6IEPMX]MW4PEWXMG
8LI%VXSJ-QTVSQTXY,]TRSWMW
%RXLSR].EGUYMR
8LMW[SVOMWS[RIHERHTYFPMWLIHF]%RXLSR].EGUYMRSJ9/,8'0XH
9/,8'0XH[EWWIXYTMRERHMWERMRXIVREXMSREPP]VIGSKRM^IHXVEMRMRKGIRXVIMRXLIEVX
SJL]TRSWMWERHL]TRSXLIVET]9/,8'WTIGMEPMWIMRXLITVSZMWMSRSJXVEMRMRKTVSHYGXWERH
GSYVWIW
6IEPMX]MW4PEWXMG8LI%VXSJ-QTVSQTXY,]TRSWMW
*MVWXTYFPMWLIH
6ITVMRXIH[MXLVIZMWMSRW
%RXLSR].EGUYMR
8LIVMKLXSJ%RXLSR].EGUYMRXSFIMHIRXM´IHEWXLIEYXLSVSJXLMW[SVOLEWFIIREWWIVXIHF]
LMQMREGGSVHERGI[MXLXLI9/'ST]VMKLX(IWMKRWERH4EXIRXW%GX
%PPVMKLXWVIWIVZIH[SVPH[MHI
2STEVXSJXLMWTYFPMGEXMSRQE]FIWXSVIHMRVIXVMIZEPW]WXIQXVERWQMXXIHSVVITVSHYGIHMRER]
[E]MRGPYHMRKFYXRSXPMQMXIHXSHMKMXEPGST]MRKERHTVMRXMRK[MXLSYXXLITVMSVEKVIIQIRXERH
[VMXXIRTIVQMWWMSRSJXLIEYXLSV
=SYQYWXRSXYWISYVTVSHYGXWJSVGSQQIVGMEPYWII\GITXJSVXLITYVTSWIWSJ]SYVS[R
TVSJIWWMSREPHIZIPSTQIRXF][LMGL[IQIERXLEX
=SYQE]YWIXLMWTVSHYGXEWVIJIVIRGIJSV]SYVS[RL]TRSWMWWIWWMSRWMR
EGGSVHERGI[MXLEGGITXEFPITVEGXMGIWTIVQMWWMSRERHIXLMGWFYX
=SYQE]RSXGST]SVQEOIGSTMIWSJXLIWITVSHYGXWSVTPE]
ER]TVSHYGXWXS]SYVGPMIRXW
=SYQE]RSXGPEMQXSFIEWWSGMEXIH[MXL%RXLSR].EGUYMRSV9/,8'0XHMR
ER][E]SVXSYWISYVREQIMRGSRRIGXMSR[MXL]SYVS[RTVEGXMGIYRPIWW]SY
EVIXVEMRIHXS(MTPSQEGIVXM´GEXMSRPIZIPF]9/,8'0XH
4LSXSKVETL]F]6IH7UYEVI4LSXSKVETL]7XYHMSERH:MZMH'VIEXMZI-HIEW
+VETLMGHIWMKRF]3ZIVXLVS[4VSHYGXMSRW0XH[[[SZIVXLVS[TVSHYGXMSRWGSQ
%RXLSR].EGUYMR
6SSQ7X.EQIW7X
(IVF]

(IVF]WLMVI()6*
9RMXIH/MRKHSQ
)QEMPIRUYMVMIW$ERXLSR]NEGUYMRGSQ
;IF[[[ERXLSR]NEGUYMRGSQ
-7&2
6IEPMX]MW4PEWXMG
8LI%VXSJ-QTVSQTXY,]TRSWMW
%RXLSR].EGUYMR
6IEPMX]MW4PEWXMG
6IEPMX]MW4PEWXMG

6IEPMX]MW4PEWXMG
%FSYX6IEPMX]MW4PEWXMG8LI%VXSJ-QTVSQTXY,]TRSWMW
8LMWFSSOMWEVIWSYVGIJSVXLSWITVSJIWWMRKXSFISV[MWLMRKXSFIGSQI
L]TRSXMWXW-XMWRSXEWYFWXMXYXIJSVLERHWSRXVEMRMRKJVSQETVSJIWWMSREP
L]TRSXMWX[LSMWEGGSQTPMWLIHEXHIPMZIVMRKXVEMRMRK,S[IZIVMJ]SYJSPPS[XLI
KYMHIPMRIWMRXLMWFSSOERHLEZIXLIVMKLXEXXMXYHIETXMXYHIEW[IPPEWIRSYKL
JVSRXXEPIRXERHGSR´HIRGI]SY[MPPL]TRSXM^ITISTPI
;MXLXLMWEFMPMX]GSQIWVIWTSRWMFMPMX],]TRSWMWGERFIYWIHJSVJYRXSGVIEXI
PEYKLXIVERHTVSHYGI[SRHIVJYPXLIVETIYXMGGLERKIWMRTISTPI-XGERNYWXEWIEWMP]
VIWYPXMRGSRJYWMSRJIEVERHYRLIPTJYPGLERKIW-J]SYORS[[LEX]SYEVIHSMRK
XLIRXLIGLERGIWSJGEYWMRKIZIRXIQTSVEV]HMWXVIWWSVYTWIXEVII\XVIQIP]WQEPP
;MXLXLMWMRQMRHXLMWFSSOGPSWIW[MXLMRJSVQEXMSREFSYXLS[XSYWIL]TRSWMWMR
E[E]XLEXIRWYVIWXLI[IPPFIMRKSJEPPGSRGIVRIHMWXEOIRGEVISJ4PIEWIVIEHXLMW
GLETXIVERHYWI]SYVGSQQSRWIRWI[MXLVIKEVHXSLIEPXLERHWEJIX]ERHHIGIRX
QSVEPWERHIXLMGW[MXLVIKEVHXSXLIHMVIGXMSR]SYETTP]L]TRSWMW
8LVSYKLSYXXLMWFSSOERHQ]SXLIVXVEMRMRKTVSHYGXWERHGSYVWIW-SJJIV
WYKKIWXMSRWJSV[SVHWTLVEWIWERHMRWSQIGEWIWGSQTPIXIWGVMTXWXLEX[MPPFI
YWIJYPXS]SY,S[IZIVQ]IQTLEWMW[LIRXVEMRMRKTISTPIMWXLEXXSFIEKSSH
L]TRSXMWX]SYQYWX´VWXFIGSQI8LI,]TRSXMWXERHXLMROSJ]SYVWIPJEW8LI

,]TRSXMWX=SYVEXXMXYHITIVWSREERHGSR´HIRGIGEVV]QSVI[IMKLXXLERER]
WGVMTXSVPMRKYMWXMGXVMGO;LIVI-LEZISJJIVIHWYKKIWXMSRWJSV[LEXXSWE]TPIEWI
YRHIVWXERHXLEXXLIWIEVIXLI[SVHW-YWIXLI][SVOJSVQI-LEZIFIPMIJMR
XLIQ-RWSQIGEWIWXLI]QE]WIIQZIV]FVMIJFYX-GEREWWYVI]SYRSXLMRKLEW
FIIRPIJXSYX2SXLMRKWYTIVµYSYWEHHIH;LIRL]TRSXM^MRK-YWIXLIWI[SVHW
ERHXIGLRMUYIWSZIVERHSZIV[MXLSYXELYKIEQSYRXSJZEVMEXMSRNYWXWSQI
TIVWSREPMWEXMSRHITIRHMRKSR[LSQ-EQEHHVIWWMRK-RXLEXWIRWIXLI]LEZI
FIGSQIQ]TEXXIVSVWGVMTX(SRSXJIIP]SYQYWXVITIEXXLIQZIVFEXMQEPXLSYKL
XLEXMWRSXEFEHTPEGIXSWXEVXMJ]SYEVIEGSQTPIXIFIKMRRIV9WIXLIQEWE
WXEVXMRKTSMRX8LI[SVHW]SYYWIXSHS]SYV[SVOEW8LI,]TRSXMWXQYWXWSYRH
VMKLXXS]SY8LI]QYWXFIIEWMP]YRHIVWXSSHERHVIWSREXI[MXLXLSWI]SYEHHVIWW
=SYEVIKSMRKXSYWIXLIQXSJSGYWXLIEXXIRXMSRSJ]SYVWYFNIGXERHWYKKIWXMHIEW
XSXLIQ
8EOIXLIWIMHIEWERHFVERGLSJJJVSQXLIQ(IZIPST]SYVS[RWX]PISJTEXXIVERH
]SY[MPPFIQSVIIJJIGXMZI7GVMTXWEVIRSXWTIPPWERHWLSYPHRSXFIVIEH-XMWRSX
XLI[SVHWXLEXHSXLIL]TRSXMWMRK]SYHS)ZIRMJ]SYYWIXLI[SVHW-YWII\EGXP]
EWXLI]EVIKMZIRIRWYVIXLEX]SYXEOIS[RIVWLMTSJXLIQVILIEVWISZIVERHSZIV
ERHSZIVYRXMPXLI]FIGSQITEVXSJ]SY
-RXVSHYGXMSR
6IEPMX]MW4PEWXMG
%RYQFIVSJGSRZIRXMSRWLEZIFIIRYWIHXSQEOIER]WGVMTXIHTSVXMSRWSJ
XLIFSSOIEWMIVXSYRHIVWXERH
8LVSYKLSYX[I[MPPVIJIVXSXLI,]TRSXMWXEW«8LI,]TRSXMWX¬
8LVSYKLSYX[I[MPPVIJIVXSXLITIVWSRFIMRKL]TRSXM^IHEW
«XLIWYFNIGX¬
+IRIVEPXI\XERHER]HIWGVMTXMZIMRWXVYGXMSRWEVI[VMXXIRMRXLMWTPEMR
XI\X8LIWIMRWXVYGXMSRWWLSYPH238FIWTSOIRXSXLIWYFNIGX
%R][SVHWSVMRWXVYGXMSRWXLEXEVIWTSOIRXSXLIWYFNIGXEVIMRFSPH
-RL]TRSWMW]SYEVITVMQEVMP]KSMRKXSYWI[SVHWXSMRµYIRGI]SYVWYFNIGX
7S]SYLEHFIXXIVORS[[LEX]SYEVIWE]MRK%MQXSFIGSQIEQEWXIVSJ

GSQQYRMGEXMSR6IµIGXYTSRXLI[SVHW]SYYWIERHXLIMVQIERMRKWERH
EWWSGMEXMSRW=SYWLSYPHTE]EXXIRXMSRXSLS[]SYHIPMZIVWYKKIWXMSRWERH
LS[FIWXXSMRWXVYGX]SYVWYFNIGX0IEVRXSYWI]SYVZSGEPXSRIERHXIQTS
XSGSQQYRMGEXI]SYVMRXIRXMSRGPIEVP]ERHYRHIVWXERH[LIRXSYWIWMPIRGI
ERHIQTLEWMW%PPSJXLMW[MPPLIPT]SYMQTVSZI]SYVGSQQYRMGEXMSRWOMPPW
KIRIVEPP]ERHLIPT]SYFIGSQIERI\GIPPIRXL]TRSXMWX=SY[MPPW[MJXP]FIKMR
XSHIZIPST]SYVS[RJEZSYVIHWYKKIWXMSRWERHWX]PI
8LIVIMWRSXLMRK[VSRK[MXLMQMXEXMRK-XMWSRI[E]SJPIEVRMRK7S[EXGL
WLS[WERHGPMTWSJXLIFIWXL]TRSXMWXWEX[SVO6IEHEVSYRHXLIWYFNIGXXSS
8LIFIWXL]TRSXMWXWETTIEVXSXEPP]GSR´HIRXI\TIGXMRKRSXLMRKPIWWXLER
GSQTPIXIWYGGIWW8LI]ETTIEVORS[PIHKIEFPIERHXSXEPP]GIVXEMREFSYX[LEX
XLI]EVIHSMRK9PXMQEXIP]FI]SYVWIPJ§NYWXQSVIWS
-RXVSHYGXMSR
6IEPMX]MW4PEWXMG
 ;LEXMW-QTVSQTXY,]TRSWMW# 
 ,]TRSWMW2SMRXVSHYGXMSRRIGIWWEV]   
 &IMRK8LI,]TRSXMWX 
 7IXXMRKXLMRKWYT 
 ,S[XSXIPPMJWSQISRIMWL]TRSXM^IH   
 ,]TRSXMGTLIRSQIRE 
 8LI7IX4MIGI 
 1EKRIXMG*MRKIVW 
 1EKRIXMG,ERHW 
 7XMJJ%VQ 
 -RHYGXMSRW 
 8LI6ILIEVWEP 
 )]IXS,ERH*M\EXMSR 
 1EKRIXMG4EPQW 
 8LI,ERHWLEOI 
 .EGUYMR4S[IV0MJX 

 .EGUYMR4S[IV-RHYGXMSR 
 -RWXERX-RHYGXMSR 
 +IXXMRK(IIT2S[§-RXIRWM´GEXMSR   
 0MROW 
 0SSTW 
 'LEMRW 
 (MVIGXMSR 
 8LI7YTIV7YKKIWXMSR 
 )RGSYVEKIQIRX 
 4VSGIHYVEP-RWXVYGXMSRW 
 2EZMKEXMSR'SRXVSP 
 %TTP]MRK-QTVSQTXY,]TRSWMW 
 &VMIJIWX8LIVET]§8LI,]TRSXMG'SVTWI   
 6SWWM7X]PI&VMIJ8LIVET] 
 +SRI 
 6SFFIH 
 'PSEOIH 
 *IH 
 ;EXIVIH 
 &EGOMRXLIVSSQ 
 7EJIX]0EWX 
 %FVIEGXMSRWERHSXLIVWYVTVMWIW 
 1SVEPWERH)XLMGW 
 *MREPXLSYKLXW 
 6IJIVIRGIW 
-RHI\
6IEPMX]MW4PEWXMG
6IEPMX]MW4PEWXMG
TEKI


 ;LEXMW-QTVSQTXY,]TRSWMW#
8LMWFSSOMWEFSYXL]TRSWMWERHLS[XSYWIMXIJJIGXMZIP]-X[MPPXIEGL]SY
[LEXL]TRSWMWMWERHLS[XSL]TRSXM^IFSXLMRHMZMHYEPWERHKVSYTWSJTISTPI
ER]XMQIERHER][LIVI]SYGLSSWI
8LMWMWRSXEFSSOSRWXEKIL]TRSWMWRSVMWMXEFSSOSRL]TRSXLIVET]SVWIPJ
L]TRSWMWSVQIRXEPMWQ-XMWRSXEFSYXEGGIPIVEXIHPIEVRMRKGSZIVXWTIIH
WIHYGXMSRSVTIVWYEWMZIWEPIW-XMWRSXEFSYXSPHSVMKMREPL]TRSWMWSVRI[
JERHERKPIHL]TRSWMW1ER]XLMRKWGERFIEGLMIZIH[MXLL]TRSWMWFYXXLI]
EVIXLIVIWYPXWSJL]TRSWMW§RSXL]TRSWMWMXWIPJ8LIL]TRSWMW]SY[MPPPIEVR
MRXLMWFSSOGERFIETTPMIHMREPPSJXLIWMXYEXMSRWEFSZIERHER]SXLIVEVIE
SJ]SYVPMJI
2STVMSVI\TIVMIRGISJL]TRSWMWMWVIUYMVIHXSYRHIVWXERHERHETTP]XLI
ORS[PIHKIMRXLMWFSSO8LIXIGLRMUYIWEVIHIGITXMZIP]WMQTPI]IXMRGVIHMFP]
TS[IVJYP8LI]EVIIRXMVIP]TVEGXMGEPERHLEZIFIIRVSEHXIWXIHSZIVQER]
]IEVW[MXLXLSYWERHWSJTISTPIMRQ]XLIVET]ERHIRXIVXEMRQIRX[SVO;LIR
]SYLEZIQEWXIVIHXLIQ]SYQE][IPP´RHXLI]EVIEPP]SYRIIH8LEXWEMH
XLIVIMWEP[E]WQSVIXSPIEVR7SQEOIL]TRSWMW]SYVEVXJSVQ&ITVITEVIH
XSTYXMRXLIXMQIERHIJJSVXVIUYMVIHXSQEWXIV]SYVGVEJX
8SFVMRKXLMWETTVSEGLXSL]TRSXMWMRKMRXSETVEGXMGEPGSRXI\XXLMWFSSO
MWJSGYWWIHSRLS[XSTVSZMHIMQTVSQTXYHIQSRWXVEXMSRWSJL]TRSWMW
XLEXGERFIETTPMIHMRER]WIXXMRK8LMWGSYPHFIJSVXLITYVTSWIWSJJYR
IRXIVXEMRQIRXERHPEYKLXIV-XGSYPHFIVETMHVIPMIJJVSQTL]WMGEPERHQIRXEP
TEMRWSVJSVXLITYVTSWIWSJL]TRSXMGIRKMRIIVMRK,S[]SYETTP]MXMWYTXS
]SY
,]TRSXMGIRKMRIIVMRKMWEXIVQGSMRIHF]EJIPPS[L]TRSXMWXWIGYVMX]I\TIVX
ERHJVMIRH/IZ7LIPHVEOI-XWXIQWJVSQ«WSGMEPIRKMRIIVMRK¬XLITVEGXMGIMRXLI
LEGOMRK[SVPHSJKIXXMRKVIUYMVIHTL]WMGEPEGGIWWXSTPEGIWSVMRJSVQEXMSRWYGLEW
TEWW[SVHWSYXSJTISTPI«[IX[EVI¬VEXLIVXLERF]YWMRKWSJX[EVISVLEVH[EVI8LI
XIVQMWYWIHLIVIMRE[MHIVWSGMEPGSRXI\XERHETTPMIWXSEGUYMVMRKQEXIVMEPKSSHW
ERHWIVZMGIWEW[IPPEWMRJSVQEXMSR§IRKMRIIVMRKTISTPIXSHS[LEX]SY[ERXXLIQ

XSHS
6IEPMX]MW4PEWXMG
TEKI

;LIR]SYMRXVSHYGI]SYVWIPJEWE,]TRSXMWXSVMJTISTPIPIEVRXLEX]SY
GERL]TRSXM^IZIV]SJXIRXLI][MPPEWOMJ]SYGERL]TRSXM^IXLIQ;LIR
]SYWE]«]IW¬XLI][MPPSJXIREWOMJ]SYGERHSMXVMKLXXLIR8LMWFSSOMWER
MRWXVYGXMSREPSRLS[FIWXXSQEOIXLIQSWXSJXLIWISTTSVXYRMXMIW-X[MPPEPWS
WLS[]SYLS[XSGVIEXIEGSRXI\XJSVL]TRSWMWWS]SYGERMRXVSHYGIMXXSER]
WMXYEXMSR]SY[MWL
*EVXSSQER]TISTPI[LSGPEMQXSFIEFPIXSL]TRSXM^I[IPPIWTIGMEPP]
L]TRSXLIVETMWXWHSRSXJIIPGSR´HIRXXSKMZIERMQTVSQTXYHIQSRWXVEXMSR
SJL]TRSWMWERH[MPPQEOIERI\GYWIVIKEVHMRK[L]XLI][SYPHVEXLIVRSX
L]TRSXM^IMRETEVX]SVSXLIVWSGMEPWIXXMRK8LMWLEWQYGLXSHS[MXLQER]
XVEMRMRKGSYVWIWJSVL]TRSXLIVET]IQTLEWMWMRKXLIYWISJPSRKTVSKVIWWMZI
MRHYGXMSRWSJXIR[MXLEPEVKIIQTLEWMWSRVIPE\EXMSRERHPMXXPISVRSGYPXMZEXMSR
SJL]TRSXMGTLIRSQIRE-XEPWSLEWWSQIXLMRKXSHS[MXLEPMXXPIFMXSJ
JIEV§TVMRGMTEPP]XLIJIEVSJJEMPMRKERHPSSOMRKJSSPMWL
8LITVSKVIWWMZIETTVSEGL[SVOW´RI[LIRHSRI[IPPLS[IZIVMXMWRSXXLI
QSWXETTVSTVMEXIMRHYGXMSRJSVMQTVSQTXYL]TRSWMWSVXLIQSWXIJJIGXMZI
-JXYVRMRKHS[RERSTTSVXYRMX]XSL]TRSXM^IMWETVSJIWWMSREPGEPPFEWIHSR
RSX[MWLMRKXSETTIEVXSXEOIL]TRSWMWER]XLMRKPIWWXLERWIVMSYWP]XLIRJEMV
IRSYKL,S[IZIVMJMXMWFEWIHSREPEGOSJMHIEWEFSYXLS[XSTVSGIIHXLIR
XLMWFSSO[MPPEHHVIWWXLEXKETMRORS[PIHKI
-KSXMRXSL]TRSWMWF]YWMRKMXJSVXLIVETIYXMGTYVTSWIWERHFIGEQIE
L]TRSXLIVETMWXFIJSVI-WXEVXIHYWMRKMXJSVIRXIVXEMRQIRX-WTIRHQYGLSJ
Q][SVOMRKHE]EWEL]TRSXLIVETMWXYWMRKL]TRSWMWXSLIPTTISTPIGLERKI
XLI[E]XLI]XLMROJIIPERHVIWTSRHXSXLMRKWMRXLIMVPMJI-WTIGMEPMWIMRXLI
OMRHSJL]TRSXLIVET]XLEXMWWSQIXMQIWHIWGVMFIHEWFVMIJSVVETMHSVWSPYXMSR
JSGYWWIH8LMWETTVSEGLXSGLERKIHSIWRSXMRZSPZIGSYRWIPPMRKSVEREP]WMW

MRWXIEHMXJSGYWIWSRGLERKMRKXLIQIRXEPTEXXIVRWSVTVSKVEQQIWETIVWSR
YWIWMRXLIMVHEMP]PMJI-LYKIP]IRNS]XLMW[SVO
-EPWSPSZILEZMRKJYR[MXLL]TRSWMWXSIRXIVXEMRTISTPI-HSXVEHMXMSREPWXEKI
L]TRSWMWFYXEPWSTIVJSVQGPSWIYTMRXLIWEQI[E]EWXVSPPMRKQEKMGMERQMKLX
IRXIVXEMREXETEVX]SVJYRGXMSR1]GPSWIYTTIVJSVQERGIQMKLXFIHIWGVMFIH
EWEGVSWWFIX[IIR,]TRSXMWQERH1IRXEPMWQERHGVIEXIWXLIMQTVIWWMSR-GER
JSVGITISTPIXSEGXSVVIWTSRHMRGIVXEMR[E]WVIEHXLIMVFILEZMSYVERHTVIHMGX
XLIMVEGXMSRW-LEZIEPWSHSRI[SVO[MXLZEVMSYW8:GSQTERMIWXLEXVIUYMVIH
QIXSYWIL]TRSWMW[MXLERYRWYWTIGXMRKTYFPMGSRXLIWXVIIXERHMREZEVMIX]
SJTYFPMGTPEGIWMRGPYHMRKWLSTWVIWXEYVERXWGPYFWERHTPEGIWSJ[SVO
6IEPMX]MW4PEWXMG
TEKI

-YWIXLIETTVSEGLSYXPMRIHMRXLMWFSSOMREPPSJXLIWIWIXXMRKW-X´XW
[LIXLIV-EQMRXLIXLIVET]VSSQWLS[MRKWSQISRILS[XSSZIVGSQIE
TLSFMEMRETYF«WXMGOMRK¬WSQISRI¬WJIIXXSXLIµSSVSVSRWXEKIKMZMRKE
TIVJSVQERGI,]TRSWMWMWL]TRSWMW[LIXLIVMXXEOIWTPEGIMREXLIVET]VSSQ
TEVX]SVWTSVXW´IPH9RHIVWXERHMRKXLEX]SYVWYFNIGXHSIWRSXLEZIXSFI
WMXXMRKMREGSQJ]GLEMVMREXLIVET]VSSQPMWXIRMRKXS[LEPIQYWMGXSFI
L]TRSXM^IHKSIWEWLSVX[E]XSLIPTMRK]SYFIKSSHEXMQTVSQTXYL]TRSWMW
3RISJXLIWIIQMRKP]YRERW[IVEFPIUYIWXMSRWMRTLMPSWSTL]MW«(S[IEPP
WIIVIHXLIWEQI[E]#¬
*SVXYREXIP][IHSRSXRIIHXSERW[IVXLEXUYIWXMSRXSFIEFPIXSL]TRSXM^I
,S[IZIVMXMWYWIJYPXSTVSGIIH[MXLXLIEWWYQTXMSRXLEXSYVTIVWSREP
TIVGITXMSRSJVIEPMX]MWNYWXEQEPPIEFPITSMRXSJZMI[%PPXLEXI\MWXWEVI
TWIYHSIZIRXWERHSFNIGXWXS[LMGL[IEHNYWX[MXLEJEPWIGSRWGMSYWRIWW
EHETXIHXSWIIXLIWIXLMRKWEWXVYIERHVIEP,]TRSWMWPMXIVEPP]GLERKIWSYV
TIVGITXMSRSJVIEPMX]MXKMZIWYWERSXLIVJEPWIGSRWGMSYWRIWWXLEX[IEHETXXS
EWFIMRKEWXVYIERHVIEPEWXLIPEWX§MRXLMWWIRWIVIEPMX]MWTPEWXMG
7SQISJQ]I\TIVMQIRXEPVIWIEVGLERHTIVJSVQERGI[SVOLEWVIUYMVIHQI

XSXIWXWSQIGSQQSRMHIEWEFSYXLS[FIWXXSMRHYGIL]TRSWMWERHEPWS
[LEX]SYGERHS[MXLTISTPI[LIRXLI]LEZIFIIRL]TRSXM^IH7SQISJ
XLEX[SVOEPXLSYKLLMKLP]UYIWXMSREFPIJVSQERIXLMGEPTIVWTIGXMZISJJIVIH
EKVIEXSTTSVXYRMX]XSXIWXWSQISJXLITIVGIMZIHPMQMXWSJL]TRSWMW)ZIR
EWERI\TIVMIRGIHTVEGXMXMSRIVSJL]TRSWMWERHL]TRSXLIVET]-[EWWXMPP
WYVTVMWIHXS´RHNYWXLS[JEVXLMWVIPEXMZIP][IPPYRHIVWXSSHHMWGMTPMRIGSYPH
VIEPP]FITYWLIH[LIRXEOIRSYXSJXLIGSR´RIWSJXLIXLIVET]VSSQSVWXEKI
TIVJSVQERGI
-WMXTSWWMFPIXS[EPOMRXSEWLSTSJ´GIQEVOIXXEPOXSEQIQFIVSJ
WXEJJJSVEJI[QMRYXIWERHPIEZI[MXLER]XLMRK]SYGLSSWI[MXLSYX
TE]MRK#
-WMXTSWWMFPIXSTE]TISTPI[MXLTMIGIWSJVYFFMWLMRWXIEHSJ
GEWLGEVH#
'ER]SYQEOITISTPIXVIEX]SYPMOIEWYTIVWXEV#
'ER]SYQEOITISTPIGSVTWI[MXLPEYKLXIVSRGSQQERH#
-WMXTSWWMFPIXSFIGSQI«MRZMWMFPI¬#
6IEPMX]MW4PEWXMG
TEKI

8LIERW[IVXSEPPSJXLIWIUYIWXMSRWERHQER]QSVINYWXPMOIMXMW]IW8LI
HMVIGXMSRWXLMWGERFIXEOIREVIIRHPIWW
8LIXIGLRMUYIWMRXLMWFSSOEVIWMQTPIHMVIGXERHGERFIPIEVRX8LI]GER
FIETTPMIHIJJIGXMZIP]MREVIEP[SVPHWIXXMRK[IPPSYXSJXLIGSQJSVX^SRISJ
XLIL]TRSXLIVET]VSSQERH[MXLSYXXLIPY\YV]SJEWXEKIJYPPSJI\TIGXERX
L]TRSXMGWYFNIGXW8LI]GERFIYWIHER][LIVIXLIWYFNIGXGERLIEV]SY
8LI]EVIIRXMVIP]MQTVSQTXY
6IEPMX]MW4PEWXMG
TEKI

 ,]TRSWMW2SMRXVSHYGXMSRRIGIWWEV]

;LIXLIVWSQISRIFIPMIZIWMRL]TRSWMWSVRSX[LIXLIVXLI]LEZI
I\TIVMIRGIHMXSVRSXXLI]EVIWXMPPPMOIP]XSLEZIEWXVSRKTIVWSREPGSRGITX
SJ[LEXL]TRSWMWMWERHLS[MXX]TMGEPP]TVSGIIHW8LMWQE]FIFEWIHSR
WSQIXLMRKXLI]LEZIVIEHWIIRMRQSZMIWSVSR8:WLS[W8LI]QE]LEZI
´VWXLERHI\TIVMIRGIEWEWYFNIGXSVWTIGXEXSVSVNYWXFIVIP]MRKSRLIEVWE]
ERHYVFERQ]XL)ZIRQSWXGLMPHVIRF]XLIEKISJSVLEZIEGSRGITXSJ
L]TRSWMW
7SFIJSVI[IFIKMRMXQMKLXFIYWIJYPXSEWO]SYVWIPJEJI[UYIWXMSRWERH
RSXI[LEX]SYGSQIYT[MXL
*MVWXP][LEXHS]SYXLMROL]TRSWMWMW#;LEXMQEKIWWTVMRKXSQMRH[LIR
]SYXLMROSJL]TRSWMWL]TRSXMWXWERHXLIL]TRSXM^IH#;LMGL[SVHWSV
TLVEWIW[SYPHEL]TRSXMWXQSWXGSQQSRP]YWI#;LEXHSIWMXJIIPPMOIXSFI
L]TRSXM^IH#,S[HSTISTPIEGX[LIRL]TRSXM^IH#(S]SYXLMRO]SYGERFI
L]TRSXM^IH#'ERL]TRSXMWXWQEOI]SYHSXLMRKWEKEMRWX]SYV[MPP#
;LIR]SYLEZIPIEVRXQSVIEFSYXL]TRSWMWERHEGGITX]SYVWIPJEW8LI
,]TRSXMWXMXMWPMOIP]XLEX]SYVMHIEWEFSYX[LEXL]TRSWMWMWERHLS[MXGER
FIYWIH[MPPFIUYMXIHMJJIVIRXJVSQXLIZMI[SJXLIKIRIVEPTYFPMG-XMW[MWI
RSXXSJSVKIX[LEXQSWXTISTPIFIPMIZIMXXSFI9WMRKXLIMVQIRXEPQSHIPW
SJL]TRSWMWMW´RIIZIRMJXLI]EVIRSXXLEXEGGYVEXI§NYWXEWPSRKEWXLIMV
QSHIPHSIWRSXPIEZIXLIQEJVEMHSJL]TRSWMWJSVWSQIVIEWSR-JMXHSIWXLIR
MXMWYWIJYPXSVIQSZIXLIMVJIEVWTVMSVXSL]TRSXMWMRKXLIQERHXLMWMWWMQTPI
IRSYKLXSHS
-LEZIEWOIHLYRHVIHWSJWXYHIRXWSJL]TRSWMWXLSYWERHWSJXLIVET]GPMIRXW
ERHQER]L]TRSXMWXWXLIUYIWXMSR«;LEXHS]SYXLMROL]TRSWMWMW#¬
8LIERW[IVWZEV]UYMXIHVEQEXMGEPP]IZIREQSRKWXL]TRSXMWXW,S[IZIV
WIZIVEPGSQQSRXLIQIWVYRXLVSYKLSYXXLITYFPMGTIVGITXMSRSJXLMWEVX
6IEPMX]MW4PEWXMG
TEKI

7PIITEVIPE\IHWXEXIW[MRKMRK[EXGLIWWXEKIL]TRSWMWKIXXMRKMRXSYGL

[MXLXLIWYFGSRWGMSYWXIPPMRKWSQISRI[LEXXSHSEGSQJ]GLEMVEWPS[
WPIIT]SVKVEZIP]ZSMGIEWRETSJXLI´RKIVWERHQSVIVIGIRXP]0MXXPI&VMXEMR
ERHXLITLVEWI«]SY¬VIYRHIV¬EVIGSQQSRERW[IVW[LIRXLIKIRIVEPTYFPMG
XV]XSKMZI]SYEWIRWISJ[LEXXLI]XLMROL]TRSWMWMWEPPEFSYX
-QEKIWSJTISTPIWPYQTIHMREGLEMV[MXLXLIMVI]IWGPSWIHYRHIVXLI
QIWQIVM^MRKKE^IERHGSQQERHSJXLIL]TRSXMWXQMKLXGSQIXSQMRH%
VS[SJIQTX]GLEMVW«WPIITMRK¬WYFNIGXWTISTPIHSMRKVMHMGYPSYWXLMRKWSV
I\TIVMIRGMRKEQRIWMEEVIEPWSVIPEXMZIP]GSQQSRMHIEW
)ZIRMRSYVQSHIVRVEXLIVWGITXMGEPWSGMIX]TSTYPEVFIPMIJSJXIRWXMPPEWGVMFIW
WSQIWMKRM´GERGIXSXLIHIZMGIWERHVMXYEPWSJL]TRSWMWWYGLEWQEOMRK
TEWWIW[MXLXLILERHWWTMRRMRKL]TRSXMG[EXGLIWWTMVEPWXLIL]TRSXMGWXEVI
ERHXLIEYXLSVMXEVMERGSQQERH%JI[]IEVWEKSQ][MJIKEZIQIETSGOIX
[EXGLSREGLEMREWETVIWIRX8LI´VWXXMQI-KSXMXSYXXSWLS[WSQIJVMIRHW
MRETYFXLI]WGEXXIVIH§EWMJPSSOMRKEXMX[SYPHMQQIHMEXIP]TYXXLIQ
YRHIV
8LIVIEVIHS^IRWSJHI´RMXMSRWSJL]TRSWMW§WSQIQSVIEGGYVEXIXLERSXLIVW
ERHQSWXUYMXIYRWEXMWJEGXSV];LEXIZIVHI´RMXMSRMWMRZSKYIHSIWRSXWIIQ
XSEJJIGXEKVIEXHIEPSJGLERKIMRXLIEGXYEPTVEGXMGEPETTPMGEXMSRSJL]TRSWMW
SVXLITLIRSQIREIPMGMXIH
(I´RMXMSRWSJXIRHIWGVMFIL]TRSWMWEWE«WXEXI¬SJWSQIOMRH.YWX[LEXOMRH
SJWXEXILS[IZIVMWYTJSVHIFEXI%«WXEXIPMOIWPIIT¬«EYRMUYISVWTIGMEP
WXEXI¬«EXVERGIWXEXI¬«ER]EPXIVIHWXEXI¬ERHSJGSYVWI«EVIPE\IHWXEXI¬
8LIWIHI´RMXMSRWEPPLEZIWSQIZEPYIFYXYTSRI\EQMREXMSRGEREPPFIJSYRH
XSFIIUYEPP]YRWEXMWJEGXSV]
0MXXPI&VMXEMRMWE&VMXMWLGSQIH]WLS[[VMXXIRERHWXEVVMRK1EXX0YGEWERH(EZMH
;MPPMEQW-XJIEXYVIHEGLEVEGXIVGEPPIH/IRR]'VEMKEGPMGLrGEVMGEXYVILIMWER
SFRS\MSYWERHGLEVQPIWWL]TRSXMWX[LSYWIWLMWTS[IVWXSKIXLMWS[R[E]
6IEPMX]MW4PEWXMG
TEKI


+MZIRXLEX[IEVIEP[E]WMREWXEXISJWSQIOMRHERHQER]WXYHMIWLEZI
JSYRHPMXXPIWMKRM´GERXHMJJIVIRGIFIX[IIRWSQISRIMRL]TRSWMWERHWSQISRI
MRERSVQEPWXEXIGVMXMGWSJXLIWIHI´RMXMSRWWYKKIWXXLEXL]TRSWMWGERRSXFI
HI´RIHMRXIVQWSJWXEXI7SQIKSEWJEVXSWE]XLEXFIGEYWIL]TRSWMWGERRSX
FITVSZIHXSFIEYRMUYIWXEXIL]TRSWMWHSIWRSXI\MWX%PPSJXLEXWEMH[MXL
VIGIRXEHZERGIWMRFVEMRWGERRMRKIUYMTQIRXQSVIIZMHIRGIMWGSQMRK
JSV[EVHXLEXXLIVIEVIWMKRM´GERXGLERKIWMRFVEMRJYRGXMSR[LIRL]TRSXM^IH
%RSXLIV[E]XSHI´RIL]TRSWMWMWEWETVSGIWWSVEREVX'IVXEMRP]MXMW
TSWWMFPIXSFIERI\GIPPIRXL]TRSXMWX[MXLSYXORS[PIHKISJTW]GLSPSK]SV
FVEMRJYRGXMSRSVWXEXIXLISV]8EPIRXµEMVERHXLITYVIJSVGISJTIVWSREPMX]
[MPPXEOI]SYJEVEWEL]TRSXMWX7S[MPPEGGITXMRKXLEXL]TRSWMWMWVIEPP]NYWX
XLIEVXJYPETTPMGEXMSRSJWYKKIWXMSRXSWSQISRI[LSMWMREJSGYWWIHWXEXI
,MTTSP]XI&IVRLIMQXLI*EXLIVSJXLGIRXYV],]TRSWMW
JEQSYWP]WEMH
«-XMWWYKKIWXMSRXLEXVYPIWL]TRSXMWQ¬
,MTTSP]XI&IVRLIMQ
,IFIPMIZIHL]TRSWMW[EWMRLIVIRXP]EWYKKIWXMSRFEWIHTVSGIWW-XMWE
YWIJYPEWWYQTXMSREPXLSYKLHMJ´GYPXXSKIXXSKVMTW[MXLWGMIRXM´GEPP]
%PXLSYKLXVERGILEWGIVXEMRP]FIIRYWIHJSVXLITYVTSWIWSJLIEPMRKERHEW
EREMHXSGVIEXMZMX]JSVXLSYWERHWSJ]IEVW[IVIEPP]XVEGIXLIXVERGI[IGEPP
L]TRSWMWFEGOXSXLI[SVOSJER%YWXVMERTL]WMGMER*VER^%RXSR1IWQIV
1IWQIVGEQIYT[MXLEXLISV]ERHE[E]SJXVIEXMRKTISTPI
XLEXLIPTIHQER]XSLIEPXL,MWMHIEW[IVIFEWIHEPQSWXIRXMVIP]SRYRXIWXIH
L]TSXLIWMWERHJEYPX]WGMIRGIFYXXLI]PIHXSQSVIEGGYVEXIMHIEWEFSYX
L]TRSWMWMRXLIRMRIXIIRXLGIRXYV]
1IWQIVFIPMIZIHXLEXEQSRKEPPXLI´IPHWORS[RXSWGMIRGIEXXLEXXMQI
XLIVI[EWERSXLIV´IPH[LMGLQMKLXFIGEPPIHERERMQEXI´IPHSVµYMHSVPMJI
JSVGI,IHI´RIHKSSHLIEPXLEWXLIJVIIµS[SJXLMW´IPHSVµYMHXLVSYKL
XLSYWERHWSJGLERRIPWMRSYVFSHMIW-PPRIWWVIWYPXIHJVSQSFWXVYGXMSRW
XSXLIJVIIµS[SJXLMWµYMH3ZIVGSQMRKXLIWISFWXEGPIWERHVIWXSVMRK

µS[VIWXSVIHLIEPXL;LIRREXYVIJEMPIHXSHSXLMWWTSRXERISYWP]GSRXEGX
[MXLEGSRHYGXSVSJ«ERMQEPQEKRIXMWQ¬[EWERIGIWWEV]ERHWYJ´GMIRX
VIQIH]1IWQIVMRSXLIV[SVHWFIPMIZIHXLEXLI[EWEGSRHYGXSVSJERMQEP
QEKRIXMWQERHXLEXXLMWGSYPHMRµYIRGIXLIµS[SJXLIµYMHPMOIPMJI
6IEPMX]MW4PEWXMG
TEKI

JSVGI1IWQIVEMQIHXSEMH2EXYVIWIJJSVXXSLIEP,IXVIEXIHTEXMIRXWFSXL
MRHMZMHYEPP]ERHMRKVSYTW;MXLMRHMZMHYEPWLI[SYPHWMXMRJVSRXSJLMW
TEXMIRX[MXLLMWORIIWXSYGLMRKXLITEXMIRX¬WORIIWTVIWWMRKXLITEXMIRX¬W
XLYQFWMRLMWLERHWPSSOMRK´\IHP]MRXSXLITEXMIRX¬WI]IW1IWQIVQEHI
©TEWWIWªQSZMRKLMWLERHWJVSQTEXMIRX¬WWLSYPHIVWHS[REPSRKXLIMVEVQW
4VMSVXSLMQMX[EWGSQQSRTVEGXMGIXSHSXLMW[MXLQEKRIXW1ER]TEXMIRXW
JIPXTIGYPMEVWIRWEXMSRWSVLEHGSRZYPWMSRWXLEX[IVIVIKEVHIHEWGVMWIWXLEX
[IVIWYTTSWIHXSFVMRKEFSYXXLIGYVI
6IEPMX]MW4PEWXMG
TEKI

-RXLIRMRIXIIRXLGIRXYV]XLIMHIEXLEXXLIVI[EWWSQIMRZMWMFPIµYMH
SVMRµYIRGIXVEZIPPMRKJVSQXLIL]TRSXMWXXSXLIWYFNIGXGVYQFPIHERH
IZIRXYEPP]L]TRSWMWFIGEQIZMI[IHF]QER]EWWSQIXLMRKXLEXXLIWYFNIGX
MWVIWTSRWMFPIJSVSVQSVIEGGYVEXIP]GETEFPISJKMZIRXLIVMKLXMRWXVYGXMSR
8LMWIZIRXYEPP]PIHWSQIXSGSRGPYHIXLEXEPPL]TRSWMWMWWIPJL]TRSWMW1SVI
VIGIRXP]L]TRSWMWLEWFIGSQIZMI[IHF]QER]EWETIGYPMEVMX]SJXLIWSGMEP
VIPEXMSRWLMTFIX[IIRXLIL]TRSXMWXERHXLIWYFNIGX§XLIL]TRSXMWXERHXLI
WYFNIGX«TPE]MRK¬XLIMVTEVXWEWXLI]FIPMIZIXLI]WLSYPH-RSXLIV[SVHWMXMW
WSGMEPGSQTPMERGISVVSPITPE]
8LIHIFEXILEWKSRISRJSVHIGEHIWERH[MPPTVSFEFP]GSRXMRYIXSHSWS*SV
SYVTYVTSWIW[I[MPPPSSOEXXLIHI´RMXMSRWSJEVKYEFP]XLIQSWXMRµYIRXMEP
L]TRSXMWXWXLEX[EPOIHXLITPERIX.EQIW&VEMH1MPXSR)VMGOWSRERH(EZI

)PQER
.EQIW&VEMH§GEYWIHETEVEHMKQWLMJXJVSQXLIQIWQIVMWXWSJ
XLIXLERHIEVP]XLGIRXYV]&VEMH[EWE(SGXSVERHEJXIVSFWIVZMRKE
HIQSRWXVEXMSRSJQIWQIVMWQFIPMIZIHLILEH´KYVIHSYX[L]TISTPI[IRX
MRXSXLMWTIGYPMEVWXEXIERHMXLEHRSXLMRKXSHS[MXLERMRZMWMFPIQEKRIXMG
µYMH,IWYKKIWXIHETL]WMSPSKMGEPFEWMWJSVL]TRSWMW-XMWKIRIVEPP]EKVIIH
XLEXLMWMRMXMEPMRWMKLXJYPFYXMREGGYVEXIZMI[[EWXLEXXLIQIWQIVMWIHWXEXI
L]TRSWMW[EWGEYWIHF]XLIXMVMRKSJERSTXMGRIVZIEWMXFIGEQI´\EXIH
§LIRGIXLIEWWSGMEXMSR[MXLJSGYWWMRKSRWTMRRMRK[EXGLIWSVMRLMWGEWIE
WMPZIVGMKEVIXXIGEWI-XWIIQWLIQMWWIHXLIJEGXXLEXLMWZIVFEPWYKKIWXMSRW
XSLMWWYFNIGXWXLEXXLIMVI]IW[SYPHJIIPXMVIH[IVIEPWSLEZMRKERIJJIGX
0EXIVMRLMW[VMXMRKWLIWIIQWXSWLMJXIQTLEWMWEPXLSYKLHSIWRSXEFERHSR
I]I´\EXMSREPXSKIXLIVRSXMRKXLEXMXMWRSXNYWXXLIKE^IXLEXFIGSQIW
´\EXIHFYXXLIQMRHWI]IEW[IPP-RSXLIV[SVHW[LIRL]TRSXM^IHXLIQMRH
FIGSQIWPSGOIHEVSYRHEWMRKPIMHIE
«8LIVIEPSVMKMRERHIWWIRGISJXLIL]TRSXMGGSRHMXMSRMWXLIMRHYGXMSRSJ
ELEFMXSJEFWXVEGXMSRSVQIRXEPGSRGIRXVEXMSRMR[LMGLEWMRVIZIVMISV
WTSRXERISYWEFWXVEGXMSRXLITS[IVWSJXLIQMRHEVIWSQYGLIRKVSWWIH[MXL
EWMRKPIMHIESVXVEMRSJXLSYKLXEWJSVXLIRSRGIXSVIRHIVXLIMRHMZMHYEP
YRGSRWGMSYWSJSVMRHMJJIVIRXP]GSRWGMSYWXSEPPSXLIVMHIEWMQTVIWWMSRWSV
XVEMRWSJXLSYKLX¬
.EQIW&VEMH
2SXIXLEX&VEMHWE]WL]TRSWMWVIRHIVWXLIMRHMZMHYEPYRGSRWGMSYWSV
MRHMJJIVIRXP]GSRWGMSYWXSEPPSXLIVMHIEW8LMWMWMQTSVXERX;LIRL]TRSXM^IH
6IEPMX]MW4PEWXMG
TEKI
]SYGERWXMPPLEZIERI\TIVMIRGI]SYGERVIµIGXSREW]SYEVILEZMRKMXERH
EWJEVEW]SYEVIGSRGIVRIHEJYPP]GSRWGMSYWI\TIVMIRGI*SVI\EQTPIMJ
]SYEVIL]TRSXM^IHXSFIPMIZI]SYGERRSXVIQSZI]SYVLERHJVSQ]SYVJEGI
FIGEYWIMXLEWFIIRKPYIHXLIVI]SYEVIWXMPPEFPIXSVIµIGXSRXLIJEGXXLEXMX

MWWXYGOERHIZIR[SRHIV[L]MXMWWXYGO,S[IZIVXLISRP]VIEPMX]]SYLEZI
MWXLEXMXMWWXYGORSRIXLIPIWW-J]SYEVIL]TRSXM^IHXSFIPMIZIXLEXFIIVFSXXPI
XSTWEVITSYRHGSMRWXLIRIZIR[LIRTSMRXIHSYXXLEXXLI]EVIFSXXPIXSTW]SY
[MPPORS[[MXLSYXHSYFXSVUYIWXMSRXLEXXLI]EVIRSXFSXXPIXSTWXLI]EVI
GSMRWERH[MPPEGGITXXLIQEWWYGL=SYEVIMRHMJJIVIRXXSMHIEWSXLIVXLERXLI
SRI]SYVQMRHLEWPSGOIHSRXSEWVIEPMX]
6IEPMX]MW4PEWXMG
TEKI
8LIL]TRSXMWXHMVIGXWXLIWYFNIGX¬WTIVGITXMSRSJVIEPMX]F]PSGOMRKXLIQMRH
EVSYRHMHIEW
*VSQXLIXMQISJ&VEMHVMKLXYTMRXSXLIX[IRXMIXLGIRXYV]L]TRSWMW[EW
X]TMGEPP]MRHYGIHYWMRKEHMVIGXERHEYXLSVMXEVMERETTVSEGL
-RXLIXL'IRXYV]1MPXSR)VMGOWSR§GEYWIHEWIMWQMGWLMJXMR
XLI[E]XSMRHYGIL]TRSWMWHIZIPSTMRKETIVQMWWMZIERHMRHMVIGXETTVSEGL
XLEXMWZIV]TSTYPEV[MXLWX'IRXYV],]TRSXLIVETMWXW&]XLIIRHSJLMW
GEVIIVLIETTIEVIHXSWMQTP]FILEZMRKGSRZIVWEXMSRW[MXLLMWTEXMIRXW[LS
[SYPHKSMRXSXVERGI[MXLSYXER]QIRXMSRSJXLI[SVHL]TRSWMW3JGSYVWI
)VMGOWSRORI[I\EGXP][LEXLI[EWWE]MRKERH[LEXLI[EWHSMRKERH
[L]MXGEYWIHL]TRSWMW,MWMRWMKLXW[MXLVIKEVHXSTIVWSREPGLERKILEZI
VIZSPYXMSRMWIHQSHIVRXLIVET]-IRGSYVEKI]SYXSVIEHLMW[SVOERH]SY
[MPPHMWGSZIVQER]MRGVIHMFPI[E]W]SYGERYWIL]TRSWMW,II\TIVMQIRXIH
[MXLL]TRSWMWTVIXX]QYGLIZIV]HE]JVSQXS,IGSZIVIHEPSX
SJKVSYRH&IGEYWILMWTIVQMWWMZIETTVSEGLXSL]TRSWMWMWWSTSTYPEVMX
MWSJXIRSZIVPSSOIHXLEX)VMGOWSR[EWEQEWXIVSJVETMHHMVIGXMQTVSQTXY
L]TRSWMWXSSERH[SYPHYWIMXNYWXEWVIEHMP]EWXLIQSVIGYPXMZEXIHGSZIVX
SVMRHMVIGXETTVSEGL-XMWWEMHLIYWIHXLILERHWLEOIMRHYGXMSRWSSJXIRXLEX
F]XLIIRHSJLMWGEVIIVRSSRIEGXYEPP][ERXIHXSWLEOILMWLERH1ER]SJ
LMWWXEXIQIRXWLEZIFIIRUYSXIHEWLMWHI´RMXMSRSJL]TRSWMW§EPPEVI[SVXL
VIEHMRK;LEXJSPPS[WMWNYWXSRISJXLIQ
«%WXEXISJWTIGMEPE[EVIRIWWGLEVEGXIVM^IHF]VIGITXMZIRIWWXSMHIEW¬

1MPXSR)VMGOWSR
8[SXLMRKWEVI[SVXLRSXMRKJVSQXLMWWYGGMRGXHI´RMXMSR,IIQTLEWMWIW
XLEXXLIQMRHFIGSQIWVIGITXMZIXSXLIMHIEWXLIL]TRSXMWXTVIWIRXW8LMW
GERFIMRXIVTVIXIHEWETIVWSRFIGSQMRKQSVIWYKKIWXMFPISVQSVISTIRXS
XLIMHIEWFIMRKTVIWIRXIHXSXLIQ[LIRXLI]EVIL]TRSXM^IH8LIIQTLEWMW
)VMGOWSRTPEGIWSR«E[EVIRIWW¬VEXLIVXLERSRFIMRKYRGSRWGMSYWMREXXIRXMZI
SVYRE[EVIMWEPWSMRXIVIWXMRK-XMWMRPMRI[MXLLMWXLMROMRKXLEXL]TRSWMW
EPPS[W]SYXSHIEP[MXLXLIFMKKIVFIEWXMREPPSJYWXLIWYFGSRWGMSYWQMRH
SV[LEXLIGEPPIHXLIYRGSRWGMSYWQMRH;LIRL]TRSXM^IHXLIYRGSRWGMSYW
WIIQWXSEWWYQIQSVIVIWTSRWMFMPMX]SVGSQIXSXLIJSVI8LIYRGSRWGMSYW
VIKYPEXIWEPPSJ]SYVFSHMP]TVSGIWWIWWXSVIWERHQEREKIW]SYVQIQSVMIW
IZIV]PIEVRMRKJVSQIZIV]I\TIVMIRGIEW[IPPEWXLIQIRXEPTEXXIVRWERH
XIQTPEXIWXLEXEPPS[YWXSJYRGXMSR8LMWTEVXSJXLIQMRHMWMRXYMXMZI-XGER
GEPPYT]SYVTSXIRXMEP¬WERHMRWXERXP]GLERKIXLI[E]]SYXLMROJIIPERH
6IEPMX]MW4PEWXMG
TEKI
VIWTSRH&]GSRXVEWXXLIGSRWGMSYWQMRHMWPMQMXIH-XMWPSKMGEPERHPMRIEVMR
MXWETTVSEGLXSTVSFPIQWSPZMRK-XMWXLILIVIERHRS[
)VMGOWSR[EWRSXMRXIVIWXIHMRXEPOMRKXSXLIGSRWGMSYWQMRH2IMXLIVWLSYPH
]SYFI[LIR]SYEVIMRXLITVSGIWWSJL]TRSXMWMRK%MQXSGSQQYRMGEXI
HMVIGXP][MXLXLIYRGSRWGMSYW
6IEPMX]MW4PEWXMG
TEKI
*MREPP]GSRWMHIVSRISJXLIQSWX[IPPORS[RERHUYSXIHHI´RMXMSRWJVSQ
EQSHIVRMRRSZEXSVERHTIVLETWXLIQSWXMRµYIRXMEPL]TRSXMWXSJEPPXMQI
(EZI)PQER§
«,]TRSWMWMWEWXEXISJQMRHMR[LMGLXLIGVMXMGEPJEGYPX]SJXLILYQERMW
F]TEWWIHERHWIPIGXMZIXLMROMRKIWXEFPMWLIH¬
(EZI)PQER
)PQERVIJIVWXSEWXEXI[LIVI«XLIGVMXMGEPJEGYPX]SJXLILYQERMW

F]TEWWIH¬
7S[LEXMWXLIGVMXMGEPJEGYPX]#-XHSIWRSXWIIQXSGSVVIPEXIXSER]TL]WMGEP
TEVXSJXLIFVEMRSVRIYVSPSKMGEPTVSGIWW-XMWQSVIGSRGITXYEP§XLMROSJ
MXEWFIMRKE´PXIVFIX[IIRXLIGSRWGMSYWERHYRGSRWGMSYWQMRHW-XGER
FIXLSYKLXSJEWXLIWIRWISJNYHKIQIRX-XLEWGIVXEMRGLEVEGXIVMWXMGW-X
MWVEXMSREPPSKMGEPMXMWPMQMXIHERHMXMWX]TM´IHF]MRHYGXMZIXLMROMRK
§TVSGIIHMRKJVSQGIVXEMRJEGXWXSEPSKMGEPGSRGPYWMSR
8LIGVMXMGEPJEGYPX]MWXLIFMXSJ]SYXLEXXLMROWMXORS[W[LEXVIEPMX]MW-X
XLMROWMXORS[WLSXJVSQGSPH-XXLMROWMXORS[WXLEXEQSTMWRSXXLITIVWSR
]SYEVIMRPSZI[MXL-XXLMROWMX[MPPLYVXMJ]SYWXMGOERIIHPIXLVSYKL]SYV
EVQ-XXLMROWXLEX]SYGSYPHPMJX]SYVJIIXYTMJ]SY[MWLIHXS-XFIPMIZIW
]SYHSORS[]SYVS[RREQI
&]TEWWMRKXLIGVMXMGEPJEGYPX]HSIWRSXIWXEFPMWLL]TRSWMWFYXMXHSIW
VITVIWIRXEW)PQERTYXMXXLI«IRXIVMRK[IHKI¬
;LIRXLIGVMXMGEPJEGYPX]MWF]TEWWIH]SYVWIRWISJNYHKIQIRXMRHYGXMZI
VIEWSRMRKERHPSKMGEPJEGYPXMIWFIGSQIWYWTIRHIHSVMREXXIRXMZI,S[
MREXXIRXMZIERHJSVLS[PSRKXLI]VIQEMRWYWTIRHIHMWVIPMERXSRXLIEXXMXYHI
SJXLIWYFNIGXERHXLIEFMPMX]SJXLIL]TRSXMWX;LIREXXMXYHIERHEFMPMX]EVI
FSXLGSRHYGMZIXSL]TRSWMWXLIYRGSRWGMSYWQMRHSJ]SYVWYFNIGXFIGSQIW
HSQMRERXERH[MXLJYVXLIVHMVIGXMSRJVSQXLIL]TRSXMWXWIPIGXMZIXLMROMRKGER
FIIWXEFPMWLIHW[MJXP]%GGSVHMRKXS)PQERWIPIGXMZIXLMROMRKMW[LEXIZIV
]SYFIPMIZI[LSPILIEVXIHP]
&]YRGSRWGMSYWQMRH-QIERIZIV]XLMRKIPWISXLIVXLERXLIGSRWGMSYW
GVMXMGEPQMRH§EPPSJ]SYVQIQSVMIWIZIV]PIEVRMRKVIWSYVGITEXXIVRERH
XIQTPEXI&]WIPIGXMZIXLMROMRK-QIEREWX]PISJXLMROMRK[LIVIMRHYGXMZI
VIEWSRMRKMWWYWTIRHIHERHXLIQMRHFIGSQIWPSGOIHEVSYRHERMHIE;LIR
6IEPMX]MW4PEWXMG
TEKI
XLMWSGGYVW8LI,]TRSXMWXWWYKKIWXMSRW[MPPFIPMWXIRIHXSF]XLIYRGSRWGMSYW
YRGVMXMGEPP]8LI][MPPFIEGXIHYTSRYRGVMXMGEPP]

8LEXHSIWRSXQIERXLIYRGSRWGMSYWGERRSXVIJYWIXSKSMR]SYVHMVIGXMSRMX
GER-XHSIWRSXQIERXLIGVMXMGEPJEGYPX][MPPGSRXMRYIXSVIQEMRF]TEWWIH
MXGERTSTFEGOMRXSTPE],S[IZIVEW8LI,]TRSXMWXYRHIVWXERHERHFI
GPIEVXLEXXSEPPMRXIRXWERHTYVTSWIWL]TRSXMWMRKWSQISRIVIWYPXWMRXLIMV
YRUYIWXMSRMRKEGGITXERGISJXLIMHIEWWYKKIWXMSRWERHHMVIGXMSRWHIPMZIVIH
F]8LI,]TRSXMWX
8LIGVMXMGEPJEGYPX]GERFIF]TEWWIHMREZEVMIX]SJ[E]WUYMXIREXYVEPP]
[MXLSYXL]TRSWMW)\TIVMIRGMRKGSRJYWMSRWLSGOLMKLIQSXMSRMRJSVQEXMSR
SZIVPSEHFIMRKHVYROSVLMKLSRHVYKWPEYKLXIVTPE]ERHTIVJSVQERGI
EVIEPPGSQQSRMRWXERGIW[LIVIEVIWIRWISJNYHKIQIRXERHPSKMGGERFI
XIQTSVEVMP]WYWTIRHIH-XMWXLIVEFFMXMRXLILIEHPMKLXWQSQIRX;LEXIZIV
JSPPS[WMWKIRIVEPP]HVMZIRF]SYVYRGSRWGMSYWMRWXMRGXMZIEYXSQEXMGQMRH
8LI,]TRSXMWXGERGVIEXIWYGLQSQIRXWEVXM´GMEPP]ERHYXMPMWIXLIVIWYPXXS
IWXEFPMWLWIPIGXMZIXLMROMRK8LIXIGLRMUYIWXLEXJSPPS[MRWIGXMSRXLVII[MPP
WLS[]SYLS[XSHSXLEX
-XMWYWIJYPXSRSXIXLEXMRRSRISJXLIWIHI´RMXMSRWMWXLIVIER]QIRXMSR
SJWPIITSVVIPE\EXMSR8LEXMWFIGEYWIL]TRSWMWMWRSXWPIITERHHSIWRSX
VIUYMVIIZIREWQMHKIRSJVIPE\EXMSR;LEXMWIQTLEWMWIHMWXLEX[LIR
L]TRSXM^IHXLIWYFNIGX¬WEXXIRXMSRREVVS[WERHFIGSQIW´\IHEVSYRH
WIPIGXIHMHIEWSVEWMRKPIMHIE;MHIVIRZMVSRQIRXEPWXMQYPMEVIMKRSVIH
6IGIRXP]EJVIWLXLISV]SJL]TRSWMWERHXLIQMRHIRXVERGIHLEWIQIVKIH
JVSQXLI,YQER+MZIRWTMSRIIVW.S+VMJ´RERH-ZER8]VIPP8LI]WYKKIWX
XLEXL]TRSWMWMWXLIVIWYPXSJEGGIWWMRKXLI6)1WXEXI-RXLI6)1WXEXI
[IEGGIWWXLIMQEKMREXMSR[LEXXLI]VIJIVXSEW«XLIVIEPMX]KIRIVEXSV¬
XLEXMWVIWTSRWMFPIJSVSYVHVIEQW3RISJXLIJYRGXMSRWSJHVIEQMRKMW
XSHMWGLEVKIYRVIWSPZIHIQSXMSREPEVSYWEP-RERSXLIV[SVHWMXEPPS[W
YWXSGSQTPIXIIQSXMSREPVYQMREXMSRWSJXLIHE]XLVSYKLXLIQIXETLSVMG
MQEKIV]ERHGSRRIGXMSRWSJSYVHVIEQ-XWSXLIVOI]JYRGXMSRMWXSYTHEXI
SYVMRWXMRGXMZIXIQTPEXIWSVFILEZMSYVEPERHIQSXMSREPVIWTSRWIW-RSXLIV
[SVHWXLIPIEVRMRKWXEXIMWEPWSER6)1WXEXI;LIRIZIV[IEGX[MXLSYX

GSRWGMSYWIJJSVX[IEVIVIPMERXSRTEXXIVRQEXGLMRKKSMRKFEGOXSERIEVPMIV
PIEVRIHVIWTSRWISVFILEZMSYVXLEX[EWWIXMRXLI6)1WXEXI7S[LIR[I
EGXMRWXMRGXMZIP][IEVIMRIJJIGXEGXMRKSRETSWXL]TRSXMGWYKKIWXMSR-R
XLIWEQI[E][LIREL]TRSXM^IHWYFNIGXEGXWSRETSWXL]TRSXMGWYKKIWXMSR
6IEPMX]MW4PEWXMG
TEKI
KMZIRF]XLIL]TRSXMWXXLI][MPPHSWS[MXLXLIWEQIIJJIGXMZIRIWW
MQQIHMEG]ERHMRWXMRGXXLI]HSSXLIVYRGSRWGMSYWFILEZMSYVW
7S[LIR[ITYXWSQISRIMRXSL]TRSWMW[IEVIWMQTP]EGXMZEXMRKXLIWEQI
TVSGIWWIWXLEXXLIFVEMREGXMZEXIWHYVMRKHVIEQWPIITMRGPYHMRKXLIVIEPMX]
KIRIVEXSVXLMWMW[LEXQEOIWMXWSIJJIGXMZI
*SV]SYVTYVTSWIWEW8LI,]TRSXMWXMXMWYWIJYPXSOIITXLIWIHI´RMXMSRWMR
QMRH6IZMWMXXLIQMRPMKLXSJ]SYVI\TIVMIRGI6IEHXLI[SVOSJXLSWI[LS
GSMRIHXLIQ,S[IZIVXLIVIVIEPP]MWRSRIIHXSKIXLYRKYTSRI\EGXP][LEX
L]TRSWMWMWSV[L]MXSGGYVW8LIVIMWRSTSMRXFIMRKGSRGIVRIHSZIV[LIXLIV
XLI«GVMXMGEPJEGYPX]¬MWWSQIXLMRK[IGERTMRTSMRXTL]WMGEPP]SVRSX)ZIR
PIWWTSMRXXV]MRKXSTVSZIXLEXL]TRSWMWMWVIEP
8LIQMRHI\MWXWEWEQSHIP,]TRSWMWI\MWXWEWETLIRSQIRSR;IQYWXYWI
EGSRGITXYEPQSHIPXSHIWGVMFILS[MX[SVOW,]TRSWMWQE]RSXLEZIXLI
VIEPMX]SJELSYWIFVMGOFYXXLEXMWSJRSGSRWIUYIRGIXS]SY8LIJEGXMW]SY
GERLSPHER]SJXLIQENSVZMI[WEFSYXL]TRSWMWERHWXMPPFIEKSSHL]TRSXMWX
*SVTVEGXMGEPTYVTSWIWEW8LI,]TRSXMWXXLMROSJMXXLMW[E]
«,]TRSWMWMWXLIEVXSJTVIWIRXMRKMHIEWHMVIGXP]XSXLIVIGITXMZIYRGSRWGMSYW
QMRH¬
%RXLSR].EGUYMR
7SYRHIVWXERHEW8LI,]TRSXMWX]SYEVITVIWIRXMRKMHIEWERHKMZMRK
HMVIGXMSRW=SYEVIHSMRKXLMWXS]SYVWYFNIGX¬WYRGSRWGMSYWQMRHERHMXMW
VIGITXMZIXSXLIHMVIGXMSRWERHMHIEW]SYEVITVIWIRXMRK&IPMIZI[ERXERH
I\TIGXXLEXMX[MPPMRXIVTVIXXLIQERHEGXSRXLIQ[MXLEKIRYMRIYRGSRWGMSYW
VIWTSRWI