&KUVT

4'564+0)+&#
.%4
FGLWNKQFG
14+)+0#.'52#1.
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

%'2#.
%QOKUKP'EQPOKECRCTC#OTKEC.CVKPC[GN%CTKDG

.CFKPOKECFGNFGUCTTQNNQ
UWUVGPVCDNG[UQUVGPKDNG

 'N RTGUGPVG FQEWOGPVQ JC UKFQ GNCDQTCFQ RQT GN UGQT #ZGN &QWTQLGCPPK FG NC &KXKUKP FG
4GEWTUQU 0CVWTCNGU G +PHTCGUVTWEVWTC RCTC UGT RTGUGPVCFQ GP GN :8 %QPITGUQ 8GPG\QNCPQ FG NC
%KGPEKC FGN 5WGNQ $CTSWKUKOGVQ 8GPG\WGNC FGN  FG PQXKGODTG CN  FG FKEKGODTG FG  .CU
QRKPKQPGU GZRTGUCFCU GP GUVG FQEWOGPVQ SWG PQ JC UKFQ UQOGVKFQ C TGXKUKP GFKVQTKCN UQP FG NC
GZENWUKXC TGURQPUCDKNKFCF FGN CWVQT [ RWGFGP PQ EQKPEKFKT EQP NCU FG NC 1TICPK\CEKP


KKK

+PFKEG
2IKPC
4GUWOGP

 *CEKCWPCCRTQZKOCEKPEQPEGRVWCNFGNFGUCTTQNNQ 

 .QUGUEGPCTKQUEQPHNKEVKXQU[EQPEKNKCVQTKQURCTCGNFGUCTTQNNQ 
 .CUGUECNCU[NCFKPOKECFGNFGUCTTQNNQ  
 .CINQDCNK\CEKP[NCEQPEGPVTCEKPGURCEKCNFGNFGUCTTQNNQ 
 2TQEGUQUFGIGUVKPRCTCCNECP\CTGSWKNKDTKQUGPGNFGUCTTQNNQ  

4GUWOGP
'N RTGUGPVG FQEWOGPVQ UG QTKGPVC C CENCTCT NCU KORNKECPEKCU FGN KFGUCTTQNNQ
UWUVGPVCDNGL[GNKFGUCTTQNNQUQUVGPKDNGLXKPEWNPFQNQUCWPVTKPIWNQSWGTGNCEKQPC
QDLGVKXQU UQEKCNGU GEQPOKEQU [ CODKGPVCNGU
GN VTKPIWNQ FG NQU EQPHNKEVQU 5G
UQUVKGPGSWGUNQUKGNKFGUCTTQNNQUWUVGPVCDNGLUGOCPVKGPGGPGNVKGORQUGCNECP\C
GN FGPQOKPCFQ KFGUCTTQNNQ UQUVGPKDNGL 5G JCEG RCTVKEWNCT TGHGTGPEKC C NCU
XKPEWNCEKQPGU SWG GZKUVGP GPVTG FGUCTTQNNQ UWUVGPVCDNG [ VGTTKVQTKQ CU EQOQ NC
ECRCEKFCFFGIQDGTPCDKNKFCFSWGVKGPGNCUQEKGFCFUQDTGFKEJQUVGTTKVQTKQU6CODKP
UG JCEG TGHGTGPEKC C NC KORQTVCPEKC FG NC KPVGTCEEKP GPVTG NQU JCDKVCPVGU FG
FKHGTGPVGU VGTTKVQTKQU EQP HKPGU FG EQORGPUCT [ CNECP\CT OGLQTGU GSWKNKDTKQU
EQPFWEGPVGU CN FGUCTTQNNQ UWUVGPVCDNG 2TGVGPFG CRQTVCT GNGOGPVQU RCTC GUENCTGEGT
NC EQORNGLKFCF [ EQORTQOKUQU SWG UG FGDGP NQITCT GPVTG NQU JCDKVCPVGU FG ECFC
VGTTKVQTKQ [ GPVTG VGTTKVQTKQU RCTC NQITCTNQ CU EQOQ FGVGTOKPCT RTQEGUQU FG IGUVKP
RCTCCNECP\CTNQ
'N FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG PQ UG TGHKGTG C WPC OGVC VCPIKDNG PK
EWCPVKHKECDNGCUGTCNECP\CFCGPFGVGTOKPCFQRNC\Q[OQOGPVQ5GTGHKGTGOUDKGP
CNCRQUKDKNKFCFFGOCPVGPGTWPGSWKNKDTKQGPVTGHCEVQTGUSWGGZRNKECPWPEKGTVQPKXGN
FG FGUCTTQNNQ FGN UGT JWOCPQ PKXGN SWG GU UKGORTG VTCPUKVQTKQ GP GXQNWEKP [ CN
OGPQUGPVGQTCFGDGTCUGTUKGORTGEQPFWEGPVGCOGLQTCTNCECNKFCFFGXKFCFGNQU
UGTGUJWOCPQU'NNNCOCFQFGUCTTQNNQUWUVGPVCDNG[UQUVGPKDNGGUGPEQPUGEWGPEKC
NC TGUWNVCPVG FG WP EQPLWPVQ FG FGEKUKQPGU [ RTQEGUQU SWG FGDGP NNGXCT C ECDQ
IGPGTCEKQPGU FG UGTGU JWOCPQU FGPVTQ FG EQPFKEKQPGU UKGORTG ECODKCPVGU EQP
KPHQTOCEKP WUWCNOGPVG KPUWHKEKGPVG UWLGVCU C KPEGTVKFWODTGU [ EQP OGVCU RQEQ
EQORCTVKFCU RQT NCU UQEKGFCFGU EQP WPC RQDNCEKP EQP ETGEKGPVG VGPFGPEKC CN
KPFKXKFWCNKUOQ

*CEKCWPCCRTQZKOCEKP
EQPEGRVWCNFGNFGUCTTQNNQ
'N FGUCTTQNNQ UWUVGPVCDNG PQ UG TGHKGTG C WPC OGVC VCPIKDNG PK EWCPVKHKECDNG C UGT
CNECP\CFCGPFGVGTOKPCFQRNC\Q[OQOGPVQ5GTGHKGTGOUDKGPCNCRQUKDKNKFCFFG
OCPVGPGTWPGSWKNKDTKQGPVTGHCEVQTGUSWGGZRNKECPWPEKGTVQPKXGNFGFGUCTTQNNQFGN
UGT JWOCPQ PKXGN SWG GU UKGORTG VTCPUKVQTKQ GP GXQNWEKP [ CN OGPQU GP VGQTC
FGDGTCUGTUKGORTGEQPFWEGPVGCOGLQTCTNCECNKFCFFGXKFCFGNQUUGTGUJWOCPQU
'NNNCOCFQFGUCTTQNNQUWUVGPVCDNGGUGPEQPUGEWGPEKCNCTGUWNVCPVGFGWPEQPLWPVQ
FGFGEKUKQPGU[RTQEGUQUSWGFGDGPNNGXCTCECDQIGPGTCEKQPGUFGUGTGUJWOCPQU
FGPVTQ FG EQPFKEKQPGU UKGORTG ECODKCPVGU EQP KPHQTOCEKP WUWCNOGPVG
KPUWHKEKGPVG UWLGVCU C KPEGTVKFWODTGU [ EQP OGVCU RQEQ EQORCTVKFCU RQT WPC
UQEKGFCF [ RGTUQPCU GP IGPGTCN PQ OW[ UQNKFCTKCU UK GN FGUCTTQNNQ UWUVGPVCDNG UG
OCPVKGPGGPGNVKGORQUGCNECP\CNCUQUVGPKDKNKFCF
'N EQPEGRVQ FG KFGUCTTQNNQ FGN UGT JWOCPQL FGDGTC NNGXCT KORNEKVQ NC
UWUVGPVCDKNKFCF GP WP FGVGTOKPCFQ OQOGPVQ [ NC KUQUVGPKDKNKFCF FG FKEJC
UWUVGPVCDKNKFCFLGPGNVKGORQ5KCUPQNQHWGTCPQRQFTCECVCNQICTUGFGFGUCTTQNNQ
WP UKORNG RTQEGUQ SWG UNQ CRWPVC C CNECP\CT OGVCU FG EQTVQ RNC\Q Q UNQ NG
KPVGTGUCNQGEQPOKEQNQUQEKCNQNQCODKGPVCN'NCITGICTNGCNVTOKPQFGUCTTQNNQGN
EQPEGRVQ FG KUWUVGPVCDNGL [ KUQUVGPKDNGL UNQ TGUCNVC SWG GUVQU RTKPEKRKQU PQ UG
CRNKECP'UFGEKTTGUCNVCPNCQOKUKP[PQNCCEEKP
.C UWUVGPVCDKNKFCF [ UQUVGPKDKNKFCF UG GZRNKEC WUWCNOGPVG OGFKCPVG HCEVQTGU
GEQPOKEQUUQEKCNGU[CODKGPVCNGUTGHGTKFQUCETGEKOKGPVQGEQPOKEQGSWKFCF [
UWUVGPVCDKNKFCFCODKGPVCNRTQDCDNGOGPVGRQTUGTOUUKORNGJCEGTNQFGGUVCOCPGTC

XCUG)THKEQ'UVCUVTGUXCTKCDNGUPQPGEGUCTKCOGPVGGZRNKECPVQFQNQSWGNNGXC
KORNEKVQ GN EQPEGRVQ FG FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG RGTQ UG UWRQPG SWG
GZRNKECPWPDWGPRQTEGPVCLGFGNOKUOQ'NWVKNK\CTUNQVTGUXCTKCDNGURCTCFGUETKDKT
GUVG EQPEGRVQ GSWKXCNG C EQPUKFGTCT PKECOGPVG NQU VTGU RTKOGTQU HCEVQTGU FG WPC
TGITGUKPONVKRNGSWGGZRNKECPSWK\UWPFGWPCEQTTGNCEKPCWPEWCPFQUG
EQPQ\ECSWGGZKUVGPEKGPVQUFGQVTCUXCTKCDNGUKPXQNWETCFCU
%CDG TGUCNVCT SWG NC UQEKGFCF UG JC QTICPK\CFQ RCTC EQPFWEKT RTQEGUQU FG
IGUVKP C PKXGN FG VGTTKVQTKQU FGNKOKVCFQU RCTC CNECP\CT UQDTG VQFQ OGVCU FG
ETGEKOKGPVQ GEQPOKEQ [ C XGEGU OGVCU UQEKCNGU RGTQ OW[ GUECUCOGPVG RCTC
OCPGLCT VGTTKVQTKQU FGNKOKVCFQU RQT TC\QPGU PCVWTCNGU 'UVQ KORNKEC SWG PQ GZKUVGP
DCUGU FG IQDGTPCDKNKFCF RCTC EQPLWICT [ CNECP\CT GP HQTOC EQQTFKPCFC OGVCU
GEQPOKECU UQEKCNGU [ CODKGPVCNGU GP NQU VGTTKVQTKQU CEVWCNOGPVG FGNKOKVCFQU UNQ


RQT TC\QPGU RQNVKEQCFOKPKUVTCVKXQU
NOKVGU FKUVTKVCNGU RTQXKPEKCNGU GUVCVCNGU
TGIKQPCNGUQFGRCUGU

100%

Crecimiento
econmico

Equidad

Desarrollo
sustentable

100%
100%

Sustentabilidad ambiental
Ambito

(proceso de manejo del mbito)

Fuente: modificado a partir de Peter Nijkamp, Regional sustainable development and natural resources use, World Bank
Annual Conference on Development Economics, 26 y 27 de abril de 1990, Washington, D.C.

'N EQPEGRVQ FG FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG GUV CFGOU XKPEWNCFQ C

ECVGIQTCU Q GUECNCU FG ECNKFCF FG XKFC [ C NC KPVGTCEEKP GPVTG JCDKVCPVGU [
TGEWTUQUFGWPQQOUVGTTKVQTKQU
XCUG)THKEQ'NNQGZRNKECRQTSWGNFGUCTTQNNQ
GUV GUVTGEJCOGPVG CUQEKCFQ C NCU FGOCPFCU SWG GZKIG ECFC EWNVWTC Q GUVKNQ FG
XKFC[CNCINQDCNK\CEKPFGNQURTQEGUQUGEQPOKEQUUQEKCNGU[CODKGPVCNGU[CNC
ECRCEKFCFPGIQEKCFQTC GPVTG TGIKQPGU Q RCUGU 'N OKUOQ VKRQ FG EQPUWOQ SWG UG
GZVKGPFGCPKXGNINQDCNGLGTEGECFCXG\OUKPHNWGPEKCUGPQTOGUGPGNOGFKQUQEKCN
[ CODKGPVCN FG EWNVWTCU CPVGU OW[ FKHGTGPVGU SWG CJQTC RWIPCP RQT KOKVCT NQ SWG
EQPUKFGTCPOUCXCP\CFQ
'N NNCOCFQ FGUCTTQNNQ UWUVGPVCDNG GU NC TGUWNVCPVG FG WP EQPLWPVQ FG
FGEKUKQPGU [ RTQEGUQU SWG FGDGP NNGXCTUG C ECDQ RQT IGPGTCEKQPGU FG UGTGU
JWOCPQU RCTC UW RTQRKQ DKGPGUVCT FGPVTQ FG EQPFKEKQPGU FG XKFC UKGORTG
ECODKCPVGUUVCUEQPFKEKQPGUGUVPFCFCURQTGNUKUVGOCJQNUVKEQSWGEQPHQTOCGN
WPKXGTUQ FGPVTQ FGN EWCN GN UGT JWOCPQ GU WPC RGSWGC RCTVG 2QT TC\QPGU FG
UGEVQTKCNK\CEKP [ GURGEKCNK\CEKP NCU FGEKUKQPGU UQDTG GUVG UKUVGOC EQORNGLQ UG
 8CUG #ZGN &QWTQLGCPPK 2TQEGFKOKGPVQU FG IGUVKP RCTC GN FGUCTTQNNQ UWUVGPVCDNG
CRNKECFQU C
OKETQTTGIKQPGU [ EWGPECU +PUVKVWVQ .CVKPQCOGTKECPQ [ FGN %CTKDG FG 2NCPKHKECEKP 'EQPOKEC [ 5QEKCN
+.2'5
&QEWOGPVQ 4GX 5GTKG 'PUC[QU 5CPVKCIQ FG %JKNG QEVWDTG FG 


TGFWEGPWUWCNOGPVGCVTCVCTUNQCURGEVQUGEQPOKEQUCODKGPVCNGU[UQEKCNGU[C
TGHGTKTNQCVGTTKVQTKQUGURGEHKEQUEQPGNHKPFGVGPGTWPTGCKIQDGTPCDNGL

Pas A (maneja sus recursos)

Tecnologa

baja sustentabilidad ambiental;

exporta tecnologa; e
importa recursos naturales.

Sustentabilidad
ambiental

Pas B (exporta sus recursos)

alta sustentabilidad ambiental;
exporta recursos naturales; e
importa tecnologa.
.CKPEGTVKFWODTG[NCEQORNGLKFCFRCTCNQITCTCNECP\CTKPKXGNGULFGFGUCTTQNNQ
UQUVGPKDNGRQTWPCUQEKGFCF[RQTGNEQPLWPVQFGUQEKGFCFGUSWGKPVGTCEVCPCPKXGN
INQDCN GU QDXKC $CUVC EQPUKFGTCT NC XCUVC ICOC FG XCTKCDNGU EQPVTQNCDNGU [ PQ
EQPVTQNCDNGU RQT GN UGT JWOCPQ NQ KORTGXKUKDNG FG OWEJQU CEQPVGEKOKGPVQU [ GN
GUECUQ EQPQEKOKGPVQ SWG VKGPG GN UGT JWOCPQ FG NQ SWG NNCOC KTGCNKFCFL UQDTG
VQFQCODKGPVCNRCTCVQOCTUWUFGEKUKQPGU
'NUGTJWOCPQGUWPUGTXKXQOUGPNCVKGTTCGPVTGNQUOKNGUFGUGTGUXKXQU
CGTDKEQU [ CPCGTDKEQU SWG GZKUVGP [ GZKUVKGTQP 'N KHWVWTQ FG NC VKGTTCL GP GN
GPVGPFKFQ FG SWG GUVG HWVWTQ UG CUQEKG C NC UQDTGXKXGPEKC FGN UGT JWOCPQ PQ
FGRGPFG FG GUVG UGT EQOQ VCORQEQ FGRGPFK FG OWEJQU QVTQU UGTGU CNIWPQU
DCUVCPVG OU ITCPFGU HUKECOGPVG SWG [C FGUCRCTGEKGTQP [ QVTQU OWEJQ OU
RGSWGQU SWG CWP UQDTGXKXGP FGURWU FG OKNNQPGU FG CQU .QU QDLGVKXQU FGN
FGUCTTQNNQUQUVGPKDNGPQUQPRQTNQVCPVQKUCNXCTNCVKGTTCLKFGCCNIQRTGUWPVWQUCGP


'N UGT JWOCPQ UNQ RWGFG KT EQPQEKGPFQ RCTVGU FG NC

KTGCNKFCFL

GP NC OGFKFC SWG XC FGUEWDTKGPFQ

EQOQ HWPEKQPC GN UKUVGOC FQPFG XKXG 'P IGPGTCN UG JCEGP RTQRWGUVCU FG FGUCTTQNNQ UNQ EQP WPC RCTVG FG NC
KPHQTOCEKP PGEGUCTKC


CNIWPCU RGTUQPCU UK PQ FG EQPUGTXCTNC CRVC RCTC SWG UWUVGPVG NC GURGEKG JWOCPC
GPDWGPCU[UKRQUKDNGECFCXG\OGLQTGUEQPFKEKQPGUFGXKFC[COUNCTIQRNC\Q
'NPKXGNFGKPVGNKIGPEKCFGNUGTJWOCPQRCTCJCDKNKVCT[OCPGLCTNQURTQEGUQU
PCVWTCNGUNQGPHTGPVCOUSWGCPKPIPQVTQUGTCNFKNGOCFGUGTOUTGURQPUCDNGU
FG UW RTQRKQ FGUVKPQ SWG QVTCU GURGEKGU GP NC VKGTTC 'N PKXGN FG RGTEGREKP SWG
CNIWPQUUGTGUJWOCPQUVKGPGPFGUWGPVQTPQFGNCINQDCNK\CEKPFGNQURTQDNGOCU
SWGNNCOCPCODKGPVCNGU[SWGGPNCRTEVKECUQPRTQDNGOCUJWOCPQU[RQTNQVCPVQ
FGN EQORTQOKUQ SWG CFSWKGTGP RQT UW EQPUGTXCEKP EKGTVCOGPVG NGU CWOGPVC UWU
CPIWUVKCU [ RTGQEWRCEKQPGU 5K DKGP NC CPIWUVKC GU IGPGTCNK\CFC OWEJQU VTCVCP FG
GXCFKTNC C EQUVC FG UCETKHKECT C UWU XGEKPQU GP NWICT FG DWUECT HTOWNCU FG
EQPEKNKCEKP
'UQ GZRNKEC RQT SWG JC[ VCPVCU RGTUQPCU CFGRVCU CN EQPEGRVQ FG FGUCTTQNNQ
UWUVGPVCDNG RGTQ OW[ RQECU FKURWGUVCU C UCETKHKECT CNIQ FG UW GUVKNQ FG XKFC RCTC
CNECP\CTNQ5KGORTGUGGURGTCSWGGNUCETKHKEKQNQJCICPKQVTQUL[PQGNNQU/UCWP
JC[ WPC RTGFKURQUKEKP C WVKNK\CT NQU VTOKPQU FG OQFC VCNGU EQOQ UQUVGPKDNG
UWUVGPVCDNG JQNUVKEQ RCTVKEKRCVKXQ KPVGTFKUEKRNKPCTKQ KPVGITCN FGOQETVKEQ [ QVTQU
UKOKNCTGUUKPRGPUCTGPGNEQORTQOKUQEQPQEKOKGPVQ[FKUEKRNKPCSWGKORNKECRQPGT
GP RTEVKEC CNIWPQ FG GUVQU DWGPQU RTQRUKVQU &G JGEJQ UG GNWFGP VCNGU
EQORTQOKUQU
/WEJCU XGEGU UG RKGPUC SWG CN ECODKCT GN PQODTG FG WPC QTICPK\CEKP
FGFKECFC C NC IGUVKP FG CNIP TGEWTUQ PCVWTCN [ FGUKIPCTNQ EQOQ GN FG EGPVTQ FG
KIGUVKPCODKGPVCNKPVGITCNLUGNQITCCWVQOVKECOGPVGGUVGQDLGVKXQ&GJGEJQEQP
GUVC HQTOC FG RGPUCT GP NC TGIKP UG JC VGTOKPCFQ UKP OCPGLCT PK WP UNQ TGEWTUQ
PCVWTCN[OWEJQOGPQUGNOGFKQCODKGPVGEQOQWPVQFQ#OTKEC.CVKPCPQRQUGC
FKUVTKVQU FG EQPUGTXCEKP FG UWGNQU PK FG OCPGLQ FG DQUSWGU PK FG HCWPC PK FG
RCTSWGU [ TGUGTXCU OCTKPCU PK UKSWKGTC FG IGUVKP FGN WUQ ONVKRNG FGN CIWC RQT
EWGPECU EWCPFQ NQU RCUGU UG NCP\CTQP C VCTGCU EQPFWEGPVGU C NC KIGUVKP
CODKGPVCNKPVGITCNLGUGPEKCNOGPVGRQTKPHNWGPEKCGZVGTPCRGTQUKPSWGTGTEQPUVTWKT
PKRCUCTRQTVQFCUNCUGVCRCUPGEGUCTKCURCTCNQITCTNQ*CUVCGNFCFGJQ[CPKXGN
OKPKUVGTKCN G KPENWUKXG FG QTICPKUOQU KPVGTPCEKQPCNGU UG UKIWG FGUOCPVGNCPFQ NQU
RQEQU UKUVGOCU [ QHKEKPCU FG IGUVKP FG TGEWTUQU PCVWTCNGU RCTC ETGCT QHKEKPCU FG
IGUVKPCODKGPVCN0QGPVKGPFGPSWGNCDCUGFGNCIGUVKPCODKGPVCNGUVGPGNDWGP
EQPQEKOKGPVQ [ OCPGLQ FG NQU GEQUKUVGOCU NCU EWGPECU GN CIWC NQU UWGNQU [ NQU
DQUSWGU NC HCWPC [ NQU VGTTKVQTKQU CUQEKCFQU C GUVQU TGEWTUQU CU EQOQ WP DWGP
OCPGLQFGNQURTQEGUQUKPFWUVTKCNGUQNCXCNQTK\CEKPFGNQUUGTXKEKQUCODKGPVCNGU[
PQGPUNQETGCTQTICPKUOQUEQPPQODTGUOUCODKEKQUQU
#NFGUOCPVGNCTNQURQEQUEGPVTQUFGIGUVKPFGTGEWTUQUPCVWTCNGUEQOQNQU
FGFKECFQU CN OCPGLQ FGN CIWC [ QVTQU TGEWTUQU PCVWTCNGU RCTC EQPXGTVKTNQU GP
KEGPVTQU CODKGPVCNGUL NQ PKEQ SWG JCP NQITCFQ GU TGVCTFCT GN CXCPEG FG NCU
CEEKQPGU FGFKECFCU C NC DWGPC IGUVKP FGN TGEWTUQ /KGPVTCU NQU GZRGTVQU GP


TGEWTUQU JFTKEQU UWGNQU DQUSWGU HCWPC HNQTC W QECPQU UCDGP NQ SWG UG FGDG
JCEGT C PKXGN FG EWGPEC GEQUKUVGOC HTCPLC EQUVGTC W QVTQ VGTTKVQTKQ PQ VKGPGP NQU
OGFKQU RCTC GLGEWVCT UWU RTQ[GEVQU %QP GUVC UKVWCEKP NCU RTQRWGUVCU FG NQU
CODKGPVCNKUVCU PQ RWGFGP NNGXCTUG C NC RTEVKEC RQT JCDGTUG FGUOCPVGNCFQ NCU
QTICPK\CEKQPGUSWGFGDCPJCEGTNQ'NUNQFGPWPEKCTRTQDNGOCUCODKGPVCNGUPQNQU
UQNWEKQPC
#RGUCTFGNCHCNVCFGQTICPK\CEKPRCTCCFOKPKUVTCTUWUTGEWTUQUPCVWTCNGU[
GEQUKUVGOCU GN UGT JWOCPQ JC KPVGTXGPKFQ HWGTVGOGPVG [ UKP OGFKT NCU
EQPUGEWGPEKCU GP UWU VGTTKVQTKQU VCPVQ GP HQTOC FKTGEVC EQOQ HCEKNKVCPFQ NC
KPVGTXGPEKP FG GORTGUCU FG FKHGTGPVG QTKIGP EQP NQ EWCN NQU JCP FGITCFCFQ
GPQTOGOGPVG.COGPVCDNGOGPVGUWHCNVCFGQTICPK\CEKPNGUJCKORGFKFQEQPVTQNCT
NQU GHGEVQU PQ FGUGCFQU GP NQ UQEKCN [ CODKGPVCN .QU IQDKGTPQU [ NQU RTQRKQU
CEVQTGU RTKXCFQU UG JCP XKUVQ UWRGTCFQU RQT GN CXCPEG XGTVKIKPQUQ FG NCU
KPVGTXGPEKQPGUGPUWUVGTTKVQTKQU[NCUQDNKICEKQPGUFGOCPGLQSWGKORNKECP'NNQUG
CITCX EQP NC RTGUKP GLGTEKFC RQT NCU RGTUQPCU FG OGPQTGU TGEWTUQU SWG OWEJCU
XGEGU CNGPVCFQU RQT NQU RTQRKQU IQDKGTPQU SWG NGU GPVTGICTQP VKGTTCU FG HTQPVGTC

EQNQPK\CEKQPGU UKP NC UWHKEKGPVG CUKUVGPEKC VEPKEC [ ETGFKVKEKC XKGTQP GP NC

GZRNQVCEKP KPFKUETKOKPCFC FG TGEWTUQU PCVWTCNGU UW PKEC RQUKDNG HWGPVG FG
UWDUKUVGPEKC
2TEVKECOGPVGECFCKPVGTXGPEKPSWGGNJQODTGTGCNK\CGPUWGPVQTPQGPWPC
HQTOCFGKTGETGCEKPL
%JCETCGPKFKQOCSWGEJWCUKIPKHKECRTGEKUCOGPVGTGETGCTNC
PCVWTCNG\CRCTCSWGUKTXCCNUGTJWOCPQRCTCJCDKNKVCTNQCUWUPGEGUKFCFGUEQPNNGXC
WPCQDNKICEKPFGRQTXKFCCOCPVGPGTNQUKFGUGCEQPUGTXCTNQUECODKQUSWGNGUQP
HCXQTCDNGU [ CN OKUOQ VKGORQ PQ FGITCFCT NQ FCFQ RQT NC PCVWTCNG\C /KGPVTCU PQ
CNVGTG PK KPVGTXGPIC GP GN OGFKQ PQ GUV QDNKICFQ C OCPGLCTNQ RWGU GUVG VKGPG UW
FKPOKEC RTQRKC 2GTQ EWCPFQ NQ CNVGTC U CFSWKGTG WP EQORTQOKUQ SWG PQ VKGPG
HGEJCFGVTOKPQ+ORNKECUKFGUGCKPVGTXGPKTNQKPVGNKIGPVGOGPVGKPXGTVKTGPEQPQEGT
GN OGFKQ [ GP EQPQEGT NQU ECODKQU SWG QEWTTGP [ RWGFGP QEWTTKT EQP UW
KPVGTXGPEKP 7PC OQFKHKECEKP KPVGNKIGPVG GU WPC HQTOC FG TGETGCT NC PCVWTCNG\C
RCTC SWG UKTXC CN UGT JWOCPQ 6CORQEQ EQPVCDKNK\C GEQPOKECOGPVG NQU UGTXKEKQU
CODKGPVCNGU SWG NG QHTGEG C PQ UGT SWG NQU RKGTFC G KPENWUKXG GP GUVCU
EKTEWPUVCPEKCU CFQRVC OU DKGP WPC RQUKEKP HCVCNKUVC EQOQ UK NC RTFKFC FG WP
UGTXKEKQ CODKGPVCN Q GN UGT CHGEVCFQ RQT WP HGPOGPQ PCVWTCN GU ECWUCFC RQT
UKVWCEKQPGUCDUQNWVCOGPVGKPEQPVTQNCDNGU
'UVCRGTEGREKPPQGUEKGTVCOGPVGIGPGTCNK\CFC#NIWPQURTGHKGTGPKIPQTCTNQU
RTQDNGOCU JWOCPQU SWG CHGEVCP CN CODKGPVG GP GN OGFKCPQ [ NCTIQ RNC\Q RCTC PQ
RCICTGNEQUVQSWGQECUKQPCUWKPVGTXGPEKPQVTQUUGGPEKGTTCPGPUWUVGTTKVQTKQU[
JCUVCFGRTGFCPKNQUFGQVTQULUKPRGTECVCTUGFGNCINQDCNK\CEKPFGNVGOC[SWGRQT
NQ VCPVQ VCTFG Q VGORTCPQ GN FCQ ECWUCFQ GP QVTQU NWICTGU TGRGTEWVKT GP GNNQU
 *G UQUVGPKFQ OWEJCU XGEGU SWG JC[ OWEJQU GPVWUKCUVCU FGN EQPEGRVQ
RQTSWG FGUFG SWG JCDNCP FGN VGOC UWUVGPVCP UW RTQRKQ FGUCTTQNNQ

KFGUCTTQNNQ

UWUVGPVCDNGL


OKUOQU1VTQUCFQRVCPNCQREKPHCVCNKUVCQDKGPJCEGPNCTICUNKUVCUFGKRTQDNGOCU
CODKGPVCNGULEQOQUKGUVQURTQDNGOCUHWGTCPCLGPQUCNSWGJCEGTJWOCPQ/WEJQU
GPVKGPFGP NC INQDCNK\CEKP FG NQU OGTECFQU Q FG NCU TGFGU FG EQORWVCEKP [
EQOWPKECEKP RGTQ PQ FG NQU RTQDNGOCU CODKGPVCNGU [ UQEKCNGU 2CTC UQNWEKQPCT
GUVQURTQDNGOCUCNIWPQUHQOGPVCPNCEQORGVGPEKCQVTQUNCEQPEKNKCEKP[WPCITCP
RCTVG NQU KIPQTC OKGPVTCU PQ NQU CHGEVG FKTGEVCOGPVG UKP RGTECVCTUG SWG EQP GNNQ
JKRQVGECPGNHWVWTQFGNCOKUOCUQEKGFCFCNCSWGRGTVGPGEGP
8KXKTUGTGPQFGPVTQFGGUVGOCTFGCEQPVGEKOKGPVQUFKCTKQUUKIPKHKECXKXKTGP
GSWKNKDTKQ GSWKNKDTKQ KPVGTPQ Q GURKTKVWCN HCOKNKCT [ UQEKCN 'UVQ KORNKEC EQODKPCT GN
JCEGT [ GN VGPGT EQP GN UGT GP HQTOC EQORCTVKFC [ GSWKVCVKXC 6CODKP KORNKEC
FKURQPGTFGTGEWTUQUSWGUGGPEWGPVTCPGPGNOGFKQCODKGPVG[VTCPUHQTOCTNQURCTC
UCVKUHCEGTPGEGUKFCFGUSWGETGEGPECFCFCKORNKECQEWRCT[JCDKNKVCTGNVGTTKVQTKQC
NCUGZKIGPEKCUJWOCPCUTGURGVCPFQNCFKPOKECFGNGEQUKUVGOCKPVGTXGPKFQ[UQDTG
VQFQEQPUGTXCTNQEQOQKUWUVGPVQFGNCUWUVGPVCDKNKFCFLFGNUGTJWOCPQ
6CNEQOQUGKPFKECCNRTKPEKRKQFGGUVCEJCTNCGNGSWKNKDTKQSWGKORNKECNQITCT
WPFGUCTTQNNQUWUVGPVCDNG[UQUVGPKDNGGPUWOUOPKOCGZRTGUKPGUGNGSWKNKDTKQ
FG WPC VTKNQIC GEQPOKEC UQEKCN [ CODKGPVCN UQDTG ECFC RGFC\Q FG VGTTKVQTKQ SWG
JC[GPNCVKGTTC[WPGSWKNKDTKQRTQFWEVQFGNCPGIQEKCEKPGPVTGNQUGPECTICFQUFG
CFOKPKUVTCT FKEJQU VGTTKVQTKQU 5K UG FKUGCP UKUVGOCU RCTC NNGICT C CEWGTFQU GPVTG
UGTGUJWOCPQUSWGRGTOKVCPOCPVGPGTGUVGGSWKNKDTKQGPWPVGTTKVQTKQCFOKPKUVTCFQ
RQTWPCUQEKGFCF[GPVTGVQFQUNQUFGOUVGTTKVQTKQUUGNQITCTCEQPUVTWKTNCUDCUGU
SWGVKGPFCCNQITCTCNCUGTGPKFCFGURGTCFC7PCUQEKGFCFFGDGUGTECRC\GPVQPEGU
FG PGIQEKCT CFGEWCFCOGPVG FGPVTQ FG UWU VGTTKVQTKQU [ GPVTG VGTTKVQTKQU &GDG UGT
ECRC\ CFGOU FG GPHTGPVCT UKVWCEKQPGU GZVTGOCU Q FG KPEGTVKFWODTG #U EQOQ NC
IGUVKPFGWPTGEWTUQEQOQGNCIWCGUIGUVKPFGEQPHNKEVQUGPVTGUGTGUJWOCPQU
SWGEQORKVGPRQTWPOKUOQTGEWTUQNCIGUVKPRCTCGNFGUCTTQNNQUWUVGPVCDNGGUWPC
IGUVKP FG EQPHNKEVQU GPVTG OGVCU UQEKCNGU GEQPOKECU [ CODKGPVCNGU 'P GUVQU
ECUQU NCU RGTUQPCU FGDGP RTGRCTCTUG RCTC GPHTGPVCT UKVWCEKQPGU GZVTGOCU EQP
OGFKFCURTGXGPVKXCU[FGOKVKICEKPFGUKVWCEKQPGUPQFGUGCFCU
UVC UKVWCEKP FG ECODKQ EQPUVCPVG NNGXC C RTGEKUCT SWG GN FGUCTTQNNQ
UQUVGPKDNG FGN UGT JWOCPQ UG NQITC UK NC UQEKGFCF SWG EQORCTVG WP VGTTKVQTKQ GU
ECRC\ FG VQOCT FGEKUKQPGU FC C FC RCTC OCPGLCT WP EQPLWPVQ FG RTQEGUQU RCTC
NKFKCT EQP NC KPEGTVKFWODTG [ NC EQORNGLKFCF ECWUCFC RQT GN EQORQTVCOKGPVQ FGN
OGFKQSWGNCUWUVGPVC[FGNQUECODKQUGPUWURTQRKCUCEVKVWFGU[EQPQEKOKGPVQU
'UVQTGSWKGTGWPCDWGPCECRCEKFCFFGIQDGTPCDKNKFCF[EQORTQOKUQEQPGNVGOC
'N EQPEGRVQ FG FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG RNCPVGC NC PGEGUKFCF FG
HQTVCNGEGT [ RQVGPEKCT NCU EQPGZKQPGU G KPVGTCEEKQPGU GZKUVGPVGU GPVTG UKUVGOCU
FKHGTGPVGUGNGEQPOKEQGNUQEKCN[GNCODKGPVCN5GVTCVCRQTNQVCPVQFGOCZKOK\CT
VTGU QDLGVKXQU EQPHNKEVKXQU GP GN EQTVQ RNC\Q [ EQP KPHQTOCEKP KPEQORNGVC .C
FKHKEWNVCF RCTC NQITCT GUVC OCZKOK\CEKP UG CETGEKGPVC RQT GN FGUEQPQEKOKGPVQ 2QT


WP NCFQ PQ UG UCDG PK EQOQ EWCPVKHKECT NQ SWG UGTC WP PKXGN RVKOQ FG FGUCTTQNNQ
UQUVGPKDNG[CSWGUVGGUFGUEQPQEKFQUQDTGVQFQGPOCVGTKCFGNQSWGGUECNKFCF
FG XKFC [ IGUVKP CODKGPVCN [ CFGOU ECODKC RGTOCPGPVGOGPVG GP GN VKGORQ [
UGIP NCU RGTUQPCU 2QT GN QVTQ NQU VTGU QDLGVKXQU UG OKFGP WUWCNOGPVG EQP
KPFKECFQTGU SWG PQ VKGPGP CWP WP FGPQOKPCFQT EQOP 5QP QDLGVKXQU SWG UG
GPEWGPVTCP GP FKHGTGPVGU RNCPQU C RGUCT FG ITCHKECTNQU GP WPQ UQNQ RQT UKORNG
EQOQFKFCF

'NETGEKOKGPVQGEQPOKEQUGGZRTGUCGPKPFKECFQTGUOQPGVCTKQU
.CUWUVGPVCDKNKFCFCODKGPVCNUGGZRTGUCGPKPFKECFQTGUCODKGPVCNGU
.CGSWKFCFUGGZRTGUCGPDCUGCKPFKECFQTGUUQEKCNGU

.C OC[QTC FG NQU GUEGPCTKQU FG FGUCTTQNNQ UG GZRTGUCP EQP KPFKECFQTGU
GEQPOKEQU GUGPEKCNOGPVG OQPGVCTKQU UVQU KPFKECFQTGU GP IGPGTCN PQ JCP UKFQ
CRNKECFQUGPHQTOCUWHKEKGPVGRCTCXCNQTK\CTNQUQEKCN[NQCODKGPVCNCRGUCTFGGUVCT
TGCNK\PFQUG WP CXCPEG UKIPKHKECVKXQ GP GUVG UGPVKFQ #FGOU NC HQTOC EQOQ GN
CEVWCN CXCPEG GP NC GEQPQOC EQPUKFGTC NQU CURGEVQU CODKGPVCNGU [ UQEKCNGU PQ
UWOKPKUVTC CP UWHKEKGPVG KPHQTOCEKP RCTC VQOCT FGEKUKQPGU GPHQECFQU JCEKC UW
EQPUKFGTCEKP
.CU FGEKUKQPGU RQT GNNQ PQ RWGFGP DCUCTUG PKECOGPVG GP KPFKECFQTGU
GEQPOKEQU C RGUCT FG SWG GZKUVG NC VGPFGPEKC C ETGGT RQT GLGORNQ SWG UK VQFQ
VWXKGTC FWGQ [ WP RTGEKQ UG RQFTC KKPEQTRQTCTL OGLQT NCU XCTKCDNGU CODKGPVCNGU
%QOQDKGPNQUGCNCFKEJCVGTOKPQNQICGNKKPEQTRQTCTLEQPUKFGTCEKQPGUCODKGPVCNGU
UKIPKHKEC SWG UG WVKNK\C GN GPHQSWG GEQPOKEQ PGQENUKEQ [ OQPGVCTKUVC RCTC
KPVGTPCNK\CTCURGEVQUCPVGUPQEQPUKFGTCFQUGPNQUENEWNQUGEQPOKEQURGTQSWG
UK GTCP RGTEKDKFQU RQT NCU RGTUQPCU &G JGEJQ GU HEKN XGT NC GXQNWEKP FG GUVC
KPEQTRQTCEKPFGNCUCPVGUEQPUKFGTCFCUGZVGTPCNKFCFGUFGNQURTQ[GEVQU2TKOGTQUG
JCECP GXCNWCEKQPGU GEQPOKECU [ HKPCPEKGTCU FG RTQ[GEVQU NWGIQ UG FGEKFK
TGCNK\CTGXCNWCEKQPGUGEQPOKECU[UQEKCNGUFGRTQ[GEVQU[GPHQTOCOUTGEKGPVG
UGCITGICNQCPVGTKQTNCGXCNWCEKPCODKGPVCNFGRTQ[GEVQU#WPEQPGUVGCXCPEG
GP OWEJQU ECUQU NCU EQPUKFGTCEKQPGU UQEKCNGU [ CODKGPVCNGU FG RTQ[GEVQU PQ
RCUCTQPFGUGTRTGUGPVCFQUEQOQWPCRPFKEGFGNQUOKUOQU
'P GUVCU CRTQZKOCEKQPGU UWEGUKXCU PQ UG OQFKHKEC GN GPHQSWG QTKIKPCN FG NC
GEQPQOC PGQENUKEC UKPQ SWG UG CORNC RCTC EQPUKFGTCT CURGEVQU SWG CPVGU UG
EQPUKFGTCTQPGZVGTPQUCNCFGEKUKPGEQPOKECEGPVTCNCWPEWCPFQCHGEVCTCPVCTFGQ
VGORTCPQNCUOGVCUFGFGUCTTQNNQ&GDKFQCSWGGUVGGPHQSWGGUCWPNKOKVCFQUGJC
FGUCTTQNNCFQNCVGQTCNNCOCFCGEQPQOCGEQNIKECSWGCLWKEKQFGSWKGPGZRQPGGU
XNKFC [ VKN VGTKEC [ EQPEGRVWCNOGPVG RGTQ CP PQ GU CRNKECDNG RQT FKXGTUCU
 #ZGN &QWTQLGCPPK 'EQPQOC [ GEQNQIC FQU EKGPEKCU [ WPC TGURQPUCDKNKFCF HTGPVG C NC PCVWTCNG\C
FKUVTKDWKFQ QTKIKPCNOGPVG RQT NC %'2#. EQOQ .%4 FG  FG QEVWDTG FG  [ RWDNKECFQ RQUVGTKQTOGPVG
GP NC 4GXKUVC 'EQPQOC [ #FOKPKUVTCEKP 0  #Q  (CEWNVCF FG %KGPEKCU 'EQPOKECU [ #FOKPKUVTCVKXCU
7PKXGTUKFCF FG %QPEGREKP %QPEGREKP %JKNG LWPKQ FG  +550 


TC\QPGU GPVTG GNNCU GN GPQTOG FGUEQPQEKOKGPVQ FG NC DCUG CODKGPVCN [ FG NQU
UGTXKEKQUCODKGPVCNGU
/KGPVTCU GN FGUEQPQEKOKGPVQ FGN GPVQTPQ UWDUKUVC NCU UQEKGFCFGU FGDGP UGT
ECRCEGU FG VQOCT FGEKUKQPGU RCTC OGLQTCT UW ECNKFCF FG XKFC UKP FKURQPGT PK FG
FCVQUEQORNGVQUUQDTGNCUUKVWCEKQPGUCEVWCNGU[NCUSWGXCPCQEWTTKTPKFGOGVCU
VQVCNOGPVGENCTCUUQDTGNQSWGFGUGCP.CKPVWKEKP[NCQDUGTXCEKPXCNGPOWEJCU
XGEGUOUSWGVCDNCUFGGUVCFUVKECUSWGKRTWGDCPLNQEQPVTCTKQUKUVCUUGDCUCP
GP RCTOGVTQU [ XCNQTGU SWG PQ UQP EQPHKCDNGU *C[ CP GUECUQU RCTOGVTQU
CODKGPVCNGU NQ UWHKEKGPVGOGPVG ENCTQU [ RTGEKUQU [ EQP NCTIQU RGTQFQU FG TGIKUVTQ
RCTC VQOCT FGEKUKQPGU UQDTG NC HQTOC FG CEVWCT UKP CHGEVCT GN OGFKQ CODKGPVG C
NCTIQ RNC\Q Q RCTC RTGRCTCTUG RCTC GPHTGPVCT KORTGXKUVQU 'P NQU KPFKECFQTGU
UQEKCNGUVCODKPUGVKGPGPUGTKCUNKOKVCEKQPGUFGDKFQCNCKPGZKUVGPEKCFGHQTOCUFG
OGFKTRQTGLGORNQNCGHKEKGPEKCFGUGTXKEKQUFG UCNWF Q GFWECEKP [ GP IGPGTCN GN
PKXGN FG DKGPGUVCT FG NC RQDNCEKP CU EQOQ FGHKPKT [ RTGEKUCT NQ SWG GU GSWKFCF
LWUVKEKCUQEKCNQNQSWGGUWPNOKVGFGRQDTG\CPQUNQGEQPOKEC
%QP TGURGEVQ CN CODKGPVG UG JCP FGUCTTQNNCFQ OWEJQU RCTOGVTQU
TGNCEKQPCFQU EQP NC ECNKFCF FGN CIWC FGN CKTG FGN TWKFQ FG NCU EQPFKEKQPGU FG
JKIKGPG Q FG WPC XKXKGPFC RGTQ C RGUCT FG GNNQ UG GUV NGLQU FG JCDGT NQITCFQ
EQPQEGT GN GPVQTPQ 6QFQU NQU KPFKECFQTGU CODKGPVCNGU GUVP GP RNGPQ RTQEGUQ FG
GXQNWEKPFGFGUEWDTKOKGPVQFGTGXKUKP[FGOQPKVQTGQ'UVQUKPFKECFQTGUUQPUKP
GODCTIQOW[FDKNGU'NOGFKQCODKGPVGGUGPNCRTEVKECNQOGPQUGUVWFKCFQRQT
GN UGT JWOCPQ # RGUCT FG GUVG FGUEQPQEKOKGPVQ GU NQ OU KPVGTXGPKFQ KPENWUKXG
EQPECUKCDUQNWVCKIPQTCPEKCFGNQSWGGZKUVG[EQOQHWPEKQPCEQOQGPGNECUQFG
NQUGEQUKUVGOCUOCTKPQU[NQUVTQRKECNGU/WEJQUKOQFGNQUCODKGPVCNGULNKOKVCPUW
TGRTGUGPVCEKP C ITHKEQU EQP RCKUCLGU FG \QPCU EWDKGTVCU FG DQUSWGU HCWPC [
CTTQ[QUFGCIWCETKUVCNKPC.COGPVCDNGOGPVGGUQUOQFGNQUPQUQPUWHKEKGPVGURCTC
QTKGPVCT GN OCPGLQ CODKGPVCN FG WPC TGIKP (CNVCP RQT NQ VCPVQ KPFKECFQTGU
CODKGPVCNGUNQUEWCNGUCUWXG\UNQRWGFGPFKUGCTUGUKUGEQPQEGP[VKGPGPFCVQU
UQDTGNCFKPOKECFGNQUGEQUKUVGOCU
7PC QREKP FKURQPKDNG RCTC VTCVCT FG KPFKECT WP EKGTVQ KPKXGN FG FGUCTTQNNQ
UQUVGPKDNGL GU WVKNK\CT KPFKECFQTGU FG ECNKFCF FG XKFC UVQU KPFKECFQTGU JCP UKFQ
 +PVGTXGPKT GP WP OGFKQ CODKGPVG GU GSWKXCNGPVG C OQXGT WPC HKEJC GP WP VCDNGTQ FG CLGFTG\ *C[ SWG
RGPUCT GP NQU GHGEVQU [ GUEGPCTKQU SWG XCP C QEWTTKT CPVGU FG OQXGT WPC RKG\C
UKOWNCEKP &G CNN GP CFGNCPVG
UG UWEGFGP WPC UGTKG FG TGCEEKQPGU .C OQXKFC UG JCEG RGPUCPFQ SWG NCU VTCOCU FG GHGEVQU TGUWNVGP OU
HCXQTCDNGU SWG FGUHCXQTCDNGU RGTQ PQ GXKVCP VGPGT SWG GPHTGPVCT WPC UGTKG FG TGCEEKQPGU KORTGXKUKDNGU .QU
GUVWFKQU FG KORCEVQ CODKGPVCN EQOQ NQU ECWUCFQU RQT NC EQPUVTWEEKP FG WPC RTGUC UQP RTQ[GEEKQPGU FG
RTQDCDNGU CEQPVGEKOKGPVQU HWVWTQU SWG FGDGTP EQPVTQNCTUG RCTC UKGORTG CN KIWCN SWG NQU GHGEVQU FG NC OQXKFC
FG NC RKG\C GP GN VCDNGTQ FG CLGFTG\
 7P VTCDCLQ KPVGTGUCPVG [ VKN SWG VTCVC UVC VGOC GU GN TGEKGPVG KPHQTOG FGN $CPEQ /WPFKCN
/QPKVQTKPI GPXKTQPOGPVCN RTQITGUU # TGRQTV QP YQTM KP RTQITGUU 6JG +PVGTPCVKQPCN $CPM HQT 4GEQPUVTWEVKQP
CPF &GXGNQROGPV6JG 9QTNF $CPM 9CUJKPIVQP &%  +5$0 
 # OQFQ FG GLGORNQ %QPVTGTCU [ %QTFGTQ
XCUG *GTPP %QPVTGTCU [ #OTKEC %QTFGTQ

'EQNQIC EQPUGTXCEKP FGUCTTQNNQ [ ECNKFCF FG XKFC 'F )PGUKU %CTCECU 8GPG\WGNC UGRVKGODTG FG 


RQEQ CRNKECFQU RCTC GUEGPKHKECT NCU UKVWCEKQPGU CEVWCNGU [ RQVGPEKCNGU FG NCU
EQOWPCU 5KP GODCTIQ UG TGEQOKGPFC WPC OC[QT WVKNK\CEKP FG GUVQU RCTOGVTQU
RQT GPEQPVTCTUG OU EGTEC FG EWCPVKHKECT [ EQORCTCT WPC UKVWCEKP FG
UWUVGPVCDKNKFCF FGPVTQ FG WP VGTTKVQTKQ [ ITWRQ UQEKCN SWG GN WUQ PKEQ FG
KPFKECFQTGUGEQPOKEQU
'N GNGOGPVQ OQVQT SWG KORWNUC GN FGUCTTQNNQ FG NQU RCUGU GU EKGTVCOGPVG GN
ETGEKOKGPVQGEQPOKEQ&GDKFQCGNNQGZKUVGEQOQGUNIKEQVCODKPNCRTKOCECFG
NQU KPFKECFQTGU GEQPOKEQU GP NC VQOC FG FGEKUKQPGU .CU NKOKVCEKQPGU FG
TGRTGUGPVCVKXKFCFFGGUVQUKPFKECFQTGUUKPGODCTIQECWUCPUGTKQURTQDNGOCUGPNQU
RTQEGUQU FG VQOC FG FGEKUKP RCTC CNECP\CT GN FGUCTTQNNQ UQUVGPKDNG GP NCU
UQEKGFCFGU GPVTG QVTQU FGDKFQ C UW GPHQSWG FG EQTVQ RNC\Q [ C NC PWNC Q GUECUC
EQPUKFGTCEKPCNQU GNGOGPVQU PCVWTCNGU PQ CRTGEKCFQU EQOQ KTGEWTUQU PCVWTCNGUL
GUFGEKTGNGOGPVQUPCVWTCNGUSWGPQJCPCFSWKTKFQCWPWPXCNQTFGWUQQFGECODKQ
EQPQEKFQ RCTC GN UGT JWOCPQ Q SWG GU WPC HWGPVG FG TGEQPQEKFC CITGUKP C UW
GZKUVGPEKC .C KXCNQTK\CEKPL FG GNGOGPVQU PCVWTCNGU PQ UKIPKHKEC VCORQEQ SWG
FKEJQU GNGOGPVQU UGCP EQPUKFGTCFQU GP NCU FGEKUKQPGU UK PQ JC[ XQNWPVCF FG
JCEGTNQ
5K DKGP NC DUSWGFC FGN FGUCTTQNNQ FG WPC TGIKP FGDG UGT ECRC\ FG
CRTQXGEJCT NCU XGPVCLCU SWG NG QHTGEG NC CRGTVWTC FG NQU OGTECFQU NQU CXCPEGU
VGEPQNIKEQU NC RQUKDKNKFCF FG CUQEKCTUG EQP KPXGTUKQPKUVCU RTKXCFQU KPEQTRQTCT
ETKVGTKQUFGGHKEKGPEKCGPGNWUQFGNECRKVCN[FGNVTCDCLQ[CRTQXGEJCTUWUXGPVCLCU
EQORCTCVKXCUVCODKPFGDGXGNCTRQTSWGNQUCURGEVQUUQEKCNGU[CODKGPVCNGUGP
GUGVGTTKVQTKQPQSWGFGPGPWPUGIWPFQRNCPQCKUNCFQUQRQUVGTICFQU
.C GEQPQOC PGQENUKEC GNCDQT [ WVKNK\C GN EQPEGRVQ FG KGZVGTPCNKFCFGUL
RTGEKUCOGPVGRQTSWGRCTVKRQTCKUNCTRCTVGUFGWPUKUVGOCCNSWGNWGIQUGVWXKGTQP
SWG KKPEQTRQTCTL CURGEVQU EQOQ GN CODKGPVCN Q GN UQEKCN SWG UG UGRCTCTQP GP
WVKNK\CP WPC UGTKG FG HCEVQTGU RCTC CPCNK\CT NC ECNKFCF FG XKFC FGRGPFKGPFQ FGN VKRQ FG KORCEVQ NQU SWG UG
KPFKECP C EQPVKPWCEKP C +ORCEVQ HKUKQNIKEQ
CNKOGPVCEKP [ PWVTKEKP UCNWF [ UCPKFCF CODKGPVCN D +ORCEVQ
RUKEQHKUKQNIKEQ
XKXKGPFC GUVVKEC CODKGPVCN [ RQUKDKNKFCFGU FG FGUECPUQ [ TGETGCEKP E &GUCTTQNNQ EWNVWTCN
RCTC NC RCTVKEKRCEKP FGN KPFKXKFWQ GP NC EQOWPKFCF
RQUKDKNKFCFGU FG FGUCTTQNNQ FG CRVKVWFGU [ ECRCEKFCFGU
RQUKDKNKFCF FG RCTVKEKRCEKP GHGEVKXC GP NC UQEKGFCF [ RQUKDKNKFCF FG VTCDCLQ CFGEWCFQ C NCU CRVKVWFGU FGN
JQODTG F %QPFKEKQPCOKGPVQ RUKEQNIKEQ FG NCU TGNCEKQPGU JWOCPCU
FGTKXCFQ FG NCU TGNCEKQPGU JWOCPCU [
FGTKXCFQ FGN ITCFQ FG UGIWTKFCF KPFKXKFWCN [ EQNGEVKXC [ G &GRGPFGPEKC GEQNIKEC
GSWKNKDTKQ [ RTQFWEVKXKFCF
FG NQU GEQUKUVGOCU GUVCDKNKFCF GEQNIKEQCODKGPVCN [ WUQ CRTQRKCFQ FG NQU TGEWTUQU PCVWTCNGU


'U

UKPVQOVKEQ

QDUGTXCT

NC

GUECUC

RTGQEWRCEKP

FG

RCUGU

UQDTG

VQFQ

NQU

SWG

UQP

OCUKXQU

GZRQTVCFQTGU FG TGEWTUQU PCVWTCNGU RQT EQPQEGT GN GPVQTPQ FG FQPFG QDVKGPGP UWU ICPCPEKCU 'UVQU RCUGU
RWGFGP RQUGGT OKNGU FG DCTEQU RGUSWGTQU RGTQ CRGPCU WPQ Q FQU DCTEQU FG KPXGUVKICEKP OCTKPC IGPGTCNOGPVG
FQPCFQU RQT WP RCU GZVTCPLGTQ Q RWGFGP CWOGPVCT DTWVCNOGPVG UWU GZRQTVCEKQPGU FG

KEJKRUL

FG OCFGTC UKP

KPXGTVKT GP EQPQEGT UW FQVCEKP [ XCTKGFCF FG DQUSWGU PCVKXQU .C KPUVKVWEKQPCNKFCF RCTC NC IGUVKP FG TGEWTUQU
PCVWTCNGU GU GUECUC EQP DCLQ HKPCPEKCOKGPVQ RQEC QTICPK\CEKP RTKXCFC HCNVC FG GPVTCFCU [ EQP KPXGUVKICFQTGU
OCN RCICFQU [ GP IGPGTCN OWEJQU RCUGU XGPFGP UWU TGEWTUQU PCVWTCNGU UKP UKSWKGTC CXGTKIWCT GN TQN [ RQT NQ
VCPVQ GN XCNQT SWG VKGPGP EQOQ RCTVG FG WP GEQUKUVGOC #U NC CPEJQXGVC [ OWEJQU QVTCU XCTKGFCFGU RGUECFCU
RQT CTTCUVTG UG XGPFGP RQT UW XCNQT EQOQ JCTKPC FG RGUECFQ [ PQ EQOQ RCTVG FG WP GEQUKUVGOC OCTKPQ %QP
NQU

KEJKRUL

FG OCFGTC PCVKXC QEWTTG NQ OKUOQ .Q OU ITCXG GU SWG UG FGUVTW[G EQP GNNQ NCU

QEWTTGP NQU RTQEGUQU PCVWTCNGU FG RTQFWEEKP

KHDTKECUL

FQPFG


HQTOC CTDKVTCTKC 'P NC GEQPQOC UG WVKNK\C VCODKP [ UNQ TGEKGPVGOGPVG NQU
EQPEGRVQUFGEWGPVCUFGRCVTKOQPKQPCVWTCNTGEQPQEKGPFQGPCNIWPCHQTOCGNXCNQT
SWG VKGPGP FKEJQU TGEWTUQU GP NC GEQPQOC FG WP RCU
CWPSWG RTGHKGTGP FGLCTNQU
EQOQEWGPVCUUCVNKVGURQTXCTKCUECWUCU5KUGFGUGCOCPVGPGTWPDCNCPEGTGCNFG
ETGEKOKGPVQ GEQPOKEQ UG GUV RQT NQ VCPVQ QDNKICFQ C CEGRVCT NCU RTFKFCU SWG
UKIPKHKECRCTCWPRCUNCFGITCFCEKPFGNQUGEQUKUVGOCUSWGIGPGTCPQKRTQFWEGPL
TGEWTUQUPCVWTCNGUQUKUGCIQVCPNQUSWGPQUQPTGPQXCDNGUCFGOUFGNQUGHGEVQU
FCKPQUSWGCHGEVCPGNRCVTKOQPKQPCVWTCNGZCEGTDCFQRQTWPCGZRNQVCEKPKTTCEKQPCN
[NCFKURQUKEKPFGFGUGEJQUUQDTGVQFQVZKEQU
'PIGPGTCNWPRCUEQPITCPETGEKOKGPVQKPFWUVTKCNRTKXKNGIKCRTGEKUCOGPVGNQU
GNGOGPVQUPCVWTCNGU[NCUWUVGPVCDKNKFCFCODKGPVCNVCPVQFGNQUGNGOGPVQUPCVWTCNGU
SWGNGSWGFCPGPUWVGTTKVQTKQEQOQNQUTGEWTUQUSWGPQVKGPGP[UGGPEWGPVTCPGP
QVTCUTGIKQPGU
EQOQNQUGEQUKUVGOCUVTQRKECNGURQTSWGGPVKGPFGPSWGGNXCNQTFG
NQU TGEWTUQU PCVWTCNGU TGOCPGPVGU GU ECFC XG\ OC[QT RCTC ICTCPVK\CT NC
UWUVGPVCDKNKFCFFGNUGTJWOCPQ6CODKPRTQVGIGPUWUTGEWTUQUPCVWTCNGUGPDCUGC
KORQTVCTNQU FG QVTQU VGTTKVQTKQU [ CU WVKNK\CT NQ OGPQU RQUKDNG NQU RTQRKQU 'UVQ GU
TGPVCDNGCEQTVQRNC\QUKUGEQPUKFGTCSWGVKGPGOWEJQOURQFGTCFSWKUKVKXQSWKGP
HCDTKEC[XGPFGRTQFWEVQUOCPWHCEVWTCFQUSWGNQUSWGGZRNQVCP[XGPFGPTGEWTUQU
PCVWTCNGU C RTGEKQU DCLQU UKP OCPGLCTNQU PK XCNQTK\CTNQU CFGEWCFCOGPVG PK
RTGQEWRCTUGFGRTQVGIGTNQUEQPGNHKPPKEQFGQDVGPGTNQUCDCLQEQUVQ
1VTC NKOKVCPVG RCTC NC VQOC FG FGEKUKQPGU SWG EQPFW\ECP C NQITCT [ GNGXCT
PKXGNGUFGFGUCTTQNNQUQUVGPKDNGGUNCHCNVCFGOQFGNQUQGUEGPCTKQUFGNQSWGFGUGC
WPC FGVGTOKPCFC UQEKGFCF EQOQ UKUVGOC [ ECNKFCF FG XKFC 2QT GLGORNQ GP
RTEVKECOGPVG VQFCU NCU UQEKGFCFGU TWTCNGU FG #OTKEC .CVKPC NCU CURKTCEKQPGU FG
WPC UKVWCEKP OGLQT UG TGHNGLCP RQEQ GP OQFGNQU FG QDLGVKXQU [ OWEJQ GP
GZRTGUKQPGUFGFKUEQPHQTOKFCFEQPTGNCEKPCNCUUKVWCEKQPGUGPSWGXKXGP5CDGPNQ
SWG PQ SWKGTGP RGTQ PQ RTGEKUCP NQ SWG FGUGCTCP .CU RGTUQPCU GP IGPGTCN UG
GZRTGUCP OU RQT UWU KPUCVKUHCEEKQPGU SWG RQT UWU QDLGVKXQU .C KPHQTOCEKP
FKURQPKDNG UQDTG NCU CURKTCEKQPGU FG RQT GLGORNQ NQU RWGDNQU CNVQ CPFKPQU GU
RTGEKUCOGPVGOW[CDWPFCPVGGPNKUVCFQUFGRTQDNGOCU
GZRTGUCFQUGPOGOQTKCNGU
FKTKIKFQUCNCRTGUKFGPEKC[OW[GUECUCGPOQFGNQUCHWVWTQ
&GDKFQ C GUVC UKVWCEKP GZKUVG NC VCTGC KPKEKCN FG FKUGCT GUEGPCTKQU FG
UKVWCEKQPGU GZKUVGPVGU [ FGUGCFCU 'UVQ UG NQITC EQPXKTVKGPFQ NQU NKUVCFQU FG
RTQDNGOCUGPOQFGNQUFGQDLGVKXQUFGNQUCEVQTGURTGUGPVGUGPECFCTGIKP%QPNC
NKUVCQTFGPCFC[ENCUKHKECFCFGQDLGVKXQUGUHCEVKDNGFGVGTOKPCTGNHWVWTQFGUGCFQRQT
NQUJCDKVCPVGUFGFGVGTOKPCFCTGIKP%QPHTQPVCPFQNQUQDLGVKXQUFGNQUJCDKVCPVGU
[NCUFGQVTQUCEVQTGUSWGKPVGTXKGPGPGPNCTGIKPEQPNCUKVWCEKPGZKUVGPVG[NQU
TGEWTUQU FKURQPKDNGU GP NC OKUOC GU HCEVKDNG FGVGTOKPCT SWG QDUVEWNQU JC[ SWG
UWRGTCT [ SWG CNVGTPCVKXCU Q GUVTCVGIKCU RQFTCP FKUGCTUG RCTC CNECP\CT NCU OGVCU
FGUGCFCU



.QUGUEGPCTKQUEQPHNKEVKXQU[
EQPEKNKCVQTKQURCTCGNFGUCTTQNNQ
.QU JCDKVCPVGU FG NQU XCTKCFQU VGTTKVQTKQU FG #OTKEC .CVKPC PQ VKGPGP WPC OKUOC
XKUKPFGNFGPQOKPCFQFGUCTTQNNQUWUVGPVCDNG[UQUVGPKDNG[FGNCOCPGTCFGEOQ
NQITCTNQ GP HQTOC EQPUVCPVG &GUFG NC NNGICFC FG NQU GWTQRGQU [ CPVGU FG GNNQ
VCODKP#OTKECUGJCPECTCEVGTK\CFQRQTVGPGTRGTOCPGPVGUGPEWGPVTQUEWNVWTCNGU
GPVTG UWU RWGDNQU 'UVQ QDXKCOGPVG IGPGT [ IGPGTC CP WPC XCUVC ICOC FG
GUEGPCTKQU XKUKQPGU Q CRTGEKCEKQPGU FG NCU UKVWCEKQPGU GP SWG XKXGP NQU ITWRQU
JWOCPQUSWGEQPHQTOCPNCUQEKGFCFNCVKPQCOGTKECPC[FGNQSWGFGUGCPQGURGTCP
SWGNGUUWEGFGTCHWVWTQ
2CTC NQU FGURNC\CFQU TGEKGPVGU QEWRCPVGU FG \QPCU RTQFWEVKXCOGPVG
OCTIKPCNGU [ UKP OC[QT FGUCTTQNNQ HUKEQ [ GP IGPGTCN RCTC VQFQU NQU ITWRQU
RQDNCEKQPCNGUSWGXKXGPGPEQPFKEKQPGURTGECTKCURQTFKXGTUQUOQVKXQUGNGUEGPCTKQ
HWVWTQ GU ECUK KPGZKUVGPVG 8KXGP FC C FC GP WP GUSWGOC FG UQDTGXKXGPEKC UKP
OC[QTGU RQUKDKNKFCFGU FG GURGEWNCT UQDTG RQUKDNGU OGLQTCU GP UWU EQPFKEKQPGU FG
XKFC FGPVTQ FG VGTTKVQTKQU SWG OWEJCU XGEGU PQ EQPQEGP [ GP NQU EWCNGU CRGPCU
RWGFGPUWDUKUVKT
2CTCNCURQDNCEKQPGUCPEGUVTCNOGPVGCUGPVCFCURQTGLGORNQNQU#[OCTUGP
NQU#PFGUQCNIWPCVTKDWGPNC#OC\QPCEQPWPDWGPEQPQEKOKGPVQ FGN CODKGPVG
FGDKFQ C WPC NCTIC VTCFKEKP FGN OCPGLQ FG UW GPVQTPQ [ QTICPK\CEKP UQEKCN
EQOWPKVCTKC UW XKUKP FG HWVWTQ GUV NKICFC C UW XKPEWNCEKP EQP NC VKGTTC [ UWU
VTCFKEKQPGU 'N JCDKVCPVG VTCFKEKQPCN VKGPG WPC RGTEGREKP ENCTC [ JQNUVKEC FG UW
WDKECEKP EQP TGNCEKP CN GEQUKUVGOC GP GN EWCN XKXG [ EQP GN SWG KPVGTCEVC RQT
EKGPVQU FG CQU 5W UQDTGXKXGPEKC GUVC FCFC RQT GN TGURGVQ C UW VGTTKVQTKQ [
EQUVWODTGU CWP EWCPFQ UG GPHTGPVCP C FKCTKQ EQP EQPHNKEVQU ECWUCFQU RQT
KPVGTXGPVQTGU GZVGTPQU [ RQT UWU RTQRKQU ECODKQU FG CEVKVWF [ FGOCPFCU RQT
GHGEVQUFGNCGFWECEKP[EJQSWGEWNVWTCN
2CTC NQU ITWRQU EQP ITCPFGU ECRKVCNGU SWG TGCNK\CP KPXGTUKQPGU GP NWICTGU
NGLCPQU C UW QTKIGP EWNVWTCN EQP HKPGU FG GZVTCEEKP FG TGEWTUQU PCVWTCNGU
RTQFWEEKPCITQKPFWUVTKCNQFGGZRQTVCEKPEQOQCUKOKUOQRCTCNQU JCDKVCPVGU FG
NQU ITCPFGU EGPVTQU WTDCPQU NC XKUKP FG UWUVGPVCDKNKFCF GUV RTEVKECOGPVG
NKOKVCFCCGZRNQVCTVGORQTCNOGPVGWPNWICTQTGEWTUQ
WPHWPFQWPC\QPCOKPGTC
UKGPFQGPIGPGTCNUWRGTURGEVKXCFGHWVWTQFGEQTVQQOGFKCPQRNC\QGPHWPEKP
FGNCTGPVCDKNKFCFVGORQTCNFGUWCEVKXKFCFRTQFWEVKXC5WRTGQEWRCEKPCODKGPVCN[
UQEKCNPQTOCNOGPVGUNQGUVXKPEWNCFCCPQCHGEVCTUWTGPVCDKNKFCFGEQPOKEC[C
OCPVGPGT GN RTQRKQ GPVQTPQ FQPFG XKXG RGTQ PQ GN GPVQTPQ FG FQPFG QDVKGPG UW
TGPVCCPQUGTSWGUVGUGXGCCHGEVCFQGPUWUKPITGUQURQTGNRTQRKQRTQEGUQFG
RTQFWEEKPQWPCNG[UGNQKORQPIC


5K DKGP VQFQU GUVQU ITWRQU CURKTCP C CNECP\CT WP FGUCTTQNNQ JWOCPQ
UQUVGPKDNG
KUWUVGPVCPFQUWUWUVGPVQLCEQTVQOGFKCPQQNCTIQRNC\QUGIPUGCGN
CEVQTKPXQNWETCFQUQPRQEQUNQUSWGVKGPGPWPOQFGNQENCTQFGNQSWGGUQUKIPKHKEC
GP VTOKPQU FG UQNKFCTKFCF [ UQDTG VQFQ FG EOQ NQITCTNQ #FGOU RCTC ITCHKECT
GUEGPCTKQU C HWVWTQ PQ UNQ JC[ SWG VGPGT EQPQEKOKGPVQ G KOCIKPCEKP UK PQ SWG
VCODKPUGPGEGUKVCFKURQPGTFGXCTKCDNGUSWGFGCNIWPCHQTOCKOQFGNGPLNCUKFGCU
FGNCURGTUQPCURCTCSWGUGRWGFCVTCPUOKVKTGNRGPUCOKGPVQ
'NUGTJWOCPQEQOQGNJCDKVCPVGFGEQOWPKFCFGUKPFIGPCUEWPVQOUUG
UKGPVCNKICFQCUWITWRQUQEKCN[GPVQTPQCUWOGOGLQTUWRTGUGTXCEKP'PECODKQGN
JCDKVCPVG FG ITCPFGU EGPVTQU WTDCPQU NQ XKUWCNK\C FG OU NGLQU GP HQTOC OGPQU
EQORTQOGVKFC[OUKPFKXKFWCNKUVC.CUFKOGPUKQPGUGPQTOGUFGNCOC[QTCFGNQU
OWPKEKRKQUFGNCTGIKPSWGVKGPGNOKVGUKORWGUVQU[ECRTKEJQUQU[PQJGTGFCFQU
RQT VTCFKEKP RTGJKURPKEC KORKFGP CFGOU EQORTQOGVGT C NC RQDNCEKP GP VCTGCU
EQPLWPVCU'UVCUKVWCEKPPQUWEGFGRQTGLGORNQ GP 'WTQRC FQPFG NQU OWPKEKRKQU
UQP OWEJQ OU RGSWGQU [ UWU QTIGPGU UG TGOQPVCP C EKGPVQU FG CQU UKP
OQFKHKECEKQPGUFGNOKVGUPKFGRQDNCEKP
CPVKIWQUDWTIQU[HGWFQU
%QPTGNCEKPCNQFGUGCFQRQTGNUGT JWOCPQ UG JC TGEWTTKFQ ECUK UKGORTG C
FGEKT SWG NQ SWG PGEGUKVC GU CWOGPVCT UW KFGUCTTQNNQL CWP EWCPFQ PQ UG CENCTG NQ
SWGGUVQUKIPKHKEC'UEQPQEKFQSWGNCKPVGTRTGVCEKPFGNQUQDLGVKXQU[UKIPKHKECFQ
FGNXQECDNQKFGUCTTQNNQLNNGXCOWEJCUXGEGUCRQNOKECUKPCIQVCDNGU[RQEQVKNGU
5GIP 2KGTTG FG <WVVGT KFGUCTTQNNCTL HWG ECUK UKGORTG KPVGTRTGVCFQ EQOQ KJCEGT
ETGEGTL'NUWDFGUCTTQNNQEQPUKUVCGPGUVCTOCTIKPCFQFGNCGEQPQOCOWPFKCN[FG
NCU DQPFCFGU FG NC UQEKGFCF FG CDWPFCPEKC RGTQ PQ VQOCDC GP EWGPVC GN UGT

FGUCTTQNNCTUG'UVCKPVGTRTGVCEKPSWGTGRTGUGPVCWPQDLGVKXQFGRTKOGTQTFGPPQ
RWGFG FGUNKICTUG UKP GODCTIQ FGN JCEGT [ GN VGPGT RCTC NQITCTNQ # WPC RGTUQPC
ECTGPVG FG TGEWTUQU GUGPEKCNGU NQ RTKOGTQ SWG NG KPVGTGUC GU JCEGT [ VGPGT CNIQ
5NQCURQFTFGFKECTUGCEWNVKXCTGNUGT'PQVTCURCNCDTCUNCUPGEGUKFCFGUDUKECU
FGN JQODTG FGDGP UGT UWRNKFCU XC HCEKNKVCTNGU WP GORNGQ Q VTCDCLQ Q CEVKXKFCF
TGOWPGTCFCRCTCSWGRWGFCFGUCTTQNNCTUG
.CUUKVWCEKQPGU[EQPVTCUVGUGPVTGNQUUGTGUJWOCPQUSWGXKXGPGPNCTGIKP
NCVKPQCOGTKECPCQNQUSWGWUWHTWEVCPUWUTGEWTUQUFCPEWGPVCFG NC RTGUGPEKC FG
WP POGTQ KPHKPKVQ FG GUEGPCTKQU Q GUVKNQU FG FGUCTTQNNQ FGUVCEPFQUG EQP GN
RTQRUKVQ FG GZRNKECEKP NC FG NQU FQU OQFGNQU OU CPVCIPKEQU WPQ FG QTKIGP
GPFIGPQ[QVTQFGQTKIGPGZIGPQ

 'UVG VTOKPQ VTCFWEKFQ OWEJCU XGEGU FGN KPINU GP HQTOC FKTGEVC QTKIKPC XCTKCU KPVGTRTGVCEKQPGU [

KFGUCTTQNNQ TGIKQPCNL EQOQ VTCFWEEKP FG KTGIKQPCN FGXGNQROGPVL EWCPFQ

KJCDKNKVCEKP FGN VGTTKVQTKQ RCTC NC XKFC JWOCPCL Q FGN KFGUCTTQNNQ FG NQU UGTGU
JWOCPQU FGPVTQ FGN ODKVQ FG WPC TGIKPL +IWCN UWEGFG CN JCDNCT FG KFGUCTTQNNQ FG TGEWTUQU JFTKEQUL EQOQ
VTCFWEEKP NKVGTCN FG KYCVGT TGUQWTEGU FGXGNQROGPVL .Q SWG GP TGCNKFCF UG JCEG GU KCRTQXGEJCTL GN CIWC RCTC GN
FGUCTTQNNQ FGN JQODTG [ PQ KFGUCTTQNNCT GN CIWCL
EQPHWUKQPGU 2QT GLGORNQ UG JCDNC FG

SWK\U UGC OU EQTTGEVQ JCDNCT FG


'N RTKOGT GUEGPCTKQ GN GPFIGPQ UG UWUVGPVC [ GXQNWEKQPC C RCTVKT FG NCU
EWNVWTCUNQECNGU5WUXCNQTGUKFGQNIKEQU[RTQFWEVKXQUUGDCUCPGPNCCRNKECEKPFG
RTEVKECUGEQPOKECUUQEKCNGU[CODKGPVCNGUKPUETKVCUCNQNCTIQFGNCJKUVQTKCNCU
SWGUGQTKIKPCPFGUFGEKXKNK\CEKQPGURTGJKURPKECU&KEJCXKUKPGPFIGPCEQORCTVG
WPCKOCIGP[NIKECDCUCFCUGPGNEQPQEKOKGPVQKPVGITCFQ[OCPGLQFGUWGPVQTPQ
PCVWTCNUWUVGPVCFQGPEKGPVQUFGCQUFGCRTGPFK\CLGGKPVGTCEEKPEQPUWGPVQTPQ
'UVGGUEGPCTKQOUCTOPKEQEQPNCPCVWTCNG\CFGDKFQCSWGNCUQEKGFCFEQPQEGUW
GPVQTPQRQTJCDGTKPVGTCEVWCFQEQPGNOKUOQRQTUKINQU
[SWGCPUGGPEWGPVTCGP
CNIWPQU TGFWEVQU CKUNCFQU VKGPG GP NCU CPVKIWCU RQDNCEKQPGU [ EQOWPKFCFGU FG
KPFIGPCUNCVKPQCOGTKECPQUUWURTKPEKRCNGU RTQVCIQPKUVCU 'U WP OQFGNQ SWG RWGFG
ECNKHKECTUG FG CWVQEQPVGPKFQ EQP TGNCVKXCOGPVG RQEC KPVGTCEEKP EQP OQFGNQU
OQFGTPQU [ GZVGTPQU CWP EWCPFQ PQ GU CLGPQ C GNNQU 'UVG OQFGNQ CFGOU GU
EQORCTVKFQ KFGQNIKECOGPVG RQT RGTUQPCU SWG UKP UGT KPFIGPCU PK CWVEVQPQU NQ
FGHKGPFGP EQOQ GN SWG FGDG RGTFWTCT [ EQPUQNKFCTUG RCTC NQITCT GN FGUCTTQNNQ
UQUVGPKDNG
.COGPVCDNGOGPVG UK DKGP GUVQU GUEGPCTKQU VKGPGP WPC UGTKG FG TCUIQU
RQUKVKXQU VCODKP GUVP CUQEKCFQU C NC RTGUGPEKC FG DCLQU PKXGNGU FG ECNKFCF FG
XKFC EQOQ RQT GLGORNQ CNVC OQTVCNKFCF KPHCPVKN ETVKEQU PKXGNGU FG PWVTKEKP DCLQ
CEEGUQ C UGTXKEKQU UQEKCNGU DCLQ PKXGN FG GFWECEKP EQPXGPEKQPCN 'UVQ PQ NGU
RGTOKVG PGIQEKCT EQP RTQRKGFCF EQP GN OWPFQ GZVGTKQT #FGOU GN GUVCPECOKGPVQ
GEQPOKEQ GP SWG UG GPEWGPVTCP JC OQVKXCFQ NC GZRWNUKP FG OWEJQU FG UWU
OKGODTQU UGC RQT FGEKUKP RTQRKC GP DWUEC FG PWGXCU QREKQPGU FG XKFC UGC RQT
SWGNCOKUOCEQOWPKFCFPQRWGFGFCTNGUVTCDCLQFGUFGGNOQOGPVQGPSWGGZKUVG
WP ETGEKOKGPVQ RQDNCEKQPCN SWG UWRGTC NC RQUKDKNKFCF FG IGPGTCTNGU GORNGQ G
KPITGUQU
*C[WPEKGTVQEQPUGPUQSWGWPHWVWTQOGLQTRCTCGUVGGUEGPCTKQUGUWUVGPVC
GPNCRQUKDKNKFCFFGKPEQTRQTCTGPNQUCURGEVQURTQFWEVKXQUVGEPQNQICU[CXCPEGU
SWGJCPUKFQFGUCTTQNNCFCUGPQVTCUTGIKQPGUUKPCDCPFQPCTNQUTCUIQUEWNVWTCNGUSWG
UG EQPUKFGTCP RQUKVKXQU .Q SWG PQ UG UCDG CWP GU EQOQ JCEGTNQ GP WPC GUECNC
CFGEWCFCVCPVQRCTCTGURGVCTNCUKFGPVKFCFGUNQECNGUEQOQRCTCEWDTKTWPC CORNKQ
VGTTKVQTKQJGVGTQIPGQEQOQGUGNFG#OTKEC.CVKPC*CUVCNCHGEJCUGJCTGEWTTKFQ
GUGPEKCNOGPVG C TGCNK\CT RTQ[GEVQU FG CRQ[Q NQECN FG FKXGTUQ VKRQ ENUKECOGPVG
EQPQEKFQUEQOQKRKNQVQULRGTQSWG JCP VGPKFQ GUECUC TGRNKECDKNKFCF GP NC TGIKP C
RGUCT FG EQPVCT EQP XCTKQU GLGORNQU GZKVQUQU 'P NC TGIKP UG GUV NKVGTCNOGPVG
KRNCICFQLFGRTQ[GEVQURKNQVQUKPGXCNWCEKQPGUPKTRNKECU
'NUGIWPFQGUEGPCTKQRCTVG[GXQNWEKQPCFGUFGWPCXKUKPGZIGPC5GRWGFG
ECNKHKECT EQOQ CDKGTVQ VGPFKGPVG C NC INQDCNK\CEKP FGN KPVGTECODKQ EQOGTEKCN
VGEPQNIKEQ HKPCPEKGTQ [ GFWECVKXQ [ TGRTGUGPVC NCU RQUKEKQPGU FG NCU EWNVWTCU [
CEVQTGUSWGEQORCTVGPWPCNIKECGEQPOKECGZVTCEVKXC[EQPUWOKUVCVGPFKGPFQC
NC OC[QT GHKEKGPEKC GEQPOKEC C NC CRGTVWTC EQOGTEKCN Q C NQU SWG CNIWPQU
ECVCNQICP FG KOQFGTPKFCFL 'UVG OQFGNQ UNQ GP NQU NVKOQU CQU UG JC


RTGQEWRCFQ RQT KPEQTRQTCT NC VGOVKEC CODKGPVCN GP UWU FGEKUKQPGU RQT GLGORNQ
CRNKECPFQ GUVWFKQU FG KORCEVQ CODKGPVCN RCTC VTCVCT SWG UWU CEVKXKFCFGU PQ
QECUKQPGPOC[QTGUGHGEVQUPGICVKXQUGPGNOGFKQCODKGPVG'UVCHQTOCFGJCEGTNQ
PQ JC NQITCFQ CWP OWEJQU GHGEVQU XKUKDNGU GP GN OGFKQ SWG EQPVKPWC UKGPFQ
FGVGTKQTCFQ
*C[VCODKPWPITWRQFGKPVGTXGPVQTGUGZIGPQUKPHQTOCNGUSWGKPVGTXKGPGP
RCTC GZRNQVCT TGEWTUQU SWG VKGPGP FGOCPFC GP GN OGTECFQ GZVGTPQ EQOQ UQP NQU
RGSWGQUOKPGTQUEWNVKXCFQTGUFGEQEC[RTQEGUCFQTGUFGEQECPCNQUGZVTCEVQTGU
FG EKGTVQU RTQFWEVQU HQTGUVCNGU NQU EC\CFQTGU ENCPFGUVKPQU [ TGEQNGEVQTGU [
EWNVKXCFQTGU OKITCPVGU 5QP NQU ITWRQU OU FKHEKNGU FG EQPVTQNCT Q CRQ[CT
1DXKCOGPVG PQ EQPFWEGP GUVWFKQU FG KORCEVQ CODKGPVCN PQ UG KPVGITCP VCORQEQ
EQPNCRQDNCEKPNQECN[CNPQUGTHQTOCNGUUQPKPEQPVTQNCDNGU2WGFGPUGTKNGICNGU
RGTXGTUQU Q PQ RGTXGTUQU [ EQP ITCPFGU KPITGUQU Q KPITGUQU OPKOQU 'P CODQU
ECUQU CHGEVCP HWGTVGOGPVG GN GPVQTPQ .Q NCOGPVCDNG FG GUVCU UKVWCEKQPGU GU SWG
OWEJQU ITWRQU SWG UG FKEGP KCODKGPVCNKUVCUL UG RTGQEWRCP UNQ FGN OGFKQ
CODKGPVGFQPFGUGRTQ[GEVCNCEQPUVTWEEKPFGITCPFGUQDTCUEQOQNCUJKFTWNKECU
RGTQ RQEQ Q PCFC FG NCU \QPCU FQPFG PQ UG RNCPKHKEC EQPUVTWKT RTQ[GEVQU RGTQ UK
GZKUVGP KPVGTXGPEKQPGU DTWVCNGU [ UQNCRCFCU FG EQTVG [ SWGOC EWNVKXQ FG EQEC Q
OZKOCRGPFKGPVGHCDTKECEKPFGEQECPCEQPGNEQPUKIWKGPVGXGTVKFQFGVZKEQU[
NCXCFGTQU ENCPFGUVKPQU FG QTQ EQP WUQ FG OGTEWTKQ $CUVC FGEKT SWG UG XC C
EQPUVTWKTWPFKSWGRCTCSWGCRCTG\ECPEKGPVQUFGQTICPKUOQUPQIWDGTPCOGPVCNGU[
RTGQEWRCFCU RGTUQPCU EQP NQ SWG RCTCFLKECOGPVG FQPFG UG EQPUVTW[GP ITCPFGU
QDTCUJC[OURTGQEWRCEKPCODKGPVCNSWGFQPFGPQUGEQPUVTW[GP
.QU ITWRQU GPFIGPQU JCP UKFQ EQPHTQPVCFQU FGUFG NC NNGICFC FG NQU
GWTQRGQU EQP WPC XKUKP GZIGPC GZVTCEVKXC [ PQTOCNOGPVG GHKEKGPVG GP UWU
RTQRUKVQU 5KP GODCTIQ GU HEKNOGPVG EQORTQDCDNG SWG NC UWUVGPVCDKNKFCF
CODKGPVCNSWG NQITCP NQU GZVTCEVQTGU GUVC OWEJQ OU GP GN NWICT FQPFG NNGXCP NQU
TGEWTUQU SWG FQPFG NQU GZVTCGP 'U FGEKT SWG OWEJCU TGIKQPGU UQDTG VQFQ NCU
RTQRKCUECRKVCNGUFGNQURCUGUFGNCTGIKPKKORQTVCPUWUVGPVCDKNKFCFCODKGPVCNLC
EQUVC FG QVTQU NWICTGU .CU KPHNWGPEKCU EQOGTEKCNGU C XGEGU OU SWG NCU
KPVGTXGPEKQPGUFKTGEVCUFGNQUCEVQTGUGZIGPQUGPECFCTGIKPUKIWGPQECUKQPCPFQ
WPRTQHWPFQECODKQGPNCUUKVWCEKQPGUUQEKCNGU[CODKGPVCNGUNQECNGUCNHQOGPVCTNC
GZVTCEEKP FG TGEWTUQU PCVWTCNGU GP HQTOC UGNGEVKXC [ FGUVTWEVKXC FG TGEWTUQU
CUQEKCFQUFGPWNQKPVGTUGEQPOKEQKPOGFKCVQ[GPITCPGUECNC
.QU ITWRQU FG FGEKUKP FG NC OKUOC UQEKGFCF NCVKPQCOGTKECPC OC[QTOGPVG
TCFKECFQUGPITCPFGU\QPCUWTDCPCUVKGPGPCRGUCTFGXKXKTGPNCTGIKPWPCXKUKP
FGVKRQGZIGPQFGNTGCTWTCN'UVQUGJCCIWFK\CFQGPVKGORQUTGEKGPVGUEQPNCU
VGPFGPEKCUCNCRTKXCVK\CEKP[NCINQDCNK\CEKPFGNCGEQPQOC.QUIQDKGTPQUFGNQU
RCUGU FG NC TGIKP PQ JCP JGEJQ GZRNEKVQ GP NC GNCDQTCEKP FG UWU RQNVKECU GUVC
FWCNKFCF FG GPHQSWGU Q OQFGNQU GPFIGPQU [ GZIGPQU PK EQOQ TGUQNXGT NQU
EQPHNKEVQUGPVTGGNNQU


5K DKGP NCU RQNVKECU RDNKECU PQ JCP PGICFQ CRQ[Q C NQU ITWRQU GPFIGPQU
SWGCWPJCDKVCPGPNCU\QPCUTWTCNGUOCTIKPCFCUUVGJCUKFQOW[NKOKVCFQ%QOQ
TGUWNVCFQNCOC[QTCFGNQUITWRQUCWVEVQPQUGPFIGPQUPQVKGPGPEQPQEKOKGPVQU
PKECRCEKFCFPKCWVQTKFCFFGPGIQEKCEKPRCTCNKFKCTEQPNQUCEVQTGUGZIGPQU.CU
RQNVKECU RDNKECU SWG HCXQTGEGP GN OQFGNQ GZIGPQ JCP UKFQ GP ECODKQ OW[
RTGFQOKPCPVGU UQDTG VQFQ FGUFG GN RWPVQ FG XKUVC GEQPOKEQ CN KPEGPVKXCT NCU
ITCPFGUKPXGTUKQPGURTKXCFCURCTCNCGZRNQVCEKPFGTGEWTUQUPCVWTCNGU5GGUVCWP
NGLQUFGJCDGTUGRTQRWGUVQHTOWNCUSWGRGTOKVCPEQPEKNKCTCODQUOQFGNQU
%QTTQDQTCPFQ GUVC NVKOC CHKTOCEKP GU KPVGTGUCPVG FGUVCECT C VVWNQ FG
GLGORNQWPCGZRTGUKPGUEWEJCFCGPGN2GTSWGFKEGTGHKTKPFQUGCNTGCTWTCNCNVQ
CPFKPCSWGKOKGPVTCUNQUDGPGHKEKQUFGNCGZVTCEEKPFGTGEWTUQUFGNQU#PFGUUQP
EQPUKFGTCFQU EQOQ TGPVCU Q ICPCPEKCU NQU CRQTVGU C NQU JCDKVCPVGU FG NQU #PFGU
UQP EQPUKFGTCFQU EQOQ UWDUKFKQUL # NC XG\ VCODKP GU RCTCFLKEQ EQPVTCUVCT GN
OCRCFGNCRQDTG\CGEQPOKECFGNQUJCDKVCPVGUFG\QPCUTWTCNGUCNVQCPFKPCUEQP
GNOCRCFGNCTKSWG\CFGNQUTGEWTUQUPCVWTCNGU7PCOKUOCTGIKPSWGGPWPOCRC
CITEQNC CRCTGEG EQOQ FG GZVTGOC RQDTG\C TWTCN TGUWNVC UGT GP GN OCRC OKPGTQ
EQOQ GN FG OC[QT TKSWG\C CWTHGTC Q FG QVTQ OKPGTCN 'N JCDKVCPVG NQECN UGIWKT
UKGPFQRQDTGRQTSWGPQVKGPGRQUKDKNKFCFFGCEEGFGTCFKEJCTKSWG\CGPCNIWPCHQTOC
GSWKVCVKXC .C ITCP GORTGUC FGFKECFC C GZVTCEEKP FG QTQ GP ECODKQ UK IGPGTC
GPQTOGUKPITGUQUCUWUUQEKQU[CNHKUEQ
CXGEGU
'U EQPEQTFCPVG EQP NC CHKTOCEKP CPVGTKQT SWG GP IGPGTCN GN VQVCN FG NCU
KPXGTUKQPGU GHGEVWCFCU RCTC OGLQTCT NC ECNKFCF FG XKFC FG NQU JCDKVCPVGU TWTCNGU
PQTOCNOGPVG PQ UWRGTC GN  FGN OQPVQ FG NCU KPXGTUKQPGU GHGEVWCFCU RCTC NC
GZRNQVCEKP FG NQU TGEWTUQU GPGTIVKEQU [ OKPGTCNGU RQT EKVCT UNQ FQU TGEWTUQU
GZRNQVCFQU GP NC TGIKP 'UVQ VKGPG UKP FWFC WPC GZRNKECEKP GEQPOKEC RGTQ UW
TCEKQPCNKFCF FGDG UGT CPCNK\CFC GP HWPEKP FG NCU OGVCU FG FGUCTTQNNQ UWUVGPVCDNG
2QT GLGORNQ WPQ FG NQU ITCPFGU CWUGPVGU GP NCU \QPCU TWTCNGU OU RQDTGU GU GN
CEEGUQCNETFKVQCITCTKQ[NCVGEPQNQIC
#JQTC DKGP C RGUCT FG NCU FKHKEWNVCFGU CODQU OQFGNQU GN GZIGPQ [ GN
GPFIGPQ UQP RQVGPEKCNOGPVG EQORNGOGPVCTKQU 'U QDXKQ SWG OWEJQU TGEWTUQU
PCVWTCNGU PQ VGPFTCP XCNQT FG OGTECFQ Q PQ RQFTCP UGT GZRNQVCFQU UK PQ UG
KPXKTVKGUGPITCPFGUECRKVCNGU[VGEPQNQICFGRWPVCQUKPQUGJWDKGUGFGUEWDKGTVQ
UW WVKNK\CEKP GP KPXGUVKICEKQPGU CXCP\CFCU CDTKPFQUG OGTECFQU KPVGTPCEKQPCNGU C
FKEJQURTQFWEVQUEQOQGNECUQFGNNKVKQSWGUGGPEWGPVTCGPNQUUCNCTGUFG$QNKXKC[
%JKNG
2QTQVTQNCFQNCUEWNVWTCUNQECNGUUQPNCUFGRQUKVCTKCUFGNRCVTKOQPKQEWNVWTCN
[ FG NC EQPUGTXCEKP FG NC DKQFKXGTUKFCF DCUG TGCN FG NC UWUVGPVCDKNKFCF FG NC
GURGEKGJWOCPCCUEQOQFGWPEQPQEKOKGPVQCECDCFQFGNGPVQTPQ5KPFKXGTUKFCF
EWNVWTCN[UKPFKXGTUKFCFDKQNIKECPQGURQUKDNGNCUWUVGPVCDKNKFCF.CUWUVGPVCDKNKFCF
GSWKXCNG GP ITCP OGFKFC C NC RQUKDKNKFCF FG UWUVKVWEKP %WCPVQ OU XCTKGFCF
DKQNIKECGZKUVCOC[QTGUUQPNCUQREKQPGUFGUQUVGPKDKNKFCFFGNCJWOCPKFCF



.CUGUECNCU[NCFKPOKECFGNFGUCTTQNNQ
7P RTKOGT EQPFKEKQPCPVG SWG FGVGTOKPC NC GUECNC FG ECNKFCF FG XKFC Q PKXGN FG
FGUCTTQNNQUQUVGPKDNGFGWPCUQEKGFCF GU GN ITCFQ FG GXQNWEKP FG NC UQEKGFCF EQP
TGNCEKP CN EQPQEKOKGPVQ [ ECRCEKFCF FG KOCPGLCTL NQU RTQEGUQU PCVWTCNGU FG
RTQFWEEKPGPEQODKPCEKPEQPRTQEGUQUCTVKHKEKCNGUFGRTQFWEEKP
EQPQEKFQGPNC
CEVWCNKFCFEQOQDKQVGEPQNQICFGVCNHQTOCFGQDVGPGTGNOZKOQDGPGHKEKQFGNQU
TGEWTUQUPCVWTCNGUUKPFGITCFCTNQU'NCRTGPFK\CLGFGNJQODTGUKGORTGGPWPCHQTOC
W QVTC UG JC NQITCFQ OGFKCPVG NC KPVGTCEEKP GPVTG RTQEGUQU PCVWTCNGU [ RTQEGUQU
CTVKHKEKCNGU/WEJQUKPXGPVQUFGNJQODTGUGJCPNQITCFQRQTUKORNGQDUGTXCEKPFG
NQU RTQEGUQU PCVWTCNGU %QP GUVG EQPQEKOKGPVQ GN UGT JWOCPQ C JCDKNKVCFQ GN
VGTTKVQTKQCUWUPGEGUKFCFGU
'P #OTKEC .CVKPC JC[ UQEKGFCFGU Q ITWRQU JWOCPQU SWG XKXGP GP HQTOC
TGNCVKXCOGPVGCKUNCFCEQPGUECUCURQUKDKNKFCFGUFGCEEGUQCUGTXKEKQU[VGEPQNQICU
OQFGTPCU RGTQ SWG UQP [ JCP UKFQ UQUVGPKDNGU RQT EKGPVQU FG CQU ITCEKCU C UW
EQPQEKOKGPVQFGNOGFKQ5KPGODCTIQGUVCUUQEKGFCFGUGPIGPGTCNVKGPGPWPOW[
DCLQ PKXGN FG ECNKFCF FG XKFC UGIP NQU RCTOGVTQU CEVWCNGU 2QT GLGORNQ UG
UWUVGPVCPGPOGFKEKPCUVTCFKEKQPCNGURGTQNCVCUCFGOQTVCNKFCFKPHCPVKNRWGFGNNGICT
C  PKQU RQT ECFC OKN [ GN RTQOGFKQ FG XKFC PQ UWRGTC NQU  CQU 'P GUVCU
EKTEWPUVCPEKCUFKEJCUQEKGFCFGUUQUVGPKDNGRGTQPQFGCEWGTFQCNCUGZRGEVCVKXCU
CEVWCNGUFGPKXGNFGXKFC
'PNCOKUOCTGIKPUKPGODCTIQVCODKPJCPGXQNWEKQPCFQUQEKGFCFGUEQP
OWEJQ OU EQPQEKOKGPVQU VCPVQ FGN OGFKQ EQOQ FG UKUVGOCU FG RTQFWEEKP
6CODKP JCP UWDUKUVKFQ RQT EKGPVQU FG CQU RGTQ EQP PKXGNGU FG ECNKFCF FG XKFC
OW[ UWRGTKQTGU C NQU RTKOGTQU PQODTCFQU 'UVCU UQEKGFCFGU DKGP QTICPK\CFCU [
EQP EQPQEKOKGPVQ VCPVQ FG UW GPVQTPQ EQOQ FG VEPKECU VKGPGP CFGOU OGLQTGU
RQUKDKNKFCFGUFGKPVGTECODKQEQOGTEKCNEQPQVTCUTGIKQPGUUKPUQECXCTUWKFGPVKFCF
EQPNQEWCNRWGFGPKPETGOGPVCTCPOUUWUWUVGPVCDKNKFCF[UWECNKFCFFGXKFCUKP
FGUVTWKTUWGPVQTPQ
.C GUECNC FG ECNKFCF FG XKFC CUQEKCFC CN FGUCTTQNNQ UQUVGPKDNG GU VCODKP
EQPFKEKQPCFC RQT NCU RTKQTKFCFGU SWG UG NGU CUKIPC C NQU QDLGVKXQU GEQPOKEQU
UQEKCNGU[CODKGPVCNGUGPECFCUQEKGFCF#PEWCPFQCNIWPCUUQEKGFCFGUVTCVGPFG
CNECP\CT WP PKXGN FG FGUCTTQNNQ UQUVGPKDNG GP GN UGPVKFQ FG SWG DWUECP HQTOCU FG
EQPEKNKCT NQU VTGU QDLGVKXQU GP HQTOC TGNCVKXCOGPVG GUVCDNG GNNQ PQ PGEGUCTKCOGPVG
UKIPKHKECSWGNQURTKQTK\GPFGNCOKUOCHQTOC
#U CNIWPCU UQEKGFCFGU UQP OU GSWKNKDTCFCU CN HQTOWNCT UWU EQPEGRVQU [
HQTOCU FG VQOCT FGEKUKQPGU DWUECPFQ EQPEKNKCT QDLGVKXQU GEQPOKEQU UQEKCNGU [


.CU

UQEKGFCFGU

FG

IGUVKP

EGTTCFC

CWVQEQPVGPKFC

SWG

CFOKPKUVTCP

UW

VGTTKVQTKQ

KPVGTECODKQ RWGFGP GP VGQTC CNECP\CT WP RWPVQ FG GSWKNKDTKQ Q FG UWUVGPVCDKNKFCF GP UW FGUCTTQNNQ

UKP

OC[QT


CODKGPVCNGU CWP EWCPFQ PQ UGC GP WP ITCFQ OW[ KCXCP\CFQL 1VTCU RTKXKNGIKCP GN
ETGEKOKGPVQGEQPOKEQRQTUQDTGNQUQEKCN[CODKGPVCNQVTCUGPECODKQRTKXKNGIKCP
NQUQEKCN[EQOWPCNUQDTGNQGEQPOKEQ[CNIWPCUNCUOGPQUDWUECPRTKXKNGIKCTNQ
CODKGPVCN
5K VGTKECOGPVG UG CEGRVC SWG GP PKPIWPC FG GUVCU UQEKGFCFGU UG NNGICTC C
ETGCT UKVWCEKQPGU GZVTGOCU SWG CHGEVGP GN FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG GU
KPFWFCDNGSWGUWUJCDKVCPVGUXKXKTPCPVGFKHGTGPVGUGUVKNQUDCLQFKHGTGPVGUGUECNCU
FGXKFC7PITWRQJWOCPQFGJCDKVCPVGUFGWPCTGIKPTGNCVKXCOGPVGRGSWGCEQP
RQEQU TGEWTUQU PCVWTCNGU RGTQ DWGPC QTICPK\CEKP [ EQPQEKOKGPVQ FG UW GPVQTPQ
RWGFG CP EQP RQEQU TGEWTUQU CNECP\CT WP FGUCTTQNNQ UQUVGPKDNG RGTQ FG GUECNC
TGNCVKXCOGPVGDCLC'PNCUOKUOCUEKTEWPUVCPEKCUFGKPEQOWPKECEKPNQUCEVQTGUSWG
RQUGGP WP VGTTKVQTKQ CORNKQ EQP ITCP XCTKGFCF FG TGEWTUQU WP DWGP FGUCTTQNNQ
VGEPQNIKEQ [ WP UKUVGOC FG FGEKUKP RCTVKEKRCVKXQ RWGFGP CNECP\CT WP FGUCTTQNNQ
UQUVGPKDNGFGGUECNCUWRGTKQT
'P CODQU ECUQU UK GN FGUCTTQNNQ UQUVGPKDNG UG JCEG GP HQTOC CKUNCFC UKP
KPVGTECODKQU EQP QVTQU VGTTKVQTKQU NC XGNQEKFCF FG GXQNWEKP UGT OU NGPVC CP
EWCPFQ C XGEGU OU UGIWTC SWG UK GNNQ UG JCEG EQP WPC CRGTVWTC CN GZVGTKQT 'P
GHGEVQGPGUVGNVKOQECUQVCNVGTTKVQTKQUGGZRQPGCFGRGPFGPEKCUGZVGTPCUQVTQU
GUVKNQU FG XKFC [ PKXGNGU FG EQPUWOQ Q HWGTVGU FGOCPFCU UQDTG CNIWPQU FG UWU
TGEWTUQU PCVWTCNGU 2QT GNNQ WPC UQEKGFCF PQTOCNOGPVG EGTTCFC CN GZVGTKQT FGDG
GUVCT RTGRCTCFC RCTC GPECTCT NQU FGUCHQU FG NC INQDCNK\CEKP UKP RGTFGT UW RTQRKC
UWUVGPVCDKNKFCF
'ZKUVGPKPVGTECODKQUFGTGEWTUQUPCVWTCNGUFGNCU\QPCUTWTCNGURQTDKGPGUFG
EQPUWOQ GNCDQTCFQU GP \QPCU EQP OC[QT ETGEKOKGPVQ GEQPOKEQ EQOQ WPC \QPC
WTDCPC7PCTGIKPEQPITCPECPVKFCFFGTGEWTUQUPCVWTCNGUVKGPGNCRQUKDKNKFCFFG
GZRNQVCT [ GZRQTVCT NQ SWG GP NC RTEVKEC UGTC UWUVGPVCDKNKFCF CODKGPVCN [C UGC
OGFKCPVGNCXGPVCFGOKPGTCNGUOCFGTCQIGPGTCEKPFGJKFTQGPGTIC.CUTGIKQPGU
TWTCNGU PQTOCNOGPVG GZRQTVCP UWUVGPVCDKNKFCF CODKGPVCN JCEKC NQU ITCPFGU EGPVTQU
WTDCPQUQCNGZVGTKQT
'P NC RTEVKEC GU OW[ TCTQ SWG NQU RTQEGUQU FG IGUVKP RCTC CNECP\CT GN
FGUCTTQNNQUQUVGPKDNGUGTGCNKEGPUNQCNKPVGTKQTFGWPODKVQJCDKGPFQGPIGPGTCN
WPC KPVGTCEEKP EQPUVCPVG GPVTG VGTTKVQTKQU .CU XGPVCLCU [ NCU ETGEKGPVGU
RQUKDKNKFCFGU FG KPVGTECODKQ FG NQU RTQEGUQU FG ETGEKOKGPVQ GEQPOKEQ
ECRKVCN
VGEPQNQIC OCPGLQ GORTGUCTKCN FGUCTTQNNQ UQEKCN [ UWUVGPVCDKNKFCF CODKGPVCN JCP
NNGXCFQECFCXG\OUCNCINQDCNK\CEKPFGECUKVQFCUNCUCEVKXKFCFGUJWOCPCU
.QU GPEWGPVTQU GPVTG FKHGTGPVGU VGTTKVQTKQU NNGXC CRCTGLCFQ GN EJQSWG FG
FKHGTGPVGURTKQTKFCFGUGPNQUQDLGVKXQUFGFGUCTTQNNQUQUVGPKDNG'NOQFGNQGPFIGPQ
UKDKGPGPWPCGUECNCDCLCPQTOCNOGPVGDCNCPEGCQDLGVKXQUUQEKCNGUGEQPOKEQU[
CODKGPVCNGU GP NCU VQOCU FG FGEKUKP KPKEKCN GP VCPVQ SWG GN OQFGNQ GZIGPQ


KPVGTPCEKQPCN RTKXKNGIKC GN ETGEKOKGPVQ GEQPOKEQ UQDTG NQU QVTQU FQU EQP NC KFGC
SWGNWGIQUGRQFTRTQFWEKTGNGSWKNKDTKQEQPNQUQEKCN[NQCODKGPVCNFKUVTKDW[GPFQGN
RTQFWEVQFGNETGEKOKGPVQ[EQPVTQNCPFQNQUGHGEVQUPGICVKXQUGPGNGPVQTPQ'UVQCN
OGPQUGPNCVGQTC

.CINQDCNK\CEKP[NCEQPEGPVTCEKP
GURCEKCNFGNFGUCTTQNNQ
#U EQOQ UG XKUWCNK\C NC VGPFGPEKC C NC INQDCNK\CEKP [ C NC EQPEGPVTCEKP WTDCPC
FGUFGGNRWPVQFGXKUVCGEQPOKEQUQDTGVQFQEQOGTEKCNVCODKPUGPGEGUKVCVGPGT
QRKPKQPGU UQDTG GN GHGEVQ FG GUVQU FQU RTQEGUQU UQDTG GN CODKGPVG [ UQDTG NCU
UQEKGFCFGU
%QP TGURGEVQ C NQU RTQEGUQU FG INQDCNK\CEKP UK UG DWUEC WP FGUCTTQNNQ
UQUVGPKDNG WPKXGTUCN UG FGDG CFQRVCT WP GPHQSWG JQNUVKEQ JCEKC NC VKGTTC
VTCVCT NC
VKGTTC EQOQ UK HWGTC WPC PCXG GURCEKCN EQOQ UGCN GN GEQPQOKUVC -GPPGVJ '
$QWNFKPI 2CTC VTCVCT NQU GEQUKUVGOCU VGTTGUVTGU GP HQTOC JQNUVKEC JC[ FQU
UKVWCEKQPGUJKUVTKECUGZKUVGPVGUSWGFKHKEWNVCPGUVGGPHQSWGNQUNOKVGUVGTTKVQTKCNGU
RQNVKEQCFOKPKUVTCVKXQU[GNVTCVCOKGPVQUGEVQTKCNK\CFQFGNCUFKUEKRNKPCU
.QUCEVQTGUFGWPVGTTKVQTKQTGNCVKXCOGPVGCKUNCFQSWGSWKGTGPKPEQTRQTCTUGC
NQU RTQEGUQU FG KPVGTECODKQ [ INQDCNK\CEKP EQOGTEKCN FGDGP CFQRVCT NC NIKEC
OQFGTPCFGRTQFWEEKP[UWLGVCTUGCVQFCUNCUTGINCUSWGGUVQKORQPG'UVQKORNKEC
WPCUWDQTFKPCEKPRQTNQOGPQUGPITCPRCTVGFGNQUOQFGNQUNQECNGUFGFGUCTTQNNQ
C NQU FG VKRQ INQDCN UK FGUGCP UGT EQORGVKVKXQU 'N FKNGOC GU EOQ NQITCT GUVC
INQDCNK\CEKPUKPRGTFGTNCGUGPEKCFGNQNQECN
'P NCU TGIKQPGU TWTCNGU FG NC TGIKP OWEJCU EQOWPCU PQ GUVP RTGRCTCFQU
RCTCCRTQXGEJCTNCUXGPVCLCUFGNUKUVGOCINQDCNQUKORNGOGPVGPQVKGPGPQREKQPGU
FGFGEKUKP#UNCCRGTVWTCCNOQFGNQNGUJCETGCFQOC[QTGUPGEGUKFCFGU[CUGC
GP DKGPGU FG EQPUWOQ UGTXKEKQU [ QVTQ NCU SWG PQ RWGFGP UCVKUHCEGT RQT XCTKQU
OQVKXQU 5WU RTQFWEVQU PCVWTCNGU UQP RQEQU XCNQTK\CFQU Q FGUEQPQEKFQU GP QVTCU
TGIKQPGUUWECRCEKFCFFGPGIQEKCEKPJCEKCGNGZVGTKQTGUNKOKVCFC[RQTQVTQNCFQ
NQUTGEWTUQUPCVWTCNGUFGXCNQTEQOGTEKCNSWGGZKUVGPGPUWVGTTKVQTKQUQPGZVTCFQU
UKPFGLCTNGUDGPGHKEKQU
%WCPVQ OU UQHKUVKECFC
FGOCPFCPVG FG ECRKVCN [ VGEPQNQIC EQOQ FG
OCPGLQ IGTGPEKCN GU NC GZRNQVCEKP OGPQT GU NC RQUKDKNKFCF FG RCTVKEKRCEKP TWTCN
NQECN FGDKFQ C UW HCNVC FG RTGRCTCEKP 2QT GNNQ NQU RTQEGUQU ETGEKGPVGU FG
RTKXCVK\CEKP FG GZRNQVCEKQPGU OKPGTCU Q GPGTIVKECU OU UQHKUVKECFCU DWUECP
RTGEKUCOGPVGGPVTGICTNCGZRNQVCEKPFGNQUTGEWTUQUCSWKGPGURWGFCPCRQTVCTWP
ECRKVCN C NC XG\ SWG KPEQTRQTCT WPC ECRCEKFCF FG CFOKPKUVTCEKP IGTGPEKCN 'UVG
GPHQSWGFGKPFWFCDNGXCNQTRCTCNCGHKEKGPEKCGEQPOKECGNKOKPCCPOUGNCEEGUQ


FGNCURGTUQPCUTWTCNGUNQECNGUPQRTGRCTCFCUCGUVCUPWGXCUHWGPVGUFGVTCDCLQSWG
VGTOKPCPOWEJCUXGEGUFGGORNGCFQUFGUGTXKEKQGPNCUECUCUFGNQUGLGEWVKXQUFG
GUVQUGPENCXGUSWGUGGPEWGPVTCPGPUWUVGTTKVQTKQU
.CUEQPEGPVTCEKQPGUWTDCPCUGP#OTKEC.CVKPCUQPGPRCTVGWPCTGURWGUVCC
GUVCKPECRCEKFCFNQECNRCTCCUKOKNCTUGCNCKPVGTXGPEKPGZVGTPCGPUWUVGTTKVQTKQUCU
EQOQUCVKUHCEGTUWUPWGXCUGZKIGPEKCUFGEQPUWOQ
.CU EQPEGPVTCEKQPGU WTDCPCU ETGCP OU QREKQPGU FG VTCDCLQ FGDKFQ C NC
XCTKGFCFSWGQHTGEGP1HTGEGPNCRQUKDKNKFCFFGGORNGCTUGGPVTCDCLQUSWGTGSWKGTGP
OGPQU RTGRCTCEKP SWG NCU SWG GZKIGP NCU ITCPFGU GORTGUCU OKPGTCU WDKECFCU NCU
\QPCU TWTCNGU FG FQPFG RTQXKGPGP [ NGU RCICP OU SWG UWU VTCDCLQU ENUKEQU FG
ECORQ #FGOU GU OU HCEVKDNG SWG TGEKDCP CNIP VKRQ FG GPVTGPCOKGPVQ GP NCU
\QPCUWTDCPCUSWGGPNCUTWTCNGU
# EQTVQ RNC\Q NCU EKWFCFGU QHGTVCP OWEJCU QREKQPGU RCTC UWDUKUVKT OU CWP
EWCPFQ GP NCU \QPCU WTDCPCU GU OU HEKN TGEKDKT UWDUKFKQU [ SWG NC TGPVC RQT
VTCDCLCT GP OCPWHCEVWTCU [ UGTXKEKQU GU OWEJQ OC[QT SWG OCPKRWNCPFQ RTQEGUQU
PCVWTCNGU FG RTQFWEEKP EQOQ GP NC CITKEWNVWTC Q ICPCFGTC .C ENCXG FG NC
UWUVGPVCDKNKFCF FG NC GURGEKG JWOCPC GUV UKP GODCTIQ GP VGPGT QREKQPGU
CNVGTPCVKXCU [ GUVKNQU XCTKCDNGU FG XKFC RCTC RQFGT RGTRGVWCTUG EQOQ GURGEKG
%WCPVQ OGPQU QREKQPGU VKGPG RCTC XKXKT GU OWEJQ OU XWNPGTCDNG 'P NQU
HGPOGPQU FG EQPEGPVTCEKP WTDCPC KPHNW[GP GP HQTOC EQPVTCRWGUVC GUVC
CHKTOCEKP
.CUITCPFGUEQPEGPVTCEKQPGUWTDCPCUQHTGEGPOUQREKQPGURQTNQVCPVQOU
UWUVGPVCDKNKFCFRQTNCRQUKDKNKFCFFGUWDUVKVWKTWPCHWGPVGFGKPITGUQUQFGXKFCRQT
QVTC.CUITCPFGUEQPEGPVTCEKQPGUFGUGTGUJWOCPQUGPWPUNQNWICTVCODKPNQU
JCEGOUXWNPGTCDNGURQTSWGRTGUGPVCCNQUUGTGUJWOCPQUGPHQTOCJQOQIPGC[
EQORCEVQURQTGLGORNQRCTCTGEKDKTGNGHGEVQFGWPCRGUVGEQNGEVKXCNQUGHGEVQUFG
WPC ECVUVTQHG PCVWTCN EQOQ WP ITCP VGTTGOQVQ Q GN CVCSWG EQPEGPVTCFQ FG CNIP
GPGOKIQ'PNQUEGPVTQU WTDCPQU RQT NQ VCPVQ UG ICPC GP QREKQPGU KPFKXKFWCNGU FG
XKFC C EQTVQ RNC\Q RGTQ UG RKGTFG GP QREKQPGU EQNGEVKXCU FG UQDTGXKXGPEKC C NCTIQ
RNC\QUQDTGVQFQGPNQCODKGPVCN[GPNQUQEKCN5GICPCGPXWNPGTCDKNKFCFEQNGEVKXC
%QOQ EQPENWUKP RCTEKCN UG RWGFG FGEKT SWG QVTQ CURGEVQ RCTC HQOGPVCT GN
FGUCTTQNNQUQUVGPKDNGTGSWKGTGEQPUKFGTCTGNDCNCPEGGPNCFKUVTKDWEKPFGNCRQDNCEKP
UQDTG GN VGTTKVQTKQ 'P GUVC FKUVTKDWEKP KPHNW[G RQFGTQUCOGPVG NC KPGSWKFCF GP NCU
KPVGTCEEKQPGU GPVTG VGTTKVQTKQU 6QFQ FGUDCNCPEG GP NC VTKNQIC GEQPOKEC UQEKCN Q
CODKGPVCN RTQXQEC VCTFG Q VGORTCPQ OKITCEKQPGU FG WPC \QPC C NC QVTC \QPC FG
RGTUQPCU DWUECPFQ NCU EQORGPUCEKQPGU PGEGUCTKCU 7PQU DWUECP VTCDCLQ GP NC
EKWFCF[QVTQUDWUECPCODKGPVGUUCPQUGPGNECORQ


+PFKECFCU NCU RTKPEKRCNGU XCTKCDNGU UQEKCNGU CODKGPVCNGU [ GEQPOKECU
CUQEKCFCU C NC DUSWGFC FGN FGUCTTQNNQ UQUVGPKDNG EW[Q EQORQTVCOKGPVQ GU
GZRNKECDNGGPHQTOCKPFGRGPFKGPVGGUPGEGUCTKQGXCNWCTUWKPVGTCEEKPEKGTVCOGPVG
EQORNGLC NC SWG UG OCPKHKGUVC FGPVTQ FG ECFC VGTTKVQTKQ GP RCTVKEWNCT [ GPVTG
VGTTKVQTKQUFKUVKPVQU
'U WP JGEJQ KPPGICDNG SWG GU OU HEKN CNECP\CT GSWKNKDTKQU FG FGUCTTQNNQ
UQUVGPKDNGRCTCGNUGTJWOCPQFGPVTQFGVGTTKVQTKQUGZRTGUCOGPVGFGNKOKVCFQU[EQP
NOKVGU KPVCPIKDNGU G KPCOQXKDNGU 'P IGPGTCN GP FKEJQU ECUQU RQFC QEWTTKT FQU
QREKQPGU WPC SWG GN VGTTKVQTKQ OKUOQ [ NQU EQPQEKOKGPVQU FG UW RQDNCEKP RCTC
WVKNK\CTNQ UGCP ECRCEGU FG CRQTVCT NQ PGEGUCTKQ RCTC UWUVGPVCT C UWU JCDKVCPVGU [
QVTQ ECUQ GP SWG FKEJQU JCDKVCPVGU KKORQTVGPL UWUVGPVCDKNKFCF FG QVTQU VGTTKVQTKQU
RQT CNIP KPVGTECODKQ EQOGTEKCN Q UKORNG EQPSWKUVC [ FQOKPKQ RQT CPGZCEKP Q
EQNQPKCNKUOQFGQVTQU
.C EQORCTVKOGPVCNK\CEKP FG NQU VGOCU SWG FGDGP UGT EQPUKFGTCFQU RCTC
RTQRQPGT UQNWEKQPGU GU QVTC FKHKEWNVCF #U EQOQ GP WPC RQEC [C CPVKIWC UG
GPEQPVT OU HEKN FKUGEVCT VGTTKVQTKQU GP EQORCTVKOGPVQU EGTTCFQU EQP NOKVGU
KKPVCPIKDNGUL RCTC RQFGT CFOKPKUVTCTNQU GP QVTC RQEC TGUWNV OU HEKN
KUGEVQTKCNK\CT GN RGPUCOKGPVQL GP FKUEKRNKPCU [ ECTTGTCU RTQHGUKQPCNGU [ GP TGCU
GURGEKCNK\CFCUFGRTQFWEEKP%QPGUVGUKUVGOCUGRWGFGPNQITCTRVKOQURCTEKCNGU
RGTQPQINQDCNGU.CURGTUQPCUFGWPCOKUOCRTQHGUKPSWGEQOQUGCNWPCXG\
KEQORCTVGP WP CNGITG KPEGUVQ KPVGNGEVWCN HGNKEKVPFQUG OWVWCOGPVG RQT RGPUCT
KIWCNLCNGXKVCTNCUEQPHTQPVCEKQPGUFKUEKRNKPCTKCUIGPGTCNOGPVGRKGTFGPGNUGPVKFQFG
NQJQNUVKEQ
'N FGUCTTQNNQ UQUVGPKDNG GP EQPUGEWGPEKC PQ GU CRTGEKCFQ HEKNOGPVG EQOQ
WPQDLGVKXQFGPKXGNINQDCNSWGFGDGUGTCNECP\CFQRQTVQFQUNQUUGTGUJWOCPQU[
SWGCFGOUFGDGRNCPVGCTUGEQPUQNWEKQPGUJQNUVKECU'UVQUKIPKHKECSWGGPIGPGTCN
NCU RQNVKECU FG UWUVGPVCDKNKFCF UG RTGUGPVCP OWEJQ OU GP VTOKPQU KPFKXKFWCNGU
SWG EQNGEVKXQU [ OU CWP GP HQTOC UGEVQTKCNK\CFC QREKQPGU GEQPOKECU UQEKCNGU
CODKGPVCNGU[QVTCU
2CTC GXKVCT NCU EQPEGPVTCEKQPGU GZEGUKXCU FG RQDNCEKP DWUECPFQ EQP GNNQ
OCPVGPGT EQPFKEKQPGU GSWKNKDTCFCU FG ECNKFCF FG XKFC GPVTG NQ GEQPOKEQ UQEKCN [
CODKGPVCNJC[SWGOGLQTCTNCECRCEKFCFFGIGUVKPFGNQUFKHGTGPVGUITWRQUNQECNGU
FGUFG GN PKXGN HCOKNKCT EQOWPCN OKETQTGIKQPCN Q TGIKQPCN [ PQ UNQ VTCPUHGTKT
VGEPQNQICU ECRKVCNGU [ RGTUQPCN ECNKHKECFQ JCEKC CNIWPQU GPENCXGU GP NCU \QPCU
TWTCNGU
'P NC ECRCEKFCF FG IQDGTPCDKNKFCF [ IGUVKP FG ECFC UQEKGFCF TGUKFG NC
ECRCEKFCF FG UWUVGPVCDKNKFCF FG NC TGIKP Q VGTTKVQTKQ SWG CFOKPKUVTCP 'UVC
ECRCEKFCF VCODKP EQPFKEKQPC GN KPVGTECODKQ EQP QVTQU VGTTKVQTKQU GP DCUGU


GSWKVCVKXCU0QUGFGDGRQTNQVCPVQGZRQTVCTIGUVQTGUFGQVTQUNWICTGUCNCU\QPCU
TWTCNGUUKPQVKGPGEQOQHKPNVKOQVTCPUHGTKTGUVCECRCEKFCFCNQUCEVQTGUNQECNGU
.C RQUKDKNKFCF FG OQFKHKECT NCU XCTKCDNGU FGN FGUCTTQNNQ UQUVGPKDNG GP VCNGU
\QPCUGPGNEQPVGZVQFGRTQEGUQUFGIGUVKPPQUGNQITCTUKPVGPGTGPEWGPVCNCU
RQUKDKNKFCFGU FG KPVGTCEEKP EQP QVTCU TGIKQPGU TGEQPQEKGPFQ NQU FGTGEJQU FG UWU
JCDKVCPVGU [ ECRCEKVPFQNQU RCTC PGIQEKCT 'U GUGPEKCN RQT GLGORNQ SWG RCTVG FG
NCUTGPVCUQDVGPKFCUCNGZVTCGTTGEWTUQUFGNCU\QPCUTWTCNGUSWGFGPGPNC\QPCFG
FQPFGUGQDVKGPGPCQDLGVQFGHCEKNKVCTGNOGLQTCOKGPVQFGNCUEQPFKEKQPGUNQECNGU

2TQEGUQUFGIGUVKPRCTCCNECP\CT
GSWKNKDTKQUGPGNFGUCTTQNNQ
.C OGLQTC FG NQU RTQEGUQU FG FGEKUKP [ FG IGUVKP TGSWGTKFQU RCTC NQITCT GN
GSWKNKDTKQGPVTGNQUQEKCNNQCODKGPVCN[NQGEQPOKEQUQPNCENCXGRCTCHQOGPVCTGN
FGUCTTQNNQ UQUVGPKDNG &GDGP KPENWKT RTQEGUQU FG OCVGTKCNK\CEKP FG CEEKQPGU SWG
NNGXGP CN ETGEKOKGPVQ GEQPOKEQ FG VTCPUCEEKQPGU SWG NNGXGP C NC GSWKFCF FG
KPEQTRQTCEKPFGNCFKOGPUKPCODKGPVCN[FGKPVGITCEKPFGFKUEKRNKPCUSWGNNGXGPCN
VTCVCOKGPVQJQNUVKEQFGNQUVGOCU
#NIWPCUFGNCURTKPEKRCNGUFGDKNKFCFGUGPNCTGIKPRCTCNCEQPFKEKPFGFKEJQU
RTQEGUQU UG TGHKGTGP C NC RQEC RCTVKEKRCEKP FG NQU CEVQTGU KPXQNWETCFQU GP NQU
RTQEGUQU C NC RQDTG EQDGTVWTC QTICPK\CEKQPCN RCTC RQPGT GP RTEVKEC NCU RQNVKECU
TGEQOGPFCFCU UQDTG VQFQ UQDTG GN XCUVQ UGEVQT NNCOCFQ KKPHQTOCNL [ C NCU
NKOKVCEKQPGUFGNCUJGTTCOKGPVCUQKPUVTWOGPVQUWVKNK\CFQURCTCVCNGHGEVQ
*C[ OWEJQU [ OW[ FKHGTGPVGU CEVQTGU GP ECFC RCU FG NC TGIKP EQP
FKHGTGPVGUEWNVWTCUFGQTKIGP[PKXGNGUFGGFWECEKP7PQUUQPHQTOCNGU[QDGFGEGP
NCUTGINCUVCNEQOQNCEQORCCSWGGLGEWVC[CRNKECGNTGUWNVCFQFGNQUGUVWFKQUFG
KORCEVQCODKGPVCNSWGNGGZKIGWPCNG[QGNEQPFWEVQTSWGUGRQPGGN EKPVWTP FG
UGIWTKFCFUGIPNQUTGINCOGPVQU1VTQUUQPHQTOCNGURGTQGPIGPGTCNPQQDGFGEGP
C NCU TGINCU EQP WPC UGTKG FG CTVKHKEKQU IGPGTCNOGPVG KNGICNGU 1VTQU UQP
KRCTCHQTOCNGUL GU FGEKT UKIWGP [ VKGPGP TGINCU GURGEKCNGU VCN EQOQ NQU NNCOCFQU
RTQ[GEVQUGURGEKCNGUCORCTCFQURQTNQHQTOCN
.QU JC[ VCODKP KPHQTOCNGU CNIWPQU EQP TGEWTUQU RGTQ NC ITCP ECPVKFCF FG
NQU OU RQDTGU SWG PWPEC CRNKECP WP GUVWFKQ FG KORCEVQ CODKGPVCN RCTC UCDGT GN
GHGEVQSWGVKGPGEQTVCT[SWGOCTWPDQUSWGQKPUVCNCTWPCEJQ\COUGPWPDCTTKQ
WTDCPQ OCTIKPCN 5KORNGOGPVG PQ UQP UWLGVQU FG ETFKVQ [ RQT NQ VCPVQ PQ UQP
VCORQEQUWLGVQUFGQDNKICEKPFGTGCNK\CTGUVWFKQUPKRQFTCPJCEGTNQU'PVTGVQFQU


#ZGN

&QWTQLGCPPK

2TQEGFKOKGPVQU

FG

IGUVKP

RCTC

GN

FGUCTTQNNQ

UQUVGPKDNG

CRNKECFQU

OKETQTTGIKQPGU [ EWGPECU +PUVKVWVQ .CVKPQCOGTKECPQ [ FGN %CTKDG FG 2NCPKHKECEKP 'EQPOKEC [ 5QEKCN

+.2'5
&QEWOGPVQ 4GX 5GTKG 'PUC[QU 5CPVKCIQ FG %JKNG QEVWDTG FG 


GUVQUITWRQUFGUGTGUJWOCPQUNQUJC[PQRGTXGTUQU[NQUJC[RGTXGTUQUEQOQNQU
VTCHKECPVGU FG FTQICU NQU JC[ HWPFCOGPVCNKUVCU [ PQ HWPFCOGPVCNKUVCU NQU JC[
GPFIGPQU Q GZIGPQU CN VGTTKVQTKQ [ CU UWEGUKXCOGPVG %CFC WPQ TGRTGUGPVC WP
CEVQT EQP ETKVGTKQU RTQDNGOCU [ QDLGVKXQU Q GUEGPCTKQU FG UWUVGPVCDKNKFCF
FKHGTGPVGU
.CURQNVKECURDNKECUVCPVQRCTCGNFGUGORGQFGNUGEVQTGUVCVCNEQOQRCTC
GNFGUGORGQFGNUGEVQTRTKXCFQTGSWKGTGFGWPUKUVGOCFGQTICPK\CEKPEQORNGLC
RGTQ HWPEKQPCN RCTC XGNCT SWG UG EWORNCP NCU RQNVKECU SWG NNGXGP CN FGUCTTQNNQ
UQUVGPKDNG 'UVC QTICPK\CEKP CWP PQ GZKUVG GP NC OC[QTC FG NQU RCUGU RQT OW[
FKXGTUQU OQVKXQU Q UKORNGOGPVG PQ HWPEKQPC Q PQ EWDTG GN VGTTKVQTKQ 'P OWEJCU
RCTVGU GZKUVGP KPEQORCVKDKNKFCFGU GPVTG NC HQTOWNCEKP FG RQNVKECU FG
UWUVGPVCDKNKFCF CODKGPVCN GPVTG OKPKUVGTKQU FG WP OKUOQ RCU CU EQOQ EQPHNKEVQU
GPVTG NC IGUVKP FG VGTTKVQTKQU EQP NOKVGU RQNVKEQU CFOKPKUVTCVKXQU [ NOKVGU
IGQITHKEQUGEQNIKEQUQJKFTQITHKEQU
7PCFGNCUEQPFKEKQPGURCTCNQITCTNCGSWKFCFGUNCRCTVKEKRCEKPFGOQETVKEC
FG NQU CEVQTGU CU EQOQ GN EQPEGRVQ FG NKDGTVCF FG FGEKUKP CEEKP RTKXCFC [
UGIWTKFCFGPNCUTGINCU2CTCNQITCUGUVCUCURKTCEKQPGUUGTGSWKGTGGFWECEKPFGNC
RQDNCEKP QTICPK\CEKP [ UKUVGOCU KNKORKQUL FG EQPVTQN RCTC GXKVCT UKVWCEKQPGU
RGTXGTUCUCNUKUVGOC
'UVQUGTGEQPQEGGPNCUEQOWPCUSWGHCXQTGEGPNQURTQEGUQUFGOQETVKEQU
NC VTCPURCTGPEKC GP NCU CEEKQPGU RDNKECU [ RTKXCFCU FG KPVGTU RDNKEQ NC
FGUEGPVTCNK\CEKP [ GN KPETGOGPVQ FG NC RCTVKEKRCEKP EQOWPCN 2CTC GXCNWCT NC
GHKECEKC FG GUVQU RTQEGUQU FG IGUVKP GU PGEGUCTKQ EQPUKFGTCT VCODKP UK NCU
FGEKUKQPGU[NCCRNKECEKPFGRQNVKECUCDCTECPGNVGTTKVQTKQ[GNVKGORQPGEGUCTKQRCTC
RQPGTNCUGPRTEVKEC
.C RCTVKEKRCEKP EKWFCFCPC TGSWKGTG SWG UGCP KPUVTWKFQU GP NQU VGOCU GP
FGDCVG 5NQ CU ECFC ITWRQ FG CEVQTGU RWGFC TGENCOCT [ FGHGPFGT RCTC U GN
FGTGEJQFGFGHKPKTNQSWGKORNKEC[GNOQFQFGCNECP\CTGNFGUCTTQNNQUQUVGPKDNGGP
UWRTQRKQVGTTKVQTKQ'UVGCURGEVQGUXKVCNRCTCTGURGVCT[UCNXCTNQUOQFQUDUKEQU
FGXKFCFGECFCTGIKP[CNOKUOQVKGORQRTQITGUCT
'P OCVGTKC FG FGUCTTQNNQ UQEKCN NC GSWKFCF RCUC PGEGUCTKCOGPVG RQT CRNKECT
OGECPKUOQU RCTC WPC OGLQT FKUVTKDWEKP FG NQU DGPGHKEKQU FGN ETGEKOKGPVQ
GEQPOKEQ5KDKGPUQDTGGUVQUGJCCXCP\CFQVGTKECOGPVGNCUKVWCEKPFGRQDTG\C
TGIKQPCN OWGUVTC SWG CP GU PGEGUCTKQ JCEGT WP ITCP GUHWGT\Q RCTC UWRGTCT NQU
PKXGNGUFGRQDTG\CGKPFKIGPEKCGZKUVGPVGUUQDTGVQFQGPITCPRCTVGFGNCRQDNCEKP
TWTCN [ GP NCU RQDNCEKQPGU WTDCPCU OCTIKPCNGU OWEJCU XGEGU QTKWPFCU FGN UGEVQT
TWTCN


'P OCVGTKC FG OCPGLQ CODKGPVCN [ UQDTG VQFQ FG PGIQEKCEKQPGU GPVTG
VGTTKVQTKQU JC[ SWG KPXGTVKT OWEJQ OU GP EQPQEGT GN CODKGPVG 'P NCU UQEKGFCFGU
CXCP\CFCU [ RGQT CWP GP NCU NNCOCFCU UQEKGFCFGU GP FGUCTTQNNQ GN XCNQT FGN
KFGUEWDTKOKGPVQLFGEQOQHWPEKQPCPNQURTQEGUQUPCVWTCNGUFGRTQFWEEKPETGCFQU
RQT NC PCVWTCNG\C GU KPHKPKVCOGPVG OGPQU EQVK\CFQ SWG GN XCNQT FG WP KPXGPVQ
GNCDQTCFQCRCTVKTFGRTQEGUQUCTVKHKEKCNGUFGRTQFWEEKPGUFGEKTETGCFQURQTGNUGT
JWOCPQ
'UVC UKVWCEKP CFGOU FG ECWUCT WP FGUGSWKNKDTKQ GPVTG NQU KPVGTECODKQU
EQOGTEKCNGU FG WP RCU OCPWHCEVWTGTQ FG RTQFWEVQU EQP WPQ GZRQTVCFQT FG
GNGOGPVQU[TGEWTUQUPCVWTCNGUVCODKPECWUCSWGPQUGKPXKGTVCNQUWHKEKGPVGRCTC
EQPQEGT EQOQ HWPEKQPCP NQU RTQEGUQU PCVWTCNGU FG RTQFWEEKP RTGUGPVGU GP NQU
GEQUKUVGOCU
.QCPVGTKQTETGCWPCUKVWCEKPCODKIWC5KPKPIGPKQQDUGTXCEKPGKPXGPVQU
VCNGU EQOQ NQU UKUVGOCU FG VGNGFGVGEEKP Q NQU OKETQUEQRKQU GNGEVTPKEQU GU OW[
FKHEKN EQPQEGT GN EQORQTVCOKGPVQ FG NQU GEQUKUVGOCU UW TGNCEKP EQP NC XKFC
JWOCPCPKUGRWGFGPRQPGTGPXCNQTOWEJQUGNGOGPVQUPCVWTCNGURQTPQEQPQEGT
UW WUQ RQVGPEKCN +IWCNOGPVG UK PQ UG EQPQEG GN GPVQTPQ [ UW HWPEKQPCOKGPVQ
KPENWKFQ GN FGN RTQRKQ QTICPKUOQ JWOCPQ UG TGCNK\CP KPXGPVQU EW[QU TGUWNVCFQU
ECWUCP GHGEVQU PGICVKXQU KTTGXGTUKDNGU CN UGT JWOCPQ [ CN OGFKQ CODKGPVG Q UG
FGITCFCGNOGFKQ
'PGUVGRTQEGUQFGJCDKNKVCEKPFGNVGTTKVQTKQCNQUKPVGTGUGUFGNUGTJWOCPQUG
JCP FGUVTWKFQ OKNGU FG GNGOGPVQU [ RTQEGUQU PCVWTCNGU EW[Q XCNQT TGCN LCOCU UGT
EQPQEKFQ'URQTNQVCPVQKORTGUEKPFKDNGEQPEKNKCTNCUCEEKQPGUFGFGUEWDTKOKGPVQ
FG EQOQ HWPEKQPC GN UKUVGOC CODKGPVCN EQP NC FG NQU KPXGPVQU [ VGEPQNQICU RCTC
UCVKUHCEGTNCUPGEGUKFCFGUJWOCPCUUKGORTGETGEKGPVGU
2CTC HKPCPEKCT GUVCU KPXGUVKICEKQPGU GU VCODKP QDNKICVQTKQ FCTNGU WP XCNQT
OUGSWKVCVKXQCNQUNNCOCFQURTQEGUQUPCVWTCNGU[CNCURGTUQPCUSWGNQUOCPGLCP
[NQUGUVWFKCPEQPGNHKPFGSWGRWGFCPTGCNK\CTUWUCEVKXKFCFGU#EVWCNOGPVGNQSWG
OUCFSWKGTGXCNQTGPVTOKPQUFGRQFGTHKPCPEKCTGUVWFKQUUQDTGEQOQHWPEKQPCGN
CODKGPVG[JCUVCGNEWGTRQJWOCPQUQPGNTGUWNVCFQFGNGHGEVQPGICVKXQSWGGUVP
VGPKGPFQ EKGTVCU CNVGTCEKQPGU GP NQU UKUVGOCU RTQFWEVKXQU GP NC XKFC FGN UGT
JWOCPQ UQDTG VQFQ WTDCPQ GP NC UGIWTKFCF EKWFCFCPC Q NC CRCTKEKP FG
GPHGTOGFCFGUEQPVCIKQUCU
 'P NWICT FG XCNQTK\CT WP GEQUKUVGOC EQOQ
RTQFWEVQU SWG FKURQPG FG WP

KUVQEML

KHDTKECL

PCVWTCN UG NG XCNQTC UNQ EQOQ

KCNOCEPL

FG

FGVGTOKPCFQ FG GNGOGPVQU PCVWTCNGU EQP XCNQT GP WP OGTECFQ 'N TGUVQ NQ

FGUEQPQEKFQ UKORNGOGPVG PQ UG VQOC GP EWGPVC [ OWEJCU XGEGU UG GNKOKPC Q UG FGUVTW[G CN CTTCPECT GN TGEWTUQ
XCNQTCFQ
 %QOQ GN PKQ SWG GZVTCG CNIWPQU EJKRU FG WP EQORWVCFQTC RQT UWU EQNQTGU RCTC XGPFGTNQ C CNIWPQU
COKIQU UKP VGPGT KFGC FGN TQN FG FKEJQ EJKR GP GN HWPEKQPCOKGPVQ FGN GSWKRQ [ RGQT UKP UCDGT PK UKSWKGTC NQ SWG
RQFTC JCEGT EQP NC EQORWVCFQTC 'N XCNQT FGN EJKR GU FCFQ RQT WP WUQ GZVGTPQ CN
RGTVGPGEG

KGEQUKUVGOCL

CN SWG



7PC ECVUVTQHG TGCN JCEG OU SWG OKN FKUEWTUQU VTCVCPFQ FG CNGTVCT UQDTG
RGNKITQURQVGPEKCNGU.COGPVCDNGOGPVGJC[OWEJCUECVUVTQHGUSWGUQPUKNGPEKQUCU
JCUVC SWG PQ ECWUCP UWU GHGEVQU XKUKDNGU VCN EQOQ NC FKUOKPWEKP FG NC
DKQFKXGTUKFCF [ NC RTGUGPEKC FG EKGPVQU FG RTQFWEVQU PQEKXQU RCTC GN UGT JWOCPQ
CWPPQFGVGEVCFQU
'P GUC RGTURGEVKXC NC ITCP FGHKEKGPEKC RCTC WP FGUCTTQNNQ UQUVGPKDNG GU NC
GUECUC VTCPUHGTGPEKC FG NC VGEPQNQIC OQFGTPC RCTC OCPGLCT GN OGFKQ CODKGPVG FG
FQPFGUGQDVKGPGPNQUTGEWTUQU'PVCNGUTGCUGZKUVGWPCDCLUKOCKPXGTUKPGZVGTPC
RCTC EQPQEGT EQOQ HWPEKQPC GN OGFKQ 'N EQPQEKOKGPVQ FG NQU GEQUKUVGOCU GUV
CDUQNWVCOGPVGFGUDCNCPEGCFQFGNCKPXGTUKPSWGUGTGCNK\CRCTCNCGZRNQVCEKPFGN
OKUOQ OGFKQ 7P GUEGPCTKQ UQUVGPKDNG FGDG CWOGPVCT FTUVKECOGPVG NC KPXGTUKP
RCTC EQPQEGT NQU GEQUKUVGOCU KPVGTXGPKFQU .C XCNQTK\CEKP [ TGUECVG FGN
EQPQEKOKGPVQFGNCURQDNCEKQPGUQTKIKPCTKCUGUWPCFGNCUDCUGURCTCNQITCTNQ