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Reconocimiento ...................................................................................................................... v
Introduccin ........................................................................................................................... vi
Estructura del artculo ............................................................................................................ vii
Alfabeto tepehuano ................................................................................................................ xii
Abreviaturas .......................................................................................................................... xiii
Prlogo ................................................................................................................................. xiv


Primera Parte: Diccionario tepehunespaol ................................................... 1
Segunda Parte: Diccionario espaoltepehun .......................................... 187
Tercera Parte: Gramtica tepehuana ........................................................... 231
Apndices ............................................................................................................................. 335
A. Trminos de parentesco ........................................................................................ 337
B. El cuerpo humano................................................................................................... 341
C. Sistema numrico ...................................................................................................... 343
D. Sonidos ................................... .............................................................................. 345
E. Topnimos .............................. .............................................................................. 347
F. Trabalenguas .......................... ............................................................................... 349
G. Mapa de la regin tepehuana ................................................................................ 350

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LCRPCVWWLK.QUCXKQPGUXWGNCPEQOQ
RLCTQU=RNCDKQP?

CDWKNUCDWGNC)COOLVFPFCIWCDWKN

FWKMCTVCO/KZKICOWVIWDKD/KCDWGNC
HWOCRKRCVQFQGNVKGORQNGRQPGVCDCEQ
PKGVQPKGVC
FGOWLGT&JQDCTLCILKIW
DCDQQNJ6IITDCVWCDWKN/KVC[CGU
OW[CPEKCPCRWGU[CVKGPGPKGVQUITCPFGU
VCCDWGNC
UQDTKPQUQDTKPC
FGOWLGT
=RNCDWKNCRQUCDWKNCPCDWKNCP?
5KPPIPCCP

CDJCCTCFLDQPKVQd,CROQQZCDJCCTFJKO

MKEJCCT/QQREJKICNJKFJCd3WDQPKVC
GUVVWIWKVCTTC5GTCDWGPQSWGOGNC
XGPFKGTCU=RNCDJCTEQRLKZ?
EJWCDJCCTCFLDQPKVQ
TGC

CK=RTGVFGCCFC?UGNQRWUQ
RCPVCNPHCNFCQ

\CRCVQU

CK=RTGVFGCC[C?NNGI
CK=RTGVFGCC[C?NQCNECP\
CK=RTGVFGCC[C?UGGPHGTO

CKEJFJCXaVVTCGTNNGXCTJCEGTNNGICT2CC

UCRFWWM[CVWOCKEJFJCIWMCMKPCEJKEJ
VWLQQV!%WPFQXCPCVTCGTNCTQRCSWG
RGFKOQU!
JCEGTNNGICT
CNVKTCTQCNNCP\CT,ZLCROM
VWCKEJWPPCRVWOWOWW[CIWWWW!3W
VCPNGLQURWGFGUJCEGTNNGICTHNGEJCUEQPWP
CTEQ!
NNGICTVGTOKPCT
FKUVCPEKC2CCLWWIV
CKEJFJKZFJKDQKPCOWKDCODJKEJFJKFJCV!
*CUVCFPFGGUVVGTOKPCFQGNECOKPQSWG
GUVCDCPEQPUVTW[GPFQJCEKCCNN!
VGTOKPCTEWORNKT
VKGORQUGCNCFQ5CRPQ
LKZCCPCLKTOCMIOMCLKZEJCOCCO
QKFJCUCRLWOCCPCCKEJFJCPCLK
ZKZFJWVWPFC5GFKEGSWGUKSWKGTQUGT
EWTCPFGTQVGPIQSWGEWORNKTEKPEQCQUFG
CDUVKPGPEKCTKVWCN
8CUGZKFJWWVFCRCTCWPC
GZRNKECEKPFGCDUVKPGPEKCTKVWCN
=RTGVCKEJRTGUCKEJWP?

'&+%+024'.+/+0#4`

CKEJWNJFJC

6'2'*70'52#1.

CKEJWNJFJCXaDNNGXCTVTCGTJCEGTNNGICT
C

QVTCRGTUQPC-CDWKOWMLCOUCR[CMC
CKEJWNJFJCIWZKKTPCKEJVWVCKDWK
/CCPCOGXCPCVTCGTNCUKNNCFGOQPVCTSWGNGU
RTGUV
EQORNGVCT
ECPVKFCF[CHKLCFC$C
CKEJWNJFJKZCCIWVWWOKIW-CNKKUVTWPC
UCCMLMDJCCCPCRKOPCOMKFJC!;C
EQORNGVCTQPNCECPVKFCFFGFKPGTQSWG%CNKZVQ
SWKGTGSWGNGRCIWGP!
=RTGVCKEJWNJRTGUCKEJWNJK?

CK=XCTFGK?+PFKECKORGTCVKXQEQPWTIGPEKC
CKZCFLSWGUGETGGRQNVKEQ:KDIWLCVMCO

DZRZDCZCCKZCOKCORZPCVIW[CLCR
DCLCKEJFJTIWKUMQGNCU#JQTCECUKVQFCNC
IGPVGUGETGGRQNVKECRQTSWG[CJC[GUEWGNCURQT
CSW
.CIGPVGRQTJCDGTGUVWFKCFQWPRQEQOU
VKGPGNCKFGCFGSWGRWGFGNNGICTCUGTCWVQTKFCF
OQUVTCPFQNQUEQPQEKOKGPVQUSWGVKGPG
DWGPQRCTCJCDNCTUCDGSWFGEKT#COQQ
EJCOKQMCVFCCMCMCDWKOWMPQVDCLK
EJWOCICPCIWEJCOCKZPCLCZV[C
/GSWGFCTECNNCFQOCCPCEWCPFQGORKGEGNC
LWPVCRQTSWGPQUSWFGEKTEWCPFQJCDNQ
=RNCCKZEQRLKZ?

CKZ=RTGUFGCC[C?NQCNECP\C
CKZKOCFXUWHKEKGPVG/CCPLKFJQQTCKZKO

LCRLKICNJKFJCIWDJCD2QTHCXQTXPFCOG
UWHKEKGPVGUHTKLQNGURCTCRTGRCTCTWPCQNNC
FGOWEJCUEQUCUFGOWEJCUOCPGTCU#KZKO
VKZKMCKEJPCEJLCZFJWKDJCCPLKEJ
IWIWWZFJC.QFKEGFGOWEJCUOCPGTCURCTC
SWGPQUCPKOGOQU
EQOQSWKGTCt,CZLCRKONJKK!,KTCO
CCPCEJDCCUPZKEJLRFJCKUGTTCV!tLWR
MCKEJIW2GGITQt#KZKOLKCtLWRMCKEJIW
,WCPt3WRKGPUCPWUVGFGU!0QUGTCDWGPQ
SWGFGUECPUGOQUWPTCVQOUCNN!tRTGIWPV
2GFTQt%QOQSWKGTCtEQPVGUV,WCP
DZCKZKOVWOCFXFGVQFCENCUGFG
OWEJQUVKRQU

CKZKO=TGUFGCC[C?EWRQ

CKZMCOCFLRQNVKEQ,CZRPVIWZCKZMCO
PCVDJCKVWCICVCMCCDPCDJCKTCIKEJCO
MCV!%OQUGNNCOCGNRQNVKEQGNSWGJCDN
C[GTGPNCLWPVC!=RNCCKZMCOEQRLKZ?

CKCFLSWGGUTQECSWGJC[NCLCU,CROQQ

EJCODJCKVWOQKTDJCOOQKFJCVCOPC
IWIKKNJKOLKZEJWFCPRKMPCIWZEJWDCC
DJCLCRPCLZLKZCCK'UOW[FKHEKNECOKPCT



CNNGPGNEGTTQRQTSWGGUVTGUDCNQUQRWGUNCU
TQECUNKUCUGUVPOQLCFCU=RNCCKEQRLKZ?
CKEJCOGPNCUNCLCU

CKEJWNJK=RTGUFGCKEJWNJFJC?UGNQNNGXC
CKEJWZFJCXaVJCDNCTOCNOWTOWTCT
FG

CNIWKGPETKVKECT
CCNIWKGP#NJLCEJOQQDZ
CKZKOCKEJWZFJCFJKOCKOMCOPCEJLCZCCLK
DJCOOMKKEJCO6WMWDCDJCLCMDWCO
LKEJDWC8COQUCFGEKTOWEJCUEQUCUOCNCUFG
GUGDQTTCEJQEWCPFQNNGIWGOQUCUWTCPEJQRWGU
PQVKGPGECUQSWGGUVOQNGUVPFQPQU
=RTGVCKEJWZRTGUCKEJWZK?

CKEJWP=RTGUFGCKEJFJC?NQVTCGNQNNGXC
CMUTQCTTQ[Q7KZFJCMIWUWWFCKIW

UWWUMCPIW#NWRTGGFQPCVOWKVKLKLWTPC
IWIKKNJKOILKOOWCMMPPCVIWMKCRZ
FWWP'NCIWCUGNNGXNQUJWCTCEJGUFG#NHTGFQ
EWCPFQSWKUQETW\CTRWGUGNTQGUVOW[ETGEKFQ
RQTSWGCRGPCUNNQXK=RNCCM?
CMMPGPGNTQGPGNCTTQ[Q
ICMUTQITCPFG

CMZKFJCXaVJCEGTWPECPCN
RCTCFGUXKCTGN

CIWC)CKFJTLCEJMCZKCMZKFJCKCNJKQFJK
UWWFCKPCEJLZRZKEJWPCIWOKRMOT
PCEJRCKQNJKCEJKC8COQUCJCEGTWPECPCN
RCTCSWGGNCIWCEQTTCCWPNCFQOKGPVTCU
VQOCOQURWGUNNGICCSWFQPFGPQUXCOQUC
CTTQFKNNCT=RTGVCMZKRTGUCMZK?
5KPPCRCCEJKEJFJC

CNJRCTV+PFKECECTKQQCHGEVQ5CQKIW

CNJKKEJWMUCRCNJDCZDJKQ2QDTGEKVQFGOK
JKLQVKGPGJCODTG
+PFKECUCVKUHCEEKP#NJOQQZKQODJCLKO
IWFWWM/QQDCMUWUFW[CIWUWWFCKOL
LCRCMMP.CNNWXKCXKGPGOW[HWGTVGd3W
DWGPQ2QTSWGGNCTTQ[QUGXCCNNGPCTFGCIWC

CNJKKUPKQPKC%JCOQDINJKOFJKCNJKK

PCIWEJCODJCKVWMWC'UVGPKQPQETGEG
TRKFQRQTSWGPQEQOGDKGP=RNCCCNJ
CRQUCNJKKEJWIKCCCNJEJWIK?
LKCNJKKEJWMOKJKLKVQOKJKLKVC
CNJKKEJKQPKQ
CNJKKWDKKPKC
NJKKUPKKVQPKKVC
VTOKPQFGECTKQ

CNJKQCFXRQTWPTCVQ#NJKQZKEJWMCMRKCUCK

IWRKNQQVPCDCDCLKOKC8Q[CLWICTWP
TCVQEQPGUVCRGNQVCCPVGUFGKTOG5KPPUGTTCV

CNJKQMCOU5GTGHKGTGCWPCRGTUQPCSWGVKGPG

OGPQUCWVQTKFCFSWGQVTC%JCRKQMCVOWDC

'&+%+024'.+/+0#4`



6'2'*70'52#1.
MQZKC0CUMWEJVWTLWOCNJKQMCOMWRDC
DJCLCMRWEJVFC&LCOGGPRC\[
FWTOGVG0QVKGPGUPKPIWPCCWVQTKFCFUQDTGO
RCTCSWGOGFKICUEQUCUCU=RNCNJKQMCO
CRQUCNJKQMCOWPCNJKQMCOWP?
5KPPLWRCCDMCO

CNJKEJCFLRGSWGQEJKEQ:KTCNJKEJFJK

DCCCM%JCOIVWDJCK'UVCECUCGU
FGOCUKCFQEJKEC0QJC[NWICTUWHKEKGPVG
=RNCNJKEJEQRLKT?8CUGNJKEJ
CNJKEJLWOFWWMCORGSWGCEQUC
CNJKEJMMCOGODCTC\CFC
OWLGT

CNJKEJCFXWPRQEQ#NJKEJRWROKZKDJK

IWDJCDFJK,WNKCP%JCOIWOQQZDJKQPCV
IWMKCRZ[CCK5TXCNGWPRQEQOUFG
HTKLQNGUC,WNKPETGQSWGVKGPGJCODTGRQTSWG
CECDCFGNNGICT

CNJKEJEJCPQQNJUFCEQTVQ
KPXKGTPQ

-CVWMICDLCEJLKOKCPCEJDCOMCC[CPC
IWTCNJKEJEJCPQQNJ0QUXCOQUGPNC
OCFTWICFCRCTCRQFGTNNGICTNQOUNGLQU
RQTSWGGUOW[EQTVQGNFC#PVPIVCPQQNJ

CNJKEJEJWMCCUPQEJGEQTVC-KCRZLCDCZ
MQQZKOMCVEJCOZKOLWRDCZKC$CMIWT
CNJKEJEJWMCC#RGPCUOGKDCCFCTUWGQ
EWCPFQCOCPGEKRWGUNCPQEJGHWGOW[EQTVC
8CUGVWMCC

CNJKEJLWOFWWMCO=CPVPFGIRLWO
FWWMCO?RGSWGCEQUC

CNJOQQKPVGTLCJQTCXGT#NJLCOQQ

KQMFJCIW4QQUC#JQTCXGTXQ[CTGICCT
C4QUC

COCFXOW[DKGP#OLKZLWWMMCODCMCKEJ

FJK,WNKCP)WEJKOQQLCRIITDJCKZK
KQ&KEGPSWG,WNKP[CGUVDKGPVQOCFQETGQ
SWGVQOCFGOCUKCFQ

COCFLDKGP,CZMWRDCOKLCMCMZKFJCKO

FJKUWWFCK!%JCOCCOKRWKTCOPCLCZDC
OT!2QTSWGUVUFGUXKCPFQGNCIWC!0QGUV
DKGPCUEQOQEQTTG!=EQRLKT?

CORQURGPGPEKOCFG
RCTVGFGNEWGTRQ

6WMCCKEJVKRKKEJWEJCOMCDJCKPC
LCZMCKKDJKC$CMIW[COVIWUCWCLK
DWKDCUCO2QTRQEQ[OGCUHKZKQCPQEJGRWGU
OGRWUGNCEQDKLCGPEKOCFGNCECTC
GPFGPVTQFG
TGEKRKGPVG$CICCOWOLCKEJ
FJKVOLKCUCCMCO;CXQ[CGEJCTGUVCU
VQTVKNNCUGPOKVCNGIC
GPRQTFGPVTQFG
TGC)DCVWO

CTFKOKC

CMEJCKOOKICDJCTCOPCOKOOTCFCIW
UWWFCK'NCIWCEQTTKRQTOKOKNRCGJK\QWPC
ITCP\CPLCGPGNNC
=5GRTGUGPVCGPUWUVCPVKXQURQUGUKXQUFGRTKOGTC
[UGIWPFCRGTUQPCVCPVQFGNUKPIWNCTEQOQFGN
RNWTCN?8CUGTCO
COUWHaX+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN

RNWTCNt,CTQQOI5KKITQMWRDCUWCM!
tVMMCIWVCCVCPt&JQIWKCOPCOV
DZFJVDJCKLKDQQRtLWRMCKEJIW5KKITQ
t3WKPVGRGI+UKFTQ!2QTSWNNQTCU!tNG
RTGIWPVCUWRCRt2QTSWGGNNQUXKPKGTQPVQFQU
LWPVQUCRGICTOGtEQPVGUV+UKFTQ
=)TCO?8CTOLCO

COTFCVCFXCIWUVQ
UKPPKPIPRGPFKGPVG/W
ZKLCVIWMCMCTDCZCCRIWLCROQQCO
TFCVDQ8GCGPEQPVTCTCNCUEJKXCUVSWG
GUVUCEQUVCFQCNNUKPPKPIPRGPFKGPVG
5KPPNCCVW

CORMCFXGZCEVCOGPVGRTGEKUCOGPVG#C

CORMPCDFJKTCK[CDCCC[CPCUCCMLCZK
DJCLKOFCIWZMCK8Q[CEC\CTRGTQ
TGITGUCTRTGEKUCOGPVGEWCPFQXGPICGN
IQDGTPCFQT

CORZCFXGZCEVCOGPVGCFGEWCFCOGPVG
PKOU
PKOGPQU#ORZLCKEJ[CLKCKPCVDJCKLK
FJWWPLKZKQO.NGIWCSWGZCEVCOGPVG
EWCPFQGORG\CNNQXGTOW[HWGTVG

COWWDCFXEGTSWKVC
PQOW[NGLQU,KZQZDK

IWVWMWWTPQCOWWDMWWLKMKCCO'UOCN
RTGUCIKQUKGNVGEQNQVGECPVCEGTECFGOKECUC

CRUWHaX+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN

UKPIWNCT-CZKMWCPCCRFJKOMWVWWPPQIW
IKKNJKOLKZEJCVQK2WGFGUSWKVCTVGNCECOKUC
UKJCEGOWEJQECNQT=)TCO?8CTRLCR

CRCCEJKEJFJCXaVJCEGTWPECPCN
RCTC

RTQVGIGTNCECUC:KCRCCEJKEJFJCRKOOL
FTLCRFJKDCCCMPCDCEJCODJCDCMKCIW
UWWFCKPCDJCKDCFWWMKO*CICPWPECPCN
CNTGFGFQTFGNCECUCRCTCSWGPQGPVTGGNCIWC
RWGU[CXCCGORG\CTCNNQXGT
=RTGVCRCCEJKEJRTGUCRCCEJKEJWP?
8CTCRCCEJKZFJC5KPPCMZKFJC

CTCUCCPICU=XCTFGCUCTCCPICU?GPNCUCPECU
CTFKOKCXaVEQTTGVGCTCTTGCT)COOLLCM

DZCPUCRLCRZKLCCTFKOKCFJKDCCMCU
&GDGUCTTGCTNCUXCECURQTVQFCNCDCLCFC
RGTUGIWKT6WVWCTFKOIWICIQQZPCVDC
CNJLCRMWWFCO[CLCRDCDWWU!3WGUVCT

'&+%+024'.+/+0#4`

CTFKEJ

6'2'*70'52#1.

RGTUKIWKGPFQGNRGTTQ!RQTSWGRCURQTCSW
EQTTKGPFQOW[TRKFQ
=RTGVCTFKRTGUCTFKO?8CTCCFKOKC

CTFKEJ=XCTFGTFKEJ?FGNICFQ
FGHQTOC
EKNPFTKEC

CTRWWUUOQTTCNVCNGIC
FGVGLKFQHKPQFG

CNIQFP,CROQQLQKFJCOOWKVQKFJKZIWZ
CDJCTFJKOCTRWWU,MVCPQQNJMPLCRKEJ
VOQPCRKEJKMZKEJC!6WOQTTCNVKGPGOWEJQU
EQNQTGUDQPKVQU'PEWPVQUFCUNQVGTOKPCUVG
FGVGLGT!=RNCTRWUCRQUCTRWWUCPQ
CTRWWUICPCTRWUCPQCTRWUICP?

CU=RTGUFGCZKC?UGDWTNC
CUCCMUVCNGICOQTTCN
FGVGLKFQOCNNCFQFGKZVNG
,MVCPQQNJMPLCRKEJVOQPCRKEJCUMK
FJKOCUCCMFJKPCRDJCKUCKEJWPOKVW
ICCOWV!'PEWPVQUFCUVGLKUVGVWVCNGICNC
SWGVKGPGUEQNICFCCNNNNGPCFGEQUCU!=RNCUCM
CRQUCUMKQCUCCMICPCUMKQ
CUCMICP?

CUCTCCPICUCFXGPNCUCPECU
FGWPCPKOCN

#UCTCCPICULCRZKFJCCUCKFJKEJKQEJKDC
OCIQQPCVKLKO.NGXCCNPKQGPNCUCPECUFGN
DWTTQCNQOGLQT[CUGECPUFGECOKPCT
8CTCTCUCCPICU

CUFC=EQPVFGCZKC?GUVCTDWTNPFQUG
CUMKEJUVGLKFQ
FGKZVNG$JCDJKIW

CUMKEJMCRDJCKPCEJCOMQQZKOMWLZ
LWRDCLKDWCPCDCDCMQZKC&COGOK
VGLKFQFGKZVNGRCTCCXCP\CTWPRQEQOKGPVTCUPQ
VGPICUWGQCPVGUFGFQTOKT=RNCUMKEJ
CRQUCUMKEJCPCCUMKEJCP?

CUMKEJCXaVVGLGT
VCNGICFGKZVNG,QKFJCO

EJCOVWQQPFJKWDKKICOOLVWCUMKEJFJC
'UVCOWLGTPWPECHNQLGCUKGORTGGUVVGLKGPFQ
VCNGICUFGKZVNG=RTGVCUMKRTGUCUMKEJ?
LWOCUMKEJJCEGCNIQFGDGPGHKEKQ

CUMKEJFJCXaDVGLGT
VCNGICFGKZVNGRCTCQVTC
RGTUQPC)QQMLCRLKCCUMKEJFJCPCOK
EJWICOWFC*ICOGFQUVCNGICUFGKZVNG
RCTCNNGXCTOKUEQUCUGPGNNCU
=EQORNRNCUMKEJFJCRTGVCUMKEJ
RTGUCUMKEJWP?

CUMKCFLRGTOGCDNG
VGLKFQ,KZCUMKIWDCCNJ
/CCPPCLCZDWCPIWUWWFCKPQKEJOKZK
EJWC7PCECPCUVCGURGTOGCDNG5KNGGEJCP
CIWCUGGUEWTTG=RNCUMKEQRLKZ?
EJWCUMKCFLNNGPQFGGPTGFCFGTCU

CUMK=CRQUFGCUCCM?UWVCNGIC




CVCCP=CRQUFGCVRQT?UWPCNIC
CVQQZMQTUUKNNCCUKGPVQ%JCRDJCFCPUCFC

FJKCNJKKVQQVMQOCVQQZMQTVCOPCIW
EJCMWKPCDJCKEJFJKZ0QUKGPVGUCNPKQGPNC
UKNNCFGECTTK\QFWTQRQTSWGVQFCXCPQGUV
DGPFGEKFQRCTCUGPVCTUGGPGNNC
&KEGNC
IGPVGSWGUKCWPPKQVQFCXCPQNGFCPGNOG\ECN
EGTGOQPKCNPQFGDGUGPVCTUGGPNCUUKNNCUFGECTTK\Q
FWTQRQTSWGNGXCCRCUCTCNIQOCNQEQOQGN
RKSWGVGFGWPCNCETP=RNCVQZMCT
CRQUCVQQZMQTICPCVQZMCTICP?
8CTCVQQZMCT

CVRQTUPCNIC$CZOCIQQPVWIWCVPCEJVK
FCKEJWFJKMCDCKEJCO;CUGOGECPUCTQP
NCUPCNICURQTKTOQPVCFQCECDCNNQRQTOWEJQ
TCVQ=RNCVRQTCRQUCVCCPCVRQTCP?
8CTCV

CVVKKTWCFXEQORNGVCOGPVGGPVGTCOGPVG

EKTEWPUVCPEKCPGICVKXC#VVKKTWDCLWIKKZIW
UWWUMCPFJKMCDCK,CKOKUKUUCRFJC;C
GUVPEQORNGVCOGPVGFGUICUVCFCUNCUJGTTCFWTCU
FGOKECDCNNQCUSWGNGXQ[CRQPGTQVTCU
=GURFGCVKTQ?

CVWWNJUCVQNG,CRLKZCCKIWVWKUCR

CVWWNJ%JCOLKTCOPQRKEJMCDWKOWMVW
CVWWNJEJC!d%OQOGIWUVCTCVQOCTWPCVQNG
FGRKPQNG0QGUVCTCDKGPSWGOCCPCOGNQ
JKEKGTCU!=CRQUCVWWNJK?

CZKKO=RTQITFGCZKC?UGGUVDWTNCPFQ
CUWHaX+PFKECVKGORQHWVWTQRGLFCIKC

CICTTCTLWIKCEQOGT=5GRTGUGPVCFGURWU
FGNCXQECNK)TCO?8CT

CCCNJ=RNFGCNJKK?PKQU=CRQUCCCNJ
EJWIK?

CCCVURKQLQ,CZDCIWCCCVDJCKLCRDC

LKKOLWOPCCMCO!2QTSWCPFCPRKQLQUGPVW
QTGLC!

CCCVCFLRKQLQUQSWGVKGPGRKQLQU,KZCCCVCR

FJQEJK2QQNQPCRDCLCRMUIWOOQ
5GIWTCOGPVGVKGPGURKQLQU*KRNKVQRQTSWGGUVU
TCUEPFQVGNCECDG\CFGGUCOCPGTC=EQRLKZ?

CCCUEWGTPQ
FGCPKOCN:KZOWOWMVW

CCCFJKZDCKOCVWWT#CPCEJMKCPC
EJCODJCKRWDCCRMKCPQVOCEJOQ[CUC
PCIWZDJCPCC'UVGVQTQDC[QVKGPGNQU
EWGTPQUFGOCUKCFQRWPVKCIWFQU'UPGEGUCTKQ
SWGUGNQUEQTVGOQURCTCSWGPQPQUNCUVKOGUK
PQUEQTPGCRQTSWGGUOW[DTCXQ
=CRQUCICP?

'&+%+024'.+/+0#4`



6'2'*70'52#1.

CCKZ=RNFGCKZ?DWGPQURCTCJCDNCT=EQRLKZ?
CCKZMCO=RNFGCKZMCO?RQNVKEQU=EQRLKZ?
CCK=RNFGCK?SWGJC[TQECUFWTCU=EQRLKZ?
CCM=RNFGCM?TQU
CCUMKEJCP=CRQUFGCUMKEJ?UWUVGLKFQU
CCNJOC=RNFGCNJOC?GPQLCFK\QU=EQRLKZ?
CCPUCR=RNFGCPUCR?DCLCFCU
CDKQP=RNFGCDKQP?CXKQPGU
CDWKN=RNFGCDWKN?CDWGNCUPKGVQUPKGVCU
=CRQUCDWKNCP?

CDJCT=RNFGCDJCCT?DQPKVQU=EQRLKZ?
CFCFC=EQPVFGCCFC?GUVCTRQPKGPFQ

RCPVCNPHCNFCQ\CRCVQU8CTCPMC

CFJK=RTGUFGCCFJC?UGNQRQPG
RCPVCNP
HCNFCQ\CRCVQU

CICXaKJCDNCT&CKIW&CTKK[WLQKFJCOLKZ

DJCKVWCICFCPQEJVWCIK)WLCKLC
LCCPPKCORZRWKEJCOKQMFCCO
5QNCOGPVG&CTQPQUJCDNCEWCPFQNGJCDNCOQU
RGTQUWUHCOKNKCTGUPQPQUFKTKIGPNCRCNCDTC
XaVJCDNCT
OCNFGCNIWKGP,CZLCRKOLK
CICPCRKODCRZCOLOPCOWPKFJT
DJCKDCLKKO!3WGUVCDCPWUVGFGUJCDNCPFQ
FGOSWGNGUJK\QTGTEWCPFQXGPCFGRQTCNN!
XaVJCDNCT
EQPCNIWKGPUWLRN/CCZFJKEJ
UCRMCLKOKCLWRMCKEJIWEJCCVPCOIW
UCRMCDWKOWMMCVWCICIW,WNKQR/KRCR
FKEGSWGPQXCOQUCKTJCUVCRCUCFQOCCPC
RQTSWGOCCPCXCCJCDNCTEQP,WNKQ
NKVN[
,WNKQXCPCJCDNCT
XaTJCDGTLWPVCJCDGTRNVKEC)WLWOCK
VWOKMWVCOUCRVWOCICOW5WNKFCC'N
RTZKOQFQOKPIQXCCJCDGTWPCLWPVCCNNGP.C
5QNGFCF
=RTGV[RTGUCICEQRTGVCIKOM?

CICP=CRQUFGCCC?UWEWGTPQ
CIKEJCOURNVKEC/LRCKFJTOQQVWO

DCK5WNKFCCPCEJUCROWKZKEJWLKKOFCPC
UCROKTCIKEJCOMC0QUEKVCPGP.C5QNGFCF
RCTCSWGXC[COQUCGUEWEJCTWPCRNVKEC

CIKFJCXaVJCDNCTRTGIWPVCT
CQVTCRGTUQPC
/CKMLCEJVWCIKRWIWLQKU'GLCZRMLWR
ZKNJKK8COQUCKTCJCDNCTEQPGNLWG\CXGT
SWRKGPUCN
CEQPUGLCT%JCOOQQTCOCCPCRKOVW
CIKFJCIWLCOOCTPCDCVWMCOLCO
PKFJC!0QUGTCDWGPQSWGCEQPUGLGPCUW
JKLQRCTCSWGNGUTGURGVG!

CPC

TGENCOCT,CROQQCNJEJCOLKTMLCFWW
IW+UCCDTW,KTOCCPPCEJCIKFJCIWVW
PCZKEJOCCMCK+UCWTQPQGUWPDWGPRCTKGPVG
RWGUUKGORTGGUVTGENCOCPFQNQSWGPQUFC
=RTGVCIKRTGUCIK?
CL=RTGUFGCC[C?NNGIC
CL=RTGVFGC[C?2GLLWOCLOVUG

GPEQPVTCTQP

CLPFC=EQPVFGCC[C?GUVCTCNECP\CPFQ
CLPFC=EQPVFGC[C?GUVCTGPEQPVTPFQUG

CLQK=RNFGCQK?RKPVQU=EQRLKZ?
CNJKEJ=RNFGCNJKEJ?RGSWGQU=EQRLKZ?
CNJKQMCO=RNFGCNJKQMCO?5GTGHKGTGCRGTUQPCU
SWGVKGPGPOGPQUCWVQTKFCFSWGQVTC
=CRQUCNJKQMCOWP?

CNJOCCFLDGTTKPEJWFQGPQLP
RQTSWGPQ

SWKGTGGUVCTUQNQ,KZCNJOCIWCNJKK%JCOLZ
RCKDKRKQFNJ,KZCCPCICOOLFCCPMC
IWIMQTICP'NPKQGUDGTTKPEJWFQ0Q
SWKGTGSWGFCTUGUQNQRWGUUKGORTGSWKGTGGUVCT
EGTECFGUWURCFTGU=RNCCNJOCEQRLKZ?

COUUGT
NCGUGPEKCFGNCRGTUQPC;CROQQ

CKEJFJKFJCFJKDCKFJCUPCRRCKFJWWMVW
MPUQKCMFCOWRCKPCIW[CEJCOLWO
CPFC&GDGUFGXQNXGTGNJCEJCCSWEWCPFQ
VGTOKPGUFGWUCTNCRQTSWGPQUQVTQUUKGORTGNC
PGEGUKVCOQU=CRQUCOKTCOUGRTGUGPVCEQP
WPCHKLQFGRQUGUKP?
LKCOLWOCCOGGUPGEGUCTKQ

COMCOCFXGPNWICTFG)WMWWNUKUCR

DJCCPMCOOKMCDK[CIWZMCKPCIWUCR
MCOZKFJWWVFCTC/KCDWGNQUGXCCSWGFCT
EQOQUWDUVKVWVQFGNIQDGTPCFQTRQTSWGUVGXCC
GUVCTDGPFKVQTKVWCNOGPVGRQTWPOGU

8CUGZKFJWWVFCRCTCWPCGZRNKECEKP
FGCDUVKPGPEKCTKVWCN=CRQUDJCCPMCOQ
DJCCPMCOWP?

COMCOCFXCHCXQTFG,CTQQZOCVFCPC

LCZV[CPCEJWOWCFJCPCEJCOMCO
QMKCPCOIWDCZKEJMWWRCO!3WKPUCDG
FGRQNVKEC!RCTCSWGNGRKFCOQUSWGJCDNGC
PWGUVTQHCXQT[CSWGPQUSWKGTGPGPECTEGNCT
=CRQUCOKTCO?

CPCURNWOC-KCRZLCOVDCMVCCVMFJK

IKQMFC%JCMWKVWCPCCO2CTGEGSWG
CRGPCUPCEKGTQPGUVCURCNQOCURQTSWGVQFCXC
PQVKGPGPRNWOCU=CRQUCPICP?

'&+%+024'.+/+0#4`

CPICVC

6'2'*70'52#1.

CPICVCXaKUCNKTCNCUUCNKTRNWOCU-KCRZDC

LKCPICVCFJKWKK%JCMWKVWFF#RGPCUNG
GUVPUCNKGPFQCNCUCGUVGRLCTQ6QFCXCPQ
XWGNC=RTGVCPICVC?

CPMC=EQPVFGCCFC?GUVCTRQPKGPFQ
RCPVCNP
HCNFCQ\CRCVQU8CTCFCFC

CPUCRUDCLCFC,KTCCPUCRCCICOOLFJK

DCRQKEJCOPCRCKODJDJPQKEJDCLKK
6WURC!*C[DCLCFCUGPGUQUECOKPQURQT
FQPFGWPQRCUCEWCPFQXCC6WZRCP!
=RNCCPUCR?#PVPVCK

CPUCRFTLCMCFXCNNCFQK\SWKGTFQ$JCK

IQTLKKOLCEJOCCPLKEJLWRPCOCCR;CPK
FJTLCRZKMMDWMPFTLCM,WCPCCR
2GGITQDC[CPKCPUCRFTLCM8GPICPRCTC
VQOCTPQUWPCHQVQLWPVQU6,WCPVGRCTCUCN
NCFQFGTGEJQ[V2GFTQCNNCFQK\SWKGTFQ
8CTQPUQRFTLCM#PVPMPFTLCM

CPUCRFTLCMCFXFGNRQPKGPVG0Q,WMVT

QKTVCKFJTLCMDKRKQIW$QQFCOVCODC
PQ-QTKCPQKTCPUCRFTLCM5KCPFQGP
5CPVC/CTC1EQVP'N/G\SWKVCNSWGFCCN
QTKGPVGRGTQUKCPFQGP&WTCPIQSWGFCCN
RQPKGPVG#PVPVCKFJTLCM

CPUCRLCMCFXEWGUVCCDCLQ$JCCOPKFJT

DJCKDCLWTPKOCPUCRLCMIWMCDCK'N
ECDCNNQXKGPGDCLCPFQ
NKVFGCNNCTTKDCGUV
DCLCPFQJCEKCCEEWGUVCCDCLQ
JCEKCCDCLQ
EQUCEQNICFC#PUCRLCMRZDC
PCPIKCIWOCCOTCICPFJKOCPUCPPCIWZ
DVPCIKKNJKOLKZKKDJCKFJC;CGUVP
EQNICFCUNCUTCOCUFGNOCP\CPQRWGUGUVP
RGUCFCURQTSWGVKGPGPOWEJCHTWVC
#PVPVCKLCM

CQKCFLRKPVQ2CCRKEJLWRLKWWWMFJKZCLQK

DJCDPCRDJCKDKCCTRWWUVCO!&GFPFG
VTCLKUVGGNHTKLQNRKPVQSWGVKGPGUCNNGPVWVCNGIC!
=RNCLQKEQRLKZ?

CQKICP=RNFGQKICP?RNCPGVCU
CQQUJWGUQ&JKZEJQQVQCQQPCOKLWORCZ
OCCPIWVWWTMCVLKTCQQPPCVOKOWW
'UVQUJWGUQUDNCPEQUSWGGUVPLWPVQUGTCPFGWP
VQTQSWGOWTKCNN=CRQUCQQP?

CQQICZ=RNFGQQICZ?VQUUQDTKPQUUQDTKPCU
=CRQUCQQICZK?

CQQZKFJC=EQPVFGQZKFJC?GUVCT
RGTFKPFQNQ

CQMKZ=RNFGQMKZ?VCUUQDTKPQUUQDTKPCU

CTRWU=RNFGCTRWWU?OQTTCNGU
FGCNIQFP
=CRQUCTRWUCPQCTRWUICP?

CUCM=RNFGCUCCM?VCNGICU
FGKZVNG
=CRQUCUMKQCUCMICP?

CU=RTGVFGCZKC?UGDWTN
CUMKEJ=RNFGCUMKEJ?VGLKFQU
FGKZVNG
=CRQUCCUMKEJCP?

CUMKEJFJC=EQORNRNFGCUMKEJFJC?VGLTUGNQU
CUMK=RNFGCUMK?RGTOGCDNGU=EQRLKZ?
CVQZMCT=RNFGCVQQZMQT?UKNNCU
=CRQUCVQZMCTICP?

CVRQT=RNFGCVRQT?PCNICU=CRQUCVRQTCP?
CZKCXaVDWTNCTUGTGTUG)KKNJKOLKCUOV
IWPCPDCVPCKEJEJCOCODWCPCKEJOWK
EJKLKKQ.QUOGUVK\QUUGDWTNCTQPOWEJQFG
ORQTSWGOGGSWKXQSWEWCPFQGORGEC
JCDNCT=RTGVCURTGUCUEQPVCUFC
RTQITCZKKO?

C[CXaTGPEQPVTCTUG
UWLRNCPKOt2CC

DCDCOPTFC!tLWRMCKEJIW2GGITQ
t/WOOWFJQPCEJRCKLCZDCEJCLPFC
PCEJRCKFJWWMOWLKOOFCtLWRMCKEJIW
,QUGGt&PFGVGGURGTQ!tRTGIWPV2GFTQ
t&QPFGUKGORTGPQUGPEQPVTCOQUEWCPFQPQU
XCOQUCNNtEQPVGUV,QU=RTGVCL
EQPVCLPFC?

$
DCRTGHaX[C#CR[CFTLCMDCIZKCPCIW
CC[CFTDCZEJWOCCV;CVGRWGFGU
TGITGUCTRQTSWGFGCSW[CEQPQ\EQGNECOKPQ
=)TCO?

DCC=RTGVFGDCMKC?GPVT
DCCDWKFJCXaDUCECT
RCTCQVTCRGTUQPC

$CCDWKFJCCRIWMWVWWPCPIW'NKK[CUOL
FTVQQODJCKOMCTVCO2QTHCXQTUCECNC
ECOKUCFGCFGPVTQFGNEQUVCNRCTC'NCU
SWKVCT
CQVTCRGTUQPC$CCDWKFJCCOOQQ
IWDCMKPQVEJCOVWPCOMKPCLMVW
WCVWP.GSWKVCTPUWECUCUKPQRCICNC
ECPVKFCFSWGFGDG
=EQORNRNDQQUIKFJCRTGVDCCDWKDQQUIK

=CRQUCQMKZK?



'&+%+024'.+/+0#4`



6'2'*70'52#1.

RTGUDQRRQKDQQUIKEQPVDCRRWKFJC
DQQUIKFJCTGRDQRRQKFJCDQQUIKFJC?

DCCDWKKPVGTLU
UKPEQORTQOGVGTUGt/CKM

LCEJUCRLCKVWMQKRQDJCKFCCOFTtLWR
MCKEJIW,WCPt$CCDWKLKCtLWRVKIW
,QUt5KIWUVCXCOQUCEQOGTCNNCTTKDC
tFKLQ,WCPt5FGXGTCUtTGURQPFK,QU

DCCDWXaVUCECT
FGFQPFGGUVOGVKFQ

$CCDWKEJIWOCCPMCOPCOKMWWRMWOW
DCLKOKCPCIWRWKEJCOVWLCZDWC
5CECTGOQUCNCRGTUQPCSWGGUVRTGUCRCTCSWG
UGXC[C[CSWGPQJCJGEJQPCFC
UCECTNNGXCTCRCTVG
RCTCJCDNCT,CZVVFC
IWZMCKIWOVCCVPCVDCOWLCRZKDCCDW
VCMCCD!3WNGFKLQC[GTGNIQDGTPCFQTCVW
RCREWCPFQNQNNGXCRCTVGRCTCJCDNCTNG!
=EQORNRNDQQUICRTGVDCCDWDQQUQNJ
EQPVDCRRWFCDQQUQPFCOQXDCRRWKFJC
DQQUICKFJC?

DCCICXaVTGICT
RNCPVC#NJKEJLK

DJKOTIWUWWFCKPC[CPKMPDCCIC
IWZ2QTHCXQTVTGOGWPRQEQFGCIWC
RCTCTGICTOKURNCPVCU
DCVKT
OCUCEQPCIWC#CDRCNJKEJOC
VWDCCIWVWKPCDCZDJKQPCIWEJCO
LCKEJIWVOMCNJ*CEGTCVQ[QDCVWPRQEQFG
OCUCEQPCIWCRWGUOGFKQJCODTG[PQJCDC
VQTVKNNCU
=RTGVDCCRTGUDCRICKORGTDCC
OQXDCCEJW?

DCCMUXCEC,KZDCCDWKFJCOCOOCCPIW

DCCMVWIKPCIWUCRLCWCVWPIQQMIW
LCVMCOIWKPCOLKTLCLCPPWNJICTCFCO.G
SWKGTGPSWKVCTWPCXCECRQTSWGNGFGDGCFQU
XGPFGFQTGUFGTQRC=RNDCCMQDCCMCU
CRQUDCCMVWIKDCCMCUVWIK?
LCDCCMCUKUWUXCECU
FGGNNQUQFGGNNCU

DCCMDKKOUNGEJGFGXCEC,CZEJWOLKZ

KQOLKZKQQDIWDCCMDKKOCCMCIW
MCTDCZDKKOCC!%WNGUOUUCDTQUCNCNGEJG
FGXCECQNCFGECDTC!

DCCMWV=RWPVFGDCMVC?VGPFKFQ
VCRGVG
DCCNJUECPCUVCEGUVC$JCKDCCNJEJCOFCC

IWMKKUPQRLKZCC'NSWGUQGUVGPNCECPCUVC
UKSWKGTGUEQOGTNQ=RNDCRCCNJ
CRQUDCCNJKDCRCCNJK?
WOWWDCCNJUECPCUVCFG\Q[CVG
VQQVMQODCCNJUECPCUVCFGECTTK\Q
UQQDQNJDCCNJUECPCUVCFGRCNOC

DCCRUC

DCCOIKCFLOCFTWICFQTSWGUGNGXCPVC

VGORTCPQ#CIWZDCCOIKLKIW,WCPLKC
-CVWMICDOLRCKRZVKPCVLKK,WCPGU
OCFTWICFQTXGTFCF!5GQ[EWCPFQUGHWGOW[
FGOCFTWICFC=RNDCCROKIKEQRLKZ?
8CUGDCOIKC

DCCOWU\CPEWFQOQUSWKVQd,CROQQZLCKEJ
MCCOIWDCCROWVPIKCMLCMd*C[VCPVQU
OQUSWKVQUGPRQECFGNNWXKCU=RNDCROWQ
DCRCCOW?

DCCRCKURGCUEQ$CCRCKFJCCOLKTMKKEJCO

DJCKFJTDCOWLCRVPKFJCCOIWK
PCODJCKQKFJCPCOMLKZEJWOCCZ*C[
WPCECUCCTTKDCFGGUGRGCUEQ[NQUSWGXKXGP
CNNRWGFGPXGTNGLQU=RNDCRCRRCKQDCRCCRCK?

DCCRCKFJCCFLSWGCPFCHEKNOGPVG
FQPFGJC[

WPCEWGUVCGORKPCFC)KKNJKOLKZDCCRCKFJC
IWDCKUNJUKCLKZDWCOVWVWOMTLKZDJCK
LWTWWM'NVGLPHEKNOGPVGCPFCFQPFGJC[WPC
EWGUVCGORKPCFC[CWPRCUCGPNQUNWICTGUHGQU
=RNDCRCCRCKFJCEQRLKZ?8CTDCDCKFJC

DCCRCKCFLRGCUEQUQ,KZDCCRCKLKDCMLKC

DCCUFTLCRFJKUCMCCNJKMPCDJCOOPKRZ
LKZOCCZ#CEJCOVPKFJCVLK'PVQPEGUU
GUVRGCUEQUQCNQVTQNCFQFGGUCEQTFKNNGTCSWG
UGXGPQJGKFQCNN=RNDCRCRRCKQ
DCRCCRCKEQRLKZ?

DCCRCMUECTTK\Q
FGVCNNQDNCPFQ/CKMLCEJ

IQQMWCRWIWDCCRCMOWOOWICMEJCO
PCEJDC[CLCRDKCMCVLOCPWVCVMP
LKEJEJKCPFC8COQUCNTQITCPFGCVTCGT
CNIWPQUECTTK\QUFGVCNNQDNCPFQRCTCVGPGTNQU
CSWEWCPFQUGCPGEGUCTKQJCEGTHNGEJCURCTC
EWTCTPQU
.QUEJCOCPGUWUCPHNGEJCURCTCEWTCT

DCCRCMCFLECNK\QSWGUCDGCECN0QZDCCRCM

IWOCVCKOCPLWOCCPCZKODJKDJKCLKPC
DCDCOVWWVCPCEJCOLKZDCCRCMMCIW
VOMCNJ5KGNPKZVCOCNGUVOW[ECNK\QUGNCXC
XCTKCUXGEGUEQPCIWCCPVGUFGOQNGTNQRCTCSWG
NCUVQTVKNNCUPQVGPICPUCDQTCECN=EQRLKZ?

DCCRMKC=UWLRNFGDCMKC?2GLDCCRMKCCO
UGOGVGTP=RTGVDCCRRTGUDCRM?

DCCROKIKC=UWLRNFGDCOIKC?2GL

DCCROKIKCCOUGNGXCPVCTP=RTGVDCCRCO
RTGUDCCROKEQPVDCCROKPFC?

DCCROKFJC=EQORNRNFGDCOKKFJC?

NGXCPVCTNQU=RTGVDCCROKRTGUDCCROKIK?

DCCRUCXaVDQTFCTCFQTPCT
EQPGUVCODTGU

,QKFJCOVWOLWRFWKKOIWQMKZOCCPIW

'&+%+024'.+/+0#4`

DCCRUC

6'2'*70'52#1.

DJCKOMCT/WPKVWCDVCFCCMCVVWDCCRCU
/KVCGUVJCEKGPFQWPOQTTCNOW[DQPKVQCJ
GUVDQTFCPFQUGPVCFCFGDCLQFGWPGPEKPQ
=RTGVDCCRUCRTGUDCCRCU?
DCCRUC=EQORNRNFGDCCUC?OGVGTNQU

=RTGVDCCRCKRTGUDCCRCUEQPVDCCRUCKFJC?

DCCTICPUECNFQ
FGECTPGQNGIWODTGU

EQEKFCU,QKFJCOLKZKQQDIWDCCTICPFJK
DJCDLKZDJCKZDJCKDCM'UVDKGPUCDTQUQGN
ECNFQFGGUVQUHTKLQNGURWGUUGEQEKGTQPDKGP
LWIQCIWC
FGHTWVCQXGTFWTCETWFC,QKFJCO
LKZKQQDIWDCCTICPIWMQQMQULMQNJ
DPMCO'UVDKGPUCDTQUCGNCIWCFGEQEQEQP
NKOP
UCXKCTGUKPC
FGWPTDQN)WMWRCCNJLKTLWM
QUCCOICPRKCODCCTICPIWWWWZ'N
KPEKGPUQUGJCEGFGNQEQVGFGRKPQQFGNCTGUKPC
FGQVTQTDQN
8CUGDCTCC

DCCUCFXOUCNN
FQPFGPQUGXG0COODCCU

LCRZKLKOKPWCCFJKOCVCKDCTCCEJCOVW
PCROKLCRCOWWDPWCDCFC8GVGOUCNNC
VKTCTGNCIWCFGNPKZVCOCNPQNCVKTGUCSWEGTEC

DCCUCXaVOGVGTRQPGTCFGPVTQ/WLCMDCM

EJTLCRDCCUCKFJCVFJKDCKFJCUPCRRCK
FJWWMVWMPLCZDWCFC&GDGURQPGTGN
JCEJCCFGPVTQFGNCECUCFGURWUFGWUCTNC
=EQORNRNDCCRUCRTGVDCKDCCRCKRTGUDCCU
DCCRCUEQPVDCCUCKFJCDCCRUCKFJC?

DCCUFTCFXOUCNN
FQPFGPQUGXG#CR

ICOCKDCLKOFC$CCUFTLCDCOCC[CPCR
IWEJCORMLKOFJC%COKPC[[QVGCNECP\Q
OUCNNRQTSWGVPQECOKPCUTRKFQ
FGCSWGNNCFQ
FGWPCEQTFKNNGTC,CZFJWKPC
FCKDCCUFTLCMLKZLCKEJIWUWWFCKPCRCKT
ICMMP$JCLCMFTLCMEJCOPCIWT
CNJKEJCMLQVOQFCICM5QNCOGPVGFGCSWGN
NCFQFGNCEQTFKNNGTCJC[CIWCRQTSWGGNTQGU
ITCPFG&GGUVGNCFQPQJC[RQTSWGGNTQGU
EJKEQ[UGUGECTRKFQ
CNCXWGNVCt2CCFTLCMMKKFJCFJKI
DJKDCMPCDJCOOPKMM!tLWRMCKEJIW
LCTQKt$CCUFTLCMFJQCPUCRFTtLWR
MCKEJIWLWOCKt&PFGGUVNCGPVTCFCFG
GUGGFKHKEKQSWGGUVCNN!tRTGIWPV(WNCPQ
t#NCXWGNVCGPNCRNCPVCDCLCtEQPVGUV
/GPICPQ

DCCUPCFXEWGUVCCTTKDC$CCUPKCOLCRZK

MMDQKDJCKZKLKMCKFJCIWOZKKZ6WIK
EJKLCZDWCMWVDCOQQLCRDCOMKO!8G



OUCTTKDC[ITVCNGCVWJGTOCPQ2QTSW
TC\PUGGUVVCTFCPFQ!

DCCUPFTCFXCNQVTQNCFQ
FGNCTTQ[QQFGN

TQ$JCOOPKMCPFTQKTIWDCCMCMMP
DCCUPFT#NNCPFCNCXCECCNQVTQNCFQFGN
TQ
CNQVTQNCFQ
FGNCHTQPVGTC-KCRZUCR
DCCUPFTOQOMQTCPDCVUIWZKKZFCKPC
EJCOVVMMCPQOQQDCVWLWCPRKCOMWIW
EJCO&KEGPSWGCRGPCURCUOKJGTOCPQCN
QVTQNCFQRGTQPQRTGIWPVUK[CGUVVTCDCLCPFQ
QVQFCXCPQ

DCCZXaGGUVCTCFGPVTQ
UWLCPKO,CTQQFC
FJKPCOLDCCZEJKQR!3WKPGUVCFGPVTQ
FGNCKINGUKC!
GUVCTOGVKFQ
UWLKPCP6WFCFJKPC
DJCKDCCZDCMEJCO!-WZKKTCCMCVWCCT
LKZDWCFCO!3WGUGUQSWGGUVOGVKFQGPVTG
NCUVCDNCUFGNCECUC!5GTWPEWEJKNNQQSW
UGT!
=UWLRNDCCRCZEQRTGVDCCZKEJQDCCZMCV
DCCRZKEJQDCCRCZMCV?

DCCZFJCXaDOGVGTRQPGTCFGPVTQ
RCTCQVTC

RGTUQPC,CTQQROKDCCRZKFJCKOIWVVPQTC
OWIKQVT!-CCCRCCFNJOKVWEJKMKKTVC!
2CTCSWKPGUVURQPKGPFQRQUVGUGPGNNNCPQ!
1VUQNQXCUCJCEGTWPEQTTCNKVQCNN!
=EQORNRNDCCRZKFJCRTGVDCCZDCCRZK
RTGUDCCRZK?

DCCCFLOQLCFQ,KZDCCFJKOMWVWWP

-WCPCCRMWICMKC,WOCKRMCZKEJ[C
'UVOQLCFCVWECOKUC3WVCVGNCRCTCSWGUG
UGSWG[RQPVGQVTCOKGPVTCU
XGTFGPQUGEC
RNCPVC-CZDCCIWLWWP
%JCMWKTCOPCVWQTCC6QFCXCPQUGUGECGN
OC\0QGUVDWGPQRCTCRK\ECT
=EQRLKZ?#PVPICM8CUGDCPPKC
EJWDCCCFLOQLCFQ
TGC

DCDCKFJC=XCTFGDCCRCKFJC?SWGCPFC

HEKNOGPVG
FQPFGJC[WPCEWGUVCGORKPCFC
=EQRLKZ?


DCDQQMUOCRCEJG/KFJTLKOIWDCDQQM

PCRCKVWWVIWOCPUCP)KKNJKOOWKKZKEJ
IWKPCLMLKZDJCKPCIWEJCOOKCPLKT

'&+%+024'.+/+0#4`



6'2'*70'52#1.

MKKEJCO'NOCRCEJGEQTTKFGCNNFQPFGGUVP
NQUOCP\CPQU6WODOWEJCUOCP\CPCU
OCFWTCURQTSWGPCFKGXKXGEGTEC=RNDQRRQM?

DCDQQNJUVC
JGTOCPCOGPQTFGNRCR,CZ

MWRDCDJCKRDCWCFJKUCWC!/WOOWKEJ
FCCZIWODCDQQNJPCV[CVWMCCPQDCZ
LO/WRFQEJKOTC2QTSWVTCGUGUC
EQDKLC!;QNCJCDCFGLCFQEQPVWVCRCTCSWGNC
WUGEWCPFQVGPICHTQGPNCPQEJG8GC
FGXQNXTUGNC
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOC[QT
FGWPCOWLGT$CLWWOMIWZWWPIKVCMCCD
,KZQQPKPCDCKTC5KCOTK[CDCLKOIW
DCDQQNJZKDCKFJCTCMRLKIW#[GTUGOG
JCDCCECDCFQGNCIWC[VGPCHNQLGTCFGKTC
VTCGTNCRGTQFGECUWCNKFCFXKPQOKUQDTKPC[HWG
CVTCTOGNC
=RNDQRRQNJCRQUDCDQQNJKDQRRQNJK?

DCFKFJCXaVGEJCTCIWC
GPEKOCOQLCT

2CNJRLCLCDCFKFJCFJKMWM[WPFCPCDC
DCZOCOQKMMCLCZKPCLCDWWRNJKCIW
VWVWWT8Q[CGEJCTNGWPRQEQFGCIWCCNCU
EQ[WPFCURCTCSWGGUVPDNCPFKVCUOUCNTCVQ
EWCPFQCOCTTGNQUDWG[GU
XaTOQLCTUG
EQORNGVCOGPVG%JCRKOOW
LCRDCRQFCVLWODCFKFJCFWWMEJT0Q
CPFGPEQTTKGPFQ[OQLPFQUGGPNCNNWXKC
=RTGVDCFKRTGUDCFK?

DCFTUNCICTVKLC
FGGUECOCUNKUCU-WWFCO

LKOKQTKOLOORCKLKDJKKCIWDCFT
PQVDCEJ%WCPFQNCNCICTVKLCOGXGEQTTG
TGEKQ[UGGUEQPFGGPCNIPNWICT=RNDCRFT?

DCIKQOEJCXaVJWOGFGEGT$CIKQOEJCKFJQ

DJCKLKMQPDKEJCFJKOUCDWKTCZPQREJCO
DCMWCPPCIWZKMQQTC5KPQNCXCUVW
RCPVCNPRQEQCRQEQUGJWOGFGEG[UG
GPOQJGEGRQTSWGGUVUWEKQ=RTGVDCIKQOKEJ
RTGUDCIKQOEJCT?
CORZLKZDCIKQOGUVUWHKEKGPVGOGPVG
JOGFQ
EJWDCIKQOCFLJOGFQ

DCIUUGUVWEJG
RCTCIWCTFCTHNGEJCU,KTCO

PCDCIULWRFWKCIWDJQOMQZLQPC
DCOKICCOMCIWWWW'UDWGPQJCEGTWP

DCKMKO

GUVWEJGFGNEWGTQFGWPVGEJCNQVGRCTCIWCTFCT
NCUHNGEJCU=RNDCRIU?

DCK=RTGVFGDCCUC?NQOGVK
DCKFJCXaVKPXKVCT,CTQQOWLKOKCPC

DCKOTCIWQTQUKKT!LWRMCKEJIWZMCK
3WKPKTCKPXKVCTCNCNIWCEKN!RTGIWPVGN
IQDGTPCFQT
NNCOCT
RCTCSWGXGPIC/WFTVKDCKIW
EJCVCCNJFJK/KKNKC0KLZMWEJCOVM
/KVQGUVVTCVCPFQFGNNCOCTC'OKNKCFGUFG
CNNRGTQPQNGJCEGECUQ
=RTGVDCKRTGUDCK?
VKDCKFJCMOGKPXKV
RGTQPQHWK

DCKFJKMCXaVNNGXCT
EQPUKIQEQORNCPKO

$CKFJKMCKFJKZKKICPPCVWMCTDCZ
ZKEJFJC-CVVKLCFCPVCPQVDCIT8Q[C
NNGXCTNGGNRGTTKVQCWPCECDTCRCTCSWGOCOGFG
GNNCCXGTUKCPFCGNRGTTKVQEQPGNNQUEWCPFQUGC
ITCPFG

DCKIMCFLJKPEJCFQ/MLKZDCKIMMCKRCK

PQVLKMKIWFDQQT%WCPFQOGRKECWPC
CXKURCNCRKECFWTCUGJKPEJCRQTOWEJQVKGORQ
=RNDCRCKIMEQRLKZ?

DCKIMEJWFCXaVJKPEJCT#CEJCOLK

DCKIMEJWPIWFDQQT2CNJRZKDCKIMK
IKQRDCLCIKCRCKPQVLKMK#OPQOG
JKPEJCOWEJQGNRKSWGVGFGCXKURCUUQNCOGPVG
WPRQEQFQPFGOGRKEC[NWGIQUGOGSWKVC
=RTGVDCKIMEJWFCRTGUDCKIMEJWP?

DCKIMKCXaKJKPEJCTUG$CKICCIWOPQD

2GGNGUPCVLWOMKIWFDQQTLCPQPCEJKEJVW
DJKCRQM!5GVGJKPEJNCOCPQ(NKZEWCPFQ
VGRKENCCXKURCCSWGNNCXG\SWGHWKOQUCUCECT
NQUIWUCPKVQURCTCEQOGTNQU!
=UWLRNDCRCKIMKCRTGVDCKIDCRCKI
RTGUDCRCKIT?

DCKIMKUJKPEJC\P,KZEJWMQMMCCCDC
PQIWDCKIMK!/GFQNGTOWEJQUK
VGPIQJKPEJC\P!

DCKMCFLVTGU$CKMOCUCCPRZDCDKKPCDC

VPIKC&CKDCPCEJDCVZKC(CNVCPVTGU
OGUGURCTCSWGUGCVKGORQFGNNWXKCU[PQU
XC[COQUCUGODTCT
DCKMMCRGPVTGUNWICTGU

DCKMKOCFLVTGUXGEGU/QQLCREJCO

DJCKFJCCCFJKDJCDPCVVKDCKMKODCLK
EJCVQQR!0QUGEWGEGPTRKFQGUVQUHTKLQNGU
XGTFCF!8CPVTGUXGEGUSWGNQURQPIQCJGTXKT

'&+%+024'.+/+0#4`

DCKMMCO

6'2'*70'52#1.

DCKMMCOUCTTQ[KVQ$JCOOPKFJTLCR

LCKEJLKDJKPCRCKRZLKTDCRCKMMCOPC
KEJVKPCDFJKTCMIWUWKOCNJ%JCORCKV
KEJ;QRCURQTCSWGNNCFQCVTUFGNQU
CTTQ[KVQUEWCPFQCPFCDCEC\CPFQWPXGPCFQ
RGTQPQNQGPEQPVT=RNDCRCKMMCO?
EJWDCKMMCOKCFLFGURCTGLQ
NWICTEQP
FGRTGUKQPGUQJWPFKOKGPVQU

DCKOCCFLDC[Q,KZDCKOCDJCKFJTQKT
OCCPIWMCDCKLCTQKPCICP7PECDCNNQ
FGUEQPQEKFQFGEQNQTDC[QCPFCCNN
=RNDCRCKOCEQRLKZ?



NCOC
CTOC
FGHWGIQ/WRCKZKZEJWOTFJK
DCKWOMWOVWLQVOQFC[CRZLKDWDWCIW
UCPFCCTWKZ8GCGUEQPFGTGUVCCTOCRCTCSWG
PQNCXGCPNQUUQNFCFQURQTUKCECUQRCUCPRQT
CSW
=RNDCRCKWOCRQUDCKOKICP
DCRCKOKICP?

DCKUNJUVGLP$JCLCRLQQFCKDRVCZKDCMKC
IWDCKUNJPQVVWDCPMKC5KCNVGLPNG
CUWUVCCNIQUGOGVGFGDCLQFGNCURKGFTCU
=RNDCRCKUNJ?

DCKUEWDKGTVCHWPFC
FGRKGNQFGRNUVKEQFWTQ
$CKICTCPLCRKODCCUCKFJCVFJKMWZKKTPQ
RKOEJCOVWMPLCZMCDWCPCEJCOVW
CNJKKZKDJLKMPLWRDCOLKMEJKCPQRWK
DJCLCRMCCV&GDGPRQPGTGNEWEJKNNQGPUW
HWPFCFGURWUFGWUCTNQRCTCSWGUKCNIPPKQ
NQEQLGPQUGEQTVGEQPNRQTGUVCTRQTCNN
FGUEWDKGTVQ=CRQUDCKCP?
DCKICTCPGPUWHWPFC

DCKEJWFCXaKJCEGTHWPFC
FGRKGN2WKMCZ

MFJKDCKCPFJKMWZKKT/CCMPLCKEJ
MCDCKEJWFCM6QFCXCGUVDWGPCNCHWPFCFG
OKEWEJKNNQRWGUNCJK\GGNCQRCUCFQ
=EQORNRNDCRCKEJWFCRTGVDCKEJWFC
DCRCKEJWFCRTGUDCKEJWPDCRCKEJWP?

DCKFJCUUJCEJC6WVCCVCUIWEJKQIW

MWCCDCKFJCUMP/KJKLQGUVRCTVKGPFQ
NGCEQPWPJCEJC=RNDCRCKFJCU
CRQUDCKFJCUWPQDCKFJCUICP
DCRCKFJCUICP?8CTDCKICU

DCKOKEJFJCXaVJGTTCTOCTECT
EQPHKGTTQ

,KRCNJDWKFJCRKOPCVWDCRCKOKEJFJC
IWMCMDCKMCDWKOWM8Q[CJGTTCTOKU
ECDCNNQUOCCPC/GC[WFCPWUVGFGU!
=EQORNRNDCRCKOKEJFJCRTGVDCKOKEJ
DCRCKOKEJRTGUDCKOKEJWP
DCRCKOKEJWP?

DCKOKCFLSWGVKGPGEKECVTK\,CZMWRDCZ

DCKOKLWOMQDVCKCO!6WDJCOFWW!
2QTSWVKGPGUGUCEKECVTK\GPNCHTGPVG!3WVG
RCU!=RNDCRCKOKEQRLKZ?
VWDCKOKVTCGOCTEC
FGHKGTTQ

DCKWOUHKGTTQJKGTTQ&CKDCRCKWOVW

TCTQKIWVTGP.CUTWGFCUFGNVTGPUQPFGRWTQ
HKGTTQ
HKGTTQ
FGJGTTCTOCTEC
FGNHKGTTQ2WEJWO
FCCUFJKVWWTIWDCKWOPCLCZEJWOVW
DCKOKCC'UGVQTQVKGPGNCOCTECKIWCNSWG


DCKUUPCXaVGUVKTCTCNCTICT1OIWICCV

$CMIWZKZKQODCKKULCKEJ5GSWGDTOK
CTEQRWGUNQGUVKTFGOCUKCFQ
XaTGUVKTCTUGCNCTICTUG,WODCKUUPIWLQ
VTDKPQZDCC.CUQICFGEWGTQUGGUVKTC
EWCPFQGUVJOGFC
=EQORNRNDCRCKUUPCRTGVDCKKUDCRCCKU
RTGUDCKUUPDCRCKUUP?
,ZIODCKKUFJKCNJKK!3WVCPVQJC
ETGEKFQGUVGPKQ!

DCKUUFJCXaDGUVKTCTCNCTICT
RCTCQVTC

RGTUQPC,KDCKUUFJCCRLKCCPIW
ZCDWKTCZPCMCZDCC)KKNJKOLKZZQZQNJKM
2QTHCXQTGUVKTCOKURCPVCNQPGUOCOOKGPVTCU
GUVPOQLCFQURWGUGUVPGPEQIKFQU
=EQORNRNDCRCKUUFJCRTGVDCKUUP
DCRCKUUP?

DCKIKCXaKUCECTCIWC6WDCKKCOCCEJK

OQQFJKWWWDPCOOWOOWFCTCCDKDKCVCO!
'UVCTPUCECPFQCIWCGUCUOWLGTGUSWGGUVP
CNNGPNCEKPGIC!=RTGVDCKRTGUDCKK
RTQRDCKOTCQDCKTC?
DCKICOHWGCNCIWC

DCKFJCMCTUVKPCLCQNNC
RCTCCNOCEGPCTCIWC
)WDJKFCDKZKOMPLWRFWKKZIW
DCKFJCMCTPCDJCCPLWODJIWUWWFCK
.CQNNCRCTCVTCGTCIWCGUVJGEJCFGDCTTQ
DCVKFQ=RNDCRCKFJCMCT?

'&+%+024'.+/+0#4`



6'2'*70'52#1.

DCKFJCXaVUCECTCIWCNNGPCTFGCIWC
RCTC
QVTCRGTUQPC/KRUCRZKDCKFJCIW
OCTCCZIWCNJKEJDCMWCVCO/KJKLKVC
SWKGTGSWGNGNNGPGUFGCIWCGUGIWCLGEJKSWKVQ
NNGXCTCIWC
CQVTCRGTUQPC,CZEJWO
DCMWCVCOLCDCKFJKMCIWUWWFCKIW
ICCP!'PEWNIWCLGRWGFQNNGXCTNGCIWC
COKCDWGNC!
=RTGVDCKRTGUDCKIKEQPVDCKIKFJC?

DCKZKFJCXaDNNCOCT
CCNIWKGPFGRCTVGFG

QVTCRGTUQPCRCTCSWGXGPIC'CRLK
DCKZKOT,CRLCRVFCPCKEJCCOWO
LQQV8GCNNCOCTNQ&KNGSWG[QVGOCPF
KPXKVCT
CCNIWKGPFGRCTVGFGQVTCRGTUQPCRCTC
SWGXC[C/WOOWKEJPQTPCRCKMKQIW
OCMIOPCKEJDCKZKOTCMFJKOCTCCZ
(WKCNNFQPFGXKXGGNEWTCPFGTQRCTCKPXKVCTNQ
FGRCTVGFGOKJKLC
=RTGVDCKZKRTGUDCKZK
EQPVDCRCKZKFJC?

DCLCCMUECC
OCEK\CFG\CECVG,WR

MCKEJFJCCOIWLCVMCOPCUCRDLMRCK
FJWWMLQKFJCOLKZLCKEJMCIWDCLCCMPCZ
DJCKMPVWODQZZKM&KEGNCIGPVGSWGJCEG
OWEJQVKGORQJCDCDCUVCPVGECCFG\CECVGSWG
GTCDWGPCRCTCDCTTGT

DCLMCFXJCEGOWEJQVKGORQ$CLMIKKNJKO

VWOMQMFCKOMPCTLIKCNJKMCV*CEGOWEJQ
VKGORQEWCPFQJWDQIWGTTCRGNGOWEJCIGPVG
VGORTCPKVQ
CPVGUFGFGUC[WPCT$LMDJCK
DCW[CUCIWLCTQK'CLCTQKZRMDJCLKO
6GORTCPKVQOGFKQJKRQ3WKPKTCXGPKT!

5GFKEGSWGUKVGPIQJKRQSWKGTGFGEKTSWGCNIWKGP
OGGUVCXKUCPFQSWGOGXKUKVCT
8CTDLM
DCLMMCOCPVKIWQ

DCLMFTCFXFGUFGJCEGOWEJQVKGORQ#C

[CLKTLKFJTDCPCIWDCLMFT[CDCV
UUVCGUOKVKGTTCRQTSWGNCJGEWNVKXCFQFGUFG
JCEGOWEJQVKGORQ8CTDLMFT

DCMUGUHCIQ,KEJDCMCODJDJIWMQK

PQEJOWVWMWC%WCPFQEQOGOQUNCEQOKFC
RCUCRQTPWGUVTQGUHCIQ=CRQUDCMCCP?

DCMRCTV+PFKECNQSWGGNJCDNCPVGETGGSWGGU

EKGTVQCDCUGFGNCGXKFGPEKCSWGVKGPG$JCKDCM
RCKVWMQUDCCRCKEJCOIWDJCCCPCDC
DJLRCKFJTLKFJCFCFC%TGQSWGGNIWKNC
VKGPGRQTCNNUWPKFQGPNQURGCUEQURQTSWG
ECFCTCVQXWGNCFGCNN=)TCO?8CTVCM

DCMGGV

DCMCCZUECTPG
FGCPKOCN/QQDJCKDCO

VCCOTCIWDCMCCZPQRKEJDCOWCFJK
VQQZMQNJ%WCPFQOCVGUGUGOCTTCPQXQ[C
XGPKTCEQORTCTVGECTPG=CRQUDCMZKICP?

DCMDWKFJCUFKCTTGC#CEJCOCOVWVCVFC

PCIWDCMDWKFJC$JCKRZLKZMCMQMQT
IWDQMPCOWKVKLKEJWLWIKC;QOG
UKGPVQFDKNRQTSWGVGPIQFKCTTGC%WCPFQ
RTWGDQVCPVKVCEQOKFCOGFCFQNQTFGGUVOCIQ

DCMDWXaKVGPGTFKCTTGC%JCRIKKNJKOOWLCM
MWCFCFJKVQQZMQNJDCMCCZPCREJCOIKQ
DJCKRLKDCMDW0QEQOCUVCPVCECTPGFG
EGTFQRCTCSWGPQVGFFKCTTGCQVTCXG\
=RTGV[RTGUDCMDW?

DCMEJKCXaKJGTXKTOC\
UKPECN+KMWOQQ

IQQMVWDCMEJKCPCEJVWCVWWNJEJC8Q[C
JGTXKTVCPVKVQOC\UKPECNRCTCJCEGTCVQNG
=RTGVDCMEJMVCTEQRTGVDCMEJMFCV
EQPVDCMEJMVCTFC?

DCMEJKCXaVTGOQLCT
EWGTQ$CMEJKCCR

FJKLQPCDCZOQKMMCPCLKMKCMKCPCMP
DWWRNJKCIWZKKT4GOQLGGUVGEWGTQRCTCSWG
UGJCICDNCPFKVQRCTCRQFGTEQTVCTNCUEQTTGCU
RCTCCOCTTCTNCUKNNCFGOQPVCT
XaTOGVGTUG
CNCIWCUWLCPKO)KKNJKODCM
OKODCRCVVMKOMCOUWWFCKEJTIW
VCVQQZMQNJ,KZKMQQTCOKUWWP2CTGEGSWG
NQUOCTTCPQUUGOGVKGTQPGPGNCIWCRWGUGUV
OW[UWEKC
=EQORNRNDCRCMEJKCRTGVDCMQDCMEJ
DCRCMEJRTGUDCRCVVMEQRTGVDCRCVVMKOM?

DCMEJKFJCXaDTGOQLCT
EWGTQRCTCQVTC

RGTUQPC:KDLCOWLKO;CMCDCRCVVMK
IWEJCCVIWLQPCUCCMVWMWM[WPFCVC
#JQTKVCXQ[RWGUVQFCXCGUVQ[TGOQLCPFQWP
EWGTQRCTCOKRCRRCTCSWGJCICEQ[WPFCUEQP
N=RTGVDCMEJKRTGUDCMEJKQDCRCVVMK
EQPVDCRCVVMKFJCEQRTGVDCRCVVMFJKOM?

DCMEJMUOC\
JGTXKFQUKPECN0QRKEJOK

FJKTKCOIQQMOKFJCKIWDCMEJM,CRLKZ
CCMOVWVCVFCIWDCMEJMCVWWNJ2QTSW
PQRQPGUCJGTXKTWPRQEQFGOC\UKPECN!
6GPIQICPCUFGVQOCTGNCVQNG

DCMGGVUEWGTQ#CREJCOCNJKEJDKCCCIW

DCMGGVPCRCNJKEJLKICNJKFJCPC
MQRGGVVWFCIWZWWUCM!0QVKGPGWPRQEQ
FGEWGTQRCTCXGPFGTOG!3WKGTQJCEGTNQU
EQRGVGURCTCOKUJWCTCEJGU
5GJCEGPJWCTCEJGU
FGJWNGFGNNCPVCEQPEQRGVG[EQTTGCUFGXCSWGVC
=RNDCRMGVGURXCSWGVC?

'&+%+024'.+/+0#4`

DCMIW

6'2'*70'52#1.

DCMIWEQPLRWGUFGDKFQC6KROWW

DJCKOWMIWZKKZOWUWWFCKEJT$CMIW
OLKKDJPCMCFWRKEJW2QTRQSWKVQUG
OWGTGCJQICFQOKJGTOCPQGPGNCIWCRWGU
TGURKTOKGPVTUKDCDWEGCPFQ

DCMKCXaKGPVTCTOGVGTUG
UWLCPKO-WWRC

KEJFJKPCDPCEJCOVWUQKOWDCCMKDC
MKUOC8COQUCEGTECTGUVQUPQRCNGURCTCSWG
PQGPVTGPKPIPCPKOCNCEQOTUGNQU
=UWLRNDCCRMKCRTGVDCCDCCRRTGUDCRM?

DCMQQPUICT\CITKU6DVWMWZDWIWDCMQQP

/WLCRLKZLQKIKQPVTPCRCKLCZUWUFCMC
IWUWWFCK.CICT\CVKGPGRGUEWG\QOW[NCTIQ
.GIWUVCCPFCTGPNQUNNCPQUFQPFGJC[EJCTEQU
FGCIWC=RNDQRMQP?



FJKPCVMCDKK&KEG4QUCSWGVGC[WFCCNCXCT
VWHCNFCNCSWGVQFCXCPQNCXCU
DCWVK\CT
CNJKLQFGQVTCRGTUQPC-CDWKOWM
UCR[CCC[CIWRCCNJ%JCRKCOLWO
IWPIWZKPCRLKEJDCMWCFJCOCCPIW
CNJKK!/CCPCXCCNNGICTGNRCFTG0QVG
CPKOCUCDCWVK\CTCWPQFGPWGUVTQUJKLQU!
=EQORNRNDQRMQFJCRTGVDCMWCDQRMQ
RTGUDCMWCKDQRMQK?

DCMZKFJCTCUVCRGVGRGVCVGQEQDKLC
RCTC

FQTOKT$KEJWPCPIKCIWODCRCMZKFJCTC
PCRKEJIWDCDCO;CSWGVGNGXCPVCUVG
RWGFGUEQNICTNQUVCRGVGU=RNDCRCMZKFJCTC
CRQUDCMZKFJCTWPQDCMZKFJCTICP
DCRCMZKFJCTWPQDCRCMZKFJCTICP?
8CTDCMZKMCT

DCMZKFJCXaDVGPFGT
VCRGVGRGVCVGQEQDKLCRCTC
QVTCRGTUQPC/KZKDCMZKIWUCWCFJKCNJKK
PCDJCCPMQZKC6KPFCNGCNNNCEQDKLCCNPKQ
RCTCSWGFWGTOCGPGNNC=RTGVDCMZK
RTGUDCRMWZKEQPVDCMZKMC?

DCNFKUDCNFG$CKOTCMDCMIWCCP


DCMVCXaVVGPFGT
VCRGVGRGVCVGQEQDKLC/KRZK
DCMVCKIWOCKPCRDCOKDCVWMCKRICIW
DJCD6KGPFGGNRGVCVGCNNRCTCSWGRWGFCU
FGUXCKPCTGNHTKLQN=RTGVDCMRTGUDCRMWV
RWPVDCCMWV?

DCMWCUIWCLGDWNG,KEJCKDWKIWODCMWC
MWDJCCPDJKTCIWUWWFCK2TUVCOGVW
DWNGRCTCKTCVTCGTCIWCGPN=RNDQRMQ
CRQUDCMWCPDQRMQP?

DCMWCPCXaVNCXCT
EQORNKPCP,KZDJCKR

OQQDCMWCPCFJKZCDWKTCZ)KKNJKOLKZIKQ
.CXCDKGPOKUECN\QPGURWGUGUVPOW[ITCUQUQU
DCWVK\CT
EQORNCPKO-CDWKOWMUCR[C
CC[CIWRCCNJPCLCDQRMQPCIWCCCNJIWK
PCOLMEJCMWKDQRMQKZ/CCPCXCCNNGICT
GNRCFTGRCTCDCWVK\CTCNQUPKQUSWGVQFCXCPQ
GUVPDCWVK\CFQU
=EQORNRNDQRMQPCRTGVDCMWCDQRMQ
RTGUDCMWCPDQRMQP?

DCMWCPMCTULCDP6WDQRMQPOTIWO

LCLCPPWNJOWDKDKCVCO:KDCCDWKCRIW
DCMWCPMCTDJCKPCLKOCTRWWUVT8GC
NCXCTVWTQRCCNNGPNCEKPCIC5CECGNLCDPFG
NCVCNGIC

DCMWCFJCXaDNCXCT
RCTCQVTCRGTUQPC
,WODCMWCFJCUCRFJK4QQUCIWOKRWWT

/WOOWPKFJTDJCKDCLKOOQQVQVIWDCNFK
2CTGEGSWGOKOCOHWGRQTCIWCRQTSWGFGCNN
XKGPGECTICPFQGNDCNFGGPNCECDG\C
=RNDCNFKU?

DCOIKCXaKNGXCPVCTUG-KCRZDCDCROKIW
ZKKZ,CKIWDLMDCCROKIMRCKPCOVLCM
DJK/KJGTOCPQCRGPCUUGGUVCDCNGXCPVCPFQ
EWCPFQNQUFGOU[CUGJCDCPNGXCPVCFQ[UG
JCDCPKFQ=UWLRNDCCROKIKCRTGVDCO
DCCRCORTGUDCROKDCCROK
EQPVDCROKPFCDCCROKPFC?
DCCOIKCFLOCFTWICFQT

DCOKKFJCXaVNGXCPVCT0KLZMWEJCO

DCCROKIWOCKOMCOPCEJVK
DCCROKFJKOM'NDQTTCEJQPQUGNGXCPV
EWCPFQ[QVTCVCDCFGNGXCPVCTNQ
=EQORNRNDCCROKFJCRTGVDCOKK
DCCROKRTGUDCROKIKDCCROKIK?

DCPQQUCXaTVGPGTEQORTQOKUQ6WPCRZ

DJCCPLWODCPQQUFCIWEJCCV%JCO[C
FCCMCPCRCKFJWWMVKZKQMFJCOMC/K
RCRUKGORTGVKGPGEQORTQOKUQURQTGUQPWPEC
GUVCSWEWCPFQNGSWKGTQJCDNCT
JCEGTTKVQTGNKIKQUQ&JQDCMIWTCOLKCPC
CCRWKRLKDCPQQUC6PCDCIWMWWNUK
MCVPCKVDRIKFJCDCRCCRCKUCPQQR5GTC
DWGPQSWG[QVCODKPJCICWPTKVQRWGUOK
CDWGNQUKGORTGCPFCDCRQPKGPFQXGNCUCNRKGFG

'&+%+024'.+/+0#4`



6'2'*70'52#1.

DCRCMEJKC=EQORNRNFGDCMEJKC?TGOQLCTNQU

NQURGCUEQU
=RTGVDCPQQUCRTGUDCPQQU?

DCFJKKTUDCPFGTC0QDCOCCLKOIW)

6CPQQNJOWKOWLCRDCVWVVWCOIW
DCFJKKTLKZEJQQVQOW,WMVTMWMTWUOKZK
LWRZKZEJWPFCTDCP'P5CPVC/CTCFG
1EQVPEWCPFQUGCEGTECNC5GOCPC5CPVCUG
RQPGPGPNCECNNGDCPFGTCUDNCPECUSWGNNGXCP
FKDWLCFCUWPCETW\GPOGFKQ

DCKKU=RTGVFGDCKUUPC?NQGUVKT
DCRCCNJ=RNFGDCCNJ?ECPCUVCU
=CRQUDCRCCNJK?

DCRCCOW=RNFGDCCOW?\CPEWFQU
8CTDCROW

DCRCCRCK=RNFGDCCRCK?RGCUEQU
8CTDCRCRRCK

DCRCCRCKFJC=RNFGDCCRCKFJC?SWG
HEKNOGPVGCPFCP
FQPFGJC[WPCEWGUVC
GORKPCFC=EQRLKZ?

DCRCCRCK=RNFGDCCRCK?RGCUEQUQU=EQRLKZ?
8CTDCRCRRCK

DCRCKIM=RNFGDCKIM?JKPEJCFQU=EQRLKZ?
DCRCKIMKC=UWLRNFGDCKIMKC?2GL
DCRCKIMKCCOUGJKPEJCTP=RTGVDCRCKI
RTGUDCRCKIT?

DCRCKMMCO=RNFGDCKMMCO?CTTQ[KVQU
DCRCKOC=RNFGDCKOC?DC[QU=EQRLKZ?
DCRCKEJWFC=EQORNRNFGDCKEJWFC?JCEGT

HWPFCU=RTGVDCRCKEJWFCRTGUDCRCKEJWP?

DCRCKFJCU=RNFGDCKFJCU?JCEJCU

=CRQUDCRCKFJCUICP?8CTDCRCKICU

DCRCKOKEJFJC=EQORNRNFGDCKOKEJFJC?
JGTTCTNQU=RTGVDCRCKOKEJ
RTGUDCRCKOKEJWP?

DCRCKOK=RNFGDCKOK?SWGVKGPGEKECVTKEGU
=EQRLKZ?

DCRCKWO=RNFGDCKWO?HKGTTQU
=CRQUDCRCKOKICP?

DCRCKUNJ=RNFGDCKUNJ?VGLQPGU
DCRCKUUPC=EQORNRNFGDCKUUPC?GUVKTCTNQU
=RTGVDCRCCKURTGUDCRCKUUP?

DCRCKUUFJC=EQORNRNFGDCKUUFJC?

GUVKTTUGNQUCNCTITUGNQU=RTGVDCRCKUUP?

DCRCKFJCMCT=RNFGDCKFJCMCT?QNNCU
DCRCKZKFJC=EQPVFGDCKZKFJC?GUVCT
NNCOCPFQ

DCRQKMKC

=RTGVDCRCMEJRTGUDCRCVVM
EQRTGVDCRCVVMKOM?

DCRCMZKFJCTC=RNFGDCMZKFJCTC?VCRGVGU

=CRQUDCRCMZKFJCTWPQDCRCMZKFJCTICP?

DCRCRRCK=RNFGDCCRCK?RGCUEQU
8CTDCRCCRCK

DCRCRRCK=RNFGDCCRCK?RGCUEQUQU=EQRLKZ?
8CTDCRCCRCK

DCRCUFCM=RNFGDCUFCM?SWGNGUHCNVCUCN
=EQRLKZ?

DCRCVVMK=RTGUFGDCMEJKFJC?UGNQTGOQLC

=EQPVDCRCVVMKFJCEQRTGVDCRCVVMFJKOM?

DCRFT=RNFGDCFT?NCICTVKLCU
DCRFTFCV=EQRTGVFGDCPPKC?UGOQLCDC
8CTDCRFTKOM

DCRIC=RTGUFGDCCIC?NQTKGIC
DCRIU=RNFGDCIU?GUVWEJGU
DCRMGV=RNFGDCMGGV?EWGTQU
DCRM=RTGUFGDCMKC?UGOGVG
DCRMWV=RTGUFGDCMVC?VKGPFGVCRGVG
DCRMWZK=RTGUFGDCMZKFJC?NGVKGPFGVCRGVG
DCROKIK=RTGUFGDCOKKFJC?NQNGXCPVC
DCROK=RTGUFGDCOIKC?UGNGXCPVC
DCROKPFC=EQPVFGDCOIKC?GUVCTNGXCPVCPFQ
DCROW=RNFGDCCOW?\CPEWFQU
8CTDCRCCOW

DCRQK=RNFGDQK?ECOKPQU
DCRQKMCFLEJCOWUECFQ6WFWWIWOMWWR

PCDCZDCRQKM!-COOKCCIWVCK!3W
NGRCUCVWECDGNNQ!2QTSWGUVEJCOWUECFQ!
6GSWGONCNWODTG!=EQRLKZ?8CUGDQKMVC

DCRQKMFJCXaDEJCOWUECT
RCTCQVTCRGTUQPCQ

CWPCPKOCN'CPCEJDCRQKMFJCFJKOKKEJW
IWEJKDWPIKKNJKOVWKKPCTVVD8COQUC
EJCOWUECTNQUDKIQVGUFGNICVQRWGUUGXGPHGQU
RQTSWGUQPNCTIQU=EQPVDCRQKMKFJC
RWPVDCRQKMFJCM?8CTDCRQKMEJWNJFJC
DCRQKZEJWNJFJC

DCRQKMKCXaKEJCOWUECTUG6CMCCDOCDCRQK

IWMWWRPCMCVOOKDJCOOPCRCK
VWZKMWCP#[GTSWGGUVCDCSWGOCPFQWP
DCTDGEJQOQOGEJCOWUSWGNECDGNNQ
=EQPVDCRQKMFCRTQITDCRQKMKO
RWPVDCRQKMM?

'&+%+024'.+/+0#4`

DCRQKMKFJC

6'2'*70'52#1.

DCRQKMKFJC=UWLRNFGDQKMKFJC?2GL

DCRQKMKFJCCOUGFGUCVCTP=RTGVDCRQKMK?

DCRQKUCXaVEJCOWUECT,KZDJCKRLWRLK

DJCKZKFJCFJKLWPDCCRCNJRDCRQKZKZ
2QTHCXQTEWEGOGDKGPGUVGGNQVGRQTSWG
UQNCOGPVGGUVWPRQEQEJCOWUECFQ
=RTGVDCRQKRTGUDCRQKU?8CUGDQKMVC

DCRQKEJWP=RTGUFGDQQRQKEJFJC?2GL
DCRQKEJWPCOEQTTGP

DCRQKMC=RNFGDQKMC?CRNCPCFQU=EQRLKZ?
DCRQKURC=EQORNRNFGDQKURC?QRTKOKTNQU
=RTGUDCRQKUCR?

DCRQQURGNQXGNNQ
JWOCPQ)KKNJKOLKZ

DCRQQIWPQQPDKIW2GGITQ2GFTQVKGPG
OWEJQXGNNQGPNQUDTC\QU
RGNQ
CPKOCN,KZZKKOCVWDCRQQFJK
ICIQQZ'UVGRGTTQVKGPGGNRGNQEJKPQ
RNWOCLG
RLCTQ$CRQQPRZOKFJCTCCIW
VCMCCTWKOKPCRCKMCDQMCV/KMLWIKQ
DCMIWDJCPVWMCC0CFCOUGUVPNCU
RNWOCUFGNCICNNKPCFQPFGGUVCDCCEQUVCFC
RCTGEGSWGNNGIWPEQ[QVGGPNCPQEJG[UGNC
EQOK
=CRQUDCRQQP?
MCUPKTDCRQQUNCPCFGDQTTGIQ

DCRQQLK=RNFGDQQLK?QUQU
DCRQQT=RNFGDQQT?UWFQTQUQU=EQRLKZ?
DCRQQTVC=UWLRNFGDQQTVC?2GLDCRQQTVC

COUWFCTP=RTGVDCRQQTEQPVDCRQQTVCTFC?

DCRQQ=RNFGDQQ?RCNKVQU
RCTCOGPGCTGN
PKZVCOCN

DCRQZMCT=RNFGDQZMCT?GUEQDCU
DCRQ=RTGUFGDQQRQ[C?2GLDCRQCO
EQTTGP

DCRRCPUGPTGFCFGTC/WKDCRRCPIW

UKNC[QQVPCIWLQKFJCOLKZLQKOKPCRCK
ZEJKZ'NEJC[QVGVKGPGOWEJCUGPTGFCFGTCU
RQTSWGFQPFGGUVUGODTCFQNCVKGTTCGUVOW[
DWGPC=EQRLKZ?

DCRRCKCXaKTGVQCT
RNCPVCGPTGFCFGTC

-KCRZDCLKDCRRCPFJKKOCKEJCMWKUWWJN
FCKLCCICPPCOKMCVWV#RGPCUGUV
GORG\CPFQCTGVQCTGUVCECNCDC\C6QFCXCPQ
VKGPGHTWVQUQPRWTCUJQLCUPCFCOU
=RTGVDCRRCPRTGUDCRRCP?

DCRRCKUGPTGFCFGTC$RPCOKLCRMC

LKOUCKEJTOWPKOCKCTIWDCRRCK*CEG



TCVKVQEWCPFQKDCRCUCPFQOGVTQRG\EQPWPC
GPTGFCFGTC[OGEC
DCRRCKCFLGPTGFCFQTVTGRCFQT,KZ

DCRRCKIWUCKIWKPCRWKVWWRLKLKK0Q
MKDCCTFWWMRZVTKEJWPFC%WCPFQNNWGXG
WPQUFCUUGIWKFQUGN\CECVGVTGRCFQTSWGUG
NNCOCKPVGUVKPQUFG\QTKNNQETGEGOWEJQ[UG
GZVKGPFG=EQRLKZ?

DCRRWFC=EQPVFGDCCDW?GUVCTUCECPFQ
DCRRWKFJC=OQXFGDCCDW?NQKTUCECPFQ
DCRRWKFJC=EQPVFGDCCDWKFJC?GUVCT
UCECPFQ

DCRTC=RNFGDCTCC?SWGVKGPGPLWIQ=EQRLKZ?
DCRUM=RNFGDCUM?TCVQPGU
DCRWKRCFXVCODKP
FGNCOKUOCOCPGTC
,CROQQZLKOFJCIW#PTKKMKIKQIW/CTMWU
DCRWKR'PTKSWGGUOW[XGNQ\[VCODKP
/CTEQU

DCTCCVCFLDCTCVQ=EQRLKT?#PVPFJCTC
DCTCCUNSWKFQEQTTGURQPFKGPVG/WOOWR

DCCULKOKUWUWCMKC.WWUKQ/KDJCLCM
LKFJQQTVTUWWNJIWODWWRWKDCTCC8GVG
CNNUKXCUCNNQTCT.WEKQ0QXC[CPCECGTVWU
NITKOCUGPGNECNFQ=CRQUDCCTICP?
DWWRWKDCTCCUNITKOCU
EJKDCTCCUUCNKXC

DCTCCCFLSWGVKGPGLWIQ
HTWVCQXGTFWTC

,QKFJCOLKZDCTCCFJKUCPFKK[CU'UVCUCPFC
VKGPGOWEJQLWIQ
SWGVKGPGECNFQ
CNIQEQEKFQ6WDCTCCCC
FJKDJCDMCIWZICM!6KGPGPECNFQNQU
HTKLQNGUQGUVPUGEQU!
OQLCFQ/WRCKDCMOCCKIWFWWMIW
2GGITQVCMCCD,KZDCTCCOKLCRDCMM
2CTGEGSWGNGCICTTNCNNWXKCC2GFTQC[GTRWGU
NNGIDKGPOQLCFQ
=RNDCRTCEQRLKZ?

DCTIKFJCXaVFKNWKTCIWCT
NSWKFQ/QQ

EJCODJCKCCPCRIDCTIKFJCIVFJKDJCD
MWLQKFJCORZCOKQFCIWDCCTICP!
&GDGTCUJCDGTNGGEJCFQOWEJCCIWCCGUVQU
HTKLQNGURCTCSWGCJQTCVWXKGTCPOWEJQECNFQ
RCTCFKUHTWVCTVQOPFQNQ
OQLCT
NNWXKC,KZKQODCPLCKEJLKDCM
IWPCIKKNJKOLKDCTIKFJKFJCVIWFWWM/G
GORCRRQTNCNNWXKCSWGOGGUVCDCOQLCPFQ
=RTGVDCTIKRTGUDCTIK?

DCTIK=RTGUFGDCPPKFJC?NQOQLC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

DCMEJKFJC

DCUFCMCFLSWGNGHCNVCUCN#NJKEJDJCKZK

DCVQQRURG\RGUECFQ,KZEJWWVWMUWUFCK

DCUMUTCVP,KLWIKIWDCUMIWMKKUPC

DCZDJCXaVUCECTGZVTCGT
NSWKFQFGCDCLQJCEKC

DJKIWQP+CORZLKZDCUFCMFJKDJKK
&COGVCPVKVCUCNRWGUNGHCNVCCGUVCEQOKFC
=RNDCRCUFCMEQRLKZ?

DJCOODKCMCVCUCCMEJCO'NTCVPUG
CECDGNSWGUQSWGVGPCGPNCVCNGICFGKZVNG
=RNDCRUM?

DCUMDJCDKKUHTKLQNFGTCVP
GLQVGUKNXGUVTG
)CORZLCMLKZLCKDCUMDJCDKK&CKIW
[QQZICPLWOMWCLKFJQQNJZKOIKQMKKUOK
DWKZKO'PGNECORQUGFCPHTKLQNGUFGTCVP
RGTQUQNCOGPVGUGEQOGPNCUHNQTGUJGTXKFCUGP
CIWCCITGIPFQNGUSWGUQ

DCUM[QQZKUHNQTFGNHTKLQNFGTCVP
GLQVG

UKNXGUVTG,KZDRVW[QQVIWDCUM[QQZK
.CUHNQTGUFGNHTKLQNFGTCVPUQPTQLCU

DCUOCCMPCFXCQCPVGRCUCFQ$CUOCCMP

LCROQQZKQOLRFJCMPCVIIUMIWMD
%JCORCKFJWWMRWKLRFJCTFCVFCKLCPQ
'NCQCPVGRCUCFQJK\QOWEJQHTQRQTSWGEC[
OWEJCPKGXG0WPECJCDCJGEJQVCPVQHTQEQOQ
JK\QGPVQPEGU

DCUOWLWOCKOCCMPCFXJCEGVTGUCQU

NKVGNCQCPVGUFGNCQCPVGRCUCFQ$CUOW
LWOCKOCCMPLWORCVCCUCIW6KDJWTUKQPC
OKTLKZMCKMCV,WMVT*CEGVTGUCQU6KDWTEKQ
FGLFGUGTIQDGTPCFQTGP5CPVC/CTC1EQVP

DCUOWVCMCCDCFXJCEGVTGUFCU
NKVGNFC

CPVGUFGCPVGC[GT$CUOWVCMCCDLCEJKEJ[CCK
-QTKCPFT0QUQVTQUNNGICOQUFG&WTCPIQJCEG
VTGUFCU

DCUVCMCCDCFXCPVGC[GT$CUVCMCCDLCEJUCR

DJCKDCLKOKCIVIWLKPCVIWOCEJQZK
OCCPIWDJWTWZ6CMCCDLKZFJCCOFWWM
LCEJKEJDCMCVLKEJWMIMPCEJKEJDCRM
DJCKMCLKLKK+DCOQUCXGPKTCPVGC[GTPCFC
OUSWGUGPQURGTFKWPDWTTQ*CUVCC[GTNQ
GPEQPVTCOQUCNOGFKQFC[UCNKOQUECUKCN
CPQEJGEGT

DCVDKCXaKDCCTUG,KZLWWMLWOCCIW

UWWFCKPCMPDCVDKCFCPQZLRK
%WCPFQJCEGHTQUGPGEGUKVCCIWCECNKGPVKVC
RCTCDCCTUG=RTGV[RTGUDCVDKC?

DCVDKEJFJCXaVDCCT
EQORNCPKO%JCO

LZMCVDCVDKEJWPLCRKODCMFJKCJNKKPCDC
IKKNJKOLKZZCQQ5GIWTCOGPVGWUVGFGUPWPEC
DCCPCNPKQRQTGUQVKGPGOWEJCUNKGPFTGU
=RTGVDCVDKEJRTGUDCVDKEJWP?

EJTLKZLQKCOIWIITDQRVQR#NQURGEGU
OUITCPFGUNGUIWUVCCPFCTGPNQUNWICTGUOU
JQPFQU=RNDQRVQR?
CTTKDC6CCULCRZKDJKPCRMPDCZDJCIW
UWWFCKOWDKDKCVCOPCIWVWWMCDUWWP
.NXCVGWPCVC\CRCTCUCECTGNCIWCFGNOCPCPVKCN
RQTSWGGUVOW[JQPFQ=RTGVDCZ
RTGUDCZZKOQDCZKKO?

DCZKLKOKCXaKKPVGTTWORKT
EQVQTTGCPFQ'C
EJCMWKRKOKQMFCCCCNJ#CRKOIWOK
FJTLWRDCZKLKOKCPQEJKEJDCLKEJWCIC
0QJCDNGPPKQUWUVGFGUPCFCOUPQU
KPVGTTWORGPEWCPFQGORG\COQUCJCDNCT
CNDQTQVCT
CPKOCNFCPFQXQEGU6WDCFWW
IWMCTDCZPCVDCOLRCKDCZKLKKPCMWW!
3WNGRCUCTCCNCEJKXC!'UVWXQCNDQTQVCFC[
DCNCPFQHWGTVCOGPVG
=RTGVDCZKLKK?

DCEQPL+PFKECSWGWPCUKVWCEKPGUEQPUGEWGPEKC

FGQVTC,CTQQDCRZLKZQKFJK4CCDNKCPC
DCOQQLCRPKLZMWZQKIWVCCVCPPKIW
FP!5CDGCSWKPUGRCTGEG$TCWNKC!2QTSWG
PQUGRCTGEGPKCUWRCRPKCUWOCO
=)TCO?

DCCCMUECUC/CCPOKKMMIWDCCCMLWR
VWO%JCOLCTQKOKMKQ#NNGUVWPCECUC
XCECPCFKGXKXGCNN
.CUECUCUVTCFKEKQPCNGU
UGEQPUVTW[GPFGOCFGTCUQDTGRKNQVGUFGQEQVGEQP
RKUQCNVQFGVCDNQPGURCTCFQTOKTGPEGTTCFCEQP
VCDNCUNCDTCFCUEQPJCEJCEQPVGEJQFG\CECVGQ
VCDNGVCU[EQPWPVTQPEQEQPOWGUECUEQOQ
GUECNGTC'PGNUWGNQFGDCLQFGNRKUQUGIWCTFCPNQU
DKGPGUITCPFGUEQOQUKNNCUFGOQPVCT
=RNDCDJCMCRQUDCMKDCRMK?
LCDCMDJCLCMDCMEJTRUGNG
FKEJQ
FGUFGCFGPVTQFGNCECUC
DJKDCMUECUC
FGCFQDGNCFTKNNQQ
RKGFTC

DCKK=RTGUFGDCKIKC?UCECCIWC
DCMEJCXaKJCEGTWPCECUC-CDWKOWMLCVW
DCMEJCPCOKEJWCCIWLWWPPCEJVW
QTCC/CCPCXQ[CJCEGTWPCECUCFQPFG
RWGFCIWCTFCTGNOC\SWGEQUGEJQ
=EQORNRNDCRMKEJCRTGVDCMKQDCMEJC
DCRMKQDCRMKEJCRTGUDCMKEJDCRMKEJ
EQPVDCMKEJFJCDCRMKEJFJC?

DCMEJKFJCXaVJCEGTWPCECUC
RCTCQVTC

RGTUQPC/CCPLCRUCRDCMEJWFC,QUGGIWO

'&+%+024'.+/+0#4`

DCPPKC

6'2'*70'52#1.

ZKKZPCOKVWCCIWLWWPPCRCKFJWWMVW
QTCC,QUVWJGTOCPQSWKGTGSWGNGJCICUWPC
ECUCFQPFGRWGFCIWCTFCTUWOC\EWCPFQNQ
EQUGEJC=EQORNRNDCRMKEJFJC
RTGVDCMEJKDCRMKEJEQPVDCRMKEJKFJC?
8CTDCMEJWFC

DCPPKCXaKOQLCTUG$CRUCKFJKMWCCICOC
LCMDCMDVCPCEJCODCPPKC/GVCNCNGC
FGDCLQFGGUCECUCRCTCSWGPQUGOQLG
=RTGVDCPRTQRDCPPKOTC
EQRTGVDCRFTFCVQDCRFTKOM?
DCCCFLOQLCFQ

DCPPKFJCXaVOQLCT
EQORNKPCP

$CPPKFJCKOCRCCVKFJKLQ.WKUPCRDC
LCRRCNJROKEJQKDKIWUWWFCK!)LK
PCROKEJQKFJCPCDCOCCPLKOFCOLKZ
DJCKDCPPKC+PVGPVCUOQLCTGUVGEWGTQ
.WKU!0QGUUWHKEKGPVGGEJCTNGRQECCIWCFGDGU
GEJCTNGOWEJCRCTCSWGUGOQLGTRKFCOGPVG
=RTGVDCPPKRTGUDCTIKQDCPPK
EQPVDCPPKFJC?

DCPPKZFJCXaDOQLCT
RCTCQVTCRGTUQPC

EQORNKPCP,KDCPPKZFJCCRFJKLQMWEJ
VWMWM[WPFCVC/LCOGGUVGEWGTQRCTCSWG
RWGFCJCEGTNCUEQ[WPFCUEQPN=RTGVDCPPKZ
RTGUDCPPKZK?

DCRWKCXaKDTQVCT
NSWKFQ$CCRCKUCPQQR

FTDCRWPIWUWWFCKDJCOOFTICK#NNGP
NCNCFGTCGNCIWCDTQVCFGNRKGFGNRGCUEQ
=RTGVDCRWRTGUDCRWP?

DKRTGHaX+PFKECKORGTCVKXQEQPEQTVGUC$KEJW

DCC2GGITQIWZPCEJCODJCCVC[C2QT
HCXQTTKGICNCURNCPVCU2GFTQRCTCSWGPQUG
OCTEJKVGP=)TCO?

DKCROCUOWEJCEJQLQXGP
FGOUFGCQU

FGGFCF#CDCLMPCMCTDKCROCMCV
IKKNJKOLKPCLKZLKOFJCIKEJMWZDCIWRWK
CCPCZKD%WCPFQ[QGTCLQXGPECOKPCDCDKGP
TGEKQPQEQOQCJQTC=RNDKKRKDQR?

DKCXaGVGPGT#NJKEJLCEJVCCPOTCIW

MWWNUKIWODCVPCIWEJKOQQRWKIDKC
IWKPCVVDJKTCM8Q[CKTCEQORTCTOKGNEQP
OKCDWGNQRQTSWGFGDGVGPGTOWEJCVQFCXC[C
SWGNCHWGCUCECT

DKCTC=RTQRFGDKCC?KTCCRCEGPVCT
DKCUMQUDQC)WDKCUMQRWEJWOVWFCCM
PCLCZIWDJGUGGTLKZZCRCCTCM.CDQCVKGPG
NCPCTK\FGNCOKUOCHQTOCSWGGNDGEGTTQ



EWCFTCFC=RNDKKRKCUMQQMQQDKRKCU
MQQMQ?

DKDUVCDCEQ)COOLRZFPFCCOIWDKD

IWOCOMCIO.QUEWTCPFGTQUUKGORTGHWOCP
VCDCEQ=RQUDKDCCCRQUDKDCCP?

DKDKCVCOUOCPCPVKCN6VOTPQVEJCOOW

DCCKDKDKCVCOIWVQQZMQNJ/KDCLK
KMQQTIKFJCIWPQVLCZFJWWMOWCK8GCN
OCPCPVKCNCXGTUKGNOCTTCPQJCNNGICFQCNN
RQTSWGUKNNGICGPUWEKCGNCIWC=RNDKKRKCVCO?

DKFJKK=RTGVFGDKC?NQJKN8CTDKC
DKFJKK=RTGUFGDKC?NQJKNC
DKKCFLHKPQFGNICFKVQ
VTQ\QU,QKFJCOLKZ

DKKLCKEJIWDCLCCMOWPKMCPFTFJKDZ
UCMCCNJKM,QKFJCOLKTCOPCVWLWORCFCKVW
DQZMCTVC'PCSWGNNCEQTFKNNGTCNCECCFG
\CECVGETGEGOW[FGNICFKVC'UVDWGPCRCTC
LWPVCTNC[JCEGTGUEQDCU
HKPQ
VGZVWTC,CZLCRKEJLCMVWVCUMKFJK
CUCCMPCDCOQQLCRLKZDKK!&GSWHQTOC
JKEKUVGGUVCTGFSWGGUVVCPHKPC!
GPRGFCEKVQU
OW[EJKSWKVQU2CCFWWMLKKIW
,QUGGPCKEJVKEJKCPCZDKKVWWOUCFJK
LQQFCK!#SWJQTCUGHWG,QU!2WGUNQOCPF
CSWGSWGDTCTCGUVCURKGFTCUGPRGFCEKVQU
ECODKQ
OQPGFC'CRZKLCMNJKFJK
VWWOKPQOVOQQDZLCMLWOKCDWIWZ
DKK%WGPVCGUVGFKPGTQRCTCXGTUKGPXGTFCFVG
FGXQNXKGTQPVQFQGNECODKQ
=EQRLKZ?
FWWMLKZDKKCNJGUVNNQXK\PCPFQ

DKK=RTGVFGDK[C?UGSWGF

DKKEJWCUGPEKPQ
FGJQLCUCPIQUVCU,QKFJCO
LKTZKDQQTCMFJKDKKEJWCPCOWPKMM
MQQMDCP'UGGPEKPQSWGGUVGPGNDQTFGFGN
RGCUEQVKGPGOWEJCUTCOCU=RNDKKEJWVWCQ
DKKVWVWC?

DKKNJFJCXaVOQNGT
HKPQ,KZDKKROQQ

DKKNJFJCFJKVWKEJCOVWZEJCCVCM/WGNG
OW[DKGPGUCOCUCPQNCFGLGUSWGDTCLCFC
XaKTWOKCT-KCRZLCOVDCLKEJWDKKNJFJK
MCMCTDCZ-CRWRLKZMQMDCPCODCM#RGPCU
GORG\CTQPCTWOKCTNQUEJKXQU&GDGPGUVCT
NNGPQU
=RTGVDKKNJRTGUDKKNJK?

DKKOCFLGPRGFCEKVQU
PQOW[EJKSWKVQU,KZ

DKKOLCRZKMRKFJKDCMCCZPCDCEJCOZKLCK
MCPCEJLKFJQQTCLCZK%QTVCNCECTPGGP
RGFCEKVQURCTCSWGUGCHEKNEQEKPCTNCOUVCTFG

'&+%+024'.+/+0#4`



6'2'*70'52#1.

FGRCTVGURGSWGCU5KCOTKCNJOQQZMCDCCM
FJKMWCCPC[CVKVCRCCUTDCPPCDCOK
FJTLKZDKKODCVCCVUC'UVFWTCGUVCNGC
RWGUGUFKHEKNRCTVKTNCCNCOKVCFRCTCUGIWKT
RCTVKPFQNCGPVTQEKVQUOURGSWGQU
=EQRLKZ?

DKKOUCXaVSWGDTCT
GPRGFCEKVQU6CCMLCR

LCKCKZKDKKOUCFJKMKKU'NGGPCPCEJDPFC
FJKKOCK4GDCPCWPRGFC\QFGSWGUQ'NGPC[
JC\NQRGFCEKVQURCTCEQEGTNQEQPNCECNCDC\C
=RTGVDKKOUCRTGUDKKOWUEQPVDKKOWUFC?
8CTDKKOPC
DKKOWPICPOKICLCU
FGCNIWPCEQOKFC

DKKCMCFLSWGVKGPGEQPHKCP\C
EQORNCPKO
#C&KQUDWKQTRZLKZDKKCMPCLCTQKEJ
VCKDWKIWKKOFC;QPCFCOUEQPHQGP
&KQUSWKPOGRTGUVCNCXKFC
=EQORNRNDKRKKCMEQRLKZ?
DJCKPCRCKZDKKCMCNNFQPFGXKXQ

NKVFQPFGVGPIQOKEQPHKCP\C

DKKMCFCXaVDGPFGEKTTG\CT
RCTCQVTC

RGTUQPC0CLCZOCCZKNJKCIWCNJKKEJWMLC
OQQDKKMCFC'PEWCPVQPC\ECOKJKLQXQ[C
TG\CTRCTCSWGVGPICDWGPCUCNWF
#XGEGUWPC
RGTUQPCFGXQVCUGSWGFCUQNCGPWPCEJQ\CRQT
EKPEQFCU[EQOGUQNCOGPVGVQTVKNNCURQTNCVCTFG
RCTCSWGRWGFCTG\CTJCEKCGNQTKGPVG
XaTETGGTEQPHKCT
GPQVTCRGTUQPC,WOCC
PCRDZLWOLWTMPLWODKKMCFCDWKQT
IWEJ:QKMCOPCDCOWCFJCIWO
WCVWNJFJCTCLWRMCKEJIWRCCNJ'U
PGEGUCTKQSWGEQPHKGUGP,GUWETKUVQEQPVQFQVW
EQTC\PRCTCSWGVGRGTFQPGVWURGECFQUFKLQGN
RCFTG
=RTGVDKKMCKRTQRDKKMCPOTC?

DKKRKCVCO=RNFGDKDKCVCO?OCPCPVKCNGU
DKKRKCUMQQMQ=RNFGDKCUMQ?DQCU
8CTDKRKCUMQQMQ

DKKRKDQR=RNFGDKCROC?OWEJCEJQU
DKKRKUUCXKURC
EQOP$JCLCRLKZDKKWWWZ
EJCOVWRCRPCNJKZEJCTCOIWDKRRKU.CU
CXKURCUJCEGPCXKURGTQUGPNCUTCOCUFGNQU
CTDWUVQURGSWGQU=RNDKRRKU?

DKKUCNJUDKUCDWGNC;CPKDCMDCRWKMKQMCV

IWDKKUCNJMCV[CRWKZVWOCCV2CTGEGSWG
GUEKGTVQSWGCSWXKXCOKDKUCDWGNCRWGUUGXGP
NCUUGCU=RNDKRUCNJCRQUDKKUCNJK
DKRUCNJK?

DKKOUNGEJG,WWOIWICIQQZIWDKKOPCVOK
LCRMCZKFJCCUCMFTCRZKEJWUWWUUCMIW
WDKK%JKIWEJCOVEJWPCVMQDZK
UCKFJCKIV'NRGTTQUGVQONCNGEJGSWGNC
OWLGTFGLGPGNUWGNQFGURWUFGQTFGCT
RCTGEGSWGUGNGQNXKFEQNICTNCCTTKDC
=CRQUDKKDJCP?
DCCMDKKOUNGEJGFGXCEC
MCTDCZDKKOUNGEJGFGECDTC

DKPCVGGTU+PFKECGNNWICTFQPFGUGHCDTKECGN

OG\ECN$CLMRCKFJWWM[CZOCCZPCT
DKPCVGGTMCV5GXGSWGJCEGVKGORQJCDCWPC
HDTKECFGOG\ECNCSW

DK=RTGUFGDKRKC?NQOCUVKEC
DKDWKUNGEJWIWKNNC
VKRQFGCICXG#CLCKR

MCWCTCIWDKDWKPCEJMPDCVDKC$CLWW
IWIWKPCKEJ[CCKEJFJCM8Q[CVTCGTOU
NGEJWIWKNNCRCTCDCCTPQURWGU[CUGCECDNC
SWGVTCLG

DKFJC=EQPVFGDKRKC?GUVCTOCUVKECPFQ
DKMCTUDCIC\Q
FGECCOCUVKECFC$CCULCR

KCDWKFJCIWODKMCTEJCOVWOKLCR
COWWD6KTCVWDCIC\QNGLQUPQRQTCSWEGTEC
=CRQUDKMCTWP?

DKQOCXaVRTGRCTCT
CPKOCNOWGTVQRCTCEQEGTNQ
,KRCNJDWKFJCCRPCEJVWDKQOCOCCPIW
VWWTPCVKCOWPKCMMP2QTHCXQTC[FCOGC
RTGRCTCTWPVQTQSWGUGEC[GPGNTQ
=RTGVDKQRTGUDKQOEQPVDKQOEJWPFC?

DKQPCXaTFGUICUVCTUG
TQRC,WODKQPCOQQ

FJKOUCDWKTCZPCRKEJDCLKOFCKTTZDCO
IDKCDCIWCCP5KVGCTTCUVTCURQTGN
UWGNQVWURCPVCNQPGUUGXCPCFGUICUVCT[OCO
VGXCCRGICT=RTGVDKQPCEQPVDKQPCKFJC?

DKQPCCFLICUVCFQ
TQRC2CCRDCOQQR

ZKOFCKTTZFJKOMPCDCIKKNJKOLKZDKQPC
FJKOUCDWKTCZLWOQKFJCVFT!&PFGVG
GUVWXKUVGCTTCUVTCPFQRQTGNUWGNQ!2QTSWGVWU
RCPVCNQPGUGUVPOW[ICUVCFQUFGNCRCTVGFG
CVTU=EQRLKZ?

DKQVCXaKXQOKVCT6WDCMWDCRWKDKQVFC
FJKOCNJKKEJWMVWMCC!2QTSWXQOKVCVW
JKLQGPNCPQEJG!=RTGVDKQRTGUDKQV?

DKQ=RTGUFGDK[C?UGSWGFC8CTDKRKQ
DKRKC=RTGUFGDKCC?CRCEGPVC
DKRKCFC=EQPVFGDKCC?GUVCTCRCEGPVCPFQ
DKRKCUMQQMQ=RNFGDKCUMQ?DQCU
8CTDKKRKCUMQQMQ

DKRKCUMQQMQ

'&+%+024'.+/+0#4`

DKRKKCM

6'2'*70'52#1.

DKRKKCM=EQORNRNFGDKKCM?SWGVKGPG
EQPHKCP\C
GPGNNQU

DKRKKZUEJWRCTTQUCQTGLKDNCPEC2CKPQ

LQKFJCOLKZ[QQVIWOCKLWNJMCOKZ
LQKFJCCOIWDKRRKZPCOVWZKQRCPFC#
NCUEJWRCTTQUCUQTGLKDNCPECUNGUIWUVCCPFCT
EJWRCPFQNCUHNQTGUFGNQUOCIWG[GU
=RNDKRRKZ?



JCTNQOKUOQCGUCRGTUQPC#WPSWGUGCCNIQ
OW[HGQNQSWGNGJCICPGNNCUGNQJCTFGNC
OKUOCOCPGTC
RGPUCTFGEKTKPVGPVCTEQPXGPEGT
CQVTC
RGTUQPC%JCOMCVEJQKPCMC
DKEJWNJFJCVPCRWEJFCIWLKKMWNJPQ
EJCOKCOLKCDKCTWVUKCLMIQQMUQPDKCKZKO
IWUQURQMQNJ0QOGCEQTFFGNQSWGJCDC
RGPUCFQFGEKTNGCOKVQRCTCSWGOGHKCTCNQU
VQOCVKNNQUUWHKEKGPVGURCTCJCEGTFQUOQNECLGVGU
NNGPQUFGUCNUC
=RTGVDKEJWNJRTGUDKEJWNJK?

DKFJCXaDIWCTFCT
EQOKFCRCTCQVTCRGTUQPC


DKRKQ=RTGUFGDK[C?UGSWGFC8CTDKQ
DKRKQFC=EQPVFGDK[C?GUVCTUQDTCPFQ
8CTDKKKFJCDKEJWPFC

DKRKFJC=EQPVFGDKFJC?GUVCTIWCTFCPFQ
EQOKFC

DKRKCMFC=EQPVFGDKC?GUVCTNNGXCPFQ
8CTDKRKMFCDKRKTFC

DKRKCXaVOCUVKECT
RCTCUCECTNGGNLWIQ,KZ

DJCKRLWRDKFJCFJKLWPDQ#CRIW
RCTDQPZKDKFJCVOKLCRZKKCDWV/CUVKEC
DKGPGUVCECCRWGUJCUGUVCFQOCUVKEPFQNCUC
OGFKCU[VKTPFQNCU=RTGVDKRRTGUDK
EQPVDKFJC?

DKRKZCFLOCUVKECFQ2CTDQPDKRKZMCORZ
OKLCRDVIWLWPDQ*C[ECCUOCN
OCUVKECFCUVKTCFCURQTCJ=EQRLKZ?

DKRRKU=RNFGDKKRKU?CXKURCU
DKRUCNJ=RNFGDKKUCNJ?DKUCDWGNCU
=CRQUDKRUCNJK?

DKUWNJUJWKEJQN
KPFIGPC#PCZKDCRUCVW

DQPOCTCPFJKDKUWNJPCMPVWWCOZK'UG
JWKEJQNVTCGRNWOCUGPGNUQODTGTQEQPNCUSWG
JCEGEWTCEKQPGU=RNDKRUWNJ?

DKCCXaVEWKFCTCRCEGPVCT
CPKOCN%JCORM
MCUCKK[CPCIWICOOL[CLCRVWO
DKRKCFC0QJC[OWEJQ\CECVGCSWRQTSWG
UKGORTGCRCEKGPVCPRQTCE=RTGVDKCC
RTGUDKRKCRTQRDKCTCEQPVDKRKCFC?

DKEJWNJFJCXaVJCEGTNQOKUOQ
CQVTC

RGTUQPC,WRMCKEJFJKCCPPC
DKEJWNJFJCIWLCTQKLCZPQVFQQFC2WKUCR
LKZDWCOVWOLWROCMKCIWVWPQOVLKZ
DWCOVWOOCCIWVWOWFTDJCLCM/K
OCOFKEGSWGUKCNIWKGPNGJCEGCNIQGNNCNG

QCPKOCN$KFJKZCCIWZKKICPIWDKKOPC
DCVQKFJCPCLCZDCCOIK!'UVIWCTFCFC
NCNGEJGRCTCGNECEJQTTQRCTCSWGUGNCRWGFC
FCTCNNGXCPVCTOG!
XaTIWCTFCT
EQOKFCRCTCUOKUOQ#CR
ICOCKDCLCUCCPVWPFCEJKQFJK
DJWOTWZ#CDJCKMCDKOTCFJKOCK
EJKQD5KIWGECOKPCPFQEQPNQUDWTTQUJKLQ
OKGPVTCU[QXQ[CIWCTFCTGUVGOCIWG[GPNC
EWGXCFGCNNCTTKDC
=RTGVDKRTGUDKKKRTQRDKOTC
EQPVDKRKFJC?
EJCOLWODKFJCOMCCMGUVCPUCDTQUQ
SWGWPQPQSWKGTGFGLCTPCFC

DKCXaVJKNCT
NCPCQCNIQFP6WMCLCCP

COIWLCVMCOIWDCRQQPCODCDKCKDC
KMZKEJC.CIGPVGGURQPLCNCNCPCRCTCSWG
JKNPFQNCRWGFCPVGLGTCNIQ=RTGVDKCQ
DKFJKKRTGUDKFJKK?

DKCXaVNNGXCT
RQTGNTQETGEKFQ/CCPPC

LCZLKDKCIWUWWFCKPQICPOWLCM
LWTWWMPQIOTOWRCKCMMP(EKNOGPVG
OGNNGXCGNCIWCUKVTCVQFGETW\CTWPTQEWCPFQ
GUVETGEKFQ=RTGVDKKKEQPVDKRKCMFCQ
DKRKMFCQDKRKTFCEQRTGVDKCVIV?

DK[CXaKUQDTCT/QQLCRZKIVW

LKFJQTFCRKOCCIWDJCDPCDCICOOL
DKRKQFC!2QTSWUKGORTGRTGRCTCPWUVGFGU
FGOCUKCFQUHTKLQNGU!5KGORTGUQDTCP
SWGFCTUG
GPWPNWICT#CR[CMCDK[CMW
IKPCEJCOZKFNJLWOPKFJCFJKOCDWKN
6VGSWGFCUCSWRCTCSWGVCDWGNKVCPQGUV
VCPUQNC
SWGFCTWDKECT
NWICT2CCLCMDKRKQIWK
PCO$CCNJVVIWQKFJC!&PFGSWGFCGN
EGTTQCNSWGNGNNCOCP2GVCEC!

'&+%+024'.+/+0#4`



6'2'*70'52#1.

=RTGVDKKRTGUDKQQDKRKQEQPVDKKKFJCQ
DKRKQFCQDKEJWPFCTGUDKKKZRWPVDKM?
ICORCKLKDKKUGSWGFUKPPCFC

DIKK=RTGUFGDFJC?CNWODTC
DIKQOCFLTQUC2CCRKEJUCDCNJIWOKRWWT
IWZDIKQO!&PFGEQORTCUVGVWHCNFCTQUC!
=RNDRIKQOEQRLKZ?

DDJKRQURFGVTUFG$CCUFTFJKQKFJC

DDJKLCRPQNJFJKDQKPCRDCOQQZOCCV
MCPCREJCOOCKIZKC/UCNNFGVTUFG
GUVGEGTTQGUVGECOKPQFCXWGNVCRCTCSWGUGRCU
[PQVGRKGTFCU

DOCFXLWPVQEQP
CEQORCCPFQCQVTCRGTUQPC

QRGTUQPCU5CRLKTLKOFCOIW,QTMKDJCOO
FTLCMPQTVKUCRLCDOLKOKCIQQMIWVW
PCPDCV&KEGPSWG,QTIGUGKTCNPQTVG[SWGUG
KTLWPVQEQPQVTQUFQUOGUVK\QU=5GRTGUGPVCEQP
WPCHKLQRQUGUKXQ?
LKDOEQPOKIQ
DOCPEQPNEQPGNNC

DPCNJ=RTGVFGDPFC?NQCITGI
DPCNJFJC=UKPPFGDPFC?CITGICTOG\ENCT
DPCV=RTGVFGDPVC?UGWPK
DPCUEQORCGTQEQORCGTC&NJLCM

DCIKIWDJGUGTMWWLKFJCV%JKIWOCKIKIW
DPICPIWKPCOOCCRMCLKKOV4GITGUWP
DGEGTTQFCPFQDGTTKFQUUGIWTCOGPVGUGRGTFK
UWEQORCGTQEQPGNSWGCPFCDC
EP[WIG)KCCRLKZKMWIWODPCRC
LCMLCZVWKK!0CRDCFNJ[CLCRQKT1[G
JGTOCPKVQ&PFGGUVVWGURQUC!2QTSW
CPFCUCSWUQNQ!
5GUWGNGWUCTDPCEP[WIG
GPXG\FGLQQKGURQUCQMWPGURQUQ
=RNDRPCCRQUDPICPDRPCICP?
LKTLWODRPCIOCOUQPGURQUQU

DPC=TGUFGDPVC?WPKFQ

DPCP=KORGTFGDPVC?PGNQ
DRICPFTRTGRFGVTUFGFGCSWGNNCFQFG
PQ
UGXG$JCOOPKMCPDRICPFTFJKQKFJC
VCOLCEJKEJQKRKOMVCMCCDPCEJKEJVW
WCRWMIWPCD#[GTCPFWXKOQUFGCSWGNNCFQ
FGGUGEGTTQEWCPFQHWKOQUCVTCGTPQRCNGU

DRCFXRTKOGTQ
GPNCHKNCCFGNCPVG

FKUVCPEKCEQTVC,CTQQFCFJKPCDRLKO!
%JCOFJKCCIW,QUGGIKQIW,WNKCPPCO
ICVWWMFTLKKO!3WKPGUGUCRGTUQPCSWGXC
CFGNCPVG!0QUQP,QU[,WNKCPSWKGPGUGUVP
CVTUFGN!

DZ

RTKOGTQ
VKGORQCPVGU$RDCLKKIW
FJKZKKMVCMCCDCCDCICVWWM/KVCUWHWG
RTKOGTQC[GT[[QFGURWU
RTKOGTQ
VKGORQJCEGTCVKVQ/WPKFJT
DJCKMCLKOFCVDRIW,QUGGPQMWVLK[C
DCCKLK;QXKSWGFGCNNXGPC,QUJCEGTCVKVQ
2QTSWVQFCXCPQNNGIC!

DRFTCFXRTKOGTQ
CPVGUFGQVTQGXGPVQ

#CDRFTOWZKQKNJKOM$CLKK[QPCVDC
OQQOWLCMLWRLKFJWWIWEJCCV;Q
CPFWXGGP'N$CLQRTKOGTQ[GPUGIWKFCHWGOK
RCR

DRMCOUGNRTKOGTQNCRTKOGTC
GP

PCEGTGNOC[QT,CZEJWOLKTDRMCOVK
FJKCCCNJPCODCOCCPPCOLZLWOPK!
3WKPGUGNOC[QTFGGUVQUPKQU!2QTSWG
RCTGEGPKIWCNGU
CFLGNRTKOGTt%JGGPFQLCZKCCRM
UCCMVIWDRMCOOCTCCPIW#TPWNRQ!
tLWRMCKEJIW/KNKVQQPt&JQIKPCLWO
CCIKDR&JQUCR/GTGLKNFQtLWRMCKEJ
IW%JGGPFQt4QUGPFQEOQUGNNCOCGN
RTKOGTJKLQFG#TPWNHQ!tRTGIWPV/GNKVP
t;CVGFKLGSWGUGNNCOC/GTGIKNFQtEQPVGUV
4QUGPFQ
#PVPICVWWMMCO

DRMCVCFXRTKOGTQCPVGUSWGPCFC

$JCOORZKEJUFKCDRMCV$GGVQPCRDC
PQDEJKCFJKCJNKK5DGVGRTKOGTQ$GVQRCTC
SWGRWGFCUCICTTCTFGNCOCPQCNCPKC

DVCFLRGUCFQ:KLKOFCFJKDJWTWZPQZ

DVVWDJKKQTPCIWLQVOQFCZCKOVWPFC
%COKPCTRKFQGUVGDWTTQUKVTCGECTICRGUCFC
RQTSWGSWKGTGNNGICTRTQPVQ=RNDRVEQRLKZ?
#PVPLCDQQM

DV=UWLRNFGMCCV?GUVCTCEQUVCFQU

=EQRTGVDVV?

DZCFLVQFQVQFQU$ZLCRKOOQQVW

DW[CFJKDJCDPCEJCOVWMWDOKOCK
IZKC4GEQLCPVQFQGNHTKLQNRCTCSWGPQUGGEJG
CRGTFGT
CFXVCODKP0KKFJQPCIWCCDZ
LKOFCVPCTRKCUVCMCV5NQXKRQTSWG[Q
VCODKPHWKCGUCHKGUVC
CFXRQT
NQNCTIQ/KOKCPLKZCCPVWFJK
/CTCPCEJLKEJLRRKFJKFJCDJLDZDQK
PCEJVKLKKO2QTVQFQGNECOKPQSWGXGPCOQU
/CTCSWGTCSWGECFCTCVQFGUECPUCTCOQU
DZEJCPQQNJVQFQGNFC
DZEJWMCCVQFCNCPQEJG

'&+%+024'.+/+0#4`

DZCKZKOVWO

6'2'*70'52#1.

DZCKZKOVWOCFXFGVQFCENCUGFGOWEJQU

VKRQU$ZCKZKOVWOLKZLCKEJIWDJCDLCK
OQQZEJQQVQLCKDCOQQZEJWVWWMIKQDC
IWKPCDZCKZKOVWOMPLKZCLQK*C[
OWEJQUVKRQUFGHTKLQNWPQUSWGUQPDNCPEQU
QVTQUSWGUQPPGITQU[QVTQUSWGUQPRKPVQU

DZCPUCRCFXEWGUVCCDCLQGPNCDCLCFC

,CTQKDJCOOPKFJTDJCKDCLWTPKODZ
CPUCRMCDCKEJCO/QQEJKIW.WKU#NIWKGP
XKGPGDCLCPFQ
NKVXKGPGJCEKCCEGPNCDCLCFCC
ECDCNNQETGQSWGGU.WKU

DZEJCKCFXEWGUVCCTTKDCGPNCUWDKFC

)KKNJKOLCKEJOCIQQOLFTDZEJCK
UCCNJLKLRRKFJKFJCVLCKEJ[COOVU/G
ECPUOWEJQGPUWDKTJCUVCCSW
NKVRQTVQFCNC
UWDKFCOGXKPGFGURCEKVQFGUECPUCPFQECFC
TCVQ

DZICKCFXGPNCNCFGTC$JCOOFTLCRDC
LKOIWVWWTDZICK#NNXCGNVQTQRQTNC
NCFGTC

DZZKMQQNJCFXCNTGFGFQTRQTVQFQUNCFQU

$JCKIQTDKMWCODQRCCRKOFCKOLFT
LCRDCLKDQQRDZZKMQQNJIWDCCCM8C[CP
RQTNCNGCRWGUWUVGFGUPCFCOUGUVP
EQTTKGPFQCNTGFGFQTFGNCECUC

DLM=XCTFGDCLM?JCEGOWEJQVKGORQ
DLMFT=XCTFGDCLMFT?FGUFGJCEGOWEJQ
VKGORQ

DPFCXaVCITGICTOG\ENCT
EQORNKPCP

#NJKEJRWRLCRZKDPFCIWQPFJKDJCD
LKFJQQT%JCORMQPMCM*C[SWGCITGICTWP
RQSWKVQOUFGUCNCNQUHTKLQNGURWGUPQVKGPGP
OWEJQUCDQT=RTGVDPCNJRTGUDRPCP
EQPVDPFCKFJC?5KPPDPCNJFJC
8CUGDPVC

DPMCOCFXLWPVQEQP,CWCOTIWMCMDCK

MWEJDCEJWNJCPCEJUCCMRCKLKOKC0QO
OQQEJCODJCKOFCPIDPMCOLCRDJCLC
UCCFCIWKPCOLCQKMWEJ[CLCUQQOFCK
LCIKKIKC8GCVTCGTNQUECDCNNQUSWGXCOQUC
GPUKNNCTRCTCUCNKT5KPQUGFGLCPCICTTCT
CTTCNQURCTCCELWPVQEQPNQUFGOU[NQU
CVTCRCOQU[NC\COQUEWCPFQNNGIWGPCSW

DPVCXaKWPKTUGLWPVCTUG
UWLCPKO,CDPCV
DCMOCCPIWEJMCTDCZKIWLCKMCMCTDCZ
2CTGEGSWGUGLWPVWPCFGPWGUVTCUEJKXCUEQP
NCUQVTCU=RTGVDPCVKORGTDPCP
EQPVDPVCKFJCTGUDPC?8CUGDPFC



DRIKCXaKTGNCORCIWGCT/QQEJKFWWFW

VWMCC6PCDJCKDCDRIKO%TGQSWGXCC
NNQXGTGPNCPQEJGHLGUGEQOQ[CGUV
TGNCORCIWGCPFQ=RTGV[RTGUDRI?

DRIKQO=RNFGDIKQO?TQUCU=EQRLKZ?
DRIKFJC=EQPVFGDFJC?GUVCT
CNWODTCPFQ

DRUPKIWC
KPUGEVQ)KKNJKOLKZOWMCCIW

DRPQVDCKC/GFCEQOG\PEWCPFQNCU
PKIWCUUGOGUWDGP

DR=RNFGD?TQLQU=EQRLKZ?

DRPC=RNFGDPC?EQORCGTQU
=CRQUDRPCICP?

DRPCP=RTGUFGDPFC?NQCITGICNQOG\ENC
DRVC=EQORNRNFGDVC?2GLVWVWCDRVC
FGDCLQFGNQUGPEKPQU

DRVCPCFXGPNCEQUVC)COCKOQQ

OCKEJOTCOWLCMDRVCPPCEJVDJKTC
IWDJCD'NCQSWGGPVTCRKGPUQKTCNCEQUVCC
VTCDCLCTGPWPECORQFGHTKLQN

DVCCPFTRTGRFGDCLQFG,QVOQFCDCLKLWW
DVCCPFTFJKZWWUCM6WPCDCPCKEJ
IWVKMKCRZUCDCNJ2QTSWUGGUVCTP
CECDCPFQVCPRTQPVQNCUUWGNCUFGOKJWCTCEJGU
UKNQUCECDQFGEQORTCT!=RNDRVCPFT?
8CTDWVCCPFT

DVCRQURFGDCLQFG6WCDVCMMIWDJWTWZ
EJKPCOKOMIKPCIWZEJCVQK'NDWTTQ
GUVRCTCFQFGDCLQFGNGPEKPQRCTGEGSWGGUV
VQOCPFQUQODTCRQTSWGJCEGECNQT
=EQORNRNDRVC?8CTDWVC

DZEJWUOWEJCUEQUCU$ZEJWVWOCCPCEJ

VWDKCMCPCMPMORKPFCIWVTQQMCPQ
KEJDCUCDCNJ5KVGPIQWPCECOKQPGVC
PGEGUKVQVGPGTOWEJCJGTTCOKGPVCRCTC
CTTGINCTNC=CRQUDZEJWICP?

DZZKMFTCFXFGNQUFQUNCFQU$ZZKMFTLCEJ
OQQVKMCFJKMWCCPCIWIKKNJKOLKZDV
8COQUCNNGXCTGUVCNGCCICTTPFQNCFGNQUFQU
NCFQURQTSWGGUVOW[RGUCFC

DCFLTQLQ,CKZDRVW[QQVIWKKDJCK

#NIWPQUPQRCNGUVKGPGPHNQTGUTQLCU=RNDR
EQRLKZ?
EJDRIKCFLTQLQ
TGC

DFJCXaVRTGPFGT
RCTCSWGCNWODTG

/CCPLCRZKDFJCIWMCFJKKTPCEJMP
LKEJDCMZKFJC2TGPFCWPCXGNCRCTCSWG
RQFCOQUVGPFGTPWGUVTQUVCRGVGU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

XaKCNWODTCT-CFJKKTMPCCRKOV
DIKKOLDCMCCOEJTMCLWMMPCC!
#NWODTCPWUVGFGUUWTGECOCTCEQPXGNCQEQP
QEQVG!
XaKRQPGTWPCXGNCEGTGOQPKCN-CDWKOWM
UCRLKTLKOFCOIWEJCCVPCVDFJCTCOW
,WMVT/KRCRFKEGSWGOCCPCXCCKTC5CPVC
/CTCCRQPGTXGNCUGPNCKINGUKC
=RTGVDRTGUDIKKEQPVDRIKFJC?
DQKUECOKPQ)COCLCMLCRKODCTCFC

PCRCKFJTUCTCMIWDQKOWLCM6QDCCVCO
/GGURGTCPOUCNNFGFQPFGUGFGUXCGN
ECOKPQJCEKC.C)WCLQNQVC=RNDCRQK?
DQKDJKEJFJCVTCKEKQPCT
NKVNNGXCTRQTGN
ECOKPQ
DQKEJCOMUCVTCKEKQPCT
NKVRQPGTGPGN
ECOKPQ

DQK=RTGVFGDQ[C?UGCEQUV
DQKMUEJWCN
GNQVGVQUVCFQ,QKFJCOLKZKQQD

IWDQKMLWPOCZKORKCOLKFJQQNJZKO'UV
OW[UCDTQUQGNEJWCNIWKUCFQEQPOCUCQ
JGTXKFQ
DQKMLWPOCPOQNGFGEJWCNGU

DQKMCFLEJCOWUECFQ,KZDQKMRZDCFJK

OKUVWKPCOIKKNJKOFCPOWPFCIWCCCNJ
'UVGICVQGUVEJCOWUECFQRQTSWGNQUPKQUNQ
OCNVTCVCPOWEJQ=RNDCRQKM?

DQKMFJCXaVJCEGTEJWCNGU
RCTCQVTCRGTUQPC
)QQMLCRLKDQKMFJC,WCPCMCDWKOWMMCV
LCEJKLWPOCFCKMPDCVWLWIKCPQZK
EJCOMCLCKEJPCEJVWMPVWLWIKCRCK
FJWWM2QTHCXQTJC\WPQUEJWCNGUOCCPC
,WCPCRQTUKCNIPFCUGCECDCNCEQOKFC
RWGFCVQOCTNQU[JCEGTOGOQNGRCTCEQOGT
8CTDQKMZKFJC

DQKMVCXaKJCEGTEJWCNGU
VQUVCTGNQVGURCTC

IWCTFCTNQU6WIIIWLWPDCCIWZKKZUCR
PCVWDQKMVCPCLWPOCFCKLWIKCRCKFJWWM
/KJGTOCPCGUVCUCPFQGNQVGURCTCJCEGT
EJWCNGURCTCEWCPFQSWKGTCJCEGTOQNG
=RTGVDQKMVCRTGUDQKMVCT?8CUGDCRQKUC

DQKMKFJCXaTFGUCVCTUG
CHWGT\CU/WRCK
OVUCROCFJCCIWZZMWOFJK/CCTKQ
&MQQUCRRZLKODQKMKPCVDCUKCOTKOC
LKOKQT&KEG/CTKQSWGRQTCJNQ
COQTFC\CTQPNQUDCPFKFQU[SWGCRGPCURWFQ
FGUCVCTUG[EQTTGT=UWLRNDCRQKMKFJC
RTGVDQKMKDCRQKMK?8CTDQKMWKFJC
DQKMWPC

DQPCCO

DQK=KORGTFGDQ[C?CEWUVCVG
DQKEJIFCXaKKTCEQUVCFQ%JCOVWRM

OCIQQKEJDJLDZDQKPCIWDQKEJIV
DJLLKDCMZKFJCMFCCOFTIWVTQQMC0Q
OGECPUOWEJQGPXGPKTRWGUXGPCCEQUVCFQ
EQPOKEQDKLCGPWPCECOKQPGVC
=UWLRNDQQRKEJIFCEQRTGVDQKEJIV
DQQRQEJIV?

DQKMCCFLCRNCPCFQ
\CECVGQOKNRC6WDC
[CLCRVWDQKMCPFCPCDCIKKNJKOLKZ
DQKMCFJKLWWP!3WGUVCTCRNCPCPFQNC
OKNRCRQTCSW!2WGUGUVDKGPCRNCPCFC
=RNDCRQKMCEQRLKZ?

DQKMPCXaVCRNCPCT
\CECVGQOKNRC)KKNJKO

DQKMIWLWWPIWLDNJPCVIWZKQOLD
VWMCC'NCKTGCRNCPOWEJQNCOKNRCRQTSWG
JK\QOWEJQCKTGCPQEJG=RTGVDQKM
EQPVDQKMCPFC?

DQKZKFJCXaVCDTKTECOKPQ
RCTCQVTCRGTUQPC
:KEJWDQKZK,WCPOKPCRCKDJ[C
PCWCTCIWLWPDCC,CRLCRZKDQKMPCFJK
UCK2QTHCXQT,WCPDTGOGECOKPQCRNCPCPFQ
GN\CECVGRCTCKTCVTCGTNQUGNQVGU
=RTGVDQKZKRTGUDQKZK
EQPVDQKZKFJKFJCQDQKZKMC?

DQKURCXaVCRNCUVCT)COCLCMRCRLWR

DQMCPCREJCODQKURCFJKCNJKKEJWM
&GDGUCEQUVCTVGWPRQEQOUCNNRCTCSWGPQ
CRNCUVGUCOKJKLQ
XaVQRTKOKT
DQVP%JCOMCVWVMFJK
TCCFKQPCKEJOKMCZKDQKKUIWDJWVWWP
0QUGCRCIGNTCFKQCWPSWGQRTKOGNDQVP
XaKGORQNNCTKPEWDCTJWGXQU
ICNNKPC6W
DQKUCRCCFJKVCMCCTWKPCDCOQQLCRDZ
EJCPQQNJDJCKDCDQMQUVT!2QTSWUG
SWGFCGPUWPKFQNCICNNKPCVQFQGNFC!'UVCT
GORQNNCPFQ!
=EQORNRNDCRQKURCRTGVDQKKURTGUDQKUCR
DCRQKUCREQPVDQKUCRFCQDQKURCVIFC?

DQPCCOUUQODTGTQ$QPCCOLCMUMCPQZ

EJCVQK7PQUGFGDGFGRQPGTWPUQODTGTQ
EWCPFQJCEGECNQT=RNDQRPCO
CRQUDQPOCPDQRPCOICP?
DQPOCTCODQPOCTCPGPUWUQODTGTQ
FG
NQFGGNNC
LCPPWNJDQPCCOUIQTTC
UQQDQNJDQPCCOUUQODTGTQFGRCNOC
WOWWDQPCCOUUQODTGTQFG\Q[CVG

'&+%+024'.+/+0#4`

DQPOCVFC

6'2'*70'52#1.

DQPOCVFCXaTRQPGTUGWPUQODTGTQ2CCRDC

LCMDCTLKOFCO,WCPPCRKEJDCOQQDCO
DQPOCV!#FPFGSWKGTGUKT,WCP!2QTSWVG
RWUKUVGVWUQODTGTQ!=RTGVDQPOCV
RTGUDQPOCVWP?

5QNCOGPVGGPVKGTTCUENKFCUJC[GUVGVKRQFG
JKIQ

DQQDJCMCFXRQECFGFGU[GTDG
LWNKQ[CIQUVQ
$JCCPCIQQUVQOQQTDQQDJCMMCOWLCR
VCCVUCD'PCIQUVQUGTNCRQECFGFGU[GTDG
RQTCNNGPVKGTTCENKFC

DQKKOM=EQRTGVFGDQQRKC?FGU[GTDCDC
DQQDQM=UWLRNFGDQ?2GLOKDQQDQMCO

DQQRKEJIFC=UWLRNFGDQKEJIFC?KT

$QQFCOVCOCFX'N/G\SWKVCN
NWICT,K

DQQRKCXaVFGU[GTDCT
\CECVG,CZMW

CNNGUVPCEQUVCFQU

FJCCUKMCCROW$QQFCOVCOLWWIVMCRDJCK
PCR-QTKCPLCMLKO2QTHCXQTNNXCOGC'N
/G\SWKVCN[CSWGXCUC&WTCPIQ

DQQFCXaVCEQUVCT
EQORNCPKO,KZMPMQD
LCRLWRDCDQQFCIWCNJKK#CRIWICP
UWCMEJWPFC&GDGUCEQUVCTVGORTCPQCNPKQ
RWGUPCFCOUNQFGLCUNNQTCT
RQPGTCKPEWDCT
CXG'CPCRDQQFCFJK
VQDCCPQVOQQEJCOVWVCCVMKEJ2QPC
KPEWDCTCNCIWCLQNQVCRCTCXGTUKPCEGPNQU
RQNNKVQU
=EQORNRNDQQRFCRTGVDQQPDQQRFC
RTGUDQRFCDQQRQPEQPVDQQFCKFJCQ
DQQRFCKFJC?

DQQLKUQUQ2WKVMCRCCPCOLCZEJWO

MCVIWDCRQQLKPCOUCCM[CLCKEJMCVDLM
KKDCKUCRMWCFCV!*CUQFQEQOGPVCTEOQ
GTCPNQUQUQUSWGFKEGPSWGJCDCCPVGUCSWSWG
UGCNKOGPVCDCPFGVWPCU!=RNDCRQQLK?



CEQUVCFQU=EQRTGVDQQRKEJIV?

RKEJDCEJCMWKVWDQQR!)KKNJKOLKZZCKK
IWOICC2QTSWVQFCXCPQJCUFGU[GTDCFQ
VWOKNRC!2WGUVKGPGOWEJCJKGTDC
CTTCPECT
RGNQ,CZMWRDCDQQPFJKO
EJKDW!2QTSWVGCTTCPECUGNDKIQVG!
=RTGVDQQRRTGUDQQPKORGTDQQRQ
RTGXDQQRKFJCKEQRTGVDQQKOMQDQKKOM?

DQQRQKEJFJC=UWLRNFGONJEJWFC?2GLVW
DQQRQKEJFJCCOEQTTGTP
CECDCNNQQGP
ECOKQPGVC=RTGVDQQRQKEJRTGUDCRQKEJWP
RTQITDQQRQKEJFJKO?

DQQRQKFJC=RNFGONJFJC?DWGPQURCTC
EQTTGT=EQRLKZ?

DQQRQKOWM=RNFGONJOWM?JWKFK\QU
CUWUVQPGU=EQRLKZ?

DQQRQ[C=UWLRNFGFCKKC?2GL

DQQRQ[CCOEQTTGTP=RTGVDQQR?

DQQRQ[C=UWLRNFGONJKC?2GLDQQRQ[C

COEQTTGTP=RTGVDQQRRTGUDCRQ
OQXDQQRQKEJWQDQQRQ?

DQQTCFLUWFQTQUQ2WKZDQQTIWDJWTWZPCZ

OCIQQPPCIVWDJKKPQTCVIWDZEJW'N
DWTTQVQFCXCGUVUWFQTQUQUGECPUFGECTICT
OWEJCUEQUCU=RNDCRQQTEQRLKZ?

DQQMUGUVOCIQ,KZMQMIWDQQM:KIVW

LWWKEJVCMCCDPCTRKCUVCMCV/GFWGNGGN
GUVOCIQRWGUEQOFGOCUKCFQC[GTGPNCHKGUVC
=RNDQQRQMCRQUDQQMCP?
DQQMCTCOGPUWGUVOCIQ
FGNQFGGNNC

DQQMCPUJQPIQFGGUVOCIQ,WMUCPQQR
LKZLQKFJCPCDWUCCMFCIWDQQMCP'N
JQPIQFGGUVOCIQUWGNGUCNKTCNRKGFGNQU
RKPQU

DQQMCPLKFJQQTUOGPWFQ/CKMLCEJMQKRW
IWDQQMCPLKFJQQTOWLCRTDCPFJKIMKK
8COQUCEQOGTOGPWFQCNNGPGNEGPVTQ

DQQTFCUUWFQT2ZLCDQQTFCKKIUFJK

LCVMCOPCIWEJKIKKNJKOLKZEJCVQK.G
GUEWTTGGNUWFQTCNCIGPVGFGVCPVQECNQTSWG
JCEG=CRQUDQQTFCICP?

DQQTVCXaKUWFCT,CZMWDCLCRFCKPCDJCK
DCLKDQQTVCFJKMCDCKRCKPQVRCNJRVCK
ZKEJU!2QTSWNWGIQGORKG\CCUWFCTOK
ECDCNNQEWCPFQUWDGWPCRGSWGCEWGUVC!
=UWLRNDCRQQTVCRTGVDQQTDCRQQT
EQPVDQTVCTFCDCRQQTVCTFC?8CTDQQNJKC

DQQUIC=EQORNRNFGDCCDW?UCECTNQU
=RTGVDQQUQNJEQPVDQQUQPFC
OQXDQQUICKFJC?

DQQMNJFJCUVKRQFGJKIQ&CKOWLCR

VCVCCVUCDLKZLCKEJMCIWDQQMNJFJC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

DQQUIKFJC=EQORNRNFGDCCDWKFJC?

SWKVTUGNQU=RTGVDQQUIKRTGUDQQUIK
EQPVDQQUIKFJCTGRDQQUIKFJC?

DQQURCNKVQ
RCTCOGPGCTGNPKZVCOCN$JCKZK
ICCIKIWDQQ;CPKMPZKQPCFJK
OCVCKOCP$UECOGGNRCNKVQRCTCOGPGCTGUVG
PKZVCOCN=RNDCRQQ?

DQRFC=RTGUFGDQQFC?NQCEWGUVC
DQRIKCXaKCDUQTDGTECN
PKZVCOCN:KQPFCCR
FJKOCVCKOCPPCDCZDJCKDQRIKC/GPGC
DKGPGNPKZVCOCNRCTCSWGCDUQTDCDKGPNCECN
=RTGVDQRRTGUDQRIKT?

DQRKC=UWLRNFGDQ[C?2GLDQRKCCOUG
CEQUVCTP=RTGUDQRRQ?

DQRKKCFLCDUQTDKFQ
ECNGPGNPKZVCOCN6CCVC
RKEJCCIWOCVCKOCPPCKEJLWOEJKCPQ
OQQDCZDQRKKMWRDCDJKC!6GPVCUVGGN
PKZVCOCNEQOQVGOCPFRCTCUCDGTUK[C
CDUQTDKNCECN!=EQRLKZ?

DQRMQ=RNFGDCMWC?IWCLGU=CRQUDQRMQP?
DQRMQP=RNFGDCMQQP?ICT\CU
DQRMQPC=EQORNRNFGDCMWCPC?NCXCTNQU
=RTGVDQRMQRTGUDQRMQP?

DQRMQFJC=EQORNRNFGDCMWCFJC?

NCXTUGNQU=RTGVDQRMQRTGUDQRMQK?

DQRPCO=RNFGDQPCCO?UQODTGTQU
=CRQUDQRPCOICP?

DQRRQKFJC=TGRFGDCCDWKFJC?GUVCTSWKVCPFQ
DQRRQK=RTGUFGDCCDWKFJC?UGNQSWKVC
DQRRQM=RNFGDCDQQM?OCRCEJGU
DQRRQNJ=RNFGDCDQQNJ?VCUUQDTKPQUUQDTKPCU
=CRQUDQRRQNJK?

DQRUC=RNFGDQUCC?RGVCECUFGEWTCPFGTQ
=CRQUDQRUCP?

DQRVQR=RNFGDCVQQR?RGEGU
DQRVQURNCVCHQTOC
FGVCDNCURCTCFQTOKT

ECOC$JCKRDQ[CFJKDQRVQVCO
#EWUVCVGGPGUVCECOC
RNCVCHQTOC
GNGXCFCRCTCIWCTFCTOC\
ITCPGTQ$JCOODQRVQVCOLCRKOLWR
PWCKFJCIWLWWP#CRKOIWOKRZLCR
FTCRZKPWCKFJCV2QPICPGNOC\CNNGPGN
ITCPGTQRQTSWGNQGUVPGEJPFQCNUWGNQ
RNCVCHQTOC
GNGXCFCSWGUGKPUVCNCCNNCFQ
QTKGPVGFGNRCVKQVTCFKEKQPCNCNVCT,CTQQICP
FJKDJCOOCZPCRWKDJCKFJCTCCDQRVQ
VCO!&GSWKPUQPGUQUVCOCNGUDGPFKVQUSWG

DQ

VQFCXCGUVPGPGNCNVCT!
8CTDQVVQ

DQRZK=RNFGDQZKK?DKUCDWGNQU
=CRQUDQRZK?

DQTVCTFC=EQPVFGDQQTVC?GUVCTUWFCPFQ
DQUCCURGVCECFGEWTCPFGTQ
JGEJCFG\Q[CVG

RCTCIWCTFCTHNGEJCUEGTGOQPKCNGU)W
OCOMCIOLWOVVIFCODQUCCWCFCCO
PQOVRCKDCVWWCOZKFJCOPCOOKWCFC
IWLCWWW#SWKGPGUUGNGNNCOCEWTCPFGTQU
RTQEWTCPWUCTWPCRGVCECFG\Q[CVGRCTCNNGXCT
UWUHNGEJCUGPGNNC=RNDQRUCCRQUDQUCCP
DQRUCP?

DQVVQ=XCTFGDQRVQ?RNCVCHQTOCU
DQZKKUDKUCDWGNQ%JCORMDCVDKFJCIW

DQZKK)KKNJKOLKZCCCVPCIWZKMQQTCIW
MWWRCP/W[RQEQUGDCCOKDKUCDWGNQGUV
OW[RKQLQUQRQTSWGGUVUWEKQUWECDGNNQ
=RNDQRZKCRQUDQZKKDQRZK?
IWDLMFTMCOLKEJDQRZKMCVPWGUVTQU
CPVGRCUCFQU
NKVPWGUVTQUDKUCDWGNQUFGFGUFG
JCEGOWEJQVKGORQ

DQZMCTUGUEQDC0QOQQLCREJCODKCIW

DQZMCTPCMPVWDQZMCUKCFJQDCLCCMLKT
COPCZKWCTCK%WCPFQWPQPQVKGPGGUEQDC
RCTCDCTTGTRWGFGWUCTECKVCUFG\CECVG
=RNDCRQZMCT?

DQZMCXaVDCTTGTUCEWFKT
RCTCSWKVCTNCU

GURKPCU$ROCCPCZKDQZMCKIWKKDJCK
PCDCNJRKICKDCVWLWIKC2TKOGTQUG
PGEGUKVCUCEWFKTNCUVWPCURCTCSWKVCTNGUNCU
GURKPCU[RQFGTSWKVCTNGUNCEUECTCRCTC
EQOTVGNCU
2CTCSWKVCTNGUNCUGURKPCUCNCUVWPCU
UGRQPGPGPGNUWGNQ[UGUCEWFGPEQPWPCGUEQDC
JGEJCFGJKGTDCU
XaKDCTTGT$JCLCMLCRLKDJKFJCKIW
ZWWUCM#CRIWDZICOCKDCDQZMCVW
6TGOGOKUJWCTCEJGUPQNQUCPFGUDCTTKGPFQ
JCEKCCNN
XaTNKORKCTUG
EGTGOQPKCNOGPVG5CRPQV
OCCPQKFJCDCCKEJIWCNJKKDCOCCPFC
PCODQZMCMPIWZEJWVWMDCRQQDKKZKO
5GFKEGSWGEWCPFQWPPKQEWORNGWPCQGU
PGEGUCTKQSWGUGNKORKGFGNOCNEQPNCPCPGITC
FGDQTTGIQ
=RTGVDQZRTGUDQZZKM?

DQXaGGUVCTCEQUVCFQ
UWLCPKO,KZDJCPCC
IWICIQQZPCOKKDQ'UGRGTTQSWGGUV
CEQUVCFQCNNGUDTCXQ=UWLRNDQQDQM?

'&+%+024'.+/+0#4`

DQDJCT

6'2'*70'52#1.

DQDJCTUECC
FGOC\,KZKQOLKZOCKMCM
IWLWPDQEJCOVWRWKPCIWDQDJCT.C
ECCFGC\ECTGUOUFWNEGSWGNCECCFGN
OC\=CRQUDQDJCTWPQDQDJCTICP?

DQKKU=RTGVFGDQKURC?NQQRTKOK
DQ[CXaKCEQUVCTUG
RCTCFQTOKTUWLCPKO

$JCKEJDQ[CVMQDPCOIW[CZLCKEJ
IWPCPMCUT8COQUCCEQUVCTPQUCFQTOKTGPNC
ECUCCNVCRQTSWGCSWJC[CNCETCPGU
=UWLRNDQ[CQDQRKCRTGVDQKRTGUDQRRQ
KORGTDQK?

DWC=RTGVFGDWKFJC?NQGEJ
DWC=RTGUFGFQQFC?JCEGFCQ
DWC=RTGUFGFWKC?JCEGRCUGUWEGFG
DWC=RTGUFGFWKC?JCEGCEVWC

DWCFC=EQPVFGFWKC?GUVCTJCEKGPFQGUVCT
CEVWCPFQ

DWCOCFXHGC
OCPGTCOCNQ%JCOVW

CIKFJCRKOCCFJKLCOOCTPCDCIKKNJKO
LKZDWCOVWKQM!2QTSWPQNGNNCOCPNC
CVGPEKPCUWJKLQ!*CDNCOW[HGQ=EQRLKZ?
LKZDWCOVQOCCVGUOW[OCNQ
FGECTEVGT

DWCODWCFCXaVOQNGUVCTd/K6WDC

MWRDCDJCLCMDWCOLKDWC!d&LCOG
2QTSWOGGUVUOQNGUVCPFQ!
XaVOCNVTCVCTOQNGUVCT
NQSWGGUVDKGP
CTTGINCFQ,CTQQDWCOFQQFCIWZCWCPC
LQKFJCOPCPUCRZKODJCKUCKEJWP!3WKP
FGUFQDN
NKVOQNGUVOKEQDKLCSWGVGPCDKGP
FQDNCFC[EQNICFCCNN!
XaVLWICT
RCTCOQNGUVCT%JCRDJCLCM
DWCODWCFCFJKVCK/KEJOK0QLWGIWGU
EQPNCNWODTGRQTSWGVGSWGOC
XaTRQTVCTUG
OCNEQPQVTCRGTUQPC
0COMKFJCRRIWPQDKKIWORCTKKPRCK
PQOKQMFJKO6QQQEJCOVWPCRDWCO
RZLWODWCFC5KGORTGFGDGUDGUCTNGNCOCPQ
CVWRCFTKPQ6QQGPEWCNSWKGTNWICTSWGVG
GPEWGPVTG[VGUCNWFG0QVGRQTVGUOCNEQPN
8CTDWCOFQQFC

DWCP=RTGUFGDWDWCMKC?UGVKTC
DWCP=RTGUFGDWDWCMKC?2GLDWCPCO

UCNGP

DWCXaVGEJCTCXGPVCT/WKRZKDWCFJK

VTDKMWOOKEJWFCCFJCDCCNFKEJCO
#XKGPVCNCUQICRCTCCNNRCTCSWGNCCOCTTGPGP
GNDCNFG
WUCTICUVCT)KKNJKOZKDWCCRIW



DCMWCPMCTPCCUMWROQQLCRIDKC0Q
ICUVGUFGOCUKCFQLCDPRQTSWGPQVKGPGUOWEJQ
FGRQUKVCT
GPGNRCVKQEGTGOQPKCN)QQMLCR
DJCKZKWKFJCKRCCIWMWCCPCLWR
DWCDJCOOPKMCTVCO6TGOGCNIWPQU
NGQUCOVCODKPRCTCSWGNQUXC[CCFGRQUKVCT
GPGNRCVKQEGTGOQPKCN
=EQORNRNKCDWRTGVDWCKCDWRTGUDWRRK
EQPVDWRRCFCOQXDWWLCKFJCQDWWLKFJC?
DWCXaVEQNQTGCTVGKT
VGNCQJKNQ6WDWCOV

IWVQQOPCUCRDCZCDJCTDCRZKFJKZMCIW
CUCCM6KGTQPGNKZVNGRCTCSWGUGXGCDQPKVQCN
JCEGTNCVCNGIC=RTGVDWCEQPVDWRRCFC
TGUDWKZQDWKZKO?

DWCV=EQRTGVFGFWKC?JCEC8CTDWKOM
DWDWCMKCXaKVKTCTUG
NSWKFQQITCPQU/QQV

FLKDCMFJKDCMWCPCDCDJLRCKFJTDCLK
DWDWCMKCIWUWWFCKPQKEJOKZKDCK
2CTGEGSWGGUVGDWNGVKGPGWPCIWLGTQRWGU
GORKG\CCVKTCTUGGNCIWCRQTCJEWCPFQNQWUQ
RCTCUCECTCIWCFGNRQ\Q=RTGVDWDWC
RTGUDWCP?

DWDWCMKC=UWLRNFGDWWUPKC?2GL

DWDWCMKCCOUCNFTP=RTGVDWDWC
RTGUDWCP?

DWDWCZEJWNJFJC=EQORNRNFG

DWWUCKEJWNJFJC?JCETUGNQUUCNKT
=RTGVDWDWCZEJWNJ?

DWKUQLQ
RCTVGFGNEWGTRQ,KZMQMOCCR

FTIWDWK0KLZMWEJCODJCKVWOCCZ
PCPCKEJKZKEJPK/GFWGNGWPQLQ[PQ
XGQOW[DKGPEWCPFQVTCVQFGXGT
PWFQ
FGNCOCFGTCd,QKFJCOLKZMFJK
VCCONCU%JCODWWRWKd3WOCFGTCVCP
DWGPC0QVKGPGPWFQU
QLQ
FGCIWLC#NJKEJVWDWKFJKUQQOMCT
%JCODJCKOZMWPIWLKKN'UVCCIWLCVKGPGGN
QLQVCPRGSWGQSWGPQUGRWGFGOGVGTGNJKNQ
=RNDWWRWKCRQUDWKDWWRWK?
DWKTCOGPUWQLQ
FGNQFGGNNC
DWWRWKTCOGPUWUQLQU
FGNQFGGNNC

DWKCFXCEQP
NNGICPFQCFQPFGGUVWPC

RGTUQPC,CZLCRVWOVWCCFKMCIWO
LCLCPPWNJPCEJUCCMRCZKCTRW.QTKPVKKPDWK!
)WKCCPCRKEJMKCRZVWUCDCNJVCMCCD!
3WXCUCRQPGTVGEWCPFQXC[COQUCXKUKVCTC
(NQTGPVKPQNCTQRCSWGVGCECDCUFGEQORTCT
C[GT!=CRQUDWKQTUGRTGUGPVCEQPWPCHKLQ
FGRQUGUKP?
LKDWKEQPOKIQ

'&+%+024'.+/+0#4`



6'2'*70'52#1.

DWKDCUUECTC$ZCKZKOVWOVWDWRWKDCUCO
IWLCVMCOLOCPZKZMQNJKMLCKICK
EJVD.CIGPVGVKGPGNCECTCFGFKHGTGPVGU
HQTOCUCNIWPCUNCVKGPGPTGFQPFC[QVTCU
QXCNCFC=RNDWRWKDCU?

DWKEJMCFLHGQ)KKNJKOLKZDWKEJMLWOPK
IWMCKOCCP'NECKOPUGXGOW[HGQ
=RNDWRWKEJMEQRLKZ?

DWKFJCXaDGEJCTCXGPVCT
CQVTCRGTUQPC

/QQRFCIKCFJKOMWVWWP;CFTLCOWK
ZKODWKFJC#ICTTCVWECOKUCRQTSWGVGNCXQ[
CCXGPVCTFGUFGCSW
GEJCTFCT
CWPCPKOCNCEQOGT#NJKEJLCR
OWZKDWKOTCIWMCDCKIWVCUQQNJ2QT
HCXQTXGCFCTNGWPRQEQFGVNC\QNGCNECDCNNQ
=EQORNRNKCDWKFJCRTGVDWKKCDWK
RTGUDWRRKEQPVDWRRKFJCKCDWKFJC?

DWKFJCXaVGEJCT
EQUCUITCPWNCFCU

GURQNXQTGCT0CKLKLCCIWQPPCKEJOKZK
DWCUWWFCKEJT5GFGUJK\QNCUCNEWCPFQNC
GEJGPGNCIWC=RTGVDWCDWK
RTGUDWRRKEQPVDWRRCFCTGUDWKZQ
DWKFJKZQDWKZKO?

DWKFJCXaDVQTVGCTJCEGTVQTVKNNCU
RCTCQVTC

RGTUQPC)QQMDJCKZKMWCOTMWMPLWO
DWKFJC8GCVTCGTNGCRCTCSWGRWGFCJCEGTVG
VQTVKNNCU=RTGVDWKEQPVDWRRKFJC?

DWKFJCXaTJCEGT
FGNCOKUOCOCPGTC,WR

MCKEJFJCCOIWLCVMCOPCUCRIWDKCUMQ
LCZPQEJVVFCPCOFWKCRWKRZKO
DWKFJC&KEGNCIGPVGSWGUKNGFKIQCNCDQC
SWGJCICCNIQNQJCEG
UWEGFGT
NQRNCPGCFQ,WRVWOMCKEJPCUCR
[CODJKEJFJCIWZFJCCRCMDQKMWIWEJK
UCCNJKQOLKPCDCRWKDCVWODWKFJC&KEGP
SWGRQTCSWXCCRCUCTWPCECTTGVGTC
RCXKOGPVCFCRGTQETGQSWGHCNVCVKGORQRCTC
SWGGUQUWEGFC
=EQPVDWCVIFC?

DWKOM=EQRTGVFGFWKC?JCEC8CTDWCV
DWKZ=TGUFGDWC?VGKFQ8CTDWKZKO
DWKZ=TGUFGDWKFJC?GEJCFQ8CTDWKFJKZ
DWKZKO

DWKZK=RTGUFGFWKFJC?UGNQJCEG
DWNJXaGGUVCTCOCTTCFQ,CTQQICPFJK

DJWTWZPCOKKDWNJ!&GSWKPGUGUGDWTTQ
SWGGUVCOCTTCFQCNN!=RNDWRRWNJ
EQRTGVDWTMCVDWWRTCV?

DWNJMCFC

DWNJFJCXaDCOCTTCT
RCTCQVTCRGTUQPC

$RRZKDWNJFJCKIWMCDCKPCRDCDC
DCVDKTCPCEJCODCLKOKC#PVGUFGKTC
DCCTVGCOCTTCGNECDCNNQRCTCSWGPQUGXC[C
=EQORNRNDWWRNJKFJCRTGVDWNJDWWRWNJQ
DWWRNJKEQPVDWRNJKFJCDWWRNJKFJC?

DWNJKCXaVCOCTTCT
EQORNKPCP,KZDJCKR

OQQLCDWWRNJKCFJKVQQODJCCDJCKOMCTPC
EJCOOWRCKOPWCCIWLWWPPQMCVW
DJKKQT#OCTTCDKGPGUVQUEQUVCNGURCTCSWGPQ
UGVKTGGNOC\EWCPFQNQUXC[CUECTICPFQGPGN
ECOKPQ
COCTTCT
CWPCPKOCNCCRCEGPVCTt6WCC
FJKDJWTTWPCDCMWW!tLWRMCKEJIW
#PTGGUt,KZDJKQFJQEJK$JCLCMKCOZK
DWTOTPCRCKZZCKKtLWRMCKEJIWVCCVCP
t2QTSWTGDW\PCGUGDWTTQ!3WSWGTT!
tFKLQ#PFTUt2WGUCNQOGLQTVKGPGJCODTG
#OTTCNQWPRQEQOUCEFQPFGJC[RCUVQ
tFKLQUWRCR
COCTTCT
CWPCRGTUQPCRCTCFGVGPGTNC,KZ
DJCKDWJNCCEJKIWVQQZMQNJ!-CIW
VWMCCOFQEJQKOKDCMKCICCVT!0CIW
OQQLCRLKZDQDJCTPCCDQQ'UVCTDKGP
COCTTCFQGNOCTTCPQ!#NQOGLQTGPNCPQEJG
TQORCNCUQIC[UGOGVCGPNCOKNRC[CSWGNG
IWUVCPOWEJQNCUECCU
=EQORNRNDWWRNJKCRTGVDWWDWWRTC
KORGTDWTDWWRWTEQPVDWRTCFCDWWRWTFC
EQRTGVDWWRTCKOMRWPVDWTCCM?

DWNJKQMCXaVFGUCVCT
EQORNCPKO$Z

LCRZKDWNJKQMCFJKZWCOVWWTMWDCVW
MQKTC&GUCVGVCODKPCGUVGVQTQECHRCTC
SWGXC[CCRCUVCT
XaTFGUCVCTUG
EQORNCPKO,WODWNJKQ
DCMIWDJWW[CZPCKEJOKKMCZKDWTCCM
2CTGEGSWGUGFGUCVGNDWG[SWGCOCTTCNN
XaTFGUCVCTUG
EQORNKPCP/WPKMCPRZ
PWKKZIWLWWPDRPCDJCLKO%JKIW
OCODWNJKQIWVQQODJCKOMCTWPIWLCTQK
PCDJCKMCVWDJKKQT*CEGTCVKVQEWCPFQ
XGPCDCLCPFQXKVKTCFQGNOC\2CTGEGSWGUG
FGUCVGNEQUVCNFGCNIWKGPSWGNQXGPC
ECTICPFQ
=EQORNRNDWRNJKQMCRTGVDWNJKQDWRNJKQ
KORGTDWNJKQMDWRNJKQM?

DWNJMCFCXaVCEJKECT
TQRC,KEJCKDWK

IWOUQQOMCTLCDWNJMCFCOCCPIWMWVWWP
PCV[CEJKCPMIWZKKZ2TUVCOGWPCCIWLC
RCTCCEJKECTWPCECOKUCSWGOGOCPFCEJKECT
OKJGTOCPQOC[QT=EQORNRNDWRWNJMCFC

'&+%+024'.+/+0#4`

DWNJMCZFJC

6'2'*70'52#1.

RTGVDWNJMCKDWRWNJMCKRTGUDWNJMCP
DWRWNJMCP?

DWNJMCZFJCXaDCEJKECT
NCTQRCFGQVTC

RGTUQPC,KDWNJMCZFJCCRFJKRCPVCNQQP
#VVKTWZFJWUCCTCOLKCKZ#EJSWGOGGUVG
RCPVCNPRWGUOGSWGFCOW[HNQLQ
=EQORNRNDWRWNJMCZFJCRTGVDWNJMCZ
DWRWNJMCZRTGUDWNJMCZKDWRWNJMCZK?

DWRNJKQMC=EQORNRNFGDWNJKQMC?

FGUCVCTNQU=RTGVDWRNJKQKORGTDWRNJKQM?

DWRNJKFJC=EQPVFGDWNJFJC?GUVCT
COCTTCPFQ

DWRRCFC=EQPVFGDWC?GUVCTGEJCPFQ
DWRRCFC=EQPVFGDWC?GUVCTVKKGPFQ
DWRRCFC=EQPVFGDWKFJC?GUVCTGEJCPFQ
DWRRK=RTGUFGDWC?NQGEJC
DWRRK=RTGUFGDWKFJC?UGNQGEJC
DWRRK=RTGUFGDWKFJC?NQGEJC
DWRRKFJC=EQPVFGDWKFJC?GUVCTGEJCPFQ
DWRRKFJC=EQPVFGDWKFJC?GUVCTJCEKGPFQ

VQTVKNNCU

DWRTCFC=EQPVFGDWNJKC?GUVCTCOCTTCPFQ
DWRWKDCU=RNFGDWKDCU?ECTCU
DWRWKEJM=RNFGDWKEJM?HGQU=EQRLKZ?
DWRWNJMCFC=EQORNRNFGDWNJMCFC?

CEJKECTNQU=RTGVDWRWNJMCKRTGUDWRWNJMCP?

DWRWNJMCZFJC=EQORNRNFGDWNJMCZFJC?
CEJKETUGNQU=RTGVDWRWNJMCZ
RTGUDWRWNJMCZK?

DWTCCM=RWPVFGDWNJKC?NQCOCTT
DWUCCM=RTGUFGDWWUPKC?UCNG8CTDWUUCM
DWVCCPFT=XCTFGDVCCPFT?FGDCLQFG
DWVC=XCTFGDVC?FGDCLQFG
DWW=RTGVFGDWNJKC?NQCOCTT
DWWLCKFJC=EQPVFGDWC?NQXCGEJCPFQ

DWWRWKDCTCCUNITKOCU5WCMKOMCRCC

4QQUCPCDCDJCLCRRZLKZONJKKZIWO
DWWRWKDCTCC!'UVCDCUNNQTCPFQ4QUC!2WGU
UGXGSWGUGVGTQFCTQPNCUNITKOCU

DWWUCKEJWNJFJCXaDUCECTJCEGTUCNKT
RCTC

QVTCRGTUQPCEQORNCPKO$JCLCMLCRZK
DWWUCKEJWNJFJCIWZWCOMCDCKMWLK
WNJC2QTHCXQTUECOGGNECDCNNQCOCTKNNQ
RCTCGPUKNNCTNQ=EQORNRNDWDWCZEJWNJFJC
RTGVDWWUCKEJWNJDWDWCZEJWNJ
EQPVDWUUCKEJWNJKFJCQ
DQQUIKEJWNJKFJC?

DWWUCKFJCXaVFGUVKNCTUCECT
OG\ECN

)COOLUCRVWDWWUCKFJCCOOL
DKPCVGGT&KEGPSWGUKGORTGGUVPUCECPFQ
OG\ECNCNNGPNCFGUVKNGTC=RTGVDWWUCK
EQPVDWWUCKFJC?

DWWUCPURCUQ
GPGNECOKPQ%JCOLKTDWWUCP

FJKDQKLKZDCDCCICOCLCMFTICK0QJC[
RCUQRQTGUVGECOKPQRQTSWGGUVRGCUEQUQOU
CNNGPNCNCFGTC

DWWUPKCXaKUCNKTRCUCT
UWLCPKO$JCKR

ZKMWWRCKFJKMKIQDPCRRCKFJWWMDC
DWWUPKC%KGTTCNCRWGTVCEWCPFQUCNICU
UCNKTIGTOKPCT
RNCPVC%JCMWKDWDWCIW
LWWP[CLCRPCVIWEJCMWKFWWP6QFCXC
PQUCNGGNOC\RQTCSWRQTSWGVQFCXCPQJC
NNQXKFQ
UCNKTHNWKT
NSWKFQ/CKMLCEJKRWOL
DKPCVGGT/CCZFJKUCRLKDWWUPKC8OQPQUC
VQOCTOG\ECNCNNFQPFGNQFGUVKNCPRWGUFKEGP
SWGRCUCFQOCCPCUGGORKG\CCFGUVKNCT
=EQORNRNDWDWCMKCRTGVDWWUDWDWC
RTGUDWUUCMQDWUCCMDWCPRWPVDWUPM
DWDWCMMEQPVDWUCCMFCQDWWUCPFC
DWUUCMFCQDWCPFC?

$J

8CTDWWLKFJC

DWWRNJKC=EQORNRNFGDWNJKC?COCTTCTNQU
=RTGVDWWRTCEQPVDWWRWTFC
EQRTGVDWWRTCKOM?

DWWRNJKFJC=EQORNRNFGDWNJFJC?
COCTTTUGNQU=RTGVDWWRNJK
EQPVDWWRNJKFJC?

DWWRTCKOM=EQRTGVFGDWNJKC[DWWRNJKC?NQ
GUVCDCCOCTTCPFQ

DWWRWK=RNFGDWK?QLQU=CRQUDWWRWK?




DJCRTGHaXJCEKCCE
FKTGEEKPFGNCCEEKP

JCEKCGNJCDNCPVG0COMKTCCRIWOZKKZPCV
DCKICOPCRDCDJCRCNJDWKFJKMCOCCPIW
DCNFKPCVIWIQQMLCWWM8GCGPEQPVTCTC
VWJGTOCPCSWGHWGCUCECTCIWCRCTCSWGNG
C[WFGUCVTCGTJCEKCCEWPDCNFGRWGUNNGX
FQU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

CNN
CTTKDCEGTECt$JCFJCCCCIW
#PUGNOQ!tLWRMCKEJIW,WCPt$JCKFJQ
FCCtLWRMCKEJIW2GGITQt'UV#PUGNOQ
GPUWECUC!tRTGIWPV,WCPt5CNNGUV
tEQPVGUV2GFTQ
=)TCO?#PVPOW8CUGDJCK
DJCLCMCFXRQTCSWJCEKCCE
DJCLCRCFXRQTCNN
CNVQ

DJCC=RTGVFGDJC[C?NQVTCI
DJCCDJCK=RNFGDJCK?EQNCU
DJCCDJCKOMCT=RNFGDJCKOMCT?OQTTCNGU
DJCCDJCP=RNFGDJCP?EQ[QVGU
DJCCKCFXSWGUGRWGFG/QQEJCODJCCK

CCPCROWPKMCPFTICMQQNJDJ[CMWRDC
OQQICOUNJDJCKRLWTPKEJWUWWFCKEJT!
'UOGLQT
NKVPQRWGFGU!UKTQFGCU2QTSW
KPUKUVGUGPUGIWKTFGTGEJQ[RCUCTRQTGNCIWC!
SWGRWGFGt,KZDJCCKCCPCRLKQKFJC
DJCOOLCMLWMICOMCDWKOWM!tLWRMCKEJ
IW2GGITQt,KZDJCCKFJQtLWRMCKEJIW
,WCPt2WGFGUKTCNCUKGTTCEQPOKIQOCCPC!
tRTGIWPV2GFTQt5URWGFQtEQPVGUV,WCP
=EQRLKZ?
EJWDJCCKCFLSWGUGRWGFGRCUCT
HEKNOGPVG
TGC

DJCCMW=UWLRNFGDJCCOW?2GLDJCCMW

COUGGPQLCTP=RTGVDJCCMEQPVDJCMMWFC?

DJCCOCFLGPQLCFQ6KKQOCPIW/KIKCNIW

OCTCCP0KLZMWEJCOLLMIT)KKNJKOLKZ
DJCCOPCIWEJKZDJKQ/KIWGNVTCVCFG
EQPUQNCTCUWJKLQRGTQNPQUGVTCPSWKNK\C
RQTSWGGUVOW[GPQLCFQ[CSWGVKGPGJCODTG
=RNDJCCMEQRLKZ?

DJCCOFCTCCFLSWGUGGPQLCHEKNOGPVG,CZ

MWODCOQQLCRLKZDJCCMFCTCFJKLCVMCO
PQRCNJRLCZZKLCVVFC!%OQGUSWGUG
GPQLCPHEKNOGPVGGUCURGTUQPCUEQPNQRQSWKVQ
SWGNGUFKEGWPQ!=RNDJCCMFCTCEQRLKZ?

DJCCOWXaKGPQLCTUGd,CROQQZDJCPCCIW

,QUGG2CNJRPQKEJLCZZKEJP
LCCZOCFCDJCCPDCDJCCOWd3WDTCXQGU
,QU%QPSWGNGFKICCNIQGPDTQOCUGGPQLC
=UWLRNDJCCMWRTGVDJCCODJCCM
EQPVDJCOOWMFCDJCMMWFC?
RZCODJCMMWCOEQOQSWGSWKGTGP
GPQLCTUG

DJCCPRQURUQDTGGP
NCUWRGTHKEKGFG6QRCC
DJCCPLWOUQPDKCIWMQMQNJ'NEJKNGUG
OCEJCECGPGNOQNECLGVG

DJCD

RQUREQP
CRCTCVQ,KZDJCKEJWITCDCTCC
FJKOITCDCFQQTCPCRLKEJCKDWKFJCPC
DJCCPVWITCDCCTW!)TCDCDKGPVW
ITCDCFQTC!RCTCSWGOGNCRTGUVGURCTCITCDCT
EQPGNNC
RTGRGP
WPCHGEJCFGVGTOKPCFC$JCCP)
6CPQQNJLCLKOKCOWLCM,WMVT8Q[CKTC
5CPVC/CTCGP5GOCPC5CPVC

DJCCPMCO=CRQUFGCOMCO?GPUWNWICT
8CTDJCCPMCOWP

DJCCUQVURGEJQ
RGTUQPCQCPKOCN#ORZ

RWKZLMIWDJCCUQVRCPCCUMWLKZ
EJQQZMQ6GPIQCITWTCU
NKVOKRGEJQGUV
GTWEVCPFQCITKCOGPVGRCTGEGSWGOGGORCEJ
=RNDJCDJCCUQVCRQUDJCCUVQPQ
DJCCUQVICP?8CTDJCCUWV

DJCCVC[CXaKOCTEJKVCTUGUGECTUG
RNCPVC#O
ZKDJCCVC[CIWLWWPPQVLCZFJWWMLWIKQIW
VCMCCPIWVWDWC'NOC\UGUGECRTQPVQUKNC
VW\CUGEQOGNCUTCEGU=UWLRNDJCOVC[CQ
DJCPVC[CRTGVDJCCVCDJCOVC?

DJCCVCCFLOCTEJKVQUGEQ
RNCPVC5KCOTK

DCZDJCCVCCCIWVWCIWKPCKEJOWOOW
KCT!;CGUVUGEQGNGPEKPQSWGVWODCNN!
=RNDJCOVCQDJCPVCEQRLKZ?

DJCC[CXaKEQEGTUG
EQOKFC$JCKRZK

OOFCIWLCCCMWLQQVQODJCC[CIWDJCD
#VK\CGNHWGIQRCTCSWGUGEWG\CPRTQPVQNQU
HTKLQNGU=RTGVDJCKEQPVDJCCLKFJC
RTQITDJCCLKO?
DJCKCFLEQEKFQ
DJCKMCOCFLDKGPEQEKFQ

DJCC[CXaKOCFWTCT
HTWVCt%JCMWKDJCKLKC

FJKVWTCCUPQtLWRMCKEJIW2GGITQ
t%JCMWKFJQ-KCRZDCLKTMQDMQNJLOCP
tLWRMCKEJIW,WCPt6QFCXCPQUG
OCFWTCPNQUFWTC\PQUXGTFCF!tFKLQ2GFTQ
t6QFCXCPQCNIWPQUCRGPCUGUVPOGFKQ
OCFWTQUtTGURQPFK,WCP=RTGVDJCK
RTGUDJEQPVDJFC?
DJCKCFLOCFWTQ
DJCKMCOCFLDKGPOCFWTQ

DJCCOPCIO=RNFGDJCPICO?SWGUQPDTCXQU
=EQRLKZ?

DJCCOPC=RNFGDJCPCC?DTCXQU=EQRLKZ?
DJCDUHTKLQN,CKDKEJWLWICCMUKCDJCDMP
8PICUGCEQOGTCWPSWGUGCUNQVQTVKNNCUEQP
HTKLQNGU
DJCDDPMCOIQTFKVCFGHTKLQN

'&+%+024'.+/+0#4`

DJCDJCKZMNJ

6'2'*70'52#1.

DJCDMKURKFJKZMCOVCEQFGHTKLQN
OCOQKMDJCDUGLQVGU

DJCDJCKZMNJ=RNFGDJCKZMNJ?EQNWOPCU
XGTVGDTCNGU=CRQUDJCDJCKZMNJK?

DJCDJCKMCKEJFJCO=RNFGDJCK

MCKEJFJCO?COKIQU=CRQUDJCDJCK
MCKEJFJCOWPQDJCDJCKMCKEJFJCOICP?

DJCDJCKMCO=RNFGDJCKMCO?COCDNGU
=EQRLKZ?

DJCDJCKOVWPFC=EQPVFGDJCKOVWFC?GUVCT
CJQICPFQ=UWLRNDJCDJCKMVWPFC?

DJCDJCKOWMFC=EQPVFGDJCKOW?GUVCT
CJQICPFQ=UWLRNDJCDJCKMWTFC?

DJCDJCKFJC=EQPVFGDJCKFJC?GUVCT
EQEKPCPFQ8CTDJCKFJKFJC

DJCDJCUCNJ=RNFGDJCUCNJ?OQVCU
FG
CFQTPQ=CRQUDJCDJCUCNJICP?

DJCDJQOMQZ=RNFGDJQOMQZ?VGEJCNQVGU
DJCKUEQNC
CPKOCN,KZKQOLKTVWRWWNJKMIW
DJCKIWOKUVWTCDJQQP.CEQNCFGNICVQ
OQPVUGUOW[EQTVC=RNDJCCDJCK
CRQUDJCK?

DJCKCFLEQEKFQ2CCIKRLKZDJCKFJK

LWPDCCPCRKOVUCCMLKICK!2CNJR
DCRQKZKZ0QGUVEQEKFQGNGNQVGSWGWUVGFGU
OGCUCTQPRWGUPCFCOUGUVEJCOWUECFQ
OCFWTQ
HTWVC$CZDJCKCCIWVWTCCUPW
DJCOOPCRCKVWWV!;CGUVPOCFWTQUNQU
FWTC\PQUGPNCJWGTVC!
=EQRLKZ?8CPUGDJCC[CDJCC[C

DJCK=RTGVFGDJCC[C?UGEQEK
DJCK=RTGVFGDJCC[C?UGOCFWT
DJCKFJCXaVEQEKPCTJCEGTEQOKFC

)COOLVWDJCKFJKFJCCOOKKMKKEJCO
5KGORTGGUVPJCEKGPFQEQOKFCCNNGPGUCECUC
EQEGT
EQOKFC)QQMLCRLKMWCFJCTC
PCMPDJCKFJCIWRCCP6TGOGCNIQFG
NGCRCTCEQEGTGNRCPEQPGNNC
OGVGTCOCFWTCTGPGNJQTPQ
HTWVC2CCR
FWWMLCKRDCVWDJCKFJCIWMCTWWOMWIKQ
DJCKRDCMQKTC!%WPFQXCUCOGVGTC
OCFWTCTGPGNJQTPQOURNVCPQURCTCXGPKTC
EQOGTQVTCXG\!
RKECT
EQPEJKNG$JCKFJCFJQFJKCNJKKIW
MQMQNJPCRICPOKOCCM5KNGFCUEJKNGCN
PKQNGXCCRKECT
=RTGVDJCKEQPVDJCDJCKFJCQ
DJCKFJKFJC?



DJCKFJCCFLSWGUGEWGEGTRKFQ
EQOKFC

,CKLQKFJCOLKZDJCKFJCIWDJCD%JCOOM
LWOCCPCVQVRQMFC#NIWPQUHTKLQNGUUG
EWGEGPOW[TRKFQPQPGEGUKVCPJGTXKTOWEJQ
VKGORQ
SWGOCFWTCTRKFQ
HTWVC,KZDJCKFJCIW
MCTWWOPQZLWWMOKRCKPQDV.QU
RNVCPQUOCFWTCPTRKFQUKGUVECNKGPVKVQGN
NWICTFQPFGGUVPIWCTFCFQU
=EQRLKZ?

DJCKFJCUHTWVC
EQOGUVKDNG6WDC

DJCKFJCFCFJKPCRMWC!,KTOCPUCCPCC
MCTVWTCCUPWCC!3WENCUGFGHTWVCGUGUC
SWGGUVUEQOKGPFQ!'UOCP\CPCQFWTC\PQ!
8CUGKKDJCKFJC

DJCKMCOCFLDKGPEQEKFC
EQOKFC,QKFJCO

LKZKQQDIWKOCKIWZDJCKZDJCKMCO'UOW[
UCDTQUCNCECNCDC\CUKGUVDKGPEQEKFC
DKGPOCFWTC
HTWVC/CCPLCRDJCKZK
EJCCZKFJCKIWRCRCC[CULQKFJCOLKZ
DJCKMCOMCRDJCKPCROWLKOKCPCRCKVWO
ICTC;CSWGXCUCFQPFGUGXGPFGPRCRC[CU
EORTCOGWPCSWGGUVDKGPOCFWTC
=EQRLKZ?8CPUGDJCC[CDJCC[C

DJCKZMNJUEQNWOPCXGTVGDTCN,CZLWOFWW

IWDJCKZMNJPCDCOQQLCRLKZMQM!'CR
ZKEJZKFJKMPRMOKRIKKEJDCM
PCKEJKCOWMCP3WOGRCUGPNC
EQNWOPCXGTVGDTCN!2QTSWOGFWGNG!*C\OG
GNHCXQTFGTGXKUTOGNCETGQSWGOGNCUVKO
EWCPFQOGECCNN=RNDJCDJCKZMNJ
CRQUDJCKZMNJKDJCDJCKZMNJK?
DJCKZMNJKTCOGPUWEQNWOPCXGTVGDTCN
FG
NQFGGNNC

DJCKCFXDKGP0QIKKNJKOLKZLRKEJCO

DJCKVWOMQMUQ5KJCEGOWEJQHTQPQ
FWGTOGDKGP=EQRLKZ?
LKZDJCKMCLKZDJCKMCGUVCTDKGP
IZEJWDJCKGUOW[CORNKQ
TGCJC[
OWEJQGURCEKQ

DJCKCFXJCEKCCE$JCOO)KQVCOLCO

RWRQKRQIWOUCUQK%JCOCCCOPCDJCK
VKLCUCUFC#NNGP.NCPQ)TCPFGUGSWGFCTQP
UWUCPKOCNGU6TCVFGCTTGCTNQUJCEKCCERGTQ
PQSWKUKGTQP
CNN
CTTKDCEGTECt$JCFJCCCCIW
#PUGNOQ!tLWRMCKEJIW,WCPt$JCKFJQ
FCCtLWRMCKEJIW2GGITQt'UV#PUGNOQ
GPUWECUC!tRTGIWPV,WCPt5CNNGUV

'&+%+024'.+/+0#4`



6'2'*70'52#1.

DJCKOMCTUOQTTCNVCNGIC
DQTFCFC

tEQPVGUV2GFTQ
8CUGDJC

DJCKDEJKCXaVTGDCUCTICPCT
CNVWTCQ

FKUVCPEKC5CNJFJQRZLKEJDJCDEJKFJCFJK
,QUGGPQEJEJCOZKOWKZKLKKO2QEQC
RQEQPQUXCCKTTGDCUCPFQ,QUUKPQXCOQU
TGEKQ
XaKFGLCTFGETGEGT,CRLKZDJCKDEJKZFJKO
ICC.WKU6PCLCZLKZWCO%JCODJCKCC
PCRDCLMOKLWCPFJCIV!6WOKNRC[CFGL
FGETGEGT.WKU/KTCGUVCOCTKNNC.CFGDGTCU
JCDGTVTCDCLCFQCPVGU
XaTRCUCTUG
RGTFGTUWUCDQT/QQROKOKCP
PPKFJC,WCPFJKDKKPCEJKEJLCMVWDWC
PCEJCOLWODJCKDEJKCPCIWEJCOMCKQD
MCPQVLWODJCKDKEJ,WCPTGXKUC
EQPVKPWCOGPVGGNLWIQCIWCFQFGNOCIWG[SWG
XQNXGTGOQUCJGTXKTRCTCSWGPQJKGTXC
FGOCUKCFQ
NKVSWGPQUGRCUGEWCPFQGORKGEGC
UCNKTGNOG\ECNRQTSWGUKPQRGTFGTUWUCDQT
=RTGVGKORGTDJCKDKEJRWPVDJCKDEJM?

DJCKDEJWFCXaKEQOGT
FGOCUKCFQ:K

RKEJEJKOQQDJCKDEJWFCPCRKEJVWLWWPC
RKEJDCVQQZMQ2CTGEGSWGEQOKUVG
FGOCUKCFQRQTGUQVGGORCEJCUVG
RCUCT
GNVKGORQCFGEWCFQFGTGCTCTNCOKNRC
/KRLWRDCLWCFJCFJKOICC.WKU/KFJQ
RZRWWCONJKCPQROKRWDJCKDEJWFKO
&GDGUVTCDCLCTVWOKNRC.WKU5GXCCOCTEJKVCT
UKNCFGLCUOWEJQ
NKVUKFGLCURCUCTOWEJQ
VKGORQUKPTGCTCTNC
=RTGVDJCKDEJWFCQDJCKDKEJ?

DJCKFJTCFXFGCNN
CTTKDCEGTEC2CCRKEJ

FTDJCDJKEJFJKMCDCKPCRCPCCULKZDCDCC
DJCKFJTDZICK!2QTFPFGJKEKUVGRCUCTC
GUGECDCNNQ!.CEWGUVC
NKVNCDCLCFCFGCNNGUV
OW[GORKPCFC

DJCKMCKEJFJCOUCOKIQCOKIC#CLCRPK

VKMCKEJVLKDJCKMCKEJFJCOPQREJCO
VWLCZDWCFCIVPCRLKLKKMC;QSWKUKGTC
SWGOGEQTVGUGNRGNQOKCOKIQUKPQVKGPGU
PCFCOUSWGJCEGT=RNDJCDJCKMCKEJFJCO
CRQUDJCKMCKEJFJCOWPQDJCK
MCKEJFJCOICPDJCDJCKMCKEJFJCOWPQ
DJCDJCKMCKEJFJCOICP?

DJCKMCOCFLDWGPCIGPVGCOCDNG,QKFJCOLKT
LKZDJCKMCOIW5CCPVWU)COOLLKZDJCKVW
CICFC5CPVQUGUOW[DWGPCIGPVGRWGU
UKGORTGJCDNCCOCDNGOGPVG=RNDJCDJCKMCO
EQRLKZ?

DJCOOPK

$JCKOMCTLWOCCPQOCCPVCVVPC
DCOKEJWICCOVWPFCPQKEJRCKDCLKK
0GEGUKVQWPOQTTCNDQTFCFQUKOGXKUVQFG
OCPVCRCTCNNGXCTWPCUEQUKNNCUCNNEWCPFQ
UCNIC=RNDJCCDJCKOMCT?
VQQODJCKOMCTUEQUVCN

DJCKOVWFCXaVCJQICTCUHKZKCT
EQPCIWC

2CNJRLCRRZOWKRLKKEJWPFCFJK
OCTCCZIWUWWFCKPCDCEJCODJCKOVWFC
&CNGFGVQOCTCIWCCOKJKLCRQEQCRQEQRCTC
SWGPQNCCJQIWGU=EQORNRNDJCKMVWFC
RTGVDJCKOVWFCDJCKMVWFC
EQPVDJCDJCKOVWPFCDJCDJCKMVWPFC?

DJCKOWXaKCJQICTUGCUHKZKCTUG
EQPCIWC

/CCPPCLCZDJCKOWPQICPOWLWTWM
UWWFCKEJTPQEJCOOCCVVVIPU/G
CJQIQUKOGOGVQCNCIWC[PQUPCFCT
=UWLRNDJCKMWRTGVDJCKKODJCKKM
EQPVDJCDJCKOWMFCDJCDJCKMWTFC?
8CTDJCKOQ

DJCKUOG\ECNCITKQ
NQSWGUCNGCNVGTOKPCTFG
FGUVKNCTGNOCIWG[5KPPMWWICP

DJCLCMCFXRQTCSW
DCLQ/CKDWCRKO

FJKVCPCCTC$JCLCMDWCOVWKK6KTGPGUVC
DCUWTCRWGUUGXGHGQRQTCSW
JCEKCCE
FKTGEEKPIGPGTCN/KKLCMLCRZK
DQKZKFJCFJKUWWFCK)KKNJKODJCLCMOT
PCRCKFJCC*CICEQTTGTGNCIWCJCEKCCNN
RWGUEQTTGJCEKCCEFQPFGGUVQ[UGPVCFQ
CCDJCLCMRXGPIQCXKUKVCT
NKV[QRQT
CSWFGPWGXQ

DJCLCRCFXRQTCNN
CNVQ6WEJKDCICPIC
FJKCDKQPPCDCVCMCCDFTDJCLCRDCQKT!
3WGUVCTDWUECPFQGUGCXKPSWGCPFCRQT
CSWFGUFGC[GT!

DJCMMWFC=EQPVFGDJCCMW?GUVCTGPQLPFQUG
DJCOOCZUVCOCNEGTGOQPKCN)WCDWKNDZ
EJWMCCVWVWWVCPCIWVWDJCOOCZEJCPC
IWMCDWKOWMLKLWTPKFJCIWZKQVCNJ/K
CDWGNCXCCOQNGTVQFCNCPQEJGRQTSWGXCC
JCEGTVCOCNGUEGTGOQPKCNGURCTCNNGXCTCNOKVQVG
OCCPCSWGGUGNNVKOQFC

DJCOOCFXCNN
CTTKDCNGLQU#NJKEJLCR

DJKTC.QQNCIWOCVCKDJCOOFTIDCM
EJTPCMCCV.QNCRQTHCXQTVTCGECNFGNCSWG
GUVCNNGPNCECUCITCPFG8CTDJCOOW

DJCOOPKCFXCNN
CTTKDCNGLQURTGEKUCOGPVG

$JCOOPK-WCTTWNJKMCPKFJCVKIWLWNJKKM

'&+%+024'.+/+0#4`

DJCOOPKFJTLCR

6'2'*70'52#1.

PCMC[QQVCKFJCV#NNGP.QU.KTKQUXKSWG
GUVCDCHNQTGCPFQNCDC[WUCFGWPOCIWG[

DJCOOPKFJTLCRCFXRQTCNN
CTTKDCNGLQU
RTGEKUCOGPVG$JCOOPKFJTLCRLCRZK
DKCTCFJKDCCMPCRCKLQKFJCOLKZZCKK
#RCEGPVCNCXCECRQTCNNFQPFGJC[OWEJQ
RCUVQ

DJCOORCKCFXRQTCNN
CTTKDCNGLQU

KPFGHKPKFQ)CKMMCVDJCOORCKEJPKIW
,QU,QUGUVWPRQEQCICEJCFQ[XKGPFQRCTC
CNN

DJCOOWMFC=EQPVFGDJCCOW?GUVCT
GPQLPFQUG

DJCPUEQ[QVG,KLWIKKIWDJCPIWCNJKEJ

LKZCDJCCTLKMCTDCZK'NEQ[QVGUGEQOKOK
ECDTKVQDQPKVQ=RNDJCCDJCP?



SWGDTCFQOKEQOCN2TQDCDNGOGPVGGNICVQNQ
JK\QECGTFGCNNFQPFGNQJCDCRWGUVQ
8CTDJCKK

DJCUCNJUOQVC
FGJKNQRCTCCFQTPCTDQNUCU

DQTFCFCUQVGLKFCU,QKFJCOVWOFJKOCTRWWU
,KZCDJCTIWDJCDJCUCNJICP,CTQQO
ICNJK!'UVOW[DQPKVQVWOQTTCNRWGUVKGPG
OQVCUDQPKVCU3WKPVGNQXGPFK!
=RNDJCDJCUCNJCRQUDJCUCNJICP
DJCDJCUCNJICP?

DJC[CXaVVTCICTVQOCT
UNKFQ/CCPLCR

OWKZKDJC[CIWOQMQMDJCKIOPQZ
MQMIWOOQ5KVGFWGNGNCECDG\CVOCVGWP
TGOGFKQRCTCGNFQNQTFGECDG\C=RTGVDJCC
RTQITDJCCKOEQPVDJCFCQDJCCKFJC
RTGXDJCLK?

DJGUGGTUDGEGTTQ)QTDKLCMWWRFJK

DJGOUGTMWVVWDCLCOCKIWFWWM6PCIW
DJCKDCVTPKO;CGPEKGTTGPNQUDGEGTTQU
RQTSWGNGUXCCCICTTCTGNCIWC0QQ[GPSWG[C
GUVVTQPCPFQ!=RNDJGOUGT?

DJCPCCCFLDTCXQHGTQ\,CZDCFWWMCVEJK

LCROQQLQKFJCOEJCODJCCOPCCOLCKIW
IQPIQZ!%OQGUSWGCNIWPQURGTTQUPQUQP
DTCXQU!=RNDJCCOPCEQRLKZ?

DJCPICOCFLDTCXQKPFOKVQ,CROQQ

IKKNJKOLKTLKZDJCOPCIOCOLKCIWIQPIQZ
DJCKMCOFJKMKKEJCO!8GTFCFSWGUQPOW[
DTCXQUNQURGTTQUFGCSWGNNCECUC!
=RNDJCCOPCIOEQRLKZ?8CTDJCPIO

DJCCCUIWKNCTGCN,KZKQOLKTIIW

DJCCCEJCOVWRWKPCIWWKKO'NIWKNC
TGCNGUOUITCPFGSWGGNIWKNCTCVQPGTC

DJ=RTGUFGDJCC[C?UGOCFWTC
DJFC=EQPVFGDJCC[C?GUVCTOCFWTCPFQ
DJKCXaVUCECT
FGNCIWC/CKMLCEJVW

DJKCRWIWDQRVQROWCMMP8COQUCUCECT
RGEGUCNNGPGNTQ
SWKVCT
FGNHWGIQ$CDJKCCRIWOCVCKOCP
PQVDCDQR3WKVCGNPKZVCOCNFGNHWGIQ
EWCPFQ[CGUVEQEKFQ
=EQORNRNDJKDJKCRTGV[RTGUDJKC?
EJWDJKCOWMCFLSWGUCDGUCECT
FG
FQPFGGUVOGVKFQ

DJKCXaVVTQRG\CTRQPGTWPC\CPECFKNNC0CV


DJCKKO=RTGVFGDJCKOW?UGCJQI

RCKZKDJKCMPCVDCCORZKCT0QNQRWFQ
VWODCTJCUVCSWGNGRWUQWPC\CPECFKNNC
XaTVTQRG\CTUG,WODJKCMLCRKEJLCMFT
OKRWIK%JCOCCRVEJQ!6GVTQRG\CUVG[
VGECUVGFGGURCNFCU0QVGCEWGTFCU!
=RTGVDJKCEQPVDJKDJKCFCRTQITDJKDJKKLKO?
EJWDJKCOWMCFLSWGUCDGRQPGTNC
\CPECFKNNC

DJCOVC[C=UWLRNFGDJCCVC[C?UG

DJKDJKK=RNFGDJKK?EQOKFCU
DJKDJKKFJC=EQORNRNFGDJKKFJC?UCETUGNQU

=UWLRNDJCKKM?

OCTEJKVCTP=RTGVDJCOVC?8CTDJCPVC[C

DJCOVC=RNFGDJCCVC?OCTEJKVQU=EQRLKZ?
8CTDJCPVC

DJCKCFXCNN
CTTKDCEGTECRTGEKUCOGPVG/K
RZLCKMKZIWMQOCCNJ+CTDCMIWOKKEJW
VWMCCPCKEJDJCKFJTMCMUCM'UV

=RTGVDJKDJKK?

DJKDJKKLKO=RTQITFGDJKC?NGGUVGEJCPFQ
\CPECFKNNC

DJKDJKKMEJTFC=EQPVFGDJKKMEJKC?UGGUV
CJQTECPFQ

'&+%+024'.+/+0#4`



6'2'*70'52#1.

DJKDJKKMEJWP=RTGUFGDJKKMEJWFC?NQCJQTEC
DJKDJKKFJC=EQPVFGDJKKFJC?GUVCT
UKTXKGPFQ

DJKDJKDCM=RNFGDJKDCM?ECUCUFGCFQDG
8CTDJKDJKKDCM

DJKDJKDCMEJCFCO=RNFGDJKDCMEJCFCO?
CNDCKNGU8CTDJKDJKKDCMEJCFCO

DJKDJKUCR=RTGUFGDJKURC?NQRGIC
DJKDJKURCKOM=EQRTGVFGDJKURC?NQGUVCDC
RGICPFQ

DJKFJCCUXCUKLCFGDCTTQ
ETWFC%JCROK

LCRDWCOLWODWCFC/KMKULCRKEJIW
DJKFJCCPCOKVM0QCPFGULWICPFQRQT
CNN0QXC[CUCRKUCTOKEQOCNETWFQSWGRWUG
CNN5KPPFTDKEJ

DJKFJCCCFLSWGJC[OWEJQDCTTQ/CCPPC

LCZNJKCRCKPQZEJWFCPRKMPQZDJKFJCC
.WGIQOGECKIQFQPFGJC[OWEJQDCTTQRQTSWG
GUTGUDCNQUQ=EQRLKZ?8CUGDJK

DJKFJK=RTGUFGDJKKC?FCXWGNVC
DJKKUEQOKFC
UGTXKFC/CCPRWRDJCKZK

DJKFJKVOMCNJMWMPLWIKQMCFJK
DJKK6TGOGQVTCVQTVKNNCOURCTCCECDCTOGOK
EQOKFC=RNDJKDJKKCRQUDJKK?

DJKKDICXaVGPTQNNCT
JKNQUQICQCNCODTG

$JKKDICRKOFJKLKKN,CZIKMWDCOKRZ
LCRIKQRRC!'PTQNNGPGNJKNQ2QTSWNQ
FGLCPVKTCFQRQTCNNGPGNUWGNQ!
VCRCT
EQPVGNCQRNUVKEQ0CDCRLWTPMLC
DJKRRKIWNKEJWLKIWWDKKUCRPCODC
EJCOIRWMC%CFCVCTFGNCOWLGTVCRCNQU
RLCTQUEJKSWKVQURCTCSWGPQUGOWGTCPFGHTQ
=EQORNRNDJKRRKICRTGVDJKKDDJKRRK
RTGUDJKKDKDJKRRK?

DJKKDJKUCR=RNFGDJKUCR?GUVCTRGICFQU
DJKKDJKURKQMC=EQORNRNFGDJKURKQMC?
FGURGICTNQU=RTGVDJKKDJKURKQ
RTGUDJKKDJKURKQM?

DJKKEJUGZETGOGPVQGUVKTEQN)WPCPMCONJ

LCDJKKEJMPLKZDJCKODWCIWLWWPRCKPC
LCZEJCOLQK'NGZETGOGPVQFGNQU
OWTEKNCIQUUGWUCEQOQHGTVKNK\CPVGGPNWICTGU
FQPFGPQETGEGDKGPGNOC\
=CRQUDJKKEJCP?
LKZDJKKEJGUVQZKFCFQ

DJKKFJCXaDUGTXKT
EQOKFCCQVTCRGTUQPC

#NJKEJLCRDJCKZKDJKKFJCFJKDJCD

DJKKUCROC

*C\OGGNHCXQTFGUGTXKTOGCNIWPQUHTKLQNGU
=RTGVDJKKEQPVDJKDJKKFJC?
DJKKFJCXaDUCECT
FGNCIWCRCTCQVTCRGTUQPC

/CCPLCRUCRDJKKFJCIWCDWKNIWUCOKKPC
IWEJCOOCCVPCLCZFJWKDJKCIWFNJPC
IWZEJWWMIWUWWFCK&KEGOKCDWGNCSWGNG
UCSWGWPECOCTPRWGUPQRWGFGJCEGTNQUQNC
RQTSWGGUVJQPFQ=EQORNRNDJKDJKKFJC
RTGVDJKKDJKDJKK?

DJKKMCTUEWEJCTC$JCDJKOCCPIW

DJKKMCTPCMPVWLWIKC%JCOLKTCOIW
RWK6TGOGWPCEWEJCTCRCTCEQOGTRWGUPQ
RWGFQEQOGTUKPEWEJCTC=RNDJKOMCT?

DJKKMEJKCXaKCJQTECTUG$JWUCCNJLCRZK

OCCMCKFJKMCDCKPCRRCKFJWWMDWNJKCPC
DCEJCODJKKMEJKC#OCTTCCGUVGECDCNNQEQP
WPPWFQRCTCSWGPQUGCJQTSWG=RTGVDJKKMKEJ
QDJKKMEJEQPVDJKDJKKMEJTFC
RWPVDJKKMEJM?

DJKKMEJWFCXaVCJQTECT2WKIKPCEJ

DJKKMEJWFCVTDKMPFJKVQQZMQNJPCIW
EJCOLCTQKOIWPIWZKPCUZKC5KPCFKGUG
CVTGXGCOCVCTCNOCTTCPQEQPWPEWEJKNNQ
GPVQPEGUXCOQUCCJQTECTNQEQPWPCUQIC
=RTGVDJKKMEJWFCRTGUDJKDJKKMEJWP?

DJKKQNJFJCXaDC[WFCTCECTICT6W

WOWCFJCCRPCOLWODJKKQNJFJCIW
LWWPPCRIWEJCOLZMCVVWDJKKQTCCCR
FNJ.GURKFGUSWGVGC[WFGPCECTICTGNOC\
RQTSWGPQNQXCUCRQFGTECTICTVUQNQ
=RTGVDJKKQNJEQPVDJKOQNJKFJC?

DJKKQTUECTIC
NNGXCFCGPCPKOCNQGPXGJEWNQ

$JCKZKUKKUCRPCEJCOICKIZKCFJKDJKKQT
&GVPGUVCECTICRCTCSWGPQUGXC[CFGNCFQ
=RNDJKKOQTCRQUDJKKQTICP?

DJKKQTCXaVECTICT
GPCPKOCNQGPXGJEWNQ

,KEJCKDWKFJCCRIWOVTQQMCPCDJCCP
VWDJKKQTOTCIWLWWP2TUVCOGVW
ECOKQPGVCRCTCKTCNNGXCTOC\
=EQPVDJKKQTFCRTGVDJKK?
DJKKQTKMCNNGXCT
ECTICFQGPCPKOCNQGP
XGJEWNQ

DJKKUCRXaGGUVCTCRTGVCFQ
EKPEJCGUVCTHCLCFQ
%JCODJCKDJKKUCRFJKOCCEJW#ORZLQK
IWZKKTWP'UVCOWNCPQGUVDKGPHCLCFC
RQTSWGNCUKNNCUGOWGXG

DJKKUCROCCFLSWGVKGPGWPCTC[CCPEJC

CPKOCN2CCRKEJUCDCNJFJKOKUVWK!
,QKFJCOLKZDKKUCROC&PFGEQORTCUVGGUG

'&+%+024'.+/+0#4`

DJKKKIKC

6'2'*70'52#1.

ICVQ!6KGPGWPCTC[CCPEJCOW[DQPKVC
=RNDJKPUCROCEQRLKZ?

DJKKKIKC=UWLRNFGDJKKC?2GL

DJKKKIKCCOFCTPXWGNVC=RTGVDJKKDJK?

DJKQCFLSWGVKGPGJCODTG,KZDJKQCRCC

MWEJZKEJWLWICCLKOKFJTKUVCDTCP!6KGPGU
JCODTG!8COQUCEQOGTCNNGPGNTGUVCWTCPVG
=EQRLKZ?

DJKQOW=UKPPFGWCOC?RCUCTJCODTG
DJKRRKIC=EQORNRNFGDJKKDIC?GPTQNNCTNQU
=RTGVDJKRRKRTGUDJKRRK?

DJKRRKQMCXaVFGUGPTGFCTFGUCVCT

$JKRRKQMCCRIWPKOCCEJWIWEJKDJKKDK
LKLCZLKPCDCOQQOKRZRWMM!
&GUGPTGFCGNOCEJQCNQOGLQTGUVCVQTCFQ1
RQTSWGUVRCTCFQCNN!=RTGVDJKRRKQ
RTGUDJKRRKQM?8CTDJKRRWMC

DJKRRKQMFJCXaDFGUGPTGFCTFGUCVCT
RCTC

QVTCRGTUQPCQCPKOCN$JKRRKQMFJCCRFJK
DJWTWZIWVTDK)KKNJKODJCDJKRRK
VQQVPCTCO&GUGPTGFCNCUQICFGNDWTTQRWGUNC
VKGPGDKGPGPTGFCFCGPUWURCVCU
=RTGVDJKRRKQMKRTGUDJKRRKQM?

DJKURCXaVCRTGVCTHCLCT
EQPWPCEKPEJC

%JCODJCKDJKULCKEJFJKDJWTWZ#ORZ
LQKIWZKKTWP0QCRTGVDKGPNCEKPEJCFGN
DWTTQRWGUNCUKNNCUGOWGXG=RTGVDJKU
RTGUDJKPUCR?

DJKZEJMKCXaKGUVQTPWFCT$CLKCKDCMIW

UQOCKIKFJKCNJKK6PCRZCODCDJKZEJM
2CTGEGSWGRGUEWPECVCTTQGUVGPKQHLGUG
EQOQGUVQTPWFC=RTGVDJKZEJM
RTGUDJKZEJM?

DJKOMCT=RNFGDJKKMCT?EWEJCTCU
DJKOQNJKFJC=EQPVFGDJKKQNJFJC?
GUVCTC[WFCPFQCECTICT

DJKPUCR=RTGUFGDJKURC?NQCRTKGVC
DJKPUCROC=RNFGDJKKUCROC?SWGVKGPGP
TC[CUCPEJCU=EQRLKZ?

DJKUDCTTQ)WDJKLKTCOPCLWRVW

FWKCIWLCLCIKQIWLCLQQZKCRKCOIW
FWFWKMCTICOIWMWMOCNJ'NDCTTQGUDWGPQ
RCTCJCEGTQNNCURNCVQURKRCU[JCUVCEQOCNGU
DJKFJCCCFLSWGJC[OWEJQDCTTQ

DJKDCMUECUC
FGCFQDGNCFTKNNQQRKGFTC

,MLCRMPLWRLKFJWKFJCOCCPIW
DJKDCMPCTFCKCFQQDKUMC!'PEWPVQOG
JCEGUWPCECUCFGRWTQCFQDG!=RNDJKDJKDCM



QDJKDJKKDCMCRQUDJKDCMICP
DJKDJKDCMICP?8CUGDCCCM

DJKDCMEJCFCOUCNDCKN#CRCCEJCOLKT
DJKDCMEJCFCOPCROCCPLKMZFJCIW
DJKDCM!7UVGFPQGUCNDCKN!RCTCSWGOG
JCICWPCECUCFGOCVGTKCN
=RNDJKDJKDCMEJCFCOQ
DJKDJKKDCMEJCFCO?

DJKLCCCUQNNCFGDCTTQ/WKOKLCDKCIW

DJKLCLCIWCCPPCIWFNJLKZOCCVV
LWRLCDWC/KOCOVKGPGOWEJCUQNNCUFG
DCTTQRQTSWGGNNCUCDGJCEGTNCU=RNDJKLCLC?

DJKLQQZKCURNCVQFGDCTTQ0QLKTFW

DKCMCOOQQOCCPCDCVWEJKKCDR
FTIWDJKLCLQQZKCPCDCOKVWLC
DJKKFJCIWLCVMCOPCRCKFJWWMDC
RCVCCUC5KUQ[OC[QTFQOQFGWPCHKGUVC
PGEGUKVQOCPFCTCJCEGTEQPCPVKEKRCEKPNQU
RNCVQUFGDCTTQRCTCUGTXKTNCEQOKFCCNCIGPVG
EWCPFQGPVTGIWGGNECTIQCQVTQ=RNDJK
LCLQQZKC?

DJKKCXaKKT
CFQPFG[CPQUGXG

%JCMWKRFCFQQEJQFCFJKZKKICP
$JCOOPKPCMCZKDJKKCPCRDCDC
FQQEJQ0QUWGNVGUCNECEJQTTQJCUVCSWG[Q
XC[CCFQPFG[CPQOGXGC
FCTXWGNVC$ZLCRLCDJKKCFJKDCDJCM
MWUDWKIWVCVPQUCNJPCRDCEJCOMC
[COWMMC&CCNIWPCUXWGNVCUCNTGFGFQTFG
GUVCUECUCUECTICPFQNCURKGFTCUFGNEQOCNRCTC
SWG[CPQVGQTKPGUGPVWEQDKLC
=UWLRNDJKKKIKCRTGVDJKDJKKDJK
RTGUDJKFJKEQPVDJKDJKTFC
DJKDJKKTFC?8CTDJKOKC

DJKUCRXaGGUVCTRGICFQ
EQPRGICOGPVQ%JCO
DJCKDJKUCRFJKCVQZMQTCORZLQK'UVC
UKNNCPQGUVDKGPRGICFCRQTGUQUGOWGXG
=RNDJKKDJKUCR?

DJKURCXaVCFJGTKTRGICT
EQPRGICOGPVQ

2CTDCPEJKOKZKDJKURCMLCRKEJMWVDCIKQ
DJCKRLKODJKURKQ2CTGEGSWGPQNQRGICUVG
DKGPRQTGUQUGFGURGIQVTCXG\=RTGVDJKKKU
RTGUDJKDJKUCREQRTGVDJKDJKURCKOM?
EJWDJKURCTCCFLRGICLQUQ

DJKURKQMCXaVFGURGICT#C[CVK

DJKURKQMFJKCKNQ6CMLKZMCDMCOOCO
DJKKKUPCLCZPCPUCRMCV#SWGUVQ[
FGURGICPFQOKRNUVKEQRWGUUGRGIRQTJCDGT
GUVCFQFQDNCFQ
XaTFGURGICTUG$JCKDCODJKURKQMCKO

'&+%+024'.+/+0#4`



6'2'*70'52#1.

[CPKFJKTLCRFJKMKEJCCT%JKOQQCO
RCNJRDCIKQOKEJPCVDJCCPZKFJWWP;CUG
GUVFGURGICPFQFGCSWOKIWKVCTTCETGQSWGUG
JWOGFGEKEWCPFQNGEC[NNWXKC
=UWLQEQORNRNDJKKDJKURKQMCRTGVDJKURKQ
DJKKDJKURKQRTGUDJKURKQMDJKKDJKURKQM?

DJDJKEJWPFC=EQPVFGDJKEJFJC?GUVCT
JCEKGPFQRCUCT

DJDJKFJC=EQPVFGDJKFJC?GUVCT
NNGXCPFQGUVCTVTC[GPFQ

DJDJVVMFC=EQPVFGDJKMC?GUVCTNNGXCPFQ
8CTDJDJPVMFC

DJDJVVMK=RTGUFGDJKZFJC?UGNQNNGXCUG
NQVTCG

DJDJPVMFC=EQPVFGDJKMC?GUVCTNNGXCPFQ
8CTDJDJVVMFC

DJK=RTGVFGDJ[C?NQCFSWKTK
DJK=RTGVFGDJ[C?RCU

DJKEJFJCXaVJCEGTRCUCT
EQORNCPKO

2CCEJLCMDJKEJFJCFJKMCDCK!0CIW
IKKNJKOLKZDCDCCDJCKFJKDZICK2QT
FPFGXCOQUCJCEGTRCUCTCNECDCNNQ!2WGUVQFC
NCNCFGTCGUVOW[KPENKPCFC
XaVCDTKT
RCUQ,CRLCMZKDJKEJFJCOT
IWCRCCEJKPCDCOWLCMONJKCIWUWWFCK
PQVDJCKLKFJWWP8GCCDTKTGNECPCNJCEKC
CNNRCTCSWGEQTTCGNCIWCRCTCCNNEWCPFQ
GORKGEGCNNQXGT
XaKEWORNKTNNGXCT
VKGORQ)QQMOCUCCP
OQQDCLKDJKEJIWZKMWPCZMCQQM/K
JGTOCPQOGPQT[CNNGXCFQUOGUGUGPHGTOQ
=RTGVDJKEJEQPVDJDJKEJWPFC?
DQKDJKEJFJCVTCKEKQPCT
NKVNNGXCTRQTGN
ECOKPQ

DJKFJCXaDNNGXCTVTCGT
CQVTCRGTUQPC

$JCKRDCDJKFJCIWZCWC+CORZDCZ
MQQZKOK6TGOGOKEQDKLCRWGU[COGGUV
FCPFQUWGQ
FCT
NQSWGWPQRKFG/WKRUCRZKDJKFJC
IWCNJKKIWVWPCOVCCP&CNGCNPKQNQSWGVG
GUVRKFKGPFQ
=EQORNRNWKFJCRTGVDJKWK
RTGUWCVWNJKEQPVDJDJKFJC
WKKFJCVTCUNDJKFJKMCWKFJKMC?
EJDJKFJCCFLKPVGNKIGPVGSWGCRTGPFG
HEKNOGPVG

DJKFJCCFLHEKNOGPVGNGCHGEVC
GPHGTOGFCF

d,CROQQZDJKFJCIWZLRFJKEJKQ6W

DJ[C

PCDC!d#OKJKLQHEKNOGPVGNGCHGEVCGNHTQ
NWGIQUGGPHGTOC5CDGRQTSW!=EQRLKZ?

DJKMCXaVNNGXCTVTCGT2CCRLCMLKO!,K

DJKMCCRPQR$QQFCOVCOLCMLKO!8CUC
/G\SWKVCN!/GNNGXCURQTHCXQT!
=EQORNRNWKMCRTGUWCKORGT[RWPVDJM
WWWMEQRTGVDJLKOMWKOM
EQPVDJDJVVMFCQDJDJPVMFCWVMFC
RTQRDJKTCWCTC?8CUGDJ[C
DJKOHWGCVTCGTNQ
WKKOHWGCVTCGTNQU

DJKZCFLITCXG
FGGPHGTOGFCF,KZDJKZLKDC
IWFJKLCOCNJKKEJWM%JCOVWMCFWFWCT
UKCRKODJCOORCKVKDCWCKOPCPDCVVT
'UVDKGPITCXGVWJKLQ[CPQXKXKTCWPSWGNQ
NNGXGPEQPNQUOGUVK\QU=EQRLKZ?8CUGZK
DJ[C

DJKZFJCXaDNNGXCT
CNIQFGQVTCRGTUQPCUKP

CXKUCTNG,CTQQWKZFJCMIWZWWUCMPCDC
OKRZEJCOVWLCKEJPCRCKMCWCMCV!
3WKPUGNNGXOKUJWCTCEJGU!2QTSWPQ
GUVPCNNFQPFG[QNQUVGPC!
=EQORNRNWKZFJCRTGUDJDJVVMK
VTCUNDJKZFJKMCWKZFJKMCRWPVDJKZFJCM
WKZFJCM?

DJLKOM=EQRTGVFGDJKMC?NQGUVCDCNNGXCPFQ
NQGUVCDCVTC[GPFQ

DJM=KORGTFGDJKMC?NNXCNQVTGNQ
DJM=RWPVFGDJKMC?NNGXPFQNQVTC[PFQNQ
DJ[CXaVCFSWKTKTQDVGPGTEQPUGIWKT

2CCRLWRDJ[CIWVWWOKPCRMPLK
COMKFJCUKCMWKEJLWOVCKDWK!&PFG
XCUCEQPUGIWKTGNFKPGTQRCTCSWGOGRCIWGUUK
VGNQRTGUVQ!
EQUGEJCT
GZEGRVQOC\0QEJKEJDCVDJK
IWDJCDOKFJTLWOCCPFCPCEJVIDKC
PCDCOMCKRICPCDCRMDCVWLKFJQQTC
&GURWUFGEQUGEJCTGNHTKLQNNQCOQPVQPCOQU[
NQFGUGPXCKPCOQURGIPFQNGRCTCSWGSWGFG
NKUVQRCTCEQEGTNQ
ECUCTUG
JQODTGNKVEQPUGIWKTOWLGT
,QKFJCOVWOVPKFJKWDKK/QQEJK
DJ[C'UCOWLGTRCTGEGOW[CITCFCDNG/G
IWUVCTCECUCTOGEQPGNNC
=EQORNRNW[CRTGVDJKWKEQPVDJFC
WFCRTGXDJLKWLKEQRTGVDJFCVWFCV?
DJKMCXaVNNGXCTVTCGT

DJ[CXaKRCUCT
RQTWPNWICT;CLCRUCR

DJ[CIWZKKZMCDWKOWMPCZKOPCOMKFJCK

'&+%+024'.+/+0#4`

DJ[C

6'2'*70'52#1.

PCLMRWKOWCVWP&KEGOKJGTOCPQSWGXC
CRCUCTRQTCSWOCCPCRCTCRCICTVGNQSWGVG
FGDG
RCUCT
VKGORQ&JQFJKLWOCKUKOCCPPC
OWKLKODJ[CPCDCDCVDJ[CIW
VCUQQNJPCIWZKDOCCMCOLCMDCT
LKOFCO2WGUPQXQ[CEQTVCTGNVNC\QNGJCUVCNC
UGOCPCSWGGPVTCRQTSWGJQTCVGPIQUCNKFCC
QVTCRCTVG
ICPCT
TGIKQPCNKUOQKT
CEKGTVQNWICT
#CRKOEJCOPKIWWDKKPCVRCKLCMDJK!
7UVGFGUPQXKGTQPCFPFGICPOKOWLGT!
=RTGVDJKRTQITDJLKO?
DJ[CXaKTGOCT
DCTEQ%JCOMCLKOO

IWMCPWWDPCEJVKEJDJ'NDCTEQ[CPQ
CXCP\CCWPSWGGUVCOQUVTCVCPFQFGTGOCT
EJCRQVGCTHNQVCT
VTCVCPFQFGPCFCT6KRDCC
KEJOLUWWFCKEJTIWLKPCIWDJCKZK
EJDJLKOPCKEJDCUKCOTK[COOFTDC
VU;COGTQOGJWPFCGPGNCIWCRGTQNQIT
CNECP\CTNCQTKNNCHNQVCPFQ
=RTGUDJEQPVDJLKFJC?

DJLCFXCNN
CTTKDCCRGTVWTCTGUVTKPIKFC

$JLLKDCCIWDJQOMQZPCRCKFFJKVWC
'NVGEJCNQVGUGOGVKCNNFQPFGGUVJWGEQGUG
GPEKPQ
RCTCCE
NWICTFGFKHEKNCEEGUQ$JLOVLK
FJWWVCMCCDIWOLCCFW%JCORCKCLP
COCC[C!#[GTXKPKGTQPRCTCCEVWU
RCTKGPVGU0QJCPNNGICFQCSWEQPVKIQ!

DJQOVK[C=RNFGDJQVGG[C?DQVGNNCU
DJWKO[CZ=RNFGDJWW[CZ?DWG[GU
DJWTWZUDWTTQ/WKCCPCLCDKCMCIW
DJWOTWZPCDCEJCOZKLCKMCPQEJVWZ
EJWDJKKQTCOOCCPLKOFCO5GPGEGUKVC
VGPGTOWEJQUDWTTQURCTCSWGPQUGCFKHEKN
ECTICTXCTKQUDWNVQUGPWPUQNQXKCLG
=RNDJWOTWZCRQUDJWTWZK
DJWOTWZK?8CTDJWTTW

DJWUCCNJOCMKCXaVCOCTTCTEQPWPPWFQ

RCTCSWGPQUGTGEQTTCNCUQIC+KMWOQQ
DJWUCCNJOCMKCFJKDJWTWZPCDCEJCO
DJKKMEJKC8Q[CCOCTTCTGUVGDWTTQEQPWP
PWFQRCTCSWGPQUGTGEQTTCNCUQIC[UG
CJQTSWG=RTGVDJWUCCNJOCC?

DJWWVURCP\C#OLKZMQMIWDJWWV%JKPC

KEJZKIVWLWW/GFWGNGWPRQEQNCRCP\C
3WK\EQOFGOCUKCFQ=CRQUDJWWVCP?

DJWW[CZUDWG[0COOICOOLLCMRZ

MWWLKOOCCPIWDJWW[CZPCOWFTDJC
VUFKOVCK,CZPCTVWOFCMCDCIWTLK
MNJKKICP!%WCPFQ[QXGPCUWDKGPFQUGQC
DTCOCTWPDWG[0QUEWNUGT#NQOGLQTUGT
GNFGOKVQ=RNDJWKO[CZ?

DJWOTWZ=RNFGDJWTWZ?DWTTQU
=CRQUDJWOTWZK?

%J

DJLRZCFXRQTCJ
CTTKDCNWICTFGFKHEKN

CEEGUQ$CUVCMCCDDJLRZVKPCVVOIW
CDKQP$QQLK$KDKC#PVGC[GTUGQ[SWGDCL
WPCXKPRQTCJEGTECFG%KPGICFGN1UQ

DJQQVKUNCVC
OGVNKEC$JCDJKIWK

DJQQVKPCICOCLCMFCCPCMPK[CIW
UWWFCK6TGOGGUCNCVCSWGGUVCNNRCTC
VQOCTCIWCGPGNNC=RNDJQOVKQDJQQVKU?

DJQVGG[CUDQVGNNC/CCPDJCDJKIW

DJQVGG[CPCDJCCPVWCCIWDKKO6TGOG
WPCDQVGNNCRCTCGEJCTNCNGEJGGPGNNC
=RNDJQOVK[C?

DJQOMQZUVGEJCNQVG
TGIKQPCNKUOQCTFKNNC

CTDTGC)WDJQOMQZIWLQIKKLKTCOPC
LWRFWKCIWDCIU.CRKGNFGNVGEJCNQVGGU
DWGPCRCTCJCEGTCNLCDCU=RNDJCDJQOMQZ?
8CTDJQPMQZ
DJQOMQZLWPOCPOQNGFGVGEJCNQVG

DJQOVK=RNFGDJQQVK?NCVCU



=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPV
VKGPGPXCTKCPVGUSWGGORKG\CPEQPEJNCU
EWCNGUPQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
EJENV+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

RNWTCN;CDCOCKEJIWLWPDQd+KMWEJOQQ
UCDCFCPCEJCODCLWIKC;CVTCLGTQPNC
ECCFGC\ECTd8COQUCEQORTCTNCCPVGUFGSWG
UGCECDG=5GRTGUGPVCFGURWUFGWPCXQECNQWPC
RCWUCINQVCN)TCO?8CTLCEJKEJ
8CPUGEJKEJLCEJKEJ

EJENVPWGUVTQPWGUVTQU
RQUGUKPFGNCRTKOGTC

RGTUQPCFGNRNWTCN6KZFJCFCVKIWEJ
EJWWTWLCRLKPCVIWICTCIWLCOVCCVLWR
LCVVFCIWCCCNJIWLCPCCP;QSWGTC
OWEJQCPWGUVTQVQTQRGTQVWRCRNQXGPFK

'&+%+024'.+/+0#4`



6'2'*70'52#1.

NGUFKLQNCOCOCUWUJKLQU=5GRTGUGPVCFGURWU
FGWPCXQECNQWPCRCWUCINQVCN)TCO
[?8CTLKEJ
EJENVPQUCPQUQVTQU
EQORNGOGPVQFKTGEVQQ

KPFKTGEVQFGNCRTKOGTCRGTUQPCFGNRNWTCN/CCP
OCUCCPUCRRZLWWIVCCPCEJVCKDWKFJC
IW/KIKCNIWVWWOK&KEG/KIWGNSWGPQU
RTGUVCGNFKPGTQUQNCOGPVGRQTWPOGU
PQU
EQORNGOGPVQTGHNGZKXQQTGERTQEQFGNC
RTKOGTCRGTUQPCFGNRNWTCNt2CCDCDCO
PTFC!tLWRMCKEJIW/CTKK[Ct/WOOW
FJQPCEJRCKLCZDCEJCLPFCPCEJRCK
FJWWMOWLKOOFCtLWRMCKEJIW.KKPFC
t&PFGVGXQ[CGURGTCT!tRTGIWPV/CTC
t&QPFGUKGORTGPQUGPEQPVTCOQUEWCPFQ
XCOQUCNNtEQPVGUV.KPFC
=5GRTGUGPVCFGURWUFGWPCXQECNQWPCRCWUC
INQVCN)TCO[?8CTLKEJ

EJCCRWMCFLCOCTIQ6CCRWMLCRLKFJQQTCKOW
K[CMWOMQ[CIWMQMTQKFJCPCIWLC
VCCRMCFJCPCIWIKKNJKOLKZEJCCRWM
*KGTXGNCEQTVG\CFGNGPEKPQ[VOCVGNCRCTCSWG
UGOWGTCPNCUNQODTKEGUSWGVKGPGUGUQNCUXCC
OCVCTRQTSWGGUOW[COCTIC=EQRLKZ?
8CUGVCCRWM

EJCCVCMCFLPQDKGPOQNKFQ,KZEJCCVCMRZDC
VWVWCFCIWOCVVWTPQEJCOUQNJOQKZ'N
OGVCVGPQOWGNGOW[HKPQUKPQGURKECFQEQP
WPCRKGFTCDGTTQSWGC=EQRLKZ?8CUGVCCM

EJCCVMKCFLSWGUGRCTVGHEKNOGPVG
RQTUUQNQ
%JCOVWDJCKIWDKKEJWCPQKEJVKVW
VCONCUVCPCIWZEJCCVMKPQVDCICC'N
GPEKPQFGJQLCUCPIQUVKVCUPQUKTXGRCTCJCEGT
VCDNCURQTSWGUGTCLCHEKNOGPVGEWCPFGUGUGEC
=EQRLKZ?8CUGVCCRKC

EJCKMCCFLTCUICFC
TQRC6WDCFWWIW

KRWWTPCDCIRDCZEJCKMC!3WNGRCUC
OKFGNCPVCNSWGGUVVCPTCUICFQ!=EQRLKZ?
8CUGVCKMKC

EJCKOCCFLCPCTCPLCFQ
NKVEQNQTFGHWGIQ

2CCRKEJUCDCNJFJKOKRWWT!,QKFJCOVWO
LKZEJCKOC&PFGEQORTCUVGVWHCNFC!2WGU
GNCPCTCPLCFQGUOW[DQPKVQ=RNEJCVCKOC?

EJCMUCCFLGPTGFCFQ,KZEJCMUCIWMWWRCP

FJKMCDCK%JCODKCKIWKPCMPLWO
UUU'NRGNQFGOKECDCNNQGUVGPTGFCFQRWGU
PQVGPIQEQPSWRGKPTUGNQ=RNEJCVCMUC
EQRLKZ?

EJCMWKCFXVQFCXCPQ-KCRZDCMKKCFJK
%JGGNOQPCDCEJCMWKEJWPCC%TGQSWG

EJCOVW

CRGPCUUGFGURGTV#PUGNOQRQTGUQVQFCXCPQ
SWKGTGFGUC[WPCT
PQJCDGT
JGEJQCNIQRQTOWEJQVKGORQ/WZK
LCKEJFJCOTIWMCMCTDCZ)WEJKIKKNJKODC
MQKKOCOLKPCOVIWVCMCCDFTEJCMWKKK
IWUWWFCK.NGXCNCUEJKXCUCVQOCTCIWC
5GIWTCOGPVG[CUGGUVPOWTKGPFQRQTSWGPQ
JCPVQOCFQCIWCFGUFGC[GT

EJCOCFXPQ0QIKKNJKOLKZEJCVQKEJCO

LWOCCPCEJVWUCWCLWRVMCVWMCC
%WCPFQJCEGOWEJQECNQTPQPGEGUKVQEQDKLCTOG
GPNCPQEJG

EJCODJCKCFXPQGUVDKGP!RQTSWPQ!

%JCODJCKCCPCRKOOKKCDWFJKVWKMW
DCRWKFCDKZKODJCLCRFCC!2QTSWPQ
JCEGPVQTVKNNCUFGGUCOCUCSWG[CGUVCOCUCFC!
PQGUVDKGP
RQTSWGGUVQTDC/CKDWCCR
FJKVCPCCTC/KEJCODJCKPCEJOKLCR
QKRQ6KTCGUVCDCUWTCRWGUPQUGUVQTDCRCTC
ECOKPCTRQTCJ

EJCOLZCFXPKUKSWKGTC)KCCRLKTRCLCM

MCOLKLCFWWPCDCEJCOLZLWOOCCV!
&GFPFGGUWUVGFCOKIQ!2QTSWGPKUKSWKGTCNQ
EQPQ\EQ

EJCOLZFJCCFXPWPEC)KCCRLKTRCCMCO
PCDCEJCOLZFJCRCKFJWWM[CLCRLWO
PKPCRQKT!&GFPFGGUWUVGF!2QTSWG
PWPECNQJCDCXKUVQRQTCSW

EJCOQOKKMCFLSWGGUHNGZKDNG
NKVPQUG

SWKGDTC%JCOQQOKMFJKMWCCPCEJVK
QQOKU'UVCNGCPQUGSWKGDTCRWGUSWKGTQ
SWGDTCTNCRGTQPQRWGFQ=RNEJCOQQOKM?
8CTEJCOQOKM8CUGQOKC

EJCORCKCFXGPPKPIWPCRCTVGCPKPIWPC

RCTVG#CDJCOO-QTKCPVKRWRVW
ICPICKOMIWUQQUQO%JCORCKVKEJ
;QCPFCDCDWUECPFQEQNNCTGUCNNGP&WTCPIQ
RGTQPQNQUGPEQPVTGPPKPIWPCRCTVG
EJCORCKVWLCKEJPQUGGPEWGPVTC
EJCORCKLCZVWKKPQVKGPGPCFCPQGUV
GPHGTOQ
EJCORCKLCZMCKEJPQFKEGPCFC
EJCORCKLQKPQUGJCCRCTGEKFQ
RQTCSW

EJCORMCFXPQOWEJQPQVCPVQ,OCPIW
LCVMCOEJCORMPCCCOIWMQMQNJ#
CNIWPCURGTUQPCUPQNGUIWUVCOWEJQEQOGT
EJKNG

EJCOVWUPCFCt6WROKWCFJKOCTRWWU

CO!tLWRMCKEJIW2GGITQt%JCOVWtLWR

'&+%+024'.+/+0#4`

EJCOVW

6'2'*70'52#1.

MCKEJIW,WCPt3WVTCGUGPVWDQNUC!
tRTGIWPV2GFTQt0CFCtEQPVGUV,WCP
5KPPPKEJEJW
EJCOVWEQPLPQ
+PKEKCNCRCTVGOGPQTFG

WPCEQORCTCEKP,QKFJCOLKZKQQDIWPCDIW
VCCDJCMMCOEJCOVWRWKPCLCZIWVPIKCM
MCO.QUPQRCNGUSWGTGVQCPGPRQECFG
UGSWCUQPOUUCDTQUQUSWG
NKVUQPOW[
UCDTQUQUPQEQOQNQUFGRQECFGNNWXKCU
KPVGTLFGPCFC
TGURWGUVCt6CZEJCCDDC
OQQtLWRMCKEJIW2GGITQt%JCOVWtLWR
MCKEJIW,WCPt)TCEKCUtFKLQ2GFTQt&G
PCFCtTGURQPFK,WCP

EJCOZKKOCFXRTQPVQ
NKVPQVCTFC%JCO

ZKKOLWTWWMPCIWLCMKCPLCROQQTCNJKEJ
EJCPQQNJ5GQDUEWTGEGRTQPVQRQTSWGGPGUVC
VGORQTCFCNQUFCUUQPEQTVQU5KPPLQQVQO

EJCPQQOCFLUGFKGPVQSWGVKGPGUGF#NJKEJ

LKOCCMIWOUWPIK,CRLKZEJCPQQOK
2QTHCXQTFCOGVCPVKVCCIWC6GPIQOWEJCUGF
=RNEJCPQQMEQRLKZ?
EJWVQPOQFCCFLSWGNGFCUGF

EJCRQZKCFLGODQVCFQ
HKNQFGUCHKNCFQ,K
OWMZKFJCCRLKEJCCVFJKOCZKKEJ
)KKNJKOEJCODJCKMCVWUQPKCMPCZ
EJCRQZK2QTHCXQTCHNCOGGUVGOCEJGVG
RCRRWGU[CPQEQTVCDKGPRQTSWGGUV
GODQVCFQ=EQRLKZ?

EJCVCCCFLSWGVKGPGOWEJQUVGPFQPGU)KKNJKO
LKZEJCVCCCOIWVWVWWT&JKMPLKZQLQ
CO.QUVQTQUVKGPGPOWEJQUVGPFQPGURQTGUQ
UQPHWGTVGU=EQRLKZ?8CUGVCVCC

EJCVCKOC=RNFGEJCKOC?CPCTCPLCFQU
EJCVCMUC=RNFGEJCMUC?GPTGFCFQU=EQRLKZ?
EJCVPCMCFLSWGUGRCTVGHEKNOGPVG,KZ
EJCVPCMMCLKIWFJKLCTCCTPQRWKDCT
VCCDJCM'PRQECFGUGSWCGNCTCFQRWGFG
RCTVKTUGHEKNOGPVG=EQRLKZ?8CUGVCVPCMKC

EJCVQKXaGJCEGTECNQTd,CROQQZEJCVQK
MCVLKCZKDFJKVCPQQNJ)QQMKOLCKEJLK
DCVDKC*K\QOWEJQECNQTJQ[XGTFCF!/G
DCFQUXGEGU=EQRLKZ?8CPUGEJQKVW
VQKFJKC

EJCVQQZMQKO=RNFGEJQZMQKO?GORCEJCFQU
=EQRLKZ?

EJCKPVGTLPQ
RCTCKPVTQFWEKTWPTGICQNKVPQ
[Q%JCLWOCCIK!0QVGFKLG!
=UWLRNEJCEJ?



EJCRKPVGTLPQ
RCTCKPVTQFWEKTWPCRTQJKDKEKP

NKVPQV%JCRIKKNJKOMWCFCIWLQQVMQZ
%JCOVDJKMCCR0QEQOCUVCPVCEGDQNNC
RQTSWGCUPQXCUCUGTKPVGNKIGPVG
=UWLRNEJCRKO?
EJCRLWCPFCdPQNQJCICUdFLCNQ

EJKRCTV+PFKECSWGRQUKDNGOGPVGGUEKGTVQRGTQSWG

JC[FWFC,KZDCKIMMCOVCVFCIWDWKOCCR
FT%JKPCKEJIKKNJKOMQK5KGPVQJKPEJCFQ
WPQFGOKUQLQUETGQSWGGURQTSWGFQTODKGP
UKPFGURGTVCTOG=)TCO?

EJKC=RTGVFGEJKKC?OCPF
EJKCP=RTGUFGEJKKC?OCPFC
EJKEJENV+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

RNWTCN[VKGORQRTGVTKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ%JCROKLCRVW
DCTIKFJCEJKQ/KFCRPMLWRDCKC
EJKEJ0QCPFGUOQLCPFQCNNJKLQRWGUPQU
XCOQUCTGUDCNCT[ECGT
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ-CRDWKOWMLCRVWDCCOTC
,WCPOWPCEJKEJRCKVWFCTCKIWVWOKCNJ
/CCPCFGDGUKTCTGICT,WCPFQPFGRNCPVCOQU
NQULKVQOCVGU
=5GRTGUGPVCFGURWUFGWPCXQECN)TCO?
8CTLCEJKEJ8CUGEJ

EJKEJKQR=RNFGEJKQR?KINGUKCU
EJKEJKQ=RNFGEJKQ?JQODTGU
EJKEJMKT=RNFGEJKMKKT?EQTTCNKVQU
EJKKEJKC=RNFGEJK?GUVTGNNCU8CTLWLWDC
EJKKEJK=RNFGEJK?DQECU
EJKKEJKQD=RNFGEJKQD?EWGXCU
EJKMKKTUEQTTCNKVQ/WMCZKLCMWWROTEJKMKKT
VTFJKMCMCTDCZMWRCNJKQMCZKOLRFJCK
PCRDCIKQRDCVWDKCTC8GCGPEGTTCTNQU
EJKXQUGPGNEQTTCNKVQRCTCSWGFGUECPUGUWPTCVQ
CPVGUFGKTCCRCEGPVCTNQUQVTCXG\
=RNEJKEJMKT?

EJKOQQRCTVRCTGEGSWG%JCOOKDWKFJKZEJK
OQQIWQPFJKDJCDPCDCZDCUFCM2CTGEG
SWGPQNGGEJCTQPUCNCGUVQUHTKLQNGURQTGUQPQ
VKGPGPUCDQT

EJKUDQEC
RGTUQPC%JCODJCKVWMWCK
,KZMQMIWEJK0QEQOQDKGPRQTSWGOG
FWGNGNCDQEC
DQEC
TGEKRKGPVG,KZLWCTCMVWEJKIWDCNFK
IWDJQVGG[CDCTFKEJLWRVWEJK'NDCNFG
VKGPGNCDQECCPEJCRGTQNCDQVGNNCVKGPGNCDQEC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

CPIQUVC
RKEQJQEKEQ6DVWEJKIWVCMCCTWKPC
MPVVVDFC.CICNNKPCVKGPGGNRKEQNCTIQ
EQPGNEWCNRGRGPC
=RNEJKKEJKCRQUEJKKK?
EJKKTCOGPUWDQEC
FGNQFGGNNC

EJKDCTCCUUCNKXC#ODCOWOWKFJCTIW
EJKDCTCCPCDCZDKQZKO%WCPFQSWKGTQ
XQOKVCTUGOGNNGPCNCDQECFGUCNKXC
=CRQUEJKDCTICP?8CTEJKDQTCC

EJKDQUDCTDCDKIQVG,KDJKOTIW

MMFCOPC[CPKMPLKKMCIWEJKDQ
)KKNJKODCTVVD6TGOGNCUVKLGTCURCTCSWG
OGRWGFCEQTVCTGNDKIQVGEQPGNNCURWGU[CGUV
OW[NCTIQ=CRQUEJKDQP?

EJKDQMCOCFLSWGVKGPGDCTDCQDKIQVG

/CCP[CZKMIWOCCPMCOIKKNJKOLKZ
EJKDQMCO%JCOOCCVKPCTLCTQKFJC
#SWNNGIWPCRGTUQPCEQPOWEJCDCTDC0QU
SWKPHWG=EQRLKZ?

EJKDQVCXaKUCNKTDCTDCUCNKTDKIQVG%JKFNJ
EJCOEJKDQVCKOLKIW,QUGG$CLKTI
OCCPMCOIWVKCKZMCOPCDJCKDC
DWDWCMKCIVPQOQQEJKDQVCKO2CTGEG
SWGC,QUPQNGXCCUCNKTDCTDCRWGU[CGU
ITCPFG[[CFGDGTCFGJCDGTNGUCNKFQ
=RTGVEJKDQVC?8CTEJKDWVC

EJKKCXaVRGFKT
JCEGTCNIQ%JKKCCRIWO

ZKKZMWOMQQMQZFJCIWOLCLCPPWNJPQ
EJCODJCKIWFNJ2FGNGCVWJGTOCPQSWG
VGSWKVGNCTQRCUKPQRWGFGUVUQNQ
XaVOCPFCT
CJCEGTCNIQ:KEJKCPIWCNJKK
PCLCUQOFJCTCIWDJWKO[CU/CPFCCN
PKQSWGXC[CCCTTGCTNQUDWG[GURCTCCE
XaTRGFKT
EWTCEKPCWPEWTCPFGTQ,WO
EJKKCUCRIW5KOQQPIWLWOCKVWOKKMW
VCO$JCCPIKUCRIWMQQZKPCVCITGGP
CNJKEJDJKIWWDKKPCMCZZKFJWW&KEG
5KOPSWGXCCRGFKTNGCWPEWTCPFGTQSWGNQ
EWTGGNRTZKOQFQOKPIQRWGUUGGPHGTO
RQTSWGVQECUWOWLGTEWCPFQGUVCDCRTQJKDKFQ
=RTGVEJKCRTGUEJKCP?

EJKOWKFJCXaDFCT
GPNCDQECCQVTCRGTUQPC
6WEJKOWKFJCKIWCJNKKPQMCTCNJKEJ
PCIWEJCMWKOCCVVVWMWCFC.GFQ[FG
EQOGTGPNCDQECCNPKQEJKSWKVQRQTSWG
VQFCXCPQUCDGEQOGT=RTGVEJKOWKQ
EJKOWKRTGUEJKOWK?

EJKCMKCXaKDQUVG\CT,KZMQQZKOCRCC

,WCPMWRDCOQQLCREJKCM!-CEJCO

EJDJKFJC

DJCKEJWVCVFCCC!2QTSWGUVUDQUVG\CPFQ
,WCP!6KGPGUUWGQQVGUKGPVGUOCN!
=RTGVEJKCMRTGUEJKCM?

EJKQDUEWGXC#NJDQQRQMDCCRLCOVIW

MCMCTDCZDJCOOEJKQDPCVDJCKLKFJWWP
.CUECDTCUEQTTKGTQP[UGOGVKGTQPGPNCEWGXC
CNNCTTKDCEWCPFQGORG\CNNQXGT
=RNEJKKEJKQD?

EJKQEJTURGFTGICN%JKQEJTLCRLKZ

LCKEJMCIWDJCD[QQZKIWKPCTICORZMCO
PCRWKRLKZKQQDPCLCZIWOUFCO'PNQU
RGFTGICNGUJC[HNQTGUFGGLQVGUUKNXGUVTGUSWG
GUVPVCPUCDTQUCUEQOQNCUSWGUGUKGODTCP

EJKQRUKINGUKCVGORNQ)WEJKQRPCDJCOO

MM-QTKCPOCCRFTFCKLQQFCKDJC
DJKDCMEJKZ7PNCFQFGNCKINGUKCSWGGUVGP
&WTCPIQGUFGRWTCRKGFTC=RNEJKEJKQR?
PCORCKVWEJKQRKFQPFGJC[
NKVFQPFG
GNNQUVKGPGPWPCKINGUKC

EJKQUJQODTG6WLWCPVWIWEJKQVWVWWT

MPIWWDKKDCOWVZKKO'NJQODTGGUV
CTCPFQEQPNQUDWG[GU[NCOWLGTXCUGODTCPFQ
FGVTUFGN=RNEJKEJKQ?
CNJKKEJKQPKQ
EJKQLWOVCCVUGUKGPVGOW[OCEJQQ
XCNKGPVG

EJKQUOKJKLQJKLKVQ
VTOKPQFGECTKQ

)QQMWCOTIWMWCCEJKQDJCOO
UCMCCNJKMCOPCMKZ*KLKVQXGCVTCGTCNIWPC
NGCFGNCSWG[CGUVEQTVCFCCNNGPNC
EQTFKNNGTC=5GRTGUGPVCEQPWPCHKLQFGRQUGUKP?

EJKUGUVTGNNC$CZKCNJKOFJQDCM,CKPCV
DJCKDCVUIWIEJK2CTGEGSWG[CGUV
COCPGEKGPFQRWGU[CUCNKNCGUVTGNNCFGNC
OCCPC
#NIWPCURGTUQPCUNNCOCPCNCUGUVTGNNCU
LWLWDC=RNEJKKEJKCQEJKEJK?
IEJKUGUVTGNNCFGNCOCCPC
NKV
GUVTGNNCITCPFG

EJDCCCFLPWDNCFQ)KKNJKOLKZEJDCC%JCO
DJCKVCPQQT'UVOW[PWDNCFQ'NUQNPQ
CNWODTCDKGP=EQRLKZ?8CPUGVDCC
VDIKNJKC

EJDRIKCFLTQLQ
TGC$JCOOPKMCPQKT

IWDJWTWZPCRCKZEJDRIK)WEJKDJCKO
KCRVMPCZEJWOQKM'NDWTTQCPFCCNNFQPFG
JC[VKGTTCTQLCSWK\GUVTGXQNEPFQUGGPNC
VKGTTCUWGNVC=EQRLKZ?8CUGD

EJDJKFJCCFLKPVGNKIGPVGSWGCRTGPFG

HEKNOGPVG,CRLKZEJDJKFJCFJK4QIGGNKQ

'&+%+024'.+/+0#4`

EJDJKOQM

6'2'*70'52#1.

IWVWPCLCZLWOMCKEJFJCRZLKPQ
LQKFJCOM4QIGNKQCRTGPFGHEKNOGPVGNQ
SWGNGFKEGNCIGPVGUKGORTG[EWCPFQNGCITCFG
=RNEJDJDJKFJCEQRLKZ?8CUGDJKFJC

EJDJKOQMCFLSWGNGIWUVCCICTTCTEQUCU

CLGPCU,KZEJDJKOQMFJQUCRIW/CCTMQU
%JCRKOOKLCROCCZKMVWVWCMCIWZ
FJCTCOPCOMO#/CTEQUNGIWUVCCICTTCT
NCUEQUCUCLGPCUCUSWGPQFGDGPVGPGTCNCXKUVC
EQUCUFGXCNQT=RNEJDJDJKOQMEQRLKZ?

EJFDJCZCFLUGEC
VKGTTC-KCRZDCZEJ
FDJCZOWLCRICCPVTPCVIWDCKM
VCPQQNJEJCMWKFWWPPCIKKNJKOZK
FJWMKKOM.CVKGTTCFGNCOKNRC[CGUVUGEC
RQTSWGPQJCNNQXKFQGPVTGUFCUFGUFGGNFC
SWGNNQXKOWEJQ=EQRLKZ?

EJFQCFLC\WNXGTFG,QKFJCOLKZEJWMWWO
LKZEJFWIWZFJCCOPQZWC%WCPFQGN
EKGNQGUVFGURGLCFQUGXGFGWPC\WNOW[
QUEWTQ=RNEJVFQEQRLKZ?8CTEJFW
EJVFQCFLXGTFGC\WN
TGC
EJPIKEJCFLSWGUGXGXGTFG

EJDJKCFLOKGFQUQ,KZEJDJKIW

OCTCCPIW.WKUCUCTCMMKCPQLCTQKZK
FJCPI'NJKLQFG.WKUCGUOKGFQUQUKGORTG
NNQTCEWCPFQCNIWKGPNQCICTTC=EQRLKZ?

EJUFK=RNFGEJUFK?SWGUWDGPHEKNOGPVG
=EQRLKZ?

EJVMKCFLDWGPQRCTCRGTEKDKTEQUCUCVTCXUFG
NQUUWGQU#CCNJLCRLKPCLKZEJVMK0Q
LCTQKDCQDJCIKLQVOQFCDCVVMKCK
;QUQ[DWGPQRCTCRGTEKDKTEQUCUCVTCXUFGNQU
UWGQU.WGIQUUKCNIWKGPOGGUVRGTUKIWKGPFQ
RQTSWGNQUWGQ=EQRLKZ?8CUGVVMKC

EJTMCOCFLURGTQ
EQOKFC,KZEJTMCOLWO
MWCIWOWWNJNCPMKK[WU.QUJWGXQUFGNC
VQTVWICVKGPGPWPUCDQTURGTQ=EQRLKZ?
8CUGMTPKO

EJTQQMCFLURGTQ
PQEQOKFC,KZEJTQQMIW

MQOKKIWMKMCOMQ+CORZLCRVWOPC
IWUQ[QQVIWLQIKK.CRKGNFGNCXDQTCFG
ECUECDGNGUURGTCUGRCTGEGCNCRKGNFGN
CTOCFKNNQ=RNEJVTQMQEJVTQMEQRLKZ?
8CUGVTQQM

EJUFKCFLSWGUWDGHEKNOGPVG
NWICTGUECTRCFQ
)KKNJKOLKZEJUFKIWDCKUNJPCIWZOWOWM
IWLWWVWP5KCDCCRCKEJCOVUUCP'NVGLP
UWDGOW[HEKNOGPVGRQTSWGVKGPGNCUWCU



RWPVKCIWFCUJCUVCRWGFGUWDKTWPCDCTTCPEC
=RNEJUFKEQRLKZ?8CUGVUFKC

EJVFQ=RNFGEJFQ?C\WNGUXGTFGU=EQRLKZ?
EJVFQCFLXGTFGC\WN
TGC,QKFJCODCZ
EJVFQOWPKLCRIKQVTPCVIWDCLKEJW
KKRW5GXGXGTFGGNNNCPQRQTSWG[CGUV
UCNKGPFQGN\CECVG=RNEJVVFQEQRLKZ?
8CTEJVFW8CUGEJFQ

EJVTQM=RNFGEJTQQM?URGTQU=EQRLKZ?
8CTEJVTQM

EJPIKEJCFLSWGUGXGXGTFG,ZLKZEJWWM

FJKUWWFCKPCDCCOLKZEJPIKEJFCC!
3WVCPJQPFCGUVGNCIWC!5GXGEQOQXGTFG
=EQRLKZ?8CUGEJFQ

EJVDKNJKCFLSWGETGEGTRKFQ,QKFJCOLKZ
EJVDKNJKIWMWWRCPIW/CTKK[C.GETGEG
OW[TRKFQGNECDGNNQC/CTC=EQRLKZ?

EJQUWHaX+PFKECSWGNCCEEKP[CUGVGTOKP0CV
RCKOICZDWKEJQPCVDCDCLKKFJKWDKK
%WCPFQNCOWLGTVGTOKPFGRGKPCTUGUGHWG
=)TCO?

EJQKCFLECNKGPVG$CZEJQKFJKDCKWO

DCTCOPCRUCCMVWDCRCKOKEJFJCIWDCCM
;CGUVECNKGPVGGNHKGTTQRCTCSWGJKGTTGUNCU
XCECU
SWGVKGPGECNGPVWTC,KZEJQKFJKCNJKK,KZ
KQOCCLKOIWUQOCKIK'UVGPKQVKGPG
ECNGPVWTCNGXCCFCTHWGTVGNCITKRG
=RNEJCVQKEQRLKZ?
EJCVQKXaGJCEGTECNQT

EJQKFJKCFLSWGUGECNKGPVCDKGP,CK

LQKFJCOLKZEJQKFJKIWDJKMQOCCNJLCR
PCLCZPQTDCKWO#NIWPQUEQOCNGUFGDCTTQ
UGECNKGPVCPTRKFQEQOQNQUFGHKGTTQ=EQRLKZ?

EJQMUQNJKCFLSWGJCEGGURWOC,KZ

EJQMUQNJKIWDKDWKLCRPCDCMWCMCT,KT
COPCMPDCVDKC.CNGEJWIWKNNCGU
GURWOQUCEQOQGNLCDP[GUDWGPQDCCTUGEQP
GNNC=EQRLKZ?8CUGVQMUQNJKC

EJQMUQCFLSWGVKGPGGURWOC,CZMWDCZ

EJQMUQIWEJKKKFJKDJWTWZ!/QQEJKZ
EJCPQQOLKC2QTSWGNDWTTQVKGPGGURWOC
GPNCDQEC!#NQOGLQTVKGPGUGF=EQRLKZ?
8CUGVQMUQ

EJQQOKCFLGUVHWGTVG
HUKECOGPVG#CR

EJCOKCOLKZEJQQOKCCLKLKKMWNJPCROK
FJTKCOLKDJKKQNJFJCIVFJKLWWP!#C
CNJLCRPKLZLKMWEJCOQQPCVOCVWCK
0QVGPFTUOUHWGT\CUQDTKPQRCTCSWGOG

'&+%+024'.+/+0#4`



6'2'*70'52#1.

ECTIWGUGUVGEQUVCNFGOC\!;QPQRWGFQRQTSWG
GUVQ[GPHGTOQ=EQRLKZ?

EJQQVQ=RNFGEJWC?DNCPEQU=EQRLKZ?
EJQQPPKCXaGGURCPVCTUGFCTNGOKGFQCWPQ

/QQEJKZEJQQPPKCPQLCTQKDJCKDCLKO
PQVLCRVWOZKEJOVKFJCMPC
UCPFCCTWKZ%TGQSWGOGXQ[CGURCPVCTUK
CNIWKGPXGUVKFQEQOQUQNFCFQXKGPGRCTCCE
=UWLRNEJQVFQPKCRTGVEJQQPEJQQVQP
RTGUEJQQFQPEJQVFQPEQRLKZ?
8CUGVQQPPKC

EJQQPPKOWMCFLVGOGTQUQVOKFQ
NKV

HEKNOGPVGNGFCOKGFQ,CRLKZEJQQPPKOWM
FJK$GGVQUKCVWRCNJRLWRLWOFWWMCOMP
PQLCZZKMCKEJ(EKNOGPVGNGFCOKGFQC
$GVQCWPSWGNGFKICCNIQSWGPQUGCGURCPVQUQ
=RNEJQVFQPOWMQEJCVQQPPKOWMEQRLKZ?
8CUGVQQPPKC

EJQVFQPKC=UWLRNFGEJQQPPKC?2GLLKZ

EJQVFQPKCCOUGGURCPVCTP=RTGVEJQQVQP
RTGUEJQVFQPEQRLKZ?8CUGVQVFQPKC

EJQZMQKOCFLGORCEJCFQ/QQRKEJEJKZK

ILWWIWDJCDMWDCRWKCOLKZEJQZMQKO
VWVCVFC#NQOGLQTEQOKUVGFGOCUKCFQU
HTKLQNGU[RQTGUQVGUKGPVGUGORCEJCFQ
=RNEJCVQQZMQKOEQRLKZ?8CUGVQZMQKC

EJWCCFLDNCPEQ,QKFJCOLKZEJQQVQLWO

VCLCCPIWVDCC,CRVWKKPCVWVQM'UVP
OW[DNCPECUNCUPWDGURCTGEGPCNIQFP
GURQPLCFQ=RNEJQQVQEQRLKZ?
EJWCCCFLRNKFQ

EJWCCZKFJCTCCFLSWGNGIWUVCTGRGVKT
NQ

SWGWPQFKEGEQOQDWTNC,KZEJWCCZKFJCTC
IWDCCRCKPQOKCPMMCVLKKCMRKCOLCZ
PQMCKEJIMP5KOGRCTQEGTECFGNC
NCFGTC[ITKVQCNIQRCTGEGSWGCNIWKGPUG
GUVWXKGTCDWTNCPFQFGOTGRKVKGPFQNQSWGITKVQ
=EQRLKZ?

EJWCDJCCTCFLDQPKVQ
TGC/CKMLCEJ

RCZKCTRW-CRQPGGVPCRDCVVIKCMCPCLCZ
LKZEJWCDJCCT8COQUC#ECRQPGVCCRCUGCT
RCTCSWGXGCUSWVCPDQPKVQGUV=RNEJW
CDJCTEQRLKZ?

EJWCUMKCFLNNGPQFGGPTGFCFGTCU
TGC

)KKNJKOLKZEJWCUMKOKFJKDZCM%JCOLKT
LKO)KKNJKOPCKEJWODCRRCP'UVOW[
NNGPQFGGPTGFCFGTCUGUVGCTTQ[Q0QUGRWGFG
RCUCT=EQRLKZ?

EJWDWNJ

EJWCCFLSWGJC[GPEKPQU%JCORMMCVWC

[C,WMVT$ZDCKCTCKOVIWLCVMCOIWK
PCLMOKCPMCVWWVV%CUK[CPQJC[GPEKPQU
CSWGP5CPVC/CTCRWGUNCIGPVG[CVWOD
VQFQUNQUSWGJCDCEGTEC=EQRLKZ?8CUGVWC
EJWVWCCFLEQPOWEJQUGPEKPQU

EJWCDJCT=RNFGEJWCDJCCT?DQPKVQU
TGCU
=EQRLKZ?

EJWCIKOCFLSWGNGHCNVC
UCNQC\ECT,CZ

MWDCZEJWCIKOLKZQPMCMFJKDJKK!0C
KEJRCPCCUIOKDWKIWQP2QTSWNG
HCNVCUCNCOKEQOKFC!UKETGQSWGNGGEJ
OWEJC=EQRLKZ?

EJWCIKOCFLENCTQ,CZMWDCZEJWCIKOLKZ

EJFWFJKORCPVCNQQP!&NJCCLKTRW
EJWO!2QTSWGUVOW[ENCTQGNEQNQTFGVW
RCPVCNPC\WN!&GRQTUGUCU!
=RNEJWVWCIKOEQRLKZ?

EJWDCCCFLOQLCFQ
TGC,QKFJCOLKZEJW
DCCPCVIWVCMCCDIKKNJKOLKZKQOFWWP
,KTCOPCEJDCVZKC.CVKGTTCGUVDKGP
OQLCFCRQTSWGC[GTNNQXKOW[HWGTVG[CGUV
DWGPCRCTCUGODTCT
OQLCFQ
EQPLWPVQFGEQUCU-CZEJWDCCIW
LCLCPPWNJPCEJVKZEJRZKFJCOVPCIW
DCZFWWFWKO6QFCXCGUVOQLCFCOKTQRC
SWGTCTGEQIGTNCRQTSWG[CXCCNNQXGT
=RNEJWDCRTCEQRLKZ?8CUGDCC

EJWDCIKQOCFLJOGFQ,QKFJCOLKZEJW

DCIKQOMCPCDCRMCDWKOWMPCZEJWDCQQV
MC6QFCUNCUOCCPCUGUVJWOGFCNCVKGTTC
RQTSWGGUVEC[GPFQGNTQEQ=EQRLKZ?
8CUGDCIKQOEJC

EJWDCKMMCOKCFLFKURCTGLQ
NWICTEQP

FGRTGUKQPGUQJWPFKOKGPVQU,KZEJWDCKMMCOK
OKPCRCKVWDCMEJCKOIWMWWNUKPCIW
UCROKEJCORMVIDIWLDNJPCT
FWOCCNJ.CVKGTTCGUVFKURCTGLCCNNFQPFGGUV
JCEKGPFQNCECUCOKCDWGNKVQRQTSWGGUVGPWPC
RCTVGDCLCFQPFGGNXKGPVQPQRGICOW[HWGTVG
=RNEJWDCRCKMMCOKEQRLKZ?8CUGDCKMMCO

EJWDCRTC=RNFGEJWDCC?OQLCFQU=EQRLKZ?
EJWDWNJCFLTGFWEKFQCPIQUVQ
ECOKPQ
)KKNJKOLKZEJWDWNJOCCPMCROKFJKDZCM
PCRCKDJKZIWDQK'UVOW[CPIQUVQGN
ECOKPQGPWPCRCTVGFQPFGRCUCRQTGNTQ
=RNEJWDWRWNJEQRLKZ?
LKZEJWDWNJMTGUWPVTCOQCPIQUVQ

'&+%+024'.+/+0#4`

EJWDJCCK

6'2'*70'52#1.

EJWDJCCKCFLSWGUGRWGFGRCUCTHEKNOGPVG

TGC,KZEJWDJCCKOWMCPFTDZICK
PCEJDJ[C6WMWEJDCOQQUNJOKR
LWWTMKEJWPCRCKIKKNJKOVWVWKK!2QFGOQU
RCUCTHEKNOGPVGRQTVQFCNCNCFGTCRQTSWGPQ
VKGPGECUQKPVGPVCTRCUCTFGTGEJQRQTFQPFGGUV
OW[HGQ=EQRLKZ?8CUGDJCCK

EJWDJKCOWMCFLSWGUCDGUCECT
FGFQPFGGUV

OGVKFQ/WEJPKFJCRKOOWLCRPCRCK
VZPCEJCOVWDJKCIWIITQMPCOIW
IKKNJKOLKZEJWDJKCOWM6GPICPEWKFCFQSWG
NQURLCTQUPQUCSWGPNCUUGOKNNCUFGCNNFQPFG
GUVPUGODTCFCURQTSWGUCDGPDKGPEOQ
UCECTNCU=EQRLKZ?8CUGDJKC

EJWDJKCOWMCFLSWGUCDGRQPGTNC\CPECFKNNC

6KEJCOLKPCQQIW2GGNGULCRLKFCKPCZ
EJWDJKCOWMMWDCLCKCTCUFCIWLCVMCO
(NKZPQGUVHWGTVGNQSWGJCEGGUSWGNGURQPG
NC\CPECFKNNCCNCURGTUQPCU[RQTGUQNCUVWODC
=EQRLKZ?8CUGDJKC

EJWDJKURCTCCFLRGICLQUQ/WRLWO

KMQKOFJCK)KKNJKOLKZEJWDJKURCTCIWO
PQQPQDPCRICPFCPIFJKLCCCPCZ
ODCVOC.XCVGNCUOCPQURQTSWGGUVPOW[
RGICLQUCURQTGUVCTCICTTCPFQNCQNNCSWGVKGPG
OKGN=EQRLKZ?8CUGDJKURC

EJWFCPRKMCFLTGUDCNCFK\Q
TGC/CCPPC

LCZNJKCRCKPQZEJWFCPRKMPQZDJKFJCC
/GECKIQUKGUVTGUDCNCFK\QFQPFGJC[OWEJQ
DCTTQ=RNEJWFCFCPRKMEQRLKZ?
8CUGFCRKC

EJWFWPRKMCFLNQFQUQ,KZEJWFWPRKMOW

FTDZDQKPCEJDJCLKKOPCVIWKQOFWWP
'UVCDCNQFQUQVQFQGNECOKPQEWCPFQXGPCOQU
RQTSWGNNQXKHWGTVG
RCPVCPQUQ,KZEJWFWPRKMOWDKDKCVCOPC
IWEJCOICMIWUWWFCK$ZEJCCOFC
LCKEJMC&QPFGGUVGNOCPCPVKCNGUOW[
RCPVCPQUQRQTSWGPQUGCECDCGNCIWCCP
FWTCPVGNCRQECFGUGSWCJC[CIWCCNN
=RNEJWFWFWPRKMEQRLKZ?8CUGFWRKC

EJWICMCFLUGEQ
TGC&CKDJCKRZFT

5WUDJCPVCODJCKLKZEJWDCC$JCKFJT
ICOOLLCMLKZEJWICMLK0CFCOUFG.QU
%JCTEQUJCEKCCEGUVOQLCFQRGTQFGCNNRCTC
CNNGUVOW[UGEQ
UGEQ
EQPLWPVQFGEQUCU6WWNJPCKCRIW
LCLCPPWNJPQDCZEJWICM4GEQLGNCTQRCUK
[CGUVUGEC
=EQRLKZ?8CUGICM



EJWKCFJCTCCFLSWGJCEGFCQ)KKNJKOLKZ
EJWKCFJCTCIWPCMUTPQVDCMK'N
RKSWGVGFGCNCETPOGJCEGOWEJQFCQ
=EQRLKZ?8CUGKCFJC

EJWKKRWPCFLSWGUGRQPGXGTFG
TGC

6PIKCMLCMLQKFJCOLKZEJWKKRWPMC'P
RQECFGNNWXKCUUGRQPGXGTFGRQTVQFCURCTVGU
=EQRLKZ?8CUGKKRWKC

EJWLWCPCTCCFLDWGPQRCTCVTCDCLCT,OCP

LKZEJWLWLWCPCTCCOIWLCVMCO%JCO
LZMCVRCKFJWWMOKRCKRZFCTCCCO
#NIWPCURGTUQPCUUQPOW[DWGPCURCTCVTCDCLCT
RWGUPWPECGUVPUGPVCFCUUKPJCEGTPCFC
=RNEJWLWLWCPCTCEQRLKZ?8CUGVWLWCPC

EJWLWCPCTICOCFLOW[VTCDCLCFQT,KZ

EJWLWCPCTICOLWOCCPCDCEJCOLZMCV
WCOCKFJC0GEGUKVQUGTOW[VTCDCLCFQTRCTC
PQUWHTKTFGJCODTG=RNEJWLWLWCPCTICO
EQRLKZ?8CUGVWLWCPC

EJWLWLWCPCTC=RNFGEJWLWCPCTC?DWGPQU
RCTCVTCDCLCT=EQRLKZ?

EJWLWLWCPCTICO=RNFGEJWLWCPCTICO?OW[
VTCDCLCFQTGU=EQRLKZ?

EJWMCFLPGITQRTKGVQ,CTQQEJKICPFJKZ

EJWMMCDCKPCDJCOOPKQKT!&GSWKPUGT
GUGECDCNNQRTKGVQSWGCPFCCNN!
OWITKGPVQ
EWGTRQ[TQRC-CDWKOWMLC
OQQDCVDKC,CROQQDCZEJWMKRZDC
/CCPCOGXQ[CDCCTRWGU[CGUVQ[OW[
OWITKGPVQ
=RNEJWVWMEQRLKZ?8CUGVWMNJKC

EJWMCDCCMCFLFWTQ
TGC&WWFWMFJQEJK

PCDCMCVWOQKMFCPCZEJWOQKMMCPC
IWZKDLKZEJWMCDCCMUKCKEJOKRWVKPC
IWDCTZKCDJCMMC0QRWGFQDCTDGEJCT
JCUVCGNVKGORQFGNNWXKCUEWCPFQGUVDNCPFKVCNC
VKGTTCRQTSWGCJQTCGUVOW[FWTCCUCRTQXGEJQ
RCTCUGODTCTCNOKUOQVKGORQRQTSWG[CUGT
VKGORQFGUKGODTC#PVPEJWOQKM

EJWMICOCFLQUEWTQ
GNFC)QTZKDIKKIW

MCFJKKT)KKNJKOLKZEJWMICO'PEKPFCPWPC
XGNCRWGUGUVOW[QUEWTQ=EQRLKZ?
VWOVWMICOVCXaKJCDGTGENKRUGUQNCT

EJWMQQZOQFCCFLSWGNGFCUWGQ,KZ

FJCCOFWWMLCMLKZEJWMQQZOQFCPCZLWWM
MCPCDJCKZKEJCPQQTFC#NOGFKQFCFC
UWGQEQPGNECNQTFGNUQN=EQRLKZ?
8CUGMQZKC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

EJWMQMCFLSWGFWGNG
EWGTRQGPVGTQ$CKM

VCPQQNJLKZEJWMQMMCVLKCQQCOPCKEJ
LCZLKEJWLWCOWOOW)GTTGGTQ%WCPFQ
GORG\CVTCDCLCTGP8KEGPVG)WGTTGTQOG
FQNKGTQPNQUJWGUQURQTVTGUFCU=EQRLKZ?
8CUGMQMNJKC

EJWMWMWWOZKOC=RNFGEJWMWWOZKOC?
SWGJC[JWOQ
TGCUGZVGPUCU=EQRLKZ?

EJWMWWDJUCFLSWGJC[OWEJQRQNXQ
ECOKPQ
)KKNJKOLKZEJWMWWDJUMCVCCDJCMLCMPQ
KEJVKDCLKKOWLCM,WMVTPCIWZEJW
OQKMMC%WCPFQXQ[C5CPVC/CTCFWTCPVGNC
RQECFGUGSWCJC[OWEJQRQNXQGPGNECOKPQ
RQTSWGNCVKGTTCGUVOW[UWGNVCGPGUGVKGORQ
=EQRLKZ?8CUGMWWDJZ

EJWMWWOCFXOW[
FWNEGQUCNCFQ:KRKEJ

DCMIOKDWKIWCUWWMCTFJKCVWWNJ
)KKNJKOLKZEJWMWWOLKZOCKMCM2CTGEGSWG
GEJCUVGFGOCUKCFCC\ECTGPGNCVQNGRWGUGUV
OW[FWNEG
HWGTVG
EQNQT$ROCCPDJCKLCRDWWU
IWVTQQMCLKZEJWMWWOLKZD*CEGTCVQRCU
RQTCNNWPCECOKQPGVCFGEQNQTTQLQHWGTVG
=EQRLKZ?

EJWMWWOZKOCCFLSWGJC[JWOQ
TGC

GZVGPUC$CLKEJCCOFJQDCMPCDCZEJW
MWWOZKOCZEJWOCCZOWOOWPKLCR
/WTDCV2CTGEGSWG[CGUVCOQUGPNCRQECFG
UGSWCRWGUUGXGSWGJC[JWOQRQTCNNRQT
/WTWCVC=RNEJWMWMWWOZKOCEQRLKZ?
8CUGMWWOZK

EJWOCCVCFLSWGUCDG
JCEGTEQUCUOCPWCNGU
,CZLCRFWWMCVDZEJWZEJWOCCV!%OQ
GUSWGUCDGUJCEGTOWEJCUEQUCU!
SWGEQPQEG
GNECOKPQ/QQEJKOCKIZKC
PQKEJOWLCRZKLKKTDCPFJKIMKKEJCO
PCIWEJCOVWOCCV#NQOGLQTOGXQ[C
RGTFGTUKXQ[CNEGPVTQRQTSWGPQEQPQ\EQ
=EQRLKZ?8CUGOCEJKC

EJWOCCZCFLSWGUGXG
TGCGZVGPUC/KCP

LKZEJWOCCZDCMLKC[CFTOWOOW/WTDCV
&GCSWUGXGEQOQUKGUVWXKGTCEGTSWKVC
/WTWCVC=EQRLKZ?8CUGOCCZ

EJWOCVFCCFLUCDKQSWGVKGPGOWEJQ

EQPQEKOKGPVQ,KZKQOLKZEJWOCOCVFCCO
UCRIW,CRQQPQKMCOEJCORMRWKUCRPC
LCZLCKMCRFT&KEGPSWGNQULCRQPGUGUUQP
OUUCDKQUSWGNCIGPVGFGQVTCURCTVGU=RNEJW
OCOCVFCEQRLKZ?8CUGOCVFC

EJWVWC

EJWOKICOCFLTKEQ)MCOLWOVCCVFJK

/CPWGNPCDCTLKZEJWOKICO%JCOMCVW
KQMK'UVG/CPWGNUGXQNXKQTIWNNQUQFGUFG
SWGUGJK\QTKEQCJQTC[CPQSWKGTGUCNWFCTC
PCFKG=RNEJWVWOKICOEQRLKZ?

EJWOQKMCFLDNCPFQRQNXQTKGPVQ
TGC

,QKFJCOLKZEJWOQKM[CPKPCRCKZEJWDCC
3WDNCPFKVQGUVCSWFQPFGGUVOQLCFCNC
VKGTTC=EQRLKZ?#PVPEJWMCDCCM
8CUGOQKM

EJWOWMCCCFLSWGNGFCEQOG\P
EWGTRQ

GPVGTQ)KKNJKOLKZEJWOWMCCPCOVLK
MMKIWDCROWPCKEJRCZKCTOTCMOWLCM
VCCVUCD/GFCOWEJCEQOG\PRQTSWGOG
RKECTQPNQU\CPEWFQUEWCPFQHWKFGRCUGQCVKGTTC
ENKFC
VTCXKGUQ
OQFKUOQd/QQLCRLKZEJW
OWMCCIWLCTQKPCVDCRDCDJKZFJCMIW
ZQOMCTPC[CPKMCDKCMCVZMWZKOd3W
VCPVTCXKGUCGUNCRGTUQPCSWGUGNNGXOKCIWLC
SWGVGPCIWCTFCFCCSW
=RNEJWOWOMCEQRLKZ?8CUGOWMCC

EJWPCOMCFLSWGUKIWGJCEKGPFQNQOKUOQ

,WRMCKEJFJCCOPCVUCRVWEJKCIWIMCO
PCOOWCCPCIWIWKRMVWFCCEJWPFC
PCOKRWKVWFWKCPCLCZLCMLKZEJW
PCOM&KEGPSWGGNLGHGOCPFOCVCTNQ
RQTSWGUKIWGJCEKGPFQNQOKUOQ=EQRLKZ?

EJWVMW=RNFGEJWWMW?SWGVKGPGPOWEJC
ECTPG=EQRLKZ?

EJWVQPOQFCCFLSWGNGFCUGF,WOCCPC

DCKPVWPFCIWUWWFCKPQKEJRCKOMDC
LKKPCIWZEJWVQPOQFCIWDQKEJCO
0GEGUKVQNNGXCTCIWCEWCPFQXQ[NGLQURQTSWGGP
GNECOKPQOGFCOWEJCUGF=EQRLKZ?
8CUGEJCPQQO

EJWVQQFJCOCFLSWGECWUCGPHCFQ

RQVGPEKCNOGPVG%JCODJCKCCPCROCKDC
DWCFJKOUCWC,WCP!6WIKPCIWDCT
MNJKICPLKZEJWVQQFJCORZDCVWO
2QTSWPQVKTCUVWEQDKLC,WCP!2WGU[CGUV
DKGPICUVCFC[[COGGPHCFXGTNCCU=EQRLKZ?
8CUGVQQFJC

EJWVQQFJCTCCFLCDWTTKFQGPHCFQUQ%JCO
VWVQQFJCTCFJKDJCDUKCICOOLMWC
0QUQPGPHCFQUQUGUVQUHTKLQNGUCWPSWGNQUEQOC
VQFQGNVKGORQ=EQRLKZ?8CUGVQQFJC

EJWVWCCFLEQPOWEJQUGPEKPQU%JCORMVW
VWCMCVOWLCMPCEJRCKFJCTCCVOCCMP

'&+%+024'.+/+0#4`

EJWVWCIKO

6'2'*70'52#1.

RWKMWDCIKKNJKOLKZDJCKVIDFCOKIW
LDNJ0QJCDCOWEJQUGPEKPQUFQPFG
GUVCDCOQUGNCQRCUCFQRQTGUQRGICDCHWGTVG
GNCKTG=EQRLKZ?8CUGEJWC

EJWVWCIKO=RNFGEJWCIKO?ENCTQU=EQRLKZ?
EJWVWM=RNFGEJWM?PGITQUOWITKGPVQU
=EQRLKZ?

EJWVWOKICO=RNFGEJWOKICO?TKEQU
=EQRLKZ?

EJWWMCFLJQPFQ
CIWC/CKMLCEJUWWNJIKRW

OWPCRCKZEJWWMIWUWWFCK8COQUCKTC
PCFCTFQPFGGUVJQPFQ=RNEJWWVWMEQRLKZ?
8CUGVWWMCD

EJWWMCOCFLRTQHWPFQ
VKGTTCQCTGPC

/WOOWPKFJTLCMLKZKQOLKZEJWWMCOLKPC
OKMCCVIWQ[CEJCOVWRWKPC[CPCZ
MQOCCNJKO2QTCNNJC[WPCTGPCNOWEJQOU
RTQHWPFQSWGGNFGCSWSWGGUUWRGTHKEKCN
=EQRLKZ?#PVPMQOCCNJKO8CUGVWWMCD

EJWWMWCFLSWGVKGPGOWEJCECTPG#OLKPCEJ

OWCKOCOCC[CFJKVWWT,QKFJCOLKZ
EJWWMW5GTCDWGPQOCVCTGUVGVQTQ[
VCVGOCTNQRWGUVKGPGOWEJCECTPG=RNEJWVMW
EQRLKZ?8CUGVWWMW

EJWWVWM=RNFGEJWWM?JQPFQU=EQRLKZ?
EJWCCCFLRNKFQ
UWLCPKO,KZEJWCCRZ
LWOPKIWMWWZKPCIWIKKNJKOOMLKZ
MCQQMMCV5GXGRNKFQOKVQRQTSWGGUVWXQ
GPHGTOQRQTOWEJQVKGORQ=EQRLKZ?
8CUGEJWC



IWFWWM;CXKGPGNCNNWXKCCRTCVGCKTCVTCGT
CIWC0QGUVUPCFCOUUGPVCFQ
GUVCTGPEQPVTCTUG
GPWPNWICTJCDKVWCN
t/LFCCEJKDCIWLQKUOKPCRCKVW
QRKUKKPCtLWRMCKEJIW,WCPt,WODJC!
%JCOOQDJCOOLCMFCCMKCOKtLWR
MCKEJIW2GGITQt'UVCTNCCWVQTKFCFCNNGP
UWQHKEKPC!tRTGIWPV,WCPt2WGUPQU
2WGFGUGTSWGGUVCNNGPUWECUCtEQPVGUV
2GFTQ
XKXKT
VGORQTCNOGPVG,CTQQRDCLCDWKFCC
DJCOORCKPCRVWLWCP!%QPSWKPGUGUVU
XKXKGPFQRQTCNNFQPFGVTCDCLCU!
VGPGTHTWVQ
RNCPVCt)QQMLCRLK
ICNJKFJCIWKOCKIWZOCOQKMtLWRMCKEJ
IW,WCPt%JCMWKFCTCCLCZFJWK!tLWR
MCKEJIW2GGITQt/GXGPFGUWPCUEWCPVCU
ECNCDCEKVCUVKGTPCUtFKLQ,WCPt2WGUEOQUK
VQFCXCPQVKGPGNCRNCPVC!tTGURQPFK2GFTQ
=UWLRNFCTQFCTCC?
FCC=RTGVFGFCIKC?NQCICTT
FCCFC=RTGUFGFCPIKC?2GLLWOFCCFC

COUGCICTTCP

FCCFC=RTGUFGFCPIKC?CICTTC

FCCMUPCTK\
RGTUQPC5NJLKFJCCMCOLK

MKIWDCCOW)KKNJKOLKZOWMCC/GRKE
WP\CPEWFQGPNCPCTK\[OGFCOWEJCEQOG\P
JQEKEQ,KZOWWMVWFCCMIWWWR'N
\QTTKNNQVKGPGWPJQEKEQRWPVKCIWFQ
=RNFCCFCMCRQUFCCMCP?
FCCMCTCOGPUWPCTK\
FGNQFGGNNC

FCCORQURGPEKOCFGCTTKDCFGGPNCUWRGTHKEKG
FG5WWFCKFJCCOQKRQCOIWRCRCCV.QU
RCVQUPCFCPGPNCUWRGTHKEKGFGNCIWC
8CTFJCCO

&

FCCOCPCFXGPNCUWRGTHKEKG
UNKFQ,KZKQO

=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPFJ
VKGPGPXCTKCPVGUSWGGORKG\CPEQPFNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?

FCUWHaX+PFKECCEEKPEQPVKPWCQRQTOWEJQTCVQ
QGPOWEJCUQECUKQPGU,WRMCKEJFJCCOPC
UCRRWKLCMCCIKZPCEJVPFCIWZKQVCNJ
&KEGPSWGGUVGUVCDNGEKFCEQOQEQUVWODTGSWG
DCKNGOQUGNOKVQVG=)TCO?8CTFJC
HWVFCRTGUPEQRTGVFCV

FCCXaGGUVCTUGPVCFQ,QVOQFCRZKDJKTCK

IWUWWFCKCCRIWFCKICOFCC$JCKDCLKO

LCROKRZKDQKURCVWPFCFJKLCTCCT#VVKKTW
FCCOCPPCROWVWLWCPCKO'ORWLCOUGN
CTCFQRWGUPCFCOUGUVUCTCPFQNCUWRGTHKEKG
FGNCVKGTTC
EGTECFGNCUWRGTHKEKG
NSWKFQ&CCOCPRZ
QKTFJKDCVQQRPCIWEJCOVWWMIWUWWFCK
'UVGRG\PCFCEGTECFGNCUWRGTHKEKGFGNCIWC
RQTSWGPQGUVOW[JQPFC

FCCOFTRTGRGPEKOCFGCTTKDCFGd,CROQQ
LKZLDTDLPKLCRFCCOFTFJKUCMCCNJKM
d%OQJCEGCKTGCNNCTTKDCFGGUCEQTFKNNGTC

FCCP=RTGUFGFCKC?QTC
FCCP=RTGVFGFCKC?QT

'&+%+024'.+/+0#4`



6'2'*70'52#1.

FCCKOM=EQRTGVFGFCKC?GUVCDCQTCPFQ
8CTFCKKOM

FCCUCTCUOCPIQ
FGWPCJGTTCOKGPVC2WK

CCRDCMPVWUQPKCMFCFJKOOCZKKEJ.WKU
UKCMWEJCOVWFCCUCTC!%JCOLKZEJW
MQMVWNJFJCTCCC!%QTVCUEQPGUGOCEJGVG
CWPSWGPQVKGPGOCPIQ!0QVGNCUVKOCNCU
OCPQU!=RNFCFCCUCTCQFCPUCTC
CRQUFCCUCTICPFCFCCUCTICPQ
FCPUCTICP?

FCCUCXaVRQPGT
EQUCUPQNCTICU6WFC

FJKPCRDJCKFCCUDCCNJEJCO!3WGUGUQ
SWGGUVURQPKGPFQGPNCECPCUVC!
UGPVCT
CQVTCRGTUQPC,CZMWRDCOQQ
VWWMWVQKTFJKCNJKK!0QRKEJOKLCRFCCUCM
%JCOLKZDV!2QTSWCPFCUECTICPFQCN
PKQGPNCGURCNFC!2QTSWPQNQUKGPVCURQT
CJ!0QRGUCOWEJQ!
RNCPVCT/CCMCOLCMLCRKOFCCUCFJKK
MQMQNJPCV[CDWWU2QTHCXQTRNCPVCGPQVTQ
NWICTGUVGEJKNGSWGPCEK
=EQORNRNFCTUCRTGVFCKFCTCKRTGUFCCU
FCTCCUEQPVFCCPUCFCFCTCCUFC?

FCCUCXaVGUEQIGTPQODTCT
CWPECPFKFCVQ

,CTQQRKODCZKNJKKPCEJOKZKFJCCUCK
IWZMCKOW,WMVT!#SWKPRKGPUCPWUVGFGU
SWGFGDGOQUGUEQIGTRCTCIQDGTPCFQTGP5CPVC
/CTC!
XaVCRWPVCT
PQODTG$ZLCRLCFCCUCIW
LCVMCO'GLMRMCKZCO#RWPVCNQU
PQODTGUFGVQFCNCIGPVGRCTCXGTEWPVQUUQP
XaVOCTECT
EQPHKGTTQ+CORZRWEJWO
LWRFCCUVWIWDCKWOFJKDJWTWZPCLCZ
EJWOIWTCCEJICP'UGDWTTQNNGXCECUKNC
OKUOCOCTECFGJGTTCTSWGNCPWGUVTC
XaKFCTRNC\Q,WOVOWKFJCMFJKOCUCCP
OQQVWFCCZKZPCVWPCOMKFJCOWVKCPFC
PCRCKVWWCVWP#HKPGUFGGUVGOGUXGPEG
GNRNC\QSWGVGPIQRCTCRCICTNQSWGFGDQCNNGP
NCVKGPFC
XaKUGTECRC\
FGJCEGTCNIQFKHEKN&CCUCR
CCPCROWLWTPKCUKCMWIOTIWUWWFCK!
'TGUECRC\FGRCUCTCWPSWGGUVETGEKFQGNTQ!
=RTGVFCKRTGUFCPUCTGUFCCZKZ?
LWOFCPUCUGCRGNNKFC

FCCZFJCXaVRCTEJCT+KMWOQQ

FCNJZKFJCIWRCPVCNQQPOKQNJKCTCPPC
IITDCVFF8Q[CRCTEJCTOKRCPVCNP
GPNCUTQFKNNCUFQPFGVKGPGCIWLGTQU
FCTRNC\Q
CQVTCRGTUQPC,MVCPQQNJVWO

FCCFJC

FCCZPCRMPPCOMKFJC!%WPVQVKGORQVG
FKQFGRNC\QRCTCRCICTNG!
=EQORNRNFCNJZKFJCRTGVFCCZFCNJZK
EQPVFCZKFJCFCNJZKFJC
TGUFCCZFJKZFCNJZKFJKZ?
LWTCCPFCCZFJCEQPUQNCT
NKVRCTEJCTGN
EQTC\P
FCCZFJCXaDRQPGTCNIQFP
EGTGOQPKCNC

WPCRGTUQPC$RRZKOFCCZFJCKIWVQMPCR
DCDCVWFWKCPCIWDCVWQMKCIW
OCMICO2TKOGTQVGRQPGUGNCNIQFPRCTCSWG
[CRWGFCUJCEGTNCUVQTVKNNCURQTSWG[CXCCQTCT
GNEWTCPFGTQ
%WCPFQCNIWKGPNGRKFGCN
EWTCPFGTQSWGQTGRQTNNGFCWPRCNKVQEQPWP
RGFC\QFGCNIQFPGPNCRWPVCEQOQTGRTGUGPVCEKP
FGUOKUOQ
FGLCT
GPQVTQNWICTRCTCQVTCRGTUQPC/WPK
DCMEJTLCKEJFCCZFJCTCMIWEJCCVIW
UCWCP(WKCNCECUCCFGLCTNCEQDKLCFGOK
RCR
=EQORNRNFCCZKFJCRTGVFCCZ
EQPVFCCZKFJC?

FCCZZKFJCXaDRCTEJCT
RCTCQVTCRGTUQPC

,KFJCCZZKFJCCRIWRCPVCNQQPIWZ
EJFWMWCCFCMCDWKOWMPCLKEJW
LWCPC2QTHCXQTRQPNGWPRCTEJGCOK
RCPVCNPC\WNRCTCRQPTOGNQOCCPCEWCPFQ
GORKG\GCVTCDCLCT
RQPGTCRNKECT
TGOGFKQGPGNEWGTRQFGQVTC
RGTUQPC,WRMCKEJFJCCOIWLCVMCOPCUCR
LKTTKOGGFKQIWUWTWKPQEJCOQDKQMEJCT
IWCNJKKPCDJCKZKFJCCZKFJCOQTCO
.CIGPVGFKEGSWGNCRGTFK\IPIQTCUKTXGEQOQ
TGOGFKQRCTCEWCPFQWPPKQPQGORKG\CC
JCDNCTCVKGORQUGNGRQPGGPNCECDG\CXCTKCU
XGEGU
=EQORNRN[EQPVFCCZKFJCRTGVFCCZZK
FCCZK?8CTFCCZEJWNJFJC

FCC=RTGUFGFCIKC?NQCICTTC
FCCOTC=RTQRFGFCIKC?KTCCICTTCT
FCCPUUWGITC:KMWCFJCVCRRLZMWO

FCCP.WKUPCDCIWPCVLWOOCCIW
OCTCCPLWRMCKEJIWFPIW.WKU
%WCPFQVGPICUVKGORQ.WKUNNGXCNGNGCCVW
UWGITCRWGUGNNCVGFKQCUWJKLCFKLQNCOCO
FG.WKU
'UVGVTOKPQFGRCTGPVG\EQPQUGWUCRCTC
UCNWFCT=CRQUFCCFCP?

FCCFJCXaDCICTTCT
RCTCQVTCRGTUQPCQ

CPKOCN&CCFJCRIWVWZKQIWZCQKMCTDCZ
PCZK[C)KKNJKOLKZZWUFCPCIWEJKRCK

'&+%+024'.+/+0#4`

FCCZKFJC

6'2'*70'52#1.

RZZKQIWFNJOCTCCP#ICTTCGNEJKXQ
JWTHCPQRCTCSWGNCEJKXCRKPVCNQCOCOCPVG
GNNCVKGPGOWEJCNGEJGRQTSWGUQNCOGPVGCXGEGU
GUVCOCOCPVCPFQCUWEJKXKVQ
=EQORNRNFCCPIKFJCRTGVFCCFCCPIK
RTGUFCCIK?
FCCZKFJC=EQORNRNFGFCCZFJC?RQPGTNQU

CNIQFPEGTGOQPKCN=RTQRFCCZKOTC
EQRTGVFCCZKFJCV?

FCCZKFJC=EQORNRNFGFCCZZKFJC?RQPGTNG

WPRCTEJGQWPTGOGFKQ=RTGVFCCZK?

FCDPCXaVSWKVCT
RNWOCUQRGNQ&CDPCCR

FJKVCMCCTWKPCVOKOWCIWOZKKZMWEJOK
DCFCCUCPCEJVWLWIKCLCZK2QTHCXQT
SWVCNGNCURNWOCUCGUVCICNNKPCSWGOCVVW
JGTOCPQRCTCSWGNCEQEKPGOQU[NCEQOCOQUCN
TCVQ=RTGVFCD?

FCDKCXaKECGTUGSWKVCTUG
RKGN&CDKCFJQ

DCIWLQIKKIWICIQQZPCRKEJICPDJCVQK
IWZEJQKUWWFCKCCP5GNGXCCECGTNC
RKGNCNRGTTQFQPFGNGGEJCUVGGNCIWCECNKGPVG
OCO=RTGVFCDRTQITFCDKO?
DCFCPDKMIWOCVCKOCP[CUGNGEC[GTQP
NCUEUECTCUCNOC\FGNPKZVCOCN

FCFCCTTFC=EQPVFGFCKDW?GUVCTUGPVPFQUG
FCFCCUCTC=RNFGFCCUCTC?OCPIQU
FGWPCU
JGTTCOKGPVCU=CRQUFCFCCUCTICP?
8CTFCPUCTC

FCFCKEJWP=RTGUFGFCKEJFJC?NQJCEGXQNCT
FCFCMDWFC=EQPVFGFCMDW?GUVCTRGIPFQUG
GPNCPCTK\8CTFCFCMDWTFC

FCFC=RTGUFGFC[C?XWGNC8CTFF
FCFCFC=EQPVFGFC[C?GUVCTXQNCPFQ
8CTFFFC

FCFCP=RTGUFGFCVC?SWKGTGOWEJQ
UWL
CPKO

FCFQPMQUC=EQORNRNFGFQPMQPC?UQNVCTNQU
=RTGVFCFQPMQUCEQPVFCFQPMQUFC?

FCFQEJKFJC=UWLRNFGFQEJKFJC?2GL
FCFQEJKFJCCOFGLCTPFGOCOCT
=RTGVFCFQEJK?

FCFQEJKFJC=EQPVFGFQEJKFJC?GUVCT
FGXQNXKGPFQ

FCFQEJQ=RTGUFGFQEJQ?NQFGXWGNXGNQ
UWGNVC

FCIKCPCXaKJCEGTSWGUQ%JCODCVWFCIKCP

CRCCLKDCDQQNJMWROCCPZKICNJKFJC!



6CVQFCXCPQJCEGUSWGUQURCTCSWGOG
XGPFCUWPQ!=RTGVFCIKC?

FCIKCXaVCICTTCT
EQORNKPCP/QQRFCIKC

FJKRKNQQV/WKZKODWKFJC6GXQ[C
CXGPVCTGUVCRGNQVC#ITTCNC
XaVCICTTCT
EQORNCPKO2CCRKOFWWMVW
EJKKCPCOFCIKCIWOCCPMCOIWKPCV
UCCMLCOZIWDCCM!%WPFQXCPCOCPFCT
WUVGFGUCSWGCICTTGPCNCRGTUQPCSWKGPNGUTQD
NCUXCECU!
XaVGZVGPFGT
NCOCPQRCTCUCNWFCT%JCO
DJCVWFCCLKCIWWDKKPCRVKKQMK.C
OWLGTSWGVTCVCUVGFGUCNWFCTPQSWKUQGZVGPFGT
NCOCPQXGTFCF!
XaTEWCLCT%JCOLWOFCCIWDKKO%JCO
MCCMDCMIWMWCZ0QEWCLNCNGEJGGPVQPEGU
PQGUVHWGTVGGNEWCLQ
=EQORNRNFCPIKCRTGVFCCFCPIRTGUFCC
FCCFCRTQRFCCOTCFCPIKTC?
FJCCIKCFLSWGUCDGCICTTCT

FCKCFXUQNCOGPVG,CKZOCCVVUQDMQPCOIW

VCCONCUIWLCVMCOFCKDCKFJCUMPPCO
DCOKFJTLKZFJCTCODCICTC*C[
RGTUQPCUSWGUCDGPJCEGTVCDNCUEQPJCEJC
UQNCOGPVG[NCUXGPFGPOW[ECTCU

FCK=RTGVFGFCCUC?NQRWUQ
FCK=RTGVFGFCCUC?NQGUEQIK

FCKDWXaKUGPVCTUG
RGTUQPCQCPKOCN,CTQK

DCMOKFJCKIWEJKKMNKPCRCKFCFCTT/K
OCDJKKKU2CTGEGSWGCNIWKGPRWUQEJKENG
FQPFGOGUKGPVQUKGORTGRWGUUGOGRGI
RCTCTUG
CXG$JCKLKFJCKDWOCCPIWWKK
FJKWWZEJCO#NNUGRCTWPRLCTQGPGUG
TDQN
=UWLRNFCTCKDWRTGVFCKDWFCTCKDW
EQPVFCFCCTTFC?8CTFCKDQ
:KFJCKDW/KIWCVQZMQT5KPVGUG#NN
GUVWPCUKNNC

FCKEJCOURTKOGTFC
FGNOKVQVG$CUVCMCCD

PCTVWOKKMWVCOMCVUCROLTFCKEJCOMCV
LCDWKIW/CTCCTMKU)KPQEJKEJVWMQKKO
UCCRCVPCLKZKCNJKC#PVGC[GTQUGCGN
FQOKPIQRCUCFQHWGGNRTKOGTFCFGNOKVQVG
RCTCVQFCUNCUHCOKNKCU/TSWG\2QFGOQUKTGN
UDCFQVGORTCPQCCEQORCCTNQUGPNCEQOKFC
FGENCWUWTC
#NIWPCURGTUQPCUUGCDUVKGPGP
TKVWCNOGPVGFWTCPVGFKG\FCUGUFGEKTNQUEKPEQ
FCUFGNOKVQVGOUNQUUKIWKGPVGUEKPEQFCU1VTCU
RGTUQPCUUGCDUVKGPGPUQNCOGPVGRQTNQUNVKOQU
EKPEQFCUUVCUPQDCKNCPGNOKVQVGNCPQEJGFGN

'&+%+024'.+/+0#4`



6'2'*70'52#1.

SWKPVQFCUKPQSWGNNGICPCNRCVKQEGTGOQPKCNNC
OCCPCFGNUGZVQFCRCTCCUKUVKTCNCENCWUWTCFGN
OKVQVG

FCKEJIFCXaKKTUGPVCFQ&CTCKEJIFCRKOPC
RKOEJCOOKKKZKC8[CPUGUGPVCFQURCTC
SWGPQUGXC[CPCECGT=UWLRNFCTCKEJIFC
RTGUFCKEJWFCTCKEJWEQRTGVFCKEJIV
FCTCKEJIV?

FCKPCEQPLPCFCOUSWG$COVOWKOOQQ

FJKOCUCCPIWLWOCKOCUCCPPCOWKLKO
DJ[CFCKPCDCVPIKCRZOQQ;CXC
VGTOKPCPFQGNOGU[QVTQGORG\CTRTQPVQPCFC
OUSWG[CUGTRQECFGNNWXKC=)TCO?

FCKRWCFXGUVQFQ&CKRWCCRRZLCDKC

IWDCCMPCOLM[CQKRQMCLCKCCOWRCK
MCRWRQKRQ!5QPVQFCUVWUXCECUNCUSWG
CPFCPCSWQVKGPGUOUSWGCPFCPRQTCJ!
PCFCOUCU&CKRWZKEJMOWLCRLK
FJWW0CFCOUCUOGFKLQ[UGHWGRCTCCNN
='UEQODKPCEKPFGFCKUQNCOGPVG[RWKCU?
8CTFCKRWK
6WR!&CKRWCC!3WOU!'UVQFQ!

FCKTTZFJC=XCTFGFCRKKFJC?TGUDCNCTUG
FCKEJFJCXaVJCEGTXQNCT'CPCEJ

FCKEJFJCFJKNJKEJWKK-COQQEJCMWK
VWFCFCCEJK!8COQUCJCEGTXQNCTCGUVG
RLCTQEJKSWKVQQUGTSWGVQFCXCPQRWGFG!
CRWTCTGZKIKT,CZDCMWDCOQQLCRRZ
LKFJCFCKEJWPFJKOCCPMCO!0CIW
EJCOLKTVWEJKCMCTWP2QTSWOGGUV
GZKIKGPFQVCPVQGUVCRGTUQPC!2WGUPQGUVQ[DCLQ
UWUTFGPGU
JGEJK\CT
RCTCSWGUCNICFGNCECUC/KO
FCKKEJLCOVIWLCIITPQRICPDWCOLC
VVFC0QNGUFKICUOCNCUEQUCUCNQUCPEKCPQU
PQUGCSWGVGJGEJK\GPRCTCSWGVGXC[CUCQVTQ
NWICT
=EQORNRNPPKEJFJCRTGVFCKKEJPPKEJ
RTGUFCFCKEJWPPPKEJWP?
FJCKFJCCFLXGNQ\
CNXQNCT

FCKEJIFCXaKKTEQTTKGPFQ
TGEKQKTXQNCPFQ

6MQDFCKEJIFCIWWKOPCDCPCKEJ
PKFJKFJCPQRCKDQIWMQ'NCIWKNKNNCXC
XQNCPFQOW[CNVQRCTCXGTCVQFQUNCFQUCXGTUK
GPEWGPVTCWPCXDQTC=UWLRNPPKEJIFC
RTGUFCKEJWPPKEJW?8CUGFC[C
RZFJCKEJWECOKPCTQDCKNCTDKGPTGEKQ

FCKKCXaKEQTTGT
RCTCCICTTCTXGNQEKFCF

/MFTOWKLKFJCKKCIWCDKQPPCRCK
FJWWMICOCKLKFJC[C%WCPFQGNCXKPXCC

FCKC

XQNCTVKGPGSWGEQTTGTFGUFGNGLQU
EQTTGT
RCTCCRWTCTUG,KDJKOTIW
DQPCCOOWOOWDQRVQDVC&CKKCCR
OQQ6TGOGOKUQODTGTQFGCNNFGDCLQFGNC
ECUCdRGTQEQTTKGPFQ
=UWLRNDQQRQ[CRTGVFCKDWUDQQR?

FCMDWXaKRGICTUG
GPNCPCTK\$CUVCMCCD

LCEJKEJOWLKOMLKQMKZ%JGGRQDWK/WPK
MCPFTLCKEJOCFCFCCRCCKEJCOPC
DJCKMCLKOLCRLCKEJOQQLKZKQOFCMDW
#PVGC[GTHWKEQPOKUQDTKPQ%JGRQ4GITGUCPFQ
FGCNNOGTGUDCNGPWPQUVGRGVCVGU[OGRGI
HWGTVGOGPVGGPNCPCTK\=RTGVFCMDW
EQPVFCFCMDWFCQFCFCMDWTFC?

FCMQQ=XCTFGFMQQ?CRGPCU
FCMQQFJCXaVCPKOCT
EQPGZKIGPEKC

GZKIKT/KFJTDJCFCMQQIKFJK,WCPLK
EJCCV%JCOCCPCQKFJCPCEJVWICCORW
IWDCCM2CRRQTHCXQTGZLCNGC,WCPRCTC
SWGOGCEQORCGCDWUECTNCUXCECURQTSWGPQ
SWKGTGKTEQPOKIQ
XaTGUHQT\CTUG/QQROWKZKOFCMQQFJC
MCDWKOWMPCROWLKOKCLKZKMWPCRIW
RCNJDWKFJCOCCZFJKPCEJVWLWORCFCIW
DJCD*C\GNGUHWGT\QFGKTCNCECUCOCCPC
OKJGTOCPQRCTCSWGOGC[WFGUCLWPVCTGN
HTKLQNRCUCFQOCCPC
=RTGVFCMQQRTGUFCMQQIK?
8CTFMQQFJC

FCNJZKFJCXaVCUGIWTCT
CRNCUVCPFQ6WFJQ

UKCWWZMPLCRRZDJCKMCZKCKURCK
)CVWWMLCEJDCDJCFCNJZKRWIWIIT
LQQFCK#RCEJTTCNQCWPSWGUGCEQPWPRCNQ
RQTNQRTQPVQ#NTCVQTGITGUCOQUCCUGIWTCTNQ
EQPRKGFTCUITCPFGU=RTGVFCNJZK
RTGUFCNJZK?

FCNJZKFJC=EQORNRNFGFCCZFJC?

RCTEJCTNQU=RTGVFCNJZKEQPVFCNJZKFJC
TGUFCNJZKFJKZ?

FCOUWHaU5GTGHKGTGCWPCRGTUQPCSWGFGUGORGC
EKGTVQVTCDCLQQECTIQRGLMQQPFCOOCVCFQT

FGCPKOCNGUUCDCPFCOEQORTCFQT
=)TCO?8CTFJCO

FCOCPCFXOU
RCTCEQPVCT/CODJZ

FCOCPIQQMLKTOCCPFQUGGP&KG\OUFQU
GUWPCFQEGPC8CTFCOFT

FCKCXaKQTCTCNCDCTCOCT
C&KQU,KEJCO
LWOCCPCEJVWFCCPFCDJCOOLCMLKZ
FJCCOPCDCEJMCLCCFJCIWZWCKKOFC
IW&KQULWRMCKEJIWOCMIO0QUGU

'&+%+024'.+/+0#4`

FCRKKFJC

6'2'*70'52#1.

PGEGUCTKQCOCTC&KQUSWGGUVGPGNEKGNQRCTC
SWGPQUFWPCPWGXCXKFCFKLQGNEWTCPFGTQ
=RTGVFCCPRTGUFCCPEQRTGVFCCKOMQ
FCKKOM?

FCRKKFJCXaTTGUDCNCTUG
KPVGPEKQPCNOGPVG

#CEJOWPKMCPZKEJFJCRKKFJCMPCRCK
LQKFJCOLKZLWMCCIKLWRMCKEJCOIW
CCCNJ0QUQVTQUHWKOQUCTGUDCNCTPQUCNN
FQPFGJC[OWEJCUCIWLCUFGRKPQFKLGTQPNQU
PKQU=RTGVFCRKKRTGUFCRKKK?
8CTFCKTTZFJC

FCRKCXaKTGUDCNCTUG
CEEKFGPVCNOGPVG,KZ

DJCKROQQLKOFCPCREJCOFCRKCPCIW
[CZDCDCC%COKPCEQPEWKFCFQRCTCSWGPQ
VGTGUDCNGURQTSWGCSWGUVOW[GORKPCFQ
=UWLRNFCPRKMKCRTGVFCRFCPRKM
RTGUFCPRKMRWPVFCRPMFCPRKMM?
FJCCRCMCFLNKUQRGNPFGUPWFQ
FJCRKCFLNKUQTGUDCNCFK\Q
FJCPRKMCFLTGUDCNCFK\QGUEWTTKFK\Q
EJWFCPRKMCFLTGUDCNQUQ
TGC

FCT=UWLRNFGFCC?2GLOKFCTCOCNNGUVP
UGPVCFQU8CTFCTCC

FCTCKDW=UWLRNFGFCKDW?2GLFCTCKDWCO
UGUGPVCTP=RTGVFCTCKDW?

FCTCKEJIFC=UWLRNFGFCKEJIFC?2GL
FCTCKEJIFCCOKTPUGPVCFQU
=RTGUFCTCKEJWEQRTGVFCTCKEJIV?

FCTUC=EQORNRNFGFCCUC?RQPGTNQU

=RTGVFCTCKRTGUFCTCCUEQPVFCTCCUFC?

FCXaGUGT
EQUCPQEQPQEKFC6WFCFJKPC

DJCKDCOQQVQFJK2WUVKK!3WGUGUQSWG
VTCG(CWUVKPQGPGNJQODTQ!8CTFJC
VWWWZFJCFJKSWENCUGFGTDQNGU
UG!
LKTVWRVWOFCEOQGUGPTGCNKFCF!

FCDKCXaVCOCUCTOG\ENCT
EQPCIWC

5WTKCVODCVLCRDPMCOFCDKCFJKVWKUCR
PCDCZKQDMC/G\ENCEQPOKGNFGCDGLCGUVG
RKPQNGRCTCSWGGUVUCDTQUQ
OCNVTCVCT
CPKOCN%JCOMCVWPCCFJK
OKKEJWPCRIWEJKIKKNJKOFCDKFJC'N
ICVKVQ[CPQVKGPGICPCUFGEQOGTRQTSWG
UKGORTGNQOCNVTCVCU
=RTGVFCDKRTGUFCDK?8CTFCOWPC
FJCDKFJCDKKZCFLOCNVTCVCFQ
GPECPKLCFQ
CPKOCN

FCDKFJCXaDCOCUCTOG\ENCT
EQPCIWCRCTC
QVTCRGTUQPC#NJKEJLCRZKFJCDKFJCKZK



OCCMCKIWZKKICPIWOCUGGMCPCRDCDC
DWNJKC#PVGUFGCOCTTCTCNRGTTKVQJC[SWG
FCTNGFGEQOGTJCTKPCFGOC\OG\ENCFCEQP
CIWC=RTGVFCDKZKRTGUFCDKZK
EQRTGVFCDKFJCKOM?8CTFCOWZFJC
5KPPFCOWFJC

FCDKZXaGGUVCTFGUQTFGPCFQ,CTQQDCLCR

LKTLWCPDKNJPCDCFCDKZMCORZDJCLCR
DVIWEJQQOK!3WKPGUNCRGTUQPCVTCXKGUC
SWGOGFGLFGUQTFGPCFQGNKZVNG!

FCKKEJ=RTGVFGFCKEJFJC?NQJK\QXQNCT
FCOWPC=XCTFGFCDKC?COCUCTOCNVTCVCT
FCOWFJCXaDTGXQNXGTOGPGCT
RCTCQVTC
RGTUQPC#NJKEJOKZKFJCOWZKIW
VWKUCRODCVMP2QTHCXQTTGXWNXGOG
VCPVKVQRKPQNGEQPOKGN=RTGVFCOW?
8CTFCOWZFJC5KPPFCDKFJC

FCOWZFJC=XCTFGFCDKFJC[FCOWFJC?
COCUCT

FCPIKCXaTCICTTCTUG
WPQCNQVTQ'CIQT

LWOFCPIKLCOLWWTCR'GLCTQKRMLKZKQO
LKZQQ#ITTGPUGFGNCEKPVWTC[LNGPUG#XGT
SWKPGUOUHWGTVG
RGNGCTUG
GPVTGU:KOFCPIKRKOFJQPC
RKODCEJCOVWDJCCPMCVVEJWMC
2WGURGNGPUGRCTCSWG[CPQVGPICPRGPFKGPVG
WPRNGKVQGPVTGWUVGFGU
=RTGVFCPIRTGUFCPITQFCCFC?

FCPIKC=EQORNRNFGFCIKC?CICTTCTNQU

=RTGVFCPIRTGUFCCFCRTQRFCPIKTC?

FCPRCMKKDJCKUVWPC
ECRCNKUC
FCPRKMKC=UWLRNFGFCRKC?2GLFCPRKMKC
COUGTGUDCNCTP=RTGVFCPRKMRTGUFCPRKM
RWPVFCPRKMM?

FCPUC=RTGUFGFCCUC?GUEQLC
FCPUCTC=RNFGFCCUCTC?OCPIQU
FGWPCU
JGTTCOKGPVCU=CRQUFCPUCTICP?
8CTFCFCCUCTC

FCZKFJC=EQPVFGFCCZFJC?GUVCT
RCTEJCPFQ

FCVCXaGSWGTGTOWEJQ
EQORNCPKO$CFCVC
LKIWIWMCTDCZIWOCTCCP&NJDC
ZKEJWP.CEJKXCSWKGTGOWEJQCUWETCRWGU
UNQCGNNCNCGUVCOCOCPVCPFQ
=EQORNRNFCPVCRTGVFCVCFCPVC
RTGUFCFCP?8CPUGFJCCPFJCC

FC[CXaKXQNCT,CZFJWWMCVLCOVWFF

IWCDKQPPCOIWVKTDCRCKWO!%OQGU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

RQUKDNGSWGXWGNGPNQUCXKQPGUUKUQPFGHKGTTQ!
=UWLRNPP[CRTGVFCQFCCCPKP
RTGUFFQFCFCPPEQPVFFFCQ
FCFCFCPPFC?
FJCKFJCCFLXGNQ\
CNXQNCT
FCKEJIFCXaKKTEQTTKGPFQ
TGEKQKT
XQNCPFQ

FF=RTGUFGFC[C?XWGNC8CTFCFC
FFFC=EQPVFGFC[C?GUVCTXQNCPFQ
8CTFCFCFC

FKVTCCVQUTGVTCVQHQVQITCHC$JCLCMKCOLCR

ZKMMDWPCRCKVCPQQTPCDCZDJCK
DWWUPKCIWFKVTCCVW2TCVGOUCEGPGNUQN
RCTCSWGUCNICDKGPNCHQVQ8CTFKVTCCVW

FDCCXaKRWFTKTUG%JCODJCKCCPCRKO

DKQOCIVIWVWWTPCVRWKOWRCKKCICKMW
DCIC[CIV!6WMQDPCVOKDCFDCC
*WDKGTCUKFQOGLQTJCDGTRTGRCTCFQNCECTPGFGN
VQTQSWGUGEC[GPNCNCFGTCRCTCCUCTNCRWGU
CNNUGRWFTKFGDCNFG=RTGVFDCC
RTGUFPDCTRTQITFDCKOEQPVFDCKFJC?
FJDCCNJCFLRQFTKFQ

FDKCXaKTGITGUCT2CCRKEJFWWMFDKC

PCRUCCMDRVCPLCMMCQKTFCV!%WPFQ
TGITGUCUVGFGCPFCTRQTNCEQUVC!
PCEGT2CCFWWMFDKCFJKOCNJKKEJWM!
%WPFQPCEKVWPKQ!
=RTGVFDKC?

FDKCEJWFCXaKRCTKTFCTCNW\$CV

FDKCEJWFCCCIWOZKKZMCEJCMWKCC!;C
FKQCNW\VWJGTOCPCQVQFCXCPQ!
=RTGVFDKCEJWFC?5KPPIZEJWFC
FDKCEJWPFCORCTVGTC
RCNCDTCCPVKIWC

FDTUVKGTTCUWGNQ
IGPGTCN)WFDTLKT

COPCLWRFWKCIWCFQQDKU.CVKGTTCGU
DWGPCRCTCJCEGTCFQDG
VKGTTCVGTTGPQ
RGTVGPGPEKC)WFJKOKPC
LZMWWRLKTRCLCMMCOIWFDT!-QTKCP
CCMC<CECVGECUCC!#NNFQPFGGUVEGTECFQ
CSWGUVCFQRGTVGPGEGGUGVGTTGPQC&WTCPIQQ
C<CECVGECU!
=RNFRRTRQUFTDCFRRT
CRQUFTDCICPFRRTICP?

FDQQTUCXKURC
FGEJCSWGVCCOCTKNNC/CKM

LCEJDJKCRWIWFPDQT,KZLCPCCK-CO
LKOQQEJM[C!8COQUCUCECTRCPCNGUFG
CXKURCRWGUUGOGCPVQLCP#XGTUKPQPQU
RKECP=RNFPDQT?

FFPDCNJ=RNFGFPDCNJ?VKITGU

FPMKFJC

FICCT=RTGVFGFTC?JK\QJQ[Q
FDQKCXaKUCNKTEQTTGT
NSWKFQ&DQPIW

KIQMPCOVFTCMOKZKLKKDCPCODC
ODCVCKDCK[CPCIWLQKFJCOLKZOCKMCM
.GGUVUCNKGPFQUCXKCCNOCIWG[RWGU
GUECTDCTQPGPNCRGPECRCTCVGPGTOKGNSWG
VQOCTRQTSWGGUVDKGPFWNEG=RTGVFDQ
RTGUFDQP?

FF=UWLRNFGF?VGPGTCIWLGTQU
FFPURCFTGU
FGHCOKNKC&JKTLK

FJFPCOPCOV[CDCCK/KURCFTGUUQP
NQUSWG[CNNGICTQP
PCPCU
OWLGTGURCTKGPVGUEGTECPCUSWGEWKFCPC
WPPKQ
5KPPIMQTC
FPOCFTG
RCNCDTCCPVKIWC
FPUWOCO
FGNQFGGNNC

FMCXaVUCDQTGCTRTQDCT
CNKOGPVQ$ZKKIW
[QQZICPFJKVWTCUPWPCVZKLRFJC%JCOMC
FMCKEJEJKDCOQQ5GEC[GTQPVQFCUNCU
HNQTGUFGGUVGFWTC\PQRQTNCJGNCFCCUSWG[C
PQXCOQUCRTQDCTFWTC\PQU=RTGVF
RTGUFMEQPVFPMCFC?

FMEJKCXaVUGIWKT
RQTNCUJWGNNCU&MEJKC

CRIWVWWTPCRCLCMOCCZPCRDCLQVOQFC
VIKC5KIWGNCUJWGNNCUFGNVQTQRCTCSWGNQ
JCNNGURTQPVQ=RTGVFMKEJRTGUFPMKEJ
TGRFPMKEJKC?

FNJCFXUQNQ
PQCEQORCCFQ#CRFNJ

CCLKOKCMCDZCCIWOMWORCKKT!6GXCU
UQNQQVCODKPXCVWGURQUC!
UQNQ
UKPCRQ[Q/QTCOFCCUVWFJKWDKKIW
DCKFJCMCTPCVWDCKOVW,QKFJCOFNJ
FCKEJW'UVCOWLGTVTCGGNEPVCTQNNGPQFG
CIWCCRQ[CFQUQNQUQDTGNCECDG\CUKPCICTTCTNQ
FNJLKTRWEJWOCUGURQTPCVWTCNG\C

FNJRZCFXRQTUOKUOQ&NJRZOWKDC

ONJEJWIWVTQQMC%JCOMCFCCIW
RTGGPQUICP;CXCEQTTKGPFQNCECOKQPGVCUKP
EQPVTQNRWGUPQCICTTCTQPNQUHTGPQU

FP=RTGUFGFPPKC?HWOC
FPMKFJCXaVEWTCT
HWOCPFQ

EGTGOQPKCNOGPVG6FPMKFJCOIWOCMIO
OWLCMVCCVUCD2CKPCFWWMLCMIZKCPQ
LQVOQFCMCDCIWLWTWWFJC'N
EWTCPFGTQHWGCEWTCTCVKGTTCENKFC3WKPUCDG
UKTGITGUCTRTQPVQQVCTFCT
JGEJK\CT%JKCNJLCROQQDJCLCMLK
FJPMKFJCIWLCTQKPCDCCORZLKZEJW

'&+%+024'.+/+0#4`

FTCR

6'2'*70'52#1.

MQMMC/GFWGNGVQFQGNEWGTRQ#NQOGLQT
CNIWKGPOGGUVJGEJK\CPFQ
=RTGVFPMKRTGUFPMK?

FTCRCFXUWGNQRKUQ%JCODJCKMQMUK

FJKDQRVQVCO&TCRLCDQ[CZKD#JQTC
OGXQ[CCEQUVCTGPGNRKUQRWGUPQFWGTOQDKGP
GPGUVCECOC
CHWGTC/WFTCRLCRZKLKOLKPQRLKZ
EJVDKO8GVGCHWGTCUKSWKGTGULWICT

FTCRFTCFXHWGTC
FGNCECUC&TCRFTRZ
DQIWOCKOMCO%JCOOWDCRMDCMEJT
PCIWEJKZKQOLKZOCKO'NDQTTCEJQGUV
CEQUVCFQCHWGTCFGNCECUC[PQUGOGVG
RTQDCDNGOGPVGRQTSWGGUVOW[DQTTCEJQ

FPPKCXaKHWOCT
RKRC)COOLVFPFC



FTDC=RQUFGFDT?2GLLWOFTDCVW
VGTTGPQ=CRQUFGFTDCICP?

FTDKEJ=UKPPFGDJKFJCC?XCUKLCFGDCTTQ
FXaGVGPGTCIWLGTQ/QQLCRQKTCCIW

WCOCPCDCRZLCZFFIWKKDJCK!2QT
CSWCPFCGNRLCTQCOCTKNNQ!2QTSWGCNIWPCU
VWPCUVKGPGPCIWLGTQU=UWLRNFF?

FFNJFJO=RNFGFNJFJO?UQNKVCTKQU
UQNVGTQU

FP=CRQUFGPCCP?UWOCO8CUGFFP
FPDCNJUVKITG/WLCRWZEJTLKZLQKIW
FPDCNJPCQKTFCPCIWTICORZMCO#N
VKITGNGIWUVCCPFCTGPGNDQUSWGRQTSWGGUFGN
ECORQ=RNFFPDCNJ?

IWQMKZIWDKDFWKMCTVCO/KVCUKGORTG
HWOCVCDCEQGPWPCRKRC=RTGVFPRTGUFP
EQPVFPFCQFPKKFJC?
FJOWMCFLSWGHWOCOWEJQ

FMQQCFXCRGPCUEQPFKHKEWNVCF&MQQKEJ

DWWUOWFTCMMPPCIWIKKNJKOIOTIW
UWWFCK#RGPCUUCNFGNTQRQTSWGNNGXCDC
OWEJUKOCCIWC8CTFCMQQ

FMQQFJC=XCTFGFCMQQFJC?GZKIKT
GUHQT\CTUG

FNJFJOUUQNKVCTKQ
CPKOCN2WKRLKZLC

PCCIWDJGGOUGTIWFNJFJOULCRPCLCZ
IWOWKFJO6CPVQCNNQDQUQNKVCTKQEQOQCNQU
SWGCPFCPGPOCPCFCNGUIWUVCEQOGTUGCNQU
DGEGTTQU
UQNVGTC
RGTUQPC,KTFNJFJOCCDCFJK
EJKQMCVWLQQKCC!'UGJQODTGGU
UQNVGTQQVKGPGGURQUC!
=RNFFNJFJO?#PVPOWKFJO

FNJMQDCFXCUQNCU$JCLKOLKMWWZKMWEJ
CNJKQ[CPKLCMZKUQRMKFNJMQDPCEJCO
LCTQKEJMM8GPCEVQRCTCSWG
JCDNGOQUCUQNCUWPTCVQUKPSWGPCFKGPQU
GUEWEJG

FRRT=RNFGFDT?VKGTTCU=RQUFRRT
CRQUFRRTICP?

FTRQURFGFGUFG
NWICT2CCRKEJFWWM

DJCKLKLKKOWFTLWOMKCCO!%WPFQUCNKUVG
FGVWECUC!
FGFGUFG
VKGORQ$CUVCMCCDLCKEJRCNJR
ZKDCVDKC,CPQFTLCRZDCLKKQQ
#PVGC[GTOGDC[FGUFGGPVQPEGUVGPIQVQU
8CTFJT

FPDCT=RTGUFGFDCC?UGRWFTG
FPDQT=RNFGFDQQT?CXKURCU
FPICTUC=EQORNRNFGFTC?JCEGTJQ[QU
=RTGVFPICTCKRTGUFPICTCU?

FPMCFC=EQPVFGFMC?GUVCTUCDQTGCPFQ
FPMKEJ=RTGUFGFMEJKC?UKIWGNCUJWGNNCU
=TGRFPMKEJKC?

FTCXaVCDTKT
NCVC/CCPLCRFTCFJK

MQMQNJMWEJMPVWLWIKC#DTGWPCNCVCFG
EJKNGURCTCEQOGTLWPVQEQPNCUVQTVKNNCU
JCEGTWPJQ[Q6WWMCDLWOCCPCVFTC
RCKDKDKCVCOPCDCICOOLIOKUWPMC
IWUWWFCK5GPGEGUKVCJCEGTGNJQ[QFGFQPFG
EQLQGNCIWCOUJQPFQRCTCSWGUKGORTGJC[C
UWHKEKGPVGCIWCCNN
=EQORNRNFPICTUCRTGVFICCTFPICTCK
RTGUFTCUFPICTCU?

FTOWWMUJWTHCPQJWTHCPC#CRFJQDCZK
INJFJCKFJKCNJKKPCIWCNJDCTFTOWWM
6PCVIWDCOWWIWFPPKIWVCCVCP
MWEJCOMCFWC#JQTCVFGDGUETKCTCGUVG
DGD[CSWGUGSWGFJWTHCPQRWGU[CUGOWTK
UWOCO[UWRCRVCORQEQXKXG=RNFFT
MQK?

FQFJKCXaKCNKXKCTUG
FGWPCGPHGTOGFCFt$C
FWCCCIWOFJKZKKMPCUCCMMCZMCQQMMCV!
tLWRMCKEJIW,WCPt%JCOCCLPCDCZ

'&+%+024'.+/+0#4`



6'2'*70'52#1.

MtLWRVKIW,QUGGt;CUGCNKXKVWVC
SWGFKEGPSWGGUVCDCGPHGTOC!tRTGIWPV,WCP
t2WGU[QETGQSWGUEQOQ[CCPFCDKGP
tEQPVGUV,QU=UWLRNFWFWCFJKCRTGVFWC
FWFWCEQPVFWFWCTFCFWFWCFJKFJC?
8CTFWFJKC

FQQFCXaVJCEGT
NQSWGUWIKGTGPt#OLK

PCRLCKZMMDJCUKUUCRCIWVCDNGGVCUFJKO
DCCCMtLWRMCKEJIW#TOCCPFWt2WKMC
VWFQQFCKLKIWtLWRMCKEJIW-CUKOKKT
t5GTCDWGPQSWGRQPICUQVTCUVCDNGVCUGPGN
VGEJQFGVWECUCtFKLQ#TOCPFQt2WGUCUNQ
JCTtTGURQPFK%CUKOKTQ
JCEGTFCQ
CQVTCRGTUQPC#COQQLCR
FWKOTCFJKEJKQIWVVDKMCTWP'CPQV
DJCCOLWRMCKEJIWCNJKK8Q[CJCEGTNG
FCQCNLWIWGVGFGGUGJQODTG#XGTUKUG
GPQLCFKLQGNPKQ
=RTGVFQQFCRTGUDWCRTQRFWKOTC?
RWKFJQVWFQQFCCUNQJCT
GCPCRZLCRVWFQQFCUNQJCTRWGU
PCFCOGEWGUVC

FQPMQPCXaVUQNVCTFGLCTECGT,KZDJCKR

OQQWCFCFJKLCCCPCREJCOFQPMQPC
.NGXCNCQNNCEQPEWKFCFQRCTCSWGPQNCFGLGU
ECGT=EQORNRNFCFQPMQUCRTGVFQPMQ
FCFQPMQUCEQPVFCFQPMQUFC?

FQEJKFJCXaDFGXQNXGTGPVTGICT
CNFWGQ

$CFQEJKOTCKIWMCDCKIWKPCVLCTQK
EJCKDWK8Q[CKTCGPVTGICTGNECDCNNQCNC
RGTUQPCSWGOGNQRTGUV=RTGVFQEJK
EQPVFCFQEJKFJC?

FQEJKFJCXaKFGLCTFGOCOCT,M

OCUCCPRZDCOCCPCDCFQEJKFJCFJKO
CNJKKEJWM!%WPVQUOGUGUHCNVCPRCTCSWG
FGLGFGOCOCTVWDGD!=UWLRNFCFQEJKFJC
RTGVFQEJKFCFQEJK?

FQEJQXaVFGLCTFGXQNXGT
CUWNWICT

EQORNKPCP-CDWKOWMLCFQEJQTCFJK
ZKKTPCOVLKEJCKDWK/CCPCXQ[CKTC
FGLCTGUVCUKNNCFGOQPVCTSWGOGRTGUVCTQP
UQNVCT
RCTCSWGXC[CEQORNCPKO
$WKOIKFJCMLCOVMCFQEJQIWOCKOMCO
IWKPCOVMWWLWTPMPCVRCKDCOVEJQ
#NUKIWKGPVGFCUQNVCTQPFGNCETEGNCNDQTTCEJQ
SWGGPEGTTCTQPGUCPQEJGEWCPFQ[CTGEWRGTUW
LWKEKQ
FGLCTFGEQOGT
RQTWPVKGORQFGVGTOKPCFQ
,CKZEJCOCCOVCPQQNJFCFQQEJQCOIWQP
IWLCVMCOIWKPCOLKZEJCOCCOVWQKRCK

FWKDJ[C

PKMCTVCO#NIWPCURGTUQPCUFGLCPFGEQOGT
UCNRQTEKPEQFCUNCUSWGGUVPEQORTQOGVKFCUC
EWORNKTEKPEQFCUGPGNOKVQVG
=RTGVFQEJQRTGUFCFQQEJQ?
FWCXaGGUVCTXKXQ2WKFWCCCIWOMWWNUK

MCDCOWWCC!6QFCXCXKXGVWCDWGNQQ[C
UGOWTK!=UWLRNFWFWC?

FWC=RTGVFGFQFJKC?UGCNKXK

FWCFJCXaVUCPCTEWTCT
CQVTCRGTUQPC

$CKZKOTCCRFJK,WNKCPIW,QUGGPCZ
KQOLKTOCMICOPCDCFWCFJC8GC
KPXKVCTC,QUSWKGPGUOW[DWGPEWTCPFGTQ
RCTCSWGUCPGC,WNKP
XaTEQORQPGTUGCNKXKCTUG
CUOKUOQ0Q
EJKEJCNJKEJVWVCCKOIWDKKLKZKMW
OWOOW)KQVT$KDKCPCEJMPRZLKEJ
FJWFWCFJC*GTOCPQOQRQTSWPQ
XCOQUCNC%KGPGICFGN.NCPQRCTCEQORTCT
VCPVKVQOG\ECNPCFCOURCTCEQORQPGTPQUFG
NCETWFC!
=EQORNRNFWFWCFJCRTGVFWCFWFWC
RTGUFWFWCFJK?

FWFWC=UWLRNFGFWC?2GLFWFWCCOGUVP
XKXQU

FWFWCFJKC=UWLRNFGFQFJKC?2GL

FWFWCFJKCCOUGCNKXKCTP=RTGVFWFWC
EQPVFWFWCFJKFJC?

FWFWCTFC=EQPVFGFQFJKC?GUVCTCNKXKPFQUG
FWFWCFJC=EQORNRNFGFWCFJC?UCPCTNQU
=RTGVFWFWCRTGUFWFWCFJK?

FWFWKMCT=RNFGFWKMCT?RKRCU
=CRQUFWFWKMCTWP?

FWFWWR=RTGVFGFWPRKMKC?UGCVCUECTQP
FWFJKC=XCTFGFQFJKC?CNKXKCTUG
FWKUEKTWGNC$CDJCCLKOCCIWFWKOWLCR
VCVCCVUCDMCEJCMWKCC!0CDCEJCORCK
KCODCVWOICTCKO[CLCR;CGUVP
OCFWTCPFQNCUEKTWGNCUGPVKGTTCUENKFCUQ
VQFCXCPQ!2QTSWGVQFCXCPQUGXGPFGPRQT
CSW

FWK=RTGXFGFWKC?JCEKGPFQUWEGFKGPFQ

8CTFWWLK

FWKDJ[CXaKUGTOC[QTFQOQ
FGWPCHKGUVC
VTCFKEKQPCN,CTQQUCRFWKDJ[CPCRCK
FJWWMLWORCVCCUCFJKPCZKDLKTFW
DKCMCO!3WKPFKEGPSWGXCCUGT
OC[QTFQOQEWCPFQECODKGGNSWGCJQTCGU!

'&+%+024'.+/+0#4`

FWKFJC

6'2'*70'52#1.

=RTGVFWKDJKEQPVFWKDJDJFC
RTQITFWKDJLKO?

FWKFJCXaDJCEGTHQTOCT
RCTCQVTC

RGTUQPC/CKDWCKEJIWDCKICPIW
MWZKKT/QQEJKLWOCKVWEJKKCPCOLWRLK
FJWKFJC5GOGRGTFKNCHWPFCFGOK
EWEJKNNQ5GTDWGPQSWGOCPFGCJCEGTQVTC
NKV
CSWGOGJCICPQVTC
XaDJCEGTEWORNKT
NQSWGQVTCRGTUQPCRKFK
2WKRZKLCFWKFJCPCOLCZLWOVVFCMWO
EJCOVWDJCCMQMDJCLCMLKEJI*C\NQCU
EQOQVGGUVPFKEKGPFQRCTCSWGPQUGGPQLGP[
PQURGIWGP
XaVETKVKECT
HKIWTCVKXQ,CZMWRDCLCZ
PCRRZDWKZKIWOZKKZ!6CMCCDLCRRWKRMC
CICPCZKCVDKZKDLCRRWKRCICPCIVW
MWCLWRVVFCIWFPIW'NGGPC2QT
SWETKVKECUVCPVQCVWJGTOCPQ!#[GTGUVCDCU
FKEKGPFQSWGGTCOGPVKTQUQ[CJQTCFKEGUSWG
EQOGOWEJQNGFKEGNCOCOC'NGPC
=RTGVFWKRTGUDWKZK?

FWKMCTURKRC
FGHWOCT,KZLQQLQKPCRVW

DWCIWFWFWKMCTIWMWWNUKPCUCRVWICTC
OWLCRMKMEJCOPCOIWLCUCDCPPCOOK
VFPFCIWDKD#OKCDWGNQNGIWUVCJCEGT
RKRCURCTCXGPFGTNCURQTCJNCUEQORTCPRCTC
HWOCTVCDCEQ=RNFWFWKMCT
CRQUFWKMCTWPFWFWKMCTWP?

FWKOTC=RTQRFGFQQFC?KTCJCEGTFCQ
FWMKKOM=EQRTGVFGFWWFW?NNQXC
FWOCCNJCFXCDCLQ&WOCCNJLCRFCCUCFJK

LCCCPCEJCODJCKFJTLKIUKLWRDCLCKMKC
2QPNCQNNCCDCLQRCTCSWGPQUGECKICFGCNN[UG
SWKGDTG
EJCRCTTQ
RNCPVC&WOCCNJVWLKOOFJK
UQURQMCNJEJCOVWRWKPCMQMQNJ5QPOW[
EJCRCTTQUGUVQUVQOCVKNNQUPQETGEGPVCPITCPFGU
EQOQNQUEJKNGU
#PVPVMQD

FWDKCMCOUOC[QTFQOQ
FGWPCHKGUVC

VTCFKEKQPCN,CTQQLKTFWDKCMCOZKD
OWOOW,WMVTDJCCP5CO2TCPUKUMW6CO!
3WKPGUGNOC[QTFQOQFGNCHKGUVCFG5CP
(TCPEKUEQGUVGCQGP5CPVC/CTC!=RNFW
DKKRKCMCO?

FWKCXaVJCEGT
NQPGEGUCTKQ#CRLCZLCM

FWKCIWOVCTGG[COKPCRUCCMRCKEJCO
OCCV!%OQXCUCJCEGTVWVCTGCCNNFQPFGPQ
NGGPVKGPFGU!
XaVRCUCT
RQTEKTEWPUVCPEKCTCTCQOCNC#C



LKZMQMLKQNJKCCO6WPCVDCOKRLK
FJWW!6KEJCORCKLCZVWKK#OOGFWGNG
NCTQFKNNC0QUSWOGRCURWGUPQGPEWGPVTQ
NCTC\P
XaTRCUCTUWEGFGT
CEVQPCVWTCN,WRVWO
MCKEJPCUCRIKQRLWOVOQFJKQKICPMW
IWEJKOWKQKFJCMPLKPCDCRWKDCVWO
FWKC&KEGPSWGUGXCCCECDCTGNOWPFQ
RGTQETGQSWGVCTFCTOWEJQUCQUCPVGUFGSWG
GUQUWEGFC
=RTGVFWWRTGUDWCRTGXFWKQFWWLK?
LKZDJCKFJWKCJCEGTWPHCXQT
RCTCQVTC
RGTUQPC
LKZMOFWKCCNKUVCTUG
ICORCKLKOFWWUGJWOKNN
FWKCXaTJCEGTCEVWCT,CZLCRKEJLWOFWW

.WKUPCRKEJDCEJCORCKCKPCEJUCCM
PCDFJKRWIV!3WVGJCUJGEJQ.WKU!2QT
SWPQXKPKUVG!2WGUDCOQUCEC\CTWPXGPCFQ
RQTCJ=RTGVFWWRTGUDWCEQPVDWCFC
EQRTGVDWCVQDWKOM?
LKZDJCKOFWWMCOLKZMRLWOFWWMCO
DWGPCEQUCDWGPCQDTC

FWKKO=RTQITFGFWW?GUVCPFQGN5QN
FWRKCXaKJWPFKTUG0CRCKFJWWMDJCK

LKEJPIKCPCKLKFWRKFJCUCCNJIWLQFCK
RCKPQFCCDKDKCVCOPCIWZDV%WCPFQ
GORKG\CNCRQECFGNNWXKCURQEQCRQEQUGXC
JWPFKGPFQWPCRKGFTCEWCPFQGUVGPWPC
EKPGICRQTSWGGUVRGUCFC
CVCUECTUG%JCORMVWOLWCPFC-CPWWDCU
PQTVPIKCMPCIWEJCOLCKEJMCIWLWM
PCIWPQVVKEJWDKKQTCOIWVTQQMCOCCP
PCLCZOWRCKRWRFWRKZMC0QJC[VTQPEQU
RQTSWGGP%CPQCUGPRQECFGNNWXKCUPQ
VTCDCLCPOWEJQ[CSWGCNSWGTGTNQUVTCPURQTVCT
UGCVCUECPNQUECOKQPGU
=UWLRNFWPRKMKCRTGVFWRFWFWWR
RTGUFWPRKM?
EJWFWPRKMCFLNQFQUQRCPVCPQUQ

FWRKCXaKDWEGCT/CKMLCEJFWPRKMRW

OWOOWCNCRTGGU8COQUCDWEGCTCNNGPNC
RTGUC=UWLRNFWPRKMKCRTGVFWRFWPRKM
RTGUFWPRKMRTGXFWRPKFWPRKMK?
FJWRKCFLDWGPQRCTCDWEGCT

FWUCCTMCXaKCHNQLCTUG$CFWUCCTMCIW

FCCUCTICPIWOWNKKP:KMCDMCFCKCR;CUG
CHNQLNCOCPKLCFGNOQNKPQ#RTKVCNCRQTHCXQT
=UWLRNFWUCTMCRTGVFWUCCTMCFWUCTMC
EQPVFWUCCTMCTFCFWUCTMCTFC?

'&+%+024'.+/+0#4`



6'2'*70'52#1.

FWWXaGGUVCTGN5QN
GPEKGTVCRCTVGFGNEKGNQ

)KKNJKOLKZEJDCCEJCOOCCZPCRCKDC
FWW'UVOW[PWDNCFQPQUGUCDGSWJQTCGU

NKVPQUGXGFPFGGUVGN5QN=RTQITFWKKO
RWPVFWWM?
LKZFJCCOFWWMCFXCNOGFKQFC
RCCFWWMCFXEWPFQ!
NKVFPFGGUVCT
GN5QN!

FWW=RTGVFGFWKC?RCUUWEGFK
FWW=RTGVFGFWKC?JK\Q

FWWFWMUNCUCIWCU
TGIKQPCNKUOQRQECFG

NNWXKCU
FGLWPKQCUGRVKGODTG$JCCPFWWFWM
LCOWDCLKOPCDCZOTC0QXQ[CKTC
UGODTCTCNNJCUVCNCRQECFGNNWXKCU
5KPPVPIKCM

FWWFWXaKNNQXGTt#OLKZFJWWFWKOVWVWKK
LKCtLWRMCKEJIW,WCPt5NJMCOLKC/QQ
EJKDJCKLKFJWWFWLCZKtLWRMCKEJIW
2GGITQt2CTGEGEQOQSWGSWKGTGNNQXGT
XGTFCF!tFKLQ,WCPt&GXGTCUSWGU#NQ
OGLQTXCCNNQXGTCNTCVQtTGURQPFK2GFTQ
=RTGVFWWPRTGUFWWMRTQITFWWMKO
EQRTGVFWMKKOMRWPVFWWPPM?
FWWMLKZDKKCNJGUVNNQXK\PCPFQFGHQTOC
KPEQPVKPWC[RQTRQEQVKGORQ
FJWWMFCCFLSWGNNWGXGOWEJQ

FWWLK=RTGXFGFWKC?JCEKGPFQRCUCPFQ
UWEGFKGPFQ8CTFWK

FWWMUCIWC
TGIKQPCNKUOQNNWXKC:KDCCRCUIW

MWCCPCEJCODCPPKC$JCKDCLKOIW
FWWM/GVGNCNGCRCTCSWGPQUGOQLGRWGU[C
XKGPGGNCIWC
FWWMLNJDKCKTGEQPNNWXKC
FWWMVTPFCONNWXKCEQPVTWGPQU[
TGNORCIQU
FWWMVPIKCMMCONNWXKCVGORQTCN
GPNC
RQECFGNNWXKCU
FWWMVWCDCRICFCONNWXKCSWGOQLCNQU
GPEKPQU
SWGJCEGSWGNGUUCNICPNCUPWGXCU
JQLCUGPOC[Q

FWPRKMKC=UWLRNFGFWRKC?2GL

FWPRKMKCCOUGJWPFKTPUGCVCUECTP
=RTGVFWFWWRRTGUFWPRKM?

FWPRKMKC=UWLRNFGFWRKC?2GL

FWPRKMKCCODWEGCTP=RTGVFWPRKM
RTGUFWPRKMRTGXFWPRKMK?

FWUCTMC=UWLRNFGFWUCCTMC?2GL

FWUCTMCCOUGCHNQLCTP=RTGVFWUCTMC
EQPVFWUCTMCTFC?

FJCFCNJZKOC

&J
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPF
VKGPGPXCTKCPVGUSWGGORKG\CPEQPFJNCU
EWCNGUPQUGKPENW[GPGPGUVGFKEEKQPCTKQ?

FJCCIKCFLSWGUCDGCICTTCT,KZFJCCIKFJK

ICIQQZRWVMQDFCIKCIWDJQOMQZPQV
OWKLKEJWPDJCKFJTLWMVCO'UVGRGTTQ
UCDGCICTTCTNQUVGEJCNQVGUUKPFGLCTSWGVQSWGP
GNUWGNQEWCPFQDTKPECPFGCNIPRKPQ
=RNFJCPIKEQRLKZ?8CUGFCIKC

FJCCPCFLSWGNQSWKGTGOWEJQ
EQORNCPKO

,QKFJCOLKZFJCCPIWDJGUGGTIWNJKEJ
MCTDCZ2ZOKCPDJKEJW'NEJKXKVQSWKGTG
OWEJQCNDGEGTTQRWGUNQUKIWGOWEJQ
=RNFJCFCCPEQRLKZ?8CPUGFJCCFCVC
ZKOFCFCCPCOUGSWKGTGP
GNWPQCNQVTQ

FJCCRCMCFLNKUQ,KZFJCCRCMIWVCCONC

PCIWZDJCKLKKDKZ.CVCDNCGUNKUCRQTSWGGUV
DKGPEGRKNNCFC
RGNP-CZFJCCRCMIWOCQQPFJKCNJKK
PCVIWEJCMWKDJCKRQIWMWWRCP6QFCXC
GUVRGNPGUVGPKQRQTSWGCPPQNGETGEGGN
RGNQ
FGUPWFQ,KZFJCCRCMFJKCNJKKPCIW
EJCODKCIWVCCVCPIWVWWOKPCMP
VCCZKFJCIWLCLCPPWNJK'UVGPKQGUV
FGUPWFQRQTSWGUWRCRPQVKGPGFKPGTQRCTC
EQORTCTNGTQRC
=RNFJCPRCMEQRLKZ?8CUGFCRKC

FJCCCFLSWGNQSWKGTGOWEJQ
EQORNKPCP

&JKFJQZKZKKDMCOLWOUWWUCMLCRZKCCFCK
-CRLKOQQLCRLKZFJCCCC!&GDGURQPGTVG
VWUJWCTCEJGUPWGXQU1PQNQUSWKGTGUWUCT
NKV
QNQUSWKGTGUOWEJQ!
UGTXKT
UWLKPCP%JCOLKPCICTCFJK
MCTCDKKP,KZFJCCKLKIWOQQ0QXGPFQOK
TKHNGRQTSWGOGUKTXG
NKVNQSWKGTQ
=EQPVFJCFCEQRLKZ?8CPUGFCVCFJCCP
ZKOFCCXaGPQFCTOWEJQHTWVQ
RNCPVC
PQOWNVKRNKECTUGHEKNOGPVG
CPKOCN

FJCFCCP=RNFGFJCCP?SWGNQUSWKGTGOWEJQ
=EQRLKZ?

FJCFCNJZKOC=RNFGFJCNJZKOC?RKPVQU
=EQRLKZ?

'&+%+024'.+/+0#4`

FJCFCDK

6'2'*70'52#1.

FJCFCDK=RNFGFJCDK?OCNVTCVCFQU
=EQRLKZ?5KPPFJCFCDKKZ

FJCFCPRKM=RNFGFJCPRKM?TGUDCNCFK\QU
GUEWTTKFK\QU=EQRLKZ?



LWOCCPCDJCCPLKLRRKFJC5GTP
ECTCUGUVCUUKNNCU!0GEGUKVQWPCFGUVCURCTC
UGPVCTOG=EQRLKZ?#PVPDCTCCV
LKZEJWFCTCGUVPECTCU
OWEJCUEQUCU

FJCKFJCCFLSWGGUDWGPLKPGVG,KZFJCKMC

FJCTMCOCFLXCNKQUQ#OZKLWWIWEJWOK

FJCKFJCCFLXGNQ\
CNXQNCT%JCORM

FJKCFLGUVGGUVCGUVQUGUVCU
CTVEWNQ

KPQICOOLMCDCKEJCOQKT8Q[CUGT
DWGPLKPGVGUKUKGORTGCPFQCECDCNNQ
=RNFJCTCKFJCEQRLKZ?
LKZFJCKMCUGTDWGPLKPGVG

FCKFJCFJKWKKPCIWEJCMWKRMVWCPC
'UVGRLCTQPQGUOW[XGNQ\CNXQNCTRQTSWG
VQFCXCPQVKGPGOWEJCURNWOCU=RNPPKFJC
EQRLKZ?8CPUGFCKEJFJCFC[C

FJCNJZKOCCFLRKPVQOCPEJCFQ,QKFJCO

LKZFJCNJZKOCIWDCCMLKZEJWVWMMPIKQ
LKZEJQQVQ.CXCECGUDQPKVCRWGUGUV
OCPEJCFCFGDNCPEQ[PGITQ
=RNFJCFCNJZKOCEQRLKZ?

FJCRKCFLNKUQTGUDCNCFK\Q,QKFJCOLKZ

FJCRKMCOVWKKFJKVCCONC,QKFJCOPC
DJCCPLKFJCKTTWZFJC5GXGOW[NKUCGUVC
VCDNCGUVDWGPCRCTCTGUDCNCTOGGPGNNC
=RNFJCPRKMKEQRLKZ?8CUGFCRKC

FJCTCKFJC=RNFGFJCKFJC?SWGUQPDWGPQU
LKPGVGU=EQRLKZ?

FJCDKCFLOCNVTCVCFQGPECPKLCFQ
CPKOCN

%JCRKOLWCPFCIWOKKEJW)KKNJKODCZ
FJCDKRZDC&GLGPCNICVKVQRWGU[CGUV
OW[GPECPKLCFQ=RNFJCFCDKEQRLKZ?
5KPPFJCDKKZ8CUGFCDKC

FJCPIK=RNFGFJCCIK?SWGUCDGPCICTTCT
=EQRLKZ?

FJCPRCM=RNFGFJCCRCM?NKUQURGNQPGU
FGUPWFQU=EQRLKZ?

FJCPRKMCFLTGUDCNCFK\Q,KZFJCFCPRKM

MCIWLQQFCKOWLCRICMEJCOIWKPC
UWWFCKEJTFCTMCPCIWZOQOFQTCMC
'UVPTGUDCNCFK\CUNCURKGFTCUGPGNTQITCPFG
NCUSWGGUVPGPGNCIWCRWGUGUVPEWDKGTVCUEQP
CNICU
GUEWTTKFK\QNKUQ%JCODJCKOFCPIIW
DCVQQRPCZFJCPRKM0QUGRWGFGCICTTCTWP
RG\RQTSWGGUGUEWTTKFK\Q
=RNFJCFCPRKMEQRLKZ?8CUGFCRKC

FJCPRKMK=RNFGFJCRK?NKUQU=EQRLKZ?
FJCTCCFLECTQ,KZFJCTCCCEJKFJK

CVQZMCTPQKEJOCCPUCDCFCM!6KCO

FJQIKLKDCZKDPCKEJRCNJRLKZFJCTMCO
ZKEJWUCDCNJ#JQTCU[CUGOGCECDGN
FKPGTQRQTEQORTCTCNIWPCUEQUCUXCNKQUCUPCFC
OU=EQRLKZ?

GURGEHKEQ,KTCCRICPCCFJKVTQQMCPC
[CPKMM!'UVW[CGUVCECOKQPGVCSWGGUV
CSW!
GUGGUCGUQUGUCU
CTVEWNQGURGEHKEQ,KTICK
DJCKPCRCKMMFJKDCCCM'UCECUCGUVGP
WPCNCFGTC

FJKZKKMUVC
JGTOCPCOGPQTFGNCOCO

,CZKUCRDJCLKOIWOFJKZKKMPCLCK
RCNJDWKFJCPCEJVWDQQP:KEJW
QPDCKFJCCRPQV[CDCLKDWWULWR
MCKEJIWFPIW/CTKK[C&KEGVWVCSWG
XKGPGOUCNTCVQRCTCC[WFCTOGCFGU[GTDCTNC
OKNRC&GDGUFCTNGFGEQOGTEWCPFQNNGIWGNG
FKLQUWOCOC/CTC
UQDTKPQUQDTKPC
JKLQFGNCJGTOCPCOC[QTFG
WPCOWLGT,QKFJCOLKZEJDJKFJCIW
FJKZKKM-WCTVWDCLKOEJW/KUQDTKPCGUOW[
KPVGNKIGPVGRWGU[CEWTUCGNEWCTVQITCFQ
=RNFJKZKMCRQUFJKZKKMKFJKZKMK?

FJKRTQPNGNNQGNNCGNNQUGNNCU
XKUKDNG

,CTQQFCFJKPCNCDGGTMPVWUCD!3WKP
GUGNSWGGUVVQECPFQGNXKQNP!
GNNQNCNQUNCU
XKUKDNG,CTQQTDPICP
FJKPCV[CZKMDR!3WKPGUNCGURQUC
FGNSWGNNGICSWJCEGTCVQ!
UGUQGUCUQUUCUUVGGUVQUVCUVCU
UVQU
XKUKDNG,KTCCICPFJQFJK2CCRKEJ
V!5UGGUOQ&PFGNQGPEQPVTCUVG!
=)TCO?8CTFK8CUGFJKK
FJKCOGNNQU
UWLCPKO
LKTFJKICPGUFGNGUFGGNNC

FJKMPCFXEQPUVGEQPUG
NQSWGVTCG

t&JKMPCCRKEJDCRWKIIW5GNUQPCR
OKFJCC!tLWRMCKEJIW'NKK[CUt,FJK
MPFJQtLWRMCKEJIW/GVGGTKQt.G
RGICUVGC%GNUQEQPGUQSWGVTCGUGPNCOCPQ!
tRTGIWPV'NCUt5EQPUVGtEQPVGUV
'OGVGTKQ
EQPGUVGRTQRUKVQEQPGUGRTQRUKVQ/W
LKOKCCRDWKQTIWOQMKZPCRLCRVFCPC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

MCDWKOWMDJCKZKRCNJDWKOTCPCVW
PCMVOCKEJEJC&CKFJKMPLCRLKOFCV
DJCKRWLKOKCRIKQEJCOVWPCROWRCK
DCLKEJVDKC8GEQPVWVC[FKNGSWGXGPIC
OCCPCCC[WFCTOGRCTCJCEGTVCOCNGUFG
RWGTEQ5QNCOGPVGXCUEQPGUGRTQRUKVQ[NWGIQ
TGITGUCUPQVGXC[CUCSWGFCTCLWICTRQTCJ

FJKOQQKPVGTL[ETGQSWG)KFJWNJQKTFJK

DCCM&JKOQQDJCKFJTNJKC'UVCXCEC
CPFCGPRGNKITQFGECGTUG[ETGQSWGUGXCCECGT
FGCNN

FJKKRTQPGNNQNCNQUNCU
XKUKDNG

GURGEKHEQ,KZDJCKRPCLWMMCTFCFJKVOPC
RKOVWMWCIK2CNJRLKZLWWMFJKKPC[C
DCDV7UVGFGUSWGEQTVCPNGCRWGFGPVQOCT
CNIWPCUVQTVKNNCURWGUNCUSWGGUVPCSWVQFCXC
GUVPECNKGPVKVCU
RTQPUGUCGUQUQUUCUUVGUVCGUVQ
UVQUUVCU
XKUKDNGGURGEKHEQ&JKKIKLCZ
PCOM!;GUVQEWPVQEWGUVC!
CFLGUGGUCGUQGUQUGUCUGUVGGUVCGUVQU
GUVCU
XKUKDNGGURGEKHEQ-KCRZLCOUCRLKOKC
FJKKDJWOTWZEJCOPC[CLCWNJKZZK
#RGPCUUGXCPCKTGPGUVQUDWTTQUSWGGUVQ[
GPUKNNCPFQ
=)TCO?8CUGFJK

FJKZKM=RNFGFJKZKKM?VCUUQDTKPQUUQDTKPCU
=CRQUFJKZKMK?

FJKRWKCFXGUQGUVQ
OKUOQ#CNJKKPCT

UNJMCOFJKRWKPCLCZMCKEJ;QETGQSWGU
GUEKGTVQGUQ
NKVGUQOKUOQSWGFKEGN
LCZLKTLWOFWWMCOFJKRWKSW
UKIPKHKECGUQ!

FJDCCNJCFLRQFTKFQ)KKNJKOLKZFDCCNJVW

WWD[C/QQEJKDJCKRCKVWOWWMKZ*WGNG
CECTPGRQFTKFCRQTCSW#NQOGLQTJC[WP
CPKOCNOWGTVQRQTCJ#PVPFJQKK
8CUGFDCC

FJFDJCZ=RNFGFJDJCZ?FDKNGU=EQRLKZ?
FJFOWM=RNFGFJOWM?SWGHWOCP
OWEJQ=EQRLKZ?

FJDJCZCFLFDKNFGUPWVTKFQ,KZFJDJCZ

RZDCFJKMCDCK)WEJKPCEJCOUCKKPC
VWLWIKC'UGECDCNNQGUVFGUPWVTKFQRCTGEG
SWGPQJC[\CECVGRCTCSWGEQOC
=RNFJFDJCZEQRLKZ?

FJOWMCFLSWGHWOCOWEJQ,OCPIW

LCVMCOIKKNJKOLKZFJFOWMCOLCPPWNJ
EJCORZLKDWTVWPFCCOIWDKD#NIWPCU

FJWOCCTCM

RGTUQPCUHWOCPOWEJQ5KGORTGECTICPVCDCEQ
GPWPCDQNUCFGOCPVC=RNFJFOWM
EQRLKZ?8CUGFPPKC

FJQRCTV+PFKECTGURWGUVCCHKTOCVKXC2WK

FJQRLKZKQQDIWZOQKMIWUCCDICKZKO
6CODKPGUVPUCDTQUQUNQUSWKQVGUVKGTPQU
CUCFQU
RCTV+PFKECCHKTOCEKPFGNQSWGUGJC
GZRGTKOGPVCFQRGTUQPCNOGPVGt#CRLKZCCIW
UCOKK!tLWRMCKEJIW2TKKOW!t,KZCCK
FJQtLWRMCKEJIW,CDKCTt#VKVGIWUVCP
NQUECOCTQPGU!tRTGIWPV2TKOQt5OG
IWUVCPtEQPVGUV,CXKGT
KPVGTLRWGUt2CCRCKEJFJKOFJKMWCC
tLWRMCKEJIW,QQTMKt&JQOWVWCDVC
PCEJUCCMRCKVDKCRWtLWRMCKEJIW
/CTICTKKVWt&PFGXCUCRQPGTGUVCNGC!
tRTGIWPV,QTIGt2WGUCNNFGDCLQFGNGPEKPQ
FQPFGXCOQUCFQTOKTtEQPVGUV/CTICTKVQ
=)TCO?

FJQKKCFLETWFQ
CNKOGPVQ#CICKZKOLK

PCDCZCCFJKDCMCCZEJCOVWZFJQKK
#OOGIWUVCTCEQOGTGUVCECTPGCUCFCPQ
ETWFC
PQDKGPEQEKFQ,CTQQVWFWWPCDCOQQ
LCRLKZFJQKKFJKVOMCNJ!3WKPJK\QGUVCU
VQTVKNNCU!2WGUPQGUVPDKGPEQEKFCU
=EQRLKZ?#PVPFJDCCNJ

FJWCCFLIQTFQ,CROQQZFJWCFJK

2CUMWCNPCIWEJKZDJCKVWMWCFCOWLCM
6WZRCPCQKNJKOM'UVDKGPIQTFQ2CUEWCN
ETGQSWGEQOCDKGPEWCPFQCPFWXQGP6WZRCP
SWGJC[UWHKEKGPVGCIWC
CTTQ[Q,QKFJCO
DCZFJWCIWUWWFCKOWCMMPPCVIW
LMEJKMKODCFWWP;CJC[UWHKEKGPVGCIWCGP
GNCTTQ[QRQTSWG[CNNQXKCNIWPCUXGEGU
=RNFJWFWCEQRLKZ?

FJWCMCOCFLIQTFQ
RQTOWEJQVKGORQ

,QKFJCOLKZFJWFWCMCOLCDKCIW,WCPIW
DCCM/QQEJKOCCPVCKCPCICNJKFJC
,WCPVKGPGXCECUDKGPIQTFCUETGQSWGXQ[C
RGFKTNGSWGOGXGPFCWPC=RNFJWFWCMCO
EQRLKZ?

FJWFWC=RNFGFJWC?IQTFQU=EQRLKZ?
FJWFWCMCO=RNFGFJWCMCO?IQTFQU
RQT
OWEJQVKGORQ=EQRLKZ?

FJWOCCTCMCFLFQDNCFQ
JCEKCCDCLQUWLKPCP
#OLKZFJWOCCTCMOCCPIWOCCOTCICPFJK
[QQMPCIWIKKNJKOLKZKKDJCKFJC7PCTCOC

'&+%+024'.+/+0#4`

FJWRK

6'2'*70'52#1.

FGNCIWCECVGGUVFQDNCFCJCEKCCDCLQRQTSWG
VKGPGDCUVCPVGHTWVC=RNFJWPOCTCMEQRLKZ?

FJWRKCFLDWGPQRCTCDWEGCT#CREJCO

KCOLKZFJWRKPCRLKDJKKFJCOCCPIW
ZWWUCM!/LPKOCDCCCNCRTGGU6GTGU
DWGPQRCTCDWEGCTRCTCSWGOGUCSWGUWP
JWCTCEJGSWGUGOG\CHGPNCRTGUC!
=RNFJWPRKMKEQRLKZ?8CUGFWRKC

FJWUCCTCMCFLHNQLQPQDKGPCRTGVCFQ,KZ

FJWUCCTCMFJKLCTCCTDJCK/QQEJCODJCK
CCPCRMCDMCFCKPCRVWLWCP!'UVHNQLCNC
OCPICFGGUVGCTCFQ&GDGUCRTGVCTNCCPVGUFG
VTCDCLCT
HNQLQPQECDGDKGP,KZFJWUCCTCOLKCKZ
FJKRCPVCNQQP%JCORMMCZFJWCKDCMLKC
/GSWGFCPHNQLQUGUVQURCPVCNQPGURCTGEGSWG[C
PQGUVQ[VCPIQTFQ
=RNFJWUCTCMEQRLKZ?#PVPMCDMCO

FJWUCCTCOCFXHNQLQ,KZFJWUCCTCORZDC

CKZIWZCDWKTCZ/CLKICMOWKEJDCM/G
SWGFCPHNQLQUNQUECN\QPGURCTGEGSWG[C
CFGNICE=EQRLKZ?

FJWUCCTCOMMXaGGUVCTHNQLQ,KZFJWUCCTCO
MMFJKRQUVK$CMIWIVFICCTLCKEJ
'UVGRQUVGGUVOW[HNQLQRWGUJKEGGNJQ[Q
FGOCUKCFQITCPFG=EQRLKZ?

FJWWMFCCFLSWGNNWGXGOWEJQ,KZKQODCZ

FJWWMFCPQDCTVPIKCM.CRQECFGNNWXKCU
GUNCRQECGPNCSWGNNWGXGOWEJUKOQ
=EQRLKZ?8CUGFWWFW

FJWPOCTCM=RNFGFJWOCCTCM?FQDNCFQU

JCEKCCDCLQ=EQRLKZ?

FJWPRKMK=RNFGFJWRK?DWGPQURCTCDWEGCT
=EQRLKZ?

FJWUCTCM=RNFGFJWUCCTCM?HNQLQU=EQRLKZ?

FKNCVGUtTGURQPFKUWOCO
5GWUCRCTCOCPFCTEQPTGURGVQ'CROKFJT
OWLKO2CUMWCNDJCOODWKQTIWEJCVCCNJ
,CRLCRVFCPCZKD[CFTPTC*C\OGGN
HCXQTFGKTCJCDNCTEQPOKVQ2CUEWCN&KNGSWG
NQGURGTQCSW

GCIQT=UWLRNFGGGR?dETTCPNG
GEJMCFCXaTCNKUVCTUGCTTGINCTUG:KDFTLCEJ

ZKEJGEJMCFCKPCDCIWFCKPCEJLCZ
DCROKIKMCRDJWKOWMOKRWD[C0QU
CNKUVCOQUCJQTCRCTCSWGGPNCOCCPCPCFCOU
PQUNGXCPVGOQU[PQUXC[COQU=RTGVGEJMCK
RTGUGEJMCP?

GEJMCZFJCXaDCNKUVCTCTTGINCT
RCTCQVTC

RGTUQPC/KFJTLCRZKGEJMCZFJCIW[WW
PCRLKZOCCV)KKNJKOLKZEJWCKFJC2QT
HCXQT[CSWGVUCDGUCTTINCOGGN[WIQRWGU
NGUTCURCCNQUVQTQU=RTGVGEJMCZ
RTGUGEJMCZK?

GGLCKPVGTLWJt/WKRUCRZKEJOTCIWO

ZKKZ$CZKDJKPCZMCQQMtLWRMCKEJIW
,WCPt'GLCMWZDCOQQRWKRMCCPC
DCZOWWMKO!tLWRMCKEJIW2GGITQ
t2KFGPSWGXC[CUCXGTCVWJGTOCPQRWGUGUV
ITCXGOGPVGGPHGTOQtFKLQ,WCPtd7JUGT
RQUKDNGSWGOWGTC!tTGURQPFK2GFTQ
GGLCFJQCCLKDCRWKRWRDWCENCTQ
SWGUNQJCT
NKVWJRWGU[QURWGFQ
JCEGTNQ

GGMQ=XCTFGKKMW?+PFKECKPVGPEKPFGNNGXCTC
ECDQCNIWPCCEVKXKFCF

GGRKPVGTLdETTGNG
RCTCOCPFCTEQPWTIGPEKC
'GRDJCDCKIW,WNKCP2CCIKLCMDJK!
d%TTGNGNNCOCC,WNKCP#FPFGJCDTKFQ!
=UWLRNGCIQT?

'
GCKPVGTLGUVDKGPFGCEWGTFQt#C

DJCOOPKFJTMCRCZKCTOTCCCPDWKQT
IWZKKZ,CZKDJCKDCLKOtLWRMCKEJIW
2KNKKRt'CFCKPCROQQEJCOOMKFJC
tLWRMCKEJIWFPt/COXQ[CRCUGCT
CNNCTTKDCEQPOKJGTOCPQ#NTCVQTGITGUQ
tFKLQ(GNKRGt'UVDKGPPCFCOUSWGPQVG



KPVGTL+PFKECSWG[CGUVEQPUEKGPVGFGNQSWG

QVTCRGTUQPCNGGUVTGEQTFCPFQt/QQROKDC
FCCUCV[CZIWOCVCKOCPLCZKLWTPM
tLWRMCKEJIW/CTKCPCttLWRMCKEJIW
V[CZt&GDGURQPGTCJGTXKTGNPKZVCOCNCN
TCVQGPNCVCTFGtFKLQ/CTKCPCCNCOWEJCEJKVC
t5UUtTGURQPFKNCOWEJCEJKVC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

4GURWGUVCSWGUGWUCEWCPFQCNIWKGPNGCXKUCSWG
XCCUCNKTWPTCVKVQt#COWPKMCLKKVKCPFC
:KDLCDCLKOtLWRMCKEJIW,WCPt
tLWRMCKEJIW2GGITQt8Q[CNCVKGPFC
#JQTKVCTGITGUQtFKLQ,WCPtPFCNG
tTGURQPFK2GFTQ
=RTGUFGCC[C?UGGPHGTOC

FC=EQPVFGCC[C?GUVCTGPHGTOCPFQ
LK=RTGXFGCC[C?CNNNGICT
M=RWPVFGCC[C?NNGI[UGHWG
RKPVGTLdQ[GdR2CCRKEJDCO

5CCPVWU!d1[G#FPFGXCUVCPCRTKUC
5CPVQU!

KKPVGTLEOQ!
EQOQSWGPQGUEWEJtdR

6WRDCZDWCVOLQKTPCROQQEJCOOK
MKQ!tLWRVVFCIW,QUGGIW/CPQKNtdK
6WPKCCRCC!tLWRMCKEJRIWKtd1[G
3WGUVUJCEKGPFQCNNFQPFGPQXKXGU!
tRTGIWPV,QUC/CPWGNt%OQ!3W
FKEGU!tTGURQPFKN

)
ICUWHaU+PFKECRQUGUKPCNKGPCDNGRGLIW

MCDCKICPIW,WCPGNECDCNNQFG,WCPIWLCO
MCMDCKNQUECDCNNQUFGWUVGFGU=%WCPFQ
UGRTGUGPVCEQPWPRTGHKLQFGRQUGUKPUWHQTOCGU
)TCO?8CUGICP

ICCUOKNRC,CTQQOKEJWICCOWOOWPKPC

DCOQQLCRFCKVQQVPCPRZOKEJWWV!6W
LWIKKLCOVDCMIWDCCM&GSWKPGU
CSWGNNCOKNRCSWGUNQNGSWGFCPNQUVCNNQUFGN
OC\!2CTGEGSWGUGNCUEQOKGTQPNCUXCECU
=RNICICCCRQUICCP?
ICTCOGPUWOKNRC
FGNQFGGNNC

ICC=RTGVFGICMKC?UGUGE

ICCDJCTUOKNRC
EQUGEJCFQ6WMCCOVDCM

OKDCCRIWDCCMLKICCCO#VVKKTWICCDJCT
DWCOVPCOVVWLWIKQ#PQEJGGPVTCTQPNCU
XCECUGPOKOKNRC[UGNCCECDCTQP
EQORNGVCOGPVGUGEQOKGTQPVQFQ[NCFGLCTQP
EQOQSWGUK[CNCJWDKGTCEQUGEJCFC
=RNICODJCT?

ICCV

ICCDJCTCOGPUWOKNRC
EQUGEJCFQFGNQ
FGGNNC

ICCICXaVDWUECT,WOCCPCICCICIW

DJKRCKPCZMPCEJCOLCKMKPCDCTCO
MCPCLWRVWFWKCIWFWFWKMCT5G
PGEGUKVCDWUECTDCTTQFGDWGPCECNKFCFSWGPQUG
RCTVCRCTCRQFGTJCEGTRKRCU
XaTRGPUCT
NKVDWUECTGPUOKUOQ/KRRWR
DCFCCUCIVLKCIWDJCD:KOICPICFCCR
FJQLKCPQDZLKZLCKEJIWVWPCMPVWO
MWC&GDGTCUJCDGTRGPUCFQSWGPQJCDC
PCFCSWGEQOGTEQPNCUVQTVKNNCU[JCDGTRWGUVQ
NQUHTKLQNGUCJGTXKT
=RTGVICCRTGUICPICRTQRICCOTC?

ICCOFJCXaDRQPGTOGVGT
GPWPUCEQQGP

WPCDQNUCRCTCQVTCRGTUQPC/CCPLCRLK
ICCOFJCIWVOMCNJ,KZRCZKCTOTCOK
)KQVCOMCDWKOWM2QPOGWPCUVQTVKNNCUGPWPC
DQNUCRWGUOCCPCSWKGTQKTC.NCPQ)TCPFGC
RCUGCT
XaDRTGRCTCT
EQOKFCRCTCNNGXCTRCTCQVTC
RGTUQPC)QQMZKICCOKIWVOMWDCCU
DCMWCFJCPQCORMDCZDJKQ
2TGRTCOGCNIWPCUVQTVKNNCURCTCECNGPVCTGPGN
ECOKPQGPECUQFGSWGVGPICJCODTG
XaDOGVGT
RCTCCLWUVCT/KRZKICCOFJC
IWLQQFCKFJKRQQUVKPCDCEJCOLQKFJC
/GVGRKGFTCUGPGNJQ[QEGTECFGNRQUVGRCTCSWG
PQUGOWGXC
XaTCNKUVCTUG
EQUCU$KOICCOKIWO
DZEJWMWEJDCLKKOFC#NKUVCVWUEQUCURWGU
[CPQUXCOQU
=RTGVICCORTGUICOK?

ICCOMCTUGUVWEJGHWPFC2CCIWICOMCTWP
FJKMMFCO!&PFGGUVGNGUVWEJGFGGUVCU
VKLGTCU!=RNICICCOMCTCRQUICCOMCTWP?

ICCOWXaVRQPGTOGVGT
GPWPUCEQQWPC

DQNUC)CCOWCRVQQODJCKOMCTFJKLWWP
PCVOKOPWCEJCOVWPCRIWOKFCCOCP
ZKQKTV2QPGNOC\SWGUGEC[GPGNEQUVCN
RCTCSWGPQNQUKICURKUCPFQ
GORCECT
GPWPOQTTCN#NJKEJLCRDCKOTC
FJKKDCMWCVCOCUCCMEJCOLCRZK
ICCOWK8GCVTCGTVCPVKVCCIWCGPGUVGDWNG[
NQOGVGUGPWPCTGF
=RTGVICCOEQPVICCOWKFJC?
VWICCOVWGUVRTGCFC
WPCJGODTC

ICCVUCTEQ
CTOC,KZOWOWKMCVCOIW

LCVMCOIWDCLMFTMCOUKCICICCVMPLCO
LCMQPFCVIWUWKUOCNJ.CIGPVGCPVKIWCUCDC

'&+%+024'.+/+0#4`

ICCVT

6'2'*70'52#1.

VKTCTEQPHNGEJCURWGUOCVCDCPXGPCFQUCWPEQP
CTEQ
CTEQ
KPUVTWOGPVQOWUKECN)CCVMPVWO
UCDFCPQVOPIWZKQVCNJ%WCPFQUGDCKNC
GNOKVQVGUGVQECEQPCTEQ
=RNICICCVCRQUICCVWP?

ICCVTCFXGPNCOKNRC$COCIQQKEJPCEJVK
RCEJOCPVWFJKDCMCCZPCOWFCTUCTCIV
ICCVT;COGECPUFGVGPGTSWGGUVCT
RQPKGPFQECTPGGPXGPGPCFCGPNCOKNRC
ICCPVTGPNCUOKNRCU

ICCFJCXaDDWUECT
RCTCQVTCRGTUQPC

/WPKDJCICCIKIWDQZMCT4WUCCTKC2CC
RKEJLCMDJK!1[G4QUCTKQFPFGGUVU!
$UECOGNCGUEQDC
XaTDWUECT
CWPEWTCPFGTQ,WOQZDK
OQQFJKMCZKQPCDCDJCKFJTMWW/QQR
ZKOICCFJCPCDCEJCOVWOFWKC'U
WPCUGCNRCTCVKSWGRQTCJGUVCWNNCPFQGN
\QTTQCUSWGFGDGUDWUECTCWPEWTCPFGTQRCTC
SWGPQVGRCUGPCFCOCNQ
=RTGVICCRTGUICCIK?

ICDKKCFLVQTEKFC
WPCRCTVGFGNEWGTRQ%JCO
DJCKPCLCZDCOIKCIWMWWNUKPCIWZ
ICDKKIWVQQPCP0QRWGFGNGXCPVCTUGOK
CDWGNKVQRQTSWGUGVQTEKGNRKG
=UWLRNICICDKMEQORNRNICDKMEQRLKZ?

ICDNJCFXRQTWPNCFQ
FQPFGPQJC[ECOKPQ

)CDNJLCDJ[CPCOEJCODJCKZK
KFJCIWLCVMCO/GXQ[RQTWPNCFQRCTC
SWGPQOGXGCNCIGPVG

ICDPCXaTNCUVKOCTUGVQTEGTUG
RCTVGFGNEWGTRQ
%JCODJCKPCLCZLKOKCPCIWIKKNJKOLKZ
MQMIWEJQQPCVLWOICD,CTQKPCDC
WOWCFJCPCUNJKFJC!0QRWGFQ
ECOKPCTRQTSWGOGFWGNGGNRKGSWGOGNCUVKO
#SWKPRWGFQCEWFKTRCTCSWGOGNQEWTG!
=UWLRNICICDKUCEQORNRNICDKUCRTGVICD
ICDKUCRTGUICDKKUICDKU?

ICICC=RNFGICC?OKNRCU
ICICCM=RNFGICM?UGEQUHNCEQU=EQRLKZ?
ICICCMOW=UWLRNFGICMOW?2GL

ICICCMOWCOGPHNCSWGEGTPCFGNIC\CTP
=RTGVICICCMOWRTQITICICCMOWKO?

ICICCOMCT=RNFGICCOMCT?GUVWEJGUHWPFCU
ICICCV=RNFGICCV?CTEQU
ICICKMCO=RNFGICKMCO?XKICU



ICICDKM=UWLRNFGICDKK?VQTEKFCU
RCTVGUFGN
EWGTRQ=EQRLKZ?

ICICDKUC=UWLRNFGICDPC?2GLICICDKUC
COUGNCUVKOCTP

ICICFC=EQPVFGIC[C?GUVCTCUCPFQ
ICIQQZURGTTQRGTTC6MQDLCRKOLNJICVW
MCOFJKLQPCOEJCOLWIKQMCIWIQPIQZ
6KGPFCPCNVQGUVGEWGTQRCTCSWGPQUGNQEQOCP
NQURGTTQU=RNIQPIQZ?

ICKUNCFGTCFGENKXG&CRPMVKRKCIWMCDCK

DJCOOPKICKPCRCKZEJWDCC'NECDCNNQUG
TGUDCN[[COGTQUGECCGPNCNCFGTCFQPFGNC
VKGTTCGUVOQLCFC
DZICKCFXRQTNCNCFGTC

ICK=RTGVFGIC[C?NQCU

ICKDV=UWLRNFGICKMCCV?GUVCTNCFGCFCU

EQUCUOUCPEJCUSWGCNVCU

ICKEJWWV=UWLRNKPCPFGICKMM?GUVCT
NCFGCFCU
EQUCUCNVCU

ICKIZKCXaKNCFGCTUG
DWNVQQECTIC/WPK

MCPICKOCIKIWDJKKQTVCMCCDPCDJCK
MCVWDJKKQTOCCEJWVCO2QTCNNGPNC
NCFGTCUGNCFGOKECTICC[GTEWCPFQNCXGPC
ECTICPFQGPGNOCEJQ=UWLRNICKUWWNJIKC
RTGVICKIKICKUWWNJ?

ICKIWIWWM=UWLRNCPKOFGICKMM?2GLICK
IWIWWMCOGUVPWPRQEQCICEJCFQU

ICKMCCVXaGGUVCTNCFGCFC
EQUCOUCPEJCSWG
CNVC5NJLCRFCCUCFJKLCCC2CPCCUICK
MCCV2QPICNCQNNCFGTGEJCRCTGEGSWGGUV
NCFGCFC=UWLRNICKDV?

ICKMCOUXKIC$CCUPLCRZKFJCCUCICKMCO
VCOFJKUCWCPCPUCRCK&QDNCNCEQDKLC[
RQPNCGPEKOCFGGUCXKIC=RNICICKMCO?

ICKMMXaGGUVCTNCFGCFC
EQUCCNVCGUVCTWP

RQEQCICEJCFC
RGTUQPC)CKMMFJKWWZ$CM
IWZKQOLDVWMCC'UVNCFGCFQGUVGRCNQ
RWGUJK\QOWEJQCKTGCPQEJG=UWLRNCPKOICK
IWIWWMUWLRNKPCPICKEJWWV?

ICKDWXaKTCUECT
EQPNCUWCU$JCOOPKVWC
DVCVWICKDWCOIWVCVMCTWKVWICPICCO
PCOVWLWIKC#NNFGDCLQFGNGPEKPQGUVP
TCUECPFQNCUICNNKPCURWGUCPFCPDWUECPFQCNIQ
SWGEQOGT=RTGV[RTGUICKDW?5KPPIQQVC

ICKUWWNJIKC=UWLRNFGICKIZKC?UGNCFGCTP
=RTGVICKUWWNJ?

ICKZKO=TGUFGIC[C?CUCFQ8CTICKKZ

'&+%+024'.+/+0#4`



6'2'*70'52#1.

ICMCFLUGEQ,KDJKOTOCCPIWMWCC

LCZEJWOPCZICMPCDCLQQVQOO[CFJK
VCK8G[VTGOGNCNGCSWGGUVOUUGECRCTC
SWGRTGPFCTRKFQNCNWODTG
HNCEQ,CZMWRDCLCROQQZICM!6WOCK
CC!2QTSWGUVUVCPHNCEQ!6GGPHGTOCUVG!
=RNICICCMEQRLKZ?#PVPDCC
EJWICMCFLUGEQ
TGCQEQPLWPVQFG
EQUCU

ICMKCXaKUGECTUG
CIWC%JCOICMIW

UWWFCK[CFJKCMICOOLOTFCUKC
VCCDJCMLCMPCIWUCDCTDKDKCDJLRCK
FJTPCDJCOT'UVGCTTQ[QPQUGUGECVQFQGN
VKGORQEQTTGGNCIWCCWPGPRQECFGUGSWC
RQTSWGXKGPGFGWPOCPCPVKCNITCPFG
UGECTUG
EQUCOQLCFC$JCKLCRLCRZK
LNJICFJKOMWVWWPOKCPVCKMQDMWICMKC
%WGNICVWECOKUCEGTECFGNCNWODTGRCTCSWGUG
UGSWG
UGECTUG
RNCPVC/KFJTLCRMC
DCRIKZKFJCFJKKZPCEJCOICMKC
2QTHCXQTTKGICOKURNCPVCURCTCSWGPQUG
UGSWGP
=RTGVICCRWPVICMMEQPVICMKKFJC?

ICMKKFJCXaVUGECT
EQORNKPCPt6WR

LCZDWC!tLWRMCKEJIW,WCPt#C[CVK
VWICMKKFJKOFJKLCLCPPWNJPCZEJWDCC
tLWRMCKEJIW2GGITQt3WJCEGU!
tRTGIWPV,WCPt'UVQ[VTCVCPFQFGUGECTOK
TQRCRWGUGUVDKGPOQLCFCtEQPVGUV2GFTQ
XaTUGECTUG
EQORNCPKO:KOICMKKFJCKR
FJQ-COQQLCREJCOLOCRCCPCRLKZ
DCC!d5ECVG0QVKGPGUHTQRQTGUVCTOQLCFQ!
=RTGVICMKKRTGUICMKKIK?

ICMOWXaKGPHNCSWGEGTUGCFGNIC\CTUG)RVW

MWCFC%JCCIQPCREJCOKQOICMOW&NJ
MCVLCRRWZICMIW&GDGUEQOGTOWEJQ
5CPVKCIQRCTCSWGPQCFGNICEGUOURWGU[C
GUVUOW[HNCEQ=UWLRNICICCMOW
RTGVICMOWICICCMOWRTQITICMOWKO
ICICCMOWKO?

ICMQQNJCFXRQTWPNCFQ
FGUXKCEKP%JCROK
LCFCCODJDJFCFJKPCOOKDQQDQM
)CMQQNJLCRDJ[C0QRCUGURQTGPEKOCFG
NQUSWGGUVPCNNCEQUVCFQU8GVGRQTWPNCFQ

ICOEQPL[
EQUCUFGNCOKUOCENCUG,QQFCK

DRVCQKMCCOIWPCPMCUTICO
LCLQMQTCK.QUCNCETCPGU[NCUCTCCUXKXGP
FGDCLQFGNCURKGFTCU=)TCO?

ICPCK

ICOCKCFXCFGNCPVG
FKUVCPEKCNCTIC#CRKO

ICOCKDCLKOFCCCEJICVWWMOWLKKO
7UVGFGUX[CPUGCFGNCPVG[PQUQVTQUXCOQU
FGURWU
CQSWGXKGPG
GORKG\CEQPNCRQECFGNNWXKCU
t,CZMWRKEJDCEJCOMCKIWDJCD!tLWR
MCKEJIW,WCPt%JCOFJQMCKKEJZKD
)COCKEJKDCLKCPCDCIKQRDCZKCtLWR
MCKEJIW2GGITQt2QTSWPQUGODTCUVG
HTKLQNCJQTC!tRTGIWPV,WCPt2WGUU[CPQ
UGODTCJQTC#XGTUKRCTCGNCQSWGXKGPGNQ
UKGODTQQVTCXG\tEQPVGUV2GFTQ

ICOCLCMCFXOUCNN+KMWOQQCNJKEJZK

LCKCKFJKMKKUPCMPVWLWIKCICOCLCMDQK
EJCO8Q[CEQTVCTNGWPRGFC\QCGUVGSWGUQ
RCTCEQOGTGPGNECOKPQ
NKVOUCNNGPGN
ECOKPQ8CTICOOLCM

ICOTFCVCFXUKPTC\PCNIWPCEQOQUKPQ

RCUCTCPCFC%JCODJCKCCPCROQQLCPQ
OWKRWLKOKCIVPCOVLCZRWOVP!#CR
FCKICOTFCVFCC0QUGTCDWGPQSWGHWGTCU
FGKPOGFKCVQEWCPFQVGFKICPCNIQ!6PCFCOU
VGSWGFCUUGPVCFQCNNEQOQUKPQRCUCTCPCFC

ICOOLCFXUKGORTG%JCOICM[CIW

UWWFCK)COOLOTFC#SWPQUGUGECGN
CIWCUKGORTGEQTTG
OUCNN
NGLQUPQUGXG#NJKEJLCRLK
EJWKURKFJCPCWCFC,WMVTLCMPC
DCRICKFJCVZKKKKFJCVICOOLDZDQK2QT
HCXQTJC\OGWPRQEQFGRKPQNGRCTCNNGXCTC
5CPVC/CTCRWGUNQRWGFQOQLCT[VQOCTGPGN
ECOKPQ
NKVOUCNNGPGNECOKPQ
UKPFGUVKPQUKPTWODQ6WRWNJLCROCKCVFC
FJKMCDCK,CROQQICOOLRZLKOOFC
#ETVCNGNCOCPGCCGUGECDCNNQRWGUECOKPCUKP
TWODQ

ICORZCFXECORQ
FQPFGPQJCDKVCPCFKG#C
DJCOOPKVICORZOCCPIWPCPMCIKC
,CTQKEJKDKRKCFCODJCKOCKDWC;Q
GPEQPVTWPCTGVGGPGNECORQRQUKDNGOGPVGNQ
RGTFKWPCRCUVQTC

ICPRCTV+PFKECSWGUGNNGXCCECDQWPCCEVKXKFCF

UKPPKPIWPCTC\P%JCRICPVVDKCFCFJK
OKKEJW)KKNJKOFCDKCR0QLWGIWGUEQPGUG
ICVQRQTSWGNQOCNVTCVCUOWEJQ

ICPCKCFXRCTCCNN[RCTCCE,KZLIKCTCC

FJKOMCDCKPCROKDWTPCDCOQQCO
ICPCKQKTPCOKCPZKCL!6QFCXCGU
DTQPEQVWECDCNNQSWGGUVCOCTTCFQCNN!RWGU

'&+%+024'.+/+0#4`

ICVWWM

6'2'*70'52#1.

ECOKPCRCTCCNN[RCTCCEEWCPFQOGCEGTEQC
N

ICVWWMCFXCNNVKOQFGURWU#CRDRVW

LWIKCPCRIWEJCOLQKKCCDCICVWWM
PCIWZLQKK6SWGEQOGUFGURCEKQEQOG
RTKOGTQ[[QFGURWURQTSWGEQOQTRKFQ

ICVWWMFTCFXCVTU#CRKODRFT

FCTCKEJIFCCCEJDCICVWWMFT7UVGFGUUG
UKGPVCPCFGNCPVG[PQUQVTQUPQUUGPVCOQUCVTU
FGVTUFG
UWLCPKO/CCPIWOCCPMCO
ICVWWMFTLKQKFJCVLKZDKKLQQFCKMPDJC
OC[CUKO,CZPCDCRLKNJKK!7PC
RGTUQPCXGPCFGVTUFGOVKTPFQOGRKGFTKVCU
5CDGSWRGPUCTCFGO!

ICVWWMMCOUGNNVKOQNCNVKOC
GPPCEGT

GNOGPQTNCOGPQTt#CRCCOCCULKTI!
tLWRMCKEJIW,WCPt%JCO#CLKTICVWWM
MCOtLWRMCKEJIW2GGITQt6GTGUGNOU
ITCPFG!tRTGIWPV,WCPt0Q[QUQ[GNNVKOQ
tEQPVGUV2GFTQ
CFLNVKOQt%JGGPFQLCZKCCRMUCCM
VIWICVWWMMCOOCTCCPIW#TPWNRQ!
tLWRMCKEJIW/KNKVQQPt&JQIKPCLWO
CCIKDRFJQUCR/GTGLKNFQtLWRMCKEJ
IW%JGGPFQt4QUGPFQEOQUGNNCOCGN
NVKOQJKLQFG#TPWNHQ!tRTGIWPV/GNKVP
t;CVGFKLGCPVGUSWGUGNNCOC/GTGIKNFQ
tEQPVGUV4QUGPFQ
#PVPDRMCO

ICZDWXaVRGKPCT
CQVTCRGTUQPC$JC

DJKFJKICZDKMCTPCMPICZDWFJKCNJKK
6TGOGGUGRGKPGRCTCRGKPCTCNPKQ
XaTRGKPCTUG$JCKZKICCIKIWICZDKMCT
MWMPLKICZDW$UECOGWPRGKPGRCTC
RGKPCTOG
=RTGV[RTGUICZDW?

ICDKM=EQORNRNFGICDKK?VQTEKFCU
RCTVGUFGN
EWGTRQ=EQRLKZ?

ICDKUC=EQORNRNFGICDPC?NCUVKOCTUG
=RTGVICDKUCRTGUICDKU?

ICNJKFJCXaDXGPFGT
CQVTCRGTUQPC/CCP
LCRUCRICNJKFJCIWZKKZIWMCDCK/K
JGTOCPQSWKGTGSWGNGXGPFCUWPECDCNNQ
=RTGVICNJK?

ICODJCT=RNFGICCDJCT?OKNRCU
EQUGEJCFCU
ICOK=RTGUFGICCOFJC?UGNQOGVG
ICPRQUR+PFKECRQUGUKPCNKGPCDNG)COOLLCM
ZKLCUCCPFJKLCKMCMCTDCZPCOEJCOLWO
DPVCIWTCCEJICP.NGXCGUVCUQVTCUEJKXCUC



QVTCRCTVGRCTCSWGPQUGOG\ENGPEQPNCU
PWGUVTCU=EQRLKTUGRTGUGPVCFGURWUFGWP
RTQPQODTGQWPPQODTGRTQRKQ?8CPUGICP
LKT,WCPICPGUFG,WCP

ICPIC=RTGUFGICCIC?NQDWUEC
ICTCVWXaVXGPFGT
UGIWKFQ#KZKOPCRMC

ZKOPTCPCOMCZKOWKFJCFJKMCMCTDCZ
#CRIWOQQLCRVWICTCVW&GDGUGURGTCTC
SWGUGOWNVKRNKSWGPGUVCUEJKXCURGTQVNCU
SWKGTGUXGPFGTGPUGIWKFC
SWGTGTNNGXCT
GNFKCDNQOQFKUOQ0QRKOV
DJCFJCCFJKVCMCCTWKMWEJVWLKFJQQTC
$JCLCMLKICTCVW6PCLCZRZLKKCM
MCCV2QTSWPQOGJCEGPGNHCXQTFGCICTTCT
NCICNNKPCRCTCJCEGTECNFQ!/GGUVEQNOCPFQNC
RCEKGPEKC
NKVGUVJCEKGPFQSWGOGNNGXGGN
FKCDNQRWGUGUVECPVCPFQOW[UGIWKFQ
=RTGVICTC?

ICTCXaVXGPFGT+KMWOQQVWICTCTCIW

MCMCTDCZ+IQMEJCO-CVLCEJKLMOKRDC
VIKC8Q[CKTC*WGLWSWKNNCCXGPFGTEJKXCU
1LCNSWGQDVGPICUWHKEKGPVGFKPGTQ
=RTGV[RTGUICTC?

IC[CXaVCUCT$RRKOZKICLKFJK

DJQOMQZPCRKODCDCLKFJQQTC&GDGP
CUCTGNVGEJCNQVGCPVGUFGEQEGTNQGPCIWC
=RTGVICKRTGUIEQPVICICFCTGUICKKZQ
ICKZKO?

IIFC=RNFGIFC?FGFQURWNICTGU
ICFLOWEJQ
ECPVKFCF6WVCCOTCKIW

ODCVOWMWWNUKDWKPCIWEJKOQQIOK
DKCPCVIWMKCRZVDJKTCMOWLCR
DCRCCRCKEJCO8Q[CKTCEQORTCTNGOKGNC
OKCDWGNQRWGUUGIWTCOGPVGVKGPGOWEJC
RQTSWGCECDCFGVTCGTNCFGNQURGCUEQU

ICFLITCPFG
VCOCQ)OQQRFWKC

MKCOCCPIWDCCCMPCDCOWKOKEJCKZ
MCPCEJDQRRQFC8Q[CJCEGTWPCECUC
ITCPFGRCTCSWGSWGRCOQUOWEJQURCTCFQTOKT
ITCPFG
CNVWTC,KTIDCMLKCFJKQKFJCPC
DJCOOPKFCC'PVQPEGUUGUITCPFGGNEGTTQ
SWGGUVCNN
=RNIITEQRLKT?

I=RTGUFGIC[C?NQCUC

ICMUTQITCPFG)LKOIWUWWFCKOWI

CMEJCOPCVIWOWKVCPQQNJDCFWWP
'UVETGEKFCGNCIWCCNNFQPFGGNTQGUVITCPFG
RQTSWGJCNNQXKFQRQTOWEJQUFCU=RNIIT
CCM?

'&+%+024'.+/+0#4`



6'2'*70'52#1.
ICMEJCOGPGNTQITCPFG

IEJKUGUVTGNNCFGNCOCCPC
NKVGUVTGNNC
ITCPFG

IFCUFGFQRWNICT
OCPQQRKG6KRIW

IFCPCVOKIKIWDCKFJCUPCMCVW
MWCCFCKIWZWWUCMRZ;COGTQOG
EQTVQGNFGFQFGNRKGEWCPFQUGEC[GNJCEJC
OKGPVTCUJCECNGCRGTQPCFCOUUGEQTVGN
JWCTCEJG=RNIIFCCRQUIFCICP?

IFP=CRQUFGIPCCP?UWCDWGNC
=RNIITFFP?

IMCOUCWVQTKFCFRGTUQPCKORQTVCPVG,KT

IMCOIWMWWNUKPCOVIWOWKFJVOCCR
LWOLWORCFCMOKFJCK,WMVT/KCDWGNQGU
CWVQTKFCFRQTSWGNQPQODTCTQPGPWPCCUCODNGC
GP5CPVC/CTCFG1EQVP
LGHGLGHCRCVTPRCVTQPC/KKMMIW
IMCOPCRUCCMLKZKQMFJCO#NNGUVGN
LGHGUKSWKGTGUJCDNCTEQPN
=RNIITMCOEQRLKT?

IMCOVCXaKTGEKDKTWPRWGUVQ
RQNVKEQ,CO
RCNJDWKFJCKLKUKCVWPCRZDJCCPLCRLK
PQOQQDCIMCOVCIVLWRMCKEJIW
MCPFKFCCVW5NGUC[WFQEQPNQSWGUGC
UKGORTG[EWCPFQOGFGPGNRWGUVQFKEGGN
ECPFKFCVQ=RTGVIMCOVCRTGUIMCOVCT?

IMCPWWDUDWSWGPCXG
IMKKEJCOUEKWFCF,WRMCKEJFJCCOIW
LCVMCOPCUCRLKZMMVDVMCDJCOO
LCRLWLWFJCTCOIWIITMKMKK&KEGNC
IGPVGSWGGPNCUCHWGTCUFGNCUEKWFCFGUJC[
OWEJCUEQUCUDWGPCU=RNIITMKMEJCO?
8CTIMKK
ITMKKEJCOGUEKWFCF

IPCCPUCDWGNC6CMCCDM[CUCIWOCCEJW
IWIOPCCP%JCOOCCVPQFQFJKCMC
DCIWPQTIKC#[GTGNOCEJQRCVGCVW
CDWGNC[PQUGUCDGUKXCCXKXKTQPQ
=CRQUIFPIITFFP?
5KPPCDWKN
ICCPOKCDWGNC

IRLWOFWWMCOUITCPEQUC,WOMWWRC

COFJQPQRKEJIRLWOFWWMCODJCCPLWO
WCVWNJ-CVWIKEJKDCMPRWKDJCVWO
LQQEJZKLKIWZMCKOWFT,WMVT!6GXCPC
GPECTEGNCTUKJKEKUVGWPCEQUCOW[OCNC
NKVUKVG
RGECUVGRQTOGFKQFGWPCITCPEQUC2QTSWVG
OCPFCNNCOCTGNIQDGTPCFQTVTCFKEKQPCNFG5CPVC

IKQFC

/CTC!#PVPCNJKEJLWOFWWMCORCNJR
LWOFWWMCO

IVCCVUCDWGNQ$JCKZKDJCKOTIWIO

VCCVMWDCVWLWIKC8GCNNCOCTCVWCDWGNQ
RCTCSWGXGPICCEQOGT=CRQUIVCCVCPQ
IITVCVCCV?5KPPMWWNUK
IGEJCCVOKCDWGNQ

IVCPQQNJUFCNCTIQ
XGTCPQ#PVPCNJKEJ
EJCPQQNJ
)6CPQQNJ%JCO,WGXGU[8KGTPGU
5CPVQ

IKC=RTGVFGIKCC?NQNC\
IKDWWNJMCFCXaVEKPEJCTEQTVCTWPCPKNNQ
GP

NCEQTVG\CFGWPTDQN'CPCZKIKDWWNJMCFCK
FJKKVWCMW[CVZKCICOCK8Q[CEQTVCT
WPCPKNNQGPNCEQTVG\CFGGUVGGPEKPQRCTCSWG
RWGFCVWODCTNQ[UGODTCTCSWGNCQSWGGPVTC
=EQORNRNIKDWNJMCFCRTGVIKDWWNJMCK
IKDWNJMCKRTGUIKDWNJMCP?

IKFJWWNJCFXRGNKITQUQTKGUIQUQ
ECOKPQ

)KFJWWNJDJKZIWDQKOCCPMCROKFJKDZ
ICK'NECOKPQGUVOW[RGNKITQUQGPWPCRCTVG
GPFQPFGRCUCRQTGUVQUDCTTCPEQU

IKFJWWNJMCFCXaVEQTVCTWPCOWGUEC
GPWP

TDQN2CNJRLCRZKIKFJWWNJMCFCFJKWWZ
PCDCEJCOLWRPKCIWDCKWOVTDKPCEJ
ICOCKLKEJONJKC%QTVCWPCRGSWGC
OWGUECGPGUVGVTQ\QRCTCSWGPQUG\CHGNC
ECFGPCEWCPFQNQCTTCUVTGOQU
=RTGVIKFJWWNJMCKEQPVIKFJWWNJMCPFC?

IKIKC=RTGUFGIKCC?NQNC\C
IKKIKC=EQORNRNFGIKCC?NC\CTNQU
IKKIKQ=RNFGIKQ?ITCUKGPVQU=EQRLKZ?
IKKIKQ=RNFGIKQQ?RNCPQU=EQRLKZ?
IKKNJKOCFXOW[)KKNJKOLKZONJFJCIW

MCDCKLIKCTWOPCEJKEJVKRWRIKIKKOM
%JCOLZMCVIKCEJKEJ'UOW[NKIGTQGN
ECDCNNQDTQPEQSWGVTCVCOQUFGNC\CTRQTSWGPQ
NQITCOQUNC\CTNQ

IKQEQPL[VCODKP;CUCRVWOICTCDZEJW

MCMKICOTKUDJWUIKQUCRDCNCUR&KEGP
SWGCSWXGPFGPOWEJCUEQUCUEQTVGUTGDQ\QU[
VCODKPECTVWEJQU=)TCO?

IKQFCURCNQOCQEQVGTC/WPKMCPLCRDC

FCKEJWOCCPIWIKQFC$JCKRCKIVZK
FJCKDWMWEJOCKCKLKDWCPCEJIC[C
2QTCJXCXQNCPFQWPCRCNQOCQEQVGTC1LCN

'&+%+024'.+/+0#4`

IKQQ

6'2'*70'52#1.

SWGUGRCTGEGTECRCTCSWGNGRQFCOQUVKTCT[
RQPGTNCCCUCT

IKQQCFLRNCPQ/WOOWPCRCKZIKQQZ

LQKFJCPCQKTFCIWVWWT#NVQTQNGIWUVC
CPFCTCNNFQPFGGUVRNCPQ=RNIKKIKQ
EQRLKZ?

IKQRCFXQVTCXG\
FGURWUFGCNIPVKGORQ

2CCRKOFWWMIKQDJCKRDCRCZKCT!%WPFQ
XKGPGPQVTCXG\CXKUKVCTPQU!
FGPWGXQ
FGURWUFGRQEQVKGORQ/CKMLCEJ
ZKEJWMQKRQKPCEJDCIKQRDCVWLWCPC
8COQUCEQOGTRCTCXQNXGTCVTCDCLCTFGPWGXQ
='UEQPVTCEEKPFGIKQOULWRUGRTGUGPVCEWCPFQ
PKPIWPCRCNCDTCUGKPVGTRQPG?

IKQRPCXaVGZVGPFGT
UKPEWKFCFQFGLCT

VKTCFQ/WPKLCRLCRIKQRPCICCVTIWUQQM
MWKOIKFJCKPCEJCOOKLKIWMCMQQPVW
DJKC'ZVKGPFGNCUJQLCURCTVKFCUFGNC[WEC
UQDTGNCOKNRCRCTCSWGNQUEWGTXQUPQNNGIWGP[
GUECTDGPNQUGODTCFQ
XaKGZVGPFGTUG
FGUQTFGPCFCOGPVG%JCO
DJCCKCCPCRDJKKDICIWLKKN!;COOPKRZ
IKQRC0QRQFTCUGPTQNNCTGNJKNQ!2WGUGUV
GZVGPFKFQRQTCSWFGUQTFGPCFCOGPVG
=TGRIKQRRCPCRTGVIKQRIKQRRCPC
RTGUIKQRRCIKQRRC?

)KQVCOCFX.NCPQ)TCPFG
NWICTNKVGPGNNNCPQ
/CCPPKOLCKEJLKOM)KQVCOd#KPCKEJ
LCZWCOCPCIWEJCOVWDJKKEJWIV7PC
XG\HWKC.NCPQ)TCPFGd2GTQEOQVWXGJCODTG
RQTSWGPQVTCCNQPEJG

IKQVTUNNCPQ/WLCM6WURCLQKFJCOLKT

IKQPVTIKQPCTVCVUCD#NNGP6WZRCPJC[
OWEJQUNNCPQU[GUVKGTTCENKFC=RNIKQPVT?

IKQCFLITCUKGPVQ/CPVGGMLCROK

ICCOVWPFCVFJKCTRWWUPCDCIKKNJKOLKZ
IKQ!.NGXCDCUOCPVGECGPGUVCVCNGICSWGGUV
OW[ITCUKGPVC!=RNIKKIKQEQRLKZ?

IKTKEJLCCCUQNNCFGEGTOKEC)KKNJKOLKZ

FJCTCIWIKTKEJLCCCPCIWZCDJCT.CQNNC
FGEGTOKECGUECTCRQTSWGGUDQPKVC=RNIKTKEJ
LCLC?

IKUWNJURKVCJC[C2WKRLKZKQQDIWIKUWNJLCR
PCIWKKDJCK.CRKVCJC[CGUVCPUCDTQUCEQOQ
NCVWPC

IKCCXaVNC\CT
EQPUQICEJCXKPFC,K

RCNJDWKFJCCRLCEJIKCCIWMCDCKPCVLWO
FQEJQ#[FCOGCNC\CTOKECDCNNQSWGUG



UQNV=EQORNRNIKKIKCRTGVIKCIKKIKC
RTGUIKIKCRWPVIKCCMIKKIKCM?

IKDWNJMCFC=EQORNRNFGIKDWWNJMCFC?
EKPEJCTNQU
GPNCEQTVG\CFGWPTDQN
=RTGVIKDWNJMCKRTGUIKDWNJMCP?

IKMCMCFLUCDTQUC
HTWVCQXGTFWTC,QKFJCOLKZ
IKMCMIWKOCKLKFJQQTIWZMCCRCM'UOW[
UCDTQUCNCECNCDC\COCFWTCJGTXKFC=EQRLKZ?

ID=RTGUFGIDKC?NGRGIC
IDKEJRCICXaVIQNRGCTFCTRWGVC\QU,CR

OQQZDJCPCCIWKEJKQPCOWPKQKT
/CCPPKOVKRLKIDKEJRC'UGJQODTGSWG
CPFCCNNGUDTCXQRWGUWPCXG\[COGTQOG
FCDCWPQURWGVC\QU=RTGVIDKEJRC
EQPVIDKEJRCPFC?

IDKKOM=EQRTGVFGIDKC?NQGUVCDCRGICPFQ
IDMCXaKJGNCTUGVGPGTOWEJQHTQ
UWLCPKO
2CPCCUKQOLKZLRKMCVZKDFJKVWMCC
%JCRKEJIDMC!2CTGEGSWGJK\QFGOCUKCFQ
HTQC[GTGPNCPQEJG0QVGJGNCUVG!
=UWLRNIRWMCRTGVIDMCIRWMC
EQPVIDMCTFCIRRWMCTFC?

IDMWXaVTQ\CTRCUCT
NKIGTCOGPVGRQTGNEWGTRQ

6WDCMWDCPCKEJWOC[CU!$JCLCMVKR
LKCK[CPKLCRRZCOIDMWLKDQPCCOCO
2QTSWVKTCURCTCVQFQUNCFQU!;COGTQOG
FCDCUWPQRWGUOGTQ\GNUQODTGTQ
=RTGVIDMWEQPVIDMWTFC?

IDZKFJCXaVFCTRCNOCFKVCU
EQPECTKQ:K

IDZKFJKCNJKKMWIKQRMQZKC&GNG
RCNOCFKVCUCNPKQRCTCSWGUGXWGNXCCFQTOKT
=RTGVIDZKRTGUIDZK?

IINJICP=RNFGINJICP?JKLQUCFQRVKXQU
IINJKFJC=TGRFGINJFJC?GUVCTETKCPFQ

OWEJCUXGEGU

IIT=RTGUFGINJKC?ETGEG
IK=RTGVFGIZKC?PCEK
IRWMC=UWLRNFGIDMC?JGNCTUG
=RTGVIRWMC?

IUFC=EQPVFGIZKC?GUVCTEC[GPFQ
IZKCFLDWGPQRCTCPCFCT,KZIZKIW

/CCTKQIWOCTCCPPCIWTVCCVUCDMCOPC
RCKZEJWWVWMIWUWWFCK'NJKLQFG/CTKQGU
DWGPQRCTCPCFCTRQTSWGGUFGVKGTTCENKFC
FQPFGJC[GUVCPSWGUJQPFQU=RNZWWNJIK
EQRLKZ?8CTIZFJC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

IDKCXaVRGICT
EQPRCNQQEWGTQEQORNCPKO
)DKCCRFJKICIQQZPCEJCOOKLWWOCIW
DKKO6PCLCZCOWWDDQ2ICNGCNRGTTQ
RCTCSWGPQUGCECDGNCNGEJGRWGUGUVCEQUVCFQ
EGTEC=RTGVIRTGUIDEQPVIDFC
EQRTGVIDKKOM?5KPPKCDWKFJC

IRRWMCTFC=EQPVFGIDMC?GUVCTJGNPFQUG

UWLRNCPKO

IVRCTV+PFKECWPCUKVWCEKPEQPFKEKQPCN

EQPVTCTKCCNCCEVWCN,CROQQLQKFJCOEJCO
RCKTVWLKOFCOCOLKCFJKLCOMCMDCKPCDC
DJCKPCOLCZDCQKRQIKQVTPQLCKMCOIV
IWRCKLKPCOLCMDQQRQ[CIV3WDWGPQ
SWGNQUECDCNNQUFGWUVGFGUPQUGXCPCQVTC
RCTVGRWGUGUVPGPGNNNCPQ5KHWGTCPQVTQU[C
UGJWDKGTCPKFQRQTCJ
+PFKECWPCUKVWCEKPEQPFKEKQPCNEQPVTCTKCCNC
RQUKDNG6WKZKEJIWICIQQZPCUCCMOCCP
LWOICNJKFJCIVIWZKKICP#DQTVNCRGTTC
NCETCFGNCSWGVGKDCCXGPFGTWPECEJQTTQ
=)TCO?

IZEJWFC=UKPPFGFDKCEJWFC?RCTKTFCTC
NW\

IZKCXaKPCEGT
CPKOCN-KCRZDCMIKFJK

DJGUGGTPCDCFMQQRZMMMC*CEGRQSWKVQ
SWGPCEKGUVGDGEGTTQRQTGUQCRGPCURWGFG
RCTCTUG
PCEGTUCNKT
HTWVQFGWPCRNCPVCEWEWTDKVEGC
-KCRZMC[QQVFJKKOCKEJCMWKUWWNJ
#RGPCUGUVHNQTGEKGPFQGUVCECNCDC\CVQFCXCPQ
NGUCNGPNQUHTWVQU
PCFCT,CTQQOKQKTCNCRTGGUPCDCOL
RZVVTPKPCVIPU!3WKPCPFCGPNC
RTGUC!2WGUUGQ[GSWGGUVPCFCPFQCNIWKGPCNN
=UWLRNUWWNJIKCRTGVIKUWWNJRTGUIPU
UWWNJK?

IZKCXaKSWGFCTCLWUVCTUG
FGVCOCQ#O

IZKCLKFJKOUCDWKTCZPCRRCKFJWWM
DCMWCPCUKCMWIWZKDLKZFJWUCCTCOLWO
CKZ6GXCPCSWGFCTDKGPVWURCPVCNQPGUEWCPFQ
NQUNCXGUCWPSWGCJQTCVGSWGFCPHNQLQU
XQNXGT
CNGUVCFQPQTOCN'GMWDCLKOFC
#ORMDCIZKCIWUWWFCKPCOWDCCC[C
LCZRCRLKCOWCMMP8Q[CKTECOKPCPFQ
OKGPVTCUXCDCLCPFQGNTQCUWPKXGNPQTOCNRCTC
SWGEWCPFQNNGIWGCNN[CNQRWGFCETW\CT
ECGT
FGUFGCTTKDCJCEKCCDCLQ#CROQQRZ
PKFJKFJCFJKRKNQQVPC[CFTOWDWCGG
RCKZRMIZKC(LCVGDKGPGPGUVCRGNQVCSWG
XQ[CVKTCTFGCSWRCTCSWGUGRCUFQPFGECG

IQQM

ECGT
JKGNQPKGXG,CZKEJKOQQDJCK
LKIZKCIWLCDQQMMDRZCOLKZLRDJCKDC
LDT$CWCRWRKOIWMWCCMWEJMP
MQQMOKEJMC#NTCVQGORG\CTCECGTPKGXG
RWGUGUVJCEKGPFQCKTGDKGPHTQ8C[CPCVTCGT
NGCRCTCECNGPVCTPQU
=EQPVIUFC?

IMQTCURCFTGRCFTGU
FGHCOKNKC%JCODJC

FCTCCCOUCRIWIMQTICPIW5COQKN%JK
DCOQQLCREJCOVDJKPCFNJDCFCC
&KEGPSWGPQGUVPGPECUCNQURCFTGUFG5COWGN
0QVGPFTOKGFQFGGUVCTUQNQ!
=CRQUIMQTICP?5KPPFP
LKEJ)MQTCU0WGUVTQ2CFTG%GNGUVKCN

INJFJCXaVETKCTJCEGTETGEGT
EQORN

CPKO%JCRKOOQQLCWCOCVWPFCFJK
NJKEJVCVQQZMQNJPCODCLQVOQFC
INJKFJC0QFGLGPRCUCTJCODTGCNQU
OCTTCPKVQURCTCSWGETG\ECPRTQPVQ
XaTTGPFKTRTQFWEKTOU,WNJKKMLCRKO
DPFCFJKDJCDLKFJQQTPCDCOINJFJC
4GXWGNXCPDC[WUCUEQPNQUHTKLQNGURCTCSWG
TKPFCPOU
=RTGVINJEQPVINJFJKFJC
TGRIINJKFJC?

INJICPUJKLQCFQRVKXQJKLCCFQRVKXC%JCO
VWLKPCFNJLKTOCTCCPIWCNJKKPC
DCKEJWIW2GGNGULKTINJICPRZLK'P
TGCNKFCFGNJKLQSWGNNGXC(NKZPQGUUW[QUKPQ
SWGGUCFQRVKXQ=RNIINJICP?

INJKCXaKETGEGTFGUCTTQNNCTUG%JCOQD

INJKOFJKCNJKK/CCPPCLZK0QETGEG
TRKFQGUVGPKQRWGUUKIWGKIWCNFGGUVCVWTC
=UWLRNIINJKCRTGVITIITRTGUIIT
EQPVINJKFJCIINJKFJCRWPVITM
IITM?

IOCFLEQPUGTKGFCF,KZIOLCRLWRQKTFC
.WKUCEJCRLOVPCKEJPKFJC&GDGU
CPFCTEQPUGTKGFCF.WKUCPQVGTCUEQPNQU
FGOU=EQRLKZ?

IPU=RTGUFGIZKC?PCEG
IQQMCFLFQU)QQMVCPQQNJRZMCLWTKC

PCDCOQQDCVWOPCCFCDJCCP/CVKDKFCC
6CO5QNCOGPVGHCNVCPFQUFCURCTCSWG
GORKGEGNCHKGUVCFGPCVKXKFCF
WPQUEWCPVQU)QQMLCRLKICNJKFJCFJK
VWTCUPW8PFCOGWPQUEWCPVQUFWTC\PQU
IQMMCRGPFQUNWICTGU
LKTIQQMCPCOUQPFQU
LKTIQQMCNJUQPRQEQU

'&+%+024'.+/+0#4`

IQQMKO

6'2'*70'52#1.

IQIQMCFXFQUGPFQURQTRCTGLC

IQQMKOCFXFQUXGEGU)QQMKOLCKEJLKKCPC
MCVVDKCIWDCUMKUDQN/GECFQUXGEGU
EWCPFQGUVCDCLWICPFQDUSWGVDQN

IQQMLCMDWKCFXFQDNGFQUXGEGUOU)QQM

RWRLKKKEJWNJFJCOTIWEJKKEJKTCUIQQM
LCMDWKPCRKEJLM[CCKEJWNJDR2QT
HCXQTXGCVTCGTOGWPQUEWCPVQUEJEJCTQUFQU
XGEGUOUFGNQUSWGOGVTCLKUVGNCRTKOGTCXG\

IQQVCXaKTCUECT
EQPNCUWCU/WLCMLC

UCCPOTFJKVCVMCTWK/KVWIQQVCOPC
MKCRZVZOKICCVT'URCPVCNCUICNNKPCU
RQTSWGGUVPTCUECPFQGPNCOKNRCSWGCECDCPFG
UGODTCT
TCUECT
EQPNCRG\WC#ODCVWIQQVFJK
VWWTPCDCZEJWMQMFCO'NVQTQGUVTCUECPFQ
RQTSWGSWKGTGRGNGCT
=RTGVIQQVCRTGUIQQV?5KPPICKDW

IQTRCTV5GWUCRCTCCPKOCTCQVTCURGTUQPCUC

TGCNK\CTEKGTVCCEVKXKFCF)QTDKUQRMVMWLCO
MMPC[CRZMCFCCPCEJCMWKMQQZKO
%WGPVGPCNIPEWGPVQRCTCGUEWEJCTOKGPVTCU
GUVQ[CSWRWGUVQFCXCPQVGPIQUWGQ
OCKIQTXOQPQU
V[[Q
OCKMIQTXOQPQU
VQFQU

IQIQMCFXFQUGPFQURQTRCTGLC)QIQMLCR

LCOCMKCIWVOMCNJIWIQPIQZPCODCZ
DJCKMQMDCFC&GNGUFQUVQTVKNNCUCECFCRGTTQ
RCTCSWGUGNNGPGPDKGP8CUGIQQM

IQPIQZ=RNFGICIQQZ?RGTTQU
IWCFLGNNQNCNQUNCU
CTVEWNQGURGEHKEQ$C
MQQMQKOVIWCCCNJ.QUPKQU[CUG
FWTOKGTQP
WPWPCWPQUWPCU
CTVEWNQKPFGHKPKFQ/KK
FJTDJCKDCLKOIWOCCPMCO,CTQQEJK
DC!#JXKGPGWPCRGTUQPC3WKPUGT!

IWDMCXaKRQPGTUGVKGUQJCEGTUGFWTQ
EQUCFG

HQTOCRNCPC0QKEJMWCFJCMDJCLCRZK
UCKKEJIWLQIKKIWVWWTDJCKLKIWDMWPC
RCKFJWWMDJCKLKICMKC5KNGSWKVQGNEWGTQ
CNVQTQ[NQEWGNIQUGRQPGVKGUQCNUGECTUG
=UWLRNIWWRWMCRTGVIWDMCIWWRWMC?
8CTIWDMW

IWDWWMCFLTIKFQ%JCODJCKMPVWOIKIKC
IWVTDKPQZIWDWWM0QUGRWGFGNC\CTDKGP
UKNCUQICGUVTIKFC=RNIWWRWMEQRLKZ?

IWIWW=RTGVFGIWMKC[IWIWWMKC?2GL
IWIWWOVUGRCTCTQPUGRWUKGTQPFGRKG
8CTIWM



IWIWWMXaGGUVCT
RCTCFQUUWLCPKO

$JCOOORWRIWIWWMIWOUCUQK%JCODJC
LCUCCFCMLCKEJ#NNUGSWGFCTQPVWU
CPKOCNGURWGUPQNQUVTCLG
GUVCT
EQUCUENCXCFCUOUCNVCUSWGCPEJCU
$JCOORWRZMWIWWWWLWMVCOPCEJVK
RWROWOWKOMIWDJQOMQZ$JCOORWR
IWIWWMCCRWKDJCKDCLKK#NNUGSWGFCTQP
CVQTCFCUOKHNGEJCUGPWPRKPQEWCPFQGUVCDC
VKTCPFQCWPVGEJCNQVGRWGUUGSWGFCTQP
ENCXCFCUEWCPFQOGXKPG
=HWVIWIWWMCQIWMCEQRTGVIWIWWMCVQ
IWMCV?8CUGMM

IWIWWMC=UWLRNFGMMC?2GLOK
IWIWWMCCOCNNGUVCTPRCTCFQU
=EQPVIWPIWMFC?8CTIWMC

IWIWWMEJW=OQXFGIWMKC[IWIWWMKC?2
GLIWIWWMEJWCOXCPRCTPFQUG
8CTIWMKEJW

IWIWWMKC=XCTFGIWMKC?RQPGTUGFGRKG
=RTGVIWIWWOQXIWIWWMEJW?

IWIWWZFJCXaVCPKOCT-CZK

IWIWWZKFJCCRIWOPCCPPC[CMCZKEJW
LQQLQKFJCOCCUOMKCO[CFJKQKICP
PCIWEJCMWKRMOQQTLCI&CNGPKOQCVW
OCORCTCSWGUGSWGFGCFKUHTWVCTWPRQEQOU
NCXKFCCSWGPGUVGOWPFQRQTSWGVQFCXCPQGU
VCPXKGLC
XaTCPKOCTUG#CEJVKZEJWLWCPOTCO
6WURCIWLKPCOIWEJCOLWOIWPIWZK
IWLCCFWPCIVLCDOLQKFJCOZK
OCKEJOTCK6GPIQICPCUFGKTCVTCDCLCTGP
6WZRCPPCFCOUSWGPQUGCPKOCPOKU
JGTOCPQUCKTEQPOKIQCICPCTDWGPCHGTKC
=EQORNRNIWPIWZFJCRTGVIWIWWZIWPIWZ
RTGUIWIWWZKIWPIWZK
EQPVIWPIWZFJC?

IWIWZFJC=UWLRNFGIWZFJC?EQOGT
RQSWKVQ
GPNCOCCPC=RTGVIWIWZRTGUIWIWZK?

IWKRTQPNGNNQGNNCGNNQUGNNCU
PQXKUKDNG

,KTLKOCTFJQIWK-KCRZIKQ[CRCKPC
OMLCMQNJKOM5GUOKJKLQNRWGUCPFWXQ
NGLQUFGCSW[CRGPCUTGITGU
GNNQNCNQUNCU
PQXKUKDNG/WLCRDCLKO
IWDJWTWZIWKPCRKEJUCCMOCKDWC2QT
CNNXCGNDWTTQSWG
NKVGNSWGFKLKUVGSWGUGVG
RGTFK
UGUCGUQUQUUCUUVGUVCGUVQUVQU
UVCU
PQXKUKDNG,KDJKOTIWEJCMGGV
IWKPCOWOOWFTUPCRCKDQRRQ8G[

'&+%+024'.+/+0#4`



6'2'*70'52#1.

VTGOGOKEJCOCTTCUCSWGGUVEQNICFCFQPFG
OGCEWGUVQ
=)TCO?8CUGIWK
IWKCOCSWGNNQUCSWGNNCU
UWLCPKO
LKTIWKICPGUFGNGUFGGNNC

IWWRWM=RNFGIWDWWM?TIKFQU=EQRLKZ?
IWWRWMC=UWLRNFGIWDMC?RQPGTUGTIKFQ
=RTGVIWWRWMC?

IWEQPL+PFKECSWGWPCUKVWCEKPGUEQPVTCTKCC

QVTC,KZMPMQDRCRLWRLCFCFQEJQFCIW
MCMCTDCZCCRIWZKVMQDFWWM&GDGU
UQNVCTCNQUEJKXQUOUVGORTCPQPQOW[VCTFG
EQOQNQJCEGU=)TCO?

IWEJKEQPLUGIWTCOGPVGRTQDCDNGOGPVG

)KKNJKOLKZDVFJKUCWC)WEJKEJCMWKDJCK
ICC'UVOW[RGUCFCGUVCEQDKLCRWGU
UGIWTCOGPVGVQFCXCPQUGUGECDKGP

IWMC=UWLRNFGMMC?2GLOKIWMCCO

CNNGUVCTPRCTCFQU=EQPVIWPIWMFC?
8CTIWIWWMC

IWMC=HWVFGIWIWWM?2GLOKIWMCCO

CNNGUVCTPRCTCFQU=EQRTGVIWMCV?
8CTIWIWWMC

IWMKCXaKRCTCTUGRQPGTUGFGRKG
UWLRN

CPKO$ZLCRKOIWIWWMKCPCRCKFJWWM
[CCC[CIWRCCNJIKQPCRKOMQQMQUCIW
LCODQRPCO2TGPUGVQFQUEWCPFQNNGIWGGN
RCFTG[SWVCPUGUWUUQODTGTQU
RCTCTUGFGVGPGTUG
GNOQXKOKGPVQUWLRN
CPKO%JCMWKRLCLWCPFCFJKMCMDCK0CO
MCZKIWMKCPCEJDCOKRZDCLCIKKIKC
0QOQNGUVGUCGUVQUECDCNNQUFGLCSWGRCTGPRCTC
SWGUGCOUHEKNNC\CTNQU
ENCXCTUGGPVGTTCTUG
EQUCURWPVKCIWFCU$Z
DJCKRWIWMDJCCPIWKKDJCKPCKEJLM
OWVWOWOWW0KOOCCPMWKEJLCRLCM
DWWUCK6QFCUNCUHNGEJCUSWGVKTUGENCXCTQP
GPGNPQRCN2WGUPQHCNNGPPKPIPVKTQ
=RTGVIWMQIWIWWEQPVIWPIWMFC
OQXIWMKEJWQIWIWWMEJW?8CTIWIWWMKC
8CPUGMMCMMDQ

IWOCVICOEQPLUKPQSWGRGTQ
CNEQPVTCTKQFG

NQCRCTGPVG#CRKOLCRLWOCCLKLKCPCVFNJ
[CCKFJKDCCMIWOCVICOLCEJKDJC
UCCFCMLKDJCOOPKFJTICK7UVGFGURKGPUCP
SWGGUVCXCECNNGICSWUQNCXGTFCF!2GTQ[Q
NCCTTGRCTCCEFGUFGNCNCFGTC8CTIW
OCVIO

KC

IWOQQCFXPCFCOU:KLKOFCVCRDJCOO

PCRCKOLQQVQUCCRIWOQQOKZKFJCC
%JCMWKCCRVMCC[CMCCCCCPCLWO
IDKC!8GCFQPFGVGGUVQ[OCPFCPFQRWGUV
PCFCOUGUVUCNN/GXCUCQDGFGEGTQGU
PGEGUCTKQRGICTVG!

IWPIWMFC=EQPVFGIWMCIWIWWMC[

IWMKC?2GLIWIWMFCCOGUVCTPRCTCFQU

XCTKCUXGEGU

IWPIWMKFJC=UWLRNFGMMMKFJC?CPFCT
FG
ECUCGPECUC

IWPIWZFJC=EQORNRNFGIWIWWZFJC?

CPKOCTNQU=RTGVIWPIWZRTGUIWPIWZK
EQPVIWPIWZFJC?

IWKRTQPGNNQNCNQUNCU
PQXKUKDNG

GURGEHKEQ
RTQPCSWNCSWNNCCSWNNQUCSWNNCU
PQ
XKUKDNGGURGEHKEQ)WKOCCUKQOLKZ
KKDJCKFJC#CLMMOTCFJKMCO#SWN
VKGPGOUHTWVCU8Q[CKTCTGEQIGTCNIWPCUFG
CNN
CFLCSWGNCSWGNNCCSWGNNQUCSWGNNCU
PQ
XKUKDNGGURGEHKEQ-KCRZLCOVDCLKLKKIWK
VTQQMCVCOPCOWOOWPKMM#RGPCUUG
GUVP[GPFQGPCSWGNECOKPSWGGUVRCTCFQ
CNN
=)TCO?8CUGIWK

IWZFJCXaTEQOGT
RQSWKVQGPNCOCCPC

FGUC[WPCT/CCPDJCKZKDJKIWVOMCNJ
PCMPRZMCZKIWZFJCPCDCRMOQQ
DCVWLWIKCLCZKKCO&COGWPCVQTVKNNCRCTC
FGUC[WPCTOGOKGPVTCURCTCSWGRWGFCCIWCPVCT
[EQOGTOUCNTCVQ=UWLRNIWIWZFJC
RTGVIWZIWIWZRTGUIWZKIWIWZK?

+
KUWHaX+PFKECSWGNCCEEKPUGNNGXCCECDQ

KPOGFKCVCOGPVGCPVGUFGQVTCCEEKP)QQMLCRVW
VCCOTCIWKOCKDJCOOLWOMWWZKDWK:K
WNJCKCRFJKDJWTTWPCRDJCCPDJC
DJKKQTKMC8GCEQORTCTCNIWPCUECNCDC\CU
CNNEQPVWVQ'PUKNNCCGUVGDWTTQRCTCSWGNCU
ECTIWGURCTCCE=)TCO?8CTLKLK

KC=RTGVFGNJKC?UGEC[

'&+%+024'.+/+0#4`

KCDWKFJC

6'2'*70'52#1.

KCDWKFJCXaVRGICT
EQPRCNQQUQICEQORN

CPKO/KOKCDWKFJCFJQFJKKWWZPQR
OQQLCREJCOLKM6GXQ[CRGICTEQPGUVG
RCNQUKPQOGSWKGTGUQDGFGEGT=RTGVKCDWK?
5KPPIDKC

KCDWKFJC=EQORNRNFGDWKFJC?GEJTUGNQU

=RTGVKCDWKEQPVKCDWKFJC?

KCDW=EQORNRNFGDWC?GEJCTNQU=RTGVKCDW?
KCNJKZ=TGUFGKCTC?VWODCFQ
KCOCFXWPRQEQOU
FKUVCPEKC)COCLCM

KCOLCRZKFJCKDW2GGNGU:KDJCLCMLK
MKUCRCR5KPVCVGWPRQEQOUCNN(NKZRWGU
OGGUVUCRTGVCPFQ
RCTV+PFKECSWGUGRKFGWPHCXQTEQPJWOKNFCF
%JCODJCKCCPCRIVKCODJCDJKFJKMC
IWZMCDQQMLKMWVWWPPCDCMDJCOOFTRW
FCCICCLWIKK!2QFTCUJCEGTOGGNHCXQTFG
VTCGTOGOKCDTKIQSWGUGSWGFGPNCQTKNNCFGNC
OKNRC!

KCOIVCFXSWDWGPQHWGTC+COIVLCEJVIKC

IWVWWOKOWRCKPCVZK[CCURCMIWMWWNUK
d3WDWGPQHWGTCUKGPEQPVTCTCGNFKPGTQSWG
GPVGTTOKCDWGNQ

KCORZCFXOUQOGPQU+CORZDCVW

OCCEJKOFJKCNJKKPCTKUMQGNCOLKZOCCVV
DCVWWWCP'UVGPKQSWGGUVGPNCGUEWGNC
GUVCRTGPFKGPFQOUQOGPQURWGU[CECUKUCDG
GUETKDKT

KCRVCTCUUWFCFGTQ
RCTCECDCNNQ2CCDCLWR
IWKCRVCTICPFJKDWTTQPCDCRWKDJC
FJCCUVWIWZKKTWP!&PFGUG\CHGN
UWFCFGTQFGGUVGECDCNNQ!2WGUCPFCEQPNCRWTC
UKNNCFGOQPVCTRWGUVC=RNKCRVCTC
CRQUKCRVCTICPKCRVCTICP?

,CZKEJOCCPVWKCTCIWCTRWWU/CTKK[C#N
TCVQXCOQUCRTGRCTCTNQUJKNQU/CTCRCTC
JCEGTWPCVCNGIC
=EQORNRNKCTUCRTGVKCTKCTUC
EQPVKCTCUFCQKCTCKFJCKCTUCFCQ
KCTUCKFJCTGUKCNJKZKCNJKZ?

KCVCXaKOGPVKT,WRMCKEJIW2KNKKRPCUCR

MCDWKOWMLKOKCOWLCMRCK6WURCRWEJCO
UCRDJCKMCLKO-CDCIWKCVPCOKRZ
LKPMKCV!&KEG(GNKRGSWGOCCPCUGXCC
6WZRCP[SWG[CPQTGITGUC1PCFCOUOKGPVG
CURCTCCUWUVCTOG!=RTGVKCVCRTGUKCV?

KCVIKFJCXaVOGPVKT
CQVTCRGTUQPC,CROQQZ
DJCKKCVIKLKIW.WKU6PCIWOQQLCR
UNJMCOZKMCKEJPCDJCLKO,CKRCCIKR
LQK!d%OQOGOKPVKDKGPGUVG.WKU(LGUGSWG
FKLQSWGXGPFTCRTQPVQRGTQPQJCCRCTGEKFQGP
PKPIPNCFQ=RTGVKCVIKRTGUKCVIK?

KCVVWNJFJCXaVCEWUCT
CPVGWPCCWVQTKFCF

/QQEJKCCR2GGITQLKEJKCVVWNJPCEJKEJ
FICCTIWDCMKIW,WCPMWOVDCDCEJ
LQKUOCKPCIWFCKCCRPCRLKZEJWOCCV#NQ
OGLQTHWKUVGV2GFTQSWKGPPQUCEWUCUVGFG
GPVTCTGPNCECUCFG,WCP[RQTGUQPQUNNGXCTQP
CNLWG\RQTSWGUQNCOGPVGVUCDGUNQSWG
JKEKOQUPCFKGOU=RTGVKCVVWNJ
RTGUKCVVWNJK?

KCNJKC=UWLRNFGNJKC?ECGTUG
GPWPRNCPQQGP
WPCRGPFKGPVG=RTGVKCT?

KCNJKZ=TGUFGKCTC?VWODCFQU
KCFJCTCCFLSWGUGRGICHEKNOGPVG
EQUC

GURKPQUC,KZKCFJCTCMCIWLQKIWVWPQZ
DCRQQ.CUGURKPCUUGRGICPHEKNOGPVGGPEQUCU
SWGUQPFGNCPC=EQRLKZ?

KCRVMCXaTTGXQNECTUG/KOKCRVMCOQQIW

KCFJCXaVUWDKT
CNEWGTRQ,CMZKLKO

KCTCXaVVWODCTJCEGTECGT+CTCKOIWVWC

KCRVCTC=RNFGKCRVCTC?UWFCFGTQU

DJWTWZOKPCRKEJRCKVWOQKMCK+COEJK
PCRKEJDRZKEJWMWWRCMPCDCFCKPCR
OKDCIKKFJCIWMQMQNJMCK5GXCC
TGXQNECTGNDWTTQFQPFGRTGRCTCUVGNCVKGTTC
5GTCOGLQTSWGEKGTTGUCNNCPVGUFGRTGRCTCTNC
VKGTTCRCTCSWG[CRWGFCUUGODTCTNCUUGOKNNCUFG
EJKNG=RTGVKCRVQKCRVMCRTGUKCRVM?
IWOCCPMCOPCVIWUCRDJLDCCIW
DJQOMQZ)WEJKOQQCORMDJCKRCKRF
7PCRGTUQPCGUVVWODCPFQGNGPEKPQRQTSWGCNN
UGOGVKWPVGEJCNQVGRWGUUGIWTCOGPVGVKGPGWP
CIWLGTQRQTCJ
CTTQNNCTRTGRCTCT
JKNQURCTCVGLGTWPCVCNGIC



PCOEJCOOKOKCFJCIWVQVVQK*C\VGC
WPNCFQRCTCSWGPQUGVGUWDCPNCUJQTOKICU
CHGEVCTEQPVCIKCT0QVLKMKIWPCMUT
LQVOQFCLKKCFJCIWOCKOFCICP5KOG
RKECGNCNCETPRTQPVQOGCHGEVCTUWXGPGPQ
=RTGVKCRTGUKCFJK?
EJWKCFJCTCCFLSWGJCEGFCQ

=CRQUKCRVCTICP?

KCTUC=EQORNRNFGKCTC?VWODCTNQU

=RTGVKCTUCEQPVKCTUCFCQKCTUCKFJC
RTQITKCTUCKO?

KEJUWHaX+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

RNWTCN,KEJLQNJDKZFJCKEJFJKKVWCVCOZK

'&+%+024'.+/+0#4`



6'2'*70'52#1.

DJKRWKKEJIWVTDKOWMKKEJCOLWRMCKEJ
COIWCCCNJ8COQUCVTCGTWPCUQICFGNC
ECUCRCTCEQNWORKCTPQUGPGUVGGPEKPQFKLGTQP
NQUPKQU=5GRTGUGPVCFGURWUFGNXGTDQ
)TCO?8CTEJLCEJ
KK=RTGVFGK[C?NQDGDK

LCEJKKOEJWFCFJKEJKQIWDJGUGGTPCDC
LKTDJGUGGTVWIKMC!%WNFGNQUDGEGTTQUNG
XCOQUCTGICNCTCOKJKLQRCTCSWGNQVGPIC
EQOQUW[QRTQRKQ!
=RTGUKKORTGVKKOEJWFC?

KKOKCXaVGORCTGPVCTUGUGTRCTKGPVG,CZ

KK=RTGVFGKKC?NQVCR

KKDJCKUPQRCN0CDLWOVVIWKKDJCKIWZ

OCOQKMICP5GFGPQOKPCPPQRCNKVQUNCU
RGPECUVKGTPCUFGNPQRCN
VWPC
EUECTCCOCTKNNCRNCPVCITCPFG/CCP
PCLCZKKDJCKLWOVVIWKKDJCKICPIW
KKDJCK.CHTWVCFGNPQRCNUGNNCOCVWPC
FCPRCMKKDJCKUVWPC
ECRCNKUC

KKDJCKFJCUHTWVQ,CZMCCMIWKKDJCKICP

FJKOZ!3WUCDQTVKGPGGNHTWVQFGGUVCU
RNCPVCUVW[CU!=CRQUKKDJCKICP?
8CUGDJCKFJC
LWMKKDJCKFJCURKCU
EQPQUFGNQURKPQU

KKDJCKFJCCFLNNGPCFGHTWVC
RNCPVCd,CR

OQQLQKFJCOLKZKKDCKFJCFJKOCPUCCP
d%OQGUVNNGPQFGHTWVCGUVGOCP\CPQ
=RNKDJCKFJCEQRLKZ?

KKDJCKEJCNJKCFLSWGFCOWEJCHTWVC,CZ

FWWMMCVLQKFJCOLKZKKDJCKEJCNJKFJK
VWTCCUPWPCRZLKRCCUWNJ!)COOLOWK
KDJCKEJCTFCPCDCRQKFJC%OQGUSWG
FCOWEJCHTWVCGUGFWTC\PQSWGRNCPVCUVGVC!
2WGUECFCCQFCOWEJQUFWTC\PQU=EQRLKZ?

KKDJKCXaKTGURKTCT2ZKKOFCICPMWWFJK

MCDCKPCZOCIQQPPCKEJZKEJONJKKEJ
'UVGECDCNNQJCEGWPTWKFQOW[HWGTVGCNTGURKTCT
RQTSWGGUVECPUCFQRQTJCDGTNQEQTTKFQ
=RTGV[RTGUKKDJEQRTGVKKDJKOM?

KKEJCXaVGEJCT
ITCPQUGPWPTGEKRKGPVG6WR

OKKKEJCFJKDCCNJPCRDCOKLCRDCWC!
3WXCUCGEJCTGPGUCECPCUVC!2QTSWVGNC
NNGXCU!=RTGVKKEJCEQPVKEJCFCQKEJCTFC?

KKIU=RTGUFGKKZKC?UGECGP
KKMWKPVGTL+PFKECKPVGPEKPFGNNGXCTCECDQCNIWPC
CEVKXKFCF+KMWOQQCNJKEJMWCFJCTCIW
UWWFCKPCMPDCVDKC#XGTXQ[CRQPGTGN
CIWCCECNGPVCTRCTCDCCTOG8CTGGMQ

KKOEJWFCXaDFGUKIPCT
CQVTCRGTUQPCEQOQ

JGTGPEKC$CRWRKKOIWLKKMWNJFJKNJKEJ
MCDCKPCUCRLKTMCDCKICPMCPQDCTI
'UVGECDCNNKVQGUVFGUKIPCFQRCTCOKVQRWGUXC
CUGTUW[QEWCPFQ[CGUVITCPFG
TGICNCT
WPCPKOCNCQVTCRGTUQPC,CZEJWO

KKOEJWFC

LCMLWOKKOKCIWOCTCCPIWOFJKZKKMPQV
DCOCCZKT!3WRCTKGPVGVW[QXCCUGTGNPKQ
FGVWVCEWCPFQPC\EC!
PQODTCTEQOQRCTKGPVG
CNUCNWFCT+KOKCCR
OQQIWOVCVCCNJPCRRCKFJWWMKQMFJC
PCDCZKOOCVMCPCRLKTVCVCCNJK%WCPFQ
UCNWFGUCVWVQJC\NQNNCOPFQNGVQRCTCSWGVG
TGEQPQ\ECEQOQUWUQDTKPQ
=RTGVKKORTGUKKO?
LCZLWOKKOSWGUVW[Q!

KKCOCFLSWGSWKGTGEQOGT
ECTPG6KDCZ

KKCOIWDJQOMQZ/CCPLCRICCOTC
EJKQ3WKUKGTCEQOGTVGEJCNQVG2QTHCXQTXG
CDWUECTOGWPQJKLQ=UWLRNKKCMQKCM
EQRLKZ?

KKCXaVVCRCTEWDTKT+KCRKOVWCLCCMP

FJKKOCKPCDCEJCOMDCKKC%WDTCPGUCU
ECNCDC\CUEQPJQLCUFGGPEKPQRCTCSWGPQUG
EQPIGNGP=RTGVKKQKKCRTGUKK
EQPVKFCFC?

KKRWKCXaKTGVQCTDTQVCT
[GOCUWJQLCU

%JCOMCKKRWFJKOCPUCCPPCOVFTLWIKQ
IWMCMCTDCZIWLCCICP;CPQTGVQGUVG
OCP\CPQFGUFGSWGNQUEJKXQUUGEQOKGTQPNCU
JQLCU
ETGEGTFGUCTTQNNCTUG
RNCPVC0QTLKZLRMT
EJCOLZMCVKKRWKCIWFWKUKCMWKEJVK
FCTCK'PNQUNWICTGUHTQUPQETGEGPNQUEKTWGNQU
CWPSWGNQUUKGODTGP
=UWLRNKRWKCRTGVKKRWKRWRTGUKKRWP
KRWP?
EJWKKRWPCFLSWGUGRQPGXGTFG
TGC

KKRWKCFLSWGETGEGTRKFQ
RNCPVC)KKNJKO

LKZKKRWKIWLCRRZUCK;CRRMCOEJCO
DJCK%TGEGOW[TRKFQGN\CECVGEQTTKGPVG
&QPFGSWKGTCJC[=RNKRWKEQRLKZ?

KK=RTGVFGKKZKC?UGEC[GTQP
KKOEJWFCXaVCUHKZKCT0CRLCZFJWK

KKOEJWPFCFJQLKCFJK.KKPQMWRDC
DCKFJKOPCRDOMQQZOTC,CZFJWKPCR
IWIKKNJKOVWDQRRQ+NKK[CULWRVVFCIW
FP%WCPFQKPXKVCUC.KPQCFQTOKTEQPVKIQ
ECUKNQCUHKZKCU'NCURWGUVVGOWGXGUOWEJQ
EWCPFQFWGTOGUNGFKLQUWOCO

'&+%+024'.+/+0#4`

KKOEJWO

6'2'*70'52#1.

=RTGVKKOEJWFCRTGUKKKOEJWP?
8CTKKEJWFC

KKOEJWOCFLGORCEJCFQ6WMCCCOLKZ

KKOEJWOVWVCVFCPCEJVKDQ$CMIWZK
DJCKDEJWFCKEJPCKEJVWLWWLWTPM'PNC
PQEJGOGUGPVGORCEJCFQRWGUEGPFGOCUKCFQ
GPNCVCTFG=EQRLKZ?

KKOEJWXaKCUHKZKCTUG#UCCMEJCOLCR

ICCOVWPFCFJKVCMCCTWKPCDCEJCO
KKOEJW.NGXCNCICNNKPCOGVKFCGPWPCTGF
RCTCSWGPQUGCUHKZKG=RTGVKKOEJW
RTGUKKOEJWT?8CTKKEJW

KKOFCUCNKGPVQ,KZDJCKZOCCZMCIW

KKOFCLCPQPCRCKFJWWMLKZLRKMC5G
XGOKCNKGPVQEWCPFQJCEGHTQ
CNOC0QKEJDCOWWIWEJWWMWDJCCP
IWKKOFCRWKPCLCZDCFWCMC%WCPFQUG
OWGTCOKEWGTRQOKCNOCUGIWKTXKXKGPFQ
GURTKVW)W&KQUEJCOLZFJCLCTQK
OCCZKMVIKCPCIWEJCOOCCZPCIWT
KKOFCRZ0CFKGRWGFGXGTC&KQURQTSWGPQ
UGXGRWGUGUUQNCOGPVGGURTKVW
=RNKKKOFCCRQUKKOFCICP?

KKZKC=UWLRNFGLKIZKC?UGECGTP
FGUFGWPC
CNVWTC=RTGVKKRTGUKKIU?

KKZKEJFJC=EQORNRNFGLKDWC?VKTCTNQU
CN
UWGNQ=RTGVKKZKEJRTGUKKZKEJWP?

KMQKOFJCXaTNCXCTUG
NCUOCPQUQNCECTC

#NJKEJDJCDJKFJCMIWUWWFCKPC[CPK
MPLKKMQKOFJCPCIWDCVWLWIKC
6TGOGVCPVKVCCIWCRCTCNCXCTOGNCUOCPQU
RQTSWG[CXQ[EQOGT=RTGVKMQKO
RTGUKMQKOK?

KMQQTCCFLUWEKQ,KZKMQQTCRZOKUWWPIW
UWWFCKOWDKDKCVCOPCKEJOWKVKDJKO
$CMIWOKZKDCVDKOMIWVQQZMQNJ'UVCDC
OW[UWEKCGNCIWCFGNOCPCPVKCNEWCPFQHWKC
VTCGTNCRWGUWPOCTTCPQUGGUVCDCTGXQNECPFQ
CNN=RNKMQTCEQRLKZ?

KMZKEJUVGLKFQ
FGCNIQFP$JCDJK

/CTVKKPCIWKMZKEJPCLZZKEJWKMZKEJC
PCMCRWRFWWM/CTVKPCVTGOGOKVGLKFQRCTC
CXCP\CTWPRQEQOKGPVTCUUKIWGNNQXKGPFQ

KMZKEJCXaKVGLGT
OQTTCNFGCNIQFP

-CDWKOWMUCRVWKMZKEJCIWCCPPCDC
LQVOQFCZKEJOKIWCTRWWU&KEGOKOCO
SWGOCCPCXCCVGLGTRCTCVGTOKPCTRTQPVQWP
OQTTCN=RTGVKMZKRTGUKMZKEJ?



KOUWHaX+PFKECCURGEVQRTQITGUKXQRGLVOKO
UGGUVDCLCPFQLWWIKOUGGUVCECDCPFQ
=)TCO?

KOCKUECNCDC\C#CLKZCCIWKOCKIWZ
OCOQKMIKUCNJZKO#OOGIWUVCPNCU
ECNCDCEKVCUVKGTPCUIWKUCFCU

KOMUWHaX+PFKECVKGORQEQRTGVTKVQRGL

QKNJKOMCPFCDCVWLWCPKOMVTCDCLCDC
=)TCO?

KUWHaX+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

UKPIWNCT,WOOCMKCKLKZKMWFJKKKRWWT
PCRCCPMC6GFQ[GUVCHCNFCJGTOCPKVCRCTC
SWGNCRQPICU=)TCO?8CTLC

KUWHaX+PFKECKORGTCVKXQEQPWTIGPEKC#CFCK
IWOUCRCCVWKZ,CZMWRDCOKRZLCR
DWRRCKO!LWRVVFCIWFPIWCNJKK
d2QPVGNQU\CRCVQU2QTSWGUVULWICPFQEQP
GNNQU!FKLQNCOCOCUWJKLQ=)TCO?
8CTCK

KDJKQMCXaVFGUVCRCTFGUEQDKLCT,CRLCR

ZKKDJKQMCKIWLWWPOWPCLWORCZPCEJRCK
EJWQTCKOMVCMCCDMWLZLWRDCICMKC8G
CFGUVCRCTGNOC\FQPFGNQCOQPVQPCOQUC[GT
RCTCSWGUGUGSWGRQTWPTCVQ
XaTFGUVCRCTUGFGUEQDKLCTUG)KKNJKOLCOV
OWKMKIWDCROWPCKEJRWKZK
KDJKQMCMMQK/GRKECTQPOWEJQUOQUSWKVQU
CPQEJGRQTSWGFQTOUKPVCRCTOG
=RTGVKDJKQRTGUKDJKQM?5KPPVKDJKQMC

KQ=RTGUFGK[C?NQDGDG
KQIKCXaKVQUGT,KZMQMIWMWZDWPC

IKKNJKOKQQ/GFWGNGNCICTICPVCRQTSWGVQUQ
OWEJQ=RTGVKQIRTGUKQQEQPVKQFCQ
KQQPFC?

KQIKUVQU6WKQKIWTKOGGFKQPCLKZ

MCQQM)KKJNKOLKIWKQIK'UVQ[
VQOCPFQOGFKEKPCRWGUGUVQ[GPHGTOQFGNCVQU

KQOCFXOWEJQ/CCPPKOPCKEJQKIW

2QQNFQIKKNJKOOCIQQKEJPCIWZKQOI
VWMWUDKQV7PCXG\EWCPFQCEQORCC
.GQRQNFQOGECPUOWEJQRQTSWGNNGXCDC
OWEJCECTIC
OW[#CCNJLCRLKZKQOLKCLFCIW
UQOCKIKPQVLWRDCLKCK%WCPFQRGUEQWP
ECVCTTQUKGORTGOGFCOW[HWGTVG
OU
RCTCEQORCTCT#CLKZKQOLKPCZM
FJKZKKTEJCOVWRWKPCFJKTCCRICP/K
UKNNCFGOQPVCTGUOGLQTSWGNCVW[C
.KV/KUKNNC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

FGOQPVCTGUOUDWGPCPQEQOQNCVW[C
=EQRLKZ?

KQOFCXaVEQPUQNCT:KLCKQOFCMIW

OCCOTCPIW5COWGNPCVDCDCLKKPCOUCR
DCEJCOLCZLWOCCPFCPCVMCVDJCKO
5COWGNEQPUQNCUWUJKLQUCPVGUFGKTUGRCTCSWG
PQUGFGUCPKOCTCPOKGPVTCUKDCCNOCPFCFQ
=RTGVKQOCKRTGUKQOCP?

KRWWTUHCNFC6DVWKRWWTIWCDWKN,CR

VWKIFCPCVWRCCNJPCOKLCRZKLKOFC
/KCDWGNCVKGPGHCNFCNCTIC[EWCPFQECOKPCUG
NGXGEQOQUKHWGTCWPCUQVCPCFGUCEGTFQVG
=RNKRWTCRQUKRWWTCPKRWTCP?

KUMQGNVCXaTUGTGUVWFKCPVGt#CRLWO

KUMQGNVCCCOCCMPMCRWEJCOCC!tLWR
MCKEJIW/CCDTWt,KKUMQGNVCKEJLK#CR
LKPCDCEJCOtLWRMCKEJIW5COQKNt6
HWKUVGGUVWFKCPVGGNCQRCUCFQQPQ!tRTGIWPV
/CWTQt;QUHWKGUVWFKCPVGRGTQVPQ
tEQPVGUV5COWGN=RTGVKUMQGNVCGURGUEWGNC?

KVRCU\CT\Q
FGECTTK\QFWTQRCTCUGECTSWGUQ

,CKDJCOOZKFJCCUOTKVRCVCOFJKMKKU
PCDCICMKC6GPXGCRQPGTGUVGSWGUQGPGN
\CT\QRCTCSWGUGUGSWG=RNKKVRC?8CTVRC

KZUWHaX+PFKECCURGEVQTGUWNVCVKXQRGLLWIKKZ

GUVCECDCFQUCTKZGUVTQVQ=)TCO?

KDJCKFJC=RNFGKKDJCKFJC?NNGPCUFGHTWVC
=EQRLKZ?

KEJCFC=EQPVFGKKEJC?GUVCTGEJCPFQ
ITCPQU
GPWPTGEKRKGPVG8CTKEJCTFC

KOWXaKCUQNGCTUG
CPKOCN+OWOQQFJK

MCDCKPQROKOKCPPCKOONJKEJWPPCR
IWMKCRZOCOQKUCKO'UGECDCNNQUGXCC
CUQNGCTUKNQJCEGUEQTTGTOW[UGIWKFQRWGU
CRGPCUNQGUVUCOCPUCPFQ=RTGVKOW
EQPVKOWKFJC?

KC=RTGUFGKKC?NQVCRC
KCM=RNFGKKCO?SWGSWKGTGPEQOGT
ECTPG
8CTKKCM

KFCFC=EQPVFGKKC?GUVCTVCRCPFQ
KQQDCFLUCDTQUQ$ZEJWROKEJWKCDWKFJC

FJKDCMCCZLKFJQQTPCDCZKQDMCEJCNG
FKHGTGPVGUVKRQUFGXGTFWTCUCNECNFQRCTCSWGUGC
OUUCDTQUQ=EQRLKZ?
KQQDMCKQDMCUGTUCDTQUQ

KQQ=RTGUFGKQIKC?VQUG
KQQPFC=EQPVFGKQIKC?GUVCTVQUKGPFQ
8CTKQFC

KRWKC=UWLRNFGKKRWKC?TGVQCTETGEGT
=RTGVKRWRTGUKRWP?

KRWK=RNFGKKRWK?SWGETGEGPTRKFQ
=EQRLKZ?

KRWT=RNFGKRWWT?HCNFCU=CRQUKRWTCP?
K[CXaVVQOCT
NSWKFQDGDGT/CKMLCEJVW

KRWIWCVWWNJOWLCRMWMUK8COQUC
VQOCTCVQNGGPNCUEQEKPCUEQOWPCNGU=RTGVKK
RTGUKQRTQITKKKORWPVKM?
KKKOXCVQOCPFQHWGCVQOCT

KEJFJCXaVJCEGTVQOCTJCEGTDGDGT

+EJFJCOTFJKDJWTWZDJCOOFTDKDKCVCO
.NGXCCNDWTTQCNCEKPGICCVQOCTCIWC
=RTGVKKKEJRTGUKEJWP?

KKKO=RTQITFGK[C?GUVDGDKGPFQ
KKKOEJWP=RTGUFGKKOEJWFC?NQCUHKZKC
KKKOFC=RNFGKKOFC?CNOCUGURTKVWU
KKVRC=RNFGKVRC?\CT\QU
KM=RWPVFGK[C?JCDKPFQNQDGDKFQ
KMQTC=RNFGKMQQTC?UWEKQU=EQRLKZ?
KOWVFCXaVCUQNGCTFGOCUKCFQ
CPKOCN/W

RCKRFJQKOWVFCLKCFJKMCDCKPCRKEJ
ICOCKRDCLKWNJCM%JCRRMIKKNJKO
OONJKEJFJKFJC8CUCCUQNGCTFGOCUKCFQGUG
ECDCNNQUKNQOQPVCUOW[UGIWKFQPQNQFGDGU
EQTTGTVCPVQ=RTGVKOWVRTGUKOWVWP?

M

K=RTGVFGZKC?NQUGODT
=RTGVFGMKC?NQEQTVUGTGXGPV
DJKCFLSWGVKGPGOKGFQ,KDWWRNJKFJC

CRLKEJCCVIWVWVWWTMWEJVWOQKMFC,KZLC
DJKKIWFNJPCLCDWWRNJKC2CR
JC\OGGNHCXQTFGCOCTTCTNC[WPVCGPNQUVQTQU
RCTCSWG[QRWGFCDCTDGEJCTEQPGNNQURWGU
VGPIQOKGFQFGCOCTTCTNQU[QUQNQ=EQRLKZ?

MCFLTQVQ%JCODJCKPCROCKDCKCDW

FJKOUWWUCM!6PCCVVKTWDCZM0QUGTC
DWGPQSWG[CVKTCTCUVWUJWCTCEJGU!(LCVGEQOQ
[CGUVPTQVQU

'&+%+024'.+/+0#4`

MC[C

6'2'*70'52#1.

EQTVCFQ,CTQQDCLCROQQMFCFJK
[QQZKPCDCLCROQQICOOLZMMC!
3WKPEQTVCNCUHNQTGUSWGVQFQGNVKGORQGUVP
EQTVCFCU!
=RNMEQRLKZ?8CTMKZ

MC[CXaKJCDGTUQODTC#NJKQRZFJQPC

VCPQQTLCZKIWDJCKLKEJMC[CLKPCRCK
FJWWMDJCKLKEJDIKNJKC5QNCOGPVGWPTCVQ
JCTUQN#NTCVQJCDTUQODTCEWCPFQGORKGEGC
PWDNCTUG=RTGVMC?

MCCFLSWGJC[UQODTC/KKLCMLCEJZK

LKOKVWCICPCRCKZMC8COQUCJCDNCTC
FQPFGJC[UQODTC
SWGJC[PWDGU6CMCCDLQKFJCOVCPQQTPC
EJCOVDCC:KDCORZRWKZMC#[GTUCNK
GNUQNOW[DQPKVQUKPPWDGURGTQJQ[JC[
OWEJCU
=EQRLKZ?

MKCFLSWGUGTGXKGPVCHEKNOGPVG
JKNQQUQIC
,KZMKFJKRWEJWOFJKVTDK%JCORM
VWDJCK.WGIQUGTGXKGPVCGUGVKRQFGUQIC[
PQFWTCOWEJQ=RNMKEQRLKZ?

ZFJCXaDTQDCT
FGQVTCRGTUQPCt6WUCR

LCZFWWFJKOCCPMCOPCDCDJCKMWWR!
tLWRMCKEJLW,WCPt6ZFJQUCRIWDCCM
tLWRMCKEJIW2GGITQt3WJK\QGUC
RGTUQPCSWGGUVGPECTEGNCFCCNN!tRTGIWPV
,WCPt2WGUTQDXCECUtEQPVGUV2GFTQ
=RTGVZRTGUZK?
VOZKSWGJC[TQDQU
ZDKCFLSWGGUTCVGTQ

ZKUTQDQt6WOVUCRMPLWRFQQFCIW
,QUGG!tLWRMCKEJIW,WCPt&JQUCRZK
MPtLWRMCKEJIW.WKUt2QTSWOCVCTQP
C,QU!tRTGIWPV,WCPt2WGUFKEGPSWG
RQTSWGTQD
NKVRQTTQDQtEQPVGUV.WKU

MIKFJC=XCTFGRIKFJC?FCTUQODTC
MKCXaVEQTVCTMKCCRTDCPFJKVTDK:KT
VD%QTVCNCUQICCNCOKVCFRWGUGUVOW[
NCTIC
XaVEQUGEJCTEQTVCT
HTWVC/KRZKMKIW
EJKKNCMLMPCRLKZCC#NNRWGFGUEQTVCT
VQFQUNQUEJKNCEC[QVGUSWGVGIWUVGP
XaKTQORGTUGTGXGPVCTUG
UQICQJKNQ#ORZ
MFJKVTDK$CMIWOQQIKKNJKOLKZQQFJK
VWWT'UVCUQICUGTGXKGPVCHEKNOGPVGRWGUGU
OW[HWGTVGGNVQTQ
=EQORNRNMKCRTGVMRTGUM?

NJFJCXaVRGPUCT
FGQVTCRGTUQPC2WK

FJQEJNJFJCIWZKKZ/CTICTKVQPCEJLKT
ZMWOPQEJVWMCCOWLCMLKKO$JCEJ
MWZIKFJCDCIWIQPIQZ/KJGTOCPQ
/CTICTKVQRGPUCTCSWGUQOQUNCFTQPGUUKXCOQU
CXKUKVCTNQGPNCPQEJGJCUVCPQUGEJCTCUWU
RGTTQURCTCSWGPQUOWGTFCP
XaKRGPUCT,CZLCRKOUCRNJKKLK
LCCFW!,KTCOCCIWRWKPCLCZMCKEJFJK
,QUGG!3WRKGPUCPWUVGFGU!'UVDKGPNQSWG
FKLQ,QU!
XaKETGGT#CNJKKPCEJCOLKTRWKPC
LCZMCKEJ;QETGQSWGPQGUEKGTVQNQSWGFKEG
XaTUGPVKTUG%JCOIWLCZPCRLKZDWCO
LWONJFJC2GGITQPQVCOZKOWWFJKO
MCDCK!0QVGUGPVKTUOCN2GFTQUKFGTGRGPVG
UGOWGTGVWECDCNNQ!
=RTGVNJRTGUNJKK?

NJKCXaKECGTUGVWODCTUG
GPWPRNCPQQGPWPC

RGPFKGPVG#NJKEJRZDCOCCIVPCUQKEJKC
FJKVWCPCDCNJKCIKFJWWNJRZDCVWFCC
;CPQOUNGHCNVCEQTVCTNGRQSWKVQCGUVGTDQN
RCTCSWGUGECKICRWGUUNQWPRGFCEKVQGUV
CICTTCFQ=UWLRNKCNJKCRTGVKCKCT?

NJKEJFJCUFGFQOGKSWG
OCPQQRKG,WO

ICDFJKNJKEJFJCPCMCVWMCMRKCUIW
RKNQQV;CRMIKPCKEJDJCKLKI/G
NCUVKOGNFGFQOGKSWGEWCPFQNGGUVCDCFCPFQ
CNCRGNQVCRWGUTGDQVEWCPFQVTCVFGFCTNG
=RNNJKEJFJCCRQUNJKEJFJCICP
NJKEJFJCICP?

NJKEJCFLRGSWGKVQEJKSWKVQNJKEJVW

OCCOCTFJKICIQQZ2WKDJKKDJKUCRIWLC
DWWRWK'UVCRGTTCVKGPGECEJQTTQUEJKSWKVQU
VQFCXCVKGPGPEGTTCFQUUWUQLQU=RNNJKEJ
EQRLKT?8CUGCNJKEJ

NJRKICXaVRGNCT
EUECTC,WOCCPCWCMC
IWMWZKKTPCMPNJRKICIWKKDJCK0GEGUKVQ
NNGXCTWPEWEJKNNQRCTCRGNCTNCUVWPCU
=RTGVNJRKRTQITNJRKIKO?

RIKFJCXaKFCTUQODTC,QKFJCOLKZDJCKV
RIKFJKVWCPCIWTZKDQQTCM'UVGGPEKPQ
FCDWGPCUQODTCCNTGFGFQTRQTSWGVKGPGOWEJCU
TCOCU
XaTCDTKICTUGRTQVGIGTUG
GPNCUQODTC-C
ZKRIKFJCKOKKPCRCKZMC8Q[C
FGUECPUCTCNNFQPFGJC[UQODTC
=RTGURIKRTGVRIK?8CTMIKFJC

TCCDVWMCCCFXCOGFKCPQEJGTCCDVWMCC
KEJ[CMCCKPCKEJRCZKCTOTCM



'&+%+024'.+/+0#4`



6'2'*70'52#1.

+IWMEJCO#NCOGFKCPQEJGTGITGUFG
*WGLWSWKNNCCFQPFGHWKCRCUGCT
TCCOCFLSWGVKGPGWPOQTGVP,KZTCCOIW

MCDCKIWMQOKK%JCOOCCVKPCVVWFWW
/KECDCNNQVKGPGWPOQTGVPGPUWGURCNFCRWGU
PQUSWGNGRCU=RNTCOEQRLKZ?

TCCOCFLFCCFC
HTWVC,KZTCCOIW

OCPUCCP)WEJKPCODJWTWZEJCO
DJKKQTCV.CUOCP\CPCUGUVPFCCFCURQT
JCDGTUKFQECTICFCUGPWPDWTTQ=EQRLKZ?

TDCPCFXCNCOKVCF5NJTDCPLCROQQMKC

FJKVTDKPCRCKOCCIKPCIWOCCP
VWRWWNJKMDK[CPQRKEJICKFJT%QTVCNC
UQICGZCEVCOGPVGCNCOKVCFFQPFGVGFKLG5K
PQWPRGFC\QSWGFCTOUEQTVQSWGGNQVTQ

TDCPFTRTGRCFGPVTQTDCPFTLCRKOZKLC

DCCRUCKIWMQTCCTFJKMCMDCKPCODCEJCO
LKEJQZKFJC/GVCPNQUECDCNNQUFGPVTQFGN
EQTTCNRCTCSWGPQUGPQUGUEQPFCP

TDCPLKODJCMCFXCOGFKCFQUFG
OGUQ

UGOCPC)KQ[CRDCQKTFCKTDCPLKODJCM
IWOCTUQ4GITGUCTCSWCOGFKCFQUFGOCT\Q

TFKEJCFLFGNICFQ
FGHQTOCEKNPFTKEC#KZKO
PCRUCTDJCMKCOUCDCFCIVIWVTDK:KT
TFKEJFJKPCRKEJ[CCKEJ&GDCUJCDGT
EQORTCFQUQICOUITWGUCRWGUGUFGOCUKCFQ
FGNICFCNCSWGVTCLKUVG=RNTFKEJEQRLKT?
8CTCTFKEJ#PVPUCTDJCM

UUEQFQ,WOLKKDCIWUCPIW,QUPCMCVW

DJKDCMKEJ,QUUGTCURGNEQFQEWCPFQ
GUVCDCEQPUVTW[GPFQWPCECUCFGCFQDG=RNU
CRQUUCPUCP?

U=RTGUFGZKC?NQUKGODTC

VRC=XCTFGKVRC?\CT\Q
Z=RTGVFGZFJC?NQC[WFCUGODTCT
ZDKCFLSWGGUNCFTPSWGGUTCVGTQ)KKNJKO

LKZZDKIWDJCP-KKEJCOFTLCWVMIW
VCVMCTWKUKCIWMCMCTDCZ'NEQ[QVGGUOW[
TCVGTQRWGUUGNNGXCICNNKPCUFGNCECUC[CXGEGU
JCUVCECDTCU=RNZDKEQRLKZ?8CUGZMWO

ZEJQKFJCXaDGUEQPFGT
FGQVTCRGTUQPC

ZEJQKFJCKIWDKKIWLKKMWNJPCRCK
FJWWMMQZKC/KRZEJCOMCLCKEJMCPC
RCKFJWWMKKC8Q[CGUEQPFGTGNOG\ECNFG
OKVQEWCPFQUGFWGTOC[EWCPFQUGFGURKGTVG
[CPQJCDT=RTGVZEJQKRTGUZEJQK?
8CTZEJWKFJC

DJKC

ZEJQXaVGUEQPFGT-CZKZEJQCRFJKMKKU

PCOEJCOLKEJLWIKKFJCIWLCVMCO
'UEQPFGGNSWGUQRCTCSWGPQUGNQCECDGNC
IGPVG=RTGUZEJQRTGVZEJQ?8CTZEJW

ZEJWKZKOCFXCGUEQPFKFCUQEWNVCOGPVG,KZ

ZEJWKZKODCMWWWMIWCNJKKIWVWWOKPC
OWMCPMCDVV2CTGEGSWGGNPKQUGNNGXC
GUEQPFKFCUGNFKPGTQSWGGUVCDCCNN=EQRLKZ?

ZEJWMUUGOKNNC
FGUVKPCFCRCTCUGODTCT)QQM
LCRLKICNJKFJCIWZEJWMPCZKCPQR
DKCMCIV/GXGPFGUCNIWPCUUGOKNNCURCTC
UGODTCTUKGUSWGVKGPGU

ZFJCXaDC[WFCTCUGODTCTt,CTQQOZ

PCEJLCRVMPCRUCCMMCZMCQQMMCV!
tLWRMCKEJIW6KKOKQt/CCPIWLKKMWNJ
tLWRMCKEJIW5CDKKPWt3WKPVGC[WF
UGODTCT!2QTSWGPQUQVTQUJCDCOQUQFQFGEKT
SWGGUVCDCUGPHGTOQtFKLQ'WVKOGQt7PVQ
OQOGC[WFtTGURQPFK5CDKPQ=RTGVZ
RTGUZKK?

ZKCXaVUGODTCT&CKLWWPLCRZKCZKDMC
DJCDRCC!#JQTCXCUCUGODTCTOC\PCFC
OUQVCODKPHTKLQN!=RTGVKRTGUU
EQPVZKKFJC?
ZEJKZGUVRNCPVCFQ
FGTDQNGU

ZKK=RTGUFGZFJC?NGC[WFCCUGODTCT
ZMWOUNCFTP,CROQQTZMWOIWLCTQK

,KZDCMIWMCDCK%JCORCKEJKEJPC
KEJVKICCOTCMd%OQUGTPNCFTQPGUETGQ
SWGOGTQDCTQPOKECDCNNQRQTSWGPQNQ
GPEWGPVTQCPFGURWUFGJCDGTNQDWUECFQGP
VQFCURCTVGU=RNZMWO?8CUGZDK

ZMWPCXaVGPUCTVCT
EQPRCNQQCIWLC

,QKFJCOKZMWKZMCODJCLCRUCKEJWPIW
MQMQNJIWQMKZUCRPCDCLQKFJCOLKZ
DJCKICMKC/KVCVKGPGEQNICFQUWPQUEJKNGU
DKGPGPUCTVCFQURCTCSWGUGUGSWGPDKGP
XaKCVQTCTUG
FKHEKNFGUCECT$JCOOFJQ
RWOZMWPCIWOWWWOCOTCICTCOFJK
EJWCPQRICPOWLCMVWOWOWW.WKU5G
XCPCCVQTCTVWUHNGEJCU.WKUUKUKIWGUVKTPFQNCU
GPVTGNCUTCOCUFGGUGGPEKPQ
=RTGVZMWRTGUZMWP?

ZMWUECRWNNQ
FGOCTKRQUC)WZMWVCOFT

LWRLWODWCIWVWNJDKZPCDCDCO
LQMOCTVC.CQTWICUGVTCPUHQTOCGPGNECRWNNQ
[FGCNNUCNGWPCOCTKRQUC=RNZMW?

DJKCXaVQNGT0QKEJPCDFJKOIW

DJQOMQZIWICIQQZDRLKOFCPCDC

'&+%+024'.+/+0#4`

DJK

6'2'*70'52#1.

DJKFJCRCKPCLCMQKTFC5KXQ[CEC\CTGN
VGEJCNQVGGNRGTTQXCCFGNCPVGQNKGPFQFQPFG
GUV=RTGV[RTGUDJ?

DJKCFLSWGVKGPGDWGPQNHCVQ,KZDJKMCO

LWOCCPCDCKEJWPFCIWICIQQZPQKEJ
DCPCDFJKO%WCPFQWPQXCFGECEGTCUG
PGEGUKVCNNGXCTWPRGTTQSWGVGPICDWGPQNHCVQ
=RNDJKEQRLKZ?



NQUFKGPVGUPCFCOUOGUCNGUCPITGFGNCGPEC
2QTSWUGT!=RTGUTRWMRTGVTRW?

ZDK=RNFGZDK?SWGUQPNCFTQPGU=EQRLKZ?
ZKCDJCMCFXRQECFGUKGODTC
LWPKQ$JCCP
LWWKQOQQZKQODCLKTZKCDJCMMC'P
LWPKQGUNCOGTCRQECFGUKGODTC

ZMWO=RNFGZMWO?NCFTQPGU

TUUCPITG,OCPIWLCVMCOLKZPCCCOIW
TCPIWUQKRWKPCLCZIWDCCMT#
CNIWPCURGTUQPCUNGUIWUVCEQOGTNCUCPITGFGNQU
CPKOCNGURQTGLGORNQNCUCPITGFGXCEC
=CRQUTCP?

ZEJQ=RTGUFGZEJQ?NQGUEQPFC
U=RNFGU?EQFQU=CRQUUCP?
ZMW=RNFGZMW?ECRWNNQU
FGOCTKRQUC
DJK=RNFGDJK?SWGVKGPGPDWGPQNHCVQ
=EQRLKZ?

M=RNFGM?TQVQUEQTVCFQU=EQRLKZ?
MKC=EQORNRNFGMKC?EQTVCTNQUEQUGEJCTNQU
TQORGTUG=RTGV[RTGUM?

MK=RNFGMK?SWGUGTGXKGPVCPHEKNOGPVG
=EQRLKZ?

M=RTGUFGMKC?NQEQTVCUGTGXKGPVC
M=RTGV[RTGUFGMKC?NQUEQTVNQUEQTVCUG

TGXGPVUGTGXKGPVC

NJKEJ=RNFGNJKEJ?RGSWGKVQU=EQRLKT?
NJKEJFJC=RNFGNJKEJFJC?FGFQUOGKSWGU
=CRQUNJKEJFCICP?

PMKCVCXaVCUWUVCTGURCPVCT/WZKLC

PMKCVOTIWMQMMQPOWICCVTPCOEJCO
OKLWIKQMCIWLWWP8GCGURCPVCTNQUEWGTXQU
GPNCOKNRCRCTCSWGPQUGCECDGPGNOC\
=RTGVPMKCRTGUPMKCV?

TCO=RNFGTCCO?SWGVKGPGPOQTGVQPGU
=EQRLKZ?

,
LCRTGHaUUWUWU
RQUGUKPFGNCVGTEGTCRGTUQPCFGN

RNWTCN,QKFJCODKQOCMVWOCOCCOVIW
EJCVVCNJIWLCVWWTWPCVOLPKKCCMMP/KU
VQU[CRGNCTQP[VCVGOCTQPUWVQTQGNSWGUG
OWTKEWCPFQUGEC[GPGNCTTQ[Q
=)TCO?

LCRTGHaXNGU
EQORNGOGPVQFKTGEVQQKPFKTGEVQ

CPKOCFQFGNCVGTEGTCRGTUQPCFGNRNWTCN
)CICCMOWKFJCCOLKZKQOFJKMCMCTDCZPQ
RKOEJCOQDLCOCCMIWQP'UVQUEJKXQUUG
XCPCCFGNIC\CTOWEJQUKWUVGFGUPQNGUFCPUCN
RTQPVQ=)TCO?

LCCKPVGTLdC[d,CCLCROQQZLRK/CKM

LCEJLWMIKRWOWPKDCMEJTd#[EOQJCEG
HTQ8COQUCECNGPVCTPQUCNNGPNCECUC

LCC=RTGVFGLCIKC?UGEQPUWOKUGFGUJKPEJ

LCCFW=RNFGLCFWW?RCTKGPVGU
=CRQULCCPPK?

LCCLCUJQLCU
FGRNCPVCQTDQN)QQM

QQOUCOTIWLCCLCMWEJ[CPKDJCCPFCCUC
IWLKLKKPCEJCOFTDCVC8GCVTCGTWPCU
EWCPVCUJQLCURCTCRQPGTNCUVTKRCUGPGNNCURCTC
SWGPQUGGPUWEKGP=CRQULCCICP?

TCP=CRQUFGT?UWUCPITG
TFKEJ=RNFGTFKEJ?FGNICFQU
FGHQTOC

LCCMUOC\
VQUVCFQ7COCKOKEJ&CKLCCM

TOCCFLGPUCPITGPVCFQ,WOMQKOVDCMFJK

LCCMKCXaVVQUVCT
ITCPQUQUGOKNNCU)QQMLCR

TRWMKCXaKUCPITCTUCNKTUCPITG0CRCK

LCCNQMKCXaKTQPTQPGCT
ICVQ,KZDJCKOVCCV

EKNPFTKEC=EQRLKT?

VCVOQZEJWVWWTMCMCTDCZPCDCZTOCIW
LCOQQO2CTGEGSWGUGRGNGCTQPGUQUEJKXQU
SWGPQVKGPGPEWGTPQURQTSWGVKGPGP
GPUCPITGPVCFCNCECDG\C=EQRLKZ?

FJWWMVKLKDQRMQPCIWEJCCVCODJCKRZ
LKTRWMKC,CZPCDCR!%WCPFQOGNCXQ

LCEJRZMWC0QUGUVCOQUOWTKGPFQFG
JCODTGRWGUPCFCOUEQOGOQUOC\VQUVCFQ

LCCMKCFJKLWWPMWEJVWVWKURCMCDWKOWM
6WGUVCWPRQEQFGOC\CJQTC[OCCPCNQ
OQNGOQU=RTGVLCCRTGULCCMEQRTGVLCMKKOM
QLCCMKOM?
IWOKUVWKRZLCCNQMMCCV'NICVQGUV
EQPVGPVQRWGUUGQ[GSWGGUVTQPTQPGCPFQ

'&+%+024'.+/+0#4`



6'2'*70'52#1.

TQPECT
NKIGTCOGPVGDGD-QQUIWCNJKKRZ
LCCNQMMCCV'NPKQGUVFQTOKFQRWGUUGQ[G
SWGGUVTQPECPFQNKIGTCOGPVG=RTGVLCCNQQ
LCCNQMRTGULCCNQM?

LCCPQO=RNFGLCPQO?EQUVKNNCU

LCDMCNJURWNOP,WRMCKEJFJCCOPCUCR
UCCNJICMKKFJCIWLCLCDMCNJPQIKKNJKO
KQQ&KEGPSWGOKURWNOQPGURQEQCRQEQUG
UGECPEWCPFQVQUQOWEJQ=RNLCLCDMCNJ
CRQULCDMCNJKLCLCDMCNJK?

LCDMCNJKURWNOPFGGPEKPQ#CIWOWK

=CRQULCCPQOCP?

LCCRICXaVEQTVCT
TCOCUWJQLCU,WOCCPCR
LCCRICFJKZFCKUQPCTCOPCDCVD
INJKC&GDGUEQTVCTNCUTCOCUFGNVTQEPFG
GUCRNCPVCRCTCSWGETG\ECCNVC=RTGVLCCR
RTGULCCRKEQPVLCCRICKFJC?

LCCRQM=RNFGLCDQQM?SWGRGUCPRQEQ=EQRLKZ?
LCCVWMUJQLCFGOC\QTEC)QQMLCRLK
ICNJKFJCIWLCCVWMPCOKEJWDWWRNJKCIW
DJCOOCZ2QTHCXQTXPFGOGCNIWPCUJQLCUFG
OC\QTECRCTCCOCTTCTOKUVCOCNGUEGTGOQPKCNGU

LCCZEJCXaVVKTCT
NSWKFQ,CCZEJCRKOIW

DCCTICPIWLWNJKKMPCDCZKQDMC6KTGPGN
ECNFQFGGUVCUDC[WUCURCTCSWGGUVPUCDTQUCU
=RTGVLCCZ?

LCCZRCTV+PFKECRTQDCDKNKFCFt$JCFCCCC

EJKIW,QUGGMCIWRCKLCMOCKEJ!tLWR
MCKEJIW#PTGGUt,WODJC!,WRMCKEJCO
LKPCOWLCMRCKMCQKTVEJKPQVLCCZLCM
DCIKMCDCEJCMWKtLWRMCKEJIW
%JGGPFQt'UVCT,QUQCPFCGPQVTCRCTVG!
tRTGIWPV#PFTUt3WKPUCDG!&KEGPSWG
CPFCDCHWGTC[PCFKGUCDGUK[CTGITGUQ
VQFCXCPQtEQPVGUV4QUGPFQ

LCCZOCFCUDTQOC&CKFJK#TVWWTQRKOOQQ
EJCOVWDJCCPLCCZOCIKFJCPCIWEJCO
MQTCCTPCLCTQKLCCZOCFCDJCCPVW
CIKFJC6GPICPEWKFCFQFGPQDTQOGCT
EWCPFQJCDNGPEQP#TVWTQRQTSWGPQNGIWUVC
SWGPCFKGNGJCDNGGPDTQOC

LCCZOCMCTU5GTGHKGTGCNCRGTUQPCFGSWKGPUG

DWTNC#NJLCOQQOIDKCPCRDJCLCMLK
CCZKPCIWEJCOLKTLWOLCCZOCMCT6G
XQ[CRGICTRQTDWTNCTVGFGO[QPQUQ[WPC
RGTUQPCEQPNCSWGRWGFGUDTQOGCT
=CRQULCCZOCMCTWP?5KPPCNJKQMCO

LCCZOCFJCXaVDWTNCTUG,CZMWRDCDJC

LCMLKLCCZOCIKPCEJCOVWTLWO
PWWEJKZ!2QTSWVGGUVUDWTNCPFQFGOSWG
PQUQ[VWEWCFQ!=RTGVLCCZOC
RTGULCCZOCIK?

LCDCCMKPVGTLRCUG
RCTCCFGPVTQ,CDCCMDJC

LCMLKQMKZ6WOKICIQQZLWOMK2UCNG
RCTCCEVCRWGUVGRWGFGOQTFGTWPRGTTQ

LCEJKEJ

ICCOVWCRLKLKCIWLCDMCNJKPCRMPVW
PCPFCKO6TCGUOWEJQURWNOQPGUFGGPEKPQ
%QPGNNQUGPEKGPFGUNCNWODTGXGTFCF!
=RNLCLCDMCNJK?

LCDMCXaKGURQPLCT
OCUC,CZDWKCCEJK

RZLCDMCFJKEJWKPCVLZDCLCDMC!0CFC
OUJCUVCCNNUGGURQPLCNCOCUC!
UGPVKTVGTTQT#COWPKOCEJPMKC
VCMCCDLWTPM0CCUOKMMIWEJCOMCOQ
MCOIKKNJKODJCKLKLCDMCIWOQ/G
CUWUVC[GTGPNCVCTFGRCTGEGSWGRQTCJGUVCDC
RCTCFCNCRGTUQPCFGECRKVCFC[UGPVVGTTQT
NKV
UGOGETGEKNCECDG\C
=RTGVLCDMCRTGULCRRWMCT?
IWKPCMPLCRRWMCTIWRCCPNGXCFWTC

LCDQQMCFLNKIGTQSWGRGUCRQEQ,KDJKFJKMC
CRFJKKPCZLCDQQMFJKDCPCZDVCC
FNJDJKMC/GNNGXCUNCVCNGICSWGRGUC
OGPQU[NCSWGRGUCOUOGNCNNGXQ[Q
=RNLCCRQMEQRLKZ?#PVPDV

LCDQQMMDUPKGXG
NKVJKGNQNKIGTQ)KCCIW

LCDQQMMDDJLLCRLWMICOLCPQPCVRZCO
FWWP!%C[PKGXGRQTCNNGPNCUKGTTCCSWGNNC
XG\EWCPFQNNQXKOWEJQ!

LCEJENV+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

RNWTCN-CDWKOWMLCDCVWDQKMVC:KDLCEJ
MCZKLWIKQMCFJKLWPDCCLKFJQQT#JQTC
XCOQUCCECDCTPQUNQUGNQVGUJGTXKFQU[OCCPC
JCTEJWCNGU=5GRTGUGPVCFGURWUFGWPC
EQPUQPCPVGPQINQVCN)TCO?8CTEJKEJ

LCEJKEJENV+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

RNWTCN[VKGORQRTGVTKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ$CLWWOLCEJKEJFJK
ODCV)KQEJLWRDCVCCRWIWCDWKNPC
KCOVODCV;CPQUCECDCOQUNCOKGN8COQU
CRGFKTNGOUCOKCDWGNKVCRCTCUGIWKTNC
FKUHTWVCPFQ
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ#RVWDWUVCOLCEJKEJDJCLKK
OKFJT$QQFCOVCO[C-QTKCPFCKLKPCEJ
IWIWMK8GPKOQUFG'N/G\SWKVCNC&WTCPIQ
GPWPCWVQDUPCFCOUSWGXGPCOQURCTCFQU
=5GRTGUGPVCFGURWUFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTEJKEJ8CUGEJ

'&+%+024'.+/+0#4`

LCFWW

6'2'*70'52#1.

LCFWWURCTKGPVGHCOKNKCT,CZLWOKKO

FJKPCOKVVDKCIWDCUMKU!%JCOLKTLWO
LCFWWCC!3WGUVW[QGNSWGGUVLWICPFQ
DUSWGVDQNCNN!0QGUVWRCTKGPVG!
EQPQEKFQEQPQEKFCCOKIQCOKIC/CCPUCR
DJLRCKFJTVWPCMQQ:KKT6COIWEJ
LCFWWMCV&KEGPSWGRQTCNNGP.C5KNNCUG
OWTKWPEQPQEKFQPWGUVTQ
=RNLCCFWCRQULCPPKLCCPPK?
LWOLCLCCPPKOCOGNNQUUQPRCTKGPVGU

LCIKCXaKEQPUWOKTUGGZVKPIWKTUG
NGCQ

JKGNQ,CZEJWOPCTUCUDCTCMLCROKPCCFC
PCDCEJCOQDLCIKC2QPNCNGCOUITWGUC
GPNCNWODTGRCTCSWGPQUGGZVKPICRTQPVQ
FGUJKPEJCTUG$CLCCCCIWOVQQPPCUCCM
MCZDCKIMMCVOKPCVRCKOMKIWFDQQT!
;CUGVGFGUJKPEJNCRKGTPCFQPFGVGRKENC
CXKURC!
=RTGVLCC?
LCFJCCFLSWGUGFGUJCEGHEKNOGPVG

LCKMCFLSWGDTCFQSWGVKGPGJGPFKFWTC,CZMW
DCDWCPFJKLCCC!,KZLCKMCC!2QTSWUG
UCNGGNNSWKFQFGNCQNNC!'UVSWGDTCFC!
=RNLCLCKMEQRLKZ?

LCKMICOUEQUCHTIKN%JCRKOFCCOFTOK

FJCTCTTFCFJKCTRWWU,KZLCKMICOOKEJW
LKO0QUGUKGPVGPGPEKOCFGOKVCNGICRQTSWG
VKGPGEQUCUHTIKNGU=EQRLKZ?

LCKMKCXaKSWGDTCTUGTCLCTUGJGPFGTUG,KZ

FJWRKLCROKLCRFCCUCFJKDCMWCPCEJCO
LCKMKC2QPGNDWNGRQTCJEQPOWEJQEWKFCFQ
RCTCSWGPQUGSWKGDTG=RTGVLCKQLCKM?

LCKMKCFLSWGUGSWKGDTCHEKNOGPVG
DCTTQQ

XKFTKQ%JCRDJCCPDJCOUKUUCRFCFJK
DKKITKQPCIWZLCKMK0QVGTGECTIWGUGPGN
XKFTKQRQTSWGUGRWGFGSWGDTCT=EQRLKZ?



=EQORNRNLCKZFJCRTGVLCKLCKZRTGULCKK
LCKZK?

LCKCFLCNIWPQUQVTQU
RCTCEQORCTCT,CKO

LKZOCCVIWQFCOPCLCZLCMLWO
OONJKEJWPIWVTQQMCLCKEJCOOCCVCO
#NIWPQUVGRGJWCPGUUCDGPOCPGLCTECOKQPGVC[
QVTQUPQ
VCODKP
LWPVQEQPQVTQU:KDCKFJCKRKOFJK
/CPQKNPCLCKRLCOQKFJCPCRKO
MWCORW%WCPFQXC[CPCNCNGCNNGXGP
VCODKPC/CPWGN
8CUGLWOCK
LCKDKEJWLWICCMUKCOCCPEOGVGCNIQ

NKVEQOGVCODKPCWPSWGUGCWPQ

LCKEJXaGJCDGTGUVCTGPGZKUVGPEKCt,CKEJ

CCIWLCDQQMOCVCKOKPKDKDKCVCO!tLWR
MCKEJIW,WCPt2WKFJQVMMCPCUCR
LCKEJtLWRMCKEJIW2GGITQt*C[ECNFG
RKGFTCUDNCPFCUGPGNOCPCPVKCN!tRTGIWPV
,WCPt;QJGQFQSWGUJC[tEQPVGUV2GFTQ
=EQRLKZGNWUQFGNRTGHKLQEQRWNCVKXQGUQREKQPCN?

LCKEJFJNJKCXaKJCDGT5KCOTKDCLCKEJFJT

CCIWVWPCRKOUCCMVWVCCP!5KGORTGJCDC
FGNQSWGWUVGFGURKFKGTQP!=RTGVLCKEJFJT
EQPVLCLCKEJFJTFC?

LCKFJVCFLCNIWPQUXCTKQU,CZFJWWMCVLKT
LKZEJWVWOKICOCOLCKFJV!2QTSWUQP
TKECUCNIWPCURGTUQPCU!

LCKR=RNFGLWOCKR?QVTQUOU
LCKRZCFLCNIWPQUEWCPVQU$CLKDWDWCFJQ

DCMLKCIWUCCDPCDCLCKRZCODCVCLCCKZ
IWOCK;CGORKG\CPCUCNKTNQUSWKQVGURWGUUG
PQVCSWG[CUGGUVPCDTKGPFQNCURGPECUFG
CNIWPQUOCIWG[GU

LCLCDMCNJ=RNFGLCDMCNJ?RWNOQPGU
=CRQULCLCDMCNJK?

LCKMMCTUVQUVCFQT$JCDJKIWLCKMMCTMW

LCLCKM=RNFGLCKM?SWGDTCFQU=EQRLKZ?
LCLCKMMCT=RNFGLCKMMCT?VQUVCFQTGU
FGEPVCTQ
LCLCKEJFJTFC=EQPVFGLCKEJFJNJKC?GUVCT

LCKCXaVSWGDTCTTCLCTJGPFGT/WRCKOQQ

LCLCOMU=RNFGLCOMU?OCPFDWNCUKPHGTKQTGU
LCLCPPWNJCFLSWGVKGPGOWEJCTQRC#CRLCZ

VWLCCMKCIWMCKEJWM6TGOGGNVQUVCFQTRCTC
VQUVCTGUVCUUGOKNNCUFGECNCDC\C
5GWUCWP
RGFC\QFGEPVCTQRCTCVQUVCTUGOKNNCUFGECNCDC\C
RCTCJCEGTGUSWKVGU=RNLCLCKMMCT?
LCKCIWCNJKKIWLCCCPCROWLCMOCCMPC
IWEJCODJCKPCMQQ'UGPKQXCCSWGDTCT
NCQNNCSWGNGFKUVGRQTSWGPQNCCIWCPVC
=EQORNRNLCKUCRTGVLCKLCKUC?

LCKFJCXaDSWGDTCT
RCTCFCTFGEQOGT6CCM
LCRLCKFJCFJKCNJKKIWVOMCNJ3WKGDTCNC
VQTVKNNCCNCOKVCFRCTCFCTNGNCOKVCFCNPKQ

JCDKGPFQ

FJWWMCVLQKFJCOLKZLCLCPPWNJPCDCIW
LCKOLCCFWLKZDKRIK[CLCRQKRQFCCO!
%OQNGJKEKUVGRCTCVGPGTOWEJCTQRC!2QTSWG
VWURCTKGPVGUCPFCPRQTCSWEQPNCTQRCTQVC
=EQRLKZ?5KPPMCMK

'&+%+024'.+/+0#4`



6'2'*70'52#1.

LCLCPPWNJ=RNFGLCPPWNJ?EQTVGUTQRCU

=CRQULCLCPPWNJK?5KPPMCMK

LCLCPPWNJDQRPCO=RNFGLCPPWNJDQPCCO?
IQTTCU

LCLC=RNFGLCCC?QNNCU
LCLQMOCT=RNFGLQMOCT?OCTKRQUCU
LCLQQD=RNFGLQQD?VNCEWCEJGU
LCLQQK=RNFGLQQK?GURQUCU
=CRQULCLQQICP?

LCLQQZKC=RNFGLQQZKC?RNCVQU
=CRQULCLQQZKCP?

LCLQ=RNFGLQ?EWGTQU
LCLQM=RNFGLCQQM?FKCDNQU
LCLQMQTCK=RNFGLQMQTCK?CTCCU
LCORTGHaUUWUWU
RQUGUKPFGNCUGIWPFCRGTUQPC
FGNRNWTCN$CDCTIKZCCIWLCOOCVCKOCP!
/KRKOOQQZKDCTIKFJCKPQRKOVDC
MQQMZKO;CTGOQLCTQPUWPKZVCOCN!2WGU
FGDGPTGOQLCTNQDKGPCPVGUFGKTCFQTOKT
=)TCO?

LCORTGHaXNGU
EQORNGOGPVQFKTGEVQQKPFKTGEVQFG

NCUGIWPFCRGTUQPCFGNRNWTCN%JCRKOPCKRZ
DWCOVWDWCFCDKKRKDQRPCEJCOLCOFCPIK
LCOMWWRCIWZMCK0QJCICPEQUCUHGCU
LXGPGURCTCSWGGNLWG\PQNQUFGVGPIC[
GPECTEGNG=)TCO?

LCOENV+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN

RNWTCN-CDWKOWMLCOUCR[CMC
CKEJWNJFJCIWZKKTPCKEJLCVCKDWK&KEGP
SWGOCCPCOGVTCGTPNCUKNNCFGOQPVCTSWG
NGURTGUV=5GRTGUGPVCFGURWUFGWPC
EQPUQPCPVGPQINQVCN)TCO?8CTO
CO

LCOKCMKPVGTLRUGNG
HQTOCCPVKIWCt,COKCM

LCOLRLKQMKZtLWRMCKEJIW2CUMWCN
t,#C[CDCLRKLKtLWRMCKEJIW
0CVCCNKCt2CUGCFGUECPUCTVCtFKLQ2CUEWCN
t5[CGUVQ[FGUECPUCPFQCSWtTGURQPFK
0CVCNKC

LCOVENV+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN

RNWTCN[VKGORQRTGVTKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ,KZZWWPIKOVLKEJQK
IWVWKUCRCVWWNJ%JKEJCOIOKDWK
LCOV/GFKGTQPCVQNGFGRKPQNGOW[CIWCFQ
RCTCVQOCTFGUGIWTQPQNGRWUKGTQPOWEJQ
RKPQNG
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ,MLCOVCKIWMCMCTDCZ

LC

PCRKOVUCCMLCLCMNJ!%WPVQUEJKXQUGTCP
EWCPFQWUVGFGUNQUEQPVCTQP!
=5GRTGUGPVCFGURWUFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTOV8CUGO

LCOLRKPVGTLRUGNG
NKVFGUECPUGt#CDJC

LCMRtLWRMCKEJIW2GGITQt2WKLK,CO
LRtLWRMCKEJIW,WCPt;QXGPIQCXKUKVCT
tFKLQ2GFTQt$KGPRUGNGtTGURQPFK,WCP
8CUGLRFJC

LCOMUUOCPFDWNCKPHGTKQT6CMCCDVWMCC

PCOWPKFJTDJCKMCLKO[CPKRMLKUK
IWWWZLKLCOMUCO%JCOPKKPCIWZ
EJWMICO#PQEJGEWCPFQXGPCFGRQTCNNOG
RKSWEQPWPRCNQGPNCOCPFDWNCKPHGTKQTRWGU
PQNQXKRQTSWGGUVCDCQUEWTQ=RNLCLCOMU
CRQULCOMUCP?

LCPGGU
OGFKFCFGEQUCUUGECUGSWKXCNGPVGC

XGKPVKEKPEQNKVTQURCNCDTCCPVKIWC/CCPLCPGG
UCRKKEJWNJLCOVIWDJCDIW$CUKKNKQPCVVW
DQQRVCMCCDIKQPCVVWVWKKEJ.GFKGTQPC
$CUKNKQWPCOGFKFCFGOC\RQTJCDGTC[WFCFQC
NKORKCTNCOKNRC[CTCTNC

LCPPWNJUEQTVGFGVGNC
FQUOGVTQU[OGFKQ

$JCKRZKEJCCZKFJCKOCCPIWLCPPWNJ
MWEJVWKRWWTVC/GEQORTCUWPEQTVGFGVGNC
RCTCJCEGTWPCHCNFC
TQRCRTGPFC,MLCRLKMQODJTCCTWPCR
VWDQRMQFJCIWLCLCPPWNJ!%WPVQOG
EQDTCURQTNCXCTOGNCTQRC!
=RNLCLCPPWNJCRQULCPPWNJK
LCLCPPWNJK?

LCPPWNJDQPCCOUIQTTC#CIWOQQZDJCK
RLKLKCPCFNJLWRFWKCIWLCPPWNJ
DQPCCO#JGPVQPEGURWGFGSWG[QVCODKP
JCICWPCUQNCIQTTC=RNLCLCPPWNJDQRPCO?

LCPQCFXGNFCGPSWG,CPQPCRCKFJWWM

LWORCVCCUIWZMCK,WMVTOWKOKO
LWORCPCOIWLCVMCO%WCPFQNNGICGNFCGP
GNSWGUGECODKCFGIQDGTPCFQTVTCFKEKQPCNUG
LWPVCOWEJCIGPVGGP5CPVC/CTC1EQVP
CSWGNNCXG\6CCMLWOOCCZKIWVCPQQNJ
LCPQPCVRCKFJWWMVWOVWMICOVC#SWGNNC
XG\SWGJWDQGENKRUGUQNCOGPVGUGXGCWPC
RCTVGFGN5QN

LCPQOUEQUVKNNC#VVKKTWZICMIW,WCP

OCCZKMCOVWWVIWLCCPQOCP,WCPGUVOW[
HNCEQRWGUUGXGPUWUEQUVKNNCU=RNLCCPQO
CRQULCPQOCPLCCPQOCP?

LCENV+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

UKPIWNCT)QQMLCLWOICNJKFJCIWVQQOLK

'&+%+024'.+/+0#4`

LCKEJ

6'2'*70'52#1.

FJKZKKMPCRCUMKEJC6GXGPFQKZVNGVCRCTC
SWGRWGFCUJCEGTWPCVCNGIC=5GRTGUGPVC
FGURWUFGWPCEQPUQPCPVGPQINQVCN)TCO?
8CTK

LCKEJENV+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

UKPIWNCT[VKGORQRTGVTKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ/WOOWKEJDCLKKDWKQT
IW2GGNGUDCDCCDWKFJCOLCKEJIW
MCDCKICPPCWCVWP%JCOLKCOMK
8Q[EQP(NKZRCTCSWKVCTNGUWECDCNNQRWGUOG
FGDG[PQOGRCIC
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ/CKDWCKEJIWZEJFW
RCPVCNQQP6KMCTZKDMCOMCVOCCPPKO
LCKEJRZMCCCFCM5GOGRGTFKGTQPOKU
RCPVCNQPGUC\WNGU'TCPECUKPWGXQURWGU
UQNCOGPVGWPCXG\OGNQUJCDCRWGUVQ
=5GRTGUGPVCFGURWUFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTKEJ8CUG

LCRENV+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN

UKPIWNCT,CZLCRVWOCCFCIWOUCDWKTCZ!
%WNGURCPVCNQPGUXCUCRQPGTVG!=5GRTGUGPVC
FGURWUFGWPCEQPUQPCPVGPQINQVCN)TCO?
8CTCR8CUGR

LCRKEJENV+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN

UKPIWNCT[VKGORQRTGVTKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ#CLCRKEJCCIWCNJKK
IWUCRCCVWKZKPCKEJLWOEJKC!.GRWUKUVG
UWU\CRCVQUCNPKQEQOQVGRGFJCEGTNQ!
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ,CZLCRKEJEJWODJC
CCFJCMIWUCRCCVWKZKIWCNJKK!%WNGU
\CRCVQUNGRWUKUVGCNPKQ!
=5GRTGUGPVCFGURWUFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTRKEJ8CUGR

LCRKOENV+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN

RNWTCN2WGFGRTGUGPVCTUGEQOQUWHKLQCNXGTDQ
%JCRKOCITGGPOWLCRDCRQFCFWWMEJT
#ITGGPLWODCFKLCRKO0QCPFGP
NKVPQ
CPFGPWUVGFGUGPNCNNWXKCRQTSWGUGXCPCOQLCT
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ$ZLCRKOOQQVWMCMRKCUC
PCRCKFJWWMVOWFJKZCKZMCOPCVW
CIKOK%WCPFQGUVGRQNVKEQVGTOKPGFGJCDNCT
VQFQU
NKVVQFQUWUVGFGUFGDGPCRNCWFKT
=5GRTGUGPVCFGURWUFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTRKO

LCRKOVENV+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
RNWTCN[VKGORQRTGVTKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ&CCIKOLCRKOVCCIW



LWOCKNJKEJMCTDCZ!(WGTQPWUVGFGUCEQIGT
NCQVTCEJKXCRGSWGC!
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ,CZLCRKOVFQQFCFJK
ITCDCFQQTCPCDCEJCOMCVWMWW!3WNG
JKEKGTQPWUVGFGUCOKITCDCFQTC!2WGU[CPQ
VQEC
=5GRTGUGPVCFGURWUFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTRKOV8CUGRKO

LCRRWMCT=RTGUFGLCDMC?GURQPLC
OCUC
LCTCCOCFLGURGUQ
NSWKFQ#NJKEJOKZK

EJQKKIWUWWFCKFJKCVWWNJ:KZLCTCCO
EJCNGVCPVKVCCIWCCNCVQNGRQTSWGGUVOW[
GURGUQ=EQRLKZ?

LCTCCTUCTCFQ,WRFWKKOIWLCTCCTIW

QQICZUCRPCMPVWOQKMFCPQVDCFWWP
/KVQGUVJCEKGPFQWPCTCFQEQPGNSWGXCC
RTGRCTCTNCVKGTTCRCTCEWCPFQNNWGXC
=RNLCTTCTCRQULCTCCTWPLCTTCTWP?

LCTCCTDJCKUEQNCFGNCTCFQ,KZFJWUCCTCOOK
DCCZFJKLCTCCTDJCK/CCPEJKPCLCZLWRKC
PCICOCKLKEJWLWCPC.CEQNCFGGUVGCTCFQ
GUVHNQLCETGQSWGUGXCCECGTEWCPFQXC[CC
CTCT=RNLCTTCTDJCCDJCK?

LCTQKUEWKVNCEQEJG
JQPIQFGNOC\/WKOWPK

MCPFTLCRLKZLCKEJIWLCTQKPQLCTQKZEJ
LMFCO2QTCNNJC[OWEJQUEWKVNCEQEJGURQT
UKCNIWKGPSWKGTGJCEGTRWNSWGEQPGNNQU

LCTQKRTQPCNIWKGP,CTQKDCMOCKKCDWIW

VWOKICP/WPKMCPRZDVVPCDJCLKO
#CNIWKGPUGNGRGTFKUWFKPGTQRWGURQTCNN
GUVCDCVKTCFQGPGNECOKPQEWCPFQ[QXGPC
=)TCO?
PCLCTQKRTQPSWKGP

LCTQKPCRZRTQPSWKGPUGCEWCNSWKGTRGTUQPC

d,CROQQTLKZDJCKMCOIWMWWNUK,CTQKPC
RZLKZDJCKEJWCIKFJKFJCUKCMWOQQ
EJCOOCCVd3WDWGPCRGTUQPCGUOKCDWGNQ
RWGURNCVKECEQPEWCNSWKGTRGTUQPCCWPSWGPQNC
EQPQ\EC=)TCO?

LCTQQRTQPSWKP!,CTQQOICNJKFJKO

CTRWWUPCDCLCRLKZDWKEJM!3WKPVG
XGPFKGUGOQTTCNVCPHGQ!=)TCO?
LCTQQFCSWKPGU!
LCTQQOFCSWKPGUUQP!
PCLCTQKRTQPSWKP

LCTVWIKCXaKGTWEVCT#CKCORZVQZMQPC

KEJIZKEJWLWICCMVCMCCD#OLKZLM
LCTVWPKVWMCC;COGTQOGGORCEJCDC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

RQTSWGEQOOWEJQC[GTRWGUGUVCDCGTWEVCPFQ
CITKQCPQEJG=RTGVLCTVWIRTGULCTVWP?
LCZCFXEOQ!SW!,CZLCRV!,CZLCR

LWOFCPUC!%OQVGNNCOCU!%OQVG
CRGNNKFCU!
LCZLCRLWONJKKEOQJCUGUVCFQ!
EOQVGGPEWGPVTCU!
LCZLCRVWKKEOQGUVU!EOQUKIWGU!
LCZLCRKEJLWOFWWSWRCUEQPVKIQ!
LCZKCCEOQ!OCPFG!
PCLCZCFXEOQSW

LCZCFXSWVCPVQ!,CZLKZFJWWMDJCLCR

LWLWMICO!3WVCPVQNNWGXGRQTCNNGPNC
UKGTTC!=5GRTGUGPVCCPVGUFGNRTGHKLQEQRWNCVKXQ
LKZ?
PCLCZCFXSWVCPVQ

LCZDCCFXEOQGUSWG!,CZLCRDC

FWWMCVLQKFJCOVVDVWMWWR!%OQGUSWG
VKGPGUGNECDGNNQVCPNCTIQ!
RQTSW!t#CEJCOPCCIWMKKUtLWR
MCKEJIW2CCDNQt,CZDC!tLWRMCKEJIW
&COCCUKQt0QOGIWUVCGNSWGUQtFKLQ
2CDNQt2QTSW!tTGURQPFK&COCUKQ

LCZDCEJKCFXRQTSWUGT!
RTGIWPVC

TGVTKEC/WKEJCPQQNJEJCORCKFWWM,CZ
DCEJK!0QJCNNQXKFQRQTOWEJQUFCU2QT
SWUGT!

LCZDWC=RTGUFGLCZFJWKC?JCEGUWEGFG
LCZDWKO=RTQITFGLCZFJWKC?GUVJCEKGPFQ
GUVUWEGFKGPFQ

LCZEJWORTQPEWN!,CZEJWOLKZKQO
LKZONJFJCFJKMCMDCK!&JKZWCOCCMC
FJKZEJWCCC!%WNFGGUVQUECDCNNQUGUOU
XGNQ\!'NCNC\PQGNDNCPEQ!
EOQGU!SWECTCEVGTUVKECUVKGPG!,CZ
EJWOVPKIWOVCCV!,KZQKCRCC!
%OQGUNCECTCFGVWRCR!6GRCTGEGUCN!
=)TCO?
PCLCZEJWORTQPEWN

LCZFJWKCFXRWGUEOQ!
GZRTGUKPFG

KPETGFWNKFCFRCTCKPVTQFWEKTWPCTGURWGUVCEQPVTCTKC
GPVKGORQRTGUGPVGQHWVWTQ,CZFJWKPCIW
EJCOOCCVIWPCCDCVKQQM,CZLCIKDCLK
EJVFC!2WGUEOQXQ[CGZRNKETUGNQCN
OGUVK\Q!UKPQUJCDNCTUWKFKQOC8CUGLCZ
FJWWM
PCLCZFJWKCFXFGCNIWPCOCPGTC
VKGORQ
RTGUGPVGQHWVWTQ

LCZPCRZ

LCZFJWKCXaVJCEGT
NQRGPUCFQt,K

EJCKDWKFJCCRIWODCKFJCUtLWRMCKEJ
IW/KTMKCFKUt/KPCMM6WRMPLCZ
FJWKC!tLWRMCKEJIW/CTKCPQt/G
RTGUVCUVWJCEJCtFKLQ/GNSWKCFG\t#JGUV
3WXCUCJCEGTEQPGNNC!tTGURQPFK/CTKCPQ
XaTUWEGFGTt6WRPUCCMLCZLWOFWKC
PQICPOWLCMUUUIWKMKQQTPCDJCK
MCCV!tLWRMCKEJIW/CTKK[Ct&JQPCUCCM
PQNJMCIWQDtLWRMCKEJIW/KKNKC
t3WFKEGPSWGUWEGFGUKUGCNQCNCTEQKTKU
SWGGUVCNN!tRTGIWPV/CTCt2WGUFKEGP
SWGUGVGGPEJWGECNCOCPQtEQPVGUV'OKNKC
=RTGULCZDWCRTQITLCZDWKORTGVLCZFJWW?

LCZFJWWMCFXEOQ!FGSWOQFQ!

VKGORQRCUCFQ,CZLCRKEJFWWMLWOICD!
,WODJKCRKEJCC!%OQVGNCUVKOCUVG!6G
VTQRG\CUVG!
CECUQFGCNIPOQFQ,KZLCPCCIWDJCPIW
VCVMCTWK0QVLCZFJWWMRCKFNJLCVLC
LWIKQMCFJQ#NEQ[QVGNGIWUVCEQOGTUGNCU
ICNNKPCU5KNNGICCJCNNCTNCUUQNCURQTCJUGNCU
EQOG
8CUGLCZFJWK
LCZLCRKEJFJWWMDJCLKKEOQXKPKUVG!
CSWXKPKUVG!
LCZFJWWMCVRQTSW!EOQGURQUKDNG!
PCLCZFJWWMCFXEOQFGSWOQFQ

VKGORQRCUCFQ

LCZLCMCFXEOQ!FGSWOCPGTC!,CZ

LCMLKZDJCKPCEJFWKC!&GSWOCPGTCNQ
JCEGOQU!
PCLCZLCMCFXEOQFGSWOCPGTC

LCZLKPCDCKPVGTLRQTSWUGT!,CZLKPC

DCEJCOPCCIWKOCKFJKVQQZMQNJPCVK
OCCMPCRLWRMCKEJPCUCCMLKZCC!2QT
SWUGTSWGPQNGIWUVCNCECNCDC\CSWGNGGUVQ[
FCPFQCGUVGOCTTCPQ!0QOGFKLKUVGSWGNG
IWUVCDC!

LCZMWDCCFXRQTSW!,CZMWRKEJDC

EJCODJCLKKPCTCIKEJCOMCV!2QTSWPQ
XKPKUVGEWCPFQJWDQLWPVC!

LCZPCRZCFXEQOQUGCt#CLCRNJKK

PCEJDJCLCRDJ[C)KQVCO#CRLCZ
NJKK!tLWRMCKEJIW,WCPt&JQIWCCRLK
DCRV[C,CZPCRZLKIWtLWRMCKEJIW
2GGITQt;QRKGPUQSWGXCOQUCRCUCTRQT
.NCPQ)TCPFG3WRKGPUCUV!tRTGIWPV
,WCPt2WGUVFKEGUEQOQUGCtEQPVGUV
2GFTQ8CUGPCLCZ

'&+%+024'.+/+0#4`

LCZPCRZEJWO

6'2'*70'52#1.

LCZPCRZVKNJKKRKGPUCFGOWEJCU
HQTOCU
LCZPCRZVKZKMCKEJNQFKEGFGOWEJCU
HQTOCU

LCZPCRZEJWOCFLEWCNSWKGTCt,CZ

EJWOLCUCCMLWOICNJKFJCIWUCWC!
tLWRMCKEJIW/CPQKNt,CZPCRZEJWO
FJQtLWRMCKEJIW#NDKPt%WNEQDKLCOG
FKLKUVGSWGVGXGPFKGTC!tRTGIWPV/CPWGN
t%WCNSWKGTCtEQPVGUV#NDKPQ8CUGPCLCZ
EJWO

LCZPCRZLCMCFXFGEWCNSWKGTOCPGTC,CR

OQQCNJEJCOOCCVVVMIWZKMWUKC
MWEJLCZVKEJVFC,CZPCDCRZLCMLWO
CCPFC%QOQSWGPQRWGFGGPVGPFGTOK
JGTOCPQCWPSWGNGVTCVCOQUFGGZRNKECT3WKP
UCDGSWRKGPUC
NKVRKGPUCFGEWCNSWKGTOCPGTC
8CUGPCLCZLCM
LCZPCRLCMNJKKEQOQSWKGTCU

LCZRMCFXFGSWOCPGTC!
EWCPFQJC[FWFC

FGEOQJCEGTCNIQ,CZRMFWKOWKFJCOIV
IWDCCMVWM!&GSWOCPGTCXQ[CJCEGTSWG
UGOWNVKRNKSWGPOKUXCECU!
LCZRMMCIVEOQNQJCTC!
RCTC
TGUQNXGTWPRTQDNGOC
UKCRMLCZMCIVFGEWCNSWKGTOCPGTC
PQ
KORQTVCEOQ

LCZRPCFXQSW!
RCTCENCTKHKECT,CMKCPPK
CCRPDCFWWPOCCMP!,CZRP!.NQXK
GPGUVQUVKGORQUGNCQRCUCFQQSW!

LCCCUQNNC
FGEQEGT6WMPLCRDJKCFJK

LCCCPCDCEJCOLWOOKFJCPCIWZEJQK
&GDGUWUCTCNIQRCTCUCECTNCQNNCRCTCSWGPQVG
SWGOGURQTSWGGUVECNKGPVG=RNLCLC?
IKTKEJLCCCUQNNCFGEGTOKEC

LCMCFXJCEKCC
EKGTVQFGUVKPQ2CCRKEJ

LCMLKOMPCDCEJCORCKOPKPCRQKT
DZEJCPQQNJ!#FPFGHWKUVG!2QTSWGPQVG
JGXKUVQGPVQFQGNFC
GP
EKGTVCRCTVGFGNFC,CKMCRIW
KUVCWTCPKUFCKMCDWKOWMLCMLWOMWCFCIW
DQQMCPLKFJQQT'PCNIWPQUTGUVCWTCPVGUPCFC
OUGPNCOCCPCJCEGPGNOGPWFQRCTC
CNOQT\CT
+PFKECWPNWICTGURGEHKEQ2CCRKEJFTLCM
[CCKEJFJKVQRCCPCDCTZKMQQNJKMLCRVWO
PCDJKLQQZKC!&GFPFGVTCLKUVGGUVG
OQNECLGVG!2WGUGUTGFQPFQEQOQWPRNCVQFG
DCTTQ
DJCLCMCFXRQTCSWJCEKCCE



OWLCMCFXJCEKCCNNTWODQC
RCLCMCFXCFPFG!CSWRCTVG!

LCMDWCXaVFGXQNXGT0QLKTICTCFCOLWO
CCPCLKZOCVMCPCLMLCMKCDWIWLC
VWOKIWLCVMCOLMPCLCMUWWNJKPFC
PCORCKFJWWMVWUCDCPFC5KUQ[
XGPFGFQTPGEGUKVQUCDGTSWVCPVQFKPGTQ
FGXQNXGTEWCPFQNCIGPVGOGEQORTC
=EQORNRNLCMKCDWRTGVLCMDWCLCMKCDW?

LCMDWKFJCXaDFGXQNXGT
CQVTCRGTUQPC/CK
DWCKEJIWOZKKTPCRKEJLKEJCKDWKMWLK
IWLWOCKLCMLWODWKFJCLK5GOGRGTFKNC
UKNNCSWGOGRTGUVCUVGRGTQVGXQ[CFGXQNXGT
QVTC=EQORNRNLCMKCDWKFJCRTGVLCMDWK
LCMKCDWKEQPVLCMDWRRKFJCLCM
KCDWKFJC?

LCMDWKCFXFGKIWCNPOGTQ,CMDWKFJQ

RZLWRLCDKCIWDCCMPCRLMLCDKCCCRLK
QQICZ;QVGPIQGNOKUOQPOGTQFGXCECUSWG
VVQ
LKTLCMDWKCCGUEQTTGEVCNCECPVKFCF!
LCMDWKMCVCNEQPVTCTKQ

LCMDWNJFJC=XCTFGLCMNJFJC?EQPVCT
LCMDWRRKFJC=EQPVFGLCMDWKFJC?GUVCT
FGXQNXKPFQNQ
CQVTCRGTUQPC

LCMFTCFXCNTGXU2WKDCMMWDCEJCO

CKZ[CDCKICTCOFJKMWZKKTPCDCMIWLCM
FTRZOKDCRZK2QTGUQPQGPVTCOKEWEJKNNQ
GPUWHWPFCRWGUNQGUVCDCOGVKGPFQCNTGXU
CNFQTUQGPNCQVTCECTC,CMFTZKDWCFJKZ
MCDQQMVOMCNJPCEJCOO[C8QNVGCNC
VQTVKNNCIQTFC
NKVRQPNCGPNCQVTCECTCRCTCSWG
PQUGSWGOG
FGGURCNFCU0CMCUQQOFJKOIWDJGUGGT
LKDJKCMLCKEJLCMFTOKIK2WEJCOMC
PKKPCVRCLCMFCKDWU%WCPFQGUVCDC
VTCVCPFQFGKPVGTEGRVCTGNDGEGTTQOGVTQRG\[
OGECFGGURCNFCU[PQXKCFQPFGUGHWG
LCMFTIKIWLWTOGXQNXNQEQ

LCMIZKCXaKTGITGUCTXQNXGT2CCRFWWM

LCMIZKCPQRKEJOQQOCRCZKCTCO!
%WPFQTGITGUCTCUUKVGXCUCRCUGCT!
XQNXGT,MLCMUWWNJIKCIWVWWOKPQ
KEJOCCPMKKNWUCDCNJIWCTKKPPQKEJ
LMOCODJZOWEJWOCC!%WPVCHGTKCOG
SWGFCT
NKVUGXQNXGTUKEQORTQWPMKNQFG
JCTKPC[NGFQ[FKG\RGUQU!
=UWLRNLCMUWWNJIKCRTGVLCMIKLCMUWWNJ
RTGULCMIPULCMUWWNJK?

'&+%+024'.+/+0#4`



6'2'*70'52#1.
LCMIZICPPKQPCEKFQFGURWUFGN
RTKOGTQSWGOWTK
LCMFTIZKCLWICTCGEJCTUGOCTQOCU

LCMKCDWKFJC=EQORNRNFGLCMDWKFJC?
FGXQNXTUGNQU=RTGVLCMKCDWKEQPVLCM
KCDWKFJC?

LCMKCDW=EQORNRNFGLCMDWC?FGXQNXGTNQU
=RTGVLCMKCDW?

LCMKCPCFXCGUVCUJQTCUGPGUVQUFCU6CMCCD
LCMKCPOWOOWRCKFJTFJK$QQFCOVCO
LCEJDJCKDCLKKOEJW#[GTCGUVCUJQTCU
XGPCOQURQT/G\SWKVCN
LCMKCPPKCGUVCUJQTCUGPGUVQUFCU

RTGEKUCOGPVG

LCMNJFJCXaVEQPVCTUWOCT6WLCMNJKIW

DCRCKWOVWWOKIWOCMIODCMIWOWK
DKC'NEWTCPFGTQGUVEQPVCPFQOQPGFCURWGU
VKGPGOWEJCU=RTGULCMNJKRTGVLCMNJ?
8CTLCMDWNJFJC

LCMUWWNJIKC=UWLRNFGLCMIZKC?2GLLCM
UWWNJIKCCOTGITGUCTP=RTGVLCMUWWNJ
RTGULCMUWWNJK?

LCPPK=CRQUFGLCFWW?UWRCTKGPVG
LCFJCCFLSWGUGFGUJCEGHEKNOGPVG,KZ

LCFJCFJKUGGTPQKEJRCNJRZKMWCVCK
MQD'UVCEGTCUGFGUJCEGHEKNOGPVGUKNCRQPIQ
EGTECFGNCNWODTG=EQRLKZ?8CUGLCIKC

LCQQMUFKCDNQFGOQPKQ5CRPQKEJEJCO

CODWCPQKEJVKVWOCKEJMKRWDJKMC
IWLCQQM&KEGPSWGEWCPFQWPQVTCVCFGLWICT
EQPGNFKCDNQUKHCNNCNUGNNGXCGNCNOC
=RNLCLQM?

LCRCFXGP
TGC1KRQCODCMLKCIW

DCRCKUNJDJCKFJTLCRFJKICICKDJCLCR
RZLCZLKZEJMMZKZPCKEJLCZDJK2CTGEG
SWGJC[VGLQPGUGPCSWGNNCUNCFGTCURWGUUGXG
TCUIWCFCNCVKGTTCRQTFQPFGRCU
DJCLCRCFXRQTCNN
CNVQ
DJCOOPKFJTLCRCFXRQTCNN
CTTKDC
NGLQURTGEKUCOGPVG
OKLCRRCKCFXRQTCJ
EGTEC
OWLCRCFXTWODQC
EKGTVCTGC
OWLCRRCKCFXRQTCJ
NGLQU
[CLCRCFXRQTCSW

LCRCFXKIWCNC,CRVWOVPKFJK&CPKGN

PCIW5KPCKFQ&CPKGNGUKIWCN
NKVRCTGEGKIWCN
C<GPCKFQ
LCRLCRVFCPCFKNGSWG

LCZK

LCRLCMCFXRCTCCE
WPRQEQ/QQEJCO

DJCCKCCPCRLCRLCMDWNJKCIWOCCEJW!
/KRWKPCLCZDCDWNJ0QUGTCDWGPQSWG
COCTTGUGNOCEJQWPRQEQOURCTCCE!2WGU
VQFCXCGUVCOCTTCFQCNNOKUOQ

LCROQQKPVGTLdEOQd,CROQQOCLRRKT

VWMCCIWEJQQVQPPCVKDQd%OQUGOG
GPHTKCTQPNQURKGUCPQEJGEWCPFQGUVCDC
CEQUVCFQ
EQOQSWG/QQLCRCCCCPCRLWRZK
LCCZOCFJCKPCRDCRMDCLKOKCRCKPC
LWOLQQVQU!,CROQQZKEJCOVWMCOLK
KCRCCR2NCCDKQ2QTSWUKGORTGSWGVG
OCPFQCJCEGTCNIQDTQOGCUFKEKGPFQSWGPQNQ
XCUCJCEGT(NCXKQ!%QOQSWGPQOGVTCVCUEQP
GNFGDKFQTGURGVQ

LCRPCLCZCFXKIWCNEQOQ,CZDWKRLKZ

DJCPCCIWKZLWTCOCICIQQZLCRPCLCZ
IWKZDJQQZK'NRGTTQFGEQNQTCDGLQTTQGU
KIWCNFGDTCXQEQOQCSWGNRGTTQTCDP

LCRRZCFLEQOPQTFKPCTKQ)WLCRRZVWVWWT
EJCOLKPCOLWOFCMCRZLKUWNJIKFJCCO
RWEJWOIWDJGOUGT.QUVQTQUEQOWPGUPQ
HEKNOGPVGVKGPGPETCU[UWUDGEGTTQUUQPFGNC
OKUOCPCVWTCNG\C

LCRRZCFXCUPCFCOUUKPGUHQT\CTUG,CR

LCRV[CPCRRCKFJWWMOWKLKEJWLC
CIKFJCIWLCVMCOPCOEJCOVWLCRRZLKZ
CCPFCIWVWWOKPQOEJCOVWLWCPLWR
MCKEJIWIMCO%WCPFQJCDNGUEQPNC
IGPVGFGDGUFGEKTNGUSWGPQCPFGPPCFCOU
SWGTKGPFQFKPGTQUKPVTCDCLCT
NKVUKP
GUHQT\CTUGFKLQNCCWVQTKFCF

LCRVWOCFXEQOQ
UGOGLCPVGGPCRCTGPEKC

,CRVWOVWOQFJKVCMCCTWKPCIWMWTCV
,KZDIKQPCVDVWEJK'UCICNNKPCVKGPG
ECDG\CEQOQGNRLCTQECTRKPVGTQTQLC[EQPRKEQ
OW[NCTIQ

LCVMCOUIGPVGRGTUQPCU/WK[CCKOVIW

LCVMCOPCTRKCUVCMCV8KPQOWEJCIGPVGCSW
EWCPFQJWDQWPCHKGUVC='UWPUWUVCPVKXQRNWTCN?
8CUGOCCPMCO

LCZDWKCFXKIWCNFGVCOCQ/CZKOLCLQKOV
FCKVVD,CZDWKRLKTVDIWWDKKPCLZIW
EJKQ2TQOGVKGTQPECUCTUGFQURGTUQPCUCNVCU
RWGUNCOWLGTGUVCPCNVCEQOQGNJQODTG

LCZKCFXCU
FGVCOCQEQUCUITCPFGUFKEJQ

EQPCFGOCPGUt,ZDCTIIWOCNJKKEJWM!
tLWRMCKEJIW,WCPt,CZKtLWRMCKEJIW

'&+%+024'.+/+0#4`

L

6'2'*70'52#1.

2GGITQt3WVCPITCPFGGUVVWJKLQ!
tRTGIWPV,WCPt#UtEQPVGUV2GFTQ
UGCNCPFQNCCNVWTCCRTQZKOCFC
CNTCVQ,CZKKCOLCEJVWLWIKC/UCN
TCVQEQOGOQU

LKPVGTLUEQOQPQt#CRDCVKCC!tLWR
MCKEJIW6KKOKQt,tLWRMCKEJIW
5CDKPWt;CUGODTCUVG!tRTGIWPV'WVKOGQ
t5EQOQPQtEQPVGUV5CDKPQ8CUGL

LKRCTV+PFKECPHCUKU$CKEJWFCCRFJK

MWZKKT,WOPCOMKFJCKMWIWPQRKEJDC
VOWLK*C\OGNCHWPFCFGOKEWEJKNNQ[VGNQ
RCICTRGTQEWCPFQVGTOKPGU=)TCO?
8CTLG8CUGLKIW

LKRTGHaX+PFKECSWGNCCEEKPCRGPCUUGKPKEKC$C

LKOQKFJCCOFJKCCCNJPQOVVKFNJDC
LKMQQMZKO#CPCLCDOLKOFCPCODC
EJCOKQMCVDCMQQMZKC%WCPFQGUVQUPKQU
UGXCPCFQTOKTUQNQUGORKG\CPCLWIWGVGCT
0GEGUKVQKTEQPGNNQURCTCSWGUGFWGTOCPUKP
FGEKTPCFC=)TCO?

LK=XCTFGK?+PFKECSWGNCCEEKPUGNNGXCCECDQ
KPOGFKCVCOGPVGCPVGUFGQVTCCEEKP

LKCRCTV+PFKECSWGNCTGURWGUVCFGNCRTGIWPVCGU

QDXKCt%JCOLCTQKLCKEJLKCIWQFCOPCZ
OCCVVVWVCCVOWVWP[CFJK,WMVTtLWR
MCKEJIW+UVQNKQt%JCOFJQtLWRMCKEJIW
2KNKKRCt0QJC[PCFKGGPVTGNQUVGRGJWCPGU
CSWGP5CPVC/CTCSWGUGRCEWTCTNQUFKGPVGU
XGTFCF!tFKLQ'WUVQNKQt%NCTQSWGPQ
tTGURQPFK(GNKRC
+PFKECPHCUKUEQOQRTGIWPVCTGVTKECd,CR
OQQKQOFWWPLKC.NQXKOW[HWGTVG
XGTFCF!
=)TCO?

LKD=RTGUFGLKKDC?NQTCURC
LKDQKQNJKC=UWLRNFGLKOKQNJKC?2GL
LKDQKQNJKCCOJWKTP=RTGVLKDQKQT
OQXLKDQKQPVW?8CTLKDQKIKC

LKDWCXaVVKTCT
CNUWGNQVWODCT,KLKDWC
CCEJKFJKMCDCKPCICOCKLKLQKCPQKEJ
DJCFJCKDW!5KOQPVQGUVGECDCNNQPQ
TGRCTCTGPGNECOKPQ[OGVWODCT!
CXCP\CT
GPNQSWGGUVJCEKGPFQOQFKUOQ
#CROQQIDCLKDWCIWOCUMKEJPCCC
OWMCLKOKCORCCUWNJDWK8CUCCXCP\CT
OWEJQEQPVWVGLKFQOKGPVTCU[QXQ[CXKUKVCTC
VWVC
=EQORNRNKKZKEJFJCRTGVLKDWCKKZKEJ
RTGULKDWRRCKKZKEJWP?



VWLKDWCXaVCDQTVCT
CPKOCN
LKEJRTGHaUPWGUVTQPWGUVTQU
RQUGUKPFGNC

RTKOGTCRGTUQPCFGNRNWTCN#CEJCOCCLKPCT
LKEJDJCDJCTQQMCFJKDKCROCPCIW
EJCOVWLWCPCTC)KKNJKOLKZEJWQQP0Q
SWKGTQSWGUGCPWGUVTQ[GTPQGUGLQXGPRQTSWG
PQNGIWUVCVTCDCLCTGUOW[HNQLQ=5GRTGUGPVC
FGURWUFGWPCEQPUQPCPVGPQINQVCN)TCO?
8CTEJ

LKEJRTGHaXPQUCPQUQVTQU
EQORNGOGPVQ

FKTGEVQQKPFKTGEVQFGNCRTKOGTCRGTUQPCFGNRNWTCN
2CCOUCRFWWMLKEJOCMKCIWVWWOK!)K
PCRCPCCUDJCKDCMCKEJCKFJCV%WPFQ
PQUXCPCFCTGNFKPGTQ!2CTGEGSWGFKLGTQPSWG
[CPQUNQKDCPCFCT
PQU
EQORNGOGPVQTGHNGZKXQQTGERTQEQFGNC
RTKOGTCRGTUQPCFGNRNWTCN+KMWOQQV
DFJCTCOWDCMEJTPCEJMPLKEJ
DCMZKFJC8Q[CCNWODTCTCFGPVTQFGNCECUC
RCTCSWGRQFCOQUCEQOQFCTNQURGVCVGURCTC
FQTOKT
=5GRTGUGPVCFGURWUFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTEJ

LKEJEJCCVUPWGUVTQRCFTGPWGUVTQRCR

6WLWCPCOCCIWEJEJCCV!LWRVVFCIW
CNJKKIWZKQIK/QQLCRMCZEJWMICOPCV
LKKPCDCEJCOPK5GHWGCVTCDCLCT
PWGUVTQRCR!FKLQGNPKQCUWJGTOCPQ
OC[QT&GDKJCDGTGUVCFQQUEWTQEWCPFQUG
HWGRQTSWGPQNQXKUCNKTCCFK
UQN,KZKQOLKZEJQKIWEJEJCCVOWLCR
VCCVUCD'NUQNECNKGPVCOWEJQGPNCU\QPCU
ENKFCU
8CUGVCCV

LKEJEJCCVLKZFJCCOMCOU0WGUVTQ2CFTG

%GNGUVKCN6CCDJCMLCMMKDCCTVWFWWMEJWP
IWEJEJCCVLKZFJCCOMCOPCUCRDCOM
LCKEJMCIWUWWFCK'PNCRQECFGUGSWC
0WGUVTQ2CFTG%GNGUVKCNJCEGNNQXGT
EQPVKPWCOGPVGRQTCNIWPQUFCURCTCSWGJC[C
CIWCRQTOUVKGORQ

LKEJ)MQTCU0WGUVTQ2CFTG
EGNGUVKCN,KZ

FJCCOLWRVWKKIWEJ)MQTC6LFJC
RKODWKQTDZLCOLWLWTMPLWRMCKEJIW
RCCNJ0WGUVTQ2CFTGGUVGPGNEKGNQ%TGCPGP
NFGVQFQEQTC\PFKLQGNUCEGTFQVG

LKEJQPVCOURCVKQOC[QTRCVKQEQOWPCN
FGN

OKVQVGVTCFKEKQPCN/LFTDJCEJWLCO
LQQEJZKIWZMCKPCRKOUCROWKZKPKRWK
IWZKQVCNJOLEJQPVCOLWRMCKEJIW

'&+%+024'.+/+0#4`



6'2'*70'52#1.

QTQUKKT'NIQDGTPCFQTVTCFKEKQPCNNGUOCPFC
NNCOCTRCTCSWGXC[CPCDCKNCTGNOKVQVGGPGN
RCVKQEQOWPCNFKLQGNCNIWCEKN

LKEJ:QKMCOU%TKUVQ,GUWETKUVQ
NKVPWGUVTC

RGTUQPCJWOKNFG)WEJ:QKMCOLKTFKPCV&KQU
DJCLQQVLKZFJCCOFTDCUQKOFWWCCEJ
LKEJCOMCO[CFJKQKICPDJCCPRWK
MWEJDCRWKKKOPCTLKEJ:QKMCO,GUWETKUVQ
GUGNSWG&KQUGPXKFGNEKGNQCNOWPFQGNEWCN
UGJWOKNNRQTPQUQVTQURQTNQSWGFGEKOQUSWG
GUPWGUVTQ%TKUVQ8CUGUQK

LKFJFORWIMCFXCNQUEWTGEGT&CKLK

FJFORWIMLKZLQKPCDJCLCRDCFCFCFC
FJKPCMONJ#NQUEWTGEGTGUEWCPFQNGIWUVC
UCNKTCXQNCTCNOWTEKNCIQ

LKFJQQTUEQOKFC
JGTXKFC/KZKEJQKKIW

UWWFCKFJKLKFJQQTRCPCCUDCLKICCPCIW
OMDCVQVRQMEJCNGCIWCCGUVCEQOKFCSWG
GUVJKTXKGPFQRCTGEGSWG[CUGUGERQTSWG[C
JKTXKOWEJQTCVQ=RNLKFJQT?

LKFJQQTCXaVJGTXKT
EQOKFC-ORKICKCRLK
OCTCCZFJKDJCDPCRDCDCVWLKFJQQTCPC
IWIKKNJKOLKZLQQFCK.KORKCUGUVQUHTKLQNGU
CPVGUFGRQPGTNQUCJGTXKTOKLCRQTSWGVKGPGP
OWEJCURKGFTCU=RTGVLKFJQQRTGULKFJQQT?

LKIKCTCFLDTQPEQ
CPKOCNFQOUVKEQ%JCOMC

LKIKCTCCFJKOMCDCKPCUCCMOCCPPCOLK
DWRRCFC!6QFCXCGUDTQPEQVWECDCNNQ!2WGU
FKEGPSWGUGIWKFQVGVWODC=RNLKPIKCT
EQRLKT?8CTLIKCT

LKIKCTWOCFLUCNXCLG
CPKOCNFGNOQPVG

%JCOOKCPLWOCLPIWUWKOCNJPCIWT
LKIKCTWO'NXGPCFQPQFGLCSWGPCFKGUGNG
CEGTSWGRQTSWGGUUCNXCLG
UKNXGUVTG
RNCPVC2WKRLKZLCKEJIW[CCVWK
LKPIKCTWOFCKPCEJCOLKTLWOMWCFCO
6CODKPJC[RCRCUUKNXGUVTGUPCFCOUSWGPQ
UGEQOGP
=RNLKPIKCTWOEQRLKT?8CTLIKCTWO

LKIZKCXaKECGTUG
FGUFGWPCCNVWTC

&CKEJIFCCRPCREJCOLKIZKC8GUGPVCFQ
RCTCSWGPQVGECKICU
UGTCDQTVCFQ+KOVIWZKZICPPCUCCM
OCCPMCOOCMKCIV(WGTQPCDQTVCFQUNQU
ECEJQTTQUFGNQUEWCNGUVGKDCCFCTWPQ
=UWLRNKKZKCRTGVLKIKKKRTGULKIPU
KKIU?
LKIZICPRTGOCVWTQ
PCEKFQCPVGUFGN
FGDKFQVKGORQ

LKKMWNJ

LKIWRCTV+PFKECOC[QTPHCUKU,QKFJCOLWRLKZ

FJCPLKIWLKCIWDJGUGGTIWNJKEJVQQZMQNJ
6PCDCRZOKMMKPCRCLCMLKO'N
OCTTCPKVQNGIWUVCCPFCTEQPGNDGEGTTQ(LGUG
SWGNGUKIWGFQPFGCPFG=)TCO?8CTLK
IWK8CUGLK

LKK=RTGVFGLKOKC?HWGXKPQ
LKKDUOCUC
DCVKFCEQPCIWC)COOL

VQKDKFJCIWCCPIWZKKICPIWLKKDPC
IWZFJCCPCFCKRWOCCPVWUQK/KOCO
UKGORTGNGFCOCUCDCVKFCEQPCIWCCNRGTTKVQ
RQTSWGGUGNPKEQSWGVKGPG

LKKDCXaVTCURCT
RCTCJCEGTJWGEQGUECTDCT

%JCOLKKDCDCMIWLCTQKIWKIQMFCKPCVZK
DCZDJCM%JCOVWOKUWWPPCOKDCV
PKFJKO#NIWKGPNGUCEGNCIWCOKGNCNOCIWG[
RGTQPQNQTCURQVTCXG\2QTGUQPQJCDCPCFC
EWCPFQHWKCUCETUGNC
NKLCTCRNCPCT,KKDCCR5KOQQPFJKDCKFJCU
DJCKPCDCLQKFJCOLKZFJCCRCMMC.KLCGN
OCPIQFGNJCEJC5KOPRCTCSWGSWGFGDKGP
NKUQ
JCEGTICEJCU
FGRKPQNG6WLKKDCCR2GGITQ
IWVWKUCRMWEJZKKQLKDCMQQMZKC*C\
ICEJCUEQPGNRKPQNG2GFTQRCTCVQOTPQUNCU
CPVGUFGKTCFQTOKT
=RTGVLKKDCRTGULKD?

LKKEJQDCUXKWFCPGITC
CTCC%JCROKLCR
LCMFTVWKCDWFCIWLQQFCKEJKQ/KVW
LKKEJQDCOKFJCCMCVLWRDCOMK0QCPFGU
XQNVGCPFQNCURKGFTCUJKLQRQTSWGRWGFGJCDGT
WPCXKWFCPGITCRQTCJ[VGRWGFGRKECT
=RNLKLKKEJQDC?

LKKMCXaVEQTVCT
EQPEWEJKNNQVKLGTCUQUGTTWEJQ

-CDWKOWMLCLKKMCIWLCDCRQQFJKMCMCUPKT
PCOCCPVWEJKKCIWUCWC/CCPCNGU
XQ[CEQTVCTNCNCPCCGUVQUDQTTGIQURCTCOCPFCT
CJCEGTWPCEQDKLC=RTGVLKKMCRTGULKKM?

LKKMFCOURGNWSWGTQRGNWSWGTC#CREJCO
KCOLKTLKKMFCOPCRLKLKKMC!0QGTGU
RGNWSWGTQRCTCSWGOGEQTVGUGNECDGNNQ!
OCKLKKMFCOUEQTVCFQTFGOCIWG[GU

LKKMWNJUVQ
JGTOCPQOGPQTFGNRCR:KD

UCROQQDJCLKOIWLKKMWNJPCDJCDJKTCIW
DCKFJCUWPPCV[CRWRDKKDCUVCMCCDPCV
[CEJRCNJDWKPCVLCKVWLKKDCIWVQQZMQNJ
&KEGOKVQSWGRTQDCDNGOGPVGXKGPGJQ[RCTC
NNGXCTUGUWJCEJCSWGUGSWGFCSWCPVGC[GT
EWCPFQPQUC[WFCSWKVCTNGNCRKGNCNOCTTCPQ
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOC[QT

'&+%+024'.+/+0#4`

LKKN

6'2'*70'52#1.

FGWPJQODTG,CZKUCRDJCLKOIWLKKMWNJ
PCLCKEJRCNJDWKFJCPCEJVWQT&KEGOK
UQDTKPQSWGXKGPGCNTCVQRCTCC[WFCTPQUC
RK\ECT
=RNLKMMWNJCRQULKKMWNJKLKMMWNJK?



LKLKMVQD=RNFGLKMVQD?CZKNCU
=CRQULKLKMVQDCP?

LKKNUJKNQ$JCDJKIWZEJWCLKKNPCMP

LKLKRVC=RNFGLKRVC?SWGVKGPGPRKQLQU=EQRLKZ?
LKLKDUQP=RNFGLKDUQP?XGLKICU
LKMUQODNKIQ&JQIWOCDWKN6GTGGUCPCR

LKKO=RTGURNFGLKOKC?2GLOKLKKOCOCNN

LKMEJKCXaTEQTVCTUG
EQPWPQDLGVQRWPVKCIWFQ

UQQOFJCIW4WRGTVQIWUCDWKTCZKPCRWKR
VWOLKZEJWC6TGOGOKJKNQSWGGUKIWCNFG
DNCPEQSWGNQUECN\QPGUFG4QDGTVQRCTC
TGOGPFTUGNQU
XCP

LKKOEJW=OQXRNFGLKOKC?2GLLKKOEJWCO
XCPECOKPCPFQ

LKKOFCM=RNFGLKOFCO?XKCLGTQU=EQRLKT?
LKKOFC=EQPVRNFGLKOKC?GUVCTPCPFCPFQ
LKKOFJC=RNFGLKOFJC?SWGECOKPCPTGEKQ
=EQRLKZ?

LKKMKCXaKITKVCTEJKNNCT,KKCMIW

OCKOMCOZKEJWUCDFCVEJKIWLQKFJCOV
MPCDCZOCKO'NDQTTCEJQGUVITKVCPFQ
EQPNCOUKECRCTGEGSWGNGIWUVCQTNCRQTSWG
GUVGDTKQ
ECPVCT
ICNNQ$CVWOCCZKNJKODCMPCDC
DCLKKCMIWVCMCCTWK2CTGEGSWG[CGUV
COCPGEKGPFQRQTSWG[CGUVECPVCPFQGNICNNQ
=RTGULKKCMRTGVLKK?

LKKUOCXaVTGEQUGTTGOGPFCT
WPCRTGPFC

GURGEHKEC,CKDCMEJCORMDJCKLKKUWOMC
IWRCPVCNQQPKU#CVCMCCDCOZKUCTIW
RCPVCNQQPPCMCVVDKCIWDCUMKUDQN2CTGEG
SWGCNIWPQURCPVCNQPGUPQGUVPDKGP
TGOGPFCFQURWGUC[GTUGOGFGUEQUKOK
RCPVCNPEWCPFQGUVCDCLWICPFQDCUSWGVDQN
XaTTGEQUGTTGOGPFCT
TQRCGPIGPGTCN#C
[CVKLKKUWOPCLKEJKFJCPCDCVDKC
#SWGUVQ[TGOGPFCPFQCNIQRCTCRQPGTOG
FGURWUFGDCCTOG
=RTGVLKKURTGULKKUWO?

LKLKKUKPVGUVKPQU,KZMCCRCMVWLKLKKIWWWR,KZ
DJCKOIKKIKCTIKIWNCDGGT'N\QTKNNQVKGPG
KPVGUVKPQUDKGPFWTQUSWGUKTXGPRCTCJCEGTNCU
EWGTFCUFGWPXKQNP=CRQULKLKK?

LKLKKEJQDC=RNFGLKKEJQDC?XKWFCUPGITCU

CTCCU

LKLKM=RNFGLKM?QODNKIQU
LKLKMRC=RNFGLKMRC?VTGP\CU
FG\Q[CVG

WOWCFJCPCOFCIKCUCPCDCFCKDWIWO
LKMPCRWKZLQK&GDGURGFKTNGCVWCDWGNC
6GTGUCSWGVGEWTGRCTCSWGUGCUKGPVGVWQODNKIQ
[PQUGOWGXCVCPVQ=RNLKLKMCRQULKMWWP?

,WOLKMEJKCOQQFJKMWZKKTPCROKDWCO
DWC$CCUPLCRVMKC6GXCUCEQTVCTEQPGUG
EWEJKNNQUKLWGICUEQPN&GDGURQPGTNQGPUW
NWICT=RTGVLKMKKEJRTGULKMKCM?

LKMMWNJ=RNFGLKKMWNJ?VQUUQDTKPQUUQDTKPCU
=CRQULKMMWNJK?

LKMOCCFLSWGJC[PKGDNC,KZKQOLKZ

EJWMICOFJQIKLKZKDPCIWZEJDCCIKQ
PCZLKMOC'UVOW[QUEWTQJQ[RQTSWGGUV
PWDNCFQ[JC[PKGDNC=EQRLKZ?

LKMQQOUPKGDNCPGDNKPC$JCKLKEJUFKCIW
LKMQQOPCRCKFJWWMMKDCCTFWWMFC.C
PKGDNCCRCTGEGEWCPFQNNWGXGEQPVKPWCOGPVG

LKMRCVCXaVVTGP\CT
\Q[CVG$ROCCPCEJ

VWLKMRCVCPCDCRMDCRFWKCIWWOWW
DQPCCO2CTCJCEGTWPUQODTGTQRTKOGTQUG
PGEGUKVCPJCEGTVTGP\CUFG\Q[CVG=RTGVLKMRCKQ
LKMRCVCRTGULKMRCV?

LKMRCZFJCXaDVTGP\CT
\Q[CVGRCTCQVTC

RGTUQPC/CCPLCRLKLKMRCZFJCIWWOWW
#OLKZEJWDQPOCVCOK6TP\COG\Q[CVG
RWGUVGPIQICPCUFGRQPGTOGWPUQODTGTQ
VTGP\CT
ECDGNNQFGQVTCRGTUQPC:KLKMRCZK
IWMWWRMCRDJCKPCROKRZLCRFCCPCR
EJCOVWLCZDWC6TP\COGGNECDGNNQRWGUPQ
GUVUJCEKGPFQPCFCOUSWGGUVCTUGPVCFCCNN
=RTGVLKMRCZRTGULKMRCZK?

LKMRCUVTGP\C
FG\Q[CVG6VDICVIWMWWNUK

OCCPIWLKMRCPCUCRLWRFWKCOCCPIW
DQPCCO/KCDWGNQGUVGORG\CPFQWPCVTGP\C
FG\Q[CVGRCTCJCEGTWPUQODTGTQ=RNLKLKMRC?

LKMVQDUCZKNC#NJKEJLKOCCMIWKPCLKMVQD
COLWOLWTPCLQKFJCOWWDPCZKLWWTWK
PCEJCOLKZLKMVQDWWDVWPOWLCRRKCUVC
PCKEJIWEJCODCVDKC2TUVCOGVCPVKVQ
FGUQFQTCPVGRCTCRQPGTOGRCTCSWGPQOG
JWGNCPHGQNCUCZKNCUEWCPFQXC[CCNCHKGUVC
RWGUPQOGDC=RNLKLKMVQD
CRQULKMVQDCPLKLKMVQDCP?

'&+%+024'.+/+0#4`



6'2'*70'52#1.

LKOEJWFCXaKCTCTGUECTFCT
EQPCTCFQUKP

CNGVCU,KZDJCKVWOLKOEJWPLKC[CPCLZ
EJCOLQQFCKPCTFCKFDT5GRWGFGCTCT
DKGPCSWGPGUVGRGFC\QFGVKGTTCRQTSWGPQ
VKGPGOWEJCURKGFTCUGURWTCVKGTTC

0QTOCNOGPVGUGRTGRCTCNCOKNRCEQPCTCFQUKP
CNGVCUEWCPFQGORKG\CCNNQXGTRGTQEWCPFQNC
VKGTTCUGOQLCDKGPUGUKGODTCEQPCTCFQEQP
CNGVCU6CODKPUGGUECTFCNCOKNRCUKPCNGVCU
EWCPFQGNOC\GUVRQEQCNVQRGTQEWCPFQ[CGUV
ITCPFGCPVGUFGSWGUCNICPNCUGURKICUUGGUECTFC
WPCXG\OUEQPCNGVCU[NWGIQUGSWKVCNCJKGTDCC
OCPQ=RTGVLKOEJWFCQLKOKKEJ
RTGULKOEJWP?

LKOFCOUXKCLGTQXKCLGTC
NKVGNSWGCPFC

,CZKUCRLKTLKOFCOIWWWEJKZ-QTKCP
LCM/UVCTFGKT
NKVUGTXKCLGTQOKEWCFQ
C&WTCPIQ=RNLKKOFCMEQRLKT?
OCCPLKOFCOCFXFGWPCXG\

LKOFJCCFLSWGECOKPCTGEKQ,WRZKEJM

IWFJKZKKMPCUCRRCKFJWWMIKQDJCKRDC
RCZKCTPQZKQODCZLKOFJCIWOCTCCP/K
VCFKLQSWGCNIPFCXCCXGPKTQVTCXG\C
XKUKVCTPQUEWCPFQUWPKQ[CECOKPGOU
=RNLKKOFJCEQRLKZ?

LKOKCXaKKT#CRCCDZLKOKCPCOUCCM

VVDKRWOW6QDCCVCOMCDWKOWM!6
VCODKPXCUCKTOCCPCEWCPFQLWGIWGPGP.C
)WCLQNQVC!
XGPKT/WFTDJCLKOKCCOPCODJCO
PCOMKRWPQROWKDCLKO&GCNNXCPC
XGPKTRCTCGPEQPVTCTVGUKXCU
=UWLRNLKOKCRTGVLKKRTGULKOLKKO
EQPVLKOOFCOQXLKOEJWLKKOEJW
RTQITLKOFCLKKOFCRWPVLKOM?

LKOKQNJKCXaKEQTTGTJWKT
RQTOKGFQ

/QQEJCNJLKDQKIKCDJCKPCEJDJKKIKC
PCDCEJCOLKEJCC[CFJKPCICVWWMFTDJC
LKO8COQUCEQTTGTCFQPFG[CPQPQUXGCP
RCTCSWGPQPQUCNECP\GUGSWGXKGPGCVTU
=UWLRNLKDQKQNJKCQLKDQKIKC
RTGVLKOKQTLKDQKQTOQXLKOKQPVW
LKDQKQPVW?8CTLKOKWNJKCLKOKQNJKC

LKRTGHaUOKOKU
RQUGUKPFGNCRTKOGTCRGTUQPC

FGNUKPIWNCTt,CTQQICPFJKICIQQZ!tLWR
MCKEJIW,WCPt#CFJQTLKZQKtLWR
MCKEJIW2GGITQt&GSWKPGUGUGRGTTQ!
tRTGIWPV,WCPt'UOQ
NKV[QGUOKRGTTQ
tEQPVGUV2GFTQ=5GRTGUGPVCFGURWUFGWPC
EQPUQPCPVGPQINQVCN)TCO?8CT

LKTOCCP

LKRTGHaXOG
EQORNGOGPVQFKTGEVQQKPFKTGEVQ

FGNCRTKOGTCRGTUQPCFGNUKPIWNCT/CCPLCRLWR
LKFJWKFJCIWCUCCM,WOPCOMKFJCK
2QTHCXQTJC\OGWPOQTTCN[VGNQRCIQ
OG
EQORNGOGPVQTGHNGZKXQFGNCRTKOGTCRGTUQPC
FGNUKPIWNCT$JCDJKIWFJWKMCTLCZK
EJFPPKCPCMPLKLRFJCPCLKZ
OCIQQP6TKICOGOKRKRCRCTCHWOCTWPTCVQ
RCTCFGUECPUCTRWGUGUVQ[OW[ECPUCFQ
=5GRTGUGPVCFGURWUFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CT

LKCDQQUVWPCDNCPEC
EUECTCCOCTKNNCRNCPVC
EJCRCTTC)QQMLCRWCTC.WKUIWLKCDQQ
OWOOWFTICKPCVWWV,KZCCK8GCNC
NCFGTCCVTCGTWPCUVWPCUDNCPECU.WKU6GPIQ
ICPCUFGEQOGTOGWPCU
LKZDRLKCDQQUVWPCTQLC

LKMCKFJCXaVNGGT$JCDJKIWWWCP

MWCNJKQZKEJWLKMCKFJCKPCDCOQQDC
MQZKC6TGOGOKNKDTQRCTCNGGTWPTCVQCPVGU
FGFQTOKTOG=RTGVLKMCKRTGULKMCK?
8CTLKMWKFJC

LKMCKFJCXaVITKVCTJCDNCTHWGTVG
CQVTC

RGTUQPC$JCKZKLKMCKIWOZKKZMWZKEJW
LWICKPCDCIKQRDCVWLWCPC$CZDJCKIW
MQK)TVCNGCVWJGTOCPQRCTCSWGXGPICC
EQOGT[NWGIQXWGNXCCVTCDCLCTRQTSWG[CGUV
NKUVCNCEQOKFC=RTGVLKMCKRTGULKMCK?

LKMCKZFJCXaDNGGT
CQVTCRGTUQPC,CZDCO
MCKEJEJKFJKWWCPPCVDJCLQQEJZKIW
2KNKKR!'CROKFJTOKZKLKMCKZK,QUGG
3WFKTNCECTVCSWGPQUOCPF(GNKRG!2QT
HCXQTNGOGNC,QU=RTGVLKMCKZ
RTGULKMCKZK?8CTLKMWKZFJC

LKRVCCFLSWGVKGPGRKQLQU
DNCPEQUGPGNEWGTRQ

)KKNJKODCZKMQQTCIWOCMIOIKQEJKPCDCZ
LKRVCPCIWOCCPOCUCCPDCZZKFJWW'N
EWTCPFGTQ[CGUVOW[UWEKQ[RTQDCDNGOGPVG
VKGPGRKQLQURQTSWG[CVKGPGWPOGUFGGUVCT
DGPFKVQ=RNLKLKRVCEQRLKZ?

LKTENV+PFKECERWNCFGNQUUWUVCPVKXQU[CNIWPQU

CFLGVKXQURGLDJCLCRLKTLWMICOGUUKGTTCRQT
CNNLKZKQOLKTIGUOW[ITCPFG=5GRTGUGPVC
FGURWUFGWPCEQPUQPCPVGPQINQVCN)TCO
[?8CTT

LKTOCCPCFXUGIWKFQCOGPWFQ$CCU

LCRKOMCZKDCKFJKMCFJKEJKQ,KTOCCPPC
DJCLCMLKDCKUUPPCOKVWZDWC.NGXGPC
GUVGPKQOUCNN5GIWKFQOGGUVKTC[OG
OQNGUVCGPNQSWGGUVQ[JCEKGPFQ

'&+%+024'.+/+0#4`

LKZ

6'2'*70'52#1.

UKPFGUXKCT,KTOCCPVCMPCVDJKIWVWWT
DZDQKRWOWOOWLKCKZKEJRZOCCZ
MKKEJCO'NVQTQUGHWGRQTGNECOKPQUKP
FGUXKCTUGRWGUUGXGPUWUJWGNNCUJCUVCNCECUC

LKZENV+PFKECERWNCFGNCOC[QTCFGNQU

CFLGVKXQU,QKFJCOLKZMMVWTCTQKFJKO
MCTTGGV5QPOW[DWGPCUNCTWGFCUFGVW
ECTTGVC
+PFKECGNGUVCFQFGNVKGORQOGVGQTQNIKEQ#O
LKZFJWWFWKOVWVWKK-CDCRWKRZVW
VWKKCCEJK!8CCNNQXGTQPCFCOUCU
RCTGEG!
=5GRTGUGPVCFGURWUFGWPCEQPUQPCPVGPQINQVCN
)TCO[?8CTZ

LKZDRLKCDQQUVWPCTQLC
LKZEJCOCCOCFLEKPEQ,KZEJCOCCOLCKEJ

VKOC[CUCIWUWKOCNJ2WPKOOCCPMWKEJ
CK.GVKTEKPEQVKTQUCNXGPCFQRGTQPKPIWPQNG
FKQ
LKZEJCOCCOMCRGPEKPEQNWICTGU
LKZEJCOCCOCPCOUQPEKPEQ

LKZEJCOCCOKOCFXEKPEQXGEGU,KZ

EJCOCCOKOLCKEJLKLRVCMCCDPCDJC
LKOOWFT-QMQNJ-M&GUECPUEKPEQXGEGU
C[GTEWCPFQXGPCECOKPCPFQFG%JKNCRC

LKZFJCCOUEKGNQHKTOCOGPVQ,KZEJFWZ

OCCZIWZFJCCOPQZWC'NEKGNQUGXGC\WN
EWCPFQGUVFGURGLCFQ
EKGNQ
FQPFGGUV&KQU0CRUQKONJFJCK
RWEJFCFJQIWEJ:QKMCOPCVWOWCFJC
IWOWCVWNJFJCTCPCDCODCKFJKMCLKZ
FJCCOLCMLWRMCKEJIWRCCNJ6KGPGUSWG
RGFKTNGC,GUWETKUVQSWGVGRGTFQPGVWURGECFQU
RCTCSWGVGNNGXGCNEKGNQFKLQGNUCEGTFQVG

LKZFJCCOFWWMCFXCNOGFKQFC
EWCPFQGN5QN
GUVFKTGEVCOGPVGCTTKDC,KZFJCCOFWWMLC
OQQDCVDKTCOWCMMPPCZLWWMMCIW
UWWFCK8Q[CKTCDCCTOGCNOGFKQFCGPGN
TQ[CEWCPFQGUVECNKGPVKVCGNCIWC
8CUGFWW
LKZFJCCODCFWW[CGUOGFKQFC

LKZLWWMCNJICOUDGDKFCGODTKCICPVG%JCR
CNJKEJWCMCVCCFJKZLWWMCNJICOPCEJ
VVMCFCZKDPCZLRK!0QVTCGUCNIWPC
DGDKFCGODTKCICPVGRCTCSWGPQUGEJGOQUWP
VTCIQ[CSWGJCEGHTQ!8CUGLWWMIKC

LKZMCKUIQDGTPCFQT
VTCFKEKQPCN,CTQQOV

OKZKFJCKIWZMCKMP!#SWKPRWUKGTQPFG
IQDGTPCFQTVTCFKEKQPCN!
'UGN



PQODTGSWGUGNGFCCNJQODTGSWGCEVCEQOQLWG\
RTKPEKRCN[CWVQTKFCFEKXKNOUCNVCFGNRWGDNQ
FG5CPVC/CTC1EQVP5GGNKIGRQTXQVQRQRWNCTGP
GNCQPWGXQ
LKZMCK-QTKCPMCOIQDGTPCFQTFGNGUVCFQ
FG&WTCPIQ

LKZMCKEJKQDQTFCUOG\ECN
UCITCFQ,KZ

MCKEJKQDQTFCDCMTCCDLWRZKDWCMIW
$GGVQOWOOWPKRZMQQUIKQVT2CTGEGSWG
$GVQVQOOWEJQOG\ECNUCITCFQRWGUGUV
FQTOKFQCNNGPGNNNCPQ
.QULXGPGUVQOCPGN
OG\ECNUCITCFQGPGNOKVQVGEWCPFQ[CUGNGU
EQPEGFGGNRGTOKUQFGVQOCTRQTRTKOGTCXG\&KEGP
SWGTGRTGUGPVCGNUWFQTFG0WGUVTQ5GQTEWCPFQ
UWHTK6CODKPUGWUCEQOQGWHGOKUOQRCTCGN
OG\ECNEQOP

LKZMCKMQEJKCOCNJUOC[CVG,CRLKZEJW

LQMKCUCTCIWZMCKMQEJKCOCNJPQVFCKEJIV
LKCOIK5KOGECGWPOC[CVGGPGNEWGTRQ
OGTCUIWC

LKZORTGHaXa[UWHaX+PFKECFGUGQFGNNGXCTC

ECDQWPCCEEKP0CCUCOLKZLQKKOFJK
OCCEJW0KFJCVLCRKOPCEJCOLCO
MCMRKCUC2CTGEGSWGGNOCEJQSWKGTGTGRCTCT
%WFGPUGPQNQUXC[CCRCVGCT=)TCO?

LKUQTKPC)KKNJKOLKZLKWWDCREJKQ/QQ

RKEJEJKOLKKKDVWMCC*WGNGUCQTKPCJKLKVQ
#NQOGLQTVGQTKPCUVGGPVWTQRCCPQEJG
=CRQULKKK?

LKDUQPUXGLKIC,KZZNJKOLCROQQMKOCK

DWCIWLKDUQPICPFJKVQQZMQNJPQRKEJDC
LKDKQPCDCEJCOOKUWTPKC%WCPFQGUVU
EQTVCPFQGNOCTTCPQ[GPEWGPVTGUNCXGLKIC
FGDGUSWKVCTNCEWKFCFQUCOGPVG[VKTCTNCRCTCSWG
PQUGTQORC[UGFGTTCOGUQDTGNCECTPG
=RNLKLKDUQPCRQULKDUQPQLKDUQPICP?

LKPIKCT=RNFGLKIKCT?DTQPEQU=EQRLKT?
8CTLPIKCT

LKPIKCTWO=RNFGLKIKCTWO?UCNXCLGUUKNXGUVTGU
=EQRLKT?8CTLPIKCTWO

LKFJQT=RNFGLKFJQQT?EQOKFCU
JGTXKFCU
LD=RTGVFGLNJDKC?JK\QCKTG
LDCCOWXaKFCTHKGDTG%JCROWLCRQKTFC

FWWMEJT5CCPVWU$JCKRFJQRZLKLDCCOW
PCRLKDCPPK0QCPFGUGPNCNNWXKC5CPVQU
RWGUVGXCCFCTHKGDTGWPCXG\SWGVGOQLGU
=RTGULDCCORWPVLDCCOWM?

LDNJUCKTGXKGPVQ,QKFJCOLKZLWWM[CFJK

DCMEJTPCIWEJKZDJCKMWWREJCODCCM

'&+%+024'.+/+0#4`



6'2'*70'52#1.

IWLDNJ'UVDKGPECNKGPVKVQCSWGPGUVCECUC
UGTRQTSWGGUVDKGPEGTTCFCRWGUPQGPVTCGN
CKTG

LDTXaGJCEGTCKTG'GMWLNJDKFJCFJKK
DJCDMCRDJCKPCLQKFJCOLKZLDT8Q[C
VTKNNCTGUVQUHTKLQNGU[CSWGJCEGOWEJQCKTG
=EQRLKZ?

LDTFC=EQPVFGLNJDKC?GUVCTJCEKGPFQCKTG
LDQQCFLSWGGUVHTGUEQ
VKGORQ#CPCKDC
LKEJWRCZKCTCLKPCMCRDJCKDCZLDQQ;Q
CPFQRCUGCPFQ[CSWGGNVKGORQGUVHTGUEQ
=EQRLKZ?

LDVQFJCXaTFGUECPUCT
VQOCPFQCKTGHTGUEQ
:KEJLDVQFJCKKEJCNJKQRCKPCZMC
8COQUCFGUECPUCTWPTCVQFQPFGJC[CUQODTC
=RTGVLDVQRTGULDVQIK?

LIKCNJKUIWGTTC:KDUCRLKTLIKCNJKDJCOO
RCKFJTOQOMQTCOPC4WWUKCVV#JQTC
JC[IWGTTCGPWPNWICTNGLCPQSWGUGNNCOC
4WUKC

LIKCT=XCTFGLKIKCT?DTQPEQ
LIKCTWO=XCTFGLKIKCTWO?UCNXCLGUKNXGUVTG
LK=XCTFGK?+PFKECSWGNCCEEKPUGNNGXCCECDQ
KPOGFKCVCOGPVGCPVGUFGQVTCCEEKP

LDCPMCXaKKTUG
RQTUWRTQRKCEWGPVC6CMCCD

LCEJVKRWRZKEJPTCKOMOW5WNKFCCPC
UCCMLKTCIKEJCOMCIV#ORZVWLW#C
DJLLDCPLCRPKOKCFWWM#[GTGUVWXG
GURGTCPFQCNNGP.C5QNGFCFRQTSWGKDCCJCDGT
WPCTGWPKPRGTQPQJCDCPCFKG[OGTGITGU
GPNCVCTFG=RTGVLDCPRTGULDCP
RWPVLDCPM?

LDQURGUVCCEGLC,KZVCVCKFJCMIWLDQP

IW.WKUC-CDCIWZKEJCVCKPMCFCM!.WKUC
VKGPGNCURGUVCCUDKGPTK\CFCU#NQOGLQTUGNCU
TK\CRTQRUKVQ=RNLLDQCRQULDQP
LLDQP?
LDQTCOGPUWEGLCGPUWRGUVCC
FGNQ
FGGNNC

LMKCFLEQPVGPVQIQ\QUQ,KZLMKFJKCNJKK

PCIWZDJCKOVCCVPCOVMKCRZVCCZKIW
UWWUMCP'UVEQPVGPVQGUVGPKQRQTSWG
CECDCPFGEQORTCTNGJWCTCEJGU=EQRLKZ?

LOKCXaKTGT,CRLWODWCCRPCRRCPCCU

UWCMPCRIKKNJKOLO2CTGEGSWGGUVU
NNQTCPFQRQTGUVCTVGTKGPFQVCPVQ=RTGVLO
RTGULO?

L

LOKOCFLITCEKQUQEJKUVQUQ,KZLOKOVWO

FJKCVQZMQTPCLCZLCMUQDMQKZ'UEJKUVQUC
NCOCPGTCGPSWGGUVCUKNNCGUVVCNNCFC
=EQRLKZ?
LKZLOKOVWKKUGXGEJKUVQUQ
LKZLOKOLWOMCKEJUGQ[GEJKUVQUQ
LKZLOKOVWDWCJCEGEQUCUEJKUVQUCU

LORCCFLTKUWGQ
NKVTKGPFQWPRQEQ/QQ

OVEJKCNJLKZIWZCWCFJKLCVMCOPCO
DCCOLKZLLORCVWPCKEJIWDJCKRZ
LCRMCUCKEJFJCMFTCRFT#NQOGLQTGUC
IGPVGOGTQDNCEQDKLCSWGFGLEQNICFCCHWGTC
RWGUXCPTKPFQUG=RNLLORCEQRLKZ?

LRFJCXaKRQPGTUGHTQ
CODKGPVG0Q

MKCRZMC[QQVIWVVPKROCCPPCLCZ
MDCKCPQVLRFJC5KUGRQPGHTQEWCPFQ
CRGPCUGUVPHNQTGEKGPFQNQUGNQVGUUGJKGNCP
=RTGVLRFJCRTGULRFJCTQLKZLRFJCT?

LRFJCXaTFGUECPUCT)QTLCOLRK%JCO

DCOQOIQRKOVCCPCRKOIWIWWM!;CKIW
CVQZMCT0QUGJCPECPUCFQFGGUVCTRCTCFQU!
#SWGUVPNCUUKNNCURCTCSWGFGUECPUGP
=RTGVLRRTGULRK?
LCOLRKPVGTLRUGNG
NKVFGUECPUG

LRKT=RTGVFGLRNJKC?UGGPHTK
LRKCFLHTQ)KKNJKOLKZLRKLDT

VCMCCD/QQEJKIKIWMDDJCOOLCM
LWMICO#[GTJK\QWPCKTGOW[HTQCSWETGQ
SWGPGXGPNCUKGTTC
SWGJCEGHTQ)KKNJKOLKZLRKMCVVWMCC
#OVKRIDMCKEJ*K\QOWEJQHTQCPQEJG[
RQTRQEQOGOQTCFGHTQ
=EQRLKZ?

LRNJKCFLSWGUGGPHTCTRKFCOGPVG,KZ

LRNJKIWDCCMOCPVGGMEJCOVWRWKPCLCZ
IWVQQZMQNJOCPVGGM'NEGDQFGXCECUGGPHTC
OUTRKFCOGPVGSWGNCOCPVGECFGEGTFQ
=EQRLKZ?

LTMKCXaKITWKTTWIKT#ODCLTQMFCIW

ICIQQZPQRZCOMIWLCTQKPQDJCKDC
LKO'NRGTTQGORKG\CCITWKTEWCPFQQ[GSWG
CNIWKGPXKGPG=RTGVLTMRTGULTQM?

LKPVGTLUt/OPCCIWLKFJQQTIW

OCTCCZPCKEJEJKC!tLWRMCKEJIW
/CTKK[Ct%JCOCCLPCDCVQVRQMtLWR
MCKEJIW,WCPCt/KJKLKVCCVK\GNHWGIQ
FGDCLQFGNCQNNCEQOQNGRGF!tRTGIWPV
/CTCt2CTGEGSWGURQTSWGNCQNNCGUV
JKTXKGPFQtEQPVGUV,WCPC8CUGL

'&+%+024'.+/+0#4`

LO

6'2'*70'52#1.

LOCFLSWGVKGPGHTQ&CCMCVLCRLWWMCPFC
EJKQ/QQEJCOLOCRCCMWRDCOW
LCROOTCFWWMEJT!5KPVCVGCECNGPVCTVG
JKLQ0QVKGPGUHTQRQTCPFCTEQTTKGPFQGPNC
NNWXKC!=EQRLKZ?

LFJCXaVETGGT
NQFKEJQQNQGUETKVQ,WR

MCKEJIW5COQKNPCUCROWKDKCIWVWWOK
,CREJKOQQPCKCV,CTQQIKRLIK!&KEG
5COWGNSWGNVKGPGOWEJQFKPGTQ;QETGQSWG
GURWTCOGPVKTC3WKPNQXCCETGGT!
=RTGVLRTGULIK?

LLDQ=RNFGLDQ?RGUVCCU=CRQULLDQP?
LLORC=RNFGLORC?TKUWGQU=EQRLKZ?
LLMIKC=UWLRNFGLMIKC?2GLLLMIKCCOUG
RQPFTPEQPVGPVQU=RTGVLLMIRTGULLMIT?

LLMQPOC=RNFGLMQPOC?OQTCFQU
=EQRLKZ?

LMDWCXaVQNXKFCT,CROQQZDJCKLMDWC

KEJIWOCTCCPIW)CDTKCN,CZRPV!
3WHEKNOGPVGUGOGQNXKFCGNPQODTGFGNJKLQ
FG)CDTKGN%OQUGNNCOC!=RTGVLMDWC
EQPVLMDWRRCFC?
LMLCRZKDWCLKVTCVCFGQNXKFCTNQ

LMIKCXaKRQPGTUGEQPVGPVQCNGITCTUG/CCPZK
OCCMIWMCTWWOFJKCNJKKMWMPLMIKC
)KKNJKOOMDCDJCCO&GNGWPRNVCPQCN
PKQRCTCSWGUGRQPICEQPVGPVQRWGU[CVKGPG
OWEJQTCVQGPQLCFQ=UWLRNLLMIKC
RTGVLMILLMIRTGULMITLLMIT?
8CTLMI

LMIVFCXaVCPKOCT
CSWGPQNNQTGEQPVGPVCT

,MIVFCRKOIWCNJKK/LRCKIDCUWUWC
#POGPWUVGFGUCNPKQRWGURQTCJNNQTC
HWGTVGOGPVG=RTGVLMIVRTGULMIVWP?

LNJDKCXaKJCEGTCKTG,KZMCLCCPIWDCMKIW
4CWNJPCVLKZKQOLDVWMCC'UV
FGUDCTCVCFCNCECUCFG4CNRQTSWGJK\QOWEJQ
CKTGCPQEJG=RTGVLDEQPVLDTFC?

LNJDKFJCXaVCIKVCTUQRNCT
CKTG/KRZK

LNJDKFJCODQPCCOMPFJKVCKMWO[C
)KKNJKODJCLCMLKZMWWDJU5RNCNGCNC
NWODTGEQPVWUQODTGTQRCTCSWGCTFCRWGU
GEJCOWEJQJWOQRCTCCE
VTKNNCT
OC\HTKLQNQVTKIQ,NJDKFJCKFJKK
LWWP2GGITQMCRDJCKPCLQKFJCOLKZLDT
)KKNJKOLKZEJCPCCTC6TKNNCGUVGOC\2GFTQ
OKGPVTCUJCEGCKTGRWGUVKGPGOWEJCRCLC
VQECT
CKTGEQORNCPKO,QKFJCOVWVCVFC
PCLNJDKFJKOIWLDNJPCEJV



ONJKKEJFJKOFJKMCDCKEJCO5GUKGPVG
DQPKVQEWCPFQOGVQECGNCKTGOKGPVTCUCPFQ
EQTTKGPFQCECDCNNQ
=RTGULNJDKRTGVLNJDK?

LNJICXaVVGPFGT
CUQNGCT6LNJICCRIW

LCLCPPWNJDJCOOPKMQTCCTVCOPCDCVW
ICMKC6KGPFGNCTQRCCNNGPGNEQTTCNRCTCSWG
UGUGSWG=RTGVLNJRTGULNJKK
EQPVLNJKKPFC?

LRNJKCXaVGPHTKCT,QKFJCOLKPCRZK

LRNJKFJCKFJKKIWMPCRDCDCK[C#CRIW
RWKZEJQKDJCKDCLKKK5GTCDWGPQSWG
GPHTKCTCUGUCCIWCOKGNCPVGUFGVQOCTNCRWGUV
[CVGNCSWKGTGUVQOCT[GUVECNKGPVG
XaKGPHTKCTUG$CLRKTIWODJKKPCRUCCMVW
LWIKC0QSWGKDCUCEQOGT!;CUGGPHTKVW
EQOKFC
XaKDCLCTECNGPVWTC$CLRKTLCKEJEJCO
VWMCVQKK/QQEJKDCFWCKEJ;CUGOG
DCLNCECNGPVWTC[[CPQVGPIQHKGDTGETGQSWG
[COGCNKXK
=RTGVLRKT?
ICPCKRZLKLRKTUGOWTK

LRNJKZFJCXaDGPHTKCT
RCTCQVTCRGTUQPC/K
FJTZKLRNJKZKFJKMCRGGIKKNJKOLKZ
EJQK/COKPCKEJDJCKVKZKKK
'PHTCOGGNECHRQTHCXQTRQTSWGGUVOW[
ECNKGPVGRWGUOGSWGOCNVQOCTNQ
=RTGVLRNJKZRTGULRNKZK?

LFNJMCFCXaVUGRCTCTCRCTVCT
EQORNRN

,CZMWRDCLCLFNJMCPFJKMCMCTDCZ!
%JCOVWCCODZLKTCCRICP!2QTSW
GUVUUGRCTCPFQGUVQUEJKXQU!0QUQPVW[QU
VQFQU!
XaTUGRCTCTUGCRCTVCTUG
UWLRN#ORZLWO
LFNJMCPCOIWDCCMCUDCMIWEJCOLWO
FCFCPCO5GCRCTVCPNCUXCECUEQOQSWGPQ
UGSWKGTGP
=RTGVLFNJMCKRTGULFNJMCP?

LMCFLCITKQ,WOCCPCEJLWIKQMCFJK

DJCDLKFJQQTPCIWPQVDJCKDKKMCDWKOWM
LKZLMMC&GDGOQUCECDCTPQUGUVQUHTKLQNGU
RQTSWGUKUGSWGFCPOCCPCXCPCGUVCTCITKQU
=EQRLKZ?

LMCFXEWPVQ!EWPVQU!,MLCRMP

ICTCFJKOCTRWWU!'PEWPVQXGPFGUVW
OQTTCN!
CFLWPQU,MIQQMOCUCCPLC
LWTWWFJCOWOOW8Q[CGUVCTCNNWPQUFQU
OGUGU

'&+%+024'.+/+0#4`



6'2'*70'52#1.
DZPCOLMKCPVQFQUNQUSWGJC[C

LMEJKCFLCNIWPQUXCTKQUt/WKCCOVDC

MQKIWLCVMCOOWRCKPCRWKTLIKCNJKMCV!
tLWRMCKEJIW5CDGGNt,MEJKRCOQQR
MQKOVLKIWtLWRMCKEJIW#NRQQP
t5GIWTCOGPVGOWTKGTQPOWEJCURGTUQPCURQT
CNNFQPFGJWDQIWGTTCXGTFCF!tRTGIWPV
+UCDGNt2WGUUXCTKQUOWTKGTQPtEQPVGUV
#NHQPUQ

LMKOCFXEWPVCUXGEGU!,MKOLCRKEJ

DCCKFJKODJQQVCU!%WPVCUXGEGUVGJCU
RWGUVQVWUDQVCU!
CNIWPCUXGEGUXCTKCUXGEGU#CEJCMWKRCK
EJLKIW#PTGGUOWLCRFJK6WWURCPCKEJ
LMKOOWKDCLKKMWIWOKMCKMCLKPC
QKTFCVK;QJGKFQC6WZRCPXCTKCUXGEGU
RGTQPWPECJGXKUVQC#PFTUCWPSWGFKEGPSWG
CPFCDCCNN

LMNJKCXaKRQPGTUGCITKQ:KDJKRRKQMCKCR

FJKVOMCNJPCDCEJCOLMNJKCPCIW
IKKNJKOLKZEJCVQK&GDGUFGUVCRCTNCUVQTVKNNCU
RCTCSWGPQUGRQPICPCITKCURWGUJCEGOWEJQ
ECNQT=RTGVLMQRTQITLMNJKO?

LMQNJUNKOCNKOP,WOCCIWLMQNJPC
DKCMC/QQTTKOGFKQMCRLKDQRCKL'U
DWGPQVGPGTNKOQPGURWGUCXGEGUUKTXGPRCTC
CNIPTGOGFKQ

LMQNJDCCUCIWCFGNKOP#NJKEJDJCKZK

EJQKIWLMQNJDCC,KZEJCPQQOK&GOG
WPCVC\CFGCIWCFGNKOPRQTHCXQTRWGUVGPIQ
UGF

LMQPUCVQNGFGEWKVNCEQEJG
'PVKGORQU

FGEQUGEJCUGJCEGWPCDGDKFCOQNKGPFQGN
EWKVNCEQEJGEQPGNQVGU[NWGIQUGFGLCHGTOGPVCTRQT
WPQUEKPEQFCU&GURWUUGJKGTXG[UGVQOCEQOQ
CVQNG

LMQPOCCFLOQTCFQ
UWDKFQ/CCPLCR

DJCKZKDJKFJCKIWLCPPWNJLCZEJWOPC
LQKFJCOLKZLMQPOCDJCOOFT-QTKCP
PCKRWWTVC%WCPFQXC[CUC&WTCPIQRQT
HCXQTVTGOGWPEQTVGFGVGNCDQPKVCFGEQNQT
OQTCFQRCTCJCEGTOGWPCHCNFCEQPGNNC
=RNLLMQPOCEQRLKZ?

LMWOCFLCITKQ,KZLMWOLKZOCKMCMIW

RKCU.CURKCUUQPCITKCU[FWNEGUCNCXG\
=EQRLKZ?

LOCPCFLCNIWPQUQVTQU
RCTCEQORCTCT

,OCPLCOLKTLKZEJWVWOKICOLOCPLCO
DCTRQQDTKUIWLCVMCO#NIWPCURGTUQPCUUQP

LQFCK

TKECU[QVTCUUQPRQDTGU
ECFCWPQ,OCPLCRLCOCMKCFJKFWNUKU
IWOUURK&CNGUFWNEGUCECFCWPQFGVWU
JGTOCPKVQU
CNIWPQU
PCFCOU$CLKDWDWCFJQDCMIW
UCCD6PCLOCPRZCODCVCLCCKZIW
OCK;CGORKG\CPCUCNKTNQUSWKQVGURWGUUG
PQVCSWG[CUGGUVPCDTKGPFQNCURGPECUFG
CNIWPQUOCIWG[GU

LPIKCT=XCTFGLKPIKCT?DTQPEQU=EQRLKT?
LPIKCTWO=XCTFGLKPIKCTWO?UCNXCLGU
UKNXGUVTGU=EQRLKT?

LPIKCXaKJKRCTFCTJKRQ$LMLCKEJDC

LPIDCMIWPCRDJCLKOLKMQOCCNJ/G
FKQJKRQGPNCOCFTWICFC5GTRQTSWGV
XGPCUCXKUKVCTOGEQOCFTG!
5GFKEGSWGJKRCT
GUUGCNFGSWGWPCRGTUQPCNGXCCXKUKVCT
=RTGVLPIRTGULP?

LZCFXSWVCPVQ!,ZLKTOMOWOOWPCR
RCKMKQ!3WVCPNGLQUXKXGU!
NKV3WVCP
NGLQUGUVCNNFQPFGXKXGU!=5GRTGUGPVCCPVGUFGN
RTGHKLQEQRWNCVKXQLKT?

LZFJCCFXPWPECLCOU0QLKZEJQK

PQQPQDEJCOLZFJCINJKCIWVWPC
ZKC5KWPQPQVKGPGFQVGURCTCNCLCTFKPGTC
PWPECETGEGNQSWGRNCPVC
=0QTOCNOGPVGUGRTGUGPVCFGURWUFGNPGICVKXQ
EJCO?8CTLZFJCVLZMCV

LZKCFXCU
FGVCOCQEQUCURGSWGCUFKEJQ
EQPCFGOCPGU,ZKCNJIWMQ.CXDQTCGUV
CUFGRGSWGC
VCPVKVQ
VKGORQ$CDJCCLKOOQQFJK
DJQOMQZLKFJQQTLZKRZDCCCPC
VQVRQMKC;CECUKUGEWGEGGUGECNFQFG
VGEJCNQVG[CPCFCOUNGHCNVCJGTXKTVCPVKVQ

LQDKKU\CRQVG$JCOOLCRPCLCZLKT

LWLWMICOEJCOVWLCLCKEJFJTIWLQDKKPC
IWZKQOLRFJCT'N\CRQVGPQUGFCGPNC
UKGTTCRQTSWGJCEGOWEJQHTQ

LQFCKURKGFTC
RGSWGC$JCDJKOCCP
IWLQFCKLCZEJWOPCTMCDWWNJKMPCMP
DJCOCKCFJKRCPCCNJKZ6TGOGWPC
RKGFTCTGFQPFCEWCNSWKGTCSWGUGCTGFQPFC
RCTCSWGRWGFCVKTCTNGCGUGRCPCNEQPGNNC
TQEC
ITCPFG$JCOOPKRCKFJTDCMDJC
KCFJKKILQFCK;CRMFCKDQDQKEJCO
EJCOMCTDWWUCPDC&GCTTKDCTQFGUVC
RKGFTCITCPFG[CSWUGCVQTUQDTGGNECOKPQ
RQTNQSWG[CPQJC[RCUQ
=RNLQQFCK?

'&+%+024'.+/+0#4`

LQIKK

6'2'*70'52#1.

LQIKK=CRQUFGLQ?UWEWGTQ
LQK=RTGVFGLQKC?UGOQXK
LQKFJCOCFXDKGPCITCFCDNG,QKFJCOLKZ

DJCKVCPQQTZKDPCIWZWC*CEGUQNDKGP
CITCFCDNGJQ[RQTSWGGUVFGURGLCFQGNEKGNQ
DKGP,QKFJCOLKZKQQDIW[QQNJKOPCRCK
FJWWMLKZDJCKMC5QPDKGPUCDTQUCUNCU
OCP\CPKNNCUEWCPFQGUVPOCFWTCU

LQKFJCXaGIWUVCTNGSWGTGT
EQORNCPKO

,WOCCPCVWUNJMCOLKZLQKFJCKDJ[CIW
WDKKLCZEJWOPCDOCPLKZEJWMKKEJCO
MCPCDCICOOLZFJCCPVDOCPLWR
VWKMC'UPGEGUCTKQSWGFGXGTCUOGIWUVGWPC
OWEJCEJCCPVGUFGKPXKVCTNCCXKXKTEQPOKIQ
RCTCSWGUKGORTGRWGFCCOCTNCEWCPFQ[CUGC
OKGURQUC
IWUVCTNGSWGTGT
EQORNKPCP#CEJVKZ
LQKFJCVIWKRWWTIWKPC[CWCFCVIWPCCDCV
IWLKPCRKEJIWEJCOLKEJCCZKCCPPC
VKRLWOVVFCPCRLKEJCCZKFJCIV#O
OGIWUVWPCHCNFCSWGXGPFCGNOGUVK\QOCO
RGTQVPQOGJKEKUVGECUQEWCPFQVGFKLGSWG
SWGTCSWGOGNCEQORTCTCU
IWUVCTNGCPFCT
CPKOCN2CCOLCMLKZLQK
IWOMCMDCK!-CLCQKFJCVOCCPIWTCC
ICP&PFGNGUIWUVCCPFCTCVWUECDCNNQU!
2WGUCPFCDCWPQFGNQUOQUEQPGNNQU
RTQFWEKTFCTHTWVQ
RNCPVC;CPKOQQVW
ZKMWCPC%JCOCCEJKZLQKIWDJCDPC
[CZKC!#SWXQ[CFGUOQPVCT5GFCTDKGP
GNHTKLQN!
=RTGVLQKRTGULQKEQRLKZ?
LQQLQKXaGIWUVCT
OWEJQGPECPVCT

LQK=RTGUFGLQKC?UGOWGXG
LQKOWMCFLOCQUQ,KZLQKOWMFJKMCDCK

PQICPDJCFCFCTT'UGECDCNNQGUOCQUQ
RWGUPQFGLCCWPQGUVCTOQPVCFQ=EQRLKZ?

LQKUULWG\CWVQTKFCF:KDLCMCVWCIKFJCIW
LQKUGGLCZRMLKEJFC*CUVCCJQTCXQ[C
JCDNCTEQPGNLWG\CXGTSWOGXCCFGEKT
=RNLQKUKU?

LQKUGURKPC;CPKUKIWLQK6WWMCDDCC

EJCODJCKPCLCZLWRPC#SWUGOGOGVK
WPCGURKPCRGTQVCPRTQHWPFQSWGPQNCRWGFQ
UCECT

LQKOFCMCFXEQPEQORCUKP
VKGORQRCUCFQ

/CCPPKOPCEJKEJRCZKCTRWMDJCOOFT
-QNJDKMCOLCRUCROQQZLQKOFCMVFJKK
.CCTCIWZKKZ6CPKMNCCPUCRPCRCNJRLKZ



ZQOCKIKEJW$CZKDCPIWOCEJKEJKNJPC
UCRMPFQFJKC7PCXG\EWCPFQHWKOQUC
RCUGCTGP.C,Q[C%NCTCNGVWXQEQORCUKP
NKV
NGXKQEQPEQORCUKPCOKJGTOCPC'UVCPKENCFC
RQTSWGVGPCITKRC[NGRTGRCTWPVFGJKGTDCU
RCTCSWGUGCNKXKCTC
LQKOFCVEQPEQORCUKP
VKGORQHWVWTQ
LQKOFCOEQPEQORCUKP
VKGORQRTGUGPVG
=EQRLKZ?8CTLQKPFCM
LQKOFCOCNJEJWOFJKV[CZGU
RTGEKQUCGUVCOWEJCEJKVC

LQKUNJUVWPC
ECRCTQLCRNCPVCRGSWGC

%JCEJMQKRQCCIWLQKUNJOWLCR
VCCVUCD!0QVGIWUVCTCKTCEQOGTVWPCUCNN
GPVKGTTCENKFC!

LQMKCPCXaVTCUIWCT;CPKLQMKCIW,WCP

OWOOWPCEJMCVVDKCIWRKNQQV%JKIWOQQ
[CRMDJKIWLWWVWP,CKPCLZLKZM
#SWOGNCUVKO,WCPEWCPFQLWIDCOQUEQPNC
RGNQVCRCTGEGSWGOGTCUIWEQPUWWC(LGUG
EWPVCRKGNOGSWKV=RTGVLQMKCRTGULQMMKCU?

LQMOCTUOCTKRQUC2ZLCZFFCOIW

LCLQMOCTOWCMMPLCKZEJWVWMLCKZ
WWCO#PFCPXQNCPFQWPCUOCTKRQUCUCNNGP
GNTQCNIWPCUPGITCU[QVTCUCOCTKNNCU
=RNLCLQMOCT?

LQNJDKZFJCXaTEQNWORKCTUGt2CLCMDJK

IW1RTCCUMWOWVWLWICKDCLCDKCTCIW
MCMCTDCZ!tLWRMCKEJIW#OCCNKCt/WPK
MCPFTLWOLQNJDKZKVWCVCOtLWRMCKEJ
IW&GGTCUt#FPFGUGHWG'WHTCUKQ!2WGU[C
FGDGCNOQT\CTGKTCEWKFCTNCUEJKXCUtFKLQ
#OCNKCt#NNGUVEQNWORKPFQUGGPCSWGN
GPEKPQtTGURQPFK&KQPKEKQ=RTGVLQNJDKZ
RTGULQNJDKZK?

LQKCXaKOQXGTUG-CRWRLQKFJKVCMCCTWK

UKCMWDCMKZIWOCQQPPCVIWDCMEJCMWK
DJCKOWW6QFCXCUGOWGXGGUVCICNNKPC
CWPSWG[CVKGPGEQTVCFCNCECDG\CRCTGEGSWG
VQFCXCPQGUVEQORNGVCOGPVGOWGTVC
TGRCTCTEQTEQXGCT%JCOLQKCCFJKO
MCDCKMWRLKEJCKDWKFJCPCDJCCP
RCZKCTOTC!0QTGRCTCVWECDCNNQXGTFCF!
3WKUKGTCSWGOGNQRTGUVGURCTCKTFGRCUGQ
=RTGVLQKRTGULQK?
LQKIWQKICPJWDQVGTTGOQVQ

LQQDUVNCEWCEJG,CROQQVWMWCIWLQQDOW
ICCVT#CPCEJVWPWWMFCRWVWMCCPCDC
EJCOOKCC[C'NVNCEWCEJGUGGUVEQOKGPFQ

'&+%+024'.+/+0#4`



6'2'*70'52#1.

NCOKNRCCUSWGPGEGUKVCOQUEWKFCTNCOKNRCGP
NCPQEJGRCTCSWGPQNNGIWGCNN=RNLCLQQD?

LQVMQZ

OWEJQGUVWFKCTGPNCGUEWGNCRQTSWGFKEGSWGNQU
OCGUVTQUUQPDWGPCUIGPVGU=EQRLKZ?
8CUGLQKFJC

LQQEJCXaKECUCTUG
JQODTG2CCRFWWMDC

LQQEJC.WKU!$CLKITLCRVKIWRCPCCU
%WPFQVGXCUCECUCT.WKU!2CTGEGSWG[CGUVU
OW[ITCPFG=RTGVLQQKEJ?

LQQKUGURQUC-KCRZDCOVWVMKIW

LQQEJZKFJCXaDOCPFCT
CQVTCRGTUQPC

/WLQQEJZKFJCCRMCDWKOWMIWZCWCPQ
KEJEJCORCKLQK/GOCPFCUOKEQDKLC
OCCPCUK[CPQTGITGUQ
NNCOCT
RCTCSWGXC[C5CRDJCVW
LQQEJZKIWZMCKPCOWLKOFCLWR
MCKEJKOCOIWQTQUKKTKUPCO[CDCLKO
VCMCCD.QUCNIWCEKNGUSWGXKPKGTQPC[GTFKLGTQP
SWGGNIQDGTPCFQTVTCFKEKQPCNOGGUVNNCOCPFQ
RCTCSWGXC[CCNN
=RTGVLQQEJZKRTGULQQEJZK?

LQQFCK=RNFGLQFCK?
LQQFCKCFLSWGVKGPGRKGFTCU,CROQQZ

LQQFCK[CFJKICCDJCTVT%JCORMDJCK
PCLCZFJWKOKVWOQKMFC'UVGDCTDGEJQ
VKGPGOWEJCURKGFTCUECUKPQUGRWGFGRTGRCTCT
NCVKGTTC=EQRLKZ?

LQQLQKFJCXaVXGTQDUGTXCT,CTQQR

DOCPLKOKCPCRRCKFJWWMVW
LQQLQKOTC,WMVTDJCCP:KDMCO1KFJC
6CO!%QPSWKPVGXCURCTCXGTNCHKGUVCFGN
#Q0WGXQGP5CPVC/CTC!
XaVOKTCTEQPUKFGTCTt,KZEJWUCDCFCO
CRCCFJKMCMK!tLWRMCKEJIW,CDKCT
t%JCO;CRZVWLQQLQKtLWRMCKEJIW
2QQNKVWt3WKGTGUEQORTCTGUVCTQRC!
tRTGIWPV,CXKGTt0Q#SWPCFCOUGUVQ[
OKTCPFQtEQPVGUV*KRNKVQ
XaTEJKUOGCT,WRMCKEJCOIWLCVMCOPC
UCROCZFJKDJCLKOIWZMCK-QTKCPMCO%JK
PQTUNJMCOMCOLKDCRWKRZLWO
LQQLQK&KEGNCIGPVGSWGRCUCFQOCCPCXCC
XGPKTGN)QDGTPCFQTFG&WTCPIQRGTQSWKPUCDG
UKUGCEKGTVQQPCFCOUGUVPEJKUOGCPFQ
=RTGVLQQLQKRTGULQQLQK?
RWKRZLWOLQQLQKCOCUPCFCOU
EWGPVCPEJKUOGURCTCRCUCTGNVKGORQ

LQQLQKXaGIWUVCTNG
OWEJQGPECPVCT

,QKFJCOLKZLQQLQKFJKCNJKKPCVWO
OCOVWZKOWKUMQGNCPCOIWUCRLKTLKZ
DJCDJCKMCOIWOCKUVTWU#GUVGPKQNGIWUVC

LQQICPIW+UCCE.CGURQUCFG+UCCECRGPCU
EQOGP\CRQPGTUGGPNCGURCNFCCUWJKLQ

5GUWGNGWUCTDPCEP[WIGGPXG\FGLQQK
GURQUC=RNLCLQQKCRQULQQICP
LCLQQICP?

LQQVQMCFLVGORTCPGTC
RNCPVC&NJLKZLQQVQM
FJKOCPUCCP$RDJEJCOVWRWKPC
FJKLCK'UVGORTCPGTQGUVGOCP\CPQRWGUFC
HTWVCCPVGUSWGNQUQVTQU=EQRLKZ?

LQQVQOCFXRTQPVQ+KMWOQQDCMWCFJC

MWEJLQQVQODCLKOFC8Q[CEQTVCTNGCRCTC
SWGPQUXC[COQURTQPVQ5KPPEJCOZKKO

LQQVUCXaVOCPFCT
CJCEGTCNIQEQORNCPKO
,CTQQUKCOTKLWOUCDCNJIWVCMCCTWKPC
KEJOLZKOLQQVPCRICTCTC!3WKPVG
EQORTNCICNNKPCSWGVGOCPFCXGPFGT!
OCPFCT
CNNGXCTEQORNKPCP5KCOTK[CO
CKEJWNJLCOVCCIWLWWPPCKEJDJLZKEJW
LQQVOCCPDJKKQT!5VGNNGINCECTICFG
OC\SWGOCPFSWGVGNNGXCTCP!
EQTTGT
CNOCFGURWUFGWPCQFGOWGTVQ
2CCEJFWWMVWLQQVUCPCVOWWIWMWWNUK
MCV!%WPFQXCOQUCEQTTGTGNCNOCFGOK
CDWGNKVQ!
=RTGVLQQVRTGULQQVQU?

LQQZKCURNCVQ:KDCMWCPCKCRDCIWLQQZKC
PQRKEJDCMQKEJQ.CXCGNRNCVQEWCPFQ
VGTOKPGUFGEQOGT=RNLCLQQZKC
CRQULQQZKCPLCLQQZKCP?
DJKLQQZKCURNCVQFGDCTTQ

LQUGGUVKDKC
FGNCRKGTPC,WOQQOUCUCRIW

#UKCPW6KOUCRIWLWMOWOOWRCKPCMCVW
ZKMWCPOCCRFTUCRRWQOIWLQUGGICP
&KEGSWGC#UKCPQUGNGHTCEVWTWPCVKDKCRWGU
WPRKPQNGEC[GPEKOCRQTCNNFQPFGCPFCDC
FGUOQPVCPFQ=RNLQUUGCRQULQUGGICP
LQUUGICP?
LQUGGICTCOGPNCVKDKC
FGNQFGGNNC

LQVMQZUEGDQNNC,CKFJVRWKZCCCOIW

LQVMQZLCKDCUKCOTKVWVDPMCO#
CNIWPCURGTUQPCUNGUIWUVCEQOGTNCEGDQNNCUQNC

'&+%+024'.+/+0#4`

LQVOCFJC

6'2'*70'52#1.

RGTQCQVTCURGTUQPCUNGUIWUVCEQOGTNCOG\ENCFC
EQPQVTCUEQUCU

LQVOCFJCXaVCRWTCT/KFJT

LQVOCFJCKIWK4GDGGECPCDJKOTC
IWUWWFCK,CREJCOLKMCC2QTHCXQT
CRTCNGC4GDGECRCTCSWGXC[CCVTCGTOGCIWC
RWGUPQOGQDGFGEGCO
XaTVGPGTRTKUCCRWTCTUG2CCRLCMLKT
LKOFCOMWRDCOQQOLQVOCIKPCRVWMWC!
#FPFGSWKGTGUKT!2QTSWVGGUVUCRWTCPFQ
CEQOGT!
=RTGVLQVOCRTGULQVOCIK
EQPVLQVOCFJCVWPFC?

LQVOQFCCFXTRKFQ/QQRCNJLQVOQFCZK

MQKOKEJKQMWEJDCLKKOFCPCEJDC
ZRW6KGPGUSWGEQOGTOUTRKFQJKLQRCTC
SWG[CPQUXC[COQUCUGODTCT5KPPQD

LQUEWGTQ,QUWWUCMLCZKCCFCKPQKEJ

DCPKKOIWZKQVCNJ&GDQRQPGTOGJWCTCEJGU
FGEWGTQEWCPFQXC[CCDCKNCTGNOKVQVG
RKGNEWGTQ
RGTUQPCQCPKOCN5KCFCKLQIKK
LCRMWCFJCFJKDCCMPCIWEJKOQQEJCO
MIWDCMZKICPPCVIWVMOWW3WVCNG
CWPSWGUGCGNRWTQEWGTQCNCXCECETGQSWGUW
ECTPGPQGUVDWGPCRQTSWGOWTKFG
GPHGTOGFCF
=RNLCLQQLCLQQCRQULQIKK?

LQKKCFLSWGVKGPGGURKPCU,KZKQOLKZLQKK

FJKPCMCCDEJCOVWRWKPCIWKKDCK'UVQU
PQRCNGUFGNECORQVKGPGPOUGURKPCUSWGNQU
PQRCNGUEWNVKXCFQU=EQRLKZ?

LQMQTCKUCTCC/KKLCRDCONJEJWIW

LQMQTCK/KZKMZKIWVCK#JXC
EQTTKGPFQWPCCTCC3WOCNCEQPWPCDTCUC
=RNLCLQMQTCK?

LWCPDKNJUVTCXKGUQ,CTQQDCOQQLCRLKT

LWCPDKNJPCDCOKRZLCRIKQRRCIW
EJQQOK!0CIWRCPCCUICCOZKOOKDKC
3WKPFGNQUPKQUGUGNVTCXKGUQ!2WGUGUVOW[
FGUDCTCVCFQGNKZVNGSWG[QVGPCIWCTFCFQ
=RNLWLWCPDKNJ?

LWCPDKNJKCFLVTCXKGUQ,WRMCKEJFJCCOIW

LCVMCOPCUCRPQICPCICIWLCTQKPQZ
LWCPDKNJKRWEJWOLWRDWWUKCIWOCT
&KEGNCIGPVGSWGUKJCDNQOCNFGCNIWKGPSWGGU
VTCXKGUQCUXCCUGTOKJKLQ=RNLWLWCPDKNJK
EQRLKZ?

LWCTCMCFLFGOCUKCFQHNQLQ,KZLWLWCTCM

CCPVWIWUCDWKTCZFJKPCCDCV'UGOGUVK\Q



VTCGRCPVCNQPGUFGOCUKCFQHNQLQU=RNLWLWCTCM
EQRLKZ?

LWCTMCOCFLFGOCUKCFQCPEJQ,KZLWCTMCOV

FICTLCRKEJVWWMCDCNJKEJVFRWKMWDC
EJCOCKZFJKWWZ*KEKUVGGNJQ[QFGOCUKCFQ
ITCPFGCTTKDC[FGOCUKCFQEJKEQCDCLQRQTGUQ
PQECDGGNRCNQ=EQRLKZ?

LWCTMCXaKJCEGTUGOUCPEJQ#ORZDC

LWRCCMFJKLCTCCTDJCKIWEJKDCLWCTMCOK
PCRCKDCCZ;CUG\CHGNOCPIQFGNCTCFQ
RCTGEGSWG[CUGJK\QOUCPEJQGNJQ[QFQPFG
UGOGVG=RTGVLWCTMC?

LWIKCXaVEQOGT)QQMLCRZKICCOFJCIW

VOMCNJPCICOCLCMDCLWIKCDQKEJCO
/GGEJCUWPCUEWCPVCUVQTVKNNCUGPWPOQTTCN
RCTCEQOGTGPGNECOKPQ=RTGVLWWRTGUMWC
RTQRMQKTCOQXMQKFJCQMQKKFJC?
VWMQKKOXCEQOKGPFQHWGCEQOGT
LCKDKEJWLWICCMUKCOCCPEOGVGCNIQ

NKVEQOGVCODKPCWPSWGUGCWPQ

LWIKCXaKCECDCTUGCIQVCTUG
GZEGRVQNSWKFQ

0CRCKFJWWMDZMCZKEJWLWIKCFJKMCMK
PCDCLCKRDCVWWCTC0QXQ[CVTCGTOU
TQRCJCUVCSWGUGCECDGVQFCUVC=RTGVLWW
RTGULW?

LWIKKRQURGPNCQTKNNC/KDCMZKEJWLWICCM
IWLCTQKCMLWIKK/KRZLKZOCCZPCVW
PCCFCV2CTGEGSWGCNIWKGPEQOKGPNCQTKNNC
FGNTQRWGUUGXGSWGCNNJK\QNWODTG

LWIKKFJCXaDCECDCTEQPUWOKT
EQUCFGQVTC

RGTUQPCQCPKOCN0KFJCCRFJKZKKICPPC
EJCOLWIKKFJCIWVOMCNJKIWI
ICIQQZ%WKFCCNECEJQTTQRCTCSWGPQUGCECDG
NCVQTVKNNCFGNRGTTQITCPFG=RTGVLWIKK
RTGULWIKKIK?

LWIKQMCXaVCECDCTEQPUWOKT
GZEGRVQNSWKFQ
:KLWIKQMCCRFJKDJCDPCODCIWDCMCCZ
OWKRDCODJKKFJC#EDCVGNQUHTKLQNGURCTC
SWGVGUKTXCPNCECTPG=RTGVLWIKQ
EQPVLWIKQMFCQLWIKQMMCTFC?

LWLWCPDKNJ=RNFGLWCPDKNJ?VTCXKGUQU
LWLWCPDKNJK=RNFGLWCPDKNJK?VTCXKGUQU
=EQRLKZ?

LWLWM=RNFGLWM?RKPQU
LWLWMEJTUQEQVCN
NWICTFQPFGCDWPFCPNQU
RKPQU
,WMVTCFX5CPVC/CTC1EQVP

LWLWMICO=RNFGLWMICO?UKGTTCU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

LWLWT=RNFGLWT?EQTC\QPGU
LWLWWU=RNFGLWWU?JQEGU
LWLWDCUGUVTGNNCU8CUGEJK
LWMURKPQ%JCOVWWVIWLWLWMOWLCR

VCCVUCD'PNWICTGUENKFQUPQJC[RKPQU
QEQVGVGC,WMMPVDFJCVWFJKEJKQ
PCIWIKKNJKOLKZEJWMICO'UGJQODTGXC
CNWODTPFQUGEQPWPQEQVGRQTSWGGUVOW[
QUEWTQ
=RNLWLWM?

LWMICOUUKGTTCDQUSWG
FGEQPHGTCU

-CDWKOWMLCEJDJCKLCMPCDFJKRW
LWMICO-CVVKVWVQDCCVIKCKEJ8COQUC
EC\CTGPNCUKGTTCOCCPCCXGTUKGPEQPVTCOQU
WPIWCLQNQVG=RNLWLWMICO?

LWMKKDJCKFJCURKCEQPQ
FGRKPQ)WLWM

KKDJCKFJCLKTCOPCZKUQNJOQPCKMPLK
ICZDWFC.CRKCFGRKPQUGRWGFGWUCTRCTC
RGKPCTEQTVPFQNCFGHQTOCSWGNGSWGFGGN
VGLKFQFGCFGPVTQ5KPPUWNJDJKKEJ

LWMLKZDJCKMCOUQEQVGRKPQTGUKPQUQ

)KKNJKOLKZEJWMMWWDUFCIWLWMLKZDJCK
MCOPQOKCCP'NQEQVGGEJCOWEJQJWOQ
PGITQCNGPEGPFGTNQ

LWMMC=RTGVFGLWWMIKC?UGECNGPVCTQP
LWMMCTFC=EQPVFGLWWMIKC?UGGUVP
ECNGPVCPFQ

LWMMC=RTGUFGLWWMIKC?UGECNKGPVCP
LWMMCFJC=EQORNRNFGLWWMCFJC?

ECNGPVCTNQU=RTGVLWMMCRTGULWMMCFJK?

LWMOCCOTCUTCOCUFGRKPQ,KZMMWCCLK

PCRDJCWKMC2GGITQ6WIKROOFJKLWM
OCCOTCPCRLKZOCCVPCZKDLKTVPIKCM!
&GDGUVTCGTNGCDWGPC2GFTQRWGUGUCUTCOCU
FGRKPQPQCTFGPRQTSWGEQOQUCDGUGUVP
OQLCFCURQTNCNNWXKC

,WMVTCFX5CPVC/CTC1EQVP
NWICTNKVGPVTG

RKPQU$JCCP5CEJKCM6COIKKNJKOLQKFJCO
LKZDJCKEJWODWCFCOW,WMVT'PGN&CFG
5CPVKCIQUGJCEGWPCITCPHKGUVCGP5CPVC/CTC
1EQVP8CUGLWLWMEJT

LWNJKKMUDC[WUC
TGIKQPCNKUOQHNQTFGOCIWG[
,QKFJCODC[QQVFJKLWNJKKMPCDJCKZK
FJWWM#OMCVPCEJIQQMZKWLKPCEJVW
LKFJQQTC;CGUVHNQTGEKGPFQDKGPGNOCIWG[
RQTSWGGUVNNQXKGPFQUGTCDWGPQNNGXCTWPCU
EWCPVCUDC[WUCURCTCEQEGTNCU

LWNJKK=RTGUFGLWWNJFJC?UGNQWPVC


LWOFWWMCO

LWORTGHaUVWVWU
RQUGUKPFGNCUGIWPFCRGTUQPC

FGNUKPIWNCT,CZRPLWOKKOIW,QUGG!,KT
LWOLKKMWNJCCRP!0QOGCEWGTFQSWGUVW[Q
,QU'UVWVQ!=5GRTGUGPVCFGURWUFGWPC
EQPUQPCPVGPQINQVCN)TCO?8CTO

LWORTGHaXNG
CWUVGFVG
EQORNGOGPVQ

FKTGEVQQKPFKTGEVQFGNCUGIWPFCRGTUQPCFGN
UKPIWNCT6WMWRKEJDCVWCC!)KPCEJLWR
LWOVVFCPCREJCOVWCCPFC2QTSWUGNQ
FKLKUVG!0QVGFKLKOQUSWGPQFGDCUFGEKTPCFC!
UGVG
EQORNGOGPVQTGHNGZKXQFGNCUGIWPFCQ
VGTEGTCRGTUQPCFGNUKPIWNCTQFGNRNWTCN/QQR
EJCOLCZLWOCCPFC-CODCKFJKMCLK
OCVICOLWRVVFCIWDKCROCIWV[CC0Q
VGRTGQEWRGU5OGXQ[CECUCTEQPVKIQFKLQGN
LQXGPCNCOWEJCEJC
=5GRTGUGPVCFGURWUFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTO

LWOCCXaVVCNNCTTCURCT
RCTCGZVTCGTNQUJKNQU

-CDWKOWMLCOQQVWLWOCCIWVQQODZ
EJCPQQNJPCCUMKEJCKVWICTC/CCPCXQ[
CTCURCTGNOCIWG[RCTCGZVTCGTGNKZVNG[NWGIQ
JCTVCNGICURCTCXGPFGT=RTGULWO
RTGVLWOCC?

LWOCKCFLQVTQ,WOCKRLWRLKICNJKFJCIW
VCMCCTWKPCLKFJQQTC,CRLKZKKCOK
8PFGOGQVTCICNNKPCRCTCEQEGTNCRWGUVGPIQ
ICPCUFGEQOGTECNFQ
LCKCFLCNIWPQUQVTQU

LWOCKRCFLQVTQOU
FGNCOKUOCHQTOCQ

ENCUG2CCODCFTLCMLKKOFJKDCCMPCO
DCDJLRCKFJTRZLKDWCPVWVWCVT!,CK
LWOCKR&GFPFGXGPFTPGUCUXCECU!
2QTSWGUCNGPFGCNNFGGPVTGNQUGPEKPQU(LGUG
UCNKQVTCOU=RNLCKR?

LWODJCKPVGTLSWKPUCDG!t,MLCRKOVCK

CCRKOLCPQPCRKOVRCKFJWWMOKFJCKIWZ
MCK,WMVT!tLWRMCKEJIW/CTVKK
t,WODJC!,MPCEJKRPtLWRMCKEJIW
/CTUGGNQt%WPVQUFGWUVGFGUXQVCTQP
EWCPFQCRQ[CTQPCNIQDGTPCFQTFG5CPVC/CTC!
tRTGIWPV/CTVPt3WKPUCDG!;CPQOG
CEWGTFQEWPVQUtEQPVGUV/CTEGNQ

LWOEJWNJFJCXaDCECDCT
NSWKFQFGQVTC

RGTUQPCQCPKOCN,CTQQLWOEJWNJIW
ODVCPC[CPKMCDKCMCV!3WKPUGCECD
OKOKGNSWGVGPCCSW!=RTGVLWOEJWNJ?

LWOFWWMCOUUKIPKHKECFQ
FGCNIPGXGPVQ

,CZDCTLWOFWWMCOEJKFJKMCZKQPCDJCK
RCKMCKEJ!,CTQKZOWCCOCOCCEJKMC

'&+%+024'.+/+0#4`

LWOKC

6'2'*70'52#1.

LCTQKZEJWCKOCC!3WUKIPKHKECEWCPFQUG
Q[GNC\QTTCRQTCJ!3WKGTGPOCVCTCCNIWKGPQ
CNIWKGPUGXCCGPHGTOCT!

LWOKCXaKCECDCTUGCIQVCTUG
NSWKFQ%JCOMC

LTTFJKVTQQMC/QQEJKDCLWWOIWICUQNKKP
;CPQCTTCPECGUVCECOKQPGVCETGQSWGUGNG
CECDNCICUQNKPC=RTGVLWORTQITLWOKKOQ
LWWOKOEQPVLWOKKFJCQLWWOKFJC
RWPVLWOMQLWWOM?

LWOMWCFCOCFLEQOGUVKDNG,CKUCRLKTLWO
MWCFCOIWVWCMCK5GFKEGSWGCNIWPCU
DGNNQVCUUQPEQOGUVKDNGU=EQRLKT?

LWOOCFC=EQPVFGLWWOC?GUVCTCECDCPFQ

NSWKFQ

LWOOW=XCTFGOWOOW?CNN
CDCLQNGLQU
LWORCFCXaVLWPVCT,KRCNJDWKFJCCR

2GGITQPCEJOCCRLWORCFCFJKLWWPPCDC
EJCOZKLCKMCPCDJCKKCPQVDCLK
FJWWP2GFTQC[FCOGCLWPVCTGNOC\RCTC
SWGUGCHEKNEWDTKTNQEWCPFQNNWGXC
XaTLWPVCTUGTGWPKTUG
UWLCPKO,MLCO
UKCOTKOKDCOLWORCFCKOIWLCVMCOPC
UCCMLKTCIKEJCOMC!%WPVCURGTUQPCUGUVP
TGWPKFCU[CRCTCNCLWPVC!
=RTGVLWORCKQLWOCCRRTGULWORCP?

LWOVOQKFJCMCFXCHKPGUFG,WO

VOQKFJCMIWWVWWDTKOQQDCLKTQTCDJCM
MC.CRK\ECGORKG\CCHKPGUFGNOGUFG
QEVWDTG

LWPDCCUGNQVG&CKVQQOQMLCMDZMCRLKZ

LCKEJMCIWLWPDCC0CFCOUGPQEVWDTGJC[
GNQVGUGPVQFCURCTVGU

LWPDQUECC
FGC\ECT:KDFJQIKIWVW

DCCRCKLKIWMNJKKIWLWPDQ/QQIQQM
VCCOTCPQVDCMCCRCMC#JQTCOKVQ
RNCPVECCFGC\ECT[RKGPUQKTCFGEKTNGSWG
OGFWPCUEWCPVCUEWCPFQ[CGUVPOCFWTCU

LWPOCFCXaVIWKUCTEQPOQNG)WDJQOMQZ

LQKFJCOLKZKQQDIWICKZKORKCOLWPOCZKO
.CECTPGFGNVGEJCNQVGGUUCDTQUCCUCFCQIWKUCFC
EQPOQNG=RTGVLWPOCKRTGULWPOCP
TGULWPOCZKO?

LWPOCZFJCXaDIWKUCTEQPOQNG
RCTCQVTC

RGTUQPC#C[CVKLWPOCZKIWOVCCVFJK
DJQOMQZPCVLKEJKC#SWGUVQ[VTCVCPFQFG
JCEGTOQNGFGVGEJCNQVGEQOQOGNQRKFKVW
RCR=RTGV[RTGULWPOCZK?

LWPOCPUOQNG

MCKEJWMLWPOCPRKRKP
PCDLWPOCPOQNGFGPQRCN
DQKMLWPOCPOQNGFGEJWCNGU
RCCUWKEJLWPOCPOQNGFGGRC\QVG
VCCUPCTCLWPOCPOQNGFGJQPIQFGRKPQ

LWPWWP=CRQUFGLWWP?UWOC\
LWRRCTV+PFKECTGRGVKEKPGPEWCPVQCVKGORQ

)KQUCRLWRVWOVWMICOVCRCKFJWWM&KEGP
SWGXCCJCDGTQVTQGENKRUGUQNCTCNIPFC
+PFKECTGRGVKEKPGPEWCPVQCNWICT)COCLCM
RCRLWRDQMC)KKNJKODJCLCMLK
CKURCKOCR#EWUVCVGOUCNNRWGUOGGUVU
CRNCUVCPFQ
LWRMCKEJFKEG
LWRVVFCNGFKEG

LWRCCDCPCFLRCTGLQCNPKXGN$JCKRZPQ

KEJDCVUFCCOFTDJCKFJTLQVOQFC
CC[CKDJCOO)KQVCOPCIWDCT
LWRCCDCP&GURWUFGUWDKTCNNNNGICTTRKFQ
C.NCPQ)TCPFGRQTSWG[CGUVRCTGLQ=EQRLKT?

LWRCCDCPCFXCORNKCOGPVGUWHKEKGPVGOGPVG

NNGPQ,KZLMKCOFJKNJKEJOKOEJWUPCO
IWEJKLWRCCDCPLKZMQMDCP'UVPEQPVGPVQU
GUVQUICVKVQUUGTRQTSWGGUVPUWHKEKGPVGOGPVG
NNGPQU
EQORNGVCOGPVG
NNGPQ,WRCCDCPUWWPICO
LCROQQDJCDCKIKMCIWUWWFCKFJKDCNFK
EJCO6TCGGUVCEWDGVCEQORNGVCOGPVGNNGPCFG
CIWC

LWRCCDFCXaVOGFKT,CZVFJKKLKPKCTW

PCOKEJWLWRCCDCPPCRCKOMUCIW
MCCEJC!%OQUGNNCOCGNKPIGPKGTQSWGGUV
OKFKGPFQFQPFGXCPCJCEGTNCECPEJC!
XaTRGTUQPKHKECTFKUHTCUCT6VMKEJIW
RCCUWNJUCROWRCKVKRLKOC[CUCIWEJK
OQQVWLCQQMPCDJCCPLWOLWRCCDCP5Q
SWGOKVQOGSWKUQFKURCTCTRQTCJRGTQ[Q
ETGQSWGCNIPFKCDNQUGGUVCDCFKUHTC\CPFQFG
N
=EQORNRNLWRCDFCRTGVLWRCCDCKLWRCDCK
RTGULWRCCDCPLWRCDCP?

LWRCCDMCOU+PFKECWPCRGTUQPCSWGVKGPGOGPQU

FGTGEJQCOCPFCTSWGQVTC,CZDCMWRDCOW
RCKDWCOVVFCFC!0CCUMWVWTLWO
LWRCCDMCO%OQGUSWGVGCVTGXGUCJCDNCTNG
FGWPCOCPGTCHWGTVG!2WGUPQVKGPGUFGTGEJQFG
JCDNCTNGCU=CRQULWRCCDMCOWP?
5KPPCNJKQMCO

DJQOMQZLWPOCPOQNGFGVGEJCNQVG



'&+%+024'.+/+0#4`



6'2'*70'52#1.

LWRCCCFLFGUJKNCFQ,KZLWWRCMIWLKKNICP

IWOUCDWKTCZ/WRCKDCMUCKWWZEJCO
'UVPFGUJKNCFQUVWURCPVCNQPGURCTGEGSWGUGVG
CVQTCTQPGPWPRCNQ=RNLWWRCMEQRLKZ?

LWRDWC=RTGUFGLWRFWKC?UGJCEG
LWRDWCFC=EQPVFGLWRFWKC?GUVCTJCEKGPFQ
LWRFWKFJCXaDJCEGTHQTOCT
RCTCQVTC

RGTUQPC/CCPLCRLWRLKFJWKFJCIW
WOWWDQPCCORCKFJWWMPQREJCOQQPFC
IV2QTHCXQTJC\OGWPUQODTGTQFG\Q[CVG
CNIPFCEWCPFQVGPICUVKGORQ=RTGVLWRFWK
EQPVLWRDWKZKFJC?

LWRFWKCXaVJCEGTHQTOCT
EQUC,CKIW

LCVMCOLQKFJCOLKZOCCVVLWRDWCCOIW
WOWWDCCNJ#NIWPCURGTUQPCUUCDGPDKGP
JCEGTNCUECPCUVCUFG\Q[CVG
XaTJCEGTUGEQPXGTVKTUG
CQVTCHQTOC,KZ
IWDWWMLWRLWODWCIWLQPQVDCICC'N
EWGTQUGJCEGFWTQEWCPFQUGUGEC
=RTGULWRDWCRTGVLWRFWWEQPVLWRDWCFC?

LWRPCXaVUCECTGZVTCGT
FGFQPFGGUVOGVKFQ

CLWUVCFCOGPVG,KRCNJDWKFJCCRLCLWWRUC
FJKRQQUVKULCKOKEJWVVW#[FCOGCUCECT
GUVQURQUVGURQTSWGXQ[COGVGTQVTQU
ECNECTFKDWLCT,KEJCKDWKFJCCRFJKO
UKTDKNKCVPCLWWRUCFJK[QQZKPCOK
LWWRZKZ,QKFJCOLKZCDJCT2TUVCOGVW
OCPVGNRCTCFKDWLCTNCUHNQTGUDQTFCFCUVCP
DQPKVCUSWGVKGPG
FGUJKNCT0QEJCODKCIWRCDKKNUKCIW
OCCPVCLKTCOPCZKLWWRUCKDJCCPVW
MCFJKKTVC5KPQVGPIQRCDKNQRWGFQJCEGT
XGNCUFGUJKNCPFQNCOCPVC
VQOCT
HQVQITCHC/CKMLCOCCPLWO
LWRPCTCDJCOOPKQKFJCVCOPCFTDJC
LCMLKZEJWOCCZ8COQUCNEGTTQFQPFGUGXG
JCUVCCE[VGVQOQWPCHQVQ
=EQORNRNLWWRUCRTGVLWRLWWRUC
EQPVLWRCCUFCLWWRCUFC?
LKZDJCKOLWWRCUUGUCECEQPHCEKNKFCF
LKZOCCVVVWLWWRCUUCDGDQTFCTUCDG
FKDWLCT
LWRPKEJWLWWRZKEJWEQTTGTCVQFQNQSWG
FC

LWRKCXaK\CHCTUG#ORZLWRCCMFJK

DCKFJCU%JCODJCKCCPCRKO
MORKIC!LWRLCVVFCIW2GGITQIW
OCCOTCP5G\CHCNWGIQNCECDG\CFGGUVC
JCEJC0QGUVCTCDKGPSWGNCCTTGINGP!FKLQ

LWTPKC

2GFTQCUWUJKLQU=UWLRNLWWRMKCRTGVLWR
LWWRMRTGULWRCCMQLWRRCMLWWRCM?

LWRKFJCXaDUCECTGZVTCGT
FGFQPFGGUV

OGVKFQCLWUVCFCOGPVGRCTCQVTCRGTUQPC/KFJT
LCRLKLWRKFJCIWLQK;LPKRCKDCCZUNJ
LKMQOCO2QTHCXQTC[FCOGCUCECTNC
GURKPCSWGVGPIQOGVKFCGPNCGURCNFC
FKDWLCT
RCTCQVTCRGTUQPC,KEJCKDWK
OCCPIWOWWCPMWOKZKOLWRKFJCPC
LCZEJWOVWDCKOKPCRDCZOCVMC
2TUVCOGWPRCRGNRCTCFKDWLCTVGEOQGUNC
OCTECFGOKICPCFQRCTCSWGUGRCU
=EQORNRNLWWRZKFJCRTGVLWRKLWWRZK?

LWRKCFLSWGUGFGUJKNCHEKNOGPVG,KZLWWRMK
IWOCCPVCMWVWWPPQVDCUCT.CECOKUCFG
OCPVCUGFGJKNCHEKNOGPVGEWCPFQUGTQORG
=RNLWWRMKEQRLKZ?

LWRRCM=RTGUFGLWRKC?UG\CHC8CTLWRCCM
LWRVWOCFXXCEQ,CTQQDCOQQLCR

MQKOMIWDJCDPCDCRVWO[CFCCIW
LCCC!/QQEJKCCR#NRQQP3WKPUGEQOK
NQUHTKLQNGU[FGLNCQNNCXCEC!#NQOGLQTHWKUVG
V#NHQPUQ

LWTUEQTC\P5NJLWTCTCOLCOVOC[CUCIW

UWKOCNJ/CCPPCVLCZOWW.GFKGTQPFG
DCNC\QUCNXGPCFQGPGNRWTQEQTC\P[UGOWTK
NWGIQ=RNLWLWTCRQULWTCCP?
LWTCTCOGPUWEQTC\P
FGNQFGGNNC
LWTCCPDKCGUOW[NKUVQ
EJCOLWTCCPDKCVKGPGFGHKEKGPEKCOGPVCN

LWT=RTGUFGLWWNJKC?NQWPVC
LWTCCDUEKPVWTC#TFKEJVWLWTCCDFJKCNJKK

,CZDC!,KZICMCC!'UVGPKQVKGPGEKPVWTC
OW[FGNICFC2QTSWUGT!'UVCTHNCEQ!
=RNLWWTCRCRQULWTDCP?

LWTCCDRQURGPOGFKQFG$JCOOPKVWMQUIW

MCMQQPFJKVVDDCCRCKLWTCCD'NEWGTXQ
VKGPGUWPKFQGPOGFKQFGCSWGNNQURGCUEQU
CNVQU

LWTDCPCFXCNCEKPVWTCd,CROQQTVDFJK

2CCEJW$JCKRZLCRLWKLWTDCPd#[
EOQGUCNVQ(TCPEKUEQ0QOUNGNNGIQCNC
EKPVWTC

LWTPKCXaKRCUCTETW\CT
NWICTHGQQTQ

ETGEKFQ,CZLCEJDCFJKDWDWCMKCDCCUP
FTLCM!6PCIWIOTIWUWWFCK%JCO
CCEJKDKCPQEJKEJOWLWWT!%OQ
XCOQUCETW\CTGNTQ!2WGUGUVOW[ETGEKFQ
0QETGGUSWGPQUNNGXGUKKPVGPVCOQUETW\CT!

'&+%+024'.+/+0#4`

LWTPKC

6'2'*70'52#1.

DCLCTUG
EWGUVCCDCLQ/KPKRRWLWTPKCDZ
CPUCRPCRLCUQQOFJCTCIWMCMCTDCZ
6QOCGNCVCLQ
NKVDLCVGEWGUVCCDCLQRCTC
CNECP\CTCFGVGPGTNCUEJKXCU
OGVGTUG
KPFGDKFCOGPVGCNTQ%JCRCITGGP
OKLWTWWMFCUWWFCKEJTLKEJKQ/K
LDCCOLCRKEJPCIWZLRK0QVGOGVCUGP
GNCIWCJKLQRWGUVGXCCFCTHKGDTGRQTSWGGUV
HTC
=UWLRNLWWTMKCRTGVLWTLWWTEQPVLWTWWMFC
QLWWTWMFC?
LWTPKCXaKJCEGTUGVCTFGCPQEJGEGT%JCO

ZKKODCLWTPKCPQTCNJKEJEJCPQQNJ%WCPFQ
GNFCGUEQTVQRTQPVQUGJCEGVCTFG
UGTNVKOQFC
FGNOKVQVG:KDLKLWTPKOLKC
IWZKQVCNJDJCKFJT/COCCTMKUVCO
MCDWKOWMDCLKZKCNJKC#JQTCGUGNNVKOQ
FCFGNOKVQVGFQPFGDCKNCPNQU/TSWG\[
OCCPCCNCOCPGEGTUGENCWUWTC
=RTGVLWTEQPVLWTPTFC?

LWTPKRCFXRQPKGPVG,CZMWDCLWTPKRLCM

RZVPKFJKOCMIOPCVWKQMKO!%JCO
DJCKCCPCZKCNJDWKLCMVVIK!2QTSWGN
EWTCPFGTQXGUQNCOGPVGJCEKCGNRQPKGPVG
EWCPFQQTC!0QUGTCOGLQTSWGXKGTCJCEKCGN
QTKGPVG!

LWTPKCFLDWGPQRCTCRCUCT
NWICTHGQQTQ

ETGEKFQ,CKIWLCVMCOLKZLWTMKCOUKCMW
IOTIWUWWFCKRCKCMMP#NIWPCU
RGTUQPCUUQPOW[DWGPCURCTCETW\CTWPTQ
CWPSWGGNCIWCEQTTCOW[TRKFQ=RNLWTMK
EQRLKZ?

LWTPMCFXCNCPQEJGEGT,WTPMVWMWCFCIW

OCMIOPQVWWCOZK%WCPFQGNEWTCPFGTQ
GUVEWTCPFQPQEQOGUKPQJCUVCGNCPQEJGEGT

LWTKFJCMCFXCVCTFGEKGPFQ%JCOLCZDWCUKC

MWEJKEJLKZFJCCOFWWMMCLKKPCIWTOKCP
,WTKFJCMLCEJDJCOODCCC[C#WPSWG
UCNICOQUCNOGFKQFCEWCPFQGUVCVCTFGEKGPFQ
NNGICTGOQUCNNRQTSWGGUVEGTSWKVC

LWTWWURCUQ
NWICTHGQQTQETGEKFQ0QDCT

VPIKCMRWEJCOLKTLWTWWMCOLCMMP
PCIWIKKNJKOIOTFCIWUWWFCK'PNC
RQECFGNNWXKCUPQJC[RCUQGPGNTQRQTSWG
GUVOW[ETGEKFQ
EJCMWKLWTWWIWDQKOLODRVCP
VQFCXCPQNNGICGNECOKPQJCUVCCDCLQ

LWTWWFJCXaKSWGFCTGUVCT
GPWPNWICT

,MLCRLWTWWFJCDJCOO/GGLKMPQOV
IWOQQOCLKODCKFJCM!%WPVQUFCUXCUC



GUVCTGP/ZKEQUKVGNNGXCP!
NNGICTCNNVKOQFC
FGNOKVQVG/CCZFJKO
OQQDCLKLWTWWFJKFJCIWZZKZFJWMCO
DJLFT#CRLKDCPQRIWVWMQKRQPCLK
ZKCNJKC2CUCFQOCCPCNNGICPCNNVKOQFC
NQUSWGGUVPIWCTFCPFQNCUCNRQTCNN3WVCNUK
XCOQULWPVQUCEQOGTEQPGNNQUEWCPFQUG
ENCWUWTG
#NIWPCURGTUQPCUUGCDUVKGPGP
TKVWCNOGPVGFWTCPVGFKG\FCUGUFGEKTNQUEKPEQ
FCUFGNOKVQVGOUNQUUKIWKGPVGUEKPEQFCU1VTCU
RGTUQPCUUGCDUVKGPGPUQNCOGPVGRQTNQUNVKOQU
EKPEQFCUUVCUPQDCKNCPGNOKVQVGNCPQEJGFGN
SWKPVQFCUKPQSWGNNGICPCNRCVKQEGTGOQPKCNNC
OCCPCFGNUGZVQFCRCTCCUKUVKTCNCENCWUWTCFGN
OKVQVG
=RTGVLWTWW?
LWTWWFJCXaVC[WFCTCRCUCT
NWICTHGQQTQ

ETGEKFQ/WLWTWWFJCCRPQDEJKFJKCNJKK
OWCMMPPCIWDJKMCIWUWWFCKPQR
FNJOWEJKCP%WCPFQNNGIWGPCNTQCICTTCCN
PKQFGNCOCPQ[C[FCNGCETW\CTRQTSWGUKNQ
FGLCUETW\CTUQNQGNCIWCUGNQNNGXC
=RTGVLWTWWEQPVLWTWWFJKFJC?

LWW=RTGVFGLWIKC?2GLVWLWWEQOK
LWW=RTGVFGLWIKC?UGCECD

LWWIVRQURJCUVC
NOKVGFGWPCECPVKFCF2C
LCRLWWIVLCOKKKEJCIWLWWPFJKDCCNJ!
*CUVCFPFGSWKGTGUSWGVGNNGPGGUVCECPCUVC
EQPOC\!
JCUVC
NOKVGFGWPTGC2CLCRLWWIVLKT
LKEJFJTDC!*CUVCFPFGVGTOKPCPWGUVTQ
VGTTKVQTKQ!
JCUVC
NOKVGFGWPVKGORQ'CCCLZLWWIV
LWRLKZPCMQQPCOWFWRKC#XGTSW
VCPVQRWGFQDWEGCTUKPUCNKTCNCUWRGTHKEKG

LWWMCFLECNKGPVKVQVKDKQ$CZLWWMIW

UWWFCKPCRUCCMDCVDKC;CGUVECNKGPVKVCGN
CIWCRCTCSWGVGDCGU
ENKFQ
ENKOC/WLCRVCCVUCDLQKFJCOLK
PCZLWWMPCIWTDRVCP'PVKGTTCENKFCGN
ENKOCGUECNWTQUQRQTSWGUGGPEWGPVTCGPWPC
RCTVGDCLC
=EQRLKZ?
LKZLWWMMCOMCKEJJCDNCEQOQUK
GUVWXKGTCDQTTCEJQ

LWWMCFJCXaVECNGPVCT
EQORNKPCP

)QQMLCMWCOTCMWMPLWMMCFJCIW
EJQQVQP8Q[CVTCGTNGCRCTCECNGPVCTOGNQU
RKGU
XaVIQNRGCT
OQFKUOQ6CMCCDLCOVVKRLK

'&+%+024'.+/+0#4`



6'2'*70'52#1.

LWWMCIWOCKMMCOOWPCRCKTRKCUVCMCV
COVMQDDCOFCTCCUCODJCKFJCV#[GT
EWCPFQCPFWXGGPNCHKGUVCOGSWGTCPIQNRGCT
NQUDQTTCEJQURWGUUGGUVCDCPRTGRCTCPFQRCTC
RGNGCTEQPOKIQ
XaTECNGPVCTUG
EQORNCPKO,CMMCZKLKO
LKEJKQ/KOLWWMCFJCIWOMWWZK
*C\VGCWPNCFQJKLQRCTCSWGVWVQUGECNKGPVG
CNN
=EQORNRNLWMMCFJCRTGVLWWMCLWMMC
RTGULWWMCFJKLWMMCFJK?

LWWMIKCXaKECNGPVCTUG
UWLCPKO)QQM

LCEJZKEJWMWCIKPCEJMPLWWMIKCOW
MKKEJCO8COQUCNNGXCTNGCRCTCECNGPVCTPQU
GPNCECUC
ECNGPVCTUG
UWLKPCP%JCODCLWWMCCCIW
IKUCCTPCRDJCKDCEJDJKKFJCMWEJDCVW
MQKEJIFC!;CUGECNGPVGNIWKUCFQRCTCSWG
PQUUKTXCUCNIQFGEQOGT!
=UWLRNLWWMIKCRTGVLWWMCQLWWMILWMMC
RTGULWWMCLWMMCEQPVLWWMCPFCQ
LWWMCKFJCLWMMCTFC?
COLWWMCIWDJCCUWVOGGPQL
NKVOG
ECNGPVGNRGEJQ
LKZLWWMCNJICOUDGDKFCGODTKCICPVG

LWWNJFJCXaDWPVCT
CQVTCRGTUQPC,CTQQ

DJCOLWWNJIWVWMTCFCPCDCIZEJWMIWO
MCCO!3WKPVGWPVJQNNP!2WGUVWOGLKNNC
GUVDKGPOCPEJCFC=RTGVLWWNJRTGULWNJKK?

LWWNJKCXaVWPVCT#NJKEJLKDJKOTIW

QUCCOMW[CPKLWWNJKCPCRCKIW
DKRTZMCVVKOQQKCOFQFJKC6TGOGWP
RQEQFGTGUKPCFGRKPQRCTCWPVTOGNCCSW
FQPFGVGPIQITCPQUCXGTUKOGCNKXKQ
=RTGVLWWTWRTGULWT?

LWWOCXaVCECDCTEQPUWOKT
NSWKFQ,WWOCK

CROQQFJKDKKOPCEJCOOKLMNJKC
#EDCVGNCNGEJGRCTCSWGPQUGCITKG
=RTGVLWWOEQPVLWOOCFCRTQITLWWOCKO?

LWWOKFJC=EQPVFGLWOKC?GUVCTCECDPFQUG

NSWKFQ8CTLWOKKFJC

LWWOKO=RTQITFGLWOKC?UGGUVCECDCPFQ

NSWKFQ8CTLWOKKO

LWWOM=RWPVFGLWOKC?JCDKPFQUGCECDCFQ

NSWKFQ8CTLWOM

LWWPUOC\;CFJK/GGLKMLKZKQOLWOMWC
IWLWWPVOMCNJ#SWGP/ZKEQUGEQOG
OWEJCVQTVKNNCFGOC\=RQULWPWW
CRQULWPWWPQLWWPICP?

LWEJWFC

LWWPLKZ[QQVCNJICOOC\RCNQOGTQ
WKKLWPWWUUQTIQ
UKNXGUVTGNKVOC\FG
RLCTQ

LWWRCM=RNFGLWRCC?FGUJKNCFQU=EQRLKZ?
5KPPLWWRMK

LWWRMKC=UWLRNFGLWRKC?UG\CHCTP
=RTGVLWWRMRTGULWWRCM?

LWWRMK=RNFGLWRK?SWGUGFGUJKNCPHEKNOGPVG
5KPPLWWRCM

LWWRUC=EQORNRNFGLWRPC?UCECTNQU
=RTGVLWWRUCEQPVLWWRCUFC?

LWWRZKFJC=EQORNRNFGLWRKFJC?UCETUGNQU
=RTGVLWWRZK?

LWWTCR=RNFGLWTCCD?EKPVWTCU
LWWTMKC=UWLRNFGLWTPKC?2GLLWWTMKCCO
UGDCLCTP=RTGVLWWTEQPVLWWTWMFC?

LWWUUJQ\,WWULWOCCPQKEJDCVWLKKMCO
IWUCK5GPGEGUKVCWPCJQ\RCTCEQTVCTGN
\CECVG=RNLWLWWU?

LWWVUWC
RGTUQPC2WLWRIWLWWVPCKEJ

LWVDQOWPKFJTPCDJCKMCONJEJW5GOG
EC[NCWCEWCPFQOGVQRGNRKGEWCPFQXGPC
EQTTKGPFQ
ICTTC
CPKOCN6CMCCDLCKEJLQKFJCO
FCCIMMCZKKQOOCKFJKOKKEJW,QVOQFC
LTMMDJCKRWLQMMKCUC,CK[CRZ
OCOCCZIWLWWVWP#[GTEWCPFQGUVCDC
CECTKEKCPFQGNICVQFGRTQPVQOCWNN[OG
TCUIW/KTCCSWGUVPNCUOCTECU
=CRQULWWVWP?

LW=RTGUFGLWIKC?UGCECDC
LWLWCTCM=RNFGLWCTCM?FGOCUKCFQHNQLQU
=EQRLKZ?

LWEJWFCXaDRTGUGPVCT
CNPKQGPGNOKVQVG

JCEKPFQNGEQOGTEQOKFCTKVWCN:KDFJKVCCDJCM
PCVOP[CIWZKQVCNJLCEJVWLWEJWFC
FJKOCTCCZ%WCPFQUGDCKNGGNOKVQVGGUVG
KPXKGTPQXQ[CRTGUGPVCTCOKJKLKVC
FCTFGEQOGT
TKVWCNOGPVG2CPCCULCRLKZ
KQQDFJKLWPOCPDRMCDWKOWMPCVW
LWEJWPIWOCMIO)WEJKRZLCRVFM
KLKPCOMEJCOMWCFCVIWQP6GPC
OWEJQUCDQTGNOQNGSWGOGGUVCDCFCPFQGN
EWTCPFGTQGPNCOCCPC5GTRQTSWGPQJCDC
EQOKFQUCNRQTOWEJQVKGORQ!
%WCPFQWPC
RGTUQPCC[WPCTKVWCNOGPVGRQTWPOGUGNEWTCPFGTQ
VKGPGSWGFCTNGFGEQOGTRCTCSWG[CRWGFC

'&+%+024'.+/+0#4`

LWRCDFC

6'2'*70'52#1.

VGTOKPCTUWC[WPQ
=RTGVLWEJWFC?

MCCNJKUQKUITKNNQ6WMCCLCMVWMWWIW

LWRCDFC=EQORNRNFGLWRCCDFC?OGFKTNQU
=RTGVLWRCDCKRTGULWRCDCP?

MCCNJKUQK)KKNJKOMCKEJFJC'NITKNNQECPVC
FGPQEJG[JCEGWPTWKFQHCUVKFKQUQ=RNMCMNJK
UQUUQKQMCNJNJKUQUUQK?

MCCOUOGLKNNC$CZEJFWIWMCCOCPFJK

#PTGGUPCVKCVCMCCDOWPKIKQVT-CCOCP
MPDCMOKIK;CUGRWUQEQNQTCFCNCOGLKNNC
FG#PFTURQTNCECFCSWGUWHTKC[GTGPGN
NNCPQRCTGEGSWGUGEC[UQDTGUWOGLKNNC
=RNMCCMCOCRQUMCCOCPMCCMOCP?

-

MCCOVCXaVOCPVGPGTGPNCDQEC0QZMQM

MUWHaX+PFKECVKGORQRCUCFQRWPVWCNRGL

DCVDKTCMLCKEJOGHWCDCCT
[TGITGU[C
MVCMCCDNNGICSWC[GT
[FGURWUUGHWG
+PFKECSWGWPCCEEKPUGNNGXCECDQCPVGUFG
KPKEKCTQVTCCEEKP/CCRFTWWZMPZKUKKURCM
PCDCEJCOICKIZKCIWDJKKQT&GWPNCFQ
RWUQWPRCNQFGUQRQTVGRCTCSWGPQUGNCFGGNC
ECTIC
+PFKECNCRTKOGTCFGFQUCEEKQPGUEQPUGEWVKXCU
RCUCFCU2WKZKEJMRWLKK&KLQCU[NWGIQ
UGHWG
=)TCO?

MCRTGHaXVQFCXC-CZLRKPCIWMCT

MCDWKOWM6QFCXCJCEGHTQRQTSWGGUFG
OCCPC
+PFKECSWGWPCUKVWCEKPQEWTTGOKGPVTCURCUC
QVTC/CLWWDCMIWMQMQNJPCOKKMCO
ICTCV2CTGEGSWGUGCECDCTQPNQUEJKNGUSWG
GUVCDCPXGPFKGPFQCNN
=)TCO?

MCCMXaGVGPGTUCDQT%JCOPCCCOLCKFJVIW
DKKPCIWIKKNJKOMCCM#CNIWPQUPQNGU
IWUVCGNOG\ECNRQTSWGVKGPGWPUCDQTOW[
HWGTVG
LQKFJCOMCCMUCDGUCDTQUQ
LKZMKKUMCCMUCDGOWEJQCSWGUQ
EJCOLWODKFJCOMCCMGUVCPUCDTQUQ
SWGWPQPQSWKGTGFGLCTPCFC
QPMCMCFLUCNCFQ
NKVUCDGCUCNSWG
VKGPGUWHKEKGPVGUCN
OCKMCMCFLFWNEG
NKVUCDGCOCIWG[

MCCMCK=RNFGMCK?OWUNQU=CRQUMCCMCK?
MCCNFQUECNFQ
FGECTPGEQPVQFQ[JWGUQ
#NJKEJLCRLKEJQKFJCIWMCCNFQPCLC
WCVWNJKFJCFJKCCCNJEJWM2QTHCXQT
UTXGOGVCPVKVQECNFQRCTCEQORCTVKTEQPOKU
JKLKVQU8CTMCCNFW



IWEJCCVCOLWOCCPCMCCOVCIWVCCVCO
MQMDJCKIOPCDCEJCOMCMQMMC
%WCPFQOGFWGNGPNQUFKGPVGUPGEGUKVQOCPVGPGT
WPTGOGFKQGPNCDQECRCTCSWGPQOGUKICP
FQNKGPFQ=RTGVMCCOQMCCOVCRTGUMCMOCV
TGUMCCOCV?

MCCRCM=RNFGMCDCCM?FWTQU=EQRLKZ?
MCCRCMCFC=EQORNRNFGMCDMCFC?CRTGVCTNQU
=RTGVMCCRCMCKRTGUMCCRCMCP?

MCCRCMCO=RNFGMCDMCO?CRTGVCFQU=EQRLKZ?
MCCRCMC=UWLRNFGMCDMC?RQPGTUGFWTQU
=RTGVMCCRCMCEQPVMCCRCMCTFC?

MCCRCMUQUUQK=RNFGMCDCCMUQK?NCPIQUVCU
MCCUCKUCTFKNNC
CTDTGC+CORZRWEJWOR
IWMCCUCKPCLCZEJWOIWDJQOMQZFCKLK
PCIWZKQOLKZEJFW'UVGVKRQFGCTFKNNCUG
RCTGEGOWEJQCNVGEJCNQVGPCFCOUSWGGU
OUC\WN=RNMCMUCK?

MCCVXaGGUVCTCEQUVCFQ
UWLKPCP,K

DJKOTIWVCNCCEJOWPKPCMCCVDCMDVC
6TGOGGNVCNCEJQSWGGUVCNNFGDCLQFGNCECUC
GUVCTVKTCFQGUVCTRGTFKFQ/WPKRZDVVDQK
EJCOIWPCPMCIKCDRPCDJCLKO,CTQK
DCMOCKKCDW'UVCDCPVKTCFQUWPQUCTGVGUGP
GNECOKPQEWCPFQ[QXGPCRCTGEGSWGCNIWKGP
NQURGTFK
=UWLRNDVEQRTGVMCCVVDVV?
RZLKKCMMCCVITKVCOW[UGIWKFQ
ICKMCCVXaGGUVCTNCFGCFC
EQUCOUCPEJC
SWGCNVC

MCC[CXaVQT)MPLCROWLKMCKFJC

IWOZKKZPCDCOMCC[C)TVCNGHWGTVGCVW
JGTOCPQRCTCSWGVGQKIC
GUEWEJCT/WKZKMIWUGPUGGTPQPCRC
LCMRZUCOKOPQOKCODJCKDCLKKOIW
MCMCTDCZ'UEWEJCNCECORCPKVCRCTCUCDGT
FPFGUGQ[GGNUQPKFQCXGTUK[CXKGPGPNCU
EJKXCU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

QDGFGEGT'CROKIIDFJKCNJKK6WMWDC
OQQLCREJCOOCCVVVM#XGTRICNGC
GUVGPKQ2QTSWPQUCDGQDGFGEGT!
=RTGVMCKRTGUMEQPVMMCQMM?
EJCOOCCVVMPQGPVKGPFG
EJCOVMGUUQTFQ

MCC[WCFLSWGNQUTWKFQUNGJCEGPGPUQTFGEGT

%JCRKODJCLCRCOWWDLKEJCCIKQD
LKKCMFCCCCNJ$CCULCRKOZKLKKMKRW
)KKNJKOLCLKZMCC[WZKDPCLKZZQOCKIK
0QITKVGPEGTECFGOPKQU8[CPUGCQVTQ
NWICTRCTCITKVCTRWGUVGPIQECVCTTQ[UWUTWKFQU
OGJCEGPGPUQTFGEGT=EQRLKZ?
LKZMCC[WOMCKEJUGQ[GWPTWKFQOW[
HWGTVG

MCDCCMCFLFWTQ,KZMCDCCMVWMQOIW

MQQMQU,KZZKLCKPCLCKCPCDCRMDC
LWIKC'NEQEQVKGPGNCEUECTCFWTCGUFKHEKN
RCTVKTNQRCTCEQOTUGNQ
TGUKUVGPVGFWTCDNG,KZMCDCCMLWRLWODWC
IWDJKDCMPQTFCKLQQFCK7PCECUCJGEJC
FGRWTCRKGFTCGUOW[TGUKUVGPVG
=RNMCCRCMEQRLKZ?#PVPOQKM

MCDCCMUQKUNCPIQUVC
KPUGEVQ0QLCUCUQK

IWWLKEJCOLKTMPQICPLCOCCMFJK
PCOMCCRCMUQUUQKLWOVVPCIWMCCRCMC
IWLCVQVQTLQVOQFCMQK[CCODC#NQU
RLCTQUFQOGUVKECFQUPQGUDWGPQFCTNGU
NCPIQUVCUFGEQOGTRQTSWGNGUJCEGFWTQGN
DWEJG[NWGIQUGOWGTGP=RNMCCRCMUQUUQK?

MCDCKUECDCNNQ[GIWC,CROQQZLKIKCTFJK

MCDCK%JCOOKCPLWOCLPPCEJLCZFJWK
IKCC'UVGECDCNNQGUOW[DTQPEQRWGUPQ
RQFGOQUCEGTECTPQURCTCNC\CTNQ=RNMCMDCK
RQUMCDCKMCMDCKCRQUMCDCKICP
MCMDCKICP?
MCDCKEJCOCECDCNNQ

MCDMCFCXaVCRTGVCT-CCRCMCFCCRFJK

VQTPKNNQUPCDCZDJCKMMCFJKOGUPCDC
EJCOLQKFJCPCEJDJCCPVWMWC#RTKGVC
NQUVQTPKNNQUFGNCOGUCRCTCSWGGUVOCEK\C
RCTCSWGPQUGOWGXCEWCPFQEQOCOQUGPGNNC
=EQORNRNMCCRCMCFCRTGVMCDMCKMCCRCMCK
RTGUMCDMCPMCCRCMCP?

MCDMCOCFLCRTGVCFQ
TQRCQ\CRCVQU,CZLC
DCFWKLWRUCEJKFJKDJQQVCU!0CIWZ
MCCRCMCOLKCKZ%OQXQ[CSWKVCTOGNCU
DQVCU!2QTSWGOGSWGFCPOW[CRTGVCFCU
=RNMCCRCMCOEQRLKZ?#PVPFJWUCCTCM

MCDWWNJMCFC

MCDMCOLKOFCOCFXDKGPNNGPQ[CRTGVCFQ

)QQMLCRLKICNJKFJCIWLWWP;CPKWC
IWCTRWWU,QKFJCOLKZMCDMCOLKOFCO
ZKKZMKZKOLCRLWRLKKKEJWNJFJCEJCOVWZ
FJWUCCTCO8PFGOGWPRQEQFGOC\RWGU
CSWVTCKIQOKVCNGIC.NPCOGNCDKGPCRTGVCFC[
UCEWFKFCPQHNQLCOGPVG=EQRLKZ?

MCDMCXaKJCEGTUGFWTQ/KRLCRZKEJW

LWRUWUCUWWFCKMPPCRCKLCZLKZOQKMFJK
FDTMWVWMCDMC)KKNJKODJCLCMLKZ
MWWDJKUEJCNGCIWCFQPFGNCVKGTTCGUV
RQNXQTKGPVCRCTCSWGUGJCICFWTCRWGUJCEG
OWEJQRQNXQ
OCFWTCT
RCTEKCNOGPVGHTWVC,CMKCPPKFJT
DCLKMCDMCIWFWKOWLCRVCCVUCD/QQDC
VWMQKTCPQDCZEJWDJCK&GUFGGUVGVKGORQ
GORKG\CPCOCFWTCTNCUEKTWGNCUGPVKGTTCU
ENKFCUETGQSWGXQ[CRTQDCTNCUEWCPFQ[C
GUVPOCFWTCU
5GFKEGFGNCUHTWVCUSWGPQ
ETGEGPGPTCEKOQUEWCPFQ[CNNGICPCUWVCOCQ
PQTOCNRGTQVQFCXCPQUGOCFWTCPDKGP;C
UGRWGFGPEQOGTRGTQVQFCXCGUVPCITKCU
=UWLRNMCCRCMCRTGVMCDMCMCCRCMC
EQPVMCDMCTFCMCCRCMCTFC?

MCDQQMCFLITWGUQ
FGHQTOCRNCPC,KZMCDQQM
LWOCCIWUCWCPCVLKMQZKCPQZLRK
5GPGEGUKVCWPCEQDKLCITWGUCRCTCEQDKLCTUGCN
FQTOKTEWCPFQJCEGHTQ=RNMQQRQMEQRLKZ?
#PVPMQOCCNJKM

MCDQQTCMXaGJCDGTVGTTP-CMDQTCMRZLCZ
FJCCIWFDTOKPCRCKVWOOQKMFCKOM
PCIWZEJWMCDCCM*C[VGTTQPGUGPNCVKGTTC
CNNFQPFGGUVCDCPDCTDGEJCPFQRQTSWGGUV
FWTC=RNMCMDQTCM?

MCDWKOWMUOCCPC
RCTVGFGNFC,KZ

LRKLKC[CFJK,WMVT/WKOCCPC
DKCMCIWMWCCPCMPLWWMCPFC
MCDWKOWMLCM*CEGHTQCSWGP5CPVC/CTC
XGTFCF!5GPGEGUKVCVGPGTOWEJCNGCRCTC
ECNGPVCTUGGPNCOCCPC
CFXOCCPC
GNFCFGURWUFGJQ[-CLKOKC
KZKDLKMKCCOMCDWKOWMLCDCIKQDJCKR
DCQKTLCMKCPPK#JQTCXQ[COKECUC[
OCCPCCGUVCUJQTCUXQ[CGUVCTCSWFGPWGXQ

MCDWWNJKMCFLGUHTKEQQXQKFG,KTMCMDWNJKM
IWPCTCPMCU.CUPCTCPLCUUQPFGHQTOC
GUHTKEC=RNMCMDWNJKMEQRLKT?

MCDWWNJMCFCXaVHQTOCTWPCDQNC

-CDWNJMCFCKRDJCOOLCRMCZKFJCCUCKFJK
VWK-CDWKOWMLCRDCDCVWFWKCPCVIW

'&+%+024'.+/+0#4`

MCEJKNJ

6'2'*70'52#1.

ZKIDCVWMZKD*C\DQNCNCOCUC[IWTFCNC
RQTCNNCTTKDC/CCPCRWGFGUJCEGTNCUVQTVKNNCU
RQTSWGCJQTC[CGUOW[PQEJG
=EQORNRNMCMDWNJMCFCRTGVMCDWWNJMCK
MCMDWNJMCKKORGTMCDWWNJMCP
MCMDWNJMCP?

MCEJKNJUDQTTGIWKVQDQTTGIWKVC
TGEKPPCEKFQ
2CCFWWMIKIWMCEJKNJPCDCEJCO
PK!%WPFQPCEKGNDQTTGIWKVQ!2WGUPQNQ
XKEWCPFQPCEK=RNMCMCEJKNJ?

MCKUOWUNQ,KZMQMIWMCKPCKEJLKZKQO

MCKDDQDJCKUQPVCOVCMCCD/GFWGNGGN
OWUNQRQTSWGOGRGIWOW[HWGTVGGPWP
VTQPEPC[GT=RNMCCMCKCRQUMCK
MCCMCK?
MCKTCOGPGNOWUNQ
FGNQFGGNNC

MCKUUGOKNNC,KZDKKCNJVWMCKFJKVWOKCNJ

'UVGVQOCVGVKGPGUGOKNNCUOW[EJKSWKVCU
=CRQUMCK?

MCK=RTGVFGMCC[C?Q[GUEWEJ

MCKDCXaTTGXQNXGTUG
CNGUVCTCEQUVCFQ

&QQNJKWOLCRDCMQZKC,WCPCCCRIWLCR
OQQPCKOMCKDK&WTOGVGUKPOQXGTVGOU
,WCPCRWGUVGGUVUTGXQNXKGPFQRQTVQFQUNCFQU
=RTGVMCKDRTGUMCKDK?

MCKDJCXaKOCFWTCT
GNQVGU%JCMWKVWMCKO
OWLCRIWKPCOVICPVWMMCOVUC
6QFCXCPQGUVPOCFWTQUNQUGNQVGUFGNCU
RGTUQPCUSWGUGODTCTQPVCTFG=RTGVMCKO
EQPVMCKMRCTFC?
MCKOCFLSWGJC[GNQVGU
OCFWTQU

MCKEJFJCXaDJCEGTQT'CPCOKZKO

MCKEJFJCFJKMCUGGVPQROQQLQKFJCOM
8Q[CRQPGT
NKVJCEGTVGQTGUVGECUGVGRCTCXGT
UKVGIWUVC=RTGVMCKEJRTGUMCMCKEJWP?
8CTMCKZFJC

MCKEJWMUUGOKNNCFGECNCDC\C)QQMDJCKZK
WKKIWMCKEJWMMWEJVWLCCMKC6TGOG
CNIWPCUUGOKNNCUFGECNCDC\CRCTCVQUVCT
MCKEJWMLWPOCPRKRKP

MCKFJCXaGQTUG)KCOZKFJCCUFJK

TCFKQ%JCODJCKMCKFJCPCLMDCCC
5DGNGGNXQNWOGPFGGUGTCFKQRWGUPQUGQ[G
DKGPSWJQTCUUQP[C
CEGRVCT
NQFKEJQd,CROQQZMCKFJCCOIW
LCVMCOIWKQMKIW5CPVWU#CEJDCIWPK
LZLKd3WHEKNOGPVGNCIGPVGCEGRVCNCU
RCNCDTCUFG5CPVQU2GTQNCUFGPQUQVTQUPQ
=EQRLKZ?8CPUGMCKEJCMCKEJC



LKZDJCKZKOMCKOCUGQ[GDKGP
RZMCKFJCXaKFGEKTUGEQOGPVCTUG

MCKRICXaVFGUXCKPCT)QQMLCZEJWMVCFJK
DJCDPCDJCKLKEJWMCKRICPCDCIKQR
ZKCICOCK8Q[CIWCTFCTCNIWPQUFGGUVQU
HTKLQNGUEWCPFQNQUFGUXCKPGRCTCXQNXGTC
UGODTCTNQUGNCQSWGGPVTC=RTGUMCKRK
RTGVMCKREQPVMCRKPFC?

MCKEJ=RTGUFGV[C?FKEG
MCKEJFJCXaKQTUG/LRCKRZMCKEJIW

DCUMVWMCCPCVWMWCIWLWWP2QTCJUG
QCSWGWPTCVPGUVCDCEQOKGPFQOC\GPNC
PQEJG=RTGV[RTGUMCKEJ?
IKKNJKOVWOMCKEJUGQ[GHGQJCEGOWEJQ
TWKFQ
LKZDJCKOMCKEJUGQ[GDQPKVQ
LKZLWWMMCOMCKEJJCDNCEQOQUK
GUVWXKGTCDQTTCEJQ
LKZOQMQMFCOMCKEJUGQ[GWPTWKFQ
HCUVKFKQUQ
NKVSWGJCEGSWGOGFWGNCNC
ECDG\C

MCKEJFJC=EQPVFGV[C?GUVCTFKEKGPFQ

MCKEJV=EQRTGVFGV[C?GUVCDCFKEKGPFQ
MCKOCFLSWGJC[GNQVGU
OCFWTQU$CZ

MCKOCCFJKOICCMWRIQQMLKICNJKFJC!
;CVKGPGUGNQVGUGPVWOKNRCRCTCSWGOGXGPFCU
CNIWPQU!=EQRLKZ?8CUGMCKDJC

MCKO=RTGVFGMCKDJC?OCFWTCTQP
GNQVGU
MCKEJCXaKEQTTGTUGFGEKTUG
TWOQT2CCO

UCRFWWMLKEJOCMKCIWVWWOK!)KPC
RCPCCUDJCKDCMCKEJCKFJCV%WPFQPQU
XCPCFCTGNFKPGTQ!2WGUEQTTKGNTWOQTFGSWG
PQUNQKDCPCFCT=RTGVMCKEJC
RTGUMCMCKEJCT?8CUGMCKFJC

MCKEJCXaGQTUG
TWKFQ,ZEJKOMLKZ

MCKEJCPQKEJOCCPZKEJWOC[CMP
FJKMCTCDKKPCIWTIITIWDCCNCU!3W
VCPNGLQUUGQKTCGNVKTQFGGUVGTKHNGEQPGUVCU
DCNCUITCPFGU!=RTGVMCKEJCEQPVMCKMC
OQXMCKEJWEQRLKZ?8CUGMCKFJC

MCLCCPCXaVFGUDCTCVCT-CLCCPCRKOFJK

QPCCOPCEJCOOKEJVWTDCTMCPCEJOKLCR
QKRQ&GUDCTCVGPGUVCGPTCOCFCRCTCSWGPQ
PQUGUVQTDGEWCPFQCPFGOQUCNN
XaVGURQPLCTFGUGPTGFCT
WPCHKDTC$R
ZKMCLCCPCKIWMCUPKTDCRQQPCDCZDJCKO
DKFJKKFJC.CNCPCFGDQTTGIQUGGURQPLC
RTKOGTQRCTCSWGUGCHEKNJKNCTNC
XaKFGUDCTCVCTUG0CKNWMPLCRDJKKDICFJK

'&+%+024'.+/+0#4`



6'2'*70'52#1.

MKEJCCTPCDCEJCOLWOMCLCCPCPQVDCP
'PXWGNXGNCIWKVCTTCGPWPJWNGRCTCSWGPQUG
FGUDCTCVGUKUGOQLC
=RTGVMCLCCRTGUMCLCCP?

MCO

IWMQMMQP8COQUCEQNICTWPUQODTGTQGPNC
OKNRCRCTCCUWUVCTCNQUEWGTXQU=RNMQMMQP?

MCMCCUPKT=RNFGMCUPKT?DQTTGIQU
8CTMCMCUPKT

MCMCEJKNJ=RNFGMCEJKNJ?DQTTGIWKVQU
SWGTKFQU

MCMCKEJWP=RTGUFGMCKEJFJC?NQJCEGQT
MCMCKEJCT=RTGUFGMCKEJC?UGQ[G
MCMCNJDCEJ=RNFGMCNJDCEJ?EJKXKVQU
TGEKP
PCEKFQU

MCMQU=RNFGMQU?PKFQU
MCMQVIKZ=RNFGMQVIKZ?GURQPLCFQUSWGVKGPGP
RQNNKVQU
CXGU=EQRLKZ?8CTMQMQVIKZ

MCMQM=RNFGMCQQM?GPHGTOQU=EQRLKZ?
MCMQM=RNFGMQM?SWGFWGNGP
RCTVGUFGN

MCMCTDCZ=RNFGMCTDCZ?EJKXQU
MCMCTDQ=RNFGMCTDQ?CNCU

EWGTRQ=EQRLKZ?

MCMQMNJKC=RNFGMQMNJKC?SWGGORKG\CPC

=CRQUMCMCTDQP?

MCMCUPKT=RNFGMCUPKT?DQTTGIQU
8CTMCMCCUPKT

MCMCUPKTLCDCRQQ=RNFGMCUPKTDCRQQ?NCPC
FGDQTTGIQU

MCMDCK=RNFGMCDCK?ECDCNNQU=RQUMCMDCK
CRQUMCMDCKICP?

MCMNJKUQUUQK=RNFGMCCNJKUQK?ITKNNQU
8CTMCNJNJKUQUUQK

MCMOCV=RTGUFGMCCOVC?NQOCPVKGPGGPNC
DQEC

MCMPWD=RNFGMCPWWD?DCTEQU
MCMKUVGNCTQRC;CVWOWCIWMCMKICO
UQQUQOPCOVWDCVWCCFCLQKFJCOIW
WWD#SWVTCGPTQRC[EQNNCTGUSWGNCUOWLGTGU
GORNGCPRCTCGODGNNGEGTUG5KPPLCLCPPWNJ

MCMKCFLSWGVKGPGOWEJCTQRC#CDCLM

PCMCVWLWCPFCIKKNJKOLKPCLKZMCMK
MC#PVGUEWCPFQ[QVTCDCLCDCVGPCOWEJC
TQRC=EQRLKZ?5KPPLCLCPPWNJ

MCMQPDK=RNFGMQPDK?OQJQUQU=EQRLKZ?
MCMQQD=RTGVFGMQMDCFC?2GLMCMQQDLCOV
UGNNGPCTQP
FGEQOKFC

MCMQQDZK=RTGUFGMQDZKFJC?UGCEGTECRCTC
XGT

MCMQQO=RTGVFGMQQMOKMKC?2GLLWO
MCMQQOLCOVUGCDTC\CTQP

MCMQQOKM=RTGUFGMQQMOKMKC?2GLLWO
MCMQQOKMCOUGCDTC\CP

MCMQQOUCNJ=RNFGMQQOUCNJ?ITKUGU
CPKOCNGU
MCMQQPUEWGTXQ6WDQPCCOLCEJDJCLCR

FQNGT
RCTVGUFGNEWGTRQ=EQRLKZ?

MCMRCKC=TGRFGMCRKC?RTQFWEKTTWKFQ

EQOQGNFGCRNCWFKTOWEJCUXGEGU=RTGVMCMCR
RTGUMCMRCPEQPVMCMCRKFJC?

MCMRKCUC=TGRFGMCRKCPC?CRNCWFKT
=RTGVMCMRKCUCRTGUMCMRKCU?

MCMTCDK=RNFGMCTCDK?TKHNGU
MCMTQM=RNFGMCTQM?ECTCEQNGU
MCMUCK=RNFGMCCUCK?CTFKNNCU
CTDTGCU
MCMZKQ=RNFGMCZKQ?\QTTCU
MCNJDCEJUEJKXKVQEJKXKVC
TGEKPPCEKFQ

-WWRCRKOOWEJKMKTFJKMCNJDCEJPCDC
EJCOQKFJCIWFPPCIWOWRCKMQZKC
'PEKGTTGPCNEJKXKVQTGEKPPCEKFQRCTCSWGPQ
UKICCUWOCOEWCPFQUGFWGTOGUQNCGPGN
ECORQ=RNMCMCNJDCEJ?

MCNJNJKUQUUQK=RNFGMCCNJKUQK?ITKNNQU
8CTMCMNJKUQUUQK

MCORQURPCVKXQFGQTKIKPCTKQFG
RGTUQPC

)KCCRLKTRCCMCO!5WUDJCPVCOCCMC
$JKMCOCC!;WUVGFFGFPFGGUFG.QU
%JCTEQUQFG.C8GPVCPC!
FGEQTTGURQPFGC
UWLKPCP;CLWIW
FDTIW,WMVTMCO#SWGUFQPFGVGTOKPCGN
VGTTGPQFG5CPVC/CTC1EQVP
FGJCDKVCGP
CPKOCNQRNCPVC$ZCKZKO
VWOLKZLCKEJCOIWMQQMQLCKUWWFCKEJT
MCOLCKUCKEJTMCOLCKWZEJTMCO*C[
OWEJCUENCUGUFGXDQTCUCNIWPCUJCDKVCPGPGN
CIWCQVTCUGPNCJKGTDC[QVTCUGPNQUTDQNGU
+PFKECSWGVKGPGEKGTVCECTCEVGTUVKEC&JKZ
MQMOCWWWZPCDJCKVWWVFJKTOCKOFC

FCCUCOWOOWICCVTPCODCZDJKFJC

'&+%+024'.+/+0#4`

MCOCD

6'2'*70'52#1.

MCO'UQURCNQUITKUGUSWGGUVPCNNUQP
XGPGPQUQU

MCOCDUECOQVG6WEJDCMPMQQMDKCEJK
IWMCOCDPCEJUCCMIQQMZKWLKIV!%QP
SWXCOQUCFGUGPVGTTCTNQUECOQVGUSWG
RGPUCOQUNNGXCT!

MCP=XCTFGMCP?+PFKECWPNWICTXKUKDNGEQPQEKFQ
MCPWWDUDCTEQ)WKMCPWWDVCOLCEJ
DJCCPVWDJKCRWIWDQRVQR8COQUCWUCTGUG
DCTEQRCTCUCECTNQURGEGU
EQOGFGTQ
GPHQTOCFGECPQCRCTCCPKOCNGU
,CVQKOTIWUWWFCKIWVCVMCTWKDJCOOLC
MCPWWDCO8GCFCTNGUCIWCCNCUICNNKPCUGP
UWEQOGFGTQ
=RNMCMPWD?
IMCPWWDUDWSWGPCXG

MCFJKKTUXGNC
RCTCCNWODTCT$PFJKZCC

IWMCFJKKTOLDCMEJT!'UVRTGPFKFCNC
XGNCCFGPVTQFGNCECUC!=GURECPFGNC?

MCRCFXRCTVGNWICT,KZEJCOCCOVCPQQNJ

MPLCKEJCKOW6WURCPCIWTOMIKQPC
IWEJCOZKVWOQKTPCIWLOCPMCRLKT
VCVCK.NGIWC6WZRCPGPEKPEQFCURQTSWG
GUVNGLQU[PQUGRWGFGECOKPCTTRKFQRWGU
JC[UWDKFCUGPCNIWPCURCTVGU
OCCPMCRGPWPNWICT
IQMMCRGPFQUNWICTGU
DCKMMCRGPVTGUNWICTGU

MCRCKCFLGORCRCFQOQLCFQ
EQORNGVCOGPVG

,KZMCRCKOKFJTLCRDJCKDCLKOFJK
WWEJKZ6CMIWOWRCKOCCKIWFWWM/K
EWCFQXKGPGFGCNNEQORNGVCOGPVGOQLCFQ&G
UGIWTQNGCICTTNCNNWXKC=EQRLKZ?

MCRCKCXaVGORCRCTECNCT/CCPPKOPC

KEJOWFTDJCLKK6CVQO%JCODJCOKC
OCMCRCKIWFWWM7PCXG\EWCPFQXKPGFG
.QU%QPGLQUCSWEGTSWKVCOGGORCRNCNNWXKC
=RTGVMCRCK?

MCRDJCKEQPL[CSWG-CDWKOWMLCRKOIQQM

OCOCC[CFJKEJKKNCMMCRDJCKPCVEJCMWK
MDCKLQKFJCOMCZOCKMCMEJK/CCPC
VCVGOGPCNIWPQUFGGUVQUEJKNCEC[QVGU[CSWGPQ
UGJCPJGNCFQ[UWRQPIQSWGVQFCXCGUVCTP
FWNEGU

MCRDJWKOWMCFXGPNCOCCPKVCVGORTCPQ

EWCPFQGORKG\CCCOCPGEGT/QQR
MCRDJWKOWMDCDCOIKCMWEJOQQOWZK
LKOKEJKQR&GDGUNGXCPVCTVGVGORTCPQRCTC
SWGXC[COQUCNCKINGUKC



MCRKCPCXaVRGICT
EQPNCUOCPQU2CC

RKEJLCMLCZFJWWIWRKNQQVPCROWLCRMC
MCMRKCUKFJCV!3WJKEKUVGEQPNCRGNQVCSWG
GUVCDCURGICPFQRQTCJ!
XaVRCVGCT
EQPNCURCVCUFGNCPVGTCUt6WO
FWWPCDCZTOCIWOOQ!tLWRMCKEJIW
,WCPt,KMCRKCFJQIWMCDCKVCMCCDPCMC
WNJKKUtLWRMCKEJIW2GGITQt3WVGRCU!
6KGPGUUCPITGGPNCECDG\CtRTGIWPVQ,WCP
t2WGUOGRCVGGNECDCNNQC[GTEWCPFQNQGUVCDC
GPUKNNCPFQtEQPVGUV2GFTQ
XaKCRNCWFKT$ZLCRKOOQQVWMCMRKCUC
PCRCKFJWWMVOQFJKZMCKPCVWCIKOK
%WCPFQVGTOKPGFGJCDNCTGNIQDGTPCFQTVQFQU
WUVGFGUFGDGPCRNCWFKT
=TGRMCMRKCUCRTGVMCRKCMCMRKCUC
RTGUMCRKCPMCMRKCU?

MCRKPFC=EQPVFGMCKRIC?GUVCTFGUXCKPCPFQ
MCRKCXaKRTQFWEKTTWKFQ
EQOQGNFGCRNCWFKT

#OMCMRCKCIWMCMCTDQPIWIKQFCPCLCZ
ICOCKLKFJC[C#NXQNCTNCRCNQOCUWUCNCU
RTQFWEGPWPTWKFQEQOQFGCRNCWUQU
=TGRMCMRCKCRTGVMCRMCMCRRTGUMCRCCP
MCMRCPEQPVMCRKFJCMCMCRKFJC?

MCRWRCFXOKGPVTCUVQFCXC/QQRDLMDC

DCOIKCPCMCRWRLKZEJWMICOMCPCDCIW
RWKMCTMCDWKOWMMCPCEJOWCC[C&GDGU
NGXCPVCTVGVGORTCPKVQEWCPFQVQFCXCGUV
QUEWTQRCTCSWGVQFCXCUGCFGOCCPCEWCPFQ
NNGIWGOQUCNN

MCRZKCUJQPIQGURQPLQUQ,CRMKDCCTFWWM
ZKD/QQEJKDWDWCMKCIWMCRZKCDJCLCR
IKQPVT*Q[GUVNNQXKGPFQEQPVKPWCOGPVG
5GIWTCOGPVGUCNFTPNQUJQPIQUGURQPLQUQUGP
NQUNNCPQU

MCTCDKUTKHNG
CTOCFGHWGIQ,CZEJKZDJCK
VWOC[CUFJKMCTCDK!3WVCPDKGPVKTCTC
GUVGTKHNG!=RNMCMTCDK?

MCTDCZUEJKXQEJKXC/KFJTKCOUWWUUCOT
IWMCTDCZMWEJVWMKKUVCPCEJFMCPQ
OQQZKQQD2QTHCXQTXGCQTFGCTNCEJKXC
RCTCJCEGTSWGUQRCTCSWGXGCOQUUKGUV
UCDTQUQ=RNMCMCTDCZ?

MCTDCZDKKOUNGEJGFGECDTC,KZKQQDIW

MCTDCZDKKOPCVWUWWUUCVVWKQFCLCRLK
PQDKCIWMCTDCZ.CNGEJGFGECDTCGU
UCDTQUC5KGUSWGVKGPGUWPCECDTCPCFCOUNC
QTFGCU[VGVQOCUNCNGEJG

'&+%+024'.+/+0#4`



6'2'*70'52#1.

MCTDQUCNC
CXG-QMOCTCMVWMCMCTDQIW
DJCCC'NIWKNCVKGPGNCUCNCUDKGPCPEJCU
=RNMCMCTDQCRQUMCTDQPMCMCTDQP?

MCTPCXaVFGUJQLCT)QQMLCEJMCTPKMCFJK

LWPDCCPCEJDJCOOLKVWIC[C8COQUC
FGUJQLCTCNIWPQUGNQVGU[NNGXCTNQUCNNRCTC
CUCTNQUCNNNGICT=RTGVMCTRTGUMCTCCP
VTCUNMCTPKMC?

MCQQM

MPMQDCC[CPCIWTOM#NUVGPUGCJQTC
RQTSWGPQUXCOQUGPNCOCFTWICFCRCTCSWG
NNGIWGOQUVGORTCPQRQTSWGGUVNGLQU

MCZKQU\QTTC/CLWIKKIWMCZKQIW

EJCVMCTWKEJWMPCIWCORZVWLWMCVOW
MKKEJCO.C\QTTCUGEQOKOKUICNNKPCURQTSWG
GUVCDCUQNCNCECUC=RNMCMZKQ?

MCTQMUECTCEQN&CKVPIKCMLCMLKZLQKFJC

PCDWUCCMFCFJKMCTQM#NECTCEQNUQNCOGPVG
NGIWUVCUCNKTGPNCRQECFGNNWXKCU=RNMCMTQM?

MCTWWOURNVCPQ6VDMQMOCTCMVWLCC
IWMCTWWO'NRNVCPQVKGPGJQLCUNCTICU[
CPEJCU

MCUPKTUDQTTGIQQXGLC%JCOVWUCTCCMIW

MCUPKTUKCMWKEJDCLKOWC'NDQTTGIQPQ
ITKVCCWPSWGNQOCVG=RNMCMCUPKTQ
MCMCCUPKTGURECTPGTQ?

MCUPKTDCRQQUNCPCFGDQTTGIQ)WDKRUWNJ

DZEJWLWRDWCCOIWMCUPKTDCRQQ/QQR
DWCCOIWCTRWWUIKQIWUCWCIKQDCIWLC
DJKDJKURCTC.QUJWKEJQNGUJCEGPOWEJCU
EQUCUEQPNCNCPCFGDQTTGIQEQOQOQTTCNGU
EQDKLCU[EKPVWTQPGU=RNMCMCUPKTLCDCRQQ?

MCUPKTUCWCUEQDKLCFGNCPC
FGDQTTGIQ,KZ

FJCTCIWMCUPKTUCWCPCIWEJCOQDVW
UCCUCMIKQPCZKQOLKTLKZLWWM.CEQDKLCFG
NCPCFGDQTTGIQGUECTCRQTSWGFWTCOWEJQ[
ECNKGPVCDCUVCPVG=RNMCUPKTUCUWC?

MCUVKKNUGURCQN#CRLKZOCCVVMCCIW

MCUVKKNPCRKCOLKEJCCIKFJCPCLCZMCKEJ
FJKPCCDCV!'PVKGPFGUGURCQN!RCTCSWGPQU
FKICUNQSWGFKEGGUVGOGUVK\Q=GURECUVGNNCPQ?
MCUVKKNMPGPGURCQN

MCVRCTV+PFKECGNVKGORQEQRTGVTKVQFGNQUCFLGVKXQU
[NQUXGTDQUFGGUVCFQ2CCEJKFJWWMOKCK
IWWWEJKZ#PTGGUPCUCCMEJCOVWLCKEJ
MCV!%WPFQNNGICTCOKEWCFQ#PFTU!2WGU
FKEGPSWGPQGUVCDCGPUWECUC=)TCO?

MCVVKKPVGTLRQUKDNGOGPVG-CVVKPCVDCOQQOW

MCPFTLCRDJKIWVWWTPCRCKRCTRRZCO
LKZOCCZFJKDQK/QQFJQIWEJCOPCIW
OWFTCMMPDJCLCMRZOCCZ
2QUKDNGOGPVGGNVQTQRCURQTCSWGNNCFQFGN
CTTQ[QFQPFGUGXGWPRQEQNCXGTGFCRGTQPQNQ
ETGQRQTSWGNCUJWGNNCUUGXGPJCEKCCE

MCVWMICDCFXGPNCOCFTWICFCOW[FGOCCPC

CPVGUFGNETGRUEWNQ/QQRKOZKOGEJMCFCK
ZKDFTPCEJIWMCVWMICDLKOKCPCEJDCZ

MCEQPLQ
CNVGTPCVKXCGPWPCRTGIWPVC,KZCC

CRCCIWKOCKMCIWDJCDCC!6GIWUVCTC
EQOGTECNCDC\CQHTKLQNGU!=)TCO?
8CTMKC

MCRCTV+PFKECGNVKGORQHWVWTQFGNQUCFLGVKXQU[

NQUXGTDQUFGGUVCFQ)LKPCRCMZKFJCFJK
UWWFCKPCDCFCKOKOTFCPCEJCOOM
LCRLKZEJWDCCPMC*C\WPECPCNITCPFG
RCTCSWGEQTTCGNCIWCGPN[PQUGOQLGVCPVQ

NKVGUVCTOQLCFCNCVKGTTC=)TCO?

MCDCEQPL+PFKECRQUKDKNKFCF-CDCOQQ

DJCLKOCCEJKIWFWWMPCDCZEJDCC!'U
RQUKDNGSWGXGPICNCNNWXKCXGTFCF!2QTSWGGUV
PWDNCFQ8CTMKCDC

MCMDQTCM=RNFGMCDQQTCM?JCDGTVGTTQPGU
MCMDWNJKM=RNFGMCDWWNJKM?GUHTKEQU
=EQRLKZ?

MCMDWNJMCFC=EQORNRNFGMCDWWNJMCFC?
HQTOCTDQNCU=RTGVMCMDWNJMCK
KORGTMCMDWNJMCP?

MCORQURGPFGPVTQFG
WPTGEKRKGPVG,CZ

LCRKEJEJWOMCOVWCIWDKK!'PEWN
TGEKRKGPVGGEJCUVGGNOG\ECN!
VWRKEJMCODJCLKKGPSWXKPKUVG!
LMLCRMCOUCDCFCKFJCVSWECPVKFCF
SWGTCUEQORTCT!

MCPRCTV+PFKECWPNWICTXKUKDNGCNSWGUGJK\Q

TGHGTGPEKCCPVGU-CDWKOWMLCOQQVWICCIC
IWDCKFJCUPCKEJOCKDWCOWPKMCP
ICK/CCPCXQ[CDWUECTOKJCEJCSWGUGOG
RGTFKCNNGPNCNCFGTC8CTMCP

MCQQMCFLGPHGTOQ)KKNJKOLKZMCQQMIW

ICCPPCKEJDJCOOLKDWWU,KZMQM
UCRIWOCQQPIKQUCRDCPCDCZEJQK/K
CDWGNCGUVCDCOW[GPHGTOCEWCPFQNNGIWCNN

'&+%+024'.+/+0#4`

MCQQM

6'2'*70'52#1.

/GFKLQSWGNGFQNCNCECDG\C[SWGVGPC
ECNGPVWTC=RNMCMQMEQRLKZ?
MCQQMCFLRKECPVG)KKNJKOLKZMCQQMIW

TFKEJMQMQNJLKZDR.QUEJKNGUTQLQU
FGNICFKVQUUQPOW[RKECPVGU=EQRLKZ?

M=RTGUFGMCC[C?Q[GGUEWEJC
MMC=EQPVFGMCC[C?GUVCTQ[GPFQGUVCT
GUEWEJCPFQ8CTMM

MMNJ=RNFGMNJ?VQDKNNQU
=CRQUMMNJK?

MNJUVQDKNNQ)KKNJKODJCKLKLKKDCFJK

ZCRCCVWKZPCKEJVKZKCK)ITDCZNJRK
OKMMNJCO/GNCUVKOCTQPOWEJQOKU
DQVCUEWCPFQOGNCURWUG[[CGUVPDKGP
NCUVKOCFQUOKUVQDKNNQU=RNMMNJ
CRQUMNJKKMMNJK?
LKMNJCOGPOKVQDKNNQ

MKCCFXVQFCXC-CTOMCCMKCOKFJT

5WEJKNDJCOO5WUDJCPVCO!6QFCXCHCNVC
OWEJQRCTCNNGICTFG5WEJKNC%JCTEQU!

MKC=XCTFGMC?Q

MKCDC=XCTFGMCDC?+PFKECRQUKDKNKFCF
MKCOK=CRQUFGMKCCO?UWFQOKEKNKQ
MKCRZCFXCRGPCU
VKGORQTGEKGPVGOGPVGJCEG

RQEQ%JCMWKDJCKVWQKTFJKNJKEJMCDCK
PCVIWMKCRZIKZKDFJKVCPQQNJ6QFCXCPQ
CPFCDKGPGUVGECDCNNKVQRQTSWGCRGPCUPCEK
JQ[

MKDCCTCFXNKIGTCOGPVG
NNWXKCEQPVKPWCRQTXCTKQU
FCU)OTIWUWWFCKOLLCRCMMPPC
IWMKDCCTFWMKKOM%QTTGOWEJCCIWCCNNGP
GNCTTQ[QRQTSWGJCNNQXKFQNKIGTCOGPVGRQT
XCTKQUFCU

MKDCCTQXaKNNQXGTNKIGTCOGPVG
RQTXCTKQUFCU
/QQEJKZMKDCCTWO6PCDCCORZLKZ
EJDCCPKLZMWVQVPQT%TGQSWGSWKGTG
NNQXGTNKIGTCOGPVGRQTXCTKQUFCURWGUHLGUG
EQOQGUVPWDNCFQ[PQUCNGGNUQN
=RTGVMKDCCTQRTGUMKDCCT?8CTMKDCCTW

MKEJCCTUIWKVCTTC$JKOTIWOMKEJCCTMWEJ
[CVWEJOCOVWZFJCIWUCCUCD6TCGVW
IWKVCTTCRCTCSWGGPUC[GOQUNCOUKEC
=RNMKMEJCT?

MKKEJCOUECUC
JCDKVCFCJQICT:KDDCMOWK
MCRDCTMKMEJCOLKC[C,WMVT#JQTCJC[
OWEJCUECUCUCSWGP5CPVC/CTCXGTFCF!
=RNMKMEJCO?
ITMKKEJCOGUEKWFCF



MKKEJCXaKGUVCDNGEGTTGUKFGPEKCNNGICTCXKXKT
,CTQQDJCKDCMKKEJCDJCKPCRCKMCVW
CCIVPCMKKEJC!3WKPNNGICXKXKTCNN
CTTKDCFQPFG[QRGPUCDCXKXKT!
=UWLRNQKEJCRTGVMKKEJCQKEJC
RTGUMKMKKEJCTQKEJCTEQPVMKKEJCKFJC
QKEJCKFJC?

MKKMKCCO=RNFGMKCCO?FQOKEKNKQU
MKKUUSWGUQ#CRLCZEJWOLKZKQOLKZCC

IWMKKU!)WMCTDCZMKKUCCMCIWDCCMMKKU
CC!3WVKRQFGSWGUQVGIWUVCOUGNFGEJKXC
QGNFGXCEC!
MKKUMKURKFJKZMCOUVCEQFGSWGUQ

MKMEJCO=RNFGMKKEJCO?JQICTGU
MKMEJCT=RNFGMKEJCCT?IWKVCTTCU
MKMKKEJCT=RTGUFGMKKEJC?VKGPGTGUKFGPEKC
MKMKUCRFC=EQPVFGMKURC?GUVCTCRCEJWTCPFQ
MKMRK=RNFGMKRK?VCOCNGUFGFWNEG
MKMRKEJC=UWLRNFGMKRKEJC?2GL
MKMRKEJCCOUGOQLCTPFGOCUKCFQ
=RTGVMKMRKEJRTGUMKMRKEJCT?

MKMRKEJFJC=EQORNRNFGMKRKEJFJC?

GPFWN\TUGNQU=RTGVMKMRKEJRTGUMKMRKEJWP?
8CTMKMRKEJZKFJC

MKQXaGXKXKT
GPEKGTVQNWICTJCDKVCT#ORZVW
LWDJCOOFT&DT%JWCPCORCKMC
QKMCVIWLCCFW0QJC[PCFKGCNNGP
6KGTTC$NCPECFQPFGXKXCPOKURCTKGPVGU
=UWLRNQKFJCHWVMKQMCQKFJCMCQ
QKMCEQRTGVMKQMCVQKFJCMCVQQKMCV?
OCCRLKTLWOQKFJCIOUQPXGEKPQU

MKQMCOUFWGQFWGC
FGNCECUCECUGTQ

ECUGTC$JCFJCCCCIWDJCKMKQMCOPCDC
OQQLCREJCORCKQKT!'UVCTCNNCTTKDCGN
ECUGTQ!2WGUPQCPFCRQTCSW=RNQKMCO?

MKQUECTRKPVGTQFGCNCUTQLCU$JCKZICMLWM

VCOLKZLQKFJCPCIPUFCIWMKQ#NNGP
GNRKPQUGEQNGIWUVCUGPVCTUGCNECTRKPVGTQFG
CNCUTQLCU
%QLGPNCURNWOCUFGNCEQNCFGN
ECTRKPVGTQFGCNCUTQLCURCTCRQPTUGNCUCNCU
HNGEJCUSWGUGVKTCPEQPGNCTEQ

MKRKUVCOCNFGFWNEG
FGRKPQNG)WLKKMWNJVW

DWWRNJKCIWMKMRKPCIWTFWDKCMCO
DJCCP)6CPQQNJ%JCOPCIWDCVVOQ
/KVQXCCJCEGTVCOCNGUFGFWNEGRQTSWGGU
OC[QTFQOQGPNCHKGUVCFG5GOCPC5CPVC[[C
XCCGPVTGICTUWECTIQCQVTCRGTUQPC
.QU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

VCOCNGUFGFWNEGUGJCEGPRCTCNCUHKGUVCU
TGNKIKQUCU=RNMKMRK?

MKRKEJCXaKOQLCTUG
FGOCUKCFQVKGTTCWQVTC

EQUCRQNXQTKGPVC&JKOQQLWOMKRKEJCFJK
CTKKPPQVLKZKQOLKCKIWFWWM.CJCTKPCUG
OQLCTFGOCUKCFQUKOGCICTTCGNCIWCOW[
HWGTVG=UWLRNMKMRKEJCRTGVMKRKEJ
MKMRKEJRTGUMKRKEJCTMKMRKEJCT?

MKRKEJFJCXaDGPFWN\CT
RKPQNGRCTCQVTC

RGTUQPC#NJKEJOKZKMKRKEJKFJKVWKUCR
ODCVMPMWZKLWICKDCMQZKC'PFN\COG
WPRQEQGUVGRKPQNGEQPOKGNRCTCVQOTOGNQ
CPVGUFGFQTOKTOG=EQORNRNMKMRKEJFJC
RTGVMKRKEJMKMRKEJRTGUMKRKEJWP
MKMRKEJWP?8CTMKRKEJZKFJC

MKCCOUECUCFQOKEKNKQ
EQPGNVGTTGPQ

EQTTGURQPFKGPVG,WOQKFJCKEJOWOOWLWO
MKCCOPQRLKEJICNJKFJCIWKOCK6G
CEQORCCOQUCVWECUCUKPQUXGPFGUECNCDC\CU
=RNMKKMKCCOCRQUMKCOK?
MKCOKTCOGPUWECUC
FGNQFGGNNC

MKCCUUKIWCPC&PMTRWDCMKCIWMKCCU
PQVVWDCPMKC.CKIWCPCUGOGVGGPWP
CIWLGTQGPVTGNCURKGFTCUUKCNIQNCCUWUVC


MKDU+PFKECNQSWGUGOCUVKECUKPVTCICT/MLCR

OCKDWCIWOMKDPCDCEJCOLWOCKCNJKKZK
DJLKRDCMKDKC6KTCNGLQUNQSWGOCUVKECU
RCTCSWGQVTQPKQPQNQXC[CCCICTTCT[
OCUVKECT

MKDFJCXaDOCUVKECT
RCTCQVTCRGTUQPCQ

CPKOCN,CMKDFJCCRIWZKZRKNJFJK
OCVCKOCPPCOIWEJCMWKDJCIWRWK
/CUVKECGNPKZVCOCNRCTCNQURQNNKVQURQTSWG
VQFCXCPQRWGFGPEQOGTNQUITCPQUGPVGTQU
=RTGVMKDRTGUMKDK?8CTMKDKFJC

MKDKCXaVOCUVKECT
UKPVTCICT,WOMKDKCRZ
IWEJKMNKEJCOVWODJC'NEJKENGUNQUG
OCUVKECPQUGVTCIC=RTGV[RTGUMKDKC
RTGXMKDKTGUMKDKZ?

MKOPC=XCTFGM[C?OQTFGTRKECT
MKIQDCFXGPNCRWGTVCGPNCGPVTCFC%JCR

DCMMCMKIQD/KZEJWMICOPC[CPKVW
LCZDWC0QUGRCTGCNNGPNCRWGTVCRWGUGUV

MKC

QUEWTQCSWFQPFGGUVQ[JCEKGPFQCNIQ
KORQTVCPVG

MKUOCXaVSWKVCT
EQPNQUFKGPVGUTQGT/QQR

DZMKUOCFJKCQQEJCOVWPCRIWOKZK
DKCKLCKIWDCMCCZ*C[SWGTQGTDKGPNQU
JWGUQURCTCPQFGLCTPKPIPRGFC\QFGECTPGGP
GNNQU=RTGVMKKKURTGUMKUWOQMKUQO?

MKURCXaVCRCEJWTTCTCRNCUVCT-KURCRFJQ

VWMCCIWV[CZPQRICPDJCUQPRCPDQRRQ
CCRPCRLKTI8CUCCRNCUVCTCNCPKCUKVG
CEWGUVCULWPVQCGNNCRQTSWGVGTGUITCPFG
=RTGVMKKKURTGUMKUCREQPVMKMKUCRFC?

MKURKFJCXaDJCEGTWPVCEQ
RCTCQVTCRGTUQPC
NKVCRCEJWTTCT-KURKFJCCRIWMKKUVOMCNJ
EJCOIW4QQUCLCZKPQDJCKDCLKO5K
4QUCXKGPGOUVCTFGJC\OGGNHCXQTFG
RTGRCTCTNGWPVCEQFGSWGUQ=RTGVMKURK
RTGUMKURK?

MDUJKGNQ%JCORMMCLKKQQDFJKLWPDCC

PCVIWEJKDCMDCKPCIWIKKNJKOIPUIW
MD;CECUKPQGUVPOW[UCDTQUQUGUVQUGNQVGU
ETGQSWGUGJGNCTQPRQTSWGJGNOWEJQ
LCDQQMMDUPKGXG

MDCCCFLRCTGEGJKGNQ#COWMCPFTOCV
IWRCPCCNJKZPCULQKFJCOI#CZKLK
DWCMPCLKZCCIWLCODVCIKQIWLC
OCCOCT)KKNJKOFJQZMCKCOIKQPCOLKZ
ODVCCNJCOLKZMDCC'PEQPVTWPRCPCN
ITCPFGSWGGUVCDCEQNICFQCNQVTQNCFQFGNEGTTQ
[NQVWODRCTCUCECTNGNCOKGN[NCUNCTXCURWGU
JCUVCRCTGECJKGNQFGVCPVCOKGN[FGVCPVCU
NCTXCUSWGVGPC=EQRLKZ?

MDCKCFLEQPIGNCFQ%JCOMCKQDMCIW

LWPDCCPQDCZMDCK%WCPFQGUVP
EQPIGNCFQUNQUGNQVGU[CPQVKGPGPDWGPUCDQT
=EQRLKZ?

MDCKCXaKJGNCTUG
RNCPVC/QQEJKLRFJC

VWMCCMDCKCOQQIWKOCKPQEJKEJEJCO
KK2WGFGSWGJCICHTQGPNCPQEJG[UGJGNCTP
NCUECNCDC\CUUKPQNCUVCRCOQU=RTGVMDCK?

MK=RTGVFGMUC?NQRCT
MK=RTGVFGM[C?NQOQTFK

MKCXaVRCVGCT$ROCCPCZKDWWRTCK

IWVQQVPCPIWDCCMPCDCEJCOLKM[CUC
PQKEJDCLKUWWUUC#PVGUFGQTFGCT
PGEGUKVQCOCTTCTNGNCURCVCUVTCUGTCUCNCXCEC
RCTCSWGPQOGXC[CCRCVGCT
=EQORNRN[TGRM[CUCRTGVM[CM[CUC
EQPVM[CUFC?

'&+%+024'.+/+0#4`

MKURC

6'2'*70'52#1.

MKURCXaVRKUCT,WOMKURCOQQFJKMCDCK

,WCPPQROKLCRCOWWDQKT6GXCCRKUCTGN
ECDCNNQ,WCPUKCPFCUOW[EGTECFGN
=RTGVMKURTGUMKUCR?
[CFJKFWOCCNJMKUCRDJCCPCSWGP
GUVGRQDTGOWPFQ
NKVGPGUVGDCLQUGPFGTQ

MKMCOMQUXDQTCFGECUECDGN/CZKKEJ

LWOCCPCWCFCPQKEJOWLCRRCKDCLKK
ICORZPCMPUQKEJKCIWMKMCOMQ
PQRCKDCDQ5KXQ[CNECORQPGEGUKVQNNGXCT
WPOCEJGVGRCTCOCVCTNCUXDQTCUFGECUECDGN
SWGGUVPGPGNECOKPQ=RNMMKMCO
MQQMQ?

MICNJFJCXaVTGEKDKTDKGPCRTGEKCT
EQORN

CPKO%JCOMICNJLCOVIW#UKCPQDJCK
MKKEJCOPCUCRDJCKVKZLQKFJCVOCCPIW
V[CC#UKCPQSWGTCCWPCOWEJCEJCFGGUG
TCPEJQRGTQPQNQTGEKDKGTQPDKGP
=RTGVMICNJRTGUMICNJK?

MMXaGGUVCT
RCTCFQUWLCPKO,CTQQICP

FJKMCTDCZPCDJCKMMLQFCKEJCO!&G
SWKPGUGNEJKXQSWGGUVRCTCFQCNNGPNC
RKGFTC!
GUVCT
EQUCURWGUVCUQENCXCFCUOUCNVCUSWG
CPEJCUt#CRCCOKFCKFJK[QQMPCOKK
MM!tLWRMCKEJIW,WCPt)KPCOKRW
MMPCEJKEJ[CCKMWRLKZEJCOPK!
tLWRMCKEJIWDPICPt6RNCPVCUVGGN
CIWCECVGSWGGUVCNN!tRTGIWPV,WCPt0Q
tEQPVGUVUWGURQUCt0QVGHKLCUVGSWG[C
GUVCDCCNNEWCPFQNNGICOQU!
=UWLRNCPKOIWIWWMUWLRNKPCPVWWV?
LKZFJWUCCTCOMMGUVRWGUVQHNQLCOGPVG
ICKMMXaGGUVCTNCFGCFC
EQUCCNVCGUVCT
WPRQEQCICEJCFC
RGTUQPC
UNJMMXaGGUVCTRCTCFQ
FGTGEJQ

MMCOUOC[QTFQOQRTKPEKRCN
FGNRCVKQ

EGTGOQPKCN0CORCKFJWWMVPFCIW
ZKQVCNJVWKQMKFJCIWMMCORWKMMCV
OKDQRVQUCPQQRZKCNJDWKLCMZKEJPKFJCV
MCDWKOWMIKQDCZFJCCOFWWM2WKMWDC
RWKOVVMMCO%WCPFQUGDCKNCGNOKVQVG
GNOC[QTFQOQRTKPEKRCNVKGPGCUWECTIQRCTCTUG
LWPVQCNCNVCT[JCDNCTEQP&KQUOKTCPFQJCEKCGN
QTKGPVGGPNCOCCPC[CNOGFKQFC2QTGUVC
TC\PNGNNCOCPGNSWGUGRQPGRCTCFQ
'UNC
RGTUQPCTGURQPUCDNGFGEKVCTNCHGEJCRCTCDCKNCTGN
OKVQVG[FGCUGIWTCTSWGUGIWCTFGPVQFCUNCU
EQUVWODTGUEQTTGURQPFKGPVGU



MMCXaKGUVCT
FGRKGRCTCTUG%JCROK

COWWDMMCPCRCKFJKDJWTWZ/K
LQVOQFCMWWMMDWMDJCOM[CUC0QVG
RCTGUEGTECFGGUGDWTTQPQUGCSWGUGXQNVGG[
VGRCVGG=UWLRNIWMCQIWIWWMC
EQPVMMMCFCIWPIWMFC?
MMMKFJCXaKCPFCT
FGECUCGPECUC

MMKPFC=XCTFGMMMKFJC?CPFCT
FGECUCGP
ECUC

MMKFJCXaTGPECLCTUGEQPGEVCTUG:KRKEJ

DCMIITDJKDJKQNJMCKDJCKPCRCKO
MMKFJKOMKEJWPIITDCVFF
2CTGEGSWGEQTVCUVGFGOCUKCFQNCUOWGUECUFGNCU
XKICURWGUVKGPGPCIWLGTQUITCPFGUFQPFGUG
GPECLCP=RTGUMMK?

MMKFJCCFLSWGECWUCWTVKECTKC
EQOKFC

#OLKZMMKFJCFJKOCK$CMIWEJCODJCK
DJCK/GFCWTVKECTKCGUVGOCIWG[RWGUPQUG
EQEKDKGP=EQRLKZ?

MMKMCOMQQMQ=RNFGMKMCOMQ?
XDQTCUFGECUECDGN

MM[C=UWLRNFGM[C?2GLMM[CCO
OQTFGTP=RTGVMMKRTGUMM?

MMUCXaVVCNNCT-MUCCRFJKOCVVWT

RGGPMCMPPCDCZDJCKQKCIWVWKEJCO
VWPCRRWKDCMWCPFC6CNNCGUGOGVCVGEQP
NCRGPECRCTCSWGUGNGSWKVGVQFCNCOCUCSWG
VKGPGPQNQNCXGUUQNCOGPVGEQPCIWC
XaTTCUECTUG,CREJKOQQZEJCRZKFJK
ICIQQZPCDCOQQLCRLWOMU%TGQSWGGUG
RGTTQVKGPGOWEJCURWNICURWGUUGTCUECOW[
UGIWKFQ
=RTGVMMUCRTGUMUEQPVMUFC?

MUCXaVRQPGT
GPRQUKEKPXGTVKECNRCTCT

EQORNKPCP,KRCNJDWKFJCCRPCMUC
FJKVVPQTC)KKNJKOLKZDVPCZDJCK
#[FCOGCRCTCTGUVGJQTEPRQTHCXQTRQTSWG
GUVOW[RGUCFQRWGUGURWTQQEQVG
RCTCTFGVGPGTGNOQXKOKGPVQ
EQORNKPCP
2CPCCUDCZKROCCRFTIWTQKICPFJKEJ
VTQQMC-CZKMUMWEJZKEJIK2CTGEGSWG
[CUGRQPEJWPCNNCPVCFGGUVGECOKP2TCNQ
RQTHCXQTRCTCXGTNC
RQPGTUG
UQODTGTQ-UCKCRIWODQPCCO
)KKNJKOLKZEJCVQK2QPVGVWUQODTGTQRWGU
JCEGOWEJQECNQT
=EQORNRNVWVVWRTGVMKVWVVWRTGUMUQ
MMUCVWVVW?

'&+%+024'.+/+0#4`



6'2'*70'52#1.

MUFC=EQPVFGMMUC?GUVCTVCNNCPFQGUVCT
TCUEPFQUG

MZFJCXaDRCTCTRQPGT
GPRQUKEKPXGTVKECN

RCTCQVTCRGTUQPC/CCPLCRKODJCLCMZK
MZFJCIWCVQZMQTIWZMCKPCDJCCPFCKDW
PCVWLWIKC2QPNGWPCUKNNCCNIQDGTPCFQTRCTC
SWGUGUKGPVGGPGNNCRCTCEQOGT
RQPGT
UQODTGTQCQVTCRGTUQPC$JCLCMLK
EJKQMWDJCKZKOMZFJCIWODQPCCO
8GPJKLKVQRCTCSWGVGRQPICVWUQODTGTQ
=EQORNRNVWVVWKFJCRTGVMZVWVVWK
RTGUMZKQMMZKVWVVWK?
MZFJKZFJKKRWWTOKHCNFCGUV
GPUCPEJCFC

M[CUC=EQORNRN[TGRFGMKC?2GLLC
M[CUCNQURCVGCT=RTGVM[CUC
EQPVM[CUFC?

MCFLDWGPQFWTCDNG
FGECNKFCF/WLCR

VCCVUCDLKZMVWMCKMDJCTPCIWZLWWMIKQ
EJCOVMDCKM'PVKGTTCUENKFCUUGFCDWGPC
EQUGEJCRWGUGUECNKGPVG[PQJKGNC
DWGPQ
FGECTEVGT,KTLKZMOCCPMCO
FJK,WCP%JCOLZFJCKCVIK,WCPGU
DWGPCRGTUQPCRWGUPWPECOGOKGPVG
DKGP
FGUCNWFt$CFWCCCIW5COQKNPC
UCCMMCZMCQQMMCV!tLWRMCKEJIW
2CCEJWt%JCOCCLPCDCZMRCDCO
PK!tLWRMCKEJIW+UCCDTWt;CUGCNKXK
5COWGN!tRTGIWPV2CPEJQt2CTGEGSWGU
RQTSWGUGXGOGLQTtEQPVGUV+UCWTQ
=RNMMEQRLKZ?

MORKICXaVCTTGINCTEQORQPGT

-CDWKOWMLCVWEJKCOTCPCOMORKIC
FJKVTQQMCOWPCRCKVOMORK/CCPC
XQ[COCPFCTCEQORQPGTGUVCECOKQPGVCCN
VCNNGT
SWKVCT
NQUWEKQNKORKCT'GMWOQQV
MORKICFJKDJCDMWVWLKFJQQTCPCIW
RCPCCULKZLQQFCK8Q[CNKORKCTGUVQUHTKLQNGU
RCTCEQEGTNQURQTSWGRCTGEGSWGVKGPGPRKGFTCU
=RTGVMORKRTGUMORKEQPVMORKPFC?
PCRCKVOMORKVCNNGT
NKVFQPFGUG
CTTGINC

MORKZFJCXaDCTTGINCTEQORQPGT
RCTC

QVTCRGTUQPC'GMWOQQMORKZFJCIW
DQRVQICPIW0CUCCTKQMCVLCEJKLCK[CR
DCMQZKC8Q[CCTTGINCTNCECOCFG%GUCTKQ[
VCNXG\FQTOKTGPGNNC
SWKVCT
NQUWEKQRCTCQVTCRGTUQPCNKORKCT

RCTCQVTCRGTUQPC,KWOWCIWDCDQQNJ

MMDQ

PCUCRMORKZFJCIWDJCD/GRKFKOKVC
SWGNGC[WFCTCCNKORKCTNQUHTKLQNGU
=RTGVMORKZRTGUMORKZK?

MPFTLCMCFXCNNCFQFGTGEJQ2CCRFT

LCMVWOC[CUMPFTLCMCCMCQPUQRFT
LCMCC!&GEWNNCFQVKTCUFGNNCFQFGTGEJQQ
FGNNCFQK\SWKGTFQ!#PVPCPUCRFTLCM

MFJCXaTNKORKCTUG-CZKTCCRPCMC

ZKOMFJCFJKUWWFCKPCRDCDCDCKIKC
IKKNJKOMCZKMQQTCIW'URGTCCSWGUGNKORKG
GNCIWCCPVGUFGUCECTNCRWGUGUVOW[UWEKC
EQORQPGTUG
FGGUVCTOCTEJKVQ)KQDJCKR
LKOMMIKFJCIWLWWPPCMCZWWCOMCPQ
KEJZKDQRKIWUCKUKCMWIWZKQO
DJCKDEJKEJWPFCV%WCPFQFGU[GTDQNCOKNRC
UGXWGNXGCEQORQPGTGPXG\FGGUVCT
COCTKNNGPVC
EQORQPGTUG
FGGUVCTGDTKQ0CRLKZDJCK
ZKOMFJCLKPCRDCDCLKOKCPCREJCO
OWRCKNJKCPCZDCDCC6PCRIWCORZ
ICICKMMMCPCRIWMCZOCKO0QFGDGUKTVG
JCUVCSWGVGEQORQPICUDKGPPQUGCSWGVG
ECKICUGPCNIPDCTTCPEQRQTGNECOKPQ(LCVG
EOQCRGPCUUKCPFCURWGUVQFCXCGUVU
DQTTCEJQ
CNKXKCTUG
FGWPCGPHGTOGFCF-KCRZLCDC
MFJKOPCLKZMCQQM#RGPCUOGGUVQ[
CNKXKCPFQFGGUVCGPHGTOGFCF
=UWLRNMMIKFJCRTGVMFJCMMIK?

MMDQXaKRCTCTUGRQPGTUGFGRKG
UWLCPKO

:KMMDQCREJCROKFJCCMCPCRCKZEJW
DCC2TCVGPQGUVUUGPVCFQCNNFQPFGGUV
JOGFQ
RCTCTUGFGVGPGTUG
GNOQXKOKGPVQUWLCPKO
0COOPKFJTICKPCEJKEJLKDJKVWWMMPCK
LKMMDQIWVTQQMCIWKPCEJDJCCPOWKMC
LKKOV&GCSWGNNCFQGPNCNCFGTCUGCRCI[UG
RCTNCECOKQPGVCGPSWGDCOQU
ENCXCTUGGPVGTTCTUG
EQUCRWPVKCIWFC-WZ
OQQZOWOWMCCFJKOWWWPCVDCOQQ
DJCKRWMMDQDJCCPFJKVCCONC!3WGUVP
OW[RWPVKCIWFCUVWUHNGEJCU!2WGUWPCUGSWGF
ENCXCFCGPGUCVCDNC
=UWLRNIWMKCQIWIWWMKCRTGVMMDQIWMQ
IWIWW?8CTMMDW
QNJKCPMPMMDQRQPGTUGFGTQFKNNCU
DCMMDQIWFWWM[CUGSWKVNCNNWXKC
UNJMMDQIWMCDCKUGRCTGNECDCNNQGP
NCURCVCUVTCUGTCU

'&+%+024'.+/+0#4`

MMDWKEJFJC

6'2'*70'52#1.



MMDWKEJFJCXaVC[WFCTCRCTCTUG
EQORN

MNJKKVCMCCTWKUICNNQd,CROQQZDJCPCC

MMIKFJC=UWLRNFGMFJC?2GLLWO

MNJKKICPCFLICUVCFQ
RQTOWEJQWUQ$C

CPKO-MDWKEJFJCCRIWOMWWNUKPQRPK
PCEJCOMMMCIWFNJ#[WFCCVWCDWGNQC
RCTCTUGUKXGUSWGPQRWGFGJCEGTNQUQNQ
=RTGVMMDWKEJRTGUMMDWKEJWP?

MMIKFJCCOUGNKORKCTPUGEQORQPFTP
=RTGVMMIK?

MMNJ=RNFGMNJKK?VQUUQDTKPQUUQDTKPCU

=CRQUMMNJK?

MMNJ=RNFGMNJKK?OCEJQU
CXGU

MMNJVCVMCTWK=RNFGMNJKKVCMCCTWK?ICNNQU
MM=RNFGM?DWGPQU=EQRLKZ?
MM=RTGUFGMM[C?
MMMCFC=EQPVFGMMC?GUVCT
FGRKGXCTKCU
XGEGU

MMMKFJCXaKCPFCT
FGECUCGPECUC,CRPCK
RZMMMKFJCIWZZKKZPCCUMWEJCODJCKPC
VWLCZDWCFC6KDCTIIWLWRVVFCIW
FPIW.GGEJQ6WJGTOCPQUKGORTGCPFC
FGECUCGPECUCRCTGEGSWGPQVKGPGPCFCSWG
JCEGTRGTQ[CGUVITCPFGNGFKLQUWOCOC
.GPEJQ=UWLRNIWPIWMKFJC?8CTMMKPFC
8CUGMMC

MMNJKICP=RNFGMNJKICP?ICUVCFQU
EQTTKGPVGU=EQRLKZ?

MMUC=RTGUFGMUC?NQRCTC8CTMU
MMZK=RTGUFGMZFJC?UGNQRCTC
8CTMZK

MNJDCXaVFGUITCPCT
OC\#CRDJKTCIW

UWWFCKDJCOOFTDKDKCVCOCCDCV
MNJDCIWLWWPPCEJVWOCVCKOFC8GVCN
OCPCPVKCNCVTCGTCIWCOKGPVTCUOGRQPIQC
FGUITCPCTGNOC\RCTCSWGJCICOQUGNPKZVCOCN
=RTGVMNJRTGUMNJKKD?

MNJKKUVQ
JGTOCPQOC[QTFGNRCR&NJ

CCRKEJLWRFWWMMUFJKWOWWDQPCCOLK
MNJKK!1[GVQVUQNQJKEKUVGGUGUQODTGTQFG
\Q[CVGSWGVTCGU!
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOGPQT
FGWPJQODTG,KMNJKKOKFJCCCCIWO
VCCV!5QDTKPCGUVCNNVWRCR!
=RNMMNJCRQUMNJKKMMNJK?

MNJKKUOCEJQ
CXG,KZDJCCOPCFJKMNJKK

VQDCCUZZKCIWRCZKCTFCOPQEJCORWO
CC'UVGIWCLQNQVGOCEJQGUDTCXQRWGUNGRKEC
CNSWGXKGPGFGXKUKVCEWCPFQUGFGUEWKFC
=RNMMNJ?

DCMLKCFJKMNJKKVCMCCTWK$RLCRLKUUU
PCKEJCOWWDDJKd%OQGUDTCXQGUVGICNNQ
2WGUJCEGTCVQ[COGTQOGRKECDCEWCPFQRCU
EGTECFGN=RNMMNJVCVMCTWK?
UCTFJKVQQODJCKOMCTPCIWDCT
MNJKKICP;CUGTQORKGUVGEQUVCNRQTSWG[C
GUVICUVCFQ
EQTTKGPVG
RQTPQGUVCTDKGPJGEJQ,QVOQFC
UCCUMFJKRCPVCNQQPIWEJKRWT
MNJKKICPPCKEJUCDCNJd3WRTQPVQUG
TCUIOKRCPVCNP#NQOGLQTGTCEQTTKGPVG
EWCPFQNQEQORT
=RNMMNJKICPEQRLKT?

MRNJCFXDQECCDCLQFGDTWEGU/KZK

DZKIWLWMMWMPDCKOTCOKOW
RCKMRNJOWKLKLKKKEJPCZEJWMICO
2TPFCOGWPQEQVGRCTCKTRQTCIWCRCTCPQ
ECGTOGFGDTWEGUGPGNECOKPQRQTSWGGUV
QUEWTQ#PVPVCK

MTPKFJCXaKETWLKTTGEJKPCT
NQUFKGPVGU$JL
RCKMCVMTPKFJCVIWDCUMVWMCC/MMCV
DJLRCKRZVKPCVFCCIWOKKEJW2QTCJ
GUVCDCWPTCVPTGEJKPCPFQNQUFKGPVGUGPNC
PQEJGRGTQNWGIQUGQ[SWGGNICVQNQCICTT
=RTGVMTPKRTGUMTPK?

MTPKOCFLSWGUWGPCPNQUFKGPVGU
CNEQOGT

EQUCUUGECU/QQDCZICMCCFJKVOPCDC
LCRLKZMTPKOLWOMWC!2CTGEGSWGGUVCU
VQTVKNNCU[CUGUGECTQPRWGUOGUWGPCPNQU
FKGPVGUCNEQOGTNCU8CUGEJTMCO

MU=RTGUFGMMUC?NQVCNNCUGTCUEC
MPCFLGPQLCFQ
VQFQGNVKGORQ#NJLCR

OQQZMPIWURFJKFJK2GGNGULKTOCCP
PCLQMMKCUFCd%OQGUVGPQLCFQ(NKZEQPUW
JGTOCPKVQ2WGUUKGORTGNQGUVRGNNK\ECPFQ
=EQRLKZ?

MPRQUREQP,QFCKMPLCROCKCFJK

ICIQQZPCEJCOOKOM[C6TCNGCNRGTTQ
EQPWPCRKGFTCRCTCSWGPQVGXC[CCOQTFGT
FGPVTQFG
WPVKGORQFGVGTOKPCFQ)QQM
VCPQQNJLCMPLCMIZKCOWFT6CVQQO
%JCO&GPVTQFGFQUFCUTGITGUCTFG.QU
%QPGLQU

MPMQDCFXVGORTCPQ,KZMPMQDLCOQQ

MQZKCZKDPCDCEJCOMQQZKOMC
MCDWKOWMPCDZEJCPQQNJVWWCPC#JQTC
OGXQ[CFQTOKTVGORTCPQRCTCSWGPQVGPIC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

UWGQOCCPCRQTSWGXQ[CGUETKDKTVQFQGNFC
=EQRLKZ?

M[CXaVOQTFGT
EQPNCDQEC#OZKO

MKKOFJKICIQQZPCIWEJCOLWOOCCV
%QOQSWGVGSWKGTGOQTFGTGUGRGTTQRQTSWGPQ
VGEQPQEG
RKECT
EQPGNCIWKLP)KKNJKOLKZMQMIW
OODPQVLKMK$JCKLKDCKIMKCRCKPC
M[C%WCPFQOGRKECWPCCDGLCOGFWGNG
OWEJQ[UGOGJKPEJCGNRKSWGVG
=UWLRNMM[CRTGVMKMMKRTGUMMM?
8CTMKOPC
VMMOWGTFGQRKEC
RQTPCVWTCNG\C
OKOMKdPQVGXC[CCOQTFGTdPQVGXC[C
CRKECT
COVKRLKMKRQTRQEQOGOWGTFG

MQDUHTGPVG2CCRKEJMQDDQPCDCIZ

LKKDKZIWOMQD!-CRVKOWRCKKCTMLWO
OQMPOKMMDQCC!&PFGVGIQNRGCUVGNC
HTGPVG!2QTSWGGUVDKGPTCURCFC6GECUVGFG
ECDG\C!=CRQUMQDCCP?8CTMQDVCK
MQDCTCOMQDVCIKGPUWHTGPVG
FGNQ
FGGNNC

MQKTC

IWLCTQKPCVOKEJK'UVCUKGODTCFGOC\
GUVOW[EGTTCFCRCTGEGSWGNCRGTUQPCSWG
UGODTCNNPQUCDGUGODTCTDKGP=EQRLKZ?

MQDMQXaKHNQTGCTUGTGXGPVCTGURQPLCT

EQOKFC$CMQDMQFJKDCMEJM%JCOCC
DCTCOPCDCODJKC!;CUGGURQPLGNOC\
SWGJKTXKGTQP;CUGRWGFGSWKVCTFGNCNWODTG
XGTFCF!
OCFWTCT
RCTEKCNOGPVGHTWVC%JCMWKDJCKIW
OCPUCCPMKCRZDCMQDMQKO#RGPCUUG
GUVPOCFWTCPFQNCUOCP\CPCUVQFCXCPQGUVP
DKGPOCFWTCU
5GTGHKGTGCNCUHTWVCUPQDKGP
OCFWTQUXCUGMQDMQNJ
=RTGVMQDMQRTGUMQDMQTEQPVMQDMQKFJC?
8CTMQDMQNJKC

MQDZKFJCXaVCEGTECTUG
RCTCXGT/QQR

OKOKCPOWKZKLCMCMQQDZKFJCV,QUGGIW
MCMDCKPCOEJCOLQVOQFCDJCLKOKOK
DCCRMKCICCVT&GDGUCEGTECTVGOUUGIWKFQ
,QURCTCXGTUKNQUECDCNNQUCPFCPEGTECFGNC
OKNRCRCTCSWGPQUGOGVCPFGTGRGPVGCGNNC
=RTGVMQDZKRTGUMCMQQDZK?

MQK=RTGVFGMQQFC?2GLLCMQKNQUOCV

MQD=RTGUFGMQQMDKC?NQFGUGPVKGTTCGZECXC

MQK=RTGVFGMQZKC?FWTOK

-QDCTCOCFX.C%CPFGNCTKC
NWICTNKVGPNC

MQK=RTGVFGMQ[C?2GLMQKOVOWTKGTQP

HTGPVG6DFVLKZIKQQDJCKPCRCKRWKV
V-QDCTCO'NNWICTSWGUGNNCOC.C
%CPFGNCTKCGUWPNNCPQCPIQUVQ

MQDKKOM=EQRTGVFGMQQMDKC?NQFGUGPVGTTCDC
GZECXCDC

MQDMQNJCFLFWTQOGFKQOCFWTQ
HTWVC

t$CZDJCKCCIWOCPUCCPDJCOOCDWKN
DWK!tLWRMCKEJIW6GTGGUCt%JCO-KCRZ
DCTMQDMQNJtLWRMCKEJIW.QQNCt;C
GUVPOCFWTCUNCUOCP\CPCUSWGVKGPGOK
CDWGNQ!tRTGIWPV6GTGUCt6QFCXCPQ
CRGPCUGUVPOGFKQOCFWTCUtEQPVGUV.QNC

5GFKEGFGNCUHTWVCUSWGPQETGEGPGPTCEKOQU
EWCPFQ[CNNGICPCUWVCOCQPQTOCNRGTQVQFCXC
PQUGOCFWTCPDKGP;CUGRWGFGPEQOGTRGTQ
VQFCXCGUVPCITKCU=EQRLKT?

MQDMQNJKCFLSWGTKPFGOWEJQ
EQOKFCCN

EQEGTUG%JCODJCKCCPCRIQQMCNJRZOK
LKLKFJQQTCIVFJKCTTQQUPCIWDCMIKKNJKO
LKZMQDMQNJK!%TGQSWGUGTCDWGPQSWGRQPICU
CTTQ\CJGTXKTRQTSWGTKPFGOWEJQCN
GURQPLCTUG=EQRLKZ?

MQDMQOCFLEGTTCFQCRTGVCFQ
GNRCUQ:KZ

MQKUEQOKFCCNKOGPVQ;CDCVWOCKEJIW

MQK)QTDKEJWLWICCM;CVTCLGTQPNCEQOKFC
CUSWGJC[SWGEQOGT

MQKDJCTUFGURGTFKEKQU
FGEQOKFC/WRKOZK
PWKFJKFJCIWVQQZMQNJIWLCOMQKDJCTPC
DKKKOMWLQQVQOMPIKEJC'EJGPUWU
FGURGTFKEKQUCNOCTTCPQRCTCSWGGPIQTFGOU
RTQPVQ

MQKEJCOUITCPEQOKFCEQPXKXKQ/CKMLCEJ

OWLKOKC,WMVT)6CPQQNJ%JCO/K
IKKNJKOLKTMQKEJCOMC8COQUC5CPVC/CTC
GPNC5GOCPC5CPVCRWGUCNNXCCJCDGTWPC
ITCPEQOKFC

MQKFJCTCUEQOKFCRTGHGTKFC)WQMFJCO

KKRWKCNJLCROQQTLCMQKFJCTCIW
MCMCTDCZ.QUTGVQQUFGNOCFTQQUQPNC
EQOKFCRTGHGTKFCFGNCUEJKXCU
=CRQUMQKFJCTICP?
LKZMMQKFJCTCOKEQOKFCHCXQTKVC

MQKFJC=OQXFGLWIKC?KTEQOKGPFQ
8CTMQKKFJC

MQKTC=RTQRFGLWIKC?KTCEQOGT=RNMQKRQ?

MQDMQOVWWVIWLWWP%JCOOCCVVVUDCM

'&+%+024'.+/+0#4`

MQMDCFC

6'2'*70'52#1.

MQMDCFC=UWLRNFGMQQDFC?2GLMQMDCFC
COUGNNGPCTP
FGEQOKFC=RTGVMCMQQD
RTGUMQMDCP?

MQMDCP=RNFGMQQDCP?NNGPQU
FGURWUFG

EQOGT=EQRLKZ?

MQMDCP=RTGUFGMQQDFC[MQMDCFC?UG

NNGPCUGNNGPCP
FGEQOKFC

MQMFCURTQDNGOCFKURWVC,CROQQZ

DJCOPCRKOLKLCCFW6WPCMPRZFJQ
IWDCTMQMFCMCLK'UVPOW[GPQLCFQU
COKIQU&GDGFGJCDGTCNIPRTQDNGOCGPVTG
WUVGFGU

MQMFCXaKRGNGCT,KZOCKOWVOWMCVW

MQMFCVOCCPIWOCCPMCOPCRCKTRKCUVC
7PCRGTUQPCDQTTCEJCGUVCDCRGNGCPFQGPNC
HKGUVC
XaTRGNGCT
GPVTGUUWLRN/LPKLCRRCK
DCOMQMFCKFJCVCOIWOCKMMCOVWMCC
#PQEJGNQUDQTTCEJQUGUVCDCPRGNGCPFQRQTCJ
=RTGV[RTGUMQMFC?

MQMFJKEJFJCXaVJCEGTRGNGCT
EQORNRN'C
PCEJLCMQMFJKEJFJCFJKVWVWWT'GLCZRM
VWOLKZKQOLKZQQ8COQUCJCEGTRGNGCTC
GUVQUVQTQUCXGTEWNGUOUHWGTVG
=RTGVMQMFJKEJRTGUMQMFJKEJWP?

MQMMQP=RNFGMCMQQP?EWGTXQU
MQMOCIKNJKC=UWLRNFGMQQOIKNJKC?2GL

MQMOCIKNJKCCOUGGPUWEKCTPEQPRQNXQQ
EGPK\C=RTGVMQMOCIKTEQPVMQMOCIKTFC?

MQMOCNJ=RNFGMQOCCNJ?EQOCFTGU

=CRQUMQMOCNJK?

MQMOCNJ=RNFGMQOCCNJ?EQOCNGU

MQMOC=RNFGMQQOC?ITKUGU=EQRLKZ?
MQMQVIKZ=RNFGMQVIKZ?GURQPLCFQUSWGVKGPGP
RQNNKVQU
CXGU=EQRLKZ?8CTMCMQVIKZ

MQMTCT=RNFGMQTCCT?EQTTCNGU
MQMUQFC=EQPVFGMQZKC[MQQMZKC?FQTOT

XCTKCUXGEGU

MQMVQRQ=RNFGMQVDQ?JQODTQU
=CRQUMQMVQRQP?

MQMZKEJWP=RTGUFGMQQZEJWFC?NQURQPGC
FQTOKT

MQMZKM=FGUKFFGMQQMZKC?SWKGTGPFQTOKT
MQMZKRW=RTQRFGMQQMZKC?KTPCFQTOKT
MQMZK=RNFGMQQZK?SWGVKGPGPCNIWPCOCNFCF

RQTPQEQPHGUCT=EQRLKZ?



MQM[QMPUCRKG
OQFKUOQ,KTOKCP[CFT
5WNKFCCDJCOO,QVMQZ%JCORWKMQM[Q
MPLCCLP'UVEGTEC.C5QNGFCFFG.CU
%GDQNNGVCURWGURWGFQNNGICTCRKG

MQNJDKZFJCXaVJCEGTWPJQ[Q
RCTCCNOCEGPCT
GNCIWC/CCPMCROLPKFDQPIWUWWFCK
LQFCKDVC#CRCNJRZKMQNJDKZFJCMPC
DCOKK[CPQIKQRCKFJWWM[CLCRLWR
DCLKO#NNCDCLQJC[WPNWICTFQPFGGNCIWC
DTQVCRQTFGDCLQFGWPCRKGFTC*KEGWPJQ[KVQ
RCTCSWGCNOCEGPGGNCIWC[RWGFCVQOCTNCGN
FCSWGRCUGRQTCNNQVTCXG\=RTGVMQNJDKZ
RTGUMQNJDKZK?

MQOUGURCNFC2WKZMQMIWMQOPCKEJ

LKIKVCMCCDMCDCKEJCOFT6QFCXCOG
FWGNGNCGURCNFCRQTJCDGTOGECFQFGNECDCNNQ
C[GT
EUECTC$RZKNJRKICKIWRKKCUPQLKZ
CCPCIWEJCOLWOMWCIWMQOKK5K
SWKGTQEQOGTRKCRTKOGTQNGSWKVQNCEUECTC
RQTSWGUVCPQUGEQOG
EQTVG\C,KWKOTIWMQQMQOPCMPV
OKFJCFJKDJKLCLC8G[VTGOGEQTVG\CU
RCTCJQTPGCTGUVCUQNNCUFGDCTTQ
=RNMQQMQOCRQUMQOKKMQQMOK?
MQOKTCOGPUWGURCNFC
FGNQFGGNNC

MQOCCNJUEQOCFTG%JCOVWUCROKFJCC

IWMQOCCNJ/WLCMUCRRCKRCZKCTCO
FPDWK0QGUVCNNOKEQOCFTGRWGUFKEGP
SWGUGHWGCRCUGCTEQPUWOCO=RNMQMOCNJ
CRQUMQOCCNJKMQMOCNJK?
8CTMWOCCNJ

MQOCCNJUEQOCN/MLWOCCPCFCDKC

IWDJKPCDCEJCOPCKRZLKLCKMKCIW
MWOCCNJPQDCRFWKKZ5GPGEGUKVCCOCUCT
OWEJQTCVQGNDCTTQRCTCSWGPQUGRCTVCGN
EQOCNEWCPFQ[CGUVJGEJQ=RNMQMOCNJ?
8CTMWOCCNJ

MQOCCNJKMCFLFGNICFQ
FGHQTOCRNCPC0KLZ
MWEJCOLWWMIWUCWCPQZMQOCCNJKM0Q
ECNKGPVCDKGPNCEQDKLCUKGUFGNICFC
=RNMQMOCNJKMEQRLKZ?8CTMWOCCNJKM
#PVPMCDQQM

MQOCCNJKOCFLUWRGTHKEKCNPQRTQHWPFQ
VKGTTC

QCTGPC/WOOWPKFJTLCMLKZKQOLKZ
EJWWMCOLKPCOKMCCVIWQ[CEJCOVWRWK
PC[CPCZMQOCCNJKO2QTCNNJC[WPCTGPCN
OWEJQOURTQHWPFQSWGGNFGCSWSWGGU
UWRGTHKEKCN=EQRLKZ?#PVPEJWWMCO

'&+%+024'.+/+0#4`



6'2'*70'52#1.

MQOCCTCMCFLCPEJQ
FGHQTOCRNCPC)W

UCUDJCTCMLWLWMLKZKQOMQMOCTCMDWCPIW
VCCONCU&GNQURKPQUITWGUQUUCNGPNCUVCDNCU
OUCPEJCU=RNMQMOCTCMEQRLKT?

MQOEJKCXaKFQTOKT
LWPVQCNCNWODTG/QQ

CNJMQOEJKCZKDFJKVWMCCPCDCEJCO
IDMCPCIWEJCOWCIWUCWC'UVCPQEJG
XQ[CFQTOKTLWPVQCNCNWODTGRCTCSWGPQOG
JKGNGRQTSWGPQVTCKIQEQDKLC
=UWLRNMQQMOKEJKCRTGVMQOKKEJ
MQQMOKEJRTGUMQOEJMMQQMOKEJM
EQPVMQOKEJEJTFCMQQMOKEJTFC?

MQORCCNJUEQORCFTG,CZKUCRDJCLKOIW

MQORCCNJPCDJCVOTCIWKLCCPICP&KEG
OKEQORCFTGSWGCNTCVQXKGPGRCTCXGTCUW
CJKLCFQ=RNMQORCRCCNJ
CRQUMQORCCNJKMQORCRCCNJK?

MQORKICXaVFGUEQTVG\CT6WMQORKIWZICM
VWCIWZKKZPCDCMPVOKFJCIWDJK
LCLQQZKC/KJGTOCPCOC[QTGUV
FGUEQTVG\CPFQWPGPEKPQUGEQRCTCRQFGT
JQTPGCTNQURNCVQUFGDCTTQ=RTGVMQORKQ
MQORKIRTGUMQORKEQPVMQORKPFCQ
MQORKIKFJCQMQORKICKFJC?

MQPDKCFLOQJQUQ,CZMWDCZMQPDKFJK
VOMCNJ!0CIWVKEJCOVWDJKDIKEJ2QT
SWGUVPOQJQUCUGUVCUVQTVKNNCU!2WGUPQ
GUVCDCPGPXWGNVCUGPWPCVGNC=RNMCMQPDK
EQRLKZ?

MQPDKEJCXaKOCPEJCTUG
FGOQJQ

GPOQJGEGTUG$JCKIQTDKDCMKEJFJK
MKEJWPPCEJCOMQPDKEJCRCPCCUCOLKZ
FJWWFWKOVWODWC2QPICPGNVGEJQFGGUC
ECUCRCTCSWGPQUGOCPEJGPNQUCTOC\QPGU
RQTSWGRCTGEGSWGSWKGTGNNQXGT
=RTGVMQPDKEJCEQPVMQPDKEJCTFC?

MQQDCPCFLNNGPQ
FGURWUFGEQOGT#OLKZ

KKOEJWOVWVCVFCPCIKKNJKOLKZMQQDCP
:KIVWLWWKEJ/GUKGPVQECUKGORCEJCFQ
RQTSWGGUVQ[OW[NNGPQRWGUEQOFGOCUKCFQ
=RNMQMDCPEQRLKZ?

MQQDFCXaKNNGPCTUGSWGFCTUCVKUHGEJQ
FG

EQOKFC,QKFJCOLKZDJCKMQQDLCKEJPC
KEJDCMCCZMPVWLWW3WGFUCVKUHGEJQ
EWCPFQEQOECTPG=UWLRNMQMDCFC
RTGVMQQDMCMQQDRTGUMQMDCP?

MQQFCM=EQORNRNFGOWCCO?2GLLKZLC
MQQFCMCONQUSWKGTGPOCVCT=EQRLKZ?

MQQOC

MQQFCO=EQORNRNFGOWCCO?2GLLKZLC
MQQFCONQUSWKGTGOCVCT=EQRLKZ?

MQQFC=EQORNRNFGOWCC?OCVCTNQU
=RTGVMQKRTGUMQQP?

MQQMDCPCFXGPGNDQTFG
FGWPRGCUEQd,CR

OQQCOWWDQKTFCLKDCMIWUWKOCNJ[C
/KKLCRRZOCCZDZMQQMDCPd3WEGTEC
CPFCPNQUXGPCFQU2QTCNNUGXGPNCUJWGNNCUGP
GNDQTFGFGNRGCUEQ

MQQMDKCXaVFGUGPVGTTCT;CKEJRZRW

OCIQQVKRWRVWMQDKKOMFJK[CCVWK;COG
ECPUFGGUVCTFGUGPVGTTCPFQNCURCRCUFGCSW
XaKGZECXCT6WMQQMDKCCOUCRIWLCVMCO
MCDWKOWMOKPCORCKVWDCMEJC&KEGP
SWGNCIGPVGXCCGZECXCTOCCPCCNNFQPFGXCP
CJCEGTNCECUC
XaKJQ\CT/KDCCDCMICCVTIWVQQZMQNJ
)KKNJKOOKZOCCZPCVWMQDKKOM2CTGEGSWG
GNOCTTCPQUGOGVKGPNCOKNRCRWGUUGXGSWG
CNNGUVWXQJQ\CPFQ
=RTGVMQQMRTGUMQDEQRTGVMQDKKOM?

MQQMFCTCCFLRGNGPRGNGCFQT,CROQQZ

MQQMFCTCIW2GGNGUFCKPCDCLKEJWMQMFC
PQTRKCUVC(NKZGUOW[RGNGPRWGUUKGORTG
UGRGNGCEQPCNIWKGPEWCPFQJC[HKGUVC

MQQMOKEJKC=UWLRNFGMQOEJKC?2GL

MQQMOKEJKCCOFQTOKTPLWPVQCNCNWODTG
=RTGVMQQMOKEJRTGUMQQMOKEJM
EQPVMQQMOKEJTFC?

MQQMOKMKC=EQORNRNFGMQQOMKC?CDTC\CTNQU
=RTGVMCMQQORTGUMCMQQOKM
RWPVMQQMOKMM?

MQQMQO=RNFGMQO?EUECTCUEQTVG\CU
=CRQUMQQMOK?

MQQMQUC=EQORNRNFGMWCPC?SWKVCTNQU
=RTGVMQQMQUCRTGUMQQMQU?

MQQMQZFJC=EQORNRNFGMWCFJC?

SWKVTUGNQU=RTGVMQQMQZRTGUMQQMQZK?

MQQMQ=RNFGMQ?XDQTCU
MQQMZKC=UWLRNFGMQZKC?2GLMQQMZKCCO
FQTOKTP=RTGVMQQMQKRTGUMQQMQU
EQPVMQMUQFCRTQRMQMZKRWFGUKFMQMZKM?

MQQMZKM=RNFGMQQZKO?SWGVKGPGPUWGQ
=EQRLKZ?

MQQOCCFLITKU%JCORCKQKTOCCPIW

DJWTWZLKZMQQOCOCKCIO!,KQZK
VCMCCD0QCPFCRQTCJWPDWTTQFGEQNQTITKU
EQPNCURCVCUCVCFCU!5GOGRGTFKC[GT

'&+%+024'.+/+0#4`

MQQOIKNJKC

6'2'*70'52#1.

FGUEQNQTKFQ#VVKKTWDCZMQQOCRZDCFJK
MWVWWPDCMIWZWCK;CGUVOW[
FGUEQNQTKFCOKECOKUCRWGUUGFGURKPVC
HEKNOGPVG
=RNMQMOCEQRLKZ?

MQQOIKNJKCXaKGPUWEKCT
EQPRQNXQQEGPK\C

5CKEJFJKFJCVCRFJKOUCWCPCRRCKFJWWM
DCOIKFJC,CZIKPCDCICOOLDJCLCR
MQQOIKEJMCUQQUPCP!&GDGUEQNICTVWEQDLKC
ECFCXG\SWGVGNGXCPVGU0QVKGPGECUQSWGGUV
UKGORTGGPGNTKPEP[UGNNGPGFGRQNXQ
RQPGTUGITKU
GNEKGNQ)KQDJCKRDCLKOIW
FWWM6PCDJCOOPKFJTDJCKDC
MQQOIKNJK;CXKGPGQVTCXG\NCNNWXKCRWGU
CNNUGXGITKUFQPFGGUVNNQXKGPFQ
=UWLRNMQMOCIKNJKCRTGVMQQOIKTMQMOCIKT
EQPVMQMOCIKTFC?
LKZMQQOIKNJKSWGHEKNOGPVGUGNNGPCFG
RQNXQ

MQQOMKCXaVCDTC\CT)WIITMCOPCPDCV
LWOMQQMOKMFCCOPCORCKFJWWMLWO
KKQMKFJC.QUIQDGTPCPVGUOGUVK\QUUG
CDTC\CPEWCPFQUGUCNWFCP
=EQORNRNMQQMOKMKCRTGVMQQOMCMQQO
RTGUMQQOKMMCMQQOKMRWPVMQQOMM
MQQMOKMM?

MQQOUCNJUITKU
CPKOCN/CCPDJCOOPK



MQQZKCFLSWGVKGPGCNIWPCOCNFCF
RQTPQ

EQPHGUCT#COQQPCRLWODQZMCIWZEJWVWM
DCRQQMPPCRIWEJKOQQZMQQZK
0GEGUKVCUNKORKCTVGEQPNCPCPGITCFGDQTTGIQ
RQTSWGRWGFGSWGVGPICUCNIWPCOCNFCF
=RNMQMZKEQRLKZ?

MQQZOTC=RTQRFGMQZKC?KTCFQTOKT
MQQP=RTGUFGMQQFC?NQUOCVC
MQQPFCOUOCVCFQT
FGCPKOCNGU)W#NDKKP
UCRLKTMQQPFCOIWVCVQQZMQNJRWEJCOLC
KQMEJQPFJQUCROQQ&KEGPSWG#NDKPQGU
WPDWGPOCVCFQTFGOCTTCPQURWGUFKEGPSWG
PQNQUFGLCITKVCT

MQTCCTUEQTTCN,CTQQEJKICPFJKDJGUGGT
PCOKMWWRMQTCCTVT!&GSWKPUGTGN
DGEGTTQSWGGUVGPEGTTCFQGPGNEQTTCN!
=RNMQMTCT?

-QTKCPCFXEKWFCFFG&WTCPIQ/QQEJOW

LKOKC-QTKCPPCTCIKEJCOMCOWOOWIWZ
ZKLWODCKMDJCCPFJKOCUCCP:KDMKCRZ
IQQMDCWCIW*C[SWGKTC&WTCPIQCNC
LWPVCGNFCQEJQFGGUVGOGURWGUJQ[CRGPCUGU
FCFQU

MQUUPKFQ,KZEJCOCCODJCFCTCCIW

NCPMKK[WUDJCOOMQUVT*C[EKPEQJWGXQU
GPGNPKFQ=RNMCMQUCRQUMQUCCP?

FJTDJCKDCLKOFNJIWMCTDCZFJKIW
MQQOUCNJMCOVWKFJK#NNXKGPGWPCEJKXC
UQNCRCTGEGSWGGUNCITKU=RNMCMQQOUCNJ?

MQQRQM=RNFGMCDQQM?ITWGUQU
FGHQTOCRNCPC
=EQRLKZ?

MQQU=RTGUFGMQZKC?FWGTOG
MQQZEJWFCXaVRQPGTCFQTOKT#NJKEJLCR

DCZKDJKOTCIWUWWFCKPCMP
DCVDKCPCRZKMQQZEJWFCKFJKCNJKK&GURWU
FGSWGFWGTOCUCNPKQJC\OGGNHCXQTFG
VTCGTOGCIWCRCTCDCCTOG
FGLCTFQTOKT%JCODJCKMQQZEJWFCOV
IWOCKMMCO$ZEJWMCCOLLCRRCKLKKCM
CO0QOGFGLCTQPFQTOKTCIWUVQNQU
DQTTCEJQURWGUVQFCNCPQEJGUGNCRCUCTQP
ITKVCPFQRQTCJ
=EQORNRNMQQMZKEJFJCRTGVMQQZEJWFC
MQQMZKEJRTGUMQQZEJWPMQMZKEJWP?

MQQZKOCFLSWGVKGPGUWGQ
NKVSWGSWKGTG

FQTOKT/KZKDCMZKIWOCK#OLKZ
MQQZKODCVWVCVFC2QTHCXQTVKPFGOGGN
RGVCVG%TGQSWG[CVGPIQUWGQ=RNMQQMZKM
EQRLKZ?8CUGMQZKC


MQUDJCNJUEUECTC
FGNKGPFTG)KKNJKOLCOV
DCMDJCKDCVCCVMLWOOQCOIWCCCV
DJCKLCRRZLCZFCCIWLCMQUDJCNJ
2CTGEGSWGPCEKGTQPOWEJUKOQURKQLQUGPVW
ECDG\CRWGUCNNUGXGPNCUEUECTCUFGNCU
NKGPFTGU

MQVDQUJQODTQ-QVDQTCOOQQVQIWUCTDJCM
MWCCIWOCCPMCO'NJQODTGECTICWPNGQ
ITWGUQGPUWJQODTQ=RNMQMVQRQ
CRQUMQVDQPMQMVQRQP?
MQVDQTCOGPUWJQODTQ
FGNQFGGNNC

MQVIKZCFLGURQPLCFQ
RNWOCLGEWCPFQGUV

GORQNNCPFQWPCXG,KTMQVIKZFJKWDKK
VCMCCTWKPCIWVWDQKUCRPCODC
OWKFJC'UVGURQPLCFQGNRNWOCLGFGGUVC
ICNNKPCRQTSWGGUVGORQNNCPFQRCTCSWGJC[C
OWEJQURQNNKVQU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

SWGVKGPGRQNNKVQU
CXG,KZDJCPCCMCIW
WDKKVCMCCTWKPQTMQVIKZPCIWZLCFCFC
PQOMCTNJKEJ5GRQPGDTCXCNCICNNKPCSWG
VKGPGRQNNKVQURQTSWGNGUVKGPGOWEJQECTKQ
OKGPVTCUGUVPEJKSWKVQU
=RNMCMQVIKZQMQMQVIKZEQRLKT?

MQZKCXaKFQTOKT$KDCOKK.CCNQ2WKMQQU

CRCC!6MQDDCFWW.GXPVCVG.CNQ
6QFCXCGUVUFQTOKFQ!;CUGJK\QVCTFG
=UWLRNMQQMZKCRTGVMQKMQQMQKRTGUMQQU
MQQMQUEQPVMQMUQFCRTQRMQQZOTC
MQMZKRWFGUKFMQQZKOMQMZKM?
EJWMQQZOQFCCFLSWGNGFCUWGQ

MQUXDQTCEWNGDTC,WRMCKEJFJCCOPCUCR
LKZKQQDIWMKMCOMQIWDCMZKICP&KEGP
SWGNCECTPGFGNCXDQTCFGECUECDGNGUUCDTQUC
=RNMQQMQ?

MQKKFJCXaKKTEQOKGPFQ6WRMQKKOPCR

DCRZCOLWOMKDKO!3WXCUEQOKGPFQ!
2WGUUGXGSWGGUVUOCUVKECPFQCNIQ
=RTGUMQKKO?8CTMQKFJC

MQMCFLSWGFWGNG
WPCRCTVGFGNEWGTRQd,CR

OQQZMQMFJKMQVDQ2CPCCUMWVOKZMCO
VWVCVFCIWEJKPCZDVIWUCTDJCMMWCC
PCKEJOQQVQTCMVCMCCDd%OQOGFWGNGGN
JQODTQ5KGPVQEQOQSWGUGOGFKUNQE2WGFG
UGTRQTSWGGUVCDCRGUCFCNCNGCITWGUCSWGHWKC
VTCGTC[GT=RNMCMQMEQRLKZ?

MQMFCKUGPHGTOGFCF$ZCKZKOVWOV

MCIWMQMFCKPQTVCCDJCM,CZPCDC!
%WCPFQNNGICNCRQECFGUGSWCNCIGPVGUG
GPHGTOCFGOWEJQUVKRQUFGGPHGTOGFCFGU
3WKPUCDGRQTSWUGT!

MQMNJKCCFLSWGGORKG\CCFQNGT
RCTVGFGN

EWGTRQ2CKLDCLKZMQMNJKCIWOQ#
XGEGUOGFWGNG
NKVGORKG\CCFQNGTNCECDG\C
=RNMCMQMNJKCEQRLKZ?
EJWMQMCFLSWGFWGNG
EWGTRQGPVGTQ

MQMOCNJKM=RNFGMQOCCNJKM?FGNICFQU
FG
HQTOCRNCPC=EQRLKZ?

MQMOCTCFXNCFQCNCFQ-QMOCTLCEJOQQ

LKKOFC[CFJKMCC[KPCIW[CRWKLCMVWO
QKT8COQUCCPFCTWPQNCFQCNNCFQFGNQVTQGP
GUVCECNNGRQTSWGCUUGECOKPCCSW
#PVPUCMCCNJ

MQMOCTCM=RNFGMQOCCTCM?CPEJQU
FGHQTOC
RNCPC=EQRLKZ?

MWC

MQMQNJUEJKNG,QKFJCOLKZKQQDIWMQMQNJ

UQPDKUQURQMCNJDPMCO'UVOW[UCDTQUCNC
UCNUCFGEJKNGEQPVQOCVKNNQ

MQMQOCFXSWGECWUCFQNQT-QMQOLKZLRK
FJKMD'NJKGNQECWUCFQNQTFGVCPHTQSWG
GUV

MQTCCTQXaTIWUVCT,CZEJWOLWOMQTCCT

IWWDKKPCEJDCOVCCZKFJC!LWRVVFCCO
IWIMQTICPIWDKCROC%WNOWEJCEJCVG
IWUVCTCSWGVGRKFKTCOQU!FKLGTQPNQURCFTGU
CNLQXGP=RTGVMQTCCTQRTGUMQTCCT?
8CTMQTCCTW

MQ[C=UWLRNFGOWMKC?2GLMQ[CCO
OQTKTP=RTGVMQKRTGUMQ?

MWEQPLRCTC+PFKECSWGWPCCEEKPFGRGPFGFG

QVTC:KDCKIWICIQQZIWVWMZKMW[CPK
VWLCKFJC.NCOGCNRGTTQPGITQRCTCFCTNGWP
RGFC\QFGVQTVKNNC=)TCO?

MWCMIKFJC=EQORNRNFGMWCFJC?

ECNGPVCTNQU=RTGVMWCMIKRTGUMWCMIK?

MWCMIK=RTGUFGMWCFJC?NQUCOCTTC
JKNQU
FGNVGNCT

MWCPCXaVFGURGICTSWKVCT
EWDKGTVQ

-QQMQUCCRFJKVCDNGVCUFJKPCZKQODCZ
MCMQPDKLCKRDJCUKUUCRC3WKVCNCU
VCDNGVCUFGNVGEJQSWG[CGUVPOW[RQFTKFCU[
RQPQVTCU
XaVSWKVCTUCECT
FGFQPFGGUVOGVKFQGPNC
VKGTTC-QQMQUCCRFJKLQQFCKFJKPCLMLKT
IITPCDCLWRCCDCPLWRVWOFWKC3WKVC
NCURKGFTCUITCPFGURCTCSWGSWGFGRCTGLQ
XaVSWKVCT
ECOKUCQUQODTGTQ-WCPCKCR
FJKOMWVWWPMWLWODCMWCFJCLWOCKRV
LK3WVCVGNCECOKUCRCTCNCXTVGNC[RQPVGQVTC
XaTSWKVCTUG
TQRCFGUPWFCTUG'CRZKO
MQQMQUMWEJOQQZKDCVDLKPCMCVCPQQT
3WVCVGNCTQRCRCTCDCCTPQUOKGPVTCUJC[CUQN
=EQORNRNMQQMQUCRTGVMWCMQQMQUC
EQPVMWMWCUFCMQQMQUFC?
ZKMWCPCXaVFGUOQPVCTNKORKCT
JKGTDC

MWCFJCXaDSWKVCT
TQRCFGQVTCRGTUQPC

-WCFJCCRIWUCDWKTCZKFJKCNJKK)KKNJKO
LKZDCC$CMIWOK[CC3WVCNGNQUECN\QPGU
CNPKQRQTSWGGUVPOQLCFQURWGUUGQTKP
=EQORNRNMQQMQZFJCRTGVMWCMQQMQZ
RTGUMWMWCZKMQQMQZK?
8CTMWCEJWNJFJC

MWC=RTGUFGLWIKC?EQOG

'&+%+024'.+/+0#4`

MWCIKC

6'2'*70'52#1.

MWCIKCXaKEQTVCTNGC$KDCOKK/KNKCPWMWR

DCMWCOTC$CZKCIW.GXPVCVG'OKNKCPQ
RCTCSWGXC[CUCEQTVCTNGCRWGU[CCOCPGEK
=RTGVMWCIRTGUMWCC?

MWCFJCXaVEQTVCTNGC
RCTCQVTCRGTUQPC

)QQMZKMWCFJCTCMIWOFJKZKKM6WIKPC
IWFCKZKDEJCOVWPCOQQICOOL8GC
EQTVCTNGCRCTCVWVC#NECDQPCFCOUUGT
RQTGUVCXG\PQVQFQUNQUFCU
XaTEQTVCTNGC
RCTCUOKUOQ$CO
MWCFJCRKORPCVEJCMWKZKQOVWMMWEJ
DCLKKOFC/WRCKEJFJQLKKCTKPQVDCVWM
%QTVGPUWNGCRCTCKTPQUCPVGUFGSWGUG
QUEWTG\ECOURWGUPQSWGTGOQUECGTPQUGPGN
ECOKPQ
=RTGVMWCRTGUMWCIK?

MWCFJCXaVECNGPVCT
EQOKFCQCIWC#C

MWCFJCIWUWWFCKPCMPDCVDKC8Q[C
ECNGPVCTCIWCRCTCDCCTOG
ECNGPVCT
RCTVGFGNEWGTRQ)QQMLC
MWCOTCMWMPMWCMIKFJCIWEJQQVQP
8Q[CVTCGTNGCRCTCECNGPVCTOGNQURKGU
=EQORNRNMWCMIKFJCRTGVMWCMWCMIK
RTGUMWCMIK?
OQQCNJLWOMWCMIKFJCVGXQ[CRGICT

MWCFJCXaVCOCTTCT
JKNQUFGNVGNCT$R

MCVLCRDJCKZKKCTCKFJKLKKNPCRDCDC
MWCFJC#CIVIW[CFTLCMLWRDC
MWCFJCLKPCRCCROKMCZZKLCKEJWP;C
SWGUGVGFKHKEWNVCGUVQRTKOGTQGPTQNNCGNJKNQ
JCEKCCE[NWGIQNQCOCTTCUOKGPVTCU[QNGFQ[
XWGNVCFGCE[NQCOCTTQ=RTGVMWC
RTGUMWCMIK?

MWDJCDKFJCXaVVK\PCT,WOMWDJCDKFJC

FJQIWMWWDJZPCRKEJOKFJTDCMMDWPC
RCKLCMDJ'NJWOQVGXCCVK\PCT[CSWGVG
RCTCUVGCNNFQPFGRCUC
XaTVK\PCTUG
XQNWPVCTKCOGPVGt)KIW
,KTCCTFQRCCLCMDJK!tLWRMCKEJIW
VCCVCPt/WEJKRCKOMWDJCDKFJCOPCZ
LQKFJCPCOWRCKPCCPMCIWLWMtLWR
MCKEJIWFPt;)GTCTFQCFPFGHWG!
tRTGIWPVUWRCRt2QTCJGUVCTVK\PPFQUG
RWGUNGIWUVCGPEGPFGTHWGIQEQPGNQEQVG
tEQPVGUVUWOCO=RTGVMWDJCDK
RTGUMWDJCDK?

MWDJCDKCFLVK\PCFQ,KZMWDJCDKRZOK

DCMMIWDCMKIW/CTUGGNQPCVVKMKCRZ
OKMK)KKNJKOEJKOKCCPMCIWLWM.C
ECUCSWG/CTEGNQCECDCFGEQPUVTWKT[CGUV



VK\PCFCRTQDCDNGOGPVGRQPGOWEJQQEQVGGPNC
NWODTG=RNMWMDJCDKEQRLKZ?

MWDJCDKCXaKVK\PCTUG
UWLKPCP,CRLCM
LCRZKEJMKCFJKVO/KMWDJCDKOPC
LWFJCTCOMCCVIWMWOCCNJLWRVVFCIW
OCTCCPIW/CTKK[C/WGXGNCVQTVKNNCJCEKC
CFGPVTQFGNEQOCNRWGUUGGUVVK\PCPFQRQTSWG
NCRWUKUVGGPNCQTKNNCFKLQNCOCOC/CTC
=RTGVMWDJCDRTQITMWDJCDKO?

MWIKRCTV+PFKECCHKTOCEKP#CR[CMCDK[C
MWIKPCEJCOZKFNJLWOPKFJCFJKO
CDWKN3WFCVGRWGUCSWEQPVWCDWGNCRCTC
SWGPQUGUKGPVCVCPUQNC=)TCO?

MWIWEQPLRGTQGPECODKQ+PFKECEQPVTCUVG

/CCPLCRDJCKZKEJCCZKFJCKIWUCPFKK[CU
PCRUCCMOWLKOKCVKCPFCMWIWZDJCKMCO
LKPQDQVWZFJQKKDQ%ORTCOGWPCUCPFC
[CSWGXCUCNCVKGPFCRGTQWPCSWGGUV
OCFWTCPQXGTFG=)TCO?

MWKUNCTKPIGICTICPVC,KZMQMMCIWMWK

PQOWKZKEJWMWCPQ[CFCTCCIW
WRCFC/GFWGNGNCICTICPVCEWCPFQEQOQUK
VGPIQKPHNCOCFCUNCUCPIKPCU=CRQUMWK?

MWKEJFJCXaVVQECT
KPUVTWOGPVQOWUKECNFG

CNKGPVQ2CCRKEJLCZFJWWIWCCCPCRMP
OWLCRMCVWMWKEJFJKFJCVVCMCCD!&PFG
EQPUGIWKUVGGNEWGTPQSWGGUVCDCUVQECPFQC[GT
RQTCJ!
EJKHNCT
WUCPFQNCUOCPQU#CRKCCZKEJW
MWKEJOCCPPKODJCOORCKMQQMDCP
DR!(WKUVGVSWKGPEJKHNWPCXG\FGUFGGN
DQTFGFGNRGCUEQJCEGTCVQ!
RKVCT
ENCZQP/CCPPKOLCRZOQQDC
MWKEJFJCFJKVTQQMC0QEJCORCKLQKFJQ
IWDCLKKKEJFJQ8Q[CRKVCTGNENCZQPWPC
UQNCXG\5KPQXKGPGRWGU[COGXQ[
=RTGVMWKEJRTGUMWKEJWP?

MWKDWUECUECFC
FGCIWC/LMWKDW

UWWNJKCOIWCCCNJPCRCKZEJWWM.QU
PKQUGUVPPCFCPFQFGDCLQFGNCECUECFCFQPFG
GUVJQPFQ=RNMWMWKDW?8CTMWKDQ
LKZMWMWKDWSWGJC[OWEJCUECUECFCU

MWMDJCDK=RNFGMWDJCDK?VK\PCFQU
=EQRLKZ?

MWMMTWU=RNFGMWTWWU?ETWEGU
MWMOKCXaVEQOGTOCUVKECT
EQUCUUGECU)QQM
LCZKMWMOKCFJKICMFJK)KKNJKODCZ
DJKQK8Q[CEQOGTOGWPCUFGGUVCUVQUVCFCU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

RQTSWGVGPIQOWEJCJCODTG=RTGVMWWM
RTGUMWO?
MWOKKFJCXaVKTEQOKGPFQKTOCUVKECPFQ

EQUCUUGECU

MWMPCV=RTGUFGMWPVC?UGECUC
OWLGT
MWMRCTC=RNFGMWWRCTC?VCRQPGU
=CRQUMWMRCTICP?

MWMRC=EQORNRNFGMWWRC?EGTTCTNQU
=RTGVMWMRC?

MWMRKIC=EQORNRNFGMWWORKIC?EQTVCTNCU
RWPVCU
ETGEKGPVGUFGWPCRNCPVC=RTGVMWMRK
RTGUMWMRK?

MWMRKQMC=EQORNRNFGMWRKQMC?CDTKTNQU
=RTGVMWMRKQ?8CTMWORKQMC

MWMRKQMFJC=EQORNRNFGMWRKQMFJC?

CDTTUGNQU=RTGVMWMRKQMRTGUMWMRKQMK?

MWMTCV=RNFGMWTCV?ECTRKPVGTQUDGNNQVGTQU
MWMUK=RNFGMWUKK?EQUKPCU
MWMUWR=RNFGMWUWWR?PWECU
MWMVWP=RNFGMWVWWP?DNWUCU
MWMWCZK=RTGUFGMWCFJC?UGNCSWKVC
TQRC
FGQVTCRGTUQPC

MWMWKDW=RNFGMWKDW?ECUECFCU
MWMWWNUK=RNFGMWWNUK?CDWGNQUPKGVQU
=CRQUMWMWWNUK?

MWMWT=RNFGMWWWT?EQTCU
KPFIGPCU
MWMZKT=RNFGMWZKKT?EWEJKNNQU
MWMZK=RNFGMWWZK?VQUUQDTKPQUUQDTKPCU
=CRQUMWMZK?

MWM[WPFC=RNFGMW[WPFC?EQ[WPFCU
MWO=RTGUFGMWMOKC?NQEQOG
CNIQUGEC
MWOCCNJ=XCTFGMQOCCNJ?EQOCFTG
MWOCCNJ=XCTFGMQOCCNJ?EQOCN
MWOCCNJKM=XCTFGMQOCCNJKM?FGNICFQ
FG

MWTCVOQ

OGVKFGDCLQFGGUCRKGFTC#JQTCXQ[CHWOKICT
RCTCSWGUGOWGTCRCTCSWGPQUKICUCECPFQGN
OC\SWGUGODTCOQU=RTGVMWOWTC
RTGUMWOWT?

MWPUGURQUQ,KTFNJFJOIWWDKKPQVDC

OWWIWMWPCCPRKCOPQVEJCMWKLCZEJWO
EJKQQK7PCOWLGTUGEQPUKFGTCUQNVGTC
EWCPFQPQUGJCECUCFQQEWCPFQUWGURQUQUG
OWGTG
5GUWGNGWUCTDPCEP[WIGGPXG\
FGMWPGURQUQ=CRQUMWPCCP?

MWPVCXaKECUCTUG
OWLGT$CMWPCCVLKDCMLKC

IW,WCPCPCZKDRCDJCKRMCTV[CCMC;C
UGECU,WCPCNCSWGCRGPCUNNGICUGTUGQTKVC
=RTGVMWPCCVRTGUMWMPCV?

MWRKQMCXaVCDTKT
RCTCGPVTCT$RROWK
ZKLKOKCPCRDCDCMWRKQMCDJCOO
MKKEJCOIWDCCCMPCIWUKKUCR8GVG
CFGNCPVGRCTCCDTKTNCECUCRQTSWGGUVEGTTCFC
CDTKTUQNVCT
RCTCUCNKT$KLCMWMRKQMFJK
DJGOUGTMWRDCLCDKCTCOWOOWPKLCR
WZICO;CUWGNVCNQUDGEGTTQURCTCSWGNQU
RCUVQTGGUGPGNOQPVG
=EQORNRNMWMRKQMCRTGVMWRKQMWMRKQ?

MWRKQMFJCXaDCDTKT
RCTCQVTCRGTUQPCQ

CPKOCN-WRKQMFJCCRIWDJWTWZPCDJC
DCMKC$JCOOFTVKMMMKIQDPCDJCZ
DCCMKODTGNGCNDWTTQRCTCSWGGPVTGRWGU
CNNGUVRCTCFQLWPVQCNCRWGTVCFGNEGTEQ
SWGTKGPFQGPVTCT=EQORNRNMWMRKQMFJC
RTGVMWRKQMMWMRKQMRTGUMWRKQMK
MWMRKQMK?

MWTCVUECTRKPVGTQDGNNQVGTQ$JCOOPKFCCIW
MWTCVLKZICMLWMVCO$JCLCRDCCRUCKOIW
VWCMCKPCDJCKVWODKFJKO7PECTRKPVGTQ
DGNNQVGTQCPFCGPGNRKPQUGEQRWGURQTCJ
IWCTFCNCUDGNNQVCURCTCEQOTUGNCUFGURWU
=RNMWMTCV?

HQTOCRNCPC

MWOKKFJCXaVKTEQOKGPFQKTOCUVKECPFQ
EQUCU
UGECU)QQMLCRKOLKDWKFJCIWICMFJK
PCMWOKKFJC,KDCKFJKOCOIWQTQUKTKU
,WMVT*ICPOGCNIWPCUVQUVCFCUFGOC\RCTC
KTEQOKGPFQGPGNECOKPQRWGUNQULWGEGU
SWKGTGPSWGNQUCEQORCGC5CPVC/CTCCJQTC
=RTGVMWWMRTGUMWO?8CUGMWMOKC

MWOWTCXaVHWOKICT
EQPJWOQ/KKLKDCC
IWVMQNJLQFCKDVC:KDLCOQQOK
MWOWTCMWOWMKCPCEJCODJCLCMLKEJ
DJKKLKFJCIWLWWPPCEJVU.CCTFKNNCUG


MWTCVOQUJQPIQ
TQLQEJKSWKVQ)QQM

ICCOTIWMWTCVOQOWOOWLCRRCKPCEJ
LKFJQQTCKMPVWLWIKC8GCDWUECTWPQU
JQPIQUFGRLCTQDGNNQVGTQRCTCEQEGTNQU[
EQOTPQUNQUEQPVQTVKNNC

'&+%+024'.+/+0#4`

MWTVKTQQP

6'2'*70'52#1.

MWTVKTQQPU/GFKFCUGECGSWKXCNGPVGCFQUNKVTQU
/CCPMWTVKTQQPZKUCDCFCMIWDJCDIW
WWEJKZ/KEWCFQOGEQORTFQUNKVTQUFG
HTKLQN=GUREWCTVKNNQ?

MWTWWUUETW\)WEJ:QKMCOMWTWWUVCO

UKUUCRCMOWCOVUKCMWIWVKLQKFJCOLKTLKZ
DJCKMCOMCV/CVCTQPC0WGUVTQ5GQT
,GUWETKUVQENCXPFQNGGPWPCETW\CRGUCTFGSWG
GTCOW[DWGPCRGTUQPC=RNMWMMTWU?

MWTWWUVWFCXaTRGTUKIPCTUG6CMCCDLCEJKC

IWRCCNJPCOLWOMWTWWUVWFCIWCCCNJ,CK
EJCOCCCOPCOIWUCREJCOOCCV#[GT
GNRCFTGNGUFKLQCNQUPKQUSWGUGRGTUKIPCTCP
RGTQCNIWPQUPQSWGTCPRQTSWGFKEGPSWG
VQFCXCPQUCDGPRGTUKIPCTUG
=RTGVMWTWWUVWFCRTGUMWTWWUVWP?

MWUDKMCXaVNNGXCTVTCGT
RQTOGFKQFGWPC

EQNICFGTCGPGNJQODTQQGPNCECDG\C-WUDKMC
CRFJKKOCKPCOKFJCCCUCCMEJCO
DJCOORZKFJCTUCKDCMEJTPCEJCOVW
VQQZMQNJLWRDCLWIKQMC[C.NXCVGGPGN
JQODTQGUCUECNCDC\CUSWGGUVPCNN[RQPNCU
CNNFGPVTQFGNCECUCPQUGCSWGCSWUGNCU
EQOCWPOCTTCPQ=EQORNRNMWWMUWRKMC
RTGVMWUDKQMMWWMUWRMRTGUMWUDKQ
MWWMUWR?8CUGMWUDKQ

MWUDKQXaVEQNICT
GPGNJQODTQQGPNCECDG\C

/QTCOLKMWUDKQVIWLCCCIWQMKZDR
PCV[CCKCUCCMEJCOZKICCOVWIV*CEG
TCVKVQSWGNNGIOKVCVTCCWPCQNNCGPWP
OQTTCNEQNICFQGPNCECDG\C
=EQORNRNMWWMUKQRQRTGV[RTGUMWUDKQ
MWWMUKQREQRTGVMWUDKQVQMWUDVMWWMUKQRQV
QMWWMUKQRCV?
MWUDKMCXaVNNGXCTVTCGT
RQTOGFKFG
WPCEQNICFGTCGPGNJQODTQQGPNCECDG\C

MWUKKUEQEKPCt2CCLCZVWKKIWOVCCV!

tLWRVVFCIW,WCPIWCNJKKt/LPCLWWMC
MWUKKtLWRMCKEJIWKt&PFGGUVVW
RCR!tRTGIWPV,WCPCWPPKQt#NNGUV
ECNGPVPFQUGGPNCEQEKPCtEQPVGUVN

6TCFKEKQPCNOGPVGUGEQPUVTW[GWPCECUKVCUGRCTCFC
FGOCFGTCFQPFGUGRQPGNCNWODTGGPGNRKUQ
FGVKGTTC[GPNCEWCNUGIWCTFCPNQUWVGPUKNKQURCTC
EQEKPCT#XGEGUKPENW[GWPCRNCVCHQTOCDCLC
FGVCDNCURCTCFQTOKTFWTCPVGGNKPXKGTPQ
=RNMWMUK?

MWUWWRUPWEC6WDC[LRCKFJTRZLK

3WEQUCOGCPFCTGPNCPWEC!*C\OGGNHCXQT
FGXGT=RNMWMUWRCRQUMWURCP?

MWVVWEQPLRQTSWGUKPQ$CTCOFJQPCRDC

DJKCFJKOCVCKOCPMWVVWIWZKQODJCK
;CSWKVCGNPKZVCOCNFGNCNWODTGRQTSWGUKPQ
XCCEQEGTUGFGOCUKCFQ

MWVWWPUVPKEC
VTCFKEKQPCNFGJQODTG6W

UQQOIWZKKZIWMWMVWPPCOVUCREJKC
IQQMIWLCVMCO/KJGTOCPCGUVEQUKGPFQNCU
VPKECUSWGFQURGTUQPCUNGRKFKGTQPSWGNGU
JKEKGTC
DNWUC
VTCFKEKQPCNFGOWLGT#VVKKTQT
VWRWWNJKMFJKWDKKIWMWVWWPCP6KZK
EJQKFJKZLKUCRIWIWZCUMKPCMPLKZ
CDJCCTMC.CDNWUCFGGUVCOWLGTGUVOW[
EQTVCCWPSWGGUVCFQTPCFCEQPGPECLGRCTCSWG
UGXGCDQPKVC
=RNMWMVWP?

MWWDJZUJWOQ-WWDJZMPLCOLCMQQP

IWDJCDJQOMQZIWPCPCDFFCOPQVRCK
DCCFPMTPCOIWDJCMWOWTC.QU
EC\CFQTGURCTCOCVCTCNQUVGEJCNQVGUNQUJCEGP
UCNKTEQPJWOQFGNQUJWGEQUFQPFGUGOGVGP
MWWOZKCFLSWGGEJCJWOQ
EJWMWWDJUCFLSWGJC[OWEJQRQNXQ

MWWFCOCFXTGEKQ/WRCKUCRLCMFTOCIK
OCCPIWCRVWDWWUPCIWEJKMWWFCOMC
ONJEJW&KEGPSWGRQTCJUGXQNVGWP
CWVQDURQTSWGRTQDCDNGOGPVGKDCOW[TRKFQ

MWWICNJFJCXaVEWORNKT
OCPFCVQ

EGTGOQPKCN%JCMWKRKQFCIWDKKPCRKEJ
IWEJCMWKMWWICNJPCRLMVWQK6QFCXC
PQRWGFGUVQOCTOG\ECNRQTSWGVQFCXCPQ
EWORNGUNQUFCUFGNOKVQVG
XaTEWORNKTUGVGTOKPCTUG
VKGORQUGCNCFQ
/CCZFJKFJQDCOMWWICNJFJCLKCPCEJLKZ
ZKZFJWPCEJVPKOMIWZKQVCNJ/CCPCUG
EWORNGGNVKGORQFGGUVCTDGPFKVQUFGURWUFG
DCKNCTGNOKVQVG
=RTGVMWWICNJEQPVMWWICNJKFJC?

MWWICPUOG\ECNCITKQ
NQSWGUCNGCNVGTOKPCT
FGFGUVKNCTGNOCIWG[5KPPDJCK

MWWM=RTGVFGMWMOKC?NQEQOK
CNIQUGEC
MWWMUKQRQ=EQORNRNFGMWUDKQ?EQNICTNQU
GP

GNJQODTQQGPNCECDG\C=RTGV[RTGUMWWMUKQR
EQRTGVMWWMUKQRQVQMWWMUKQRCV
VTCUNMWWMUWRKMC?

QKNJKZKLKMWUWWR!'CR[LZKEJZK



'&+%+024'.+/+0#4`



6'2'*70'52#1.

MWW

MWWMUWRKMC=EQORNRNFGMWUDKMC?NNGXCTNQU

MWWRUECDGNNQd,QKFJCOVVDVWMWWRFJK

MWWMWXaKTGDW\PCT
DWTTQTGNKPEJCT
OCEJQ

MWWRCTCUVCRP/CCP[CPKFJCCIW

GPGNJQODTQQGPNCECDG\C=RTGVMWWMUWRM
RTGUMWWMUWR?
QECDCNNQ/WRCKMWWIWVWMEJKDJWTWZ
PCVUCCMOCKIK'NDWTTQFGNJQEKEQPGITQ
GUVTGDW\PCPFQRQTCNNGNSWGFKEGPSWGUG
RGTFK
ECPVCT
KPUGEVQQRLCTQ-CRDJWKOWMLC
OQQOWLKOKC2GGITQDWKPCOLCZMWWMWIW
WLK/W[FGOCCPCGPEWCPVQECPVGPNQU
RLCTQUKTCFQPFGXKXG2GFTQ
UQPCT
KPUVTWOGPVQOWUKECN,CZVWMWWFJKO
UCCUDKMCT!,QKFJCOVWUCDCC!%OQUWGPC
GUGKPUVTWOGPVQVW[Q!5WGPCDQPKVQ!
=RTGVMWWMWRTGUMWW?8CTMWWMW[C

MWWMZKQRQ=RNFGMWZDQ?EWGNNQUICTICPVCU
MWWNUKUCDWGNQ6KDCKFJKOIWMWWNUK

PCEJUCRPKRWIWZKQVCNJPCLKLWTKOMW
LKIWEJKEJCOLKOKCLKPCIWZMQQZKO/G
GUVKPXKVCPFQOKCDWGNKVQCSWGXC[COQUC
DCKNCTGNOKVQVG[CSWGCJQTCGUGNFCFGNC
EWNOKPCEKPRGTQETGQSWGPQXQ[CKTRQTSWG
VGPIQUWGQ
PKGVQPKGVC
FGWPJQODTG2CLCMLWRDJK
IWMWWNUK#TPWWNRQPC[CPKRZLWRMCFCC
PCIVIQQMLQQVUCIWMWCCPCWKOTC
PCMPMQOEJMCZKDPCZLRK!#FQPFG
KTCOKPKGVQ#TPWNHQSWGGUVCDCCSW!2GPUCDC
OCPFCTNQCSWGOGVTCLGTCWPRQEQFGNGCRCTC
ECNGPVCTOGEWCPFQFWGTOC[CSWGJCEGHTQ
VQCDWGNQ
UQDTKPQUQDTKPC
FGWPJQODTG
=RNMWMWWNUKCRQUMWWNUKMWMWWNUK?
5KPPIVCCV

MWWKCUEWC
RCTCRCTVKTOCFGTC,WOCKR

OKRZKDCCZFJCIWMWWKCPCDCLQVOQFC
VCCRKCFJKLWM2QPICQVTCEWCGPGNVTQ\Q
FGRKPQRCTCSWGUGRCTVCRTQPVQ=RNMWWKCU?

MWWRXaGGUVCTEGTTCFC
RWGTVC2WKMWWR

DJCOOFTPCRCKVWICTCIWEJCVCCNJ
6QFCXCGUVEGTTCFCNCVKGPFCFQPFGXGPFGOK
VQ
GUVCTGPEGTTCFQ
UWLCPKO/LUCRRWO
MWWRDCMEJKTFJK#NRQQPPCEJKEJ[CLCR
DWDWCVCMCCD#CEJIWRMCKEJPCEJCO[C
FCC&KEG#NHQPUQSWGCSWGUVCDCGPEGTTCFQ
FGPVTQFGNCECUCC[GTEWCPFQRCUCOQUOKGPVTCU
PQUQVTQURGPUDCOQUSWGPQGUVCDC
=UWLRNMWWMWR?

WDKKd3WECDGNNQVCPNCTIQVKGPGGUCOWLGT
=CRQUMWWRCP?

DCKWOLKZDJKKEJ,KTMWWRCTCMCVDCM#SW
GUVWPHKGTTQQZKFCFQRCTGEGSWGGTCWPVCRP
=RNMWMRCTCCRQUMWWRCTICP
MWMRCTICP?

MWWRCXaVEGTTCT:KMWWRCM[CCDKMPIW

MKIQDPCVDCDWWU%GTTNCRWGTVCEQPNNCXG
CNUCNKT
GPEGTTCTCEQTTCNCT,CRLCRVFCPCLC
MWWRCIWMCMCTDCZPQVDCLWT&KNGSWG
GPEKGTTGNCUEJKXCUEWCPFQUGJCICFGPQEJG
VCRCT
EQPVCRCFGTC-WWRCTICPMPLCR
MWWRCKFJKDJQQVKPCEJCOOKDCMKCIW
DCUMEJCOVWPCLQQZKCMP6CRCGNDQVG
EQPUWVCRCFGTCPQEQPWPRNCVQRCTCSWGPQUG
OGVCWPTCVP
EGTECT-WWRCKOKFJKICCPCOEJCO[C
DCCRMKCIWDCCM'UVQ[EGTECPFQOKOKNRC
RCTCSWGPQGPVTGPNCUXCECU
=EQORNRNMWMRCRTGVMWWMWMRC?

MWWRFJCXaDGPEGTTCT
RCTCQVTCRGTUQPC

,CTQQDCRWKRMLKZDJCKFJWWPCVLK
MWWRIWEJCVQQZMQNJK!3WKPOGJK\QGN
HCXQTFGGPEGTTCTNQUOCTTCPQU!=RTGVMWWR
KORGTMWWRK?

MWWZKUVQ
JGTOCPQOC[QTFGNCOCO

-CDWKOWMUCRDJCLKOFCIWMWWZKPCDJC
VWVCCOTCIWDJCD&KLQOKVQSWGOCCPC
XGPFTCEQORTCTHTKLQN
UQDTKPQUQDTKPC
JKLQQJKLCFGNCJGTOCPC
OGPQTFGWPJQODTG$JCKRZKFJCKDWKFJK
DJWTWZLKMWWZKPCRLKZLCDQQMCORZ
EJKOPCMQQDJCKPCTVCKPCRIWTCNJKEJ
/QPVCGUGDWTTQUQDTKPQVSWGECUKPQRGUCU
RWGURWGFGSWGVGCIWCPVGGPNCUWDKFCRQTSWG
GTGURGSWGQ
=RNMWMZKCRQUMWWZKMWMZK?

MWWCFXRCTCCVTU-WWRZKONJKKEJFJCK

FJKMCUGGVPCDCOWFTDJCKLKMUCIWK
PCLQKFJCOM4GITGUCGNECUGVGJCUVCGN
RTKPEKRKQRCTCGUEWEJCTNCECPEKPSWGOUOG
IWUVC
FGNQVTQNCFQ
EWCPFQGUVCEQUVCFQUWLCPKO
-WWRZKDQLK2CLCMLCRDWCOMCKEJPCR
UCTQQM8QNVCVGFGNQVTQNCFQRWGUGUVU
TQPECPFQOW[HGQ

'&+%+024'.+/+0#4`

MWWORKIC

6'2'*70'52#1.

MWWORKICXaVEQTVCTNCRWPVC
FGWPCRNCPVC

RQFCT,QKFJCODJCKLKZKDQQTMCIWOCPUCCP
PCRCKFJWWMIKQDJCKRLKKRWKCPQKEJ
ZKMWWORK5KNGEQTVQNCURWPVCUCNOCP\CPQ
NGUCNGPXCTKCUTCOCUEWCPFQGORKG\CCTGVQCT
=EQORNRNMWMRKICRTGVMWWORKMWMRK
RTGUMWWORKMWMRK?

MWWOZKCXaKGEJCTJWOQ/KRZKDWWZEJCPC

FJKVCKMWO[C)KKNJKOFCKPCDJCMWWDJU
5RNCNGCNCNWODTGRCTCSWGCTFCRWGUPCFC
OUGUVGEJCPFQJWOQ=RTGVMWWO
RTGUMWWDJU?

MWCC=RTGUFGMWCIKC?EQTVCNGC

MWORKQMC=EQORNRNFGMWRKQMC?CDTKTNQU
8CTMWMRKQMC

MWWWTUEQTC
KPFIGPC,WRMCKEJIWMWWZK
PCUCRLOCPLKZOCCVVKQMIWMWWWT
KQQMPCIWOWLCRRWQKTFCLCDWKIW
MWMWT&KEGOKVQSWGUCDGCNIWPCURCNCDTCU
GPKFKQOCEQTCRQTSWGCPFWXQCNNFQPFGXKXGP
NQUEQTCU=RNMWMWT?

.

MWWOZKCFLSWGGEJCJWOQ)KKNJKOLKZ

MWWOZKMCIWMWCCPQZLCRQMMQNJK
FCOCPPQRWRZKZDCC.CNGCRQFTKFCGEJC
OWEJQJWOQ[CPOUUKGUVOQLCFC
8CUGMWWDJZ
EJWMWWOZKOCCFLSWGJC[JWOQ
TGC
GZVGPUC

MWZDQUEWGNNQ,KKDCCRFJKOMWZDQPCR

RCKFJWWMDCVDKCPCDCQKC)KKNJKOLKZ
MQPDK0GEGUKVCUVCNNCTVGDKGPGNEWGNNQEWCPFQ
VGDCGURCTCSWGUGNKORKGRWGUGUVOW[UWEKQ
ICTICPVC,KZMQMIWMWZDQPCKQQ
%JCOVWDWUCCMFJKUQOCKIK/GFWGNGNC
ICTICPVCRQTNCVQURWGUPQUGOGSWKVCGUVC
ITKRG
=RNMWWMZKQRQCRQUMWZDQP?8CTMWZDW
MWZDQTCOGPUWEWGNNQGPUWICTICPVC
FG
NQFGGNNC

MWZIKFJCXaDCJW[GPVCT
EQPRGTTQEQORN

CPKO-WZIKFJCRKOIWICIQQZFJKVQQZMQNJ
PCDJCKDCLKOPCIWZLCPCCIWNJKEJ
MCMCTDCZ#JW[GPVGPEQPGNRGTTQCGUG
OCTTCPQSWGXKGPGJCEKCCERWGUNGIWUVC
EQOGTUGCNQUEJKXKVQU=RTGVMWZIK
RTGUMWZIK?

MWZKKTUEWEJKNNQ/KZLCKEJIWMWMZKTPC

RCKRLWODWCIW[CCDKU#NNJC[EWEJKNNQU
FQPFGUGJCEGPNCUNNCXGU=RNMWMZKT?

MW[WPFCUEQ[WPFC,CWCOT,WCPIW

MWM[WPFCMWEJOKDCLCFCTUC[WWVCO
$JCKDCLCUCCPVWIWIW#TPWWNRQIW
VWVWWT6TCKICNCUEQ[WPFCU,WCPRCTC
RQPTUGNCUCN[WIQRWGU#TPWNHQ[CVTCGNQU
VQTQU=RNMWM[WPFC?

MWCCUNGC,KZDCCDCMFJKMWCCRWKMW

DCEJCOOOFJKVCK'UVXGTFGGUVCNGC
RQTGUQPQRTGPFGNCNWODTG



NCCNCIKCXaKECPVCT
RGTUQPC/WRCKRZ

NCCNCIWCNJKKPCVWDKRKCIWMCTDCZ2QTCNN
UGQ[GSWGECPVCGNPKQSWGGUVRCUVQTGCPFQNCU
EJKXCU
ECPVCT
RLCTQ,QKFJCOVWONCCNCPFCCO
IWWLKPQVMKCRZDCLKVPIKCd3WDQPKVQ
ECPVCPNQURLCTQUEWCPFQCRGPCUGORKG\CNC
RQECFGNNWXKCU
=RTGVNCCNCIRTGUNCCNCEQPVNCCNCPFC?

NCCVW=UKPPFGCOTFCV?CIWUVQ
UKPPKPIP
RGPFKGPVG

NCDGGTUXKQNP&NJLCRKEJLWRFWWFJK

NCDGGTMCRKEJLKUCDCNJCCPCDCOQQLCR
LKZDJCKVWMWW!6JKEKUVGGUVGXKQNPQNQ
EQORTCUVG!2WGUUWGPCOW[DKGP=RNNCNDGT?

NCPMKK[WUJWGXQ
FGCPKOCN,KZCCIW

NCPMKK[WUIWMQPQVRCKV#NCUXDQTCUNGU
IWUVCEQOGTUGNQUJWGXQUUKNQUGPEWGPVTCPRQT
CJ=RNNCPMKK[WU?

NKCTWXaVJCEGTJWCTCEJGU%JCOVWDJCKIW

TDCPFPMCOIWUWWUCMKCORLKIWNKCTZKO
&WTCPOUNQUJWCTCEJGUJGEJQUFGEQTTGC
ONVKRNGSWGNQUFGVTGUCIWLGTQU
TGRCTCTJWCTCEJGU:KNKCTWCRIWOUWWUCM
,QUGGPCVRWKPCREJCODJCCPLWO
KCVFCVWPQDCOLQQVQU,QUTGRTCNGCVW
JWCTCEJGNCEQTTGCSWGUGNGTGXGPVRCTCSWGPQ
VGPICURTGVGZVQEWCPFQVGOCPFGCJCEGTCNIQ
=RTGVNKCTWTGUNKCTZKO?

NWOCCPUJICFQ,KZKQQDIWNWOCCPIW

IKUCCNJZKORKCORWKLKFJQQNJZKO'NJICFQ
UCDGOW[DKGPVCPVQIWKUCFQEQOQJGTXKFQ

'&+%+024'.+/+0#4`



6'2'*70'52#1.

OCCEJWUOCEJQ,CRLCMDWTOTIW

.J

OCCEJW%JKZDJKQLKPCDCOQQLCRMWW
8GCECODKCTCNOCEJQCQVTQNWICTETGQSWG
VKGPGJCODTGRQTGUQGUVTGDW\PCPFQ
=RNOCOEJWU?

NJKKUPKKVQPKKVC
VTOKPQFGECTKQ/WZK

EJOTIWNJKK/LDCLKUWUWC8GCXGTCN
PKKVQRWGU[CGORG\CNNQTCTCNNCFGPVTQ
8CUGCNJKK

/

OCCFVCFXWPQFGCNIWPQFG
RGTUQPCQCPKOCN

RCTVGFGWPITWRQ,CTQKOCCFVZKDJKTCKIW
UWWFCKPCMCZEJWOCCZLWRLCVVFCIW
OCCOTCPIW5KUKKNKC#NIWPQFGWUVGFGUFGDG
KTCNCIWCCPVGUFGSWGUGQUEWTG\ECFKLQ%GEKNKC
CUWUJKLQU
OCCFVCCRKOWPQFGWUVGFGU

OCCM=RTGUFGOCMKC?UGNQFC
OCCMCOCFXFGQVTQOQFQ/CCMCOVWKQM

OENV+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

RNWTCN,CTQQOEJKCPCR[CVWZKMWCPCPC
RCKCCLWRVWIKDWNJMCP!3WKPVGOCPF
CSWGFGUOQPVCTCUCSWFQPFG[QJKEGSWGNQU
GPEKPQUUGUGECTCP!=5GRTGUGPVCFGURWUFGWPC
XQECNQWPCEQPUQPCPVGINQVCN)TCO?
8CTLCOCO8CPUGOVLCOV

OENVVWVWU
RQUGUKPFGNCUGIWPFCRGTUQPCFGN

UKPIWNCT,CZLKZONJFJCFJKOMCDCKPCR
RCKFJWWMDJCCPVWDJCDJCKEJEJTFCIW
VWVWWT!3WVCPTGEKQEQTTGVWECDCNNQEWCPFQ
NQOQPVCURCTCEQNGCTNQUVQTQU!=5GRTGUGPVC
FGURWUFGWPCXQECNQWPCEQPUQPCPVGINQVCN
)TCO[?8CTLWO

OENVNG
CWUVGFVG
EQORNGOGPVQFKTGEVQQ

KPFKTGEVQFGNCUGIWPFCRGTUQPCFGNUKPIWNCT6WR
LKZLQKPCEJDCDJCKZKOVCZKFJCKDJCOO
FT-QTKCP!3WVGIWUVCTCSWGVGEQORTGOQU
GP&WTCPIQ!
UGVG
EQORNGOGPVQTGHNGZKXQFGNCUGIWPFCQ
VGTEGTCRGTUQPCFGNUKPIWNCTQFGNRNWTCN,QKFJCO
DCLKOMMIKFJKKOCKPCKEJIWZKDCC;C
GORG\CEQORQPGTUGGUCRNCPVCFGECNCDC\C
RQTSWGNCTGIW
=5GRTGUGPVCFGURWUFGWPCXQECNQWPC
EQPUQPCPVGINQVCN)TCO[?8CTLWO

OCRTGHaX+PFKECSWGNCUKVWCEKPGUTGNCVKXCOGPVG
TCTC%JCOLCKEJIWVOMCNJPCVKDCZ
DJKQDR2WKKEJCNJKEJOCVWDCCIW
VWK0QJWDQVQTVKNNCUJCEGTCVQEWCPFQVGPC
JCODTGGPVQPEGUDCVOCUCEQPCIWCRCTC
VQOCT=)TCO?

FJK/KMCNJEJCOLWOMCKOC*CDNCFG
QVTQOQFQGUVCRGTUQPCFG6CZKECTKPIC[PQUGNG
GPVKGPFG
OCCMCOLCMGPQVTQNWICT

OCCMPCFXCQRCUCFQ)VUCCMLCEJKEJLK
OCCMPEJCOVWRWKPCLCZZKD'NCQ
RCUCFQUUGODTCOQUOUSWGCJQTC

OCCMQDCFLEWCVTQ#COCCMQDLCDKCIW

DJWOTWZPCDJCCPVWMWCCPCIW[C
EJCOOKCPMWCIK6GPIQEWCVTQDWTTQUEQP
NQUEWCNGUVTCKIQNCNGCRQTSWGPQNCJC[EGTEC
FGCSW
OCCMQDMCRGPEWCVTQNWICTGU
OCCMQDVWOKZEKPEWGPVCEGPVCXQU

OQPGFCCPVKIWC

OCCMQDKOCFXEWCVTQXGEGU/CCMQDKOLCKEJ
[CDCDJK[CFJKDQKEJCOZKDMP%QP
GUVCXG\UQPEWCVTQXGEGUNCUSWGJGRCUCFQRQT
GUVGECOKPQ

OCCOCT=RNFGOCT?JKLQU=CRQUOCCOTCP?
OCCOTCZ=RNFGOCTCCZ?JKLKVCU
OCCPUWCFLOCPUQ/CCPLCRLK
EJCKDWKFJCIWOMCDCKLCZEJWOPCZ
OCCPUW2TUVCOGWPECDCNNQSWGUGCOCPUQ
=RNOCOCCPUWEQRLKZ?

OCCRCFXLWPVQU&JQMPLKDCODCKFJKO

PCEJOCCRPK[CIWZKQVCNJ2WGURQTGUQVG
GUVQ[KPXKVCPFQRCTCSWGLWPVQUDCKNGOQUGN
OKVQVG
LCTQQOVOCCRLKKSWKPGUHWGTQPEQPN!

OCCRFTCFXFGWPNCFQ$JCKRZKUKKURKFJC
OCCRFTPCEJCOICKIZKC5QUVPOGNQFG
WPNCFQRCTCSWGPQUGNCFGG

OCC=RTGVFGOCMKC?UGNQFKQ


OCCRFT

'&+%+024'.+/+0#4`

OCCV

6'2'*70'52#1.

OCCVXaGUCDGT#CRKOEJCOOCCVPCRC

LCMMKQIWLQKU!0QUCDGPWUVGFGUFPFGXKXG
GNLWG\!
XaGEQPQEGT#CRKOEJCOLCTQKOCCVIW
[CLCRMKQMCOMWEJDWKQTVDKCRW!0Q
EQPQEGPWUVGFGUCCNIWKGPFGCSWEQPSWKGP
RQFCOQURCUCTNCPQEJG!
XaTCEQUVWODTCTUG
CGUVCTGPWPNWICT$C
ZKOOCCVCRLKC[CLCRMCRLKUKCOTKMCV
VEJWOWLCMPCRLKTRCKMCO!;CVG
CEQUVWODTCUVGCGUVCTRQTCSWXGTFCF!1
VQFCXCVGCEWGTFCUFGVWVKGTTC!
=EQRLKZHWVOCVMCEQRTGVOCCVV?
8CUGOCEJKC
OKZOCCVXCOQUCXGT
NKVCNNUGUCDG
EJWOCCVCFLUCDG
JCEGTEQUCUOCPWCNGU
EQPQEG
ECOKPQ

OCCV=RTGVFGOCEJKC?CRTGPFK

OCCVVCFLSWGUCDG
JCEGTWPCEQUCSWGVKGPG

JCDKNKFCF#CREJCOKCOLKZOCCVVVW
DCMKEJPCROCCPLKDCMEJWFC!&G
ECUWCNKFCFPQUCDGWUVGFEQPUVTWKTECUCU!RCTC
SWGOGJCICWPC=EQRLKZUGRTGUGPVCCPVGU
FGWPXGTDQGPGNVKGORQRTGUGPVG?

OCCZXaGXGTUGPQVCTUG/QQLCREJCOOCCZ

LKCPCLCZFJWWMCVVWKKRWKFJCUKCPCTVW
6PCIWFJKLWWPEJCOOCVIOVMQDDC
LKO(LGUGEQOQPQUGPQVCEWCPFQGUVP
DTQVCPFQNCURNCPVCURWGUGNOC\JCETGEKFQ
DCUVCPVGUKPSWGPQUFKGTCOQUEWGPVC=EQRLKZ?
EJWOCCZCFLSWGUGXG
TGCGZVGPUC

OCCZXaGXGTUGJWGNNC;CLCRDCMDWWUIW

LCTQKPCDCICOCKKRZOCCZDZCPUCR
2CTGEGSWGCNIWKGPRCURQTCSWRWGUUGXGPNCU
JWGNNCUGPNCDCLCFC8CTOCOCCZ
VWOCCZXaGFGLCTJWGNNC

OCCZFJKCFXRCUCFQOCCPC-CDWKOWMLCEJ

OLFTMCZKEJWLQQLQKFJCK,WMVTOCCZFJK
DCUCCMRCZKCTRQKEJ5WUDJCPVCO/CCPC
XCOQUCKTCXGTNCHKGUVCGP5CPVC/CTC[
RCUCFQOCCPCKTGOQUCRCUGCTC.QU%JCTEQU

OCCZKMCFXEKGTVCOGPVGFGXGTFCF/CCZKM

FJQTRWKPCRLCZMCKEJPCVDJCM-QTKCP
IWZKQOIMCO/GGLKMMCOPCIWCCUKC
DJCOORQKTLCPQ'UXGTFCFNQSWGFKEGU
SWGGNRTGUKFGPVGFG/ZKEQNNGIC&WTCPIQ
RWGU[QVCODKPCPFWXGCNNGUGFC

OCCZKMCFXGPEKOCRQEQRTQHWPFQ/CCZKM

ZEJCODJCKO[CCUDCM%TGQSWGPQUG
UGODTDKGPGNOC\FGCSWGNNCFQRWGUSWGF
GPEKOC

OCCZKNJKCXaKENCTGCT
CPVGUFGCOCPGEGT

/QQEJCNJOKDJ[CPCLCZRZLKEJW
OCCZKNJKCPCEJDCLKZMPMQDCC[CDJCOO
)KQVCO8COQUCUCNKTGPEWCPVQCOCPG\ECRCTC
NNGICTVGORTCPQC.NCPQ)TCPFG
PCEGT)WLWOCKUKOCCPUCROCCZKNJKCIW
CNJKKPCDKCIWDCDQQNJ&KEGOKVCSWGUW
DGDXCCPCEGTNCUGOCPCSWGGPVTC
CRCTGEGTXGTUG6WFCFJKPCOWLCRRZ
OCOZKNJKO!3WGUNQSWGGUVCRCTGEKGPFQ
CNN!
=RTGVOCCZKTRTGUOCOZKTQOCOZK?

OCCPCFLWPWPQWPC,KTOCCPRZIW

NJKEJMCTDCZPCVDCIK)KPCUCCMIQQMLC
ICCOMCOVWKMCFJKFP!5QNCOGPVGPCEK
WPEJKXKVQCRGUCTFGSWGNCEJKXCRCTGECSWG
KDCCVGPGTFQUETCU
SWGUKIWGt2CCLCZDJKZIWDQKPQUNJ
LKZDJKO!tLWRMCKEJIW,QUGGt/KFJQT
OCCPDZCMtLWRMCKEJIW2GGITQt2QT
FPFGXCGNECOKPQUKSWKGTQKTFKTGEVQ!
tRTGIWPV,QUt&GCSWUKIWGGNCTTQ[Q
tEQPVGUV2GFTQ
=EQRLKT?
OCCPMCRGPWPCRCTVG
LKTOCCFCPGUWPQ
LKTOCCPPCLCZEJWOGUNQOKUOQ
RCTGEGKIWCN
LCKDKEJWLWICCMUKCOCCPEOGVGCNIQ

NKVEQOGVCODKPCWPSWGUGCWPQ

OCCPLKOFCOCFXFGWPCXG\/CCPLKOFCO

LCRDZIQQMZKLCUCCFCKZKLCKEJFJCTCKFJK
VWVWWTEJCOVWPCRLOCPOKLCRLC
UCUFCKFJC.NGXCNQUFQUVQTQUCNOKUOQVKGORQ
CVQOCTCIWCPQNQUNNGXGUWPQRQTWPQ

OCCPMCOURGTUQPC,CZEJWOKQQMMP
VWCICFJKOCCPMCO!'PSWKFKQOCGUV
JCDNCPFQGUCRGTUQPC!
LCVMCOUIGPVGRGTUQPCU

OCCPPKOCFXWPCXG\/CCPPKOLCKEJRZ
MCVV/GGLKM0CFCOUJGXKUKVCFQ/ZKEQ
WPCUQNCXG\

OCCPQQOCFLXGKPVG/CCPQQOLWRLWO
DWCIWIQQMOCODJZ&QURQTFKG\UQP
XGKPVG

RZFCTCCIWLWWPDJCOOPKFJTPCRCKV



'&+%+024'.+/+0#4`



6'2'*70'52#1.

OCEJKCXaVCRTGPFGT+UMQGNLCRDWCFJK

CNJKKPCDCZDJCKOCEJKCPCLCZLCMVWO
LCMNJK/CPFCCGUVGPKQCNCGUEWGNCRCTC
SWGCRTGPFCCEQPVCT
NNGICTCUCDGTGPVGTCTUG
CXKUQQPQVKEKC
,CZKLWTPMLCRVWWCPCKPCKVWLCKCDWKFJC
IWLCVMCOPCODCDJCCPOCEJKCPCDJC
LKOLQKDKUIWZMCK,WMVTMCO'PNCVCTFG
FGDGUFKUVTKDWKTCNCIGPVGWPCXKUQGUETKVQRCTC
JCEGTNGUCDGTSWGGNLWGXGUXGPFTGNIQDGTPCFQT
FG5CPVC/CTC1EQVP
EQPQEGT
ECOKPQ5CCNJDCVWOCCEJKOK
[CFT#RCTVKTFGCSWCRGPCUNCGUVQ[
EQPQEKGPFQ
=RTGVOCCV?
OCCVXaGUCDGTEQPQEGT
EJWOCCVCFLSWGUCDG
JCEGTEQUCU
OCPWCNGUSWGEQPQEG
ECOKPQ
OCVFCCFLSWGVKGPGEQPQEKOKGPVQSWG
VKGPGGZRGTKGPEKC

OCIQQPCFLECPUCFQ)KKNJKOLKZOCIQQPFJK
MCDCKPCOMLKOFCV'UVGECDCNNQGUVOW[
ECPUCFQRQTJCDGTECOKPCFQOWEJQ
=RNOQOIQPEQRLKZ?

OCIQQKCXaKECPUCTUG%JCRKEJOCIQQ

DJLDZDQKPCRLKOFCV!0QVGECPUCUVGFG
ECOKPCTRQTGNECOKPQ!=UWLRNOQOIQKC
RTGVOCIQQOQOIQ?

OCKUOCIWG[$CTTFKEJMMCOIWOCKPC

OWPKFJCCICKLQQVQOOQQDCDWWUPKCIW
UCCD;CGUVFGNICFKVQGNENK\FGNOCIWG[SWG
GUVFGCSWGNNCFQCUSWGPQVCTFCTOWEJQGP
UCNKTNGGNVCNNQ

OCKLKKMFCOUEQTVCFQTFGOCIWG[GU

t,CTQQOFCFJKPCDJCOOPKFJTDCLKO!
tLWRMCKEJIW2CDKCPt,WODJC!%JCO
CCFJKIWOCKLKKMFCO!tLWRMCKEJIW
$GTPCNFQt3WKPGUUQPGUCURGTUQPCUSWG
XKGPGPFGCNN!tRTGIWPV(CDKPt3WKP
UCDG!0QUGTPNQUEQTVCFQTGUFGOCIWG[GU!
tEQPVGUV$GTPCTFQ

OCKMKPVGTLdXCOQUdXOQPQU
V[[Q/CKM

LCEJVWDQQRKRWIWICCDJCOOPKFJTPC
RCKIKKNJKOLKZZCKK8COQUCFGU[GTDCTNC
OKNRCFGCSWGNNCFQFQPFGJC[OWEJCJKGTDC
8CTOCKIQT
OCKMIQTdXOQPQU
VQFQUPQUQVTQU

OCKMCMURKNQPEKNNQ/CKMCMLWOCCPC

DKCMCPQEJVWCKEJFJKOIWZEJCOCCO
DKCTPKU0GEGUKVQVGPGTRKNQPEKNNQEWCPFQOG

OCKEJCNJK

GPECTIQFGRTGPFGTXGNCUGPNCKINGUKCRQTEKPEQ
XKGTPGUUGIWKFQU
'NRKNQPEKNNQUGWUCRCTCJCEGT
FWNEGUEGTGOQPKCNGU
OCKMCMCFLFWNEG
NKVUCDGCOCIWG[

,QKFJCOLKZOCKMCMMCOVWOFJKDQDJCT
0QRKEJOCCPDJCQOPKMWDKRKC'UVCU
ECCUFGOC\RCTGEGPSWGGUVPFWNEGU2QT
SWPQOGEQTVCUWPCRCTCEQOGT!
=RNOCKOMCMEQRLKZ?8CUGMCCM

OCKOCFLGDTKQDQTTCEJQ2WMFJCKPQ
OVLCZFJWWMLKDCVDKEJIWUCPFUCTWKZUKC
MWMCZOCKO/GEQORQPIQNWGIQUKOG
GEJCPCNCIWCNQUUQNFCFQUCWPSWGGUV
DQTTCEJQ=RNOCKMEQRLKZ?

OCKOFCCFLXGPGPQUQFCKPQ,KZOCKOFC

IWDCUMLWWVIWZWWCOFCKIWZMWMDJCDK
PCDCTLWOMWCFCO'NJQPIQCOCTKNNQ
NNCOCFQWCFGTCVPGUXGPGPQUQUQNCOGPVG
NQUITKUGUUQPDWGPQURCTCEQOGT

OCKOMCOUDQTTCEJQ/CCP[CMVWMCC

IWOCKOMCODCLKEJQK#ITGGPDJCCCIW
DKKPCEJUCRICNJKFJC#SWNNGICPQEJGWP
DQTTCEJQSWGPQUSWKUQOQNGUVCT0QUGZKIKSWG
NGXGPFKGTCOQUOG\ECN=RNOCKMMCO?

OCKOVWFCXaVJCEGTFCQGPXGPGPCT/KO

OCKOVWFCFJKDJCDPCRICPMWCPCIWMCZ
FJQKK6GXCPCJCEGTFCQNQUHTKLQNGUSWG
GUVUEQOKGPFQRQTSWGGUVPETWFQUVQFCXC
GODQTTCEJCT%JCROWLCMLKOOFC
EJCCVPCORCKIWOCKMMCO,CKOFJQOKR
DCLKOOCKOVWFC0QXC[CUCFQPFGCPFCPNQU
DQTTCEJQURCRRQTSWGVGXCPCGODQTTCEJCT
=RTGVOCKOVWFCRTGUOCKOVWP?

OCKOWXaKGODQTTCEJCTUG%JCROWLCM

CLFCPCRCKDWWUCPPCRDCEJCOOKDCLK
OCKOW5NJLKPCRDJCKRZDWWUPKC0Q
XC[CUCFQPFGGUVPUCECPFQOG\ECNRCTCSWGPQ
VGGODQTTCEJGU4GITGUCFKTGEVCOGPVGRCTCCE
=UWLRNOCKMWRTGVOCKOOCKM
EQPVOCKOOWMFCQOCKMMWTFC?
8CTOCKOQ

OCKURGVCVG0CCURCKCRIWOOCKPQRKEJ
DCDCO%WCPFQVGNGXCPVGUFQDNC[CN\CVW
RGVCVG=RNOCOCKCRQUOCKCP
OCOCKCP?

OCKEJCNJKCFLSWGUCDGJCEGTRGVCVGU5CRIW
DCLMFTMCOIWLCVMCOMCVLKZ
OCOCKEJCNJKMCVCO&KEGPSWGNCIGPVG
CPVKIWCUCDCJCEGTRGVCVGU
=RNOCOCKEJCNJKEQRLKZ?8CTOCKEJCT

'&+%+024'.+/+0#4`

OCK

6'2'*70'52#1.

OCKCFXJCEKCCNN
PQUGXG#CROCKDC

LKOFCICOCLCMLCDCOCC[C5KIWG
ECOKPCPFQJCEKCCNN[[QVGCNECP\QFGURWU

OCKDQQRQ[C=UWLRNFGOCKONJKC?2GL
OCKDQQRQ[CCOJWKTP=RTGVOCKDQQR
RTGUOCKDQQRQOQXOCKDQQRQKEJW?

OCKDWCXaVRGTFGT6WWMCDLCROQQ

ICCOFJCFJKCTRWWUVCOFJKDKDCCPC
DCEJCOOCKDWC2QPICOKVCDCEQGPGN
HQPFQFGNOQTTCNRCTCSWGPQUGOGXC[CC
RGTFGT
VKTCTFGUGEJCT/CKKCDWCRFJKOUWUUCM
#VVKTQDCZM,CKLWOVCCZKFJC
ZKZKKDMCO6KTCVWUJWCTCEJGURWGU[CGUVP
TQVQU6GXQ[CEQORTCTQVTQUPWGXQU
=EQORNRNOCKKCDWRTGVOCKDWCOCK
KCDW?
OCKZEJWDWCOWMUKGORTGUGNGRKGTFGP
EQUCU
RQTFGUEWKFQ

OCKEJKCXaVICPCTGPICCT,KOCKEJIW

LCQQMPCVKMCUCCDWVPCIWEJCOCC
PCLKZDJCKLKDWWUPKCDWKQTIW&KQU/C
VWLWWKEJOWMCPPCODCVWQPDCIK;Q
GUVCDCC[WPCPFQRGTQOGICPGNFKCDNQRQTSWG
PQSWK\QSWG[QSWGFCTCDKGPEQP&KQURWGU
EQONQSWGOGQHTGEKGTQPCNNGPWPCECUC
ICPCT
FKPGTQ)WDJCOOPCRRCKVWLWCP
CCRLMLWOOCKEJM!#NNFQPFGVTCDCLCU
VEWPVQUGICPC!
CFKXKPCT
EQOQEJKUVG'CRLKOCKEJM6W
KEJKKPCDCZDIWEJK!#FKXKPCSW
VQO2QTSWGUVEQNQTCFCOKDQEC!
=RTGVOCKEJQOCKKEJRTGUOCKEJM?

OCKFJCKKC=XCTFGOCKONJKC?JWKT
OCKIZKCXaKRGTFGTUG/CKIKDCMIWNJKEJ
MCTDCZIWZEJKEJKQMOC/QQEJKDJCKFJT
FJKDZCPUCRRCKRWRMQQU2CTGEGSWGUG
RGTFKNCRGSWGCEJKXCFGEQNQTITCPK\QETGQ
SWGUGSWGFFQTOKFCGPNCDCLCFC
=UWLRNOCKUWWNJIKCRTGVOCKIKOCK
UWWNJRTGUOCKIPUOCKUWWNJK?

OCKKCDW=EQORNRNFGOCKDWC?RGTFGTVKTCT
=RTGVOCKKCDW?

OCKONJKCXaKJWKTGUECRCT/CKODCMIW
CNJKKPCZEJQQPPVPCVOCKVWKCDWIW
MCMCUPKTPCMCVWDKRKCFCVPCOIWIDKC
2CTGEGSWGGNPKQJW[RQTOKGFQRQTSWGNG
KDCPCRGICTRQTRGTFGTNQUDQTTGIQUSWGGUVCDC
RCUVQTGCPFQ=UWLRNOCKDQQRQ[CRTGVOCK
OOCKDQQRRTGUOCKOTOCKDQQRQ



OQXOCKONJEJWOCKDQQRQKEJW?
8CTOCKFJCKKC

OCKCXaVVKTCT
DCNCQRKGFTCRCTCJCEGT

FCQ,QQFCKMPOKOC[CVCMCCDIWCDWKN
IWMQPCOKMCDQDQKEJCOPCEJDJCLKKO
UNJOQTCODWK#[GTEWCPFQXGPCOQUOK
CDWGNKVCNGVKTRKGFTCUCWPCXDQTCSWGGUVCDC
GPGNECOKPQ[NGFKQGPNCOGTCECDG\C
VKTCT
DCNCQRKGFTCRCTCGURCPVCT/WR
OC[CUCFJKICIQQZMWLCMIZKC6TCNGC
GUGRGTTQRCTCSWGUGTGITGUG
=EQORNRNOC[CUCRTGVOC[COC[CUC
RTGUOC[CU?

OCKURCXaVCRNCUVCT
EQPWPQDLGVQRGUCFQ

/CKKUIWOKUVWKIWOCCTCDJCKTCOPCV[C
FTOWKLKFJCROCVVWTVCORWKMWVDCRZ
UCTCC.COCPQFGNOGVCVGUGTGUDCN[NG
CRNCUVNCEQNCCNICVQRQTGUQOCWNNOW[
HWGTVG
CRNCUVCT
RCTCSWGPQUGCNCDGG/CKURCRKO
FJKVCDNGVCULKZDRVWWZMPPCEJCO
VVFTMC#RNCUVGPNCUVCDNGVCUFGNVGEJQEQP
RCNQURGUCFQURCTCSWGPQUGVWGT\CP
CRNCUVCT
RCTCSWGUGOCTEJKVG'NKK[CULQQFCK
MPLCRZKOCKURCKFJKUCKPCVDJCKDKKPQZ
MCDCCMPCRDQQRKCRKCOFDTMPLCRZK
[CCURCK'NCUCRNCUVCEQPWPCRKGFTCGN\CECVG
SWGSWGFCRCTCFQUKGUVFGOCUKCFQFWTQRCTC
CTTCPECTQDKGPNQRWGFGUVCRCTEQPVKGTTC
UWLGVCT
RCTCSWGPQUGOWGXCUWLKPCP
/CKUCRIWMCUPKTDCRQQPCDCEJCO
IKKFJCIWLDNJ.CNCPCFGNDQTTGIQGUV
UWLGVCFCRCTCSWGPQUGNCNNGXGGNXKGPVQ
=RTGVOCKKURTGUOCKUCR?8CTPCKURC

OCKUWWNJIKC=UWLRNFGOCKIZKC?2GL
OCKUWWNJIKCCOUGRGTFGTP=RTGVOCK
UWWNJRTGUOCKUWWNJK?

OCKVWDWCXaVFGRQUKVCT
RCTCUGTDGPFGEKFQGP
GNRCVKQEGTGOQPKCN0CRCKFJWWMDCZMCKO
MCIWLWPDCCOCKDCVWODWCPKMCTVCO
PCDCEJCOMCZKFWWMC%WCPFQ[CGUVP
OCFWTQUNQUGNQVGUNQUFGRQUKVCOQUGPGNRCVKQ
VTCFKEKQPCNRCTCSWG[CUGRWGFCPEQOGT
=RTGVOCKVWDWCRTGUOCKVWDWRRC?
OCKDCVWDWKZFJKICCNQUGNQVGUFGGUVC
OKNRC[CGUVPDGPFGEKFQU

OCMCTQKEJUTGPCEWCLQ,KTOWKCOIW

OCOMCTQKEJOWLCRFJKIITCCMMP'P
NQUTQUITCPFGUCPFCPOWEJQUTGPCEWCLQU
=RNOCOMCTQKEJ?

'&+%+024'.+/+0#4`



6'2'*70'52#1.

OCMIOUEWTCPFGTQ
VTCFKEKQPCN,KTIIW

DQUCCPIWMWWNUKPCIWKOWKOKVWWCIW
WWWPPCTOCMIO'UVOW[ITCPFGNCRGVCEC
FGOKCDWGNQRQTSWGCNNIWCTFCOWEJCUHNGEJCU
EGTGOQPKCNGURWGUGUEWTCPFGTQ
=RNOCOMCIO?8CTOCMICO

OCMKCXaDFCT/CMKCCRFJKKWWCPIW

,QUGG,CRLCRVFCPCOWVWLQQEJZK
&CNGGUVGTGECFQC,QU[FKNGSWG[QUGNQ
OCPFQ
FCTFGEQOGT+KMWOQQCNJKEJLCOCMKC
IWMCMCTDCZIWQPPCODCMPLKZDRVMC
PCRCKFJWWMLKEJWICTC8Q[CFCTNGU
VCPVKVCUCNCNCUEJKXCURCTCSWGRGUGPNQ
UWHKEKGPVGEWCPFQNCUXC[CCXGPFGT
=RTGVOCCRTGUOCCM?

OCOCCPUW=RNFGOCCPUW?OCPUQU=EQRLKZ?
OCOCCZ=XCTFGOCCZ?XGTUGJWGNNCU
OCOCC[CXaVVCVGOCT/COCC[CRKOFJK
DCMCCZPCDCEJCOFDCCPCIWLCMKCPLKZ
EJFDCKFJCPCZEJCVQK6CVGOGPGUVCECTPG
RCTCSWGPQUGRWFTCRQTSWGUGRWFTGEWCNSWKGT
EQUCGPGUVGVKGORQFGECNQT
=RTGV[RTGUOCOCC?

OCOCK=RNFGOCK?RGVCVGU

OCOQKMDJCDUGLQVGU6WLKFJQQTCCRIW

OCOQKMDJCD,QKFJCOLKZCCMOVWVCVFC
*C\OGGNHCXQTFGEQEGTNQUGLQVGURWGUVGPIQ
ICPCUFGEQOGTNQU

OCOQKUCXaVCOCPUCT
CPKOCNUCNXCLG$R

MCOCOQKUCFJKMCDCKPCDCDCO
ICNJKFJC2TKOGTQXQ[CCOCPUCTGUVGECDCNNQ
[NWGIQVGNQXGPFQ=RTGVOCOQKUC
RTGUOCOQKU?

OCOQPFQTC=RNFGOQPFQTC?XGTFGUDCLKVQU
8CTOCOQOFQTC

OCOQRQNJK=RNFGOQRQNJK?SWGJC[OCVCU
=EQRLKZ?

OCOQZMCT=RNFGOQZMCT?CNOQJCFCU
OCOQ[CUC=UWLRNFGOQKC?2GLLWO
OCOQ[CUCCOUGEQTPGCTP
=RTGVOCOQ[CUCRTGUOCOQ[CU?

OCOTCUTCOCU
TDQN$JCOOFJQRWO

ZMWPCIWOWWWOCOTCICTCOFJKVWCPQR
ICPOWLCMVWOWOWW.WKU5GXCPCSWGFCT
GPUCTVCFCUVWUHNGEJCUGPNCUTCOCUFGNGPEKPQ
.WKUUKUKIWGUVKTPFQNCUJCEKCCNN
=CRQUOCOTCICP?
OCOTCICTCOGPUWUTCOCU

OCOVWFCXaVTG\CT
EQOQFKTKIGPVG#CR

=CRQUOCOCKCP?

OCOCKEJCNJK=RNFGOCKEJCNJK?SWGUCDGP
JCEGTRGVCVGU=EQRLKZ?

OCOCVFC=RNFGOCVFC?SWGVKGPGP

EQPQEKOKGPVQQGZRGTKGPEKC=EQRLKZ?

OCOCVVWT=RNFGOCVVWT?OGVCVGU8CTOCOVWT
OCODJZCFLFKG\/CODJZVCPQQNJMP
LCKEJVOQPCKEJVWOQKMCK'PFKG\FCU
VGTOKPFGRTGRCTCTNCVKGTTCRCTCUGODTCT
OCODJZMKOFKG\XGEGU

OCOEJWU=RNFGOCCEJW?OCEJQU
OCOMCIO=RNFGOCMIO?EWTCPFGTQU
OCOMCTQKEJ=RNFGOCMCTQKEJ?TGPCEWCLQU
OCOQKM=RNFGOQKM?DNCPFQUVKGTPQU=EQRLKZ?
OCOQKMCFJCXaTRGTFGTHWGT\C
HUKEC
$RRDJKKQTCIWVCVQQODJCDJCKOMCTLCZ
EJWOPCEJCORMDRVPCIWOCCP
LKOFCOLWOOCOQKMCFJCPQRKEJDR
DJKKIWZDRV2TKOGTQECTICNQUEQUVCNGU
NKXKCPQURQTSWGUKECTICURTKOGTQNQURGUCFQU
RGTFGTUNCHWGT\CPGEGUCTKCRCTCECTICTNQU
FGOU=RTGVOCOQKMCRTGUOCOQKMCFJK?

OCOVWP

EJCOOCCVPCLCTQKZOCCVVVWOCOVWP
MWEJWOWCFJCPCVWOCOVWFCLCZK
MCVWMICD!0QEQPQEGUCCNIWKGPSWGUGRC
TG\CTRCTCKPXKVCTNGCSWGPQUC[WFGCNTCVQGPNC
OCFTWICFC!
XaTTG\CT
EQOQRCTVKEKRCPVG$JCKIQTUCR
ZKLKKOLCEJZKEJOCOVWFCK$COCKPCRCK
FJWWMVWOOCOVWP&KEGPSWGPQUXC[COQU
CTG\CTRWGU[CGUNCJQTCFGTG\CT
=RTGVOCOVWFCRTGUOCOVWP?

OCOVWT=RNFGOCVVWT?OGVCVGU8CTOCOCVVWT
OCOVWZFJCXaVGPUGCTKPUVTWKT/QQR
OCOVWZFJCFJKZKKICPPCZOCCVVLC
DKRKCFCIWMCTDCZ'PUGCCNRGTTKVQRCTCSWG
CRTGPFCCEWKFCTCNQUEJKXQU
XaTGUVWFKCT6KVWOCOVWZKKPCIV
LKZDJCKKQMFCIWMCUVKKN'UVQ[JCEKGPFQGN
KPVGPVQFGGUVWFKCTRCTCVTCVCTFGJCDNCTDKGPGN
GURCQN
=RTGVOCOVWZRTGUOCOVWZK?

OCOVWPUQTCEKP
TKVWCNTG\Q;CDCCKIW

RCCNJ,KTCOPCEJFJKWOWCFJCPCZOCCV
IWOCOVWP;CNNGIGNRCFTG5GTCDWGPQ

'&+%+024'.+/+0#4`

OCOZKEJ

6'2'*70'52#1.



KPXKVCTNGCC[WFCTPQURQTSWGNUCDGNCU
QTCEKQPGUTKVWCNGU

#NTCVQEWCPFQDTKNNGNCNWPCXQ[CUGIWKTGUVG
ECOKPQ=RTGVOCUDCIKT?8CTOCUDWNJKC

OCOZKEJ=RNFGOCZKKEJ?OCEJGVGU
OCOZKFJCXaVEQNQTGCTRKPVCT#CRRCC

OCUDCCFLSWGDTKNNC
NWPC/QQEJKCCCC[C

UCDCFCMIWKPCMPVWOOCOZKPCRMP
VWOCOZKFJCOCCMP!&PFGEQORTCUVG
NCRKPVWTCEQPNCSWGRKPVCUVGGNCQRCUCFQ!
=RTGVOCOZKRTGUOCOZK?

OCOZKT=RTGUFGOCCZKNJKC?ENCTGCPCEG
8CTOCOZK

OCPVGGMOCFCXaVHTGT
GPOCPVGEC,WR

MCKEJFJCCOIWLCVMCOPCUCREJCOFCK
MCKMCDCKEJCOPQICPOCPVGGMOCFJKZ
MCOMWCIWVOMCNJ&KEGNCIGPVGSWGPQUGT
DWGPLKPGVGUKUKGORTGEQOQVQTVKNNCUHTKVCUGP
OCPVGEC=RTGVOCPVGGMOCK
TGUOCPVGGMOCFJKZ?

OCTUJKLQJKLC,ZDCTIIWOOCTIWK

PCROCCMP[CLCRDCKEJW!3WVCP
ITCPFG[CGUVVWJKLCNCSWGVTCLKUVGGNCQ
RCUCFQ!
ETC,MDCVWOCCOCTIWMCDCKIWKPC
KEJLWOICNJK!%WPVCUETCUJCVGPKFQNC
[GIWCSWGVGXGPF!
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQFGN
GURQUQFGWPCOWLGT)QQMZKWKOTCMLK
OCTIWMWCCPCRDCDCLKOFCEJKDCO
PTCLKIWOPCCP5QDTKPQVTGOGWPRQEQFG
NGC[NWGIQFGDGUKTVGRQTSWG[CVGGUVCT
GURGTCPFQVWOCO
=RNOCCOCTCRQUOCTCCPOCCOTCP?
OCTVWOJKLCUVTQJKLCUVTC

OCTCCZUJKLKVCOKJKLC
VTOKPQFGECTKQ

2CCDCLCMLWRZKDJKIWOCTCCZ.WUKKPC
PC[CRZLWRMCFCC!-CDJKOCCIW
UWWFCK!#FPFGUGHWGOKJKLKVC.WUKPC!2WGU
[CPQGUVCSW5GTSWGUGHWGCNCIWC!
=RNOCCOTCZ?
OWPKLCRDCLKKOCOIWOCCOTCZCJ
XCPNCUEJKECU

OCUCCPU.WPC,QKFJCOLKZDJCKZEJW

OCCZMCIWVWMCCLCMPQTZKMQQTCMIW
OCUCCP5GXGOW[DKGPGPNCPQEJGUKNC.WPC
GUVNNGPC
OGU)QQMOCUCCPLCLWTWWFJCDJCOO
/GGLKM8Q[CGUVCTFQUOGUGUCNNGP/ZKEQ

OCUDCNJKCXaKDTKNNCT
NWPC,CZKPCDJCKLK
OCUDCNJKCOQQDJCKDJ[CFJKDZDQK

DJCOOFTLKMKCCOMCRDJCKPCLQKFJCO
LKZOCUDC%TGQSWGXQ[CRQFGTNNGICTJCUVC
OKECUCCRTQXGEJCPFQSWGNCNWPCDTKNNC
=EQRLKZ?

OCVCKUECN%JCOMCCMDCMFJKOCVCKPC

KEJVKUCDCNJ6PCVEJCODJCKDQRFJK
OCVCKOCP2CTGEGSWGNCECNSWGEQORTPQ
GUVHWGTVGRWGUPQJK\QCDNCPFCTOKPKZVCOCN
EGPK\C)KKNJKOIDJCMCCVIWOCVCK
MCNKPVQQPVT0KLZDCMWEJCOOOFJK
VCK'NECNGPVCFQTVKGPGOWEJCEGPK\C[NC
NWODTG[CPQRTGPFG
OCVCKDCTCCCIWCFGPKZVCOCN

OCVCKOCPUPKZVCOCN#CRDJCVWKMPCFJK

OCVCKOCPCCDCDJCDKKNJFJCPCEJDCZ
DKKVWDJCKFJCK6OWGNGUGNPKZVCOCNWPCXG\
[[QNQXWGNXQCOQNGTRCTCSWGJCICOQU
VQTVKNNCUFGOCUCHKPC

OCVCKOFCXaKJCEGTPKZVCOCN,CROQQZ

LQQFCKFJKLWWPFJKPCTVDJCKO#CPCLWR
MCVMORKICPCDCRMDCVWOCVCKOFC
6KGPGOWEJCURKGFTCUGUVGOC\EQORTCFQ
PGEGUKVQNKORKCTNQCPVGUFGJCEGTGNPKZVCOCN
=RTGVOCVCKORTGUOCVCKOCP?

OCVFCCFLSWGVKGPGEQPQEKOKGPVQSWGVKGPG

GZRGTKGPEKC7OWCFJCKEJIWLCTQKPCZ
OCVFCPCEJCCIKFJCPCLCZLCMLKZDJCCK
PCEJLCFWKCFJKDKKRKDQRPCOVRWKVZ
LWRMCKEJCOIWLQKUKU8COQUCKPXKVCTC
CNIWKGPSWGVGPICGZRGTKGPEKCRCTCSWGPQUFKIC
SWJCEGTEQPGUVQUOWEJCEJQUSWGGUVP
TQDCPFQFKLGTQPNQULWGEGU=RNOCOCVFC
EQRLKZ?8CUGOCEJKC
EJWOCVFCCFLUCDKQSWGVKGPGOWEJQ
EQPQEKOKGPVQ

OCVIORCTV+PFKECWPOC[QTITCFQFGEGTVKVWF

,KTRWKLKOCVIO#CDZVMLKCLCPQ
PCVDJCOOVWOCIC5GUEKGTVQRWGU[Q
VCODKPGUVCDCRTGUGPVGCNNEWCPFQJCDNCTQPFG
GUQ8CTOCVICO

OCVMC=HWVFGOCCV?UCDTEQPQEGT
OCVVWTUOGVCVG-CDWKOWMUCROCVVWTVCO
VWDKKNJFJCIWZKKZ&KEGOKJGTOCPCSWG
OCCPCXCCOQNGTNCOCUCGPGNOGVCVG
=RNOCOCVVWTQOCOVWT?

'&+%+024'.+/+0#4`



6'2'*70'52#1.

OCZKKEJUOCEJGVG%JCORMDJCKVMIW

OCZKKEJPCIWZLCDQQM$CKFJCUMPPC
DCUKCOTKMKCIWWWZPQTUCTDJCM'N
OCEJGVGPQEQTVCOWEJQRQTSWGGUNKIGTQ5KGUV
ITWGUQGNTDQNJC[SWGEQTVCTNQEQPJCEJC
=RNOCOZKEJ?

OCKKEJ=RTGVFGOCKEJKC?NQICP
8CTOCKEJ

OCKKU=RTGVFGOCKURC?NQCRNCUV
OCQQP=CRQUFGOQ?UWECDG\C
OC[C=RTGVFGOCKC?NCVKT
DCNCQRKGFTC
OC[CUC=EQORNRNFGOCKC?VKTCTNCU
DCNCU
QRKGFTCU=RTGVOC[CUCRTGUOC[CU?

OKRTGHaXCNN
CDCLQEGTECt/KFJCCCCEJK

IW5CDKKPQ!tLWRMCKEJIW4KECCTFQt/K
FJQFCCtLWRMCKEJRIW#DTGGNKQt5
GUVCT5CDKPQCNN!tRTGIWPV4KECTFQt5CNN
GUVtEQPVGUV#WTGNKQ=)TCO?
8CUGOK

OKK

,WCPt&PFGRWGFQCOCTTCTCNDWTTQ!
tRTGIWPV2GFTQt2WGURQTCNNEGTECFQPFG
JC[RCUVQtEQPVGUV,WCP

OKOKUVWK=RNFGOKUVWK?ICVQU
OKOKUVWTCDJQQP=RNFGOKUVWTCDJQQP?ICVQU
OQPVGUGU

OKUVWKUICVQICVC0QRKEJOKFJTKCO

UWWZZKFJCOIWMCTDCZFJKKNJKEJOKKEJW
*C\OGGNHCXQTFGQTFGCTNCEJKXCRCTCFCTNG
NGEJGCGUVGICVKVQ=RNOKOKUVWK?8CTOKKEJW

OKUVWTCDJQQPUICVQOQPVU#CREJCO

OCCVPCRCLCMQKTIWOKUVWTCDJQQP!6KZ
LQKKIWLQIKKPCDCIUVCPCDCOK
DKCMCIWWWW0QUCDGUFPFGCPFCWP
ICVQOQPVU!/GIWUVCTCWUCTUWRKGNRCTCJCEGT
WPCHWPFCRCTCIWCTFCTOKUHNGEJCU
=RNOKOKUVWTCDJQQP?

OKCFWWMUOGFKCVCTFG/KCFWWMLCMDCLK

LNJDKCMWKDKFJT#NCOGFKCVCTFGGORKG\C
CUQRNCTCKTGFGNRQPKGPVG

OKCLKFJWKKFJCMCFXGORG\CPFQCCVCTFGEGT
/KCLKFJWKKFJCMOQQFWWFWZKD6PCRM
COLCZDCVWKFJKIWVDCC*Q[XCCNNQXGT
GORG\CPFQCCVCTFGEGTRWGUOKTGEQOQUGGUVP
HQTOCPFQNCUPWDGU

OKCONJKCXaKCEGTECTUG
VKGORQt;CRZ

OQQOCLKOKCOTLKCIW)6CPQQNJEJCO
tLWRMCKEJIW-NGGVt,FJQFCKPCEJ
DCEJZCCDWPQVDCOCKtLWRMCKEJIW
2CUMWCNt;CUGCEGTECNC5GOCPC5CPVC
XGTFCF!tFKLQ#PCENGVQt2WGUU[CPCFCOU
PQUSWGFCC[WPCTEWCPFQNNGIWGtTGURQPFK
2CUEWCN=RTGVOKCOTRTQITOKCONJKO?

OKCPCFXEGTEC/KCPLCRDWNJKCIWOMCDCK
PCOEJCOOKOZFJC#OCTTCVWECDCNNQ
EGTECRCTCSWGPQVGNQTQDGP#PVPOM
OKOKCPEGTEC
NQUWPQUCNQUQVTQU

OKFJKKU/GFKFCUGECGSWKXCNGPVGCEKPEQNKVTQU

,KICNJKFJCCRIWDJCDUKCOCCPOKFJKK
;CPKRZICCOVWFJKVWWOK2QTHCXQT
XPFCOGCWPSWGUGCEKPEQNKVTQUFGHTKLQNRWGU
CSWVTCKIQGNFKPGTQ

OKKEJW=XCTFGOKUVWK?ICVQ
OKLCRRCKCFXRQTCJ
EGTECt2CC

DWNJKCFJKDJWTWZ!tLWRMCKEJIW2GGITQ
t/KLCRRCKFJQPCZZCKKtLWRMCKEJIW

OKCFXCNN
CDCLQEGTEC/KLKDCCIWMQ

DVCPFJKLQFCKPCRDJCCPFCC#NNUGOGVQ
WPCXDQTCFGDCLQFGGUCRKGFTCGPNCSWGGUVU
UGPVCFQ8CUGOK

OKKPVGTLdEWKFCFQ
EWCPFQJC[RGNKITQd/K

IWMQ,CMZKLKOMWVVWOKOMKd%WKFCFQ
EQPNCXDQTC*C\VGCWPNCFQRCTCSWGPQVG
OWGTFC
dFLGOG
EWCPFQCNIWKGPGUVOQNGUVCPFQ
/K%JCRDJCLCMDWCOLKDWCFCPC[C
VWLCZDWC&LCOGGPRC\RWGUCSWGUVQ[
QEWRCFQ
OKOMKdPQVGXC[CCOQTFGT
OKOOKdPQVGXC[CCSWGOCT
OKOUKdPQVGXC[CCRKECTdPQVGXC[CC
GURKPCT

OKFJTCFXFGCNN
CDCLQEGTEC/KFJKTLCR
LKDJKFJKMCOCCPFJKUCWC2QTHCXQT
C[FCOGCNNGXCTWPCEQDKLC
OKFJTDCGPVQPEGUNWGIQ
OKKFJTLCMFGCE

OKKCFXCNN
CDCLQEGTECRTGEKUCOGPVG/CCP
OKKMCQKTVIWDCCMLKZCQKLCTQKPCICP
#NNCPFCDCWPCXCECRKPVC3WKPUCDGFG
SWKPUGT!

'&+%+024'.+/+0#4`

OKRWK

6'2'*70'52#1.

OKRWKCFXCNNOGTQt/KRWKDCDJKZ

MCCCFJKCNCCOTKMCEJLKVMQDKCO
DJDJKEJFJCCC!tLWRMCKEJIW2GGITQ
t%JCO/KRWKTCOLKOCVICOtLWRMCKEJ
IW,WCPt'UVDKGPSWGSWGFGCNNGN
CNCODTGQNQRQPGOQUOUCTTKDC!tRTGIWPV
2GFTQt0QCNNOGTQGUVDKGPtEQPVGUV,WCP
FGKIWCNHQTOCFGKIWCNOCPGTC/KRWKRVW
FCCEJWIWOCTCCPPCLCZPKFJKOIW
VCCVCP'NJKLQUGEQPFWEGFGKIWCNHQTOCSWG
UWRCFTG

ODVCCFLSWGVKGPGOKGN,QKFJCOLKZODVC

IWRGGMCUICPFJKRCPCCNJKZ.CURGPECUFG
GUGRCPCNVKGPGPOWEJCOKGN=EQRLKZ?

OK=RTGVFGO[C?UGRTGPFKUGSWGO
OKEJFJCXaVGPEGPFGT
EQPEGTKNNQQECTDP

6WMPOKEJFJCFJKFJWKMCT!%QP
SWXQ[CGPEGPFGTOKRKRC!
RTGPFGT
CRCTCVQGNEVTKEQ/WRKOVWUCKFJK
TCFKQDCMQQMZKC$JCLCMEJCODJCK
MQMZKEJWPFCPCDZEJWMCCOKEJFJKZMC
#RCIWGPGUGTCFKQ[FWTOCPUGRQTSWGPQRWGFQ
FQTOKTGPRC\RWGUUKGORTGNQVKGPGPRTGPFKFQ
VQFCNCPQEJG
=EQORNRNOOKEJFJCRTGVOKEJOOKEJ
RTGUOOKEJWPTGUOKEJFJKZ
OOKEJFJKZ?

OKFJCXaVSWGOCTFGUVTWKTEQPHWGIQ6

OKFJCCRFJKWWCPPCLMEJCOVWDJCK
3WGOCNQURCRGNGUSWG[CPQUKTXGP
SWGOCTUGPVKTFQNQT
EQPCNIQECNKGPVG$C
OKFJKUWWFCKPCKEJMCLKDCVDKCDCMIW
IKKNJKOLKZEJQK/GSWGOGNCIWCCN
GORG\CTCDCCTOGRWGUGUVCDCOW[ECNKGPVG
=RTGVOKRTGUOOK?

OKFJCCFLKPHNCOCDNG)KKNJKOLKZOKFJC

IWLCDMCNJPCRCKFJWWMLKTVCCDCMMC'N
RWNOPFGGPEKPQGUOW[KPHNCOCDNGGPNC
RQECFGUGSWC=EQRLKZ?

OKO=RTGUFGO[C?UGRTGPFGUGSWGOC
O=RTGVFGONJKC?EQTTK
UWLCPKO
O=RTGVFGONJKC?EQTTK
NSWKFQ
ODCVUOKGN
FGOCIWG[#NJKEJLCEJ

VCCOTCIWODCVIWILCOQMKZPCVUCCM
VODCKDCUVCMCCD.GXQ[CRGFKTCNCVC
OC[QTFGWUVGFGUWPRQEQFGNCOKGNSWGFKEGP
SWGJK\QCPVGC[GT
OKGN
GPIGPGTCN,QKFJCOLKZKQQDFJKMKRK



PCDPCIWUQTKCVODCV'UVOW[UCDTQUQ
GUVGRKPQNGRQTSWGVKGPGOKGNFGCDGLC
UQTKCVODCVOKGNFGCDGLC

OMKFJCXaKVCTFCTUGFKNCVCTUG)QQMVW

VCCOTIWMQQMCUOWVKCPFC&CKPCROQQ
EJCOOMKFJC8GCEQORTCTTGHTGUEQUCNC
VKGPFCRGTQPQVGFKNCVGU=RTGV[RTQITOMKO?

OOFCXaVCVK\CT
HWGIQ/QQRDJCKZK

OOFCFJKDJCDMWLQVOQFCDJCC[C#VK\C
NCNWODTGRCTCSWGNQUHTKLQNGUUGEWG\CPOU
TRKFQ=RTGVOOKRTGUOOP?

OODUCDGLC/QQEJKOKRCKCOWWD

QKFJCCOIWOODPCODC[CLCRRZ
VTQQP2TQDCDNGOGPVGXKXGPEGTECNCUCDGLCU
RQTSWGCSWUGQ[GSWG\WODCPOWEJQ

O[CXaKRTGPFGTUG
HWGIQ%JCOLZMCVQD

O[CIWVCKPQZDCCIWMWCC0WPEC
RTGPFGTRKFQGNHWGIQUKNCNGCGUVXGTFG
SWGOCTUG
EQUCSWGUGECNKGPVC/KFJTLCR
DCTIKFJCIWOCVCKOCPPQVDCICCPC
EJCOOKO[CRKCOLCRDJKCPQVDCDJCK
5KOKPKZVCOCN[CUGUGEEJCNGCIWCRCTCSWG
PQUGSWGOGQSWVCNQFGNHWGIQUK[CGUV
EQEKFQ
=RTGVOKRTGUOKORWPVOM?
IOKOFJKVCKGUVITCPFGNCNWODTG

OLCFXCNN
CDCLQCRGTVWTCTGUVTKPIKFC/L

LQFCKDVCQKRQCOKCOIITIWDQRVQR#NN
FGDCLQFGGUCRKGFTCCPFCPNQURGEGUOW[
ITCPFGU
RCTCCNN
JCEKCWPCFKTGEEKPFGVGTOKPCFC
/LZKOICVWWMFTIWICIQQZ2CCDCO
CK!'NRGTTQUGHWGEQTTKGPFQRCTCCNNVTCUFGVK
&PFGVGCNECP\!
OLZKDJ[CEQPUWRGTOKUQXQ[C
RCUCT

OLFTCFXFGRQTCJ
CDCLQNWICTFGFKHEKN

CEEGUQ,KZDJCCKCCPCRRCKVWFCIKCOL
FTFJKWWZPCEJDCOKKFJC!0QJC[CNIP
NWICTFG
NKVFGRQTCJFQPFGRWGFCUCICTTCT
GUVGVTQ\QRCTCSWGNQNGXCPVGOQU!

OMCFXNGLQU/MVWCLFJKEJTDK

,QKFJCOLKZDJCKMPVWOIKIKC.NGICNGLQU
OKUQICRQTGUQGUOW[DWGPCRCTCNC\CT
#PVPOKCP

OMCFXOWEJQTCVQ/MVWKQMKFJCCO

LOCPIWOCOMCIOLCKDCCNJKQRZZK
EJWKQMKDCOLRFJC#NIWPQUEWTCPFGTQU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

QTCPOWEJQTCVQRGTQQVTQUQTCPRQEQVKGORQ[
FGUECPUCP

OMFTMCOZKKZ=XCTFGZKKZOMFTMCO?
RTKOQNGLCPQRTKOCNGLCPC

OMFTMCOZKMW=XCTFGZKMWOMFTMCO?
RTKOQNGLCPQRTKOCNGLCPC

OMMCOCFXFGNGLQUt2CCRKOFWWMDC

CC[COWLCRLCOMKKMKCCO!tLWRMCKEJIW
,WCPt,WTPMFJQLKCLCKFJVPCEJLKTOM
MCOtLWRMCKEJIW2GGITQt%WPFQXCPC
NNGICTWUVGFGUCUWUECUCU!tRTGIWPV,WCP
t%TGQSWGJCUVCNCPQEJGRQTSWGCNIWPQU
XKXKOQUNGLQUtEQPVGUV2GFTQ=EQRLKT?
#PVP[CMCO

OMMCVCFXFGURWU
FGWPTCVQ#C[CPK

OC[COVLKQDCOVCMCCDRKUVQQNMPMW
IWEJCOVWMQMLKOQQLCPQ/MMCVLKPC
DCDCZMQM#[GTOGFKGTQPWPDCNC\QGPNC
OCPQRGTQPQOGFQNKCNOQOGPVQUKPQ
FGURWUFGWPTCVQHWGEWCPFQOGGORG\C
FQNGT

ONJEJWFCXaKEQTTGT
CECDCNNQQGPECOKQPGVC
,KEJCKDWKFJCCRFJKOMCDCKPCDJCCP
ZKEJONJEJWFC[CFJKIKQVT/GRTGUVCU
VWECDCNNQRCTCEQTTGTNQGPGUVGNNCPQ!
=UWLRNDQQRQKEJFJCRTGVONJKKEJQ
ONJEJWFCDQQRQKEJRTGUOONJKEJWP
DCRQKEJWPRTQITONJKKEJFJKOQ
ONJEJWFKODQQRQKEJFJKO?
8CTONJKKEJFJC

ONJFJCCFLDWGPQRCTCEQTTGT,KZONJFJC

IWUWKOCNJ%JCOLZMCVLCTQKCC[C'N
XGPCFQGUOW[DWGPQRCTCEQTTGTRWGUPCFKGNQ
RWGFGCNECP\CT=RNDQQRQKFJCEQRLKZ?

ONJKCXaKEQTTGT
UWLCPKO,QKFJCOLKZ

LMKFJKMCDCK/KLCRIKQVTRZICPOOTC
'UVGECDCNNQGUVOW[EQPVGPVQRWGUEQTTGCNN
GPGNNNCPQ=UWLRNDQQRQ[CRTGVODQQR
RTGUOOTCDCRQOQXONJEJWDQQRQKEJW
QDQQRQ?

ONJKCXaKEQTTGT
NSWKFQ$JCOO2CCNJ

5WWPIKCOLKZMOTIWUWWFCK#NNGP
#IWCFGN2CFTGGNCIWCEQTTGOW[NKORKC
=RTGVORTGUOT?

ONJKKEJFJCXaVFGUVKNCT$ROQQZKEJW

OCKEJMKFJCKPCRCKFJWWMLKEJW
DWWUCKFJCPCDCIONJKKEJFJCIWDKK
2TKOGTQVGPIQSWGKTCGPEQOGPFCTOGCWPUCPVQ

OQKM

CPVGUFGFGUVKNCTGNOG\ECNRCTCSWGTKPFC
=RTGVONJKKEJRTGUOONJKEJWP?

ONJOWMCFLSWGDTQVCSWGUCNG
TGUKPC,KZ

ONJOWMIWQUCCOPQKEJRCNJRZKUQKEJ
IWLWM5CNGNCTGUKPCFGNRKPQEWCPFQNQJCEJGQ
WPRQEQ
JWKFK\QCUWUVP
CPKOCN,KZONJOWMFJK
DJWTWZPQICPDRUCCPVWPQEJCO
VOT'UOW[CUWUVPGUVGDWTTQUKNQCTTGQUKP
CICTTCTNGNCUQIC
=RNDQQRQKOWMEQRLKZ?

OOKEJFJC=EQORNRNFGOKEJFJC?

GPEGPFGTNQURTGPFGTNQU=RTGVOOKEJ
RTGUOOKEJWPTGUOOKEJFJKZ?

OOK=RTGUFGOKFJC?NQSWGOC
OONJKEJWP=RTGUFGONJEJWFC?EQTTG
C
ECDCNNQQGPECOKQPGVC

OONJKEJWP=RTGUFGONJKKEJFJC?NQFGUVKNC

OOTC=RTGUFGONJKC?EQTTG
UWLCPKO
OT=RTGUFGONJKC?EQTTG
NSWKFQ
OTCUWHaX+PFKECSWGNCCEEKPUGNNGXCTCECDQ
GPQVTCRCTVGRQTWPCRGTUQPC;CEJUCRMC
PTFCFJKEJCVCCNJPCLCKMCCCPOTCIW
UWWUMCP&KLQOKVQSWGNQGURGTGOQUCSW
OKGPVTCUXCCRQPGTUGQVTQUJWCTCEJGU
=0QTOCNOGPVGUGRTGUGPVCFGURWUFGWPC
EQPUQPCPVG)TCO?8CTTC8CUGRQ

OVENV+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN

RNWTCN[VKGORQRTGVTKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ,KZKQOICICCMOWOV
ZKDIWDCCMPCTVCCDJCMMCV.CUXCECU
CFGNIC\CTQPOWEJQFWTCPVGNCRQECFGUGSWC
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ,KZZWWPIKOVLKEJQKIW
VWKUCRCVWWNJ%JKEJCOIOKDWKLCOV
/GFKGTQPCVQNGFGRKPQNGOW[CIWCFQRCTC
VQOCT&GUGIWTQPQUGNGCITGICTQPOWEJQ
RKPQNG
=5GRTGUGPVCFGURWUFGWPCXQECNQWPCRCWUC
INQVCN)TCO?8CTLCOV8CUGO

OQKMCFLDNCPFQUWCXG,QKFJCOLKZOQKM

IWVQMUCWC7PCEQDKLCJGEJCFGCNIQFPGU
OW[UWCXG
VKGTPQXGTFG
RNCPVCQHTWVC-CZOCOQKM
FJKVWTCCUPWPKMWVEJCOKCODCLKMQDMQ
.QUFWTC\PQUVQFCXCGUVPXGTFGU0KUKSWKGTCUG
JCPGORG\CFQCOCFWTCT
=RNOCOQKMEQRLKZ?#PVPMCDCCM

'&+%+024'.+/+0#4`

OQKMFC

6'2'*70'52#1.

LKZOQKMVWMWZDWFJKMCDCKVKGPGDWGPC
TKGPFCGUVGECDCNNQ
EJWOQKMCFLDNCPFQRQNXQTKGPVQ
TGC

OQKMFCXaKDCTDGEJCT
RCTCUGODTCT%JCMWK
VOQRKEJPCRVWOQKMCPPCRUCCMLK
EJCKDWKFJCIWOVWVWWTW!6QFCXCPQ
VGTOKPCUFGDCTDGEJCT!0QSWGOGKDCUC
RTGUVCTVWUDWG[GU!=RTGVOQKMCK
EQPVOQKMCPFCQOQKOMCFC?
VWOQKMFJKZGUVDCTDGEJCFQ

OQKCXaVEQTPGCT)COOLLCMIQTZKLC
UCCPFJKVWVWWTMWOVWDJCLCMLKEJ
OQ[CUC#TTGGPGUQUVQTQUJCEKCCNNRCTCSWG
PQPQUEQTPGGP
XaTEQTPGCTUG
GPVTGU6CMCCDLCOVOCO
OCOQ[CUCFJKVWVWWTPCKEJMCZKLCVMIW
QP'UVQUVQTQUUGEQTPGCTQPC[GTEWCPFQNGU
RWUGUCNRCTCNCOGT
=UWLRNOCOQ[CUCEQORNRNOQ[CUC
RTGVOQ[CQOQ[CUCOCOQ[CUC
RTGUOQ[CUOCOQ[CU?
LKZOQKCOSWKGTGEQTPGCT

OQOFQTC=XCTFGOQPFQTC?XGTFG
DCLKVQ

=RNOCOQOFQTC?8CTOQPFQTCOQOFWTC

OQOIQP=RNFGOCIQQP?ECPUCFQU=EQRLKZ?
OQOIQKC=UWLRNFGOCIQQKC?2GL
OQOIQKCCOUGECPUCTP=RTGVOQOIQ?

OQOMQTCPCFXCNQVTQNCFQ
OW[NGLQUPQUGXG
/QOMQTCPLCMLCOLCWVMIWLCVMCOIWK
PCOLKTVWMQPMCODJCOOFTPCRCK
NJKEJLKTFDT#NQUCUGUKPQUNQUNNGXCPCWPC
KUNCCNQVTQNCFQ8CTOQOMQTCO

OQOVKMC=EQORNRNFGOQQVKMC?NNGXCTNQU

UQDTGNCECDG\CQGPNQUJQODTQU

OQOVQKFJC=EQORNRNFGOQQVQKFJC?C[WFCT
CECTICTNQU
UQDTGNCECDG\CQGPNQUJQODTQU
=RTGVOQOVQKRTGUOQOVQK?

OQOVQ[C=EQORNRNFGOQQVQ[C?NNGXCTNQU

UQDTGNCECDG\CQGPNQUJQODTQU=RTGVOQOVQ
RTGUOQOVQVTCUNOQOVKMC?

OQPFQTCCFLXGTFGDCLKVQ
EQNQTFGCNIC

)KKNJKOLKZOQPFQTCRZOWFTDCUWWP
DKDKCVCOIWUWWFCKFCOCPDCLKDCCRPCV
IWIDCVCCO&GCSWGNNCFQGPGN
OCPCPVKCNGNCIWCGUVOW[XGTFGRQTNCOWEJC
CNICSWGJC[[VCODKPUGGUVUGECPFQRQTSWG
[CVKGPGOWEJQSWGPQJCNNQXKFQ
=RNOCOQPFQTCEQRLKZ?8CTOQOFQTC
OQOFWTC



OQQRCTV+PFKECUWRQUKEKP$LMDCLPI

KEJ,CTQKDCMOQQDJCLKO6GORTCPKVQOG
FKQJKRQUWRQPIQSWGCNIWKGPXGPFTFGXKUKVC
+PFKECFWFCQKPEGTVKFWODTG/QQRWLWWCC
IWQPPCKEJVWVCCDCUVCMCCD!#RQEQUG
CECDNCUCNSWGEQORTCPVGC[GT!
+PFKECKPVGPEKP/QQDCKFJKMCIWLKKMWNJ
PCEJOCCRLKKOFCPCEJVWMQKRQOW
PKMCTVCOPQDCLKLWTPKO2KGPUQKPXKVCTC
OKVQCKTPQULWPVQUCNOKVQVGEWCPFQ[CXC[CPC
VGTOKPCTRCTCEQORCTVKTNCEQOKFC
=)TCO?

OQQEJKCFXETGQSWG&CMQQRZOKLCRDC

QKTFJKDJWTWZPCDCTLCI/QQEJKEJCO
OMKFJCPCDCOWMKC#RGPCUCPFCGUG
DWTTQRQTSWG[CGUVXKGLQETGQSWGPQVCTFCT
OWEJQRCTCSWGUGOWGTC
CNQOGLQT/WPKMCPFTDJCKDCDQQRQCO
IWMCTDCZ/QQEJKVWDJCPDJCLCPMKC
#NNXKGPGPEQTTKGPFQNCUEJKXCU#NQOGLQTWP
EQ[QVGNCUGURCPV

OQQIWKPVGTLdSWd/QQIWZKQQDLKFJK

MCRKTWVCCPPCVLWRFWWIWODCDQQNJ'CR
CNJKEJRWRVCCOTd3WUCDTQUCGUNC
ECRKTQVCFCSWGJK\QVWVC2QTSWPQXCUC
RGFKTOU!

OQQLCRRCTV+PFKECSWGNCTC\PPQGUQDXKCQ

SWGPQUGGZRNKEC6WDCMWDCOQQLCR
EJCOVWDJDJFJKDJCD!2QTSWTC\PPQ
UGEWGEGPGUVQUHTKLQNGU!

OQQOCFLOCFWTQ
VWDTEWNQEQOGUVKDNG$CZ

OQQOCCEJKFJKLQVMQZMWDCMQQMDKC!
'UVCTPUWHKEKGPVGOGPVGOCFWTCUGUVCUEGDQNNCU
RCTCFGUGPVGTTCTNCU[C!=EQRLKZ?
8CUGOQQOVC

OQQO=RNFGOQ?ECDG\CU

OQQOVCXaVOCFWTCT
VWDTEWNQEQOGUVKDNG

6QQOQMLCMOQQOVCTIW[CCVWKPCRCK
FJWWMLKZEJWMCKOMC.CURCRCUUG
OCFWTCPGPNCRQECFGNQUGNQVGU
=RTGVOQQOVCEQPVOQQOVCKFJC?
OQQOCFLOCFWTQ
VWDTEWNQEQOGUVKDNG

OQQOVMC=UWLRNFGOQVMC?2GL
OQQOVMCCOCEQUVCTPNCECDG\C
=RTGVOQQOVRTGUOQQOVM?

OQQVKMCXaVNNGXCTVTCGT
CRQ[CFQUQDTGNC

ECDG\CQGPNQUJQODTQU,KRCNJWKFJCCR
PCEJOQQVKMCFJKUCTDCMWWZ2QTHCXQT

'&+%+024'.+/+0#4`



6'2'*70'52#1.

C[FCOGCNNGXCTGUVGVTQPEQITWGUQ
=EQORNRNOQOVKMC?8CUGOQQVQ[C

OQQVQKFJCXaDC[WFCTCECTICT
UQDTGNCECDG\C

QGPNQUJQODTQU$JCKZKOQQVQKFJKVQQO
DJCKOMCTLCPWCTCFJKLWWPDJCOODCM
EJT2QPOGGUGEQUVCNGPGNJQODTQRCTCSWG
XC[CCXCEKCTGNOC\CNNCFGPVTQFGNCECUC
=EQORNRNOQOVQKFJCRTGVOQQVQKOQOVQK
RTGUOQOVQK?

OQQVQ[CXaVECTICT
UQDTGNCECDG\CQGPNQU

JQODTQU/QQZQQCCFJKWDKKPCDCIKKNJKO
UCTDJCMOQQVQIWMWCC!#RQEQGUHWGTVG
GUCOWLGT!RQTSWGECTICNGCOW[ITWGUCGPGN
JQODTQ=EQORNRNOQOVQ[CRTGVOQQVQ
OQOVQRTGUOQQVQOQOVQ?8CTOQQVQFC
OQQVKMCXaVNNGXCTVTCGT
CRQ[CFQUQDTG
NCECDG\CQGPNQUJQODTQU

OQUECDG\C,KZMQMIWOQ/QQEJKPCV

VQPKKPCZEJCVQKPCEJCOMVWIVIW
DQPCCOPCKEJVWICCOTCMIWDCCM/G
FWGNGNCECDG\C#NQOGLQTUGOGECNGPVRQTGN
UQNRWGUPQVTCCOKUQODTGTQEWCPFQHWKC
DWUECTNCUXCECU=RNOQQOCRQUOCQQP?
LKZOQMQMFCOMCKEJUGQ[GWPTWKFQ
HCUVKFKQUQ
NKVSWGJCEGSWGOGFWGNCNC
ECDG\C

OQRQNJKCFLSWGJC[OCVCU
FGCTDWUVQUQ

\CECVG)QQMDJCKZKICCOTIWMCRZKC
OKKPCRCKZOQRQNJKMWEJMPVWLWIKC
8GCDWUECTCNIWPQUJQPIQUGURQPLQUQUCNN
FQPFGJC[OCVCURCTCEQOGTNQULWPVQEQPNCU
VQTVKNNCU=RNOCOQRQNJKEQRLKZ?

OQVMCXaKCEQUVCTNCECDG\C6WRDC

OQVMCVVWMCC!&JKCCCNOQCPMCFJKCC
UCWC!'PSWCEQUVCUVGNCECDG\CCPQEJGGP
GUCCNOQJCFCQGPGUCEQDKLC!
=UWLRNOQQOVMCRTGVOQVOQQOV
RTGUOQVMOQQOVM?

OQZMCTUCNOQJCFC$JCDJKIW

OQZMCT0KLZMWEJCOLKTCOPCEJVKDQ
PCEJCOVWOQVM6TGOGOKCNOQJCFC
RWGUPQOGUKGPVQDKGPUKPVGPGTGPSWTGEQUVCT
NCECDG\C=RNOCOQZMCT?

OQ[CU=RTGVFGOQKC?EQTPG

8CTOQ[CUC

OQ[CU=RTGUFGOQKC?EQTPGC

OQ[CUC=EQORNRNFGOQKC?2GLLC

OQKCNQUEQTPGCT=RTGVOQ[CQOQ[CUC
RTGUOQ[CU?

OWLCMRCK

OWRTGHaXJCEKCCNN'CRDJCKFTOW

VWWPPKEJFJCKFJKMCDCKPQOQQVWWVFCM
*C\CGUGECDCNNQDTKPECTFGUFGCNNRCTCXGTUK
DTKPEC
CNN
CDCLQNGLQUPQUGXG,KZFJCCOLK
FJWKKFJCMLCKEJMCCKOW7OWP6CO
%CUKCNOGFKQFCNNGIWFGCNNFG.QU<Q[CVGU
=)TCO?#PVPDJC8CPUGOWOOW
OWK
OWLCMCFXJCEKCCNN
OWLCRCFXTWODQC
OWRCKCFXRQTCNN

OWC=RTGVFGOWCC?NQOCV
OWCMCTUGUOGTKNRKGFTCFGCHKNCT2WKZ

DJCKRVWOWMCPIWOWCMCTPCLCZIWNKKO
'NGUOGTKNCHKNCKIWCNSWGWPCNKOC
=RNOWOWCMCT?

OWKCFLOWEJQOWEJQU/WK[CCKOVLKC

IWLCVMCOZKDPCTRKCUVCMCV%JCODZLCCK
DCIWDCMCCZ.NGIOWEJCIGPVGCGUVCHKGUVC
XGTFCF!2WGUPQCNECP\NCECTPGRCTCVQFQU
OWKFJOCFLSWGCPFCPGPTGDCQU

CPKOCNGU

OWKCFXJCEKCCNN2CCRFWWMOWKDC

RCZKCTLKMQORCCNJ!%WPFQOGXKUKVCU
EQORCFTG!
.KV%WPFQXCUJCEKCCNNC
XKUKVCTOG!8CUGOW

OWKFJCNJKCFLSWGTKPFGSWGUGOWNVKRNKEC

RTQPVQ,KZOWKFJCNJKCOIWLKRRCVPQ
EJCOVWDCVDKC.QURKQLQUUGOWNVKRNKECP
RTQPVQEWCPFQWPQPQUGDCC=EQRLKZ?

OWKFJO=CPVPFGFNJFJO?SWGCPFCPGP
TGDCQU
CPKOCNGU

OWKMKOCFXXCTKCUXGEGUOWEJCUXGEGU

/WKMKOLCRLWRDCMWCPFCFJKOUCWC
DCMWCPMCTMPPCDCOMLKZMMC.CXC
VWEQDKLCEQPLCDPXCTKCUXGEGURCTCSWGGUV
NKORKCRQTOWEJQVKGORQ

OWLCMCFXJCEKCCNN
FKTGEEKPIGPGTCN

/WOOWDWWUCCXKPCVGGTIWOCCPMCOPC
OWLCMDCLKOFCV!2CURQTNCXKCNC
RGTUQPCSWGUGFKTKICJCEKCCNN!
JCEKCTWODQC
EKGTVQFGUVKPQ/WLCMDC
LKOEJWMKKEJCOIWMCDCK/QQEJKPCZ
CMVWIWQP'NECDCNNQXCECOKPCPFQJCEKCNC
ECUCRWGUCNQOGLQTSWKGTGUCN

OWLCMRCKCFXCQVTCRCTVG/CCZFJKUCR

DJCKMCLKOIW#FTKCPPCIWUCROWLCM
RCKMCDJ[CMCDWKOWM&KEG#FTKPSWG

'&+%+024'.+/+0#4`

OWLCR

6'2'*70'52#1.

XKGPGJCUVCRCUCFQOCCPCRQTSWGOCCPCUCNG
CQVTCRCTVG

OWLCRCFXTWODQC
EKGTVCTGC:KO

PQQPQDEJKRKOPQRKOVOWLCRDCLKKI
MKKEJCOPCRKOEJCOOCKOKKCDW)KKNJKO
OWKOKLCRQKRQIWIWLCVMCO%WCPFQ
XC[CPCNEGPVTQCITTGPUGFGNCUOCPQURCTCSWG
PQUGRKGTFCPNQUWPQUFGNQUQVTQURWGUCPFC
OWEJCIGPVGRQTCNN

OWLCRRCKCFXRQTCJ
NGLQUt2CCDCFT

DJCKRZKWWWMIWEJCCVFJKRWNJKKZ!tLWR
MCKEJIW2CDNKKPCt,WODJC!/WLCRRCK
EJKLKCPCLCZLKZLCKEJtLWRMCKEJIWFP
t&GFPFGVTCLQGNEJKNGRKSWPOKRCR!
tRTGIWPV2CWNKPCt3WKPUCDG!5WRQPIQ
SWGFGRQTCJFQPFGJC[tEQPVGUVUWOCO

OWMCCCFLSWGNGFCEQOG\Pd,CROQQZ

OWMCCIWOQ)WEJKZZKZKKd%OQ
OGFCEQOG\PGPNCECDG\C5GIWTCOGPVGVGPIQ
ECURC=RNOWOMCEQRLKZ?
EJWOWMCCCFLSWGNGFCEQOG\P

EWGTRQGPVGTQ

OWMKCXaKOQTKT5NJLWTCTCPLCROQQUZKC

FJKVQQZMQNJPCDCOCCPLKOFCOOWMKC
2ECNGCNOCTTCPQFKTGEVCOGPVGGPGNEQTC\P
RCTCSWGOWGTCTRKFQ=UWLRNMQ[C
RTGVOWWMQKRTGUOWOMMQ?
MQKKOCOUGGUVPOWTKGPFQ
WPQRQTWPQ

OWOMC=RNFGOWMCC?SWGNGUFCEQOG\P
=EQRLKZ?

OWOM=RTGUFGOWMKC?OWGTG
OWOOWCFXCNN
CDCLQNGLQUPQUGXG

/WOOW)GTTGGTQLCMLWOCKEJWPIW
VCCONCUIWKPC6QDCCVCOFTDJCO
DJKKOQT.CUVCDNCUSWGVTCGPFG.C)WCLQNQVC
NCUNNGXCPC8KEGPVG)WGTTGTQ8CTOWOO
LWOOW8CUGOW

OWOOWPKCFXCNN
CDCLQNGLQUPQUGXG

RTGEKUCOGPVG/WOOWPKCMMPLQKFJCOLKZ
MUWWPIWUWWFCK#NNGPGNTQGNCIWCGUV
OW[NKORKC5KPPPCOOPK

OWOTCPOC=RNFGOWTCCPOC?OQTCFQU
QUEWTQU

OWOWC=RTGUFGOWCC?NQOCVC
OWOWCMCT=RNFGOWCMCT?RKGFTCUFGCHKNCT
OWOWWNJ=RNFGOWWNJ?VQTVWICU



OWOWW[CXaVVKTCT
RTQ[GEVKNNCTIQ#CRLKZ

OCCVVVWOWOWWICCVMP!5CDGUVKTCTEQP
CTEQ!=RTGV[RTGUOWOWW?

OWPKCFXCNN
CDCLQNGLQUPQUGXGRTGEKUCOGPVG
/WPKDJCICCIKIWIDJKKMCT2CCIKEJK
LCZLWOFWW!#[FCOGCDWUECTNCEWEJCTC
ITCPFGCNNCXGTFPFGGUV

OWRCKCFXRQTCNN
CDCLQNGLQU)QQMLCOV

UCRMQKIWLCVMCOOWRCKPCVKCIWVTQQMC
&KEGPSWGFQURGTUQPCUOWTKGTQPRQTCNNFQPFG
UGXQNVGWPCECOKQPGVC

OWRCKFJTCFXFGRQTCJ
CDCLQNGLQU#CR

OQQVMMPQVOWRCKFJTDCZKEJKIW
VTQQMCPCCCOWPKMCLKOKCMKKEJCO6
GUEWEJCUK[CUGQ[GSWGNCECOKQPGVCXKGPGFG
RQTCJOKGPVTCU[QXQ[CNCECUC

OWRWWDCNJ=RNFGOWWDCNJ?OQUECU
OWTCCPOCCFLOQTCFQ
QUEWTQ,CKLQKFJCO

LKZCDJCTLKZLCOCCVCOIWVQQOCUCMLKZ
OWOTCPOCZKEJQKFJKZMC#NIWPQUUCDGP
JCEGTVCNGICUOW[DQPKVCUFGKZVNGRWGUNCUVKGP
EQPGNEQNQTOQTCFQ=RNOWOTCPOCEQRLKZ?

/WTDCVCFX/WTJWCVC
NWICT%JCEJ

VDJCKRWDJL/WTDCV!5CRDJCKDCOCKEJ
DCZKDIWLWWP0QXCOQUC/WTJWCVCCN
OCPFCFQ!&KEGPSWG[CNNGIGNOC\CNN

OWW=RTGVFGOWMKC?OWTK
OWWDCNJUOQUEC&WWFWMLCMVCCVCMCOIW

OWRWWDCNJ$RMCTDQVRQFCMCOKFJT
DCUCCNJDJCKLKOOWWDCNJEJC.CUOQUECU
UGOWNVKRNKECPGPNCRQECFGNNWXKCURTKOGTQ
UQPIWUCPKVQU[NWGIQUGEQPXKGTVGPGPOQUECU
=RNOWRWWDCNJ?

OWWNJUVQTVWIC,KTOWKCOIWOWOWWNJOW
LCRIITCMMP,KZLQKFJCCOPCO
VQZMQPFCDJCLCRLQQFCKEJCOPCRCK
FJWWMVCPQQTFC)WDCPQVVWLCPMKC
LQVOQFCOWRWUWWNJIKCORIKQUWWFCK
EJT*C[OWEJCUVQTVWICUGPNQUTQUITCPFGU
RWGUNGUIWUVCCUQNGCTUGGPNCRKGFTCURGTQ
EWCPFQUGCUWUVCPRQTCNIWPCTC\PUGOGVGP
RTQPVQQVTCXG\CNCIWC=RNOWOWWNJ?

OWCCOCFLSWGSWKGTGOCVCT,KZOWCCMCO
UCRIWLKKMWNJIW4CTCC[KU&KEGPNQU4G[GU
SWGSWKGTGPOCVCTCOKVQ=UWLRNOWCCM
EQORNRNMQQFCOMQQFCM?

OWCCXaVOCVCT#CREJCOLKTMQQPFCOCC
PCRKCOOCCPLKOWKFJCIWVQQZMQNJPC
DJCKFJC!7UVGFPQOCVCCPKOCNGU!RCTCSWG

'&+%+024'.+/+0#4`



6'2'*70'52#1.

OGOCVGWPOCTTCPQRCTCEQEGTNQ
=EQORNRNMQQFCRTGVOWCMQK
RTGUOWOWCMQQP?

OWMCXaKCHKNCTUG/QQEJKEJCOLZFJCMC

OWMCFJKDCKFJCUUKCEJVKOWMCP6PC
IWLCZIITLKZEJKEJKRK%TGQSWGPQUG
CHKNCTGUVCJCEJCCWPSWGKPVGPVGCHKNCTNCRWGU
HLCVGSWVCPOGNNCFCGUV=EQORNRNOWOMC
RTGVOWMCOWOMCRTGUOWMCTOWOMCT?

OWMFCXaVCHKNCT$COWMFCCRIWDCKFJCU
6KKPQPCEJMPMWCORW#HKNCGNJCEJC
(CWUVKPQRCTCSWGXC[COQUCNCNGCEQPGNNC
=EQORNRNOWOMCFCRTGVOWMCKOWOMCK
RTGUOWMCPOWOMCP?

OWMZKFJCXaDCHKNCT
RCTCQVTCRGTUQPCQ

CPKOCN&NJLCRLWRDCOWMCPFCIWO
DCKFJCU6QQQPCRIWDCTI/QQCC
LWRLWOOWMZKFJCCCICOOL!&GDGU
CHKNCTVWJCEJCVOKUOQ#PVQPKQRQTSWG[C
GUVUITCPFGRWGUPQUKGORTGXQ[CGUVCT
CHKNPFQVGNC=EQORNRNOWOMCZFJC
RTGVOWMZKOWOMCZRTGUOWMZK
OWOMCZK?

OWWWMCFLRWPVKCIWFQHKNQUQt,QKFJCOLKZ

OWWWMFJKODCKFJCU-KCRZLCRKEJ
OWMCK!tLWRMCKEJIW5KPCKFQt,DR
tLWRMCKEJIW2QQNQt6WJCEJCGUVDKGP
HKNQUC#ECDCUFGCHKNCTNC!tRTGIWPV<GPCKFQ
t5JCEGTCVKVQtEQPVGUV*KRNKVQ
=RNOWOWMEQRLKZ?

0

HWPEKQPCEQOQKPHKPKVKXQ/QQRVEJWMCVPCR
VOTCIWOCDWKNPCZMCQQM0QUGVG
QNXKFGKTCXGTCVWCDWGNKVCSWGGUVGPHGTOC
EQPL5GWUCRCTCKPVTQFWEKTWPCHTCUGSWG
HWPEKQPCEQOQRCTVKEKRKQ,CTQQICPFJKUCWC
PCDJCKLNJKKQPCOFCCO!-CRWKZDCCC!
&GSWKPGUGUVCEQDKLCSWGGUVVGPFKFCGPNCU
TCOCU!0QGUVCTOQLCFC!
EQPL5GWUCRCTCKPVTQFWEKTWPCHTCUGSWG
HWPEKQPCEQOQIGTWPFKQ2ZLKCCIKPCVLCZ
VWOFWWOWOOWPCTMQKEJCOMCVLZRZ
IKQRWKRDCVVFCFC'UVGZRNKECPFQEOQNG
HWGGPGNDCPSWGVG
NKVUKGPFQDCPSWGVG[CN
TCVKVQQVTCXG\GUVCTFKEKGPFQNQOKUOQ
=5WGNGRTGUGPVCTUGEQPWPENVKEQFGUWLGVQ
FGEQORNGOGPVQQFGERWNC)TCO?

PCCDCVUPQKPFIGPCOGUVK\C
RGTUQPC/WPK

FJTDJCKDCLKOIWPCCDCVIWKPCZLQKFJC
PC[CLCRVWICTCFCIWKKDJCK#NNXKGPGGN
OGUVK\QCNSWGNGIWUVCXGPFGTVWPCURQTCSW
=RNPCPDCV?

PCCFCXaKRQPGTNWODTG)QQMMWCOTPCEJ
PCCFCLCZKLWTPM8GCVTCGTNGCRCTC
RQPGTNWODTGCNTCVQGPNCPQEJG=RTGVPCK
RTGUPCCPFCKORGTPCCP?

PCCMUQTGLCQFQ
UWLCPKO%JCORMMC

VMKPCVFTLKZMQMTMIWCCPCM0Q
QKIQDKGPFGUFGSWGOGFKQFQNQTGPNQUQFQU
CICTTCFGTC
FGWPTGEKRKGPVG,CZFJWWMLWR
DCQOIWPCCMCPFJKLCTTQ!%OQGUSWGUG
SWGDTNCCICTTCFGTCFGNLCTTQ!
=RNPCCPCMCRQUPCCMCPPCCPMCP?
PCCMCTCOGPUWQTGLCGPUWQFQ
FGNQ
FGGNNC
PCCMDJKKEJEGTKNNCEGTWOGP

PCCMVOCKEJUVCOCN
FGECTPGFGNCECDG\CFGN

=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQP
VKGPGPXCTKCPVGUSWGGORKG\CPEQPPNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?

PCRTQPSWGSWKGP
RCTCKPVTQFWEKTWPCHTCUG

TGNCVKXC,KZMCCFJKUWWFCKPCOKUWWP
DCMWCVCO!'UVNKORKCGNCIWCSWGGUVGPGN
IWCLG!
EQPLSWG
RCTCKPVTQFWEKTWPCHTCUG
EQORNGOGPVCTKC,WRLKEJVFCIWIMCO
PCEJUCREJCOVWLWCPCZKD/GFKLQGNLGHG
SWGPQXCOQUCVTCDCLCTJQ[
EQPL5GWUCRCTCKPVTQFWEKTWPCHTCUGSWG

PCCP

RWGTEQ#CEJCORMDJCKDWCIWPCCM
VOCKEJ,CZPCDC!%JKIWKCORZLKZ
MCQQMK/GJCEGPFCQNQUVCOCNGUFG
RWGTEQ0QURQTSWUGTETGQSWGOKEWGTRQ
GUFDKN

PCCPUOCFTGOCO$JCKDCLKOIWO

PCCP&JKOQQOIDKCPCRKEJEJCMWKOK
FJCKIWOCVCKOCP#NNXKGPGVWOCO[VGXC
CRGICTRQTSWGVQFCXCPQRQPGUCJGTXKTGN
PKZVCOCN
VC
GURQUCFGNJGTOCPQFGNRCRQFGNCOCO
$JCKDCLKOIWCCPIWKPCEJCVCCNJLKT
DPICP#NNXKGPGOKVCNCSWGGUNCGURQUCFG
OKVQ
NKVNCGURQUCFGNJGTOCPQOGPQTFGOK

'&+%+024'.+/+0#4`

PCCPMKC

6'2'*70'52#1.

OCO
=RNPCPCCPCRQUFP?
LKCCPVWOOKOCFTCUVTCQOKVC

GURQUCFGNJGTOCPQFGOKRCRQFGOK
OCO

PCCPMKC=UWLRNFGPCOMKC?2GLLWO
PCCPMKCCOUGUCNWFCP
GPVTGU
=RTGVPCCPCORWPVPCCPCM?

PCCRQP=RTGUFGPCDFJKC?NQUEC\C
PCCURCXaVFQDNCT
EQDKLCRGVCVGQUQIC

0CCURCCRFJKUCWCPCEJCOOKLCR
IKQRRCMC&QDNCGUCEQDKLCRCTCSWGPQGUV
CNNCTTWICFC
XaKVQTEGTUG
WPCRCTVGFGNEWGTRQ0CCURKEJ
DCMIWMWZDW,KZMQMPCKEJRCKFJWWM
DJCKLKKKC%TGQSWGGUVCDCVQTEKFQOK
EWGNNQRWGUOGFQNCCNFGURGTVCT
=EQORNRNPCPUCRCRTGVPCCUPCPUCRC
RTGUPCCUCRPCPUCRTGUPCCURKEJ
PCPUCRKEJ?

PCDUPQRCN)QQMKOKRWPIWPCDVCCDJCM

LCMIKQDCVPIKCMLCM.QUPQRCNGUTGVQCP
FQUXGEGUCNCQWPCXG\GPRQECFGUGSWC[
QVTCXG\GPRQECFGNNWXKCU
PCDLWPOCPOQNGFGPQRCN

PCDCKEJFJCXaTVQOCTOG\ECN
EGTGOQPKCN

,WRMCKEJIW2KNKKRPCUCRLWO
PCDCKEJFJCTCZKDOW6CVQQO%JCOPQVDC
LKEJOPK(GNKRGFKEGSWGVQOCTGNOG\ECN
EGTGOQPKCNCJQTCEWCPFQGORKGEGPCDCKNCTGN
OKVQVGGP.QU%QPGLQU
'UWPC
EQUVWODTGSWGUGJCEGGPGNRCVKQEGTGOQPKCN
EWCPFQWPCRGTUQPCNNGICCUGTCFWNVQ
=RTGVPCDCKEJRTGUPCDCKEJWP?

PCDCRCFXECFC
FCOGUQCQ0CDCR

ZKDMCOQKFJCVCOFWWMFCIWMKDCCT%CFC
CQPWGXQNNWGXGEQPVKPWCOGPVGFWTCPVGCNIWPQU
FCU
VQFQU
FCUOGUGUQCQU,KZEJCOCCO
FCOCPDCKMVCPQQNJPCVCNJLCROQQFWWP
PCDCRVCPQQNJIKQPCDCRVWMCCPCZKFJWWM
.NQXKRQTQEJQFCUVQFQUNQUFCU[VQFCUNCU
PQEJGU

PCDCEQPLRCTCSWG,KZDJCKRKOZKV

MORKICOWDCMEJTPCDCEJCOLKZEJW
VCPCCTCMCPCEJOKLCDKCRVWFCIWEJ
LCCFWPCOLKZRCZKCTCKO.KORKGPDKGP
CFGPVTQFGNCECUCRCTCSWGPQJC[CDCUWTCRWGU
CNNNGUXCOQUCFCTJQURGFCLGCPWGUVTQU
RCTKGPVGUSWGPQUGUVPXKUKVCPFQ



RQTGUQ,KZOWMCCFJQEJKIWMWZDQPFJK
ICIQQZPCDCMU#NQOGLQTGUGRGTTQVKGPG
EQOG\PGPGNRGUEWG\QRQTGUQUGGUV
TCUECPFQ
EWCPFQCPVGUSWG#CLWRDCVWMWCILK
UKCRWKPCDCOWKRMCWCIWDCKFJCUFJK
.CCNQ;Q[CJCDCEQTVCFQNCNGCUKPJCEJC
EWCPFQ.CNQNNGIEQPWPC
RCTGEGSWG6WRDCOKWCFJKOVQQO
DJCKOMCTCOPCDCCOOLLQKIWVW!
3WVTCGUGPVWEQUVCN!2CTGEGSWGUGGUV
OQXKGPFQCNIQCFGPVTQ
PQSWG!0CDCIWPK5COQKNLWRMCKEJ
DRPCEJCOPCCIWDJQOMQZLKFJQQT!6
PCVDCIQQMLCLQQZKCDCLWIKQ0QSWGC
5COWGNPQNGIWUVCGNVGEJCNQVGEQEKFQ!2WGUN
OKUOQNQFKLQJCEGTCVQRGTQHLCVGSWG[CUG
CECDFQURNCVQU
=)TCO?

PCDFFCOUEC\CFQT,CMDCUWWNJLCOVDCM

IWPCPCDFFCO[CPKRZOCCZCODZDQK
2CTGEGSWG[CTGITGUCTQPNQUEC\CFQTGURWGU[C
UGXGPNCJWGNNCURQTGNECOKPQ
=RNPCPCDFFCO?

PCDFJKCXaVEC\CT
CPKOCN)QQMVCPQQNJUCR
VKDCVWPCDFIWZKMW%JCMWKRCKVIW
UWKOCNJ/KJGTOCPQ[CVKGPGFQUFCU
EC\CPFQRGTQVQFCXCPQGPEWGPVTCPKWP
XGPCFQ=EQORNRNPCDFJKCRTGVPCDF
RTGUPCDQPPCCRQP?

PCIWEQPLRQTSWG2CTDCPVWDQQPKOCOFJK

LCVMCOPCIWEJCOVWFNJLKTLCICC0Q
GUVPFGU[GTDCPFQDKGPGUCURGTUQPCURQTSWGPQ
GUUWRTQRKCOKNRC=)TCO?

PCK=RTGVFGPCCFC?RWUQNWODTG
PCKNQUPCKNQPEWDKGTVCFGRNUVKEQ
RCTCEWDTKTGN
EWGTRQ/WZKDWCFTCRFJKPCKNQPCDJCCP
OKFWWFWPCDCQKCPCZFJTDC2QP
CHWGTCGUVGPCKNQPRCTCSWGNNWGXCGPGNNC[UGNG
SWKVGNCVKGTTCSWGVKGPG8CTPCKNW

PCKCFXRQTVQFQUNCFQU-CDWKOWMUCRPCK

VWOKCDWIWWWCPPCODJCCPLCCCIKFJC
IWLCVMCOPCTCIKEJCOMCVWOKKMWVCO
&KEGPSWGOCCPCXCPCGPXKCTRQTVQFQUNCFQU
NQURCRGNGURQTOGFKQFGNQUEWCNGUCXKUCTPCNC
IGPVGSWGJCDTLWPVCGNFQOKPIQ

PCKURC=XCTFGOCKURC?CRNCUVCT
PCLCTQKRTQPSWKP#CREJCOOCCVPC
LCTQKDJCKMKQZKDPCRCKMKQMCVIW

'&+%+024'.+/+0#4`



6'2'*70'52#1.

/CECCTKQ!0QUCDGUSWKPXKXGCJQTCCNN
FQPFGXKXC/CECTKQ!=)TCO?8CUGLCTQQ
PCLCZCFXEOQSW#CRLKZOCCVCCPCLCZ

LKTLWOFWWMCOPCVDCVTVCMCCDIWFWWM!
0COIWRMCKEJFJCLCKPCUCRLKTQZDKICO
PQVRWKVTIWFWWMPQEJCOLKTVPIKCM
6PQUCDGUSWUKIPKHKECSWGJC[CVTQPCFQ
C[GT!2QTSWGCNIWPQUFKEGPSWGGUOCNCUGCN
EWCPFQVTWGPCHWGTCFGNCRQECFGNNWXKCU
8CUGLCZ
LCZPCRZCFXEQOQUGC

PCLCZCFXSWGVCPVQ#CROKDJ[CDZDQK

CCDCDJCKLCRPCLCZLKZEJWVWCPC
IWOCKONJEJW7UVGFXC[CRQTVQFQGN
ECOKPQ[[QKTRQTCNNSWGVCPVQGUVNNGPQFG
GPEKPQURQTSWGGUVQ[JW[GPFQ=5GRTGUGPVCCPVGU
FGNRTQENVKEQEQRWNCTLKZ?8CUGLCZ

PCLCZEJWORTQPEWNSWGUGRCTGEGC+CO

RZRWEJWOLWRVWUQKIW/CCTKQPCLCZ
EJWOIWZQK/CTKQVKGPGWPCPKOCNSWGUG
RCTGEGCNOQ=)TCO?8CUGLCZEJWO
LCZPCRZEJWOCFXEWCNSWKGTC

PCLCZFJWKCFXFGCNIWPCOCPGTC
VKGORQ

RTGUGPVGQHWVWTQ%JCODJCCKOQQPCEJLCZ
FJWKMCLCOCKEJKCFJKLCVMCOPCOVIW
DCOCCVPCLCZRMLCMVWVWKK2CTGEGSWG[C
PQJC[OCPGTCFGGPICCTOUCGUVCIGPVG
RQTSWG[CUCDGPEOQGUNCEQUC8CUGLCZFJWK

PCLCZFJWWMCFXEOQFGSWOQFQ
VKGORQ

RCUCFQ%JCOOCCVKPCVLCZFJWWMDJMIW
VCMCCTWKIWDJCPPCOIWVKVMQDDQRRQ
0QUFGSWOQFQGNEQ[QVGUGNNGXWPCICNNKPC
RQTSWGFWGTOGPGPCNVQ8CUGLCZFJWWM

PCLCZLCMCFXEOQFGSWOCPGTCFGSW

HQTOC-CDWKOWMDJCLKOOCCPIWPCCDCV
UCRLKEJCCIKFJCPCLCZLCMLKZKQOLKTCO
PCEJICTCFCFJKLWM/CCPCXKGPGWP
OGUVK\QSWGPQUXCCFGEKTFGSWOCPGTCUGT
OGLQTXGPFGTNCOCFGTC8CUGLCZLCM
LCZPCRLCMNJKKEQOQSWKGTCU
LCZPCRZLCMCFXFGEWCNSWKGTOCPGTC

PCLMCFXNQSWGNQUSWG,KTRWKFJQPCLM

LCZMCKEJFJKPCIWCCDZLWRLKOFCVLKC
PCTCIKEJCOMCVDJCOO-QTKCP'UEKGTVQ
VQFQNQSWGFKEGNRQTSWG[QVCODKPHWKCNC
LWPVCCNNGP&WTCPIQ

PCLZCFXSWVCPVQSWVCP%JCOOCCVCR
PCLZLKTOM[CFT/GGLKM!0QUCDGUSW

PCMWCNJ

VCPNGLQUFGCSWGUV/ZKEQ!=5GRTGUGPVCCPVGU
FGNRTQENVKEQEQRWNCTLKT?

PCMCCDUVWPC
EUECTCTQLC/CKMLCEJMQKRW
IWPCMCCDOWLCMVCCVUCD8COQUCVKGTTC
ENKFCCEQOGTVWPCU
VQQVQPCMCCDUVWPC
EUECTCDNCPEC

PCMICXaVUQNVCTFGLCTGUECRCT
EQORNCPKO
$JKTCCRIWMCTDCZ%JKNKKPQDJCOOOCDWKN
DWK-CDCOQQOPCMICCCEJK!8GCVTCGT
NCEJKXC/CTEGNKPQFGCNNFGVWCDWGNKVC0QNC
XCUCFGLCTGUECRCTXGTFCF!
XaVUQNVCTECGT
UWLKPCP,KZDJCKROQQ
FCCPMCFJKVQQODJCKOMCTPCEJCOLWO
PCMIC#ICTTCDKGPGNEQUVCNRCTCSWGPQUGVG
ECKIC
XaKCIWCPVCTUQRQTVCT0CMICCRCCFJKK
VTDKPCIQQMOKOKCDWKFJC!#IWCPVCTCU
CNIWPQUC\QVGUUKVGFQ[EQPGUVCUQIC!
XaKRQFGTVGPGTHWGT\CUWHKEKGPVG0CMQQ
CRCCFJKDCKFJCMCTPCRLK
RCNJDWKFJKMC!LWRVVFCIW/CTKK[CIW
V[CZ%TGGUSWGRWGFGUC[WFCTOGCNNGXCT
GUVCQNNCFGCIWC!RTGIWPV/CTCCNC
OWEJCEJKVC
=RTGVPCMQQRTGUPCMQQ?
CMQQCFLSWGUCDGCIWCPVCT

PCMPEQPLEQPNQSWG6WFCDKIWDJKFJK

OCCPMCOPCMPVWDJKURCKOPCVW
DJKDCMEJCKO'UCRGTUQPCGUVTGXQNXKGPFQ
VKGTTCEQPCIWCEQPNCSWGGUVEQPUVTW[GPFQNC
ECUCFGCFQDG=5GRTGUGPVCGPHTCUGUFGUETKRVKXCU?

PCMONJUOWTEKNCIQ5MCVQQVPCPMPIW

PCMONJPCRCKFJWWMMQQUMC'NOWTEKNCIQ
UGEWGNICEQPNCURCVCUEWCPFQFWGTOG
=RNPCPCMONJQPCPMCONJ?


PCMUTUCNCETP,KTOWKCOIWPCPMCUT[C

LCRPCIWTVCCVUCD*C[OWEJQUCNCETCPGU
RQTCSWRQTSWGGUVKGTTCENKFC=RNPCPMCUTQ
PCPCMUT?

PCMWCNJUIWCEKUVCOCTKPFKNNQ5KCOTKDCZMCK
CCIWPCMWCNJOWLCRVCCVUCDPCIQQM
WCTCK!#OLKZCCMOVWVCVFC5KGORTGJC[
IWCEKURQTCNNGPVKGTTCENKFC!RCTCKTCVTCGT
CNIWPQU2WGUUGOGCPVQLCP

'&+%+024'.+/+0#4`

PCOMKC

6'2'*70'52#1.

PCOMKCXaVUCNWFCT
EQPTGURGVQDGUCPFQNC

OCPQ0COMKFJCCRRIWPQDKKFJKO
MWWNUK2GGITQ#CRIWOQQPKLZ&GDGU
UCNWFCTCVWCDWGNQDGUPFQNGNCOCPQ2GFTQ
RGTQVPQNQJCEGU
XaVGPEQPVTCT
CWPCRGTUQPC0COMKTCCR
IW.WKUPCRLCKDJCRCNJDWKFJKMCIWVWPQZ
DVVWWC/WEJKRCKFJTDJCKDCLKO8GC
GPEQPVTCTC.WKURCTCSWGNGC[WFGUUKVTCGECTIC
RGUCFCRWGU[QETGQSWGRQTCJXKGPG
XaTLWPVCTUG
ECOKPQUQTQU)KKNJKOLKZ
KQOIDCOTIWUWWFCKOKFJTPCRCK
OCCRDCOPCCPCMIWIITCCM;CEQTTG
OWEJCCIWCFGCNNFGFQPFGUGLWPVCPNQUTQU
ITCPFGU
=UWLRNPCCPMKCRTGVPCOPCCPCO
RTGUPCOMPCCPCM?



PCOOPKCFXCNN
CDCLQNGLQUPQUGXG

RTGEKUCOGPVG0COOPKDCLKOEJWIWVWZKQ
DZIKQVT$JKOT'NEJKXQJWTHCPQXCCNN
GPGNNNCPQ8GCVTCGTNQ5KPPOWOOWPK

PCPCCP=RNFGPCCP?OCOU
PCPCDFFCO=RNFGPCDFFCO?EC\CFQTGU
PCPCMONJ=RNFGPCMONJ?OWTEKNCIQU
8CTPCPMCONJ

PCPCMUT=RNFGPCMUT?CNCETCPGU
8CTPCPMCUT

PCPIKC=EQORNRNFGUCKEJFJC?EQNICTNQU

=RTGVPCPIKCRTGUPCPIKCT?

PCPIKC=UWLRNFGU?EQNICFQU8CTUU

PCPI[C=UWLRNFGUC[C?CVQTCTUG
=RTGVPCPIKCRTGUPCPIT?

PCOMKCXaKEQUVCTXCNGT,MDCPCOMZKD

PCPMCIKCUCTGVG,KZCDJCTVWPCPMCIKCIW

PCOMKEJFJCXaVLWPVCTEQPGEVCT
FQUTGCU

PCPMCONJ=RNFGPCMONJ?OWTEKNCIQU

IWMQQMCUOW,WMVT!%WPVQEWGUVCPCJQTC
NQUTGHTGUEQUGP5CPVC/CTC!=RTGVPCO
RTGUPCOM?

-CDWKOWMLCRFJQDJCOOLCRDC
PCOMKEJFJCFJKOOQKMCPPCRCKFJT
OWKRLKEJWOQKMFJKZMCEJCOCCEJK!
2QUKDNGOGPVGOCCPCNNGICTUCLWPVCTNCVKGTTC
SWGGUVURTGRCTCPFQCJQTCEQPGNQVTQRGFC\Q
SWG[CVKGPGURTGRCTCFQCNNCTTKDCQPQUGT
RQUKDNG!=RTGVPCOMKEJRTQITPCOMKEJFJKO?

PCOMKFJCXaDRCICT
EQPFKPGTQ$JCKRMC

ZKOVWNJKKCMWIKDCMEJTPQREJCOVW
PCOMKPCOLMRWKDJCOVCCPPCRVW
PCOMKFJC'PVQPEGUVGXCPCGPECTEGNCTUKPQ
RCICUNCECPVKFCFSWGVGRKFGPRCICT
=RTGVPCOMKRTGUPCOMK?

PCOOCFXCNN
CDCLQNGLQUPQUGXG$CLKKOV
DCMDJCOOFT;QQZK%JCOIWLCVMCOPC
UCCMLKTLWWPVCMC0COORZVDRLWOV
OV;CUGHWGNCIGPVGC.CU(NQTGUFQPFGJCDT
LWPVCRWGUCNNKDCPCITWRCFQUGPWPCHKNC
5KPPOWOOW

PCOOFTLCMCFXFGRQTCNN#C

OCCPPKOOCKOCIKDJCLCR$CCNJ&JCCO
PCMCPCDFJKO0COOFTLCMLCKEJLK
DWWU$QQLK$KDKCPCKEJDCVWOCCVVK
6QVDJCD6TLCMLKOKIW7PCXG\OGRGTF
GPGN%GTTQFG.C%CPCUVCEWCPFQGUVCDC
EC\CPFQRGTQEWCPFQUCNFGRQTCNNOGFK
EWGPVCSWGGUVCDCGP%KPGICFGN1UQ[PQGP
)CXKNCPGUEQOQRGPUCDC

ZKKZ,QKFJCOVQVDKMPCDJCKZKEJCPQQT/K
JGTOCPCVKGPGWPQUCTGVGUOW[DQPKVQUJCUVC
DTKNNCPEQPGNUQN

8CTPCPCMONJ

PCPMCUT=RNFGPCMUT?CNCETCPGU
8CTPCPCMUT

PCPQDEJ=RTGVFGPQQPDKEJKC?2GLLWO
PCPQDEJOVUGCICTTCTQPFGNCUOCPQU
8CTPQQPQDEJ

PCPUCRC=EQORNRNFGPCCURC?FQDNCTNQU

=RTGVPCPUCRCRTGUPCPUCRTGUPCPUCRKEJ?

PCRCCNJCFXEQPNCURKGTPCUETW\CFCU,QKFJCO
PCRCCNJZKFJCKDWKIWCDWKNPQVDCLKEJW
LWW/KCDWGNCUGUKGPVCEQPNCURKGTPCU
ETW\CFCUEWCPFQEQOG

PCRCKCFXFQPFG,ZLKTOMOWOOWPCR

RCKMKQ!3WVCPNGLQUGUVCNNFQPFGXKXGU!
8CUGRCC
RCKPCRZCFXGPEWCNSWKGTRCTVG
FQPFGSWKGTC

PCRCKFJWWMCFXEWPFQ%JCOOCCVCR

PCRCKFJWWM[CCC[CIWOVCCV!0QUCDGU
EWPFQXCCNNGICTVWRCR!
EQPLEWCPFQ%JCOVWRLWODWKZKCOIW
IMQTICPIWV[CZPCRCKFJWWMRCNJRMCZ
MCQQMMC0CVRCKZKQODCZKDJKPCODC
VKPCKRZICPDCOLWCP.QURCFTGUFGNC
PKCPQNGJCECPECUQEWCPFQVQFCXCPQGUVCDC
OW[GPHGTOCJCUVCEWCPFQUGGPHGTO
ITCXGOGPVGGORG\CTQPCOQXGTUGRQTVQFQU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

NCFQUUKPUCDGTSWJCEGT
=)TCO?8CUGRCKFJWWM
RCKPCRZFJWWMCFXEWCPFQSWKGTC
EWCNSWKGTFC

PCRCLCMCFXCFPFGCSWRCTVG%JCO

OCCVKPCRCLCMLKOFJKOCCPMCO0QUC
FPFGXCGUCRGTUQPC8CUGRCLCM

PCTCCPMCUUPCTCPLQPCTCPLC$CZWWCOMC
IWPCTCCPMCUPQDCZDJCK.CUPCTCPLCUUG
RQPGPCOCTKNNCUEWCPFQUGOCFWTCP

PCTCCPMCUOCCFLNNGPQFGLWIQFGPCTCPLC

#NJKEJDJCDJKFJCMIWUWWFCKPCMPLK
KMQKOFJC)KKNJKOLKZPCTCCPMCUOCIW
QQPQDPCKEJLWW6TGOGVCPVKVCCIWCRCTC
NCXCTOGNCUOCPQURWGUNCUVGPIQNNGPCUFGLWIQ
FGPCTCPLCFGURWUFGEQOGTOGWPC=EQRLKZ?

PCVWRTQPSW#CCORZRWKICMOWFC

CORZRWKZEJWOOCOQKMMCDC%JCO
OCCVKPCVWMQMFCKRWKLCMVWOVWCL
6GPIQWPCGPHGTOGFCFFGGPHNCSWGEKOKGPVQ[OG
UKGPVQOW[FDKNRWGUPQUSWVKRQFG
GPHGTOGFCFGUNCSWGECWUCGUVQ=)TCO?
8CUGVW
VWPCRZLCZDWCJCEGNQSWGUGNGQEWTTG
VWPCRZCFXNQSWGUGCEWCNSWKGTEQUC

PKEJEJWUPCFC0KEJEJWMWZOCCVFJK

CNJKKPCVKTKUMQGNVKVMMCKPCVVWDCDJK
0QUCDGPCFCGUVGPKQCWPSWGGUVGPNC
GUEWGNCRWGUNGRTGIWPVUQDTGNQSWGJCDC
CRTGPFKFQ8CTPKZEJW5KPPEJCOVW

PKLZCFXPCFC0KLZMWOEJCOLIKIW

#NRTGGFQPCLCZVKMCKEJ0QETG[GTQPPCFC
FGNQSWG#NHTGFQFGEC

PKZEJW=XCTFGPKEJEJW?PCFC
PK=RTGVFGP[C?DCKN
PKFJCV=EQRTGVFGVIKC?XGCJCNNCDC
PKMCTVCOURCVKQ
EGTGOQPKCNRKUVC
FGNOKVQVG
VTCFKEKQPCN5CRDROCCPCOVWLC
LWEJWFCIWCCCNJPKMCTVCOPCOUCRDC
OKFJTDCVWMWCFCIWMQK5GFKEGSWG
CPVGUFGFCTNQUCNKOGPVQUCNQUPKQURQT
RTKOGTCXG\GUPGEGUCTKQSWGNGUFGPFGEQOGT
GPGNRCVKQEGTGOQPKCN=RNPPKMCTVCO?

PK=RTGUFGVIKC?NQXGNQJCNNC
PKFJCXaVEWKFCT;CRMCPKFJCFJK

CNJKK#CCNJKEJMCDJKTCIWUWWFCK%WKFC
CNPKQCSWOKGPVTCU[QXQ[CVTCGTCIWC
XaKUGTTGURGVWQUQ,WOCCPCVWMCOV

PPDJKMKC

PKFJCPCDCOMFWCMC7PQFGDGFGUGT
TGURGVWQUQUKSWKGTGXKXKTOWEJQVKGORQ
=RTGUPKEQRTGVPKFJCVQPKFJKOM?

PKZKFJCXaDEWKFCT
RCTCQVTCRGTUQPC/K

FJTLCRKCO[CMCKZKMCFJKMCDCK
#COWPKMCLKOKCRQKONQ*C\OGGNHCXQT
FGEWKFCTOGGNECDCNNQCSWOKGPVTCU[QXQ[CN
RWGDNQ=EQPVPKZKFJCQPKZKMC
RTGUPKZK?

PKTC=RTQRFGP[C?KTCDCKNCT
PKZMCNJUVTQORQ
LWIWGVG#CRCCZOCCVV

PKEJWPFJKKPKZMCNJ!#CPKLZLKMW
EJCOOCCV6UCDGUJCEGTIKTCTGUVGVTQORQ!
2QTSWG[QPQUEOQUGJCEG=RNPPKZMCNJ?

PNJFJCXaVFGURKQLCT$JCLCMLCLWO

PNJFJCEJKIKKNJKOLKZCCCVCRLGPCRDC
IKKNJKOMUIWOOQLWRVVFCIWFPIW
.WKU#ETECVGRCTCFGURKQLCTVGETGQSWGVKGPGU
OWEJQURKQLQURQTSWGVGTCUECUOWEJQNC
ECDG\CNGFKLQUWOCOC.WKU=RTGVPNJ
RTGUPNJK?

PPUNGPIWC
RCTVGFGNEWGTRQ,KZMQMIW

PPCVLKOKIWMCRGGVCMCCD/GFWGNG
NCNGPIWCRWGUGNECHOGSWGOC[GT
=RNPPPCRQUPPP?

PPKEJFJC=EQORNRNFGFCKEJFJC?2GLLC
PPKEJFJCNQUJCTXQNCT=RTGVPPKEJ
RTGUPPKEJWP?

PPKEJIFC=UWLRNFGFCKEJIFC?2GL
PPKEJIFCCOKTPXQNCPFQ
=RTGUPPKEJW?

PPKFJC=RNFGFJCKFJC?XGNQEGU
CNXQNCT
=EQRLKZ?

PP[C=UWLRNFGFC[C?2GLPP[CCO

XQNCTP=RTGVPPRTGUPPEQPVPPFC?

PTCXaVGURGTCT
EQORNCPKO;CEJMCZK

LCPTCIWKPCOVOWRWRDKK$QQFCOVCO
#SWXCOQUCGURGTCTCNQUSWGUGSWGFCTQPGP
/G\SWKVCN
CXGTKIWCT,CZKPCOKCLKFJWKCOQQLC
PTCFJKOOD'CRCKZRMLCMDJCO
2WLCDJKCOQQPQKEJLCVOWRCKPCO
QKMC#NTCVQGPNCVCTFGXQ[CCXGTKIWCT
FPFGGUVCUCDGLCUVKGPGPUWRCPCN[NGUXQ[C
UCECTNCOKGNFGWPCXG\
=RTGVPTCRTGUPT?

PPDJKMKCXaKHNCOGCT
NWODTG2CCFWWMOK
IWVCKPCDCLQKFJCORZLWRDCPPDJKM!

'&+%+024'.+/+0#4`

PPKMCTVCO

6'2'*70'52#1.

%WPFQRTGPFKGNHWGIQ!2WGU[CHNCOGCDKGP
=RTGVPPDJKMRTGUPPDJKM?

PPKMCTVCO=RNFGPKMCTVCO?RCVKQU

EGTGOQPKCNGU

PPKZMCNJ=RNFGPKZMCNJ?VTQORQU
PPP=RNFGPP?NGPIWCU
PP=RTGUFGPP[C?XWGNCP
PPFCO=RNFGPFCO?DCKNCFQTGU
PPFC=EQPVFGPP[C?2GLPPFCCO
GUVCTPXQNCPFQ

PFCOUDCKNCFQTDCKNCFQTC/WLCRDRICP
FTIWEJKQRVPFCCOIWPPFCODJCCP
)6CPQQNJEJCO'PNC5GOCPC5CPVCNQU
DCKNCFQTGUDCKNCPGPNCUCHWGTCUFGNCKINGUKC
=RNPPFCO?
ZKQVCNJPFCODCKNCFQTFGNOKVQVG

P[CXaKDCKNCT,ZLKTOMOWPCRRCKV

PIWZKQVCNJ!3WVCPNGLQUGUVFQPFGDCKNCU
GNOKVQVG!=RTGVPKRTGUPRTQRPKTC?

PQDUDTC\QOCPQ1OIWPQDKKIW,WCP

PCMCVVDKCIWRKNQQV5GNGSWGDTGNDTC\QC
,WCPEWCPFQGUVCDCLWICPFQEQPNCRGNQVC
RCVCFGNCPVGTC$RRDWWRNJKCIW
MCCMCKFJKMCDCKPCDCEJCOMPLWO
M[CUCICVWWMDCIWPQQPDK2TKOGTQ
COTTCNGNCURCVCUVTCUGTCUCGUVGECDCNNQRCTC
SWGPQVGRCVGG[FGURWUNCUFGNCPVGTCU
=RNPQQPQDCRQUPQDKKPQQPDK?
PQDKTCOGPGNDTC\QGPNCOCPQ
FGNQ
FGGNNCGPNCRCVC
LKZEJQKQQPQDPQVKGPGFQVGURCTCNC
LCTFKPGTC
NKVVKGPGNCUOCPQUECNKGPVGU
IWPQQPDKIWIMCONQUC[WFCPVGU
QHKEKCNGUFGNLGHG

PQDEJKCXaVCICTTCT
FGNCOCPQ$RMCVLCR
DJCOORZKEJUFKC$GGVQPCRDCPQDEJKC
FJKCJNKK5WDGCNNRTKOGTQ$GVQ[NWGIQ
CICTTCUCNPKQFGNCOCPQ
=EQORNRNPQQPDKEJKCRTGVPQDEJ
PQQPQDEJQPCPQDEJVTCUNPQDEJKMC
PQQPDKEJMCRWPVPQDEJMPQQPDKEJM?

PQMKCXaKGZRTGUCTUG
EQPRCNCDTCUJCDNCT

,CZMWRDCEJCOKQM!-CRLKZDJCCOCC!
2QTSWPQJCDNCU!'UVUGPQLCFQ!
QTCTt2CPCCUVWKQMKOFJKOCCPMCOPC
OWOOWFCCtLWRMCKEJIW,WCPt&JQEJK
OKVWWCOZKtLWRMCKEJIW2GGITQ
t2CTGEGSWGGUCRGTUQPCGUVQTCPFQCNNtFKLQ



,WCPt#NQOGLQTGUVEWTCPFQtTGURQPFK
2GFTQ
=RTGVKQRTGUKQM?

PQQPIKC=UWLRNFGPQTIKC?2GLPQQPIKC
CONNGICTP[TGITGUCTP=RTGVPQQP
EQPVPQQTQPFC?

PQQPQD=RNFGPQD?DTC\QUOCPQU
=CRQUPQQPDK?

PQTIKCXaKFCTNCXWGNVCNNGICT[TGITGUCT

#COWZKPQTIKTCKDWKQTIWOQMKZ:KDLC
DJCKDCLKO8Q[CFCTNCXWGNVCRQTNCECUCFG
VWVC#JQTKVCTGITGUQ
OQTKT
GWHGOKUOQ0QTLKIWUCRVCMCCDIW
OCCPMCOPCOKFJTMKKEJCOLKZKQOMCZ
DJKZMCV&KEGPSWGC[GTUGOWTKNCRGTUQPC
SWGGUVCDCOW[GPHGTOCGPCSWGNNCECUC
=UWLRNPQQPIKCRTGVPQTPQQP
EQPVPQQTQPFC?

PQEQPLUKGPECUQFGSWG
VKGORQRTGUGPVG

UKVWCEKPRQUKDNG0QEJCOLQKIWDJCDFCK
LWWPLC[CZKCICOCK5KPQUGFCGNHTKLQN
CSWGNUKIWKGPVGCQUQNCOGPVGXQ[CUGODTCT
OC\
EWCPFQ
VKGORQRTGVTKVQUKVWCEKPOW[
RTQDCDNG&CKPCEJDCVZKCLKCPQVDC
FWWP;CPCFCOUXCOQUCUGODTCTEWCPFQ
JC[CNNQXKFQXGTFCF!
UKUKJWDKGTC
VKGORQHWVWTQUKVWCEKPUWRWGUVC
PQRTQDCDNGQPQRQUKDNG$CODKQPCMFJQDCM
RCCIWZCDWKTCZPQLCKRLK
FJCKTTZFJCIV/KURCPVCNQPGUUG
FGUICUVCTCPUKOGTGUDCNCTCGPNCVKGTTC
=)TCO?

PWC=RTGVFGPWCC?NQVKTUGVKT
NSWKFQITCPQ
QRQNXQ

PWC=RTGUFGPWCC?NQVKTCUGVKTC
NSWKFQ
ITCPQQRQNXQ

PWKUCWTC
VKRQFG\QRKNQVG,WIKQOVDCMIW

PWPPWKIWDCMCCZPCKEJOWMCLNJICMVWC
VCO%JCORCKVWLCKEJPCKEJIKQOWKVKR
DCMWUDKO2CTGEGSWGNCUCWTCUUGEQOKGTQPNC
ECTPGSWGFGLVGPFKFCGPGNGPEKPQRWGUEWCPFQ
SWKUGKTCVTCGTNC[CPQJCDCPCFC
=RNPWPPWK?

'&+%+024'.+/+0#4`



6'2'*70'52#1.

PWKCXaVGORWLCTOQXGT0W[CUCCR

FJKVVPQTCMWFWUCCTMCPCEJLWRPC/WGXG
GUGJQTEPRCTCSWGUGCHNQLG[NQUCSWGOQU
HEKNOGPVG
JKRCT
OQFKUOQ$JCKDCW[CUCIW
LCTQK/QQEJKIWOQMKZDJCKDCLKO
#NIWKGPOGJK\QJKRCTCNQOGLQTHWGVWVCSWG
XKGPG
5GFKEGSWGUKVGPIQJKRQSWKGTGFGEKT
SWGCNIWKGPOGGUVCXKUCPFQSWGOGXKUKVCT
=EQORNRN[TGRPW[CUCRTGVPW[CPW[CUC
RTGUPW[CPPW[CU?

PWPMCPFCO=RNFGPWWMFCFCO?XGNCFQTGU
8CTPWPWWMFCFCO

PWPPWK=RNFGPWK?CWTCU
\QRKNQVGU
PWPWWMFCFCO=RNFGPWWMFCFCO?XGNCFQTGU
8CTPWPMCPFCO

PWWEJKZUEWCFQEWCFC)WWWEJKZ

2GGNGUUCRVWLKKMIWOCKPCZEJW
DWWUCKFJCO&KEGPSWGOKEWCFQ(NKZGUV
EQTVCPFQOCIWG[RCTCJCEGTOG\ECN
=RNPWEJKZCRQUPWWEJKZKPWEJKZK?

PWWMFCFCOUXGNCFQTXGNCFQTC,CTQQT

PWWMFCFCODJCOOICCVTVWMCC!3WKP
UGGPECTICFGXGNCT
NKVGUXGNCFQTGPNCOKNRC
RQTNCPQEJG!=RNPWPWWMFCFCOQ
PWPMCPFCO?

PWWMFCXaVXKIKNCTGUVCTFGIWCTFKC$Z

EJWMCCOUCRPWWMFCIWLCVMCOIWZZMWO
PCOVFCC.CIGPVGGUVCDCXKIKNCPFQVQFCNC
PQEJGCNNCFTPSWGCICTTCTQP=RTGVPWWMCK
RTGUPWWMCP?

PWCCXaVFGTTCOCTVKTCT
NSWKFQITCPQQ

RQNXQ0WCOVDCMIWOCKMMCOIWDJCD
LKFJQQTPCOOKMCLWWMCPFCVLWTPM$CM
IWOMQKOV2CTGEGSWGNQUDQTTCEJQUUG
RGNGCTQPRWGUVKTCTQPNQUHTKLQNGUSWGUGGUVCDCP
EQEKGPFQCNN
XaTUCNKTUGVKTCTUG
NSWKFQITCPQQRQNXQ
2CCDCFTLWOPWCIWUWWFCKPCDCI
DCZEJWDCCOKK!'UVOW[OQLCFQCNN&G
FPFGUGVKTCGNCIWC!
=RTGVPWCRTGUPWCEQPVPWCKFJC?

PW[C=RTGVFGPWKC?NQGORWL
PW[CP=RTGUFGPWKC?NQGORWLC
PW[CUC=EQORNRNFGPWKC?GORWLCTNQU
=RTGVPW[CUCRTGUPW[CU?

CDFJK


=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPP
VKGPGPXCTKCPVGUSWGGORKG\CPEQPNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
ENV+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

UKPIWNCT'GMWOQQDCMWCPCIWMWVWWP
MWV[CMCDWKOWMPCVWLQQLQKOTCOL
,WMVTPCTRKCUVCMCIWZCDWKTCZPCIWZ
M8Q[CNCXCTOKECOKUCRCTCRQPTOGNC
OCCPCEWCPFQXC[CCXGTNCHKGUVCCNNGP5CPVC
/CTCRGTQOKRCPVCNPPQPGEGUKVCNCXCFQ
RQTSWGGUVNKORKQ=5GRTGUGPVCFGURWUFGWPC
XQECNQWPCRCWUCINQVCN)TCO?8CTLC
K8CPUGKEJLCKEJ

ENVOKOKU
RQUGUKPFGNCRTKOGTCRGTUQPCFGN

UKPIWNCT,WOCCIKCCIW2GGNGUPCVDJCCO
DCCICCCOIWODJWTWZKVCMCCDPCLWR
VVFCPCOCCIKFC!6GFKLQ(NKZSWGVW
DWTTQUGOGVKGPOKOKNRCC[GT!2WGUNGFKLG
SWGVGFKLGTC=5GRTGUGPVCFGURWUFGWPCXQECNQ
WPCEQPUQPCPVGINQVCN)TCO[?
8CTLK

ENVOG
EQORNGOGPVQFKTGEVQQKPFKTGEVQFG

NCRTKOGTCRGTUQPCFGNUKPIWNCT,CMLKKO$JC
LCMLCRKEJDCMKU*C\VGRCTCCNN;COG
RKUCUVG
OG
EQORNGOGPVQTGHNGZKXQFGNCRTKOGTCRGTUQPC
FGNUKPIWNCT)KKNJKOLCKEJLKZDWCOLKCC
VCMCCD#CLCRLKCCLKPCKEJOWRCK
OCKDWCIWDJCKOMCT/GUGPVOW[OCN
C[GTRWGURGPUCDCSWGJCDCRGTFKFQOKOQTTCN
DQTFCFQ
=5GRTGUGPVCFGURWUFGWPCXQECNQWPC
EQPUQPCPVGINQVCN)TCO[?8CTLK

CCXaGIWUVCTNGEQOGT
CCNIWKGP,OCPIW
LCVMCOLKZCCCOIWMKCCU#CNIWPCU
RGTUQPCUNGUIWUVCNCECTPGFGKIWCPC
SWGTGTEQOGTCPVQLCTUG#CRLKZCCCCIW
LKCDQQ!#VKUGVGCPVQLCPNCUVWPCU!
=EQRLKZ?
LKZMKKUPCCNGIWUVCOWEJQEQOGTSWGUQ

CDFJKCFLDWGPQRCTCEC\CT,CKLQKFJCOLKZ

CPCDFJKCOIWIQPIQZ&NJOLLCRRCK
ZKLKOKC#NIWPQURGTTQUUQPOW[DWGPQURCTC

'&+%+024'.+/+0#4`

CDVC

6'2'*70'52#1.

EC\CTRWGUUQNQUUCNGPRQTCJ=RNCPCDFJK
EQRLKZ?

CDVCCFLSWGJCDNCDKGP
UKPXGTIGP\C

,QKFJCOLCRRZLWRLKZCDVCMC,WCPPQ
LCTQKEJWOCIK#CRCORZRWKEJCO
KQMFC,WCPFGDGUJCDNCTDKGPUKCNIWKGPVG
FKEGWPCEQUCRGTQVPCFCOUVGSWGFCU
ECNNCFQ=RNCPCDVCEQRLKZ?

CMQQCFLSWGUCDGCIWCPVCT)W.WKUFJQIKZ
CMQQLKPCEJCOVWLWIKCDZEJCPQQNJ
LWTPMPCDCMCVWLWIKC.WKUUCDGCIWCPVCT
UKPEQOGTVQFQGNFCRWGUPQEQOGJCUVCGPNC
VCTFG8CUGPCMIC

COMCFLSWGEQODKPC
TQRCEQPNQUFGOU

EQNQTGUQGUVKNQUSWGVTCG,QKFJCOLKZCDJCCT
FJKOKRWWTLKZCOMIWZCUMK'UOW[
DQPKVCVWHCNFCRWGUEQODKPCDKGPEQPGNGPECLG
SWGUGXGDKGP
GNOQFQFGXGUVKTFGCEWGTFQC
UWRGTUQPCNKFCF,QKFJCOZKOPCOMRWKPCR
LCZLCMLWOICZDW6GXGUDKGPCUEQOQVG
RGKPCU
=EQRLKZ?8CTCPOM

CPCDFJK=RNFGCDFJK?DWGPQURCTCEC\CT
=EQRLKZ?

CPCDVC=RNFGCDVC?SWGJCDNCPDKGP
UKP
XGTIGP\C=EQRLKZ?

KCXaGRQFGTXGTVGPGTXKUVC)KKNJKOLKZDJCKZ
KCIWOKUVWKUKCVWMCCLCM'NICVQVKGPG
DWGPCXKUVCCWPGPNCPQEJG=UWLRNKKC
EQRLKZ?

KEJENV+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN

UKPIWNCT[VKGORQRTGVTKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ)KKNJKOOCIQQKEJPC
KEJVWMWCI/GECPUOWEJQEQTVCPFQNGC
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ0CKEJEJCODLMVW
DWRRTCOIWCDGGPC!,QKFJCOEJKMCZ
DCIKQOMCV2QTSWPQHWKVGORTCPQC
COCTTCTCXGPCEWCPFQGUVCDCJOGFC!
=5GRTGUGPVCFGURWUFGWPCXQECNQWPCRCWUC
INQVCN)TCO?8CTLCKEJ8CUG

KFJCCFLOCFTWICFQT,KZKFJCIW

VCMCCTWK-CVWMICDDCLKKMKC'NICNNQGU
OCFTWICFQTRWGUECPVCGPNCOCFTWICFC
=EQRLKZ?

KKCXaKFGURGTVCTUG2WKKCKEJPCVV

PMKCPCMCMQQU/GFGURGTVRQTWPUWUVQ
GPOKRGUCFKNNC=UWLRNKKCRTGVKKC
KKCRTGUKKC?



KKKEJFJCXaVFGURGTVCT
EQORNCPKO$C

MQQZOTCCR.WKUPCIWDLMOWKDCO
KKKEJFJCTCPCRDJCKDCMWCOTC;CXGVG
CFQTOKT.WKURQTSWGOCCPCXQ[CFGURGTVCTVG
OW[VGORTCPQRCTCSWGXC[CUCVTCGTNGC
=EQORNRNKKEJFJCRTGVKKKEJKKEJ?

KKQMDQNJK=RNFGKQMDQNJK?SWGNGUIWUVC
DWUECTRNGKVQU=EQRLKZ?

KKC=RNFGKC?2GLLKZKKCCORWGFGP
XGT=EQRLKZ?

KQ=RTGVFGPQMKC?JCDN
KQM=RTGUFGPQMKC?JCDNC
KQMDQKZFJCXaVFKUEWVKTETKVKECT
RCTC

RTQXQECT'CPCRLCRRZZKKQMDQKZFJC
FJKWWEJKZ'CPQVIKKNJKODJCCO&KUEWVG
EQPOKEWCFQCXGTUKUGGPQLC
=RTGVKQMDQKZRTGUKQMDQKZK?

KQMDQNJKCFLSWGNGIWUVCDWUECTRNGKVQU#NJ

LCROQQZKKQMDQNJKCOIW)KQPVT$KDKC
MCOPQOVDCKKIWDKK#NCIGPVGFG
%KPGICFGN.NCPQNGIWUVCDWUECTRNGKVQUEWCPFQ
VQOCOG\ECN=RNKKQMDQNJKEQRLKZ?

KQMDQXaKFKUEWVKTETKVKECT,CROQQKQMDQ

COFJKLCVMCOOKOCCRLKFJCTCCV0KLZ
MWOKCOLKZDJCKVWCIC'UCURGTUQPCUGUVP
UGPVCFCULWPVCUFKUEWVKGPFQRQEQCOCDNGOGPVG
=RTGV[RTGUKQMDQ?

KQMFJCXaVTGICCT/WKQMFJCKFJK

ICIQQZ)KKNJKOVWKKPCDJCLCMVPK
4GICCCGUGRGTTQRCTGEGEQOQSWGPQUGUV
XKGPFQ=RTGVKQMRTGUKQMK?

KQMFJCXaVUCNWFCT#CMCKQMFJCTC

IWLKKMWNJEJCMWKKQMKKEJIW8Q[C
UCNWFCTCOKVQRWGUVQFCXCPQNQUCNWFQ
FGURGFKTUG:KLCKQMFJCKCRIWOLCCFW
PCEJIWEJCO[CMCDWDWCMKC&GURFGVGFG
VWURCTKGPVGUCJQTCRQTSWG[CPQXCOQUCRCUCT
RQTCSW
=RTGVKQMKRTGUKQMK?
VKZKQMFJCOKSWKGTQUCNWFCTNGSWKGTQ
JCDNCTNG
VWKQMFJKFJCCRFGDGUUCNWFCTCNC
IGPVG
CCKQMKFJKWDKKGUCOWLGTGUOK
COCPVG

KQQMUKFKQOC)QQMKQQMLKZOCCVVVW

CICKIWMCUVKKNMPIKQIWQFCOMP5
JCDNCTFQUKFKQOCUGURCQN[VGRGJWP
JCDNC
FGWPCRGTUQPC%JCOLWOMCKOCIW

'&+%+024'.+/+0#4`



6'2'*70'52#1.

KQMKFJK,QUGGPCLQVOQFCVWKQM0QUG
GPVKGPFGEWCPFQJCDNC,QURQTSWGJCDNCTRKFQ
=CRQUKQMK?

QNJCFLSWGVKGPGEWTXCU
ECOKPQ,CRZK

OKOKCPPQQPQNJIWDQKOLFTUNJVCKPC
KEJRCKDJCVU,KZQQPKIWPCOLLCR
DJ[C-CDCK$QQ'NECOKPQSWGUWDGFGCNN
CDCLQJCEKCCEVKGPGOWEJCUEWTXCURGTQXKPG
RQTNRQTSWGVWXGHNQLGTCFGFGUXKCTOGRQTGN
QVTQSWGXCC.QU%CDCNNQU
EWTXQ
FGHQTOC,KZQNJIWICCV'NCTEQGU
EWTXQ
JWPFKFC
NCRCP\C2CCRKEJIKEJKRKKKEJ
IWUWWFCKFJKDJWTWZPCDCOQQRWKPCLCZ
DCZQNJ!#NQOGLQTPQNNGXCUVGCDGDGTCIWCC
GUVGDWTTQRQTGUQVKGPGNCRCP\CJWPFKFCVCN
EQOQNCVGPC
=RNQQPQNJEQRLKZ?

1

JCDGTOGUGIWKFQ
NKVEQTTKFQVTCUFGOEWCPFQ
NQUQNVCTQPRQTSWGCNNCDCLQOGCNECP\
QKFJCXaVCEQORCCT1KFJCCRIWOVCCV

,KOKCUCR$QQFCOVCOMCDWKOWM#EQORCC
CVWRCRSWGXCC/G\SWKVCNOCCPC
UGIWKT
RQTCVTU1KEJWCCIWNJKEJ
MCUPKTIWFPMCIWOWRCKMQK!5XC
UKIWKGPFQGNDQTTGIWKNNQCUWOCOQUGFWTOK
RQTCJ!
NNGICT
GPUGIWKFCFGURWUFGQVTQt2CC
FWWM[CRCKFJK/CCUKOW!tLWRMCKEJIW
$KMVQTt$RFJQ,KQKFJCVPCKEJCC
[CCKtLWRMCKEJIW$CNKPVKPt%WPFQ
NNGICSW/ZKOQ!tRTGIWPV8EVQTt*CEG
TCVKVQRWGUEWCPFQ[QNNGIWGPUGIWKFCNNGIN
tEQPVGUV8CNGPVKPQ
ECUCTUG
OWLGT,CZRPVIWEJKQIWK
PCVUCCMQKIW5KFQQKC!%OQUGNNCOCGN
JQODTGEQPSWKGPUGECU/CEGFQPKC!
=RTGVQKRTGUQKOQXQKEJW?
QKFJKFJCGORG\CTCJCEGTCNIQ

QKFJCUEGTTQ,KTICCDCFJKQKFJCPC

OLOOPKRCKFJTLKZOCCZ!'UOW[ITCPFG
GNEGTTQSWGUGXGRQTCNNFGCSWGNNCFQ!
=RNQKFJC?

QDCFXTRKFQ%JCOQDLCPIIWMWCCPQT
UCTDJCM.CNGCPQUGEQPUWOGTRKFQUKGUV
ITWGUC=0QTOCNOGPVGUGRTGUGPVCGPGNUGPVKFQ
PGICVKXQ?5KPPLQVOQFC

QDCCUEGTGDTQ,CRVWVCVFCPCFDCKO

IWQDCCPCIKKNJKODJCZEJCVQKLKZ
FJDCCNJRZDCKKDJKRCPCCU5KGPVQEQOQ
SWGUGGUVSWGOCPFQOKEGTGDTQRQTVCPVQECNQT
SWGJCEGJCUVCOGJCEGHCNVCGNCKTG
ITCUCCPKOCN'GMWOQQOKLWWNJFJCIW
QDCCFJKMWM[WPFCPCDCDCZOCOQKMC
8Q[CWPVCTGUVCUEQ[WPFCUEQPITCUCCPKOCN
RCTCSWGUGCDNCPFGP
=CRQUQDCCP?

QDKCMKCXaKEQLGCTTGPSWGCT6WEJKFWWFJK
NJKEJDJGUGGTPCDCQDKCMKO!-CVWCC
LQKUK!3WNGRCUCTCCNDGEGTTKVQSWGXC
EQLGCPFQ!5GNGENCXCTCCNIWPCGURKPC!
=RTGVQDKCMRTGUQDKCM?

QK=RTGVFGQKFJC?NQCEQORCNQUKIWK
QKFJCVFTCFXVTCUFG,KQKFJCVFTDCM

OWKRZKOIWICIQQZPCRKOVRCKFJWWM
FQEJQPCOOPKDCCPUCR'NRGTTQFGDK

QKTFCO

QKFJCUCQt,MQKFJCRKEJ[CDC

LWTWW,WMVT!tLWRMCKEJIW2GGITQ
t)QQMQKFJCFJQtLWRMCKEJIW,WCP
t%WPVQUCQUJCUGUVCFQCSWGP5CPVC/CTC!
tRTGIWPV2GFTQt&QUCQUtEQPVGUV,WCP

QKNJKCXaKCPFCTECOKPCT%JCMWKVWQKTFJK

CNJKKUKCMWVKIQQMQKFJCDCDKC6QFCXC
PQECOKPCGUVGPKQCWPSWG[CVKGPGFQUCQU
XaGGUVCTCPFCT
CPFCPFQ/KKQKTIWLQKU
PCRUCCMLKZKQMFJCO#NNCPFCGNLWG\EQP
SWKGPSWGTCUJCDNCT
=UWLRNQKRKCEQPVQKTFCQKRQFCRTGUQKT
QKRQ?
PCKRZQKNJKFJCCPFCFGXCIQ

QKNJKEJFJCXaVJCEGTECOKPCT/WPKLCRLCR

ZKQKNJKEJFJCFJKCNJKKMWLMI*C\ECOKPCT
RQTCJCNPKQRCTCSWGFGLGFGNNQTCT
=RTGVQKNJKEJRTGUQKNJKEJWPQQKNJKZK?

QKRKC=UWLRNFGQKNJKC?2GLQKRKCCO
CPFCTP=EQPVQKRQFCRTGUQKRQ?

QKT=RTGUFGQKNJKC?CPFC
QKTFCOUXCIQ,CZFJWKPCFJKLCOVCVCCNJ
LKTQKTFCORZEJCORCKVWMKQ'NVQFG
WUVGFGUGUWPXCIQRQTSWGPQVKGPGECUC

'&+%+024'.+/+0#4`

QKTFC

6'2'*70'52#1.

GPHGTOGFCFNGXG1KTFCOLKZMCQQMUCR
FJKOVCVCCNJ6PCLCROQQZEJWCCRZDC
VPK6WVQFKEGSWGVKGPGWPCGPHGTOGFCF
NGXGRWGUOKTCEQOQVKGPGNCECTCFGUEQNQTKFC

QKTFC=EQPVFGQKNJKC?GUVCTCPFCPFQ
QKFJCXaTLWIWGVGCTTGVQ\CT
WPQEQPQVTQ

&CKPCOLWOQKKFJCFJKCCCNJPCOVKVW
WWCPFCRWKMWODCEJCOQDVWOCCEJKO
5QNCOGPVGLWIWGVGCPNQUPKQUEWCPFQGUVP
GUETKDKGPFQRQTGUQPQCRTGPFGPTRKFQ
=RTGVQKRTGUQKKEQPVQKFJKFJCQ
QKKFJC?

QKFJC=UWLRNFGMKQ?2GLRWKQKFJCCO

VQFCXCXKXGP=HWVQKFJCMCQQKMC
EQRTGVQKFJCMCVQQKMCV?

QKFJC=RNFGQKFJC?EGTTQU
QKCFLSWGUGRCTGEG
CQVTCRGTUQPC&CK

DCMFJK4COWWPLKZQKIWVCCVCPPCDCRW
EJWOVPK5QNCOGPVG4COPUGRCTGEGCUW
RCRRWGUVKGPGNCECTCKIWCN
SWGGUKIWCN
CQVTCRGTUQPCGPCNIPCURGEVQ
%JCOQDLLMITCOFJKCCCNJPQOVDC
DJCCMPCOIWZQKIWLCPCCP5KUGGPQLCP
GUVQUPKQUPQUGEQPVGPVCPRTQPVQRQTSWGUQP
KIWCNGUCUWOCOGPGUGTGURGEVQ
=EQRLKZ?

QK=RTGUFGQKFJC?NQCEQORCCNQUKIWG

QKEJC=UWLRNFGMKKEJC?2GLOKQKEJC
COCNNXKXKTP=RTGVQKEJCEQRTGVQKMCV
EQPVQKEJCKFJC?

QKEJW=OQXFGQKFJC?XCCEQORCCPFQXC
UKIWKGPFQ

QKICPU6KGTTCOWPFQ,KTMCDWWNJKMRZ

FJKQKICPDZZKMQQNJFJTLCODCQKFJC
IWLCVMCO'UVGOWPFQGUTGFQPFQ[NCIGPVG
XKXGGPVQFCURCTVGUCNTGFGFQTFGN
RNCPGVC,KTFDTRZFJKQKICPDZPC
LZK,CKRLCKEJIWCQKICPPCRWKRLKT
MCMDWNJKMFCKPCOMLCMFCTCC'UVG
OWPFQGUFGVKGTTC*C[QVTQURNCPGVCUSWGUQP
TGFQPFQUVCODKPPCFCOUSWGSWGFCPNGLQU
=RNCQKICP?

QKMCOUFWGQU
FGNCECUC%JCOOK

FJCTCCCOIWQKMCOOW2WPVC6COPC
KEJVKRCZKCTOTCMVCMCCD0QGUVCDCPNQU
FWGQUFGNCECUCGP.C2WPVCEWCPFQHWKCNNC
RCUGCTC[GT8CUGMKQMCO

QMFJCOUOCFTQQ
TDQNHTWVC$JCOOPK
FJTLKZLQKFJCCOIWMCMCTDCZPCO



MWCFCIWQMFJCOPCDJCKKCNJKZ#NQU
EJKXQUNGUIWUVCEQOGTUGNCUJQLCUFGNOCFTQQ
SWGGUVGPGNUWGNQFGCSWGNNCFQ

QNJKCUTQFKNNC'CRLWOQNJKCMPZKMMDW

MWLWOVCNKCTW6WIKMWRDCEJCOLK
M!#XGTRQPVGFGTQFKNNCURCTCRGICTVG2QT
SWPQOGQDGFGEGU!=RNQNJKC
CRQUQNJKCPQNJKCP?
QNJKCTCOGPUWTQFKNNC
FGNQFGGNNC
QNJKCPMPMMDQRQPGTUGFGTQFKNNCU

QOPCXaVRKECTRCTVKT:KQQOKUFJKDJCD

PCRDCOKDCFCCUC2KECGUVQUGLQVGURCTC
SWGNQURQPICUCEQEGT
SWGDTCT
GPRGFC\QUHTCEVWTCT1OUCOVIW
VWVWWTIWLCTCCTPCOVPCKLKDQQR.QUVQTQU
SWGDTCTQPGNCTCFQEWCPFQEQTTKGTQP
=EQORNRNQQOUCQQOUCRTGVQOQQOUCQ
QOUCRTGUQOKKUQQOKUQQOKU?

QOKCXaKSWGDTCTUGHTCEVWTCTUG#ORZQOKM
IWDJCKFJKDCKFJCU$CKMKODCLKQOZKD
MPEJCOMCDCCMEJKIWWWZIWKPC
DJCDJCKEJWPFC5GSWKGDTCUGIWKFQGNECDQ
FGGUVCJCEJCRWGU[CNNGXCVTGUXGEGUEQPUVC
#NQOGLQTPQUKTXGGUVCOCFGTCEQPNCSWGJCIQ
NQUECDQU=EQORNRNQQOMKCQQOMKC
RTGVQOQQOKMQQOMRTGUQQOMQQOKM?
EJCOQOKKMEJCOQOKMCFLSWGGU
HNGZKDNG
NKVPQUGSWKGDTC

QOKCFLSWGDTCFK\Q
EQUCNCTIC&NJLKZ

QQOMKLOCPIWUCUQOMCT#NIWPCUCIWLCU
UQPSWGDTCFK\CUFGRQTU=RNQQOMKEQRLKZ?

QPUUCN/CCPMKKNWRLKICNJKFJCIWQPIWZ
DKK2QTHCXQTXPFCOGWPMKNQFGUCNTGHKPCFC
=RQUQPCCCRQUQPCCP?
QPMCMCFLUCNCFQ

QPDCKFJCXaDTGICNCT,CTQQPKCCRP

UCCMLWOQPDCKIWWWCPIWZMCDQQMIWK
PCROKLCRVVMCKFJC!3WKPGUNCRGTUQPC
SWGOGFKLKUVGSWGVGTGICNGNNKDTQITWGUQGN
SWGUKGORTGVKGPGURQTCNN!
TGICNCTUGTXKT
EQOKFC6WEJDC
QPDCKFJCEJKFJKEJLCFWWPC[CEJ
RCZKCTCKO!0CEJIWLCROQQZKDRMEJCO
LWRDKCIWVOMCNJ3WNGXCOQUCUGTXKTC
GUVGRCTKGPVGPWGUVTQSWGPQUGUVXKUKVCPFQ!
2QTSWGRQTGNOQOGPVQPQVGPGOQUVQTVKNNCU
=RTGVQPDCKRTGUQPDCIK?

QPMCMCFLUCNCFQSWGVKGPGUWHKEKGPVGUCN
NKV

UCDGCUCNt,KZQPMCMCCFJKLCODJKKPC
RKOVWMWCMCIWRWEJCOOKDWKLCKEJ!

'&+%+024'.+/+0#4`



6'2'*70'52#1.

tLWRMCKEJIW.WWRGt,KZQPMCMLKOCVIO
tLWRMCKEJCOIWKPCOVWMWCt6KGPG
UWHKEKGPVGUCNNCEQOKFCFGWUVGFGUQPQNGGEJ
UWHKEKGPVG!tRTGIWPV.WRGt'UVDKGP
tEQPVGUVCTQPNQUSWGGUVCDCPEQOKGPFQ
=EQRLKZ?8CUGMCCM

QKCXaKFGURGLCTUG
EKGNQ#CNJKKPC

MCDWKOWMDCQKC6PCDCZKCNJDKLCM
RZDCLKOIWVDCC;QRKGPUQSWGOCCPCUG
FGURGLCTGNEKGNQRWGUHLGUGSWGNCUPWDGU[C
XCPJCEKCGNQTKGPVG
NKORKCTUG
VTCUVGUQTQRC,KZDJCKRKOOQQ
DCMWCPCFJKLQQZKCDCMWCPMCTMPPCDC
QKCIWZIKQ.CXGPDKGPEQPLCDPGUVGRNCVQ
RCTCSWGUGNKORKGNCITCUCSWGVKGPG
=UWLRNWCMKCRTGVWCPWCM?
EJCOWWCMPQUGSWKVCNQUWEKQ

QQ=RTGVFGQTCC?RK\E
QQICZUVQ
GURQUQFGNCJGTOCPCFGNRCRQFG

NCOCO#CLKTLKQQICZIW2QQNFQPCIW
DOCPFCCIWDCDQQNJ.GQRQNFQGUOKVQ
RQTSWGGUGURQUQFGOKVC
NKVGURQUQFGNC
JGTOCPCFGOKOCO
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQQFGNC
JGTOCPCFGNCGURQUC$JCKZKDJKLK
QQICZFJKDCKFJCUPCOKMCCV5QDTKPQ
FCOGGUCJCEJCSWGGUVCNN
=RNCQQICZCRQUQQICZKCQQICZK?

QQICP=CRQUFGQQ?UWUWGITQ
QQOMKC=EQORNRNFGQOKC?UGSWGDTCTP
=RTGVQQOMRTGUQQOKM?8CTQOMKC

QQOMK=RNFGQOK?SWGDTCFK\QU
EQUCUNCTICU
=EQRLKZ?

QQOUC=EQORNRNFGQOPC?HTCEVWTCTNQU
=RTGVQQOUCRTGUQQOKU?8CTQOUC

QQUUWGITQ/CKQMVCMCCDIWQQPC

KEJUCREJCORCNJDWKPCVRCKFJWWMVWQQ
#[GTOGTGICOKUWGITQRQTSWGPQNGC[WF
EWCPFQRK\E=CRQUQQICP?

QQCFLHWGTVG,CZFJWKPCIWEJCMWKRM

DJCKQQFJKOCCEJWPCIWMCRWRLKT
LIKCTWORCNJRMKCRZOCCEJKOPCVW
DJKKQTC'UVGOCEJQVQFCXCPQVKGPG
UWHKEKGPVGHWGT\CRCTCECTICTRQTSWGVQFCXCGUV
WPRQEQDTWVQRWGUCRGPCUGUVCRTGPFKGPFQC
ECTICT=RNQLQEQRLKZ?

QQPCFLSWGVKGPGHNQLGTC-CDWKOWMLCDC

LKKUOCFJKKRWWT,KZQQPKZKD/CCPC

QFCO

XQ[CTGEQUGTOKHCNFCRWGUCJQTCVGPIQHNQLGTC
=RNQLQPEQRLKZ?

QTCCXaVEQUGEJCT
OC\RK\ECT-CZKEJTC

KEJPCZDJCKMCZKICMKCFJKLWWPPCEJDC
DCVWQTCC8COQUCGURGTCTJCUVCSWGUGUGSWG
DKGPGNOC\[GPUGIWKFCRK\ECOQU=RTGVQQ
RTGUQT?
QTCDJCMURQECFGRK\EC

QTPKNJUJQTPQ
FGDCTTQQRKGFTC$JCKRKOZK
OOFCFJKQTPKNJMWEJLQQVQODJCKFJCIW
RCCP#VK\GPGNHWGIQGPGNJQTPQRCTCSWG
EQ\COQUTRKFCOGPVGGNRCP

QTQUKKTUCNIWCEKN:KDUCRDJCLKOIWQTQUKKT

PQRKOEJCMWKOWLKOKCPCLCODCKIW
LQKU&KEGSWGCJQTKVCXKGPGGNCNIWCEKNUKPQXCP
XQNWPVCTKCOGPVGCFQPFGNGUNNCOCGNLWG\
=RNQTQUKKT?

QTTQIKCXaKITWKT
EGTFQ6WMCCDCMOCCP

[CCLIWVQQZMQNJOLRCKRZQTTQPFC
%TGQSWGGPNCPQEJGNNGIWPEGTFQRWGUUGQ[
SWGGUVCDCITWGPFQ=RTGVQTTQIRTGUQTTQ
EQPVQTTQPFC?

QUCCOUTGUKPCFGRKPQ$CLWWTWIWQUCCO

PCKEJDJCKMCZKUKKULWMUCPQQRDCMIWZ
QUDJCLK5GOGRGINCTGUKPCEWCPFQOG
CRQ[GPGNRKPQRWGUPQUCDCSWGNCVGPC

QUDJCUUCXKC
GURGUCFGEKGTVQUTDQNGU

=CRQUQUDJCICP?

QUDJCCFLSWGVKGPGUCXKCGURGUC
TDQN2CC

DCLWWTWIWQUCCOPCDCIZQUDJCIW
ZCDWKTCZ!/QQEJKOWPCZKFJCCMCVLWM
VCO&PFGOGOCPEJEQPNCTGUKPCSWGGUV
RGICFCGPOKRCPVCNP!2WGFGUGTSWGCNN
FQPFGGUVCDCUGPVCFQLWPVQCNVTQPEQFGWPRKPQ
=EQRLKZ?

QZKCUXCTC
FGCWVQTKFCF1ZKCZKWCFCIW

QTQUKKTPCRCKFJWWMDCLCDCKFJKFJCIW
LCVMCOOWLCMEJKQRPCOLWOMWTWUVWFC
'NCNIWCEKNUKGORTGNNGXCWPCXCTCEWCPFQXC
KPXKVCPFQCNCIGPVGCTG\CTGPNCKINGUKC
=RNQZKC?

QFCOUVGRGJWP
RGTUQPC1FCOMCO

VWKKFJKPCCDCVPCZEJWCVVK'UGOGUVK\Q
RCTGEGWPVGRGJWPRQTSWGGUVXGUVKFQFGRWTQ
DNCPEQ
VGRGJWP
KFKOC#CIWZDJCKKQMLKLKC
IWQFCOUKCMWVKTPCCDCVIWKPCV[CM
VCMCCD,KZDJCKRWVKPCVRCKFJWWMLKEJ
KQMKIKQPCVRCKFJWWMZKEJVCDWKOIKFJCM

'&+%+024'.+/+0#4`

QKK

6'2'*70'52#1.

DCLKK'NOGUVK\QSWGXKPQC[GTUUCDGJCDNCT
DKGPGNVGRGJWPRWGUNQRTQPWPEKDKGPEWCPFQ
PQUUCNWF[VCODKPEWCPFQUGFGURKFKCNKTUG
KPFIGPC
RGTUQPC/GGLKMQKEJCOVIW
DRMCOQFCOFCKPCOOCCMCOVW
KQMFCVEJCOVWRWKPCCCEJQFCO,WMVT
MCO#PVKIWCOGPVGXKXCIGPVGKPFIGPCGP
/ZKEQPCFCOUSWGJCDNCDCFGWPCHQTOC
FKHGTGPVGCNCSWGJCDNCOQUPQUQVTQUSWGUQOQU
FG5CPVC/CTC1EQVP
QFCOMPGPVGRGJWP

QKK=RTGUFGQKFJC?LWIWGVGCP
QKKFJC=EQPVFGQKFJC?GUVCTLWIWGVGCPFQ
QLQ=RNFGQQ?HWGTVGU=EQRLKZ?
QLQP=RNFGQQP?SWGVKGPGPHNQLGTC=EQRLKZ?
QMKZUVC
JGTOCPCOC[QTFGNCOCO6W
QPDCKFJCCRIWOQMKZPQDJCKDCLKO
LCZKPCIWUCRDJCLKOFC2QTHCXQTFCNG
CNIQFGEQOGTCVWVCCNTCVQEWCPFQXGPIC
RQTSWGFKLQSWGKDCCXGPKT
UQDTKPQUQDTKPC
JKLQQJKLCFGNCJGTOCPC
OGPQTFGWPCOWLGTt/KFJCCCCIWOPCCP
LKQMKZ!tLWRMCKEJIW5QRKK[Ct/KFJQ
FCCtLWRMCKEJIWV[CZt5QDTKPCCNN
GUVVWOCO!tRTGIWPV5QHCt5CNNGUV
tEQPVGUVNCPKC
=RNCQMKZCRQUQMKZKCQMKZK?

QNJKC=RNFGQNJKC?TQFKNNCU=CRQUQNJKCP?
QNJKCEJKCXaKCTTQFKNNCTUG,CRLCMZK

DQKZKFJKUWWFCKPCDCCORMDCVW
ICMKCMCDWKOWMPCOKQNJKCEJKCPCVW
DQRMQPCIWLCLCPPWNJ*C\WPCEWPGVCRCTC
FGUXKCTGNCIWCCWPNCFQRCTCSWG[CGUVDKGP
UGEQOCCPCRQTSWGCNNXQ[CCTTQFKNNCTOGRCTC
NCXCTNCTQRC=RTGVQNJKCEJQQNJKCEJQ
QNJKCV?

PKPIWPCRCTVGRTQDCDNGOGPVGUGGUEQPFK
FGDCLQFGWPGPEKPQEWCPFQXKQSWG[Q[CXGPC
tTGURQPFK,WCP=RTGVQEJQ?

QZKFJCXaVRGTFGTGUEQPFGT
EQORNCPKO
#COCQZKIWDJWTWZK%JCORCKV
KEJVCMCCDPCVKVWICPICKOM5GOG
RGTFKWPDWTTQ0QNQJCNNC[GTEWCPFQNQ
GUVWXGDWUECPFQ=RTGVQZKRTGUQZK
EQPVCQQZKFJC?

QTUKZVNG
OCIWG[RGSWGQ'GMWOQQWCTC
IWQTMWVWLWOCCPCVVVTQRKC8Q[C
VTCGTKZVNGRCTCVCNNCT[JCEGTUQICU

QTCDJCMCFXRQECFGRK\EC
PQXKGODTG

t2CCRFWWMIKQDJCKRDCQKT!tLWRMCKEJ
IW,WCPt&JQPQIKQRDCTQTCDJCMPCDC
EJCOWCOCtLWRMCKEJIW2GGITQ
t%WPFQXCUCXGPKTQVTCXG\!tRTGIWPV
,WCPt2WGUJCUVCSWGNNGIWGNCRQECFGRK\EC
RCTCPQOQTKTOGFGJCODTGtEQPVGUV2GFTQ
8CUGQTCC

QTQUKKT=RNFGQTQUKKT?CNIWCEKNGU
QZDKCFLSWGGUOCNCUGCN,KZQZDKUCRIW

MCZKQPQCOWWDMWWRCKLCZEJWOMKKEJCO
5GFKEGSWGGUOCNCUGCNEWCPFQWPC\QTTC
EJKNNCEGTECFGNCECUC=EQRLKZ?

QZKC=RNFGQZKC?XCTCU
Q[CUCTGPC)OKOVIWQ[COKKPCRCK
VWWMCDMCVFMCVPCVRCKFJWWMOKOIW
UWWFCK'NJQ[QITCPFGSWGGUVCDCRQTCNNUG
NNGPFGCTGPCEWCPFQEQTTKGNCIWC
Q[CVCORNC[CCTGPCN

2

QOMKC=UWLRNFGQOKC?UGSWGDTCTP
=RTGVQOMRTGUQOKM?8CTQQOMKC

QOUC=EQORNRNFGQOPC?HTCEVWTCTNQU
=RTGVQOUCRTGUQOKU?8CTQQOUC

QPUQRFTLCM=XCTFGCPUCRFTLCM?CN
NCFQK\SWKGTFQ

QEJQXaTGUEQPFGTUG
UWLCPKOt2CCDCO
PCOIW2KNKKRPCVOLLKFJWW!tLWRMCKEJ
IW/CMCCTKQt%JCORCKCPOMMCDC
IWOKRCKZKOQEJQVWCUCPQQRPCPK
PCDJCKDCLKO!tLWRMCKEJRIW,WCP
t&PFGVGGPEQPVT(GNKRG!2WGUUGHWGRCTC
CNNtFKLQ/CECTKQt0QPQUGPEQPVTCOQUGP



RENV+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN

UKPIWNCT-CDWKOWMPCRLCZDCOIKCROQQLC
CCFJCTCIW$CCNJ$VCQKMCOPCODJC
LKKOFCOCCZFJKLCRLCRLCVFCPCOOQQ
[CRVWKMC/CCPCGPEWCPVQVGNGXCPVGUXG
C.CU%CPCUVCUCFGEKTNGUCNCURGTUQPCUSWGXKXGP
CNNSWGXGPICPRCUCFQOCCPC[FKNGUSWGPQ
HCNNGP=5GRTGUGPVCFGURWUFGWPCXQECNQWPC
RCWUCINQVCN)TCO?8CTLCRCR
8CPUGRKEJLCRKEJ

'&+%+024'.+/+0#4`



6'2'*70'52#1.

RCCCFXFPFG!#CRRCCMKQ!&PFGXKXGU
V!
RCCRKEJLCMDCLKKCFPFGXCU!
RCLCMCFXCFPFG!CSWRCTVG!
RCKCFXGPFQPFGRQTFQPFG
PCRCKCFXFQPFG

RCCFWWMCFXEWPFQ!
NKVFPFGGUVCTGN

5QN!2CCFWWMUCR[CDCCC[CIW[C
MKQMCO!%WPFQFKLQSWGKDCCNNGICTGNSWG
XKXGCSW!8CUGFWW
RCCLCRFWWMCSWJQTC!
RCCRPFWWMEWPFQUGT!
PQOG
CEWGTFQ

RCCIKKPVGTL5GWUCRCTCKPVTQFWEKTWPCRTGIWPVC

TGVTKECFGTGURWGUVCPGICVKXC2CCIKVWLCZLWR
DWCFCFJK2GGITQPQEJCOLCTQKLWCP!)W
VCCVCPPCOWFMQQIKFJCPCDCUKCOTKV
UFC2GFTQPQJCEGPCFC
NKVSWJKEKGTC
2GFTQ!EWCPFQPCFKGNGFKEGPCFC[EWCPFQ
UKGODTCGURQTSWGUWRCRNGCPKOC

RCCNJUUCEGTFQVG$R[CLCRDWWUIWRCCNJ
DJCOOPKLCMZKEJONJKKEJ$QQLK$KDKC'N
UCEGTFQVGRCURQTCSWJCEGTCVQ[UGHWGGPUW
ECOKQPGVCC%KPGICFGN1UQ=RNRCRCCNJ?

RCCPURCP#NJKEJRZLCRLCKFJCFJKCNJKK

IWRCCPPCIWEJCOLZMCVLWIKQMCPQ
RKEJDZOCC&CNGPCFCOUWPRGFCEKVQFG
RCPCNPKQRQTSWGPQRWGFGEQOTUGNQVQFQ
'N
RCPUGJCEGGPWPJQTPQFGDCTTQ'UTGFQPFQ
[FGNICFQEQOQWPCVGNGTCITCPFG[WPRQEQ
FWNEG

RCCKQURCQ
TGIKQPCNKUOQRCWGNQ,KZ

ZWWPIKVWRCCKQIWLKKMWNJCVVKKTWLCM
FTLKZEJWOCCZ/KVQVKGPGWPRCWGNQ
VTCPURCTGPVGRWGUUGFKXKUCENCTCOGPVGCVTCXU
FGN
0QODTGFGNRCWGNQNCTIQFGEQNQT
DTKNNCPVG[VGNCVTCPURCTGPVGSWGNQUJQODTGUUWGNGP
NNGXCTCVCFQGPGNEWGNNQ=RNRCRCCKQQ
RCRKQ?

RCCUNJCFXCFPFGOGTQ!2CCUNJMMIW
DCCMVCMCCDPCRKEJMQDZKOTCM2GGITQ!
$JCKCCPCRCKZMQVDQTCMCDJCOOCC
FCCOFT!#FPFGOGTQGUVCDCNCXCECC[GT
EWCPFQHWKUVGCXGTNC2GFTQCNNGPGNNNCPKVQQ
CNNCTTKDC!

RCCUWKEJUGRC\QVG2CCUWKEJMPLKZKQQD

IWDJCDLKFJQQT.QUHTKLQNGUUQPUCDTQUQUEQP
GRC\QVG
RCCUWKEJLWPOCPOQNGFGGRC\QVG

RCKPCRZ

RCCUWNJUVC
JGTOCPCOC[QTFGNRCRt,K

CCPLCZUCRMWVDCEJCODJCLKKIW
RCCUWNJVCMCCDPCRMCKEJPCUCCMDJCLKOFC
IV!tLWRMCKEJIW#PTGCt&JQUCREJCO
LCZLKZDJCKPCIWVWZDWCtLWRVVFCIW
FPt/CORQTSWPQXKPQOKVCC[GTUK
FKLKUVGSWGKDCCXGPKT!tRTGIWPV#PFTGC
t2QTSWGPQVKGPGVKGORQRQTNQUSWGJCEGTGUSWG
VKGPGtEQPVGUVUWOCO
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOGPQT
FGWPCOWLGT$CLKOKCCRLKRCCUWNJMWVVW
IWDCOIIWOPCCPEJKVKDCOPTC#CR
IWFCKOVVDK;CXGVGUQDTKPQCNNEQPVW
OCOCNQOGLQT[CVGGUVGURGTCPFQ2WGFGUGT
SWGVGRGIWGRWGUPCFCOUGUVULWICPFQ
=RNRCRUWNJCRQURCCUWNJKRCRUWNJK?

RCKCFXGPFQPFGRQTFQPFG2CKPCZZCKKEJ

OQQVDKCRWPCODCEJCOWCOCIWEJ
MCMDCK0QUSWGFCTGOQURQTFQPFGJC[RCUVQ
RCTCSWGPWGUVTQUECDCNNQUPQUWHTCPFGJCODTG
8CUGRCC
PCRCKCFXFQPFG
OKLCRRCKCFXRQTCJ
EGTEC
OWRCKCFXRQTCNN
CDCLQNGLQU
OWLCRRCKCFXRQTCJ
NGLQU

RCKFJWWMCFXCNIPFC2CKFJWWMLCEJ

RCZKCTRW/CUCMNCPPQEJOWKDCDKCIW
VWWOK#NIPFCKTGOQUC/C\CVNPCRCUGCT
EWCPFQ[CVGPICOQUOWEJQFKPGTQ8CUGPC
RCKFJWWM

RCKLCFXCXGEGU#CRCKLOCLKOKC

DJCOOPKFJTLKWWEJKZDWKPCLKZ
QQPFCPCFNJ[CFCCMC#XGEGUXQ[CNN
EQPOKEWCFCRQTSWGOGGPHCFQFGGUVCTUQNC
CSW

RCKLRZCFXFGXG\GPEWCPFQ2CKLRZLKZ

KQOLKZKKDJCKMCFJK[QQMPQVLKZMPMQD
FWWP&GXG\GPEWCPFQEWCPFQNNWGXGCPVGU
FGVKGORQGUVGCIWCECVGVKGPGOWEJCHTWVC

RCKPCLCZCFXGPEKGTVCURCTVGU$CCRCKEJCO

VWQKEJCTCOIWOODRCKPCLCZVFF
.CUCDGLCUXKXGPGPNQURGCUEQUGPEKGTVCURCTVGU
FQPFGJC[CIWLGTQU

RCKPCRZCFXGPEWCNSWKGTRCTVGFQPFGSWKGTC
t2CCEJVDKCRW!tLWRMCKEJIW,WCP
t2CKPCRZFJQtLWRVVFCIW2GGITQ
t&PFGXCOQUCRCUCTNCPQEJG!tRTGIWPV
,WCPt&QPFGSWKGTCtEQPVGUV2GFTQ
8CUGPCRCK

'&+%+024'.+/+0#4`

RCKPCRZFJWWM

6'2'*70'52#1.

RCKPCRZFJWWMCFXEWCPFQSWKGTC

EWCNSWKGTFCt2CCRKOFWWMIKQDJCKRDC
RCZKCT!tLWRMCKEJIW,QUGGt2CKPCRZ
FWWMFJQPCEJIWTOKCPMCOtLWRMCKEJ
IW2GGITQt%WPFQXKGPGPCRCUGCTQVTC
XG\!tRTGIWPV,QUt%WCNSWKGTFCRQTSWG
XKXKOQUEGTECtEQPVGUV2GFTQ8CUGPCRCK
FJWWM

RCKPCRZLCMCFXCEWCNSWKGTRCTVG

CFQPFGSWKGTC2CKPCRZLCMLKZLQKPC
QKTFCFJKDJWTWZ%JCOQDPPKFJCDC
PQKEJVKDCLKICCICO'UVGDWTTQUWGNG
CPFCTCFQPFGSWKGTCRQTGUQPQNQGPEWGPVTQ
RTQPVQEWCPFQNQDWUEQ

RCLCMCFXCFPFG!CSWRCTVG!2CLCMLK
FJWWIWOCCPMCOPCOKMCMMCVVWTCCUPW
DVC!#FPFGUGHWGNCRGTUQPCSWGGUVCDC
RCTCFCCNNFGDCLQFGGUGFWTC\PQ!8CUGRCC
PCRCLCMCFXCFPFGCSWRCTVG

RCNJDWKFJCXaVC[WFCT,KRCNJDWKFJCCR
LCOKEJQKFJCFJKMCDCKIWUWWUMCP
#[FCOGCRQPGTNGNCUJGTTCFWTCUCOKECDCNNQ
RQTHCXQT
XaTRTQVGIGTUG2CKPCZDCDCCLCMZKO
RCNJDWKFJCIWMCTDCZPQVDCLKQKIWDJCP
'NEJKXQUGRTQVGIGGPNCDCTTCPECEWCPFQNQ
CVCECGNEQ[QVG
=RTGVRCNJDWKRTGURCNJDWK?

RCNJRCFXRQSWKVQ
VKGORQ%JCODJCKMQK
KEJCCZKD2CNJRLCKEJRZMQKRWZKDPC
DCZKCNJKO:KDLCDCVKDCZMQQZKOPCVLK
CODCVQP;QPQFQTODKGPCPQEJGFQTO
RQSWKVQEWCPFQ[CGUVCDCCOCPGEKGPFQ[CJQTC
SWG[COGRGIGNUQNOGFKQUWGQ
RGFC\Q2CNJRDJCLCKKFJKMKKUPC
DJCKFJCCPCMPVWLWIKC&COGWPRGFC\Q
FGNSWGUQSWGGUVCNNRCTCEQOTOGNQ
CEQORCCFQEQPVQTVKNNC
8CTRCTR
RCNJRCNJOW[RQSWKVQ
RCNJRLWOFWWMCORGSWGCEQUC

RCNJRLWOFWWMCO=CPVPFGIRLWO
FWWMCO?PQITCPEQUC

RCPCCNJKZUCXKURC
EJKSWKVCPGITCEQP

RGSWGCUTC[CUDNCPECUt6WDJCCOFWWO
MCCOCOPCDCIZDCKIM!tLWRMCKEJIW
#PTGGUt&JQDJCMKOCCPIWRCPCCNJKZ
OWMCPFCCOFTPCKEJLKDWCtLWRMCKEJ
IW2GGNGUt2QTSWGUVJKPEJCFCVWOGLKNNC!
3WVGRCU!tRTGIWPV#PFTUt2WGUOG



RKEWPCCXKURCCNNCTTKDCFQPFGVWODGNRCPCN
tEQPVGUV(NKZ
RCPCN
FGCXKURC,CKVWVWCVCOPCPIKCMC
COIWRCRPCNJKZLCKDCCRCKEJCO#NIWPCU
CXKURCUJCEGPUWURCPCNGUGPNQUGPEKPQU[QVTCU
GPNQURGCUEQU
=RNRCRPCNJKZ?

RCPCCUCFXRCTGEGSWG$JCOOPKQKRQCO

RCPCCUIWMCTDCZPCRCKRZCOLKZEJVFW
#NNGPNCRCTVGXGTFGRCTGEGSWGCPFCPNQU
EJKXQU
EQPLCWPSWGCRGUCTFGSWG%JCOQPMCM
FJKDJCD2CPCCULCKEJVKIOKDWK0Q
GUVPUCNCFQUNQUHTKLQNGUCWPSWGNGUGEJOWEJC
UCN

RCRCCNJ=RNFGRCCNJ?UCEGTFQVGU
RCRCCKQ=RNFGRCCKQ?RCQU8CTRCRKQ
RCRUWNJ=RNFGRCCUWNJ?VCUUQDTKPQUUQDTKPCU
=CRQURCRUWNJK?

RCRZKCTFCO=RNFGRCZKCTFCO?XKUKVCPVGU
RCTDCPCFXOCNPQDKGP
KPEQORNGVQQFGHKEKGPVG
2CTDCPLCRKEJDCMZKLKKUOKFJCMFJK
MWVWWPOCCPPCVLCZLWOUQQODJKQ0QOG
EQUKUVGDKGPOKECOKUCRWGUUGFGUEQUK
8CTRCTDQP

RCTDCPRZCFXPQOW[DKGPOW[OCN2CTDCP
RZLKOFWWMFJKOCCPMCOVKIKKNJKOLKTLKZ
EJWOKICO0QUGXKUVGOW[DKGPGUCRGTUQPC
CWPSWGGUOW[TKEC8CTRCTDQPRZ

RCTR=XCTFGRCNJR?RQSWKVQ
RCVCCUCXaVECODKCTTGGORNC\CT%JCOLK

PCCKZFJKUCDWKTCZPCKEJVKUCDCNJ)KQ
EJKROCRCVCCUOTCLWOCKMPOWPCKEJ
RCKUCDCNJ0QOGSWGFCPGUVQURCPVCNQPGU
SWGCECDQFGEQORTCT6GPIQSWGKTCECODKCTNQU
RQTQVTQUCNNFQPFGNQUEQORT
XaTECODKCTUG
TQRCWQHKEKQ'GMWOQQ
LCKRCVCCUCIWLCLCPPWNJ$CZEJWKMQTC
FJKPCEJVV%TGQSWGOGXQ[CECODKCTFG
TQRCRWGUGUVUWEKCNCSWGVTCKIQRWGUVC
=RTGVRCVCCUCRTGURCVCCU?

RCZKCTCXaVXKUKVCT
CQVTCRGTUQPC%JCO

RCKMCRCZKCTIWDCDQQNJPC[CMC
RCZKCTFC;CPQOGXKUKVCVCPVQOKVCRWGU
CPVGUOGXKUKVCDCUGIWKFQ
XaKRCUGCT#COCCPPKOIW,WMVT
QKMCOLCDORCZKCTOTCMDJCOO/GGLKM
7PCXG\HWKEQPWPCURGTUQPCUFG5CPVC/CTC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

1EQVPCRCUGCTC/ZKEQ
=RTGVRCZKCTCRTGURCZKCT?

RCZKCTFCOUXKUKVCPVG,CDCKFJCMIW

RCRZKCTFCOIWCDWKNPCUCRVWLC
QPDCKFJC/KCDWGNCKPXKVCNQUXKUKVCPVGUC
EQOGT=RNRCRZKCTFCO?

RCRCTVCNIQWPRQEQOGFKQ,KZICMRCDKK

KEJPCVLKZKQOVWCK$CLWPRQEQFGRGUQ
RQTSWGOGGPHGTOITCXGOGPVG
5GWUCGPNCRCTVGOGPQTFGWPCEQORCTCEKP
,KZKQOLKTIIWUWWFCK[CFJKQKICPIW
FDTLKTCNJKEJRC*C[OC[QTUWRGTHKEKGFG
CIWCGPGNOWPFQSWGFGVKGTTC

RKTKK

2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ2CCRKEJVWVCCFJKZCLQK
DJCDPCRKEJDCLKK!&PFGEQORTCUVGGUG
HTKLQNRKPVQSWGXCUCUGODTCT!
=5GRTGUGPVCFGURWUFGWPCXQECNQWPCRCWUC
INQVCN)TCO?8CTLCRKEJ8CUGR

RKKRKNJURQNNKVQ,KZDJCKOCCPCLCMWMRC

IWRKRRKNJPCEJCOLCWKMCIWVQDJCD'U
PGEGUCTKQGPLCWNCTDKGPCNQURQNNKVQURCTCSWG
PQUGNQUNNGXGGNICXKNP=RNRKRRKNJQZKZRKNJ?

RCEJOCFCXaVGPXGPGPCT
VTCORC$WNJKC

RKOFJKICIQQZPCEJCOOWLCMDJ[CICC
VTPCVIWUCCMOLLCRLWOFCTCKIWDCMCCZ
RCEJOCFJKZMCO#OCTTGPCNRGTTQRCTCSWG
PQUGXC[CCNCOKNRCRQTSWGFKEGPSWGRQTCJ
RWUKGTQPECTPGGPXGPGPCFC=RTGVRCEJOCK
RTGURCEJOCPTGURCEJOCFJKZ?
CNJLCROQQZDJCKRCEJOCKd#[EOQ
OGGPXGPGP
5GFKEGEWCPFQNGTGICNCP
EQOKFCUKPOCNCKPVGPEKP

RCRPCNJKZ=RNFGRCPCCNJKZ?CXKURCURCPCNGU
RCTKKPURCFTKPQOCFTKPC$JCKDCLKOIWO
RCTKKP/QQRPCOMKCIWPQDKKPCRCK
FJWWMLWOKQMFJC;CXKGPGVWRCFTKPQ
&GDGUDGUCTNGNCOCPQEWCPFQVGUCNWFG

RKCOEQPLQ
CNVGTPCVKXCPQRTGIWPVC,CZK

LWTPMLCRVWVCCOTCIWQPOWPCRCKO
ICTCRKCORWZKDLCROWKZKLKOKCVWIK
RMR!'PNCVCTFGVKGPGUSWGKTCEQORTCTUCNC
NCVKGPFCQRWGFGUKTFGWPCXG\[CSWGPQVKGPGU
PCFCSWGJCEGT
KPVGTLXGTFCF!,CZKUCR[CCC[CIW
CCPRKCOCC6GGDCP!#NTCVQNNGICTOK
OCOXGTFCF'UVGDCP!
=)TCO?

RKCUVCVCXaKJCEGTWPCHKGUVC/CCPLCEJVW

KCTCIWVWWTPCEJVWRKCUVCVCMCDWKOWMPCT
LKEJCPQQNJKMC8COQUCOCVCTWPVQTQRCTC
JCEGTWPCHKGUVCOCCPCSWGGUFCFGOKUCPVQ
=RTGVRKCUVCVCRTGURKCUVCV?

RKEJENV+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN

UKPIWNCT[VKGORQRTGVTKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ$WNJMCKRKEJCCFJKO
KRWWTPCUCCMLKZFJWUCCTCOMCOCKZKEJIW
LWTDCP!4GFWLKUVGVWHCNFCGPNCEKPVWTCNC
SWGVGSWGFCDCHNQLC!


RKOENV+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN

RNWTCN2WGFGRTGUGPVCTUGEQOQUWHKLQCNXGTDQ
,CMWWRCRKOZKDFJKDJGOUGTPCOEJCOVW
ZK[CVWMCCMWEJVWUWWUUCKVWK[CIWDKKO
MCDWKOWM2QTHCXQTGPEGTTCNQUDGEGTTQURCTC
SWGPQOCOGPGPNCPQEJG[OCCPCRQFCOQU
QTFGCTNCUXCECURCTCVQOCTNCNGEJG
2WGFGRTGUGPVCTUGEQOQUWLKHQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ/QQRKOCNJZKIWIWWZFJC
IW2GGNGUPCLCKLKOKC-QTKCPPCEJ
KQMFJCRWIWZMCK*CICPNQRQUKDNGRCTC
CPKOCTC(NKZRCTCSWGVCODKPXC[CC&WTCPIQ
RCTCRNCVKECTEQPGNIQDGTPCFQT
=5GRTGUGPVCFGURWUFGWPCXQECNQWPCRCWUC
INQVCN)TCO?8CTLCRKO8CPUGLCRKOV
RKOV

RKOVENV+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN

RNWTCN[VKGORQRTGVTKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ)KCRKOVCCIWOCCEJW
PCRKOOKLCRMCIKIKFJCVVCMCCD!
.QITCTQPNC\CTGNOCEJQSWGGUVCDCPVTCVCPFQ
FGNC\CTC[GT!
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ'CIQTZKEJWCICPCZK
LCOMMPCRKOVVWMPDJCCMPCRKODC
RWKFJKMPEJCOMCVWOCCIK
2NCVSWGPOGRCTCUCDGTRQTSWUGGPQLCTQP[[C
PQUGJCDNCP
=5GRTGUGPVCFGURWUFGWPCXQECNQWPCRCWUC
INQVCN)TCO?8CTLCRKOV8CUGRKO

RKRRKNJ=RNFGRKKRKNJ?RQNNKVQU8CTZKZRKNJ
RKTKKUHTGPKNNQ
FGECDCNNQ#COCCPVKZ

UCDCFCOIWRKTKKIWZKDMCOPCIWDCT
MNJKICPFJKPC[CDKC3WKGTQEQORTCT

'&+%+024'.+/+0#4`

RM

6'2'*70'52#1.

WPHTGPKNNQPWGXQRQTSWGUVGSWGVGPIQGUV
ICUVCFQ=RNRKRTKCRQURKTKKICP?

RMRCTV+PFKECSWGNCUKVWCEKPECUKGUV

EQORNGVCOGPVGFGUCTTQNNCFC,CRRMDCLK[QQ
FJKKKDJCKRMCODCVCLCCKZ;COGTQ
GORKG\CCHNQTGEGTGUVGPQRCNRWGU[CUGGUVP
CDTKGPFQNCUHNQTGU
+PFKECSWGNCUKVWCEKPGUVFGHKEKGPVGGPCNIP
CURGEVQ5WUFCIWQQPQDPCKEJZKEJWLWC
PCIWEJCOLZFJCRMMCVWLWCP/G
UCNKGTQPCORQNNCUGPNCUOCPQUEWCPFQVTCDCL
RQTSWG[CECUKPWPECVTCDCLQEQPGNNCU

RPRCTV+PFKECSWGPQTGEWGTFCGZCEVCOGPVG

$JCOOPKPCOQKRQQKFJCVCOIWEJ
MCMDCK5CCMRPLKKOV!0WGUVTQUECDCNNQU
CPFCPCNNGPGNEGTTQ0QSWGJCDCPJWKFQ!

RZRCTVPCFCOUt6WRLCZDWC!tLWR

MCKEJIW,WCPt;CRZLCRQKTtLWR
MCKEJIW2GGITQt3WJCEGU!tRTGIWPV
,WCPt0CFCOUCPFQRQTCSWtEQPVGUV
2GFTQ
5GRTGUGPVCEQPQVTQCFXGTDKQEQOQFKOKPWVKXQ
,CTQQWKZFJCMIWZWWUCMPCDCOKRZ
EJCOVWLCKEJPCRCKMCVWCMCV!3WKPUG
NNGXOKUJWCTCEJGU!2WGUPQGUVPCNN
NKVCNN
PCFCOUFQPFGNQUVGPC
FNJRZCFXRQTUOKUOQ

RZCOCFXEQOQSWG2ZCOOMLCMLWWIV

DCCRMKNJKO[CPCVRCKMKIWPCMUT%QOQ
SWGUGOGGUVGPVWOGEKGPFQCNTGFGFQTFGCSW
FQPFGOGRKEGNCNCETP

RZEJDRCFXHQTOCFQU
GPWPCHKNC/WPK

LCRRZEJDRMCVVWCOIWLCVMCOPCOV
DCMCKOIWZMCKPCUCCMDJCCC[C
5WUDCPVCO2QTCJXCPNCURGTUQPCUHQTOCFCU
GPWPCHKNCRCTCXGTCNIQDGTPCFQTSWKGPXCC
NNGICTC.QU%JCTEQU

RZEJK=RTGVFGRZEJ[C?UGQ[
FGNGLQU
RZEJTPKCXaKGZVGPFGTUG
HWGIQNKVUGQ[G

CTFGT)KKNJKOLKZEJOKMCVCCDJCMLCM
PCIWZEJWICMMC2CNJRPQKEJOKLCR
ZKMKIWVCKRZEJTPKC(EKNOGPVGGORKG\CP
NQUKPEGPFKQUGPNCRQECFGUGSWCRQTSWGVQFQ
GUVUGEQUKRTGPFQWPRQSWKVQFGNWODTGRQT
CNNUGGZVKGPFGTRKFCOGPVG=RTGVRZEJT
RTQITRZEJTKO?

RZEJ[CXaKQTUG
FGNGLQU,CTQQOWRCK

RZMCKEJMQQMDCPPCVWUQDMQPIW
VCCONCU!3WKPUGQ[GSWGCPFCRQTCJGPGN



DQTFGFGNRGCUEQSWGGUVGNCDQTCPFQVCDNCU!
=RTGVRZEJKRTGURZMCKEJ?

RZLKEJMCFXUGIWKFQ6KRZLKEJMIW,QUGG
PCVWOC[CUEJCOLKDWRRCIWDJQOMQZ
,QUNGJCVKTCFQUGIWKFQCNVGEJCNQVGRGTQPQNG
JCFCFQ

RZMCKFJCXaKFGEKTUGEQOGPVCTUG
TWOQT
8CPUGMCKFJCMCKEJC

RZMCKEJ=RTGUFGRZEJ[C?UGQ[G
FGNGLQU
RQFGGTQXaKRQFGTVGPGTECRCEKFCFNJKK
CRCCPCRRQFGGTPCRVWDJKKQTCFJKLWWP
IWFNJMCLKIWORCNJDWKFJC!%TGGU
SWGVUQNQRWGFGUECTICTGUVGOC\QSWKGTGU
SWGVGC[WFG!
RQFGTVGPGTVKGORQ%JCRKCORQFGGTPCR
LKRCNJDWKFJCMCDWKOWMPCVWDQQRKC!
0QRQFTCUC[WFCTOGCFGU[GTDCTOCCPC!
=RTGVRQFGGTQRTGURQFGGT?8CTRWFGGTW

RQUWHaX+PFKECSWGNCCEEKPUGNNGXCTCECDQGP
QVTCRCTVGRQTOUFGWPCRGTUQPCRGLVW
MQKRQCOKTPCEQOGTRCZKCTRQCOKTPC
RCUGCT=)TCO?8CTRW8CUGOTC

RWRTGHaX+PFKECSWGNCUKVWCEKPGUTGNCVKXCOGPVG

UGPEKNNC#CROKFJTRWLKKCCLCPQPCRLCZ
OWFTMCQKTV$GTPCNFQDWKMCRVKIKQOK
FJTLWRZKMCC$CLKK[Q!#SWGNFCEWCPFQ
CPFCDCUFGCSWGNNCFQEQP$GTPCTFQVGHWKUVGQ
VGXKPKUVGQVTCXG\CN$CLQ!=)TCO?

RWEJWOCFXKIWCN
CRCTKGPEKC2WEJWOLWR
WCIWLKKMWNJIWMCDCKPCLCZEJWOIW
EJCCVICP/KVQVTCGWPECDCNNQKIWCNCNSWG
VKGPGOKRCR

RWFGGTW=XCTFGRQFGGTQ?RQFGTVGPGT
ECRCEKFCF

RWKCFXVQFCXC2WKDJCKFJCCCCIW2CUMWCN
DJCOOFT)KQVT$KDKCMCOCCMCOLCMDC
MKQCC!6QFCXCGUVXKXKGPFQ2CUEWCNCNNGP
.NCPQFGN/CPCPVKCNQ[CXKXGGPQVTQNWICT!

RWKCFXCU
GPIGPGTCN6KEJKEJDCVWCIK
FJK2GGITQPCEJCODJCCKPCRWKEJW
DWCFC6TCVCOQUFGCFXGTVKTNGC2GFTQSWGPQ
GUVDKGPCEVWCTCU
CU
UKPJCEGTNQWUWCN2WKEJCOVWLWICCM
DCVWLWCPCOIW/KNKVQQP/GNKVPUGHWGC
VTCDCLCTCUUKPEQOGT
CRKG2WKUCRDJCLKKDJCKFJT
5WUDJCPVCOIW%JGGPFQ&KEG4QUGPFQSWG
UGXKPQCRKGFG.QU%JCTEQU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

DCRWKRCFXVCODKP
FGNCOKUOC
OCPGTC
FJKRWKCFXGUQGUVQ
GPRCTVKEWNCT
OKRWKCFXCNNOGTQFGKIWCNHQTOC

JQLCUFGGUGTDQNUQPECUKKIWCNGUCNCUJQLCUFGN
CIWCECVG

4

RWKLCMCFXCU
RQTEQUVWODTG,WOCCPCR

OWPCOMKTCIWOCMIOPCDCDJCLKOKCPC
IWRWKLCMLWODWC%JCOLZMCVDJCLKOKC
LKIWFNJ'UPGEGUCTKQSWGXC[CUCDWUECTCN
EWTCPFGTQRCTCSWGXGPICEQPVKIQRQTSWGCUGU
NCEQUVWODTGRWGUPWPECXCCXGPKTUQNQ

RWKLKCFXGUVDKGPDWGPQ
TGURWGUVCCNSWG

CECDCFGNNGICTt#CIKQDJCLCMRtLWR
MCKEJIW#PTGGUt#CRWKLKtLWRMCKEJIW
2CCDNQt;CXKPGQVTCXG\tFKLQ#PFTU
t'UVDKGPtTGURQPFK2CDNQ

RWKMWDCEQPLRQTGUQ5MCVDCMIW

VQQPCPIWMCTDCZDJCLCREJKMKKTVCORWK
MWDCVKUCTCCM.CRCVCFGNCEJKXCGUVCDC
CVQTCFCGPWPCRCTVGFGNTGFKN[RQTGUQGUVCDC
DCNCPFQFGFQNQT

RWKPCLCZCFXCUEQOQ:KDLQKFJCOLKZ

DJCKVCPQQTEJCOVWRWKPCLCZVCMCCDPC
CORZRWKZEJDCC*C[OUUQNCJQTCSWG
C[GT
NKVPQEQOQC[GTEWCPFQGUVCDCPWDNCFQ

RWKRCFXCUEQOQ
FGKIWCNOCPGTC,K

CCPMCPKRWKRLKCCZKFJKOIW+NKK[CUPC
LCZLKDWKOPCLKO/COHLCVGEOQ'NCU
UGXKGPGDWTNCPFQFGOTGOGFPFQOG
NKV
JCEKGPFQCUEQOQJCIQ[Q
QVTCXG\FGPWGXQ,CKPCRKEJDCIKQ
RWKRDCVKPCRUCCMEJCORWKMCMCKEJFJC
0QSWG[CPQKDCUCFGEKTGUQ!RWGU[CNQ
FKLKUVGCJQTCQVTCXG\
='UEQPVTCEEKPFGRWKOULWR?

RWKRZCFXPCFCOUCU2WKRZLKPCRLK

OCMKCFJKODQPCCOVWIK!PCIWDCT
MNJKICP4GINCOG
NKVFCOGPCFCOUCU
VWUQODTGTQRWGU[CGUVFGUICUVCFQ
RWKRZLKZOCCVSWGVKGPGGUCEQUVWODTG

NKVPCFCOUCUUCDG

RWRCFXWPRQEQOU
ECPVKFCF#NJKEJRWR

IWLCOUWWPIK&COGWPRQEQOUFGCIWC
RQTHCXQT
RCTV+PFKECSWGNCUKVWCEKPUGNNGXCCECDQUKP
KPVGPEKP$JKFJKMCCRIWDQPOCPIWOVCCV
/KDCMRWRFCC.NXCNGGNUQODTGTQCVW
RCRRWGUCNNUGNGSWGF

RWKCFXKIWCNC+CORZRWKEJWOLWRVW

LCCFJKWWZPCLCZEJWOVWLCCIW[QQM.CU

TWTWZ

TENV+PFKECERWNCFGNQUUWUVCPVKXQU[CNIWPQU

CFLGVKXQURGLLCRLKPCTCOSWDWGPQOKT
RKCUVCMCCNNJCDTHKGUVC=5GRTGUGPVCFGURWU
FGWPCXQECNQRCWUCINQVCN)TCO[?
8CTLKT

TCORQURGPGPEKOCFG
RCTVGFGNEWGTRQ

+KEJWFKOFJQIWPCKNQFJKICIQQZPCRDJC
DCCZKOQTCO,WRKFJCCRLWRVVFCIW
FPIW,WCPC.CDQNUCFGRNUVKEQSWGNG
RWUKUVGGPNCECDG\CCNRGTTQNQGUVCUHKZKCPFQ
3WVCUGNCNGFKLQUWOCOC,WCPC
GPRQTFGPVTQFG2CCDCUCDCPFCIW
2GGITQIWRCEJPCDCICOOLVW
RCEJOCPFCOWICCTCOPCRCKFJWWMDC
VWMCKOVWPMC!&PFGEQORTCT2GFTQGN
XGPGPQ!2WGUUKGORTGRQPGPVTCORCUXGPGPQUCU
GPUWOKNRCEWCPFQJC[GNQVGU
=5GRTGUGPVCGPUWUVCPVKXQURQUGUKXQUFGVGTEGTC
RGTUQPCFGNUKPIWNCT?8CTTCP8CUGCO

TCOWWLWURCNQEQPWPCNCODTG
RCTCCOCTTCT

,CTQQICPFJKICIQQZPCOKDWNJTCOWWLW
MP!&GSWKPGUGUGRGTTQSWGGUVCOCTTCFQ
CNRCNQEQPWPCNCODTG!

TCTQKP=RNFGTQKP?TWGFCU
TCUWHaX+PFKECSWGNCCEEKPUGNNGXCTCECDQGP
QVTCRCTVGRQTWPCRGTUQPCRGLVWMQKTCKTC
EQOGTDCVDKTCKTCDCCTUG
=0QTOCNOGPVGUGRTGUGPVCFGURWUFGWPCXQECN
)TCO?8CTOTC

TKDJWWUUTGDQ\Q/WOOWDCMRWRFCCIW

TKDJWWUVWCDVCPCKEJRCKZKLRFJCM
#NNUGSWGFOKTGDQ\QFQPFGFGUECPUFGDCLQ
FGWPGPEKPQ=RNTKUDJWU?

TQKPUTWGFCNNCPVC/WOOWPKFJTDJCKDC
VWWNJRCKOOCCPIWTQKPIW2CCEQ#NN
XKGPG2CEQTQFCPFQWPCNNCPVC=RNTCTQKP?

TWTWZUJCOCEC$JCOOPKRZKDQQFCK

TWTWZEJCOFJKCNJKKZKLQKFJCMWMQZKC
#ORZUWCMPCIWEJKZMQQZKOLWRVVFC
IW#OCCNKCIWOCTCCP2QPCNPKQGPNC

'&+%+024'.+/+0#4`

UCCD

6'2'*70'52#1.

JCOCEC[OWXGNQRCTCSWGUGFWGTOCRWGUGUV
NNQTCPFQRQTSWGVKGPGUWGQNGFKLQ#OCNKCCUW
JKLC=RNTWTTWZ?

UCCNJCFXFGURCEKQRQEQCRQEQ5CCNJVWQKT
IWOWWNJ.CVQTVWICCPFCFGURCEKQ

UCCOKCXaVUQPCT
ECORCPC,CTQQDCDJCK

RCKVWDKRKCPCDCDJLRCKUCCOWPIWLC
UGPUGTPQIWMCMCTDCZ!/QQEJKIWORCCUWNJ
3WKPGUVCTRCUVQTGCPFQRQTCNN!2WGUUGQ[G
SWGUWGPCGNEGPEGTTQFGNCUEJKXCU#NQOGLQTGU
VWVCSWGXKGPG=RTGVUCCORTGUUCCOWP?

5

UCCRCVUUDCFQ5CCRCVUCRVWOCICFCOL

=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPZ
VKGPGPXCTKCPVGUSWGGORKG\CPEQPUNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?

UCCDUVCNNQ
FGOCIWG[SWKQVG%JCORCK

MMCVCCIWUCCDLKZOQKMOWLCRRCKPC
RKEJVWDKCTCMPCRIVDJCKZKDJKPCEJ
LKFJQQTCKLWPOCFC!0QGPEQPVTCUVGWPSWKQVG
VKGTPQRQTCNNFQPFGHWKUVGCEWKFCTNCUEJKXCU!
6GNQJWDKGTCUVTCFQRCTCJGTXKTNQ[JCEGTOQNG

UCCDVWFCXaVJCEGTC[WPCT
EQOQECUVKIQ#C

[CVKUCCDVWFCKOFJKOCCEJWPCIKKNJKO
LWODWCPCEJVKWNJKKU-CDWKOWMFTLCEJVK
[CDCDWTPCRCKZEJWFCCRCM'UVQ[
JCEKGPFQC[WPCTCGUVGOCEJQRQTSWGPQNGIWUVC
SWGNGRQPICNCUKNNCFGOQPVCTRWGUFGUFGNC
OCCPCNQCOCTTCSWFQPFGPQJC[RCUVQ
=RTGVUCCDVWFCRTGUUCCDVWP?

UCCDWXaTC[WPCT%JCOVWMWCIWEJCCV

PCVKEJKCPPCVWLWIKCDRLWOUCCDUCR
0QSWGTCEQOGTOKRCRJCEGTCVKVQEWCPFQNG
QHTGEFGEQOGTRWGUFKEGSWGGUVC[WPCPFQ
=RTGVUCCDWRTGUUCCD?

UCCFCXaVCTTGCT
UKPNC\CT$JCUCCPFJK

DJGUGGTMWVWZK[C#TTCRCTCCEGUG
DGEGTTKVQRCTCSWGOCOG=RTGVUCKRTGUUCUFC
OQXUCCPVW?

UCCMRCTV+PFKECKPHQTOCEKPKPFKTGEVC[CEQPQEKFC
RQTGNQ[GPVG/CCPLCRDJCKZKEJCZKFJCK
IWDQZMCTPCRUCCMOWLKOKC)#M%JCO
;CSWGXCUCKTC4Q)TCPFGOGEQORTCUWPC
GUEQDC=)TCO?

UCCMWURWQ
FGITCPQUUGEQU/CCPUCCMW

OWZKLCKCDWKIWLWWPIWVCVMCTWK&GNGU
WPRWQFGOC\CNCUICNNKPCU=GURUCEQ?

UCCMWUDNWUC
CFQTPCFCEQPGURKIWKNNCQGPECLG

,QKFJCOLKZCDJCCTFJKOUCCMWPCVQKFJKZ
6WDNWUCGUVOW[DQPKVCEQOQGUVCFQTPCFC
=RNUCUMWGURUCEQ?



,WMVT&KEGPSWGGNUDCFQXCCJCDGTWPC
TGWPKPGP5CPVC/CTC

UCCTCRUSWGNKVG6KKEJVWICCOTCMIW

UCCTCRDJCOOPKLCRNJKEJCCMMPPC
UCRMPDKUFCIVIWLCCM#VVKKTWMKUOKZ
DCMIWDJCLCRVWODKRKCFC(WKCDWUECT
SWGNKVGGPNQUCTTQ[QURCTCEQOGTEQPOC\
VQUVCFQRGTQGUVCDCPCECDCFCUNCUJQLCURQTNCU
EJKXCUSWGUGEWKFCPCNN
ECOQVGUKNXGUVTG-CDWKOWMLCEJMQDKKRQIW
UCCTCRPCEJVWLKFJQQTC8COQUCGZECXCT
ECOQVGUUKNXGUVTGUOCCPCRCTCEQEGTNQU
=GURTGIUCTCDKSWG?

UCCUCDUOUKEC'CROCCPOKZKEJWUCCUCD

LCZEJWOPCZCDJCCTLQKFJCO-CEJCOCC
VWMWWFJKOTCCFKQ!6QECCNIWPCOUKEC
DQPKVCGPVWTCFKQQPQUKTXG!

UCCUDKCXaKVQECT
OUKEC,KDJKOTIW

NCDGGTOWDCMEJTMW[CPKOCCPOKGGEJ
VWUCCUDKCLQKFJCODCZEJWUCCUDKOK8GC
VTCGTOGOKXKQNPFGNCECUCRCTCVQECTCNIQRWGU
VGPIQICPCUFGVQECT=RTGVUCCURTGUUCD
RTQITUCDKKO?

UCCUDKFJCXaVVQECT
OUKECRCTCQVTCRGTUQPC
,CZLCEJWOOKZKOUCCUDKFJC,QUGG!
,CZLCRVWOLQKFJCOM!%WNECPEKP
SWKGTGUSWGVGVQSWG,QU!%WNVGIWUVCOU!
=RTGVUCCUDKRTGUUCDKK?

UCCUDKMCTUKPUVTWOGPVQOWUKECN#CRLCZ

EJWOUCCUDKMCTLKZOCCVVUCDIWMKEJCCTCC
MCIWNCDGGTCC!%WNKPUVTWOGPVQUCDGU
VQECTNCIWKVCTTCQGNXKQNP!=RNUCUCCUDKMCT
CRQUUCCUDKMCTWPUCUCCUDKMCTWP?

UCCUMKC=UWLRNFGUCTPKC?UGTCUICTP
VGNCUQ
XCSWGVCU=RTGVUCCUMRTGUUCCUCM?

UCCUUC=EQORNRNFGUCTPC?TCUICTNCU
VGNCUQ
XCSWGVCU=RTGVUCCUCRTGUUCCUCU?

UCCUWC=RNFGUCWC?EQDKLCU8CTUCUWC
UCCFJCPCFXGPVTGGPOGFKQFG
FQPFGGUVP

RCTCFQU$JCOOPKDWWUPKCUCCFJCPFJK

'&+%+024'.+/+0#4`



6'2'*70'52#1.

QKFJCPQKEJ6WWURCLCMDCLKK%WCPFQ
XQ[C6WZRCPRCUQGPOGFKQFGGUQUFQUEGTTQU

UCD=RTGUFGUCCUDKC?VQECOUKEC
UCDCCTCFXCPEJQ
TQDCUVCPVG
CIWC

5CDCCTDCOTIWUWWFCKPCVLKZKQOZK
FJWWP;CEQTTGDCUVCPVGCIWC
NKVGNTQEQTTG
CPEJQRQTNCHWGTVGNNWXKCSWGEC[
CORNKCECPVKFCFDCUVCPVG
EQUCUUGECU
#NJKEJLKKMOTIWUCKPCEJMPOQTIKFJC
FJKDCCCMPCEJCODJCLCMQQVFC5CDCCT
LCROQQDJCLKKMKMC8GCEQTVCT\CECVGRCTC
VCRCTGNVGEJQFGGUVCECUCRCTCSWGPQIQVG
RGTQSWGUGCDCUVCPVG

UCDCFCXaVEQORTCT/CLKMNJKKEJCFJK

ZKKT/QQEJKLWOCKOCUCDCFC;CUGGUV
FGUICUVCPFQOKUKNNCFGOQPVCT%TGQSWGXQ[C
EQORTCTWPCPWGXC=RTGUUCDCPRTGVUCDCNJ?

UCDCPUEQUCEQORTCFCt,CTQQUCDCNJFJK

MCTWWO!tLWRMCKEJIW,WCPCt#CKFJQT
LKZCDCP,CTQQIKDCR!tLWRMCKEJIW
FPt3WKPEQORTGUQURNVCPQU!
tRTGIWPV,WCPCt2WGU[QNQUEQORTSWKP
OU!tEQPVGUVUWOCO=CRQUUCDCPICP?

UCDCPFCOUEQORTCFQTEQORTCFQTCENKGPVG
ENKGPVCt)QQMLCICNJKFJCIW,WCPIW
MCMCTDCZtLWRMCKEJIW.WWRKt-WZUCR
LKTUCDCPFCO!tLWRMCKEJIW4QQUCt.G
XQ[CXGPFGTWPCUEJKXCUC,WCPtFKLQ
)WCFCNWRGt#RQEQNGUEQORTCFQT!
tTGURQPFK4QUC

UCDCZKFJCXaDEQORTCT
RCTCQVTCRGTUQPC

%JKKCCRIWOZKKZMWOUCDCZKFJCIWO
UWUUCMPCOEJCOOKODJWTWMOCFC2FGNG
CVWJGTOCPQOC[QTSWGVGEQORTGNQU
JWCTCEJGURCTCSWGPQVGGPICGP
=RTGVUCDCZKRTGUUCDCZK?
5KPPVCCZKFJC

UCDFCOUOUKEQ,KMQTCCTFJKUCCUCDPCO

IWLQKFJCODWCIWUCUCDFCOIW+IQMEJCO
MCO/GIWUVCGUCOUKECRQTSWGGUVQUOUKEQU
FG*WGLWSWKNNCUCDGPVQECTDKGP=RNUCUCDFCO?

UCDKKO=RTQITFGUCCUDKC?GUVVQECPFQOUKEC
UCDKK=RTGUFGUCCUDKFJC?NGVQECOUKEC
UCDWKTCZURCPVCNP
FGOCPVC,K
FJCCZZKFJCCRFJKZCDWKTCZOKQNJKCTCO
6PCLZIDCVFLWRVVFCIW2GGITQ
IWDPICP2QTHCXQTRTEJCOGOKRCPVCNP
GPNCTQFKNNCRWGUHLCVGEQOQVKGPGWPCIWLGTQ

UCMCCNJLKKOFCO

ITCPFGFKLQ2GFTQCUWGURQUC=RNUCUDWKTCZ
CRQUUCDWKTCZICP?
UCK=RTGVFGUCCFC?NQCTTG
UKPNC\CTNQ
UCK=RTGVFGUC[C?UGCVQT

UCKU\CECVG[GTDC$QQRPKCCRFJKUCKPC

EJCOOKWCOCVFCFJKKOCK#TTCPECGUC
JKGTDCRCTCSWGPQJCICOCTEJKVCTGUCECNCDC\C

UCKDJKQMCXaVFGUCVQTCT$CUCKIWVTDKCP

IWMCDCK/KFJTZKUCKDJKQMMWICOOL
LCMVWMQKTC;CUGCVQTNCUQICFGNECDCNNQ
2QTHCXQTFGUCVTCNQRCTCSWGXC[CCEQOGTRQT
CNN=RTGVUCKDJKQRTGUUCKDJKQM?

UCKDJKQMFJCXaDFGUCVQTCT
RCTCQVTC

RGTUQPC)UCTLKDCMIWIWEJCOCCTTC
[LPKFJTLKMQOCOPCVUCKOWMCP
CNCCOTKEJCOPCDJCKMCDWUCCMPCKEJ
IWDJCKGDDCKKUPCEJCOLCTQKLCKEJPC
UCKDJKQMFC5GTCUIOWEJQOKEJCOCTTCGP
NCGURCNFCRQTSWGUGCVQTEWCPFQVTCVCDCFG
UCNKTFGFQPFGJC[CNCODTGFGRCURWGUNC
GUVKTRQTSWGPQJCDCSWKGPOGNCFGUCVQTCTC
=RTGVUCKDJKQMQUCKDJKQMK?

UCKEJCXaKETGEGT
\CECVG6CCVUCDVKVKIW
/KIKCNIWLKPCVIWEJCOVWDQQR/KRW
UCKEJC/KIWGNUGODTGPVKGTTCENKFCPCFC
OUSWGETGEKRWTQ\CECVGRQTSWGPQNKORK
=RTGVUCKEJCEQPVUCUCKEJCTFC?

UCKEJFJCXaVEQNICT5CKEJFJCCRFJK

CTRWWUPCEJCOOKVWVQQZMQNJMKMC
%WGNICGNOQTTCNPQUGCSWGCNIPOCTTCPQUGNQ
NNGXG=EQORNRNPCPIKCRTGVUCKKEJPCPIKC
RTGUUCUCKEJWPPCPIKCT?
UXaGGUVCTEQNICFQ

UCKOCTUEJCRWNPXGTFG%JCOOCCZIWUCK

OCTPQOKRCKFCCUCKEJTPCIWRWKRLKZ
EJFWPCLCZIWUCK'NEJCRWNPXGTFGPQUG
XGEWCPFQGUVGPGN\CECVGRQTSWGGUKIWCNFG
XGTFGEQOQGN\CECVG=RNUCKOCCOCT?

UCMCCNJCFXGPHKNC5CMCCNJLCRKOZKIWMKC
MWLCOFKVTCVCCTW2PICPUGGPHKNCRCTC
VQOCTNGUWPCHQVQITCHC#PVPMQMOCT

UCMCCNJKMUEQTFKNNGTC#CICOCKDJCOOPK
FJTLCMMKKEJCFJKLWOCKUCMCCNJKMPCIW
DJCOOFTLQKFJCOLKZIKQQ'NCQSWG
GPVTCXQ[CXKXKTGPCSWGNNCEQTFKNNGTCRQTSWG
CNNGUVRNCPQ=RNUCUMCNJKM?
UCMCCNJKMCOGPEKOCFGNCEQTFKNNGTC

UCMCCNJLKKOFCOU1UC/C[QT
EQPUVGNCEKP

'CROWKZKEJIWUCMCCNJLKKOFCO2CKZ

'&+%+024'.+/+0#4`

UCOKK

6'2'*70'52#1.

RMDCFCTCC!#XGTOKTCCNC1UC/C[QTCXGT
FPFGGUV

UCOKKUECOCTP2WKRLKTLWOMWCFCOIW

UCOKKLCRPCIWDCVQQR'NECOCTPGU
EQOGUVKDNGCNKIWCNSWGGNRGUECFQ=RNUCUOK?

UCPFCCTWKZUUQNFCFQ$JCOOPKFJTRZLKZ

MQQOCVWCOIWUCPFCCTWKZPCODJCKDC
LKKO6WOUCRICCIKO!2QTCNNXKGPGPNQU
UQNFCFQUXGUVKFQUFGITKU3WGUVPDWUECPFQ!

UCPFKK[CUUUCPFC$CUWWNJIWUCPFKK[CUPC

EJKEJKOQQEJCNJVWLWIKCPQVDCDJCK;C
VKGPGPHTWVQUNCUUCPFCUSWGUGODTCOQUJC[SWG
EQOGTNQUEWCPFQUGOCFWTGP

UCPQQRRQURCNRKG/WOOWQKRQVCO

QKFJCUCPQQRIWMCMCTDCZ.QUEJKXQU
CPFCDCPCNRKGFGNEGTTQ
CNNCFQ$JCKUCPQQRLCRLKDQ[C'UVGGNC
IWOZKKZ'UVGNCCEWUVCVGCNNCFQFGVW
JGTOCPC
LKZCPQQRCOKNCFQ

UCRRCTVSWG
KPHQTOCEKPKPFKTGEVCPQEQPQEKFC

RQTGNQ[GPVG/CKMLCEJDKRWIWLWPDQ
$JCKRCKUCRDCOCKEJ8COQUCEQOGTECC
FGC\ECTRWGUFKEGPSWGRQTCNNVTCLGTQP
SWG
KPHQTOCEKPKPFKTGEVCPQEQPQEKFCRQTGN
JCDNCPVGt,CTQQUCRFCIWKPCVDJCKZK
MVCMCCD!tLWRMCKEJIW5CCPVWU
t,WODJC!#CEJCOLWRVVMMCLKDCPCT
LCTQKDCFCtLWRMCKEJIW/CTUKNKKP
t3WKPFKEGPSWGGTCNCRGTUQPCSWGNNGICNN
C[GT!tRTGIWPV5CPVQUt3WKPUCDG!0QNGU
RTGIWPVSWKPGTCtEQPVGUV/CTEGNKPQ
SWG
RCTCTGRGVKTNQSWGCNIWKGPFKLQCQVTC
RGTUQPC%JCRUCROKVCCDKMCIWCNJKK
/KUCRLKZLO0QNGQDUVTW[CUGNECNQTFGN
HWGIQCNPKQRWGUFKEGSWGVKGPGHTQ
=)TCO?

UCRCCVWKZU\CRCVQ,KZDJCKRZKCCFJCKFJK

CNJKKIWUCURCVWKZK$CLWWRMKO2QPNGDKGP
NQU\CRCVQUCNPKQRQTSWG[CUGNGGUVP\CHCPFQ
=RNUCURCVWKZCRQUUCRCCVWKZK
UCURCVWKZK?

UCRQQ=RTGVFGUQRMKC?EQPV
EWGPVQ
UCRQQMUEWGPVQ/CCPZKUQRMKLK

QQICZ%JCORWKZLCOCCVCRPCRRCPCCU
OWKMCZLCOCCVVIWDCLMFTMCOUCRQQMK!
%WPVCOGWPEWGPVQVQ1[CPQUCDGU!
2CTGECSWGUCDCUOWEJQUEWGPVQUCPVKIWQU
8CTUCRQQMK



UCRQQM=RTGUFGUQRMKC?2GLVWUCRQQM

EWGPVC
EWGPVC

UCRRMDCCFXCRQEQ!t#CVCMCCDLK

LKDWCFJKMCDCKtLWRMCKEJIW#WIWVKKP
t5CRRMDCtLWRMCKEJIW+TKPGG[Qt#[GT
OGVWODOKECDCNNQtFKLQ#WIWUVPt#
RQEQ!tFKLQ+TKPGQ
UWRWGUVCOGPVG,WRMCKEJFJCCOPCUCR
RMDCZZKFJWWIWLWWPPQICPOOK
UWCMFCUCR5WRWGUVCOGPVGPQFGDGOQU
SWGOCTGNOC\RQTSWGPQUJCTNNQTCT
8CTUCRMDC

UCTCMMKCXaKNNQTCTITKVCT
FQNQTQUCOGPVG
/WPKZKFJCCIWCNJKK)KKNJKOUCTCCM
#ICTTGCNPKQRWGUGUVNNQTCPFQOWEJQ
=UWLRNUCUTCMKCRTGVUCTCCUCUTC
RTGUUCTCCMUCUTCM?

UCTDJCMCFLITWGUQ
FGHQTOCEKNPFTKEC/WPK

FJTLCOQKFJCIWOODOCCPUCTDJCM
VWCVCO)EJKDCCZCO&GCSWGNNCFQJC[
WPCEQNOGPCFGCDGLCUGPWPGPEKPQITWGUQRWGU
UGOGJCEGSWGJC[OWEJCOKGN
=RNUCUDJCTCMEQRLKT?#PVPTFKEJ
DCTUCTDJCMFJKWDKKGUVCOWLGTGUV
GODCTC\CFC

UCTPCXaVTCUICT
VGNCQXCSWGVCTDCPLKPCR

UCTPCIVFJKLCPPWNJCCRIWICKFJTRZ
LWRUCT&GDGTCUJCDGTTCUICFQGUCVGNCRQTGP
OGFKQRGTQVNCTCUICUVGFGWPNCFQ
=EQORNRNUCCUUCRTGVUCTUCCUCRTGUUCTCCU
UCCUCU?5KPPVCKMPC

UCTPKCXaKTCUICTUGTQORGTUG
VGNCQXCSWGVC

6KEJCOMCLQKKFJKZCRCCVWKZ,CROQQ
EJCOLWRVWUCCUCM;CPQOGIWUVCPOKU
\CRCVQURGTQPQUGTQORGPRTQPVQ
=UWLRNUCCUMKCRTGVUCTUCCUMRTGUUCCUCM?
5KPPVCKMKC

UCTPKFJCXaDTCUICTEQTVCT
VGNCQXCSWGVCRCTC

QVTCRGTUQPC#NJNKEJDJCUCTPKFJK
LCPPWNJPCRCKUMWMPDWNJKCIWPQD
;CKEJDCLKMKKEJ%TVCOGWPRGFC\QFGGUC
VGNCSWGGUVEQNICFCCNNRCTCCOCTTTOGNCRWGU
[COGEQTVNCOCPQ=RTGVUCTPKRTGUUCTPK?

UCTQMMKCXaKTQPECT)VWUCTQQMIW.CCNQ

PQVDCMQK%JCODJCKMQMZKEJWPFC.CNQ
TQPECOWEJQEWCPFQFWGTOG[PQOGFGLC
FQTOKTDKGP
DWHCTFCTTGUQRNKFQU5CTQMMKPCOOZK
EJWWPPKCFJKOCCEJWPQCOWWDVKOWK
ZKCLPCIWMCTLIKCTWOMWDCRWKODWC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

5KKPVGPVQCEGTECTOGCGUGOCEJQDWHC[DTKPEC
JCEKCCNNRQTSWGVQFCXCPQUGCOCPUCRQTGUQ
NQJCEG
=UWLRNUQUTQMKCRTGVUCTQQUQUTQ
RTGUUCTQQMUQUTQM?8CTUQTMKC

UCUCCUDKMCT=RNFGUCCUDKMCT?KPUVTWOGPVQU
OWUKECNGU=CRQUUCUCCUDKMCTWP?

UCUCDFCO=RNFGUCDFCO?OUKEQU
UCUCKEJCTFC=EQPVFGUCKEJC?GUVCTETGEKGPFQ

\CECVG

UCUCKEJWP=RTGUFGUCKEJFJC?NQEWGNIC
UCUC=RTGUFGUC[C?UGCVQTC8CTUU
UCUDWKTCZ=RNFGUCDWKTCZ?RCPVCNQPGU
FG
OCPVC

UCUFC=RTGUFGUCCFC?NQCTTGC
UKPNC\CTNQ
UCUMW=RNFGUCCMW?DNWUCU
UCUOK=RNFGUCOKK?ECOCTQPGU
UCUQK=RNFGUQK?CPKOCNGU
=CRQUUCUQKICP?

U

/CVCWPVGEJCNQVGPCFCOUSWGUGSWGF
CVQTCFQGPWPCJQTSWGVCFGWPRKPQ
FQPFGJC[WPCFGUXKCEKP
GPGNECOKPQ5NJ
LCRLKOFCFJKKDJCCPFJKDQKPCOWLCM
DJKZ+MQDKPCOOFTPCRDCCCLKFJCDC
OCCPMPFTLCMUCTCMIWDQK&JKRDC
OWKZKQKFJCPCIWOWLCMDJKZXKPCVGGT
PCRRCKUCCMLKO5KIWGGUVGECOKPQSWGXC
TWODQC.QU#OQNGU[EWCPFQ[CGUVUEGTEC
FQPFGJC[WPCFGUXKCEKPFGDGUKTVGCNC
FGTGEJCRCTCKTJCEKCGNXKGFQCFQPFGFKEGU
SWGXCU
=RNUCUCTCM?

UCTMCFCXaKFGUXKCTUG
FGNECOKPQRTKPEKRCN

/CCPUNJDJKZIWDQKOWLCM;QQZK%JCO
IWDCPQRIW/CPKCICULCMLKODJCLCM
FTOCCPUCTCMIWDQK&JKRDCDJCCPOW
LCMUCTMCFC*C[WPECOKPQSWGXCFGTGEJQ
C.CU(NQTGURGTQUKVXCUC.QU/CPGCFQU
VKGPGUSWGVQOCTGNECOKPQSWGUGFGUXCCPVGU
FGNNGICTC.CU(NQTGU=RTGVUCTMCK?

UCUQKPVC=EQORNRNFGUQKPVC?FQOGUVKECTNQU

UCUDJCTCM=RNFGUCTDJCM?ITWGUQU
FGHQTOC

UCUQKEJKZKO=RNFGUQKEJKZKO?

UCUMCNJKM=RNFGUCMCCNJKM?EQTFKNNGTCU
UCWCUEQDKLC)DMCKEJRCVWMCCPCKEJ

CPKOCNGU=RTGVUCUQKPVCRTGUUCUQKPVCT?
FQOGUVKECFQU
CPKOCNGUUCNXCLGU=EQRLKT?

UCUQQUOQEQ
FGNCPCTK\,CZMWRDCEJCO

WCKIWUCUQQPFJKCNJKK!)KKNJKOVWKK
2QTSWPQNGNKORKCUGNOQEQCGUVGPKQ!2WGU
UGXGOCN=CRQUUCUQQP?

UCUQQOMCT=RNFGUQQOMCT?CIWLCU
FGEQUGT
UCUQQMCT=RNFGUQQMCT?RKGFTCUFWTCU
RCTC
RGICT

UCUQ=RNFGUCQQ?NKGPFTGU
UCUQNJMC=UWLRNFGUQNJMC?UGGPEQIGTP
=RTGVUCUQNJMCRTGUUCUQNJMCT?

UCURCVWKZ=RNFGUCRCCVWKZ?\CRCVQU
=CRQUUCURCVWKZK?

UCUTCMKC=UWLRNFGUCTCMMKC?2GLUCUTCMKC
CONNQTCTP=RTGVUCUTCRTGUUCUTCM?

UCUWC=RNFGUCWC?EQDKLCU=CRQUUCUWCP?
8CTUCCUWC

UCKKEJ=RTGVFGUCKEJFJC?NQEQNI
UCQQUNKGPFTG5CUQVCOFTVCCVCMCOIW
CCCV.QURKQLQUPCEGPFGNCUNKGPFTGU
=RNUCUQ?

UCTCMCFXGPWPCJQTSWGVC
FGWPTDQN

/CCPLCKEJVKOWCIWDJQOMQZFCKPCV
DJCOOOVLWMVCODJCKPCRCKUCTCM

EKNPFTKEC=EQRLKT?

OCCPRZVKIWUCWC6WXGOWEJQHTQ
CPQEJGRQTSWGOGEWDTEQPWPCUQNCEQDKLC
=RNUCUWCQUCCUWCCRQUUCWCPUCUWCP?
MCUPKTUCWCUEQDKLCFGNCPC
FGDQTTGIQ
VQMUCWCUEQDKLCFGCNIQFP

UC[CXaKCVQTCTUG/KFJTZKUCKDJKQMK

FJKVTDKOLRCKDCUCK2QTHCXQTFGUCVQTC
OKUQICRWGURQTCNNUGCVQTGPCNIQ
=UWLRNPCPI[CRTGVUCKPCPIKCRTGUUCUCQ
UUPCPIT?

UGTTCVCFXRQTWPTCVQ-CDQQDQMKEJUGTTCV

6WIKRMOQQLCZLWRDCOFWKC!0QU
SWGFCTGOQUCEQUVCFQURQTWPTCVQOU3WXC
CUWEGFGTUKPQPQUNGXCPVCOQUCJQTKVC!
=GURCWPSWGUGCWPTCVQ?5KPPCNJKQ

UU=UWLRNFGU?EQNICFQU8CTPCPIKC
UU=RTGUFGUC[C?UGCVQTC8CTUCUC
UXaGGUVCTEQNICFQ
VGORQTCNOGPVG$JC

DJKFJKCUCCMPCDCCUPUMNCCDWUVCO
&COGGUCVCNGICSWGGUVEQNICFCGPGUGENCXQ
GUVCTEQNICFQ
FGRQTU-CEJLKZKLKDWCLK
FJKRCPCCNJKZPCDJCKU!6WODCOQUGUG
RCPCNSWGGUVEQNICFQCNN!3WRKGPUCU!
GUVCTEQNICFQ
GPWPCNVCTEGTGOQPKCN6U

'&+%+024'.+/+0#4`

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6'2'*70'52#1.

FJQUCRZKDOWPCRCKVWDKMCPIW/KIKCN
FCKPCEJDCVWMQKRQPCRCKFJWWMLK
ZKCNJKC'UVPEQNICFCUNCULCTTCUEGTGOQPKCNGU
CNNFQPFG/KIWGNGUVDGPFKEKGPFQCWPPKQ
RWGUJC[SWGKTCEQOGTEWCPFQVGTOKPGPFG
EWORNKTUWUQDNKICEKQPGU
=UWLRNUUQPCPIKC?8CUGUCKEJFJC
COUGUVUWURGPFKFQ
GPGNCKTG
UWWFCKFJCCOUGUVHNQVCPFQ
GPEKOC
FGNCIWC

UKCEQPLCWPSWG,KZLRKLKIWUKCMWVK
VCPQQT*CEGHTQCWPSWGGNUQNDTKNNC
=GURUGC)TCO?

UKIWWTCFXUGIWTQDKGP,KZOQKMLWOCCPC

VWOQVMCPCDCUKIWWTMQZKC5GPGEGUKVC
WPCCNOQJCFCDNCPFCRCTCRQFGTFQTOKTDKGP

UKKURCXaVCUGIWTCTCDTQEJCT5KKURCKFJCVCR

FJKMKIQDPQRKEJOWRCKDCLKK&GDGU
CUGIWTCTNCRWGTVCUKUCNGUCCNIWPCRCTVG
XaVUQRQTVCTUQUVGPGT/CCRFTWWZMPZK
UKKURCMPCVVWDJKKIWEJCCVIWLWWPPCVDC
EJCOICKIKPCVLCRFTDJCKRLKDJKKIW
LWOCKVQQODJCKOMCT%WCPFQOKRCR
ECTICDCOC\RQPCWPRCNQEQOQUQRQTVG
FGDCLQFGNEQUVCNSWGECTICDCFGWPNCFQ
OKGPVTCUECTICDCGNFGNQVTQNCFQ
XaVENCXCT/CCPDJCKZKUKKUCRIW
MNCCDWUPCDJCCPUCKEJFJCFJKUQURQMCNJ
%NCXCWPENCXQCNNRCTCEQNICTNCTCOCFCFGN
VQOCVKNNQ
XaVGODCUVCTJKNXCPCT0QDCUKKUCRIW
MWVWWPEJCOMCZKLCKMCPCUQQOC
OCCMKPCVCO5K[CGUVJKNXCPCFCNCECOKUC
GUOUHEKNEQUGTNCCOSWKPC
XaVRTGUVCT
FKPGTQ#CLCRVKEJNJFJCM
DCRWKOQQ[COOLCRDCLKDWWULKPCRRCK
CNJRWKZKOOCCVLKMQORCCNJPQROQQ
RWKRLWRLWOFWWMCIVPCRMCUKKURCIV
UKCLMOCCPQQOMP;QJGXGPKFQCXGTVG
EQORCFTGEQPNCGURGTCP\CFGSWGOGJCICUGN
HCXQTFGRTGUVCTOGWPCRGSWGCECPVKFCFFG
FKPGTQCWPSWGUGCWPQUXGKPVGRGUQU
XaTCRQ[CTUGTGECTICTUG%JCRDJCO
UKKUCRMCDJCCPFJKMQTCCT/KKCPCIW
RCTDCPMM0QVGCRQ[GUGPGNEQTTCNRQTSWG
UGECGRWGUGUVHNQLQ
XaTCVQTCTUG,QFCKROKFCCZFJCICVWWM
FTFJKVTQQMCPCDJCCPLWOUKKUCRMCPC
EJCOOWKMWWLKFJCKKC2QPWPCRKGFTC
FGVTUFGGUCECOKQPGVCRCTCSWGUGCVQTGGP
ECUQFGSWGUGXC[CRCTCCVTU



=EQORNRNUKUUCRCRTGVUKKUUKUUCRC
RTGUUKKUCRUKUUCR?

UKKURKFJCXaDUQRQTVCTUQUVGPGT
RCTCQVTC

RGTUQPC,KUKKURKFJCCROCCRFTPCVW
DJKKQTCPCIWEJCODJCKIWFNJ
5QUVPOGNQFGWPNCFQOKGPVTCUNQECTIQRQTSWG
PQRWGFQ[QUQNQ=RTGVUKKURKRTGUUKKURK?

UKNC[QQVUEJC[QVG$CLKTIITOQQFJK

UKNC[QQVOQQEJVWLKFJQQTCPQZKQODCT
IIT;CGUVPITCPFGUNQUEJC[QVGUJC[SWG
EQEGTNQUEWCPFQGUVPCPOUITCPFGU

UKPKKUUOKTEQNGUFGEGPK\C:KDUCRFJK

OKCTMQNKUPCOCCLKOLKTUKPKKUMC'UVG
OKTEQNGUSWGXKGPGGUGNFGEGPK\C

UKUDJKQMCXaVFGURGICTFGUCDTQEJCT'CRZK

UKUDJKQMFJKOMWVWWPEJKQPCZKEJIKC
PCLZLKZZCTCCPIWODQQMPCRKEJMPIK
LWRVVFCIWFPIWCNJKK&GUCDTEJCVGNC
ECOKUCJKLQRCTCXGTSWVCPVQVGNCUVKOCUVGNC
RCP\CEWCPFQVGECUVGFKLQUWOCOCNPKQ
=RTGVUKUDJKQRTGUUKUDJKQM?

UKUUCRC=EQORNRNFGUKKURC?CUGIWTCTNQU
UQRQTVCTNQU=RTGVUKUUCRCRTGUUKUUCR?

UK=RTGVFGUZKC?NGRKE
UUUCXaVGUVKTCT
CNIQNCTIQ/LZK

UUUC+KTOC)CKFJTLCRZKEJWCCFJKO
VQQVQP2QPNCURKGTPCUCWPNCFQ+TOCRWGU
CNNXQ[CGUVKTCTNCUOCU
GPFGTG\CT
RNCPVC/QQRCNJLKZDJCKZK
UUUCKFJCFJKLWWPPCO[CCURCKO2QTHCXQT
FGUVCRC[GPFGTG\CDKGPNCOKNRCSWGUGGUV
GPVGTTCPFQ
RGKPCT$JCKZKICCIWICZDKMCTMWMP
LWOUUUC$WUECWPRGKPGRCTCRGKPCTVGEQP
N
=RTGVUUUCRTGUUUUKORGTUUNJK?
8CUGUNJC
LWOUUUCUGOWTK
NKVUGGUVKT
CCCNJKQMCZKZUUCXQ[CECOKPCTWP
TCVQRCTCGUVKTCTNCURKGTPCU

UZZKFJCXaDGPFGTG\CT
RNCPVCRCTCQVTC

RGTUQPC,KUZZKFJCCRIWLWWPPCEJVW
LKOEJWFCPCEJCOLWO[CCURCKFJC
#[FCOGCFGUVCRCT[GPFGTG\CTNCOKNRCSWG
XQ[CTGRCUCTRCTCSWGPQUGSWGFGGPVGTTCFQGN
OC\=RTGVUZZKRTGUUZZK?

UUNQDQ)KKNJKOLKZLCPCCCOIWUUIW

DCCMUKCVWPCOCCLKFJCICOMCMDCK#NQU
NQDQUNGUIWUVCPOWEJQNCUXCECUQEWCNSWKGTQVTQ

'&+%+024'.+/+0#4`



6'2'*70'52#1.

CPKOCNSWGGPEWGPVTGPCWPNQUECDCNNQU
=RNUU?

UNJCFXFGTGEJQ,CZDCMWDCOQQUNJ

CPUCRLWRLWTWW[CIWDQK!)KPQZ
LQKFJCOPQQPQNJ2QTSWUGTSWGGUVG
ECOKPQEWGUVCCDCLQGUFGTGEJQ!0QUGTCOGLQT
SWGVWXKGTCEWTXCU!
FKTGEVQFKTGEVCOGPVG5NJLWTCTCOLCROQQ
UZKCMQORCCNJFJKVQQZMQNJPCDCOCCP
LKOFCOOWMKCPCEJCOLWOVWNJKKFJC
2ECNGCGUGOCTTCPQFKTGEVCOGPVGGPGNEQTC\P
EQORCFTGRCTCSWGUGOWGTCFGWPCXG\[PQ
UWHTCOWEJQ

UNJIWIWWM=UWLRNCPKOFGUNJMM?GUVCT
RCTCFQU
FGTGEJQU

UNJMCOCFLEKGTVQ,CRCCUNJMCOLCRKEJ

ICTCIWOMCDCKIWZEJWMMCPCRLKKCVIK
CCPCRLCZFJWKEJCOLKICNJKFJCO!5GT
EKGTVQSWGXGPFKUVGVWECDCNNQRTKGVQQOGGUVU
OKPVKGPFQRQTSWGPQOGNQSWKGTGUXGPFGT!
=EQRLKT?
UNJMCOCCFGXGTCU!
LCRLKUNJMCOFGXGTCU
UNJMCOMPEQPNCXGTFCF

UNJMMXaGGUVCTRCTCFQ
FGTGEJQ-CPKIV

PCZLOKOVWKKIWMCTDCZPCUNJMMPCVW
MWCIWQMFJCO/KTCEOQUGXGEJKUVQUCGUC
EJKXCCNRCTCTUGFGTGEJCRCTCEQOGTOCFTQQ
=UWLRNCPKOUNJIWIWWMUWLRNKPCPUNJ
VWWV?

UNJMUCXaVRCTCT
FGTGEJQEQORNKPCP

0CRUNJMUCCCFJKVVPQTCMWRDCVK
DCRRW!8CUCRQPGTFGTGEJCGUCJQTSWGVC!
2QTGUQNCGUVUUCECPFQ!=EQORNRNUNJ
VWVVWRTGVUNJMKUNJVWVVW?

UNJCXaVGZVGPFGTGPFGTG\CT
CNIQNCTIQ

'CRZKUNJKKFJKVTDK,ZRMLKTVD!#
XGTGZVKGPFGNCUQIC3WVCPNCTICUGT!
XaTCEQUVCTUG
RCTCFGUECPUCT/CCPDJC
DJKIWVQQODJCKOMCTMWCNJKQ[CPKLCR
ZKUNJCPCRCKZMC6TGOGWPEQUVCN
RCTCCEQUVCTOGGPNWPTCVQCSWGPNCUQODTC
XaTCNKXKCTUG
FGGUVCTNCUVKOCFQNKVGPFGTG\CT
GNDTC\QQGNRKG,WOUNJCCIWOVQQPPC
UCCMMCZICDKKMCV!;CVGCNKXKCUVGFGNC
RKGTPCSWGVGPCUNCUVKOCFC!
XaTECOKPCT
RCTCECNGPVCTUGQJCEGTGLGTEKEKQ
NKVGUVTGEJCTNQURKGU,WOUUUMCRR.WKU
IWOVQQVQP#ITGGPMCDWNJEJMCR/QQ
LCRLKZLOCRCC!&GDGUECOKPCTWPRQEQ

UNJKM

.WKU#UEQOQGUVUGPEQIKFQRCTGEGSWGVKGPGU
HTQ
=EQORNRNUUUCRTGVUNJUUUCRTGUUNJKKU
UUUKORGTUNJKKUUNJK?8CUGUUUC

UNJVWVVW=EQORNRNFGUNJMUC?RCTCTNQU
=RTGVUNJVWVVW?

UNJVWWV=UWLRNKPCPFGUNJMM?GUVCTRCTCFQU

FGTGEJQU

URFJKUUWJGTOCPQUWJGTOCPC
OGPQT

,KTURFJKCCIWKPCOOCCRLKKOIW
WWEJKZ/KIKCN!'UGNJGTOCPQOGPQTFGOK
EWCFQ/KIWGNGNSWGXGPCEQPN!
UWRTKOQJGTOCPQUWRTKOCJGTOCPC
JKLQQ
JKLCFGNJGTOCPQQFGNCJGTOCPCOGPQTFGNRCRQ
FGNCOCOt,KTURFJKCCFJK.CCUCTIW
,QUGG!tLWRMCKEJIW,WCPCt,FJQPCO
IWTLWOLCLCCPKOIWLCPCPCCPtLWRMCKEJ
IWFPt.\CTQGURTKOQFG,QU!
tRTGIWPV,WCPCt2WGUURQTSWGUWUOCOU
UQPJGTOCPCUtEQPVGUVUWOCO
=RNUURKFJK?8CUGZKMW
LKTLWOUURKFJKOCOUQPJGTOCPQUUQP
JGTOCPCUUQPRTKOQUJGTOCPQUUQPRTKOCU
JGTOCPCU

UU=RNFGU?NQDQU
UURKFJK=RNFGURFJK?UWUJGTOCPQUUWU
JGTOCPCUUWURTKOQUUWURTKOCU
OGPQTGU

UZKCXaVRKECTJGTKT
RTQHWPFCOGPVG,KUK

IWUQQOMCTPCMCUQQOIWMWVWWP/G
RKSWEQPNCCIWLCEWCPFQGUVCDCEQUKGPFQOK
ECOKUC
XaKRKECT
WPCXGEQPUWRKEQ,KUKIW
VQDCCPCMCVWOCCM$CMIWZDJCPCCPQ
NJKEJVWOCCOCT/GRKENCIWCLQNQVC
EWCPFQGUVCDCFPFQNGFGEQOGTRWGUGUDTCXC
EWCPFQVKGPGRQNNWGNQU
XaKUGCNCT
EQPNCOCPQ6WEJKDCCIC
FJKOCCPMCOPCDCRZCOPCKVUUU!&G
SWGUVCTJCDNCPFQGUCRGTUQPCSWGUGCNCRQT
VQFQUNCFQUEQPUWFGFQ!
=RTGVUKRTGUUUU?

UZZKFJCXaVRKECT
UWRGTHKEKCNOGPVG,WOCC

IWVQQVMQOPCMPLCUZZKFJCIWVWVWWT
PQKEJDCLKEJWLWCPCODCZKLKOFC
%WCPFQVTCDCLQEQPNC[WPVCPGEGUKVQWPECTTK\Q
NCTIQRCTCRKECTNGCNQUVQTQURCTCSWGECOKPGP
TRKFQ=EQRTGVUZZKFJCVRTQITUZZKO?

UNJKMUVTGP\CFG\Q[CVG2CKLLCOQQOCOLC
DWWRWTFCCOIWUNJKMIWKPCODCLKO

'&+%+024'.+/+0#4`

UQDMQPC

6'2'*70'52#1.

PCPDCKEJFJCPCODJCCPZKCNJKEJMCIW
[QQZKRKCOPQOVDCOZKZFJWVDKQ#
XGEGUGPNQUTKVQUEQOQGPNCEGTGOQPKCFG
VQOCTGNOG\ECNQEWCPFQVGTOKPCPFGIWCTFCTNC
UCNUGNGUCOCTTCPVTGP\CUFG\Q[CVGGPNCECDG\C
[NCUCFQTPCPEQPHNQTGU

UQDMQPCXaVRGNCTVCNNCT
OCFGTC+CTCKR

UQDMQPCFJKNJKEJLKZICMLWM5KOQQPPC
OWPKMMPCEJOWMCPVMKCMQTCCTVCO
6WODC[RGNCGUGRKPKVQUGEQSWGGUVCNN
5KOPRCTCSWGNQRQPICOQUCTTKDCFGNEQTTCN
TGDCLCTGORCTGLCT
OCFGTCQRKGFTC#NJKEJ
RWRUCRUQDMQPCIWLKKMWNJFJKVCONCPC
IWUCRZKZMCDQQM&KEGOKVQSWGXCC
TGDCLCTWPRQEQOUGUVCVCDNCRQTSWGFKEGSWG
GUVOW[ITWGUC
=RTGVUQDMQRTGUUQDMQP?

UQDJCCP=XCTFGUWDJCCP?TCPC
UQKUEJCRWNPUCNVCOQPVGU,CKTIITCOIW
UQUUQKLCKDCZDKK#NIWPQUUCNVCOQPVGUUQP
ITCPFGU[QVTQUUQPEJKSWKVQU=RNUQUUQK?
MCCNJKUQKUITKNNQ
MCDCCMUQKUNCPIQUVC
KPUGEVQ

UQKEJKCXaVIQNRGCT
EQPJCEJCJCEJGCT

$CKFJCUMPLCRUQKEJKCFJKLWMMW
LQVOQFCMKC2CCIKFJWWMLWRMKCFJK
OCZKKEJMP!%QTVCGUGQEQVGEQPGNJCEJC
RCTCSWGNQEQTVGUTRKFQRQTSWGEQPGUG
OCEJGVGPQUGEQTVCTRKFQ=RTGVUQPKC
RTGUUQPKCM?

UQKCFXJWOKNFGJWOKNFGOGPVG$KEJWOCCM

IQTFJK5KKITQOKLCRVKUQKEJWKKPCZDJKQ
&GPNGFGEQOGTC+UKFTQRWGUUGXGSWGGU
JWOKNFG[FGDGFGVGPGTJCODTG
LKEJ:QKMCOU,GUWETKUVQ
NKVPWGUVTC
RGTUQPCJWOKNFG

UQKUCPKOCN
FQOUVKEQOCUEQVCt,CZ

LCOVFWWMMQKIWOUCUQK!tLWRMCKEJIW
5CCPVWUt&JQPCVCNJLCROQQIKKNJKOOM
OCVCCOtLWRMCKEJIW5COQKNt%OQ
HWGSWGUGOWTKGTQPVWUCPKOCNGU!tRTGIWPV
5CPVQUt2WGURQTSWGPQNNQXKRTQPVQ
tEQPVGUV5COWGN=RNUCUQKCRQUUQKICP
UCUQKICP?

UQKPVCXaVFQOGUVKECT
CPKOCN)OCCPC
MWWRCIWUWWFCKPQLKZLCUCUQKPVCOIW
RCRCCVPCDCOKLCDKCMC5KSWKGTQ
FQOGUVKECTNQURCVQUPGEGUKVQEQPUVTWKTWPC
RTGUCFGCIWCRCTCVGPGTNQUCNN



=EQORNRNUCUQKPVCRTGVUQKPVCUCUQKPVC
RTGUUQKPVCTUCUQKPVCT?

UQKEJKZKOCFLFQOGUVKECFQ
CPKOCNUCNXCLG
,KTUQKEJKZKOCCIWUWKOCNJPCOWQKT
2WWPVC6CO!'UVFQOGUVKECFQGNXGPCFQ
SWGCPFCGP.C4GLC!=RNUCUQKEJKZKO
EQRLKT?

UQMDQNJUECTCEQN,WRMCKEJFJCCOIW

LCVMCOPCUCRFCKWWWDVWOCCOCTMC
PQICPVVDKCIWUQMDQNJ.CIGPVGFKEGSWG
UKLWGIQEQPNQUECTCEQNGUTGFQPFQUOKUJKLQU
UGTPRWTCUOWLGTGU
OUKEQ
FGNOKVQVG5QMDQNJLWOVVIWK
PCICCVMPVWUCDFCOWLCRPKMCTVCOPC
RCKFJWWMLKLWTKFJC5GNNCOCECTCEQNGN
SWGVQECGNCTEQGPGNRCVKQEGTGOQPKCNGNFCGP
SWGDCKNCPVQFCNCPQEJG
=RNUQUQMDQNJ?

UQNJOQPC=XCTFGUQQUPKC?RGICT
UQOCKIKUECVCTTQITKRC,KZDWCOVWVCVFCMC

PQIWUQOCKIK#ORZLKZMQQZKOMCK
%WCPFQWPQVKGPGECVCTTQUGUKGPVGOCN[NGFCC
WPQOWEJQUWGQ

UQPUVQEP/KFJCCRFJKUQPMWLCIKCPC

MCRDJCKMCZICM;CSWGGUVUGEQGUGVQEP
SWOCNQRCTCSWGUGCECDG=RNUQQUQP
CRQUUQPCCP?
UQPCTCOGPGNVQEP
FGNQFGGNNC

UQPDKCXaVOCEJCECT$CZKOKFJKZCCFJK
RKKNCMWEJOKDCUQPDKCFJKOCK!;CGUV
RTGRCTCFCNCRKNCRCTCOCEJCECTGNOCIWG[!
=RTGV[RTGUUQPDKCRWPVUQPDKCMQUQPDM?

UQPFJKMCTUGUVCEC/CCPLCRZKUQKEJKIW
UQPFJKMCTPCRDJCCPDWNJKCFJKDJWTWZ
*C\WPCGUVCECRCTCSWGCOCTTGUCNDWTTQGP
GNNC=RNUQPFJKFJKMCT?

UQPKC=RTGVFGUQKEJKC?NQIQNRG
EQPJCEJC
UQPKCM=RTGUFGUQKEJKC?NQIQNRGC
EQPJCEJC
UQPRCPRTGRCNRKGFG/WOOWQKRQCOIW
MCTDCZUQPRCPIWKQKFJC.QUEJKXQUCPFCP
CNRKGFGCSWGNEGTTQ
LWPVQCCNNCFQFG$JLPKRLKDCMKC'UVGGNC
UQPRCPIWOZKKZPQRDCZMQQZKO#EWUVCVG
LWPVQCVWJGTOCPC'UVGNCUK[CVKGPGUUWGQ

UQQDQNJURCNOC%JCOMCDCCMIWUQQDQNJ

VTDK#ORZMPQVDCICC0QGUTGUKUVGPVG
NCUQICFGRCNOCRQTSWGEWCPFQGUVUGECUG
TGXKGPVCHEKNOGPVG

'&+%+024'.+/+0#4`



6'2'*70'52#1.

UQQDQNJDCCNJUECPCUVCFGRCNOC2CCIW

UQQDQNJDCCNJPCDJCCPOKKKEJCKOIW
MCKEJWM!LWRMCKEJIWFPIW,WCPC
&PFGGUVNCECPCUVCFGRCNOCGPNCSWGGUVQ[
RQPKGPFQNCUGOKNNCFGECNCDC\C!RTGIWPVNC
OCOFG,WCPC=RNUQQDQNJDCRCCNJ?

UQQDQNJDQPCCOUUQODTGTQFGRCNOC#ORZ
LKDJDJVVMKIWLDNJIWDQPCCO
LQKFJCORZNJKKPCTUQQDQNJDQPCCO
5GIWKFQOGXWGNCGNCKTGOKUQODTGTQRWGUGUV
NKXKCPKVQRQTSWGGUFGRCNOC=RNUQQDQNJ
DQRPCO?

UQQOCXaVEQUGT
WPCRTGPFC6WDCMP
UQQOCEJKFJKZCDWKTCZPCIWEJCOLCKEJ
IWLKKN!%QPSWXQ[CEQUGTGUVQURCPVCNQPGU
FGOCPVC!2QTSWGPQJC[JKNQ
XaTEQUGT
GPIGPGTCN#CMCUQQOOTC
OWDCDQQNJDWKPCDKCIWOCCMKPC+TC
EQUGTCFQPFGXKXGOKVCRWGUGNNCVKGPGWPC
OSWKPCFGEQUGT
=RTGVUQQRTGUUQQO?

UQQOFJCXaDEQUGT
RCTCQVTCRGTUQPC,WO

ZKEJWKIWKPCCNJDJCCPMCUQQOFCV2WK
EJKDCVWWOWCIKFJCKRZDCPCOVW
UQQOKFJC5GFGUEQORWUQNCOSWKPCGPNC
EWCNGUVCDCEQUKGPFQRQTNQSWGVGPFTSWG
RGFKTNGCQVTCURGTUQPCUSWGOGJCICPGNHCXQT
FGEQUTOGNQ=RTGVUQQORTGUUQQOK?

UQQOMCTUCIWLC
FGEQUGT)QQMLCRLK

ICNJKFJCIWOUCUQQOMCTPCMPVWUQQOC
IWMWMVWPIWKPCOVLKEJKC2QTHCXQT
XPFCOGFQUCIWLCURCTCEQUGTNCUECOKUCUSWG
OGOCPFCTQPEQUGT=RNUCUQQOMCT?

UQQMCTURKGFTCFWTC
RCTCRGICT,WR

MCKEJFJCCOPCUCRLKTCOIWOCVVWTPQV
DCFCCRMCFCKPCZKOICCOTCKIWUQQMCT
MPLWOUQQUPKCPCDCIKQZDJCKRDCVW
VWCFC&KEGPSWGEWCPFQUGCRNCPCGNOGVCVG
JC[SWGDWUECTGUVGVKRQFGEWCT\QRCTC
IQNRGCTNQRCTCSWGQVTCXG\OWGNCDKGP
=RNUCUQQMCT?

UQQUPCPUTKPEP
CNRKGFGWPEGTTQQEQTFPQ
GPHTGPVGFGWPTDQN/WOOWPKLCRUQQUPCP
LCRZKLCDKCTCIWDCCM.NGXCNCUXCECUC
CRCEGPVCTRQTCNNGPGNTKPEP

UQQUPKCXaVRGICT
EQPCNIQFWTQEQOQ

ECUVKIQ/KOUQQULCOVIWUCPFCCTWKZPCR
ICPOWLCMLKOPCOUCCMOLFCTCC6GXCP
CRGICTNQUUQNFCFQUUKXCURQTCNNRQTSWGFKEGP
SWGCNNGUVP

UQURQMCNJLWPOCP

RGICT
EQPCNIQFWTQRCTCSWGDTCTNQ/CTTW
MPLWOCCPCUQQUPKCFJKLQQFCKPCDC
LCKMKC5GPGEGUKVCWPOCTTQRCTCRGICTNGUC
GUVCURKGFTCURCTCSWGUGSWKGDTGP
RGICTFCTIQNRGU
EQPCNIQFWTQRCTCJCEGTNQ
URGTQ,WOCCPCUQQPFCIWOCVVWT
UQQMCTMPPQVDCFCCRMCPCDCZDJCKVW
VWCFC#XGEGUGUPGEGUCTKQFCTIQNRGUCN
OGVCVGEQPWPCRKGFTCFGEWCT\QRCTCSWGOWGNC
DKGP
VQECT
CNCRWGTVC,CTQQEJKFJCFJKPC
OWRCKFJTDJCEJWUQQPMKIQD!'CRZK
MWRKQMK3WKPUGTGNSWGGUVVQECPFQNC
RWGTVC!2QTHCXQTDTGNG
=RTGVUQQURTGUUQQP?8CTUQNJOQPC

UQQUQP=RNFGUQP?VQEQPGU
UQQUQOUEQNNCT$JCEJCCZKFJKMCUCRIW
UQQUQOIWEJCCVDJCOOFT-QTKCP&KLQ
OKRCRSWGOGXCCEQORTCTWPEQNNCTGP
&WTCPIQ

UQQOFJCXaVQDUVTWKT
RCUQFGVGPGTCVCLCT
/WLCMLCCTFKCMMPLCMIWZKMWIW
MCMDCKPCEJKEJDCOKLCUQQOFJCMLC
IKKIKC/KJGTOCPKVQEQTTKCNQUECDCNNQUCN
CTTQ[Q[CUNQITCOQUCVCLCTNQU[NC\CTNQU
=RTGVUQQORTGUUQUDJKKORGTUQQDJK?

UQRMKCXaKEQPVCTEWGPVQUEJCTNCT/CCPPKO

[CVDKCOCCPIWPCCDCV,CROQQEJCO
DJCKEJMQQMZKEJPCIWDZEJWMCCVW
UCRQQM7PCXG\RCUNCPQEJGCSWWPOGUVK\Q
RGTQPQFQTOKOQUDKGPRQTSWGGUVWXQEQPVCPFQ
EWGPVQUVQFCNCPQEJG=RTGVUCRQQ
RTGUUCRQQM?

UQRMKFJCXaVEQPVCTEWGPVQU
CQVTCRGTUQPC

EJCTNCT
EQPQVTCRGTUQPC'CPCOCCPLWO
UQRMKFJCPCEJMCRDJCK[CRZMCFCTCC
8Q[CEQPVCTVGWPEWGPVQOKGPVTCUGUVCOQUCSW
UKPPCFCSWGJCEGT=RTGVUQRMKRTGUUQRMK?

UQTMKC=XCTFGUCTQMMKC?TQPECT
UQUDJK=RTGUFGUQQOFJC?NQQDUVTW[G
UQUQMDQNJ=RNFGUQMDQNJ?ECTCEQNGU
UQURQMCNJUVQOCVKNNQ
TGIKQPCNKUOQVQOCVG

XGTFGFGEUECTC/KZKUQPDKCIWMQMQNJ
DZLCRDPMCOOKUQPDKCIWUQURQMCNJPC
DCEJCORMMCQQMMC/WGNCGNEJKNG[
CITIWGNGNQUVQOCVKNNQURCTCSWGPQGUVOW[
RKECPVG

UQURQMCNJLWPOCPUOQNGFGVQOCVKNNQ

,QKFJCOLKZKQQDIWUQURQMCNJLWPOCP

'&+%+024'.+/+0#4`

UQUTQMKC

6'2'*70'52#1.

DPMCOIWMKKU'UVOW[UCDTQUQGNOQNGFG
VQOCVKNNQEQPSWGUQ

UQUTQMKC=UWLRNFGUCTQMMKC?2GLUQUTQMKC
COTQPECTP=RTGVUQUTQRTGUUQUTQM?

UQUUQK=RNFGUQK?EJCRWNKPGU
UQ[QQVUCTOCFKNNQ,QKFJCOLKZKQQDIW

DCMZKICPIWUQ[QQVICKZKORKCO
LKFJQQNJZKO.CECTPGFGNCTOCFKNNQGUUCDTQUC
CUCFCQGPECNFQ=RNUQU[QV?8CTUW[QQV



UWUFCXaKUCNKTCIWCt5KCOTKMCLCKEJCC

IWUWWFCKOLPKLCRCMMP!tLWRMCKEJIW
/CNGPCt5KCOTKMCRWRUWUFCLKIWtLWR
MCKEJIW.WKUCt6QFCXCJCDTCIWCCNNGP
GNCTTQ[Q!tRTGIWPV/CIFCNGPCt2WGUUCNG
OW[RQECRGTQUJC[tEQPVGUV.WKUC
UCNKTCORQNNCU5WUFCIWQQPQDKEJZK
EJWUQKKEJVCMCCDPCKEJIWOWKVCPQQNJ
EJCOVWUQKKEJ/GUCNKGTQPCORQNNCUGPNCU
OCPQURQTJCDGTJCEJCFQC[GTRWGUVGPIQ
OWEJQUFCUSWGPQNQJGJGEJQ
=RTGVUWUFCQUWUF?

UWUFCXaGJCDGTEJCTEQU
FGCIWC,QKFJCO

UQNJMCXaKGPEQIGTUG5QNJMCFJQFJKPCKNQ

PCOKLCRIKQRKZVCPQQNJKQRPCIWIKKNJKO
LKZEJCVQK5GXCCGPEQIGTGUCEWDKGTVCFG
RNUVKEQSWGGUVVKTCFCCNNRQTSWGJCEGOWEJQ
ECNQT=UWLRNUCUQNJMCRTGVUQNJMC
UCUQNJMCRTGUUQNJMCTUCUQNJMCT?
ZQNJKMCFLGPEQIKFQ
ZQNJMCNJKZQNJMCTCCFLSWGUGGPEQIG
HEKNOGPVG

UWCM=RTGUFGUWUWCMKC?NNQTC=UWLRNUWCP?
UWDJCCPUTCPCUCRQ6PIKCMLCMIKKNJKO

MWWFCCOIWUWUDJCPOWLCRIKQPVTPC
RCKLCZUWWUWPMCIWUWWFCK'PNCRQECFG
NNWXKCNCUTCPCUETQCPOWEJQGPNQUNNCPQUFQPFG
JC[EJCTEQUFGCIWC=RNUWUDJCP?
8CTUQDJCCP

UWKOCNJUXGPCFQ$JCOOPKFJTLKZ

LQKFJCCOPCOVWKQFCIWUWKUOCNJPC
RCKUCDCCTFDQPIWUWWFCK#NQUXGPCFQU
NGUIWUVCVQOCTCIWCFGCSWGNOCPCPVKCNFQPFG
UCNGOWEJCCIWC=RNUWKUOCNJ?

LKZMUWUFCMCVCCDJCMIWUWWFCKOWLCR
IITCCMEJCOVPIKCMDCZKMQQTC
OTFC'PNQUVKGORQUFGUGSWCPKECOGPVG
JC[EJCTEQUFGCIWCNKORKCGPNQUTQUITCPFGU[
GPNQUVKGORQUFGNNWXKCGUVPNNGPQUFGVKGTTC
8CUGUWWP

UWUFC=UWLRNFGUWWFC?GUVCTNNGPQU

UWUFWKEJWNJFJC=EQORNRNFG

UWWFWKEJWNJFJC?NNGPTUGNQU
=RTGVUWUFWKEJWNJ?

UWUFWKFJC=EQORNRNFGUWWFWKFJC?NNGPCTNQU
=RTGVUWUFWKRTGUUWUFWK?

UWUFW[C=UWLRNFGUWWFW[C?UGNNGPCTP
=RTGVUWUFWRTGUUWUFCT?

UWUIKEJC=UWLRNFGUWWPIKEJC?2GL
UWUIKEJCCOUGRQPFTPCIWCFQU
=RTGVUWUIKEJCRTGUUWUIK?

UWUUCM=RNFGUWWUCM?JWCTCEJGU
=CRQUUWUUCMCP?

UWUWCMKCXaKNNQTCT#ORZRWKDCLKUWUWCMKC
FJKEJKQPQEJVKRCZKCTCKO%WCPFQ
CPFCOQURCUGCPFQGUVGJKLQOQUKGORTG
GORKG\CCNNQTCT=UWLRNUWUWCKCRTGUUWCM
UWCPRTGVUWUWCUWUWCP?

UWWFCKUCIWC$CKOTCUCRIWCCPPCV

IWDCLWWOIWUWWFCK/KOCOXCCVTCGT
CIWCRQTSWGUGCECD

UWWFCXaGGUVCTNNGPQt,ZOKUWWPIW


UWUDJCP=RNFGUWDJCCP?TCPCU
5WUDJCPVCOCFX.QU%JCTEQU
NKVNWICTFGNCU
TCPCU6CMCCDLCKEJDJCOOFTDJCLKK
5WUDJCPVCOLWTPMLCKEJ[CCK/GXKPG
C[GTFG.QU%JCTEQU[RQTNCVCTFGNNGIWCSW

UWWFCKFJKDCKFJCMCTVCO!5WWFCCC!
tLWRMCKEJIWFPIW6CCNJKCt5WWFC
FJQtLWRMCKEJIW6CCNJKCt%WPVCCIWC
VKGPGGUCVKPCLC!'UVNNGPC!tRTGIWPVNC
OCOFG0CVCNKCt5GUVNNGPCtEQPVGUV
0CVCNKC=UWLRNUWUFC?8CTUWWFCK
8CUGUWWFW[C

'&+%+024'.+/+0#4`



6'2'*70'52#1.

UWWFWKEJWNJFJCXaDNNGPCT
RCTCQVTCRGTUQPC

QCPKOCN$JCLCMZKLCWFJKOCTRWUMW
OKZKOUWUFWKEJWNJFJCFJKDJCD
2GTOVCOGUWUOQTTCNGURCTCNNGPTUGNQUFGHTKLQN
=EQORNRNUWUFWKEJWNJFJCRTGVUWWFWKEJWNJ
UWUFWKEJWNJ?

UWWFWKFJCXaVNNGPCT,WOLQKICVFCCR

2CCRDCFWWMLWRLCUWUFWKFJCFJKVCVQQO
DJCCDJCKOMCTPCROQQLCRUCCNJ!&GDGU
CRWTCTVGRWGUPWPECXCUCNNGPCTGUVQUEQUVCNGUUK
VTCDCLCUVCPFGURCEKQ=EQORNRNUWUFWKFJC
RTGVUWWFWKUWUFWKRTGUUWUFWK?

UWWFW[CXaKNNGPCTUG,QKFJCOIOKUWWP
IWUWWFCKPCEJKEJRCKMQNJDKZVCMCCD'UV
DKGPNNGPQFGCIWCCNNFQPFGGZECXCOQUC[GT
UCNKTCORQNNCU$CUWWFWKOFJKQDPCEJ
VKVWOQKMCP/GUCNGPCORQNNCUGPNCOCPQ
RQTVTCDCLCTFWTQRTGRCTCPFQNCVKGTTC
=UWLRNUWUFW[CRTGVUWWPUWUFW
RTGUUWUFCT?8CTUWWFWUWWPPKC
UWWFCXaGGUVCTNNGPQ
UWWPIOXaGGUVCTDKGPNNGPQ
UWWPXaGGUVCTCNOCEGPFCFC
CIWC

UWWNJICXaVJCEGTVQTVKNNCU
FGOCUC[CJGEJC

#CROQQOKDCUWWNJICFJKVWKPCCCMC
DCKTC*C\VNCUVQTVKNNCUFGGUVCOCUC
OKGPVTCU[QXQ[CNCIWC

UWWNJIKC=UWLRNFGIZKC?2GLUWWNJIKC
COPCEGTPPCFCTP=RTGVUWWNJ
RTGUUWWNJK?

UWWNJIKFJCXaDRGICT
EQPUQICCQVTC

RGTUQPC/KOUWWNJIKFJCFJQFJKKEJTDK
PQROQQLCMEJCOLKMPCEJVWOEJKCP
6GXQ[CRGICTEQPGUVCUQICUKPQQDGFGEGUNQ
SWGVGFKIQ
JCEGTVQTVKNNCU
FGOCUC[CJGEJCRCTCQVTC
RGTUQPC0QROQQEJCOVWLCZDWCFCIVLK
QMKZPCROKFJTOKDCUWWNJIKFJCIV
FJKEJWKPCCCOWOOWPKMCVW
UQQOFJCTCIWMCTDCZK5KPQVKGPGUQVTC
EQUCSWGJCEGTUQDTKPCRQTHCXQTJC\OGVQTVKNNCU
FGGUVCOCUCOKGPVTCU[QXQ[CVTCGTOKUEJKXCU
=RTGVUWWNJIKRTGUUWWNJIK?

UWWUCMUJWCTCEJG/CLWROCCPIWZWWUCM

VWMCCPCOLLCRVKVWUQQOFJKOIW
MCMCTDCZPCOVOCLKDQKQT5GOG\CHWP
JWCTCEJGCPQEJGEWCPFQGUVCDCCVCLCPFQNCU
EJKXCUSWGEQTTKGTQP=RNUWUUCM
CRQUUWWUMCPUWUUCMCP?

V

UWWUCMPCCMOUGUVTGNNCFGNCVCTFG$CLK

DJKIWUWWUCMPCCMOFWOCCNJRZDCFCC
;CUGGUVRQPKGPFQNCGUVTGNNCFGNCVCTFGRWGU
GUVOW[CDCLQGPGNEKGNQ

UWWUUCXaVQTFGCT#CROKMCZKEJW

DJCKFJCCCMCLCUWWUUCIWDCCM*C\V
NCUVQTVKNNCUOKGPVTCU[QQTFGQNCUXCECU
=RTGVUWWUUCRTGUUWWUWU?

UWWPXaGGUVCPECTUG
CIWC%JCOQDICMIW

UWWFCKOWLCRCMMP/MOKLCRUWUFC
MC'NCIWCGPNQUCTTQ[QUPQUGUGECRTQPVQUG
GUVCPECRQTOWEJQVKGORQ=UWLRNUWWUWPQ
UWUFC?8CUGUWWFW[C

UWWPIKEJCXaKRQPGTUGCIWCFQ5WWPIKEJC

FJQFJKCVWWNJPQRICPIOKEJQKFJKOIW
UWWFCK5KUKIWGUGEJPFQNGCIWCCNCVQNGUG
RQPFTOW[CIWCFQ=UWLRNUWUIKEJC
RTGVUWWPIKEJQUWWPIKEJCUWUIKEJC
RTGUUWWPIKUWUIK?
ZWWPIKCFLCIWCFQENCTQVTCPURCTGPVG

UWWPIKUCIWC
FGCNIWKGP#NJKEJLKOCCM

IWOUWWPIK$CZEJCPQQOKPCZEJCVQK
4GINCOGVCPVKVCCIWCRQTHCXQTRWGU[COGFKQ
UGFRQTSWGJCEGOWEJQECNQT
=CRQUUWWPIKICP?

UWWPIOXaGGUVCTNNGPQ5WWPIOLCROQQ

DJCDJKMCIWUWWFCKFJKDCNFKEJCOVW
RCNJR6TCGGUGDCNFGNNGPQFGCIWCPQPCFC
OUWPRQEQ=UWLRNUWUFCIO?
8CTUWWPICO8CUGUWWFW[C

UW[QQV=XCTFGUQ[QQV?CTOCFKNNQ
UWNJDJKKEJ=UKPPFGLWMKKDJCKFJC?RKC
EQPQ
FGRKPQ

6
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPEJ
VKGPGPXCTKCPVGUSWGGORKG\CPEQPVNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
VUWHaX+PFKECVKGORQEQRTGVTKVQFGGXGPVQUR

GLCCIVSWGTCDCVDKCVUGDCCDC
+PFKECVKGORQRCUCFQFGNQUGUVCFQURGL
DKCMCVVGPCDVVGUVCDCPCEQUVCFQU
=)TCO?

'&+%+024'.+/+0#4`

V

6'2'*70'52#1.

VENV+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN

UKPIWNCT[VKGORQRTGVTKVQ$CMQZOTCKPCV
IWDCVWM;COGXQ[CKTCFQTOKTRQTSWG[C
UGQUEWTGEK=5QNCOGPVGUGRTGUGPVCEQP
EQPLWPEKQPGU)TCO?

VCUWHaXJCEGTHCDTKECT,CTQQROK

DCCZFJCKOIWVVPQTCOWIKQVT!-CCCRCC
FNJOKVWEJKMKKTVC!3WKPGUVCTOGVKGPFQ
RQUVGUGPNCOKNRC!1VXCUCJCEGTWPEQTTCNKVQ
CNN!=HWVVCRTGVVC.CTC\GUWPUWUVCPVKXQ
)TCO?8CTEJC

VCC=RTGVFGVCKC?NQRKFK
EQORTCFQQ
TGICNCFQ

VCCDJCMUNCUUGECU
TGIKQPCNKUOQRQECFG

UGSWC
FGFKEKGODTGCOC[Q)KKNJKOOWKMQ
COIWUCUQKPCRCKFJWWMLKTVCCDJCMMC
/WEJQUCPKOCNGUUGOWGTGPGPNCRQECFG
UGSWC

VCCDJCXaKNNGICTNCRQECFGUGSWC/QQEJK

IKKNJKOLKZKQOVCCDJCZKDPCVIWEJCO
FWWPIWMKDCCTPCOQQFWWMFC%TGQSWG
CJQTCXCCJCDGTOWEJCUGSWCRQTSWGPQ
NNQXK\PGPGNVKGORQEWCPFQPQTOCNOGPVG
NNQXK\PC=RTGVVCCO?
DCLKEJCCO[CGUVGORG\CPFQNCRQEC
FGUGSWC

VCCIKQDCFXEGTEC
FGWPCRGTUQPCUGPVCFCQ

RCTCFC/LLCRLCZKDJ[CLCOVCCIKQD
%QPUWRGTOKUQXQ[CRCUCTCNNEGTECFGWUVGFGU
8CTVCCIKD

VCCKUNKOCFGGPEGPFGT%JCODJCDJM

LCKEJDCMIWVCCK6WEJDCMPVWPCCFC
OWRCK!0QVTCLGNCNKOCFGGPEGPFGT%QP
SWXCOQUCRQPGTNWODTGRQTCNN!
FKPGTQ
RCTCUWDUKUVKT,MLCRWCIWVCCK
PCEJMPVWUCDCFCICOCLCMRCKPQEJ
DCZDJKQ!%WPVQFKPGTQVTCGURCTCEQORTCT
CNIQOUCNNEWCPFQVGPICOQUJCODTG!

VCCMCFLRGFC\Q
ITCPFG,CTQKDCMLK

LCKEJWNJIWMKKUPCDJCKDKCCTRWWUVCO
6CCMRZDJCLKOPCDJCKDCVPPK
#NIWKGPVQOITCPRCTVGFGNSWGUQSWGVGPIQ
IWCTFCFQGPWPOQTTCNRQTSWGPCFCOU
SWGFCDCWPRGFC\QEWCPFQNQXK
NCOKVCF)W,WWNKCPCKEJVKVWQPDCK
OCCPZKFJCCIMIWVOMCNJVCCMZKLCKFJCM
IWICIQQZICPVCCMDCZKLWICCM%CFCXG\
SWGNGUKTXQEQOKFCC,WNKCUQNCOGPVGEQOGNC
OKVCFFGNCUVQTVKNNCURQTSWGNGIWUVCFCTNGNCQVTC
OKVCFCUWRGTTQ



EJCCVCMCFLPQDKGPOQNKFQ

VCCP=RTGUFGVCKC?NQRKFG
EQORTCFQQ
TGICNCFQ

VCCZKFJCXaDRGFKT
EQORTCFQQTGICNCFQRCTC

QVTCRGTUQPC$JCKRZKEJCCZKFJCKIW
ZCRCCVWKZPQRKEJOCLKK-QTKCP/GEQORTCU
OKU\CRCVQUGPECUQFGSWGXC[CUC&WTCPIQ
=RTGVVCCZKRTGUVCCZK?
5KPPUCDCZKFJC

VCCRPCXaVRCTVKTTCLCT
EQPJCEJCQEWEJKNNQ

TDCPCCVCCRPCFJKLWM!'UVDKGPRCTVKT
GUVGQEQVGCNCOKVCF!=EQORNRNVCCVUC
RTGVVCCRVCCVUCTGUVCCRKZVCCEJZKZ?
LKZDJCKOVCCVCUSWGUGRWGFGPRCTVKT
DKGP

VCCRKCXaKRCTVKTUGTCLCTUG
RQTRGICT$JC

LCRZKDWCLQFCKEJCOFJKLWMDWKMWTDCP
VCCRKC2ICNGUQDTGNCRKGFTCCGUVGPWFQFGN
QEQVGRCTCSWGUGRCTVCGPOGFKQ
RCTVKTUGTCLCTUG
RQTUGECTUG/CVCCVMKCLK
DCIWEJVMCRWPCVOCLKLRFJC5GOGXCP
CRCTVKTNQUVCNQPGURQTSWGJCEGHTQ
PCEGT
CXGNKVRCTVKTUGGNJWGXQt,M
VCPQQNJVWDQKUCRMCIWVCMCCTWKPCODC
DCVCCVMKCIWRKRRKNJ!tLWRMCKEJIW/KKNKC
t,WODJC!tLWRMCKEJIWFP
t%WPVQUFCUGORQNNCNCICNNKPCRCTCSWG
PC\ECPNQURQNNKVQU!tRTGIWPV'OKNKCt3WKP
UCDG!tEQPVGUVUWOCO
=EQORNRNVCCVMKCRTGVVCCRVCCVM?
EJCCVMKCFLSWGUGRCTVGHEKNOGPVG
RQT
UUQNQ

VCCRWMUV
FGEQTVG\CFGGPEKPQ$JCKZKKQ

FJKVCCRWMMWFQFJKCIWOLKMPCUCCMLKZ
LQK6OCVGGUVGVFGEQTVG\CFGGPEKPQRCTC
SWGUGVGSWKVGPNCUTGVQTEKLQPGUFGNGUVOCIQ
EJCCRWMCFLCOCTIQ

VCCUUVC\Ct#CRDJCDJMCCIWVCCU

4KOWWPFCPCRMPVWDCKIKC!tLWRMCKEJ
IW4QQUCt%JCOPCIWEJCOOCCVPQVW
VCCULWRLWOCCtLWRMCKEJIW4KOWWPFC
t6TCLKUVGNCVC\C4C[OWPFC!RCTCSWGRWGFCU
UCECTCIWCtRTGIWPV4QUCt0QRQTSWGPQ
UCDCSWGUGTGSWGTCVC\CtEQPVGUV4C[OWPFC
=RNVCVCCU?

VCCUPCTCUJQPIQ
FGRKPQ$RPCKEJOW

DWWUOWPKMCVWWVVIWVCCUPCTCOCCPLKZ
ICMLWMUCPQQR%JCORCKMCVWLCKEJPC
KEJIKQLCMLWRIK,CTQKEJKOKDWWUPMLWR
ZKWWWM*CEGTCVKVQEWCPFQKDCJCEKCCNN

'&+%+024'.+/+0#4`



6'2'*70'52#1.

GPEQPVTWPQUJQPIQULWPVQCWPRKPQUGEQRGTQ
EWCPFQ[CXGPCFGTGITGUQ[CPQGUVCDCPETGQ
SWGCNIWKGPRCURQTCNN[UGNQUNNGX
VCCUPCTCLWPOCPOQNGFGJQPIQFGRKPQ

VCCVURCFTGRCR;CDCCKCCIWOVCCVLK
LKKMWNJPCVUCCMMCPTCMIWZKQVCNJMC
EJCMWKCC!;CNNGIVWRCRUQDTKPQFGKTC
DCKNCTGNOKVQVGQVQFCXCPQ!=RNVCVCCV
CRQUVCCVCP?
LKEJEJCCVUPWGUVTQRCFTGUQN

VCCVCOUFKGPVG;CPKRZFCCOCCPIW

VCCVCO6WEJKTVCCVOWP!#SWGUVWP
FKGPVG&GSWCPKOCNUGT!
=CRQUVCCVOWP?

VCCVCXaVUGPVKTRTQDCT6WMCCDCMLKZDKK

FWWP,CREJCOVCCVK,KZDCCIWZCWC
PCKEJDJCKLKKKC2CTGEGSWGNNQXK\P
CPQEJGRWGUGUVCDCOQLCFCOKEQDKLCEWCPFQOG
FGURGTVRGTQ[QPQNQUGPV
RCNRCTVGPVCT&JK%JGGOCUCRVCCVCIW
OCVCKOCPPQZOCOQKM&KEG%JGOCSWGXCC
VGPVCTGNPKZVCOCNRCTCXGTUK[CGUVDNCPFQ
=RTGVVCCVCRTGUVCCV?8CUGVCVFCEJKC

VCCVMKEJFJCXaVJCEGTUCNKTFGNECUECTP
CXGU
,MVCPQQNJVWDQKUCRMCIWVCMCCTWKPC
DCDCVWVCCVMKEJFJC!%WPVQUFCUGORQNNC
NCICNNKPCRCTCJCEGTUCNKTFGNECUECTPCNQU
RQNNKVQU!=RTGVVCCVMKEJ?

VCCVOWVFCXaVEWTCTFKGPVGURQPGTFKGPVGU,K

IKOCCPIWEJCCVCOPCVLKLKDWCVCMCCD
IWMCDCK,WOCKEJKDCOCEJCCVOWVFC
5GOGEC[WPFKGPVGC[GTEWCPFQGNECDCNNQOG
VWOD6GPIQSWGKTCSWGOGRQPICPQVTQ
=RTGVVCCVOWVRTGUVCCVOWVWP?

VCCVUCDUVKGTTCENKFC;CLCRPCTLWMICOLKZ
EJCVQKIWEJKDCRMOWLCRVCCVUCD5K
JCEGECNQTCSWGPNCUKGTTCEWPVQOUGP
VKGTTCENKFC!=RNVCVCCVUCD?8CTVCUUCD

VCCDKFJCXaVQDUVTWKT
NW\ECNQTQNNWXKC

%JCRUCROKVCCDKMCIWCNJKK/KUCRLKZ
LO0QNGQDUVTW[CUGNECNQTFGNHWGIQCNPKQ
RQTSWGVKGPGHTQ=RTGVVCCDKRTGUVCCDK?

VCCONCUVCDNCOCFGTC:KZOKFJCIWUCK

DCCCMIWVCCONCUEJCORM5GRWGFG
SWGOCTOUHEKNOGPVGNCECUCFG\CECVGSWGNC
FGVCDNCU=RNVCCONCU?

VCDWKOIKFJCXaVFGURGFKTUG:KDLCRWZKO

VCDWKOIKFJCPCIWRWUNJRZDCDJ[C
OWMCPFTDZUCMCCNJKM/GXQ[CFGURGFKT

VCKDWKFJC

FGWUVGFGUCJQTCRQTSWGOGKTFGTGEJQRQTVQFC
NCEQTFKNNGTC[[CPQRCUQRQTCSW
=RWPVVCDWKOIKFJCM?

VCDWKOWMKPVGTLCFKU#COQQIKQRDCLKK
6CDWKOWMIQT;COGXQ[#FKUCVQFQU

VCDJKKMUUGPFC
GPVTGNCUNCFGTCU/CCPLCKEJ
VKVIWUWKOCNJOWPKMCPFTPCRCKRZLKT
VCDJKKMFCKRZLKPCVIWOQQLCPQLKOKQT
PCVLCZLKEJ'PEQPVTWPXGPCFQFGCSWGN
NCFQFGNCNCFGTCFQPFGGUVNCUGPFCRGTQCN
XGTOGUGGEJCEQTTGT[PQNGRWFGVKTCT
=RNVCVDJKM?

VCKUNWODTG)KKNJKODJCLCMLKZEJQKFJKVCK
PCIOKO)QTLCKMCZKDJKCIWMWCC
'UVCNWODTGGUVOW[HWGTVGRQTSWGVKGPG
OWEJQUNGQU5SWGPNGWPQU

VCKDWUNWEKTPCIC&CKVPIKCMLCMLKZLQK

COIWVCKVDWPCOOOFC#NCUNWEKTPCICU
NGUIWUVCFGURGFKTUWUNWEGUPCFCOUGPNCRQEC
FGNNWXKCU=RNVCKVDW?

VCKMPCXaVEQTVCTTCUICT
TQRCTDCPLCRZK

VCKMPCFJKLCPPWNJPCDCVCCMKRWWTVCIKQ
VCCMLCMWVWWPVC%QTVCCNCOKVCFGUCVGNC
RCTCSWGEQPWPCRCTVGRWGFCUJCEGTWPCHCNFC[
EQPNCQVTCRCTVGWPCDNWUC=RTGVVCKM?
5KPPUCTPC

VCKMKCXaKTCUICTUGFGUEQUGTUG
TQRC,WO

VCKMIWZCDWKTCZPCLCRICICKMMMKO
VCMCCDVWMCCPCDJCKFJTDJCLWTPKOFJK
DZCPUCR#[GTUGOGTQORKOKRCPVCNP
EWCPFQXGPCWPRQEQCICEJCFQRWGUGUVCDC
QUEWTQEWCPFQXGPCDCLCPFQ=RTGVVCKM?
5KPPUCTPKC
EJCKMCCFLTCUICFC
TQRC

VCKMQDCFXEGTECFGNCNWODTG,QKFJCONCCVW
DQIWOKUVWKOKVCKMQDPCZLWWM'NICVQ
GUVCEQUVCFQCIWUVQEGTECFGNCNWODTGFQPFG
GUVECNKGPVKVQ

VCKDWKFJCXaDRTGUVCT
CQVTCRGTUQPC,K

EJCKDWKFJCCRIWOZKKTPCCNJKQWNJCIW
MCDCKLIKCTWOMWUCCNJDCOCCPUWVKFJC
2QTHCXQTRTUVCOGVWUKNNCFGOQPVCTRCTC
RQPTUGNCWPTCVQCNECDCNNQDTQPEQRCTCSWG[C
UGXC[CCOCPUCPFQ
XaTRGFKTRTGUVCFQ
FGQVTCRGTUQPC,WO
VCKDWKOTCCROCCPIWMCDCKICPIWO
VCVCCNJ2KCOPQODZIQQMOKRZVWWV
DZIQQMLCRDJCOVCKDWKFJKMC8GC
RGFKTNGRTGUVCFQCVWVQWPQFGUWUECDCNNQUQUK

'&+%+024'.+/+0#4`

VCK

6'2'*70'52#1.

NQUFQUGUVPCNNRFGNGSWGVGRTGUVGNQUFQUFG
WPCXG\
=RTGVVCKDWKRTGUVCKDWK?
VCKCFXDQECCTTKDC6CKRZKDQ[CMWLWO

FCIKCUC#EWUVCVGDQECCTTKDCRCTCUQDCTVGGN
GUVOCIQ#PVPMRNJ

VCKUUWDKFC#CEJKEJCOVWOWLKOKCDJL

RCKPCRWKTCIKEJCOMCPCIWZQQP
PCEJVUFKCDJCKFJKVCK)KKNJKOLKZ
OCIQQK%TGQSWGPQKTCNNCTTKDCEWCPFQ
JC[CLWPVCRQTSWGVGPIQHNQLGTCFGUWDKTGUC
UWDKFCRWGUUGECPUCWPQCNUWDKT=RNVCVCK?
#PVPCPUCR

VCKFJTLCMCFXFGNQTKGPVG6CKFJTLCM

DJCKRDCLKLDZKD6CMCCD[CPKFJTLCM
DJCKRMCLDTCPUCRFT;CGORG\CUQRNCT
CKTGFGNQTKGPVGRGTQC[GTUQRNFGNRQPKGPVG
#PVPCPUCRFTLCM

VCKLCMCFXJCEKCCTTKDC
FKTGEEKPEWGUVC

CTTKDCt&CKCPUCRLCLWTPKCOWRCKPCO
RWKMMIWOOD!tLWRMCKEJIW
5GDCUVKCPt%JCO6CKLCMLKPCEJVUFKC
RCNJRtLWRMCKEJIWVCCVCPt'URWTC
DCLCFCRQTCNNFQPFGGUVPNCUCDGLCU!
tRTGIWPV5GDCUVKPt0Q5GVKGPGSWGKTWP
RQEQEWGUVCCTTKDCtEQPVGUVUWRCR
JCEKCCTTKDC
RQUKEKP6CKLCMLWO
MZFJCVIFCIW2GGNGUPQDCZOCKO
%WCPFQ(NKZGUVDQTTCEJQUKGORTGUGRQPGUW
UQODTGTQJCEKCCTTKDC
#PVPCPUCRLCM

VCLCCPCXaTCDTKTUG
GNRGTKECTRKQFGWPC

RNCPVCFGJKUEGPVG$COVCLCCPCIWVQMPQVDC
ICC/KFJTFCKPCDCZDJCCKMCPCO
DJ[C5GCDTGGNCNIQFPEWCPFQUGUGEC[
GPVQPEGUNQRWGFGPTGEQIGT
CIKVCTUGTGXQNXGTUG
PWDGU$COVCLCCPFC
IWVDCCPQDCZFJWWFWKO.CUPWDGU
GORKG\CPCTGXQNXGTUGEWCPFQSWKGTGNNQXGT
UGTFGTTCOCFQ
UQDTGWPCRGTUQPC)WZ
&JWWFWMCOLKZ7C+KOFCICPIW&KQU
DJCCPLWOVCLCCIWEJ:QKMCOLCPQPCVRCK
FJWWMLWODCMWC'N5CPVQ'URTKVWFG&KQU
HWGFGTTCOCFQUQDTG,GUWETKUVQCSWGNNCXG\
EWCPFQUGDCWVK\
VTQPCT
VKTQUFGWPCTOCOQFKUOQt;CRCK
OKCPVWOVCLCCPVWMCCtLWRMCKEJIW
,WCPt,CTQKEJKVWOC[CULKCtLWRMCKEJ
IW2GGITQt2QTCSWEGTECVTQPCDCCPQEJG
tFKLQ,WCPt%TGQSWGCNIWKGPGUVCDCVKTCPFQ



tTGURQPFK2GFTQ
=RTGVVCLCCRTGUVCLCCP?8CTVCLCCKC

VCLCCKURTQIGPKVWTCFGUEGPFGPEKC#COQQ
VKUQKOVVFCKFJCVLGPQRIVOQQRWKR
NJKKFJCPCROCCPLKOCMKCIWO
VCLCCKLWRMCKEJIWDKCROC;QXGPIQ
CPVGWUVGFTQIPFQNGRCTCXGTUKSWK\UG
TGUWGNXCCSWGOGFKGTCWPCFGNCUFGUW
FGUEGPFGPEKCFKLQGNLQXGP
=CRQUVCLCCICP?

VCMUTC\,KZDKKVWVCMFJKLWPDQMWIWZ

MCDCCMLKRWKLKEJWVPQDCVCMDWP.CU
ECCUFGC\ECTVKGPGPTCEGUOW[FGNICFKVCU
RGTQGUVPFWTCUUKVTCVQFGCTTCPECTNCU
=RNVCVCMCRQUVCMCCP?

VCM=XCTFGDCM?+PFKECNQSWGGNJCDNCPVGETGG

SWGGUEKGTVQCDCUGFGNCGXKFGPEKCSWGVKGPG

VCMCCDCFXC[GT6CMCCDLKTLQKDKUMCVZKDLKT
DKCTPKU#[GTHWGLWGXGUJQ[GUXKGTPGU

VCMCCTWKUICNNQICNNKPC,KLWIKKLCOV

DCMIWVCVMCTWKIWLWWPPCKEJOKMC
KKEJCMDCCNJEJCO%JCOVWLCKEJPCKEJ
RCKFJWWMOKVV2CTGEGSWGNCUICNNKPCUUG
EQOKGTQPGNOC\SWGVGPCGPNCECPCUVCRWGU
EWCPFQOKT[CPQJCDCPCFC
RQNNQ)KKNJKOLCDCZKKCOMCVIWDCMCCZ
,QKFJCOLCKEJLKKKDJKQPCKEJZKLWWIW
VCMCCTWKLKFJQQT#PVGUVGPCOWEJCUICPCUFG
EQOGTECTPGRGTQ[CSWGEQOECNFQFGRQNNQUG
OGSWKVCTQPNCUICPCU
=RNVCVMCTWK?8CTVCMCCTK
VCMCCTWKLKFJQQTECNFQFGRQNNQ
MNJKKVCMCCTWKUICNNQ
WDKKVCMCCTWKUICNNKPC


VCMDWPCXaVUCECTCTTCPECT
FGTC\

6CMDWPCCRFJKIUCKPCOKMM6WIK
MWRDCOKDKCKOPCIWEJCOVWTLWWP
LWRVVFCIWVCCVCPIW/KNKVQQP#TTCPECGUG
\CECVGITCPFGRWGUPQVKGPGECUQFGSWGGUV
CNN[CSWGPQGUOC\FKLQC/GNKVPUWRCR
=RTGVVCMDWRTGUVCMDWP?

VCOUWHaU+PFKECWPNWICTEQPQEKFQRQTEKGTVC

ECTCEVGTUVKECRGLPKMCTVCORCVKQVTCFKEKQPCN

NKVNWICTFGNCRKUVCFGDCKNCT5WUDJCPVCO.QU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

%JCTEQU
NKVNWICTFGNCUTCPCU=)TCO?
8CTEJCO

VCODJWNJUVCODQT;COOZMCKFJCIW

VCODJWNJPCVWOUCDOWPCRCKTRKCUVC
*CUVCCSWUGQ[GGNVCODQTSWGGUVPVQECPFQ
GPNCHKGUVC=RNVCVCODJWNJ?

VCOQZCFLSWGPQVKGPGEWGTPQU
FGRQTU

%JCOEJKRMLWOMQMVQNJKCOLKCFJK
MCMCTDCZPQOVDCLKOMQKPCOIWFCK
VCVOQZ%TGQSWGPQRWGFGPIQNRGCTUGVCPVQ
GUVQUEJKXQUEWCPFQUGRGNGCPRQTSWGPQVKGPGP
EWGTPQU=RNVCVOQZ?

VCPCCTCUDCUWTC/KFJCRKOFJKVCPCCTC

PCOKLWORCZDCCCMUCPQQR/KEJCODJCK
PCEJOKLCRQKRQ3WGOGPGUCDCUWTCSWGGUV
COQPVQPCFCEGTECFGNCECUCRWGUPQUGUVQTDC
EWCPFQCPFCOQURQTCNN

VCPQQNJUFC$CKMVCPQQNJLCKEJEJCOVW

VCVPCMKC

OMDJCOOPCOVRCKDJCCPDJKKQTRWMIW
LWWP&CNGWPRQEQFGVNC\QNGCGUGDWTTQRWGU
[CVKGPGJCODTGRQTSWGHWGTQPNGLQUCECTICT
OC\

VCVCCDCFXFGFCFWTCPVGGNFC6CVCCDLCM

VWOLWCPEJCOVWVWMCC5GVTCDCLCFWTCPVG
GNFCPQFWTCPVGNCPQEJG

VCVCCNJUVQ
JGTOCPQOGPQTFGNCOCO

/WPKFJTDJCKDCLKOIWEJCVCCNJOCCP
ZKWCIW[CMWC#NNXKGPGOKVQ[VTCGWP
JQPIQ
UQDTKPQUQDTKPC
JKLQQJKLCFGNCJGTOCPC
OC[QTFGWPJQODTG$CLKOKCCRLKEJCVCCNJ
DJCOOMKKEJCODCOPTCEJKIWOPCCP:K
DJKFJCKCRFJKKODCV;CXGVGCNCECUC
UQDTKPQ[NNXCNGGUVCOKGNCVWOCORWGU[CVG
JCFGGUVCTGURGTCPFQ
=RNVCVVCNJCRQUVCVCCNJKVCVVCNJK?

LWWPCVIKKNJKOLKZKQOVWCK0QEQO
FWTCPVGVTGUFCURQTSWGOGRGIWPC
GPHGTOGFCFOW[HWGTVG
5QN$JCKDCDWWUIWVCPQQNJ;CUCNKGN
5QN
DZEJCPQQNJVQFQGNFC
ZKDFJKVCPQQNJJQ[OKUOQ
)6CPQQNJ%JCO(KGUVCFG,WGXGU[
8KGTPGU5CPVQ
CNJKEJEJCPQQNJUFCEQTVQ
KPXKGTPQ
IVCPQQNJUFCNCTIQ
XGTCPQ

VCVCCU=RNFGVCCU?VC\CU
VCVCCV=RNFGVCCV?RCFTGU
VCVCCVUCD=RNFGVCCVUCD?VKGTTCUENKFCU
VCVCCUVGPFP$CCDWCRIWVCVCCNWOICTCO

VCPQQNJKQRCFXGPGNUQN,WRMCKEJFJCCO

VCVCK=RNFGVCK?UWDKFCU
VCVCM=RNFGVCM?TCEGU
VCVCODJWNJ=RNFGVCODJWNJ?VCODQTGU
VCVDJKM=RNFGVCDJKKM?UGPFCU
GPVTGNCUNCFGTCU
VCVFCEJKCXaKUGPVKTUG)KQFJQEJCODJCKRLK

PCZDWCOVWDWCPQVCPQQNJKQRDQPQLKZ
MCQQM&KEGPSWGGUFCKPQCEQUVCTUGGPGNUQN
EWCPFQGUVUGPHGTOQ

VCPQQNJQZKCUEQTCNKNNQ
XDQTC)KQVTLCR

UKCZLQKIWVCPQQNJQZKC#NCXDQTCEQTCNKNNQ
VCODKPNGIWUVCCPFCTGPGNNNCPQ

VCPQQT=RTGUFGVQPPKC?DTKNNC
UQN8CTVQVPQT
VCKCXaVRGFKT
EQORTCFQQTGICNCFQ6MMCCR
PQICTCPCRDCVCKC2TGIPVCNGUKNQ
XGPFG[UKNQXGPFGRFGNGSWGVGNQXGPFCCVK
=RTGVVCCRTGUVCCP?
LKZEJWVCCKNGIWUVCEQORTCT

VCRZURWNICd,CROQQMMCOIWVCVRZ

-CDWKOWMLCLKVWVCCOTCLGIWQQMQPC
LKLWWNJLKMQZKCd%OQOGRKECPNCURWNICU
/CCPCXQ[CEQORTCTKPUGEVKEKFCRCTCWPVCTOG
[FQTOKTOGLQT=RNVCVRZ?

VCUQQNJUVNC\QNG#NJKEJOWZKDWKIW

VCUQQNJFJKDJWTWZ$CZDJKQEJKPCIW

FTFJKVWWTLKICNJKFJCRDCPCMP
WWOCTIKFJCIWWWWPCMPVWOWOWW[C
DJCCP)6CPQQNJ%JCO5CECNQUVGPFQPGU
FGNCGURCNFCFGGUGVQTQ[OGNQUXGPFGURCTC
COCTTCTNGURNWOCUCNCUHNGEJCUEQPNCUSWGXQ[C
VKTCTGPNC5GOCPC5CPVC=CRQUVCVCCP?
EJCVCCCFLSWGVKGPGOWEJQUVGPFQPGU

VWVCVFCEJKCPCRKEJDCLWWFJKVQQZMQNJ
DCMCCZPCIWUCCMEJCODJCKOKCFJK
1VTCXG\VGUGPVKTUFDKNRQTSWGEQOKUVGECTPG
FGOCTTCPQNCSWGFKEGUSWGPQVGECGDKGP
=RTGUVCVFCUGRTGUGPVCUKPUWLGVQGZRNEKVQ?
8CUGVCCVC
LKZDJCKVWVCVFCUGPVKTUGDKGP
FGUCNWFQ
FGPKOQ

VCVMCTWK=RNFGVCMCCTWK?ICNNKPCU
VCVOQZ=RNFGVCOQZ?SWGPQVKGPGPEWGTPQU
VCVPCMKCXaKVTQPCT
OCFGTCGPNCNWODTG
$JCKFJQRZLKEJCVPCMKCFJKICFWMPCR
DJCVVMCVCKFJCCODJCLCMDCDCEJ
OKFJCPCPCKLKUWWNJIKC'UGEGFTQSWG

'&+%+024'.+/+0#4`

VCVQK

6'2'*70'52#1.

RWUKUVGGPNCNWODTGGORG\CTCVTQPCT[PQU
SWGOCTPNCUEJKURCUSWGCXGPVCTRQTVQFQU
NCFQU
VTQPCTCDTKTUG
OC\VQUVCFQ,CTQQDCOL
VWLCCMMWUKKPPCDCOLRZVCVPCMIW
LCCMK!3WKPGUVVQUVCPFQOC\GPNC
EQEKPC!2WGUUGQ[GSWGGUVVTQPCPFQCNCDTKTUG
RCTVKTUG
RQTUGECTUG%JCROKLCRVVMC
VCPQQNJKQRFJKDCKFJCU$JCKFJQ
LKEJCVPCMKCIWDJCK0QFGLGUGNJCEJCGPGN
UQNRQTSWGGNOCPIQRWGFGRCTVKTUG
=RTGVVCVPCMRTGUVCVPCM?
EJCVPCMCFLSWGUGRCTVGHEKNOGPVG

VCVQKUJQTOKIC,KZEJCVQKUCRFJKVCVQKPC
DCOKLCRVKONJEJWPCVWICCIKOPCRC
LCMLKZMC2TQDCDNGOGPVGVKGPGECNQTNC
RQDTGJQTOKIC[RQTGUQXCEQTTKGPFQDWUECPFQ
NCUQODTC=RNVQVVQK?

VCVQKFJKC=XCTFGVWVQKFJKC?JCEGTECNQT
VCVQQODJCCDJCKOMCT=RNFGVQQO
DJCKOMCT?EQUVCNGU

VCVQQR=RTGVFGVQVRQMKC?JKTXK
VCVQQVMQO=RNFGVQQVMQO?ECTTK\QU
FGVCNNQ
FWTQ8CTVQVQQVMQO

VCVQQZMQNJ=RNFGVQQZMQNJ?RWGTEQU
VCVQQZMQNJLPIKCTWO=RNFGVQQZMQNJ
LIKCTWO?LCDCNGU

VCVQQZMQKC=UWLRNFGVQZMQKC?2GL
VCVQQZMQKCCOUGGORCEJCTP
=RTGVVCVQQZMQ?

VCVQQO=RNFGVQQO?EQPGLQU
VCVQZMQIKC=UWLRNFGVQZMQIKC?2GL

VCVQZMQIKCCOCUQNGCTP=RTGVVCVQZMQI
RTGUVCVQZMQ?

VCVRZ=RNFGVCRZ?RWNICU
VCVVCNJ=RNFGVCVCCNJ?VQUUQDTKPQUUQDTKPCU
=CRQUVCVVCNJK?

VCVVCO=RTGUFGVCCVC?NQRCNRC
VCZEJCCDKPVGTLITCEKCU6CZEJCCD/KIWLCO
LQQZKCKEJOQQOCVWLWW)TCEKCU#NNGUV
UWRNCVQRWGU[CCECDFGEQOGT

VCORQURGP
NCUWRGTHKEKGFGUQDTG6W

RKEJMCOVWLWWLQQZKCVCOCCMCRWKCR
OLUZZKOTFJKLKFJQQT!LWRMCKEJIW
FPIW.WUKKPC'PSWEQOKUVGGPWP
RNCVQQOGVKUVGNCOCPQGPNCQNNCFQPFGGUVQ[
EQEKPCPFQ!NGRTGIWPVUWOCOC.WEKPC
GPFGPVTQFG$JLZKEJVCTRWWUVCO



PQEJCODJCLKOOCCPIWZICMMQMQNJMW
[CPKVWWOZKFJCFJKDJKK8GCGPGUGOQTTCN
UKPQJC[WPEJKNGUGEQRCTCFGURGFC\CTNQGPOK
EQOKFC
8CTEJCO

VRTGHaX+PFKECSWGNCUKVWCEKPUGGZVKGPFGRQTWP
VKGORQQGPWPTGC0QZLRKICOOLV
FCIWUQOCKIK%WCPFQJCEGHTQUKGORTG
RGUECOQUNCITKRC=5GRTGUGPVCCPVGUFGWPC
)TCO?8CTEJ8CUGVW

VDCFLNCTIQ
FGNQPIKVWF,QKFJCOLKTVD

FJKOEJCDKPFC/QQREJKICNJKFJC'UV
DKGPNCTICVWUQICUGTCDWGPQSWGOGNC
XGPFKGTCU
CNVQGNGXCFQ
FGGUVCVWTC,QKFJCOLKTVVD
FJKLWLWMPCDJCOOPKEJWWVQKFJCVCO
'UVPDKGPCNVQUCSWGNNQURKPQUSWGGUVPCNNGP
GNEGTTQ
=RNVVDEQRLKT?
ICKLCMLKTVDGUOUNCTIQSWGCPEJQ

VMQDCFXCNVQCTTKDC
FGCNVWTC6MQDLCR

FCCUCKFJKMKKUPCEJCOVWICIQQZ[CDCCMKR
DCLWIKQMC2QPICGNSWGUQGPWPNWICTCNVQ
RCTCSWGPQUGNQXC[CCEQOGTGNRGTTQRQTUK
CECUQGPVTCCSW8CTVMD#PVPFWOCCNJ

VMQDFWWMCFXCPVGUFGNOGFKQFC
NCUFKG\Q

NCUQPEGFGNCOCCPCNKVGN5QNGUVCNVQ,KZ
MPMQDRCRLWRLCFCFQEJQFCIW
MCMCTDCZ#CRIWZKVMQDFWWM&GDGUKTC
FGLCTNQUEJKXQUOUVGORTCPQRGTQVGURGTCU
JCUVCCPVGUFGNOGFKQFC

VVD=RNFGVD?NCTIQU=EQRLKT?
VKOQQPUVKOP
FGNCTCFQ-CTLCOVIW

VWVWWTIWLCTCCTFCKVKOQQPDJCKRWR
UCKEJW[WWVCO.QUVQTQUNGSWKVCTQPNCU
CNGVCUCNCTCFQRWGUUQNCOGPVGGNVKOPSWGF
EQNICFQGPGN[WIQ=RNVKVOQP?

VKTKOKCZUHNCWVCFWNEG
JGEJCFGECTTK\QDNCPFQ

,CKFJVVKVTKOKCZMPVWUCDFCCODJCCP
)6CPQQNJ%JCOPCOVWFCCPFCDWKQTIW
&KQU#NIWPCURGTUQPCUVQECPOUKECEQPWPC
HNCWVCFWNEGGPNC5GOCPC5CPVCRCTCCNCDCTC
&KQU=RNVKVTKOKCZ?

VKVOQP=RNFGVKOQQP?VKOQPGU
FGNQUCTCFQU
VKVTKOKCZ=RNFGVKTKOKCZ?HNCWVCUFWNEGU
VRTGHaX+PFKECSWGNCUKVWCEKPUGGZVKGPFGRQTWP
VKGORQQGPWPTGC$JCWNJKFJKMCDCK
PCDJCCPVONJKKEJFJC'PUNNCOGGUG

'&+%+024'.+/+0#4`



6'2'*70'52#1.

ECDCNNQRCTCEQTTGTEQPN=5GRTGUGPVCCPVGU
FGWPC)TCO?8CTEJ8CUGVW

VDCCFJCXaVDCLCT6DCCFJCCRFJKCNJKK

PCIWEJCMWKOCCVVVOKKMIWFNJ$CLCC
GUGPKQRQTSWGVQFCXCPQUCDGDCLCTUGUQNQ
=EQORNRNVRZKFJCQVRWZFJCRTGVVDCC
VRZKRTGUVDCCZKVRZK?8CTVOKKFJC
#PVPVUCCFJC

VDCCZKFJCXaDDCLCT
RCTCQVTCRGTUQPC

%JKKCCRIWOZKKZMWOVDCCZKFJCIWO
UCWCPCIWVMQDFCC2FGNGCVWJGTOCPQ
SWGVGDCLGVWEQDKLCRQTSWGGUVGPWPNWICT
CNVQ=EQORNRNVRZKEJWNJFJCRTGVVDCCZK
VRZKEJWNJRTGUVDCCZKVRZKEJWNJK?
8CTVOKKZKFJC

VDCCUPWDG,QKFJCOLKZEJQQVQVCLCCPIW
VDCCLCRPCVWVQM.CUPWDGUUGGUVP
XQNXKGPFQOW[DNCPECUEQOQGNCNIQFP
EJDCCCFLPWDNCFQ

VDCKRRKFJC=EQPVFGVONJFJC?GUVCT
COCTTCPFQ
WPCPKOCNQCNIQRGUCFQ

VDICVCXaVGORG\CTKPKEKCT/CCPLCRRZ

VDICVCKIWCUCCMVOQEJCOVWPCROWKLC
DKCMCVVDICZKO%WCPFQGORKGEGUCJCEGT
WPCVCNGICFGDGUVGTOKPCTNCRWGUPQGUVDKGP
SWGGORKGEGUOWEJCUUKPVGTOKPCTNCU
=RTGVVDICKRTGUVDICV?

VDICZFJCXaDGORG\CTKPKEKCT
CNIQRCTCQVTC

RGTUQPCt,CTQQOVDICZFJKOLKMRCPCR
OKRFWKKO!tLWRMCKEJIW2KNKUKCPt&JQ
IWEJCCVFJQtLWRMCKEJIW-NGGV
t3WKPVGGORG\NCVTGP\CFG\Q[CVGSWG
GUVUJCEKGPFQ!tRTGIWPV(GNKEKCPQt2WGUOK
RCRtEQPVGUV#PCENGVQ=RTGVVDICZ
RTGUVDICZK?

VDIKNJKCXaKPWDNCTUG$RFJQZKLNJDKOK
DJCKLKVDIKNJKCOKFJTFCKPCDJCKLK
FJWWFW2TKOGTQJCEGCKTG[UGPWDNCNWGIQ
GORKG\CCNNQXGT=RTGVVDIKTRTGUVVDCIKT
RTQITVDIKNJKO?
EJDCCCFLPWDNCFQ

VDKCRVWFCXaVJQURGFCTFCTRGTOKUQFG

SWGFCTUG
RCTCRCUCTNCPQEJG2CCRLKEJ
EJDKCRVWFCMWEJZKEJWNJDJKQMC!&PFG
PQUXCUCFCTRGTOKUQFGSWGFCTPQURCTC
FGUGPUKNNCT[RCUCTNCPQEJG!=RTGVVDKCRVWFC
RTGUVDKCRVWP?
EJCOLKEJDKCRRWVWPPQOGSWKGTGFCT
RGTOKUQFGSWGFCTOGRCTCRCUCTNCPQEJG

VK

VDKCRWXaKRCUCT
NCPQEJG%JCORMVWC

DCMR[CPCEJKEJRCKVDKCRWKMWDC
IKKNJKOLKZLRKVWMCC0QJC[OWEJQU
TDQNGUCSWFQPFGPQUSWGFCOQURQTGUQJK\Q
OWEJQHTQCPQEJG=RTGVVDKCRTGUVDKCR?

VDRCFXEQPUQICNCTIC6DRLCRDWNJKCIW
MCDCKPCDCOMLCRLWWIVVWMWCFC
#OCTTCGNECDCNNQEQPWPCUQICUWHKEKGPVGOGPVG
NCTICRCTCSWGRWGFCEQOGTNGLQU

VDJCKOUOC\
FGQVTCRCTVGPQFGUWRTQRKC

OKNRC#CRKOCCRWKVDJCKORZLWRMWC
PCLCZCC!6VCODKPGUVUEQOKGPFQOC\
EQORTCFQEQOQ[Q!

VDJCKOKCXaKEQPUGIWKTSWEQOGT:KDFTLK

IWPCDCCCPCDCRWRVVDJCKOKFJCV
PCIWDCLWIKKOIWLWWP;CGUPGEGUCTKQSWG
XC[CCEQPUGIWKTSWEQOGTRQTSWG[CUGGUV
CECDCPFQGNOC\SWGVGPGOQU=RTGVVDJCKO
RTQRVDJCKTC?

VIKCXaVXGTt/WZKEJIWOMWWNUK

2CCIKLCMDJK!tLWRVVFCIWCNJKKIW
.KPFCt/WPKQKTVWMWCIWVWTCCUPWtLWR
MCKEJIWKt8GCXGTCFPFGUGHWGVW
CDWGNKVQtNGFKLQ.KPFCCWPPKQt#NNCPFC
EQOKGPFQFWTC\PQUtTGURQPFKN
XaVJCNNCTGPEQPVTCT#COCKDWCIW
FJWKMCT,CZPCDCFWKMCVIKC!5GOG
RGTFKOKRKRC%OQNCXQ[CRQFGTJCNNCT!
XaKFGURGTVCTUG
[CNKUVQRCTCNGXCPVCTUG:K
KEJWPIW%TKUVKKPMWDCVVIKCIWEJLKDC
LKOFCLKMCRDJCKPCMCZLDQQ*DNCNGC
%TKUVKPCRCTCSWG[CUGFGURKGTVGRQTSWGPQU
KTGOQUOKGPVTCUVQFCXCGUVHTGUEQ
XaKXGTUG/QQLCRLKZLQKKCCPCVIT
FJK'NGGPCPCDCOQQIDCOPK!2CPCCU
ZKDMCTNJKEJMC2CTGEGSWG'NGPCETGEK
TRKFQRWGU[CUGXGITCPFGEKVCRQTSWGJCEG
RQEQVQFCXCGUVCDCEJKSWKVC
=RTGVVRTGUPKEQRTGVPKFJCV
RTQRVOTC?
LCZLCRNJFJCVVPKSWVGRCTGEG!

NKVEOQRKGPUCUCNXGTNQ!

VKRCTV+PFKECSWGWPQFGUGCOWEJQJCEGTCNIQ

RGTQPQRWGFG#CEJVKZCDFJKTCOIWLKPC
IWEJCOLCTQKLCKEJPCDOCPLKOFC;Q
SWKUKGTCKTCEC\CTPCFCOUSWGPQJC[SWKP
OGCEQORCG
+PFKECSWG[COGTQUWEGFCCNIQ&CRPMVKR
KCIWMCDCKDJCOOPKICKPCRCKZEJWDCC
'NECDCNNQUGTGUDCN[[COGTQUGECCCNNGPNC

'&+%+024'.+/+0#4`

VK

6'2'*70'52#1.

NCFGTCFQPFGGUVOQLCFQ
+PFKECSWGFGDGUWEGFGTCNIQRGTQPQGUCU
,CROQQEJCOKQQMIW2CCDNWIWOCTCCP
6KDCTDKCROC'NJKLQFG2CDNQECUKPQ
EQPVGUVCEWCPFQNGJCDNCP[[CGUWPLQXGP
VK=RTGVFGV[C?FKLQ
VK=RTGVFGV[C?UGNQRWUQ
TQRC

VKMPC=XCTFGVWKMPC?OQNGT
PQOW[HKPQ
VKOPCXaVECGT
GPEKOCCRCEJWTTCT/M

LCRKOQKRQFCPCDCEJCOLCOVKOPCIW
VWVWCPCOKVWOKCTUCKO7UVGFGUFGDGP
CPFCTNGLQURCTCSWGPQNGUXC[CPCECGTGPEKOC
NQUGPEKPQUSWGGUVPVWODCPFQCNN=RTGVVKO
RTGUVKOOWU?

VKRWRCFX[COGTQ6KRWRIDMCKEJ

VWMCCPCIKKNJKOLKZLRK;COGTQOG
EQPIGNCDCCPQEJGRQTSWGJCECOWEJQHTQ
UKPZKVQ,CTQKDCMLKZEJWKIWEJCMGGV
6KRWRICPICKOMKDZEJCPQQNJ#NIWKGP
OGGUEQPFKOKEJCOCTTCRWGUNCGUVWXG
DWUECPFQVQFQGNFC
RGTQPQNCGPEQPVT

VKDJKQMCXaVFGUVCRCTSWKVCT
EQDKLCQTGDQ\Q
6KDJKQMCCRUKCMWMQQU,CROQQZEJW
QQP&GUVRGNQCWPSWGGUVFQTOKFQRWGUGU
OW[HNQLQ=RTGVVKDJKQRTGUVKDJKQM?
5KPPKDJKQMC

VKEJIFC=EQPVFGV[C?GUVCTRQPKPFQUGNQ

TQRC8CTVVFCVKKFJC

VKFJCXaDRQPGT
ECOKUCQDNWUCCQVTC

RGTUQPC$JCKZKLKOLCLWOVKFJCIWO
MWVWWP8GPRCTCRQPGTVGVWECOKUC
EQDKLCTVCRCT
EQPEQDKLCQTGDQ\QCQVTC
RGTUQPC)KKNJKOLKZLOK,WOCKRDJCKR
ZKEJKFJCIWUCWC6GPIQOWEJQHTQ
6RCOGEQPQVTCEQDKLC
=RTGVVKRTGUVKK?

V=RTGVFGVIKC?NQXKQNQJCNN
V=RTGVFGVMKC?NQRWUQ
GPRQUKEKPJQTK\QPVCN

VFCXaVFGEKT
CQVTCRGTUQPC,CRLCR

VFCPCZMCQQMIWOCTCCPPCDJCEJ
LQQEJZKFJCIWVWWOKPCEJMPEJKKC.G
FKEGUSWGGUVGPHGTOQUWJKLQ[SWGPQUOCPFG
GNFKPGTQRCTCEWTCTNQ
RTQRQPGT
CQVTCRGTUQPCNQSWGRWGFGJCEGT
,KQKFJCCRPQRLKZCCPCRLKDOVW
MKQMCICOOLLWRVVFCIWDKCROCOCCP
IWV[CC%UCVGEQPOKIQUKGUVUFKURWGUVCC
XKXKTEQPOKIQRCTCUKGORTGNGRTQRWUQGNLQXGP
CWPCOWEJCEJC



=RTGVVPRTGUVVFCUWEQORNGOGPVQGUWPC
HTCUG?
LWRVVFCNGFKEGQNGFKLQ
EKVCFKTGEVC
CCLKZDJCKEJVFCFJKWDKKGUCOWLGTGU
OKCOCPVG
NKVNCFKIQDKGP

VMQNJUCTFKNNC
VGTTGUVTG0CKLCRDCRQFC

COIWVVMQNJLQQFCKEJCOPCOIWOKLCR
QKMCPCLCZVFFMC.CUCTFKNNCU
VGTTGUVTGUEQTTGPRQTNCURKGFTCURQTSWGXKXGPRQT
CNNGPNQUJWGEQU=RNVVMQNJ?8CTVMWNJ

VONJFJCXaDCOCTTCT
CPKOCNCCNIQRGUCFQ

7WZLCRVDNJFJCFJKDJWTWZEJCOVWFCK
VTDKPCDCEJCOZKICOOLRCKZKLKOFC
&GDGUCOCTTCTGNDWTTQCWPRCNQPQUQNCOGPVG
EQPNCUQICRCTCSWGPQUGXC[CVCPNGLQU
=EQORNRNVDKQRFJCRTGVVONJVDKQR
EQPVVDCKRRKFJC?8CTVDNJFJC

VONJKCXaVNNGXCTLCNCT
EQPUQIC6WDC

VTDKFCFJKPCRMPVOTFJKOMCDCK!
3WENCUGFGUQICGUGUCEQPNCSWGLCNCUVW
ECDCNNQ!=EQORNRNVDQRKCRTGVVDKC
VDQRRTGUVOTVDQR?

VOQXaVVGTOKPCT
FGJCEGT6OQOVVCM

VWOQKMCPIWDKKRKDQRPCOIWEJKOKV
ZKCPCLCZFWWFW5VGTOKPCTQPFGRTGRCTCT
NCVKGTTCNQULXGPGURCTGEGSWGXCPCUGODTCT
CNNFGURWUFGNCRTKOGTCNNWXKC
XaTECUCTUG)WLWOCKOCUCCPUCRLWO
VOQIW5CPVKCIQPCEJDCOQQMQKRWIW
DJQQP&KEGPSWG5CPVKCIQUGXCCECUCTGNOGU
SWGGPVTCRCTCSWGXC[COQUCEQOGTCNCDQFC
=RTGVVOQ?8CTVOW
LWOVOQKFJCMFJKOGGUHKPGUFGGUVG
OGU

VRZKEJWNJFJC=EQORNRNFGVDCCZKFJC?
DCLTUGNQU=RTGVVRZKEJWNJ
RTGUVRZKEJWNJK?

VRZKFJC=EQORNRNFGVDCCFJC?DCLCTNQU
=RTGVVRZKRTGUVRZK?8CTVRWZFJC

VUFKC=UWLRNFGVUFKC?2GLVUFKCCOUG
UWDKTP=RTGVVVURTGUVUUCP?

VUUCFJC=EQORNRNFGVUCCFJC?UWDKTNQU
=RTGVVUUCRTGUVUUCFJK?

VVDKCXaVDWUECTTGEQIGT
NQPGEGUCTKQ

)QQMVVDKOTIWZDKKMWCCICOCLCMLCR
OWKDJCVVDKMC8GCTGEQIGTCUVKNNCURCTCNC
NWODTGGORG\CPFQFGCNNJCECCE
RGRGPCT)COOLLCMZKLCUCCPFJK
VCVMCTWKMWODCVVVDKRW'URCPVCNCU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

ICNNKPCURCTCCNNRCTCSWGXC[CPCRGRGPCT
=RTGV[RTGUVVD?

VVIXaVNNCOCTPQODTCT,CZLCRLCMVI
FJKOCNJKKEJWMPCRRCKFJWWMDCMWCPC!
%OQXCUCPQODTCTCVWPKQEWCPFQNQ
DCWVKEGU!=RTGVVVRTGUVV?8CTVVIC

VVU=RTGVFGVUFKC?2GLVVULCOVUG
UWDKGTQP

VVMKCXaKUQCT#CIKKNJKODJKFJCOV

VVMVWMCC,CZPCDCTLWOFWWMCO!;Q
VWXGWPCRGUCFKNNC
NKVUQOW[HGQCPQEJGPQ
USWUKIPKHKEC=RTGVVVMRTGUVVM?
EJVMKCFLDWGPQRCTCRGTEKDTKTEQUCUC
VTCXUFGNQUUWGQU

VVMKUUWGQ,CKRWDCZOCVMCCOIW

LCVMCOPQODCZMQKKMPCOIWUCRRWDCLC
CCIKFJCVVMKEJCO#NIWPCURGTUQPCU
UCDGPSWGUGXCPCOQTKTRQTSWGUGNQCXKUCPGP
UWGQU8CTVVM
VVMKDJCCPCVTCXUFGNUWGQ
VVMKEJCOGPUWGQU

VVOKIKC=UWLRNFGVOKC?2GLVVOKIKC
COUGDCLCTP=RTGVVVORTGUVVOKM?

V[CZUOWEJCEJKVC
FGQEJQCECVQTEGCQUFG

GFCF2CLCMDJKIWV[CZMWCNJKEJ
LQVUCPCDJKOTCIWUWWFCK!#FPFG
HWGNCOWEJCEJKVCNCSWGSWKGTQOCPFCTCSWG
OGVTCKICVCPVKVCCIWC!=RNVV[CZ?

VXaGNNCOCTUGPQODTCTUG$JQQODJCUCRV

IWKPCOMPZKQRCPIWPCPDCVIWUWWFCK
OWLCRIITMKMEJCO&KEGPSWGUGNNCOC
DQODCNCEQUCEQPNCSWGJCEGPNNGICTGNCIWC
CNCUEKWFCFGU=UWLRNVV?
LCZLWOVVEOQUGNNCOC!
EQUC
LCZVEOQUGNNCOC!
RGTUQPC
LCZVVEOQUGNNCOC!
NWICT

VKPVGTLHLGUGOKTC6PCDCDJCKDC

DRIKOIWFWWMUCCMRPEJCOFWWFWKO!
(LGUGEQOQ[CXKGPGGNCIWCEQPTGNORCIQU
0QSWGPQKDCCNNQXGT!

VOTC=RTQRFGVIKC?KTCXGT
VPMCTUVTCORC
JQ[QGPNCVKGTTC/CCP

LCEJVVMCTVCKOWMCPUCMCCNJKMCOOL
DWNJKCIWMCTDCZLCZEJWOPCZMCQQMPCO
DCLKVIKIWDJCCDJCPOWUWWNJIKCPCEJ
DCDJCKLCMQQFC8COQUCJCEGTWPCVTCORC
GPNCEQTFKNNGTC[COGVGTWPEJKXQGPHGTOQRCTC
SWGNQUEQ[QVGUECKICPGPGNNC[NQUOCVGOQU
=RNVVPMCT?8CTVFJCMCT

VOCKEJ

VPMCTUJQTPQ
JQ[QGPNCVKGTTC$CZOKO

CCIWVPMCTMWEJOKDCOCOCC[CFJK
KOCK!;CGUVNKUVQGNJQTPQRCTCEQEKPCTNCU
ECNCDC\CU!=RNVVPMCT?

VFJCXaVRQPGTWPCVTCORC
RCTCCPKOCN

6FJCRKOFJKDCUMPCEJIWEJCODKC
IWOKKEJWPCIVFCIKC2QPICPWPCVTCORC
RCTCGUGTCVP[CSWGPQVGPGOQUICVQRCTCSWG
NQCICTTG=RTGVVRTGUVIK?

VMDQUVCNP
FGNRKG)KKNJKOLKZMQMIW

EJMDQPCVOKUKIWLQKTDCPFTQOIW
EJCODJCKPCLCZLWRPC/GFWGNGOWEJQGN
VCNPFQPFGOGENCXWPCGURKPCRWGUUGSWGF
CFGPVTQ[PQRWGFQUCECTNC=RNVVMCRQ
CRQUVMDQPVVMCRQP?8CTVMDW
VMDQTCOGPUWVCNP
FGNQFGGNNC

VMKCXaVRQPGT
GPRQUKEKPJQTK\QPVCNEQORN

KPCP2CEJDCLCMVWCCIWLWWPPQV[C
DCOCKEJ!&PFGXCOQUCRQPGTGNOC\
EWCPFQNQVTCKICP!
RQPGTQHTGPFCT/CKMLCEJVVMRWIW
[QQZKOWEJKQR8OQPQUCRQPGTHNQTGUGPNC
KINGUKC
=EQORNRNVWCCRTGVVVWCRTGUVMVWC?
VWCMCUKGORTGGUVQHTGEKFQ
VMKKFJCGUVRQPKGPFQCECFCTCVQ

VMMCXaVRTGIWPVCT6MMCCRIW,WCPPCRCK
FJWWMLKTLKOFCO-QTKCPLCM2TGIPVCNGC
,WCPEWPFQUGXCC&WTCPIQ=RTGVVMMC
RTGUVMMCP?
VVMMCRTGIWPVCT
COUFGWPCRGTUQPC

VOCKEJUVCOCN,WRFWKCCRCCIW

VOCKEJPCRDCVWFCDKIWVWK!8CUC
JCEGTVCOCNGU!2QTSWGUVUCOCUCPFQNC
OCUC!
VOCKEJDWWRWKOCZVCOCN
EQPHTKLQNGU
GPVGTQU
VOCKEJFTCRMCOVCOCNEGTGOQPKCN
FG
RWTCOCUCUGEQNQECPFGDCLQFGNCNVCTITCPFG
VOCKEJFWFWCMCOVOCKEJUCUDCTCM
VCOCNITCPFG
UGWUCPGPHKGUVCUTGNKIKQUCU
PCCMVOCKEJUVCOCNFGECTPGFGNC
ECDG\CFGNRWGTEQ

VOCKEJURCPVQTTKNNC,CZMWRDCQDKCMKO!

-CRWKZMQMCCIWOVOCKEJPCUCCMMCZ
MQMMCV!2QTSWCPFCUEQLGCPFQ!1VQFCXC
VGFWGNGNCRCPVQTTKNNCSWGVGFQNC!
=RNVVOCKEJCRQUVOCKEJCPVVOCKEJCP?

'&+%+024'.+/+0#4`

VOKKFJC

6'2'*70'52#1.

VOCKEJCTCOGPUWRCPVQTKNNC
FGNQFG
GNNC

VOKKFJC=XCTFGVDCCFJC?DCLCTNQ
VOKKZKFJC=XCTFGVDCCZKFJC?DCLTUGNQ
VOMCNJUVQTVKNNC%JCORMKQQDIWVOMCNJ
IWZWWCOFCKIWZEJQQVQPCDC0QUQP
OW[UCDTQUCUNCUVQTVKNNCUCOCTKNNCURGTQNCU
DNCPECUU=CRQUVOMCNJK?

VOKCXaKDCLCTUG$REJDJCKMCZK

DJKKQTCFJKLWWP-CZKEJVOKIQTUGTTCV
$LGPUGWUVGFGUWPTCVQRQTHCXQT2TKOGTQ
XCOQUCECTICTGUVGOC\=UWLRNVVOKIKC
RTGVVOVVORTGUVOKKMVVOKM?

VPK=RTGUFGVVIKC?NQXGC
VTRQURGPFGPVTQFG)KQDJCOORZK

FJCTUCOTMQUVTFJKNCPMKK[WU8GCRQPGT
GUVQUJWGXQUQVTCXG\GPGNPKFQ
GPVTGGPOGFKQFG
OWEJCUEQUCUUGOGLCPVGU
/WLCRLQQFCKEJTLKPCZKQOQKTIWMQ.C
XDQTCCPFCGPVTGNCURKGFTCU
8CTEJT
QFCOVTVKGTTCJCDKVCFCRQTKPFIGPCU

VTDKUUQIC6QQOVTDKMPLCRDWNJKCFJK

VWWTPCIWOCCPPCLCZLWOMKCPQRKEJ
WOWWVTDKMPDWW#OCTTCGNVQTQEQPWPC
UQICFGKZVNGRCTCSWGPQUGTGXKGPVGRQTSWGUK
NQCOCTTCUEQPWPCUQICFG\Q[CVGUGTGXGPVCT
=RNVVTQRKCRQUVTDKCPVVTQRKCP?

VTPKCXaKVTQPCT
CNNNQXGT%JCOFWWPLKC

VCMCCDFCKPCCOVTQQP0QNNQXKC[GT
XGTFCF!0CFCOUVTQP
VTQPCT
CNECGTUGWPQDLGVQITCPFG)VTFJK
LWMPCVDCKC'NRKPQVTQPOWEJQEWCPFQ
EC[
TGUQPCT
UQPKFQHWGTVG6WOWRCKFJT
DJCKDCVTPKO!'CROWKZKEJ3WGUV
TGUQPCPFQRQTCJ!8GCXGT
=UWLRNVVTQPKCRTGVVTVVTQPRTGUVTQQP
VVTQP?
FWWMVTPFCONNWXKCEQPVTWGPQU[
TGNORCIQU

VTQQMUNCICTVKLC
FGGUECOCUFWTCU,KZLCPCC

IWOWRWWDCNJIWVTQQM,QKFJCOLKZOCCVV
LCFCPIPPPMP#NCNCICTVKLCNGIWUVC
EQOGTUGNCUOQUECURWGUNCUCICTTCHEKNOGPVG
EQPUWNGPIWC=RNVVTQM?
EJTQQMCFLURGTQ
PQEQOKFC

VUCCFJCXaVUWDKT/WVUCCFJCCRFJK

CNJKKDJCVTQQMCVCOPCIWEJCOVUUCPIW



FNJ5WDCCNPKQCNECOKPRQTSWGPQRWGFG
UWDKTUGUQNQ=EQORNRNVUUCFJC
RTGVVUCCVUUCRTGUVUUCFJK
VUUCFJK?#PVPVDCCFJC

VUFKCXaKUWDKTUG,QVOQFCLWMVCOVUFKCIW
DJQOMQZPQVOWKDCLKCTFKIWICIQQZ5K
GNRGTTQRGTUKIWGCNVGEJCNQVGUVG
KPOGFKCVCOGPVGUGUWDGCWPRKPQ
=UWLRNVUFKCRTGVVUVVURTGUVUUCP
VUUCP?
DJCKZKEJUCCUDGVG
EJCOVUUCPSWGPQRWGFGUWDKT
DJCKDCVUIWVCPQQNJ[CUCNQGNUQN
EJUFKCFLSWGUWDGHEKNOGPVG
NWICT
GUECTRCFQ

VVDCIKT=RTGUFGVDIKNJKC?UGPWDNC
VVDKCXaKLWICT&CKEJKPCOVVDKCIWCCCNJ

PCEJKEJUWWFCKLCLQQVPCODJKRW$C
OMKOLCOVCKZKOMCVPCO[CDCCKEJFJC
0CFCOUGUVCTPLWICPFQNQUPKQUSWG
OCPFCOQUCVTCGTCIWCRWGU[CVKGPGTCVQSWG
UGHWGTQP[CNCFGDGTCPJCDGTVTCFQ
=RTGV[RTGUVVDKC?

VVDKEJCOURCTVKFQ
FGRQTVKXQ'CPCRVW

WCPCMWEJOWVWDWCDJC$QQLK$KDKCPCT
VVDKEJCOMCMCDWKOWM[C6QVDJCDVCO2QT
HCXQTGUETKDGWPCPWPEKQRCTCCXKUCTNGCNCIGPVG
FG%KGPGICFGN1UQSWGJCDTRCTVKFQOCCPC
CSWGP)CXKNCPGU

VVDKMCTULWIWGVG-CDWKOWMLCOUCRLC

OCMKCIWCCCNJIWVVVDKMCTOWKUMQGNCPCO
LMOKTKUMQGNKU&KEGPSWGNGUXCPCFCT
LWIWGVGUCNQUPKQUGPNCGUEWGNCOCCPCCNQU
SWGGUVWFKCPGPGUCGUEWGNC=RNVVVDKMCT
CRQUVVDKMCTWPVVVDKMCTWP?

VVDKMWOULWIWGVP)QQMLCRDJCKDCWCTC
IWMWCC#CRFCKOWLCMMCKEJWIWODO
VWOVVDKMWO8GVGCVTCGTWPRQEQFGNGC
RWGUPCFCOUUKIWGUCVWEQORCGTQSWGGU
LWIWGVP=RNVVVDKMWO?

VVFC=RTGUFGVFC?NGFKEG
VVIQZUPEVCT
FGHNQTGU,QKFJCOLKZOCKMCM

FJKVVIQZICPIWFNJFJOOODLCRPCLCZ
IWOWKFJO'UVOW[FWNEGGUVGPEVCTFGNCU
CDGLCUUQNKVCTKCURWGUUCDGKIWCNCNFGNCUCDGLCU
EQOWPCNGU=CRQUVVIQZICP?

VVIKCXaVXGTDWUECT
CNIQGPGURGEKCN$K

EJWICCOTIWDCCM2GGITQ/LPKFTLCR
LCRZKEJVIKCICICK2QTHCXQTXGCDWUECTNC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

XCEC2GFTQ2TQEWTCXGTUKCPFCGPNCUNCFGTCU
EQPQEGT
NWICT6PKCRCCOW6WWURC
PCLCZVWVWKK!%QPQEGUEOQGU6WZRCP!
XaKSWGFCTUGFGURKGTVQ%JCOQDMQQMUQFC
KCCLWTPM/MLCEJVPKFJC0Q
HEKNOGPVGOGFWGTOQGPNCPQEJGRWGUOG
SWGFQFGURKGTVQRQTOWEJQTCVQ
=RTGVVVRTGUVPK?

VV[CZ=RNFGV[CZ?OWEJCEJKVCU
VVPMCT=RNFGVPMCT?VTCORCU
JQ[QUGPNC

VKGTTC

VVPMCT=RNFGVPMCT?JQTPQU
JQ[QUGPNC

VKGTTC

VVEJQ=EQORNRNFGVEJQ?2GL

VVEJQNQUTGEQTFCT
=RTGV[RTGUVVEJQEQPVVVEJQMC?

VVVDKMCT=RNFGVVDKMCT?LWIWGVGU
=CRQUVVVDKMCTWP?

VVVDKMWO=RNFGVVDKMWO?LWIWGVQPGU
VV=RTGUFGV[C?UGNQRQPG
TQRC8CTV
VVFC=EQPVFGV[C?GUVCTRQPKPFQUG
TQRC
8CTVKKFJCVKEJIFC

VVMC=RTGUFGVMKC?NQRQPG
VVMCRQ=RNFGVMDQ?VCNQPGU
FGNRKG
=CRQUVVMCRQP?

VVMQNJ=RNFGVMQNJ?CTFKNNCU
VGTTGUVTGU
VVOCKEJ=RNFGVOCKEJ?RCPVQTTKNNCU
=CRQUVVOCKEJCP?

VVPQTCUJQTSWGVCRQUVGFGNTKPEP/CCP

DJKOTIWVVPQTCMWEJ[CPKMUCPCDC
DJCCPDJCKDCOVMKCIWICKMCO8GCVTCGT
WPRQUVGRCTCRQPTUGNQEQOQUQRQTVGCNCXKIC

VVTQM=RNFGVTQQM?NCICTVKLCU
FGGUECOCUFWTCU
VVTQPKC=UWLRNFGVTPKC?VTQPCTP
=RTGVVVTQPRTGUVVTQP?

VVTQRK=RNFGVTDK?UQICU
=CRQUVVTQRKCP?

V[CCUOWEJCEJCUGQTKVC
FGSWKPEGCQUQOU
FGGFCF2WDCTVV[CCOIWOCCOTCPIW
2QNFQPCOVDCDCOPCPDCKEJOWOOW
PKMCTVCO;CGTCPUGQTKVCUNCUJKLCUFG
.GQRQNFQEWCPFQVQOCTQPGNOG\ECNEGTGOQPKCN
CNNGPGNRCVKQ=RNVV[C?

VKKO=RTQITFGV[C?GUVFKEKGPFQ
VKK=RTGUFGVKFJC?UGNQRQPG
TQRCCQVTC
RGTUQPC

V[C

VTCDMCOUGNFGGPOGFKQ#CLKTVTCD
MCOOKCPQKKIW-CTOGGNQ&GOKU
JGTOCPQU[QUQ[GNFGGPOGFKQRWGUUKIQ
FGURWUFG%CTOGNQ

VPIKCMUNCUCIWCU
TGIKQPCNKUOQRQECFG

NNWXKCU
FGLWPKQCUGRVKGODTG0QLKZOCCVPCT
VPIKCMLWOCCPCWCFCIWPCKNWPCMP
LKEJCCDKFJCPQVDJCKLKFJWWP5KGU
RQECFGNNWXKCUUSWGPGEGUKVQNNGXCTWP
RNUVKEQRCTCRTQVGIGTOGUKNNWGXG
5KPPFWWFWM

VPIKCXaKNNGICTNCRQECFGNNWXKCU/CCP

LCEJVWDCMEJCZKDPCMCTVCCDJCMPCIW
PQVDCVPIKCFCKPCDCLKEJZKCRZ8Q[
CJCEGTWPCECUCFWTCPVGGUVGVKGORQFGUGSWC
RQTSWGEWCPFQNNGIWGNCRQECFGNNWXKCUPCFC
OUXQ[CUGODTCT=RTGVVPIKC?

VEJQXaVTGEQTFCT#CRWKVEJQDLM

PCLKTCNJKKMCVPCLKZLCDJKFJCIW
LCCFWPCO[CRCZKCTCKFJC6QFCXCOG
CEWGTFQSWGEWCPFQGTCPKQVGPCOKGFQFGOKU
RCTKGPVGUEWCPFQXGPCPCXKUKVCTPQU
XaVRGPUCT
GPWPTGEWGTFQ6WRDCLK
EJEJQMCVOQQLCRLO!2QTSWVGTGU!
3WGUVURGPUCPFQ!
XaTVGPGTLWKEKQ/WRKOZEJWKFJCIWDKK
FJKOCKOMCOMWDCOVEJQ'UEQPFCPGN
OG\ECNRCTCSWGGUGDQTTCEJQXWGNXCCVGPGT
LWKEKQ
=EQORNRNVVEJQRTGV[RTGUVEJQ
VVEJQEQPVVEJQMCVVEJQMC?
8CTVEJW
LWOVEJQMCO[CQKT[CGUV
NKVCPFC
CSWGPUWLWKEKQ

V[CXaKFGEKT'CIQTZKCCIK,CZRM

V[C!7UVGFGUUGNQGZRNKECPCXGTSWFKEG
=RTGVVKRTGUMCKEJRTQITVKKO
EQPVMCKEJFJCQVKKFJCEQRTGVMCKEJV?
LWRMCKEJFKLQTGURQPFKEQPVGUV
RZEJ[CQTUG
FGNGLQU
RWKEJOVK[CUGUWRQ
EJCOLCZLKEJLKUKPFGEKTPCFC
GP
EQPVTC

V[CXaVRQPGTUG
ECOKUCQDNWUC,K

DCMWCFJCCRIWMWVWWPIWZEJWCPCIW
V[CMCDWKOWMPCTRKCUVCMC2QTHCXQTNCXC
OKECOKUCDNCPECRQTSWGOGNCXQ[CRQPGT
OCCPCRCTCNCHKGUVC
RQPGTUG
EQDKLCQTGDQ\QEQDKLCT/CCPLCR
LKEJCKDWKFJCIWOUCWCPCEJV[CPC

'&+%+024'.+/+0#4`

VQDCC

6'2'*70'52#1.

IWEJKOQQZLRK[CLCR/GRTGUVCUWPCFG
VWUEQDKLCURCTCRQPTOGNCRQTSWGCNQOGLQT
JCEGHTQRQTCSW
=RTGVVKRTGUVQVVEQPVVVFCQVKKFJC
QVKEJIFC?
VMCNNGXCTRWGUVQ

VQDCCUIWCLQNQVGIWCLQNQVC2CCLCMLWRDJK

IWVQDCCPC[CRZLWRMCVWICKDW!#CUCR
IQQMMCOCMKCIVLGIWLWWP#FPFGUGHWG
GNIWCLQNQVGSWGGUVCDCCSWTCUECPFQ!;QNGKDC
CFCTOC\RCTCEQOGT=RNVQVDC?

VQDCCICKDWUGUECTCDCLGQFG\QRKNQVG
VKRQ

FGJQPIQ,QKFJCOLKZKQQDIWVQDCCICKDW
LWPOCZKORKCORWKLKFJQQNJZKO'N
GUECTCDCLGQFG\QRKNQVGGUOW[UCDTQUQEQP
OQNGQPCFCOUJGTXKFQ

VQDKKM=RTGUFGVQVDKMKC?TGHNGLC8CTVQVDKM
VQDJCCDUGUOGTGLPEQNWFQ
ICXKNPRCLCTGTQ

)WVQDJCCDLKZLCPCCIWRKRRKNJICOIWWLK
#NGUOGTGLPEQNWFQNGIWUVCEQOGTUGNQURQNNKVQU
[NQURLCTKVQU=RNVQVDJCD?

VQKFJKCXaKVGPGTHKGDTG%JCRVVDKCFCIW

UWWFCKV[CZ$JCKRFJQLKEJQKFJKC
LCZRZPCIWZLRK0QLWGIGUEQPGUCCIWC
HTCPKCQCNTCVQVGPFTUHKGDTG=RTGVVQPKK
RTGUVQVPK?

VQKMCOUCIWCUVGTOCNGU,QKFJCOLKZLWWM

DWCPFCIWUWWFCKRCKPQTVQKMCO&QPFG
JC[CIWCUVGTOCNGUGNCIWCUCNGECNKGPVKVC

VQKFJCXaVCFQTPCT
TQRC6WRDCVQKFJC

FJKOKRWWTNKUVQQPKUCCMCIWZCUMKCC!
%QPSWXCUCCFQTPCTVWHCNFCEQPNKUVQPGUQ
EQPGPECLG!=RTGVVQKRTGUVQKDK?

VQKFJCXaDXGTVGTFCT
NSWKFQCQVTCRGTUQPCQ

CPKOCN%JCRDKCIWDKKPCRCNJKEJLK
EJQKFJC!0QVKGPGUOG\ECNRCTCFCTOG
VCPVKVQ!=RTGVVQKRTGUVQKDKKORGTVQKK?

VQKMC=VTCUNFGVWCC?KTXCEKCPFQ
NSWKFQ
VQMUCNIQFP6CCVUCDLCMIITIWVQMPC

IWTOWLCRMCOEJCOVWTLWMICOMCO'N
CNIQFPETGEGGPVKGTTCENKFCRQTSWGGU
QTKIKPCTKQFGCNNPQFGNCUKGTTC

VQMDKFJCXaKDTKNNCT
NWPC,QKFJCOLKZ

OCUDCZKDPCIWDJCOOPKLCRLKZFJCCO
DCVQMDKIWOCUCCP#JQTCUGXGDKGPEQPNC
NW\FGNCNWPCRQTSWGGUVDTKNNCPFQFKTGEVCOGPVG
FGUFGCTTKDC=RTGVVQMDKRTGUVQMDK?



VQMUCWCUEQDKLCFGCNIQFP$JKTCKIWVQM

UCWCPCEJVCKDWKFJCIWMWWZKPCV[C
8GCVTCGTNCEQDKLCFGCNIQFPRCTCSWGUGNC
RTGUVGOQUCVWVQ=RNVQMUCUWC?

VQMUQNJFJCXaVJCEGTGURWOCT)RZK

EJQMUQNJFJCFJKDKDWKPCDCCCLCKMP
LWRDCVDKC*CICDCUVCPVGGURWOCEQPGUC
NGEJWIWKNNCRCTCSWG[QVCODKPOGDCGEQP
GNNC=RTGVVQMUQNJRTGUVQMUQJK?

VQMUQNJKCXaKGURWOCT-KCRZDCLKEJCVQQR

FJKOCKPC[CUQPDKZ,CKPCDJCKDC
VQMUQNJKO;CGORKG\CCHGTOGPVCTUGGN
OCIWG[CSWGPGUVCRKNCRWGUHLCVGSWG[CGUV
GURWOCPFQ=RTGVVQMUQRTGUVQMUQIKT?
EJQMUQNJKCFLSWGJCEGGURWOC

VQMUQUGURWOCDWTDWLCU0QZMIWDKK

LQKFJCOIITLWRLWODWCFCIWVQMUQICP
LCRPCUQQUQO5KGNOG\ECNGUDWGPQUGNG
HQTOCPDWTDWLCUITCPFGUEQOQNCURGTNCUFGWP
EQNNCT=CRQUVQMUQICP?
EJQMUQCFLSWGVKGPGGURWOC

VQPKK=RTGVFGVQKFJKC?VWXQHKGDTG
VQPKK=RTGUFGVQQFJC?NGCDWTTG

VQPKKEJWFCXaVFCTHKGDTG%JCOLCZLKZ

DJCKIPCUCCMOWLKOFCIVOC
EJQKKEJWFCIWUQOCKIKOKRWRDQ0Q
RWFGKTCNNEWCPFQFKLKOQUSWGKDCCKTRWGUOG
FKQHKGDTG[OGSWGFCEQUVCFQ
=RTGVVQPKKEJWFCRTGUVQVPKEJWP?

VQPOQXaKFCTUGFVGPGTUGF:KLCKEJFJCKCR

IWUWWFCKFJKMCMDCKPCOEJCOVQPMQ
&CNGUCIWCFGDGDGTCNQUECDCNNQURCTCSWGPQ
VGPICPUGF=UWLRNVQPMQRTGVVQPOQVQPMQ?

VQPPKCXaKDTKNNCT
UQNJCDGTUQN$CVCPQQTPC

KEJRCKFJWWMDJCKLKKKC,CRLQKFJCO
OCMQKKEJ;CJCDCUCNKFQGN5QN
NKV[CGUV
DTKNNCPFQGNUQNEWCPFQFGURGTVRWGUFQTOOW[
CIWUVQ=RTGVVQPRTGUVCPQQTQVQVPQT
EQPVVQVPQTFC?

VQQDQNJKMUGURTKVWOCNQ,CROQQZEJW

OCKEJKTCIWVQQDQNJKMPQVKRLKZZKFJWW
'NGURTKVWOCNQGUOW[GPICCFQTEWCPFQWPQ
GUVDGPFKVQ=RNVQVDQNJKM?8CTVQQDKNJKM

VQQDQZUVCDCEQ
FGJQLCUCPEJCU#NJKEJLCR

LKICNJKFJCIWDKDUKCVQQDQZPQRDKC
8PFGOGVCPVKVQVCDCEQUKVKGPGUCWPSWGUGCFG
JQLCCPEJC

VQQOUKZVNG
HKDTC$CVWDWCIWWDKKIWVQQO
$CMIWIKKNJKOOWKDKCPCIWEJKMKCRZ

'&+%+024'.+/+0#4`



6'2'*70'52#1.

VWLWOCKOM.COWLGTGUVRKPVCPFQGNKZVNG
RQTSWGVKGPGOWEJQRCTGEGSWGJCEGRQEQNQ
GUVCDCGZVTC[GPFQ=RQUVQQOK
CRQUVQQOICP?

VQQODJCKOMCTUEQUVCN)QMLWOCCIW

VCVQQODJCCDJCKOMCTPQDJWTWZEJCOVW
DJKKQTCIWLWWP5GPGEGUKVCPFQUEQUVCNGUUK
XQ[CECTICTOC\GPWPDWTTQ=RNVCVQQO
DJCCDJCKOMCT?

VQQOQMCFXRQECFGGNQVGU
QEVWDTG6QQOQM

LCMVWMCKMDJCT[CLCRFJK,WMVT'PQEVWDTG
UGOCFWTCPNQUGNQVGUCSWGP5CPVC/CTC

VQQPURKGRKGTPC%JCODJCKVWQKTFJK

CNJKKPCIWZICDKKIWVQQPCPOCCRFT'N
PKQPQECOKPCDKGPRQTSWGVKGPGVQTEKFQWPRKG
RCVC
CPKOCN,KZICKFJCMRZDCFWCIW
VQQPCPFJKDJWTWZPCVQOPM.CRCVCSWG
UGNGSWGDTCNDWTTQNGSWGFEJWGECFGURWUFG
CNKXKCTUG
RCVC
OWGDNG/CCRFTVWRWWNJKMVWVQQP
FJKOGGU#ORZLQK7PCRCVCFGGUVCOGUC
GUVEQTVC[RQTGUQUGOWGXG
VCNNQVTQPEQd,QKFJCOUCUDCTCMVWVQQVQP
FJKLWPDQ,KZOCKMCMMCOVWOd3WVCNNQU
VCPITWGUQUVKGPGPGUVCUECCUFGC\ECT2CTGEGP
GUVCTOW[FWNEGU
=RNVQQVQPCRQUVQQPCPVQQVPCPOK
RKGTPC?
VQQPCTCOGPUWRKGGPUWRCVC
FGNQFG
GNNCGPGNVCNNQ

VQQFJCXaVCDWTTKTGPHCFCT$CEJQQIW

DJCDPCICOOLMPVWMWCFC%JCO
KQDKOMCFMK.QUHTKLQNGU[COGGPHCFCTQP
RQTSWGUKGORTGEQOQNQOKUOQ[CPQUGOG
JCEGPUCDTQUQU=RTGVVQQRTGUVQPKK?
EJWVQQFJCOCFLSWGECWUCGPHCFQ

RQVGPEKCNOGPVG
EJWVQQFJCTCCFLCDWTTKFQGPHCFQUQ

VQQVMQOUECTTK\Q
FGVCNNQFWTQ,K

RCNJDWKFJCCRLCIQQMWCTCIWVQQVMQO
OWWZICOPCMPVWDJKURCIWDCCCM
2QTHCXQTC[FCOGCVTCGTCNIWPQUECTTK\QUFGN
OQPVGRCTCRQPTUGNQUCNVGEJQFG\CECVGFGOK
ECUCRCTCSWGSWGFGDKGPCRTGVCFQ
=RNVCVQQVMQOQVQVQQVMQO?

VQQVMQODCCNJUECPCUVCFGECTTK\Q,CTQQ

RPLKZOCCVVLWRLCDWCIWVQQVMQODCRCCNJ
PCOCCPEJKKCPCRLKFJWKFJC!3WKP
GTCGNSWGUCDCJCEGTNCUECPCUVCUFGECTTK\Q!

VQRCC

3WKGTQRGFKTNGSWGOGJCICWPC=RNVQQVMQO
DCRCCNJ?

VQQVQPCMCCDUVWPC
EUECTCDNCPEC2CCR

FWWMOWLCMDJ[CDRVCPLKDCDQQNJPC
IQQMLWOLQQVUCIWVQQVQPCMCCD!,KZCCK
%WPFQXCUCNNCDCLQUQDTKPQ!RCTC
GPECTICTVGWPCUVWPCUDNCPECU2WGUUGOG
CPVQLCP

VQQZMQNJURWGTEQEGTFQOCTTCPQ,KTCCR

ICPCCFJKVCVQQZMQNJPCO[CVWDJKCLK
ICCCO!5QPVW[QUGUVQUOCTTCPQUSWGGUVP
UCECPFQNCUUGOKNNCUFGOKOKNRC!
=RNVCVQQZMQNJ?

VQQZMQNJLIKCTWOULCDCN/CKMLCEJ

PCDFJKRWOLLCRCMMP-CVVKQKTIW
LIKCTWOVQQZMQNJOLLCRVCVQQVMQOEJT
8COQUCEC\CTRQTCJEGTECFGNTQRWGUSWK\
CPFCGNLCDCNGPVTGNQUECTTK\QU=RNVCVQQZMQNJ
LPIKCTWO?

VQQOUEQPGLQ%JCORCKMCCKIWVQQOPC

[CMCUQKMCV)WEJKOQQVWLWIKQOWRCK
;CPQTGITGUGNEQPGLQSWGVGPCFQOGUVKECFQ
UGIWTCOGPVGCNIWKGPUGNQEQOK=RNVCVQQO?

VQQOUDEGRU

LKZEJQQOGUVHWGTVG
FGNQUDTC\QU

VQQORCXaVFCTXWGNVC$LMLCROQQDCOIK
DJCKDCVQQORCIWOCVCKOCP-CTOGGNC
LCRPKPCLCZRZDJCKLKEJWOCCZKNJKCRLWR
DCFWKEJWLK&GDGUNGXCPVCTVGVGORTCPKVQ
RCTCOQNGT
NKVFCTXWGNVCUCNOQNKPQGN
PKZVCOCN%CTOGNCRWGUEWCPFQGORKG\CC
ENCTGCT[CFGDGUJCDGTVGTOKPCFQFGJCEGTNCU
VQTVKNNCU=RTGVVQQORTGUVQQDJKQR?

VQQPPKCXaKGURCPVCTUGFCTNGCWPQOKGFQ

2WKPCLCZDCVQOCCVIW,WCPPCOVUCCMVK
MWWPCVFICTIWDCMKIW,QUGGCCICVPCO
LMIQQMQKFJCMWWRCPCDCVQQPPKC
,WCPUKIWGJCEKGPFQGNOCNCWPSWGNQGPEGTTCTQP
RQTCDTKTNCECUCFG,QU'TCPGEGUCTKQSWGNQ
GPEGTTCTCPFQUCQURCTCSWGUGCUWUVCTC
=UWLRNVQVFQPKCRTGVVQQPVQVFQP
RTGUVQQFQPVQVFQP?8CUGEJQQPPKC
EJQQPPKOWMCFLVGOGTQUQVOKFQ

VQRCCUOQNECLGVG2CCRKEJUCDCNJIWVQRCC

LQKFJCOVQQVPCOPCROWDJCCPUQPDKCIW
VWOKCNJVCMCCD!&PFGEQORTCUVGGN
OQNECLGVGFGRCVCUGPGNSWGOQNKUVGNQUVQOCVGU
C[GT!=RNVQVRC?

'&+%+024'.+/+0#4`

VQT

6'2'*70'52#1.

VQTURGEJQ
CXG,KZEJWCVWVQTFJKMNJKK
VCMCCTWK'UVGICNNQVKGPGRGEJQDNCPEQ
=RNVQVQTCRQUVQTCCP?

VQVDC=RNFGVQDCC?IWCLQNQVGU
VQVDKMKCXaKTGHNGLCT
NW\DTKNNCT,QKFJCO

VQVDKMFCIWUWWFCKDJCOOPKFJTPCRCK
FJWWMDJCCPDJCVCPQQTFC3WDQPKVQDTKNNC
GNCIWCEWCPFQNGRGICNCNW\FGNUQNFGUFGCNN
=RTGVVQVDKMRTGUVQVDKMQVQDKKM?

VQVDQNJKM=RNFGVQQDQNJKM?GURTKVWUOCNQU
VQVDJCD=RNFGVQDJCCD?GUOGTGLQPGUEQNWFQU
VQVFQPKC=UWLRNFGVQQPPKC?2GLVQVFQPKC
COUGGURCPVCTP=RTGVVQVFQPRTGUVQVFQP?
8CUGEJQVFQPKC

VQVPK=RTGUFGVQKFJKC?VKGPGHKGDTG
VQVPKEJWP=RTGUFGVQPKKEJWFC?NGFC
HKGDTG

VQVPQT=RTGUFGVQPPKC?DTKNNC
UQN8CTVCPQQT
VQVPQTFC=EQPVFGVQPPKC?GUVCTDTKNNCPFQ
UQN
VQVQQVMQO=RNFGVQQVMQO?ECTTK\QU
FGVCNNQ
FWTQ8CTVCVQQVMQO

VQVRC=RNFGVQRCC?OQNECLGVGU
VQVRQMKCXaKJGTXKT$JCRZKOOFCFJK

UWWFCKMWLQVOQFCVQVRQMKCLQQVQOLCEJ
OKEJWLKKDCIWVQQZMQNJ#VK\CNCNWODTG
RCTCSWGJKGTXCRTQPVQGNCIWCRCTCNWGIQ
SWKVCTNGGNRGNQCNOCTTCPQ=RTGVVCVQQR
RTGUVQVRQM?

VQVRQZFJCXaVJGTXKT:KDJKOTCMIW

MCCUPCOKVQVRQZFJCIWKIQMPCRDCDC
VWLWIKC;CPKLCROKCPLCRZK
CKEJWNJFJCK#PVGUFGSWGEQOCUXGCVTCGTOG
GNEC\QRCTCJGTXKTGNCIWCOKPGTCNFGOCIWG[[
RQPNQCSWEGTSWKVC=RTGVVQVRQZ
RTGUVQVRQZK?

VQVVQK=RNFGVCVQK?JQTOKICU
VQZMQIKCXaKCUQNGCTVQOCTUQN
UWLCPKO

,QKFJCOLKZDJCKEJWOVQZMQZKDPCEJCO
VDCC5GRWGFGCUQNGCTOW[DKGPJQ[RQTSWG
PQJC[PWDGU=UWLRNVCVQZMQIKC
RTGVVQZMQIVCVQZMQIRTGUVQZMQVCVQZMQ?

VQZMQKCXaKGORCEJCTUG,CZDWKEJKRZVW

LWIKCPCIWVQZMQKCPQKEJZKIOW
VWLWW;CPQXQ[CEQOGTOURQTSWGOG
GORCEJQUKEQOQOWEJQ=UWLRNVCVQQZMQKC
RTGVVQZMQVCVQQZMQ?
EJQZMQKOCFLGORCEJCFQ



VQKK=KORGTFGVQKFJC?XKTVGUGNQ
NSWKFQ
VTQQMCUECOKPECOKQPGVC;CDCVWOCKEJ

IWDJCKFJCOCCPVTQQMCOQQMCTWWOICO
OCPIQICOUCPFKK[CUICOPCTCPMCU;CNNGI
WPECOKPNNGPQFGHTWVCURNVCPQUOCPIQU
UCPFCUPCTCPLCUGVE=RNVTQQMCU?
LWOVTQQMCVWECOKQPGVC

VWRTGHaX+PFKECSWGNCUKVWCEKPUGGZVKGPFGRQT

WPVKGORQt6WRLCZDWCOLMWUKKP!tLWR
VVFCIWOCTCCPIW,WCPt6WMWCKtLWR
MCKEJIWKt3WJCEGUGPNCEQEKPC!
tRTGIWPV,WCPCUWJKLQt'UVQ[EQOKGPFQ
tEQPVGUVN
+PFKECSWGNCUKVWCEKPUGGZVKGPFGGPWPTGC
/KFJTZKDIKKFJKMCFJKKT;CPKEJCOVW
OCCZPCEJVKVWDJCKFJKO2QTHCXQTRTGPFC
WPCXGNCRWGUPQUGXGCSWFQPFGGUVQ[
VTCVCPFQFGEQEKPCT
=)TCO?8CTEJWVV

VWCUGPEKPQ)QQMLCRMWCOTCEJKQVWC

MWCCRDJCWKMCPCLQKFJCOLKZEJQKFJK
8GCVTCGTNGCJKLQRTGHGTKDNGOGPVGFGGPEKPQ
RCTCSWGCTFCDKGP=RNVWVWC?
EJWCCFLSWGJC[GPEKPQU

VWC=RTGVFGVWCC?NQXCEK
VWC=RTGVFGVWCC?NQURWUQ
GPRQUKEKP

JQTK\QPVCN

VWCMCKUDGNNQVC&NJCORZDCKKIUFCIW

VWCMCKPQDCZMCDCCM.CUDGNNQVCUFGGPEKPQ
UGECGPUQNCUEWCPFQ[CUGOCFWTCP

VWC=RTGUFGVWCC?NQRQPGNQURQPG
GP

RQUKEKPJQTK\QPVCN

VWC=RTGUFGVWWVC?NQOWGNG

VWCDC=RTGUFGVWCC?NQXCEC
VWDKEJWFCXaVRGPUCTEOQXGPICTUG/QQ

CNJMCVWDKEJWPIW#PTKKMK6WMWDCDJC
LCMLKKCVIK!#JQTCGUVQ[RGPUCPFQEOQ
OGXQ[CXGPICTFG'PTKSWGRWGUPQVKGPGRQT
SWGUVCTGEJPFQOGOGPVKTCU=RTGVVW
DKEJWNJ?

VWDWCUVQRQ
CPKOCN&DTDVCMKQIW

VWDWCDQVRQFCVWMWCFCICOVCM'NVQRQ
XKXGFGDCLQFGNCVKGTTC[EQOGIWUCPQU[TCEGU
=RNVWVDWC?

VWDWWNJUECFGTC,CZEJKEJWKKIW

EJWDWWNJPCDCLCRLKZMQM!2CPCCUMW
LWRKZRKCOMWICKMM%OQGUVCTOK
ECFGTC!2WGUOGFWGNGOWEJQ2CTGEGSWGGUV

'&+%+024'.+/+0#4`



6'2'*70'52#1.

VWLKOKC

VWKUOCUC
FGOC\6WKRZOCCMCOIW

FKUNQECFCQEJWGEC=RNVWVDWNJ
CRQUVWDWWNJKVWVDWNJK?

VWDW[CXaVLWPVCTTGEQIGT
ITCPQU6KVW

VWDWIWDJCDIWWDKK$CMIWRWOPWCPCV
RCKFJWWMKCPCMCLKOEJWICOCKDZDQK
.COWLGTGUVWXQLWPVCPFQHTKLQNRGTQUGNGVKT
EWCPFQUGEC[OKGPVTCUKDCRQTGNECOKPQ
=RTGVVWDWKRTGUVWDW?

VWFCCUCXaVHKLCTHGEJC
RCTCKPKEKCTGNOKVQVG
6WOKKMWVCOUCRVWFCCUCIWMMCOIW
ZKQVCNJOWPCEJRCKVPLWRMCKEJIW
,WCPC'NOC[QTFQOQFGNRCVKQFQPFG
DCKNCOQUJCHKLCFQEQOQHGEJCRCTCKPKEKCTGN
OKVQVGGNFQOKPIQRTZKOQFKLQ,WCPC
KPKEKCTOKVQVG
EQOQRCTVKEKRCPVG#COQQ
LCPQZKEJWFCCUCMIWZKQVCNJDJCKRWLKK
%JCOLCKEJOWVDKCPCIW[CPWWMCP
IWICCPCOEJCOLKLWIKKFJCIW
DCRCKUNJ;QHWKGPGNVKGORQUGCNCFQRCTC
KPKEKCTGNOKVQVGRGTQPQOGSWGFCNNRQTSWG
VGPIQSWGEWKFCTNCOKNRCRCTCSWGNQUVGLQPGUPQ
UGEQOCPOKUGNQVGU
=RTGVVWFCKEQPVVWFCPUCFC?

VWFWKCXaVVQTVGCTJCEGTVQTVKNNCU-CDWKOWM
UCRCTKKPVOMCNJVWFWKCIWFJKZKKM/K
VCFKEGSWGOCCPCJCTVQTVKNNCUFGVTKIQ
=RTGV[RTGUVWFWW?

VWK=RTGVFGVWWVC?NQOQNK
VWKKZKEJFJC=EQORNRNFGVWLKDWC?
CDQTVCTNQU=RTGVVWKKZKEJRTQITVW
KKZKEJFJKO?

VWKMPCXaVOQNGT
PQOW[HKPQ/QQEJCO

DJCKCCPCRDLMDJCKDCVWKMPCIVFJK
OCVCKOCPMWEJRWKOKDCKCDWIVIW
VOMCNJ!0QJWDKGTCUKFQOGLQTSWGVG
NGXCPVCTCUVGORTCPQCOQNGTGNPKZVCOCNWPRQEQ
RCTCSWGFGWPCXG\JKEKGTCOQUVQTVKNNCU!

5WGNGPOQNGTGNPKZVCOCNFQUXGEGUWPCXG\PQ
OW[HKPQ[NCUGIWPFCXG\DKGPHKPQRGTQEWCPFQ
JC[RTKUCJCEGPVQTVKNNCUFGURWUFGNCRTKOGTC
OQNKFC=RTGVVWKMRTGUVWKMCP?8CTVKMPC

VWKUCRURKPQNG#UWWMCTLCRDPFCFJKVWKUCR
PCDCZKQDMCEJCNGC\ECTCNRKPQNGRCTC
SWGGUVOUUCDTQUQ=CRQUVWKURCP?

VWKURCXaVOQNGT
EQUCUFGUGECFCU/WKMKOLCR
VWKURCFJKLCCMPCDCZDKKMC/WGNGOWEJCU
XGEGUGUVGOC\VQUVCFQRCTCSWGGUVDKGPHKPQ
=RTGVVWKURTGUVWKUCR?

ZKKICPEJKFJQIWEJCOPCCIWVOMCNJ
0CFCOURWTCOCUCNGFCPCNRGTTKVQRWGUCNQ
OGLQTPQNGIWUVCPNCUVQTVKNNCU

VWKEJFJCXaVCTCTGUECTFCT
EQPCTCFQEQP

CNGVCU)W,QUGGNJKEJLKPCDJCKDC
VWKEJFJKOIWICCPMWZDCIWLCZLCR
MCKEJ!,QU[CGUVGUECTFCPFQUWOKNRC
CWPSWGGNOC\VQFCXCGUVRQEQCNVQRWGU
SWKGTGVGTOKPCTOURTQPVQ

0QTOCNOGPVGUGRTGRCTCNCOKNRCEQPCTCFQUKP
CNGVCUEWCPFQGORKG\CCNNQXGTRGTQEWCPFQNC
VKGTTCGUVDKGPOQLCFCUGUKGODTCEQPCTCFQEQP
CNGVCU6CODKPUGGUECTFCNCOKNRCUKPCNGVCU
EWCPFQGNOC\GUVRQEQCNVQRGTQEWCPFQ[CGUV
ITCPFGCPVGUFGSWGUCNICPNCUGURKICUUGGUECTFC
WPCXG\OUEQPCNGVCU[NWGIQUGSWKVCNCJKGTDCC
OCPQ=RTGVVWKKEJRTGUVWKEJWP?

VWKFJKXaGGUVCT
GPEKGTVQNWICT2CCEJK

LCZVWVFJK%JKOKKTWPCDCEJCORCK
QKTFC!&PFGGUVCDC%CUKOKTQSWGPQNQXGC
GPPKPIWPCRCTVG!
GUVCT
FGEKGTVCOCPGTCt2CCRKEJFWWM[C
CK!tLWRMCKEJIW5COQKNt6CMCCDFJQ
LCMKCPPKRWKDCVWVWKKtLWRMCKEJIW
$GVQt%WPFQNNGICUVG!tRTGIWPV5COWGN
t2WGUC[GTCGUVCUJQTCUEWCPFQGN5QNGUVCDC
GPNCOKUOCRQUKEKPSWGCJQTCtEQPVGUV
#NDGTVQ
KTUGIWKTCEVWCT
FGEKGTVCOCPGTC2CCDC
DCLKKFJKPCCDCVPCDCOQQLCRZKRZVW
VWKFJK!#FPFGXCGUGOGUVK\QVCPCRWTCFQ

NKVRCTCSWGXC[CVCPTRKFQ!
=RTGVVWVQVWKMCVRTGUVWKKEQPVVWKIFC
EQRTGVVWKIV?8CTVWKMC
LCZLCRVWKKZKDEOQUKIWGUCJQTC!
RCCRLCRLWRVWKFJKFPFGVG
GPEWGPVTCU!
LCZDCVWKFJKIWOICCEOQXCVW
OKNRC!
VWVWKKXaGUGT
TGC

VWKZKO=TGUFGVWWVC?OQNKFCU
EQUCUDNCPFCU
8CTVWKKZ

VWLKDWCXaKCDQTVCTOCNRCTKT6WLKDWCIW

DCCM/WMZKMCOIKIWDJGUGGT.CXCECOCN
RCTK[GNDGEGTTQPCEKOWGTVQ=EQORNRNVW
KKZKEJFJCRTGVVWLKDWCVWKKZKEJ
RTQITVWLKDWWLKOVWKKZKEJFJKO?

VWLKOKCXaTKT
NCUEKTEWPUVCPEKCU5KCOTKZ

DJCKVWOLKKCC2GGNGUPCRKEJLKOM-QTKCP!

'&+%+024'.+/+0#4`

VWLWCPC

6'2'*70'52#1.

6GHWGDKGPGPVQFQ(NKZEWCPFQHWKUVGC
&WTCPIQ!=RTGVVWLKKRTGUVWLKO?

VWLWCPCXaKVTCDCLCT
GPNCOKNRC,K

EJCKDWKFJCCRIWOVWVWWTWPCMPVW
LWCPC2QTHCXQTRTUVCOGVWUDWG[GURCTC
VTCDCLCT
VTCDCLCT
GPIGPGTCN6WRMCOVWLWCPPCR
DCOWKWCIWVWWOK!'PSWVTCDCLCUSWG
NNGXCUVCPVQFKPGTQ!
=RTGVVWLWCRTGUVWLWCP?
EJWLWCPCTCCFLDWGPQRCTCVTCDCLCT
EJWLWCPCTICOCFLOW[VTCDCLCFQT

VWLWCPFCOUVTCDCLCFQTVTCDCLCFQTCt#CR

CCDJCKTVWLWCPFCOVWIKIW5KNKUVKKP!tLWR
MCKEJIW/CDTWt,CCKFJQPCIWZ
OCKEJKOIWVWWOKPCMPUCDCFCIW
DQPCCOtLWRMCKEJIW'NKUGG[Qt'TGUV
GNVTCDCLCFQTFG%GNGUVKPQ!tRTGIWPV/CWTQ
t5UQ[RWGUSWKGTQICPCTGNFKPGTQUWHKEKGPVG
RCTCEQORTCTOGWPUQODTGTQtEQPVGUV'NKUGQ
LKEJWLWCPFCOVWMOKVTCDCLCFQT
VWLWCPFCOVWIKUWVTCDCLCFQT
FGNQFG
GNNC

VWLWCFJCXaVVTCDCLCT
RCTCQVTCRGTUQPC)W
CCEJVKZCCLKPCRIV[CMCZKEJWEJ
LWCKFJCLMEJKEJCPQQNJ0QUQVTQU
SWGTGOQUSWGVTCDCLGUEQPPQUQVTQUUKSWKGTC
WPQURQEQUFCUOU=RTGVVWLWCRTGUVW
LWCK?

VWMCCUPQEJG)QQMVWMCCFJQEJCO

DJCKMQKIWEJKQPCDCMDW2QTFQUPQEJGU
PQFWTOKDKGPOKJKLQRWGUVGPCFKCTTGC
CFXCPQEJGt2CCRKEJFWWM[CCK
MQORCCNJ!tLWRMCKEJIW2GGITQt6WMCC
FJQtLWRMCKEJIW,WCPt%WPFQNNGICUVG
EQORCFTG!tRTGIWPV2GFTQt#PQEJG
tEQPVGUV,WCP
DZEJWMCCVQFCNCPQEJG
RWVWMCCEJCOFWTCPVGNCOKUOCPQEJG
VWMCCLCMFGPQEJGFWTCPVGNCPQEJG
CNJKEJEJWMCCUPQEJGEQTVC
TCCDVWMCCCFXCOGFKCPQEJG

VWMCCFJCXaTRGTFGT
VKGORQFKUVTCGTUG
FG

NQSWGFGDGFGJCEGT/WRWNJCKFJKOVVDKMCT
DCMQZKCCCRIWFCKOKDJCCPLWOVWMIK
)WCTFCVWULWIWGVGU[FWTOGVGRWGUPCFCOU
GUVURGTFKGPFQVKGORQ=RTGVVWMCCQVWMIK
RTGUVWMCCIKQVWMIK?

VWMICP=CRQUFGVWWMW?UWEWGTRQ



VWMIK=RTGVFGVWMCCFJC?UGFKUVTCLQ
VWMIKCXaKQUEWTGEGTUG)QTDKODCMZKLKC

PCVIWDCVWMLCZIKOCCU!;CVKGPFCPUWU
VCRGVGU2WGUSWNGXCOQUCJCEGT[CQUEWTGEK
=RTGVVWMRTQITVWMIKOEQPVVWMITFCQ
VWMIKFJC?

VWMIKCXaKFGNKTCTRGTFGTGNLWKEKQ
RQTNC

ECNGPVWTC,CROQQZKQOVQPKKFJK,WNKCP
VWMCC6WMFJQOQQ&NJRZVWMCKEJ
%OQNGFKQHWGTVGNCECNGPVWTCC,WNKCPCPQEJG
RWGUGUVCDCFGNKTCPFQ[JCDNCPFQUQNQ
GODQTTCEJCTUG2CNJRRZLCRLKKQFCPCR
EJCOIKQRDCVWMIKCLCRPCVCMCCD0Q
VQOGUVCPVQRCTCSWGPQVGGODQTTCEJGUEQOQ
C[GT
=UWLRNVWVMCIKCRTGVVWMVWVMCI?

VWMIKCUSWGNKVG#NJKEJDJKTCKIWVWMIKC

MWEJLKFJQQTCKDCMKCKMPVWLWIKC8GC
VTCGTWPRQEQFGSWGNKVGURCTCSWGEQOCOQU
0CFCOUNQUEQEGOQU[NQUGUEWTTKOQU

VWMIK=RTGUFGVWMCCFJC?UGFKUVTCG
VWMKCXaKCRCICTUGGZVKPIWKTUG
NWODTGQOQVQT
5CUDCTCMLCROKEJWCCIWMWCCPCDC
EJCOQDVWMKCFJKVCK2QPNGCOUITWGUCC
NCNWODTGRCTCSWGPQUGCRCIWGRTQPVQ
=RTGVVWWRTGUVWVM?

VWMKCXaKOCTEJKVCTUGECGTUG
HNQT,CKDJCKR

[QQVCKFJCFJKK[QQZKLCKPCVWVMKFJC
#NIWPCUFGGUVCUHNQTGUGUVPGORG\CPFQCCDTKT
[QVTCU[CUGOCTEJKVCTQP=UWLRNVWVMKC
RTGVVWWVWVMRTGUVWVMEQPVVWWMKFJC
VWVMKFJC?

VWMKCXaVECTICT
GPNCGURCNFCEQORNCPKO

6WWMWVCRUCRIWCNJKK,QKPFCOMCKEJPC
UWCM&GDGUECTICTCNPKQRWGUOGEQPOWGXG
GUEWEJCTNQNNQTCT=RTGVVWWRTGUVWWM?

VWMNJKCXaKRQPGTUGPGITQGPUWEKCTUG

%JCRKORMOKCPMCIWLWMPCEJCOZKZ
KQOVWMNJKFJCFJKMWUKKPCIW
MWDJCDKFJC0QXC[CPCRQPGTNWODTGFG
RWTQQEQVGRCTCSWGPQRQPICPGITCNCEQEKPC
RWGUGNJWOQNCGPUWEKCTRTQPVQ
RQPGTUGPGITC
RNCPVCRQTJGNCTUG,KZKQO
LRFJCDCMZKDFJKVWMCC6PCVDJCKLK
EJWVWMTFJKZPCVMDCK2CTGEGSWGJK\Q
OWEJQHTQCPQEJGRWGUHLCVGSWGOKURNCPVCUUG
RWUKGTQPPGITCURQTGNJKGNQ
RQPGTUGQUEWTC
RKGNRQTCUQNGCTUG-UCVCR
IWODQPCCO.WKUPCREJCODJCKLKEJWMNJKC

'&+%+024'.+/+0#4`



6'2'*70'52#1.

PCDJCKLKOOKOFJCIWVCPQQNJ2QPVGVW
UQODTGTQ.WKURCTCSWGPQVGSWGOGGNUQN[PQ
UGVGRQPICQUEWTCNCRKGN
UGPVKTUGUQNKVQ
OQFKUOQ$ZLKKOVLCZFJWK
IWOCCOCTOWLCMRCK6WWURCPCOVVW
LWCPCO&NJLKPCOKRWRVWMTMLCRPK'U
SWGVQFQUOKUJKLQUUGHWGTQPC6WZRCPC
VTCDCLCT[CJQTCGUVQ[UQNKVQ
NKVUGOG
QUEWTGEK
XGTUGQEWNVQ
OQFKUOQ,KZMPMQDLCR[C
LKDJCKRDCMWCOTC.WKU#CRVWMCCOK
FJTLCRDJCKDCVWMNJKPFCOWRCKZK
EJVDKOK*WDKGTCUNNGICFQVGORTCPQ.WKU
RCTCSWGHWGTCUCNCNGCRGTQPQXKGPGUOW[
PQEJG
NKVVGXGUQEWNVQFGURWUFGKTCLWICT
=UWLRNVWVMWNJKCRTGVVWMWWTQVWMTVWVMWT
QVWVWWMT?
EJWMCFLPGITQOWITKGPVQ

VWMTCFCUJQNNP#CLKIWPCEJDJCIDKC

DJLFCCOFTFJKMWUKKPCDCKKZKCIW
VWMTCFC)KKNJKOIITDJCKLCRPCPIKC
&GDGOQURGICTNGCNVGEJQFGNCEQEKPCRQTCTTKDC
RCTCSWGUGECKICGNJQNNPRWGU[CUGCEWOWN
GPOWEJCURCTVGU

VWMWWOULGLP=RNVWVMWO?
VWMWWTUVGEQNQVGEQTPWFQ6WMCCLCMDCLK

MWWMW[CIWVWMWWTVCVCCDEJKIWMQQUMCLK
DJLLCRRCKFPMT'NVGEQNQVGECPVCRQTNC
PQEJGRGTQFGFCFWGTOGRQTCNNGPWPJWGEQ
CNVQ=RNVWVMWT?

VWTCCUPQ

DWCVQKTRWKLKPCOEJCOLK
EJWNJKKEJWFCKDCFJQEJQIWIITMCO
UKCMWOVVKKCVVWNJ5KFGXGTCUPQJGJGEJQ
PCFCOCNQNCUCWVQTKFCFGUOGXCPCFGLCTNKDTG
UKPECUVKICTOGCWPSWGKPVGPVGPCEWUCTOG
OKPVKGPFQ
=RTGVVWNJKKEJWFCRTGUVWNJKKEJWP?

VWNJNJKQRC=EQORNRNFGVWWNJRC?TQFCTNQU
=RTGVVWNJNJKQRTGUVWNJNJKQR?

VWNJNJKQRK=RTGUFGVWWNJKQRFJC?UGNQTWGFC
8CTVWWNJKQRK

VWOCCZXaGFGLCTJWGNNC,CZEJWOVWOCCZ
FJKCCRLWOUWWUCM!%OQGUNCJWGNNCSWG
FGLCPVWUJWCTCEJGU!8CUGOCCZ

VWOKCNJUVQOCVG
TQLQTGIKQPCNKUOQLKVQOCVG

)QQMLKEJCCZKOTIWVWOKCNJOWO
LKKMWNJDWK;CPKMPVWLWIKCLQKFJCO
UQPDKZKO8G[EQORTCWPQULKVQOCVGURWGU
SWKGTQOCEJCECTNQURCTCJCEGTUCNUC[EQOGTEQP
GNNC

VWOKKMWVCOCFXFQOKPIQ6WOKKMWVCO
UCROWVWOCC[C,WMVTPCODCDZOKR
VWKMCPCOKCC[CIWZMCK-QTKCPMCO
&KEGPSWGNCIGPVGNNGICTC5CPVC/CTCGN
FQOKPIQRCTCGUVCTCNNCPVGUFGSWGNNGIWGGN
IQDGTPCFQTFG&WTCPIQ

VWOK=RQUFGVWWOK?2GLIWOVWOKVW
FKPGTQ=CRQUVWOKICP?

VWOVWMICOVCXaKJCDGTGENKRUGUQNCT/QQ

PCVVWOVWMICOVCVCMCCD#CEJCOV
LIKFJCVLKPCRWKEJWOFWKC*WDQ
GENKRUGUQNCTC[GTCWPSWG[QPQETGCSWGKDCC
UWEGFGT=RTGVVWOVWMICOVC?8CUGEJWMICO

VWOWCMCOUCUGUKPQ,KTVWOWCMCOFJQ


VWNJKKCTCUUWHTKOKGPVQd,CROQQT

VWNJKKCTCPCRCKFJWWMLKZLRFJCTFC
d%OQJC[UWHTKOKGPVQEWCPFQNNGICGNVKGORQFG
HTQ

VWNJKKCXaTUWHTKTd,CRLCKEJOQQEJVWNJKK
DJLDZDQKPCEJVKLKOPCZEJWMICO
d%OQUWHTRQTVQFQGNECOKPQRQTSWGGUVCDC
QUEWTQ=RTGVVWNJKKRTGUVWNJKK?

VWNJKKEJWFCXaVJCEGTUWHTKT)ITLCR

LWRVWLCOCCMCKFJKVWVWWT#CRLKZLQKFJC
PCRDCLKLCVWNJKKEJWFC&CNGUOUFGEQOGT
CNQUVQTQURWGUPQFGDGUJCEGTNQUUWHTKT
ECUVKICT0QOQQUNJMCOEJCOVWLCZ

UCRFJKOCCPMCOPCOWPKLCRDCLKOIQQM
UCRDCLCMQKIWLCVMCO&KEGPSWGGUC
RGTUQPCSWGXCCNNGUWPCUGUKPQRWGUFKEGPSWG
JCOCVCFQCFQURGTUQPCU

VWOWOWWFCOUDWGPVKTCFQT
CTEQ,KZDJCK
VWOWOWWFCOVWOFJKICCVPCIWTI
2CTGEGSWGVKTCDKGPGUGCTEQRQTSWGGUITCPFG

VWRWWNJKMCFLEQTVQ
FGNQPIKVWF6WRWWNJKM
VTDKMPDCMDWNJIWMCDCKPCDCEJCO
OMVWCKZPCVWMWC2CTGEGSWGGNECDCNNQ
GUVCOCTTCFQEQPWPCUQICEQTVCRWGUPQ
CNECP\CCNNGICTOUNGLQURCTCEQOGT
=RNVWVRWNJKMEQRLKT?

VWTCCUPQUFWTC\PQ)QQMLCRDJCKZK

WKFJCKIWVWTCCUPQDJCOOFTICCP

'&+%+024'.+/+0#4`

VWUCC

6'2'*70'52#1.

DWK8GCVTCGTOGWPQUFWTC\PQUFGCNNFQPFG
XKXGOKCDWGNC8CTVWTCCUPW

VWUCCXaVCRCICT
HWGIQ$JCOOPKRCK

OQQVOLKOFJKUCUMCNJKMCO/QQRKOVW
VWURWDKKRKDWR2QTCNNGPCSWGNNQUEQTFKNNGTCU
JC[KPEGPFKQU7UVGFGUNQULXGPGUXC[CPC
CRCICTNQU
CRCICT
CRCTCVQGNEVTKEQ:KEJWUIWTCCFKQ
%JCOMQMUFCKCCPQIKKNJKOVWOMCKEJ
#RCICGNTCFKQRWGUPQRWGFQFQTOKTEWCPFQ
JC[OWEJQTWKFQ
=EQORNRNVWUUCRTGVVWUCCVWUUCRTGUVWUUC?

VWVDWC=RNFGVWDWC?VQRQU
VWVDWNJ=RNFGVWDWWNJ?ECFGTCU



OKGPVTCUXCOQUCNCVKGPFC!
=RTGV[RTGUVWVVW?8CUGMUC

VWVWC=RNFGVWC?GPEKPQU
VWVWWMT=RTGVFGVWVMWNJKC?UGRQPFTPPGITQU
VWVWWTUTGEGRVEWNQ
FGNCUGOKNNCFGOCIWG[
%JCOMCKQQDFJKLWNJKKMPCIWDCTVWVWWT
;CPQGUVPUCDTQUCUGUVCUHNQTGUFGOCIWG[
RQTSWG[CGUVPOCEK\QUUWUTGEGRVEWNQU

VWVWWT=RNFGVWWT?VQTQU

VWVWKKXaGUGT
TGC%JCOLZFJCQKTK

CCOWMCPLCR-QTKCPEJCOLCDCOCCV
PCLCZVWVWKK0WPECJGKFQC&WTCPIQ[RQT
GUQPQUEOQGUCNN8CUGVWKFJK

VWW=RTGVFGVWMKC?UGCRCI

=CRQUVWVDWNJK?

VWVFCMKC=UWLRNFGVWWPPKC?2GLVWVFCMKC
CODTKPECTP

VWVMCIKC=UWLRNFGVWMIKC?2GLVWVMCIKC
COFGNKTCTP=RTGVVWVMCI?

VWVMKC=UWLRNFGVWMKC?OCTEJKVCTUGECGTUG

HNQTGU=RTGV[RTGUVWVM?8CUGVWMKC

VWW=RTGVFGVWMKC?NQECTI
GPNCGURCNFC

VWWM=RTGUFGVWMKC?NQECTIC
GPNCGURCNFC
VWWMCDCFXCNHQPFQ6WWMCDFTFCCIW

MQORCCNJ,CZLCEJKFJWKKQMFJC!/K
EQORCFTGGUVUGPVCFQOW[CNHQPFQ%OQNQ
XQ[CRQFGTUCNWFCT!

VWVMK=RNFGVWWMK?QXKNNQU
FGNCPCJKNCFC
VWVM=RTGUFGVWMKC?UGCRCIC
VWVM=RTGUFGVWMKC[VWVMKC?OCTEJKVC
HNQT
VWVM=RTGV[RTGUFGVWVMKC?OCTEJKVCTQP

VWWMCDCFXRTQHWPFQ
JQ[Q6WROKMUC

VWVMWNJKC=UWLRNFGVWMNJKC?UGRQPFTP

VWWMCDKUTQRC
KPVGTKQTHQPFQ6CPQQNJKQR

OCTEJKVCP
HNQTGU

PGITQU=RTGVVWVMWTQVWVWWMT?

VWVMWO=RNFGVWMWWO?LGLGPGU
VWVMWT=RNFGVWMWWT?VGEQNQVGUEQTPWFQU
VWVMW=RNFGVWWMW?EWGTRQU
VWVQKFJKCXaKJCEGTECNQT-CDWKOWMOQQ

DCVWVQKFJKC6PCVZKDDCWCP/CCPC
XCCJCEGTECNQTRWGU[CUGSWKVCTQPNCUPWDGU
=RTGVVWVQKK?8CTVCVQKFJKC
8CUGEJCVQK

VWVVWKFJC=EQORNRNFGMZFJC?RCTTUGNQU
=RTGVVWVVWKRTGUVWVVWK?

VWVVWXaVRCTCT
EQORNRNKPCP,K

RCNJDWKFJCCRLCVWVVWFJKVVPQTC)KKNJKO
LKZDRVPCIWZDJCK#[FCOGCRCTCTGUVQU
JQTEQPGURQTHCXQT'UVPOW[RGUCFQURQTSWG
UQPFGRWTQQEQVG
FGLCTRCTCFQU
EQORNRNCPKO2CCEJMCZK
LCVWVVWKFJKEJDJWOTWZKPCEJOWMCLKOKC
VKCPFC!&PFGXCOQUCFGLCTPWGUVTQUDWTTQU

PCRDCVWWMCDVFTCKO!3WXCUCRQPGT
CNNFQPFGGUVUGUECTDCPFQVCPRTQHWPFQ!
#PVPFCCOCP
EJWWMCFLJQPFQ
CIWC
EJWWMCOCFLRTQHWPFQ
VKGTTCQCTGPC

LCRLNJICFJKOVWWMCDKPCDCLQVOQFC
ICMKC6KGPFGUVWHQPFQGPGNUQNRCTCSWGUG
UGSWGRTQPVQ

VWWMKUQXKNNQ
FGNCPCJKNCFC,CTQQT

VWVMKICPFJKPCOKLKOCTRWWUVT!&G
SWKPUQPGUVQUQXKNNQUFGNCPCSWGGUVPCNNGP
GNOQTTCN!=RNVWVMK?

VWWMWUEWGTRQ#CRFCKOOQCCDCMWCPC

MCDZLCRDCVDKCIWOVWWMW!0CFCOUNC
ECDG\CVGXCUCNCXCTQVQFQGNEWGTRQ!
=RNVWVMWCRQUVWMICP?
EJWWMWCFLSWGVKGPGOWEJCECTPG

VWWNJKQRFJCXaDTQFCT
JCEKCQVTCRGTUQPCQ

CPKOCN-CPKIW,WNKCPCITGGPOWLC
VWWVWNJKQRKIWLQQFCKIWMCMCTDCZ(LGUG
EOQ,WNKCPGUVTQFCPFQNCURKGFTCUJCEKC
FQPFGCPFCPNCUEJKXCU=RTGVVWWNJKQR
RTGUVWWNJKQRKQVWNJNJKQRK?
8CTVWWNJRKFJC

VWWNJRCXaVTQFCT,CTQKDCMVWWNJIWLWMPC

KEJOWPKFJTMCMMICKPCOOICOCLCM

'&+%+024'.+/+0#4`



6'2'*70'52#1.

RZMCCVDRVCP#NIWKGPTQFGNVTQ\QFG
OCFGTCSWG[QJCDCEQTVCFQGPNCNCFGTCRWGU
[CGUVOUCDCLQ=EQORNRNVWNJNJKQRC
RTGVVWWNJVWNJNJKQRTGUVWNJNJKQR?

VWWOKUFKPGTQ%JCRWCIWVWWOKPCR

IQQMMCEJCKDWKFJC!0QVTCGUFKPGTQRCTC
SWGOGRTGUVGUWPCECPVKFCF!=RQUVWOK
CRQUVWOKICP?

VWWOUCXaVSWGDTCT
GPRGFC\QUITCPFGU

,CTQQVWWOUCIWLCCCPCDC[CPKRZFCT
IWVCVCMICP!3WKPSWGDTOKQNNCFGDCTTQ!
2WGUCSWPCFCOUSWGFCPNQUTGUVQU
=RTGVVWWOUCRTGUVWWOWU?

VWWRCNJUECTDP/KDKMWCIKIWVOMCNJ

,WCPCMWEJOQQZKEJWLWICK,QKFJCOLCR
LCRPKZKPWCLKIWVWWRCNJ%CNKGPVCNCU
VQTVKNNCU,WCPCGZVGPFKGPFQGNECTDPRCTCSWG
RQFCOQUEQOTPQUNCU[C

VWWTUVQTQDWG[6WVWWTMPLCEJVUIKQ

PCEJRCKFJWWMLKEJWLKOEJWFC#TCOQU
EQPDWG[GUVCPVQRCTCUGODTCTEQOQRCTC
TGRCUCTNCOKNRC
OCEJQ
CPKOCNPQCXG,KTVWWTCCFJK
OKUVWKMCTDCMKKCC!'UOCEJQGUGICVQQ
GUJGODTC!
=RNVWVWWT?

VWWVXaGGUVCT
EQUCURCTCFCUOUCNVCUSWG

CPEJCU,KTVWWWWZFCFJKPCOKK
EJWWV!3WVKRQFGTDQNGUUQPGUQUSWGGUVP
CNN!8CUGMM

VWWVCXaVOQNGT
EQUCUDNCPFCU%JCOLCZDWC
UKCRKEJOWKVWOCVCKOZKDPCIW
MCDWKOWMLCKORCNJDWKFJCPCRVWVWWVC
0QNGJCEGSWGRQPICUOWEJQPKZVCOCNCJQTC
RQTSWGOCCPC[QVGC[WFCTCOQNGTNQ
=RTGVVWKRTGUVWCTGUVWKKZQVWKZKO?

VWWPPKCXaKDTKPECT6WWVWPLCOVDCM

VWMCCIWDCCMCUPCKEJOKKMCLCMWWRCM
LWTPMMQTCCT2CTGEGSWGCPQEJGNCUXCECUUG
DTKPECTQPGNEQTTCNFQPFGNCUFGLGPEGTTCFCU
C[GTGPNCVCTFG=UWLRNVWVFCMKCRTGVVWWP
VWWVWPRTGUVWWVFCM?

VWZKQUEJKXKVQJWTHCPQ
SWGOCOCFGQVTC

EJKXCSWGPQGUUWOCO2CCDCOCKIKIW
VWZKQPCDCRCPCCUEJCOVWLCQKFJK
MCMCTDCZ!&PFGUGRGTFKGNEJKXKVQJWGTHCPQ
SWGPQXCEQPNQUFGOU!

VWRTQPSW!6WOFWWPCRDC

QDKCMKO!3WVGRCU!2QTSWXCU

VWPCFC

EQLGCPFQ!
RTQPCNIQ$JCKRZKEJWVCKCIWVWPCR
LKZCC2KFGNQSWGVGIWUVCTCEQOGT
KPVGTLSW!
EWCPFQPQGUEWEJCQVTCRGTUQPC
[PQUCDGSWSWKGTGt)QQ[QRCCRKEJLCM
DJK!tLWRMCKEJIW5KOKCPCt6W!tLWR
MCKEJRIWKt)Q[QFPFGGUVU!
tRTGIWPV/CZKOKNKCPCt3W!tTGURQPFK
N
=)TCO?
VWPKCCOCPFG!SWFKLQ!
VWIVSWUGNGQHTGEG!
VWDCEJKMWDCRQTSWUGT!
VWMCOVPKGUQDGFKGPVGVKGPG
TGURGVQ
PCVWRTQPSW

VWUWHaX+PFKECSWGNCCEEKPUGNNGXCCECDQ

OKGPVTCUGNUWLGVQCPFC,KZDJCCOVWIVRZDJC
LKOEJWIW#NDKKPVCMCCDEJCOCCPVWPCEJ
VKDCKEJW#NXKPQXGPCOW[GPQLCFQC[GT
EWCPFQXGPCOQULWPVQURQTSWGPQSWGTC
XGPKTUGEQPPQUQVTQURWGUNQQDNKICOQU
NKVNQ
DCOQUKPXKVCPFQ=)TCO?8CTEJW

VWCCXaVXCEKCTXGTVGT
NSWKFQ,K

RCNJDWKFJCCRLCCNJKEJVWCCIWDKKFJK
MCUVCEJCOFT#[FCOGCXGTVGTVCPVKVQ
OG\ECNFGGUVCECUVCCRQTHCXQT=RTGVVWC
RTGUVWCDCVTCUNVQKMC?

VWCC=EQORNRNFGVMKC?RQPGTNQU
GPRQUKEKP

JQTK\QPVCN=RTGVVWCRTGUVWC?

VWKKEJ=RTGVFGVWKEJFJC?GUECTF
EQPCTCFQ
EQPCNGVCU

VWKKZ=TGUFGVWWVC?OQNKFCU
EQUCUDNCPFCU
8CTVWKZKO

VWKK=TGUFGVWKFJK?GUVCEVWC
VWMWDCFXGPDCNFGGPXCPQ6WMWDLKDC
FJKCTKKPPCV[CDCOPWC)KKNJKOLKZ
FJCTCOLKCOIW'PDCNFGEQORTNC
JCTKPCSWGOGEQUVVCPVQRWGUVQFCUGVKT
CSW8CTVWMQD

VWMWDCRTQPRCTCSW!EQPSWRTQRUKVQ!
6WMWRDCIKKNJKOMCKEJ!2CPCCUVWOCKO
MCO2QTSWJCDNCUVCPHGQ!2WGUJCDNCU
EQOQWPDQTTCEJQ

VWPCFCRTQPSWEQUCUGT!/WPKRZ

OCOCCZIWVWIITLCRVWORZKCOVW
OCOCCZPCVWICIQQZ6WPCFC!#NNUG
XGPJWGNNCUITCPFGUEQOQNCUFGWPRGTTQ3W
EQUCUGT!

'&+%+024'.+/+0#4`

VWPCRZ

6'2'*70'52#1.

VWPCRZCFXNQSWGUGCEWCNSWKGTEQUC6WPC
RZLKZCCIWDCKUNJ#NVGLPNGIWUVCEQOGT
EWCNSWKGTEQUC8CUGPCVW

VWV=RTGVFGVWKFJK?GUVCDCCEVWCDC8CTVWK
MCV

VWVRWNJKM=RNFGVWRWWNJKM?EQTVQU
FG
NQPIKVWF=EQRLKT?

7
WCOCFLCOCTKNNQ)QQMLCDKCIWZKKZIW

OKOEJWUOCCPLKZWCOLWOCKDCZEJWM
/KJGTOCPCVKGPGFQUICVQUWPQCOCTKNNQ[QVTQ
RTKGVQ=RNWWCOEQRLKZ?

WCOCXaKRCUCTJCODTGOQTKTUGFGJCODTG

/QQRZKEJWOCCMCKFJKCNJKKPCDCEJCO
WCOCICOOLDZDQK&CNGFGEQOGTCNPKQ
RCTCSWGPQRCUGJCODTGGPGNECOKPQ
=UWLRNWCOCRTGVWCOCWCOC?
5KPPDJKQOW

WCOZKFJCXaVEWTCT
FGGPHGTOGFCFQFG

JGEJK\Q,CZEJWOIWOCMIOLCRLKZCC
PCLWOWOWCZKFJCPCOWCOZKFJC!
%WNEWTCPFGTQSWKGTGUSWGVGEQPUKICRCTCSWG
VGEWTG!=RTGVWCOZKRTGUWCOZK?

WCOZKFJCOUEWTCPFGTQEWTCPFGTC

VTCFKEKQPCN/LFTIW5CPVWUOQQRWKRLKT
WCOZKFJCOLKEJCOVWPCOQQEJCO'N
5CPVQUFGNQVTQNCFQVCODKPGUEWTCPFGTQRWGU
PQETGCPSWGPQ=RNWWCOZKFJCO?

WCPCXaVNKORKCT
UWRGTHKEKG7CPCCRFJK

OGGU)KKNJKOVWKKPCZKMQQTC.KORKCNC
OGUCRWGUUGXGOW[HGCRQTNQUWEKCSWGGUV
XaTNKORKCTUG
FGRGECFQEQPHGUCT$JCKR
ZKOWCPCPCRLMLCZZKOOCCVPCREJCO
VOWKFJCPQRLKZFJWCFJKOLWRVVFCIW
OCMIOIWZMQMMCO%QPHKUCVGUKSWKGTGU
CNKXKCTVG2NCVECOGVQFQNQSWGUCDGUFGVK
OKUOQ[SWPQEWORNKUVGCPVG&KQUFKEGGN
EWTCPFGTQCNGPHGTOQ
=RTGVWCRTGUWCP?
LKZDJCKWWCMUGNKORKCHEKNOGPVG

WCP=RTGVFGQKC?UGFGURGLUGNKORK



WCCFLNKORKQETKUVCNKPQVTCPURCTGPVG

NSWKFQ,CKRMCKEJFJCCOPCUCREJCO
DJCKVWODJKDJKCIWDQRVQRPQZMZWC
IWUWWFCK#NIWPQUFKEGPSWGPQUGRWGFG
RGUECTDKGPEWCPFQGNCIWCGUVDKGPNKORKC
FGURGLCFQ
EKGNQ/QQEJKLRFJC
MCDWKOWMPCDCZWCZKD%TGQSWGXCC
JCEGTHTQOCCPCRQTSWGCJQTCGUVFGURGLCFQ
NKORKQRWTKHKECFQ
CNOCQGURTKVW,WR
MCKEJFJCCOIWLCVMCOPCUCRUKCMWKEJ
VKDCOWW[CPCLCZQKTFC&CKLKPCIW
UCREJCOLCTQKMCKFJCPCIWDCZ
WCMC&KEGNCIGPVGSWGCWPSWGOGOWGTC
XQ[CCPFCTCSWVQFCXCRGTQ[CPQOGXCPC
XGTRQTSWG[CXQ[CGUVCTRWTKHKECFQ
=RNWWCEQRLKZ?

WCFJCTCUURNKEC
TGURGVWQUCCNEWTCPFGTQ

,WOCCPCLKZOCVMCIWWCFJCTCPQLCZ
FJWWMCVRCKDCZKOCCIKORWK'U
KPFKURGPUCDNGUCDGTNCOCPGTCEQTTGEVCFG
UWRNKECTNGCNEWTCPFGTQRCTCNQUECUQU
KORTGXKUVQUEQOQCJQTC

WCFJCXaDNKORKCT
CQVTCRGTUQPC

7CFJCCRIWUCUQQPFJKCNJKK.ORKCNGNQU
OQEQUCGUVGPKQ
XaDRGTFQPCT
CQVTCRGTUQPC#CROQQVW
WCKMCRZUKCMWIKKNJKOLWOVVFCFJK
OCKOMCOPCIWDKKRZLWRMCKEJFJC
&GDGURGTFQPCTCNDQTTCEJQCWPSWGVGOCNFKIC
RQTSWGPCFCOUJCDNCCURQTJCDGTVQOCFQ
OG\ECN
XaTUWRNKECT
EQPTGURGVQCNEWTCPFGTQ0Q
ZKEJKCKODWKQTIWOCMIODRMCVLWO
CCPCEJVWWCFJC5KSWKGTQRGFKTNGCWP
EWTCPFGTQSWGOGEWTGRTKOGTQVGPIQSWG
UWRNKECTNGEQPTGURGVQ
=RTGVWCRTGUWCK?

WCKCFLSWGUGFGURKPVC
HEKNOGPVG,CZMW

DCZMQQOCFJKORCPVCNQQP!&NJLKTRW
EJWOCCMCPCZWCKCC!2QTSWGUV
FGUEQNQTKFQVWRCPVCNP!#UGUQUGFGURKPV!
=RNWCMKEQRLKZ?

WC=RTGUFGDJKMC?NQNNGXCNQVTCG
WC=RTGUFGWKMC?NQUNNGXCNQUVTCG

WCMKC=UWLRNFGQKC?FGURGLCTUGNKORKCTUG
=RTGVWCM?

WCMK=RNFGWCK?SWGUGFGURKPVCP
HEKNOGPVG
=EQRLKZ?

'&+%+024'.+/+0#4`



6'2'*70'52#1.

WCOC=UWLRNFGWCOC?2GLWCOCCONGU
RCUCTJCODTG=RTGVWCOC?

WCPCXaKGUETKDKT/CCPLKEJCKDWKIWO

NCCRKUPCMPVWWCPC2QTHCXQTRTUVCOG
WPNRK\RCTCGUETKDKT=RTGVWCPCRTGUWWCP?

WCPCP=CRQUFGWWCP?UWJQLCUWNGVTC
WCZKFJCXaVGUETKDKT
RCTCQVTCRGTUQPC

%JCO[CQKTIWZKKZPCEJWOWCFJCPC
OCCPLKEJWCZKFJCIWWWCPPCZOCVFC
PCLCZLCMFWKC0QCPFCCSWOKJGTOCPQ
RCTCRGFKTNGSWGPQUGUETKDCWPRCRGNRQTSWGN
UCDGEOQUGJCEG
GUETKDKT
CQVTCRGTUQPC;CFTLCLWO
WCZKFJCDJCCPFJKWWCPPCLKZOCCEJKO
PCRLCZLWONJKK2QTOGFKQFGNCRTGUGPVGVG
GUETKDQRCTCUCDGTEOQGUVU
=RTGVWCZKQWCRTGUWCZK?

WCTC=RTQRFGWKMC?KTCVTCGTNQU
WCVWNJFJCTCURGECFQ,WOCCPCRKO

UQKONJFJCKRWVFCIW&KQUPCVWLCO
WCFJCIWLCOWCVWNJFCTCPCRKODC
LKOKCLKZFJCCOLCMLWRMCKEJIWRCCNJ
7UVGFGUPGEGUKVCPRGFKTNGJWOKNFGOGPVGC&KQU
SWGNGURGTFQPGUWURGECFQURCTCSWGRWGFCPKT
CNEKGNQFKLQGNUCEGTFQVG

WCVWNJFJCXaTVGPGTFGWFCUFGDGT5KCOTK
OCVWPCOMKKEJFCMQQPCEJVWWCVFCV
OWKDCWCVWNJFJKFJCKLKIW5KGORTG
NQITRCICTNQSWGFGDCRWGUKDCCWOGPVCPFQ
OKUFGWFCU
RGECT,WOWCVWNJFJCCROQQ.WKUPQ
RKEJVZIWVW8CUCRGECT.WKUUKTQDCU
CNIQ
=RTGVWCVWNJRTGUWCVWNJK?

WCVWNJK=RTGUFGDJKFJC?UGNQNNGXC
WCVWNJK=RTGUFGWKFJC?UGNQUNNGXC

WCVWPFCXaVFGDGT
FKPGTQCQVTCRGTUQPC

t%JCODZLKCOMKIWOFJKZKKMPCLMLK
WCVWPtLWRMCKEJIW/CTVCt,MRZLWO
OCC!tLWRMCKEJIW'UOGTCNFCt0QOG
RCIUWVCVQFQNQSWGOGFGDCtFKLQ/CTVC
t%WPVQVGFKQ!tTGURQPFK'UOGTCNFC
=RTGUWCVWPEQRTGVWCVWPFCV?

WDKKUOWLGT,CTQQFCFJKWDKKPCOWOOWPK
LCRDCLKO!,CTQQMCOVWKFJK!3WKPGU
CSWGNNCOWLGTSWGXCCNN!#SWKPUGRCTGEG!
=RNWWWD?
CNJKKWDKKPKC

WOICZFJC

WDKKVCMCCTWKUICNNKPC,QKFJCOLKZ

ZKOMWNJKFJKWDKKVCMCCTWK'UCICNNKPCRKPVC
GUOW[DQPKVC

WK=RTGVFGW[C?NQUCFSWKTK
WKKOUCIWKNKNNCTCVQPGTC,WRMCKEJFJCCO

IWLCVMCOPCUCREJCOMCOCKOCMCIW
WKKOPQVDRFTDCOZKKZPCRCKFJWWM
DJCKEJKLKOCKCIWLCTQK&KEGNCIGPVG
SWGUK[CUGJCDCUCEWFKFQNCCIWKNKNNC[CPQNG
GPVTCPNCUDCNCUCWPSWGCNIWKGPNGVKTG
=RNWWKKO?


WKFJC=EQORNRNFGDJKFJC?NNGXTUGNQU
VTCTUGNQU=RTGVWKRTGUWCVWNJK
EQPVWKKFJCVTCUNWKFJKMC?

WKMC=EQORNRNFGDJKMC?NNGXCTNQUVTCGTNQU
=RTGUWCEQRTGVWKOMEQPVWVMFC
RTQRWCTCKORGT[RWPVWWWM?

WKZFJCXaDNNGXCT
FGQVTCRGTUQPCUKPCXKUCT

EQORNRN7KZFJCMLCOVDCMIWVVPQTICP
IW0CCEJPCVDJCKMCUQDMQPCMEJKPCV
OCKMCVWDWCO5GNNGXCTQPNQUJQTEQPGUSWG
0CEJQJCDCNCDTCFQ*CDTUKFQOKGPVTCUUGHWG
CDGPFGEKTNQUGNQVGU=VTCUNWKZFJKMC
RWPVWKZFJCM?8CUGDJKZFJC

WNJCXaVIWCTFCT7NJCRKOIWKMWZKKT

OWRZLCRDCIZKO/KFJQRWOCK
IZKC)WCTFGPCSWGNEWEJKNNQRCTCSWGPQUG
XC[CCRGTFGTRWGUGUVCNNVKTCFQ
GPUKNNCT
WPCPKOCN/CKMLCEJRCZKCTRQOW
,QUGGDWKMCMDCKEJCOLCEJLKKOFCFCK
PCEJLCZDJCLCWNJC8COQUCRCUGCTEQP
,QU+TGOQUCECDCNNQPCFCOUNQUGPUKNNCOQU[
PQUXCOQU
=RTGVWNJRTGUWNJKKU?

WOICZFJCXaVEQTVCT\Q[CVG
RCTCQVTCRGTUQPC
)QQMLCRLKWOICZFJCRCCUWNJPCIW
LQKFJCOLKZLCKEJ[CPCRRCKMKQ*C\OGGN
HCXQTFGEQTVCTOGWPRQEQFG\Q[CVGVCRWGU
JC[OWEJQCSWFQPFGXKXGU=RTGVWOICZ
RTGUWOICZK?

'&+%+024'.+/+0#4`

WOIC

6'2'*70'52#1.

WOICXaKEQTVCT\Q[CVG)QQMLCEJVWWOIC
PCEJVWOCKEJC8Q[CEQTVCT\Q[CVGRCTC
JCEGTWPRGVCVG=RTGVWOICRTGUWOICT?

WOWCIOUUGIWPFQOC[QTFQOQ
FGNRCVKQ

EGTGOQPKCNNKVGNKPXKVCFQT5CROQQVOP[C
IWZKQVCNJDJCOOFT:KKT6COLWR
MCKEJKOVCMCCDIWWOWCIOPCV[CLCR
DWWU'NUGIWPFQOC[QTFQOQRCURQTCSW
C[GT[FKLQSWGXCPCDCKNCTGNOKVQVGGP.CU
5KNNCU=RNWOWCIO?

WOWCFJCXaVRGFKTC[WFC,KEJWOWCIW
LKKMWNJPCEJMWCFJCRWMCDWKOWMUCRPC
MPDJCKFJCOCCPIWVQQZMQNJPCVW
OWCC0QURKFKOKVQSWGNNGXTCOQUNGC
OCCPCRCTCEQEKPCTWPOCTTCPQSWGXCC
OCVCT=RTGVWOWCRTGUWOWCIK?



WWOCTIKFJCXaVEQNQECT
RNWOCUGPWPCHNGEJC
-CDWKOWMLCEJVWWWOCTIKFJCIWEJWWW
PCEJDCMPDCPCDFJKRWOCCPIW
DJQOMQZ/CCPCXCOQUCEQNQECTNGNCU
RNWOCUCPWGUVTCUHNGEJCURCTCKTCEC\CTWP
VGEJCNQVG=EQORNRNWOCTIKFJC
RTGVWWOCTIKWOCTIKRTGUWWOCTIK
WOCTIK?

WWRU\QTTKNNQ,WRMCKEJFJCCOIWLCVMCO

PCUCRLKZFJWCFJKIWWWRPCOWCLK
LKFJQQTCKK[CIWDCCTICPPQZMQMIWLWT
&KEGNCIGPVGSWGGNECNFQFG\QTTKNNQUKTXGEQOQ
TGOGFKQRCTCEWCPFQOGFWGNGGNEQTC\P
=RNWWWR?

WOWWU\Q[CVG&CKLWMICOLCMLKZLCKEJIW
WOWWPKECOGPVGGPNCUKGTTCJC[\Q[CVG

WOWWDCCNJUECPCUVCFG\Q[CVG,CTQQEJKZ

LCOCCVIWWOWWDCRCCNJPCOCCPEJKKC
PCRLKFJWKFJC!3WKPUCDGJCEGTNCU
ECPCUVCUFG\Q[CVGRCTCSWGNGRKFCSWGOGJCIC
WPC!=RNWOWWDCRCCNJ?

WOWWDQPCCOUUQODTGTQFG\Q[CVG,KZ

CDJCTLKZLCOCCVCOIWQFCOIWWOWW
DQRPCO.QUJQODTGUVGRGJWCPGUUCDGPJCEGT
DQPKVQUUQODTGTQUFG\Q[CVG=RNWOWW
DQRPCO?

WREJKWWNJUNCWTGN
RNCPVC,QKFJCOMCCMIW
WREJKWWNJPCLKFJQQTCKIWLCCICPK[CIW
DCCTICP'UOW[UCDTQUQWPVJGEJQFGJQLCU
FGNNCWTGN

WRUWICPUUWCIWKLP
KPUGEVQ7RUWICPMP
VMMIWPCMUT'NCNCETPRKECEQPUW
CIWKLP

WRWCUEQTQPKNNC
FGNCECDG\C,WR

MCKEJFJCCOIWLCVMCOPCUCRIWMWTCVLKT
TKOGGFKQPQCORZLKZEJKDQTCCIWCNJKK
PCDJCDWNJFJCPCRCKVWWRWC&KEGNC
IGPVGSWGGNRLCTQECTRKPVGTQUKTXGEQOQ
TGOGFKQRCTCEWCPFQNGUCNGOWEJCUCNKXCFGNC
DQECCNPKQRQTGUQUGNQCOCTTQGPNC
EQTQPKNNC
XUVCIQ
FGECEVWU/CCPLCRLKLKMEJKFJC
IWWRWCPIWKIQMMWEJVWLWOCCPCEJVW
CUMKEJC%TVCOGWPXUVCIQFGOCIWG[RCTC
VCNNCTNQRCTCJCEGTWPCUTGFGU
=RNWRWCCRQUWRWCPWRWCP?


WWZUTDQN6WDCMWRDC

IKFJWWNJMCFKOFJKWWZ!2QTSWGUVU
EQTVCPFQWPCOWGUECGPGUGTDQN!
RCNQ,CPQPCEJKEJZKMWCPRWMOW
VCCVUCDIKKNJKOOCIQQKEJPCKEJVWUQPKC
PCIWZMCCRCMLKZLCKEJIWWWWZOWOOW
LCM#SWGNNCXG\EWCPFQHWKOQUCVKGTTCENKFCC
FGUOQPVCTOGECPUOWEJQEWCPFQGUVCDC
EQTVCPFQRQTSWGUQPOCEK\QUNQURCNQUSWGJC[
CNN
=RNWWWZ?

WFCV=EQRTGVFGW[C?NQUCFSWKTC
WFC=EQPVFGW[C?GUVCTCFSWKTKPFQNQU
WKKURLCTQ,KTVWWKKFJCFJKPCDJCK

FCCWWZEJCO!,QKFJCOVWMWW3WVKRQFG
RLCTQGUGUGSWGGUVGPGUGTDQN!2WGUECPVC
OW[DQPKVQ=RNWLK?

WKKLWPWWUUQTIQ
UKNXGUVTGNKVOC\FG

RLCTQ/WLCM6WWURCIOUIWWKKLWPWW
PCOLCOCCMIWDCCM#NNGP6WZRCPUG
UKGODTCOWEJQGNUQTIQRCTCCNKOGPVCTGN
ICPCFQ8CUGLWWP

WKKFJC=EQPVFGWKFJC?GUVCTNNGXPFQUGNQU
GUVCTVTC[PFQUGNQU

WLK=RTGXFGW[C?CFSWKTKPFQNQU
WLK=RNFGWKK?RLCTQU

'&+%+024'.+/+0#4`



6'2'*70'52#1.

WOCTIKFJC=EQORNRNFGWWOCTIKFJC?

EQNQECTNCU
RNWOCUGPWPCHNGEJC=RTGVWOCTIK
RTGUWOCTIK?

WOWCIO=RNFGWOWCIO?UGIWPFQU
OC[QTFQOQU

WRWC=RNFGWRWC?EQTQPKNNCU
FGNCECDG\C
XUVCIQU
FGECEVWU=CRQUWRWCP?

ZK

DJCOOPKLCRLKOMWZEJT$JCKEJKRCK
UCKLWMOCOTCVCO5GOGRGTFKOKVCNGIC
C[GTEWCPFQHWKCNOQPVGCNQOGLQTUGOG
SWGFCVQTCFCGPNCTCOCFGWPRKPQ

W[C=EQORNRNFGDJ[C?CFSWKTKTNQU

=RTGVWKEQPVWFCRTGXWLKEQRTGVWFCV
OQXWKMC?

WVMFC=EQPVFGWKMC?GUVCTNNGXPFQNQUGUVCT
VTC[PPFQNQU

:

WWCO=RNFGWCO?COCTKNNQU=EQRLKZ?
WWCOZKFJCO=RNFGWCOZKFJCO?
EWTCPFGTQU

WWCPUJQLC
FGRCRGN%JCRDKCOCCP

IWWWCPPCOKOLWRKFJCIWDCKWOPC
FCCUIWVWWTIWKPCKEJOCKDWC!0Q
VKGPGUWPCJQLCFGRCRGNRCTCFKDWLCTVGEQOQGU
NCOCTECSWGVKGPGGNVQTQSWGUGOGRGTFK!
ECTVCCXKUQGUETKVQ/CCPLC[CO
WCVWNJKIWWWCP$JCOLQQEJZKIWOZKKZ
#SWVGVTCKIQWPCECTVCSWGVGOCPFVW
JGTOCPQOC[QT
NGVTC
OQFQFGGUETKDKT#CRLKTLWOWWCP
CCFJKPCDJCKVWWCKZDJKDCMEJCO!
'UVWNGVTCGUCSWGGUVGPNCRCTGFFGNGFKHKEKQ!
=CRQUWCPCP?
WWCPVCOGPGNRCRGNGPGNNKDTQ

WWCP=RTGUFGWCPC?GUETKDG

ZENV+PFKECERWNCCPVGUFGNCOC[QTCFGNQU

CFLGVKXQURGLDCZDJCK[CGUVQ[UCVKUHGEJQ
OKZOCCVXCOQUCXGT
+PFKECGNGUVCFQFGNVKGORQOGVGQTQNIKEQRGL
DCZEJCVQK[CJCEGECNQTPCRCKZLRK
FQPFGJCEGHTQ
=5GRTGUGPVCFGURWUFGWPCXQECNQRCWUCINQVCN
)TCO[?8CTLKZ

ZCUCK=RNFGZCKK?SWGVKGPGOWEJCJKGTDC
GP
XCTKQUNWICTGU=EQRLKZ?

WWC=RNFGWC?NKORKQU=EQRLKZ?
WWKKO=RNFGWKKO?CIWKNKNNCU
WWWUHNGEJC
FGCTEQ#ORZRWKEJCO

DJCKEJWQKRQFJKWWWPCEJVKZKEJW
OWOWWICOCLCMRZDJDJ/KUHNGEJCUPQ
XWGNCPDKGPEWCPFQVKTQEQPGNNCURWGUUG
FGUXCPCWPNCFQ
HNGEJC
EGTGOQPKCN:KOVMFJCCRIWWWW
MWDJKFJKMCIWOCMICOMCVVKKCOEJCO
ZKZKODJ[CIWMWKMCO2PVGWPCHNGEJC
EGTGOQPKCNRCTCSWGNWGIQUGNCRWGFCNNGXCTCN
EWTCPFGTQRCTCSWGPQVGCITCXGUFGNCFKHVGTKC
=CRQUWWWP?

WWWD=RNFGWDKK?OWLGTGU
WWWM=KORGTFGWKMC?NNXCNQUVTGNQU
WWWM=RWPVFGWKMC?NQUNNGXNQUVTCLQ
WWWR=RNFGWWR?\QTTKNNQU
WWWZ=RNFGWWZ?RCNQU
WZEJTCFXGPGNDQUSWGGPGNOQPVG/CKDWC
KEJDCMIWDJCKOMCTVCMCCDPCKEJ

=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPU
VKGPGPXCTKCPVGUSWGGORKG\CPEQPZNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?

ZCUQQCFLSWGNGUCNGOQEQ
FGNCPCTK\CC

FJKOCNJKKEJWMIWUQOCKIKPCDCRCPCCULKZ
ZCUQQ!5GNGRGINCITKRCCVWJKLQ!2CTGEG
SWGNGUCNGOQEQ=RNZQUUQEQRLKZ?

ZCUQRMK=RNFGZQRMK?SWGNGUIWUVCEQPVCT

EWGPVQUOGPVKTQUQU=EQRLKZ?

ZCUQ=RNFGZCQQ?SWGVKGPGPNKGPFTGU
=EQRLKZ?

ZCUQNJKM=RNFGZQNJKM?GPEQIKFQU
ZCUQNJMCNJK=RNFGZQNJMCNJK?SWGUG
GPEQIGPHEKNOGPVG

ZCKKCFLSWGVKGPGOWEJCJKGTDCSWGJC[RCUVQ
$CCUPFTLCRLCFQEJQIWDCCMPCRCKZ
ZCKK&GLCUNCUXCECUFGCSWGNNCFQFQPFGJC[
RCUVQ=RNZCUCKEQRLKZ?

ZCQQCFLSWGVKGPGNKGPFTGU$CVDKEJFJCRKO
FJKNJKEJMCTDCZ)KKNJKOLKZZCQQ&GDGP
DCCTCNEJKXKVQRWGUVKGPGOWEJCUNKGPFTGU
=RNZCUQEQRLKZ?

ZKRTGHaX+PFKECKORGTCVKXQ
UGIWPFCRGTUQPC
:KEJOKKPCREJCODJCKFJTLKIZKC

'&+%+024'.+/+0#4`

ZKCMKO

6'2'*70'52#1.

$LCVGRCTCSWGPQVGECKICUFGCNN
+PFKECWPCCEEKPKPVGPEKQPCN
RTKOGTCQVGTEGTC
RGTUQPC2CLCMZKLKKIWEJCVCCNJPCOK
RZLWRMCDQ!#FPFGUGHWGOKVQ!.QXK
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'&+%+024'.+/+0#4`



6'2'*70'52#1.

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6'2'*70'52#1.

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=UWLRNZKZRWKCRTGVZKRZKZKKRQZKZRWP
RTGUZKRWPZKZRWP?

ZKZDW=RNFGZKDWW?EGDGU
VQTQU
ZKZDWXaKGUEWRKT6WDCMWRDCOQQLCR

LKTOCCPPCRZKZDW!2CPCCUVWOCKOMCO
2QTSWGUVUGUEWRKGPFQECFCTCVQ!*CEGU
EQOQWPDQTTCEJQ=RTGV[RTGUZKZDW?

ZKZDWFC=RNFGZKDWFC?XGUEWNCUDKNKCTGU

'&+%+024'.+/+0#4`

ZKZFJW

6'2'*70'52#1.

ZKZFJW=RNFGZKFJWW?GUVCTRTQJKDKFQU

EGTGOQPKCNOGPVG=EQRLKZ?

ZKZFJWVFC=UWLRNFGZKFJWWVFC?CDUVGPGTUG
C[WPCT
TKVWCNOGPVG=RTGVZKZFJWV?

ZKZICP=RNFGZKKICP?ECEJQTTQU
ZKZKCFJK=RTGUFGZKCFJC?COCPGEG
UWL
CPKO

ZKZKKDMCO=RNFGZKDMCO?PWGXQU=EQRLKT?
ZKZKKOC=RNFGZKKOC?EJKPQU
ECDGNNQQRGNQ
=EQRLKZ?

ZKZKKT=RNFGZKKT?UKNNCUFGOQPVCT
ZKZKKZ=RNFGZKKZ?JGTOCPQUJGTOCPCURTKOQU



VTQRGE[OGECFGNCPVGFGNCUCWVQTKFCFGU
=RTGVZKTDQRTGUZKTCRRQ?

ZKTIKCFLVGPGTXGTIGP\C
FGCNIWKGP

KQMFJKFJCCRIWOZKKZCCRFCKPCRLKZ
ZKTIK&GDGUUCNWFCTCVWRTKOQ2QTSWVG
FCXGTIGP\C!=EQRLKZ?
ZKZKTIKVKGPGXGTIGP\CFGO

ZKOKFJCXaVVCRCT
DKGP-WWKEJ

OWOOWPKMCPPCORCKQKFJCIWVVMWNJ
DZEJWWWWZICPCKLQQFCKKEJDJLVW
ZKOPK%GTTNCGPVTCFCFGFQPFGXKXGPNCU
CTFKNNCUNCVCREQPRCNKVQU[RKGFTCU
=RTGVZKOPKRTQRZKOPKOTC?

ZKZKOMZ=RNFGZKOMZ?EJWRCUCXKCU
ZKZMW=RNFGZKMW?JGTOCPQUJGTOCPCU

ZKZDQNJKM=RNFGZKDQQNJKM?TGOQNKPQU
ZKZDQTCM=RNFGZKDQQTCM?VWRKFQU=EQRLKT?
ZKZDQTMC=UWLRNFGZKDQQTMC?GZVGPFGTUG

ZKZOCV=RNFGZKOCCV?RGPECUFGOCIWG[

ZKZMQNJKM=RNFGZKMQQNJKM?TGFQPFQU

ZKZRKNJ=XCTFGRKRRKNJ?RQNNKVQU
ZKZRWKC=UWLRNFGZKRKC?RQPEJCTUG

ZKZMQTMC=UWLRNFGZKMQQTMC?GZVGPFGTUG
FGN

RTKOCU
OC[QTGU8CTZKKZ

RTKOQURTKOCU
OGPQTGU

EQEKFCU

GUVCNNCTVTQPCT=RTGVZKZKKRQZKZRWP
RTGUZKZRWP?

ZKCFXFGOCUKCFQ:KIOKDWKZIWQPFJK

DJCD)KKNJKOLKZQPMCM6KGPGPFGOCUKCFCUCN
NQUHTKLQNGURWGUGUVPOW[UCNCFQU

ZKCC=RTGVFGZKCFJC?COCPGEK
UWLCPKO
ZKTCFLSWGNGFCXGTIGP\C%JCROQQ
VWLWCPCVQKTFC,WCP#CFJQIKOQQZZKT
LKPCOWRCKDCEJEJWVVWMCLQKUKUVTIQQMFV
FJKOVCCVPQRKEJVWLCZOCFJWWIKQIW
LMPCODJCKDCEJEJCCPFC0QCPFGU
JCEKGPFQEQUCUOCNCU,WCPRQTSWGOGFCTC
XGPIGP\CSWGPQUNNGXCTCPCPVGNCUCWVQTKFCFGU
UKJCEGUCNIQOW[OCNQ[PQUGZKIKTPRCICTWPC
OWNVC=EQRLKZ?

ZKTCCXaKVGPGTXGTIGP\C%JCOCCIWRWZ
ZKPCVRWKLKOZKTDQMPCIKKNJKOLCVVFC
OCKOWMPCVDCOQQRWEJCOOWKMCLKK!
;QETGQSWGVKGPGXGTIGP\CRQTSWGNGUOCNFKLQ
GUVCPFQDQTTCEJQ[RQTGUQ[CPQHWGCXGTNQU
=RTGVZKRTGUZKTEQRLKZ?
ZKTCCOMCKEJFKEGEQUCUXGTIQP\QUCU

ZKTDQXaTCXGTIQP\CTUG6CMCCDLCKEJOK

OCZKTDQOWKMCOVTOKPCMCVWOCIC
/CKCKEJLKDJKCMOKLCRLCVCCIKQDIW
IITMCO#[GTOGCXGTIQPEGPVTGNC
OWEJGFWODTGEWCPFQJWDQLWPVCRWGUOG

TCOCU=RTGVZKZDQTMCRTGUZKZDQTMCT?
=EQRLKT?

ECRWNNQRNCPVC=RTGVZKZMQTMC
RTGUZKZMQTMCT?

ZK[CXaKCOCOCPVCT-WWRCRKOFJKDJGUGGT
PCEJCOVWZK[CVWMCCPQDJCKDCLKOIW
FPPCEJIWUWUUC'PEKGTTGPCNDGEGTTQ
RCTCSWGPQXC[CCCOCOCPVCTNQGPNCPQEJGUK
XKGPGUWOCORQTSWGXCOQUCQTFGCTNC
=RTGVZKKRTGUZKQRWPVZKM?

ZDCPKPVGTLDWGPQUFCUDWGPCUVCTFGUDWGPCU

PQEJGU:DCPLKLCFWW#COQQPCKDCLK
LKKPCMCRDJCKMCZLDQQ$WGPQUFCUOK
COKIQ;QCPFQIQ\CPFQFGNVKGORQ[CSWG
VQFCXCGUVHTGUEQ
'NUCNWFQVTCFKEKQPCNVKGPGNC
OKUOCHQTOCCEWCNSWKGTJQTCFGNFCQFGNC
PQEJG=5GCEGPVCNCUGIWPFCUNCDC?
DJCKRZDCP
TGURWGUVCCNUCNWFQ
VTCFKEKQPCN

ZNJKKCFLFGTGEJQ
RNCPVC%JCOKCOLKZ

OWWWMCCIWODCKFJCUPCRLK
EJCKDWKFJCPCMPICCOTCOCCPIWLWM
LKZZNJKKPCEJVWVCDNGGVCUVC!0QVKGPGHKNQ
VWJCEJC!RCTCSWGOGNCRTGUVGURCTCKTC
DWUECTWPRKPQFGTGEJQRCTCJCEGTVCDNGVCURCTC
GNVGEJQ=RNZZNJKEQRLKZ?

ZNJKOCFXEQPEWKFCFQ2CPCCUQOKZFJK

KUMCFJKKT,KZZNJKOLWOCCPCDJCCP
VUFKC2CTGEGSWGGUVSWGDTCFCGUVCGUECNGTC
UGPGEGUKVCUWDKTNCEQPEWKFCFQ=EQRLKZ?

'&+%+024'.+/+0#4`



6'2'*70'52#1.

ZUNJKMCFLSWGVKGPGVGNCFGGURKIWKNNC)WZ

ZUNJKMLKPCZCDJCCTPCRVQKFJCFJKO
KRWWT5GTCOUDQPKVCVWHCNFCUKNGRWUKGTCU
VGNCFGGURKIWKNNC=EQRLKZ?8CTZUTCM

ZUTCMCFLSWGVKGPGFKUGQFGEWTXCU)WK

PCZZUTCMMCIWLKMRCUNJKMLWOVV
7PCVTGP\CSWGVKGPGEWTXCUUGNNCOCUNJKM
=EQRLKZ?

OCFWTCFQ
VTCPURCTGPVG
UNKFQ)WZZWWPIKOKRWWT
LCRMCZKCCFC.QQNCPCMCODCMWCFJC
FJKLWOCKOKRWWT2QPVGVWHCNFCVTCPURCTGPVG
.QNCRCTCSWGRWGFCNCXCTNCQVTC
=RNZWUIKEQRLKZ?8CUGUWWPIKEJC

;

ZQRMKCFLSWGNGIWUVCEQPVCT
EWGPVQU

/CCPPKO[CZKMOCCPIWOCCPMCO
LCROQQLQKFJCOLKZZQRMK7PCXG\NNGI
CSWWPCRGTUQPCSWGGTCOW[DWGPCRCTCEQPVCT
EWGPVQU
OGPVKTQUQ,CROQQZZQRMKFJK#IWUVKK
PQVRCNJRDCKKUKCIKLKLWOVEJQMCO'U
OW[OGPVKTQUQ#IWUVPEQPUNQVQOCTRQSWKVQ[
CWPSWGVQFCXCGUVGPUWLWKEKQ
=RNZCUQRMKEQRLKZ?

ZQUUQ=RNFGZCUQQ?SWGNGUUCNGOQEQ=EQRLKZ?
ZQNJKMCFLGPEQIKFQ2CCRKEJDCMQOKKEJ
2GGITQPCDCLCROQQIZZQNJKMIWO
EJCOCTTC!&QTOKUVGEGTECFGNCNWODTG
2GFTQ!6WEJCOCTTCUGXGOW[EJCOWUECFC
NKV
GPEQIKFC=RNZCUQNJKMEQRLKZ?
8CUGUQNJMC

ZQNJMCNJKCFLSWGUGGPEQIGHEKNOGPVG

)KKNJKOLKZZQNJMCNJKFJKKLCRVWOIW
LCPPWNJPQKEJZKDCMWC#CPFCPCIKQR
DCKUUPC'UVGVKRQFGTQRCUGGPEQIG
HEKNOGPVGEWCPFQNCNCXQUKGORTGNCVGPIQSWG
GUVKTCTQVTCXG\=RNZCUQNJMCNJKEQRLKZ?
8CTZQNJMCTC8CUGUQNJMC

ZWTKKNJOCCFLRKPVQ+CORZLKZQKIW

OCTCCPFJKZZWTKKNJOCDCCM'NDGEGTTKVQ
ECUKGUKIWCNCUWOCOSWGGURKPVC
=RNZWUTKNJOCEQRLKZ?

ZWWNJIKCFLSWGFCHTWVQ,KZKQOLKZ

ZWWNJIKIWEJKKNCMIWKOCKEJCORM.QU
EJKNCEC[QVGUFCPOUHTWVQSWGNCUECNCDC\CU
=EQRLKZ?

ZWWNJIK=RNFGIZK?DWGPQURCTCPCFCT

=EQRLKZ?

ZWWPIKCFLCIWCFQENCTQ
NSWKFQ,KZ

ZWWPIKRZVQVRQMFJKOCVCKOCP/QQEJK
EJCODQRIKO'UVSWGFCPFQOW[CIWCFQGN
PKZVCOCNETGQSWGPQGUVCDUQTDKGPFQNCECN
DNCPFQ
PQOCFWTQHTWVQ-CZZWWPIKFJK
[CCVWK%JCMWKDCMMCDMC6QFCXCGUVP
DNCPFCUNCURCRCUGPVQPEGUVQFCXCPQUGJCP

[CUUCRC

[CRTGHaXCSW,KLWOEJWNJVCMIWLCTQKIW

LWWIW,WRVWO[CMMIWDCMWC#NIWKGPUG
VQOOKLWIQRWGUCSWGUVNCNCVCXCEC
=)TCO?8CUG[C

[CC=RTGVFG[CCC?QTKP
[CCURCXaVGPVGTTCTt,CTQQKCCRPUCCM

[CPK[CCUCR!tLWRMCKEJIW'NKUGG[Qt&JQ
UCRMCKMCOIWOCDWKN4QQUCMCVtLWR
MCKEJIW/GUKKPFCt3WKPGUVGPVGTTCFQ
CSW!tRTGIWPV'NKUGQt6WCDWGNCNCSWGUG
NNCOCDC4QUCtEQPVGUV)QOGUKPFC
=EQORNRN[CUUCRCRTGV[CCU[CUUCRC
RTGU[CCUCR[CUUCR?

[CCVWKURCRC2WKRLKZKQQDIW[CCVWK

KKDJCKFJCUQPDKZKOMQMQNJDPMCOLCRPC
LCZIWUQURQMCNJ.CURCRCUUQPVCPUCDTQUCU
EQOQNQUVQOCVKNNQUEWCPFQUGRTGRCTCPGPUCNUC
FGEJKNG

[CLCRCFXRQTCSW2CCMCOEJKIW

OCCPMCOIWKPCV[CLCRDWWUDCUOW
VCMCCD!&GFPFGUGTCNCRGTUQPCSWGRCU
RQTCSWJCEGVTGUFCU!

[CMWCUJQPIQ
ITCPFGCOCTKNNQQTQLQ$C

DWDWCMKOCCEJKIW[CMWCDJLLCRICICK
MWEJDCWCRWPCEJVWLKFJQQTCRCNJRMKKU
MP!;CGUVCTPUCNKGPFQNQUJQPIQURQTCNN
GPNCUNCFGTCU!RCTCKTCVTCGT[EQEGTNQUEQP
VCPVKVQSWGUQ

[COOCFXCE,CZLCRKEJDCFWWMCVDR
MCV[COORDCCK!0CKEJIWRCPCCUCC
DRDJCLKK%OQNGJKEKUVGRCTCNNGICTCE
RTKOGTQ!%TGQSWG[QOGXKPGRTKOGTQ

[CUUCRC=EQORNRNFG[CCURC?GPVGTTCTNQU
=RTGV[CUUCRCRTGU[CUUCR?

'&+%+024'.+/+0#4`

[C

6'2'*70'52#1.

[CCFXCSW;CRMCTCFCCNJKQ:KDLC
DJCLKO'URTCOGCSWWPTCVKVQCJQTKVC
XGPIQ8CUG[C

[CCCXaKQTKPCT#CRICOCKDCLKOFC#C

[CMC[CCC)COCLCMLCDCOCC[C5KIWG
VCFGNCPVG[[QVGCNECP\QOUCNNRWGUCSW
OGSWGFQCQTKPCT=RTGV[CCRTGU[C?

[CMCOCFXFGEGTEC
JCDKVCPVG%JCOLCTQK

OGCPVQLCP=CRQU[QQZEJWNKQ
[QQZEJWNJICP?

[QQZKUHNQT-CRDJWKOWMLCRIQQMICCOTC
IW[QQZKMWEJOQQZKFJQEJQRWKOW
EJKQR8GCDWUECTHNQTGUOCCPCVGORTCPKVQ
RCTCKTCFGLCTNCUCNCKINGUKC
=CRQU[QQZICP?

[WWU[WIQ

[CQKTLKCIWOMMCOFCKIW[CMCOPC
IWEJKEJCOLCTQKLCCCIKPQ[CRLKT
VVDKEJCOMC0QCPFCCSWPCFKGSWGUGCFG
NGLQUXGTFCF!5QNCOGPVGNQUFGEGTECRWGU
RTQDCDNGOGPVGPCFKGNGUCXKUSWGKDCCJCDGT
LWGIQUFGRQTVKXQU#PVPOMMCO

[CPKCFXCSW
RTGEKUCOGPVG;CPKOQQ

MQTCTPCEJVWDCMEJC#SWOGIWUVCTC
EQPUVTWKTWPCECUC
KPVGTLdXGP
RCTCNNCOCTCWPRGTTQ
d;CPKLWRLCVVFCIW,QUGGIWIQPIQZPC
LCDCKPCVWLCOCMKCd8GPICPFKLQ,QU
EWCPFQNNCOCNQURGTTQURCTCFCTNGUFGEQOGT

[CVFCXaVJCEGTQTKPCT:K[CVFCKCRFJK

EJKQLCZKLWTPMPQRKEJDCLKDQQPPC
DCEJCOOKOLKDMCVWMCC#JQTCGPNC
VCTFGNNGXCUCNPKQCQTKPCTCHWGTCCPVGUFG
CEQUVCTNQRCTCSWGPQUGQTKPGGPNCPQEJG
=RTGV[CVFCRTGU[CVWP?

UWHaX+PFKECVKGORQHWVWTQRGLDCCICTGICT
VWVVWRCTCT=5GRTGUGPVCFGURWUFGNCUXQECNGU
CQ[W)TCO?8CTC

PUWHaUUWUWU+PFKECRQUGUKPFGNCVGTEGTC

RGTUQPCFGNUKPIWNCTRGLUWWUMCPUWJWCTCEJG
DCRMKUWUECUCU=)TCO?8CUGICP

P=RTGUFGFC?+PFKECCEEKPEQPVKPWC

[LCFXCSW
CFGPVTQ,CTQQFCIWKPCV[L

LKCKDRPCDJCOOPKFJTDJCKZKEJ
PK!3WKPGUNCRGTUQPCSWGNNGICSWJCEG
TCVKVQEWCPFQ[QGUVCDCOKTCPFQFGCNNCTTKDC!

[QQMUCIWCECVG-CDWKOWMLCOQQIQQM

VCCOTCIW[QQMIWLKKMWNJOWLCM
DRVCP%JCOCCEJKDCFCTCC!/CCPC
RKGPUQKTCNNCDCLQCRGFKTNGCOKVQSWGOGF
WPQUCIWCECVGURWGU[CJCDTPQ!

[QQVCXaKCDTKT
HNQT&CKPCLCZMKCRZLK

[QQVCIWLWNJKKMPCDCZKQQD'PEWCPVQ
GORKG\CCCDTKTNCHNQTFGNOCIWG[GUVDWGPC
RCTCEQOGT
JCEGTUGRCNQOKVCU
OC\:KQPFCCRFJK
LCCMPCDCDZ[QQVC/WGXGGUVGOC\
VQUVCFQRCTCSWGVQFQUGJCICRCNQOKVCU
=RTGV[QQRTGU[QQV?

[QQZEJWNJURCNQOKVCU#CPCLKZCMMCLK
IW[QQZEJWNJPCDCDCLKEJWLCCMKCFJK
LWWPPCZ[QQVCNJK'UVQ[VQUVCPFQGUVGOC\
RCNQOGTQRCTCVGPGTNCURCNQOKVCUSWGVCPVQUG



'&+%+024'.+/+0#4`

Segunda parte:
Diccionario espaoltepehun



'52#1.6'2'*70

#
CRTGRLCM
EKGTVQFGUVKPQ
DWK
NNGICPFQCFQPFGGUVWPCRGTUQPC
CDCLQCFXFWOCCNJ
DQECCDCLQMRNJ
EWGUVCCDCLQCPUCRLCM
FKTGEEKPDZ
CPUCR
JCEKCCDCLQCPUCRLCM
EQUCEQNICFC
CDGLCHOOD
CDQTVCTXVVWLKDWC
UGTCDQTVCFQUGTCDQTVCFCLKIZKC
CDTC\CTXVMQQOMKC
CDTKICTXVRIKFJC
CDTKTXVMWRKQMC
RCTCGPVTCT[UCNKT
MWRKQMFJC
RCTCQVTCRGTUQPCQCPKOCN
DJKEJFJC
RCUQ
FTC
NCVC
VCLCCPC
GNRGTKECTRKQFGWPCRNCPVCFGJKUEGPVG
VCVPCMKC
OC\VQUVCFQ
[QQVC
HNQT
CDTKTECOKPQDQKZKFJC
RCTCQVTCRGTUQPC
CDTQEJCTXVUKKURC
CDUQTDGTXV
CDUQTDGTECNDQRIKC
PKZVCOCN
CDUQTDKFQCDUQTDKFCDQRKK
ECNGPGN
PKZVCOCN
CDUVGPGTUGXRTPNZKFJWWVFC
FGEKGTVCEQOKFC
CDWGNCHCDWKNIPCCP
VCCDWGNCCDWKN
CDWGNQOMWWNUKIVCCV
VQCDWGNQMWWNUK
CDWTTKTXVVQQFJC
CDWTTKFQEJWVQQFJCTC
CECFX[COO
JCEKCCEDJCDJCKDJCLCM
RCTCCELCRLCM
WPRQEQDJL
NWICTFG
FKHEKNCEEGUQ
RCTCCNN[RCTCCEICPCK
CECDCTXVLWOKC
NSWKFQLWIKC
LWWOC
NSWKFQLWIKQMC
LWOEJWNJFJC
NSWKFQFGQVTCRGTUQPCQ
CPKOCNLWIKKFJC
EQUCFGQVTCRGTUQPCQ
CPKOCN
CECUQCFXLCZFJWWM

CHKNCT

CEGRVCTXVCCIC
MCKFJC
NQFKEJQ
CEGTECTXVMQDZKFJC
RCTCXGT
OKCONJKC
VKGORQ
CEJKECTXVDWNJMCFC
TQRC
DWNJMCZFJC
NCTQRCFGQVTCRGTUQPC
CEQORCCTXVQKFJC
CEQPUGLCTXVCIKFJC
CEQTTCNCTXVMWWRC
CEQUVCTXVDQQFC
EQORNCPKO
DQ[C
RCTCFQTOKTUWLCPKO
UNJC
RCTCFGUECPUCT
GUVCTCEQUVCFQGUVCTCEQUVCFCDQ
UWLCPKO
MCCV
UWLKPCP
CEQUVCTNCECDG\COQVMC
KTCEQUVCFQKTCEQUVCFCDQKEJIFC
CEQUVWODTCTXVOCCV
CGUVCTGPWPNWICT
CEVWCTXKFWKC
VWKFJK
FGEKGTVCOCPGTC
CEWGTFQO
FGCEWGTFQGC
CEWUCTXVKCVVWNJFJC
CPVGWPCCWVQTKFCF
CFGEWCFQCFGEWCFCCFL
CFGEWCFCOGPVGCORZ
PKOUPKOGPQU
CFGNCPVGCFXDR
FKUVCPEKCEQTVC
ICOCK
FKUVCPEKCNCTIC
CFGNIC\CTXKICMOW
CFGPVTQCFXTDCPFT
GUVCTCFGPVTQDCCZ
UWLCPKO
RQPGTCFGPVTQDCCZFJC
RCTCQVTCRGTUQPC
DCCUC
CFJGTKTXVDJKURC
EQPRGICOGPVQ
CFKUKPVGTLVCDWKOWM
CFKXKPCTXVOCKEJKC
EQOQEJKUVG
CFPFGCFX
CFPFGOGTQ!RCCUNJ
CFQPFGSWKGTCCFXRCKPCRZLCM
CFQRVKXQCFQRVKXCCFL
JKLQCFQRVKXQJKLCCFQRVKXCINJICP
CFQTPCTXVVQKFJC
TQRC
ZKCNJEJC
EQPHNQTGU
DCCRUC
EQPGUVCODTGU
CFSWKTKTXVDJ[C
CHGEVCTXVKCFJC
HEKNOGPVGNGCHGEVCDJKFJC
GPHGTOGFCF
CHKNCTXVOWMCOWMFC
OWMZKFJC
RCTCQVTCRGTUQPCQCPKOCN
FGUCHKNCFQFGUCHKNCFCEJCRQZK

'&+%+024'.+/+0#4`

CHNQLCT

'52#1.6'2'*70

RKGFTCFGCHKNCTOWCMCT
CHNQLCTXVFWUCCTMC
CHWGTCCFXFTCR
CICEJCTXVXRTPN
GUVCTWPRQEQCICEJCFCICKMM
RGTUQPC
CICTTCFGTQOPCCM
FGWPTGEKRKGPVG
CICTTCTXVFCIKC
FCCFJC
RCTCQVTCRGTUQPCQCPKOCN
FCPIKC
WPQCNQVTQ
PQDEJKC
FGNCOCPQ
SWGNGIWUVCCICTTCTEQUCUCLGPCUEJDJKOQM
SWGUCDGCICTTCTFJCCIK
CIKVCTXVLNJDKFJC
CKTG
VCLCCPC
PWDGU
CIQVCTXVLWOKC
NSWKFQLWIKC
CITCFCDNGCFL
DKGPCITCFCDNGLQKFJCO
CITGICTXVDPFC
CITKQCITKCCFLLMLMWO
OG\ECNCITKQDJCKMWWICP
NQSWGUCNGCN
VGTOKPCTFGFGUVKNCTGNOCIWG[
RQPGTUGCITKQRQPGTUGCITKCLMNJKC
CIWCHUWWFCK
UWWPIK
FGCNIWKGP
FWWM
NNWXKCTGIKQPCNKUOQ
DCCTICP
FGHTWVCQXGTFWTCETWFC
CIWCUVGTOCNGUVQKMCO
CIWCFGNKOPLMQNJDCC
GEJCTCIWCDCFKFJC
GPEKOC
NCUCIWCUFWWFWMVPIKCM
FGLWPKQC
UGRVKGODTGTGIKQPCNKUOQ
NNGPCTFGCIWCDCKFJC
RCTCQVTCRGTUQPC
NNGXCTCIWCDCKFJC
CQVTCRGTUQPC
SWGJC[UWHKEKGPVGCIWCFJWC
CTTQ[Q
UCECTCIWCDCKFJC
RCTCQVTCRGTUQPC
DCKIKC
UCNKTCIWCUWUFC
CIWCECVGO[QQM
CIWCPVCTXVXRTPNPCMIC
SWGUCDGCIWCPVCTCMQQ
CIWCTXVDCTIKFJC
NSWKFQ
CIWCFQCIWCFCZWWPIK
NSWKFQ
RQPGTUGCIWCFQRQPGTUGCIWCFCUWWPIKEJC
CIWKLPO
UWCIWKLPWRUWICP
KPUGEVQ
IWKNCH
IWKNCTGCNDJCCC
CIWKNKNNCTCVQPGTCWKKO
CIWLCHUQQOMCT
FGEQUGT



CIWLGTQO
VGPGTCIWLGTQF
CJCFX
FGRQTCJOWRCKFJT
CDCLQNGLQUOLFT

CDCLQNWICTFGFKHEKNCEEGUQ
RQTCJOKLCRRCK
EGTECOWLCRRCK

NGLQUDJLRZ
CTTKDCNWICTFGFKHEKN
CEEGUQ
CJQICTXVDJCKOVWFC
EQPCIWC
DJCKOW
CJQTCCFXZKD
CJQTCUZKDFJQIKDC
CJQTCXGTCNJOQQ
CJQTECTXVDJKKMEJKCDJKKMEJWFC
CJW[GPVCTXVMWZIKFJC
EQPRGTTQEQORNCPKO
CKTGOLDNJ
JCEGTCKTGLNJDKCLDT
CLGPQCLGPCCFL
SWGNGIWUVCCICTTCTEQUCUCLGPCUEJDJKOQM
CLWUVCTXVIZKC
FGVCOCQ
CNCHMCTDQ
CXG
UCNKTCNCUCPICVC
CNCDCTXVFCKC
C&KQU
CNCETPOPCMUT
CNCTICTXVDCKUUPC
DCKUUFJC
RCTCQVTCRGTUQPC
CNDCKNODJKDCMEJCFCO
CNDQTQVCTXVDCZKLKOKC
CPKOCNFCPFQXQEGU
CNECP\CTXVCC[C
CC[C
CEQIGT
CNGITCTXVLMIKC
CNIQRTQPVWRC
CNIQFPOVQM
EQDKLCFGCNIQFPVQMUCWC
RQPGTCNIQFPFCCZFJC
EGTGOQPKCN
CNIWCEKNOQTQUKKT
CNIWKGPRTQPLCTQK
CNIWPQCNIWPCCFL
CNIWPQFGOCCFV
RGTUQPCQCPKOCNRCTVGFG
WPITWRQ
CNIWPQUCNIWPCULCKLOCP
RCTCEQORCTCT
LCKFJVLMEJK
CNIWPQUEWCPVQUCNIWPCUEWCPVCULCKRZ
CNIPFCRCKFJWWM
FGCNIPOQFQLCZFJWWM
FGCNIWPCOCPGTCPCLCZFJWK
VKGORQRTGUGPVG
QHWVWTQ
CNKGPVQOKKOFC

'&+%+024'.+/+0#4`



'52#1.6'2'*70

CNKOGPVQOMQK
CNKUVCTXVGEJMCFC
GEJMCZFJC
RCTCQVTCRGTUQPC
ICCOFJC
EQUCU
CNKXKCTXVFQFJKCFWCFJC
MFJC
FGWPCGPHGTOGFCF
UNJC
FGGUVCTNCUVKOCFQ
CNNCFXOWOWOOWPCOO
CDCLQNGLQUPQUG
XG
OWPKOWOOWPKPCOOPK
CDCLQNGLQUPQUG
XGRTGEKUCOGPVG
DJCOO
CTTKDCNGLQU
DJCOOPK
CTTKDCNGLQURTGEKUCOGPVG
JCEKCCNNOCK
PQUGXGOWLCM
FKTGEEKP
IGPGTCNOWOWK
RCTCCNNOL
JCEKCWPCFKTGEEKP
FGVGTOKPCFC
RQTCNNOWRCK
CDCLQDJCOORCK
CTTKDC
KPFGHKPKFQDJCOOPKFJTLCR
CTTKDC
RTGEKUCOGPVG
FGRQTCNNPCOOFTLCM
OUCNNDCCU
UGXGDCCUFT
PQUGXG
ICOOL
NGLQUPQUGXGICOCLCM
RCTCCNN[RCTCCEICPCK
CNNCFXOKOK
CDCLQEGTEC
OKK
CDCLQEGTECRTGEKUCOGPVG
OL
CDCLQCRGTVWTCTGUVTKPIKFC
DJCDJCK
CTTKDCEGTEC
DJCK
CTTKDCEGTECRTGEKUCOGPVG
DJL
CTTKDCCRGTVWTCTGUVTKPIKFC
CNNOGTQOKRWK
FGCNNDJCKFJT
CTTKDCEGTECOKFJT

CDCLQEGTEC
RQTCNNDJCLCR
CNVQ
CNOCHKKOFC
CNOQJCFCHOQZMCT
CNTGFGFQTCFXDZZKMQQNJ
CNVCTODQRVQ
CNVQCNVCCFLCFXVD
FGGUVCVWTC
VMQD
FGCNVWTC
CNWODTCTXVDFJC
COCDNGCFLDJCKMCO
COCOCPVCTXVZK[C
COCPGEGTXKZKCNJKC
VKGORQ
ZKCFJC
UWLCPKO
COCPUCTXVOCOQKUC
CPKOCNUCNXCLG
COCTXVCC
CWPCRGTUQPC
FCKC
C&KQU
COCTIQCOCTICCFLEJCCRWM
COCTKNNQCOCTKNNCCFLWCO

CQ

COCTTCTXVDWNJKC
DWNJFJC
RCTCQVTCRGTUQPC
MWCFJC
JKNQUFGNVGNCT
VONJFJC
CPKOCNCCNIQRGUCFQ
COCTTCTEQPWPPWFQDJWUCCNJOCMKC
RCTC
SWGPQUGTGEQTTCNCUQIC
COCUCTXVFCDKC
EQPCIWC
FCDKFJC
EQPCIWCRCTCQVTCRGTUQPC
COKIQCOKICOHDJCKMCKEJFJCOLCFWW
CORNKQCORNKCCFL
CORNKCOGPVGLWRCCDCP
NNGPQ
CORNKCECPVKFCFUCDCCT
EQUCUUGECU
CORQNNCH
UCNKTCORQNNCUUWUFCUWWFW[C
CPCTCPLCFQCPCTCPLCFCCFLOEJCKOC
NKV
EQNQTFGHWGIQ
CPECH
GPNCUCPECUCUCTCCPICU
FGWPCPKOCN
CPEJQCFLO
JCEGTUGOUCPEJQLWCTMC
CPEJQCPEJCCFLOMQOCCTCM
FGHQTOCRNCPC
UCDCCT
TQ
FGOCUKCFQCPEJQFGOCUKCFCCPEJCLWCTMCO
SWGVKGPGWPCTC[CCPEJCDJKKUCROC
CPKOCN
CPFCTXKQKNJKC
IWUVCTNGCPFCTLQKFJC
CPKOCN
SWGCPFCHEKNOGPVGDCCRCKFJC
FQPFGJC[
WPCEWGUVCGORKPCFC
CPIQUVQCPIQUVCCFLEJWDWNJ
ECOKPQ
CPKNNQO
EQTVCTWPCPKNNQIKDWWNJMCFC
GPNCEQTVG\CFG
WPTDQN
CPKOCNOUQK
FQOUVKEQ
CPKOCTXVIWIWWZFJC
FCMQQFJC
EQPGZKIGPEKC
LMIVFC
CSWGPQNNQTG
CPQEJGCFXVWMCC
CPQEJGEGTXKLWTPKC
CNCPQEJGEGTLWTPM
CPVGC[GTCFXDCUVCMCCD
CPVGRCUCFQCFLO
CQCPVGRCUCFQDCUOCCMP
CPVGUCFXDR
CPVGUSWGPCDC
CPVGUSWGPCFCDRMCV
CPVQLCTUGXRTPNCC
CPWPEKCTXVCCIC
CQOQKFJC

'&+%+024'.+/+0#4`

CRCEGPVCT

'52#1.6'2'*70

CQRCUCFQOCCMP
CQCPVGRCUCFQDCUOCCMP
CQSWGXKGPGICOCK
GORKG\CEQPNCRQECFG
NNWXKCU
JCEGVTGUCQUDCUOWLWOCKOCCMP
CRCEGPVCTXVDKCC
CPKOCN
CRCEJWTTCTXVMKURCVKOPC
CRCICTXVVWUCC
VWMKC
NWODTGQOQVQT
CRCTVCTXVLFNJMCFC
CRCTVGCFLCFX
NNGXCTCRCTVGDCCDW
RCTCJCDNCT
CRGPCUCFXFMQQ
MKCRZ
VKGORQ
CRNCPCTXVLKKDC
DQKMPC
\CECVGQOKNRC
CRNCPCFQCRNCPCFCDQKMC
\CECVGQOKNRC
CRNCUVCTXVDQKURCMKURCOCKURC
CRNCWFKTXVMCRKCPC
CRNKECTXVFCCZZKFJC
TGOGFKQGPGNEWGTRQFG
QVTCRGTUQPC
CRTGEKCTXVMICNJFJC
EQORNCPKO
CRTGPFGTXVOCEJKC
SWGCRTGPFGHEKNOGPVGEJDJKFJC
CRTGVCTXVMCDMCFC
DJKURC
EQPWPCEKPEJC
CRTGVCFQCRTGVCFCMCDMCO
TQRCQ\CRCVQU
MQDMQO
GNRCUQ
DKGPNNGPQ[CRTGVCFQDKGPNNGPC[CRTGVCFC
MCDMCOLKOFCO
GUVCTCRTGVCFQGUVCTCRTGVCFCDJKKUCR

EKPEJC
PQDKGPCRTGVCFQPQDKGPCRTGVCFCFJWUCCTCM
CRWPVCTXVFCCUC
PQODTG
CRWTCTXVXRTPNFCKEJFJCLQVOCFJC
CSWGNCSWGNNCCSWGNNQUCSWGNNCUCFLIWK
PQ
XKUKDNGGURGEHKEQ
CSWGNNCXG\LCPQ
FGCSWGNNCFQDCCUFT
FGWPCEQTFKNNGTC
DRICPFT
PQUGXG
CSWNCSWNNCCSWNNQUCSWNNCURTQPIWK
PQ
XKUKDNGGURGEHKEQ
CSWCFX[C[C
[CPK
RTGEKUCOGPVG
[L
CFGPVTQ
RQTCSWDJCLCM[CLCR
CTCFQOLCTCCT
EQNCFGNCTCFQLCTCCTDJCK
CTCCHLQMQTCK



CTCTXVLKOEJWFC
EQPCTCFQUKPCNGVCU
VWKEJFJC
EQPCTCFQEQPCNGVCU
TDQNOWWZ
CTEQOICCV
CTFKNNCHDJQOMQZ
CTDTGCMCCUCK
CTDTGC
VMQNJ
VGTTGUVTG
CTGPCHQ[C
CTGVGOPCPMCIKC
CTOCHDCKWO
FGHWGIQ
CTOCFKNNQOUQ[QQV
CTTCPECTXVDQQRKC
RGNQ
VCMDWPC
FGTC\
CTTGCTXVCTFKOKC
UCCFC
UKPNC\CT
CTTGINCTXVMORKIC
MORKZFJC
RCTCQVTCRGTUQPC
GEJMCFC
GEJMCZFJC
RCTCQVTCRGTUQPC
CCFJC
CTTKDCCFXVMQD
FGCNVWTC
CTTKDCFGFCCOFCCOFT
DQECCTTKDCVCK
EWGUVCCTTKDCDCCUPDZEJCKVCKLCM
JCEKCCTTKDCVCKLCM
CTTQFKNNCTXVXRTPNQNJKCEJKC
CTTQNNCTXVKCTC
JKNQURCTCVGLGTWPCVCNGIC
CTTQ[QOCM
CTTQ[KVQDCKMMCO
CUCTXVIC[C
CUGIWTCTXVUKKURC
FCNJZKFJC
CRNCUVCPFQ
CUGUKPQCFLVWOWCMCO
CUHKZKCTXVKKOEJWKKOEJWFC
DJCKOWDJCKOVWFC
EQPCIWC
CUCFXEQPLRWK
RWKLCM
RQTEQUVWODTG
LCZK
FGVCOCQEQUCUITCPFGUFKEJQEQP
CFGOCPGU
LZK
FGVCOCQEQUCURGSWGCUFKEJQEQP
CFGOCPGU
CUEQOQRWKR
FGKIWCNOCPGTCRWKPCLCZ
CUPCFCOULCRRZ
PCFCOUCUFCKRWRWKRZ
CUKGPVQOCVQQZMQT
CUQNGCTXVXRTPNVQZMQIKC
UWLCPKO
KOW
CPKOCN
CUQNGCTFGOCUKCFQKOWVFC
CPKOCN
URGTQURGTCCFLEJTMCO
EQOKFC
EJTQQM
PQEQOKFC

'&+%+024'.+/+0#4`



'52#1.6'2'*70

CUWUVCFK\QCUWUVCFK\CCFLONJOWM
CPKOCN
CUWUVCTXVPMKCVC
CVCLCTXVUQQOFJC
CVCTFGEGTXK
CVCTFGEKGPFQLWTKFJCM
GORG\CPFQCCVCTFGEGTOKCLKFJWKKFJCM
CVCUECTXVXRTPNFWRKC
CVKPCTXKCC[C
RQTVKTCT
CVK\CTXVOOFC
HWGIQ
CVQNGOCVWWNJ
CVQNGFGEWKVNCEQEJGLMQP
CVQTCTXVXRTPNUC[C
UKKURC
ZMWPC
FKHEKNFGUCECT
CVTUCFXICVWWMFT
RCTCCVTUMWW
CWPSWGEQPLUKCRCPCCU
CWTCHPWK
VKRQFG\QRKNQVG
CWVQTKFCFHIMCOLQKU
CXCP\CTXKLKDWC
GPNQSWGGUVJCEKGPFQ
OQFKUOQ
CXGPVCTXVDWC
DWKFJC
CQVTCRGTUQPCQCPKOCN
CXGTIQP\CTXVXRTPNZKTDQ
CXGTKIWCTXVPTC
CXKPOCDKQP
CXKUCTXVCCFJC
CXKUQO
CXKUQGUETKVQWWCP
CXKURCHDKKRKU
EQOP
FDQQT
FGEJCSWGVCCOCTKNNC
RCPCCNJKZ
EJKSWKVCPGITCEQPRGSWGCUTC[CU
DNCPECU
CZKNCHLKMVQD
C[KPVGTLLCC
C[GTCFXVCMCCD
C[WFCH
RGFKTC[WFCWOWCFJC
C[WFCTXVRCNJDWKFJC
C[WFCTCECTICTOQQVQKFJC
UQDTGNCECDG\CQ
GPNQUJQODTQUDJKKQNJFJC
C[WFCTCRCTCTMMDWKEJFJC
C[WFCTCRCUCTLWTWWFJC
NWICTHGQQTQ
ETGEKFQ
C[WFCTCUGODTCTZFJC
C[WPCTXKUCCDW
ZKFJWWVFC
TKVWCNOGPVG
JCEGTC[WPCTUCCDVWFC
EQOQECUVKIQ

DGPFKVQDGPFKVC

C\WNCFLEJFQ
EJVFQ
TGC

$
DCIC\QODKMCT
FGECCOCUVKECFC
DCKNCFQTDCKNCFQTCOHPFCO
DCKNCTXKP[C
DCLCFCHCPUCR
GPNCDCLCFCDZCPUCR
DCLCTXVVOKC
VDCCFJC
VDCCZKFJC
RCTCQVTCRGTUQPC
LWTPKC
EWGUVCCDCLQ
DCNFGODCNFK
GPDCNFGVWMWD
DCPFGTCHDCFJKKT
DCCTXVDCVDKC
DCVDKEJFJC
EQORNCPKO
DCTCVQDCTCVCCFLDCTCCV
DCTDCHEJKDQ
SWGVKGPGDCTDCQDKIQVGEJKDQMCO
UCNKTDCTDCEJKDQVC
DCTDGEJCTXVOQKMFC
RCTCUGODTCT
DCTEQOMCPWWD
DCTTGTXVDQZMC
DCTTQODJK
QNNCFGDCTTQDJKLCCC
RNCVQFGDCTTQDJKLQQZKC
XCUKLCFGDCTTQDJKFJCC
ETWFC
SWGJC[OWEJQDCTTQDJKFJCC
DCUVCPVGCFLCFXUCDCCT
DCUWTCHVCPCCTC
DCVKTXVDCCIC
OCUCEQPCIWC
DCWVK\CTXVDCMWCPC
EQORNCPKO
DCMWCFJC
CNJKLQFGQVTCRGTUQPC
DC[QDC[CCFLODCKOC
DC[WUCHLWNJKKM
TGIKQPCNKUOQ
DGDGTXVK[C
JCEGTDGDGTKEJFJC
DGEGTTQODJGUGGT
DGNNQVCHVWCMCK
ECTRKPVGTQDGNNQVGTQMWTCV
DGPFGEKTXVDKKMCFC
RCTCQVTCRGTUQPC
ZKQZOCFC
DGPFKVQDGPFKVCCFL

'&+%+024'.+/+0#4`

DGTTKPEJWFQDGTTKPEJWFC

'52#1.6'2'*70

GUVCTDGPFKVQZKFJWW
EGTGOQPKCNOGPVG
DGTTKPEJWFQDGTTKPEJWFCCFLCNJOC
RQTSWGPQ
SWKGTGGUVCTUQNQ
DEGRUOVQQO
DKGPCFXLQKFJCOCOCO
DJCKUKIWWT
M
FGUCNWF
DKGPCITCFCDNGLQKFJCO
GUVDKGPRWKLK
TGURWGUVCCNSWGCECDCFG
NNGICTGC
PQDKGPRCTDCP
KPEQORNGVQQFGHKEKGPVG
PQOW[DKGPRCTDCPRZ
PQGUVDKGPEJCODJCK
RQTSWGGUVQTDC
PQGUVDKGP!EJCODJCK
DKIQVGOEJKDQ
SWGVKGPGDCTDCQDKIQVGEJKDQMCO
UCNKTDKIQVGEJKDQVC
DKUCDWGNCHDKKUCNJ
DKUCDWGNQODQZKK
DNCPEQDNCPECCFLEJWC
DNCPFQDNCPFCCFLOQKM
EJWOQKM
TGC
ZWWPIK
PQOCFWTQHTWVQ
DNWUCHMWVWWP
UCCMW
CFQTPCFCEQPGURKIWKNNCQGPECLG
DQCHDKCUMQ
DQECHEJK
OCPVGPGTGPNCDQECMCCOVC
DQNCH
HQTOCTWPCDQNCMCDWWNJMCFC
DQPKVQDQPKVCCFLCDJCCT
EJWCDJCCT
TGC
DQTFCTXVDCCRUC
EQPGUVCODTGU
DQTFGO
GPGNDQTFGMQQMDCP
FGWPRGCUEQ
DQTTCEJQDQTTCEJCCFLOCKO
OHOCKOMCO
DQTTGIQDQTTGICOHMCUPKT
MCEJKNJ
TGEKPPCEKFQ
NCPCFGDQTTGIQMCUPKTDCRQQ
DQUSWGOLWMICO
FGEQPHGTCU
GPGNDQUSWGWZEJT
DQUVG\CTXKEJKCMKC
DQVGNNCHDJQVGG[C
DTCXQDTCXCCFLDJCPCCDJCPICO
DTC\QOPQD



DTKNNCTXKVQVDKMKC
VQPPKC
UQN
OCUDCNJKCVQMDKFJC
NWPC
SWGDTKNNCOCUDC
NWPC
DTKPECTXKVWWPPKC
DTQOCHLCCZOCFC
DTQPEQDTQPECCFLLKIKCT
CPKOCNFQOUVKEQ
DTQVCTXKKKRWKC
[GOCUWJQLCU
DCRWKC
NSWKFQ
SWGDTQVCONJOWM
TGUKPC
DTWEGUH
FGDTWEGUMRNJ
DWEGCTXKFWRKC
DWGPQRCTCDWEGCTFJWRK
DWGPQDWGPCCFLCFXM
FGECNKFCFQFG
ECTEVGT
RWKLK
TGURWGUVCCNSWGCECDCFGNNGICT
DWGPCIGPVGDJCKMCO
DWGPQUFCUZDCP
UCNWFQVTCFKEKQPCN
SWDWGPQHWGTCKCOIV
DWG[ODJWW[CZVWWT
DWNGODCMWC
DWTDWLCHVQMUQ
DWTNCTXVXRTPNCCZKFJCCZKC
LCCZOCFJC
DWTTQODJWTWZ
DWUECTXVICCIC
ICCFJC
RCTCQVTCRGTUQPCQCWPEWTCPFGTQ
VVIKC
CNIQGPGURGEKCN

%
ECDCNNQOMCDCK
ECDGNNQOMWWR
ECDGTXKCC[C
PQECDGDKGPFJWUCCTCM
ECDGUVTQOZKCMKO
ECDG\CHOQ
CEQUVCTNCECDG\COQVMC
ECDTQECDTCOHMCTDCZ
MCNJDCEJ
TGEKPPCEKFQ
NGEJGFGECDTCMCTDCZDKKO
ECEJQTTQECEJQTTCOHZKKICP
ECFCCFLPCDCR
FCOGUQCQ
ECFCWPQLOCP
ECFGTCHVWDWWNJ

'&+%+024'.+/+0#4`



'52#1.6'2'*70

ECGTXKLKIZKC
IZKC
FGUFGWPCCNVWTC
NJKC
GPWPRNCPQQGPWPCRGPFKGPVG
VKOPC
GPEKOC
PCMIC
EQORNKPCP
CC[C
GPWPCHGEJC
FCDKC
RKGN
FGLCTECGTFQPMQPC
JCEGTECGTKCTC
ECNHOCVCK
CDUQTDGTECNDQRIKC
PKZVCOCN
SWGUCDGCECNDCCRCM
ECNCDC\CHKOCK
UGOKNNCFGECNCDC\CMCKEJWM
ECNCTXVMCRCKC
ECNECTXVLWRPC
ECNFQODCCTICP
FGECTPGQNGIWODTGU
EQEKFCU
MCCNFQ
FGECTPGEQPVQFQ[JWGUQ
SWGVKGPGECNFQDCTCC
CNIQEQEKFQ
ECNGPVCTXVLWWMCFJCLWWMIKCMWCFJC
SWGUGECNKGPVCDKGPEJQKFJK
ECNGPVWTCH
DCLCTECNGPVWTCLRNJKC
SWGVKGPGECNGPVWTCEJQK
ENKFQENKFCCFLLWWM
ENKOC
VKGTTCENKFCVCCVUCD
ECNKGPVGCFLEJQK
ECNKGPVKVQLWWM
ECNK\QECNK\CCFLDCCRCM
ECNQTO
JCEGTECNQTEJCVQKVWVQKFJKC
ECOCHDQRVQ
FGVCDNCU
ECOCTPOUCOKK
ECODKCTXVRCVCCUC
ECODKQODKK
OQPGFC
GPECODKQMWIW
ECOKPCTXKQKNJKC
UNJC
RCTCECNGPVCTUGQJCEGTGLGTEKEKQ
ECOKPCTDKGPZKMMMC
JCEGTECOKPCTQKNJKEJFJC
SWGECOKPCTGEKQLKOFJC
ECOKPQODQK
CDTKTECOKPQDQKZKFJC
RCTCQVTCRGTUQPC
ECOKPOVTQQMC
ECOKQPGVCHVTQQMC
ECOQVGOMCOCD
ECOQVGUKNXGUVTGUCCTCR

ECTVC

ECORQOICORZ
FQPFGPQJCDKVCPCFKG
ECPCNO
JCEGTWPECPCNCMZKFJC
RCTCFGUXKCTGN
CIWCCRCCEJKEJFJC
RCTCRTQVGIGTNCECUC
ECPCUVCHDCCNJ
ECPCUVCFGECTTK\QVQQVMQODCCNJ
ECPCUVCFGRCNOCUQQDQNJDCCNJ
ECPCUVCFG\Q[CVGWOWWDCCNJ
ECPFGNCTKCH
.C%CPFGNCTKC-QDCTCO
NWICT
ECPUCTXVOCIQQKC
ECPUCFQECPUCFCOCIQQP
ECPVCTXKLKKMKC
ICNNQ
MWWMW
KPUGEVQQRLCTQ
NCCNCIKC
RGTUQPCQRLCTQ
ECPVKFCFH
CORNKCECPVKFCFUCDCCT
EQUCUUGECU
ECCHDCLCCM
OCEK\CFG\CECVG
DQDJCT
FGOC\
LWPDQ
FGC\ECT
ECRCEKFCFH
VGPGTECRCEKFCFRQFGGTQ
ECRC\CFL
UGTECRC\FCCUC
FGJCEGTCNIQFKHEKN
ECRWNNQOZMW
FGOCTKRQUC
ECTCHDWKDCU
GPNCQVTCECTCLCMFT
ECTCEQNOMCTQMUQMDQNJ
ECTCEVGTUVKECH
SWECTCEVGTUVKECUVKGPG!LCZEJWO
ECTDPOVWWRCNJ
ECTICHDJKKQT
NNGXCFCGPCPKOCNQGPXGJEWNQ
ECTICTXVDJKKQTC
GPCPKOCNQGPXGJEWNQ
OQQVQ[C
UQDTGNCECDG\CQGPNQUJQODTQU
VWMKC
GPNCGURCNFCEQORNCPKO
C[WFCTCECTICTOQQVQKFJC
UQDTGNCECDG\CQ
GPNQUJQODTQUDJKKQNJFJC
ECTPGHDCMCCZ
FGCPKOCN
SWGVKGPGOWEJCECTPGEJWWMW
ECTQECTCCFLFJCTC
ECTRKPVGTQO
ECTRKPVGTQDGNNQVGTQMWTCV
ECTRKPVGTQFGCNCUTQLCUMKQ
ECTTK\QODCCRCM
FGVCNNQDNCPFQ
VQQVMQO
FGVCNNQFWTQ
ECPCUVCFGECTTK\QVQQVMQODCCNJ
ECTVCHWWCP

'&+%+024'.+/+0#4`

ECUC

'52#1.6'2'*70

ECUCHDCCCM
DJKDCM
FGCFQDGNCFTKNNQQRKGFTC
MKKEJCO
JCDKVCFC
MKCCO
EQPGNVGTTGPQEQTTGURQPFKGPVG
JCEGTWPCECUCDCMEJKFJC
RCTCQVTC
RGTUQPCDCMEJC
ECUCTXVVOQ
LQQEJCDJ[C
JQODTG
MWPVCQKFJC
OWLGT
ECUECFCHMWKDW
EUECTCHMQO
MQUDJCNJ
FGNKGPFTG
ECUECTPO
JCEGTUCNKTFGNECUECTPVCCVMKEJFJC
CXGU
ECUGTQECUGTCOHMKQMCO
ECUQO
GPECUQFGSWGPQ
ECUVKICTXVVWNJKKEJWFC
ECVCTTQOUQOCKIK
EC\CFQTEC\CFQTCOHPCDFFCO
EC\CTXVPCDFJKC
CPKOCN
DWGPQRCTCEC\CTCDFJK
EGDQNNCHLQVMQZ
EGDOZKDWW
EGLCHLDQ
EGNGUVKCNCFL
0WGUVTQ2CFTG%GNGUVKCNLKEJEJCCVLKZFJCCO
MCO
EGPK\CHOCVCK
OKTEQNGUFGEGPK\CUKPKKU
EGTOKECCFLH
QNNCFGEGTOKECIKTKEJLCCC
EGTECCFXOKCP
VCCIKQD
FGWPCRGTUQPCUGPVCFCQRCTCFC
EGTECFGNCNWODTGVCKMQD
EGTECFGNCUWRGTHKEKGFCCOCP
NSWKFQ
EGTSWKVCCOWWD
FGEGTEC[CMCO
JCDKVCPVG
EGTECTXVMWWRC
EGTFQOVQQZMQNJ
EGTGDTQOQDCC
EGTGOQPKCNCFL
RQPGTXGNCEGTGOQPKCNDFJC
VCOCNEGTGOQPKCNDJCOOCZ
EGTTCTXVMWWRC
EGTTCFQEGTTCFCMQDMQO
GNRCUQ
GUVCTEGTTCFCMWWR
RWGTVC
EGTTQOQKFJC



EGUVCHDCCNJ
EJCOWUECTXVDCRQKMFJCDCRQKMKCDCRQKUC
EJCOWUECFQEJCOWUECFCDCRQKMDQKM
EJCRCTTQEJCRCTTCCFLFWOCCNJ
RNCPVC
EJCRQVGCTXKDJ[C
VTCVCPFQFGPCFCT
EJCRWNPOUQK
EJCRWNPXGTFGUCKOCT
EJCTEQO
JCDGTEJCTEQUUWUFC
FGCIWC
.QU%JCTEQU5WUDJCPVCO
NKVNWICTFGNCU
TCPCU
EJCTNCTXKUQRMKC
UQRMKFJC
EQPQVTCRGTUQPC
EJC[QVGOUKNC[QQV
EJKEQEJKECCFLCNJKEJ
EJKSWKVQEJKSWKVCNJKEJ
EJKHNCTXKMWKEJFJC
WUCPFQNCUOCPQU
EJKNGOMQMQNJ
EJKNNCTXKLKKMKC
EJKPQEJKPCCFLOZKKOC
ECDGNNQQRGNQ
EJKUOGCTXKLQQLQKFJC
EJKUVQUQEJKUVQUCCFLLOKO
EJKXQEJKXCOHMCTDCZ
MCNJDCEJ
TGEKPPCEKFQ
VWZKQ
JWTHCPQ
EJWCNODQKM
GNQVGVQUVCFQ
JCEGTEJWCNGUDQKMFJC
RCTCQVTCRGTUQPC
DQKMVC
EJWRCTXVZKQRPC
ZKQRKFJC
RCTCEWTCT
EJWRCTTQUCH
EJWRCTTQUCQTGLKDNCPECDKRKKZ
EJWRCUCXKCHZKOMZ
EKECVTK\H
SWGVKGPGEKECVTK\DCKOK
EKGNQOLKZFJCCO
EKGTVQEKGTVCCFLUNJMCO
EKGTVCOGPVGOCCZKM
GPEKGTVCURCTVGURCKPCLCZ
EKPEJCTXVIKDWWNJMCFC
GPNCEQTVG\CFGWP
TDQN
EKPEQCFLLKZEJCOCCO
EKPEQXGEGULKZEJCOCCOKO
EKPVWTCHLWTCCD
CNCEKPVWTCLWTDCP
EKTWGNCHFWK
EKWFCFHIMKKEJCO
EKWFCFFG&WTCPIQ-QTKCP

'&+%+024'.+/+0#4`



'52#1.6'2'*70

ENTGCTXKOCCZKNJKC
CPVGUFGCOCPGEGT
ENCTQENCTCCFLEJWCIKO
ZWWPIK
NSWKFQ
ENCUGH
FGVQFCENCUGDZCKZKOVWO
ENCWUWTCTXV
ENCWUWTCTOKVQVGZKCNJKC
ENCXCTXVUKKURC
MMDQ
EQUCRWPVKCIWFC
ENKGPVGENKGPVCOHUCDCPFCO
EQDKLCHUCWC
DCMZKFJCTC
RCTCFQTOKT
EQDKLCFGCNIQFPVQMUCWC
EQDKLCFGNCPCMCUPKTUCWC
FGDQTTGIQ
EQDKLCTXVV[C
VKFJC
EQPEQDKLCQTGDQ\QCQVTCRGTUQPC
EQEGTXVDJCC[CDJCKFJC
DKGPEQEKFCDJCKMCO
EQOKFC
EQEKFQEQEKFCDJCK
PQDKGPEQEKFQPQDKGPEQEKFCFJQKK
SWGUGEWGEGTRKFQDJCKFJC
EQOKFC
EQEKPCHMWUKK
EQEKPCTXVDJCKFJC
EQFQOU
EQLGCTXKQDKCMKC
EQNCHDJCK
CPKOCN
EQNCFGNCTCFQLCTCCTDJCK
EQNICTXVUCKEJFJC
MWUDKQ
GPGNJQODTQQGPNCECDG\C
GUVEQNICFQGUVCTEQNICFCU
EQNNCTOUQQUQO
EQNQECTXVWWOCTIKFJC
RNWOCUGPWPCHNGEJC
EQNQTGCTXVOCOZKFJC
DWC
VGNCQJKNQ
EQNWOPCH
EQNWOPCXGTVGDTCNDJCKZMNJ
EQNWORKCTXVXRTPNLQNJDKZFJC
EQOCFTGHMQOCCNJ
EQOCNOMQOCCNJ
EQODKPCTXV
SWGEQODKPCCOM
TQRCEQPNQUFGOU
EQNQTGUQGUVKNQUSWGVTCG
EQOGFGTQOMCPWWD
GPHQTOCFGECPQCRCTC
CPKOCNGU
EQOGPVCTXVRZMCKFJC
EQOGTXVLWIKC
DJCKDEJWFC
FGOCUKCFQ

EQORTCT

IWZFJC
RQSWKVQGPNCOCCPC
MWMOKC
EQUCUUGECU
FCTFGEQOGTLWEJWFC
TKVWCNOGPVG
FGLCTFGEQOGTFQEJQ
RQTWPVKGORQ
FGVGTOKPCFQ
IWUVCTNGEQOGTCC
CCNIWKGP
KTEQOKGPFQMWOKKFJC
EQUCUUGECUMQKKFJC
SWGSWKGTGEQOGTKKCO
ECTPG
EQOGUVKDNGCFLLWOMWCFCO
EQOG\PH
SWGNGFCEQOG\PEJWOWMCC
EWGTRQ
GPVGTQOWMCC
EQOKFCHMQK
DJKK
UGTXKFC
LKFJQQT
JGTXKFC
EQOKFCRTGHGTKFCMQKFJCTC
ITCPEQOKFCMQKEJCO
JCEGTEQOKFCDJCKFJC
EQOQCFXLCRVWO
UGOGLCPVGGPCRCTGPEKC
CUEQOQRWKR
FGKIWCNOCPGTCRWKPCLCZ
EQOQSWKGTCCKZKO
EQOQPQL
EQOQSWGLCROQQRZCO
EQOQUGCLCZPCRZ
EOQCFXLCZ
LCZFJWWM
VKGORQRCUCFQLCZLCM
PCLCZ
PCLCZFJWWM
VKGORQRCUCFQPCLCZLCM
LCROQQ
K
EQOQSWGPQGUEWEJ
EOQGUSWG!LCZDC
EOQGU!LCZEJWO
RWGUEOQ!LCZFJWK
EQORCFTGOMQORCCNJ
EQORCGTQEQORCGTCOHDPC
EQORCUKPH
EQPEQORCUKPLQKOFCM
EQORNGVCTXVCKEJWNJFJC
ECPVKFCF[CHKLCFC
EQORNGVQEQORNGVCCFL
EQORNGVCOGPVGLWRCCDCP
NNGPQCVVKKTW

EKTEWPUVCPEKCPGICVKXC
EQORQPGTXVMORKIC
MORKZFJC
RCTCQVTCRGTUQPC
FWCFJC
MFJC
FGGUVCTGDTKQQOCTEJKVQ
EQORTCFQTEQORTCFQTCOHUCDCPFCO
EQORTCTXVUCDCFC
UCDCZKFJC
RCTCQVTCRGTUQPC
EQUCEQORTCFCUCDCP

'&+%+024'.+/+0#4`

EQORTQOKUQ

'52#1.6'2'*70

EQORTQOKUQO
VGPGTEQORTQOKUQDCPQQUC
EQOPCFLLCRRZ
EQOWPCNCFL
RCVKQEQOWPCNLKEJQPVCO
FGNOKVQVG
VTCFKEKQPCN
EQPRTGRMP
DO
CEQORCCPFQCQVTCRGTUQPCQRGTUQPCU
DWK
NNGICPFQCFQPFGGUVWPCRGTUQPC
DJCCP
CRCTCVQ
EQPNQSWGPCMP
EQPGEVCTXVMMKFJC
PCOMKEJFJC
FQUTGCU
EQPGLQOVQQO
EQPHGUCTXVWCPC
EQPHKCP\CH
SWGVKGPGEQPHKCP\CDKKCM
EQORNCPKO
EQPHKCTXKDKKMCFC
GPQVTCRGTUQPC
EQPIGNCTXV
EQPIGNCFQEQPIGNCFCMDCK
EQPQOLWMKKDJCKFJC
EQPQEGTXVOCCV
OCEJKC
ECOKPQ
VVIKC
NWICT
EQPQEKFQEQPQEKFCLCFWW
FCTCEQPQEGTCCIC
SWGEQPQEGEJWOCCV
GNECOKPQ
EQPQEKOKGPVQO
SWGVKGPGEQPQEKOKGPVQOCVFC
SWGVKGPGOWEJQEQPQEKOKGPVQEJWOCVFC
EQPUGIWKTXVDJ[C
EQPUGIWKTSWEQOGTVDJCKOKC
EQPUKFGTCTXVLQQLQKFJC
EQPUQNCTXVKQOFC
EQPUWOKTXVLWWOC
NSWKFQLWIKQMC
LWIKKFJC
EQUCFGQVTCRGTUQPCQCPKOCN
LCIKC
NGCQJKGNQ
EQPVCIKCTXVCC[CKCFJC
EQPVCTXVLCMNJFJC
EQPVCTEWGPVQUUQRMKFJC
CQVTCRGTUQPC
UQRMKC
SWGNGIWUVCEQPVCTZQRMK
EWGPVQU
EQPVGPVCTXVLMIVFC
EQPVGPVQEQPVGPVCCFLLMK
RQPGTUGEQPVGPVQRQPGTUGEQPVGPVCLMIKC
EQPXGPEGTXV
KPVGPVCTEQPXGPEGTDKEJWNJFJC
CQVTC
RGTUQPC



EQPXGTVKTXVLWRFWKC
CQVTCHQTOC
EQPXKXKQOMQKEJCO
EP[WIGOHDPC
EQTCOHMWWWT
KPFIGPC
EQTCNKNNQOVCPQQNJQZKC
XDQTC
EQTC\POLWT
EQTEQXGCTXKLQKC
EQTFKNNGTCHUCMCCNJKM
EQTPGCTXVOQKC
EQTQPKNNCHWRWC
FGNCECDG\C
EQTTCNOMQTCCT
EQTTCNKVQEJKMKKT
EQTTGTXKONJKC
UWLCPKOONJKC

NSWKFQ
FCKKC
RCTCCICTTCTXGNQEKFCFQRCTC
CRWTCTUG
FDQKC
NSWKFQ
LKOKQNJKC
RQTOKGFQ
LQQVUC
CNOCFGURWUFGWPCQFGOWGTVQ
ONJEJWFC
CECDCNNQQGPECOKQPGVC
MCKEJC
TWOQT
DWGPQRCTCEQTTGTONJFJC
KTEQTTKGPFQFCKEJIFC
TGEKQ
dETTGNGGGR
RCTCOCPFCTEQPWTIGPEKC
EQTTGURQPFGTXK
EQTTGURQPFGCMCO
UWLKPCP
EQTTGURQPFKGPVGCFL
NSWKFQEQTTGURQPFKGPVGDCTCC
EQTTGVGCTXVCTFKOKC
EQTTKGPVGCFLMNJKICP
RQTPQGUVCTDKGPJGEJQ
EQTVCFQTO
EQTVCFQTFGOCIWG[GUOCKLKKMFCO
EQTVCTXVMKC
LKMEJKC
EQPWPQDLGVQRWPVKCIWFQ
LKKMC
EQPEWEJKNNQVKLGTCUQUGTTWEJQ
VCKMPC
TQRC
UCTPKFJC
VGNCRCTCQVTCRGTUQPC
LCCRIC
TCOCUWJQLCU
EQTVCFQEQTVCFCM
EQTVCTNCRWPVCMWWORKIC
FGWPCRNCPVC
EQTVCTNGCMWCIKCMWCFJC
EQTVCTWPCOWGUECIKFJWWNJMCFC
GPWPTDQN
EQTVCTWPCPKNNQIKDWWNJMCFC
GPNCEQTVG\CFG
WPTDQN
EQTVCT\Q[CVGWOICZFJC
RCTCQVTCRGTUQPC
WOIC
EQTVGO
EQTVGFGVGNCLCPPWNJ
FQUOGVTQU[OGFKQ
EQTVG\CHMQO

'&+%+024'.+/+0#4`



'52#1.6'2'*70

EQTVQEQTVCCFLVWRWWNJKM
FGNQPIKVWF
FCEQTVQCNJKEJEJCPQQNJ
KPXKGTPQ
PQEJGEQTVCCNJKEJEJWMCC
EQUCH
EQUCEQORTCFCUCDCP
EWCNSWKGTEQUCVWPCRZ
FGOWEJCUEQUCUCKZKO
ITCPEQUCIRLWOFWWMCO
OWEJCUEQUCUDZEJW
SWEQUCUGT!VWPCFC
EQUGEJCTXVQTCC
OC\
DJ[C
GZEGRVQOC\
MKC
HTWVC
EQUGTXVUQQOC
UQQOFJC
RCTCQVTCRGTUQPC
EQUVCH
GPNCEQUVCDRVCP
EQUVCNOVQQODJCKOMCT
EQUVCTXKPCOMKC
EQUVKNNCHLCPQO
EQ[QVGODJCP
EQ[WPFCHMW[WPFC
ETGEGTXKINJKC
KKRWKC
RNCPVC
UCKEJC
\CECVG
FGLCTFGETGEGTDJCKDEJKC
JCEGTETGEGTINJFJC
EQORNCPKO
SWGETGEGTRKFQKKRWK
RNCPVCEJVDKNJK
ETGGTXVNJFJC
LFJC
NQFKEJQQNQGUETKVQ
DKKMCFC
GPQVTCRGTUQPC
ETGQSWGOQQEJK
[ETGQSWGFJKOQQ
ETCHOCT
ETKCTXVINJFJC
EQORNCPKO
ETKUVCNKPQETKUVCNKPCCFLWC
NSWKFQ
%TKUVQOLKEJ:QKMCO
ETKVKECTXVKQMDQ
KQMDQKZFJC
RCTCRTQXQECT
CKEJWZFJC
CCNIWKGP
FWKFJC
HKIWTCVKXQ
ETWFQETWFCCFLFJQKK
CNKOGPVQ
ETWLKTXKMTPKFJC
NQUFKGPVGU
ETW\HMWTWWU
ETW\CTXVLWTPKC
NWICTHGQQTQETGEKFQ
EQPNCURKGTPCUETW\CFCUPCRCCNJ
EWCLCTXKFCIKC
EWNRTQPLCZEJWOPCLCZEJWO

EWORNKT

EWCNSWKGTEWCNSWKGTCCFLLCZPCRZEJWO
CEWCNSWKGTRCTVGRCKPCRZLCM
EWCNSWKGTEQUCVWPCRZ
EWCNSWKGTFCRCKPCRZFJWWM
EWCNSWKGTRGTUQPCLCTQKPCRZ
FGEWCNSWKGTOCPGTCLCZPCRZLCM
GPEWCNSWKGTRCTVGRCKPCRZ
EWCPFQCFXEQPLPCRCKFJWWM
PCDC
CPVGUSWG
PQ
UKVWCEKPOW[RTQDCDNG
EWCPFQSWKGTCRCKPCRZFJWWM
FGXG\GPEWCPFQRCKLRZ
EWPFQCFXRCCFWWM
KPVGTTQICVKXQ
PCRCKFJWWM
EWPVQEWPVCCFXLM
EWPVQUEWPVCULM
EWCPVQEWCPVCCFX
WPQUEWCPVQUIQQM
EWCVTQCFLOCCMQD
EWCVTQXGEGUOCCMQDKO
EWDKGTVCHDCK
FGRKGNQFGRNUVKEQFWTQ
EWDKGTVCFGRNUVKEQPCKNQ
RCTCEWDTKTGN
EWGTRQ
EWDTKTXVKKC
EWEJCTCHDJKKMCT
EWEJKNNQOMWZKKT
EWGNNQOMWZDQ
EWGPVQOUCRQQM
EWGTPQOCCC
FGCPKOCN
SWGPQVKGPGEWGTPQUVCOQZ
FGRQTU
EWGTQOLQDCMGGV
EWGTRQOVWWMW
EWGTXQOMCMQQP
EWGUVCH
EWGUVCCDCLQCPUCRLCM
FKTGEEKPDZ
CPUCR
EWGUVCCTTKDCDCCUPDZEJCK
EWGXCHEJKQD
EWKFCTXVPKFJC
PKZKFJC
RCTCQVTCRGTUQPC
DKCC
CPKOCN
EQPEWKFCFQZNJKO
dEWKFCFQOK
EWCPFQJC[RGNKITQ
EWKVNCEQEJGOLCTQK
JQPIQFGNOC\
CVQNGFGEWKVNCEQEJGLMQP
EWNGDTCHMQ
EWORNKTXVXRTPNMWWICNJFJC
OCPFCVQ
EGTGOQPKCNQVKGORQUGCNCFQ

'&+%+024'.+/+0#4`

EWC

'52#1.6'2'*70

FWKFJC
NQSWGQVTCRGTUQPCRKFK
DJKEJFJC
VKGORQ
CKEJFJC
VKGORQUGCNCFQ
EWCHMWWKC
RCTCRCTVKTOCFGTC
EWCFQEWCFCOHPWWEJKZ
EWTCPFGTQEWTCPFGTCOHOCMIO
WCOZKFJCO
VTCFKEKQPCN
ZKQRPCFCO
SWGEJWRC
RGVCECFGEWTCPFGTQDQUCC
JGEJCFGUQ[CVG
RCTCIWCTFCTHNGEJCUEGTGOQPKCNGU
EWTCTXVFWCFJC
CQVTCRGTUQPC
WCOZKFJC
FGGPHGTOGFCFQFGJGEJK\Q
FPMKFJC
HWOCPFQEGTGOQPKCNOGPVG
EWTCTFKGPVGUVCCVOWVFC
EWTXCH
SWGVKGPGEWTXCUQNJ
ECOKPQ
SWGVKGPGFKUGQFGEWTXCUZUTCM
EWTXQEWTXCCFLQNJ
FGHQTOC

&
FCCTXV
FCCFCTCCO
HTWVC
FCKPQFCKPCCFLOCKOFC
FCQO
JCEGTFCQFQQFC
CQVTCRGTUQPCOCKOVWFC
SWGJCEGFCQEJWKCFJCTC
FCTXVXRTPNOCMKC
DWKFJC
DJKFJC
NQSWGWPQRKFG
EJKOWKFJC
GPNCDQECCQVTCRGTUQPC
VQKFJC
NSWKFQCQVTCRGTUQPCQCPKOCN
FCTFGEQOGTLWEJWFC
TKVWCNOGPVGOCMKC
FCTNGCNDNCPEQCC[C
RQTVKTCT
FGRTGRFT
NWICTQVKGORQ
FGDCLQCFX
FGDCLQFGDVCCPFTDVC
FGDGTXVWCVWNJFJC
WCVWPFC
FKPGTQCQVTCRGTUQPC
FGDKFQCDCMIW
FDKNCFLFJDJCZ
FGEKFKTXVCCIC
FGEKTXVCCICV[C
CCFJCVFC
CQVTCRGTUQPC
RZMCKFJCMCKEJC
TWOQT
RGPUCTFGEKTDKEJWNJFJC
CQVTCRGTUQPC
UCDGSWFGEKTCKZ



FGENCTCTXVCCIC
NQQEWNVQ
FGENKXGOICK
FGFQO
FGFQOGKSWGNJKEJFJC
OCPQQRKG
FGFQRWNICTIFC
OCPQQRKG
FGLCTXVFCCZFJC
GPQVTQNWICTRCTCQVTC
RGTUQPC
FQEJQ
CUWNWICTEQORNKPCP
FGLCTFGEQOGTFQEJQ
RQTWPVKGORQ
FGVGTOKPCFQ
dFLGOGOK
EWCPFQCNIWKGPGUVOQNGUVCPFQ
FGNCPVGTQFGNCPVGTCCFL
RCVCFGNCPVGTCPQD
FGNICFQFGNICFCCFLTFKEJ
FGHQTOC
EKNPFTKEC
MQOCCNJKM
FGHQTOCRNCPC
FGNICFKVQFGNICFKVCDKK
VTQ\QU
FGNKTCTXKVWMIKC
RQTNCECNGPVWTC
FGOCUKCFQCFXZK
CUQNGCTFGOCUKCFQKOWVFC
CPKOCN
FGOQPKQOLCQQM
FGPVTQCFX
FGPVTQFGCO
TGEKRKGPVGQTGCMCO
WP
TGEKRKGPVGMP
WPVKGORQFGVGTOKPCFQ
TCOVCOVT
FGRQUKVCTXVDWC
GPGNRCVKQEGTGOQPKCN
OCKVWDWC
RCTCUGTDGPFGEKFQGPGNRCVKQ
EGTGOQPKCN
FGTGEJQFGTGEJCCFLOUNJ
ZNJKK
RNCPVC
CNNCFQFGTGEJQMPFTLCM
FGTTCOCTXVPWCC
NSWKFQITCPQQRQNXQ
UGTFGTTCOCFQVCLCCPC
UQDTGWPCRGTUQPC
FGUCDTQEJCTXVUKUDJKQMC
FGUCTTQNNCTXVXRTPNINJKC
KKRWKC
RNCPVC
FGUCVCTXVDJKRRKQMC
DWNJKQMC
EQORNCPKO
DQKMKFJC
CHWGT\CU
DJKRRKQMFJC
RCTCQVTCRGTUQPCQCPKOCN
FGUCVQTCTXVUCKDJKQMC
UCKDJKQMFJC
RCTCQVTCRGTUQPC
FGUC[WPCTXVIWZFJC
FGUDCTCVCTXVMCLCCPC
FGUECPUCTXKLRFJC
LDVQFJC
VQOCPFQCKTGHTGUEQ
FGUEGPFGPEKCHVCLCCK
FGUEQDKLCTXVKDJKQMC
FGUEQNQTKFQFGUEQNQTKFCCFLMQQOC

'&+%+024'.+/+0#4`



'52#1.6'2'*70

FGUEQORQPGTXVXRTPNZKEJWKFJC
CRCTCVQQ
XGJEWNQ
FGUEQTVG\CTXVMQORKIC
FGUEQUGTXKVCKMKC
TQRC
FGUFGRTGRFT
NWICTQVKGORQ
FGUFGJCEGOWEJQVKGORQDCLMFT
FGUGCTXVCC
JCEGTCNIQ
FGUGEJCTXVOCKDWC
FGUGPTGFCTXVDJKRRKQMC
DJKRRKQMFJC
RCTCQVTCRGTUQPCQCPKOCN
MCLCCPC
WPCHKDTC
FGUGPVGTTCTXVMQQMDKC
FGUICUVCTXVZKDWC
DKQPC
TQRC
FGUITCPCTXVMNJDC
OC\
FGUJCEGTXV
SWGUGFGUJCEGHEKNOGPVGLCFJC
FGUJKNCTXVLWRPC
FGUJKNCFQFGUJKNCFCLWRCC
SWGUGFGUJKNCHEKNOGPVGLWRK
FGUJKPEJCTXVXRTPNLCIKC
FGUJQLCTXVMCTPC
FGUKIPCTXVKKOEJWFC
CQVTCRGTUQPCEQOQ
JGTGPEKC
FGUOQPVCTXVZKMWCPC
RCTCDCTDGEJCT
FGUPWFCTXVMWCPC
FGUPWFQFGUPWFCFJCCRCM
FGUPWVTKTUGXRTPN
FGUPWVTKFQFGUPWVTKFCFJDJCZ
FGUQTFGPCTXV
GUVCTFGUQTFGPCFQGUVCTFGUQTFGPCFCFCDKZ
FGURCEKQCFXUCCNJ
FGURGFKTXVXRTPNKQMFJCVCDWKOIKFJC
FGURGICTXVDJKURKQMC
UKUDJKQMC
TQRC
MWCPC
EWDKGTVQ
FGURGLCTXVQKC
EKGNQ
FGURGLCFQFGURGLCFCWC
EKGNQ
FGURGTFKEKQO
FGURGTFKEKQUMQKDJCT
FGEQOKFC
FGURGTVCTXVKKC
KKKEJFJC
EQORNCPKO
VIKC
[CNKUVQRCTCNGXCPVCTUG
SWGFCTUGFGURKGTVQVVIKC
FGURKPVCTXV
SWGUGFGURKPVCWCK
HEKNOGPVG
FGURKQLCTXVPNJFJC

FKGPVG

FGURWUCFXICVWWM
OMMCV
FGWPTCVQ
FGUVCRCTXVKDJKQMC
VKDJKQMC
EQDKLCQTGDQ\Q
FGUVKNCTXVDWWUCKFJC
OG\ECN
ONJKKEJFJC
FGUVKPQO
UKPFGUVKPQICOOL
FGUVTWKTXV
FGUVTWKTEQPHWGIQOKFJC
FGUXCKPCTXVMCKRIC
FGUXKCEKPH
FQPFGJC[WPCFGUXKCEKPUCTCM
GPGN
ECOKPQ
FGUXKCTXVUCTMCFC
FGNECOKPQRTKPEKRCN
UKPFGUXKCTLKTOCCP
FGU[GTDCTXVDQQRKC
\CECVG
RQECFGFGU[GTDGDQQDJCM
LWNKQ[CIQUVQ
FGVGPGTXVUQQOFJC
MMDQ
UWLCPKO
FGVGPGTGNOQXKOKGPVQMUC
EQORNKPCP
FGVTUCFXDRICPFT
PQUGXG
FGVTUFGICVWWMFT
UWLCPKODDJK
FGWFCH
VGPGTFGWFCUWCVWNJFJC
FGXQNXGTXVLCMDWC
LCMDWKFJC
CQVTCRGTUQPC
FQEJKFJC
CNFWGQ
FQEJQ
CUWNWICTEQORNKPCP
FCOVCPQQNJ
CNIPFCRCKFJWWM
EQTVQFCCNJKEJEJCPQQNJ
KPXKGTPQ
EWCNSWKGTFCRCKPCRZFJWWM
FGFCVCVCCD
FCNCTIQIVCPQQNJ
XGTCPQ
FWTCPVGGNFCVCVCCD
GNFCGPSWGLCPQ
GPGUVQUFCULCMKCP
JCEGVTGUFCUDCUOWVCMCCD
NNGICTCNNVKOQFCLWTWWFJC
FGNOKVQVG
RTKOGTFCFCKEJCO
FGNOKVQVG
UGTNVKOQFCLWTPKC
FGNOKVQVG
FKCDNQOLCQQM
FKCTTGCHDCMDWKFJC
VGPGTFKCTTGCDCMDW
FKDWLCTXVLWRPC
LWRKFJC
RCTCQVTCRGTUQPC
FKGPVGOVCCVCO

'&+%+024'.+/+0#4`

FKG\

'52#1.6'2'*70

FKG\CFLOCODJZ
FKHEKNCFLZKLCK
JCEGTUGFKHEKNZKLCKEJFJC
FKHKEWNVCFH
EQPFKHKEWNVCFFMQQ
FKNCVCTXVOMKFJC
FKNWKTXVDCTIKFJC
NSWKFQ
FKPGTQOVWWOK
VCCK
RCTCUWDUKUVKT
FKTGEVQFKTGEVCCFLUNJ
FKTGEVCOGPVGUNJ
FKUEWVKTXVKQMDQ
KQMDQKZFJC
RCTCRTQXQECT
FKUHTC\CTXVLWRCCDFC
FKURCTGLQCFLEJWDCKMMCOK
NWICTEQPFGRTGUKQPGU
QJWPFKOKGPVQU
FKURWVCHMQMFC
FKUVTCGTXVVWMCCFJC
FGNQSWGFGDGFGJCEGT
FQDNCTXVPCCURC
FQDNCFQFQDNCFCFJWOCCTCM
JCEKCCDCLQUWL
KPCP
FQDNGCFLIQQMLCMDWK
FQNGTXK
SWGFWGNGEJWMQM
EWGTRQGPVGTQMQM
WPC
RCTVGFGNEWGTRQ
SWGGORKG\CCFQNGTMQMNJKC
FQNQTO
SWGECWUCFQNQTMQMQO
UGPVKTFQNQTOKFJC
EQPCNIQECNKGPVG
FQOGUVKECTXVUQKPVC
CPKOCN
FQOGUVKECFQFQOGUVKECFCUQKEJKZKO
CPKOCN
UCNXCLG
FQOKEKNKQOMKCCO
EQPGNVGTTGPQ
EQTTGURQPFKGPVG
FQOKPIQOVWOKKMWVCO
FQPFGCFXPCRCK
GPFQPFGRCK
RQTFQPFGRCK
FPFGCFXRCC
CFPFG!RCLCM
FQPFGSWKGTCCFXRCKPCRZ
FQTOKTXKMQZKC
MQOEJKC
LWPVQCNCNWODTG
FGLCTFQTOKTMQQZEJWFC
RQPGTCFQTOKTMQQZEJWFC
FQTUQO
CNFQTUQLCMFT
FQUCFLIQQM



FQUXGEGUIQQMKO
FQUGPFQUIQIQM
FQUXGEGUOUIQQMLCMDWK
FGNQUFQUNCFQUDZZKMFT
FWGQFWGCOHMKQMCO
FGNCECUC
FWGQUFWGCUQKMCO
FGNCECUC
FWNEGCFLOCKMCM
FWTCDNGCFLMCDCCM
M
FGECNKFCFQFGECTEVGT
&WTCPIQ-QTKCP
FWTC\PQOVWTCCUPQ
FWTQFWTCCFLMCDCCM
EJWMCDCCM
TGC
MQDMQNJ
HTWVC
JCEGTUGFWTQJCEGTUGFWTCIWDMC
EQUCFG
HQTOCRNCPCMCDMC

'
GDTKQGDTKCCFLOCKO
GEJCTXVDWC
DWKFJC
CQVTCRGTUQPCQCPKOCN
DWKFJC
EQUCUITCPWNCFCU
KKEJC
ITCPQUGPWPTGEKRKGPVG
GEJCTCIWCDCFKFJC
GPEKOC
GENKRUGO
JCDGTGENKRUGUQNCTVWOVWMICOVC
GLQVGO
GLQVGUOCOQKMDJCD
GNGXCFQGNGXCFCCFLVD
FGGUVCVWTC
GNQVGOLWPDCC
RQECFGGNQVGUVQQOQM
QEVWDTG
SWGJC[GNQVGUMCKO
OCFWTQU
GNNQNCNQUNCUCTVIW
FJK
XKUKDNGIWK
PQXKUKDNG
FJKK
XKUKDNGGURGEKHEQIWK
PQXKUKDNG
GURGEHKEQ
EQPNQSWGPCMP
NQSWGPCLM
NQSWGUGCVWPCRZ
NGNNQGNNCGNNQUGNNCURTQPIWK
PQXKUKDNG
FJK
XKUKDNG
GODCUVCTXVUKKURC
GODQTTCEJCTXVOCKOVWFCOCKOWVWMIKC
GODQVCTXV
GODQVCFQGODQVCFCEJCRQZK
HKNQ
GODTKCICPVGCFL

'&+%+024'.+/+0#4`



'52#1.6'2'*70

DGDKFCGODTKCICPVGLKZLWWMCNJICO
GORCECTXVICCOW
GPWPOQTTCN
GORCEJCTXVVQZMQKC
GORCEJCFQGORCEJCFCEJQZMQKOKKOEJWO
GORCRCTXVMCRCKC
GORCRCFQGORCRCFCMCRCK
EQORNGVCOGPVG
GORCTGLCTXVUQDMQPC
OCFGTCQRKGFTC
GORCTGPVCTXKKKOKC
GORG\CTXVVDICVC
VDICZFJC
CNIQRCTCQVTCRGTUQPC
GORQNNCTXVDQKURC
ICNNKPC
GORWLCTXVPWKC
GPRTGRCODJCCP
LCR
TGC
LCM
EKGTVCRCTVGFGNFC
MCO
WPTGEKRKGPVG
TCO
RCTVGFGNEWGTRQ
VCO
NCUWRGTHKEKGFG
VT
CFGPVTQ
GPNCUWRGTHKEKGFCCOCP
UNKFQ
GPECLCTXVMMKFJC
GPECPKLCTXVXRTPN
GPECPKLCFQGPECPKLCFCFJCDK
CPKOCN
GPECPVCTXVLQQLQK
GPEGPFGTXVOKEJFJC
EQPEGTKNNQQECTDP
NKOCFGGPEGPFGTVCCK
GPEGTTCTXVMWWRC
MWWRFJC
RCTCQVTCRGTUQPC
GUVCTGPEGTTCFQGUVCTGPEGTTCFCPMWWR
UWL
CPKO
GPEKOCCFXOCCZKM
GPEKOCFGCO
RCTVGFGNEWGTRQTCO
RCTVG
FGNEWGTRQFCCOFCCOFT
GPEKPQOVWC
DKKEJWC
FGJQLCUCPIQUVCU
EQPOWEJQUGPEKPQUEJWVWC
SWGJC[GPEKPQUEJWC
RWNOPFGGPEKPQLCDMCNJK
GPEQIGTXVUQNJMC
GPEQIKFQGPEQIKFCZQNJKM
SWGUGGPEQIGHEKNOGPVGZQNJMCNJK
GPEQPVTCTXVXRTPNVIKC
PCOMKC
CWPCRGTUQPC
C[C
UWLRNCPKO
FCC
GPWPNWICTJCDKVWCN
GPFGTG\CTXVUUUC
RNCPVC
UNJC
CNIQNCTIQ
UZZKFJC
RNCPVCRCTCQVTCRGTUQPC

GPVTG

GPFWN\CTXVMKRKEJFJC
RKPQNGRCTCQVTC
RGTUQPC
GPHCFCTXVVQQFJC
GPHCFQO
SWGECWUCGPHCFQEJWVQQFJCO

RQVGPEKCNOGPVG
GPHCFQUQGPHCFQUCCFLEJWVQQFJCTC
GPHGTOCTXKCC[C
GPHGTOGFCFHMQMFCK
GPHGTOGFCFNGXGQKTFCO
GPHGTOQGPHGTOCCFLMCQQM
GPHNCSWGEGTXKICMOW
GPHTKCTXVLRNJKC
LRNJKZFJC
RCTCQVTCRGTUQPC
SWGUGGPHTCTRKFCOGPVGLRNJK
GPICCTXVOCKEJKC
GPOQJGEGTXVMQPDKEJC
GPQLCTXVDJCCOW
GPQLCFQGPQLCFCMP
VQFQGNVKGORQ
DJCCO
SWGUGGPQLCHEKNOGPVGDJCCOFCTC
GPQLPGPQLQPCCFLCNJOC
RQTSWGPQSWKGTG
GUVCTUQNQ
GPTGFCFGTCCFLHDCRRCPDCRRCK
NNGPQFGGPTGFCFGTCUEJWCUMK
TGC
GPTGFCFQTGPTGFCFQTCCFLODCRRCK
GPTGFCTXV
GPTGFCFQGPTGFCFCEJCMUC
GPTQNNCTXVDJKKDIC
JKNQUQICQCNCODTG
GPTQNNCFQGPTQNNCFCZKFJQQNJ
GPUCPITGPVCFQGPUCPITGPVCFCCFLTOC
GPUCTVCTXVZMWPC
EQPRCNQQCIWLC
GPUGCTXVCCFJCOCOVWZFJC
GPUKNNCTXVWNJC
WPCPKOCN
GPUWEKCTXVMQQOIKNJKC
EQPRQNXQQEGPK\C
VWMNJKC
GPVGPFGTXV
HEKNFGGPVGPFGTZKOMCKOC
GPVGTCTXVXRTPNOCEJKC
CXKUQQPQVKEKC
GPVGTQGPVGTCCFL
GPVGTCOGPVGCVVKKTW
EKTEWPUVCPEKCPGICVKXC
GPVGTTCTXV[CCURC
MMDQ
EQUCRWPVKCIWFC
GPVTCFCH
GPNCGPVTCFCMKIQD
GPVTCTXKDCMKC
UWLCPKO
GPVTGRTGRVT
OWEJCUEQUCUUGOGLCPVGU
UCCFJCP
FQPFGGUVPRCTCFQU

'&+%+024'.+/+0#4`

GPVTGICT

'52#1.6'2'*70

GPVTGICTXVFQEJKFJC
CNFWGQ
GPXGPGPCTXVOCKOVWFC
RCEJOCFC
VTCORC
GRC\QVGORCCUWKEJ
RQECH
RQECFGFGU[GTDGDQQDJCM
LWNKQ[CIQUVQ
RQECFGGNQVGUVQQOQM
QEVWDTG
RQECFGNNWXKCUFWWFWMVPIKCM
FGLWPKQC
UGRVKGODTG
RQECFGRK\ECQTCDJCM
PQXKGODTG
RQECFGUGSWCVCCDJCM
FGFKEKGODTGCOC[Q
RQECFGUKGODTCZKCDJCM
LWPKQ
GTWEVCTXKLCTVWIKC
GUECRCTXKOCKONJKC
FGLCTGUECRCTPCMIC
EQORNCPKO
GUECTCDCLQO
GUECTCDCLQFG\QRKNQVGVQDCCICKDW
VKRQFG
JQPIQ
GUECTDCTXVLKKDC
GUECTFCTXVLKOEJWFC
EQPCTCFQUKPCNGVCU
VWKEJFJC
EQPCTCFQEQPCNGVCU
GUEQDCHDQZMCT
GUEQIGTXVFCCUC
CWPECPFKFCVQ
GUEQPFGTXVZEJQ
ZEJQKFJC
FGQVTCRGTUQPC
QEJQ
UWLCPKO
QZKFJC
EQORNCPKO
CGUEQPFKFCUZEJWKZKO
GUETKDKTXVWCPC
WCZKFJC
CQRCTCQVTCRGTUQPC
CXKUQGUETKVQWWCP
GUEWEJCTXVMCC[C
GUEWRKTXKZKZDW
GUEWTTKFK\QGUEWTTKFK\CCFLFJCPRKM
GUGGUCGUQUGUCUCFLFJK
GURGEHKEQ
FJKK
XKUKDNGGURGEKHEQ
UGGUQUCUQUUCURTQPFJK
XKUKDNGIWK

PQXKUKDNG
FJKK
XKUKDNGGURGEKHEQFJKRWK
OKUOQ
EQPUGEQPGUQEQPUCEQPUVQUEQPUVCU
FJKMP
NQSWGVTCG
RQTGUQRWKMWDCPCDC
GUHTKEQGUHTKECCFLMCDWWNJKM
GUHQT\CTXVXRTPNFCMQQFJC
UKPGUHQT\CTUGLCRRZ
GUOGTGLPO
GUOGTGLPEQNWFQVQDJCCD
ICXKNPRCLCTGTQ
GUOGTKNOOWCMCT



GUHCIQODCM
GURCNFCHMQO
FGGURCNFCULCMFT
GURCPVCTXVEJQQPPKCPMKCVCVQQPPKC
GURCQNOMCUVKKN
GURGTCTXVPTC
EQORNCPKO
GURGUQGURGUCCFLLCTCCO
NSWKFQ
GURKIWKNNCH
SWGVKGPGVGNCFGGURKIWKNNCZUNJKM
GURKPCHLQK
SWGVKGPGGURKPCULQKK
GURTKVWOKKOFC
GURTKVWOCNQVQQDQNJKM
GURQNXQTGCTXVDWKFJC
GURQPLCTXVLCDMC
OCUC
MCLCCPC
WPCHKDTC
MQDMQ
GURQPLCFQGURQPLCFCMQVIKZ
RNWOCLGEWCPFQ
GUVGORQNNCPFQWPCXG
GURQUCHLQQK
GURQUQOMWP
GURWOCHVQMUQ
SWGJCEGGURWOCEJQMUQNJK
SWGVKGPGGURWOCEJQMUQ
GURWOCTXKVQMUQNJKC
JCEGTGURWOCTVQMUQNJFJC
GUVCDNGEGTXVCCIC
EQOQEQUVWODTG
GUVCECHUQPFJKMCT
GUVCNNCTXKZKRKC
GUVCPECTXKUWWP
CIWC
GUVCTXKVWKFJK
XKLWTWWFJC
GPWPNWICT
XKFCC
GPWPNWICTJCDKVWCN
XKQKNJKC
CPFCPFQ
XMM
RCTCFQRWGUVQQENCXCFQXGTVKECNOGPVG
XKVWWV
RCTCFCUEQUCUOUCNVCUSWGCPEJCU
GUVGGUVCGUVQUGUVCUCFLFJK
GURGEHKEQ
FJKK
XKUKDNGGURGEKHEQ
UVGGUVQUVCUVQUUVCURTQPFJK
XKUKDNG
IWK
PQXKUKDNG
FJKK
XKUKDNGGURGEKHEQFJKRWK
OKUOQ
EQPUVGEQPGUVQEQPUVCEQPUVQUEQP
UVCUFJKMP
NQSWGVTCG
GUVKTEQNODJKKEJ
GUVKTCTXVDCKUUPC
DCKUUFJC
RCTCQVTCRGTUQPC
UUUC
CNIQNCTIQ
GUVOCIQODQQM

'&+%+024'.+/+0#4`



'52#1.6'2'*70

GUVQTPWFCTXKDJKZEJMKC
GUVTGNNCHEJK
GUVTGNNCFGNCVCTFGUWWUCMPCCMO
GUVWEJGOICCOMCT
DCIU
RCTCIWCTFCTHNGEJCU
GUVWFKCPVGO
UGTGUVWFKCPVGKUMQGNVC
GUVWFKCTXVOCOVWZFJC
GZCEVQGZCEVCCFL
GZCEVCOGPVGCORZ
PKOUPKOGPQUCORM
GZECXCTXVMQQMDKC
GZETGOGPVQODJKKEJ
GZKIKTXVFCKEJFJCFCMQQFJC
GZKUVGPEKCH
GUVCTGPGZKUVGPEKCLCKEJ
ZKVQO
UKPZKVQVKRWR
GZRGTKGPEKCH
SWGVKGPGGZRGTKGPEKCOCVFC
GZRNKECTXVCCFJC
GZRTGUCTXVXRTPNPQMKC
EQPRCNCDTCU
GZVGPFGTXVXRTPNFCIKC
NCOCPQRCTC
UCNWFCT
IKQRPC
UKPEWKFCFQFGUQTFGPCFCOGPVG
RZEJTPKC
HWGIQNKVUGQ[GCTFGT
UNJC
CNIQNCTIQ
ZKDQQTMC
TCOCU
ZKMQQTMC
FGNECRWNNQRNCPVC
GZVKPIWKTXVLCIKC
NGCQJKGNQ
VWMKC
NWODTGQOQVQT
GZVTCGTXVLWRPC
LWRKFJC
RCTCQVTCRGTUQPC
DCZDJC
NSWKFQFGCDCLQJCEKCCTTKDC

(
HEKNCFL
HEKNFGGPVGPFGTZKOMCKOC
HCLCTXVDJKURC
EQPWPCEKPEJC
GUVCTHCLCFQGUVCTHCLCFCDJKKUCR
HCNFCHKRWWT
HCNVCTXKCCIC
VKGORQ
SWGNGHCNVCEJWCIKO
UCNQC\ECT
SWGNGHCNVCUCNDCUFCM
HCOKNKCTCFLOLCFWW
HCXQTO

HQTOC

CHCXQTFGCOMCO
HGEJCH
HKLCTHGEJCVWFCCUC
RCTCKPKEKCTGNOKVQVG
HGQHGCCFLDWKEJM
DWCO
OCPGTC
HGTQ\CFLDJCPCC
HKCTXVCDKCTW
HKGDTGH
FCTHKGDTGLDCCOWVQPKKEJWFC
VGPGTHKGDTGVQKFJKC
HKGTTQODCKWO
HKGUVCH
JCEGTWPCHKGUVCRKCUVCVC
HKLCTXVXRTPN
HLGUGV
HKNCH
GPHKNCUCMCCNJ
HKNQUQHKNQUCCFLOWWWM
HKPO
CHKPGUFGLWOVOQKFJCM
HKPQHKPCCFLDKK
HKTOCOGPVQOLKZFJCCO
HKTOGCFL
GUVCTHKTOGZKMMMC
GPUWQRKPKP
HNCEQHNCECCFLICM
HNCOGCTXKPPDJKMKC
NWODTG
HNCWVCH
HNCWVCFWNEGVKTKOKCZ
JGEJCFGECTTK\QDNCPFQ
HNGEJCHWWW
HNGZKDNGCFL
SWGGUHNGZKDNGEJCOQOKKM
NKVPQUGSWKGDTC
HNQLGTCH
SWGVKGPGHNQLGTCQQP
HNQLQHNQLCCFLFJWUCCTCMFJWUCCTCO
FGOCUKCFQHNQLQFGOCUKCFCHNQLCLWCTCM
GUVCTHNQLQGUVCTHNQLCFJWUCCTCOMM
HNQTH[QQZK
HNQTFGNHTKLQNFGTCVPDCUM[QQZK
GLQVG
UKNXGUVTG
HNQTFGOCIWG[LWNJKKM
HNQTGCTXVMQDMQ
HNQVCTXKDJ[C
VTCVCPFQFGPCFCT
HNWKTXKDWWUPKC
NSWKFQ
HQPFQOVWWMCDK
CNHQPFQVWWMCD
HQTOCH
FGKIWCNHQTOCOKRWK

'&+%+024'.+/+0#4`

HQTOCT

'52#1.6'2'*70

FGSWHQTOCPCLCZLCM
HQTOCTXVLWRFWKC
EQUC
LWRFWKFJC
RCTCQVTCRGTUQPC
HQTOCFQUHQTOCFCURZEJDR
GPWPCHKNC
HQVQITCHCHFKVTCCVQ
HTCEVWTCTXVQOPCQOKC
HTIKNCFL
EQUCHTIKNLCKMICO
HTGTXVOCPVGGMOCFC
GPOCPVGEC
HTGPKNNQORKTKK
FGECDCNNQ
HTGPVGHMQD
HTGUEQHTGUECCFL
SWGGUVHTGUEQLDQQ
VKGORQ
HTKLQNODJCD
HTKLQNFGTCVPDCUMDJCDKK
GLQVGUKNXGUVTG
HTQHTCCFLOLRK
RQPGTUGHTQLRFJC
CODKGPVG
SWGJCEGHTQLRK
SWGVKGPGHTQLO
VGPGTOWEJQHTQIDMC
UWLCPKO
HTWVCHDJCKFJC
EQOGUVKDNG
NNGPCFGHTWVCKKDJCKFJC
RNCPVC
SWGFCOWEJCHTWVCKKDJCKEJCNJK
HTWVQOKKDJCKFJC
FCTHTWVQLQKFJC
RNCPVC
PQFCTOWEJQHTWVQZKOFCC
RNCPVC
SWGFCHTWVQZWWNJIK
VGPGTHTWVQFCC
RNCPVC
HWGIQO
FGUVTWKTEQPHWGIQOKFJC
HWGTCCFXFTCRFT
FGNCECUC
HWGTVGCFLQQ
EJWMWWO
EQNQT
GUVHWGTVGEJQQOK
HUKECOGPVG
HWGT\CH
VGPGTHWGT\CUWHKEKGPVGPCMIC
RGTFGTHWGT\COCOQKMCFJC
HUKEC
HWOCTXVFPPKC
RKRC
SWGHWOCOWEJQFJOWM
HWOKICTXVMWOWTC
EQPJWOQ
HWPFCHICCOMCT
DCK
FGRKGNQFGRNUVKEQFWTQ
JCEGTHWPFCDCKEJWFC
FGRKGN



)
ICEJCH
JCEGTICEJCULKKDC
FGRKPQNG
ICNNKPCHVCMCCTWKWDKKVCMCCTWK
ICNNQOMNJKKVCMCCTWKVCMCCTWK
ICPCTXVOCKEJKC
DJCKDEJKC
CNVWTCQFKUVCPEKC
DJ[C
KTCEKGTVQNWICTTGIKQPCNKUOQ
ICTICPVCHMWKMWZDQ
ICTTCHLWWV
CPKOCN
ICT\CH
ICT\CITKUDCMQQP
ICUVCTXVDWC
ICUVCFQICUVCFCDKQPC
TQRCMNJKICP

RQTOWEJQWUQ
ICVQICVCOHOKUVWK
ICVQOQPVUOKUVWTCDJQQP
IGPVGHLCVMCO
IGTOKPCTXKDWWUPKC
RNCPVC
IQDGTPCFQTOLKZMCK
VTCFKEKQPCN
IQNRGO
FCTIQNRGUUQQUPKC
EQPCNIQFWTQRCTC
JCEGTNQURGTQ
IQNRGCTXVIDKEJRCIC
UQKEJKC
EQPJCEJC
LWWMCFJC
OQFKUOQ
IQTFQIQTFCCFLFJWC
FJWCMCO
RQTOWEJQVKGORQ
IQTTCHLCPPWNJDQPCCO
IQ\QUQIQ\QUCCFLLMK
ITCEKCUHVCZEJCCD
ITCEKQUQITCEKQUCCFLLOKO
ITCPFGCFLI
ITCPGTQODQRVQ
ITCUCH
ITCUCCPKOCNQDCC
ITCUKGPVQITCUKGPVCCFLIKQ
ITCXGCFLDJKZ
FGGPHGTOGFCF
RQPGTUGITCXGZKDJ[C
FGGPHGTOGFCF
ITKNNQOMCCNJKUQK
ITKRCHUQOCKIK
ITKUCFLMQQOC
MQQOUCNJ
CPKOCN
RQPGTUGITKUMQQOIKNJKC
EKGNQ

'&+%+024'.+/+0#4`



'52#1.6'2'*70

ITKVCTXKLKKMKC
LKMCKFJC
CQVTCRGTUQPC
UCTCMMKC
FQNQTQUCOGPVG
ITWGUQITWGUCCFLMCDQQM
FGHQTOCRNCPC
UCTDJCM
FGHQTOCEKNPFTKEC
ITWKTXKLTMKC
QTTQIKC
EGTFQ
IWCEKUOPCMWCNJ
IWCLGODCMWC
IWCLQNQVGIWCLQNQVCOVQDCC
IWCTFCTXVWNJC
DKFJC
EQOKFCRCTCQVTCRGTUQPCQCPKOCN
IWCTFKCH
GUVCTFGIWCTFKCPWWMFC
IWGTTCHLIKCNJK
IWKUCTXV
IWKUCTEQPOQNGLWPOCFC
IWUCTEQPOQNGLWPOCZFJC
RCTCQVTC
RGTUQPC
IWKVCTTCHMKEJCCT
IWUVCTXVMQTCCTQ
IWUVCTNGLQKFJC
EQORNCPKOLQQLQK

OWEJQ
IWUVCTNGCPFCTLQKFJC
CPKOCN
IWUVCTNGEQOGTCC
CCNIWKGP
IWUVQO
CIWUVQCOTFCV
UKPPKPIPRGPFKGPVG

*
JCDGTXKLCKEJLCKEJFJNJKC
PQJCDGTJGEJQEJCMWK
JGEJQCNIQRQTOWEJQ
VKGORQ
UKJWDKGTCPQ
UKVWCEKPUWRWGUVCPQRTQDCDNG
QPQRQUKDNG
JCDKNKFCFH
SWGVKGPGJCDKNKFCFOCCVV
JCDKVCTXKMKQ
JCDKVCGPMCO
CPKOCNQRNCPVC
JCDNCHKQQM
FGWPCRGTUQPC
JCDNCTXKCICPQMKC
CIKFJC
CQVTCRGTUQPC
DWGPQRCTCJCDNCTCKZ
JCDNCTHWGTVGLKMCKFJC
CQVTCRGTUQPC
SWGJCDNCDKGPCDVC
UKPXGTIGP\C
JCEGTXVXRTPNFWKC
FWKC
NQPGEGUCTKQ

JKLQJKLC

FWKFJC
NQSWGQVTCRGTUQPCRKFK
LCZFJWKC
NQRGPUCFQ
LWRFWKC
HQTOCT
LWRFWKFJC
HQTOCTRCTCQVTCRGTUQPC
FQQFC
NQSWGUWIKGTGP
DWKFJC
FGNCOKUOCOCPGTC
JCEJCHDCKFJCU
JCEJGCTXVUQKEJKC
JCEKCRTGRLCM
EKGTVQFGUVKPQ
OWLCM
EKGTVQFGUVKPQ
JCEKCCDCLQCPUCRLCM
EQUCEQNICFC
JCEKCCEDJCDJCKDJCLCM
JCNNCTXVVIKC
JCOCECHTWTWZ
JCODTGH
RCUCTJCODTGWCOC
SWGVKGPGJCODTGDJKQ
JCUVCRTGRLWWIV
JGEJK\CTXVFPMKFJC
FCKEJFJC
RCTCSWGUCNICFGNCECUC
JGNCTXVXRTPNIDMC
UWLCPKO
MDCKC
RNCPVC
JGPFGTXVLCKMKCLCKC
JGPFKFWTCH
SWGVKGPGJGPFKFWTCLCKM
JGTKTXVUZKC
RTQHWPFCOGPVG
JGTOCPQJGTOCPCOHZKKZ
OC[QT
ZKMW
OGPQT
UWJGTOCPQUWJGTOCPCZKQIK
OC[QT
URFJK
OGPQT
UWRTKOQJGTOCPQUWRTKOCJGTOCPC
URFJK
JKLQQJKLCFGNJGTOCPQQFGNC
JGTOCPCOGPQTFGNRCRQFGNCOCO
ZKQIK
JKLQQJKLCFGNJGTOCPQQFGNC
JGTOCPCOC[QTFGNRCRQFGNCOCO
JGTTCTXVDCKOKEJFJC
EQPHKGTTQ
JGTXKTXVVQVRQMKCVQVRQZFJC
LKFJQQTC
EQOKFC
JGTXKTOC\DCMEJKC
UKPECN
JKGNQOMD
RCTGEGJKGNQMDCC
JKGTDCH
SWGVKGPGOWEJCJKGTDCZCKK
JKGTTQODCKWO
JICFQONWOCCP
JKIQO
VKRQFGJKIQDQQMNJFJC
JKLQJKLCOHOCT
JKLKVCOKJKLCOCTCCZ
VTOKPQFGECTKQ

'&+%+024'.+/+0#4`

JKNCT

'52#1.6'2'*70

JKLKVQOKJKLQEJKQ
VTOKPQFGECTKQ
JKNCTXVDKC
NCPCQCNIQFP
JKNQOLKKN
JKNXCPCTXVUKKURC
JKPEJCTXVXRTPNDCKIMEJWFCDCKIMKC
JKPEJCFQJKPEJCFCDCKIM
JKPEJC\PHDCKIMK
JKRCTXKLPIKC
PWKC
OQFKUOQ
JKRQO
FCTJKRQLPIKC
JQEKEQOEJKFCCM
JQICTOMKKEJCO
JQLCHWWCP
FGRCRGN
JQLCULCCLC
FGRNCPVCQTDQN
JQLCFGOC\QTECLCCVWM
JQNNPOVWMTCFC
JQODTGOEJKQ
JQODTQOMQVDQ
JQPFQJQPFCCFLEJWWM
CIWC
JQPIQOMWTCVOQ
TQLQEJKSWKVQ
VCCUPCTC
FGRKPQ
[CMWC
ITCPFGCOCTKNNQQTQLQ
JQPIQFGNGUVOCIQDQQMCP
JQPIQGURQPLQUQMCRZKC
JQTCH
CGUVCUJQTCULCMKCP
JQTOKICHVCVQK
JQTPQOQTPKNJ
FGDCTTQQRKGFTC
VPMCT
JQ[QGPNCVKGTTC
JQTSWGVCHVVPQTC
GPWPCJQTSWGVCUCTCM
FGWPTDQN
JQURGFCTXVVDKCRVWFC
RCTCRCUCTNCPQEJG
JQ[CFXZKD
JQ[OKUOQZKDFJKEJCPQQNJ
JQ[QO
JCEGTWPJQ[QFTCMQNJDKZFJC
RCTC
CNOCEGPCTGNCIWC
JQ\HLWWU
JQ\CTXVMQQMDKC
JWCTCEJGOUWWUCM
JCEGTJWCTCEJGUNKCTW
TGRCTCTJWCTCEJGUNKCTW
JWGNNCH
FGLCTJWGNNCVWOCCZ
XGTUGJWGNNCOCCZ
JWTHCPQJWTHCPCOHFTOWWM



EJKXKVQJWTHCPQEJKXKVCJWTHCPCVWZKQ
SWG
OCOCFGQVTCEJKXCSWGPQGUUWOCO
JWGUQOCQQ
JWGXQONCPMKK[W
FGCPKOCN
KPEWDCTJWGXQUDQKURC
ICNNKPC
JWKEJQNOHDKUWNJ
KPFIGPC
JWKFK\QJWKFK\CCFLONJOWM
CPKOCN
JWKTXKOCKONJKC
LKOKQNJKC
RQTOKGFQ
JWOGFGEGTXVDCIKQOEJC
JOGFQJOGFCCFLEJWDCIKQO
JWOKNFGCFLUQK
JWOKNFGOGPVGUQK
JWOQOMWWDJZ
GEJCTJWOQMWWOZKC
SWGGEJCJWOQMWWOZK
SWGJC[JWOQEJWMWWOZKOC
TGCGZVGPUC
JWPFKTXVFWRKC
JWPFKFCQNJ
NCRCP\C

+
KFKQOCOKQQM
KINGUKCHEJKQR
KIWCNCFLRWEJWO
CRCTKGPEKC
FGKIWCNHQTOCQOCPGTCOKRWK
FGKIWCNPOGTQLCMDWK
KIWCNCLCRRWK
KIWCNEQOQLCRPCLCZ
KIWCNFGVCOCQLCZDWK
SWGGUKIWCNQK
CQVTCRGTUQPCGPCNIP
CURGEVQ
KIWCPCHMKCCU
KOKVCTXVCCZKFJC
KORQTVCPVGCFL
RGTUQPCKORQTVCPVGIMCO
KPEWDCTXV
KPEWDCTJWGXQUDQKURC
ICNNKPC
RQPGTCKPEWDCTDQQFC
CXG
KPFKECTXVCCFJC
KPFIGPCOQFCO
RGTUQPC
PQKPFIGPCPCCDCV
RGTUQPC
KPFOKVQKPFOKVCCFLDJCPICO
KPHGTKQTCFL
OCPFDWNCKPHGTKQTLCOMU
KPHNCOCDNGCFLOKFJC

'&+%+024'.+/+0#4`



'52#1.6'2'*70

KPHQTOCTXVCCFJC
KPKEKCTXVVDICVC
VDICZFJC
CNIQRCTCQVTCRGTUQPC
KPKEKCTOKVQVGVWFCCUC
EQOQRCTVKEKRCPVG
KPUVKVWKTXVCCIC
EQOQEQUVWODTG
KPUVTWKTXVOCOVWZFJC
KPUVTWOGPVQO
KPUVTWOGPVQOWUKECNUCCUDKMCT
KPVGNKIGPVGCFLEJDJKFJC
KPVGPVCTXV
KPVGPVCTEQPXGPEGTDKEJWNJFJC
CQVTC
RGTUQPC
KPVGTTWORKTXVDCZKLKOKC
EQVQTTGCPFQ
KPVGUVKPQO
KPVGUVKPQULKLKK
KPXKVCTXVDCKFJC
DCKZKFJC
CCNIWKGPFGRCTVGFGQVTCRGTUQPC
RCTCSWGXC[C
KTXKLKOKC
DJ[C
CEKGTVQNWICTVWKFJK
FGEKGTVC
OCPGTC
VWLKOKC
NCUEKTEWPUVCPEKCU
LDCPMC
RQTUWRTQRKCEWGPVC
DJKKC
CFQPFG[CPQUGXG
KTCEQUVCFQKTCEQUVCFCDQKEJIFC
KTEQOKGPFQMWOKKFJC
EQUCUUGECUMQKKFJC
KTEQTTKGPFQFCKEJIFC
TGEKQ
KTOCUVKECPFQMWOKKFJC
EQUCUUGECU
KTUGPVCFQKTUGPVCFCFCKEJIFC
KTXQNCPFQFCKEJIFC
dXCOQUOCKM
V[[Q
KZVNGOQT
OCIWG[RGSWGQ
VQQO
HKDTC
K\SWKGTFQK\SWKGTFCCFL
CNNCFQK\SWKGTFQCPUCRFTLCM

,
LCDCNOVQQZMQNJLIKCTWO
LCDPODCMWCPMCT
LCNCTXVVONJKC
EQPUQIC
LCOUCFXLZFJC
LGHGLGHCOIMCO
LGLPOVWMWWO
,GUWETKUVQOLKEJ:QKMCO
LKPGVGO
SWGGUDWGPLKPGVGFJCKFJC

NCFQ

LKVQOCVGOVWOKCNJ
LQXGPODKCROC
FGOUFGCQUFGGFCF
LWG\OLQKU
LWICTXKVVDKC
DWCODWCFC
RCTCOQNGUVCT
LWIQODCCTICP
FGHTWVCQXGTFWTCETWFC
NNGPQFGLWIQFGPCTCPLCPCTCCPMCUOC
SWGVKGPGLWIQDCTCC
HTWVCQXGTFWTC
LWIWGVGOVVDKMCT
LWIWGVGCTXKQKFJC
WPQEQPQVTQ
LWIWGVPOVVDKMWO
LWKEKQO
RGTFGTGNLWKEKQVWMIKC
RQTNCECNGPVWTC
VGPGTLWKEKQVEJQ
LWPVCH
JCDGTLWPVCCIC
LWPVCTXVLWORCFC
DPVC
UWLCPKO
VWDW[C
ITCPQU
PCOMKC
ECOKPQUQTQU
PCOMKEJFJC
FQUTGCU
LWPVQLWPVCCFXDO
CEQORCCPFQCQVTC
RGTUQPCQRGTUQPCU
LWPVQUOCCR
LWPVQCUQPRCP
LWPVQEQPLWPVCEQPDPMCO

.
NCFGCTXVICKIZKC
DWNVQQECTIC
GUVCTNCFGCFCICKMM
EQUCCNVC
GUVCTNCFGCFQGUVCTNCFGCFCICKMCCV
EQUC
OUCPEJCSWGCNVC
NCFGTCHICK
GPNCNCFGTCDZICK
NCFQO
CNNCFQUCPQQR
CNNCFQFGUQPRCP
CNNCFQFGTGEJQMPFTLCM
CNNCFQK\SWKGTFQCPUCRFTLCM
CNQVTQNCFQDCCUPFT
FGNCTTQ[QFGNTQQFG
NCHTQPVGTCOQOMQTCP
OW[NGLQUPQUGXG
FGNQVTQNCFQMWW
EWCPFQGUVCEQUVCFQUWL
CPKO
FGCSWGNNCFQDCCUFT
FGWPCEQTFKNNGTC
DRICPFT
PQUGXG
FGNQUFQUNCFQUDZZKMFT

'&+%+024'.+/+0#4`

NCFTP

'52#1.6'2'*70

FGWPNCFQOCCRFT
NCFQCNCFQMQMOCT
RQTVQFQUNCFQUDZZKMQQNJPCK
RQTWPNCFQICDNJ
FQPFGPQJC[ECOKPQ
ICMQQNJ
FGUXKCEKP
NCFTPOZMWO
NCFTPNCFTQPCOH
SWGGUNCFTPSWGGUNCFTQPCZDK
NCICTVKLCHDCFT
FGGUECOCUNKUCU
VTQQM
FGGUECOCUFWTCU
NITKOCUHDWWRWKDCTCC
NCLCH
SWGJC[NCLCUCK
NCPCH
EQDKLCFGNCPCMCUPKTUCWC
FGDQTTGIQ
NCPCFGDQTTGIQMCUPKTDCRQQ
NCPIQUVCHMCDCCMUQK
KPUGEVQ
NCTIQNCTICCFLVD
FGNQPIKVWF
NCTKPIGHMWK
NCUVKOCTXVICDPC
RCTVGFGNEWGTRQ
NCVCHDJQQVK
OGVNKEC
NCWTGNOWREJKWWNJ
RNCPVC
NCXCTXVDCMWCPC
EQORNKPCP
DCMWCFJC
RCTCQVTCRGTUQPC
KMQKOFJC
NCUOCPQUQNCECTC
NC\CTXVIKCC
EQPUQICEJCXKPFC
NGRTQPLWOO
CCR
GPHVKEQ
NGULC
CGNNQULCO
CWUVGFGU
NGEJGHDKKO
NGEJGFGECDTCMCTDCZDKKO
NGEJGFGXCECDCCMDKKO
NGEJWIWKNNCHDKDWK
VKRQFGCICXG
NGGTXVLKMCKFJC
LKMCKZFJC
CQVTCRGTUQPC
NGLQUCFXOM
FGNGLQUOMMCO
NGPIWCHPP
RCTVGFGNEWGTRQ
NGCHMWCC
EQTVCTNGCMWCIKCMWCFJC
NGVTCHWWCP
OQFQFGGUETKDKT
NGXCPVCTXVDCOIKCDCOKKFJC
SWGUGNGXCPVCVGORTCPQDCCOIK
NKGPFTGHUCQQ
SWGVKGPGNKGPFTGUZCQQ
NKIGTQNKIGTCCFLLCDQQM
NKIGTCOGPVGMKDCCT
NNWXKCEQPVKPWCRQTXCTKQU
FCU



NKLCTXVLKKDC
NKOCHLMQNJ
NKOCFGGPEGPFGTVCCK
NKOPOLMQNJ
CIWCFGNKOPLMQNJDCC
NKORKCTXVDQZMC
EGTGOQPKCNOGPVG
MORKIC
MORKZFJC
RCTCQVTCRGTUQPC
MFJC
QKC
VTCUVGUQTQRC
WCPC
UWRGTHKEKGQFGRGECFQ
WCFJC
CQVTCRGTUQPC
ZKMWCPC
JKGTDCUKPUCECTNCTC\
NKORKQNKORKCCFLWC
NSWKFQCNOCQGURTKVW
NSWKFQO
NSWKFQEQTTGURQPFKGPVGDCTCC
NKUQNKUCCFLFJCCRCMFJCRKFJCPRKM
NNCOCTXVVVVI
DCKFJC
RCTCSWGXGPIC
LQQEJZKFJC
RCTCSWGXC[C
DCKZKFJC
CCNIWKGPFGRCTVGFGQVTCRGTUQPC
RCTCSWGXGPIC
NNCPQCFLOIKQVT
.NCPQ)TCPFG)KQVCO
NNCPVCHTQKP
NNGICTXKCC[C
CC[C
CEQIGT
CKEJFJC
FKUVCPEKC
QKFJC
GPUGIWKFCFGURWUFGQVTQ
JCEGTNNGICTCKEJWNJFJC
CQVTCRGTUQPC
CKEJFJC
NNGICTCNNVKOQFCLWTWWFJC
FGNOKVQVG
NNGICT[TGITGUCTPQTIKC
NNGPCTXVXRTPNUWWFWKFJC
UWWFWKEJWNJFJC
RCTCQVTCRGTUQPCQCPKOCN
UWWFW[C
MQQDFC
FGEQOKFC
DKGPNNGPQ[CRTGVCFQDKGPNNGPC[CRTGVCFC
MCDMCOLKOFCO
NNGPCTFGCIWCDCKFJC
RCTCQVTCRGTUQPC
NNGPQNNGPCCFLMQQDCP
FGURWUFGEQOGT
ZKMQQTCM
.WPC
GUVCTNNGPCZKMQQTMC
.WPC
GUVCTNNGPQUWWFCUWWPIO
NNGXCTXVDJKMCCKEJFJC
DJKFJCCKEJWNJFJC
CQVTCRGTUQPC
DCKFJKMC
EQPUKIQEQORNCPKO
DKC
RQTGNTQETGEKFQ
DJKEJFJC
VKGORQ
DJKZFJC
CNIQFGQVTCRGTUQPCUKPCXKUCTNG

'&+%+024'.+/+0#4`



'52#1.6'2'*70

MWUDKMC
RQTOGFKQFGWPCEQNICFGTCGPGN
JQODTQQGPNCECDG\C
OQQVKMC
CRQ[CFQUQDTGNCECDG\CQGPNQU
JQODTQU
VONJKC
EQPUQIC
NNGXCTCIWCDCKFJC
CQVTCRGTUQPC
NNGXCTCRCTVGDCCDW
RCTCJCDNCT
SWGTGTNNGXCTICTCVW
GNFKCDNQOQFKUOQ
NNQTCTXKUWUWCMKC
UCTCMMKC
FQNQTQUCOGPVG
NNQXGTXKFWWFW
NNQXGTNKIGTCOGPVGMKDCCTQ
RQTXCTKQUFCU
SWGNNWGXGOWEJQFJWWMFC
NNWXKCHFWWM
RQECFGNNWXKCUFWWFWMVPIKCM
FGLWPKQC
UGRVKGODTG
NNGICTNCRQECFGNNWXKCUVPIKC
NQDQOU
NQFQUQNQFQUCCFLEJWFWPRKM
NWEKTPCICHVCKDW
NWICTOMCR
GPNWICTFGCOMCO
NWODTGHVCK
EGTECFGNCNWODTGVCKMQD
RQPGTNWODTGPCCFC
.WPCHOCUCCP
NW\H
FCTCNW\FDKCEJWFC

/
OCEJCECTXVUQPDKC
OCEJGVGOOCZKKEJ
OCEJQOOCCEJW
MNJKK
CXG
VWWT
CPKOCNPQCXG
OCFGTCHVCCONC
OCFTGHPCCP
OCFTKPCHRCTKKP
OCFTQQOQMFJCO
OCFTWICFCHZKCNJKFJCM
COCPGEKGPFQ
GPNCOCFTWICFCMCVWMICD
CPVGUFGN
ETGRUEWNQ
OCFTWICFQTOCFTWICFQTCCFLDCCOIKKFJC
OCFWTCTXKMCDMC
MCKDJC
GNQVGU
DJCC[C
HTWVC

OCPIQ

MQDMQ
RCTEKCNOGPVGHTWVC
OQQOVC
VWDTEWNQEQOGUVKDNG
OGVGTCOCFWTCTGPGNJQTPQDJCKFJC
HTWVC
SWGOCFWTCTRKFQDJCKFJC
HTWVC
OCFWTQOCFWTCCFLOQQO
VWDTEWNQ
EQOGUVKDNGDJCK
HTWVC
DKGPOCFWTCDJCKMCO
HTWVC
OGFKQOCFWTCMQDMQNJ
HTWVC
OCIWG[OOCK
EQTVCFQTFGOCIWG[GUOCKLKKMFCO
HNQTFGOCIWG[LWNJKKM
RGPECFGOCIWG[ZKOCCV
EQEKFC
OC\OLWWP
DCMEJM
JGTXKFQUKPECN
LCCM
VQUVCFQ
JGTXKTOC\DCMEJKC
UKPECN
OCNRTQPRCTDCP
KPEQORNGVQQFGHKEKGPVG
JCDNCTOCNCKEJWZFJC
FGCNIWKGP
OW[OCNRCTDCPRZ
SWGGUOCNCUGCNQZDK
OCNFCFH
SWGVKGPGCNIWPCOCNFCFMQQZK
RQTPQ
EQPHGUCT
OCNQOCNCCFLDWCO
GURTKVWOCNQVQQDQNJKM
OCNVTCVCTXVDWCODWCFC
FCDKC
CPKOCN
OCNVTCVCFQOCNVTCVCFCFJCDK
CPKOCN
OCOHPCCP
OCOCTXK
FGLCTFGOCOCTFQEJKFJC
OCPCPVKCNODKDKCVCO
OCPEJCTXVMQPDKEJC
FGOQJQ
OCPEJCFQOCPEJCFCFJCNJZKOC
OCPFCTXVEJKKC
LQQVUC
CJCEGTQCNNGXCTCNIQ
LQQEJZKFJC
CQVTCRGTUQPC
OCPFDWNCH
OCPFDWNCKPHGTKQTLCOMU
OCPGTCH
FGCNIWPCOCPGTCPCLCZFJWK
VKGORQRTGUGPVG
QHWVWTQ
FGEWCNSWKGTOCPGTCLCZPCRZLCM
FGKIWCNOCPGTCOKRWK
FGOWEJCUOCPGTCUCKZKO
FGSWOCPGTCPCLCZLCM
FGSWOCPGTC!LCZRM
EWCPFQJC[FWFCFG
EOQJCEGTCNIQLCZLCM
OCPIQOFCCUCTC
FGWPCJGTTCOKGPVC

'&+%+024'.+/+0#4`

OCPKHGUVCT

'52#1.6'2'*70

OCPKHGUVCTXVCCIC
NQQEWNVQ
OCPQHPQD
OCPUQOCPUCCFLOCCPUW
OCCPCHCFXMCDWKOWM
GPNCOCCPKVCMCRDJWKOWM
EWCPFQGORKG\CC
COCPGEGT
OW[FGOCCPCMCVWMICD
CPVGUFGN
ETGRUEWNQ
RCUCFQOCCPCOCCZFJK
OCQUQOCQUCCFLLQKOWM
OCRCEJGODCDQQM
OCTECHDCKWO
FGNHKGTTQ
OCTECTXVDCKOKEJFJCFCCUC
EQPHKGTTQ
OCTEJKVCTXVDJCCVC[C
RNCPVC
OCTEJKVQOCTEJKVCCFLDJCCVC
RNCPVC
OCTKRQUCHLQMOCT
OCTTCPQOVQQZMQNJ
OUCFXFCOCP
RCTCEQPVCT
KQO
RCTCEQORCTCT
FQUXGEGUOUIQQMLCMDWK
OUCNNDCCU
UGXGDCCUFT
PQUGXG
OUQOGPQUKCORZ
PCFCOUIWOQQ
PCFCOUSWGFCKPC
QVTQOUQVTCOULWOCKR
FGNCOKUOC
HQTOCQENCUG
WPRQEQOUKCO
FKUVCPEKCRWR
ECPVKFCF
OCUCHVWK
FGOC\
LKKD
DCVKFCEQPCIWC
OCUEQVCHUQK
OCUVKECTXVDKRKC
RCTCUCECTNGGNLWIQ
MKDKC
UKPVTCICT
MKDFJC
RCTCQVTCRGTUQPCQCPKOCN
MWMOKC
EQUCUUGECU
KTOCUVKECPFQMWOKKFJC
EQUCUUGECU
OCUVKECFQOCUVKECFCDKRKZ
OCVCH
SWGJC[OCVCUOQRQNJK
FGCTDWUVQUQ
\CECVG
OCVCFQTOMQQPFCO
FGCPKOCNGU
OCVCTXVOWCC
OC[CVGOLKZMCKMQEJKCOCNJ
OC[QTCFL
GNOC[QTDRMCO
RCVKQOC[QTLKEJQPVCO
FGNOKVQVG
VTCFKEKQPCN
OC[QTFQOQOFWDKCMCO
FGWPCHKGUVC
VTCFKEKQPCN



OC[QTFQOQRTKPEKRCNMMCO
FGNRCVKQ
EGTGOQPKCN
UGIWPFQOC[QTFQOQWOWCIO
FGNRCVQ
EGTGOQPKCNNKVGNKPXKVCFQT
UGTOC[QTFQOQFWKDJ[C
FGWPCHKGUVC
VTCFKEKQPCN
OC\QTECH
JQLCFGOC\QTECLCCVWM
OGRTQPLK
CC
GPHVKEQ
OGFKCFQUCFL
COGFKCFQUFGTDCPLKODJCM
OGUQUGOCPC
OGFKCPQEJGH
COGFKCPQEJGTCCDVWMCC
OGFKQFCO
CNOGFKQFCLKZFJCCOFWWM
EWCPFQGNUQNGUV
FKTGEVCOGPVGCTTKDC
CPVGUFGNOGFKQFCVMQDFWWM
NCUFKG\QNCU
QPEGFGNCOCCPCNKVGNUQNGUVCNVQ
OGFKQOGFKCCFLORC
GPOGFKQFGVT
OWEJCUEQUCUUGOGLCPVGU
UCCFJCP
FQPFGGUVPRCTCFQULWTCCD
GNFGGPOGFKQVTCDMCO
OGFKTXVLWRCCDFC
OGLKNNCHMCCO
OGLQTCFLCFX
CNQOGLQTOQQEJK
OGPGCTXVZKQPC
NSWKFQ
ZKMMWKFJC
RCTCSWGUCNIC
FCOWFJC
RCTCQVTCRGTUQPC
OGPQTCFL
GNOGPQTNCOGPQTICVWWMMCO
OGPQUCFX
OUQOGPQUKCORZ
OGPVKTXKKCVC
KCVIKFJC
CQVTCRGTUQPC
OGPVKTQUQOGPVKTQUCCFLZQRMK
OGPWFQODQQMCPLKFJQQT
COGPWFQLKTOCCP
OGKSWGCFLO
FGFQOGKSWGNJKEJFJC
OCPQQRKG
OGTQOGTCCFL
CNNOGTQOKRWK
[COGTQVKRWR
CFPFGOGTQ!RCCUNJ
OGUOOCUCCP
OGUVK\QOGUVK\COHPCCDCV
RGTUQPC
OGVCVGOOCVVWT

'&+%+024'.+/+0#4`



'52#1.6'2'*70

OGVGTXVXRTPNDCCUC
DCCZFJC
RCTCQVTCRGTUQPC
ICCOW
GPWPUCEQQWPCDQNUC
ICCOFJC
RCTCQVTCRGTUQPC
DCMKC
UWLCPKO
LWTPKC
KPFGDKFCOGPVGCNTQ
GUVCTOGVKFQGUVCTOGVKFCDCCZ
UWLKPCP
OG\ECNOLKZMCKEJKQDQTFC
UCITCFQ
OG\ECNCITKQDJCKMWWICP
NQSWGUCNGCN
VGTOKPCTFGFGUVKNCTGNOCIWG[
VQOCTOG\ECNPCDCKEJFJC
EGTGOQPKCN
OG\ENCTXVDPFC
FCDKC
EQPCIWC
FCDKFJC
EQPCIWCRCTCQVTCRGTUQPC
OG\SWKVCNO
'N/G\SWKVCN$QQFCOVCO
NWICT
OKCFLLK
OKULK
ORTQP
COCC
GPHVKEQ
OKGFQO
FCTNGCWPQOKGFQVQQPPKC
FCTNGOKGFQCWPQEJQQPPKC
SWGVKGPGOKGFQDJK
OKGFQUQOKGFQUCCFLEJDJK
OKGNHODCVODCV
SWGVKGPGOKGNODVC
OKGPVTCUCFXEQPLMCRWR
OKTEQNGUO
OKTEQNGUFGEGPK\CUKPKKU
OKNRCHICC
ICCDJCT
EQUGEJCFQ
GPNCOKNRCICCVT
OKTCTXVLQQLQKFJC
OKTCV
OKUOQOKUOCCFLCFX
JCEGTNQOKUOQDKEJWNJFJC
CQVTCRGTUQPC
RQTUOKUOQRQTUOKUOCFNJRZ
OKVCFH
CNCOKVCFTDCP
OKVQVGOZKQVCNJ
KPKEKCTOKVQVGVWFCCUC
EQOQRCTVKEKRCPVG
OQEQOUCUQQ
FGNCPCTK\
SWGNGUCNGOQEQZCUQQ
FGNCPCTK\
OQFQO
FGCNIPOQFQLCZFJWWM
FGQVTQOQFQOCCMCO
FGSWOQFQPCLCZFJWWM
VKGORQRCUCFQ

OWEJQOWEJC

FGSWOQFQ!LCZFJWWM
VKGORQRCUCFQ
OQJQUQCFLMQPDK
OQLCTXVDCFKFJCDCPPKC
DCTIKFJC
NNWXKC
DCPPKFJC
EQORNKPCP
DCPPKZFJC
RCTCQVTCRGTUQPCEQORNKPCP
MKRKEJC
FGOCUKCFQVKGTTCWQVTCEQUC
RQNXQTKGPVC
OQLCFQOQLCFCEJWDCC
TGCQEQPLWPVQFG
EQUCUMCRCK
EQORNGVCOGPVGDCCDCTCC
OQNECLGVGOVQRCC
OQNGOLWPOCP
OQNGFGVQOCVKNNQUQURQMCNJLWPOCP
OQNGTXVDKKNJFJC
HKPQ
VWKMPC
PQOW[HKPQ
VWKURC
EQUCUFGUGECFCU
VWWVC
EQUCUDNCPFCU
PQDKGPOQNKFQPQDKGPOQNKFCEJCCVCM
OQNGUVCTXVDWCODWCFC
OQPVCTXV
UKNNCFGOQPVCTZKKT
OQPVGO
GPGNOQPVGWZEJT
OQTCFQOQTCFCCFLOLMQPOC
UWDKFQ
OWTCCPOC
QUEWTQ
OQTFGTXVM[C
EQPNCDQEC
OQTGVPO
SWGVKGPGWPOQTGVPTCCO
OQTKTXKOWMKC
PQTIKC
GWHGOKUOQ
OQTKTUGFGJCODTGWCOC
OQTTCNOCTRWWU
FGVGLKFQHKPQFGCNIQFP
CUCCM
FGVGLKFQOCNNCFQFGKZVNG
DJCKOMCT
DQTFCFC
OQUECHOWWDCNJ
OQUSWKVQODCCOW
OQVCHDJCUCNJ
FGJKNQRCTCCFQTPCTDQNUCU
DQTFCFCUQVGLKFCU
OQXGTXVXRTPNLQKC
PWKC
MCKDC
CNGUVCTCEQUVCFQ
OWEJCEJCHV[CC
FGSWKPEGCQUQOUFGGFCF
OWEJCEJKVCV[CZ
FGQEJQCECVQTEGCQUFG
GFCF
OWEJCEJQODKCROC
FGOUFGCQUFGGFCF
OWEJQOWEJCCFXKQOOWK
I
ECPVKFCF
FGUFGJCEGOWEJQVKGORQDCLMFT
FGOWEJQUVKRQUDZCKZKOVWO

'&+%+024'.+/+0#4`

OWGUEC

'52#1.6'2'*70

JCEGOWEJQVKGORQDCLM
OWEJCUEQUCUDZEJW
OWEJQTCVQOM
PQOWEJQEJCORM
OWGUECH
EQTVCTWPCOWGUECIKFJWWNJMCFC
GPWPTDQN
OWITKGPVQOWITKGPVCCFLEJWM
EWGTRQ[TQRC
OWLGTHWDKK
OWNVKRNKECTXV
PQOWNVKRNKECTUGHEKNOGPVGZKOFCC
CPKOCN
SWGUGOWNVKRNKECOWKFJCNJK
RTQPVQ
OWPFQOQKICP
OWTEKNCIQOPCMONJ
/WTJWCVC/WTDCV
NWICT
OWTOWTCTXKCKEJWZFJC
FGCNIWKGP
OUKECHUCCUCD
OWUKECNCFL
KPUVTWOGPVQOWUKECNUCCUDKMCT
OUKEQOUCDFCO
UQMDQNJ
FGNOKVQVG
OWUNQOMCK
OW[CFXCOIKKNJKOKQO
EJWMWWO
FWNEGQUCNCFQ

0
PCEGTXKFDKCOCCZKNJKC
IZKC
CPKOCNQHTWVQ
VCCRKC
CXG
PCFCHEJCOVWPKEJEJWPKLZ
CPVGUSWGPCFCDRMCV
EQOQUKPQRCUCTCPCFCICOTFCV
FGPCFCEJCOVW
TGURWGUVC
PCFCOURZ
PCFCOUSWGFCKPC
PCFCTXKIZKC
DWGPQRCTCPCFCTIZK
PCKNQPOPCKNQ
RCTCEWDTKTGNEWGTRQ
PCNICHCVRQT
PCTCPLCOPCTCCPMCU
NNGPQFGLWIQFGPCTCPLCPCTCCPMCUOC
PCTCPLQOPCTCCPMCU
PCTK\HFCCM
RGTUQPC
RGICTUGFCMDW
PCVKXQPCVKXCCFLO
PCVKXQFGPCVKXCFGMCO
RGTUQPC



PGDNKPCHLKMQQO
PGEGUKVCTXVCCIC
PEVCTOVVIQZ
FGHNQTGU
PGITQPGITCCFLEJWM
RQPGTUGPGITQRQPGTUGPGITCVWMNJKC
RQT
JGNCTUGRNCPVC
RQPGTUGPGITQRQPGTUGPGITCVWMNJKC
XKWFCPGITCLKKEJQDC
CTCC
PKFQOMQU
PKGDNCHLKMQQO
SWGJC[PKGDNCLKMOC
PKGVQPKGVCOHCDWKN
FGWPCOWLGT
MWWNUK
FGWPJQODTG
PKGXGHLCDQQMMD
PKIWCHDR
KPUGEVQ
PKPIWPQPKPIWPCCFL
CPKPIWPCRCTVGEJCORCK
GPPKPIWPCRCTVGEJCORCK
PKQPKCOHCNJKK
PKKVQPKKVCNJKK
VTOKPQFGECTKQ
PKXGNO
CNPKXGNLWRCCDCP
PKZVCOCNOOCVCKOCP
JCEGTPKZVCOCNOCVCKOFC
PQCFXEJCO
EJCOVW
EJC
RCTCKPVTQFWEKTWPTGICQ
EJCR
RCTCKPVTQFWEKTWPCRTQJKDKEKP
PQGUVDKGPEJCODJCK
RQTSWGGUVQTDC
RQTSWGUKPQMWVVW
VQFCXCPQEJCMWK
PQSWG!PCDC
RQTSWPQ!EJCODJCK
PQEJGHVWMCC
CPQEJGVWMCC
PQEJGEQTVCCNJKEJEJWMCC
PQODTCTXVVVVI
FCCUC
CWPECPFKFCVQ
PQODTCTEQOQRCTKGPVGKKOKC
CNUCNWFCT
PQRCNOKKDJCKPCD
PQURTQPLKEJEJ
CCEJ
GPHVKEQ
PQUQVTQURTQPCCEJ
CPQUQVTQUCCEJ
GPHVKEQ
PQVCTXVOCCZ
PWDGHVDCC
SWGJC[PWDGUMC
PWDNCTXKVDIKNJKC

'&+%+024'.+/+0#4`



'52#1.6'2'*70

PWDNCFQPWDNCFCEJDCC
PWECHMWUWWR
PWFQODWK
FGNCOCFGTC
COCTTCTEQPWPPWFQDJWUCCNJOCMKC
RCTC
SWGPQUGTGEQTTCNCUQIC
PWGUVTQPWGUVTCCFLRTQPLKEJEJ
PWGXGCFLZKLWOOCCMQD
PWGXQPWGXCCFLZKDMCO
FGPWGXQIKQR
FGURWUFGRQEQVKGORQRWKR
POGTQO
FGKIWCNPOGTQLCMDWK
PWPECCFXEJCOLZFJCLZFJC

1
QEQPLRKCO
CNVGTPCVKXCPQRTGIWPVC
MC
CNVGTPCVKXCGPWPCRTGIWPVC
QDGFGEGTXVMCC[C
QDUEWTQQDUEWTCCFL
RQPGTUGQDUEWTQRQPGTUGQDUEWTCVWMNJKC

RQTCUQNGCTUGRKGN
QDUGTXCTXVLQQLQKFJC
QDUVTWKTXVUQQOFJC
RCUQ
VCCDKFJC
NW\ECNQTQNNWXKC
QDVGPGTXVDJ[C
QEJQCFLZKLWODCKM
QEQVGOLWMLWMLKZDJCKMCO
QEWNVCTXVXRTPN
XGTUGQEWNVQXGTUGQEWNVCVWMNJKC
OQFKUOQ
QEWNVQQEWNVCCFL
QEWNVCOGPVGZEJWKZKO
QHTGEGTXVCCFJC
CEKGTVQRTGEKQ
QHTGPFCTXVVMKC
QFQOPCCM
UWLCPKO
QTXVMCC[C
MCKFJC
MCKEJFJC
MCKEJC
TWKFQ
RZEJ[C
FGNGLQU
JCEGTQTMCKEJFJC
Q[GR
QLQODWK
QNGTXVDJKC
QNHCVQO
SWGVKGPGDWGPQNHCVQDJK

RCFTG

QNNCHLCCC
FGEQEGT
DCKFJCMCT
RCTCCNOCEGPCTCIWC
QNNCFGDCTTQDJKLCCC
QNNCFGEGTOKECIKTKEJLCCC
QNXKFCTXVLMDWC
QODNKIQOLKM
QRTKOKTXVDQKURC
DQVP
QTCEKPHOCOVWP
TKVWCN
QTCTXKFCKCPQMKC
QTFGCTXVUWWUUC
QTFKPCTKQQTFKPCTKCCFLLCRRZ
QTGLCHPCCM
UWLCPKO
QTKGPVGOZKCNJDWK
FQPFGUCNGGN5QN
FGNQTKGPVGVCKFJTLCM
QTKIKPCTKQQTKIKPCTKCCFL
QTKIKPCTKQFGQTKIKPCTKCFGMCO
RGTUQPC
QTKNNCH
GPNCQTKNNCLWIKK
QTKPCHLK
QTKPCTXK[CCC
JCEGTQTKPCT[CVFC
QUEWTGEGTXKVWMIKC
CNQUEWTGEGTLKFJFORWIM
QUEWTQQUEWTCCFLEJWMICO
GNFC
QUQODQQLK
1UC/C[QTUCMCCNJLKKOFCO
EQPUVGNCEKP
QVTQQVTCCFLRTQPLWOCK
CNQVTQNCFQDCCUPFT
FGNCTTQ[QFGNTQQFG
NCHTQPVGTCOQOMQTCP
OW[NGLQUPQUGXG
CQVTCRCTVGOWLCMRCK
FGNQVTQNCFQMWW
EWCPFQGUVCEQUVCFQUWL
CPKO
FGQVTQOQFQOCCMCO
GPNCQVTCECTCLCMFT
QVTCXG\IKQR
FGURWUFGCNIPVKGORQRWKR
QVTQUQVTCULCKLOCP
RCTCEQORCTCT
QVTQOUQVTCOULWOCKR
FGNCOKUOC
HQTOCQENCUG
QXGLCHMCUPKT
MCEJKNJ
TGEKPPCEKFQ
QXKNNQOVWWMK
FGNCPCJKNCFC
QXQKFGCFLMCDWWNJKM

2
RCFTGOVCCVIMQTC

'&+%+024'.+/+0#4`

RCFTKPQ

'52#1.6'2'*70

PWGUVTQRCFTGLKEJEJCCV
0WGUVTQ2CFTG%GNGUVKCNLKEJEJCCVLKZFJCCO
MCOLKEJ)MQTC
RCFTGUFFP
FGHCOKNKC
RCFTKPQORCTKKP
RCICTXVPCOMKFJC
EQPFKPGTQ
RLCTQOWKK
RNKFQRNKFCCFLEJWCC
UWLCPKO
RCNOCHUQQDQNJ
ECPCUVCFGRCNOCUQQDQNJDCCNJ
UQODTGTQFGRCNOCUQQDQNJDQPCCO
RCNOCFCH
FCTRCNOCFKVCUIDZKFJC
EQPECTKQ
RCNQOWWZ
RCNKVQDQQ
RCTCOGPGCTGNPKZVCOCN
RCNQEQPWPCNCODTGTCOWWLW
RCTCCOCTTCT
RCNQOCH
RCNQOCQEQVGTCIKQFC
RCNQOKVCH
JCEGTUGRCNQOKVCU[QQVC
OC\
RCNQOKVCU[QQZEJWNJ
RCNRCTXVVCCVC
RCPORCCP
RCPCNORCPCCNJKZ
FGCXKURC
RCPVCNPOUCDWKTCZ
FGOCPVC
RCPVCPQUQRCPVCPQUCCFLEJWFWPRKM
RCPVQTTKNNCHVOCKEJ
RCP\CHDJWWV
RCQORCCKQ
TGIKQPCNKUOQ
RCWGNQORCCKQ
RCRCH[CCVWK
RCROVCCV
PWGUVTQRCRLKEJEJCCV
RCTCRTGR
RCTCSWGPCDC
RCTCTXVMZFJC
GPRQUKEKPXGTVKECNRCTC
QVTCRGTUQPCMMC
MUC
EQORNKPCP
MMDQ
UWLCPKO
FCKDW
CXG
UNJMUC
FGTGEJQEQORNKPCP
C[WFCTCRCTCTMMDWKEJFJC
GUVCTRCTCFQGUVCTRCTCFCUNJMM
FGTGEJQ
RCTEJCTXVFCCZFJC
FCCZZKFJC
RCTCQVTCRGTUQPC
RCTGEGTXK
RCTGEGJKGNQMDCC
RCTGEGSWGEJKOQQPCDCRCPCCU



SWGUGRCTGEGQK
CQVTCRGTUQPC
SWGUGRCTGEGCPCLCZEJWO
RCTGLCH
RQTRCTGLCIQIQM
RCTGLQRCTGLCCFLLWRCCDCP
RCTKGPVGOLCFWW
PQODTCTEQOQRCTKGPVGKKOKC
CNUCNWFCT
UGTRCTKGPVGKKOKC
RCTKTXVFDKCEJWFC
OCNRCTKTVWLKDWC
RCTVGHMCR
CEWCNSWKGTRCTVGRCKPCRZLCM
CPKPIWPCRCTVGGPPKPIWPCRCTVGEJCORCK
CQVTCRCTVGOWLCMRCK
FGRCTVGURGSWGCUDKKO
GPEKGTVCURCTVGURCKPCLCZ
GPEWCNSWKGTRCTVGRCKPCRZ
CSWRCTVG!RCLCM
RCTVKFQOVVDKEJCO
FGRQTVKXQ
RCTVKTXVQOPC
VCCRPC
EQPJCEJCQEWEJKNNQ
VCCRKC
RQTRGICTQRQTUGECTUG
VCVPCMKC
RQTUGECTUG
SWGUGRCTVGHEKNOGPVGEJCCVMK
RQTUUQNQ
EJCVPCM
RCUCTXVXRTPNDJ[C
DWWUPKC
UWLCPKO
LWTPKC
NWICTHGQQTQETGEKFQ
FWKC
RQTEKTEWPUVCPEKCTCTCQOCNCQRQT
CEVQPCVWTCN
IDMW
NKIGTCOGPVGRQTGNEWGTRQ
DJCKDEJKC
RGTFGTUWUCDQT
DJCKDEJWFC
GNVKGORQCFGEWCFQFGTGCTCTNC
OKNRC
VDKCRW
NCPQEJG
C[WFCTCRCUCTLWTWWFJC
NWICTHGQQTQ
ETGEKFQ
DWGPQRCTCRCUCTLWTPK
NWICTHGQQTQ
ETGEKFQ
JCEGTRCUCTDJKEJFJC
EQORNCPKO
RUGNGLCDCCM
JCEKCCFGPVTQLCOKCM
HQTOC
CPVKIWCLCOLR
NKVFGUECPUG
SWGUGRWGFGRCUCTHEKNOGPVGEJWDJCCK

TGC
RCUGCTXKRCZKCTC
RCUQODWWUCP
GPGNECOKPQ
LWTWW
NWICTHGQQTQETGEKFQ
RCUVQO
SWGJC[RCUVQZCKK
RCVCHVQQP

'&+%+024'.+/+0#4`



'52#1.6'2'*70

RCVCFGNCPVGTCPQD
RCVGCTXVMKC
MCRKCPC
EQPNCURCVCUFGNCPVGTCU
RCVKQOPKMCTVCO
EGTGOQPKCN
RCVKQEQOWPCNLKEJQPVCO
FGNOKVQVG
VTCFKEKQPCN
RCVKQOC[QTLKEJQPVCO
FGNOKVQVG
VTCFKEKQPCN
RCVTPRCVTQPCOIMCO
RGECFQOWCVWNJFJCTC
RGECTXKWCVWNJFJC
RGEJQODJCCUQV
RGTUQPCQCPKOCN
VQT
CXG
RGFC\QORCNJR
RGSWGQ
VCCM
ITCPFG
GPRGFCEKVQUDKK
OW[EJKSWKVQUDKKO
PQOW[
EJKSWKVQU
RGFKTXVEJKKC
JCEGTCNIQ
VCKC
EQORTCFQQTGICNCFQ
VCCZKFJC
EQORTCFQQTGICNCFQRCTCQVTC
RGTUQPC
RGFKTC[WFCWOWCFJC
RGFTGICNOEJKQEJT
RGICLQUQRGICLQUCCFLEJWDJKURCTC
RGICTXVIDKC
EQPRCNQQEWGTQEQORN
CPKO
KCDWKFJC
EQPRCNQQUQICEQORNCPKO
MCRKCPC
EQPNCUOCPQUUQQUPKC
EQPCNIQ
FWTQ
UWWNJIKFJC
EQPUQIC
DJKURC
EQPRGICOGPVQ
GUVCTRGICFQGUVCTRGICFCDJKUCR
EQP
RGICOGPVQ
RGICTUGFCMDW
GPNCPCTK\
SWGUGRGICHEKNOGPVGKCFJCTC
EQUC
GURKPQUC
RGKPCTXVICZDWUUUC
RGNCTXVNJRKIC
EUECTC
UQDMQPC
OCFGTC
RGNGCFQTCFLMQQMFCTC
RGNGCTXKMQMFC
FCPIKC
GPVTGU
JCEGTRGNGCTMQMFJKEJFJC
EQORNRN
RGNGPCFLMQQMFCTC
RGNKITQUQCFLIKFJWWNJ
ECOKPQ
RGNQODCRQQ
RGNPRGNQPCCFLFJCCRCM
RGNWSWGTQRGNWSWGTCOHLKKMFCO
RGPECH

RKECPVG

RGPECFGOCIWG[ZKOCCV
EQEKFC
RGPUCTXVCCICNJFJC
ICCIC
NKVDWUECTGPUOKUOQ
VEJQ
GPWPTGEWGTFQ
RGPUCTFGEKTDKEJWNJFJC
CQVTCRGTUQPC
RGCUEQODCCRCK
RGCUEQUQRGCUEQUCCFLDCCRCK
RGRGPCTXVVVDKC
RGSWGQRGSWGCCFLCNJKEJ
FGRCTVGURGSWGCUDKKO
RGSWGKVQRGSWGKVCNJKEJ
RGTEKDKTXV
DWGPQRCTCRGTEKDKTEQUCUCVTCXUFGNQU
UWGQUEJVMK
RGTFGTXVXRTPNOCKDWCOCKIZKC
QZKFJC
EQORNCPKO
VWMCCFJC
VKGORQ
GUVCTRGTFKFQGUVCTRGTFKFCMCCV
RGTFQPCTXVWCFJC
CQVTCRGTUQPC
RGTOGCDNGCFLCUMK
VGLKFQ
RGTOKUQO
FCTRGTOKUQFGSWGFCTUGVDKCRVWFC
RCTC
RCUCTNCPQEJG
RGTQEQPLMWIW
IWOCVICO
CNEQPVTCTKQ
RGTTQRGTTCOHICIQQZ
RGTTKVQRGTTKVCZKKICP
RGTUGIWKTXVCTFKOKC
RGTUKIPCTXVMWTWWUVWFC
RGTUQPCHOCCPMCO
EWCNSWKGTRGTUQPCLCTQKPCRZ
RGTUQPCULCVMCO
RGTUQPCKORQTVCPVGIMCO
RGTUQPKHKECTXVLWRCCDFC
RGUCTXK
CRGUCTFGSWGRCPCCU
RGUCFQRGUCFCDV
SWGRGUCRQEQLCDQQM
RGUECFQODCVQQR
RGUVCCHLDQ
RGVCECH
RGVCECFGEWTCPFGTQDQUCC
JGEJCFGUQ[CVG
RCTCIWCTFCTHNGEJCUEGTGOQPKCNGU
RGVCVGOOCK
DCMZKFJCTC
RCTCFQTOKT
SWGUCDGJCEGTRGVCVGUOCKEJCNJK
RG\ODCVQQR
RKECPVGCFLMCQQM

'&+%+024'.+/+0#4`

RKECT

'52#1.6'2'*70

RKECTXVQOPCUZKC
UZZKFJC
UWRGTHKEKCNOGPVG
M[C
EQPGNCIWKLP
DJCKFJC
EQPEJKNG
RKEQOEJK
RKGOVQQP
CNRKGFGUCPQQRUQPRCP
CRKGMQM[QMP
OQFKUOQRWK
GUVCTFGRKGMMC
RQPGTUGFGRKGMMDQ
UWLCPKO
RKGFTCHLQFCK
RGSWGC
RKGFTCFGCHKNCTOWCMCT
RKGFTCFWTCUQQMCT
RCTCRGICT
SWGVKGPGRKGFTCULQQFCK
RKGNHLQ
RGTUQPCQCPKOCN
RKGTPCHVQQP
EQPNCURKGTPCUETW\CFCUPCRCCNJ
RKNQPEKNNQOOCKMCM
RKPQOLWM
RKPQTGUKPQUQLWMLKZDJCKMCO
TCOCUFGRKPQLWMOCCOTC
TGUKPCFGRKPQQUCCO
RKPQNGOVWKUCR
RKPVCTXVOCOZKFJC
RKPVQRKPVCCFLCQKFJCNJZKOCZWTKKNJOC
RKCHLWMKKDJCKFJC
RKQLQOCCCV
RKQLQUQCCCV
SWGVKGPGRKQLQULKRVC
DNCPEQUGPGNEWGTRQ
RKRCHFWKMCT
FGHWOCT
RKUCTXVMKURC
RKUQOFTCR
RKUVCHPKMCTVCO
FGNOKVQVGVTCFKEKQPCN
RKVCJC[CHIKUWNJ
RKVCTXVMWKEJFJC
ENCZQP
RK\ECH
RQECFGRK\ECQTCDJCM
PQXKGODTG
RK\ECTXVQTCC
RNCPGVCOQKICP
RNCPQRNCPCCFLIKQQ
RNCPVCTXVFCCUC
RNUVKEQO
EWDKGTVCFGRNUVKEQPCKNQ
RCTCEWDTKTGN
EWGTRQ
RNCVCHQTOCHDQRVQ
FGVCDNCU
RNVCPQOMCTWWO
RNVKECHCIKEJCO



JCDGTRNVKECCIC
RNCVQOLQQZKC
RNCVQFGDCTTQDJKLQQZKC
RNC\QO
FCTRNC\QFCCZFJC
CQVTCRGTUQPCFCCUC
RNGKVQO
SWGNGIWUVCDWUECTRNGKVQUKQMDQNJK
RNWOCHCPC
UCNKTRNWOCUCPICVC
RNWOCLGODCRQQ
RLCTQ
RQEQRQECCFLRTQP
JCEGRQEQMKCRZ
RQEQCRQEQUCCNJ
RQSWKVQRCNJR
VKGORQ
WPRQEQCNJKEJRC
WPRQEQOUKCO
FKUVCPEKCRWR
ECPVKFCF
CRQEQ!UCRRMDC
RQFCTXVMWWORKIC
RQFGTXVPCMICRQFGGTQ
SWGUGRWGFGDJCCK
RQNVKEQRQNVKECCFLCKZMCO
SWGUGETGGRQNVKEQCKZ
RQNNQOVCMCCTWK
RQNNKVQRKKRKNJ
SWGVKGPGRQNNKVQUMQVIKZ
CXG
RQNXQO
RQNXQTKGPVQEJWOQKM
TGC
SWGJC[OWEJQRQNXQEJWMWWDJU
ECOKPQ
RQPEJCTXVZKRKC
NNCPVCQRGNQVC
RQPGTXVCCFC
RCPVCNPHCNFCQ\CRCVQU
CCFJC
RCPVCNPHCNFCQ\CRCVQUCQVTC
RGTUQPC
FCCUC
EQUCUPQNCTICU
FCCZZKFJC
TGOGFKQGPGNEWGTRQFGQVTC
RGTUQPC
ICCOFJC
RCTCQVTCRGTUQPC
ICCOW
GPWPUCEQQWPCDQNUC
MUC
EQORNKPCP
MUC
UQODTGTQ
MZFJC
GPRQUKEKPXGTVKECNRCTCQVTCRGTUQPC
VKFJC
ECOKUCQDNWUCCQVTCRGTUQPC
VMKC
GPRQUKEKPJQTK\QPVCNEQORNKPCP
V[C
TQRC
RQPGTUGWPUQODTGTQDQPOCVFC
RQPGTCFGPVTQDCCZFJC
RCTCQVTCRGTUQPC
DCCUC
RQPGTCNIQFPFCCZFJC
EGTGOQPKCN
RQPGTCKPEWDCTDQQFC
CXG
RQPGTFKGPVGUVCCVOWVFC

'&+%+024'.+/+0#4`



'52#1.6'2'*70

RQPGTXGNCEGTGOQPKCNDFJC
RQPKGPVGOLWTPKR
FGNRQPKGPVGCPUCRFTLCM
RQTRTGRCOTCO
DZ
NQNCTIQ
RQTSWGEQPLPCIW
RQTSWGUKPQMWVVW
RQTVCTXVXRTPNDWCODWCFC
OCNEQPQVTC
RGTUQPC
RQUKDNGCFL
RQUKDNGOGPVGMCVVK
RQUVGO
RQUVGFGNTKPEPVVPQTC
RTGEKUQRTGEKUCCFL
RTGEKUCOGPVGCORM
RTGIWPVCTXVVMMC
CIKFJC
CQVTCRGTUQPC
RTGPFCHLCPPWNJ
RTGPFGTXVDFJC
RCTCSWGCNWODTG
OKEJFJC
CRCTCVQGNEVTKEQ
O[C
HWGIQ
RTGQEWRCTXVCCIC
RTGRCTCTXVDKQOC
CPKOCNOWGTVQRCTC
EQEGTNQ
ICCOFJC
EQOKFCRCTCNNGXCTRCTCQVTC
RGTUQPC
KCTC
JKNQURCTCVGLGTWPCVCNGIC
DKGPRTGRCTCFQCDKCTZKO
EQPDWGPCTQRC[
CTOCU
RTGUGPVCTXVLWEJWFC
CNPKQGPGNOKVQVG
JCEKPFQNGEQOGTEQOKFCTKVWCN
RTGUVCTXVVCKDWKFJC
CQVTCRGTUQPC
UKKURC
FKPGTQ
RGFKTRTGUVCFQVCKDWKFJC
FGQVTCRGTUQPC
RTKGVQRTKGVCCFLEJWM
RTKOGTQCFXDRMCV
DR
VKGORQ
DRFT
CPVGUFGQVTQGXGPVQ
RTKOGTQRTKOGTCCFLDR
GPNCHKNC
GNRTKOGTNCRTKOGTCDRMCO
RTKOGTFCFCKEJCO
FGNOKVQVG
RTKOQRTKOCOH
RTKOQJGTOCPQRTKOCJGTOCPCZKKZ
JKLQQ
JKLCFGNJGTOCPQQFGNCJGTOCPCOC[QTFGN
RCRQFGNCOCOZKMW
JKLQQJKLCFGN
JGTOCPQQFGNCJGTOCPCOGPQTFGNRCRQ
FGNCOCO
RTKOQNGLCPQRTKOCNGLCPCZKKZOMFTMCO
ZKMWOMFTMCO

RWTKHKECT

UWRTKOQJGTOCPQUWRTKOCJGTOCPC
URFJK
JKLQQJKLCFGNJGTOCPQQFGNC
JGTOCPCOGPQTFGNRCRQFGNCOCO
ZKQIK
JKLQQJKLCFGNJGTOCPQQFGNC
JGTOCPCOC[QTFGNRCRQFGNCOCO
RTKUCH
VGPGTRTKUCLQVOCFJC
RTQDCDNGCFL
RTQDCDNGOGPVGIWEJK
RTQDCTXVVCCVC
FMC
CNKOGPVQ
RTQDNGOCOMQMFC
RTQFWEKTXVLQKFJC
RNCPVC
RTQFWEKTOUINJFJC
RTQHWPFQRTQHWPFCCFLEJWWMCO
VKGTTCQ
CTGPC
VWWMCD
JQ[Q
PQRTQHWPFQMQOCCNJKO
VKGTTCQCTGPC
RQEQRTQHWPFQOCCZKM
RTQIGPKVWTCHVCLCCK
RTQJKDKTXV
GUVCTRTQJKDKFQGUVCTRTQJKDKFCZKFJWW

EGTGOQPKCNOGPVG
RTQPVQCFXEJCOZKKOLQQVQO
RTQRUKVQO
EQPGUGRTQRUKVQFJKMP
EQPSWRTQRUKVQVWMWDC
RTQVGIGTXVRIKFJCRCNJDWKFJC
RWFTKTXVFDCC
RQFTKFQFJDCCNJ
RWGTEQOVQQZMQNJ
RWGTVCH
GPNCRWGTVCMKIQD
RWGUEQPLDCMIWFJQ
RWGUVQCFLO
TGEKDKTWPRWGUVQIMCOVC
RQNVKEQ
RWNICHVCRZ
RWNICTCFLO
FGFQRWNICTIFC
OCPQQRKG
RWNOPOLCDMCNJ
RWNOPFGGPEKPQLCDMCNJK
RWPVCH
EQTVCTNCRWPVCMWWORKIC
FGWPCRNCPVC
RWPVKCIWFQRWPVKCIWFCCFLOWWWM
RWGVC\QO
FCTRWGVC\QUIDKEJRCIC
RWQOUCCMW
FGITCPQUUGEQU
RWTKHKECTXV

'&+%+024'.+/+0#4`

SWG

'52#1.6'2'*70

RWTKHKECFQRWTKHKECFCWC
CNOCQGURTKVW

3
SWGRTQPEQPLPCUCR
SWGVCPVQPCLCZ
SWRTQPLCZVWPCLCZPCVW
FGSWOQFQPCLCZFJWWM
VKGORQRCUCFQ
SWVCPVQSWVCPPCLZ
CSWRCTVG!RCLCM
FGSWOCPGTC!LCZRM
EWCPFQJC[FWFCFG
EOQJCEGTCNIQLCZLCM
FGSWOQFQ!LCZFJWWM
VKGORQRCUCFQ
QSW!LCZRP
RCTCENCTKHKECT
RCTCSW!VWMWDC
RQTSWPQ!EJCODJCK
RQTSWUGT!LCZDCEJK
RTGIWPVCTGVTKEC
LCZLKPCDC
RQTSW!LCZDCLCZMWDC
SWECTCEVGTUVKECUVKGPG!LCZEJWO
SWEQUCUGT!VWPCFC
SWVCPVQ!LZ
SWVCPVQ!SWVCPVC!LCZ
dSWOQQIW
SWGDTCFK\QSWGDTCFK\CCFLQOK
EQUCNCTIC
SWGDTCTXVLCKCLCKMKC
QOPC
GPRGFC\QUQOKC
DKKOUC
GPRGFCEKVQU
VWWOUC
GPRGFC\QUITCPFGU
LCKFJC
RCTCFCTFGEQOGT
SWGDTCFQSWGDTCFCLCKM
SWGUGSWKGDTCHEKNOGPVGLCKMK
DCTTQQ
XKFTKQ
SWGFCTXRTPNDK[C
LWTWWFJC
GPWPNWICT
CC[C
FGVCNNC
IZKC
FGVCOCQ
FCTRGTOKUQFGSWGFCTUGVDKCRVWFC
RCTC
RCUCTNCPQEJG
SWGFCTUCVKUHGEJQSWGFCTUCVKUHGEJCMQQDFC

FGEQOKFC
SWGNKVGOUCCTCRVWMIKC
SWGOCTXVXRTPNOKFJC
O[C
EQUCSWGUGECNKGPVC
SWGTGTXVCC
CWPCRGTUQPCCCIC
LQKFJC
EQORNCPKO
CC
JCEGTCNIQ
SWGTGTEQOGTCC



SWGTGTOWEJQFCVC
EQORNCPKO
SWGNQSWKGTGOWEJQFJCCP
EQORNCPKO
FJCC
EQORNKPCP
SWGSWKGTGEQOGTKKCO
ECTPG
SWGUQOMKKU
JCEGTSWGUQFCIKCPC
SWKGPRTQPPC
RTQPQODTGTGNCVKXQ
SWKGPUGCLCTQKPCRZ
SWKPRTQPLCTQQPCLCTQK
SWKPUCDG!LWODJC
SWKQVGOUCCD
SWKVCTXVXRTPNDCCDWKFJC
CQVTCRGTUQPC
DJKC
FGNHWGIQ
FCDPC
RNWOCUQRGNQ
FCDKC
RKGN
MKUOC
EQPNQUFKGPVGU
MORKIC
NQUWEKQ
MORKZFJC
RCTCQVTCRGTUQPC
MWCPC
EWDKGTVQECOKUCQUQODTGTQEQUC
OGVKFCGPNCVKGTTC
MWCFJC
TQRCFGQVTCRGTUQPC
VKDJKQMC
EQDKLCQTGDQ\Q

4
TC\HVCM
TCLCTXVLCKCLCKMKC
VCCRPC
EQPJCEJCQEWEJKNNQ
VCCRKC
RQTRGICTQRQTUGECTUG
TCOCH
TCOCUOCOTC
TDQN
TCOCUFGRKPQLWMOCCOTC
TCPCHUWDJCCP
TRKFQTRKFCCFLLQVOQFCQD
SWGETGEGTRKFQKKRWK
RNCPVCEJVDKNJK
SWGOCFWTCTRKFQDJCKFJC
HTWVC
SWGUGEWGEGTRKFQDJCKFJC
EQOKFC
TCUECTXVICKDW
EQPNCUWCU
IQQVC
EQPNCUWCUQNCRG\WC
TCUICTXVUCTPC
VGNCQXCSWGVC
UCTPKC
VGNCQXCSWGVC
VCKMKC
TQRC
VCKMPC
TQRC
TCUICFCEJCKMC
TQRC
TCUIWCTXVLQMKCPC
TCURCTXVLKKDC
LWOCC
RCTCGZVTCGTNQUJKNQU
TCVGTQTCVGTCCFLO

'&+%+024'.+/+0#4`



'52#1.6'2'*70

SWGGUTCVGTQSWGGUTCVGTCZDK
TCVQO
CNTCVQLCZK
JCEGTCVKVQDR
OWEJQTCVQOM
RQTWPTCVQCNJKQUGTTCV
TCVPODCUM
HTKLQNFGTCVPDCUMDJCDKK
GLQVGUKNXGUVTG
TC[CH
SWGVKGPGWPCTC[CCPEJCDJKKUCROC
CPKOCN
TC\PH
UKPTC\PCNIWPCICOTFCV
TGDCLCTXVUQDMQPC
OCFGTCQRKGFTC
TGDCUCTXVDJCKDEJKC
CNVWTCQFKUVCPEKC
TGDQ\QOTKDJWWU
TGDW\PCTXKMWWMW
DWTTQ
TGECTICTXVUKKURC
TGEGRVEWNQOVWVWWT
FGNCUGOKNNCFGOCIWG[
TGEJKPCTXKMTPKFJC
NQUFKGPVGU
TGEKDKTXV
TGEKDKTDKGPMICNJFJC
EQORNCPKO
TGEKDKTWPRWGUVQIMCOVC
RQNVKEQ
TGEKGPVGCFL
TGEKGPVGOGPVGMKCRZ
TGEKQCFXMWWFCO
SWGECOKPCTGEKQLKOFJC
TGENCOCTXVCIKFJC
CCIC
NQRGFKFQ
TGEQIGTXVVWDW[C
ITCPQU
TGEQTFCTXVVEJQ
TGEQUGTXVLKKUOC
TGFQPFQTGFQPFCCFLZKMQQNJKM
TGFWEKTXVXRTPN
TGFWEKFQTGFWEKFCEJWDWNJ
ECOKPQ
TGGORNC\CTXVRCVCCUC
TGHNGLCTXVVQVDKMKC
NW\
TGICNCTXVQPDCKFJC
KKOEJWFC
WPCPKOCNCQVTCRGTUQPC
TGICCTXVKQMFJC
TGICTXVDCCIC
RNCPVC
TGITGUCTXKFDKCLCMIZKC
NNGICT[TGITGUCTPQTIKC
TGTXKCZKCLOKC
TGNCORCIWGCTXKDRIKC
TGNKIKQUQTGNKIKQUCCFL
JCEGTTKVQTGNKIKQUQDCPQQUC
TGNKPEJCTXKMWWMW
OCEJQQECDCNNQ

TKGUIQUQ

TGOCTXKDJ[C
DCTEQ
TGOGPFCTXVLKKUOC
TGOQLCTXVDCMEJKC
DCMEJKFJC
EWGTQRCTCQVTCRGTUQPC
TGOQNKPQOZKDQQNJKM
TGPCEWCLQOOCMCTQKEJ
TGPFKTXVINJFJC
SWGTKPFGOWKFJCNJK
RTQPVQ
SWGTKPFGOWEJQMQDMQNJK
EQOKFCCN
EQEGTUG
TGPSWGCTXKQDKCMKC
TGRCTCTXVLQKC
TGRGVKTXV
SWGNGIWUVCTGRGVKTEJWCCZKFJCTC
NQSWG
WPQFKEGEQOQDWTNC
TGSWGTKTXVCCIC
TGUDCNCFK\QTGUDCNCFK\CCFLFJCRKFJCPRKM
EJWFCPRKM
TGC
TGUDCNCTXKFCRKKFJC
KPVGPEKQPCNOGPVG
FCRKC
CEEKFGPVCNOGPVG
TGUKFGPEKCH
GUVCDNGEGTTGUKFGPEKCMKKEJC
TGUKPCHDCCTICP
RKPQTGUKPQUQLWMLKZDJCKMCO
TGUKPCFGRKPQQUCCO
TGUKUVGPVGCFLMCDCCM
TGUQPCTXKVTPKC
UQPKFQHWGTVG
TGURGVCTXV
UGTTGURGVWQUQPKFJC
TGURKTCTXKKKDJKC
TGVQCTXKDCRRCKC
RNCPVCGPTGFCFGTC
KKRWKC
[GOCUWJQLCU
TGVQ\CTXKQKFJC
WPQEQPQVTQ
TGVTCVQOFKVTCCVQ
TGWPKTXVLWORCFC
UWLCPKO
TGXGPVCTXKMKC
UQICQJKNQ
MQDMQ
SWGUGTGXKGPVCHEKNOGPVGMK
JKNQQUQIC
TGXUO
CNTGXULCMFT
TGXQNECTXVXRTPNKCRVMC
TGXQNXGTXVFCOWFJC
RCTCQVTCRGTUQPC
VCLCCPC
PWDGU
TG\CTXVOCOVWFC
DKKMCFC
RCTCQVTCRGTUQPC
TG\QOOCOVWP
TKEQTKECCFLEJWOKICO
TKGUIQUQCFLIKFJWWNJ
ECOKPQ

'&+%+024'.+/+0#4`

TKHNG

'52#1.6'2'*70

TKHNGOMCTCDK
CTOCFGHWGIQ
TIKFQTIKFCCFLIWDWWM
TKPEPOUQQUPCP
CNRKGFGWPEGTTQQEQTFPQ
GPHTGPVGFGWPTDQN
RQUVGFGNTKPEPVVPQTC
TQOCM
TQITCPFGICM
TKUWGQTKUWGCCFLLORC
NKVTKGPFQWPRQEQ
TKVQO
JCEGTTKVQTGNKIKQUQDCPQQUC
TQDCTXVZFJC
FGQVTCRGTUQPC
TQDQOZK
TQECHLQFCK
ITCPFG
SWGGUTQECCK
TQFCTXVVWWNJRC
VWWNJKQRFJC
JCEKCQVTCRGTUQPCQCPKOCN
TQFKNNCHQNJKC
TQGTXVMKUOC
TQLQTQLCCFLD
EJDRIK
TGC
TQORGTXVMKC
UQICQJKNQ
UCTPKC
VGNCQXCSWGVC
TQVQTQVCM
TQPECTXKUCTQMMKC
LCCNQMKC
NKIGTCOGPVGDGD
TQPTQPGCTXKLCCNQMKC
ICVQ
TQRCHLCPPWNJMCMK
VWWMCDK
KPVGTKQT
SWGVKGPGOWEJCTQRCLCLCPPWNJMCMK
TQUCCFLHDIKQO
TQ\CTXVIDMW
NKIGTCOGPVGRQTGNEWGTRQ
TWGFCHTQKP
TWIKTXKLTMKC
TWKFQO
JCEGTTWKFQDTQPEQUCTQMMKC
RTQFWEKTTWKFQMCRKC
EQOQGNFGCRNCWFKT
SWGUQPTWKFQUNGJCEGPGPUQTFGEGTMCC[W
TWODQO
TWODQCOWLCM
EKGTVQFGUVKPQOWLCR

EKGTVCTGC
UKPTWODQICOOL
TWOKCTXVDKKNJFJC

5
UDCFQOUCCRCV



UCDGTXVOCCV
NNGICTCUCDGTOCEJKC
CXKUQQPQVKEKC
SWGUCDGEJWOCCV
JCEGTEQUCUOCPWCNGU
OCCVV
JCEGTWPCEQUC
SWGUCDGCECNDCCRCM
SWGUCDGJCEGTRGVCVGUOCKEJCNJK
UCDGSWFGEKTCKZ
SWKPUCDG!LWODJC
UCDKQUCDKCCFLOEJWOCVFC
UCDQTO
VGPGTUCDQTMCCM
UCDQTGCTXVFMC
CNKOGPVQ
UCDTQUQUCDTQUCCFLIKMCM
HTWVCQXGTFWTC
KQQD
UCECTXVDCCDWLWRPC
DCCDWKFJC
RCTCQVTCRGTUQPCLWRKFJC
RCTC
QVTCRGTUQPC
DWWUCKEJWNJFJC
RCTCQVTCRGTUQPCEQORN
CPKO
DCZDJC
NSWKFQFGCDCLQJCEKCCTTKDC
DJKC
FGNCIWC
DJKKFJC
FGNCIWCRCTCQVTCRGTUQPC
MWCPC
FGFQPFGGUVOGVKFQ
VCMDWPC
FGTC\
DWWUCKFJC
OG\ECN
SWGUCDGUCECTEJWDJKCOWM
FGFQPFGGUV
OGVKFQ
UCECTCIWCDCKFJC
RCTCQVTCRGTUQPC
DCKIKC
UCEGTFQVGORCCNJ
UCEWFKTXVDQZMC
RCTCSWKVCTNCUGURKPCU
UCNHQP
SWGNGHCNVCUCNDCUFCM
SWGVKGPGUWHKEKGPVGUCNQPMCM
UCNCFQUCNCFCCFLQPMCM
UCNKTXKDWWUPKC
FDQKC
NSWKFQ
PWCC
NSWKFQITCPQQRQNXQ
IZKC
HTWVQFGWPCRNCPVCEWEWTDKVEGC
JCEGTUCNKTDWWUCKEJWNJFJC
RCTCQVTCRGTUQPC
EQORNCPKO
JCEGTUCNKTFGNECUECTPVCCVMKEJFJC
CXGU
SWGUCNGONJOWM
TGUKPC
UCNKTDCTDCQDKIQVGEJKDQVC
UCNKXCHEJKDCTCC
UCNVCOQPVGUOUQK
UCNWFCTXVKQMFJC
PCOMKC
EQPTGURGVQDGUCPFQNCOCPQ
UCNXCLGCFLLKIKCTWO
CPKOCNFGNOQPVG

'&+%+024'.+/+0#4`



'52#1.6'2'*70

UCPCTXVFWCFJC
CQVTCRGTUQPC
UCPFCHUCPFKK[CU
UCPITCTXKTRWMKC
UCPITGHT
UCNKTUCPITGTRWMKC
UCPVQCFLO
5CPVC/CTC1EQVP,WMVT
UCRQOUWDJCCP
UCVKUHGEJQUCVKUHGEJCCFL
SWGFCTUCVKUHGEJQSWGFCTUCVKUHGEJCMQQDFC

FGEQOKFC
UCXKCHDCCTICP
QUDJC
GURGUCFGEKGTVQUTDQNGU
SWGVKGPGUCXKCGURGUCQUDJC
TDQN
UGRTQPLWOO
UGECTXVDJCCVC[C
RNCPVC
ICMKC
ICMKKFJC
UGEQUGECCFLICM
EJWICM
TGCQEQPLWPVQFGEQUCU
DJCCVC
RNCPVC
EJFDJCZ
VKGTTC
NCUUGECUVCCDJCM
TGIKQPCNKUOQ
PQUGEQPQUGECDCC
RNCPVC
UGFH
FCTUGFVGPGTUGFVQPOQ
SWGNGFCUGFEJWVQPOQFC
SWGVKGPGUGFEJCPQQO
UGFKGPVQUGFKGPVCCFLEJCPQQO
UGIWKFQCFLLKTOCCPRZLKEJM
UGIWKTXVFMEJKC
RQTNCUJWGNNCU
QKFJC
RQTCVTU
VWKFJK
FGEKGTVCOCPGTC
SWGUKIWGOCCP
SWGUKIWGJCEKGPFQNQOKUOQEJWPCOM
UGIWTQUGIWTCCFLUKIWWT
UGIWTCOGPVGIWEJK
UGKUCFLZKLWOOCCP
UGODTCTXVZKC
C[WFCTCUGODTCTZFJC
UGOKNNCHMCK
ZEJWM
FGUVKPCFCRCTCUGODTCT
UGOKNNCFGECNCDC\CMCKEJWM
UGPFCHVCDJKKM
GPVTGNCUNCFGTCU
UGPVCTXVFCCUC
CQVTCRGTUQPC
FCKDW
RGTUQPCQCPKOCN
GUVCTUGPVCFQGUVCTUGPVCFCFCC
KTUGPVCFQKTUGPVCFCFCKEJIFC

UQDTKPQUQDTKPC

UGPVKTXVXRTPNNJFJCVCCVCVCVFCEJKC
UGPVKTFQNQTOKFJC
EQPCNIQECNKGPVG
UGPVKTVGTTQTLCDMC
UGCNH
SWGGUOCNCUGCNQZDK
UGCNCTXVUZKC
EQPNCOCPQ
UGQTKVCHV[CC
FGSWKPEGCQUQOUFGGFCF
UGRCTCTXVXRTPNLFNJMCFC
UGSWCH
RQECFGUGSWCVCCDJCM
FGFKEKGODTGCOC[Q
NNGICTNCRQECFGUGSWCVCCDJC
UGTXKCC[C
WPCECPVKFCF
CO
NCGUGPEKCFGNCRGTUQPC
FC
EQUCPQEQPQEKFC
VWVWKK
TGC
SWEQUCUGT!VWPCFC
UGTKQUGTKCCFL
EQPUGTKGFCFIO
UGTXKTXVDJKKFJC
EQOKFCCQVTCRGTUQPC
FJCC
UWLKPCP
QPDCKFJC
EQOKFC
UKEQPLPQ
RQTSWGUKPQMWVVW
URTQP
RQTUOKUOQFNJRZ
UCFXLL
DCCDWK
UKPEQORTQOGVGTUG
UKGODTCH
RQECFGUKGODTCZKCDJCM
LWPKQ
UKGORTGCFXICOOL
UKGTTCHLWMICO
FGEQPHGTCU
UKGVGCFLZKLWOIQQM
UKIPKHKECFQOLWOFWWMCO
FGCNIPGXGPVQ
UKNNCHCVQQZMQT
UKNNCFGOQPVCTZKKT
UKNXGUVTGCFLLKIKCTWO
RNCPVC
UKPQEQPL
UKPQSWGIWOCVICO
CNEQPVTCTKQ
UKSWKGTCCFXEQPL
PKUKSWKGTCEJCOLZ
UQDTCTXKDK[C
UQDTGRTGRDJCCP
NCUWRGTHKEKGFG
VCO
NCUWRGTHKEKGFG
UQDTKPQUQDTKPCOHCDWKN
FGWPCOWLGT
MWWNUK
FGWPJQODTG
OCT
JKLQQJKLCFGNJGTOCPQFGNGURQUQFGWPC
OWLGT
QQICZ
JKLQQJKLCFGNJGTOCPQQFGNCJGTOCPC

'&+%+024'.+/+0#4`

UQIC

'52#1.6'2'*70

FGNCGURQUC
FJKZKKM
JKLQQJKLCFGNCJGTOCPCOC[QTFGWPC
OWLGT
DCDQQNJ
JKLQQJKLCFGNJGTOCPQOC[QTFGWPC
OWLGT
QMKZ
JKLQQJKLCFGNCJGTOCPCOGPQTFGWPC
OWLGT
RCCUWNJ
JKLQQJKLCFGNJGTOCPQOGPQTFGWPC
OWLGT
VCVCCNJ
JKLQQJKLCFGNCJGTOCPCOC[QTFGWP
JQODTG
LKKMWNJ
JKLQQJKLCFGNJGTOCPQOC[QTFGWP
JQODTG
MWWZK
JKLQQJKLCFGNCJGTOCPCOGPQTFGWP
JQODTG
MNJKK
JKLQQJKLCFGNJGTOCPQOGPQTFGWP
JQODTG
UQICHVTDK
EQPUQICNCTICVDR
5QNOVCPQQNJ
GUVCTGN5QNFWW
GPEKGTVCRCTVGFGNEKGNQ
UQNOLKEJEJCCV
GPGNUQNVCPQQNJKQR
JCDGTUQNVQPPKC
VQOCTUQNVQZMQIKC
UWLCPKO
UQNCOGPVGCFXFCK
UQNCTCFL
JCDGTGENKRUGUQNCTVWOVWMICOVC
UQNFCFQOUCPFCCTWKZ
UQNKVCTKQUQNKVCTKCCFLOFNJFJO
CPKOCN
UQNQUQNCCFLFNJ
CUQNCUFNJMQD
UGPVKTUGUQNKVQUGPVKTUGUQNKVCVWMNJKC

OQFKUOQ
UQNVCTXVFQPMQPC
MWRKQMC
RCTCUCNKT
PCMIC
EQORNCPKO
FQEJQ
RCTCSWGXC[CEQORNCPKO
UQNVGTQUQNVGTCCFLOFNJFJO
RGTUQPC
UQODTCH
FCTUQODTCRIKFJC
JCDGTUQODTCMC[C
SWGJC[UQODTCMC
UQODTGTQODQPCCO
RQPGTUGWPUQODTGTQDQPOCVFC
UQODTGTQFGRCNOCUQQDQNJDQPCCO
UQODTGTQFG\Q[CVGWOWWDQPCCO
UQPCLCHZKKZMKNJ
XDQTCFGECUECDGN
UQPCTXKMWWMW
KPUVTWOGPVQOWUKECN
UCCOKC
ECORCPC



SWGUWGPCPNQUFKGPVGUMTPKO
CNEQOGTEQUCU
UGECU
UQCTXVVVMKC
UQRNCTXKLNJDKFJC
CKTG
UQRQTVCTXVUKKURC
UKKURKFJC
RCTCQVTCRGTUQPC
PCMIC
CIWCPVCT
UQTIQOWKKLWPWW
UKNXGUVTGNKVOC\FGRLCTQ
UQUVGPGTXVUKKURC
UKKURKFJC
RCTCQVTCRGTUQPC
UWCFLP
FGNQFGGNNC
LCO
FGWUVGFGU
LC
FGGNNQU
UWUP
FGNQFGGNNCLCO
FGWUVGFGULC

FGGNNQU
UWCXGCFLOQKM
UWDKFCHVCK
GPNCUWDKFCDZEJCK
UWDKTXKVUFKCVUCCFJC
KCFJC
CNEWGTRQ
SWGUWDGHEKNOGPVGEJUFK
NWICTGUECTRCFQ
UWEGFGTXKLCZFJWKC
FWKC
CEVQPCVWTCN
DWKFJC
NQRNCPGCFQ
UWEKQUWEKCCFLKMQQTC
UWFCFGTQOKCRVCTC
RCTCECDCNNQ
UWFCTXKDQQTVC
UWFQTODQQTFC
UWFQTQUQUWFQTQUCCFLDQQT
UWGITCHFCCP
UWGITQOQQ
UWGNQOFDTFTCR
UWGQOVVMK
DWGPQRCTCRGTEKDKTEQUCUCVTCXUFGNQU
UWGQUEJVMK
SWGNGFCUWGQEJWMQQZOQFC
SWGVKGPGUWGQMQQZKO
NKVSWGSWKGTG
FQTOKT
UWHKEKGPVGCFLCKZKO
UGTUWHKEKGPVGCC[C
UWHKEKGPVGOGPVGLWRCCDCP
NNGPQ
UWHTKOKGPVQOVWNJKKCTC
UWHTKTXVVWNJKKC
JCEGTUWHTKTVWNJKKEJWFC
UWLGVCTXVOCKURC
EQORNKPCP
UWOCTXVLCMNJFJC
UWRGTHKEKCNCFLMQOCCNJKO
VKGTTCQCTGPC
UWRGTHKEKGH

'&+%+024'.+/+0#4`



'52#1.6'2'*70

EGTECFGNCUWRGTHKEKGFCCOCP
NSWKFQ
GPNCUWRGTHKEKGFCCOCP
UNKFQ
GPNCUWRGTHKEKGFGFCCO
URNKECHWCFJCTC
TGURGVWQUCCNEWTCPFGTQ
UWRNKECTXVWCFJC
EQPTGURGVQCNEWTCPFGTQ
UWRWGUVQUWRWGUVCCFL
UWRWGUVCOGPVGUCRRMDC

6
VCDCEQODKD
VQQDQZ
FGJQLCUCPEJCU
VCDNCHVCCONC
VCEQO
JCEGTWPVCEQMKURKFJC
RCTCQVTCRGTUQPC
VCNGICHCTRWWU
FGVGLKFQHKPQFGCNIQFP
CUCCM
FGVGLKFQOCNNCFQFGKZVNG
DJCKOMCT
DQTFCFC
VCNNCTXVMMUC
LWOCC
RCTCGZVTCGTNQUJKNQU
UQDMQPC
OCFGTC
VCNNQOVQQP
UCCD
FGOCIWG[
VCNPOVMDQ
FGNRKG
VCOCNOVOCKEJ
PCCMVOCKEJ
FGECTPGFGNCECDG\CFGNRWGTEQ
VCOCNEGTGOQPKCNDJCOOCZ
VCOCNFGFWNEGMKRK
FGRKPQNG
VCOCQO
KIWCNFGVCOCQLCZDWK
VCOCTKPFQO
VCOCTKPFKNNQPCMWCNJ
VCODKPCFXDZIKQ
DCRWKR
FGNCOKUOCOCPGTC
LCK
LWPVQEQPQVTQU
VCODQTOVCODJWNJ
VCPVQVCPVCCFX
PQVCPVQEJCORM
SWGVCPVQPCLCZ
SWVCPVQSWVCPPCLZ
VCPVKVQVCPVKVCLZK
VKGORQ
SWVCPVQ!SWVCPVC!LCZLZ
VCRCTXVKKC
DJKKDIC
EQPVGNCQRNUVKEQ
MWWRC
EQPVCRCFGTC
VKFJC
EQPEQDKLCQTGDQ\QCQVTCRGTUQPC
ZKOKFJC
DKGP

VGTOKPCT

VCRGVGODCMZKFJCTC
RCTCFQTOKT
VCRPOMWWRCTC
VCTFCTXKOMKFJC
VCTFGCFX
GUVTGNNCFGNCVCTFGUWWUCMPCCMO
JCEGTUGVCTFGLWTPKC
OGFKCVCTFGOKCFWWM
VCVGOCTXVOCOCC[C
VC\CHVCCU
VGRTQPLWOO
CCR
GPHVKEQ
VOVCCRWM
FGEQTVG\CFGGPEKPQ
VGCHLWM
VGEJCNQVGODJQOMQZ
TGIKQPCNKUOQ
VGEQNQVGO
VGEQNQVGEQTPWFQVWMWWT
VGLGTXVCUMKEJC
VCNGICFGKZVNG
CUMKEJFJC
VCNGICFGKZVNGRCTCQVTCRGTUQPC
KMZKEJC
OQTTCNFGCNIQFP
VGLKFQOCUMKEJ
FGKZVNG
KMZKEJ
FGCNIQFP
VGLPODCKUNJ
VGNCHMCMK
EQTVGFGVGNCLCPPWNJ
FQUOGVTQU[OGFKQ
VGOGTQUQVGOGTQUCCFLEJQQPPKOWM
NKV
HEKNOGPVGNGFCOKGFQ
VGORNQOEJKQR
VGORTCPGTQVGORTCPGTCCFLLQQVQM
RNCPVC
VGORTCPQCFXMPMQD
MCRDJWKOWM
EWCPFQGORKG\CCCOCPGEGT
SWGUGNGXCPVCVGORTCPQDCCOIK
VGORTCPKVQDCLM
CPVGUFGFGUC[WPCT
VGPFGTXVDCMVC
VCRGVGRGVCVGQEQDKLC
DCMZKFJC
VCRGVGRGVCVGQEQDKLCRCTCQVTC
RGTUQPC
LNJIC
CUQNGCT
VGPFPOVCVCC
SWGVKGPGOWEJQUVGPFQPGUEJCVCC
VGPGTXVDKC
VGPVCTXVVCCVC
VGKTXVDWC
VGNCQJKNQ
VGRGJWPOHQFCO
RGTUQPCQKFKQOC
VGTOCNCFL
CIWCUVGTOCNGUVQKMCO
VGTOKPCTXVCKEJFJC
FKUVCPEKCQVKGORQ
UGCNCFQ
MWWICNJFJC
VKGORQUGCNCFQ
VOQ
FGJCEGT

'&+%+024'.+/+0#4`

VGTTGPQ

'52#1.6'2'*70

VGTTGPQOFDT
VGTTPO
JCDGTVGTTPMCDQQTCM
VKRTQP
CVKCCR
GPHVKEQ
VCHPCCP
GURQUCFGNJGTOCPQFGNRCRQFGNC
OCO
QMKZ
JGTOCPCOC[QTFGNCOCO
FJKZKKM
JGTOCPCOGPQTFGNCOCO
RCCUWNJ
JGTOCPCOC[QTFGNRCR
DCDQQNJ
JGTOCPCOGPQTFGNRCR
VCCDWGNCCDWKN
VKDKCHLQUGG
FGNCRKGTPC
VKDKQVKDKCCFLOLWWM
VKGORQO
FGUFGJCEGOWEJQVKGORQDCLMFT
JCEGOWEJQVKGORQDCLM
VGPGTVKGORQRQFGGTQ
VKGTPQVKGTPCCFLOOQKM
RNCPVCQHTWVC
6KGTTCHQKICP
VKGTTCHFDT
VKGTTCENKFCVCCVUCD
VKGUQVKGUCCFL
RQPGTUGVKGUQIWDMC
EQUCFGHQTOCRNCPC
VKITGOFPDCNJ
VOKFQVOKFCCFLEJQQPPKOWM
NKVHEKNOGPVGNG
FCOKGFQ
VKOPOVKOQQP
FGNCTCFQ
VKPCLCHDCKFJCMCT
RCTCCNOCEGPCTCIWC
VQOQQICZ
GURQUQFGNCJGTOCPCFGNRCRQFG
NCOCO
MWWZK
JGTOCPQOC[QTFGNCOCO
VCVCCNJ
JGTOCPQOGPQTFGNCOCO
MNJKK
JGTOCPQOC[QTFGNRCR
LKKMWNJ
JGTOCPQOGPQTFGNRCR
VQCDWGNQMWWNUK
VKRQO
FGOWEJQUVKRQUDZCKZKOVWO
VKTCFQTVKTCFQTCOH
DWGPVKTCFQTDWGPCVKTCFQTCVWOWOWWFCO

CTEQ
VKTCTXVXRTPNOCKDWC
OCKC
DCNCQRKGFTC
OWOWW[C
RTQ[GEVKNNCTIQ
PWCC
NSWKFQITCPQQRQNXQ
LCCZEJC
NSWKFQ
DWDWCMKC
NSWKFQQITCPQU
LKDWC
CNUWGNQ
FGLCTVKTCFQFGLCTVKTCFCIKQRPC



GUVCTVKTCFQGUVCTVKTCFCMCCV
VK\PCTXVMWDJCDKFJC
MWDJCDKFJC
XQNWPVCTKCOGPVG
MWDJCDKC
UWLKPCP
VK\PCFQVK\PCFCMWDJCDK
VNCEWCEJGOLQQD
VNC\QNGOVCUQQNJ
VQDKNNQOMNJ
VQECTXVLNJDKFJC
CKTGEQORNCPKO
MWKEJFJC
KPUVTWOGPVQOWUKECNFGCNKGPVQ
UCCUDKC
OUKEC
UCCUDKFJC
OUKECRCTCQVTCRGTUQPC
UQQUPKC
CNCRWGTVC
VQEPOUQP
VQFCXCCFXMCMCRWRMKCRWK
VQFCXCPQEJCMWK
VQFQVQFCCFLRTQPDZ
FGVQFCENCUGDZCKZKOVWO
GUVQFQFCKRW
RQTVQFQUNCFQUDZZKMQQNJPCK
VQFQUDZPCDCR
FCUOGUGUQCQU
VQOCTXVDJC[C
UNKFQ
K[C
NSWKFQ
LWRPC
HQVQITCHC
JCEGTVQOCTKEJFJC
VQOCTOG\ECNPCDCKEJFJC
EGTGOQPKCN
VQOCVGOUQURQMCNJ
XGTFGFGEUECTC
VWOKCNJ
TQLQ
OQNGFGVQOCVKNNQUQURQMCNJLWPOCP
VQOCVKNNQUQURQMCNJ
TGIKQPCNKUOQ
VQRQOVWDWC
CPKOCN
VQTEGTXVPCCURC
ICDPC
RCTVGFGNEWGTRQ
VQTEKFCICDKK
WPCRCTVGFGNEWGTRQ
VQTQOVWWT
VQTVGCTXVVWFWKC
DWKFJC
RCTCQVTCRGTUQPC
VQTVKNNCHVOMCNJ
JCEGTVQTVKNNCUDWKFJC
RCTCQVTCRGTUQPC
UWWNJIC
FGOCUC[CJGEJCUWWNJIKFJC
FG
OCUC[CJGEJCRCTCQVTCRGTUQPCVWFWKC
VQTVWICHOWWNJ
VQUHKQIK
VQUGTXKKQIKC
VQUVCFQTOLCKMMCT
VQUVCTXVLCCMKC
ITCPQUQUGOKNNCU
VTCDCLCFQTVTCDCLCFQTCCFLOVWLWCPFCO
OW[VTCDCLCFQTOW[VTCDCLCFQTCEJW
LWCPCTICO

'&+%+024'.+/+0#4`



'52#1.6'2'*70

VTCDCLCTXKVWLWCPC
VWLWCFJC
RCTCQVTCRGTUQPC
DWGPQRCTCVTCDCLCTEJWLWCPCTC
VTCGTXVDJKMCCKEJFJC
DJKFJCCKEJWNJFJC
CQVTCRGTUQPC
MWUDKMC
RQTOGFKQFGWPCEQNICFGTCGPGN
JQODTQQGPNCECDG\C
OQQVKMC
CRQ[CFQUQDTGNCECDG\CQGPNQU
JQODTQU
VTCICTXVDJC[C
UNKFQ
VTCORCHVPMCT
JQ[QGPNCVKGTTC
RQPGTWPCVTCORCVFJC
RCTCCPKOCN
VTCPURCTGPVGCFLWC
NSWKFQ
ZWWPIK
UNKFQ
VTCURTGR
VTCUFGQKFJCVFT
VTCXKGUQVTCXKGUCCFLLWCPDKNJLWCPDKNJK
EJWOWMCC
OQFKUOQ
VTGP\CHLKMRC
FGUQ[CVG
VTGP\CFG\Q[CVGUNJKM
VTGP\CTXVLKMRCVC
UQ[CVG
LKMRCZFJC
RCTCQVTCRGTUQPC
VTGRCFQTVTGRCFQTCCFLDCRRCK
VTGUCFLDCKM
VTGUXGEGUDCKMKO
VTKNNCTXVLNJDKFJC
OC\HTKLQNQVTKIQ
VTQORQOPKZMCNJ
LWIWGVG
VTQPCTXKZKRKC
VTPKC
CNNNQXGTQCNECGTUGWPQDLGVQITCPFG
VCLCCPC
VKTQUFGWPCTOCOQFKUOQ
VCVPCMKC
OCFGTCGPNCNWODTGQOC\VQUVCFQ
VTQPEQOVQQP
VTQRG\CTXKDJKC
VWCFLLWOO
RQUGUKPFGUGIWPFCRGTUQPCFG
UKPIWNCT
VWULWOO
RQUGUKPFGUGIWPFCRGTUQPCFG
UKPIWNCT
VRTQPCCR
VWODCTXVLKDWCKCTC
NJKC
GPWPRNCPQQGPWPCRGPFKGPVG
VWPCHKKDJCK
EUECTCCOCTKNNCRNCPVCITCPFG
LQKUNJ
ECRCTQLCRNCPVCRGSWGC
FCPRCMKKDJCK
ECRCNKUC
PCMCCD
EUECTCTQLC
VQQVQPCMCCD
EUECTCDNCPEC
VWPCDNCPECLKCDQQ
EUECTCCOCTKNNCRNCPVC
EJCRCTTC
VWPCTQLCLKZDRLKCDQQ
VPKECHMWVWWP
VTCFKEKQPCNFGJQODTG

XOQPQU

VWRKFQVWRKFCCFLZKDQQTCM

7
WDKECTXRTPNDK[C
NWICT
WJKPVGTLGGLC
NVKOQNVKOCCFLOICVWWMMCO
CNNVKOQICVWWM
GNNVKOQNCNVKOCICVWWMMCO
GPPCEGT
NNGICTCNNVKOQFCLWTWWFJC
FGNOKVQVG
UGTNVKOQFCLWTPKC
FGNOKVQVG
WPCTV
FGWPNCFQOCCRFT
WPQULM
WPKTXVDPVC
UWLCPKO
WPQWPCCFLOCCP
ECFCWPQECFCWPCLOCP
FGWPCXG\OCCPLKOFCO
WPCXG\OCCPPKO
WPQUEWCPVQUIQQM
WPQFGOCCFV
RGTUQPCQCPKOCNRCTVGFGWP
ITWRQ
WPVCTXVLWWNJKC
LWWNJFJC
CQVTCRGTUQPC
WPWPCCTVOCCP
WPWPCWPQUWPCUIW
WCHLWWV
RGTUQPC
WTVKECTKCH
SWGECWUCWTVKECTKCMMKFJC
EQOKFC
WUCTXVDWC
WUVGFRTQPCCR
CWUVGFCCR
GPHVKEQ
WUVGFGUCWUVGFGUCCRKO

8
XCECHDCCM
NGEJGFGXCECDCCMDKKO
XCEKCTXVVWCC
NSWKFQ
XCEQXCECCFLLWRVWO
XCIQXCICCFLOQKTFCO
XCNGTXKPCOMKC
XCNKQUQXCNKQUCCFLFJCTMCO
XOQPQUKPVGTLOCKM
V[[Q

'&+%+024'.+/+0#4`

XCPQXCPC

'52#1.6'2'*70

XCPQXCPCCFL
GPXCPQVWMWD
XCTCHQZKC
FGCWVQTKFCF
XCTKQUXCTKCUCFLLCKFJVLMEJK
XCUKLCH
XCUKLCFGDCTTQDJKFJCC
ETWFC
XUVCIQOWRWC
ECEVWU
XGKPVGCFLOCCPQQO
XGLKICHLKDUQP
XGNCHMCFJKKT
RCTCCNWODTCT
RQPGTXGNCEGTGOQPKCNDFJC
XGNCFQTXGNCFQTCOHPWWMFCFCO
XGNNQODCRQQ
XGNQ\CFLFJCKFJC
CNXQNCT
XGPCFQOUWKOCNJ
XGPFGTXVICTC
ICTCVW
UGIWKFQ
ICNJKFJC
CQVTCRGTUQPC
XGPGPQUQXGPGPQUCCFLOCKOFC
XGPICTXV
RGPUCTEOQXGPICTUGVWDKEJWFC
XGPKTXKLKOKC
dXGP[CPK
RCTCNNCOCTCWPRGTTQ
XGTXVVIKCOCCZ
LQQLQKFJC
QDUGTXCT
VVIKC
CNIQGPGURGEKCN
RQFGTXGTKC
SWGUGXGEJWOCCZ
TGCGZVGPUC
SWGUGXGDKGPCOM
GNOQFQFGXGUVKTFG
CEWGTFQCUWRGTUQPCNKFCF
XGTFCFHRKCO
FGXGTFCFOCCZKM
XGTFGCFLEJFQ
EJVFQ
TGC
DCC
RNCPVC
OQKM
RNCPVCQHTWVC
SWGUGRQPGXGTFGEJWKKRWP
TGC
SWGUGXGXGTFGEJPIKEJ
XGTFGDCLKVQOQPFQTC
EQNQTFGCNIC
XGTIGP\CH
SWGNGFCXGTIGP\CZKT
VGPGTXGTIGP\CZKTIK
FGCNIWKGPZKTCC
XGTVGDTCNCFL
EQNWOPCXGTVGDTCNDJCKZMNJ
XGTVGTXVVWCC
NSWKFQ
VQKFJC
NSWKFQCQVTCRGTUQPCQCPKOCN
XGUEWNCH
XGUEWNCDKNKCTZKDWFC



XGUVKTXVCCFJC
XG\H
CSWGNNCXG\LCPQ
CXGEGURCKL
EKPEQXGEGULKZEJCOCCOKO
EWCVTQXGEGUOCCMQDKO
FGWPCXG\OCCPLKOFCO
FGXG\GPEWCPFQRCKLRZ
FQUXGEGUIQQMKO
FQUXGEGUOUIQQMLCMDWK
QVTCXG\IKQR
FGURWUFGCNIPVKGORQRWKR
VTGUXGEGUDCKMKO
WPCXG\OCCPPKO
XKCLGTQOLKOFCO
NKVGNSWGCPFC
XDQTCHMQ
XDQTCFGECUECDGNMKMCOMQ
XKGPVQOLDNJ
XKICHICKMCO
XKIKNCTXVPWWMFC
XKQNPONCDGGT
XKUKVCPVGORCZKCTFCO
XKUKVCTXVRCZKCTC
CQVTCRGTUQPC
XKUVCH
VGPGTXKUVCKC
XKWFQXKWFCO
XKWFCPGITCLKKEJQDC
CTCC
XKXKTXKFCC
VGORQTCNOGPVG
MKQ
GPEKGTVQNWICT
GUVCTXKXQFWC
NNGICTCXKXKTMKKEJC
XQNCTXKFC[C
JCEGTXQNCTFCKEJFJC
KTXQNCPFQFCKEJIFC
XQNXGTXKLCMIZKC
IZKC
CNGUVCFQPQTOCN
XQOKVCTXVDKQVC
XWGNVCH
CNCXWGNVCDCCUFT
FCTNCXWGNVCPQTIKC
FCTXWGNVCDJKKCVQQORC

;
[EQPLIKQ
ICO
EQUCUFGNCOKUOCENCUG
[CCFXDC

'&+%+024'.+/+0#4`



'52#1.6'2'*70

[COGTQVKRWR
[CSWGMCRDJCK
[GIWCHMCDCK
[GTDCHUCK
[QRTQPCC
[WIQO[WW

<
\CECVGOUCK
\CHCTUGXRTPNLWRKC
\CPECFKNNCH
RQPGTWPC\CPECFKNNCDJKC
SWGUCDGRQPGTNC\CPECFKNNCEJWDJKCOWM
\CPEWFQODCCOW
\CRCVQOUCRCCVWKZ
\CRQVGOLQDKK
\CT\QOKVRC
FGECTTK\QFWTQRCTCUGECTSWGUQ
\QRKNQVGO
GUECTCDCLQFG\QRKNQVGVQDCCICKDW
VKRQFG
JQPIQ
\QTTCHMCZKQ
\QTTKNNQOWWR
\Q[CVGOWOWW
ECPCUVCFG\Q[CVGWOWWDCCNJ
EQTVCT\Q[CVGWOICZFJC
RCTCQVTCRGTUQPC
WOIC
UQODTGTQFG\Q[CVGWOWWDQPCCO
VTGP\CFG\Q[CVGUNJKM

'&+%+024'.+/+0#4`

\Q[CVG

Tercera parte:
Gramtica tepehuana

ndice
INTRODUCCIN ................................................................................................................................................................237
ABREVIATURAS ................................................................................................................................................................238
CAPTULO 1. LAS CONSONANTES....................................................................................................................................239
&XDGUR/DVFRQVRQDQWHVGHOWHSHKXiQ   

'(6&5,3&,1'(/$6&21621$17(6 
/DVRFOXVLYDVVRUGDV 
/DVRFOXVLYDVVRQRUDV 
/DVIULFDWLYDV
/DVDIULFDGDV
/DVQDVDOHV
/DVOtTXLGDV
/DVHPLYRFDO
/26352&(626)212/*,&2648(&$0%,$1$/$6&21621$17(6 
/DSDODWDOL]DFLyQ 
(OHQVRUGHFLPLHQWRILQDO 
/DQDVDOL]DFLyQSUHJORWDOL]DGD
CAPTULO 2. LAS VOCALES ............................................................................................................................................247
&XDGUR/DVYRFDOHVGHOWHSHKXiQ  

'(6&5,3&,1'(/$692&$/(6 
/DVYRFDOHVFRUWDV
/DVYRFDOHVODUJDV
/RVGLSWRQJRV
/26352&(626)212/*,&2648(&$0%,$1$/$692&$/(6 
/DUHDUWLFXODFLyQGHYRFDOHV
/DVXSUHVLyQGHYRFDOHVDOILQDOGHODSDODEUD 
/DVXSUHVLyQGHYRFDOHVGHVSXpVGHXQDVtODEDDFHQWXDGD
CAPTULO 3. LAS SLABAS ..............................................................................................................................................253
/$)250$'(/$66/$%$6
/DVVtODEDVDELHUWDVFRQYRFDOHVFRUWDV
/DVVtODEDVDELHUWDVFRQYRFDOHVODUJDVRGLSWRQJRV 
/DVVtODEDVFHUUDGDVFRQYRFDOHVFRUWDV
/DVVtODEDVFHUUDGDVFRQYRFDOHVODUJDVRGLSWRQJRV
/DVVtODEDVFHUUDGDVTXHWHUPLQDQFRQXQDVHFXHQFLDGHFRQVRQDQWHV
/$$&(178$&,1 
/DSULPHUDVtODEDDFHQWXDGD 
/DVHJXQGDVtODEDDFHQWXDGD
/$6&2175$&&,21(6 

*5$07,&$7(3(+8$1$



/DFRQWUDFFLyQGHOFOtWLFRGHOVXMHWR 
&XDGUR)RUPDVGHOFOtWLFRGHOVXMHWR  
&XDGUR)RUPDVGHOPRUIHPDGHOVXMHWR   

/DFRQWUDFFLyQGHSUHILMRV 
&XDGUR&RQWUDFFLRQHVFRPXQHVGHORVSUHILMRV   

CAPTULO 4. LA REDUPLICACIN...................................................................................................................................258
/$5('83/,&$&,1&257$ 
/DUHGXSOLFDFLyQFRUWDGHXQDYRFDOLQLFLDOFRUWD 
/DUHGXSOLFDFLyQFRUWDGHXQDYRFDOLQFLDOODUJD 
/DUHGXSOLFDFLyQFRUWDGHXQGLSWRQJRLQLFLDO
/$5('83/,&$&,1/$5*$
/DUHGXSOLFDFLyQODUJDGHXQDYRFDOLQLFLDOFRUWD
/DUHGXSOLFDFLyQODUJDGHXQDYRFDOLQLFLDOODUJD
/DUHGXSOLFDFLyQODUJDGHXQGLSWRQJRLQLFLDO
CAPTULO 5. LAS ORACIONES .........................................................................................................................................262
/$63$/$%5$6
/$6&/868/$635,1&,3$/(6
/DVSDODEUDVGHHQODFH
(OHQIRTXH 
(OVXMHWR 
&XDGUR)RUPDVGHOFOtWLFRGHOSUHWpULWR  
&XDGUR)RUPDVGHOPRUIHPDGHOVXMHWRWLHPSRVSUHWpULWR\QRSUHWpULWR  

/RVREMHWRV 
&XDGUR)RUPDVGHOSUHILMRGHOREMHWR   
&XDGUR)RUPDVGHOSUHILMRUHIOH[LYR\UHFtSURFR   

/DIUDVHYHUEDO 
/DIUDVHQRPLQDO 
/DIUDVHDGYHUELDO 
/$6&/868/$668%25',1$'$6 
/DVFOiXVXODVGHFDXVD\SURSyVLWR
/DVFOiXVXODVFRPSOHWLYDV\UHODWLYDV 
/DVFOiXVXODVTXHVHWUDGXFHQDOHVSDxROFRPRJHUXQGLRVRLQILQLWLYRV
/DVFOiXVXODVGHPi[LPRHQIRTXH
/2602'26'(/+$%/$ 
(OPRGRLQGLFDWLYR 
(OPRGRLQWHUURJDWLYR 
(OPRGRLPSHUDWLYR 
(OPRGRFRQGLFLRQDO 
&XDGUR/RVWUHVJUDGRVGHSRVLELOLGDG   

CAPTULO 6. LOS VERBOS...............................................................................................................................................277

/267,326'(5$',&$/(69(5%$/(6
/RVUDGLFDOHVYHUEDOHVVHQFLOORV

GRAMTICA TEPEHUANA

235

/RVUDGLFDOHVYHUEDOHVUHGXSOLFDGRV
/RVUDGLFDOHVYHUEDOHVUHGXFLGRV
/RVUDGLFDOHVYHUEDOHVGHULYDGRV
/DVYRFDOHVGHOUDGLFDOYHUEDO 
/$6&/$6(6'(9(5%26 
/RVYHUERVGHHYHQWR 
/RVYHUERVGHHVWDGR
&XDGUR/RVYHUERVFRPXQHVGHSRVLFLyQ  

/26$),-26<3$57&8/$69(5%$/(6 
/RVVXILMRVGHWLHPSR
&XDGUR/RVDILMRVYHUEDOHV\ODVFODVHVGHYHUERV  

/RVDILMRVGHDVSHFWR
/RVDILMRVGHWUDQVLWLYLGDG\GHPRGDOLGDG 
/RVSUHILMRVGHGLUHFFLyQ\OXJDU 
&XDGUR/RVSUHILMRVGHOXJDU  

/DVSDUWtFXODVPRGDOHV 
&XDGUR/RVJUDGRVGHHYDOXDFLyQ   
&XDGUR/RVWLSRVGHHYLGHQFLDV  

CAPTULO 7. LOS SUSTANTIVOS .....................................................................................................................................296

/265$',&$/(6120,1$/(6 
/RVUDGLFDOHVQRPLQDOHVVHQFLOORV
/RVUDGLFDOHVQRPLQDOHVFRPSXHVWRV 
/RVUDGLFDOHVQRPLQDOHVUHGXSOLFDGRV
/RVUDGLFDOHVQRPLQDOHVGHULYDGRV
/RVUDGLFDOHVQRPLQDOHVWRPDGRVGHOHVSDxRO
/$326(6,1'(6867$17,926 
/DSRVHVLyQRSFLRQDOGHORVVXVWDQWLYRV 
&XDGUR/RVDILMRVGHSRVHVLyQ   

/DSRVHVLyQREOLJDWRULDGHORVVXVWDQWLYRV 
CAPTULO 8. LOS PRONOMBRES .....................................................................................................................................300
/26352120%5(63(5621$/(6
&XDGUR/RVSURQRPEUHVSHUVRQDOHV   

/26352120%5(6'(02675$7,926 
&XDGUR/RVSURQRPEUHVGHPRVWUDWLYRV  

/26352120%5(6,17(552*$7,9265(/$7,926(,1'(),1,'26 
/26352120%5(6326(6,926 
CAPTULO 9. LOS ADJETIVOS .........................................................................................................................................303
/26$'-(7,926'(02675$7,926 
&XDGUR/RVDGMHWLYRVGHPRVWUDWLYRV   

/26$'-(7,926180(5$/(6 
/26$'-(7,926&$/,),&$7,926 
/RVSURFOtWLFRVFRSXODWLYRV 

*5$07,&$7(3(+8$1$



/RVUDGLFDOHVGHORVDGMHWLYRVFDOLILFDWLYRV 
/RVDILMRVIOH[LYRVGHORVDGMHWLYRVFDOLILFDWLYRV
CAPTULO 10. LOS ADVERBIOS .......................................................................................................................................308
/26$'9(5%,26'(/8*$5<',5(&&,1 
&XDGUR/RVDGYHUELRVGHOXJDU   
&XDGUR/RVDGYHUELRVGHOXJDUGHGLItFLODFFHVR  

/26$'9(5%,26'(7,(032 
/26$'9(5%,26'(02'2 
/26$'9(5%,26,17(552*$7,9265(/$7,926(,1'(),1,'26 
CAPTULO 11. LAS ADPOSICIONES ..................................................................................................................................313
/$6326326,&,21(6 
/$635(326,&,21(6 
CAPTULO 12. LAS CONJUNCIONES ................................................................................................................................315
/$6&21-81&,21(6&225',1$17(6 
/DVFRQMXQFLRQHVDGLWLYDV 
/DVFRQMXQFLRQHVDXPHQWDWLYDV
/$6&21-81&,21(668%25',1$17(6 
/DVFRQMXQFLRQHVVXERUGLQDQWHVWHPSRUDOHV\ORFDWLYDV
/DVFRQMXQFLRQHVVXERUGLQDQWHVOyJLFDV
/DVFRQMXQFLRQHVUHODWLYDV 
/DVFRQMXQFLRQHVGHFRPSOHPHQWR 
/$6,17(5-(&&,21(6 
BIBLIOGRAFA ..................................................................................................................................................................323
GLOSARIO ........................................................................................................................................................................324

Introduccin
(VWDJUDPiWLFDGHODOHQJXDWHSHKXDQDHPSLH]DFRQXQDH[SOLFDFLyQGHOVLVWHPDIRQROyJLFRTXHVHSUHVHQWDHQORV
FDStWXORVGHODO3ULPHURH[SOLFDPRVFXiOHVVRQORVUDVJRVIRQpWLFRVGHORVGLVWLQWRVVRQLGRVGHOWHSHKXiQWDQWR
FRQVRQDQWHVFRPRYRFDOHV\FyPRVHHVFULEHQFRQHODOIDEHWRSUiFWLFRDFWXDO/XHJRH[SOLFDPRVFyPRFDPELDQHVWRV
VRQLGRVVHJ~QORVFRQWH[WRVIRQROyJLFRVHQORVFXDOHVVHSUHVHQWDQ
'HVSXpVVLJXHFRQXQDH[SOLFDFLyQGHOVLVWHPDVLQWiFWLFRTXHVHSUHVHQWDHQHOFDStWXORVHJXLGRSRUXQD
H[SOLFDFLyQGHOVLVWHPDPRUIROyJLFRTXHVHSUHVHQWDHQORVFDStWXORVDO3ULPHURH[SOLFDPRVFRPRVHIRUPDQORV
HQXQFLDGRVOXHJRH[SOLFDPRVODVIRUPDV\ORVVLJQLILFDGRVGHORVQXPHURVRVPRUIHPDVJUDPDWLFDOHVTXHVHXVDQWDQWR
SDUDIRUPDUSDODEUDVFRPRSDUDXQLUODVSDUDIRUPDURUDFLRQHVFRPSOHWDV
(QWRGRVORVFDStWXORVDSDUHFHQUHPLVLRQHVDRWUDVSDUWHVGHODJUDPiWLFDGRQGHH[SOLFDPRVFRQPiVGHWDOOHFDGD
XQRGHORVUDVJRVJUDPDWLFDOHVPHQFLRQDGRV$GHPiVHQODELEOLRJUDItDVHOLVWDQODVREUDVDFDGpPLFDVSXEOLFDGDVTXH
QRVVLUYLHURQFRPREDVHSDUDODSUHSDUDFLyQGHHVWDJUDPiWLFD
3XHVWRTXHVHXVDQPXFKRVWpUPLQRVOLQJtVWLFRVSDUDH[SOLFDUGLFKRVUDVJRVpVWRVWpUPLQRVVHHVFULEHQFRQOHWUDV
PD\~VFXODVODSULPHUDYH]TXHVHXVDQHQXQDSDUWDGR7DPELpQVHSUHVHQWDQHQOLVWDGRVDOIDEpWLFDPHQWHHQHOJORVDULR
TXHVHHQFXHQWUDDOILQDOGHODJUDPiWLFDMXQWRFRQVXVGHILQLFLRQHVHQSDODEUDVPHQRVWpFQLFDVSDUDTXHODVSHUVRQDV
TXHQRORVFRQRFHQSXHGDQEXVFDUDOOtVXVVLJQLILFDGRV

*5$07,&$7(3(+8$1$



Abreviaturas
/DVVLJXLHQWHVDEUHYLDWXUDVVHXVDQDORODUJRGHHVWDJUDPiWLFD


ILQDOGH6/$%$$/)$%(72)21e7,&2


YRFDOODUJD$/)$%(72)21e7,&2

VtODEDDFHQWXDGD$/)$%(72)21e7,&2

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SULQFLSLRRILQDOGHXQD3$/$%5$



025)(0$18/2QRSURQXQFLDGR



ILQDOGH025)(0$

SULQFLSLRGH68),-2ILQDOGH35(),-2

SULQFLSLRGH(1&/7,&2ILQDOGH352&/7,&2

FDPELRGHIRUPDIRQROyJLFD



WUDQVFULSFLyQFRQHO$/)$%(7235&7,&2

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SURQXQFLDFLyQUHSUHVHQWDGDFRQHO$/)$%(72)21e7,&2

DSHUVD

35,0(5$3(5621$

DSHUVD

6(*81'$3(5621$

DSHUVD

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Captulo 1. Las consonantes

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&21621$17(6LQGLYLGXDOPHQWH>@\OXHJRGHVFULELPRVORV352&(626)212/*,&26PD\RUHVORVFXDOHVFDXVDQTXH

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7RGDVODVFRQVRQDQWHVGHVFULWDVHQHVWHFDStWXORVHSUHVHQWDQHQHOFXDGUR/DVFROXPQDVUHJLVWUDQORVGLVWLQWRV

381726'($57,&8/$&,1GHODVFRQVRQDQWHV\ORVUHQJORQHVUHJLVWUDQVXVGLIHUHQWHV0$1(5$6'($57,&8/$&,1

(QODSDUWHVXSHULRUGHFDGDFHOGDHVFULWDVHQQHJULOODDSDUHFHQOHWUDVWRPDGDVGHO$/)$%(7235&7,&2WHSHKXDQR
TXHIXHDSUREDGRSRUORVPDHVWURVELOLQJHVWHSHKXDQRVHQ(QODSDUWHLQIHULRUHQWUHFRUFKHWHVFXDGUDGRV
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Punto de articulacin
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Cuadro 1. Las consonantes del tepehun

1.1. Descripcin de las consonantes

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PDQHUDHQTXHVRQFDPELDGDVSRUORV352&(626)212/*,&26SULQFLSDOHV/RVDSDUWDGRVHVWiQRUJDQL]DGRVVHJ~QORV
PLVPRVJUXSRVGHFRQVRQDQWHVTXHVHSUHVHQWDQHQORVUHQJORQHVGHOFXDGURDVDEHU2&/86,9$662125$62&/86,9$6
625'$6)5,&$7,9$6$)5,&$'$61$6$/(6/48,'$6\6(0,92&$/'HHVWDPDQHUDHOOHFWRUSXHGHDSUHFLDUFXiOHV
FRQVRQDQWHVWLHQHQUDVJRVLJXDOHVRVHPHMDQWHVDRWUDV
3DUDFDGDFRQVRQDQWHSURSRUFLRQDPRVHOPLVPRWLSRGHLQIRUPDFLyQ3ULPHURGDPRVODOHWUDGHO$/)$%(72
35&7,&2WDQWRHQPLQ~VFXODFRPRHQPD\~VFXODVHJXLGDSRUHOVtPERORFRUUHVSRQGLHQWHGHO$/)$%(72)21e7,&2
/XHJRGDPRVOD'(6&5,3&,17e&1,&$FRUUHVSRQGLHQWHMXQWRFRQVXV9$5,$&,21(6)212/*,&$6\VXV5(675,&&,21(6
',675,%87,9$6RVHDODVPRGLILFDFLRQHVGHSURQXQFLDFLyQTXHVRQFDXVDGDVSRUVXSRVLFLyQHQODSDODEUDRSRURWURV

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VRQLGRV$OILQDOGDPRVHMHPSORVGHSDODEUDV\IUDVHVHQWHSHKXiQHQODVTXHVHSUHVHQWDQODVFRQVRQDQWHVHQWRGRVORV
&217(;726TXHFDXVDQXQFDPELRGHSURQXQFLDFLyQ

1.1.1. Las oclusivas sordas

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$/9(2/$59(/$5\*/27$/$GHPiVWUHV352&(626)212/*,&26FDXVDQFDPELRVHQODSURQXQFLDFLyQGHODV
RFOXVLYDVVRUGDVDVDEHUOD3$/$7$/,=$&,1HO(1625'(&,0,(172R$63,5$&,1),1$/\OD5($57,&8/$&,1
92&/,&$
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6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
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6XSURQXQFLDFLyQFDXVD5($57,&8/$&,192&/,&$RVHDODYRFDOHVUHSHWLGD
 GHVSXpVGHOVDOWLOORRDOILQDOGHXQD6/$%$>@RDQWHVGHRWUDFRQVRQDQWH
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HVFULEHQDO,1,&,2GHODVSDODEUDV6LQHPEDUJRFRQHODOIDEHWR)21e7,&2TXHXWLOL]DPRVHQHVWDJUDPiWLFDVtVH
HVFULEHQ

1.1.2. Las oclusivas sonoras

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SURQXQFLDQODVRFOXVLYDV625'$6DVDEHU%,/$%,$/$/9(2/$5\9(/$5$GHPiVGRV352&(626)212/*,&26FDXVDQ
FDPELRVHQODSURQXQFLDFLyQGHODVRFOXVLYDVVRQRUDVDVDEHUOD35(*/27$/,=$&,11$6$/\OD3$/$7$/,=$&,1
DJ$J =D? 2&/86,9$%,/$%,$/62125$
 

 
 

  
  


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6HSURQXQFLDFRPRRFOXVLYDJORWDOVRUGDDOILQDOGHOD3$/$%5$>@

 

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1.1.3. Las fricativas

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$/9(2/$5$/9(23$/$7$/\*/27$//DIULFDWLYDELODELDOHV62125$\ODVGHPiVVRQ625'$6$GHPiVGRV352&(626
)212/*,&26FDXVDQFDPELRVHQODSURQXQFLDFLyQGHODVIULFDWLYDVDVDEHUOD3$/$7$/,=$&,1\HO(1625'(&,0,(172
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 62125$

 
 




 
 

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1.1.4. Las africadas

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$/9(23$/$7$/8QDDIULFDGDHV62125$\ODRWUDHV625'$$GHPiVGRV352&(626)212/*,&26FDXVDQFDPELRVHQ
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1.1.5. Las nasales

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$/9(2/$5\$/9(23$/$7$/7RGDVVRQVRQRUDV$GHPiVGRV352&(626)212/*,&26FDXVDQFDPELRVHQODVQDVDOHV
DVDEHUHO(1625'(&,0,(172),1$/\OD3$/$7$/,=$&,1
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6HSURQXQFLDFRQXQ'(6/,=),1$/625'2DOILQDOGHOD)5$6()212/*,&$>@
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1.1.6. Las lquidas

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XQD9,%5$17(6,03/(\ODOtTXLGD$/9(23$/$7$/HVXQD/$7(5$//DVGRVVRQ62125$6'RV352&(626
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1.1.7. La semi-vocal
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1.2. Los procesos fonolgicos que cambian a las consonantes

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1.2.1. La palatalizacin
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1.2.2. El ensordecimiento final

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1.2.3. La nasalizacin pre-glotalizada

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/$692&$/(6

Captulo 2. Las vocales

(QHVWHFDStWXORGHVFULELPRVORVVRQLGRVYRFiOLFRVGHOWHSHKXiQ3ULPHURGHVFULELPRVORV5$6*26)21e7,&26GH
FDGD92&$/LQGLYLGXDOPHQWH>@GHVSXpVGHVFULELPRVORV352&(626)212/*,&26TXHFDXVDQFDPELRVHQWRGDVODV
YRFDOHV>@
7RGDVODVYRFDOHVGHVFULWDVHQHVWHFDStWXORVHSUHVHQWDQHQHOFXDGUR/DVUHQJORQHVUHJLVWUDQOD$/785$'(/$
/(1*8$DOSURQXQFLDUODV\ORVFROXPQDVUHJLVWUDQWDQWROD326,&,1'(/$/(1*8$FRPROD)250$'(/26/$%,26
(QODSDUWHVXSHULRUGHFDGDFHOGDHVFULWDVHQQHJULOODVDSDUHFHQOHWUDVWRPDGDVGHO$/)$%(7235&7,&2WHSHKXDQR
TXHIXHDSUREDGRSRUORVPDHVWURVELOLQJHVWHSHKXDQRVHQ(QODSDUWHLQIHULRUHQWUHFRUFKHWHVDSDUHFHQVtPERORV
WRPDGRVGHO$/)$%(72)21e7,&2TXHIXHDSUREDGRSRUOD$VRFLDFLyQ,QWHUQDFLRQDOGHOD)RQpWLFDHQ

Posicin de la lengua y forma de los labios
Altura de la
lengua

$QWHULRUQR
UHGRQGHDGRV
K
=K?
G
=G?


$OWD
0HGLD
%DMD

3RVWHULRUQR
UHGRQGHDGRV

=?

=?
C
=#?

3RVWHULRU
UHGRQGHDGRV
W
=W?
Q
=Q?


Cuadro 2. Las vocales del tepehun

2.1. Descripcin de las vocales

(QVHJXLGDGHVFULELPRVORV5$6*26)21e7,&26GHFDGD92&$/GHOWHSHKXiQLQGLFDQGRGHVSXpVGHHOORODPDQHUDHQ
TXHVRQFDPELDGDVSRUORV352&(626)212/*,&26SULQFLSDOHV/RVDSDUWDGRVHVWiQRUJDQL]DGRVVHJ~QORVWUHVJUXSRV
SULQFLSDOHVGHYRFDOHVDVDEHU92&$/(6&257$692&$/(6/$5*$6\',3721*26'HHVWDPDQHUDHOOHFWRUSXHGH
DSUHFLDUFXiOHVYRFDOHVWLHQHQUDVJRVLJXDOHVRVHPHMDQWHVDRWUDV
3DUDFDGDYRFDOSURSRUFLRQDPRVHOPLVPRWLSRGHLQIRUPDFLyQ3ULPHURGDPRVODOHWUDGHO$/)$%(7235&7,&2
WDQWRHQPLQ~VFXODFRPRHQPD\~VFXODVHJXLGDSRUHOVtPERORFRUUHVSRQGLHQWHGHO$/)$%(72)21e7,&2/XHJRGDPRV
OD'(6&5,3&,17e&1,&$FRUUHVSRQGLHQWHMXQWRFRQVXV9$5,$&,21(6)212/*,&$6\VXV5(675,&&,21(6
',675,%87,9$6$OILQDOGDPRVHMHPSORVGHSDODEUDV\IUDVHVHQWHSHKXiQHQODVTXHVHSUHVHQWDODYRFDOHQWRGRVORV
&217(;726TXHFDXVDQXQFDPELRGHSURQXQFLDFLyQ

2.1.1. Las vocales cortas

7RGDVODV92&$/(6SXHGHQVHUFRUWDVRODUJDV/DV92&$/(6&257$6VHSURQXQFLDQGHODPLVPDPDQHUDTXHODV
YRFDOHVQRDFHQWXDGDVHQHVSDxRO
K+ 

=K? 92&$/&257$$/7$$17(5,25125('21'($'$

 

 

,JXDODODKGHOHVSDxRO

 
 







OKK
K[C 




=OK!KKKm?  DOOtPLVPR
=!K!KL#!##m? EHEHUi

*5$07,&$7(3(+8$1$
G' 



=G? 92&$/&257$0(',$$17(5,25125('21'($'$

 
 
 

 
 
 





,JXDODODGGHOHVSDxRO
6RODPHQWHVHSUHVHQWDHQLQWHUMHFFLRQHV\HQSDODEUDVWRPDGDVGHOHVSDxRO
/DGQRDFHQWXDGDDPHQXGRFDPELDDK

 
 

 
 




GCMWIK 
TKRTGUMQ

 

=!G#MWIKKm? GHDFXHUGR
=4KR4GUMQQm? UHIUHVFR

=? 92&$/&257$$/7$3267(5,25125('21'($'$

 
 

 
 




1RH[LVWHHQHOHVSDxRO
/DVHJXQGDYRFDOPiVIUHFXHQWHGHVSXpVGHODC

 
 

 
 




DR =$R!m?  DQWHV

DJKC =!!DK#!#m? ROHUi

 

=? 92&$/&257$0(',$3267(5,25125('21'($'$

 
 

 
 




1RH[LVWHHQHOHVSDxRO
/DYRFDOPHQRVIUHFXHQWHSHURVHSUHVHQWDHQDOJXQDVSDODEUDVFRPXQHV

 
 

 
 




I 
VMQD

=I!m?   JUDQGH
=V!mMQH? DOWR

C#=#? 92&$/&257$%$-$3267(5,25125('21'($'$
 

 

,JXDODODCGHOHVSDxRO

 
 

 
 




DCCCM 
VWCIC 

=$#!#M*? FDVD
=VW!#I##m? HVWiKDEODQGR

W7=W? 92&$/&257$$/7$3267(5,255('21'($'$
 
 
 

 
 
 





,JXDODODWGHOHVSDxRO
&XDQGRVHSUHVHQWDHQHOSUHILMRtuH[WHQVLyQVHSURQXQFLDLJXDOTXHODSULPHUD
 YRFDOGHOYHUERFXDQGRpVWDVHDRSHURQRFDPELDDQWHC

 
 

 
 




WOWW 
LWT  

 
 
 

 
 
 





LKZEJWDCC
LKZEJDV 
VM  

=!WOW!Wm? ]R\DWH
=JW4m?   FRUD]yQ
=JK5V5W$#!#m? PRMDGDiUHDH[WHQVD
=JKUV5$V*? SHVDGRHQJHQHUDO
=VMm?   SXHGHRtU

=Q? 92&$/&257$0(',$3267(5,255('21'($'$

o, O
 

 
 

,JXDODODQGHOHVSDxRO
MQO
QNJKC

=MQOOm?
=!Q!Q.K##m?

HVSDOGD
URGLOOD



/$692&$/(6

2.1.2. Las vocales largas

/DV92&$/(6/$5*$6VHSURQXQFLDQFRQODPLVPDGXUDFLyQTXHORV',3721*26ORVFXDOHVVHGHVFULEHQHQHO
DSDUWDGRVLJXLHQWH(VGHFLUODVYRFDOHVWLHQHQXQDGXUDFLyQDOSURQXQFLDUVHFRPRVLIXHUDQXQDFRPELQDFLyQGHGRV
92&$/(6&257$6
MQU 
MQQU
MQK 

=MQU*?  QLGR    
=MQU*? HVWiGXUPLHQGR 
=MQKKm?  GXUPLy  




DCCU  =$#!#U*? \DVHEXUOy

DCCCM =$#!#M*? FDVD
DCCKEJ =$#!#KV5*?\DORWUDMR

CC =#?92&$//$5*$%$-$3267(5,25125('21'($'$
 

CCIK

=!#IK!m?

ORHVWiH[SOLFDQGR

GG =G?92&$//$5*$0(',$$17(5,25125('21'($'$
 

DCMGGV =$#MGV*? FXHUR

 =?92&$//$5*$0(',$3267(5,25125('21'($'$
 

KK

=K?92&$//$5*$$/7$$17(5,25125('21'($'$

 



=?92&$//$5*$$/7$3267(5,25125('21'($'$

 

M 

=!M*?

YLQR\VHIXH

LKLKK=JKJK!m? 

VV =VV!m? 

LQWHVWLQRV

VHOODPDFRVD

QQ =Q?92&$//$5*$0(',$3267(5,255('21'($'$
 

CQQ =!#!QQm?

KXHVRKXHVRV

uu =W?92&$//$5*$$/7$3267(5,255('21'($'$
 

WWW =!W!WWm?

IOHFKD

1RHVSRVLEOHSUHGHFLUFXiQGRXQDYRFDOGHEHVHUODUJDVLQRTXHSDUDFDGDSDODEUDHQWHSHKXiQVHWLHQHTXH
HVSHFLILFDUVLVXVYRFDOHVVRQFRUWDVRODUJDV3RUORWDQWRVHGLFHTXHHO$/$5*$0,(172'(/$692&$/(6HQWHSHKXiQ
HV)21e0,&2SRUTXHVH'(7(50,1$(1(//e;,&2QRHQOD)212/2*$
(QFDPELROD$&(178$&,1GHODVYRFDOHVWHSHKXDQDVVtHVSUHGHFLEOHSXHVWRGDYRFDOODUJDVLHPSUHVHDFHQW~D
SRUORTXHVHGLFHTXHODDFHQWXDFLyQHVXQ352&(62)212/*,&2>@

2.1.3. Los diptongos

7RGRVORV',3721*26HQWHSHKXiQFRQVWDQGHXQD92&$/0(',$R%$-$PiVRWUDYRFDO$/7$TXHVHSURQXQFLDFRPR
'(6/,=$17(5,25R'(6/,=3267(5,25(VGHFLUODYRFDOPHGLDREDMDIRUPDODSDUWHFHQWUDOGHOGLSWRQJR\ODYRFDODOWD
VHSURQXQFLDUiSLGDPHQWHDQWHVRGHVSXpVGHHOOD

$GHPiVDOLJXDOTXHODV92&$/(6/$5*$6WRGRGLSWRQJRVLHPSUHVH$&(17$(VGHFLU\DVHDODSULPHUDYRFDO
DOWDRQRpVDVLHPSUHVHSURQXQFLDPiVIXHUWHTXHODVHJXQGDYRFDO

*5$07,&$7(3(+8$1$



(QORVVLJXLHQWHVHMHPSORVPDUFDPRVODVYRFDOHVDFHQWXDGDVFRQDFHQWRRUWRJUiILFR
',3721*26&21'(6/,=$17(5,25
MWC   EJKC    KQ
=MW"C!#m?  =V5K"##m?  =!K"Q!Qm?
FRPH   JUDQL]R   WRVD
',3721*26&21'(6/,=3267(5,25
VCK    OK   DQK   FWK 
=V#"KKm?  =O"KKm?  =$Q"KKm?  =FW"KKm?
IXHJR   VHTXHPy  VHQGD   FLUXHOD

2.2. Los procesos fonolgicos que cambian a las vocales

+D\WUHV352&(626)212/*,&26TXHFDXVDQFDPELRVHQODSURQXQFLDFLyQGHODV92&$/(6HQWHSHKXiQORVFXDOHV
GHVFULELPRVHQORVVLJXLHQWHVDSDUWDGRVDVDEHUOD5($57,&8/$&,1'(92&$/(6OD6835(6,1'(92&$/(6DO),1$/GH
OD3$/$%5$\OD6835(6,1GHYRFDOHVGHVSXpVGHXQD6/$%$$&(178$'$

2.2.1. La rearticulacin de vocales

&XDQGRXQD92&$/\DVHD&257$R/$5*$VHSUHVHQWDLQPHGLDWDPHQWHDQWHVGHXQD2&/86,9$*/27$/DO),1$/GH
XQD6/$%$HVDYRFDOVLHPSUHVHUHDUWLFXODHVGHFLUVHSURQXQFLDRWUDYRFDOLJXDOGHVSXpVGHODRFOXVLYDJORWDO6LDOD
92&$/5($57,&8/$'$OHVLJXHXQD&21621$17(62125$GHQWURGHODPLVPD)5$6()212/*,&$>@ODYRFDO
UHDUWLFXODGDWDPELpQVHSURQXQFLDVRQRUDSHURVLOHVLJXHXQDFRQVRQDQWH625'$RVHSUHVHQWDDOILQDOGHXQDIUDVH
IRQROyJLFDODYRFDOUHDUWLFXODGDVHSURQXQFLDVRUGD
(QORVVLJXLHQWHVHMHPSORVODVYRFDOHVUHDUWLFXODGDVHVWiQVXEUD\DGDV
QFCO 

=!Q!QF#OOm? JHQWHLQGtJHQD

VV

=VV!m?  VHOODPDOXJDU

WFC 

=!W!WF#!#m? ORVHVWiOOHYDQGR

WKK

=!W!K!Km?  SiMDUR

&XDQGRXQGLSWRQJRVHSUHVHQWDDQWHVGHXQDRFOXVLYDJORWDODOILQDOGHODVtODEDVRODPHQWHODVHJXQGDYRFDOVH
UHDUWLFXOD'HODPLVPDPDQHUDFXDQGRXQGLSWRQJRVHSUHVHQWDDOILQDOGHODIUDVHIRQROyJLFDVRODPHQWHODVHJXQGD
YRFDOVHUHDUWLFXOD
WKMC 

=WK!KmM#!#m?

DKC

=$K#!#m?   WHQHU

ORVOOHYDUi

2.2.2. La supresin de vocales al final de la palabra

$OILQDOGHXQDSDODEUDFXDQGRXQDYRFDOFRUWDVHSUHVHQWDLQPHGLDWDPHQWHGHVSXpVGHXQDVHFXHQFLDGHYRFDOPiV
FRQVRQDQWHFDVLVLHPSUHVH6835,0(OD~OWLPDYRFDOFRUWD(O~QLFRFDVRHQTXHQRVHVXSULPHHVFXDQGRODFRQVRQDQWH
TXHOHDQWHFHGHHVXQDL=J?RIXHLDQWHULRUPHQWH
(QORVVLJXLHQWHVHMHPSORVLQGLFDPRVHQWUHSDUpQWHVLVFyPRVHIRUPDQODVSDODEUDVFLWDGDV8QVLJQRGHPiV 
LQGLFDGRQGHWHUPLQDXQ025)(0$\HPSLH]DRWUR\HOVLJQRQXORUHSUHVHQWDDO025)(0$18/2RVHDXQ
PRUIHPDTXHQRVHSURQXQFLD



/$692&$/(6

VWLWCPCV
VWJWCPC V      VWLWCP
VWJWCPC 
=VWJW#P#V*?          =VWJW#PPm?
HVWDEDWUDEDMDQGRWUDEDMDUFRSUHWpULWR   HVWiWUDEDMDQGRWUDEDMDUSUHVHQWH
MMDQ             LK
=MM$QQm?          =!JKKm?
SDUDUVHVXMHWRVLQJXODU        OOHJDQGR
'HVSXpVGHVXSULPLUOD~OWLPDYRFDOGHODSDODEUDVLOD&21621$17(TXHTXHGDDOILQDOHVXQD2&/86,9$62125$
VLHPSUHVHFDPELDDXQD1$6$/35(*/27$/,=$'$>@
RCNJDWKFJC
RCNJDWKFJC C    RCNJDWK
RCNJDWKFJC 
=R#.$WKF<#!#m?       =R#.$WK!m?
YDDD\XGDUD\XGDUIXWXUR      HVWiD\XGDQGRD\XGDUSUHVHQWH

2.2.3. La supresin de vocales despus de una slaba acentuada

+D\GRVFDVRVHQORVFXDOHVVH6835,0(XQD92&$/GHOD6/$%$SRVWHULRUDODVtODED$&(178$'$>@
(QSULPHUOXJDUVHVXSULPHQODVYRFDOHVHQODSULPHUDVtODEDGHVSXpVGHODVtODEDDFHQWXDGD\HQFDGDWHUFHUDVtODED
GHVSXpVGHpVDVLHPSUH\FXDQGRHVDVVtODEDVVHDQ6/$%$60(',$1$6RVHDTXHQRVHSUHVHQWHQDOILQDOGHODSDODEUD
\WDPELpQTXHVHDQ6/$%$6$%,(57$6HVGHFLUTXHQRWHUPLQHQFRQXQD&21621$17(7RGDVODVYRFDOHVVHVXSULPHQ
HQHVWH&217(;72\DVHDQYRFDOHV/$5*$6YRFDOHV&257$6R',3721*26DGLIHUHQFLDGHODVXSUHVLyQGHYRFDOHVDO
ILQDOGHODSDODEUD>@HQODTXHVRODPHQWHVHVXSULPHQODVYRFDOHVFRUWDV/DVXSUHVLyQGHYRFDOHVHQHOFRQWH[WR
DTXtGHVFULWRVHSUHVHQWDDPHQXGRHQODVSDODEUDV5('83/,&$'$6>@
(QORVVLJXLHQWHVHMHPSORVLQGLFDPRVHQWUHSDUpQWHVLVFyPRVHIRUPDQODVSDODEUDVFLWDGDV$VLPLVPRPDUFDPRVODV
YRFDOHVDFHQWXDGDVFRQDFHQWRRUWRJUiILFR
PCMUT
PCMCUTt PMUT   PCCPMCUT
PCCPCMCUTt PCPMCUT
=P#MU4m?        =P#PM#U4m?
DODFUiQ           DODFUDQHV
PWWEJKZ
PWEJKZ    PWWEJKZ
PWWPWWEJKZt PWEJKZ
=PWV5K5*?      =PWV5K5*?
FXxDGRFXxDGD      FXxDGRVFXxDGDV
'HVSXpVGHVXSULPLUXQDYRFDOHQXQDVtODEDQRDFHQWXDGDVLXQD2&/86,9$62125$OOHJDUDDSUHVHQWDUVHDOILQDOGH
XQDVtODEDHVDRFOXVLYDVLHPSUHVHFDPELDDXQD1$6$/35(*/27$/,=$'$>@
IKQVT
IKVT    IKQPVT
IKQIKQVTt IKQIVTt IKPVT
=IKQV4m?    =IKQ!PV4m?
OODQR       OODQRV
(VWHSURFHVRVHOODPD5(6,/$%,),&$&,1SRUTXHGDFRPRUHVXOWDGRXQDUHRUJDQL]DFLyQGHODVVtODEDVGHODSDODEUD
(QVHJXQGROXJDUHQODVVtODEDVQRDFHQWXDGDVWRGDVODVYRFDOHVODUJDVVHKDFHQFRUWDV6LQHPEDUJRORVGLSWRQJRV
QRUPDOPHQWHQRFDPELDQHQHVWHFRQWH[WR
VQRCC
VQRC    VQVRC
VQVQRCCt VVRC
=VQR##m?     =VQVR##m?
PROFDMHWH      PROFDMHWHV

*5$07,&$7(3(+8$1$



LQFCK
LQFK    LQQFCK
LQFCK
=JQF#KKm?     =JQF#KKm?
SLHGUD       SLHGUDV



/$66/$%$6

Captulo 3. Las slabas

/DIRUPDGHODV6/$%$6HQWHSHKXiQLQIOX\HWDQWRHQHOSURFHVRGH$&(178$&,1GHSDODEUDVFRPRHQHOSURFHVR
GH&2175$&&,1GHPRUIHPDV(QORVVLJXLHQWHVDSDUWDGRVSULPHURGHVFULELPRVODIRUPDGHODVVtODEDV>@OXHJR
GHVFULELPRVHOSURFHVRGHDFHQWXDFLyQGHODVVtODEDV>@\ILQDOPHQWHGHVFULELPRVHOSURFHVRGHFRQWUDFFLyQGH
PRUIHPDVHQHOKDEODGHORVDGXOWRV>@

3.1. La forma de las slabas

&DVLVLHPSUHODV6/$%$6HQODV3$/$%5$6HQWHSHKXiQHPSLH]DQFRQXQD&21621$17(/DV~QLFDVVtODEDVTXHQR
HPSLH]DQFRQXQDFRQVRQDQWHVRQDOJXQRV68),-26$GHPiVHQWRGDVODVVtODEDVXQD92&$/VLJXHDODSULPHUD
FRQVRQDQWHFRPR1&/(2GHODVtODED(VWDYRFDOSXHGHVHUFRUWDODUJDRXQGLSWRQJR
+D\GRVIRUPDVGHVtODEDVHQWHSHKXiQDVDEHU6/$%$$%,(57$RVHDTXHWHUPLQDFRQXQDYRFDO\6/$%$
&(55$'$HVGHFLUTXHWHUPLQDFRQXQDFRQVRQDQWH$OJXQDVGHODVVtODEDVFHUUDGDVWHUPLQDQFRQXQDFRPELQDFLyQGH

FRQVRQDQWHVTXHVLHPSUHFRQVWDGHXQDRFOXVLYDJORWDOVHJXLGDSRURWUDRFOXVLYDVRUGDXQDIULFDWLYDRXQDQDVDO

(QORVVLJXLHQWHVHMHPSORVFRPRHQWRGRVORVHMHPSORVGHHVWDJUDPiWLFDGRQGHLQGLFDPRVODSURQXQFLDFLyQSRU
PHGLRGHO$/)$%(72)21e7,&2XQVLJQRFRPRDSyVWURIRUHFWRLQGLFDTXHODVtODEDTXHVLJXHHVWi$&(178$'$\XQ
SXQWRLQGLFDTXHODVtODEDTXHVLJXHQRHVWiDFHQWXDGD
/DVGRVIRUPDVGHVtODEDVRVHDVtODEDVDELHUWDV\VtODEDVFHUUDGDVVHSUHVHQWDQWDQWRDOSULQFLSLRFRPRHQPHGLRR
DOILQDOGHODSDODEUD(QORVVLJXLHQWHVDSDUWDGRVVRODPHQWHGDPRVHMHPSORVGHODVGLIHUHQWHVIRUPDVGHODVSDODEUDVGH
GRVVtODEDV
(QWRGRVORVVLJXLHQWHVHMHPSORVXVDPRVHOVtPERORSDUDLQGLFDUHOOtPLWHGHXQDSDODEUD\DVHDDOSULQFLSLRRDO
ILQDO7DPELpQXVDPRVODOHWUDPD\~VFXOD%SDUDLQGLFDUXQDFRQVRQDQWHODOHWUDPD\~VFXOD8SDUDLQGLFDUXQDYRFDO
WUHVSXQWRVSDUDLQGLFDUHOUHVWRGHODSDODEUD$VLPLVPRVXEUD\DPRVODVtODEDTXHWLHQHODIRUPDLQGLFDGD

3.1.1. Las slabas abiertas con vocales cortas

%8 

%8 

%8

DC        DCMCCZ       EJKDQ

=$#?
       =$#M#5*?     =V5K$QQm?
\DSUHILMRYHUEDO    FDUQH        EDUEDELJRWH

3.1.2. Las slabas abiertas con vocales largas o diptongos

%88

%88 

%88

RCC
     VCCVCP       WWW
=R##m?      =V#V#!PPm?    =!W!WWm?
GyQGH       VXSDSi       IOHFKD
   WDKK
OCK
     DJCKFJC
=O#KKm?      =D#KF<#!#m?    =!W$KKm?
PDJXH\       IUXWD        PXMHU

*5$07,&$7(3(+8$1$



3.1.3. Las slabas cerradas con vocales cortas

%8%

%8% 

%8%

UCR        DCZDJC       VUFKO

=U#R*?      =$#5D#!#m?    =V\FKOOm?
VHJ~QGLFHQ     VDFDU        HVWiVXELHQGR

3.1.4. Las slabas cerradas con vocales largas o diptongos

%88% 

%88%

%88%

OCCP       LKKMCK      ICVWWM

=O#!PPm?     =JKM#K!Pm?   =I#VWM*?
XQRXQD      HVWiJULWDQGR      GHVSXpV
OCK       DCKFJCU      DCDJKEJ
=O#Km?      =$#KF<#U*?    =$#DKV5*?
SHWDWH       KDFKD        \DVHORHQWUHJy

3.1.5. Las slabas cerradas que terminan con una secuencia de consonantes
%8% 

%8%

%88% 

%8%

LCM    LCVMCO     OCCPMCO    TWTWZ

=J#!#mM*?  =J#!#mVM#OOm?  =O#!PM#OOm?  =4W4W!Wm5*?
KDFLD    SHUVRQDVJHQWH   SHUVRQD     KDPDFD

3.2. La acentuacin
8QD6/$%$$&(178$'$HQWHSHKXiQHVXQDTXHVHSURQXQFLDXQSRFRPiVIXHUWH\FRQXQWRQRXQSRFRPiVDOWR
TXHRWUDVVtODEDV
1RVHHVFULEHODWLOGHFRQHO$/)$%(7235&7,&2WHSHKXDQRSRUTXHVLHPSUHVHSXHGHVDEHUFXiOVtODEDVHDFHQW~D
(VGHFLUVLHPSUHVHDFHQW~DODSULPHUDVtODEDGHO5$',&$/VLHVXQDVtODEDSHVDGD6LODSULPHUDVtODEDHVXQDVtODED
OLJHUD\ODVHJXQGDVtODEDHVSHVDGDHQWRQFHVVHDFHQW~DODVHJXQGD
8QD6/$%$/,*(5$HVXQDVtODED$%,(57$FX\R1&/(2HVXQD92&$/&257$8QDVtODED3(6$'$HVXQDVtODED
&(55$'$RXQDVtODEDDELHUWDFX\RQ~FOHRHVXQD92&$//$5*$RXQ',3721*2
(QORVGRVVLJXLHQWHVDSDUWDGRVGDPRVHMHPSORVGHVtODEDVDFHQWXDGDV\DVHDQODSULPHUDHQXQDSDODEUDROD
VHJXQGD6LHPSUHTXHQRVHDFHQW~DODSULPHUDVtODEDODSULPHUDVtODEDHVOLJHUD\ODVHJXQGDHVSHVDGD

3.2.1. La primera slaba acentuada

%8%

%88%

%88

MQMQNJ      VCCVUCD       DCCRCZ

=MQ!QmMQZ?   =V#VU#H?    =$#R#5*?
FKLOH       WLHUUDFiOLGD      PHWLGRV



/$66/$%$6

%8%

%88%

%88

ZKDMCO      FWKMCT       DJKMC

=5KHM#OOm?    =FWKM#4m?    =DKM#!#m?
QXHYR       SLSD        OOHYDUORV

3.2.2. La segunda slaba acentuada

%8%

%88%

%88

DR       VCRZ       VQDCC

=$R!m?    =V#R5*?     =VQ$##m?
URMRV       SXOJD        JXDMRORWH
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=VWVWM*?     =VO#KV5*?    =L#MW##m?
QHJURV       WDPDOWDPDOHV     KRQJRKRQJRV

3.3. Las contracciones

(QHOKDEODGHORVDGXOWRVWHSHKXDQRVDOJXQDV3$/$%5$6GHXQDVROD6/$%$VHSUHVHQWDQUHGXFLGDVHQFLHUWRV
&217(;726(VWDVIRUPDVUHGXFLGDVVHSURQXQFLDQFRPRVLIXHUDQ68),-26GHODVSDODEUDVDQWHULRUHV(OSURFHVRGH

UHGXFLUXQDSDODEUDDXQVXILMRVHOODPDFRQWUDFFLyQ

(QORVGRVVLJXLHQWHVDSDUWDGRVGHVFULELPRVODVFRQWUDFFLRQHVPiVFRPXQHVDVDEHUOD&2175$&&,1GHO&/7,&2
GHO68-(72\ODFRQWUDFFLyQGHO35(),-2

3.3.1. La contraccin del cltico del sujeto

8Q&/7,&2HVXQ025)(0$TXHIXQFLRQDFRPR35(),-2R68),-2GHDOJXQRVWLSRVGH3$/$%5$6(O&/7,&2'(/
68-(72>@VLHPSUHHVHOVXILMRGHOSULPHU&20321(17(35,1&,3$/GHOD&/868/$>@\DVHDXQD&21-81&,1
>FDS@XQ6867$17,92>FDS@XQ$'9(5%,2>FDS@RXQ9(5%2>FDS@
/DIRUPDGHOFOtWLFRGHOVXMHWRFDPELDVHJ~QODSHUVRQD\HOQ~PHURGHOVXMHWRGHODFOiXVXOD7RGDVODVIRUPDVGHO
FOtWLFRGHOVXMHWRVHSUHVHQWDQHQHOFXDGUR



6LQJXODU

3OXUDO

DSHUVRQD



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DSHUVRQD

R

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DSHUVRQD

t

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Cuadro 3. Formas del cltico del sujeto

$GHPiVVHSXHGHQSUHVHQWDUXQRVVRQLGRVDGLFLRQDOHVDQWHVGHOFOtWLFRGHOVXMHWRSDUDIDFLOLWDUVXSURQXQFLDFLyQ
(VWRVVRQLGRVDGLFLRQDOHVVHOODPDQ$8;,/,$5(6(ODX[LOLDUQRHVXQPRUIHPDSRUTXHQRWLHQHVLJQLILFDGRHQVt\QXQFD
VHSUHVHQWDVLQHOFOtWLFRGHOVXMHWR/DIRUPDGHODX[LOLDUGHSHQGHGHWUHVIDFWRUHVGLIHUHQWHVODSHUVRQD\HOQ~PHUR
GHOVXMHWRVLHOFOtWLFRGHOVXMHWRVHSUHVHQWDDQWHVRGHVSXpVGHOYHUER\ODOHWUDTXHOHSUHFHGHFRPROR
GHPXHVWUDQORVHMHPSORVFLWDGRVDEDMR
/DFRPELQDFLyQGHODX[LOLDUPiVHOFOtWLFRGHOVXMHWRVHOODPDHO025)(0$'(/68-(727RGDVODVIRUPDVGHO
PRUIHPDGHOVXMHWRVHSUHVHQWDQHQHOFXDGUR(QODSDUWHVXSHULRUGHFDGDFHOGDDSDUHFHODIRUPDWDOFRPROR

*5$07,&$7(3(+8$1$



HVFULELPRVXVDQGRHO$/)$%(7235&7,&2\HQODSDUWHLQIHULRUGHFDGDFHOGDDSDUHFHODSURQXQFLDFLyQHVFULWDFRQ
VtPERORVGHO$/)$%(72)21e7,&2
&RPSDUDQGRORVFXDGURV\VHQRWDTXHHO~QLFR&217(;72HQHOTXHHOFOtWLFRGHOVXMHWRVHSUHVHQWDVLQDX[LOLDU
HQWRGDVODVSHUVRQDVHVDQWHVGHOYHUER\GHVSXpVGHXQDYRFDORXQDRFOXVLYDJORWDO(QORVGHPiVFRQWH[WRVHOFOtWLFR
GHOVXMHWRVHSUHVHQWDSUHFHGLGRSRUXQDIRUPDGHODX[LOLDUH[FHSWRODVHJXQGDSHUVRQDGHOSOXUDOGHVSXpVGHOYHUER\
GHVSXpVGHXQDYRFDORXQDRFOXVLYDJORWDO



Persona y nmero del sujeto

DSHUV DSHUV
GHOVLQJ GHOVLQJ

Posicin del cltico

del sujeto

K
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Cuadro 4. Formas del morfema del sujeto

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ORVWUHVFRQWH[WRVFLWDGRVHQHOFXDGUR
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OW
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3.3.2. La contraccin de prefijos

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IRUPDVGHO&/7,&2&238/$7,92LKZ\LKT>@HOVHJXQGRJUXSRFRQVWDGHWUHVIRUPDVGHO35(),-2'(/2%-(72R
VHDLKLKEJ\LWO>@
(OSULPHUVRQLGRGHHVWRVGRVJUXSRVHVOD&21621$17(L=J?VHJXLGDSRUOD92&$/KRSRUODYRFDOW/D
FRPELQDFLyQLK=JK?RLW=JW?FRQODFXDOHPSLH]DQHVWRVSUHILMRVQRVHSURQXQFLDFXDQGROD3$/$%5$TXHOD
DQWHFHGHWHUPLQDHQXQDYRFDO(QHVWHFRQWH[WRVRODPHQWHVHSURQXQFLDOD~OWLPDFRQVRQDQWHGHOSUHILMRODFXDOVH
FRQYLHUWHHQODSDUWH),1$/GHOD~OWLPD6/$%$GHODSDODEUDDQWHULRUFRPRORGHPXHVWUDQORVHMHPSORVFLWDGRVDEDMR
(QHOFXDGURVHSUHVHQWDQODVIRUPDVGHODVFRQWUDFFLRQHVGHHVWRVGRVJUXSRVGHSUHILMRVFRQPXFKRVRWURV
SUHILMRVR3$57&8/$6FRPXQHV



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(QODHVFULWXUDFRQHO$/)$%(7235&7,&2WDQWRORVSUHILMRVVRORVFRPRODVFRQWUDFFLRQHVVHHVFULEHQFRPR
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Procltico copulativo
Prefijo o partcula
anterior

$WULEXWLYR
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Prefijo del objeto

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Cuadro 5. Contracciones comunes de los prefijos

<DTXHDOJXQDVGHODVIRUPDVGHOPRUIHPDGHOVXMHWRSDUDSULPHUDSHUVRQDWDQWRVLQJXODUFRPRSOXUDOVRQLJXDOHVD
DOJXQDVIRUPDVGHFRQWUDFFLyQGHORVSUHILMRVGHOREMHWRVHSXHGHQFRQIXQGLUIiFLOPHQWH6RODPHQWHHOFRQWH[WRD\XGDD
GLVWLQJXLUODV
(QORVVLJXLHQWHVHMHPSORVHOVLJQRGHLJXDOGDG LQGLFDXQFOtWLFR\XQJXLyQLQGLFDXQSUHILMRRXQVXILMR
6K   EJKCP CO PC  
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LQWHQWR PH SHGLU  HOORV TXH \R 
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LKOKC
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VK   KEJ WOWCIKFJC PC LK VCKDWKFJC C
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Captulo 4. La reduplicacin
(QHVWHFDStWXORGHVFULELPRVHO352&(62)212/*,&2GHOD5('83/,&$&,1HOFXDOHVPX\FRP~QHQWHSHKXiQ
7DQWRODVIRUPDV3/85$/(6GHORV6867$17,926\$'-(7,926>@FRPRODIRUPDGHO$63(&72',675,%87,92GHORV
9(5%26>@VHIRUPDQDOUHSHWLUODSULPHUDVHFXHQFLDGHXQD&21621$17(VHJXLGDSRUXQD92&$/TXHVHSUHVHQWDHQ
OD5$=
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$GHPiVODYRFDOGHODVtODEDUHGXSOLFDGDSXHGHVHUFRUWDRODUJD(VGHFLUFXDOTXLHUDTXHVHDODIRUPDGHODSULPHUD
YRFDOGHODUDt]ODYRFDOGHODVtODEDUHGXSOLFDGDSXHGHUHSHWLUVHGHGRVPDQHUDVDVDEHU5('83/,&$&,1&257$
GRQGHODVtODEDUHGXSOLFDGDFRQWLHQHXQDYRFDOFRUWD\5('83/,&$&,1/$5*$GRQGHODVtODEDUHGXSOLFDGDFRQWLHQH
XQDYRFDOODUJD
1RHVSRVLEOHSUHGHFLUFXiOGHODVGRVIRUPDVGHUHGXSOLFDFLyQVHGHEHDSOLFDUDXQVXVWDQWLYRDGMHWLYRRYHUERVLQR
TXHVHWLHQHTXHHVSHFLILFDUHQHO/e;,&2DOLJXDOTXHHO$/$5*$0,(172GHODVYRFDOHV>@3RUORWDQWRHQHVWH
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, /DUHGXSOLFDFLyQFRUWDWLHQHFRPRUHVXOWDGRXQDVtODEDUHGXSOLFDGDTXHFRQWLHQHXQDYRFDOFRUWDLJXDODODSULPHUD
YRFDOGHODUDt]GHODSDODEUD
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,,, /DUHGXSOLFDFLyQODUJDGHXQDSDODEUDFX\DSULPHUDYRFDOHVXQGLSWRQJRGDFRPRUHVXOWDGRXQDVtODEDUHGXSOLFDGD
TXHFRQWLHQHHOPLVPRGLSWRQJR
$VLPLVPRKD\RWURVGRVFDPELRVIRQROyJLFRVTXHVHSUHVHQWDQHQODVSDODEUDVUHGXSOLFDGDV
$ (QODUHGXSOLFDFLyQODUJDVHDFHQW~DODVtODEDUHGXSOLFDGDHQYH]GHXQDGHODVGRVVtODEDVGHODUDt]&RPRUHVXOWDGR
GHHVWHFDPELRVHDSOLFDOD5(6,/$%,),&$&,1>@DOUHVWRGHODSDODEUDUHGXSOLFDGD
% 7DQWRHQODUHGXSOLFDFLyQFRUWDFRPRHQODUHGXSOLFDFLyQODUJDXQDIULFDWLYDELODELDOVRQRUDGHODUDt]YXHOYHDVHU
XQDRFOXVLYDELODELDOVRUGDHVGHFLUDR$GHPiVVLODSULPHUDYRFDOHVXQDYRFDOPHGLDSRVWHULRUUHGRQGHDGD
pVWDYXHOYHDVHUXQDYRFDOEDMDSRVWHULRUQRUHGRQGHDGDHVGHFLUQC
(QHOUHVWRGHHVWHFDStWXORGDPRVHMHPSORVGHFyPRODUHGXSOLFDFLyQFDXVDHVWRVFDPELRVIRQROyJLFRV\RWURV
FRPRODVXSUHVLyQGHYRFDOHV>@HQWRGRVORVWLSRVGHSDODEUDVGHXQD\GHGRVVtODEDV(QFDGDHMHPSOR
VXEUD\DPRVODVtODEDUHGXSOLFDGD

4.1. La reduplicacin corta

7RGDVODV92&$/(6WDQWR&257$6FRPR/$5*$6\',3721*26SXHGHQ5('83/,&$56(GHODPLVPDPDQHUDHV
GHFLUWRGDVSXHGHQUHSHWLUVHHQXQD6/$%$UHGXSOLFDGDFRQXQDYRFDOFRUWD(QORVVLJXLHQWHVDSDUWDGRVGDPRV
HMHPSORVGHUHGXSOLFDFLyQFRUWDSDUDODVWUHVIRUPDVGHODSULPHUDYRFDOGHODUDt]GHODSDODEUDDVDEHUDGHXQDYRFDO
FRUWDEGHXQDYRFDOODUJD\FGHXQGLSWRQJR

4.1.1. La reduplicacin corta de una vocal inicial corta

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6tODEDDELHUWD

 

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4.1.2. La reduplicacin corta de una vocal incial larga

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6tODEDDELHUWD

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6tODEDFHUUDGD

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%5Dt]GHGRVVtODEDV
 

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4.1.3. La reduplicacin corta de un diptongo inicial

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3ULPHUDVtODEDDELHUWD

   DQK     DCRQK
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3ULPHUDVtODEDFHUUDGD

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   DCKWO    DCRCKWO
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   =PK!m5M#Z? =PPK!m5M#Z?
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4.2. La reduplicacin larga

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PLVPDPDQHUDHVGHFLUSXHGHQUHSHWLUVHHQXQDVtODEDUHGXSOLFDGDFRQXQDYRFDOODUJD(QORVVLJXLHQWHVDSDUWDGRV
GDPRVHMHPSORVGHUHGXSOLFDFLyQODUJDSDUDODVWUHVIRUPDVGHODSULPHUDYRFDOGHODUDt]GHODSDODEUDDVDEHUDGH
XQDYRFDOFRUWDEGHXQDYRFDOODUJD\FGHXQGLSWRQJR

4.2.1. La reduplicacin larga de una vocal inicial corta

$5Dt]GHXQDVtODED
 

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3ULPHUDVtODEDFHUUDGD

(VWHWLSRGHUDt]QRVHSUHVHQWD

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   VTQM
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4.2.2. La reduplicacin larga de una vocal inicial larga

$5Dt]GHXQDVtODED
 

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4.2.3. La reduplicacin larga de un diptongo inicial

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  +LVWyULFDPHQWHHVWHWLSRGHSDODEUDWHQtDXQDL=J?HQWUHODVGRVYRFDOHVTXHKR\IRUPDQXQGLSWRQJR3RU
ORWDQWRDXQTXHHVWDVSDODEUDVVHSXHGHQUHGXSOLFDUGHIRUPDODUJDVHVLJXHKDFLHQGRFRPRVLODSULPHUDYRFDO
IXHUDFRUWD
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Captulo 5. Las oraciones

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VHUHSUHVHQWDQORVGLIHUHQWHVPRUIHPDV\SDODEUDVHQORVHMHPSORVTXHXVDPRVSDUDLOXVWUDUODJUDPiWLFDWHSHKXDQD

/XHJRGHVFULELPRVFyPRVHIRUPDQODV&/868/$6%6,&$6>@ORVFXDOHVSXHGHQHPSH]DUFRQSDODEUDVGH
(1/$&(\RSDODEUDV(1)2&$'$6VLHPSUHVHJXLGDVGHXQD)5$6(9(5%$/MXQWRFRQVXVLQGLFDGRUHVGHOVXMHWR\2%-(72
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(QVHJXLGDGHVFULELPRVFyPRVHIRUPDQODVFOiXVXODV68%25',1$'$6>@WDOHVFRPRORVGH&$86$\35236,72
5(/$7,9$6&203/(7,9$6ORVTXHFRQWLHQHQIUDVHV*(581',$/(6,1),1,7,9$6\FOiXVXODVGH(1)248(
)LQDOPHQWHGHVFULELPRVORVFXDWUR02'26'(/+$%/$>@DVDEHU,1',&$7,92,17(552*$7,92,03(5$7,92\

&21',&,21$/

5.1. Las palabras

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WDQWRXQYHUERVHQFLOORTXHFRQVWDGHODUDt]PiVYDULRVSUHILMRV\VXILMRVSXHGHVHUWUDGXFLGRSRUXQDRUDFLyQFRPSOHWD
HQHVSDxRO3RUHMHPSORHOYHUERDCLKEJWLCCCIKFJCKEJHVXQDVROD5$=YHUEDOCCICKDEODUDODTXHVHOH
DxDGHQFXDWUR35(),-26\FXDWUR68),-26SDUDGHFLU<DVHORYDPRVDHPSH]DUDH[SOLFDUDHOORV
$C LK  EJW LC  CCIKFJC    
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6LHOVXMHWRGHXQDFOiXVXODWUDQVLWLYDHVHOPLVPRTXHHOREMHWRGLUHFWRHQYH]GHOSUHILMRGHOREMHWRVHSUHVHQWDHO
SUHILMR5()/(;,92\5(&352&2VHJ~QODSHUVRQD\HOQ~PHURFRUUHVSRQGLHQWH/DVIRUPDVGHOSUHILMRUHIOH[LYR\
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Cuadro 9. Formas del prefijo reflexivo y recproco

,KEJPK KEJ
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1RVYHPRVDQRVRWURVPLVPRV
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/$625$&,21(6

5.2.5. La frase verbal

$VtFRPROD)5$6(9(5%$/HVHO1&/(2R&20321(17(FHQWUDOGHODFOiXVXOD>@HO5$',&$/YHUEDOHVHOQ~FOHR
GHODIUDVHYHUEDO/DVSDUWHVGHODIUDVHYHUEDOVHSUHVHQWDQHQHORUGHQTXHDTXtVHxDODPRV
Prefijos

RADICAL

Sufijos Partculas

(OUDGLFDOYHUEDOSXHGHVHUXQD5$=VHQFLOOD>@RXQDUDt]TXHVHKDPRGLILFDGRSRUXQRGHORV352&(626
025)2/*,&26GH)250$&,1'(5$',&$/DVDEHU5('83/,&$&,1SRUHO$63(&72',675,%87,92>@5('8&&,1
SRUHO7,(03235(7e5,72>@6867,78&,1GHRWUDUDt]>@RHOXVRGH$),-26'(5,9$7,926SDUDIRUPDURWUD
SDODEUDQXHYD>@

/DIUDVHYHUEDOVHXVDSDUDH[SUHVDUWDQWR(9(1726FRPR(67$'26>@/RVHYHQWRVVRQDFFLRQHVGHORVFXDOHVHO
VXMHWRHVHO$*(17(RSURFHVRVGHORVFXDOHVHOVXMHWRHVHO3$&,(17(/RVHVWDGRVVRQORVUHVXOWDGRVGHODVDFFLRQHVR
SURFHVRVGHORVFXDOHVHOVXMHWRWDPELpQHVHOSDFLHQWH
/RV35(),-2668),-26\3$57&8/$6VLHPSUHVHSUHVHQWDQHQODPLVPDSRVLFLyQUHODWLYDFRQUHVSHFWRDOUDGLFDO
YHUEDOHVGHFLUORVSUHILMRVVLHPSUHVHSUHVHQWDQDQWHVGHOYHUER\ORVVXILMRV\SDUWtFXODVVHSUHVHQWDQGHVSXpVGHO
YHUER(VWRV025)(0$6*5$0$7,&$/(602',),&$1HOVLJQLILFDGRGHOYHUERHQFXDQWRD7,(032$63(&72\
02'$/,'$'>@

5.2.6. La frase nominal

/DV)5$6(6120,1$/(6QRVRQREOLJDWRULDVFRPRODIUDVHYHUEDOVLQRTXHVHSUHVHQWDQFXDQGRHOKDEODQWHTXLHUH
KDFHUUHIHUHQFLDGLUHFWDDXQDSHUVRQDDQLPDORFRVD/DVSDUWHVGHODIUDVHQRPLQDOVHSUHVHQWDQHQHORUGHQTXHDTXt
VHxDODPRV
Determinante

Posesin

RADICAL

Posposicin

Adjetivo

(O5$',&$/QRPLQDOTXHHVHO1&/(2GHODIUDVHQRPLQDOSXHGHVHUXQD5$=VHQFLOODR&2038(67$>@
7DPELpQSXHGHVHUXQDUDt]TXHVHKDPRGLILFDGRSRUXQRGHORV352&(626025)2/*,&26GH)250$&,1'(5$',&$/
DVDEHU5('83/,&$&,1SRUHO3/85$/>@RHOXVRGH$),-26'(5,9$7,926SDUDIRUPDURWUDSDODEUDQXHYD>@
$OJXQDVUDtFHVVRQWRPDGDVGHOHVSDxRO>@
/RV'(7(50,1$17(6VRQ$57&8/26XRWURV$'-(7,926'(02675$7,926>@RELHQSXHGHQVHU$'-(7,926
180(5$/(6>@
/D326(6,1GHVXVWDQWLYRVVHLQGLFDSRUPHGLRGHXQ$),-2TXHVHSUHVHQWDFRPR35(),-2SDUDWRGDVODVSHUVRQDV
H[FHSWRODGHODWHUFHUDSHUVRQDGHOVLQJXODUHOFXDOVHSUHVHQWDFRPR68),-2>@
7DQWR35(326,&,21(6FRPR326326,&,21(6>FDS@LQGLFDQODSRVLFLyQUHODWLYDGHOVXVWDQWLYRFRQUHVSHFWRDRWURV
GHQWURGHO&217(;72
/DPD\RUtDGHORV$'-(7,926&$/,),&$7,926>@VHSUHVHQWDQFRPRORV9(5%26'((67$'2>@6LQHPEDUJR
DYHFHVORVDGMHWLYRVFDOLILFDWLYRVVHSUHVHQWDQFRPRSDUWHGHODIUDVHQRPLQDOGRQGH02',),&$1GLUHFWDPHQWHDO
VXVWDQWLYRDXQTXHWRGDYtDVHSUHVHQWDFRQVX352&/7,&2&238/$7,92FRUUHVSRQGLHQWH>@(ORUGHQUHODWLYRGHO
VXVWDQWLYR\GHODGMHWLYRGHSHQGHGHO(1)248(TXHHOKDEODQWHTXLHUHUHIOHMDUSXHVQRUPDOPHQWHHOHOHPHQWRFRQPD\RU
pQIDVLVVHSUHVHQWDSULPHUR
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5.2.7. La frase adverbial

/DV)5$6(6$'9(5%,$/(6WDPSRFRVRQREOLJDWRULDVFRPRODIUDVHYHUEDOVLQRTXHVHSUHVHQWDQFXDQGRHOKDEODQWH
TXLHUHUHIHULUVHDOWLHPSRPDQHUDOXJDURGLUHFFLyQ/DVSDUWHVGHODIUDVHDGYHUELDOVHSUHVHQWDQHQHORUGHQTXHDTXt
VHxDODPRV
ADVERBIO

Partculas

(O$'9(5%,2HVHO1&/(2GHODIUDVHDGYHUELDO/DVIUDVHVDGYHUELDOHVGHWLHPSR>@\PRGR>@VRQ
VHQFLOODVHVGHFLUFRQVWDQGHXQDGYHUELRVLQ3$57&8/$6TXHOR02',),48(1
DCUVCMCCD
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H[DFWDPHQWH

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FRPSOHMRVSXHVDGHPiVGHODGYHUELRSXHGHQSUHVHQWDUVHXQDRPiVSDUWtFXODVTXHPRGLILFDQHOVLJQLILFDGRGHO
DGYHUELR
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RCK
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5.3. Las clusulas subordinadas

7RGDVODV&/868/$668%25',1$'$6HQWHSHKXiQFRQH[FHSFLyQGHODVFOiXVXODV&21',&,21$/(6>@
HPSLH]DQFRQODPLVPD3$57&8/$68%25',1$17(PC+D\FXDWURWLSRVGHFOiXVXODVVXERUGLQDGDVORVFXDOHV
GHVFULELPRVHQORVVLJXLHQWHVDSDUWDGRVDVDEHUODVFOiXVXODVGH&$86$\35236,72>@ODV&/868/$6
&203/(7,9$6\5(/$7,9$6\>@ODVFOiXVXODVTXHVHWUDGXFHQDOHVSDxROFRPR*(581',26H,1),1,7,926>@\
ODVFOiXVXODVTXHVHXVDQSDUDLQGLFDUHOPi[LPRJUDGRGH(1)248(>@

5.3.1. Las clusulas de causa y propsito

/D&/868/$68%25',1$'$TXHLQGLFDODFDXVDGHXQ(9(172R(67$'2VLHPSUHHPSLH]DFRQODFRQMXQFLyQPC
IWSRUTXHODFXDOFRQVWDGHODSDUWtFXODVXERUGLQDQWHPCPiVODSDUWtFXOD$'9(56$7,9$IWTXHFXDQGRVHSUHVHQWD
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$VLPLVPRODFOiXVXODVXERUGLQDGDTXHLQGLFDHOSURSyVLWRGHXQHYHQWRRHVWDGRVLHPSUHHPSLH]DFRQODFRQMXQFLyQ
PCDCSDUDTXHODFXDOFRQVWDGHODSDUWtFXODVXERUGLQDQWHPCPiVODSDUWtFXODGH6(&8(1&,$(675(&+$DCTXH
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SUHJXQWDU )XW W~  VL  YHQGHU SDUDTXHW~ SHGLU )XW
3UHJ~QWDOHVLORYHQGHSDUDTXHORFRPSUHV

5.3.2. Las clusulas completivas y relativas

$XQDFOiXVXODTXHHVHOFRPSOHPHQWRGHRWUDFOiXVXODVHOHGHQRPLQD&/868/$&203/(7,9$8QDFOiXVXOD
FRPSOHWLYDVLHPSUHHPSLH]DFRQOD3$57&8/$68%25',1$17(PC
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HPSLH]DFRQPC(VGHFLUWRGRVORV352120%5(65(/$7,926>@\$'9(5%,265(/$7,926>@FRQVWDQGHPCPiV
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5.3.3. Las clusulas que se traducen al espaol como gerundios o infinitivos

/D3$57&8/$68%25',1$17(PCWDPELpQVHSUHVHQWDDOSULQFLSLRGHODVFOiXVXODVTXHVHWUDGXFHQDOHVSDxROFRPR
*(581',26H,1),1,7,926
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HVSDxROFRPRJHUXQGLR
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/$625$&,21(6

5.3.4. Las clusulas de mximo enfoque

/D3$57&8/$68%25',1$17(PCWDPELpQVHSXHGHSUHVHQWDUHQWUHXQ6867$17,92R$'9(5%,2(1)2&$'2\HO
UHVWRGHODFOiXVXOD(VWDIRUPDGHUHRUGHQDUODFOiXVXODLQGLFDHOPi[LPRJUDGRGHpQIDVLVSRVLEOHHQHOWHPDGHXQD
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PCIWT  UQKICP   
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5.4. Los modos del habla

(QORVVLJXLHQWHVDSDUWDGRVGHVFULELPRVORVFXDWUR02'26'(/+$%/$HQWHSHKXiQDVDEHUHO02'2,1',&$7,92
>@HO02'2,17(552*$7,92>@HO02'2,03(5$7,92>@\HO02'2&21',&,21$/>@

5.4.1. El modo indicativo

/RVKDEODQWHVGHOWHSHKXiQXVDQHO02'2,1',&$7,92SDUDGHFODUDURH[FODPDU/DVFOiXVXODVVHFRPSRQHQFRPR
\DORGHVFULELPRV\ODYR]GHOKDEODQWHEDMDDOILQDODVtFRPRHQODVRUDFLRQHVGHFODUDWLYDVHQHVSDxRO
%JCO RM  FWWP 
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VWMCC
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d,QKFJCO LKZ EJW CDJCCT [C LCR

LQKFJCO LKZ VW CDJCCT [C LCR
PXFKR  HV  ([W ERQLWR DTXt iUHD
4XpERQLWRHVSRUDTXt

5.4.2. El modo interrogativo

6HXVDHO02'2,17(552*$7,92SDUDSUHJXQWDU+D\GRVWLSRVGHSUHJXQWDVODV&21),50$7,9$6\ODV
,1)250$7,9$6
/DV35(*817$6&21),50$7,9$6SLGHQXQDFRQILUPDFLyQRVHDXQDUHVSXHVWDDILUPDWLYDRQHJDWLYD/DIRUPDGH
XQDFOiXVXODFRQILUPDWLYDHVODPLVPDTXHXQDFOiXVXODLQGLFDWLYDH[FHSWRTXHHQODFOiXVXODFRQILUPDWLYDVHSUHVHQWDOD
3$57&8/$FRQILUPDWLYDCCTXHVHSURQXQFLDFRQXQWRQRPiVDOWR

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IRUPDLQWHUURJDWLYDGHXQ352120%5(5(/$7,92RGHXQ$'9(5%,25(/$7,92
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TXHDOFRQWHVWDUODSUHJXQWDKD\TXHHVFRJHUHQWUHGRVRPiVDOWHUQDWLYDV
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UWWFCK CC
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5.4.3. El modo imperativo

6HXVDHO02'2,03(5$7,92SDUDPDQGDURKDFHUXQDVXJHUHQFLD&XDQGRHO68-(72GHXQD&/868/$,03(5$7,9$
QRVHPHQFLRQDVHHQWLHQGHTXHHVOD6(*81'$3(5621$
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5.4.4. El modo condicional

(O02'2&21',&,21$/VHXVDSDUDLQGLFDUHOJUDGRGHSRVLELOLGDGGHTXHRFXUUDXQ(9(172R(67$'27RGDVODV

25$&,21(6FRQGLFLRQDOHVHPSLH]DQFRQOD&21-81&,1FRQGLFLRQDOPQVL

+D\WUHVJUDGRVGHSRVLELOLGDGTXHVHSXHGHQH[SUHVDUHQHOPRGRFRQGLFLRQDOORVFXDOHVVHVHxDODQSRUPHGLRGHO

68),-2GH7,(032TXHVHSUHVHQWDHQODFOiXVXODTXHHPSLH]DFRQPQ


Contrario a la realidad

Hipottico

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Cuadro 10. Los tres grados de posibilidad

&XDQGRHOYHUERVHSUHVHQWDHQHO7,(032)87852FRQODFRQMXQFLyQFRQGLFLRQDOPQHVRLQGLFDTXHHVLPSRVLEOHR
LPSUREDEOHTXHHOHYHQWRRHVWDGRRFXUUD3DUDHQIDWL]DUHVWDIDOWDGHSUREDELOLGDGQRUPDOPHQWHVHSUHVHQWDWDPELpQOD
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SHURQRSUREDEOHTXHHOHYHQWRRHVWDGRRFXUUD(VGHFLUODSUREDELOLGDGGHTXHRFXUUDRQRHVLJXDO
'CR  ZK  CCP FJK KRWWT PQ EJCO
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/269(5%26

Captulo 6. Los verbos

(QHVWHFDStWXORGHVFULELPRVORV9(5%26GHOWHSHKXiQ(VSHFtILFDPHQWHGHVFULELPRVORV352&(626025)2/*,&26
GH)250$&,1'(5$',&$/(6YHUEDOHV>@FXiOHVVRQODVFODVHVGHUDGLFDOHVYHUEDOHV>@\FXiOHVVRQORV$),-26\
3$57&8/$6TXHDPHQXGRVHSUHVHQWDQFRQORVUDGLFDOHVHQOD)5$6(9(5%$/

6.1. Los tipos de radicales verbales

(QORVVLJXLHQWHVDSDUWDGRVGHVFULELPRVORVGLIHUHQWHVWLSRVGH5$',&$/(69(5%$/(6HQWHSHKXiQ/DPD\RUtDGH
ORVUDGLFDOHVYHUEDOHVFRQVWDQGHXQD5$=VHQFLOOD>@RXQDUDt]5('8&,'$>@$OJXQRVUDGLFDOHVYHUEDOHV
WDPELpQVRQ5('83/,&$'26>@\RWURVVHIRUPDQSRUPHGLRGH68),-26'(5,9$7,926ORVFXDOHVKDFHQFDPELDUOD
FODVHGHUDGLFDO>@7DPELpQGHVFULELPRVFyPRVRQODV92&$/(6TXHDYHFHVVHSUHVHQWDQDOILQDOGHOUDGLFDOYHUEDO
>@

6.1.1. Los radicales verbales sencillos

/DIRUPDPiVVHQFLOODGHXQ5$',&$/9(5%$/HVOD5$=YHUEDOODFXDOPRVWUDPRVHQHOVHJXQGRUHQJOyQGHORV
HMHPSORVDSHVDUGHTXHFDVLQXQFDVHSUHVHQWDDVtHQHOKDEODQRUPDOGHELGRDODVXSUHVLyQGHODYRFDOILQDO>@R
XQDGHODVYRFDOHVPHGLDQDV>@6LQHPEDUJRODUDt]VHQFLOODVHXVDIUHFXHQWHPHQWHSDUDLQGLFDUHO$63(&72
352*5(6,9235(6(17(HVGHFLUTXHXQ(9(172HVWiHQSURFHVRRTXHXQ(67$'2HVWiYLJHQWHDOPRPHQWRGHO
(181&,$'2
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<DHVWiQOLVWRVORVIULMROHVSDUDTXHORVFRPDPRV"

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$VLPLVPRODUDt]VHQFLOODGHXQYHUERDYHFHVVHSUHVHQWDSDUDLQGLFDUHODVSHFWR+$%,78$/35(6(17(HVGHFLUTXH
XQHYHQWRVHOOHYDDFDERUHJXODUPHQWH(ODVSHFWRKDELWXDOGHHVWDGRVVHLQGLFDSRUPHGLRGHODVSHFWRFRQWLQXDWLYR
>@
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$JC LKO MW   LWO 
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$SHVDUGHTXHODUDt]VHQFLOODGHXQYHUERVLHPSUHLQGLFDHODVSHFWRSURJUHVLYRSUHVHQWHRKDELWXDOSUHVHQWHHQHO
VHJXQGRUHQJOyQGHORVHMHPSORVODVWUDGXFLPRVFRPRLQILQLWLYRVSDUDLQGLFDUFXiOHVODIRUPDEiVLFDGHOYHUER

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6.1.2. Los radicales verbales reduplicados

$OJXQDVUDtFHVYHUEDOHVFDPELDQGHIRUPDSRUPHGLRGHOSURFHVRIRQROyJLFRGHUHGXSOLFDFLyQ>FDS@&XDQGRVH
SUHVHQWDXQUDGLFDOUHGXSOLFDGRHVRSXHGHLQGLFDUXQRGHORVVLJXLHQWHVVLJQLILFDGRVDHO68-(72GHXQD&/868/$
,175$16,7,9$HV3/85$/EHO2%-(72GHXQDFOiXVXOD75$16,7,9$R%,75$16,7,9$HVSOXUDORFXQDDFFLyQVHUHSLWH
YDULDVYHFHVHQXQVROROXJDURXQDYH]HQYDULRVOXJDUHVDORTXHVHOHOODPD$63(&72',675,%87,92
6XMHWRSOXUDOGHFOiXVXODLQWUDQVLWLYD
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&RPRVHSXHGHDSUHFLDUHQHVWRVHMHPSORVHOUDGLFDOUHGXSOLFDGRPXFKDVYHFHVFDPELDGHIRUPDSRUHO352&(62

)212/*,&2GH5(6,/$%,),&$&,1>FK@GHOUDGLFDOYHUEDO

3XHVWRTXHORVUDGLFDOHVUHGXSOLFDGRVVRODPHQWHVHSUHVHQWDQHQDOJXQRVYHUERV\ODIRUPDUHGXSOLFDGDQRVHSXHGH
SUHGHFLUFRQH[DFWLWXGLQFOXLPRVHQHVWHGLFFLRQDULRWRGRVORVUDGLFDOHVUHGXSOLFDGRVGHORVYHUERVFRQORVFXDOHVVH
SUHVHQWDQ

6.1.3. Los radicales verbales reducidos

/DPD\RUtDGHODVUDtFHVYHUEDOHVVH5('8&(1GHIRUPDSDUDLQGLFDUHO7,(03235(7e5,72(OSURFHVRGHIRUPDUXQ
UDGLFDOUHGXFLGRQRUPDOPHQWHVLJXHXQRGHORVGRVSDVRVVLJXLHQWHV
6XSULPLUOD~OWLPDFRQVRQDQWH\OD~OWLPDYRFDOGHODUDt]
6LODFRQVRQDQWHVXSULPLGDQRIXHDOYHRODUDODUJDUOD6LIXHDOYHRODUDJUHJDUOHXQDK
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/269(5%26

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SUHVHQWDQ

6.1.4. Los radicales verbales derivados

$OJXQRV5$',&$/(69(5%$/(6VRQGHULYDGRVGHRWURYHUERRGHXQ6867$17,92SRUPHGLRGHXQ68),-2

'(5,9$7,92ORVFXDOHVGHVFULELPRVHQHVWHDSDUWDGR(QORVVLJXLHQWHVHMHPSORVHOVLJQR8LQGLFDXQDUDt]YHUEDO\HO

VLJQR0LQGLFDXQDUDt]QRPLQDO

3RUHMHPSORFXDQGRVHSUHVHQWDHOVXILMR$3/,&$7,92KFJCMXQWRDXQDUDt]YHUEDOORTXHUHVXOWDHVXQUDGLFDOTXH
WLHQHXQJUDGRPD\RUGH75$16,7,9,'$'>@(VGHFLUXQYHUER,175$16,7,92PiVKFJCGDFRPRUHVXOWDGRXQ
YHUER75$16,7,92\XQYHUERWUDQVLWLYRPiVKFJCGDFRPRUHVXOWDGRXQYHUER%,75$16,7,92ORTXHTXLHUHGHFLUTXHOD
DFFLyQVHOOHYDDFDERSDUDHOEHQHILFLRGHRWUDSHUVRQD
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HOFXDOTXLHUHGHFLUH[WHQVLyQWHPSRUDORORFDWLYRFXDQGRVHSUHVHQWDHQORVYHUERV>@LQGLFD326(6,1GHO
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6.1.5. Las vocales del radical verbal

&XDQGROD92&$/),1$/GHXQD5$=9(5%$/VHSUHVHQWDMXQWRFRQODIRUPDUHGXSOLFDGDGHOYHUERLQGLFDHO
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6.2. Las clases de verbos

/RVYHUERVGHOWHSHKXiQVHSXHGHQGLYLGLUHQGRVFODVHVSULQFLSDOHVDVDEHUORVTXHGHVFULEHQXQ(9(172\ORVTXH
GHVFULEHQXQ(67$'2RVHDHOUHVXOWDGRGHXQHYHQWR
/DFODVHGHYHUERVTXHGHVFULEHQXQHYHQWRVHSXHGHQGLYLGLUHQORVTXHGHVFULEHQDFFLRQHV\HQORVTXHGHVFULEHQ
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6.2.1. Los verbos de evento

/RV9(5%26GH(9(172GHVFULEHQXQHYHQWRRVHDXQDDFFLyQTXHVHOOHYDDFDERXQDVRODYH]RXQSURFHVRTXH
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/RVYHUERVGHHYHQWRVRQODFODVHPiVJUDQGHGHYHUERVHQWHSHKXiQ7RGRVHVWRVYHUERVSXHGHQSUHVHQWDUVHHQWUHV
GLIHUHQWHVWLHPSRVDVDEHUHO7,(032)87852FXDQGRVHOOHYDUiDFDERODDFFLyQHO7,(03235(6(17(FXDQGRVHOOHYDD
FDERODDFFLyQ\HO7,(03235(7e5,72FXDQGRODDFFLyQ\DVHOOHYyDFDER
6WDQRMQFJC    
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LQWUDQVLWLYRVORVYHUERVWUDQVLWLYRVORVYHUERVELWUDQVLWLYRV\ORVYHUERVUHIOH[LYRV
8QYHUER,175$16,7,92VRODPHQWHWLHQHXQ68-(72SHURQRWLHQH2%-(72
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6.3.3. Los afijos de transitividad y de modalidad

$GHPiVGHORV$),-26GHWLHPSR\DVSHFWRKD\RWURVDILMRVYHUEDOHVORVFXDOHVVHUHILHUHQD75$16,7,9,'$'\D

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+D\XQFRQMXQWRGHWUHV68),-26TXHDPHQXGRVHSUHVHQWDQSDUDLQGLFDUOD75$16,7,9,'$'GHXQ9(5%2GH(9(172
>@HVGHFLUVXSUHVHQFLDD\XGDDHVSHFLILFDUFXiQWRV2%-(726KD\\FyPRVHUHODFLRQDQFRQHO68-(72
(OVXILMRGHWUDQVLWLYLGDGPiVJHQHUDOHVHOVXILMR$3/,&$7,92KFJCSXHVRFXUUHHQPXFKRVGHORVYHUERV
WUDQVLWLYRV(VWHVXILMRLQGLFDTXHHOHQIRTXHGHODFOiXVXODHVWiHQXQRGHORVREMHWRVHVGHFLUHOREMHWRGLUHFWRHVWi
HQIRFDGRHQXQYHUERWUDQVLWLYR\HOREMHWRLQGLUHFWRHVWiHQIRFDGRHQXQYHUERELWUDQVLWLYR>@

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GHHOORVHVHO352&/7,&2&238/$7,92LKZTXHVHSUHVHQWDVRORFRQORV9(5%26GH(67$'2>@\FRQORVDGMHWLYRV
FDOLILFDWLYRV>@(ORWURHVODIRUPDGHO35(7e5,72GHO68),-2GH35236,72OTXHVHSUHVHQWDVRODPHQWHFRQ
YHUERVGHHYHQWR>@&XDQGRHVWRVGRVDILMRVVHSUHVHQWDQMXQWRFRQXQYHUERGH(9(172ORKDFHQFDPELDUDXQ
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6.3.4. Los prefijos de direccin y lugar

(QPXFKRVGHORVYHUERVGHHYHQWRVHSUHVHQWDQWDPELpQSUHILMRVGHGLUHFFLyQ\OXJDU
/RVGRVSUHILMRVGH',5(&&,1LQGLFDQVLHOHYHQWRVHOOHYDDFDERHQXQDGLUHFFLyQRULHQWDGDKDFLDHOKDEODQWHRHQ
ODGLUHFFLyQRSXHVWDDVDEHUDJCKDFLDDFi\OWKDFLDDOOi
:KD  UCR DJC LKO
ZKD  UCR DJC LKO
DKRUD (5 DFi LU
'LMRTXHYLQLHUDDKRULWD
/W  LCR V  PK
OW LCR VW PKFJC
DOOi  iUHD ([W YHU
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$VLPLVPRORVFXDWURSUHILMRVGH/8*$5LQGLFDQODGLVWDQFLD\ODDOWXUDUHODWLYDGHOHYHQWRHQFXDQWRDOOXJDUGHO
KDEODQWHHQHOPRPHQWRGHO(181&,$'2(VGHFLUSRUPHGLRGHORVSUHILMRVGHOXJDUHOKDEODQWHSXHGHGLVWLQJXLUWUHV
GLIHUHQWHVGLVWDQFLDVGHSUR[LPLGDGUHODWLYDLQPHGLDWDFHUFDQD\GLVWDQWH\GRVGLIHUHQWHVDOWXUDVUHODWLYDVPiVDOWD\
PiVEDMD(VWRVSUHILMRVVHSUHVHQWDQHQHOFXDGURHQODVLJXLHQWHSiJLQD\VRQODIRUPDFRUWDGHORVDGYHUELRVGH
OXJDUFRUUHVSRQGLHQWHV>@
/K  DKK  DQK EJCO
OK  DK  DQK VCO
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DUULED OOHJDU KRJDU  VX
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/269(5%26

Altura
Proximidad

$OWD

,QPHGLDWD

%DMD
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&HUFDQD

DJC

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OK
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Cuadro 13. Los prefijos de lugar

'RVGHHVWRVSUHILMRVGHOXJDUVRQ+20)2126FRQORVSUHILMRVGHGLUHFFLyQORTXHSXHGHFDXVDUFRQIXVLyQVLHO
R\HQWHQRSLHQVDELHQHQHOVLJQLILFDGRGHFDGDSUHILMRHQVXFRQWH[WR
/W    FT DJC LKO
OW   FT DJC LKO
GLVWDQWHEDMR GH  DFi LU
'HDOOiYLHQHKDFLDDFi
/W  DC LKO
OW DC LKO
DOOi  \D  LU
9DSDUDDOOi$KtYDOHMRV
2WURVXILMRUHODFLRQDGRFRQORVGHGLUHFFLyQ\OXJDUHVHOGH7516,72KMCFX\DSUHVHQFLDLQGLFDTXHHOHIHFWRGHO
HYHQWRHVWUDQVIHULUDOJRGHXQOXJDUDRWUR
$JCO   DJKFJKMC
DJC LWO DJ KFJC  KMC 
DFi  WH  OOHYDU DSOLFDWLYR WUiQVLWR
7HORWUDHUi

C
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6.3.5. Las partculas modales

+D\YDULDV3$57&8/$6TXHVHSUHVHQWDQFRQORV9(5%26ORVFXDOHVWLHQHQXQVLJQLILFDGR02'$/RVHDHOSXQWRGH
YLVWDGHOKDEODQWHDFHUFDGHO(9(172R(67$'28QJUXSRGHHVWDVSDUWtFXODVPRGDOHVLQGLFDODHYDOXDFLyQGHOKDEODQWH
DFHUFDGHODYHUDFLGDGGHOHYHQWRRHVWDGR\RWURJUXSRLQGLFDVXHYLGHQFLDSDUDOOHJDUDGLFKDHYDOXDFLyQ
3RUPHGLRGHODVSDUWtFXODVPRGDOHVVHSXHGHLQGLFDUFXDWURJUDGRVGHHYDOXDFLyQGHODYHUDFLGDGGHOHYHQWRR
HVWDGRWDOFRPRVHSUHVHQWDQHQHOFXDGURHQODVLJXLHQWHSiJLQD
(OPi[LPRJUDGRGH(9$/8$&,1HVHOGHpQIDVLVHOFXDOVHLQGLFDFRQODVSDUWtFXODVLKLKCLKIW\LKIWK\XQ
JUDGRPHQRVDOWRHVHOGH$),50$&,1HOFXDOVHLQGLFDFRQODVSDUWtFXODVMWIK
#CRK   
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XVWHG SUHFLVR
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DOOt QDGDPiV WHPEODU VHQFLOODPHQWH([W YROYHULQFRQVFLHQWH eQI
$OOtVHTXHGyLQFRQVFLHQWH\WHPEODQGR

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LKIWK

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LKC

LK

$ILUPDFLyQ

MWIK

'HVFRQRFLPLHQWR

OQQ

'XGD

EJK

0HQRVFHUWH]D

Cuadro 14. Los grados de evaluacin

2WK MWIK
DVt  DILUPDFLyQ
%LHQ
#CEJ DJCK  DC VVU  MWIK 
CCEJ DJCK  DC VUF  MWIK  
QRVRWURVDUULED  \D  VXELUVH DILUPDFLyQ
$VtTXHQRVRWURVVXELPRVDOWUHQ\QRVIXLPRV

DC
DC
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LKK  EJKEJ
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LU  QRVRWURV 3UHW

(VWRVGRVJUXSRVGHSDUWtFXODVLQGLFDQDOJ~QJUDGRGHFHUWH]DPLHQWUDVTXHODVRWUDVSDUWtFXODVLQGLFDQDOJ~QJUDGR
GHLQFHUWH]DDVDEHUOQQ'(6&212&,0,(172\EJK'8'$
&JK OQQO      QZKFJC
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pVH  GHVFRQRFLPLHQWR WH   HVFRQGHUVH )XW
$ORPHMRUVHWHYDDHVFDSDUHVHFDEDOOR
/KEJK RCK QKT
DOOt GXGD GRQGH DQGD
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3RUPHGLRGHODVSDUWtFXODVGHHYLGHQFLDVHSXHGHQLQGLFDUWUHVWLSRVGHHYLGHQFLDVHQODVTXHHOKDEODQWHVHEDVD
SDUDKDFHUVXHYDOXDFLyQWDOFRPRVHSUHVHQWDHQHOFXDGUR
3HUFLELGD
5HSRUWDGD
'HGXFLEOH

FJQ

1RFRQRFLGDSRUHOR\HQWH

UCR

<DFRQRFLGDSRUHOR\HQWH

UCCM

DCM

Cuadro 15. Los tipos de evidencias

(OSULPHUWLSRGHHYLGHQFLDHOFXDOVHLQGLFDFRQODSDUWtFXODFJQDEDUFDWRGDODHYLGHQFLDSHUFLELGDGLUHFWDPHQWH
SRUHOKDEODQWH\DVHDSRUVXVRMRVRSRUFXDOTXLHURWURVHQWLGR
,K MCRKCUC FJQ IWMCDCK VCMCCD PC  MC  WNJKKU
LK MCRKCUC FJQ IWMCDCK  VCMCCD PC MC  WNJC
PH GDUSDWDGD(3 HO FDEDOOR D\HU  TXH\R PLHQWUDV GHVHQVLOODU
(OFDEDOORPHGLRXQDSDWDGDD\HUFXDQGRORGHVHQVLOODED



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RUDOPHQWHDOKDEODQWH6LHOKDEODQWHSLHQVDTXHHOR\HQWHWRGDYtDQRVHKDHQWHUDGRGHHVWDHYLGHQFLDVHSUHVHQWDOD
SDUWtFXODUCRSHURVLSLHQVDTXHHOR\HQWH\DODVDEHVHSUHVHQWDODSDUWtFXODUCCM
$JCK UCR ZK  LKO
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GHOFXHQWR
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OW RCK UCR MKQ MC C OCCPIW OCCPMCO
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6HGLFHTXHYLYtDXQDSHUVRQDSRUDOOi
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SXHGHGHGXFLUHOHYHQWRRHVWDGR\DVHDSRUPHGLRGHODVVHxDVItVLFDVRSRUPHGLRGHUD]RQDPLHQWR
,QVOQFC  DC VWM   ZKD ,KT I VWMCC DCM
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5iSLGDPHQWHVHRVFXUHFLyKR\(QWRQFHVODVQRFKHV\DVRQPiVODUJDV
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Captulo 7. Los sustantivos

(QHVWHFDStWXORGHVFULELPRVORV6867$17,926HQWHSHKXiQ3ULPHURGHVFULELPRVORVWLSRVGH5$',&$/(6QRPLQDOHV
>@\GHVSXpVGHVFULELPRVORV$),-26TXHVHXVDQSDUDLQGLFDUOD326(6,1>@

7.1. Los radicales nominales

/RV5$',&$/(6120,1$/(6VHIRUPDQGHYDULDVPDQHUDV0XFKRVVRQ5$&(6VHQFLOODV>@RFRPELQDFLRQHVGH
UDtFHVVHQFLOODV>@RWURVVRQ5('83/,&$'26>@R'(5,9$'26GHRWUDVSDODEUDV>@\DOJXQRVVRQ720$'26
GHOHVSDxRO>@

7.1.1. Los radicales nominales sencillos

/RV5$',&$/(6QRPLQDOHVVHQFLOORVVRQ5$&(6VHQFLOODVODVFXDOHVVRQODVIRUPDVEiVLFDVGHORV6867$17,926
(VWDVUDtFHVVHQFLOODVSXHGHQVHUODIRUPD6,1*8/$5GHXQVXVWDQWLYR&217$%/(RVHDXQVXVWDQWLYRTXHVHSXHGH
FRQWDUSRUORTXHWLHQHWDQWRXQDIRUPDVLQJXODUFRPRXQDIRUPD3/85$/7DPELpQXQDUDt]VHQFLOODSXHGHVHUODIRUPD
LQYDULDEOHGHXQVXVWDQWLYR12&217$%/(RVHDTXHVHUHILHUHDPXFKRRSRFRFRQODPLVPDIRUPD
6XVWDQWLYRFRQWDEOH 

DCCCM FDVD

6XVWDQWLYRQRFRQWDEOH

DJCD 

IULMROIULMROHV

7.1.2. Los radicales nominales compuestos

$OJXQRV5$',&$/(6120,1$/(6VHFRPSRQHQGHGRV5$&(6VHQFLOODV&XDQGRVHSUHVHQWDXQUDGLFDOFRPSXHVWROD
SULPHUDUDt]VLHPSUH02',),&$DODVHJXQGD
WOWDQPCCO 
]R\DWHVRPEUHUR 
VRPEUHURGH]R\DWH

















MCUPKTDCRQQ
ERUUHJRODQD
ODQDGHERUUHJR

7.1.3. Los radicales nominales reduplicados

/RV6867$17,926&217$%/(6WLHQHQGRVIRUPDVXQDIRUPD6,1*8/$5\RWUDIRUPD3/85$//DIRUPDVLQJXODUHVOD
5$=VHQFLOOD>@SHURODIRUPDSOXUDOHVODIRUPD5('83/,&$'$GHODUDt](VGHFLUSDUDIRUPDUHOUDGLFDOQRPLQDO
GHOSOXUDOVHUHSLWHODSULPHUD&21621$17(\ODSULPHUD92&$/GHODUDt]FRQXQDYRFDO&257$>@RFRQXQDYRFDO
/$5*$>@GHVSXpVGHTXHVH5(6,/$%,),&$RVHDVHDMXVWDQODVVtODEDVGHOUDGLFDOVHJ~QVL6835,0(1ODVYRFDOHV
),1$/(6>@RODVYRFDOHV0(',$1$6>@$GHPiVDtR\QtCHQIRUPDVUHGXSOLFDGDV>@

3XHVWRTXHHOSURFHVRGHUHGXSOLFDFLyQHVELHQFRPSOLFDGR\TXHQRVHSXHGHSUHGHFLUVLODYRFDOUHGXSOLFDGDGHO
UDGLFDOQRPLQDOGHOSOXUDOVHUiFRUWDRODUJDHQHVWHGLFFLRQDULRVHFLWDQWRGRVORVUDGLFDOHVQRPLQDOHVSOXUDOHVTXHVH
SUHVHQWDQHQHOKDEODFRWLGLDQDFRPRHQORVVLJXLHQWHVHMHPSORV
3OXUDOHVFRQ92&$/&257$
LWMSLQR>SOLWLWM@
LCCTCZFDQJUHMR >SOLCLCCTCZ@
DQQLKRVR>SODCRQQLK@
LQSLHO>SOLCLQ?



/266867$17,926

3OXUDOHVFRQ92&$//$5*$2',3721*2
DJCPFR\RWH>SODJCCDJCP@
MCOPHMLOOD>SOMCCMCO@
UWKOCNJYHQDGR>SOUWKUOCNJ@
IKQVTOODQR>SOIKQPVT@

7.1.4. Los radicales nominales derivados

$OJXQRV5$',&$/(6120,1$/(6VHGHULYDQGH9(5%26R$'-(7,926SRUPHGLRGHXQ68),-2326326,&,1R
$'-(7,92'(5,9$7,92
&XDQGRHOVXILMRFCOVHSUHVHQWDFRQXQYHUERHOUDGLFDOTXHVHIRUPDHVXQVXVWDQWLYRTXHTXLHUHGHFLUHOTXHR
ORTXHKDFHODDFFLyQ
ICTC  YHQGHU 
ICTCFCO YHQGHGRU 










DKRKCFC DSDFHQWDU
DKRKCFCO SDVWRU

$VLPLVPRFXDQGRHOVXILMRMCTVHSUHVHQWDFRQXQYHUERHOUDGLFDOTXHVHIRUPDHVXQVXVWDQWLYRTXHTXLHUHGHFLU
FRQTXpVHKDFHODDFFLyQ
DCMWCPC 
DCMWCPMCT

ODYDU 
MDEyQ 










VVDKC MXJDU
VVDKMCT MXJXHWH

7DPELpQFXDQGRODSRVSRVLFLyQMCOVHSUHVHQWDFRQXQDGMHWLYRHOUDGLFDOTXHVHIRUPDHVXQVXVWDQWLYRTXH
TXLHUHGHFLUHOTXHWLHQHHVDQDWXUDOH]D
DR  
DRMCO

SULPHUR 
HOSULPHUR







UWWFCKEJT  HQHODJXD
UWWFCKEJTMCO HOGHODJXD

'HPDQHUDVHPHMDQWHDXQTXHORV$'-(7,926'(02675$7,926QRUPDOPHQWHVHSUHVHQWDQFRQORVVXVWDQWLYRVFRPR
$57&8/26>@FXDQGRVHSUHVHQWDDQWHVGHXQDGMHWLYRFDOLILFDWLYR>@HOUDGLFDOTXHVHIRUPDHVXQVXVWDQWLYRTXH

TXLHUHGHFLUHOTXHWLHQHHVDFDOLGDG
IWZ  IWWRWM
IW LKZ IWWRWM
ODV VRQ GXUDV 
ODVWRUWLOODVGXUDV 

IWVOMCNJ
IWVOMCNJ
ODVWRUWLOODV
   
















FJK I FJK LQFCK

FJK I FJK LQFCK
HVWD JUDQGHHVWD SLHGUD
HVWDSLHGUDJUDQGH

7.1.5. Los radicales nominales tomados del espaol

&XDQGRVHSUHVHQWDXQ5$',&$/120,1$/WRPDGRGHOHVSDxRODPHQXGRVH6835,0(OD~OWLPD92&$/$GHPiVHQ
GLFKRVUDGLFDOHVODQGHOHVSDxROVXHOHSURQXQFLDUVHFRPRW\ODGGHOHVSDxROVXHOHSURQXQFLDUVHFRPRK$VLPLVPRODV
YRFDOHV&257$6$&(178$'$6GHOHVSDxROVXHOHQSURQXQFLDUVHFRPRYRFDOHV/$5*$6HQWHSHKXiQ
MCDCKFDEDOOR>SOMCMDCK@
MWUKKPFRFLQD>SOMWMUKP@
RGGUSHVR>SORGGRGU@
RKNQQVSHORWD>SORKRNQV@
TKDJWWUUHER]R>SOTKUDJWU@

*5$07,&$7(3(+8$1$



7DOFRPRVHFLWDQHQHVWRVHMHPSORVODPD\RUtDGHORVUDGLFDOHVQRPLQDOHVWRPDGRVGHOHVSDxROWDPELpQSXHGHQ
SUHVHQWDUVHHQIRUPD5('83/,&$'$SDUDLQGLFDUHO3/85$/DXQTXHDOJXQRVWLHQHQIRUPDVLUUHJXODUHV

7.2. La posesin de sustantivos

/DPD\RUtDGHORV6867$17,926SXHGHQSUHVHQWDUVHWDQWRHQIRUPDVHQFLOODFRPRHQIRUPDGH326(6,1>@OR
TXHVLJQLILFDTXHODSRVHVLyQGHWDOHVVXVWDQWLYRVHVRSFLRQDO3HURRWURVVXVWDQWLYRVVLHPSUHVHSUHVHQWDQHQIRUPDGH
SRVHVLyQ>@ORTXHVLJQLILFDTXHODSRVHVLyQGHWDOHVVXVWDQWLYRVHVREOLJDWRULR

7.2.1. La posesin opcional de los sustantivos

/D326(6,1GHORV6867$17,926VHLQGLFDSRUPHGLRGHXQFRQMXQWRGH$),-26&DVLWRGRVHVWRVDILMRVVRQ
35(),-26ORVFXDOHVVRQLGpQWLFRVDORVSUHILMRVGHOREMHWR>@6RODPHQWHODSRVHVLyQGH7(5&(5$3(5621$'(/
6,1*8/$5VHLQGLFDSRUPHGLRGHXQ68),-2WDOFRPRVHSUHVHQWDHQHOFXDGUR


6LQJXODU

3OXUDO

3ULPHUDSHUVRQD

LK

LKEJ

6HJXQGDSHUVRQD

LWO

LCO

7HUFHUDSHUVRQD

P

LC

Cuadro 16. Los afijos de posesin

LKDQPCCO 
LWODQPCCO
  DQPOCP

PLVRPEUHUR
WXVRPEUHUR
VXVRPEUHURGHpOGHHOOD

LKEJDQRPCO 
LCODQRPCO
LCDQRPCO 

QXHVWURVVRPEUHURV
VXVVRPEUHURVGHXVWHGHV
VXVVRPEUHURVGHHOORV

3XHVWRTXHFXDQGRVHSUHVHQWDHOVXILMRGHSRVHVLyQSDUDODWHUFHUDSHUVRQDGHOVLQJXODUHOUDGLFDOQRPLQDOVXIUH
UHVLODELILFDFLyQ>@HQHVWHGLFFLRQDULRVHFLWDQWRGDVODVIRUPDVGHSRVHVLyQSDUDHVWDSHUVRQDTXHVHSUHVHQWDQHQHO
KDEODFRWLGLDQD6LVHSUHVHQWDQGRVIRUPDVGHSRVHVLyQXQDVLQJXODU\RWUDSOXUDOVHFLWDQHQWDORUGHQ
DCCNJ FDQDVWD >DSHUVSRVDCCNJKDCRCCNJK@

7.2.2. La posesin obligatoria de los sustantivos

/DPD\RUtDGHORV6867$17,926TXHVHUHILHUHQDODVSDUWHVGHOFXHUSR\ORVSDULHQWHVVLHPSUHVHSUHVHQWDQHQ
IRUPDGH326(6,17RGRVHOORVVHSUHVHQWDQFRQORVPLVPRVDILMRVTXHVHXVDQSDUDLQGLFDUODSRVHVLyQQRREOLJDWRULD
DXQTXHDOJXQRVGHORVUDGLFDOHVQRPLQDOHVFRUUHVSRQGLHQWHVVRQLUUHJXODUHV
LKOQ  PLFDEH]D
LKEJOQQO QXHVWUDVFDEH]DV
  OCQQP VXFDEH]DGHpOGHHOOD
LWOPCCP
WXPDPi
LKEJCPCCP QXHVWUDVPDPiV
  FP VXPDPiGHpOGHHOOD



/266867$17,926

6LODSRVHVLyQVHFRQVLGHUDQRUPDOUXWLQDULDRFRP~QSHURQRQHFHVDULDPHQWHREOLJDWRULDVHSUHVHQWDODSDUWtFXODGH

(67$786ICMXQWRFRQHODILMRGHSRVHVLyQ6LHODILMRGHSRVHVLyQHVXQSUHILMRVHVXSULPHOD~OWLPDYRFDOGHOVXILMRC

>@\ODRFOXVLYDYHODUVRQRUDIVHFRQYLHUWHHQRFOXVLYDJORWDOVRUGD>@DOILQDOGHOUDGLFDOQRPLQDO
LQQ ICP 
LQQ IC 
HVSRVD (67$786
VXHVSRVDGHpO

 
P
VX
 











LK LQQK
LK LQQ IC
PL  HVSRVD(67$786
PLHVSRVD

UQK  ICP   
UQK  IC  P
DQLPDO (67$786 VX
VXDQLPDOGRPpVWLFR 











LK ZQK
LK UQK IC
PL  DQLPDO(67$786
PLDQLPDOGRPpVWLFR

*5$07,&$7(3(+8$1$



Captulo 8. Los pronombres

(QHVWHFDStWXORGHVFULELPRVORV352120%5(6GHOWHSHKXiQ3ULPHURGHVFULELPRVORVSURQRPEUHV3(5621$/(6
>@OXHJRGHVFULELPRVORVSURQRPEUHV'(02675$7,926>@GHVSXpVGHVFULELPRVORVSURQRPEUHV,17(552*$7,926
5(/$7,926H,1'(),1,'26>@\ILQDOPHQWHGHVFULELPRVORVSURQRPEUHV326(6,926>@

8.1. Los pronombres personales

/RV352120%5(63(5621$/(6VHSUHVHQWDQGHYH]HQFXDQGRSDUDHQIDWL]DUOD3(5621$\HO10(52GHO68-(72R
GHO2%-(72GHODFOiXVXOD6RODPHQWHH[LVWHQSURQRPEUHVSHUVRQDOHVHQWHSHKXiQSDUDOD35,0(5$3(5621$\OD
6(*81'$3(5621$WDQWRHQ6,1*8/$5FRPRHQ3/85$/&XDQGRHOKDEODQWHTXLHUHHQIDWL]DUTXHHOVXMHWRRHOREMHWRHV
GH7(5&(5$3(5621$GHOVLQJXODURGHOSOXUDOVHSUHVHQWDXQRGHORVSURQRPEUHV'(02675$7,926>@
7UHVGHORVSURQRPEUHVSHUVRQDOHVWLHQHQGRVIRUPDVXQDODUJD\ODRWUDFRUWD/DIRUPDODUJDGHHVWRVSURQRPEUHV
VHFRPSRQHGHODIRUPDFRUWDPiVHO68),-2GH35(&,6,1KWDOFRPRORGHPXHVWUDHOFXDGUR



6LQJXODU

3OXUDO

3ULPHUDSHUVRQD

CCCCK

CCEJCCEJK

6HJXQGDSHUVRQD

CCRCCRK

CCRKO

Cuadro 17. Los pronombres personales

(QODPD\RUtDGHODVFOiXVXODVGHWHSHKXiQQRVHSUHVHQWDQORVSURQRPEUHVSHUVRQDOHV\DTXHODSHUVRQD\HO
Q~PHURGHOVXMHWRVHLQGLFDQREOLJDWRULDPHQWHSRUPHGLRGHOPRUIHPDGHOVXMHWR>@\ODSHUVRQD\HOQ~PHURGHO
REMHWRGHFOiXVXODVWUDQVLWLYDVVHLQGLFDQSRUPHGLRGHOSUHILMRGHOREMHWR>@3RUORWDQWRFXDQGRVHSUHVHQWDQORV
SURQRPEUHVSHUVRQDOHVHVRLQGLFDDOJ~QFRQWUDVWHRpQIDVLV
+D\GRVJUDGRVGHFRQWUDVWHRpQIDVLVTXHVHSXHGHQLQGLFDUSRUPHGLRGHORVSURQRPEUHVSHUVRQDOHV(OJUDGR
PHQRVIXHUWHVHLQGLFDSRUPHGLRGHXQSURQRPEUHSHUVRQDOHQYH]GHOPRUIHPDGHOVXMHWRRHOSUHILMRGHOREMHWR
,CTQQ MKC     FJK MWCC CCK   CC MC CCRK   CC!
LCTQQ  MK C FJK MWCC CCK  CC  MC CCRK  CC
TXLpQ 'LVWU FRUWDU )XW HVWD OHxD  \R SUHFLVR &RQI R  W~ SUHFLVR &RQI
4XLpQYDDFRUWDUHVWDOHxDW~R\R"
#CRMKC   FJK MWCC CC DC WNJC
CCR MK C FJK MWCC CC DC WNJC C
W~ FRUWDU )XW HVWD OHxD  \R  OXHJR DOPDFHQDU)XW
7~FRUWDVHVWDOHxD\\RODDOPDFHQR
(OJUDGRPiVIXHUWHHQFRQWUDVWHRpQIDVLVVHLQGLFDSRUPHGLRGHXQSURQRPEUHSHUVRQDODGHPiVGHOPRUIHPDGHO
VXMHWRRHOSUHILMRGHOREMHWR
$C CCLKO  KEJ  PCEJ   RCK QKFJC CCEJ
DC CC[C KO KEJ PCEJ  RCK QKFJC CCEJ
\D OOHJDU 3URJ QRVRWURV TXHQRVRWURV GRQGH YLYLUSO QRVRWURV
<DHVWDPRVOOHJDQGRDGRQGHYLYLPRVQRVRWURVQRXVWHGHV



/26352120%5(6
#CEJ  LCO  UCR DR LKEJ OCMKC 
CCEJ  LCO UCR DR  LKEJ OCM C
DQRVRWURV HOORV  (5 SULPHUR QRV GDU )XW
'LFHQTXHQRVYDQDGDUHOGLQHURDQRVRWURVSULPHUR

IW
IW
HO 

VWWOK
VWWOK
GLQHUR

8.2. Los pronombres demostrativos

/RV352120%5(6'(02675$7,926VHSUHVHQWDQSDUDLQGLFDUHO/8*$5GHXQ3$57,&,3$17(GH7(5&(5$3(5621$
/RVPLVPRVSURQRPEUHVGHPRVWUDWLYRVLQGLFDQWDQWRHOVLQJXODUFRPRHOSOXUDO$GHPiVSRUPHGLRGHODIRUPDODUJDGHO
VXILMRGH35(&,6,1K>@VHSXHGHFRPSRQHUXQDIRUPDODUJDGHFDGDSURQRPEUHGHPRVWUDWLYRSDUDSRGHULQGLFDU
FXDWURGLVWLQFLRQHVGH/8*$5\35(&,6,1UHODWLYDVWDOFRPRORGHPXHVWUDHOFXDGUR



0HQRV
SUHVLFR

0iV
SUHFLVR

&HUFDQR

FJK

FJKK

'LVWDQWH

IWK

IWK

Cuadro 18. Los pronombres demostrativos

,KT LWO UQK    FJK PC OKK  
LKT LWO UQK IC   FJK PC OK K 
HV  WX  DQLPDOHVSHFLDO pVH TXH DOOt SUHFLVR
(VWXPDVFRWDODTXHHVWiDOOt"

MM!
MM
HVWiSDUDGR 

%JCO )WKLK
QR  DTXHO eQI
1R$TXpOHVPtR

8.3. Los pronombres interrogativos, relativos e indefinidos

/RVSURQRPEUHVLQWHUURJDWLYRVUHODWLYRVHLQGHILQLGRVWLHQHQIRUPDVVHPHMDQWHVSXHVORVSURQRPEUHVLQWHUURJDWLYRV
VRQODEDVHSDUDWRGRV
/RVSURQRPEUHV,17(552*$7,926VHSUHVHQWDQVRORVSDUDSUHJXQWDUODLGHQWLGDGGHXQDSHUVRQDRFRVD
LCTQQ  TXLpQ"
VW   TXp"
LCZEJWOFXiO"
,CTQQO  FC FJK PCO  OKK  FJT LCM DJC LKKO!
LCTQQ O FC FJK PCO OKK  FT LCM DJC LKO
TXLpQ HOORV VRQ HVRV TXHHOORV DOOtSUHFLVR GH  UXPERDFi LU
4XLpQHVVRQHOORVORVTXHYLHQHQSDUDDFi"
/RVSURQRPEUHV5(/$7,926VHIRUPDQMXQWDQGROD3$57&8/$68%25',1$17(PCFRQXQSURQRPEUHLQWHUURJDWLYR

*5$07,&$7(3(+8$1$
PCLCTQK 
PCVW 
PCLCZEJWO



TXLHQ
TXH
FXDO

%JCO OCCV K PC

QR  VDEHU \R TXH
1RVpFXiOHV

LCZEJWO LKTFJK
FXiO   HV pVH

/RVSURQRPEUHV,1'(),1,'26WDPELpQVHIRUPDQFRQORVSURQRPEUHVLQWHUURJDWLYRVVRORVRFRQHOVXILMRGH

35(&,6,1KRELHQFRQODVSDUWtFXODVLQGHILQLGDVPCRZ

LCTQK   
LCTQKPCRZ 

DOJXLHQ
TXLHQVHD

VW   
VWPCRZ 

DOJR
ORTXHVHD




LCZEJWO  
LCZPCRZEJWO

DOJ~Q
FXDOTXLHUD

6W MP LKZ DJCCK PC  LWIKC!

VW MP LKZ DJCCK PC LWI C
TXp FRQ HV  VHSXHGH TXH\R FRPHU )XW
4XpSXHGRFRPHUFRQODVWRUWLOODV"OLW&RQTXpSXHGRFRPHU"
6W  PC
DOJR  TXH
/RTXHVHD

RZ  FJQ
QDGDPiV (3

8.4. Los pronombres posesivos

/RV352120%5(6326(6,926VHIRUPDQMXQWDQGRODSDUWtFXODGH(67$786ICFRQHO68),-2GHSRVHVLyQPSDUD
IRUPDUOD3$57&8/$GHSRVHVLyQICPODTXHVHSUHVHQWDGHVSXpVGHXQVXVWDQWLYRRSURQRPEUHSHUVRQDOSDUDLQGLFDU
TXHHOVXVWDQWLYRSRVHtGRSHUWHQHFHDWDOSHUVRQD
CCICP 
CCRICP 
CCEJICP 
CCRKOICP

PtR  
WX\R  
QXHVWUR
GHXVWHGHV







,CTQQ ICP FJK!

TXLpQ GH  pVWH
'HTXLpQHVpVWH"
,KT CC ICPFJQ
HV PL  GH  (3
(VPtR
,KT ,WCPICP FJQ
HV -XDQ GH  (3
(VGH-XDQ

FJK ICP GHpOHOODHOORVRHOODVFHUFDQR

IWK ICP GHpOHOODHOORVRHOODVGLVWDQWH



/26$'-(7,926

Captulo 9. Los adjetivos

(QHVWHFDStWXORGHVFULELPRVORVWUHVWLSRVGH$'-(7,926HQWHSHKXiQ3ULPHURGHVFULELPRVORVDGMHWLYRV
'(02675$7,926>@OXHJRORVDGMHWLYRV180(5$/(6>@\DO~OWLPRORVDGMHWLYRV&$/,),&$7,926>@

9.1. Los adjetivos demostrativos

/RV$'-(7,926'(02675$7,926ORVFXDOHVWDPELpQVHOODPDQ$57&8/26VRQPX\VHPHMDQWHVHQVXIRUPDDORV
SURQRPEUHVGHPRVWUDWLYRV
(ODUWtFXORPiVJHQHUDOIWHVWDPELpQHOTXHPiVFRP~QPHQWHVHSUHVHQWD&XDQGRVHSUHVHQWDDQWHVGHXQ

6867$17,92TXH\DKDVLGRLGHQWLILFDGRHQHO&217(;72IXQFLRQDFRPRDUWtFXOR'(),1,'2SHURFXDQGRVHSUHVHQWD
DQWHVGHXQVXVWDQWLYRTXHWRGDYtDQRKDVLGRLGHQWLILFDGRIXQFLRQDFRPRDUWtFXOR,1'(),1,'2

/KK  MM   IWDJWTWZPCR 

DOOtSUHFLVR HVWiSDUDGR HO EXUUR  TXHW~ 
$OOtHVWiHOEXUURTXHEXVFDV
/CCP OKK 
XQR  DOOtSUHFLVR
$OOtHVWiXQEXUUR

MM   IW
HVWiSDUDGR XQ 

ICPIC
EXVFDU

DJWTWZ
EXUUR

/RVRWURVWUHVDUWtFXORVVLHPSUHVRQGHILQLGRV\MXQWRFRQHODUWtFXORJHQHUDOIWVHSXHGHQHVSHFLILFDUFXDWURJUDGRV
GH/8*$5\35(&,6,1DVtFRPRORVSURQRPEUHVGHPRVWUDWLYRV>@FRPRORGHPXHVWUDHOFXDGUR



0HQRV
SUHVLFR

0iV
SUHFLVR

&HUFDQR

FJK

FJKK

'LVWDQWH

IW

IWK

Cuadro 19. Los adjetivos demostrativos

6W LCZ DWC IWK EJKQ!
TXp  FyPR KDFHU HVH KRPEUH 
4XpHVWiKDFLHQGRHVHKRPEUH"

,CZEJWO FJKZ   EJFQ CC MC

LCZEJWO FJK LKZ EJFQ CC  MC
FXiO   HVWH HV  D]XO  &RQI R 
&XiOHVWDD]XORHVWDDPDULOOD"

FJKZ   WCO  CC!

FJK LKZ WCO  CC
HVWH HV  DPDULOOR &RQI

9.2. Los adjetivos numerales

/RV$'-(7,926180(5$/(6VHSUHVHQWDQSDUDHVSHFLILFDUHOQ~PHURODFDQWLGDGRHORUGHQUHODWLYRGHXQVXVWDQWLYR
UHODWLYRDRWURV

*5$07,&$7(3(+8$1$



6RODPHQWHXQRVFXDQWRVQ~PHURVFDUGLQDOHVWRGDYtDVHXVDQHQHOKDEODFRWLGLDQDGHOWHSHKXiQ
OCCP XQRXQD  
IQQM GRV   
DCKM WUHV
OCCMQD FXDWUR
LKZEJCOCCOFLQFR




OCODJZ 
OCCPQQO

GLH]
YHLQWH

+DFHPXFKRWLHPSRHVWRVQ~PHURVVHFRPELQDEDQHQYDULDVIRUPDVSDUDFRQWDUSHURDKRUDVHSUHVHQWDQDVtPX\UDUD
YH]
ZKLWOOCCP     VHLV
OCODJZFCOCPIQQM GRFH
IQQMQQO     FXDUHQWD
7UHVDGMHWLYRVQXPHUDOHVVHSUHVHQWDQFRPRQ~PHURVRUGLQDOHVVHQFLOORV
DR 
SULPHUR 




VTCD 
PHGLDQR 




ICVWWM
~OWLPR

#CLKTVTCD MCO PC  OKCP

\R VR\PHGLDQR HOGH TXH\R FHUFD 
<RVR\HOVHJXQGRKLMRGHODIDPLOLD

QK IWEJ 
VHJXLU QXHVWUR

ZKKZ
KHUPDQRPD\RU

2WURVDGMHWLYRVQXPHUDOHVVHSUHVHQWDQSDUDHVSHFLILFDUHOQ~PHURRODFDQWLGDGUHODWLYD
DZ   WRGRV  
LOCP  SRFRV  
DZLOCP FDGDXQR 









LWOCK
LCK 
OWK 

RWUR
RWURV
PXFKRV

/WK [C CC[C  CO IWLCVMCO PCT  RKCUVC

OWK [C CC[C C COIWLCVMCO PCLKT RKCUVC
PXFKRV DTXt OOHJDU )XW HOORV ODJHQWH  TXHHV ILHVWD 
0XFKDJHQWHOOHJDUiFXDQGRKD\DILHVWD

MC
MC C
HVWDGR)XW

9.3. Los adjetivos calificativos

(QORVVLJXLHQWHVDSDUWDGRVGHVFULELPRVWUHVDVSHFWRVGHORV$'-(7,926&$/,),&$7,9263ULPHURGHVFULELPRVORV
352&/7,&26&238/$7,926>@OXHJRORV5$',&$/(6DGMHWLYDOHV>@\ILQDOPHQWHORV$),-26)/(;,926TXHVH

SUHVHQWDQFRQORVDGMHWLYRV>@

9.3.1. Los proclticos copulativos

7RGR$'-(7,92&$/,),&$7,92VHSUHVHQWDFRQXQ352&/7,&2&238/$7,92H[FHSWRFXDQGRVHHVWiQHJDQGRHO
VLJQLILFDGRGHODGMHWLYR+D\GRVSURFOtWLFRVFRSXODWLYRVORVFXDOHVVRQHTXLYDOHQWHVDORVYHUERVVHU\HVWDUHQHVSDxRO
&DGDDGMHWLYRVXHOHSUHVHQWDUVHVLHPSUHFRQHOPLVPRSURFOtWLFRFRSXODWLYRSRUORTXHHQHVWHGLFFLRQDULRVHFLWD
FXiOGHORVGRVVHXVDFRQFDGDDGMHWLYR\DVHDLKZ
#64+$76+81TXHVHSUHVHQWDFRQODPD\RUtDGHORVDGMHWLYRV
GHVFULSWLYRVRLKT
'37+8#.'06'TXHVHSUHVHQWDFRQVXVWDQWLYRVDGYHUELRV\DOJXQRVDGMHWLYRVGHVFULSWLYRVWDOFRPR
ORVTXHGHVFULEHQODIRUPDItVLFDGHXQDSHUVRQDRFRVD



/26$'-(7,926

,KZ EJWM IWMWWRCP

LKZEJWM IWMWWR P
HV QHJUR HO SHOR VX
6XSHORHVQHJUR
,KZ EJQK FJK UWWFCK
LKZEJQK  FJK UWWFCK
HVWi FDOLHQWH HVWD DJXD
(VWDDJXDHVWiFDOLHQWH
,KT UCTDJCM FJK
LKTUCTDJCM FJK
HV JUXHVR HVWH
(VWHSDORHVJUXHVR

WWZ
WWZ
SDOR

,KT EJKQ K

LKTEJKQ K
VR\ KRPEUH \R
6R\KRPEUH
1RUPDOPHQWHORVDGMHWLYRVFDOLILFDWLYRVVHSUHVHQWDQHQYH]GHOYHUERGHODFOiXVXODSRUORTXHHOSURFOtWLFR
FRSXODWLYRIXQFLRQDFRPRXQYHUERGH(67$'2>@DVtFRPRHQORVHMHPSORVTXHDFDEDPRVGHFLWDU3HURFXDQGRHO
DGYHUELRQHJDWLYREJCOQRVHSUHVHQWDSDUDQHJDUHOHVWDGRVHVXSULPHHOSURFOtWLFRFRSXODWLYR
%JCO RM DV  FJK
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02',),&$1GLUHFWDPHQWHDOVXVWDQWLYR$XQDVtVLHPSUHVHSUHVHQWDFRQVXSURFOtWLFRFRSXODWLYRFRUUHVSRQGLHQWH
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OCCPMCO
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9.3.2. Los radicales de los adjetivos calificativos

/RV5$',&$/(6GHORV$'-(7,926&$/,),&$7,926SXHGHQVHUUDtFHVVHQFLOODVGHDGMHWLYRVGHVFULSWLYRVVXVWDQWLYRVR
DGYHUELRVRELHQSXHGHQVHU5('83/,&$'26SDUDLQGLFDUHO3/85$/
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9.3.3. Los afijos flexivos de los adjetivos calificativos

&XDQGRORVDGMHWLYRVFDOLILFDWLYRVVHSUHVHQWDQFRPRYHUERVGHHVWDGRSXHGHQSUHVHQWDUVHWDPELpQORVPLVPRDILMRV
TXHVHSUHVHQWDQFRQRWURVYHUERVGHHVWDGR>@(VGHFLUSXHGHQSUHVHQWDUVHORVDILMRVJHQHUDOHVGHWLHPSRDVSHFWR
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,KZ EJWVWM CO
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/QQ EJKZ   EJCVQK  MC  
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7RGRVORVDILMRVGHDVSHFWRJHQHUDOHV>@WDPELpQVHSXHGHQSUHVHQWDUFRQORVDGMHWLYRVFDOLILFDWLYRV
,KZ EJW DCC  IWFDT
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Captulo 10. Los adverbios

(QHVWHFDStWXORGHVFULELPRVORV$'9(5%,26GHOWHSHKXiQ3ULPHURGHVFULELPRVORVDGYHUELRVGH/8*$5\
',5(&&,1>@OXHJRGHVFULELPRVORVDGYHUELRVGH7,(032>@\ORVDGYHUELRVGH02'2>@\ILQDOPHQWH
GHVFULELPRVORVDGYHUELRV,17(552*$7,9265(/$7,926H,1'(),1,'26>@
+D\GRV3$57&8/$6',0,187,9$6TXHVHSUHVHQWDQIUHFXHQWHPHQWHFRQWRGRWLSRGHDGYHUELRDVDEHUCNJSRTXLWR
FDULxRRVDWLVIDFFLyQ\RZQDGDPiV
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PX\SRFR   













/K RZ   DQ

DOOt QDGDPiV  HVWiDFRVWDGR
$OOtQDGDPiVHVWiDFRVWDGR

10.1. Los adverbios de lugar y direccin

+D\FLQFR$'9(5%,26GHOWHSHKXiQTXHLQGLFDQHO/8*$5UHODWLYRGHO(9(172R(67$'2(VGHFLULQGLFDQOD
GLVWDQFLD\ODDOWXUDUHODWLYDGHOHYHQWRHQFXDQWRDOOXJDUGHOKDEODQWHHQHOPRPHQWRGHO(181&,$'23RUPHGLRGHORV
DGYHUELRVGHOXJDUHOKDEODQWHSXHGHGLVWLQJXLUWUHVGLIHUHQWHVGLVWDQFLDVGHSUR[LPLGDGUHODWLYDLQPHGLDWDFHUFDQD\
GLVWDQWH\GRVGLIHUHQWHVDOWXUDVUHODWLYDVPiVDOWD\PiVEDMD(VWRVDGYHUELRVORVFXDOHVVHSUHVHQWDQHQHOFXDGUR
VRQODIRUPDVODUJDVGHORVSUHILMRVGHOXJDUFRUUHVSRQGLHQWHV>@

Altura
Proximidad
,QPHGLDWD
&HUFDQD
'LVWDQWH

$OWD
DJCK
DJCOO

%DMD
[C
OK
OWOOW

Cuadro 20. Los adverbios de lugar

-KCRZ OWOOWDC CCLKO  CMMP
MKCRZ  OWOOW DC CC[C KO CM MP
DSHQDV  DOOiDEDMR \D  OOHJDU 3URJ UtRFRQ
$SHQDVHVWDUiOOHJDQGRDOUtRDKRUDPLVPR
,CTQQR  [C MC   PTC  PCR  
LCTQQ R [C MC   PTC  PC R
TXLpQ W~  DTXt SURYLVLRQDO HVSHUDU TXH W~ 
$TXLpQHVWiVHVSHUDQGR"3RUTXpHVWiVDTXt"

DC [C FCC!

DC [C FCC
OXHJR DTXt HVWiVHQWDGR

8QOXJDUDOQLYHOGHORVSLHVGHOKDEODQWHVHFRQVLGHUDPiVEDMRORVGHPiVOXJDUHVVHFRQVLGHUDQPiVDUULED
/K   FJQT   MKKEJCO
OK   FJQ LKT MKKEJCO
DOOtDEDMR (3 HV  KRJDU
6tODFDVDTXHHVWiDOOtHVWiKDELWDGD



/26$'9(5%,26

$JCKR    ZK  FJCKDW CVQQZMQT

DJCK  R ZK FJCKDW CVQQZMQT 
DOOtDUULED W~  ,PS VHQWDUVH VLOOD  
6LpQWDWHHQODVLOOD

VCO
VCO
HQ

/RVFLQFRDGYHUELRVGHOXJDUTXHVHSUHVHQWDQHQHOFXDGURVRQORVPiVFRPXQHVSHURKD\RWURVWUHVDGYHUELRVGH
OXJDUORVFXDOHVVHSUHVHQWDQGHYH]HQFXDQGRSRUTXHVXVLJQLILFDGRHVPiVHVSHFtILFR(VGHFLUORVDGYHUELRVGHOXJDU
TXHVHSUHVHQWDQHQHOFXDGURVRODPHQWHVHXVDQSDUDLQGLFDUTXHHOOXJDUHVXQOXJDUGHGLItFLODFFHVR(VWRVWUHV
DGYHUELRVQRWLHQHQSUHILMRVFRUUHVSRQGLHQWHV


Proximidad
,QPHGLDWD
&HUFDQDRGLVWDQWH

Altura
$OWD

%DMD
[L

DJL

OL

Cuadro 21. Los adverbios de lugar de difcil acceso

/L  LK  DCC IWMQ  LQFCK DVC
OL   LK DCMK IWMQ  LQFCK DVC
DOOtDEDMR LQLFLR HQWUDU HO YtERUD SLHGUD GHEDMR
/DYtERUDVHPHWLyGHEDMRGHODSLHGUD
7RGRVORVDGYHUELRVGHOXJDUVHSXHGHQSUHVHQWDUFRQHO68),-2GH35(&,6,1PKKWDOFRPRVHSUHVHQWDQORV
SURQRPEUHVGHPRVWUDWLYRV>@$OSUHVHQWDUVHFRQHVWHVXILMRHODGYHUELRDJCKFDPELDXQSRFRGHIRUPDSHURORV
GHPiVDGYHUELRVVHSUHVHQWDQGHODPLVPDIRUPDFRQRVLQHOVXILMRGHSUHFLVLyQ
$JCK     FCC   IWWKK FJKK  
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DOOtDUULED SUHFLVR HVWiVHQWDGR XQ SiMDUR HVWH SUHFLVR
+D\XQSiMDURHQHVWHiUERO

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WWZ VCO
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SRTXLWR ([W VH  SDVDU PRYLPLHQWR HO IULMRO DOOiDUULEDSUHFLVR
(VWiQFRVHFKDQGRHOIULMRODOOiDUULEDGRQGHQRVHYH
$JLPK   PC FCC   %JCO PK
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$GHPiVGHORVDGYHUELRVGHOXJDUGRVDGYHUELRVGH',5(&&,1LQGLFDQVLHOHYHQWRVHOOHYDDFDERHQXQDGLUHFFLyQ
RULHQWDGDKDFLDHOKDEODQWHRHQGLUHFFLyQRSXHVWDDVDEHUDJCKKDFLDDFi\OWKKDFLDDOOi
$JCK DC LKO IWOCCPMCO
DJCK DC LKO IWOCCPMCO
DFi  \D  LU  OD SHUVRQD
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/WK DC LKO IWMCDCK

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HODGYHUELRGHGLUHFFLyQOWKKDFLDDOOiVHSURQXQFLDLJXDOTXHHO$'-(7,92180(5$/OWKPXFKRV
-KCRZ DJCK  FJT DJCK  DC
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DSHQDV  DOOtDUULED GH KDFLDDFi \D 
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0XFKDJHQWH\DYDKDFLDDOOi

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10.2. Los adverbios de tiempo

/RV$'9(5%,26GH7,(032D\XGDQDHVSHFLILFDUODVUHODFLRQHV7(0325$/(6UHODWLYDVDOPRPHQWRGHO(181&,$'2
0XFKRVGHHOORVVHUHILHUHQDORVGtDVDQWHVRGHVSXpVGHO(9(172R(67$'2
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10.3. Los adverbios de modo

/RV$'9(5%,26GH02'2HVSHFLILFDQGHTXpPDQHUDREDMRFXiOHVFLUFXQVWDQFLDVVHOOHYDDFDERHO(9(172RH[LVWH
XQ(67$'2
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GHPXFKDVPDQHUDV
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5CCNJ  VW QKT IWOWWNJ

GHVSDFLR ([W DQGDU OD WRUWXJD
/DWRUWXJDFDPLQDGHVSDFLR
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(VWDPLOSDQRHVWiELHQGHV\HUEDGD

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8QRVSRFRVDGYHUELRVGHPRGRLQGLFDQFXiQWDVYHFHVVHOOHYDDFDERXQHYHQWR
)QQMKO LCKEJ  VK   DJC LC 
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'RVYHFHVLQWHQWpLQYLWDUORVSHURQRYLQLHURQ

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(ODGYHUELRGHPRGR1(*$7,92WLHQHGRVIRUPDV/DIRUPDPiVFRP~QEJCOVHXVDHQODPD\RUtDGHODV
QHJDFLRQHVODIRUPDEJCRVHXVDSULQFLSDOPHQWHHQSURKLELFLRQHVFXDQGROHVLJXHHOPRUIHPDGHOVXMHWR>@
%JCO ZKLCK
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10.4. Los adverbios interrogativos, relativos e indefinidos

/RVDGYHUELRVLQWHUURJDWLYRVUHODWLYRVHLQGHILQLGRVWLHQHQIRUPDVVHPHMDQWHVFRPRVHLOXVWUDQHQORVVLJXLHQWHV
HMHPSORV
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5HODWLYR 

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HQFLQR GHEDMRGRQGH HVWi VHFR
'HEDMRGHXQHQFLQRGRQGHODWLHUUDHVWpVHFD



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Captulo 11. Las adposiciones

(QHVWHFDStWXORGHVFULELPRVODV$'326,&,21(6GHOWHSHKXiQODVFXDOHVVRQ3$/$%5$6VHQFLOODVVLQ$),-26TXHVH
SUHVHQWDQSDUDLQGLFDUODSRVLFLyQUHODWLYDGHO6867$17,926LVHSUHVHQWDGHVSXpVGHOVXVWDQWLYRVHOODPD326326,&,1
>@\VLVHSUHVHQWDDQWHVGHOVXVWDQWLYRHQODFOiXVXODVHOODPD35(326,&,1>@(QHOKDEODFRWLGLDQDGHO
WHSHKXiQDFWXDOVHSUHVHQWDQORVGRVWLSRVGHDGSRVLFLRQHV

11.1. Las posposiciones

/DVSDUWHVGHOD)5$6(326326,&,21$/VHSUHVHQWDQHQHORUGHQTXHDTXtVHxDODPRV
Artculo

Sustantivo

POSPOSICIN

3RUHMHPSOR
IW UWWFCK FJCCO
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HQFLPDGHODJXD
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PC MP VWO   DJKURC
PC MP VW LWO DJKURC C
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6RQPXFKDVODVSRVSRVLFLRQHVTXHVHXVDQFRQIUHFXHQFLD&RQHODOIDEHWR35&7,&2VLHPSUHVHHVFULEHQFRPR
SDODEUDVVHSDUDGDV$OJXQDVSRVSRVLFLRQHVWLHQHQGRVIRUPDVODVFXDOHVYDUtDQVHJ~QORV&217(;726)212/*,&26HQ
TXHVHSUHVHQWDQ
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11.2. Las preposiciones

/DVSDUWHVGHOD)5$6(35(326,&,21$/VHSUHVHQWDQHQHORUGHQTXHDTXtVHxDODPRV
PREPOSICIN Artculo Sustantivo
3RUHMHPSOR
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SUHVHQWDQVRODVFXDQGRHOVXVWDQWLYRVHVREUHHQWLHQGH
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DORWURODGRGH HO UtR
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326326,&,21(6>@GHODVFXDOHVVH'(5,9$1VXVIRUPDVSUHSRVLFLRQDOHVFRUUHVSRQGLHQWHVSRUPHGLRGHOD

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GHDTXHOODGRGH HO FHUUR
DORWURODGRGHOFHUURGRQGHQRVHYH



/$6&21-81&,21(6

Captulo 12. Las conjunciones

(QHVWH~OWLPRFDStWXORGHVFULELPRVODV&21-81&,21(6GHOWHSHKXiQHVGHFLUORV025)(0$6TXHVHSUHVHQWDQSDUD
XQLUODV)5$6(6\ODV&/868/$6SDUDIRUPDU25$&,21(6FRPSOHMDV3ULPHURGHVFULELPRVODVFRQMXQFLRQHV
FRRUGLQDQWHVTXHVRQODVTXHXQHQFOiXVXODVEiVLFDV>@OXHJRGHVFULELPRVODVFRQMXQFLRQHVVXERUGLQDQWHVODVTXH
XQHQXQDFOiXVXODEiVLFDDXQDFOiXVXODVXERUGLQDGD>@
$OILQDOGHOFDStWXORGHVFULELPRVODV,17(5-(&&,21(6HVGHFLUODVSDODEUDVTXHDYHFHVVHSUHVHQWDQSDUDLQGLFDU
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12.1. Las conjunciones coordinantes

/DV&21-81&,21(6&225',1$17(6VRQORV025)(0$6TXHDPHQXGRVHSUHVHQWDQDOSULQFLSLRGHODV)5$6(6RODV
&/868/$6%6,&$6SDUDXQLUODVIRUPDQGRDVt25$&,21(6PiVFRPSOHMDV+D\GRVWLSRVGHFRQMXQFLRQHVFRRUGLQDQWHV

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/DVFRQMXQFLRQHV$',7,9$6>@ODVFXDOHVLQGLFDQTXHODUHODFLyQHQWUHODVGRVFOiXVXODVTXHXQHHVWHPSRUDO
ROyJLFD
/DVFRQMXQFLRQHV$80(17$7,9$6>@ODVFXDOHVLQGLFDQTXHODUHODFLyQHQWUHODVGRVFOiXVXODVTXHXQHQRHV
QLWHPSRUDOQLOyJLFDVLQRTXHHVXQDDVRFLDFLyQFRLQFLGHQWHRFRQWUDULDDODOyJLFD

12.1.1. Las conjunciones aditivas

/DV&21-81&,21(6$',7,9$6LQGLFDQXQDUHODFLyQ7(0325$/R/*,&$HQWUHGRV)5$6(6R&/868/$6&XDWURGH
HVWDVFRQMXQFLRQHVDGLWLYDVVRQ3$57&8/$6RWUDHVXQ68),-2\XQDVH[WDFRQMXQFLyQQRVHSURQXQFLD$FRQWLQXDFLyQ
GHVFULELPRVFDGDXQDGHHOODV
'RVSDUWtFXODVVHSUHVHQWDQSDUDDOLVWDUORVVXVWDQWLYRV8QDGHHOODVODSDUWtFXODICOVHSUHVHQWDSDUDDxDGLUXQ
VXVWDQWLYRDODOLVWDGHVXVWDQWLYRVGHODPLVPDFODVH/DRWUDODSDUWtFXODIKQVHSUHVHQWDSDUDDxDGLUXQVXVWDQWLYRDOD
OLVWDGHVXVWDQWLYRVTXHQRVRQGHODPLVPDFODVH
,KZ LC PCC   IWRKRRKNJ IWVQDJCCD 
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$OJDYLOiQOHJXVWDFRPHUSROOXHORV\RWURVSiMDURV

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$TXtYHQGHQPXFKDVFRVDVGHVGHWHODV\UHER]RVKDVWDEDODV
/DSDUWtFXODICOVRODPHQWHVHSUHVHQWDSDUDXQLUVXVWDQWLYRVPLHQWUDVTXHODSDUWtFXODIKQWDPELpQVHSUHVHQWDSDUD
XQLUWDQWRIUDVHVDGYHUELDOHVFRPRFOiXVXODV
/CCP UKOCCP DZEJCPQQNJ IKQ
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LQGLFDTXHHVQHFHVDULROOHYDUDFDERHOSULPHUHYHQWRSDUDTXHVHSXHGDOOHYDUDFDERHOVHJXQGR
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12.1.2. Las conjunciones aumentativas

/DV&21-81&,21(6$80(17$7,9$6LQGLFDQXQDUHODFLyQTXHQRHVQLWHPSRUDOQLOyJLFDHQWUHGRV)5$6(6R
&/868/$6(VGHFLUVHSUHVHQWDQFXDQGRODUHODFLyQHQWUHODSULPHUDIUDVHRFOiXVXOD\ODVHJXQGDHVFRLQFLGHQWHR
FRQWUDULDDORTXHXQRHVSHUDUtD7RGDVODVFRQMXQFLRQHVDXPHQWDWLYDVVRQ3$57&8/$6
/DFRQMXQFLyQDXPHQWDWLYDPiVFRP~QHVODSDUWtFXOD$'9(56$7,9$IWODFXDOLQGLFDTXHHOHYHQWRRHVWDGRGHOD
VHJXQGDIUDVHRFOiXVXODHVORRSXHVWRGHODSULPHUD6HSUHVHQWDVROD\FRPRSDUWHGHRWUDVFRQMXQFLRQHVDGYHUVDWLYDV
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12.2. Las conjunciones subordinantes

/DV&21-81&,21(668%25',1$17(6VRQORV025)(0$6TXHDPHQXGRVHSUHVHQWDQDOSULQFLSLRGHODVFOiXVXODV
68%25',1$'$6SDUDXQLUORVDODVFOiXVXODV%6,&$6IRUPDQGR25$&,21(6PiVFRPSOHMDV+D\FXDWURWLSRVGH

FRQMXQFLRQHVVXERUGLQDQWHVDVDEHU

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PiVLQIRUPDFLyQDFHUFDGHOWLHPSR\GHOOXJDUGHO(9(172R(67$'2
/DVFRQMXQFLRQHVVXERUGLQDQWHV/*,&$6>@ODVFXDOHVLQLFLDQFOiXVXODVTXHSURSRUFLRQDQPiVLQIRUPDFLyQ
DFHUFDGHODFDXVDHOSURSyVLWRRODPDQHUDGHOHYHQWRRHVWDGR
/DVFRQMXQFLRQHV5(/$7,9$6>@ODVFXDOHVLQLFLDQFOiXVXODVTXHSURSRUFLRQDQPiVLQIRUPDFLyQDFHUFDGH
XQVXVWDQWLYR
/DVFRQMXQFLRQHVGH&203/(0(172>@ODVFXDOHVLQLFLDQFOiXVXODVTXHVRQORVFRPSOHPHQWRVX2%-(726

',5(&726GHXQ9(5%2

12.2.1. Las conjunciones subordinantes temporales y locativas

+D\GRV&21-81&,21(668%25',1$17(6TXHLQLFLDQFOiXVXODVTXHSURSRUFLRQDQPiVLQIRUPDFLyQWHPSRUDOR
ORFDWLYDGHXQ(9(172R(67$'2/DFRQMXQFLyQVXERUGLQDQWHORFDWLYDHVPCRCKGRQGH\ODWHPSRUDOHVPCRCK



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VROHQHOFLHOR
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12.2.2. Las conjunciones subordinantes lgicas

+D\WUHV&21-81&,21(668%25',1$17(6TXHLQLFLDQ&/868/$668%25',1$'$6TXHSURSRUFLRQDQPiV
LQIRUPDFLyQDFHUFDGHORVDVSHFWRVOyJLFRVGHXQ(9(172R(67$'28QDGHHOODVHVPCIWSRUTXHODFXDOLQGLFDOD
&$86$SRUODFXDOVHOOHYDDFDERHOHYHQWRRSRUODFXDOH[LVWHHOHVWDGR
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/DVFOiXVXODVVXERUGLQDGDVTXHLQGLFDQHO35236,72GHXQHYHQWRRHVWDGRLQLFLDQFRQODFRQMXQFLyQVXERUGLQDQWH
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3$57&8/$68%25',1$17(PCTXHIXQFLRQDFRPRXQ352120%5(5(/$7,92DVtFRPRHQHOHMHPSORDQWHULRURELHQ

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Apndices

Apndice A.
Los trminos de parentesco
Tanto cuando se saluda como cuando se refiere a una persona, los que hablan tepehun suelen usar trminos de
parentesco en vez de nombres propios. Estos trminos siempre se presentan acompaados por uno de los siguientes
AFIJOS de POSESIN:
mi, mis
tu, tus
su, sus (de l, de ella)

nuestro, nuestra, nuestros, nuestras

su, sus (de ustedes)
su, sus (de ellos)

Algunos de los trminos de parentesco en tepehun son ms generales que los trminos correspondientes en espaol.
Por ejemplo, el trmino para pariente tambin se usa para hermano o hermana, primo o prima, amigo o amiga.
Asimismo, otros de los trminos de parentesco en tepehun son ms especficos que los trminos correspondientes en
espaol. Por ejemplo, hay cinco trminos para to y otros cinco trminos para ta, segn si es hermano o hermana mayor
o menor del pap o de la mam del que habla.
Adems, muchos de los trminos de parentesco en tepehun son recprocos, es decir, se usan tanto para referirse al
pariente de la generacin anterior del hablante como para referirse al pariente correspondiente de la generacin posterior
del hablante. Por ejemplo, los trminos para abuelo y abuela tambin se usan para nieto y nieta. Cuando un trmino es
recproco, esto se indica en este apndice entre corchetes cuadrados despus de la traduccin al espaol.
Todos los trminos de parentesco que se presentan a continuacin se citan en su forma singular sin prefijo de
posesin, seguidos por su equivalente en espaol, su forma PLURAL y sus formas POSESIVAS de la TERCERA PERSONA del
SINGULAR, tal como se citan en las entradas respectivas del diccionario. Para algunos trminos se aclara precisamente a
cuales parientes se pueden referir. (Para ejemplos del uso de estos trminos en el habla cotidiana, vase las entradas
correspondientes del diccionario.)

Trminos generales
[pl:

pariente, hermano, hermana, primo, prima, amigo o amiga [recproco]

; 3a. pers. pos.:
]

Puede referirse a:
los parientes en general
los hermanos y las hermanas
los primos y las primas
los amigos y conocidos a los cuales se quiere tratar con respeto
abuelo, to abuelo, nieto o nieta, sobrino o sobrina [recproco]
[pl.:
; 3a. pers. pos.:
]
Puede referirse a:
el padre del pap o de la mam (tambin se dice
los hermanos de los abuelos y de las abuelas
los nietos y las nietas de los abuelos y sus hermanos
abuela, nieto o nieta [recproco]
[pl:
; 3a. pers. pos.:

Puede referirse a:
la madre del pap o de la mam (tambin se dice
las hermanas de los abuelos y de las abuelas
los nietos y las nietas de los abuelas y sus hermanas

337

DICCIONARIO TEPEHUANO

338

bisabuelo o antepasado [recproco]

[pl:
; 3a. pers. pos.:

Puede referirse a:
el padre del abuelo o de la abuela
los hermanos de los bisabuelos y las bisabuelas
los bisnietos y las bisnietas de los bisabuelos y sus hermanos
los antepasados o descendientes en general
[pl:

bisabuela [recproco]
; 3a. pers. pos.:

Puede referirse a:
la madre del abuelo o de la abuela
las hermanas de los bisabuelos y las bisabuelas
los bisnietos y las bisnietas de las bisabuelas y sus hermanas
to, sobrino o sobrina [recproco]
[pl.:
; 3a. pers. pos.:

Puede referirse a:
los esposos de las hermanas de los padres
los sobrinos y las sobrinas que son hijos e hijas de los hermanos y las hermanas de la esposa
mam, ta
[pl:
; 3a. pers. pos.:

Puede referirse a:
la madre
las esposas de los hermanos de los padres
hijo o hija, sobrino o sobrina
[pl:
; 3a. pers. pos.:

Puede referirse a:
el propio hijo o hija
el hijo o la hija del hermano del esposo (lo dice una mujer)
hermano o hermana mayor, primo hermano o prima hermana
[pl:
; 3a. pers. pos.:
]
Puede referirse a:
el hermano o la hermana mayor
el hijo o la hija del hermano o de la hermana mayor del pap o de la mam
hermano o hermana menor, primo hermano o prima hermana
[pl:
; 3a. pers. pos.:
]
Puede referirse a:
el hermano o la hermana menor
el hijo o la hija del hermano o de la hermana menor del pap o de la mam
[pl:

pariente cercano [recproco]

; 3a. pers. pos.:

Puede referirse a:
el hermano o la hermana, mayor o menor
el primo o la prima, mayor o menor

339

APNDICE A

[pl:

o
o
o

pariente lejano [recproco]

; 3a. pers. pos.:
]

Puede referirse a:
el primo lejano o la prima lejana
el to lejano o la ta lejana

Trminos especficos para tos y tas

to, sobrino o sobrina [recproco]
[pl:
; 3a. pers. pos.:

Puede referirse a:
el hermano mayor del pap
el hijo o la hija del hermano menor de un hombre
[pl:

ta, sobrino o sobrina [recproco]

; 3a. pers. pos.:

Puede referirse a:
la hermana mayor del pap
el hijo o la hija del hermano menor de una mujer
[pl:

to, sobrino o sobrina [recproco]

; 3a. pers. pos.:

Puede referirse a:
el hermano menor del pap
el hijo o la hija del hermano mayor de un hombre
[pl:

ta, sobrino o sobrina [recproco]

; 3a. pers. pos.:

Puede referirse a:
la hermana menor del pap
el hijo o la hija del hermano mayor de una mujer
[pl:

to, sobrino o sobrina [recproco]

; 3a. pers. pos.:

Puede referirse a:
el hermano mayor de la mam
el hijo o la hija de la hermana menor de un hombre
ta, sobrino o sobrina [recproco]
[pl:
; 3a. pers. pos.:

Puede referirse a:
la hermana mayor de la mam
el hijo o la hija de la hermana menor de una mujer.
[pl:

to, sobrino o sobrina [recproco]

; 3a. pers. pos.:

Puede referirse a:
el hermano menor de la mam
el hijo o la hija de la hermana mayor de un hombre

DICCIONARIO TEPEHUANO

[pl:

340

ta, sobrino o sobrina [recproco]

; 3a. pers. pos.:

Puede referirse a:
la hermana menor de la mam
el hijo o la hija de la hermana mayor de una mujer
Cuando el mismo trmino puede referirse a dos tos o tas, se puede distinguir entre ellos o ellas por un trmino
adicional que indica su edad relativa. Por ejemplo:
la hermana menor ms grande de mi mam (lit.: mi ta
grande) o
la hermana menor ms pequea de mi mam (lit.: mi ta chica). Cuando se usa el mismo
trmino para ms de dos tos o tas, se puede distinguir entre ellos o ellas solamente por una frase que indica dnde
viven. Por ejemplo,
mi ta de Los Charcos

Otros trminos especficos

pap
[pl:
[pl:
[pl:
[pl:
[pl:
[pl:

; 3a. pers. pos.:

padrastro

; 3a. pers. pos.:

madrastra

; 3a pers. pos.:

abuela
abuelo

; 3a. pers. pos.:

; 3a. pers. pos.:

hijito o hijita
; 3a. pers. pos.:

hijito (cuando es nio)

[pl:
]
[pl:

hijita (cuando es nia)

]

[pl:

hijastro o hijastra
; 3a. pers. pos.:

[pl:

cuado o cuada [recproco]

; 3a. pers. pos.:

[pl:
[pl:

compadre

]
]

; 3a. pers. pos.:

comadre
; 3a. pers. pos.:

ahijado, ahijada
[3a. pers. pos.:
suegro
[3a. pers. pos.:
padrino, madrina
[3a. pers. pos.:

]
]
]

]
]

Apndice B.
El cuerpo humano
Algunas partes del cuerpo son NOMBRES CONTABLES, por lo que tienen formas PLURALES. Todas las partes tienen
formas de POSESIN que corresponden a la TERCERA PERSONA del SINGULAR y/o del PLURAL. Los cuatro trminos
generales se presentan entre rayas.

Tepehun

Espaol

Plural

3a. persona de posesin

cuerpo
hueso
nalga
carne
pelo, vello
barriga, estmago
pecho
columna vertebral
excremento
sangre
costilla
pulmn
intestinos
ombligo
vejiga

piel
corazn
cintura
espalda
hgado
vescula biliar

cabeza
esfago
vello
cara
ojo
lgrima
boca
bigote, barba
saliva
nariz

341

DICCIONARIO TEPEHUANO

Tepehun

Espaol
mandbula
ceja, pestaa
mejilla
frente
laringue, garganta
cabello
nuca
cuello, garganta
oreja
cerilla, cerumen
lengua
cerebro
moco (nariz)
diente
brazo, mano
dedo
dedo grande
dedo meique
codo
axila
ua
hombro
pie, pierna
muslo
tobillo
rodilla
taln
pantorrilla
cadera

342

Plural

3a. persona de posesin

Apndice C.
Sistema numrico
Antiguamente hubo un sistema numrico en tepehun que era vigesimal, es decir, se basaba en el nmero 20. Los
nicos trminos para NMEROS CARDINALES que actualmente se usan con frecuencia son los nmeros 1, 2, 3, 4, 5 y 10,
los cuales se escriben aqu en negrita. Los dems trminos se usan muy poco, posiblemente porque son demasiado
complicados en comparacin con los trminos correspondientes del espaol.
Para algunos nmeros existen dos trminos, los cuales son separados aqu con el signo de igualdad (=). Asimismo,
los trminos para algunos nmeros tienen una parte opcional, la cual est encerrada aqu entre parntesis.
Cuando dos trminos sencillos se juntan con la CONJUNCIN
ms para formar un trmino compuesto, los
nmeros correspondientes se suman. Por ejemplo,
once es literalmente diez ms uno.
Asimismo, cuando dos trminos sencillos se adjuntan dentro de un trmino compuesto, los nmeros correspondientes se
multiplican. Por ejemplo,
cuarenta es literalmente dos por veinte.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
40
50

343

DICCIONARIO TEPEHUANO

60
70
80
90
100
200
300
400
500
600
700
800
900
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000

344

Apndice D.
Los sonidos
Tal como en otros idiomas, en tepehun se usan muchos trminos especiales para varios sonidos comunes. Algunos
de estos sonidos son los que se hacen cuando algo sucede, otros son sonidos que las personas suelen hacer. Adems
existen varias voces de animales que se usan con frecuencia en el habla cotidiana.

Sonidos que hacen las cosas

Sonidos que hace la gente

345

DICCIONARIO TEPEHUANO

346

Sonidos que emiten los animales

chillido de la zorra

"

Apndice E.
Topnimos
Los nombres de lugares que aqu se presentan de la regin tepehuana fueron tomados del artculo Expresiones
locativas en el tepehun del sureste citado en la bibliografa. Como se explica all, algunos de ellos se forman por una
caracterstica natural del lugar y otros por lo que pas o lo que pasa all.
Para cada topnimo, primero se presenta su forma en tepehun, luego se presentan las palabras y morfemas de las
cuales se componen y al final se presenta el nombre de ese lugar en espaol.

Tepehun

Componentes

Espaol

carrizos,

boscoso,
rojo,

"

Los Carrizos

parados

La Ventana

de

Tierras Coloradas

terreno
sombrero,

prende

(desconocido)

El Mezquital

oso,

roble,

Los Amoles

flojo, (

zapote,
espina,

pino,

pltano,

Santa Mara Ocotn

abajo
sobre

borrego,
zorra,

frente, (

zarcas,

chile,

El Cuervo
Mesa de Platanitos
El Borrego

en

La Zorra

en

La Candelaria

en
charcas

(desconocido)

El Zapote
La Cebolla

en

entre

cuervo,

patio comunal
Las Espinas

entre

lugar

lugar

cebolla,

Las Aguilillas

lugar

( nuestro,

Lugar de las Plumas

lugar

halcn,

Llano Grande

lugar

hay amoles

'

El Roble

parado

sacrificio, (

'

Teneracas

llano,

&

Cinega del Oso

cinega

(desconocido)

Sombrero Quemado

Agita Zarca
Durango

parado

347

Chilapa

DICCIONARIO TEPEHUANO

348

Tepehun

Componentes

Espaol

(desconocido)

San Francisco Ocotn

metates,

piedra de amolar,

Los Metates

acostados
lugar

(desconocido)

#
+
+

Murhuata

tuna,

lugar

alacrn,

en

bailar,

*
*

arena,

,
-

patio familiar de los

Ramrez

lugar

encino,

chapuln,

El Padre

Calzn Cado

se zaf

gordo,

parado

en la frente

. apellido, (

Los Charcos

conejos,

lugar

El Conejo

guajolote,

toro,

silla,

2
2
2

Agua Prieta

barranca

papas,

flores,

Barranco Prieto

parado

Toro Parado

en

La Silla

chachamoles,

aguacate,

Pinole Quemado

agua

prietos,

La Guajolota

lugar
prende

prieto,

Chalchihuitillo

de

pinole,

patio familar de los

Sols

lugar
lugar

verde,

El Chapuln

sapos,

Encino Gordo
El Rincn

al pie

Salatitas
Las Arenas

parado

calzn,

patio del mitote

Las Ramadas

extendido

. / apellido, (

)
!

lugar

parados

sacerdote,

Cerro del Alacrn

hay piedras saladas

ramadas,

Xoconostle

instrumento,

sal,

Piedras de Amolar

en
parados
en

parados

Chachamoles
Cerro de las Papas
Los Aguacates
Las Flores

Apndice F.
Trabalenguas
El primer trabalenguas de los que siguen es tomado del espaol, pero la traduccin al espaol que aqu se presenta es
ms literal que el original. El segundo trabalenguas est basado en la manera tradicional de empezar un cuento.

1. Se ha dicho que yo he dicho un dicho...

Es cierto que t dijiste

que yo dije as como dicen
los que dicen cosas
que no se deben decir?

Cundo dije yo cosas

as como dicen los que dicen
cosas que no se deben decir?

3,

Yo nada ms digo as como dicen

los que no dicen cosas
que no se deben decir.
Por eso, aunque t digas,
o aunque digan otros,
yo no digo nada
de lo que no se debe decir.

2. Cmo empieza un cuento

#

Una vez una persona tatem el maguey y se emborrach. Esa persona tena cuatro hijos que se ponan de
acuerdo para tatemar el maguey todo el tiempo...

349

Apndice G.
Mapa de la regin tepehuana

350

351

APNDICE G