La Tonada - Magot Loyola

4HYNV[ 3V`VSH 7HSHJPVZ
3H;VUHKH!
5FTUJNPOJPTQBSBFMGVUVSP
-B5POBEB
5FTUJNPOJPTQBSBFMGVUVSP
.BSHPU-PZPMB1BMBDJPT
1POUJmDJB6OJWFSTJEBE$BUMJDBEF7BMQBSBTP
/EF*OTDSJQDJO
*4#/
"MB$BOUPSB GVFOUFJOBHPUBCMFEFDBOUPTZTBCFSFT
05+0*,
"
$&
1$.$
1%&.$
1%$3
*
-"50/"%"&-$"/50%&-"5*&33"
-$
&"
&$
-7-&
'4
.&.03*"4%&7*%"
%.$5
%'(
%+$
%*"7
%..
13&$63403&4%&-$"/5"3$3*0--0
$5
1.-)0
&.-$)
&.
%"
&$
#5%3
%*$&5i'w
&4
-)"
+.
*'
0(
(1
71
-)-
-7.5$
".")
-"50/"%""41&$504.64*$"-&4:105*$04
-'

-5
-"50/"%":464*/4536.&/504
-(

&"
&$
53"/4$3*1$*0/&4

iw

iw

$0/$-64*0/&4
4&-&$$*/.64*$"-
%*4$06/0$
%*4$0%04 1$$

$3
%*4$053&4.-
#*#-*0(3"'"
(-04"3*0

%*4$0(3"'"%&."3(05-0:0-"
3&'&3&/5&"-"50/"%"
(.9(+,*040,5;6:
"NJBNJHB&SDJMJB.PSFOP$I RVFJNQVMTBZHVBFTUFUSBCBKP
" TVT DMBTFT NBHJTUSBMFT RVF FYUSBFO EF N MP RVF ZP OP TBCB
RVFTBCB
" 0TWBMEP $EJ[ RVF EFTEF TJFNQSF BOEVWP KVOUP B N QBTP B
QBTP QPSMPTDBNJOPT BVMBTZFTDFOBSJPT
"MB%SB$BSPMJOB3PCFSUTPO SPRVFEFTCPSEBCFMMF[BTZTFOUJSFT
TBOBDJPOFTNVTJDBMFT BNPSFT TBCFSFTZHFOFSPTBTBMBCBO[BT
""HVTUO3VJ[ EJTDQVMPMFBMEFMBZFSZRVFIPZ EFTEFMBDJNB
DBVUFMBNJTEFTDVCSJNJFOUPTZPUFBFMSBTUSPEFNJTTFOEBT
"$SJTUJOBMWBSF[ RVFFOTVQSFEJPEFQFOUBHSBNBTIBEJCVKBEP
NJTTPOJEPTZWFSEPSFT
" +VBO "TUJDB . BNJHP EF TJFNQSF QPS MB FOUSFHB EF WBMJPTPT
EPDVNFOUPT
"7JWJBOB.PSBMFT $FDJMJB"TUVEJMMPZ.BSDFMP'VFOUFT EJTDQVMPT
MFBMFTZIPZ NBFTUSPTEFTJFNCSBTGFDVOEBT
*63()69(965,5,:;(,+0*05
&SDJMJB.PSFOP$BSPMJOB3PCFSUTPO0TWBMEP$EJ[
$SJTUJOBMWBSF["HVTUO3VJ[$FDJMJB"TUVEJMMP
.BSDFMP'VFOUFT7JWJBOB.PSBMFT
)BZEF'VFO[BMJEB3PESJHP'FSOOEF[
7936.6*(936:409*69;iA
&MOVFWPMJCSPEF.BSHPU-PZPMB-B5POBEB5FTUJNPOJPTQBSBFM
'VUVSPRVFMB1POUJmDJB6OJWFSTJEBE$BUMJDBEF7BMQBSBTP DPOFM
BVTQJDJPEFM'POEP/BDJPOBMEFM-JCSPFEJUB SFQSFTFOUBVOOVFWP
FJNQPSUBOUFIJUPFOMBQSPEVDDJOBSUTUJDBZDJFOUmDBRVF.BS
HPU-PZPMB 1SPGFTPSB&NSJUBEFFTUB6OJWFSTJEBE OPTFOUSFHB
6OFTUVEJPTPCSFMB5POBEB FMHOFSPNVTJDBMNTJNQPSUBOUFEFM
DBOUBSWFSODVMPEF$IJMF FSBOFDFTBSJP FTUFUSBCBKPSFQSFTFOUBFM
FTUVEJPNTDPNQMFUPZSJHVSPTPRVFIBTUBBIPSBTFIBZBSFBMJ[BEP
FOFMQBT
.BSHPU OPT FOUSFHB MB FTFODJB EFM MFOHVBKF NVTJDBM DBOUBEP EFM
$IJMFNFTUJ[P&MNFTUJ[BKFSBDJBMPSJHJOBVONFTUJ[BKFDVMUVSBMRVF
FO HSBOEFT SBTHPT Z QFTF B MB DPOUJOVB FWPMVDJO EF MB DVMUVSB EF
USBEJDJOPSBM TFIBNBOUFOJEP-BQPCMBDJONBZPSJUBSJBEFMQBT
FTNFTUJ[B DPOUBOEPDPOTPMPVOEFQPCMBDJOJOEHFOB ZTF
IBFYQSFTBEPFOMBDVMUVSBNVTJDBMEFMQBTDPONBSDBEPDBSDUFS-B
UPOBEB HOFSPMSJDPDBOUBEP SFQSFTFOUBFTUFNFTUJ[BKFFOMPWPDBM
-BJOTVMBSJEBEEF$IJMF TJUVBEPFOUSFIJFMPTZEFTJFSUPT PDBOPZ
DPSEJMMFSBIBDPOUSJCVJEPBQSFTFSWBSQPSNTMBSHPUJFNQP MPTQSP
EVDUPTDVMUVSBMFTEFMQVFCMPZ FTQFDJBMNFOUF EFMDBNQFTJOBEP
.BSHPU-PZPMB FOTVTJOWFTUJHBDJPOFT SFBMJ[BEBTBMPMBSHPEFFTUF
iMBSHPQUBMPwRVFFT$IJMF IBUSBCBKBEPTJFNQSFFOGVODJOEFEF
WFMBSOPTiFMTFOUJEPEFMBNBOJGFTUBDJOIVNBOBwZMVFHP BSFHBMBS
OPTDPOMBJOUFSQSFUBDJOBSUTUJDBEFMPTEJWFSTPTSFQFSUPSJPTJOWFT
UJHBEPT&OFTUFUSBCBKPOPTFOUSFHBDPODMBSJEBEZBDVDJPTJEBEMPT
EJWFSTPTBTQFDUPTRVFDPOGPSNBOFMGFONFOPEFMBUPOBEBDIJMFOB
&TUFOVFWPMJCSPIBDFBQPSUFTJOEJUPTBMFTUVEJPEFMB5POBEB
"CPSEBMBEFmOJDJOEFMHOFSPNVTJDBMDBOUBEPiUPOBEBwZTVTEJ
WFSTBTGVODJPOFTBVORVFDPOQSFEPNJOJPEFMBGFTUJWB-BEJWFSTJ
EBEEFMBUFNUJDBQPUJDB DPOQSFEPNJOJPEFMUFNBBNPSPTP QFSP
EFMBNPSEFTFOHBBEP-BGPSNBZTVTWBSJBOUFTNPOPQFSJEJDBP
iUPOBEJUBEFMQPCSFwDPNPMBEFmOJMBDBOUPSB+VBOB$IWF[ZCJ
1$.$
QFSJEJDBPUPOBEBDBODJO MBRVFJODPSQPSBFMFTUSJCJMMP SFnFKP

EF MB VSCBOJ[BDJO EF MB UPOBEB FO FM TJHMP 99 &M FTUVEJP EF MB
NUSJDB DPOQSFEPNJOJPEFMBDVBSUFUBPDUPTJMCJDBZMBQSFTFODJB
EFMBEDJNB%OEPTFFOMPTFTUSJCJMMPTEJWFSTBTDPNCJOBDJPOFT
QPMJNUSJDBTEFBSUFNFOPS-BQFSNBOFODJBEFFTUSVDUVSBTQPUJ
DBT EFM JEJPNB FTQBPM EFSJWBEBT EF MB QPFTB SBCF RVF MMFHBSPO
B "NSJDB DPO MPT DPORVJTUBEPSFT Z DPMPOJ[BEPSFT FTQBPMFT FO
TVNBZPSBEFPSJHFOBSCJHPBOEBMV[&MEFUBMMBEPFTUVEJPEFMB
GPSNB MBTEJWFSTBTBmOBDJPOFTEFMBHVJUBSSB MPTQBUSPOFTSUNJ
DPTEFMSBTHVFPUDOJDBRVFFTDPOTVTUBODJBMBMHOFSPUPOBEBRVF
SFnFKBOMBQFSTJTUFODJBEFGSNVMBTNJMFOBSJBTEFSJWBEBTEFMPTQJFT
NUSJDPTEFMBQPFTBHSJFHB
&MFMFNFOUPIVNBOPBUSBWTEFMBJOTUJUVDJOEFMBiDBOUPSBwQFS
TPOBKFDBNQFTJOPRVFDVNQMFNMUJQMFTGVODJPOFTQFSPRVFFOMP
NVTJDBM EFCF QPTFFS VOB UDOJDB WPDBM VO NBOFKP JOTUSVNFOUBM
ZVOSFQFSUPSJP SFQSFTFOUBMPGFNFOJOPFOFMGPMLMPSF6OWBTUP
FKFNQMBSJPNVTJDBMDPOUSFT$%FOMPTRVFMBTDBOUPSBT BHSVQBEBT
FOFMSVCSPEF.FNPSJBTEF7JEB SFQSFTFOUBOBMIBCJUBOUFSVSBMZ
TVVOJWFSTPFYQSFTJWP&MTFHVOEP$%QSFTFOUBBMBT1SFDVSTPSBT
DBOUPSBT RVF DBOUBCBO QSFGFSFOUFNFOUF FO NFEJPT VSCBOPT DPO
BSQBZHVJUBSSBZRVFTFEFTFNQFBCBOFOMBSBEJP FMUFBUSPZFM
EJTDP&OFMMBTIVCPEPTMFHFOEBSJPTDPNPMBTIFSNBOBT0SFMMBOB
Z MBT IFSNBOBT "DVB &TUIFS .BSUOF[ Z MBT $VBUSP )VBTBT MB
HSBO(BCSJFMB1J[BSSP DBOUPSB JOWFTUJHBEPSBZEPDFOUFZ7JPMFUB
1BSSBFOUSFPUSBT DBMJmDBEBQPS.BSHPUDPNPiHFOJBMZFUFSOBw
-BTIFSNBOBT-PZPMB &TUFMBZ.BSHPU KVOUPBPUSBTQSFDVSTPSBT
PDVQBOFMUFSDFS$%
.BSHPUEFTDSJCFDNPTFGVFPSJHJOBOEPFTUBPCSBRVFBIPSBTF
QVCMJDB iTUB FT VOB NFNPSJB QPSRVF FTU DJNFOUBEB FO WJWFODJBT
BERVJSJEBTEFTEFMBTDBOUPSBTIBDJBNZEFNIBDJBFMMBT5PEBTFTUBT
MFUSBTZNFMPEBT QBTBEBTQPSNJQSPQJPDVFSQPZFMDPSB[O NFIBO
JEPDBNCJBOEP BDFSDOEPNFBMNFPMMPEFMGFONFOPNVTJDBMZTPDJBM
EF MB5POBEB IBTUB EFTFNCPDBS FO VO BOMJTJT FTRVFNUJDPw {1FSP
DPNPTFHFTUFTUBQSPGVOEBJEFOUJmDBDJODPOFTUFHOFSPNVTJ
DBM DIJMFOP .BSHPU OPT EJDF iQFOFUS FO NJ MFOUBNFOUF EFTEF FM
WJFOUSFEFNJNBESF QPSRVFFMMBUBNCJOMBDBOUBCBQBSBMMFOBSTVT
1$.$
TPMFEBEFT%FTEFFOUPODFTIBJEPDPONJHPQPSUPEPTMPTDBNJOPT EFKO
EPNFTPOJEPT FTFODJBT QBJTBKFT RVFKBTZSJTBT DPOPDJFOEPZBNBOEPB
TVHFOUFNJHFOUFBNBSSOEPNFBTVDBOUP BTVTTVFPT FTQFSBO[BT
PEFTJMVTJPOFTw
&MMJCSPRVFQSFTFOUBNPTZTVBVUPSBOPTDPOmSNBOFMBQPSUFRVF
FTUP TJHOJmDB QBSB MB FUOPNVTJDPMPHB DIJMFOB -B DJSDVOTUBODJB
OJDBEFTFSFTDSJUPQPSVOBBSUJTUBJOUSQSFUF RVFBMNJTNPUJFN
QPFTJOWFTUJHBEPSB DSFBEPSBZQFEBHPHB IBDFRVFTFKVOUFOFOMB
NJTNBQFSTPOBFMNBSDPDPODFQUVBMNJDPZUJDPSFTQFDUJWBNFOUF
EFMBBOUSPQPMPHBDPHOPTDJUJWB
.BSHPUEFDMBSBRVFiGVJBDVNVMBOEPEFOUSPEFNJUBOUBTZUBOUBT
UPOBEBTRVFIPZQPESBMMFOBSVOBDBSSFUBw$BCFQSFHVOUBSOPT{RV
FT.BSHPU-PZPMBEFOUSPEFTVNVMUJGBDUJDBQFSTPOBMJEBEFOFTUF
DPOUFYUP 4JOEVEBQPEFNPTSFTQPOEFSRVFFTMBNTHSBOEFiDBO
UPSBwEFMBWJEBNVTJDBMGPMLMSJDBEFMQBT
&TVOBiDBOUPSBwDPOGPSNBDJOEPDUBZQPQVMBS
VOB TOUFTJT RVF BSNPOJ[B EF NBOFSB QFSGFDUB
-B UFUSBMPHB FOVODJBEB BOUFSJPSNFOUF JOUS
QSFUF JOWFTUJHBEPSB DSFBEPSB Z QFEBHPHB UF
USBMPHBEFUBMFOUP DBQBDJEBEFTZTBCFSFT FO
USFHBEPTDPOMBHSBDJB FMESBNBZMBQBTJORVF
DBSBDUFSJ[BO TV NVMUJGBDUJDB QFSTPOBMJEBE TF
QMBTNBOFOFTUFOVFWPMJCSP
-JCSP WBMJPTP FKFNQMBS OFDFTBSJP Z UJM 4F
QSPZFDUB UBNCJO FO FM DBNQP EF MB FEVDBDJO
NVTJDBM &M SFQFSUPSJP FO QBSUJUVSBT UFYUPT Z
$%T SFQSFTFOUB VOB TOUFTJT EF DBMJEBE EFM H
.BSHPUZ$BSMPT.JS
OFSPUPOBEB RVFQPESTFSSFQSPEVDJEP MFEP 'PUP0$EJ[
DBOUBEP FTDVDIBEP Z EJGVOEJEP QPS EPDFOUFT
NVTJDBMFT$POTUJUVJSVOBPQPSUVOJEBEQBSBSFWJWJSFTUPTSFQFSUP
SJPTJOUFHSOEPMPTBMBQSDUJDBNVTJDBMEFFTDVFMBT MJDFPTZBHSVQB
DJPOFTGPMLMSJDBT1FSPUBNCJOQFSNJUJSFOTPMJUBSJPDBOUBSZFY
QSFTBSTFBUSBWTEFFMMPT
&MFGFDUPNVMUJQMJDBEPSEFFTUFMJCSPBOUPMPHBDPOUSJCVZFQPEFSP
TBNFOUFBMBDPOUJOVJEBEUSBEJDJPOBMEFVOHOFSPNVTJDBMDIJMFOP
SFQSFTFOUBUJWPEFMBJEFOUJEBEDVMUVSBMEFMBOBDJO
1$.$
-B1POUJmDJB6OJWFSTJEBE$BUMJDBEF7BMQBSBTP MB%JSFDDJOEFM
4JTUFNBEF#JCMJPUFDBZFM'POEP.BSHPU-PZPMBDPOBMFHSB QSF
TFOUBO FTUF MJCSP RVF TF JOTDSJCF EFOUSP EFM JEFBSJP NJTJPOBM EF
MB VOJWFSTJEBE DVMUJWBS MBT BSUFT MBT DJFODJBT Z FM DPOPDJNJFOUP
-B5POBEB5FTUJNPOJPTQBSBFM'VUVSPSFQSFTFOUBFTUFJEFBSJP
%S$BSMPT.JS$PSUF[
%PDUPSFO&UOPNVTJDPMPHB "DBEFNJBEF$JFODJBTEF)VOHSB
&Y%JSFDUPSEFM*OTUJUVUPEF.TJDB;PMUBO,PEMZ #VEBQFTU )VOHSB
1SPGFTPSZ%JSFDUPS1SPHSBNBTEF1PTUHSBEP*OTUJUVUPEF.TJDB16$7
7(3()9(:79,=0(:,9*030(469,56*/
&O MB QSJNBWFSB EFM BP QBTCBNPT VOPT EBT EF EFTDBOTP
FO3BSJDPO.BSHPUZTVFTQPTP0TWBMEP DVBOEPTFOURVFFSBFM
NPNFOUP QSPQJDJP QBSB EFDJSMF VOB WF[ NT B .BSHPU RVF UFOB
VOBEFVEBHSBOEFDPO$IJMFZRVFFTUBCBFOMBFUBQBKVTUBEFTV
WJEB QBSB JOUFOUBS TBMEBSMB MB UPOBEB BHVBSEBCB VO FTUVEJP RVF
TMPFMMBQPEBEFKBS'VFFOVOBUBSEFRVFSFTVNJNPTOVNFSPTBT
DPOWFSTBDJPOFTRVFIBCJBNPTTPTUFOJEPBMPMBSHPEFNTEFUSFJOUB
BPTEVSBOUFMBDVBMGVJFTDSJCJFOEPTPCSFVOQBQFMDVBMRVJFSB VO
CPSSBEPS DPO EVEBT QSFHVOUBT Z DPNFOUBSJPT (SBOEF TFSB NJ
BTPNCSP BM DPOTUBUBS NVDIPT BPT EFTQVT RVF FTF QBQFM IBCB
TJEPHVBSEBEPDFMPTBNFOUFQPSFMMBZRVFIBCBTFSWJEPDPNPEJT
QBSBEPSEFMPRVFIPZFTFMMJCSPRVFMBUPOBEB
NFSFDB
$PNP B MB WJEB NJTNB EF .BSHPU B FTUF MJCSP
MPGVJTJHVJFOEPEFDFSDBQFSPEFMFKPT FTUBOEP
DPOFMMBQFSPWJWJFOEPBNJMFTEFLJMNFUSPTEF
EJTUBODJB 'VJ UFTUJHP EF MB CTRVFEB RVF SFB
MJ[FOTVNFNPSJB FOTVTBSDIJWPT FOTVTWJFKPT
BQVOUFT FO TVT GPUPHSBGBT FO TVT HSBCBDJPOFT
SFBMJ[BEBTFOFMDBNQP FOmO EFMSFQBTPEFVOB
WJEBVOJEBBMBUPOBEB5BNCJOGVJUFTUJHPEFM
BNPSDPORVFVOBZPUSBWF[USBOTJUBCBQPSMPT
SFDVFSEPT EF MBT JOmOJUBT DJSDVOTUBODJBT RVF MB
WJEB MF IBCB PGSFDJEP QBSB SFDJCJS FM DBOUP EF .BSHPUZ&SDJMJB.PSFOP
'PUP0$EJ[
PUSPT FMRVFTFSBJODPSQPSBEPQBSBFTBNFNPSJB
FYDFQDJPOBMNFOUFFOUSFOBEB:QPSRVFFTFSFDVFSEPZFTBNFNPSJB
FTUOUBOQSFTFOUFTFOTVMJCSP .BSHPUOPTQFSNJUFBUSBWTEFM
DPOPDFSBMHPNTEFTVQSPQJBWJEB
4V QSFPDVQBDJO NBZPS GVF MB EF FODPOUSBS MB GPSNB FTUSVDUVSBM
CTJDBEFMHOFSP ZUBNCJOMBEFQPEFSNPTUSBSMBNBZPSDBOUJEBE
EFWBSJBOUFTFYQSFTJWBTZEFDBSDUFSRVFMBUPOBEBDIJMFOBPGSFDF
/PDPOGPSNFDPOTVTQSPQJBTJOUFSQSFUBDJPOFT .BSHPURVJTPEFKBS
UFTUJNPOJP EFM DBOUP EF RVJFOFT GVFSPO TVT NBFTUSBT EJSFDUBT Z
UBNCJOEFMPTQSFDVSTPSFTEFMHOFSP DPOMPRVFmOBMNFOUFFTUF
USBCBKPDPCSDBSDUFSEFBOUPMPHB
1&.$
"MPTFTDSJUPTRVFTPCSFMBUPOBEBSFBMJ[BSBOJOWFTUJHBEPSFTDPNP
&VHFOJP 1FSFJSB 4BMBT (BTUO 4PVCMFUUF +PSHF 6SSVUJB #MPOEFM
3BRVFM #BSSPT .BOVFM %BOOFNBOO (BCSJFMB 1J[BSSP P 1BUSJDJB
$IBWBSSBTFBHSFHBFTUFUSBCBKPRVFEBVOBNJSBEBBDUVBMZBCBSDB
UJWBEFMDPNQMFKPEFMBUPOBEB OBDJEBEFMDPOPDJNJFOUPEJSFDUPEF
FTUFHOFSPBMPMBSHPEFUPEP$IJMF EPOEFRVJFSBRVFFMTFBDPOP
DJEP%FTEFMVFHP OPFTTUFFMQSPEVDUPEFVONVTJDMPHPTJOPFM
NFKPSMJCSPRVF.BSHPU-PZPMBQPEBEBSFMMB EFTEFTVQFSmMEF
CVDFBEPSBEFTPMFEBEFTZEFDBOUPTRVFTFQJFSEFO EFJOUSQSFUF
mOBZEFNBFTUSBEFNBFTUSPT:TUPFTFMMJCSP FMmFMSFnFKPEFFTB
USJQMFGBDFUBRVFTFQPUFODJBEFBIFMBGOEFUSBFSBMQSFTFOUFBMBT
DBOUPSBTEFTDPOPDJEBT BMBTRVFIJDJFSPOVOBDBSSFSBQSPGFTJPOBM
DPOTVDBOUPFJOJDJBSPOFMDBNJOPEFMBUPOBEBQPSMPTNFEJPTEF
EJGVTJONBTJWB ZUBNCJOFMEFTFPEFJODMVJSTFBTNJTNBDPOMB
WP[RVFUVWPPUSPSBZDPOMBRVFUJFOFFOFMQSFTFOUF
5BNCJO FT FM MJCSP RVF TMP FMMB QPEB FTDSJCJS QPS TV QSPQJB
USBZFDUPSJB EF DBOUPSB NBFTUSB Z BSUJTUB ZB RVF DBEB VOP EF
FTUPTBTQFDUPTMFEBVOBNJSBEBFTQFDJBMTPCSFMBUPOBEB4VNJSBEB
EF DBOUPSB TFMFDDJPO DVJEBEPTBNFOUF EJGFSFOUFT UJQPT EF WPDFT
TVFYQFSJFODJBEFBSUJTUBMBMMFWBCVTDBSFKFNQMPTRVFNPTUSBSBO
MB JOmOJEBE EF SFDVSTPT FYQSFTJWPT RVF TF FTDPOEFO FO MB UPOBEB
TFHOTVTEJWFSTPTDPOUFYUPTZTVBMNBEFNBFTUSBRVFGVFVOPEF
MPTQJMBSFTGVOEBNFOUBMFTFOMPTRVFTJFNQSFTFBTFOUTVJOGBUJHB
CMFBDUJWJEBEIBTUBFMEBEFIPZMBMMFWBUSBOTDSJCJSBmOBDJPOFT
SBTHVFPT BDPSEFTZFTRVFNBTNFMEJDPTDPOMBNBZPSTJNQMJDJEBE
QBSBRVFQVEJFSBOTFSGDJMNFOUFDBQUBEPTQPSMFDUPSFTZBMVNOPT
&TUFMUJNPBTQFDUPSFRVJSJEFFMMBVOFTGVFS[PJONFOTPRVFDPN
QBSUJNPTFOOVNFSPTBTPDBTJPOFTFOTVDBTBEF4BOUJBHP
&TTUFVOMFHBEPNTEF.BSHPU GSVUPDPNPUBOUPTPUSPTEFTV
HSBOBNPSQPSMBHFOUFEF$IJMFZTVNTJDB EFMBDPNQSFOTJO
EFTVTFYQSFTJPOFTUSBEJDJPOBMFTZEFTVDPNQFOFUSBDJODPOFMNF
EJPFOFMDVBMBCSFWJB&TUPMPIBDFVOBPCSBOJDBRVFMBUPOBEB
NFSFDB OPTMPQPSTVFYQBOTJOZWJHFODJBTJOPUBNCJOQPSMB
QSPGVOEJEBE DPO RVF FTUF HOFSP TJHVF QSFTFOUF FO MBT EJTUJOUBT
DJSDVOTUBODJBTEFMBWJEBEF$IJMF
$PNPMB%SB3PCFSUTPOFOWJBSBB.BSHPUVODPNFOUBSJPRVFFTUB
PCSBMFNFSFDJDVBOEPBOFTUBCBFOGPSNBEFCPSSBEPSRVFOPT
QBSFDJNBHOmDPZTVNBNFOUFBEFDVBEPQBSBFODBCF[BSFMMJCSP
NFTJFOUPFYJNJEBEFVOQSMPHPPSUPEPYPRVFSFQFUJSBDPODFQUPT
1&.$
RVFDPNQBSUJNPTZQSFGFSIBCMBSEFMEFTEFMPQFSTPOBM QPSRVF
GVFEFTEFOVFTUSBSFMBDJOEFBNJTUBERVFJOUFOUDPOWFODFSMBEF
MBPCMJHBDJONPSBMRVFFMMBUFOBEFDPODSFUBSMPRVFBRVFMMBUBSEF
JNBHJOBNPTKVOUBTFOVOBPTPKBSEOEF3BSJ
-JD&SDJMJB.PSFOP$I
%JSFDUPSBEFM*OTUJUVUP/BDJPOBMEF.VTJDPMPHBi$BSMPT7FHBw
*OTUJUVUP/BDJPOBMEF"OUSPQPMPHB"SHFOUJOB
7936.6+9(*(96305(96),9;:65
&OUVWFMBPQPSUVOJEBEEFWJBKBSQPSFMTVSEF$IJMFDPO.BS
HPU -PZPMB Z 0TWBMEP $EJ[ PCTFSWBOEP EJSFDUBNFOUF MBT NFUP
EPMPHBTEFJOWFTUJHBDJOFOUFSSFOPRVFHFOFSBOFTUFFTUVEJPTPCSF
MBUPOBEB5BOUPFO&M.BSJTDBEFSPDPNPFO$IJMP GVJUFTUJHPEF
VOBDFSDBNJFOUPFOUSF.BSHPUZMPTDVMUPSFTEFMGPMLMPSFDIJMFOP
RVFOPTFQVFEFFOTFBS QFSPRVFIFQSPDVSBEPJNQBSUJSFONJT
TFNJOBSJPTEFi'JFMEXPSLw JOWFTUJHBDJOEFDBNQP
FOMB6OJWFSTJ
EBEEF.BSZMBOE/PTFQVFEFiFOTFBSwFTUBNFUPEPMPHBQPSRVF
OBDFEFVOBQPTUVSBJOOBUBFOFMJOWFTUJHBEPSGSFOUFBMTFSIVNBOP
RVFMFFOUSFHBTVDPOPDJNJFOUP TVUSBEJDJO&NFSHFEFVOBNPS
QSPGVOEPIBDJBMPTRVFWJWFOFODPNVOJODPOMBUJFSSB$VBOEP
.BSHPU -PZPMB EJDF RVF UJFOEF B iJEFBMJ[BSw BM
DBNQFTJOP TFTPNFUFBDSUJDBTBORVJMPTBEBTFO
FMTFQBSBUJTNPZMBBMJFOBDJOFNPDJPOBM/PFT
RVF OP WFB MBT QBSBEPKBT RVF IBCJUBO MBT WJEBT
EFTVTJOGPSNBOUFTOJFTRVFEJTUPSTJPOBFMQFS
mM EF TVT NBFTUSBT FO VO SFEVDDJPOJTNP JSSFBM
4VJEFBMJ[BDJOFTVOBEJBMDUJDB VOBEJONJDB
SFDQSPDB FO MB DVBM FMMB FOUSFHB UPEP TV TFS FO
MBTFTJOEJEDUJDBBDBNCJPEFMPTiTFOUJSFTwNT
QSPGVOEPT EF TVT JOGPSNBOUFT TFOUJSFT RVF TF
FOBSCPMBOFOFMDBOUP#VTDBMBFTFODJB MBMV[EF
DBEBDVMUPSBBUSBWTEFTVTUPOBEBT
.BSHPUZ$BSPMJOB3PCFSUTPO
'PUP0$EJ[
-BSFMBDJOEFSFDJQSPDJEBERVFQFSNJUFSFDPQJ
MBSUBOUPVOSFQFSUPSJPDPNPVOFUIPT VOBGPS
NBEFTFSZFTUBSFOFMNVOEP TFCBTBFOVOQSPGVOEPSFTQFUPQPS
MPTDVMUPSFTZQPSTVTBCJEVSBUFMSJDBi-B.BFTUSBw BQFMBUJWPRVF
VTBO MPT JOGPSNBOUFT DPO .BSHPU
TJFNQSF SFDPOPDF BM NBFTUSP
FOMBQFSTPOBRVFUJFOFFOGSFOUF&OVOBQPTUVSBEFIVNJMEBEZ
FOUSFHBBMBQSFOEJ[BKF .BSHPUFTDVDIBBUFOUBNFOUF QSFHVOUBVOB
JOmOJEBEEFEFUBMMFTZSFQJUFTVJOUFSQSFUBDJOIBTUBBTFHVSBSTFEF
RVFTVFKFDVDJOBDSJTPMBMBTQBVUBTUSBEJDJPOBMFTEFMBDVMUPSB
'VF BT FO MBT TFTJPOFT EJEDUJDBT RVF QSFTFODJ DPO &SOFTUJOB Z
#MBORVJUB&TQJOP[B EPOEF.BSHPUFTDVDIBCBDPOBUFODJOBCTP
1%$3
MVUB B FTUBT IFSNBOBT Z SFQFUB TV UPOBEB i$BCBMMP CMBODPw IBTUB

RVFFMMBTBQSPCBSBOTJOSFTFSWBTTVEFWPMVDJO&OFTUFQSPDFTP MB
BVUPSJEBEmOBMTJHVFFONBOPTEFMBDVMUPSB TJOTFSVTVSQBEBQPS
MBJOWFTUJHBEPSB
AA1BSUF EF NJ UJDB FT TPNFUFS B DPOTJEFSBDJO EF NJT JOGPSNBOUFT FM
DBOUP MBEBO[BPMBFKFDVDJOEFJOTUSVNFOUPTZEFTQVTEFTVBOVFO
DJBPGSFDFSMBTBMQCMJDP
.BSHPU-PZPMBBTJNJMBZEJHJFSFDPOTUBOUFNFOUFVOBFUOPUFPSBFO
MPTSFQFSUPSJPTRVFFTUVEJB QPOJFOEPFOFWJEFODJBMBQSFNJTBEFM
FUOPNVTJDMPHP"MBO.FSSJBNRVFTPTUJFOFRVFFODBEBQFSPEP
IJTUSJDP UJFOFVOBUFPSBEFTVNTJDB%JDIBUFPSBQVFEFmKBSTF
FOWPDBCVMBSJPTUDOJDPTPFTUUJDPT QFSPUBNCJOQVFEFFYJTUJSFO
FTUSBUPTOPWFSCBMJ[BEPTRVFTVCZBDFOFOMBFKFDVDJO TJONBOJGFT
UBSTFFOVOMFOHVBKFFTQFDJBMJ[BEP&MIFDIPEFRVFVOBQSPEVD
DJONVTJDBMDPOUFOHBQBVUBTRVFGPSKBOVOSFQFSUPSJPSFDPOPDJCMF
ZWJHFOUFJOEJDBRVFMPTNTJDPTRVFOPTCSJOEBOTVDPOPDJNJFOUP
IBO JOUFSJPSJ[BEP OPSNBT EF FKFDVDJO RVF HVBO TV QSPEVDDJO
NVTJDBM&OFTUFWPMVNFOMBTWPDFTEF.BSB$PODFQDJO5PMFEP
'SBODJTDB(PO[MF[ +VBOB$IWF[ *SJT"SFMMBOP7FOFHBTZEFDFOBT
EFDVMUPSBTZDVMUPSFTFTDVDIBEPTQPS.BSHPUFOTVTJOWFTUJHBDJPOFT
EBOUFTUJNPOJPEFMBUPOBEBDPNPGFONFOPNVTJDBMBSSBJHBEPFO
VOBFUOPUFPSBBNPMEBEBQPSNBUJDFTSFHJPOBMFTFIJTUSJDPT-BT
DVMUPSBTBQFMBOBVOWPDBCVMBSJPRVFFNQBVUBMBFTFODJBFTUUJDP
NVTJDBMEFMBUPOBEB
&MDPOUFYUPRVFOPTBZVEBBFOUFOEFSMBWJHFODJBEFMBUPOBEBZBDF
FO MBT NFNPSJBT EF WJEB EF MBT DVMUPSBT QVFT DBEB NVKFS BQPSUB
NPNFOUPTFORVFFMDBOUPIBQBSJEPTFOUJNJFOUPTZFYQFSJFODJBT
RVFOPTFQVFEFOBSUJDVMBSEFPUSBGPSNB-BUPOBEBBTTVQMFMB
GVODJOEFEBSBMV[BTQFDUPTEFMBJEFOUJEBE MBDPOTUSVDDJOEF
DMBTFT TPDJBMFT Z NPEPT EF TVQFSWJWFODJB RVF OP QVFEFO BQPSUBS
MPT UFYUPT EF MB IJTUPSJB PmDJBM &M OGBTJT FO MB FYQFSJFODJB EF MB
DVMUPSB DPNP GVFOUF EF JOUFSQSFUBDJO Z DPNP QVOUP EF PSJHFO
EFMBUSBEJDJODSFBVOEJBMPHJTNPFUOPHSmDP VOBSFDJQSPDJEBEEF
PQJOJPOFTZPCTFSWBDJPOFTRVFFWJUBMBTTPCFSCJBTBDBENJDBTRVF
FMFWBOMBWP[EFMPTFTUVEJPTPTTPCSFFDBOUBSEFMQVFCMP
&OFTUFFTUVEJPEFMBUPOBEBFMBOMJTJTFTRVFNUJDPRVFEBEJSFDUB
NFOUFMJHBEPBMBTQFSDFQDJPOFTZQBMBCSBTEFMBTDVMUPSBT CSJOEBO
EPVOMFOHVBKFBDDFTJCMFUBOUPBMBTDBOUPSBTZFMQCMJDPHFOFSBM
1%$3
DPNPBMPTNJFNCSPTEFMBDPNVOJEBEJOUFMFDUVBM4FSBEFNBTJBEP
GDJMBSUJDVMBSFTUBTJEFBTFOEJTDVSTPTSBSJmDBEPTRVFBTMBOBMDVM
UPSEFMBBDBEFNJB BHSBOEBOEPBMFTDSJUPSZEFTDBSUBOEPMBTGVFOUFT
IVNBOBTEFMBJOGPSNBDJOBOBMJ[BEB.BSHPUTFIBQSPQVFTUPVOB
FTUSBUFHJBFYQPTJUPSBRVFDPOFDUBBMFTQFDJBMJTUBDVMUPSDPOFMFTQF
DJBMJTUB JOUFSQSFUBEPS Z UFPSJ[BOUF EJTPMWJFOEP BT NVDIBT MOFBT
EJWJTPSJBTFOMBTPDJFEBEDIJMFOBZFOMBDFSSB[OBDBENJDB
&OFTUFTFOUJEP TFBEFMBOUBBMNPWJNJFOUPEFMBiOVFWBBOUSPQPMPHBw
QSPQVFTUB QPS +BNFT $MJPSE FO MB DVBM TF BWPDB VO EJBMPHJTNP
RVFSFTQFUBMBTWPDFTEFMPTFTQFDJBMJTUBTDVMUVSBMFT UBNCJODPOP
DJEPTDPNPiJOGPSNBOUFTw
QFSPRVFJOTJTUFFOSFQSFTFOUBSBFTBT
WPDFTFOVOEJTDVSTPBOBMUJDPJOEFTDJGSBCMFQBSBFMDVMUPS"RVFM
TFSB FOUPODFT VO QTFVEPEJBMPHJTNP RVF mOBMNFOUF BSSFCBUB MB
BVUPSJEBE DPMPDOEPMBOVFWBNFOUFFOMPTNCJUPTVOJWFSTJUBSJPTZ
FDMJQTBOEPMBTGVFOUFTIVNBOBTEFMBUSBEJDJO
/TUPS (BSDB $BODMJOJ SFTVNF FM EJMFNB EF MP RVF USBOTDJFOEF
FOUSFFMUSBCBKPEFUFSSFOPZMBDPNVOJDBDJOBOBMUJDB
AA-BBTJNFUSBRVFDBTJUPEPTMPTBVUPSFTEFMBFTUUJDBEFMBSFDFQDJO
FYBNJOBO DPNP TJ TMP PDVSSJFSB FOUSF FM UFYUP Z FM MFDUPS FT VOB
BTJNFUSBUBNCJOFOUSFMPTNJFNCSPTEFMDBNQPBSUTUJDP.TBO
FOUSFMPTQPEFSFTEFTJHVBMFTEFBSUJTUBT EJGVTPSFTZQCMJDPRVFEBOB
DBEBVOPDBQBDJEBEFTEJGFSFOUFTEFDPOmHVSBSMBTJOUFSQSFUBDJPOFTRVF
TFSO KV[HBEBT NT MFHUJNBT &M DPOnJDUP QPS MB DPOTBHSBDJO EF MB
MFDUVSBMFHUJNBEFCFTFSJODMVJEPFOFMBOMJTJT%FBIMBJNQPSUBO
DJB EF FTUVEJBS DPNP BMHVOPT FTQFDJBMJTUBT FO FM DBNQP MJUFSBSJP MPT
iQBDUPT EF MFDUVSBw RVF TF FTUBCMFDFO FOUSF QSPEVDUPSFT JOTUJUVDJPOFT
NFSDBEPZQCMJDPQBSBIBDFSQPTJCMFFMGVODJPOBNJFOUPEFMBMFDUVSB
&OMBNFEJEBRVFTFMPHSBOFTPTQBDUPTTFSFEVDFMBBSCJUSBSJFEBEEF
MBTJOUFSQSFUBDJPOFT MPTEFTFODVFOUSPTFOUSFMBPGFSUBZMBSFDFQDJO4F
EFmOFOBDVFSEPTBDFSDBEFMPRVFQPEFNPTMMBNBSMBDPNVOJEBEIFS
NFOVUJDBQPTJCMFFOVOBTPDJFEBEZVOUJFNQPEBEPT RVFQFSNJUFOB
MPTBSUJTUBTZFTDSJUPSFTTBCFSRVHSBEPTEFWBSJBCJMJEBEFJOOPWBDJO
QVFEFONBOFKBSQBSBSFMBDJPOBSTFDPORVQCMJDPT BMBTJOTUJUVDJPOFT
EFmOJSQPMUJDBTEFDPNVOJDBDJO ZBMPTSFDFQUPSFTFOUFOEFSNFKPSFO
RVQVFEFDPOTJTUJSTVBDUJWJEBEQSPEVDUPSBEFTFOUJEP
4JOJOUFOUBSMPDPOTDJFOUFNFOUFZRVJ[TTJOTBCFSMP .BSHPU-PZP
MBTJUBTVTi5FTUJNPOJPT1BSBVO'VUVSPwFOMBFUOPHSBGBDPOUFN
1%$3
QPSOFBBSSBJHBEBFOMBSFnFYJWJEBE&OFTUFQBDUPFOUSFMBPCTFS
WBEPSBJOUSQSFUF MPTDVMUPSFTZFMQCMJDPMFDUPSTFUSBOTNJUFOMBT
FYQFSJFODJBTRVFVCJDBOBMBFTDSJUPSBEFOUSPEFMBUPOBEBNJTNB
%FTEF BMM .BSHPU -PZPMB QPESB IBCFS PQUBEP QPS JMVNJOBS TV
QSPQJBWP[FOFMFTDFOBSJP QVFTMBTDBODJPOFTZWJWFODJBTEFNV
DIBT EF TVT NBFTUSBT EF DBNQP TF IBO EJGVOEJEP B USBWT EF TVT
QSPQJBTBDUVBDJPOFTZHSBCBDJPOFT4JOFNCBSHP SFDPOPDJFOEPMBT
NBOPT EF NVMUJUVEFT FO TV UFMBS .BSHPU TF VCJDB DPNP VOP EF
UBOUPTUJFOUPTEFMBVSEJNCSF VTBOEPTVFYQFSJFODJBEFMBTDVMUPSBT
DPNPFMIJMPDPOEVDUPSFOVOUBQJ[NVMUJEJNFOTJPOBM
"MCFSUP,VSBQFMFYQMJDBFTUFGFONFOPSFnFYJWPFOFMPQVTMPZP
MBSJBOP
i"MDBOUBSZCBJMBS QSFTFOUBVODPTNPTFOFMRVFTFNVFTUSBGPSNBOEP
QBSUFZEJTUBODJOEPTFEFMBMNJTNPUJFNQP QBSBEFTUBDBSFMIFDIP
GPMLMSJDPDPOPCKFUJWPTFTDOJDPT4VTDBODJPOFTZCBJMFTTPODPNQPOFO
UFTEFVOBEJONJDBZOPTFMFTQVFEFBJTMBSPBOBMJ[BSGVFSBEFFTUF
DPOUFYUPRVFDPOEJDJPOBZNPEJmDB$BEBJOEJWJEVPEFQFOEFEFUPEPT
ZDBEBVOPEFMPTFMFNFOUPTRVFMPSPEFBOZWJDFWFSTB"MBDFSDBSTFFM
JOWFTUJHBEPSBMBTGVFOUFTWJWBTTFWBUSBOTGPSNBOEP BQSFIFOEJFOEPFM
GFONFOP GPSNBOEPQBSUFEFMVOJWFSTPQPSFMRVFTFEFTQMB[B DPN
QSFOEJFOEPFJODPSQPSBOEPVOCBJMFPVODBOUPUSBEJDJPOBM&TUBTJUVB
DJOOFDFTJUBVOBFTQFDJBMBHVEJ[BDJOEFDSJUFSJPTQBSBQPEFSEFTDV
CSJSMBUSBEJDJOMPDBM MPTCBJMFT DBOUPTRVFTFJOWFTUJHBSOZFOFMDBTP
EF.BSHPU-PZPMB RVFJOUFSQSFUBSQPTUFSJPSNFOUFFOFTDFOBw
-PTJOEJWJEVPTRVFQFSTPOJmDB.BSHPUFOFMFTDFOBSJPTPOQBSUFEF
MBTVCKFUJWJEBEEFTVNFUPEPMPHB%FTDBSUBOEPMBJMVTJOEFRVF
MBFUOPNVTJDPMPHBFTPIBTJEPJNQBSDJBMZPCKFUJWB VTBUPEPTTVT
SFDVSTPTDPNPDBOUBVUPSBDPNQPTJUPSB DVMUPSB JOUSQSFUF SFDPQJ
MBEPSB JOUFSMPDVUPSBZGPMLMSPHBQBSBDSFBSVOEPDVNFOUPTPCSF
MBUPOBEBRVFTPMPQPESBOBDFSEFTVTWJWFODJBTFOMBJOUFSTFDDJO
EFNVOEPTNVTJDBMFTDIJMFOPT%FTEFFTUFOFYP CFMMBNFOUFTVCKF
UJWPZDBSEJOBM OPTPGSFDFFTUFUPNPDPNPUSJCVUPBVODBOUBSRVF
BDSJTPMBNVDIBTIJTUPSJBT JODMVTJWFMBTVZB
-BQSPQVFTUBEF-B5POBEB5FTUJNPOJPTQBSBFM'VUVSPFTNTDPN
QMFKBEFMPRVFQVFEFBQBSFOUBSBQSJNFSBWJTUB*OWPMVDSBMBTDP
SSJFOUFTEFFUOPUFPSB EJBMPHJTNPZSFnFYJWJEBERVFQSFPDVQBOB
MPTFUOHSBGPTZGPMLMPSJTUBTEFMTJHMP99*TJODFEFSMFTFMFTDFOBSJP
1%$3
IFSNFOVUJDP &TF FTQBDJP DFOUSBM MF QFSUFOFDF B MBT DVMUPSBT Z B

MBTJOUSQSFUFTRVFEJGVOEJFSPOMBUSBEJDJOBUSBWTEFMFTDFOBSJPZ
MPTNFEJPT4POFMMBT ZFMMPT
RVJFOFTmOBMNFOUFOPTEJDFOMPRVF
JNQPSUBFOVOBOMJTJTFTRVFNUJDP4POFMMBTZFMMPTMPTRVFOPT
EJDFOMPRVFBCBSDBMBUPOBEBDPNPFYQSFTJOEFQFTBSFTZMPHSPT
RVFTPMPTFQVFEFOEFDJSDBOUBOEP
%SB$BSPMJOB3PCFSUTPO
.FOEP[B "SHFOUJOB /PWJFNCSFEF
1SPGFTPSB5JUVMBSEF.VTJDPMPHBZ&UOPNVTJDPMPHB
6OJWFSTJUZPG.BSZMBOE &&66
-PZPMB .BSHPU 1PSFMNVOEP.FNPSJBTEF7BKF

4BOUJBHPEF$IJMF
t4FMMP3BDFT Q
1BSBVOBEJTDVTJONTDPNQMFUBEFFTUFUFNBDPOTVMUF"MBO.FSSJBN
&UOPNVTJDPMPHZPG*IF'MBUIFBE*OEJBOT $IJDBHP/PSUIXFTUFSO
6OJWFSTJUZ1SFTT
&TUBTQSPQVFTUBTTFQVFEFOFTUVEJBSBGPOEPFOMBTTJHVJFOUFTGVFOUFT
t$MJPSE +BNFT<>i-BBVUPSJEBEFUOPHSmDB w%JMFNBTEFMB
DVMUVSB#BSDFMPOB(FEJTB QQ
t$SVDFT 'SBODJTDP &E &M4POJEPEFMB$VMUVSB5FYUPTEF
BOUSPQPMPHBEFMBNTJDB"OUSPQPMPHB .BS[P

t$SVDFT 'SBODJTDP &E -BT$VMUVSBT.VTJDBMFT.BESJE
&EJUPSJBM5SPB
t1FMJOTLJ 3BNOA&UOPNVTJDPMPHBFOMBFEBEQPTNPEFSOB w*OWJ
UBDJOBMB&UOPNVTJDPMPHB.BESJE"LBM QQ
t1PCMFUF 4FSHJPi-B%FTDSJQDJO&UOPHSmDB%FMBSFQSFTFOUBDJOBMB
mDDJOw$JOUBEF.PFOJP/P 4FQUJFNCSF

(BSDB$BODMJOJ /TUPS <>$VMUVSBTICSJEBT&TUSBUFHJBT
QBSBFOUSBSZTBMJSEFMBNPEFSOJEBE#BSDFMPOBZ#VFOPT"JSFT
&EJUPSJBM1BJET Q
,VSBQFM "MCFSUP .BSHPU-PZPMB-BFTDFOBJOmOJUBEFM
GPMLMPSF4BOUJBHPEF$IJMF'0/%"35 Q
05;96+<**05
6OBJNQFSJPTBOFDFTJEBEEFWJEB EFFOUSFHB EFQFSNBOFODJBEFMP

QSPQJPNFJNQVMTBBFTDSJCJSTPCSFMBUPOBEB4JFNQSFMBCVTRVZ
MBDBOU TJOUJFOEPFOFMMBVOIFSNPTPTJHOPEFJEFOUJEBE
1FOFUS FO N MFOUBNFOUF EFTEF FM WJFOUSF EF NJ NBESF QPSRVF
FMMBUBNCJOMBDBOUBCBQBSBMMFOBSTVTTPMFEBEFT%FTEFFOUPODFT
IBJEPDPONJHPQPSUPEPTMPTDBNJOPT EFKOEPNFTPOJEPT FTFO
DJBT QBJTBKFT RVFKBTZSJTBT DPOPDJFOEPZBNBOEPBTVHFOUFNJ
HFOUFBNBSSOEPNFBTVDBOUP BTVTTVFPT FTQFSBO[BTPEFTJMV
TJPOFT
4JFOEPVOBDPMUSJUB MBUBSBSFKVOUPBMBDBOUPSBDBNQFTJOBFOUPS
OPBCSBTFSPT CBKPQBSSPOFT MVFHPBOPUBEBTDPOTJHOPTRVFZPTMP
FOUFOEB:BNTIVBJOJUB TJFOEPFTUVEJBOUFEFQJBOP BOPUTVT
NFMPEBTZSJUNPTFOFMQFOUBHSBNBZQPTUFSJPSNFOUFMBTSFHJTUS
FO HSBCBEPSBT F JNHFOFT EF WJEFP "T GVJ BDVNVMBOEP EFOUSP
EFNJUBOUBTZUBOUBTUPOBEBTRVFIPZQPESBOMMFOBSVOBDBSSFUB
%FFTUFDBVEBMIFNPTTFMFDDJPOBEPFKFNQMPTSFHJTUSBEPTFOGVFOUF
WJWB BMRVFIFNPTBHSFHBEPWFSTJPOFTEFMSFQFSUPSJPEFMBTQSFDVS
TPSBTEFMDBODJPOFSPDSJPMMP WJHFOUFTFOUSFMPTBPTB
"EFNTTFJODMVZFOWFSTJPOFTEFMBEJTDPHSBGBEF.BSHPU-PZPMB
USBEJDJPOBMFTZEFBVUPSFT
BMHVOPTFKFNQMPTQPESOTFSFTDVDIBEPT
FOUSFT$% RVFBDPNQBBOFTUFUSBCBKP
%FNPEPRVFTUBFTVOBNFNPSJBQPSRVFFTUDJNFOUBEBFOWJ
WFODJBTBERVJSJEBTEFTEFMBTDBOUPSBTIBDJBNZEFNIBDJBFMMBT
5PEBT FTUBT MFUSBT Z NFMPEBT QBTBEBT QPS NJ QSPQJP DVFSQP Z FM
DPSB[O NFIBOJEPDBNCJBOEP BDFSDOEPNFBMNFPMMPEFMGFO
NFOPNVTJDBMZTPDJBMEFMBUPOBEBIBTUBEFTFNCPDBSFOVOBOMJ
TJTFTRVFNUJDP1FSPMBUPOBEBFTNVDIPNTEFMPRVFTFQVFEF
SFTVNJSFOVOMJCSPPFTDVDIBSFOVOBHSBCBDJO QPSRVFBMCFSHB
EFOUSPEFTMBJNQSPOUBEFMBWJEB DPTBRVFTMPTFQVFEFUSBOT
NJUJSFOQFSTPOB&TBMHPRVFTFTJFOUFFOMBQSFTFODJBEFMBDBO
UPSB TFOUBEBKVOUPBFMMBZBCTPSCJFOEPMBTTVUJMF[BTZHSPTPSFTEF
TVWJEBBUSBWTEFMBTQBMBCSBTZMBTJOnFYJPOFTNVTJDBMFTRVFFMMB
FMJHFFOVONPNFOUPEFUFSNJOBEP
/PUPEBTMBTDBOUPSBTNFIBOQFOFUSBEPPJOnVFODJBEPEFMBNJTNB
GPSNB%FQFOEFEFMUFNQFSBNFOUPZMBTJUVBDJORVFOPTSPEFB
"BMHVOBTMBTIFTFOUJEPDBTJJHVBMBNFOTVUFNQFSBNFOUP FOTV
GPSNBEFUSBOTJUBSMBWJEBZUSBOTNJUJSMBFOMBDBODJO$POFMMBTDVM
UJWPVOBSFMBDJONTQSPGVOEBZDPOWJWPNTUJFNQP)BZUPOB
EBT RVF BQSFOE DPNQBSUJFOEP VO NPNFOUP DPO VOB DBNQFTJOB
FOMBUSJMMB TFOUBEBTTPCSFMBQBKBFOVOBQBVTBEFUSBCBKP2VJ[T
BFTBNVKFSOPMBWPMWBWFSOVODBNT0USBTIBOUSBCBKBEPDPO
NJHPBUSBWTEFNVDIPTBPTZMMFHBNPTBTFSBNJHBT/PTIFS
NBOBNPTQPSVONPNFOUPJOUVJUJWPEFSFDPOPDJNJFOUPNVUVPZ
QPSRVFFMUJFNQPIBTFHVJEPKVOUBOEPOVFTUSBTIVFMMBT1FSPEF
UPEBTMBTNVKFSFTRVFNFIBOFOTFBEPSFDJCPBMHPWJUBMZFTFODJBM
2VJ[T FTB SFTPOBODJB FT MP RVF EJSJHF NJ TFMFDDJO EF FKFNQMPT
BVORVFNJJOUFODJOTFBNPTUSBSMBUSFNFOEBEJWFSTJEBEEFFTUJMPT
QFSTPOBMFTZSFHJPOBMFTRVFTFQSFTUBOBMBUPOBEB&OFTFTFOUJEP
QPESBIBCFSFMFHJEPPUSBTWPDFT QPSRVFTPOEFDFOBTEFNVKFSFT
ZBMHVOPTIPNCSFT
RVFDPNQBSUFOFTUFDBNJOPDPONJHP
.T BEFMBOUF FOUSFHP MBT DBSBDUFSTUJDBT EF UPOBEBT PEBT FO MPT
DBNQPT Z RVF QPESBNPT MMBNBS iUPOBEB FTFODJBM w QPS MB QFS
TJTUFODJBEFTVTDBSBDUFSTUJDBTQPUJDBTZNVTJDBMFT&O$IJMFQP
EFNPTUPNBSFODPOTJEFSBDJOUSFTFTUSBUPTTPDJPDVMUVSBMFTRVFTF
NF[DMBOZTFJOnVFODJBOFOGPSNBTEJTUJOUBTFONPNFOUPTQBSUJDV
MBSFTEFOVFTUSBIJTUPSJB-BBSJTUPDSBDJBDIJMFOBTFVCJDBOPTMP
FOMBTDJVEBEFT TJOPUBNCJOFOMPTGVOEPT-BDMBTFDBNQFTJOB
PUSPSBBSSBJHBEBFOMPTDBNQPT IPZTFEFTQMB[BIBTUBMBTDJVEBEFT
-BDMBTFNFEJB FOTBODIBEBQPSMBTOVFWBTFDPOPNBT UBNCJOTF
IBMMBFOMBTVSCFT MPTGVOEPT MPTDBNQPT MPTTVCVSCJPT-BJOEVT
USJB MBDJVEBEZFMTVQVFTUPiQSPHSFTPwQSPQBHBPUSBQPCSF[BRVF
OPUJFOFFMCFOFmDJPEFUSBCBKBSOJTJRVJFSBMBUJFSSB:MBUPOBEB
JOmMUSB Z WPDFB UPEBT FTUBT DJSDVOTUBODJBT TPDJPDVMUVSBMFT EPOEF
IBZQPDPEFTMJOEF-PRVFDBNCJBEFVOFODMBWFTPDJBMBPUSPFTMB
FYQSFTJOZMBJOUFSQSFUBDJO OMBGPSNB)BZDBOUPSBTRVFBHSF
HBO P NPEJmDBO VO FTUSJCJMMP QFSP MB GPSNB TVCZBDF JOBNPWJCMF
FOMBDBODJO
)PZUSBOTDSJCPMBTNFMPEBTEFMBUPOBEBNVZFTRVFNUJDBNFOUF
MPRVFNFFTQPTJCMFIBDFS QPSRVFOJOHVOBUSBTDSJQDJO BVORVF
TFBEFTDSJQUJWBZSFBMJ[BEBQPSFYQFSUPT QPESFOUSFHBSMBFUFSOJEBE
RVFTVHJFSFDBEBUPOBEBPEBFOTVNFEJPFOTVJOTUBOUF1PSRVF
DBEB WFSTJO FT EJGFSFOUF Z UJFOF TVUJMFT NBUJDFT RVF TPMP B WFDFT
QFSDJCJNPT
&OFTUFFTDSJUPPGSFDFNPTBMHPEFMNBSJODPONFOTVSBCMFFOFMRVF
OBWFHBMBUPOBEB-PRVFTVTPMBTFOTVDPOUJOVPWBJWOEFKBOFO
MBSFTBDB QVFTNVDIPTFOPTQJFSEFCBKPMBBSFOB
.BSHPUZTVHVJUBSSB
1PTUBMEFQSPNPDJO
3(;65(+(!,3*(5;6+,3(;0,99(
3(*(5;69(
&MUSNJOPDBOUPSBUJFOFFO$IJMFVOBDPOOPUBDJOTPDJBMJNQPS
UBOUFMOPTMMFWBJOFWJUBCMFNFOUFBMPTDBNQPTEFMB[POBDFOUSBM
EF OVFTUSP QBT 4J CJFO FT DJFSUP RVF FM %JDDJPOBSJP EF MB 3FBM
"DBEFNJB&TQBPMBEFmOFDBOUPSBDPNPBRVFMMBQFSTPOBiRVFDBO
UBQSJODJQBMNFOUFZMPUJFOFQPSPmDJPw QBSBOPTPUSPTMBDBOUPSB
FWPDBVOQFSTPOBKFBSSBJHBEPZDPNQMFKP DVZBQSJNFSBDPOEJDJO
FTIBCFSOBDJEPFOFMDBNQPPIBCFSUFOJEPVOGVFSUFDPOUBDUPDPO
MBDVMUVSBNVTJDBMEFMBTSFBTSVSBMFT6OBDBOUPSBOPFTEJGFSFOUF
BM SFTUP EF MBT NVKFSFT DBNQFTJOBT TJOP RVF GPSNB QBSUF EF FTF
NJTNPVOJWFSTP EPOEFBVOBNVKFSMFUPDBTFSEFUPEPVOQPDP
QBSUFSB SF[BEPSB NFJDB TBOUJHVBEPSB UFKFEPSB BMGBSFSB BNBTBO
EFSB DPNQPTJUPSBEFIVFTPT EFNPEPRVFFMDBOUPFTTMPQBSUFEFTV
WJEB1FSPQPSTPCSFUPEP MBNVKFSDBNQFTJOBFTNBESFZBCOFHBEB
FTQPTB FMIJMPDPOEVDUPSEFMBGBNJMJB
%FCFMBDBOUPSBTFSBMBWF[VOBWPDBMJTUBZVOBJOTUSVNFOUJTUBDB
QB[EFBDPNQBBSTVQSPQJPDBOUP1FSPOPTMPFTP-BTDVBMJEBEFT
EFVOBDBOUPSBTPOTJOEVEBBMHPNTFYJHFOUFT
,3(79,5+0A(1,
-BDBOUPSBRVFTFQSFDJFEFUBM EFCFQPTFFSVOBJNQSPOUBQFSTPOBM
RVFMFEQSPQJFEBEBOUFMBTEFNTNVKFSFTEFTVPmDJP JNQSPOUB
RVF TF SFnFKB FO USFT FMFNFOUPT CTJDPT MB UDOJDB WPDBM P QSP
EVDDJO EF MB WP[ FM NBOFKP JOTUSVNFOUBM QSJODJQBMNFOUF EF MB
HVJUBSSBZNVZFTQFDJBMNFOUF FMSFQFSUPSJP RVFHFOFSBMNFOUFFT
VOEJTUJOUJWPHFOVJOPBQSFOEJEPFOGPSNBFNQSJDB DPNONFOUF
IFSFEBEPEFBMHOGBNJMJBSPEFTFPSBTBOUJHVBTEFTVDPNVOJEBE
-5&5
"TMPBUFTUJHVBONVDIBTDBOUPSBT DVBOEPOPTEJDFOiBQSFOEEF
NJNBNJUBw PiBQSFOEEFVOBTFPSBBOUJHVBw PUBNCJOiVOB
IFSNBOBNBZPSNFFOTFZDPOPUSBIFSNBOBDBOUCBNPTBUSFT
HVJUBSSBTw
"VORVFFTUBGPSNBEFBQSFOEFSFMSFQFSUPSJPFTCBTUBOUFDPNO
IBZDBOUPSBTRVFIBOIFDIPFMQSPDFTPEFMBVUPBQSFOEJ[BKF"M
HVOBTDVFOUBOiBQSFOETPMJUBwPCJFO iPDBOUBSBVOBTFPSB
QBSB VOB USJMMB BSSJCB EF MB QBSWB EF QBKB Z NF BGJDJPOw i.F
NFUB EFCBKP EF MB NFTB Z FTDVDIBCB B NJT NBZPSFT Z NF MF
RVFEBCBMBFOUPOBDJOw FOMBNFNPSJB
"MIBCMBSEFFOUPOBDJO
MBDBOUPSBIBDFSFGFSFODJBBMBTQFDUPNVTJDBM RVFFOMBUPOBEBWB
VOJEPJOEJTPMVCMFNFOUFBMUFYUP4VBQSFOEJ[BKFUBNCJOSFWFMB
UDOJDBTFNQSJDBTZFGFDUJWBTRVFDPOGPSNBOMBDVMUVSBNVTJDBM
EFMBTDBOUPSBT3FTQFDUPEFMBSFMBDJOUFYUPNTJDBFTGSFDVFOUF
FTDVDIBSMFTEFDJSRVFiMBMFUSBTPMBTFNFQJFSEF<y>-BFOUPOBDJO
MMBNBBMBQBMBCSBw
5BNCJO FM BQSFOEJ[BKF EF MB HVJUBSSB UJFOF TVT QSPDFEJNJFOUPT
QSPQJPTi"OUFTEFUFOFSHVJUBSSBZPUPDBCBFOVOQBMPEFFTDPCBw
0USBT DVMUPSBT OPT DVFOUBO i:P SBTRVFUFBCB FO VO TPQMBEPS EF
UPUPSBwi:PBQSFOEFOVOUBSSPHSBTFSPDPOEPTQBMJUPTwi:PNJ
SBCBMPTUPOPTRVFTPOEPTPUSFTw TFSFGFSBBMBTQPTUVSBTFOMB
HVJUBSSB
5BNCJOOPTDPOUBCBOi"NJNFIJDJFSPOVODIBSSBOHP
DIJRVJUJUPDVBOEPUPEBWBOPUFOBHVJUBSSB MPQPOBFOMBGBMEBZ
UPDBCBBT ZFYQMJDBIBDJFOEPFMHFTUPEFMUBJEPEFMJOTUSVNFOUP

QPSFTPZPUPDPMBHVJUBSSBDIBSSBOHVFBEJUBOPNTw
-BTDBOUPSBTBQSFOEFOEFTVPmDJPQPSEJWFSTPTDBNJOPT+VOUPB
FTUBEJWFSTJEBEIBZVOBCBOJDPHSBOEFEFNPUJWBDJPOFTRVFMMFWB
B VOB NVKFS B BCPSEBS FM DBOUP NPUJWBDJPOFT RVF NVDIBT WFDFT
QMBTNBOEFNPEPEFUFSNJOBOUFMBQSPQJBWJEB"MHVOBTBQSFOEFO
iQBSBRVFOPTFWBZBMPEFBOUFTw iQBSBSFDPSEBSMPTBOUFQBTBEPTw
iQBSB TFHVJS WJWJFOEP FO MB UPOBEBw &TUBT NJTNBT SB[POFT IBDFO
MVFHPRVFMBUPOBEBTFBFTFODJBMBMBWJEBEFMBDBOUPSBiZPRVJFSP
NJUPOBEBw iZPOBDDBOUBOEPw iZPMMFWPMBUPOBEBFOMBTBOHSFw
5BNCJOTPONVDIBTMBTNVKFSFTRVFIBODPNCBUJEPTVTPMFEBE
MBQFOBEFVOBWJEBEFJODPNQSFOTJPOFTPEFVOBFYJTUFODJBJOTBUJT
GFDIB DBOUBOEPUPOBEBT&OUPODFTTFMFTFTDVDIBEFDJSiDVBOEPFTUPZ
USJTUFNFBMFHSP QPSRVFOPNFHVTUBMBUSJTUF[Bw iDVBOEPFTUPZTPMB
DBOUPZMBUPOBEBNFBDPNQBBw
-5&5
(FOFSBMNFOUF MB DBOUPSB TF FTQFDJBMJ[B FO EFUFSNJOBEP UJQP EF

DBOUP "MHVOBT TPO CVTDBEBT QBSB DBOUBS FO WFMPSJPT EF BOHFMJUP
PUSBT TMP DBOUBO FO mFTUBT GBNJMJBSFT 0 CJFO PUSBT BERVJFSFO
GBNBFOMBBOJNBDJOEFSPEFPT4PNPTUFTUJHPTEFVOBQPDBFO
RVFMBGVODJOTPDJBMEFMBDBOUPSBIBEFDSFDJEPBOUFMBMMFHBEBEF
OVFWPTNFEJPTUFDOPMHJDPT DPSSJFOUFTZBHSVQBDJPOFTNVTJDBMFT
4JOFNCBSHP FMSPEFPTJHVFTJFOEPFMFTQBDJPEPOEFMBDBOUPSBZ
TVDBOUPTJHVFODBNQFBOEP QSJODJQBMNFOUF DPOMBJOUFSQSFUBDJO
EFMBUPOBEB RVFFTFMHOFSPRVFQPSFYDFMFODJBTFDBOUBEVSBOUF
MBDPNQFUFODJB&TFFTVOUSBCBKPBSEVP FOFMRVFMBDBOUPSBDBOUB
BUPEPQVMNOZUJFOF QPSMPEFNT RVFQPOFSFOUVTJBTNPFOMP
RVFIBDF%FOPTFSBTVOBDBOUPSBOPQSPTQFSBFOFMSPEFP&O
FTUFFTQBDJPTPDJBMIBIBCJEPDBOUPSBTGPSNJEBCMFTRVFIBOBMDBO
[BEPVODJFSUPHSBEPEFQSPGFTJPOBMJTNP EPOEFFMDBOUPTFUSBOT
GPSNB FO VO TFSWJDJP QBHBEP QFSEJOEPTF DPO FTP FM SBTHP NT
EJTUJOUJWPEFMDBOUPDBNQFTJOPTVHFTUPTPMJEBSJPZDPNVOJUBSJP
4JOFNCBSHP MBDBOUPSBEFSPEFPTFVCJDBFOVOJOUFSFTBOUFDSVDF
EFDBNJOPT HFOFSBMNFOUFIBOTJEPFMMBTMBTRVFIBOMMFHBEPNT
MFKPT HSBCBOEPEJTDPT IBDJFOEPHJSBTFJNQPOJFOEPFTUFFTUJMPFO
MPTDPOUFYUPTVSCBOPT4POMBTDBOUPSBTEFSPEFPMBTRVFFONVDIPT
DBTPTGVFSPOUBNCJOQSFDVSTPSBTEFMBUPOBEBDSJPMMB1FSPFTUFFT
PUSPNCJUPRVFOPUSBUBSFNPTBRV
&T SFBMNFOUF BTPNCSPTP DPNQSPCBS FM HSBEP EF TJHOJmDBEP RVF
MBUPOBEBMMFHBBBERVJSJSFOMBWJEBEFMBTDBOUPSBTZFMDPNQSP
NJTPEFFMMBTDPOTVDBOUP:FTUPFTVOSBTHPHFOFSBMJ[BEP QVFT
MPIFNPTQPEJEPPCTFSWBSFOUPEBTZDBEBVOBEFMBTDVMUPSBTEF
FTUF HOFSP NVTJDBM "T UBNCJO FT FNPUJWP FTDVDIBSMBT DVBOEP
BPSBOMPTUJFNQPTFORVFMBUPOBEBUVWPNBZPSHSBWJUBDJOFOMB
TPDJFEBE DBNQFTJOB5PEBT IBCMBO FO QBTBEP DPNP UFOJFOEP MB
DFSUF[BRVFMBUPOBEBFTEFVOUJFNQPRVFZBOPWPMWFSi"OUFT
DBOUCBNPTQBSBCJFOFTBMPTSFDJODBTBEPT QBSBRVFGVFSBOGFMJDFT
BIPSBMPTFTQFSBODPONTJDBEFFRVJQP<>$BOUCBNPTFTRVJOB
[PT TBMVEBOEP B MPT BNJHPT )PZ TF IB QFSEJEP FTB DPTUVNCSFw
i"IPSBZBOPFTDPNPBOUFT1PSFTPFTUPZUSJTUF-BKVWFOUVEOPTF
JOUFSFTBQPSFTUBTDPTBTwi-BHFOUFKPWFOFTUFOPUSBwi1VSBNTJDB
EFUBSSP NTJDBFOWBTBEBw$POQBMBCSBTWFSEJDBTZTFOUFODJPTBT
DPNPTUBT MBTDBOUPSBTFYQSFTBOTVWJTJOEFMPTUJFNQPTBDUVBMFT
EFMPTWJFOUPTRVFIPZMFDPSSFOBMPTDBOUPTEFMBUJFSSB$POQBMB
-5&5
CSBTDBSHBEBTEFBCBUJNJFOUPJOEJDBOMPRVFFOMBBDUVBMJEBEMFFTU
QBTBOEP B MB UPOBEB FO MPT DBNQPT DIJMFOPT &T RVF MPT UJFNQPT
IBODBNCJBEPZFMFTQSJUVEFFTUBQPDBFTPUSP
i%FMBDBOUPSBDBNQFTJOBBMHPOPTWBRVFEBOEP QFSPNVDIPNT
TFOPTIBQFSEJEPw
,:;i;0*(+,3(*(5;69(
4PCSFMBFTUUJDBEFMBDBOUPSBFTJOUFSFTBOUFBDPUBSRVFUJFOFOTVT
HVTUPTCJFOEFmOJEPT6OEBIJDFFTDVDIBSTVWP[BVOBDBOUPSB
EFTQVTEFHSBCBSMFVOBUPOBEB ZFMMBEJKPTPSQSFOEJEBi{&TBTPZ
ZP w:PMFEJKFi{/PUFHVTUB w i`/w NFTFBM
&O VOB USJMMB EPOEF DBOU KVOUP B VOB DBOUPSB EFTQVT EF CB
KBSEFMBQBSWB FMMBNFEJKPi6TUFEDBOUBMPNTCJFO UBNCJOw
i-BTFPSB.BSBTRVFDBOUBCPOJUP PUSBTHSJUBOw ZPUSBTEJDFO
i:PFSBHMPSJBDVBOEPDBOUBCB NFBNBOFDBTJOSFQFUJSUPOBEBw
i:PFSBNVZCVTDBEBQBSBDBOUBSFOMPTWFMPSJPTwi"OUFTDVBOEP
ZPDBOUBCBQBSFDBRVFUFOBVOKJMHVFSJMMPFOMBHBSHBOUBw%PB
&EFMNJSB 7BMFO[VFMB DPO TVT TFTFOUB Z PDIP BPT EF FEBE UFOB
VOB WP[ OBUVSBM IFSNPTB EF SFHJTUSP IPNPHOFP RVF BMDBO[BCB
IBTUBVO'"TPTUFOJEPFORVJOUBMOFB BQSPYJNBEBNFOUF
3(=6A@3(,?79,:05
-BUDOJDBZFYQSFTJOVUJMJ[BEBTFOFMDBOUPBMDBO[BOMBTUSFTGPS
NBTEFFNJTJOMPTSFTPOBEPSFTEFDBCF[B EFHBSHBOUBZEFQFDIP
DPOQSFEPNJOJPEFBMUVSBNFEJBEFHBSHBOUB
$POGSFDVFODJBPNPTOPUBTBMUBTGBMTFUFBEBTEFDBCF[BPEFOBSJ[
/PQPDBTWFDFTIFNPTPEPFOVOBNJTNBUPOBEBFMVTPEFMSFTP
OBEPSEFDBCF[BZHBSHBOUB RVFQBSFDJFSBOEPTQFSTPOBTEJGFSFOUFT
MBTRVFDBOUBO
&M WJCSBUP B WFDFT TF QSFTFOUB FO GPSNB OBUVSBM &O PUSBT FTU
BVTFOUF&ODBNCJP PUSBTMMFHBOBMBWP[iDBQSJOBw EFNPTUSBOEP
VOWJCSBUPFYBHFSBEP
-BTRVFQPTFFOVODBOUPEFHBSHBOUBFTUOFYQVFTUBTBFTUFUJQPEF
WP[PBEFCJMJUBSTVDBOUPBUFNQSBOBFEBE
-5&5
&MNBOFKPEFMBWP[FTNVZEJTQBS FTDVDIBOEPBWFDFTWPDFTSBTQB
EBTHSBWFTRVFMMFHBOBVO4PMTFHVOEBMOFB CBKPMBQBVUB0USBT
FODBNCJP EFHBSHBOUBSFHJTUSPNFEJPPBHVEPZGBMTFUFBEB
&MNBOFKPEFMBJSFEFDBEBDBOUPSBSFTQFUBMBTGSBTFTNVTJDBMFTFO
GPSNBOBUVSBM DPOTUJUVZFOEPTUBVOBDBSBDUFSTUJDBGVOEBNFOUBM
FOMBJOUFSQSFUBDJO
-BCVFOBEJDDJOFTFOUFOEJEBQPSFMMBT QVFTTVFMFOEFDJSiDVBOEP
ZPDBOUP EJHPNVZCJFOMBTQBMBCSBT QVFTOPTFQJFSEFOJVOBw
&TUBBDPUBDJOEFOPUBRVFFOBMHVOBTDBOUPSBTMBNPEVMBDJOEF
MBTQBMBCSBTFTEFmDJFOUF
&O MB JOUFSQSFUBDJO TF EFTUBDB MB OBUVSBMF[B P UFNQFSBNFOUP EF
DBEB DVBM SFMBDJPOBEB FO NVDIBT PQPSUVOJEBEFT DPO FM NFEJP
TPDJPDVMUVSBM PDBTJPOBMJEBE FTUBEPBONJDP DBQBDJEBESFTQJSBUP
SJBZMBTQPTJCJMJEBEFTWPDBMFTJOOBUBT EFUBMGPSNBRVFDBEBUPOBEB
FT MB SFQSFTFOUBDJO EF VOB WJEB &O SFHJPOFT EF NPOUBB FYJTUF
DJFSUPUJQPEFDBOUPBMUP MJTPZEFDBCF[B&TUPQBTBOPTMPFOFM
DBOUPEFMBUPOBEB TJOPFODVBMRVJFSUJQPEFDBODJO
&O VOB MOFB IPSJ[POUBM QPESBNPT EJTUJOHVJS DJFSUP FOTJNJT
NBNJFOUPFOMBTNPOUBBT JOUSPWFSTJO
ZGSFOUFBMNBSVOBFY
QSFTJONTTVFMUB FYUSPWFSTJO
DPNPRVFFMNBSMFTQSFTUBSBTV
BODIVSB"MSFTQFDUP VOBDBOUPSBBDPUi&OMBNPOUBBFMDBOUP
FTNTGVFSUFZBQSFUBEP VOWP[BSSO ZQPSBD FMWBMMF
FTNT
mOPZTVFMUPw
&MQBJTBKFQBSFDJFSBJOnVJSOPUBCMFNFOUFFOMBFYQSFTJO JODMVTP
FOMBNJSBEB&YJTUFODBOUPSBT RVFBMJOUFSQSFUBSTVDBOUPSFBMJ[BO
VOBJOUSPTQFDDJOQFSTPOBM JOUFSOB0USBT FODBNCJP mKBOVOB
NJSBEBTJOMNJUFT IBDJBFMIPSJ[POUF
&ONVDIBTPDBTJPOFTMBWP[TFNBOJmFTUBTFHOFMNPNFOUPZFM
MVHBS 4J TF DBOUB FO VOB USJMMB QPS FKFNQMP BSSJCB EF MB QBSWB
EFQBKB FOUSFBOJNBDJOEFMPTQFPOFT RVFKJEPTEFZFHVBT MBESJ
EPT EF QFSSPT TJMCJEP EFM WJFOUP DPOWFSTBDJPOFT MB DBOUPSB VTB
UPEBTVQPUFODJBMJEBEWPDBMFOWPMVNFOZBMUVSB QBSBEFKBSTFPS
BMFOUBOEPBMPTUSBCBKBEPSFT&ODBNCJPTJFMMBDBOUBCBKPUFDIP FO
VOFTQBDJPSFEVDJEP FOTFTJOJOWFTUJHBUJWB PQBSBTNJTNB OP
VUJMJ[BUPEBTTVTDBQBDJEBEFTUDOJDBTZFYQSFTJWBT
-5&5
&O FM DBNQP FTUJMTUJDP TPCSFTBMFO BSSBTUSFT BTDFOEFOUFT Z EFT

DFOEFOUFT HMJTTBOEP
ZOPUBTEFBMUVSBJOEFmOJEB
" WFDFT MB WP[ BUBDB BMHVOBT OPUBT iEFTEF BCBKPw MMFHBOEP B TUB
EFTEFVOBBMUVSBMFWFNFOUFNTHSBWF0USBTOPUBTTPOBCBOEPOB
EBT DPO VOB FTQFDJF EF DBMMBOEP FO FM DVBM B NFEJEB RVF MB WP[
EFTBQBSFDFCBKBTVBMUVSBMFWFNFOUF
0USPTNBUJDFTTFQVFEFOEFTDVCSJSFOMPTFKFNQMPTHSBCBEPTFOUF
SSFOP RVFJOUFHSBOFMi$BOUPSBTw
-<5*05:6*0(3
-BJNQPSUBODJBEFVOBDBOUPSBIBSBEJDBEPQSJODJQBMNFOUFFOMB
EJNFOTJOTPDJBMEFTVPmDJP"TPDVSSJDPOTPTUFOJEBJOTJTUFODJB
FOFMDPOUFYUPSVSBM EPOEFIBTUBIBDFQPDBTEDBEBTMPTBWBODFT
UFDOPMHJDPTOPMMFHBCBO FTUBOEPMJNJUBEPTBMBWJEBVSCBOB%F
FTUFNPEPMBTDPNVOJEBEFTDBNQFTJOBTTMPQPEBODPOUBSDPOMB
NTJDBEFMPTJOUSQSFUFTMVHBSFPT1PSFTUBSB[OMBDBOUPSBUVWP
SFMFWBODJB FO DBTJ MB NBZPSB EF MPT FWFOUPT TPDJBMFT EF MB DPNV
OJEBE Z TV HSBWJUBDJO BVNFOUBCB EF BDVFSEP B MB WFSTBUJMJEBE Z
SJRVF[BEFTVSFQFSUPSJPZDPOEJDJPOFTJOUFSQSFUBUJWBT
5SJMMBT NJOHBDPTZWFOEJNJBTGVFSPOMVHBSFTGSFDVFOUFTEPOEFMB
DBOUPSB FSB TJFNQSF CJFOWFOJEB 5BNCJO TF MFT TPMJDJUBCB FO
BMNVFS[PTZGJFTUBTGBNJMJBSFT UPEPTFMMPTFTQBDJPTTPDJBMFTNVO
EBOPTBVORVFOPNVOEBOBMFT EPOEFMBTDBOUPSBTIBOQBSUJDJQBEP
NPUJWBEBTQPSFMQSFTUJHJPTPDJBMZMBTPMJEBSJEBEDPOMBDPNVOJ
EBE 1PS UBOUP MB DBOUPSB IB TJEP HFOFSBMNFOUF VOB BSUJTUB RVF
IBDBOUBEPQPSEFMFJUFQFSTPOBMZDPMFDUJWP/PPCTUBOUF BMHVOBT
DBOUPSBTSFDVFSEBORVFiBWFDFTDBBODIBVDIBTZQFTPTBEFOUSPEF
MBHVJUBSSB RVFTPOBCBOCPOJUP<y>"WFDFTVOPTFIBDBTVCVFO
CJMMFUJUPw&TUBSFBMJEBEDPOMPTBPTTFIBJEPQFSEJFOEPZFOMB
BDUVBMJEBE MB DBOUPSB UJFOF DBEB WF[ NFOPT QSFTFODJB FO MB WJEB
DPMFDUJWBEFMBTDPNVOJEBEFTSVSBMFT
&OMBBDUVBMJEBEMBDBOUPSBQVFEFUFOFSVOBQSFTFODJBFTQPSEJDB
FOUSJMMBBZFHVBEPOEFBVOOPIBMMFHBEPMBNBRVJOBSJB PCJFO
FO USJMMBT QSFQBSBEBT QBSB UVSJTUBT P FO DFMFCSBDJPOFT WJODVMBEBT
BMUSJHP EPOEFTFDBOUBZCBJMBDVFDBBQJTPOBOEPMBUJFSSBQBSBMB
CVFOBDPTFDIB
-5&5
3FDJFOUFNFOUFIFNPTTBCJEPEFVOBDFMFCSBDJOFOIPNFOBKFBMB
i$SV[EF.BZPw DPOUSFTDBOUPSBTZVODBOUPS BMMFO1JDIJMFNV
FODBTBEFEPB-JEJB3PTBT&MSFMJHJPTPIBTJEPPUSPEFMPTNCJ
UPTFORVFMBUPOBEBIBUPNBEPQBSUF TJFOEPBOUJHVBNFOUFNVZ
DPNORVFEFTQVTEFMBTOPWFOBTDBNQFTJOBTTFDBOUBSBOUPOBEBT
BM/JP%JPTZOPWJMMBODJDPT DPNPFSSOFBNFOUFTFIBBmSNBEP
FOMBBDUVBMJEBE0USBDBOUPSBEFMB[POBEF-JOBSFTSFDVFSEBiZP
JCB DPO NJ NBNJUB QBSB MB /BWJEBE "I MPT IBDFOEBEPT $BN
QPT FO$BQJMMB1BMBDJPT MFTIBDBODPNJEBBTVTUSBCBKBEPSFT-FT
IBDBOSFHBMPTZWFOBNPTDVBUSP DJODPDBOUPSBTDPOBSQBZHVJ
UBSSBw"TDPNPMB/BWJEBE MPTDBTBNJFOUPTFSBOUBNCJONPUJWP
QBSBMBQSFTFODJBEFDBOUPSBTRVF FOBUFODJOBMBPDBTJO FOUPOB
CBOQBSBCJFOFT"TMPUFTUJNPOJBFMTJHVJFOUFSFMBUPi.JNBNMF
DBOUBCBBMPTOPWJPTMPTQBSBCJFOFT:PNFSFDVFSEPDVBOEPMMFHB
CBOMPTOPWJPTBDBCBMMP-BOPWJBDPOTVUSBKFCMBODPNPOUBEBFO
NPOUVSBDIJMFOBZFMOPWJPBMMBEP.JNBNJUBDPOTVQJFSOBBSSJCB
EFVOBTJMMB MFTDBOUBCB
7JWBOOPWJPTZQBESJOPT
7JWBOMPTBDPNQBBEPT
7JWBOMPTRVFSFDJCJFSPO
&MNBUSJNPOJP4BHSBEP
5BNCJO DBOUBCB MPT FTRVJOB[PT UPOBEJUB EF TBMVEP
&M TBOUP
FMGFTUFKBEP
FTUBCBBEFOUSP FOTVDBTB
DPOTVTJOWJUBEPT&MMPT
ZB IBCBO SF[BEP MB OPWFOB " MBT DBOUPSBT MFT IBCBO DFSSBEP MB
QVFSUB ZFTUBTMFFOUPOBCBO
:RVFWJWB%PO+VBOJUP
$PHPMMJUPEFDJMBOUSP
:PMPWFOHPBTBMVEBS
1PSTFSEBEFTVTBOUP
"TTFHVBOFDIOEPMFDPHPMMPT
1BSB6ETFPS+VBOJUP
.BDFUJUBEFSPDP
CSBNFMBQVFSUBMVFHP
2VFZBNFNVFSPEFGSP
yIBTUBRVFMFTBCSBOMBQVFSUB"IFOUPODFT TFHVBODBOUBOEP
IBTUBRVFBDMBSBCBFMEBw
4,4690(:+,=0+(
1SFTFOUPBRVBQFSTPOBTTFODJMMBTNVZRVFSJEBTQBSBN DBTJUPEBT
NVKFSFT RVFIBOFODBSOBEPZFODBSOBOBMIBCJUBOUFSVSBM&OTVT
SFMBUPTEFKBOFOUSFWFSMBTFODJMMF[EFMPFTFODJBM&TUBTTVGSJEBTQFS
TPOBT BSNBEBTEFUFTOZSFTJHOBDJO DPNQBSUJFSPODPONJHPTVT
DBTBT TVTSFDVFSEPTPTJNQMFNFOUFTVTIPSBTDBOUBOEPBMBPSJMMB
EFMDBNJOP1FSPNTRVFVOWFSTP VOBNFMPEBPVOUPRVPFO
MBHVJUBSSB NFDPNQBSUJFSPOFMNPUJWPEFQPSRVDBOUBSZQPS
TPCSF UPEP NF NPTUSBSPO RV TFOUJEP UJFOF TFHVJS IBDJOEPMP
"TZPIFQPEJEPEFTDVCSJSRVZDNPIBDFSFOFMFTDFOBSJPPFO
MBBDBEFNJB1PSRVFUPEPNJUSBCBKPIBFTUBEPWPMDBEPTJFNQSFB
EFWFMBSFMTFOUJEPEFMBNBOJGFTUBDJOIVNBOB
&TUPTSFMBUPTTVSHFOEFTQVTEFDPNQBSUJSQPSMBSHPTBPT/PTPO
SFTVMUBEP EF VOB FUOPHSBGB DPSSFDUB 6O GSP SBQPSU DPNP EJSB
VOBDBENJDPQPSBEFDVBEPRVFTFB OPQPESBNTRVFBQPSUBS
EBUPTZMPRVFIFRVFSJEPQSFTFOUBSFOFTUFDBQUVMP FTNTCJFO
FM SFTVMUBEP EFM BGFDUP Z FM DBSJP DPO RVF FM TFS IVNBOP QVFEF
MMFHBSBJOUFSFTBSTFQPSPUSPZFMSFTQFUPRVFTVSHFEFMBBENJSBDJO
NVUVB1BSBNFTUBTQFSTPOBTTPOUSBTDFOEFOUFT TPONJTNBFTUSBT
ZNBFTUSPTQPSRVFNFIBOFOTFBEPBWBMPSBSZBHSBEFDFSMPRVFMB
WJEBNFIBEBEP
+6j(4(9(*65*,7*05;63,+6
"SUFTBOB Z BNBTBOEFSB NFJDB TBOUJHVBEPSB Z SF[BEPSB CVFOB
CBJMBSJOBEFDVFDB HVJUBSSFSBZQSPWFSCJBMDBOUPSBEFUPOBEBT EPB
.BSB$PODFQDJOSFQSFTFOUBQBSBNFMQSPUPUJQPEFMBNVKFSEF
FTUJSQF DBNQFTJOB &MMB OBDJ FO 3BSJ UJFSSB EF DPMPSJEBT USBEJ
.7
DJPOFT EPOEFWJWJIBTUBTVTTFJTBPTEFFEBE NPNFOUPFORVF

TVTQBESFTMBMMFWBSPOBWJWJSB-PT3BCPOFT MVHBSEPOEFUSBOTDV
SSJTVOJF[ZBEPMFTDFODJB
4VWJEBTJFNQSFIBFTUBEPBNBSSBEBBMDBOUPi$VBOEPFTUBCBFO
MBFTDVFMBTBMBNPTEFQBTFPFODBSSFUBBMDBNQP PUSBTJCBOBDB
CBMMPZOPTCBNPTZWPMWBNPTDBOUBOEPw4JFOEPBOVOBOJB
DPNFO[BDBOUBSUPOBEBTZDVFDBT BQSFOEJFOEPEFEPB$IBZP
3PTBSJP
TVNBESF BMJHVBMRVFUBOUBTPUSBTDBOUPSBTDBNQFTJOBT
5BNCJOBQSFOEJEFPUSBTTFPSBTRVFDBOUBCBOFOUSJMMBTZmFT
UBT GBNJMJBSFT i:P FTDVDIBCB DBMMBEJUB Z EFTQVT TFOUBEB FO VOB
QJFESB BmOBCBMBHVJUBSSBEFNJNBNJUBZFNQF[BCBBCVTDBSMPT
UPOPTw
$PNPDBOUPSB EPB.BSBUVWPFOMBUSJMMBTVNFKPSFTDVFMB"T
OPTDVFOUBFMMBi%FHSBOEFOVODBDBOUFOSPEFP FOUSJMMBT1FSP
TMPIBDBFOFMUJFNQPEFNJTQBESFT"ITFQBTBCBNVZCJFO.J
NBNJUB DBOUBCB BSSJCB EF MB QBSWB NJFOUSBT NJ QBESF USBCBKBCB
DPOMBTCFTUJBTFOMBFSB4FUSBCBKBCBUPEPFMEB
Z TF CBJMBCB FO MB OPDIF DPO MB MVOJUB NVDIB
DVFDB )BDBO DPNJEB TF UPNBCB WJOP Z MPT
DPHPMMPTFSBOQBSBUSJMMBEPSFTZIPSRVFUFSPT.J
QBQ UFOB USFJOUB ZFHVBT GVFSB EF MPT DBCBMMPT
FOTJMMBEPTRVFUFOB QPSRVFBOUFTOPTFUSJMMBCBB
NRVJOBDPNPBIPSBMJCBEPOEFMPMMBNBCBO
MPTEVFPTEFMUSJHP-FBSSFOEBCBOMBTZFHVBT MP
DPOUSBUBCBOZMFQBHBCBOFOUSJHP&MUSJHPFSBEF
MPTEVFPTEFMBUSJMMBy4FQBTBCBCJFO TFDPNB
CJFO1B}MDBMPSBHVBDPONPUFyNVZHFOBDP
NJEBy HFO EFTBZVOP BMNVFS[P DB[VFMB B MBT
EPDF DPO FOTBMBEBT EF QPSPUJUPT OVFWPT UP .BSB$PODFQDJO5PMFEPZ+PWJUB7BMET
'PUP0$EJ[
NBUFTZTVHFOUSBHPEFWJOP-MFWBCBOFMWJOP
FO DVFSPT WJOFSPT MB DVUSB RVF MMBNBCBO %BCBO NVDIP WJOP:
IBSUP BTBEP FO MB OPDIF -PT WFDJOPT TF BZVEBCBO VOPT B PUSPT
/PDPNPIPZFOEBFMRVFUJFOF UJFOF/BEJFBZVEBBOBEJF-PT
WFDJOPTFSBOMPTIPSRVFUFSPTZBZVEBCBOIBTUBVOBTFNBOB:IBTUB
BZVEBCBOBBWFOUBS QPSRVFBOUFTTFBWFOUBCBDPOWJFOUPFMUSJHP
BTMPTFQBSBCBOEFMBQBKB DPOMBTIPSRVFUBTMPUJSBCBOBDPOUSBMBP
EFMWJFOUP:PDBOUBSSJCBEFMBQBSWBZUBNCJOBOEVWFBSSJCBEF
MBTZFHVBT$PONJQBQJUPFOUSBCBDPOMBCFTUJB VOBZFHVBRVFFSB
.7
NVZNBOTJUBZPGVJNVZHFOBQBMDBCBMMP$VBOEPUFSNJOBCBFM
USBCBKPTFDBOUBCBOUPOBEBTNVZBMFHSFT JHVBMRVFMBTDVFDBT
&OFMDBNQPIBZVOBZFSCB
2VFMBMMBNBODBSEPTBOUP
:POPTRVFHSBDJBUJFOF
1BSBZPRVFSFSMBUBOUP
:BIMBTUBBCBOZPUSPTCBJMBCBOZPUSPTMBTBWJWBCBO&SBVOBDPTB
NVZDMFCSFw
&TPTGVFSPOTVTCSFWFTBPTEFCPOBO[B QPSRVFMVFHPDPNFO[B
DBNCJBSTVFTUSFMMBZOBEBMFGVFGDJM-MFHTVFEBEEFNFSFDFSZ
UVWPVOQSFUFOEJFOUF"RVFMIPNCSFMFHVTUBCBNVDIPBTVTQB
ESFT QFSPOPBFMMB4FMPMMFWBSPOQBSBRVFTFDPOPDJFSBOZFMMBMF
DBOUVOBUPOBEB
1BSBRVGVFUBOUPFNQFP
%FBOEBSNFTPMJDJUBOEP
:POPIBHPKVJDJPEFWPT
%FCBMEFNFBOEBJSPHBOEP
&MTFPGFOEJZOPWPMWJOVODBNT.TUBSEFBQBSFDJPUSPQSF
UFOEJFOUFTUFTFSBEFMHVTUPEFEPB.BSB QFSPTVGBNJMJBOP
TFMPRVFSB
i%FMBQPDBFORVFWJWDPONJNBSJEPOPSFDVFSEPOBEBBMFHSF
TMPUSBCBKPZUSJTUF[B4JFNQSFBOEBCBDPONJTQJFSOBTNPSBEBT
1PSFTPNFTFQBS QBSBOPTVGSJSNTOJZPOJNJTIJKPT%FNJ
NBUSJNPOJPSFDVFSEPRVFZPOPFSBNVZTBMJEPSB4MPNFEFEJRV
BDSJBSBNJTIJKPT RVFGVFSPONVZTFHVJEPT$PNPUPEBEVFB
EFDBTB BMmOBMIBDBFOVOBPMMBMBTNBNBEFSBTQBSBTJFUF PDIP
HVBHVBT5SBCBKQBSBNJTIJKPT-PTDSJDBTJTPMB$VBOEPJCBBMPT
DPOUSPMFTOPIBMMBCBDPNPNPWFSNF1BSUBEF3BSJ DBNJOBCBVOB
DVBESBZNFEJBDPOVONPOUPODJUPEFIJKPT MPTBEFMBOUBCBZMVFHP
JCBBCVTDBSBPUSPNPOUPODJUP ZBTMMFHBCBBMDPOUSPMEFMBQPTUB
&OMBUBSEF MBNJDSPRVFQBTBCBB3BSJOPNFTFSWBZNFEFWPMWB
JHVBMDPOVONPOUPODJUPQSJNFSPZMVFHPFMPUSP:PWJWBDPNP
BEPTLJMNFUSPTQBBEFOUSP$PNPGVFSPODSFDJFOEPMPTNBZPSFT
UVWFNTBMJWJP QPSRVFMMFWBCBOBTVTIFSNBOJUPTBMBQB`-MWBNF
FO BDIB IFSNBOP MMWBNF FO BDIB QFEBO MPT NT DIJDPT -FT
.7
TFSWBEFFOUSFUFODJO"TDSJBUPEPTNJTIJKPT QFSPFTUPZPSHV
MMPTBQPSRVFUPEPTNFTBMJFSPOCVFOPT
2VJFSPBUPEPTNJTIJKPT QFSPBM1BUSJDJP RVFTJFNQSFFTUVWPFO
MBTHFOBTZFOMBTNBMBTyBMMPRVJFSPNVDIPw
-BT NVKFSFT EF 3BSJ QPS IFSFODJB DVMUVSBM MPDBM DVMUJWBO VOB
BSUFTBOBOJDBMBmHVSJMMBFODSJO4FFTQFDJBMJ[BOFOVOBNBOJ
GFTUBDJO EFMJDBEB Z DPMPSJEB RVF UJFOF SFDPOPDJNJFOUP NVOEJBM
:EPB.BSB5PMFEPOPFTVOBFYDFQDJOi1VFEPEFDJSRVFNJ
DBTBFTVOBDBTBIFDIBEFDSJO QPSRVFDPONJTBSUFTBOBTMBQVEF
DPOTUSVJS"USFTOJFUFDJUBTMFFTUPZFOTFBOEPBUFKFSZUBNCJOMF
IFQFEJEPRVFBQSFOEBOBDBOUBS-FTFTUPZFOTFBOEPBUFKFSZMFT
DBOUPTJOHVJUBSSB QBSBRVFTFMFTRVFEFOFOMBNFNPSJBMPTDBOUPT
ZBTWBZBOBQSFOEJFOEP/JOHVOPEFMPTIPNCSFTTBMJHFOPQBSB
FMDBOUP&M-VDIJUPUJFOFHFOBWP[)VCPVOUJFNQPRVFDBOUB
NPTKVOUPT QFSPMVFHPMPEFKw
4JTVFYJTUFODJBIBFTUBEPTFNCSBEBEFTBDSJmDJPT MBWJEBUBN
CJOMFIBEFKBEPTBUJTGBDDJPOFTZBMFHSBTRVFFMMBIBTBCJEP
BUFTPSBS %PB .BSB NF DVFOUB i6OP EF NJT NPNFOUPT
NTGFMJDFTGVFDVBOEPFM-VDIJUP BRVJFOOPWFBIBDBDPNP
OVFWFBPT MMFHEFSFQFOUFFOMBOPDIF'VFVOBBMFHSBUBO
HSBOEFRVFSFKVWFOFD-PEJTGSVUNTEFVONFT:DPNP
ZPMFDPOUBCBDVFOUPTDVBOEPOJP FOFMNPNFOUPRVFMMFH
ZPQSFHVOU
{2VJOBOEBBI ZNFDPOUFTU`1FESP6SEFNBMFT
:OPTPUSPTEJKJNPT`&M-VDIJUP FM-VDIJUP
.FMFWBOUZMFQSFQBSNBUFyGVFVOBBMFHSBNVZHSBOEF
.JGFMJDJEBEIBOTJEPNJTIJKPTyZPIFWJWJEPQBSBFMMPTZ
FMMPTNFIBOQBHBEPNVZCJFOw
" USBWT EF FTUBT TFODJMMBT QBMBCSBT EF .BSB $PODFQDJO
5PMFEP QPEFNPT EFTDVCSJS BRVFMMB QFSTPOBMJEBE FTGPS[BEB
Z QFSTFWFSBOUF DPO RVF TVQP FOGSFOUBS FTUPJDBNFOUF FO MB
WJEBUBOUBTUSJTUF[BT"IPSBRVFIBMMFHBEPBVOBFEBENBZPS
%PB.BSBIPZTMPDPOUJOBUFKJFOEPQSJNPSFT
.BSB$PODFQDJO5PMFEP
3BSJ
'PUP0$EJ[
.7
+6j(-9(5*0:*(.65A3,A
&OVODBNJOPEFMBQSPWJODJBEFVCMFFOUSF$IJMMOZ/JCMJOUP
FODVFOUSPB%PB'SBODJTDB(PO[MF[&SBVOBUBSEFEFMNFTEF
KVMJP EF 7FOB FMMB EFM DFSSP USBZFOEP VO BUBEJUP EF MFB
TPCSFTVTIPNCSPTEFBPT6OBCMVTBCMBODBSPEB VOBGBMEB
EFTDPMPSJEB NFEJBTOFHSBT [BQBUPTSPUPTFSBOTVIVNJMEFWFTUVBSJP
$PO FM QFMP UPNBEP BUST FO VOB USFO[B TVFMUB Z MB UF[ NPSFOB
UFOBVOSPTUSPDBOTBEPEPOEFFMUJFNQP MBBOHVTUJBZMBNJTFSJB
IBCBOEFKBEPQSPGVOEBTIVFMMBT`:RVUSJTUFTTVTPKPT
$POWFSTBNPTMBSHPSBUP.FEJKPBMHVOBTDPTBTEFTVWJEB5FOB
VOB IJKB FOGFSNB RVF FSB TV NBZPS USJTUF[B i6O WJFOUP DPMBP MF
DBVTMBFOGFSNFwNFEJKP
/PQVEFFTQFSBSZDPOTFHVVONEJDPBNJHPZHSBDJBTBTVHFOF
SPTJEBEQVEPTFSUSBTMBEBEBSQJEBNFOUFBMIPTQJUBM&MiWJFOUP
DPMBPwFSBTFHOFMEJBHOTUJDPVOBUVCFSDVMPTJTQVMNPOBSFOM
UJNPHSBEP BHSBWBEBTFWFSBNFOUFQPSMBGBMUBEFDPNJEB/PUVWP
TBMWBDJO
%PB'SBODJTDBIBCBDBOUBEPFOTVTNPDFEBEFT QFSPVOEBUVWP
RVFWFOEFSTVHVJUBSSBQBSBDPNQSBSIBSJOBZOVODBNTWPMWJB
DBOUBS
i1FSP{SFDPSEBSBMHVOPTWFSTJUPTQBSBN w MFQSFHVOU
i7VFMWB NBBOB MB FTQFSBS DPO FM DBNJOJUP CJFO MJNQJPw NF
DPOUFTU
i7PMWFSNBBOBDPONJHVJUBSSBw MFEJKFBMEFTQFEJSNF
.FGVJBQFTBEVNCSBEB BCBUJEB QFOTBOEPFOTVBNBSHPEFTUJOP
"M EB TJHVJFOUF NF FTQFSBCBO TVT PKPT JHVBMNFOUF USJTUFT 4VT
NBOPTUPSQFTQPSMBWFKF[TFBGFSSBSPOBMBHVJUBSSBZTVWP[DBTDBEB
FOUPOCBKJUP
*
:PUVWFVOBOBWFNJEB
%FNJMBPTFNFKVF
5PPTMPTEJEBMBTJFOUP
-BTJFOUPZMBMMPSBS
:PUVWFVOBOBWFNB
%FNJMBEPTFNFGVF
5PEPTMPTEBTMBTJFOUP
-BTJFOUPZMBMMPSBS
.7
**
2VMMBOUPUBOJOTJTJCMF
2VFNBSUJSJPUBOQFOPTP
5PPFMNVOEPUSFHBP
%FBHVBRVFAFSSBNBONJTPKPT
2VMMBOUPUBOJOTFOTJCMF
2VFNBSUJSJPUBOQFOPTP
5PEPFMNVOEPFTUSFHBEP
%FBHVBRVFEFSSBNBONJTPKPT
***
%FBHVBRVFAFSSBNBONJTPKPT
&TUPZGBCSJDBOEPVONBSF
A0OEFMMPSPOPDIFZEJEB
$VBOEPOPUFQVFPIBCMBSF
%FBHVBRVFEFSSBNBONJTPKPT
&TUPZGBCSJDBOEPVONBS
%POEFMMPSPOPDIFZEB
$VBOEPOPUFQVFEPIBCMBS
/PFYJTUBFOTVDBOUPOJVOBTPNPEFBMFHSB&MEPMPSIBCBTJEP
JNQMBDBCMFFOFMMB
i"IPSBSFDVFSEPVOBDBODJPODJUBMBSHBwNFEJKP QBSBSFGFSJSTFB
VOBUPOBEBFOEDJNBTRVFUFOBFMFNFOUPTMSJDPTEFMBUSBEJDJO
EFM DBOUP B MP QVFUB DPNP MB SFEPOEJMMB P WFSTPT SFJUFSBEPT RVF
SFNBUBCBOMBTFTUSPGBTPQJFTEFTVDBOUP
*
4JVOSJDPMMFHBBVOBDBTB
-VFHPMFNVFTUSBOMBTJMMB
-PUSBUBOTJOSFQVOBODJB
5PPMPTWJFKPTZOJBT
%FMWFSFTBNBSBWJMMB
1BSBVOQPCSFKVFSBFTQBOUP
"MSJDPOPMPMFWBOUP
-PBEPSBODPONJMBNPSFT
:EJDFFMQPCSFBCVSSP
i`2VJONFSFDJFSBPUSPUBOUPw
4JVOSJDPMMFHBBVOBDBTB
-VFHPMFNVFTUSBOMBTJMMB
-PUSBUBOTJOSFQVHOBODJB
5PEPTMPTWJFKPTZOJBT
%FMWFSFTBNBSBWJMMB
1BSBVOQPCSFGVFSBFTQBOUP
"MSJDPOPMPMFWBOUP
-PBEPSBODPONJMBNPSFT
:EJDFFMQPCSFBCVSSJEP
**
&MSJDPTFBQSPQPDJPOB
:FONFTBEFDVNQMJNJFOUP
.FTB DVDIJMMBZDVCJFSUP
:DPNBF}HFOQMBUP
5PPTBEPSBOFOM
$PNPBEPSBSBVOTBOUP
&MSJDPTFQSPQPSDJPOB
:FONFTBEFDVNQMJNJFOUP
.FTB DVDIJMMBZDVCJFSUP
:DPNJEBEFCVFOQMBUP
5PEPTBEPSBOFOM
$PNPBEPSBSBVOTBOUP
.7
:FOWJTUB}FMPEFN
:FOVOFODSFDPFODBOUP
:EJDFFMQPCSFBCVSSJ
:FOWJTUBEFMPTEFNT
:FOVODSFDJEPFODBOUP
:EJDFFMQPCSFBCVSSJEP
)BTUB BI MMFH TV DBOUP QPSRVF TF PMWJE EF MBT EPT EDJNBT
SFTUBOUFTZMBEFTQFEJEB
1BSBSFUSJCVJSTVHFOUJMF[B MFEJKF
i"IPSBDBOUBSZPQBSBVTUFEVOBUPOBEJUBw
&MMBFTDVDIBCBDPOMBWJTUBUJSBEBBMJOmOJUP DPNPNJSBOEPTJOWFS
i`2VFMJOEPDBOUBw FYDMBN DPNPFTCP[BOEPVOBTPOSJTB
i`6TUUJFOFNVZHFOFDPZFTUBODVFSQBw ZMVFHPWPMWJBTV
BDUJUVEFOTJNJTNBEB
/P DPOPD TV DBTB QPSRVF TJFNQSF OPT SFVOJNPT B MB PSJMMB EFM
DBNJOP FOFTFNJTNPMVHBSEPOEFVOBUBSEFOPTDPOPDJNPT&M
EB RVF OPT EFTQFEJNPT MF MMFW VOB GBMEB VOB DIPNCB NFEJBT
HSVFTBTZVOSFCP[POFHSP&MMBFYDMBN
i`"Z TFPSJUBTJFTUPOPFTQBQPCSF6OPRVFTJFNQSFIBUFOP
UBONBMBQMVNJUB%FKBSFTUBSPQJUBQBRVFNFMBQPOHBODVBO
EPNFNVFSBw
:BTOPNTGVFy
{&O RV DBNJOP EFM NVOEP BOEBS MMFWBOEP TV BUBEJUP EF MFB
TPCSFMPTIPNCSPT {$VOUBT'SBODJTDBTWJWJSOZNPSJSODPNP
%PB'SBODJTDB BRVFMMBRVFFODPOUSQPSFMMBSHPDBNJOPRVFWB
B/JCMJOUP
.7
+6j(1<(5(*/=,A
6OEBEPNJOHPQPSMBUBSEFMMFHVIBTUBFMIPTQJUBMEF-JOBSFT
MBDJVEBERVFNFWJPOBDFS5FOBRVFWJTJUBSB+VBOB$IWF[ VOB
HFOFSPTBDBOUPSBDBNQFTJOBRVFNFIBCBFOUSFHBEPWBSJBTDBSSF
UBTDBSHBEBTEFDBODJPOFT"RVFMMBPQPSUVOJEBE TJOFNCBSHP NF
OBSSBSBTVUSJTUFFYJTUFODJB
&OUSFJOUBZEPTBPTEFNBUSJNPOJP iFMMBw FSBMBQBMBCSBNTDBSJ
PTBRVFIBCBPEPEFMBCPDBEFTVNBSJEP
i5FOHP TJFUF IJKPT Z OP T MP RVF FT VO CFTPw NF DPOGFT DPO
DJFSUPQVEPS
i:VTUFE {MPRVJFSF wMFQSFHVOU
i:PNFDBTQPSRVFFTUBCBNVZQPCSF UFOBEPTIJKPTZOPUFOB
QBEBSMFTEFDPNFS6OBBNJHBNBQSFQBSFMDBTBNJFOUPTJORVF
ZPMPDPOPDJFSB$VBOEPMPWJEFOPNFHVTU QFSPJHVBMNFDBT
-B GBUBMJE QVFT /VODB IFNPT IBCMBP DVBOEP ZP DPNJFO[P B
DPOWFSTBSMF NF EJDF `$MMBUF NVKFS EF NJFSEB $VBOEP FTUCB
NPTSFDJODBTBPT MFSBDBSCPOFSPw TFEFUJFOFyZTPMMP[B
1PSFOUPODFT OPMBEFKBCBTPMBZMBPCMJHBCBBJSDPOMBMDFSSP B
USBCBKBSFOFMDBSCOZFMRVJMMBZ&MDBNJOPFSBMBSHP NVZMBSHPZ
FMDBOTBODJPMFBDPSUBCBFMUSBODP&OUPODFTMMFUJSBCBQFBTDB[PT
BMPTQJFTQBSBRVFWPMWJFSBBBQVSBSFMQBTP
$POFMIJKBTUSPGVFDSVFM-PBNBSSBCBBVOSCPMDPODPSSFBTZMF
QFHBCB IBTUBIBDFSMPTBOHSBS&TFOJPUFOBFOUPODFTUSFJOUBZEPT
BPTEFFEBEZZBDBJONPWJMJ[BEPFODBNB+VBOBDVFOUBMBIJTUP
SJBi6OEBNJIJKPIBCBUPNBEP BMDPIPM
ZTFIBCBUSBTUPSOBP
AFMBDBCF[B BOEBCBDPNPMPDPDPOQFEB[PAFmFSSPFOHFMUPFOVO
TBDP-BTHFOUFTMMBNBSPOBVODBSBCJOFSP$VBOEPMMFH NJIJKP
MFIJ[PBTDPOFMmFSSP IBDFVOHFTUPBHSFTJWP
ZMPUJSBMTVFMP
QFSPJHVBMFMDBSBCJOFSPMFEJTQBS-BCBMBMFFOUSQPSVOIPNCSP
ZMFTBMJQPSMPPUSP MFPGFOEJMBDPMVOOBw
`0JHB+VBOJUB DVOUFNFBMHPBMFHSFBIPSB MFEJKF
.JIJKPNBZPSUSBCBKBFOMBSFNPMBDIB FMBPQBTBEPHBOHFOB
QMBUB-MPWJFOEPTFMFWBOUBCBBNFEJBOPDIFQBJSBUSBCBKBSFOMPT
DBNJPOFTFTVOKPWFOBMUP GBDIPTPZUSBCBKBEPSZOPMFHVTUBFM
.7
WJOPUJFOFEPTUFSOPTZUPEBWBMFRVFEB EJOFSP
QBTVDBTB4J
ZPMPSFUPOPDPOUFTUBOBZDMBWBMBWJTUBFOFMTVFMPyBTMPDSJ B
MBNBJSFOPIBZRVFNJSBSMBDPOPKPTEFUPSPCSBWPw
i-BPUSBIJKBTFDBT TVQPMPRVFFSBIPNCSF$VBOEPDIJRVJUJUB
ZPMFEFDB`.IJKJUB OPBOEFNJSBOEPFMHBMMPDVBOEPMFIBDF
FMBNPSBMBHBMMJOB QPSRVFFTNBMP ZZBWFVTU NFTBMJUBO
TFPSJUB
{:TVTEFNTIJKPT TFBM
5PEPTTPOHFOPT QFSPHBOBOQPDP&MEVFPEFMGVOEPMFEBB
WFDFTWFJOUFQFTPT BWFDFTDVBSFOUBQFTPT
{"MBTFNBOB QSFHVOUP
i/P BMNFT QFSPIBDFDPNPDVBUSPNFTFTRVFOPMFTEBO/P
TPUSPTQFOTBNPTRVFEFCBQBHBSOPTNT QPSRVFUSBCBKBNPTIBSUP
ZTPNPTQPUFOUFTQBMUSBCBKPw
i+VBOJUB {:BVTUFEOPMFHVTUBSBJSTFBNFKPSBSBVOIPTQJUBMEF
4BOUJBHP SFQMJRVw
i{:DPNPEFKPTPMPBNJWJFKP &MUBNJOFTUFOGFSNPEFMQVM
NO'KFTFRVFFMNJSDPMFTMMFHPBTFTBOEPDPOFTUPTQPSPUJUPT OP
UFOBNTQBUSBFSNFZQPSGBMUBSMFVOPTQFTJUPTQBMBNJDSPTFWJOP
BQJF"OEVWPMPNFOPTTFJTMFHVBT6OPBWFDFTOPUJFOFOJQB
WJDJPT U B[DBSPZFSCB
NFOPTQBNJDSP`1PCSFWJFKP-FUFOHP
UBOUBMBTUJNB BVORVFFTUBOJEJPTP`-SHBUFQBMIFTQJUBM NFKPS
NFEJKPDVBOEPNFWJPFOGFSNBUSBBVOHSBOTFOUJNJFOUP QFSP
ZBTFNFQBTyw
i$VOUFNFEFTVDBOUP+VBOJUB{$VOEPFNQF[BDBOUBS {2VJO
MFFOTF w MFQSFHVOU
i$VBOEPZPFTUBCBDIJRVJMMPOTJUBNJUBJUJUB VOQPDPEJWJSUP NF
USBB VOPT QBVFMPT GSBHBOUPTPT EF DPMPS HSB[OBUF i`$OUFNF
+VBOJUBw NFEFDB:PNFQPOBNJQBVFMPBMBDJOUVSB WPMBOEP
UPNBCBNJHVJUBSSBZMFDBOUBCBVOPTUSJOBPTDPOWFSTPTDIJTUPTPT
RVFNFFOTFBCBVOBWJFKJUBw
.7
*
4JVOKPWFOMMFHBBMBDBTB
A0OEFIBZOJBTTPMUFSBT
-VFHPEJDFOMPTIBCMBOUFT
i: TUFEFCBSEFOPMMFHBw
4JVOKPWFOMMFHBBMBDBTB
%POEFIBZOJBTTPMUFSBT
-VFHPEJDFOMPTIBCMBEPSFT
i: FTUFFOWBOPOPMMFHBw

**
4JMBTBDBOBCBJMBS
1PSQBSJFOUFPDPOPDP
i:BCBJMDPOTVRVFSPw
4JMBTBDBOBCBJMBS
1PSQBSJFOUFPDPOPDJEP
i:BCBJMDPOTVRVFSJEPw
***
4JMBWFODPOHFOBSPQB
2VFTVQMBUBMFIBDPTUBP
i4VRVFSPTFMPIBEBPw
4JMBWFODPOCVFOBSPQB
2VFTVQMBUBMFIBDPTUBEP
i4VRVFSJEPTFMPIBEBEPw
*7
4JTFSFDVFTUBFOMBDBNB
1PSRVFWJFOFNBMUSBUBP
i%VSNJFSPODPNPDBTBPTw
4JTFSFDVFTUBFOMBDBNB
1PSRVFWJFOFNBMUSBUBEP
i%VSNJFSPODPNPDBTBEPTw
:SFDPSEBOEPFTUPTWFSTJUPTEFVOBUPOBEB +VBOJUBTPOSJ"TFTFM
QPCSF DVBOEPOPUJFOFQBO DPOVOBNJHBKBTFDPOGPSNB
0KBMRVFMBTDVFSEBTEFTVHVJUBSSBTJHBOUSJOBOEPFOVONVOEP
NFOPTUSJTUFQBSB+VBOJUB0KBMRVFTVBMNBTFIBZBVOJEPBPUSBT
BMNBT HFNFMBT QBSB RVF USJOFO KVOUBT DFSDB EFM %JPT RVF FTUVWP
BVTFOUFFOTVGVHB[QBTBEBQPSFTUBUJFSSB
.7
+6j(090:(9,33(56=,5,.(:
3(*6)8<,*<9(5(
)BDF BMHVOPT BPT MB PNPT DBOUBS QPS QSJNFSB WF[ FO TV UJFSSB
OBUBM $PCRVFDVSB -B WJOJNPT B DPOPDFS FO FM DMJEP Z DPSEJBM
BNCJFOUFEFVOBSFVOJOGBNJMJBS/PTJNQBDUQPSTVCFMMTJNB
WP[ QSPWJTUB EF VO SJDP WJCSBUP -VDJ FOUPODFT VO JOUFSFTBOUF
SFQFSUPSJPTBMPOFSP RVFJODMVBUPOBEBT DVFDBT WBMTFT IBCBOFSBT
DBODJPOFTZNB[VSDBT
%FTVWJEBQPDPPOBEBDPOWFSTBNPTFOBRVFMMBPQPSUVOJEBE4MP
OPTMJNJUBNPTBFTDVDIBSMBDBOUBS"IOPTFOUFSBNPTUBNCJORVF
EPB *SJT OP UFOB HVJUBSSB &OUPODFT KVOUP B NJ RVFSJEB BNJHB
4PMFEBE .BOUFSPMB OPT QSPQVTJNPT CVTDBS FM NPEP EF TVQMJS
BRVFMMBDBSFODJB
&O FTUF BP WJBKBNPT OVFWBNFOUF B TV
UJFSSB /VFTUSP QSJODJQBM PCKFUJWP FSB WPMWFS B
WFSMB:BTGVF-BWJTJUBNPTFOTVDBTB EPOEF
OPT SFDJCJ BGFDUVPTBNFOUF /PT IPOS DPO TV
NFTB EFMFJUPTB Z HFOFSPTBNFOUF TFSWJEB QMBUPT
DPO IBSJOB EF BWFMMBOBT IBSJOB UPTUBEB VOB
UPSUBDBTFSB FNQBOBEBTIPSOFBEBTEFQJOPZEF
NBSJTDPT NFSNFMBEBTDBTFSBTZFOFMDFOUSPVOB
HSBOGVFOUFEFQBQBZBTDPDJEBT RVFTPZUPSUJMMBT
EFSFTDPMEP/PTSFDJCJDPOFTUBDPQMB
*SJT"SFMMBOPKVOUPB.BSHPU-PZPMB
$PCRVFDVSB
'PUP0$EJ[
:PTPZVOBDPCRVFDVSBOB
4JNQUJDBZBSSPHBOUF
5JSBOBDPOFMWBSJBCMF
'JFMDPOFMRVFNFFTDPOTUBOUF
:EJKPCJFO QVFTFO*SJT"SFMMBOPMBHFOFSPTJEBEFTVOBDVBMJEBE
RVFSFTBMUBTVQFSTPOBMJEBEBMFHSF KPWJBM DMJEB TJODFSBZTJOEP
CMFDFT4FMBQVFEFEFmOJSDPNPVOBNVKFSDBSJPTBRVFUJFOFBNJ
HBT FO FM DBNQP Z MB DJVEBE RVF MF SFUSJCVZFO FO DBQBDJEBE EF
FOUSFHBFOVODVBOUVBZEFSFHBMPT
.JUSBCBKPFOFMDBNQPOPUJFOFQBSBNNBZPSTFOUJEPTJOPTF
EBVOMB[PEFBGFDUPDPOMPTTFSFTDPORVJFOFTDPNQBSUPZNFFO
TFBO6OBGPSNBEFBDFSDBSNFBFTBEJNFOTJO FTFTDVDIBOEPMPT
.7
SFMBUPTRVFNJTNBFTUSBTNFSFHBMBO1JFOTPRVFTMPBTTFQVFEF
BQSFOEFSEFMPUSP:TJFNQSF DBTJJOFWJUBCMFNFOUF FTPTSFMBUPTHJ
SBOFOUPSOPBTVTFYQFSJFODJBTNTWJUBMFT TVTIJTUPSJBTEFWJEB
:EPB*SJTOPFTVOBFYDFQDJO1BSUFEFTVWJEBFTUFTUBNQBEB
FOFTUFGSBHNFOUPEFVOBEFOVFTUSBTUBOUBTDPOWFSTBDJPOFTZRVF
USBOTDSJCPUFYUVBMNFOUF
i.J QBESF FSB EF 2VJSJIVF Z NJ NBN EF BRV $PCRVFDVSB

.JQBQTFJCBBFNCBSDBS QPSRVFFSBNBSJOPNFSDBOUF
i`.FWPZEFMGBOHPEF$IJMFZWFOHPBWFSMBMPCFSBZUPEPQBSB
JSNFyw
i:VOBNJHPTVZP -FPQPMEP4BMHBEP MFEJKP
i`2VUFWBTBJSIPNCSFWBNPTEPOEFMB-BVSJUB7FOFHBTQBRVF
UFDBOUFVOBDBODJOFOFMBSQBw
i-FPQPMEPFTUBCBFOBNPSBEPEFNJNBNZMMFWBCBBNJQBQEF
QBOUBMMB:NJQBQFSBNVZKPWFO EJF[BPTNFOPSRVFNJNBN
:NJNBNEJKP
i{1BSBRVUSBFOBFTUFDIJRVJMMPUBOKPWFO :MB"VSPSB TVIFS
NBOB
MFDPOUFTUP
i`-FPQPMEP TBCFTRVF UVBDPNQBBOUF
TFTVCFDPOFMDBCBMMPB
MBWFSFEBZOPTWBBIBDFSMBHSBOEF -BVSJUB
$OUBMFVOBDBODJO
QBSBRVFTFWBZBO ZPUFBDPNQBPFOMBHVJUBSSBw
-PTIJDJFSPOQBTBSBMBTBMJUBZNJNBNFNQF[
*
4JZPGVFSBSVJTFPS
*SBBEBSUFVODPODJFSUP
:OPDBOUBOEPEFBNPS
&OMPTUJMPTEFUVIVFSUP

&TUSJCJMMP
"NOPNFMMFWBFMSP
"NOPNFMMFWBFMNBS
"NNFMMFWBNJRVFSJEP
"MDBSJPEFMIPHBS
.7
**
.VDIPRVJFSPBUVTPKJUPT
.VDIPBUVTPKJUPTRVJFSP
1FSPNTRVJFSPBMPTNPT
1PSRVFDPOFMMPTUFWFP

&TUSJCJMMP
"NOPNFMMFWBFMSP

***
"MQBTBSZPQPSUVDBMMF
/POFDFTJUPGBSPM
1PSRVFUVTIFSNPTPTPKPT
.FSFMVNCSBONTRVFFMTPM

&TUSJCJMMP
"NOPNFMMFWBFMSP

:NJQBQTFFOBNPSiIBTUBMBTQBUBTw/PTFFNCBSDZQFSEJFM
CBSDPQFSEJUPEP-BTJHVJ MBTJHVJZMBTJHVJ.JNBNOP
RVFSBQPSRVFFSBNVZKPWFO.JQBQDBZEFSPEJMMBTZTFRVFE
EPOEFNJUP8FODF:TFDBTDPOFMMB FOFMBPw
%PB*SJTFTVOBNVKFSRVFDBOUBIFSNPTPZUBNCJOOPTDVFOUB
EFTVSFQFSUPSJP EFDNPBQSFOEFBDBOUBSZUPDBSMBHVJUBSSB
i:P OP T OBEB EF NTJDB 5PEP MP BQSFOE EF NJ NBN QFSP
FMMBOPNFFOTFBCBBQPOFSMPTEFEPTFOMBHVJUBSSBZPNJSBCB
OPNT FSBO VOPT UPRVFT UBO MJOEPTy ZP TMP BmOP QPS PEP
EJVDB DIJODPM [PS[BM$VBOEPDBOUNFSFDVFSEPEFNJNBN
DVBOEPDBOUBCBFOMBDPDJOB6OBWF[ FO4BO'FSOBOEP DBOUVOB
DBODJO i3FDVFSEPTw ZTFQVTPBMMPSBS&MMBUVWPVOHSBOBNPS
QFSPBMOPMPEFKBSPODBTBSTFQPSRVFFMMBFSBDBOUPSB`.JSFRV
QFDBEP{OP w
*SJTIBWJWJEPKVOUPBMDBOUPZMBUPOBEB QFSPFMMBOPTFDPOTJEFSB
VOBDBOUPSBi:PMFDBOUPBNJTBNJTUBEFTZTPZGFMJ[DVBOEPDBO
UP1BMPTDBNQPTIBZBMHVOBTDBOUPSBTRVFDBOUBODPOMBHVJUBSSB
QBS:PTJFNQSFIFDBOUBEPFODBTBTQBSUJDVMBSFTy/PNFHVTUB
TBMJSEFBRVy"NOVODBNFIBOQBHBEPy"NJNFHVTUBDBO
UBS QFSPRVFMBHFOUFNFFTDVDIF&OVOBTUBSKFUBTRVFNFIJDJFSPO
.7
NJTTPCSJOPTNFQVTJFSPODBOUBVUPSBy:OP ZPMFIBCSBQVFTUP
DPCRVFDVSBOBOPNTyw
)BCMBOEP EF BNPSFT OPT DPOGFT i" MPT BPT NJ QBQ NF
QFHQPSRVFNFFOBNPS"VODPOUJOPFOBNPSBEB5PEBWBNF
WJFOFBWFS DBMMBZTVTQJSB
FOBNPSBEBEFMNJTNPIPNCSFZBTPO
DJODVFOUBZDVBUSPBPTw:IBTUBBIOPNTMMFHBDPOFTUFUFNB
Z QPSTVQVFTUP OPIBZRVFJOTJTUJSQPSSFTQFUPBTVQSJWBDJEBEZ
TFOTJCJMJEBE
1FSPMBDPOWFSTBDJOOPEFDBFZTFHVJNPTFTDVDIOEPMBi6OBWF[
EFTQVTEFDBOUBSTFNFBDFSDVOKPWFODPOVOBHSBCBEPSBFOMB
NBOPZNFEJKP
.FMBMMFWPFODJOUB:ZPMFDPOUFTUF{$NPZPOPNFOPUP w
i0USBWF[RVFUVWFRVFDBOUBSDPOIBSUPQCMJDP QPSRVFNFMPQJ
EJFSPOMBTBVUPSJEBEFTyZZPDBOUFi&M&TQFKPwZVOBTTFPSBTDPO
QJFMFTQFMBTMMFHBSPOBBCSB[BSNFZIBCBVOBRVFFSBBMUBZHPSEB
ZNFBCSB[ZNFEFKUPEBQJDPUFFSBEFQJFMEFFTDOyw
i"NJNFIBOBHBSSBPMBQJFSOBUSFTWFDFTyQFSPOOJO.F
JOWJUBSPOBMBDBTBEFEPO1PMJBVOBTBEPZNFJOTUBMFOUSFEPT
SCPMFTZ`OPTFMFRVJFCSBMBQBUBFMBTJMMB/PTVQFEFMNVOEP
QFSPOPTPMUMBHVJUBSSBi1BSMBTQBUBTwZTFNFWJPUPEPy
{&TUPTSCPMFTEFRVTPO MFEJKFBEPO1PMJ
i4POEFBWFMMBOPTw NFDPOUFTU
`$PO RVF FT -JUSF MF DPOUFTU {$NP NF IBCSB RVFEBP MB
QKBSB "MHVOPTEFDBORVFMPTDVBESPTFSBOCMBORVJUPT ZZPNF
IBDBMBUPOUBOPNTw
-BDPCRVFDVSBOBUJFOFMBHVJUBSSBBMPTQJFTEFTVDBNB HVJUBSSB
mFMRVFBWFDFTBDPNQBBTVTEFTWFMPT2VFFTPTEFTWFMPTOPUFS
NJOFODPOTVDBOUPZTVBMFHSBEFWJWJS
.7
+654(*(9064<,5(
4JCJFOFTDJFSUPRVFIBTJEPMBNVKFSRVJFOIBNBOUFOJEPWJWBMB
UPOBEB UBNCJOMBWP[NBTDVMJOBIBFOUSFHBEPHSBOEFTBQPSUFTB
TVQFSNBOFODJB1PSUBMSB[OEPO.BDBSJP.VFOBSFQSFTFOUBSFO
FTUBTQHJOBTMBQSFTFODJBEFMIPNCSFFOFTUFDBNQP
%PO.BDBSJPOBDFZTFDSBFO4BOUB$MBSB UJFSSBNBVMJOBDFSDBOB
B-B7JOJMMB FOMPTBMSFEFEPSFTEF$BVRVFOFT4JFOEPIJKPOJDP
ZSFHBMOEFTVBCVFMJUB QFSUFOFDJBVOBGBNJMJBEFDBOUPSBTEF
RVJFOFTIFSFETVBmDJOQPSFMDBOUPZMBHVJUBSSB MBRVFUPNB
FOTVTNBOPTBQFOBTDVNQMJEPTMPTUSFDFBPT$PNFO[iQPSMPT
mOBSFTw DPNPMNJTNPOPTFYQMJD
%FKPWFOTFWBBWJWJSBMQVFCMPi`1JDIPODJUPNFWJOFB$BVRVFOFT
KPWFOEFCVFOBFEBEw"RVMFDPOPDJNPTWJWJFOEPFOVOQFRVFP
FTQBDJP RVF BOUFT IBCB TJEP VO HBSBKF &TUF IPNCSF RVF TF EF
DMBSBCBiBEJQMPNBPEFKVJDJPwZRVFOVODBIBCB
UFOJEP iVO SFBKVTUF EF PEJPw DPOUBCB DPNP
OJDB QPTFTJO Z GPSUVOB EPT UFMBSFT VOP UJSBP
RVFMMBNBCBNBQVDIF ZPUSPWFSUJDBMRVFMMBNB
CBFTQBPM'BNPTBTFSBOTVTNBOUBTZGSB[BEBT
DPOGFDDJPOBEBTFOMBOBDSVEB RVFMIBDJBQPS
FODBSHP
'VFSPO JOOVNFSBCMFT MBT TFTJPOFT EF FTUVEJP Z
BNJTUBEFOUPSOPBTVDMJEPCSBTFSPZTVnPSJEP
Z FODBOUBEPS MFOHVBKF i:P MMPS FO FM WJFOUSF
EFNJNBESFyZNFDSJFOVOBDBTBEFOJBT
BMFHSFT RVF DBOUBCBO DPO BSQB Z HVJUBSSB "I
MMFHBCBONVDIBTDBOUPSBTBOUJHVBTRVFUPDBCBO
SFGBMPTB QFRVO QFSJDOyQFSPMBNFKPSFSBMB
TFDVSJBOBRVFFSBFTDVCJMMZ[BQBUFw
%PO .BDBSJP GVF DPOPDFEPS EF MPT BNCJFOUFT
DIJOHBOFSPT RVF EPNJOBCBO FM FTQBSDJNJFOUP
DBNQFTJOP Z QVFCMFSJOP i&M RVF CBJMBCB NFKPS HBOBCB QSFNJP
VOBDIBSPMB RVFFSBVOBCBOEFKBDPOKBSSPEFQPODIFZSPTDBTyFM
QPODIFFSBEFDVMO DPOBHVBSEJFOUFZDBTDBSJMMB$VBOEPMBTNV
KFSFTCBJMBCBOMBTFDVSJBOB TFMFWFBODVBUSPWVFMPTEFMBFOBHVB
BMNJEPOBMBNJUBEEFMBQJFSOB:CBJMBCBOMBDVFDBMBSHBIBTUB
RVFEBSQJPODBT"WFDFTMPTIPNCSFTTFSBTDVDIBCBODPOIVBSJTOBRVF
.BDBSJP.VFOB$BVRVFOFT
'PUP.-PZPMB
.7
ZTFDVSBCBOiIBTUBMBTQBUBTw&TPNJTNPIJDFZPDVBOEPTFNBUFM
QSFTJEFOUF"MMFOEFyw%PO.BDBSJPTFRVFEDBMMBEP QFOTBOEP
ZMVFHPEJKPi`4FQPSUNVZCJFODPOOPTPUSPTMPTDBNQFTJOPTw
:QBSBEJTJQBSMBQFOBEFMPTSFDVFSEPTUPNMBHVJUBSSBZDBOUVO
FTRVJOB[P RVFmOBMJ[DPOFMTJHVJFOUFDPHPMMP
1BSBMBOPCMFDPNQBB
4PMZUJFSSBFOMBWFOUBOB
-VOBEFUPEBTMBTOPDIFT
-VDFSPEFMBNBBOB
4FPSJUBTDBCBMMFSPT
"EPO.BDBSJPOVODBMPWJNPTUSJTUF OVODBUVWPRVFKBTZTJFNQSF
FTUVWPEJTQVFTUPBFOTFBSOPTUPRVPT SBTHPTZUSJOB}PTRVFNBUJ[BCB
DPOVOBSJTBDPOUBHJPTB
/VFTUSPT SFJUFSBEPT FODVFOUSPT GVFSPO TJFNQSF B EPT HVJUBSSBT
QVFTUPRVFEFHVJUBSSBDBNQFTJOBMTBCBZNVDIP%PTHVJUBSSBT
EJGFSFOUFTDPOEJTUJOUBTPOPSJEBE-BEFM HVJUBSSBEFQBMJUPDPO
DVFSEBT EF BMBNCSF Z DMBWJKBT FNCVUJEBT ZMBNB NTNPEFSOB
DPODVFSEBTEFOZMPOZDMBWJKFSPNFUMJDP
6OEBIBCMEFMBTiHVJUBSSBTDBTBEBTw RVFMFYQMJDEJDJFOEP
i1SJNFSP IBZ RVF SFBKVTUBS MBT HVJUBSSBT DPO MPT mOBSFT QPS MB
DPNOZQPSUSBOTQPSUFw
i{:QPSRV w MFQSFHVOU
i`1PSRVFMBTHVJUBSSBTIBCMBOw BTFHVSFOUPODFT
i{:DNPTFDBTBOMBTHVJUBSSBT w MFQSFHVOUB.VFOB ZMNF
EJKP
i-BDPNOIBCMBDPOFMUSBOTQPSUFy`BTTFDBTBOMBTHVJUBSSBTw
NFEJDF
$PNJFO[PSBTHVFBOEPVOBDVFDBFO%P.BZPSZMTFJODPSQPSB
UPDBOEPVOQVOUFPFOUFSDFSBTQBSBMFMBTDPOMBBmOBDJOUSBTQVFTUB
"MFTDVDIBSMBTEPTHVJUBSSBTKVOUBTMTFTPOSFZFYDMBNB
i`4JMFQVTJSBNPTDPSEJOZGVSBNPTBMBSBEJPTFSBMBHMPSJBZ
OPTJSBNPTQBSSJCBDPNPVODVFUFw
.7
4VTTBCFSFTFSBOBQBSFOUFNFOUFTJNQMFT QFSPSFWFMBCBOVOUJQPEF
DPOPDJNJFOUP FYUSBPSEJOBSJP QVFT FO TV DBTBNJFOUP EF HVJUBSSB
FYQMJDBCBVOBQBSUJDVMBSJOUFSQSFUBDJOEFMBTDPTBTEFMNVOEPRVF
MPSPEFBCB$VBOEPIBCMBCBEF-B$PNOZ&M5SBTQPSUFTFSFGFSB
B EPT BmOBDJPOFT EJTUJOUBT QFSP DPNQMFNFOUBSJBT DPODPSEBOUFT
RVF TJO EVEB EBCBO B TVT UPOBEBT VOB TPOPSJEBE FTQFDJBM EJGF
SFOUF VOTPOJEPNTMMFOP
0USPEBOPTJOWJUBBDPOPDFSBVOBTDIJRVJMMBTBNJHBT RVFTFHO
EJDFiDBOUBOCJFOB[PZDPOHVJUBSSB QFSPEFCFNPTMMFWBSVOBDIJ
DBDPOQJQFPFJSOPTFOBVUP QPSRVFWJWFOMFKB[Pw$PNQSBNPT
MBDIJDBZBSSFOEBNPTVOBVUPMTFTFOUBEFMBOUFQBSBJOEJDBS
FMDBNJOP$VBMTFSBOVFTUSBTPSQSFTBDVBOEPBMBTQPDBTDVBESBT
FMBVUPTFEFUVWPZMEJPMBPSEFOi`5PRVF UPRVFMBCPDJOByQB
RVFWFBORVFWFOJNPTFOBVUPw
&O VOB DBTB DPO BNQMJPT DPSSFEPSFT WJWBO MBT iDIJRVJMMBTw `MB
NBZPSUFOBDFSDBEFOPWFOUBBPT MBEFMNFEJPDPNPPDIFOUBZ
MBNFOPSTFUFOUBZPDIP"IFNQF[FMDBOUVSSFP-BEFMNFEJP
BmO MB HVJUBSSB QPS USBOTQPSUF Z FNQF[ DBOUBOEP DPO AAUPRVP
UBQBPPQPSBSSJCB VOFTRVJOB[P
"MBNBOFDFSMBBVSPSB
4 BZ T TJ
:BDBOUBOMPTSVJTFPSFT
4 BZ BZ BZ
:BUFOBTVTNBOPTUPSQFT QFSPSFDPSEBCBVOBCFMMB+PUBRVFNF
SFHBM
:SFTVMURVFMBTDIJRVJMMBTOPUPNBSPOyZHSBDJBTB%PO.BDBSJP
SFHSFTBNPTDBNJOBOEPDPOMBDIJDBWBDB FMQBSEFHVJUBSSBT NJMFT
EFSFDVFSEPTEFMBTIFSNBOBT)FOSRVF[ZVOBQSFDJPTBFOBHVBDPO
BMGPS[BTZNJSJBRVFT RVFIBCBQFSUFOFDJEPBMBKVBSEFSPQBTRVF
VOBEFFMMBTIBCBVTBEPFOTVTNPDFEBEFT
&O VOP EF OVFTUSPT WJBKFT OPT FOUFSBNPT EF MB NVFSUF EF EPO
.BDBSJP BVORVF OVODB TVQJNPT DPO FYBDUJUVE DVOEP GVF RVF
GBMMFDJ 1PDP UJFNQP EFTQVT EF MB USJTUF OPUJDJB UVWJNPT MB
PQPSUVOJEBEEFSFOEJSMFVOIPNFOBKFFOFM5FBUSP.VOJDJQBMEF
$BVRVFOFT DPO FM BQPZP EF MB "MDBMEB EF FTB DJVEBE )BTUB BI
MMFHBSPOBFOUSFHBSTVBZVEBDBOUPSBT DPMFHBTZBMVNOBT'VFVOB
.7
OPDIFJOPMWJEBCMF"MM FTUBCBOFOFMDFOUSPEFMFTDFOBSJPMPNT
SFQSFTFOUBUJWPEF.VFOBVOBTJMMBDPOVOBEFTVTNBOUBT TVHVJ
UBSSBiEFQBMJUPwZTVWP[BUSBWTEFVOPEFMPTUBOUPTSFHJTUSPTRVF
FOWJEBMFQVEJNPTSFBMJ[BS
/PIFPMWJEBEPBEPO.BDBSJPyZOPMPPMWJEBS`5BOIVNJMEFy
UBOBHSBEFDJEPEFMBWJEByUBOHFOFSPTPQBSBFOUSFHBSOPTTVTBCFS
M VO IPNCSF FTFODJBMNFOUF TBCJP OP TVQP DVOUP TBCB OJ FM
WBMPSZTJHOJmDBEPEFTVTEPTHVJUBSSBTDBTBEBT
79,*<9:69,:+,3*(5;(9*906336
&OFTUFDBQUVMPNFSFGFSJSFYDMVTJWBNFOUFBVOHSVQPEFOPUBCMFT
JOUSQSFUFT RVF EJFSPO SFBMDF B MB UPOBEB Z MB DVFDB DBOUOEPMB
DPOBDPNQBBNJFOUPQSFGFSFOUFNFOUFEFHVJUBSSBZPBSQB ZRVF
UVWJFSPOTVBQPHFPFOUSFMPTBPTZBQSPYJNBEBNFOUF
1SJODJQBMNFOUFGVFSPONVKFSFTDPORVJFOFTDPNQBSUMPTFTDFOBSJPT
ZFONVDIPTDBTPTMBBNJTUBE"MHVOBTEFFMMBTNFMFHBSPO BEFNT
TVTTFDSFUPTEFYJUPZQBSUFEFTVSFQFSUPSJP
4FUSBUBCBEFBSUJTUBTTBDSJmDBEPTZBHVFSSJEPTRVFTFEFEJDBSPOB
VOBWPDBDJORVFFONVDIPTDBTPTJCBUSBTVOBJEFBIBDFSNTJDB
DIJMFOB DPOJEFOUJEBEDIJMFOB QBSBVOQCMJDPDIJMFOP1PSFMMP
USBCBKBSPO TJO NT BNCJDJO RVF MPHSBS VOB DPNVOJO EJSFDUB Z
QFSTPOBMDPOFMQCMJDP TJFOEPTVTFTDFOBSJPTMBTGPOEBTQPQVMBSFT
MBTRVJOUBTEFSFDSFPZMBTDBTBTEFDBOUP BTDPNPMPTBVEJUPSJPTEF
SBEJPZDBTBTHSBCBEPSBT.VDIBTEFFMMBTGVFSPOUBNCJOBDUSJDFT
ZQFSTPOBTEFUFBUSPRVFBDUVBSPOFOPCSBTDPTUVNCSJTUBTNVZFO
CPHBFOMBEDBEBEFZ
&O TV SFQFSUPSJP QSFWBMFDB MB UPOBEB EF BVUPSB QSPQJB Z PUSBT
BEBQUBEBT DPO FMFNFOUPT EF MB USBEJDJO 1PS JOnVFODJB QSPCB
CMFNFOUF EFM UFBUSP BHSFHBSPO FO TV JOUFSQSFUBDJO FYQSFTJPOFT
IJTUSJOJDBT UBMFT DPNP SJTBT BOJNBDJPOFT WFSTPT EJDIPT NVZ
DIJMFOPTZPUSBTGPSNBTEFFYQSFTJO BKFOBTFOMBUPOBEBDBNQFTJ
OB 1SFTFOUBSPO BEFNT FO MB UPOBEB CJQFSJEJDB VOB TFHVOEB
QBSUF DPO FTUSJCJMMPT FYUFOTPT FO MFUSB Z NTJDB EPOEF DSFFNPT
EFTDVCSJSBMHOSBTHPOFHSPJEF4VSHFBTVOBUPOBEBEFHSBOWJ
WBDJEBE FOSJRVFDJEBFOUFYUP NTJDBZFYQSFTJO
-BUPOBEBDSJPMMBNPTUSBCBVOBDIJMFOJEBEJEFBMJ[BEB RVFOPWFB
MBSFBMJEBETPDJBMNVDIBTWFDFTDSVEBZEPMPSPTBEFMIPNCSFZMB
1$$
NVKFSEFMDBNQP1PSFMDPOUSBSJP MPTQPOBBFMMPTDPNPQBSUFEF
VOQBJTBKFCVDMJDPRVFEJCVKBCBBMFHSJDBNFOUFMPTWBMPSFTEFMB
OBDJPOBMJEBE5FYUPTDPNPFMTJHVJFOUFGSBHNFOUPEFVOBUPOBEB
RVFBMHVOBWF[DBOU EBOVOmFMSFnFKPEFMPRVFQVFEFFOUFOEFSTF
QPSUPOBEBDSJPMMB
*
%FVOHSVQPEFDBNQFTJOPT
%JTQVFTUPTQBSBDBOUBS
/BDJMBQSJNFSBOPUB
%FNJCBJMFOBDJPOBM
&TUSJCJMMP
7BNPTDBOUBOEP OJB
%FKBMBTQFOBT
2VFQPOFSTFUSJTUPOB
/PFTEFDIJMFOB
**
%FCBKPEFVOBSBNBEB
:BMDPNQTEFVOBWJIVFMB
:DPODIJDIBSFNPKBEB
/BDJNJDVFDBDIJMFOB
&TUSJCJMMP
7BNPTDBOUBOEP OJB
%FKBMBTQFOBT
2VFQPOFSTFUSJTUPOB
/PFTEFDIJMFOB
&ONJTJOJDJPTUBNCJODBOUFTUFUJQPEFUPOBEB QPSRVFFSBMPRVFTF
FTUJMBCBZFTDVDIBCBFOFMUFBUSP FMEJTDPZMBSBEJP RVFFSBOMPTNF
EJPTQSFEPNJOBOUFTFORVFMBTDBOUPSBTTFEFTFNQFBCBO1PSRVFFO
FTUPIBZRVFTFSJOTJTUFOUFMBUPOBEBDSJPMMBFSBFNJOFOUFNFOUFVOB
FYQSFTJOEFMDBOUPDJUBEJOPRVFFONVDIPTDBTPT IBCMBCBEFNPEP
CBTUBOUFEFTJOGPSNBEPZIBTUBJOEPMFOUFEFMBWJEBDBNQFTJOB
1$$
*3(90;(;(70(
*OJDJPFTUFSFMBUPDPO$MBSJUB5BQJBQPSIBCFSTJEPFMMBMBQSJNFSB
BSUJTUB EF FTDFOBSJP RVF NF JNQSFTJPO "MUB NPSFOB Z EFMHBEB
SFMVDBFOMBTUBCMBTEFDVBMRVJFSUFBUSP EPOEFEFTQMFHBCBVOUBMFOUP
BSUTUJDPJOOBUPRVFMBIBDBEFTUBDBSZBGVFSBDPNPVOBHSBOBSQJT
UB VOBBHSBDJBEBZQPUFOUFDBOUPSBDSJPMMB PCJFO VOBBDIJTQBEB
CBJMBSJOB'VFFTUPMUJNPMPRVF TFHVSBNFOUF NFSFTVMUBCBNT
JNQBDUBOUF FO FMMB MB GPSNB FO RVF CBJMBCB MB DVFDB &MMB Z TV
NBSJEPFMBGBNBEPFNQSFTBSJP EJSFDUPSZBSUJTUB&OSJRVF$IJMPUF
$BNQPTGPSNBCBOVOBQBSFKBEFCBJMBSJOFTUBOFYDFQDJPOBMFT RVF
NFBUSFWFSBBEFDJSRVFFOFMMPTWMBCBJMBSMBNFKPSEFMBTDVFDBT
RVFBMHVOBWF[IBZBQSFTFODJBEP
"EFNT EF NBUSJNPOJP NTJDPT Z CBJMBSJOFT $MBSJUB 5BQJB
Z $IJMPUF $BNQPT DPOGPSNBSPO KVOUP B PUSPT BSUJTUBT FM
GBNPTPDPOKVOUP&TUBNQBT$SJPMMBT VOBEFMBTDPNQBBTGPM
LMSJDBTQJPOFSBTFOMBFNQSFTBUFBUSBMRVFQSPNPWJMBNTJDB
DSJPMMB FOVOUFBUSPQPQVMBSZNVZDIJMFOPJNQVMTBEPQPSFM
HFOJPEFMESBNBUVSHPOBDJPOBM"OUPOJP"DFWFEP)FSOOEF[
$PNPJOUSQSFUFEFUPOBEBT$MBSJUB5BQJBTJFNQSFTFBDPN
QBBCBEFHVJUBSSB PCJFOEFVOBSQBHSBOEFFJNQPOFOUF
TVJOTUSVNFOUPQSFGFSJEP1FSPBEFNTEFTVHSBDJBDPNPFKF
DVUBOUF FMMBTFEJTUJOHVBQPSVOBJOUFSQSFUBDJOQDBSBNVZ
TVZB$PNPPUSBTUBOUBTDBOUPSBTDSJPMMBT FMMBDVMUJWBCBVOB
UPOBEBT EF EPT QFSPEPT P UPOBEB CJQFSJEJDB %FTQVT EFM
FTUSJCJMMP BDPTUVNCSBCB B SFDJUBS DPO DJFSUB TPSOB NBMJDJPTB
VOBT JNQSFEFDJCMFT Z FYUFOTBT BOJNBDJPOFT RVF MMFHBCBO B
TPCSFQBTBSFMUFYUPEFMDBOUPZBVNFOUBCBOFMJOUFSTZMBBUFO
DJO EFM QCMJDP 4V FTUJMP FSB QPS MP UBOUP NVZ GFTUJWP
EJTQVFTUP DPNFEJBOUF BMHPNVZQSPQJPEFMBNCJFOUFFOFM
RVFTFEFTFNQFBCB
$MBSJUB5BQJBKVOUPBTVNBSJEP
&OSJRVF$IJMPUF$BNQPT
1PSFMQFJOBEPEF$MBSJUB MBGPUPEFCF
DPSSFTQPOEFSBMBEDBEBEF
/P GVF NVDIP MP RVF DPNQBSU DPO $MBSJUB 1PS FTB QPDB
mOBMFTEFMBEDBEBEF ZPFTUBCBSFDJOFNQF[BOEPNJ
DBSSFSBKVOUPBNJIFSNBOB&TUFMBZFMMBUSBBZBQPSMPNFOPT
EJF[BPTEFVOBBHJUBEBWJEBBSUTUJDBRVF KVOUPBTVNBSJEP
MB IBCB MMFWBEP B DBTJ UPEPT MPT SJODPOFT EFM QBT 4JO FNCBSHP
FO7BMQBSBTP UVWF MB PQPSUVOJEBE EF SFDJCJS EF FMMB MFDDJPOFT EF
DVFDB&MMBTJFNQSFJOTQJSNJCBJMF
1$$
1FSE DPOUBDUP DPO $MBSJUB5BQJB )BDJB DPNJFO[PT EF MB EDBEB

EF DPNFO[ B FDMJQTBSTF FM NVOEP BM RVF FMMB Z TV NBSJEP
QFSUFOFDBO 'JOBMNFOUF MBT DPNQBBT EF UFBUSP DPTUVNCSJTUB
UFSNJOBSPO QPS EFTBQBSFDFS 4F WFOB MB FSB EF MPT DPOKVOUPT EF
QSPZFDDJOFTDOJDBEFMGPMLMPSF
7,;96503(@4,9*,+,:!
3(:/,94(5(:69,33(5(
4FHOMBQSPQJBWFSTJOEF1FUSPOJMB FMMBTOBDJFSPOFOMBBOUJHVB
MPDBMJEBE EF #BSSBODBT TFDUPS VCJDBEP BM PDDJEFOUF EF 4BOUJBHP
FOMBBDUVBMDPNVOBEF1VEBIVFM1FUSPOJMB MBNBZPSEFMBTEPT
IFSNBOBT IBCSBOBDJEPFO%FQFRVFBTTFEFTUBDBSPOQPS
TVTDVBMJEBEFTOFUBNFOUFBSUTUJDBTZUFNQSBOBNFOUFEFTDPMMBSPO
FOMBTQSFTFOUBDJPOFTEFMPTBDUPTEFMBFTDVFMBBMBRVFBTJTUBO"M
JHVBMRVFUBOUBTPUSBTDBOUPSBT MBT)FSNBOBT0SFMMBOBBQSFOEJFSPO
EFTVNBESFFMNBOFKPEFMBHVJUBSSBZFMDBOUPEFMBUPOBEB
-BT0SFMMBOBGVFSPOVOEPEFBSQBZHVJUBSSB BMHPNVZDBSBDUFST
UJDP EFM DBOUP USBEJDJPOBM DIJMFOP &KFSDBO TPCSF TV QCMJDP VO
JOnVKP IFDIJ[BOUF Z FSBO CJFO SFDJCJEBT EPOEF GVFSB RVF TF QSF
TFOUBTFO 4VT BNCJFOUFT NT DPNVOFT FSBO MPT SPEFPT NJOHBDPT
ZUSJMMBTEPOEFTFQSFTFOUBCBODPOWFTUVBSJPTNVZWBSJBEPT$BO
UBSPO UBNCJO FO MB SBEJP Z MMFHBSPO BM EJTDP TJO BCBOEPOBS TV
BDUJWJEBEUSBOTIVNBOUFDPNPDBOUPSBTEFUFBUSPTQVFCMFSJOPT4V
QCMJDPMFTFSBmFMZFMMBTOPFTDBUJNBSPOFTGVFS[PTQBSBNBOUFOFS
FTB DPNVOJO 1FUSPOJMB NF DPOUBCB RVF DVBOEP MMFHBCBO B VO
QVFCMP TF DPOTFHVBO EPT DBCBMMPT Z TBMBO QPS DBMMFT Z DBNJOPT
BOVODJBOEPDPOVOBCPDJOBEFMBUBi`"UFODJO BUFODJO IPZTF
QSFTFOUBO FO FM UFBUSP EFM QVFCMP -BT )FSNBOBT 0SFMMBOBw %F
FTFNPEPMPHSBSPOTFSDPOPDJEBTFOUPEPFMQBT&MMBTGVFSPOVOB
FQPQFZBEFOUSPEFMDBOUPDIJMFOP
"VORVF EF NVZ KPWFO ZP UFOB OPUJDJBT EF MB FYJTUFODJB EF FTUF
QPSUFOUPTPEP OPMBTWJOFBDPOPDFSTJOPIBTUBNFEJBEPTEFMB
EDBEBEF FOMBRVFTFSBTVMUJNBBDUVBDJO.JJNQSFTJO
EFJNQPUFODJBFOUPODFTGVFHSBOEFZBVORVFMBTJUVBDJOGVFNVZ
USJTUF OBDJBIVOBBNJTUBEEVSBEFSBZGSVDUGFSB%FTDSJCPDPO
FNPDJOFTFFODVFOUSPFOVOBSUDVMPNP BQBSFDJEPFOFMEJBSJP
1$$
i-B0QJOJOwEF7BMQBSBTP BMHOEBEFPDUVCSFEFMBEDBEB
EFMPTBPTDVBSFOUB
i3FDPSEBOEPB.FSDFEFT0SFMMBOBw
i&M5FBUSP#JMCBP FODMBWBEPFOFMDPSB[ONJTNPEFM7JBEFM.BS
QPQVMBS BPSJMMBEFMBTDBTBTTJOKBSEO EFMQVFCMP UFOBFTFEBEF
WFSBOPEFVOGFTUJWBMFORVFMBTWPDFTDSJPMMTJNBTEFMBTIFS
NBOBT0SFMMBOBJCBOBPSTFQPSMUJNBWF[KVOUBT
)BDBUBOUPUJFNQPRVFBOIFMBCBFTDVDIBSMBT DPOPDFSMBT BQSFOEFSEF
FMMBTFMTFDSFUPRVFMFTIBDB QFTFBTVTBPT DPONPWFSIBTUBFMNYJNP
FMDPSB[OJOHFOVPZBMFHSFEFOVFTUSPQVFCMP
"MHPEFMQSFTFOUJNJFOUP EFMBQSFNJPDPOSBDFTEFTDPOPDJEBT NFIJ[P
MMFHBSIBTUBBMM4FQSFQBSBCBOQBSBTBMJSBFTDFOB
.FOVEBT HJMFT DMBSFBOEPMBQJDBSEBDIJMFOBFOTVTPKPT DPOMBT
mFMFT HVJUBSSBT FODJOUBEBT MFWBOUBSPO VO BQMBVTP BODIP RVF FSB
DPNPMBNBOPEFMQFO EFMDBNQFTJOP RVFFMMBTTJFNQSFDBOUBSPO
`$NPPMWJEBSMBTWPDFTGSFTDBTEFMBTIFSNBOBT0SFMMBOB TVEP
NJOJPEFMPTJOTUSVNFOUPT TVDIJMFOTJNBFYQSFTJO2VFSBIB
CMBSMFTEFNJBENJSBDJOZFOUSFMPTQFPOFTQFOTBCBFOFMIVNJMEF
FTGVFS[PEFOPTPUSBTQPSMFWBOUBSZBSSBJHBSOVFTUSBDBODJOFOFM
DPSB[OEFUPEPT
%FTHSBDJBEBNFOUF TPCSFWJOP BOUFT RVF MP IJDJFSB FTF HPMQF RVF
JCBBEFKBSQPSVOUJFNQP ZBIPSBEFmOJUJWBNFOUF BNFEJBBTUB
MBCBOEFSBEFMBDIJMFOJEBEy
.FSDFEFT 0SFMMBOB TBMJ EFM FTDFOBSJP ZB WDUJNB EF QBSMJTJT
&MQCMJDPQFEBFMCJTZQPSDSVFMFRVJWPDBDJOQFOTBCBORVFFM
NVUJTUSHJDPFSBQBSUFEFMBHSBDJBDPORVFFTBUBSEFTFEFTQFEB
EFMQCMJDP
-BT)FSNBOBT0SFMMBOB
1FUSPOJMB MBBSQJTUB GVFMB
DPNQPTJUPSBEFMBTDVFDBT
$IJDIBEF$VSBDBWZ
-PT-BHPTEF$IJMF
$POTVUSBKFEFUFBUSP FOCSB[PTEFTVTDPNQBFSPT .FSDFEFT0SF

MMBOBBCBOEPOFTFEBFMDBNBSOEFM#JMCBP
5VWFPDBTJONTUBSEFFO4BOUJBHPEFWFSMB:BFTUBCBSPUPFMEP
QBSBTJFNQSFQFSPBMDBODBDPNQSFOEFSFMTFDSFUPEFTVQPQVMBSJ
EBEFSBFM".03"$)*-& ZOBEBNT MPRVFIJ[PRVFMBT
IFSNBOBT0SFMMBOBIJDJFSBOGBNBFOFMDPSB[OEFOVFTUSBUJFSSB
1$$
3JOEPNJFNPDJPOBEPSFDVFSEPBMBGPMLMPSJTUB DPNQPTJUPSBZNBO
UFOFEPSBEFMDBOUBSDSJPMMP RVFIJ[PEFDJSB1BCMP(BSSJEPi4VNTJ
DBEFBSQBZHVJUBSSBFTUBOmEFEJHOPUFMOEFGPOEPDPNPMBTQBSWBT
EFUSJHPSVCJP MBTTPNOPMJFOUBTBMBNFEBT MPTDBNJOPTQPMWPSJFOUPTEF
DBSSFUBTZCVFZFT ZMBTOWFBTNPOUBBTEFTHSBOBOEPWJFOUPTZQKBSPT
BHPSFSPTw
.BSHPU-PZPMB
%P)FSNBOBT-PZPMB
.FSDFEFT 0SFMMBOB MB i.FDIFw MB HVJUBSSJTUB EFM EP NVSJ B

MPTBPTEFPDVSSJEPFMQFOPTPJODJEFOUF DPJODJEJFOEPTVEFDFTP
DPO MB EPMPSPTB TFQBSBDJO EF MBT )FSNBOBT -PZPMB 1FUSPOJMB Z
ZPDPNQBSUJNPTFTUBTEVSBTTJUVBDJPOFT"TMBWJEB RVFOPTEFK
IVBDIJUBTBMB1FUBZBN VOBWF[NTOPTVOJFOFMDBOUPZMB
BNJTUBE+VOUBTDPNFO[BNPTBDBOUBSMFB$IJMF ZPDPOHVJUBSSBZ
MB 1FUJUB DPO BSQB " WFDFT SBNPT DPOUSBUBEBT Z PUSBT JOWJUBEBT
"T GVF FOUPODFT DVMUJWBOEP VOB BNJTUBE Z MB
DPOmBO[B"TUBNCJOGVFDPNPi1FUJUBwNFMFH
QBSUFEFTVFYDMVTJWPFJOUFSFTBOUFSFQFSUPSJP&MMB
NFEFDBi"MBOJDBRVFMFFOTFPFTB6EQPS
RVFOBEJFNTTFMBQVFEFDPONJTDBODJPOFTw
1FUSPOJMB0SFMMBOBFSBVOBDBOUPSBTJOHVMBS RVF
TFDBSBDUFSJ[BCBQPSVOBFYQSFTJOEFWJWB[BMF
HSB QFTF RVF OP UVWP VOB WJEB GFMJ[ 4VT PKPT
FSBOEFDJEPSFTZTVNJSBEBDIJTQFBOUFZDPRVFUB
SBTHPTEFVOBQFSTPOBMJEBERVFTFFODBSOBCBEF
GPSNBNVZFTQFDJBMFOMBTUPOBEBTEFTVSFQFS
UPSJP Z UBNCJO FO FM QFSTPOBMTJNP NPEP EF
DBOUBSMBT 4V EJTQPTJDJO EF OJNP QBSB DBOUBS &MQSPMGJDPEPEFMBT)FSNBOBT0SFMMBOB
FSB TJFNQSF BNQMJB TJO JNQPSUBS MVHBS OJ DJS
DVOTUBODJB3FDVFSEPRVFVOBWF[WJBKCBNPTFOUSFOBMTVS&MMB
MMFWBCBVODBOBTUPDPOIVFWPTEVSPT VOQPMMJUPmBNCSFZUPSUJMMBT
EFSFTDPMEP&OVOBEFMBTFTUBDJPOFTTVCJFSPOBMUSFOEPTDBOUPSFT
OPWJEFOUFT RVFDPOHVJUBSSBFONBOPDBOUBCBOQBSBMPTQBTBKFSPT
/BEJFFTDVDIBCB&OUPODFT1FUJUBNFEJDFi`4BRVFNPTMBSPQBB
MBT HVJUBSSBT Z DBOUFNPT OPTPUSBT B WFS RVF QBTBw -B HFOUF FT
DVDI OVFTUSP DBOUP DPO BUFODJO Z BM mOBMJ[BS IVCP BQMBVTPT Z
QFTJUPT EFOUSP EF MB HVJUBSSB 4FHVJNPT DBOUBOEP Z TJHVJFSPO MPT
BQMBVTPTZMPTQFTJUPT'JOBMJ[BNPTNVZBNJHPTDPOMPTDBOUPSFT
1$$
DPNQBSUJFOEPFMQPMMPmBNCSF UPSUJMMBTZIVFWPTEVSPTEFMDBOBTUP
ZFOUSFHOEPMFTUPEPFMEJOFSPSFDPMFDUBEPDPOOVFTUSPDBOUP
1SJNBCBOFOTVJOUFSQSFUBDJOFMFNFOUPTUFBUSBMFTRVFEFBMHVOB
NBOFSB MPT IBCB IFSFEBEP EF TV NBESF DPTB FYUSBPSEJOBSJB ZB
RVF TUP OP FSB DPNO FO MBT DBOUPSBT BOUJHVBT -B 1FUJUB IBCB
BQSFOEJEPEFFMMBMPNTJOUFSFTBOUFEFTVDBODJPOFSP EFTUBDBOEP
EFFOUSFPUSPTUFNBTi&M1BUJUPw VOBUPOBEBIJTUSJOJDBFIJMBSBOUF
RVFCBKPMBBUFOUBEJSFDDJOEF1FUSPOJMBMPHSDBOUBSZBDUVBS
:B FO TVT BPT QPTUSFSPT 1FUSPOJMB NBOUVWP VOB EF MBT MUJNBT
DBTBTEFDBOUPEF4BOUJBHP"MM FOFMCBSSJPEF1JMBEFM(BOTP GVF
EFSJHPSZQPSNVDIPUJFNQPDBOUBSKVOUBTFOTVDBTB IBTUBRVFTV
WP[FNQF[BEFCJMJUBSTF
,:;/,94(9;5,A@3(:*<(;96/<(:(:
&TUIFS .BSUOF[ GVF QBSB N MB TVQSFNB FOUSF MBT QSFDVSTPSBT
4FQVFEFEFDJSRVFFMMBFODBSOBCBFMJEFBMEFMBBSUJTUBDPNQMFUB
JOUFHSBM (VJUBSSJTUB FYDFQDJPOBM UVWP EFTEF NVZ OJB VOB WJEB
NVTJDBM JOUFOTB RVF GVF PSJFOUBEB DPO FTUVEJPT TJTUFNUJDPT RVF
BTPNBCBOFOMBUDOJDBFYDFQDJPOBMDPORVFUPDBCBMBHVJUBSSB
$PO FM WFOJS EF TVT BPT NP[PT EFTQMFH TVT EPUFT EF FYJNJB
CBJMBSJOB EF DVFDB BEFNT EF BDUSJ[ Z DPNQPTJUPSB 4VT UBMFOUPT
ZEPNJOJPTMBTJUVBSPODPNPMBFTUSFMMBGVMHVSBOUFEFMUFBUSPDSJP
MMPZQPQVMBS SFQSFTFOUBOEPMBTPCSBTDPTUVNCSJTUBTEFMBGBNBEP
"OUPOJP"DFWFEP)FSOOEF[ DPORVJFOSFDPSSJEFMCSB[PMPTFT
DFOBSJPTEF$IJMF(P[BCBEFQPQVMBSJEBE BENJSBDJOZQSFTUJHJP
FOUSFTVTQBSFTZUVWPQPSBNJHBTBPUSBTSFTQFUBCMFTDBOUPSBTEFM
BNCJFOUFDSJPMMJTUBMBT)FSNBOBT0SFMMBOB FOUSFFMMBT
4VUBMFOUPMBMMFWBDPNQPOFSNVDIBNTJDBQBSBUFYUPTRVFHFOFSBM
NFOUFUFOBOPUSBBVUPSB5BOHPT CPMFSPTZIBTUBVODIPUTGVFSPO
BMHVOPTEFMPTHOFSPTQPQVMBSFTZEFNPEBRVFFMMBBCPSEQSJODJ
QBMNFOUFBMmOBMEFTVDBSSFSBBSUTUJDB4JOFNCBSHP TVQSFEJMFDDJO
FTUBCBFOMBNTJDBDIJMFOB.FJNQSFTJPOBCBFOFMMBMBTFOTJCJMJEBE
RVFQPOBFOMBJOUFSQSFUBDJOEFDVFDBT UPOBEBTZUBNCJOWBMTFT
:PMBWJMMPSBSEFTMPFTDVDIBSVOBDVFDBPVOBUPOBEB
1$$
3FDPSSJFOEPMBTFNJTPSBTEFMBDBQJUBM MBFODPOUSQPSQSJNFSBWF[
FOFMBVEJUPSJPEFMB3BEJP4BOUJBHP FOTBZBOEPVOBUPOBEBDPOTV
DVBSUFUP 'VF VOB DPTB USFNFOEB:P FSB BO NVZ OJB Z BVORVF
OPUFOBHSBOEFTBNCJDJPOFT TTBCBRVFRVFSBTFSBSUJTUBZEFFTF
QSJNFS FODVFOUSP DPO &TUIFS .BSUOF[ Z -BT $VBUSP )VBTBT NF
RVFEMBJNQSFTJOEFTVTBJSFTZEFMOJNPRVFMBTJNQVMTBCB BVORVF
FOFTBPQPSUVOJEBEFMMBTOJTJRVJFSBSFQBSBSPOFONJQSFTFODJB
&SB VOB NVKFS NT CJFO CBKB EF DBCFMMP MBSHP Z FOTPSUJKBEP EF
UF[BMHPNPSFOB1PTFBVOBmHVSBRVFTPCSFTBMBQPSMBHSBDJBEF
TVTGPSNBTZQSPQPSDJPOFT4VUBMFOUPFSBTFDVOEBEPQPSTVUFN
QFSBNFOUP&TUIFS.BSUOF[FSBVOBNVKFSNVZTFWFSB EFDBSDUFS
TFDP QFSPRVFFOFMFTDFOBSJPJOGVOEBSFTQFUPZTFHVSJEBE$FMPTB
FOFYUSFNPEFTVSFQFSUPSJPOPEFKDPOUJOVBEPSFTEFTVQBSUJDVMBS
MOFBJOUFSQSFUBUJWB BVORVFTVUSBCBKPDPOUSJCVZTJOEVEBTBDPO
TPMJEBSMBQSFTFODJBEFMBDBOUPSBUBOUPFOFMUFBUSPDPTUVNCSJTUBEF
MBQPDB DPNPFOFMEJTDP
1FTFBRVFJOUFHSZEJSJHJWBSJBTBHSVQBDJPOFT B&TUIFS.BSUOF[
TFMFSFDVFSEBQSJODJQBMNFOUFQPSi-BT$VBUSP)VBTBTw VODVBS
UFUPGFNFOJOPRVFGVOEZEJSJHJZEPOEFTFEJTUJOHVBTVWP[EF
DPOUSBMUP FOUSFMBTPUSBTUSFTWPDFT UBNCJOOPUBCMFT
&O UVWF MB PQPSUVOJEBE EF QSFTFOUBSMBT FO MPT FTUVEJPT EF
5FMFWJTJO/BDJPOBM FOVOBBVEJDJOUJUVMBEBi3FDPSSJFOEP$IJMFw
CBKPMBEJSFDDJOEF3FO4DIOFJEFS&OFTBQPDB-BT$VBUSP)VB
TBTZBOPFTUBCBOWJHFOUFTZTFWPMWJFSPOBKVOUBSTMPQBSBSFBMJ[BS
FTUFQSPHSBNB6OBEFFMMBTIBCBNVFSUP TJFOEPSFFNQMB[BEBQPS
MBBSQJTUB5JUB+PSEO&OUPODFTFTDVDIBNPTTVTWPDFTQPSMUJNB
WF[ZQVEJNPTDPOPDFSTVTQSFTFODJBTDPMPSJODIFT DIJOFTDBT DPO
USBKFTnPSFBEPT
5VWFMBTVFSUFEFTFSBDPNQBBEBQPSMBHVJUBSSBEF&TUIFS.BS
UOF[FOUSFTUFNBT HSBCBEPTQBSBFMTFMMP1IJMJQTVOBUPOBEBEF
1BCMP(BSSJEP i&OFMGPOEPEFMSPwMBDVFDBi-PTSPTEF$IJMFw
EF1FUSPOJMB0SFMMBOB ZVOWBMT DVZBMFUSBFTEFEPO$BSMPT6MMPBZ
NTJDBEFTVBVUPSB DPOUFNUJDBTPDJBMEFEFOVODJBZBFYJTUFOUF
FOBRVFMMPTBPT i%PMPSEFM.JOFSPw FOEPOEFKVOUPBTVHVJUBSSB
UBNCJORVFETVWP[
1$$
,3,5(469,56
&TUBNVKFSDPMDIBHJOB EFSPTUSPIFSNPTPZDMJEBWP[ QSPWFOB
EFMPTBMSFEFEPSFTEF4BO7JDFOUFEF5BHVB5BHVB$PNPNVKFSEF
PSJHFOSVSBMDPOTFSWBCBVOJNQPSUBOUFSFQFSUPSJPEFWBMJPTBTUPOB
EBTDBNQFTJOBT MBTRVFIBCBIFSFEBEPEFMBTQSPQJBTDBOUPSBTEF
TVUJFSSBOBUBM%FNPEPRVFMBQBSUFNTWBMJPTBEFTVSFQFSUPSJP
DPNP MB UPOBEB i-BT $POEJDJPOFTw RVF JOUFHSB FTUF USBCBKP GVF
QSFDJTBNFOUFBQSFOEJEBQPSFMMBFOGVFOUFWJWB
&MFOB.PSFOPGVFVOBEFMBTHSBOEFTJOUSQSFUFTRVFUVWPMBUPOBEB
DIJMFOBFOMBTQSJNFSBTEDBEBTEFMTJHMP99'VFDPOUFNQPSOFB
EF &TUIFS .BSUOF[ Z FO EJWFSTBT PDBTJPOFT DBOUBSPO KVOUBT 4JO
FNCBSHP FMDBOUPOPGVFTVOJDPUBMFOUP&MFOB.PSFOPGVFBOUFT
RVFDVMUPSBEFMDBOUPQPQVMBS VOBDPOTVNBEBDPNFEJBOUF*OPMWJ
EBCMFGVF QPSFKFNQMP TVQBSUJDJQBDJOFOMBQSJNFSBUFNQPSBEB
EFi-B1SHPMBEFMBT'MPSFTw EF'SBODJTDP'MPSFTEFM$BNQP
/PUVWFVODPOUBDUPNVZFTUSFDIPDPO&MFOB.PSFOP QPSMPRVF
OPMMFHVBDPOPDFSMBNTQSPGVOEBNFOUF1FTFBFMMP FMEFTUJOP
OPT VOJ FO VO QVOUP DSVDJBM EF NJ JODJQJFOUF USBZFDUPSJB BSUT
UJDB&OOPTUPDKVOUPBNJIFSNBOB DPNQBSUJSDPO&MFOB
.PSFOP FM FTDFOBSJP EF MB TBMB $FSWBOUFT FO VO SFDJUBM PGSFDJEP
FO MB DJVEBE EF4BOUJBHPQPSFM*OTUJUVUPEF*OWFTUJHBDJPOFT'PM
LMSJDBTEFMB6OJWFSTJEBEEF$IJMF&TFDPODJFSUPNBSDVOIJUP
IJTUSJDP QPSRVFBIQSFTFOUBNPTVOQSPHSBNBNVZJMVTUSBEPRVF
TFSBMBBOUFTBMBEFMDBNCJPRVFWFOESBMBQSPZFDDJOFTDOJDBEFM
GPMLMPSF&MDPODJFSUPTFSFQJUJEFTQVTFOFM5FBUSP.VOJDJQBMEF
4BOUJBHP DPOVOBSFQFSDVTJOJOTPTQFDIBEB&MFOB.PSFOPDBOU
FOUPODFTVODPOUVOEFOUFSFQFSUPSJPEFWBMJPTPTZBOUJHVPTUFNBT
FOUSFMPTRVFEFTUBDBCBOUPOBEBTEFMNTQVSPFTUJMPDBNQFTJOP
"M BP TJHVJFOUF DPNQBSUJNPT KVOUP B PUSPT QPSUFOUPT DPNP MBT
)FSNBOBT"DVB MB&MFOJUB$BSSBTDPZMB1FUSPOJMB0SFMMBOB MB
HSBCBDJOEFMMCVNi"JSFT5SBEJDJPOBMFTZ'PMLMSJDPTEF$IJMFw
RVFFMQSPQJP*OTUJUVUPEF*OWFTUJHBDJPOFT'PMLMSJDBTEFMB6OJWFSTJ
EBEEF$IJMFQSPEVKPKVOUPDPOFMTFMMPEJTDPHSmDP3$"7DUPS
1$$
+,9305+((9(@(
/PUVWFVODPOUBDUPEJSFDUPDPOFMMB TMPMBWJBDUVBSDVBOEPZB
FSBVOBNVKFSNBZPSZTJMBDJUPGVFQPSRVFFMMBNFQSPEVKPVOB
QBSUJDVMBSJNQSFTJODPNPBSUJTUBZDBOUPSBEFUPOBEBT"%FSMJOEB
"SBZBMBSFDVFSEPDPNPVOBNVKFSEFFTUBUVSBNFEJB RVFBDPNJFO
[PTEFMBEDBEBEFEFCFIBCFSCPSEFBEPMPTDJODVFOUBBPT
EFFEBE$POTVQFMPOFHSPZNTCJFOiFOUSBEJUBFODBSOFTwGVF
VOBNVKFSEFFTUBNQBNVZDIJMFOB RVFHP[BNQMJBNFOUFEFMB
TJNQBUBEFTVBVEJUPSJP4VWP[ EFSFHJTUSPNFEJPCJFOUJNCSBEB
FSBNVZFOUPOBEBZQPUFOUF1PSMPHFOFSBMDBOUBCBVOSFQFSUPSJP
PSJHJOBMEFMFUSBZNTJDB"DPNQBBEBEFTVHVJUBSSBJOUFSQSFUBCB
WBMTFTZVOBUPOBEBEFDPSUFIVNPSTUJDP IJMBSBOUF DPOVOIJTUSJP
OJTNPRVFMFWBMJMBTJNQBUBZQSFGFSFODJBEFMQCMJDPDIJMFOPZ
UBNCJOBSHFOUJOP
%FSMJOEB"SBZBGVFVOBBSUJTUBEFQPQVMBSJEBERVFTFEFTFNQF
QSJODJQBMNFOUFFOMBSBEJPZFTPTFQPEBQFSDJCJSFOMPTJNQMFZ
OBUVSBMEFTVWFTUVBSJP BEJGFSFODJBEFPUSBTDBOUPSBTRVFHFOFSBM
NFOUFMVDBOSPQBKFTNTUFBUSBMFT
,3,50;(*(99(:*6
&ONJIFSNBOB&TUFMBZZPSBNPTDPNPEPTQBKBSJUBTRVF
EBCBOTVTQSJNFSPTBMFUFPTBOUFTEFFNQF[BSBWPMBS1PSFOUPODFT
IBCBHSBOEFTmHVSBTRVFRVFSBOBZVEBSOPTDPOTVTBQJFODJB6OB
EFFMMBTGVF"OUPOJP"DFWFEP)FSOOEF[ GBNPTPFTDSJUPSZESBNB
UVSHP OBDJPOBM DPO RVJFO UVWJNPT VOB DFSDBOB NVZ HSBOEF "M
QPDPUJFNQPEFFTUPWJOPFMUFSSFNPUPEFMBPUSFJOUBZOVFWFRVF
EFWBTUMBQSPWJODJBEFVCMF$IJMMOFTUBCBFOFMTVFMPZ"OUPOJP
"DFWFEP)FSOOEF[ RVFFSBVOIPNCSFQSPHSFTJTUB OPTJODMVZ
FOVOWJBKFBMB[POBBGFDUBEBRVFIBCBPSHBOJ[BEP/BUBOJFM:F[
4JMWB)BTUBBIMMFHBNPTKVOUPBPUSPTBSUJTUBTQBSBMMFWBSVOQPDP
EFBMFHSBBMBTEFTPMBEBTWDUJNBT
/PT EFKBSPO BMPKBEBT FO VOB SFTJEFODJBM QPDP TFHVSB QVFT B SB[
EFMNJTNPUFSSFNPUPFMFTUBCMFDJNJFOUPIBCBRVFEBEPFOQTJNBT
DPOEJDJPOFT &O $IJMMO QPDBT DBTBT RVFEBSPO FO QJF Z OP IBCB
NVDIP EPOEF FTDPHFS 'VF FO FTB PQPSUVOJEBE FO RVF DPOPD B
1$$
&MFOJUB$BSSBTDP-B$IJMMBOFKBDPNPQPQVMBSNFOUFFSBDPOPDJEB
FTUBDBOUPSBGVFBCVTDBSOPTIBTUBFTBSFTJEFODJBMZOPTBDPHJFOTV
DBTBDPNPBEPTIJKBT"MPTQPDPTNJOVUPTEFIBCFSMMFHBEPZBDPO
WFSTCBNPTBOJNPTBNFOUF4FEJPFOUPODFTVOBSFMBDJOEFNVDIP
BGFDUPZTJNQBUBNVUVBZDPOHFOFSPTBFOUSFHB&MFOJUBDPNFO[B
FOTFBSOPTMBCFMMF[BEFTVTUPOBEBTZMPTTFDSFUPTEFTVPmDJP
&MFOJUBIBCBOBDJEPBDPNJFO[PTEFMTJHMP99FO1JOUP VOBMP
DBMJEBE DFSDBOB B $IJMMO VCJDBEB DBNJOP B MB DPSEJMMFSB EF MPT
"OEFT $VBOEP ZP MB DPOPD WJWB DPO TV NBESF FO VOB DBTJUB
NPEFTUB RVF IBCB MPHSBEP DPNQSBS DPO TV DBOUP Z TV HVJUBSSB
&O TV DBSSFSB BSUTUJDB IBCB JOUFHSBEP EPT GFNFOJOPT QFSP GVF
DPNP TPMJTUB RVF BMDBO[ SFOPNCSF &MMB FSB VOB NVKFS EF CVFO
UBMBOUF RVFTFHBOBCBMBWJEBDBOUBOEPFOUSJMMBT SPEFPT NJOHBDPT
Z mFTUBT GBNJMJBSFT 4V SFQFSUPSJP FSB VO NBS JONFOTP EF DVFDBT
Z UPOBEBT UBOUP USBEJDJPOBMFT DPNP EF BVUPSB QSPQJB5FOB VO
QBSUJDVMBS FTUJMP EF DBOUBS RVF USBOTJUBCB FOUSF
FMDBSDUFSZQSFTUBODJBEFMBDBOUPSBVSCBOBZMB
QSPGVOEJEBE FTQJSJUVBM EF MB NVKFS DBNQFTJOB
4VHVJUBSSB BKFOBBUPEBUDOJDBBDBENJDB FSB
JOUFSFTBOUTJNBZWBSJBEB5SJOBEPT TBOHPSSFBEPT
Z QJDPUFBEPT TF DPNCJOBCBO HSBDJPTBNFOUF DPO
MBHBNBEFUPRVPTSBTHVFBEPTUBOQSPQJPTEFMB
UPOBEB(SBCBDJPOFTDPNPAA&M1BMPNPEFKBSPO
FO QBSUF UFTUJNPOJP EFM QBSUJDVMBS FTUJMP EF TV
HVJUBSSB4JOEVEBFMMBFSBVOBDBOUPSBBVUOUJDB
RVFQFTFBIBCFSHSBCBEPFONVDIBTPDBTJPOFT
OVODBQFSEJFMDPOUBDUPDPOMBUJFSSB
&MFOJUB$BSSBTDPKVOUPB.BSHPU-PZPMB
%JDIBUP
1BTBCBFMUJFNQPZFTQPSEJDBNFOUFOPTWPMWB
NPTBFODPOUSBSFOBDUVBDJPOFTZBVEJUPSJPT"M
DBCP EF MPT BPT MB WVFMWP B FODPOUSBS BIPSB
WJWJFOEPFO$PFMFNV ZBTJOTVNBESF&OUPODFT
OPRVFSBDBOUBSNTMBQFOBIBCBTJMFODJBEP
TVWP[4VUSJTUF[BNFDPONPWJZOPIBMMNT
RVFIBDFSRVFUPNBSNJHVJUBSSBZDBOUBSMF
2VJFODBOUBTVNBMFTQBOUB
2VJFOMMPSBTVNBMBVNFOUB
:PDBOUPQBEJTJQBS
-BTQFOBTRVFNFBUPSNFOUBO
1$$
/PTTJGVFFMIFDIJ[PEFMBTQBMBCSBTPFMSJUNPTJFNQSFFNCSJB
HBEPSEFMBUPOBEB MPRVFMBIJ[PUPNBSOVFWBNFOUFMBHVJUBSSB
EFTQVTEFNVDIPUJFNQPEFOPIBDFSMP&TFEBWPMWJNPTBDBOUBS
ZKVOUBTSFWJWJNPTMPTNPNFOUPTBMFHSFTEFMPTCVFOPTBPTFORVF
OPT DPOPDJNPT %FTEF FOUPODFT QSPTJHVJ DBOUBOEP UBM DPNP MP
IBCBIFDIPVOBWJEBFOUFSB
/VFTUSPMUJNPFODVFOUSPGVFFO%JDIBUP CBMOFBSJPDPTUFSPNVZ
DFSDBOPB$PFMFNV&OFTFMVHBSUFOBKVOUPBTVIJKBVOBQFRVFB
SFTJEFODJBM EPOEF DBEB mO EF TFNBOB PSHBOJ[BCB VOB QFB RVF
NTCJFOQBSFDBVOBDBTBEFDBOUP"MMNFFOTFTVMUJNBUPOB
EB i-BGFSJBEF$IJMMOw VOBEFMBTNTDFMFCSBEBTZSFDPSEBEBT
QPSFMQCMJDP
)3(5*(;,1,+(+,9<0A
)BCJUVBMNFOUFMBTDBOUPSBTEFUPOBEBQSPWFOBOEFMDBNQPZOP
UFOBONTGPSNBDJORVFMBBQPSUBEBQPSBMHVOBPUSBNVKFSEFMB
GBNJMJBRVFMFTFOTFBCBFMPmDJPZMFTMFHBCBFMSFQFSUPSJP&TPGVF
MPDPNOZFOFTPTFCBTMBUSBEJDJOEFFTUFDBOUP4JOFNCBSHP
#MBODB5FKFEB EF 3VJ[ GVF VOB OPUBCMF FYDFQDJO &MMB WFOB EF
PUSPFTUSBUPZFTPTFQPEBBQSFDJBSBTJNQMFWJTUB ZBGVFTFFOMBTP
CSJFEBEEFTVWFTUVBSJP MBFMFHBODJBEFTVTBCBMPSJPTPMBFYQSFTJO
BVHVTUBEFTVTFNCMBOUF
$BOUBOUF Z OP DBOUPSB MB 4SB #MBODB FSB VOB TPQSBOP BENJSB
CMF$POTVWP[DVJEBEBZBDBENJDBFMMBJOUFSQSFUMBUPOBEBDPO
BDPNQBBNJFOUPEFQJBOPZMBMMFWBMTBMOFMFHBOUF4VQBSUJDVMBS
JOUFSQSFUBDJOBMHPPQFSUJDBDVCSJBMBUPOBEBEFSFmOBNJFOUP
Z BVORVF TV TPOJEP OP SFnFKBCB FMNVOEPQPQVMBS TVDBOUPFSB
BVUOUJDBNFOUF DIJMFOP 4V FTUJMP DPO EFUFODJPOFT SVCBUPT Z SB
MMFOUBOEP FSB QBSB N VOB GVFOUF EF JOTQJSBDJO Z USBU EF DBO
UBSKVOUPBFMMBQPSBQSFOEFSMPTTFDSFUPTEFTVJOUFSQSFUBDJO4JO
EVEB #MBODB5FKFEBQPTFBVOBHSBOUDOJDBRVFMFQFSNJUJDPO
TFSWBSTVFTQMOEJEBWP[IBTUBTVFEBENBZPS
:P MB DPOPD FO TVT MUJNPT BPT HSBDJBT BM TFPS 6SSB VO MPDV
UPSEFSBEJPRVFUVWPMBHFOUJMF[BEFDPOUBDUBSNFDPOFMMB%PB
#MBODBWJWBFOVOBBOUJHVBZTFPSJBMDBTBTBOUJBHVJOBFO"WFOJEB
.BUUB FO VO BNCJFOUF EF EJTUJODJO BSJTUPDSUJDP &MMB GVF NVZ
DMJEB NVZDPSEJBMZEFGFSFOUF.FUSBUDBTJDPNPBVOBBMVNOB
1$$
&OFTBTWJTJUBT RVFGVFSPOWBSJBT DPNQBSUJNPTNVDIPZSFDJCEF

FMMBBMHVOPTEFMPTUFNBTEFTVWBSJBEPSFQFSUPSJP FOFMRVFEFTUB
DBCBOIBCBOFSBT UPOBEBTUSBEJDJPOBMFTZUPOBEBTEFBVUPSB
-BTMUJNBTWFDFTRVFMBWJTJUFMMBZBOPTFMFWBOUBCB NFSFDJCBFO
DBNBDPOTVNBBOJUBCMBODB1FTFBUPEP OVODBQFSEJTVTFP
SJBMHSBDJB
+650:4(,3*(9;,9@,3;96-9<-9<
)BTUBBRVIFQSFTFOUBEPTMPNVKFSFT4JOFNCBSHP FTUFBNCJFO
UF DSJPMMJTUB DPOU EFTEF NVZ UFNQSBOP DPO MB QSFTFODJB EF JN
QPSUBOUFT mHVSBT NBTDVMJOBT DPNP MB EF EPO *TNBFM $BSUFS M
FSBOBDJEPFO4BOUJBHP FOVOBDBTBEFDBMMF.BUVDBOB FOFMTFOP
EFVOBGBNJMJBFNJOFOUFNFOUFNVTJDBM EPOEFBQSFOEJBDBOUBS
KVOUPBTVBCVFMBZTVNBESF"EFNT FSBVODPOTVNBEPQJBOJT
UB RVF DPOPDB FM TPMGFP +VOUP B TVT IFSNBOBT
$SJTUJOBZ(FOPWFWBGPSNBFMSFOPNCSBEP5SP
i'SV'SVw EPOEFEPO*TNBFMUPDBCBFMQJBOPZ
TVTIFSNBOBT BEFNTEFDBOUBS UPDBCBOFMBSQB
ZMBHVJUBSSB0USBKPWFOUPDBCBFMUPSNFOUP&O
FM USP EFTUBDBCB MB WP[ EF TPQSBOP EF TV IFS
NBOB(FOPWFWB
$BSUFSFSBVOIPNCSFJORVJFUPZFNQSFOEFEPS
%VSBOUF MB QSJNFSB EDBEB EFM TJHMP 99 UVWP
FO MB DBQJUBM TV QSJNFSB DBTB EF DBOUP EPOEF
MBT UPOBEBT Z MBT DVFDBT FSBO FOUSFWFSBEBT QPS
IBCBOFSBT WBMTFTZPUSPTOPWFEPTPTSJUNPTMMFHB
&M5SP'SV'SV
DPOGPSNBEPQPSMPTIFSNBOPT$BSUFS EPTDPOMBNPEBFVSPQFB1PTUFSJPSNFOUF FMUSP
SFBMJ[HJSBTQPSFMOPSUF QPSMBTTBMJUSFSBTZQPS
(FOPWFWB *TNBFMZ$SJTUJOB
#PMJWJB IBTUB EPOEF MMFWBSPO TV DBTB EF DBOUP
-BGBNJMJB$BSUFSTFEFEJDTJFNQSFBFTUFUJQPEFFTUBCMFDJNJFOUP
EPOEFTFNF[DMBCBMBNTJDB FMCBJMFZMBDPNJEB$B[VFMBT QP
MMPTmBNCSF DIBSRVJDBOFT WJOPT NJTUFMBTZMBJOGBMUBCMFQPODIFSB
TF NF[DMBCBO DPO FM TPOJEP EFM QJBOP MB HVJUBSSB Z FM BSQB RVF
BDPNQBBCBOMPTDBOUBSFTUSBEJDJPOBMFTZMBTNPEBTMMFHBEBTEFMFY
USBOKFSP"MSFHSFTPEFTVTWJBKFT EPO*TNBFMTFWPMWJBFTUBCMFDFS
FO4BOUJBHPDPOPUSBDBTBEF$BOUP.VDIBTEDBEBTEFTQVT OPT
1$$
EFKVOWWJEPUFTUJNPOJPEFMBNCJFOUFRVFSFJOBCBQPSFOUPODFT
FOVOQBTBKFEFVOBFOUSFWJTUBRVFMFIJ[PMBQFSJPEJTUB-JEJB#BMUSB
EF3FWJTUBi7FBw"MMMSFMBUB
i/VFTUSBDBTBUFOBUSFTHSBOEFTTBMPOFT NVZCJFOiQVFTUPTw<>.J
BCVFMBUPDBCBMBHVJUBSSBNJNBESF FMQJBOP FMBSQBZMBHVJUBSSB
ZPUPDBCBFMQJBOPZDBOUBCBDPONJTIFSNBOBT(FOPWFWBZ$SJTUJOB
"OUFTFOUPEBTMBTGBNJMJBTTBCBOUPDBSBMHOJOTUSVNFOUP"IPSB DPO
MBSBEJP `TFFDIUPEPBQFSEFSw
%PO*TNBFMGVFUBNCJOVOPEFMPTQJPOFSPTEFMBTHSBCBDJPOFTEF
NTJDBDIJMFOB$POTVUSPHSBCDVFDBTZUPOBEBTDPOFNQSFTBT
DIJMFOBTEFEJTDPT BOUFTRVFFMTFMMP7DUPSGVODJPOBSBFO$IJMF
5VWFMBTVFSUFEFDPNQBSUJSMBSHPTBPTMBBNJTUBEDPORVJFOGVF
VOBEFMBTQFSTPOBMJEBEFTEFMBNTJDBQPQVMBSZMBCPIFNJBDSJPMMB
EFDPNJFO[PTEFMTJHMP99%FTQVTEFVOBMBSHBHJSBB&VSPQBNJ
BNJHP+VBO"TUJDB.BTDBSNFMMFWIBTUBMBDBTBEFEPO*TNBFM
:BFOFTPTBPTBMSFEFEPSEFMWJWBFO2VJOUB/PSNBM&O
OVFTUSPQSJNFSFODVFOUSPDBOUBNPTQPSIPSBT"IQVEFBQSFDJBS
FMQSPGVOEPPDBOPEFTVSFQFSUPSJPZTVTDPOPDJNJFOUPT"MQPDP
UJFNQPEFDPNFO[BSBWJTJUBSBEPO*TNBFMQFOTFOIBDFSKVOUPT
VOEJTDPZBTPDVSSJ&OMNJTNPEJSJHJQBSBMB3$"7D
UPSFMEJTDPi$BTBEF$BOUPw&OUSFMPTUSFDFUFNBTTFMFDDJPOBEPT
EFTUBDBCBOUPOBEBT DVFDBT WBMTFT IBCBOFSBTZDVQMT&ONVDIPT
EFFMMPTGVFFMQSPQJPEPO*TNBFMRVJFOFKFDVUFMQJBOP&MMCVN
UVWPVOBFMPHJPTBDSUJDB DPNPMBQVCMJDBEBQPSFMIJTUPSJBEPSEPO
&VHFOJP1FSFJSB4BMBT EFMBRVFUSBOTDSJCPVOGSBHNFOUP
i&TUFEJTDP BENJSBCMFNFOUFJOUFSQSFUBEPQPS.BSHPU-PZPMB BSUJTUB
JOUFMJHFOUFZFTUVEJPTB SFQSFTFOUBFMSFQFSUPSJPEFVOBEFFTUBTDBTBTEF
DBOUP MBRVFBOJNFOUSFZ EPO*TNBFM$BSUFS EPOEFFM
TPQMPEFMPTWBMTFTEFMBPQFSFUBWJFOFTBEBCBBFTUB[POBNBSHJOBMEF
MBiCFMMFFQPRVFw VOUJOUFTPDJBMDBSBDUFSTUJDP-PT$BSUFS VOJEPTQPS
MB FOTFB EFM USP i'SV'Sw GPSNBCBO VO DPOKVOUP GBNJMJBS %PO
*TNBFMUPDBCBFMQJBOPDPOFTBUDOJDBEFMFOUSFMB[BEP DVZBFOTFBO[B
TF USBTNJUB EF PEP 4VT IFSNBOBT $SJTUJOB Z (FOPWFWB DBOUBCBO
DPOBMUBZCVFOBWP[BMTPOEFMBSQBZMBHVJUBSSB6OBBMMFHBEBTF
BQMJDBCBBMSVNPSPTPiUPSNFOUPw%PO*TNBFMMMFWQPSMPTDBNJOPTEF
"NSJDBFTUBNTJDBEFmOEFTJHMP&TUVWPFOMBTDJVEBEFTEFM/PSUF
BMVNCSBEBTFOUPODFTQPSFMPSPEFMTBMJUSF4VCJB#PMJWJB3FTJEJFO
1$$
#VFOPT"JSFT QBSBSFHSFTBSB$IJMFBSFBCSJSTVIPTQJUBMBSJBDBTB DPO

FMDSJPMMPOPNCSFEFi)VBTPTEF1FUPSDBw&TUBNTJDBGVFHSBCBEBFO
MPTQSJNFSPTEJTDPTOBDJPOBMFTEFMB$BTB&#BOE QBSBBMJNFOUBSFM
GPOHSBGPEFMBSHBUSPNQFUB DPOTVTDJMJOESPTPMJFOUFTBDFSBZBNJFM
$PSSBFMBPHMPSJPTPEFMQSJNFS$FOUFOBSJPEFMB3FQCMJDB&OMB
DPODVSSJEBUFSUVMJBTFCBJMBCBODVBESJMMBT QPMDBTZNB[VSDBTZTFPB
NTJDBDIJMFOB UPOBEBT DVFDBTZDBODJPOFT JOUFSQPMBEBTDPOMBTBSJBT
GBWPSJUBTEFMBQFSBZMB[BS[VFMBZMPTDPVQMFUTEFNPEB
.TJDBRVFTFWB TJOEVEB DPOMPTDBSSPTFMDUSJDPTZMPTDPDIFTEFQPTUB MPT
KVFHPTnPSBMFTZMBTmMBSNOJDBT QFSPRVF.BSHPU-PZPMB JOUFSQSFUBOEPFM
SFQFSUPSJPEFMPT$BSUFS SFTDBUBDPNPEPDVNFOUPPCKFUJWPEFVOBZFSNVZ
OVFTUSP FORVFMPTNTJNQPSUBOUFTQFSTPOBKFTEFOVFTUSPQFSPEPQBSMB
NFOUBSJPmSNBCBOSFHPDJKBEPTFMMCVNEFFTUBGBNJMJBEFBSUJTUBTw
&VHFOJP1FSFJSB4BMBT
1PSMPTBPTFORVFHSBCBNPTFTUFEJTDPEPO*TNBFMFTUBCBZBSFUJ
SBEP QFSPDPNFO[SFBQBSFDFSEFTQVTEFMMPOHQMBZ&OFTFEJTDP
M QBSUJDJQ BM QJBOP KVOUP B i-PT &TUVEJBOUFT 3UNJDPTw Z PUSPT
NTJDPT &SBO BPT EPOEF MPT BSUJTUBT DIJMFOPT UFOBNPT NVDIB
BDUJWJEBEZNTSFDPOPDJNJFOUP"MQPDPUJFNQPEFFTPEPO*TNBFM
TFQSFTFOUBCBFOMBQFBi$IJMF3FZ$BOUBw5SBCBKDPO3BRVFM
#BSSPT FO VOB QSPZFDDJO FTDOJDB TPCSF MB DBTB EF DBOUP Z NT
UBSEF EVSBOUFFM(PCJFSOPEFMB6OJEBE1PQVMBS QBSUJDJQFOFM
i5SFOEFMB$VMUVSBw
%PO *TNBFM $BSUFS FSB VO IPNCSF BMFHSF RVF DPO FM UJFNQP TF
GVFRVFEBOEPTPMP4VTIFSNBOBTIBCBONVFSUPIBDJBZBNVDIP
UJFNQP QPSMPRVFFOMBTMUJNBTBDUVBDJPOFTDBOUBCBDPOMBIJKB
5BNCJO FSB VO IPNCSF HFOFSPTP 3FDJC QFSTPOBMNFOUF EF TVT
NBOPT VO SFQFSUPSJP EF MB NTJDB RVF TF DBOUBCB FO TV DBTB EF
DBOUP MPRVFNFQFSNJUJFTUVEJBSQSPMJKBNFOUFTVFTUJMPEFJOUFS
QSFUBDJOWPDBMZEFBDPNQBBNJFOUPJOTUSVNFOUBM
%FTEFFMEBFORVFOPTDPOPDJNPTOVODBQFSEJNPTFMDPOUBDUP
/PTVOJVODBSJPHSBOEFZVOBBENJSBDJONVUVB
1$$
,:;/,9:69i
.BSUB :VQBORVJ QBT B MB IJTUPSJB EF FTUF QBT CBKP FM OPNCSF
BSUTUJDPEF&TUIFS4PS"QBSFDJFOMBFTDFOBEFMDBOUPDSJPMMPFO
DVBOEP HBO MB DPNQFUFODJB i.JTT 3BEJPw SFQSFTFOUBOEP
BMB3BEJPEFM1BDJmDP4FEJGFSFODJEFMSFTUPEFMBTDBOUPSBTFO
WBSJPT BTQFDUPT 6OP EF FMMPT FSB TV SFQFSUPSJP &TUIFS 4PS EJP
BDPOPDFSUPOBEBTQPQVMBSFTDSFBEBTQPSEFTUBDBEPTFJOOVNFSB
CMFTDPNQPTJUPSFTEFMBQPDBRVFDPOPDBOZVUJMJ[BCBOCJFOMPT
QBSNFUSPTNVTJDBMFTJNQVFTUPTQPSMBUSBEJDJO"IEFTUBD%P
OBUP3PNO)FJUNBOORVFJOJDJBNVDIBTBSUJTUBTJNQPSUBOUFT
EFMBQPDB FOUSFFMMBTB&TUIFS4PS
$PO &TUIFS 4PS IVCP EFTEF TJFNQSF VOB NVUVB BENJSBDJO
%FTEFNVZUFNQSBOPOPTVOJVOBBNJTUBERVFTFQSPMPOHIBTUB
TVTMUJNPTEBT&MMBNFFOTFMPTTFDSFUPTEFMNBRVJMMBKFFTDOJ
DPDVBOEPZPBQFOBTNFBTPNBCBFOFTUFNVOEPEFMDBO
UBSDSJPMMP&MMBQPTFBVOBWP[NBHOmDB QSPEVDUPEFVOB
UDOJDB DPSSFDUB MPHSBEB DPO FM FTUVEJP +VOUBT BTJTUBNPT
B DMBTFT EF DBOUP DPO MB QSPGFTPSB #MBODB )BVTFS NJ HSBO
NBFTUSB Z HVB .BOFKBCB MB EJONJDB Z MB BHHJDB EF BMUB
FTDVFMB BVORVF TV DVJEBEP FTUJMP OVODB QFSEB MB GSFTDVSB
EFM BJSF QPQVMBS 1FSP &TUIFS 4PS OP FSB TMP VOB CPOJUB
WP[&MMBDBOUBCBEFQJF DPOFYUSPWFSTJO BDUVBCBMBUPOBEB
GSFOUFBMNJDSGPOPZFSBBDPNQBBEBQPSEPTPUSFTWBSPOFT
RVFUPDBCBOHVJUBSSBZIBDBODPSP&MMBJNQVTPFTUFFTUJMP
RVFMVFHPUVWPBUBOUBTTFHVJEPSBT$PNPBSUJTUBMFEJPBMB
UPOBEBVOEJOBNJTNPFOFMFTDFOBSJPRVFOPIBCBUFOJEP
BOUFT
4JO FNCBSHP &TUIFS 4PS OP TMP GVF QPQVMBS QPS TV WP[
TJOP BEFNT QPS TV CFMMB FTUBNQB .PSFOB EF QSPQPSDJP
OBEPZHSBDJPTPQPSUF DPOTVQFMPOFHSPZTVTPOSJTBBNQMJB
EFSSPDIBCBTJNQBUBZTFOTVBMJEBE&MMBFSBFMBSRVFUJQPEF
MBNVKFSDSJPMMB SFQSFTFOUBOUFEFMBCVFOBNP[VSBEFMBNV
KFSDIJMFOB1PSFTP$IJMFMBMMBNi-B/FHSB-JOEBw
4VDBOUP TVmHVSBZTVUBMFOUPQBSBMBEBO[BMBMMFWBSPOIBT
UBFMDJOF QBSUJDJQBOEPFOQFMDVMBTDPNPi%PT$PSB[POFTZ
VOB5POBEBw&OMBQFMDVMBDPTUVNCSJTUBi.JT&TQVFMJUBTEF
1MBUBwMVDJVOBDVFDBNVZQFSTPOBM ZPEJSBEFQPTFT DPO
i".BSHPU-PZPMB
DPNQPTJUPSB JOUFSQSFUFZ
BNJHBNBHOGJDB NJBNJTUBE
&TUIFS4PSw
&TUIFS4PS -B/FHSB-JOEB
FMTNCPMPEFTFOTVBMJEBE
ZTJNQBUBRVFJOOPW
QSPGVOEBNFOUFMBFYQSFTJO
EFMDBOUPDSJPMMPDIJMFOP
1$$
HFTUPTZQPDPEFTQMB[BNJFOUP EPOEFTFQPEBBQSFDJBSMBDIJTQBEF
TVHFOJP
&TUIFS 4PS EFK VOB QSPQVFTUB BSUTUJDB JOOPWBEPSB VO DBNJOP
QPSEPOEFNTUBSEFUSBOTJUBSBOBSUJTUBTEFMBUBMMBEF.BSHBSJUB
"MBSDO 4JMWJB*OGBOUBT $BSNFODJUB3V[Z"EB4BMBT:FTFDBNJ
OPQFSEVSBIBTUBFMEBEFIPZ&MMBWJTUJMBUPOBEBQPQVMBSEFTFEB
ZUFSDJPQFMP EFUSBKFMBSHPZnPSFTFOFMQFMP
3(:/,94(5(:(*<j(
4BO$BSMPTFSBBDPNJFO[PTEFMTJHMP99VOQFRVFPQVFCMPDFSDB
OPB$IJMMO FOMBQSPWJODJBEFVCMF"IIBCBOOBDJEP"NBOEB
Z &MTB "DVB EPT IFSNBOBT RVF NT UBSEF GPSNBSBO FM GBNPTP
EPi)FSNBOBT"DVBw PUBNCJOi-BT$BSBDPMJUPw DPNPMBTSF
CBVUJ[TVQCMJDPFOIPOPSBMBHSBDJBDPORVFJOUFSQSFUBCBOi&M
$BSBDPMJUPw MBUPOBEBNTQPQVMBSEFTVSFQFS
UPSJP
5BM DPNP MB HSBO NBZPSB EF MBT DBOUPSBT EF
UPOBEB FMMBTBQSFOEJFSPOEFTVNBESF VOBNV
KFS EF FTUJSQF DBNQFTJOB RVF DSFDJ B TVT IJKBT
FOTFOEPMFTBDBOUBSUPOBEBT WBMTFT QPSUFBT
SFGBMPTBT Z DVFDBT USBEJDJPOBMFT $PO MPT BPT
FTFSFQFSUPSJPTFSBVOWFSEBEFSPUFTPSPRVFMBT
$BSBDPMJUP TVQJFSPO DPOTFSWBS &MTB Z "NBOEB
QPTFBO CSJMMBOUFT WPDFT EF TPQSBOP Z DPOUSBMUP
SFTQFDUJWBNFOUFFIJDJFSPOEFTVDBOUPVOBQSP
GFTJORVFMFTQFSNJUJMMFHBSBMBSBEJP SFDPSSFS
FMQBTFOHJSBTZHSBCBSQBSBTFMMPTEJTDPHSmDPT
"NBOEBZ&MTB"DVB
TJORVFTVDBOUPQFSEJFSBTVBVUFOUJDJEBEZTBCPS
$BSUVMB%JTDPSQN4FMMP3$"
DBNQFTUSF4VTUPOBEBTFSBOEFGPSNBTZNUSJDB
WBSJBEBTDBOUBCBOUPOBEBDPOFTUSJCJMMP UPOBEB
FTUSmDBDPOZTJODPMFPZUPOBEBFOEDJNBTZUPEPFWPDBCBVO
$IJMF QSPGVOEP SVSBM PSJHJOBM 4F BDPNQBBCBO B EPT HVJUBSSBT
MVDJFOEP UPEPT MPT SFDVSTPT RVF FTUF JOTUSVNFOUP MF BQPSUB B MB
UPOBEB
$POGSFDVFODJBFSBOJOWJUBEBTBBOJNBSBMNVFS[PTDBNQFTUSFT VOB
USBEJDJOIPZZBQFSEJEB"TUBNCJOSFDPSSJFSPONVDIPTSPEFPT
BZVEBOEPDPOTVDBOUPBMBBSEVBUBSFBEFMIVBTPDPSSBMFSP1FSPOP
1$$
TMPSPEFPTDPOPDJFSPOMBT)FSNBOBT"DVB$BOUBSPOFOJNQPS
UBOUFTUFBUSPT DPNPFM*&. *OTUJUVUPEF&YUFOTJO.VTJDBM
EFMB
6OJWFSTJEBEEF$IJMF&MMBTQPEBODBOUBSFODVBMRVJFSFTDFOBSJP
ZPDBTJO:`DNPDBOUBCBO/PEBCBOUSFHVB'VFBTDPNPNF
UPDDPOPDFSMBT'VFFO$IJMMOIBDFZBEFNBTJBEPTBPT&TUCB
NPTFOVOBSFVOJOFODBTBEFMBTNJTNTJNBT)OBT"DVBZFMMBT
DBOUBCBOZDBOUBCBO-VFHPTFIJ[PUBSEFZBTTJHVJFSPO DBOUBOEP
UPEB MB OPDIF IBTUB RVF BNBOFDJ TJO SFQFUJS OJ VO TMP UFNB
.VZKPWJBMFTZCVFOBTBNJHBTUVWJFSPOVOBTVFSUFEFDBTBEFDBOUP
JUJOFSBOUF DPOMBRVFTFJOTUBMBSPOFOWBSJPTQVFCMPT1BSSBMZ5BM
DBIVBOPGVFSPOEPTEFFMMPT5BNCJOSFBMJ[BSPONVDIBTHJSBTDPO
3FO-BSHP'BSBTZFMQSPHSBNBi$IJMF3FZ$BOUBw EPOEFNT
EFBMHVOBWF[DPNQBSUJNPTFMFTDFOBSJP
&MMBT GVFSPO VO DBTP FYDFQDJPOBM 4J B MBT "DVB UVWJTFNPT RVF
DBMJmDBSMBTDPOQBMBCSBTEFIPZ EFCJFSBEFDJSTFRVFGVFSPOVOQB
USJNPOJPEFOVFTUSBDVMUVSBDBNQFTJOB1PSFTBSB[OMB6OJ
WFSTJEBEEF$IJMFMBTJODMVZFOMBHSBCBDJOEFMPTMCVNFT
i"JSFT 5SBEJDJPOBMFT Z 'PMLMSJDPT EF $IJMFw Z i"OUPMPHB
EFM'PMLMPSF.VTJDBM$IJMFOPwEJSJHJEPTQPSFM*OTUJUVUPEF
*OWFTUJHBDJPOFT'PMLMSJDBTZFM*OTUJUVUPEF*OWFTUJHBDJPOFT
.VTJDBMFT"EFNTEFFTUPTWPMNFOFTHSBCBSPOPUSPTDVBO
UPT QBSB 3$" 7DUPS PCUFOJFOEP FO QBHP VOB DFOUFOB EF
TVTQSPQJPTEJTDPT RVFMVFHPFMMBTNJTNBTTFFODBSHBCBOEF
WFOEFSFOUSFTVTBENJSBEPSFT
i-BT$BSBDPMJUPwGVFSPOQPQVMBSFTZNVZRVFSJEBTQPSTVQ
CMJDP)BTUBFMEBEFIPZTJHVFOWJWBTFOMBNFNPSJBEFTV
QVFCMPOBUBMZMPTBMSFEFEPSFT)PZQPEFNPTQFSDJCJSTMPFM
FDPEFTVTWPDFTFOMPTSPTZFOMPTWJFOUPT
i1BSB.BSHPUZ&TUFMB-PZPMB
MBTEPTNFKPSFTJOUSQSFUFTEFM
DBOUBSDSJPMMP BMRVFUBOUP
RVFSFNPT)OBT"DVB
$PODFQDJO 7***w
"NBOEBZ&MTB"DVB MBTGBNPTBT
$BSBDPMJUP MVDJFOEPVODBSBDUFSTUJDP
BTQFDUPDIJOFTDPEFMPTBPT
1$$
16:i46305(
1FQF.PMJOBGVFVOBSQJTUBMFBMOPTMPBMDBOUPUSBEJDJPOBMDIJMFOP
TJOPUBNCJOBMFTUJMPRVFDBSBDUFSJ[BMBSQBFOFMBDPNQBBNJFOUP
EFMBUPOBEBZMBDVFDB1FQFOBDJFOMPTDBNQPTEF&M0MJWBS FO
MBTJONFEJBDJPOFTEFMSP$BDIBQPBM$VNQMJEPTTVTEJF[BPTEF
FEBETFUSBTMBEBBMBDFSDBOBDJVEBEEF3BODBHVBZQPTUFSJPSNFOUF
TFSBEJDBFO4BOUJBHP&MNFDPOUBCBRVFBMPTBPTTFiBmDJPOw
BMBNTJDB QSJNFSPBMBHVJUBSSBZMVFHPBMBSQBUSBTFTDVDIBSDBO
UBSBVOBTFPSBRVFWFOBBTVDBTBZDVZPSFQFSUPSJPFSBOWBMTFT
DBODJPOFTZBMHVOBTUPOBEBTi:PMBPCTFSWBCBZMVFHPMBJNJUBCB
IBDJFOEP MBT NJTNBT QPTUVSBTy TF MMBNBCB $BSNFOw .T UBSEF
UPNDMBTFTEFBSQBDPOVOBQSPGFTPSBZUJFNQPEFTQVTDPOUJOV
TPMP BQSFOEJFOEP EF iTFPSBT EFM DBNQPw &M QSJNFS UFNB RVF
UPDFOBSQBGVFVOBNB[VSDBRVFMMMBNi4BSJUBw
'VF FO MPT BPT DVBSFOUB DVBOEP DPNQS TV
QSJNFS BSQB FO MB QPDB FO RVF FNQF[BCB B
EFTUBDBSDPNPNTJDPZBSQJTUBi&OGPSN
QBSUFEFVOBEFMFHBDJODVMUVSBMFOWJBEBQPSFM
(PCJFSOP DIJMFOP B #VFOPT "JSFT "I NF QSF
TFOUDPNPTPMJTUB DBOUBOEPZUPDBOEPHVJUBSSB
FOFM-VOB1BSLZFO3BEJP#FMHSBOPw
%PT BPT EFTQVT 1FQF DSFB FM EP .PMJOB
(BSSJEP RVF QFSNBOFDF WJHFOUF QPS DJODVFOUB
BPT SFBMJ[BOEP HJSBT FO $IJMF 1FS Z "SHFO
UJOB .PMJOB(BSSJEPZ3FZ4JMWBTFSOMPTRVF
WBOBJNQPOFSVOBOVFWBUFOEFODJBFOMBJOUFS
QSFUBDJOEFMBUPOBEB FMWBMTZMBDVFDBDSJPMMJTUB
DIJMFOBFMEPNBTDVMJOPEFBSQBZHVJUBSSB VOB
BHSVQBDJO RVF IBTUB FOUPODFT IBCB TJEP EFM
EPNJOJPFYDMVTJWPEFMNVOEPGFNFOJOP
$PO TV EP 1FQF .PMJOB SFBMJ[ JOOVNFSBCMFT
HSBCBDJPOFTFOEJTDPTSQN"DPNQBBOEPB
JNQPSUBOUFTBSUJTUBTEFMBQPDB FOUSFFMMBTB&T
+PTAA1FQF.PMJOB
UIFS4PSZMBT)FSNBOBT-PZPMB&OUJFOF
4BOUJBHP
VOBEFTUBDBEBQBSUJDJQBDJOFOFMZBMFHFOEBSJP
MCVNAA"JSFT5SBEJDJPOBMFTZ'PMLMSJDPTEF$IJMF&OFTUBPCSB
TF EFTUBDB FM BSQB EF 1FQF DPO FM TPOJEP EF MB USBEJDJO BSQJTUB
1$$
DIJMFOBRVFIBEFKBEPJOOVNFSBCMFTBMVNOPTRVFTJHVJFSPOQPSTV
IVFMMBQVFTGVF UBNCJO VONBFTUSPHFOFSPTP
1FQF.PMJOBGVFQBSBNTJFNQSFVODPNQBFSPEFFTDFOBSJPTZVO
BNJHPMFBMDPNPOJOHVOP"VOFTUPZMMPSBOEPTVBVTFODJB
0:(),3-<,5;,:
*TBCFM'VFOUFTFTVOUFTUJNPOJPWJWPEFVOBQPDBZHFOFSBDJOEF
DBOUPSBT ZB EFTBQBSFDJEBT /BDJEB FO 4BOUJBHP MB IB EJTUJOHVJEP
VOB WP[ QSJWJMFHJBEB 4V DBOUP TJHVF NBOUFOJFOEP FTF TBCPS EF
VOBDIJMFOJEBEBSSBJHBEB EFNVKFSBVUOUJDB EFJEFOUJEBE+VOUP
DPODBOUBS FMMBIBTJEPVOBHVJUBSSJTUBZBSQJTUBFYDFQDJPOBM RVF
IBTBCJEPNBOUFOFSWJWPFMTPOJEPEFMBSQBUSBEJDJPOBM*OJDJBTV
MBCPS BSUTUJDB FO FM BP DPNP WPDBMJTUB GFNFOJOB EF i-PT
1SPWJODJBOPTw HSVQPRVFFOUPODFTDPOGPSNBCB
.BSJP 0*USB "MFKBOESP "OHFMMPOJ Z 'FSOBOEP
.POUFSP FTUF MUJNP TV NBFTUSP EF HVJUBSSB
$PNP JOUFHSBOUF EF FTUF DVBSUFUP SFBMJ[B VO
USBCBKP GSVDUGFSP FO FTDFOBSJPT SBEJPT Z DBTBT
EJTDPHSmDBTEFMQBT BQPSUBOEPTJFNQSFDPOTV
IFSNPTB WP[ EF TPQSBOP Z FM BDPNQBBNJFOUP
EFTVHVJUBSSB
+VOUP B 1FUSPOJMB 4BMJOBT Z -BVSB:FOU[FO GVOEB
FM BP FM USP i-BT .PSFOJUBTw &O
BQSFOEF BSQB EF TV DPNQBFSB EF BOEBO[BT 1F
USPOJMB RVJFOBTVWF[USBBMBUDOJDBZFTUJMPEFM
SFDPSEBEP 1FQF .PMJOB RVF JNQVTP FO OVFTUSP
BNCJFOUFVOBGPSNBEFJOUFSQSFUBDJOUQJDBNFOUF
DBNQFTJOB IFSFEBEBEFDBOUPSBTEFMB7*SFHJO
.VKFS BMFHSF Z CVFOB DPOUBEPSB EF DIJTUFT Z
DIBTDBSSPT $IBCFMJUB IB TJEP VOB BNJHB MFBM Z
DPNQBFSB QFSFHSJOB EF SVUB BSUTUJDB 1BSUJDJ
Q CBKP NJ EJSFDDJO FO MPT DVSTPT EF GPMLMPSF
PSHBOJ[BEPT QPS MBT &TDVFMBT EF5FNQPSBEB EF
MB6OJWFSTJEBEEF$IJMF"IFOTFMPTTFDSFUPT
EFMBSQBDBNQFTJOB
*TBCFM'VFOUFT BMBEFSFDIBDPOHVJUBSSB
JOUFHSBOEPFMUSP-BT.PSFOJUBT
EVSBOUFVOBHJSBFO0WBMMF
FOWJBEBTQPSMB6OJWFSTJEBEEF$IJMF
-BTBDPNQBB.BSHPU-PZPMB
UBFOEPVOBSQBEFGPSNBUPQBSBHVBZP
1$$
$POWFSTBOEP DPO $IBCFMJUB FMMB BDPUB i/P TF

MFPMWJEFRVFZPQBSUJDJQDPOVTUFEFO4FQUJFN
CSF EF FO VO HSBO SFDJUBM RVF TF EJP FO
FM5FBUSP.VOJDJQBMEF4BOUJBHP/PTPUSBTi-BT
.PSFOJUBTw 1FUSPOJMB 4BMJOBT -BVSB :FOU[FO F
*TBCFM'VFOUFT
FTUCBNPTBDUVBOEPFOFMi1PMMP
%PSBEPwy RVF RVFEBCB FO "HVTUJOBT DPO &T
UBEPZOPTPUSBTBDPNQBBNPTMBTEBO[BT ZBN
DPNP TJFNQSF NF UPD BDPNQBBS FM CBJMF EFM
iBHVJMVDIPw `4JFOEP VO iQKBSPw UFOB RVF UP
DBSMPZP QPIw ZMBO[VOBDBSDBKBEB
*TBCFM'VFOUFTZ1FUSPOJMB4BMJOBT
$BSUVMB%JTDPSQN4FMMP0EFO
$PO TV SFQFSUPSJP EF DBODJPOFT DSJPMMBT QPQV

MBSFT Z GPMLMSJDBT UBO WBTUP DPNP FOKVOEJPTP
FMUSPi-BT.PSFOJUBTwFTUQMFOBNFOUFWJHFOUFZTVQBSUJDJQBDJO
FOMBmFTUBIVBTBFT IBTUBFTUPTNPNFOUPT NVZSFRVFSJEBFOMPT
SPEFPTEFUPEPFMQBT"EFDJSEFVODPSSBMFSPi`-BT.PSFOJUBTZB
TPOIJTUPSJBw
6;030(.65A3,A
&OUVWPMVHBSFOVOBVEJUPSJPEFVOBVOJWFSTJEBEDBQJUBMJOB
VOFODVFOUSPEFDBOUPSBTEFSPEFPPSHBOJ[BEPQPSFMNVTJDMPHP
"HVTUO3VJ[&OVOIFDIPQPDPIBCJUVBMTFSFVOJFSPODJODPEPT
EFDBOUPSBTEFSPEFP&TBOPDIFTFQPEBQSFTFODJBSMBEJWFSTJEBE
EF FTUJMPT Z UFNQFSBNFOUPT DPSSJFOUFT Z DBSBDUFSFT RVF FO $IJMF
TJHVFOEBOEPWJEBBMBDVFDBZMBUPOBEB&OUSFMBTDBOUPSBTRVFBMM
DPODVSSJFSPOFTUBCB0UJMJB(PO[MF[ DPORVJFOIBCBDPNQBSUJEP
FTDFOBSJPFOFO$POTUJUVDJO FOVOGFTUJWBMBMDVBMFMMBBTJT
UJJOUFHSBOEPFMi%VFUP.VUSOw3FDPSEBNPTFOUPODFTDVBOEP
FMMBBTJTUBBMPTFWFOUPTEFi$IJMFSFZDBOUBwFOEPOEFDBOUBCB
BDPNQBBEBEFVOBWP[NBTDVMJOB4JONTDPNQBBRVFTVBSQB
5JMJUBMMFHFTBUBSEFEFTEF1VU MBUJFSSBNBVMJOBRVFUBNCJOWJP
OBDFSBNJQBESF$BOUBMHVOBTDVFDBT1FSPMPRVFNTMMBNNJ
BUFODJOGVFTVSFQFSUPSJPEFUPOBEBT DBTJUPEBTFMMBTFNQBSFOUBEBT
DPOFMi&TUJMPwVOBQSJNFSBQBSUFMFOUBZVOBTFHVOEBNTSQJEB
ZSUNJDB USBZFOEPBNJNFNPSJBVOUJQPEFUPOBEBRVFFTQSPQJB
EFFTB[POB&OFTBPQPSUVOJEBE 5JMJUB(PO[MF[EFNPTUSTFSVOB
TPMJTUBEFTUBDBEB DBQB[EFMMFOBSUPEPMPTFTQBDJPTDPOTVNBHOJmDB
1$$
WP[EFDPOUSBMUPZFMDBSDUFSEFTMVNCSBOUFEFTVBSQBUSBEJDJPOBM
EPOEFJNQPOFVOFTUJMPEFFKFDVDJOOJDP QSPQJPZDIJMFOP
1FTFBTVTEPUFTEFTPMJTUB 5JMJUBBDPTUVNCSBBDBOUBSBDPNQBB
EB EF PUSB WP[ Z FM DPNQMFNFOUP EF VOB HVJUBSSB TJHVJFOEP MPT
EJDUBEPTEFVOBBSSBJHBEBUSBEJDJONVTJDBMDIJMFOB&MMBOBDJBMB
WJEBBSUTUJDBBDPNJFO[PEFMBEDBEBEF DVBOEPKVOUPBVO
QSJNPIFSNBOPGPSNBFMEP.VUSO-VFHP FODPNJFO[BB
DBOUBSDPO.BUJMEFi5JUBw.BSUOF[ DPORVJFODPNJFO[BMBOPUP
SJFEBEEFMEP1PTUFSJPSNFOUF IBODBOUBEPKVOUPBFMMB.BSHBSJUB
.PSBMFT (MPSJB(PO[MF[F*SNB$BTUJMMP
0UJMJB(PO[MF[OBDJFOFMTFOPEFVOBGBNJMJBEFNTJDPTRVFMF
NBSDFMDBNJOPTFFSPEFOVFTUSBTQFSUFOFODJBTZVOBBDFOUVBEB
QBTJOQPSDVMUJWBSMBTZEJGVOEJSMBT'VFTVQSPQJPQBESFFMRVFMB
JNQVMTZBQPZQBSBRVFGVFTFNTJDB DPOMBTPMBDPOEJDJOEF
iRVFOVODBGVFTFVOBDBOUPSBSPHBEBw
5JMJUBFTVOBNVKFSDMJEBZTFSWJDJBMRVFTJFNQSF
FTU DFSDB EF TV HFOUF 1PS FTP RVF TVT QSJODJ
QBMFTFTDFOBSJPTIBOTJEPRVJOUBTEFSFDSFP mFT
UBT QPQVMBSFT SFVOJPOFT GBNJMJBSFT CBVUJ[PT
NBUSJNPOJPT Z DVNQMFBPT 4JO FNCBSHP TV
FTQBDJPQSFGFSJEPFTIBTUBMBBDUVBMJEBE FMSPEFP
&MMBSFDPSSFFMQBTBDVEJFOEPBDVNQMJSDPOMPT
DPOUSBUPTQBSBDBOUBSFOMPTUPSOFPTNTJNQPS
UBOUFTEFMBDPNQFUFODJBIVBTB
)B SFBMJ[BEP WBSJBT HSBCBDJPOFT -BT NT JN
QPSUBOUFTTPOMBTSFHJTUSBEBDPO4FMMP$BOUPSBM
FO RVF FO DVBUSP WPMNFOFT SFDPHF VOB
DPNQMFUBTFMFDDJOEFNTJDBDSJPMMBi3B[EFM
5JFNQPw i$VFDBTQB$PSSBMFSPTw i5POBEBTEF
1VSB$FQBwZi7BMTFT5SBEJDJPOBMFTw
0UJMJB(PO[MF[ 5JMJUB
1VU
'PUP0$EJ[
%FTQVTEFFTFFODVFOUSPGPSUVJUPFO4BOUJBHP OPTIFNPTWVFMUP
BFODPOUSBSNVDIBTWFDFT&MMBNFFTQFSBFOTV1VUOBUBM IBTUB
EPOEFMMFHPQBSBDPNQBSUJSFOUFSUVMJBMBNTJDBRVFOPTVOF P
CJFO FMMBMMFHBIBTUBNJDBTBEPOEFTJFNQSFMBFTQFSPDPOMBQVFSUB
BCJFSUB5JMJUBOPTTJHVFEFMFJUBOEPIPZDPOTVWP[ZTVBSQB NPT
USOEPOPTTVNBEVSF[BSUTUJDBMPHSBEBBUSBWTEFMUJFNQPFJOT
QJSBEBQPSTVHFOUFZTVQBJTBKF
1$$
.()90,3(70A(996!
(40.( @ +0:*7<3( (<:,5;,
5FFTDSJCPFTUBTMOFBTBMDPSSFPEFMBTHBMBYJBT EPOEFEFCFTFTUBS
DBOUBOEPMBDBODJOVOJWFSTBM QBSBEFDJSUFNVDIBTDPTBTZSFDPS
EBSMPTDBNJOPTRVFOPTWJFSPOKVOUBTy{$NPQVEJTUFFNQSFOEFS
UBOQSPOUPFTUFWJBKFTJOSFUPSOP {$NPQVEJTUFUSPDBSMBUJFSSB
QPSVOBFTUSFMMB &TUBUJFSSBRVFQJTBTUFmSNF DPOMBSHPTZTFHVSPT
QBTPTDPOUVDPNQBFSBHVJUBSSB
.F FTU DPTUBOEP BTVNJS UV BVTFODJBy QBSB BDPNQBBSNF FT
DVDIP UV WP[ B USBWT EF MBT HSBCBDJPOFT RVF MFHBSB B MB IJTUPSJB
NVTJDBM FM i$POKVOUP .JMMBSBZw RVF U DSFBTUF 3FNFNPSP DBEB
JOTUBOUF EFTEF RVF OPT DPOPDJNPT FO BRVFMMBT HMPSJPTBT FTDVFMBT
EF UFNQPSBEB EF MB 6OJWFSTJEBE EF $IJMF UBO MMFOBT EF GFSWPS Z
BNJTUBE5 UFKJTUF FOUPODFT QBSB OVFTUSPT BMVNOPT MBT QSJNFSBT
IVBSBDBT DPO MBT RVF FMMPT BQSFOEJFSPO B USFO[BS
MPTTNCPMPTBTUSBMFTFOFMCBJMFEFMBTDVZBDBT
7FOBTEF-FCV UJFSSBEFWJEBEVSBEFNJOFSPT
ZDBNQFTJOPT RVFUFFOUSFHBSPOUBOUBTBCJEVSB
QPQVMBS {$NP PMWJEBSUF DBOUBOEP DPO UV WP[
DSJTUBMJOBi/PRVJFSPRVFSFSBOBEJFw VOBDVFDB
QBSB FM PEP Z RVF NF FOTFBSB EPB 1VSTJNB
.BSUOF[ EF1PNBJSFZMBUPOBEBi&MTFSFOPEF
NJ DBMMFw FOUSFHBEP QPS VOB QPSUFB EFM DFSSP
'MPSJEBEF7BMQBSBTP
.BSHPU-PZPMBZ(BCSJFMB1J[BSSP
4BOUJBHP
'PUP.BOVFM%BHPT
&MTFSFOPEFNJDBMMF
5JFOFVOBWP[UBOCPOJUB
2VFDVBOEPHSJUB`MBTPDIP
&MDPSB[ONFQBMQJUB
&TUB DVBSUFUB TFHVJEB EF VO FTUSJCJMMP BM QBSFDFS DPO SBTHPT IJT
USJOJDPT EFPSJHFOOFHSPZRVFEJDF
&TUSJCJMMP
5U {2VJOFT
`4FSFOPRVFEBMBTUSFT
-FWOUBUFUFNQSBOJUP
$IJOJUBNB
"UPNBSDBG
1$$
$BG DBG
$BG MFDIFDPODBG
-FWOUBUFUFNQSBOJUP
$IJOJUBNB
"UPNBSDBG
y: RVF U JOUFSQSFUBCBT NBHJTUSBMNFOUF: GVJTUF TFNCSBOEP Z
IBDJFOEPFTDVFMBBMPMBSHPEF$IJMF EFKBOEPBMVNOPTUBOEFTUBDB
EPTRVFDPOUJOBOQPSFMNJTNPDBNJOP DPNP1BUSJDJB$IBWBSSB
BMM FO FM TVS SFTDBUBOEP CPOJUVSBT Z SFWJUBMJ[BOEP mFTUBT FO VO
USBCBKPBOOJNPBVOOPSFDPOPDJEP
-VFHPUVIPHBS DPOMBTQVFSUBTBCJFSUBTEFQBSFOQBS QBSBVOJSMPT
TPOJEPTFUFSOPTEFHVJUBSSBTDBNQFTJOBTZSFDJCJSMBTBWJBEFUVNB
ESF)PSUFOTJB MBHSBONBFTUSBGPSNBEBFOMBTFTDVFMBTOPSNBMFTRVF
OVODBEFCJFSPOEFUFOFSTVNBSDIB5RVFTJFNQSFOPTJOGVOEJTUF
WBMPS RVFOVODBQFSEJTUFMBGF RVFWJWJTUFFTQFSBO[BEB RVFnPSF
DJTUFSPTBTDPOMBTRVFBEPSOBTUFNJDBMMFZNJDBTBQBSBDFMFCSBSFM
HBMBSEORVF$IJMFPUPSHBCBQPSmOBMBNTJDBEFOVFTUSPQVFCMP
3FQBSUJTUFFOTFBO[BTZDBODJPOFTQPSEPRVJFS EFTDVCSJTUFFMDBOUP
ZMBEBO[BEF$IJMPZMBNPTUSBTUFBMNVOEPDPOTJOHVMBSNBFT
USB DPOTFOUJEPFTUUJDPRVFIFNPTQFSEJEPQPSFTUPTEBT&TUV
WJTUFDFSDBEFMPTNTIVNJMEFT QFOFUSBTUFFOFMGPOEPEFMPDBOP
ZFTDBMBTUFMBBMUBDJNBEFMBBMFHSBZFMESBNBEF$IJMF TVTPMBVO
OPSFTQMBOEFDJFOUF5FFYUSBP(BCSJFMB5FOFDFTJUBNPTQBSBVOJS
GVFS[BTZEFUFOFSFMBMVWJORVFTFOPTBWFDJOB&TUFNVOEPFTUBM
SFWT DPNPEFDBNJDPNBESF7JPMFUB`4JMBWFT EJMFRVFOPTFTUO
JHOPSBOEP RVFMBNTJDBEFMPTTJMFODJPTZBOPTFPZF RVFMPTPKPT
ZBOPWFO RVFFMBWBODFUFDOPMHJDPFTUBTFDBOEPNBOBOUJBMFTZ
RVJUOEPOPTFMBJSF EJMFRVFFMIPNCSFTFBMFKEF%JPT&OVOB
MHSJNB NJEFTBTPTJFHPZBNPS
=063,;(7(99(.,50(3@,;,95(
-BQSJNFSBWF[RVFMBPDBOUBCBKVOUPBTVIFSNBOB)JMEB DPO
RVJFO GPSNBCB FM EP i-BT )FSNBOBT 1BSSBw Z B RVJFO FT KVTUP
SFDPSEBSUBNCJOQPSMBBVUFOUJDJEBEEFTVQPUFOUFWP["NCBTMMF
HBSPOEFMDBNQPBMBDJVEBEEFTQVTEFIBCFSSFDPSSJEPDBNJOPT
DBOUBOEPFODJSDPT SFTUPSBOFTZRVJOUBTEFSFDSFP DPOVOSFQFSUP
SJPEFNTJDBQPQVMBSEFMBQPDB
1$$
%F7JPMFUB1BSSBTFIBEJDIPNVDIPZNVDIBTDPTBT1PSFTPRVJF
SPSFDPSEBSMBFOMPRVFOPTUPDWJWJSKVOUBTDPNPMBTBNJHBTRVF
GVJNPT/PTDPOPDJNPTFODVBOEPZBBNCBTSBNPTTPMJTUBT
&MMB DBOUBCB FO VOB GPOEB EJFDJPDIFSB PSHBOJ[BEB QPS MPT DPN
QPTJUPSFTEFMBQPDB7JPMFUBDBOUFOUPODFTi-B+BSEJOFSBw VOB
UPOBEBEFTVBVUPSBRVFNFJNQSFTJPOIPOEBNFOUF$VBOEPUFS
NJOMFQSFHVOUEOEFIBCBSFDPQJMBEPFTBCFMMTJNBUPOBEB1PS
TVSFTQVFTUBBMHPTQFSBQVEFQFSDJCJSRVFMBQSFHVOUBOPMFDBZ
NVZ CJFO QVFTUP RVF FMMB FSB MB BVUPSB 2VJ[T DVOUBT JODPN
QSFOTJPOFTBOUFSJPSFTMBIBDBSFDFMBSBOUFFMNFOPSHFTUP"QFTBSEF
MBTJUVBDJO FTFJNQBTTFZFTBUPOBEBGVFSPOFMQSJNFSMB[PRVFOPT
VOJFOMBBNJTUBEZFMRVFIBDFSBSUTUJDP.FDPOWFSU FOUPODFT
FOTVBENJSBEPSBZEFGFOTPSBFIJDFMBTQSJNFSBTUSBOTDSJQDJPOFTEF
TVTUPOBEBT+VOUBTDPNFO[BNPTBWJTJUBSSBEJPT NFEJPTEFQSFOTB
ZVOJWFSTJEBEFT DPNQBSUJFOEPDPOFMMBMPQPDPRVFQPEBPGSFDFS
MF EFMNJTNPNPEPRVFNVDIBTQSFDVSTPSBTMP
IBCBOIFDIPDPONJHPEJF[BPTBOUFT
4JOFNCBSHP OBEBMFGVFGDJMBMB7JPMFUB/BEB
(SBO QBSUF EF TV DBSSFSB FTUVWP DFSDBEB EF JO
DPNQSFOTJPOFTFJOHSBUJUVEFT&OVOQBTBDPT
UVNCSBEP BM TPOJEP CSJMMBOUF Z WJCSBOUF EFM
FTUJMPDSJPMMJTUB MB7JPMFUBTPOBCBFYUSBB$PO
TVWP[EFDPOUSBMUPZTVUJNCSFBMHPPTDVSP OPT
MMFWBCBEFVOHPMQFBMEPMPSEFMBUJFSSB&OFMMB
OPIBCBBMFHPSBTOJQBJTBKFTCVDMJDPT TJOPVOB
NF[DMB EF EFTHBSSP Z FTQFSBO[B 5BNQPDP FSB
VOB NVKFS DPNQMBDJFOUF OJ SFTJHOBEB "M DPO
USBSJP UFOBVOUFNQFSBNFOUPBQBTJPOBEPZWPM
DOJDPRVFOPMFQFSNJUBDPODFTJPOFT MPRVFMF
BDBSSFVOBWJEBEFNVDIBTPMFEBE6OBWF[MB
GVJNPTBWJTJUBSDPONJNBSJEPBVOBDBTPOBFO
RVFWJWBDFSDBEF1MB[B&HBB-MFHBNPT&TUBCB
7JPMFUB1BSSBZ.BSHPU-PZPMB
UPEPPTDVSPZOBEJFDPOUFTUBCB-BDBTBQBSFDB
FTUBSTPMB1FSPMBRVFFTUBCBTPMBFSB7JPMFUB RVFMMFWBCBEPTEBT
FOGFSNBFODBNB TJOOBEJFBTVBMSFEFEPS'VFSPOEPMPSFTDPNP
FTPT TVNBEPT B VOB IJTUPSJB EF QPTUFSHBDJPOFT MPT RVF KVOUP B
TV JODPONFOTVSBCMF HFOJP NVTJDBM MB MMFWBSPO B DPNQPOFS UBOUB
NTJDBRVF BWFDFT BOPTPUSPTNJTNPTOPTDPTUBCBDPNQSFOEFS
FOTVSFBMEJNFOTJO%FTVDSFBDJONVTJDBMDPOPDNVDIBTDP
1$$
TBT NTRVFMBTDPTBTRVFFMMBSFDPQJMBCB QPSRVFFOFMDBNQPEFM

GPMLMPSFGVJNPTDPNPEPTSPTBTFTQJOVEBTZBUBEBT3FDVFSEP QPS
FKFNQMP DVBOEPNFQSFTFOUi&M(BWJMOw UPEBVOBPCSBNVTJDBM
EFBSUFDPOUFNQPSOFP EFMBRVFJODMVTPNFIJ[PVOBHSBCBDJO
FONJQSPQJBDBTB&TPFSBBMHPJNQPTJCMFTJRVJFSBEFJNBHJOBSQPS
BRVFMMPT BPT FO RVF QSJNBCB FM TPOJEP EVM[O EFM OFPGPMLMPSF
DPSSJFOUFNVTJDBMRVFBFMMBOPMFHVTUBCB5BNCJOMFFTDVDIEF
QSJNFSB NBOP i2V IF 4BDBEP DPO 2VFSFSUFw NF[DMB EF FMF
NFOUPT NVTJDBMFT NBQVDIF Z UFTUJNPOJP BVUPCJPHSmDP EPOEF
FMMB EJCVKB MBT IFSJEBT EF TV QBTJO QPSRVF UPEP MP RVF FMMB WB
SFMBUBOEP FYJTUJ &TF UFNB OPT EJDF UBOUBT DPTBT EF FTB TFOTJCJ
MJEBE RVF MB DBSBDUFSJ[BCB QPSRVF BI MB7JPMFUB FYQSFTB TV QFOB
UPNBOEPSBTHPTFTUJMTUJDPTEFMBNTJDBEFVOQVFCMPRVFUBNCJO
IBQBEFDJEPVOTVGSJNJFOUP QFSPRVFBMJHVBMRVFFMMB UBNCJOIB
QFMFBEPZOVODBTFIBSFTJHOBEP
7BMJFOUFFSBUBNCJOEPB7JPMFUB1BSSB`$POUBOQPDPIJ[PUBOUP
&SBVOBNVKFSTBDSJmDBEBRVFNVDIBTWFDFTJOWFSUBMPQPDPRVFUFOB
QBSBTBMJSBUSBCBKBSBMPTDBNQPT B$IJMP BMB1BNQB"MMQBSUB
DPOMPRVFUFOBPDPOMPRVFQPEB FOVOBQPDBFORVFOPIBCBMPT
GPOEPTQCMJDPTQBSBQSPZFDUPTBSUTUJDPTRVFTFDPOPDFOIPZ
&MMB IBDB QFOTBS QPSRVF `WBZB RVF QFOTBCB -B EFTBTPTFHBCB MB
FYJTUFODJB UBOUP DPNP B N %VEBCB NT EF MP RVF TF QVEJFTF
QFOTBS/PIBCBQBSBFMMBDFSUF[BTFOFTUBWJEB DPNPUBNQPDPMBT
IBCBQBSBN.VDIBTEFTVTDPNQPTJDJPOFTEFKBOFOUSFWFSFOTVT
MFUSBTFTUBSFBMJEBERVFMBBOHVTUJBCBZEFMBRVFIBCMBCBTMPDPO
BMHVOBT QFSTPOBT $PONJHP MP IBDB /PT FODFSSCBNPT B UPNBS
NBUFZOPEFKBCBRVFOBEJFOPTJOUFSSVNQJFSB QPSRVFBQBSUFEF
MBNTJDBDIJMFOB OPTVOBOUBNCJOFTUPTBTVOUPT DPTBTEFFTUB
WJEBZEFMBPUSB EFMBNVFSUF MBUSBTDFOEFODJBZFMVOJWFSTPUPEP
&OFTPSBNPTDPNPEPTHPUBTEFBHVB
1FSPBTUBNCJOQBTBCBEFMBUSJTUF[BZMBBOHVTUJBBMBFVGPSJB:
BTDPNPTVEPMPSDPONPWB TVJOJDJBUJWBDPOUBHJBCB"mOFTEF
VOBPEFNFEJBEPTEFMBEDBEBEF NFMBFODPOUSFOVOB
DBMMFEFMDFOUSPEF4BOUJBHP7FOBEFMB.VOJDJQBMJEBEDBNJOBOEP
BQSFTVSBEBDPOTVHVJUBSSBCBKPFMCSB[PZTFMFWFBNVZEJDIPTB
QPSRVF IBCB DPOTFHVJEP BQPZP QBSB SFBMJ[BS FO MB QSHPMB EF MB
1MB[BEF"SNBT VO1FTFCSFWJWPQBSBMB/BWJEBEZFOUSFMPTSPMFT
RVFZBFOTVJOHFOJPTBDBCF[BIBCBEJTUSJCVJEP SFDVFSEPRVF4BO
1$$
+PTMPSFQSFTFOUBSB$MBVEJP-PCPTZZPBMB7JSHFO.BSB"TFSB
EFJOHFOJPTBZBTUBNCJOEFJOHFOVB
5BNCJOGVFSPONVDIBTMBTDPTBTRVFDPNQBSUJNPTFOOVFTUSBDB
SSFSBBSUTUJDBZQSPGFTJPOBM1BSUJDJQCBNPTFOFWFOUPTEFVOOJWFM
BSUTUJDPRVFIPZTFSBEJGDJMSFQFUJS5BNCJOOPTBDPNQBBNPT
FO &VSPQB FO VO FODVFOUSP RVF UVWP EF EVMDF Z EF BHSB[ .V
DIPBOUFTEFFTPQVEFQSFTFOUBSMBDPNPNBFTUSBFOMBT&TDVFMBTEF
5FNQPSBEBEFMB6OJWFSTJEBEEF$IJMF QFSPBIUVWPQPDPYJUP
QPSRVF BO OP FSB TV UJFNQP QPS FOUPODFT FM QCMJDP OP TBCB
BQSFDJBS FM WBMPS EF TV QSPQVFTUB $VBOEP FNQF[ i-B 1FB EF
MPT1BSSBw FO$BSNFO/ FMMBNFJOWJUWBSJBTWFDFT-VFHP
DVBOEPTFGVFEFBIMPTJHVJIBDJFOEP QFSPBTVOVFWPMPDBM-B
$BSQBEF-B3FJOB4JOFNCBSHP FTPFSBNVZEJTUJOUPBMBNCJFO
UF EF MB 1FB -B WFSEBE FT RVF MB QBSUJEB B -B $BSQB GVF DPNP
VOTBMUPBMBEFTPMBDJO&TUBCBNVZMFKPTEFMBDJVEBEFJCBNVZ
QPDBHFOUF TPCSFUPEPFOFMJOWJFSOP EPOEFMPRVFSFJOBCBFSBFM
GSP.VDIBTWFDFTMBBDPNQBBNPTIBDJFOEPFMONFSPBSUTUJDP
NJFOUSBTFMMBBUFOEBMBDPDJOBZMBTNFTBT:PDBOUBCBVOUFNBZ
MB7JPMFUBTBDBCBBNJNBSJEP0TWBMEPFM/FHSP DPNPMFEFDBZ
CBJMBCB DPO M Z DVBOEP FTUBCB TV IFSNBOP 3PCFSUP RVF FSB VO
DVFRVFSP mOP FOUPODFT CBJMCBNPT DPO 0TWBMEP DVFDB EF USFT
&OFTPFTUVWJNPTMBTMUJNBTRVJODFOPDIFTBOUFTRVFNJDPNBESF
EFDJEJFSBJSTFQBSBTJFNQSF
"IPSB MBSFDVFSEPFNPDJPOBEB%FTQVTEFTVQBSUJEBMBTDPTBTOP
WPMWJFSPOBTFSJHVBMFT7JPMFUBDFSSESBNUJDBNFOUFVODJDMPEFMB
IJTUPSJBEFFTUFQBTZQBSFDFRVFTVNVFSUFIVCJFTFBOVODJBEPMB
QSEJEBEFPUSBTNVDIBTDPTBT EFFOUSFFMMBT FMTFOUJEP
{&ORVUSVFOP FORVSFMNQBHP FORVWPMDOFTUBSDBOUBOEP
BIPSB i-B +BSEJOFSBw P i-B +VBOB 3PTBw EPT EF TVT JOJHVBMBCMFT
UPOBEBTFOUSFUBOUBTZUBOUBT
7JPMFUB MFH B $IJMF VOB PCSB NVTJDBM RVF OPT FOSJRVFDJ DPNP
QVFCMPZOPTSFQSFTFOUBOUFFMNVOEP1FSPQSFTJFOUPRVFUSBTTV
QBSUJEBTFDPNFO[BSPOBDFSSBSQVFSUBTRVFZBOVODBTFBCSJSO
1$$
3(:/,94(5(:36@63(
/PRVJFSPUFSNJOBSFTUFDBQUVMPTJOBOUFTSFGFSJSNFBMB&TUFMBZB
N DPNPMBTi)FSNBOBT-PZPMBwPi)FSNBOJUBT-PZPMBw OPNCSF
DPO RVF FO OPT SFCBVUJ[ 3BM .BUBT EVSBOUF VOB NFNP
SBCMF QSFTFOUBDJO FO FM BVEJUPSJP EF MB BRVFM FOUPODFT 3BEJP
$PPQFSBUJWB7JUBMJDJB&OUSFMPTMUJNPTBPTEFMBEDBEBEFMPT
BPTUSFJOUBZMBEDBEBTJHVJFOUF NJIFSNBOBZZPECBNPTMPT
QSJNFSPTQBTPTFOVONVOEPQBSBOPTPUSBTOVFWPZFYDJUBOUF"M
JHVBMRVFUBOUBTNVKFSFTDIJMFOBTRVFEFEJDBSPOTVWJEBBMDBOUP
USBEJDJPOBM OPTPUSBT IBCBNPT JOJDJBEP OVFTUSB FTDVFMB DPO NJ
NBESF "OB 1BMBDJPT .VKFS SJHVSPTB RVF TJFNQSF DBOU QBSB TV
DPOTPMBDJO OPTJOUSPEVKPFOFMNVOEPEFMDBOUPDIJMFOPQPSMB
QVFSUBTJFNQSFBCJFSUBZBODIBEFMBUPOBEB/PTFOTFBUPDBS
HVJUBSSBZBDBOUBSBEPTWPDFT EPOEF&TUFMBEFTUBDBCBQPSTVCFMMP
ZDMBSPSFHJTUSPEFTPQSBOP
$VBOEPMMFHBNPTEF$VSBDBWB4BOUJBHPBQSFTFOUBSOPTFO
3BEJP%FM1BDmDP OPTPUSBTDBOUCBNPTDPNPEPTDIJRVJ
MMBT CPOJUBT Z HSBDJPTBT TVQPOHP ZP DPO NVZ QPDPT BSHV
NFOUPTDPNPQBSBTPTUFOFSOPTFOFMUJFNQP6OBDPTBFSB
DBOUBSCPOJUP DPTBRVFOPTPUSBTIBDBNPT PUSBNVZEJTUJOUB
FSBTFSBSUJTUBZOPTPUSBTTPCBNPTDPOFTBQPTJCJMJEBE1PS
FOUPODFTOPQPEBNPTJNBHJOBSDVOUPTPCTUDVMPTEFCFSB
NPTWFODFSQBSBIBDFSOPTEFVOSFDPOPDJNJFOUP QPSRVFB
EFDJSWFSEBE FOFMFTQBDJPDBQJUBMJOPBCVOEBCBOMBTDBOUPSBT
DSJPMMJTUBT MBTRVFZPMMBNPQSFDVSTPSBT UPEBTFMMBTDPOOP
UBEBTmHVSBT1FSPQPSFOUPODFTDPSSBOPUSPTWJFOUPT PUSPT
BJSFT NT IVNBOPT QPSRVF GVFSPO FTBT NJTNBT NVKFSFT
BSUJTUBTZBNBEVSBTZDPOTVNBEBT MBTRVFOPTWBOBNPT
USBSTVIFSNPTBIVFMMBZOPTEBSOMBHVBQBSBTFHVJSFOTV
NJTNBTFOEB&TPNFSFWFMBVOBQPDBFORVFFTUBNTJDBTF
IBDBQPSDPOWJDDJO QFSPQSJODJQBMNFOUFQPSWPDBDJO
-BT)FSNBOBT-PZPMB
1PS PUSB QBSUF UVWJNPT MB HSBO TVFSUF RVF OPT BDPHJFSB FOTVTDPNJFO[PT
BMPTZBPT
FM *OTUJUVUP EF *OWFTUJHBDJPOFT 'PMLMSJDBT EF MB 6OJWFS $VSBDBW
TJEBE EF $IJMF &TUP OPT QFSNJUJ NVDIBT DPTBT FOUSF
FMMBT BDUVBS FO EPT HSBOEFT SFDJUBMFT FO FM5FBUSP $FSWBOUFT KVO
UP B &MFOB .PSFOP Z FO FM 5FBUSP .VOJDJQBM EF 4BOUJBHP DPO
FM FYDFMFOUF BDPNQBBNJFOUP FO BSQB EF MB FYDFQDJPOBM .BSB
1$$
(BM[ 1FSP MB 6OJWFSTJEBE EF $IJMF OPT NPTUSBSB BEFNT

OVFWPT SVNCPT FO MPT RVF OPT FODBVTBSBO IPNCSFT UBO OPUB
CMFT DPNP 1BCMP (BSSJEP $BSMPT -BWO Z QSJODJQBMNFOUF EPO
$BSMPT *TBNJUU RVJFO OPT FOTF DBOUPT NBQVDIFT Z OPT PSJFO
UIBDJBVOBOVFWBGPSNBEFQSPQVFTUBFTDOJDB%FTQVTEFSFDP
SSFSFMQBTIBDJBFMOPSUFZFMTVS MMFWBOEPVOSFQFSUPSJPEJWFSTPF
JOUFSDVMUVSBM FMESBNBUVSHP"OUPOJP"DFWFEP)FSOOEF[FOVOPEF
MPTBSUDVMPTQVCMJDBEPTFOMBQSFOTBEFMBQPDB EFMDVBMFYUSBDUB
NPTVOBQBSUF PQJO
i$VBOEP BQBSFDJ FO &TQBB MB HSBO DBOUBPSB "NBMJB .PMJOB MPT
IFSNBOPTMWBSF[2VJOUFSPTEJKFSPOi"FTBNVKFSIBZRVFWFSMBZIBZ
RVFPSMBw%FTEFRVFBQBSFDJFSPOMBTIFSNBOBT.BSHPUZ&TUFMB-PZPMB
ZPUBNCJOIFQFOTBEPi"FTUBTBSUJTUBTEF$IJMF IBZRVFWFSMBTZIBZ
RVFPSMBTNTBO IBZRVFRVFSFSMBTw
4POTFSFTRVFTFDPNQMFNFOUBO&TUFMBDBOUBNBSBWJMMPTBNFOUFZ
.BSHPUUJFOFUPEBMBHSBDJBRVFTFMFQVFEFQFEJSBVOBBSUJTUB
FTUPEBVOBTPOSJTB FTHSBDJBZNPWJNJFOUP FTDPNPVOBMV[RVF
BQBSFDJFSBEFSFQFOUFFOFMFTDFOBSJPBCSB[BEBBTVHVJUBSSBRVF
FTDPNPVODPSB[ORVFEFTHSBOBSBSJUNPT
)FSNBOBT-PZPMB
'PUPEFQSPNPDJO
: FTPT SJUNPT TPO DIJMFOPT IBZ SJUNPT DIJMFOPT IBZ DBOUPT

DIJMFOPT DBMJEBE DIJMFOB USBEJDJO DIJMFOB &MMBT MB MMFWBO FO
MBTBOHSF FOTVTBMFHSBTZFOTVTEPMPSFT FOTVTFTQFSBO[BTZFO
UPEP TV WJWJS 4BCBO RVF UFOBNPT VOB USBEJDJO QFSEJEB EF
IPNCSFTRVFNVDIPTBCFO DPNP$BSMPT*TBNJUU FMHSBOSFDPOT
USVDUPS EF MB NTJDB Z FM DBOUP BSBVDBOP EF &VHFOJP 1FSFJSB
4BMBT FMNTHSBOEFEFMPTUSBUBEJTUBTEFMDBOUPDIJMFOPRVFBOUFT
GVFSBMV[FOMBTBMNBTEF$IJMF BQSFOEJFSPONVDIBTDPTBTMJOEBT
UBNCJOMBQSFDFQUJWB/PFYJTUBODBOUPTEFFTBOBUVSBMF[BFO
FMBNCJFOUFUPEPFTUBCBVOQPDPUFSHJWFSTBEP UPEPTFBSSFHMBCB
QBSB EBSMP BM QCMJDP NVDIBT WFDFT FO GPSNB ICSJEB &MMBT
TBMJFSPOBCVTDBSMP
:BWBMMFTFTDPOEJEPTFOMBTWFSUJFOUFTBOEJOBTGVFSPO BQPCMB
DIPTRVFOPFTUOFOMPTNBQBTBSSJCBSPO QBSBFODPOUSBSMBNBSBWJMMB
RVFTFIBCBPMWJEBEPZMPEJFSPOFO4BOUJBHPZFOPUSBTDJVEBEFTQBSB
EBSMPMBO[BSPOTVTBMNBTZTVTWPDFTZMPHSBSPOMMFHBSBMTJUJPEPOEFFO
MBNBUFSJBOPIBMMFHBEPOBEJF:PTPZVOEFWPUPEFMGPMLMPSF EJDFO
RVFFOFTBNBUFSJBTPZVOWBMPSQVFTCJFO BNNFIBOTBUJTGFDIPDPO
DSFDFT)FTJEPVOCVTDBEPSEFDBODJPOFT EFUPEPMPCFMMPRVFIBZFO
1$$
$IJMF EFUPEPMPBVUOUJDPZUPEPMPIFFODPOUSBEPFOMBWP[ZFOFM
SJUNPEF.BSHPUZ&TUFMB-PZPMB
4DVBOUPIBOUSBCBKBEP DPOP[DPMBTJODPNQSFOTJPOFTRVFIBOTVGSJEP
ZMPTEFTBMJFOUPTIFSJEPSFTRVFIBOUSBUBEPEFEFUFOFSMBTFOTVTFOEBEF
JONFOTPTBDSJmDJP.VDIPIFFTDSJUPTPCSFFMMBT RVFFOFTUFNPNFOUPZ
QBSBNVDIPUJFNQP USJVOGBO
-PEJDFMBQSFOTBFOUFSB MPBmSNBOMPTNFKPSFTZNTDVMUJWBEPTUFN
QFSBNFOUPTFMMBTTPO-"4.&+03&4w
%JBSJPi&M%BwEF$PQJBQ 7JFSOFTEF0DUVCSFEF
-BT)FSNBOBT-PZPMBUVWJFSPOMBHSBOTVFSUFEFRVFFMHSBOQPFUB
DVCBOP/JDPMT(VJMMOMBTDPOPDJFSB&MDPNFOUBMSFHSFTBSBTV
QBUSJB BDFSDB EF MB MBCPS EFTBSSPMMBEB QPS FMMBT $PNP SFGFSFODJB
EBNPTBDPOPDFSFTUFBSUDVMPQVCMJDBEPFOVOQFSJEJDPEFMBDJV
EBEEF*RVJRVF
i&MQSFTUJHJPEFMBT)FSNBOBT-PZPMBDPNPMBNT
BMUB Z QVSB FYQSFTJO EF MB DBODJO Z NTJDB RVF
FMMBT DBOUBO Z BSSBODBO EFM BMNB EF OVFTUSB OB
DJPOBMJEBE IB USBTQBTBEP ZB MBT GSPOUFSBT HFPHS
mDBTEF$IJMF
/P IBDF NVDIP FM %JBSJP i)PZw EF -B )BCB
OBBMEBSBDPOPDFSFOTVTDPMVNOBTMBDBODJO
BSBVDBOB i%PMPS EF *OEJPw RVF FO GPSNB UBO
FNPUJWBDBOUBOMBT)FSNBOBT-PZPMB FYQSFTFM
TJHVJFOUFKVJDJP
i-BNTJDBFOGVODJOTPDJBMUJFOFFOMBTIFSNBOBT -BT)FSNBOBT-PZPMBBDUVBOEPFOFM
-PZPMB EFTUBDBEBT GPMLMPSJTUBT DIJMFOBT BSEJFOUFT $BTJOP.VOJDJQBMEF7JBEFM.BS
DVMUJWBEPSBT"DPNQBOEPTFDPOTVTHVJUBSSBTMBT 'PUP.BOVFM-BOHF
DBODJPOFTEFMBTIFSNBOBT-PZPMB.BSHPUZ&TUFMB
IBCMBOEFMDBSDUFSEFMQVFCMPIFSNBOP UJFOFOFMUQJDPDPMPSJEPEFTV
QBJTBKFQFSPBMBWF[OPTIBCMBOEFMEPMPSEFMQVFCMPZTVTMVDIBT%F
TVTDBODJPOFTNTEFTUBDBEBTFTFTUBRVFBRVPGSFDFNPTw
1$$
*
$BTBEFCBSSP
-VOBFOMPTDBSEPT
4BMEFTVMMBOUP
%PMPSDBMMBEP
***
3VDB TVUJFSSB
#FTUJBZTVQBO
5PEPIBEFKBEP
4JFNQSFGVFJHVBM
**
*OEJPDBOTBEP
%FBOEBSZBOEBS
1PSFMDBNJOP
.JSBIBDJBBUST
*7
3B[EFQFOB
)PNCSFFYQMPUBEP
4JFTUBFOTVTWFOBT
1VPDFSSBEP
&TUSJCJMMP
*OEJPEPSNJEP EFTQJFSUB
7VFMWFBUVTUJFSSBTZHPMQFB
$PNPFOVOWJFKPi,VMUSOw
"MiIVJODBwRVFUFMBTMMFWB
&TUSJCJMMP
*OEJPEPSNJEP EFTQJFSUB
7VFMWFBUVTUJFSSBTZHPMQFB
$PNPFOVOWJFKPiDVMUSOw
"MiIVJODBwRVFUFMBTMMFWB
%JBSJPi&M%FTQFSUBSwEF*RVJRVF EF
/PWJFNCSFEF
5FYUP$SJTUJOB.JSBOEB .TJDB.BSHPU-PZPMB
4FMMBNiNBQVDIJOBwBVOUJQPEFDBODJODVZB
UFNUJDBBMVEBBMQVFCMP.BQVDIF&OFTUBTTF
JOUFSDBMBCBO QBMBCSBT FO MFOHVB .BQVDIF QFSP
MBNTJDBQFSUFOFDBBMDBODJPOFSPDSJPMMP
-BT)FSNBOBT-PZPMB
KVOUPBM%P3FZ4JMWB
1PTUBM
&OFMBP &TUFMBZZPSFDJCJNPTFMQSFNJP
i$BVQPMJDOw DPNPFMNFKPSDPOKVOUPGPMLMSJ
DP PUPSHBEPQPSMB"TPDJBDJOEF$SPOJTUBTEF
$JOF 3BEJP Z 5FBUSP %FTHSBDJBEBNFOUF FTUF
QSFNJP RVF GVF MB DVMNJOBDJO EF VOB DBSSFSB
DPNP EP NBSDB FM USNJOP EF FTUF &TUFMB TF
EFEJDBBMSBEJPUFBUSPZBMDBOUPMSJDP ZZPJOJDJP
NJDBSSFSBDPNPTPMJTUB
3(=6A4(:*<305(,5;65(+(:@*<,*(:
&TUVWF MJHBEB UBNCJO B UPEBT FTUBT WPDFT NBTDVMJOBT RVF BQPS
UBSPOBMDPOPDJNJFOUP EJGVTJOZQFSNBOFODJBEFMBUPOBEB USBT
QBTBOEP GSPOUFSBT QBTFOEPMB QPS FM NVOEP DPO VOB QSPQVFTUB
NVTJDBMZFTUJMTUJDBRVFFOSJRVFDFTVTQBSNFUSPT FTQFDJBMNFOUF
BSNOJDPT
1$$
&O MB PCSB i$MTJDPT EF MB .TJDB 1PQVMBS $IJMFOB w
EF MB 4$% 4PDJFEBE $IJMFOB EFM %FSFDIP EF "VUPS
EFM NV
TJDMPHP +VBO 1BCMP (PO[MF[ BQBSFDFO MPT OPNCSFT EF HSVQPT
TFFSPT FO FM DBOUBS DSJPMMP i-PT $VBUSP )VBTPTw i-PT )VBTPT
2VJODIFSPTw i-PT1SPWJODJBOPTw i-PT$VBUSP)FSNBOPT4JMWBw
i-PT)FSNBOPT-BHPTwZMPTEPTNBTDVMJOPTi.PMJOB(BSSJEPw
i3FZ4JMWBw i-FBM%FM$BNQPw FOUSFPUSPT"UPEPTFMMPTNFMJHB
BMHOSFDVFSEPZNTEFVOBFOTFBO[B
&OVONPNFOUPNVZFTQFDJBMDPOPDB$BSMPT.POEBDB JOUFHSBOUF
EFMDVBSUFUP-PT$VBUSP)VBTPT DVZBWP[WJOPBPDVQBS
FMMVHBSEFVOPEFTVTGVOEBEPSFT &VHFOJP7JEBM5BHMF
EFTQVTEFTVNVFSUF'VFFOVOKV[HBEPEPOEFNFQSF
TFOU DPNP UFTUJHP EF VO IFDIP QPMJDJBM FO FM DVBM VO
BVUPDIPDBVOBDBSSFUFMBEFUFOJEBBMGSFOUFEFNJDBTB
FODBMMF4BOUPT%VNPOU EPOEFNJNBESFSFHFOUBCBMB
CPUJDBi7FOVTw4FHBOFMKVJDJPRVFGVFNVZBHSBEFDJEP
QPSFMEVFPEFMBDBSSFUFMB RVJFOBMBTBMJEBEFMKV[HBEP
OPTJOWJUBUPNBSOPTVOBiDFSWFDJUBwZSFHBMOEPOPTVOB
USFO[BEFBKPBDBEBVOP%FBIQBSUJOVFTUSBBNJTUBE
&OWBSJBTPDBTJPOFTUVWJNPTMBPQPSUVOJEBEEFDPOPDFSOPT
ZSFDJCJSTVTFOTFBO[BT FOUSFMBTRVFEFTUBDPFMQPEFSWFSMP
RVFIBZEFUSTEFFTPTQBJTBKFTCVDMJDPTRVFBMHVOPTDPN
QPTJUPSFTVSCBOPTNPTUSBCBOFOTVTUPOBEBTZOPFMIPOEP
TJHOJmDBEPEFMWFSEBEFSPTFOUJSEFMIPNCSFDBNQFTJOP
5VWJNPTMBHSBOTVFSUFRVFVOBUPOBEBBM/JP%JPT i:P
WFOHP EFM $PMMJHVBZw DPO UFYUP EF $SJTUJOB .JSBOEB Z
NTJDB NB GVFTF HSBCBEB QPS FMMPT F JODPSQPSBEB B TV
SFQFSUPSJP
-PT)FSNBOPT-BHPT
4BOUJBHP
-PQSPQJPQBTBDPOi-PT)VBTPT2VJODIFSPTw PUSPDVBSUFUPEFMPT
TFPSFTEFMBUPOBEB RVJFOFTBHSFHBOBTVSFQFSUPSJPVOBUPOBEB
QSFHO i1FSJUBTEF"HVBw UFYUPEFMQPFUBQPSUFP-FVDPUO%FWJB
ZNTJDBEF.-PZPMB-BUPOBEBiQSFHOw UBMDPNPTVOPNCSFMP
JOEJDB CBTBCBTVDSFBDJOFOMPTDBOUPTEFQSFHPOFSPT1PSFKFN
QMP i&M OBSBOKFSPw EF %POBUP 3PNO )FJUNBOO i&M ZFSCBUFSPw
EF /JDBOPS .PMJOBSF i-B DBTUBFSBw EF MBT )FSNBOBT $BCSFSB
i&MNPUFSPwEF3BM(BSEZ i-BGFSJBEF$IJMMOwEF&MFOB$BSSBT
DPZi&MUPSUJMMFSPwUPOBEBUSBEJDJPOBM
1$$
-BT)FSNBOBT-PZPMBFTUVWJFSPONVZMJHBEBTBi-PT1SPWJODJB
OPTw QVFTVOPEFTVTJOUFHSBOUFT .BSJP0MUSB OPTBDPNQB
FOBMHVOBTHSBCBDJPOFT-PQSPQJPQBTDPOMPTEPTi.PMJOB
(BSSJEPwZi3FZ4JMWBw DPORVJFOFTDPNQBSUIBTUBTVTMUJNPT
EBT "MCFSUP 3FZ Z +PT .PMJOB NF EFKBSPO FM TPOJEP EF TVT
BSQBTFOJNQPSUBOUFTHSBCBDJPOFT
1$$
(3.<5(:+,40:4(,:;9(:+,(@,9@/6@
"EB6SUVCJB
$PMCO
'PUP0$EJ[
.BSB.FEJOB
&M5BNCP
'PUP.-PZPMB
$BSNFO3PTB0TTFT
3BSJ
'PUP.-PZPMB
5PMFOUJOB1JOPDIFU
3BSJ
'PUP0$EJ[
1VSTJNB.BSUOF[
1PNBJSF
'PUP$.JSBOEB
3PTBSJP(PO[MF[
-JOBSFT
'PUP)VNCFSUP.BUVSBOB
$FMJB"SBOFEB
2VJMMFDP
'PUP$3JPTFDP
0UJMJB.VP[
.BVMF4VS
'PUP0$EJ[
-JEJB3PTB1JOP
1JDIJMFNV
'PUP0$EJ[
3PTB$BOUJMMBOB
"MIV
'PUP.-PZPMB
.BSB1FSFJSB
$BVRVFOFT
'PUP0$EJ[
(FSEZ3FUBNBM
$BVRVFOFT
'PUP0$EJ[
&MJBOB1FSFJSB
$BVRVFOFT
'PUP)"OEB
)POPSJOEB$BSJRVFP
&M.BSJTDBEFSP
'PUP)"OEB
&SOFTUJOB&TQJOP[B
&M.BSJTDBEFSP
'PUP0$EJ[
$BSNFO"IVNBEB
$BIVJM
'PUP0$EJ[
3(;65(+(!
(:7,*;6:4<:0*(3,:@76i;0*6:
3(-694(
&O$IJMFDPOPDFNPTDPNPiUPOBEBwBVOHOFSPNVTJDBMDBOUBEP
RVFFTJOUFSQSFUBEPQSFGFSFOUFNFOUFQPSWPDFTGFNFOJOBT%FGVO
DJO FNJOFOUFNFOUF GFTUJWB iBVORVF UBNCJO SFMJHJPTBw IB DBNJ
OBEP KVOUP B MB HVJUBSSB TV JOTUSVNFOUP BDPNQBBOUF QSFGFSJEP
DPOTUJUVZFOEPVOBIFSNPTBUSJMPHBUPOBEB NVKFSZHVJUBSSB1FSP
UBNCJOMBIFNPTMMBNBEPiFTRVJOB[PwPiUPOBEBEFTBMVEPwiQBSB
CJFOFTw EFEJDBEPBMPTOPWJPTFOTVEBEFCPEBTZBWFDFTiUPOBEBT
BMOJPEJPTw PGSFDJEBTFOQFTFCSFTFOQPDBEFOBWJEBE4FEJTUJOHVF
TMPQPSTVOPNCSFZMFUSBTBMVTJWBTBDBEBPDBTJO QFSPRVFDPN
QBSUFOFMFNFOUPTNVTJDBMFTTJNJMBSFT
&MDPNQMFKPiUPOBEBwUJFOFTVDPSB[OFOFMDFOUSPEFOVFTUSPQBT
FOMBTQSPWJODJBTEF$PMDIBHVB 7*3FHJO
.BVMF 7**3FHJO

ZVCMF 7***3FHJO
EFTQMB[OEPTFIBDJBFMOPSUFZTVS BMDBO
[BOEP VOB BNQMJB FYUFOTJO UFSSJUPSJBM FOUSF MPT QBSBMFMPT w Z
w EFTEF $PQJBQ FO MB *** 3FHJO EFTEJCVKOEPTF FO $IJMP
93FHJO

4VTQSJODJQBMFTFMFNFOUPTDPOmHVSBUJWPTFONTJDBZUFYUP EFCJFSPO
MMFHBS B $IJMF DPO GBNJMJBT FTQBPMBT EVSBOUF FM QFSPEP DPMPOJBM

FMFNFOUPTRVFBUSBWTEFMUJFNQPZEFVOBDSFBDJO
BOOJNB FTQPOUOFBZDPMFDUJWBEFOVFTUSPQVFCMP BERVJFSFVO
TFMMP EF MP DIJMFOP RVF EFCJ BMDBO[BS TV NBEVSF[ Z FTUBMMBS FO
MPTBPTHMPSJPTPTEFMBJOEFQFOEFODJB"TVQBTPWBBDPHJFOEPFO
TVSFHB[PFMFNFOUPTSUNJDPTZQPUJDPTEFMi5SJTUFwZFMi&TUJMPw
UBNCJOEFFTQFDJFTCBJMBCMFTDPNPFMWBMT MBKPUBZMBNB[VSDB Z
-5"
NVZFTQFDJBMNFOUFEFMSPNBODFSPZFMiDBOUPBMPQVFUBw RVFOP
EFCJMJUBOTVFTFODJBQPSFMDPOUSBSJPMBFOSJRVFDFODPNPVOSP
RVFFOTBODIBTVDBVEBM ZOPTBCFNPTFORVNPNFOUP FORVSF
DPEPEFMMBSHPDBNJOPRVFSFDPSSFMBUPOBEB JOJDJBTVBOEBSKVOUP
BMBDVFDBDPNQBSUJFOEPFMFNFOUPTSUNJDPTZQPUJDPT
&OUSFMBTDVBMJEBEFTRVFIBUFOJEPMBUPOBEBEFCFNPTEFTUBDBSFM
NJMBHSPEFMBQFSTFWFSBODJBQBSBQSPMPOHBSTVWJEBDFOUFOBSJBZMB
FOUFSF[BEFTVDBNJOBSFOUSFNBSZDPSEJMMFSB
&O TV BDFQDJO NT HFOFSBM Z UBNCJO FTFODJBM iUPOBEBw TF EFmOF
DPNPVOBDPNQPTJDJOQPUJDB NUSJDBNFOUFCJFOEFmOJEB DSFBEB
QBSBTFSDBOUBEB-BUPOBEBFTFOMPTVTUBODJBMVOHOFSPMSJDPZTV
FTUVEJPEFNBOEBQSJNFSBNFOUFBEFOUSBSTFFOTVTBTQFDUPTUFYUVBMFT
B mO EF DPNQSFOEFS TV PSHBOJ[BDJO -B UPOBEB QSFTFOUB VOB BO
UJHVBUSBEJDJOEFMBMJUFSBUVSBPSBMMBFTUSPGB VOJEBEEFGPSNBJO
WBSJBCMFRVFTFFTUSVDUVSBFOWFSTPTEFNUSJDBQSFDJTBRVFTFSFQJUF
SFHVMBSNFOUFZRVFMFEBBRVFMMBFTUBCJMJEBESFDVSSFOUFQSPQJBEFMPT
HOFSPTEFFTUJMPNPOEJDP1PSFTUBSB[O MBGPSNBFTUSmDBZMB
NUSJDBEFUFSNJOBOMBQSPQJBGPSNBEFMBUPOBEB
;65(+( 46567,90+0*(
&M GPSNBUP EF UPOBEB NT DPNO FO $IJMF IB TJEP FM RVF EPB
+VBOB$IWF[MMBNiUPOBEJUBEFMQPCSFw RVFDPOTJTUFFOVOBTF
DVFODJBEFFTUSPGBTGPSNBMZNUSJDBNFOUFJHVBMFT VOJEBTVOBTDPO
PUSBT QPS VOB CSFWF USBOTJDJO P VO GSBHNFOUP JOTUSVNFOUBM &O
DPOTFDVFODJBDPOFTUBSFHVMBSJEBE MBFTUSPGBPDPQMBEBMVHBSBVOB
NFMPEBUBNCJODPOTUBOUFEFVOTMPQFSPEPNVTJDBM DPNQVFTUP
QPSEPTGSBTFT&OFTUPTDBTPTFTUBNPTFOQSFTFODJBEFMBUPOBEBEF
VOQFSPEPPNPOPQFSJEJDB EPOEFMBGPSNBFTUSmDBNTVTBEB
FTMBDVBSUFUBPDUPTJMCJDB DPQMB
DPOSJNBDPOTPOBOUFPBTPOBOUF
FOWFSTPTQBSFT<> GPSNBRVFFOSJHPS FTFMNPEFMPRVFSFJOB
FOUSFPUSBTGPSNBTEFNFOPSQSFTFODJB
-5"
-BNBZPSQBSUFEFMBTUPOBEBTFODVBSUFUBQSFTFOUBOFTUSPGBTTJN
QMFT EPOEFDBEBFTUSPGBUJFOFUPUBMJOEFQFOEFODJBFTUSVDUVSBMSFT
QFDUPEFMBPUSB&OUSFT DVBUSPPNTDPQMBTFMUFYUPEFTBSSPMMBVOB
UFNUJDBRVFMFEBBMBQJF[BVOTFOUJEPQSPQJPZVOJUBSJP
&KFNQMP
*
"MMWPZBWFSTJQVFP
3PORVJUBZEFTFOUPO
&TUPFTQBRVFVTUOPEJHB
i$BOUBNBMZUBOSPHw
"MMWPZBWFSTJQVFEP
3PORVJUBZEFTFOUPOBEB
&TUPFTQBSBRVFVTUFEOPEJHB
i$BOUBNBMZUBOSPHBEBw
+VBOB$IWF[ -MFQP-JOBSFT
6ODBTPFYDFQDJPOBMMPDPOTUJUVZFMBDVBSUFUBDPOFTUSJCJMMPJOUFSDB
MBEP EFTQVTEFMTFHVOEPZDVBSUPWFSTP DPNPFOFMFKFNQMPRVF
EBNPTBDPOUJOVBDJO
&KFNQMP
*
4BCFTRVFUFFTUPZRVFSJFOEP
1FSPTJONBMBJOUFODJO
:BTRVFUJFOFTBRVJFORVFSFS
1FSPTJUVOPNFRVJFSFT
2VTBDPDPONJQBTJO
:BTRVFUJFOFTVOBNPSUJFSOP
3FQFSUPSJPEF&MFOJUB$BSSBTDP $IJMMO
$PONFOPTGSFDVFODJBBQBSFDFFTUFFTUSJCJMMP EFTQVTEFDBEBWFSTP
PTPMBNFOUFEFTQVTEFMDVBSUP
0USPFKFNQMPJOUFSFTBOUFMPPCTFSWBNPTFOFTUBDVBSUFUBDPOFYQMF
UJWP RVFSFGVFS[BMBUFNUJDBQMBOUFBEB
-5"
&KFNQMP
&TUPEFDBTBSTFBNJHB
&TDPTBEFCJFONJSBSMP
"KBKBKBKBJ
&THMPSJBTJTBMFCVFOP
*OmFSOPTJTBMFNBMP
"KBKBKBKBKBJ
&EFMNJSB7BMFO[VFMB-JOBSFT

"QBSUF EF FTUBT NPEJmDBDJPOFT FMFNFOUBMFT FM NPEFMP FTUSmDP
QSFTFOUBPUSPTSFDVSTPTFTUJMTUJDPTRVFMFEBOQSFTUBODJBBFTUFH
OFSP NVTJDBM Z RVF WFSFNPT B DPOUJOVBDJO /PT SFGFSJNPT B MB
UPOBEBEFDPMFP DPOTJTUFOUFFOMBSFQFUJDJOPCMJHBEBEFMDVBSUP
WFSTPEFMBFTUSPGBBOUFDFTPSBFOFMQSJNFSWFSTPEFMBFTUSPGBTVDF
TPSB4JOFNCBSHP FMDPMFPBMOPUFOFSJODJEFODJBFOMBFTUSVDUVSB
EFMBSJNB FTNTCJFOVOSFDVSTPEFSFJUFSBDJORVFMFEBBMUFYUP
DJFSUBHSBDJBZTFOUJEPEFJMBDJO
&KFNQMP
*
1PSUPBTQBSUFTPOEFBOEP
"OEPQPSWFSTJUFWFP
1FSPUOPFDIBJEFWFS
&MBNPSRVFZPUFUFOHP
**
&MBNPSRVFZPUFUFOHP
$VBOEPZPUFFTUPZNJSBOEP
1FSPDVBOEPUFSFUJSBT
.JTPKPTRVFEBOMMPSBOEP
***
.JTPKPTRVFEBOMMPSBOEP
:FOWBOPTPONJTQBTJPOFT
1PSRVFWFPRVFDPONJHP
2VJFSFTQSPCBSJOUFODJPOFT
-5"
*7
:PNVZCJFOMPIFDIPEFWFS
OEBUFUDPORVJFORVJFSBT
%KBNFBNQBEFDFS
)FSNBOBT(BSDB -PNBTEFMBT5PSUJMMBTo-JOBSFT
-BUPOBEBEFDPMFPIBHP[BEPEFCVFOBTBMVEZUJFOFIBTUBOVFTUSPT
EBTVOBBMUBQSFTFODJBTPDJBM QSJODJQBMNFOUF FOMPTSFQFSUPSJPTEF
MBTDBOUPSBTDBNQFTJOBT
/PNFOPTJOUFSFTBOUFRVFMBEFDPMFP FTMBUPOBEBHMPTBEB&TUF
QSPDFEJNJFOUPDPOTJTUFFOEFTHMPTBSMBQSJNFSBDVBSUFUBFOMPTMUJ
NPTWFSTPTEFMBTDVBUSPTJHVJFOUFTFTUSPGBTEFMBUPOBEB7BMFEFDJS
FMQSJNFSWFSTPEFMBHMPTBDPSSFTQPOEFSBMDVBSUPWFSTPEFMBQSJ
NFSBFTUSPGB FMTFHVOEPWFSTPEFMBHMPTBDPSSFTQPOEFSBMMUJNP
EFMBTFHVOEBFTUSPGB ZBTTVDFTJWBNFOUF
&KFNQMP
4VTQJSPTEFMDPSB[O
7BOBUVQPEFSNJWJEB
1PSQFOTBSFOUJMPTEPZ
"UPEBTIPSBTEFMEB
(MPTB
/PQVFEPFOFTUBPDBTJO
7FUVTHSBDJPTPTDBOEPSFT
5FNBOEPQPSQPSUBEPSFT
4VTQJSPTEFMDPSB[O
.VZBMFHSFZDPNQMBDJEP
3FDJCFFTUPTNFOTBKFSPT
2VFDPOFMBJSFMJHFSP
7BOBUVQPEFSNJWJEB
$PQMBTHMPTBEBT
4JFNQSFTVTQJSBOEPFTUPZ
&OUBOBOHVTUJBEBDBMNB
2VFFTUPTTVTQJSPTEFMBMNB
1PSQFOTBSFOUJMPTEPZ
-5"
5OPTBCTEVFPNP
2VFMBFTQFSBO[BOPQJFSEP
1PSFTPBWVFTUSPSFDVFSEP
"UPEBTIPSBTEFMEB
.BSB&TQJOP[B 4BO'FSOBOEP
&MFKFNQMPWJTUPFTVODBTPQPDPDPNOFOMBUPOBEBNPOPQFSJEJDB
ZBRVFMBSJNBDPOTPOBOUFBQBSFDFFOMPTWFSTPTTFHVOEPZUFSDFSP
$PNP FTUB FYDFQDJO Z TJFNQSF FO FM NCJUP EF MB UPOBEB
NPOPQFSJEJDB TF QSFTFOUB PUSB WBSJBOUF EF NBZPS TJOHVMBSJEBE
DPNPFTMBTJHVJFOUFUPOBEBFORVJOUJMMB DBTPOJDPFONJSFQFS
UPSJP EPOEFTFNBOUJFOFFMWFSTPPDUPTMBCPZDPOTPOBODJBFOMB
SJNB QFSP BIPSB FO VO SHJNFO EPCMF VOB SJNB QBSB MPT WFSTPT
JNQBSFTZPUSBQBSBMPTWFSTPTQBSFT
&KFNQMP
5FRVJTFZBOPUFRVJFSP
:BTKVSPKBNTWFSUF
5VBNPSFTUBOMJTPOKFSP
2VFZBOPQJFOTPRVFSFSUF
1FSPTQPSUJNFNVFSP
3FDPQJMBDJOEF.BSB-VJTB4FQMWFEB $IJMMO
0USBGPSNBFTUSmDBRVFIBHP[BEPEFBNQMJBQPQVMBSJEBEZRVF
TJFNQSFDPODJUBMBBUFODJOEFMBVEJUPSJP FTMBUPOBEBFOEDJNB
1PS TV NBZPS FYUFOTJO MBT DBOUPSBT MB MMBNBO UBNCJO UPOBEJUB
MBSHB&MUFYUPEFVOBUPOBEBFOEDJNBFTUHFOFSBMNFOUFDPN
QVFTUP QPS DVBUSP FTUSPGBT DBEB VOB EF FMMBT FTDSJUB FO EJF[ WFS
TPTPDUPTJMCJDPT&TUFONFSPQSFDJTPEFQJFTPFTUSPGBT TJOEVEB
QSPWJFOFEFMBUSBEJDJOQPQVMBSEFM$BOUPBMP1VFUB RVFEFNBO
EBFMEFTHMPTFEFVOBDVBSUFUBQPQVMBS FODVBUSPQJFTEFEDJNBT
HMPTBEBTEFMNJTNPNPEPRVFMPWJNPTFOFMFKFNQMP
-5"
&KFNQMP
3JNBEFMBEDJNBEF&TQJOFM
-VFHPRVFBVOKBSEOFOUS
6OBnPSNFDBVUJW
&MDPSB[ONFSPC
:NFIBEFKBEPTJOM
"NJQFDIPQSFHVOU

.FEJDFRVFBOEBQFSEJEP
&TWFSEBERVFTJFOEPNP
-PIBDBVUJWBEPNJQFDIP
&TUQPSTVDBVTBQSFTP
&OFMKBSEOEF$VQJEP
B
C
C
B
B
D
D
E
E
D
-VJTB7FSHBSB 1VU$POTUJUVDJO
-BUPOBEBFOEDJNBBQBSFDFDPOWBSJBEBTSJNBTEFTVTWFSTPT BM
DBO[BOEP OP QPDBT WFDFT MB MMBNBEB i%DJNB EF &TQJOFMw RVF
EFTUBDB QPS TV QSPMJKP SHJNFO EF SJNB EF EPCMF TJTUFNB EPO
EF VO TJTUFNB FTU GPSNBEP QPS MPT DJODP QSJNFSPT WFSTPT Z FM
TFHVOEPTJTUFNBQPSMPTSFTUBOUFT%FFTUFNPEP MPTWFSTPTSJNBOEF
BDVFSEPBMTJHVJFOUFFTRVFNB
B
C
<>
<>

1SJNFS4JTUFNB
D
E
<>
<>
4FHVOEP4JTUFNB
;65(+( )07,90+0*(
&O MB UPOBEB CJQFSJEJDB FM FTUSJCJMMP FT VO SFDVSTP FYQSFTJWP Z
GPSNBMJOGBMUBCMFFOMBTFHVOEBQBSUF RVFTFSFQJUFEFTQVTEFDBEB
FTUSPGB $PNONFOUF FM FTUSJCJMMP TF EFmOF Z FOUJFOEF DPNP VO
DPOKVOUPEFWFSTPTEFFYUFOTJOWBSJBCMF RVFTFSFQJUFDBEBDJFSUP
JOUFSWBMPFOVOQPFNBPFOFMUFYUPEFVOBDBODJO
-5"
&KFNQMP
&TUSPGB
&OMPTKBSEJOFTEFBNPS
$BVUJWBEBFTUPZTJOEVFP
%VFPUFOHPZOPMPWFP
1BTPUSJTUFTJODPOTVFMP
&TUSJCJMMP
4JFTQPSRVFUFRVJFSP
5FQBSFDFNBM
4JOPUFRVJTJFSB
5VWJFSBTRVFIBCMBS
"EJTWJEBNB
.FWPZBMMPSBS
"WFSTJMMPSBOEP
1VFEPEFTDBOTBS
+VBOB$PODIB 1VU$POTUJUVDJO
4JO FNCBSHP TF QSFTFOUB VOB TFHVOEB GPSNB EFOUSP EFM HOFSP
UPOBEB Z RVF TF SFMBDJPOB DPO MB BQBSJDJO EF VO FTUSJCJMMP NT
DPNQMFKPRVFPDVSSFGVFSBEFMBFTUSVDUVSBEFMBDPQMBZDVZBBVUP
OPNBEBMVHBSBVOBFTUSPGBEFNUSJDBZGPSNBEJGFSFOUFZWBSJB
CMF BVORVF TVFMF BQBSFDFS UBNCJO MB DVBSUFUB PDUPTJMCJDB FO FM
FTUSJCJMMP
&KFNQMP
*
2VJFODBOUBTVNBMFTQBOUB
2VJFOMMPSBTVNBMBVNFOUB
:PDBOUPQB}EJTJQBS
-BTQFOBTRVFNFBUPSNFOUBO
&TUSJCJMMP
$BOUBOEPTVFMPSFS
$BOUBOEPTVFMPMMPSBS
7BSJBTWFDFTIFKVSBEP
/PWPMWFSNTBDBOUBS
"SUVSP"HVJMBS -JOBSFT
-5"
&MFTUSJCJMMPTFJOUFSDBMBSFHVMBSNFOUFFOUSFDPQMBZDPQMB NFEJBO
UF VOB NFMPEB QSPQJB Z EJGFSFOUF RVF EB PSJHFO B VO TFHVOEP
QFSPEPNVTJDBM4FUJFOFBTVOBUPOBEBEFEPTQFSPEPTNVTJDBMFT
EPOEFTFNBSDBODPODMBSJEBEMBTEJGFSFODJBTFOUSFFMUFYUPQPUJDP
RVFEFTBSSPMMBFMUFNBZFMFTUSJCJMMPRVFHFOFSBMNFOUFSFJUFSBVOB
JEFBRVFBmSNBFMDPOUFOJEPFTUSmDP&TUBGPSNBCJQFSJEJDBEF
UPOBEB TF DPOPDF FO FM DBNQP DPNP iUPOBEBDBODJOw Z FT NVZ
FYUFOEJEPFOUPEPTMPTDPOUFYUPTEPOEFTFDBOUBZTFIBDBOUBEPMB
UPOBEB/PPCTUBOUF MBUPOBEBDBODJOPUPOBEBDPOFTUSJCJMMPIB
TJEPMBFYQSFTJONTQSPQJBEFMBUPOBEBVSCBOB QSJODJQBMNFOUF
EFMPTFTUJMPTDSJPMMJTUBTUBOQSPQJPTEFMBNTJDBQPQVMBSDIJMFOBEF
MBQSJNFSBNJUBEEFMTJHMP99&TJNQPSUBOUFBDPUBSRVFTFMMBNB
UPOBEBDBODJO P UPOBEB DPO FTUSJCJMMP QPS QPTFFS EPT QFSJPEPT
MFWFNFOUFDPOUSBTUBOUFTFOTVUFNQP RVFQPESBNPTEFOPNJOBS
BEBHJPZBMMFHSP
&MFTUSJCJMMPQVFEFQSFTFOUBSGPSNBTFTUSmDBTEFDVBUSP TFJT PDIP
Z NT WFSTPT MPT RVF HFOFSBMNFOUF FTUO DPNQVFTUPT QPS WFSTPT
QPMJNUSJDPT EF BSUF NFOPS EPOEF EFTUBDBO MPT IFQUBTMBCPT
IFYBTMBCPT Z QFOUBTMBCPT &O PDBTJPOFT MMFWBO BBEJEPT UFYUPT
FYQMFUJWPT
&KFNQMP
&TUSJCJMMPDPOGPSNBFODVBSUFUBEFWFSTPTCJNUSJDPTEFBSUFNFOPS
DPOSJNBDPOTPOBOUFFOWFSTPTEPTZDVBUSP
2VFUJFOFTPUSB
:PCJFOMPT
4JUJFOFTPUSB
2VIBDFSMFQVFT
&KFNQMP
&TUSJCJMMPDPOGPSNBFODVBSUFUBEFWFSTPTQPMJNUSJDPT QFOUBTMB
CPTZPDUPTMBCPT
DPOSJNBBTPOBOUFFOWFSTPTEPTZDVBUSP
.FBOEBDFMBOEP
/PUFOHBJDFMP
6OBZNJMWFDFTUFIFEJDIP
2VFFSFTNJEVFP
-5"
&KFNQMP
&TUSJCJMMP DPO GPSNB FO DVBSUFUB EF WFSTPT IFYBTMBCPT DPO SJNB
DPOTPOBOUFFOWFSTPTEPTZDVBUSP
"MBWJEBNB
4CFUFBMBUPSSF
.JSBMBWFMFUB
:FMWJFOUPRVFDPSSF
&KFNQMP
&TUSJCJMMP DPO GPSNB FO TFYUJOB EF WFSTPT IFYBTMBCPT DPO SJNB
DPOTPOBOUFFOWFSTPTQBSFT
4PZMBWFSEFSBNB
%FVOUSJTUFBMFM
4PZUBOEFTHSBDJBEB
2VFTFSEFN
4FSNJEFTUJOP
.JTVFSUFFTBT
&KFNQMP
&TUSJCJMMPDPOGPSNBFOPDUBWBEFWFSTPTIFYBTMBCPT DPOSJNBDPO
TPOBOUFFOWFSTPTQBSFT
4JFTQPSRVFUFRVJFSP
5FQBSFDFNBM
4JOPUFRVJTJFSB
5VWJFSBTRVFIBCMBS
"EJTWJEBNB
.FWPZBMMPSBS
"WFSTJMMPSBOEP
1VFEPEFTDBOTBS
-BUPOBEBDBODJOPUPOBEBCJQFSJEJDBTFJODPSQPSBBMPTNJTNPT
QSJODJQJPTZEJDUBEPTEFMBUPOBEBNPOPQFSJEJDBPUPOBEJUBEFM
QPCSF"TQPEFNPTFODPOUSBSDBTPTEFUPOBEBTCJQFSJEJDBTDPO
DPMFP EPOEF MBT DPQMBT P FTUSPGBT WBO BNBSSOEPTF QPS TPCSF FM
FTUSJCJMMP
-5"
&KFNQMP
*
6OKBSEJOFSPEFBNPS
1MBOUBVOBSPTBZTFWB
0USPMBSJFHBZMBHP[B
%FDVMEFMPTEPTTFS
&TUSJCJMMP
5FWBJTBMBNBS
7BNPTMPTEPT
4JURVJFSFTTFSNBSJOP
.BSJOFSBTFSZP
"ZTJ BZOP
.BSJOFSBTFSZP
**
%FDVMEFMPTEPTTFS
1SFHOUBMFBMBMNBNB
&MMBUFSFTQPOEFS
"MUJFNQPEFMBQBSUJEB

&TUSJCJMMP
5FWBJTBMBNBS
7BNPTMPTEPT
%POBUJMB+BRVF &M.FMP[BM-JOBSFT
.VZFTQPSEJDBNFOUFFODPOUSBNPTFTUSJCJMMPTFOWFSTPEFBSUFNBZPS
&KFNQMP
4JEFMDJFMPCBKBSBOMPTOHFMFT
5PEPTKVOUPTBFOKVHBSNJMMBOUP
"NJOBEJFNFDPOTPMBSB
4JOPWJFOFFMRVFIBTJEPNJFODBOUP
&EFMNJSB7BMFO[VFMB -JOBSFT
&OPDBTJPOFTTVFMFSFQFUJSTFVOBEFMBTDVBSUFUBT IBDJFOEPMBTWFDFT
EFFTUSJCJMMP"EJGFSFODJBEFMBDPQMBFTUSmDB FMFTUSJCJMMPFTNV
DIPNTJSSFHVMBSFJOFTUBCMF/PTFDJFBVOQSPDFEJNJFOUPmKP
QSFTFOUOEPTF EF EJWFSTBT GPSNBT Z DPO EJTUJOUBT QSPWFOJFODJBT
-5"
&TOFDFTBSJPEFTUBDBSRVFDPODJFSUBGSFDVFODJBFODPOUSBNPTVOB
EJTPDJBDJOFOUSFFTUSPGBZFTUSJCJMMP"TFTPCTFSWBEPQPSOVFTUSBT
DBNQFTJOBTRVFEJDFOiFTUBUPOBEBOPUJFOFFTUSJCJMMPQSPQJPw&TUB
MUJNBBmSNBDJOQVFEFSFTVMUBSSFMFWBOUFZSFWFMBEPSB QVFTEFKB
FOFWJEFODJBRVFMBUPOBEBCJQFSJEJDBFTVOBWBSJBOUFGPSNBMEFMB
UPOBEBNPOPQFSJEJDBPFTUSmDBZOPFT QPSUBOUP PUSBUSBEJDJO
EJGFSFOUF7BMFEFDJS MBUPOBEBDBODJOPCJQFSJEJDBTVSHFDPNP
VOBNPEJmDBDJOEFMBUPOBEBEFVOQFSPEPBMJOTFSUSTFMFVOBFT
USPGBBKFOBBMUFYUPPSJHJOBMRVFTFSFQJUFSFHVMBSNFOUF&TUPQVFEF
WFSTFEFNPTUSBEPFOFMIFDIPRVFFTQPTJCMFFODPOUSBSUPOBEBTEF
DPMFP DPO FTUSJCJMMP QFTF B RVF FM QSPDFEJNJFOUP EFM DPMFP FT FO
FTFODJB QSPQJPEFMBGPSNBNPOPQFSJEJDB
-BQSFTFODJBEFMFTUSJCJMMPDPNPVOBHSFHBEPBVOBGPSNBQSFUSJ
UB TJOEVEBHVBSEBSFMBDJODPOVOGFONFOPNVZQSPQJPEFMB
NTJDBQPQVMBSEFmOFTEFMTJHMP9*9 JNCVJEBEFUPEBMBDPSSJFOUF
EFMWBVEFWJMMF DPOHSBOJOnVFODJBEFMB[BS[VFMB RVFFTUSJCJMMJ[B
FMDBOUPEFFOUSFUFODJO&TUFQSPDFTPEFCJPDVSSJSFO$IJMFDPO
MBVSCBOJ[BDJOEFMBUPOBEBZMBFOUSBEBEFTUBFOFMFTQFDUDVMP
ZMBCPIFNJBDSJPMMB)BZJNQPSUBOUFTJOnVFODJBTRVFOPQVFEFO
EFTEFBSTFBMBIPSBEFDPOTJEFSBSFMDVSTPEFMBUPOBEBDBODJOP
UPOBEBCJQFSJEJDB&MDBTPEFMDVQMQVFEFTFSVOCVFOFKFNQMP
QBSBJMVTUSBSFMQSPDFTPEFUSBOTGPSNBDJOEFMHOFSPUPOBEB
-BTUPOBEBTDPOFTUSJCJMMPDPSSFTQPOEFOBVOBUFNUJDBNTDPO
UFNQPSOFB FOMBRVFMBTFHVOEBQBSUFBWFDFTFTNTWJWB[FJODJUB
BMQCMJDPBQBSUJDJQBSDPOQBMNBT BOJNBOEPBMBTDBOUPSBT
&KFNQMP
*
.BMIBZBMBDPDJOB
.BMIBZBFMIVNP
.BMIBZBRVJFOTFGB
%FIPNCSFBMHVOP
&TUSJCJMMP
1PSRVFMPTIPNCSFT
1PSRVFMPTIPNCSFT
$VBOEPTFWFORVFSJEPT
OPDPSSFTQPOEFO
-5"
**
:PDPNQBSPBMPTIPNCSFT
$POMBTBCFKBT
2VFTJFNQSFBOEBOCVTDBOEP
'MPSFTDIJOFTDBT
&TUSJCJMMP
1PSRVFMPTIPNCSFTy
***
1PSRVFEFQBTP
1PSRVFEFQBTP
5PEBTMBTnPSFTMMFWBO
4VQJDPUB[P
&TUSJCJMMP
1PSRVFMPTIPNCSFTy
*SJT"SFMMBOP $PCRVFDVSB
'PSNBNUSJDBQPDPGSFDVFOUF QFSPOPBVTFOUF FTMBTFHVJEJMMBEF

TJFUFWFSTPTBMBVTBO[BFTQBPMB7FSTPTEFooTMBCBTZ
TMBCBTEJWJEJEBTFOEPTTJTUFNBTDPNQMFNFOUBSJPT&TUBGPSNB
NUSJDBFTDPNOFOMBNB[VSDB
/NFSPEFTMBCBTQPSWFSTP
oo

1SJNFS4JTUFNB4FHVOEP4JTUFNB
5PEBDBOUPSBDBNQFTJOBEJTUJOHVFFTUPTEPTNPEFMPT MBUPOBEBRVF
FTU DPOTUJUVJEB QPS VO TPMP QFSPEP NVTJDBM Z MB UPOBEBDBODJO
EF EPT QFSPEPT FOUFOEJFOEP QPS iQFSPEP NVTJDBMw VOB TFDDJO
JNQPSUBOUFFODPODPSEBODJBDPOFMUFYUP
-5"
-PT FKFNQMPT BRV BOBMJ[BEPT MPT IFNPT DMBTJmDBEP DPNP GPSNBT

FTUSmDBT QPSFMIFDIPEFJSBDPNQBBEPTEFVOUFYUPQPUJDPBT
UFOFNPT
t'PSNBTFTUSmDBTTJNQMFTPVOJUBSJBT MMBNBEBTBTQPSRVFQSFTFO
UBO VO TPMP QFSPEP P TFDDJO NVTJDBM RVF QVFEF TFS FTUSVDUVSBEP
DPOVOB QFSJPEPVOJUBSJP
EPT CJOBSJP
PUSFT UFSOBSJP
GSBTFTNV
TJDBMFT
t'PSNBTFTUSmDBTDPNQVFTUBTCJOBSJBTFMFTRVFNBGPSNBMTFWFTFD
DJPOBEPFOEPTQBSUFTCJFOEJGFSFODJBEBTFTUBTTFDDJPOFTTPODPQMBT
ZFTUSJCJMMPT MPRVFMBTDBOUPSBTMMBNBOiUPOBEBDBODJOw DPNPZBMP
IFNPTFOVODJBEPBOUFSJPSNFOUF"NCBTUJFOFOBTVWF[VOBFTUSVD
UVSBJOUFSOBWBSJBEBRVFQVFEFTFSVOJUBSJB CJOBSJBPUFSOBSJB
-BFYUFOTJOFTSFMBUJWBZNVDIBTEFFMMBTQBSFDFOSFVOJSVOONFSP
NBZPSEFDPNQBTFTQPSMBSFJUFSBDJOEFTVTQBSUFT
:0:;,4(4<:0*(3+,3(:;65(+(:
46567,90+0*(:
1BSUFTEFMBFTUSPGB
/PUB
BBCB
&TMBNTDBSBDUFSTUJDB
BBCB
7BSJBOUF
BBCCB
.VZDPNOFOMBTUPOBEBTDPOUFYUP
FOEDJNBT
BCBCB
1SPQJPEFMBTUPOBEBTDPOUFYUP
FOEDJNBT
BBC
5BNCJOSFMBDJPOBEBDPOMBTEDJNBT
BCB

BCC
BC
3PNBODFDBTBNJFOUPEFOFHSPT
-5"
:0:;,4(4<:0*(3+,3(:;65(+(:)07,90+0*(:
1BSUFTEFMBFTUSPGB
1BSUFTEFMFTUSJCJMMP
/PUB
BBCB
DE
&TUBFTMBGPSNB
NTDBSBDUFSTUJDB
BBC
DE
BCB
DD
BBCC
DEE
BBCC
DDE
BBCB
DEDE
5PEBUPOBEBTFJOJDJBDPOVOBJOUSPEVDDJOPQSFMVEJPEFSFMBUJWB
FYUFOTJOFOFMDVBMMBDBOUPSB BWFDFT NVTJUBNFMPEBZUFYUP
79,3<+06 , 05;,93<+06
5PEBFKFDVDJOEFUPOBEBEFNBOEBVOBJOUSPEVDDJOJOTUSVNFO
UBM DPOTJTUFOUF FO VO QBTBKF EF VOB FYUFOTJO EJTDSFUB RVF FO FM
NBZPSONFSPEFDBTPTOPTPCSFQBTBMPTPDIPDPNQBTFTFONFUSP
EFZFOEPOEFTFQSFTFOUBDPOCBTUBOUFGSFDVFODJBVOEJTFP
NFMEJDPQVOUFBEPFOMBHVJUBSSB PCJFO FOFMBSQBDVBOEPMBIBZ
&OPUSBTPDBTJPOFTFTUBTFDDJOTFSFNJUFTJNQMFNFOUFBMSBTHVFPEF
MBTVDFTJOBSNOJDBRVFTVTUFOUBFMDBOUP&TUFQBTBKFJOUSPEVDUP
SJPRVFMPMMBNBSFNPTQSFMVEJPTFSFQJUFEFNPEPTJTUFNUJDPBm
OBMEFDBEBDJDMP DVNQMJFOEPUBNCJOEFFTUFNPEPMBGVODJOEF
JOUFSMVEJP UBMDPNPMPQPEFNPTPCTFSWBSFOFMTJHVJFOUFFTRVFNB
EFUPOBEBNPOPQFSJEJDB
"
"
-5"
&MJOUFSMVEJPHFOFSBMBGSBDDJOEFUJFNQPZMBNBSDBOFDFTBSJBQBSB
JOEJDBSZEFTUBDBSMBPSHBOJ[BDJOFTUSmDBEFMBUPOBEBZTVGPSNB
5JFOFBEFNT VOHFTUPDPODMVTJWPRVFSFBmSNBFMDBSDUFSDDMJDP
EFMBGPSNBNVTJDBM TPCSFUPEPDVBOEPJODMVZFFMQVFOUFBSNOJ
DP RVF EFTDSJCJNPT NT BEFMBOUF %F UBM GPSNB FM JOUFSMVEJP TF
VCJDBBMmOBMJ[BSDBEBDPQMBPFTUSPGBFOMBUPOBEBNPOPQFSJEJ
DB NJFOUSBTRVFFOMBCJQFSJEJDBTFVCJDBEFTQVTEFMFTUSJCJMMP
"
"
"
"
7<,5;,
$POTJTUFFOVOJNQPSUBOUFFMFNFOUPSUNJDPBSNOJDP RVFUJFOF
DPNPGVODJOQSJODJQBMBOVODJBSFMJOJDJPEFMDBOUP
4FQSFTFOUBDBTJBNPEPEFVOBCSFWFDPEBEFEPTDPNQBTFT RVF
DPO VOB BMUB GSFDVFODJB TF SFQJUF BM mOBM EF DBEB QSFMVEJP P JO
UFSMVEJP Z RVF FTU DPOTUSVJEP QPS MB BSUJDVMBDJO EF MPT BDPSEFT
EF UOJDB Z EPNJOBOUF FO MB FKFDVDJO EF MB HVJUBSSB SBTHVFBEB

"EFNT OP QPDBT WFDFT BQBSFDF EVSBOUF FM DBOUP EFTQVT EF
DBEBGSBTF
-5"
4,36+(
&MDBOUPFTQSJODJQBMNFOUFTJMCJDP4VNCJUPWBEFTEFVOBRVJOUB
IBTUBVOBPDUBWB MMFHBOEPFYDFQDJPOBMNFOUFBMBEDJNB-PTJO
UFSWBMPTNTVTVBMFT BEFNTEFMBTTFHVOEBT TPOMBTUFSDFSBT DVBS
UBTZRVJOUBT ZQPDPGSFDVFOUF MBTPDUBWBT
-PTEJTFPTNFMEJDPTEFMQFSPEPFTUSmDPTFEFTBSSPMMBOFOEPT
GSBTFTRVFQPSMPHFOFSBMTPODPOUSBTUBOUFTZDPNQMFNFOUBSJPT&T
BTDPNPFOMBQSJNFSBGSBTFTFQFSDJCFVOBUFOEFODJBBVOEJTF
PNFMEJDPEFNPWJNJFOUPTBNQMJPT FTUSVDUVSBEPQPSTBMUPTEF
DVBSUBTFJOUFSWBMPTBONTBNQMJPT BCBSDBOEPFOTVEFTQMJFHVF
VO NCJUP RVF FO OP QPDPT DBTPT MMFHB B MB PDUBWB Z RVF DPNP
NOJNPBMDBO[BMBTFYUB-BTFHVOEBGSBTFUJFOEF FODPOUSBTUF B
PSHBOJ[BSTFFONPWJNJFOUPTQPSHSBEPTDPOKVOUPT BMUFSOBEPTQPS
JOUFSWBMPTEFUFSDFSBPEFTFHVOEB
(9465(
&OTVNPSGPMPHBTPOPSBIBZQSFEPNJOJPEFMNPEPNBZPS
-BBSNPOBFTUSFQSFTFOUBEBHFOFSBMNFOUFFOMPTBDPSEFTEF5OJ
DB *
4VCEPNJOBOUF *7
Z%PNJOBOUF 7
RVFFOMBNBZPSBEF
MPTDBTPTWBBDPNQBBEPEFM4QUJNPHSBEP 7
ZTVSFTPMVDJOB
5OJDB.VZFTQPSEJDBNFOUFBQBSFDFVOCSFWFQBTPQPSMBEPNJ
OBOUFEFMBEPNJOBOUF
4i;90*( @ 90;46
&MNFUSPNTDBSBDUFSTUJDPFTFM QFSPOPTPOQPDPTMPTFKFN
QMPTFORVFFMDBNCJBTVBDFOUVBDJOBDJDMPTEFEPTDPSDIFBT
DPOWJSUJOEPTFFONFUSPEF QSPEVDJFOEPIFNJPMBIPSJ[POUBM
FO NFMPEB Z WFSUJDBM FOUSF MB NFMPEB Z BDPNQBBNJFOUP FO MB
HVJUBSSBSBTHVFBEB
,3 (*647(j(40,5;6
-B UPOBEB QVFEF QSFTFOUBS QSPDFEJNJFOUPT NVZ QBSUJDVMBSFT EF
BDPNQBBNJFOUPJOTUSVNFOUBM RVFEBODVFOUBEFUSBEJDJPOFTMP
DBMFTZRVFFOBUFODJOBTVTJOHVMBSJEBE BNFSJUBOFTUVEJPTEFDBTP
RVFBOQFSNBOFDFOTJOSFBMJ[BSTF
-5"
%F FTUBT QBSUJDVMBSFT GPSNBT EF BDPNQBBNJFOUP TF EFTDSJCFO

SBTHPT HFOFSBMFT FO FM TVCDBQUVMP i*OTUSVNFOUBDJOw EPOEF TF
EFTDSJCFOMPTDBTPTEFM$IBSSBOHPFOMBDPTUBEF$PMDIBHVBZBOUJ
HVBNFOUFMBQSFTFODJBEFM3BCFMFOBMHVOBTMPDBMJEBEFTEFM.BVMF
TFHOBOUFDFEFOUFTPSBMFT
3(;,4;0*(
i-BMFUSBMMBNBBMBNTJDBw DPNPEJDFOBMHVOBTDBOUPSBT FTEFDJS
DPODJUBOMBBVEJDJOBUFOUBBTVUFYUPFJOUFSQSFUBDJO
4F IB EJDIP Z DPO KVTUB SB[O RVF FO TV UFNUJDB MP BNBUPSJP
BQBSFDFDPOGVFS[BBSSPMMBEPSB&OFGFDUP MBHSBOQBSUFEFMBTUPOB
EBTDPOPDJEBTTFSFmFSFOFOTVUFYUPMSJDPBMBNPS QFSPTFUSBUBQPS
MPHFOFSBMEFVOBNPSEFDBSDUFSEFTFOHBBEPOPIBZBMFHSBFOFM
BNPS OJIBZDPSSFTQPOEFODJB TJOPUSBJDJO BVTFODJB GSVTUSBDJO
USJTUF[B BMBRVFOPTJFNQSFTFSFTQPOEFDPOSFTJHOBDJO
&KFNQMP5POBEBEF$PMFP
*
"EJTWJEBZBNFWPZ
1PSMPTDBNQPTTVTQJSBOEP
$VBOEPNFBDVFSEFEFUJ
.FDPOTPMBSMMPSBOEP
**
.FDPOTPMBSMMPSBOEP
&OWBOPTPONJTQBTJPOFT
1PSRVFWFPRVFDPONJHP
***
1PSMPRVFZPIFDIPEFWFS
OEBUFDPORVJFOURVJFSBT
%KBNFBNQBEFDFS
-5"
*7
%KBNFBNJQBEFDFS
1FOBOPUFOHPOBEJUB
6OBHSBWJPZVOBNPS
$POPUSPOVFWPTFRVJUB
7
1SFTFOUFBRVMBDPNQBB
'MPSDJUBEFFTBCMBORVJUB
&MRVFUJFOFBNPSFTMFKPT
$POTVTQJSBSTFMFRVJUB
1FTFBMBNBSDBEBQSFTFODJBEFMBNPSOPDPSSFTQPOEJEP BTPNCSB
FOMBUPOBEBMBSJRVF[BEFNPUJWPTRVFQBSBMFMBNFOUFQVFEFEFTB
SSPMMBS BVORVF DPO NFOPS GSFDVFODJB "T QVFEF PDVSSJS RVF FM
UFNBBNPSPTPTFEFTBSSPMMFBUSBWTEFMNPUJWPOVNSJDP IBDJFOEP
VOBWF[NT QSFTFOUFSFDVSTPTMSJDPTRVFFTUONVZFOSBJ[BEPTFO
MBQPFTBQPQVMBSDIJMFOBZMBUSBEJDJOEFMDBOUPBMPQVFUB
&KFNQMP
*
"MBVOBUFQSPNFUP
"MBTEPTNJEVMDFFODBOUP
"MBTUSFTNJWJEBNJEB
.FIBMMPQBEFDJFOEPUBOUP
**
&ODVBUSPOBEBUFBEWJFSUP
&ODJODPUFIBHPVOQFEJEP
&OTFJTUFIBHPVOFODBSHP
2VFOPNFFDITBMPMWJEP
***
&OTJFUFUFFTUPZRVFSJFOEP
&OPDIPQSFDJPTBnPS
&OOVFWFOPNFEFTQSFDJFT
.FIBTEFIBDFSFTFGBWPS
-5"
*7
&OEJF[EBTEFNJWJEB
&OPODFSFMPKQVMJEP
&OEPDFUFIBHPVOFODBSHP
2VFOPNFFDITBMPMWJEP
7
4FPSJUBTZTFPSFT
7FSEFDPHPMMPEFIPSUFOTJB
5SBCBKPFTQPOFSBNPSFT
%POEFOPIBZDPSSFTQPOEFODJB
.BSUB#FSNEF[ $PMMJHVBZ7BMQBSBTP
%F QSPDFEJNJFOUP TJNJMBS FO FTUF PUSP DBTP FM BNPS EPMJFOUF TF
DPOGBCVMBDPNPVOQSFUFYUPQBSBKVHBSDPOFMNPUJWPEFMBDPNJEB
IBDJFOEPHSBDJPTPBMHPRVFEFTVZPFTUPSNFOUPTP
&KFNQMP
*
-HSJNBTTPOMBTRVFBMNVFS[P
"NFEJPEBVOEPMPS
.FSJFOEPVOUSJTUFTVTQJSP
&OVOBBVTFODJBEFBNPS
**
:PQPSEFTDBOTBSNFBDVFTUP
:SFDVFSEPFOUVEFMJSJP
-VFHPQSPOUPNFMFWBOUP
***
7FOHBOUPEPTMPTUPSNFOUPT
1FOBZGBUJHBZEPMPS
:MMFHPBDPNFSNFBENJSP
"NFEJPEBVOEPMPS
-5"
*7
"QFOBTOBDFMBBVSPSB
:DPONJMMBOUPDPNJFO[P
4VNFSHJEBFONJTQFTBSFT
+VMJB.VP[ /JMBIVF$PMDIBHVB3FDPQJMBDJOEF+VBO"TUJDB.
5BNCJO MB UFNUJDB nPSBM BQBSFDF DPO NVDIB JOTJTUFODJB SFMB

DJPOBEBDPOFMUFNBBNPSPTP
&KFNQMP
*
-}BHVBEFOJFWFFTNVZMJOEB
&OTVGSBHBODJBVOKB[NO
.FQPOFOQBSBRVFFTDPHB
%PTnPSFTFOVOKBSEO
**
%PTnPSFTFOVOKBSEO
:OPIBMMPDVBMFTDPHFS
2VFTJNFWPZBMBSPTB
4FNFEFTIPKBFMDMBWFM

&KFNQMP
(SBDJBTB%JPTRVFTBMJ
-BSPTBDPOFMDMBWFM
-BSPTBBFTQBSSBNBSnPSFT
:FMDMBWFMBnPSFDFS
)FSNBOBT4FWFSJOP 2VJOBIVF
0CTFSWBNPTDPONFOPTGSFDVFODJB MBQSFTFODJBEFUFYUPTEFDPOUFOJ
EPTNTHFOFSBMFT UBMFTDPNPMBTUFNUJDBTPSOJUPNPSGBT IJTUSJDBT
SFMJHJPTBT EF GBFOBT IVNPSTUJDBT EF QPOEFSBDJO DBSDFMBSJBT Z
EFTDSJQUJWBT ZFTDBTPTFKFNQMPT EFMBTEFEFOVODJBPQSPUFTUB
4PO OVNFSPTPT MPT FKFNQMPT EF UPOBEBT BM /JP %JPT DPOPDJEPT
QPQVMBSNFOUFDPNP7JMMBODJDPT RVFMBTDBOUPSBTDBNQFTJOBTNFIBO
SFHBMBEP%FFMMPTEPZBMHVOPTFKFNQMPTRVFNFQBSFDFOJOUFSFTBOUFT
-5"
&KFNQMP
*
4FPSB%PB.BSB
:PWFOHPEFNVZBMMNVZMFKPT
:BTVOJJUPMFUSBJHP
6OQBSDJUPEFDPOFKPT
**
4FPSB%PB.BSB
:PWFOHPEFM1FSBMJMMP
4V}BOEPMBHPUBHPSEB
4PMPQPSWFSTVDIJRVJMMP
***
6OBTHBMMJOBTMFUSFJEB
%FSB[BNVZQPOF}PSB
1FSPBMQBTBSMBBOHPTUVSB
.FMFWPMBSPO TFPSB
*7
4FPSB%PB.BSB
:PWFOHPEFTEF1PNBJSF
$POTJHBDPOP+PT TV/JJUP
2VFZPTFBTVDPNBJSF
&KFNQMP
*
-B7JSHFOTFGVFBMBWBS
4VTNBOPTCMBODBTBMSP
&MTPMTFRVFEQBSBEP
:MBNBSQFSEJTVSVJEP
&TUSJCJMMP
7BNPT WBNPTEFQSJTBB#FMO
%POEFFMOJPZMB7JSHFOTFWFO
"ZRVMJOEP RVCFMMP RVIFSNPTP
2VQVMJEP CPOJUPZHSBDJPTP
%POEFFMOJPZMB7JSHFOTFWFO
-5"
**
-B7JSHFOTFFTUQFJOBOEP
4VQFJOFEFNBSmMFSB
3BZPEFTPMTVTDBCFMMPT
-BDJOUBEFQSJNBWFSB
&TUSJCJMMP
%POEFFMOJPZMB7JSHFOTFWFOy
1VSTJNB.BSUOF[ 1PNBJSF
&TOFDFTBSJPEFTUBDBSMBHSBOGBNJMJBSJEBERVFMBDBOUPSBEFNVFT
USBFOTVDBOUPIBDJBMB4BHSBEB'BNJMJB MMBNBOEPBMOJP%JPT
.BOVFMJUP /JJUPP$IJRVJMMPBMB7JSHFO4FPSB%PB.BSBB
4BO+PTP+PT
&TJOUFSFTBOUFBDPUBSMBDPTUVNCSFFOMPTDBNQPTEFMB[POBDFOUSBM
FOMBDVBMMPTOJPTGSFOUFBMQFTFCSF EVSBOUFMPTJOUFSMVEJPT IBHBO
TPOBSNBUSBDBT USJOHVMPT DBOBSJUPTPQBKBSJUPTZQJUPTDPOGFDDJP
OBEPTDPOUBMMPTEF[BQBMMP QBSBEFNPTUSBSTVBMFHSBZNBOUFOFS
EFTQJFSUPBMi/JJUPwQBSBRVFFTDVDIFTVTQFUJDJPOFT
0USBmFTUBSFMJHJPTBFOMBRVFFODPOUSBNPTMBQSFTFODJBEFMBUPOB
EBFTFOMBDFMFCSBDJOEFMBi$SV[EF.BZPw&OMPTJOUFSMVEJPT
UPEPTHSJUBO`7JWBMB$SV[EF.BZP`$POQPSPUJUPZ[BQBMMPw
&KFNQMP
*
#VFOBTOPDIFTTFPSJUB
-BTCVFOBTMFWFOHPEBOEP
1PSTFSFMEBEFMB$SV[
2VFMFBOEBNPTDFMFCSBOEP
**
4BMVEPBM4BOUP.BEFSP
$PHPMMJUPEFBMUPQJOP
2VFMFJSFNPTBWJWBOEP
"MPMBSHPEFMDBNJOP
-5"
***
:BOPTWBNPTSFUJSBOEP
$PODPNQBBZBMFHSB
&TQFSBSFNPTPUSPBP
1B}DFMFCSBSFTUFEB
-B MMFHBEB EF MB UPOBEB BM DJSDVJUP EFM FOUSFUFOJNJFOUP VSCBOP
NPEFSOP JNQVTP BM HOFSP MB FYQMPSBDJO EF OVFWBT UFNUJDBT Z
USBUBNJFOUPT%FSMJOEB"SBZBJODVSTJPODPOYJUPFOFMEFTBSSPMMP
EFMBUFNUJDBIVNPSTUJDB RVFTJOEVEBSFRVFSJSBEFVOBJOUFS
QSFUBDJOIJTUSJOJDBQSPQJBEFMPTUFBUSPTZSBEJPTEFmOFTEFMB
EDBEB EF FO BEFMBOUF &OUSF MPT FKFNQMPT FODPOUSBEPT TF
IBMMBFTUBOPUBCMFUPOBEBEFTVBVUPSB
&KFNQMP
*
"ZNBNJUBQPSEJPTJUP
.BNJUBZPFTUPZMMPSBOEP
4FNFIBJEPNJBNPSDJUP
:BRVMPFTUPZFTQFSBOEP
&TUSJCJMMP
4PZMBMMPSPOB
:PTQPSRVF
-MPSPFTUFOFHSP JOGBNF
2VFTFNFGVF
4PZMBMMPSPOB
:PTQPSRVF
:TJOPWVFMWF
.TMMPSBS
**
.FEFTRVJUBSDPODSFDFT
$VBOEPWVFMWBFMOFHSPJOHSBUP
4JNFQJEFRVFMPCFTF
5FOESRVFCFTBSBMHBUP
&TUSJCJMMP
4PZMBMMPSPOB
:PTQPSRVFy
-5"
***
&TUBCBMJOEPFMSBODIJUP
$PONJOFHSPFOBNPSBEP
:BIPSBRVFNFMFBJEP
.FRVFEFMSBODIPQFMB}P
%FSMJOEB"SBZB 4BOUJBHP
*NQPSUBOUF EF EFTUBDBS FT FM VTP EF MB SFGFSFODJB nPSBM RVF TF
QSFTFOUBBNFOVEPFOMBmOBMJ[BDJOEFDBEBUPOBEB BNPEPEF
DPHPMMP&MDPHPMMPFTVOBFTUSPGBFODVBSUFUBPEDJNB RVFHFOFSBM
NFOUFQPTFFVOWFSTPnPSBMZRVFQPESBNPTDBMJmDBSMPDPNPVO
SBNJMMFUFDPOFMRVFMBDBOUPSBPCTFRVJBBBMHVOPEFMPTQSFTFOUFTP
BMBDPODVSSFODJBFOUFSB&TUBNFUGPSB QSFTFOUFQPSMPHFOFSBMFO
MBTUPOBEBTNPOPQFSJEJDBTPTJOFTUSJCJMMP BVORVFTVFMFBQBSFDFS
UBNCJOFOMBTCJQFSJEJDBT SFTBMUBMBGVODJOTPDJBMEFMBUPOBEBZ
EFMBJNQPSUBODJBEFMBBDUJUVEBUFOUBEFMBVEJUPSJPZBERVJFSFTV
NBZPSSFBMDFFOmFTUBTPSFVOJPOFTGBNJMJBSFT
&KFNQMPT

1BSBMBEVFBEFDBTB
%FMDJFMPDBJHBOUSFTSPTBT
1BSBVTUFEZPFTDPHFS
-BRVFTFBNTIFSNPTB

1SFTFOUFBRVMBDPNQBB
$MBWFMJUPBCPUPOBOEP
.TWBMFNPSJSRVFSJFOEP
2VFOPWJWJSFTQFSBOEP
)FNPT FODPOUSBEP PUSPT FKFNQMPT EF DPHPMMP FO MPT DVBMFT FTU
BVTFOUFMBUFNUJDBnPSBM
&KFNQMPT

1BSBUPEPTMPTQSFTFOUFT
$PHPMMJUPFQJFESBMJTB
2VFFOMBDBSSFSBEFBNPSFT
&MRVFOPNVFSFBHPOJ[B
-5"

1BSBFMTFPSy
$PHPMMJUPEFUPUPSB
-PTWFSTJUPTTPOQB}VTUFE
1FSPOVODBMBDBOUPSB

1BSBUP}BMBDPNQBB
MPTRVFOBWFHBOMBNBS
&MBNPSEFMPTNBSJOPT
"VORVFUFRVJFSBOTFWBO

-B4FPSJUB.BSHPU
2VFOBWFHBQPSMPTNBSFT
"OEBEFTFDIBOEPQFOBT
:DPOTPMBOEPQFTBSFT

"MB4FPSJUB.BSHPU
%FBRVZPMBFTUPZNJSBOEP
:TFQBSFDFBMBMVOB
:BMTPMDVBOEPFTUBTPNBOEP
&O MB UPOBEB BQBSFDF UBNCJO MP RVF MMBNBNPT iQPOEFSBDJOw
BVORVFOPFTVOBUFNUJDBSFDVSSFOUF
&KFNQMP
*
6OBDIBDSBRVFTFNCS
4FEJPEFUBMFTUBEP
2VFEFVOBIPKBEFNB[
4BRVFQVOUBZVOBSBP
**
0USPEBNFQBT
2VJVOBWBDBFTUBCBFDIBEB
6OPTDBQJTEFQPSPUPT
-BUFOBOBQMBTUBEB
-5"
***
0USPEBFOVOTBOEJBM
-BNJUBEEFVOBTBOEB
.FTJSWJEFNFEJBHVB
1BSBDVBOEPNFMMPWB
4PMFNPT FODPOUSBS UBNCJO UPOBEBT EF GBFOBT SFMBDJPOBEBT EJ

SFDUBNFOUFDPOFMUSBCBKPBHSBSJP
&KFNQMP
*
-BUSJMMBEFP"OUVDP
&TUSJMMBEFNVDIBGBNB
-BHFOUFRVFWBMMFHBOEP
4FWBUPEBBMBNBBOB
&TUSJCJMMP
`"IZFHVB BINBODB
"IZFHVB MBESPOBZnBDB
4FNFDBOTBMBiUPSEJMMBw
-FBUSBDPDPOMBiNVMBUBw
**
4SWBMFBMPTIPSRVFUFSPT
4SWBMFEFDPQBMMFOB
1BSBRVFWBZBOEJDJFOEP
`-BUSJMMBIBFTUBEPCVFOB
***
4SWBMFBMPTIPSRVFUFSPT
2VFOPTFEJHBEFVTUFE
1BSBRVFDVBOEPTFQBSFO
4FQBSFOFODVBUSPQJFT
*7
4SWBMFBMBTDPDJOFSBT
4SWBMFEFDBDIPMMFOP
1BRVFDVBOEPTBRVFOMBTPMMBT
4FWBZBOEFQVOUBBMGVFHP
$VTUPEJB4JMWB -PTOHFMFT
-5"
-PTQKBSPTUBNCJOIBOBQBSFDJEPFOMBUFNUJDBEFMBUPOBEB
&KFNQMP
*
&TUBCBMBDIJODPMBVOEB
"SSJCBFVOBNBUBFCPMEP
1BTFMDIJODPMZMFEJKP
`$IJODPMB DIBUFQPMWP
**
3FWPMDOEPTFFOMBBSFOB
1BTFMDIJODPMZMFEJKP
`2VFHPSEBTUFOJTMBTQJFSOBT
***
"SSJCBFVOBQBUBHVB
1BTFMDIJODPMZMFEJKP
`$IJODPMBWBNPTQBMBHVB
-BUFNUJDBUBNCJOQVFEFEFmOJSVOBTVOUPEFHOFSPFOMBJO
UFSQSFUBDJO&TBTRVFFMIPNCSFUBNCJODBOUUPOBEBTDVBOEP
TFUSBUBCBEFDPOUFOJEPTDBSDFMBSJPT TJFOEPFTUBVOBEFMBTHSBOEFT
FYDFQDJPOFTFOMBJOUFSQSFUBDJO
&KFNQMP
*
1SFTPFOMBDSDFMFTUPZ
/PUFOHBQFOBQPSFTP
2VFOPTPZFMQSJNFSQSFTP
/JEFKPEFTFSRVJFOTPZ
**
-BTSFKBTEFMDBMBCP[P
$VCJFSUBTEFMVUPFTUO
:MBTQJFESBTDPOTFSQJFESBT
-MPSBOEFWFSNFMMPSBS
-5"
***
"EJTDPNQBFSPTZBNJHPT
6OGBWPSWPZBQFEJSMFT
2VFNFUSBJHBOBNJNBESF
2VFNFRVJFSPEFTQFEJSNF
*7
"EJTNJNBJSFRVFSJEB
$POTVFMPAFUPEPTNJTNBMFT
"RVTFEFTQJEFUVIJKP
5VIJKPDSJNJOBMF
7
2VFDVOEPNFWFBTNVFSUP
/PUFQPOHBTBMMPSBSF
-BTDFOJ[BTEFUVIJKP
%FUVIJKPDSJNJOBMF
3BM0SUFHB &M$BSNFO$PEFHVB
&TDBTPT TPO MPT FKFNQMPT EF MB UPOBEB EF EFOVODJB RVFKB TPDJBM
P QSPUFTUB QFSP EPZ FM FKFNQMP FOUSFHBEP QPS %PB 'SBODJTDB
(PO[MF[ EF/JCMJOUP QSFTFOUBEPFOQHJOBTBOUFSJPSFT
3(;65(+(@:<:05:;9<4,5;6:
3(.<0;(99(
-BHVJUBSSBUJFOFFOMBUPOBEBVOSPMJOTVTUJUVJCMF*ODMVTP QPESB
EFDJS RVF OP IBZ UPOBEB DIJMFOB TJO HVJUBSSB ZB RVF TUB FT VO
JOTUSVNFOUP SFDVSSFOUF FO MB JOUFSQSFUBDJO EFM HOFSP "O BT
MBSFMBDJOUPOBEBHVJUBSSBFTBONTOUJNB QPSRVFMBDBOUPSB
MPHSBGPSNBSVOMB[PNVZGVFSUFDPOFTUFJOTUSVNFOUPFTFODJBM B
USBWTEFMDVBMTFBUSJCVZFBMJOTUSVNFOUPQFSTPOBMJEBEFJEFOUJEBE
"T FOBMHVOBTQBSUFTPEFDJSiFTUBHVJUBSSBFTKPWFODJUBDPONJHP
QFSP OP DPO NJ BCVFMBw P CJFO iFTUB HVJUBSSB FTU SFDJO OBDJEB
UPEBWBOPUJFOFEPTBPTw&OPUSPTDBTPTFTDVDIiFTUBHVJUBSSB
FTWJFKB[Bw-BHVJUBSSBFONVDIPTDBTPTMMFHBBDPNQPOFSDPOMB
DBOUPSB VOB EVBMJEBE :P NJTNB IF QPEJEP DPNQSPCBS DNP MB
HVJUBSSBFOWFKFDFKVOUPDPOTVEVFB MBDBOUPSB
(:7,*;6: 69.(563.0*6:
"MIBCMBSEFMBHVJUBSSBRVFVTBMBDBOUPSB OPTFTUBNPTSFmSJFOEP
BVOBHVJUBSSBDPNO RVFFOMOFBTHFOFSBMFTDPSSFTQPOEFBMGPS
NBUP FTQBPM USBEJDJPOBM Z DPOUFNQPSOFP EF TFJT SEFOFT TJN
QMFT QPSMPRVFOPJOTJTUJSFNPTFOBQPSUBSNTEBUPTBDFSDBEFTV
GPSNBZEJNFOTJPOFT4VGBCSJDBDJOPQSPDFEFODJBFTWBSJBEB&O
MPT DBNQPT BO TF QVFEF FODPOUSBS HVJUBSSBT NVZ BOUJHVBT RVF
IBOTJEPGBCSJDBEBTQPSMPTQSPQJPTDBNQFTJOPTEFNPEPBMHPST
UJDP NBOUFOJFOEPMBTDMBWJKBTFNCVUJEBTEFNBEFSBZMBTDVFSEBT
EFBMBNCSF1PSTVTNBUFSJBMFTIVNJMEFTDPNONFOUFTFMBTMMBNB
iHVJUBSSBEFQBMJUPwZFTQPDPDPNOFODPOUSBSMBTBOFOVTP6O
-5*
QSPCMFNBGSFDVFOUFRVFTFQSFTFOUBCBFOFTUFUJQPEFHVJUBSSBFSB
MB GBDJMJEBE DPO RVF QFSEBO MB BmOBDJO EFCJEP B RVF MB DMBWJKB
FNCVUJEB TF TPMUBCB GDJMNFOUF Z MB DVFSEB QPS DPOTJHVJFOUF TF
TVFMUB1BSBFWJUBSTUPFSBDPNORVFEFTQVTEFBmOBSTVHVJUBSSB
MBDBOUPSBMFFDIBSBVOQPDPEFBHVBSEJFOUFBMBTDMBWJKBT BTTUBT
TFIJODIBCBOZRVFEBCBOmKBT
$POFMUJFNQPFTUBTHVJUBSSBTGVFSPOTJFOEPSFFNQMB[BEBTQPSPUSBT
EF NFKPS DBMJEBE DPOTUSVJEBT HFOFSBMNFOUF FO DSDFMFT Z UBMMFSFT
DJUBEJOPT EF NVFCMFSB VTBOEP QBSB FMMP NBEFSBT EF SPCMF QJOP
PSFHO SBVM MJOHVFPBMFSDF&TUBTHVJUBSSBTJODPSQPSBSPOMBTJO
OPWBDJPOFTUDOJDBTNTNPEFSOBT DPNPFMDMBWJKFSPNFUMJDPRVF
WJOPBNFKPSBSEFNPEPDPOTJEFSBCMFMBFTUBCJMJEBEEFMBBmOBDJO
5BNCJO TF JOUSPEVKP MB DVFSEB EF OZMPO RVF TJ CJFO DBNCJ MB
TPOPSJEBEEFMBUPOBEB GVFEFmOJUJWBNFOUFBEPQUBEBQPSMBTDBO
UPSBT EBEPRVFMBTVBWJEBEEFTVTVQFSmDJFBNJOPSBFMEBPRVF
MBTDVFSEBTEFBMBNCSFPDBTJPOBOTPCSFMBZFNB
EF MPT EFEPT 4JO FNCBSHP MBT DBOUPSBT TJHVFO
FYUSBBOEPMBTPOPSJEBEiNTDMBSBwZiNTCSJ
MMBOUFw EF MBT HVJUBSSBT BOUJHVBT FMMP QPSRVF FM
TPOJEPEFFTBTHVJUBSSBTFSBOQBSUFEFVOBFTUUJDB
NVTJDBMRVFOPIBEFTBQBSFDJEPEFMBNFNPSJB
(:7,*;6: *<3;<9(3,:
$PNP ZB MP BEFMBOUBCB MB HVJUBSSB OP FT TMP
TPOJEP.TCJFO MBHVJUBSSBFTFODJFSUBNFEJEB
VOJOTUSVNFOUPRVFFWPDBVONVOEPEFTNCP
MPTRVFEBONVDIPRVFQFOTBS-BDBOUPSBFTVO .BSHPUZ$BSMPT.JS
TFSTFOTJCMFRVFSFnFYJPOBTPCSFTVJOTUSVNFOUP 'PUP0$EJ[
ZFOTVQFOTBNJFOUPMBHVJUBSSBTFIVNBOJ[B-BT
DBOUPSBTEJDFOi-BHVJUBSSBDBOUBwi-BHVJUBSSB
SFw i-B HVJUBSSB TF FOPKB DVBOEP MB UPDB PUSB .BSHPU-PZPMB
QFSTPOBw i-B HVJUBSSB MMPSB DVBOEP BMHVJFO TF 'PUPEFQSPNPDJO
NVFSF WJTUJOEPTFDPOHOFSPOFHSPwi-BHVJUBSSBTFFOGFSNB QPS
FTPEFTQVTEFMFWBOUBSOPT MBBDPTUBNPTUBQBEJUBQBSBRVFOPTF
SFTGSFwi-BHVJUBSSBQJEFBKDBDIPFDBCSBQBSBFWJUBSMBIVNFEBE
PQJEFRVFMBTBIVNFODPOSPNFSPQBSBNFKPSBSTVWP[w.VDIBT
DBOUPSBTOPTIBODPNFOUBEPUBNCJO RVFTVHVJUBSSBGVFCBVUJ
[BEBFOVOBHSBOmFTUBDVBOEPTFUPDQPSQSJNFSBWF[ EPOEFOP
-5*
GBMUBCBMBBTQFSTJOEFWJOPZMPTQFTPTRVFTFQPOBOEFOUSPEFTV
DBKB QBSB RVF OVODB GBMUBSB FM EJOFSP &TUF MB[P EFM RVF WFOJNPT
IBCMBOEPQFSEVSBNTBMMEFMBWJEBUFSSFOBMEFMBDBOUPSB QPSRVF
DVBOEP FMMB NVFSF FOUSFHB TV HVJUBSSB FO IFSFODJB FMJHJFOEP EF
FOUSFTVTQBSJFOUFTBMBQFSTPOBRVFQPESTFHVJSTVDVMUJWP
$PNPDBOUPSBNFUPDWJWJSNVDIPEFFTUFNVOEPTJNCMJDP BT
GVJUFTUJHPEFDNPNJQSJNFSBiHVJUBSSBEFQBMJUPwRVF BVORVFOP
GVFCBVUJ[BEB JSSFNFEJBCMFNFOUFFOWFKFDJ
(-05(*065,:
/PTIFNPTSFGFSJEPBMBHVJUBSSBFOTVTBTQFDUPTDVMUVSBMFTZPSHB
OPMHJDPTNTHFOFSBMFT"TUBNCJOOPTEFEJDBSFNPTBFYQMJDBSMP
RVFFTQSPQJBNFOUFNVTJDBM EFMNPEPNTTJNQMFZDPNQSFOTJCMF
RVFTFQVFEB&OHSBOEFTMOFBTQVFEPEFDJSRVFMBHVJUBSSBFOMB
UPOBEBTFBmOBEFBDVFSEPBEPTQBUSPOFT6OBEFFMMBTFTMB
BmOBDJODMTJDBPDDJEFOUBM7BSJPTTPOMPTOPNCSFTDPORVF
FO FM DBNQP TF DPOPDF P EFOPNJOB B FTUF NPEP EF BmOBS
BmOBDJO QPS NTJDB QPS QJBOP QPS MB DPNO P HVJUBSSB
BmO ZRVFDPOWFODJPOBMNFOUFTFQVFEFEFTDSJCJSDPNP
FOPSEFOEFTDFOEFOUF

&TUBHVJUBSSBBGJOFTEFVTPNVZFYUFOEJEPZIBTJEPDPOP
DJEBQPSMBNBZPSQBSUFEFMBTDBOUPSBTDPOMBTRVFZPUSB
CBK4FMFQVFEFFODPOUSBSUBOUPFOFMDPOUFYUPSVSBMDPNP
FOFMVSCBOP
'SFOUF B FTUB BmOBDJO EJTUJOHVJNPT PUSP VOJWFSTP TPOPSP
DPNQVFTUP QPS VOB TFSJF EF imOBSFTw P USBTQPTJDJPOFT RVF
DPOTJEFSBNPTVOBQPSUFHFOVJOPEFMGPMLMPSFNVTJDBM ZRVF
UJFOFOSFMBDJODPOQSDUJDBTNTCJFOMPDBMFTZUSBEJDJPOFT
QSPQJBNFOUF DBNQFTJOBT -B HVJUBSSB BmOBEB QPS USBTQP
.BSHPU-PZPMBZ.BSB.FEJOB
TJDJO FO QBSUF EB DVFOUB EFM JOHFOJP DPO RVF MBT DBOUPSBT
'PUP0$EJ[
DBNQFTJOBTIBOSFTVFMUPFMVTPEFMBHVJUBSSB1PSFTPFTUPT
iGJOBSFTw TPO NVZ WBSJBEPT Z FO BMHVOPT DBTPT QFSTPOBMFT EF
NPEPRVFFOUSFHBNPTTMPBRVFMMPTRVFOPTQBSFDFONTDPNVOFT
CBKPMBEFOPNJOBDJONTBQSPQJBEBRVFMBTDBOUPSBTMFEBOBDBEB
VOPEFFMMPT
-5*
4PSQSFOEFMBGBDJMJEBEDPORVFHFOFSBMNFOUFMBTDBOUPSBTDBNQFTJ
OBTBmOBOTVHVJUBSSB5FOTBOZTVFMUBOMBTDVFSEBT DBTJDPNPVO
KVFHPEFTPOJEPTEPOEFOPIBZOFDFTJEBEEFEJBQBTO%FJHVBM
NPEPTPSQSFOEFFMRVFVOBDBOUPSBOPTMPFMJKBVOBUSBTQPTJDJO
BQSPQJBEBBTVTQPTJCJMJEBEFTWPDBMFT TJOPRVFBEFNTFTDPKBVOB
BEFDVBEBQBSBDBEBUPOBEB5PEPFTUPSFWFMBRVFFMNBOFKPEFMB
HVJUBSSBFOMBDBOUPSBSVSBMDPOTUJUVZFVOTBCFSRVFWJFOFEFVOB
QSDUJDBBNQMJBZDPNQFOFUSBEB
&OTVTUSBTQPTJDJPOFTMBDBOUPSBDBNQFTJOBBmOBQPSVOBEFUFSNJ
OBEBJOUFSWMJDB BKVTUBOEPMBTBMUVSBTBMNCJUPEFTVWP[ EFTEFMB
QSJNFSBDVFSEBIBTUBMBTFYUB TJHVJFOEPVOFTUSJDUPPSEFOEFTDFOEFOUF
&TJNQPSUBOUFBDPUBST RVFFOFMDPNOEFMPTDBTPTMBDBOUPSB
OPBmOBMBTFYUBDVFSEBZBWFDFTUBNQPDPMBRVJOUB&TUBTEPTM
UJNBTDVFSEBTRVFEBOFOBMUVSBTJOEFUFSNJOBEBTZBMTFSSBTHVFBEBT
TVFOBODPNPEJSBNPTFOMFOHVBKFGPMLMSJDPDIBSSBOHVFBEBT FT
EFDJS BQPSUBO VOB TPOPSJEBE TJNJMBS B VO QFEBM EF DBSDUFS NT
UNCSJDPRVFBSNOJDP
4JOFNCBSHP FOBMHVOPTDBTPTMBDBOUPSBUJFOFFMDVJEBEPEFUP
DBS TMP MBT DVFSEBT RVF FTUO UFNQMBEBT &OUPODFT MB RVJOUB Z
TFYUB DVFSEBT TVFOBO TMP QPS TJNQBUB 4F QVFEF EFDJS RVF FO
MB HVJUBSSB USBTQVFTUB UBOUP FO MB UPOBEB DPNP FO PUSPT HOFSPT
EFM NVOEP DBNQFTJOP EJTUJOHVJNPT EPT CMPRVFT TPOPSPT RVF TF
TVQFSQPOFO VOPNPWJCMFSFMBUJWPBMBTDVBUSPQSJNFSBTDVFSEBTZ
RVFFTDPODPSEBOUFDPOMBTGVODJPOFTBSNOJDBTRVFEFNBOEBMB
NFMPEBZPUSPFTUUJDPEFBMUVSBTJOEFUFSNJOBEBTRVFOPTPOGVO
DJPOBMFTBMBDPSEFBSNOJDP&TUFTFHVOEPCMPRVFFT VTBOEPVOB
NFUGPSBVOBFOWPMUVSBTPOPSBRVFMFBQPSUBBMBJOUFSQSFUBDJO
VOBDPMPSBDJOQSPQJBEFMBFTUUJDBEFMDBOUPDBNQFTJOP
&OBMHVOPTDBTPTMBTPOPSJEBEEFMBHVJUBSSBFOMBUPOBEBBMDBO[B
QSPDFTPT OPUBCMFT 6OP EF FMMPT FT FM EF MBT )FSNBOBT 6SUVCJB
"FMMBTMBTDPOPDFO$PMCOFMBP"IQVEFWFSDNPTF
BDPNQBBCBOBEPTHVJUBSSBT-PJOUFSFTBOUFFOFTUBPDBTJOFSBRVF
MBTHVJUBSSBTFTUBCBOBmOBEBTDPOJEOUJDBJOUFSWMJDBFOUSFSEFOFT
DVFSEBT
QFSPBVOUPOPEFEJGFSFODJB EFNPEPRVFDVBOEPVOB
IBDBMBQPTUVSBEF%P. MBPUSBIBDBMBEF3F. PCUFOJFOEP
FMNJTNPBDPSEFQFSPFOEPTQPTJDJPOFTEJGFSFOUFT MPRVFEBQPS
SFTVMUBEPVOTPOPSJEBEBSNOJDBNTMMFOB NTDPNQBDUB
-5*
0USP DBTP BO NT TPSQSFOEFOUF FT FM EF MBT iHVJUBSSBT DBTBEBTw
VOB NPEBMJEBE EF BmOBDJPOFT DPNQMFNFOUBSJBT RVF BQSFOE FO
$BVRVFOFT FODBTBEF.BDBSJP.VFOB&OVOBEFMBTWJTJUBTRVF
MFIJDJFSBZPUFOBNJHVJUBSSBBmOBEBQPSNTJDBZFTUBCBUPDBOEP
FOMBUPOBMJEBEEF%P.%PO.BDBSJPUPNTVHVJUBSSBZMBBmO
QPSUSBTQPTJDJOFOMBUPOBMJEBEEF%P. FTEFDJS EFB.J
%P4PM%P4PM.J QBSBMVFHPTVNBSTFBNJSBTHVFP.VFOBIBDB
VOWJTUPTPEFTQMJFHVFUDOJDPRVFCJFOWBMFEFTDSJCJSMP QPSRVFFMMP
OPTBDFSDBBMTFOUJEPNVTJDBMEFMDVMUPSPMBDVMUPSB.VFOBVTBCBFM
NCJUPBHVEPEFTVHVJUBSSBQBSBJOJDJBSVOBTmHVSBDJPOFTNFMEJ
DBTTJFNQSFEFTDFOEFOUFT RVFFKFDVUBCBQVMTBOEPMBTEPTQSJNFSBT
DVFSEBT&OFTUBTMOFBTNFMEJDBT RVFNTQBSFDBOJOUFSMVEJPT
.VFOBVTBCBMBTUDOJDBTEFUSJOBEPZQVOUFP&OFMQSJNFSDBTPBS
QFHJBCBFMBDPSEFBMUFSOBOEPMBQVMTBDJOEFMBQSJNFSBZMBTFHVO
EB DVFSEB &O FM TFHVOEP DBTP SFBMJ[BCB DPOUSBQVOUP FO UFSDFSBT
QBSBMFMBT " FTUF QSPDFEJNJFOUP JOUFSQSFUBUJWP .BDBSJP .VFOB MF
MMBNBCB HVJUBSSBT DBTBEBT Z MF BTJHOBCB VOB DPNQMFNFOUBSJFEBE
EVBMJUBSJBNBTDVMJOPGFNFOJOB EPOEFMBHVJUBSSBEFNFOPSmHV
SBDJOMBSBTHVFBEBZBmOBEBQPSNTJDBSFQSFTFOUBCBMBNVKFS
Z MB PUSB MB NT BHVEB Z QSPNJOFOUF RVF UPDBCB .VFOB SFQSF
TFOUBCBBMIPNCSF
;9(:76:0*065,: @ :<: <:6:

&OMBHVJUBSSBEFMPTDBNQPTDIJMFOPTTFQVFEFFODPOUSBSNVDIBT
BmOBDJPOFTEPOEFFMUFNQMFDPSSFTQPOEFBMBDPSEFEFNPEPNBZPS
RVFUJFOFGVODJOEFUOJDB4JOFNCBSHP IBZBmOBDJPOFTRVFOP
TFSJHFOQPSFTUFQSJODJQJP1SFTFOUPBDPOUJOVBDJOMBTBmOBDJPOFT
DBNQFTJOBTRVFBQBSFDJFSPODPONTGSFDVFODJBFOUSFMBTDBOUPSBT
DBNQFTJOBTRVFIFDPOPDJEP1BSBFMMPQSPDFEPFOEPTJOTUBODJBT
&OFMQSJNFSSFDVBESPUJUVMBEP"mOBDJO QSFTFOUPFMmOBSFBOPUBO
EPVOBPDUBWBNTBSSJCBMBTBMUVSBTSFBMFTEFDBEBDVFSEB TJHVJFOEP
MBNJTNBTFDVFODJBFORVFIBCJUVBMNFOUFVOBDBOUPSBUFNQMBMPT
SEFOFT FTEFDJS EFBDVFSEB
&OMPTSFDVBESPTTJHVJFOUFTSPUVMBEPTCBKPFMUUVMP"DPSEFT 1PT
UVSBTZ'VODJPOFT QSFTFOUPMBQPTUVSBQBSBMBNBOPJ[RVJFSEB TV
EFEBKF FM BDPSEF Z MB GVODJO BSNOJDB PCUFOJEB EF BDVFSEP B
MB NFDOJDB EFTDFOEFOUF RVF FTUBCMFDF MB NBOP EFSFDIB DVBOEP
FKFDVUBFMQSJNFSTPOJEP FTEFDJS EFBDVFSEB1BSBJOUFSQSF
-5*
UBSDPSSFDUBNFOUFFMEFEBKFJOEJDBEPQBSBMBNBOPJ[RVJFSEB EFCF
UFOFSTFFODVFOUBRVF
tDPSSFTQPOEFBMEFEPOEJDF
tDPSSFTQPOEFBMEFEPNFEJP
tDPSSFTQPOEFBMEFEPBOVMBS
tDPSSFTQPOEFBMEFEPNFJRVF
*NQPSUBOUFFTBDPUBSVOBGPSNBEFFKFDVDJOQBSBMBNBOPJ[RVJFSEB
ZRVFMMBNBNPTiUPRVPUBQB}PwPiQPSBSSJCBw DPOTJTUFOUFFOSFB
MJ[BSVODFKJMMPQPSBSSJCBEFMNBOHPEFMBHVJUBSSB VUJMJ[BOEPFM
EFEPOEJDF
iBZVEBEPwQPSFMEFEPNFEJP

"-1
&OFTUBUSBOTQPTJDJOMBHVJUBSSBTFUFNQMBQPSFM
BDPSEFEF%P. FMRVFSFTVMUBEFQVMTBSUPEBT
MBTDVFSEBTTJOEJHJUBDJOEFMBNBOPJ[RVJFSEB
"DPSEFT QPTUVSBTZGVODJPOFT
4SB0UJMJB.VP[ FKFDVUBOEPUPRVPUBQB}P
'PUP0$EJ[
"DPSEFEF%P.
'VODJOEF5OJDB TJOQPTUVSBQBSBMBNBOP
J[RVJFSEB
-5*
"DPSEFEF4PM
'VODJOEF%PNJOBOUFTQUJNB QPTUVSBEFEPT
EFEPTQBSBNBOPJ[RVJFSEB

"DPSEFEF'B.
'VODJOEF4VCEPNJOBOUF SFBMJ[BOEPVODFKJMMP
QPSBSSJCBEFMEJBQBTODPOFMEFEPOEJDFEFMB
NBOPJ[RVJFSEBFOFTQBDJP DPOTVQFSQPTJDJO
EFMEFEPNFEJPEFMBNJTNBNBOP
5PRVJP5BQB}P
"DPSEFEF4PM.
'VODJOEF%PNJOBOUF SFBMJ[BOEPVODFKJMMPQPS
BSSJCBEFMEJBQBTODPOFMEFEPOEJDFEFMBNBOP
J[RVJFSEBFOFTQBDJP DPOTVQFSQPTJDJOEFM
EFEPNFEJPEFMBNJTNBNBOP
5PRVJP5BQB}P
"4"i"w
&OFTUBUSBOTQPTJDJOMBHVJUBSSBOPTFUFNQMBQPSOJOHOBDPSEF
UPOBMEFCBTF4VEJTQPTJDJOJOUFSWMJDBTFSJHFQPSFMNJTNPQSJO
DJQJP EF MB BmOBDJO QPS NTJDB P BmOBDJO PDDJEFOUBM DMTJDB
JOUFSWBMPT EF DVBUSP K Z VO JOUFSWBMP EF . 4V OPNCSF JOEJDB
DMBSBNFOUFFMQSPDFEJNJFOUPEFBmOBDJOTJVOBHVJUBSSBFTUBm
OBEBDPOWFODJPOBMNFOUF FTUBUSBOTQPTJDJOTFPCUJFOFTVCJFOEPMB
TFHVOEBDVFSEBFOVOTFNJUPOP-BEJTQPTJDJOJOUFSWMJDBEFFTUB
USBOTQPTJDJOQFSNJUFDPOTFHVJSNTEFVOBUPOBMJEBE
-5*
3&.

"DPSEFEF3F.
'VODJOEF5OJDB QPTUVSBEFUSFTEFEPTQBSBMB
NBOPJ[RVJFSEB

"DPSEFEF-B
'VODJOEF%PNJOBOUFTQUJNB QPTUVSBEFDVBUSP
EFEPTQBSBMBNBOPJ[RVJFSEB
5'".

"DPSEFEF%P.
'VODJOEF%PNJOBOUF QPTUVSBEFUSFTEFEPTQBSB
MBNBOPJ[RVJFSEB

"DPSEFEF'B.
'VODJOEF5OJDB
QPTUVSBEFUSFTEFEPTQBSBMBNBOPJ[RVJFSEB
DVFSEBDPOOPUBBKFOBBMBDPSEF

"DPSEFEF4JC.
'VODJOEF4VCEPNJOBOUF
QPTUVSBEFUSFTEFEPTQBSBMBNBOPJ[RVJFSEB
ZDVFSEBTDPOOPUBTBKFOBTBMBDPSEF
-5*
"5"
&OFTUBUSBOTQPTJDJOMBHVJUBSSBOPTFUFNQMBQPSOJOHOBDPSEF
UPOBMEFCBTF1PTFFVOBEJTQPTJDJOJOUFSWMJDBEPOEFQSFEPNJOBO
UFSDFSBTNBZPSFTZNFOPSFT DPOVOTPMPJOUFSWBMPEFTFYUBNFOPS
4JOFNCBSHP QSFTFOUBVOCBKPOJWFMEFEJmDVMUBEFOMBEJHJUBDJO
EF MBT QPTUVSBT RVF EFNBOEB MB FKFDVDJO EF MB UPOBMJEBE EF .J
.
"DPSEFEF.J.
'VODJOEF5OJDB
QPTUVSBEFVOEFEPQBSBMBNBOPJ[RVJFSEB
"DPSEFEF4J
'VODJOEF%PNJOBOUFTQUJNB
QPTUVSBEFEPTEFEPTQBSBMBNBOPJ[RVJFSEBZ
DVFSEBTDPOOPUBTBKFOBTBMBDPSEF

"-"
&OFTUBUSBOTQPTJDJOMBHVJUBSSBTFUFNQMBQPSFMBDPSEFEF-B.
FMRVFSFTVMUBEFQVMTBSUPEBTMBTDVFSEBTTJOEJHJUBDJOEFMBNBOP
J[RVJFSEB
-5*
"DPSEFEF-B.
J[RVJFSEB
"DPSEFEF.J
'VODJOEF%PNJOBOUFTQUJNB DBSFOUFEF
UFSDFSHSBEP QPTUVSBEFEPTEFEPTQBSBMBNBOP
J[RVJFSEB RVJOUBDVFSEBDPOOPUBBKFOBBMBDPSEF

"DPSEFEF.J.
5PRVJP5BQB}P
"-$-.
&OFTUBUSBOTQPTJDJOMBHVJUBSSBTFUFNQMBQPSFMBDPSEFEF4PM.
FMRVFSFTVMUBEFQVMTBSUPEBTMBTDVFSEBTTJOEJHJUBDJOEFMBNBOP
J[RVJFSEB
-5*
"DPSEFEF4PM.
J[RVJFSEB
"DPSEFEF3F
'VODJOEF%PNJOBOUFTQUJNB DBSFOUFEF
UFSDFSHSBEP QPTUVSBEFEPTEFEPTQBSBMBNBOP
J[RVJFSEB RVJOUBDVFSEBDPOOPUBBKFOBBMBDPSEF

"DPSEFEF3F.
5PRVJP5BQB}P
-694( +, ,1,*<*05
(VJUBSSB1VOUFBEB
"EJGFSFODJBEFMBHVJUBSSBSBTHVFBEB EFGVODJOFNJOFOUFNFOUF
SUNJDPBSNOJDB MBHVJUBSSBQVOUFBEBQPTFFVOBGVODJONFMEJ
DB&MJOTUSVNFOUPTFFKFDVUBQVMTBOEPMBTDVFSEBTOPUBUSBTOPUB
&TUBUDOJDBTFVTBQSFGFSFOUFNFOUFFOMPTQSFMVEJPTFJOUFSMVEJPT
ZHFOFSBMNFOUFTFIBDFNJYUVSOEPMBDPOCSFWFTSBTHVFPTDPODMV
TJWPT
(VJUBSSB5SJOBEB
4JNJMBSBMQVOUFPFTFMUSJOBEP BVORVFFOUSNJOPTBDBENJDPTFM
USJOPDPSSFTQPOEFSBBVOEJTFPNFMEJDPRVFTFMPHSBBSQFHJBOEP
VOBDPNCJOBDJOEFBDPSEFTEFGVODJOBSNOJDB
-5*
(VJUBSSB$IBSSBOHVFBEB
-B EFOPNJOBDJO EF FTUB UDOJDB IBDF BMVTJO BM DIBSSBOHP VO
DPSEGPOPVTBEPFTQPSEJDBNFOUFFOBMHVOBTSFHJPOFTDBNQFTJOBT
EF MB [POB DFOUSPTVS EFM QBT EF EPT USFT P DVBUSP DVFSEBT EF
BMBNCSFRVFTFUFOTBOTJOQSFDJTBSBMUVSBT WBMFEFDJS FTVODPSEGP
OPRVFOPTFUFNQMBQBSBVOBGVODJOBSNOJDBOJNFMEJDB TJOP
UNCSJDB ZRVFBMSBTQBSTFDPOVOBNBOPQMBEFBMBNCSFQSPEVDF
TVQFSQPTJDJOEFBMUVSBTJOEFUFSNJOBEBTZnVDUVBOUFT&TUFFGFDUP
UBNCJOTFQVFEFQSPEVDJSDPOMBHVJUBSSB DMBSPRVFDPOVOBCBKB
GSFDVFODJB
(VJUBSSB1JDPUFBEB
$POTJTUFFOSFBMJ[BSCSFWFTJODJTPTHPMQFBOEPMBDVFSEBQSJNBTP
CSFFMEJBQBTODPOMBZFNBEFMEFEPNFEJPEFMBNBOPEFSF
DIB TFHVJEP EF VO EFTMJ[BNJFOUP BTDFOEFOUF TPCSF MBT DVFSEBT
SFTUBOUFTPSFUJSBSTCJUBNFOUFFMEFEP JNQSJNJFOEPJNQVMTPBMB
DVFSEBQBSBRVFTVFOFFOMBBMUVSBEFTFBEB
(VJUBSSB4BOHPSSFBEB
&O USNJOPT BDBENJDPT FM TBOHPSSFBEP FT VOB FTQFDJF EF
BQPZBUVSB
(VJUBSSB%FTMJ[BEB
4FEFTMJ[BOMPTEFEPTNFEJPFOEJDFDPOMBZFNB TPCSFMBTDVFSEBT
DPOVOBmHVSBDJOSUNJDBEFBDVFSEPBMSJUNPJOUFSQSFUBEP
&T JNQPSUBOUF BDPUBS RVF FO WBSJBT UPOBEBT EF MBT QSFDVSTPSBT
QBSUJDJQDPNPBSUJTUBJOWJUBEPFMHVJUBSSJTUBBSHFOUJOP EPO$BS
MPT3BHPOB RVJFOJNQVTPMBTJOUSPEVDDJPOFTDPOVOBUDOJDBEF
QVOUFP QPQVMBS NVZ DBSBDUFSTUJDP FO "SHFOUJOB Z RVF QFSEVSB
IBTUB MB BDUVBMJEBE QFSP FTUF UJQP EFQVOUFPOPBMDBO[BMPTDFO
USPT DBNQFTJOPT &KFNQMPT i"NPS 4FDSFUPw i$PNP RVF NF WPZ
DVSBOEPw i1FSJUBTEF"HVBw FOUSFPUSBT
(*647(j(40,5;6 +, 9(:.<,6
4JMPTBDPNQBBNJFOUPTPSOBNFOUBMFTTPOFTQPSEJDPTZPQUBUJWPT
FMSBTHVFPDPOTUJUVZFVOSBTHPRVFEFmOFBMHOFSPUPOBEB4JFOEP
NT RVF VOB GPSNB EF FKFDVDJO P BDPNQBBNJFOUP FM SBTHVFP
SFTVMUBVOBTQFDUPFTUSVDUVSBMFOMBUPOBEB BMQVOUPRVFQBSBNV
DIBT DBOUPSBT MB QSFTFODJB EFM SBTHVFP P MB QPTJCJMJEBE EF IBDFS
-5*
SBTHVFP FO VOB EFUFSNJOBEB QJF[B MSJDB DPOTUJUVZFO FM FMFNFOUP

EFKVJDJPCTJDPQBSBEJTDFSOJSRVFTUPOBEBZRVOPMPFT&TUPFT
JNQPSUBOUFEFTUBDBSMP QPSRVFOPIBZUPOBEBTJOSBTHVFP TJFOEP
FTUBMBGPSNBEFFKFDVDJOJOEFDMJOBCMFZTPCSFMBRVFIBZNVDIBT
WBSJBCMFT
%BEBMBJNQPSUBODJBEFMSBTHVFPFOMBJOUFSQSFUBDJOEFMBUPOBEB
EFTDSJCJSFNPTFOEFUBMMFZEFMNPEPNTDPOWFODJPOBMQPTJCMF UP
EBTMBTQPTJCJMJEBEFTEFSBTHVFPT UPRVFTPUPRVPTFODPOUSBEPTQPS
N UBOUPFOMBUPOBEBDBNQFTJOBDPNPFOMBVSCBOB
564,5*3(;<9(
.BOPBCBKP
N EFEPTOEJDF NFEJP BOVMBSZNFJRVFIBDFONPWJNJFOUPEFT
DFOEFOUFFOCMPRVFTPCSFFMFODPSEBEP
Q
1VMHBSBSSJCB
EFEPQVMHBSIBDFNPWJNJFOUPBTDFOEFOUFTPCSFFMFODPSEBEP
"SQFHJP
EFEPTOEJDF NFEJP BOVMBSZNFJRVFIBDFONPWJNJFOUPEF
TDFOEFOUFFOBCBOJDP FOGPSNBEFCBSSJEPTPCSFFMFODPSEBEP
OEJDFBSSJCB
EFEPOEJDFIBDFNPWJNJFOUPBTDFOEFOUFTPCSFFMFODPSEBEP
NFEJBOUFMBnFYJOEFMBTFHVOEBGBMBOHF
$IBTRVJEP
DI HPMQFMFWFNFOUFBQBHBEPTPCSFFMFODPSEBEP FONPWJNJFOUP
EFTDFOEFOUFEFUPEPTMPTEFEPTFOQPTJDJODFSSBEB UBNCJO
MMBNBEPDIJDPUFBEP
-5*
*i3<3(: 9;40*(: ,5 4,;96 +,

/
.FUSP

NTDBSBDUFSTUJDPPFTFODJBM
-5*

-5*

-5*
*i3<3(: 9;40*(: ,5 4,;96 +,

-5*
,3(97(
&M GPSNBUP EF BSQB RVF USBEJDJPOBMNFOUF TF VT FO $IJMF IBTUB
DPNFO[BEBMBTFHVOEBNJUBEEFMTJHMP99 TFIBDBSBDUFSJ[BEPQPS
PTDJMBSFOUSFFMUBNBPHSBOEFZFMNFEJBOP NBOUFOJFOEPBQFHPB
VONJTNPGPSNBUPDBKBBSNOJDBEFSFHVMBSWPMVNFOZTJFNQSFEF
QSPQPSDJPOBEBTEJNFOTJPOFTSFTQFDUPEFMSFTUPEFMJOTUSVNFOUP VO
OHVMPEFBQFSUVSBBNQMJP VONTUJMmSNF BMUPZCJFOUPSOFBEP
RVFSFNBUBFOVOIFSNPTPDBQJUFMMBCSBEP FMDMBWJKFSPEFBNQMJBTZ
FRVJMJCSBEBTDVSWBTZDPOUSBDVSWBTBEPTBEPBMDBQJUFMZBQPZBEPFO
MBDBKBBSNOJDB ZQPSMUJNP VOBCBTFBQPZBEBFODVBUSPDPSUBT
QBUBT4VTDMBWJKBT TJFNQSFEFBDFSP WBOFNCVUJEBTQPSQSFTJOFO
FMDMBWJKFSPZTFBmOBODPOVOBMMBWFEFNBOP"OUJHVBNFOUFIVCP
BSQBTRVFUFOBODMBWJKBTEFNBEFSB
&TUBBSQBEFBmOBDJOEJBUOJDBFOFTDBMBTEFNPEPNBZPS QPTFF
FOUSFUSFJOUBZEPTZUSFJOUBZPDIPDVFSEBT BMDBO[BOEPVONCJUP
NOJNP EF USFT PDUBWBT NT VOB RVJOUB Z VOP NYJNP EF
DVBUSPPDUBWBTDPOVOBDVBSUB&OMBBDUVBMJEBEFMFODPSEBEP
FTEFOZMPO QFSPBOUJHVBNFOUFMBTDVFSEBTEFSFHJTUSPBHVEP
ZNFEJPFSBONFUMJDBTZEFUSJQBMBTEFSFHJTUSPHSBWF&TUBT
DVFSEBT BmOBCBO DPO QPDB UFOTJO EOEPMF VOB QBSUJDVMBS
JOnFYJO B MPT UPOPT CBKPT FGFDUP RVF MBT BOUJHVBT DBOUPSBT
MMBNBCBOTPOJEPHVBUFBEP
5SBEJDJPOBMNFOUF Z EF BDVFSEP B JOOVNFSBCMFT UFTUJNPOJPT
PSBMFT FMBSQBGVFFOMPTDBNQPTZDJVEBEFTEF$IJMFDFOUSBM
VOJOTUSVNFOUPFYDMVTJWBNFOUFGFNFOJOPZFSBODBTPTFYDFQ
DJPOBMFTDVBOEPMPTIPNCSFTTFEFEJDBCBOBFTUFJOTUSVNFOUP
4JO FNCBSHP B QBSUJS EF MPT QSJNFSPT BPT EF MB EDBEB EF
ZFOGPSNBQBVMBUJOB FMHOFSPNBTDVMJOPFNQJF[BBJO
DPSQPSBSTFTJOMJNJUBDJPOFTZDBMJmDBDJPOFTBMDVMUJWPEFMBSQB
1SJODJQBMNFOUF FO FM DPOUFYUP VSCBOP EPOEF DPNJFO[BO B
BQBSFDFS OVFWBT BHSVQBDJPOFT BSUTUJDBT DPNP MPT EPT EF
IPNCSFT MPTDVBSUFUPTNJYUPTZDPOKVOUPTGPMLMSJDPT TJFOEP
FTUPTMUJNPTMPTRVFNTIBODPOUSJCVJEPBMNBOUFOJNJFOUP
EFFTUBQSDUJDBJOTUSVNFOUBM
.BSB.FEJOB EF$PODFQDJO
1SPHSBNBi$BOUPZ5SBEJDJOwEF6$75FMFWJTJO
-5*
1PSTVQBSUF FTBBUNTGFSBTPOPSBEFMBSQBRVFBOUBPDBSBDUFSJ[
OVFTUSBNTJDB JSSFNFEJBCMFNFOUFTFOPTWBBMFKBOEPEFMPTDBN
QPTDIJMFOPT&OTVSFFNQMB[PIBTVSHJEPVOFTUJMPRVFBERVJFSF
VOBGVFSUFJOnVFODJBEFMBSQBQPQVMBSQBSBHVBZB DPSSJFOUFRVFOP
TMPIBJODJEJEPFOMBGPSNBEFUPDBS TJOPUBNCJOFOFMDBNCJP
EF GPSNBUP EFM JOTUSVNFOUP RVF BDUVBMNFOUF TF FTU VTBOEP FO
$IJMF EFNPTUSBOEP DPO FMMP RVF FM BTDFOEJFOUF HVBSBO FT NVZ
DPOTJTUFOUF
.BSB(BMB[Z)FSNBOBT-PZPMB
4BOUJBHP
0UJMJB(PO[MF[
1VU
'PUP0TWBMEP$EJ[
-5*
+PTAA1FQF.PMJOB
"SQBEFGPSNBUPQBSBHVBZP
4BOUJBHP
"OB3FZFT7EBEF.BESJE
(SBOFSPT
'PUP0$EJ[
.BSHPU-PZPMB
3FWJTUB&DSBO
4BOUJBHP
1VSTJNB.BSUOF[1PNBJSF 1FUSPOJMB0SFMMBOBZTVIFSNBOB.FS

+PTFGJOB*CBSSB$PEFHVB
'PUP.BSHPU-PZPMB DFEFT JOUFHSBOEPFMDMTJDPEPEFFBSQBZ
'PUP0TWBMEP$EJ[
HVJUBSSB&MBSQBEF1FUSPOJMBDPSSFTQPOEFBM
NPEFMPNTVTBEPQPSMBTDBOUPSBTDIJMFOBT
FOUSFmOFTEFMTJHMP9*9ZMBQSJNFSBNJUBE
EFMTJHMP99%FTUBDBMBFMFHBODJBEFTVDBQJ
UFMZMBBNQMJUVEEFMCSB[PEFMDMBWJKFSP
-5*
,3*/(99(5.6
-PTBPTGVFSPOMBEDBEBEFMBQSPZFDDJOFTDOJDBEFMGPMLMPSF
QPS BOUPOPNBTJB .VDIBT NBOJGFTUBDJPOFT EF MBT USBEJDJPOFT MP
DBMFTGVFSPOQPSFOUPODFTSFDVQFSBEBTEFMPMWJEPZMMFHBSPOBUFOFS
QSFTFODJB TPDJBM B USBWT EFM FTQFDUDVMP MB SBEJP P FM EJTDP &M
DIBSSBOHPGVFVOBEFFMMBT&OFMTFMMP3$"HSBCFMMPOH
QMBZi&M"NPSZMB$VFDBw1BSBFTBPDBTJOVODBOUPSDPMDIBHJ
OP 'JEFM4JMWB.PSBMFT'JMJUP EFMBDPNVOBEF1BMNJMMB GBCSJD
VODIBSSBOHPUSBOTQPSUBCMFEFEPTDVFSEBTTPCSFVOQPTUFEFNB
EFSB EF BQSPYJNBEBNFOUF NFUSPT EF BMUP DPO FM RVF IJ[P
QBSUF EFM BDPNQBBNJFOUP JOTUSVNFOUBM FO VOP EF MPT SFHJTUSPT
1FSP 'JMJUP OP TMP BDPNQBBCB DVFDBT TJOP UBNCJO UPOBEBT Z
DBOUPBMPQVFUB
&MDIBSSBOHPFTVOJOTUSVNFOUPRVFMPTIPNCSFTTPMBODPOTUSVJS
FO MPT QPTUFT EF HSBOFSPT Z DPSSFEPSFT QBSB FM TPMB[ EFTQVT EF
DPODMVJEBTMBTGBFOBTEJBSJBT1BSBDPOGFDDJPOBSVODIBSSBOHP
TFFNQMFBOFOUSFEPTZDVBUSPDVFSEBTEFBMBNCSFEFBNBSSBEF
VOMBSHPJHVBMBQSPYJNBEPBMPTEPTNFUSPT&OBMHVOBTMPDBMJ
EBEFTEF$PMDIBHVBZ.BVMF TFBDPTUVNCSBCBBUFNQMBSFTUPT
BMBNCSFT DBMFOUOEPMPTFOVOIPSOPEFCBSSPIBTUBFMQVOUP
EFJODBOEFTDFODJB QBSBMVFHPTVNFSHJSMPTFOFMBHVBDPSSJFOUF
ZGSBEFBDFRVJBTPDBOBMFT-BTDVFSEBTTFmKBCBOFOGPSNB
QBSBMFMBBMPMBSHPEFVOQPTUFPQJMBSEFNBEFSBNFEJBOUFDMB
WPTPHSBNQBTRVFTVKFUBOMPTFYUSFNPTEFDBEBBMBNCSF NBO
UFOJFOEPFOUSFFMMBTVOBEJTUBODJBEFUSFTBDJODPDFOUNFUSPT
BQSPYJNBEBNFOUF 'JOBMNFOUF MBT DVFSEBT TF UFOTBO JOUSP
EVDJFOEPDVFSQPTDPOUVOEFOUFTFOUSFMBTDVFSEBTZFMQJMBSP
QPTUF UBMFTDPNPDPSPOUBTTFDBTEFDIPDMPTPQJFESBT BVORVF
MPNTDPSSJFOUFFTFMVTPEFCPUFMMBTRVFFOBMHVOPTDBTPTTF
MMFOBODPOBHVBQBSBBVNFOUBSMBTPOPSJEBEEFMJOTUSVNFOUP
$POFTUFQSPDFEJNJFOUPEFUFOTBEPFMFODPSEBEPBERVJFSFBM
UVSBTBMFBUPSJBT QPSMPRVFBMUBFSMPTFQSPEVDFVOBNBTBRVF
'JEFMi'JMJUPw4JMWB EBVOBBUNTGFSBUNCSJDBFTQFDJBM1PSMPSFHVMBSTFFKFDVUB
"QPZBEPTPCSFVOFTUBDO NFEJBOUFVOBNBOPQMBDPONVFTDBTPEFBMBNCSFUPSDJEP MB
FMDIBSSBOHPEFEPTDVFSEBT
RVFGBCSJDFO RVFTFNBOJQVMBDPOVOBTPMBNBOP QSPEVDJFOEPVOTPOJEP
QBSBMBHSBCBDJOEF STUJDP SBTQBEP
i&M"NPSZMB$VFDBw
'PUP.-PZPMB
"MHVOBTDBOUPSBTEFMB[POBDPTUFSB FO1JDIJMFNVZ$BIVJM 7*

3FHJO
OPTIBCBOJOGPSNBEPEFMBQSFTFODJBEFVOQBSUJDV
-5*
MBSJOTUSVNFOUPEFDVFSEBT FMRVFBGBMUBEFHVJUBSSBTFVTIBTUB
NFEJBEPTEFMBEDBEBEF4FUSBUBCBEFVOBUBCMBSFDUBOHVMBS
EFVOPTDNEFBODIP DVZPMBSHPFSBTJNJMBSBMEFVOBHVJUBSSB
1PSMPHFOFSBMFTUBCBQSPWJTUPEFDJODPDVFSEBTNFUMJDBTEFHVJ
UBSSB MBTRVFJCBONPOUBEBTTPCSFQFRVFBTCPUFMMBTQMBOBTRVFTF
TJUVBCBOFOUSFMBTDVFSEBTZMBTVQFSmDJFEFMBUBCMB4VFKFDVDJO
FSBTJNJMBSBMBEFMBHVJUBSSBDPOMBNBOPEFSFDIBMBDBOUPSBIBDB
MPTSJUNPTZBSUJDVMBDJPOFTDBSBDUFSTUJDPTEFMSBTHVFPFOMBUPOBEB
NJFOUSBTRVFDPOMBPUSBMBDBOUPSBTVKFUBCBFMJOTUSVNFOUP"FTUF
JOTUSVNFOUPUBNCJOMPMMBNBSPODIBSSBOHP
;YHUZJYPWJPVULZ
:i8<,9,9(8<0,54,8<0,9,
1VSTJNB.BSUOF[3BNO.BSUOF[
1PNBJSF
*
4RVFSFSBRVJFONFRVJFSF
:PMWJEBSBRVJFONFPMWJEB
2VFKBNTIBHPSFDVFSEP
%FRVJFOEFNJTFSFUJSB
***
:POVODBMMPSPOJTJFOUP
$POVOBQBTJOmOHJEB
1PSRVFUFOHPQPSWFOHBO[B
%FPMWJEBSBRVJFONFPMWJEB
&TUSJCJMMP
%JDFTRVFNFRVJFSFTDPOFMBMNBZWJEB
1FSPNFMBQFHBTBMBTFTDPOEJEBT
%JDFTRVFNFRVJFSFTDPOFMDPSB[O
1FSPNFMBQFHBTDVBOEPIBZPDBTJO
&TUSJCJMMP
**
%FQSJNFSBFNQF[BTUF
"JEPMBUSBSNFEFWFSBT
$POIBMBHPTNFFOHBBTUF
1BSBRVFZPUFRVJTJFSB
&TUSJCJMMP
-5
$PHPMMP
4FPSFTZTFPSJUBTnPSEFMJSJP
#MBODB)PSUFOTJB
.VDIPUSBCBKPFTRVFSFS
%POEFOPIBZDPSSFTQPOEFODJB
7FSTJOHSBCBEBBEPTWPDFTEVSBOUFVOBmFTUB
"DPNQBBNJFOUPEFBSQB HVJUBSSBZUBNCPSJMFP
,3*()(336)3(5*6
#MBODBZ&SOFTUJOB&TQJOP[B
.BSJTDBEFSP $BVRVFOFT .BVMF
*
4JNFTVQJFSBTRVFSFS
$POVOBNPSWFSEBEFSP
1BSBRVFZPUFPMWJEBSB
.JNVFSUFGVFSBQSJNFSP
**
"ZFSBMFHSFHP[BCB
%FVODJFMPQVSPZIFSNPTP
"IPSBEFMJSPZNVFSP
1PSVOPTIFSNPTPTPKPT
&TUSJCJMMP
5PNBUVDBCBMMPCMBODP
"SSPMMBUVMB[PBMUJFNQP
5PNBUVDIJOBBMBODB
:BDVSEBUFEFFTPTUJFNQPT
&TUSJCJMMP
***
:PUFIFEJDIPRVFUFRVJFSP
:UFQSPNFUPFOTFSmFM
6OBTPMBWJEBUFOHP
2VFQPSUJMBIFJEFQFSEFS
&TUSJCJMMP
&MFTUSJCJMMPEFFTUBUPOBEBUJFOFMBNJTNBNTJDBEFMBTFTUSPGBT
ZTFJODPSQPSBVOUBNCPSJMFPFOMBDBKBEFMBHVJUBSSB
-5
:0+,3*0,36)(1(9(536:5.,3,:
&EFMNJSB7BMFO[VFMB
-JOBSFT
*
1PSMBQSEJEBEFVOTFSRVFZPBNBCB
-MPSBSBZPUPEBMBWJEB
"NJOBEJFNFDPOTPMBSB
/JMBTBWFTDPOTVNFMPEB
**
.JQSJNFSBQBTJOFOFMNVOEP
-BmOHBVOTFSRVFZPBNBCB
&TBEJDIBTFSFOWFOFOBEB
:NJBNBOUF QPSMMMPSBSB
&TUSJCJMMP
5PEPTKVOUPTBFOKVHBSNJMMBOUP
"NJOBEJFNFDPOTPMBSB
4JOPWJFOFFMRVFIBTJEPNJFODBOUP
&TUSJCJMMP
***
"VOTFQVMDSPRVJTJFSBZPJSNF
"FOUFSSBSNFQPSUPEBMBWJEB
1PSRVFBIEFOUSPEFFTFTFQVMDSP
&TUFMTFSRVFZPUBOUPRVFSB
&TUSJCJMMP
-BTQSJNFSBTUSFTFTUSPGBTUJFOFOVOBDPNQBBNJFOUP
AA EFTMJ[BEPFOMBHVJUBSSB
@(;,=(0:(9,;09(9
#MBODBZ&SOFTUJOB&TQJOP[B
.BSJTDBEFSP $BVRVFOFT .BVMF
*
2VFGFMJDFTPKPTNPT
%KFONFMMPSBSVOSBUP
1PSOPQPEFSDPOTFHVJS
-PRVFZPEFTFPUBOUP
***
(P[BNJFOUSBTFMTPMEVSB
2VFFMTPMTFUFBDBCBS
$VBOEPEPTTFFTUORVFSJFOEP
4JOPTFNVFSFPTFWB
&TUSJCJMMP
:BUFWBJTBSFUJSBS
%JPTRVJFSBRVFOPUFQFTF
1PSFTPFTNBMPEFIBDFSTF
$POMPRVFOPIBEFEVSBS
&TUSJCJMMP
**
-PRVFZPEFTFPUBOUP
%FCFTFSNJTFQVMUVSB
$POFMmOEFOPPMWJEBSUF
)FEFHP[BSUVIFSNPTVSB
&TUSJCJMMP
-5
$PHPMMP
"MBTFPSB.BSHPU
$MBWFMRVFBOEBQPSMPTNBSFT
"OEBEFTIFDIBOEPQFOBT
:DPOTPMBOEPQFTBSFT
&TUSJCJMMP
(::,*64765,,34<5+6
$FMJB"SBOFEB3FDPQJMBEPQPS$BSMPT3JPTFDP
4BOUB3PTB 2VJMMFDP
*
"TTFDPNQPOFFMNVOEP
6OPTDBOUBOZPUSPTMMPSBO
:BTMPEJTQVTP%JPT
:OVFTUSB.BESF4FPSB
*7
:TJBMHOEPMJFOUFIVCJFSB
$POTVMMBOUPNVZBUSP[
4FDPOTPMBSEJDJFOEP
"TMPEJTQVTP%JPT
**
4JBMHOTBOPCVFOPIVCJFSB
:BVORVFOPTUNPSJCVOEP
.VFSFEFVOIPSBQBSPUSB
:BTTFDPNQPOFFMNVOEP
7
-PCVFOPTFMMFWB%JPT
%FKBMBNBMBNFNPSJB
/POPTRVFEBPUSBFTQFSBO[B
2VFOVFTUSB.BESF4FPSB
***
4JBMHOOJPTFNVSJFSB
4FWFMBWFJOUJDVBUSPIPSB
&ODBTPOPSFTVDJUF
6OPTDBOUBOZPUSPTMMPSBO
-5
5POBEBEFWFMPSJP
*<(5+6:(3+,40*(:(
;FOJMEB7BMET
5BMDB
*
$VBOEPTBMEFNJDBTB
.VDIBTMHSJNBT}SSBN
.VDIBTNT}SSBNNJNBESF
2VFNFWJOFZMBEFK
*7
1PSFMDBNJOPEPOEJCB
.FTJHVJFSPOQFSTJHVJFOEP
.FEJDFORVFOPNFWBZB
2VFQPSNJRVFEBTVGSJFOEP
**
"EJTNBESFEFNJWJEB
5SPODPEFUPEBTTVTSBNBT
2VFTFWBTVIJKBRVFSJEB
/BDJEBEFTVTFOUSBBT
$PHPMMP
1SFTFOUFBRVMBDPNQBB
7BSJMMJUBEFSFUBNP
5BOUPRVFTVGSFVOBNBESF
:UBONBMRVFMFQBHBNPT
***
&MDBNJOPRVFMMFWBCB
%FMHSJNBTMPSFHV
%FWFSBNJUSJTUFNBESF
2VFTPMJUBMBEFK
-BHVJUBSSBBDPNQBBOUFVTBMBBmOBDJOUSBTQVFTUBAAUFSDFSBBMUB
-BBMUVSBDPSSFTQPOEFBVO%PTPTUFOJEP FTEFDJSVOBUFSDFSBNTHSBWF
-5
40=0+(40:,940,5*(5;6
.BSB$PODFQDJO5PMFEP
4BO'SBODJTDPEF3BSJ
*
.JWJEB NJTFS NJFODBOUP
.JBNBEBQSFOEBRVFSJEB
&TUBOEPEFWPTBVTFOUF
1BSBRVFRVJFSPMBWJEB
***
&OUSFHSJMMPTZDBEFOBT
/BEJFMPTQPESTBDBS
4MPURVFMPTFDIBTUF
-PQPESTEFTFOHBBS
**
1BSBRVFRVJFSPMBWJEB
1BTBOEPUPEBTMBTQFOBT
5FOHPFMBMNBQSJTJPOFSB
&OUSFHSJMMPTZDBEFOBT
*7
%FTFOHBBEBFTUVWJFSB
/PIFEFNPSJSNVDIPBMUJFNQP
1PSRVFMBQSFOEBFORVFBEPSP
/PIBEFMMFWBSTFOUJNJFOUP
$PHPMMP
1BSBUPEBMBDPNQBB
"SSBODJUPnPSJEP
)BCSOPKPTEFTHSBDJBEPT
1FSPOPDPNPMPTNPT
-BHVJUBSSBRVFBDPNQBBFTUUSBOTQVFTUBFOMBmOBEVSBMMBNBEB-B1BKBSFSB
&MTPOJEPSFBMEFMBHSBCBDJODPSSFTQPOEFB4JC.BZPS
TUBDBSBDUFSTUJDBFTNVZGSFDVFOUFEFFODPOUSBS
/<0-(8<,:08<,:0
.BSB$PODFQDJO5PMFEPZ+PWJUB7BMET
4BO'SBODJTDPEF3BSJ
*
$VBOEPQBTPQPSUVDBTB
.JNBODPOPRVJFSFBOEBS
$PNPTFSUVDBSJP
2VFMPTBCFNJBOJNBM
**
.JIVBTPOVODBNFFOHBB
/JDVBOEPMPFTUPZNJSBOEP
:NTDVBOEPOPMPWFP
2VFEBONJTPKPTMMPSBOEP
&TUSJCJMMP
)VJGBRVFTJ RVFTJ
)VJGBRVFOP RVFOP
1PSVOIVBTJUPWJWP
1PSMNFNVFSPZP
&TUSJCJMMP
***
.JIVBTPMMFWBFOTVNBOUB
#PSEBEBEFQFOTBNJFOUP
&TQPSFTPRVFNJBNBOUF
5JFOFNVDIPTFOUJNJFOUP
&TUSJCJMMP
-BHVJUBSSBBDPNQBBEBFTUBmOBEBUSBTQVFTUBFO%P.BZPSAA-B1BKBSFSB
&MTPOJEPSFBMFTUBQSPYJNBEBNFOUFVOUPOPNTHSBWF FO4JCFNPM

-5
,3-09<3
*SJT"SFMMBOP
$PCRVFDVSB
*
"MPTTPMUFSPTRVFSFSMPT
"MPTWJVEPTQPSTVQMBUB
"MPTWJFKPTOJNJSBSMPT
/JQPSPSP OJQPSQMBUB
**
-PTTPMUFSJUPTIPSDIBUB
:MPTWJVEJUPTDPBD
-PTDBTBEPTWJOPUJOUP
:MPTWJFKPTBHVBSS
&TUSJCJMMP
4BMBRVmSVMmSVMFSP
4BMBDmSVMmSVM
4BMBRVmSVM
4BMBDmSVM
4BMBRVmSVMmSVM
&TUSJCJMMP
***
-PTTPMUFSPTTPOEFPSP
-PTDBTBEPTTPOEFQMBUB
:MPTWJVEPTEFNFUBM
:MPTWJFKPTTPOEFMBUB
&TUSJCJMMP
*(5:(+6:;,5.636:616:
*SJT"SFMMBOP
$PCRVFDVSB
*
$BOTBEPTUFOHPMPTPKPT
%FNJSBSUBOUPJNQPTJCMF
"VORVFNBSFTTFBUSBWJFTFO
$BEBEBFTUPZNTUSJTUF mSNF
**
2VJOQVEJFSBEVFPNP
"DBEBJOTUBOUFWFSUF
:QPOFSNJTFTQFSBO[BT
&OMPTCSB[PTEFMBNVFSUF
&TUSJCJMMP
1BTBOEPFMSP QBTBOEPFMQVFOUF
1PSMBDPSSJFOUFPVOBWP[
&SBNJOFHSPRVFNFEFDB
/PIBCSDPOTVFMPQBSBMPTEPT
&TUSJCJMMP
***
$NPNFDPOTPMBS
%FFTUFBNPSUBOEJWJEJEP
.FDPOTPMBSEJDJFOEP
2VJFOQVEJFSBEVFPNP
&TUSJCJMMP
-5
,3763630;6
$BSNFO3PTB3PNFSP
$PFMFNV
*
:PUFOBVOQPMPMJUP
2VFNVZEFBMCBTFMFWBOUBCB
:DBEBWF[RVFBDMBSBCB
.FEBCBVOWJTUBDJUP
***
"MGSFOUFEFNJWFOUBOB
0USPQPMPMPUFOB
2VFDPOFMNFEJWFSUB
%FOPDIF UBSEFZNBBOB
&TUSJCJMMP
$BSBNCBRVFUFOHPQFOB
$BSBNCBOPUFOHPOB}
4JFOUPVOEPMPSFOFMBMNB
:POPTQPSRVJFOTFS
&TUSJCJMMP
**
6OBUBSEFBNFEJPEB
1BTVOTFPSNVZNJSO
$POFTFNFRVFEBSB
2VFDVFOUBNTEFVONJMMO
*7
4FPSFTMFTDPOUBS
&TUPZQBTBOEPVOTVTUJUP
%FUFOFSUBOUPTQPMPMJUPT
4PMJUBNFRVFEBS
&TUSJCJMMP
&TUSJCJMMP
&MBDPNQBBNJFOUPFOHVJUBSSBEFFTUBUPOBEBFTNVZFTQFDJBMQVFTUJFOFFM
NJTNPSJUNPRVFMBWP[&OMPTJOUFSMVEJPTJODPSQPSBBDPSEFTBSQFHJBEPT
-BJOUFSQSFUBDJOEFMBDBOUPSBFTOPNFOPTJOUFSFTBOUF
NVZBHVEPZDPOEFUFODJPOFTBMmOBMEFDBEBWFSTP
,:;6@*<0+(5+6<51(9+5
"MJDJBEFMBT.FSDFEFT0MJWBSFT
&M5BNCP /PSUF$IJDP
*
:PFTUPZDVJEBOEPVOKBSEO
1PSJOUFSTEFVOBSPTB
4JBZBZBJ TJBKBKBJ
5PEPTMPTEBTMBWFP
.TGSBHBOUFZNTIFSNPTB
4JBZBZBJ TJBKBKBJ
**
5BNCJORVJTJFSBWPMWFSNF
.BUJUBEFUPSPOKJM
1BSBMMFWBSNFDVJEBOEP
5PEPTMPTEBTFMKBSEO
-5
***
5BNCJORVJTJFSBWFTUJSNF
%FVOUSBKFEFNBSJQPTB
1BSBMMFWBSNFDVJEBOEP
5PEPTMPTEBTTUBSPTB
*7
:FMKBSEORVFFTUPZDVJEBOEP
:BNFMPRVJFSFORVJUBS
%FCBMEFFTUOFOWJEJPTBT
:PDPOMNFIFJEFRVFEBS
,37(34,96
&SJDBZ"NSJDB(PO[MF[
$VSBOJQF
*
1BMNFSPTVCFBMBQBMNB
ZEJMFBUVQBMNFSJUB P
2VFTFBTPNFBMBWFOUBOB
2VFTVBNPSMFTPMJDJUP
**
%JMFRVFWPZOBWFHBOEP
&OVOCPUFNVZMJHFSP
:RVFBMMWBOSFNBOEP
%PTDJFOUPTNJMNBSJOFSPT
&TUSJCJMMP
:EJMFBUVDBQJUO
2VFTVCBMVFHPBMBQBMNB
2VFZBTFNFBSSBODBFMBMNB
%FBNPSRVFZBEFTFTQFSP
"OEBBMBNBSNBSJOFSP
1BMNFSPTVCFBMBQBMNB
&TUSJCJMMP
***
%JMFRVFWPZFNCBSDBEB
$POVOIFSNPTPNBSJOP
:NJSBBNJBNBOUFmOP
2VFQPSMIFEFBDBCBS
&TUSJCJMMP
&OMBTFTUSPGBTFMBDPNQBBNJFOUPFTEFWBMT
-BTFHVOEBFTUSPGBDVNQMFGVODJOEFFTUSJCJMMP
.VTJDBMNFOUFFTMBNJTNBNFMPEBZFMBDPNQBBNJFOUPFTNTWJWB[
<5(=,A8<,@6-<0(3*(476
/BUBMJB"SWBMP
4BO'BCJOEF"MJDP
*
6OBWF[RVFZPGVJBMDBNQP
6OIVBTPNFFOBNPS
:FOQSFCBEFDBSJP
6OBDJOUJUBNFEJP
***
-BDJOUBQBSBTFSMBDSF
/PIBEFTFSEFEPTDPMPSFT
:FMIPNCSFQBSBTFSmFM
/PIBEFBNBSEPTDPSB[POFT
**
-BDJOUBRVFUVNFEJTUF
'VFEFVODPMPSDJUPMBDSF
2VFDVBOEPFTUBQSFUBEJUB
/PIBZVOOFHSPRVJFOMBTBRVF
*7
:BDPOFTUBNFEFTQJEP
$POFMBMNBFOUSJTUFDJEB
:BMFDBOUFNJTEPMPSFT
:MBTQFOBTEFNJWJEB
-5
(VJUBSSBDPOBmOBDJOAA MBQBKBSFSB
7(+,A*6.9(=,:+63,5*0(:
&SJDBZ"NSJDB(PO[MF[
1FMMVIVF
*
1BEF[DPHSBWFTEPMFODJBT
1PSVOEPMPSJOIVNBOP
1VFTNFIBTEFKBEPUJSBOP
4PMBZQFOTBOEPFOUVBVTFODJB
$POMBNBZPSJOEPMFODJB
.FIBTRVFSJEPBCBOEPOBS
1PSMPRVFBNNFQBSFDF
5UFRVJFSFTSFUJSBS
1PSFTPOPFTCVFOPIBDFSTF
$POMPRVFOPIBEFEVSBS
**
1VTFNJBNPSDPOFNQFP
:MMPSBSNJEPMPS
1PSIBCFSQVFTUPNJBNPS
&OQSFOEBRVFUVWPEVFP
5FNPTUSBTUFIBMBHFP
1BQPEFSNFJMVTJPOBS
1PSMPRVFBNNFQBSFDF
5UFRVJFSFTSFUJSBS
$POMPRVFOPIBEFEVSBS
-5
***
4JHVFJOHSBUPUVTQBTJPOFT
%KBNFBNJQBEFDFS
2VFCVFOmOOPIBEFUFOFS
"NBOEPBEPTJOUFODJPOFT
:BOPNFRVFEBOSB[POFT
1BSBQPEFSNFFYQMJDBS
1PSMPRVFBNNFQBSFDF
5UFRVJFSFTSFUJSBS
$POMPRVFOPIBEFEVSBS
,37(3,;
.BSB.BSJOBP
2VJODIBNBM $IJMMO
*
&SBVOBQSFOEBEFMVKP
%FMTBTUSF"SBVKP
%FNPEBFO.BESJE
6OQBMFURVFBMDPOUBEP
)VCJFSBDPTUBEP
%FmKPVODBVEBM
**
&SBVOQBPBGFMQBEP
&OMBOBGPSSBEP
6ODPSUFFTQFDJBM
6OQBMFUTJOVOQFMP
2VFFTUBQSJTJPOFSP
-MPSBOEPQPSN
&TUSJCJMMP
1BMFUBZNJQBMFU
1BMFUBZNJQBMFU
7FOEVFPNJEP
"ZRVFEFGSJ
.FNVFSPZP
&TUSJCJMMP
***
5VWPQPSBNPQSJNFSP
"MSJDPCBORVFSPEPO#MBTEF-FO
-VFHPMPVTPVOFYUSBOKFSP
%FTQVTVOCBSCFSP
:MVFHPVO4JNO
&TUSJCJMMP
7FSTJO'PMLMPSJ[BEBEFM$PVQMFUFTQBPM&M1BMFUEF$$BSPCJ
-5
,3*(9(*630;6
.BSB1FSFJSB
$BVRVFOFT
*
$BSBDPMUBCBMMPSBOEP
$BSBDPMTFNFMFKV
$POFMDIPSPEFMBPSJMMB
&OVOCVRVFDJUPJOHMT
**
.FHVTUBFMIVBTPGPSUBDIP
:UBNCJOTVDBCBMMJUP
1FSPOPCBTUBTFSIVBTP
)BZRVFTFSIVBTPIPNCSFDJUP
&TUSJCJMMP
&TUSJCJMMP
$BSBDPM DBSBDPMJUP
7FOBDBEBSNFVOCFTJUP
$BSBDPM DBSBDPMB[P
7FOBDBEBSNFVOBCSB[P
)BTUBMPTDBSBDPMJUPT
2VFIBZBMBTPSJMMBTEFMNBS
.FBDPOTFKBORVFUFPMWJEF
:POPUFQVFEPPMWJEBS
***
%JDFORVFFTUPZDVSBEJUB
1FSPOPIFZUPNBEPOBEB
$POVOCFTPRVFNFEJFSPO
&TUPZNFEJPUSBTUPSOBEB
&TUSJCJMMP
-BHVJUBSSBBDPNQBBOUFFTUBmOBEBQPSAAUFSDFSBBMUB
-BBMUVSBSFBMFTNFEJPUPOPNTHSBWF
(*<i9+(;,-(3:605.9(;6
"EB6SUVCJB
4BO%JPOJTJP $PMCO
*
"DVSEBUFGBMTPJOHSBUP
%FBRVFMUJFNQPDVBOEPFOUPODFT
7FOBTBNJDBTBBWFSNF
:BIPSBOPNFDPOPDFT
***
2VFBEPSBCBTFOVOUJFNQP
&OFTUFNVOEPGBUBM
4FNFEBCBFMDPSB[O
2VFNFIBCBTEFPMWJEBS
&TUSJCJMMP
3PTBZ3PNFSP KB[NOZBMFM
4FSRVFNFRVJFSFT
1FSPOPFTBT
4JBZBZBZ
%JDFTRVFNFRVJFSFT
1FSPOPFTBT
&TUSJCJMMP
**
/PNFDPOPDFT%JPTNP
3FDPSSFUVQFOTBNJFOUP
.JSBRVFZPTPZBRVFMMB
2VFBEPSBCBTFOVOUJFNQP
&TUSJCJMMP
-5
*7
2VFNFIBCBTEFPMWJEBS
4JONPUJWPZTJOSB[O
:BMTFQBSBSMPEFN
5SJTUFFTUNJDPSB[O
&TUSJCJMMP
-PTEPTQSJNFSPTWFSTPTEFDBEBFTUSPGBUJFOFOVOBDPNQBBNJFOUP
QVOUFBEPBVOJOUFSWBMPEFUFSDFSBCBKPMBWP[
+0*,58<,/(5(*0+6<550j6
0MHB/VF[
+VORVJMMBS 1VU
*
&OFMQPSUBMEF#FMO
)BZFTUSFMMBTPMZMVOB
-B7JSHFOZ4BO+PT
&M/JPRVFFTUFOMBDVOB
7
4FPSBEPB.BSB
:PWFOHPEFmFTUBFOmFTUB
:QPSWFOJSHBMPQBOEP
4FNFDBZVOBDBMDFUB
**
&OFMQPSUBMEF#FMO
5SFTDBOUPTFMHBMMPEJP
:EFNBOPEF4BO+VBO
&MBHVBRVFSFDJCJ
7*
4FPSBEPB.BSB
.BBOBWVFMWPPUSBWF[
"DBOUBSMFBTVOJJUP
:VODPHPMMPB4BO+PT
***
4FPSBEPB.BSB
:PMFUSBJHPEFNJDIBDSB
6OPTQPSPUJUPTWFSEFT
6OBTCSFWJUBTNVMBUBT
7**
%JDFORVFIBOBDJEPVOOJP
GSBHBOUFDPNPVODMBWFM
&OVOQFTFCSFEFQBKB
FOFMQPSUBMEF#FMO
*7
4FPSBEPB.BSB
:PMFUSBJHPBMNJEPODJUP
1BRVFBMNJEPOFMBSPQB
%FTVRVFSJEP/JJUP
-BHVJUBSSBBDPNQBBOUFFTUBmOBEBNFEJPUPOPNTBHVEP
-5
3(:*(3()(A(:
0MHB/F[
+VORVJMMBS 1VU
*
5FOHPVOBTDBMBCB[BT
1VFTUBTBMIVNP
"MQSJNFSPRVFQBTF
4FMBTFNQMVNP
*7
4NPSFOJUPNP
4FNFPMWJEBCB
2VFUBNCJOZPMFDBOUP
"MBNBESVHBEB
**
4NPSFOJUPNP
$BNCJFOEFHVTUP
:BMRVFUNTRVJFSFT
%BMFVONPSEJTDP
7
-BTDBMBCB[BTTPO
%FWFSEFPTDVSP
1PSFTPMBTNBOFKP
1VFTUBTBMIVNP
***
:PMFDBOUPEFOPDIF
$BOUPEFEB
$BOUPQPSMBNBBOB
:BMNFEJPEB
$PHPMMP
"UPEPTMPTQSFTFOUFT
'MPSEFSPNB[B
"VTUFEOVODBMFEJHBO
-BTDBMBCB[BT
,38<,;0,5,7(09,@4(09,
5FSFTB.VP[3FD+VBO"TUJDB.
/JMBIVF $PMDIBHVB
*
&MRVFUJFOFQBJSFZNBJSF
%JDFORVFUJFOFVODBVEBM
:ZPRVFOPUFOHPBOBJEFO
"ZBZBZBZ
&TUSJCJMMP
`"IDIJUBT2VFUFOHPIBSUBIBNCSF
1BSFDFRVFNFDPNJFSB
$VBUSPHBMMJOBTZVODIBODIP
{:EFQPTUSF$PNQBESF
:EFQPTUSFVOBUFSOFSB
**
-BNVKFSRVFTBMFNBMB
/PSFUBSMBOJQFHBSMF
)BZRVFTBDBSMBBMBBHFODJB
:FMCPMFUPDPNQBESF
&MCPMFUPQBTVNBESF
&TUSJCJMMP
***
$VBOEPTBMEFNJDBTB
%PTDPTBTOPNTTFOUB
-BDBMMBOBFORVFUPTUBCB
:MBQJFESBFORVFNPMB
&TUSJCJMMP
-5
3.904(::653(:8<,(34<,9A6
+VMJB.VP[3FD+VBO"TUJDB.
/JMBIVF $PMDIBHVB
*
"NFEJPEBVOEPMPS
&OVOBBVTFODJBEFBNPS
*7
"QFOBTOBDFMBBVSPSB
:DPONJMMBOUPDPNJFO[P
4VNFSHJEBFONJTQFTBSFT
**
:PQPSEFTDBOTBSNFBDVFTUP
:SFDVFSEPFOUVEFMJSJP
-VFHPQSPOUPNFMFWBOUP
$PHPMMP
4FPSFTZTFPSJUBT
$BTDBSJUBEFMBVSFM
&MBNPSDJUPFTNVZCVFOP
1FSPDVJEBEPDPOM
***
7FOHBOUPEPTMPTUPSNFOUPT
1FOBZGBUJHBZEPMPS
:MMFHPBDPNFSNFBENJSP
"NFEJPEBVOEPMPS
.USJDBMJCSF
7(9()0,5,:+,36:5,.96:
'SBODJTDB(PO[MF[
/JCMJOUP $IJMMO
*
{y
&MDBTBNJFOUPFMPTOFHSPT
/FHSPTOPWJPTZQBESJOPT
/FHSPTDVBEPTZTVFHSPT
*7
.BOEBOBTFOUBSFMUBDIP
&OOFHSPTUBDIPTTFOUBSPO
/FHSPFMNBUFZMBCPNCJMMB
/FHSPTRVJFOTFMPUPNBSPO
**
&MDVSBRVFMPTDBT
/PTFTBCBEFEPOEFFSB
/FHSBCFOEJDJOMFIFDI
"ZRVFCFOEJDJOUBOOFHSB
7
"MMQPSMBNFEJBOPDIF
4FBMCPSPUBSPOMPTOFHSPT
5PNBSPOTVTTBCMFTOFHSPT
/FHSPTTBCMB[PTTFEJFSPO
***
.BOEBOBQPOFSMBNFTB
/FHSPNBOUFMMFQVTJFSPO
/FHSPFMWJOPOFHSPFMQBO
/FHSPTRVJFOTFMPTJSWJFSPO
$PHPMMP
2VFWJWBMBDPNQBJUB
.BUJUBEF"MFKBOESB
4JMPTQBESJOPTFSBOOFHSPT
-PTOPWJPTDPNPTFSBO
&MUFYUPDPSSFTQPOEFBMBTFHVOEBFTUSPGB
-5
7(9()0,5,:+,36:5,.96:
"QSFOEJEPQPSMBT)FSNBOBT-PZPMB
&M#BKPEF.FMJQJMMB
*
4JHVTUBOMFTDBOUBS
&MDBTBNJFOUPFMPTOFHSPT
/FHSPTOPWJPTZQBJSJOPT
/FHSPTDVBEPTZTVFHSPT
***
.BOEBOBTFOUBSFMUBDIP
:OFHSPTUBDIPTTFOUBSPO
/FHSPFMNBUFZMBHPNCJMMB
/FHSPTRVJFOFTMPUPNBSPO
**
.BOEBOBQPOFSMBNFTB
/FHSPNBOUFMMFQVTJFSPO
/FHSPFMWJOP OFHSPFMQBO
/FHSPTRVJFOFTMPTJSWJFSPO
*7
"MMQPSMBNFEJBOPDIF
4FBMCPSPUBSPOMPTOFHSPT
5PNBSPOTVTTBCMFTOFHSPT
/FHSPTTBCMB[PTTFEJFSPO
$PHPMMP
2VFWJWBMBDPNQBJUB
.BUJUBEF"MFKBOESB
4JMPTQBESJOPTFSBOOFHSPT
-PTOPWJPTDPNPTFSBO
:,-<,408<,90+6)0,5
(FSEZ3FUBNBMZ&MJBOB1FSFJSB
$BVRVFOFT
*
6OBNBBOBEF"CSJM
5FNQSBOPNFMFWBOU
"EJSJHJSNJTTVTQJSPT
1PSEPOEFNJCJFOTFGVF
**
0KPTQPSRVOPMMPSBSPO
$VBOEPMPWJFSPOQBSUJS
"IPSBOPIBZNTRVFQFOBT
)BTUBRVFMWVFMWBBWFOJS
&TUSJCJMMP
4FGVFNRVFSJEPCJFO
:BTFGVFNCJFOEFMBMNB
4FGVFNRVFSJEPEVFP
4BMJBMBVOBEFMBNBBOB
&TUSJCJMMP
***
4FPSFTZTFPSJUBT
%PMPSFTRVFSFSBVTFOUF
"VORVFMPTPKPTOPMMPSFO
&MDPSB[OFMRVFTJFOUF
&TUSJCJMMP
-5
4(j(5(4,=6@+,(8<
&SJDBZ"NSJDB(PO[MF[
$VSBOJQF
*
.BBOBNFWPZEFBRV
.FNPSJBTUFEFKBS
6OBNBDFUBEFnPS
%FMBQMBOUBRVFQMBOU
**
5BOUBTRVFIFWJTUPFOFMNVOEP
2VFIBOOBDJEPUBOGFMJ[
1PSFTPZPFTUPZEFTHSBDJBEB
1PSFTPNFWPZEFBRV
&TUSJCJMMP
.BBOBNFWPZ
.BBOBNFWPZ
.BBOBNFWPZEFBRV
&OWVFMUBEFNJTFTQBMEBT
$IJOJUPEFMBMNB
$PSPOBEFnPSFT
5FUSBJHPZPBUJ
&TUSJCJMMP
***
2VFTBDPDPOUBSBRV
$VBOEPOPRVJUPOJEPZ
&TUPZDPOEBSNFBMEFTUJFSSP
1PSEFTHSBDJBEBRVFTPZ
&TUSJCJMMP
&TUSJCJMMP
(+0:=0+(@(4,=6@
+PWJUB7BMET .BSB$PODFQDJO5PMFEP
3BSJ
*
"EJTWJEBZBNFWPZ
1PSMPTDBNQPTTVTQJSBOEP
$VBOEPNFBDVFSEPEFUJ
.FDPOTPMBSMMPSBOEP
*7
%FKBSNFBNJQBEFDFS
1FOBOPUFOHPOBEJUB
6OBHSBWJPZVOBNPS
$POPUSPOVFWPTFRVJUB
**
.FDPOTPMBSMMPSBOEP
&OWBOBTTPONJTQBTJPOFT
1PSRVFWFPRVFDPONJHP
$PHPMMP
1SFTFOUFBRVMBDPNQBB
'MPSDJUBEFFTBCMBORVJUB
$POTVTQJSBSTFMFRVJUB
***
1PSMPRVFZPIFDIPEFWFS
OEBUFDPORVJFOURVJFSBT
%FKBSNFBNJQBEFDFS
-5
3369(9i;6+(3(=0+(
.BSB"IVNBEB
$IVJM
*
$VBOEPNFWBZBEFBRV
.FWPZBWFTUJSEFMVUP
1PSRVFPMWJEOEPUFBUJ
/PQVFEPUFOFSNTHVTUP
**
"EJTMBUJFSSBRVFQJTP
"EJTMBWP[RVFMFWBOUP
"EJTRVFSJEPEFMBMNB
"RVJFOZPIFRVFSJEPUBOUP
&TUSJCJMMP
-MPSBSUPEBMBWJEB
&OVOTJMFODJPQSPGVOEP
:BTFRVFUNFPMWJEBTUF
/PRVJFSPFTUBSFOFMNVOEP
&TUSJCJMMP
***
"EJTFODBOUPFNJWJEB
"EJTnPSEFNJEFMFJUF
/PQPOHBTUVBNPSFOPUSP
"VORVFZPUBSEFFOFMWFSUF
&TUSJCJMMP
5POBEBBDPNQBBEBDPOHVJUBSSBDIBSSBOHVFBEB FTEFDJSTJOBmOBS
:(;0:-(**065,:568<0,96
"EFMBMWBSF[
-PT)VBMMFT -JOBSFT
*
4BUJTGBDDJPOFTOPRVJFSP
%FVODPSB[OUBOJOHSBUP
4FBDBCBSNJBNJTUBE
APOEFIBZFOHBPOPIBZUSBUP
***
/PRVJTJFSBPSUVOPNCSF
/JNFOPTWFSUVSFUSBUP
/PRVJFSPUFOFSSFDVFSEPT
%FVODPSB[OUBOJOHSBUP
**
5QFOTBCBTFOHBBSNF
$POEFDJSNFZPUFRVJFSP
"VORVFEJHBTMBWFSEBE
4BUJTGBDDJPOFTOPRVJFSP
(VJUBSSBBmOBEBAA MBDVZBOB
-5
4(3/(@(3(*6*05(
*SJT"SFMMBOP
$PCRVFDVSB
*
.BMIBZBMBDPDJOB
.BMIBZBFMIVNP
.BMIBZBRVJFOTFGB
%FIPNCSFBMHVOP
***
1PSRVFEFQBTP
1PSRVFEFQBTP
5PEBTMBTnPSFTMMFWBO
"ZBZBZ TVQJDPUB[P
&TUSJCJMMP
1PSRVFMPTIPNCSFT
1PSRVFMPTIPNCSFT
$VBOEPTFWFORVFSJEPT
"ZBZBZ OPDPSSFTQPOEFO
&TUSJCJMMP
**
:PDPNQBSPBMPTIPNCSFT
$POMBTBCFKBT
2VFTJFNQSFBOEBOCVTDBOEP
'MPSFTDIJOFTDBT
&TUSJCJMMP
*7
"UPEPTMPTIPNCSFTKVOUPT
:PMPTNBMEJHP
$PONBMEJDJOFUFSOB
$PNPDBTUJHP
&TUSJCJMMP
7
%FUPEPTEJHP
%FUPEPTEJHP
&MRVFMMFWPFOFMBMNB
"ZBZBZ EFFTFOPEJHP
&TUSJCJMMP
-PTUFYUPTEFFTUBUPOBEBQFSUFOFDFOBVOBNB[VSLB
TFHVJEJMMBEFTJFUFWFSTPTEFTJFUFZDJODPTMBCBTBMUFSOBEBT
-5
@(:,3,33,.,:,+(1BSBCJFOFTBMPT/PWJPT
+VBOJUB$PODIB
$VDIJ 1VU
*
:BTFMFMMFHFTUFEB
$POMBTBMGBWPSBCMF
%JHBNPTEFOPDIFZEB
2VFWJWBOOPWJPTBNBCMF
7JWBOQBESJOPTZQBESFT
$POHSBOGFMJDJEB
.VZMJOEBFTTVEFJEB
.VZQFSGFDUBTVQFSTPOB
-FTQVTJFSBVOBDPSPOB
"MPTOPWJPTEFWFSEBE
***
2VFWJWBOQBESFTZNBESFT
:UBNCJOMPTEFMPSJFOUF
7JWBOOPWJPTZQBSJFOUFT
:BNQBSBRVFNFNBOEFO
7JWBOQBESJOPTZQBESFT
$POHSBOETJNPQPEFS
'MPSFTQJFOTPRVFIBOEFTFS
/PUJFOFODPNQBSBDJO
-FTEJFSBNJDPSB[O
:BMPTOPWJPTNJMQMBDFSFT
**
"SQBQJBOPZWJPMJOFT
2VJFSPUSBFSEFMPTDJFMPT
:QBSBNBZPSDPOTVFMP
4VFOFOUPEPTMPTDMBSJOFT
:MBTnPSFTEFFTUPTKBSEJOFT
$POTVTEJTUJOUPTDPMPSFT
:UVQFSGFDUBFOBNPSFT
4POMBTQFSMBTNTCPOJUBT
2VFMBEFJEBOPTFQJOUB
-PTOPWJPTnPSEFMBTnPSFT
/,=,50+67(+,*0,5+6
/BUBMJB"SWBMP
4BO'BCJOEF"MJDP
*
)FWFOJEPQBEFDJFOEP
1PSWFSUFQSFOEBRVFSJEB
:BMNJSBSNFFOFTUFFTQFKP
"IMMFHVWJEJUBNJEB
***
5VTBDDJPOFTQSFOEBNB
4POMBTRVFZPUFEFQBSP
1PSFTFUVMJOEPHFOJP
&TFRVF%JPTUFIBEBEP
**
"IMMFHVWJEJUBNJEB
"RVNFUJFOFTQSFTFOUF
1FSEOBNFMBEFNPSB
-VDFSPSFTQMBOEFDJFOUF
$PHPMMP
4FPSFTZTFPSJUBT
1FEBDJUPEFTBOEJMMB
)FJWFOJEPBDFMFCSBS
1PSTFSEBEFUVUSJMMB
-5
7(9(;6+(3(*647(j(
+VBOB$IWF[
-MFQP
*
1BSBUPEBMBDPNQBB
$PHPMMJUPEF[BS[BNPSB
"PTTFMFIBDFOMBTIPSBT
***
1PSRVFMMFWBEBEFVOBQFOB
/PTFORVFWFOHBBQBSBS
)BCSOBDJEPEJDIPTB
)BCSOBDJEPGBUBM
&TUSJCJMMP
2VFDPOUJFOFUBOUPFNQFP
%FBOEBSUFTPMJDJUBOEP
:POPIBHPKVJDJPEFWPT
%FCBMEFNFBOEBTSPHBOEP
$POEFDJSNFRVFUFRVJFSB
:BNJOPNFBOETSPHBOEP
&TUSJCJMMP
**
4JMPIBDTQPSRVFNFWJT
.VZBMFHSFZDBSJPTB
%FKBSTFEFFTPDPONJHP
1PSRVFOPTEFFTBTDPTBT
&TUSJCJMMP
&TUSJCJMMP
*7
4JBMHOEBTJDPOWJFOF
4JTVQJFSBFTUBSEF%JPT
4JUVWJFSBTVTVFSUF
/JBVORVFUFBCPSSF[DBZP
$PHPMMP
1BSBUPEBMBDPNQBB
#MBODBQMVNBTJOSPDP
0KPTGBUBMFTIFJWJTUP
1FSPOPDPNPMPTNPT
3(*3(=,305(
&OTFBEPQPS/BUBMJB"SWBMP
4BO'BCJOEF"MJDP
*
-BDMBWFMJOBFOFMIVFSUP
"VORVFMMVFWBOPTFNPKB
"HVBDSJTUBMJOBZCFMMB
6ODMBWFMRVFTFEFTIPKB
***
%FMUSPODPOBDJMBSBNB
%FMBSBNBOBDJMIPKB
**
6OBOJBJCBKVMMFOEP
+VMMFOEPQPSOPTFSNPOKB
*7
:BTFNFBDBCFMQBQFM
2VFEmSNBOEPFOVOIPKB
-5
,3*9,0;6
.BSUB4BMJOBT4FQMWFEB
/BIVFMUPSP VCMF
*
&MDSFJUPRVFNFSPCBTUF
"POEFNFMPUFO
"MDBNQPNFMPCPUBTUF
1BSBRVFIBCMBSBOEFN
**
1BSBRVFMVHBSNFKVFSB
"CVTDBSMPRVFIFJQFSEP
6OBUSJTUF[BEFBNBSUF
5PEPMPRVFIFJQBEFDP
&TUSJCJMMP
"SSJCBFTUFMDBQJUO
2VFZBNFEFTUSP[BFMBMNB
:TJHVJFOEPFTUPZMBDBMNB
"OBWFHBSNTMJHFSP
$POUSFTDJFOUPNBSJOFSP
%BMFUVWJEBBMBQBMNB
&TUSJCJMMP
***
-BRVFTFQPOHBBRVFSFS
/PEJHBRVFFTEFBMFHSB
/PIBZQFOBZSBCJBNTHSBOEF
%FWFSTFBMNVOEPQFSEB
&TUSJCJMMP
*(:(;,50j(*(:(;,
/BUBMJB"SWBMP
4BO'BCJOEF"MJDP
*
$BTBUF OJBDBTBUF
(P[BUVTNFTFTQSJNFSP
2VFEFTQVTFTUBSTEFTFBOEP
-BWJEBEFMPTTPMUFSPT
***
&TUPOPEJHPEFUPEPT
5FOESOFTFQSPUFOEFS
1PSRVFUBNCJOIBZBMHVOPT
2VFFTUJNBOBTVTNVKFSFT
**
-PTNBSJEPTTPONVZHFOPT
1BSBMPTQSJNFSPTEBT
:MVFHPQBSBEFTQVT
-FRVJFSFORVJUBSMBWJEB
$PHPMMP
7JWBOOPWJPTZQBJSJOPT
$PHPMMJUPQJFESBMJTB
2VFFOMBDBSSFSBEFBNPSFT
&MRVFOPNVFSF BHPOJ[B
5POBEB1BSBCJFO
-5
3(.<(+,50,=,
&OTFBEBQPS+VBOB$IWF[
-MFQP -JOBSFT
*
&MBHVBEFOJFWFFTNVZMJOEB
&OTVGSBHBODJBVOKB[NO
.FQPOFOQBSBRVFFTDPKB
%PTnPSFTFOVOKBSEO
***
4JNFWPZBMBB[VDFOB
1PSTFSGSBHBOUFZIFSNPTB
:POPTQPSRVFSB[O
4FNFEFTIPKBMBSPTB
**
%PTnPSFTFOVOKBSEO
:OPIBMMPDVBMFTDPHFS
2VFTJNFWPZBMBSPTB
4FNFEFTIPKBFMDMBWFM
36:7(:;69,:
1VSTJNB.BSUOF[
1PNBJSF
*
-B7JSHFOTFGVFBMBWBS
4VTNBOPTCMBODBTBMSP
&MTPMTFRVFEQBSBEP
:MBNBSQFSEJTVSVJEP
***
4FPSBEPB.BSB
1FSGVNFEFMPTKB[NJOFT
"TVOJJUPMFUSBJHP
6OQBSDJUPEFCPUJOFT
&TUSJCJMMP
%POEFFMOJPZMB7JSHFOTFWF
"ZRVFMJOEP RVFCFMMP RVFIFSNPTP
2VFQVMJEP CPOJUPZHSBDJPTP
%POEFFMOJPZMB7JSHFOTFWF
&TUSJCJMMP
**
-B7JSHFOTFFTUQFJOBOEP
4VQFJOFEFNBSmMFSB
3BZPEFTPMTVTDBCFMMPT
-BDJOUBEFQSJNBWFSB
&TUSJCJMMP
&TUSJCJMMP
-5
*7
-B7JSHFOFTUMBWBOEP
:UFOEJFOEPFOFMSPNFSP
-PTQBKBSJMMPTDBOUBOEP
:FMBHVBTFJCBSJFOEP
5POBEBBMOJP%JPT
36:54,96:
.BSUJOB#FSNEF[
&M$PMMJHVBZ
*
"MBVOBUFQSPNFUP
"MBTEPTNJEVMDFFODBOUP
"MBTUSFTNJWJEBNJEB
.FIBZPQBEFDJFOEPUBOUP
*7
&OEJF[EBTEFNJWJEB
&OPODFSFMPKQVMJEP
&OEPDFUFIBHPVOFODBSHP
2VFOPNFFDITBMPMWJEP
**
&ODVBUSPOBEBUFBEWJFSUP
&ODJODPUFIBHPVOQFEJEP
&OTFJTUFIBHPVOFODBSHP
2VFOPNFFDITBMPMWJEP
$PHPMMP
4FPSJUBTZTFPSFT
7FSEFDPHPMMPEFIPSUFOTJB
5SBCBKPFOQPOFSBNPSFT
***
&OTJFUFUFFTUPZRVFSJFOEP
&OPDIPQSFDJPTBnPS
&OOVFWFOPNFEFTQSFDJFT
.FIBTEFIBDFSFTFGBWPS
4,/,+,*64,9<5+<9(A56
&OTFBEBQPS"OUPOJP"DFWFEP)FSOOEF[
4BOUJBHP
*
1PSMBDBMMFBOEBOWFOEJFOEP
3BNJMMFUJUPEFBQFTP
-FDPNQSBSVOPBNJOFHSP
4FSNJHVTUPQPSFTP
**
.FIFEFDPNFSVOEVSB[OP
%FQVSBSBCJBIBTUBFMIVFTP
.FMPIFEFDPNFSBTPMBT
4FSNJHVTUPQPSFTP
&TUSJCJMMP
.FEJSTRVFT NFEJSTRVFOP
/FHSJUPQFSPNFFOHBBT
2VFFTUPEFRVFSFSUFBUJ
/PTFNFRVJUBMBNBB
&TUSJCJMMP
&TUSJCJMMP
***
.FIFEFUJSBSBMSP
1PSNTDPSSJFOUFRVFUSBJHB
-FIBSVOBTFBBNJOFHSP
1BRVFDPONJHPTFWBZB
&TUSJCJMMP
-5
769:047(;(:;,8<0,96
(SBDJFMB-FUFMJFS
-PTOHFMFT
*
1PSTJNQBUBTUFRVJFSP
5FBNPDPONJDPSB[O
7JWBRVJFOBNP RVJFOBNPZP
"UVMBEPTJFOUPHP[P
/PFTUBOEPDPOUJHPNVFSP
6OPRVFBNBCBZBNFPMWJE
***
.VDIPBOUFTEFDPOPDFSUF
5FEJNJQSFEJMFDDJO
+VSRVFUFFOUSFHBSB
&OUFSPNJDPSB[O
**
1FOTBOEPFOUJTPZEJDIPTB
5FSFTFMTFSRVFZPRVJFSP
+VSFOVOJOTUBOUFBNBSUF
1PSTJNQBUBTUFRVJFSP
3(-369
0MHB/VF[
+VORVJMMBSEF1VU
*
"EFOUSPEFNJKBSEO
4FNFIBQFSEJEPVOBnPS
.FMBIBOWJTUPQPSBI
%FNVZCSJMMBOUFDPMPS
%FNVZDSFDJEPWBMPS
&TCBTUBOUFDIJRVJUJUB
4VDPMPSFTNPSBEJUB
$PNPMBnPSEFMBDVFOUB
:BTQSFHVOUPQPSFMMB
2VFTFMMBNB.BSHBSJUB
***
6OEBZPNFTBM
"MDBNQPTPMPBMMPSBS
%FWFSRVFOPQVFEPIBCMBS
'MPSDPNPMBRVFQFSE
$VBOEPZPMBWJEFBMM
4FBMFHSBNJDPSB[O
2VFTFQBSFDFBNJnPS
-BRVFUFOJEBQFSEJEB
:OPFTNJ.BSHBSJUB
1PSRVFMBWJnPSFDB
**
4JFOEPZPFMIPSUFMBOP
7JOPPUSPZTFMBMMFW
$POTVQPEFSPTBNBOP
%FMKBSEONFMBTBDP
"MMUSJTUFRVFEZP
-MPSBOEPDPNPBWFDJUB
1FOTBOEPFONJnPSDJUB
2VFFOFMMBNFEFTNFSBCB
$VBOEPBNJKBSEOEFOUSBCB
:WFBBNJ.BSHBSJUB
$PHPMMP
1BSBUPEPTMPTQSFTFOUFT
&ODBTPRVFBRVRVJTJFSBO
:PBNJKBSEOMPTEFOUSBSB
.JMFTnPSDJUBTMFTEJFSB
-FTEJFSBVOB.BSHBSJUB
6OBCPOJUBB[VDFOB
6OBNBMWJUBKBTQFBEB
1BSBRVFTFEJWJSUJFSBO
-BDPOHPOBQB}SFNFEJP
:FMUPSPOKJMQB}MBQFOB
-5
36:7(3646:
&EFMNJSB7BMFO[VFMB
3FHJTUSBEBFO-JOBSFT
*
"ZFSWJEFDPOWFSTBSF
%PTQBMPNPTQPSFMBJSF
:WJEFRVFOPFSBHVFOP
%JWVMHBSTVQFDIPBOBJEFO
***
-PTTFDSFUPTEFUVQFDIP
/PMFDVFOUFTBUVBNJHP
1PSRVFFOFMNFOPSEJTHVTUP
5FIBEFTFSWJSEFUFTUJHP
**
4JUJFOFTBMHOBNJHP
2VFSFSMFZUFOFSMFBQSFDJP
1FSPOPMFDPNVOJRVFT
-PTTFDSFUPTEFUVQFDIP
*7
5FIBEFTFSWJSEFUFTUJHP
:FTNBMPEFMDPOmBSTF
/PIBZNTBNJHPRVFFMTVFMP
2VFTBCFPSZDBMMBSTF
,3*676:6
&OTFBEBQPS6SCBOB#BSSJPT
1VU $POTUJUVDJO
*
$PQPTPEFWFSEFTIPKBT
5PEPSCPMFTNVZIFSNPTP
1FSPRVFUSJTUFZQFOPTP
$VBOEPFMUJFNQPMPEFTIPKB
2VFFOGBMUOEPMFMBTIPKBT
:BOPFTFMRVFBOUFTIBTJEP
/JMBTPNCSBRVFIBUFOJEP
5JFOFQPSBRVFMFOUPODFT
5BMFTRVFOJMPDPOPDFO
-BTBWFTRVFIJDJFSPOOJEP
***
&MSCPMTJOIPKBTBCF
&MUJFNQPFORVFSFWFSEFDF
-VFHPRVFTVTIPKBTDSFDFO
7VFMWFOEFOVFWPMBTBWFT
"IFOUPOBODBOUPTTVBWFT
1PSIBMMBSMPFOCVFOFTUBEP
:PMFUFOHPCJFONJSBEP
2VFFMBWFQPSSVJORVFTFB
)BDFSTVOJEPEFTFB
&OSCPMEFIPKBDBSHBEP
**
)BOWJTUPSCPMRVFTFIBMM
7FSEFZEFTQVTTFNBSDIJUB
&MNJTNPUJFNQPMFRVJUB
-PRVFPUSPUJFNQPMFEJP
:DVBOEPWFSEFTFIBMM
-BTBWFTMFIJDJFSPOOJEP
:MBTRVFIBCBOOBDJEP
"CSJHBEBDPOTVTIPKBT
-FNJSBOEFTDPOPDJEP
$VBOEPFMUJFNQPMPEFTIPKB
*7
-B4FPSJUB.BSHPU
SCPMDPQPTPZnPSJEP
2VFEJDIPTBFMBWFDJUB
2VFFOUBMQMBOUBIJDJFTFOJEP
/PTJOUJFSBIBNCSFOJGSP
4VNFSHJEPFOTVWFSEPS
/PMBBUPSNFOUBSBFMTPM
$POTVTBWFDJUBTDSJBOEP
"IFTUVWJFSBHPSKFBOEP
1JDBOEPEFnPSFOnPS
-5
3HURTXHWULVWH\SHQRVRFXDQGRHOWLHPSRORGHVKR
MDFXDQGRHOWLHPSRORGHVKRMD
WLHQHSRUDTXHOHQ
WRQFHV
3(.<0;(99(
*TBCFM4PSP
$PODFQDJO
*
1PSBRVFMMBDBMMFWJFOF
6OBHVJUBSSBEFQMBUB
:MBTDVFSEBTWBOEJDJFOEP
`&MBNPSFTFMRVFNBUB
**
-BHVJUBSSBQJEFDIJDIB
:MBTDVFSEBTBHVBSEJFOUF
:MBRVFFTUPZUPDBOEP
6OKPWFOEFRVJODFBWFJOUF
&TUSJCJMMP
"MBWJEBNB
4CFUFBMBUPSSF
"MBWJEBNB
2VFWJFOUPRVFDPSSF
&TUSJCJMMP
&TUSJCJMMP
***
:BOPQVFEPUPDBSNT
1PSRVFNFEVFMFOMPTCSB[PT
&TRVFOPWFPWFOJS
-BCBOEFKBDPOWBTPT
&TUSJCJMMP
-5
+,:70,9;(9,05(+,(469
+VBOB$IWF[
-MFQP -JOBSFT
*
%FTQJFSUBSFJOBEFBNPS
2VFNFBCSBJMBQVFSUBRVJFSP
2VFUFWJFOFBWJTJUBS
6OBNBOUFQBTBKFSP
6OBNBOUFQBTBKFSP
2VFNFBCSBJMBQVFSUBRVJFSP
***
&MMVDFSPDPOTVTMVDFT
4FEJSJHFBTBMVEBSUF
2VFZPNBJSVHFQSJNFSP
1BSBMBTOPUJDJBTEBSUF
1BSBMBTOPUJDJBTEBSUF
%FVOBNBOUFQBTBKFSP
**
&MTPMDPOTVSFTQMBOEPS
*MVNJOBUPPFMNVOEP
"EFMFJUBSTFFOMBTnPSFT
%FFTUFTVFPUBOQSPGVOEP
%FFTUFTVFPUBOQSPGVOEP
$PHPMMP
1BSBMBOPCMFDPNQBB
$BTDBSJUBEFBWFMMBOB
4JVTUFEOPNFBCSFMBQVFSUB
.FEFOUSPQPSMBWFOUBOB
.FEFOUSPQPSMBWFOUBOB
$BTDBSJUBEFBWFMMBOB
&TRVJOB[PP5POBEBEFTBMVEP
8<0:0,9(,:;(9,53(73(@(
"EB6SUVCJB
4BO%JPOJTJP $PMCO
*
2VJTJFSBFTUBSFOMBQMBZB
:FOMBTBMUVSBTEFMNBS
1PSRVFQBSFDFRVFNFIBMMP
%FTQSFDJBEBEFMMVHBS
*7
2VFZPMPSFNFEJBS
2VFRVFEFCJFOSFNFEJBEP
%POEFOPRVFEBOOJTFBT
%FBNPSRVFGVFNBMQBHBEP
**
%FTQSFDJBEBEFMMVHBS
$PNPTJFNQSFNFTVDFEF
1POFSNJTDJODPTFOUJEPT
&OQSFOEBRVFOPNFRVJFSF
7
%FBNPSRVFGVFNBMQBHBEP
1BSBRVMPRVJFSPZP
(DFMPRVJFOMPNFSFDF
2VFQBSBNJTFBDBC
***
&OQSFOEBRVFOPNFRVJFSF
5PBNJBnJDDJOHBTU
&MDJFMPNFEQBDJFODJB
2VFZPMPSFNFEJBS
5POBEBEFDPMFP
-5
40=0+(:04,8<,90:
5POBEBRVFNFDBZEFMDJFMP
*
.JWJEBTJNFRVFSJT
/PTFMPDPOUJTBOBJEFO
1POUFVOBNBOPFOFMQFDIP
%JMFBMDPSB[ORVFDBMMF
***
.SBNFDPONBMPTPKPT
$PNPRVFNFBCPSSFDT
1BRVFOBJEFOOPTFOUJFOEB
.JWJEBTJNFRVFSJT
**
4JBMHVOPUFQSFHVOUBSB
"DBTPNFDPOPDT
%JMFRVFOVODBNFIBJWJTUP
.JWJEBTJNFRVFSJT
;,8<0:,@(56;,8<0,96
3FDPQJMBDJO.BSB-VJTB4FQMWFEB
*
5FRVJTF ZBOPUFRVJFSP
:BTKVSPKBNTWFSUF
5VBNPSFTUBOMJTPOKFSP
2VFZBOPQJFOTPRVFSFSUF
1FSPTQPSUJNFNVFSP
***
2VUBUFEFNJQSFTFODJB
+BNTNFWVFMWBTBWFS
'BWPSNFIBDFTDPOUVBVTFODJB
1VFTZBOPUFQVFEPWFS
%JTUBOUFEFNJQSFTFODJB
**
#JFOQVFEFTFOFMJOTUBOUF
3FUJSBSUFEFNJMBEP
2VFMPTRVFTPOJODPOTUBOUFT
"NNFDBVTBOFOGBEP
.FOPTURVFFSFTNJBNBOUF
*7
"EJTQPSRVFZBNFWPZ
"TFQBSBSNFEFUJ
2VFCJFOJNQBDJFOUFFTUPZ
%FTEFRVFUFDPOPD
1FSPTJFNQSFUVZBTPZ
-5
,3:,9,56+,40*(33,
3PTB'MPSFT
7BMQBSBTP
*
&MTFSFOPEFNJDBMMF
5JFOFVOBWP[NVZCPOJUB
2VFDVBOEPHSJUB`MBTPDIP
&MDPSB[ONFQBMQJUB
**
&MTFSFOPEFNJDBMMF
"OEBDPOTVTEPTOFHSJUPT
6OPMFMMFWBFMGBSPM
:FMPUSPMFUPDBFMQJUP
&TUSJCJMMP
5BO UBO {RVJOFT
4FSFOPRVFEBMBTUSFT
-FWOUBUFUFNQSBOJUP
$IJOJUBNBBUPNBSDBG
$BG DBG
$BG MFDIFDPODBG
-FWOUBUFUFNQSBOJUP
$IJOJUBNBBUPNBSDBG
&TUSJCJMMP
***
&MTFSFOPEFNJDBMMF
"OEBSPOEBOEPNJQVFSUB
$PONJHPTPOMPTDVJEBEPT
"VORVFPUSBMBEFKFBCJFSUB
&TUSJCJMMP
,:;(5+6*6533(=,407,*/6
3FQ&MFOB$BSSBTDP
$IJMMO
*
&TUBOEPDPOMMBWFNJQFDIP
&MDPSB[ONFSPCBTUF
4JOEBSUFZPMBPDBTJO
%JNFDNPMPTBDBTUF
%JNFDNPMPTBDBTUF
AUBOEPDPOMMBWFNJQFDIP
**
%JNFDNPMPJEFBTUF
1BSBSPCBSUFMPBKFOP
/PIBTJEPEFMTVFPy
:PTJOFDIBSMPEFNFOPT
:PTJOFDIBSMPEFNFOPT
&MDPSB[ONFSPCBTUF
&TUSJCJMMP
4JZPTBMHPBMDBNQP
4BMHPQPSMMPSBS
1PSWFSTJMMPSBOEP
1VFEPEFTDBOTBS
&TUSJCJMMP
-5
***
4MPBQSFHVOUBSUFWFOHP
%FRVFNBOFSBMPIJDJTUF
)JDJTUFUBOCJFOFMIFDIP
4BDBTUFMPRVFRVJTJTUF
4BDBTUFMPRVFRVJTJTUF
AUBOEPDPOMMBWFNJQFDIP
*(9.(+(=,5.6+,-369,:
3PTB"DVB
5BQJIVF $BVRVFOFT
*
$BSHBEBWFOHPEFnPSFT
'VMBOJUPIPZEBBWFSUF
:FOQSVFCBEFNJTBNPSFT
-FDBOUBSIBTUBMBNVFSUF
**
1BSBDFMFCSBSTVTBOUP
7FOHPMMFOBEFBMFHSB
:FOQSVFCBEFBNPSMFDBOUP
)BTUBRVFBNBOF[DBFMEB
&TUSJCJMMP
#FMMBTEBNBT UPEBTEVFSNFO
&OMPTCSB[PTEFVOBJMVTJO
%FTQJFSUBTJFTUTEPSNJEB
:PZFFMFDPEFNJDBODJO
&TUSJCJMMP
$PHPMMP
4FPSFTZTFPSJUBT
$BTDBSJUBEFBWFMMBOB
.JTRVFSJEBTBNJHVJUBT
%KFONFMBQVFSUBGSBODB
&TUSJCJMMP
&TRVJOB[PP5POBEBEF4BMVEP
,37(;0;6
3FQ)FSNBOBT0SFMMBOB
BQSFOEJEPEFTVNBESF
*
"NNFNBOEBODBOUBS
-BUPOBEBRVFOPT
-BUPOBEJUBFMQBUJUP
-BEFMUVDVRVFSFS
**
1BUJUPRVFBOEBJFOTFDP
#BKBUFBMBHVBZCBBUF
)BDFUFVOSFNPMJOJUP
:EFCBKPFTDPOEFUF
&TUSJCJMMP
&TUSJCJMMP
6TUFERVFNFTBCF
:ZPRVFMFT
6TUFENFTBCFVOB
:ZPMFTUSFT
"MBHVBQBUJUP
4BOHVMMFUFQV
4JUVUFFOPKBUF
:POPNFFOPK
4FSQPSRVFUFIBHB
&MNFOHVFSFS
7BNPTBMBGPOEB
1PODIFUFEBS
&OFTPFTUBCB
$VBOEPEFTQFSU
4PBOEPDPOUJHP
:OPUFFODPOUS
"ZT BI BIBKBJ
"I BIBKBJ
***
4FPSJUBTZTFPSFT
$PHPMMJUP DPHPMMJUP
.JSFORVFMFFTUPZDBOUBOEP
-BUPOBEJUBFMQBUJUP
-5
&TUSJCJMMP
&OFTUBUPOBEBIBZNVDIPTFMFNFOUPTIJTUSJOJDPT
BEFNTEFMBSJTBFTDSJUBFOQBSUJUVSB
,3(469+,3(:=0<+0;(:
5SBEJDJPOBM
#MBODB5FKFEB7EBEF3V[
4BOUJBHP
*
&MBNPSEFMBTWJVEJUBT
&TDPNPMBMFDIVHVJUB
2VFSFHOEPMBVOQPRVJUP
-JHFSJUPSFTVDJUB
***
&MBNPSEFMPTDBTBEPT
&TDPNPFMCVFZDBOTBEP
2VFFORVJUOEPMFFMBSBEP
#VTDBQBTUPSFQPTBEP
&TUSJCJMMP
"Z QBMPNJUBNB
%FNJDPSB[O
.FIBTQJDBEPFOFMBMNB
`BZ RVFEPMPS
&TUSJCJMMP
**
&MBNPSEFMBTTPMUFSBT
&TDPNPFMQBODBMJFOUF
2VFDVBOEPTFIBFOGSJBEP
/JFMEJBCMPMFFOUJFSSBFMEJFOUF
&TUSJCJMMP
-5
*7
&MBNPSEFMIPNCSFWJFKP
&TDPNPCVSSPFOCBSCFDIP
/PEFKBDPNFSOJDPNF
/PEBGSVUPOJQSPWFDIP
&TUSJCJMMP
36:616:8<,(404,409,5
5SBEJDJPOBM
#MBODB5FKFEBEF3VJ[
4BOUJBHP
*
/FHSJUPZPZBNFWPZ
EFTQFEJSNFEFUJRVJFSP
NFWPZDPOMBFTQFSBO[B
EFWPMWFSTJOPNFNVFSP
**
5FNFIBDFTEFTFOUFOEJEP
NJSBJOHSBUPEPOEFFTUT
QSJNFSPNVFSUPNJOFHSP
RVFZPPMWJEBSUFKBNT
&TUSJCJMMP
6OBDJOUBDPMPSMBDSF
OPIBEFTFSEFEPTDPMPSFT
MPTPKPTRVFBNJNFNJSFO
OPIBOEFUFOFSEPTBNPSFT
&TUSJCJMMP
***
$BSBNCBRVFUFOHPQFOB
BMNPNFOUPEFQBSUJS
BZFSRVFSBEFKBSUF
ZIPZOPNFRVJFSPJS
&TUSJCJMMP
5POBEBBOOJNBJOUFSQSFUBEBFOTBMPOFT
-5
,3;690;6*/03,56
.TJDB%FSMJOEB"SBZB
5FYUP$BSMPT7TRVF[
*
&MUPSJUPEFMBIBDJFOEB
&TVOUPSPEFFOEFWFSB
%JDFORVFFOUPJUJUP$IJMF
/BJEFOMFIBDFMBDPMMFSB
**
&MPUSPEBQFMF
$POFMUPSPF}P1BTDVBM
:EJDFORVFMPNBOEP
}FSFDIJUPBMFTQJUBM
&TUSJCJMMP
"ZUPSP UPSJUP BZUPSP
2VFIBDTSBCJBSBMPTIVBTPT
4JDPONBBTUFBDPSSBMBO
5FOTRVFDPSUBSMPTMB[PT
&TUSJCJMMP
***
:FOMBIBDJFOEBTFNVSNVSB
2VFWBRVJMMBZOPWJMMJUP
3FDPOPDFODPNPQBESF
"FTFDIJMFOPUPSJUP
&TUSJCJMMP
,37(30;6,*(5,3(
5FYUPZ.TJDBEF1FUSPOJMB0SFMMBOB

*
.JNBNNFMPJDB
.FMPHPMWJBBJDJS
)JKJUBTJUFDBTBJ
5FOTNVDIPRVFTVGSJS
7
:EFTQVTRVFNFDBTF
"ZRVFDSV[UBOSFQFT
5FOBSB[ONJNBNB
1B}EBSNFFTBBDPOTFK
**
:ZPQPSFOUVTJBTN
1PSTBCFSMPRVFFTDBOFMB
.FKVJBQFEJSDPOTFKP
"MBWJFKBEFNJBHFMB
7*
:ZPQPSQFEJSDPOTFKP
"MBWJFKBNJBHFMB
/PIBTFSWJEPOJQB}QPODIF
&MQBMJUPDBOFMB
:NJBHFMBNFJDB
)BZRVFBZVEBSBDBSHBS
-BDSV[QVTNIJKJUB
:BTEFDBNJBHFMB
)BZRVFBZVEBSBDBSHBS
-BDSV[QVTNJIJKJUB
***
:FMPUSPQPSMPPUSPMBP
2VFOPNFFKBCBJWJS
4JWPTUFDBTBJDPONJHP
/PUFIBCSTEFBSSFQFOUJS
7**
:BIPSBRVFNFMPMMFWP
1FHBJUBMBBSUFTB
&MTPMPTBMFBQBTFBS
:NF}FKBDPNPMFTB
*7
4BMESFNPTKVOUPTBQBTFBS
*SFNPTBMDJOFPBMUFBUSP
%FTQVTUFJSJTBBDPTUBS
.VZKVOUJUBDPOUVBUP
1PSFTPOPTFDBTFO
6TUFEFTDIJRVJMMBT
-5
7**
-BWBOEPUPBTMBTUJSBT
:IBDJOEPMFFMQVDIFSP
1RVFNFJSBBDBTBS
%FSBCJBDBTJNFNVFSP
-5
3(336965(
3FQ%FSMJOEB"SBZB
.TJDB%FSMJOEB"SBZB
5FYUP$BSMPT7TRVF[
*
"ZNBNJUBQPSEJPTJUP
.BNJUBZPFTUPZMMPSBOEP
4FNFIBJEPNJBNPSDJUP`BZ
:BRVMPFTUPZFTQFSBOEP
**
.FEFTRVJUBSDPODSFDFT
$VBOEPWVFMWBFMOFHSPJOHSBUP
4JNFQJEFRVFMPCFTF`BZ
5FOESRVFCFTBSBMHBUP
&TUSJCJMMP
4PZMBMMPSPOB
:PTQPSRVF
-MPSPFTUFOFHSP JOGBNF
2VFTFNFGVF
4PZMBMMPSPOB
:PTQPSRVF
:TJOPWVFMWF
.TMMPSBS
&TUSJCJMMP
***
&TUBCBMJOEPFMSBODIJUP
$PONJOFHSPFOBNPSBEP
:BIPSBRVFNFMFIBJEP`BZ
.FRVFEFMSBODIPQFMB}P
&TUSJCJMMP
*7
$VBOEPTBMFOJNFBWJTB
4PMPEJDFDPOUFSOVSB
5FOHPSPUBMBDBNJTB
DIBNFMFVOBDPTUVSB
&TUSJCJMMP
-5
,3*/05*63
5FYUP"OOJNP
.TJDB&TUIFS.BSUOF[
4BOUJBHP
*
$IJODPMRVFUFIBCJBJIFDIP
%JKPFMDIJODPMBMBDIJODPMB
&TUBTJRVFFTMBCPOJUB
7PTQBTFBOEPZZPBRVTPMB
1BTBJMBOPDIFZFMEB
1PSEFUSTEFMBDPDJOB
$PNPFM[PSSPBMBHBMMJOB
"HBJUBOEPBTVRVFSJEB
:ZPFONJDBTBBnJKJEB
5VTNBMEBEFTOPTPTQFDIP
:PUFOHPNJTBOPQFDIP
:QPSTBOUJEBEUFEJHP
4JRVJFSFTTFHVJSDPONJHP
$IJODPMRVFUFIBCBJIFDIP
**
1PSDVMQBEFFTUFDIJODPM
:PNFIFJWJTUPNVZSF}QPCSF
&OGFSNBTJOOJOHODPCSF
:DBMFOUOEPNFBMTPM
5BNCJONFRVFEPBZVOBOEP
4JOTFOUBSVOBPMMBBMGVFHP
:TJFTRVFZPUFMBQFHP
/PWBZBBOEBSDIJMMBOEP
1MBUBNFBOEBOPGFSUBOEP
1B}RVFQPOHBDBODIBF}CPMBT
2VFTFBVODIJODPMDPODPMB
:OPSBCPDPNPWPT
:PUFMPSFQSFTFOUPFOWPT
%JKPBMDIJODPMMBDIJODPMB
-5
***
1PSmOMBDIJODPMBWJM
%JKPZPBBQBSUBSNFWPZ
1PSRVFDPOUJHPOPTPZ
$BTBEBQPSFMDJWJM
$POUFTUBFMDIJODPMDFMPTP
:DPOBTQFSPTFNCMBOUF
4FRVFNFFTUBJFOHBBOEP
:RVFUJFOFTPUSPBNBOUF
%FDIJODPMFTUFOHPVONJM
2VFNFBOEBOEBOEPDPOTFKP
:FOFMBHVBBUJUFEFKP
:QBSBRVFNFIBHBVOIVFWP
.FCVTDBSVODIJODPMOVFWP
1PSRVFWPTDIJODPMUBJWJFKP
+,:70,9;(79,*06:6(A(/(9
5FYUP"OOJNP
.TJDB&TUIFS.BSUOF[
4BOUJBHP
*
%FTQJFSUBQSFDJPTPB[BIBS
%FNJTEFMJDJBTQPSUFOUP
"MTPOEFVOQPCSFJOTUSVNFOUP
4BMVEPTUFWFOHPBEBS
**
%FTQJFSUBWJEJUBNB
"MPTSBZPTEFMBMVOB
CSFNFMBQVFSUBDJFMP
"OUFTRVFNFEFOMBVOB
&TUSJCJMMP
%FTQJFSUBDJFMP
4JFTUTEPSNJEP
0ZFNJTRVFKBT
:NJTTVTQJSPT
7FOBNJTCSB[PT
%VFPRVFSJEP
&TUSJCJMMP
***
%FTQJFSUBWJEJUBNB
"MPTHPMQFTEFMSFMPK
CSFNFMBQVFSUBDJFMP
"OUFTRVFNFEFOMBTEPT
&TUSJCJMMP
5POBEB&TRVJOB[P
-5
(;90520305(0
3FQ-BT$VBUSP)VBTBT
5FYUPZ.TJDB&TUIFS.BSUOF[
*
-PTJOEJPTDVBOEPCBKBSPO
#BKBSPOQPS*NQFSJBM
:MBJOEJFDJUBEFDB
2VFDPOUJFOFUBOUPBOEBS
**
-PTJOEJPTDVBOEPFOBNPSBO
5PDBO,VMUSOZ5SVUSVLB
4FQMBOUBOMBOPWJBBMBODB
:TFFODJFSSBOFOMBSVDB
&TUSJCJMMP
&TUSJCJMMP
"USJOLJMJOBJQVSSVUVQVSSB
BJUBFOSVLBLBIJUPMFNFJ
7BNPTUVNBNJUB
5VWFJ UVWFJ
***
-PTJOEJPTQBSBDBTBSTF
0GSFDFOSVDBDPOSBNBT
:NVDIPTDBCBMMFSJUPT
4FDBTBOTJOUFOFSDBNB
&TUSJCJMMP
3(*/(*(9,9( i1BQBTDPO-VDIFw
5SBEJDJPOBM
3FQ&MJBOB.PSBHB
*
:PUFOHPVOBDIBDBSFSB
2VFOPTFQJOUBOBUB
5PEPFMEBTFMPQBTB
"GFJUZQFJOBEJUB
**
$IBDBSFSBHFOBNP[B
$IBDBSFSBEFMPTEJBCMPT
2VFUFBOEBQPSMPT[BOKPOFT
5BDPOFBOEP 5BDPOFBOEP
&TUSJCJMMP
$IBDBSFSJUB DIBDBSFSPOB
;BNCBNVMBUB NJSFHBMPOB
4JGVFSBTEJPTB NPPEFFTDPCB
)DFMFUVSJMVMJMP
)DFMFUVSJMVM
)BDFMFUVUPBMBHVBHVB
2VFFOMBDVOJUBEVSNJFOEPFTU
1BQBTDPOMVDIFZIBSUJUPBK
.FRVFSTEJBCMP
/PNFRVFST
.FFDIBJBMTBDP
/PNFFDIBSJT
"TTFMPMMFWBO MPTEFIPZFOEB
5JSBQB}BD UJSBQB}BMM
&TUSJCJMMP
-5
(469:,*9,;6
5FYUPZ.TJDB&MFOB$BSSBTDP
*
"RVIBZVOPQPSMNVFSP
1FSPOPEJHPRVJFOFT
1PSRVFZPTPMPMPIFJRVFSJEP
&OTFDSFUPMPBN
.JTPKPTGVFSPOMBDVMQB
2VFDPOFMMPTMPNJS
&MMPTGVFSPOTBCFEPSFT
1FSPOPEJHPRVJFOFT
**
:UBOEFWFSBTMPRVJTF
$PODPOTUBODJBMPWFOFSP
/PUFOHPNTRVFEFDJS
"RVIBZVOPQPSMNVFSP
4JTPZmSNFFOFMBNBSUF
7MHBNFFMDJFMPRVFIBS
"RVIBZVOPQPSMNVFSP
"EJWJOFORVJFOTFS
&TUSJCJMMP
"ZOFHSPNP
/PNFIBHBTTVGSJS
.JSBRVFEFQFOB
.FWPZBNPSJS
7JEBEFNJWJEB
.JSBRVFEFQFOB
.FWPZBNPSJS
&TUBOUPMPRVFUFRVJFSP
2VFOPQVFEPSFTJTUJS
&TUSJCJMMP
-5
40*69(A5,:3,(3
*
/BEJFPDVQBUVMVHBS
5FSFTNJBCTPMVUPEVFP
/PUFOHPBOOJVOFOTVFP
/JPUSBDPTBFORVFQFOTBS
7
1FSPOPFTEFMJUPBNBS
:QPSMBNJTNBSB[O
%FOUSPEFNJDPSB[O
/BEJFPDVQBUVMVHBS
**
1FSPOPFTEFMJUPBNBS
:QPSMBNJTNBSB[O
%FOUSPEFNJDPSB[O
/BEJFPDVQBUVMVHBS
7*
"NJOPNFQFSUFOFDF
%FRVFNFEFKFTQFOBOEP
1FSPNJSBMPRVFIB[IFDIP
:OPNFEFKFTQFOTBOEP
***
4JQPSRVFSFSUFNFFNQFP
"VORVFQSFNJPOPNFSF[DB
/PJNQPSUBRVFZPQBEF[DB
5FSFTNJBCTPMVUPEVFP
7**
4JUFBMFKBTEFNJMBEP
.FBMFKBSZPUBNCJO
:BMTFQBSBSOPTEJSFNPT
"EJTRVFUFWBZBCJFO
*7
.JDPSB[OFTMFBM
2VFUFQSPNFUFBMBWF[
2VFOVODBUFOESQPSRV
0USBDPTBFORVFQFOTBS
-5
5,.90;(7(9(8<,9,9;,
5SBEJDJPOBM
+PT.PMJOB
4BOUJBHP
*
/FHSJUBQBSBRVFSFSUF
%FBNBSUFNFFTJNQPTJCMF
$PMPSRVFBNJNFDBVUJWB
/FHSJUBTJGVFSBTMJCSF
**
%FTEFNJQSJNFSBJOGBODJB
-MPSMHSJNBTQFRVFBT
)PZMBTMMPSPFOBCVOEBODJB
1PSRVFSFSDBSBTUSJHVFBT
&TUSJCJMMP
"ZT T BZTBZOP
/FHSJUBEBNFUVBNPS
2VFTJOPNFEBTUVBNPS
%FQFOBNFNVFSPZP
&TUSJCJMMP
***
-BTOFHSJUBTTPONVZCVFOBT
"QBDJCMFTZBNPSPTBT
4FQBHBOCJFOEFTVTHVTUPT
:KBNTTPOWFMFJEPTBT
&TUSJCJMMP
@6;<=,<505.9(;6(469
5SBEJDJPOBM
+PT.PMJOB
*
:PUVWFVOJOHSBUPBNPS
2VFDPOHSBOEFTEONFIBMBHB
2VFBNBOUFTFSFMRVFQBHB
-BmOF[BDPOSJHPS
:QPSNJJNBHJOBDJO
:PQFOTBCBRVFBTGVFTF
-BJOHSBUBDVBOUBTWFDFT
$POTVTBNPSFTmOHJEPT
)BDFQFSEFSMPTTFOUJEPT
"VOJOGFMJ[RVFQBEFDF
**
2VFOPUFOHBTRVFTVGSJS
&OFTUBBmDJOUBOEVSB
6OBJOGFMJ[DSJBUVSB
"CBOEPOBEBEFUJ
.TCJFOQSFmFSPNPSJS
1PSOPWFSNFEFTHSBDJBEP
5VNFIB[IFDIPEFTEJDIBEP
%FTEFNJQSJNFSJOTUBOUF
&TQFOBQBSBVOBNBOUF
5BOUPUJFNQPBQBTJPOBEP
-5
$PHPMMP
1BSBVTUFENJTB.BSHPU
4PRVFFTUBCBDPSUBOEP
%FMKBSEO MBNFKPSnPS
:BVTUFETFMBFTUBCBEBOEP
:BRVNFRVFEQFOTBOEP
4JTFMBSFHBMBS
2VFZPDMBSBNFOUFT
2VFNFMBWBBEFTQSFDJBS
:QBSBOPRVFEBSNBM
$POFMMBTNFRVFEBS
5POBEB5SBEJDJPOBM
:<:7096:+,3*69(A5
5SBEJDJPOBM
3FQ*TNBFM$BSUFS
4BOUJBHP
*
4VTQJSPTEFM$PSB[O
7BOBUVQPEFS NJWJEB
1PSQFOTBSFOUJMPTEPZ
"UPEBTIPSBTEFMEB
**
:BRVFOJOHVOBSB[O
.FSF[DPEFUVTBNPSFT
.OEBNFQPSQPSUBEPSFT
4VTQJSPTEFM$PSB[O
&TUSJCJMMP
4FOUBEBFOMBQFBFTUBCB
:VOQBKBSJMMPEFDB
2VJFOQVEJFSBEBSVOWVFMP
"UVTCSB[PTWJEBNB
&TUSJCJMMP
***
$PONJQFOPTBQBSUJEB
.BOEPVOTVTQJSPMJHFSP
&TUPTmFMFTNFOTBKFSPT
7BOBUVQPEFSNJWJEB
&TUSJCJMMP
-5
,5*/033573(5;i<5(96:(
-FUSBZ.TJDB&TUIFS.BSUOF[
*
&O$IJMMOQMBOUFVOBSPTB
&O#VMOFTQMBOUVODMBWFM
&O4BO3PTFOEPVOSFUBNP
:FO$PODFQDJOVONBJUO
**
&MSFUBNPNFEBnPS
&MNBJUONFEBTFNJMMB
&MDMBWFMNFEBGSBHBODJB
:MBSPTBNFEBFTQJOB
&TUSJCJMMP
$MBWFMZB[VDFOB
+B[NOZBMIFM
7FSEBERVFNFRVJFSFT
7FSEBERVFFTBT
&TUSJCJMMP
***
7PZBIBDFSVOSBNJMMFUF
%FMBSPTBZEFMDMBWFM
6OBnPSDJUBSFUBNP
:VOHBODIJUPEFNBJUO
&TUSJCJMMP
36:*<(;96(469,:+,<5(4<1,9
5SBEJDJPOBM
3FQ)FSNBOBT"DVB
*
-BNVKFSRVFBMPTWFJOUF
:FTUTPMUFSB
&TQPSRVFTFIBDBEP
%FMBB[PUFB
***
-BNVKFSRVFBMPTDVBSFOUB
/PUJFOFOPWJP
&TRVFMFIBQVFTUPMMBWF
"MFTDSJUPSJP
**
-BNVKFSRVFBMPTUSFJOUB
/PTFIBDBTBEP
&TQPSRVFUJFOFFMDVBSUP
%FTBMPKBEP
*7
-BNVKFSRVFBMPTDJODVFOUB
2VJFSFFTUBSTPMB
&TRVFTFMFIBFOGSJBEP
-BDBDFSPMB
-5
3(90:(
5SBEJDJPOBM
3FQ)FSNBOBT"DVB
*
4JVOKPWFORVJFSFFOHBBS
0BMNFOPTFTURVFSJFOEP
$VBOEPWBBWFSBVOBOJB
-MFHBTBMVEBOEPZSJFOEP
**
4JWBOBTFSWJSVOUSBHP
-BSJTBMMFHBQSJNFSP
:BOUFTRVFMBOJBUPNF
:BFMKPWFOTFFTUSJFOEP
&TUSJCJMMP
"KBKBJ RVFZPQPSUVBNPS
"ZBZBZ QVMJEPDPSBM
5VBVTFODJBNFNBUB
.FIBDFEFMJSBS
$POMBTWFSEFTIPKBT
%FVOWFSEFOPHBM
%POEFTFMBNFOUBMBOFHSBGBUBM
$POMBTWFSEFTIPKBT
%FVOUSJTUFBMIFM
%POEFTFMBNFOUBMBOFHSBJOGFMJ[
&TUSJCJMMP
***
5PEBSJTBFTMJTPOKFSB
"MQSJODJQJPEFMBNPS
:EFTQVTRVFQBTBFMUJFNQP
$BNCJBSJTBQPSSJHPS
&TUSJCJMMP
+,3(9(A+,<5630=6
5SBEJDJPOBM
3FQ-BT.PSFOJUBT
3FHJTUSBEBFO4BOUJBHP
*
%FMBSB[EFVOPMJWP
/BDJNJNBESFHJUBOB
:ZPDPNPTPZTVIJKB
4BMEFMBNJTNBSBNB
**
%FMBQFBTBMFFMBHVB
%FMBSPDBMPTDPSBMFT
%FMBCPDBEFMPTIPNCSFT
4BMFOUPEBTMBTNBMEBEFT
&TUSJCJMMP
"ZT BZT BZRVFT
"ZOP BZOP BZRVFOP
%JDFTRVFNFFTUBTRVFSJFOEP
"IPSBOPRVJFSPZP
&TUSJCJMMP
&TUSJCJMMP
$PHPMMP
1BSBNJOFHSJUPJOHSBUP
7FSEFDPHPMMPEFPMJWB
"VORVFNFIBZBTEFTQSFDJBEP
.JDPSB[OOPUFPMWJEB
&TUSJCJMMP
-5
<5(7,5(5<,=(4,5;,
5SBEJDJPOBM
3FQ-BT.PSFOJUBT
3FHJTUSBEBFO4BOUJBHP
*
6OBQFOBOVFWBNFOUF
.FFTUBRVJUBOEPMBWJEB
-BSFDFUBFTPMWJEBS
:FMSFNFEJPTFNFPMWJEB
***
2VJFSPRVFSFSZPMWJEBS
2VFQBTJOTFSMBNB
5FRVJTJFSBBCPSSFDFS
:FMSFNFEJPTFNFPMWJEB
**
"NUPEPTNFBDPOTFKBO
:NFPCMJHBORVFUFEJHB
2VFUVNVDIBJOHSBUJUVE
.FFTUBRVJUBOEPMBWJEB
*7
$VQJEPFOTVUSJCVOBM
.FEBTFOUFODJBEFNVFSUF
1PSRVFIBFOUSBEPBNJQFDIP
6OBQFOBOVFWBNFOUF
-5
9(5*/0;6+,;6;69(
3FQ-BT.PSFOJUBT
5FYUPZ.TJDB4S5PSSFT
*
&OVOSBODIPEFUPUPSB
%FQBKJUBTBSSFHMBEP
$POVOCMBODPFOSFKBEJUP
:VOKBSEONVZQFSGVNBEP
"MMUFOHPNJFNCFMFTP
&OVOMJOEPNVDIBDIJUP
2VFDVBOEPMFQJEPVOCFTP
4FQPOFDPMPSBEJUP
**
"MEFTQFEJSNFEFM
%FVOBNBOPMPUPN
:DPOBNPSMPCFT
$PNPBMBTnPSFTNTCFMMBT
"EJTNFEJKPMMPSBOEP
/PPMWJEFTRVFUFIFRVFSJEP
:BIUFFTUBSFTQFSBOEP
4JFTRVFWVFMWFTBNPSNP
&TUSJCJMMP
$PNPVOBnPS
2VFOBDFFOMBQSJNBWFSB
+VOUJUPBMBFOSFEBEFSB
2VFZBFTUUPNBOEPFMTPM
:BMWFSNFBNJ
$PHJEFMBNBDFUJUB
6OBnPS MBNTCPOJUB
2VFFOFMTPNCSFSPQSFOE
&TUSJCJMMP
,:;6@*<0+(5+6<5*3(=,3
5SBEJDJPOBM
3FQ0UJMJB(PO[MF[
4BOUJBHP
*
&TUPZDVJEBOEPVODMBWFM
1BSBNJEJWFSUJNJFOUP
%FNJNBOPTFNFGVF
/PUVWFFMNFSFDJNJFOUP
**
/PUVWFFMNFSFDJNJFOUP
%FIBCFSDVJEBEPFMDMBWFM
$VBOEPZPMPQFOTBSB
%FWFSMPFOPUSPQPEFS
-5
***
%FWFSMPFOPUSPQPEFS
1BSBRVFMPRVJFSPZP
(DFMPRVJFOMPNFSFDF
2VFQBSBNJTFBDBC
-5
*<(5+6=(@(:(3*(476
5SBEJDJPOBM
3FQ0UJMJB(PO[MF[
4BOUJBHP
*
$VBOEPWBZBTBMDBNQP
:TJFOUBTVOBJSFGSP
/PMFFDIFTMBDVMQBBMWJFOUP
2VFTPOMPTTVTQJSPTNPT
**
"DVSEBUFEVFPNP
$VBOEPFNQF[BTUFBBNBSNF
2VFUVTPKPTNFIBODPNQSBEP
$POFMmOEFOPPMWJEBSNF
&TUSJCJMMP
%JNFTJNFRVJFSFT
%JNFTJNFBNBT
%VFPEFNJWJEB
:PUFMPQSPNFUP
$POFMDPSB[O
:PUFMPQSPNFUP
%FOVODBPMWJEBSUF
%VFPEFNJWJEB
)BTUBEBSUFFMDPSB[O
&TUSJCJMMP
***
"DVSEBUFRVFQVTJTUF
5VTNBOPTTPCSFMBTNBT
:MMPSBOEPNFEJKJTUF
2VFKBNTNFPMWJEBSBT
&TUSJCJMMP
;<+0*,:8<,564,8<0,9,:
5SBEJDJPOBM
0UJMJB(PO[MF[
4BOUJBHP
*
5VEJDFTRVFOPNFRVJFSFT
1PSRVOPNFRVJFSFTEJNF
:PNFNVFSPQPSRVFSFSUF
4MPQPSRVFSFSUFBUJ
**
5FOHPNJBNPSFOFMBJSF
:NJFTQFSBO[BFOFMTVFMP
&TPOPMPTBCFOBEJF
%POEFUFOHPNJDPOTVFMP
&TUSJCJMMP
"ZTJ TJ TPMJDJUP
4PMJDJUBOEPNJTVFSUF
2VFTJNFUJFOFTBNPS
4PZmOBQBSBRVFSFSUF
&TUSJCJMMP
-5
91(4,+0()36
5SBEJDJPOBM
3FQ*TNBFM$BSUFS
4BOUJBHP
*
:PNFTVCBVOBMUPQJOP
1PSWFSTJUFEJWJTBCB
3KBNFEJBCMP
:FMQJOPDPNPFSBWFSEF
%FWFSNFMMPSBS MMPSBCB
3KBNFEJBCMP
***
%JKPFMTBCJP4BMPNO
&MRVFFOHBBBVOBNVKFS
3KBNFEJBCMP
/PUJFOFQFSEOEF%JPT
4JOPMBFOHBBPUSBWF[
3KBNFEJBCMP
**
$VBOEPEPTRVJFSFOBVOB
:MPTEPTFTUOQSFTFOUFT
3KBNFEJBCMP
&MVOPDJFSSBMPTPKPT
:FMPUSPBQSFUBMPTEJFOUFT
3KBNFEJBCMP
,39,3610;6
3FQ-BT$VBUSP)VBTBT
5FYUPZ.TJDB&TUIFS.BSUOF[
*
.FSFHBMBTUFVOSFMPK
6OSFMPKJUPEFQMBUB
$POVOBDBEFOBMBSHB
:FTBFTMBRVFNFNBUB
***
&OMBUBQBEFMSFMPK
5FOHPUVDBSBHSBCBEB
:FONJQPCSFDPSB[O
6OBFTUBNQJUBQJOUBEB
**
$BNJOBSZDBNJOBS
3FMPKJUPFTUVEFTUJOP
3FMPKJUPFTUVDBOUBS
-BTEVSF[BTEFMDBNJOP
*7
$VBOEPFMSFMPKTFEJWJEB
5FSNJOFNJUSJTUFIJTUPSJB
4FJSNJQPCSFTVTQJSP
7PMBOEPIBDJBUVNFNPSJB
&TUSJCJMMP
3FMPKJUP SFMPKJUP
2VFBOEBJKVOUPBMDPSB[O
2VJFOUFDPOUBSBNJTQFOBT
-BTQFOBTEFNJQBTJO
4POMBTEPT TPOMBTEPT TPOMBTUSFT
4POMBTDVBUSP MBTDJODP MBTTFJT
&TMBBVSPSBZNJOFHSPOPWJFOF
"ZNBNJUBZPOPTFRVFIBDFS
&TUSJCJMMP
-5
(407(;90(
5FYUPZ.TJDB1FUSPOJMB0SFMMBOB
*
)PZRVFFTEF.BZP
5PEPTUFUSBFOPGSFOEB
:PTPMPUFUSBJHPFOQSFOEB
5SJTUFTZBMFHSFTDBOUBSFT
&OWJEJPMPTRVFFOUVTNBSFT
)BOEBEPQPSUJMBWJEB
`PI UVNJ1BUSJBRVFSJEB
%JHOBEFNFKPSSFHBMP
:PUFUSBJHPFOUSFNJTNBOPT
.JTUSJTUFTOPUBTTFOUJEBT
-5
**
2VJTJFSBSFSDBOUBOEP
-PTDBOUBSFTEFNJUJFSSB
1FSPFONJQFDIPTFFODJFSSB
5SJTUFFMDPSB[OMMPSBOEP
"RVMPUJFOFOTBOHSBOEP
:FTUBUSJTUF[BMPIJFSF
-MPSBOEPZSJFOEPTFNVFSF
1PSFOTBM[BSFOMBWJEB
"FTUBNJ1BUSJBRVFSJEB
2VFQPSFMMBWJWFZNVFSF
*6468<,4,=6@*<9(5+6
*
$PNPRVFNFWPZDVSBOEP
&OMBFTRVJOBEFBMMFOGSFOUF
$PNPRVFNFWPZDVSBOEP
$POVOBDPQB}FBHVBSEJFOUF
**
$PNPRVFNFWPZDVSBOEP
%FMBQJMBNVZDFSRVJUB
$PNPRVFNFWPZDVSBOEP
$POVOBDPQB}FDIJDIJUB
&TUSJCJMMP
$PNPRVFNFWPZ DPNPRVFNFWPZ
$PNPRVFNFDBJHP
"ZNBNJUBOPTMPRVFUSBJHP
$POUSFTUSBHVJUPT
:VOEPCMFNT
4FSNFOUJSB TFSWFSEBE
1PSRVFDPONJHPOPIBZOPWFEBE
&TUSJCJMMP
***
$PNPRVFNFWPZDVSBOEP
&OFMEFTQBDIP}F5FSFTB
$PNPRVFNFWPZDVSBOEP
$POVOBDPQB}FDFSWF[B
&TUSJCJMMP
%FDMBNBEP FOJOUFSMVEJPT
&QB yRVFKVF RVFUSBJHP
7JFOUPOPDPSSF OBEJFNFFNQVKB
:QPSRVFNFDBJHP
5POPPSJHJOBM4J.
3(/<(:*(
*
4MPVOBDPTBFOMBWJB
5FMBJEFDPNQBFDFS
&TFTBNBMBQBSUB
2VFOPQPAFIBDFS
***
$SFTUFDPNQSBSVOKVOEP
:UFTBMJTJUJFDJUP
APOEFQSPVDFNBMF[B
UBOFTUSJMZNBMJUP
&TUSJCJMMP
5FQBTBTUFCJFOMBIVBTDB
1PSIBDFSNFBNDBDIBB
5FFNCBSDBTUFZUFFOTBSUBTUF
4JODPOPDFSMFTVTNBBT
&TUSJCJMMP
)VJGBNJOFHSPRVFSP
OEFBOEBS APOEFBOEBS
APOEFBOEBS
RVFTFSEFNJUFMBS
RVJFOAUBSUFKJFOEPFOM
-5
)VJGBNJOFHSPRVFSP
OEFBOEBS APOEFBOEBS
APOEFBOEBS
%FVOFTQFVUPDPNQSBPS
&MOFHPDJPRVFDPNQSBTUF
5FSFTVMUMPQFPS
&TUSJCJMMP
3(-,90(+,*/0335
*
-BTDVBUSPEFMBNBBOB
&MSFMPKBDBCBEFEBS
"QVSNPOPTDIJRVJMMBT
2VFMBHFOUFWBBMMFHBS
:PWPZBFODFOEFSFMGVFHP
:PMBWFSEVSBBMJNQJBS
:PMBTVTUBODJBBFOWPMWFS
$IJRVJMMBTBUSBCBKBS
**
1BTQB}DBDBCBMMFSP
4JRVJFSFDBGUPNBS
4FMPUFOHPDPONBMJDJB
:TPQBJQJMMBQBT
4JRVJFSFDIPDPMBUJUP
5BNCJOZPMFQVFEPEBS
1BTFOPNTDBCBMMFSP
1BTFOPNTQB}DB
&TUSJCJMMP
7BNPTWFOEJFOEPDIJRVJMMBT
7FBNPTRVJFOWFOEFNT
2VFOPTFWBZBOMPTQFTPT
7BNPTHSJUBOEPOPNT
-PT[VFDPTQB}MCBSSP
-BMP[BEFHSFEB
-BTnPSFTNTMJOEBT
-BTDPMDIBTEFTFEB
-BTBWFTCJFOHPSEBT
-BTMJFCSFTCPOJUBT
$PSEFSPTNBDJ[PT
"RVIBZTFPSJUB
$BOBTUPTEFNJNCSF
3FQPMMP NB[
(BSCBO[PTZBSWFKBT
:TFDPFMBK
%FUPEPFOMBGFSJB
6TUFEFODPOUSBS
/PTFJHVBMBBOJVOB
-B'FSJB$IJMMO
&TUSJCJMMP
-5
***
"WFMMBOBTUPTUBEJUBT
-BTVTUBODJBEF$IJMMO
-BTFNQBOBEBTBMIPSOP
$BMJFOUJUBTBRVFTUO
:UBNCJOFMQFCSFDJUP
5BNCJOZPMFQVFEPEBS
1B}RVFDPNQPOHBTVDVFSQP
%FTQVTEFMBUSBTOPDI
&TUSJCJMMP
,3,5.9,+6
5FYUP$SJTUJOB.JSBOEB
.TJDB.BSHPU-PZPMB
J
/PWFOHBJEJTJNVMBOEP
-PRVFUVJUPFMNVOEPTBCF
7BJIBDJOEPUFFMFOHSFEP
:QPSNJFTUBJTVTQJSBOEP
**
&OEFRVFBQBSFDFFMTPM
)BTUBRVFMMVDFSPBTPNB
5BJDPOFMPKPFOMBFTQVFMB
:FMDPSB[OFOMBTPHB
&TUSJCJMMP
:WBNPTEJTJNVMBOEP
%JTJNVMBOEPNJIJKJUP
-BGSVUBF}NBVSBDBF
:UVBNPSUBQJOUPSDJUP
$PMPSBJUBFTUVNBOUB
$POGSBOKBTB[VMZCMBODB
/FHSB SFOFHSBFTMBQFOB
2VFNFFTUBSPZFOEPFMBMNB
&TUSJCJMMP
"ODIBFTMBGBKBEFUVBQFSP
1PSDFJSNFFOFMMBNVFSP
"RVJFODFJSB {"RVJFO
***
"SSNFTFBTVRVFSFODJB
%MFSJFOEBBNJIVBJOJUB
2VFBQSFUBOEPNVDIPFMVP
4FMFWBBDBOTBSTVQSJFOEB
&TUSJCJMMP
-5
3(:*65+0*065,:
5SBEJDJPOBM
&MFOB.PSFOP &TUIFS.BSUOF[
4BO7JDFOUFEF5BHVB5BHVB
*
4JRVJFSFTRVFZPUFRVJFSB
)BEFTFSDPODPOEJDJO
2VFMPUVZPTFBNP
:MPNPUVZPOP
**
)B[EFPMWJEBSBRVJFOBNBT
2VFTPQJUBTBBEJEBT
-BTDPNPEFNBMBTHBOBT
&TUSJCJMMP
&OFTBFTUBCB
$VBOEPEFTQFSU
4PBOEPDPOUJHP
.TOPTZPRVF
5UFDBMMBUP
:PUFDPOUBS ZBUFMPDPOU

&TUSJCJMMP
***
5FIB[EFTBIVNBSDPOSPNFSP
2VFTFUFWBZBFMDPOUBHJP
%FUVTBNPSFTQSJNFSPT
&TUSJCJMMP
,3+<9(A5,9667,90;(:+,(.<(
5FYUP-FVDPUO%FWJB
.TJDB.BSHPU-PZPMB
1SFHPOBEP
A6SB[OP AVSB[OFSP
1FMBP QSJPTDPDBTFSP
.BVSJUPMPTAVSB[OPT NBVSJUP
{RVJFSFEVSB[OPTDBTFSP
1FMBPT QFMVJUPT
*
1FMBPT QSJTDPTMFUFOHP
:[BSBHP[PTQFMVTP
%FFTPTRVFTFQFMBOTPMPT
:IBTUBFMDPEPDPSSFMKVHP
(SBOEB[BTMBTQFSBTEFBHVB
iVSDFTJUBwMBiDJSHFMBw
3FDJF}OUPNFMBNBUB
/FHSBOFHSJUBMBTCSFWBT
&TUSJCJMMP
A6SB[OPTQSJTDPT NFMOEFPMPS
1FSJUBTEFBHVBQBFMDBMPS
/FHSJUPMJOEP UFSSOEFBNPS
%BNFVOCFTJUPTFSNFKPS
-5
**
1FSBT ABNB[DBT
iDJSHFMBTw OFHSJUBMBTCSFWBT
-VWJUBOFHSB MVWJUB
/FHSJUBMBEFPKPFHBMMP
{RVJFSFCSFWBTDBTFSJUB
1FSBT QFSJUBT
/PNFBQSFUFOMBTiDJSHFMBTw
/JNFBHBSSFOMBTABNB[DBT
2VFDPOUBOUPSFHPEFP
7BOBWPMUFBSMBDBOBTUB
.JSFORVFMBZBAFDBTFSP
4FIBDSFJEPRVFZPFTUPZMPDB
"WP[UFHVTUBEJBCMB[P
-BCSFWBQFMZFOMBCPDB
&TUSJCJMMP
A6SB[OPTQSJTDPT NFMOEFPMPS
1FSJUBTEFBHVBQBFMDBMPS
$POVONPSEJTDPUFEPZ UFEPZ
iDJSHFMBTwEVMDFT UFEPZNJBNPS
/610;(+,=,9+,;9i)63
5FYUPZ.TJDB$MBSB4PMPWFSB
*
&OVOUSCPMEFDVBUSPIPKBT
.JCVFOBTVFSUFCVTRV
:GVFSPOTMPDPOHPKBT
-BTRVFFOMBWJEBFODPOUS
**
&OUVTIPKBTFTQFSBO[BT
&OHBMBONJJMVTJO
:BIPSBFSFTMBNPSEB[B
2VFDVCSFNJDPSB[O
&TUSJCJMMP
)PKJUBEFWFSEFUSCPM
7FOUFDPONJHPBMMPSBS
2VJFOQVEJFSBQPSFMDBNQP
1PEFSWPMWFSUFBCVTDBS
"ZNJUSCPMEFDVBUSPIPKBT
)PKBTDPMPSEFJMVTJO
1PSRVFMBWJEBNF[RVJOB
.FMBTUSPDQPSFTQJOBT
1BDMBWBSUFFMDPSB[O
&TUSJCJMMP
-5
*65*3<:065,:
%FMSFUB[PEFWJEBEFMBUPOBEBQSFTFOUBEPFOFTUFFTDSJUP QPEFNPT
EFTDVCSJSRVFFTUBiOJBw ZIPZOPUBOOJB IBUFOJEPMBWPMVOUBE
EFVOBTFNJMMBQBSBQFSNBOFDFSIBUFOJEPCVFOPTDPMBCPSBEPSFT
QBSB FTUF BDJFSUP FO MPT DBNQPT MB DBOUPSB TV QSJODJQBM SFGVHJP
EPOEFIBWJWJEPNTJOUFOTBNFOUF GPSUBMF[BEPOEFEFTDVCSJNPT
TV DPOUJOVJEBE Z QFSNBOFODJB FO MB DJVEBE MP RVF IFNPT MMB
NBEPQSFDVSTPSFTEFMDBODJPOFSPDSJPMMP MPTTFMMPTEJTDPHSmDPTZ
MBQSFOTB"EFNT MPTDPNQPTJUPSFTRVFEFTEFFMBPPQPDP
BOUFTOPTIBOFOUSFHBEPJNQPSUBOUFTBQPSUFTFODSFBDJPOFTEFMB
UPOBEBQPQVMBS JOUFSQSFUFT TPMJTUBT ZIPZDJFOUPTEFDPOKVOUPTEF
QSPZFDDJOGPMLMSJDBFOFTDFOBSJPTEFUPEPFMQBT
&O MB QPDB BDUVBM QPEFNPT FWJEFODJBS DBNCJPT BDFMFSBEPT FO MB
UPOBEB-BQBVTBEBFOUPOBDJOEFMBWJEBBQFOBEBEFVOBDBNQFTJ
OBTFWBiBMFHSBOEP wZOPQPSRVFMBTJUVBDJOEFMDBNQFTJOPIBZB
NFKPSBEPTJOPQPSRVFMBUFOEFODJBVSCBOJ[BEBEFMPTDPOKVOUPTEF
"SJDBB.BHBMMBOFTFTEFBQVSBSMBQVMTBDJO-BUPOBEBBWFDFT
QJFSEFMBQSJNFSBQBSUFNTMFOUBZVTBVOBTPMBQVMTBDJO&OWF[
EFDBODJOUPOBEB BIPSBFTTPMPUPOBEB5BNCJOFTDJFSUPRVFMB
DBOUPSBZBOPFTUUBOBJTMBEB&MMBTBMFEFTVNVOEPZTFNVFWF
FOUSFFMDBNQPZMBDJVEBEDPONTGBDJMJEBE
&O MPT QSJNFSPT BPT EF NJ JOWFTUJHBDJO ZP JCB B MPT DBNQPT Z
SFDPQJMBCBZFTUVEJBCBDPOMBTDBNQFTJOBT&OUJFNQPTSFDJFOUFTTF
IBEBEPRVFWJFOFOFMMBTBNJDBTBFO4BOUJBHPQPSRVFMFTHVTUBNJ
FTUJMPZRVJFSFOBQSFOEFSEFN1FSPUBNCJOMMFHBOTFPSBTDPO
TVTDBTFUFTZBHSBCBEPT BWFDFTDPOBVTQJDJPEFMBNVOJDJQBMJEBEZ
EFGPOEPTQBSBMBDVMUVSB-BTDBNQFTJOBTNJTNBTIBOBQSFOEJEPB
SFDPQJMBSZEPDVNFOUBSTVTQSPQJBTDSFBDJPOFTNVTJDBMFT
-PT NFEJPT UBNCJO JOnVZFO UBOUP FO MB EJGVTJO EF MB UPOBEB
DPNPFOTVEFDMJOBDJO&TUBTJUVBDJOFTJOUFSFTBOUFQPSRVFBDFMFSB
FMEJMPHPFOUSFFMDBNQPZMBDJVEBE1PSVOMBEP MBUFMFWJTJO
WBTVQMBOUBOEPBMBDBOUPSBDPNPFOUSFUFOJNJFOUPZTFQJFSEFFM
JOUFSTFOMBBDUVBDJOFOWJWP1PSPUSPMBEP QPSMBUFMFWJTJOZ
MB SBEJP TF FTDVDIB P TF WF BDUVBS B DBOUPSBT Z DPOKVOUPT SVSBMFT
BMBTDVBMFTBOUFTTFUFOBQPDPBDDFTP-BTDVMUPSBTNJTNBTWBO
IBDJFOEPVOBGVTJOFOUSFMBUPOBEBEFQSPWFOJFODJBSFDJFOUFZMB
EFSBDFTIJTUSJDBT-BNTJDBEF$MBSB4PMPWFSBMMFHBBMPTSJO
DPOFTNTJOTMJUPTZTFBTJNJMBDPNPQBSUFEFMBDPOUJOVJEBEEF
MBUSBEJDJO5BNCJOIBTVDFEJEPRVFZPFTDVDIBVOBDBOUPSB
JOUFSQSFUBOEP VOB SFTGBMPTB EF NJ BVUPSB TJO TBCFS FMMB RVF FTB
DBODJOIBCBOBDJEPEFNUJFNQPBUST"MJOEBHBS TVQFRVFMB
DVMUPSBIBCBBQSFOEJEPMBSFTGBMPTBEFTVOJFUB RVJFOBTVWF[MB
IBCBBQSFOEJEPFOMBFTDVFMB"TRVFFMQSPDFTPEFUSBOTNJTJO
FTDPNQMFKPZMPTNFEJPTQSPWFFOVOBNBZPSNPWJMJEBEUBOUPQBSB
MBTDVMUPSBTDPNPQBSBTVTSFQFSUPSJPT
-BUPOBEBOBDFEFMTVKFUP EFTVTFYQFSJFODJBT EFTVSFMBDJODPO
MBUJFSSBZFMFOUPSOP4FQPESBEFDJSRVFMBUPOBEBOFDFTJUBVOB
DPOFYJO EJSFDUB DPO MB UJFSSB 1PS FTP UFNP RVF B NFEJEB RVF
OVFTUSBSFMBDJODPOMBUJFSSBEJTNJOVZB MBUPOBEBTFWBZBEJMVZFO
EP%FTEFZB QBSFDFNJMBHSPTPRVFMBUPOBEBDPOUJOFTVSFJOBEP
FOFTUPTUJFNQPTEFTPMFEBEZWJPMFODJB
4PCSFFMGVUVSPEFMBUPOBEB OBEBQPEFNPTQSFEFDJS$BEBQPDB
NBSDB TVT QSFGFSFODJBT UBNCJO QPS MB NTJDB EF NPEP RVF OP
TBCFNPTDPNPMBUPOBEBTFEFGFOEFSEFMBEJONJDBRVFJNQPOF
FMUJFNQP-BIJTUPSJBEJDUBSTVWFSFEJDUP
:,3,**054<:0*(3
-BQSFTFOUF4FMFDDJOMBIFNPTSFBMJ[BEPFODPOKVOUPDPOFMQSPGF
TPS0TWBMEP$EJ[ZGPSNBQBSUFEFOVFTUSP"SDIJWPEF5SBCBKPTEF
$BNQP EPOBEPBM'POEPEF%PDVNFOUBDJORVFMMFWBNJOPN
CSF
4J CJFO UPEB TFMFDDJO FT JOKVTUB QPS TFS QBSDJBM BM FTDPHFS DBEB
VOBEFMBTHSBCBDJPOFTBRVDPOUFOJEBT TFIBJOUFOUBEPRVFTFBO
BRVFMMBTFORVF EFVOBVPUSBGPSNB TFSFnFKFVOUJFNQPPVOFT
QBDJPFTQFDmDPFOFMDVBMIBFTUBEPMBUPOBEB CVTDOEPTFUBNCJO
MBTEJTUJOUBTSFBMJEBEFTIVNBOBTZTPDJBMFTRVFMBBDPHFO
-BTUPOBEBTTFMFDDJPOBEBTTPOFOTVNBZPSBUSBEJDJPOBMFTBVORVF
TF JODMVZFO NVDIBT EF BVUPSFT DPOPDJEPT %JDIBT UPOBEBT FTUO
JOUFSQSFUBEBTQPSDBOUPSBT $%
QSFDVSTPSFTZDBOUPSBTEFSPEFP
$%
Z.BSHPU-PZPMB $%
RVFJODMVZFUPOBEBTUSBEJDJPOBMFT
ZEFBVUPSDPOPDJEP
&TQFSBNPT RVF B USBWT EF FTUBT WPDFT QVFEBO VTUFEFT DPOPDFS P
SFDPOPDFSFTUFDBOUPEFMBUJFSSBDIJMFOB
+0:*6 <56 * (5;69(:

-BDBOUPSBFTUQSPGVOEBNFOUFMJHBEBBMBUPOBEB FTMBDBNQFTJOB
EVFBEFDBTB RVFBEFNTEFDVNQMJSDPOMBTGVODJPOFTRVFUPEBT
MBTEFNTNVKFSFTEFFTUFNFEJPSVSBMSFBMJ[BO EFTFNQFBVOQBQFM
QSJNPSEJBM FO MPT FWFOUPT TPDJBMFT ZBNFODJPOBEPT"DPNQBBEB
EFHVJUBSSBZFWFOUVBMNFOUFEFBSQB NBOUJFOFWJWBFTUBUSBEJDJO
RVFHFOFSBMNFOUFSFDJCFEFOUSPEFTVGBNJMJBZEFCFIFSFEBSBMBT
OVFWBTHFOFSBDJPOFT
4RVFSFSBRVJFONFRVJFSF
3FHJTUSBEBFO1PNBJSF
B1VSTJNBZ3BNO.BSUOF["DPNQBBNJFO
UPJOTUSVNFOUBMEFBSQB HVJUBSSBZUBNCPSJMFP&TUBWFSTJOGVFJOUFSQSFUBEBB
EPTWPDFTEVSBOUFVOBmFTUB
&MDBCBMMPCMBODP
3FHJTUSBEBFO&M.BSJTDBEFSP $BVRVFOFT
B#MBODBZ&SOFTUJOB&TQJOP
[B&MFTUSJCJMMPEFFTUBUPOBEBUJFOFMBNJTNBNTJDBEFMBTFTUSPGBTZTFJODPS
QPSBVOUBNCPSJMFPFOMBDBKBEFMBHVJUBSSB
4.
:BUFWBJTBSFUJSBS
3FHJTUSBEP FO &M .BSJTDBEFSP $BVRVFOFT FM BP $BOUPSBT #MBODB Z
&SOFTUJOB&TQJOP[B
3FHJTUSBEBFO-JOBSFT
B&EFMNJSB7BMFO[VFMB-BTQSJNFSBTUSFTFTUSPGBT
EFFTUBUPOBEBUJFOFOVOBDPNQBBNJFOUPEFTMJ[BEPFOMBHVJUBSSB&OFMFTUSJ
CJMMPTFNBOUJFOFMBNFMPEBZDBNCJBFMBDPNQBBNJFOUP
"TTFDPNQPOFFMNVOEP
5POBEB EF WFMPSJP SFHJTUSBEB QPS $BSMPT 3JPTFDP FO 4BMUP EFM 1FSSP 2VJMMFDP

B$FMJB"SBOFEB
$VBOEPTBMEFNJDBTB
3FHJTUSBEB FO 5BMDB HVJUBSSB DPO DVFSEBT EF BMBNCSF
B ;FOJMEB
7BMET
.JWJEBNJTFSNJFODBOUP
3FHJTUSBEBFO3BSJ
B.BSB$PODFQDJO5PMFEP-BHVJUBSSBRVFBDPN
QBBFMDBOUPFTUUSBTQVFTUBDPOMBmOBVSBQBKBSFSB
)VJGBRVFT RVFT
3FHJTUSBEBFO3BSJ
B.BSB$PODFQDJO5PMFEPZ+PWJUB7BMET
&M'JSVM
3FHJTUSBEBFO$PCRVFDVSB
B*SJT"SFMMBOP5POBEBEFTBMODPOFMFNFO
UPTEF[BS[VFMB
$BOTBEPTUFOHPMPTPKPT
3FHJTUSBEBFO$PCRVFDVSB
B*SJT"SFMMBOP RVJFOBQSFOEFEFMBTTFPSJUBT
-ZPO EFMBBSJTUPDSBDJBEF$PCRVFDVSB
&MQPMPMJUP
3FHJTUSBEBFO$PFMFNV
B$BSNFO3PTB3PNFSP&MBDPNQBBNJFOUPFO
HVJUBSSBFTNVZFTQFDJBMMBDBOUPSBNVFTUSBVOBSJRVF[BUDOJDBEFNPTUSBEBFO
MPTJOUFSMVEJPT JODPSQPSBOEPBSQFHJPT HMJTBOEPTZUSNPMPT&OVONPNFOUP
TFJODPSQPSB.BSHPU-PZPMBFOWP[
&TUPZDVJEBOEPVOKBSEO
3FHJTUSBEBFO&M5BNCPFMBPB"MJDJBEFMBT.FSDFEFT0MJWBSFT"SJBT
6OBWF[RVFZPGVJBMDBNQP
3FHJTUSBEBFO4BO'BCJOEF"MJDP HVJUBSSBUSBTQVFTUBQPSMBQBKBSFSB
B
/BUBMJB"SWBMP&MTPOJEPDPSSFTQPOEFB4J.BZPS
4.
&M1BMNFSP
3FHJTUSBEBFO$VSBOJQF
B&SJDBZ"NSJDB(PO[MF[-BTFHVOEBFTUSPGB
EFFTUBUPOBEBFTFMFTUSJCJMMP"VORVFNVTJDBMNFOUFFTMBNJTNBNFMPEB TV
BDPNQBBNJFOUPFTNTWJWB[
1BEF[DPHSBWFTEPMFODJBT
3FHJTUSBEBFO$VSBOJQF
B&SJDBZ"NSJDB(PO[MF[
&MQBMFU
3FHJTUSBEBFO2VJODIBNBM
B.BSB.BSJOBP7FSTJOGPMLMPSJ[BEBEFM
DPVQMFUFTQBPMi&M1BMFUwEF$$BSPCJ
"DVSEBUFGBMTPJOHSBUP
3FHJTUSBEBFO4BO%JPOJTJP $PMCO
B"EB6SUVCJB-PTEPTQSJNFSPT
WFSTPTEFDBEBFTUSPGBUJFOFOVOBDPNQBBNJFOUPiQVOUFBEPwBVOJOUFSWBMP
EFUFSDFSB CBKPMBWP[
&MDBSBDPMJUP
3FHJTUSBEBFO$BVRVFOFT
B.BSB1FSFJSB
%JDFORVFIBOBDJEPFM/JP
3FHJTUSBEBFO+VORVJMMBS 1VU
B0MHB/F[&TUBUPOBEBBM/JP%JPT
EFTUBDBQPSTVBDPNQBBNJFOUPSBTHVFBEPZQVOUFBEP
-BTDBMBCB[BT
3FHJTUSBEBFO+VORVJMMBS 1VU
B0MHB/F[
&MRVFUJFOFQBJSFZNBJSF
3FHJTUSBEBQPS+VBO"TUJDBB5FSFTB.VP[ /JMBIVF
*OUFSQSFUBEBDPO
EFUFODJPOFT JOUFSDBMBOEPQBMBCSBTZQSFHVOUBTIBCMBEBT-BDBOUPSBMBMMBN
iUPOBEBDNJDBw
3FHJTUSBEB QPS +VBO "TUJDB FO /JMBIVF $PMDIBHVB
B +VMJB .VP[
"DPNQBBNJFOUPNJYUPSBTHVFBEPZQVOUFBEP.USJDBMJCSF
1BSBCJFOFTEFMPTOFHSPT
3FHJTUSBEBFO/JCMJOUP FO B'SBODJTDB(PO[MF[
4FGVFNJRVFSJEPCJFO
3FHJTUSBEBFO$BVRVFOFTB(FSEZ3FUBNBMZ&MJBOB1FSFJSB
4.
+0:*6 +6: 7 9,*<9:69,: +,3 * (5*065,96
*906336@*(5;69(:+,96+,6
-PT 1SFDVSTPSFT EFM $BOUP $SJPMMP TF EFTBSSPMMBSPO FO MB DJVEBE
EPOEF FONVDIPTDBTPT MMFHBSPOEFTEF[POBTSFMBUJWBNFOUFNT
SVSBMFT&MMBTJODPSQPSBOOVFWPTFMFNFOUPTNVTJDBMFTZMJUFSBSJPTB
MBUPOBEB BEBQUOEPTFBMBTMFZFTQSPQJBTEFMFTDFOBSJP BHSFHBOEP
FMFNFOUPTIJTUSJOJDPTTPOJOUSQSFUFTZBWFDFTUBNCJODPNQPTJ
UPSFT$PNJFO[BOBBQBSFDFSFOMBTFHVOEBEDBEBEFM499 iZEF
FMMBTBQSFOE DPNPJOUSQSFUF DPNQBSUJFOEPFTDFOBSJPTFOUSFMPT
BPTEFMBMw .BSHPU-PZPMB

-BT $BOUPSBT EF SPEFP TJ CJFO WJWFO FO FM NJTNP QBJTBKF SVSBM
BHSDPMBRVFMBTQSJNFSBTZBNFODJPOBEBT TFEJGFSFODJBOEFTUBT
QPSRVF EFOUSPEFTVPDJP TFIBOFTQFDJBMJ[BEPFOVOSFQFSUPSJPZ
VOUJQPEFJOUFSQSFUBDJORVFFTCJFOBDPHJEPQPSMPTQBSUJDJQBOUFT
EFFTUFEFQPSUF EPOEFMPTKJOFUFTEFNVFTUSBOTVEFTUSF[BZMBDPNV
OJDBDJODPOTVDBCBMMP NBOFKBOEP TFHOMBTSFHMBTEFMKVFHP B
VO FKFNQMBS WBDVOP FO VO FTQBDJP SFEVDJEP -BT WPDFT BHVEBT Z
GVFSUFTEFMBTDBOUPSBT FMDBSDUFSWJCSBOUFEFMBJOUFSQSFUBDJOZ
MBTUFNUJDBTBMFHSFT TPOMBTRVFFOFTUFDPOUFYUPUJFOFOBDPHJEB
1PS TVT DBSBDUFSTUJDBT UBOUP JOUFSQSFUBUJWBT DPNP DPOUFYUVBMFT
QPESBODPOTJEFSBSTFVOFTUBEJPJOUFSNFEJPFOUSFMBDBOUPSBSVSBM
ZMBQSFDVSTPSB
&MBNPSEFMBTWJVEJUBT
3FHJTUSP FO EJTDP 4BOUJBHP
5POBEB USBEJDJPOBM JOUFSQSFUBEB QPS
#MBODB5FKFEBEF3VJ[
-PTPKPTRVFBNJNFNJSFO
5POBEB USBEJDJPOBM JOUFSQSFUBEB QPS
#MBODB5FKFEBEF3VJ[
&MQBMJUPFDBOFMB
3FHJTUSPFOEJTDP 4BOUJBHP
"VUPSBFJOUSQSFUF1FUSPOJMB0SFMMBOB
&MUPSJUPDIJMFOP
5FYUPEF*TJESP-VFOHP NTJDBFJOUFS
QSFUBDJO%FSMJOEB"SBZB
4.
-BMMPSPOB
"VUPS$BSMPT0MJWBSFT JOUSQSFUF%FS
MJOEB"SBZB
&MDIJODPM
5FYUPUSBEJDJPOBM NTJDBFJOUFSQSFUBDJO&TUIFS.BSUOF[(SBCBDJOSFBMJ
[BEBFOTFTJOEFFTUVEJP
-BTDPOEJDJPOFT
5SBEJDJPOBM*OUSQSFUFT&TUIFS.BSUOF[Z&MFOB.PSFOP 4BOUJBHP

%FTQJFSUBQSFDJPTPB[BIBS
5POBEBEFTBMVEPPFTRVJOB[P5FYUPUSBEJDJPOBMZNTJDBEF&TUIFS.BSUOF[
*OUSQSFUFT&TUIFS.BSUOF[Z&MFOB.PSFOP 4BOUJBHP

"USJOLJMJOBZ
5POBEB USBEJDJPOBM *OUSQSFUFT -BT
$VBUSP)VBTBT
-B$IBDBSFSBPi1BQBTDPOMVDIFw
5POBEBUSBEJDJPOBM*OUSQSFUF&MJBOB
.PSBHB
.JDPSB[OFTMFBM
"VUPSBFJOUSQSFUF&MFOB$BSSBTDP
"NPSTFDSFUP
3FHJTUSBEBFOEJTDP 4BOUJBHP
BVUPSBFJOUSQSFUF&MFOB$BSSBTDP
:PUVWFVOJOHSBUPBNPS
5SBEJDJPOBM3FHJTUSBEBFOTFTJOEFFTUVEJPFO4BOUJBHP
7P[ZHVJUBSSB
+PT.PMJOB
/FHSJUBQBSBRVFSFSUF
5SBEJDJPOBM 4BOUJBHP
+PT.PMJOBFOWP[ZBSQB .BSHPU-PZPMBFOHVJ
UBSSBZWP[
4VTQJSPTEFMDPSB[O
3FHJTUSPFOEJTDPi$BTBEF$BOUPw 4BOUJBHP
*OUSQSFUFT.BSHPU
-PZPMBZ+PT-VT1FB&OBSQB +PT.PMJOB
&MTFSFOPEFNJDBMMF
3FHJTUSBEB FO FM $FSSP 'MPSJEB EF 7BMQBSBTP QPS .BSHPU -PZPMB *OUSQSFUF
(BCSJFMB1J[BSSP3FHJTUSBEPFOSFDJUBMFOIPNFOBKFB.BSHPU-PZPMB
4.
&O$IJMMOQMBOUVOBSPTB
5POBEB PSJHJOBM EF &TUIFS .BS
UOF[*OUSQSFUFT)FSNBOBT"DVB
-PTDVBUSPBNPSFTEFVOBNVKFS
5POBEB USBEJDJPOBM *OUSQSFUFT
)FSNBOBT"DVB
-BSJTB
5POBEB USBEJDJPOBM *OUSQSFUFT
)FSNBOBT"DVB
%FMBSB[EFVOPMJWP
5POBEBUSBEJDJPOBM*OUSQSFUFT-BT.PSFOJUBT 4BOUJBHP

6OBQFOBOVFWBNFOUF
5POBEBUSBEJDJPOBM*OUSQSFUFT-BT.PSFOJUBT 4BOUJBHP

3BODIJUPEFUPUPSB
"VUPS { 5PSSFT *OUSQSFUFT -BT
.PSFOJUBT
&TUPZDVJEBOEPVODMBWFM
5POBEBUSBEJDJPOBM*OUSQSFUFT0UJMJB(PO[MF[FOWP[ZBSQB *TBCFM'VFOUFT
FOHVJUBSSB 4BOUJBHP

$VBOEPWBZBTBMDBNQP
5POBEBUSBEJDJPOBM*OUSQSFUFT0UJMJB(PO[MF[FOWP[ZBSQB *TBCFM'VFOUFT
FOHVJUBSSB 4BOUJBHP

3FHJTUSBEBTFOWJWPQPSFMNVTJDMPHP"HVTUO3VJ[ FOFMSFDJUBMAA$VMUPSBT
EFBSQBFO$IJMF 1SPZFDUP'POEBSU
4BOUJBHP
$PNFOUBSJPT
Z 7PDFT RVF EFOPUBO FTUVEJPT EF DBOUP -BT HVJUBSSBT RVF
BDPNQBBO NVFTUSBO VO FTUJMP QPQVMBS &O MB JOUFSQSFUBDJO TF
BEWJFSUFONBUJDFTFOMBBHHJDB
&M BSQB RVF BDPNQBB NVFTUSB VO FTUJMP DBNQFTJOP DPO VO
SFHJTUSP CBKP Z OPUBT PDUBWBEBT &O MB JOUFSQSFUBDJO BQBSFDFO
FMFNFOUPTIJTUSJOJDPT
&MBDPNQBBNJFOUPFTUSFBMJ[BEPQPSHVJUBSSJTUBTQSPGFTJPOBMFT
4.
5POBEBIVNPSTUJDBFORVFQSFEPNJOBOMPTFMFNFOUPTUFBUSBMFT
&O MB JOUSPEVDDJO TF FTDVDIBO FMFNFOUPT BKFOPT B MB UPOBEB
UBMFT DPNP UPRVF EF USVUSVDB GSBHNFOUP EF MB DBODJO QPQVMBS
AA&MDPQJIVFSPKPZSBTHVFPTRVFOPTSFDVFSEBOFMnBNFODP&OFM
FTUSJCJMMPVUJMJ[BOQBMBCSBTNBQVDIFT
&MBSQBEF+PT.PMJOBFTBQSFOEJEBEJSFDUBNFOUFEFDBOUPSBT
Z"SQBEFTPOJEPQPUFOUFZNVZPSOBNFOUBEB
+0:*6 ;9,: 4 (9.6; 3 6@63(

-BTIFSNBOBT-PZPMBGPSNBSPOQBSUFEFFTUFHSVQPEFJOUSQSFUFT
EFMBNTJDBDSJPMMB DBOUBOEPSFQFSUPSJPTEFMBUSBEJDJODBNQFTJ
OBZDPNQVFTUBEFOUSPEFMPTNBSDPTUSBEJDJPOBMFTTJOFNCBSHP
TVDBNQPEFBDDJOTFGVFBNQMJBOEPQPTUFSJPSNFOUF QPSFKFN
QMP DPOMBNTJDBBCPSJHFOi.TBEFMBOUF DPNPTPMJTUB ZBQFTBS
EFDPOUJOVBSMBBQFSUVSBBPUSBTGPSNBTZHOFSPTNVTJDBMFTUSBEJ
DJPOBMFT TJFNQSFNBOUVWFFTUBSFMBDJOUBOJOUFOTBDPOMBUPOBEBw
.BSHPU-PZPMB

$PNPRVFNFWPZDVSBOEP
0SJHJOBMEF1FUSPOJMB0SFMMBOB*OUS
QSFUFT)FSNBOBT-PZPMB
1FSJUBTEFBHVB
5FYUPEF-FVDPUO%WJBZNTJDBEF
.BSHPU-PZPMB*OUSQSFUFT)FSNBOBT-PZPMB
&MEBSEP
3FHJTUSPFOEJTDPi$IJMFGPMLMPSFEFDBNQPZDJVEBEw 4BOUJBHP

5SBEJDJPOBM EFMSFQFSUPSJPEF*TNBFM$BSUFS*OUSQSFUFT&TUFMB-PZPMBFOWP[Z
.BSHPU-PZPMBFOWP[ZHVJUBSSB
)PKJUBEFWFSEFUSCPM
0SJHJOBMEF$MBSB4PMPWFSB*OUSQSFUFT
.BSHPU-PZPMBZ3BM'BCSFT
&MQBUJUP
3FHJTUSPFOEJTDPi4BMPOFTZDIJOHBOBTw 4BOUJBHP
5SBEJDJPOBM
EFMSFQFSUPSJPEFMBT)FSNBOBT0SFMMBOB&TUBUPOBEBUJFOFMBSJTBFTDSJUBFOMB
QBSUJUVSB ZFOTVJOUFSQSFUBDJOIBZNVDIPTFMFNFOUPTIJTUSJOJDPT
4.
-BIVBTDB
3FHJTUSPFOEJTDPi4BMPOFTZDIJOHBOBTw 4BOUJBHP
0SJHJOBMEF
1FUSPOJMB0SFMMBOB5POBEBDPOSBTHPTIJTUSJOJDPT
-BGFSJBEF$IJMMO
3FHJTUSP FO $% i4JFNQSF .BSHPUw 4BOUJBHP
0SJHJOBM EF &MFOB $B
SSBTDP"SQBEF(VJMMFSNP3PT
&TUBOEPDPOMMBWFNJQFDIP
3FHJTUSBEBFOVOQSPHSBNBEFSBEJP%FMSFQFSUPSJPEF&MFOB$BSSBTDP
-BDMBWFMJOB
3FHJTUSPSFBMJ[BEPQPS.BSHPU-PZPMBB/BUBMJB"SWBMPFO4BO'BCJOEF"MJDP

3FHJTUSPFOEJTDPi3FDPSSJFOEP$IJMFw7PM 4BOUJBHP

&MDSFJUP
3FHJTUSBEBB.BSUB4BMJOBTFOVCMF
3FHJTUSPJOEJUP
$BTBUF OJB DBTBUF

5POBEBQBSBCJO3FHJTUSBEBB/BUBMJB"SWBMPFO4BO'BCJOEF"MJDP

3FHJTUSPEJTDPi.BSHPU-PZPMBZTVHVJUBSSBw

"HVBEFOJFWF
3FHJTUSBEBB+VBOB$IWF[FO-MFQP -JOBSFT
3FHJTUSPFOEJTDP
i7JTJONVTJDBMEF$IJMFw
3BCFMEF.JSFZB"MFHSB
-PTQBTUPSFT
3FHJTUSBEB B 1VSTJNB .BSUOF[ 1PNBJSF
3FHJTUSP FO EJTDP &1
i7JMMBODJDPTDIJMFOPTw
"SQBEF"MCFSUP3FZ
-PTONFSPT
3FHJTUSPFOEJTDPi"OUPMPHBEFMGPMLMPSFDIJMFOPw 4BOUJBHP3FHJT
USBEBB.BSUJOB#FSNEF[ &M$PMMJHVBZ

.FIFEFDPNFSVOEVSB[OP
&OTFBEBB.BSHPU-PZPMBQPS"OUPOJP"DFWFEP)FSOOEF[3FHJTUSPFO
UFSSFOPEVSBOUFVOBiUSJMMBwBZFHVBTVFMUB$BOUB.BSHPU-PZPMB UBNCP
SJMFPEF3PTB"DVB DBOUPSB

.JWJEBTJNFRVFST
3FHJTUSBEBFO4BO$BSMPT
5POBEJUBRVFiNFDBZEFMDJFMPw3FHJTUSPFO
EJTDPi3FDPSSJFOEP$IJMFw7PM

5FRVJTFZBOPUFRVJFSP
5POBEBUSBEJDJPOBM FOTFBEBQPS.BSB-VJTB4FQMWFEB'PSNBFTUSmDBFO
RVJOUJMMBT"SQBEF(VJMMFSNP3PT
4.
5POBEB &TRVJOB[P 3FHJTUSBEP EF -VJTB .PMJOB -JOBSFT
3FHJTUSP
FO$%i7PDFTEFM.BVMFw

1PSTJNQBUBTUFRVJFSP
3FHJTUSBEB B (SBDJFMB -FUFMJFS -PT OHFMFT
(SBCBDJO EF VO QSP
HSBNBSBEJBM
-PTQBMPNPT
3FHJTUSBEBB&EFMNJSB7BMFO[VFMB -JOBSFT
(SBCBDJOJOEJUB
-BnPS
5POBEBFOEDJNBT3FHJTUSBEBB0MHB/F[FO+VORVJMMBS 1VU

3FHJTUSPFOQSPHSBNBEFSBEJP
1BSBCJFOFTEFMPTOFHSPT
5POBEB1BSBCJO"QSFOEJEBQPSMBT)FSNBOBT-PZPMBFO&M#BKPEF.FMJ
QJMMB
3FHJTUSP FO EJTDP i"OUPMPHB EFM GPMLMPSF DIJMFOPw

&MDPQPTP
3FHJTUSBEBB6SCBOB#BSSJPTZ+VBOJUB$PODIBFO1VU
3FHJTUSPFO
EJTDPi5BSBQBDZ.BVMFw

-BHVJUBSSB
3FHJTUSBEBQPS*TBCFM4PSPFO$PODFQDJO3FHJTUSPFOEJTDPi4FMFD
DJO'PMLMSJDBw

&OFMGPOEPEFMSP
3FHJTUSBEBFOEJTDPi4JFUFDPNQPTJUPSFTDIJMFOPTw
0SJHJOBM
EF1BCMP(BSSJEP"SQBEF"ESJO.JSBOEBZHVJUBSSBEF&TUIFS.BSUOF[
$PNFOUBSJPT
"DPNQBBNJFOUPSFBMJ[BEPQPSHVJUBSSJTUBTQSPGFTJPOBMFT6TPEF
SFDVSTPTUFBUSBMFTQPSJOEJDBDJOEF1FUSPOJMB0SFMMBOB TVBVUPSB
"DPNQBBNJFOUP SFBMJ[BEP QPS HVJUBSSJTUBT QSPGFTJPOBMFT 6TP
EFQSFHPOFTCBTBEPTFOMBUSBEJDJO
5POBEBQPQVMBSJOUFSQSFUBEBFOTVFTUJMP4FBQSFDJBVOBQBSUF
JOJDJBMFONPEPNFOPS RVFMVFHPFOFMFTUSJCJMMPTFDPOWJFSUFFO
NBZPS "EFNT FYJTUFO NBUJDFT FO MB BHHJDB "DPNQBBNJFOUP
SFBMJ[BEPQPSHVJUBSSJTUBTQSPGFTJPOBMFT
4.
"DPNQBBNJFOUPFOVOFTRVFNBSUNJDPRVFTFVTBFOQBSB
CJO SFTGBMPTBZDIBQFDBP
4FPCTFSWBOGSBTFTSFDJUBEBTFOMPTJOUFSMVEJPT DPNVONFOUFMMB
NBEBTiSFMBVDIFTw
-B JOUFSQSFUBDJO DPSSFTQPOEF B MB SFBMJ[BEB QPS MB BVUPSB 4F
FTDVDIB UBJEPT FO MB DBKB EF MB HVJUBSSB &M FTUSJCJMMP mOBM FTU
QSFHPOBEP
-BJOUFSQSFUBDJODPSSFTQPOEFBMNTQVSPFTUJMPDBNQFTJOP
JODMVJEPFMBDPNQBBNJFOUPEFSBCFM
4FEFTUBDBMBUDOJDBHVJUBSSJTUJDBEF&TUIFS.BSUOF[ BMTFSWJ
DJPEFMBJOUFSQSFUBDJOEFMBNTJDBUSBEJDJPOBM
/PUB
-BSFNBTUFSJ[BDJOEFMPTSFHJTUSPTEFMPUSFT$%GVFSFBMJ[BEBQPS
4FSHJP4FQMWFEB4BMJOBT
)0)306.9(-(
"DFWFEP)FSOOEF[ "OUPOJPAA$BODJPOFTQPQVMBSFTDIJMFOBT
4BOUJBHPEF$IJMF&EJDJPOFT&SDJMMB
"DFWFEP)FSOOEF[ "OUPOJPAA-PT$BOUPSFT1PQVMBSFT$IJMFOPT
4BOUJBHP&EJUPSJBM/BTDJNFOUP
"SBZB 0MNPT *TBCFM $IBWBSSB ;FNFMNBO 1BUSJDJB .BSJOHFM
$IBWBSSB 1BVMBAA$BOUP 1BMBCSBZ.FNPSJB$BNQFTJOB7BMEJ
WJB5FDOPJNQSFOUB$PMPS-UEB1SPZFDUP'0/%"35
"TUJDB +VBO.BSUOF[ $BSMPT4BOIVF[B 1BVMJOBAA-PTEJTDPT
EFNTJDBQPQVMBSDIJMFOB4BOUJBHPTF
#BSSPT 3BRVFM %BOOFNBOO .BOVFM AA&M SPNBODFSP DIJMFOP
4BOUJBHP&EJDJPOFTEFMB6OJWFSTJEBEEF$IJMF
#BSSPT 3BRVFM%BOOFNBOO .BOVFMi*OUSPEVDDJOBMFTUVEJPEF
-B5POBEBw3FWJTUB.VTJDBM$IJMFOB4BOUJBHP'BDVMUBEEF$JFO
DJBT Z "SUFT .VTJDBMFT 6OJWFSTJEBE EF $IJMF +VMJP 4FQUJFNCSF

$DFSFT7BMFODJB +PSHFAA-B6OJWFSTJEBEEF$IJMFZTVBQPSUFBMB
$VMUVSB5SBEJDJPOBM$IJMFOB o
-B'MPSJEB<$IJMF>
.JOJTUFSJPEF&EVDBDJO '0/%"35*NQSFTPT&TQBS[B
$BTUJMMP* (BCSJFMAA"QVOUFTEF.USJDB4BOUJBHP;JH;BH
%B["DFWFEP 3BMAA'JOBSFT$BNQFTJOPT5FNVDP5SB[PT
%B["DFWFEP 3BMAA5PRVPT$BNQFTJOPT*NQSFOUB5SB[PT5F
NVDP5SB[PT
(PO[MF[ +VBO1BCMP3PMMF $MBVEJPAA)JTUPSJB4PDJBMEFMB.TJDB
1PQVMBSFO$IJMF 4BOUJBHP&EJDJPOFT6OJWFSTJEBE
$BUMJDBEF$IJMF
(SFCF .BSB &TUFS w*OUSPEVDDJO BM FTUVEJP EFM 7JMMBODJDP FO

-BUJOPBNSJDBw 3FWJTUB .VTJDBM $IJMFOB 4BOUJBHP 'BDVMUBE EF
$JFODJBTZ"SUFT.VTJDBMFT 6OJWFSTJEBEEF$IJMF4BOUJBHP "CSJM
+VOJP
,VSBQFM "MCFSUPAA.BSHPU-PZPMB MBFTDFOBJOmOJUBEFMGPMLMPSF
4BOUJBHP*NQSFOUB'FTBO1SPZFDUP'0/%"35
-BWO $BSMPTi&M3BCFMZMPTJOTUSVNFOUPTDIJMFOPTw3FWJTUB.V
TJDBM$IJMFOB$PMFDDJOEF&OTBZPT/4BOUJBHP*OTUJUVUPEF
*OWFTUJHBDJPOFT.VTJDBMFT 6OJWFSTJEBEEF$IJMF
-PZPMB .BSHPUAA#BJMFTEF5JFSSBFO$IJMF SBFE7BMQBSBTP
&EJDJPOFT6OJWFSTJUBSJBTEF7BMQBSBTP
.FOEP[B 7JDFOUF5i-B$BODJO$IJMFOBFO.YJDPw3FWJTUB
.VTJDBM$IJMFOB$PMFDDJOEF&OTBZPT/4BOUJBHP*OTUJUVUP
EF*OWFTUJHBDJPOFT.VTJDBMFT 6OJWFSTJEBEEF$IJMF
.PSFOP$I &SDJMJBi.VTJDJOUIF4PVUIFSO$POF$IJMF "SHFO
UJOB BOE 6SVHVBZw .VTJD JO -BUJO "NFSJDBO $VMUVSF 3FHJPOBM
5SBEJUJPOT/FX:PSL4DIJSNFS#PPLT
0SUJ[4FQMWFEB +PTAA5SBEJDJPOFTEFMBDPNVOBEF-BT$BCSBT
3BODBHVB$FOUSPEF&TUVEJPTEF$VMUVSB5SBEJDJPOBM7*3FHJO
1SPZFDUP'0/%"35
1FSFJSB4BMBT &VHFOJPAA-PT0SHFOFTEFM"SUF.VTJDBMFO$IJMF
4BOUJBHP*NQSFOUB6OJWFSTJUBSJB
1FSFJSB4BMBT &VHFOJPi-PT7JMMBODJDPT$IJMFOPTw3FWJTUB.VTJDBM
$IJMFOB4BOUJBHP'BDVMUBEEF$JFODJBTZ"SUFT.VTJDBMFT 6OJ
WFSTJEBEEF$IJMF
1J[BSSP (BCSJFMBi7FJOUF5POBEBT3FMJHJPTBTw4BOUJBHP&EJDJO
EFMBBVUPSB
3PESHVF[ "MCFSUP.PSFOPEF.BDJB &MFOBAA.BOVBMEFM'PMLMPSF
$VZBOP.FOEP[B&EJDJPOFT$VMUVSBMFTEF.FOEP[B
3PESHVF[ "MCFSUP AA$BODJPOFSP $VZBOP .FOEP[B &EJDJPOFT
$VMUVSBMFTEF.FOEP[B
4PDJFEBE $IJMFOB EFM %FSFDIP EF "VUPS AA$MTJDPT EF MB .TJDB
1PQVMBS$IJMFOB
4BOUJBHP&EJDJPOFT6OJWFSTJEBE
$BUMJDBEF$IJMF
.36:(906
}FKBEFKB
}POEFEPOEF
}SSBNEFSSBN
}SSBNEFSSBN
AFEF
APOEFEPOEF
BNBTDBTEBNBTDBT EBNBTDPTHSBOEFT
"CPSSFDTBCPSSFDFT
"DPOTFKBDPOTFKBEB
"EJQMPNBPEFKVJDJPKVJDJPTP EFCVFOKVJDJP
"GFJUBGFJUBEB
"HBSSBPBHBSSBEP
"HBJUBOEPPCTFSWBOEP NJSBOEP
"HVBSSBHVBSST
"HFMBBCVFMB
"MNJEPOBMNJEPOBEB
"NBTBOEFSBNVKFSRVFBNBTBQBO
"NPMBSTFBDPTUVNCSBSTF
"OEBBOEBT
"OETBOEFT
"OHFMJUP OJP NVFSUP EF EPT BPT P NFOPT RVF NFEJBOUF VO
QSPDFTP EF DBOUPT SJUVBMFT TF USBOTGPSNB FO BOHFMJUP QBSB QPEFS
JSTFEJSFDUBNFOUFBM$JFMP
"POEFBEPOEF
"QBWFSMMFWBSFOBDIB
"QSFUBBQSJFUB
"QSJFUFOBQSFUFO
"SBPBSBEP
"SSPMMBFOSPMMB
"SUFTBVUFOTJMJPEFNBEFSB SFDUBOHVMBS QBSBMBWBSSPQB
"TFTBOEPKBEFBOEP
"USPBUSP[
#JFOB[PNVZCJFO
#POJUVSBTDPTBTNVZCVFOBTPIFSNPTBT
$BDIBBIBDFSFMRVJUF
$BDIPFDBCSBBKDPOGPSNBEFDBDIPEFDIJWP EFDPMPSSPKPZ
NVZQJDBOUF
$BMJFOUJUBTDBMFOUJUBT
$BMMBUPDBMMBEJUP
$BMMBOBGVFOUFEFNFUBMEFHSBOEFTQSPQPSDJPOFT DPMHBEBTPCSF
VOGPHOZRVFTJSWFQBSBUPTUBSUSJHP FUD
$BODJPODJUB-BSHBUPOBEBCJQFSJEJDB
$BOUPBMP1VFUBDBOUPFOEDJNBT FNJOFOUFNFOUFNBTDVMJOP
DPOBDPNQBBNJFOUPEFHVJUBSSBPHVJUBSSO
$BTB}PDBTBEP
$BTBPTDBTBEPT
$BTUFPSEFOEFDPOUSBFSNBUSJNPOJP
$IBSPMBCBOEFKB
$IBSRVJDBOFT HVJTP USBEJDJPOBM B CBTF EF DBSOF P BMHBT QBQBT
[BQBMMP DFCPMMBZBMJPT UPEPNF[DMBEP
$IBSSBOHVFBEJUBGPSNBEFUPDBSMBHVJUBSSB
$IJDIB MJDPS BSUFTBOBM RVFTF PCUJFOFEFMBGFSNFOUBDJOEFMB
VWBPEFMBTNBO[BOBT
$IJOFTDBTDPONVDIPDPMPSJEP
$IJOJUPP$IJOJUBEJNJOVUJWPEFDIJOPPDIJOB7PDBCMPEFPSJ
HFORVFDIVB RVFTJHOJmDBiTFSWJEPSwPiTFSWJEPSBw
$IJRVJMMPOTJUBKPWFO BEPMFTDFOUF
$IPODIPOFTOPNCSFEFVOBWF
$IVJDBWBTJKBEFWJESJPSFDVCJFSUBFOUFKJEPEFNJNCSF EFTUJOBEB
QBSBFMBMNBDFOBKFEFWJOP
$JSHVFMBTDJSVFMBT
$MBWJTDMBWBT
$PMMFSBEFBEPT KVOUPT
$PMPSBJUBDPMPSBEJUB
$PMUSJUBiOJBQFRVFBw WPDBCMPNBQVDIF
$PMVOOBDPMVNOB
$PNBJSFDPNBESF
$PNQBFDFSDPNQBEFDFS
$PNQBBDPNQBB
$PNQPTJUPSBQFSTPOBDPODPOPDJNJFOUPTFNQSJDPTBWBO[BEPTRVF
MFQFSNJUFOUSBUBSFTHVJODFT MVYBDJPOFTFJODMVTP GSBDUVSBTNFOPSFT
$PNQSBPSDPNQSBEPS
$POHPOBQMBOUBNFEJDJOBM
$POPDTDPOPDFT
$POUTDVFOUFT
$POUSBMBPBMMBEPDPOUSBSJP FODPOUSBEF
$PSEJOBDPSEFO
$SFJUPDSEJUP
$SJNJOBMFDSJNJOBM
$VBESPTDBM[POFT
$VBOUVBZDVBOUPIBZ VOBEJWFSTJEBEFOPSNFEFDPTBT
$VFSQBNBDJ[B EFCVFOQPSUFZDPOUFYUVSBDPSQPSBM
$VFUFDPIFUF
$VMOCFCJEBFTQJSJUVPTB IFDIBDPOMBSBTQBEVSBEFVOBSCVTUP
MMBNBEPDVMO RVFMFEBVOTBCPSFTQFDJBM
$VSBEJUBCPSSBDIB
$VUSBWBTJKBEFDVFSPEFTUJOBEBQBSBBMNBDFOBSWJOP
$VZBDBT EBO[B SFMJHJPTB GFNFOJOB QSPQJB EF MB SFHJO EF5BSB
QBD OPSUFEF$IJMF
%FCBMEFFOWBOP
%FOUSBCBFOUSBCB
%FTNFSBCBFTNFSBCB
%JEF
A&EF
A&TBDFSEFTIBDFS
A&NBVSBEFNBEVSB
A&P1BTDVBMEF%PO1BTDVBM
&DIBJFDIBT
&DIBSJTFDIBST
&DITFDIFT
A&KBCBAJWJSEFKBCBWJWJS
A&OEFEFTEFRVF
&OEFWFSBEFWFSEBE
&OGFSNFFOGFSNFEBE
&OHFMUPFOWVFMUP
&OPKBUFFOPKBTUF
&OUVTJBTNFOUVTJBTNBEB
&TQBSSBNEFTQBSSBNBEB
&TQFSBSFNP}FTQFSBSFNPT
&TQFVUPFYQFSUP
&TQJUBMIPTQJUBM
&TUBJFTUBT
&TUBSTFTUBST
'BUBMJEGBUBMJEBE
'JOBSFTBmOBDJPOFT
'SBHBOUPTPTGSBHBOUFT
(JFOJFDJUPDBSDUFS
(PMWBWPMWB
(PMWJEBWPMWB
(PNCJMMBCPNCJMMB
(SBOEB[BTHSBOEFT
(SB[OBUFDPMPSHSBOBUF
(FOCVFO
(FO&DPWP[TPOPSB QPUFOUF
(FOBCVFOB
(VFOPCVFOP
(VJUBSSBBmOHVJUBSSBBmOBEB
(VJUBSSBEFQBMJUPHVJUBSSBIFDIJ[BDPOGFDDJPOBEBQPSMPTQSP
QJPTDBNQFTJOPT
(VJUBSSBQBSQPTJDJOWFSUJDBMEFMBHVJUBSSBNTGSFDVFOUFNFOUF
BEPQUBEBQPSMBTNVKFSFTRVFDBOUBOQPSPmDJPPDBOUPSBT-BNVKFS
RVFDBOUBTMPQPSEFMFJUFVTBMBHVJUBSSBFOQPTJDJOIPSJ[POUBM
)BCJBJIBCBT
)BCMBPIBCMBEP
)BCSTIBCST
)BDFMFUVUPIBDFSEPSNJS
)BDFSMBHSBOEFIBDFSVOHSBOFTDOEBMPZFTUSPQJDJP
)BDIBDFT
)BJWJTUPIBTWJTUP
)BMBHVFPIBMBHFP EFIBMBHBS
)FJIF
)FJQBEFDPIFQBEFDJEP
)FJQFSEPIFQFSEJEP
)FJWFOPIFWFOJEP
)FTQJUBMIPTQJUBM
)PSRVFUFSPKPSOBMFSPRVFUSBCBKBDPOMBIPSRVFUB FOVOBUSJMMB
)VBDIJUBTIVSGBOBT
)VBJOJUBEJNJOVUJWPEFIVBJOB iKPWFODJUPwPiKPWFODJUBw WPDB
CMPNBQVDIF
)VBSBDBTIPOEBUSFO[BEBEFMBOB
)VBSJTOBRVFBHVBSEJFOUFEFBMUBHSBEBDJOBMDPIMJDB
)VBTDBMUJHP
)VBTJUPP)VBTPIPNCSFDBNQFTJOP)PNCSFEFBDBCBMMP
)VJGBFYQSFTJOEFBMFHSB
)VJODBWPDBCMPNBQVDIFRVFTJHOJmDBiFYUSBOKFSPw
*DBEFDB
*DJSEFDJS
*EJPTPPEJPTP
*OEJOPTMBEJOP USBNQPTP IBCJMPTP
*STJSBT
+VFSBGVFSB
+VJGVJ
+VMMFOEPIVZFOEP
+VOEPGVOEP
,VMUSO NFNCSBOGPOP JOTUSVNFOUP NBQVDIF QSJWBUJWP EF MB
NBDIJ TBDFSEPUJTB
VUJMJ[BEPFODFSFNPOJBTZPSJUVBMFT
-}IPKBMBIPKB
-}VWJUBMBVWB
-BHVBFMBHVB
-BNBSFFMNBS
-BQBUBFMBTJMMBMBQBUBEFMBTJMMB
-BZBDMBTF UJQP
-FKVMFGVF
-FUJSMFBUSBKP
-FKB[PNVZMFKPT
-FTBUPOUB
-JSBNBTMBHSJNBT
-JSJNBTMHSJNBT
-JUSF SCPM BMUBNFOUF JSSJUBOUF RVF QSPEVDF TFWFSBT BGFDDJPOFT
DVUOFBTFOQFSTPOBTBMSHJDBT
-MFWBSFOBDIBMMFWBSBIPSDBKBEBTTPCSFMBFTQBMEB
-MPSBSFMMPSBS
-VDIFBMHBNBSJOBDPNFTUJCMF
.IJKJUBNJIJKJUB
.IJKJUPNJIJKJUP
.BJSFNBESF
.BMBQMVNJUBQPCSFEFSPQBT
.BMJDJBBHVBSEJFOUF MJDPSEFBMUBHSBEBDJOBMDPIMJDB
.BNBEFSBCJCFSO
.BODIB}PNBODIBEP
.BODPDBCBMMP
.BOUBQPODIP
.BPTNBPTFFT
.BQVDIF UFMBS IPSJ[POUBM P iCPUBPw JOTUBMBEP TPCSF FM TVFMP
UBNCJODPOPDJEPFO$IJMFDPNPLFMHP
.BVSJUPNBEVSJUP
.FBOEBJNFBOEBT
.FIBJNFIBT
.FMFTFNF
.FMFB4FNFIB
.FJDBWJFOFEFNEJDB NVKFSDVSBOEFSBRVFDPOPDFMPTTFDSFUPT
DVSBUJWPTEFMBTQMBOUBTBVUDUPOBT
.FOHVFSFSFYQSFTJOEFBMFHSB
.JEBNB
.JOHBDPTmFTUBTEFUSBCBKPDPNVOJUBSJP
.JSJBRVFTBEPSOPTUFKJEPT RVFPSOBNFOUBOMPTUSBKFTEFMBTEBNBT
.PSBEJUBNPSBEB
/BOJOAOBEBOJOBEB OPQBTOBEB
/B}OBEB
/BEJUBOBEB
/BJEFOOBEJF
/BUBOBEJUB
/JVOBOJOHVOB
/PIFJOPIF
/PTUOPFTU
BUPOPWJP
PEPO
P+PT%PO+PT
VPOVEP
0GFOEJEB BGFDU
1BSSJCBQBSBBSSJCB
1BQBSB
1BDBQBSBBD
1BMQBSBM
1BJSFQBESF
1BJSJOPTQBESJOPT
1KBSBSHBOPTFYVBMGFNFOJOP QKBSP SHBOPTFYVBMNBTDVMJOP
1BSMBTQBUBTDBEFFTQBMEBT
1BSPUSBQBSBPUSB
1BTBJQBTBT
1FCSFDJUPPi$IBODIPFO1JFESBwBK BKP UPNBUF DFCPMMB FUD
RVFTFNBDFSBOFOVOQMBUPNBDJ[P DPOGFDDJPOBEPEFQJFESB RVF
TJSWFEFBMJPQBSBFMQBOPMBTDPNJEBT
1FHBJUBQFHBEJUB
1FJOBJUBQFJOBEJUB
1FMQFMBEB
1FMBPQFMBEP DBMWP
1FMBPTQFMBEPT DBMWPT
1FMVJUPTQFMVEJUPT
1FOTTQJFOTFT
1FRVOEBO[BQPQVMBSBOUJHVBFOEFTVTPTPDJBM
1FSEBQFSEJEB
1FSJDOEBO[BQPQVMBSBOUJHVBFOEFTVTPTPDJBM
1JDPUFQJDPUFBEBT
1JOPDBSOFQJDBEBPNPMJEB GSJUBDPOBCVOEBOUFDFCPMMBQJDBEB
RVFTJSWFEFSFMMFOPBMBFNQBOBEBNTQPQVMBSEF$IJMF
1JPODBEFTOVEBT
1JQFPWBSJFEBEEFWJOPCBSBUPBSUFTBOBM EFHSBOBDFQUBDJOQPS
TV DVFSQP MJWJBOP Z TV TBCPS EVM[O RVF TF NBEVSB FO HSBOEFT
QJQBTZTFWFOEFBHSBOFM
1JTBSMBIVBTDBFOHBBSTF
1PETQPEST
1PQVFEFT
1PMPMPQSFUFOEJFOUF
1POFPSBQPOFEPSB
1PSMPPUSPMBPQPSFMPUSPMBEP
1PTUBDPOTVMUPSJPNEJDPEFVSHFODJBPQSJNFSPTBVYJMJPT-VHBS
EPOEFTFSFBMJ[BOMPTDPOUSPMFTNEJDPTFOGPSNBQFSJEJDB
1SJFOEB1SFOEB QBSFKB
1SJTDPBMCBSJDPRVF
1SPUFOEFSEFQSPDFEFS
1SPVDFQSPEVDF
1VBUPTQVBEJUPT
1VT1VFT
2VFMRVFFM
2VFKVFRVFGVF
2VFEBPRVFEBEP
2VFSPRVFSJEP
2VFSTRVJFSFT
2VJVOBRVFVOB
2VJMMBZSCPMEFMCPTRVFOBUJWPEFMB[POBDFOUSBMEF$IJMF DVZB
DPSUF[BEFQSPQJFEBEFTTBQPOJmDBTTFFYQMPUBJOUFOTBNFOUF
3BMMFOUBOEPSFUBSEBOEPFMQVMTPNVTJDBM
3BTDVDIBCBOFNCSJBHBCBO
3BTHVPTSBTHVFPT
3BTRVFUFBCBQPSBTPDJBDJOTFSFmFSFBMBBDDJOEFSBTHVFBS QFSP
DPODJFSUBDPOOPUBDJOEFTQFDUJWB
3FOFHSBNVZOFHSB
3FBKVTUBSMBTHVJUBSSBTDPPSEJOBSMBTBMUVSBTEFEPTUFNQMFTPBm
OBDJPOFTEJGFSFOUFT
3FBKVTUF EF PEJP SCPM BMUBNFOUF JSSJUBOUF RVF QSPEVDF TFWFSBT
BGFDDJPOFTDVUOFBFOQFSTPOBTBMSHJDBT
3FGBMPTBEBO[BQPQVMBSBOUJHVBFOEFTVTPTPDJBM
3FQFTNVZQFTBEB
3VCBUPTMJHFSBWBSJBDJOFOMBEVSBDJOEFBMHVOBTOPUBTNVTJ
DBMFT NFEJBOUFCSFWFTSFUSBTPTZBDFMFSBNJFOUPT DPOFMPCKFUJWPEF
BVNFOUBSMBFYQSFTJO
T}UBOEPFTUBOEP
4BKVSJBOBFTDVCJMMTBKVSJBOBFTDPCJMMBEB VOBNPEBMJEBEEFTBKV
SJBOB EBO[BQPQVMBSBOUJHVBFOEFTVTPTPDJBM
4BMTBMVE
4BOEMMBTBOEB
4BOHVMMFUFQV[BNCMMFUFQVFT
4FDVSBCBOIBTUBMBTQBUBTTFFNCSJBHBCBOIBTUBQFSEFSMBDPODJFODJB
4FDVSJBOBEBO[BQPQVMBSBOUJHVBFOEFTVTPTPDJBM
4JUJFDJUPEFTJUJP
4POJEPHVBUFBEPTPOJEPQSPEVDJEPQPSMBTDVFSEBTEFMBSQB Bm
OBEBTDPOVOBNFOPSUFOTJO
4PQBJQJMMBNBTBIFDIBDPOIBSJOB NBOUFDB HSBTB
TBM ZFOBMHV
OPTMVHBSFTTFMFBHSFHB[BQBMMP MBDVBMTFGSFFOBDFJUFPNBOUFDB
4FDPOTVNFQSJODJQBMNFOUFFOJOWJFSOP
4PQBJQJMMB1BTTPQBJQJMMBBMBDVBM EFTQVTEFTFSGSFEB TFFDIB
FOVOMJRVJEPDPOGFDDJPOBEPFOVOBCBTFEFBHVBZDIBODBDB SFTJ
OBPCUFOJEBEFMBQVSJmDBDJOEFMB[DBSEFDBBPEFSFNPMBDIB
B[VDBSFSB
BMBDVBMTFMFBHSFHBOFTQFDJBTUBMFTDPNPDMBWPTEFPMPS
DBOFMB WBJOJMMB SBTQBEVSBTEFMBDTDBSBEFMJNOPOBSBOKB
4VBOEPTVEBOEP
4VTQJSBJTVTQJSBT
4VTUBODJBEVMDFFTQPOKPTP UQJDPEFMB[POBEF$IJMMO IFDIPFO
CBTFBHFMBUJOB RVFTFPCUJFOFEFMPTIVFTPTEFBWF
5UFYQSFTJOPOPNBUPQZJDBRVFSFQSFTFOUBFMTPOJEPEFVOHPMQF
A5BFTU
5BDIPWBTJKBEFNFUBM EFGPOEPSFEPOEFBEP
5BJFTUT
5BJUJUBEJNJOVUJWPEFUBUB QBESF
5BNJOUBNCJO
5BBCBOHPMQFSUNJDPBMBDBKBBDTUJDBEFMBSQBPMBHVJUBSSB
5BQBPUBQBEP
A5BSFTUBS
A5BSFTUBS
5UFRVEBUF
5FMBSFTQBPMUFMBSWFSUJDBMDPOQFEFTUBMQSPQJPPDPOBQPZPFOMB
QBSFE4FMFDPOPDFDPNPXJUSBMPiUFMBSQBSBPw
5FMBJUFMBIF
5FWBJUFWBT
5FJUFIF
5FOHBUFOHBT
5FOUJFOFT
5FOJEBUFOJB
5FOPUFOJEP
5FOTUJFOFT
5JSBPUFMBSIPSJ[POUBMPiCPUBPw
5JSBTSPQBTWJFKBT
5PBUPEB
5PBTUPEBT
5PJUJUPUPEJUP
5PNUPNBEB
5PPTUPEPT
5PRVPGPSNBEFUPDBSMBHVJUBSSB
5PRVP5BQBPUBQBEPPQPSBSSJCBGPSNBEFUPDBSMBHVJUBSSB
5SBTOPDIUSBTOPDIBEB
5SBTQVFTUBVOBGPSNBEFBmOBSMBHVJUBSSB FOMPTDBNQPT
5SBTUPSOBPUSBTUPSOBEP
5SFJEBUSBJHP
5SJMMBB:FHVBGBFOBDPNVOJUBSJBRVFDPOTJTUFFOTFQBSBSMBQBKB
EFMUSJHP QPSNFEJPEFMBTZFHVBTPDBCBMMBSFTRVFDPSSFOMJCSFTFO
VOFTQBDJPDJSDVMBS
5SJOBPTGPSNBEFUPDBSMBHVJUBSSB
5SVUSVLBBFSGPOPNBQVDIF
5VDVRVFSFSMFDIV[BQFRVFB
5VJUPUPEP
5VSJMVMJMPZ 5VSJMVMQBMBCSBTPOPNBUPQZJDBT EFQPTJCMFPSJHFO
OFHSP
6SB[OPTEVSB[OPT
6SDFTJUBEVMDFDJUB
7BJWBT
7FOHBJWFOHBT
7JBWJEB
7JCSBUPQFRVFBnVDUVBDJOEFMBBMUVSBEFVOTPOJEP QSPQJPEF
MBFYQSFTJOEFMDBOUP
7JEFW
7JEFDPOWFSTBSFWDPOWFSTBS
7JFOUPDPMBPDPSSJFOUFEFBJSF
7JTWFT
7JTWJTUF
7PMUJBSWPMUFBS
:P)FJZPIF
:PMBWJEFZPMBWJ
;BQBUF[BQBUFBEB
;BSBHPTPTEF;BSBHP[B &TQBB&TQFDJFEFEVSB[OPT
;VFDPT[BQBUPTDPOGFDDJPOBEPTDPOCBTFEFNBEFSBZDVFSP
+0:*6.9(-(+,4(9.6;36@63(
9,-,9,5;,(3(;65(+(

%*4$040350'/*$0431.
" 4FMMP7DUPS
t)FSNBOBT-PZPMB EJ
"i.PMJFOEPNB[w UPOBEB UFY$SJTUJOB.JSBOEB NT
.BSHPU-PZPMB
#i-BTUSFO[BTFNJIVBTBw UPOBEB BV.BOVFM"SBOEB

t)FSNBOBT-PZPMB EJ
"i%FTQJFSUBOJJUPF%JPTw FTRVJOB[PEF/BWJEBE SFD
"MGPOTP-FUFMJFS
#i4FPSBEPB.BSBw WJMMBODJDP SFD"MGPOTP-FUFMJFS
#i#VFOBTOPDIFT.BSJRVJUBw WJMMBODJDP SFD"MGPOTP
-FUFMJFS
# 4FMMP3$"
t)FSNBOBT-PZPMB EJ
i-B [BS[BNPSB NPSBEJUBw UPOBEB DBODJO UFY $SJTUJOB
.JSBOEB NT.BSHPU-PZPMB

t)FSNBOBT-PZPMB EJ
i:FTUPFTQBSBEFDJSUFw UPOBEB BV(SBDJFMB$BCSFSB

t)FSNBOBT-PZPMB EJ
i"NPSEFIVBTBw UPOBEB BV.BOVFM"SBOEB

t)FSNBOBT-PZPMB TGF EJ
"i"MBHVBQBUJUPw DBODJOUPOBEB SFD1FUSPOJMB0SF
MMBOB
"i$PNPRVFNFWPZDVSBOEPw UPOBEB BV1FUSPOJMB
0SFMMBOB
%.-35
t)FSNBOBT-PZPMB EJ

#i2VJFODBOUBTVNBMFTQBOUBw UPOBEB SFD"SUVSP
"HVJMBS
t)FSNBOBT-PZPMB
i4FFYUSBWJBSPONJTRVFSFODJBTw UPOBEB
#i.JDIJMFDJUPw UPOBEB BV.BOVFM-JSB4JMWB
t)FSNBOBT-PZPMB EJ
i.FWPZMMPSBOEPw UPOBEB USBE

#i'MPSEFFTUBUJFSSBw UPOBEB BV*TBCFM4PSP
t.BSHPU-PZPMB TGF EJ
#i/JFOWJEJBOJDBSJEBEw UPOBEB UFY.BOVFM-JSB4JMWB
NT(BCSJFMB7JEBM5BHMF
$ 4FMMP0EFO
t)FSNBOBT-PZPMB
EJ
#i&MFOHSFEPw UPOBEB UFY$SJTUJOB.JSBOEB NT
)FSNBOBT-PZPMB
"i%FBRVQBSBBMMw UPOBEB BV&TUFCBO+JNOF[
'SBOLMJO
#i#BKPVOMJNOnPSJEPw UPOBEB BV(SBDJFMB4PUPEF
MB$VBESB
t.BSHPU-PZPMBZTVDPOKVOUPEFBSQBZHVJUBSSB
.BSHPU-PZPMB TGF EJ
"i-PT.FMPOFTw QSFHO UFY-FVDPUO%FWJB NT
.BSHPU-PZPMB
#i1BMDBNJOPEFMBUSJMMBw UPOBEB BV(SBDJFMB4PUPEF
MB$VBESB
%.-35
t.BSHPU-PZPMBZTVDPOKVOUPEFBSQBZHVJUBSSB
.BSHPU-PZPMB TGF EJ
"i$BOUBw UPOBEB BV"NFMJB&TDVUJ0SSFHP
#i"TFTNJIVBTPw UPOBEB BV(SBDJFMB4PUPEFMB
$VBESB
t.BSHPU-PZPMBZ3BM'BCSFT TGF EJ
"i&TUSFMMBEFNJCBOEFSBw UPOBEB BV$MBSB4PMPWFSB
#i)PKJUBTEFWFSEFUSCPMw UPOBEBDBODJO BV$MBSB
4PMPWFSB

%*4$04.*$30463$04-0/(1-": -1

&95&/%&%1-": &1
:4*/(-& 4

%&:31.
" 4FMMP3$"
t.BSHPU-PZPMBFUTB(VJUBSF
.BSHPU-PZPMB
EJ

"i-B$MBWFMJOBw
#i"MFSUBQVFTw WJEBMJUB
#i-PTBHSBWJPTw
t'PMLMPSF$IJMJFO 7PM
.BSHPU-PZPMB
EJ

"i1FOBKVOUPBMSP$MBSPw UPOBEB UFY$SJTUJOB.J
SBOEB NT.BSHPU-PZPMB
t"JSFT$IJMFOPT
.BSHPU-PZPMB
EJ

"i-PT(BMMPTw WJMMBODJDP
"i`"ZT BZOPw WJMMBODJDP
t $BODJPOFT GPMLMSJDBT DIJMFOBT SFF 1BSDJBM EF
EJ
DGJOGSB
.BSHPU-PZPMB TGF EJ

#i-PT(BMMPTw WJMMBODJDP
%.-35
t.BSHPU-PZPMBZTVHVJUBSSB
.BSHPU-PZPMB EJ

"i$TBUFOJBw QBSBCJFOFTBMPTOPWJPT
"i"MFSUBWJEBMJUBw FTRVJOB[P SFD.BSHPU-PZPMB
#i-BDMBWFMJOBw UPOBEB
#i-PTHBMMPTw WJMMBODJDP
t"OUPMPHBEFMGPMLMPSFNVTJDBMDIJMFOP
.BSHPU-PZPMB FOUSFPUSPTJOUFSQSFUFT
EJ

*OTUJUVUP EF *OWFTUJHBDJPOFT .VTJDBMFT 'BDVMUBE EF $JFO
DJBTZ"SUFT.VTJDBMFT 6OJWFSTJEBEEF$IJMF
"i-PTONFSPTw UPOBEBOVNSJDB JOU.BSHPU-P
ZPMB
#i$BTBNJFOUPEFOFHSPTw QBSBCJFOFT JOU.BSHPU-P
ZPMB
t4FMFDDJOGPMLMSJDB
.BSHPU-PZPMB TGF EJ

"i-BHVJUBSSBw UPOBEB SFD*TBCFM4PSP
"i&MBNBOUFRVFOPDFMBw UPOBEBSFD.BSHPU-PZPMB
#i&MTPNCSFSJUPWFSEFw UPOBEB SFD&TUFMB-PZPMB
t3FDPSSJFOEP$IJMF
.BSHPU-PZPMB TGF EJ

"i.JWJEBTJNFRVFSTw UPOBEB SFD.BSHPU-PZPMB
t4BMPOFTZDIJOHBOBTEFM
.BSHPU-PZPMB EJ

#i&M1BUJUPw UPOBEB SFD1FUSPOJMB0SFMMBOB
#i-BIVBTDBw UPOBEB BV1FUSPOJMB0SFMMBOB
t&YUSBGPMLMSJDP
EJ

"i&MQBUJUPw UPOBEB SFD1FUSPOJMB0SFMMBOB
%.-35
t$BTBEFDBOUP
.BSHPU-PZPMB EJ

"i4VTQJSPTEFMDPSB[Ow UPOBEB BV*TNBFM$BSUFS
#i3KBNFEJBCMPw UPOBEB BV*TNBFM$BSUFS
t7JMMBODJDPTDIJMFOPT
.BSHPU-PZPMB TGF EJ

"i-PTQBTUPSFTw WJMMBODJDPEFMTVS SFD.BSHPU-PZPMB
#i2VFMJOEPFM/JPw WJMMBODJDPEFMTVS SFD.BSHPU
-PZPMB
# 4FMMP&MFDUSFDPSE
t3FDJUFMEFNV[JDBQPQVMBSBDIJMJBOB
.BSHPU-PZPMB
EJ

#i"MFSUBWJEBMJUBw FTRVJOB[P SFD.BSHPU-PZPMB
$ 4FMMP"MCB
t3FDPSSJFOEP$IJMF 7PM
.BSHPU-PZPMB EJ

"i1PSMBDBMMFWBOWFOEJFOEPw UPOBEB SFD.BSHPU-P
ZPMB
"i5FRVJTF ZBOPUFRVJFSPw UPOBEB SFD.BSHPU-P
ZPMBEF.BSB-VJTB4BOUBOEFS
"i-B$MBWFMJOBw UPOBEB SFD.BSHPU-PZPMB
% 4FMMP1PMZEPS 10-
t4JFUFDPNQPTJUPSFTDIJMFOPT
.BSHPU-PZPMB EJ

"i&OFMGPOEPEFMSPw UPOBEB BV1BCMP(BSSJEP
"i$IVQBMMJUBDIJMFOBw UPOBEB BV$BSMPT*TBNJUU
#i$PSB[Ow UPOBEB BV.BSB-VJTB4FQMWFEB
#i$PNPRVFNFWPZDVSBOEPw UPOBEB BV1FUSPOJMB
0SFMMBOB
%.-35
t5BSBQBDZ.BVMF
.BSHPU-PZPMB TGF EJ

#i1VBJUPEFBMmMFSFTw UPOBEB SF.BSHPU-PZPMBEF
1STQFSPEFM7JMMBS
#i&MDPQPTPw UPOBEB SFD6SCBOBEF#BSSJPT
#i&TUPEFDBTBSTFBNJHBTw QBSBCJFOFTBMPTOPWJPT SFD
&EFMNJSB7BMFO[VFMB
#i%FTQJFSUBDJFMPw FTRVJOB[P SFD+PTFmOB*CBSSB
t7JTJO.VTJDBMEF$IJMF
.BSHPU-PZPMB TGF EJ

#i"HVBEFOJFWFw UPOBEB SFD.BSHPU-PZPMB
#i5FOFNFFOUVDPSB[Ow UPOBEB SFD.BSHPU-PZPMB
EF.BSB-VJTB4FQMWFEB
#i*OHSBUPQSPNFUFEPSw UPOBEB SFD.BSHPU-PZPMB
& 4FMMP"MFSDF "-&3
t-BHSBOOPDIFEFMGPMLMPSF
.BSHPU-PZPMB FOUSFPUSPTJOUSQSFUFT

EJ

"i2VJFODBOUBw UPOBEB SFD.BSHPU-PZPMB
' 4FMMP-FDIBOUEV.POEF $).
t$BOUPOVFWPBV$IJMJ

EJ

"i2VJFODBOUBw DIBOTPOQBZTBOOF SFD.BSHPU-PZPMB

$"44&55&4
" 4FMMP"MFSDF "-&3
t4JNQMFNFOUFy.BSHPU-PZPMB SFFEF TGF EJ

.BSHPU-PZPMB DBT

".JWJEBTJNFRVFST SFD.BSHPU-PZPMB
%.-35
t.BSHPU-PZPMB FMGPMLMPSFEF$IJMF SFFCBKPPUSPUJUVMP

EF DBT
.BSHPU-PZPMB TGF DBT

"i.JWJEBTJNFRVFSTw
# 4FMMP3BDFT 3"*
t&ODVFOUSPNFUSPQPMJUBOPEFMGPMLMPSF
.BSHPU-PZPMB FOUSFPUSPTJOUSQSFUFT
DBT

"i2VJFODBOUBTVNBMFTQBOUBw UPOBEB SFD.BSHPU
-PZPMB
t*HVBMSVNCP
.BSHPU-PZPMBZ-FEB7BMMBEBSFT MBEP#

DBT
"i.FRVJFSFTRVFCSBSMPTPKPTw UPOBEBDBODJO SFD
0TWBMEP+BRVF
t.BSHPU-PZPMBQPSFMNVOEP.FNPSJBTEFWJBKF WPM

SFDZBEBQUBDJOEF.BSHPU-PZPMB

.BSHPU-PZPMB DBT
"i-BQBMPNJUBw UPOBEB BV(VJMMFSNP4PVEZ
#i-BDMBWFMJOBw UPOBEBUSBE
$ 4FMMP4UBS4PVOE 45"3
t&M$PVQMF
.BSHPU-PZPMB DBT
"iw UPOBEBUSBEJDJPOBM SFD.BSB-VJTB#B
SSJFOUPT
"i&MQBMFUw UPOBEBUSBE SFD.BSHPU-PZPMB
#i-BQBTUPSBw UPOBEBUSBE SFD.BSHPU-PZPMB
#i&MDBSUFSPw UPOBEBUSBE SFD.BSHPU-PZPMB
% 4FMMP0LFI
t4JFNQSF.BSHPU
.BSHPU-PZPMB DBT
#i-BGFSJBEF$IJMMOw UPOBEB BV&MFOB$BSSBTDP
#i-BTTJFUFMMBWFTw UPOBEBEFDPMFP BV1FESP:OF[
%.-35

%*4$04$0.1"$504
" 4FMMP&QJD

t 4JFNQSF .BSHPUy SFF EF DBT

.BSHPU-PZPMB
i-BGFSJBEF$IJMMOw UPOBEB BV&MFOB$BSSBTDP
i-BTTJFUFMMBWFTw UPOBEBEFDPMFP BV1FESP:OF[
(SBOQBSUFEFFTUPTUSBCBKPTIBOTJEPSFNBTUFSJ[BEPTFOEJTDPTDPNQBDUPTQPS
"3$*.VTJD
*636-5;i*50*6
-BQSFTFOUFFEJDJOEFFKFNQMBSFTFOUBQBSTUJDBZFKFN
QMBSFTFOUBQBEVSB TFUFSNJOEFJNQSJNJSFOFMNFTEFBCSJMEF
FO-4-*NQSFTPSFT-UEB7JBEFM.BS ZFTUVWPBDBSHPEFM
5BMMFSEF&EJDJPOFTEFMB&TDVFMBEF"SRVJUFDUVSBZ%JTFPEFMB
1POUJmDJB6OJWFSTJEBE$BUMJDBEF7BMQBSBTP
4FIBOVUJMJ[BEPMBTGVFOUFTUJQPHSmDBTQBSBQSSBGPTZOPUBT"EPCF
(BSBNPE1SPFOTVTWFSTJPOFT3FHVMBS *UBMJD 4FNJCPME 4FNJCPME
*UBMJD : QBSB UUVMPT 0QUJNB FO TVT WFSTJPOFT 9LN\SHY Z BQMJDB
DJPOFTFO=,9:(30;(:
%JTFPHSmDP7FSOJDB1P[P$Z$BUBMJOB1PS[JP%
$PMBCPSBDJO)FSCFSU4QFODFS(
;HSSLYKL,KPJPVULZ
LBHKD
,ZJ\LSHKL(YX\P[LJ[\YH`+PZL|V
7VU[PJPH<UP]LYZPKHK*H[}SPJHKL=HSWHYHxZV

AA6O FTUVEJP TPCSF MB 5POBEB FM HOFSP NVTJDBM NT
JNQPSUBOUF EFM DBOUBS WFSODVMP EF $IJMF FSB OFDFTBSJP FTUF
USBCBKPSFQSFTFOUBFMFTUVEJPNTDPNQMFKPZSJHVSPTPRVFIBTUB
BIPSBTFIBZBSFBMJ[BEPFOFMQBT
%S$BSMPT.JS$PSUF[

AA&TTUFVOMFHBEPNTEF.BSHPU GSVUPDPNPUBOUPT
PUSPTEFTVHSBOBNPSQPSMBHFOUFEF$IJMFZTVNTJDB EFMB
DPNQSFOTJOEFTVTFYQSFTJPOFTUSBEJDJPOBMFTZEFTVDPNQFOF
USBDJODPOFMNFEJPFOFMDVBMBCSFWJB&TUPMPIBDFVOBPCSB
OJDBRVFMBUPOBEBNFSFDB OPTMPQPSTVFYQBOTJOZWJHFO
DJBTJOPUBNCJOQPSMBQSPGVOEJEBEDPORVFFTUFHOFSPTJHVF
QSFTFOUFFOMBTEJTUJOUBTDJSDVOTUBODJBTEFMBWJEBEF$IJMF
-JD&SDJMJB.PSFOP$I

AA-B QSPQVFTUB EF -B5POBEB5FTUJNPOJPT QBSB FM 'V
UVSPFTNTDPNQMFKBEFMPRVFQVFEFBQBSFOUBSBQSJNFSBWJTUB
*OWPMVDSBMBTDPSSJFOUFTEFFUOPUFPSB EJBMPHJTNPZSFnFYJWJEBE
RVFQSFPDVQBOBMPTFUOHSBGPTZGPMLMPSJTUBTEFMTJHMP99*TJO
DFEFSMFTFMFTDFOBSJPIFSNFOVUJDP
%SB$BSPMJOB3PCFSUTPO
&TUBPCSBIBTJEPQPTJCMFHSBDJBTBMBQPSUFEFM'POEPEFM-JCSP
$POTFKP/BDJPOBMEFMB$VMUVSBZMBT"SUFT
'POEPEF%PDVNFOUBDJO
EFMB.TJDB5SBEJDJPOBM$IJMFOB.BSHPU-PZPMB1BMBDJPT

La Tonada - Magot Loyola

Cargado por

Información del documento

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

La Tonada - Magot Loyola

Cargado por

Copyright:

Formatos disponibles

4HYNV[ 3V`VSH 7HSHJPVZ

QFSJEJDBPUPOBEBDBODJO MBRVFJODPSQPSBFMFTUSJCJMMP SFnFKP

MVUB B FTUBT IFSNBOBT Z SFQFUB TV UPOBEB i$BCBMMP CMBODPw IBTUB

IFSNFOVUJDP &TF FTQBDJP DFOUSBM MF QFSUFOFDF B MBT DVMUPSBT Z B

-PZPMB .BSHPU 1PSFMNVOEP.FNPSJBTEF7BKF

6OBJNQFSJPTBOFDFTJEBEEFWJEB EFFOUSFHB EFQFSNBOFODJBEFMP

(FOFSBMNFOUF MB DBOUPSB TF FTQFDJBMJ[B FO EFUFSNJOBEP UJQP EF

&O FM DBNQP FTUJMTUJDP TPCSFTBMFO BSSBTUSFT BTDFOEFOUFT Z EFT

DJPOFT EPOEFWJWJIBTUBTVTTFJTBPTEFFEBE NPNFOUPFORVF

1FSE DPOUBDUP DPO $MBSJUB5BQJB )BDJB DPNJFO[PT EF MB EDBEB

$POTVUSBKFEFUFBUSP FOCSB[PTEFTVTDPNQBFSPT .FSDFEFT0SF

.FSDFEFT 0SFMMBOB MB i.FDIFw MB HVJUBSSJTUB EFM EP NVSJ B

&OFTBTWJTJUBT RVFGVFSPOWBSJBT DPNQBSUJNPTNVDIPZSFDJCEF

#VFOPT"JSFT QBSBSFHSFTBSB$IJMFBSFBCSJSTVIPTQJUBMBSJBDBTB DPO

$POWFSTBOEP DPO $IBCFMJUB FMMB BDPUB i/P TF

$PO TV SFQFSUPSJP EF DBODJPOFT DSJPMMBT QPQV

TBT NTRVFMBTDPTBTRVFFMMBSFDPQJMBCB QPSRVFFOFMDBNQPEFM

(BM[ 1FSP MB 6OJWFSTJEBE EF $IJMF OPT NPTUSBSB BEFNT

: FTPT SJUNPT TPO DIJMFOPT IBZ SJUNPT DIJMFOPT IBZ DBOUPT

'PSNBNUSJDBQPDPGSFDVFOUF QFSPOPBVTFOUF FTMBTFHVJEJMMBEF

-PT FKFNQMPT BRV BOBMJ[BEPT MPT IFNPT DMBTJmDBEP DPNP GPSNBT

%F FTUBT QBSUJDVMBSFT GPSNBT EF BDPNQBBNJFOUP TF EFTDSJCFO

5BNCJO MB UFNUJDB nPSBM BQBSFDF DPO NVDIB JOTJTUFODJB SFMB

4PMFNPT FODPOUSBS UBNCJO UPOBEBT EF GBFOBT SFMBDJPOBEBT EJ

;9(:76:0*065,: @ :<: <:6:

SBTHVFP FO VOB EFUFSNJOBEB QJF[B MSJDB DPOTUJUVZFO FM FMFNFOUP

*i3<3(: 9;40*(: ,5 4,;96 +, 

*i3<3(: 9;40*(: ,5 4,;96 +, 

1VSTJNB.BSUOF[1PNBJSF  1FUSPOJMB0SFMMBOBZTVIFSNBOB.FS

"MHVOBTDBOUPSBTEFMB[POBDPTUFSB FO1JDIJMFNVZ$BIVJM 7*

+0:*6 <56 * (5;69(:

+0:*6 +6: 7 9,*<9:69,: +,3 * (5*065,96

+0:*6 ;9,: 4 (9.6; 3 6@63(

$BTBUF OJB DBTBUF

(SFCF .BSB &TUFS w*OUSPEVDDJO BM FTUVEJP EFM 7JMMBODJDP FO

t)FSNBOBT-PZPMB   EJ

.BSHPU-PZPMB   EJ

& 4FMMP"MFSDF "-&3

" 4FMMP"MFSDF "-&3

t4JNQMFNFOUFy.BSHPU-PZPMB SFFEF TGF EJ

.BSHPU-PZPMB   DBT

t.BSHPU-PZPMB FMGPMLMPSFEF$IJMF SFFCBKPPUSPUJUVMP

.BSHPU-PZPMB  TGF DBT

También podría gustarte

QFSJEJDBPUPOBEBDBODJO MBRVFJODPSQPSBFMFTUSJCJMMP SFnFKP

IFSNFOVUJDP &TF FTQBDJP DFOUSBM MF QFSUFOFDF B MBT DVMUPSBT Z B

-PZPMB .BSHPU 1PSFMNVOEP.FNPSJBTEF7BKF

&O FM DBNQP FTUJMTUJDP TPCSFTBMFO BSSBTUSFT BTDFOEFOUFT Z EFT

1FSE DPOUBDUP DPO $MBSJUB5BQJB )BDJB DPNJFO[PT EF MB EDBEB

$POTVUSBKFEFUFBUSP FOCSB[PTEFTVTDPNQBFSPT .FSDFEFT0SF

$POWFSTBOEP DPO $IBCFMJUB FMMB BDPUB i/P TF

$PO TV SFQFSUPSJP EF DBODJPOFT DSJPMMBT QPQV

(BM[ 1FSP MB 6OJWFSTJEBE EF $IJMF OPT NPTUSBSB BEFNT

: FTPT SJUNPT TPO DIJMFOPT IBZ SJUNPT DIJMFOPT IBZ DBOUPT

5BNCJO MB UFNUJDB nPSBM BQBSFDF DPO NVDIB JOTJTUFODJB SFMB

4PMFNPT FODPOUSBS UBNCJO UPOBEBT EF GBFOBT SFMBDJPOBEBT EJ

i3<3(: 9;40(: ,5 4,;96 +,

i3<3(: 9;40(: ,5 4,;96 +,

1VSTJNB.BSUOF[1PNBJSF 1FUSPOJMB0SFMMBOBZTVIFSNBOB.FS

+0:6 <56 (5;69(:

+0:6 +6: 7 9,<9:69,: +,3 * (5*065,96

$BTBUF OJB DBTBUF

(SFCF .BSB &TUFS w*OUSPEVDDJO BM FTUVEJP EFM 7JMMBODJDP FO

t)FSNBOBT-PZPMB EJ

.BSHPU-PZPMB EJ

& 4FMMP"MFSDF "-&3

" 4FMMP"MFSDF "-&3

t4JNQMFNFOUFy.BSHPU-PZPMB SFFEF TGF EJ

.BSHPU-PZPMB DBT

t.BSHPU-PZPMB FMGPMLMPSFEF$IJMF SFFCBKPPUSPUJUVMP

.BSHPU-PZPMB TGF DBT