBSMP P EF FYUSBEJUBSMP &TUF FT VO
QSJODJQJP VOJWFSTBMNFOUF SFDPOPDJEP EFTEF MBSHB EBUB EFM EFSFDIP JOUFSOBDJPOBM
RVFTFEFOPNJOBQSJODJQJPBVUEFEFSFBVUKVEJDBSF"TrSFTQFDUPEFMBUPSUVSBMB
$PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB SFDPSEBEP RVF ²VO BTQFDUP
FTFODJBMEFMEFSFDIPBMBTFHVSJEBEQFSTPOBMFTMBBCTPMVUBQSPIJCJDJwOEFMBUPSUVSB
OPSNBQFSFOUPSJBEFMEFSFDIPJOUFSOBDJPOBMRVFDSFBPCMJHBDJPOFTFSHBPNOFT³
&TUB PCMJHBDJwO FSHB PNOFT FT MB GVFOUF KVSrEJDB TPCSF MB DVBM TF GVOEBNFOUB FM
QSJODJQJPBVUEFEFSFBVUKVEJDBSF
&M QSJODJQJP BVU EFEFSF BVU KVEJDBSF FTUg FYQSFTBNFOUF DPOTBHSBEP FO OVNFSPTPT
USBUBEPTFJOTUSVNFOUPTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTZIBTJEPDPOTUBO
UFNFOUFSFB¾SNBEPQPSMBKVSJTQSVEFODJB&OFTUFDPOUFYUPDBCFEFTUBDBSMBTFOUFO
DJBEFFOFMDBTP'JMBSUJHBD1FvB*SBMBSFTVFMUPQPSMB$PSUFEF"QFMBDJPOFTEFM
4FHVOEP%JTUSJUPEF/VFWB:PSLFOMBRVFFMUSJCVOBMQSFDJTwRVFFM²UPSUVSBEPSQBTw
BTFSDPNPFMQJSBUBZFMOFHPDJBOUFEFFTDMBWPTEFBOUFTIPTUJTIVNBOJHFOFSJTVO
FOFNJHPEFMBIVNBOJEBEFOUFSB³"TJNJTNPFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSB
MBFY:VHPTMBWJBIBQSFDJTBEPRVFMBQSPIJCJDJwOEFKVTDPHFOT
²JNQPOF B MPT &TUBEPT PCMJHBDJPOFT FSHB PNOFT FT EFDJS PCMJHBDJPOFT
GSFOUFBUPEPTMPTEFNgTNJFNCSPTEFMBDPNVOJEBEJOUFSOBDJPOBMDBEBVOP
EF MPT DVBMFT UJFOF VO EFSFDIP DPSSFMBUJWP "EFNgT MB WJPMBDJwO EF FTUBT
$PNJUnDPOUSBMB5PSUVSBEFMBT/BDJPOFT6OJEBT%FDJTJwOSFMBUJWBBMBTDPNVOJDBDJPOFTZ
"SHFOUJOB
EFEFOPWJFNCSFEFQgSSBGPFO%PDVNFOUPEF/BDJPOFT6OJEBT"TBNCMFB(FOFSBM
*OGPSNFTP¾DJBMFT$VBESBHnTJNPRVJOUPQFSJPEPEFTFTJPOFT4VQMFNFOUP/P"
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNFTPCSFUFSSPSJTNPZEFSFDIPTIVNBOPT%PDVNFOUP
EFMB0SHBOJ[BDJwOEFMPT&TUBEPT"NFSJDBOPT0&"4FS-7MM%PDSFWDPSSEFEFPDUVCSFEF
QgSSBGP
7FSFOUSFPUSPTMB$POWFODJwODPOUSBMB5PSUVSBZPUSPT5SBUPTZ1FOBT$SVFMFT*OIVNBOPTZ%FHSBEBOUFT
BSUrDVMP
MB$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFT
GPS[BEBTBSUrDVMP
FM1SPUPDPMPGBDVMUBUJWPEFMB$POWFODJwOTPCSFMPT%FSFDIPTEFM/JvPSFMBUJWPBMBWFOUB
EFOJvPTMBQSPTUJUVDJwOJOGBOUJMZMBVUJMJ[BDJwOEFOJvPTFOMBQPSOPHSBGrBBSUrDVMP
MB%FDMBSBDJwOTPCSF
MBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMP
MPT1SJODJQJPTSFMBUJWPTB
VOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEFMBTFKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBTQSJODJQJP
MB
$POWFODJwO*OUFSBNFSJDBOBQBSB1SFWFOJSZ4BODJPOBSMB5PSUVSBBSUrDVMP
MB$POWFODJwOJOUFSBNFSJDBOB
TPCSFEFTBQBSJDJwOGPS[BEBEFQFSTPOBTBSUrDVMP*7
4FOUFODJBEFEFKVOJPEF$BTP'JMBSUJHBW1FvB*SBMB'EPSJHJOBMFOJOHMnTUSBEVDDJwOMJCSF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
PCMJHBDJPOFT BGFDUB TJNVMUgOFBNFOUF BM EFSFDIP DPSSFMBUJWP EF UPEPT MPT
NJFNCSPT EF MB DPNVOJEBE JOUFSOBDJPOBM Z BVUPSJ[B DBEB VOP EF FMMPT B
FYJHJSRVFFM&TUBEPFODVFTUJwODVNQMBTVPCMJHBDJwOPBMNFOPTEFKnEF
DPOUSBWFOJSPOPSFQJUB<©>VOBEFMBTDPOTFDVFODJBTEFMWBMPSEFKVTDPHFOT
SFDPOPDJEPBMBQSPIJCJDJwOEFMBUPSUVSBQPSMBDPNVOJEBEJOUFSOBDJPOBMIBDF
RVFUPEP&TUBEPUJFOFEFSFDIPBJOWFTUJHBSKV[HBSZDBTUJHBSVPCUFOFSMB
FYUSBEJDJwOMPTJOEJWJEVPTBDVTBEPTEFUPSUVSBQSFTFOUFTFOTVUFSSJUPSJP&O
FGFDUPTFSrBDPOUSBEJDUPSJPQPSVOBQBSUFMJNJUBSQSPIJCJFOEPMBUPSUVSBFM
QPEFSBCTPMVUPRVFUJFOFOOPSNBMNFOUFMPT&TUBEPTTPCFSBOPTEFDFMFCSBS
5SBUBEPTZQPSPUSBQBSUFJNQFEJSMPT&TUBEPTEFKV[HBSZDBTUJHBSnMRVF
MB QSBDUJDB FO FM FYUSBOKFSP &TUF GVOEBNFOUP KVSrEJDP EF MB DPNQFUFODJB
VOJWFSTBMEFMPT&TUBEPTSFTQFDUPEFMBUPSUVSBDPO¾SNBZSFGVFS[BFMRVF
<©>TFEFSJWBEFMDBSgDUFSQPSOBUVSBMF[BVOJWFSTBMEFMDSJNFO4FDPOTJEFSw
RVF EBEP RVF TF DPOEFOw MPT DSrNFOFT JOUFSOBDJPOBMFT VOJWFSTBMNFOUF
DVBMRVJFSB RVF TFB FM MVHBS EPOEF TF DPNFUJFSPO DBEB &TUBEP UJFOF FM
EFSFDIPBKV[HBSZDBTUJHBSMPTBVUPSFTEFFTUPTDSrNFOFT³
&MQSJODJQJPEFUFSSJUPSJBMJEBEEFMEFSFDIPQFOBMOPFTQVFTBCTPMVUPFOFMgNCJUPEFM
EFSFDIPJOUFSOBDJPOBM"TrMPSFDPOPDJwEFTEFUFNQSBOBIPSBMB$PSUF1FSNBOFOUF
EF +VTUJDJB *OUFSOBDJPOBM FO FM DBTP -PUVT ²<T>J FT WFSEBE RVF FM QSJODJQJP EF MB
UFSSJUPSJBMJEBEEFM%FSFDIP1FOBMTJSWFEFGVOEBNFOUPFOUPEBTMBTMFHJTMBDJPOFTOP
FT NFOPT DJFSUP RVF UPEBT P DBTJ UPEBT FTUBT MFHJTMBDJPOFT FYUJFOEFO TV BDDJwO B
EFMJUPT DPNFUJEPT GVFSB EF TV UFSSJUPSJP Z FTUP DPOGPSNF B TJTUFNBT RVF DBNCJBO
EF &TUBEP B &TUBEP -B UFSSJUPSJBMJEBE EFM %FSFDIP 1FOBM OP FT QVFT VO QSJODJQJP
BCTPMVUP EF %FSFDIP JOUFSOBDJPOBM Z EF OJOH|O NPEP DPJODJEF DPO MB TPCFSBOrB
UFSSJUPSJBM³ "Tr RVF FM DMgTJDP DSJUFSJP EF MB UFSSJUPSJBMJEBE EFM EFSFDIP QFOBM FT
JOPQFSBOUFGSFOUFBMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT$PNPMPTFvBMBSB
2VJOUBOP3JQPMMnTBMSFGFSJSTFBMPTEFMJUPTDPOUSBMPTEFSFDIPTIVNBOPTFMEFSFDIP
JOUFSOBDJPOBMFTUBCMFDF²VOSnHJNFOKVSJTEJDDJPOBMNBTBMMgEFMBTOPSNBMFTDBVTBT
EFUFSSJUPSJBMJEBE³
&M$PNJUnDPOUSBMB5PSUVSBIBQSFDJTBEPRVFMBPCMJHBDJwOEFFOKVJDJBSBVOQSFTVOUP
BVUPSEFBDUPTEFUPSUVSBFOWJSUVEEFMQSJODJQJPBVUEFEFSFBVUKVEJDBSFDPOTBHSBEP
FO FM BSUrDVMP EF MB $POWFODJwO DPOUSB MB 5PSUVSB ²OP EFQFOEF EF MB FYJTUFODJB
QSFWJBEFVOBTPMJDJUVEEFFYUSBEJDJwOEFMNJTNP&TUBBMUFSOBUJWBRVFTFPGSFDFBM
&TUBEP1BSUFFOWJSUVEEFMBSUrDVMPEFMB$POWFODJwOFYJTUFTwMPTJTFIBGPSNVMBEP
FGFDUJWBNFOUFEJDIBEFNBOEBEFFYUSBEJDJwOZQVFTUPQPSFOEFBM&TUBEP1BSUFFO
5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJB4BMBEF1SJNFSB*OTUBODJB4FOUFODJBEFEFEJDJFNCSF
EF$BTP&M'JTDBMD'VSVOE[JKB&YQFEJFOUF/P*55QgSSBGPZPSJHJOBMFOGSBODnT
USBEVDDJwOMJCSF
$PSUF1FSNBOFOUFEF+VTUJDJB*OUFSOBDJPOBM4FOUFODJBEFEFTFQUJFNCSFEF"TVOUP44-PUVT'SBODF
W5VSRVJF
JO4FSJFT"/P
PSJHJOBMFOGSBODnTUSBEVDDJwOMJCSF
2VJOUBOP3JQPMMnT"OUPOJP5SBUBEPEF%FSFDIP1FOBM*OUFSOBDJPOBMF*OUFSOBDJPOBM1FOBM*OTUJUVUP²'SBODJT
DPEF7JUPSJB³.BESJE5PNP*QgHJOB
(6Ê"1"3"130'&4*0/"-&4/P
MBTJUVBDJwOEFFTDPHFSFOUSFB
QSPDFEFSBFTBFYUSBEJDJwOPC
TPNFUFSFMDBTPBTVT
QSPQJBTBVUPSJEBEFTKVEJDJBMFTQBSBJOJDJBSMBBDDJwOQFOBMZBRVFMBEJTQPTJDJwOUJFOF
QPS¾OBMJEBEFWJUBSMBJNQVOJEBEEFUPEPBDUPEFUPSUVSB³"TJNJTNPFM$PNJUnIB
TFvBMBEPRVFFM&TUBEP²OPQVFEFJOWPDBSMBDPNQMFKJEBEEFTVQSPDFEJNJFOUPKVEJDJBM
VPUSPTNPUJWPTJOIFSFOUFTBTVEFSFDIPJOUFSOPQBSBKVTUJ¾DBSFMJODVNQMJNJFOUPEF
TVTPCMJHBDJPOFTFOWJSUVEEFMB$POWFODJwO³
&TSFMFWBOUFTFvBMBSRVFMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBQSFDJTBEP
RVF FYJTUFO ²PCMJHBDJPOFT JOUFSOBDJPOBMFT FSHB PNOFT DPOUSB MB JNQVOJEBE EF MBT
HSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT³-B$PSUFIBTFvBMBEPRVFFODPO
TFDVFODJB ²BOUFMBOBUVSBMF[BZHSBWFEBEEFMPTIFDIPTNgTB|OUSBUgOEPTFEFVO
DPOUFYUPEFWJPMBDJwOTJTUFNgUJDBEFEFSFDIPTIVNBOPTMBOFDFTJEBEEFFSSBEJDBSMB
JNQVOJEBETFQSFTFOUBBOUFMBDPNVOJEBEJOUFSOBDJPOBMDPNPVOEFCFSEFDPPQFSBDJwO
JOUFSFTUBUBMQBSBFTUPTFGFDUPT-BJNQVOJEBEOPTFSgFSSBEJDBEBTJOMBDPOTFDVFOUF
EFUFSNJOBDJwOEFMBTSFTQPOTBCJMJEBEFTHFOFSBMFT°EFM&TUBEP°ZQBSUJDVMBSFT°QFOB
MFTEFTVTBHFOUFTPQBSUJDVMBSFT°DPNQMFNFOUBSJBTFOUSFTr&MBDDFTPBMBKVTUJDJB
DPOTUJUVZF VOB OPSNB JNQFSBUJWB EF %FSFDIP *OUFSOBDJPOBM Z DPNP UBM HFOFSB PCMJ
HBDJPOFTFSHBPNOFTQBSBMPT&TUBEPTEFBEPQUBSMBTNFEJEBTRVFTFBOOFDFTBSJBT
QBSBOPEFKBSFOMBJNQVOJEBEFTBTWJPMBDJPOFTZBTFBFKFSDJFOEPTVKVSJTEJDDJwOQBSB
BQMJDBSTVEFSFDIPJOUFSOPZFMEFSFDIPJOUFSOBDJPOBMQBSBKV[HBSZFOTVDBTPTBO
DJPOBSBMPTSFTQPOTBCMFTPDPMBCPSBOEPDPOPUSPT&TUBEPTRVFMPIBHBOPQSPDVSFO
IBDFSMP³"TrMB$PSUFQSFDJTBRVFMPT&TUBEPTEFCFODPMBCPSBSEFCVFOBGFZBTFB
NFEJBOUFMBFYUSBEJDJwOPFMKV[HBNJFOUPFOTVUFSSJUPSJPEFMPTSFTQPOTBCMFTZ²VO
&TUBEPOPQVFEFPUPSHBSQSPUFDDJwOEJSFDUBPJOEJSFDUBBMPTQSPDFTBEPTQPSDSrNF
OFTDPOUSBMPTEFSFDIPTIVNBOPTNFEJBOUFMBBQMJDBDJwOJOEFCJEBEF¾HVSBTMFHBMFT
RVFBUFOUFODPOUSBMBTPCMJHBDJPOFTJOUFSOBDJPOBMFTQFSUJOFOUFT³
&M $PNJUn EF %FSFDIPT )VNBOPT IB SFDPSEBEP RVF ²MBT OPSNBT SFMBUJWBT B MPT
EFSFDIPT CgTJDPT EF MB QFSTPOB IVNBOB TPO PCMJHBDJPOFT FSHB PNOFT <Z RVF MPT
&TUBEPT>EFCFOUBNCJnOQSFTUBSTFBTJTUFODJBSFDrQSPDBQBSBIBDFSDPNQBSFDFSBOUF
MBKVTUJDJBBMPTTPTQFDIPTPTEFIBCFSDPNFUJEPBDUPTRVFWJPMFOMBTEJTQPTJDJPOFT
EFM1BDUPZRVFTFBOTBODJPOBCMFTDPOBSSFHMPBMBMFHJTMBDJwOOBDJPOBMPFMEFSFDIP
JOUFSOBDJPOBM³
$PNJUnDPOUSBMB5PSUVSB%FDJTJwOEFEFNBZPEFDBTP4VMFZNBOF(VFOHVFOHZPUSPTD4FOFHBM
$PNVOJDBDJwO/PQgSSBGP%PDVNFOUPEF/BDJPOFT6OJEBT$"5$%EFEF
NBZPEF
*CJEQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZEPDDJUQgSSBGP
*CJEQgSSBGP
*CJEQgSSBGP
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwO(FOFSBM/PEPDDJUQgSSBGPTZ
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
C
.BUFSJBMJ[BDJwOEFMBPCMJHBDJwOEFKV[HBSZDBTUJHBS
-B PCMJHBDJwO EF KV[HBS Z DBTUJHBS EFCF TFS DVNQMJEB EF BDVFSEP DPO MBT OPSNBT
QSFWJTUBT QBSB FMMP QPS FM EFSFDIP JOUFSOBDJPOBM MP DVBM JODMVZF FM EFSFDIP B VO
KVJDJPKVTUPQPSVOUSJCVOBMJOEFQFOEJFOUFJNQBSDJBMZDPNQFUFOUFFTUBCMFDJEPQPS
MFZDPOMBPCTFSWBODJBEFMBTHBSBOUrBTKVEJDJBMFTQSPQJBTEFMEFCJEPQSPDFTPZMB
JNQPTJDJwOEFQFOBTBEFDVBEBTBMBHSBWFEBEEFMPTDSrNFOFTRVFOPDPOTUJUVZBO
QFOBTQSPIJCJEBTCBKPFMEFSFDIPJOUFSOBDJPOBM
-BPCMJHBDJwOEFKV[HBSZTBODJPOBSBMPTBVUPSFTEFWJPMBDJPOFTBMPTEFSFDIPTIVNB
OPTTFFKFDVUBBUSBWnTEFMBBDDJwOEFMPTUSJCVOBMFTcTUPTBTJNJTNPEFCFOHBSBO
UJ[BSFMEFSFDIPBMBKVTUJDJBZBVOSFDVSTPFGFDUJWPQBSBMBTWrDUJNBTEFWJPMBDJPOFT
BMPTEFSFDIPTIVNBOPTZTVTGBNJMJBSFTBEFNgTEFMBTHBSBOUrBTKVEJDJBMFTEFMPT
KVTUJDJBCMFT&OFTUBEPCMFGVODJwOMPTUSJCVOBMFTEFCFOPCTFSWBSMBTQSFTDSJQDJPOFT
FOMBNBUFSJBFTUBCMFDJEBTQPSFMEFSFDIPJOUFSOBDJPOBM/PIVFMHBSFDPSEBSRVFFM
$PNJUnEF%FSFDIPT)VNBOPTIBDPOTJEFSBEPRVFFMEFSFDIPBTFSKV[HBEPQPSVO
USJCVOBMJOEFQFOEJFOUFFJNQBSDJBM²FTVOEFSFDIPBCTPMVUPRVFOPQVFEFTFSPCKFUP
EFFYDFQDJwOBMHVOB³ZRVFWBSJPTEFMPTFMFNFOUPTRVFJOUFHSBOFMEFSFDIPBVO
KVJDJPKVTUPTFDPOTJEFSBOFOHFOFSBMDPNPOPEFSPHBCMFT
D
%F MB PCMJHBDJwO EF UJQJ¾DBS MPT DPNQPSUBNJFOUPT JMrDJUPT FO FM
EFSFDIPOBDJPOBM
-BPCMJHBDJwOEFKV[HBSZDBTUJHBSJNQMJDBMBPCMJHBDJwOEFUJQJ¾DBSFOMBMFHJTMBDJwO
QFOBM OBDJPOBM DPNP JMrDJUPT QFOBMFT MBT HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT
ZDSrNFOFTCBKPFMEFSFDIPJOUFSOBDJPOBM&MBSUrDVMPEFMB$POWFODJwODPOUSBMB
5PSUVSB Z 0USPT 5SBUPT P 1FOBT $SVFMFT *OIVNBOPT P %FHSBEBOUFT JNQPOF B MPT
&TUBEPT MB PCMJHBDJwO EF ²HBSBOUJ[BS RVF UPEPT MPT BDUPT EF UPSUVSB DPOTUJUVZBO
EFMJUPT CBKP TV MFHJTMBDJwO QFOBM³ &M $PNJUn DPOUSB MB 5PSUVSB DPOTJEFSB RVF FTUB
PCMJHBDJwO FYJHF RVF MPT &TUBEPT UJQJ¾RVFO FM EFMJUP EF MB UPSUVSB FO TVT DwEJHPT
7FS FOUSF PUSPT1BDUP *OUFSOBDJPOBM EF %FSFDIPT $JWJMFTZ1PMrUJDPT BSUrDVMPT Z $POWFODJwO "NFSJDBOB
TPCSF%FSFDIPT)VNBOPTBSUrDVMPTZ
1SJODJQJPTZEJSFDUSJDFTCgTJDPTTPCSFFMEFSFDIPEFMBTWrDUJNBTEF
WJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTZEFWJPMBDJPOFTHSBWFTEFMEFSFDIP
JOUFSOBDJPOBMIVNBOJUBSJPBJOUFSQPOFSSFDVSTPTZPCUFOFSSFQBSBDJPOFTZ$POKVOUPEFQSJODJQJPTBDUVBMJ[BEPT
QBSBMBQSPUFDDJwOZMBQSPNPDJwOEFMPTEFSFDIPTIVNBOPTNFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBE
$PNJUnEF%FSFDIPT)VNBOPT%FDJTJwOEFEFPDUVCSFEF$PNVOJDBDJwO/P.(PO[gMF[
EFM3rPD1FS|%PDVNFOUPEF/BDJPOFT6OJEBT$$13$%QgSSBGPZ0CTFSWBDJwO(FOFSBM
/P"SUrDVMP&MEFSFDIPBVOKVJDJPJNQBSDJBMZBMBJHVBMEBEBOUFMPTUSJCVOBMFTZDPSUFTEFKVTUJDJB
%PDVNFOUPEF/BDJPOFT6OJEBT$$13$($EFBHPTUPEFQgSSBGP
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/PEPDDJUQgSSBGPZ$BSUBÇSBCFEF%FSFDIPT
)VNBOPTBSUrDVMPC
(6Ê"1"3"130'&4*0/"-&4/P
QFOBMFT&M$PNJUnDPOTJEFSBRVFTFKVTUJ¾DBJODPSQPSBSFMEFMJUPEFUPSUVSBQBSB
DVNQMJSDPOUPEBTMBTPCMJHBDJPOFTDPOUFNQMBEBTFOMB$POWFODJwODPOUSBMB5PSUVSB
DPNP QPS FKFNQMP FM QSJODJQJP EF MFHBMJEBE P MB PCMJHBDJwO EF FYUSBEJDJwO P
QFSNJUJS MB KVSJTEJDDJwO VOJWFSTBM &M $PNJUn EF %FSFDIPT )VNBOPT FO EJWFSTBT
PQPSUVOJEBEFTIBFYIPSUBEPBMPT&TUBEPTBUJQJ¾DBSDPNPEFMJUPFOTVMFHJTMBDJwO
QFOBMJOUFSOBMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
"MHVOPT USBUBEPT F JOTUSVNFOUPT JOUFSOBDJPOBMFT EF EFSFDIPT IVNBOPT JNQPOFO
FYQSFTBNFOUFMBPCMJHBDJwOEFUJQJ¾DBSFOFMEFSFDIPQFOBMJOUFSOPDPOEVDUBTWJP
MBUPSJBTEFEFSFDIPTIVNBOPT"TrDBCFEFTUBDBSMB$POWFODJwO*OUFSOBDJPOBMQBSB
MBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPTZ
MB$POWFODJwO*OUFSBNFSJDBOBTPCSFEFTBQBSJDJwOGPS[BEBEFQFSTPOBTBSUrDVMP
***
FM1SPUPDPMPGBDVMUBUJWPEFMB$POWFODJwOTPCSFMPT%FSFDIPTEFM/JvPSFMBUJWP
BMBWFOUBEFOJvPTMBQSPTUJUVDJwOJOGBOUJMZMBVUJMJ[BDJwOEFOJvPTFOMBQPSOPHSBGrB
BSUrDVMP FM 1SPUPDPMP QBSB QSFWFOJS SFQSJNJS Z TBODJPOBS MB USBUB EF QFSTPOBT
FTQFDJBMNFOUF NVKFSFT Z OJvPT RVF DPNQMFNFOUB MB $POWFODJwO EF MBT /BDJPOFT
6OJEBTDPOUSBMB%FMJODVFODJB0SHBOJ[BEB5SBOTOBDJPOBMBSUrDVMP
MB%FDMBSBDJwO
TPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDV
MP
ZMPT1SJODJQJPTSFMBUJWPTBVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEFMBTFKFDV
DJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBTSFJUFSBOFTUBPCMJHBDJwO1SJODJQJP
"MUJQJ¾DBSMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZDSrNFOFTCBKPFMEFSFDIP
JOUFSOBDJPOBM DPNP EFMJUPT FO TVT MFHJTMBDJPOFT QFOBMFT JOUFSOBT MPT &TUBEPT
EFCFOPCTFSWBSFTDSVQVMPTBNFOUFEPTHSBOEFTBTQFDUPTFMQSJODJQJPEFMFHBMJEBE
EF MPT EFMJUPT OVMMVN DSJNFO TJOF MFHF
Z MB EF¾OJDJwO QSPWFrEB QPS FM EFSFDIP
JOUFSOBDJPOBM SFTQFDUP EF MPT DPNQPSUBNJFOUPT JMrDJUPT &M QSJODJQJP EF MFHBMJEBE
SFDPOPDJEPVOJWFSTBMNFOUFDPNPVOPEFMPTQSJODJQJPTCgTJDPTEFMEFSFDIPQFOBM
$PODMVTJPOFTZSFDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSBTPCSF;BNCJB$"5$997**$PODMEF
OPWJFNCSFEFQgSSBGPB
"SBCJB4BVEJUB$"5$$3EFNBZPEFQgSSBGPB
*OEP
OFTJB$"5$997**$PODMEFOPWJFNCSFEFQgSSBGPB
&TUBEPT6OJEPTEF"NnSJDB"
QgSSBGPTEFNBZPEFQgSSBGPB
4VFDJBEFKVOJPEF$"5$$3QgSSBGPT
/PSVFHBEFNBZPEF$"5$$3QgSSBGP&TMPWBRVJBEFNBZPEF"
QgSSBGP#FMBS|TEFOPWJFNCSFEF"QgSSBGPT"VTUSJBEFOPWJFNCSFEF
"QgSSBGPZ'JOMBOEJBEFOPWJFNCSFEF"QgSSBGP
$PODMVTJPOFT Z SFDPNFOEBDJPOFT EFM $PNJUn DPOUSB MB5PSUVSB TPCSF "SNFOJB EF OPWJFNCSF EF "QgSSBGP4FOFHBMEFKVMJPEF"Z,B[BLITUgOEFNBZPEF"
QgSSBGP
$PODMVTJPOFTZSFDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB/BNJCJBEFNBZPEF"QgSSBGP
7FSQPSFKFNQMP0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT)POEVSBTEFEFEJDJFNCSFEF
$$13$)/%$0QgSSBGP
-B$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMDPOTJEFSwRVFTFUSBUBEFVOQSJODJQJPGVOEBNFOUBMEFEFSFDIPQFOBM
%PDVNFOUPEF/BDJPOFT6OJEBT4VQMFNFOUP/P"
QgHJOB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
ZQPSMPTUSBUBEPTEFEFSFDIPTIVNBOPTQSFTDSJCFRVFMBTEF¾OJDJPOFTMFHBMFTEF
MBTJOGSBDDJPOFTQFOBMFTEFCFOTFSFTUSJDUBTZFTUBSEFTQSPWJTUBTEFUPEPFRVrWPDP
Z BNCJHFEBE 5BM DPNP MP TFvBMw FM 3FMBUPS &TQFDJBM EF MBT /BDJPOFT 6OJEBT
TPCSFMB*OEFQFOEFODJBEF+VFDFTZ"CPHBEPTEF¾OJDJPOFTEFUJQPTQFOBMFTWBHBT
POFCVMPTBTTPODPOUSBSJBTBMEFSFDIPJOUFSOBDJPOBMEFMPT%FSFDIPT)VNBOPTZB
MBT ²DPOEJDJPOFT HFOFSBMFT QSFTDSJUBT QPS FM EFSFDIP JOUFSOBDJPOBM³ "TJNJTNP
FM QSJODJQJP UJFOF DPNP DPSPMBSJPT MB BQMJDBDJwO OP SFUSPBDUJWB EF MB MFZ QFOBM MB
JOUFSQSFUBDJwOSFTUSJDUJWBEFMBMFZQFOBMMBQSPIJCJDJwOEFMBBOBMPHrBZFMQSJODJQJP
EFSFTQPOTBCJMJEBEQFOBMTVCKFUJWB
"MUJQJ¾DBSMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZDSrNFOFTCBKPFMEFSFDIP
JOUFSOBDJPOBMDPNPEFMJUPTFOTVTMFHJTMBDJPOFTQFOBMFTJOUFSOBTMPT&TUBEPTEFCFO
PCTFSWBS MB EF¾OJDJPOFT EF MPT DSrNFOFT QSPWFrEBT QPS FM EFSFDIP JOUFSOBDJPOBM
&M &TUBEP QVFEF BEPQUBS UJQPT NgT BNQMJPT RVF PUPSHVFO VO NBZPS VNCSBM EF
QSPUFDDJwOBMBTWrDUJNBT/PPCTUBOUFMBUJQJ¾DBDJwOEFMEFMJUPEFCFSF¿FKBSDPNP
NrOJNP MPT FMFNFOUPT RVF DBSBDUFSJ[BO MB EF¾OJDJwO EFM EFMJUP QSFTDSJUB QPS FM
EFSFDIP JOUFSOBDJPOBM "Tr MP IB SFJUFSBEP FO OVNFSPTBT PQPSUVOJEBEFT FM $PNJUn
DPOUSBMB5PSUVSBBMFYJHJSEFMPT&TUBEPTRVFMPTUJQPTQFOBMFTTPCSFUPSUVSBFTUnO
EFDPOGPSNJEBEDPOMBEF¾OJDJwOEFFTUFDSJNFOQSFTDSJUBFOMB$POWFODJwOEFMBT
/BDJPOFT 6OJEBT TPCSF MB 5PSUVSB 3FTQFDUP EF MB EJTQBSJEBE FO MB DBMJ¾DBDJwO EF
MPT IFDIPT B OJWFM JOUFSOP F JOUFSOBDJPOBM P MB EJWFSHFODJB FOUSF UJQPT OBDJPOBMFT
Z EF¾OJDJPOFT JOUFSOBDJPOBMFT MB $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB
QSFDJTBEPRVF²&M%FSFDIP*OUFSOBDJPOBMFTUBCMFDFVOFTUgOEBSNrOJNPBDFSDBEF
VOBDPSSFDUBUJQJ¾DBDJwOEFFTUBDMBTFEFDPOEVDUBTZMPTFMFNFOUPTNrOJNPTRVF
MB NJTNB EFCF PCTFSWBS FO FM FOUFOEJEP EF RVF MB QFSTFDVDJwO QFOBM FT VOB WrB
GVOEBNFOUBMQBSBQSFWFOJSGVUVSBTWJPMBDJPOFTEFEFSFDIPTIVNBOPT&TEFDJSRVF
MPT&TUBEPTQVFEFOBEPQUBSVOBNBZPSTFWFSJEBEFOFMUJQPFTQFDr¾DPQBSBFGFDUPT
EFVOBNFKPSQFSTFDVDJwOQFOBMEFFTPTEFMJUPTFOGVODJwOEFMPRVFDPOTJEFSFOVOB
NBZPSPNFKPSUVUFMBEFMPTCJFOFTKVSrEJDPTQSPUFHJEPTBDPOEJDJwOEFRVFBMIBDFSMP
OPWVMOFSFOFTBTPUSBTOPSNBTBMBTRVFFTUgOPCMJHBEPT"EFNgTMBTVTUSBDDJwOEF
FMFNFOUPTRVFTFDPOTJEFSBOJSSFEVDUJCMFTFOMBGwSNVMBQFSTFDVUPSJBFTUBCMFDJEBB
OJWFMJOUFSOBDJPOBMBTrDPNPMBJOUSPEVDDJwOEFNPEBMJEBEFTRVFMFSFTUFOTFOUJEPP
F¾DBDJBQVFEFOMMFWBSBMBJNQVOJEBEEFDPOEVDUBTRVFMPT&TUBEPTFTUgOPCMJHBEPT
"SUrDVMP EFM 1BDUP *OUFSOBDJPOBM EF %FSFDIPT $JWJMFT Z 1PMrUJDPT BSUrDVMP EFM $POWFOJP &VSPQFP EF
%FSFDIPT)VNBOPTBSUrDVMPEFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPTBSUrDVMPEFMB$BSUB
"GSJDBOBEF%FSFDIPT)VNBOPTZEFMPT1VFCMPT7FSJHVBMNFOUF***$POWFOJPEF(JOFCSB"SUrDVMP
*7
$POWFOJPEF(JOFCSBBSUrDVMP
Z**1SPUPDPMPBEJDJPOBMBMPT$POWFOJPTEF(JOFCSBBSUrDVMPD
7nBTFQPSFKFNQMP0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPTTPCSF"SHFMJB%PDVNFOUPEF
/BDJPOFT6OJEBT$$13$"EEEFBHPTUPEFQgSSBGP1PSUVHBM.BDBP
%PDVNFOUPEF
/BDJPOFT6OJEBT$$13$"EEEFOPWJFNCSFEFQgSSBGPZ3FQ|CMJDB1PQVMBS%FNPDSgUJDB
EF $PSFB %PDVNFOUP EF /BDJPOFT 6OJEBT $$13$013, EF BHPTUP EF QgSSBGP 7nBTF
UBNCJnO5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT4FOUFODJBEFEFNBZPEF$BTP,PLLJOBLJTD
(SFDJBFO4FSJF"/P"QgHJOBQgSSBGP
*OGPSNF EFM 3FMBUPS &TQFDJBM EF MBT /BDJPOFT 6OJEBT TPCSF MB *OEFQFOEFODJB EF +VFDFT Z "CPHBEPT
%PDVNFOUPEF/BDJPOFT6OJEBT&$/"EEQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
CBKP FM %FSFDIP *OUFSOBDJPOBM B QSFWFOJS FSSBEJDBS Z TBODJPOBS³ &O FTUF DBNQP
DBCF EFTUBDBS RVF MB $PSUF $POTUJUVDJPOBM EF $PMPNCJB IB DPOTJEFSBEP RVF ²MB
EF¾OJDJwO EFM BSUrDVMP œ <EF MB $POWFODJwO *OUFSBNFSJDBOB TPCSF %FTBQBSJDJwO
'PS[BEBEF1FSTPOBT>FTUBCMFDFVONrOJNPRVFEFCFTFSQSPUFHJEPQPSMPT&TUBEPT
QBSUFTTJOQFSKVJDJPEFRVFFTUPTBEPQUFOEF¾OJDJPOFTNgTBNQMJBTEFOUSPEFTVT
PSEFOBNJFOUPTJOUFSOPT³
E
1SPQPSDJPOBMJEBEEFMBTQFOBTFJNQVOJEBE
&MEFSFDIPJOUFSOBDJPOBMJNQPOFMBPCMJHBDJwOEFDBTUJHBSDPOQFOBTBQSPQJBEBTBMB
HSBWFEBEEFMPTIFDIPTBMBTQFSTPOBTEFDMBSBEBTDVMQBCMFTEFHSBWFTWJPMBDJPOFTEF
EFSFDIPTIVNBOPTZEFDSrNFOFTCBKPFMEFSFDIPJOUFSOBDJPOBM&TUFQSJODJQJPFTUg
SFGSFOEBEPFOOVNFSPTPTJOTUSVNFOUPTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPT
&OFGFDUPMB$POWFODJwODPOUSBMB5PSUVSBZPUSPT5SBUPTZ1FOBT$SVFMFT*OIVNBOPT
Z%FHSBEBOUFTQSFTDSJCFRVF²UPEP&TUBEP1BSUFDBTUJHBSgFTPTEFMJUPTDPOQFOBT
BEFDVBEBTFOMBTRVFTFUFOHBFODVFOUBTVHSBWFEBE³BSUrDVMP
&MBSUrDVMP
EFMBEFMB$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSB
MBT EFTBQBSJDJPOFT GPS[BEBT QSFTDSJCF RVF ²<M>PT &TUBEPT 1BSUFT DPOTJEFSBSgO FM
EFMJUPEFEFTBQBSJDJwOGPS[BEBQVOJCMFDPOQFOBTBQSPQJBEBTRVFUFOHBOFODVFOUB
TV FYUSFNB HSBWFEBE³ -B %FDMBSBDJwO TPCSF MB QSPUFDDJwO EF UPEBT MBT QFSTPOBT
DPOUSB MBT EFTBQBSJDJPOFT GPS[BEBT B TV BSUrDVMP QSFTDSJCF RVF ²<U>PEP BDUP
EF EFTBQBSJDJwO GPS[BEB TFSg DPOTJEFSBEP EF DPOGPSNJEBE DPO FM EFSFDIP QFOBM
EFMJUPQBTJCMFEFQFOBTBQSPQJBEBTRVFUFOHBOFODVFOUBTVFYUSFNBHSBWFEBE³&M
QSJODJQJPEFMPT1SJODJQJPT3FMBUJWPTBVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEF
MBT FKFDVDJPOFT FYUSBMFHBMFT BSCJUSBSJBT P TVNBSJBT QSFTDSJCF RVF ²<M>PT HPCJFSOPT
QSPIJCJSgOQPSMFZUPEBTMBTFKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBTZWFMBSgO
QPS RVF UPEBT FTBT FKFDVDJPOFT TF UJQJ¾RVFO DPNP EFMJUPT FO TV EFSFDIP QFOBM Z
TFBOTBODJPOBCMFTDPOQFOBTBEFDVBEBTRVFUFOHBOFODVFOUBMBHSBWFEBEEFUBMFT
EFMJUPT³/PIVFMHBEFTUBDBSRVFBMHVOPTUSBUBEPTJNQPOFOMBPCMJHBDJwOEFJNQPOFS
TBODJPOFTTFWFSBT
&OFMgNCJUPJOUFSBNFSJDBOPMB$POWFODJwO*OUFSBNFSJDBOBQBSB1SFWFOJSZ4BODJPOBS
MB5PSUVSBQSFTDSJCFRVF²<M>PT&TUBEPTQBSUFTTFBTFHVSBSgOEFRVFUPEPTMPTBDUPT
EFUPSUVSBZMPTJOUFOUPTEFDPNFUFSUBMFTBDUPTDPOTUJUVZBOEFMJUPTDPOGPSNFBTV
EFSFDIP QFOBM FTUBCMFDJFOEP QBSB DBTUJHBSMPT TBODJPOFT TFWFSBT RVF UFOHBO FO
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZEPDDJUQgSSBGP
$PSUF$POTUJUVDJPOBMEF$PMPNCJB4FOUFODJB$EFEFKVMJPEF
7FS JOUFS BMJB FM 1SPUPDPMP GBDVMUBUJWP EF MB $POWFODJwO TPCSF MPT %FSFDIPT EFM /JvP SFMBUJWP B MB WFOUB
EFOJvPTMBQSPTUJUVDJwOJOGBOUJMZMBVUJMJ[BDJwOEFOJvPTFOMBQPSOPHSBGrBBSUrDVMP
ZMB$POWFODJwO
*OUFSOBDJPOBMDPOUSBFMSFDMVUBNJFOUPMBVUJMJ[BDJwOMB¾OBODJBDJwOZFMFOUSFOBNJFOUPEFMPTNFSDFOBSJPT
BSUrDVMP
1PSFKFNQMPFM$POWFOJPEFMB0*5TPCSFMBBCPMJDJwOEFMUSBCBKPGPS[PTPEF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
DVFOUBTVHSBWFEBE³BSUrDVMP
-B$POWFODJwO*OUFSBNFSJDBOBTPCSF%FTBQBSJDJwO
'PS[BEBEF1FSTPOBTBTVWF[QSFTDSJCFRVF²<M>PT&TUBEPTQBSUFTTFDPNQSPNFUFOB
BEPQUBSDPOBSSFHMPBTVTQSPDFEJNJFOUPTDPOTUJUVDJPOBMFTMBTNFEJEBTMFHJTMBUJWBT
RVFGVFSFOOFDFTBSJBTQBSBUJQJ¾DBSDPNPEFMJUPMBEFTBQBSJDJwOGPS[BEBEFQFSTPOBT
Z B JNQPOFSMF VOB QFOB BQSPQJBEB RVF UFOHB FO DVFOUB TV FYUSFNB HSBWFEBE³
BSUrDVMP***
&M%FSFDIPQFOBMJOUFSOBDJPOBMDPOTBHSBJHVBMNFOUFFMQSJODJQJPEFMBQSPQPSDJPOBMJEBE
EFMBTQFOBTEFBDVFSEPDPOMBHSBWFEBEEFMEFMJUP"TrQPSFKFNQMPFM1SPZFDUPEF
$wEJHPEF$SrNFOFTDPOUSBMB1B[ZMB4FHVSJEBEEFMB)VNBOJEBEEFMB$PNJTJwOEF
%FSFDIP*OUFSOBDJPOBMEFMBT/BDJPOFT6OJEBTFM&TUBUVUPEFM5SJCVOBM*OUFSOBDJPOBM
QBSB MB FY:VHPTMBWJB FM &TUBUVUP EFM5SJCVOBM *OUFSOBDJPOBM QBSB 3VBOEB Z FM
&TUBUVUPEF3PNBEFMB$PSUF1FOBM*OUFSOBDJPOBMDPOTBHSBOFTUFQSJODJQJP
&MQSJODJQJPEFQSPQPSDJPOBMJEBEEFMBTQFOBTFYJHFRVFMBTTBODJPOFTQSFWJTUBTFO
MBTOPSNBTZBQMJDBEBTQPSMPTUSJCVOBMFTOPTFBOBSCJUSBSJBTOJEFTQSPQPSDJPOBEBT
DPOMBHSBWFEBEEFMPTEFMJUPTRVFTFTBODJPOBO$JFSUBNFOUFFMQSJODJQJPEFQSPQPS
DJPOBMJEBEEFCFFWBMVBSTFBMBMV[EFMBHSBWFEBEEFMEFMJUPBTrDPNPEFMBTQFOBMJEB
EFTJNQVFTUBTFOMBMFHJTMBDJwOQBSBEFMJUPTEFTJNJMBSHSBWFEBE
&MQSJODJQJPEFQSPQPSDJPOBMJEBEEFMBTQFOBTQVFEFTFSNBUJ[BEPQPSMBTDBVTBTEF
BUFOVBDJwOQVOJUJWBTPMBSFEVDDJwOEFQFOBT&ONBUFSJBEFDSrNFOFTCBKPFMEFSFDIP
JOUFSOBDJPOBMUBMFTDPNPMPTDSrNFOFTEFMFTBIVNBOJEBEMPTDSrNFOFTEFHVFSSB
Z MBT HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT °MBT FKFDVDJPOFT FYUSBKVEJDJBMFT MB
UPSUVSBZMBEFTBQBSJDJwOGPS[BEB°FMEFSFDIPJOUFSOBDJPOBMTwMPBENJUFSFTUSJDUJWB
NFOUF UBMFT BUFOVBOUFT FO UBOUP TwMP QVFEFO QSPDFEFS TJ TPO BENJTJCMFT ²FO
WJSUVEEFMPTQSJODJQJPTHFOFSBMFTEFEFSFDIP<©>DSJUFSJP<RVF>MJNJUBMBTQPTJCMFT
DJSDVOTUBODJBTBUFOVBOUFT³%BEBMBHSBWFEBEEFFTUPTDSrNFOFTUrQJDBTDBVTBMFT
EFMEFSFDIPQFOBMDPNPMBEFPCFEJFODJBEFCJEBTPOSFDIB[BEBT%FTEFFM5SJCVOBM
EF/VSFNCFSHFMEFSFDIPJOUFSOBDJPOBMIBSFUFOJEPBMHVOBTDBVTBTRVFKVTUJ¾DBO
VOBBUFOVBDJwOEFMBQFOBFOMBTFOUFODJBPMVFHPEFMGBMMPKVEJDJBMVOBSFEVDDJwO
EFMBQFOB4FH|OMBKVSJTQSVEFODJBQFOBMJOUFSOBDJPOBMFTUBTDBVTBTFTUgOMJNJUBEBT
BMBFEBEZPQFSTPOBMJEBEEFMEFMJODVFOUFTVHSBEPEFQBSUJDJQBDJwOFOFMJMrDJUP
"SUrDVMPEFM1SPZFDUPFO*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEBFOTVœ
QFSrPEPEFTFTJPOFTEFNBZPBEFKVMJPEF%PDVNFOUPTVQMFNFOUP/P"
QgHJOB
"SUrDVMP
"SUrDVMP
"SUrDVMP
*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEBFOTVœQFSrPEPEFTFTJPOFT
EFNBZPBEFKVMJPEFEPDDJUQgHJOB
(6Ê"1"3"130'&4*0/"-&4/P
ZFWFOUVBMNFOUFTVFTUBEPEFTBMVE6OBDBVTBMEFBUFOVBDJwOQVOJUJWBZPEF
SFEVDDJwOEFQFOBSFDPOPDJEBFTMBDPPQFSBDJwOFGFDUJWBDPOMBKVTUJDJBZFOQBSUJDVMBS
MBDPMBCPSBDJwOFGFDUJWBFOFMFTDMBSFDJNJFOUPEFMDSJNFO
-BJNQPTJDJwOEFTBODJPOFTJSSJTPSJBTFTDPOUSBSJBBMQSJODJQJPEFQSPQPSDJPOBMJEBE
EF MBT QFOBT Z DPOTUJUVZF VOB GPSNB SFDPOPDJEB EF JNQVOJEBE EF GBDUP QPS FM
EFSFDIP JOUFSOBDJPOBM -B $PNJTJwO EF %FSFDIP *OUFSOBDJPOBM FO TVT MBCPSFT EF
FMBCPSBDJwO EFM 1SPZFDUP EF $wEJHP EF $SrNFOFT DPOUSB MB 1B[ Z MB 4FHVSJEBE EF
MB )VNBOJEBE TFvBMwOP QVFEF SFDPOPDFSTFMB WBMJEF[EFM QSJODJQJP OPO CJT JEFN
DVBOEP MBT BDUVBDJPOFT KVEJDJBMFT UVWJFSPO DPNP QSPQwTJUP IBDFS VO TJNVMBDSP EF
KVJDJPPJNQPOFSQFOBTOPQSPQPSDJPOBMFTFOBCTPMVUPDPOMBHSBWFEBEEFMDSJNFO
-B $PNJTJwO DPODMVZw RVF MB $PNVOJEBE *OUFSOBDJPOBM OP EFCF FTUBS PCMJHBEB B
SFDPOPDFSVOBEFDJTJwOSFTVMUBOUFEFVOBUSBTHSFTJwOUBOHSBWFEFMQSPDFEJNJFOUP
EFKVTUJDJBQFOBM1PSFMMPFM1SPZFDUPEF$wEJHPEF$SrNFOFTDPOUSBMB1B[ZMB
4FHVSJEBEEFMB)VNBOJEBEEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMEFMBT/BDJPOFT
6OJEBTFM&TUBUVUPEFM5SJCVOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBFM&TUBUVUP
EFM5SJCVOBM *OUFSOBDJPOBM QBSB 3VBOEB Z FM &TUBUVUP EF 3PNB EF MB $PSUF 1FOBM
*OUFSOBDJPOBM QFSNJUFO EFTDPOPDFS VO GBMMP KVEJDJBM SFTVMUBOUF EF VO QSPDFTP
FOEFSF[BEPBPCUFOFSMBJNQVOJEBEZBTFBFYJNJFOEPEFDVMQBCJMJEBEBMPTBVUPSFT
EFMPTDSrNFOFTZBTFBJNQPOJnOEPMFTQFOBTJSSJTPSJBT
7FSMPTUSBCBKPTEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMEFMBT/BDJPOFT6OJEBTFO*OGPSNFEFMB$PNJTJwO
EF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEBFOTVœQFSrPEPEFTFTJPOFTEFNBZPBEFKVMJP
EFEPDDJUDPNFOUBSJPBMBSUrDVMPEFM1SPZFDUPEF$wEJHPQgHJOBTZTJHVJFOUFTF*OGPSNFEFMB
$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEBFOTVœQFSrPEPEFTFTJPOFTEFNBZPB
EFKVMJPEF%PDVNFOUPTVQMFNFOUP/P"
QgHJOB
7FSFOUSFPUSPT%FDMBSBDJwOTPCSFMB1SPUFDDJwOEF5PEBTMBT1FSTPOBT$POUSBMBT%FTBQBSJDJPOFTBSUrDVMP
$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT
BSUrDVMP
$POWFODJwO*OUFSBNFSJDBOBTPCSF%FTBQBSJDJwO'PS[BEBEF1FSTPOBTBSU***
ZFM&TUBUVUPEF
3PNBEFMB$PSUF1FOBM*OUFSOBDJPOBMBSU
*OGPSNF EF MB $PNJTJwO EF %FSFDIP *OUFSOBDJPOBM TPCSF MB MBCPS SFBMJ[BEB FO TV œ QFSrPEP EF TFTJPOFT
EFNBZPBEFKVMJPEFEPDDJUDPNFOUBSJPBMBSUrDVMPEFM1SPZFDUPEF$wEJHPQgHJOBTZ
TJHVJFOUFTF*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEBFOTVœQFSrPEPEF
TFTJPOFTEFNBZPBEFKVMJPEFEPDDJUQgHJOB
*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEBFOTVœQFSrPEPEFTFTJPOFT
EFNBZPBEFKVMJPEFEPDDJUQgHJOB*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSF
MBMBCPSSFBMJ[BEBFOTVœQFSrPEPEFTFTJPOFTEFNBZPBEFKVMJPEFEPDDJUQgHJOB
"SUrDVMPEFM1SPZFDUPJO*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEBFOTV
œQFSrPEPEFTFTJPOFTEFNBZPBEFKVMJPEFEPDDJUQgHJOB
"SUrDVMP
"SUrDVMP
"SUrDVMP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&T JNQPSUBOUF EFTUBDBS UBNCJnO RVF TFH|O FM $POKVOUP BDUVBMJ[BEP EF QSJODJQJPT
QBSB MB QSPUFDDJwO Z MB 1SPNPDJwO EF MPT %FSFDIPT )VNBOPT NFEJBOUF MB MVDIB
DPOUSBMBJNQVOJEBEMBBVTFODJBEF²DPOEFOBBQFOBTBQSPQJBEBT³BMBTQFSTPOBT
SFDPOPDJEBTDVMQBCMFTFTVOPEFMPTFMFNFOUPTRVFDBSBDUFSJ[BOMBJNQVOJEBE
&O VO DBTP EF VO IPNJDJEJP N|MUJQMF FO FM RVF TwMP BMHVOPT EF MPT SFTQPOTBCMFT
GVFSPO KV[HBEPT Z DPOEFOBEPT B QFOBT OP QSPQPSDJPOBEBT B MB HSBWFEBE EFM
EFMJUP °WBMHB EFDJS QFOBT JSSJTPSJBT° MB $PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT
)VNBOPTDPOTJEFSwRVFFM&TUBEPDPODFSOJEP²FOWJSUVEEFMBBDUVBDJwOJOEFCJEB
EF TVT wSHBOPT EF JOWFTUJHBDJwO FOUSF MPT DVBMFT TF FODVFOUSB VO wSHBOP BE IPD
DPNQVFTUP QPS NJMJUBSFT
BDVTBDJwO Z BENJOJTUSBDJwO EF KVTUJDJB IB GBMUBEP B TV
PCMJHBDJwO EF JOWFTUJHBS FO GPSNB EJMJHFOUF Z F¾DB[ MBT WJPMBDJPOFT PDVSSJEBT BTr
DPNP B TV PCMJHBDJwO EF QSPDFTBS Z TBODJPOBS B MPT SFTQPOTBCMFT B USBWnT EF VO
QSPDFTPJNQBSDJBMZPCKFUJWPDPNPMPFYJHFMB$POWFODJwO"NFSJDBOB5PEPFMMPBGFDUw
MBJOUFHSJEBEEFMQSPDFTPFJNQMJDwVOBNBOJQVMBDJwOEFMBKVTUJDJBDPOVOFWJEFOUF
BCVTPZEFTWJBDJwOEFQPEFS&MSFTVMUBEPFTRVFFTUPTDSrNFOFTQFSNBOFDFOIBTUB
FMErBEFIPZFOMBJNQVOJEBEBOUFVOBFWJEFOUFEFOFHBDJwOEFKVTUJDJB&M&TUBEPIB
WJPMBEPBEFNgTFOQFSKVJDJPEFMBTWrDUJNBTFMEFSFDIPBMBTHBSBOUrBTKVEJDJBMFTZB
MBUVUFMBKVEJDJBMFGFDUJWBFTUBCMFDJEPFOMPTBSUrDVMPT
ZEFMB$POWFODJwO
"NFSJDBOB³
&TJNQPSUBOUFJHVBMNFOUFEFTUBDBSRVFFM$PNJUnDPOUSBMB5PSUVSBDPODMVZwFOVO
DBTPTPNFUJEPBTVFYBNFORVF²VOPEFMPTPCKFUJWPTEFMB$POWFODJwO<DPOUSBMB
5PSUVSBZ0USPT5SBUPTZ1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFT>FTJNQFEJSRVF
TF QSPEV[DB MB JNQVOJEBE EF MBT QFSTPOBT RVF IBO DPNFUJEP BDUPT EF UPSUVSB
&M $PNJUn UBNCJnO SFDVFSEB RVF FM BSUrDVMP FTUBCMFDF RVF MPT &TUBEPT 1BSUFT
UJFOFO MB PCMJHBDJwO EF JNQPOFS QFOBT BEFDVBEBT B MBT QFSTPOBT DPOTJEFSBEBT
SFTQPOTBCMFT EF MB DPNJTJwO EF BDUPT EF UPSUVSB UFOJFOEP FO DVFOUB MB HSBWFEBE
EFFTPTBDUPT&M$PNJUnDPOTJEFSBRVFFOMBTDJSDVOTUBODJBTEFMQSFTFOUFDBTPMB
JNQPTJDJwOEFQFOBTNFOPTTFWFSBTZMBDPODFTJwOEFMJOEVMUPBMPTHVBSEJBTDJWJMFT
DPOEFOBEPTTPOJODPNQBUJCMFTDPOMBPCMJHBDJwOEFJNQPOFSQFOBTBEFDVBEBT&M
$PNJUnPCTFSWBBTJNJTNPRVFMPTHVBSEJBTDJWJMFTOPRVFEBSPOTVKFUPTBVOQSPDFTP
EJTDJQMJOBSJPEVSBOUFFMUSBOTDVSTPEFMQSPDFTPQFOBMQFTFBRVFMBHSBWFEBEEFMBT
JNQVUBDJPOFTFOTVDPOUSBBNFSJUBCBMBBQFSUVSBEFVOBJOWFTUJHBDJwOEJTDJQMJOBSJB
&ODPOTFDVFODJBFM$PNJUnDPOTJEFSBRVFTFIBWJPMBEPFMQgSSBGPEFMBSUrDVMPEF
MB$POWFODJwO³
%F¾OJDJwO"*NQVOJEBEZ1SJODJQJPEFM$POKVOUPEF1SJODJQJPT
$PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT *OGPSNF /P $BTP *HOBDJP &MMBDVSrB 4+ Z
PUSPT&M4BMWBEPS
EFEJDJFNCSFEFQBSB
$PNJUnEF%FSFDIPT)VNBOPT%FDJTJwOEFEFNBZPEF$BTP4S,FQB6SSB(VSJEJD&TQBvB$PNV
OJDBDJwO/P6/%PD$"5$%QgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
F
$POTFDVFODJBTEFMJODVNQMJNJFOUPEFKV[HBSZDBTUJHBS
-BSFTQPOTBCJMJEBEEFM&TUBEPOPTwMPTFFODVFOUSBDPNQSPNFUJEBDVBOEPFM&TUBEP
BUSBWnTEFMBDPOEVDUBEFTVTBHFOUFTMFTJPOBVOEFSFDIPTJOPUBNCJnODVBOEPFM
&TUBEPPNJUFFKFSDFSMBTBDDJPOFTQFSUJOFOUFTQBSBJOWFTUJHBSMPTIFDIPTQSPDFTBSZ
TBODJPOBSBMPTSFTQPOTBCMFTZBSFQBSBSPDVBOEPFOUSBCBMBBDDJwOEFMB+VTUJDJB
"TrMBUSBTHSFTJwOPJOPCTFSWBODJBQPSFM&TUBEPEFFTUFEFCFSEFHBSBOUrBDPNQSP
NFUFTVSFTQPOTBCJMJEBEJOUFSOBDJPOBM&OFTUFDBNQPDBCFEFTUBDBSFMMBVEPBSCJUSBM
QSPGFSJEPFMEFNBZPEFQPSFMQSPGFTPS.BY)VCFSRVFSFDVFSEBRVFTFH|O
FMEFSFDIPJOUFSOBDJPOBM²-BSFTQPOTBCJMJEBEEFM&TUBEPQVFEFRVFEBSDPNQSPNF
UJEB<©>QPSGBMUBEFWJHJMBODJBFOMBQSFWFODJwOEFMPTBDUPTEBvJOPTQFSPUBNCJnO
QPSGBMUBEFEJMJHFODJBFOMBQFSTFDVDJwOQFOBMEFMPTJOGSBDUPSFT³&OFTFNJTNP
PSEFOEFJEFBTMB.JTJwOEF0CTFSWBEPSFTEFMBT/BDJPOFT6OJEBTFO&M4BMWBEPS
DPOTJEFSwRVF²MBSFTQPOTBCJMJEBEEFM&TUBEPQVFEFSFTVMUBSOPTwMPEFMBGBMUBEF
WJHJMBODJBFOMBQSFWFODJwOEFMPTBDUPTEBvPTPTTJOPUBNCJnOEFMBGBMUBEFEJMJHFO
DJBFOMBQFSTFDVDJwOQFOBMEFMPTSFTQPOTBCMFTZFOMBBQMJDBDJwOEFMBTTBODJPOFT
DJWJMFTSFRVFSJEBT³
4PO NVDIBT Z EJWFSTBT MBT NPEBMJEBEFT EF WJPMBDJwO EF MB PCMJHBDJwO EF KV[HBS Z
DBTUJHBSBNOJTUrBTFJOEVMUPTWFSDBQrUVMP*7
KV[HBNJFOUPQPSUSJCVOBMFTNJMJUBSFT
WFS DBQrUVMP 7
DBVTBMFT EF FYPOFSBDJwO EF SFTQPOTBCJMJEBE QFOBM QPS IBCFS
BDUVBEPFODVNQMJNJFOUPEFPSEFOFTTVQFSJPSFTJNQPTJDJwOEFTBODJPOFTJSSJTPSJBT
KV[HBNJFOUP Z TBODJwO QPS EFMJUPT NFOPSFT Z OP QPS MPT EFMJUPT RVF UJQJ¾DBO MBT
HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT FUD "Tr QPS FKFNQMP FM $PNJUn EF
%FSFDIPT )VNBOPT IB DPOTJEFSBEP RVF MBT OPSNBT QSPDFTBMFT RVF DPOTBHSBCBO
VOB JONVOJEBE QSPDFTBM QSFWJB Z HFOFSBM QBSB MPT EFMJUPT RVF QVEJFSBO DPNFUFS
NJFNCSPTEFPSHBOJTNPTEFTFHVSJEBEEFM&TUBEPFOEFTBSSPMMPEFBDUJWJEBEFTEF
PSEFOQ|CMJDPPRVFMPTFYPOFSBCBOEFSFTQPOTBCJMJEBETPOJODPNQBUJCMFTQPSDPOMB
PCMJHBDJwOJOUFSOBDJPOBMEFQSPUFHFSEFCJEBNFOUFMPTEFSFDIPTIVNBOPT
&M JODVNQMJNJFOUP EF MB PCMJHBDJwO EF QSPDFTBS KV[HBS Z DBTUJHBS B MPT BVUPSFT EF
HSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTTFUSBEVDFFOEFOFHBDJwOEFKVTUJDJBZQPS
UBOUP FO JNQVOJEBE "M NBOUFOFS MB JNQVOJEBE EF MBT HSBWFT WJPMBDJPOFT EF MPT
EFSFDIPTIVNBOPTFM&TUBEPWJPMBTVTPCMJHBDJPOFTJOUFSOBDJPOBMFTZDPNQSPNFUF
TVSFTQPOTBCJMJEBEJOUFSOBDJPOBM-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIB
SFDPSEBEPBMSFTQFDUPRVF²<T>JFMBQBSBUPEFM&TUBEPBDU|BEFNPEPRVFUBMWJPMBDJwO
RVFEFJNQVOFZOPTFSFTUBCMF[DBFODVBOUPTFBQPTJCMFBMBWrDUJNBFOMBQMFOJUVE
3FDVFJMEFTFOUFODFTBSCJUSBMFT/BUJPOT6OJFT7PM**QgHJOBTZ0SJHJOBMFOGSBODnTUSBEVDDJwO
MJCSF
.JTJwOEF0CTFSWBEPSFTEFMBT/BDJPOFT6OJEBTFO&M4BMWBEPS*OGPSNFEFEFGFCSFSPEF%PDVNFO
UPEF/BDJPOFT6OJEBT"4QgSSBGP
%FDJTJwOEFEFNBS[PEF$PNVOJDBDJwO/P$BTP1FESP1BCMP$BNBSHPD$PMPNCJBQg
SSBGPZ0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT"SHFMJB$$13$%;"$0EFEF
EJDJFNCSFEFQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
EFTVTEFSFDIPTQVFEFB¾SNBSTFRVFIBJODVNQMJEPFMEFCFSEFHBSBOUJ[BSTVMJCSF
ZQMFOPFKFSDJDJPBMBTQFSTPOBTTVKFUBTBTVKVSJTEJDDJwO²&M$PNJUnEF%FSFDIPT
)VNBOPT IB TFvBMBEP JHVBMNFOUF RVF ²<M>B JNQVOJEBE QPS MB WJPMBDJwO EF MPT
EFSFDIPT IVNBOPT FT JODPNQBUJCMF DPO MBT PCMJHBDJPOFT DPOUSBrEBT QPS FM &TUBEP
QBSUFDPOBSSFHMPBMQgSSBGPEFMBSUrDVMPEFM1BDUP²
%FMBPCMJHBDJwOEFSFQBSBSZEFMEFSFDIPBMBSFQBSBDJwO
&TVOQSJODJQJPHFOFSBMEFMEFSFDIPJOUFSOBDJPOBMSFDPOPDJEPEFTEFMBSHBEBUBRVF
UPEBWJPMBDJwOEFVOBPCMJHBDJwOJOUFSOBDJPOBMFOUSBvBMBPCMJHBDJwOEFQSPWFFSSFQB
SBDJwO&TUFQSJODJQJPIBTJEPSFJUFSBEPQPSMB$PSUF1FSNBOFOUFEF+VTUJDJB*OUFS
OBDJPOBMMBKVSJTQSVEFODJBJOUFSOBDJPOBMZMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBM
&MEFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPTOPFTDBQBBMBBQMJDBDJwOEFFTUF
QSJODJQJPHFOFSBM-BUSBTHSFTJwOEFMBPCMJHBDJwOEFHBSBOUJ[BSFMHPDFFGFDUJWPEFMPT
EFSFDIPTIVNBOPTZEFBCTUFOFSTFEFDPODVMDBSMPTFOUSBvBMBPCMJHBDJwOEFQSPWFFS
SFQBSBDJwO$PNPMPTFvBMwFM&YQFSUPJOEFQFOEJFOUFEFMBT/BDJPOFT6OJEBTTPCSF
FMEFSFDIPEFSFTUJUVDJwOJOEFNOJ[BDJwOZSFIBCJMJUBDJwOBMBTWrDUJNBTEFWJPMBDJP
OFT¿BHSBOUFTEFMPTEFSFDIPTIVNBOPTZMBTMJCFSUBEFTGVOEBNFOUBMFT²MBDVFTUJwO
EFMBSFTQPOTBCJMJEBEEFM&TUBEPTFQMBOUFBDVBOEPVO&TUBEPWJPMBMBPCMJHBDJwOEF
SFTQFUBS EFSFDIPT IVNBOPT JOUFSOBDJPOBMNFOUF SFDPOPDJEPT &TB PCMJHBDJwO UJFOF
TVCBTFKVSrEJDBFOMPTBDVFSEPTJOUFSOBDJPOBMFTFOQBSUJDVMBSMPTUSBUBEPTJOUFSOB
DJPOBMFTTPCSFEFSFDIPTIVNBOPTZPFOFMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJP
FO QBSUJDVMBSMBTOPSNBTEFMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJPRVFUJFOFOVO
DBSgDUFSQFSFOUPSJPKVTDPHFOT
³-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT
IBJHVBMNFOUFTFvBMBEPRVFMBPCMJHBDJwOEFQSPWFFSSFQBSBDJwOQPSWJPMBDJPOFTEF
MPTEFSFDIPTIVNBOPTFTVOBOPSNBDPOTVFUVEJOBSJBEFM%FSFDIPJOUFSOBDJPOBM
5BMPCMJHBDJwOIBQSFDJTBEPMB$PSUF²TFSFHVMBQPSFM%FSFDIP*OUFSOBDJPOBMZOP
QVFEFTFSNPEJ¾DBEBPJODVNQMJEBQPSFM&TUBEPJOWPDBOEPQBSBFMMPEJTQPTJDJPOFT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBTEPDDJUQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT-FTPUIP%PDVNFOUPEF/BDJPOFT6OJEBT$$13
$"EEEFEFBCSJMEFQgSSBGP
7FS$PSUF1FSNBOFOUFEF+VTUJDJB*OUFSOBDJPOBM4FOUFODJBEFEFTFQUJFNCSFEF$BTPGgCSJDB$IPS
[PX"MFNBOJBD1PMPOJB
FO4FSJF"/P$PSUF*OUFSOBDJPOBMEF+VTUJDJB4FOUFODJBEFGPOEPEFKVOJP
$BTP&TUSFDIPEF$PSG|Z$PSUF*OUFSOBDJPOBMEF+VTUJDJB4FOUFODJBEFGPOEP"DUJWJEBEFTNJMJUBSFTZ
QBSBNJMJUBSFTFOZDPOUSB/JDBSBHVB/JDBSBHVBD&TUBEPTVOJEPTEF"NnSJDB
7FS*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMœQFSrPEPEFTFTJPOFTEFBCSJMBœEFKVOJPZ
EFKVMJPBEFBHPTUPEF
%PDVNFOUPT0¾DJBMFTEFMB"TBNCMFB(FOFSBMœQFSrPEPEFTFTJPOFT
4VQMFNFOUP/P"
%PDVNFOUPEF/BDJPOFT6OJEBT&$/4VCEFEFKVMJPEFQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZEPDDJUQgSSBGP$BTP
9JNFOFT-PQFTWT#SBTJM4FOUFODJBEFEFKVMJPEF4FSJF$/PQgSSBGP$BTPEFMBT.BTBDSFT
EF*UVBOHPWT$PMPNCJBEPDDJUQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
EFTVEFSFDIPJOUFSOP³-PT1SJODJQJPTZEJSFDUSJDFTCgTJDPTTPCSFFMEFSFDIPEFMBT
WrDUJNBTEFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBTJOUFSOBDJPOBMFTEFEFSFDIPTIV
NBOPTZEFWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPBJOUFSQPOFS
SFDVSTPTZPCUFOFSSFQBSBDJPOFTDPOTUJUVZFOVOBSFGFSFODJBFTFODJBMFOMBNBUFSJB
-BPCMJHBDJwOFTUBUBMEFSFQBSBSZFMDPSSFMBUJWPEFSFDIPBMBSFQBSBDJwOQPSWJPMB
DJPOFTBMPTEFSFDIPTIVNBOPTFTUgSFB¾SNBEPFOOVNFSPTPTJOTUSVNFOUPTDPOWFO
DJPOBMFT Z EFDMBSBUJWPT )B TJEP UBNCJnO SFJUFSBEP QPS USJCVOBMFT Z wSHBOPT
JOUFSOBDJPOBMFTEFQSPUFDDJwOEFEFSFDIPTIVNBOPT-B$PSUF*OUFSBNFSJDBOBEF
%FSFDIPT)VNBOPTIBTVCSBZBEPRVFMBPCMJHBDJwOEFSFQBSBSQPSQBSUFEFM&TUBEP
DPSSFMBUJWBBMEFSFDIPBMBSFQBSBDJwORVFMFBTJTUFBMBTWrDUJNBTEFWJPMBDJPOFTEF
EFSFDIPTIVNBOPTFT
²VOB OPSNB DPOTVFUVEJOBSJB RVF DPOTUJUVZF VOP EF MPT QSJODJQJPT
GVOEBNFOUBMFT EFM EFSFDIP JOUFSOBDJPOBM DPOUFNQPSgOFP TPCSF MB
SFTQPOTBCJMJEBE EF MPT &TUBEPT %F FTUB NBOFSB BM QSPEVDJSTF VO IFDIP
JMrDJUP JNQVUBCMF B VO &TUBEP TVSHF EF JONFEJBUP MB SFTQPOTBCJMJEBE
JOUFSOBDJPOBMEFnTUFQPSMBWJPMBDJwOEFVOBOPSNBJOUFSOBDJPOBMDPOFM
DPOTFDVFOUFEFCFSEFSFQBSBDJwOZEFIBDFSDFTBSMBTDPOTFDVFODJBTEFMB
WJPMBDJwO³
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZEPDDJUQgSSBGP$BTP
.POUFSP"SBOHVSFOZPUSPT3FUnOEF$BUJB
WT7FOF[VFMB4FOUFODJBEFEFKVMJPEF4FSJF$/P
QgSSBGP$BTP9JNFOFT-PQFTWT#SBTJMEPDDJUQgSSBGPZ$BTPEFMBT.BTBDSFTEF*UVBOHPWT
$PMPNCJBEPDDJUQgSSBGP
"TrFOFMTJTUFNBVOJWFSTBMBEFNgTEFMPT1SJODJQJPTZEJSFDUSJDFTCgTJDPTTPCSFFMEFSFDIPEFMBTWrDUJNBT
EFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTZEFWJPMBDJPOFTHSBWFTEFM
EFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPBJOUFSQPOFSSFDVSTPTZPCUFOFSSFQBSBDJPOFTTFQVFEFODJUBSFOUFPUSPT
MB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPTBSU
FM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT
"SUTZ
MB$POWFODJwODPOUSBMB5PSUVSBZPUSPT5SBUPT$SVFMFT*OIVNBOPTP%FHSBEBOUFT"SUT
Z
MB$POWFODJwO*OUFSOBDJPOBMTPCSFMB&MJNJOBDJwOEFUPEBTMBT'PSNBTEF%JTDSJNJOBDJwO3BDJBM"SU
MB$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT
"SU
*HVBMNFOUFFOFMQMBOPSFHJPOBMTFQVFEFODJUBSFOUSFPUSPTFM$POWFOJP&VSPQFPEF%FSFDIPT
)VNBOPT"SUTZ
ZMB$POWFODJwOTPCSFMPT%FSFDIPTEFM/JvP"SU
MB$POWFODJwO"NFSJDBOB
TPCSF%FSFDIPT)VNBOPT"SUTZ
ZMB$BSUB"GSJDBOBEF%FSFDIPT)VNBOPTZEFMPT1VFCMPT
"SU
*HVBMNFOUFDBCFEFTUBDBSMB%FDMBSBDJwOTPCSFMPTQSJODJQJPTGVOEBNFOUBMFTEFKVTUJDJBQBSBMBT
WrDUJNBTEFMPTEFMJUPTZEFMBCVTPEFMQPEFSMB%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSB
MBTEFTBQBSJDJPOFTGPS[BEBT"SU
MPT1SJODJQJPTSFMBUJWPTBVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEFMBT
FKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBT1SJODJQJP
ZFM$POKVOUPBDUVBMJ[BEPEFQSJODJQJPTQBSB
MBQSPUFDDJwOZMB1SPNPDJwOEFMPT%FSFDIPT)VNBOPTNFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBE1SJODJQJPT
ZTJHVJFOUFT
7nBTFQPSFKFNQMP$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBT
EPD DJU QgSSBGP Z TJHVJFOUFT5SJCVOBM &VSPQFP EF %FSFDIPT )VNBOPT 4FOUFODJB EF EF FOFSP EF
$BTP1BQBNJDIBMPQPVMPTW(SFDJB"SUrDVMP
FO4FSJFT"/œ#QgHJOB
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM$BSBDB[PWT7FOF[VFMBEPDDJUQgSSBGP&OFMNJT
NPTFOUJEPWFSMBTTFOUFODJBTEFMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTSFMBUJWBTBMPTDBTPT5SVKJMMP
0SP[BWT#PMJWJB3FQBSBDJPOFT
EPDDJUQgSSBGPZ$BTP#gNBDB7FMgTRVF[WT(VBUFNBMB3FQBSBDJP
OFT
EPDDJUQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
*HVBMNFOUF MBT WJPMBDJPOFT EF MBT OPSNBT EF EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP
HFOFSBOFMEFCFSEFPUPSHBSSFQBSBDJwO
-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBTFvBMBEPRVF²MBPCMJHBDJwOEF
SFQBSBS MPT EBvPT FT VO EFCFS KVSrEJDP QSPQJP EFM &TUBEP RVF OP EFCF EFQFOEFS
FYDMVTJWBNFOUFEFMBBDUJWJEBEQSPDFTBMEFMBTWJDUJNBT³"TrDPNPMPQSFDJTBMB
$PSUFMBSFTQPOTBCJMJEBEEFM&TUBEPQPSOPIBCFSSFQBSBEPMBTDPOTFDVFODJBTEFMB
WJPMBDJwOOPTFWFBOVMBEBPEJTNJOVJEBQPSFMIFDIPEFRVFMPTGBNJMJBSFTOPIBZBO
JOUFOUBEPMBTWrBTDJWJMFTPBENJOJTUSBUJWBTQBSBPCUFOFSSFQBSBDJwO
-BT NPEBMJEBEFT EF SFQBSBDJwO TPO EJWFSTBT Z BCBSDBO MB SFTUJUVDJwO MB JOEFN
OJ[BDJwO MB SFIBCJMJUBDJwO MB TBUJTGBDDJwO Z MBT HBSBOUrBT EF OP SFQFUJDJwO "Tr MB
$PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB QSFDJTBEP RVF ²<M>B SFQBSBDJwO FT
FM UnSNJOP HFOnSJDP RVF DPNQSFOEF MBT EJGFSFOUFT GPSNBT DPNP VO &TUBEP QVFEF
IBDFS GSFOUF B MB SFTQPOTBCJMJEBE JOUFSOBDJPOBM FO RVF IB JODVSSJEP SFTUJUVUJP JO
JOUFHSVNJOEFNOJ[BDJwOTBUJTGBDDJwOHBSBOUrBTEFOPSFQFUJDJwOFOUSFPUSBT
³
-BSFQBSBDJwOEFCFTFSBEFDVBEBKVTUBZQSPOUBZQVFEFTFSJOEJWJEVBMPDPMFDUJWB
TFH|OMBOBUVSBMF[BEFMEFSFDIPWJPMBEPZFMDPOKVOUPIVNBOPBGFDUBEP1PSFKFNQMP
FO FM DBTP EF MB EFTBQBSJDJwO GPS[BEB MB $PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT
)VNBOPTIBDPOTJEFSBEPRVFFMDPOPDJNJFOUPEFMBWFSEBETPCSFMBTVFSUFZEFTUJOP
EFMPTEFTBQBSFDJEPTDPNPNPEBMJEBEEFSFQBSBDJwOCBKPMBGPSNBEFTBUJTGBDDJwO
FT²VOEFSFDIPRVFUJFOFMBTPDJFEBE³
&MWrODVMPFOUSFMBPCMJHBDJwOEFKV[HBSZDBTUJHBSZFMEFSFDIPBMBSFQBSBDJwOIBTJEP
EFTUBDBEPQPSMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBTDVBOEPB¾SNwRVF²MB
SFTQPOTBCJMJEBEEFMPTBVUPSFTEFUSBOTHSFTJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPT
FTVOPEFMPTFMFNFOUPTGVOEBNFOUBMFTEFUPEBSFQBSBDJwOFGFDUJWBQBSBMBTWrDUJNBT
$PO BSSFHMP BM EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP MB $POWFODJwO SFMBUJWB B MBT MFZFT Z DPTUVNCSFT EF MB
HVFSSB UFSSFTUSF EF -B )BZB EF JODMVZF FO TV BSUrDVMP EJTQPTJDJPOFT FTQFDr¾DBT QBSB FM QBHP EF
JOEFNOJ[BDJPOFT&OMBNJTNBMrOFBMPTDVBUSP$POWFOJPTEF(JOFCSBEFEFBHPTUPEFDPOUJFOFO
VOB EJTQPTJDJwO SFMBUJWB B MB SFTQPOTBCJMJEBE QPS JOGSBDDJPOFT HSBWFT Z FM 1SPUPDPMP "EJDJPOBM * EF BSUrDVMP
FOVODJBFTQFDr¾DBNFOUFMBSFTQPOTBCJMJEBEEFJOEFNOJ[BS&M&TUBUVUPEF3PNBEFMB$PSUF
1FOBM*OUFSOBDJPOBMSFNJUFBM1SPZFDUPEF1SJODJQJPTZEJSFDUSJDFTCgTJDPTTPCSFFMEFSFDIPEFMBTWrDUJNBT
EFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTZEFWJPMBDJPOFTHSBWFTEFM
EFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPBJOUFSQPOFSSFDVSTPTZPCUFOFSSFQBSBDJPOFT%PDVNFOUPEF/BDJPOFT
6OJEBT"$0/'$8(1.-"EEQOPUB
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZEPDDJUQgSSBGP
*CJEFN
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP-PBZ[B5BNBZPWT1FS|4FOUFODJB3FQBSBDJPOFTZ$PT
UBT
EFEFOPWJFNCSFEF4FSJF$/PQgSSBGP
7FS JOUFS BMJB *OGPSNF "OVBM EF MB $PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT 0&"4FS
-7**%PDSFWEFEFTFQUJFNCSFEFQgHJOBZ$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPT *OGPSNF /P EF EF EJDJFNCSF EF $BTP *HOBDJP &MMBDVSrB Z PUSPT
QgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
EFFMMBT³&M$POKVOUPBDUVBMJ[BEPEFQSJODJQJPTQBSBMBQSPUFDDJwOZMB1SPNPDJwO
EFMPT%FSFDIPT)VNBOPTNFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBEFTUJQVMBRVF²<M>B
JNQVOJEBE DPOTUJUVZF VOB JOGSBDDJwO EF MBT PCMJHBDJPOFT RVF UJFOFO MPT &TUBEPT
EF <©> HBSBOUJ[BS B MBT WrDUJNBT SFDVSTPT F¾DBDFT Z MB SFQBSBDJwO EF MPT QFSKVJDJPT
TVGSJEPT³
1SJODJQJPTZEJSFDUSJDFTCgTJDPTTPCSFFMEFSFDIPEFMBTWrDUJNBTEF
WJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBTJOUFSOBDJPOBMFTEFEFSFDIPT
IVNBOPTZEFWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBM
IVNBOJUBSJPBJOUFSQPOFSSFDVSTPTZPCUFOFSSFQBSBDJPOFT
3FTPMVDJwOEFMB"TBNCMFB(FOFSBMEFMBT
/BDJPOFT6OJEBTEFEFEJDJFNCSF
$POGPSNF BM EFSFDIP JOUFSOP Z BM EFSFDIP JOUFSOBDJPOBM Z UFOJFOEP FO DVFOUB MBT
DJSDVOTUBODJBTEFDBEBDBTPTFEFCFSrBEBSBMBTWrDUJNBTEFWJPMBDJPOFTNBOJ¾FTUBTEF
MBT OPSNBT JOUFSOBDJPOBMFT EF EFSFDIPT IVNBOPT Z EF WJPMBDJPOFT HSBWFT EFM EFSFDIP
JOUFSOBDJPOBMIVNBOJUBSJPEFGPSNBBQSPQJBEBZQSPQPSDJPOBMBMBHSBWFEBEEFMBWJPMBDJwO
ZBMBTDJSDVOTUBODJBTEFDBEBDBTPVOBSFQBSBDJwOQMFOBZFGFDUJWBTFH|OTFJOEJDBFO
MPTQSJODJQJPTBFOMBTGPSNBTTJHVJFOUFTSFTUJUVDJwOJOEFNOJ[BDJwOSFIBCJMJUBDJwO
TBUJTGBDDJwOZHBSBOUrBTEFOPSFQFUJDJwO
-BSFTUJUVDJwOTJFNQSFRVFTFBQPTJCMFIBEFEFWPMWFSBMBWrDUJNBBMBTJUVBDJwOBOUFSJPS
BMBWJPMBDJwONBOJ¾FTUBEFMBTOPSNBTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTPMBWJPMBDJwO
HSBWFEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP-BSFTUJUVDJwODPNQSFOEFTFH|ODPSSFTQPOEB
FMSFTUBCMFDJNJFOUPEFMBMJCFSUBEFMEJTGSVUFEFMPTEFSFDIPTIVNBOPTMBJEFOUJEBEMBWJEB
GBNJMJBSZMBDJVEBEBOrBFMSFHSFTPBTVMVHBSEFSFTJEFODJBMBSFJOUFHSBDJwOFOTVFNQMFP
ZMBEFWPMVDJwOEFTVTCJFOFT
-BJOEFNOJ[BDJwOIBEFDPODFEFSTFEFGPSNBBQSPQJBEBZQSPQPSDJPOBMBMBHSBWFEBE
EFMBWJPMBDJwOZBMBTDJSDVOTUBODJBTEFDBEBDBTPQPSUPEPTMPTQFSKVJDJPTFDPOwNJDBNFOUF
FWBMVBCMFTRVFTFBODPOTFDVFODJBEFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBTJOUFSOBDJPOBMFT
EFEFSFDIPTIVNBOPTPEFWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPUBMFT
DPNPMPTTJHVJFOUFT
B
&MEBvPGrTJDPPNFOUBM
C
-B QnSEJEB EF PQPSUVOJEBEFT FO QBSUJDVMBS MBT EF FNQMFP FEVDBDJwO Z QSFTUBDJPOFT
TPDJBMFT
D
-PTEBvPTNBUFSJBMFTZMBQnSEJEBEFJOHSFTPTJODMVJEPFMMVDSPDFTBOUF
E
-PTQFSKVJDJPTNPSBMFT
F
-PTHBTUPTEF BTJTUFODJBKVSrEJDBPEFFYQFSUPTNFEJDBNFOUPT Z TFSWJDJPT NnEJDPT Z
TFSWJDJPTQTJDPMwHJDPTZTPDJBMFT
-B SFIBCJMJUBDJwO IB EF JODMVJS MB BUFODJwO NnEJDB Z QTJDPMwHJDB BTr DPNP TFSWJDJPT
KVSrEJDPTZTPDJBMFT
3FTPMVDJwO²1SPDFTPTDPOUSBFM,INFS3PVHF²EFMB"TBNCMFB(FOFSBMEFEFEJDJFNCSFEF
QgSSBGPEFMQSFgNCVMP
1SJODJQJPEFM$POKVOUPEF1SJODJQJPT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
-BTBUJTGBDDJwOIBEFJODMVJSDVBOEPTFBQFSUJOFOUFZQSPDFEFOUFMBUPUBMJEBEPQBSUF
EFMBTNFEJEBTTJHVJFOUFT
B
.FEJEBTF¾DBDFTQBSBDPOTFHVJSRVFOPDPOUJO|FOMBTWJPMBDJPOFT
C
-BWFSJ¾DBDJwOEFMPTIFDIPTZMBSFWFMBDJwOQ|CMJDBZDPNQMFUBEFMBWFSEBEFOMBNFEJEB
FORVFFTBSFWFMBDJwOOPQSPWPRVFNgTEBvPTPBNFOBDFMBTFHVSJEBEZMPTJOUFSFTFT
EFMBWrDUJNBEFTVTGBNJMJBSFTEFMPTUFTUJHPTPEFQFSTPOBTRVFIBOJOUFSWFOJEPQBSB
BZVEBSBMBWrDUJNBPJNQFEJSRVFTFQSPEV[DBOOVFWBTWJPMBDJPOFT
D
-BC|TRVFEBEFMBTQFSTPOBTEFTBQBSFDJEBTEFMBTJEFOUJEBEFTEFMPTOJvPTTFDVFTUSBEPT
ZEFMPTDBEgWFSFTEFMBTQFSTPOBTBTFTJOBEBTZMBBZVEBQBSBSFDVQFSBSMPTJEFOUJ¾DBSMPT
ZWPMWFSBJOIVNBSMPTTFH|OFMEFTFPFYQMrDJUPPQSFTVOUPEFMBWrDUJNBPMBTQSgDUJDBT
DVMUVSBMFTEFTVGBNJMJBZDPNVOJEBE
E
6OBEFDMBSBDJwOP¾DJBMPEFDJTJwOKVEJDJBMRVFSFTUBCMF[DBMBEJHOJEBEMBSFQVUBDJwOZ
MPTEFSFDIPTEFMBWrDUJNBZEFMBTQFSTPOBTFTUSFDIBNFOUFWJODVMBEBTBFMMB
F
6OBEJTDVMQBQ|CMJDBRVFJODMVZBFMSFDPOPDJNJFOUPEFMPTIFDIPTZMBBDFQUBDJwOEF
SFTQPOTBCJMJEBEFT
G
-B BQMJDBDJwO EF TBODJPOFT KVEJDJBMFT P BENJOJTUSBUJWBT B MPT SFTQPOTBCMFT EF MBT
WJPMBDJPOFT
H
$PONFNPSBDJPOFTZIPNFOBKFTBMBTWrDUJNBT
I
-B JODMVTJwO EF VOB FYQPTJDJwO QSFDJTB EF MBT WJPMBDJPOFT PDVSSJEBT FO MB FOTFvBO[B
EF MBT OPSNBT JOUFSOBDJPOBMFT EF EFSFDIPT IVNBOPT Z EFM EFSFDIP JOUFSOBDJPOBM
IVNBOJUBSJPBTrDPNPFOFMNBUFSJBMEJEgDUJDPBUPEPTMPTOJWFMFT
-BTHBSBOUrBTEFOPSFQFUJDJwOIBOEFJODMVJSTFH|OQSPDFEBMBUPUBMJEBEPQBSUFEFMBT
NFEJEBTTJHVJFOUFTRVFUBNCJnODPOUSJCVJSgOBMBQSFWFODJwO
B
&MFKFSDJDJPEFVODPOUSPMFGFDUJWPQPSMBTBVUPSJEBEFTDJWJMFTTPCSFMBTGVFS[BTBSNBEBT
ZEFTFHVSJEBE
C
-BHBSBOUrBEFRVFUPEPTMPTQSPDFEJNJFOUPTDJWJMFTZNJMJUBSFTTFBKVTUBOBMBTOPSNBT
JOUFSOBDJPOBMFTSFMBUJWBTBMBTHBSBOUrBTQSPDFTBMFTMBFRVJEBEZMB
JNQBSDJBMJEBE
D
&MGPSUBMFDJNJFOUPEFMBJOEFQFOEFODJBEFMQPEFSKVEJDJBM
E
-B QSPUFDDJwO EF MPT QSPGFTJPOBMFT EFM EFSFDIP MB TBMVE Z MB BTJTUFODJB TBOJUBSJB MB
JOGPSNBDJwO Z PUSPT TFDUPSFT DPOFYPT BTr DPNP EF MPT EFGFOTPSFT EF MPT EFSFDIPT
IVNBOPT
F
-BFEVDBDJwOEFNPEPQSJPSJUBSJPZQFSNBOFOUFEFUPEPTMPTTFDUPSFTEFMBTPDJFEBE
SFTQFDUP EF MPT EFSFDIPT IVNBOPT Z EFM EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP Z MB
DBQBDJUBDJwOFOFTUBNBUFSJBEFMPTGVODJPOBSJPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZBTr
DPNPEFMBTGVFS[BTBSNBEBTZEFTFHVSJEBE
G
-B QSPNPDJwO EF MB PCTFSWBODJB EF MPT DwEJHPT EF DPOEVDUB Z EF MBT OPSNBT nUJDBT
FO QBSUJDVMBS MBT OPSNBT JOUFSOBDJPOBMFT QPS MPT GVODJPOBSJPT Q|CMJDPT JODMVTJWF FM
QFSTPOBMEFMBTGVFS[BTEFTFHVSJEBEMPTFTUBCMFDJNJFOUPTQFOJUFODJBSJPTMPTNFEJPT
EFJOGPSNBDJwOFMQFSTPOBMEFTFSWJDJPTNnEJDPTQTJDPMwHJDPTTPDJBMFTZEFMBTGVFS[BT
BSNBEBTBEFNgTEFMQFSTPOBMEFFNQSFTBTDPNFSDJBMFT
H
-B QSPNPDJwO EF NFDBOJTNPT EFTUJOBEPT B QSFWFOJS WJHJMBS Z SFTPMWFS MPT DPO¿JDUPT
TPDJBMFT
I
-BSFWJTJwOZSFGPSNBEFMBTMFZFTRVFDPOUSJCVZBOBMBTWJPMBDJPOFTNBOJ¾FTUBTEFMBT
OPSNBT JOUFSOBDJPOBMFT EF EFSFDIPT IVNBOPT Z B MBT WJPMBDJPOFT HSBWFT EFM EFSFDIP
IVNBOJUBSJPPMBTQFSNJUBO
(6Ê"1"3"130'&4*0/"-&4/P
%FMEFSFDIPBMBWFSEBE
&MEFSFDIPBMBWFSEBEZMBDPSSFMBUJWBPCMJHBDJwOEFM&TUBEPFODVFOUSBIJTUwSJDBNFO
UFTVTQSJNFSBTGVFOUFTOPSNBUJWBTFOFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPZFTUVWP
JOJDJBMNFOUFDJSDVOTDSJUPBMBTJUVBDJwOEFMBTQFSTPOBTNVFSUBTPEFTBQBSFDJEBTFO
MPTDPO¿JDUPTBSNBEPT&TBTrDPNPFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPIBSFDP
OPDJEPFYQMrDJUBNFOUFMBFYJTUFODJBEFMEFSFDIPBMBWFSEBEEFMPTGBNJMJBSFTEFQFS
TPOBTEFTBQBSFDJEBTDBUFHPSrBHFOFSBMRVFBCBSDBBMBTWrDUJNBTEFEFTBQBSJDJwO
GPS[BEB&M$PNJUn*OUFSOBDJPOBMEFMB$SV[3PKB$*$3
MMFHwBMBDPODMVTJwOEFRVF
FMEFSFDIPBMBWFSEBEFSBVOBOPSNBEFMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJPBQMJ
DBCMFUBOUPBMPTDPO¿JDUPTBSNBEPTJOUFSOBDJPOBMFTDPNPBMPTJOUFSOPTEFNPEP
RVFDBEBQBSUFFOFMDPO¿JDUPEFCrBUPNBSUPEBTMBTNFEJEBTGBDUJCMFTQBSBDPOPDFS
FMQBSBEFSPEFMBTQFSTPOBTEFTBQBSFDJEBTBSBr[EFVODPO¿JDUPBSNBEPZEFCrBO
DPNVOJDBSBTVTGBNJMJBSFTUPEPEBUPEFRVFEJTQVTJFSBOBDFSDBEFTVTVFSUF
1SPHSFTJWBNFOUFZGSVUPGVOEBNFOUBMNFOUFEFMBFWPMVDJwOEFMBKVSJTQSVEFODJBZ
EFMBEPDUSJOBEFMPTUSJCVOBMFTZEFNgTwSHBOPTJOUFSOBDJPOBMFTEFQSPUFDDJwOEF
EFSFDIPTIVNBOPTFMEFSFDIPBMBWFSEBEGVFSFDPOPDJEPDPNPVOPEFMPTEFSFDIPT
GVOEBNFOUBMFT EF MBT WJDUJNBT EF HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT )PZ
ErB FTUF EFSFDIP Z MB DPSSFMBUJWB PCMJHBDJwO EFM &TUBEP IBO TJEP FYQSFTBNFOUF
DPOTBHSBEPT FO EJTUJOUPT JOTUSVNFOUPT JOUFSOBDJPOBMFT EF EFSFDIPT IVNBOPT
BTrDPNPFOMB$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBT
DPOUSB MBT EFTBQBSJDJPOFT GPS[BEBT QSJNFS USBUBEP EF EFSFDIPT IVNBOPT RVF
BNQBSB FYQSFTBNFOUF FM EFSFDIP B MB WFSEBE &O TV QSFgNCVMP MB $POWFODJwO
FTUJQVMB ²<B>¾SNBOEP FM EFSFDIP B DPOPDFS MB WFSEBE TPCSF MBT DJSDVOTUBODJBT EF
VOBEFTBQBSJDJwOGPS[BEBZMBTVFSUFEFMBQFSTPOBEFTBQBSFDJEB³4VBSUrDVMP
QSFTDSJCF²<U>PEBWrDUJNBUJFOFFMEFSFDIPEFDPOPDFSMBWFSEBETPCSFMBTDJSDVOTUBODJBT
EFMBEFTBQBSJDJwOGPS[BEBMBFWPMVDJwOZSFTVMUBEPTEFMBJOWFTUJHBDJwOZMBTVFSUFEF
MBQFSTPOBEFTBQBSFDJEB5PEP&TUBEP1BSUFUPNBSgMBTNFEJEBTBEFDVBEBTBFTUF
SFTQFDUP³0USPTJOTUSVNFOUPTJOUFSOBDJPOBMFTTJCJFOOPIBDFOSFGFSFODJBFYQMrDJUB
BMEFSFDIPBMBWFSEBEUSBUBOJNQMrDJUBNFOUFMBDVFTUJwOBMSFDPOPDFSFMEFSFDIPEF
"SUrDVMPEFM1SPUPDPMP"EJDJPOBMBMPT$POWFOJPTEF(JOFCSBEFMEFBHPTUPEFSFMBUJWPBMBQSPUFD
DJwOEFMBTWrDUJNBTEFMPTDPO¿JDUPTBSNBEPTJOUFSOBDJPOBMFT7FSJHVBMNFOUFMB3FTPMVDJwO9***BPEPQUBEB
QPSMB997$POGFSFODJB*OUFSOBDJPOBMEFMB$SV[3PKBZEFMB.FEJB-VOB3PKB
$PNJUn*OUFSOBDJPOBMEFMB$SV[3PKB$VTUPNBSZ*OUFSOBUJPOBM)VNBOJUBSJBO-BX7PMVNF*3VMFT$BNCSJEHF
6OJWFSTJUZ1SFTTQgHJOB
1SJODJQJPTZEJSFDUSJDFTCgTJDPTTPCSFFMEFSFDIPEFMBTWrDUJNBTEFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBT
JOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTZEFWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPBJOUFS
QPOFSSFDVSTPTZPCUFOFSSFQBSBDJPOFT1SJODJQJPTC
Z
1SJODJQJPTSFDUPSFTEFMBT/BDJPOFT6OJEBT
TPCSF FM %FTQMB[BNJFOUP *OUFSOP 1SJODJQJP WFS %PDVNFOUP EF /BDJPOFT 6OJEBT &$/
"EE
Z$POKVOUPBDUVBMJ[BEPEFQSJODJQJPTQBSBMBQSPUFDDJwOZMB1SPNPDJwOEFMPT%FSFDIPT)VNBOPT
NFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBEQSJODJQJPTZTJHVJFOUFT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
MPTJOUFSFTBEPTBUFOFSBDDFTPBMPTSFTVMUBEPTEFVOBJOWFTUJHBDJwOZPBEJTQPOFS
EFSFDVSTPTKVEJDJBMFTSgQJEPTZFGFDUJWPT
-BBOUJHVB$PNJTJwOEF%FSFDIPT)VNBOPTEF/BDJPOFT6OJEBTTFSF¾SJwBMEFSF
DIP B TBCFS P BM EFSFDIP B MB WFSEBE QPS FKFNQMP FO SFMBDJwO DPO MBT QFSTPOBT
EFTBQBSFDJEBTZFMEFSFDIPEFTVTGBNJMJBSFTBDPOPDFSTVTVFSUFZTVQBSBEFSP-B
FY$PNJTJwOFOTVQSJNFSBSFTPMVDJwOJOUJUVMBEB²&MEFSFDIPBMBWFSEBE²SFDPOPDJw
²MBJNQPSUBODJBEFSFTQFUBSZHBSBOUJ[BSFMEFSFDIPBMBWFSEBEQBSBDPOUSJCVJSBBDBCBS
DPOMBJNQVOJEBEZQSPNPWFSZQSPUFHFSMPTEFSFDIPTIVNBOPT³ZTFvBMwRVFFM
NBSDPMFHBMEFVOQSPDFTPEFEFTBSNFEFTNPWJMJ[BDJwOZSFJOUFHSBDJwOEFHSVQPT
QBSBNJMJUBSFTEFCFHBSBOUJ[BSMPTEFSFDIPTBMBWFSEBEMBKVTUJDJBZMBPCUFODJwOEF
SFQBSBDJwO&M4FDSFUBSJP(FOFSBMEFMBT/BDJPOFT6OJEBTUBNCJnOIBSFB¾SNBEPFM
EFSFDIPBMBWFSEBE&OTVCPMFUrOUJUVMBEP²0CTFSWBODJBEFMEFSFDIPJOUFSOBDJPOBM
IVNBOJUBSJPQPSMBTGVFS[BTEFMBT/BDJPOFT6OJEBT³TFFTUBCMFDFDPNPQSJODJQJP
HFOFSBMRVFEFCFOPCTFSWBSUPEBTMBTPQFSBDJPOFTEFNBOUFOJNJFOUPEFMBQB[EF
MBPSHBOJ[BDJwOFMSFTQFUPEFMEFSFDIPEFMBTGBNJMJBTBDPOPDFSFMQBSBEFSPEFTVT
NJFNCSPTFOGFSNPTIFSJEPTZGBMMFDJEPT&M4FDSFUBSJP(FOFSBMUBNCJnOIBJOEJDBEP
RVFFOMPTQSPDFTPTEFQB[EFCFSFTQFUBSTFQMFOBNFOUFFMEFSFDIPEFMBTWrDUJNBT
BMBWFSEBEBMBKVTUJDJBZBPCUFOFSSFQBSBDJwOZIBEFTUBDBEPMBJNQPSUBODJBEF
MB WFSEBE FO FM NBSDP EF MB KVTUJDJB EF USBOTJDJwO -B "MUB $PNJTJPOBEB QBSB MPT
%FSFDIPT)VNBOPTUBNCJnOIBSFJUFSBEPFMEFSFDIPBMBWFSEBEEFMBTWrDUJNBTEF
WJPMBDJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPTZEFTVTGBNJMJBSFT
-B"TBNCMFB1BSMBNFOUBSJBEFM$POTFKPEF&VSPQBIBBQSPCBEPVOBTFSJFEFSFDP
NFOEBDJPOFT SFMBUJWBT BM EFSFDIP EF MPT GBNJMJBSFT B DPOPDFS MB WFSEBE BDFSDB EF
MB TVFSUF EF MPT EFTBQBSFDJEPT -B 6OJwO &VSPQFB IB JHVBMNFOUF SFB¾SNBEP FM
EFSFDIP B MB WFSEBE FO TVT SFTPMVDJPOFT TPCSF MBT QFSTPOBT EFTBQBSFDJEBT Z FO
SFGFSFODJB BM QSPDFTP EF EFTBSNF Z EFTNPWJMJ[BDJwO EF HSVQPT QBSBNJMJUBSFT BTr
DPNPFOFMDPOUFYUPEFMBTDPOWFSTBDJPOFTEFQB[
%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTBSUrDVMPT
Z MPT 1SJODJQJPT SFMBUJWPT B VOB F¾DB[ QSFWFODJwO F JOWFTUJHBDJwO EF MBT FKFDVDJPOFT FYUSBMFHBMFT
BSCJUSBSJBTPTVNBSJBT1SJODJQJP
3FTPMVDJwO
3FTPMVDJwOEFEFBCSJMEFQgSSBGP
%FDMBSBDJwOEFM1SFTJEFOUFEFMB$PNJTJwOEF%FSFDIPT)VNBOPTTPCSFMBTJUVBDJwOEF%FSFDIPT)VNBOPT
FO$PMPNCJBEFEFBCSJMEF
%PDVNFOUPEF/BDJPOFT6OJEBT454(#EFEFBHPTUPEF3FHMB
5IFSVMFPGMBXBOEUSBOTJUJPOBMKVTUJDFJODPO¿JDUBOEQPTUDPO¿JDUTPDJFUJFT3FQPSUPGUIF4FDSFUBSZ(FOFSBM
%PDVNFOUPEF/BDJPOFT6OJEBT4EFEFBHPTUPEFZ3FQPSUPGUIFBTTFTTNFOUNJTTJPO
POUIFFTUBCMJTINFOUPGBOJOUFSOBUJPOBMKVEJDJBMDPNNJTTJPOPGJORVJSZGPS#VSVOEJ%PDVNFOUPEF/BDJPOFT
6OJEBT4EFEFNBS[PEF
7FS FOUSF PUSPT 3FQPSU PG UIF )JHI $PNNJTTJPOFS GPS )VNBO 3JHIUT PO UIF TJUVBUJPO PG IVNBO SJHIUT JO
$PMPNCJB%PDVNFOUPEF/BDJPOFT6OJEBT&$/EFEFGFCSFSPEFQBSgHSBGP
3FTPMVDJPOFT
Z
(6Ê"1"3"130'&4*0/"-&4/P
-B"TBNCMFB(FOFSBMEFMB0SHBOJ[BDJwOEFMPT&TUBEPT"NFSJDBOPTFOTVSFTPMVDJwO
²&MEFSFDIPBMBWFSEBE³EFSFDPOPDJw²FMEFSFDIPRVFBTJTUFBMBTWrDUJNBT
EFWJPMBDJPOFTNBOJ¾FTUBTBMPTEFSFDIPTIVNBOPTZWJPMBDJPOFTHSBWFTBMEFSFDIP
JOUFSOBDJPOBMIVNBOJUBSJPBTrDPNPBTVTGBNJMJBTZBMBTPDJFEBEFOTVDPOKVOUP
EFDPOPDFSMBWFSEBETPCSFUBMFTWJPMBDJPOFTEFMBNBOFSBNgTDPNQMFUBQPTJCMFFO
QBSUJDVMBSMBJEFOUJEBEEFMPTBVUPSFTZMBTDBVTBTMPTIFDIPTZMBTDJSDVOTUBODJBTFO
RVFTFQSPEVKFSPO³&OMB997***›$VNCSFEF+FGFTEF&TUBEPMPT&TUBEPTNJFNCSPT
Z BTPDJBEPT EFM .FSDBEP $PN|O EFM 4VS .&3$0463
BEPQUBSPO VOB EFDMBSBDJwO
SFB¾SNBOEPFMEFSFDIPBMBWFSEBEEFMBTWrDUJNBTEFWJPMBDJPOFTEFMPTEFSFDIPT
IVNBOPTZTVTGBNJMJBSFT
&M(SVQPEF5SBCBKPTPCSFMBT%FTBQBSJDJPOFT'PS[BEBTP*OWPMVOUBSJBTEFMBT/BDJP
OFT 6OJEBT FO TV QSJNFS JOGPSNF B MB BOUJHVB $PNJTJwO EF %FSFDIPT )VNBOPT
SFDPOPDFSrB MB FYJTUFODJB EFM EFSFDIP EF MBT GBNJMJBT B DPOPDFS MB TVFSUF DPSSJEB
QPSTVTNJFNCSPTWrDUJNBTEFEFTBQBSJDJwOGPS[BEBDPOCBTFFOFM1SPUPDPMP*EF
BMPTDVBUSP$POWFOJPTEF(JOFCSB*HVBMQFSTQFDUJWBBTVNJSrBMB$PNJTJwO
*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT-BEPDUSJOBFODPOUSwFMBTJEFSPEFMEFSFDIP
BMBWFSEBEEFMPTGBNJMJBSFTEFQFSTPOBTWrDUJNBTEFEFTBQBSJDJwOGPS[BEBUBOUPFO
UJFNQPEFHVFSSBDPNPFOUJFNQPEFQB[FOFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP
1SPHSFTJWBNFOUFTFSFDPOPDFSrBFMEFSFDIPBMBWFSEBESFTQFDUPEFUPEBWrDUJNBEF
HSBWFT WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT P TVT GBNJMJBSFT *HVBMNFOUF MB CBTF
KVSrEJDBJOWPDBEBEFKBSrBEFTFSFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPQBSBSFGFSJSTF
BMEFCFSEFHBSBOUrBEFM&TUBEP
"VODVBOEPFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTOPIBDFSFGFSFODJB
FYQSFTBBMEFSFDIPBMBWFSEBEFM$PNJUnEF%FSFDIPT)VNBOPTIBSFDPOPDJEPMB
FYJTUFODJB EFM EFSFDIP B MB WFSEBE EF MPT GBNJMJBSFT EF WrDUJNBT EF EFTBQBSJDJwO
GPS[BEB&OVODBTPEFEFTBQBSJDJwOGPS[BEBFM$PNJUnDPODMVZwRVF²MBBVUPSB<EF
MBDPNVOJDBDJwOBM$PNJUnZNBESFEFMBQFSTPOBEFTBQBSFDJEB>UJFOFFMEFSFDIPB
TBCFSMPRVFIBTVDFEJEPDPOTVIJKB³"VORVFTJOFNQMFBSFMWPDBCMP²EFSFDIPB
3FTPMVDJwO"(3&49997*0
²&MEFSFDIPBMBWFSEBE³EFEFKVOJPEF
$PNVOJDBEPDPOKVOUPEFMPT1SFTJEFOUFTEFMFT&TUBEPTQBSUFTEFM.&3$0463ZEFMPT&TUBEPTBTPDJBEPT
"TVODJwO1BSBHVBZ
EFEFKVOJPEF
%PDVNFOUPT EF MBT /BDJPOFT 6OJEBT &$/ EF EF FOFSP EF QgSSBGPT Z &
$/QgSSBGP&$/QgSSBGPTZ
*OGPSNF"OVBMEFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT0&"4FS-7**%PD
SFWEFEFTFQUJFNCSFEFQgHJOBF*OGPSNF"OVBMEFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPT%PDVNFOUPEFMB0&"0&"4FS-7**%PDSFWQgHJOB
7FSQPSFKFNQMP-PVJT+PJOFU²3BQPSUHnOnSBM³FO-FSFGVTEFMµPVCMJ-BQPMJUJRVFEFEJTQBSJUJPOGPSDnFEF
QFSTPOOFT$PMMPRVFEF1BSJT+BOWJFSGnWSJFS&E#FSHFS-FWSBVMUDPMMFDUJPO².POEFTFOEFWFOJS³
1BSJTQgHJOB3PEPMGP.BUUBSPMMP²*NQVOJEBEEFNPDSBDJBZEFSFDIPTIVNBOPT³PQDJUQgHJOB
Z&SJD%BWJE1SJODJQFTEFESPJUEFTDPO¿JUTBSNnTFE#SVZMBOU#SVTFMBTQgSSBGPQgHJOB
$PNJUnEF%FSFDIPT)VNBOPT%FDJTJwOEFEFKVMJPEF$BTP.BSrBEFM$BSNFO"MNFJEBEF2VJOUFSP
Z&MFOB2VJOUFSPEF"MNFJEB6SVHVBZ
$PNVOJDBDJwO/PQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
MBWFSEBE³ZTJODJSDVOTDSJCJSTFBMBTEFTBQBSJDJPOFTGPS[BEBTFM$PNJUnIBJOTUBEPB
&TUBEPTQBSUFTFOFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTBHBSBOUJ[BS
RVFMBTWrDUJNBTEFWJPMBDJPOFTEFEFSFDIPTIVNBOPTDPOP[DBOMBWFSEBESFTQFDUPB
MPTIFDIPTDPNFUJEPT&OTVTPCTFSWBDJPOFTB(VBUFNBMBFM$PNJUnEF%FSFDIPT
)VNBOPTFYIPSUwBMBTBVUPSJEBEFTHVBUFNBMUFDBTBJOUFSBMJBDPOUJOVBSUSBCBKBOEP
QBSBRVF²MBTWrDUJNBTEFWJPMBDJPOFTEFEFSFDIPTIVNBOPTFODVFOUSFOMBWFSEBE
TPCSFFTPTBDUPT³
"VORVF JOJDJBMNFOUF JOWPDw FM EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP MB $PNJTJwO
*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTEFTBSSPMMwTVEPDUSJOBTPCSFFMEFSFDIPBMB
WFSEBEDPOCBTFFOOPSNBTJOUFSBNFSJDBOBTEFEFSFDIPTIVNBOPT"TrMB$PNJTJwO
MMFHw B MB DPODMVTJwO EF RVF ²<F>M EFSFDIP B DPOPDFS MB WFSEBE DPO SFTQFDUP B MPT
IFDIPTRVFEJFSPOMVHBSBMBTHSBWFTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPT<©>BTr
DPNPFMEFSFDIPBDPOPDFSMBJEFOUJEBEEFRVJFOFTQBSUJDJQBSPOFOFMMPTDPOTUJUVZF
VOBPCMJHBDJwORVFFM&TUBEPEFCFTBUJTGBDFSSFTQFDUPEFMBTGBNJMJBTEFMBTWrDUJNBT
Z B MB TPDJFEBE FO HFOFSBM 5BMFT PCMJHBDJPOFT TVSHFO GVOEBNFOUBMNFOUF EF MP
EJTQVFTUPFOMPTBSUrDVMPT
ZEFMB$POWFODJwO³-B$PNJTJwOIB
JEPEF¾OJFOEPFMBMDBODFZDPOUFOJEPEFMEFSFDIPBMBWFSEBE*OJDJBMNFOUFnTUFGVF
EF¾OJEPDPNPFM²EFSFDIPBDPOPDFSMBWFSEBEEFMPPDVSSJEPBTrDPNPMBTSB[POFT
ZDJSDVOTUBODJBTFOMBTRVFFTPTEFMJUPTMMFHBSPOBDPNFUFSTF³1PTUFSJPSNFOUF
MB $PNJTJwO IB IFDIP NgT FYQMrDJUP FM DPOUFOJEP FO UBOUP FTUF EFSFDIP JNQMJDB
²DPOPDFS MB WFSEBE rOUFHSB DPNQMFUB Z Q|CMJDB TPCSF MPT IFDIPT PDVSSJEPT TVT
DJSDVOTUBODJBTFTQFDr¾DBTZRVJnOFTQBSUJDJQBSPOFOFMMPT³&YJTUFVOBJOUSrOTFDB
SFMBDJwO FOUSFFMEFSFDIPBMBWFSEBEZFMEFSFDIPEFBDVEJSB MPTUSJCVOBMFT&TUB
SFMBDJwOIBTJEPFTUBCMFDJEBQPSMB$PNJTJwO*OUFSBNFSJDBOB²<F>MEFSFDIPBMBWFSEBE
TFSFMBDJPOBUBNCJnODPOFMBSUrDVMPEFMB$POWFODJwO"NFSJDBOBRVFFTUBCMFDFFM
EFSFDIPBDPOUBSDPOVOSFDVSTPTFODJMMPZSgQJEPQBSBMBQSPUFDDJwOEFMPTEFSFDIPT
DPOTBHSBEPTFOFMMB³
7FS QPS FKFNQMP %FDJTJwO EF NBS[P EF $BTP .BSJBN 1IJMJQQF "VHVTUF Z 5IPNBT 4BOLBSB D
#VSLJOB 'BTP $PNVOJDBDJwO /P QgSSBGP $$13$% DBTP EF FKFDVDJwO
FYUSBKVEJDJBM
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn EF %FSFDIPT )VNBOPT (VBUFNBMB %PDVNFOUP EF /BDJPOFT 6OJEBT
$$13$"EEQgSSBGP
$PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT *OGPSNF /P EF EF EJDJFNCSF EF $BTP
*HOBDJP&MMBDVSrBZPUSPTQgSSBGP
*OGPSNF"OVBMEFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT0&"4FS-7**%PD
SFWEFEFTFQUJFNCSFEFQgHJOB
*OGPSNF/PEFEFBCSJMEFDBTP.POTFvPS0TDBS"SOVMGP3PNFSPZ(BMEgNF[QgSSBGP
*HVBMNFOUFWFS*OGPSNF/PEFEFEJDJFNCSFEF$BTP*HOBDJP&MMBDVSrB4+Z
PUSPTQgSSBGPF*OGPSNF/PEFEFFOFSPEF$BTP/P-VDJP1BSBEB$FBZPUSPT
QgSSBGP
*OGPSNF/PEFEFEJDJFNCSFEF$BTP*HOBDJP&MMBDVSrB4+ZPUSPTQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
-B $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT EFTEF TVT QSJNFSBT TFOUFODJBT
SFDPOPDJw MB FYJTUFODJB EFM EFSFDIP RVF MF BTJTUF B MPT GBNJMJBSFT EF WrDUJNBT EF
EFTBQBSJDJwOGPS[BEBEFDPOPDFSFMEFTUJOPPTVFSUFDPSSJEBQPSFMEFTBQBSFDJEP
1FSPMB$PSUFOPIBMJNJUBEPFTUFEFSFDIPBMPTDBTPTEFEFTBQBSJDJwOGPS[BEB"Tr
FO TV TFOUFODJB TPCSF FM DBTP EFM $BSBDB[P EVSBOUF FM DVBM OVNFSPTBT QFSTPOBT
GVFSPOFKFDVUBEBTQPSMBTGVFS[BTBSNBEBTZDVFSQPTEFTFHVSJEBEWFOF[PMBOPTMB
$PSUFB¾SNwRVF²MPTSFTVMUBEPTEF<MBTJOWFTUJHBDJPOFT>EFCFSgOTFSQ|CMJDBNFOUF
EJWVMHBEPT QBSB RVF MB TPDJFEBE WFOF[PMBOB DPOP[DB MB WFSEBE³ "TJNJTNP MB
$PSUF *OUFSBNFSJDBOB DPOTJEFSw RVF ²TPO NBOJ¾FTUBNFOUF JODPNQBUJCMFT DPO MB
MFUSBZFMFTQrSJUVEFMB$POWFODJwO"NFSJDBOB<EF%FSFDIPT)VNBOPT>³BRVFMMBT
EJTQPTJDJPOFTMFHBMFTDPNPVOBMFZEFBNOJTUrBRVF²JNQJEF<O>MBJEFOUJ¾DBDJwOEF
MPTJOEJWJEVPTSFTQPOTBCMFTEFWJPMBDJPOFTBEFSFDIPTIVNBOPT<©>ZBTVTGBNJMJBSFT
DPOPDFSMBWFSEBE<©>³
&OWBSJBTTFOUFODJBTEJDUBEBTFOZMB$PSUF*OUFSBNFSJDBOBDPOTJEFSwRVF
MBTWJDUJNBTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZTVTGBNJMJBSFTUJFOFOFM
EFSFDIPBDPOPDFSMBWFSEBE-B$PSUFIBQSFDJTBEPRVFFM²EFSFDIPBMBWFSEBEBM
TFSSFDPOPDJEPZFKFSDJEPFOVOBTJUVBDJwODPODSFUBDPOTUJUVZFVONFEJPJNQPSUBOUF
EF SFQBSBDJwO QBSB MB WrDUJNB Z TVT GBNJMJBSFT Z EB MVHBS B VOB FYQFDUBUJWB RVF FM
&TUBEPEFCFTBUJTGBDFS³-B$PSUFIBJHVBMNFOUFTFvBMBEPRVFFMFTUBCMFDJNJFOUP
EFMBWFSEBESFTQFDUPEFUPEBTMBTDJSDVOTUBODJBTFOMBTRVFTFDPNFUJFSPOMBTHSBWFT
WJPMBDJPOFT ²DPOTUJUVZF VOB GPSNB EF DPOUSJCVJS B MB QSFTFSWBDJwO EF MB NFNPSJB
IJTUwSJDBEFSFQBSBDJwOQBSBMPTGBNJMJBSFTEFMBTWrDUJNBTZBMBWF[EFDPOUSJCVJS
BFWJUBSRVFTFSFQJUBOIFDIPTTJNJMBSFT³*HVBMNFOUFMB$PSUFIBQSFDJTBEPRVF
FMEFSFDIPBMBWFSEBEJNQMJDBFMEFSFDIPBDPOPDFSMBJEFOUJEBEFTEFMPTBVUPSFTEF
MBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZRVFMBDSFBDJwOEFDPNJTJPOFTEF
MBWFSEBEDPOUSJCVZFBMFTDMBSFDJNJFOUPEFMB³WFSEBEIJTUwSJDB³QFSPRVFMBMBCPS
EFMBTDPNJTJPOFT²OPDPNQMFUBPTVTUJUVZFMBPCMJHBDJwOEFM&TUBEPEFFTUBCMFDFS
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBTEPDDJUQgSSBGP
4FOUFODJBEFEFFOFSPEF$BTP(PErOF[$SV[WT)POEVSBTEPDDJUQgSSBGPZ$BTP$BTUJMMP1gF[
WT1FS|EPDDJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM$BSBDB[PWT7FOF[VFMBEPDDJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP#BSSJPT"MUPTWT1FS|EPDDJUQgSSBGP
*CJEFN
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZEPDDJU$BTP9JNFOFT-P
QFTWT#SBTJMEPDDJU$BTP.BTBDSFEF1VFCMP#FMMPWT$PMPNCJBEPDDJU4FOUFODJBEFEFOPWJFNCSF
EF$BTP-B$BOUVUBWT1FS|$BTP#BMEFwO(BSDrBWT1FS|EPDDJU$BTP.BTBDSFTEF*UVBOHPWT
$PMPNCJB$BTP.POUFSP"SBOHVSnOZ0USPT3FUnOEF$BUJB
WT7FOF[VFMBEPDDJU$BTPEFMB.BTBDSFEF
-B3PDIFMBWT$PMPNCJBEPDDJU
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZEPDDJUQgSSBGP
*CJEQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP-B$BOUVUBWT1FS|EPDDJUQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
MB WFSEBE UBNCJnO B USBWnT EF MPT QSPDFTPT KVEJDJBMFT³ -B $PSUF IB QSFDJTBEP
RVF²MBC|TRVFEBFGFDUJWBEFMBWFSEBEDPSSFTQPOEFBM&TUBEPZOPEFQFOEFEFMB
JOJDJBUJWBQSPDFTBMEFMBWrDUJNBPEFTVTGBNJMJBSFTPEFTVBQPSUBDJwOEFFMFNFOUPT
QSPCBUPSJPT³
&M EFSFDIP B MB WFSEBE TF FODVFOUSB rOUJNBNFOUF MJHBEP B MB PCMJHBDJwO BTVNJEB
QPSMPT&TUBEPTEFIBDFSDVNQMJSMBTPCMJHBDJPOFTFTUJQVMBEBTFOMPTJOTUSVNFOUPT
DPOWFODJPOBMFTEFQSPUFDDJwOEFMPTEFSFDIPTZMBTMJCFSUBEFTGVOEBNFOUBMFTBMPT
DVBMFT WPMVOUBSJBNFOUF TF IBO TPNFUJEP &T JOEVEBCMF RVF MPT GBNJMJBSFT EF MBT
WrDUJNBTUJFOFOFMEFSFDIPBRVFUPEBJOWFTUJHBDJwORVFTFSFBMJDFTFBFYIBVTUJWB
QBSB RVF FMMPT DPOP[DBO MB WFSEBE TPCSF FM EFTUJOP EF TVT TFSFT RVFSJEPT Z MBT
DJSDVOTUBODJBT QPS MBT RVF IBO BUSBWFTBEP BTr DPNP MB EJGVTJwO Q|CMJDB EF MB
JEFOUJEBEEFMPTSFTQPOTBCMFTEJSFDUPTEFMBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTRVF
BRVFMMBTIBZBOTVGSJEP"TJNJTNPMBWFSEBEFTJNQSFTDJOEJCMFQBSBQPEFSFGFDUVBS
VOBWBMPSBDJwOBEFDVBEBEFMBDPNQFOTBDJwORVFFOHFOESBMBSFTQPOTBCJMJEBEQPS
WJPMBDJPOFTBMPTEFSFDIPTIVNBOPT/PPCTUBOUFMBPCMJHBDJwORVFUJFOFFM&TUBEP
EFHBSBOUJ[BSFTUFEFSFDIPBMBWFSEBEOPFTTVTUJUVUJWBPBMUFSOBUJWBEFMBTEFNgT
RVFMFJODVNCFOFOFMNBSDPEFTVEFCFSEFHBSBOUrBBTBCFSMBTEFJOWFTUJHBSZ
EF JNQBSUJS KVTUJDJB &TUB PCMJHBDJwO FYJTUF Z TF NBOUJFOF JOEFQFOEJFOUFNFOUF EFM
DVNQMJNJFOUPPOPEFMBTEFNgT&MEFSFDIPBMBWFSEBERVFMFBTJTUFBMBTWrDUJNBT
EFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZTVTGBNJMJBSFTIBDPCSBEPDBEBWF[
NBZPSJNQPSUBODJBFOMB|MUJNBEnDBEB6OGFOwNFOPQBSUJDVMBSRVFDPSSPCPSBMB
B¾SNBDJwOBOUFSJPSFTMBDSFBDJwOFOWBSJPTQBrTFTEF²DPNJTJPOFTEFMBWFSEBE³Z
PUSPTNFDBOJTNPTTJNJMBSFTFODBNJOBEBTCgTJDBNFOUFBDPNQSPCBSWJPMBDJPOFTB
MPTEFSFDIPTIVNBOPTQSPEVDJEBTEFWFMBSMBTJODwHOJUBTTPCSFMBTVFSUFDPSSJEBQPS
MBTWrDUJNBTJEFOUJ¾DBSSFTQPOTBCMFTZFOBMHVOPTDBTPTPGSFDFSMBTCBTFTQBSBFM
KV[HBNJFOUPEFBRVFMMPT
&O TV FTUVEJP TPCSF FM EFSFDIP B MB WFSEBE MB "MUB $PNJTJPOBEB EF MBT /BDJPOFT
6OJEBT QPS MPT %FSFDIPT )VNBOPT IB QSFDJTBEP MB CBTF KVSrEJDB FM BMDBODF Z MB
OBUVSBMF[B EF FTUF EFSFDIP BTr DPNP MB DPSSFMBUJWB PCMJHBDJwO EFM &TUBEP -BT
DPODMVTJPOFTBMBTRVFMMFHwMB"MUB$PNJTJPOBEBFOTVJOGPSNFSF¿FKBOFMEFTBSSPMMP
BDUVBM EFM EFSFDIP JOUFSOBDJPOBM TPCSF FM EFSFDIP B MB WFSEBE Z MB PCMJHBDJwO EF
&TUBEPEFHBSBOUJ[BSMP
*CJEQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFMBT.BTBDSFTEF*UVBOHPWT$PMPNCJBEPDDJU
QgSSBGP
&TUVEJPTPCSFFMEFSFDIPBMBWFSEBE%PDVNFOUPEF/BDJPOFT6OJEBT&$/
(6Ê"1"3"130'&4*0/"-&4/P
1SJODJQBMFTDPODMVTJPOFTEFM&TUVEJPTPCSFFMEFSFDIPBMBWFSEBE
EFMB"MUB$PNJTJPOBEBEFMBT/BDJPOFT6OJEBTQPSMPT%FSFDIPT)VNBOPT
%PDVNFOUPEFMBT/BDJPOFT6OJEBT&$/QgSSBGPTZ
… ²&M EFSFDIP B MB WFSEBE TPCSF MBT WJPMBDJPOFT NBOJ¾FTUBT EF MPT EFSFDIPT IVNBOPT Z
MBTJOGSBDDJPOFTHSBWFTEFMEFSFDIPIVNBOJUBSJPFTVOEFSFDIPBVUwOPNPFJOBMJFOBCMF
SFDPOPDJEP FO EJWFSTPT USBUBEPT F JOTUSVNFOUPT JOUFSOBDJPOBMFT Z UBNCJnO FO MB KVSJT
QSVEFODJB OBDJPOBM SFHJPOBM F JOUFSOBDJPOBM Z FO OVNFSPTBT SFTPMVDJPOFT EF wSHBOPT
JOUFSHVCFSOBNFOUBMFTBOJWFMSFHJPOBMZVOJWFSTBM³
… ²&MEFSFDIPBMBWFSEBEFTUgFTUSFDIBNFOUFSFMBDJPOBEPDPOFMEFCFSEFM&TUBEPEFQSP
UFHFSZHBSBOUJ[BSMPTEFSFDIPTIVNBOPTZDPOTVPCMJHBDJwOEFSFBMJ[BSJOWFTUJHBDJPOFT
F¾DBDFTEFMBTWJPMBDJPOFTNBOJ¾FTUBTEFMPTEFSFDIPTIVNBOPTZEFMBTJOGSBDDJPOFT
HSBWFTEFMEFSFDIPIVNBOJUBSJPBTrDPNPEFHBSBOUJ[BSSFDVSTPTFGFDUJWPTZSFQBSBDJwO
&MEFSFDIPBMBWFSEBEUBNCJnOHVBSEBFTUSFDIBSFMBDJwODPOFMFTUBEPEFEFSFDIPZMPT
QSJODJQJPTEFMBUSBOTQBSFODJBMBSFTQPOTBCJMJEBEZMBCVFOBHFTUJwOEFMPTBTVOUPTQ|
CMJDPTFOVOBTPDJFEBEEFNPDSgUJDB³
… ²&MEFSFDIPBMBWFSEBEFTUgFTUSFDIBNFOUFWJODVMBEPBPUSPTEFSFDIPTDPNPFMEFSFDIP
BVOSFDVSTPFGFDUJWPFMEFSFDIPBMBQSPUFDDJwOKVSrEJDBZKVEJDJBMFMEFSFDIPBMBWJEB
GBNJMJBS FM EFSFDIP B VOB JOWFTUJHBDJwO F¾DB[ FM EFSFDIP B TFS PrEP QPS VO USJCVOBM
DPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBMFMEFSFDIPBPCUFOFSSFQBSBDJwOFMEFSFDIPBOP
TVGSJSUPSUVSBTOJNBMPTUSBUPTZFMEFSFDIPBTPMJDJUBSZBEJGVOEJSJOGPSNBDJwO-BWFSEBE
FTGVOEBNFOUBMQBSBMBEJHOJEBEJOIFSFOUFEFMTFSIVNBOP³
… ²&OMPTDBTPTEFWJPMBDJPOFTNBOJ¾FTUBTEFMPTEFSFDIPTIVNBOPTDPNPMBUPSUVSBMBT
FKFDVDJPOFTFYUSBKVEJDJBMFTZMBTEFTBQBSJDJPOFTGPS[PTBTMBTJOGSBDDJPOFTHSBWFTEFMEFSF
DIPIVNBOJUBSJPZPUSPTBDUPTEFMJDUJWPTFOFMEFSFDIPJOUFSOBDJPOBMMBTWrDUJNBTZTVTGB
NJMJBSFTUJFOFOEFSFDIPBTBCFSMBWFSEBE&MEFSFDIPBMBWFSEBEUBNCJnOUJFOFVOBTQFDUP
TPDJBMMBTPDJFEBEUJFOFEFSFDIPBDPOPDFSMBWFSEBETPCSFMPTBDPOUFDJNJFOUPTEFMQBTBEP
RVFTFSF¾FSFOBMBDPNJTJwOEFDSrNFOFTBCFSSBOUFTBTrDPNPTPCSFMBTDJSDVOTUBODJBTZ
MPTNPUJWPTQPSMPTRVFTFQFSQFUSBSPOB¾OEFFWJUBSRVFTFSFQJUBOFOFMGVUVSP³
… ²&MEFSFDIPBMBWFSEBEFOUSBvBUFOFSVODPOPDJNJFOUPQMFOPZDPNQMFUPEFMPTBDUPTRVF
TFQSPEVKFSPOMBTQFSTPOBTRVFQBSUJDJQBSPOFOFMMPTZMBTDJSDVOTUBODJBTFTQFDr¾DBTFO
QBSUJDVMBSEFMBTWJPMBDJPOFTQFSQFUSBEBTZTVNPUJWBDJwO&OMPTDBTPTEFEFTBQBSJDJwO
GPS[PTBEFTBQBSJDJwOEFQFSTPOBTOJvPTTFDVFTUSBEPTPOBDJEPTEVSBOUFMBDBVUJWJEBE
EFVOBNVKFSWrDUJNBEFVOBEFTBQBSJDJwOGPS[PTBFKFDVDJPOFTTFDSFUBTZPDVMUBDJwOEFM
MVHBSEFTFQVMUVSBEFMBWrDUJNBFMEFSFDIPBMBWFSEBEUJFOFUBNCJnOVOBGBDFUBFTQFDJBM
FMDPOPDJNJFOUPEFMBTVFSUFZFMQBSBEFSPEFMBTWrDUJNBT³
… ²&M EFSFDIP B MB WFSEBE DPNP EFSFDIP JOEFQFOEJFOUF FT VO EFSFDIP GVOEBNFOUBM EF
MB QFSTPOB Z QPS DPOTJHVJFOUF OP EFCF FTUBS TVKFUP B SFTUSJDDJPOFT )BCJEB DVFOUB
EF TV DBSgDUFS JOBMJFOBCMF Z TV FTUSFDIB SFMBDJwO DPO PUSPT EFSFDIPT RVF OP BENJUFO
TVTQFOTJwODPNPFMEFSFDIPBOPTVGSJSUPSUVSBTZNBMPTUSBUPTFMEFSFDIPBMBWFSEBE
EFCFDPOTJEFSBSTFDPNPVOEFSFDIPRVFOPTFQVFEFTVTQFOEFS-BTBNOJTUrBTZPUSBT
NFEJEBT BOgMPHBT Z MBT SFTUSJDDJPOFT BM EFSFDIP B TPMJDJUBS JOGPSNBDJwO OVODB EFCFO
VUJMJ[BSTFQBSBMJNJUBSEFOFHBSPQFSKVEJDBSFMEFSFDIPBMBWFSEBERVFFTUgFTUSFDIBNFOUF
WJODVMBEPBMBPCMJHBDJwOEFMPT&TUBEPTEFDPNCBUJSZFSSBEJDBSMBJNQVOJEBE³
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
%FMBJNQVOJEBE
-B JNQVOJEBE DPOTUJUVZF VOB WJPMBDJwO QPS QBSUF EFM &TUBEP EF TV PCMJHBDJPOFT
JOUFSOBDJPOBMFTTVSHJEBTDPOPDBTJwOBMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
&M $POKVOUP BDUVBMJ[BEP EF QSJODJQJPT QBSB MB QSPUFDDJwO Z MB QSPNPDJwO EF MPT
EFSFDIPTIVNBOPTNFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBEIBEF¾OJEPMBJNQVOJEBE
EFMBTJHVJFOUFNBOFSB
²1PS JNQVOJEBE TF FOUJFOEF MB JOFYJTUFODJB EF IFDIP P EF EFSFDIP EF
SFTQPOTBCJMJEBEQFOBMQPSQBSUFEFMPTBVUPSFTEFWJPMBDJPOFTBTrDPNPEF
SFTQPOTBCJMJEBEDJWJMBENJOJTUSBUJWBPEJTDJQMJOBSJBQPSRVFFTDBQBOBUPEB
JOWFTUJHBDJwODPONJSBTBTVJODVMQBDJwOEFUFODJwOQSPDFTBNJFOUPZFO
DBTPEFTFSSFDPOPDJEPTDVMQBCMFTDPOEFOBBQFOBTBQSPQJBEBTJODMVTPB
MBJOEFNOJ[BDJwOEFMEBvPDBVTBEPBTVTWrDUJNBT³
"TJNJTNPFMQSJODJQJPEFM$POKVOUPEF1SJODJQJPTFTUBCMFDFRVF
²-B JNQVOJEBE DPOTUJUVZF VOB JOGSBDDJwO EF MBT PCMJHBDJPOFT RVF UJFOFO
MPT &TUBEPT EF JOWFTUJHBS MBT WJPMBDJPOFT BEPQUBS NFEJEBT BQSPQJBEBT
SFTQFDUP EF TVT BVUPSFT FTQFDJBMNFOUF FO MB FTGFSB EF MB KVTUJDJB QBSB
RVFMBTQFSTPOBTTPTQFDIPTBTEFSFTQPOTBCJMJEBEQFOBMTFBOQSPDFTBEBT
KV[HBEBT Z DPOEFOBEBT B QFOBT BQSPQJBEBT EF HBSBOUJ[BS B MBT WrDUJNBT
SFDVSTPT F¾DBDFT Z MB SFQBSBDJwO EF MPT QFSKVJDJPT TVGSJEPT EF HBSBOUJ[BS
FMEFSFDIPJOBMJFOBCMFBDPOPDFSMBWFSEBEZEFUPNBSUPEBTMBTNFEJEBT
OFDFTBSJBTQBSBFWJUBSMBSFQFUJDJwOEFEJDIBTWJPMBDJPOFT³
-BJNQVOJEBEEFMPTBVUPSFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTDPOTUJUVZF
FOTrNJTNBVOBWJPMBDJwOBMEFCFSEFHBSBOUrBRVFMFJODVNCFBM&TUBEPFONBUFSJB
EFEFSFDIPTIVNBOPT$PNPMPFYQSFTBSBFM&YQFSUPTPCSFMBDVFTUJwOEFMBJNQV
OJEBE EF MPT BVUPSFT EF WJPMBDJPOFT EF EFSFDIPT DJWJMFT Z QPMrUJDPT EF MB BOUJHVB
4VCDPNJTJwOEF%FSFDIPT)VNBOPT²<M>BJNQVOJEBEFTUgFODPO¿JDUPDPOFMEFCFS
EFFOKVJDJBSZDBTUJHBSBMPTBVUPSFTEFWJPMBDJPOFTHSBWFTBMPTEFSFDIPTIVNBOPT
RVF FT VO EFCFS JOIFSFOUF BM DSnEJUP RVF UJFOFO MBT WrDUJNBT SFTQFDUP EFM &TUBEP
OPTPMPQBSBPCUFOFSVOBSFQBSBDJwONBUFSJBMTJOPUBNCJnOFOWJSUVEEFM%FSFDIPB
4BCFSPNgTQSFDJTBNFOUFEFM%FSFDIPBMB7FSEBE³-BPCMJHBDJwOEFOPQFSNJUJS
OPUPMFSBSZEFFSSBEJDBSMBJNQVOJEBEEFMBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
FTUgJNQMrDJUBNFOUFDPOTBHSBEPFOMBTOPSNBTRVFFTUBCMFDFOFMEFCFSEFHBSBOUrB
&O FTF PSEFO EF JEFBT FM &YQFSUP TPCSF MB JNQVOJEBE IB DPOTJEFSBEP RVF WBSJPT
²JOTUSVNFOUPTJOUFSOBDJPOBMFT<DPNPMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPT
%F¾OJDJwO**NQVOJEBE
%PDVNFOUPEFMBT/BDJPOFT6OJEBT&$/4VCQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
Z FM 1BDUP *OUFSOBDJPOBM EF %FSFDIPT $JWJMFT Z 1PMrUJDPT> DPOTBHSBO MB PCMJHBDJwO
JNQFSBUJWBEFMVDIBSDPOUSBMBJNQVOJEBE³
&TUB NJTNB QFSTQFDUJWB IB TJEP BTVNJEB QPS DPSUFT Z wSHBOPT JOUFSOBDJPOBMFT
EF EFSFDIPT IVNBOPT "Tr FM $PNJUn EF %FSFDIPT )VNBOPT IB SFJUFSBEP RVF MB
JNQVOJEBE°ZBTFBEFJVSFPEFGBDUP°EFMBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
FT JODPNQBUJCMF DPO MBT PCMJHBDJPOFT EF MPT &TUBEPT CBKP FM 1BDUP *OUFSOBDJPOBM
EF %FSFDIPT $JWJMFT Z 1PMrUJDPT *HVBMNFOUF FM $PNJUn IB DPOTJEFSBEP RVF
²FT JNQFSBUJWP BEPQUBS NFEJEBT FTUSJDUBT QBSB IBDFS GSFOUF B MB DVFTUJwO EF MB
JNQVOJEBEHBSBOUJ[BOEPRVFMBTEFOVODJBTEFMBTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
TF JOWFTUJHVFO EF GPSNB JONFEJBUB Z DPNQMFUB RVF TF FOKVJDJF B MPT BVUPSFT RVF
TF JNQPOHBO MBT QFOBT BQSPQJBEBT B MPT RVF TFBO EFDMBSBEPT DVMQBCMFT Z RVF TF
JOEFNOJDF FO GPSNB BEFDVBEB B MBT WrDUJNBT³ 5SBUgOEPTF EF MB JNQVOJEBE EF
HSBWFT WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT MB $PSUF *OUFSBNFSJDBOB EF %FSFDIPT
)VNBOPT IB DPOTJEFSBEP RVF CBKP MB $POWFODJwO "NFSJDBOB TPCSF %FSFDIPT
)VNBOPT ²FM &TUBEP UJFOF MB PCMJHBDJwO EF DPNCBUJS UBM TJUVBDJwO QPS UPEPT MPT
NFEJPT MFHBMFT EJTQPOJCMFT ZB RVF MB JNQVOJEBE QSPQJDJB MB SFQFUJDJwO DSwOJDB EF
MBTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZMBUPUBMJOEFGFOTJwOEFMBTWrDUJNBTZEFTVT
GBNJMJBSFT³ 1BSB MB $PSUF *OUFSBNFSJDBOB ²<F>M &TUBEP UJFOF FM EFCFS EF FWJUBS Z
DPNCBUJSMBJNQVOJEBE³
-B JNQVOJEBE FT DPNP MP TFvBMBSB FM &YQFSUP TPCSF MB DVFTUJwO EF MB JNQVOJEBE
VO ²GFOwNFOP EF HFPNFUSrB WBSJBCMF³ FO UBOUP RVF FYQSFTB EJTUJOUBT GPSNBT Z
WrBT EF USBOTHSFEJS PCMJHBDJPOFT EFM &TUBEP FO NBUFSJB EF EFSFDIPT IVNBOPT -B
EPDUSJOBIBCMBEFJNQVOJEBEEFEFSFDIPPEFJVSFFOSFGFSFODJBBBRVFMMBPSJHJOBEB
EJSFDUBNFOUF FO OPSNBT MFHBMFT DPNP MBT BNOJTUrBT Z EFNgT NFEJEBT MFHBMFT
F JNQVOJEBE EF IFDIP P EF GBDUP QBSB BCBSDBS MBT EFNgT TJUVBDJPOFT 3FTQFDUP
EF MB JNQVOJEBE EF JVSF DBCF EFTUBDBS MB %FDMBSBDJwO Z 1SPHSBNB EF "DDJwO EF
7JFOB BEPQUBEB QPS MB $POGFSFODJB .VOEJBM EF %FSFDIPT )VNBOPT RVF DPOUJFOF
VOB DMgVTVMB BDPSEF DPO MB DVBM ²MPT HPCJFSOPT EFCFO EFSPHBS MB MFHJTMBDJwO RVF
GBWPSF[DBMBJNQVOJEBEEFMPTBVUPSFTEFWJPMBDJPOFTHSBWFTEFEFSFDIPTIVNBOPT
DPNPMBUPSUVSBZDBTUJHBSFTBTWJPMBDJPOFTDPOTPMJEBOEPBTrMBTCBTFTEFMJNQFSJP
EFMBMFZ³6OBUrQJDBNFEJEBEFJNQVOJEBEEFJVSFMPDPOTUJUVZFOMBTBNOJTUrBT
*CJEQgSSBGPZTT
7FS FOUSF PUSPT 0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn EF %FSFDIPT )VNBOPT -FTPUIP EF EF BCSJM EF %PDVNFOUPEF/BDJPOFT6OJEBT$$13$"EEQgSSBGP0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT
)VNBOPT#SBTJMEFEFKVMJPEF%PDVNFOUPEF/BDJPOFT6OJEBT$$13$BEEQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT#SBTJMEPDDJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFMB²1BOFM#MBODB³1BOJBHVB.PSBMFTZPUSPT
WT(VB
UFNBMBEPDDJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP#MBLFWT(VBUFNBMB3FQBSBDJPOFT
EPDDJUQgSSBGP
$POGFSFODJB.VOEJBMEF%FSFDIPT)VNBOPT%FDMBSBDJwOZ1SPHSBNBEF"DDJwOEF7JFOB+VOJP%PDV
NFOUPEF/BDJPOFT6OJEBT%1*0DUPCFS.4FDDJwO**QgSSBGPQgHJOB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
PUPSHBEBTBMPTBVUPSFTEFHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT&M$PNJUn
EF%FSFDIPT)VNBOPTMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTZMB
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBODPOTJEFSBEPSFJUFSBEBNFOUFRVF
UBMFT BNOJTUrBT Z PUSBT NFEJEBT MFHBMFT TJNJMBSFT RVF JNQJEFO MB JOWFTUJHBDJwO FM
TPNFUJNJFOUPBKVJDJPZDBTUJHPEFTVTBVUPSFTZMBSFQBSBDJwOEFMBTWrDUJNBTTPO
JODPNQBUJCMFTDPOMBTPCMJHBDJPOFTCBKPFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ
1PMrUJDPTZMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT
-B JNQVOJEBE EF IFDIP P EF GBDUP TF QVFEF QSFTFOUBS CBKP WBSJBT NPEBMJEBEFT
&OUSFPUSBTIBOTJEPTFvBMBEBTMB²JOFSDJBDwNQMJDFEFMPTQPEFSFTQ|CMJDPT³²MB
GSFDVFOUFQBTJWJEBEEFMPTJOWFTUJHBEPSFT³²MBQBSDJBMJEBE³²MBJOUJNJEBDJwO³Z²MB
DPSSVQDJwO <EFM QPEFS KVEJDJBM>³ &O HFOFSBM FYJTUF JNQVOJEBE EF IFDIP DVBOEP
QBSBVTBSMBFYQSFTJwOEFM&YQFSUPTPCSFFMEFSFDIPEFSFTUJUVDJwOJOEFNOJ[BDJwO
Z SFIBCJMJUBDJwO EF MBT /BDJPOFT 6OJEBT ²MBT BVUPSJEBEFT EFM &TUBEP SFOVODJBO B
JOWFTUJHBSMPTIFDIPTZBEFUFSNJOBSSFTQPOTBCJMJEBEFTQFOBMFT³"TrFOMBWBTUB
FTGFSBEFMBJNQVOJEBEEFIFDIPnTUBQVFEFDPO¾HVSBSTFDVBOEPMBTBVUPSJEBEFT
OP JOWFTUJHBO MBT WJPMBDJPOFT EF EFSFDIPT IVNBOPT P B|O DVBOEP JOWFTUJHBOEP
OP MP IBDFO EF NBOFSB QSPOUB Z EJMJHFOUF EF DPOGPSNJEBE DPO MPT FTUgOEBSFT
JOUFSOBDJPOBMFTFOMBNBUFSJB&OFMDBTPEFM$BSBDB[PMB$PSUF*OUFSBNFSJDBOBEF
%FSFDIPT)VNBOPTDPOTJEFSwRVFMBTJOWFTUJHBDJPOFTRVFQFSEVSBOFOFMUJFNQPTJO
RVFTFIBZBOJEFOUJ¾DBEPZTBODJPOBEPBMPTSFTQPOTBCMFTEFMBTHSBWFTWJPMBDJPOFT
BMPTEFSFDIPTIVNBOPTDPO¾HVSB²VOBTJUVBDJwOEFHSBWFJNQVOJEBEZDPOTUJUVZF
VOBJOGSBDDJwOEFMEFCFS<EFHBSBOUrB>EFM&TUBEP³
0CTFSWBDJwOHFOFSBM/P
TPCSFFMBSUrDVMPEPDDJU0CTFSWBDJwOHFOFSBM/PEPDDJUQgSSBGP
ZMBT0CTFSWBDJPOFTZSFDPNFOEBDJPOFTEFM$PNJUnEF%FSFDIPT)VNBOPTTPCSF"SHFOUJOB$$13$
"EE"QgSSBGPZ$$13$0"3(QgSSBGP$IJMF$$13$"EEQgSSBGP'SBODJB
$$13$"EE QgSSBGP (VBUFNBMB $$13$"EE QgSSBGP -rCBOP $$13$"EE
QgSSBGP&M4BMWBEPS$$13$"EEQgSSBGP)BJUr"QgSSBGPT1FS|$$13$
"EEQgSSBGPTZZ$$13$01&3QgSSBGP6SVHVBZ$$13$"EEQgSSBGPTZZ$$13
$"EE1BSUF²$³:FNFO"QgSSBGPT$SPBDJB$$13$0)37QgSSBGP
*OGPSNF/P$BTP$IJMF
EFPDUVCSFEFQgSSBGP*OGPSNF/P$BTPT
Z$IJMF
EFPDUVCSFEFQgSSBGP*OGPSNF/P$BTPT
Z$IJMF
EFBCSJMEFQgSSBGP*OGPSNF/$BTP*HOBDJP&MMBDVSrB4+ZPUSPT&M4BMWBEPS
EFEJDJFNCSFEFQgSSBGP*OGPSNF/P$BTP-VDJP1BSBEB$FBZPUSPT&M4BMWBEPS
EFFOFSPEFQgSSBGPJOGPSNF/PDBTP.BTBDSFEFMBT)PKBT&M4BMWBEPS
EFTFQUJFNCSFEFQgSSBGP*OGPSNF/P$BTPTZ
"SHFOUJOB
EFEFPDUVCSFEFF*OGPSNF/P6SVHVBZ
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP#BSSJPT"MUPTWT1FS|EPDDJUQgSSBGP$BTP5SVKJMMP
0SP[BWT#PMJWJBEPDDJUQgSSBGPZ4FOUFODJBEFEFBHPTUPEF$BTPEFM$BSBDB[PW7FOF[VFMB
EPDDJUQgSSBGP
%PDVNFOUPEFMBT/BDJPOFT6OJEBT&$/4VCQgSSBGPZTJHVJFOUFT
%PDVNFOUPEFMBT/BDJPOFT6OJEBT&$/4VCQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM$BSBDB[PWT7FOF[VFMBEPDDJUQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
*HVBMNFOUF MB JNQVOJEBE EF IFDIP TF QFS¾MB DVBOEP FM &TUBEP OP MMFWB BOUF MPT
FTUSBEPTKVEJDJBMFTBMPTBVUPSFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTDVBOEP
TwMPTFQFSTJHVFKVEJDJBMNFOUFBBMHVOPTEFMPTBVUPSFTPDVBOEPTwMPTFMFTQSPDFTB
QPSEFMJUPTNFOPSFTZOPQPSMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT1FSP
UBNCJnOTFDPO¾HVSBMBJNQVOJEBEEFIFDIPDVBOEPMBTBVUPSJEBEFTOPJOWFTUJHBOMB
UPUBMJEBEEFMBTWJPMBDJPOFTEFEFSFDIPTIVNBOPTDPNFUJEBTFOVODBTPOJQSPDFTBO
BMPTSFTQPOTBCMFTQPSMBUPUBMJEBEEFMBTJOGSBDDJPOFTDPNFUJEBT0USBNPEBMJEBE
EFJNQVOJEBEEFIFDIPPDVSSFDVBOEPMPTSFTQPOTBCMFTEFVODBTPEFWJPMBDJwOEF
EFSFDIPTIVNBOPTOPTPODBTUJHBEPTDPOQFOBTBQSPQJBEBTDPOMBHSBWFEBEEFMB
WJPMBDJwOPTVJNQPTJDJwOOPFTBTFHVSBEBQPSMBTBVUPSJEBEFT
-BJNQVOJEBEEFIFDIPTVSHFJHVBMNFOUFDVBOEPMMBOBZTFODJMMBNFOUFTFOJFHBFM
EFSFDIPBMBKVTUJDJBEFMBTWrDUJNBTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTTF
MFTSFTUSJOHFTVBDDFTPBMPTUSJCVOBMFTPMBTDBVTBTTPOUSBNJUBEBTFODPOUSBEJDDJwO
DPOMPTFTUgOEBSFTJOUFSOBDJPOBMFTTPCSFFMEFCJEPQSPDFTP5BNCJnOTFDPO¾HVSBMB
JNQVOJEBEEFIFDIPDVBOEPOPTFHBSBOUJ[BMBFYJTUFODJBEFVOUSJCVOBMJOEFQFOEJFOUF
FJNQBSDJBMQVFTMBBVTFODJBEFFTUPTEPTFMFNFOUPT²DPOMMFWBBMBEFOFHBDJwOEF
KVTUJDJBZDPNQSPNFUFMBDSFEJCJMJEBEEFMQSPDFTPKVEJDJBM³
%PDVNFOUPEF/BDJPOFT6OJEBT&$/4VCPSJHJOBMFOGSBODnTUSBEVDDJwOMJCSF
7FSUBNCJnO
$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT1SJODJQJPT*OUFSOBDJPOBMFTTPCSFMB*OEFQFOEFODJBZ3FTQPOTBCJMJEBEEF
+VFDFT"CPHBEPTZ'JTDBMFT(VrBQBSB1SPGFTJPOBMFT/P4FHVOEB&EJDJwO(JOFCSB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
$BQrUVMP*7
%FMBTBNOJTUrBTZPUSBTNFEJEBTTJNJMBSFT
4PONVDIBTMBTNBOFSBTDPNPVO&TUBEPQVFEFWJPMBS
VOUSBUBEPJOUFSOBDJPOBMZFTQFDr¾DBNFOUFMB$POWFO
DJwO&OFTUF|MUJNPDBTPQVFEFIBDFSMPQPSFKFNQMP
PNJUJFOEP EJDUBS MBT OPSNBT B RVF FTUg PCMJHBEP QPS
FMBSUrDVMP<EFMB$POWFODJwO"NFSJDBOBTPCSF%FSF
DIPT)VNBOPT>5BNCJnOQPSTVQVFTUPEJDUBOEPEJT
QPTJDJPOFTRVFOPFTUnOFODPOGPSNJEBEDPOMPRVFEF
nMFYJHFOTVTPCMJHBDJPOFTEFOUSPEFMB$POWFODJwO4J
FTBT OPSNBT TF IBO BEPQUBEP EF BDVFSEP DPO FM PS
EFOBNJFOUPKVSrEJDPJOUFSOPPDPOUSBnMFTJOEJGFSFOUF
QBSBFTUPTFGFDUPT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT
$PNP TF IB TFvBMBEP FO MPT DBQrUVMPT QSFDFEFOUFT MBT BNOJTUrBT MPT JOEVMUPT Z
PUSBTNFEJEBTTJNJMBSFTRVFJNQJEFOMBJOWFTUJHBDJwOEFMBTHSBWFTWJPMBDJPOFTBMPT
EFSFDIPTIVNBOPTZPRVFTVTBVUPSFTTFBOMMFWBEPTBOUFMPTUSJCVOBMFTKV[HBEPT
Z TBODJPOBEPT TPO JODPNQBUJCMFT DPO MBT PCMJHBDJPOFT RVF JNQPOF FM EFSFDIP
JOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPTBMPT&TUBEPT
%FTEFVOBQFSTQFDUJWBOPSNBUJWBFYJTUFOBMHVOPTJOTUSVNFOUPTJOUFSOBDJPOBMFTEF
EFSFDIPT IVNBOPTRVFFYQSFTBNFOUFTFSF¾FSFOBMBTBNOJTUrBTZ PUSBTNFEJEBT
TJNJMBSFT
v -PT1SJODJQJPTSFMBUJWPTBVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwOEFMBTFKFDVDJPOFT
FYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBTDVZPQSJODJQJPQSFTDSJCFRVF
²&O OJOHVOB DJSDVOTUBODJB OJ TJRVJFSB FO FTUBEP EF HVFSSB EF TJUJP P FO
PUSBFNFSHFODJBQ|CMJDBTFPUPSHBSgJONVOJEBEHFOFSBMQSFWJBEFQSPDFTB
NJFOUPBMBTQFSTPOBTTVQVFTUBNFOUFJNQMJDBEBTFOFKFDVDJPOFTFYUSBMFHB
MFTBSCJUSBSJBTPTVNBSJBT³
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$JFSUBTBUSJCVDJPOFTEFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSF
DIPT )VNBOPT "SUT Z EF MB $POWFODJwO "NFSJDBOB TPCSF %FSFDIPT )VNBOPT
0QJOJwO$POTVMUJWB0$EFEFKVMJPEF4FSJF"/PQgSSBGP
3FTPMVDJwOEFEFNBZPEF
(6Ê"1"3"130'&4*0/"-&4/P
v -B%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFT
GPS[BEBTDVZPBSUrDVMPFTUBCMFDF
²-PTBVUPSFTPQSFTVOUPTBVUPSFT<EFTBQBSJDJwOGPS[BEB>OPTFCFOF¾DJBSgO
EFOJOHVOBMFZEFBNOJTUrBFTQFDJBMVPUSBTNFEJEBTBOgMPHBTRVFUFOHBO
QPSFGFDUPFYPOFSBSMPTEFDVBMRVJFSQSPDFEJNJFOUPPTBODJwOQFOBM³
v -B %FDMBSBDJwO Z 1SPHSBNB EF "DDJwO EF 7JFOB BEPQUBEB QPS MB $POGFSFODJB
.VOEJBMEF%FSFDIPT)VNBOPTSFBMJ[BEBCBKPBVTQJDJPTEFMBT/BDJPOFT6OJEBT
FOKVOJPEF-B%FDMBSBDJwOFTUJQVMBRVF
²MPTHPCJFSOPTEFCFOEFSPHBSMBMFHJTMBDJwORVFGBWPSF[DBMBJNQVOJEBEEF
MPTBVUPSFTEFWJPMBDJPOFTHSBWFTEFEFSFDIPTIVNBOPTDPNPMBUPSUVSB
Z DBTUJHBS FTBT WJPMBDJPOFT DPOTPMJEBOEP BTr MBT CBTFT EFM JNQFSJP EF MB
MFZ³
v &M$POKVOUPEFQSJODJQJPTQBSBMBQSPUFDDJwOZMBQSPNPDJwOEFMPTEFSFDIPTIVNBOPT
NFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBEDVZPQSJODJQJP²3FTUSJDDJPOFTZPUSBT
NFEJEBTSFMBUJWBTBMBBNOJTUrB³EJTQPOF
²*ODMVTP DVBOEP UFOHB QPS ¾OBMJEBE DSFBS DPOEJDJPOFT QSPQJDJBT QBSB
BMDBO[BSVOBDVFSEPEFQB[PGBWPSFDFSMBSFDPODJMJBDJwOOBDJPOBMMBBNOJTUrB
Z EFNgT NFEJEBT EF DMFNFODJB TF BQMJDBSgO EFOUSP EF MPT TJHVJFOUFT
MrNJUFT
B
-PT BVUPSFT EF EFMJUPT HSBWFT DPOGPSNF BM EFSFDIP JOUFSOBDJPOBM OP
QPESgO CFOF¾DJBSTF EF FTBT NFEJEBT NJFOUSBT FM &TUBEP OP DVNQMB MBT
PCMJHBDJPOFT FOVNFSBEBT FO FM QSJODJQJP <> P MPT BVUPSFT IBZBO
TJEP TPNFUJEPT B KVJDJP BOUF VO USJCVOBM DPNQFUFOUF TFB JOUFSOBDJPOBM P
JOUFSOBDJPOBMJ[BEPPOBDJPOBMGVFSBEFM&TUBEPEFRVFTFUSBUB
3FTPMVDJwOEFEFEJDJFNCSFEF
$POGFSFODJB .VOEJBM EF %FSFDIPT )VNBOPT %FDMBSBDJwO Z 1SPHSBNB EF "DDJwO EF 7JFOB +VOJP %PDVNFOUPEF/BDJPOFT6OJEBT%1*0DUPCFS.4FDDJwO**QgSSBGPQgHJOB
%PDVNFOUPEF/BDJPOFT6OJEBT&$/4VC3FWBOFYP**
&M1SJODJQJP²%FCFSFTEFMPT&TUBEPTFONBUFSJBEFBENJOJTUSBDJwOEFKVTUJDJB³EFM$POKVOUPEF1SJODJQJPT
FTUJQVMB²-PT&TUBEPTFNQSFOEFSgOJOWFTUJHBDJPOFTSgQJEBTNJOVDJPTBTJOEFQFOEJFOUFTFJNQBSDJBMFTEF
MBTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTZFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPZBEPQUBSgOMBTNFEJEBT
BQSPQJBEBTSFTQFDUPEFTVTBVUPSFTFTQFDJBMNFOUFFOMBFTGFSBEFMBKVTUJDJBQFOBMQBSBRVFTFBOQSPDF
TBEPT KV[HBEPT Z DPOEFOBEPT EFCJEBNFOUF "VORVF MB JOJDJBUJWB EFM FOKVJDJBNJFOUP FT FO QSJNFS MVHBS
VOB EF MBT NJTJPOFT EFM &TUBEP EFCFSgO BEPQUBSTF OPSNBT QSPDFTBMFT DPNQMFNFOUBSJBT QBSB RVF MBT
QSPQJBT WrDUJNBT TVT GBNJMJBSFT P IFSFEFSPT QVFEBO UPNBS FTB JOJDJBUJWB JOEJWJEVBM P DPMFDUJWBNFOUF FO
QBSUJDVMBSDPNPQBSUFTDJWJMFTPDPNPQFSTPOBTRVFJOJDJBOVOKVJDJPFOMPT&TUBEPTDVZPEFSFDIPQSPDFTBM
QFOBMDPOUFNQMFFTPTQSPDFEJNJFOUPT-PT&TUBEPTEFCFSgOHBSBOUJ[BSMBBNQMJBQBSUJDJQBDJwOKVSrEJDBFO
FMQSPDFTPKVEJDJBMBUPEBTMBTQBSUFTQFSKVEJDBEBTZBUPEBQFSTPOBVPSHBOJ[BDJwOOPHVCFSOBNFOUBMRVF
UFOHBVOJOUFSnTMFHrUJNPFOFMQSPDFTP³
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
C
-BBNOJTUrBZPUSBTNFEJEBTEFDMFNFODJBOPBGFDUBOBMEFSFDIPEFMBT
WrDUJNBTBSFQBSBDJwOQSFWJTUPFOMPTQSJODJQJPTBZOPNFOPTDBCBSgO
FOFMEFSFDIPBTBCFS
D
$PNPMBBNOJTUrBQVFEFJOUFSQSFUBSTFDPNPVOSFDPOPDJNJFOUPEFDVMQB
OPQPESgJNQPOFSTFBMBTQFSTPOBTFOKVJDJBEBTPDPOEFOBEBTQPSIFDIPT
BDBFDJEPTEVSBOUFFMFKFSDJDJPQBDr¾DPEFMEFSFDIPBMBMJCFSUBEEFPQJOJwO
ZEFFYQSFTJwO$VBOEPFTBTQFSTPOBTOPIBZBOIFDIPNgTRVFFKFSDFSFTF
EFSFDIP MFHrUJNP HBSBOUJ[BEP QPS MPT BSUrDVMPT B EF MB %FDMBSBDJwO
6OJWFSTBMEF%FSFDIPT)VNBOPTZZEFM1BDUP*OUFSOBDJPOBM
EF%FSFDIPT$JWJMFTZ1PMrUJDPTVOBMFZEFCFSgDPOTJEFSBSOVMBZTJOWBMPS
SFTQFDUPEFFMMBTUPEBEFDJTJwOKVEJDJBMPEFPUSPUJQPRVFMFTDPODJFSOBTF
QPOESg¾OBTVSFDMVTJwOTJODPOEJDJPOFTOJQMB[PT
E
5PEBQFSTPOBDPOEFOBEBQPSJOGSBDDJPOFTRVFOPTFBOMBTQSFWJTUBTFOFM
BQBSUBEPD
EFMQSFTFOUFQSJODJQJPZRVFFOUSFOFOFMgNCJUPEFBQMJDBDJwOEF
MBBNOJTUrBQPESgSFDIB[BSMBBNOJTUrBZTPMJDJUBSRVFTFSFWJTFTVQSPDFTPTJ
OPIBUFOJEPVOKVJDJPJNQBSDJBMZDPOMBTEFCJEBTHBSBOUrBTQSFWJTUBTFOMPT
BSUrDVMPTZEFMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPTZFOMPT
BSUrDVMPTZEFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTP
TJIBTJEPDPOEFOBEBTPCSFMBCBTFEFVOBEFDMBSBDJwORVFTFH|OTFIBZB
FTUBCMFDJEPIBTJEPIFDIBDPNPSFTVMUBEPEFJOUFSSPHBUPSJPTJOIVNBOPTP
EFHSBEBOUFTFTQFDJBMNFOUFCBKPMBUPSUVSB³
$PNPSFGFSFOUFTOPSNBUJWPTDBCFJHVBMNFOUFEFTUBDBSMPTFTUBUVUPTEFUSJCVOBMFT
EFDBSgDUFSJOUFSOBDJPOBMFTUBCMFDJEPTPDSFBEPTCBKPBVTQJDJPTEFM$POTFKPEF4F
HVSJEBEEF/BDJPOFT6OJEBTRVFFYQSFTBNFOUFFYDMVZFOMBBQMJDBDJwOPFMSFDPOPDJ
NJFOUPKVSrEJDPEFBNOJTUrBTQBSBWBSJPTDSrNFOFTCBKPFMEFSFDIPJOUFSOBDJPOBM
v &M&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOBFOEPSTBEPQPSFM$POTFKPEF
4FHVSJEBEFOTV3FTPMVDJwOEFZDVZPBSUrDVMPEJTQPOF
²-BBNOJTUrBDPODFEJEBBVOBQFSTPOBSFTQFDUPEFMBDVBMFM5SJCVOBM&TQF
DJBMUFOHBDPNQFUFODJBFOSFMBDJwODPOVOPEFMPTDSrNFOFTBRVFTFIBDF
SFGFSFODJBFOMPTBSUrDVMPTBEFMQSFTFOUF&TUBUVUP<DSrNFOFTDPOUSBMB
IVNBOJEBEJOGSBDDJPOFTBMBSUrDVMPDPN|OEFMPT$POWFOJPTEF(JOFCSBZ
BM1SPUPDPMP**EFMPTEFMPT$POWFOJPTEF(JOFCSBZPUSBTHSBWFTJOGSBDDJP
OFTBM%FSFDIPJOUFSOBDJPOBMIVNBOJUBSJP>OPDPOTUJUVJSgVOJNQFEJNFOUP
QBSBFMQSPDFTBNJFOUP³
v &M"DVFSEPFOUSFMBT/BDJPOFT6OJEBTZMB3FQ|CMJDB-JCBOFTBSFMBUJWPBMFTUBCMF
DJNJFOUP EF VO 5SJCVOBM &TQFDJBM QBSB FM -rCBOP BSUrDVMP Z FM &TUBUVUP EFM
5SJCVOBM&TQFDJBMQBSBFM-rCBOPBSUrDVMP
FOEPSTBEPTQPSMB3FTPMVDJwO
EF
EFM$POTFKPEF4FHVSJEBE
(6Ê"1"3"130'&4*0/"-&4/P
²"SUrDVMP"NOJTUrB&M(PCJFSOPTFDPNQSPNFUFBOPDPODFEFSBNOJTUrB
BOJOHVOBQFSTPOBQPSOJOH|OEFMJUPRVFFOUSFEFOUSPEFMBDPNQFUFODJB
EFM5SJCVOBM&TQFDJBM-BBNOJTUrBZBDPODFEJEBDPOSFTQFDUPBDVBMRVJFSB
EF FTBT QFSTPOBT P EFMJUPT OP DPOTUJUVJSg VO JNQFEJNFOUP QBSB FM
QSPDFTBNJFOUP³
²"SUrDVMP"NOJTUrB-BBNOJTUrBDPODFEJEBBVOBQFSTPOBQPSDVBMRVJFS
EFMJUPSFTQFDUPEFMDVBMFM5SJCVOBM&TQFDJBMUFOHBDPNQFUFODJBOPDPOTUJUVJSg
VOJNQFEJNFOUPQBSBFMQSPDFTBNJFOUP³
%PDUSJOBZQSgDUJDBEFMBT/BDJPOFT6OJEBT
-B0SHBOJ[BDJwOEFMBT/BDJPOFT6OJEBTFOFMNBSDPEFMBTVQFSBDJwOEFDPO¿JDUPT
BSNBEPTPEFMBUSBOTJDJwOBMBEFNPDSBDJBIBSFDIB[BEPMBBEPQDJwOEFBNOJTUrBT
JOEVMUPTPNFEJEBTBOgMPHBTRVFEFKFOJNQVOFTMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPT
IVNBOPT Z MPT DSrNFOFT JOUFSOBDJPOBMFT &OFM BvP FM 4FDSFUBSJP (FOFSBM
SFTVNJwEFMTJHVJFOUFNPEPMBQPMrUJDBEFMBPSHBOJ[BDJwO²<B>VORVFSFDPOPDFORVF
MBBNOJTUrBFTVODPODFQUPKVSrEJDPBDFQUBEPZVOBNVFTUSBEFQB[ZSFDPODJMJBDJwO
BM ¾OBM EF VOB HVFSSB DJWJM P EF VO DPO¿JDUP BSNBEP JOUFSOP MBT /BDJPOFT 6OJEBT
NBOUJFOFO TJTUFNgUJDBNFOUF MB QPTJDJwO EF RVF MB BNOJTUrB OP QVFEF DPODFEFSTF
SFTQFDUP EF DSrNFOFT JOUFSOBDJPOBMFT DPNP FM HFOPDJEJP MPT DSrNFOFT EF MFTB
IVNBOJEBEPMBTJOGSBDDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP³&O
&MBSUrDVMP²$PNQFUFODJBEFM5SJCVOBM&TQFDJBM³EFM&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSBFM-rCBOPFTUBCMFDF
RVF ²<FM> 5SJCVOBM &TQFDJBM UFOESg DPNQFUFODJB QBSB FOKVJDJBS B MPT SFTQPOTBCMFT EFM BUFOUBEP EF EF
GFCSFSPEFRVFDBVTwMBNVFSUFEFMFY1SJNFS.JOJTUSPEFM-rCBOP3B¾R)BSJSJZQSPWPDwMBNVFSUFP
MFTJPOFTBPUSBTQFSTPOBT4JFM5SJCVOBMEFUFSNJOBRVFPUSPTBUBRVFTPDVSSJEPTFOFM-rCBOPFOUSFFMEF
PDUVCSFEFZFMEFEJDJFNCSFEFPDVBMRVJFSPUSBGFDIBQPTUFSJPSRVFEFDJEBOMBT1BSUFTDPO
DPOTFOUJNJFOUPEFM$POTFKPEF4FHVSJEBEFTUgODPOFDUBEPTDPOGPSNFBMPTQSJODJQJPTEFMBKVTUJDJBQFOBM
BMBUFOUBEPEFMEFGFCSFSPEFZTPOEFOBUVSBMF[BZHSBWFEBETJNJMBSFTUBNCJnOTFSgDPNQFUFOUF
QBSBFOKVJDJBSBMPTSFTQPOTBCMFTEFFTPTBUBRVFT&TBDPOFYJwOQPESgDPOTJTUJSFOUSFPUSBTDPTBTFOVOB
DPNCJOBDJwOEFMPTTJHVJFOUFTFMFNFOUPTJOUFODJwOEFEFMJORVJSNwWJM
¾OBMJEBEEFMPTBUBRVFTOBUVSBMF[B
EFMBTWrDUJNBTQBUSwOEFMPTBUBRVFTNPEVTPQFSBOEJ
ZBVUPSFT³&M"DVFSEPFOUSFMBT/BDJPOFT6OJEBTZMB
3FQ|CMJDB-JCBOFTBSFMBUJWPBMFTUBCMFDJNJFOUPEFVO5SJCVOBM&TQFDJBMQBSBFM-rCBOPDPOUJFOFVOBDMgVTVMB
TJNJMBSFOTVBSUrDVMP
7FS FOUSF PUSPT 4nQUJNP *OGPSNF EFM 4FDSFUBSJP (FOFSBM EF MBT /BDJPOFT 6OJEBT TPCSF MB .JTJwO EF
0CTFSWBDJwOFO4JFSSB-FPOB%PDVNFOUPEF/BDJPOFT6OJEBT4EFEFKVMJPEFQgSSBGP
(SVQPTPCSFMBT0QFSBDJPOFTEF1B[EFMBT/BDJPOFT6OJEBT%PDVNFOUPEF/BDJPOFT6OJEBT"
4EFEFPDUVCSFEF&M&TUBEPEFEFSFDIPZMBKVTUJDJBEFUSBOTJDJwOFOMBTTPDJFEBEFTRVF
TVGSFOPIBOTVGSJEPDPO¿JDUPT*OGPSNFEFM4FDSFUBSJP(FOFSBM%PDVNFOUPEF/BDJPOFT6OJEBT4
EFBHPTUPEFQgSSBGPTZ*OGPSNFEFM4FDSFUBSJP(FOFSBMTPCSFMBKVTUJDJBZMBSFDPODJMJBDJwO
FO5JNPS-FTUF%PDVNFOUPEF/BDJPOFT6OJEBT4EFEFKVMJPEFQgSSBGP*OGPSNFEF
MB"MUB$PNJTJPOBEBQBSBMPT%FSFDIPT)VNBOPTQSFTFOUBEPEFDPOGPSNJEBEDPOMBSFTPMVDJwO
EF MB $PNJTJwO EF %FSFDIPT )VNBOPT 4JUVBDJwO EF MPT EFSFDIPT IVNBOPT FO 4JFSSB -FPOB %PDVNFOUP
EF/BDJPOFT6OJEBT&$/EFœEFGFCSFSPEFQgSSBGPF*OGPSNFEFM4FDSFUBSJP(FOFSBM
QSFQBSBEPFODVNQMJNJFOUPEFMBTSFTPMVDJPOFTEFM$POTFKPEF4FHVSJEBE
Z
%PDVNFOUPEF/BDJPOFT6OJEBT4EFEFFOFSPEF
*OGPSNFEFM4FDSFUBSJP(FOFSBMTPCSFFMFTUBCMFDJNJFOUPEFVOUSJCVOBMFTQFDJBMQBSB4JFSSB-FPOB%PDVNFO
UPEF/BDJPOFT6OJEBT4QgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
FM4FDSFUBSJP(FOFSBMDPODMVZwRVF²MPTBDVFSEPTSFTQBMEBEPTQPSMBT/BDJPOFT
6OJEBT OP QVFEFO QSPNFUFS OVODB BNOJTUrBT QBSB HFOPDJEJP DSrNFOFT EF HVFSSB
DSrNFOFTEFMFTBIVNBOJEBEPWJPMBDJPOFTNBOJ¾FTUBTEFEFSFDIPTIVNBOPT³
&M$POTFKPEF4FHVSJEBEIBDPO¾SNBEPRVFOPTFQVFEFODPODFEFSBNOJTUrBTQBSB
FMHFOPDJEJPMPTDSrNFOFTEFMFTBIVNBOJEBEMPTDSrNFOFTEFHVFSSBZPUSBTTFSJBT
WJPMBDJPOFTBMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP
+VSJTQSVEFODJBEFUSJCVOBMFTJOUFSOBDJPOBMFT
-B KVSJTQSVEFODJB JOUFSOBDJPOBM IB DPO¾SNBEP MB JOBQMJDBCJMJEBE EF BNOJTUrBT P
NFEJEBTBOgMPHBTFODBTPTEFHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTDSrNFOFT
EFHVFSSBZDSrNFOFTEFMFTBIVNBOJEBE"TrMB4BMBEF1SJNFSB*OTUBODJBEFM5SJCVOBM
1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBFOTVGBMMPTPCSFFMDBTP&M'JTDBMD"OUP
'VSVOE[JKBSFDPSEwRVF
²<F>MIFDIPEFRVFMBUPSUVSBFTUnQSPIJCJEBQPSVOBOPSNBJNQFSBUJWBEFM
EFSFDIPJOUFSOBDJPOBMUJFOFWBSJPTFGFDUPTBMPTOJWFMFTJOUFSFTUBUBMFJOEJ
WJEVBM"OJWFMJOUFSFTUBUBMFTUgEFTUJOBEBBQSJWBSEFMFHJUJNJEBEUPEPBDUP
MFHJTMBUJWPBENJOJTUSBUJWPPKVEJDJBMBVUPSJ[BOEPMBUPSUVSB4FSrBBCTVSEP
B¾SNBSEFVOBQBSUFRVFEBEPFMWBMPSEFKVTDPHFOTEFMBQSPIJCJDJwOEF
MBUPSUVSBMPTUSBUBEPTPSFHMBTDPOTVFUVEJOBSJBTQSFWJFOEPMBUPSUVSBTPO
OVMPTZTJOFGFDUPTBCJOJUJPZEFKBSQPSPUSBQBSUFRVFMPT&TUBEPTBEPQ
UFONFEJEBTRVFBVUPSJ[BOPUPMFSBOMBQSgDUJDBEFMBUPSUVSBPDPODFEFO
BNOJTUrBTBMPTUPSUVSBEPSFT4JUBMTJUVBDJwOMMFHBSBBPDVSSJSMBTNFEJEBT
OBDJPOBMFT WJPMBOEP FM QSJODJQJP HFOFSBM Z UPEB EJTQPTJDJwO DPOWFODJPOBM
QFSUJOFOUFUFOESrBOMPTFGFDUPTKVSrEJDPTBOUFTJOEJDBEPTZOPTFSrBOBEF
NgTSFDPOPDJEBTQPSMBDPNVOJEBEJOUFSOBDJPOBM³
&M5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOBIBB¾SNBEPRVFFT²VOBOPSNBDSJTUBMJ[BEB
EFMEFSFDIPJOUFSOBDJPOBMRVFVOHPCJFSOPOPQVFEFDPODFEFSBNOJTUrBQBSBTFSJPT
DSrNFOFTCBKPEFSFDIPJOUFSOBDJPOBM³
*OGPSNFTPCSFFMSnHJNFOEFEFSFDIPZMBKVTUJDJBEFUSBOTJDJwOFOTPDJFEBEFTRVFTVGSFOPIBOTVGSJEPDPO
¿JDUPT%PDVNFOUPEF/BDJPOFT6OJEBT4EFKVMJPEFQgSSBGP
7FSFOUSFPUSBT3FTPMVDJwO
$SPBDJBEFEF+VMJPEF3FTPMVDJwO
4JFSSB-FP
OBEFEFBHPTUPEFZ3FTPMVDJwO
)BJUrEFEFGFCSFSPEF
4FOUFODJBEFEFEJDJFNCSFEF$BTP&M'JTDBMD"OUP'VSVOE[JKB&YQFEJFOUF/P*55QgSSB
GPPSJHJOBMFOGSBODnTUSBEVDDJwOMJCSF
4BMBEF"QFMBDJPOFTEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOB4FOUFODJBTPCSFFYDFQDJPOFTQSFMJNJOBSFTEF
EFNBS[PEF1SPTFDVUPSBHBJOTU.PSSJT,BMMPO#SJNB#B[[Z,BNBSB$BTF/P4$4-15
$BTF/P4$4-15
QgSSBGPZ4FOUFODJBTPCSFFYDFQDJPOFTQSFMJNJOBSFTEFEFNBZPEF
1SPTFDVUPSBHBJOTU.PJOJOB'PGBOB$BTF/P4$4-"3F
QgSSBGPSFTPMVUJWP
(6Ê"1"3"130'&4*0/"-&4/P
ÎSHBOPTJOUFSOBDJPOBMFTEFQSPUFDDJwOEFEFSFDIPTIVNBOPT
%FTEFFM$PNJUnEF%FSFDIPT)VNBOPTEFMBT/BDJPOFT6OJEBTDVFTUJPOwMB
WBMJEF[EFMBBNOJTUrBFOQBSUJDVMBSQBSBDBTPTEFEFTBQBSJDJwOGPS[BEBBMFYBNJOBS
MB BVUPBNOJTUrB EFM SnHJNFO NJMJUBS DIJMFOP %F NBOFSB HFOFSBM FM $PNJUn IB
DPODMVJEPRVF²<M>BTBNOJTUrBTTPOHFOFSBMNFOUFJODPNQBUJCMFTDPOMBPCMJHBDJwOEF
MPT&TUBEPTEFJOWFTUJHBSUBMFTBDUPT<EFUPSUVSB>EFHBSBOUJ[BSRVFOPTFDPNFUBO
UBMFTBDUPTEFOUSPEFTVKVSJTEJDDJwOZEFWFMBSQPSRVFOPTFSFBMJDFOUBMFTBDUPTFOFM
GVUVSP-PT&TUBEPTOPQVFEFOQSJWBSBMPTQBSUJDVMBSFTEFMEFSFDIPBVOBSFQBSBDJwO
FGFDUJWB JODMVJEB MB JOEFNOJ[BDJwO Z MB SFIBCJMJUBDJwO NgT DPNQMFUB QPTJCMF³
"TJNJTNPFM$PNJUnIBEFTUBDBEP²FMIFDIPEFRVFOPTFIBHBDPNQBSFDFSBOUFMB
KVTUJDJBBMPTBVUPSFTEFWJPMBDJPOFT<QPSBQMJDBDJwOEFBNOJTUrBTVPUSBTNFEJEBT
TJNJMBSFT>QVFEFTFSEFQPSTrVOBWVMOFSBDJwOEFM1BDUP³
&M$PNJUnEF%FSFDIPT)VNBOPTIBSFJUFSBEBNFOUFSFB¾SNBEPFTUBKVSJTQSVEFODJB
BMFYBNJOBSBNOJTUrBTZPUSBTNFEJEBTBOgMPHBTRVFQFSNJUFOMBJNQVOJEBEBEPQ
UBEBTQPS&TUBEPT1BSUFTBM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT&O
TVT²0CTFSWBDJPOFT¾OBMFT³FM$PNJUnIBDPOTJEFSBEPRVFBRVFMMBTNFEJEBTRVF
QFSNJUFOMBJNQVOJEBEEFMPTBVUPSFTEFHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
RVF JNQJEFO RVF MPT IFDIPT TFBO JOWFTUJHBEPT RVF MPT BVUPSFT TFBO QSPDFTBEPT
ZTBODJPOBEPTZPMBTWrDUJNBTZTVTGBNJMJBSFTEJTQPOHBOEFVOSFDVSTPFGFDUJWPZ
PCUFOHBOSFQBSBDJwOTPOJODPNQBUJCMFTDPOMBTPCMJHBDJPOFTEFM1BDUP*OUFSOBDJPOBM
EF%FSFDIPT$JWJMFTZ1PMrUJDPT"TrMPIBFYQSFTBEPFM$PNJUnBMFYBNJOBSMFHJTMBDJPOFT
RVF PUPSHBO BNOJTUrBT JOEVMUPT P NFEJEBT TJNJMBSFT QPS HSBWFT WJPMBDJPOFT EF
EFSFDIPT IVNBOPT FO "SHFMJB "SHFOUJOB $IJMF &M 4BMWBEPS 'SBODJB
%PDVNFOUPEF/BDJPOFT6OJEBT4VQMFNFOUP/P"
QgSSBGP
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/P
TPCSFFMBSUrDVMPœQFSrPEPEFTFTJPOFT
EFM$PNJUnEF%FSFDIPT)VNBOPT
FO%PDVNFOUPT0¾DJBMFTEFMB"TBNCMFB(FOFSBMDVBESBHnTJNP
TnQUJNPQFSrPEPEFTFTJPOFT4VQMFNFOUP/P"
BOFYP7*"
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/P-BrOEPMFEFMBPCMJHBDJwOKVSrEJDBHFOFSBMJN
QVFTUBBMPT&TUBEPT1BSUFTFOFM1BDUP%PDVNFOUPEF/BDJPOFT6OJEBT$$13$3FW"EEEFEF
NBS[PEFQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT"SHFMJB%PDVNFOUPEF/BDJPOFT6OJEBT$$13$
%;"$0EFEFEJDJFNCSFEFQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT"SHFOUJOB%PDVNFOUPTEF/BDJPOFT6OJEBT$$13$
"EE"EFEFBCSJMEFQgSSBGP$$13$0"3(EFEFOPWJFNCSFQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT$IJMF%PDVNFOUPEF/BDJPOFT6OJEBT$$13$
"EEQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT&M4BMWBEPS%PDVNFOUPTEF/BDJPOFT6OJEBT$$13
$04-7EFEFBHPTUPEFQgSSBGPZ$$13$"EEEFEFBCSJMEFQgSSBGP
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn EF %FSFDIPT )VNBOPT 'SBODJB %PDVNFOUP EF /BDJPOFT 6OJEBT $$13
$"EEQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
)BJUr-rCBOP/rHFS1FS|4FOFHBM3FQ|CMJDBEFM$POHP3FQ|CMJDBEF
$SPBDJB6SVHVBZZ:FNFO&M$PNJUnIBSFJUFSBEBNFOUFEFTUBDBEPRVFFTUB
DMBTFEFBNOJTUrBTZPUSBTNFEJEBTBOgMPHBTDPOUSJCVZFOBDSFBSVOBBUNwTGFSBEF
JNQVOJEBEQBSBMPTQFSQFUSBEPSFTEFWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTZTPDBWBO
MPTFTGVFS[PTFODBNJOBEPTBSFTUBCMFDFSFMSFTQFUPEFMPTEFSFDIPTIVNBOPTZFM
FTUBEPEFEFSFDIPTJUVBDJPOFTRVFTPODPOUSBSJBTBMBTPCMJHBDJPOFTEFMPT&TUBEPT
CBKPFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT&OTVTPCTFSWBDJPOFTB
"SHFMJBFM$PNJUnJOTUwBM&TUBEPB
²<D>FSDJPSBSTF EF RVF OP TF DPODFEB OJOHVOB NFEJEB EF FYUJODJwO EF MB
BDDJwO Q|CMJDB JOEVMUP DPONVUBDJwO P SFEVDDJwO EF MB QFOB B RVJFOFT
IBZBODPNFUJEPPDPNFUBOWJPMBDJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPT
DPNPNBUBO[BTBDUPTEFUPSUVSBWJPMBDJPOFTPEFTBQBSJDJPOFTUSgUFTFEF
BHFOUFTEFM&TUBEPPEFNJFNCSPTEFHSVQPTBSNBEPTZQPSMPRVFSFTQFDUB
B PUSP UJQP EF WJPMBDJPOFT RVF MBT BVUPSJEBEFT KVEJDJBMFT DPNQFUFOUFT
MMFWFOBDBCPVOBJOWFTUJHBDJwOBGPOEPZFYIBVTUJWBZRVFMPTUSJCVOBMFT
QVFEBO FYBNJOBS MPT EFMJUPT EF RVF TFBO DVMQBCMFT FTBT QFSTPOBT BOUFT
EFRVFTFBEPQUFDVBMRVJFSEFDJTJwOEFJOEVMUPDPONVUBDJwOPSFEVDDJwOP
NFEJEBEFFYUJODJwOEFMBBDDJwOQ|CMJDB³
"TJNJTNPFM$PNJUnEF%FSFDIPT)VNBOPTIBDPOTJEFSBEPDPNPVOGBDUPSQPTJUJWP
QBSBMBJNQMFNFOUBDJwOEFMBTPCMJHBDJPOFTDPOTBHSBEBTQPSFM1BDUP*OUFSOBDJPOBM
EF%FSFDIPT$JWJMFTZ1PMrUJDPTMBOPBEPQDJwOEFMFZFTEFBNOJTUrBVPUSBTNFEJEBT
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT)BJUr%PDVNFOUPEF/BDJPOFT6OJEBT"
QgSSBGPT
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn EF %FSFDIPT )VNBOPT -rCBOP %PDVNFOUP EF /BDJPOFT 6OJEBT $$13
$"EEEFNBZPEFQgSSBGP
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn EF %FSFDIPT )VNBOPT /rHFS %PDVNFOUP EF /BDJPOFT 6OJEBT $$13
$"EEEFEFBCSJMEFQgSSBGP
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn EF %FSFDIPT )VNBOPT 1FS| %PDVNFOUPT EF /BDJPOFT 6OJEBT $$13
$"EEEFQgSSBGPTZZ$$13$01&3EFEFOPWJFNCSFQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT4FOFHBM%PDVNFOUPEF/BDJPOFT6OJEBT$$13
$"EEEFEFEJDJFNCSFEFQgSSBGP
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn EF %FSFDIPT )VNBOPT 3FQ|CMJDB EFM $POHP %PDVNFOUP EF /BDJPOFT
6OJEBT$$13$"EEEFEFNBS[PEFQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT$SPBDJB%PDVNFOUPEF/BDJPOFT6OJEBT$$13
$0)37EFEFBCSJMEFQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT6SVHVBZ%PDVNFOUPTEF/BDJPOFT6OJEBT$$13
$"EEQgSSBGPTZZ$$13$"EE1BSUF²$1SJODJQBMFTUFNBTEFQSFPDVQBDJwOZSFDPNFO
EBDJPOFT³Z%FDJTJwOEFEFBHPTUPEF$BTP)VHP3PESrHVF[6SVHVBZ
$PNVOJDBDJwO/P
$$13$%QgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT:FNFO%PDVNFOUPEF/BDJPOFT6OJEBT"
QgSSBGPT
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn EF %FSFDIPT )VNBOPT "SHFMJB EF EF EJDJFNCSF EF EPD DJU
QgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
TJNJMBSFTSFTQFDUPEFBVUPSFTEFWJPMBDJPOFTEFEFSFDIPTIVNBOPTPTVQSPIJCJDJwO
FODMgVTVMBTDPOTUJUVDJPOBMFT"TrFM$PNJUnBDPHJwDPOBQSFDJPMBEFDMBSBDJwOIFDIB
QPS MB EFMFHBDJwOEF1BSBHVBZ²TFH|OMBDVBMFM(PCJFSOPOPQSPNVMHBSgOJOHVOB
MFZEFBNOJTUrBQVFTQPSFMDPOUSBSJPTFIBOBEPQUBEPZBPTFFTUgOBEPQUBOEP
NFEJEBT DPODSFUBT QBSB FYJHJS SFTQPOTBCJMJEBE B MPT BVUPSFT EF MPT BCVTPT EF
EFSFDIPT IVNBOPT DPNFUJEPT CBKP FM BOUJHVP SnHJNFO EJDUBUPSJBM 0CTFSWB FO UBM
TFOUJEPRVFMBTMFZFTEFFTBTrOEPMFDVBOEPTFBQSVFCBOJNQJEFOQSPCBCMFNFOUF
MB EFCJEB JOWFTUJHBDJwO Z FM DBTUJHP EF MPT BVUPSFT EF BOUJHVBT WJPMBDJPOFT EF MPT
EFSFDIPT IVNBOPT TPDBWBO MPT FTGVFS[PT IFDIPT QBSB FTUBCMFDFS FM SFTQFUP EF
MPTEFSFDIPTIVNBOPTDPOUSJCVZFOBVODMJNBEFJNQVOJEBEFOUSFMPTBVUPSFTEF
WJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTZDPOTUJUVZFOJNQFEJNFOUPTBMPTFTGVFS[PT
SFBMJ[BEPT QBSB DPOTPMJEBS MB EFNPDSBDJB Z QSPNPWFS FM SFTQFUP EF MPT EFSFDIPT
IVNBOPT³ "TJNJTNP SFTQFDUP EF MB OVFWB $POTUJUVDJwO EF &DVBEPS FM $PNJUn
BDPHJwDPO²CFOFQMgDJUPMBJOGPSNBDJwOEFRVFFMBSUrDVMPEFMB$POTUJUVDJwOJNQJEF
MB QPTJCJMJEBE EF QSPNVMHBS MFZFT EF BNOJTUrB P EF PUPSHBS QFSEPOFT FO DBTPT EF
WJPMBDJPOFTEFEFSFDIPTIVNBOPT4FGFMJDJUBEFRVFOPIBZBQSFTDSJQDJwOSFTQFDUP
EFMPTEFMJUPTEFUPSUVSBEFTBQBSJDJPOFTGPS[BEBTPFKFDVDJPOFTFYUSBKVEJDJBMFTBTr
DPNPEFMBJNQPTJCJMJEBEEFJOWPDBSMBPCFEJFODJBEFMBTwSEFOFTTVQFSJPSFTDPNP
BUFOVBOUFFOFTUPTDBTPT³
&M$PNJUnDPOUSBMB5PSUVSBEFMBT/BDJPOFT6OJEBTIBDPOTJEFSBEPRVFMBTMFZFTEF
BNOJTUrBZNFEJEBTTJNJMBSFTRVFQFSNJUFOEFKBSFOMBJNQVOJEBEBMPTBVUPSFTEF
BDUPTEFUPSUVSBTPODPOUSBSJBTBMFTQrSJUVZMFUSBEFMB$POWFODJwODPOUSBMB5PSUVSB
Z0USPT5SBUPTP1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFT"TrMPIBSFJUFSBEPFM
$PNJUnDPOUSBMB5PSUVSBFOTVT²0CTFSWBDJPOFT¾OBMFT³B"SHFOUJOB"[FSCBJZgO
1FS|3FQ|CMJDB,JSHVJ[Z4FOFHBM"TJNJTNPFM$PNJUnIBTFvBMBEPRVFMBOP
BEPQDJwOEFBNOJTUrBTZPUSBTNFEJEBTTJNJMBSFTDPOTUJUVZFVOGBDUPSQPTJUJWPQBSB
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT1BSBHVBZ%PDVNFOUPEF/BDJPOFT6OJEBT$$13
$"EE"EFEFPDUVCSFEFQBSBT
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT&DVBEPS%PDVNFOUPEF/BDJPOFT6OJEBT$$13
$"EEEFEFBHPTUPEFQgSSBGP
$PNJUnDPOUSBMB5PSUVSBEFMBT/BDJPOFT6OJEBT%FDJTJwOSFMBUJWBBMBTDPNVOJDBDJPOFTZ
"SHFOUJOB
EFEFOPWJFNCSFEFQgSSBGPFO%PDVNFOUPEF/BDJPOFT6OJEBT"TBNCMFB
(FOFSBM*OGPSNFTP¾DJBMFT$VBESBHnTJNPRVJOUPQFSJPEPEFTFTJPOFT4VQMFNFOUP/P"
$PNJUn$POUSBMB5PSUVSB$PNVOJDBDJPOFT/PZ"SHFOUJOB%FDJTJwOEFOPWJFNCSF
EFQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnDPOUSBMB5PSUVSB"[FSCBJZgO%PDVNFOUPEF/BDJPOFT6OJEBT"
EFOPWJFNCSFEFQgSSBGPTZ
$PODMVTJPOFT Z SFDPNFOEBDJPOFT EFM $PNJUn DPOUSB MB 5PSUVSB 1FS| %PDVNFOUP EF /BDJPOFT 6OJEBT
"EFOPWJFNCSFEFQgSSBGP
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn DPOUSB MB 5PSUVSB 3FQ|CMJDB ,JSHVJ[ %PDVNFOUP EF /BDJPOFT 6OJEBT
"EFOPWJFNCSFEFQgSSBGPTZ
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnDPOUSBMB5PSUVSB4FOFHBM%PDVNFOUPEF/BDJPOFT6OJEBT"EF
EFKVMJPEFQgSSBGPT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
FMDVNQMJNJFOUPQPSMPT&TUBEPTEFMBTPCMJHBDJPOFTFTUBCMFDJEBTCBKPMB$POWFODJwO
DPOUSB MB 5PSUVSB Z 0USPT 5SBUPT P 1FOBT $SVFMFT *OIVNBOPT P %FHSBEBOUFT "Tr
QPS FKFNQMP MP EFTUBDw FM $PNJUn FO TVT ²0CTFSWBDJPOFT ¾OBMFT³ B 1BSBHVBZ Z
7FOF[VFMB
-B $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT Z MB $PNJTJwO *OUFSBNFSJDBOB EF
%FSFDIPT )VNBOPT IBO DPODMVJEP SFJUFSBEBNFOUF RVF MBT BNOJTUrBT PUPSHBEBT B
MPT BVUPSFT EF HSBWFT WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT TPO JODPNQBUJCMFT DPO
MBT PCMJHBDJPOFT EF MPT &TUBEPT CBKP MB %FDMBSBDJwO "NFSJDBOB EF MPT %FSFDIPT Z
%FCFSFTEFM)PNCSFZMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT-B$PSUF
IBQSFDJTBEPRVF²TPOJOBENJTJCMFTMBTEJTQPTJDJPOFTEFBNOJTUrB<©>RVFQSFUFOEBO
JNQFEJSMBJOWFTUJHBDJwOZTBODJwOEFMPTSFTQPOTBCMFTEFMBTWJPMBDJPOFTHSBWFTEF
MPTEFSFDIPTIVNBOPTUBMFTDPNPMBUPSUVSBMBTFKFDVDJPOFTTVNBSJBTFYUSBMFHBMFT
P BSCJUSBSJBT Z MBT EFTBQBSJDJPOFT GPS[BEBT UPEBT FMMBT QSPIJCJEBT QPS DPOUSBWFOJS
EFSFDIPT JOEFSPHBCMFT SFDPOPDJEPT QPS FM %FSFDIP *OUFSOBDJPOBM EF MPT %FSFDIPT
)VNBOPT³-B$PSUFIBSFDPSEBEPRVF
²B MB MV[ EF MBT PCMJHBDJPOFT HFOFSBMFT DPOTBHSBEBT FO MPT BSUrDVMPT Z EF MB $POWFODJwO "NFSJDBOB MPT &TUBEPT 1BSUFT UJFOFO FM EFCFS EF
UPNBSMBTQSPWJEFODJBTEFUPEBrOEPMFQBSBRVFOBEJFTFBTVTUSBrEPEFMB
QSPUFDDJwOKVEJDJBMZEFMFKFSDJDJPEFMEFSFDIPBVOSFDVSTPTFODJMMPZF¾DB[
FOMPTUnSNJOPTEFMPTBSUrDVMPTZEFMB$POWFODJwO&TQPSFMMPRVFMPT
&TUBEPT1BSUFTFOMB$POWFODJwORVFBEPQUFOMFZFTRVFUFOHBOFTUFFGFDUP
DPNP MP TPO MBT MFZFT EF BVUP BNOJTUrB JODVSSFO FO VOB WJPMBDJwO EF MPT
BSUrDVMPTZFODPODPSEBODJBDPOMPTBSUrDVMPTZEFMB$POWFODJwO
-BT MFZFT EF BVUP BNOJTUrB DPOEVDFO B MB JOEFGFOTJwO EF MBT WrDUJNBT
Z B MB QFSQFUVBDJwO EF MB JNQVOJEBE QPS MP RVF TPO NBOJ¾FTUBNFOUF
JODPNQBUJCMFT DPO MB MFUSB Z FM FTQrSJUV EF MB $POWFODJwO "NFSJDBOB &TUF
UJQP EF MFZFT JNQJEF MB JEFOUJ¾DBDJwO EF MPT JOEJWJEVPT SFTQPOTBCMFT EF
WJPMBDJPOFTBEFSFDIPTIVNBOPTZBRVFTFPCTUBDVMJ[BMBJOWFTUJHBDJwOZ
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnDPOUSBMB5PSUVSB1BSBHVBZ%PDVNFOUPEF/BDJPOFT6OJEBT"EF
NBZPEFQgSSBGPT
$PODMVTJPOFTZSFDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB7FOF[VFMB%PDVNFOUPEF/BDJPOFT6OJEBT
$"5$$3EFEJDJFNCSFEFQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP#BSSJPT"MUPTWT1FS|4FOUFODJBEFEFNBS[PEF
4FSJF$/PQgSSBGP7FSJHVBMNFOUF$BTP5SVKJMMP0SP[BWT#PMJWJB4FOUFODJBSFQBSBDJPOFTZ$PTUBT
EFEFGFCSFSPEFQgSSBGP$BTPEFM$BSBDB[PWT7FOF[VFMB4FOUFODJB3FQBSBDJPOFTZ$PTUBT
EF EF BHPTUP 4FSJF $ /P QgSSBGP $BTP $BOUPSBM )VBNBOr Z (BSDrB 4BOUB $SV[ WT 1FS|
4FOUFODJBEFEFKVMJPEF4FSJF$/PQgSSBGP$BTP-B$BOUVUBWT1FS|4FOUFODJBEF
EFOPWJFNCSFEF4FSJF$/PQgSSBGP$BTPEFMBT)FSNBOBT4FSSBOP$SV[WT&M4BMWBEPS
4FOUFODJBEFEFNBS[PEF4FSJF$/PQgSSBGP$BTP$BSQJP/JDPMMFZPUSPTWT(VBUFNBMB
4FOUFODJBEFEFOPWJFNCSFEF4FSJF$/PQgSSBGPZ$BTP.ZSOB.BDL$IBOHWT(VBUFNBMB
4FOUFODJBEFEFOPWJFNCSFEF4FSJF$/PQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
FMBDDFTPBMBKVTUJDJBFJNQJEFBMBTWrDUJNBTZBTVTGBNJMJBSFTDPOPDFSMB
WFSEBEZSFDJCJSMBSFQBSBDJwODPSSFTQPOEJFOUF³
-B $PNJTJwO *OUFSBNFSJDBOB QPS TV QBSUF IB SFJUFSBEBNFOUF DPODMVJEP RVF ²MB
BQMJDBDJwOEFMBTBNOJTUrBTIBDFJOF¾DBDFTZTJOWBMPSMBTPCMJHBDJPOFTJOUFSOBDJPOBMFT
EF MPT &TUBEPT QBSUFT JNQVFTUBT QPS FM BSUrDVMP EF MB $POWFODJwO <"NFSJDBOB
TPCSF %FSFDIPT )VNBOPT> FO DPOTFDVFODJB DPOTUJUVZFO VOB WJPMBDJwO EF EJDIP
BSUrDVMPZFMJNJOBOMBNFEJEBNgTFGFDUJWBQBSBQPOFSFOWJHFODJBUBMFTEFSFDIPT
DVBM FT FM FOKVJDJBNJFOUP Z DBTUJHP B MPT SFTQPOTBCMFT³ "TJNJTNP MB $PNJTJwO
*OUFSBNFSJDBOBIBDPOTJEFSBEPRVFMBT²MFZFT<EFBNOJTUrB>FMJNJOBOMBNFEJEBNgT
FGFDUJWB QBSB MB WJHFODJB EF MPT EFSFDIPT IVNBOPT WBMF EFDJS FM FOKVJDJBNJFOUP
Z DBTUJHP B MPT SFTQPOTBCMFT³ -B $PNJTJwO IB SFJUFSBEBNFOUF DPOTJEFSBEP
JODPNQBUJCMF MBT MFZFT EF BNOJTUrB JOEVMUPT Z NFEJEBT TJNJMBSFT BEPQUBEBT QPS
"SHFOUJOB $IJMF &M 4BMWBEPS 1FS| Z 6SVHVBZ DPO MBT PCMJHBDJPOFT EF
FTUPT&TUBEPTCBKPMB%FDMBSBDJwO"NFSJDBOBEFMPT%FSFDIPTZ%FCFSFTEFM)PNCSF
"SUrDVMP 97*** %FSFDIP B MB +VTUJDJB
Z MB $POWFODJwO "NFSJDBOB TPCSF %FSFDIPT
)VNBOPTBSUrDVMPT
Z
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP#BSSJPT"MUPTWT1FS|EPDDJUQgSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP$IJMF
EFPDUVCSFEF
QgSSBGP 7FS JHVBMNFOUF *OGPSNF /P $BTPT Z $IJMF
EF
PDUVCSFEFQgSSBGP*OGPSNF/P$BTPT
Z$IJMF
EFBCSJMEFQgSSBGP*OGPSNF
/P$BTP*HOBDJP&MMBDVSrB4+ZPUSPT&M4BMWBEPS
EFEJDJFNCSFEFQgSSBGP
*OGPSNF /P $BTP -VDJP1BSBEB$FBZPUSPT&M4BMWBEPS
EFFOFSPEFQgSSBGP
JOGPSNF/P$BTPNBTBDSFEFMBT)PKBT&M4BMWBEPS
EFTFQUJFNCSFEFQgSSBGP
*OGPSNF /P $BTPT Z "SHFOUJOB
EF EF PDUVCSF EF
F*OGPSNF/P6SVHVBZ
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP*HOBDJP&MMBDVSrB4+Z
PUSPT&M4BMWBEPS
EFEJDJFNCSFEFQgSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTPT
Z"SHFOUJOB
EFPDUVCSFEF
7FSFOUSFPUSPT*OGPSNF/P$BTP$IJMF
EFPDUVCSFEFQgSSBGP*OGPSNF/P
$BTPTZ$IJMF
EFPDUVCSFEFQgSSBGP*OGPSNF/P
$BTPT
Z$IJMF
EFBCSJMEFQgSSBGP
7FSFOUSFPUSPT*OGPSNF/P$BTP*HOBDJP&MMBDVSrB4+ZPUSPT&M4BMWBEPS
EFEJDJFNCSF
EF*OGPSNF/P$BTP.POTFvPS0TDBS"SOVMGP3PNFSPZ(BMEgNF[&M4BMWBEPS
EF
BCSJMEF*OGPSNF/P$BTP-VDJP1BSBEB$FBZPUSPT&M4BMWBEPS
EFFOFSPEFF
*OGPSNF/P$BTP.BTBDSFEFMBT)PKBT&M4BMWBEPS
EFTFQUJFNCSFEF
$PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT *OGPSNF /P $BTP $IVNCJWJMDBT 1FS|
EFNBS[PEF*OGPSNF/P$BTPÇOHFM&TDPCBS+VSBEPS1FS|
EFGFCSFSPEF
QgSSBGPTZ*OGPSNF/P$BTP)VHP#VTUPT4BBWFESB1FS|
EFPDUVCSFEF
QgSSBGPTZ
F*OGPSNF/P$BTP)nDUPS1nSF[4BMB[BS1FS|
EFGFCSFSPEF7FS
JHVBMNFOUF*OGPSNF/P$BTP.BSUrO+BWJFS3PDB$BTBT1FS|
EFGFCSFSPEFQgSSBGP
F*OGPSNF/P$BTP&TUJMFT3VJ[%gWJMB1FS|
EFEFGFCSFSPEF
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTPT
Z6SVHVBZ
EFPDUVCSF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
"MFYBNJOBSMBBNOJTUrBEF&M4BMWBEPSMB$PNJTJwO*OUFSBNFSJDBOBFTUJNwRVF
²JOEFQFOEJFOUFNFOUF EF MB FWFOUVBM OFDFTJEBE EFSJWBEB EF MBT OFHP
DJBDJPOFT EF QB[ Z EF MBT SB[POFT FNJOFOUFNFOUF QPMrUJDBT <©> MBT
BNQMrTJNBT EJNFOTJPOFT EF MB MFZ HFOFSBM EF BNOJTUrB BQSPCBEB QPS MB
"TBNCMFB -FHJTMBUJWB EF &M 4BMWBEPS DPOTUJUVZFO VOB WJPMBDJwO EF MBT
PCMJHBDJPOFTJOUFSOBDJPOBMFTBTVNJEBTQPSFTFQBrTBMSBUJ¾DBSMB$POWFODJwO
"NFSJDBOBTPCSF%FSFDIPT)VNBOPTBMQFSNJUJSEFVOBQBSUFMB¾HVSBEF
MB²BNOJTUrBSFDrQSPDB³RVFOPUVWPDPNPQBTPQSFWJPVOSFDPOPDJNJFOUP
EF SFTQPOTBCJMJEBE QFTF B MBT SFDPNFOEBDJPOFT EF MB $PNJTJwO EF MB
7FSEBE
TVBQMJDBDJwOBDSrNFOFTEFMFTBIVNBOJEBEZMBFMJNJOBDJwOEF
MB QPTJCJMJEBE EF PCUFOFS VOB BEFDVBEB SFQBSBDJwO QBUSJNPOJBM QBSB MBT
WrDUJNBTQSJODJQBMNFOUF³
-B$PNJTJwO*OUFSBNFSJDBOBIBUBNCJnODPOTJEFSBEPRVFMBBQMJDBDJwOQPSVOUSJCVOBM
OBDJPOBMEFVOBMFZEFBNOJTUrBJODPNQBUJCMFDPOMBTPCMJHBDJPOFTJOUFSOBDJPOBMFTEFM
&TUBEPZWJPMBUPSJBEFEFSFDIPTIVNBOPTJOUFSOBDJPOBMNFOUFBNQBSBEPTDPOTUJUVZF
VOB WJPMBDJwO EF MBT PCMJHBDJPOFT JOUFSOBDJPOBMFT EFM &TUBEP &O FM DBTP EF MB
BQMJDBDJwOEFM%FDSFUP-FZ/PEFEFBNOJTUrBEF$IJMFFODBVTBTKVEJDJBMFT
QPSUSJCVOBMFTOBDJPOBMFTMB$PNJTJwO*OUFSBNFSJDBOBDPODMVZw²<R>VFMBTFOUFODJB
EFMB$PSUF4VQSFNBEF$IJMFEJDUBEBFMEFBHPTUPEFZTVDPO¾SNBUPSJB
EF EF TFQUJFNCSF EFM NJTNP BvP RVF EFDMBSB DPOTUJUVDJPOBM Z EF BQMJDBDJwO
PCMJHBUPSJBQPSFM1PEFS+VEJDJBMFMDJUBEP²%FDSFUP-FZ³/PDVBOEPZBIBCrB
FOUSBEPFOWJHPSQBSB$IJMFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPTWJPMB
MPEJTQVFTUPQPSMPTBSUrDVMPTZEFMBNJTNB³"TJNJTNPMB$PNJTJwOTPTUVWP
²<R>VFMBTEFDJTJPOFTKVEJDJBMFTEFTPCSFTFJNJFOUPEF¾OJUJWPEJDUBEBTFOMBTDBVTBT
DSJNJOBMFTBCJFSUBTQPSMBEFUFODJwOZEFTBQBSJDJwO<©>OPTwMPBHSBWBOMBTJUVBDJwO
EFJNQVOJEBETJOPRVFFOEF¾OJUJWBWJPMBOFMEFSFDIPBMBKVTUJDJBRVFMFTBTJTUF
BMPTGBNJMJBSFTEFMBTWrDUJNBTEFJEFOUJ¾DBSBTVTBVUPSFTZEFRVFTFFTUBCMF[DBO
TVTSFTQPOTBCJMJEBEFTZTBODJPOFTDPSSFTQPOEJFOUFTZPCUFOFSSFQBSBDJwOKVEJDJBM
QPS QBSUF EF nTUPT³ &O FTF NJTNP TFOUJEP FO PUSP DBTP DIJMFOP MB $PNJTJwO
*OUFSBNFSJDBOBQSFDJTwRVF²MBTEFDJTJPOFTKVEJDJBMFTEFTPCSFTFJNJFOUPEF¾OJUJWP
EJDUBEBT<FOWJSUVEEFMBBQMJDBDJwOEFMBMFZEFBNOJTUrB>FOMBTDBVTBTDSJNJOBMFT
BCJFSUBTQPSMBEFUFODJwOEFTBQBSJDJwOGPS[BEBUPSUVSBZFKFDVDJwOFYUSBKVEJDJBMEF
$BTP /P /B[BSJP EF +FT|T (SBDJBT &M 4BMWBEPS
FO *OGPSNF TPCSF MB 4JUVBDJwO EF MPT %FSFDIPT
)VNBOPTFO&-4BMWBEPS%PDVNFOUP0&"4FS-7**%PDSFWEFGFCSFSP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP$IJMF
EFPDUVCSFEF
QgSSBGP*OGPSNF/P$BTPTZ$IJMF
EFPDUVCSFEF
QgSSBGPF*OGPSNF/P$BTPT
Z$IJMF
EFBCSJMEFQgSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP$IJMF
EFPDUVCSFEF
QgSSBGP &O FTF NJTNP TFOUJEP WFS FM *OGPSNF /P $BTPT Z $IJMF
EF PDUVCSF EF QgSSBGP Z FM *OGPSNF /P $BTPT Z$IJMF
EFBCSJMEF
QgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
$BSNFMP4PSJB&TQJOP[B<©>OPTwMPBHSBWBOMBTJUVBDJwOEFJNQVOJEBETJOPRVFFO
EF¾OJUJWBWJPMBOFMEFSFDIPBMBKVTUJDJBRVFBTJTUFBMPTGBNJMJBSFTEFMBTWrDUJNBTQBSB
JEFOUJ¾DBSBMPTBVUPSFTEFEJDIPTEFMJUPTFTUBCMFDFSSFTQPOTBCJMJEBEFTZTBODJPOFT
DPSSFTQPOEJFOUFT Z PCUFOFS SFQBSBDJwO KVEJDJBM³ -B $PNJTJwO *OUFSBNFSJDBOB
DPODMVZwRVFMBBQMJDBDJwOKVEJDJBMEFMBMFZEFBNOJTUrBDIJMFOBWJPMBCBMPTBSUrDVMPT
ZEFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT
%FMPTDPO¿JDUPTBSNBEPTJOUFSOPTZMBTBNOJTUrBTZPUSBT
NFEJEBTTJNJMBSFT
&O BMHVOPT DBTPT TF IB QSFUFOEJEP GVOEBNFOUBS MBT BNOJTUrBT Z PUSBT NFEJEBT
TJNJMBSFTPUPSHBEBTBSFTQPOTBCMFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZ
BMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPFOEJTQPTJDJPOFTEFM1SPUPDPMPBEJDJPOBMBMPT
$POWFOJPTEF(JOFCSBEFMEFBHPTUPEFSFMBUJWPBMBQSPUFDDJwOEFMBTWrDUJNBT
EFMPTDPO¿JDUPTBSNBEPTTJODBSgDUFSJOUFSOBDJPOBM1SPUPDPMP**
$JFSUBNFOUFFM
BSUrDVMP EFM 1SPUPDPMP ** FTUBCMFDF MB QPTJCJMJEBE EF RVF B MB DFTBDJwO EF MBT
IPTUJMJEBEFT TF DPODFEB VOB BNQMJB BNOJTUrB B ²MBT QFSTPOBT RVF IBZBO UPNBEP
QBSUFFOFMDPO¿JDUPBSNBEPPRVFTFFODVFOUSFOQSJWBEBTEFMJCFSUBEJOUFSOBEBTP
EFUFOJEBTQPSNPUJWPTSFMBDJPOBEPTDPOFMDPO¿JDUPBSNBEP³
/PPCTUBOUFFTUBBNOJTUrBOPQVFEFDPCJKBSMPTDSrNFOFTEFHVFSSBZMBTJOGSBDDJPOFT
BMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPDPNPTPOMPTIPNJDJEJPTBSCJUSBSJPTMBUPSUVSB
Z MBT EFTBQBSJDJPOFT GPS[BEBT5BM IB TJEP MB JOUFSQSFUBDJwO P¾DJBM TPCSF FM BMDBODF
EFM BSUrDVMP RVF IB IFDIP FM $PNJUn *OUFSOBDJPOBM EF MB $SV[ 3PKB $*$3
²-PT USBCBKPT QSFQBSBUPSJPT EFM BSUrDVMP JOEJDBO RVF FTUF QSFDFQUP UJFOF FM
QSPQwTJUP EF BMFOUBS MB BNOJTUrB <> DPNP VOB FTQFDJF EF MJCFSBDJwO BM UnSNJOP EF
MBTIPTUJMJEBEFTQBSBRVJFOFTGVFSPOEFUFOJEPTPTBODJPOBEPTQPSFMNFSPIFDIPEF
IBCFSQBSUJDJQBEPFOMBTIPTUJMJEBEFT/PQSFUFOEFTFSVOBBNOJTUrBQBSBBRVFMMPT
RVFIBOWJPMBEPFMEFSFDIPIVNBOJUBSJPJOUFSOBDJPOBM³&M$*$3IBEFTUBDBEPRVF
UBMFTBNOJTUrBT²TFSrBOUBNCJnOJODPNQBUJCMFTDPOMBOPSNB<EFEFSFDIPJOUFSOBDJPOBM
DPOTVFUVEJOBSJP>RVFPCMJHBBMPT&TUBEPTBJOWFTUJHBSZFOKVJDJBSBMPTTPTQFDIPTPT
EFIBCFSDPNFUJEPDSrNFOFTEFHVFSSBFODPO¿JDUPTBSNBEPTOPJOUFSOBDJPOBMFT³
&M$PNJUnEF%FSFDIPT)VNBOPTEFMBT/BDJPOFT6OJEBTZMB$PNJTJwO*OUFSBNFSJDBOB
EF %FSFDIPT )VNBOPT IBO SFJUFSBEP FTUB JOUFSQSFUBDJwO &M $PNJUn EF %FSFDIPT
)VNBOPT IB DPOTJEFSBEP RVF MBT BNOJTUrBT PUPSHBEBT QPS BDUPT DPNFUJEPT FO FM
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP$BSNFMP4PSJB&TQJOP[B
$IJMF
EFOPWJFNCSFEFQgSSBGP
$BSUBEFM$*$3EJSJHJEBBM'JTDBMEFM5SJCVOBM1FOBMQBSBMB"OUJHVB:VHPTMBWJBFOFMBvP0SJHJOBMFOJO
HMnTUSBEVDDJwOMJCSF
&M$*$3SFJUFSwFTUBJOUFSQSFUBDJwOFOPUSBDPNVOJDBDJwOGFDIBEBEFBCSJMEF
+FBO.BSJF)FODLBFSUTZ-PVJTF%PTXBME#FDL%FSFDIPJOUFSOBDJPOBMIVNBOJUBSJPDPOTVFUVEJOBSJP°7PMV
NFO*/PSNBT&E$PNJUn*OUFSOBDJPOBMEFMB$SV[3PKBQgHJOB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
DVSTP EF DPO¿JDUPT BSNBEPT Z RVF DPOTUJUVZFO HSBWFT WJPMBDJPOFT B MPT EFSFDIPT
IVNBOPT OP TPO DPNQBUJCMFT DPO MBT PCMJHBDJPOFT JNQVFTUBT QPS FM 1BDUP
*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT"TrMPIBFYQSFTBEPFM$PNJUnSFTQFDUP
EFMBTBNOJTUrBTEF&M4BMWBEPS3FQ|CMJDBEF$POHP$SPBDJBZ-rCBOP&OFMDBTP
EFMBBNOJTUrBMJCBOFTBPUPSHBEBBMQFSTPOBMDJWJMZNJMJUBSQPSMBTWJPMBDJPOFTEFMPT
EFSFDIPTIVNBOPTEFMBQPCMBDJwODJWJMDPNFUJEPTFOFMDVSTPEFMBHVFSSBDJWJMFM
$PNJUnSFDPSEwRVF²FTBBNOJTUrBHFOFSBMJ[BEBQVFEFJNQFEJSRVFTFJOWFTUJHVFZ
TFDBTUJHVFEFCJEBNFOUFBMPTBVUPSFTEFWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTFOFM
QBTBEPTPDBWBSMPTFTGVFS[PTQPSJNQPOFSMBPCTFSWBODJBEFMPTEFSFDIPTIVNBOPT
ZPCTUBDVMJ[BSMPTFTGVFS[PTQPSDPOTPMJEBSMBEFNPDSBDJB³&M$PNJUnEF%FSFDIPT
)VNBOPT BM FYBNJOBS MB MFZ EF BNOJTUrB EF EF MB 3FQ|CMJDB EF $SPBDJB RVF
FYDFQU|BEFNBOFSBWBHBMPT²DSrNFOFTEFHVFSSB³EFMgNCJUPEFBQMJDBDJwOEFFTUB
MFZ FYQSFTw TVQSFPDVQBDJwOTPCSFFMQFMJHSPEFRVFFMMBGVFSBJOUFSQSFUBEBFOFM
TFOUJEPEFQFSNJUJSMBJNQVOJEBEEFMPTBVUPSFTEFHSBWFTWJPMBDJPOFTBMPTEFSFDIPT
IVNBOPT &M $PNJUn EF %FSFDIPT )VNBOPT SFDPNFOEw B MBT BVUPSJEBEFT DSPBUBT
UPNBSMBTNFEJEBTFOPSEFOBBTFHVSBSRVFMBMFZEFBNOJTUrBOPGVFSBJOUFSQSFUBEB
Z VUJMJ[BEB QBSB HBSBOUJ[BS MB JNQVOJEBE EF MPT BVUPSFT EF HSBWFT WJPMBDJPOFT B
MPT EFSFDIPT IVNBOPT 1PS TV QBSUF MB $PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT
)VNBOPT SFDIB[w FM BSHVNFOUP BEVDJEP QPS FM (PCJFSOP EF &M 4BMWBEPS TFH|O
FM DVBM MB BNOJTUrB TBODJPOBEB QPS TV "TBNCMFB -FHJTMBUJWB UFOESrB GVOEBNFOUP
FO MP QSFDFQUVBEP QPS FM 1SPUPDPMP ** EF MPT $POWFOJPT EF (JOFCSB -B $PNJTJwO
*OUFSBNFSJDBOBBTFWFSwRVF²FM1SPUPDPMPOPQVFEFTFSJOUFSQSFUBEPFOFMTFOUJEP
EFDVCSJSMBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTGVOEBNFOUBMFTDPOTJHOBEPTFOMB
$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT³
%FMQSJODJQJP1BDUBTVOUTFSWBOEBZMBTBNOJTUrBTZPUSBT
NFEJEBT
&TVOQSJODJQJPHFOFSBMEFEFSFDIPJOUFSOBDJPOBMZVOJWFSTBMNFOUFSFDPOPDJEPRVF
MPT&TUBEPTEFCFOFKFDVUBSEFCVFOBGFMPTUSBUBEPTZMBTPCMJHBDJPOFTJOUFSOBDJPOB
MFTRVFEJNBOBOEFFTUPT&MQSJODJQJPQBDUBTVOUTFSWBOEBTFBQMJDBJHVBMNFOUFB
MBTPCMJHBDJPOFTRVFUJFOFFM&TUBEPFOWJSUVEEFMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJ
OBSJP&TUFQSJODJQJPHFOFSBMEFMEFSFDIPJOUFSOBDJPOBMUJFOFDPNPDPSPMBSJPRVFMBT
BVUPSJEBEFTEFVOQBrTOPQVFEFOBSHVNFOUBSPCTUgDVMPTEFEFSFDIPJOUFSOPQBSB
TVTUSBFSTF B TVT DPNQSPNJTPT JOUFSOBDJPOBMFT -B FYJTUFODJB EF OPSNBT DPOTUJUV
DJPOBMFTMFHJTMBUJWBTPSFHMBNFOUBSJBTPEFEFDJTJPOFTEFUSJCVOBMFTOBDJPOBMFTOP
QVFEFTFSJOWPDBEBQBSBOPFKFDVUBSPCMJHBDJPOFTJOUFSOBDJPOBMFTPQBSBNPEJ¾DBS
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT-rCBOPEPDDJUQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT$SPBDJBEPDDJUQgSSBGP
$BTP/P/B[BSJPEF+FT|T(SBDJBT&M4BMWBEPS
FO*OGPSNFTPCSFMB4JUVBDJwOEFMPT%FSFDIPT)VNB
OPTFO&M4BMWBEPSEPDVNFOUP0&"4FS-7**%PDSFWEFGFCSFSP&OFTFNJTNPTFOUJEPWFS
*OGPSNF/P$BTP-VDJP1BSBEB$FBZPUSPT&M4BMWBEPS
EFFOFSPEFQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
TVDVNQMJNJFOUP&TUFFTVOQSJODJQJPHFOFSBMEFMEFSFDIPEFHFOUFTSFDPOPDJEPQPS
MBKVSJTQSVEFODJBJOUFSOBDJPOBM&MQSJODJQJPQBDUBTVOUTFSWBOEBZTVDPSPMBSJPIBO
TJEPBDSJTPMBEPTFOMPTBSUrDVMPTZEFMB$POWFODJwOEF7JFOBTPCSFFM%FSFDIP
EFMPT5SBUBEPT
&M EFSFDIP JOUFSOBDJPOBM EF MPT EFSFDIPT IVNBOPT OP FT BKFOP BM QSJODJQJP QBDUB
TVOUTFSWBOEBZBTVDPSPMBSJP"TrMPIBOSFJUFSBEPFM$PNJUnEF%FSFDIPT)VNBOPT
ZMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT&M$PNJUnIBSFDPSEBEPRVF²<D>PO
BSSFHMPBMQSJODJQJPFYQVFTUPFOFMBSUrDVMPEFMB$POWFODJwOEF7JFOBTPCSFFM
EFSFDIPEFMPTUSBUBEPTMPT&TUBEPT1BSUFEFCFODVNQMJSEFCVFOBGFMBTPCMJHBDJPOFT
RVFMFTJNQPOFFM1BDUP³&M$PNJUnIBQSFDJTBEPRVF
²-BT PCMJHBDJPOFT RVF JNQPOFO FM 1BDUP FO HFOFSBM Z TV BSUrDVMP FO
QBSUJDVMBSWJODVMBOBDBEB&TUBEP1BSUFFOTVUPUBMJEBE5PEPTMPTQPEFSFT
Q|CMJDPT FKFDVUJWP MFHJTMBUJWP Z KVEJDJBM
Z EFNgT BVUPSJEBEFT Q|CMJDBT
P HVCFSOBNFOUBMFT TFB DVBM GVFSF TV SBOHP °OBDJPOBM SFHJPOBM P MPDBM°
FTUgOFODPOEJDJPOFTEFDPNQSPNFUFSMBSFTQPOTBCJMJEBEEFM&TUBEP1BSUF
&MQPEFSFKFDVUJWPRVFQPSMPDPN|OSFQSFTFOUBBM&TUBEP1BSUFFOFMQMBOP
JOUFSOBDJPOBMTFvBMBEBNFOUFBOUFFM$PNJUnOPQVFEFBEVDJSFMIFDIPEF
RVFVOBDUPJODPNQBUJCMFDPOVOBEJTQPTJDJwOEFM1BDUPIBTJEPSFBMJ[BEPQPS
PUSPQPEFSQ|CMJDPQBSBUSBUBSEFMJCFSBSBM&TUBEP1BSUFEFSFTQPOTBCJMJEBE
QPS FM BDUP Z EF MB DPOTJHVJFOUF JODPNQBUJCJMJEBE &TUB JOUFSQSFUBDJwO TF
EFTQSFOEF EJSFDUBNFOUF EFM QSJODJQJP FOVODJBEP FO FM BSUrDVMP EF MB
$POWFODJwOEF7JFOBTPCSFFMEFSFDIPEFMPTUSBUBEPTFOWJSUVEEFMDVBM
VO&TUBEP1BSUF²OPQPESgJOWPDBSMBTEJTQPTJDJPOFTEFTVEFSFDIPJOUFSOP
DPNPKVTUJ¾DBDJwOEFMJODVNQMJNJFOUPEFVOUSBUBEP³4JCJFOFMQgSSBGP
EFMBSUrDVMPQFSNJUFRVFMPT&TUBEPT1BSUFIBHBOFGFDUJWPTMPTEFSFDIPT
SFDPOPDJEPTFOFM1BDUPDPOBSSFHMPBMPTQSPDFEJNJFOUPTDPOTUJUVDJPOBMFT
JOUFSOPTTFEFTQSFOEFEFMNJTNPQSJODJQJPRVFMPT&TUBEPT1BSUFOPQVFEFO
JOWPDBSMBTEJTQPTJDJPOFTEFTVEFSFDIPDPOTUJUVDJPOBMOJPUSPTFMFNFOUPT
EFMEFSFDIPJOUFSOPQBSBKVTUJ¾DBSFMJODVNQMJNJFOUPPMBJOBQMJDBDJwOEFMBT
PCMJHBDJPOFTDPOUSBrEBTFOWJSUVEEFMUSBUBEP³
$PSUF 1FSNBOFOUF EF +VTUJDJB *OUFSOBDJPOBM 0QJOJwO $POTVMUJWB EFM EF GFCSFSP EF 5SBJUFNFOU EFT
OBUJPOBVYQPMPOBJTFUBVUSFTQFSTPOFTEµPSJHJOFPVEFMBOHVFQPMPOBJTFEBOTMFUFSSJUPJSFEF%BOU[JH3FDVFJM
EFTBSSpUTFUPSEPOOBODFT4nSJF"#/P$PSUF1FSNBOFOUFEF+VTUJDJB*OUFSOBDJPOBM0QJOJwO$POTVMUJWB
EFMEFKVMJPEF2VFTUJPOEFTDPNNVOBVUnTHSFDPCVMHBSFT3FDVFJMEFTBSSpUTFUPSEPOOBODFT4nSJF
"/P$PSUF*OUFSOBDJPOBMEF+VTUJDJB0QJOJwO$POTVMUJWBEFEFBCSJMEF0CMJHBUJPOEµBSCJUSBHF
4FOUFODJB EFM EF OPWJFNCSF EF "QQMJDBUJPO EF MB $POWFOUJPO EF QPVS SnHMFS MB UVUFMMF EFT
NJOFVST1BZT#BT4VnEF
$PSUF*OUFSOBDJPOBMEF+VTUJDJB4FOUFODJBEFEFBCSJMEF/PUUFCzINF
1IBTF
-JDIUFOTUFJO(VBUFNBMB
-BVEPBSCJUSBM4"#VODI.POUJKP$PMPNCJBD&TUBEPT6OJEPTEF"NnSJ
DB
EFKVMJPEF$PSUF1FSNBOFOUFEF+VTUJDJB*OUFSOBDJPOBM4FOUFODJB/PEFEFNBZP
)BVUF4JMnTJFQPMPOBJTFFO3FDVFJMEFTBSSpUTFUPSEPOOBODFT4nSJF"/PZ4FOUFODJB/P6TJOFEF
$IPS[PX"MMFNBOHF1PMPHOF
EFEFTFQUJFNCSFEFFO3FDVFJMEFTBSSpUTFUPSEPOOBODFT4nSJF"
/P
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/PEPDDJUQgSSBGP
*CJEQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
-B$PSUF*OUFSBNFSJDBOBIBJHVBMNFOUFSFDPSEBEPRVF²<T>FH|OFMEFSFDIPJOUFSOB
DJPOBM MBT PCMJHBDJPOFT RVF nTUF JNQPOF EFCFO TFS DVNQMJEBT EF CVFOB GF Z OP
QVFEF JOWPDBSTF QBSB TV JODVNQMJNJFOUP FM EFSFDIP JOUFSOP &TUBT SFHMBT QVFEFO
TFSDPOTJEFSBEBTDPNPQSJODJQJPTHFOFSBMFTEFMEFSFDIPZIBOTJEPBQMJDBEBTB|O
USBUgOEPTF EF EJTQPTJDJPOFT EF DBSgDUFS DPOTUJUVDJPOBM QPS MB $PSUF 1FSNBOFOUF
EF+VTUJDJB*OUFSOBDJPOBMZMB$PSUF*OUFSOBDJPOBMEF+VTUJDJB³"TJNJTNPMB$PSUF
*OUFSBNFSJDBOBIBQSFDJTBEPRVF²<M>PT&TUBEPTOPQVFEFOQBSBOPEBSDVNQMJNJFOUP
BTVTPCMJHBDJPOFTJOUFSOBDJPOBMFTJOWPDBSEJTQPTJDJPOFTFYJTUFOUFTFOTVEFSFDIP
JOUFSOP³
4JVOBMFZVOEFDSFUPVPUSPBDUPKVSrEJDPEFVOQBrTWJPMBEFSFDIPTQSPUFHJEPTQPSVO
USBUBEPJOUFSOBDJPOBMPQPSFMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJPZVPCMJHBDJPOFT
RVFEJNBOBOEFnTUPTFM&TUBEPDPNQSPNFUFTVSFTQPOTBCJMJEBEJOUFSOBDJPOBM-B
$PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB QSFDJTBEP RVF ²-B QSPNVMHBDJwO
EFVOBMFZNBOJ¾FTUBNFOUFDPOUSBSJBBMBTPCMJHBDJPOFTBTVNJEBTQPSVO&TUBEPBM
SBUJ¾DBSPBEIFSJSBMB$POWFODJwODPOTUJUVZFVOBWJPMBDJwOEFnTUBZ<>FOFMFWFOUP
RVF FTB WJPMBDJwO BGFDUF EFSFDIPT Z MJCFSUBEFT QSPUFHJEPT SFTQFDUP EF JOEJWJEVPT
EFUFSNJOBEPTHFOFSBSFTQPOTBCJMJEBEJOUFSOBDJPOBMQBSBFM&TUBEP³
5SBUgOEPTFEFNFEJEBTMFHBMFTRVFQFSNJUFOMBJNQVOJEBEZQPSFOEFJODPNQBUJCMFT
DPOPCMJHBDJPOFTJOUFSOBDJPOBMFTEFMPT&TUBEPTCBKPMB$POWFODJwO"NFSJDBOBTPCSF
%FSFDIPT )VNBOPT MB $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB SFDPSEBEP
RVFVOBMFZEFBNOJTUrBOPQVFEFTFSWJSEFKVTUJ¾DBDJwOQBSBOPDVNQMJSFMEFCFSEF
JOWFTUJHBSZEFDPODFEFSBDDFTPBMBKVTUJDJB-B$PSUFQSFDJTwBMSFTQFDUPRVF²<M>PT
&TUBEPTOPQVFEFOQBSBOPEBSDVNQMJNJFOUPBTVTPCMJHBDJPOFTJOUFSOBDJPOBMFT
JOWPDBS EJTQPTJDJPOFT FYJTUFOUFT FO TV EFSFDIP JOUFSOP DPNP MP FT FO FTUF DBTP
MB-FZEF"NOJTUrBFYQFEJEBQPSFM1FS|RVFBKVJDJPEFFTUB$PSUFPCTUBDVMJ[BMB
JOWFTUJHBDJwOZFMBDDFTPBMBKVTUJDJB1PSFTUBTSB[POFTFMBSHVNFOUPEFM1FS|FOFM
TFOUJEPEFRVFMFFTJNQPTJCMFDVNQMJSDPOFTFEFCFSEFJOWFTUJHBSMPTIFDIPTRVF
EJFSPOPSJHFOBMQSFTFOUFDBTPEFCFTFSSFDIB[BEP³
4JNJMBSQMBOUFBNJFOUPIBGPSNVMBEPFM$PNJUnEF%FSFDIPT)VNBOPTDVBOEPBMDPO
DMVJSRVFMPT%FDSFUPT-FZFT/PZEFBNOJTUrBEF1FS|FSBOJODPNQB
UJCMFTDPOMBTPCMJHBDJPOFTEFFTUF&TUBEPCBKPFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT3FTQPOTBCJMJEBE*OUFSOBDJPOBMQPS&YQFEJDJwOZ"QMJDBDJwOEF
-FZFT7JPMBUPSJBTEFMB$POWFODJwO"SUTZEFMB$POWFODJwO"NFSJDBOB4PCSF%FSFDIPT)VNBOPT
0QJ
OJwO$POTVMUJWB0$EFEFEJDJFNCSFEF4FSJF"/PQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP-PBZ[B5BNBZPWT1FS|4FOUFODJB3FQBSBDJPOFTZ$PT
UBT
EFEFOPWJFNCSFEF4FSJF$/PQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT3FTQPOTBCJMJEBE*OUFSOBDJPOBMQPS&YQFEJDJwOZ"QMJDBDJwOEF
-FZFT7JPMBUPSJBTEFMB$POWFODJwO"SUTZEFMB$POWFODJwO"NFSJDBOB4PCSF%FSFDIPT)VNBOPT
EPD
DJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP-PBZ[B5BNBZPWT1FS|EPDDJUQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
$JWJMFTZ1PMrUJDPTTVCSBZwRVF²MBMFHJTMBDJwOOBDJPOBMOPQVFEFNPEJ¾DBSMBTPCMJ
HBDJPOFTJOUFSOBDJPOBMFTDPOUSBrEBTQPSVO&TUBEP1BSUFFOWJSUVEEFM1BDUP³
*HVBMNFOUF MB $PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB SFJUFSBEP FTUF
QSJODJQJP BM DPODMVJS RVF MB BNOJTUrB QSPNVMHBEB QPS FM SnHJNFO NJMJUBS DIJMFOP FT
JODPNQBUJCMF DPO MBT PCMJHBDJPOFT EF $IJMF CBKP MB $POWFODJwO "NFSJDBOB TPCSF
%FSFDIPT )VNBOPT -B $PNJTJwO DPODMVZw RVF ²<F>M &TUBEP DIJMFOP OP QVFEF
KVTUJ¾DBS EFTEF MB QFSTQFDUJWB EFM %FSFDIP JOUFSOBDJPOBM FM JODVNQMJNJFOUP EF MB
$POWFODJwOBMFHBOEPRVFMBBVUPBNOJTUrBGVFEFDSFUBEBQPSFMHPCJFSOPBOUFSJPS
PRVFMBBCTUFODJwOZPNJTJwOEFM1PEFS-FHJTMBUJWPEFEFSPHBSEJDIP%FDSFUP-FZP
RVFMPTBDUPTEFM1PEFS+VEJDJBMRVFDPO¾SNBOTVBQMJDBDJwO<©>ZBRVFMB$POWFODJwO
EF7JFOBTPCSFFM%FSFDIPEFMPT5SBUBEPTFTUBCMFDFFOTVBSUrDVMPRVFVO&TUBEP
QBSUFOPQPESgJOWPDBSMBTEJTQPTJDJPOFTEFEFSFDIPJOUFSOPDPNPKVTUJ¾DBDJwOEFM
JODVNQMJNJFOUPEFVOUSBUBEP³
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT1FS|EPDDJUQgSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTPTZ
$IJMF
EFPDUVCSFEFQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
$BQrUVMP7
'VFSPNJMJUBSFJNQVOJEBE
<O>PIBZOJOHVOBSB[wOWgMJEBEFMQVOUPEFWJTUBNPSBM
ZKVSrEJDPQBSBTVTUSBFSEFMBKVSJTEJDDJwOPSEJOBSJBVO
NJMJUBSRVFDPNFUFVODSJNFOEF¾OJEPDPNPUBMFOMB
MFHJTMBDJwOQFOBMDPN|O
%BMNP%F"CSFV%BMMBSJ
$PNP MP IB EFNPTUSBEP MB FYQFSJFODJB FNQrSJDB FM KV[HBNJFOUP EF NJMJUBSFT Z EF
QPMJDrBTQPSUSJCVOBMFTNJMJUBSFTPQPMJDJBMFTQPSHSBWFTWJPMBDJPOFTEFEFSFDIPTIV
NBOPTDPNFUJEBTDPOUSBDJWJMFTIBTJEPZFTVOBEFMPTNgTGSFDVFOUFTGBDUPSFTEF
JNQVOJEBE&OOPQPDPTQBrTFTMBMMBNBEB²KVTUJDJBNJMJUBS³FTPSHgOJDBZGVODJPOBM
NFOUFEFQFOEJFOUFEFM1PEFS&KFDVUJWP'SFDVFOUFNFOUFMPTKVFDFTDBTUSFOTFTTPO
NJMJUBSFTFOTFSWJDJPBDUJWPTVCPSEJOBEPTBTVSFTQFDUJWPDPNBOEBOUFZTPNFUJEPT
BMQSJODJQJPEFPCFEJFODJBKFSgSRVJDB&OMPTDBTPTEFFKFDVDJwOFYUSBKVEJDJBMUPSUVSB
ZEFTBQBSJDJwOGPS[BEBEFDJWJMFTDPNFUJEPTQPSNJMJUBSFTPQPMJDrBTMPTUSJCVOBMFT
NJMJUBSFTOJFHBOFMEFSFDIPBVOSFDVSTPFGFDUJWPZBMBWFSEBEEFMBTWrDUJNBTZEF
TVTGBNJMJBSFTZDPOTUJUVZFOVOBUSBTHSFTJwOQPSQBSUFEFM&TUBEPEFTVPCMJHBDJwOEF
JOWFTUJHBSDBTUJHBSZSFQBSBSMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
%FTEF IBDF WBSJBT EnDBEBT MB DPNVOJEBE JOUFSOBDJPOBM IB FYQSFTBEP TV QSFPDV
QBDJwO QPS FTUB QSgDUJDB Z MB OFDFTJEBE RVF TFBO USJCVOBMFT PSEJOBSJPT MPT RVF
DPOP[DBOEFFTUPTIFDIPTZFOKVJDJFOBTVTBVUPSFT"TrDBCFNFODJPOBSMB3FVOJwO
EF&YQFSUPTDFMFCSBEBFOQSFQBSBUPSJBEFM*7$POHSFTPEFMBT/BDJPOFT6OJEBT
QBSBMB1SFWFODJwOEFM$SJNFOZFM5SBUBNJFOUPEFM%FMJODVFOUFSFBMJ[BEPFO
RVF TFvBMw MB OFDFTJEBE EF NBOUFOFS MB KVSJTEJDDJwO DJWJM QBSB MB SFQSFTJwO EF MPT
BCVTPTEFQPEFS
*OEFQFOEJFOUFNFOUFEFRVFMBDVFTUJwOEFTJMPTUSJCVOBMFTNJMJUBSFTSF|OFOPOPMBT
DPOEJDJPOFTJOIFSFOUFTBVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBMZTVTQSPDFEJNJFOUPT
DVNQMFO P OP DPO MPT FTUgOEBSFT JOUFSOBDJPOBMFT EFM EFCJEP QSPDFTP MB DVFTUJwO
GVOEBNFOUBMFONBUFSJBEFJNQVOJEBEFTTJFTUPTUSJCVOBMFTUJFOFOPOPDPNQFUFODJB
QBSBDPOPDFSEFMBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZKV[HBSBTVTBVUPSFT
&YJTUFOQPDBTOPSNBTJOUFSOBDJPOBMFTRVFFYQSFTBNFOUFSFHVMFOFMGVFSPNJMJUBSFO
SFMBDJwODPOFMKV[HBNJFOUPEFBVUPSFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
/PPCTUBOUFDBCFEFTUBDBSMPTTJHVJFOUFT
%BMNP%F"CSFV%BMMBSJ²+VSJTEJDDJPOFTOBDJPOBMFTZEFSFDIPTIVNBOPT³FO+PSOBEBT*OUFSOBDJPOBMFTDPOUSB
MB*NQVOJEBE&E$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBTZ$PNJTJwO/BDJPOBM$POTVMUJWBEF%FSFDIPT)VNBOPT
EF'SBODJB(JOFCSBQgHJOB
(6Ê"1"3"130'&4*0/"-&4/P
v -B%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBEFTBQBSJDJwO
GPS[BEB DVZP BSUrDVMP FTUJQVMB RVF MBT QFSTPOBT BVUPSBT P DwNQMJDFT EF
EFTBQBSJDJwOGPS[BEB
²<©> TwMP QPESgO TFS KV[HBEBT QPS MBT KVSJTEJDDJPOFT EF EFSFDIP DPN|O
DPNQFUFOUFT FO DBEB &TUBEP DPO FYDMVTJwO EF UPEB PUSB KVSJTEJDDJwO
FTQFDJBMFOQBSUJDVMBSMBNJMJUBS³
v -B$POWFODJwO*OUFSBNFSJDBOBTPCSFMB%FTBQBSJDJwO'PS[BEBEF1FSTPOBTRVFFO
TVBSUrDVMP*9FTUBCMFDFRVF
²-PTQSFTVOUPTSFTQPOTBCMFTEFMPTIFDIPTDPOTUJUVUJWPTEFEFTBQBSJDJwO
GPS[BEBTwMPQPESgOTFSKV[HBEPQPSMBTKVSJTEJDDJPOFTEFEFSFDIPDPN|O
DPNQFUFOUFTFODBEB&TUBEPDPOFYDMVTJwOEFUPEBKVSJTEJDDJwOFTQFDJBM
FOQBSUJDVMBSMBNJMJUBS
-PTIFDIPTDPOTUJUVUJWPTEFEFTBQBSJDJwOGPS[BEBOPQPESgODPOTJEFSBSTF
DPNPDPNFUJEPTFOFMFKFSDJDJPEFMBTGVODJPOFTNJMJUBSFT³
v &M $POKVOUP BDUVBMJ[BEP EF QSJODJQJPT QBSB MB QSPUFDDJwO Z MB QSPNPDJwO EF MPT
EFSFDIPT IVNBOPT NFEJBOUF MB MVDIB DPOUSB MB JNQVOJEBE RVF DPOUJFOF EPT
EJTQPTJDJPOFTBMSFTQFDUP
1SJODJQJP²-PT&TUBEPTJODPSQPSBSgOHBSBOUrBTDPOUSBMBTEFTWJBDJPOFT
BRVFQVFEBEBSMVHBSFMVTPEFMBQSFTDSJQDJwOMBBNOJTUrBFMEFSFDIPEF
BTJMPMBEFOFHBDJwOEFMBFYUSBEJDJwOOPOCJTJOJEFNMBPCFEJFODJBEFCJEB
MBTJONVOJEBEFTP¾DJBMFTMBTMFZFTTPCSF²BSSFQFOUJEPT³MBDPNQFUFODJB
EFMPTUSJCVOBMFTNJMJUBSFTBTrDPNPFMQSJODJQJPEFMBJOBNPWJMJEBEEFMPT
KVFDFTRVFQSPNVFWFMBJNQVOJEBEPDPOUSJCVZFBFMMB³
1SJODJQJP²-BDPNQFUFODJBEFMPTUSJCVOBMFTNJMJUBSFTEFCFSgMJNJUBSTFB
MBTJOGSBDDJPOFTEFDBSgDUFSFTQFDr¾DBNFOUFNJMJUBSDPNFUJEBTQPSNJMJUBSFT
DPOFYDMVTJwOEFMBTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTMBTDVBMFTTPO
DPNQFUFODJBEFMPTUSJCVOBMFTOBDJPOBMFTPSEJOBSJPTPFOTVDBTPDVBOEP
TFUSBUFEFEFMJUPTHSBWFTDPOGPSNFBMEFSFDIPJOUFSOBDJPOBMEFVOUSJCVOBM
QFOBMJOUFSOBDJPOBMJOUFSOBDJPOBMJ[BEP³
v "TJNJTNPDBCFNFODJPOBSFM1SPZFDUPEF1SJODJQJPTTPCSFMB"ENJOJTUSBDJwOEF
KVTUJDJBQPS5SJCVOBMFT.JMJUBSFTBEPQUBEPQPSMB4VCDPNJTJwOEF1SPNPDJwOZ
1SPUFDDJwOEFMPT%FSFDIPT)VNBOPTEFMBT/BDJPOFT6OJEBT"VORVFUPEBWrBTF
&O-BBENJOJTUSBDJwOEFKVTUJDJBQPSMPTUSJCVOBMFTNJMJUBSFT*OGPSNFQSFTFOUBEPQPSFM3FMBUPS&TQFDJBMEF
MB 4VCDPNJTJwO EF 1SPNPDJwO Z 1SPUFDDJwO EF MPT %FSFDIPT )VNBOPT &NNBOVFM %FDBVY %PDVNFOUP EF
/BDJPOFT6OJEBT&$/EFEFFOFSPEF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
USBUBEFVO1SPZFDUPEF1SJODJQJPTFM5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTIB
DPOTJEFSBEPRVFSF¿FKBOMBFWPMVDJwOEFMEFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPT
IVNBOPTFOFMDBNQPEFMPTUSJCVOBMFTNJMJUBSFTZMPIBFNQMFBEPDPNPGVFOUF
KVSrEJDB&M1SJODJQJP²&OKVJDJBNJFOUPEFMPTBVUPSFTEFWJPMBDJPOFTHSBWFTEF
MPTEFSFDIPTIVNBOPT³QSFTDSJCFRVF
²&OUPEPDBTPMBDPNQFUFODJBEFMPTwSHBOPTKVEJDJBMFTNJMJUBSFTEFCFSrB
FYDMVJSTFFOGBWPSEFMBEFMPTUSJCVOBMFTEFKVTUJDJBPSEJOBSJPTQBSBJOTUSVJS
EJMJHFODJBT TPCSF WJPMBDJPOFT HSBWFT EF MPT EFSFDIPT IVNBOPT DPNP MBT
FKFDVDJPOFTFYUSBKVEJDJBMFTMBTEFTBQBSJDJPOFTGPS[BEBTZMBUPSUVSBZQBSB
QFSTFHVJSZKV[HBSBMPTBVUPSFTEFFTPTDSrNFOFT³
4J CJFO FYJTUF VO En¾DJU EF JOTUSVNFOUPT JOUFSOBDJPOBMFT TPCSF FTUB DVFTUJwO MB
BOUJHVB$PNJTJwOEF%FSFDIPT)VNBOPTZTV4VCDPNJTJwOEF1SPNPDJwOZ1SPUFDDJwO
EF%FSFDIPT)VNBOPTBEPQUBSPOWBSJBTSFTPMVDJPOFTJOTUBOEPMPT&TUBEPTBFYDMVJS
MBTHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTEFMgNCJUPEFMPTUSJCVOBMFTNJMJUBSFT
"TrDBCFEFTUBDBS
…
-BSFTPMVDJwOEFMB$PNJTJwOEF%FSFDIPT)VNBOPTSFDPNFOEBOEPB
MPT&TUBEPTUFOFSQSFTFOUFZQPOFSFOQSgDUJDBMPTQSJODJQJPTFOVNFSBEPTFOFM
1SPZFDUPEF%FDMBSBDJwOTPCSFMB*OEFQFOEFODJBEFMB+VTUJDJB&MQSJODJQJPG EFM 1SPZFDUP EF %FDMBSBDJwO P %FDMBSBDJwO 4JOHIWJ FYQSFTBNFOUF FTUJQVMBCB
RVFMBDPNQFUFODJBEFMPTUSJCVOBMFTNJMJUBSFTEFCFFTUBSMJNJUBEBBMPTEFMJUPT
NJMJUBSFT
…
-BSFTPMVDJwO²'VFS[BTEFEFGFOTBDJWJM³SFDPNFOEwRVFDVBOEP²TF
DSFFOGVFS[BTBSNBEBTEFEFGFOTBDJWJM³MPT&TUBEPTFTUBCMF[DBOFOTVEFSFDIP
JOUFSOPRVF²MPTEFMJUPTRVFJNQMJRVFOWJPMBDJPOFTEFEFSFDIPTIVNBOPTQPS
FTBTGVFS[BTFTUBSgOTVKFUPTBMBKVSJTEJDDJwOEFMPTUSJCVOBMFTDJWJMFT³
…
-BSFTPMVDJwOFOMBRVFMBFY$PNJTJwOEF%FSFDIPT)VNBOPTUPNw
OPUBEFMBSFDPNFOEBDJwOEFM(SVQPEF5SBCBKPTPCSF%FTBQBSJDJPOFT'PS[BEBT
F*OWPMVOUBSJBTTPCSF²FMFOKVJDJBNJFOUPQPSKVSJTEJDDJPOFTEFEFSFDIPDPN|OEF
MPTQSFTVOUPTBVUPSFT²EFEFTBQBSJDJwOGPS[BEB
…
-BTSFTPMVDJPOFTZEFMBFY4VCDPNJTJwOFOMBTRVFFYIPSUwB
²MPTHPCJFSOPTEFRVFTFUSBUBBOPEFKBSJNQVOFTMPTDSrNFOFTRVFTFDPNFUBO
DPOUSBMPTEFGFOTPSFTEFMPTEFSFDIPTIVNBOPTBQFSNJUJSZGBDJMJUBSUPEBTMBT
5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT4FOUFODJBEFMEFNBZPEF$BTP&SHJOD5VSRVrB$PNVOJDB
DJwO/P
Z4FOUFODJBEFEFTFQUJFNCSFEF$BTP.BT[OJD3VNBOJB$PNVOJDBDJwO/P
3FTPMVDJwO²'VFS[BTEFEFGFOTBDJWJM³QgSSBGP
3FTPMVDJwOQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
JOWFTUJHBDJPOFTOFDFTBSJBTZBWFMBSQPSRVFTFKV[HVFFOVOUSJCVOBMDJWJMZTF
DBTUJHVFBMPTBVUPSFTZQPSRVFTFQBHVFJOEFNOJ[BDJwOBMBTGBNJMJBTEFMBT
WrDUJNBT³
&M4JTUFNB6OJWFSTBMEF1SPUFDDJwOEF%FSFDIPT)VNBOPT
B -PTwSHBOPTEFUSBUBEPTEFEFSFDIPTIVNBOPT
-PTwSHBOPTEFUSBUBEPTEFEFSFDIPTIVNBOPTEF/BDJPOFT6OJEBTIBOBCPSEBEP
FMQSPCMFNBEFMBQSgDUJDBEFMKV[HBNJFOUPEFNJMJUBSFTZEFQPMJDrBTQPSWJPMBDJPOFT
EFEFSFDIPTIVNBOPTQPSUSJCVOBMFTNJMJUBSFTPQPMJDJBMFT"VORVFFTUPTwSHBOPT
EF USBUBEPT IBO MMFHBEP QBVMBUJOBNFOUF B MB NJTNB DPODMVTJwO FM EFTBSSPMMP EF
TVEPDUSJOBZKVSJTQSVEFODJBIBTJEPEFTJHVBM&MMPTFEFCFGVOEBNFOUBMNFOUFBMB
OBUVSBMF[BEFMPTEFSFDIPTZPCMJHBDJPOFTRVFDBEBwSHBOPEFCFWJHJMBS&M$PNJUnEF
%FSFDIPT)VNBOPTIBTJEPFMwSHBOPQPSFYDFMFODJBRVFIBDPOTUSVJEPVOBEPDUSJOB
BDFSDB EFM KV[HBNJFOUP EF NJMJUBSFT Z EF QPMJDrBT QPS WJPMBDJPOFT EF EFSFDIPT
IVNBOPT QPS USJCVOBMFT NJMJUBSFT P QPMJDJBMFT &O NFOPS NFEJEB UBNCJnO MP IBO
IFDIPFM$PNJUnDPOUSBMB5PSUVSBZFM$PNJUnEFMPT%FSFDIPTEFM/JvP
B $PNJUnEF%FSFDIPT)VNBOPT
&M 1BDUP *OUFSOBDJPOBM EF %FSFDIPT $JWJMFT Z 1PMrUJDPT OP DPOUJFOF VOB EJTQPTJDJwO
FYQMrDJUBTPCSFMPTUSJCVOBMFTNJMJUBSFT/PPCTUBOUFTVBSUrDVMP
FTUBCMFDFFM
EFSFDIPBVOSFDVSTPFGFDUJWPEFOBUVSBMF[BKVEJDJBM*HVBMNFOUFFMBSUrDVMPEFM
1BDUPSFDPOPDFFMEFSFDIPBVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBMZBMBTHBSBOUrBT
KVEJDJBMFTEFMEFCJEPQSPDFTP&TUBTEPTEJTQPTJDJPOFTTPOMPTQJMBSFTEFMBEPDUSJOB
EFM$PNJUnEF%FSFDIPT)VNBOPTFONBUFSJBEFUSJCVOBMFTNJMJUBSFT
-BEPDUSJOBEFM$PNJUnEF%FSFDIPT)VNBOPTIBSFHJTUSBEPVOBHSBOFWPMVDJwOFO
MPTRVJODFBvPTFOMPRVFSFTQFDUBFMUFNBEFMKV[HBNJFOUPEFNJMJUBSFTZQPMJDrBT
SFTQPOTBCMFT EF WJPMBDJPOFT EF EFSFDIPT IVNBOPT QPS USJCVOBMFT NJMJUBSFT
*OJDJBMNFOUFFM$PNJUnOPDPOTJEFSBCBRVFFTUBQSgDUJDBGVFSBJODPNQBUJCMFQFSTF
DPOMBTEJTQPTJDJPOFTEFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTZFO
QBSUJDVMBSTVBSUrDVMP4JOFNCBSHPBSBr[EFMBPCTFSWBDJwOEFMBJNQMFNFOUBDJwO
EFM1BDUPQPSMPT&TUBEPT1BSUFTZFMFYBNFOEFTVTSFQPSUFTQFSJwEJDPTFM$PNJUn
GVFDBNCJBOEPTVQPTJDJwO
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/P*HVBMEBEBOUFMPTUSJCVOBMFTZEFSFDIPEFUPEB
QFSTPOBBTFSPrEBQ|CMJDBNFOUFQPSVOUSJCVOBMDPNQFUFOUFFTUBCMFDJEPQPSMBMFZBSUrDVMPEFM1BDUP
QgSSBGPBEPQUBEBFOFMœQFSrPEPEFTFTJPOFT%PDVNFOUPEF/BDJPOFT6OJEBT)3(&/3FW
QgHJOB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
)PZErBFM$PNJUnEF%FSFDIPT)VNBOPTDPOTJEFSBRVFMBQSgDUJDBEFMKV[HBNJFOUP
EF NJMJUBSFT Z QPMJDrBT SFTQPOTBCMFT EF WJPMBDJPOFT EF EFSFDIPT IVNBOPT QPS
USJCVOBMFTNJMJUBSFTOPFTDPNQBUJCMFDPOMBTPCMJHBDJPOFTEFM1BDUP*OUFSOBDJPOBM
EF%FSFDIPT$JWJMFTZ1PMrUJDPTFOQBSUJDVMBSMBTRVFEJNBOBOEFTVTBSUrDVMPT
EFSFDIPBVOSFDVSTPFGFDUJWPZTPCSFFMEFSFDIPBVOKVJDJPKVTUPQPSVOUSJCVOBM
DPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBM3FJUFSBEBNFOUFFM$PNJUnIBSFDPNFOEBEP
BMPT&TUBEPTSFGPSNBSTVTKVSJTEJDDJPOFTNJMJUBSFTQBSBRVFnTUBTTFMJNJUFOBKV[HBS
EFMJUPTFTUSJDUBNFOUFNJMJUBSFTDPNFUJEPTQPSQFSTPOBMNJMJUBSZRVFTFFYDMVZBEFM
gNCJUP EF DPNQFUFODJB EF MPT USJCVOBMFT NJMJUBSFT FM DPOPDJNJFOUP Z KV[HBNJFOUP
EF MBT HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT DPNFUJEBT QPS QFSTPOBM NJMJUBS P
QPMJDJBM &O NVDIBT PDBTJPOFT FM $PNJUn DPOTJEFSw RVF MPT USJCVOBMFT NJMJUBSFT
OPSFVOrBOMBTDBSBDUFSrTUJDBTFYJHJEBTQPSFMBSUrDVMPEFM1BDUP*OUFSOBDJPOBMEF
%FSFDIPT$JWJMFTZ1PMrUJDPT 1FSPNgTBMMgEFMBTWJDJTJUVEFTEFMPTQSPDFEJNJFOUPT
QFOBMFT NJMJUBSFT Z EF MBT JODPOTJTUFODJBT EF MBT KVSJTEJDDJPOFT NJMJUBSFT DPO MPT
SFRVJTJUPT EFM BSUrDVMP EFM 1BDUP FM $PNJUn IB DPOTJEFSBEP RVF MPT USJCVOBMFT
NJMJUBSFT OP TPO DPNQFUFOUFT QBSB DPOPDFS EF HSBWFT WJPMBDJPOFT B MPT EFSFDIPT
IVNBOPTDPNQFUFODJBRVFDPSSFTQPOEFBMBKVSJTEJDDJwOPSEJOBSJB
&M$PNJUnEF%FSFDIPT)VNBOPTIBDPOTJEFSBEPDPOUSBSJPTFOTVDPNPVOGBDUPS
QPTJUJWPZRVFDPOUSJCVZFBMBJNQMFNFOUBDJwOEFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT
DJWJMFT Z 1PMrUJDPT MBT NFEJEBT Z SFGPSNBT BEPQUBEBT QPS MPT &TUBEPT 1BSUFT RVF
QSPIrCFO RVF USJCVOBMFT NJMJUBSFT P QPMJDJBMFT KV[HVFO B NJMJUBSFT P QPMJDrBT QPS
WJPMBDJPOFTBMPTEFSFDIPTIVNBOPTZRVFPUPSHBOFTUBDPNQFUFODJBBMBKVSJTEJDDJwO
PSEJOBSJB
&OEFDJTJPOFTTPCSFDPNVOJDBDJPOFTJOEJWJEVBMFTQSFTFOUBEBTFOWJSUVEEFM1SPUP
DPMPGBDVMUBUJWPBM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTFM$PNJUnEF
%FSFDIPT)VNBOPTIBFYBNJOBEPFMQSPCMFNBEFMKV[HBNJFOUPEFNJMJUBSFTQPSWJP
MBDJPOFTEFEFSFDIPTIVNBOPTQPSUSJCVOBMFTNJMJUBSFT&OFTUPTDBTPTFM$PNJUnEF
%FSFDIPT)VNBOPTIBBCPSEBEPFTUBQSPCMFNgUJDBEFTEFMBwQUJDBEFMBFYJTUFODJB
0CTFSWBDJPOFT EFM $PNJUn EF %FSFDIPT )VNBOPT TPCSF #PMJWJB $$13$"EE EF NBZP EF QgSSBGP$PMPNCJB$$13$"EEEFTFQUJFNCSFEFQgSSBGPTZZ$$13$"EEEF
EFNBZPEFQgSSBGP1FS|$$13$"EEEFTFQUJFNCSFEFQgSSBGP7FOF[VFMB
$$13$"EEEFEJDJFNCSFEFQgSSBGPTZ$SPBDJB$$13$"EE"EF
EJDJFNCSFEFQgSSBGP#SBTJM$$13$"EEEFKVMJPEFQgSSBGP-rCBOP$$13
$"EEEFEFBCSJMEFQgSSBGP$IJMF$$13$"EEEFNBS[PEFQgSSBGP
3FQ|CMJDB%PNJOJDBOB$$13$0%0.EFBCSJMEFQgSSBGP(VBUFNBMB$$13$0(5.
EF BHPTUP EF QgSSBGPT Z &M 4BMWBEPS EF BCSJM EF $$13$"EE QgSSBGP &DVBEPSEFBHPTUPEF$$13$"EEQgSSBGP&HJQUPEFBHPTUPEF$$13$
"EEQgSSBGP1PMPOJBEFKVMJPEF$$13$"EEQgSSBGP$BNFS|OEFOPWJFNCSF
EF$$13$"EEQgSSBGP.BSSVFDPTEFPDUVCSFEF"QgSSBGP4JSJB
EFNBZPEF$$13$04:3QgSSBGP'FEFSBDJwO3VTBEFKVMJPEF$$13$"EE
QgSSBGP&TMPWBRVJBEFBHPTUPEF$$13$"EEQgSSBGP6[CFLJTUgOEFBCSJMEF
$$13$06;#QgSSBGP
0CTFSWBDJPOFT EFM $PNJUn EF %FSFDIPT )VNBOPT TPCSF #PMJWJB EPD DJU QgSSBGP &M 4BMWBEPS $$13
$"EEEFEFBCSJMEFQgSSBGPZ$$13$"EEEFEFBHPTUPEFQgSSBGPZ
(VJOFB$$13$"EEEFEFBCSJMEFQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
EFVOSFDVSTPJEwOFPZEFTVBHPUBNJFOUPZIBDPOTJEFSBEPRVFMPTUSJCVOBMFTNJMJ
UBSFTOPDPOTUJUVZFOVOQSPDFEJNJFOUPFGFDUJWPQBSBMBTWrDUJNBTEFHSBWFTWJPMBDJP
OFTEFEFSFDIPTIVNBOPTZTVGBNJMJBSFT
B&M$PNJUnDPOUSBMB5PSUVSB
-B$POWFODJwODPOUSBMB5PSUVSBZPUSPT5SBUPTZ1FOBT$SVFMFT*OIVNBOPTZ%FHSB
EBOUFTUBNQPDPDPOUJFOFVOBEJTQPTJDJwOFYQMrDJUBTPCSFMPTUSJCVOBMFTNJMJUBSFTOJ
QSFTDSJCFFYQMrDJUBNFOUFRVFMPTQSFTVOUPTBVUPSFTEFMEFMJUPEFUPSUVSBEFCBOTFS
QSPDFTBEPTQPSMBKVSJTEJDDJwOPSEJOBSJBDPOFYDMVTJwOEFMBTDPSUFTDBTUSFOTFT/P
PCTUBOUFMB$POWFODJwOFTUBCMFDFMBPCMJHBDJwOEFUJQJ¾DBSDPNPEFMJUPMBUPSUVSBZ
DBTUJHBSFMEFMJUP²DPOQFOBTBEFDVBEBTFOMBTRVFTFUFOHBFODVFOUBTVHSBWFEBE³
*HVBMNFOUFFMBSUrDVMPEFMB$POWFODJwOJNQPOFMBPCMJHBDJwOBM&TUBEP1BSUFEF
FKFSDFSTVKVSJTEJDDJwOQFOBMTPCSFMPTBDUPTEFUPSUVSBDPNFUJEPTFOUFSSJUPSJPCBKP
TVKVSJTEJDDJwOPDVBOEPFMQSFTVOUPEFMJODVFOUFPMBWrDUJNBTFBOOBDJPOBMFTEFFTF
&TUBEP"TJNJTNPFMBSUrDVMPFTUBCMFDFMBPCMJHBDJwOEFM&TUBEP1BSUFEFQSPDFTBS
PEFFYUSBEJUBSBUPEPQSFTVOUPEFMJODVFOUFRVFTFIBMMFFODVBMRVJFSUFSSJUPSJPCBKP
TVKVSJTEJDDJwOQSJODJQJPBVUEFEFSFBVUKVEJDBSF
1FTF BM WBDrP OPSNBUJWP FM $PNJUn DPOUSB MB 5PSUVSB FO WBSJBT PQPSUVOJEBEFT
IB DPOTJEFSBEP RVF MPT NJMJUBSFT QSFTVOUPT BVUPSFT EFM EFMJUP EF UPSUVSB EFCFO
TFS KV[HBEPT QPS USJCVOBMFT PSEJOBSJPT Z OP QPS KVSJTEJDDJPOFT NJMJUBSFT "Tr MP IB
FYQSFTBEPFM$PNJUnFOWBSJBTEFTVTPCTFSWBDJPOFTZSFDPNFOEBDJPOFTB&TUBEPT
1BSUFT "TJNJTNP FM $PNJUn IB TFvBMBEP DPNP BTQFDUP QPTJUJWP ²MB MJNJUBDJwO
EFMBKVSJTEJDDJwONJMJUBSBEFMJUPTZGBMUBTFTFODJBMNFOUFNJMJUBSFTZMBDPOTFDVFOUF
SBEJDBDJwOFOMPTUSJCVOBMFTPSEJOBSJPTEFMKV[HBNJFOUPEFMPTJOEJWJEVPTEFMGVFSP
NJMJUBSRVFJODVSSFOFOEFMJUPTDPNVOFTPDPOFYPT³
%FDJTJwOEFEFKVMJPEF$PNVOJDBDJwO/P$BTP+PTn7JDFOUFZ"NBEP7JMMBGBvF$IBQBSSP
-VJT/BQPMFwO5PSSFT$SFTQP"OHFM.BSrB5PSSFT"SSPZPZ"OUPOJP)VHVFT$IBQBSSP5PSSFTD$PMPNCJB%PDV
NFOUPEF/BDJPOFT6OJEBT$$13$%EFEFBHPTUPEFZ%FDJTJwOEFOPWJFNCSFEF
$PNVOJDBDJwO/P$BTP/ZEJB&SJLB#BVUJTUBD$PMPNCJB%PDVNFOUPEF/BDJPOFT6OJEBT
$$13$%
"SUrDVMPEFMB$POWFODJwODPOUSBMB5PSUVSBZPUSPT5SBUPTZ1FOBT$SVFMFT*OIVNBOPTZ%FHSBEBOUFT
7FSMBT0CTFSWBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSBB1FS|%PDVNFOUPTEF/BDJPOFT6OJEBT"EF
EFKVMJPEFQVOUP&Z%Z"EFEFOPWJFNCSFEFQgSSBGPTZ$PMPNCJB%PDVNFOUP
EF/BDJPOFT6OJEBT"EFEFKVMJPEFQVOUPTZ+PSEBOJB%PDVNFOUPEF/BDJPOFT6OJEBT
" EF EF KVMJP EF 7FOF[VFMB %PDVNFOUP EF /BDJPOFT 6OJEBT " EF EF NBZP EF
$PODMVTJPOFTZSFDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB(VBUFNBMB%PDVNFOUPEF/BDJPOFT6OJEBT
"EFNBZPEFQVOUP²"TQFDUPTQPTJUJWPT²F
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
B&M$PNJUnEFMPT%FSFDIPTEFM/JvP
-B$POWFODJwOEFMPT%FSFDIPTEFM/JvPOPDPOUJFOFVOBEJTQPTJDJwOFYQMrDJUBTPCSF
MPTUSJCVOBMFTNJMJUBSFTZWJPMBDJPOFTBMPTEFSFDIPTEFMOJvPDPNFUJEBTQPSQFSTPOBM
NJMJUBS /P PCTUBOUF FT EF EFTUBDBS RVF FOUSF MBT DPOTJEFSBDJPOFT GPSNVMBEBT B
$PMPNCJBFOFM$PNJUnEFMPT%FSFDIPTEFM/JvPNBOJGFTUw²-BTWJPMBDJPOFT
EFMPTEFSFDIPTIVNBOPTZEFMPTEFSFDIPTEFMPTOJvPTEFCFSrBOTFSFYBNJOBEBT
TJFNQSFQPSUSJCVOBMFTDJWJMFTEFDPOGPSNJEBEDPOFMEFSFDIPDJWJMZOPQPSUSJCVOBMFT
NJMJUBSFT%FCFSrBEBSTFBNQMJBQVCMJDJEBEBMPTSFTVMUBEPTEFMBTJOWFTUJHBDJPOFTZ
BMBTDPOEFOBTB¾OEFEFTBMFOUBSMPTEFMJUPTZMVDIBSDPOUSBMBJNQSFTJwOEFRVFMPT
DVMQBCMFTHP[BOEFJNQVOJEBE³
-PTQSPDFEJNJFOUPTFTQFDJBMFTEFMBFY$PNJTJwOEF%FSFDIPT
)VNBOPT
-PTQSPDFEJNJFOUPTFTQFDJBMFTEFMBFY$PNJTJwOEF%FSFDIPT)VNBOPTFYBNJOBSPO
SFQFUJEBNFOUFFMQSPCMFNBEFMBQSgDUJDBEFMKV[HBNJFOUPEFNJMJUBSFTZEFQPMJDrBT
QPS WJPMBDJPOFT EF EFSFDIPT IVNBOPT QPS USJCVOBMFT NJMJUBSFT P QPMJDJBMFT 5PEPT
FMMPT DPJODJEFO FO FM EJBHOwTUJDP FO NBUFSJB EF KV[HBNJFOUP EF NJMJUBSFT Z EF
QPMJDrBTQPSWJPMBDJPOFTEFEFSFDIPTIVNBOPTMPTUSJCVOBMFTNJMJUBSFTPQPMJDJBMFT
TPOGVFOUFTHFOFSBEPSBTEFJNQVOJEBEZOPHBSBOUJ[BOMPTEFSFDIPTEFMBTWrDUJNBT
ZTVTGBNJMJBSFT
&M 3FMBUPS &TQFDJBM TPCSF MBT &KFDVDJPOFT FYUSBKVEJDJBMFT TVNBSJBT P BSCJUSBSJBT
IB SFJUFSBEBNFOUF SFDPNFOEBEP RVF FM gNCJUP EF DPNQFUFODJB EF MPT USJCVOBMFT
NJMJUBSFTTFMJNJUFFYDMVTJWBNFOUFBMQSPDFTBNJFOUPZKV[HBNJFOUPEFMPTNJFNCSPT
EFMBTGVFS[BTEFTFHVSJEBEQPSEFMJUPTFTUSJDUBNFOUFNJMJUBSFTZRVFMBTMFHJTMBDJPOFT
QFOBMFT FYDMVZBO FYQMrDJUBNFOUF EF MB KVSJTEJDDJwO NJMJUBS MPT EFMJUPT EF FKFDVDJwO
FYUSBKVEJDJBMMBUPSUVSBMBEFTBQBSJDJwOGPS[BEBZMBTEFNgTWJPMBDJPOFTHSBWFTEF
MPTEFSFDIPTIVNBOPT&M3FMBUPS&TQFDJBMDPOTJEFSwRVFFMQSPDFEJNJFOUPQFOBM
NJMJUBS EF TVTUBODJBS MBT BDDJPOFT DJWJMFT QPS WJPMBDJPOFT EF EFSFDIPT IVNBOPT
DPNFUJEBT QPS MBT 'VFS[BT "SNBEBT BOUF USJCVOBMFT NJMJUBSFT FSB ²DPOUSBSJP B MBT
OPSNBTEFKVTUJDJBOBUVSBM³3FTQFDUPEFMBQSgDUJDBGSFDVFOUFEFDPOTJEFSBSMBT
HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT DPNP ²EFMJUPT EF TFSWJDJP³ P EFMJUPT EF
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEFMPT%FSFDIPTEFM/JvP$PMPNCJB%PDVNFOUPEF/BDJPOFT6OJEBT$3$
$"EEEFGFCSFSPEFQgSSBGP
%PDVNFOUPTEF/BDJPOFT6OJEBT&$/QgSSBGP&$/"EEEFEFOPWJFNCSF
EFQgSSBGP&$/EFFOFSPEFQgSSBGPTZG &$/EF
EJDJFNCSFEFQgSSBGPTZ&$/"EEEFOPWJFNCSFEFQgSSBGPTZ
B
&$/EFEFFOFSPEFQgSSBGP&$/"EEEFFOFSPEFQgSSB
GPTZ&$/"EEEFOPWJFNCSFEFQgSSBGPZ&$/
EFFOFSPEFQgSSBGP
%PDVNFOUPEF/BDJPOFT6OJEBT&$/"EEEFGFCSFSPEFQgSSBGPD
(6Ê"1"3"130'&4*0/"-&4/P
GVODJwO³FM3FMBUPS&TQFDJBMTFvBMwRVF²<S>FTVMUBUBNCJnOBMUBNFOUFDPOUSPWFSUJEB
MBOPDJwOEFEFMJUPDPNFUJEPFOSFMBDJwODPOFMTFSWJDJPRVFTJSWFDPNPCBTFQBSB
PUPSHBS MB DPNQFUFODJB FO VO EFUFSNJOBEP DBTP B MB KVSJTEJDDJwO NJMJUBS <©> &TUB
OPDJwOIBTJEPZFTJOUFSQSFUBEBFOTFOUJEPBNQMJPIBTUBFMQVOUPEFBCBSDBSIFDIPT
WJPMBUPSJPT EF MPT EFSFDIPT IVNBOPT "EFNgT DVBOEP FO VO NJTNP JODJEFOUF
DPODVSSFOEFMJUPTNJMJUBSFTZOPNJMJUBSFTTFTVCTVNFMPRVFFTBCVTPDPOUSBDJWJMFT
EFTBSNBEPTFOMBUSBTHSFTJwOEFMSFHMBNFOUPJOUFSOPDPOFMBSHVNFOUPEFRVFBDUP
EFTFSWJDJPFTUPEPMPRVFFMNJFNCSPEFMBGVFS[BQ|CMJDBIBDFNJFOUSBTTFFODVFOUSB
VOJGPSNBEPZFOBDUJWJEBE³
&M3FMBUPS&TQFDJBMTPCSFMBDVFTUJwOEFMBUPSUVSBIBBCPSEBEPFMQSPCMFNBEFMGVFSP
NJMJUBS Z EF MB UPSUVSB EFTEF MB QFSTQFDUJWB EF MB OBUVSBMF[B EFM EFMJUP EF UPSUVSB
FTUPFTTJMBUPSUVSBQVFEFTFSPOPDPOTJEFSBEBVOEFMJUPNJMJUBS&M3FMBUPS&TQFDJBM
DPOTJEFSwRVFMBKVTUJDJBNJMJUBS²DBSFDFEFTFOUJEPFOUPEPTBRVFMMPTDBTPTFORVF
NJFNCSPT EF MBT GVFS[BT EF TFHVSJEBE IBZBO WJPMBEP HSBWFNFOUF MPT EFSFDIPT
IVNBOPT CgTJDPT EF VO DJWJM 4FNFKBOUF BDUP DPOTUJUVZF VO EFMJUP DPOUSB FM PSEFO
Q|CMJDPDJWJMZFODPOTFDVFODJBEFCFTFSKV[HBEPQPSVOUSJCVOBMDJWJM³&M3FMBUPS
DPOTJEFSw JHVBMNFOUF RVF MBT HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT OP EFCFO
FTUBSDPNQSFOEJEBTEFOUSPEFMBOPDJwOEF²EFMJUPEFGVODJwO³ZRVFMBTFKFDVDJPOFT
FYUSBKVEJDJBMFTMBUPSUVSBZMBEFTBQBSJDJwOGPS[BEBEFCFOTFSTJFNQSFEFDPNQFUFODJB
EFMBKVSJTEJDDJwOPSEJOBSJB
&M(SVQPEF5SBCBKPTPCSF%FTBQBSJDJPOFT'PS[BEBTF*OWPMVOUBSJBTIBB¾SNBEPFO
WBSJBT PQPSUVOJEBEFT RVF TV ²FYQFSJFODJB <©> IB EFNPTUSBEP RVF MPT USJCVOBMFT
NJMJUBSFTDPOUSJCVZFODPOTJEFSBCMFNFOUFBMBJNQVOJEBE³%FNBOFSBDPOTUBOUF
Z SFJUFSBEB FM (SVQP EF 5SBCBKP IB JOTJTUJEP FO RVF ²<M>B BDDJwO KVEJDJBM Z FM
QSPOVODJBNJFOUP EF QFOBT FO FM DBTP EF EFMJUPT RVF JNQMJDBO WJPMBDJPOFT HSBWFT
EF EFSFDIPT IVNBOPT DPNP MBT EFTBQBSJDJPOFT EFCFSrBO UFOFS DPNP DVBESP MPT
USJCVOBMFTDJWJMFTBVOTJMBTQFSTPOBTIBOQFSUFOFDJEPPQFSUFOFDFOBMBTGVFS[BT
BSNBEBT³
&M3FMBUPS&TQFDJBMTPCSFMBJOEFQFOEFODJBEFNBHJTUSBEPTZBCPHBEPTBMFTUVEJBS
MBKVSJTEJDDJwONJMJUBSEFNBOFSBHFOFSBMSFDPSEwRVF²<M>PTQSJODJQJPTZEFMPT
%PDVNFOUPEF/BDJPOFT6OJEBT&$/EFFOFSPEFQgSSBGP
%PDVNFOUPEF/BDJPOFT6OJEBT&$/QgSSBGP&OFTFNJTNPTFOUJEPWFS&$/
QgSSBGPTF
D
Z&$/EFEFFOFSPEFQgSSBGPH
7FS
UBNCJnOEPDVNFOUPT&$/QgSSBGP&$/EFEFFOFSPEFQgSSBGP
J
Z&$/EFEJDJFNCSFEF"OFYP*MFUSBK
%PDVNFOUPT EF /BDJPOFT 6OJEBT &$/ QgSSBGPT Z C
&$/ QgSSBGPT
Z
%PDVNFOUP EF /BDJPOFT 6OJEBT &$/ QgSSBGP 7FS BEFNgT FOUSF PUSPT &$/
QgSSBGP
%PDVNFOUP EF /BDJPOFT &$/ QgSSBGP 7FS BEFNgT FOUSF PUSPT &$/ "EE QgSSBGPZ&$/EFEFFOFSPEFQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
1SJODJQJPT#gTJDPTSFMBUJWPTBMB*OEFQFOEFODJBEFMB+VEJDBUVSBQSFWnOFMEFSFDIPEF
UPEBQFSTPOBBTFSKV[HBEBQPSMPTUSJCVOBMFTEFKVTUJDJBPSEJOBSJPTPQPSUSJCVOBMFT
MFHBMNFOUFFTUBCMFDJEPT&OGPSNBNgTDBUFHwSJDBFMQSJODJQJPG EFMPTQSJODJQJPT
EF4JOHIWJEJTQPOFRVFMBDPNQFUFODJBEFMPTUSJCVOBMFTNJMJUBSFTFTUBSgMJNJUBEBB
MPTEFMJUPTNJMJUBSFT³&M3FMBUPSSFJUFSBEBNFOUFIBSFDPNFOEBEPRVFMBTHSBWFT
WJPMBDJPOFT EF EFSFDIPT IVNBOPT OP TFBO EFM gNCJUP EF DPNQFUFODJB EF MPT
USJCVOBMFTNJMJUBSFT
&M(SVQPEF5SBCBKPTPCSFMB%FUFODJwO"SCJUSBSJBFTUJNw²RVFEFTVCTJTUJSBMHVOB
GPSNB EF KVTUJDJB NJMJUBS EFCFSrB FO UPEP DBTP SFTQFUBS DVBUSP MJNJUFT B
EFCFSrB
EFDMBSBSTFJODPNQFUFOUFQBSBKV[HBSBDJWJMFTC
EFCFSrBEFDMBSBSTFJODPNQFUFOUF
QBSB KV[HBS B NJMJUBSFT TJ FOUSF MBT WrDUJNBT IBZ DJWJMFT D
EFCFSrB EFDMBSBSTF
JODPNQFUFOUFQBSBKV[HBSBDJWJMFTZBNJMJUBSFTFOMPTDBTPTEFSFCFMJwOTFEJDJwOP
DVBMRVJFSEFMJUPRVFQPOHBPQVFEBQPOFFOQFMJHSPVOSnHJNFOEFNPDSgUJDPE
OP
FTUBSrBFOOJOH|ODBTPBVUPSJ[BEPBJNQPOFSMBQFOBEFNVFSUF³
4JTUFNBT3FHJPOBMFTEF1SPUFDDJwOEF%FSFDIPT)VNBOPT
-B$PSUFZMB$PNJTJwO*OUFSBNFSJDBOBTFO%FSFDIPT)VNBOPTIBOEFTBSSPMMBEPVO
DSJUFSJPGVOEBNFOUBMQBSBEF¾OJSFMBMDBODFEFMBKVSJTEJDDJwONJMJUBS&OTVPQJOJwO
EFCFBEPQUBSTFVODSJUFSJPGVODJPOBMMBKVSJTEJDDJwOQFOBMNJMJUBSUJFOFDPNPGVODJwO
FTFODJBMZSB[wOEFTFSFMNBOUFOJNJFOUPEFMPSEFOZEFMBEJTDJQMJOBEFOUSPEFMBT
¾MBTNJMJUBSFTZQPSMPUBOUPEFCFTFSMJNJUBEBBMPTEFMJUPTFTUSJDUBNFOUFNJMJUBSFT
DPNFUJEPTQPSQFSTPOBMNJMJUBS"TrMBTWJPMBDJPOFTHSBWFTEFEFSFDIPTIVNBOPTOP
TPOQBSUFEFMBTGVODJPOFTEFOJOHVOBGVFS[BNJMJUBSFOFMNVOEPZOPEFCFOTFSEFM
gNCJUPEFDPNQFUFODJBEFMPTUSJCVOBMFTNJMJUBSFT
-B $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT TFvBMw RVF ²MB KVSJTEJDDJwO NJMJUBS
IB TJEP FTUBCMFDJEB QPS EJWFSTBT MFHJTMBDJPOFT DPO FM ¾O EF NBOUFOFS FM PSEFO Z
MB EJTDJQMJOB EFOUSP EF MBT GVFS[BT BSNBEBT *ODMVTJWF FTUB KVSJTEJDDJwO GVODJPOBM
SFTFSWB TV BQMJDBDJwO B MPT NJMJUBSFT RVF IBZBO JODVSSJEP FO EFMJUP P GBMUB EFOUSP
EFM FKFSDJDJP EF TVT GVODJPOFT Z CBKP DJFSUBT DJSDVOTUBODJBT³ *HVBMNFOUF MB
$PSUFQSFDJTwRVF²<D>VBOEPMBKVTUJDJBNJMJUBSBTVNFDPNQFUFODJBTPCSFVOBTVOUP
RVFEFCFDPOPDFSMBKVTUJDJBPSEJOBSJBTFWFBGFDUBEPFMEFSFDIPBMKVF[OBUVSBMZ
B GPSUJPSJ FM EFCJEP QSPDFTP FM DVBM B TV WF[ FODVnOUSFTF rOUJNBNFOUF MJHBEP BM
%PDVNFOUPEF/BDJPOFT6OJEBT&$/"EEQgSSBGP
%PDVNFOUPTEF/BDJPOFT6OJEBT&$/"EE&$/"EEEFEFNBS[PEF
QgSSBGPZ&$/"EEEFEFFOFSPEF
%PDVNFOUPEF/BDJPOFT6OJEBT&$/EFEFEJDJFNCSFEFQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP%VSBOEZ6HBSUFWT1FS|4FOUFODJBEFEFBHPTUPEF
4FSJF$/PQgSSBGPZ$BTP$BTUJMMP1FUSV[[JZ0USPTWT1FS|4FOUFODJBEFEFNBZPEF
4FSJF$/PQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
QSPQJPEFSFDIPEFBDDFTPBMBKVTUJDJB³"TJNJTNPMB$PSUFIBTFvBMBEPRVF²<F>O
VO&TUBEPEFNPDSgUJDPEF%FSFDIPMBKVSJTEJDDJwOQFOBMNJMJUBSIBEFUFOFSVOBMDBODF
SFTUSJDUJWPZFYDFQDJPOBMZFTUBSFODBNJOBEBBMBQSPUFDDJwOEFJOUFSFTFTKVSrEJDPT
FTQFDJBMFT WJODVMBEPT DPO MBT GVODJPOFT RVF MB MFZ BTJHOB B MBT GVFS[BT NJMJUBSFT
"TrEFCFFTUBSFYDMVJEPEFMgNCJUPEFMBKVSJTEJDDJwONJMJUBSFMKV[HBNJFOUPEFDJWJMFT
ZTwMPEFCFKV[HBSBNJMJUBSFTQPSMBDPNJTJwOEFEFMJUPTPGBMUBTRVFQPSTVQSPQJB
OBUVSBMF[BBUFOUFODPOUSBCJFOFTKVSrEJDPTQSPQJPTEFMPSEFONJMJUBS³
&OFMDBTP%VSBOEZ6HBSUFWT1FS|SFMBUJWPBEPTEFUFOJEPTEFTBQBSFDJEPTFOFM
NPUrOEFM1FOBM&M'SPOUwOFOFMDVBMNVSJFSPOQFSTPOBTDPNPDPOTFDVFODJBEFM
PQFSBUJWPNJMJUBSEFEFCFMBDJwOEFMBM[BNJFOUPEFMPTJOUFSOPTMB$PSUF*OUFSBNFSJ
DBOBDPOTJEFSwRVF²<F>OFMQSFTFOUFDBTPMPTNJMJUBSFTFODBSHBEPTEFMBEFCFMBDJwO
EFM NPUrO PDVSSJEPFOFMQFOBM&M'SPOUwOIJDJFSPOVOVTPEFTQSPQPSDJPOBEPEFMB
GVFS[BRVFFYDFEJwFONVDIPMPTMJNJUFTEFTVGVODJwOMPRVFQSPWPDwMBNVFSUFEF
VOHSBOO|NFSPEFSFDMVTPT1PSMPUBOUPMPTBDUPTRVFMMFWBSPOBFTUFEFTFOMBDF
OPQVFEFOTFSDPOTJEFSBEPTEFMJUPTNJMJUBSFTTJOPEFMJUPTDPNVOFTQPSMPRVFMB
JOWFTUJHBDJwOZTBODJwOEFMPTNJTNPTEFCJwIBCFSSFDBrEPFOMBKVTUJDJBPSEJOBSJB
JOEFQFOEJFOUFNFOUFEFRVFMPTTVQVFTUPTBVUPSFTIVCJFSBOTJEPNJMJUBSFTPOP³
-B$PSUFDPODMVZwRVFEBEPRVFMBJOWFTUJHBDJwOGVFBEFMBOUBEBQPSMBKVSJTEJDDJwO
NJMJUBS²MBTWrDUJNBTPTVTGBNJMJBSFTOPDPOUBSPODPOVOSFDVSTPFGFDUJWPRVFMFTHB
SBOUJ[BSBFMFKFSDJDJPEFTVTEFSFDIPT³%BEPRVFMPTUSJCVOBMFTFTUBCBOJOUFHSB
EPTQPSNJFNCSPTEFMBT'VFS[BT"SNBEBTFOTFSWJDJPBDUJWPMB$PSUFDPOTJEFSwRVF
²FTUBCBOJODBQBDJUBEPTQBSBSFOEJSVOEJDUBNFOJOEFQFOEJFOUFFJNQBSDJBM³-B
$PSUF*OUFSBNFSJDBOBEFDMBSwRVFFM&TUBEPQFSVBOPIBCrBWJPMBEPMPTBSUrDVMPT
EFSFDIPBVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBM
ZEFSFDIPBVOSFDVSTPFGFD
UJWP
EFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT-B$PSUFIBSFJUFSBEP
FOWBSJBTPQPSUVOJEBEFTFTUBKVSJTQSVEFODJBZIBSFB¾SNBEPRVFFMQSPDFTBNJFOUP
Z KV[HBNJFOUP EF MBT HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT DPSSFTQPOEFO B MB
KVSJTEJDDJwOPSEJOBSJB
-B $PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB B¾SNBEP FO SFJUFSBEBT
PDBTJPOFT RVF FO NBUFSJB EF JOWFTUJHBDJwO QSPDFTBNJFOUP Z TBODJwO EF NJMJUBSFT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP$BTUJMMP1FUSV[[JZ0USPTWT1FS|EPDDJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP$BOUPSBM#FOBWJEFTWT1FS|4FOUFODJBEFEFBHPTUP
EF4FSJF$/PQgSSBGP
$BTP%VSBOEZ6HBSUFWT1FS|EPDDJUQgSSBGP
*CJEQgSSBGP
*CJEQgSSBGP
*CJEQgSSBGPTZSFTPMVUJWP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFMB².BTBDSFEF.BQJSJQgO³WT$PMPNCJB4FOUFODJBEF
EFTFQUJFNCSFEF4FSJF$/P$BTP$PNFSDJBOUFTWT$PMPNCJB4FOUFODJBEFEFKVMJPEF
4FSJF$/P$BTP-BT1BMNFSBTWT$PMPNCJB4FOUFODJBEFEFEJDJFNCSFEF4FSJF$/P
Z$BTP$BOUPSBM#FOBWJEFTWT1FS|4FOUFODJBEFEFBHPTUPEF4FSJF$/PQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
BVUPSFT EF WJPMBDJPOFT EF EFSFDIPT IVNBOPT MPT USJCVOBMFT NJMJUBSFT WJPMBO FM
EFSFDIP B MB KVTUJDJB Z DPODVMDBO HSBWFNFOUF PCMJHBDJPOFT CBKP MB %FDMBSBDJwO
"NFSJDBOB EF %FSFDIPT Z %FCFSFT EFM )PNCSF Z MB $POWFODJwO "NFSJDBOB TPCSF
%FSFDIPT )VNBOPT &O WBSJBT PQPSUVOJEBEFT MB $PNJTJwO IB SFDPNFOEBEP UBOUP
B MPT &TUBEPT NJFNCSPT EF MB 0&" DPNP B MPT &TUBEPT 1BSUFT EF MB $POWFODJwO
"NFSJDBOB TPCSF %FSFDIPT )VNBOPT MB SFTUSJDDJwO EFM gNCJUP EF MB KVSJTEJDDJwO
QFOBMNJMJUBSZFOFTQFDJBMMBFYDMVTJwOEFTVwSCJUBEFDPNQFUFODJBMBTWJPMBDJPOFTB
MPTEFSFDIPTIVNBOPT-B$PNJTJwOIBDPODMVJEPRVFFOHFOFSBM²MPTUSJCVOBMFT
NJMJUBSFT QPS TV QSPQJB OBUVSBMF[B OP TBUJTGBDFO MPT SFRVJTJUPT EF VO USJCVOBM
JOEFQFOEJFOUF F JNQBSDJBM BQMJDBCMF B MPT QSPDFTPT EF DJWJMFT QPSRVF OP GPSNBO
QBSUFEFMBKVTUJDJBDJWJMJOEFQFOEJFOUFTJOPEFMQPEFSFKFDVUJWPZEFCJEPBRVFTV
QSPQwTJUPGVOEBNFOUBMFTNBOUFOFSFMPSEFOZMBEJTDJQMJOBTBODJPOBOEPMPTEFMJUPT
NJMJUBSFTDPNFUJEPTQPSMPTJOUFHSBOUFTEFMBDPNVOJEBENJMJUBS&OUBMFTJOTUBODJBT
GVODJPOBSJPT NJMJUBSFT BTVNFO FM QBQFM EF KVFDFT NJFOUSBT RVF BM NJTNP UJFNQP
TJHVFOTJFOEPTVCPSEJOBEPTEFTVTTVQFSJPSFTEFBDVFSEPDPOMBKFSBSRVrBNJMJUBS
FTUBCMFDJEB³-B$PNJTJwOIBQSFDJTBEPRVF
²&TUPOPRVJFSFEFDJSRVFMPTUSJCVOBMFTNJMJUBSFTOPUFOHBOSB[wOEFTFS
FOMPTTJTUFNBTKVEJDJBMFTNJMJUBSFTEFMPT&TUBEPTNJFNCSPT-B$PNJTJwO
IBSFDPOPDJEPBFTUFSFTQFDUPRVFMPTUSJCVOBMFTNJMJUBSFTQVFEFOFOQSJO
DJQJPDPOTUJUVJSVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBMQBSBMPTFGFDUPTEFM
QSPDFTBNJFOUP EF JOUFHSBOUFT EF MBT GVFS[BT BSNBEBT QPS DJFSUPT EFMJUPT
SFBMNFOUFSFMBDJPOBEPTDPOFMTFSWJDJPZMBEJTDJQMJOBNJMJUBSFTRVFQPSTV
OBUVSBMF[BQVFEBOMFTJPOBSMPTJOUFSFTFTKVSrEJDPTEFMBTGVFS[BTBSNBEBT
TJFNQSF RVF MP IBHBO DPO QMFOP SFTQFUP QPS MBT HBSBOUrBT KVEJDJBMFT 4JO
FNCBSHPFOFTUPTUSJCVOBMFTOPQVFEFOKV[HBSTFWJPMBDJPOFTEFMPTEFSF
DIPTIVNBOPTVPUSPTEFMJUPTRVFOPHVBSEFOSFMBDJwODPOMBTGVODJPOFT
*OGPSNF"OVBMEFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT°0&"4FS-7**%PDSFW
DBQrUVMP*7C
*OGPSNF"OVBMEFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT0&"4FS
-7**%PD.BS[P$BQrUVMP77**
1gSSBGP*OGPSNF"OVBMEFMB$PNJTJwO*OUFSBNFSJDBOBEF
%FSFDIPT)VNBOPT0&"4FS-7**%PDSFWGFCSFSP$BQrUVMP7*7
3FDPNFOEBDJPOFT
'JOBMFT *OGPSNF "OVBM EF MB $PNJTJwO *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT ° 0&"4FS-7**
%PD$BQrUVMP7**GFCSFSP*OGPSNF"OVBMEFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT
0&"4FS-7**%PD3FW"CSJM$BQrUVMP7**4FDDJwOZ$BQrUVMP7**4FDDJwO*OGPSNF
TPCSF MB TJUVBDJwO EF MPT %FSFDIPT )VNBOPT FO #SBTJM TFQUJFNCSF 0&"4FS-7** $BQrUVMP
*** QgSSBGPT Z 4FHVOEP JOGPSNF TPCSF MB 4JUVBDJwO EF %FSFDIPT )VNBOPT FO $PMPNCJB 0&"4FS
-7**%PDSFWEFPDUVCSF5FSDFS*OGPSNFTPCSFMBTJUVBDJwOEFMPT%FSFDIPT)VNBOPTFO
$PMPNCJB0&"4FS-7**%PD3FWEF'FCSFSP*OGPSNFTPCSFMBTJUVBDJwOEFMPT%FSFDIPT
)VNBOPTFO$IJMF0&"4FS-7**EPDSFW0&"*OGPSNFTPCSFMBTJUVBDJwOEFMPT%FSFDIPT
)VNBOPTFO&DVBEPS0&"4FS-7**%PD3FW*OGPSNFTPCSFMBTJUVBDJwOEFMPT%FSFDIPT
)VNBOPTFO(VBUFNBMB0&"4FS-7**%PD0DUVCSF5FSDFS*OGPSNFTPCSFMBTJUVBDJwOEFMPT
%FSFDIPT)VNBOPTFO1BSBHVBZ0&"4FS-7***OGPSNF"OVBMEFMB$PNJTJwO*OUFSBNFSJDBOBEF
%FSFDIPT)VNBOPT0&"4FS-7**%PDNBS[PF*OGPSNFTPCSFMBTJUVBDJwOEF
MPT%FSFDIPT)VNBOPTFO4VSJOBN0&"4FS-7**%PD3FW0DUVCSF
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNFTPCSF5FSSPSJTNPZ%FSFDIPT)VNBOPT0&"4FS
-7MM%PDSFWDPSSEFEFPDUVCSFEFQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
RVFMBMFZBTJHOBBMBTGVFS[BTNJMJUBSFTMPTRVFEFCFOTPNFUFSTFBMPTUSJ
CVOBMFTPSEJOBSJPT³
&O OVNFSPTBT EFDJTJPOFT EF DBTPT JOEJWJEVBMFT MB $PNJTJwO *OUFSBNFSJDBOB EF
%FSFDIPT)VNBOPTIBSFJUFSBEPRVFFMKV[HBNJFOUPEFNJMJUBSFTZEFQPMJDrBTQPS
WJPMBDJPOFT EF EFSFDIPT IVNBOPT QPS QBSUF EF USJCVOBMFT NJMJUBSFT P QPMJDJBMFT
DPOTUJUVZFVOBUSBTHSFTJwOEFMEFSFDIPBVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBMZBM
EFCJEPQSPDFTPBTrDPNPBVOSFDVSTPFGFDUJWP
-B$PNJTJwO"GSJDBOBEFMPT%FSFDIPTEFM)PNCSFZEFMPT1VFCMPTIBDPOTJEFSBEP
RVF²VOUSJCVOBMNJMJUBSQFSTFOPFTUgFODPOUSBEJDDJwODPOMPTEFSFDIPTFTUJQVMBEPT
FO MB $BSUB "GSJDBOB OJ JNQMJDB VO QSPDFEJNJFOUP JOKVTUP Z TJO FRVJEBE <1FSP> MPT
USJCVOBMFTNJMJUBSFTEFCFOFTUBSTPNFUJEPTBMBTNJTNBTFYJHFODJBTEFFRVJEBEEF
USBOTQBSFODJBEFKVTUJDJBEFJOEFQFOEFODJBZEFSFTQFUPBMPTQSPDFEJNJFOUPTMFHBMFT
RVFMBTEFNgTJOTUBODJBT³-B$PNJTJwO"GSJDBOBIBEFMJNJUBEPFMgNCJUPOBUVSBM
EFDPNQFUFODJBSBUJPOFNBUFSJBFEFMBKVSJTEJDDJwOQFOBMNJMJUBSBMBTJOGSBDDJPOFT
NJMJUBSFT DPNFUJEBT QPS QFSTPOBM NJMJUBS "Tr FO TV ²3FTPMVDJwO TPCSF FM EFSFDIP
BVOKVJDJPKVTUPZBMBBTJTUFODJBKVSrEJDBFOÇGSJDB³EFMB$PNJTJwOBEPQUw
MB%FDMBSBDJwOZMBT3FDPNFOEBDJPOFTTPCSFFMEFSFDIPBVOKVJDJPKVTUPEPOEFTF
FTUJQVMBRVF²FMPCKFUJWPEFMPTUSJCVOBMFTNJMJUBSFTFTFMEFEFUFSNJOBSMPTEFMJUPTEF
OBUVSBMF[BQVSBNFOUFNJMJUBSDPNFUJEPTQPSQFSTPOBMNJMJUBS³
*CJEQgSSBGP
7FSFOUSFPUSPT*OGPSNF/P"MVJTJP$BWBMDBOUFZPUSPT#SBTJM
*OGPSNF/P$BTP.BTBDSF%F
3JPGSrP$BTP$PMPNCJB
*OGPSNF/P$BTP$BTP$BSMPT.BOVFM1SBEB(PO[gMF[Z&WFMJP
"OUPOJP#PMBvP$BTUSP$PMPNCJB
*OGPSNF/P$BTP$BTP-FPOFM%F+FT|T*TB[B&DIFWFSSZZ
0USP$PMPNCJB
*OGPSNF/P+PTn'nMJY'VFOUFT(VFSSFSPZPUSPT$PMPNCJB
$BTP*OGPSNF/œ
"NQBSP5PSEFDJMMB5SVKJMMP$PMPNCJB
$BTP*OGPSNF/P$BTP&DVBEPS
*OGPSNF
/P-PT6WPT$PMPNCJB
$BTPF*OGPSNF/P$BMPUP$PMPNCJB
$BTP
%FDJTJwOEFEFNBZPEF$PNVOJDBDJwO/JHFSJB
QgSSBGPPSJHJOBMFOGSBODnTUSBEVD
DJwOMJCSF
"EPQUBEBFMEFOPWJFNCSFEFFOFMQFSJPEPPSEJOBSJPEFTFTJPOFTEFMB$"%)1
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
$BQrUVMP7*
*OWFTUJHBDJwOZGVFS[BTNJMJUBSFT
²<F>MIFDIPRVFMBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
ZBCVTPTBUSJCVJEPTBNJFNCSPTEFMPTDVFSQPTQPMJDJB
MFTOPIBZBOTJEPJOWFTUJHBEPTQPSVOwSHBOPJOEFQFO
EJFOUFDPOUSJCVZFBDSFBSVODMJNBEFJNQVOJEBE³
$PNJUnEF%FSFDIPT)VNBOPT
-B BUSJCVDJwO EF GBDVMUBEFT EF ²JOWFTUJHBDJwO DSJNJOBM³ P ²QPMJDrB KVEJDJBM³ B MBT
GVFS[BTNJMJUBSFTIBTJEPSFJUFSBEBNFOUFJEFOUJ¾DBEBQPSMPTwSHBOPTJOUFSOBDJPOBMFT
EF QSPUFDDJwO EF MPT EFSFDIPT IVNBOPT DPNP VOB GVFOUF EF JNQVOJEBE &TUB
QSgDUJDB WVMOFSB MB PCMJHBDJwO JOUFSOBDJPOBM EFM &TUBEP EF SFBMJ[BS JOWFTUJHBDJPOFT
JOEFQFOEJFOUFT JNQBSDJBMFT Z FGFDUJWBT EF MBT HSBWFT WJPMBDJPOFT B MPT EFSFDIPT
IVNBOPT 1FSP UBNCJnO QVFEF USBOTHSFEJS MB PCMJHBDJwO EF KV[HBS Z DBTUJHBS B
MPT BVUPSFT EF FTUBT WJPMBDJPOFT 4J CJFO OP FYJTUFO OPSNBT JOUFSOBDJPOBMFT RVF
FYQSFTBNFOUFSFHVMFOFTUBQSgDUJDBTVDPNQBUJCJMJEBEDPOFMEFSFDIPJOUFSOBDJPOBM
EFCFTFSFWBMVBEBBMBMV[EFMPTFTUgOEBSFTJOUFSOBDJPOBMFTFONBUFSJBEFJOWFTUJHBDJwO
EFMBTHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT-PTFTUgOEBSFTJOUFSOBDJPOBMFT
QSFTDSJCFORVFMBTJOWFTUJHBDJPOFTEFCFOTFSJOEFQFOEJFOUFT&OQBSUJDVMBSFMwSHBOP
JOWFTUJHBEPSBTrDPNPMPTJOWFTUJHBEPSFTJOEJWJEVBMFTEFCFOTFSJOEFQFOEJFOUFTEF
MPTQSFTVOUPTBVUPSFTZEFMPSHBOJTNPBMRVFnTUPTQFSUFOFDFO"TJNJTNPFMDSJUFSJP
EF JOEFQFOEFODJB SFRVJFSF RVF FM wSHBOP JOWFTUJHBEPS Z MPT JOWFTUJHBEPSFT OP
FTUnOCBKPMBTVCPSEJOBDJwOPEFQFOEFODJBKFSgSRVJDBPGVODJPOBMEFMPTQSFTVOUPT
BVUPSFTZEFMPSHBOJTNPBMRVFnTUPTQFSUFOFDFO&M5SJCVOBM&VSPQFPEF%FSFDIPT
)VNBOPT IB QSFDJTBEP RVF ²HFOFSBMNFOUF QVFEF DPOTJEFSBSTF OFDFTBSJP RVF MPT
SFTQPOTBCMFTEFMMFWBSBDBCPMBJOWFTUJHBDJwOTFBOJOEFQFOEJFOUFTEFMPTJNQMJDBEPT
FOMPTIFDIPT&TUPTJHOJ¾DBRVFOPTwMPEFCFIBCFSVOBBVTFODJBUPUBMEFDPOFYJwO
KFSgSRVJDBPJOTUJUVDJPOBMTJOPUBNCJnOVOBDMBSBJOEFQFOEFODJB³&OFTFDPOUFYUP
MB BDUJWJEBE EF MPT wSHBOPT JOUFSOBDJPOBMFT EF QSPUFDDJwO EF EFSFDIPT IVNBOPT
SFTVMUBEFQSJNFSBJNQPSUBODJB
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT4SJ-BOLBEFEFKVMJPEF%PDVNFOUPEF
/BDJPOFT6OJEBT$$13$"EEQgSSBGP
5SJCVOBM &VSPQFP EF %FSFDIPT )VNBOPT 4FOUFODJB EF EF NBZP EF $BTP .D,FSS DPOUSB FM 3FJOP
6OJEPQgSSBGPZ4FOUFODJBEFEF+VMJPEF$BTP'JOVDBOFDPOUSBFM3FJOP6OJEPQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
&MTJTUFNBVOJWFSTBMEFEFSFDIPTIVNBOPT
$PNPIBTJEPJOEJDBEPFOFMDBQrUVMP***EFFTUB(VrBFM$PNJUnEF%FSFDIPT)VNBOPT
IBQSFDJTBEPRVFFYJTUFCBKPFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT
VOB²PCMJHBDJwOHFOFSBMEFJOWFTUJHBSMBTBMFHBDJPOFTEFWJPMBDJPOFTDPOSBQJEF[B
GPOEPZEFNBOFSBFGFDUJWBNFEJBOUFwSHBOPTJOEFQFOEJFOUFTFJNQBSDJBMFT³"Tr
FM$PNJUnIBSFJUFSBEBNFOUFSFDPSEBEPBMPT&TUBEPTRVFEFCFOFTUBCMFDFSwSHBOPT
ZQSPDFEJNJFOUPTJOEFQFOEJFOUFTEFMBT'VFS[BT"SNBEBTZEFMPTDVFSQPTEFQPMJDrB
QBSBJOWFTUJHBSDPOQSPOUJUVEFJNQBSDJBMJEBEMBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
ZMPTDBTPTEFVTPFYDFTJWPEFMBGVFS[BBUSJCVJCMFTBMQFSTPOBMEFMPTDVFSQPTEF
TFHVSJEBE EFM &TUBEP &M $PNJUn IB EFTUBDBEP FO WBSJBT PQPSUVOJEBEFT RVF FM
IFDIPEFRVFMBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTZBCVTPTBUSJCVJEPTBNJFNCSPT
F MPT DVFSQPT QPMJDJBMFT OP IBZBO TJEP JOWFTUJHBEPT QPS VO wSHBOP JOEFQFOEJFOUF
DPOUSJCVZFBDSFBSVODMJNBEFJNQVOJEBE
"TJNJTNP FM $PNJUn IB DPOTJEFSBEP RVF FO MPT DBTPT EF HSBWFT WJPMBDJPOFT EF
MPTEFSFDIPTIVNBOPTDPNFUJEBTQPSMBTGVFS[BTNJMJUBSFTMBTBVUPSJEBEFTDJWJMFT
EFCFSrBO SFBMJ[BS MBT JOWFTUJHBDJPOFT &O TVT 0CTFSWBDJPOFT B #PMJWJB FM $PNJUn
NBOJGFTUwTVQSFPDVQBDJwOQPSFMIFDIPRVFFMQSPDFTPEFJOWFTUJHBDJwOEFWBSJPT
EFMJUPT FTUBCB GVFSB EFM DPOUSPM KVEJDJBM Z SFDPNFOEw ²MB USBOTGFSFODJB EFTEF FM
QPEFS FKFDVUJWP BM QPEFS KVEJDJBM EF MB KVSJTEJDDJwO SFMBUJWB B MB QPMJDrB KVEJDJBM³
&M$PNJUnFOTVT²0CTFSWBDJPOFT¾OBMFT³B$PMPNCJBFOFYQSFTwTVFTQFDJBM
$PNJUn EF %FSFDIPT )VNBOPT 0CTFSWBDJwO (FOFSBM /P -B rOEPMF EF MB PCMJHBDJwO KVSrEJDB HFOFSBM
JNQVFTUBBMPT&TUBEPT1BSUFTFOFM1BDUP%PDVNFOUPEF/BDJPOFT6OJEBT$$13$3FW"EEEF
EFNBS[PEFQgSSBGP
7FS MBT 0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn EF %FSFDIPT )VNBOPT TPCSF 7FOF[VFMB EF BCSJM EF %PDVNFOUP EF /BDJPOFT 6OJEBT $$13$07&/ QgSSBGP 3FQ|CMJDB ,JSHVJTB EF KVMJP EF %PDVNFOUP $$13$,(; QgSSBGP $IJMF EF NBS[P EF %PDVNFOUP $$13$"EE
QgSSBGP #FMBS|T EF OPWJFNCSF EF %PDVNFOUP $$13$"EE QgSSBGP &Y 3FQ|CMJDB
:VHPTMBWB EF .BDFEPOJB EF BHPTUP EF %PDVNFOUP $$13$"EE QgSSBGP $BNFS|O
EF OPWJFNCSF EF %PDVNFOUP $$13$"EE QgSSBGP 4VEgO EF OPWJFNCSF EF %PDVNFOUP$$13$"EEQgSSBGP.BVSJDJPEFEFKVOJPEF%PDVNFOUP$$13$"EE
MJUFSBM&#SBTJMEFKVMJPEF%PDVNFOUP$$13$"EEQgSSBGP"MFNBOJBEFOPWJFNCSF
EF%PDVNFOUP$$13$"EEQgSSBGP#PMJWJBEFNBZPEF%PDVNFOUP$$13$
"EEQgSSBGP,VXBJUEFKVMJPEF%PDVNFOUP$$13$0,85QgSSBGP4SJ-BOLBEPDDJU
QgSSBGP:FNFOEFPDUVCSFEF%PDVNFOUP"BQBSUBEP(VZBOBEFBCSJMEF
%PDVNFOUP$$13$"EEQgSSBGP"SHFMJBEFBHPTUPEF%PDVNFOUP$$13$"EE
QgSSBGPTZZ1FS|EFKVMJPEF%PDVNFOUP$$13$"EEQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT4SJ-BOLBEPDDJUQgSSBGP0CTFSWBDJPOFT¾OB
MFTEFM$PNJUnEF%FSFDIPT)VNBOPT#FMBS|TEPDDJUQgSSBGP
7nBTFQPSFKFNQMPMBT0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPTTPCSF$PMPNCJB%PDVNFOUP
$$13$"EEEFNBZPEFQgSSBGPT7FOF[VFMBEPDDJUQgSSBGP3FQ|CMJDB
,JSHVJTBEPDDJUQgSSBGP$IJMFEPDDJUQgSSBGP#FMBS|TEPDDJUQgSSBGP&Y3FQ|CMJDB:VHPTMBWB
EF.BDFEPOJBEPDDJUQgSSBGPZ'SBODJBEFBHPTUPEF%PDVNFOUP$$13$"EEQgSSBGPT
ZTJHVJFOUFT
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT#PMJWJBEFNBZPEF%PDVNFOUPEF/BDJPOFT
6OJEBT$$13$"EEQgSSBGPTZ
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
QSFPDVQBDJwO²QPSFMIFDIPEFRVFNJMJUBSFTFKFS[BOMBTGVODJPOFTEFJOWFTUJHBDJwO
BSSFTUP EFUFODJwO F JOUFSSPHBUPSJP³ &M $PNJUn BEFNgT TFvBMw TV ²QSPGVOEB
QSFPDVQBDJwOQPSMBTSFDJFOUFTQSPQVFTUBT<©>PUPSHBSGVODJPOFTEFQPMJDrBKVEJDJBMB
MBTBVUPSJEBEFTNJMJUBSFT<©>4JTFBQSVFCBOFTUPTUFYUPTTVSHJSgOHSBWFTQSPCMFNBT
FOSFMBDJwODPOFMBSUrDVMPEFM1BDUP³&M$PNJUnSFDPNFOEwBM&TUBEPDPMPNCJBOP
²HBSBOUJ[BS RVF UPEBT MBT BMFHBDJPOFT EF WJPMBDJPOFT B MPT EFSFDIPT IVNBOPT TF
JOWFTUJHVFO DPO QSPOUJUVE F JNQBSDJBMJEBE <©> Z RVF MBT JOWFTUJHBDJPOFT FO UBMFT
DBTPTMBTMMFWFBDBCPMB1SPDVSBEVSrB(FOFSBMZFM'JTDBM(FOFSBM³"OUFSJPSNFOUF
FM $PNJUn EF %FSFDIPT )VNBOPT ZB IBCrB NBOJGFTUBEP TV QSFPDVQBDJwO QPS MPT
BNQMJPTQPEFSFTEFJOWFTUJHBDJwODSJNJOBMZEFQSJWBDJwOEFMJCFSUBEEFDJWJMFTEBEP
BMBTGVFS[BTNJMJUBSFTB|OFOUJFNQPTEFFYDFQDJwO
&M $PNJUn DPOUSB MB 5PSUVSB FO TVT 0CTFSWBDJPOFT B &DVBEPS SFDPNFOEw RVF MB
JOWFTUJHBDJwOEFMPTEFMJUPTFTUnCBKP²MBEJSFDUBWJHJMBODJBEFKVFDFTJOEFQFOEJFOUFT
JOUFHSBOUFT EFM QPEFS KVEJDJBM³ &O FM DBTP EF VO QSPZFDUP EF "DUP -FHJTMBUJWP
FO$PMPNCJBRVFPUPSHBCBGBDVMUBEFTEF1PMJDrB+VEJDJBMBMBT'VFS[BT.JMJUBSFTFM
$PNJUnDPOUSBMB5PSUVSBEFMBT/BDJPOFT6OJEBTSFDPNFOEwSFDPOTJEFSBSFMQSPZFDUP
EFUBMTVFSUFRVFMPTNJMJUBSFTOPFKFSDJFSBOUBMFTGVODJPOFT
&M3FMBUPS&TQFDJBMTPCSF&KFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTPBSCJUSBSJBTBSBr[
EF TV WJTJUB B $PMPNCJB FO NBOJGFTUBSrB TV QSFPDVQBDJwO QPS MB BUSJCVDJwO
EFGBDVMUBEFTEFQPMJDrBKVEJDJBMBMBT'VFS[BT"SNBEBTZPSHBOJTNPTTFDSFUPT&M
3FMBUPS&TQFDJBMSFDPNFOEBCBFODPOTFDVFODJB²MBNFKPSBEFMPTNFDBOJTNPTEF
JOWFTUJHBDJwODSJNJOBMFOQBSUJDVMBSQPSQBSUFEFMB1PMJDrB+VEJDJBM³ZFMGPSUBMFDJNJFOUP
EFM%FQBSUBNFOUPEF*OWFTUJHBDJPOFTPSHBOJTNPEFDBSgDUFSDJWJM
&OTVWJTJUBB$PMPNCJBFOMPT3FMBUPSFT&TQFDJBMFTTPCSF&KFDVDJPOFTFYUSBKV
EJDJBMFTTVNBSJBTPBSCJUSBSBTZTPCSFMBDVFTUJwOEFMB5PSUVSBDPOTUBUBSPOFMJNQBDUP
OFHBUJWP FO NBUFSJB EF QSPUFDDJwO EF MPT EFSFDIPT IVNBOPT Z EF JOWFTUJHBDJwO
EF MB QSgDUJDB EF BUSJCVJS GBDVMUBEFT EF 1PMJDrB+VEJDJBMBMBT'VFS[BT.JMJUBSFT-PT
3FMBUPSFT&TQFDJBMFTTFvBMBSPORVFMBBUSJCVDJwOEFGBDVMUBEFTEF1PMJDrB+VEJDJBMB
VOJEBEFTNJMJUBSFTEFOUSPEFMTJTUFNBEFKVTUJDJBSFHJPOBMQFSNJUrB²MFHJUJNBSBDUPT
%PDVNFOUPEF/BDJPOFT6OJEBT$$13$"EEEFNBZPEFQgSSBGP
*CJEQgSSBGP
*CJEQgSSBGPTZ
*OGPSNF EFM $PNJUn EF %FSFDIPT )VNBOPT "TBNCMFB (FOFSBM %PDVNFOUPT P¾DJBMFT EFM  QFSJPEP EF
TFTJPOFT%PDVNFOUPEF/BDJPOFT6OJEBT4VQMFNFOUP/P"
QgSSBGPZTT
$PODMVTJPOFT Z SFDPNFOEBDJPOFT EFM $PNJUn DPOUSB MB 5PSUVSB &DVBEPS EF EF OPWJFNCSF EF %PDVNFOUPEF/BDJPOFT6OJEBT"QgSSBGP
$PODMVTJPOFTZSFDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB$PMPNCJB%PDVNFOUPEF/BDJPOFT6OJEBT
$"5$$3EFEFGFCSFSPQgSSBGPCJJ
%PDVNFOUPEF/BDJPOFT6OJEBT&$/"EEQBS
*CJEFN
(6Ê"1"3"130'&4*0/"-&4/P
FOQBSUJDVMBSEFUFODJPOFTSFBMJ[BEPTQPSMPTNJMJUBSFTFOFMFKFSDJDJPEFGVODJPOFT
RVFOPSNBMNFOUFOPEFCFSrBOTFSEFTVDPNQFUFODJB³-PT3FMBUPSFT&TQFDJBMFT
SFDPNFOEBSPORVF²-BTGVODJPOFTEFMBQPMJDrBKVEJDJBMEFCFSrBOFTUBSFYDMVTJWBNFOUF
BDBSHPEFVOBFOUJEBEDJWJMBTBCFSFMDVFSQPUnDOJDPEFMBQPMJDrBKVEJDJBM%FFTUB
GPSNBTFSFTQFUBSrBMBJOEFQFOEFODJBEFMBTJOWFTUJHBDJPOFTZTFNFKPSBSrBNVDIPFM
BDDFTPBMBKVTUJDJBQPSQBSUFEFMBTWrDUJNBTZUFTUJHPTEFWJPMBDJPOFTEFMPTEFSFDIPT
IVNBOPT DVZBT EFOVODJBT TVFMFO TFS JOWFTUJHBEBT BDUVBMNFOUF QPS MBT NJTNBT
JOTUJUVDJPOFTBMBTRVFBDVTBOEFQFSQFUSBSFTBTWJPMBDJPOFT³
&M3FMBUPS&TQFDJBMTPCSFMBJOEFQFOEFODJBEFMPTKVFDFTZBCPHBEPTFOTVWJTJUBB
$PMPNCJBFODPOTUBUwRVF²MBQBSUJDJQBDJwOEFMPTNJMJUBSFTFOBMMBOBNJFOUPT
FNCBSHPTZEFUFODJPOFTEFQFSTPOBTTPTQFDIPTBTEFIBCFSDPNFUJEPBMHVOPTEF
MPT EFMJUPT RVF DPNQFUFO B MB KVSJTEJDDJwO SFHJPOBM IBO QMBOUFBEP EVEBT SFTQFDUP
EF MB FRVJEBE F JNQBSDJBMJEBE EF MBT JOWFTUJHBDJPOFT SFBMJ[BEBT QPS MPT NJFNCSPT
EFMBTGVFS[BTBSNBEBTRVFTPOQBSUFTFOFMDPO¿JDUPJOUFSOP³&M3FMBUPS&TQFDJBM
TPCSFMBJOEFQFOEFODJBEFMPTKVFDFTZBCPHBEPTSFJUFSwMBSFDPNFOEBDJwOTPCSFMB
BUSJCVDJwOFYDMVTJWBEFGBDVMUBEFTEFQPMJDrBKVEJDJBMBVOPSHBOJTNPDJWJMGPSNVMBEB
QPSMPT3FMBUPSFT&TQFDJBMFTTPCSF&KFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTPBSCJUSBSBT
ZTPCSFMBDVFTUJwOEFMB5PSUVSB
&M (SVQP EF 5SBCBKP TPCSF %FTBQBSJDJPOFT 'PS[BEBT P *OWPMVOUBSJBT IB TFvBMBEP
FO EJTUJOUBT PQPSUVOJEBEFT RVF MB BVTFODJB EF JOWFTUJHBDJPOFT JNQBSDJBMFT MBT
MJNJUBDJPOFTBMPTDVFSQPTDJWJMFTEFJOWFTUJHBDJwODSJNJOBMZMPTBNQMJPTZEJGVTPT
QPEFSFTBMBTGVFS[BTNJMJUBSFTDSFBOVOBBUNwTGFSBRVFGBWPSFDFMBQSgDUJDBEFMB
EFTBQBSJDJwOGPS[BEB&OFM*OGPSNFTPCSFTVWJTJUB$PMPNCJBFOFM(SVQPEF
5SBCBKPBMBOBMJ[BSMPTBNQMJPTQPEFSFTFONBUFSJBEFTFHVSJEBEZMVDIBBOUJUFSSPSJTUB
DPOGFSJEPT B MBT 'VFS[BT "SNBEBT DPODMVrB RVF nTUPT UFOrBO DPNP DPOTFDVFODJB
EJTNJOVJS ²MB QSPUFDDJwO KVSrEJDB EFM DJVEBEBOP GSFOUF B MPT BCVTPT EF MB GVFS[B
Q|CMJDB³ Z QPErBO ²MMFWBS BM GFOwNFOP EF MBT EFTBQBSJDJPOFT QFS TF³ &M (SVQP
EF5SBCBKPDPODMVrBRVF²<T>FJNQPOFMBOFDFTJEBEEFVOBSFWJTJwOBGPOEPEFMPT
QPEFSFTQPMJDJBMFTFTHSJNJEPTQPSMBTGVFS[BTBSNBEBT<©>DPOPCKFUPEFHBSBOUJ[BS
NFKPSMPTEFSFDIPTIVNBOPTEFMDJVEBEBOPQBSUJDVMBS³
%PDVNFOUPEF/BDJPOFT6OJEBT&$/QgSSBGP7FSJHVBMNFOUFFMQgSSBGP
*CJEQgSSBGPB
7FSJHVBMNFOUFFMQgSSBGP
%PDVNFOUPEF/BDJPOFT6OJEBT&$/"EEQgSSBGP
*CJEQgSSBGP
7FSFOUSFPUSPT%PDVNFOUPTEF/BDJPOFT6OJEBT&$/QgSSBGP&$/QgSSBGP
&$/QgSSBGP
%PDVNFOUPEF/BDJPOFT6OJEBT&$/"EEQBS
*CJEFN
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&MTJTUFNBJOUFSBNFSJDBOPEFEFSFDIPTIVNBOPT
-B $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB DPOTJEFSBEP RVF VOB JOWFTUJ
HBDJwOTPCSFDBTPTEFEFTBQBSJDJwOGPS[BEBDPO¾BEBBMBTQSPQJBT'VFS[BT"SNBEBT
RVJFOFT FSBO QSFDJTBNFOUF MBT TFvBMBEBT DPNP SFTQPOTBCMFT EJSFDUBT EF MBT EFT
BQBSJDJPOFT²DVFTUJPOBHSBWFNFOUFMBTFSJFEBEEFMBJOWFTUJHBDJwO³ZDPNQSPNFUF
MBSFTQPOTBCJMJEBEEFM&TUBEP
-B$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTNBOJGFTUwSFTQFDUPEF.nYJDP
TVQSFPDVQBDJwOQPS²FMPUPSHBNJFOUPEFGVODJPOFTQPMJDJBMFTBMBTGVFS[BTBSNBEBT
BUSBWnTEFJOOPWBEPSBTMFHJTMBDJPOFT³ZSFDPSEwRVF²TPCSFMBCBTFEFTVFYQF
SJFODJBEFTFBMMBNBSMBBUFODJwOEFMBTDPOTFDVFODJBTEFMBVUJMJ[BDJwOEFMBTGVFS[BT
BSNBEBTFOGVODJPOFTRVFBUBvFOBMBTFHVSJEBEDJVEBEBOBQVFTMBNJTNBQVFEF
BDBSSFBSTFSJBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTFOWJSUVEEFMBOBUVSBMF[BNJMJUBS
Z FOUSFOBNJFOUP EF EJDIBT GVFS[BT³ "TJNJTNP FO MP RVF DPODJFSOF B #SBTJM MB
$PNJTJwODPOTJEFSwSFTQFDUPEFVOQSPZFDUPEFMFZRVFUSBTMBEBCBMBDPNQFUFODJB
EFMPTUSJCVOBMFTNJMJUBSFTBMPTUSJCVOBMFTPSEJOBSJPTQBSBBMHVOPTEFMJUPTDPNFUJEPT
QPSNJMJUBSFTQFSPRVFNBOUFOrBMBJOWFTUJHBDJwOEFMPTEFMJUPTCBKPSFTQPOTBCJMJEBE
EF MB QPMJDrB NJMJUBS RVF UBM NFEJEB ²OP UJFOF DBQBDJEBE FGFDUJWB QBSB SFEVDJS
TJHOJ¾DBUJWBNFOUFMBJNQVOJEBE³-B$PNJTJwODPOTJEFSwBEFNgTRVFBMEFKBSMB
JOWFTUJHBDJwOJOJDJBMFONBOPTEFMBQPMJDrB²NJMJUBS²EFIFDIPTFDPO¾FSFBnTUBMB
DPNQFUFODJBQBSBEFUFSNJOBSBCJOJUJPTJTFUSBUBEFVOEFMJUPEFDPNQFUFODJBEFMPT
USJCVOBMFTDBTUSFOTFTPOP
-B $PNJTJwO *OUFSBNFSJDBOB NBOJGFTUw TV QSFPDVQBDJwO QPS FM IFDIP EF RVF MPT
DVFSQPTEFJOWFTUJHBDJwOEFQFOEJFSBOEFMBTBVUPSJEBEFTNJMJUBSFTMPRVFMJNJUBCB
TFSJBNFOUFMBBDDJwOJOWFTUJHBUJWBEFMPT¾TDBMFTEFM.JOJTUFSJP1|CMJDPEF1FS|
1PTUFSJPSNFOUF MB $PNJTJwO DPOTJEFSw RVF FM FKFSDJDJP EF GBDVMUBEFT EF QPMJDrB
KVEJDJBM QPS wSHBOPT EFM 1PEFS &KFDVUJWP DPNP MPT 4FSWJDJPT EF *OUFMJHFODJB 4*/
ZMB%JSFDDJwO/BDJPOBM"OUJUFSSPSJTUB%*/$05&
EF1FS|FTBOwNBMPZEJTUPSTJPOB
HSBWFNFOUFMBBDDJwOEFMQPEFSKVEJDJBM-B$PNJTJwO*OUFSBNFSJDBOBTFvBMwRVF
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBT4FOUFODJBEFEF
KVMJPEF4FSJF$/PQgSSBGP7FSJHVBMNFOUF$BTP(PErOF[$SV[WT)POEVSBT4FOUFODJBEFEF
FOFSPEF4FSJF$/PQgSSBGP
*OGPSNFTPCSFMBTJUVBDJwOEFMPTEFSFDIPTIVNBOPTFO.nYJDP%PDVNFOUP0&"4FS-7**%PDSFW
EFEFTFQUJFNCSFEFQgSSBGP
*CJEQgSSBGP
*OGPSNFTPCSFMBTJUVBDJwOEFMPTEFSFDIPTIVNBOPTFO#SBTJM%PDVNFOUP0&"4FS-7**%PDSFW
EFEFTFQUJFNCSFEFQgSSBGP
1SJNFS*OGPSNFTPCSFMBTJUVBDJwOEFMPTEFSFDIPTIVNBOPTFO1FS|%PDVNFOUP0&"4FS-7**%PD
EFEFNBS[PEFQgSSBGP
4FHVOEP*OGPSNFTPCSFMBTJUVBDJwOEFMPTEFSFDIPTIVNBOPTFO1FS|%PDVNFOUP0&"4FS-7**%PD
SFWEFEFKVOJPEFQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
BUSBWnTEFMBJOWFTUJHBDJwOEFQPMJDrBKVEJDJBMRVFOPFTwSHBOPKVEJDJBMEFIFDIP
TFEFUFSNJOBCBMBDPNQFUFODJBEFMPTUSJCVOBMFTDJWJMFTPNJMJUBSFT
"MBCPSEBSMBT
JOWFTUJHBDJPOFTDSJNJOBMFTSFBMJ[BEBTQPSQFSTPOBMDBTUSFOTFMB$PNJTJwOTFvBMwRVF
²FMQSPCMFNBEFMBJNQVOJEBEFOMBKVTUJDJBQFOBMNJMJUBSOPTFWJODVMBFYDMVTJWBNFOUF
BMBBCTPMVDJwOEFMPTBDVTBEPTTJOPRVFMBJOWFTUJHBDJwOEFDBTPTEFWJPMBDJPOFTB
MPTEFSFDIPTIVNBOPTQPSMBKVTUJDJBNJMJUBSFOTrDPOMMFWBQSPCMFNBTQBSBFMBDDFTP
BVOSFDVSTPKVEJDJBMFGFDUJWPFJNQBSDJBM-BJOWFTUJHBDJwOEFMDBTPQPSQBSUFEFMB
KVTUJDJBNJMJUBSQSFDMVZFMBQPTJCJMJEBEEFVOBJOWFTUJHBDJwOPCKFUJWBFJOEFQFOEJFOUF
FKFDVUBEB QPS BVUPSJEBEFT KVEJDJBMFT OP MJHBEBT B MB KFSBSRVrB EF NBOEP EF MBT
GVFS[BTEFTFHVSJEBE&MIFDIPEFRVFMBJOWFTUJHBDJwOEFVODBTPIBZBTJEPJOJDJBEB
FO MB KVTUJDJB NJMJUBS QVFEF JNQPTJCJMJUBS VOB DPOEFOB B|O TJ FM DBTP QBTB MVFHP B
MBKVTUJDJBPSEJOBSJBEBEPRVFQSPCBCMFNFOUFOPTFIBOSFDPQJMBEPMBTFWJEFODJBT
OFDFTBSJBTEFNBOFSBPQPSUVOBZFGFDUJWB"TJNJTNPMBJOWFTUJHBDJwOEFMPTDBTPT
RVFQFSNBOFDFOFOFMGVFSPNJMJUBSQVFEFTFSDPOEVDJEBEFNBOFSBEFJNQFEJSRVF
nTUPTMMFHVFOBMBFUBQBEFEFDJTJwO¾OBM³-B$PNJTJwO*OUFSBNFSJDBOBDPODMVZw
RVFUBMQSgDUJDBDPOMMFWBCBBMB²EFTOBUVSBMJ[BDJwOEFM&TUBEPEF%FSFDIPFOFM1FS|
<Z>BGFDUBFMDPSPMBSJPGVOEBNFOUBMEFMPTEFSFDIPTIVNBOPTWBMFEFDJSFMEFSFDIP
EFBDVEJSBOUFBVUPSJEBEFTKVEJDJBMFTJOEFQFOEJFOUFTFJNQBSDJBMFTDPOFM¾OEFRVF
BTFHVSFOFMSFTQFUPBMPTEFSFDIPTGVOEBNFOUBMFTZMPTQSJODJQJPTFTFODJBMFTEFMB
EFNPDSBDJBSFQSFTFOUBUJWBBMBMV[EFMBTFQBSBDJwOFGFDUJWBZOPNFSBNFOUFGPSNBM
EFMPTQPEFSFTFKFDVUJWPMFHJTMBUJWPZKVEJDJBM³
"MBOBMJ[BSMBTJUVBDJwOEFMPTEFSFDIPTIVNBOPTFO(VBUFNBMBMB$PNJTJwO*OUFSB
NFSJDBOBTFvBMwRVF²<M>BTEF¾DJFODJBTFOFMTJTUFNBEFBENJOJTUSBDJwOEFKVTUJDJB
QFOBMDPNJFO[BOFOMBFUBQBJOJDJBMEFJOWFTUJHBDJwOMPDVBMBTVWF[EJTNJOVZFMBT
PQPSUVOJEBEFTEFVOFOKVJDJBNJFOUPFGFDUJWP&TUPBGFDUBFMEFSFDIPEFMBTWrDUJNBT
EFEFMJUPTDPNVOFTZWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTBMBQSPUFDDJwOKVEJDJBM
ZMBSFQBSBDJwOBTrDPNPFMEFSFDIPEFDVBMRVJFSQFSTPOBJNQMJDBEBBQSFQBSBSVOB
EFGFOTBBEFDVBEB&ODPOTFDVFODJBMBDPO¾BO[BQ|CMJDBFOFMTJTUFNBKVEJDJBMTJHVF
TJFOEPCBKB³%FOUSPEFFTBTEF¾DJFODJBTMB$PNJTJwOEFTUBDw²MBQBSUJDJQBDJwO
EFMBJOUFMJHFODJBNJMJUBSFOMBTJOWFTUJHBDJPOFTDSJNJOBMFT³BHSBWBEBQPS²MBGBMUBEF
USBOTQBSFODJBEFFTBQBSUJDJQBDJwORVFOPFTUgTVKFUBBDPOUSPMOJTVQFSWJTJwODJWJM³
-B$PNJTJwODPOTJEFSwRVFUBMQSgDUJDBQPOFFOSJFTHPMPTEFSFDIPTEFMPTDJWJMFT
&OPSEFOBFTBTDPOTJEFSBDJPOFTMB$PNJTJwO*OUFSBNFSJDBOBSFDPNFOEwBM&TUBEP
HVBUFNBMUFDP ²1PO<FS> JONFEJBUBNFOUF ¾O B MB QBSUJDJQBDJwO NJMJUBS FO DVBMRVJFS
BDUJWJEBEEFJOWFTUJHBDJwODSJNJOBMDPIFSFOUFNFOUFDPOMBMFHJTMBDJwOJOUFSOBZTV
DPNQSPNJTPEFTFQBSBSMBTGVODJPOFTQPMJDJBMFTZNJMJUBSFT³
*CJEQgSSBGP
*CJEQgSSBGP
2VJOUP*OGPSNFTPCSFMBTJUVBDJwOEFMPTEFSFDIPTIVNBOPTFO(VBUFNBMB%PDVNFOUP0&"4FS-7**
%PDSFWEFEFBCSJMEFQgSSBGP
*CJEQgSSBGP
*CJEQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&OFMDBTPEF$PMPNCJBMB$PNJTJwO*OUFSBNFSJDBOBTFvBMwRVF²<V>OBEFMBTNFEJ
EBTRVF<MB$PNJTJwO>WFDPONgTQSFPDVQBDJwOFTMBSFGFSFOUFBQFSNJUJSBNJFNCSPT
EFMBTGVFS[BTNJMJUBSFTFKFSDFSGVODJPOFTEFQPMJDrBKVEJDJBMFOJOWFTUJHBDJPOFTSFBMJ
[BEBTQPSMB'JTDBMrBFOSFMBDJwODPODJWJMFT-BVUJMJ[BDJwOEFNJMJUBSFTDPNPBHFOUFT
EFQPMJDrBKVEJDJBMQPSQBSUFEFMPT¾TDBMFTQVFEFQSFTUBSTFBMBWJPMBDJwOEFEFSF
DIPTEFMPTDJVEBEBOPTBMBSFBMJ[BDJwOEFQSVFCBTBNBvBEBTPBMPDVMUBNJFOUPEF
QSVFCBTDVBOEPQVFEBOJOEJDBSSFTQPOTBCJMJEBEFTQPSQBSUFEFMBT'VFS[BT"SNB
EBTBMBTDVBMFTTFTJOEJDBDPOGSFDVFODJBEFQSFTVOUBTWJPMBDJPOFTBMPTEFSFDIPT
IVNBOPT³"TJNJTNPMB$PNJTJwO*OUFSBNFSJDBOBSFDPSEwRVF²<M>BFYJTUFODJBEF
VOTJTUFNBKVEJDJBMJOEFQFOEJFOUFRVFBTFHVSFVOBSFDUBBENJOJTUSBDJwOEFKVTUJDJB
MBTHBSBOUrBTEFMEFCJEPQSPDFTPZMBQMFOBWJHFODJBEFMPTEFSFDIPTIVNBOPTEFCF
DPOTUSVJSTFFONBOUFOJNJFOUPEFMFKFSDJDJPEFMBTGVODJPOFTKVSJTEJDDJPOBMFTEFOUSP
EFMPTPSHBOJTNPTDJWJMFTUnDOJDPTFTQFDJBMJ[BEPTZBMFKBOEPEFMBBENJOJTUSBDJwOEF
KVTUJDJBMBJO¿VFODJBEFMBTPSHBOJ[BDJPOFTEFKVTUJDJBNJMJUBS<JODMVJEPTMPTwSHBOPT
NJMJUBSFTRVFFKFSDFOGVODJPOFTEFQPMJDrBKVEJDJBM>³-B$PNJTJwOBMDPOTJEFSBSMB
DSFBDJwOEFMB'JTDBMrB(FOFSBMEFMB/BDJwOCBKPMBOVFWB$POTUJUVDJwOZTVGVODJwO
JOWFTUJHBUJWBFONBUFSJBDSJNJOBMSFDPNFOEwBM&TUBEPDPMPNCJBOP²DPOGPSNBSVO
DVFSQPEFQPMJDrB<KVEJDJBM>BMUBNFOUFUFDOJ¾DBEPDPOVOBTwMJEBGPSNBDJwOKVSrEJDBZ
DJWJMJTUBRVFQPTJCJMJUFVOBBEFDVBEBJOWFTUJHBDJwOKVEJDJBMSFTQFUVPTBEFMPTEFSF
DIPTIVNBOPT$POWJFOFRVFOPTFJODPSQPSFBFTUFDVFSQPEFQPMJDrBBGVODJPOBSJPT
EFMPTDVFSQPTEFJOUFMJHFODJBNJMJUBSZQPMJDJBMRVFIBZBOTJEPEFOVODJBEPTQPSBCV
TPTDPOUSBQBSUJDVMBSFTPWJPMBDJPOFTBMPTEFSFDIPTGVOEBNFOUBMFT³
1PTUFSJPSNFOUF MB $PNJTJwO *OUFSBNFSJDBOB TFvBMw SFTQFDUP EFM PUPSHBNJFOUP EF
GBDVMUBEFT EF 1PMJDrB +VEJDJBM B MBT 'VFS[BT .JMJUBSFT RVF ²<M>P RVF DPSSFTQPOEF FT
RVFFTBTGVODJPOFTFTUnOFONBOPTEFGVFS[BTQPMJDJBMFTSFHVMBSFTPEFMBQPMJDrB
KVEJDJBMFTQFDJBMCBKPMBTVQFSWJTJwOEFM1PEFS+VEJDJBM-BNPWJMJ[BDJwOEFMBT'VFS[BT
.JMJUBSFTQBSBDPNCBUJSFMEFMJUPTVQPOFQPOFSUSPQBTFOUSFOBEBTQBSBFMDPNCBUFB
VOFOFNJHPBSNBEPFOTJUVBDJPOFTRVFSFRVJFSFODBQBDJUBDJwOFTQFDJBMFOTFHVSJEBE
Q|CMJDB F JOUFSSFMBDJwO DPO DJWJMFT "EFNgT FTUB TJUVBDJwO DSFB HSBWF DPOGVTJwO
DPO SFTQFDUP BM FRVJMJCSJP EF QPEFSFT Z B MB JOEFQFOEFODJB EFM 1PEFS +VEJDJBM³
"TJNJTNPMB$PNJTJwO*OUFSBNFSJDBOBDPOTJEFSwRVF²<M>BTJOWFTUJHBDJPOFTTPCSFMB
DPOEVDUBEFNJFNCSPTEFMBTGVFS[BTEFTFHVSJEBENBOFKBEBTQPSPUSPTNJFNCSPT
EFEJDIBTGVFS[BTTVFMFOTFSWJSQBSBFODVCSJSMPTIFDIPTFOWF[EFFTDMBSFDFSMPT%F
FTUBNBOFSBVOBJOWFTUJHBDJwOJOJDJBEBFOMBKVTUJDJBNJMJUBSQVFEFJNQPTJCJMJUBSVOB
DPOEFOB B|O TJ FM DBTP QBTB MVFHP B MB KVTUJDJB PSEJOBSJB EBEP RVF HFOFSBMNFOUF
4FHVOEPJOGPSNFTPCSFMBTJUVBDJwOEFMPTEFSFDIPTIVNBOPTFO$PMPNCJB%PDVNFOUP0&"4FS-7**
%PDSFWEFPDUVCSF$BQrUVMP***²4JTUFNBQPMrUJDPZOPSNBUJWPEF$PMPNCJB³MFUSB'²&MSnHJNFO
EFFYDFQDJwOFOFMPSEFOBNJFOUPKVSrEJDPWJHFOUF³
*CJE$BQrUVMP*7²%FSFDIPBMB+VTUJDJB³MFUSB($POTJEFSBDJPOFT¾OBMFT
*CJE$BQrUVMP²$PODMVTJPOFTZSFDPNFOEBDJPOFT³QgSSBGP
%PDVNFOUP EF MB 0SHBOJ[BDJwO EF MPT &TUBEPT "NFSJDBOPT 0&"4FS-7** %PD SFW GFCSFSP
QgSSBGP&OFMNJTNPTFOUJEPWFS4FHVOEP*OGPSNFTPCSFMB4JUVBDJwOEFMPT%FSFDIPT)VNBOPTFO
$PMPNCJBEPDDJUQgHJOBTZ
(6Ê"1"3"130'&4*0/"-&4/P
OPTFIBCSgOSFDPQJMBEPMBTFWJEFODJBTOFDFTBSJBTEFNBOFSBPQPSUVOBZFGFDUJWB
"TJNJTNPFOMPTDBTPTRVFQFSNBOFDFOFOFMGVFSPNJMJUBSMBJOWFTUJHBDJwOQVFEF
TFSDPOEVDJEBEFNBOFSBRVFOPQFSNJUFRVFFMDBTPMMFHVFBMBFUBQBEFEFDJTJwO
¾OBM³
*CJEQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
$BQrUVMP7**
1SFTDSJQDJwODPTBKV[HBEBOPSFUSPBDUJWJEBEF
JNQVOJEBE
²$BCFBQMJDBSNFEJEBTSFTUSJDUJWBTBDJFSUBTOPSNBTEF
EFSFDIPDPONJSBTBNFKPSBSMBMVDIBDPOUSBMBJNQVOJ
EBE4FUSBUBEFFWJUBSRVFFTBTOPSNBTTFBOVUJMJ[BEBT
EFGPSNBRVFTFDPOWJFSUBOFOVOJODFOUJWPBMBJNQV
OJEBEPCTUBDVMJ[BOEPBTrFMDVSTPEFMBKVTUJDJB³
-PVJT+PJOFU
'SFDVFOUFNFOUFMBQSFTDSJQDJwOMBDPTBKV[HBEBZMBOPSFUSPBDUJWJEBEEFMBMFZQFOBM
IBO PQFSBEP DPNP GBDUPSFT HFOFSBEPSFT EF JNQVOJEBE EF HSBWFT WJPMBDJPOFT EF
EFSFDIPTIVNBOPTZEFDSrNFOFTCBKPFMEFSFDIPJOUFSOBDJPOBMGSFDVFOUFNFOUFQPOF
FOUFOTJwOWBSJPT-BQSFTDSJQDJwOMBDPTBKV[HBEBZMBOPSFUSPBDUJWJEBEEFMBMFZQFOBM
TPOJOTUJUVUPTKVSrEJDPTCJFODPOPDJEPTEFMEFSFDIPQFOBMZEFMEFSFDIPJOUFSOBDJPOBM
EFEFSFDIPTIVNBOPT.VDIBTWFDFTTVDPOUFOJEPZBMDBODFTFEFTOBUVSBMJ[BPTF
VTBEFGPSNBBCVTJWBQBSBEBSMFWJTPTEF²MFHBMJEBE³BMBJNQVOJEBE
&MQSJODJQJPEFOPSFUSPBDUJWJEBEEFMBMFZQFOBM
-B OP BQMJDBDJwO SFUSPBDUJWB EF MB MFZ QFOBM QSJODJQJP EF JSSFUSPBDUJWJEBE
FT VO
QSJODJQJPVOJWFSTBMNFOUFSFDPOPDJEPQPSMBTMFHJTMBDJPOFTQFOBMFTFOFMNVOEP&M
QSJODJQJPEFJSSFUSPBDUJWJEBEEFMBQFOBMFTVOBDPOTFDVFODJBEFMQSJODJQJPEFMFHBMJEBE
EFMPTEFMJUPTOVMMVNDSJNFOTJOFMFHF
$PNPMPIBQSFDJTBEPFM$PNJUnEF%FSFDIPT
)VNBOPTFTUFQSJODJQJPTFUSBEVDFFO²FMSFRVJTJUPEFRVFMBSFTQPOTBCJMJEBEQFOBM
ZMBQFOBWFOHBOEFUFSNJOBEBTFYDMVTJWBNFOUFQPSEJTQPTJDJPOFTDMBSBTZDPODSFUBT
EF MB MFZ FO WJHPS Z BQMJDBCMF FO FM NPNFOUP EF DPNFUFSTF FM BDUP P MB PNJTJwO
TBMWPRVFQPSMBMFZQPTUFSJPSTFJNQPOHBVOBQFOBNgTMFWF³&TJHVBMNFOUFVO
QSJODJQJP SFDPOPDJEP EFM EFSFDIP QFOBM JOUFSOBDJPOBM Z FM EFSFDIP JOUFSOBDJPOBM
*OGPSNF¾OBMSFWJTBEPBDFSDBEFMBDVFTUJwOEFMBJNQVOJEBEEFMPTBVUPSFTEFWJPMBDJPOFTEFMPTEFSFDIPTIV
NBOPTEFSFDIPTDJWJMFTZQPMrUJDPT
QSFQBSBEPQPSFM4S-+PJOFUEFDPOGPSNJEBEDPOMBSFTPMVDJwOEFMB
4VCDPNJTJwO%PDVNFOUPEF/BDJPOFT6OJEBT&$/4VC3FWEFEFPDUVCSFEFQgSSBGP
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/P4VTQFOTJwOEFPCMJHBDJPOFTEVSBOUFVOFTUBEP
EFFYDFQDJwOBSU
QgSSBGP
"TrQPSFKFNQMPFMQSJODJQJPEFJSSFUSPBDUJWJEBEEFMBMFZQFOBMTFFODVFOUSBFOMB1BSUF***²%FMPT1SJODJQJPT
(FOFSBMFTEF%FSFDIP1FOBM³BSUrDVMP
EFM&TUBUVUPEF3PNBEFMB$PSUF1FOBM*OUFSOBDJPOBM7FSJHVBM
NFOUF$PNJTJwOEF%FSFDIP*OUFSOBDJPOBM*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPS
SFBMJ[BEBFOTVQFSrPEPEFTFTJPOFTEFNBZPBEFKVMJPEF%PDVNFOUPEF/BDJPOFT6OJEBT
4VQMFNFOUP/P"
QgHJOB
(6Ê"1"3"130'&4*0/"-&4/P
IVNBOJUBSJP UBNCJnO FT SFDFQUPS EF FTUF QSJODJQJP $POTUJUVZF BTJNJTNP VOB
TBMWBHVBSEBFTFODJBMEFMEFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPTZWBSJPT
USBUBEPTDPOTBHSBOFMDBSgDUFSJOEFSPHBCMFEFMEFSFDIPBOPTFSDPOEFOBEPQPSBDUPT
VPNJTJPOFTRVFOPFSBOEFMJDUJWPTBMNPNFOUPFORVFGVFSPODPNFUJEPT
&MEFSFDIPJOUFSOBDJPOBMFTDMBSPBMEF¾OJSMBOBUVSBMF[BEFMBMFZQFOBMBQMJDBCMFTF
USBUBUBOUPEFMBMFHJTMBDJwOOBDJPOBMDPNPEFMEFSFDIPJOUFSOBDJPOBM"TrFMBSUrDVMP
EFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTQSFTDSJCFRVF²OBEJF
QPESgTFSDPOEFOBEPQPSBDUPTVPNJTJPOFTRVFFOFMNPNFOUPEFDPNFUFSTFOP
GVFSBOEFMJDUJWPTTFH|OFMEFSFDIPOBDJPOBMPJOUFSOBDJPOBM³*HVBMNFOUFFM$POWFOJP
&VSPQFP EF %FSFDIPT )VNBOPT FTUBCMFDF B TV BSUrDVMP RVF ²OBEJF QPESg TFS
DPOEFOBEP QPS BDUPT V PNJTJPOFT RVF FO FM NPNFOUP FO RVF GVF DPNFUJEB OP
DPOTUJUVrBVOBJOGSBDDJwOTFH|OFMEFSFDIPOBDJPOBMPJOUFSOBDJPOBM³-B$POWFODJwO
"NFSJDBOBTPCSF%FSFDIPT)VNBOPTFOTVBSUrDVMPFTUBCMFDFRVF²OBEJFQPESg
TFSDPOEFOBEPQPSBDUPTVPNJTJPOFTRVFFOFMNPNFOUPEFDPNFUFSTFOPGVFSBO
EFMJDUJWPTFH|OFMEFSFDIPBQMJDBCMF²4JNJMBSBMDBODFMFEBFMEFSFDIPJOUFSOBDJPOBM
IVNBOJUBSJPBMDPODFQUPEFEFSFDIPBQMJDBCMF$PNPMPIBTFvBMBEP4MJWJF4UPZBOLB
²OP QVFEF DPNFUFSTF JNQVOFNFOUF VOB WJPMBDJwO EFM EFSFDIP JOUFSOBDJPOBM
CBTgOEPTFFOFMIFDIPEFRVFFTFBDUPPFTBPNJTJwOOPFTUBCBQSPIJCJEBQPSFM
EFSFDIPOBDJPOBMDVBOEPTFDPNFUJw³
&M 1BDUP *OUFSOBDJPOBM EF %FSFDIPT $JWJMFT Z 1PMrUJDPT Z FM $POWFOJP &VSPQFP EF
%FSFDIPT )VNBOPT FTUBCMFDFO DPO NBZPS QSFDJTJwO FM BMDBODF EFM QSJODJQJP EF
JSSFUSPBDUJWJEBEEFMBMFZQFOBM"TrFMBSUrDVMP
EFM1BDUPFTUBCMFDFRVF²/BEB
EFMPEJTQVFTUPFOFTUFBSUrDVMPTFPQPOESgBMKVJDJPOJBMBDPOEFOBEFVOBQFSTPOB
QPSBDUPTVPNJTJPOFTRVFFOFMNPNFOUPEFDPNFUFSTFGVFSBOEFMJDUJWPTTFH|O
MPTQSJODJQJPTHFOFSBMFTEFMEFSFDIPSFDPOPDJEPTQPSMBDPNVOJEBEJOUFSOBDJPOBM²
4JNJMBS QSPWJTJwO DPOUJFOF FM BSUrDVMP EFM $POWFOJP &VSPQFP EF %FSFDIPT
)VNBOPT "VORVF FYJTUF QPDB EPDUSJOB BM SFTQFDUP FO MP RVF DPODJFSOF FM gNCJUP
JOUFSBNFSJDBOPBMHVOPTBVUPSFTDPOTJEFSBORVFMBGwSNVMBFNQMFBEBQPSFMBSUrDVMP
EFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT°²EFBDVFSEPDPOFMEFSFDIP
BQMJDBCMF³°DPOTBHSBMBNJTNBTJUVBDJwO"VORVFBMHVOBTWFDFTTFUSBUBFTUBSFHMB
***$POWFOJPEF(JOFCSB"SUrDVMP
*7$POWFOJPEF(JOFCSBBSUrDVMP
*1SPUPDPMPBEJDJPOBMBMPT$POWF
OJPTEF(JOFCSBBSUrDVMPD
Z**1SPUPDPMPBEJDJPOBMBMPT$POWFOJPTEF(JOFCSBBSUrDVMPD
7FSQPSFKFNQMP1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTBSUrDVMP
$POWFOJP&VSPQFPEF%FSF
DIPT)VNBOPTBSUrDVMP
$BSUB"GSJDBOBEFMPT%FSFDIPT)VNBOPTZEFMPT1VFCMPTBSU
$BSUBÇSBCFEF
%FSFDIPT)VNBOPTBSU
$BSUB"GSJDBOBEF%FSFDIPT)VNBOPTZEFMPT1VFCMPTBSUrDVMP
Z$POWFO
DJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPTBSUrDVMP
7FSQPSFKFNQMP1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTBSUrDVMP
$POWFOJP&VSPQFPEF%FSF
DIPT)VNBOPTBSUrDVMP
Z$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPTBSUrDVMP
&O$PNFOUBSJPEFM1SPUPDPMPEFMEFKVOJPEFBEJDJPOBMBMPT$POWFOJPTEF(JOFCSBEFMEFBHPTUPEF
SFMBUJWPBMBQSPUFDDJwOEFMBTWrDUJNBTEFMPTDPO¿JDUPTBSNBEPTTJODBSgDUFSJOUFSOBDJPOBM1SPUPDPMP**
Z
EFMBSUrDVMPEFFTUPT$POWFOJPT$*$31MB[B+BOnT&EJUPSFT$PMPNCJB4"#PHPUgQgSSBGP
%BOJFM 0µ%POOFMM 1SPUFDDJwO JOUFSOBDJPOBM EF MPT EFSFDIPT IVNBOPT $PNJTJwO "OEJOB EF +VSJTUBT -JNB
B&EJDJwOQgHJOB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
DPNP VOB FYDFQDJwO FO SFBMJEBE TF USBUB EF VOB EJTQPTJDJwO BDMBSBUJWB TPCSF FM
BMDBODFEFMQSJODJQJPEFJSSFUSPBDUJWJEBEEFMBMFZQFOBM
&TUF BMDBODF EFM QSJODJQJP EF JSSFUSPBDUJWJEBE EF MB MFZ QFOBM UJFOF QPS PCKFUP Z
QSPQwTJUPQFSNJUJSFMFOKVJDJBNJFOUPZDBTUJHPEFBDUPTSFDPOPDJEPTDPNPDSJNJOBMFT
QPS MPT QSJODJQJPT HFOFSBMFT EF EFSFDIP JOUFSOBDJPOBM BVO DVBOEP FTUPT BDUPT OP
FTUBCBOUJQJ¾DBEPTBMNPNFOUPEFTVDPNJTJwOOJQPSFMEFSFDIPQFOBMJOUFSOBDJPOBM
OJQPSFMEFSFDIPQFOBMOBDJPOBM&TUBDMgVTVMBGVFJODPSQPSBEBBBNCPTUSBUBEPT
DPOFMFYQSFTPQSPQwTJUPEFSFTQPOEFSBTJUVBDJPOFTDPNPMBTEFMB4FHVOEB(VFSSB
.VOEJBM/PIBZRVFPMWJEBSRVFMPTDSrNFOFTEFMFTBIVNBOJEBEQPSMPTRVFGVFSPO
KV[HBEPTZDPOEFOBEPTWBSJPTEFMPTEJSJHFOUFTOB[JTFOFMQSPDFTPEF/VSFNCFSH
GVFSPO UJQJ¾DBEPT FY QPTU GBDUP Z OP UFOrBO QSFDFEFOUF MFHBM QFOBM OPSNBUJWP
-PTDSrNFOFTDPOUSBMBQB[ZMPTDSrNFOFTEFHVFSSBZBDPOUBCBOBMNPNFOUPEFMB
DPNJTJwOEFMPTBDUPTDPOQSFDFEFOUFTMFHBMFT$JFSUBNFOUFMBOPDJwOEFDSJNFO
EF MFTB IVNBOJEBE ZB IBCrB TJEP FNQMFBEB DPO BOUFSJPSJEBE /P PCTUBOUF OP
FYJTUrBFOFMEFSFDIPJOUFSOBDJPOBMIBTUBVOBEF¾OJDJwOPUJQJ¾DBDJwOEFMDSJNFO
EF MFTB IVNBOJEBE 4JO FNCBSHP MPT BDUPT FSBO °DPNP MP EF¾OJw FM 1SPDVSBEPS
GSBODnT 'SBOmPJT EF .FOUIPO FO FM QSPDFTP EF /VSFNCFSH° ²DSrNFOFT DPOUSB MB
DPOEJDJwOIVNBOB³ZEFNBTJBEPHSBWFTZDPOUSBSJPTBMEFSFDIPJOUFSOBDJPOBMQBSB
JHOPSBSTVDBSgDUFSJMrDJUP&OPUSPTUnSNJOPTFTPTDPNQPSUBNJFOUPTZBIBCrBOTJEP
DBMJ¾DBEPTEFEFMJDUJWPTQPSMBDPNVOJEBEJOUFSOBDJPOBMBVODVBOEPOPTFIVCJFSB
FMBCPSBEPVOBEF¾OJDJwOEFMUJQPQFOBM
-BUPSUVSBMBFKFDVDJwOFYUSBKVEJDJBMZMBEFTBQBSJDJwOGPS[BEBTPOQFSTFDSrNFOFT
JOUFSOBDJPOBMFT "Tr NJTNP MB QSgDUJDB NBTJWB TJTUFNgUJDB P B HSBO FTDBMB EF MB
FKFDVDJwO FYUSBKVEJDJBM MB UPSUVSB MB EFTBQBSJDJwO GPS[BEB MBT QFSTFDVDJPOFT QPS
NPUJWPTQPMrUJDPTFOUSFPUSPTBDUPTDPOTUJUVZFOVODSJNFOJOUFSOBDJPOBMDBMJ¾DBEP
BTBCFSVODSJNFOEFMFTBIVNBOJEBE4POFTUBTDPOEVDUBTQSFDJTBNFOUFBMBTRVF
TFSF¾FSFOFOUSFPUSBTFMBSUrDVMPEFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ
1PMrUJDPTFMBSUrDVMPEFM$POWFOJP&VSPQFPEF%FSFDIPT)VNBOPTZFMBSUrDVMPEF
MB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT
"DVFSEPEF-POESFTEFMEFBHPTUPEFDSFBOEPFM5SJCVOBMNJMJUBSJOUFSOBDJPOBM°ZFM&TUBUVUPEFM
5SJCVOBMNJMJUBSJOUFSOBDJPOBM°RVFUJQJ¾DBMPTDSrNFOFTDPOUSBMBQB[EFHVFSSBZEFMFTBIVNBOJEBE
1PSFKFNQMPFM5SBUBEPEF7FSTBMMFTMB$POWFODJwOEF(JOFCSBEFZMB$POWFODJwOEFMB)BZBEF
"TrQPSFKFNQMPMB%FDMBSBDJwOEF'SBODJB(SBO#SFUBvBZ3VTJBEFMEFNBZPEFDBMJ¾DwMBTNBTBDSFT
EF BSNFOJPT QFSQFUSBEBT QPS FM *NQFSJP 0UPNBOP EF ²DSrNFOFT DPOUSB MB IVNBOJEBE³ &YJTUFO PUSPT
QSFDFEFOUFTRVFTFSF¾FSFOBBDUPTDPOUSBSJPTB²MBTMFZFTEFMBIVNBOJEBE³DPNPMB%FDMBSBDJwOEF4BO
1FUFSTCVSHPEF
7FS MB JOUFSWFODJwO EFM 1SPDVSBEPS (FOFSBM GSBODnT 'SBOmPJT EF .FOUIPO FO .JDIFM %PCLJOF $SJNFT FU
IVNBOJUnFYUSBJUTEFTBDUFTEVQSPDoTEF/VSFNCFSHPDUPCSFFS0DUPCSF&E3PNJMMBU
1BSrTQgHJOB
7FSBMSFTQFDUPFOUSFPUSPT&SJD%BWJE²-µBDUVBMJUnKVSJEJRVFEF/VSFNCFSH³FO-FQSPDoTEF/VSFNCFSH
$POTnRVFOFTFU"DUVBMJUnT&E#SVZMBOU6OJWFSTJUn-JCSFEF#SVYFMMFT#SVTFMBTQgHJOBTZ
(6Ê"1"3"130'&4*0/"-&4/P
-PBOUFSJPSUJFOFWBSJBTDPOTFDVFODJBTTFH|OEJGFSFOUFTQSFNJTBTGgDUJDBTFIJQwUF
TJT4FQVFEFTFH|OFMEFSFDIPJOUFSOBDJPOBMMMFWBSBKVJDJPZDPOEFOBSTJOWJPMBSFM
QSJODJQJPEFJSSFUSPBDUJWJEBEEFMBMFZQFOBM
…
B VO BVUPS EF VO BDUP DSJNJOBM BVO DVBOEP OJ BM NPNFOUP EF DPNFUFSTF OJ
QPTUFSJPSNFOUF FTF BDUP OP FSB OJ FT EFMJUP TFH|O MB MFHJTMBDJwO OBDJPOBM TJ
FTFBDUPBMNPNFOUPEFTVDPNJTJwOZBFSBDPOTJEFSBEPEFMJUPQPSFMEFSFDIP
JOUFSOBDJPOBM "Tr QPS FKFNQMP MB BVTFODJB EF VO UJQP QFOBM EF UPSUVSB FO MB
MFHJTMBDJwOOBDJPOBMOPFTVOPCTUgDVMPQBSBMMFWBSBOUFMBKVTUJDJBZDPOEFOBS
B MPT BVUPSFT EF BDUPT EF UPSUVSB DPNFUJEPT DVBOEP FTUB DPOEVDUB ZB FSB
DPOTJEFSBEBEFMJUPQPSFMEFSFDIPJOUFSOBDJPOBM
…
BVOBVUPSEFVOBDUPDSJNJOBMFOBQMJDBDJwOEFVOBMFZQFOBMOBDJPOBMUJQJ¾DBOEP
DPNPEFMJUPFTUFBDUPBVODVBOEPBMNPNFOUPEFIBCFSTFDPNFUJEPOPFTUBCB
UJQJ¾DBEP DPNP EFMJUP QPS MB MFHJTMBDJwO OBDJPOBM TJ FTF BDUP BM NPNFOUP EF
TV DPNJTJwO ZB FSB DPOTJEFSBEP EFMJUP QPS FM EFSFDIP JOUFSOBDJPOBM "Tr QPS
FKFNQMPMBFYJTUFODJBFYQPTUGBDUPEFVOUJQPQFOBMEFEFTBQBSJDJwOGPS[BEBFO
MBMFHJTMBDJwOOBDJPOBMOPFTVOPCTUgDVMPQBSBMMFWBSBOUFMBKVTUJDJBZDPOEFOBS
BMPTBVUPSFTEFEFTBQBSJDJwOGPS[BEBDPNFUJEBTDVBOEPFTUBDPOEVDUBZBFSB
DPOTJEFSBEBEFMJUPQPSFMEFSFDIPJOUFSOBDJPOBM
…
BVOBVUPSEFVOBDUPDSJNJOBMBVODVBOEPBMNPNFOUPEFDPNFUFSTFOPFTUBCB
UJQJ¾DBEPDPNPEFMJUPQPSMBMFHJTMBDJwOOBDJPOBMPQPSVOUSBUBEPJOUFSOBDJPOBM
TJFTFBDUPBMNPNFOUPEFTVDPNJTJwOZBFSBDPOTJEFSBEPEFMJDUJWPTFH|OMPT
QSJODJQJPTHFOFSBMFTEFMEFSFDIPSFDPOPDJEPTQPSMBDPNVOJEBEJOUFSOBDJPOBM
-PTQSPDFTPTQPSDSrNFOFTEFMFTBIVNBOJEBESFBMJ[BEPTQPSMPT5SJCVOBMFT.JMJUBSFT
*OUFSOBDJPOBMFTEF/VSFNCFSHZEFM&YUSFNP0SJFOUFBTrDPNPBRVFMMPTDFMFCSBEPT
QPSMPTUSJCVOBMFTEFMPT"MJBEPTFOWJSUVEEFMB-FZ/PEFM$POTFKPEF$POUSPM
"MJBEP SFB¾SNBSPO MB BQMJDBDJwO EF FTUF QSJODJQJP MPT BVUPSFT EF DSrNFOFT EF
MFTB IVNBOJEBE GVFSPO QSPDFTBEPT KV[HBEPT Z DBTUJHBEPT QPS DPNQPSUBNJFOUPT
DBMJ¾DBEPT EF DSrNFOFT EF MFTB IVNBOJEBE TFH|O MPT QSJODJQJPT HFOFSBMFT EFM
EFSFDIP SFDPOPDJEPT QPS MB DPNVOJEBE JOUFSOBDJPOBM Z TF MFT BQMJDw UJQPT QFOBMFT
BEPQUBEPTEFTQVnTEFMBDPNJTJwOEFMPTJMrDJUPT
7BSJPTUSJCVOBMFTJOUFSOBDJPOBMFTIBBQMJDBEPJHVBMNFOUFSFUSPBDUJWBNFOUFMFHJTMBDJwO
OBDJPOBM B DPNQPSUBNJFOUPT RVF FSBO EFMJDUJWPT CBKP FM EFSFDIP JOUFSOBDJPOBM BM
NPNFOUP EF TV DPNJTJwO 6OP EF MPT QSJNFSPT QSFDFEFOUFT GVF FM QSPDFTP QPS
HFOPDJEJP EF "EPMG &JDINBOO QPS MB $PSUF 4VQSFNB EF *TSBFM FO -B $PSUF
QSFDJTwRVFEBEPRVFMPTBDUPTJNQVUBEPTB&JDINBOOFSBOMBOFHBDJwONJTNBEF
MPTGVOEBNFOUPTFTFODJBMFTEFMB$PNVOJEBE*OUFSOBDJPOBMZRVFFM&TUBEPEF*TSBFM
QPErBKV[HBSMPCBKPFMQSJODJQJPEFKVSJTEJDDJwOVOJWFSTBMFOTVDBMJEBEEFDVTUPEJP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
EFMEFSFDIPJOUFSOBDJPOBM&O4SJ-BOLBFMUSJCVOBMEFBQFMBDJPOFTKV[HwZDPOEFOw
BVOBQFSTPOBQPSFMEFMJUPEFTFDVFTUSPEFVOBWJwOBQFTBSEFRVFFMEFMJUPOP
FTUBCBUJQJ¾DBEPFOMBMFHJTMBDJwOOBDJPOBMBMDPOTJEFSBSRVFFTUFJMrDJUPZBFTUBCB
JODSJNJOBEPFOFMEFSFDIPJOUFSOBDJPOBMCBKPMB¾HVSBEFMBQJSBUFSrBBnSFB
"TrMBBVTFODJBEFUJQPTQFOBMFTOBDJPOBMFTQBSBSFQSJNJSVODSJNFOCBKPFMEFSFDIP
JOUFSOBDJPOBMOPTFQVFEFJOWPDBSQPSVO&TUBEPQBSBOPDVNQMJSDPOTVPCMJHBDJwO
EFKV[HBSZDBTUJHBSBMPTBVUPSFTEFFTUFJMrDJUPTJBMUJFNQPEFTVDPNJTJwOZBFSB
EFMJUP CBKP FM EFSFDIP JOUFSOBDJPOBM P DPOTJEFSBEP EFMJDUJWP TFH|O MPT QSJODJQJPT
HFOFSBMFTEFMEFSFDIPSFDPOPDJEPTQPSMBDPNVOJEBEJOUFSOBDJPOBM
&OBMHVOBTPQPSUVOJEBEFTMPT&TUBEPTBSHVNFOUBORVFMBEFSPHBDJwOZBOVMBDJwOEF
VOBMFZEFBNOJTUrBQBSBMPTBVUPSFTEFHSBWFTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPT
WVMOFSBFMQSJODJQJPEFOPSFUSPBDUJWJEBE-B$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPT TF IB QSPOVODJBEP TPCSF FTUF UwQJDP FO VOB EFDJTJwO TPCSF MB MFZ EF
BNOJTUrBFO$IJMF&M&TUBEPDIJMFOPB¾SNwFOFMUSgNJUFEFMQSPDFTPJOUFSOBDJPOBM
RVF MB EFSPHBUPSJB EFM %FDSFUP -FZ EF BNOJTUrB OP TVSUJSrB FGFDUPT DPOUSB MPT
SFTQPOTBCMFTEFMBTWJPMBDJPOFTEFCJEPBMQSJODJQJPEFMBJSSFUSPBDUJWJEBEEFMBMFZ
QFOBM DPOUFNQMBEP FO FM BSUrDVMP EF MB $POWFODJwO "NFSJDBOB TPCSF %FSFDIPT
)VNBOPT Z FM BSUrDVMP EF MB $POTUJUVDJwO EF $IJMF "M SFTQFDUP MB $PNJTJwO
*OUFSBNFSJDBOBQSFDJTwRVF
²FMQSJODJQJPEFJSSFUSPBDUJWJEBEEFMBMFZRVFDPOTJTUFFORVFOBEJFQVFEF
TFSDPOEFOBEPSFUSPBDUJWBNFOUFQPSBDDJPOFTVPNJTJPOFTRVFBMNPNFOUP
EF DPNFUFSTF OP GVFSBO EFMJDUJWBT TFH|O FM EFSFDIP BQMJDBCMF OP QPESrB
TFS JOWPDBEP QPS MPT BNOJTUJBEPT QPS DVBOUP BM NPNFOUP EF DPNFUFSTF
MPTIFDIPTJNQVUBEPTTFIBMMBCBOUJQJ¾DBEPTZQFOBEPTQPSMBMFZDIJMFOB
WJHFOUF³
1PS TV QBSUF MB $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB DPODMVJEP RVF FM
&TUBEPOPQVFEFBSHVNFOUBSMBJSSFUSPBDUJWJEBEEFTVMFZQFOBMQBSBFYDVTBSTFEF
TVEFCFSEFJOWFTUJHBSZTBODJPOBSBMPTSFTQPOTBCMFTEFDSrNFOFTRVFBMNPNFOUP
EF IBCFS TJEP DPNFUJEPT FSBO VO JMrDJUP QFOBM CBKP FM EFSFDIP JOUFSOBDJPOBM &M
$PNJUnEF%FSFDIPT)VNBOPTFOTVT²0CTFSWBDJPOFT¾OBMFT³B"SHFOUJOBEF
SFDPSEwBM&TUBEPBSHFOUJOPRVF²<M>BTWJPMBDJPOFTHSBWFTEFMPTEFSFDIPTDJWJMFTZ
$PSUF4VQSFNBEF*TSBFM4FOUFODJBEFEFNBZPEF$BVTB"UUPSOFZ(FOFSBMPG*TSBFMW&JDINBOO
SFQSPEVDJEPFO*OUFSOBUJPOBM-BX3FQPSUT7PMVNFO/PQgHJOB
5SJCVOBMEFBQFMBDJwOEF4SJ-BOLB4FOUFODJBEFEFNBZPEF$BTP&LBOBZBLFFO*OUFSOBUJPOBM-BX
3FQPSUTQgHJOB
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/P$BTP$BSNFMP4PSJB&TQJOP[B
$IJMF
EFOPWJFNCSFEFQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP"MNPOBDJE"SFMMBOPZPUSPTWT$IJMF4FOUFODJBEFEF
TFQUJFNCSFEF4FSJF$/PQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
QPMrUJDPTEVSBOUFFMHPCJFSOPNJMJUBSEFCFOTFSQFSTFHVJCMFTEVSBOUFUPEPFMUJFNQP
OFDFTBSJPZDPOUPEBMBSFUSPBDUJWJEBEOFDFTBSJBQBSBMPHSBSFMFOKVJDJBNJFOUPEFTVT
BVUPSFT³
1SFTDSJQDJwOFJNQSFTDSJQUJCJMJEBE
'SFDVFOUFNFOUFMBQSFTDSJQDJwOEFMPTEFMJUPTFTJOWPDBEBQBSBOPJOJDJBSBDDJPOFT
KVEJDJBMFTPQBSBDFSSBSZBSDIJWBSEF¾OJUJWBNFOUFMPTQSPDFTPTQFOBMFTUSBNJUBEPT
DPOUSBQSFTVOUPTBVUPSFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
)BZRVFEFTUBDBSRVFOPUPEPTMPTQBrTFTJOTUJUVZFOFOTVMFHJTMBDJwOQFOBMMB¾HVSB
EFMBQSFTDSJQDJwO"TJNJTNPEFNBOFSBHFOFSBMFMEFSFDIPJOUFSOBDJPOBMOPSFHVMBFM
JOTUJUVUPKVSrEJDPEFMBQSFTDSJQDJwOFONBUFSJBQFOBMDPOMBOPUBCMFFYDFQDJwOEFMPT
USBUBEPTFJOTUSVNFOUPTJOUFSOBDJPOBMFTTPCSFEFTBQBSJDJwOGPS[BEBEFQFSTPOBT
&O FGFDUP FTUPT DPOUJFOFO EJTQPTJDJPOFT FYQSFTBT RVF SFHVMBO MB QSFTDSJQDJwO
QBSB FWJUBS TV BCVTP DPO FM QSPQwTJUP EF EFKBS JNQVOF FM DSJNFO EF EFTBQBSJDJwO
GPS[BEB &TUB FTQFDJBM SFHVMBDJwO UJFOF TV KVTUJ¾DBDJwO Z PSJHFO FM DBSgDUFS EF
DSJNFODPOUJOVBOEPZQFSNBOFOUFEFMBEFTBQBSJDJwOGPS[BEBDBSgDUFSSFDPOPDJEP
QPSFMEFSFDIPJOUFSOBDJPOBM&M(SVQPEF5SBCBKPEFMBT/BDJPOFT6OJEBTTPCSF
%FTBQBSJDJPOFT 'PS[BEBT P *OWPMVOUBSJBT TFvBMw RVF ²<M>B EF¾OJDJwO EF ´EFMJUP
QFSNBOFOUFµUJFOFVOBJNQPSUBODJBEFDJTJWBQBSBEFUFSNJOBSMBTSFTQPOTBCJMJEBEFT
EFMBTBVUPSJEBEFTEFM&TUBEP<©>4V¾OBMJEBEFTJNQFEJSRVFMPTBVUPSFTEFBDUPT
DSJNJOBMFTTFBQSPWFDIFOEFMBQSFTDSJQDJwO1VFEFJOUFSQSFUBSTFFOFMTFOUJEPEF
MJNJUBSMBTWFOUBKBTEFMBQSFTDSJQDJwOQBSBMPTBVUPSFTEFFTUPTBDUPTDSJNJOBMFT³
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT"SHFOUJOBEFOPWJFNCSF%PDVNFOUPEF
/BDJPOFT6OJEBT$$13$0"3(QgSSBGP
%FDMBSBDJwO TPCSF MB QSPUFDDJwO EF UPEBT MBT QFSTPOBT DPOUSB MBT EFTBQBSJDJPOFT GPS[BEBT BSUrDVMP $POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTBSUrDVMP
Z
$POWFODJwO*OUFSBNFSJDBOBTPCSF%FTBQBSJDJwO'PS[BEBEF1FSTPOBTBSUrDVMP7**
7FSFOUSFPUSPT%FDMBSBDJwOTPCSFMB1SPUFDDJwOEF5PEBTMBT1FSTPOBTDPOUSBMBT%FTBQBSJDJPOFT'PS[BEBT
BSUrDVMP
$POWFODJwO*OUFSOBDJPOBMQBSBMB1SPUFDDJwOEF5PEBTMBT1FSTPOBTDPOUSBMBT%FTBQBSJDJPOFT
'PS[BEBTBSUrDVMPTZ
$POWFODJwO*OUFSBNFSJDBOBTPCSF%FTBQBSJDJwO'PS[BEBEF1FSTPOBTBSUrDVMP
***
*OGPSNF EFM (SVQP EF 5SBCBKP TPCSF MBT %FTBQBSJDJPOFT 'PS[BEBT P *OWPMVOUBSJBT %PDVNFOUP EF
/BDJPOFT6OJEBT&$/EFEFGFCSFSPEF*OGPSNFQSFTFOUBEPQPSFM4S.BOGSFE/PXBL
&YQFSUP JOEFQFOEJFOUF FODBSHBEP EF FYBNJOBS FM NBSDP JOUFSOBDJPOBM FYJTUFOUF FO NBUFSJB QFOBM Z EF
EFSFDIPTIVNBOPTQBSBMBQSPUFDDJwOEFMBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBTPJOWPMVOUBSJBTEF
DPOGPSNJEBEDPOFMQgSSBGPEFMBSFTPMVDJwOEFMB$PNJTJwO%PDVNFOUPEF/BDJPOFT6OJEBT&
$/EFEFFOFSPEFQgSSBGP$PNJUnEF%FSFDIPT)VNBOPT%FDJTJwOEFEFOPWJFNCSF
EF$PNVOJDBDJwO/P$BTP/PSNB:VSJDID$IJMFQgSSBGP
$PSUF*OUFSBNFSJDBOBEF
%FSFDIPT)VNBOPT$BTP(PJCVS|ZPUSPTWT1BSBHVBZ4FOUFODJBEFEFTFQUJFNCSFEF4FSJF$/P
QgSSBGPTZ$BTP#MBLFWT(VBUFNBMB4FOUFODJB&YDFQDJPOFTQSFMJNJOBSFT
EFEFKVMJPEF
4FSJF$/PQgSSBGP$BTP$PNFSDJBOUFTWT$PMPNCJB4FOUFODJBEFEFKVMJPEF4FSJF$/P
QgSSBGPZ$BTP)FSNBOBT4FSSBOP$SV[WT&M4BMWBEPS4FOUFODJB&YDFQDJPOFTQSFMJNJOBSFT
EF
EFOPWJFNCSFEF4FSJF$/PQgSSBGPTB
*OGPSNF EFM (SVQP EF 5SBCBKP TPCSF %FTBQBSJDJPOFT 'PS[BEBT P *OWPMVOUBSJBT &$/ EF
EJDJFNCSFEFQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
B *NQSFTDSJQUJCJMJEBE
&M EFSFDIP JOUFSOBDJPOBM DPOTVFUVEJOBSJP FTUBCMFDF RVF DJFSUP UJQP EF DSrNFOFT
JOUFSOBDJPOBMFTTPOJNQSFTDSJQUJCMFTMPTDSrNFOFTEFHVFSSBMPTDSrNFOFTEFMFTB
IVNBOJEBE FM HFOPDJEJP Z FM BQBSUIFJE FTUPT EPT |MUJNPT TPO VOB NPEBMJEBE
FTQFDr¾DB EF DSJNFO EF MFTB IVNBOJEBE
&TUF QSJODJQJP EF JNQSFTDSJQUJCJMJEBE
EFDJFSUPTDSrNFOFTCBKPFMEFSFDIPJOUFSOBDJPOBMIBTJEPSFJUFSBEPFOOVNFSPTBT
PDBTJPOFT QPS USJCVOBMFT OBDJPOBMFT &M $PNJUn *OUFSOBDJPOBM EF MB $SV[ 3PKB IB
DPOTJEFSBEPRVFMBJNQSFTDSJQUJCJMJEBEEFMPTDSrNFOFTEFHVFSSBMPTDSrNFOFTEF
MFTB IVNBOJEBE Z FM HFOPDJEJP DPOTUJUVZF VOB OPSNB EFM EFSFDIP JOUFSOBDJPOBM
DPOTVFUVEJOBSJP
-B$POWFODJwOTPCSFMBJNQSFTDSJQUJCJMJEBEEFMPTDSrNFOFTEFHVFSSBZEFMPTDSrNFOFT
EF MFTB IVNBOJEBE FT DPOTJEFSBEB DPNP VOF GVFOUF EF EFSFDIP DPOTVFUVEJOBSJP
&OFGFDUPDPNPMPTFvBMBSBFM3FMBUPS&TQFDJBM4S%PVEPV5IJBNEFMB$PNJTJwO
EF%FSFDIP*OUFSOBDJPOBMEFMBT/BDJPOFT6OJEBTFTUB$POWFODJwOFTEF²DBSgDUFS
TJNQMFNFOUF EFDMBSBUJWP <© QVFT> MBT JOGSBDDJPOFT B RVF TF SF¾FSF BM DPOTUJUVJS
DSrNFOFTQPSTVOBUVSBMF[BTPOJNQSFTDSJQUJCMFTDVBMRVJFSBRVFTFBMBGFDIBFORVF
TFIBZBODPNFUJEP³"TJNJTNPMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIB
SFJUFSBEPRVF²MBJNQSFTDSJQUJCJMJEBEEFMPTDSrNFOFTEFMFTBIVNBOJEBETVSHFDPNP
DBUFHPSrBEFOPSNBEF%FSFDIP*OUFSOBDJPOBM(FOFSBMJVTDPHFOT
RVFOPOBDFDPO
UBM$POWFODJwOTJOPRVFFTUgSFDPOPDJEBFOFMMB³
7FS QPS FKFNQMP 3FTPMVDJwO *
EF MB "TBNCMFB (FOFSBM EF MBT /BDJPOFT 6OJEBT EF EF EJDJFNCSF
EF RVF DPO¾SNB MPT QSJODJQJPT EF EFSFDIP JOUFSOBDJPOBM SFDPOPDJEPT QPS FM &TUBUVUP EFM 5SJCVOBM
.JMJUBS*OUFSOBDJPOBMEF/VSFNCFSHZQPSFMGBMMPEFFTUF5SJCVOBMMPT1SJODJQJPTEF%FSFDIP*OUFSOBDJPOBM
SFDPOPDJEPTQPSFM&TUBUVUPZQPSMBTTFOUFODJBTEFM5SJCVOBMEF/VSFNCFSHBEPQUBEPTQPSMB$PNJTJwOEF
%FSFDIP*OUFSOBDJPOBMEFMBT/BDJPOFT6OJEBTKVMJPEF
3FTPMVDJwO7
EFMB"TBNCMFB(FOFSBM
EFMBT/BDJPOFT6OJEBTEFEFEJDJFNCSFEF²'PSNVMBDJwOEFMPTQSJODJQJPTEF/VSFNCFSH³MBT
3FTPMVDJPOFT%999*9
EFEFKVMJPEFZ9-*
EFEFBHPTUPEFSFMBUJWBTBMDBTUJHP
EFMPTDSJNJOBMFTEFHVFSSBZEFMBTQFSTPOBTRVFIBZBODPNFUJEPDSrNFOFTEFMFTBIVNBOJEBEEFM$POTFKP
&DPOwNJDP Z 4PDJBM EF MBT /BDJPOFT 6OJEBT $POWFODJwO TPCSF MB JNQSFTDSJQUJCJMJEBE EF MPT DSrNFOFT EF
HVFSSB Z EF MPT DSrNFOFT EF MFTB IVNBOJEBE $POWFODJwO &VSPQFB TPCSF MB JNQSFTDSJQUJCJMJEBE EF MPT
$SrNFOFTEF-FTB)VNBOJEBEZMPT$SrNFOFTEF(VFSSBEFMEFFOFSPEF&TUBUVUPEF3PNBEFMB
$PSUF1FOBM*OUFSOBDJPOBMBSU
%JTUSJUP5SJCVOBMEF+FSVTBMnO4FOUFODJBEFEFEJDJFNCSFEF$BTPEF&JDINBOO$PSUFEF$BTBDJwOEF
'SBODJB4FOUFODJBEFEFEJDJFNCSFEF$BTPEF,MBVT#BSCJF$PSUF.JMJUBSEF"QFMBDJPOFTEF3PNB
4FOUFODJBTEFEFKVMJPEFZEFNBS[PEFZ$PSUF4VQSFNBEF$BTBDJwO4FOUFODJBEFEF
OPWJFNCSFEF$BTPTEF)BBTZ1SJFCLFZ$PSUF4VQSFNBEF"SHFOUJOB4FOUFODJBEFEFOPWJFNCSFEF
$BTPEF&SJDI1SJFCLF/P
+FBO.BSJF)FODLBFSUTZ-PVJTF%PTXBME#FDL%FSFDIPJOUFSOBDJPOBMIVNBOJUBSJPDPOTVFUVEJOBSJP°7PMV
NFO*/PSNBT&E$PNJUn*OUFSOBDJPOBMEFMB$SV[3PKBQgHJOBTZTJHVJFOUFT
$VBSUPJOGPSNFTPCSFFMQSPZFDUPEF$wEJHPEFDSrNFOFTDPOUSBMBQB[ZMBTFHVSJEBEEFMBIVNBOJEBE%PDV
NFOUPEF/BDJPOFT6OJEBT"$/EFEFNBS[PEFQgSSBGP
$PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT $BTP "MNPOBDJE "SFMMBOP Z PUSPT WT $IJMF EPD DJU QgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
&OFMQBTBEPBMHVOPT&TUBEPTIBOBSHVNFOUBEPRVFMBJNQSFTDSJQUJCJMJEBEEFMPT
DSrNFOFTEFHVFSSBZEFMPTDSrNFOFTEFMFTBIVNBOJEBEFTUBSrBFODPOUSBEJDDJwODPO
FMQSJODJQJPEFJSSFUSPBDUJWJEBEEFMBMFZQFOBM&YJTUFVOBNQMJPDPOTFOTPBDFSDBEF
MBWPDBDJwOSFUSPBDUJWBEFMB$POWFODJwOTPCSFMBJNQSFTDSJQUJCJMJEBEEFMPTDSrNFOFT
EFHVFSSBZEFMPTDSrNFOFTEFMFTBIVNBOJEBEDPOMPDVBMnTUBTFBQMJDBBFTUPT
DSrNFOFTB|ODVBOEPGVFSPODPNFUJEPTDPOBOUFSJPSJEBEBMBFOUSBEBFOWJHPSEFMB
$POWFODJwO/PIVFMHBSFDPSEBSRVFMB$POWFODJwOTFSF¾FSFBMPTDSrNFOFTEFHVFSSB
ZEFMPTDSrNFOFTEFMFTBIVNBOJEBE²DVBMRVJFSBRVFTFBMBGFDIBFORVFTFIBZBO
DPNFUJEP³BSUrDVMP*
ZQSFTDSJCFRVFMPT&TUBEPTQBSUFTEFCFOBCPMJSMBQSFTDSJQDJwO
QBSBFTUPTDSrNFOFTDVBOEPnTUBFYJTUBFOTVMFHJTMBDJwOOBDJPOBMBSUrDVMP*7
&O
TVGBMMPFOFMBTVOUP5PVWJFSMB4BMBDSJNJOBMEFMB$PSUFEF$BTBDJwOEF'SBODJB
DPOTJEFSwRVFOPFYJTUrBBMBMV[EFM$POWFOJP&VSPQFPEF%FSFDIPT)VNBOPTVO
EFSFDIPBMBQSFTDSJQDJwOZEFDJEJwEFDMBSBSOVMBMBTFOUFODJBEFMUSJCVOBMEFQSJNFSB
JOTUBODJBRVFJOWPDBOEPMBQSFTDSJQDJwOZMBJSSFUSPBDUJWJEBEEFMBMFZQFOBMIBCrB
BSDIJWBEPFMQSPDFTP-B4BMBJOWPDwFOTVEFDJTJwOFMBMDBODFEFMQSJODJQJPEF
JSSFUSPBDUJWJEBEEFMBMFZQFOBMQSFWJTUPBMPTBSUrDVMPT
EFM1BDUP*OUFSOBDJPOBM
EF%FSFDIPT$JWJMFTZ1PMrUJDPTZ
EFM$POWFOJP&VSPQFPEF%FSFDIPT)VNBOPT
TFH|OFMDVBMFMQSJODJQJPEFJSSFUSPBDUJWJEBEFOOBEBTFPQPOFBMKVJDJPPBMBDPOEFOB
EF VOB QFSTPOB QPS BDUPT V PNJTJPOFT RVF FO FM NPNFOUP EF DPNFUFSTF GVFSBO
EFMJDUJWPTTFH|OMPTQSJODJQJPTHFOFSBMFTEFMEFSFDIPSFDPOPDJEPTQPSMBDPNVOJEBE
JOUFSOBDJPOBM
%FDPOGPSNJEBEDPOFMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJPMBTBVUPSJEBEFTEFM
&TUBEP TFB P OP nTUF QBSUF EF MB $POWFODJwO TPCSF MB JNQSFTDSJQUJCJMJEBE EF MPT
DSrNFOFT EF HVFSSB Z EF MPT DSrNFOFT EF MFTB IVNBOJEBE OP QVFEFO EFDSFUBS MB
QSFTDSJQDJwO EF MPT DSrNFOFT EF MFTB IVNBOJEBE Z EFCFO QSPDFEFS KVEJDJBMNFOUF
DPOUSBMPTBVUPSFTZEFNgTQBSUrDJQFTEFFTUPTDSrNFOFT
C 1SFTDSJQDJwOZHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
/PPCTUBOUFMBJNQSFTDSJQUJCJMJEBEOPTFQSFEJDBQBSBUPEPTMPTDSrNFOFTJOUFSOB
DJPOBMFT QVFT OP FT VO FMFNFOUP JOIFSFOUF B UPEB JOGSBDDJwO QFOBM JOUFSOBDJPOBM
TJOPTwMPSFTQFDUPEFDJFSUPTDSrNFOFTJOUFSOBDJPOBMFTDPNPMPTDSrNFOFTEFHVFSSB
MPTDSrNFOFTEFMFTBIVNBOJEBEFMHFOPDJEJPZFMBQBSUIFJE"TrUSBEJDJPOBMNFOUF
TFIBDPOTJEFSBEPRVFMBUPSUVSBZMBEFTBQBSJDJwOGPS[BEBBVODVBOEPTPODSrNFOFT
JOUFSOBDJPOBMFTOPTPOJNQSFTDSJQUJCMFTQFSTFTBMWPDVBOEPTPODPNFUJEPTEFOUSP
7FSQPSFKFNQMP&SJD%BWJE1SJODJQFTEFESPJUEFTDPO¿JUTBSNnT&E#SVZMBOU#SVTFMBTQgSSBGP
Z1JFSSFUF1PODFMB²-µJNQSFTDSJQUJCJMJUn³FO"TDFODJP%FDBVYFU1FMMFU%SPJUJOUFSOBUJPOBMQnOBM&E"1F
EPOF1BSrTQgHJOBQgSSBGP
1BVM5PVWJFSGSBODnTQSPDFTBEPQPSDSrNFOFTEFMFTBIVNBOJEBEDPNFUJEPTEVSBOUFMBTFHVOEBHVFSSBNVO
EJBM-PTEFMJUPTRVFTFMFJNQVUBCBOIBCrBOQSFTDSJUPTFH|OFMEFSFDIPQFOBMGSBODnTBOUFTEFRVFGVFSB
QSPNVMHBEBMBMFZGSBODFTBTPCSFMBJNQSFTDSJQUJCJMJEBEEFMPTDSrNFOFTEFMFTBIVNBOJEBE
$PSUFEF$BTBDJwOEF'SBODJB4BMBDSJNJOBM4FOUFODJBEFEFKVOJPEF&TUBKVSJTQSVEFODJBGVFSFJUF
SBEBQPSMB$PSUFFOTVGBMMPEFEFFOFSPEFFOFMQSPDFTPDPOUSB,MBVT#BSCJF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
EFVOBQSgDUJDBBHSBOFTDBMBPTJTUFNgUJDBQVFTFOFTFFWFOUPTFDPOWJFSUFOKVSrEJ
DBNFOUF FO PUSB FOUJEBE B TBCFS VO DSJNFO EF MFTB IVNBOJEBE "TJNJTNP TPO
JNQSFTDSJQUJCMFT DVBOEP TPO DPNFUJEPT FO VO DPO¿JDUP BSNBEP UPEB WF[ RVF TF
TVCTVNFOFOMB¾HVSBEFMDSJNFOEFHVFSSB
4JO FNCBSHP FT JNQPSUBOUF TFvBMBS RVF FYJTUF VOB UFOEFODJB FNFSHFOUF FO MB
KVSJTQSVEFODJB Z FO MPT FTUgOEBSFT JOUFSOBDJPOBMFT B FYUFOEFS MB QSPIJCJDJwO EF
MB BQMJDBDJwO EF MB QSFTDSJQDJwO B MBT HSBWFT WJPMBDJPOFT EF EFSFDIPT IVNBOPT V
PUPSHBSMFTVODBSgDUFSJNQSFTDSJQUJCMF
&M5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBIBDPOTJEFSBEPRVFFMDSJNFO
EFUPSUVSBOPFTQSFTDSJQUJCMF"TrMPJOEJDwFM5SJCVOBMBMDPOTJEFSBSRVFVOBEFMBT
DPOTFDVFODJBTEFOBUVSBMF[BQFSFOUPSJBEFMBQSPIJCJDJwOEFUPSUVSBFT²<©>FMIFDIP
EFRVFMBUPSUVSBOPQVFEFTFSQSFTDSJQUJCMF<©>³
"TJNJTNPFM$PNJUnEF%FSFDIPT)VNBOPTTPTUVWPFOTVT0CTFSWBDJPOFT¾OBMFTTPCSF
"SHFOUJOBRVF²<M>BTWJPMBDJPOFTHSBWFTEFMPTEFSFDIPTDJWJMFTZQPMrUJDPTDPNFUJEBT
EVSBOUFFMHPCJFSOPNJMJUBSEFCFOTFSQFSTFHVJCMFTEVSBOUFUPEPFMUJFNQPRVFTFB
OFDFTBSJPZDPOUPEBMBSFUSPBDUJWJEBEOFDFTBSJBQBSBMPHSBSFMFOKVJDJBNJFOUPEFTVT
BVUPSFT³ %FNBOFSBHFOFSBMFM$PNJUnEF%FSFDIPT)VNBOPTIBDPOTJEFSBEP
RVF²EFCFOFMJNJOBSTFMPTJNQFEJNFOUPTBMFTUBCMFDJNJFOUPEFMBSFTQPOTBCJMJEBE
QFOBMFOUSFFMMPT<©>MPTQMB[PTEFQSFTDSJQDJwOFYDFTJWBNFOUFCSFWFTFOMPTDBTPT
FORVFTFBOBQMJDBCMFTUBMFTQSFTDSJQDJPOFT³
&M $PNJUn DPOUSB MB 5PSUVSB B QFTBS EF MB BVTFODJB EF SFHVMBDJwO FYQSFTB FO MB
$POWFODJwO IB FYQSFTBEP TVT SFTFSWBT TPCSF MB BQMJDBCJMJEBE EF MB QSFTDSJQDJwO
BM EFMJUP EF UPSUVSB &O TVT $PODMVTJPOFT TPCSF .BSSVFDPT FM $PNJUn FYQSFTw TV
QSFPDVQBDJwOQPS²<M>BBQMJDBDJwOBMPTBDUPTEFUPSUVSBEFMQFSrPEPEFQSFTDSJQDJwO
QSFWJTUPFOFMEFSFDIPDPN|ORVFQSJWBSrBBMBTWrDUJNBTEFTVEFSFDIPJNQSFTDSJQUJCMF
B JOUFOUBS VOB BDDJwO EF KVTUJDJB³ Z SFDPNFOEw BM &TUBEP 1BSUF EF JODMVJS ²FO FM
$wEJHPEF1SPDFEJNJFOUP1FOBMEJTQPTJDJPOFTRVFQSFWFBOFMEFSFDIPJNQSFTDSJQUJCMF
EFUPEBQFSTPOBRVFIBZBTJEPWrDUJNBEFVOBDUPEFUPSUVSBBJOUFOUBSVOBBDDJwO
EF KVTUJDJB DPOUSB UPEP UPSUVSBEPS³ &O TVT $PODMVTJPOFT TPCSF $IJMF FM $PNJUn
SFDPNFOEwBM&TUBEP1BSUFDPOTJEFSBS²MBQPTJCJMJEBEEFFMJNJOBSMBQSFTDSJQDJwOP
4FOUFODJBEFEFEJDJFNCSFEFDBTP&M'JTDBMD"OUP'VSVOE[JKB+VEHNFOU&YQFEJFOUF/P*5
5QgSSBGPPSJHJOBMFOGSBODnTUSBEVDDJwOMJCSF
QgSSBGPTZ
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT"SHFOUJOBEFOPWJFNCSFEF%PDVNFOUPEF
/BDJPOFT6OJEBT$$13$0"3(QgSSBGP
$PNJUn EF %FSFDIPT )VNBOPT 0CTFSWBDJwO HFOFSBM /P -B rOEPMF EF MB PCMJHBDJwO KVSrEJDB HFOFSBM
JNQVFTUBBMPT&TUBEPT1BSUFTFOFM1BDUPQgSSBGP
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnDPOUSBMB5PSUVSB.BSSVFDPTEFGFCSFSPEF%PDVNFOUPEF/BDJPOFT
6OJEBT$"5$$3QgSSBGPG *CJEQgSSBGPD
(6Ê"1"3"130'&4*0/"-&4/P
BNQMJBSFMBDUVBMQMB[PEFBvPTQSFWJTUPQBSBFMEFMJUPEFUPSUVSBIBCJEBDVFOUB
EFTVHSBWFEBE³&OTVT$PODMVTJPOFTTPCSF5VSRVrBFM$PNJUnSFDPNFOEwRVFTF
²<E>FSPHVFMBTOPSNBTEFQSFTDSJQDJwOEFMPTEFMJUPTSFMBDJPOBEPTDPOMBUPSUVSB³
&O TVT $PODMVTJPOFTTPCSF&TMPWFOJBFM$PNJUnNBOJGFTUwTVQSFPDVQBDJwOQPSFM
IFDIPEFRVFFMEFMJUPEFUPSUVSBFTUnTVKFUPBQSFTDSJQDJwOZSFDPNFOEwBM&TUBEP
1BSUF RVF ²<E>FDMBSF JNQSFTDSJQUJCMF FM EFMJUP EF UPSUVSB³ &O TV $PODMVTJPOFT
TPCSF'SBODJBFM$PNJUnSFDPNFOEwBM&TUBEP1BSUFUJQJ¾DBSFOTVMFHJTMBDJwOQFOBM
FMEFMJUPEFUPSUVSBDPNP²JOGSBDDJwOJNQSFTDSJQUJCMF³%FJHVBMNPEPFM$PNJUn
DPOUSBMB5PSUVSBPCTFSWwDPNPVOBTQFDUPQPTJUJWPFOMBMFHJTMBDJwOWFOF[PMBOBRVF
MB ²<©> $POTUJUVDJwO <©> JNQPOHB BM &TUBEP MB PCMJHBDJwO EF JOWFTUJHBS Z TBODJPOBS
MPTEFMJUPTDPOUSBMPTEFSFDIPTIVNBOPTEFDMBSFJNQSFTDSJQUJCMFTMBTBDDJPOFTQBSB
TBODJPOBSMPTZFYDMVZBSFTQFDUPEFFMMPTDVBMRVJFSEJTQPTJDJwORVFQVEJFSFDPOMMFWBS
JNQVOJEBEDPNPMBBNOJTUrBZFMJOEVMUP³"TJNJTNPFOMPTDBTPTEF&M4BMWBEPS
Z1BSBHVBZFM$PNJUnEFTUBDwMBJNQPSUBODJBEFMBTEJTQPTJDJPOFTEFBNCPTQBrTFT
RVFIBDFOJNQSFTDSJQUJCMFFMEFMJUPEFUPSUVSB
1PSTVQBSUFMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBDPOTJEFSBEPSFJUFSB
EBNFOUF RVF ²TPO JOBENJTJCMFT <©> MBT EJTQPTJDJPOFT EF QSFTDSJQDJwO <©> RVF
QSFUFOEBOJNQFEJSMBJOWFTUJHBDJwOZTBODJwOEFMPTSFTQPOTBCMFTEFMBTWJPMBDJPOFT
HSBWFT EF MPT EFSFDIPT IVNBOPT UBMFT DPNP MB UPSUVSB MBT FKFDVDJPOFT TVNBSJBT
FYUSBMFHBMFTPBSCJUSBSJBTZMBTEFTBQBSJDJPOFTGPS[BEBTUPEBTFMMBTQSPIJCJEBTQPS
DPOUSBWFOJSEFSFDIPTJOEFSPHBCMFTSFDPOPDJEPTQPSFM%FSFDIP*OUFSOBDJPOBMEFMPT
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnDPOUSBMB5PSUVSB$IJMFNBZPEF%PDVNFOUPEF/BDJPOFT6OJEBT
$"5$$3QgSSBGPG 0CTFSWBDJPOFT¾OBMFTEFM$PNJUnDPOUSBMB5PSUVSB5VSRVrBEFNBZPEF%PDVNFOUPEF/BDJPOFT
6OJEBT$"5$$33FDPNFOEBDJwOQgSSBGPD
0CTFSWBDJPOFT¾OBMFTEFM$PNJUnDPOUSBMB5PSUVSB
&TMPWFOJBEFNBZPEF$"5$$33FDPNFOEBDJwOQgSSBGPC
0CTFSWBDJPOFT¾OBMFTEFM
$PNJUnDPOUSBMB5PSUVSB$IJMFEPDDJUQgSSBGPG 0CTFSWBDJPOFT¾OBMFTEFM$PNJUnDPOUSBMB5PSUVSB&TMPWFOJBEFNBZPEF$"5$$3QgSSBGP
C
*CJEQgSSBGPC
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn DPOUSB MB5PSUVSB 'SBODJB EF BCSJM EF %PDVNFOUP EF /BDJPOFT
6OJEBT$"5$'3"$0QgSSBGP
0CTFSWBDJPOFT ¾OBMFT EFM $PNJUn DPOUSB MB 5PSUVSB 7FOF[VFMB EF EJDJFNCSF EF %PDVNFOUP EF
/BDJPOFT6OJEBT$"5$$3"TQFDUPTQPTJUJWPTQgSSBGPD
%PDVNFOUPEF/BDJPOFT6OJEBT4VQMFNFOUP/P"
EFKVOJPEFQgSSBGP
%PDVNFOUPEF/BDJPOFT6OJEBT4VQMFNFOUP/P"
EFTFQUJFNCSFEFQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
%FSFDIPT)VNBOPT³-B$PSUFIBQSFDJTBEPRVF²FM&TUBEPEFCFHBSBOUJ[BSRVF
FM QSPDFTP JOUFSOP UFOEJFOUF B JOWFTUJHBS Z TBODJPOBS B MPT SFTQPOTBCMFT EF MPT
IFDIPT <©> TVSUB TVT EFCJEPT FGFDUPT Z FO QBSUJDVMBS EFCF BCTUFOFSTF EF SFDVSSJS
B¾HVSBTDPNP<©>MBQSFTDSJQDJwO³"TrFM&TUBEP²FM&TUBEPEFCFSFNPWFSUPEPT
MPTPCTUgDVMPTZNFDBOJTNPTEFIFDIPZEFSFDIPRVFNBOUJFOFOMBJNQVOJEBE³
-B $PSUF IB DPOTJEFSBEP RVF FM &TUBEP OP QVFEF BSHVNFOUBS QSFTDSJQDJwO QBSB
FYDVTBSTFEFTVEFCFSEFJOWFTUJHBSZTBODJPOBSBMPTSFTQPOTBCMFT
$BCF EFTUBDBS RVF FTUB UFOEFODJB IB TJEP DPOWBMJEBEB QPS BMHVOPT JOTUSVNFOUPT
JOUFSOBDJPOBMFT "Tr FM 1SJODJQJP EF MPT 1SJODJQJPT Z EJSFDUSJDFT CgTJDPT TPCSF FM
EFSFDIPEFMBTWrDUJNBTEFWJPMBDJPOFTNBOJ¾FTUBTEFMBTOPSNBTJOUFSOBDJPOBMFTEF
EFSFDIPTIVNBOPTZEFWJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPB
JOUFSQPOFSSFDVSTPTZPCUFOFSSFQBSBDJPOFTFTUJQVMBRVF
²$VBOEP BTr TF EJTQPOHB FO VO USBUBEP BQMJDBCMF P GPSNF QBSUF EF PUSBT
PCMJHBDJPOFT KVSrEJDBT JOUFSOBDJPOBMFT OP QSFTDSJCJSgO MBT WJPMBDJPOFT
NBOJ¾FTUBT EF MBT OPSNBT JOUFSOBDJPOBMFT EF EFSFDIPT IVNBOPT OJ MBT
WJPMBDJPOFTHSBWFTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJPRVFDPOTUJUVZBO
DSrNFOFTFOWJSUVEEFMEFSFDIPJOUFSOBDJPOBM³
"TJNJTNPFM$POKVOUPEFQSJODJQJPTBDUVBMJ[BEPQBSBMBQSPUFDDJwOZMBQSPNPDJwOEF
MPTEFSFDIPTIVNBOPTNFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBEFTUJQVMBBTVQSJODJQJP
RVF²<M>PT&TUBEPTJODPSQPSBSgOHBSBOUrBTDPOUSBMBTEFTWJBDJPOFTBRVFQVFEB
EBSMVHBSFMVTPEFMBQSFTDSJQDJwO³&MQSJODJQJPQgSSBGPFTUJQVMBBTJNJTNPRVF
²<M>BQSFTDSJQDJwOOPTFBQMJDBSgBMPTEFMJUPTHSBWFTDPOGPSNFFMEFSFDIPJOUFSOBDJPOBM
RVFTFBOQPSOBUVSBMF[BJNQSFTDSJQUJCMFT³
&ODPODMVTJwOCBKPFMEFSFDIPJOUFSOBDJPOBMTPOJOBENJTJCMFTMBTEJTQPTJDJPOFTEF
QSFTDSJQDJwO RVF QSFUFOEFO JNQFEJS MB JOWFTUJHBDJwO QSPDFTBNJFOUP Z TBODJwO EF
MPTSFTQPOTBCMFTEFMBTWJPMBDJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPTZFM&TUBEPOP
QVFEFJOWPDBSMBTQBSBFYPOFSBSTFEFPCMJHBDJwOEFKV[HBSZDBTUJHBSBMPTBVUPSFTEF
FTUBTWJPMBDJPOFT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP#BSSJPT"MUPTWT1FS|4FOUFODJBEFEFNBS[PEF
4FSJF$/PQgSSBGP7FSJHVBMNFOUF$BTPEF#BSSJPT"MUPTWT1FS|4FOUFODJB*OUFSQSFUBDJwOEFMB
TFOUFODJBEFGPOEP
4FOUFODJBEFEFTFQUJFNCSFEF4FSJF$/PQgSSBGP$BTP5SVKJMMP0SP[BWT
#PMJWJB4FOUFODJB3FQBSBDJPOFT
EFEFGFCSFSPEF4FSJF$/PQgSSBGP$BTPEFM$BSBDB[P
WT7FOF[VFMB4FOUFODJB3FQBSBDJPOFT
EFEFBHPTUPEF4FSJF$/PQgSSBGP$BTP$BOUPSBM
)VBNBOrZ(BSDrB4BOUB$SV[WT1FS|4FOUFODJBEFEFKVMJPEF4FSJF$/PQgSSBGP$BTP-B
$BOUVUBWT1FS|4FOUFODJBEFEFOPWJFNCSFEF4FSJF$/PQgSSBGP$BTPEFMBT)FSNBOBT
4FSSBOP$SV[WT&M4BMWBEPS4FOUFODJBEFEFNBS[PEF4FSJF$/PQgSSBGP$BTP$BSQJP
/JDPMMFZPUSPTWT(VBUFNBMB4FOUFODJBEFEFOPWJFNCSFEF4FSJF$/PQgSSBGPZ$BTP
.ZSOB.BDL$IBOHWT(VBUFNBMB4FOUFODJBEFEFOPWJFNCSFEF4FSJF$/PQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP.ZSOB.BDL$IBOHWT(VBUFNBMBEPDDJUQgSSBGP
*CJEQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP"MNPOBDJE"SFMMBOPZPUSPTWT$IJMFEPDDJUQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
$PTBKV[HBEBZFMQSJODJQJPOPOCJTJOrEFN
'SFDVFOUFNFOUFMPT&TUBEPTJOWPDBOBCVTJWBNFOUFEFDJTJPOFTKVEJDJBMFTDPOBVUPSJ
EBEEFDPTBKV[HBEBSFTKVEJDBUB
ZFMQSJODJQJPOPOCJTJOJEFNPOFCJTJOJEFN
TFH|O FM DVBM OBEJF QVFEF TFS KV[HBEP Z TBODJPOBEP EPT WFDFT QPS MPT NJTNPT
IFDIPT QBSB DPOTBHSBS MB JNQVOJEBE 4FOUFODJBT BCTPMVUPSJBT P EFDJTJPOFT EF
TPCSFTFJNJFOUPQSPGFSJEBTFO¿BHSBOUFDPOUSBEJDDJwOEFUPEBFWJEFODJBQSPCBUPSJB
FYJTUFOUFFOFMQSPDFTPEFDJTJPOFTKVEJDJBMFTSFTVMUBEPEFQSPDFEJNJFOUPTJODPN
QBUJCMFT DPO MPT FTUgOEBSFT JOUFSOBDJPOBMFT EFM EFCJEP QSPDFTP TFOUFODJBT RVF
BQMJDBOBNOJTUrBTZTJNJMBSFTNFEJEBTFODBTPTEFHSBWFTWJPMBDJPOFTEFEFSFDIPT
IVNBOPTTPOGSFDVFOUFNFOUFJOWPDBEBTQBSBDPOTBHSBSMBJNQVOJEBEFOOPNCSFEFM
FMQSJODJQJPOPOCJTJOJEFNZMBDPTBKV[HBEB
&TVOQSJODJQJPHFOFSBMEFEFSFDIPJOUFSOBDJPOBMZVOJWFSTBMNFOUFSFDPOPDJEPRVF
MPT &TUBEPT EFCFO FKFDVUBS EF CVFOB GF MPT USBUBEPT Z MBT PCMJHBDJPOFT JOUFSOB
DJPOBMFT RVF EJNBOBO EF FTUPT QSJODJQJP QBDUB TVOU TFSWBOEB
&TUF QSJODJQJP
HFOFSBM EFM EFSFDIP JOUFSOBDJPOBM UJFOF DPNP DPSPMBSJP RVF MBT BVUPSJEBEFT EF VO
QBrT OP QVFEFO BSHVNFOUBS PCTUgDVMPT EF EFSFDIP JOUFSOP QBSB TVTUSBFSTF B TVT
DPNQSPNJTPT JOUFSOBDJPOBMFT -BT OPSNBT DPOTUJUVDJPOBMFT MFHJTMBUJWBT P SFHMB
NFOUBSJBT DPNP UBNQPDP MBT EFDJTJPOFT EF USJCVOBMFT OBDJPOBMFT OP QVFEFO
TFS JOWPDBEBT QBSB OP FKFDVUBS PCMJHBDJPOFT JOUFSOBDJPOBMFT P QBSB NPEJ¾DBS TV
DVNQMJNJFOUP&TUFFTVOQSJODJQJPHFOFSBMEFMEFSFDIPEFHFOUFTSFDPOPDJEPQPSMB
KVSJTQSVEFODJBJOUFSOBDJPOBMZDSJTUBMJ[BEPFOMPTBSUrDVMPTZEFMB$POWFODJwO
EF7JFOBTPCSFFM%FSFDIPEFMPT5SBUBEPT"TrMBSFTQPOTBCJMJEBEEFM&TUBEPTFWF
DPNQSPNFUJEBEFTEFFMNPNFOUPFORVFDVBMRVJFSBEFTVTwSHBOPTJODVSSFFOVOB
WJPMBDJwOEFVOBPCMJHBDJwOJOUFSOBDJPOBMZBTFBQPSBDDJwOPQPSPNJTJwO&TUFFT
VOQSJODJQJPEFMEFSFDIPJOUFSOBDJPOBMDPOTVFUVEJOBSJPRVFIBTJEPBDSJTPMBEPFO
MPT "SUrDVMPT TPCSF MB SFTQPOTBCJMJEBE EFM &TUBEP QPS IFDIPT JOUFSOBDJPOBMNFOUF
$PSUF1FSNBOFOUFEF+VTUJDJB*OUFSOBDJPOBM0QJOJwO$POTVMUJWBEFEFGFCSFSPEF5SBJUFNFOUEFTOB
UJPOBVYQPMPOBJTFUBVUSFTQFSTPOFTEµPSJHJOFPVEFMBOHVFQPMPOBJTFEBOTMFUFSSJUPJSFEF%BOU[JH3FDVFJM
EFTBSSpUTFUPSEPOOBODFT4nSJF" #/P$PSUF1FSNBOFOUFEF+VTUJDJB*OUFSOBDJPOBM4FOUFODJB/P
EFEFNBZP)BVUF4JMnTJFQPMPOBJTFFO3FDVFJMEFTBSSpUTFUPSEPOOBODFT4nSJF"/P$PSUF
1FSNBOFOUFEF+VTUJDJB*OUFSOBDJPOBM4FOUFODJB/P6TJOFEF$IPS[PX"MMFNBOHF1PMPHOF
EFEF
TFQUJFNCSF EF FO 3FDVFJM EFT BSSpUT FU PSEPOOBODFT "nSJF " /P $PSUF 1FSNBOFOUF EF +VTUJDJB
*OUFSOBDJPOBM0QJOJwO$POTVMUJWBEFEFKVMJPEF2VFTUJPOEFTDPNNVOBVUnTHSFDPCVMHBSFT3FDVFJM
EFTBSSpUTFUPSEPOOBODFT4nSJF"/P$PSUF*OUFSOBDJPOBMEF+VTUJDJB0QJOJwO$POTVMUJWBEFEFBCSJM
EF0CMJHBUJPOEµBSCJUSBHF4FOUFODJBEFEFOPWJFNCSFEF"QQMJDBUJPOEFMB$POWFOUJPOEF
QPVSSnHMFSMBUVUFMMFEFTNJOFVST1BZT#BT4VnEF
$PSUF*OUFSOBDJPOBMEF+VTUJDJB4FOUFODJBEFEF
BCSJMEF/PUUFCzINF1IBTF
-JDIUFOTUFJO(VBUFNBMB
Z-BVEPBSCJUSBM4"#VODI.POUJKP$PMPN
CJBD&TUBEPT6OJEPTEF"NnSJDB
EFKVMJPEF
3PCFSUP"HP²5FSDFSJOGPSNFTPCSFMBSFTQPOTBCJMJEBEEFMPT&TUBEPT³FO"OVBSJPEFMB$PNJTJwOEF%FSF
DIP*OUFSOBDJPOBM7PM**SB1BSUFQgHJOBT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
JMrDJUPTFMBCPSBEPTQPSMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBM&OFGFDUPFM"SUrDVMP
SFDVFSEBRVFFMIFDIPJMrDJUPHFOFSBEPSEFSFTQPOTBCJMJEBEJOUFSOBDJPOBMEFM&TUBEP
JODMVZF²FMDPNQPSUBNJFOUPEFUPEPwSHBOPEFM&TUBEPZBTFBRVFFKFS[BGVODJPOFT
MFHJTMBUJWBTFKFDVUJWBTKVEJDJBMFTPEFPUSBrOEPMFDVBMRVJFSBRVFTFBTVQPTJDJwO
FOMBPSHBOJ[BDJwOEFM&TUBEPZUBOUPTJQFSUFOFDFBMHPCJFSOPDFOUSBMDPNPBVOB
EJWJTJwOUFSSJUPSJBMEFM&TUBEP³&MEFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPTOP
FTBKFOPBFTUFQSJODJQJPZFM$PNJUnEF%FSFDIPT)VNBOPTIBQSFDJTBEPRVF
²5PEPT MPT QPEFSFT Q|CMJDPT FKFDVUJWP MFHJTMBUJWP Z KVEJDJBM
Z EFNgT
BVUPSJEBEFTQ|CMJDBTPHVCFSOBNFOUBMFTTFBDVBMGVFSFTVSBOHP°OBDJPOBM
SFHJPOBMPMPDBM°FTUgOFODPOEJDJPOFTEFDPNQSPNFUFSMBSFTQPOTBCJMJEBE
EFM&TUBEP1BSUF&MQPEFSFKFDVUJWPRVFQPSMPDPN|OSFQSFTFOUBBM&TUBEP
1BSUFFOFMQMBOPJOUFSOBDJPOBMTFvBMBEBNFOUFBOUFFM$PNJUnOPQVFEF
BEVDJSFMIFDIPEFRVFVOBDUPJODPNQBUJCMFDPOVOBEJTQPTJDJwOEFM1BDUP
IB TJEP SFBMJ[BEP QPS PUSP QPEFS Q|CMJDP QBSB USBUBS EF MJCFSBS BM &TUBEP
1BSUFEFSFTQPOTBCJMJEBEQPSFMBDUPZEFMBDPOTJHVJFOUFJODPNQBUJCJMJEBE
&TUBJOUFSQSFUBDJwOTFEFTQSFOEFEJSFDUBNFOUFEFMQSJODJQJPFOVODJBEPFO
FMBSUrDVMPEFMB$POWFODJwOEF7JFOBTPCSFFMEFSFDIPEFMPTUSBUBEPT
FOWJSUVEEFMDVBMVO&TUBEP1BSUF´OPQPESgJOWPDBSMBTEJTQPTJDJPOFTEFTV
EFSFDIPJOUFSOPDPNPKVTUJ¾DBDJwOEFMJODVNQMJNJFOUPEFVOUSBUBEPµ³
-PTUSJCVOBMFTEFCFODVNQMJSDPOMBTPCMJHBDJPOFTJOUFSOBDJPOBMFTEFM&TUBEPRVFFO
FMNBSDPEFTVDPNQFUFODJBMFTJODVNCF&TUBTTPOFOMPRVFFTNBUFSJBEFMBMVDIB
DPOUSBMBJNQVOJEBEBENJOJTUSBSKVTUJDJBEFNBOFSBJOEFQFOEJFOUFFJNQBSDJBMDPOMB
PCTFSWBODJBEFMBTHBSBOUrBTKVEJDJBMFTJOWFTUJHBSQSPDFTBSZTBODJPOBSBMPTBVUPSFT
EFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZHBSBOUJ[BSFMEFSFDIPBMBKVTUJDJBZ
BVOSFDVSTPFGFDUJWPBMBTWrDUJNBTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZ
BTVTGBNJMJBSFT6OBBDUVBDJwOEFVOUSJCVOBMDPOUSBSJBBFTUBPCMJHBDJwOZBGVFTF
QPS BDDJwO V QPS PNJTJwO TFSrB VOB EFOFHBDJwO EF KVTUJDJB Z VOB WJPMBDJwO EF MBT
PCMJHBDJPOFT JOUFSOBDJPOBMFT EFM &TUBEP DPNQSPNFUJFOEP BTr MB SFTQPOTBCJMJEBE
JOUFSOBDJPOBMEFFTUF&OFTUFTFOUJEPDBCFEFTUBDBSFMQSJODJQJPEFM$POKVOUPEF
QSJODJQJPTBDUVBMJ[BEPTQBSBMBQSPUFDDJwOZMBQSPNPDJwOEFMPTEFSFDIPTIVNBOPT
NFEJBOUFMBMVDIBDPOUSBMBJNQVOJEBERVFFTUJQVMBRVF²<M>PT&TUBEPTJODPSQPSBSgO
*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEBFOTVQFSrPEPEFTFTJPOFT
FO%PDVNFOUPT0¾DJBMFTEFMB"TBNCMFB(FOFSBMRVJODVBHnTJNPTFYUPQFSrPEPEFTFTJPOFT4VQMFNFOUP
/PZDPSSFDDJPOFT"Z$PSSZ
ZBOFYPEFMB3FTPMVDJwOEFMB"TBNCMFB(FOFSBMEFMBT
/BDJPOFT6OJEBTEFEFEJDJFNCSF
7FSFOUSFPUSPT$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP7FMgTRVF[3PESrHVF[WT)POEVSBT4FO
UFODJBEFEFKVMJPEF4FSJF$/PQgSSBGP5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPT4FOUFODJBT
EFEFBHPTUPEF$BTP5PNBTJDPOUSB'SBODJBZEFEFOPWJFNCSFEFDBTP'S-PNCBSEPDPOUSB
*UBMJB$PNJTJwO&VSPQFBEF%FSFDIPT)VNBOPT$BTP*SMBOEBDPOUSB3FJOP6OJEPFO"OOVBJSFEFMB$POWFO
UJPOFVSPQnFOOFEFTESPJUTEFMµIPNNF7PMFSB1BSUFQgHJOB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPT*OGPSNF/P$BTP$IJMF
EFPDUVCSFEFQgSSBGP
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwOHFOFSBM/PEPDDJUQgSSBGP
(6Ê"1"3"130'&4*0/"-&4/P
HBSBOUrBTDPOUSBMBTEFTWJBDJPOFTBRVFQVFEBEBSMVHBSFMVTP<EFM>OPOCJTJOJEFN
<©>RVFQSPNVFWFMBJNQVOJEBEPDPOUSJCVZFBFMMB³
&M JOTUJUVUP KVSrEJDP EF MB DPTB KV[HBEB DPOTUJUVZF VOB HBSBOUrB KVEJDJBM RVF FO FM
DBNQPQFOBMFTUgJOIFSFOUFNFOUFBTPDJBEBBMQSJODJQJPOPOCJTJOJEFNTFH|OFM
DVBM OBEJF QVFEF TFS ²KV[HBEP OJ TBODJPOBEP QPS VO EFMJUP QPS FM DVBM IBZB TJEP
ZB DPOEFOBEP P BCTVFMUP QPS VOB TFOUFODJB ¾SNF EF BDVFSEP DPO MB MFZ³ &TUF
QSJODJQJPOPOCJTJOrEFNFTVOBHBSBOUrBKVEJDJBMGVOEBNFOUBMEFMEFCJEPQSPDFTP
MFHBM Z FTUg SFDPOPDJEP FO OVNFSPTPT USBUBEPT F JOTUSVNFOUPT JOUFSOBDJPOBMFT EF
EFSFDIPTIVNBOPTZEFEFSFDIPQFOBM/PPCTUBOUFFMQSJODJQJPOPOCJTJOJEFN
FTUgMJNJUBEPBMBQSPIJCJDJwOEFTFSKV[HBEPEPTWFDFTQPSUSJCVOBMFTEFVONJTNP
QBrT &O FGFDUP MB $PNJTJwO EF %FSFDIP *OUFSOBDJPOBM EF MBT /BDJPOFT 6OJEBT IB
DPOTUBUBEP RVF ²FM EFSFDIP JOUFSOBDJPOBM OP PCMJHB B MPT &TUBEPT B SFDPOPDFS MBT
TFOUFODJBT EJDUBEBT FO VO &TUBEP FYUSBOKFSP³ &M $PNJUn EF %FSFDIPT )VNBOPT
IBTFvBMBEPRVFFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTOPHBSBOUJ[B
FMQSJODJQJPOPOCJTJOJEFNSFTQFDUPEFMBTKVSJTEJDDJPOFTOBDJPOBMFTEFEPTPNgT
&TUBEPT"TJNJTNPFM$PNJUnIBQSFDJTBEPRVFFMQSJODJQJPOPOCJTJOJEFN²OP
QSPIrCFSFQFUJSFMKVJDJPEFVOBQFSTPOBEFDMBSBEBDVMQBCMFJOBCTFOUJBRVFTPMJDJUF
MBSFQFUJDJwOQFSPTFBQMJDBBMTFHVOEPGBMMPDPOEFOBUPSJP<©><>OPTFBQMJDBTJVO
USJCVOBMTVQFSJPSBOVMBVOBDPOEFOBZPSEFOBMBSFQFUJDJwOEFMKVJDJP<Z><U>BNQPDPTF
BQMJDBBMBSFBOVEBDJwOEFVOKVJDJPQFOBMRVFTFKVTUJ¾RVFQPSDBVTBTFYDFQDJPOBMFT
DPNPFMEFTDVCSJNJFOUPEFQSVFCBTRVFOPTFDPOPDrBOPOPFTUBCBOEJTQPOJCMFTFO
FMNPNFOUPEFMBBCTPMVDJwO³
&MJOTUJUVUPKVSrEJDPEFMBDPTBKV[HBEBEFCFTFSBCPSEBEPEFTEFEFVOBQFSTQFDUJWB
NBUFSJBMZOPDPNPVOBNFSBGPSNBQSPDFTBM/PCBTUBRVFVOBTFOUFODJBTFBQSPGFSJEB
QPSVOUSJCVOBMMVFHPEFVOQSPDFEJNJFOUPQBSBRVFTFDPO¾HVSFMFHrUJNBNFOUFMB
DPTBKV[HBEB%FTEFVOBQFSTQFDUJWBNBUFSJBMTFSFRVJFSFFYBNJOBSMBDPTBKV[HBEB
7FSFOUSFPUSPT1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTBSUrDVMP
$POWFODJwO"NFSJDBOBTPCSF
%FSFDIPT)VNBOPTBSUrDVMP
1SPUPDPMP/PEFM$POWFOJP&VSPQFPEF%FSFDIPT)VNBOPTBSUrDVMP
$BSUBÇSBCFEF%FSFDIPT)VNBOPTBSUrDVMP
&TUBUVUPEF3PNBEFMB$PSUF1FOBM*OUFSOBDJPOBMBSUrDVMP
&TUBUVUPEFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBBSUrDVMP
&TUBUVUPEFM5SJCVOBM1FOBM
*OUFSOBDJPOBMQBSB3XBOEBBSUrDVMP
Z&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOBBSUrDVMP
$PNJTJwOEF%FSFDIP*OUFSOBDJPOBM*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEB
FOTVQFSrPEPEFTFTJPOFTEFNBZPBEFKVMJPEF%PDVNFOUPEF/BDJPOFT6OJEBT4VQMFNFOUP
/P"
QgHJOB
$PNJUnEF%FSFDIPT)VNBOPT%FDJTJwOEFEFOPWJFNCSFEF$BTP"1D*UBMJB$PNVOJDBDJwO/P
QgSSBGP %PDVNFOUP EF /BDJPOFT 6OJEBT %PDVNFOUPT 0¾DJBMFT EF MB "TBNCMFB (FOFSBM
DVBESBHnTJNPUFSDFSQFSrPEPEFTFTJPOFT4VQMFNFOUP/P"
BOFYP7***"Z%FDJTJwOEFEF
KVMJP EF $BTP "3+ D "VTUSBMJB $PNVOJDBDJwO /P QgSSBGP %PDVNFOUP EF /BDJPOFT
6OJEBT$$13$%Z0CTFSWBDJwO(FOFSBM/P"SUrDVMP&MEFSFDIPBVOKVJDJPJNQBSDJBM
ZBMBJHVBMEBEBOUFMPTUSJCVOBMFTZDPSUFTEFKVTUJDJBQgSSBGP%PDVNFOUPEF/BDJPOFT6OJEBT$$13$
($EFEFBHPTUPEF&OFMNJTNPTFOUJEPWFS$PNJTJwO&VSPQFBEF%FSFDIPT)VNBOPT%FDJTJwO
EFEFFOFSPEF$BTP(FTUSB
0CTFSWBDJwO(FOFSBM/P"SUrDVMP&MEFSFDIPBVOKVJDJPJNQBSDJBMZBMBJHVBMEBEBOUFMPTUSJCVOBMFTZ
DPSUFTEFKVTUJDJBEPDDJUQgSSBGPTZ
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
EFTEF EPT EJNFOTJPOFT TV WBMJEF[ B MB MV[ EF MPT FTUgOEBSFT JOUFSOBDJPOBMFT EFM
EFCJEPQSPDFTPMFHBMZTVWBMJEF[FOSFMBDJwOBMBPCMJHBDJwOEFKV[HBSZDBTUJHBSB
MPTBVUPSFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
%FTEF MB QFSTQFDUJWB EF MPT FTUgOEBSFT JOUFSOBDJPOBMFT EFM EFCJEP QSPDFTP MFHBM
EFCF FYBNJOBSTF TJ MB EFDJTJwO KVEJDJBM B MB DVBM TF MF RVJFSF BUSJCVJS BVUPSJEBE
EF DPTB KV[HBEB IB TJEP FM SFTVMUBEP EF MB BDUVBDJwO EF VO USJCVOBM DPNQFUFOUF
JOEFQFOEJFOUF F JNQBSDJBM DPO MB QMFOB PCTFSWBODJB EF MBT HBSBOUrBT KVEJDJBMFT Z
EFMPTEFSFDIPTEFMPTKVTUJDJBCMFTDPNPEFMBTWrDUJNBTZDBVTBIBCJFOUFTRVFTF
IBOIFDIPQBSUFFOFMQSPDFTP&OFTFTFOUJEPMBWBMJEF[EFMBDPTBKV[HBEBFTUB
TVCPSEJOBEB Z DPOEJDJPOBEB BM MMFOP EF MPT SFRVJTJUPT Z B MB PCTFSWBODJB EF MPT
FTUgOEBSFTJOUFSOBDJPOBMFTTPCSFFMEFCJEPQSPDFTPPQSPDFTPKVTUP%FUBMTVFSUF
RVFMBWBMJEF[FJOUBOHJCJMJEBEEFMBDPTBKV[HBEBFTUBDPOEJDJPOBEBBRVFMBEFDJTJwO
KVEJDJBMBMBRVFTFRVJFSFBUSJCVJSUBMDBSgDUFSTFBFMSFTVMUBEPEFVOQSPDFTPBOUF
VO USJCVOBM JOEFQFOEJFOUF JNQBSDJBM Z DPNQFUFOUF Z EF VO QSPDFEJNJFOUP DPO MB
PCTFSWBODJB EF MBT HBSBOUrBT KVEJDJBMFT "Tr MB $PSUF *OUFSBNFSJDBOB EF %FSFDIPT
)VNBOPTIBTFvBMBEPRVF
²5PEP QSPDFTP FTUg JOUFHSBEP QPS BDUPT KVSrEJDPT RVF HVBSEBO FOUSF Tr
SFMBDJwODSPOPMwHJDBMwHJDBZUFMFPMwHJDB6OPTTPOTPQPSUFPTVQVFTUPEF
MPTPUSPTZUPEPTTFPSEFOBOBVO¾OTVQSFNPZDPN|OMBTPMVDJwOEFMB
DPOUSPWFSTJBQPSNFEJPEFVOBTFOUFODJB-PTBDUPTQSPDFTBMFTDPSSFTQPOEFO
BMHnOFSPEFMPTBDUPTKVSrEJDPTZQPSFMMPTFFODVFOUSBOTVKFUPTBMBTSFHMBT
RVFEFUFSNJOBOMBBQBSJDJwOZMPTFGFDUPTEFBRVnMMPT1PSFOEFDBEBBDUP
EFCFBKVTUBSTFBMBTOPSNBTRVFQSFTJEFOTVDSFBDJwOZMFDPO¾FSFOWBMPS
KVSrEJDPQSFTVQVFTUPQBSBRVFQSPEV[DBFGFDUPTEFFTUFDBSgDUFS4JFMMPOP
PDVSSFFMBDUPDBSFDFSgEFFTBWBMJEF[ZOPQSPEVDJSgUBMFTFGFDUPT-BWBMJEF[
EF DBEB VOP EF MPT BDUPT KVSrEJDPT JO¿VZF TPCSF MB WBMJEF[ EFM DPOKVOUP
QVFTUPRVFFOnTUFDBEBVOPTFIBMMBTVTUFOUBEPFOPUSPQSFDFEFOUFZFTB
TVUVSOPTVTUFOUPEFPUSPTNgT-BDVMNJOBDJwOEFFTBTFDVFODJBEFBDUPT
FTMBTFOUFODJBRVFEJSJNFMBDPOUSPWFSTJBZFTUBCMFDFMBWFSEBEMFHBMDPO
BVUPSJEBEEFDPTBKV[HBEB<©>4JMPTBDUPTFORVFTFTPTUJFOFMBTFOUFODJB
FTUgOBGFDUBEPTQPSWJDJPTHSBWFTRVFMPTQSJWBOEFMBF¾DBDJBRVFEFCJFSBO
UFOFS FO DPOEJDJPOFT OPSNBMFT MB TFOUFODJB OP TVCTJTUJSg $BSFDFSg EF
TV TPQPSUF OFDFTBSJP VO QSPDFTP SFBMJ[BEP DPOGPSNF B %FSFDIP &T CJFO
DPOPDJEB MB ¾HVSB EF MB SFQPTJDJwO EFM QSPDFEJNJFOUP RVF BDBSSFB MB
JOWBMJEBDJwOEFEJWFSTPTBDUPTZMBSFQFUJDJwOEFMBTBDUVBDJPOFTBQBSUJSEF
BRVnMMBFORVFTFDPNFUJwMBWJPMBDJwORVFEFUFSNJOBEJDIBJOWBMJEBDJwO
&TUP JNQMJDB FO TV DBTP RVF TF EJDUF OVFWB TFOUFODJB -B WBMJEF[ EFM
QSPDFTPFTDPOEJDJwOEFMBWBMJEF[EFMBTFOUFODJB³
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP$BTUJMMP1FUSV[[JZPUSPTWT1FS|4FOUFODJBEFEFNBZP
EF4FSJF$/PQgSSBGPTZ
(6Ê"1"3"130'&4*0/"-&4/P
-B KVSJTQSVEFODJB JOUFSOBDJPOBM IB DPOTJEFSBEP RVF MB DPTB KV[HBEB OP QVFEF TFS
SFUFOJEBDPNPWBMJEBTJMBEFDJTJwOKVEJDJBMIBTJEPFMSFTVMUBEPEFVOQSPDFTPRVF
WVMOFSB HBSBOUrBT KVEJDJBMFT CgTJDBT JOUFSOBDJPOBMNFOUF QSPUFHJEBT "Tr MB $PSUF
*OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT FO VO DBTP EF DJWJMFT DPOEFOBEPT QPS VO
USJCVOBM NJMJUBS QFSVBOP EFDMBSw JOWgMJEP FM QSPDFTP ²QPS TFS JODPNQBUJCMF DPO MB
$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT³ZPSEFOwBMBTBVUPSJEBEFTHBSBO
UJ[BSVOOVFWPKVJDJPDPOMBQMFOBPCTFSWBODJBEFMEFCJEPQSPDFTPMFHBM-B$PSUF
*OUFSBNFSJDBOBIBFMBCPSBEPFMDPODFQUPEF²µDPTBKV[HBEBGSBVEVMFOUBµRVFSFTVMUB
EFVOKVJDJPFOFMRVFOPTFIBOSFTQFUBEPMBTSFHMBTEFMEFCJEPQSPDFTPPDVBOEP
MPTKVFDFTOPPCSBSPODPOJOEFQFOEFODJBFJNQBSDJBMJEBE³&OFTUPTFWFOUPTOPTF
DPO¾HVSBWBMJEBNFOUFMBDPTBKV[HBEBZMB$PSUFDPOTJEFSBRVFFTUFJOTUJUVUPOPTF
QVFEFMFHrUJNBNFOUFJOWPDBS-B$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTFO
VODBTPSFMBUJWPB²VOBQSJWBDJwOJMFHrUJNBEFMJCFSUBE<DPOTFDVFODJBEFVO>QSPDFTP
FTQVSJPRVFDVMNJOwDPOVOBTFOUFODJBBSCJUSBSJB<DPOBVUPSJEBEEFDPTBKV[HBEB>³
BTFWFSwRVF²VOQSPDFTPQSFTVOUBNFOUFWJDJBEPEFHSBWFTJSSFHVMBSJEBEFT<>QPS
MPNJTNPBNFSJUBSrBTFSSFBCJFSUPQBSBRVFFMDPOEFOBEPUVWJFSBVOBPQPSUVOJEBE
QSPDFTBMEFEFNPTUSBSTVJOPDFODJBPDBTPDPOUSBSJPTFFTUBCMFDJFSBTVDVMQBCJMJEBE
NgTBMMgEFUPEBEVEB³&TEFBOPUBSRVFFTBEFDJTJwOKVEJDJBMJNQVHOBEBQPSMB
$PNJTJwO *OUFSBNFSJDBOB GVF BOVMBEB NFEJBOUF MB TFOUFODJB EF EF TFQUJFNCSF
EFEFMB$PSUF4VQSFNBEF+VTUJDJBEFMB/BDJwO"SHFOUJOB1PSTVQBSUFFM
$PNJUnEF%FSFDIPT)VNBOPTIBDPODMVJEPRVFVOBQFSTPOBRVFIBTJEPDPOEFOBEP
DPNPSFTVMUBEPEFQSPDFTPKVEJDJBMJODPNQBUJCMFDPOMBTHBSBOUrBTKVEJDJBMFTCgTJDBT
EFCFTFSTPNFUJEBBVOOVFWPKVJDJPDPOUPEBTMBTHBSBOUrBTFYJHJEBTQPSFMBSUrDVMP
EFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTPFOTVEFGFDUPEFKBEB
FO MJCFSUBE &O FTF NJTNP TFOUJEP TF IB QSPOVODJBEP MB $PNJTJwO "GSJDBOB EF
%FSFDIPT)VNBOPTZEFMPT1VFCMPT
*CJEQgSSBGPSFTPMVUJWP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP$BSQJP/JDPMMFZPUSPTWT(VBUFNBMBEPDDJUQgSSBGP
7FSJHVBMNFOUF$BTP-B$BOUVUBWT1FS|EPDDJUQgSSBGP$BTP"MNPOBDJE"SFMMBOPZPUSPTWT$IJMF
EPDDJUQgSSBGPZ$BTP(VUJnSSF[4PMFSWT$PMPNCJB4FOUFODJBEFEFTFQUJFNCSFEF4FSJF$
/PQgSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT3FTPMVDJwO/P$BTP"SHFOUJOB
EFKVOJP
EFFO*OGPSNF"OVBMEFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT0&"4FS-7
**%PDSFWQgHJOB
*CJEQgSSBGPEFMPT²$POTJEFSBOEPT³QgHJOB
$PSUF4VQSFNBEF+VTUJDJBEFMB/BDJwO"SHFOUJOB4FOUFODJBEFEFTFQUJFNCSFEF$BVTBDPOUSB
0TWBMEP"OUPOJP-wQF[
$PNJUn EF %FSFDIPT )VNBOPT %FDJTJwO EF EF OPWJFNCSF EF $PNVOJDBDJwO /P 1PMBZ
$BNQPT 1FS|
%PDVNFOUPEF/BDJPOFT6OJEBT$$13$%7FSJHVBMNFOUF%FDJTJwOEF
EFPDUVCSFEF$BTP3B|M4FOEJD"OUPOBDDJPD6SVHVBZEPDDJU0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF
%FSFDIPT)VNBOPT1FS|EFOPWJFNCSFEFZEFOPWJFNCSFEF%PDVNFOUPTEF/BDJPOFT
6OJEBT$$13$"EEZ$$13$01&3QgSSBGPTZSFTQFDUJWBNFOUF
0SHBOJ[BDJwOEF-JCFSUBEFT$JWJMFTD/JHFSJB$PNVOJDBDJwOUB4FTJwO0SEJOBSJBOPWJFNCSFEF
"CPHBEPTTJO'SPOUFSBTFOSFQSFTFOUBDJwOEF(BqUBO#XBNQBNZF
D#VSVOEJ$PNVOJDBDJwO
WB4FTJwOOPWJFNCSFEF
Z.FEJB3JHIUT"HFOEBD/JHFSJB$PNVOJDBDJwOWB4FTJwO
0SEJOBSJBOPWJFNCSFEF
QgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
*HVBMNFOUFFOFMgNCJUPEFMEFSFDIPQFOBMJOUFSOBDJPOBMMBWBMJEF[EFMBDPTBKV[HBEB
FTUg DPOEJDJPOBEB B RVF FM QSPDFTP IBZB TJEP JOTUSVJEP EF GPSNB JOEFQFOEJFOUF
F JNQBSDJBM Z DPO MBT EFCJEBT HBSBOUrBT KVEJDJBMFT "Tr MB $PNJTJwO EF %FSFDIP
*OUFSOBDJPOBMEFMBT/BDJPOFT6OJEBTIBDPOTJEFSBEPRVFFMQSJODJQJPOPOCJTJOJEFN
OPQVFEFTFSJOWPDBEPDVBOEPMBKVTUJDJBOPIBPCSBEPEFNBOFSBJOEFQFOEJFOUF
FJNQBSDJBM-B$PNJTJwOQSFDJTwRVF²MBDPNVOJEBEJOUFSOBDJPOBMOPEFCFFTUBS
PCMJHBEB B SFDPOPDFS VOB EFDJTJwO SFTVMUBOUF EF VOB USBOTHSFTJwO UBO HSBWF EFM
QSPDFEJNJFOUP EF KVTUJDJB QFOBM³ &TUF DSJUFSJP IB TJEP SFJUFSBEP QPS FM &TUBUVUP
EFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSBMBFY:VHPTMBWJBBSUrDVMPC
FM&TUBUVUP
EFM5SJCVOBM1FOBM*OUFSOBDJPOBMQBSB3VBOEBBSUrDVMPC
FM&TUBUVUPEFM5SJCVOBM
&TQFDJBMQBSB4JFSSB-FPOBBSUrDVMPC
FM&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSBFM
-rCBOPBSUrDVMP
ZFM&TUBUVUPEFMB$PSUF1FOBM*OUFSOBDJPOBMBSUrDVMPC
&TUB EJNFOTJwO NBUFSJBM EF MB DPTB KV[HBEB IB TJEP BNQMJBNFOUF BDVvBEB QPS FM
EFSFDIP Z MB KVSJTQSVEFODJB OBDJPOBMFT "Tr FM EPDUSJOBSJP BSHFOUJOP (FSNgO +
#JEBSU $BNQPT IB BTFWFSBEP RVF ²<D>POGPSNF BM EFSFDIP KVEJDJBM EFSJWBEP EF MB
KVSJTQSVEFODJB EF MB $PSUF <4VQSFNB EF "SHFOUJOB> MBT GPSNBT SFHVMBSFT Z CgTJDBT
EFM EFCJEP QSPDFTP TPO DPOEJDJPOFT JOEJTQFOTBCMFT QBSB RVF MB TFOUFODJB RVF
TFEJDUBFOKVJDJPHPDFEFMBJONVUBCJMJEBEZFMFGFDUPEFMBDPTBKV[HBEB$VBOEP
OP TF IB SFTQFUBEP FM EFCJEP QSPDFTP P FO FM QSPDFTP TF IB JODVSSJEP FO EPMP P
FTUBGBQSPDFTBMFTMBTFOUFODJBRVFEBEFTUJUVJEBEFMBGVFS[BZMBF¾DBDJBEFMBDPTB
KV[HBEB³
&ODVBOUPBMBPCMJHBDJwOEFKV[HBSZDBTUJHBSBMPTBVUPSFTEFHSBWFTWJPMBDJPOFTEF
EFSFDIPTIVNBOPTFTJNQPSUBOUFBOPUBSRVFEFTEFEFMgNCJUPEFMEFSFDIPQFOBM
JOUFSOBDJPOBMMBWBMJEF[EFMBDPTBKV[HBEBFTUBDPOEJDJPOBEBBRVFFMQSPDFTPOP
IBZBTJEPFOEFSF[BEPBDPOTBHSBSMBJNQVOJEBEPTFBJODPNQBUJCMFDPOMBJOUFODJwO
EF TPNFUFS B MB QFSTPOB B MB BDDJwO EF MB KVTUJDJB "Tr MB $PNJTJwO EF %FSFDIP
*OUFSOBDJPOBMEFMBT/BDJPOFT6OJEBTIBDPOTJEFSBEPRVFFMQSJODJQJPOPOCJTJOrEFN
ZMBDPTBKV[HBEBOPQVFEFOTFSJOWPDBEPTDVBOEPFMBVUPSEFVODSJNFOCBKPFM
EFSFDIPJOUFSOBDJPOBMOPIBTJEPEFCJEBNFOUFKV[HBEPPDBTUJHBEPQPSFTFNJTNP
DSJNFOPFMQSPDFTPUFOrBDPNP¾OFYPOFSBSEFSFTQPOTBCJMJEBEQFOBMJOUFSOBDJPOBM
BMBQFSTPOB-B$PNJTJwOIBQSFDJTBEPRVF²<F>MIFDIPEFOPJNQPOFSFMDBTUJHP
DPSSFTQPOEJFOUFBVODSJNFOPEFOPFKFDVUBSMPKV[HBEPQVFEFJOEJDBSVOFMFNFOUP
$PNJTJwOEF%FSFDIP*OUFSOBDJPOBM*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEB
FOTVQFSrPEPEFTFTJPOFTEFNBZPBEFKVMJPEF%PDVNFOUPEF/BDJPOFT6OJEBT4VQMFNFOUP
/P"
QgHJOB
*CJEFN
(FSNBO + #JEBSU $BNQPT 5SBUBEP FMFNFOUBM EF EFSFDIP DPOTUJUVDJPOBM BSHFOUJOP 5PNP *&M EFSFDIP
DPOTUJUVDJPOBMEFMBMJCFSUBE&EJDJPOFT&%*"3#VFOPT"JSFTQgHJOB
$PNJTJwOEF%FSFDIP*OUFSOBDJPOBM*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEB
FOTVQFSrPEPEFTFTJPOFTEFNBZPBEFKVMJPEF%PDVNFOUPEF/BDJPOFT6OJEBT4VQMFNFOUP
/P"
QgHJOBTZTJHVJFOUFT
(6Ê"1"3"130'&4*0/"-&4/P
EF GSBVEF FO MB BENJOJTUSBDJwO EF KVTUJDJB³ "TJNJTNP MB $PNJTJwO DPOTJEFSw
RVFFMIFDIPEFRVFVOJOEJWJEVPTFBKV[HBEPQPSVODSJNFO²PSEJOBSJP³FOWF[EF
TFSMP QPS FM DSJNFO NgT HSBWF RVF TF MF JNQVUB P EF TFS KV[HBEP QPS VO ²DSJNFO
NgT MFWF³ RVF OP DPNQSFOEF MB UPUBMJEBE EF TV DPOEVDUB DSJNJOBM DPOTUJUVZF VOB
²BENJOJTUSBDJwOEFKVTUJDJBGSBVEVMFOUB³*HVBMNFOUFMB$PNJTJwODPOTJEFSwRVF
MBTDBVTBTQFOBMFTJOTUSVJEBTDPOVOB²GBMUBEFEJMJHFODJBUBMRVFFTUnDBMDVMBEBQBSB
QFSNJUJS RVF FM BDVTBEP FMVEB TV SFTQPOTBCJMJEBE SFBM³ DPOTUJUVZF VO ²TJNVMBDSP
EF QSPDFTP³ SFTQFDUP EFM DVBM OP QVFEF JOWPDBSTF FM QSJODJQJP OPO CJT JO rEFN Z
MB DPTB KV[HBEB &TUF DSJUFSJP IB TJEP SFUFOJEP FO FM &TUBUVUP EFM5SJCVOBM 1FOBM
*OUFSOBDJPOBM QBSB MB FY :VHPTMBWJB BSUrDVMP FM &TUBUVUP EFM 5SJCVOBM 1FOBM
*OUFSOBDJPOBMQBSB3VBOEBBSUrDVMP
FM&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB
-FPOBBSUrDVMPC
FM&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSBFM-rCBOPBSUrDVMP
Z
FM&TUBUVUPEFMB$PSUF1FOBM*OUFSOBDJPOBMBSUrDVMP
&O FTF NJTNP PSEFO EF JEFBT MB $PSUF *OUFSBNFSJDBOB EF %FSFDIPT )VNBOPT IB
SFJUFSBEPFOWBSJBTPQPSUVOJEBEFTRVFFOSFMBDJwODPOMB¾HVSBEFMBDPTBKV[HBEB²FM
QSJODJQJPOPOCJTJOJEFNOPSFTVMUBBQMJDBCMFDVBOEPFMQSPDFEJNJFOUPRVFDVMNJOB
DPOFMTPCSFTFJNJFOUPEFMBDBVTBPMBBCTPMVDJwOEFMSFTQPOTBCMFEFVOBWJPMBDJwO
BMPTEFSFDIPTIVNBOPTDPOTUJUVUJWBEFVOBJOGSBDDJwOBMEFSFDIPJOUFSOBDJPOBMIB
TVTUSBrEPBMBDVTBEPEFTVSFTQPOTBCJMJEBEQFOBMPDVBOEPFMQSPDFEJNJFOUPOPGVF
JOTUSVJEPJOEFQFOEJFOUFPJNQBSDJBMNFOUFEFDPOGPSNJEBEDPOMBTEFCJEBTHBSBOUrBT
QSPDFTBMFT³"TJNJTNPMB$PSUFIBQSFDJTBEPRVF
²<FM>QSJODJQJPOFCJTJOJEFNB|ODVBOEPFTVOEFSFDIPIVNBOPSFDPOPDJEP
FOFMBSUrDVMPEFMB$POWFODJwO"NFSJDBOBOPFTVOEFSFDIPBCTPMVUPZ
QPSUBOUPOPSFTVMUBBQMJDBCMFDVBOEPJ
MBBDUVBDJwOEFMUSJCVOBMRVFDPOPDJw
FM DBTP Z EFDJEJw TPCSFTFFS P BCTPMWFS BM SFTQPOTBCMF EF VOB WJPMBDJwO B
MPT EFSFDIPT IVNBOPT P BM EFSFDIP JOUFSOBDJPOBM PCFEFDJw BM QSPQwTJUP
EF TVTUSBFS BM BDVTBEP EF TV SFTQPOTBCJMJEBE QFOBM JJ
FM QSPDFEJNJFOUP
OPGVFJOTUSVJEPJOEFQFOEJFOUFPJNQBSDJBMNFOUFEFDPOGPSNJEBEDPOMBT
EFCJEBTHBSBOUrBTQSPDFTBMFTPJJJ
OPIVCPMBJOUFODJwOSFBMEFTPNFUFSBM
SFTQPOTBCMFBMBBDDJwOEFMBKVTUJDJB³
*CJEQgHJOB
*CJE
$PNJTJwOEF%FSFDIP*OUFSOBDJPOBM*OGPSNFEFMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMTPCSFMBMBCPSSFBMJ[BEB
FOTVQFSrPEPEFTFTJPOFTEFNBZPBEFKVMJPEF%PDVNFOUPEF/BDJPOFT6OJEBT4VQMFNFOUP
/P"
QgHJOB
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP-B$BOUVUBWT1FS|EPDDJUQgSSBGP&OFTFNJTNP
TFOUJEPWFS$BTP"MNPOBDJE"SFMMBOPZPUSPTWT$IJMFEPDDJUQgSSBGP$BTP(VUJnSSF[4PMFSWT$PMPN
CJBEPDDJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP"MNPOBDJE"SFMMBOPZPUSPTWT$IJMFEPDDJUQgSSBGP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&O DPOTFDVFODJB MB $PSUF IB DPODMVJEP RVF VOB ²TFOUFODJB QSPOVODJBEB FO MBT
DJSDVOTUBODJBTJOEJDBEBTQSPEVDFVOBDPTBKV[HBEB´BQBSFOUFµP´GSBVEVMFOUBµ³Z
RVF FM &TUBEP OP QVFEF JOWPDBS ²DPNP FYJNFOUF EF TV PCMJHBDJwO EF JOWFTUJHBS Z
TBODJPOBSMBTTFOUFODJBTFNBOBEBTFOQSPDFTPTRVFOPDVNQMJFSPOMPTFTUgOEBSFT
EF MB $POWFODJwO "NFSJDBOB QPSRVF OP IBDFO USgOTJUP B DPTB KV[HBEB EFDJTJPOFT
KVEJDJBMFTPSJHJOBEBTFOUBMFTIFDIPTJOUFSOBDJPOBMNFOUFJMrDJUPT³
5SJCVOBMFT OBDJPOBMFT IBO EFTBSSPMMBEP MB NJTNB JOUFSQSFUBDJwO TPCSF FM QSJODJQJP
OPOCJTJOJEFNZMBDPTBKV[HBEBFOSFMBDJwOBMBPCMJHBDJwOEFDBTUJHBSZKV[HBSB
MPTBVUPSFTEFHSBWFTWJPMBDJPOFTEFEFSFDIPTIVNBOPT"TrQPSFKFNQMPMB$PSUF
$POTUJUVDJPOBMEF$PMPNCJBIBDPOTJEFSBEPRVF²<B>QFTBSEFMBJNQPSUBODJBEFMB
DPTB KV[HBEB FT DMBSP RVF FTB ¾HVSB OP QVFEF TFS BCTPMVUB QVFT QVFEF FOUSBS B
WFDFTFODPMJTJwODPOMBKVTUJDJBNBUFSJBMEFMDBTPDPODSFUP<><Z>MPDJFSUPFTRVFFM
QSJODJQJPEFOPOCJTJOJEFNOPFTBCTPMVUPZQVFEFTFSMJNJUBEP³$POCBTFFO
FMEFTBSSPMMPEFMEFSFDIPJOUFSOBDJPOBMZFOQBSUJDVMBSFM&TUBUVUPEF3PNBTPCSFMB
$PSUF1FOBM*OUFSOBDJPOBMMB$PSUFTFvBMwRVFBVODVBOEPFYJTUJFSBVOBTFOUFODJB
BCTPMVUPSJB DPO BVUPSJEBE EF DPTB KV[HBEB ²BQBSFOUF³ OP TF QVFEF JOWPDBS FM
QSJODJQJPEFOPOCJTJOJEFNOJMBDPTBKV[HBEBTJMBJOWFTUJHBDJwOOPTFUSBNJUwDPO
MBEFCJEBTFSJFEBEFJNQBSDJBMJEBEMPTEFSFDIPTEFMBTWrDUJNBTGVFSPODPODVMDBEPT
FOFMQSPDFEJNJFOUPZFMQSPDFTPQFOBMFTUVWPFOEFSF[BEPBBCTPMWFSBMQSFTVOUP
BVUPSRVJFOFO²SFBMJEBEOVODBFTUVWPTFSJBNFOUFQSPDFTBEPOJFOKVJDJBEP³-B
$PSUFQSFDJTwRVF²<F>TQVFTDMBSPRVFFOMPTDBTPTEFJNQVOJEBEEFWJPMBDJPOFTB
MPTEFSFDIPTIVNBOPTPEFJOGSBDDJPOFTHSBWFTBMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP
EFSJWBEBTEFMJODVNQMJNJFOUPQSPUVCFSBOUFQPSFM&TUBEPDPMPNCJBOPEFTVTEFCFSFT
EF TBODJPOBS FTBT DPOEVDUBT FO FM GPOEP QSgDUJDBNFOUF OP FYJTUF DPTB KV[HBEB
QVFTnTUBOPFTNgTRVFBQBSFOUF³"TJNJTNPFM5SJCVOBM$POTUJUVDJPOBMEF1FS|
IBDPOTJEFSBEPRVFFMQSJODJQJPOPOCJTJOrEFNZMBDPTBKV[HBEBOPPQFSBOQPSFM
TwMPIFDIPEFRVFTFMFPQPOHBMBFYJTUFODJBGgDUJDBEFVOQSJNFSQSPDFTPTJOPRVF
FTQSFDJTPRVFnTUFTFBKVSrEJDBNFOUFWgMJEP&M5SJCVOBM$POTUJUVDJPOBMDPOTJEFSw
RVF VO QSPDFTP QFOBM NJMJUBS USBNJUBEP DPOUSB NJFNCSPT EFM &KnSDJUP QPS HSBWFT
WJPMBDJPOFT EF EFSFDIPT IVNBOPT WJPMBCB FM QSJODJQJP EFM KVF[ DPNQFUFOUF UPEB
WF[RVFFTUPTJMrDJUPTFSBOEFDPNQFUFODJBEFMBKVSJTEJDDJwOPSEJOBSJBZOPEFMGVFSP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP-B$BOUVUBWT1FS|EPDDJUQgSSBGP&OFTFNJTNP
TFOUJEP WFS $BTP "MNPOBDJE "SFMMBOP Z PUSPT WT $IJMF EPD DJU QgSSBGP $BTP (VUJnSSF[ 4PMFS WT
$PMPNCJBEPDDJUQgSSBGP
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTP(VUJnSSF[4PMFSWT$PMPNCJBEPDDJUQgSSBGP7FSFO
FMNJTNPTFOUJEP$BTP"MNPOBDJE"SFMMBOPZPUSPTWT$IJMFEPDDJUQgSSBGP
$PSUF$POTUJUVDJPOBMEF$PMPNCJB4FOUFODJB$EFEFFOFSPEF3FGFSFODJBFYQFEJFOUF%
%FNBOEBEFJODPOTUJUVDJPOBMJEBEDPOUSBFMBSUrDVMPOVNFSBMQBSDJBMEFMB-FZEFP
$wEJHPEF1SPDFEJNJFOUP1FOBMQgSSBGPTZ
*CJEQgSSBGPTZTJHVJFOUFT
*CJEQgSSBGP
5SJCVOBM$POTUJUVDJPOBMEF1FS|4FOUFODJBEFEFOPWJFNCSFEF$BTP4BOUJBHP.BSUrO3JWBT&YQ
/P""5$
(6Ê"1"3"130'&4*0/"-&4/P
NJMJUBSZRVFMBEFDJTJwOEFTPCSFTFJNJFOUPQSPGFSJEBQPSFMUSJCVOBMNJMJUBSGVFFM
SFTVMUBEPEFVOQSPDFTP²RVFOPUVWPFMQSPQwTJUPEFRVFSFBMNFOUFTFMFJOWFTUJHBSB
ZTBODJPOBSBFOGPSNBFGFDUJWB<BMJNQVUBEPQPS>MPTEFMJUPTEFMFTBIVNBOJEBE³&M
5SJCVOBMDPODMVZwRVFFOFTBTDJSDVOTUBODJBTMBEFDJTJwOEFTPCSFTFJNJFOUPDBSFDrB
EFFGFDUPTKVSrEJDPTZRVF²MBJOJDJBDJwOEFVOOVFWPQSPDFTPQFOBMFTUBWF[BOUF
MPTwSHBOPTEFMBKVSJTEJDDJwOPSEJOBSJBOPWJPMBFMDPOUFOJEPDPOTUJUVDJPOBMNFOUF
QSPUFHJEPEFMEFSFDIPBOPTFSFOKVJDJBEPEPTWFDFTQPSFMNJTNPIFDIPZQPSUBOUP
FMEFSFDIPBMBDPTBKV[HBEB³
&M $POKVOUP EF QSJODJQJPT BDUVBMJ[BEPT QBSB MB QSPUFDDJwO Z MB QSPNPDJwO EF MPT
EFSFDIPT IVNBOPT NFEJBOUF MB MVDIB DPOUSB MB JNQVOJEBE SFDPHF FTUB EJNFOTJwO
NBUFSJBMEFMQSJODJQJPOPOCJTJOJEFNZEFMBDPTBKV[HBEB&OFGFDUPTVQSJODJQJP
C
FTUJQVMBRVF
²<F>MIFDIPEFRVFVOBQFSTPOBIBZBTJEPQSPDFTBEBFOSFMBDJwODPOVOEFMJUP
HSBWFDPOBSSFHMPBMEFSFDIPJOUFSOBDJPOBMOPJNQFEJSgTVQSPDFTBNJFOUP
DPO SFTQFDUP B MB NJTNB DPOEVDUB TJ MB BDUVBDJwO BOUFSJPS PCFEFDJFSB BM
QSPQwTJUP EF TVTUSBFS BM BDVTBEP EF TV SFTQPOTBCJMJEBE QFOBM P TJ FTPT
QSPDFEJNJFOUPT OP IVCJFSBO TJEP SFBMJ[BEPT FO GPSNB JOEFQFOEJFOUF P
JNQBSDJBMEFDPOGPSNJEBEDPOMBTEFCJEBTHBSBOUrBTQSPDFTBMFTSFDPOPDJEBT
QPSFMEFSFDIPJOUFSOBDJPOBMPMPIVCJFSFOTJEPEFBMHVOBNBOFSBRVFFO
MBTDJSDVOTUBODJBTEFMDBTPGVFSFJODPNQBUJCMFDPOMBJOUFODJwOEFTPNFUFS
BMBQFSTPOBBMBBDDJwOEFMBKVTUJDJB³
*CJEQgSSBGP
*CJEQgSSBGP
"/&904
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
$POKVOUPEFQSJODJQJPTBDUVBMJ[BEPTQBSBMBQSPUFDDJwOZMB
QSPNPDJwOEFMPTEFSFDIPTIVNBOPTNFEJBOUFMBMVDIBDPOUSB
MBJNQVOJEBE
1SFgNCVMP
3FDPSEBOEPFMQSFgNCVMPEFMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPTFORVF
TFSFDPOPDFRVFFMEFTDPOPDJNJFOUPZFMNFOPTQSFDJPEFMPTEFSFDIPTIVNBOPTIBO
PSJHJOBEPBDUPTEFCBSCBSJFVMUSBKBOUFTQBSBMBDPODJFODJBEFMBIVNBOJEBE
$POTDJFOUFEFRVFTJFNQSFFTQPTJCMFRVFWVFMWBOBSFQFUJSTFFTPTBDUPT
3FB¾SNBOEPFMDPNQSPNJTPBEPQUBEPQPSMPT&TUBEPT.JFNCSPTFOFM"SUrDVMP
EFMB$BSUBEFMBT/BDJPOFT6OJEBTEFUPNBSNFEJEBTDPOKVOUBTPTFQBSBEBNFOUF
DPODFEJFOEP UPEB MB JNQPSUBODJB RVF NFSFDF BM GPNFOUP EF VOB DPPQFSBDJwO
JOUFSOBDJPOBMF¾DB[QBSBMBSFBMJ[BDJwOEFMPTQSPQwTJUPTDPOTJHOBEPTFOFM"SUrDVMP
EFMB$BSUBSFMBUJWPBMSFTQFUPVOJWFSTBMZFGFDUJWPBMPTEFSFDIPTIVNBOPTZBMBT
MJCFSUBEFTGVOEBNFOUBMFTEFUPEPT
$POTJEFSBOEPRVFFMEFCFSRVFTFH|OFMEFSFDIPJOUFSOBDJPOBMUJFOFUPEP&TUBEP
EFSFTQFUBSZIBDFSSFTQFUBSMPTEFSFDIPTIVNBOPTFYJHFRVFTFBEPQUFONFEJEBT
F¾DBDFTQBSBMVDIBSDPOUSBMBJNQVOJEBE
$POTDJFOUF EF RVF OP FYJTUF SFDPODJMJBDJwO KVTUB Z EVSBEFSB TJ OP TF TBUJTGBDF
FGFDUJWBNFOUFMBOFDFTJEBEEFKVTUJDJB
$POTDJFOUF UBNCJnO EF RVF FM QFSEwO RVF QVFEF TFS VO GBDUPS JNQPSUBOUF EF
SFDPODJMJBDJwOTVQPOFDPNPBDUPQSJWBEPRVFMBWrDUJNBPTVTEFSFDIPIBCJFOUFT
DPOP[DBOBMBVUPSEFMBTWJPMBDJPOFTZRVFnTUFIBZBSFDPOPDJEPMPTIFDIPT
3FDPSEBOEP MB SFDPNFOEBDJwO RVF ¾HVSB FO FM QgSSBGP EF MB 1BSUF ** EF MB
%FDMBSBDJwO Z 1SPHSBNB EF "DDJwO EF 7JFOB FO MB RVF MB $POGFSFODJB .VOEJBM EF
%FSFDIPT)VNBOPTKVOJPEF
NBOJGFTUwTVQSFPDVQBDJwOQPSMBJNQVOJEBEEF
MPT BVUPSFT EF WJPMBDJPOFT EF MPT EFSFDIPT IVNBOPT Z BQPZw MPT FTGVFS[PT EF MB
$PNJTJwOEF%FSFDIPT)VNBOPTQPSFYBNJOBSUPEPTMPTBTQFDUPTEFFTUBDVFTUJwO
$POWFODJEBFODPOTFDVFODJBEFMBOFDFTJEBEEFBEPQUBSBUBM¾ONFEJEBTOBDJPOBMFT
FJOUFSOBDJPOBMFTQBSBRVFFOJOUFSnTEFMBTWrDUJNBTEFWJPMBDJPOFTEFMPTEFSFDIPT
IVNBOPT TF BTFHVSF DPOKVOUBNFOUF FM SFTQFUP FGFDUJWP EFM EFSFDIP B TBCFS RVF
FOUSBvB FM EFSFDIP B MB WFSEBE FM EFSFDIP B MB KVTUJDJB Z FM EFSFDIP B PCUFOFS
SFQBSBDJwOTJOMPTDVBMFTOPQVFEFIBCFSSFDVSTPF¾DB[DPOUSBMBTDPOTFDVFODJBT
OFGBTUBTEFMBJNQVOJEBE
(6Ê"1"3"130'&4*0/"-&4/P
%F DPOGPSNJEBE DPO MB %FDMBSBDJwO Z 1SPHSBNB EF "DDJwO EF7JFOB MPT TJHVJFOUFT
QSJODJQJPTUJFOFOQPSPCKFUPTFSWJSEFEJSFDUSJDFTQBSBBZVEBSBMPT&TUBEPTBFMBCPSBS
NFEJEBTF¾DBDFTEFMVDIBDPOUSBMBJNQVOJEBE
%F¾OJDJPOFT
" *NQVOJEBE
1PSJNQVOJEBETFFOUJFOEFMBJOFYJTUFODJBEFIFDIPPEFEFSFDIPEFSFTQPOTBCJMJEBE
QFOBM QPS QBSUF EF MPT BVUPSFT EF WJPMBDJPOFT BTr DPNP EF SFTQPOTBCJMJEBE DJWJM
BENJOJTUSBUJWB P EJTDJQMJOBSJB QPSRVF FTDBQBO B UPEB JOWFTUJHBDJwO DPO NJSBT B TV
JODVMQBDJwOEFUFODJwOQSPDFTBNJFOUPZFODBTPEFTFSSFDPOPDJEPTDVMQBCMFTDPOEFOB
BQFOBTBQSPQJBEBTJODMVTPBMBJOEFNOJ[BDJwOEFMEBvPDBVTBEPBTVTWrDUJNBT
# %FMJUPTHSBWFTDPOGPSNFBMEFSFDIPJOUFSOBDJPOBM
" MPT FGFDUPT EF FTUPT QSJODJQJPT MB GSBTF ²EFMJUPT HSBWFT DPOGPSNF BM EFSFDIP
JOUFSOBDJPOBM³ DPNQSFOEF HSBWFT WJPMBDJPOFT EF MPT $POWFOJPT EF (JOFCSB EF EF BHPTUP EF Z EF TV 1SPUPDPMP "EJDJPOBM * EF Z PUSBT WJPMBDJPOFT EFM
EFSFDIP JOUFSOBDJPOBM IVNBOJUBSJP RVF DPOTUJUVZFO EFMJUPT DPOGPSNF BM EFSFDIP
JOUFSOBDJPOBMFMHFOPDJEJPMPTDSrNFOFTEFMFTBIVNBOJEBEZPUSBTWJPMBDJPOFTEF
MPTEFSFDIPTIVNBOPTJOUFSOBDJPOBMNFOUFQSPUFHJEPTRVFTPOEFMJUPTDPOGPSNFBM
EFSFDIPJOUFSOBDJPOBMZPSFTQFDUPEFMPTDVBMFTFMEFSFDIPJOUFSOBDJPOBMFYJHFBMPT
&TUBEPTRVFJNQPOHBOQFOBTQPSEFMJUPTUBMFTDPNPMBUPSUVSBMBTEFTBQBSJDJPOFT
GPS[BEBTMBFKFDVDJwOFYUSBKVEJDJBMZMBFTDMBWJUVE
$ 3FTUBCMFDJNJFOUPEFMBEFNPDSBDJBZPEFMBQB[PEFUSBOTJDJwOIBDJBFMMBT
&OFMTFOUJEPEFMPTQSFTFOUFTQSJODJQJPTFTUBFYQSFTJwOTFSF¾FSFBMBTTJUVBDJPOFT
BM UnSNJOP EF MBT DVBMFT FO FM NBSDP EF VO QSPDFTP RVF EB MVHBS B VO EJgMPHP
OBDJPOBM FO GBWPS EF MB EFNPDSBDJB P B OFHPDJBDJPOFT EF QB[ QBSB QPOFS ¾O B VO
DPO¿JDUPBSNBEPTFMMFHBBVOBDVFSEPTFBDVBMGVFSFTVGPSNBFOWJSUVEEFMDVBM
MPT QSPUBHPOJTUBT P MBT QBSUFT JOUFSFTBEBT DPOWJFOFO FO UPNBS NFEJEBT DPOUSB MB
JNQVOJEBEZMBSFQFUJDJwOEFMBTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPT
% $PNJTJPOFTEFMBWFSEBE
" MPT FGFDUPT EF FTUPT QSJODJQJPT MB GSBTF ²DPNJTJPOFT EF MB WFSEBE³ TF SF¾FSF B
wSHBOPTP¾DJBMFTUFNQPSBMFTZEFDPOTUBUBDJwOEFIFDIPTRVFOPUJFOFODBSgDUFS
KVEJDJBM Z TF PDVQBO EF JOWFTUJHBS BCVTPT EF MPT EFSFDIPT IVNBOPT P FM EFSFDIP
IVNBOJUBSJPRVFTFIBZBODPNFUJEPBMPMBSHPEFWBSJPTBvPT
& "SDIJWPT
&O FM TFOUJEP EF MPT QSFTFOUFT QSJODJQJPT MB QBMBCSB ²BSDIJWPT³ TF SF¾FSF B DPMFD
DJPOFTEFEPDVNFOUPTSFMBUJWPTBWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTZFMEFSFDIP
IVNBOJUBSJPEFGVFOUFTRVFJODMVZFO
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
B
PSHBOJTNPTHVCFSOBNFOUBMFTOBDJPOBMFTFOQBSUJDVMBSMPTRVFIBZBOEFTFN
QFvBEPVOBGVODJwOJNQPSUBOUFFOSFMBDJwODPOMBTWJPMBDJPOFTEFMPTEFSFDIPT
IVNBOPT
C
PSHBOJTNPTMPDBMFTUBMFTDPNPDPNJTBSrBTEFQPMJDrBRVFIBZBOQBSUJDJQBEPFO
WJPMBDJPOFTEFMPTEFSFDIPTIVNBOPT
D
PSHBOJTNPT FTUBUBMFT JODMVJEB MB P¾DJOB EFM ¾TDBM Z FM QPEFS KVEJDJBM RVF
QBSUJDJQBOFOMBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPTZ
E
NBUFSJBMFT SFVOJEPT QPS MBT DPNJTJPOFT EF MB WFSEBE Z PUSPT wSHBOPT EF
JOWFTUJHBDJwO
* -VDIBDPOUSBMBJNQVOJEBEPCMJHBDJPOFTHFOFSBMFT
1SJODJQJP 0CMJHBDJPOFT HFOFSBMFT EF MPT &TUBEPT EF BEPQUBS NFEJEBT F¾DBDFT
QBSBMVDIBSDPOUSBMBJNQVOJEBE
-BJNQVOJEBEDPOTUJUVZFVOBJOGSBDDJwOEFMBTPCMJHBDJPOFTRVFUJFOFOMPT&TUBEPT
EFJOWFTUJHBSMBTWJPMBDJPOFTBEPQUBSNFEJEBTBQSPQJBEBTSFTQFDUPEFTVTBVUPSFT
FTQFDJBMNFOUF FO MB FTGFSB EF MB KVTUJDJB QBSB RVF MBT QFSTPOBT TPTQFDIPTBT EF
SFTQPOTBCJMJEBEQFOBMTFBOQSPDFTBEBTKV[HBEBTZDPOEFOBEBTBQFOBTBQSPQJBEBT
EF HBSBOUJ[BS B MBT WrDUJNBT SFDVSTPT F¾DBDFT Z MB SFQBSBDJwO EF MPT QFSKVJDJPT
TVGSJEPTEFHBSBOUJ[BSFMEFSFDIPJOBMJFOBCMFBDPOPDFSMBWFSEBEZEFUPNBSUPEBT
MBTNFEJEBTOFDFTBSJBTQBSBFWJUBSMBSFQFUJDJwOEFEJDIBTWJPMBDJPOFT
** %FSFDIPBTBCFS
" 1SJODJQJPTHFOFSBMFT
1SJODJQJP&MEFSFDIPJOBMJFOBCMFBMBWFSEBE
$BEB QVFCMP UJFOF FM EFSFDIP JOBMJFOBCMF B DPOPDFS MB WFSEBE BDFSDB EF MPT
BDPOUFDJNJFOUPTTVDFEJEPTFOFMQBTBEPFOSFMBDJwODPOMBQFSQFUSBDJwOEFDSrNFOFT
BCFSSBOUFTZEFMBTDJSDVOTUBODJBTZMPTNPUJWPTRVFMMFWBSPONFEJBOUFWJPMBDJPOFT
NBTJWBT P TJTUFNgUJDBT B MB QFSQFUSBDJwO EF FTPT DSrNFOFT &M FKFSDJDJP QMFOP Z
FGFDUJWPEFMEFSFDIPBMBWFSEBEQSPQPSDJPOBVOBTBMWBHVBSEJBGVOEBNFOUBMDPOUSBMB
SFQFUJDJwOEFUBMFTWJPMBDJPOFT
1SJODJQJP&MEFCFSEFSFDPSEBS
&M DPOPDJNJFOUP QPS VO QVFCMP EF MB IJTUPSJB EF TV PQSFTJwO GPSNB QBSUF EF TV
QBUSJNPOJPZQPSFMMPTFEFCFDPOTFSWBSBEPQUBOEPNFEJEBTBEFDVBEBTFOBSBTEFM
(6Ê"1"3"130'&4*0/"-&4/P
EFCFSEFSFDPSEBSRVFJODVNCFBM&TUBEPQBSBQSFTFSWBSMPTBSDIJWPTZPUSBTQSVFCBT
SFMBUJWBT B WJPMBDJPOFT EF MPT EFSFDIPT IVNBOPT Z FM EFSFDIP IVNBOJUBSJP Z QBSB
GBDJMJUBSFMDPOPDJNJFOUPEFUBMFTWJPMBDJPOFT&TBTNFEJEBTEFCFOFTUBSFODBNJOBEBT
BQSFTFSWBSEFMPMWJEPMBNFNPSJBDPMFDUJWBZFOQBSUJDVMBSFWJUBSRVFTVSKBOUFTJT
SFWJTJPOJTUBTZOFHBDJPOJTUBT
1SJODJQJP&MEFSFDIPEFMBTWrDUJNBTBTBCFS
*OEFQFOEJFOUFNFOUFEFMBTBDDJPOFTRVFQVFEBOFOUBCMBSBOUFMBKVTUJDJBMBTWrDUJ
NBTZTVTGBNJMJBTUJFOFOFMEFSFDIPJNQSFTDSJQUJCMFBDPOPDFSMBWFSEBEBDFSDBEF
MBTDJSDVOTUBODJBTFORVFTFDPNFUJFSPOMBTWJPMBDJPOFTZFODBTPEFGBMMFDJNJFOUPP
EFTBQBSJDJwOBDFSDBEFMBTVFSUFRVFDPSSJwMBWrDUJNB
1SJODJQJP(BSBOUrBTQBSBIBDFSFGFDUJWPFMEFSFDIPBTBCFS
*ODVNCFBMPT&TUBEPTBEPQUBSMBTNFEJEBTBEFDVBEBTJODMVJEBTMBTNFEJEBTOFDF
TBSJBTQBSBHBSBOUJ[BSFMGVODJPOBNJFOUPJOEFQFOEJFOUFZF¾DB[EFMQPEFSKVEJDJBM
QBSBIBDFSFGFDUJWPFMEFSFDIPBTBCFS-BTNFEJEBTBQSPQJBEBTQBSBBTFHVSBSFTF
EFSFDIPQVFEFOJODMVJSQSPDFTPTOPKVEJDJBMFTRVFDPNQMFNFOUFOMBGVODJwOEFMQPEFS
KVEJDJBM-BTTPDJFEBEFTRVFIBOFYQFSJNFOUBEPDSrNFOFTPEJPTPTQFSQFUSBEPTFO
GPSNBNBTJWBPTJTUFNgUJDBQVFEFOCFOF¾DJBSTFFOQBSUJDVMBSDPOMBDSFBDJwOEFVOB
DPNJTJwOEFMBWFSEBEVPUSBDPNJTJwOEFJOWFTUJHBDJwODPOPCKFUPEFFTUBCMFDFSMPT
IFDIPTSFMBUJWPTBFTBTWJPMBDJPOFTEFNBOFSBEFDFSDJPSBSTFEFMBWFSEBEFJNQFEJS
MBEFTBQBSJDJwOEFQSVFCBT4FBRVFVO&TUBEPFTUBCMF[DBPOPVOwSHBOPEFFTF
UJQPEFCFHBSBOUJ[BSMBQSFTFSWBDJwOEFMPTBSDIJWPTSFMBUJWPTBMBTWJPMBDJPOFTEFMPT
EFSFDIPTIVNBOPTZFMEFSFDIPIVNBOJUBSJPZMBQPTJCJMJEBEEFDPOTVMUBSMPT
# $PNJTJPOFTEFJOWFTUJHBDJwO
1SJODJQJP&TUBCMFDJNJFOUPZGVODJwOEFMBTDPNJTJPOFTEFMBWFSEBE
&OMBNBZPSNFEJEBQPTJCMFMBTEFDJTJPOFTEFFTUBCMFDFSVOBDPNJTJwOEFMBWFSEBE
EF¾OJSTVNBOEBUPZEFUFSNJOBSTVDPNQPTJDJwOEFCFOCBTBSTFFOBNQMJBTDPOTVM
UBTQ|CMJDBTFOMBTDVBMFTEFCFSgSFRVFSJSTFMBPQJOJwOEFMBTWrDUJNBTZMPTTVQFSWJ
WJFOUFT%FCFOSFBMJ[BSTFFTGVFS[PTFTQFDJBMFTQPSBTFHVSBSRVFMPTIPNCSFTZMBT
NVKFSFTQBSUJDJQFOFOFTBTEFMJCFSBDJPOFTFOVOQJFEFJHVBMEBE
5FOJFOEPFODVFOUBMBEJHOJEBEEFMBTWrDUJNBTZEFTVTGBNJMJBTMBTJOWFTUJHBDJPOFT
SFBMJ[BEBT QPS MBT DPNJTJPOFT EF MB WFSEBE EFCFO UFOFS QPS PCKFUP FO QBSUJDVMBS
HBSBOUJ[BSFMSFDPOPDJNJFOUPEFQBSUFTEFMBWFSEBERVFBOUFSJPSNFOUFTFOFHBCBO
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
1SJODJQJP(BSBOUrBTEFJOEFQFOEFODJBJNQBSDJBMJEBEZDPNQFUFODJB
-BTDPNJTJPOFTEFJOWFTUJHBDJwOJODMVJEBTMBTDPNJTJPOFTEFMBWFSEBEEFCFOFTUB
CMFDFSTFNFEJBOUFQSPDFEJNJFOUPTRVFHBSBOUJDFOTVJOEFQFOEFODJBJNQBSDJBMJEBE
ZDPNQFUFODJB$POFTF¾OFMNBOEBUPEFMBTDPNJTJPOFTEFJOWFTUJHBDJwOJODMVJEBT
MBTDPNJTJPOFTEFDBSgDUFSJOUFSOBDJPOBMEFCFSFTQFUBSMBTTJHVJFOUFTEJSFDUSJDFT
B
%FCFSgO FTUBS GPSNBEBT DPOGPSNF B DSJUFSJPT RVF EFNVFTUSFO B MB PQJOJwO
Q|CMJDB MB DPNQFUFODJB FO NBUFSJB EF EFSFDIPT IVNBOPT Z MB JNQBSDJBMJEBE
EF TVT NJFNCSPT RVF EFCFO JODMVJS B FYQFSUPT FO EFSFDIPT IVNBOPT Z FO
DBTP QFSUJOFOUF FO EFSFDIP IVNBOJUBSJP5BNCJnO EFCFSgO FTUBS GPSNBEBT EF
DPOGPSNJEBEDPODPOEJDJPOFTRVFHBSBOUJDFOTVJOEFQFOEFODJBFOQBSUJDVMBSQPS
MBJOBNPWJMJEBEEFTVTNJFNCSPTEVSBOUFTVNBOEBUPFYDFQUPQPSSB[POFTEF
JODBQBDJEBEPDPNQPSUBNJFOUPRVFMPTIBHBJOEJHOPTEFDVNQMJSTVTEFCFSFTZ
EF BDVFSEP DPO QSPDFEJNJFOUPT RVF BTFHVSFO EFDJTJPOFT KVTUBT JNQBSDJBMFT F
JOEFQFOEJFOUFT
C
4VTNJFNCSPTTFCFOF¾DJBSgOEFMPTQSJWJMFHJPTFJONVOJEBEFTOFDFTBSJPTQBSB
TVQSPUFDDJwOJODMVTPDVBOEPIBDFTBEPTVNJTJwOFTQFDJBMNFOUFDPOSFTQFDUP
B UPEB BDDJwO FO EJGBNBDJwO P DVBMRVJFS PUSB BDDJwO DJWJM P QFOBM RVF TF MFT
QVEJFSBJOUFOUBSTPCSFMBCBTFEFIFDIPTPEFBQSFDJBDJPOFTNFODJPOBEBTFOMPT
JOGPSNFTEFMBTDPNJTJPOFT
D
"MFMFHJSBMPTNJFNCSPTEFCFSgOSFBMJ[BSTFFTGVFS[PTDPODFSUBEPTQPSHBSBOUJ[BS
VOBSFQSFTFOUBDJwOBEFDVBEBEFMBTNVKFSFTBTrDPNPEFPUSPTHSVQPTBQSPQJBEPT
DVZPTNJFNCSPTIBZBOTJEPFTQFDJBMNFOUFWVMOFSBCMFTBMBTWJPMBDJPOFTEFMPT
EFSFDIPTIVNBOPT
1SJODJQJP%FMJNJUBDJwOEFMNBOEBUPEFVOBDPNJTJwO
1BSB FWJUBS MPT DPO¿JDUPT EF DPNQFUFODJB TF EFCF EF¾OJS DMBSBNFOUF FM NBOEBUP
EFMBDPNJTJwORVFEFCFFTUBSEFBDVFSEPDPOFMQSJODJQJPEFRVFMB¾OBMJEBEEF
MBTDPNJTJPOFTOPDPOTJTUJSgFOSFFNQMB[BSBMBKVTUJDJBUBOUPDJWJMPBENJOJTUSBUJWB
DPNP QFOBM &O QBSUJDVMBS |OJDBNFOUF MPT USJCVOBMFT QFOBMFT UJFOFO DPNQFUFODJB
QBSBEFUFSNJOBSMBSFTQPOTBCJMJEBEQFOBMJOEJWJEVBMB¾OEFQSPOVODJBSTFMMFHBEPFM
DBTPTPCSFMBDVMQBCJMJEBEZTFHVJEBNFOUFTPCSFMBQFOB
"EFNgTEFMBTEJSFDUSJDFTFTUBCMFDJEBTFOMPTQSJODJQJPTZFMNBOEBUPEFVOB
DPNJTJwOEFJOWFTUJHBDJwOIBEFJODPSQPSBSPSF¿FKBSMBTTJHVJFOUFTFTUJQVMBDJPOFT
B
&MNBOEBUPEFMBDPNJTJwOQVFEFSFB¾SNBSTVEFSFDIPTPMJDJUBSMBBTJTUFODJBEF
MB GVFS[BQ|CMJDBJODMVTPCBKPSFTFSWBEFMQSJODJQJPB
QBSBIBDFSQSPDFEFS
B DPNQBSFDFODJBT FGFDUVBS WJTJUBT FO UPEPT MPT MVHBSFT EF JOUFSnT QBSB TVT
JOWFTUJHBDJPOFTZVPCUFOFSMBQSPEVDDJwOEFQSVFCBTQFSUJOFOUFT
(6Ê"1"3"130'&4*0/"-&4/P
C
$VBOEP MB DPNJTJwO UJFOF SB[POFT QBSB DSFFS RVF FTUg BNFOB[BEB MB WJEB MB
TBMVEPMBTFHVSJEBEEFVOBQFSTPOBEFJOUFSnTQBSBTVTJOWFTUJHBDJPOFTPIBZ
SJFTHPEFRVFTFQJFSEBVOFMFNFOUPEFQSVFCBTFQVFEFEJSJHJSBVOUSJCVOBM
DPOBSSFHMPBVOQSPDFEJNJFOUPEFVSHFODJBPBEPQUBSPUSBTNFEJEBTBQSPQJBEBT
QBSBQPOFS¾OBFTBBNFOB[BPBFTFSJFTHP
D
4VT JOWFTUJHBDJPOFT TF SFGFSJSgO B UPEBT MBT QFSTPOBT BDVTBEBT EF QSFTVOUBT
WJPMBDJPOFT EF MPT EFSFDIPT IVNBOPT ZP EFM EFSFDIP IVNBOJUBSJP UBOUP TJ
MBTPSEFOBSPODPNPTJMBTDPNFUJFSPOTJGVFSPOBVUPSFTPDwNQMJDFTZUBOUPTJ
TF USBUB EF BHFOUFT EFM &TUBEP P EF HSVQPT BSNBEPT QBSBFTUBUBMFT P QSJWBEPT
SFMBDJPOBEPT EF BMH|O NPEP DPO FM &TUBEP DPNP EF NPWJNJFOUPT BSNBEPT
OP FTUBUBMFT DPOTJEFSBEPT CFMJHFSBOUFT 4VT JOWFTUJHBDJPOFT QPESgO BCPSEBS
BTJNJTNPMBGVODJwOEFPUSPTQSPUBHPOJTUBTQBSBGBDJMJUBSMBTWJPMBDJPOFTEFMPT
EFSFDIPTIVNBOPTZEFMEFSFDIPIVNBOJUBSJP
E
-BTDPNJTJPOFTFTUBSgOGBDVMUBEBTQBSBJOWFTUJHBSUPEBTMBTGPSNBTEFWJPMBDJwO
EF MPT EFSFDIPT IVNBOPT Z EFM EFSFDIP IVNBOJUBSJP 4VT JOWFTUJHBDJPOFT TF
SFGFSJSgOQSJPSJUBSJBNFOUFBMBTRVFDPOTUJUVZBOEFMJUPTHSBWFTTFH|OFMEFSFDIP
JOUFSOBDJPOBM Z FO FMMBT TF QSFTUBSg FTQFDJBM BUFODJwO B MBT WJPMBDJPOFT EF MPT
EFSFDIPTGVOEBNFOUBMFTEFMBNVKFSZEFPUSPTHSVQPTWVMOFSBCMFT
F
-BTDPNJTJPOFTEFJOWFTUJHBDJwOUSBUBSgOEFQSFTFSWBSMBTQSVFCBTFOJOUFSnTEF
MBKVTUJDJB
G &MNBOEBUPEFMBTDPNJTJPOFTEFJOWFTUJHBDJwOEFCFSgTVCSBZBSMBJNQPSUBODJB
EFQSFTFSWBSMPTBSDIJWPTEFMBDPNJTJwO%FTEFFMQSJODJQJPEFTVTUSBCBKPTMBT
DPNJTJPOFTEFCFSgOBDMBSBSMBTDPOEJDJPOFTRVFSFHJSgOFMBDDFTPBTVTBSDIJWPT
JODMVJEBTMBTDPOEJDJPOFTFODBNJOBEBTBJNQFEJSMBEJWVMHBDJwOEFJOGPSNBDJwO
DPO¾EFODJBM QSFTFSWBOEP B MB WF[ FM EFSFDIP EFM Q|CMJDP B DPOTVMUBS TVT
BSDIJWPT
1SJODJQJP(BSBOUrBTSFMBUJWBTBMBTQFSTPOBTBDVTBEBT
"OUFT EF RVF VOB DPNJTJwO JEFOUJ¾RVF B MPT BVUPSFT FO TV JOGPSNF MBT QFSTPOBT
JOUFSFTBEBTUFOESgOEFSFDIPBMBTTJHVJFOUFTHBSBOUrBT
B
-B DPNJTJwO EFCFSg USBUBS EF DPSSPCPSBS MB JOGPSNBDJwO RVF JNQMJRVF B FTBT
QFSTPOBTBOUFTEFEBSBDPOPDFSTVOPNCSFQ|CMJDBNFOUF
C
-BTQFSTPOBTJNQMJDBEBTEFCFSgOIBCFSTJEPFTDVDIBEBTPBMNFOPTDPOWPDBEBT
DPO UBM ¾O Z UFOFS MB QPTJCJMJEBE EF FYQPOFS TV WFSTJwO EF MPT IFDIPT FO VOB
BVEJFODJB DPOWPDBEB QPS MB DPNJTJwO NJFOUSBT SFBMJ[B TV JOWFTUJHBDJwO P EF
JODPSQPSBSBMFYQFEJFOUFVOEPDVNFOUPFRVJWBMFOUFBVOEFSFDIPEFSnQMJDB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
1SJODJQJP(BSBOUrBTSFMBUJWBTBMBTWrDUJNBTZBMPTUFTUJHPTRVFEFDMBSBOBTVGBWPS
4FBEPQUBSgOMBTNFEJEBTBEFDVBEBTQBSBQSPUFHFSMBTFHVSJEBEFMCJFOFTUBSGrTJDPZ
QTJDPMwHJDPZDVBOEPBTrTFTPMJDJUFMBWJEBQSJWBEBEFMBTWrDUJNBTZMPTUFTUJHPTRVF
QSPQPSDJPOFOJOGPSNBDJwOBMBDPNJTJwO
B
-BTWrDUJNBTZMPTUFTUJHPTRVFEFDMBSFOBTVGBWPSTwMPQPESgOTFSMMBNBEPTB
EFDMBSBSBOUFMBDPNJTJwODPODBSgDUFSFTUSJDUBNFOUFWPMVOUBSJP
C
-PTBTJTUFOUFTTPDJBMFTZMPTQSPGFTJPOBMFTEFMBBUFODJwOEFTBMVENFOUBMFTUBSgO
GBDVMUBEPT QBSB QSFTUBS BTJTUFODJB B MBT WrDUJNBT EF QSFGFSFODJB FO TV QSPQJP
JEJPNB UBOUP EVSBOUF TV EFDMBSBDJwO DPNP EFTQVnT EF MB NJTNB FO FTQFDJBM
DVBOEPTFUSBUBEFBHSFTJPOFTPEFWJPMFODJBTTFYVBMFT
D
&M &TUBEP EFCFSg BTVNJS MPT HBTUPT FGFDUVBEPT QPS MPT BVUPSFT EF FTPT
UFTUJNPOJPT
E
%FCFSgQSPUFHFSTFMBJOGPSNBDJwORVFQVFEBJEFOUJ¾DBSBVOUFTUJHPRVFQSFTUw
EFDMBSBDJPOFT USBT VOB QSPNFTB EF DPO¾EFODJBMJEBE -BT WrDUJNBT RVF QSFTUFO
UFTUJNPOJPZPUSPTUFTUJHPTEFCFSgOTFSJOGPSNBEPTFOUPEPDBTPEFMBTOPSNBT
RVFSFHVMBSgOMBEJWVMHBDJwOEFJOGPSNBDJwOQSPQPSDJPOBEBQPSFMMPTBMBDPNJTJwO
-BT TPMJDJUVEFT EF QSPQPSDJPOBS JOGPSNBDJwO B MB DPNJTJwO FO GPSNB BOwOJNB
EFCFSgODPOTJEFSBSTFTFSJBNFOUFFOFTQFDJBMFODBTPTEFEFMJUPTTFYVBMFTZMB
DPNJTJwOEFCFSgFTUBCMFDFSQSPDFEJNJFOUPTQBSBHBSBOUJ[BSFMBOPOJNBUPFOMPT
DBTPTBQSPQJBEPTQFSNJUJFOEPBMBWF[DPSSPCPSBSMBJOGPSNBDJwOQSPQPSDJPOBEB
TFH|OTFBOFDFTBSJP
1SJODJQJP3FDVSTPTBEFDVBEPTQBSBMBTDPNJTJPOFT
-BTDPNJTJPOFTEJTQPOESgO
B
%F NFEJPT ¾OBODJFSPT USBOTQBSFOUFT QBSB FWJUBS RVF TF QVFEB EVEBS EF TV
JOEFQFOEFODJB
C
%FVOBEPUBDJwOTV¾DJFOUFEFNBUFSJBMZQFSTPOBMQBSBRVFOPTFQVFEBJNQVHOBS
TVDSFEJCJMJEBE
1SJODJQJP'VODJwOEFBTFTPSBNJFOUPEFMBTDPNJTJPOFT
&M NBOEBUP EF MB DPNJTJwO JODMVJSg EJTQPTJDJPOFT FO RVF TF MB JOWJUBSg B GPSNVMBS
SFDPNFOEBDJPOFTFOTVJOGPSNF¾OBMSFMBUJWBTBMBTNFEJEBTMFHJTMBUJWBTZEFPUSP
UJQPQBSBMVDIBSDPOUSBMBJNQVOJEBE&MNBOEBUPEFCFSgHBSBOUJ[BSRVFMBDPNJTJwO
JODPSQPSBMBTFYQFSJFODJBTEFMBNVKFSFOTVMBCPSJODMVJEBTTVTSFDPNFOEBDJPOFT
(6Ê"1"3"130'&4*0/"-&4/P
$VBOEPTFFTUBCMF[DBVOBDPNJTJwOEFJOWFTUJHBDJwOFM(PCJFSOPEFCFSgQSPDVSBS
EBSMBEFCJEBDPOTJEFSBDJwOBMBTSFDPNFOEBDJPOFTEFMBDPNJTJwO
1SJODJQJP1VCMJDJEBEEFMPTJOGPSNFTEFMBTDPNJTJPOFT
1PSNPUJWPTEFTFHVSJEBEPQBSBFWJUBSRVFTFIBHBQSFTJwOTPCSFMPTUFTUJHPTZMPT
NJFNCSPTEFMBDPNJTJwOFOFMNBOEBUPEFFTUB|MUJNBTFQPESgEJTQPOFSRVFDJFSUBT
QBSUFTQFSUJOFOUFTEFTVJOWFTUJHBDJwOTFNBOUFOESgODPO¾EFODJBMFT&ODBNCJPFM
JOGPSNF¾OBMEFMBDPNJTJwOEFCFSgIBDFSTFQ|CMJDPFOTVJOUFHSJEBEZTFSEJGVOEJEP
MPNgTBNQMJBNFOUFQPTJCMF
$1SFTFSWBDJwOZDPOTVMUBEFMPTBSDIJWPTB¾OEFEFUFSNJOBSMBTWJPMBDJPOFT
1SJODJQJP.FEJEBTEFQSFTFSWBDJwOEFMPTBSDIJWPT
&MEFSFDIPBTBCFSJNQMJDBMBOFDFTJEBEEFQSFTFSWBSMPTBSDIJWPT4FEFCFSgOBEPQUBS
NFEJEBTUnDOJDBTZTBODJPOFTQFOBMFTQBSBJNQFEJSMBTVTUSBDDJwOMBEFTUSVDDJwOMB
EJTJNVMBDJwO P MB GBMTJ¾DBDJwO EF MPT BSDIJWPT FOUSF PUSBT DPTBT DPO FM ¾O EF RVF
RVFEFOJNQVOFTMPTBVUPSFTEFWJPMBDJPOFTEFEFSFDIPTIVNBOPTZPEFMEFSFDIP
IVNBOJUBSJP
1SJODJQJP.FEJEBTQBSBGBDJMJUBSMBDPOTVMUBEFMPTBSDIJWPT
4F EFCFSg GBDJMJUBS MB DPOTVMUB EF MPT BSDIJWPT FO JOUFSnT EF MBT WrDUJNBT Z EF TVT
GBNJMJBSFTQBSBIBDFSWBMFSTVTEFSFDIPT
&O DBTP OFDFTBSJP UBNCJnO TF GBDJMJUBSg B MBT QFSTPOBT BDVTBEBT RVF MP TPMJDJUFO
QBSBEFGFOEFSTF
$VBOEPMBDPOTVMUBQFSTJHBGBWPSFDFSMBJOWFTUJHBDJwOIJTUwSJDBMBTGPSNBMJEBEFTEF
BVUPSJ[BDJwO UFOESgO QPS |OJDB ¾OBMJEBE TBMWBHVBSEBS MB JOUFHSJEBE Z MB TFHVSJEBE
EF MBT WrDUJNBT Z EF PUSBT QFSTPOBT /P QPESgO BQMJDBSTF MBT GPSNBMJEBEFT EF
BVUPSJ[BDJwODPO¾OFTEFDFOTVSB
1SJODJQJP $PPQFSBDJwO EF MPT TFSWJDJPT EF BSDIJWP DPO MPT USJCVOBMFT Z MBT
DPNJTJPOFTFYUSBKVEJDJBMFTEFJOWFTUJHBDJwO
-PTUSJCVOBMFTZMBTDPNJTJPOFTFYUSBKVEJDJBMFTEFJOWFTUJHBDJwOBTrDPNPMPTJOWFT
UJHBEPSFTRVFUSBCBKFOCBKPTVSFTQPOTBCJMJEBEEFCFSgOQPEFSDPOTVMUBSMJCSFNFOUF
MPTBSDIJWPT&TUFQSJODJQJPTFBQMJDBSgFOGPSNBUBMRVFSFTQFUFMPTSFRVJTJUPTQFS
UJOFOUFTQBSBQSPUFHFSMBWJEBQSJWBEBJODMVJEPTFOQBSUJDVMBSTFHVSJEBEFTEFDPO¾
EFODJBMJEBEQSPQPSDJPOBEBTBMBTWrDUJNBTZBPUSPTUFTUJHPTDPNPDPOEJDJwOQSFWJB
EFTVUFTUJNPOJP/PTFQPESgEFOFHBSMBDPOTVMUBEFMPTBSDIJWPTQPSSB[POFTEF
TFHVSJEBEOBDJPOBMFYDFQUPRVFFODJSDVOTUBODJBTFYDFQDJPOBMFTMBSFTUSJDDJwOIBZB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
TJEPQSFTDSJUBQPSMFZRVFFM(PCJFSOPIBZBEFNPTUSBEPRVFMBSFTUSJDDJwOFTOFDF
TBSJBFOVOBTPDJFEBEEFNPDSgUJDBQBSBQSPUFHFSVOJOUFSnTEFTFHVSJEBEOBDJPOBM
MFHrUJNPZRVFMBEFOFHBDJwOTFBPCKFUPEFFYBNFOKVEJDJBMJOEFQFOEJFOUF
1SJODJQJP.FEJEBTFTQFDr¾DBTSFMBUJWBTBMPTBSDIJWPTEFDBSgDUFSOPNJOBUJWP
B
4F DPOTJEFSBSgO OPNJOBUJWPT B MPT FGFDUPT EFM QSFTFOUF QSJODJQJP MPT BSDIJWPT
RVF DPOUFOHBO JOGPSNBDJwO RVF QFSNJUB EF MB NBOFSB RVF TFB EJSFDUB P
JOEJSFDUBNFOUFJEFOUJ¾DBSBMBTQFSTPOBTBMBTRVFTFSF¾FSFO
C
5PEBQFSTPOBUFOESgEFSFDIPBTBCFSTJ¾HVSBFOMPTBSDIJWPTFTUBUBMFTZMMFHBEP
FMDBTPEFTQVnTEFFKFSDFSTVEFSFDIPEFDPOTVMUBBJNQVHOBSMBMFHJUJNJEBE
EF MBT JOGPSNBDJPOFT RVF MF DPODJFSOBO FKFSDJFOEP FM EFSFDIP EF SnQMJDB &M
EPDVNFOUPJNQVHOBEPEFCFSgJODMVJSVOBSFGFSFODJBDSV[BEBBMEPDVNFOUPFO
RVF TF JNQVHOB TV WBMJEF[ Z BNCPT EFCFO GBDJMJUBSTF KVOUPT TJFNQSF RVF TF
TPMJDJUFFMQSJNFSP&MBDDFTPBMPTBSDIJWPTEFMBTDPNJTJPOFTEFJOWFTUJHBDJwO
EFCFDPOTJEFSBSTFQPSPQPTJDJwOBMBTFYQFDUBUJWBTMFHrUJNBTEFDPO¾EFODJBMJEBE
EF MBT WrDUJNBT Z PUSPT UFTUJHPT RVF QSFTUFO UFTUJNPOJP FO TV OPNCSF EF
DPOGPSNJEBEDPOMPTQSJODJQJPTG ZE
1SJODJQJP.FEJEBTFTQFDr¾DBTSFMBUJWBTBMPTQSPDFTPTEFSFTUBCMFDJNJFOUPEF
MBEFNPDSBDJBTZPEFMPTQSPDFTPTEFQB[PEFUSBOTJDJwOIBDJBFMMBT
B
4FBEPQUBSgONFEJEBTQBSBRVFDBEBDFOUSPEFBSDIJWPFTUnCBKPMBSFTQPOTBCJMJEBE
EFVOBP¾DJOBEFTJHOBEBBMFGFDUP
C
$VBOEP TF SFBMJDF FM JOWFOUBSJP EF MPT BSDIJWPT BMNBDFOBEPT EFCFSg QSFTUBSTF
FTQFDJBMBUFODJwOBMPTBSDIJWPTEFMPTMVHBSFTEFEFUFODJwOZPUSPTMVHBSFTFO
RVFIBZBOPDVSSJEPWJPMBDJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPTZPEFMEFSFDIP
IVNBOJUBSJPUBMFTDPNPUPSUVSBFOFTQFDJBMTJP¾DJBMNFOUFOPTFSFDPOPDrBTV
FYJTUFODJB
D
-PTUFSDFSPTQBrTFTEFCFSgODPPQFSBSDPONJSBTBMBDPNVOJDBDJwOPMBSFTUJUVDJwO
EFBSDIJWPTQBSBFTUBCMFDFSMBWFSEBE
*** %FSFDIPBMBKVTUJDJB
" 1SJODJQJPTHFOFSBMFT
1SJODJQJP%FCFSFTEFMPT&TUBEPTFONBUFSJBEFBENJOJTUSBDJwOEFKVTUJDJB
-PT &TUBEPT FNQSFOEFSgO JOWFTUJHBDJPOFT SgQJEBT NJOVDJPTBT JOEFQFOEJFOUFT F
JNQBSDJBMFTEFMBTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTZFMEFSFDIPJOUFSOBDJPOBM
IVNBOJUBSJPZBEPQUBSgOMBTNFEJEBTBQSPQJBEBTSFTQFDUPEFTVTBVUPSFTFTQFDJBM
(6Ê"1"3"130'&4*0/"-&4/P
NFOUF FO MB FTGFSB EF MB KVTUJDJB QFOBM QBSB RVF TFBO QSPDFTBEPT KV[HBEPT Z
DPOEFOBEPTEFCJEBNFOUF
"VORVF MB JOJDJBUJWB EFM FOKVJDJBNJFOUP FT FO QSJNFS MVHBS VOB EF MBT NJTJPOFT
EFM &TUBEP EFCFSgO BEPQUBSTF OPSNBT QSPDFTBMFT DPNQMFNFOUBSJBT QBSB RVF MBT
QSPQJBTWrDUJNBTTVTGBNJMJBSFTPIFSFEFSPTQVFEBOUPNBSFTBJOJDJBUJWBJOEJWJEVBM
PDPMFDUJWBNFOUFFOQBSUJDVMBSDPNPQBSUFTDJWJMFTPDPNPQFSTPOBTRVFJOJDJBOVO
KVJDJPFOMPT&TUBEPTDVZPEFSFDIPQSPDFTBMQFOBMDPOUFNQMFFTPTQSPDFEJNJFOUPT
-PT&TUBEPTEFCFSgOHBSBOUJ[BSMBBNQMJBQBSUJDJQBDJwOKVSrEJDBFOFMQSPDFTPKVEJDJBM
BUPEBTMBTQBSUFTQFSKVEJDBEBTZBUPEBQFSTPOBVPSHBOJ[BDJwOOPHVCFSOBNFOUBM
RVFUFOHBVOJOUFSnTMFHrUJNPFOFMQSPDFTP
# %FMJNJUBDJwOEFDPNQFUFODJBTFOUSFMBTKVSJTEJDDJPOFT
OBDJPOBMFTFYUSBOKFSBTJOUFSOBDJPOBMFTFJOUFSOBDJPOBMJ[BEBT
1SJODJQJP $PNQFUFODJB EF MPT USJCVOBMFT QFOBMFT JOUFSOBDJPOBMFT F
JOUFSOBDJPOBMJ[BEPT
-BDPNQFUFODJBUFSSJUPSJBMEFMPTUSJCVOBMFTOBDJPOBMFTFOQSJODJQJPTJHVFTJFOEPMB
OPSNB FO MP UPDBOUF B MPT EFMJUPT HSBWFT DPO BSSFHMP BM EFSFDIP JOUFSOBDJPOBM %F
DPOGPSNJEBEDPOMBTEJTQPTJDJPOFTEFTVTFTUBUVUPTQPESgBENJUJSTFMBDPNQFUFODJB
DPODVSSFOUFEFVOUSJCVOBMQFOBMJOUFSOBDJPOBMPEFVOUSJCVOBMQFOBMJOUFSOBDJPOBMJ
[BEPDVBOEPMPTUSJCVOBMFTOBDJPOBMFTOPPGSF[DBOHBSBOUrBTTBUJTGBDUPSJBTEFJOEF
QFOEFODJBFJNQBSDJBMJEBEPDVBOEPMFTSFTVMUFNBUFSJBMNFOUFJNQPTJCMFEFTFNQF
vBSEFCJEBNFOUFTVTJOWFTUJHBDJPOFTPTVTFHVJNJFOUPEFVOBDBVTBDSJNJOBMPOP
FTUnOEJTQVFTUPTBFMMP
-PT &TUBEPT EFCFSgO BTFHVSBSTF EF RVF TBUJTGBDFO QMFOBNFOUF TVT PCMJHBDJPOFT
KVSrEJDBTDPOSFTQFDUPBMPTUSJCVOBMFTQFOBMFTJOUFSOBDJPOBMFTFJOUFSOBDJPOBMJ[BEPT
JODMVTP DVBOEP TFB OFDFTBSJP NFEJBOUF MB QSPNVMHBDJwO EF MFZFT JOUFSOBT RVF
QFSNJUBOBMPT&TUBEPTDVNQMJSPCMJHBDJPOFTEJNBOBOUFTEFTVBEIFTJwOBM&TUBUVUPEF
3PNBEFMB$PSUF1FOBM*OUFSOBDJPOBMPDPOBSSFHMPBPUSPTJOTUSVNFOUPTWJODVMBOUFT
Z NFEJBOUF MB QVFTUB FO QSgDUJDB EF MBT PCMJHBDJPOFT BQMJDBCMFT EF BQSFIFOEFS Z
FOUSFHBSBMBTQFSTPOBTTPTQFDIPTBTZEFDPPQFSBSDPOSFTQFDUPBMBTQSVFCBT
1SJODJQJP .FEJEBT QBSB SFGPS[BS MB F¾DBDJB EF MPT QSJODJQJPT KVSrEJDPT
JOUFSOBDJPOBMFTSFMBUJWPTBMBDPNQFUFODJBVOJWFSTBMFJOUFSOBDJPOBM
-PT&TUBEPTEFCFSgOFNQSFOEFSNFEJEBTF¾DBDFTJODMVJEBMBBQSPCBDJwOPMBFONJFO
EB EF MB MFHJTMBDJwO JOUFSOB RVF TFBO OFDFTBSJBT QBSB QFSNJUJS RVF MPT USJCVOBMFT
FKFS[BO MB DPNQFUFODJB VOJWFSTBM DPO SFTQFDUP B EFMJUPT HSBWFT EF DPOGPSNJEBE
DPOFMEFSFDIPJOUFSOBDJPOBMEFBDVFSEPDPOMPTQSJODJQJPTBQMJDBCMFTEFMEFSFDIP
DPOTVFUVEJOBSJPZEFMEFSFDIPEFMPTUSBUBEPT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
-PT &TUBEPT EFCFSgO HBSBOUJ[BS RVF DVNQMFO QMFOBNFOUF UPEBT MBT PCMJHBDJPOFT
KVSrEJDBTRVFIBOBTVNJEPQBSBJOJDJBSQSPDFTPTQFOBMFTDPOUSBMBTQFSTPOBTSFTQFDUP
EF MBT DVBMFT IBZ QSVFCBT ¾EFEJHOBT EF SFTQPOTBCJMJEBE JOEJWJEVBM QPS EFMJUPT
HSBWFTDPOBSSFHMPBMEFSFDIPJOUFSOBDJPOBMTJOPFYUSBEJUBOBMPTTPTQFDIPTPTPMPT
USBOT¾FSFOQBSBTFSKV[HBEPTBOUFVOUSJCVOBMJOUFSOBDJPOBMPJOUFSOBDJPOBMJ[BEP
$ .FEJEBTSFTUSJDUJWBTJODPSQPSBEBTBEFUFSNJOBEBTOPSNBTEFMEFSFDIP
RVFTFKVTUJ¾DBOQPSMBMVDIBDPOUSBMBJNQVOJEBE
1SJODJQJP$BSgDUFSEFMBTNFEJEBTSFTUSJDUJWBT
-PT&TUBEPTJODPSQPSBSgOHBSBOUrBTDPOUSBMBTEFTWJBDJPOFTBRVFQVFEBEBSMVHBSFM
VTPEFMBQSFTDSJQDJwOMBBNOJTUrBFMEFSFDIPEFBTJMPMBEFOFHBDJwOEFMBFYUSBEJDJwO
OPO CJT JO JEFN MB PCFEJFODJB EFCJEB MBT JONVOJEBEFT P¾DJBMFT MBT MFZFT TPCSF
²BSSFQFOUJEPT³MBDPNQFUFODJBEFMPTUSJCVOBMFTNJMJUBSFTBTrDPNPFMQSJODJQJPEFMB
JOBNPWJMJEBEEFMPTKVFDFTRVFQSPNVFWFMBJNQVOJEBEPDPOUSJCVZFBFMMB
1SJODJQJP3FTUSJDDJPOFTBMBQSFTDSJQDJwO
-BQSFTDSJQDJwOEFVOBJOGSBDDJwOQFOBMUBOUPFOMPRVFSFTQFDUBBMBTEJMJHFODJBT
DPNP B MBT QFOBT OP QPESg DPSSFS EVSBOUF FM QFSrPEP FO RVF OP FYJTUBO SFDVSTPT
F¾DBDFTDPOUSBFTBJOGSBDDJwO
-BQSFTDSJQDJwOOPTFBQMJDBSgBMPTEFMJUPTHSBWFTDPOGPSNFFMEFSFDIPJOUFSOBDJPOBM
RVFTFBOQPSOBUVSBMF[BJNQSFTDSJQUJCMFT
$VBOEP TF BQMJDB MB QSFTDSJQDJwO OP QPESg JOWPDBSTF FO MBT BDDJPOFT DJWJMFT P
BENJOJTUSBUJWBTFOUBCMBEBTQPSMBTWrDUJNBTQBSBPCUFOFSSFQBSBDJwO
1SJODJQJP3FTUSJDDJPOFTZPUSBTNFEJEBTSFMBUJWBTBMBBNOJTUrB
*ODMVTP DVBOEP UFOHB QPS ¾OBMJEBE DSFBS DPOEJDJPOFT QSPQJDJBT QBSB BMDBO[BS VO
BDVFSEPEFQB[PGBWPSFDFSMBSFDPODJMJBDJwOOBDJPOBMMBBNOJTUrBZEFNgTNFEJEBT
EFDMFNFODJBTFBQMJDBSgOEFOUSPEFMPTTJHVJFOUFTMrNJUFT
B
-PT BVUPSFT EF EFMJUPT HSBWFT DPOGPSNF BM EFSFDIP JOUFSOBDJPOBM OP QPESgO
CFOF¾DJBSTF EF FTBT NFEJEBT NJFOUSBT FM &TUBEP OP DVNQMB MBT PCMJHBDJPOFT
FOVNFSBEBTFOFMQSJODJQJPPMPTBVUPSFTIBZBOTJEPTPNFUJEPTBKVJDJPBOUF
VOUSJCVOBMDPNQFUFOUFTFBJOUFSOBDJPOBMPJOUFSOBDJPOBMJ[BEPPOBDJPOBMGVFSB
EFM&TUBEPEFRVFTFUSBUB
C
-BBNOJTUrBZPUSBTNFEJEBTEFDMFNFODJBOPBGFDUBOBMEFSFDIPEFMBTWrDUJNBT
BSFQBSBDJwOQSFWJTUPFOMPTQSJODJQJPTBZOPNFOPTDBCBSgOFOFMEFSFDIP
BTBCFS
(6Ê"1"3"130'&4*0/"-&4/P
D
$PNPMBBNOJTUrBQVFEFJOUFSQSFUBSTFDPNPVOSFDPOPDJNJFOUPEFDVMQBOPQP
ESgJNQPOFSTFBMBTQFSTPOBTFOKVJDJBEBTPDPOEFOBEBTQPSIFDIPTBDBFDJEPT
EVSBOUFFMFKFSDJDJPQBDr¾DPEFMEFSFDIPBMBMJCFSUBEEFPQJOJwOZEFFYQSFTJwO
$VBOEPFTBTQFSTPOBTOPIBZBOIFDIPNgTRVFFKFSDFSFTFEFSFDIPMFHrUJNP
HBSBOUJ[BEPQPSMPTBSUrDVMPTBEFMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT
)VNBOPTZZEFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJ
DPTVOBMFZEFCFSgDPOTJEFSBSOVMBZTJOWBMPSSFTQFDUPEFFMMBTUPEBEFDJTJwO
KVEJDJBMPEFPUSPUJQPRVFMFTDPODJFSOBTFQPOESg¾OBTVSFDMVTJwOTJODPOEJ
DJPOFTOJQMB[PT
E
5PEB QFSTPOB DPOEFOBEB QPS JOGSBDDJPOFT RVF OP TFBO MBT QSFWJTUBT FO FM
BQBSUBEPD
EFMQSFTFOUFQSJODJQJPZRVFFOUSFOFOFMgNCJUPEFBQMJDBDJwOEFMB
BNOJTUrBQPESgSFDIB[BSMBBNOJTUrBZTPMJDJUBSRVFTFSFWJTFTVQSPDFTPTJOPIB
UFOJEPVOKVJDJPJNQBSDJBMZDPOMBTEFCJEBTHBSBOUrBTQSFWJTUBTFOMPTBSUrDVMPT
Z EF MB %FDMBSBDJwO 6OJWFSTBM EF %FSFDIPT )VNBOPT Z FO MPT BSUrDVMPT
ZEFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTPTJIBTJEP
DPOEFOBEBTPCSFMBCBTFEFVOBEFDMBSBDJwORVFTFH|OTFIBZBFTUBCMFDJEP
IB TJEP IFDIB DPNP SFTVMUBEP EF JOUFSSPHBUPSJPT JOIVNBOPT P EFHSBEBOUFT
FTQFDJBMNFOUFCBKPMBUPSUVSB
1SJODJQJP3FTUSJDDJPOFTBMEFSFDIPEFBTJMP
&OBQMJDBDJwOEFMQgSSBGPEFMBSUrDVMPEFMB%FDMBSBDJwOTPCSFFM"TJMP5FSSJUPSJBM
BEPQUBEBQPSMB"TBNCMFB(FOFSBMFMEFEJDJFNCSFEFBTrDPNPEFMQgSSBGP
' EFM BSUrDVMP EF MB $POWFODJwO TPCSF FM &TUBUVUP EF MPT 3FGVHJBEPT EF EF
KVMJPEFMPT&TUBEPTOPQPESgOQFSNJUJSRVFTFCFOF¾DJFOEFFTPTFTUBUVUPT
QSPUFDUPSFTJODMVJEPFMBTJMPEJQMPNgUJDPMBTQFSTPOBTSFTQFDUPEFMBTDVBMFTIBZB
NPUJWPTGVOEBEPTQBSBDSFFSRVFTPOBVUPSBTEFEFMJUPTHSBWFTDPOGPSNFBMEFSFDIP
JOUFSOBDJPOBM
1SJODJQJP3FTUSJDDJPOFTBMBFYUSBEJDJwOOPOCJTJOJEFN
B
-PT BVUPSFT EF EFMJUPT HSBWFT DPOGPSNF BM EFSFDIP JOUFSOBDJPOBM OP QPESgO
QBSB FWJUBS TV FYUSBEJDJwO BNQBSBSTF FO MBT EJTQPTJDJPOFT GBWPSBCMFT RVF
TVFMFOBQMJDBSTFBMPTEFMJUPTQPMrUJDPTOJBMQSJODJQJPEFOPFYUSBEJDJwOEFMPT
OBDJPOBMFT%FUPEBTNBOFSBTMBTPMJDJUVEEFFYUSBEJDJwOEFCFSgTFSSFDIB[BEB
FOQBSUJDVMBSQPSMPTQBrTFTBCPMJDJPOJTUBTDVBOEPFYJTUFFMQFMJHSPEFRVFFO
FM &TUBEP SFRVJSFOUF TF DPOEFOF B NVFSUF B MB QFSTPOB BGFDUBEB5BNCJnO TF
EFOFHBSgMBFYUSBEJDJwODVBOEPIBZBGVOEBNFOUPTTVTUBODJBMFTQBSBDSFFSRVF
FM TPTQFDIPTP FTUBSrB FO QFMJHSP EF TFS PCKFUP EF HSBWFT WJPMBDJPOFT EF MPT
EFSFDIPTIVNBOPTUBMFTDPNPMBUPSUVSBMBEFTBQBSJDJwOGPS[BEBPMBFKFDVDJwO
FYUSBMFHBMBSCJUSBSJBPTVNBSJB4JTFEFOJFHBMBFYUSBEJDJwOQPSFTPTNPUJWPTFM
&TUBEPTPMJDJUBOUFEFCFSgQSFTFOUBSFMDBTPBMBTBVUPSJEBEFTDPNQFUFOUFTDPO
¾OFTEFFOKVJDJBNJFOUP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
C
&M IFDIP EF RVF VOB QFSTPOB IBZB TJEP QSPDFTBEB FO SFMBDJwO DPO VO EFMJUP
HSBWFDPOBSSFHMPBMEFSFDIPJOUFSOBDJPOBMOPJNQFEJSgTVQSPDFTBNJFOUPDPO
SFTQFDUPBMBNJTNBDPOEVDUBTJMBBDUVBDJwOBOUFSJPSPCFEFDJFSBBMQSPQwTJUP
EFTVTUSBFSBMBDVTBEPEFTVSFTQPOTBCJMJEBEQFOBMPTJFTPTQSPDFEJNJFOUPTOP
IVCJFSBO TJEP SFBMJ[BEPT FO GPSNB JOEFQFOEJFOUF P JNQBSDJBM EF DPOGPSNJEBE
DPOMBTEFCJEBTHBSBOUrBTQSPDFTBMFTSFDPOPDJEBTQPSFMEFSFDIPJOUFSOBDJPOBM
PMPIVCJFSFOTJEPEFBMHVOBNBOFSBRVFFOMBTDJSDVOTUBODJBTEFMDBTPGVFSF
JODPNQBUJCMFDPOMBJOUFODJwOEFTPNFUFSBMBQFSTPOBBMBBDDJwOEFMBKVTUJDJB
1SJODJQJP 3FTUSJDDJPOFT B MBT KVTUJ¾DBDJPOFT RVF QVFEBO WJODVMBSTF B MB
PCFEJFODJBEFCJEBMBSFTQPOTBCJMJEBETVQFSJPSZFMDBSgDUFSP¾DJBM
B
&O DVBOUP BM BVUPS EF MBT WJPMBDJPOFT FM IFDIP EF RVF IBZB BDUVBEP PCFEF
DJFOEP wSEFOFT EF TV (PCJFSOP P EF VO TVQFSJPS KFSgSRVJDP OP MP FYJNJSg EF
MB SFTQPOTBCJMJEBE FO QBSUJDVMBS QFOBM QFSP QPESg DPOTJEFSBSTF DBVTB EF
SFEVDDJwOEFMBQFOBTJFMMPFTDPOGPSNFBMEFSFDIP
C
&MIFDIPEFRVFMBTWJPMBDJPOFTIBZBOTJEPDPNFUJEBTQPSVOTVCPSEJOBEPOP
FYJNJSgBTVTTVQFSJPSFTEFSFTQPOTBCJMJEBEFOQBSUJDVMBSQFOBMTJnTUPTTBCrBO
PUFOrBONPUJWPTQBSBTBCFSFOVOBTDJSDVOTUBODJBTEFUFSNJOBEBTRVFEJDIP
TVCPSEJOBEPFTUBCBDPNFUJFOEPPJCBBDPNFUFSEJDIPEFMJUPZTJOPUPNBSPO
UPEBTMBTNFEJEBTOFDFTBSJBTQBSBJNQFEJSPDBTUJHBSFMEFMJUP
D
&M IFDIP EF RVF FM BVUPS EF VO EFMJUP DPOGPSNF BM EFSFDIP JOUFSOBDJPOBM
EFTFNQFvF GVODJPOFT P¾DJBMFT JODMVTP TJ TF USBUB EF VO +FGF EF &TUBEP P EF
(PCJFSOPOPMPFYJNJSgEFSFTQPOTBCJMJEBEQFOBMPEFPUSPUJQPOJTFSgDBVTBEF
SFEVDDJwOEFMBQFOB
1SJODJQJP 3FTUSJDDJPOFT B MPT FGFDUPT EF MBT MFZFT TPCSF EJWVMHBDJwO P TPCSF
BSSFQFOUJEPT
&MIFDIPEFRVFFMBVUPSSFWFMFMBTWJPMBDJPOFTDPNFUJEBTQPSnMNJTNPPQPSPUSPTQBSB
CFOF¾DJBSTFEFMBTEJTQPTJDJPOFTGBWPSBCMFTEFMBTMFZFTSFMBUJWBTBMBSSFQFOUJNJFOUP
OPMPFYJNJSgEFSFTQPOTBCJMJEBEQFOBMPEFPUSPUJQP-BSFWFMBDJwOTwMPQVFEFTFS
DBVTBEFSFEVDDJwOEFMBQFOBQBSBDPOUSJCVJSBMBNBOJGFTUBDJwOEFMBWFSEBE
$VBOEPEFCJEPBMBTSFWFMBDJPOFTFMBVUPSQVFEBTFSPCKFUPEFQFSTFDVDJwODPNP
FYDFQDJwOBMQSJODJQJPQPESgDPODFEnSTFMFBTJMPZOPFMFTUBUVUPEFSFGVHJBEPBM
BVUPSEFMBTSFWFMBDJPOFTQBSBDPOUSJCVJSBMBNBOJGFTUBDJwOEFMBWFSEBE
1SJODJQJP3FTUSJDDJPOFTBMBDPNQFUFODJBEFMPTUSJCVOBMFTNJMJUBSFT
-B DPNQFUFODJB EF MPT USJCVOBMFT NJMJUBSFT EFCFSg MJNJUBSTF B MBT JOGSBDDJPOFT EF
DBSgDUFS FTQFDr¾DBNFOUF NJMJUBS DPNFUJEBT QPS NJMJUBSFT DPO FYDMVTJwO EF MBT
(6Ê"1"3"130'&4*0/"-&4/P
WJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTMBTDVBMFTTPODPNQFUFODJBEFMPTUSJCVOBMFT
OBDJPOBMFTPSEJOBSJPTPFOTVDBTPDVBOEPTFUSBUFEFEFMJUPTHSBWFTDPOGPSNFBM
EFSFDIPJOUFSOBDJPOBMEFVOUSJCVOBMQFOBMJOUFSOBDJPOBMPJOUFSOBDJPOBMJ[BEP
1SJODJQJP3FTUSJDDJPOFTBMQSJODJQJPEFJOBNPWJMJEBEEFMPTKVFDFT
&M QSJODJQJP EF JOBNPWJMJEBE HBSBOUrB GVOEBNFOUBM EF TV JOEFQFOEFODJB EFCFSg
SFTQFUBSTFFOFMDBTPEFMPTNBHJTUSBEPTRVFIBZBOTJEPOPNCSBEPTEFDPOGPSNJEBE
DPOMPTSFRVJTJUPTEFVOFTUBEPEFEFSFDIP&ODBNCJPMPTRVFIBZBOTJEPOPNCSBEPT
JMFHrUJNBNFOUFPIBZBOPCUFOJEPTVTGBDVMUBEFTKVSJTEJDDJPOBMFTNFEJBOUFVOBDUP
EFBEIFTJwOQPESgOTFSEFTUJUVJEPTFOWJSUVEEFMBMFZFOBQMJDBDJwOEFMQSJODJQJP
EFM QBSBMFMJTNP EF MBT GPSNBT %FCFSg QSPQPSDJPOgSTFMFT VOB PQPSUVOJEBE EF
JNQVHOBSTVEFTUJUVDJwOTJHVJFOEPMPTQSPDFEJNJFOUPTRVFBUJFOEBOMPTDSJUFSJPTEF
JOEFQFOEFODJBFJNQBSDJBMJEBEDPONJSBTBQFEJSTVSFJODPSQPSBDJwO
*7 %FSFDIPBPCUFOFSSFQBSBDJwOHBSBOUrBTEFRVFOPTFSFQJUBO
MBTWJPMBDJPOFT
" &MEFSFDIPBMBSFQBSBDJwO
1SJODJQJP%FSFDIPTZEFCFSFTEJNBOBOUFTEFMBPCMJHBDJwOEFSFQBSBS
5PEB WJPMBDJwO EF VO EFSFDIP IVNBOP EB MVHBS B VO EFSFDIP EF MB WrDUJNB P TVT
EFSFDIPIBCJFOUFTBPCUFOFSSFQBSBDJwOFMDVBMJNQMJDBFMEFCFSEFM&TUBEPEFSFQBSBS
ZFMEFSFDIPEFEJSJHJSTFDPOUSBFMBVUPS
1SJODJQJP1SPDFEJNJFOUPTEFSFQBSBDJwO
5BOUPQPSMBWrBQFOBMDPNPQPSMBDJWJMBENJOJTUSBUJWBPEJTDJQMJOBSJBUPEBWrDUJNBEFCF
UFOFS MB QPTJCJMJEBE EF FKFSDFS VO SFDVSTP BDDFTJCMF SgQJEP Z F¾DB[ RVF JODMVJSg MBT
SFTUSJDDJPOFTRVFBMBQSFTDSJQDJwOJNQPOFFMQSJODJQJP&OFMFKFSDJDJPEFEJDIPSFDVSTP
EFCFCFOF¾DJBSTFEFVOBQSPUFDDJwODPOUSBBDUPTEFJOUJNJEBDJwOZSFQSFTBMJBT
5BNCJnOQVFEFOQSPQPSDJPOBSTFSFQBSBDJPOFTNFEJBOUFQSPHSBNBTCBTBEPTFONF
EJEBTMFHJTMBUJWBTPBENJOJTUSBUJWBT¾OBODJBEPTQPSGVFOUFTOBDJPOBMFTPJOUFSOBDJP
OBMFTEJSJHJEPTBJOEJWJEVPTZBDPNVOJEBEFT-BTWrDUJNBTZPUSPTTFDUPSFTEFMBTP
DJFEBEDJWJMEFCFOEFTFNQFvBSVOQBQFMTJHOJ¾DBUJWPFOMBFMBCPSBDJwOZBQMJDBDJwO
EF UBMFT QSPHSBNBT %FCFO IBDFSTF FTGVFS[PT DPODFSUBEPT QBSB BTFHVSBS RVF MBT
NVKFSFTZMPTHSVQPTNJOPSJUBSJPTQBSUJDJQFOFOMBTDPOTVMUBTQ|CMJDBTFODBNJOBEBT
BFMBCPSBSBQMJDBSZFWBMVBSMPTQSPHSBNBTEFSFQBSBDJwO
&MFKFSDJDJPEFMEFSFDIPBPCUFOFSSFQBSBDJwODPNQSFOEFFMBDDFTPBMPTQSPDFEJNJFOUPT
JOUFSOBDJPOBMFTZSFHJPOBMFTBQMJDBCMFT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
1SJODJQJP1VCMJDJEBEEFMPTQSPDFEJNJFOUPTEFSFQBSBDJwO
-PTQSPDFEJNJFOUPTFTQFDJBMFTRVFQFSNJUFOBMBTWrDUJNBTFKFSDFSTVEFSFDIPBVOB
SFQBSBDJwOTFSgOPCKFUPEFMBNgTBNQMJBQVCMJDJEBEQPTJCMFJODMVTPQPSMPTNFEJPT
EFDPNVOJDBDJwOQSJWBEPT4FEFCFSgBTFHVSBSFTBEJGVTJwOUBOUPFOFMJOUFSJPSEFM
QBrTDPNPFOFMFYUSBOKFSPJODMVTPQPSMBWrBDPOTVMBSFTQFDJBMNFOUFFOMPTQBrTFTB
MPTRVFIBZBOEFCJEPFYJMJBSTFNVDIBTWrDUJNBT
1SJODJQJPÇNCJUPEFBQMJDBDJwOEFEFSFDIPBPCUFOFSSFQBSBDJwO
&MEFSFDIPBPCUFOFSSFQBSBDJwOEFCFSgBCBSDBSUPEPTMPTEBvPTZQFSKVJDJPTTVGSJEPT
QPSMBTWrDUJNBTDPNQSFOEFSgNFEJEBTEFSFTUJUVDJwOJOEFNOJ[BDJwOSFIBCJMJUBDJwO
ZTBUJTGBDDJwOTFH|OMPFTUBCMFDFFMEFSFDIPJOUFSOBDJPOBM
&O MPT DBTPT EF EFTBQBSJDJPOFT GPS[BEBT MB GBNJMJB EF MB WrDUJNB EJSFDUB UJFOF FM
EFSFDIPJNQSFTDSJQUJCMFBTFSJOGPSNBEBEFMBTVFSUFZPFMQBSBEFSPEFMBQFSTPOB
EFTBQBSFDJEB Z FO DBTP EF GBMMFDJNJFOUP TF MF EFCF SFTUJUVJS FM DVFSQP FO DVBOUP
TFJEFOUJ¾RVFJOEFQFOEJFOUFNFOUFEFRVFTFIBZBFTUBCMFDJEPMBJEFOUJEBEEFMPT
BVUPSFTPTFMPTIBZBFODBVTBEP
#(BSBOUrBTEFOPSFQFUJDJwOEFMBTWJPMBDJPOFT
1SJODJQJP1SJODJQJPTHFOFSBMFT
&M &TUBEP EFCFSg BEPQUBS NFEJEBT BEFDVBEBT QBSB RVF MBT WrDUJNBT OP QVFEBO
WPMWFSBTFSPCKFUPEFWJPMBDJPOFTEFTVTEFSFDIPT$POFTF¾OMPT&TUBEPTEFCFO
FNQSFOEFS SFGPSNBT JOTUJUVDJPOBMFT Z PUSBT NFEJEBT OFDFTBSJBT QBSB BTFHVSBS FM
SFTQFUP EFM JNQFSJP EF MB MFZ QSPNPWFS Z NBOUFOFS VOB DVMUVSB EF SFTQFUP EF MPT
EFSFDIPTIVNBOPTZSFTUBVSBSPFTUBCMFDFSMBDPO¾BO[BQ|CMJDBFOMBTJOTUJUVDJPOFT
HVCFSOBNFOUBMFT1BSBFMMPHSPEFFTPTPCKFUJWPTFTFTFODJBMMBBEFDVBEBSFQSFTFO
UBDJwOEFMBTNVKFSFTZEFMPTHSVQPTNJOPSJUBSJPTFOMBTJOTUJUVDJPOFTQ|CMJDBT-BT
SFGPSNBTJOTUJUVDJPOBMFTFODBNJOBEBTBQSFWFOJSVOBSFQFUJDJwOEFMBTWJPMBDJPOFT
EFCFOFTUBCMFDFSTFNFEJBOUFVOQSPDFTPEFBNQMJBTDPOTVMUBTQ|CMJDBTJODMVJEBMB
QBSUJDJQBDJwOEFMBTWrDUJNBTZPUSPTTFDUPSFTEFMBTPDJFEBEDJWJM
5BMFTSFGPSNBTEFCFOQSPNPWFSMPTTJHVJFOUFTPCKFUJWPT
B
"EIFTJwODPOTFDVFOUFEFMBTJOTUJUVDJPOFTQ|CMJDBTBMJNQFSJPEFMBMFZ
C
-B EFSPHBDJwO EF MBT MFZFT RVF DPOUSJCVZBO B MBT WJPMBDJPOFT EF MPT EFSFDIPT
IVNBOPT ZP EFM EFSFDIP IVNBOJUBSJP P RVF BVUPSJDFO UBMFT WJPMBDJPOFT Z MB
QSPNVMHBDJwO EF MFZFT Z PUSBT NFEJEBT OFDFTBSJBT QBSB BTFHVSBS FM SFTQFUP
EF MPT EFSFDIPT IVNBOPT Z FM EFSFDIP IVNBOJUBSJP JODMVJEBT NFEJEBT RVF
TBMWBHVBSEFOMBTJOTUJUVDJPOFTZMPTQSPDFTPTEFNPDSgUJDPT
(6Ê"1"3"130'&4*0/"-&4/P
D
&M DPOUSPM DJWJM EF MBT GVFS[BT NJMJUBSFT Z EF TFHVSJEBE Z EF MPT TFSWJDJPT EF
JOUFMJHFODJBZFMEFTNBOUFMBNJFOUPEFMBTGVFS[BTBSNBEBTQBSBFTUBUBMFT
E
-BSFJOUFHSBDJwOBMBTPDJFEBEEFMPTOJvPTRVFIBZBOQBSUJDJQBEPFODPO¿JDUPT
BSNBEPT
1SJODJQJP3FGPSNBEFMBTJOTUJUVDJPOFTFTUBUBMFT
-PT&TUBEPTEFCFOBEPQUBSUPEBTMBTNFEJEBTOFDFTBSJBTJODMVJEBTSFGPSNBTMFHJTMB
UJWBT Z BENJOJTUSBUJWBT QBSB QSPDVSBS RVF MBT JOTUJUVDJPOFT Q|CMJDBT TF PSHBOJDFO
EFNBOFSBEFBTFHVSBSFMSFTQFUPQPSFMFTUBEPEFEFSFDIPZMBQSPUFDDJwOEFMPT
EFSFDIPT IVNBOPT $PNP NrOJNP MPT &TUBEPT EFCFO FNQSFOEFS MBT TJHVJFOUFT
NFEJEBT
B
-PTGVODJPOBSJPTQ|CMJDPTZMPTFNQMFBEPTRVFTFBOQFSTPOBMNFOUFSFTQPOTBCMFT
EFWJPMBDJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPTFOQBSUJDVMBSMPTRVFQFSUFOF[DBO
BMPTTFDUPSFTNJMJUBSEFTFHVSJEBEQPMJDJBMEFJOUFMJHFODJBZKVEJDJBMOPEFCFO
DPOUJOVBSBMTFSWJDJPEFMBTJOTUJUVDJPOFTEFM&TUBEP4VEFTUJUVDJwOTFSFBMJ[BSgEF
BDVFSEPDPOMPTSFRVJTJUPTEFMEFCJEPQSPDFTPZFMQSJODJQJPEFOPEJTDSJNJOBDJwO
-BTQFSTPOBTBDVTBEBTP¾DJBMNFOUFEFTFSSFTQPOTBCMFTEFEFMJUPTHSBWFTDPO
BSSFHMP BM EFSFDIP JOUFSOBDJPOBM TFSgO TVTQFOEJEBT EF TVT EFCFSFT P¾DJBMFT
EVSBOUFMBTBDUVBDJPOFTQFOBMFTPEJTDJQMJOBSJBT
C
$POSFTQFDUPBMQPEFSKVEJDJBMMPT&TUBEPTEFCFOFNQSFOEFSUPEBTMBTNFEJEBT
OFDFTBSJBT QBSB BTFHVSBS FM GVODJPOBNJFOUP JOEFQFOEJFOUF JNQBSDJBM Z F¾DB[
EFMPTUSJCVOBMFTEFDPOGPSNJEBEDPOMBTOPSNBTJOUFSOBDJPOBMFTSFMBUJWBTBMBT
HBSBOUrBT QSPDFTBMFT EFCJEBT &M EFSFDIP EF IgCFBT DPSQVT TFB DVBM GVFSF FM
OPNCSFQPSFMRVFTFMFDPOPDFEFCFDPOTJEFSBSTFVOEFSFDIPOPEFSPHBCMF
D
%FCF HBSBOUJ[BSTF FM DPOUSPM DJWJM EF MBT GVFS[BT NJMJUBSFT Z EF TFHVSJEBE BTr
DPNPEFMPTPSHBOJTNPTEFJOUFMJHFODJBZFODBTPOFDFTBSJPFTFDPOUSPMEFCF
FTUBCMFDFSTFPSFTUBVSBSTF$POFTF¾OMPT&TUBEPTEFCFOFTUBCMFDFSJOTUJUVDJPOFT
F¾DBDFT EF TVQFSWJTJwO DJWJM EF MBT GVFS[BT NJMJUBSFT Z EF TFHVSJEBE Z EF MPT
PSHBOJTNPTEFJOUFMJHFODJBJODMVJEPTwSHBOPTEFTVQFSWJTJwOMFHJTMBUJWB
E
%FCFO FTUBCMFDFSTF QSPDFEJNJFOUPT EF EFOVODJB DJWJM Z EFCF HBSBOUJ[BSTF TV
F¾DB[GVODJPOBNJFOUP
F
-PTGVODJPOBSJPTQ|CMJDPTZMPTFNQMFBEPTFOQBSUJDVMBSMPTRVFQFSUFOF[DBOB
MPTTFDUPSFTNJMJUBSEFTFHVSJEBEQPMJDJBMEFJOUFMJHFODJBZKVEJDJBMEFCFOSFDJCJS
DBQBDJUBDJwOBNQMJBZQFSNBOFOUFFONBUFSJBEFEFSFDIPTIVNBOPTZDVBOEP
QSPDFEB FO MBT OPSNBT EFM EFSFDIP IVNBOJUBSJP Z FO MB BQMJDBDJwO EF FTBT
OPSNBT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
1SJODJQJP%FTNBOUFMBNJFOUPEFMBTGVFS[BTBSNBEBTQBSBFTUBUBMFTEFTNPWJMJ
[BDJwOZSFJOUFHSBDJwOTPDJBMEFMPTOJvPT
-PT HSVQPT BSNBEPT QBSBFTUBUBMFT P OP P¾DJBMFT TFSgO EFTNPWJMJ[BEPT Z EFTNBO
UFMBEPT 4V QPTJDJwO FO MBT JOTUJUVDJPOFT EFM &TUBEP P TVT WrODVMPT DPO FMMBT
JODMVJEBTFOQBSUJDVMBSMBTGVFS[BTBSNBEBTMBQPMJDrBMBTGVFS[BTEFJOUFMJHFODJBZEF
TFHVSJEBEEFCFJOWFTUJHBSTFBGPOEPZQVCMJDBSTFMBJOGPSNBDJwOBTrBERVJSJEB-PT
&TUBEPTEFCFOFTUBCMFDFSVOQMBOEFSFDPOWFSTJwOQBSBHBSBOUJ[BSMBSFJOUFHSBDJwO
TPDJBMEFUPEPTMPTNJFNCSPTEFUBMFTHSVQPT
%FCFO BEPQUBSTF NFEJEBT QBSB BTFHVSBS MB DPPQFSBDJwO EF UFSDFSPT QBrTFT RVF
QPESrBOIBCFSDPOUSJCVJEPBMBDSFBDJwOZFMGPNFOUPEFUBMFTHSVQPTFOQBSUJDVMBS
DPOBQPZP¾OBODJFSPPMPHrTUJDP
-PTOJvPTRVFIBZBOTJEPSFDMVUBEPTPVUJMJ[BEPTFOMBTIPTUJMJEBEFTTFSgOEFTNP
WJMJ[BEPT P TFQBSBEPT EFM TFSWJDJP EF PUSP NPEP $VBOEP QSPDFEB MPT &TUBEPT
QSFTUBSgO B FTPT OJvPT UPEB MB BTJTUFODJB BQSPQJBEB QBSB TV SFDVQFSBDJwO GrTJDB Z
QTJDPMwHJDBZTVJOUFHSBDJwOTPDJBM
1SJODJQJP3FGPSNBEFMBTMFZFTFJOTUJUVDJPOFTRVFDPOUSJCVZFOBMBJNQVOJEBE
&T NFOFTUFS EFSPHBS P BCPMJS MB MFHJTMBDJwO Z MBT SFHMBNFOUBDJPOFT F JOTUJUVDJPOFT
BENJOJTUSBUJWBTRVFDPOUSJCVZBOBMBTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTPRVF
MBTMFHJUJNFO&OQBSUJDVMBSFTNFOFTUFSEFSPHBSPBCPMJSMBTMFZFTPMPTUSJCVOBMFTEF
FNFSHFODJBEFUPEPUJQPRVFJOGSJOHFOMPTEFSFDIPTZMBTMJCFSUBEFTGVOEBNFOUBMFT
HBSBOUJ[BEPT FO MB %FDMBSBDJwO 6OJWFSTBM EF %FSFDIPT )VNBOPT Z FO FM 1BDUP
*OUFSOBDJPOBM EF %FSFDIPT $JWJMFT Z 1PMrUJDPT %FCFO QSPNVMHBSTF MBT NFEJEBT
MFHJTMBUJWBT OFDFTBSJBT QBSB BTFHVSBS MB QSPUFDDJwO EF MPT EFSFDIPT IVNBOPT Z
TBMWBHVBSEBSMBTJOTUJUVDJPOFTZMPTQSPDFTPTEFNPDSgUJDPT
$PNP CBTF EF UBMFT SFGPSNBT EVSBOUF QFSrPEPT EF SFTUBVSBDJwO P USBOTJDJwO B MB
EFNPDSBDJBZPBMBQB[MPT&TUBEPTEFCFSgOFNQSFOEFSVOFYBNFOBNQMJPEFTV
MFHJTMBDJwOZTVTSFHMBNFOUBDJPOFTBENJOJTUSBUJWBT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
4FMFDDJwOEFOPSNBTJOUFSOBDJPOBMFT
$POWFODJwOTPCSFMBJNQSFTDSJQUJCJMJEBEEFMPTDSrNFOFT
EFHVFSSBZEFMPTDSrNFOFTEFMFTBIVNBOJEBE
"EPQUBEBZBCJFSUBBMB¾SNBSBUJ¾DBDJwOZBEIFTJwOQPSMB"TBNCMFB(FOFSBMFOTV
SFTPMVDJwO99***
EFEFOPWJFNCSFEF
1SFgNCVMP
-PT&TUBEPT1BSUFTFOMBQSFTFOUF$POWFODJwO
3FDPSEBOEPMBTSFTPMVDJPOFTEFMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBT*
EF
EFGFCSFSPEFZ**
EFEFPDUVCSFEFTPCSFMBFYUSBEJDJwOZFM
DBTUJHPEFMPTDSJNJOBMFTEFHVFSSBMBSFTPMVDJwO*
EFEFEJDJFNCSFEF
RVF DPO¾SNB MPT QSJODJQJPT EF EFSFDIP JOUFSOBDJPOBM SFDPOPDJEPT QPS FM &TUBUVUP
EFM5SJCVOBM.JMJUBS*OUFSOBDJPOBMEF/VSFNCFSHZQPSFMGBMMPEFFTUF5SJCVOBMZMBT
SFTPMVDJPOFT99*
EFEFEJDJFNCSFEFZ99*
EFEFEJDJFNCSF
EFRVFIBODPOEFOBEPFYQSFTBNFOUFDPNPDSrNFOFTDPOUSBMBIVNBOJEBEMB
WJPMBDJwOEFMPTEFSFDIPTFDPOwNJDPTZQPMrUJDPTEFMBQPCMBDJwOBVUwDUPOBQPSVOB
QBSUFZMBQPMrUJDBEFBQBSUIFJEQPSPUSB
3FDPSEBOEPMBTSFTPMVDJPOFTEFM$POTFKP&DPOwNJDPZ4PDJBMEFMBT/BDJPOFT6OJEBT
%999*9
EFEFKVMJPEFZ9-*
EFEFBHPTUPEFSFMBUJWBTBM
DBTUJHPEFMPTDSJNJOBMFTEFHVFSSBZEFMBTQFSTPOBTRVFIBZBODPNFUJEPDSrNFOFT
EFMFTBIVNBOJEBE
0CTFSWBOEP RVF FO OJOHVOB EF MBT EFDMBSBDJPOFT TPMFNOFT JOTUSVNFOUPT P
DPOWFODJPOFT QBSB FM FOKVJDJBNJFOUP Z DBTUJHP EF MPT DSrNFOFT EF HVFSSB Z EF MPT
DSrNFOFTEFMFTBIVNBOJEBETFIBQSFWJTUPMJNJUBDJwOFOFMUJFNQP
$POTJEFSBOEPRVFMPTDSrNFOFTEFHVFSSBZMPTDSrNFOFTEFMFTBIVNBOJEBE¾HVSBO
FOUSFMPTEFMJUPTEFEFSFDIPJOUFSOBDJPOBMNgTHSBWFT
$POWFODJEPTEFRVFMBSFQSFTJwOFGFDUJWBEFMPTDSrNFOFTEFHVFSSBZEFMPTDSrNFOFT
EF MFTB IVNBOJEBE FT VO FMFNFOUP JNQPSUBOUF QBSB QSFWFOJS FTPT DSrNFOFT Z
QSPUFHFS MPT EFSFDIPT IVNBOPT Z MJCFSUBEFT GVOEBNFOUBMFT Z QVFEF GPNFOUBS
MB DPO¾BO[B FTUJNVMBS MB DPPQFSBDJwO FOUSF MPT QVFCMPT Z DPOUSJCVJS B MB QB[ Z MB
TFHVSJEBEJOUFSOBDJPOBMFT
"EWJSUJFOEP RVF MB BQMJDBDJwO B MPT DSrNFOFT EF HVFSSB Z B MPT DSrNFOFT EF MFTB
IVNBOJEBEEFMBTOPSNBTEFEFSFDIPJOUFSOPSFMBUJWBTBMBQSFTDSJQDJwOEFMPTEFMJUPT
(6Ê"1"3"130'&4*0/"-&4/P
PSEJOBSJPTTVTDJUBHSBWFQSFPDVQBDJwOFOMBPQJOJwOQ|CMJDBNVOEJBMQVFTJNQJEFFM
FOKVJDJBNJFOUPZDBTUJHPEFMBTQFSTPOBTSFTQPOTBCMFTEFFTPTDSrNFOFT
3FDPOPDJFOEP RVF FT OFDFTBSJP Z PQPSUVOP B¾SNBS FO EFSFDIP JOUFSOBDJPOBM QPS
NFEJPEFMBQSFTFOUF$POWFODJwOFMQSJODJQJPEFMBJNQSFTDSJQUJCJMJEBEEFMPTDSrNFOFT
EFHVFSSBZEFMPTDSrNFOFTEFMFTBIVNBOJEBEZBTFHVSBSTVBQMJDBDJwOVOJWFSTBM
$POWJFOFOFOMPTJHVJFOUF
"SUrDVMP*
-PTDSrNFOFTTJHVJFOUFTTPOJNQSFTDSJQUJCMFTDVBMRVJFSBRVFTFBMBGFDIBFORVFTF
IBZBODPNFUJEP
B
-PT DSrNFOFT EF HVFSSB TFH|O MB EF¾OJDJwO EBEB FO FM &TUBUVUP EFM 5SJCVOBM
.JMJUBS*OUFSOBDJPOBMEF/VSFNCFSHEFEFBHPTUPEFZDPO¾SNBEBQPS
MBTSFTPMVDJPOFTEFMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBT*
EFEF
GFCSFSPEFZ*
EFEFEJDJFNCSFEFTPCSFUPEPMBT²JOGSBDDJPOFT
HSBWFT³FOVNFSBEBTFOMPT$POWFOJPTEF(JOFCSBEFEFBHPTUPEFQBSB
MBQSPUFDDJwOEFMBTWrDUJNBTEFMBHVFSSB
C
-PT DSrNFOFT EF MFTB IVNBOJEBE DPNFUJEPT UBOUP FO UJFNQP EF HVFSSB DPNP
FO UJFNQP EF QB[ TFH|O MB EF¾OJDJwO EBEB FO FM &TUBUVUP EFM5SJCVOBM .JMJUBS
*OUFSOBDJPOBM EF /VSFNCFSH EF EF BHPTUP EF Z DPO¾SNBEB QPS MBT
SFTPMVDJPOFTEFMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBT*
EFEFGFCSFSP
EFZ*
EFEFEJDJFNCSFEFBTrDPNPMBFYQVMTJwOQPSBUBRVF
BSNBEPVPDVQBDJwOZMPTBDUPTJOIVNBOPTEFCJEPTBMBQPMrUJDBEFBQBSUIFJEZ
FMEFMJUPEFHFOPDJEJPEF¾OJEPFOMB$POWFODJwOEFQBSBMB1SFWFODJwOZMB
4BODJwOEFM%FMJUPEF(FOPDJEJPBVOTJFTPTBDUPTOPDPOTUJUVZFOVOBWJPMBDJwO
EFMEFSFDIPJOUFSOPEFMQBrTEPOEFGVFSPODPNFUJEPT
"SUrDVMP**
4JTFDPNFUJFSFBMHVOPEFMPTDSrNFOFTNFODJPOBEPTFOFMBSUrDVMP*MBTEJTQPTJDJPOFT
EF MB QSFTFOUF $POWFODJwO TF BQMJDBSgO B MPT SFQSFTFOUBOUFT EF MB BVUPSJEBE EFM
&TUBEPZBMPTQBSUJDVMBSFTRVFQBSUJDJQFODPNPBVUPSFTPDwNQMJDFTPRVFJODJUFO
EJSFDUBNFOUFBMBQFSQFUSBDJwOEFBMHVOPEFFTPTDSrNFOFTPRVFDPOTQJSFOQBSB
DPNFUFSMPTDVBMRVJFSBRVFTFBTVHSBEPEFEFTBSSPMMPBTrDPNPBMPTSFQSFTFOUBOUFT
EFMBBVUPSJEBEEFM&TUBEPRVFUPMFSFOTVQFSQFUSBDJwO
"SUrDVMP***
-PT&TUBEPT1BSUFTFOMBQSFTFOUF$POWFODJwOTFPCMJHBOBBEPQUBSUPEBTMBTNFEJEBT
JOUFSOBT RVF TFBOOFDFTBSJBTMFHJTMBUJWBTPEFDVBMRVJFSPUSP PSEFODPOFM¾OEF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
IBDFS QPTJCMF MB FYUSBEJDJwO EF DPOGPSNJEBE DPO FM EFSFDIP JOUFSOBDJPOBM EF MBT
QFSTPOBTBRVFTFSF¾FSFFMBSUrDVMP**EFMBQSFTFOUF$POWFODJwO
"SUrDVMP*7
-PT&TUBEPT1BSUFTFOMBQSFTFOUF$POWFODJwOTFDPNQSPNFUFOBBEPQUBSDPOBSSFHMP
BTVTSFTQFDUJWPTQSPDFEJNJFOUPTDPOTUJUVDJPOBMFTMBTNFEJEBTMFHJTMBUJWBTPEFPUSB
rOEPMFRVFGVFSBOOFDFTBSJBTQBSBRVFMBQSFTDSJQDJwOEFMBBDDJwOQFOBMPEFMBQFOB
FTUBCMFDJEBQPSMFZPEFPUSPNPEPOPTFBQMJRVFBMPTDSrNFOFTNFODJPOBEPTFOMPT
BSUrDVMPT*Z**EFMBQSFTFOUF$POWFODJwOZFODBTPEFRVFFYJTUBTFBBCPMJEB
"SUrDVMP7
-BQSFTFOUF$POWFODJwOFTUBSgBCJFSUBIBTUBFMEFEJDJFNCSFEFBMB¾SNBEF
UPEPTMPT&TUBEPT.JFNCSPTEFMBT/BDJPOFT6OJEBTPNJFNCSPTEFBMH|OPSHBOJTNP
FTQFDJBMJ[BEPPEFM0SHBOJTNP*OUFSOBDJPOBMEF&OFSHrB"UwNJDBBTrDPNPEFUPEP
&TUBEP1BSUFFOFM&TUBUVUPEFMB$PSUF*OUFSOBDJPOBMEF+VTUJDJBZEFDVBMRVJFSPUSP
&TUBEPJOWJUBEPQPSMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBTBTFSQBSUFFOMB
QSFTFOUF$POWFODJwO
"SUrDVMP7*
-BQSFTFOUF$POWFODJwOFTUgTVKFUBBSBUJ¾DBDJwOZMPTJOTUSVNFOUPTEFSBUJ¾DBDJwO
TFEFQPTJUBSgOFOQPEFSEFM4FDSFUBSJP(FOFSBMEFMBT/BDJPOFT6OJEBT
"SUrDVMP7**
-BQSFTFOUF$POWFODJwORVFEBSgBCJFSUBBMBBEIFTJwOEFDVBMRVJFSBEFMPT&TUBEPT
NFODJPOBEPTFOFMBSUrDVMP7-PTJOTUSVNFOUPTEFBEIFTJwOTFEFQPTJUBSgOFOQPEFS
EFM4FDSFUBSJP(FOFSBMEFMBT/BDJPOFT6OJEBT
"SUrDVMP7***
-BQSFTFOUF$POWFODJwOFOUSBSgFOWJHPSFMOPOBHnTJNPErBTJHVJFOUFBMBGFDIBFO
RVFIBZBTJEPEFQPTJUBEPFOQPEFSEFM4FDSFUBSJP(FOFSBMEFMBT/BDJPOFT6OJEBTFM
EnDJNPJOTUSVNFOUPEFSBUJ¾DBDJwOPEFBEIFTJwO
1BSBDBEB&TUBEPRVFSBUJ¾RVFMBQSFTFOUF$POWFODJwOPTFBEIJFSBBFMMBEFTQVnT
EF IBCFS TJEP EFQPTJUBEPFM EnDJNPJOTUSVNFOUP EF SBUJ¾DBDJwO PEF BEIFTJwO MB
$POWFODJwOFOUSBSgBOWJHPSFMOPOBHnTJNPErBTJHVJFOUFBMBGFDIBFORVFUBM&TUBEP
IBZBEFQPTJUBEPTVJOTUSVNFOUPEFSBUJ¾DBDJwOPEFBEIFTJwO
(6Ê"1"3"130'&4*0/"-&4/P
"SUrDVMP*9
6OBWF[USBOTDVSSJEPVOQFSrPEPEFEJF[BvPTDPOUBEPBQBSUJSEFMBGFDIBFORVF
FOUSFFOWJHPSMBQSFTFOUF$POWFODJwOUPEP&TUBEP1BSUFQPESgTPMJDJUBSFODVBMRVJFS
NPNFOUP MB SFWJTJwO EF MB QSFTFOUF $POWFODJwO NFEJBOUF OPUJ¾DBDJwO QPS FTDSJUP
EJSJHJEBBM4FDSFUBSJP(FOFSBMEFMBT/BDJPOFT6OJEBT
-B "TBNCMFB (FOFSBM EF MBT /BDJPOFT 6OJEBT EFDJEJSg TPCSF MBT NFEJEBT RVF
EFCBOUPNBSTFFOTVDBTPSFTQFDUPBUBMTPMJDJUVE
"SUrDVMP9
-BQSFTFOUF$POWFODJwOTFSgEFQPTJUBEBFOQPEFSEFM4FDSFUBSJP(FOFSBMEFMBT
/BDJPOFT6OJEBT
&M4FDSFUBSJP(FOFSBMEFMBT/BDJPOFT6OJEBTIBSgMMFHBSDPQJBTDFSUJ¾DBEBTEFMB
QSFTFOUF$POWFODJwOBUPEPTMPT&TUBEPTNFODJPOBEPTFOFMBSUrDVMP7
&M 4FDSFUBSJP (FOFSBM EF MBT /BDJPOFT 6OJEBT DPNVOJDBSg B UPEPT MPT &TUBEPT
NFODJPOBEPTFOFMBSUrDVMP7
B
-BT¾SNBTQVFTUBTFOMBQSFTFOUF$POWFODJwOZMPTJOTUSVNFOUPTEFSBUJ¾DBDJwO
ZBEIFTJwOEFQPTJUBEPTDPOGPSNFBMBTEJTQPTJDJPOFTEFMPTBSUrDVMPT77*Z7**
C
-BGFDIBFORVFMBQSFTFOUF$POWFODJwOFOUSFFOWJHPSDPOGPSNFBMPEJTQVFTUPFO
FMBSUrDVMP7***
D
-BTDPNVOJDBDJPOFTSFDJCJEBTDPOGPSNFBMPEJTQVFTUPFOFMBSUrDVMP*9
"SUrDVMP9*
-BQSFTFOUF$POWFODJwODVZPTUFYUPTFODIJOPFTQBvPMGSBODnTJOHMnTZSVTPTPO
JHVBMNFOUFBVUnOUJDPTMMFWBSgMBGFDIBEFOPWJFNCSFEF
&O GF EF MP DVBM MPT TVTDSJUPT EFCJEBNFOUF BVUPSJ[BEPT BM FGFDUP IBO ¾SNBEP MB
QSFTFOUF$POWFODJwO
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
1SJODJQJPTEFDPPQFSBDJwOJOUFSOBDJPOBMFOMBJEFOUJ¾DBDJwO
EFUFODJwOFYUSBEJDJwOZDBTUJHPEFMPTDVMQBCMFTEFDSrNFOFT
EFHVFSSBPEFDSrNFOFTEFMFTBIVNBOJEBE
3FTPMVDJwO997***
EFMB"TBNCMFB(FOFSBMEFEFEJDJFNCSFEF
-B"TBNCMFB(FOFSBM
3FDPSEBOEPTVTSFTPMVDJPOFT99*7
EFEFEJDJFNCSFEF997
EF
EFEJDJFNCSFEF997*
EFEFEJDJFNCSFEFZ997**
EF
EFEJDJFNCSFEF
5FOJFOEP FO DVFOUB MB OFDFTJEBE FTQFDJBM EF BEPQUBS FO FM QMBOP JOUFSOBDJPOBM
NFEJEBT DPO FM ¾O EF BTFHVSBS FM FOKVJDJBNJFOUP Z FM DBTUJHP EF MBT QFSTPOBT
DVMQBCMFTEFDSrNFOFTEFHVFSSBZEFDSrNFOFTEFMFTBIVNBOJEBE
)BCJFOEP FYBNJOBEP FM QSPZFDUP EF QSJODJQJPT EF DPPQFSBDJwO JOUFSOBDJPOBM FO
MBJEFOUJ¾DBDJwOEFUFODJwOFYUSBEJDJwOZDBTUJHPEFMPTDVMQBCMFTEFDSrNFOFTEF
HVFSSBPEFDSrNFOFTEFMFTBIVNBOJEBE
%FDMBSB RVF MBT /BDJPOFT 6OJEBT HVJgOEPTF QPS MPT QSPQwTJUPT Z QSJODJQJPT
FOVODJBEPTFOMB$BSUBSFGFSFOUFTBMEFTBSSPMMPEFMBDPPQFSBDJwOFOUSFMPTQVFCMPTZ
BMNBOUFOJNJFOUPEFMBQB[ZMBTFHVSJEBEJOUFSOBDJPOBMFTQSPDMBNBOMPTTJHVJFOUFT
QSJODJQJPTEFDPPQFSBDJwOJOUFSOBDJPOBMFOMBJEFOUJ¾DBDJwOEFUFODJwOFYUSBEJDJwOZ
DBTUJHPEFMPTDVMQBCMFTEFDSrNFOFTEFHVFSSBPEFDSrNFOFTEFMFTBIVNBOJEBE
-PTDSrNFOFTEFHVFSSBZMPTDSrNFOFTEFMFTBIVNBOJEBEEPOEFRVJFSBZDVBMRVJFSB
RVF TFB MB GFDIB FO RVF TF IBZBO DPNFUJEP TFSgO PCKFUP EF VOB JOWFTUJHBDJwO Z
MBT QFSTPOBT DPOUSB MBT RVF FYJTUFO QSVFCBT EF DVMQBCJMJEBE FO MB DPNJTJwO EF
UBMFTDSrNFOFTTFSgOCVTDBEBTEFUFOJEBTFOKVJDJBEBTZFODBTPEFTFSEFDMBSBEBT
DVMQBCMFTDBTUJHBEBT
5PEP&TUBEPUJFOFFMEFSFDIPEFKV[HBSBTVTQSPQJPTOBDJPOBMFTQPSDSrNFOFTEF
HVFSSBPDSrNFOFTEFMFTBIVNBOJEBE
-PT&TUBEPTDPPQFSBSgOCJMBUFSBMZNVMUJMBUFSBMNFOUFQBSBSFQSJNJSZQSFWFOJSMPT
DSrNFOFTEFHVFSSBZMPTDSrNFOFTEFMFTBIVNBOJEBEZUPNBSgOUPEBTMBTNFEJEBT
JOUFSOBTFJOUFSOBDJPOBMFTOFDFTBSJBTBFTF¾O
-PT&TUBEPTTFQSFTUBSgONVUVBBZVEBBMPTFGFDUPTEFMBJEFOUJ¾DBDJwOEFUFODJwO
ZFOKVJDJBNJFOUPEFMPTQSFTVOUPTBVUPSFTEFUBMFTDSrNFOFTZFODBTPEFTFSnTUPT
EFDMBSBEPTDVMQBCMFTEFTVDBTUJHP
(6Ê"1"3"130'&4*0/"-&4/P
-BTQFSTPOBTDPOUSBMBTRVFFYJTUBOQSVFCBTEFDVMQBCJMJEBEFOMBDPNJTJwOEF
DSrNFOFTEFHVFSSBZDSrNFOFTEFMFTBIVNBOJEBETFSgOFOKVJDJBEBTZFODBTPEF
TFSEFDMBSBEBTDVMQBCMFTDBTUJHBEBTQPSMPHFOFSBMFOMPTQBrTFTEPOEFTFIBZBO
DPNFUJEPFTPTDSrNFOFT"FTUFSFTQFDUPMPT&TUBEPTDPPQFSBSgOFOUSFTrFOUPEPMP
SFMBUJWPBMBFYUSBEJDJwOEFFTBTQFSTPOBT
-PT &TUBEPT DPPQFSBSgO NVUVBNFOUF FO MB DPNQJMBDJwO EF JOGPSNBDJPOFT Z
EPDVNFOUPT SFMBUJWPT B MB JOWFTUJHBDJwO B ¾O EF GBDJMJUBS FM FOKVJDJBNJFOUP EF MBT
QFSTPOBTBRVFTFSF¾FSFFMQgSSBGPTVQSBFJOUFSDBNCJBSgOUBMFTJOGPSNBDJPOFT
%FDPOGPSNJEBEDPOFMBSUrDVMPEFMB%FDMBSBDJwOTPCSFFM"TJMP5FSSJUPSJBMEF
EFEJDJFNCSFEFMPT&TUBEPTOPDPODFEFSgOBTJMPBOJOHVOBQFSTPOBSFTQFDUP
EF MB DVBM FYJTUBO NPUJWPT GVOEBEPT QBSB DPOTJEFSBS RVF IB DPNFUJEP VO DSJNFO
DPOUSBMBQB[VODSJNFOEFHVFSSBPVODSJNFOEFMFTBIVNBOJEBE
-PT &TUBEPT OP BEPQUBSgO EJTQPTJDJPOFT MFHJTMBUJWBT OJ UPNBSgO NFEJEBT EF
PUSB rOEPMF RVF QVFEBO NFOPTDBCBS MBT PCMJHBDJPOFT JOUFSOBDJPOBMFT RVF IBZBO
DPOUSBrEPDPOSFTQFDUPBMBJEFOUJ¾DBDJwOMBEFUFODJwOMBFYUSBEJDJwOZFMDBTUJHPEF
MPTDVMQBCMFTEFDSrNFOFTEFHVFSSBPEFDSrNFOFTEFMFTBIVNBOJEBE
"MDPPQFSBSQBSBGBDJMJUBSMBJEFOUJ¾DBDJwOMBEFUFODJwOMBFYUSBEJDJwOZFODBTP
EF TFS SFDPOPDJEBT DVMQBCMFT FM DBTUJHP EF MBT QFSTPOBT DPOUSB MBT RVF FYJTUBO
QSVFCBTEFDVMQBCJMJEBEFOMBFKFDVDJwOEFDSrNFOFTEFHVFSSBPEFDSrNFOFTEFMFTB
IVNBOJEBEMPT&TUBEPTTFDFvJSgOBMBTEJTQPTJDJPOFTEFMB$BSUBEFMBT/BDJPOFT
6OJEBTZBMB%FDMBSBDJwOTPCSFMPTQSJODJQJPTEFEFSFDIPJOUFSOBDJPOBMSFGFSFOUFTB
MBTSFMBDJPOFTEFBNJTUBEZBMBDPPQFSBDJwOFOUSFMPT&TUBEPTEFDPOGPSNJEBEDPOMB
$BSUBEFMBT/BDJPOFT6OJEBT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
1SJODJQJPTEF%FSFDIP*OUFSOBDJPOBMSFDPOPDJEPT
QPSFM&TUBUVUPZQPSMBTTFOUFODJBTEFM5SJCVOBMEF/VSFNCFSH
"QSPCBEPTQPSMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMFO
1SJODJQJP*
5PEBQFSTPOBRVFDPNFUBVOBDUPRVFDPOTUJUVZBEFMJUPEFEFSFDIPJOUFSOBDJPOBMFT
SFTQPOTBCMFEFnMZFTUgTVKFUBBTBODJwO
1SJODJQJP**
&M IFDIP EF RVF FM EFSFDIP JOUFSOP OP JNQPOHB QFOB BMHVOB QPS VO BDUP RVF
DPOTUJUVZBEFMJUPEFEFSFDIPJOUFSOBDJPOBMOPFYJNFEFSFTQPOTBCJMJEBEFOEFSFDIP
JOUFSOBDJPOBMBRVJFOMPIBZBDPNFUJEP
1SJODJQJP***
&M IFDIP EF RVF MB QFSTPOB RVF IBZB DPNFUJEP VO BDUP RVF DPOTUJUVZB EFMJUP EF
EFSFDIP JOUFSOBDJPOBM IBZB BDUVBEP DPNP +FGF EF &TUBEP P DPNP BVUPSJEBE EFM
&TUBEPOPMBFYJNFEFSFTQPOTBCJMJEBEDPOGPSNFBMEFSFDIPJOUFSOBDJPOBM
1SJODJQJP*7
&M IFDIP EF RVF VOB QFSTPOB IBZB BDUVBEP FO DVNQMJNJFOUP EF VOB PSEFO EF TV
(PCJFSOP P EF VO TVQFSJPS KFSgSRVJDP OP MB FYJNF EF SFTQPOTBCJMJEBE DPOGPSNF BM
EFSFDIPJOUFSOBDJPOBMTJFGFDUJWBNFOUFIBUFOJEPMBQPTJCJMJEBENPSBMEFPQDJwO
1SJODJQJP7
5PEBT QFSTPOB BDVTBEB EF VO EFMJUP EF EFSFDIP JOUFSOBDJPOBM UJFOF EFSFDIP B VO
KVJDJPJNQBSDJBMTPCSFMPTIFDIPTZTPCSFFMEFSFDIP
1SJODJQJP7*
-PT EFMJUPT FOVODJBEPT B DPOUJOVBDJwO TPO QVOJCMFT DPNP EFMJUPT EF EFSFDIP
JOUFSOBDJPOBM
B%FMJUPTDPOUSBMBQB[
J
1MBOFBSQSFQBSBSJOJDJBSPIBDFSVOBHVFSSBEFBHSFTJwOPVOBHVFSSBRVFWJPMF
USBUBEPTBDVFSEPTPHBSBOUrBTJOUFSOBDJPOBMFT
JJ
1BSUJDJQBSFOVOQMBODPN|OPDPOTQJSBDJwOQBSBMBQFSQFUSBDJwOEFDVBMRVJFSBEF
MPTBDUPTNFODJPOBEPTFOFMJODJTPJ
C%FMJUPTEFHVFSSB
-BT WJPMBDJPOFT EF MBT MFZFT P VTPT EF MB HVFSSB RVF DPNQSFOEFO TJO RVF FTUB
FOVNFSBDJwO UFOHB DBSgDUFS MJNJUBUJWP FM BTFTJOBUP FM NBMUSBUP P MB EFQPSUBDJwO
QBSB USBCBKBS FO DPOEJDJPOFT EF FTDMBWJUVE P DPO DVBMRVJFS PUSP QSPQwTJUP EF MB
(6Ê"1"3"130'&4*0/"-&4/P
QPCMBDJwODJWJMEFUFSSJUPSJPTPDVQBEPTPRVFFOFMMPTTFFODVFOUSFFMBTFTJOBUPPFM
NBMUSBUPEFQSJTJPOFSPTEFHVFSSBPEFQFSTPOBTRVFTFIBMMFOFOFMNBSMBFKFDVDJwO
EFSFIFOFTFMTBRVFPEFMBQSPQJFEBEQ|CMJDBPQSJWBEBMBEFTUSVDDJwOJOKVTUJ¾DBCMF
EF DJVEBEFT WJMMBT P BMEFBT P MB EFWBTUBDJwO OP KVTUJ¾DBEB QPS MBT OFDFTJEBEFT
NJMJUBSFT
D%FMJUPTDPOUSBMBIVNBOJEBE
&MBTFTJOBUPFMFYUFSNJOJPMBFTDMBWJ[BDJwOMBEFQPSUBDJwOZPUSPTBDUPTJOIVNBOPT
DPNFUJEPTDPOUSBDVBMRVJFSQPCMBDJwODJWJMPMBTQFSTFDVDJPOFTQPSNPUJWPTQPMrUJDPT
SBDJBMFTPSFMJHJPTPTDVBOEPUBMFTBDUPTTFBODPNFUJEPTPUBMFTQFSTFDVDJPOFTTFBO
MMFWBEBT B DBCP BM QFSQFUSBS VO EFMJUP DPOUSB MB QB[ P VO DSJNFO EF HVFSSB P FO
SFMBDJwODPOnM
1SJODJQJP7**
-BDPNQMJDJEBEFOMBDPNJTJwOEFVOEFMJUPDPOUSBMBQB[EFVOEFMJUPEFHVFSSBP
EFVOEFMJUPDPOUSBMBIVNBOJEBEEFMPTFOVODJBEPTFOFM1SJODJQJP7*DPOTUJUVZF
BTJNJTNPEFMJUPEFEFSFDIPJOUFSOBDJPOBM
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
4FMFDDJwOEFOPSNBTSFMBUJWBTBBMHVOPTDSrNFOFT
JOUFSOBDJPOBMFT
503563"
%FDMBSBDJwOTPCSFMB1SPUFDDJwOEF5PEBTMBT1FSTPOBTDPOUSBMB
5PSUVSBZ0USPT5SBUPTP1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFT
"SUrDVMP
"MPTFGFDUPTEFMBQSFTFOUF%FDMBSBDJwOTFFOUFOEFSgQPSUPSUVSBUPEPBDUPQPS
FMDVBMVOGVODJPOBSJPQ|CMJDPVPUSBQFSTPOBBJOTUJHBDJwOTVZBJO¿JKBJOUFODJPOBM
NFOUFBVOBQFSTPOBQFOBTPTVGSJNJFOUPTHSBWFTZBTFBOGrTJDPTPNFOUBMFTDPO
FM¾OEFPCUFOFSEFFMMBPEFVOUFSDFSPJOGPSNBDJwOPVOBDPOGFTJwOEFDBTUJHBSMB
QPSVOBDUPRVFIBZBDPNFUJEPPTFTPTQFDIFRVFIBDPNFUJEPPEFJOUJNJEBSBFTB
QFSTPOB P B PUSBT /P TF DPOTJEFSBSgO UPSUVSB MBT QFOBT P TVGSJNJFOUPT RVF TFBO
DPOTFDVFODJB|OJDBNFOUFEFMBQSJWBDJwOMFHrUJNBEFMBMJCFSUBEPTFBOJOIFSFOUFTP
JODJEFOUBMFTBnTUBFOMBNFEJEBFORVFFTUnOFODPOTPOBODJBDPOMBT3FHMBT.rOJ
NBTQBSBFM5SBUBNJFOUPEFMPT3FDMVTPT
-B UPSUVSB DPOTUJUVZF VOB GPSNB BHSBWBEB Z EFMJCFSBEB EF USBUP P QFOB DSVFM
JOIVNBOPPEFHSBEBOUF
$POWFODJwODPOUSBMB5PSUVSBZ0USPT5SBUPTP
1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFT
"SUrDVMP
"MPTFGFDUPTEFMBQSFTFOUF$POWFODJwOTFFOUFOEFSgQPSFMUnSNJOP²UPSUVSB³UPEP
BDUPQPSFMDVBMTFJO¿JKBJOUFODJPOBEBNFOUFBVOBQFSTPOBEPMPSFTPTVGSJNJFOUPT
HSBWFT ZB TFBO GrTJDPT P NFOUBMFT DPO FM ¾O EF PCUFOFS EF FMMB P EF VO UFSDFSP
JOGPSNBDJwO P VOB DPOGFTJwO EF DBTUJHBSMB QPS VO BDUP RVF IBZB DPNFUJEP P TF
TPTQFDIFRVFIBDPNFUJEPPEFJOUJNJEBSPDPBDDJPOBSBFTBQFSTPOBPBPUSBTPQPS
DVBMRVJFSSB[wOCBTBEBFODVBMRVJFSUJQPEFEJTDSJNJOBDJwODVBOEPEJDIPTEPMPSFTP
TVGSJNJFOUPTTFBOJO¿JHJEPTQPSVOGVODJPOBSJPQ|CMJDPVPUSBQFSTPOBFOFMFKFSDJDJP
EFGVODJPOFTQ|CMJDBTBJOTUJHBDJwOTVZBPDPOTVDPOTFOUJNJFOUPPBRVJFTDFODJB
/P TF DPOTJEFSBSgO UPSUVSBT MPT EPMPSFT P TVGSJNJFOUPT RVF TFBO DPOTFDVFODJB
|OJDBNFOUFEFTBODJPOFTMFHrUJNBTPRVFTFBOJOIFSFOUFTPJODJEFOUBMFTBnTUBT
&MQSFTFOUFBSUrDVMPTFFOUFOEFSgTJOQFSKVJDJPEFDVBMRVJFSJOTUSVNFOUPJOUFSOB
DJPOBMPMFHJTMBDJwOOBDJPOBMRVFDPOUFOHBPQVFEBDPOUFOFSEJTQPTJDJPOFTEFNBZPS
BMDBODF
(6Ê"1"3"130'&4*0/"-&4/P
$POWFODJwO*OUFSBNFSJDBOBQBSB1SFWFOJSZ4BODJPOBSMB5PSUVSB
"SUrDVMP
1BSBMPTFGFDUPTEFMBQSFTFOUF$POWFODJwOTFFOUFOEFSgQPSUPSUVSBUPEPBDUPSFBMJ[BEP
JOUFODJPOBMNFOUFQPSFMDVBMTFJO¿JKBOBVOBQFSTPOBQFOBTPTVGSJNJFOUPTGrTJDPTP
NFOUBMFTDPO¾OFTEFJOWFTUJHBDJwODSJNJOBMDPNPNFEJPJOUJNJEBUPSJPDPNPDBTUJHP
QFSTPOBMDPNPNFEJEBQSFWFOUJWBDPNPQFOBPDPODVBMRVJFSPUSP¾O4FFOUFOEFSg
UBNCJnODPNPUPSUVSBMBBQMJDBDJwOTPCSFVOBQFSTPOBEFNnUPEPTUFOEJFOUFTBBOVMBS
MBQFSTPOBMJEBEEFMBWrDUJNBPBEJTNJOVJSTVDBQBDJEBEGrTJDBPNFOUBMBVORVFOP
DBVTFOEPMPSGrTJDPPBOHVTUJBQTrRVJDB
/PFTUBSgODPNQSFOEJEPTFOFMDPODFQUPEFUPSUVSBMBTQFOBTPTVGSJNJFOUPTGrTJDPTP
NFOUBMFTRVFTFBO|OJDBNFOUFDPOTFDVFODJBEFNFEJEBTMFHBMFTPJOIFSFOUFTBnTUBT
TJFNQSFRVFOPJODMVZBOMBSFBMJ[BDJwOEFMPTBDUPTPMBBQMJDBDJwOEFMPTNnUPEPTBRVF
TFSF¾FSFFMQSFTFOUFBSUrDVMP
%FTBQBSJDJwOGPS[BEB
$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBT
MBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT
"SUrDVMP
"MPTFGFDUPTEFMBQSFTFOUF$POWFODJwOTFFOUFOEFSgQPS²EFTBQBSJDJwOGPS[BEB³FM
BSSFTUPMBEFUFODJwOFMTFDVFTUSPPDVBMRVJFSPUSBGPSNBEFQSJWBDJwOEFMJCFSUBERVF
TFBOPCSBEFBHFOUFTEFM&TUBEPPQPSQFSTPOBTPHSVQPTEFQFSTPOBTRVFBDU|BO
DPOMBBVUPSJ[BDJwOFMBQPZPPMBBRVJFTDFODJBEFM&TUBEPTFHVJEBEFMBOFHBUJWBB
SFDPOPDFSEJDIBQSJWBDJwOEFMJCFSUBEPEFMPDVMUBNJFOUPEFMBTVFSUFPFMQBSBEFSP
EFMBQFSTPOBEFTBQBSFDJEBTVTUSBZnOEPMBBMBQSPUFDDJwOEFMBMFZ
$POWFODJwO*OUFSBNFSJDBOBTPCSF
%FTBQBSJDJwO'PS[BEBEF1FSTPOBT
"SUrDVMP**
1BSB MPT FGFDUPT EF MB QSFTFOUF $POWFODJwO TF DPOTJEFSB EFTBQBSJDJwO GPS[BEB
MB QSJWBDJwO EF MB MJCFSUBE B VOB P NgT QFSTPOBT DVBMRVJFSB RVF GVFSF TV GPSNB
DPNFUJEBQPSBHFOUFTEFM&TUBEPPQPSQFSTPOBTPHSVQPTEFQFSTPOBTRVFBDU|FO
DPO MB BVUPSJ[BDJwO FM BQPZP P MB BRVJFTDFODJB EFM &TUBEP TFHVJEB EF MB GBMUB EF
JOGPSNBDJwOPEFMBOFHBUJWBBSFDPOPDFSEJDIBQSJWBDJwOEFMJCFSUBEPEFJOGPSNBS
TPCSFFMQBSBEFSPEFMBQFSTPOBDPOMPDVBMTFJNQJEFFMFKFSDJDJPEFMPTSFDVSTPT
MFHBMFTZEFMBTHBSBOUrBTQSPDFTBMFTQFSUJOFOUFT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
$SrNFOFTEFMFTBIVNBOJEBE
&TUBUVUPEFM5SJCVOBM.JMJUBS*OUFSOBDJPOBMEF/VSFNCFSH
"SUrDVMP
&M5SJCVOBMFTUBCMFDJEPQPSFM"DVFSEPBMVEJEPFOFM"SUrDVMPEFMQSFTFOUFQBSBFM
FOKVJDJBNJFOUP Z DPOEFOB EF MPT QSJODJQBMFT DSJNJOBMFT EF HVFSSB EFM &KF &VSPQFP
FTUBSgGBDVMUBEPQBSBKV[HBSZDPOEFOBSBBRVFMMBTQFSTPOBTRVFBDUVBOEPFOEFGFOTB
EFMPTJOUFSFTFTEFMPTQBrTFTEFM&KF&VSPQFPDPNFUJFSPOMPTEFMJUPTRVFDPOTUBOB
DPOUJOVBDJwOZBGVFSBJOEJWJEVBMNFOUFPDPNPNJFNCSPTEFPSHBOJ[BDJPOFT
$VBMFTRVJFSBEFMPTBDUPTRVFDPOTUBOBDPOUJOVBDJwOTPODSrNFOFTRVFSFDBFOCBKP
MBDPNQFUFODJBEFM5SJCVOBMSFTQFDUPEFMPTDVBMFTIBCSgSFTQPOTBCJMJEBEQFSTPOBM
<>
D
$SrNFOFTDPOUSBMBIVNBOJEBE"TBCFSFMBTFTJOBUPMBFYUFSNJOBDJwOFTDMBWJ
[BDJwO EFQPSUBDJwO Z PUSPT BDUPT JOIVNBOPT DPNFUJEPT DPOUSB QPCMBDJwO DJWJM
BOUFT EF MB HVFSSB P EVSBOUF MB NJTNB MB QFSTFDVDJwO QPS NPUJWPT QPMrUJDPT
SBDJBMFTPSFMJHJPTPTFOFKFDVDJwOEFBRVFMMPTDSrNFOFTRVFTFBODPNQFUFODJB
EFM5SJCVOBMPFOSFMBDJwODPOMPTNJTNPTDPOTUJUVZBOPOPVOBWVMOFSBDJwOEFMB
MFHJTMBDJwOJOUFSOBEFQBrTEPOEFTFQFSQFUSBSPO
1SPZFDUPEF$wEJHPEF%FMJUPTDPOUSBMB
1B[ZMB4FHVSJEBEEFMB)VNBOJEBE
"EPQUBEPQPSMB$PNJTJwOEF%FSFDIP*OUFSOBDJPOBMEFMBT/BDJPOFT6OJEBT
"SUrDVMP$SrNFOFTDPOUSBMBIVNBOJEBE
1PSDSJNFODPOUSBMBIVNBOJEBETFFOUJFOEFMBDPNJTJwOTJTUFNgUJDBPFOHSBOFTDBMB
F JOTUJHBEB P EJSJHJEB QPS VO HPCJFSOP P QPS VOB PSHBOJ[BDJwO QPMrUJDB P HSVQP EF
DVBMRVJFSBEFMPTBDUPTTJHVJFOUFT
B
C
D
E
F
G "TFTJOBUP
&YUFSNJOJP
5PSUVSB
4VKFDJwOBFTDMBWJUVE
1FSTFDVDJwOQPSNPUJWPTQPMrUJDPTSFMJHJPTPTPnUOJDPT
%JTDSJNJOBDJwOJOTUJUVDJPOBMJ[BEBQPSNPUJWPTSBDJBMFTnUOJDPTPSFMJHJPTPTRVF
TVQPOHB MB WJPMBDJwO EF MPT EFSFDIPT Z MJCFSUBEFT GVOEBNFOUBMFT Z FOUSBvF
HSBWFTEFTWFOUBKBTQBSBVOBQBSUFEFMBQPCMBDJwO
H
%FQPSUBDJwOPUSBTMBEPGPS[PTPEFQPCMBDJPOFTDPODBSgDUFSBSCJUSBSJP
I
&ODBSDFMBNJFOUPBSCJUSBSJP
(6Ê"1"3"130'&4*0/"-&4/P
J
%FTBQBSJDJwOGPS[BEBEFQFSTPOBT
K
7JPMBDJwOQSPTUJUVDJwOGPS[PTBZPUSBTGPSNBTEFBCVTPTFYVBM
L
0USPT BDUPT JOIVNBOPT RVF NFOPTDBCFO HSBWFNFOUF MB JOUFHSJEBE GrTJDB P
NFOUBMMBTBMVEPMBEJHOJEBEIVNBOBDPNPMBNVUJMBDJwOZMBTMFTJPOFTHSBWFT
&TUBUVUPEFM5SJCVOBM*OUFSOBDJPOBMQBSBKV[HBSBMPT
QSFTVOUPTSFTQPOTBCMFTEFHSBWFTWJPMBDJPOFTEFMEFSFDIP
JOUFSOBDJPOBMIVNBOJUBSJPDPNFUJEBTFOFMUFSSJUPSJP
EFMBFY:VHPTMBWJBBQBSUJSEF
$POTFKPEF4FHVSJEBE3FTPMVDJwOEFNBZPEF
"SUrDVMP$SrNFOFTDPOUSBMBIVNBOJEBE
&M5SJCVOBM*OUFSOBDJPOBMFTUgIBCJMJUBEPQBSBKV[HBSBMPTQSFTVOUPTSFTQPOTBCMFTEF
MPTTJHVJFOUFTDSrNFOFTDVBOEPnTUPTIBOTJEPDPNFUJEPTFOFMDVSTPEFVODPO¿JDUP
BSNBEPEFDBSgDUFSJOUFSOBDJPOBMPJOUFSOPZEJSJHJEPTDPOUSBDVBMRVJFSQPCMBDJwO
DJWJM
B
"TFTJOBUP
C
&YUFSNJOBDJwO
D
3FEVDDJwOBMBTFSWJEVNCSF
E
&YQVMTJwO
F
&ODBSDFMBNJFOUP
G 5PSUVSB
H
7JPMBDJPOFT
I
1FSTFDVDJPOFTQPSNPUJWPTQPMrUJDPTSBDJBMFTPSFMJHJPTPT
J
0USPTBDUPTJOIVNBOPT
&TUBUVUPEFM5SJCVOBM*OUFSOBDJPOBMQBSB3XBOEB
$POTFKPEF4FHVSJEBE3FTPMVDJwO
"SUrDVMP$SrNFOFTEFMFTBIVNBOJEBE
&M 5SJCVOBM *OUFSOBDJPOBM QBSB 3XBOEB UFOESg DPNQFUFODJB QBSB FOKVJDJBS B MPT
QSFTVOUPT SFTQPOTBCMFT EF MPT DSrNFOFT RVF TF TFvBMBO B DPOUJOVBDJwO DVBOEP
IBZBOTJEPDPNFUJEPTDPNPQBSUFEFVOBUBRVFHFOFSBMJ[BEPPTJTUFNgUJDPDPOUSBMB
QPCMBDJwODJWJMQPSSB[POFTEFOBDJPOBMJEBEPQPSSB[POFTQPMrUJDBTnUOJDBTSBDJBMFT
PSFMJHJPTBT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
B
)PNJDJEJPJOUFODJPOBM
C
&YUFSNJOJP
D
&TDMBWJUVE
E
%FQPSUBDJwO
F
&ODBSDFMBNJFOUP
G 5PSUVSB
H
7JPMBDJwO
I
1FSTFDVDJwOQPSNPUJWPTQPMrUJDPTSBDJBMFTPSFMJHJPTPT
J
0USPTBDUPTJOIVNBOPT
&TUBUVUPEF3PNBEFMB$PSUF1FOBM*OUFSOBDJPOBM
"SUrDVMP$SrNFOFTEFMFTBIVNBOJEBE
"MPTFGFDUPTEFMQSFTFOUF&TUBUVUPTFFOUFOEFSgQPS²DSJNFOEFMFTBIVNBOJEBE³
DVBMRVJFSB EF MPT BDUPT TJHVJFOUFT DVBOEP TF DPNFUB DPNP QBSUF EF VO BUBRVF
HFOFSBMJ[BEPPTJTUFNgUJDPDPOUSBVOBQPCMBDJwODJWJMZDPODPOPDJNJFOUPEFEJDIP
BUBRVF
B
"TFTJOBUP
C
&YUFSNJOJP
D
&TDMBWJUVE
E
%FQPSUBDJwOPUSBTMBEPGPS[PTPEFQPCMBDJwO
F
&ODBSDFMBDJwOVPUSBQSJWBDJwOHSBWFEFMBMJCFSUBEGrTJDBFOWJPMBDJwOEFOPSNBT
GVOEBNFOUBMFTEFEFSFDIPJOUFSOBDJPOBM
G 5PSUVSB
H
7JPMBDJwO FTDMBWJUVE TFYVBM QSPTUJUVDJwO GPS[BEB FNCBSB[P GPS[BEP FTUFSJMJ
[BDJwO GPS[BEB P DVBMRVJFS PUSB GPSNB EF WJPMFODJB TFYVBM EF HSBWFEBE
DPNQBSBCMF
I
1FSTFDVDJwOEFVOHSVQPPDPMFDUJWJEBEDPOJEFOUJEBEQSPQJBGVOEBEBFONPUJWPT
QPMrUJDPTSBDJBMFTOBDJPOBMFTnUOJDPTDVMUVSBMFTSFMJHJPTPTEFHnOFSPEF¾OJEP
FOFMQgSSBGPVPUSPTNPUJWPTVOJWFSTBMNFOUFSFDPOPDJEPTDPNPJOBDFQUBCMFT
DPOBSSFHMPBMEFSFDIPJOUFSOBDJPOBMFODPOFYJwODPODVBMRVJFSBDUPNFODJPOBEP
FOFMQSFTFOUFQgSSBGPPDPODVBMRVJFSDSJNFOEFMBDPNQFUFODJBEFMB$PSUF
J
%FTBQBSJDJwOGPS[BEBEFQFSTPOBT
K
&MDSJNFOEFBQBSUIFJE
L
0USPTBDUPTJOIVNBOPTEFDBSgDUFSTJNJMBSRVFDBVTFOJOUFODJPOBMNFOUFHSBOEFT
TVGSJNJFOUPTPBUFOUFOHSBWFNFOUFDPOUSBMBJOUFHSJEBEGrTJDBPMBTBMVENFOUBMP
GrTJDB
(6Ê"1"3"130'&4*0/"-&4/P
"MPTFGFDUPTEFMQgSSBGP
B
1PS²BUBRVFDPOUSBVOBQPCMBDJwODJWJM³TFFOUFOEFSgVOBMrOFBEFDPOEVDUBRVF
JNQMJRVFMBDPNJTJwON|MUJQMFEFBDUPTNFODJPOBEPTFOFMQgSSBGPDPOUSBVOB
QPCMBDJwODJWJMEFDPOGPSNJEBEDPOMBQPMrUJDBEFVO&TUBEPPEFVOBPSHBOJ[BDJwO
EFDPNFUFSFTFBUBRVFPQBSBQSPNPWFSFTBQPMrUJDB
C
&M ²FYUFSNJOJP³ DPNQSFOEFSg MB JNQPTJDJwO JOUFODJPOBM EF DPOEJDJPOFT EF
WJEBFOUSFPUSBTMBQSJWBDJwOEFMBDDFTPBBMJNFOUPTPNFEJDJOBTFOUSFPUSBT
FODBNJOBEBTBDBVTBSMBEFTUSVDDJwOEFQBSUFEFVOBQPCMBDJwO
D
1PS ²FTDMBWJUVE³ TF FOUFOEFSg FM FKFSDJDJP EF MPT BUSJCVUPT EFM EFSFDIP EF
QSPQJFEBETPCSFVOBQFSTPOBPEFBMHVOPTEFFMMPTJODMVJEPFMFKFSDJDJPEFFTPT
BUSJCVUPTFOFMUSg¾DPEFQFSTPOBTFOQBSUJDVMBSNVKFSFTZOJvPT
E
1PS ²EFQPSUBDJwO P USBTMBEP GPS[PTP EF QPCMBDJwO³ TF FOUFOEFSg FM EFTQMB[B
NJFOUPGPS[PTPEFMBTQFSTPOBTBGFDUBEBTQPSFYQVMTJwOVPUSPTBDUPTDPBDUJWPT
EFMB[POBFORVFFTUnOMFHrUJNBNFOUFQSFTFOUFTTJONPUJWPTBVUPSJ[BEPTQPSFM
EFSFDIPJOUFSOBDJPOBM
F
1PS²UPSUVSB³TFFOUFOEFSgDBVTBSJOUFODJPOBMNFOUFEPMPSPTVGSJNJFOUPTHSBWFT
ZBTFBOGrTJDPTPNFOUBMFTBVOBQFSTPOBRVFFMBDVTBEPUFOHBCBKPTVDVTUPEJB
PDPOUSPMTJOFNCBSHPOPTFFOUFOEFSgQPSUPSUVSBFMEPMPSPMPTTVGSJNJFOUPT
RVFTFEFSJWFO|OJDBNFOUFEFTBODJPOFTMrDJUBTPRVFTFBODPOTFDVFODJBOPSNBM
PGPSUVJUBEFFMMBT
G 1PS ²FNCBSB[P GPS[BEP³ TF FOUFOEFSg FM DPO¾OBNJFOUP JMrDJUP EF VOB NVKFS B
MBRVFTFIBEFKBEPFNCBSB[BEBQPSMBGVFS[BDPOMBJOUFODJwOEFNPEJ¾DBSMB
DPNQPTJDJwOnUOJDBEFVOBQPCMBDJwOPEFDPNFUFSPUSBTWJPMBDJPOFTHSBWFTEFM
EFSFDIPJOUFSOBDJPOBM&ONPEPBMHVOPTFFOUFOEFSgRVFFTUBEF¾OJDJwOBGFDUBB
MBTOPSNBTEFEFSFDIPJOUFSOPSFMBUJWBTBMFNCBSB[P
H
1PS ²QFSTFDVDJwO³ TF FOUFOEFSg MB QSJWBDJwO JOUFODJPOBM Z HSBWF EF EFSFDIPT
GVOEBNFOUBMFT FO DPOUSBWFODJwO EFM EFSFDIP JOUFSOBDJPOBM FO SB[wO EF MB
JEFOUJEBEEFMHSVQPPEFMBDPMFDUJWJEBE
I
1PS ²FM DSJNFO EF BQBSUIFJE³ TF FOUFOEFSgO MPT BDUPT JOIVNBOPT EF DBSgDUFS
TJNJMBSBMPTNFODJPOBEPTFOFMQgSSBGPDPNFUJEPTFOFMDPOUFYUPEFVOSnHJNFO
JOTUJUVDJPOBMJ[BEP EF PQSFTJwO Z EPNJOBDJwO TJTUFNgUJDBT EF VO HSVQP SBDJBM
TPCSFVOPPNgTHSVQPTSBDJBMFTZDPOMBJOUFODJwOEFNBOUFOFSFTFSnHJNFO
J
1PS²EFTBQBSJDJwOGPS[BEBEFQFSTPOBT³TFFOUFOEFSgMBBQSFIFOTJwOMBEFUFODJwO
PFMTFDVFTUSPEFQFSTPOBTQPSVO&TUBEPPVOBPSHBOJ[BDJwOQPMrUJDBPDPOTV
BVUPSJ[BDJwOBQPZPPBRVJFTDFODJBTFHVJEPEFMBOFHBUJWBBBENJUJSUBMQSJWBDJwO
EFMJCFSUBEPEBSJOGPSNBDJwOTPCSFMBTVFSUFPFMQBSBEFSPEFFTBTQFSTPOBTDPO
MBJOUFODJwOEFEFKBSMBTGVFSBEFMBNQBSPEFMBMFZQPSVOQFSrPEPQSPMPOHBEP
"MPTFGFDUPTEFMQSFTFOUF&TUBUVUPTFFOUFOEFSgRVFFMUnSNJOP²HnOFSP³TFSF¾FSF
B MPT EPT TFYPT NBTDVMJOP Z GFNFOJOP FO FM DPOUFYUP EF MB TPDJFEBE &M UnSNJOP
²HnOFSP³OPUFOESgNgTBDFQDJwORVFMBRVFBOUFDFEF
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&TUBUVUPEFM5SJCVOBM&TQFDJBMQBSB4JFSSB-FPOB
"SUrDVMP$SrNFOFTEFMFTBIVNBOJEBE
&M5SJCVOBM&TQFDJBMFTUBSgGBDVMUBEPQBSBTPNFUFSBKVJDJPBRVJFOFTIBZBODPNFUJEP
MPTDSrNFOFTRVFTFFOVNFSBOBDPOUJOVBDJwODPNPQBSUFEFVOBUBRVFHFOFSBMJ[BEP
PTJTUFNgUJDPDPOUSBVOBQPCMBDJwODJWJM
B
"TFTJOBUP
C
&YUFSNJOJP
D
&TDMBWJUVE
E
%FQPSUBDJwO
F
&ODBSDFMBDJwO
G 5PSUVSB
H
7JPMBDJwOFTDMBWJUVETFYVBMQSPTUJUVDJwOGPS[BEBFNCBSB[PGPS[BEPPDVBMRVJFS
PUSBGPSNBEFWJPMFODJBTFYVBM
I
1FSTFDVDJwOGVOEBEBFONPUJWPTQPMrUJDPTSBDJBMFTnUOJDPTPSFMJHJPTPT
J
0USPTBDUPTJOIVNBOPT
%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBT
QFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT
$POTJEFSBOEPRVFMBTEFTBQBSJDJPOFTGPS[BEBTBGFDUBOMPTWBMPSFTNgTQSPGVOEPTEF
UPEBTPDJFEBESFTQFUVPTBEFMBQSJNBDrBEFMEFSFDIPEFMPTEFSFDIPTIVNBOPTZEF
MBTMJCFSUBEFTGVOEBNFOUBMFTZRVFTVQSgDUJDBTJTUFNgUJDBSFQSFTFOUBVODSJNFOEF
MFTBIVNBOJEBE
$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBT
MBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT
$POTDJFOUFTEFMBFYUSFNBHSBWFEBEEFMBEFTBQBSJDJwOGPS[BEBRVFDPOTUJUVZFVO
EFMJUPZFOEFUFSNJOBEBTDJSDVOTUBODJBTEF¾OJEBTQPSFMEFSFDIPJOUFSOBDJPOBMVO
DSJNFOEFMFTBIVNBOJEBE
<©>
"SUrDVMP
-BQSgDUJDBHFOFSBMJ[BEBPTJTUFNgUJDBEFMBEFTBQBSJDJwOGPS[BEBDPOTUJUVZFVODSJNFO
EF MFTB IVNBOJEBE UBM DPNP FTUg EF¾OJEP FO FM EFSFDIP JOUFSOBDJPOBM BQMJDBCMF Z
FOUSBvBMBTDPOTFDVFODJBTQSFWJTUBTQPSFMEFSFDIPJOUFSOBDJPOBMBQMJDBCMF
(6Ê"1"3"130'&4*0/"-&4/P
$POWFODJwO*OUFSBNFSJDBOBTPCSF
%FTBQBSJDJwO'PS[BEBEF1FSTPOBT
3&"'*3."/%0RVFMBQSgDUJDBTJTUFNgUJDBEFMBEFTBQBSJDJwOGPS[BEBEFQFSTPOBT
DPOTUJUVZFVODSJNFOEFMFTBIVNBOJEBE
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
&TUgOEBSFTJOUFSOBDJPOBMFTEFJOWFTUJHBDJwO
* *OTUSVNFOUPTEF/BDJPOFT6OJEBT
$POWFODJwODPOUSBMB5PSUVSBZ0USPT5SBUPTP
1FOBT$SVFMFT*OIVNBOPTP%FHSBEBOUFT
"SUrDVMP5PEP&TUBEP1BSUFWFMBSgQPSRVFTJFNQSFRVFIBZBNPUJWPTSB[POBCMFT
QBSB DSFFS RVF EFOUSP EF TV KVSJTEJDDJwO TF IB DPNFUJEP VO BDUP EF UPSUVSB MBT
BVUPSJEBEFTDPNQFUFOUFTQSPDFEBOBVOBJOWFTUJHBDJwOQSPOUBFJNQBSDJBM
"SUrDVMP5PEP&TUBEP1BSUFWFMBSgQPSRVFUPEBQFSTPOBRVFBMFHVFIBCFSTJEP
TPNFUJEB B UPSUVSB FO DVBMRVJFS UFSSJUPSJP CBKP TV KVSJTEJDDJwO UFOHB EFSFDIP B
QSFTFOUBSVOBRVFKBZBRVFTVDBTPTFBQSPOUBFJNQBSDJBMNFOUFFYBNJOBEPQPSTVT
BVUPSJEBEFTDPNQFUFOUFT4FUPNBSgONFEJEBTQBSBBTFHVSBSRVFRVJFOQSFTFOUF
MB RVFKB Z MPT UFTUJHPT FTUnO QSPUFHJEPT DPOUSB NBMPT USBUPT P JOUJNJEBDJwO DPNP
DPOTFDVFODJBEFMBRVFKBPEFMUFTUJNPOJPQSFTUBEP
"SUrDVMP 5PEP &TUBEP 1BSUF TF BTFHVSBSg EF RVF OJOHVOB EFDMBSBDJwO RVF TF
EFNVFTUSFRVFIBTJEPIFDIBDPNPSFTVMUBEPEFUPSUVSBQVFEBTFSJOWPDBEBDPNP
QSVFCBFOOJOH|OQSPDFEJNJFOUPTBMWPFODPOUSBEFVOBQFSTPOBBDVTBEBEFUPSUVSB
DPNPQSVFCBEFRVFTFIBGPSNVMBEPMBEFDMBSBDJwO
$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBT
MBTQFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT
"SUrDVMP
5PEBQFSTPOBJOWFTUJHBEBFOSFMBDJwODPOVOEFMJUPEFEFTBQBSJDJwOGPS[BEBSFDJCJSg
HBSBOUrBT EF VO USBUP KVTUP FO UPEBT MBT GBTFT EFM QSPDFEJNJFOUP 5PEB QFSTPOB
TPNFUJEB B KVJDJP QPS VO EFMJUP EF EFTBQBSJDJwO GPS[BEB HP[BSg EF MBT HBSBOUrBT
KVEJDJBMFT BOUF VOB DPSUF P VO USJCVOBM EF KVTUJDJB DPNQFUFOUF JOEFQFOEJFOUF F
JNQBSDJBMFTUBCMFDJEPQPSMBMFZ
"SUrDVMP
5PEP&TUBEP1BSUFWFMBSgQPSRVFUPEBQFSTPOBRVFBMFHVFRVFBMHVJFOIBTJEP
TPNFUJEP B EFTBQBSJDJwO GPS[BEB UFOHB EFSFDIP B EFOVODJBS MPT IFDIPT BOUF MBT
BVUPSJEBEFTDPNQFUFOUFTRVJFOFTFYBNJOBSgOSgQJEBFJNQBSDJBMNFOUFMBEFOVODJB
Z FO TV DBTP QSPDFEFSgO TJO EFNPSB B SFBMJ[BS VOB JOWFTUJHBDJwO FYIBVTUJWB F
JNQBSDJBM4FUPNBSgONFEJEBTBEFDVBEBTFOTVDBTPQBSBBTFHVSBSMBQSPUFDDJwO
(6Ê"1"3"130'&4*0/"-&4/P
EFM EFOVODJBOUF MPT UFTUJHPT MPT BMMFHBEPT EF MB QFSTPOB EFTBQBSFDJEB Z TVT
EFGFOTPSFTBTrDPNPEFRVJFOFTQBSUJDJQFOFOMBJOWFTUJHBDJwODPOUSBUPEPNBMUSBUP
P JOUJNJEBDJwO FO SB[wO EF MB EFOVODJB QSFTFOUBEB P EF DVBMRVJFS EFDMBSBDJwO
FGFDUVBEB
4JFNQSFRVFIBZBNPUJWPTSB[POBCMFTQBSBDSFFSRVFVOBQFSTPOBIBTJEPTPNFUJEB
BEFTBQBSJDJwOGPS[BEBMBTBVUPSJEBEFTBMBTRVFIBDFSFGFSFODJBFMQgSSBGPJOJDJBSgO
VOBJOWFTUJHBDJwOBVODVBOEPOPTFIBZBQSFTFOUBEPOJOHVOBEFOVODJBGPSNBM
-PT&TUBEPT1BSUFTWFMBSgOQBSBRVFMBTBVUPSJEBEFTNFODJPOBEBTFOFMQgSSBGP
EFMQSFTFOUFBSUrDVMP
B
%JTQPOHBOEFMBTGBDVMUBEFTZSFDVSTPTOFDFTBSJPTQBSBMMFWBSBDBCPF¾DB[NFOUF
MB JOWFTUJHBDJwO JODMVTJWF FM BDDFTP B MB EPDVNFOUBDJwO Z EFNgT JOGPSNBDJPOFT
QFSUJOFOUFTQBSBMBNJTNB
C
5FOHBOBDDFTPQSFWJBBVUPSJ[BDJwOKVEJDJBMTJGVFSBOFDFTBSJPFNJUJEBBMBNBZPS
CSFWFEBEQPTJCMFBDVBMRVJFSMVHBSEFEFUFODJwOZDVBMRVJFSPUSPMVHBSEPOEFFYJTUBO
NPUJWPTSB[POBCMFTQBSBDSFFSRVFQVFEBFODPOUSBSTFMBQFSTPOBEFTBQBSFDJEB
5PEP &TUBEP 1BSUF UPNBSg MBT NFEJEBT OFDFTBSJBT QBSB QSFWFOJS Z TBODJPOBS
MPT BDUPT RVF PCTUBDVMJDFO FM EFTBSSPMMP EF MBT JOWFTUJHBDJPOFT &O QBSUJDVMBS
EFCFSgO HBSBOUJ[BS RVF MBT QFSTPOBT EF MBT RVF TF TVQPOF RVF IBO DPNFUJEP VO
EFMJUP EF EFTBQBSJDJwO GPS[BEB OP FTUnO FO DPOEJDJPOFT EF JO¿VJS FO FM DVSTP EF
MBT JOWFTUJHBDJPOFT FKFSDJFOEP QSFTJPOFT Z BDUPT EF JOUJNJEBDJwO P EF SFQSFTBMJB
TPCSFFMEFOVODJBOUFMPTUFTUJHPTMPTBMMFHBEPTEFMBQFSTPOBEFTBQBSFDJEBZTVT
EFGFOTPSFTBTrDPNPTPCSFRVJFOFTQBSUJDJQBOFOMBJOWFTUJHBDJwO
"SUrDVMP
4JOQFSKVJDJPEFMPTBSUrDVMPTZUPEP&TUBEP1BSUFHBSBOUJ[BSgBUPEBQFSTPOB
DPOVOJOUFSnTMFHrUJNPFOFTBJOGPSNBDJwOQPSFKFNQMPMPTBMMFHBEPTEFMBQFSTPOB
QSJWBEB EF MJCFSUBE TV SFQSFTFOUBOUF P BCPHBEP FM BDDFTP DPNP NrOJNP B MBT
JOGPSNBDJPOFTTJHVJFOUFT
B
-BBVUPSJEBERVFEFDJEJwMBQSJWBDJwOEFMJCFSUBE
C
-BGFDIBMBIPSBZFMMVHBSFORVFMBQFSTPOBGVFQSJWBEBEFMJCFSUBEZBENJUJEB
FOVOMVHBSEFQSJWBDJwOEFMJCFSUBE
D
-BBVUPSJEBERVFDPOUSPMBMBQSJWBDJwOEFMJCFSUBE
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
E
&MMVHBSEPOEFTFFODVFOUSBMBQFSTPOBQSJWBEBEFMJCFSUBEZFODBTPEFUSBTMBEP
IBDJBPUSPMVHBSEFQSJWBDJwOEFMJCFSUBEFMEFTUJOPZMBBVUPSJEBESFTQPOTBCMF
EFMUSBTMBEP
F
-BGFDIBMBIPSBZFMMVHBSEFMBMJCFSBDJwO
G
-PTFMFNFOUPTSFMBUJWPTBMFTUBEPEFTBMVEEFMBQFSTPOBQSJWBEBEFMJCFSUBE
H
&O DBTP EF GBMMFDJNJFOUP EVSBOUF MB QSJWBDJwO EF MJCFSUBE MBT DJSDVOTUBODJBT Z
DBVTBTEFMGBMMFDJNJFOUPZFMEFTUJOPEFMPTSFTUPT
4FBEPQUBSgOMMFHBEPFMDBTPNFEJEBTBEFDVBEBTQBSBHBSBOUJ[BSMBQSPUFDDJwO
EFMBTQFSTPOBTBMBTRVFTFSF¾FSFFMQgSSBGPEFMQSFTFOUFBSUrDVMPBTrDPNPEF
RVJFOFT QBSUJDJQFO FO MB JOWFTUJHBDJwO DPOUSB DVBMRVJFS NBMUSBUP JOUJNJEBDJwO P
TBODJwOFOSB[wOEFMBC|TRVFEBEFJOGPSNBDJPOFTTPCSFVOBQFSTPOBQSJWBEBEF
MJCFSUBE
"SUrDVMP
-BTJOGPSNBDJPOFTQFSTPOBMFTJODMVTJWFMPTEBUPTNnEJDPTPHFOnUJDPTRVFTFSFDBCFO
ZPUSBOTNJUBOFOFMNBSDPEFMBC|TRVFEBEFVOBQFSTPOBEFTBQBSFDJEBOPQVFEFOTFS
VUJMJ[BEBTPSFWFMBEBTDPO¾OFTEJTUJOUPTEFEJDIBC|TRVFEB&MMPFTTJOQFSKVJDJPEFMB
VUJMJ[BDJwOEFFTBTJOGPSNBDJPOFTFOQSPDFEJNJFOUPTQFOBMFTSFMBUJWPTBVOEFMJUPEF
EFTBQBSJDJwOGPS[BEBPFOFKFSDJDJPEFMEFSFDIPBPCUFOFSSFQBSBDJwO
-BSFDPQJMBDJwOFMUSBUBNJFOUPFMVTPZMBDPOTFSWBDJwOEFJOGPSNBDJPOFTQFSTPOBMFT
JODMVTJWFEBUPTNnEJDPTPHFOnUJDPTOPEFCFJOGSJOHJSPUFOFSFMFGFDUPEFJOGSJOHJSMPT
EFSFDIPTIVNBOPTMBTMJCFSUBEFTGVOEBNFOUBMFTZMBEJHOJEBEEFMBQFSTPOB
$POWFODJwOTPCSFMPTEFSFDIPTEFMBTQFSTPOBTDPOEJTDBQBDJEBE
"SUrDVMP1SPUFDDJwODPOUSBMBUPSUVSBZPUSPTUSBUPTPQFOBTDSVFMFTJOIVNBOPT
PEFHSBEBOUFT
…-PT&TUBEPT1BSUFTBEPQUBSgOMFHJTMBDJwOZQPMrUJDBTFGFDUJWBTJODMVJEBTMFHJTMBDJwO
Z QPMrUJDBT DFOUSBEBT FO MB NVKFS Z FO MB JOGBODJB QBSB BTFHVSBS RVF MPT DBTPT EF
FYQMPUBDJwOWJPMFODJBZBCVTPDPOUSBQFSTPOBTDPOEJTDBQBDJEBETFBOEFUFDUBEPT
JOWFTUJHBEPTZFOTVDBTPKV[HBEPT
(6Ê"1"3"130'&4*0/"-&4/P
1SPUPDPMPGBDVMUBUJWPEFMB$POWFODJwOTPCSFMPT%FSFDIPTEFM/JvP
SFMBUJWPBMBWFOUBEFOJvPTMBQSPTUJUVDJwOJOGBOUJMZMBVUJMJ[BDJwO
EFOJvPTFOMBQPSOPHSBGrB
"SUrDVMP
-PT&TUBEPT1BSUFTBEPQUBSgONFEJEBTBEFDVBEBTQBSBQSPUFHFSFOUPEBTMBTGBTFT
EFM QSPDFTP QFOBM MPT EFSFDIPT F JOUFSFTFT EF MPT OJvPT WrDUJNBT EF MBT QSgDUJDBT
QSPIJCJEBTQPSFMQSFTFOUF1SPUPDPMPZFOQBSUJDVMBSEFCFSgO
B
3FDPOPDFSMBWVMOFSBCJMJEBEEFMPTOJvPTWrDUJNBTZBEBQUBSMPTQSPDFEJNJFOUPTEF
GPSNBRVFTFSFDPOP[DBOTVTOFDFTJEBEFTFTQFDJBMFTJODMVJEBTMBTOFDFTJEBEFT
FTQFDJBMFTQBSBEFDMBSBSDPNPUFTUJHPT
C
*OGPSNBSBMPTOJvPTWrDUJNBTEFTVTEFSFDIPTTVQBQFMFMBMDBODFMBTGFDIBTZ
MBNBSDIBEFMBTBDUVBDJPOFTZMBSFTPMVDJwOEFMBDBVTB
D
"VUPSJ[BS MB QSFTFOUBDJwO Z DPOTJEFSBDJwO EF MBT PQJOJPOFT OFDFTJEBEFT Z
QSFPDVQBDJPOFTEFMPTOJvPTWrDUJNBTFOMBTBDUVBDJPOFTFORVFTFWFBOBGFDUBEPT
TVTJOUFSFTFTQFSTPOBMFTEFVOBNBOFSBDPNQBUJCMFDPOMBTOPSNBTQSPDFTBMFT
EFMBMFHJTMBDJwOOBDJPOBM
E
1SFTUBSMBEFCJEBBTJTUFODJBEVSBOUFUPEPFMQSPDFTPBMPTOJvPTWrDUJNBT
F
1SPUFHFSEFCJEBNFOUFMBJOUJNJEBEFJEFOUJEBEEFMPTOJvPTWrDUJNBTZBEPQUBS
NFEJEBTEFDPOGPSNJEBEDPOMBMFHJTMBDJwOOBDJPOBMQBSBFWJUBSMBEJWVMHBDJwOEF
JOGPSNBDJwORVFQVFEBDPOEVDJSBMBJEFOUJ¾DBDJwOEFFTBTWrDUJNBT
G 7FMBSQPSMBTFHVSJEBEEFMPTOJvPTWrDUJNBTBTrDPNPQPSMBEFTVTGBNJMJBTZMPT
UFTUJHPTBTVGBWPSGSFOUFBJOUJNJEBDJPOFTZSFQSFTBMJBT
H
&WJUBSMBTEFNPSBTJOOFDFTBSJBTFOMBSFTPMVDJwOEFMBTDBVTBTZFOMBFKFDVDJwO
EF MBT SFTPMVDJPOFT P EFDSFUPT QPS MPT RVF TF DPODFEB SFQBSBDJwO B MPT OJvPT
WrDUJNBT
-PT&TUBEPT1BSUFTHBSBOUJ[BSgORVFFMIFDIPEFIBCFSEVEBTBDFSDBEFMBFEBE
SFBMEFMBWrDUJNBOPJNQJEBMBJOJDJBDJwOEFMBTJOWFTUJHBDJPOFTQFOBMFTJODMVJEBTMBT
JOWFTUJHBDJPOFTFODBNJOBEBTBEFUFSNJOBSMBFEBEEFMBWrDUJNB
-PT&TUBEPT1BSUFTHBSBOUJ[BSgORVFFOFMUSBUBNJFOUPQPSMBKVTUJDJBQFOBMEFMPT
OJvPTWrDUJNBTEFMPTEFMJUPTFOVODJBEPTFOFMQSFTFOUF1SPUPDPMPMBDPOTJEFSBDJwO
QSJNPSEJBMBRVFTFBUJFOEBTFBFMJOUFSnTTVQFSJPSEFMOJvP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
-PT&TUBEPT1BSUFTBEPQUBSgONFEJEBTQBSBBTFHVSBSVOBGPSNBDJwOBQSPQJBEB
QBSUJDVMBSNFOUFFOMPTgNCJUPTKVSrEJDPZQTJDPMwHJDPEFMBTQFSTPOBTRVFUSBCBKFO
DPOWrDUJNBTEFMPTEFMJUPTQSPIJCJEPTFOWJSUVEEFMQSFTFOUF1SPUPDPMP
-PT &TUBEPT 1BSUFT BEPQUBSgO DVBOEP QSPDFEB NFEJEBT QBSB QSPUFHFS MB
TFHVSJEBEFJOUFHSJEBEEFMBTQFSTPOBTVPSHBOJ[BDJPOFTEFEJDBEBTBMBQSFWFODJwOP
MBQSPUFDDJwOZSFIBCJMJUBDJwOEFMBTWrDUJNBTEFFTPTEFMJUPT
/BEB EF MP EJTQVFTUP FO FM QSFTFOUF BSUrDVMP TF FOUFOEFSg FO QFSKVJDJP EF MPT
EFSFDIPT EFM BDVTBEP B VO KVJDJP KVTUP F JNQBSDJBM OJ TFSg JODPNQBUJCMF DPO FTPT
EFSFDIPT
1SJODJQJPTSFMBUJWPTBMBJOWFTUJHBDJwOZEPDVNFOUBDJwO
F¾DBDFTEFMBUPSUVSBZPUSPTUSBUPTPQFOBTDSVFMFT
JOIVNBOPTPEFHSBEBOUFT
1SJODJQJP&OUSFMPTPCKFUJWPTEFMBJOWFTUJHBDJwOZEPDVNFOUBDJwOF¾DBDFTEFMB
UPSUVSB Z PUSPT USBUPT P QFOBT DSVFMFT JOIVNBOPT P EFHSBEBOUFT FO MP TVDFTJWP
²UPSUVSBTVPUSPTNBMPTUSBUPT³
TFFODVFOUSBOMPTTJHVJFOUFT
B
"DMBSBSMPTIFDIPTZFTUBCMFDFSZSFDPOPDFSMBSFTQPOTBCJMJEBEEFMBTQFSTPOBTP
MPT&TUBEPTBOUFMBTWrDUJNBTZTVTGBNJMJBT
C
%FUFSNJOBS MBT NFEJEBT OFDFTBSJBT QBSB JNQFEJS RVF TF SFQJUBO FTUPT BDUPT
D
'BDJMJUBSFMQSPDFTBNJFOUPZDVBOEPDPOWFOHBFMDBTUJHPNFEJBOUFTBODJPOFT
EJTDJQMJOBSJBT EF MBT QFSTPOBT DVZB SFTQPOTBCJMJEBE TF IBZB EFUFSNJOBEP
FO MB JOWFTUJHBDJwO Z EFNPTUSBS MB OFDFTJEBE EF RVF FM &TUBEP PGSF[DB QMFOB
SFQBSBDJwOJODMVJEBVOBJOEFNOJ[BDJwO¾OBODJFSBKVTUBZBEFDVBEBBTrDPNPMPT
NFEJPTQBSBPCUFOFSBUFODJwONnEJDBZSFIBCJMJUBDJwO
1SJODJQJP-PT&TUBEPTWFMBSgOQPSRVFTFJOWFTUJHVFODPOQSPOUJUVEZFGFDUJWJEBE
MBT RVFKBT P EFOVODJBT EF UPSUVSBT P NBMPT USBUPT *ODMVTP DVBOEP OP FYJTUB
EFOVODJB FYQSFTB EFCFSg JOJDJBSTF VOB JOWFTUJHBDJwO TJ FYJTUFO PUSPT JOEJDJPT EF
RVFQVFEFIBCFSTFDPNFUJEPVOBDUPEFUPSUVSBPNBMPTUSBUPT-PTJOWFTUJHBEPSFT
RVF TFSgO JOEFQFOEJFOUFT EF MPT QSFTVOUPT BVUPSFT Z EFM PSHBOJTNP BM RVF nTUPT
QFSUFOF[DBOTFSgODPNQFUFOUFTFJNQBSDJBMFT5FOESgOBVUPSJEBEQBSBFODPNFOEBS
JOWFTUJHBDJPOFT B FYQFSUPT JNQBSDJBMFT NnEJDPT P EF PUSP UJQP Z QPESgO BDDFEFS
B TVT SFTVMUBEPT -PT NnUPEPT VUJMJ[BEPT QBSB MMFWBS B DBCP FTUBT JOWFTUJHBDJPOFT
UFOESgOFMNgYJNPOJWFMQSPGFTJPOBMZTVTDPODMVTJPOFTTFIBSgOQ|CMJDBT
(6Ê"1"3"130'&4*0/"-&4/P
1SJODJQJP
B
-B BVUPSJEBE JOWFTUJHBEPSB UFOESg QPEFSFT QBSB PCUFOFS UPEB MB JOGPSNBDJwO
OFDFTBSJB QBSB MB JOWFTUJHBDJwO Z FTUBSg PCMJHBEB B IBDFSMP 2VJFOFT SFBMJDFO
EJDIBJOWFTUJHBDJwOEJTQPOESgOEFUPEPTMPTSFDVSTPTQSFTVQVFTUBSJPTZUnDOJDPT
OFDFTBSJPT QBSB IBDFSMP FO GPSNB F¾DB[ Z UFOESgO UBNCJnO GBDVMUBEFT QBSB
PCMJHBSBMPTGVODJPOBSJPTQSFTVOUBNFOUFJNQMJDBEPTFOUPSUVSBTPNBMPTUSBUPT
BDPNQBSFDFSZQSFTUBSUFTUJNPOJP-PNJTNPSFHJSgQBSBMPTUFTUJHPT"UBM¾O
MB BVUPSJEBE JOWFTUJHBEPSB QPESg DJUBS B UFTUJHPT JODMVTP B MPT GVODJPOBSJPT
QSFTVOUBNFOUFJNQMJDBEPTZPSEFOBSMBQSFTFOUBDJwOEFQSVFCBT
C
-BTQSFTVOUBTWrDUJNBTEFUPSUVSBTPNBMPTUSBUPTMPTUFTUJHPTZRVJFOFTSFBMJDFO
MBJOWFTUJHBDJwOBTrDPNPTVTGBNJMJBTTFSgOQSPUFHJEPTEFBDUPTPBNFOB[BTEF
WJPMFODJBPEFDVBMRVJFSPUSBGPSNBEFJOUJNJEBDJwORVFQVFEBTVSHJSEFSFTVMUBT
EFMBJOWFTUJHBDJwO-PTQSFTVOUPTJNQMJDBEPTFOUPSUVSBTPNBMPTUSBUPTTFSgO
BQBSUBEPTEFUPEPTMPTQVFTUPTRVFFOUSBvFOVODPOUSPMPQPEFSEJSFDUPPJOEJ
SFDUPTPCSFMPTSFDMBNBOUFTMPTUFTUJHPTZTVTGBNJMJBTBTrDPNPTPCSFRVJFOFT
QSBDUJRVFOMBTJOWFTUJHBDJPOFT
1SJODJQJP-BTQSFTVOUBTWrDUJNBTEFUPSUVSBTPNBMPTUSBUPTZTVTSFQSFTFOUBOUFT
MFHBMFTTFSgOJOGPSNBEPTEFMBTBVEJFODJBTRVFTFDFMFCSFOBMBTRVFUFOESgOBDDFTP
BTr DPNP B UPEB MB JOGPSNBDJwO QFSUJOFOUF B MB JOWFTUJHBDJwO Z UFOESgO EFSFDIP B
QSFTFOUBSPUSBTQSVFCBT
1SJODJQJP
B
&OMPTDBTPTFORVFMPTQSPDFEJNJFOUPTEFJOWFTUJHBDJwOFTUBCMFDJEPTSFTVMUFO
JOTV¾DJFOUFTEFCJEPBMBGBMUBEFDPNQFUFODJBUnDOJDBPBVOBQPTJCMFGBMUBEF
JNQBSDJBMJEBEPBJOEJDJPTEFFYJTUFODJBEFVOBDPOEVDUBIBCJUVBMBCVTJWBPQPS
PUSBTSB[POFTGVOEBEBTMPT&TUBEPTWFMBSgOQPSRVFMBTJOWFTUJHBDJPOFTTFMMFWFO
BDBCPQPSDPOEVDUPEFVOBDPNJTJwOJOEFQFOEJFOUFPQPSPUSPQSPDFEJNJFOUP
BOgMPHP-PTNJFNCSPTEFFTBDPNJTJwOTFSgOFMFHJEPTFOGVODJwOEFTVBDSF
EJUBEBJNQBSDJBMJEBEDPNQFUFODJBFJOEFQFOEFODJBQFSTPOBM&OQBSUJDVMBSEF
CFSgOTFSJOEFQFOEJFOUFTEFDVBMRVJFSQSFTVOUPDVMQBCMFZEFMBTJOTUJUVDJPOFT
VPSHBOJTNPTBRVFQFSUFOF[DB-BDPNJTJwOFTUBSgGBDVMUBEBQBSBPCUFOFSUPEB
MBJOGPSNBDJwOOFDFTBSJBQBSBMBJOWFTUJHBDJwORVFMMFWBSgBDBCPDPOGPSNFBMP
FTUBCMFDJEPFOFTUPT1SJODJQJPT
C
4F SFEBDUBSg FO VO QMB[P SB[POBCMF VO JOGPSNF FO FM RVF TF FYQPOESgO FM
BMDBODF EF MB JOWFTUJHBDJwO MPT QSPDFEJNJFOUPT Z NnUPEPT VUJMJ[BEPT QBSB
FWBMVBSMBTQSVFCBTBTrDPNPDPODMVTJPOFTZSFDPNFOEBDJPOFTCBTBEBTFOMPT
IFDIPT EFUFSNJOBEPT Z FO MB MFHJTMBDJwO BQMJDBCMF &M JOGPSNF TF QVCMJDBSg EF
JONFEJBUP &O nM TF EFUBMMBSgO UBNCJnO MPT IFDIPT DPODSFUPT FTUBCMFDJEPT QPS
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
MB JOWFTUJHBDJwO BTr DPNP MBT QSVFCBT FO RVF TF CBTFO MBT DPODMVTJPOFT Z TF
FOVNFSBSgO MPT OPNCSFT EF MPT UFTUJHPT RVF IBZBO QSFTUBEP EFDMBSBDJwO B
FYDFQDJwO EF BRVFMMPT DVZB JEFOUJEBE OP TF IBHB Q|CMJDB QBSB QSPUFHFSMPT &M
&TUBEPSFTQPOEFSgFOVOQMB[PSB[POBCMFBMJOGPSNFEFMBJOWFTUJHBDJwOZDVBOEP
QSPDFEBJOEJDBSgMBTNFEJEBTRVFTFBEPQUBSgOBDPOTFDVFODJBEFFMMB
1SJODJQJP
B
-PTQFSJUPTNnEJDPTRVFQBSUJDJQFOFOMBJOWFTUJHBDJwOEFUPSUVSBTPNBMPTUSBUPT
TFDPOEVDJSgOFOUPEPNPNFOUPDPOGPSNFBMBTOPSNBTnUJDBTNgTFTUSJDUBTZFO
QBSUJDVMBSPCUFOESgOFMMJCSFDPOTFOUJNJFOUPEFMBQFSTPOBBOUFTEFFYBNJOBSMB
&M SFDPOPDJNJFOUP EFCFSg SFTQFUBS MBT OPSNBT FTUBCMFDJEBT QPS MB QSgDUJDB
NnEJDB$PODSFUBNFOUFTFMMFWBSgBDBCPFOQSJWBEPCBKPDPOUSPMEFMPTQFSJUPT
NnEJDPTZOVODBFOQSFTFODJBEFBHFOUFTEFTFHVSJEBEVPUSPTGVODJPOBSJPTEFM
HPCJFSOP
C
&MQFSJUPNnEJDPSFEBDUBSgMPBOUFTQPTJCMFVOJOGPSNF¾FMRVFEFCFSgJODMVJSBM
NFOPTMPTTJHVJFOUFTFMFNFOUPT
J
-BTDJSDVOTUBODJBTEFMBFOUSFWJTUBFMOPNCSFEFMTVKFUPZMB¾MJBDJwOEFUPEPT
MPT QSFTFOUFT FO FM FYBNFO MB GFDIB Z IPSB FYBDUBT MB TJUVBDJwO DBSgDUFS
Z EPNJDJMJP EF MB JOTUJUVDJwO JODMVJEB MB IBCJUBDJwO DVBOEP TFB OFDFTBSJP
EPOEFTFSFBMJ[wFMFYBNFOQPSFKFNQMPDFOUSPEFEFUFODJwODMrOJDBDBTB
FUD
MBTDJSDVOTUBODJBTEFMTVKFUPFOFMNPNFOUPEFMFYBNFOQPSFKFNQMP
DVBMRVJFSDPBDDJwOEFRVFIBZBTJEPPCKFUPBTVMMFHBEBPEVSBOUFFMFYBNFO
MBQSFTFODJBEFGVFS[BTEFTFHVSJEBEEVSBOUFFMFYBNFOMBDPOEVDUBEFMBT
QFSTPOBTRVFBDPNQBvBCBOBMQSFTPPQPTJCMFTBNFOB[BTQSPGFSJEBTDPOUSB
MBQFSTPOBRVFSFBMJ[wFMFYBNFO
ZDVBMRVJFSPUSPGBDUPSQFSUJOFOUF
JJ
)JTUPSJBMFYQPTJDJwOEFUBMMBEBEFMPTIFDIPTSFMBUBEPTQPSFMTVKFUPEVSBOUF
MBFOUSFWJTUBJODMVJEPTMPTQSFTVOUPTNnUPEPTEFUPSUVSBPNBMPTUSBUPTFM
NPNFOUPFORVFTFQSPEVKFSPOMPTBDUPTEFUPSUVSBPNBMPTUSBUPTZDVBMRVJFS
TrOUPNBGrTJDPPQTJDPMwHJDPRVFB¾SNFQBEFDFSFMTVKFUP
JJJ
&YBNFOGrTJDPZQTJDPMwHJDPEFTDSJQDJwOEFUPEPTMPTSFTVMUBEPTPCUFOJEPTUSBT
FMFYBNFODMrOJDPGrTJDPZQTJDPMwHJDPJODMVJEBTMBTQSVFCBTEFEJBHOwTUJDPDP
SSFTQPOEJFOUFTZDVBOEPTFBQPTJCMFGPUPHSBGrBTFODPMPSEFUPEBTMBTMFTJPOFT
JW
0QJOJwO JOUFSQSFUBDJwO EF MB SFMBDJwO RVF FYJTUB FOUSF MPT TrOUPNBT GrTJDPT
ZQTJDPMwHJDPTZMBTQPTJCMFTUPSUVSBTPNBMPTUSBUPT5SBUBNJFOUPNnEJDPZ
QTJDPMwHJDPSFDPNFOEBEPPOFDFTJEBEEFFYgNFOFTQPTUFSJPSFT
W
"VUPSrBFMJOGPSNFEFCFSgJS¾SNBEPZFOnMTFJEFOUJ¾DBSgDMBSBNFOUFBMBT
QFSTPOBTRVFMMFWBSPOBDBCPFMFYBNFO
(6Ê"1"3"130'&4*0/"-&4/P
D
&MJOGPSNFUFOESgDBSgDUFSDPO¾EFODJBMZTFDPNVOJDBSgTVDPOUFOJEPBMTVKFUPP
BMBQFSTPOBRVFnTUFEFTJHOFDPNPTVSFQSFTFOUBOUF4FSFDBCBSgMBPQJOJwOEFM
TVKFUPZEFTVSFQSFTFOUBOUFTPCSFFMQSPDFTPEFFYBNFORVFRVFEBSgSFHJTUSBEB
FOFMJOGPSNF&MJOGPSNFUBNCJnOTFSFNJUJSgQPSFTDSJUPDVBOEPQSPDFEBBMB
BVUPSJEBEFODBSHBEBEFJOWFTUJHBSMPTQSFTVOUPTBDUPTEFUPSUVSBPNBMPTUSBUPT
&TSFTQPOTBCJMJEBEEFM&TUBEPWFMBSQPSRVFFMJOGPSNFMMFHVFBTVTEFTUJOBUBSJPT
/JOHVOB PUSB QFSTPOB UFOESg BDDFTP B nM TJO FM DPOTFOUJNJFOUP EFM TVKFUP P MB
BVUPSJ[BDJwOEFVOUSJCVOBMDPNQFUFOUF
%FDMBSBDJwOTPCSFMBQSPUFDDJwOEFUPEBTMBT
QFSTPOBTDPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT
"SUrDVMP
-PT &TUBEPT BTFHVSBSgO B UPEB QFSTPOB RVF EJTQPOHB EF MB JOGPSNBDJwO P UFOHB
VO JOUFSnT MFHrUJNP Z TPTUFOHB RVF VOB QFSTPOB IB TJEP PCKFUP EF EFTBQBSJDJwO
GPS[BEBFMEFSFDIPBEFOVODJBSMPTIFDIPTBOUFVOBBVUPSJEBEFTUBUBMDPNQFUFOUFF
JOEFQFOEJFOUFMBDVBMQSPDFEFSgEFJONFEJBUPBIBDFSVOBJOWFTUJHBDJwOFYIBVTUJWBF
JNQBSDJBM5PEBWF[RVFFYJTUBONPUJWPTQBSBDSFFSRVFVOBQFSTPOBIBTJEPPCKFUPEF
EFTBQBSJDJwOGPS[BEBFM&TUBEPSFNJUJSgTJOEFNPSBFMBTVOUPBEJDIBBVUPSJEBEQBSB
RVF JOJDJF VOB JOWFTUJHBDJwO BVO DVBOEP OP TF IBZB QSFTFOUBEP OJOHVOB EFOVODJB
GPSNBM&TBJOWFTUJHBDJwOOPQPESgTFSMJNJUBEBVPCTUBDVMJ[BEBEFNBOFSBBMHVOB
-PT&TUBEPTWFMBSgOQPSRVFMBBVUPSJEBEDPNQFUFOUFEJTQPOHBEFMBTGBDVMUBEFT
ZMPTSFDVSTPTOFDFTBSJPTQBSBMMFWBSBDBCPMBJOWFTUJHBDJwOJODMVJEBTMBTGBDVMUBEFT
OFDFTBSJBT QBSB FYJHJS MB DPNQBSFDFODJB EF UFTUJHPT Z MB QSFTFOUBDJwO EF QSVFCBT
QFSUJOFOUFTBTrDPNPQBSBQSPDFEFSTJOEFNPSBBWJTJUBSMVHBSFT
4FUPNBSgOEJTQPTJDJPOFTQBSBRVFUPEPTMPTRVFQBSUJDJQFOFOMBJOWFTUJHBDJwO
JODMVJEPTFMEFOVODJBOUFFMBCPHBEPMPTUFTUJHPTZMPTRVFSFBMJ[BOMBJOWFTUJHBDJwO
FTUnOQSPUFHJEPTEFUPEPNBMUSBUPZUPEPBDUPEFJOUJNJEBDJwOPSFQSFTBMJB
-PTSFTVMUBEPTEFMBJOWFTUJHBDJwOTFDPNVOJDBSgOBUPEBTMBTQFSTPOBTJOUFSFTBEBT
BTVTPMJDJUVEBNFOPTRVFDPOFMMPTFPCTUBDVMJDFMBJOTUSVDDJwOEFVOBDBVTBQFOBM
FODVSTP
4F UPNBSgO EJTQPTJDJPOFT QBSB HBSBOUJ[BS RVF UPEP NBMUSBUP UPEP BDUP EF
JOUJNJEBDJwOPEFSFQSFTBMJBBTrDPNPUPEBGPSNBEFJOKFSFODJBTFOPDBTJwOEFMB
QSFTFOUBDJwO EF VOB EFOVODJB P EVSBOUF FM QSPDFEJNJFOUP EF JOWFTUJHBDJwO TFBO
DBTUJHBEPTDPNPDPSSFTQPOEB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
%FCFSgQPEFSTFIBDFSVOBJOWFTUJHBDJwODPOBSSFHMPBMBTNPEBMJEBEFTEFTDSJUBT
FOMPTQgSSBGPTRVFBOUFDFEFONJFOUSBTOPTFIBZBBDMBSBEPMBTVFSUFEFMBWrDUJNB
EFVOBEFTBQBSJDJwOGPS[BEB
"SUrDVMP
-PT QSFTVOUPT BVUPSFT EF DVBMRVJFSB EF MPT BDUPT QSFWJTUPT FO FM QgSSBGP EFM
BSUrDVMPTVQSBTFSgOTVTQFOEJEPTEFUPEBGVODJwOP¾DJBMEVSBOUFMBJOWFTUJHBDJwO
NFODJPOBEBFOFMBSUrDVMPTVQSB
&TBTQFSTPOBTTwMPQPESgOTFSKV[HBEBTQPSMBTKVSJTEJDDJPOFTEFEFSFDIPDPN|O
DPNQFUFOUFTFODBEB&TUBEPDPOFYDMVTJwOEFUPEBPUSBKVSJTEJDDJwOFTQFDJBMFO
QBSUJDVMBSMBNJMJUBS
1SJODJQJPTSFMBUJWPTBVOBF¾DB[QSFWFODJwOFJOWFTUJHBDJwO
EFMBTFKFDVDJPOFTFYUSBMFHBMFTBSCJUSBSJBTPTVNBSJBT
4FQSPDFEFSgBVOBJOWFTUJHBDJwOFYIBVTUJWBJONFEJBUBFJNQBSDJBMEFUPEPTMPT
DBTPT FO RVF IBZB TPTQFDIB EF FKFDVDJPOFT FYUSBMFHBMFT BSCJUSBSJBT P TVNBSJBT
JODMVJEPTBRVnMMPTFOMPTRVFMBTRVFKBTEFQBSJFOUFTVPUSPTJOGPSNFT¾BCMFTIBHBO
QFOTBSRVFTFQSPEVKPVOBNVFSUFOPEFCJEBBDBVTBTOBUVSBMFTFOMBTDJSDVOTUBODJBT
SFGFSJEBT -PT HPCJFSOPT NBOUFOESgO wSHBOPT Z QSPDFEJNJFOUPT EF JOWFTUJHBDJwO
QBSBSFBMJ[BSFTBTJOEBHBDJPOFT-BJOWFTUJHBDJwOUFOESgDPNPPCKFUJWPEFUFSNJOBSMB
DBVTBMBGPSNBZFMNPNFOUPEFMBNVFSUFMBQFSTPOBSFTQPOTBCMFZFMQSPDFEJNJFOUP
P QSgDUJDB RVF QVEJFSB IBCFSMB QSPWPDBEP %VSBOUF MB JOWFTUJHBDJwO TF SFBMJ[BSg
VOBBVUPQTJBBEFDVBEBZTFSFDPQJMBSgOZBOBMJ[BSgOUPEBTMBTQSVFCBTNBUFSJBMFT
Z EPDVNFOUBMFT Z TF SFDPHFSgO MBT EFDMBSBDJPOFT EF MPT UFTUJHPT -B JOWFTUJHBDJwO
EJTUJOHVJSgFOUSFMBNVFSUFQPSDBVTBTOBUVSBMFTMBNVFSUFQPSBDDJEFOUFFMTVJDJEJP
ZFMIPNJDJEJP
-BBVUPSJEBEJOWFTUJHBEPSBUFOESgQPEFSFTQBSBPCUFOFSUPEBMBJOGPSNBDJwOOF
DFTBSJBQBSBMBJOWFTUJHBDJwO-BTQFSTPOBTRVFEJSJKBOMBJOWFTUJHBDJwOEJTQPOESgO
EFUPEPTMPTSFDVSTPTQSFTVQVFTUBSJPTZUnDOJDPTOFDFTBSJPTQBSBVOBJOWFTUJHBDJwO
F¾DB[ZUFOESgOUBNCJnOGBDVMUBEFTQBSBPCMJHBSBMPTGVODJPOBSJPTTVQVFTUBNFOUF
JNQMJDBEPTFOFTBTFKFDVDJPOFTBDPNQBSFDFSZEBSUFTUJNPOJP-PNJTNPSFHJSgQBSB
MPTUFTUJHPT"UBM¾OQPESgODJUBSBUFTUJHPTJODMVTJWFBMPTGVODJPOBSJPTTVQVFTUB
NFOUFJNQMJDBEPTZPSEFOBSMBQSFTFOUBDJwOEFQSVFCBT
&OMPTDBTPTFOMPTRVFMPTQSPDFEJNJFOUPTEFJOWFTUJHBDJwOFTUBCMFDJEPTSFTVMUFO
JOTV¾DJFOUFTEFCJEPBMBGBMUBEFDPNQFUFODJBPEFJNQBSDJBMJEBEBMBJNQPSUBODJB
EFMBTVOUPPBMPTJOEJDJPTEFFYJTUFODJBEFVOBDPOEVDUBIBCJUBMBCVTJWBBTrDPNPFO
(6Ê"1"3"130'&4*0/"-&4/P
BRVFMMPTFOMPTRVFTFQSPEV[DBORVFKBTEFMBGBNJMJBQPSFTBTJOTV¾DJFODJBTPIBZB
PUSPTNPUJWPTTVTUBODJBMFTQBSBFMMPMPTHPCJFSOPTMMFWBSgOBDBCPJOWFTUJHBDJPOFT
QPSDPOEVDUPEFVOBDPNJTJwOEFFODVFTUBJOEFQFOEJFOUFPQPSPUSPQSPDFEJNJFOUP
BOgMPHP-PTNJFNCSPTEFFTBDPNJTJwOTFSgOFMFHJEPTFOGVODJwOEFTVBDSFEJUBEB
JNQBSDJBMJEBE DPNQFUFODJB F JOEFQFOEFODJB QFSTPOBM &O QBSUJDVMBS EFCFSgO TFS
JOEFQFOEJFOUFTEFDVBMRVJFSJOTUJUVDJwOEFQFOEFODJBPQFSTPOBRVFQVFEBTFSPCKFUP
EFMBJOWFTUJHBDJwO-BDPNJTJwOFTUBSgGBDVMUBEBQBSBPCUFOFSUPEBMBJOGPSNBDJwO
OFDFTBSJBQBSBMBJOWFTUJHBDJwOZMBMMFWBSgBDBCPDPOGPSNFBMPFTUBCMFDJEPFOFTUPT
1SJODJQJPT
/PQPESgQSPDFEFSTFBMBJOIVNBDJwOJODJOFSBDJwOFUDEFMDVFSQPEFMBQFSTPOB
GBMMFDJEBIBTUBRVFVONnEJDPBTFSQPTJCMFFYQFSUPFONFEJDJOBGPSFOTFIBZBSFB
MJ[BEPVOBBVUPQTJBBEFDVBEB2VJFOFTSFBMJDFOMBBVUPQTJBUFOESgOBDDFTPBUPEPT
MPT EBUPT EF MB JOWFTUJHBDJwO BM MVHBS EPOEF GVF EFTDVCJFSUP FM DVFSQP Z B BRVnM
FOFMRVFTVQPOHBRVFTFQSPEVKPMBNVFSUF4JEFTQVnTEFIBCFSTJEPFOUFSSBEP
FMDVFSQPSFTVMUBOFDFTBSJBVOBJOWFTUJHBDJwOTFFYIVNBSgFMDVFSQPTJOEFNPSBZ
EFGPSNBBEFDVBEBQBSBSFBMJ[BSVOBBVUPQTJB&ODBTPEFRVFTFEFTDVCSBOSFTUPT
wTFPTEFCFSgQSPDFEFSTFBEFTFOUFSSBSMPTDPOMBTQSFDBVDJPOFTOFDFTBSJBTZBFTUV
EJBSMPTDPOGPSNFBUnDOJDBTBOUSPQPMwHJDBTTJTUFNgUJDBT
&MDVFSQPEFMBQFSTPOBGBMMFDJEBEFCFSgFTUBSBEJTQPTJDJwOEFRVJFOFTSFBMJDFOMB
BVUPQTJBEVSBOUFVOQFSrPEPTV¾DJFOUFDPOPCKFUPEFRVFTFQVFEBMMFWBSBDBCPVOB
JOWFTUJHBDJwONJOVDJPTB&OMBBVUPQTJBTFEFCFSgJOUFOUBSEFUFSNJOBSBMNFOPTMB
JEFOUJEBEEFMBQFSTPOBGBMMFDJEBZMBDBVTBZGPSNBEFMBNVFSUF&OMBNFEJEBEFMP
QPTJCMFEFCFSgOQSFDJTBSTFUBNCJnOFMNPNFOUPZFMMVHBSFORVFnTUBTFQSPEVKP
%FCFSgO JODMVJSTF FO FM JOGPSNF EF MB BVUPQTJB GPUPHSBGrBT EFUBMMBEBT FO DPMPS EF
MB QFSTPOB GBMMFDJEB DPO FM ¾O EF EPDVNFOUBS Z DPSSPCPSBS MBT DPODMVTJPOFT EF MB
JOWFTUJHBDJwO &M JOGPSNF EF MB BVUPQTJB EFCFSg EFTDSJCJS UPEBT Z DBEB VOB EF MBT
MFTJPOFTRVFQSFTFOUFMBQFSTPOBGBMMFDJEBFJODMVJSDVBMRVJFSJOEJDJPEFUPSUVSB
$POFM¾OEFHBSBOUJ[BSMBPCKFUJWJEBEEFMPTSFTVMUBEPTFTOFDFTBSJPRVFRVJFOFT
SFBMJDFOMBBVUPQTJBQVFEBOBDUVBSJNQBSDJBMNFOUFZDPOJOEFQFOEFODJBEFDVBMFT
RVJFSBQFSTPOBTPSHBOJ[BDJPOFTPFOUJEBEFTQPUFODJBMNFOUFJNQMJDBEBT
-PT RVFSFMMBOUFT MPT UFTUJHPT RVJFOFT SFBMJDFO MB JOWFTUJHBDJwO Z TVT GBNJMJBT
TFSgO QSPUFHJEPT EF BDUPT P BNFOB[BT EF WJPMFODJB P EF DVBMRVJFS PUSB GPSNB EF
JOUJNJEBDJwO2VJFOFTFTUnOTVQVFTUBNFOUFJNQMJDBEPTFOFKFDVDJPOFTFYUSBMFHBMFT
BSCJUSBSJBTPTVNBSJBTTFSgOBQBSUBEPTEFUPEPTMPTQVFTUPTRVFFOUSBvFOVODPOUSPM
P QPEFS EJSFDUP P JOEJSFDUP TPCSF MPT RVFSFMMBOUFT MPT UFTUJHPT Z TVT GBNJMJBT BTr
DPNPTPCSFRVJFOFTQSBDUJRVFOMBTJOWFTUJHBDJPOFT
-PTGBNJMJBSFTEFMBQFSTPOBGBMMFDJEBZTVTSFQSFTFOUBOUFTMFHBMFTTFSgOJOGPS
NBEPTEFMBTBVEJFODJBTRVFTFDFMFCSFOBMBTRVFUFOESgOBDDFTPBTrDPNPBUPEB
MB JOGPSNBDJwO QFSUJOFOUF B MB JOWFTUJHBDJwO Z UFOESgO EFSFDIP B QSFTFOUBS PUSBT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
QSVFCBT-BGBNJMJBEFMGBMMFDJEPUFOESgEFSFDIPBJOTJTUJSFORVFVONnEJDPVPUSP
SFQSFTFOUBOUFTVZPDBMJ¾DBEPFTUnQSFTFOUFFOMBBVUPQTJB6OBWF[EFUFSNJOBEBMB
JEFOUJEBEEFMGBMMFDJEPTFBOVODJBSgQ|CMJDBNFOUFTVGBMMFDJNJFOUPZTFOPUJ¾DBSg
JONFEJBUBNFOUFBMBGBNJMJBPQBSJFOUFT&MDVFSQPEFMBQFSTPOBGBMMFDJEBTFSgEF
WVFMUPBTVTGBNJMJBSFTEFTQVnTEFDPNQMFUBEBMBJOWFTUJHBDJwO
4F SFEBDUBSg FO VO QMB[P SB[POBCMF VO JOGPSNF QPS FTDSJUP TPCSF MPT NnUPEPT
ZMBTDPODMVTJPOFTEFMBTJOWFTUJHBDJPOFT&MJOGPSNFTFQVCMJDBSgJONFEJBUBNFOUF
ZFOnMTFFYQPOESgOFMBMDBODFEFMBJOWFTUJHBDJwOMPTQSPDFEJNJFOUPTZNnUPEPT
VUJMJ[BEPTQBSBFWBMVBSMBTQSVFCBTZMBTDPODMVTJPOFTZSFDPNFOEBDJPOFTCBTBEBT
FOMPTSFTVMUBEPTEFIFDIPZFOMBMFHJTMBDJwOBQMJDBCMF&MJOGPSNFFYQPOESgUBNCJnO
EFUBMMBEBNFOUFMPTIFDIPTDPODSFUPTPDVSSJEPTEFBDVFSEPDPOMPTSFTVMUBEPTEF
MBT JOWFTUJHBDJPOFT BTr DPNP MBT QSVFCBT FO RVF TF CBTFO FTBT DPODMVTJPOFT Z
FOVNFSBSgMPTOPNCSFTEFMPTUFTUJHPTRVFIBZBOQSFTUBEPUFTUJNPOJPBFYDFQDJwO
EF BRVnMMPT DVZB JEFOUJEBE TF NBOUFOHB SFTFSWBEB QPS SB[POFT EF QSPUFDDJwO &M
HPCJFSOPSFTQPOEFSgFOVOQMB[PSB[POBCMFBMJOGPSNFEFMBJOWFTUJHBDJwOPJOEJDBSg
MBTNFEJEBTRVFTFBEPQUBSgOBDPOTFDVFODJBEFFMMB
$wEJHPEFDPOEVDUBQBSBGVODJPOBSJPT
FODBSHBEPTEFIBDFSDVNQMJSMBMFZ
"SUrDVMP-PTGVODJPOBSJPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZSFTQFUBSgOMBMFZZFM
QSFTFOUF$wEJHP5BNCJnOIBSgODVBOUPFTUnBTVBMDBODFQPSJNQFEJSUPEBWJPMBDJwO
EFFMMPTZQPSPQPOFSTFSJHVSPTBNFOUFBUBMWJPMBDJwO
-PTGVODJPOBSJPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZRVFUFOHBONPUJWPTQBSBDSFFS
RVFTFIBQSPEVDJEPPWBBQSPEVDJSTFVOBWJPMBDJwOEFMQSFTFOUF$wEJHPJOGPSNBSgO
EF MB DVFTUJwO B TVT TVQFSJPSFT Z TJ GVFSF OFDFTBSJP B DVBMRVJFS PUSB BVUPSJEBE V
PSHBOJTNPBQSPQJBEPRVFUFOHBBUSJCVDJPOFTEFDPOUSPMPDPSSFDUJWBT
$PNFOUBSJP<>C
&MBSUrDVMPUJFOFQPSPCKFUPNBOUFOFSFMFRVJMJCSJPFOUSFMB
OFDFTJEBEEFRVFIBZBEJTDJQMJOBJOUFSOBFOFMPSHBOJTNPEFMRVFEFQFOEB
QSJODJQBMNFOUFMBTFHVSJEBEQ|CMJDBQPSVOBQBSUFZMBEFIBDFSGSFOUFB
MBTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPTCgTJDPTQPSPUSB-PTGVODJPOBSJPT
FODBSHBEPT EF IBDFS DVNQMJS MB MFZ JOGPSNBSgO EF MBT WJPMBDJPOFT B TVT
TVQFSJPSFT JONFEJBUPT Z TwMP BEPQUBSgO PUSBT NFEJEBT MFHrUJNBT TJO
SFTQFUBS MB FTDBMB KFSgSRVJDB TJ OP TF EJTQPOF EF PUSBT QPTJCJMJEBEFT EF
SFDUJ¾DBDJwO P TJ nTUBT OP TPO F¾DBDFT 4F FOUJFOEF RVF OP TF BQMJDBSgO
TBODJPOFTBENJOJTUSBUJWBTOJEFPUSPUJQPBMPTGVODJPOBSJPTFODBSHBEPTEF
IBDFSDVNQMJSMBMFZQPSIBCFSJOGPSNBEPEFRVFIBPDVSSJEPPWBBPDVSSJS
VOBWJPMBDJwOEFMQSFTFOUF$wEJHP
(6Ê"1"3"130'&4*0/"-&4/P
1SJODJQJPT#gTJDPTTPCSFFM&NQMFPEFMB'VFS[BZEF"SNBTEF
'VFHPQPSMPT'VODJPOBSJPT&ODBSHBEPTEF)BDFS$VNQMJSMB-FZ
$VBOEPBMFNQMFBSMBGVFS[BPBSNBTEFGVFHPMPTGVODJPOBSJPTFODBSHBEPTEFIBDFS
DVNQMJSMBMFZPDBTJPOFOMFTJPOFTPNVFSUFDPNVOJDBSgOFMIFDIPJONFEJBUBNFOUFB
TVTTVQFSJPSFTEFDPOGPSNJEBEDPOFMQSJODJQJP
-BT OPSNBT Z SFHMBNFOUBDJPOFT TPCSF FM FNQMFP EF BSNBT EF GVFHP QPS MPT
GVODJPOBSJPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZEFCFODPOUFOFSEJSFDUSJDFTRVF<©>
G &TUBCMF[DBOVOTJTUFNBEFQSFTFOUBDJwOEFJOGPSNFTTJFNQSFRVFMPTGVODJPOBSJPT
FODBSHBEPT EF IBDFS DVNQMJS MB MFZ SFDVSSBO BM FNQMFP EF BSNBT EF GVFHP FO FM
EFTFNQFvPEFTVTGVODJPOFT
-PTHPCJFSOPTZMPTPSHBOJTNPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZFTUBCMFDFSgO
QSPDFEJNJFOUPT F¾DBDFT QBSB MB QSFTFOUBDJwO EF JOGPSNFT Z SFDVSTPT FO SFMBDJwO
DPO UPEPT MPT DBTPT NFODJPOBEPT FO MPT QSJODJQJPT Z G 1BSB MPT DBTPT DPO
SFTQFDUPBMPTDVBMFTTFJOGPSNFEFDPOGPSNJEBEDPOFTPTQSJODJQJPTMPTHPCJFSOPT
ZMPTPSHBOJTNPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZBTFHVSBSgORVFTFFTUBCMF[DB
VOQSPDFEJNJFOUPEFSFWJTJwOF¾DB[ZRVFBVUPSJEBEFTBENJOJTUSBUJWBTPKVEJDJBMFT
JOEFQFOEJFOUFT FTUnO EPUBEBT EF DPNQFUFODJB FO DJSDVOTUBODJBT BQSPQJBEBT &O
DBTPEFNVFSUFZMFTJPOFTHSBWFTVPUSBTDPOTFDVFODJBTEFJNQPSUBODJBTFFOWJBSg
SgQJEBNFOUFVOJOGPSNFEFUBMMBEPBMBTBVUPSJEBEFTDPNQFUFOUFTQBSBMBSFWJTJwO
BENJOJTUSBUJWBZMBTVQFSWJTJwOKVEJDJBM
-BTQFSTPOBTBGFDUBEBTQPSFMFNQMFPEFMBGVFS[BZEFBSNBTEFGVFHPPTVT
SFQSFTFOUBOUFT MFHBMFT UFOESgO BDDFTP B VO QSPDFTP JOEFQFOEJFOUF JODMVJEP VO
QSPDFTPKVEJDJBM&ODBTPEFNVFSUFEFFTBTQFSTPOBTFTUBEJTQPTJDJwOTFBQMJDBSg
BTVTIFSFEFSPT
-PTHPCJFSOPTZMPTPSHBOJTNPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZBEPQUBSgO
MBT NFEJEBT OFDFTBSJBT QBSB RVF MPT GVODJPOBSJPT TVQFSJPSFT BTVNBO MB EFCJEB
SFTQPOTBCJMJEBE DVBOEP UFOHBO DPOPDJNJFOUP P EFCJFSBO IBCFSMP UFOJEP EF RVF
MPTGVODJPOBSJPTBTVTwSEFOFTSFDVSSFOPIBOSFDVSSJEPBMVTPJMrDJUPEFMBGVFS[BZ
EFBSNBTEFGVFHPZOPBEPQUFOUPEBTMBTNFEJEBTBTVEJTQPTJDJwOQBSBJNQFEJS
FMJNJOBSPEFOVODJBSFTFVTP
-PTHPCJFSOPTZMPTPSHBOJTNPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZBEPQUBSgOMBT
NFEJEBTOFDFTBSJBTQBSBRVFOPTFJNQPOHBOJOHVOBTBODJwOQFOBMPEJTDJQMJOBSJB
DPOUSBMPTGVODJPOBSJPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZRVFFODVNQMJNJFOUPEFM
$wEJHPEFDPOEVDUBQFSUJOFOUFZEFFTUPT1SJODJQJPT#gTJDPTTFOJFHVFOBFKFDVUBS
VOBPSEFOEFFNQMFBSMBGVFS[BPBSNBTEFGVFHPPEFOVODJFOFTFFNQMFPQPSPUSPT
GVODJPOBSJPT
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
-PTGVODJPOBSJPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZOPQPESgOBMFHBSPCFEJFODJB
EFwSEFOFTTVQFSJPSFTTJUFOrBODPOPDJNJFOUPEFRVFMBPSEFOEFFNQMFBSMBGVFS[B
PBSNBTEFGVFHPBSBr[EFMBDVBMTFIBPDBTJPOBEPMBNVFSUFPIFSJEBTHSBWFTB
VOBQFSTPOBFSBNBOJ¾FTUBNFOUFJMrDJUBZUVWJFSPOVOBPQPSUVOJEBESB[POBCMFEF
OFHBSTFBDVNQMJSMB%FDVBMRVJFSNPEPUBNCJnOTFSgOSFTQPOTBCMFTMPTTVQFSJPSFT
RVFEJFSPOMBTwSEFOFTJMrDJUBT
$POKVOUPEF1SJODJQJPTQBSBMBQSPUFDDJwOEFUPEBT
MBTQFSTPOBTTPNFUJEBTBDVBMRVJFSGPSNBEFEFUFODJwOPQSJTJwO
1SJODJQJP
-PT&TUBEPTEFCFSgOQSPIJCJSQPSMFZUPEPBDUPDPOUSBSJPBMPTEFSFDIPTZEFCFSFT
RVFTFFOVODJBOFOMPTQSFTFOUFTQSJODJQJPTTPNFUFSUPEPTFTPTBDUPTBMBTTBODJPOFT
QSPDFEFOUFTZSFBMJ[BSJOWFTUJHBDJPOFTJNQBSDJBMFTEFMBTEFOVODJBTBMSFTQFDUP
-PTGVODJPOBSJPTRVFUFOHBOSB[POFTQBSBDSFFSRVFTFIBQSPEVDJEPPFTUgQPS
QSPEVDJSTFVOBWJPMBDJwOEFMQSFTFOUF$POKVOUPEF1SJODJQJPTDPNVOJDBSgOMBDVFTUJwO
BTVTTVQFSJPSFTZDVBOEPTFBOFDFTBSJPBMBTBVUPSJEBEFTVwSHBOPTDPNQFUFOUFT
RVFUFOHBOBUSJCVDJPOFT¾TDBMJ[BEPSBTPDPSSFDUJWBT
5PEBPUSBQFSTPOBRVFUFOHBNPUJWPTQBSBDSFFSRVFTFIBQSPEVDJEPPFTUgQPS
QSPEVDJSTF VOB WJPMBDJwO EFM QSFTFOUF $POKVOUP EF 1SJODJQJPT UFOESg EFSFDIP B
DPNVOJDBSFMBTVOUPBMPTTVQFSJPSFTEFMPTGVODJPOBSJPTJOWPMVDSBEPTBTrDPNPB
PUSBTBVUPSJEBEFTVwSHBOPTDPNQFUFOUFTRVFUFOHBOBUSJCVDJPOFT¾TDBMJ[BEPSBTP
DPSSFDUJWBT
"SUrDVMP
-B EVSBDJwO EF UPEP JOUFSSPHBUPSJP B RVF TF TPNFUB B VOB QFSTPOB EFUFOJEB P
QSFTBZMBEFMPTJOUFSWBMPTFOUSFMPTJOUFSSPHBUPSJPTBTrDPNPMBJEFOUJEBEEFMPT
GVODJPOBSJPTRVFMPTIBZBOQSBDUJDBEPZMBEFMBTEFNgTQFSTPOBTQSFTFOUFTTFSgO
DPOTJHOBEBTFOSFHJTUSPTZDFSUJ¾DBEBTFOMBGPSNBQSFTDSJUBQPSMFZ
-B QFSTPOB EFUFOJEB P QSFTB P TV BCPHBEP DVBOEP MP EJTQPOHB MB MFZ UFOESg
BDDFTPBMBJOGPSNBDJwOEFTDSJUBFOFMQgSSBGPEFMQSFTFOUFQSJODJQJP
"SUrDVMP
-BQFSTPOBEFUFOJEBPQSFTBPTVBCPHBEPUFOESgEFSFDIPBQSFTFOUBSBMBTBVUP
SJEBEFTFODBSHBEBTEFMBBENJOJTUSBDJwOEFMMVHBSEFEFUFODJwOZBMBTBVUPSJEBEFT
TVQFSJPSFTZEFTFSOFDFTBSJPBMBTBVUPSJEBEFTDPNQFUFOUFTRVFUFOHBOBUSJCVDJP
(6Ê"1"3"130'&4*0/"-&4/P
OFT¾TDBMJ[BEPSBTPDPSSFDUJWBTVOBQFUJDJwOPVOSFDVSTPQPSFMUSBUPEFRVFIBZB
TJEP PCKFUP FO QBSUJDVMBS FO DBTP EF UPSUVSB V PUSPT USBUPT DSVFMFT JOIVNBOPT P
EFHSBEBOUFT
-PTEFSFDIPTRVFDPO¾FSFFMQgSSBGPEFMQSFTFOUFQSJODJQJPQPESgOTFSFKFSDJEPT
QPS VO GBNJMJBS EF MB QFSTPOB QSFTB P EFUFOJEB P QPS PUSB QFSTPOB RVF UFOHB
DPOPDJNJFOUPEFMDBTPDVBOEPOJMBQFSTPOBQSFTBPEFUFOJEBOJTVBCPHBEPUFOHBO
QPTJCJMJEBEFTEFFKFSDFSMPT
-BQFUJDJwOPSFDVSTPTFSgODPO¾EFODJBMFTTJBTrMPQJEJFSFFMSFDVSSFOUF
5PEBQFUJDJwOPSFDVSTPTFSgOFYBNJOBEPTTJOEJMBDJwOZDPOUFTUBEPTTJOEFNPSB
JOKVTUJ¾DBEB4JMBQFUJDJwOPSFDVSTPGVFSFOSFDIB[BEPTPIVCJFSFVOSFUSBTPFYDFTJWP
FMSFDVSSFOUFUFOESgEFSFDIPBQSFTFOUBSVOBQFUJDJwOPSFDVSTPBOUFVOKVF[VPUSB
BVUPSJEBE/JMBTQFSTPOBTEFUFOJEBTPQSFTBTOJMPTSFDVSSFOUFTTVGSJSgOQFSKVJDJPT
QPS IBCFS QSFTFOUBEP VOB QFUJDJwO P SFDVSTP EF DPOGPSNJEBE DPO FM QgSSBGP EFM
QSFTFOUFQSJODJQJP
"SUrDVMP
4JVOBQFSTPOBEFUFOJEBPQSFTBNVFSFPEFTBQBSFDFEVSBOUFTVEFUFODJwOPQSJTJwO
VOKVF[VPUSBBVUPSJEBEEFP¾DJPPBJOTUBODJBTEFVONJFNCSPEFMBGBNJMJBEFFTB
QFSTPOBPEFBMHVOBQFSTPOBRVFUFOHBDPOPDJNJFOUPEFMDBTPJOWFTUJHBSgMBDBVTB
EFMBNVFSUFPEFTBQBSJDJwO$VBOEPMBTDJSDVOTUBODJBTMPKVTUJ¾RVFOTFMMFWBSgB
DBCPVOBJOWFTUJHBDJwOJOJDJBEBEFMBNJTNBNBOFSBDVBOEPMBNVFSUFPEFTBQBSJDJwO
PDVSSBQPDPEFTQVnTEFUFSNJOBEBMBEFUFODJwOPQSJTJwO-BTDPODMVTJPOFTEFFTB
JOWFTUJHBDJwOPFMJOGPSNFDPSSFTQPOEJFOUFTFSgOQVFTUPTBEJTQPTJDJwOEFRVJFOMP
TPMJDJUFBNFOPTRVFDPOFMMPTFPCTUBDVMJDFMBJOTUSVDDJwOEFVOBDBVTBQFOBMFO
DVSTP
3FHMBTEFMBT/BDJPOFT6OJEBTQBSBMBQSPUFDDJwO
EFMPTNFOPSFTQSJWBEPTEFMJCFSUBE
3FHMB-BGBNJMJBPFMUVUPSEFVONFOPSPDVBMRVJFSPUSBQFSTPOBEFTJHOBEBQPS
EJDIPNFOPSUJFOFOFMEFSFDIPEFTFSJOGPSNBEPTTJBTrMPTPMJDJUBOEFMFTUBEPEF
TBMVE EFM NFOPS Z FO FM DBTP EF RVF TF QSPEV[DB VO DBNCJP JNQPSUBOUF FO nM &M
EJSFDUPS EFM DFOUSP EF EFUFODJwO EFCFSg OPUJ¾DBS JONFEJBUBNFOUF B MB GBNJMJB P BM
UVUPSEFMNFOPSPBDVBMRVJFSPUSBQFSTPOBEFTJHOBEBQPSnMFODBTPEFGBMMFDJNJFOUP
FOGFSNFEBERVFSFRVJFSBFMUSBTMBEPEFMNFOPSBVODFOUSPNnEJDPGVFSBEFMDFOUSP
PVOFTUBEPRVFFYJKBVOUSBUBNJFOUPEFNgTEFIPSBTFOFMTFSWJDJPDMrOJDPEFM
DFOUSPEFEFUFODJwO5BNCJnOTFEFCFSgOPUJ¾DBSBMBTBVUPSJEBEFTDPOTVMBSFTEFM
&TUBEPEFRVFTFBDJVEBEBOPFMNFOPSFYUSBOKFSP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
3FHMB &O DBTP EF GBMMFDJNJFOUP EF VO NFOPS EVSBOUF FM QFSrPEP EF QSJWBDJwO
EF MJCFSUBE FM QBSJFOUF NgT QSwYJNP UFOESg EFSFDIP B FYBNJOBS FM DFSUJ¾DBEP EF
EFGVODJwO B QFEJS RVF MF NVFTUSFO FM DBEgWFS Z EJTQPOFS TV |MUJNP EFTUJOP FO MB
GPSNBRVFEFDJEB&ODBTPEFGBMMFDJNJFOUPEFVONFOPSEVSBOUFTVJOUFSOBNJFOUP
EFCFSgQSBDUJDBSTFVOBJOWFTUJHBDJwOJOEFQFOEJFOUFTPCSFMBTDBVTBTEFMBEFGVODJwO
DVZBTDPODMVTJPOFTEFCFSgORVFEBSBEJTQPTJDJwOEFMQBSJFOUFNgTQSwYJNP%JDIB
JOWFTUJHBDJwO EFCFSg QSBDUJDBSTF DVBOEP FM GBMMFDJNJFOUP EFM NFOPS TF QSPEV[DB
EFOUSPEFMPTTFJTNFTFTTJHVJFOUFTBMBGFDIBEFTVMJCFSBDJwOEFMDFOUSPEFEFUFODJwO
ZDVBOEPIBZBNPUJWPTQBSBDSFFSRVFFMGBMMFDJNJFOUPHVBSEBSFMBDJwODPOFMQFSrPEP
EFSFDMVTJwO
%FDMBSBDJwOTPCSFMBFMJNJOBDJwOEFMBWJPMFODJBDPOUSBMBNVKFS
"SUrDVMP -PT &TUBEPT EFCFO DPOEFOBS MB WJPMFODJB DPOUSB MB NVKFS Z OP JOWPDBS
OJOHVOBDPTUVNCSFUSBEJDJwOPDPOTJEFSBDJwOSFMJHJPTBQBSBFMVEJSTVPCMJHBDJwOEF
QSPDVSBSFMJNJOBSMB-PT&TUBEPTEFCFOBQMJDBSQPSUPEPTMPTNFEJPTBQSPQJBEPTZ
TJOEFNPSBVOBQPMrUJDBFODBNJOBEBBFMJNJOBSMBWJPMFODJBDPOUSBMBNVKFS$POFTUF
¾OEFCFSgO<©>
D
1SPDFEFS DPO MB EFCJEB EJMJHFODJB B ¾O EF QSFWFOJS JOWFTUJHBS Z DPOGPSNF B MB
MFHJTMBDJwOOBDJPOBMDBTUJHBSUPEPBDUPEFWJPMFODJBDPOUSBMBNVKFSZBTFUSBUF
EFBDUPTQFSQFUSBEPTQPSFM&TUBEPPQPSQBSUJDVMBSFT
%FDMBSBDJwOTPCSFMPTQSJODJQJPTGVOEBNFOUBMFT
EFKVTUJDJBQBSBMBTWrDUJNBTEFEFMJUPTZEFMBCVTPEFQPEFS
-BT WrDUJNBT TFSgO USBUBEBT DPO DPNQBTJwO Z SFTQFUP QPS TV EJHOJEBE5FOESgO
EFSFDIPBMBDDFTPBMPTNFDBOJTNPTEFMBKVTUJDJBZBVOBQSPOUBSFQBSBDJwOEFMEBvP
RVFIBZBOTVGSJEPTFH|OMPEJTQVFTUPFOMBMFHJTMBDJwOOBDJPOBM
4FFTUBCMFDFSgZSFGPS[BSgODVBOEPTFBOFDFTBSJPNFDBOJTNPTKVEJDJBMFTZBE
NJOJTUSBUJWPTRVFQFSNJUBOBMBTWrDUJNBTPCUFOFSSFQBSBDJwONFEJBOUFQSPDFEJNJFO
UPTP¾DJBMFTVP¾DJPTPTRVFTFBOFYQFEJUPTKVTUPTQPDPDPTUPTPTZBDDFTJCMFT4F
JOGPSNBSg B MBT WrDUJNBT EF TVT EFSFDIPT QBSB PCUFOFS SFQBSBDJwO NFEJBOUF FTPT
NFDBOJTNPT
4FGBDJMJUBSgMBBEFDVBDJwOEFMPTQSPDFEJNJFOUPTKVEJDJBMFTZBENJOJTUSBUJWPTBMBT
OFDFTJEBEFTEFMBTWrDUJNBT
(6Ê"1"3"130'&4*0/"-&4/P
B
*OGPSNBOEPBMBTWrDUJNBTEFTVQBQFMZEFMBMDBODFFMEFTBSSPMMPDSPOPMwHJDPZMB
NBSDIBEFMBTBDUVBDJPOFTBTrDPNPEFMBEFDJTJwOEFTVTDBVTBTFTQFDJBMNFOUF
DVBOEPTFUSBUFEFEFMJUPTHSBWFTZDVBOEPIBZBOTPMJDJUBEPFTBJOGPSNBDJwO
C
1FSNJUJFOEPRVFMBTPQJOJPOFTZQSFPDVQBDJPOFTEFMBTWrDUJNBTTFBOQSFTFOUBEBT
Z FYBNJOBEBT FO FUBQBT BQSPQJBEBT EF MBT BDUVBDJPOFT TJFNQSF RVF FTUnO
FO KVFHP TVT JOUFSFTFT TJO QFSKVJDJP EFM BDVTBEP Z EF BDVFSEP DPO FM TJTUFNB
OBDJPOBMEFKVTUJDJBQFOBMDPSSFTQPOEJFOUF
D
1SFTUBOEPBTJTUFODJBBQSPQJBEBBMBTWrDUJNBTEVSBOUFUPEPFMQSPDFTPKVEJDJBM
E
"EPQUBOEP NFEJEBT QBSB NJOJNJ[BS MBT NPMFTUJBT DBVTBEBT B MBT WrDUJNBT
QSPUFHFSTVJOUJNJEBEFODBTPOFDFTBSJPZHBSBOUJ[BSTVTFHVSJEBEBTrDPNPMB
EFTVTGBNJMJBSFTZMBEFMPTUFTUJHPTFOTVGBWPSDPOUSBUPEPBDUPEFJOUJNJEBDJwO
ZSFQSFTBMJB
F
&WJUBOEPEFNPSBTJOOFDFTBSJBTFOMBSFTPMVDJwOEFMBTDBVTBTZFOMBFKFDVDJwO
EFMPTNBOEBNJFOUPTPEFDSFUPTRVFDPODFEBOJOEFNOJ[BDJPOFTBMBTWrDUJNBT
%JSFDUSJDFTTPCSFMB'VODJwOEFMPT'JTDBMFT
%JSFDUSJ[-PT¾TDBMFTEFTFNQFvBSgOVOQBQFMBDUJWPFOFMQSPDFEJNJFOUPQFOBM
JODMVJEBMBJOJDJBDJwOEFMQSPDFEJNJFOUPZDVBOEPBTrMPBVUPSJDFMBMFZPTFBKVTUFB
MBQSgDUJDBMPDBMFOMBJOWFTUJHBDJwOEFEFMJUPTMBTVQFSWJTJwOEFMBMFHBMJEBEEFFTBT
JOWFTUJHBDJPOFTMBTVQFSWJTJwOEFMBFKFDVDJwOEFGBMMPTKVEJDJBMFTZFMFKFSDJDJPEF
PUSBTGVODJPOFTDPNPSFQSFTFOUBOUFTEFMJOUFSnTQ|CMJDP
%JSFDUSJ[-PT¾TDBMFTEFDPOGPSNJEBEDPOMBMFZEFCFSgODVNQMJSTVTGVODJPOFT
DPO JNQBSDJBMJEBE ¾SNF[B Z QSPOUJUVE SFTQFUBS Z QSPUFHFS MB EJHOJEBE IVNBOB Z
EFGFOEFSMPTEFSFDIPTIVNBOPTDPOUSJCVZFOEPEFFTBNBOFSBBBTFHVSBSFMEFCJEP
QSPDFTPZFMCVFOGVODJPOBNJFOUPEFMTJTUFNBEFKVTUJDJBQFOBM
%JSFDUSJ[&ODVNQMJNJFOUPEFTVTPCMJHBDJPOFTMPT¾TDBMFT
B
%FTFNQFvBSgO TVT GVODJPOFT EF NBOFSB JNQBSDJBM Z FWJUBSgO UPEP UJQP EF
EJTDSJNJOBDJwOQPMrUJDBTPDJBMSFMJHJPTBSBDJBMDVMUVSBMTFYVBMPEFPUSBrOEPMF
C
1SPUFHFSgO FM JOUFSnT Q|CMJDP BDUVBSgO DPO PCKFUJWJEBE UFOESgO EFCJEBNFOUF
FO DVFOUB MB TJUVBDJwO EFM TPTQFDIPTP Z EF MB WrDUJNB Z QSFTUBSgO BUFODJwO B
UPEBT MBT DJSDVOTUBODJBT QFSUJOFOUFT QSFTDJOEJFOEP EF RVF TFBO WFOUBKPTBT P
EFTWFOUBKPTBTQBSBFMTPTQFDIPTP
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
D
.BOUFOESgO FM DBSgDUFS DPO¾EFODJBM EF MPT NBUFSJBMFT RVF PCSFO FO TV QPEFS
TBMWPRVFSFRVJFSBPUSBDPTBFMDVNQMJNJFOUPEFTVEFCFSPMBTOFDFTJEBEFTEFMB
KVTUJDJB
E
$POTJEFSBSgO MBT PQJOJPOFT F JORVJFUVEFT EF MBT WrDUJNBT DVBOEP TF WFBO
BGFDUBEPTTVTJOUFSFTFTQFSTPOBMFTZBTFHVSBSgORVFTFJOGPSNFBMBTWrDUJNBT
EFTVTEFSFDIPTDPOBSSFHMPBMB%FDMBSBDJwOTPCSFMPT1SJODJQJPT'VOEBNFOUBMFT
EF+VTUJDJBQBSBMBT7rDUJNBTEF%FMJUPTZEFM"CVTPEFM1PEFS
%JSFDUSJ[-PT¾TDBMFTOPJOJDJBSgOOJDPOUJOVBSgOVOQSPDFEJNJFOUPPCJFOIBSgO
UPEPMPQPTJCMFQPSJOUFSSVNQJSMPDVBOEPVOBJOWFTUJHBDJwOJNQBSDJBMEFNVFTUSFRVF
MBBDVTBDJwOFTJOGVOEBEB
%JSFDUSJ[ -PT ¾TDBMFT QSFTUBSgO MB EFCJEB BUFODJwO BM FOKVJDJBNJFOUP EF MPT
GVODJPOBSJPTQ|CMJDPTRVFIBZBODPNFUJEPEFMJUPTFTQFDJBMNFOUFFOMPTDBTPTEF
DPSSVQDJwOBCVTPEFQPEFSWJPMBDJPOFTHSBWFTEFEFSFDIPTIVNBOPTZPUSPTEFMJUPT
SFDPOPDJEPTQPSFMEFSFDIPJOUFSOBDJPOBMZDVBOEPMPBVUPSJDFOMBTMFZFTPTFBKVTUF
BMBQSgDUJDBMPDBMBMBJOWFTUJHBDJwOEFFTPTEFMJUPT
%JSFDUSJ[$VBOEPMPT¾TDBMFTUFOHBOFOTVQPEFSQSVFCBTDPOUSBTPTQFDIPTPTZ
TFQBOPUFOHBOTPTQFDIBTGVOEBEBTEFRVFGVFSPOPCUFOJEBTQPSNnUPEPTJMrDJUPT
RVF DPOTUJUVZBO VOB WJPMBDJwO HSBWF EF MPT EFSFDIPT IVNBOPT EFM TPTQFDIPTP
FTQFDJBMNFOUFUPSUVSBTUSBUPTPDBTUJHPTDSVFMFTJOIVNBOPTPEFHSBEBOUFTVPUSPT
BCVTPTEFMPTEFSFDIPTIVNBOPTTFOFHBSgOBVUJMJ[BSFTBTQSVFCBTDPOUSBDVBMRVJFS
QFSTPOB TBMWP DPOUSB RVJFOFT IBZBO FNQMFBEP FTPT NnUPEPT P MP JOGPSNBSgO
B MPT USJCVOBMFT Z BEPQUBSgO UPEBT MBT NFEJEBT OFDFTBSJBT QBSB BTFHVSBS RVF MPT
SFTQPOTBCMFTEFMBVUJMJ[BDJwOEFEJDIPTNnUPEPTDPNQBSF[DBOBOUFMBKVTUJDJB
1SJODJQJPT#gTJDPTTPCSFMB'VODJwOEFMPT"CPHBEPT
-PTHPCJFSOPTHBSBOUJ[BSgORVFMPTBCPHBEPTB
QVFEBOEFTFNQFvBSUPEBTTVT
GVODJPOFT QSPGFTJPOBMFT TJO JOUJNJEBDJPOFT PCTUgDVMPT BDPTPT P JOUFSGFSFODJBT
JOEFCJEBTC
QVFEBOWJBKBSZDPNVOJDBSTFMJCSFNFOUFDPOTVTDMJFOUFTUBOUPEFOUSP
EFTVQBrTDPNPFOFMFYUFSJPSZD
OPTVGSBOOJFTUnOFYQVFTUPTBQFSTFDVDJPOFTP
TBODJPOFTBENJOJTUSBUJWBTFDPOwNJDBTPEFPUSBrOEPMFBSBr[EFDVBMRVJFSNFEJEB
RVFIBZBOBEPQUBEPEFDPOGPSNJEBEDPOMBTPCMJHBDJPOFTSFHMBTZOPSNBTnUJDBT
RVFTFSFDPOPDFOBTVQSPGFTJwO
$VBOEPMBTFHVSJEBEEFMPTBCPHBEPTTFBBNFOB[BEBBSBr[EFMFKFSDJDJPEFTVT
GVODJPOFTSFDJCJSgOEFMBTBVUPSJEBEFTQSPUFDDJwOBEFDVBEB
(6Ê"1"3"130'&4*0/"-&4/P
-PTBCPHBEPTOPTFSgOJEFOUJ¾DBEPTDPOTVTDMJFOUFTOJDPOMBTDBVTBTEFTVT
DMJFOUFTDPNPDPOTFDVFODJBEFMEFTFNQFvPEFTVTGVODJPOFT
/JOH|O USJCVOBM OJ PSHBOJTNP BENJOJTUSBUJWP BOUF FM RVF TF SFDPOP[DB FM
EFSFDIP B TFS BTJTUJEP QPS VO BCPHBEP TF OFHBSg B SFDPOPDFS FM EFSFDIP EF VO
BCPHBEPBQSFTFOUBSTFBOUFnMFOOPNCSFEFTVDMJFOUFTBMWPRVFFMBCPHBEPIBZB
TJEP JOIBCJMJUBEP EF DPOGPSNJEBE DPO MBT MFZFT Z QSgDUJDBT OBDJPOBMFT Z DPO FTUPT
QSJODJQJPT
-PT BCPHBEPT HP[BSgO EF JONVOJEBE DJWJM Z QFOBM QPS MBT EFDMBSBDJPOFT RVF
IBHBO EF CVFOB GF QPS FTDSJUP P FO MPT BMFHBUPT PSBMFT P CJFO BM DPNQBSFDFS
DPNP QSPGFTJPOBMFT BOUF VO USJCVOBM KVEJDJBM PUSP USJCVOBM V wSHBOP KVSrEJDP P
BENJOJTUSBUJWP
-BTBVUPSJEBEFTDPNQFUFOUFTUJFOFOMBPCMJHBDJwOEFWFMBSQPSRVFMPTBCPHBEPT
UFOHBOBDDFTPBMBJOGPSNBDJwOMPTBSDIJWPTZEPDVNFOUPTQFSUJOFOUFTRVFFTUnOFO
TVQPEFSPCBKPTVDPOUSPMDPOBOUFMBDJwOTV¾DJFOUFQBSBRVFQVFEBOQSFTUBSBTVT
DMJFOUFTVOBBTJTUFODJBKVSrEJDBF¾DB[&TUFBDDFTPTFGBDJMJUBSgMPBOUFTQPTJCMF
-PT HPCJFSOPT SFDPOPDFSgO Z SFTQFUBSgO MB DPO¾EFODJBMJEBE EF UPEBT MBT
DPNVOJDBDJPOFT Z DPOTVMUBT FOUSF MPT BCPHBEPT Z TVT DMJFOUFT FO FM NBSDP EF TV
SFMBDJwOQSPGFTJPOBM
%FDMBSBDJwOTPCSFFMEFSFDIPZFMEFCFSEFMPTJOEJWJEVPTMPT
HSVQPTZMBTJOTUJUVDJPOFTEFQSPNPWFSZQSPUFHFSMPTEFSFDIPT
IVNBOPTZMBTMJCFSUBEFTGVOEBNFOUBMFTVOJWFSTBMNFOUF
SFDPOPDJEPT
"SUrDVMP
&OFMFKFSDJDJPEFMPTEFSFDIPTIVNBOPTZMBTMJCFSUBEFTGVOEBNFOUBMFTJODMVJEBT
MBQSPNPDJwOZMBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPTBRVFTFSF¾FSFMBQSFTFOUF
%FDMBSBDJwOUPEBQFSTPOBUJFOFEFSFDIPJOEJWJEVBMPDPMFDUJWBNFOUFBEJTQPOFSEF
SFDVSTPTF¾DBDFTZBTFSQSPUFHJEBFODBTPEFWJPMBDJwOEFFTPTEFSFDIPT
"UBMFTFGFDUPTUPEBQFSTPOBDVZPTEFSFDIPTPMJCFSUBEFTIBZBOTJEPQSFTVOUB
NFOUFWJPMBEPTUJFOFFMEFSFDIPCJFOQPSTrNJTNBPQPSDPOEVDUPEFVOSFQSFTFO
UBOUFMFHBMNFOUFBVUPSJ[BEPBQSFTFOUBSVOBEFOVODJBBOUFVOBBVUPSJEBEKVEJDJBM
JOEFQFOEJFOUFJNQBSDJBMZDPNQFUFOUFPDVBMRVJFSPUSBBVUPSJEBEFTUBCMFDJEBQPS
MBMFZZBRVFFTBEFOVODJBTFBFYBNJOBEBSgQJEBNFOUFFOBVEJFODJBQ|CMJDBZB
PCUFOFSEFFTBBVUPSJEBEVOBEFDJTJwOEFDPOGPSNJEBEDPOMBMFZRVFEJTQPOHBMB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
SFQBSBDJwOJODMVJEBMBJOEFNOJ[BDJwORVFDPSSFTQPOEBDVBOEPTFIBZBOWJPMBEPMPT
EFSFDIPTPMJCFSUBEFTEFFTBQFSTPOBBTrDPNPBPCUFOFSMBFKFDVDJwOEFMBFWFOUVBM
EFDJTJwOZTFOUFODJBUPEPFMMPTJOEFNPSBJOEFCJEB
"MPTNJTNPTFGFDUPTUPEBQFSTPOBUJFOFEFSFDIPJOEJWJEVBMPDPMFDUJWBNFOUF
FOUSFPUSBTDPTBTB
B
%FOVODJBSMBTQPMrUJDBTZBDDJPOFTEFMPTGVODJPOBSJPTZwSHBOPTHVCFSOBNFOUBMFT
FO SFMBDJwO DPO WJPMBDJPOFT EF MPT EFSFDIPT IVNBOPT Z MBT MJCFSUBEFT GVOEB
NFOUBMFTNFEJBOUFQFUJDJPOFTVPUSPTNFEJPTBEFDVBEPTBOUFMBTBVUPSJEBEFT
KVEJDJBMFTBENJOJTUSBUJWBTPMFHJTMBUJWBTJOUFSOBTPBOUFDVBMRVJFSPUSBBVUPSJEBE
DPNQFUFOUFQSFWJTUBFOFMTJTUFNBKVSrEJDPEFM&TUBEPMBTDVBMFTEFCFOFNJUJS
TVEFDJTJwOTPCSFMBEFOVODJBTJOEFNPSBJOEFCJEB
C
"TJTUJSBMBTBVEJFODJBTMPTQSPDFEJNJFOUPTZMPTKVJDJPTQ|CMJDPTQBSBGPSNBSTF
VOBPQJOJwOTPCSFFMDVNQMJNJFOUPEFMBTOPSNBTOBDJPOBMFTZEFMBTPCMJHBDJPOFT
ZMPTDPNQSPNJTPTJOUFSOBDJPOBMFTBQMJDBCMFT
D
0GSFDFS Z QSFTUBS BTJTUFODJB MFUSBEB QSPGFTJPOBM V PUSP BTFTPSBNJFOUP Z
BTJTUFODJB QFSUJOFOUFT QBSB EFGFOEFS MPT EFSFDIPT IVNBOPT Z MBT MJCFSUBEFT
GVOEBNFOUBMFT
"MPTNJTNPTFGFDUPTUPEBQFSTPOBUJFOFFMEFSFDIPJOEJWJEVBMPDPMFDUJWBNFOUF
EFDPOGPSNJEBEDPOMPTJOTUSVNFOUPTZQSPDFEJNJFOUPTJOUFSOBDJPOBMFTBQMJDBCMFTB
EJSJHJSTFTJOUSBCBTBMPTPSHBOJTNPTJOUFSOBDJPOBMFTRVFUFOHBODPNQFUFODJBHFOFSBM
P FTQFDJBM QBSB SFDJCJS Z FYBNJOBS DPNVOJDBDJPOFT TPCSF DVFTUJPOFT EF EFSFDIPT
IVNBOPTZMJCFSUBEFTGVOEBNFOUBMFTZBDPNVOJDBSTFTJOUSBCBTDPOFMMPT
&M&TUBEPSFBMJ[BSgVOBJOWFTUJHBDJwOSgQJEBFJNQBSDJBMPBEPQUBSgMBTNFEJEBT
OFDFTBSJBT QBSB RVF TF MMFWF B DBCP VOB JOEBHBDJwO DVBOEP FYJTUBO NPUJWPT
SB[POBCMFTQBSBDSFFSRVFTFIBQSPEVDJEPVOBWJPMBDJwOEFMPTEFSFDIPTIVNBOPTZ
MBTMJCFSUBEFTGVOEBNFOUBMFTFODVBMRVJFSUFSSJUPSJPTPNFUJEPBTVKVSJTEJDDJwO
(6Ê"1"3"130'&4*0/"-&4/P
1SJODJQJPTSFMBUJWPTBMFTUBUVUPZGVODJPOBNJFOUPEFMBT
JOTUJUVDJPOFTOBDJPOBMFTEFQSPUFDDJwOZQSPNPDJwO
EFMPTEFSFDIPTIVNBOPT
"$PNQFUFODJBTZBUSJCVDJPOFT
-BJOTUJUVDJwOOBDJPOBMUFOESgFOQBSUJDVMBSMBTTJHVJFOUFTBUSJCVDJPOFT
B
QSFTFOUBSBUrUVMPDPOTVMUJWPBMHPCJFSOPBM1BSMBNFOUPZBDVBMRVJFSPUSPwS
HBOPQFSUJOFOUFBJOTUBODJBEFMBTBVUPSJEBEFTJOUFSFTBEBTPFOFKFSDJDJPEFTV
GBDVMUBEEFBVUPTVNJTJwOEJDUgNFOFTSFDPNFOEBDJPOFTQSPQVFTUBTFJOGPSNFT
TPCSFUPEBTMBTDVFTUJPOFTSFMBUJWBTBMBQSPUFDDJwOZQSPNPDJwOEFMPTEFSFDIPT
IVNBOPT MB JOTUJUVDJwOOBDJPOBMQPESgEFDJEJSIBDFSMPTQ|CMJDPTMPTEJDUgNF
OFTMBTSFDPNFOEBDJPOFTMBTQSPQPTJDJPOFTZMPTJOGPSNFTBTrDPNPDVBMRVJFS
QSFSSPHBUJWBEFMBJOTUJUVDJwOOBDJPOBMBCBSDBSgOMBTTJHVJFOUFTFTGFSBT<©>
JJ
UPEB TJUVBDJwO EF WJPMBDJwO EF MPT EFSFDIPT IVNBOPT EF MB DVBM EFDJEB
PDVQBSTF
JJJ
MBFMBCPSBDJwOEFJOGPSNFTTPCSFMBTJUVBDJwOOBDJPOBMFONBUFSJBEFEFSFDIPT
IVNBOPTFOHFOFSBMPTPCSFDVFTUJPOFTNgTFTQFDr¾DBT
JW
TFvBMBSBMBBUFODJwOEFM(PCJFSOPMBTTJUVBDJPOFTEFWJPMBDJwOEFMPTEFSFDIPT
IVNBOPTFODVBMRVJFSQBSUFEFMQBrTQSPQPOFSNFEJEBTFODBNJOBEBTBQPOFS
UnSNJOPBFTBTTJUVBDJPOFTZFOTVDBTPFNJUJSVOEJDUBNFOTPCSFMBQPTJDJwO
ZSFBDDJwOEFMHPCJFSOP
$.PEBMJEBEFTEFGVODJPOBNJFOUP
&OFMNBSDPEFTVTBDUJWJEBEFTMBJOTUJUVDJwOOBDJPOBMEFCFSg<©>
3FDJCJS UPEPT MPT UFTUJNPOJPT Z PCUFOFS UPEBT MBT JOGPSNBDJPOFT Z EPDVNFOUPT
OFDFTBSJPT QBSB FM FYBNFO EF MBT TJUVBDJPOFT DPNQSFOEJEBT FO FM gNCJUP EF TV
DPNQFUFODJB
*.16/*%"%:(3"7&47*0-"$*0/&4%&%&3&$)04)6."/04
***OTUSVNFOUPTEFMB0SHBOJ[BDJwOEFMPT&TUBEPT"NFSJDBOPT
$POWFODJwO*OUFSBNFSJDBOBQBSB1SFWFOJSZ4BODJPOBSMB5PSUVSB
"SUrDVMP
-PT &TUBEPT QBSUFT HBSBOUJ[BSgO B UPEB QFSTPOB RVF EFOVODJF IBCFS TJEP TPNFUJEB
B UPSUVSB FO FM gNCJUP EF TV KVSJTEJDDJwO FM EFSFDIP B RVF FM DBTP TFB FYBNJOBEP
JNQBSDJBMNFOUF
"TJNJTNPDVBOEPFYJTUBEFOVODJBPSB[wOGVOEBEBQBSBDSFFSRVFTFIBDPNFUJEPVO
BDUPEFUPSUVSBFOFMgNCJUPEFTVKVSJTEJDDJwOMPT&TUBEPTQBSUFTHBSBOUJ[BSgORVFTVT
SFTQFDUJWBTBVUPSJEBEFTQSPDFEFSgOEFP¾DJPZEFJONFEJBUPBSFBMJ[BSVOBJOWFTUJHBDJwO
TPCSFFMDBTPZBJOJDJBSDVBOEPDPSSFTQPOEBFMSFTQFDUJWPQSPDFTPQFOBM
"SUrDVMP
/JOHVOBEFDMBSBDJwORVFTFDPNQSVFCFIBCFSTJEPPCUFOJEBNFEJBOUFUPSUVSBQPESg
TFS BENJUJEB DPNP NFEJP EF QSVFCB FO VO QSPDFTP TBMWP FO FM RVF TF TJHB DPOUSB
MB QFSTPOB P QFSTPOBT BDVTBEBT EF IBCFSMB PCUFOJEP NFEJBOUF BDUPT EF UPSUVSB Z
|OJDBNFOUFDPNPQSVFCBEFRVFQPSFTFNFEJPFMBDVTBEPPCUVWPUBMEFDMBSBDJwO
$POWFODJwO*OUFSBNFSJDBOBTPCSF
%FTBQBSJDJwO'PS[BEBEF1FSTPOBT
"SUrDVMP*9
-PTQSFTVOUPTSFTQPOTBCMFTEFMPTIFDIPTDPOTUJUVUJWPTEFMEFMJUPEFEFTBQBSJDJwO
GPS[BEB EF QFSTPOBT TwMP QPESgO TFS KV[HBEPT QPS MBT KVSJTEJDDJPOFT EF EFSFDIP
DPN|ODPNQFUFOUFTFODBEB&TUBEPDPOFYDMVTJwOEFUPEBKVSJTEJDDJwOFTQFDJBMFO
QBSUJDVMBSMBNJMJUBS
-PTIFDIPTDPOTUJUVUJWPTEFMBEFTBQBSJDJwOGPS[BEBOPQPESgODPOTJEFSBSTFDPNP
DPNFUJEPTFOFMFKFSDJDJPEFMBTGVODJPOFTNJMJUBSFT
"SUrDVMP9
&OOJOH|ODBTPQPESgOJOWPDBSTFDJSDVOTUBODJBTFYDFQDJPOBMFTUBMFTDPNPFTUBEP
EF HVFSSB P BNFOB[B EF HVFSSB JOFTUBCJMJEBE QPMrUJDB JOUFSOB P DVBMRVJFS PUSB
FNFSHFODJB Q|CMJDB DPNP KVTUJ¾DBDJwO EF MB EFTBQBSJDJwO GPS[BEB EF QFSTPOBT
(6Ê"1"3"130'&4*0/"-&4/P
&OUBMFTDBTPTFMEFSFDIPBQSPDFEJNJFOUPTPSFDVSTPTKVEJDJBMFTSgQJEPTF¾DBDFT
TF DPOTFSWBSg DPNP NFEJP QBSB EFUFSNJOBS FM QBSBEFSP EF MBT QFSTPOBT QSJWBEBT
EFMJCFSUBEPTVFTUBEPEFTBMVEPQBSBJOEJWJEVBMJ[BSBMBBVUPSJEBERVFPSEFOwMB
QSJWBDJwOEFMJCFSUBEPMBIJ[PFGFDUJWB
&OMBUSBNJUBDJwOEFEJDIPTQSPDFEJNJFOUPTPSFDVSTPTZDPOGPSNFBMEFSFDIPJOUFSOP
SFTQFDUJWPMBTBVUPSJEBEFTKVEJDJBMFTDPNQFUFOUFTUFOESgOMJCSFFJONFEJBUPBDDFTP
BUPEPDFOUSPEFEFUFODJwOZBDBEBVOBEFTVTEFQFOEFODJBTBTrDPNPBUPEPMVHBS
EPOEFIBZBNPUJWPTQBSBDSFFSRVFTFQVFEFFODPOUSBSBMBQFSTPOBEFTBQBSFDJEB
JODMVTPMVHBSFTTVKFUPTBMBKVSJTEJDDJwONJMJUBS
$POWFODJwO*OUFSBNFSJDBOBQBSB1SFWFOJS
4BODJPOBSZ&SSBEJDBSMB7JPMFODJBDPOUSBMB.VKFS
"SUrDVMP
-PT&TUBEPT1BSUFTDPOEFOBOUPEBTMBTGPSNBTEFWJPMFODJBDPOUSBMBNVKFSZDPOWJFOFO
FOBEPQUBSQPSUPEPTMPTNFEJPTBQSPQJBEPTZTJOEJMBDJPOFTQPMrUJDBTPSJFOUBEBTB
QSFWFOJS TBODJPOBS Z FSSBEJDBS EJDIB WJPMFODJB Z FO MMFWBS B DBCP MP TJHVJFOUF <©>
C
BDUVBSDPOMBEFCJEBEJMJHFODJBQBSBQSFWFOJSJOWFTUJHBSZTBODJPOBSMBWJPMFODJB
DPOUSB MB NVKFS <©> G FTUBCMFDFS QSPDFEJNJFOUPT MFHBMFT KVTUPT Z F¾DBDFT QBSB MB
NVKFS RVF IBZB TJEP TPNFUJEB B WJPMFODJB RVF JODMVZBO FOUSF PUSPT NFEJEBT EF
QSPUFDDJwOVOKVJDJPPQPSUVOPZFMBDDFTPFGFDUJWPBUBMFTQSPDFEJNJFOUPT
%FDMBSBDJwOEFQSJODJQJPTTPCSFMJCFSUBEEFFYQSFTJwO
&MBTFTJOBUPTFDVFTUSPJOUJNJEBDJwOBNFOB[BBMPTDPNVOJDBEPSFTTPDJBMFTBTr
DPNP MB EFTUSVDDJwO NBUFSJBM EF MPT NFEJPT EF DPNVOJDBDJwO WJPMB MPT EFSFDIPT
GVOEBNFOUBMFT EF MBT QFSTPOBT Z DPBSUB TFWFSBNFOUF MB MJCFSUBE EF FYQSFTJwO &T
EFCFSEFMPT&TUBEPTQSFWFOJSFJOWFTUJHBSFTUPTIFDIPTTBODJPOBSBTVTBVUPSFTZ
BTFHVSBSBMBTWrDUJNBTVOBSFQBSBDJwOBEFDVBEB
4FUFSNJOwEFJNQSJNJSFOMPTUBMMFSFTHSg¾DPTEF
4FSWJQSFOTB4"BBWFOJEB[POB
5FMnGPOPT
$PSSFPFMFDUSwOJDPHFSFODJBHFOFSBM!TFSWJQSFOTBDPN
"CSJM(VBUFNBMB$FOUSPBNnSJDB
Comisión Internacional de Juristas
Presidente
La Comisión Internacional de Juristas (CIJ) es una organización no-gubernamental
dedicada a promover el conocimiento y respeto del estado de derecho y la protección legal de los derechos humanos en todo el mundo. Su sede se encuentra en
Ginebra, Suiza, y cuenta con 37 secciones nacionales, 45 organizaciones afiliadas
y 60 eminentes juristas de todas las regiones del mundo.
Justice Arthur CHASKALSON, Sudáfrica
Vicepresidentes
Prof. Jochen A. FROWEIN, Alemania
Prof. Leila ZERROUGUI, Argelia
Comité Ejecutivo
Justice Ian BINNIE, Canadá
Dr. Rajeev DHAVAN, India
Prof. Vojin DIMITRIJEVIC, Serbia
Prof. Louise DOSWALD-BECK, Suiza
Justice Unity DOW, Botswana
Justice John DOWD, Australia
(Presidente del Comité Ejecutivo)
Dr. Gustavo GALLÓN GIRALDO, Colombia
Sr. Stellan GÄRDE, Suecia
Sr. Raji SOURANI, Palestina
Otros Miembros de la Comisión
33, rue des Bains
Casilla Postal 91
1211 Ginebra 8
Suiza
Tel.: +41 (0)22 979 38 00
Fax: +41 (0)22 979 38 01
[email protected], www.icj.org
Sr. Raja Aziz ADDRUSE, Malasia
Prof. Abdullahi AN-NA’IM, Sudán
Justice Solomy BALUNGI BOSSA, Uganda
Embajador Julio BARBOZA, Argentina
Prof. Alexander BRÖSTL, Eslovaquia
Sra. Christine CHANET, Francia
Sra. Vera DUARTE LOBO DE PINA, Cabo Verde
Prof. Paula ESCARAMEIA, Portugal
Justice Elisabeth EVATT, Australia
Prof. Ruth GAVISON, Israel
Prof. Jenny E. GOLDSCHMIDT, Países Bajos
Lord William GOODHART, Reino Unido
Sra. Asma JAHANGIR, Pakistán
Sra. Imrana JALAL, Fiji
Prof. David KRETZMER, Israel
Prof. Kazimierz Maria LANKOSZ, Polonia
Sra. Gladys Veronica LI, Hong Kong
Sr. Kathurima M’INOTI, Kenia
Sra. Karinna MOSKALENKO, Rusia
Prof. Vitit MUNTABHORN, Tailandia
Dr. Adnan B. NASUTION, Indonesia
Dr. Pedro NIKKEN, Venezuela
Prof. Manfred NOWAK, Austria
Prof. Andrei RICHTER, Rusia
Justice Michèle RIVET, Canadá
Dra. Mary ROBINSON, Irlanda
Sir Nigel RODLEY, Reino Unido
Justice A.K.M. SADEQUE, Bangladesh
Sr. Jerome J. SHESTACK, Estados Unidos
Dr. Hipólito SOLARI YRIGOYEN, Argentina
Prof. Daniel THÜRER, Suiza
Prof. U. Oji UMOZURIKE, Nigeria
Justice Vilenas VADAPALAS, Lituania
Prof. Yozo YOKOTA, Japón
Miembros Honorarios
Arturo A. ALAFRIZ, Filipinas
P.N. BHAGWATI, India
Boutros BOUTROS-GHALI, Egipto
William J. BUTLER, Estados Unidos
Prof. Antonio CASSESE, Italia
Dato’ Param CUMARASWAMY, Malasia
Dalmo A. DE ABREU DALLARI, Brasil
Alfredo ETCHEBERRY, Chile
Desmond FERNANDO, Sri Lanka
P. Telford GEORGES, Bahamas
Lennart GROLL, Suecia
Hans-Heinrich JESCHECK, Alemania
P.J.G. KAPTEYN, Países Bajos
Michael D. KIRBY,AC, CMG, Australia
Kofi KUMADO, Ghana
Jean Flavien LALIVE, Suiza
Claire L’HEUREUX-DUBÉ, Canadá
Rudolf MACHACEK,Austria
Daniel H. MARCHAND, Francia
Norman S. MARSCH, Reino Unido
J.R.W.S.MAWALLA, Tanzania
Keba M’BAYE, Senegal
François-Xavier MBOUYOM, Camerún
Fali S. NARIMAN, India
Shridath S. RAMPHAL, Guyana
Bertrand RAMCHARAN, Guyana
Joaquín RUIZ-GIMÉNEZ, España
Christian TOMUSCHAT, Alemania
Michael A. TRIANTAFYLLIDES, Chipre
Profesor Theo VAN BOVEN, Países Bajos
Dr. José Zalaquett, Chile
Descargar